Financial Performance - Hotel portfolio revenue for the first half of 2021 was HKD 287.5 million, an increase of 10.7% compared to HKD 259.7 million in the same period of 2020[11]. - Total rental income for the trust group decreased by 1.1% to HKD 103.7 million from HKD 104.9 million year-on-year[11]. - Profit attributable to unit holders, excluding fair value changes of investment properties and derivative financial instruments, was HKD 19.9 million, a significant increase of 250.8% from a loss of HKD 13.2 million in the previous year[11]. - The average revenue per available room (RevPAR) increased by 6.4% in the first half of 2021, reflecting a recovery in hotel occupancy rates despite ongoing travel restrictions[14]. - Food and beverage revenue grew by 20.9% year-on-year, driven by the easing of social distancing measures and increased local dining demand[14]. - The total revenue for the hotel segment was HKD 287.5 million, with a year-on-year increase of 10.7%[43]. - The net profit excluding fair value changes of investment properties and derivative financial instruments increased by 250.8% to HKD 19.9 million compared to a loss of HKD 13.2 million in the previous year[34]. - The company reported a significant increase in interest income by 28.6% to HKD 0.9 million in the first half of 2021, compared to HKD 0.7 million in the same period of 2020[34]. - The total revenue for the period was HKD 103,662,000, down from HKD 104,883,000 in 2020, indicating a decrease of approximately 1.2%[162]. - The group reported a total revenue of HKD 112,537,000, down from HKD 103,662,000, reflecting the impact of the pandemic on hotel operations[192]. Asset Valuation and Financial Position - The total value of the hotel portfolio as of June 30, 2021, was HKD 14,270 million, down from HKD 14,802 million at the end of 2020[11]. - The net asset value per unit decreased to HKD 2.36 from HKD 2.52 in the previous year[11]. - The fair value of investment properties decreased by HKD 553.7 million, resulting in a net loss after tax of HKD 509.5 million for the first half of 2021[22]. - The fair value decrease of investment properties was HKD 553,741,000, a notable reduction from HKD 1,941,616,000 in 2020, indicating a decrease of about 71.5%[162]. - The total assets as of June 30, 2021, were reported at HKD 6,000,000,000, compared to HKD 6,500,000,000 as of December 31, 2020, indicating a decrease of about 7.7%[164]. - The company reported a total equity of HKD 2,500,000,000 as of June 30, 2021, down from HKD 3,000,000,000 at the end of 2020, reflecting a decline of approximately 16.7%[164]. - The total equity decreased from HKD 8,129,597,000 to HKD 7,629,339,000, a decline of approximately 6.1%[165]. - The total rental income from the main lessee was HKD 111,575,000, a slight decrease from HKD 111,885,000 in the same period last year[185]. Debt and Financing - The debt ratio increased to 44.1% from 42.6% year-on-year, indicating a slight rise in leverage[11]. - Financing costs decreased by 35.2% to HKD 60.0 million, driven by lower interest rates and a reduction in outstanding loans[28]. - The total financing costs decreased by 35.2% to HKD 60.0 million in the first half of 2021, compared to HKD 92.6 million in the same period of 2020[30]. - The company incurred interest payments of HKD 56,744,000, compared to HKD 89,663,000 in the previous period, a reduction of about 36.8%[171]. - The trust group's total assets were HKD 14,561.6 million as of June 30, 2021, compared to HKD 15,079.6 million as of December 31, 2020[56]. Operational Performance - The average occupancy rate for the hotel portfolio increased to 27.3% in the first half of 2021, up from 21.0% in the same period of 2020, representing a growth of 6.3 percentage points[39]. - The average room rate for the hotel portfolio decreased by 18.0% to HKD 855 in the first half of 2021, compared to HKD 1,043 in the previous year[39]. - The occupancy rate of The Langham, Hong Kong reached 20.6% in the first half of 2021, while the average room rate decreased by 23.7%[44]. - The occupancy rate of Eaton Hong Kong was 35.9% in the first half of 2021, with an average room rate decline of 10.6% year-on-year[48]. - The total outstanding borrowings of the trust group as of June 30, 2021, remained at HKD 6,417.0 million, unchanged from December 31, 2020[54]. Corporate Governance - The trust structure of Langham Hospitality Investments is governed by a trust deed established on May 8, 2013, under Hong Kong law, allowing investment solely in the securities and interests of the company[78]. - The company has established multiple corporate governance measures to address potential conflicts of interest, ensuring the protection of independent unit holders' interests[82]. - As of June 30, 2021, the trust and the company have complied with all applicable code provisions and have adopted some of the best practices outlined in the corporate governance code[83]. - The company is committed to maintaining high standards of corporate governance to enhance its image and create value for unit holders while minimizing fraud risk[77]. - The company has established a risk management and internal control system to provide reasonable assurance against material misstatements or losses[102]. - The audit committee is responsible for overseeing the execution of governance measures related to the Eagle priority agreements, ensuring compliance with their terms[88]. Community and Sustainability - The hotel management has established a corporate social responsibility plan called CONNECT, focusing on governance, environmental protection, community, and employee welfare[133]. - All three hotels have received EarthCheck Platinum certification, and the Hong Kong hotel has also obtained ISO 14001 certification[133]. - In the first half of 2021, hotel staff participated in approximately 327 hours of community service and volunteer activities[133]. - Each employee received an average of 12.1 hours of occupational health and safety training in the first half of 2021[133]. - The hotels have been recognized as "Caring Company" for over ten years, collaborating with local community partners through various initiatives[133].
朗廷-SS(01270) - 2021 - 中期财报