Langham Hospitality Investments Ltd. · HKEX:1270
Langham Hospitality Investments — H1 2024 Earnings Presentation
14 slides from Langham Hospitality Investments's earnings presentation, Aug 15, 2024
Slide 1: 2024 Interim Results
2024 INTERIM RESULTS Dated: 15 August 2024 Stock code: 1270
Slide 2: Contents
CONTENTS Highlights Hotel Operating Performance Revenue Breakdown by Hotel 1H 2024 Financial Information Outlook 2
Slide 3: Highlights
HIGHLIGHTS Hotel Portfolio: Revenue per available room ("RevPAR") of HK$1,400 per night was achieved for 1H 2024, which translated to a year-on-year growth of 8.1%. Our hotel portfolio recorded 7.2% growth in total revenue, showing a moderate improvement. The rise in operating costs outpacing
Slide 4: Highlights (Con't)
HIGHLIGHTS (CON’T) Trust Group (con't): Total finance costs increased to HK$162.8 million in 1H 2024, representing a 48.7% increase over 1H 2023. This surge is primarily driven by a 21.2% hike in interest expense on bank borrowings, amounting to HK$28.3 million, and a substantial 86.2% reduction i
Slide 5: Hotels Operating Performance for 1H 2024
HOTELS OPERATING PERFORMANCE FOR 1H 2024 Average Room Average Daily RevPAR Occupancy Rate Rooms Available (in HK$) (in HK$) 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 The Langham, Hong Kong 498 498 87.7% 84.5% 1,947 2,044 1,707 1,727 Cordis, Hong Kong 667 667 92.3% 88.4% 1,596 1
Slide 6: Revenue Breakdown by Hotel
REVENUE BREAKDOWN BY HOTEL The Langham, Cordis, HK$ million Hong Kong Hong Kong Eaton HK Total Rooms 154.7 178.8 81.9 415.4 Food & Beverages 102.5 139.9 96.4 338.8 Others 4.2 6.1 8.4 18.7 Total Revenue 261.4 324.8 186.7 772.9 The Langham, Cordis, Year-on-year change Hong Kong Hong Kong Eaton HK Tota
Slide 7: 1H 2024 Financial Information
1H 2024 FINANCIAL INFORMATION 7
Slide 8: Net Property Income
NET PROPERTY INCOME HK$ million 1H 2024 1H 2023 Change Fixed rental income 111.9 111.6 0.3% Variable rental income 116.2 158.9 -26.9% Rental income from retail shops 0.9 1.0 -10.0% Total rental income before service fees 229.0 271.5 -15.7% Service fees expenses (37.9) (35.7) 6.2% Total rental income
Slide 9: Profit Attributable to Holders of Share Staple Units
PROFIT ATTRIBUTABLE TO HOLDERS OF SHARE STAPLE UNITS HK$ million 1H 2024 1H 2023 Change Net property income 180.9 226.0 -20.0% Interest and other income 2.0 4.4 -54.5% Increase in fair value of investment properties (hotel portfolio) 37.4 552.2 -93.2% Change in fair value of derivative financial ins
Slide 10: Distributable Income
DISTRIBUTABLE INCOME HK$ million 1H 2024 1H 2023 Change Profit attributable to Holders of Share Staple Units 43.0 631.0 -93.2% Adjustments: Increase in fair value of investment properties (37.4) (552.2) -93.2% Change in fair value of derivative financial instruments (15.9) 15.5 n.m. Change related t
Slide 11: Finance Costs
FINANCE COSTS HK$ million 1H 2024 1H 2023 Change Breakdown of finance costs Interest expense on bank borrowings (162.1) (133.8) 21.2% Net interest on interest rate swaps 4.2 30.4 -86.2% Loan extension / upfront-end fee amortisation (4.7) (5.6) -16.1% Others borrowing costs (0.2) (0.5) -60.0% Total f
Slide 12: Financial Position
FINANCIAL POSITION HK$ million 30 Jun 2024 31 Dec 2023 30 Jun 2023 Gross value of hotel portfolio 15,725.0 15,662.0 15,265.0 Total gross assets 15,917.2 15,835.0 15,593.8 Total outstanding borrowings 6,059.1 6,059.1 6,317.0 Gearing ratio 38.1% 38.3% 40.5% Net asset value per Share Stapled Unit HK$2.
Slide 13: Outlook
OUTLOOK The prolonged conflicts in the Middle East and Ukraine, combined with the trade conflicts between the United States and China, have caused uncertainty in the global economy. The slowing world economy, high-interest rates, airline capacity issues, changes in tourist behavior and the growing
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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