大酒店(00045) - 2023 - 中期财报

Financial Performance - Total revenue for the first half of 2023 reached HKD 2,704 million, a 47% increase compared to HKD 1,834 million in the same period of 2022[13] - The operating profit before interest, tax, depreciation, and amortization (EBITDA) was HKD 498 million, up 357% from HKD 109 million year-on-year[13] - The net profit attributable to shareholders was HKD 362 million, compared to a loss of HKD 134 million in the first half of 2022[13] - The company's consolidated revenue increased by 47% to HKD 2.7 billion, driven by improved business in the US and Europe[16] - Operating profit before interest, tax, depreciation, and amortization surged by 357% to HKD 498 million, excluding non-recurring pre-opening and project expenses of HKD 155 million[16] - The basic profit attributable to shareholders was HKD 25 million, a significant recovery from a basic loss of HKD 254 million in the same period last year[51] - The total comprehensive income for the period was HKD 148 million, compared to a loss of HKD 74 million in 2022[103] - The total segment revenue for commercial properties was HKD 380 million in 2023, compared to HKD 333 million in 2022, marking a growth of 14.1%[113] Operational Highlights - The average room rate in New York remained high, contributing to stable operational performance in the US hotels[14] - The Peninsula Hotel in Istanbul commenced trial operations on February 14, 2023, with the GALLADA restaurant opening on July 7, 2023[14] - The London Peninsula Hotel project is expected to be fully completed by the end of 2023, with a revised budget of GBP 1,020 million approved by the board[14] - The company is facing labor shortages, particularly in the US, Japan, and Europe, impacting the full operational capacity of some hotels and restaurants[14] - The company anticipates continued positive performance in the second half of the year across its properties[26] - The company plans significant renovations for the New York Peninsula Hotel in early 2024, covering various areas of the hotel[28] Asset and Financial Position - The total assets as of June 30, 2023, were HKD 58,469 million, reflecting a 3% increase from HKD 56,581 million at the end of 2022[13] - The net debt to total asset ratio stands at 28%, with expectations of a decrease in leverage due to strong growth in the US and Europe, and the delivery of sold London residential apartments[16] - The group has available funds of HKD 3.2 billion, including undrawn credit facilities of HKD 2.6 billion and cash and bank balances of HKD 623 million[50] - The group's total assets were reported at HKD 36,163 million as of June 30, 2023, compared to HKD 36,016 million at the end of 2022[54] - The group's cash and bank deposits increased by 6% to HKD 623 million as of June 30, 2023[68] Market and Revenue Growth - The Hong Kong Peninsula Hotel reported revenue of HKD 472 million, a 72% increase, with an average occupancy rate and average room rate also showing significant recovery[18][19] - The Shanghai Peninsula Hotel's revenue reached RMB 184 million, up 98%, with occupancy and average room rates also experiencing substantial growth[21] - The Tokyo Peninsula Hotel reported revenue of ¥62.8 billion, with a 129% increase in revenue, 16 percentage points increase in occupancy rate, and 148% increase in average room revenue[25] - Bangkok Peninsula Hotel achieved revenue of ฿442 million, reflecting a 153% increase in revenue, 29 percentage points increase in occupancy rate, and 291% increase in average room revenue[26] - Manila Peninsula Hotel generated revenue of ₱752 million, with a 97% increase in revenue, 21 percentage points increase in occupancy rate, and 103% increase in average room revenue[27] Sustainability and Community Initiatives - The company is committed to sustainability initiatives, including the establishment of a solar power facility at the golf club and the procurement of 100% zero-emission electricity for new hotel projects[46] - The company plans to invest HKD 200 million in sustainability initiatives over the next three years, aiming to reduce carbon emissions by 30%[155] - The company has initiated a fundraising campaign for earthquake relief in Turkey, donating a portion of hotel revenues for aid efforts[35] - The "Wisdom on Wellness" program will launch a series of global health initiatives focusing on physical, mental, and spiritual well-being[43] Shareholder and Governance Information - The company did not declare an interim dividend for the six months ended June 30, 2023, due to slight basic earnings and significant capital commitments[101] - The board confirmed that there were no significant issues affecting the effectiveness of the group's operations, financial reporting, and compliance monitoring in the first half of 2023[82] - The company has maintained compliance with all provisions of the corporate governance code during the six months ended June 30, 2023[81] - Sir Michael Kadoorie holds 848,805,369 shares, representing 51.46% of the company's issued shares[91] Future Outlook - The company has provided an optimistic outlook for the second half of 2023, projecting a revenue growth of 20% driven by increased tourism and business travel[154] - The company is expanding its market presence by opening two new hotels in Asia, expected to add approximately HKD 300 million in annual revenue once operational[154] - Ongoing technology development includes the implementation of a new booking system aimed at improving customer experience and operational efficiency, projected to reduce booking errors by 40%[155]