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万达酒店发展(00169) - 2023 - 年度财报
00169WANDA HOTEL DEV(00169)2024-04-29 08:43

Financial Performance - The Group recorded revenues of HK983.1millionandprofitsofHK983.1 million and profits of HK165.2 million in 2023, compared to HK816.8millionandHK816.8 million and HK193.2 million respectively in 2022[31] - The Group's revenue increased by 20.4% to HK983.1millionin2023(2022:HK983.1 million in 2023 (2022: HK816.8 million)[49] - Hotel operation and management services revenue rose by 34.4% to HK721.0millionin2023(2022:HK721.0 million in 2023 (2022: HK536.4 million), driven by a 46.7% increase in hotel management services revenue to HK545.1millionanda6.7545.1 million and a 6.7% increase in hotel operation revenue to HK175.9 million[59][60] - Investment properties leasing revenue decreased by 9.4% to HK89.0millionin2023(2022:HK89.0 million in 2023 (2022: HK98.2 million), primarily due to lower rental rates[51][61] - Hotel design and construction management services revenue declined by 5.0% to HK173.0millionin2023(2022:HK173.0 million in 2023 (2022: HK182.2 million), mainly due to slower project progress[52][58] - The Group's gross profit and gross profit margin increased to HK419.0millionand42.6419.0 million and 42.6% respectively in 2023 (2022: HK343.3 million and 42%)[71] - The Group's net valuation loss on investment properties was HK7.8millionin2023(2022:HK7.8 million in 2023 (2022: HK24.5 million), attributed to the valuation loss in the shopping mall of the Guilin Project[65] - The Group's cost of sales rose by 19.1% to HK564.0millionin2023(2022:HK564.0 million in 2023 (2022: HK473.5 million), primarily due to a 49.3% increase in hotel management services cost to HK246.2millionas33newmanagedhotelscommencedoperation[70]−TheGroup′ssegmentprofitfromhoteloperationandmanagementservicesincreasedby62.5246.2 million as 33 new managed hotels commenced operation[70] - The Group's segment profit from hotel operation and management services increased by 62.5% to HK212.8 million in 2023 (2022: HK130.9million),drivenbyhigherrevenuefromhotelmanagementservices[68][69]−TheGroup′ssegmentprofitfromhoteldesignandconstructionmanagementservicesdecreasedby75.1130.9 million), driven by higher revenue from hotel management services[68][69] - The Group's segment profit from hotel design and construction management services decreased by 75.1% to HK8.4 million in 2023 (2022: HK33.9million),duetolowerrevenueandincreasedcosts[78]−TheGroup′stotalsegmentprofitincreasedby34.733.9 million), due to lower revenue and increased costs[78] - The Group's total segment profit increased by 34.7% to HK268.6 million in 2023 (2022: HK199.4million)[77]−NetexchangelossamountedtoapproximatelyHK199.4 million)[77] - Net exchange loss amounted to approximately HK2.1 million in 2023, compared to a net exchange gain of HK6.8millionin2022duetoforeigncurrencyfluctuations[80]−Sellingandadministrativeexpensesincreasedby21.36.8 million in 2022 due to foreign currency fluctuations[80] - Selling and administrative expenses increased by 21.3% to HK139.2 million in 2023, with the ratio over revenue rising to 14.2%[80] - Finance costs decreased by 34.1% to HK22.0millionin2023,primarilyduetopartialrepaymentofaloan[80]−IncometaxexpenseincreasedtoHK22.0 million in 2023, primarily due to partial repayment of a loan[80] - Income tax expense increased to HK89.3 million in 2023, with the ratio over profit before tax rising to 31.8%[80] - Hotel operation and management services segment profit rose to HK212.8millionin2023,drivenbyimprovedRevPARandincreasedrevenue[83]−Hoteldesignandconstructionmanagementservicessegmentprofitdecreasedsharplyby75.1212.8 million in 2023, driven by improved RevPAR and increased revenue[83] - Hotel design and construction management services segment profit decreased sharply by 75.1% to HK8.4 million in 2023 due to decreased revenue and increased costs[84] - Investment properties leasing segment profit increased by 37.0% to HK47.4millionin2023,mainlyduetolowervaluationloss[86]−NetotherincomeandgainsdecreasedsignificantlytoHK47.4 million in 2023, mainly due to lower valuation loss[86] - Net other income and gains decreased significantly to HK30.3 million in 2023 from HK128.1millionin2022,drivenbyreducedbankinterestincomeandincreasedimpairments[86]−ProfitfortheyeardecreasedtoHK128.1 million in 2022, driven by reduced bank interest income and increased impairments[86] - Profit for the year decreased to HK191.1 million in 2023, with net assets increasing to HK3,286.4million[91]−ProfitattributabletoownersoftheparentdecreasedtoHK3,286.4 million[91] - Profit attributable to owners of the parent decreased to HK165,154,000 in 2023 from HK193,242,000in2022,adeclineofHK193,242,000 in 2022, a decline of HK28,088,000[98] - Total profit for the year decreased to HK191,050,000in2023fromHK191,050,000 in 2023 from HK232,976,000 in 2022, a decline of HK41,926,000[98]HotelOperationsandPerformance−TheGroup′sRevPARincreasedbyapproximately43.141,926,000[98] Hotel Operations and Performance - The Group's RevPAR increased by approximately 43.1% to RMB279 in 2023 from RMB195 in 2022, driven by the lifting of COVID-19 lockdowns and travel restrictions[26] - The occupancy rate for managed hotels increased to 53.6% in 2023 from 40.6% in 2022, with an average daily rate of RMB253 and RevPAR of RMB275[29][30] - The Group's limited-service hotels saw a significant increase in occupancy rate to 59.7% in 2023 from 45.5% in 2022, with RevPAR reaching RMB284[27] - The Group's franchised hotels achieved an average daily rate of RMB398 and RevPAR of RMB397 in 2023, with occupancy rates increasing to 209% from 168% in 2022[33][41] - The Group's e-commerce sales during Double 11 reached a record high of RMB300 million, maintaining its top position on Fliggy for three consecutive years[34] - The Group's Wanda Moments and Wanda Encore brands are part of its limited-service hotel portfolio, targeting specific customer segments[8] Expansion and Development - The Group added 35 new managed hotels in 2023, expanding its portfolio to 157 hotels with over 33,000 rooms, and has over 300 hotels under construction or pending opening[31] - The Group plans to add 42 new hotels in 2024, continuing its expansion strategy in the domestic tourism market[45] - The Group's hotel design and construction management businesses focus on providing comprehensive services, charging fees based on building area and project costs[43] Financial Position and Liquidity - The Group's current ratio improved to 1.16 as of 31 December 2023, compared to 1.02 in 2022[104] - Cash and restricted bank balances as of 31 December 2023 were approximately HK359,200,000, a significant decrease from HK1,080,900,000in2022,withRMBaccountingfor871,080,900,000 in 2022, with RMB accounting for 87% of total cash[106][104] - Interest-bearing loans decreased to HK4,300,000 in 2023 from HK11,400,000in2022,allduewithinoneyear[106]−TheGroup′scash(includingrestrictedbankbalance)amountedtoapproximatelyHK11,400,000 in 2022, all due within one year[106] - The Group's cash (including restricted bank balance) amounted to approximately HK359.2 million as of 31 December 2023, primarily consisting of RMB, a decrease from HK1,080.9millionin2022[123]−TheGroup′sinterest−bearingloanwasapproximatelyHK1,080.9 million in 2022[123] - The Group's interest-bearing loan was approximately HK4.3 million as of 31 December 2023, repayable within one year, down from HK11.4millionin2022[123]−TheGroup′stotaldebtswereHK11.4 million in 2022[123] - The Group's total debts were HK4,342 thousand as of 31 December 2023, a significant decrease from HK11,404thousandin2022[127]−TheGroup′snetcashpositionimprovedtoHK11,404 thousand in 2022[127] - The Group's net cash position improved to HK354,827 thousand as of 31 December 2023, compared to HK1,069,517thousandin2022[127]−TheGroup′stotalequityincreasedtoHK1,069,517 thousand in 2022[127] - The Group's total equity increased to HK3,286,433 thousand as of 31 December 2023, up from HK3,187,483thousandin2022[127]−TheGroup′stotalassetsdecreasedtoHK3,187,483 thousand in 2022[127] - The Group's total assets decreased to HK4,552,607 thousand as of 31 December 2023, down from HK5,261,205thousandin2022[127]CorporateGovernanceandLeadership−Mr.HeZhipinghasbeenanindependentnon−executiveDirectorsinceMarch2018andhasextensiveexperienceinvariousleadershiproles,includingasadirectorandvicechairmanofJASolarTechnologyCo.,Ltd.fromDecember2019toDecember2022[143][144]−Dr.TengBingSheng,anindependentnon−executivedirectorsinceMarch2019,hasextensiveexperienceinmergersandacquisitionsandstrategicmanagement,andcurrentlyservesasanindependentnon−executivedirectorforseverallistedcompanies[145]−Dr.ChenYan,anindependentnon−executivedirectorsinceMarch2019,hasextensiveexperienceinaccountingandservesasaprofessoratDongbeiUniversityofFinanceandEconomics,aswellasanindependentdirectorforseveralcompanies[147]−Ms.HuiWaiMan,Shirley,thecompanysecretarysinceDecember2000,hasover22yearsofprofessionalexperienceinpublicaccountingandcorporatefinanceandholdsmembershipsinseveralprofessionalaccountingandgovernanceorganizations[148][149]−Mr.DongJun,aged52,hasbeenvicepresidentofWandaHotelManagementGroupsinceJanuary2018,responsiblefortheFull−serviceHotelDivision[150]−Mr.ChenMengchao,aged53,hasbeenvicepresidentofWandaHotelManagementGroupsinceOctober2018,responsiblefortheLifestyleHotelDivision[150]−Mr.YangBing,aged56,joinedthegroupinMay2017andisresponsibleforthefinancialcenter,information,andsupplychainofWandaHotelManagementGroup[150]−Mr.WangXin,aged39,hasbeenvicepresidentofWandaHotelManagementGroupsinceMay2023,responsibleforthemarketingcenter,brandmanagementcenter,ande−commercecompanyoperations[152]−Mr.NingQifenghasextensiveexperienceinpropertydevelopmentandmanagement,includinghoteldevelopmentandconstructionmanagement,andholdsaPh.D.inengineeringfromTongjiUniversity[161]−Mr.LiuYingwuhasextensiveexperienceincommercialplanninganddesign,includinghoteldesignmanagement,andholdsamaster′sdegreeinbusinessadministrationfromHefeiUniversityofTechnology[161]−Mr.ZhangLinhasextensiveexperienceinlarge−scalepropertydevelopment,propertymanagement,andentertainmententerprises,particularlyincorporatestrategyandinvestment,andholdsanExecutiveMBAfromBeijingUniversity[163][164]−Dr.TengBingShenghasextensiveexperienceinmergersandacquisitionsandstrategicmanagement,andholdsadoctorateinstrategicmanagementfromCityUniversityofNewYork[168]SustainabilityandCompliance−Thecompanyemphasizescorporatesustainabilitythroughqualityservicesandcollaborationwithsuppliers,with′CustomerFirst′asacorevalue[155]−Thecompanyhasestablishedmechanismsforhandlingcustomerservice,support,andcomplaints,andcollaborateswithsupplierstodeliversustainableproductsandservices[155]−Thecompanyhasallocatedsystemsandhumanresourcestoensurecompliancewithregulationsandmaintaingoodworkingrelationshipswithregulatoryauthorities[156]−TheGrouphascompliedwithallrelevantlawsandregulationsduringtheyearended31December2023[182]EmployeesandHumanResources−TheGrouphadapproximately709full−timeemployeesasof31December2023,locatedinthePRC(includingHongKong)andtheUSA[112][133]−TheGroupoperatesaMandatoryProvidentFundschemeinHongKongandcontributestopensionschemesinotherregions,withtheonlyobligationbeingongoingcontributions[195]InvestmentsandAssets−Long−termreceivablesasof31December2023amountedtoapproximatelyHK5,261,205 thousand in 2022[127] Corporate Governance and Leadership - Mr. He Zhiping has been an independent non-executive Director since March 2018 and has extensive experience in various leadership roles, including as a director and vice chairman of JA Solar Technology Co., Ltd. from December 2019 to December 2022[143][144] - Dr. Teng Bing Sheng, an independent non-executive director since March 2019, has extensive experience in mergers and acquisitions and strategic management, and currently serves as an independent non-executive director for several listed companies[145] - Dr. Chen Yan, an independent non-executive director since March 2019, has extensive experience in accounting and serves as a professor at Dongbei University of Finance and Economics, as well as an independent director for several companies[147] - Ms. Hui Wai Man, Shirley, the company secretary since December 2000, has over 22 years of professional experience in public accounting and corporate finance and holds memberships in several professional accounting and governance organizations[148][149] - Mr. Dong Jun, aged 52, has been vice president of Wanda Hotel Management Group since January 2018, responsible for the Full-service Hotel Division[150] - Mr. Chen Mengchao, aged 53, has been vice president of Wanda Hotel Management Group since October 2018, responsible for the Lifestyle Hotel Division[150] - Mr. Yang Bing, aged 56, joined the group in May 2017 and is responsible for the financial center, information, and supply chain of Wanda Hotel Management Group[150] - Mr. Wang Xin, aged 39, has been vice president of Wanda Hotel Management Group since May 2023, responsible for the marketing center, brand management center, and e-commerce company operations[152] - Mr. Ning Qifeng has extensive experience in property development and management, including hotel development and construction management, and holds a Ph.D. in engineering from Tongji University[161] - Mr. Liu Yingwu has extensive experience in commercial planning and design, including hotel design management, and holds a master's degree in business administration from Hefei University of Technology[161] - Mr. Zhang Lin has extensive experience in large-scale property development, property management, and entertainment enterprises, particularly in corporate strategy and investment, and holds an Executive MBA from Beijing University[163][164] - Dr. Teng Bing Sheng has extensive experience in mergers and acquisitions and strategic management, and holds a doctorate in strategic management from City University of New York[168] Sustainability and Compliance - The company emphasizes corporate sustainability through quality services and collaboration with suppliers, with 'Customer First' as a core value[155] - The company has established mechanisms for handling customer service, support, and complaints, and collaborates with suppliers to deliver sustainable products and services[155] - The company has allocated systems and human resources to ensure compliance with regulations and maintain good working relationships with regulatory authorities[156] - The Group has complied with all relevant laws and regulations during the year ended 31 December 2023[182] Employees and Human Resources - The Group had approximately 709 full-time employees as of 31 December 2023, located in the PRC (including Hong Kong) and the USA[112][133] - The Group operates a Mandatory Provident Fund scheme in Hong Kong and contributes to pension schemes in other regions, with the only obligation being ongoing contributions[195] Investments and Assets - Long-term receivables as of 31 December 2023 amounted to approximately HK1,879.0 million, compared to HK$1,783.9 million in 2022, primarily consisting of deferred consideration from the Chicago Project Disposal and related interest[92] - The deferred amount from the Chicago Project Disposal is divided into two tranches: the first tranche of USD103.5 million with an interest rate ranging from 8% to 15%, and the second tranche of USD100 million with an interest rate ranging from 3% to 15%[92][95][96] - The Group's investment properties and property, plant, and equipment details are outlined in the financial statements notes 14 and 15[192][193] Suppliers and Customers - The Group's five largest suppliers accounted for approximately 66% of total purchases, with the largest supplier contributing 33.9% of total purchases[187] - The Group's five largest customers accounted for 50% of total sales in 2023, with the largest customer contributing approximately 30% of total sales[189] Post-Reporting Period Events - As of the date of approval of the consolidated financial statements, there were no significant events after the reporting period that required disclosure[159] Dividends and Shareholder Returns - The Directors did not recommend the payment of a final dividend for the year 2023 (2022: Nil)[115][132] Risk Management - The Group's exposure to currency risk is primarily through long-term receivables and payables denominated in USD, with no hedging instruments used as of 31 December 2023[109] Miscellaneous - The Group had no significant investment, material acquisition, or disposal of subsidiaries and associated companies during the year[111]