万达酒店发展(00169) - 2023 - 中期财报

Hotel Performance - The occupancy rate for all hotels increased to 53.4% in the first half of 2023, compared to 39.0% in the same period of 2022[1]. - Average daily rate (ADR) rose to RMB 507 for all hotels, up from RMB 434 in the previous year, representing a 16.8% increase[1]. - Revenue per available room (RevPAR) improved to RMB 270, a 59.8% increase from RMB 169 in the same period of 2022[1]. - Total revenue from hotel operation and management services reached HK$335.7 million, a 60.8$208.7 million in 2022[8]. - The segment profit for hotel operation and management services surged to approximately HK$111.6 million, up 175.9$40.4 million in the previous year[14]. - The Group expanded its hotel network from 122 hotels with 28,656 rooms as of December 31, 2022, to 138 hotels with over 31,000 rooms as of June 30, 2023[177]. - An additional 266 hotels have been contracted to be managed by the Group but are still under development and have not commenced operations as of June 30, 2023[177]. - The Group's hotel businesses are operated under three models: leased-and-operated hotels, managed hotels, and franchised hotels[177]. - Major full-service hotel brands managed by the Group include Wanda Reign, Wanda Vista, Wanda Realm, Wanda Jin, Wanda Yi, and Wanda Amber[200]. - The Group's hotel brands cater to various market segments, including ultra-luxury, luxury, and midscale offerings[199]. - The Group employs a multi-brand strategy targeting different customer segments with unique preferences and needs[199]. - The hotel management and operation capabilities of the Group are comprehensive, covering design, construction management, and consultancy services[177]. - The Group's performance during the period indicates a positive trend in hotel management and operations, supported by a growing portfolio of properties[177]. Financial Performance - The Group's profit for the period was HK$165.1 million, compared to HK$78.5 million in the same period of 2022, marking an increase of 110.5%[21]. - Revenue for the six months ended June 30, 2023, increased to $464,089,000, up 30.5$355,530,000 in 2022[146]. - Gross profit for the period was $222,985,000, representing a 32.5$168,267,000 in the previous year[146]. - Profit before tax rose significantly to $205,160,000, compared to$106,904,000 in 2022, marking an increase of 92.0%[146]. - Profit for the period reached $165,133,000, more than double the$78,461,000 reported in the same period last year, reflecting a growth of 110.0%[148]. - Earnings attributable to owners of the parent increased to $140,047,000, up from$63,745,000, indicating a growth of 119.5%[146]. - Total comprehensive income for the period was $97,446,000, compared to a loss of$13,887,000 in 2022, showing a significant turnaround[148]. - The company reported a net current asset value of $43,341,000, an increase from$33,529,000 in the previous year[155]. - Total non-current assets amounted to $3,770,663,000, slightly up from$3,751,112,000 at the end of 2022[155]. - The company experienced a net valuation loss on investment properties of $1,102,000, compared to a loss of$25,108,000 in the previous year, indicating improved performance[146]. - Other income and gains for the period were $62,557,000, an increase from$53,295,000 in 2022, reflecting a growth of 17.3%[146]. Cost and Expenses - Cost of sales increased by approximately 28.7% to HK$241.1 million, primarily due to a 46.9$384.5 million as of June 30, 2023, down from HK$1,080.9 million at the end of 2022[34]. - The current ratio improved slightly to 1.06 as of June 30, 2023, compared to 1.02 at the end of 2022[34]. Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code during the period, except for a deviation from code provision C.2.1 regarding the roles of Chairman and CEO[107]. - The Audit Committee comprises three independent non-executive Directors, ensuring oversight of the Group's financial reporting and internal controls[109]. - The company has established an audit committee composed of three independent non-executive directors to oversee financial reporting and internal controls[139]. - The interim condensed consolidated financial information was reviewed in accordance with HKAS 34, covering the financial position as of June 30, 2023, and the results for the six-month period then ended[113]. - The company has maintained compliance with HKAS 34 in all material respects for the interim condensed consolidated financial information[116]. - The interim financial information was reviewed in accordance with Hong Kong Standard on Review Engagements 2410, which is less comprehensive than a full audit[144]. - The review procedures included inquiries and analytical procedures, ensuring a thorough examination of financial data[144]. - The company has not identified any significant matters that would affect the preparation of its interim financial information[119]. Employee and Management - As of June 30, 2023, the Group had a total of approximately 674 full-time employees located in the PRC, Hong Kong, and the USA[60]. - Performance bonuses for employees were granted on a discretionary basis, reflecting their performance and market salaries[38][41]. - The Group's management will closely monitor business operations to adapt to market conditions[40]. Future Plans and Strategy - The Group plans to add 30-35 new hotels in 2023, anticipating a continued rebound in the domestic tourist market in the PRC following the lifting of travel restrictions[40][42]. - The Group aims to prudently seek profitable investment opportunities to enhance profitability and maximize shareholder returns[58][61]. - The Group's hotel network expansion reflects a strategic focus on increasing market presence and enhancing service offerings[177]. Shareholding Structure - As of June 30, 2023, Dalian Wanda Group holds a short position of 3,055,043,100 shares, representing 65.04% of the issued share capital of the Company[77]. - UBS Group AG has a long position of 3,055,663,497 shares, accounting for approximately 65.05% of the issued share capital[77]. - Mr. Chen Chang Wei holds a long position of 278,098,230 shares, which is 5.92% of the issued share capital[80]. - SeaTown Private Strategies GP II Pte. Ltd. has a long position of 3,055,043,100 shares, representing 65.04% of the issued share capital[79]. - As of January 11, 2023, Wanda Overseas pledged all its 3,055,043,100 ordinary shares as security for a loan extended to Wanda Culture Holding Co. Limited[80]. - Temasek Holdings (Private) Limited has a long position of 3,055,043,100 shares, which is 65.04% of the issued share capital[77]. - The total number of shares in issue as of June 30, 2023, is 4,527,347,600[85]. - Credit Suisse AG holds a long position of 3,055,043,100 shares, representing 65.04% of the issued share capital[77]. - Mr. Wang Jianlin has a short position of 3,055,043,100 shares, which is 65.04% of the issued share capital[77]. - The Company has multiple entities with significant interests in its shares, indicating a concentrated ownership structure[84]. - Mr. Han beneficially owns 4,400,000 shares in DWCM and has an interest in 1,600,000 shares through a limited partnership[88]. - Wanda HK holds more than one-third of the issued shares of Wanda Real Estate Investments Limited, indicating significant ownership interest[100]. - DWCM holds more than one-third of the issued shares of Wanda HK, reflecting a strong interconnected ownership structure[100]. - Dalian Wanda Group holds more than one-third of the issued shares of DWCM, further emphasizing the group's substantial influence[100]. - Dalian Hexing holds more than one-third of the issued shares of Dalian Wanda Group, indicating a layered ownership structure[100]. - Mr. Wang Jianlin holds more than one-third of the issued shares of Dalian Hexing, showcasing his significant stake in the overall structure[100]. - Credit Suisse AG, Singapore Branch, UBS AG, and UBS Switzerland AG are wholly owned by UBS Group AG, which is deemed to have an interest in the company's shares[100]. - STPCMF is wholly owned by STPCFF, which is owned 66.83% by STSFF, indicating a complex ownership hierarchy[101]. - STSFF is owned 73.34% by Pilatus Investments Pte. Ltd., highlighting the investment structure within the group[101]. - SeaTown Holdings Pte. Ltd. is wholly owned by SeaTown Capital Pte. Ltd., which is part of a broader ownership network[103]. - As of June 30, 2023, Mr. Chen held a long position of 301,698,230 shares, including 204,237,800 shares held in trust and 73,860,230 shares beneficially owned by Ever Good[10]. - The Company did not have any effective share schemes as of June 30, 2023[10]. - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[10]. - Pilatus Investments Pte. Ltd. holds a 65.04% interest in the company, indicating significant control over corporate decisions[125].