大酒店(00045) - 2023 - 年度业绩

Financial Performance - The company's revenue for 2023 reached HKD 8,112 million, a 93% increase from HKD 4,198 million in 2022[2] - EBITDA for 2023 was HKD 1,390 million, reflecting a 168% increase from HKD 518 million in 2022[2] - Shareholders' profit for 2023 was HKD 146 million, compared to a loss of HKD 488 million in 2022[2] - Basic earnings per share for 2023 were HKD 0.17, recovering from a loss of HKD 0.12 in 2022[2] - Total revenue for 2023 reached HKD 8,703 million, an increase of 89% compared to 2022[3] - Operating profit before interest, tax, depreciation, and amortization (EBITDA) was HKD 1,390 million, up 168% from the previous year[3] - The company reported a net profit attributable to shareholders of HKD 146 million, a significant recovery from a loss of HKD 488 million in 2022[3] - The group achieved a post-tax profit of HKD 251 million from the sale of 10 luxury Peninsula residential apartments in London, offsetting some of the losses[15] - The group recorded a net gain from property revaluation of HKD 186 million in 2023, compared to a net loss of HKD 152 million in the previous year[16] - The basic profit, excluding property revaluation adjustments and non-recurring expenses, was HKD 277 million, compared to a basic loss of HKD 205 million in 2022[16] Hotel Operations - The company opened two new hotels in 2023, marking the first time in its 157-year history that two Peninsula hotels opened in the same year[2] - The Istanbul Peninsula Hotel recorded an operational loss of HKD 258 million, with HKD 129 million attributable to the company[2] - The London Peninsula Hotel incurred an operational loss of HKD 193 million due to the costs associated with new hotel openings[2] - The average room rate for the Peninsula Hotels in Tokyo and Manila reached historic highs, indicating strong performance in these markets[4] - The average room rates in Paris Peninsula Hotel continued to show high growth, contributing to overall revenue increases[4] - The flagship property, the Hong Kong Peninsula Hotel, was completed in 1928 with a construction cost of HKD 3 million, and its current estimated value exceeds HKD 12 billion[6] - The London Peninsula Hotel opened in September 2023, featuring 190 guest rooms and 24 luxury residential apartments, enhancing the group's brand recognition in Europe[8] - The Istanbul Peninsula Hotel opened in February 2023, comprising 177 luxury rooms and suites, with many offering views of the Istanbul Strait[8] - The company is investing HKD 352 million in significant renovations for the New York Peninsula Hotel, expected to be completed by late summer 2024[13] - The company plans to continue expanding its market presence, particularly in the Greater China region, which has shown signs of recovery[4] Financial Health and Debt Management - The company’s net asset value per share increased by 1% to HKD 22.00 from HKD 21.84 in 2022[2] - The total assets increased to HKD 57,869 million, a 2% rise from the previous year[3] - The net external debt to total assets ratio remained stable at 26%[3] - The cash interest coverage ratio improved to 1.3x, up from 0.8x, reflecting better financial health[3] - The group’s net debt to total assets ratio was 26% as of December 31, 2023, indicating a stable financial position[65] - The group has available funds of HKD 42 billion, including HKD 3.4 billion in undrawn credit facilities and HKD 881 million in cash and bank balances[65] - The group’s total borrowings increased to HKD 15.914 billion, up from HKD 15.192 billion in 2022[114] - The net interest payment for 2023 rose to HKD 708 million, compared to HKD 283 million in 2022, reflecting an increase due to higher average borrowings and global interest rates[111] - The group maintained a debt-to-asset ratio of 26% as of December 31, 2023, consistent with 2022[110] Employee and Corporate Governance - The group has a total of 7,695 full-time employees as of December 31, 2023[23] - The global employee experience survey participation rate reached a record high of 92%, with an employee engagement score of 78%, exceeding the global industry average by 5%[20] - 90% of employees intend to stay with the company for over a year, and 89% feel their expectations have been met or exceeded[20] - The "Executive Development Programme" lasts 18 months, aimed at enhancing core business knowledge and building a talent pool for future senior management[21] - The "Emerging Manager Programme" is a 12-month training program for new managers across various departments, promoting skills and connections[21] - The board of directors emphasizes the importance of corporate culture in achieving economic success and sustainable growth[173] - The company’s corporate governance framework aligns with the Hong Kong Stock Exchange's corporate governance code[173] Sustainability and Community Engagement - The company is exploring opportunities to reduce environmental impact and implement climate risk mitigation measures as part of its commitment to achieving net-zero emissions[23] - The company has signed a total of HKD 13.1 billion in sustainable development-linked and green loans as of December 31, 2023[24] - The new hotels in London and Istanbul are expected to achieve "BREEAM Excellent" certification, reflecting the company's commitment to sustainable design[24] - The group continues to collaborate with local communities and charities, supporting initiatives for the homeless and underprivileged in Hong Kong[31] - The company has committed to a sustainable development strategy called "Respect and Inherit 2030 Vision," focusing on enhancing guest experience, employee development, and community prosperity[174] Market Expansion and Future Plans - The company plans to further expand its business by opening new boutique stores and temporary concept stores in mainland China and Japan[10] - The company is optimistic about the recovery of the residential rental market, with increased demand for residential units in Repulse Bay[25] - The company plans to renovate the shopping mall at Repulse Bay and explore a new positioning for the Peak Tram[25] - The company is implementing the "WorkPlace 2025" initiative to modernize the workplace and create a more meaningful work environment for employees[26] - The company anticipates continued growth in its hotel business, particularly in Japan and Paris, while the outlook for Beijing and Shanghai remains positive due to domestic market benefits[25] Revenue and Operational Highlights - The hotel division's total revenue rose by 41% to HKD 4,765 million, with all Peninsula hotels recording revenue growth, except for the Beverly Hills Peninsula Hotel, which saw a 4% decline due to local strikes[79] - The commercial property division's revenue surged by 339% to HKD 3,110 million, primarily driven by the sale of luxury London Peninsula residential apartments[79] - The club and services division's revenue increased by 60% to HKD 828 million, mainly from the Peak Tram, which underwent a major upgrade completed in August 2022[79] - The Peak Tram recorded a revenue increase of 669% to HKD 221 million, reflecting strong performance post-reopening in March 2023[55] - The Peninsula Golf Club achieved a revenue increase of 12% to HKD 228 million, with a solid average occupancy rate[55] - The Peninsula Hotels in Istanbul and London are progressing with their openings, with Istanbul's hotel fully operational with 177 rooms as of August 2023[59]