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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hostelworld Group Plc | LSE:HSW | London | Ordinary Share | GB00BYYN4225 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 152.50 | 152.00 | 155.00 | 21 | 08:41:35 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Hotels And Motels | 93.26M | 5.14M | 0.0416 | 36.66 | 188.34M |
TIDMHSW
RNS Number : 2120T
Hostelworld Group PLC
23 March 2021
LEI: 213800OC94PF2D675H41
23 March 2021
Hostelworld Group plc
("Hostelworld" or the "Company")
Publication of Annual Report for 2020 and Notice of 2021 Annual General Meeting
Annual Report and Accounts
Hostelworld, the world's leading hostel-focused online booking platform, is pleased to announce that its Annual Report 2020 has been posted or is being made available to shareholders today.
Annual General Meeting
The Company confirms that its Annual General Meeting will be held at 12 noon on 26 April 2021 at the offices of the Company, Floor 2, One Central Park, Leopardstown, Dublin 18, Ireland. A Circular containing the Chairman's Letter and Notice of 2021 Annual General Meeting and Form of Proxy has also been posted or is being made available to shareholders today.
Whilst the AGM will be held at 12 noon on 26 April 2021 at the Company's head office: Floor 2, One Central Park, Leopardstown, Dublin 18, Ireland, please note that in light of the COVID-19 pandemic and in anticipation of social distancing measures remaining in force, it is intended that the meeting will be run as a closed meeting and shareholders must not attend in person. Shareholders are therefore strongly encouraged to submit a proxy vote in advance of the AGM, in accordance with the explanatory notes set out in the notice of AGM.
Documents available for inspection
The following documents:
-- Annual Report 2020;
-- Circular containing the Chairman's Letter and Notice of 2021 Annual General Meeting;
-- Form of Proxy;
have been submitted to the UK Listing Authority via the National Storage Mechanism, and the Irish Stock Exchange (trading as Euronext Dublin), and will shortly be available for inspection at the following location:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
and at:
Companies Announcements Office
Euronext Dublin,
28 Anglesea Street,
Dublin 2
The Annual Report 2020 has also been filed with the Central Bank of Ireland.
The Annual Report 2020, the Circular containing the Chairman's Letter and Notice of the 2021 Annual General Meeting and the Form of Proxy are available on the Company's website at www.hostelworldgroup.com .
Regulated Information
The information set out in the Appendix, which is extracted from the Annual Report 2020, is included for the purposes of complying with DTR 6.3.5 and its requirements on how to make public annual financial reports. The information in the Appendix should be read in conjunction with the Company's preliminary results for the year ended 31 December 2020 released on 17 March 2021 which can be viewed at www.hostelworldgroup.com . Together, these constitute the material required by DTR 6.3.5 to be communicated in unedited full text through a Regulatory Information Service.
Contacts:
Hostelworld Group plc
Caroline Sherry, Chief Financial Officer
John Duggan, General Counsel & Company Secretary
Tel: +353 (0) 1 498 0700
Appendix:
Directors' Responsibilities Statement
The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare Financial Statements for each financial year. Under that law the Directors are required to prepare the Group Financial Statements in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. The Directors have elected to prepare the parent Company Financial Statements in accordance with FRS 101 Reduced Disclosure Framework ("Relevant Financial Reporting Framework") and applicable law. Under company law the Directors must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Group and Company and of the profit or loss of the Group for that period.
In preparing the parent Company Financial Statements, the Directors are required to:
-- Select suitable accounting policies and then apply them consistently; -- Make judgments and accounting estimates that are reasonable and prudent;
-- State whether Financial Reporting Standard 101 Reduced Disclosures Framework has been followed, subject to any material departures disclosed and explained in the financial statements; and
-- Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
In preparing the Group Financial Statements, International Accounting Standard 1 requires that Directors:
-- Properly select and apply accounting policies;
-- Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
-- Provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group's financial position and financial performance; and
-- Make an assessment of the Company's ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.
Responsibility Statement
We confirm that to the best of our knowledge:
-- The Financial Statements, prepared in accordance with the Relevant Financial Reporting Framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole;
-- The Strategic Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and
-- The Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business model and strategy.
This responsibility statement was approved by the Board of Directors on 16 March 2021 and is signed on its behalf by:
John Duggan
Company Secretary
16 March 2021
Principal risks and Uncertainties
The Board takes overall responsibility for identifying the nature and extent of the risks to be managed by the Group to ensure the successful delivery of its strategic and business priorities. The Audit Committee monitors certain risk areas and the internal control system, as set out in the report on governance. The Group's risk register identifies key risks including any emerging risks and monitors progress in managing and mitigating these risks and is reviewed regularly during the year by the Audit Committee and at least annually by the Board. Emerging risks are identified from areas of uncertainty, which may not have a significant impact on the business currently but does have the potential to adversely affect the Group in the future.
The most material risks facing the Group are set out in the table below, together with comments on how they are managed to minimise their potential impact. While the table below is not prioritised nor an exhaustive list of all risks that may impact the Group, it is the Board's view of the principal risks at this point in time. Individually or together, these risks could affect our ability to operate as planned and could have a significant impact on revenue and shareholder returns. Additional risks and uncertainties, including those that have not been identified to date or are currently deemed immaterial, may also, individually or together, have a negative impact on our revenue, returns, or financial condition.
Number Category Description and Impact Management and Mitigation Direction of change 1 Macro Economic Revenue is derived from the wider In circumstances where events cause Increased Conditions leisure travel sector. a material decline in consumer The COVID-19 pandemic and the travel behaviours and patterns resulting measures, including on a global scale, such as the travel restrictions, implemented recent COVID-19 pandemic, management by governments around the world to will take necessary actions reduce the spread of COVID-19 has to conserve cash. resulted in an unprecedented There has been an increased and decline in consumer spending, on-going focus by the Group on travel and related activities. This liquidity management. pandemic has adversely affected New sources of debt and equity
our business and the outlook for financing have been secured which the future remains uncertain at provides additional flexibility present and it is not yet to support the Group as it recovers known when international travel from the impact of the COVID-19 will return to normal levels. pandemic. Perceived or actual economic Our business is a global one, with a conditions, including slowing or dispersed population of users, and a negative economic growth, rising geographically dispersed unemployment rates, set of destinations. Whilst market weakening currencies, higher taxes conditions may decline in certain or tariffs could impair customer regions, the globally spending and adversely diversified nature of the business affect travel demand. In addition, helps to mitigate this. events beyond our control such as FX movements may impact travel unusual or extreme weather, decisions and travel patterns by travel related health concerns customers, but typically there including the COVID-19 pandemic is a degree of counterbalancing mentioned above or travel-related movement e.g. the weakening of the accidents US dollar against the euro can disrupt travel and result in means fewer US travellers visiting declines in travel demand. Because the Eurozone, but decreased these events or concerns marketing costs from USD denominated are largely unpredictable, suppliers such as Google. FX influencing customer demand and translation risk is mitigated behaviour, they can adversely through matching foreign currency affect cash outflows and foreign currency our business and results of cash inflows and by minimising operations. holdings of excess noneuro Significant movements in FX rates currency above anticipated outflow can have a material impact on requirements. travel demand and travel patterns therefore impacting revenue. ------------------- ------------------------------------ ------------------------------------- ----------- 2 Working Capital Resulting from the detrimental When COVID-19 began there was a Increased Investment and impact that COVID-19 has had on the robust assessment taken by Directors Going Concern travel sector there of principal risks facing has been a significant impact on the Group including those that our working capital resources, threaten its business model, future which creates a risk that performance, solvency or liquidity. the Group will not be able to New funding was received through an continue in operation and meet its equity raise and debt liabilities as they fall financing. due. The Group has prepared a The Group is focused on cash five-year budget which assumes a forecasting, tight cost control and return to growth. managing supplier and customer There is a risk that the travel relationships. sector will not return to trading Key metrics and reporting reviewed volumes in line with expectations. regularly in management accounts and Our ability to invest and grow is at management meetings. further constrained by our financial resources. ------------------- ------------------------------------ ------------------------------------- ----------- 3 Capital The Group has reviewed its capital The Group engaged with large firm Increased Structure structure and strengthened its corporate finance advisers to review capital base with two landmark and discuss the transactions in June 2020: optimal capital structure. -- Equity Placing The Group has performed weekly -- Debt Raising forecasting of cash resources and Since the IPO in 2015, the Group monitored closely the covenants had neither placed equity nor and obligations caused by any debt raised debt. These two transactions agreements in place. Monthly carry inherent risks. Equity reporting has been put in place to placing leads to higher scrutiny ensure the terms of the new from shareholders both term loan facility and related participating reporting requirements are adhered and non-participating. to. In 2021 the group entered a new term loan facility for EUR30m. Debt, by creating repayment obligations and covenants, requires constant monitoring of the Group's leverage and liquidity. ------------------- ------------------------------------ ------------------------------------- ----------- 4 Impact of The continued threat of terrorist Our target 18-34-year-old population Unchanged terrorism threat attacks in key cities and on tend to be both flexible as to on leisure travel aircraft in flight may reduce destination, and are less the risk adverse. appetite of the leisure traveller to undertake trips particularly to certain geographies, resulting in declining revenues. Increased incidence of terrorism impacts consumer confidence and can shift demand away from certain destinations. ------------------- ------------------------------------ ------------------------------------- ----------- 5 Competition The risks posed by competition Execution of roadmap for growth and Increased could adversely impact our market capitalise on our unique market share and future growth of position, this the business, these include: involves: -- Supply: competition from direct -- Targeting new customer competitors, alternative acquisition and growing the most accommodation operators and profitable customer cohorts (with disruptive focus on CLV/CAC) by optimising new entrants leading to a loss of overall marketing investment. key accommodation -- Strengthening the Group's core suppliers. platform in order to improve its -- Customers: changes in customer flexibility and the experience behaviour leading to a loss in of our customers. customer traffic and demand -- Upgrading our third-party for our services and / or increase platform connectivity in order to in customer acquisition costs. defend our competitive position. Consumer preferences could -- Focus on expanding our global change as a result footprint, meeting emerging demand of the COVID-19 pandemic which may while also strengthening be disadvantageous to our business our overall product offering. and may benefit existing -- Leveraging the capabilities of
and new competitors. With global our partnerships with Goki Pty travel restrictions, there may be a Limited and Counter App Limited shift towards domestic to ensure we are delivering best in travel and alternative class and most advanced tech-based accommodations. solutions for our customers -- There has been a rise in and hostel partners. cancellations and vouchers issued in lieu of cash refunds for the Group and with our competitors. This increases competition for the Group as it locks customers into those companies issuing the credit notes, thereby potentially reducing the demand for the Group's offering. -- Technology and Product: Over recent years the ever-increasing pace of change of new technology, new infrastructure and new software offerings have changed how customer's research, purchase and experience travel. Notable shift changes include mobile networks, mobile applications, meta-search providers, display advertising, social communities etc. Unless we continue to stay abreast of technology innovation and change, we risk becoming irrelevant to the modern customer. ------------------- ------------------------------------ ------------------------------------- ----------- 6 Search Engine A large proportion of traffic to The Group invests heavily in Unchanged Algorithms our websites is generated through recruiting and retaining key internet search engines personnel with the requisite skills such as Google, from non-paid and capabilities in paid and nonpaid (organic) searches and through the search. This in-house expertise is purchase of travel related supplemented by the keywords (paid search). deployment of leading We therefore rely significantly on technology tools. The search practices such as Search Engine marketing team works closely with Optimisation ("SEO") Google to understand and Search Engine Marketing ("SEM") any changes in functionality to the to improve our visibility in AdWords platform so that we can relevant search results. avail of any efficiencies Search engines, including Google, in our search traffic. The Group frequently update and change the participates in alpha and beta logic that determines the feature tests that give Hostelworld placement and display of results of first mover advantage with new a user's search, which can functionality that can help drive negatively impact placement efficiency. of our paid and organic results in search results. This could result in a decrease in bookings and thus revenue. It could also result in having to replace free traffic with paid traffic, which would negatively impact margins. ------------------- ------------------------------------ ------------------------------------- ----------- 7 Brand Consumer trust in our brand is We are focused on investing in our Unchanged essential to ongoing revenue core products, platform and growth. Negative publicity around technological capabilities our products or services could to support our brand proposition as negatively impact on traveller and well as actively managing our brand accommodation provider confidence portfolio through social media and result in loss of revenue. channels. Our customer service team Negative publicity could impact strive to ensure that customers brand perception and consumer have a positive experience at all loyalty and ultimately revenue. stages of interacting with us. The Our exceptional refund policy for Group has a Crisis Management Policy COVID-19 refunds has the potential in place which includes to adversely affect our appropriate escalation. brand. ------------------- ------------------------------------ ------------------------------------- ----------- 8 Data Security We capture personal data from our Hostelworld are Level 1 PCI Increased customers, including credit card compliance with the guidelines of details and retain this the payment card industry. on our systems. There is always a Through 2020 we performed a lot of risk of a cyber security related work to comply with certain aspects attack or disruption, including of Payment by criminals, hacktivists or Services Directive 2 ("PSD2") in foreign 2021 as it relates to customer governments on our systems or those payment - customer authentication of third-party suppliers. security measures. Cybercrime including unauthorised Hostelworld works closely with access to confidential information internal and external audit and systems would have significant functions to ensure that our system reputational impact architectures, work processes and and could result in financial policies are in place to provide as and/or other penalties. much protection as possible. The shift to remote working during We have a privacy compliance COVID-19 (beginning 12 March 2020) programme to align with our on-going changed the risk obligations under GDPR and profile of certain data processing have invested in our own data activities and gives rise to protection resources to monitor ongoing data security compliance including the onboarding challenges and a widening threat of bespoke privacy management landscape more targeted at endpoint software in mid-2020. Our Data controls. Protection Officer ("DPO") is As we plan for a level of return of responsible for informing, advising colleagues to our offices, the and monitoring compliance on all COVID-19 Return to Work matters relating to the Protocol (Ireland) and Working protection of personal data in the Safely During Coronavirus Group. We regularly review our Guidelines (UK) require us to employee information capture security policy and we continue to from colleagues and office invest in information security visitors, new categories of training for all staff so sensitive personal health data that that they remain vigilant and alert we would not have obtained before. to the possibility of cybercrime. The General Data Protection We reviewed the impact on servers of
Regulation ("GDPR") places increased remote access loads with significant data security and teams working from regulatory compliance obligations home. We issued guidance to on us when all colleagues during COVID-19 processing such data. regarding Third party vendors that we engage the personal data and data security with may not have the appropriate implications of the pandemic and new Information Security remote controls in place leading to a working along with enhanced potential breach of customer data. procedures For 2021, Hostelworld plan to for accessing company data while migrate parts of the e-commerce working platform to the Cloud. Whilst remotely. risk is minimal, there still is We provide data security training risk that security for all staff. gaps may manifest during the We perform due diligence of our migration. third-party suppliers who process our personal data including heightened information security due diligence. ------------------- ------------------------------------ ------------------------------------- ----------- 9 Regulation The global nature of our business Monitor regulatory matters in Increased means we are exposed to issues locations in which we provide regarding competition, licensing services with a particular of local accommodation, language focus on those areas where we have usage, web-based trading, consumer local operations. compliance, tax, intellectual Suitable experienced resources have property, trademarks, data been engaged to ensure consumer security and commercial disputes in compliance multiple jurisdictions. requirements, compliance with the Compliance with new regulations can Listing Rules, the FRC Corporate mean incurring unforeseen costs, Governance Code and the and noncompliance could Market Abuse Regulations. result in penalties and A detailed analysis of the Group's reputational damage. approach to offering vouchers to COVID-19 has led to increased focus certain customers by consumer rights regulators on concluded that the Group's approach the online sales practices was aligned with the principles of tourism and travel focused reflected in the EU companies and may have an impact on Commission recommendations on the Group's brand if the vouchers for cancelled package Group's sales practices were travel and transport services investigated and assessed to be published on 13 May 2020. noncompliant. In line with guidance from the Irish COVID-19 has heightened our and UK governments, we have obligations under employment and developed a robust health and safety laws to protect COVID-19 Response Plan including the safety, health and welfare of adopting protocols around returning colleagues in the workplace. colleagues back to the GDPR imposes particular compliance office environment. obligations with respect to our Rolled out an effective refund COVID-19 management and risk policy and response measures with risk of procedure to deal with individual fines and other enforcement consumer complaints and those from mechanisms being imposed by a data consumer regulators. Our response to protection authority. requests and complaints Our position on customer refunds is informed by a cross-departmental may give rise to customer risk assessment. complaints to consumer regulators The Group have been working with the such as the Irish Competition and Central Bank of Ireland to ensure Consumer Protection Commission or the group are complaint UK Competition and Markets with the PSD2 EU Directive. Authority who have a range of enforcement powers including fines. PSD2 is a new EU Directive that applies to payment services in the EU. The deadline for the Group to incorporate and be compliant with this Directive was 31 December 2020. ------------------- ------------------------------------ ------------------------------------- ----------- 10 Tax The taxation of e-commerce In collaboration with our tax Increased businesses is constantly being advisers, a large professional evaluated and developed by tax services firm, we assess possible authorities tax impacts in the jurisdictions in around the world. There is a risk which we operate to ensure our tax relating to the identification of obligations are aligned and evaluation of tax to the operational nature of our legislative changes and the business. impact of these on the Group. Transactions and mergers and Due to the global nature of our acquisitions work are properly business, tax authorities in other documented with support from tax jurisdictions may consider advisers. Transfer pricing is that taxes are due in their regularly reviewed and updated to jurisdiction, for example because reflect Group structure and the customer is resident in most recent guidance. that jurisdiction or the travel service is deemed to be supplied in such jurisdiction. If those tax authorities take a different view than the Group as to the basis on which the Group is subject to tax, it could result in the Group having to account for tax that it currently does not collect or pay, which could have a material adverse effect on the Group's financial condition and results of operation if it could not reclaim taxes already accounted for in the jurisdictions the Group considers relevant. Changes to tax legislation or the interpretation of tax legislation or changes to tax laws based on recommendations made by the OECD in relation to its Action Plan on Base Erosion and Profits Shifting ("BEPS") or national governments may result in additional material tax being suffered by the Group. We are currently monitoring the introduction of the digital services taxes, and its impact on our Group.
------------------- ------------------------------------ ------------------------------------- ----------- 11 Business Failure in our IT systems or those As an e-commerce organisation, the Increased Continuity on which we rely such as third Group's party hosted services could business continuity plan focusses on disrupt availability of our booking the continued operation of consumer engines and payments platforms, or facing products and availability of administrative related services to ensure our services at our office locations, e-commerce trading systems can with an adverse impact to our continue customer service. to process bookings. Our fully The outbreak of COVID-19 led to distributed and redundant substantial business and architecture across two data centres operational disruptions across based in two different countries the Group and resulted in supports this approach. The Group Hostelworld and our third-party has suppliers seeking to suspend or worked with external advisers to be excused from certain contractual produce robust documented business obligations. continuity and disaster recovery capabilities. We have also extended our eCommerce Business Continuity Plan("BCP") to include our corporate offices. Across 2021 we will carry out targeted business continuity testing by business unit to ensure our systems and processes are effective as possible. As part of COVID-19 BCP invocation all employees have been working from home via Hostelworld secured endpoint devices that were configured and rolled out in 2020. All teams had tested access and functionality and only small adjustment was needed to have all teams operational very quickly. All laptops are encrypted and protected with anti-virus and anti-malware software. We updated our standard supplier terms in early 2020 to provide more robust and comprehensive contractual provisions regarding force majeure (covering epidemics/ pandemics) and BCP (requiring suppliers to implement the provisions of our BCP at any time). ------------------- ------------------------------------ ------------------------------------- ----------- 12 People The Group is dependent on ability The Group has developed stronger Increased to attract, retain and develop recruitment processes supported by creative, committed and skilled effective HR policies employees so as to achieve its and people process to enable the strategic objectives. attraction and retention of key Due to the possibility of a long talent. recovery period for the travel The Group has increased focus on industry resulting from the understanding the drivers of COVID-19 pandemic and the employee engagement and are redundancies and restructurings committed to taking action to which have taken place within the improve employee engagement levels. company, employees may not view Robust external benchmarking employment with us as positively as has ensured there is understanding they did of the competitiveness of the reward prior to the pandemic. This may offering and adversely affect our ability to additional investment in 2019 and attract and retain highly 2020 aims to reduce voluntary skilled employees. attrition. The Group operates from five global offices, which provides flexibility for location of key talent, thereby opening up a larger talent pool to select from. A move to increased remote working would further enhance this. A non-executive director fulfils a workforce engagement role as set out in the 2018 UK Corporate Governance Code. ------------------- ------------------------------------ ------------------------------------- ----------- 13 Brexit The Group is exposed to The Group is a global business and Increased Brexit-related risks and continues to grow its international uncertainties in relation to its footprint and continued presence across its key markets. impact on global markets and Through continued international currency exchange rate expansion and fluctuations. The uncertainties in diversification, the Group will seek relation to naturally mitigate the impacts of to the movement of people may Brexit. However, result in the reduction of bookings the Group will continue to assess particularly into and from the impacts of Brexit and implement the UK travel market and from UK any necessary remediation nationals which could impact on steps to mitigate its impact on the Group revenue. In the year Group. ended 31 December 2020, the UK as a Hostelworld has in place with all destination represented 6% of total Group companies, an intra-group data Group bookings (2019: transfer agreement 6%) and 16% of Group bookings were with EU Commission-approved from UK nationals (2019: 14%). Model Clauses, one of the approved Overall a decline in macroeconomic data transfer mechanisms under the conditions GDPR - HW UK is a party in the UK could negatively impact to this agreement. Hostelworld has
consumer confidence and reduce also prepared GDPR compliant data spending in all areas protection supplemental including the wider leisure travel contract addendums for UK suppliers sector. which will provide appropriate On 1 January 2021, the UK became a safeguards and mechanisms third country for the purposes of to ensure data transfers to the UK the GDPR and any transfer are GDPR compliant. of personal data to HW UK or a supplier must now comply with the data transfer rules in the GDPR. Failure to comply can lead to fines from the regulator and a negative impact on market reputation. ------------------- ------------------------------------ ------------------------------------- ----------- 14 Climate Climate change and sustainability Climate change issues may impact Increased Change and came into travel decisions and travel patterns Sustainability sharp focus in 2019 and has further by customers but is evolved as an area of heightened mitigated to the extent that our concern with consumers business is a global one, with a and stakeholders in 2020. dispersed population of There is a request for more users, and a geographically accountability from our customers, dispersed set of destinations. employees, other stakeholders We aim to offset our carbon as to what the Group is doing to footprint through a number of limit its indirect impact on initiatives. In 2020, we became climate change. a signatory on the Global Tourism Plastics Initiative led by the UN Environment programme and the World Tourism Organisation. Our goal is to encourage our hostel partners to sign up with the aim of reducing their single use plastics consumption. We have also taken steps to reduce our plastic consumption as a Group. Prior to COVID-19, we made efforts to reduce our plastic consumption through initiatives such as purchasing reusable water bottles for the office, ordering fresh fruit and other perishables from suppliers who use fully recyclable packaging. ------------------- ------------------------------------ ------------------------------------- -----------
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