Financial Performance - Hotel portfolio revenue increased by 66.7% to HKD 720.9 million in the first half of 2023 compared to HKD 432.4 million in the same period of 2022[9]. - Distributable income rose by 9.8% to HKD 136.8 million from HKD 124.6 million year-on-year[10]. - The profit attributable to shareholders for the first half of 2023 was HKD 631.0 million, representing a 3.4% increase compared to HKD 610.4 million in the same period of 2022[23]. - Total revenue for the first half of 2023 increased by 95.6% year-on-year[26]. - Net property income for the trust group was HKD 226.0 million, an increase of 31.5% compared to the previous year[31]. - Total rental income increased by 30.2% to HKD 235.8 million, with fixed rental income remaining stable at HKD 111.6 million and variable rental income from retail stores rising by 74.8% to HKD 158.9 million[13][17]. - Total rental income (before service fees) for the first half of 2023 was HKD 271.5 million, representing a year-on-year increase of 33.3%[173]. - Net rental income (after service fees) for the first half of 2023 was HKD 235.8 million, reflecting a year-on-year growth of 30.2%[173]. - The net profit attributable to unit holders, excluding fair value changes of investment properties and derivative financial instruments, was HKD 94.3 million, representing a 7.5% increase year-on-year[184]. - The total operating profit before global marketing expenses for the hotel portfolio reached HKD 227.0 million, up 74.7% from the previous year[183]. Hotel Operations - Average revenue per available room (RevPAR) grew by 25.9% year-on-year, with specific increases of 48.9% for The Langham and 21.6% for Cordis hotels, while Eaton Hotel saw a slight decline of 1.0%[12]. - The average daily available rooms for the hotel portfolio in the first half of 2023 was 1,630, with an occupancy rate of 86.5%, an increase of 14.1 percentage points compared to the same period last year[191]. - Restaurant revenue grew 2.1 times year-on-year in the first half of 2023, attributed to the lifting of social distancing policies[169]. - Food and beverage revenue increased by 3.2 times year-on-year, partly due to strong growth in the Tang Court restaurant, which maintained its Michelin three-star status[193]. - Average interest rate on bank borrowings increased to 4.3% in the first half of 2023, compared to 1.1% in the same period of 2022, leading to a 90.8% increase in financing costs to HKD 109.5 million[170]. Investment and Valuation - The valuation of the hotel investment portfolio rose from HKD 14,685.0 million at the end of 2022 to HKD 15,265.0 million by June 30, 2023[14]. - The fair value increase of investment properties amounted to HKD 552.2 million, offset by a decrease of HKD 15.5 million from derivative financial instruments[35]. - The total fair value of investment properties increased to HKD 552.2 million during the reporting period[184]. Debt and Financing - Financing costs increased by 90.8% to HKD 109.5 million, primarily due to a significant rise in interest expenses[19]. - The overall debt ratio improved to 40.5% from 42.0% at the end of 2022[14]. - Interest expenses rose to HKD 134.3 million, a significant increase of 291.5% year-on-year due to rising Hong Kong Interbank Offered Rate (HIBOR) since July 2022[32]. - The trust group maintained a total outstanding debt of HKD 6,317.0 million as of June 30, 2023, unchanged from December 31, 2022[42]. - The nominal total amount of interest rate swap contracts for hedging floating rate loans was HKD 3,700.0 million, covering 58.6% of the outstanding borrowings[33]. Corporate Governance - The trust group has established various corporate governance measures to address potential conflicts of interest, ensuring the interests of independent unit holders are protected[72]. - The trust and the company have complied with all applicable governance codes and best practices during the six-month period ending June 30, 2023[77]. - The trust is structured as a fixed unit investment trust, only permitted to invest in the securities and other interests of a single entity[69]. - The board of directors of the trust manager must consist of the same individuals who serve as directors of the company, ensuring alignment in governance[77]. - The trust manager has no employees and does not pay any remuneration to its directors, which simplifies governance structures[77]. - The company has implemented specific corporate governance measures to oversee the execution of the Eagle's priority contract, including annual reviews by independent non-executive directors[88]. - The company is committed to ensuring compliance with the terms of the Eagle's priority contract through internal audit functions and oversight by the audit committee[87]. Future Outlook - The company anticipates ongoing challenges from the COVID-19 pandemic, geopolitical tensions, and high interest rates affecting the recovery of the hotel industry[15]. - The group anticipates stable business volume and will continue to address challenges in the overall macro environment[28]. - The trust group is committed to sustainable development, focusing on environmental, social, and governance responsibilities[110]. Unit Holdings - As of June 30, 2023, the total number of issued units was 3,289,330,011, reflecting an increase of 15,846,932 new units, or 0.48% compared to December 31, 2022[95]. - The company holds a total of 3,289,330,011 issued units as of June 30, 2023, with 2,304,229,933 units representing 70.05% ownership by Eagle Group[124][130]. - Dr. Lo Ka Shing is the beneficial owner of 31,584,000 units (0.96%) and has control over 2,304,229,933 units (70.05%) through Eagle Group[123][130]. - The company has a significant trust interest with 254,664,393 units (34.06%) held in discretionary trust[133]. - Eagle Group's indirect holdings include 2,157,195,433 units (65.58%) through LHIL Assets Holdings Limited as of June 30, 2023[125][136]. - The total number of issued units for the Crown Industrial Trust is 5,990,682,244, with Eagle Group owning 68.78%[135][134]. - The company reported a total of 64,932,835 units (8.68%) held by Dr. Lo Ka Shing as of June 30, 2023[133]. - The company has disclosed that 775,000 units are held as stock options[126]. - The total issued shares for Eagle Group as of June 30, 2023, is 747,723,345, with a 69.96% ownership stake[127][126]. - The company has a total of 95,928,364 units (12.83%) held by controlled companies[133]. - The company’s financial disclosures indicate no other individuals hold 5% or more of the issued units apart from those listed[130].
朗廷-SS(01270) - 2023 - 中期财报