香格里拉(亚洲)(00069) - 2023 - 年度财报

Financial Performance - Consolidated revenue for 2023 was $2,141.8 million, a 46.5% increase compared to $1,462.1 million in 2022[6] - Actual attributable revenue for 2023 was $2,769.2 million, up 44.6% from $1,915.4 million in 2022[6] - EBITDA (before interest, taxes, depreciation, amortization, and non-operating items) for 2023 was $522.2 million, a 199.4% increase from $174.4 million in 2022[6] - Actual attributable EBITDA for 2023 was $873.6 million, a 97.8% increase from $441.6 million in 2022[6] - Net profit attributable to shareholders for 2023 was $184.1 million, compared to a net loss of $158.5 million in 2022[6] - Earnings per share for 2023 was $0.0517, compared to a loss per share of $0.0444 in 2022[6] - The company resumed dividend payments, distributing HK$0.15 per share, totaling approximately $70 million[7] - Group revenue increased from $1.5 billion in 2022 to $2.1 billion in 2023, a 47% growth[25] - Actual EBITDA reached $874 million, fully recovering to pre-pandemic 2019 levels[25] - Operating cash flow grew from $64 million to $364 million, and free cash flow turned positive at $145 million[25] - The company declared a dividend of 15 HK cents per share, totaling approximately $70 million, representing a 53% payout ratio[25] - Revenue for the year ended December 31, 2023, increased by 46.5% to $2,141.8 million compared to $1,462.1 million in 2022[53] - Gross profit for 2023 rose by 69.9% to $1,166.7 million from $686.5 million in 2022[53] - Operating profit for 2023 was $214.7 million, a significant improvement from a loss of $4.3 million in 2022[53] - The company's share of profit from associates increased by 69.7% to $323.8 million in 2023 from $190.8 million in 2022[53] - Total comprehensive income for the year ended December 31, 2023, increased by 46.5% to $2,141.8 million compared to $1,462.1 million in 2022, driven by recovery in mainland China and Hong Kong businesses post-pandemic[59] - Hotel operations revenue grew by $680.5 million to $2,021.1 million in 2023, with room revenue increasing by 67.1% to $1,041.0 million and food and beverage sales rising by 40.9% to $788.7 million[59] - Investment properties contributed $108.3 million in revenue, an increase of $8.6 million from 2022, reflecting stable performance[60] - The company's overall profit attributable to owners increased to $184.1 million in 2023 from a loss of $158.5 million in 2022, marking a significant turnaround[83] - Non-operating items contributed $55.1 million in 2023, a 1,677.4% increase from $3.1 million in 2022, including a $29.9 million foreign exchange gain due to the appreciation of the Sri Lankan rupee[83] - Investment properties' fair value gain net of tax was $75.2 million in 2023, compared to $89.9 million in 2022[84] - Impairment losses of $39.0 million were recognized in 2023, primarily related to the company's hotels in the Maldives and Sri Lanka[84] - Net borrowing decreased by $128.8 million to $4,717.6 million as of December 31, 2023, compared to $4,846.4 million in 2022, primarily due to increased operating cash inflows from the recovery of the hotel business[86] - The debt-to-equity ratio improved from 89.3% in 2022 to 86.3% in 2023, driven by increased equity from profits and positive free cash flow[86] - The company signed multiple bank loan agreements totaling $480 million (HKD 3.72 billion), $103.2 million (HKD 800 million), $441.9 million (RMB 3.13 billion), and $927.6 million (RMB 6.57 billion) for refinancing and project financing[86] - Sustainable development-linked and green loans increased to approximately $3.9 billion, tied to the company's sustainability performance targets and offering potential interest rate discounts[86] - The adjusted debt ratio stood at 62.9% as of December 31, 2023, with total adjusted equity of $9.2 billion and total financial liabilities of $5.8 billion[87] - Total outstanding borrowings as of December 31, 2023, were $5,685.2 million, with 62.7% due in the third to fifth year and 10.7% due within one year[88] - Unutilized but committed credit facilities amounted to $1,589.1 million, with $846.6 million available in the third to fifth year[88] - Cash and bank balances totaled $967.6 million, with significant holdings in USD ($202.5 million), RMB ($330.1 million), and SGD ($110.3 million)[88] - The majority of the company's borrowings are at floating rates, with interest rate swap contracts in place to hedge medium-term interest rate risks[89] - The company issued a 5-year fixed-rate bond with a principal amount of SGD 160,000,000 (equivalent to USD 120,200,000) at an annual coupon rate of 4.40% in August 2023[90] - The company secured additional RMB bank loans totaling RMB 9,700,000,000 (equivalent to USD 1,369,500,000) with fixed annual interest rates ranging from 4.00% to 4.50%[90] - The company fixed 65.8% of its outstanding borrowings' interest liabilities as of December 31, 2023, compared to 60.6% in the previous year[90] - The company recorded a net fair value gain of USD 75,200,000 for its investment properties as of December 31, 2023[93] - The company recognized impairment losses totaling USD 40,100,000 for its hotels in the Maldives and Sri Lanka[96] - The company's investment portfolio had a market value of USD 10,600,000 as of December 31, 2023, including shares in Kerry Properties Limited and Kerry Logistics Network Limited[97] - The company's total revenue for 2023 was 83 million, with a net profit of 20 million[48] - The company's revenue increased by 35.1% compared to the previous year, while net profit increased by 6.7%[48] Hotel Operations and Performance - The recovery of the hotel business was driven by the reopening of mainland China and Hong Kong in early 2023, along with strong travel demand in other regions[7] - Revenue per available room (RevPAR) rose from $64 to $108, a 69% increase, with China mainland RevPAR surging 105% from $37 to $76[25] - The company's operations covered regions including Asia, Europe, North America, and Oceania, with ongoing development projects in multiple locations[4] - Shangri-La launched its 106th hotel, the Shenzhen Qianhai JEN Hotel, in February 2023, marking its expansion into the Greater Bay Area[13] - Seven restaurants and bars across Shangri-La properties received accolades, including Michelin stars and Black Pearl Diamond awards[13] - The company's total number of hotels in operation as of December 31, 2023, is 90, with 36.1 thousand rooms[50] - The company owns/leases 73 hotels with 30.7 thousand rooms and manages 17 hotels with 5.4 thousand rooms[50] - The company has 4 hotels under development that it owns/leases and 3 hotels under management contracts[50] - A new managed hotel, Shenzhen Qianhai JEN Hotel, opened in February 2023 in mainland China[50] - Management agreements for three hotels in mainland China and Malaysia were terminated in 2023[50] - The Shenzhen Nanshan Shangri-La, a managed hotel owned by a third party, is set to open in January 2024[50] - The company operates under three main brands: Shangri-La Hotels and Resorts, Kerry Hotels, and JEN Hotels[49] - The company's main business segments include hotel properties, hotel management and related services, investment properties, and development properties for sale[49] - The company operates 80 hotels with equity interests and 3 hotels under operating leases, totaling 35,135 available rooms as of December 31, 2023[61] - In Hong Kong, the company owns 100% equity in Kowloon Shangri-La and Kerry Hotel, contributing 679 and 546 rooms respectively[62] - In mainland China, the company holds significant equity stakes in key properties, including 100% in Shanghai Pudong Shangri-La (950 rooms) and 72% in Shenzhen Shangri-La (522 rooms)[62] - Singapore operations include 100% equity in Shangri-La Singapore (792 rooms) and Sentosa Shangri-La (454 rooms), totaling 1,811 rooms[63] - Malaysia operations contribute 2,780 rooms, with 52.78% equity in Kuala Lumpur Shangri-La (655 rooms) and 64.59% in Shangri-La's Rasa Sayang Resort & Spa (494 rooms)[63] - Philippines operations include 100% equity in Makati Shangri-La (696 rooms) and Mactan Shangri-La (541 rooms), totaling 2,660 rooms[63] - Total number of hotels owned by the company is 80, with a total of 34,234 rooms[64] - The company's hotel properties in Hong Kong saw a 94.2% increase in revenue to $304.3 million in 2023 compared to 2022[66] - Mainland China hotel properties revenue increased by 63.6% to $702.6 million in 2023[66] - The weighted average occupancy rate for the company's hotels increased to 62% in 2023 from 42% in 2022, a 20 percentage point increase[67] - Revenue per available room (RevPAR) increased by 69% to $108 in 2023 compared to $64 in 2022[67] - Hong Kong hotels achieved a 70% occupancy rate in 2023, up 32 percentage points from 38% in 2022[68] - RevPAR in Hong Kong increased by 165% to $199 in 2023 from $75 in 2022[68] - The company's hotel properties in Singapore saw a 33.7% increase in revenue to $264.0 million in 2023[66] - The company's hotel properties in the Philippines saw a 69.5% increase in revenue to $134.9 million in 2023[66] - The company's hotel properties in Japan saw an 86.2% increase in revenue to $62.2 million in 2023[66] - The occupancy rate in Mainland China increased to 63% in 2023, up 25 percentage points from 38% in 2022, with revenue per available room (RevPAR) rising to $76, a 105% increase from $37 in 2022[69] - In Singapore, the occupancy rate reached 78% in 2023, up 17 percentage points from 61% in 2022, with RevPAR increasing to $208, a 39% rise from $150 in 2022[69] - Malaysia's occupancy rate improved to 64% in 2023, up 17 percentage points from 47% in 2022, with RevPAR rising to $80, a 54% increase from $52 in 2022[70] - The Philippines saw an occupancy rate of 58% in 2023, up 13 percentage points from 45% in 2022, with RevPAR increasing to $130, a 46% rise from $89 in 2022[70] - Japan's occupancy rate reached 61% in 2023, up 7 percentage points from 54% in 2022, with RevPAR surging to $419, an 81% increase from $232 in 2022[70] - Australia's occupancy rate rose to 81% in 2023, up 12 percentage points from 69% in 2022, with RevPAR increasing to $205, a 16% rise from $176 in 2022[71] - The UK's occupancy rate improved to 66% in 2023, up 4 percentage points from 62% in 2022, with RevPAR rising to $526, a 9% increase from $483 in 2022[71] - The weighted average occupancy rate for third-party managed hotels increased to 63% in 2023, up 18 percentage points from 45% in 2022, with RevPAR rising to $112, a 51% increase from $74 in 2022[74] - Total revenue from hotel management and related services reached $224.3 million in 2023, a 35.4% increase from $165.6 million in 2022[74] - Net revenue from hotel management and related services, after offsetting inter-segment revenue, was $94.8 million in 2023, a 20.5% increase from $78.7 million in 2022[74] - Hotel property segment's actual attributable EBITDA surged by 261.5% to $477.6 million in 2023, driven by China's border reopening and recovery in Hong Kong[80] - China's hotel property EBITDA reached $199.2 million in 2023, a significant increase from $12.8 million in 2022[78] - Singapore's hotel property EBITDA grew to $68.2 million in 2023, up from $45.9 million in 2022, benefiting from increased international business and leisure travelers[78] - Hotel management and related services' EBITDA increased by 187.4% to $50,000,000 in 2023 from $17,400,000 in 2022, driven by strong recovery in the overall hotel business and improved headquarters operational efficiency[81] - Hotel properties in Singapore saw a 108.1% increase in profit to $38.7 million in 2023, while Thailand experienced a 484.2% surge to $11.1 million[82] - The company opened the Shenzhen Qianhai JEN Hotel in 2023, followed by the Shenzhen Nanshan Shangri-La in early 2024, expanding its presence in mainland China[110] - The company's digital engagement efforts through the Shangri-La Circle loyalty program have significantly driven customer loyalty and direct bookings, resulting in record-high repeat business[110] - The total number of rooms under development in China and Japan is 1,351, with projects in Kunming, Zhengzhou, Shanghai Hongqiao, and Kyoto[114] - The Kunming JEN Hotel, part of a mixed-use development, has a total floor area of 33,975 square meters and is expected to have 274 rooms[114][116] - The Zhengzhou Shangri-La Hotel, also part of a mixed-use development, has a total floor area of 38,235 square meters and is expected to have 314 rooms[114][117] - The Shanghai Hongqiao Shangri-La Hotel and Traders Hotel, operating under a lease, has a total floor area of 57,035 square meters and is expected to have 611 rooms[114][117] - The Kyoto Shangri-La Hotel has a total floor area of 11,817 square meters and is expected to have 77 rooms, with the company holding a 20% equity stake[114][117] - The Kunming mixed-use development project includes residential units with a total floor area of 20,917 square meters[115] - The Fuzhou mixed-use development project, fully owned by the company, includes commercial space with a total floor area of 50,447 square meters[115] - The Zhengzhou mixed-use development project includes office space with a total floor area of 58,946 square meters[115] - The Tianjin mixed-use development project includes residential, office, and commercial spaces with total floor areas of 27,817, 92,651, and 17,490 square meters respectively[115] - The company is developing properties in Accra, Ghana (45% equity), Rome, Italy (100% equity), Yangon, Myanmar (55.86% equity), and Bangkok, Thailand (73.61% equity)[120][121] - The company's main businesses include hotel property development, ownership, and operation, as well as investment property development and management, operating under brands such as "Shangri-La," "Kerry Hotels," and "JEN Hotels"[124] - The company is developing new hotels in Kunming, Zhengzhou, and Kyoto, with expected opening dates ranging from 2024 to 2026[98] - The company opened the Shenzhen Qianhai JEN Hotel in mainland China and terminated management agreements for three other hotels[104] - The company currently holds management agreements for 21 third-party-owned hotels and has agreements for three new hotels under development in Hangzhou, Phnom Penh, and Melbourne[104] - The company plans to launch the Kunming JEN Hotel and complete the renovation and upgrade of the Hangzhou Shangri-La by the end of 2024, setting new benchmarks for other properties[110] - The company opened the Sentosa Banyan Tree in Singapore, a new "integrated entertainment zone" on Palawan Beach, Sentosa Island, providing new experiences for both accommodation and non-accommodation customers[110] - The company launched new health services at the Island Shangri-La in Hong Kong, targeting urban resort seekers and locals, and introduced family floors and a new "Ming Yue" restaurant offering a premium Fujian cuisine experience[110] Sustainability and ESG - Over 2,300 participants contributed 8,300 hours to green activities in April 2023, with 107 events held across 98 hotels benefiting nearly 3,000 people[15] - Over 2,800 volunteers contributed 8,000 hours to beach clean-up activities across 92 hotels in June 2023, in celebration of World Oceans Day[16] - The company provided 300 temporary shelters for earthquake victims in Turkey through the "Dostluk Kenti" community care project in July 202