Financial Performance - Hotel portfolio revenue for the first half of 2020 was HKD 259.7 million, a decrease of 67.9% compared to HKD 810.2 million in the same period of 2019[14]. - Total rental income for the trust group decreased by 64.5% to HKD 104.9 million from HKD 295.5 million year-on-year[14]. - The total revenue, including HKD 14.3 million in government subsidies, fell by 68.0% year-on-year[17]. - The net loss after tax for the first half of 2020 was HKD 2,037.1 million, with a net loss of HKD 13.2 million excluding fair value changes of investment properties and derivative financial instruments[18]. - The net loss attributable to shareholders was HKD 2,037.1 million in the first half of 2020, a drastic decline of 5,532.3% from a profit of HKD 37.5 million in the previous year[46]. - The total comprehensive loss attributable to unit holders was HKD 2,037,076,000, compared to a profit of HKD 37,542,000 in the prior period[165]. - The basic and diluted loss per unit was HKD 0.95, a sharp decline from HKD 0.02 in the same period last year[165]. - The loss before tax for the period was HKD 2,033,090,000, compared to a profit of HKD 71,820,000 in the previous year, indicating a significant downturn[165]. Asset Valuation - The fair value of investment properties decreased by HKD 1,941.6 million during the reporting period[18]. - The fair value of investment properties was HKD 15,572 million as of June 30, 2020, compared to HKD 17,500 million as of December 31, 2019[65]. - The fair value loss on investment properties was HKD 1,941,616,000 for the period, compared to HKD 74,951,000 in the previous year, highlighting a significant impact on asset valuation[165]. - The fair value of investment properties as of June 30, 2020, for The Langham, Hong Kong was HKD 5,645,000,000, down from HKD 6,475,000,000 as of December 31, 2019, indicating a decrease of 12.85%[193]. Debt and Liabilities - The debt ratio increased to 46.2% from 40.6% at the end of 2019[14]. - Total outstanding borrowings amounted to HKD 7,227 million, resulting in a debt ratio of 46.2% as of June 30, 2020[19]. - The total liabilities increased to HKD 7,218,807,000 from HKD 7,158,505,000, indicating a slight increase of 0.8%[168]. - The asset-to-liability ratio increased to 46.2% as of June 30, 2020, compared to 40.6% as of December 31, 2019[63]. Revenue from Hotels - The average revenue per available room (RevPAR) for the hotel portfolio dropped by 85.7% due to a 91.2% decline in guest numbers and a 69.8 percentage point decrease in occupancy rate[17]. - Average revenue per available room (RevPAR) for Hong Kong Langham Hotel, Hong Kong Cordis Hotel, and Hong Kong Eaton Hotel fell by 93.5%, 81.9%, and 76.4% respectively in July 2020 compared to the previous year[27]. - The total revenue for Hong Kong Langham Hotel in H1 2020 was HKD 75.2 million, reflecting a year-on-year decline of 74.8%[52]. - The total revenue for Hong Kong Cordis Hotel in H1 2020 was HKD 107.0 million, reflecting a year-on-year decline of 70.6%[52]. - The total revenue for Hong Kong Eaton Hotel in H1 2020 was HKD 77.5 million, reflecting a year-on-year decline of 47.6%[52]. Fundraising and Financial Strategy - The company anticipates that the fundraising plan will raise at least HKD 648 million, potentially up to HKD 1,019 million if all unit holders participate[23]. - The fundraising proceeds will primarily be used to repay part of the outstanding loans and to deposit additional collateral as part of the financial covenant relief mechanism[23]. - The company expects the fundraising to strengthen its financial position and ensure continued operations without breaching financial covenants[24]. - The company is exploring feasible options to improve its financial situation, including hiring financial advisors for strategic planning[22]. Corporate Governance - The trust and the company have maintained compliance with applicable corporate governance codes and regulations during the six-month period ending June 30, 2020[89]. - The group has established multiple corporate governance measures to address potential conflicts of interest, ensuring the interests of unit holders are protected[88]. - The audit committee is responsible for overseeing the execution of governance measures related to the Eagle priority agreements, ensuring compliance with their terms[94]. - The remuneration committee has a formal and transparent process for determining the remuneration of executive directors and senior management, ensuring competitive yet reasonable compensation[100]. Employee and Community Engagement - The average training hours per employee in the first half of 2020 was approximately 9.5 hours, emphasizing the company's commitment to employee development[137]. - The company has established a corporate social responsibility program, CONNECT, focusing on governance, environmental protection, community engagement, and employee welfare[137]. Market Outlook - The outlook for the international travel and tourism industry remains bleak, with expectations of a slow recovery for the hotel sector post-pandemic[24]. - The group experienced a significant decline in operational performance due to the COVID-19 pandemic, impacting the overall gross profit from the hotels[182].
朗廷-SS(01270) - 2020 - 中期财报