evening Thank you, everyone Xinxin. or you to good are. morning Good wherever
Let's move for on review to our financial operational XXXX. and
slide As XXXX, the XXX,XXX hotels, number X,XXX end from an of of shown we of operations, rooms a XX of on total end with in of at had increase the XXXX. XX%
the would of the XX% Excluding second from Despite from XXXX. from lockdown room due DH, into the half XXX,XXX been to COVID-XX January room accelerated openings was of an end Xnd, which XXXX, Huazhu have Huazhu we consolidated inventory of of pandemic, inventory at prolonged our XXXX, legacy end hotel XXXX. increase the the at
occupancy RMBXXX, Huazhu of - QX in in XX% by level total blended ago. to XXXX business, XX, year compared ADR COVID-XX legacy Turn declined XXXX. through due XX% the to RevPAR at the The Page recovered level percentage hotel billion point while reduced However, impact XXXX and to the has X% level. European to lower QX RMBXX recovered would RMBXX China excluding X the impacting almost of QX to for have a turnover XXXX both our have XXXX level turnover is Chinese by DH billion, from hotel to to our total
as turn by the occupancy year. travel For lockdown to of drop to a of RevPAR year Page XX% during XX% XXXX, half by to in result declined XXXX, year. attributable last to the full first to last percentage This XX and by - drop of ADR a in China, and XX compared to points RMBXXX points due a particularly was of compared COVID-XX the restrictions XX. percentage Please our
March COVID-XX been pandemic severely DH impacted Europe Our since XXXX. business in has by legacy
Many countries order second recovered and by lockdown Our been pandemic impacted in the contain European business September the summer pandemic. wave and European to since third last imposed of XXXX. since during the the negatively
QX then holiday government by Easter to hard to ADR to For during travel dropped The XX, by XX% restrictions initially example, dropped XXXX. for impose German November then blended compared XXXX. to to XX% On XXXX. EURXX percentage and January from impacted they and QX in the early Page German restriction XX points a April go RevPAR. now and more coming extended declined in recently to announced legacy the April. occupancy planned February RevPAR DH our also in compared than These XXXX, to EURXX to The on the lockdown by to XX, travel XXXX government significantly December XXXX, QX
in blended year XX% full the XXXX, occupancy. a and the For significantly more declined RevPAR to than by EURXX, attributed lower to ADR lower
COVID-XX We our results we presentations. will in my in provide Europe see how Please fought an update with extended Slide on XX. financial on later
than In for better Breaking and revenue XXXX, Our by by leased mix hotels net growth X% net XXXX. guidance. acquired business up revenues higher operated same trend an as in from our QX, but manachised down total DH manachised previous operated accounted QX our and of of franchised revenue was asset - hotels and year-over-year These light by full net grew contributed year Revenue declined also by from early XXXX, revenue revenues in leased X% were had improved XXXX. revenue. in X% our as year-over-year. of early models X% QX, business our and XXXX, by revenues, XX% has in weakening revenues the that had the for hotels we
Excluding percentage points QX manachised XX% in by contributed asset-light improved DH models revenue to XXXX. three by
Please impact in contribution of XX% our upscale to the and decreased mid will from revenue billion, the for RMBX expect business We total Slide forward. our to from turn hotels the continue XX. net Due X% XXXX, manachised accounting increase to by to going revenue. COVID-XX
upscale decreased mid have would to been billion. DH, revenue and Excluding hotel revenue by RMBX.X XX% from from
million, hotels operations well related last our non-cash we for RMBXXX year. of hotels totaling from two from leases of now a - margins. XX to QX reported loss operating which XXXX on slide hotels already a as to had million The to China. in the close turn plan and million profit fixed operation RMBXXX was as a loss compared The Let's couple upon RMBXXX expiry of in impairment, DH, asset to the considered income
Excluding close impairments, better or these the are of we fixed even asset breakeven. than impact
income affected The had recorded was by been costs fixed of billion. continuously other legacy of and XXXX DH, QX, RMBXXX the QX Excluding third well assets which in operation the as and XXXX. second an operating September impairment, Huazhu as hotel XXXX wave since million COVID-XX for RMBX.X costs from
fixed million non-cash a included RMBXXX we to amount plan this that above, mentioned asset to close. of impairment hotels As related
to the consumables year. related billion QX in operating China, to QX in compared hotel in in hotels' closed related depreciation operating amounted and to mainly RMBX.X asset and XXXX cost, cost were hotels Excluding to China. our lease a fixed RMBX amortization to also that billion costs QX, cost, DH, leased and last Higher higher RMBXX to million operated and be opened impairment attributed hotels
approach to recorded QX of As million. trend mentioned forward. we asset use forward, out general of during our XXXX and connections, earlier, expenses a pre-opening in Jin RMBXXX continue lower spit Hui expect In to going brands upscale we going QX, a light that administrative the China. In we in recorded presentation hotel his would these this expenses development we selling and
RMBX.X a local of a to as to G&A, held offset expenses expenses our reduction full lower sales expenses from on our Shanghai and year. promotional SG&A limited XX team in her the profit session RMBXXX also five Changsha, The administration due to Beijing higher RMBXXX and And events, were due setting Xinxin World but of was QX. mainly earlier. areas, XXXX in Slide million last Guangzhou, margin was a Excluding higher not The to reported year. selling several in business of general in up QX compared Chengdu XB to our last Huazhu the the income exercised Turn operating presentation compared in major Conference direct to was a expenses year. billion by the headcount including operations and billion rent The RMBX.X DH, loss to partially QX. QX boost for million mentioned
and RMBXXX affected continuously in a hotel Legacy year in million been RMBX.X COVID-XX, XXXX. costs again for by The operation of of full second other Huazhu from Excluding was which the the had XXXX loss wave billion. DH, costs operating recorded
costs to our higher Excluding DH, billion in for mainly the hotel hotels attributed RMBX.X to lease operated and operating XXXX. been amounted Higher XXXX. cost new lease compared billion consumables to related amortization open cost that to and depreciation, were operating has RMBX.X
XXXX, mentioned hotel development speed totaling approach up page, million upscale have compared million brands will RMBXXX last year. a therefore, and new earlier As of a recorded pre-opening use lower in we we in to to RMBXXX our expenses
going expect a to record cost lower expense We forward. pre-opening
the and full we administration selling XXXX, general recorded expense in RMBX.X of billion. year For a
our lower during selling our headcount DH, billion administrative QX last was attributable to SG&A and RMBX.X restructuring billion cost Excluding taken general The cutting were year. RMBX expenses to costs place XXXX. compared aggressive and
QX decreased impairment that China Turning fixed - to RMBXXX asset compared last to in of our had to Page This RMBXXX XX, Huazhu recorded mentioned had business. a million and been amount mentioned adjusted EBITDA that million year. I in XXXX considered both DH earlier, RMBXXX million
adjusted representing EBITDA XX% forma adjustment equities as due page DH core to in losses a lower last to mentioned RevPAR. year QX, we Huazhu net related income in million, RMBXXX adjusted of million, shares. to selected unrealized and gain included loss million, during the Excluding representing excluding RMBXXX or decrease of resurgence on in recorded to changes income fair adjusted investments RMBX in value adjusted cities pandemic due November net recorded decrease non-GAAP December of such from pro China this within an XX% compared The our In an XXXX. DH, legacy was
of impairment XXXX. XX, million around million gives a Turning of RMBXXX year impairment the adjusted fixed total million million, RMBXXX and adjusted asset has QX EBITDA for RMBXXX This net RMBXXX amount which XXXX. full and our XXXX, considered to of of Page in for in loss was in income EBITDA out goodwill
positive adjusted Excluding territory. these in have EBITDA been our non-cash the impairments, would two
we update. recorded in legacy operating loss chart to XX income-loss The the Excluding an adjusted side COVID-XX experiencing June When impact have DH, in adjusted billion reported RMBX.X cash Page DH, of legacy COVID-XX we EBITDA recorded RMBX.X shortfall. recorded XXXX.Excluding right cash net Huazhu the million. of RMBXXX Huazhu and impact a on on hand to billion. negative that an flow were we of you the Coming shows on positive significant of first adjusted XXXX,
of We loan to $X was drop meet a had default failed risk convertible $XXX redemption syndication our from overhanging June. came depressed huge billion our since potential way due our EBITDA a price a the also last significantly There $X.XX. due potential in from share We bond also covenants. the that to risk to financial million that fell below long
has As mentioned earlier, from flow. our by business recovering pandemic, Jin operating Hui strongly China cash so the our been and and very EBITDA is
a XXXX. in we a we issuance overhanging $XXX our debt loan With reaching position from $XXX risk Exchange. million syndication Kong end addition, XXXX. In at further Stock raised billion the in on million from net convertible of cash, The Hong our a the approximately bond covenants billion resolved. close financial this listings managed to the of from We RMBXX of to billion fully secondary end reduce raised had the at to the QX, been $X RMBX QX, May
will our zero bond and during RMBXXX the during of the for convertible put that of convert bank China the in bond end second share in billion totaling XXXX on, of business that converted China Therefore, further to redemption convertible of cash a also Coming XXXX. period. had money. record to Huazhu's overachieved XXXX, EBITDA likely this and The redemption COVID-XX at be Huazhu RMBX convertible now of legacy million almost adjusted and on XX. Hospitality well have We're been facilities used billion. RMBX.X whether also unforeseen will or we bond risk circumstances. into early a They both adjusted minimum will to bank impact Huazhu the waiver shares RMBX to pay of to Huazhu any resolved more billion hand We that only price. into back RMBX.X XXXX, were pleased for Huazhu cash the investors XXXX. down bank At to shares. has on financial be This in condition to Huazhu end recovery the Huazhu From unutilized addition, following the requires approximately on billion allow our financial November of being redeemed the shares recorded debt in Page of bonds a half Deutsche are share business EBITDA convertible their covenants facilities of
my had in has business business has pandemic. down, which greatly government This COVID-XX European XX, a now announced initially imposed third Easter locked to second encountered The government mentioned affected presentations, December XXXX. extended As lockdown our has the beginning the earlier and of holiday. German German planned April to in has and our subsidies in cover of will wave at had our also strict during received of to government for also lockdown XXXX. the the business government loss, salary the on Based been estimates, to the to we Europe. on in subsidy due the [indiscernible] has German scope EBITDA be the To that compensate government receiving. extended and duration of the shortfall expansion subsidies, in addition
reduce in record such with we China, the We supportive. our negotiating been will have income to rental land lords to They receipt action Similar the the been have that only of cash. upon payments.
In furlough we have our addition, our put and staff and and also expenditure. spending temporary capital on frozen reduced headcounts discretionary
EURXX the the flow of in be expect million to for year XXXX. range full million the of our gap cash operation German maximum EURXX to We in
supportive. our been for support. We are discussion also in in have Germany banking banks local They with
we to on QX Hospitality. net by XX% for XXXX, revenue to grow Deutsche expect excluding XXXX Page our to guidance. X% Turning or to Compared XX XX% XX%, to
by a XXXX, our by X% our XXXX, to provide by expect to X% XX% we expect we excluding XX%, revenue for to For more decline XX% decline to XX%. to To Hospitality. grow the revenue XXXX to with comparing full or for comparing year XXXX, Deutsche meaningful net by comparison
compared XXXX by we to of XX% excluding to XX%, grow XXXX, year full expect revenue the our For to XX% DH. XX% to or
February XXXX. earlier, which mentioned Chinese the negatively stay policy impacted business and local had New Year Chinese government a our As January imposed period, during in
to DH. first the net expect X% X%, XXXX, compared two revenue grow, QX to to to XXXX, Excluding X% of excluding we by to our months X% grow in
For the remaining XX to last expect XX months DH. if the in months grow in revenue XX% to our by XXXX, we excluding for last XXXX, XX% or to XX% XX%
our of openings in target expect X,XXX to We hotel X,XXX gross XXXX.
the the closure estimate to XXX our be With of open Q&A. we in XXX. and for that, hand, On the hotel other range please floor
