Hongkong & Shanghai Hotels Ltd. announced financial results for the year ended December 31, 2012. For the year, the company reported turnover of HKD 5,178 million against HKD 5,009 million a year ago. Operating profit before interest, taxation, depreciation and amortisation (EBITDA) was HKD 1,201 million against HKD 1,211 million a year ago. Operating profit was HKD 817 million against HKD 834 million a year ago. Profit before taxation was HKD 1,726 million against HKD 2,482 million a year ago. Profit attributable to shareholders of the company was HKD 1,555 million or HKD 1.04 per basic and diluted share against HKD 2,259 million or HKD 1.52 per basic and diluted share a year ago. Cash generated from operations was HKD 1,133 million against HKD 1,145 million a year ago. Payment for the purchase of fixed assets was HKD 875 million against HKD 312 million a year ago. Return on assets was 3.91% against 5.91% a year ago.

The Board of Directors of Hongkong & Shanghai Hotels Ltd. announced that on 18 April 2013, the company entered into a non-binding heads of agreement (the 'HOA') with Yoma Strategic Holdings Ltd. for a proposed hotel development on the site of the former headquarters of the Burma Railway Company (Building) on Bogyoke Aung San Road, Yangon, Myanmar (the 'Proposed Hotel Development'). The Proposed Hotel Development will be at the heart of an exciting mixed-use development previously announced by Yoma. Binding agreements are subject to, amongst other conditions, Yoma acquiring an 80% interest in the land development rights of the entire site which houses the Proposed Hotel Development and an application has been submitted to the relevant authorities for the issue of a new leasehold title which would include the land where the Proposed Hotel Development is situated. Under the HOA, the company has agreed to subscribe for a 70% majority interest in the joint venture to be set up with Yoma and its other designated affiliate(s) to jointly re-develop the Building into a Peninsula hotel. The parties are still working on the financial commitment of each party in respect of the purchase of the land development rights of the Building and re-development costs prior to the signing of the binding agreements. The parties also agreed that a subsidiary of the company would enter into a management agreement to manage the Proposed Hotel Development.

The Board of Directors of The Hongkong and Shanghai Hotels, Limited announced that Mr. Neil John Galloway has resigned as Chief Financial Officer, Finance Director and Executive Director as he has accepted an appointment at another publicly listed company in a different industry. Mr. Galloway first joined the Company in September 2008 and has been an Executive Director of the Company throughout. Mr. Galloway has given his requisite notice to resign which will be effective on September 30, 2013. Mr. Galloway has confirmed to the Board that he has no disagreement with the Board and is not aware of any matter in relation to his resignation that needs to be brought to the attention of shareholders of the company.