BUND CENTER INVESTMENT LTD ANNUAL

Sustainability

Sustainability Report which will be published later in the year. The hotel operations managed to maintain a high average occupancy rate and average room rate of 79.2% and In response to the current Covid-19 outbreak, the Group RMB1,167 respectively in FY2019 which is higher than the has proactively provided crucial donations as well as other five-star hotel average in Shanghai. supports to help those impacted, especially the front line healthcare workers who are working tirelessly around the As at 31 December 2019, the Group reduced its total liabilities clock to carry out their rescue mission in China, ensuring from S$48.1 million to S$41.4 million, which was mainly due that they have adequate protection in terms of medical to lower income tax payable and other payables following protective supplies, consumable and disposable medical payment made during the current year. devices, pharmaceuticals, disinfection supplies and cleaning supplies to Shanghai and other cities affected, including our Cash and cash equivalents were higher at S$159.5 million employees, hotel guests and office tenants. as compared to S$141.7 million in the previous financial year mainly due to positive cash generated from operating APPRECIATION activities of S$43.0 million, net of cash used for capital To reward our shareholders, the Directors have proposed a expenditure of S$3.7 million and payment of total dividends first and final cash dividend of 1 Singapore cent per ordinary of S$17.8 million during the financial year. share, subject to shareholders’ approval at the forthcoming Annual General Meeting and expected to be paid in May The stable cash inflows allow the Group to maintain a strong 2020. financial position and a high level of financial flexibility to seize opportunities when available. This equates to a dividend yield of around 1.8% based on the closing share price on the date of the final dividend OUTLOOK announcement. The outlook for our operating environment in China remains very challenging in view of the recent COVID-19 outbreak I wish to thank our shareholders, business associates, which has created a degree of uncertainty and is expected to customers and community for the continued support, and have a material impact on the business sentiments and our express my appreciation to my fellow Board members, operating environment. management and staff for their dedicatio