Hotel Portfolio and Operations - The Langham Hospitality Investments focuses on owning and investing in a portfolio of hotels, primarily in Asia, including The Langham Hong Kong, Cordis Hong Kong, and Eaton HK[4]. - The Langham Hong Kong is a luxury hotel with 498 rooms and a building area of 375,000 square feet, classified as a premium hotel[7]. - Cordis Hong Kong features 669 rooms and a building area of 580,000 square feet, also classified as a premium hotel, located in the bustling Mong Kok area[10]. - Eaton HK, located between Tsim Sha Tsui and Mong Kok, has 465 rooms and underwent significant renovations in 2018 to enhance its cultural and community-focused theme[12]. - The group currently manages 23 hotels under The Langham, Cordis, and Eaton brands across four continents, with over 15 projects confirmed or under development in China, Southeast Asia, Australia, and North America[13]. - The hotels are strategically located near major commercial and leisure hubs, enhancing their appeal to both local and international guests[6]. - The company aims to expand its portfolio with new hotel projects and renovations to meet the evolving demands of travelers[15]. - The Langham brand emphasizes luxury and elegance, while the Cordis brand focuses on high-end service and community engagement[14][15]. - The hospitality group is committed to providing unique experiences and exceptional service to guests, positioning itself as a leader in the luxury hotel market[14]. - The company is exploring opportunities for market expansion and potential acquisitions to strengthen its presence in key regions[13]. Financial Performance - Hotel portfolio revenue decreased by 56.5% to HKD 587.9 million in 2020 from HKD 1,350.9 million in 2019[36]. - Total rental income after service fees dropped by 57.0% to HKD 208.3 million in 2020 compared to HKD 483.9 million in 2019[36]. - The company reported a loss attributable to unit holders of HKD 20.1 million, a decline of 111.9% from a profit of HKD 168.6 million in 2019[36]. - Distributable income fell by 97.7% to HKD 6.0 million in 2020 from HKD 259.1 million in 2019[36]. - The company did not declare any interim or final distributions for 2020, compared to 8.7 HKD cents and 3.4 HKD cents in 2019 respectively[36]. - Total value of the hotel portfolio as of December 31, 2020, was HKD 14,802 million, down from HKD 15,572 million in June 2020 and HKD 17,500 million in December 2019[36]. - Net asset value per unit decreased to HKD 2.52 as of December 31, 2020, from HKD 3.68 in June 2020 and HKD 4.68 in December 2019[36]. - Debt ratio improved to 42.6% in December 2020 from 46.2% in June 2020, but increased from 40.6% in December 2019[36]. - The board decided to reduce the distribution rate from 100% to at least 90% of distributable income starting in 2020 to enhance cash reserves[31]. - The ongoing COVID-19 pandemic significantly impacted hotel operations, leading to the recommendation of no final distribution for the year[32]. - The hotel portfolio recorded an operating loss of HKD 13.2 million in 2020, compared to an operating profit of HKD 464.9 million in the previous year[39]. Impact of COVID-19 - The average occupancy rate for the hotel portfolio dropped to 24.8% in 2020 from 73.3% in 2019, a decline of 48.5 percentage points[66]. - The average room rate for the hotel portfolio decreased by 39.9% to HKD 933 in 2020 from HKD 1,553 in 2019[66]. - The total revenue for the hotel portfolio was HKD 587.9 million, down from HKD 1,000 million in 2019[66]. - The average revenue per available room and food and beverage business continued to suffer significant impacts as of January 2021[45]. - The company is focusing on developing the local staycation and long-stay market due to the lack of travelers, while also launching various promotional activities for its local dining business[45]. Sustainability Initiatives - The company aims to halve its environmental impact and strengthen social connections in a rapidly changing world, as outlined in its 2030 sustainability vision[112][113]. - The company has completed a comprehensive materiality assessment, including benchmarking and internal surveys, to align its CONNECT strategy with stakeholder expectations[110]. - The company is committed to achieving specific sustainability goals, which will result in lower interest rates on its sustainable development-linked loans if met[115]. - The company has established a governance structure to oversee its environmental, social, and governance (ESG) strategies and reporting, with the board responsible for monitoring sustainability trends[107]. - The company emphasizes energy and water conservation, waste management, and addressing climate change as part of its environmental initiatives[106]. - The company achieved EarthCheck Platinum certification for all three hotels, recognizing over ten years of sustainability efforts[120]. - The hotels implemented waste reduction measures, including recycling and reusing various materials, which contributed to sustainability efforts[126]. - The partnership with ecoSPIRITS allowed the hotels to reduce the carbon footprint of spirits packaging by 80% and cut down 95% of cardboard and glass waste[126]. - The total electricity consumption of the hotels was 124,300 GJ, a decrease of 15% compared to 2019 (146,484 GJ)[125]. - The total gas/fuel consumption in 2020 was 34,457 GJ, down 22% from 2019 (44,078 GJ)[125]. - The total greenhouse gas emissions (Scope 1 and Scope 2) for 2020 were 19,082 tons of CO2 equivalent, a reduction of 16% from 2019 (22,785 tons)[125]. - Total water consumption decreased by 30% to 311,444 cubic meters compared to 2019's 445,347 cubic meters, primarily due to social distancing measures and lower hotel occupancy rates[132]. Employee Engagement and Safety - The company has a strong focus on employee safety, equal opportunities, and career advancement within the hotel industry[106]. - The company has implemented a human resources policy emphasizing employee ethics and engagement, supported by training programs and performance assessments[150]. - The employee composition was 55% female and 45% male, with 97% being long-term employees[156][160]. - The company organized a global fitness challenge to promote employee well-being during the COVID-19 pandemic[154]. - The company provided necessary personal protective equipment, including medical masks and hand sanitizers, to ensure employee safety[154]. - The key performance indicators (KPIs) related to health and safety showed a slight deterioration, with the Lost Time Injury Frequency Rate (LTIFR) increasing from 21 in 2019 to 26 in 2020, and the accident rate rising from 6.3 to 8.1[166][167]. - In 2020, the average training hours per employee decreased to 16 hours from 26 hours in 2019 due to the introduction of more flexible learning methods[173]. Community Engagement - Over 2,300 meals were donated through the "Delicious Sharing" program in the first three months, with 3,100 hot meals provided to those in need[139]. - Employees contributed over 603 hours to charitable and social activities in 2020, earning recognition for their community care efforts over the past decade[148]. - The hotels engaged in community support by donating meals and essential supplies to vulnerable groups affected by the COVID-19 pandemic[140][141]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance its image and create value for shareholders[198]. - The trust group structure is simplified and outlined in the provided diagram[199]. - The company holds 100% beneficial interest in ordinary shares and 100% in preferred shares, indicating full ownership[200].
朗廷-SS(01270) - 2020 - 年度财报