Financial Performance - The hotel portfolio revenue for 2024 was HKD 1,587.7 million, a decrease of 1.9% compared to HKD 1,618.8 million in 2023[3]. - Total rental income after service fees dropped by 21.8% to HKD 401.8 million from HKD 514.0 million in the previous year[3]. - Profit attributable to shareholders decreased by 77.5% to HKD 50.5 million, down from HKD 224.1 million in 2023[3]. - The net property income for 2024 was HKD 381.0 million, a decline of 23.0% compared to the previous year[10]. - The total revenue for the group decreased by 7.7% in 2024 compared to 2023[32]. - Total distributable income for the year ended December 31, 2024, was HKD 113.0 million, down 62.0% from HKD 297.6 million in 2023[25]. - The pre-tax profit for 2024 was HKD 229,705,000, a decrease of 79.1% from HKD 1,099,842,000 in 2023[64]. - The total comprehensive income attributable to unit holders for the year was HKD 231,724,000, down 78.6% from HKD 1,080,319,000 in the previous year[64]. - The basic and diluted earnings per unit for 2024 were HKD 0.07, a decrease of 78.8% compared to HKD 0.33 in 2023[64]. - The total profit before tax amounted to HKD 1,099,842,000, with a net profit attributable to shareholders of HKD 1,080,319,000 for the year[86]. Revenue and Income Sources - The average room rate for the hotel portfolio decreased by 4.4%, resulting in a revenue per available room (RevPAR) decline of 1.4% to HKD 1,434[6]. - The average room revenue for The Langham Hotel decreased by 9.9% to HKD 1,957 per night, resulting in a decline in average revenue per available room (RevPAR) by 7.4% to HKD 1,748[30]. - The average room revenue for the Cordis Hotel increased by 2.0% to HKD 1,500 per night, with an occupancy rate of 92.6%, up 2.8 percentage points[33]. - The average room revenue for the Eaton Hotel increased by 3.8% to HKD 1,003 per night, with an occupancy rate of 90.0%, up 3.0 percentage points[34]. - The total revenue from the three hotels in Hong Kong reached HKD 595,167,000, with a breakdown of HKD 228,389,000 from Langham Hotel, HKD 243,840,000 from Cordis Hotel, and HKD 122,938,000 from Eaton Hotel[86]. - The total service fee income from the main lessee is HKD 79,412,000 for 2024, slightly down from HKD 81,202,000 in 2023[82]. - The company reported a decrease in revenue from major tenants to HKD 400,069,000 in 2024 from HKD 512,267,000 in 2023, representing over 10% of total revenue[90]. Costs and Expenses - The total financing cost increased by 30.4% to HKD 75.1 million, primarily due to the expiration of certain interest rate swap contracts[9]. - Total financing costs increased by 30.4% to HKD 322.2 million, primarily due to a significant decline of 91.9% in net interest income from interest rate swaps[19]. - The total administrative and other expenses were HKD 13,928,000, contributing to the overall financial performance[86]. - Administrative expenses increased to HKD 23,855,000 in 2024 from HKD 22,255,000 in 2023, reflecting an increase of about 7.2%[108]. Assets and Liabilities - The total outstanding borrowings as of December 31, 2024, amounted to HKD 6,204.6 million, an increase from HKD 6,059.1 million as of December 31, 2023[41]. - The total assets of the trust group were HKD 16,238.3 million as of December 31, 2024, compared to HKD 15,835.0 million as of December 31, 2023[42]. - The debt-to-asset ratio was 38.2% as of December 31, 2024, slightly down from 38.3% as of December 31, 2023[42]. - Non-current liabilities rose to HKD 6,648,753 thousand in 2024 from HKD 482,956 thousand in 2023, reflecting a significant increase of 1,276.5%[66]. - Total liabilities, including trade payables and accrued expenses, decreased from HKD 68,205,000 in 2023 to HKD 61,131,000 in 2024, a reduction of approximately 10.3%[105]. Market and Economic Conditions - The total number of visitors to Hong Kong in 2024 reached 44.5 million, a 30.9% increase year-on-year, but still below pre-pandemic levels[5]. - The average rental rates have not yet returned to 2018 levels, indicating ongoing challenges in the hotel industry[38]. - The Consumer Price Index (CPI) increased by 9% during the period, contributing to rising operational costs, particularly a 23% increase in frontline labor costs from 2018 to 2024[38]. - The geopolitical tensions and trade conflicts are expected to continue impacting the hotel and tourism sectors in Hong Kong through 2025[38]. Corporate Governance and Compliance - The company confirmed compliance with all applicable corporate governance codes and securities trading rules throughout the review year[54][55]. - The public float of the trust and company remains sufficient, with over 25% of the issued units held by the public[60]. - The company did not repurchase or redeem any units during the fiscal year ending December 31, 2024[56]. Future Outlook and Strategic Plans - The company plans to monitor interest rate trends closely and may consider converting some floating-rate bank debt to fixed-rate to mitigate interest rate risk[20]. - The group is currently assessing the detailed impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements, which is expected to affect future disclosures[79].
朗廷-SS(01270) - 2024 - 年度业绩