Langham Hospitality Investments Ltd. · HKEX:1270
Langham Hospitality Investments — FY2024 Earnings Presentation
14 slides from Langham Hospitality Investments's earnings presentation, Feb 13, 2025
Slide 1: 2024 Annual Results
2024 ANNUAL RESULTS Dated: 13 February 2025 Stock code: 1270
Slide 2: Contents
CONTENTS Highlights Hotel Operating Performance Revenue Breakdown by Hotel 2024 Financial Information Outlook 2
Slide 3: Highlights
HIGHLIGHTS Hotel Portfolio: ➢ In 2024, hotel occupancy increased by 2.8-point to 90.9%, but the average room rate dropped by 4.4%, leading to a 1.4% decline in revenue per available room ("RevPAR") to HK$1,434 per night. ➢ This year, the food and beverage ("F&B") business saw a slight decline, with
Slide 4: Highlights (Con't)
HIGHLIGHTS (CON’T) Trust Group (con't): ➢ Net Property Income for the year was HK$381.0 million, representing a decrease of 23.0% over the last year, primarily due to the changes in profit-sharing percentage in variable rent pursuant to the scheduled rent review under the Master Lease Agreements. Af
Slide 5: Hotels Operating Performance for 2024
HOTELS OPERATING PERFORMANCE FOR 2024 Average Room Average Daily RevPAR Occupancy Rate Rooms Available (in HK$) (in HK$) 2024 2023 2024 2023 2024 2023 2024 2023 The Langham, Hong Kong 498 498 89.3% 86.9% 1,957 2,173 1,748 1,887 Cordis, Hong Kong 667 667 92.6% 89.8% 1,619 1,638 1,500 1,471 Eaton HK 4
Slide 6: Revenue Breakdown by Hotel
REVENUE BREAKDOWN BY HOTEL The Langham, Cordis, HK$ million Hong Kong Hong Kong Eaton HK Total Rooms 318.7 366.2 170.7 855.6 Food & Beverages 204.7 289.0 196.1 689.8 Others 8.8 15.0 18.5 42.3 Total Revenue 532.2 670.2 385.3 1,587.7 The Langham, Cordis, Year-on-year change Hong Kong Hong Kong Eaton H
Slide 7: 2024 Financial Information
2024 FINANCIAL INFORMATION 7
Slide 8: Net Property Income
NET PROPERTY INCOME HK$ million 2024 2023 Change Fixed rental income 225.0 225.0 - Variable rental income 254.5 368.5 -30.9% Rental income from retail shops 1.7 1.7 0.0% Total rental income before service fees 481.2 595.2 -19.2% Service fees expenses (79.4) (81.2) -2.2% Total rental income for the T
Slide 9: Profit Attributable to Holders of Share Staple Units
PROFIT ATTRIBUTABLE TO HOLDERS OF SHARE STAPLE UNITS HK$ million 2024 2023 Change Net property income 381.0 494.7 -23.0% Interest and other income 5.4 9.9 -45.5% Increase in fair value of investment properties (hotel portfolio) 186.5 926.3 -79.9% Change in fair value of derivative financial instrume
Slide 10: Distributable Income
DISTRIBUTABLE INCOME HK$ million 2024 2023 Change Profit attributable to Holders of Share Staple Units 231.7 1,080.3 -78.6% Adjustments: Increase in fair value of investment properties (186.5) (926.3) -79.9% Change in fair value of derivative financial instruments (9.3) 70.1 n.m. Change related to s
Slide 11: Finance Costs
FINANCE COSTS HK$ million 2024 2023 Change Breakdown of finance costs Interest expense on bank borrowings (318.1) (312.5) 1.8% Net interest on interest rate swaps 6.3 77.6 -91.9% Underwriting/loan extension/front-end fees amortisation (9.6) (11.1) -13.5% Others borrowing costs (0.8) (1.1) -27.3% Tot
Slide 12: Financial Position
FINANCIAL POSITION HK$ million 31 Dec 2024 30 Jun 2024 31 Dec 2023 Gross value of hotel portfolio 15,895.0 15,725.0 15,662.0 Total gross assets 16,238.3 15,917.2 15,835.0 Total outstanding borrowings 6,204.6 6,059.1 6,059.1 Gearing ratio 38.2% 38.1% 38.3% Net asset value per Share Stapled Unit HK$2.
Slide 13: Outlook
OUTLOOK ➢ Geopolitical tensions in the Middle East and Ukraine, trade conflicts between the US and China, inflation, high interest rates, and airline capacity constraints into Hong Kong are creating global economic uncertainty in 2025. Additionally, locals traveling to the Greater Bay Area for compe
Slide 14: Thank You
THANK YOU For enquires from investors or Holders of Share Stapled Units, please email to enquiry@langhamhospitality.com 14
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