香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公佈全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Shangri-La Asia Limited 香格里拉(亞洲)有限公司 （於百慕達註冊成立之有限公司） 網址：www.ir.shangri-la.com （股份代號：00069） 2024年中期業績公佈 香格里拉（亞洲）有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附 屬公司（「本集團」）與其聯營公司截至2024年6月30日止六個月的未經審核中期業績。 此業績已由本公司的核數師羅兵咸永道會計師事務所按照香港審閱準則第2410號「由 實體的獨立核數師執行中期財務資料審閱」作出審閱，並經由董事會的審核及風 險委員會審閱。此核數師審閱報告將收錄於寄發予本公司股東的中期報告內。 截至2024年6月30日止六個月，未計非營運項目前本公司擁有人應佔綜合溢利為 59,100,000美元，較去年同期之64,600,000美元減少8.5%或5,500,000美元。經計入 非營運項目後本公司擁有人應佔綜合溢利 ...

Financial Performance - Consolidated revenue for 2023 was $2,141.8 million, a 46.5% increase compared to $1,462.1 million in 2022[6] - Actual attributable revenue for 2023 was $2,769.2 million, up 44.6% from $1,915.4 million in 2022[6] - EBITDA (before interest, taxes, depreciation, amortization, and non-operating items) for 2023 was $522.2 million, a 199.4% increase from $174.4 million in 2022[6] - Actual attributable EBITDA for 2023 was $873.6 million, a 97.8% increase from $441.6 million in 2022[6] - Net profit attributable to shareholders for 2023 was $184.1 million, compared to a net loss of $158.5 million in 2022[6] - Earnings per share for 2023 was $0.0517, compared to a loss per share of $0.0444 in 2022[6] - The company resumed dividend payments, distributing HK$0.15 per share, totaling approximately $70 million[7] - Group revenue increased from $1.5 billion in 2022 to $2.1 billion in 2023, a 47% growth[25] - Actual EBITDA reached $874 million, fully recovering to pre-pandemic 2019 levels[25] - Operating cash flow grew from $64 million to $364 million, and free cash flow turned positive at $145 million[25] - The company declared a dividend of 15 HK cents per share, totaling approximately $70 million, representing a 53% payout ratio[25] - Revenue for the year ended December 31, 2023, increased by 46.5% to $2,141.8 million compared to $1,462.1 million in 2022[53] - Gross profit for 2023 rose by 69.9% to $1,166.7 million from $686.5 million in 2022[53] - Operating profit for 2023 was $214.7 million, a significant improvement from a loss of $4.3 million in 2022[53] - The company's share of profit from associates increased by 69.7% to $323.8 million in 2023 from $190.8 million in 2022[53] - Total comprehensive income for the year ended December 31, 2023, increased by 46.5% to $2,141.8 million compared to $1,462.1 million in 2022, driven by recovery in mainland China and Hong Kong businesses post-pandemic[59] - Hotel operations revenue grew by $680.5 million to $2,021.1 million in 2023, with room revenue increasing by 67.1% to $1,041.0 million and food and beverage sales rising by 40.9% to $788.7 million[59] - Investment properties contributed $108.3 million in revenue, an increase of $8.6 million from 2022, reflecting stable performance[60] - The company's overall profit attributable to owners increased to $184.1 million in 2023 from a loss of $158.5 million in 2022, marking a significant turnaround[83] - Non-operating items contributed $55.1 million in 2023, a 1,677.4% increase from $3.1 million in 2022, including a $29.9 million foreign exchange gain due to the appreciation of the Sri Lankan rupee[83] - Investment properties' fair value gain net of tax was $75.2 million in 2023, compared to $89.9 million in 2022[84] - Impairment losses of $39.0 million were recognized in 2023, primarily related to the company's hotels in the Maldives and Sri Lanka[84] - Net borrowing decreased by $128.8 million to $4,717.6 million as of December 31, 2023, compared to $4,846.4 million in 2022, primarily due to increased operating cash inflows from the recovery of the hotel business[86] - The debt-to-equity ratio improved from 89.3% in 2022 to 86.3% in 2023, driven by increased equity from profits and positive free cash flow[86] - The company signed multiple bank loan agreements totaling $480 million (HKD 3.72 billion), $103.2 million (HKD 800 million), $441.9 million (RMB 3.13 billion), and $927.6 million (RMB 6.57 billion) for refinancing and project financing[86] - Sustainable development-linked and green loans increased to approximately $3.9 billion, tied to the company's sustainability performance targets and offering potential interest rate discounts[86] - The adjusted debt ratio stood at 62.9% as of December 31, 2023, with total adjusted equity of $9.2 billion and total financial liabilities of $5.8 billion[87] - Total outstanding borrowings as of December 31, 2023, were $5,685.2 million, with 62.7% due in the third to fifth year and 10.7% due within one year[88] - Unutilized but committed credit facilities amounted to $1,589.1 million, with $846.6 million available in the third to fifth year[88] - Cash and bank balances totaled $967.6 million, with significant holdings in USD ($202.5 million), RMB ($330.1 million), and SGD ($110.3 million)[88] - The majority of the company's borrowings are at floating rates, with interest rate swap contracts in place to hedge medium-term interest rate risks[89] - The company issued a 5-year fixed-rate bond with a principal amount of SGD 160,000,000 (equivalent to USD 120,200,000) at an annual coupon rate of 4.40% in August 2023[90] - The company secured additional RMB bank loans totaling RMB 9,700,000,000 (equivalent to USD 1,369,500,000) with fixed annual interest rates ranging from 4.00% to 4.50%[90] - The company fixed 65.8% of its outstanding borrowings' interest liabilities as of December 31, 2023, compared to 60.6% in the previous year[90] - The company recorded a net fair value gain of USD 75,200,000 for its investment properties as of December 31, 2023[93] - The company recognized impairment losses totaling USD 40,100,000 for its hotels in the Maldives and Sri Lanka[96] - The company's investment portfolio had a market value of USD 10,600,000 as of December 31, 2023, including shares in Kerry Properties Limited and Kerry Logistics Network Limited[97] - The company's total revenue for 2023 was 83 million, with a net profit of 20 million[48] - The company's revenue increased by 35.1% compared to the previous year, while net profit increased by 6.7%[48] Hotel Operations and Performance - The recovery of the hotel business was driven by the reopening of mainland China and Hong Kong in early 2023, along with strong travel demand in other regions[7] - Revenue per available room (RevPAR) rose from $64 to $108, a 69% increase, with China mainland RevPAR surging 105% from $37 to $76[25] - The company's operations covered regions including Asia, Europe, North America, and Oceania, with ongoing development projects in multiple locations[4] - Shangri-La launched its 106th hotel, the Shenzhen Qianhai JEN Hotel, in February 2023, marking its expansion into the Greater Bay Area[13] - Seven restaurants and bars across Shangri-La properties received accolades, including Michelin stars and Black Pearl Diamond awards[13] - The company's total number of hotels in operation as of December 31, 2023, is 90, with 36.1 thousand rooms[50] - The company owns/leases 73 hotels with 30.7 thousand rooms and manages 17 hotels with 5.4 thousand rooms[50] - The company has 4 hotels under development that it owns/leases and 3 hotels under management contracts[50] - A new managed hotel, Shenzhen Qianhai JEN Hotel, opened in February 2023 in mainland China[50] - Management agreements for three hotels in mainland China and Malaysia were terminated in 2023[50] - The Shenzhen Nanshan Shangri-La, a managed hotel owned by a third party, is set to open in January 2024[50] - The company operates under three main brands: Shangri-La Hotels and Resorts, Kerry Hotels, and JEN Hotels[49] - The company's main business segments include hotel properties, hotel management and related services, investment properties, and development properties for sale[49] - The company operates 80 hotels with equity interests and 3 hotels under operating leases, totaling 35,135 available rooms as of December 31, 2023[61] - In Hong Kong, the company owns 100% equity in Kowloon Shangri-La and Kerry Hotel, contributing 679 and 546 rooms respectively[62] - In mainland China, the company holds significant equity stakes in key properties, including 100% in Shanghai Pudong Shangri-La (950 rooms) and 72% in Shenzhen Shangri-La (522 rooms)[62] - Singapore operations include 100% equity in Shangri-La Singapore (792 rooms) and Sentosa Shangri-La (454 rooms), totaling 1,811 rooms[63] - Malaysia operations contribute 2,780 rooms, with 52.78% equity in Kuala Lumpur Shangri-La (655 rooms) and 64.59% in Shangri-La's Rasa Sayang Resort & Spa (494 rooms)[63] - Philippines operations include 100% equity in Makati Shangri-La (696 rooms) and Mactan Shangri-La (541 rooms), totaling 2,660 rooms[63] - Total number of hotels owned by the company is 80, with a total of 34,234 rooms[64] - The company's hotel properties in Hong Kong saw a 94.2% increase in revenue to $304.3 million in 2023 compared to 2022[66] - Mainland China hotel properties revenue increased by 63.6% to $702.6 million in 2023[66] - The weighted average occupancy rate for the company's hotels increased to 62% in 2023 from 42% in 2022, a 20 percentage point increase[67] - Revenue per available room (RevPAR) increased by 69% to $108 in 2023 compared to $64 in 2022[67] - Hong Kong hotels achieved a 70% occupancy rate in 2023, up 32 percentage points from 38% in 2022[68] - RevPAR in Hong Kong increased by 165% to $199 in 2023 from $75 in 2022[68] - The company's hotel properties in Singapore saw a 33.7% increase in revenue to $264.0 million in 2023[66] - The company's hotel properties in the Philippines saw a 69.5% increase in revenue to $134.9 million in 2023[66] - The company's hotel properties in Japan saw an 86.2% increase in revenue to $62.2 million in 2023[66] - The occupancy rate in Mainland China increased to 63% in 2023, up 25 percentage points from 38% in 2022, with revenue per available room (RevPAR) rising to $76, a 105% increase from $37 in 2022[69] - In Singapore, the occupancy rate reached 78% in 2023, up 17 percentage points from 61% in 2022, with RevPAR increasing to $208, a 39% rise from $150 in 2022[69] - Malaysia's occupancy rate improved to 64% in 2023, up 17 percentage points from 47% in 2022, with RevPAR rising to $80, a 54% increase from $52 in 2022[70] - The Philippines saw an occupancy rate of 58% in 2023, up 13 percentage points from 45% in 2022, with RevPAR increasing to $130, a 46% rise from $89 in 2022[70] - Japan's occupancy rate reached 61% in 2023, up 7 percentage points from 54% in 2022, with RevPAR surging to $419, an 81% increase from $232 in 2022[70] - Australia's occupancy rate rose to 81% in 2023, up 12 percentage points from 69% in 2022, with RevPAR increasing to $205, a 16% rise from $176 in 2022[71] - The UK's occupancy rate improved to 66% in 2023, up 4 percentage points from 62% in 2022, with RevPAR rising to $526, a 9% increase from $483 in 2022[71] - The weighted average occupancy rate for third-party managed hotels increased to 63% in 2023, up 18 percentage points from 45% in 2022, with RevPAR rising to $112, a 51% increase from $74 in 2022[74] - Total revenue from hotel management and related services reached $224.3 million in 2023, a 35.4% increase from $165.6 million in 2022[74] - Net revenue from hotel management and related services, after offsetting inter-segment revenue, was $94.8 million in 2023, a 20.5% increase from $78.7 million in 2022[74] - Hotel property segment's actual attributable EBITDA surged by 261.5% to $477.6 million in 2023, driven by China's border reopening and recovery in Hong Kong[80] - China's hotel property EBITDA reached $199.2 million in 2023, a significant increase from $12.8 million in 2022[78] - Singapore's hotel property EBITDA grew to $68.2 million in 2023, up from $45.9 million in 2022, benefiting from increased international business and leisure travelers[78] - Hotel management and related services' EBITDA increased by 187.4% to $50,000,000 in 2023 from $17,400,000 in 2022, driven by strong recovery in the overall hotel business and improved headquarters operational efficiency[81] - Hotel properties in Singapore saw a 108.1% increase in profit to $38.7 million in 2023, while Thailand experienced a 484.2% surge to $11.1 million[82] - The company opened the Shenzhen Qianhai JEN Hotel in 2023, followed by the Shenzhen Nanshan Shangri-La in early 2024, expanding its presence in mainland China[110] - The company's digital engagement efforts through the Shangri-La Circle loyalty program have significantly driven customer loyalty and direct bookings, resulting in record-high repeat business[110] - The total number of rooms under development in China and Japan is 1,351, with projects in Kunming, Zhengzhou, Shanghai Hongqiao, and Kyoto[114] - The Kunming JEN Hotel, part of a mixed-use development, has a total floor area of 33,975 square meters and is expected to have 274 rooms[114][116] - The Zhengzhou Shangri-La Hotel, also part of a mixed-use development, has a total floor area of 38,235 square meters and is expected to have 314 rooms[114][117] - The Shanghai Hongqiao Shangri-La Hotel and Traders Hotel, operating under a lease, has a total floor area of 57,035 square meters and is expected to have 611 rooms[114][117] - The Kyoto Shangri-La Hotel has a total floor area of 11,817 square meters and is expected to have 77 rooms, with the company holding a 20% equity stake[114][117] - The Kunming mixed-use development project includes residential units with a total floor area of 20,917 square meters[115] - The Fuzhou mixed-use development project, fully owned by the company, includes commercial space with a total floor area of 50,447 square meters[115] - The Zhengzhou mixed-use development project includes office space with a total floor area of 58,946 square meters[115] - The Tianjin mixed-use development project includes residential, office, and commercial spaces with total floor areas of 27,817, 92,651, and 17,490 square meters respectively[115] - The company is developing properties in Accra, Ghana (45% equity), Rome, Italy (100% equity), Yangon, Myanmar (55.86% equity), and Bangkok, Thailand (73.61% equity)[120][121] - The company's main businesses include hotel property development, ownership, and operation, as well as investment property development and management, operating under brands such as "Shangri-La," "Kerry Hotels," and "JEN Hotels"[124] - The company is developing new hotels in Kunming, Zhengzhou, and Kyoto, with expected opening dates ranging from 2024 to 2026[98] - The company opened the Shenzhen Qianhai JEN Hotel in mainland China and terminated management agreements for three other hotels[104] - The company currently holds management agreements for 21 third-party-owned hotels and has agreements for three new hotels under development in Hangzhou, Phnom Penh, and Melbourne[104] - The company plans to launch the Kunming JEN Hotel and complete the renovation and upgrade of the Hangzhou Shangri-La by the end of 2024, setting new benchmarks for other properties[110] - The company opened the Sentosa Banyan Tree in Singapore, a new "integrated entertainment zone" on Palawan Beach, Sentosa Island, providing new experiences for both accommodation and non-accommodation customers[110] - The company launched new health services at the Island Shangri-La in Hong Kong, targeting urban resort seekers and locals, and introduced family floors and a new "Ming Yue" restaurant offering a premium Fujian cuisine experience[110] Sustainability and ESG - Over 2,300 participants contributed 8,300 hours to green activities in April 2023, with 107 events held across 98 hotels benefiting nearly 3,000 people[15] - Over 2,800 volunteers contributed 8,000 hours to beach clean-up activities across 92 hotels in June 2023, in celebration of World Oceans Day[16] - The company provided 300 temporary shelters for earthquake victims in Turkey through the "Dostluk Kenti" community care project in July 202

Financial Performance - Consolidated revenue for 2023 reached $2,141.8 million, a 46.5% increase compared to $1,462.1 million in 2022[3][5] - Actual attributable EBITDA (earnings before interest, taxes, depreciation, amortization, and non-operating items) for 2023 was $873.6 million, a 97.8% increase from $441.6 million in 2022[3][5] - The company's attributable profit before non-operating items for 2023 was $129.0 million, a significant improvement from a loss of $161.6 million in 2022[3][5] - Total attributable profit including non-operating items for 2023 was $184.1 million, compared to a loss of $158.5 million in 2022[3][5] - Revenue increased by 46.5% to $2,141.8 million in 2023 compared to $1,462.1 million in 2022[11] - Gross profit rose by 69.9% to $1,166.7 million in 2023 from $686.5 million in 2022[11] - Operating profit surged to $214.7 million in 2023 from a loss of $4.3 million in 2022[11] - Net profit attributable to the company's owners was $184.1 million in 2023, compared to a loss of $158.5 million in 2022[11] - Consolidated revenue for the year ended December 31, 2023, increased by 46.5% to $2,141.8 million compared to $1,462.1 million in 2022, driven by the recovery of Mainland China and Hong Kong businesses following the lifting of travel restrictions[15] - Revenue for 2023 increased to $2,141.79 million, up from $1,462.15 million in 2022, reflecting a significant recovery in business operations[85] - Gross profit for 2023 stood at $1,166.74 million, compared to $686.52 million in 2022, indicating improved profitability[85] - Net profit attributable to the company's owners in 2023 was $184.14 million, a turnaround from a loss of $158.52 million in 2022[85] - Net profit for the year 2023 was $201.68 million, a significant improvement from a net loss of $187.45 million in 2022[86] - Total comprehensive income for 2023 was $47.77 million, compared to a comprehensive loss of $668.98 million in 2022[86] - The company's equity as of December 31, 2023, was $5.47 billion, up from $5.42 billion at the end of 2022[87] - Retained earnings increased to $1.63 billion in 2023 from $1.49 billion in 2022[87] - Total comprehensive income for 2023 was $2,141,790,000, a significant increase from $1,462,145,000 in 2022[96] - The company's total external revenue for 2023 was $2,141.8 million, a significant increase from $1,462.1 million in 2022[100] - The company's profit before non-operating items was $129.0 million in 2023, a substantial improvement from a loss of $161.6 million in 2022[101] - The company's attributable profit to equity holders was $184.1 million in 2023, compared to a loss of $158.5 million in 2022[101] - Basic earnings per share improved to 5.17 cents in 2023 from a loss of 4.44 cents per share in 2022[123] Hotel Operations - The company's hotel business recovery was driven by the reopening of mainland China and Hong Kong in early 2023, along with strong travel demand in other regions[5] - Hotel operations revenue grew by $680.5 million to $2,021.1 million in 2023, with room revenue increasing by 67.1% to $1,041.0 million and food and beverage sales rising by 40.9% to $788.7 million[15][16] - The recovery of Mainland China and Hong Kong businesses, along with the return of Chinese tourists, significantly boosted the company's hotel property revenue in 2023[22] - Hotel property business total revenue increased by 52.7% to $1,926.3 million in 2023 compared to $1,261.9 million in 2022[23] - Hong Kong hotel revenue surged by 94.2% to $304.3 million in 2023, with occupancy rate rising to 70% and RevPAR increasing by 165% to $199[23][24][25] - Mainland China hotel revenue grew by 63.6% to $702.6 million in 2023, with occupancy rate up 25 percentage points to 63% and RevPAR increasing by 105% to $76[23][24][26][27] - Singapore hotel revenue increased by 33.7% to $264.0 million in 2023, with occupancy rate rising to 78% and RevPAR up 39% to $208[23][24][28] - Malaysia hotel revenue grew by 35.9% to $104.8 million in 2023, with occupancy rate increasing to 64% and RevPAR up 54% to $80[23][24][29] - Philippines hotel revenue surged by 69.5% to $134.9 million in 2023, with occupancy rate rising to 58% and RevPAR increasing by 46% to $130[23][24][30] - Japan hotel revenue increased by 54.1% to $50.4 million in 2023, with occupancy rate up 7 percentage points to 61% and RevPAR growing by 81% to $419[23][24][31] - France hotel revenue grew by 7.3% to $54.5 million in 2023, with RevPAR increasing by 4% to $970 despite a 7 percentage point decline in occupancy rate to 43%[23][24][32] - Weighted average occupancy rate across all hotels increased by 20 percentage points to 62% in 2023, with RevPAR growing by 69% to $108[24] - Non-Mainland China weighted average occupancy rate rose by 16 percentage points to 62% in 2023, with RevPAR increasing by 49% to $149[24] - Australia's occupancy rate increased by 12 percentage points to 81% in 2023, with revenue per room rising 16% to $205, and total revenue for Australian hotel properties grew 11.4% to $85.7 million[33] - UK's occupancy rate rose by 4 percentage points to 66% in 2023, with revenue per room increasing 9% to $526, and total revenue for UK hotel properties grew 8.9% to $60.9 million[34] - The overall weighted average occupancy rate for third-party managed hotels increased by 18 percentage points to 63% in 2023, with revenue per room rising 51% to $112[37] - Hotel management and related services revenue increased by 35.4% to $224.3 million in 2023, with net revenue after inter-segment elimination rising 20.5% to $94.8 million[38] - Hotel operations in Hong Kong generated revenue of $304.3 million in 2023, a significant increase from $156.7 million in 2022, with a profit of $17.7 million compared to a loss of $35.5 million in 2022[100] - Mainland China hotel operations saw revenue rise to $702.6 million in 2023 from $429.5 million in 2022, with a profit of $25.0 million compared to a loss of $145.0 million in 2022[100] - Singapore hotel operations reported revenue of $264.0 million in 2023, up from $197.4 million in 2022, with a profit increase to $38.7 million from $18.6 million in 2022[100] - Revenue from hotel properties in 2023 was $1,041,003,000 for room revenue and $788,677,000 for food and beverage sales, compared to $622,975,000 and $559,903,000 respectively in 2022[96] - Revenue from hotel management and related services increased to $94,736,000 in 2023 from $78,680,000 in 2022[96] Investment Properties - The company's investment properties portfolio as of December 31, 2023, included 1,189.4 thousand square meters of office space, 837.0 thousand square meters of commercial space, and 399.1 thousand square meters of serviced apartments/residential space[9] - Investment property revenue increased by 8.6% to $108.3 million in 2023, contributing to the overall growth[16] - Investment property revenue increased by 8.6% to $108.3 million in 2023, with significant improvements in Mongolia, Sri Lanka, and Singapore, partially offset by a decline in China[39][40] - Investment properties segment's actual attributable EBITDA for 2023 was $281.3 million, a 2.4% increase from $274.7 million in 2022, with significant improvements in Sri Lanka, Mongolia, and Singapore subsidiaries[46] - Investment properties generated a profit of $185.3 million in 2023, a slight increase from $182.0 million in 2022, reflecting steady growth[52] - Investment property revenue rose to $108,309,000 in 2023 from $99,701,000 in 2022[96] - Investment properties in Mainland China generated a profit of $164.0 million in 2023, slightly down from $167.8 million in 2022[100] - The company's total profit from investment properties and properties for sale was $244.0 million in 2023, up from $164.4 million in 2022[104] - Investment properties in Mainland China increased to $645.1 million in 2023 from $608.2 million in 2022, while total investment properties rose to $1,982.4 million from $1,901.9 million[106] Debt and Financing - The company's net debt decreased by $128.8 million to $4,717.6 million as of December 31, 2023, due to increased operating cash flow from hotel operations[55] - The debt-to-equity ratio improved to 86.3% in 2023 from 89.3% in 2022, driven by increased equity and positive free cash flow[55] - The company secured multiple bank loan agreements totaling approximately $1.95 billion for refinancing and project financing, including sustainable development-linked loans[55][56] - The adjusted equity of the company stood at $9.2 billion as of December 31, 2023, with a debt ratio of 62.9%[56] - Total outstanding borrowings as of December 31, 2023, amounted to $5,685.2 million, with 62.7% due in 3-5 years, 18.5% due in the second year, 10.7% due within one year, and 8.1% due after five years[57] - The company's cash and bank balances totaled $967.6 million as of December 31, 2023, with significant holdings in USD ($202.5 million), RMB ($330.1 million), and SGD ($110.3 million)[58] - The company issued SGD 160 million (approximately $120.2 million) in 5-year fixed-rate bonds at 4.40% annual coupon in August 2023 and secured RMB 9.7 billion (approximately $1.37 billion) in fixed-rate bank loans at 4.00%-4.50% annual interest rates[60] - As of December 31, 2023, 65.8% of the company's outstanding borrowings had fixed interest liabilities, up from 60.6% in 2022, through fixed-rate bonds, loans, and interest rate swaps[60] - The company has committed and available undrawn bank loan facilities of $1,574,252,000, which will expire after December 31, 2024, ensuring sufficient resources for continued operations[91] Employee and Corporate Culture - The company employs over 43,000 talented and dedicated employees, focusing on leadership development, employee capability enhancement, recognition and rewards, and fostering the Shangri-La culture[74] - In 2023, the company launched leadership development programs benefiting over 500 leaders and future leaders, including the Business Leaders Program, Operations Leaders Program, and Emerging Leaders Program[75] - The company conducted assessments of over 2,750 current leaders, focusing on organizational structure, leadership qualities, and functional expertise, to further guide their teams towards achieving the company's goals and vision[76] - The company launched 47 internally developed courses in 2023, with 20 focusing on information and technology, and employees spent an average of 58 hours on learning annually[77] - The Shangri-La+ Management Trainee Program achieved a 100% retention rate in 2023[77] - The company's employee benefits expenditure (excluding director remuneration) was $762.1 million in 2023, up from $630.6 million in 2022[79] - The company conducted a cultural survey in 2023 with a 99% response rate, achieving an overall score of 3.8 out of 4, indicating improved employee satisfaction[80] - The company achieved a key leader retention rate of over 90% in 2023[80] - The company expanded its free room and employee discount rate program to all hotels and levels of colleagues in 2023[78] - The company's global employee count was 43,600, including all operational hotels, as of December 31, 2023[79] - The company's performance management approach was enhanced in 2023, incorporating performance development dialogues into goal-setting and year-end review processes[77] - The company's Joyful Moments program recognized employees who exemplified its culture and values in 2023[78] Dividends and Shareholder Returns - The company resumed dividend payments, declaring a final dividend of 15 HK cents per share, totaling approximately $70 million[4][5] - The company proposed a final dividend of 15 HK cents per share for 2023, amounting to $68.7 million[127] - The proposed final dividend of 15 HK cents per share for 2023 will be distributed on June 14, 2024, to shareholders registered on June 4, 2024[135] - Share transfer documents and related share certificates must be submitted to the company's share registrar in Hong Kong by 4:30 PM on June 4, 2024, to be eligible for the proposed final dividend[135] Asset and Property Management - As of December 31, 2023, the company operated 103 hotels with a total of 41,800 rooms, including 83 owned/leased hotels and 20 managed hotels[7] - The company operates 80 hotels with equity interests and 3 hotels under operating leases, totaling 35,135 available rooms as of December 31, 2023[18] - Mainland China and Hong Kong accounted for 19,354 available rooms, with significant properties including the Kowloon Shangri-La (679 rooms) and the Island Shangri-La (545 rooms)[17][19] - Southeast Asia operations, including Singapore, Malaysia, and the Philippines, contributed 7,251 available rooms, with notable properties such as the Singapore Shangri-La (792 rooms) and the Manila Makati Shangri-La (696 rooms)[20] - Other regions, including Europe, Africa, and Australia, contributed 3,678 available rooms, with properties like the Paris Shangri-La (101 rooms) and the Sydney Shangri-La (564 rooms)[21] - The company managed a total of 103 hotels and resorts as of December 31, 2023, including 80 owned hotels, 3 leased hotels, and 20 third-party-owned hotels[35] - The company manages 21 hotels owned by third parties, with three new hotels under development in Hangzhou (China), Phnom Penh (Cambodia), and Melbourne (Australia)[73] - The company is developing several hotel projects, including the 274-room Kunming JEN Hotel and the 75-room Kunming Shangri-La, both expected to open in 2024 and 2025 respectively, with a total of 611 rooms at the Hongqiao Airport Shangri-La and Traders Hotel set to open in 2024[68] - The company's mixed-use development projects include the Shenyang Kerry Center (Phase 3) with a total gross floor area of 413,028 square meters, expected to be completed in phases starting from 2024[69] - The company acquired the remaining 30% equity of a subsidiary owning the Shangri-La Maldives Resort & Spa for zero consideration, resulting in the derecognition of a non-controlling interest deficit of $59.8 million and a transfer of $57.1 million to retained earnings[72] Corporate Governance and Compliance - The company has adopted a comprehensive manual ("Directors' Handbook") that includes corporate governance guidelines consistent with or more stringent than the Corporate Governance Code of the Hong Kong Stock Exchange[134] - The company has complied with the Corporate Governance Code during the year ended December 31, 2023[134] - The company's board of directors includes executive directors, non-executive directors, and independent non-executive directors, with Ms. Kuok Hui Kwong as the Chairman[136] Other Financial Metrics - The actual share of the company's hotel property valuation was $12,000.4 million as of December 31, 2023, with $4,938.7 million from external valuation and $7,061.7 million from internal valuation[12] - The actual share of valuation surplus after deferred tax was $5,753.3 million, with $3,569.8 million from external valuation and $2,183.5 million from internal valuation[12] - Adjusted net asset value increased to $10,975.7 million from the reported $5,222.4 million if all hotel properties were presented at fair value[12] - The total equity increased to $11,686.2 million from the reported $5,468.0 million after adjusting for hotel property valuation surplus[12] - Adjusted net asset value per share was $3.09 (equivalent to HK$23.95) compared to the reported $1.47 (equivalent to HK$11.39)[13] - The company's hotel properties in China had a valuation

Share Incentive Plan - Shangri-La Asia Limited's 2022 annual report indicates a total of 12,458,000 shares and 2,274,000 shares were granted and vested to eligible participants under the incentive plan[2]. - The closing price of shares immediately prior to the grant of incentives on May 6, 2022, was HKD 5.98, while the weighted average closing price before the vesting date was HKD 6.00[2].

Financial Performance - For the six months ended June 30, 2023, the company reported a profit attributable to owners of $131.4 million, a significant improvement of $289.6 million compared to a loss of $158.2 million in the same period last year[6]. - Total revenue for the same period was $1,006 million, representing a 60.3% increase from $627.5 million in the prior year, driven by a strong recovery in hotel operations, particularly in Hong Kong and mainland China[7]. - The company's earnings before interest, tax, depreciation, and amortization (EBITDA) was $266 million, up 365.0% from $57.2 million in the previous year, reflecting robust operational performance[8]. - The actual attributable EBITDA from subsidiaries and associates was $396.5 million, an increase of 134.3% from $169.2 million year-on-year, primarily due to the recovery in hotel business[9]. - Revenue for the six months ended June 30, 2023, reached $1,005,976, a significant increase of 60% compared to $627,454 for the same period in 2022[15]. - Gross profit for the same period was $566,280, up from $303,745, reflecting a gross margin improvement[15]. - Operating profit for the first half of 2023 was $141,603, a turnaround from an operating loss of $20,645 in the prior year[15]. - Net profit for the period was $142,464, compared to a net loss of $186,518 in the same period last year[15]. - Earnings per share (EPS) for the company attributable to shareholders was $3.688, recovering from a loss per share of $4.429 in the previous year[15]. - The company reported a total of $276.8 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) for the six months ended June 30, 2023[117]. Assets and Liabilities - As of June 30, 2023, total assets amounted to $12,472,816 thousand, a decrease from $12,633,506 thousand as of December 31, 2022, representing a decline of approximately 1.27%[13]. - Non-current assets decreased from $11,395,852 thousand to $11,166,287 thousand, reflecting a reduction of about 2.01%[13]. - Current assets increased from $1,237,654 thousand to $1,306,529 thousand, showing an increase of approximately 5.57%[13]. - Total liabilities decreased slightly from $7,208,991 thousand to $7,167,602 thousand, a reduction of about 0.57%[14]. - Non-current liabilities increased from $5,482,123 thousand to $5,743,475 thousand, indicating an increase of approximately 4.76%[14]. - Current liabilities decreased from $1,726,868 thousand to $1,424,127 thousand, reflecting a decline of about 17.54%[14]. - The company's equity attributable to owners decreased from $5,254,041 thousand to $5,129,636 thousand, a decrease of approximately 2.37%[13]. - Cash and cash equivalents decreased from $753,002 thousand to $705,511 thousand, representing a decline of about 6.31%[13]. - The company reported a net cash flow from operating activities of $42,283,000 for the six months ended June 30, 2023, compared to a net cash outflow of $135,591,000 in the same period of 2022[20]. - The company’s total liabilities decreased to $1.2 billion as of June 30, 2023, from $1.3 billion at the end of 2022, reflecting effective debt management strategies[41]. Market and Operational Strategies - The company continues to focus on market expansion and recovery strategies in response to the rebound in international travel and tourism activities[9]. - The company is focusing on market expansion and new product development to drive future growth[15]. - The group plans to enhance its market expansion strategies and continue investing in new technologies and product development[27]. - The company aims to maintain a flexible approach to capitalize on opportunities while managing costs and financial health amid market changes[141]. - The group anticipates continued growth in global travel demand, which is expected to positively impact future performance[112]. Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[6]. - The company has issued and fully paid capital of 3,585,525 shares, with a total amount of $3,201,995,000[44]. - The company purchased 8,594,000 shares under the share award plan during the six months ended June 30, 2023, with 5,132,000 shares transferred to award recipients[45]. - The company has not granted new shares to eligible award recipients during the six months ended June 30, 2023[49]. - The company’s major shareholders include Caninco Investments Limited with 568,568,684 shares (15.857%) and Paruni Limited with 382,904,547 shares (10.679%)[146]. Foreign Exchange and Financing - The company benefited from an exceptional foreign exchange gain of $42.3 million due to the appreciation of the Sri Lankan Rupee during the period[9]. - The company reported a net financing cost of $131,973, an increase from $100,903 in the prior year, indicating higher interest expenses[15]. - The company experienced a foreign exchange gain of $50,264, contrasting with a loss of $115,341 in the same period last year[15]. - The company’s net loss from foreign exchange was $(50,264,000) for the six months ended June 30, 2023, compared to a gain of $115,341,000 in 2022[68]. - The company has committed and available bank loan facilities of $933,209,000 to meet future funding needs[22]. Hotel Operations - Room revenue reached $486,282,000, up 98% from $244,756,000 year-on-year[28]. - Food and beverage sales increased to $367,179,000, representing a 60% growth compared to $230,156,000 in the previous year[28]. - The group reported a net profit of $64,600,000 for the six months ended June 30, 2023, compared to a loss of $105,000,000 in the same period of 2022[33]. - The group operates in four main segments, including hotel properties, hotel management services, investment properties, and development properties[30]. - The group has reported a significant increase in operational performance across various regions, including China, Singapore, and Malaysia[33]. Employee and Governance - The group’s executive directors received total compensation of $1,049,000 for the six months ended June 30, 2023, compared to $1,121,000 in the same period of 2022[86]. - The company has complied with corporate governance codes during the relevant six-month period[143]. - The company’s board members have confirmed compliance with the securities trading guidelines during the relevant six-month period[143]. Development Projects - The company is developing several hotel projects, including the JEN Hotel in Kunming with 274 rooms expected to open in 2024[134]. - The total floor area for the Shenyang Kerry Center (Phase 3) is approximately 256,567 square meters, with a 25% equity interest and expected completion in 2024[135]. - The company is reviewing development plans for hotel projects in Rome, Yangon, and Bangkok, indicating potential market expansion[136].

Financial Performance - For the six months ended June 30, 2023, the company reported a profit attributable to shareholders of $131.4 million, a significant improvement of $289.6 million compared to a loss of $158.2 million in the same period last year[5]. - Total revenue for the same period was $1,006 million, representing a 60.3% increase or $378.5 million from $627.5 million in the prior year, driven by strong recovery in hotel operations, particularly in Hong Kong and mainland China[5]. - EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the six months was $266 million, up 365.0% from $57.2 million in the previous year[3]. - The actual attributable EBITDA from the company, subsidiaries, and associates was $396.5 million, an increase of 134.3% from $169.2 million year-on-year[3]. - The company reported a significant increase in user data, with a notable rise in customer engagement metrics[8]. - Future outlook remains positive with expectations of continued revenue growth driven by new product launches and market expansion strategies[8]. - The company reported a net profit of $131,364,000 for the period, despite a comprehensive loss of $118,602,000[11]. - The total comprehensive income for the six months ended June 30, 2023, was a loss of $118,654,000[11]. - The company reported a net profit attributable to the company's owners for the six months ended June 30, 2023, was $131,364 million, compared to a loss of $158,219 million in the same period of 2022[43]. Revenue Breakdown - Room revenue reached $486.282 million, up from $244.756 million year-over-year, indicating a growth of about 98.5%[18]. - Food and beverage sales increased to $367.179 million from $230.156 million, reflecting a growth of approximately 59.7%[18]. - The hotel operations segment reported total revenue of $1,009.0 million for the first half of 2023, up from $600.0 million in the same period of 2022, marking an increase of approximately 68%[21]. - The total revenue from hotel management and related services increased by 24.8% to $106.7 million for the six months ended June 30, 2023[68]. - Hotel properties generated a profit of $50.8 million for the six months ended June 30, 2023, a significant turnaround from a loss of $157.9 million in the prior year, driven by recovery in mainland China and Hong Kong, along with strong growth in Singapore[77]. Operational Metrics - The weighted average occupancy rate for the company's hotels was 60% for the six months ended June 30, 2023, up 26 percentage points from 34% in the same period last year[59]. - Average revenue per available room (RevPAR) increased by 102% to $103 for the six months ended June 30, 2023, compared to $51 in the same period of 2022[59]. - In Hong Kong, hotel revenue increased by 133.4% to $139,600,000 for the six months ended June 30, 2023, with occupancy rising to 65% from 34% in the previous year[60]. - In mainland China, the hotel occupancy rate for the six months ended June 30, 2023, was 60%, up 28 percentage points from 32% for the same period in 2022[61]. - Revenue per available room (RevPAR) in mainland China increased by 140% to $72, compared to $30 for the same period in 2022[61]. - Total revenue from hotel properties in mainland China rose by 74.7% to $328.7 million for the six months ended June 30, 2023[61]. Financial Position - The net asset value attributable to shareholders decreased by 2.4% to $5,129.6 million from $5,254.0 million as of December 31, 2022[4]. - The net asset value per share was $1.44, down 2.0% from $1.47 at the end of 2022[4]. - Total liabilities as of June 30, 2023, were $7,167,602 thousand, slightly down from $7,208,991 thousand at the end of 2022[7]. - Non-current liabilities, specifically bank loans, increased to $3,879,990 thousand from $3,527,212 thousand[7]. - As of June 30, 2023, total equity amounted to $5,305,214,000, with retained earnings of $1,615,064,000[11]. - The company’s total assets increased to $247.252 million as of June 30, 2023, compared to $209.026 million at the end of 2022[24]. Investment and Development - The company has engaged in hotel property development and management, as well as investment property operations[13]. - The group has a total of 611 hotel rooms at Hongqiao Airport Shangri-La and Shengmao Hotel, which will operate under a lease agreement and is expected to open in 2024[88]. - The group is developing several projects, including a 25% equity interest in Shenyang Kerry Center (Phase III) with a total floor area of approximately 399,326 square meters, expected to be completed starting in 2024[89]. - The group has a 45% equity interest in the Zhengzhou integrated development project, which includes residential, office, and commercial spaces totaling approximately 156,903 square meters, expected to be completed starting in 2023[89]. Financing and Debt Management - The company has secured additional financing post-June 30, 2023, including a new three-year bank loan of RMB 450 million (approximately $62.3 million) and a five-year bank loan of RMB 1.15 billion (approximately $159.2 million)[82]. - The company issued a five-year fixed-rate bond of SGD 160 million (approximately $118 million) in August 2023, with an annual coupon rate of 4.40%[82]. - The company confirmed that it faced no difficulties in accessing bank credit during the reporting period[78]. - The adjusted total equity of the company was $9 billion, resulting in a debt ratio of 63.6% based on total financial liabilities of $5.7 billion[78]. Market Outlook - The company continues to see strong demand in the hotel sector, supported by the easing of cross-border restrictions and a rebound in international travel[5]. - The group remains optimistic about the remainder of 2023, focusing on seizing business opportunities while maintaining flexibility in a rapidly changing hotel environment[95].

Financial Performance - The group's consolidated revenue for 2022 was $1,462.1 million, representing a 17.8% increase from $1,241.0 million in 2021[6] - The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $174.4 million, up 31.3% from $132.8 million in the previous year[6] - The actual profit attributable to the company from operations improved to $(161.6) million, a 16.4% reduction in losses compared to $(193.2) million in 2021[6] - The total net loss attributable to the company was $(158.5) million, a 45.5% improvement from $(290.6) million in the prior year[6] - The loss per share decreased to $(4.44), a 45.4% improvement from $(8.13) in 2021[6] - The net asset value attributable to the company was $5,254.0 million, down 10.4% from $5,864.3 million in 2021[6] - The net asset value per share was $1.47, reflecting a 10.4% decrease from $1.64 in the previous year[6] - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[29] - The company reported a net profit margin of 15%, up from 12% in the previous year, reflecting improved operational efficiency[31] - The company reported a comprehensive loss attributable to owners of $158.5 million for the year ended December 31, 2022, a decrease of $132.1 million from a loss of $290.6 million in 2021[83] Operational Highlights - The group operates in multiple regions including Asia, Europe, and North America, with ongoing projects in various countries[4] - The company reported significant improvements in operational cash flow, which includes cash generated from subsidiaries and interest income[10] - The company continues to develop hotel properties, investment properties for leasing, and properties for sale across its four main business segments: hotel properties, hotel management and related services, investment properties, and properties for sale[45] - The company operates a total of 105 hotels with 42,400 rooms as of December 31, 2022, including 83 owned/leased hotels and 22 managed hotels[46] - The company has a total of 3 hotels under development, with 1 hotel owned/leased and 2 hotels under management contracts[46] Market Expansion and Strategy - The company aims to strengthen its operational efficiency and sustainability practices as part of its long-term strategy[24] - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $100 million allocated for potential deals[29] - Market expansion plans include entering three new countries by the end of the fiscal year, projected to increase market share by 5%[31] - The company is focusing on expanding its hotel portfolio in international markets, including Ghana, Italy, Myanmar, and Thailand[122] Sustainability Initiatives - Shangri-La aims to reduce single-use plastic in guest rooms by 50% by 2026, based on 2019 levels, and has started replacing plastic water bottles in meetings and events[16] - The board emphasized a commitment to sustainability, with plans to reduce carbon emissions by 30% over the next five years[29] - The company has achieved its targets for reducing carbon emissions, energy intensity, and single-use plastics[127] - 100% of hotels have stopped providing all-plastic takeaway containers, cutlery, and bags[127] Employee and Leadership Development - The company has appointed a new Chief Financial Officer and Chief Human Resources Officer to strengthen its leadership team[43] - In 2022, over 500 leaders participated in the group's leadership development programs, focusing on nurturing future hotel managers and middle management[107] - The company has granted a total of 12,500,000 shares under the share incentive plan to attract and retain key talent[109] - The average voluntary turnover rate in 2022 was 22%, reflecting challenges faced by the hotel industry[110] Corporate Governance - The company has established a management committee to oversee corporate governance compliance[126] - The independent non-executive directors confirmed that the related party transactions were conducted in the ordinary course of business and on normal commercial terms[177] - The board consists of 5 independent non-executive directors, accounting for 62.5% of the total board members, ensuring strong independent judgment[189] - The company emphasizes the importance of high transparency in corporate governance and is committed to continuous review of its governance structure[179] Related Party Transactions - The company is engaged in continuous related party transactions with its subsidiaries, reflecting its interconnected business structure[171] - The actual transaction amount with Pudong Kerry Company for the fiscal year is $1,246,000, compared to $373,000 in 2021[164] - The company announced a renewal of the hotel management agreement with Shangri-La International, extending the agreement until December 31, 2023, with an annual cap of $5,200,000 for 2023[171] Future Outlook - The company expressed cautious optimism regarding business recovery and financial turnaround, contingent on market conditions[25] - The company provided guidance for the next quarter, expecting revenue to be between $1.6 billion and $1.7 billion, indicating a growth of 7% to 13%[31] - The company plans to launch improved wellness services and family floors in collaboration with multiple partners by the end of 2023[112]

Financial Performance - Shangri-La Asia Limited reported a consolidated revenue of $1,462.1 million for the year ended December 31, 2022, representing a 17.8% increase from $1,241.0 million in 2021[3]. - The group's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $174.4 million, up 31.3% from $132.8 million in the previous year[3]. - The net loss attributable to shareholders improved to $(158.5) million in 2022 from $(290.6) million in 2021, marking a 45.5% reduction in losses[3]. - The company reported a loss per share of $(4.44), which is a 45.4% improvement compared to $(8.13) in 2021[3]. - The total comprehensive income for the year ended December 31, 2022, was $1,462.1 million, an increase of 17.8% compared to $1,241.0 million in 2021[15]. - The total profit before interest, tax, depreciation, amortization, and non-operating items amounted to $441.6 million, a 5.6% increase from $418.0 million in the previous year[48]. - The actual profit before interest, tax, depreciation, amortization, and non-operating items for hotel properties was $132.1 million, an increase of 20.6% from $109.5 million for the year ended December 31, 2021[49]. - The company reported a comprehensive loss of $609,354,000 for the year ended December 31, 2022, compared to a comprehensive loss of $201,815,000 for the year ended December 31, 2021[94]. Hotel Operations - The group continues to develop hotel properties and investment properties for leasing, maintaining its focus on the hospitality sector[5]. - New hotel openings include the Shangri-La in Jeddah, Saudi Arabia, and the Shangri-La in Nanning, China, which opened in February and March 2022, respectively[6][7]. - The hotel operations segment generated a total revenue of $1,340.6 million, reflecting a 19.6% increase from $1,120.8 million in the previous year[15]. - Hotel room revenue increased by 37.7% to $622.9 million in 2022 from $452.5 million in 2021[15]. - The weighted average occupancy rate for the group's hotels was 42% for the year ended December 31, 2022, up 3 percentage points from 39% for the year ended December 31, 2021[23]. - Revenue per available room (RevPAR) increased to $64 for the year ended December 31, 2022, a 25% increase from $51 for the year ended December 31, 2021[23]. - The group operates a total of 80 hotels with 34,243 available rooms[20]. - The group reported a total of 19,354 available rooms in mainland China[20]. Investment Properties - The group has a total of 950,576 square meters of investment properties in operation, with 663,263 square meters being commercial space[8]. - The total estimated fair value of the group's hotel properties was $11,950.6 million as of December 31, 2022, with $4,914.2 million from external valuations and $7,036.4 million from internal valuations[12]. - The adjusted net asset value of the company would increase from $5,254 million to $10,795.1 million if all hotel properties were presented at fair value[12]. - The profit from investment properties was $182.0 million, a slight increase of 0.8% from $180.6 million for the previous year[58]. - Revenue from investment properties in mainland China increased by 8.6% to $27.7 million, driven by improved occupancy rates at the Wuhan Shangri-La Center[41]. Employee and Management - The group employs 40,700 staff members across its operations, emphasizing the importance of employee engagement and development for achieving its vision by 2030[79]. - Over 500 leaders participated in the group's leadership development programs in 2022, focusing on nurturing future hotel managers and operational leaders[80]. - The average voluntary turnover rate in 2022 was 22%, reflecting challenges faced by the hotel industry[83]. - The company awarded a total of 12,500,000 shares under its share incentive plan to attract, retain, and motivate key talent for long-term growth[82]. Debt and Financing - As of December 31, 2022, the group's net borrowings amounted to $4,846,400,000, an increase of $43,400,000 from $4,803,000,000 on December 31, 2021[61]. - The group's debt-to-equity ratio rose from 79.4% on December 31, 2021, to 89.3% on December 31, 2022, primarily due to the depreciation of global currencies against the US dollar[61]. - The group signed a five-year bank loan agreement for $100,000,000 during the year for refinancing and operational funding[61]. - The group recorded a net fair value gain of $89,900,000 from its investment properties for the year ended December 31, 2022[68]. - The total interest expense increased to $144.293 million in 2022 from $123.504 million in 2021, an increase of about 16.8%[127]. Market Performance - Singapore's revenue increased by 89.4% to $197.4 million for the year ended December 31, 2022, compared to $104.2 million in 2021[22]. - Malaysia's revenue surged by 197.7% to $77.1 million for the year ended December 31, 2022, compared to $25.9 million in 2021[22]. - In Singapore, the hotel occupancy rate increased by 24 percentage points to 61%, with RevPAR rising by 178% to $150[28]. - Total revenue from hotel properties in mainland China decreased by 27.0% to $429,500,000 for the year ended December 31, 2022[27]. Future Outlook - The company plans to introduce improved wellness services and family floors by the end of 2023, setting a blueprint for other properties[86]. - The company maintains a cautious optimism regarding business recovery and profitability, particularly benefiting from China's accelerated reopening[86]. - The company has seen a significant increase in demand for its hotels in mainland China during the 2023 Spring Festival, with revenue per room exceeding 2019 levels[85].

Financial Performance - For the six months ended June 30, 2022, the consolidated revenue was $627.5 million, an increase of 15.0% compared to $545.8 million for the same period in 2021[6]. - The company's EBITDA (earnings before interest, taxes, depreciation, and amortization) was $57.2 million, up from $49.8 million in the previous year, reflecting an improvement of $7.4 million[8]. - The actual attributable EBITDA from the company, subsidiaries, and associates was $169.2 million, a decrease of 15.2% from $199.6 million in the prior year, primarily due to localized COVID-19 restrictions in mainland China[8]. - The company reported a loss attributable to shareholders of $158.2 million for the six months ended June 30, 2022, compared to a loss of $59.8 million for the same period in 2021[8]. - The significant loss was impacted by an extraordinary foreign exchange loss of $106.6 million due to a 44% depreciation of the Sri Lankan Rupee[8]. - The net asset value attributable to shareholders was $5,426.4 million as of June 30, 2022, down 7.5% from $5,864.3 million at the end of 2021[7]. - The net asset value per share decreased to $1.52 from $1.64, reflecting a decline of 7.3%[7]. - The company did not declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[6]. - The company reported a net loss of $(186.5) million for the six months ended June 30, 2022, compared to a loss of $(98.6) million in 2021, reflecting an increase of 89.1%[89]. - The company’s operating expenses for the six months ended June 30, 2022, were $252.9 million, an increase of 18.9% compared to $212.7 million in 2021[89]. Revenue Breakdown - Revenue for the six months ended June 30, 2022, was $627,454,000, an increase of 14.9% compared to $545,806,000 for the same period in 2021[13]. - Gross profit for the same period was $303,745,000, up from $230,098,000, reflecting a gross margin improvement[13]. - Room revenue increased to $244,756,000 in the first half of 2022, up from $196,312,000 in the same period of 2021, reflecting a growth of about 25%[23]. - The group’s hotel management and related services revenue rose to $48,337,000, up from $28,698,000, indicating a significant increase of about 68%[23]. - The group reported total revenue of $627,454,000 for the six months ended June 30, 2022, compared to $545,806,000 for the same period in 2021, representing an increase of approximately 15%[23]. - The revenue from properties held for sale surged by 60.9% to $10.3 million, driven by the delivery of residential units in the One Galle Face project in Colombo, Sri Lanka[98]. Losses and Challenges - The net loss for the period was $186,518,000, compared to a net loss of $98,587,000 in the prior year, highlighting ongoing challenges[14]. - The company experienced a foreign exchange loss of $115,341,000, a significant increase from $5,989,000 in the previous year, impacting overall financial results[13]. - The company reported a total comprehensive loss of $(439,660,000) for the six months ended June 30, 2022[16]. - The company reported a significant increase in other income, netting $72,919,000 compared to $18,378,000 in the previous year, contributing positively to overall financial performance[13]. - The company reported a loss attributable to owners of $158.2 million for the six months ended June 30, 2022, compared to a loss of $59.8 million for the same period in 2021, representing a 164.5% increase in losses[122]. Assets and Liabilities - As of June 30, 2022, total assets amounted to $12,680,917 thousand, a decrease from $13,474,267 thousand as of December 31, 2021, representing a decline of approximately 5.9%[11]. - Non-current assets decreased to $11,528,407 thousand from $12,130,204 thousand, reflecting a reduction of about 5.0%[11]. - Current liabilities decreased to $1,330,776 thousand from $1,952,086 thousand, indicating a significant reduction of approximately 31.7%[12]. - Total liabilities as of June 30, 2022, were $7,126,911 thousand, down from $7,424,403 thousand, a decrease of around 4.0%[12]. - The company's equity totalled $5,554,006 thousand, down from $6,049,864 thousand, representing a decline of approximately 8.2%[11]. - Cash and cash equivalents decreased to $613,333 thousand from $745,540 thousand, a decline of about 17.7%[11]. Operational Insights - The recovery in hotel operations was driven by the easing of travel restrictions in destinations such as the UK, Turkey, the Philippines, Singapore, and Malaysia[8]. - The company continues to face challenges from sporadic COVID-19 outbreaks in mainland China, which have affected hotel operations in Beijing and Shanghai[8]. - The company plans to focus on market expansion and new product development to drive future growth despite current losses[14]. - The company is developing several hotel projects in China, including the Kunming JEN Hotel (45% equity, 274 rooms, opening in 2023) and Zhengzhou Shangri-La (45% equity, 314 rooms, opening in 2024)[134]. - The company anticipates a recovery in hotel operations driven by leisure demand, particularly in countries that reopened in 2022, such as the Philippines, Singapore, and Malaysia[141]. Shareholder Information - The company’s total equity as of June 30, 2022, was $3,201,995,000, reflecting an increase from the previous period[40]. - The company issued a total of 12,458,000 shares under the share award plan, with 2,186,000 shares already vested, incurring an expense of $2,169,000 for the awarded shares during the period[45]. - The company has granted a total of 301,024,679 share options under its share option scheme, which accounts for 8.40% of the issued shares[155]. - The company’s major shareholder, Caninco Investments Limited, holds 568,568,684 shares, representing 15.857% of the total issued shares[147]. - The company’s director, Guo Huiguang, holds a total of 90,220,551 shares, representing 2.516% of the total issued shares[150].

Financial Performance - The group's consolidated revenue for 2021 was $1,241.0 million, representing a 20.1% increase from $1,033.4 million in 2020[8]. - The adjusted EBITDA for the group was $132.8 million, a significant recovery from a loss of $84.9 million in 2020[8]. - The actual profit attributable to the company from operations improved to a loss of $193.2 million, a 55.3% reduction from a loss of $432.1 million in the previous year[8]. - The total loss attributable to the company was $290.6 million, down 36.9% from $460.2 million in 2020[8]. - The net asset value attributable to the company was $5,864.3 million, a decrease of 3.3% from $6,061.6 million in 2020[8]. - The cash flow from operating activities for the year was $990.9 million, indicating strong operational cash generation[13]. - The operating cash burn was significantly reduced from -$301.7 million in 2020 to -$51.2 million in 2021, indicating improved operational resilience[27]. - The company reported a comprehensive loss attributable to owners of $290.6 million for the year ended December 31, 2021, a decrease of $169.6 million from a loss of $460.2 million in 2020[92]. - The net loss for the year was $344.4 million, a 32.5% improvement from a loss of $510.6 million in 2020[60]. - The total profit before interest, tax, depreciation, amortization, and non-operating items attributable to the company for the year ended December 31, 2021, was $418 million, an increase of 130.2% compared to $181.6 million for the year ended December 31, 2020[86]. Business Operations and Expansion - The company is actively expanding its business operations across various regions, including the Middle East, Asia, and Europe[6]. - Future outlook includes continued focus on operational recovery and potential new projects in key markets[6]. - The company opened two new hotels in China in 2021, including the Shanghai Qiantan Shangri-La and the Beijing Shougang Shangri-La, with plans for more openings in 2022[27]. - The company is focusing on market expansion, particularly in Southeast Asia, with plans to open 10 new locations by the end of 2022[52]. - The company is developing several hotel projects in China, including the JEN Hotel in Kunming (45% equity, 274 rooms, opening in 2023) and Zhengzhou Shangri-La (45% equity, 314 rooms, opening in 2024)[105]. - The company has a total of 22 management agreements for hotels owned by third parties, with new openings in Shanghai, Beijing, and Jeddah in 2021[110]. Community Engagement and Social Responsibility - Shangri-La Group distributed care packages to over 11,400 households during 2021 as part of its community care program[17]. - The company provided over 64,000 meals to vulnerable communities during the fifth wave of COVID-19 in Hong Kong, with plans to continue donating over 6,000 meals daily until April 2022[29]. - The company has initiated community vaccination campaigns in collaboration with local health authorities[149]. - The company organized 474 activities to support elderly community members, with 205 elderly individuals receiving assistance and 10,624 volunteer hours logged[159]. - The company has established long-term partnerships with local communities to enhance education and health services for children and youth[156]. - The company has allocated $542,700 for 75 humanitarian projects, benefiting over 7,000 individuals[155]. Sustainability and Environmental Initiatives - The company aims to reduce single-use plastic usage by 50% from 2019 levels by 2026, with 16 hotels already installing drinking water filtration systems[28]. - Shangri-La has been included in the Hang Seng Sustainable Development Corporate Index Series since 2011, highlighting its commitment to sustainability[132]. - The company aims to reduce the purchase of single-use plastics by 50% over five years starting from 2022, based on 2019 levels[138]. - The environmental management system is integrated into daily operations across all properties, with regular audits to assess energy and water efficiency[135]. - The hotel modernization project aims to save up to 49% energy in newly renovated rooms[142]. - The company has committed to installing in-room water filtration systems or bottled water facilities in new and renovated hotels to replace single-use plastic bottles[138]. Governance and Management - The board includes independent non-executive directors with extensive experience in various sectors, enhancing governance and strategic oversight[39]. - The company has appointed new members to key committees, including the Remuneration and Human Resources Committee, to strengthen its operational framework[40]. - The company is committed to sustainability and corporate governance, aligning with global best practices to attract investors[40]. - The board's diverse expertise includes backgrounds in finance, technology, and management, contributing to well-rounded decision-making[39]. - The company has established a strong brand and high-quality service as competitive advantages in the hotel industry[178]. Financial Position and Debt Management - The net debt of the group as of December 31, 2021, was $4.803 billion, an increase of $74.9 million from $4.7281 billion in 2020[94]. - The debt-to-equity ratio rose from 74.9% on December 31, 2020, to 79.4% on December 31, 2021, due to increased net debt and losses recorded during the year[94]. - The company holds cash and bank balances totaling $784.9 million as of December 31, 2021, against total borrowings of $5,587.9 million[96]. - The company has $1,916.3 million in undrawn committed credit facilities, of which $930.0 million is reserved to replace existing loans from the same bank[95]. - The company recorded a net fair value gain of $60.0 million from investment properties for the year ended December 31, 2021[100]. Employee Engagement and Development - The average voluntary turnover rate for the company was 22%, reflecting challenges in the hotel industry[111]. - In 2021, over 400 leaders participated in customized leadership development programs lasting 6 to 18 months, utilizing immersive learning methods[112]. - The company has engaged 12,000 employees in training related to sustainable ingredient sourcing since 2020[162]. - Over 1,073,800 total training hours completed for staff development[150]. - The average training cost per full-time employee is $28,168[150]. Awards and Recognition - Shangri-La Group received multiple awards in 2021, including recognition as the Best Business Hotel Brand in the Asia-Pacific region[25].