股份代號 : 1270 2024 年 報 朗廷酒店投資 企業背景 朗廷酒店投資主要是為了擁有及投資於一個酒店投資組合，初步重點為 位於亞洲的已落成酒店。本集團的初步酒店組合由以下酒店組成： 香港朗廷酒店 香港康得思酒店 香港逸東酒店 根據香港旅遊發展局分類，香港朗廷酒店與香港康得思酒店均為甲級高價酒店， 而香港逸東酒店則為乙級高價酒店，甲級高價酒店屬最高級別， 而乙級高價酒店屬第二高級別。 該等酒店均位處香港九龍半島，屬繁華的商業休閒集中地，從購物、餐飲、 娛樂到文化景點包羅萬有。 該等酒店亦毗鄰四通八達的香港交通樞紐，住客可輕鬆往返香港其他休閒及商業區。 目錄 | 10 | 公司資料 | | --- | --- | | 12 | 財務日誌 | | 13 | 分派通知 | | 14 | 財務摘要 | | 15 | 主席報告書 | | 18 | 行政總裁回顧 | | 25 | 董事、主要行政人員及管理人員簡介 | | 30 | 環境、社會及管治報告 | | 61 | 企業管治報告 | | 98 | 董事會報告書 | | 121 | 財務資料 | | 196 | 投資物業明覽表 | | 197 | 五年財務摘要 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 朗廷酒店投資 （根據香港法例按日期為二零一三年五月八日之信託契約組成， 其託管人為朗廷酒店管理人有限公司） 與 朗廷酒店投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1270） 2024 年度全年業績公布 財務摘要（續） | 於 | 2024 年 | 12 月 | 31 日 | 2024 | 年 6 | 月 | 30 日 | 2023 | 年12 | 月31 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 酒店組合總值（百萬港元） | | | 15,895 | | | | 15,725 | | | 15,662 | | | 每股份合訂單位資產淨值 | | 2.77 | 港元 | | 2.75 | | 港元 | | 2.77 | 港元 | | | 負債比率 | | | 38.2 ...

Financial Performance - Hotel portfolio revenue for the first half of 2024 was HKD 772.9 million, representing a year-on-year increase of 7.2% compared to HKD 720.9 million in the first half of 2023[16]. - Total rental income after service fees decreased by 19.0% to HKD 191.1 million, down from HKD 235.8 million in the previous year[16]. - Profit attributable to unit holders, excluding changes in investment property and derivative financial instruments, fell by 95.4% to HKD 4.3 million from HKD 94.3 million[16]. - Distributable income decreased by 75.1% to HKD 34.0 million compared to HKD 136.8 million in the same period last year[16]. - Total revenue for the six months ended June 30, 2024, was HKD 191,166, a decrease of 18.9% from HKD 235,745 in the same period of 2023[83]. - Net property income for the same period was HKD 180,956, down 19.9% from HKD 225,954 year-over-year[83]. - The net profit after tax for the first half of 2024 was HKD 43.0 million, a significant decline of 93.2% from HKD 631.0 million in the same period last year[30]. - The total segment profit for the group was HKD 180,956,000 for the six months ended June 30, 2024, down from HKD 225,954,000 in the same period of 2023, reflecting a decrease of approximately 19.9%[134]. Rental and Income Details - Total rental income (before service fees) decreased by 15.7% year-on-year to HKD 229.0 million in the first half of 2024, with fixed rental income stable at HKD 111.9 million and variable rental income down 26.9% to HKD 116.2 million[21]. - The total rental income after deducting service fees was HKD 191.1 million, down 19.0% year-on-year[22]. - Total rental agreements include a fixed base rent of HKD 225.0 million per year and a floating rent based on 50% of total operating profit, reduced from the previous 70% threshold[59]. - Rental income from the main lessee, GE (LHIL) Lessee Limited, was HKD 111,885,000, slightly down from HKD 116,226,000 in the previous year, indicating a decline of about 2.9%[94]. - Total rental income from the main tenant decreased to 228,111 million HKD for the six months ended June 30, 2024, down from 270,509 million HKD in the prior period, a decline of approximately 15.66%[130]. Asset and Valuation - The total value of the hotel portfolio as of June 30, 2024, was HKD 15,725 million, slightly up from HKD 15,662 million at the end of 2023[16]. - The valuation of the hotel investment portfolio increased from HKD 15,662.0 million at the end of December 2023 to HKD 15,725.0 million by June 30, 2024[18]. - The fair value of investment properties (hotel portfolio) increased slightly by HKD 37.4 million, compared to a substantial increase of HKD 552.2 million in the previous year[28]. - The fair value of the Hong Kong Langham Hotel was HKD 5,420,000,000 as of June 30, 2024, compared to HKD 5,460,000,000 at the end of 2023, indicating a slight decrease[99]. - The fair value of the Hong Kong Cordis Hotel was HKD 6,750,000,000 as of June 30, 2024, up from HKD 6,660,000,000 at the end of 2023, reflecting an increase[99]. Debt and Financing - The debt ratio as of June 30, 2024, was 38.1%, a slight improvement from 38.3% at the end of 2023[16]. - The net bank loan repayment of HKD 257.9 million in December 2023 reduced the outstanding loan balance in the first half of 2024 compared to the same period in 2023, despite a 21.2% increase in interest expenses[18]. - The average annual interest rate on bank loans rose to 5.4% in the first half of 2024, an increase of 1.1 percentage points from the first half of 2023[18]. - Financing costs increased by 48.7% to HKD 162.8 million, up from HKD 109.5 million in the previous year, primarily due to a 21.2% rise in bank loan interest expenses[27]. - The group expects to refinance a bank financing amount of HKD 6,247,600,000, ensuring sufficient funds to meet its financial obligations[91]. Visitor and Market Trends - The number of visitors to Hong Kong in the first half of 2024 increased by 64% year-on-year, reaching 21 million, although overnight visitors were only 76% of the levels seen in 2018[17]. - The company anticipates an increase in business demand and visitor numbers, supported by high-quality operations and prime locations[19]. Corporate Governance and Compliance - The trust group has been compliant with all applicable corporate governance codes and has adopted some best practices as per the corporate governance code[53]. - The trust group is committed to maintaining high standards of corporate governance to enhance its image and create value for unit holders[50]. - The trust group is structured as a fixed unit investment trust, only allowed to invest in the securities and other interests of a single entity[51]. - The board of directors of the trust manager is required to consist of the same individuals who serve as directors of the company, ensuring alignment in governance[53]. - The independent non-executive directors will review the performance of the Eagle Point priority contract annually and disclose the results in the annual report[55]. Employee and Operational Insights - The total number of employees at the hotels remained stable compared to December 31, 2023, with competitive salary levels and performance-based bonuses[70]. - The trust group's governance structure includes a competitive compensation package for employees, including salary, bonuses, and retirement benefits[70]. - The company reported a decrease in accrued liabilities to HKD 22,687,000 from HKD 24,701,000, a reduction of 8.2%[116]. - The total compensation for directors and senior management was HKD 1,811,000 for the current period, compared to HKD 1,915,000 for the same period in 2023, reflecting a decrease of about 5.4%[136]. Share and Unit Information - The total number of issued units as of June 30, 2024, is 3,374,301,602, representing an increase of 55,432,596 units or 1.64% compared to December 31, 2023[64]. - The issued share capital as of June 30, 2024, was HKD 1,687,151, with a total of 3,374,301,602 shares issued[122]. - The company issued additional shares to cover hotel management fees, increasing the total number of shares issued[121]. Sustainability and Community Engagement - The trust group is committed to sustainable development through its CONNECT program, focusing on governance, employees, community, and environmental responsibility[71]. - The trust group emphasizes long-term value creation through sustainable practices that enhance community quality of life[71].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 LANGHAM HOSPITALITY INVESTMENTS 朗廷酒店投資 （根據香港法例按日期為二零一三年五月八日之信託契約組成， 其託管人為朗廷酒店管理人有限公司） 與 朗廷酒店投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1270） 2024 年中期業績公布 朗廷酒店管理人有限公司（作為朗廷酒店投資（「本信託」）的託管人－經理（「託管人 －經理」））及朗廷酒店投資有限公司（「本公司」）之董事會（「董事會」）欣然宣布， 本信託及本公司連同本公司之附屬公司（「信託集團」）截至 2024 年 6 月 30 日止六個月 未經審核之綜合業績如下： 財務摘要 （除另有指明外，以百萬港元為單位） 2024 年上半年 2023 年上半年 變幅 酒店組合收入 772.9 720.9 7.2% 扣除服務費後的信託集團總租金收益 191.1 235.8 -19.0% 股份合訂單位持有人應佔溢利（撇除投 ...

Financial Performance - Fixed rental income remained stable at HKD 225.0 million, while variable rental income increased significantly by 147.5% to HKD 368.5 million, contributing to a total rental income growth of 54.8% to HKD 514.0 million[11]. - Net property income rose by 57.7% to HKD 494.7 million, driven by increased rental revenues and improved operational efficiency[13]. - The fair value of investment properties increased dramatically by 324.1% to HKD 926.3 million, reflecting strong market demand and property appreciation[15]. - The company reported a pre-tax profit of HKD 1,099.8 million, a substantial increase of 138.5% compared to the previous year[15]. - The net profit after tax for 2023 was HKD 1,080.3 million, significantly driven by an increase in the fair value of investment properties (hotel portfolio) by HKD 926.3 million, offset by a decrease of HKD 70.1 million from derivative financial instruments and financing costs of HKD 247.1 million[26]. - The total distributable income for the year ended December 31, 2023, was HKD 297.6 million, representing a year-on-year growth of 56.2%[28]. - Profit attributable to unit holders, excluding fair value changes of investment properties and derivative financial instruments, rose to HKD 224.1 million, an 89.8% increase from HKD 118.1 million[68]. - The company recorded a net profit of HKD 224.1 million in 2023, representing a year-on-year increase of 89.8%[97]. - The profit attributable to unit holders increased by 157.5% to HKD 1,080.3 million in 2023 compared to HKD 419.6 million in 2022[89]. - Total revenue for 2023 grew by 87.7% to HKD 1,618.8 million, with significant increases in room revenue (61.6%) and food and beverage revenue (86.2%) across the hotels[90][91]. Revenue Sources - Total revenue from hotel dining increased by 76.8% to HKD 654.8 million, with banquet services showing a remarkable growth of over 500%[19]. - Hotel portfolio revenue increased to HKD 1,618.8 million, a 66.8% rise from HKD 970.6 million in 2022[68]. - Total rental income after service fees for the trust group reached HKD 514.0 million, up 54.8% from HKD 332.1 million[68]. - Total revenue for the hotel portfolio increased by 66.8% compared to 2022, driven by improvements in RevPAR and dining business[69]. Operational Metrics - The average daily available rooms remained stable at 1,630, with an occupancy rate increase to 88.1%, up 21.7 percentage points from the previous year[18]. - Average room rates increased by 21.9% to HKD 1,650, while average revenue per available room surged by 61.7% to HKD 1,454[18]. - The occupancy rate of the Hong Kong Eaton Hotel increased from 73.4% in 2022 to 87.0% in 2023, with the average room rate rising by 21.8% to HKD 1,110 per night, leading to a 44.4% year-on-year increase in average revenue per available room[32]. - The hotel portfolio recorded an average revenue per available room (RevPAR) growth of 61.7% year-on-year in 2023[69]. Financing and Costs - The company’s financing costs rose by 70.3% to HKD 247.1 million, influenced by increased borrowing and interest rates[15]. - The average interest rate on bank borrowings increased to 5.0% in 2023, up from 2.0% in 2022, leading to a 70.3% rise in financing costs to HKD 247.1 million[69]. - Financing costs increased by 70.3% to HKD 247.1 million, primarily due to a 142.1% rise in bank loan interest expenses[96]. - The debt ratio improved to 38.3% at the end of 2023, down from 42.0% at the end of 2022, following a reduction in outstanding bank loans by HKD 257.9 million[93]. Corporate Governance and Management - The board of directors emphasizes good corporate governance practices as key to long-term success in a changing business environment[133]. - The trust group has completed a review of its distribution policy, retaining full discretion to update or modify it as necessary[123]. - The independent assessment of directors' independence is crucial for objective judgment in overseeing the trust and company operations[107]. - The trust group has established a risk management framework to identify, analyze, assess, and report significant risks across various operational areas[147]. - The company has established governance measures to address potential conflicts of interest between the trust group and Eagle Group, ensuring independent operations[186]. Market and Economic Conditions - The number of visitors to Hong Kong reached approximately 34.0 million in 2023, a significant increase from 0.6 million in 2022, indicating a strong recovery in tourism[21]. - Despite the recovery in tourism, the overall economic environment in Hong Kong remains challenging, with retail and tourism sectors recovering slower than expected[140]. - The trust group has adopted proactive asset management strategies to mitigate risks, including regular performance reviews and meetings with hotel management[140]. Future Outlook and Strategies - The company plans to monitor interest rate trends closely and may convert some floating-rate bank debt to fixed rates when appropriate[72]. - The trust group is committed to enhancing shareholder value through its distribution policy, which is subject to the trust deed's provisions[121]. - The trust group is committed to developing various sustainability strategies to address climate change risks, which include rising sea levels and extreme weather events[151]. - The trust group has obtained additional revolving bank credit to address any unforeseen renovation projects[156]. Employee and Operational Structure - The trust group increased its employee count by 112 compared to December 31, 2022, reaching a total of 75% male and 25% female employees[128]. - The trust group employs four professionals to maintain operations effectively, with administrative support provided by Eagle Group on a cost-sharing basis[129]. Shareholder Information - As of December 31, 2023, the total number of issued units was 3,318,869,006, with 45,385,927 new units issued during the year, representing 1.37% of the total[164]. - The company holds a total of 2,330,678,928 shares, with major shareholders including Dr. Lo Ka Shui, who has a personal interest of 64,912,835 shares (8.68%) and a company interest of 95,948,364 shares (12.83%) [174]. - The company has a total of 4,166,747,905 fund units, with Dr. Lo Ka Shui holding 69.29% of the issued fund units [180].

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the North American market [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8% due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered the European market, with initial sales exceeding expectations [4]. - A new distribution center was opened in Asia to support growing demand in the region [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Topic 3: Product Development - Launched three new products in the tech segment, which contributed to 20% of total revenue [7]. - R&D spending increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive [9]. Topic 4: Operational Efficiency - Implemented new supply chain management software, reducing delivery times by 15% [10]. - Streamlined manufacturing processes, resulting in a 5% reduction in production costs [11]. - Employee training programs were expanded to improve operational efficiency [12]. Topic 5: Strategic Initiatives - The company announced a share buyback program to return value to shareholders [13]. - A new sustainability initiative was launched, aiming to reduce carbon emissions by 25% over the next five years [14]. - Plans to acquire a smaller competitor were disclosed, pending regulatory approval [15]. Topic 6: Risk Management - Identified potential risks in the supply chain due to geopolitical tensions [16]. - Increased insurance coverage to mitigate potential financial losses from natural disasters [17]. - Conducted a comprehensive risk assessment to identify and address vulnerabilities [18].

Interim Report 期 報 告 中 0 2 /3 2 企業背景 香港 逸東酒店 根據香港旅遊發展局分類，香港朗廷酒店與香港康得思酒店 均為甲級高價酒店，而香港逸東酒店則為乙級高價酒店， 甲級高價酒店屬最高級別，而乙級高價酒店屬第二高級別。 該等酒店亦毗鄰四通八達的香港交通樞紐，住客可輕鬆往返 香港其他休閒及商業區。 69 | --- | --- | |----------------------------------------------------------|------------------------------------------------------------| | | | | 信託 朗廷酒店投資 （根據香港法例按信託契約組成的固定單一 | 公司及託管人 — 經理之審核委員會 黃桂林 （主席） 陳家強 | | 投資信託） | 林夏如 | | | | | 公司 朗廷酒店投資有限公司 | 公司之薪酬委員會 陳家強 （主席） | | （於開曼群島註冊成立之有限公司） | 羅嘉瑞 | | | 林夏如 | | 託管人 — 經理 朗廷酒店管理人有限公司 | 黃桂林 | | （作為信託之 ...

酒店組合於 2023 年上半年錄得扣除全球市場推廣費前的合計總經營毛利 227.0 百萬 3 經調整非現金項目後，2023 年上半年的可分派收入總額為 136.8 百萬港元。 2022 年 香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 | --- | --- | --- | --- | |---------------------------------------------------------------------|-----------------|-----------------|-------| | （除另有指明外，以百萬港元為單位） | 2023 年上半年 | 2022 年上半年 | 變幅 | | 酒店組合收入 | 720.9 | 432.4 | 66.7% | | 扣除服務費後的信託集團總租金收益 | 235.8 | 181.1 | 30.2% | | 股份合訂單位持有人應佔溢利（撇除投 資物業及衍生金融工具公平值變動） | ...

Business Overview - Langham Hospitality Investments focuses on owning and investing in a hotel portfolio, primarily targeting completed hotels in Asia[8]. - The hotel portfolio includes high-end hotels classified as Grade A and Grade B by the Hong Kong Tourism Board, with the Langham Hotel and Cordis Hotel being Grade A[8]. - Langham Hospitality Group currently manages 26 hotels under the Langham, Cordis, and Eaton brands[32]. - The group has over 15 confirmed and in-development hotel projects across China, Southeast Asia, Australia, and North America[32]. - The Cordis brand focuses on high-end hotels and aims to expand in major cities in Asia and North America[41]. - The Eaton Workshop brand combines hospitality with cultural and social initiatives, providing platforms for artists and activists[44]. - The company is part of the Eagle Group, which includes a diverse range of hotel brands across four continents[32]. Financial Performance - The hotel portfolio's total revenue for 2022 increased by 28.9% year-on-year, including HKD 24.0 million in government subsidies[99]. - Operating profit before global marketing expenses reached HKD 212.7 million, representing a growth of 5.8 times[99]. - Net profit, excluding non-cash fair value changes from investment properties and derivative financial instruments, was HKD 118.1 million, an increase of 76.8% compared to the previous year[101]. - The total distributable income for the year ended December 31, 2022, was HKD 190.5 million, with a proposed distribution of HKD 95.3 million, reflecting a 7.4% increase from 2021[101]. - The valuation of the hotel portfolio increased from HKD 14,407.0 million at the end of 2021 to HKD 14,685.0 million at the end of 2022[101]. - The net asset value of the trust group as of December 31, 2022, was HKD 8,161.0 million, or HKD 2.49 per unit[101]. - The debt ratio decreased to 42.0% at the end of 2022 from 43.2% at the end of 2021[101]. - Financing costs increased by 25.6% year-on-year to HKD 145.1 million due to rising interest rates[100]. - The company proposed a final distribution of HKD 0.029 per unit for the year ended December 31, 2022, an increase from HKD 0.027 in 2021, resulting in a distribution yield of 2.6% based on the closing price of HKD 1.11 per unit as of December 31, 2022[95]. Corporate Governance - The company aims to maintain high standards of corporate governance to enhance its image and create value for shareholders[23]. - The company’s board of directors includes independent non-executive directors, ensuring corporate governance compliance[80]. - The company’s independent non-executive directors have extensive experience in finance and investment banking, enhancing corporate governance[197]. - The company’s independent non-executive directors include members with backgrounds in private equity and venture capital, indicating a strong strategic direction[197]. Sustainability and CSR - The company is committed to sustainable development through its CSR program, CONNECT, focusing on environmental, community, employee, and governance aspects[177]. - Energy consumption per square meter decreased to 1,097 MJ in 2022, down from 1,489 MJ in 2021[181]. - Waste sent to landfills per occupied room night was 2.6 liters in 2022, compared to 2.4 liters in 2021[181]. - All hotels achieved Platinum level in EarthCheck certification[181]. Market Strategy and Future Outlook - The company aims to enhance its market presence through strategic partnerships and expansions in key regions[177]. - Future outlook includes continued investment in new technologies and product offerings to improve guest experiences[177]. - The company is actively pursuing opportunities for mergers and acquisitions to strengthen its market position[177]. - The group continues to explore new market opportunities and strategic expansions to enhance its global footprint[64]. Operational Highlights - The average occupancy rate for premium hotels in Hong Kong increased to 55.9%, up 10.6 percentage points from 45.3% in 2021[138]. - The average revenue per available room (RevPAR) for premium hotels increased by 46.4% to HKD 786, compared to HKD 537 in the previous year[138]. - The hotel achieved an occupancy rate of 66.4% in 2022, up from 36.0% in 2021, with average room rates increasing by 43.4% year-on-year, leading to a 165.1% increase in room revenue[159]. - The total revenue for the hotel portfolio in 2022 was HKD 970.6 million, reflecting a year-on-year growth of 28.9%[157]. Challenges and Responses - The hotel industry faced significant challenges in the first half of 2022 due to COVID-19 restrictions, but business improved slightly in the second half[121]. - The company participated in government community isolation facilities and quarantine hotel programs during the pandemic[122]. - The company confirmed that it can meet its obligations following the proposed distribution, as verified by the auditors[95].

LANGHAM HOSPITALITY INVESTMENTS Stock code 股份代號：1270 (2) 0) Interim Report 中期報告 2022 朗廷酒店投資 01 2022 年中期報告 企業背景 朗廷酒店投資主要是為了擁有及投資於一個酒店投資組合， 初步重點為位於亞洲的已落成酒店。本集團的初步酒店 組合由以下酒店組成： | --- | --- | |-------|-----------------------------| | | | | | | | | 香港朗廷酒店 | | | 香港康得思酒店 香港逸東酒店 | 根據香港旅遊發展局分類，香港朗廷酒店與香港康得思酒店 均為甲級高價酒店，而香港逸東酒店則為乙級高價酒店， 甲級高價酒店屬最高級別，而乙級高價酒店屬第二高級別。 該等酒店均位處香港九龍半島，屬繁華的商業休閒集中地， 從購物、餐飲、娛樂到文化景點包羅萬有。 該等酒店亦毗鄰四通八達的香港交通樞紐， 住客可輕鬆往返香港其他休閒及商業區。 目錄 2公司資料16 董事簡介 4分派通知20 管治及循規 5財務摘要31 權益披露 6主席報告書35 財務資料 8行政總裁回顧69 詞彙 公司 ...