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大酒店(00045) - 2024 - 年度业绩
HK&S HOTELSHK&S HOTELS(HK:00045)2025-03-31 04:02

Financial Performance - Total revenue for the year 2024 reached HKD 10,991 million, a 26% increase from HKD 8,703 million in 2023[2] - Comprehensive income for 2024 was HKD 10,290 million, up 27% from HKD 8,112 million in 2023[2] - Adjusted EBITDA increased by 10% to HKD 1,525 million compared to HKD 1,390 million in 2023[2] - The group recorded a net loss attributable to shareholders of HKD 943 million, compared to a profit of HKD 146 million in 2023[2] - Basic loss per share was HKD (0.57), compared to earnings of HKD 0.09 per share in 2023[2] - Operating profit rose by 31% to HKD 760 million in 2024 compared to HKD 578 million in 2023[3] - The company recorded a pre-tax operating cash flow of HKD 4,564 million in 2024, up from HKD 3,435 million in 2023[3] - The group recorded a total EBITDA of HKD 1,643 million for 2024, representing a 9% year-on-year increase to HKD 1,325 million excluding the sale of the London Peninsula residential apartments[125] - The overall EBITDA margin for 2024 was 18%, down from 19% in 2023, excluding the London Peninsula residential apartments[126] - The group reported a gross profit margin of 65.1% for 2024, compared to 69.9% in 2023, reflecting increased costs[168] Debt and Financial Ratios - The group's net external debt to total assets ratio improved to 23%, down from 26%[2] - Cash interest coverage ratio improved by 46% to 1.9x in 2024 from 1.3x in 2023[3] - The company's net debt to total assets ratio is 23%, which is considered acceptable, and there is an intention to reduce the debt ratio as business normalizes[21] - The group's net debt decreased to HKD 12,494 million in 2024 from HKD 15,033 million in 2023, a reduction of approximately 16.8%[144] - The cash interest coverage ratio improved to 1.87 times in 2024, compared to 1.34 times in 2023, reflecting better financial stability[156] Revenue Sources - Revenue growth was primarily driven by the full-year contribution from The Peninsula Hotel in London, which generated HKD 3,452 million in revenue[2] - Revenue from residential sales reached HKD 3,452 million in 2024, a significant increase of 50% from HKD 2,298 million in 2023[100] - Revenue from the hotel segment increased by 19% to HKD 4,980 million, while commercial property revenue grew by 40% to HKD 4,340 million[104] - The hotel segment generated revenue of HKD 4,980 million in 2024, up from HKD 4,174 million in 2023, reflecting a year-over-year increase of about 19%[175] - The commercial property segment's revenue rose to HKD 4,340 million in 2024, a 39.5% increase from HKD 3,110 million in 2023[182] Impairments and Losses - The group incurred an impairment provision of HKD 158 million for the investment in The Peninsula Hotel in Yangon[2] - The group recorded a revaluation loss of HKD 569 million on investment properties[2] - The group recognized an impairment provision of HKD 158 million for the Yangon Peninsula Hotel due to ongoing development delays since June 2021[131] - The group recorded a shareholder's loss of HKD 943 million, compared to a profit of HKD 146 million in the previous year, influenced by a property revaluation loss of HKD 569 million and an impairment provision of HKD 158 million[91] Operational Developments - The company aims to stabilize the financial performance of new hotels and reduce debt while enhancing revenue and profitability[6] - The company operates 12 Peninsula hotels in major cities including Hong Kong, Shanghai, and New York, with new openings in London and Istanbul in 2024[10] - The company has invested significantly in upgrading existing properties, with a focus on enhancing asset quality and customer service[12] - The company has completed a major upgrade of the Peak Tram, which has seen visitor numbers exceed pre-pandemic levels in 2024[15] - The company is focused on risk management, regularly reviewing operational risks and monitoring potential threats in various markets[29] Market Outlook - The company anticipates a steady performance in 2024 compared to the satisfactory results of 2023[6] - The company is optimistic about the hotel business outlook in Asia, particularly in Japan, Beijing, and Shanghai markets[40] - The company plans to launch a new employment opportunities webpage in Q1 2025 to attract the next generation of talent[33] - The company anticipates a stable business outlook for the upcoming year, with a focus on personalized luxury experiences to drive growth in the global luxury travel sector[39] Employee Engagement and Development - Global employee engagement survey participation rate reached 91%, with an engagement score of 77%, exceeding the global average[31] - Over 6,100 employees utilized the internal communication platform MyHSH Hub, facilitating more than 84,000 interactions and over 1,670 articles published in its first year[32] - The company received 80,000 job applications in 2024, successfully hiring over 430 employees through campus recruitment initiatives[33] - The company emphasizes a strong corporate culture and continuous investment in employee development[12] Sustainability and Corporate Responsibility - The company achieved BREEAM excellent certification for its London and Istanbul Peninsula hotels, aiming for EarthCheck certification[36] - The company is committed to its "2030 Vision" strategy, focusing on sustainable development and climate risk mitigation[37] - The company initiated a charitable campaign "Hope for Los Angeles," donating $5 for every room booked to support wildfire survivors[73] Property and Asset Management - The total market value of the group's properties increased to HKD 60,508 million in 2024 from HKD 52,363 million in 2023, representing a growth of approximately 15.5%[136] - The total value of hotel properties, including the Peninsula hotels, was HKD 38,185 million in 2024, up from HKD 30,235 million in 2023, representing a significant increase of 26.4%[136] - The group holds a 50% stake in the Shanghai Peninsula Hotel project, which includes the hotel, retail space, and adjacent apartments, with no sales of apartments recorded during the year[127] - The group’s investment properties experienced an unrealized revaluation loss of HKD 569 million, primarily due to declines in the valuation of the Shallow Water Bay project and St. John's Building[130] Future Plans and Strategies - The company plans to expand its retail business by opening new concept stores and enhancing online retail operations in mainland China and Japan[14] - The company is exploring new dining and retail service options at The Peak to enhance its appeal as a tourist destination[81] - The group plans to continue its market expansion and product development, particularly in luxury residential properties and commercial real estate[102]