Business Overview - Langham Hospitality Investments focuses on owning and investing in a hotel portfolio, primarily targeting completed hotels in Asia[8]. - The hotel portfolio includes high-end hotels classified as Grade A and Grade B by the Hong Kong Tourism Board, with the Langham Hotel and Cordis Hotel being Grade A[8]. - Langham Hospitality Group currently manages 26 hotels under the Langham, Cordis, and Eaton brands[32]. - The group has over 15 confirmed and in-development hotel projects across China, Southeast Asia, Australia, and North America[32]. - The Cordis brand focuses on high-end hotels and aims to expand in major cities in Asia and North America[41]. - The Eaton Workshop brand combines hospitality with cultural and social initiatives, providing platforms for artists and activists[44]. - The company is part of the Eagle Group, which includes a diverse range of hotel brands across four continents[32]. Financial Performance - The hotel portfolio's total revenue for 2022 increased by 28.9% year-on-year, including HKD 24.0 million in government subsidies[99]. - Operating profit before global marketing expenses reached HKD 212.7 million, representing a growth of 5.8 times[99]. - Net profit, excluding non-cash fair value changes from investment properties and derivative financial instruments, was HKD 118.1 million, an increase of 76.8% compared to the previous year[101]. - The total distributable income for the year ended December 31, 2022, was HKD 190.5 million, with a proposed distribution of HKD 95.3 million, reflecting a 7.4% increase from 2021[101]. - The valuation of the hotel portfolio increased from HKD 14,407.0 million at the end of 2021 to HKD 14,685.0 million at the end of 2022[101]. - The net asset value of the trust group as of December 31, 2022, was HKD 8,161.0 million, or HKD 2.49 per unit[101]. - The debt ratio decreased to 42.0% at the end of 2022 from 43.2% at the end of 2021[101]. - Financing costs increased by 25.6% year-on-year to HKD 145.1 million due to rising interest rates[100]. - The company proposed a final distribution of HKD 0.029 per unit for the year ended December 31, 2022, an increase from HKD 0.027 in 2021, resulting in a distribution yield of 2.6% based on the closing price of HKD 1.11 per unit as of December 31, 2022[95]. Corporate Governance - The company aims to maintain high standards of corporate governance to enhance its image and create value for shareholders[23]. - The company’s board of directors includes independent non-executive directors, ensuring corporate governance compliance[80]. - The company’s independent non-executive directors have extensive experience in finance and investment banking, enhancing corporate governance[197]. - The company’s independent non-executive directors include members with backgrounds in private equity and venture capital, indicating a strong strategic direction[197]. Sustainability and CSR - The company is committed to sustainable development through its CSR program, CONNECT, focusing on environmental, community, employee, and governance aspects[177]. - Energy consumption per square meter decreased to 1,097 MJ in 2022, down from 1,489 MJ in 2021[181]. - Waste sent to landfills per occupied room night was 2.6 liters in 2022, compared to 2.4 liters in 2021[181]. - All hotels achieved Platinum level in EarthCheck certification[181]. Market Strategy and Future Outlook - The company aims to enhance its market presence through strategic partnerships and expansions in key regions[177]. - Future outlook includes continued investment in new technologies and product offerings to improve guest experiences[177]. - The company is actively pursuing opportunities for mergers and acquisitions to strengthen its market position[177]. - The group continues to explore new market opportunities and strategic expansions to enhance its global footprint[64]. Operational Highlights - The average occupancy rate for premium hotels in Hong Kong increased to 55.9%, up 10.6 percentage points from 45.3% in 2021[138]. - The average revenue per available room (RevPAR) for premium hotels increased by 46.4% to HKD 786, compared to HKD 537 in the previous year[138]. - The hotel achieved an occupancy rate of 66.4% in 2022, up from 36.0% in 2021, with average room rates increasing by 43.4% year-on-year, leading to a 165.1% increase in room revenue[159]. - The total revenue for the hotel portfolio in 2022 was HKD 970.6 million, reflecting a year-on-year growth of 28.9%[157]. Challenges and Responses - The hotel industry faced significant challenges in the first half of 2022 due to COVID-19 restrictions, but business improved slightly in the second half[121]. - The company participated in government community isolation facilities and quarantine hotel programs during the pandemic[122]. - The company confirmed that it can meet its obligations following the proposed distribution, as verified by the auditors[95].
朗廷-SS(01270) - 2022 - 年度财报