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华住集团-S(01179) - 2022 Q1 - 季度财报
HWORLDHWORLD(HK:01179)2022-05-30 11:00

Hotel Operations - As of March 31, 2022, the company operated 7,988 hotels with a total of 764,859 rooms[2] - Legacy-Huazhu opened 302 hotels in Q1 2022 while closing 140 hotels during the same period[5] - As of March 31, 2022, there were 2,271 hotels under development, including 2,226 from Legacy-Huazhu[5] - The total number of hotels as of March 31, 2022, remained at 5,225, with an average revenue per available room (RevPAR) of 131, reflecting an 8.9% year-over-year decline[50] - The economy segment includes 4,824 operating hotels with 388,174 rooms and 951 hotels planned[55] - The mid-range segment has 2,554 operating hotels with 281,168 rooms and 977 hotels in development[55] - The upscale segment consists of 115 operating hotels with 20,691 rooms and 62 hotels planned[55] - The company has 3,096 Hanting hotels with 277,885 rooms and 608 hotels in the pipeline[55] - The company has a total of 447 Haiyou hotels with 24,682 rooms and 117 hotels planned[55] - The company has 83 Nihao hotels with 5,772 rooms and 178 hotels in the pipeline[55] Financial Performance - In Q1 2022, hotel revenue increased by 16.4% year-over-year to RMB 9.5 billion, and excluding Steigenberger Hotels AG, revenue grew by 11.4%[2] - Total revenue for Q1 2022 rose by 15.2% year-over-year to RMB 2.7 billion (approximately USD 423 million), aligning with previous guidance of 11% to 15% growth[2] - The net loss attributable to Huazhu Group in Q1 2022 was RMB 630 million (approximately USD 99 million), compared to a net loss of RMB 248 million in Q1 2021[3] - Adjusted EBITDA for Q1 2022 was a negative RMB 333 million (approximately USD 53 million), worsening from a negative RMB 133 million in Q1 2021[4] - The operating loss for Q1 2022 was RMB 708 million (approximately USD 112 million), compared to an operating loss of RMB 575 million in Q1 2021[17] - The operating profit margin for Q1 2022 was -26.4%, compared to -24.7% in Q1 2021[17] - The company anticipates a revenue decline of 2% to 6% for Q2 2022 compared to Q2 2021, or a decline of 23% to 27% excluding DH[4] - In Q1 2022, the net loss attributable to Huazhu Group Limited was RMB 630 million (approximately USD 99 million), compared to a net loss of RMB 248 million in Q1 2021 and RMB 459 million in the previous quarter[19] - The adjusted basic and diluted loss per share for Q1 2022 was RMB 0.21 (approximately USD 0.03) excluding stock-based compensation and unrealized gains/losses on equity securities[20] Revenue Metrics - The average daily rate (ADR) for Legacy-Huazhu hotels in Q1 2022 was RMB 224, compared to RMB 209 in Q1 2021[6] - The occupancy rate for all operating Legacy-Huazhu hotels in Q1 2022 was 59.2%, down from 66.2% in Q1 2021[6] - Revenue from Legacy-Huazhu in Q1 2022 was RMB 2.3 billion, a year-over-year increase of 4.6% and a quarter-over-quarter decrease of 18.0%[11] - Revenue from Legacy-DH in Q1 2022 was RMB 406 million, showing a significant year-over-year increase of 165.4% but a quarter-over-quarter decrease of 29.0%[11] - Average revenue per available room (RevPAR) for Legacy-DH in April 2022 recovered to 80% of 2019 levels, up from 47% in January 2022[10] - The average revenue per available room (RevPAR) for leased and owned hotels was RMB 149, a decrease of 4.4% from RMB 156 in the same quarter of 2021[49] - The average daily rate (ADR) for leased and owned hotels was RMB 263, an increase of 8.0% compared to RMB 243 in the same quarter of 2021[49] - The midscale hotel segment saw a RevPAR decline of 9.4% to 164, with an ADR of 177, down 9.9%, and an occupancy rate decrease of 7.6 percentage points to 56.8%[50] Cost Management - Operating costs in Q1 2022 totaled RMB 3.434 billion, compared to RMB 2.931 billion in Q1 2021, reflecting an increase due to the expansion of Legacy-Huazhu and the recovery of Legacy-DH[14][15] - The company implemented cost control measures, including staff reductions and resource allocation to key strategies, in response to the challenges posed by the Omicron variant[10] - Management fees were deferred to support franchisees during difficult times, alongside legal support for rent negotiations and tax refund applications[10] - The company is implementing various cost and cash flow management measures to mitigate risks associated with the ongoing COVID-19 situation[24] Cash Flow and Liquidity - Operating cash outflow in Q1 2022 was RMB 921 million (approximately USD 144 million)[22] - As of March 31, 2022, the total cash and cash equivalents amounted to RMB 4.1 billion (approximately USD 651 million) and restricted cash was RMB 240 million (approximately USD 4 million)[22] - The total debt balance as of March 31, 2022, was RMB 10.1 billion (approximately USD 1.6 billion) with available undrawn credit facilities of RMB 3 billion[23] - The company reported a net cash used in operating activities for Q1 2022 was RMB (921) million, compared to RMB 867 million generated in Q4 2021[40] - The company reported a net cash used in investing activities of RMB (201) million in Q1 2022, a decline from RMB (503) million in Q4 2021[40] - The financing activities resulted in a net cash inflow of RMB 146 million in Q1 2022, a recovery from a net outflow of RMB (598) million in Q4 2021[40] Strategic Focus - The company remains focused on long-term "lean growth" strategies, emphasizing customer, franchisee, and employee engagement[10] - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[38] - The company is focusing on increasing its market share in the mid-range and upscale segments through new hotel openings and acquisitions[55] - The company is committed to enhancing its brand portfolio and improving operational efficiency across all segments[55]