Hongkong and Shanghai Hotels announces interim results

Hong Kong and Shanghai Hotels reported a satisfactory first half-year operating results and exciting progress in hotels' development.

Hongkong and Shanghai Hotels announces interim results

Hong Kong and Shanghai Hotels reported a satisfactory first half-year operating results and exciting progress in hotels’ development.

– In April 2013, the Group signed non-legally binding Heads of Terms for the development of a Peninsula hotel in Yangon, Myanmar.

– In June 2013, the Group purchased 21 avenue Kleber, a commercial building immediately adjacent to The Peninsula Paris, for EUR56 million.

– In July 2013, the Group acquired a 50% interest in the leasehold of the property at 1‑5 Grosvenor Place, London, United Kingdom with plans to jointly re-develop the building with Grosvenor into a mixed use development that will include The Peninsula London.

– The Peninsula Hong Kong completed its second and final phase of renovation in May 2013, following which the hotel’s 300-room inventory is back to operation.

– The Repulse Bay’s de Ricou tower was launched to the market in May 2013 and the extensive public area renovation works are near completion.

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– Total turnover amounted to HK$2,542 million, which was 5% above the same period in 2012.

– Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 7% to HK$555 million.

– The overall Group EBITDA margin was maintained at 22%.

– Underlying profit attributable to shareholders increased by 8% to HK$169 million.

– Profit attributable to shareholders amounted to HK$840 million, after taking into account the gains on property revaluation (net of tax and non-controlling interests).

– Earnings per share and underlying earnings per share of HK$0.56 (2012: HK$0.55) and HK$0.11 (2012: HK$0.10) respectively.

– Shareholders’ funds as at 30 June 2013 amounted to HK$34,007 million or HK$22.64 per share (31 December 2012: HK$33,150 million or HK$22.07 per share).

– Adjusted net assets value as at 30 June 2013 amounted to HK$37,355 million (HK$24.87 per share).

– Gearing ratio at 7% (31 December 2012: 6%).

– Interim dividend of 4 HK cents (2012: 4 HK cents) per share.

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