大酒店(00045) - 2019 - 中期财报

Financial Performance - For the six months ended June 30, 2019, total revenue was HKD 2,791 million, a decrease of 2% compared to HKD 2,850 million in the same period of 2018[19]. - Operating profit for the same period was HKD 319 million, reflecting a 60% increase from HKD 630 million in the previous year[19]. - Shareholders' profit for the six months was HKD 254 million, a 39% increase compared to HKD 241 million in 2018[19]. - Basic earnings per share for the period was HKD 0.16, down from HKD 0.40 in the previous year, representing a 60% decrease[19]. - The group reported a significant decline in non-operating revaluation gains from investment properties in Hong Kong compared to the previous year[20]. - The group's basic earnings attributable to shareholders for the six months ended June 30, 2019, were HKD 148 million, a decrease of 39% compared to the previous period[56]. - The total attributable profit for shareholders was HKD 254 million, down from HKD 630 million in the same period last year[57]. - The net profit attributable to shareholders for the six months ended June 30, 2019, was HKD 254 million, a decrease of 60% compared to HKD 630 million in the same period of 2018[61]. - The group's total revenue for the six months ended June 30, 2019, decreased by 3% to HKD 3,035 million, with hotel operations contributing 77% of total revenue[62][64]. - The operating profit before interest, tax, depreciation, and amortization decreased by 16% to HKD 662 million for the first half of 2019[66][67]. Revenue and Occupancy Trends - Group's revenue decreased by 2% in the first half of 2019, primarily due to the temporary suspension of the Peak Tram for major upgrades and weak market conditions affecting specific hotels[20]. - The Hong Kong Peninsula Hotel reported a revenue decline of 7% to HKD 617 million, attributed to increased hotel supply in Tsim Sha Tsui and a soft luxury hotel market[21]. - Shanghai Peninsula Hotel's revenue was HKD 259 million, down 15%, with a significant impact from increased competition and a rise in hotel room supply since 2017[24]. - The overall occupancy rate for the Hong Kong Peninsula Hotel dropped by 11%[23]. - The average room rate for the Hong Kong Peninsula Hotel decreased by 7%[23]. - The average room revenue for Wangfu Peninsula Hotel increased by 7% in the first half of 2019, with a leading rental rate compared to peers[26]. - Tokyo Peninsula Hotel reported a revenue of ¥60.9 billion, with an average room rate increase of 7% and an occupancy rate increase of 1%[29]. - Bangkok Peninsula Hotel's revenue was 562 million Thai Baht, with a decline in occupancy rate by 6 percentage points but an increase in average room rate by 8%[31]. - Manila Peninsula Hotel achieved a revenue of 792 million Philippine Pesos, with a 3% increase in overall hotel revenue and a 5 percentage point increase in occupancy rate[33]. - The average occupancy rate for Paris Peninsula Hotel improved, reflecting a focus on group and incentive travel business[40]. Capital Expenditure and Investments - The company is actively pursuing new projects, including the development of The Peninsula Hotels in London and Istanbul, with ownership stakes of 100% and 50% respectively[18]. - The London Peninsula Hotel project has a budget of approximately £650 million, with construction progressing well and expected completion in 2021[48]. - The Istanbul Peninsula Hotel project involves an investment of approximately €300 million, with a target opening in the second half of 2021[49]. - The Yangon Peninsula Hotel project has an overall investment of about $130 million, with expected completion in 2021 despite some construction delays[50]. - The company has ongoing development costs related to the London Peninsula Hotel and the Yangon Peninsula Hotel projects, indicating continued investment in expansion[153]. Debt and Financial Ratios - The company reported a net debt to equity ratio of 16% excluding lease liabilities, compared to 22% in the previous year, indicating a 5 percentage point improvement[19]. - The group's net debt (excluding lease liabilities) increased by 8% to HKD 6,364 million as of June 30, 2019, compared to HKD 5,917 million on December 31, 2018[78]. - The cash interest coverage ratio decreased to 9.3 times for the first half of 2019, down from 10.9 times in 2018[78]. - The group's total liabilities increased by 3% to HKD 12,840 million in 2019[74]. - The group's interest, tax, depreciation, and amortization (EBITDA) margin for hotels was 16% in 2019, down from 20% in 2018[69]. Sustainability and Corporate Responsibility - The company has achieved 85% of its sustainability commitments, focusing on guest, employee, and community engagement[52]. - The company is a new member of the We Mean Business coalition, advocating for climate change solutions and sustainable seafood procurement[52]. - The company’s sustainability report aligns with the Global Reporting Initiative standards and the TCFD framework[81]. - The company has confirmed that there are no other disclosures required under the listing rules as of August 7, 2019[86]. Employee Engagement and Governance - Employee engagement survey response rate reached 89%, with 91% of respondents feeling proud to work for the company[51]. - The company has a total of 7,557 full-time employees, with a voluntary turnover rate of 9.6%, significantly lower than industry standards[51]. - The company’s board of directors includes a mix of executive, non-executive, and independent non-executive directors, ensuring diverse governance[82]. Market Conditions and Challenges - The hotel division's revenue decreased primarily due to new room supply in Hong Kong and the adverse impact of the US-China trade war[64][65]. - The Peak Tram revenue decreased by 31% due to service suspension for upgrades, impacting overall group profitability significantly[45]. - The commercial property segment's overall revenue growth was driven by effective marketing strategies and cost control measures implemented in response to market conditions[42]. Shareholder Information - The interim dividend declared was HKD 0.65 per share, with a payout ratio of 4 times based on basic earnings[19]. - Major shareholders include Harneys Trustees Limited with 42.40% and Lawrencium Mikado Holdings Limited with 21.51% of the total issued shares[92]. - The company declared dividends amounting to HKD 179 million for the previous year, down from HKD 258 million[104].