Great Eagle Holdings Limited · HKEX:41
Great Eagle — H1 2024 Earnings Presentation
19 slides from Great Eagle's earnings presentation, August 2024
Slide 1: Interim Results Presentation Aug 2024
此文件只提供英文版本 Great Eagle Holdings Interim Results Presentation Aug 2024 1
Slide 2: Highlights of 2024 Interim Results
Great Eagle Holdings Limited Financials Highlights of 2024 Interim Results (for the 6 months period ended June 30, 2024 unless otherwise stated) • The Group’s core profit attributable to equity holders was HK$735.8 million representing a 33.7% reduction compared to HK$ 1,109.5 million for the same p
Slide 3: 2024 Interim Results – Core Earnings (Revenue)
Great Eagle Holdings Limited Financials 2024 Interim Results – Core Earnings 1H 2024 1H 2023 Change HK$'000 HK$'000 HK$'000 % Gross Revenue 350,325 350,325 Revenue from property sales 769,286 586,817 182,469 31.1% Rental Income 84,196 82,382 1,814 2.2% Hotel Income - Overseas and China 2,195,129 2,1
Slide 4: 2024 Interim Results – Core Earnings (Net Operating Income)
Great Eagle Holdings Limited Financials 2024 Interim Results – Core Earnings 1H 2024 1H 2023 Change HK$'000 HK$'000 HK$'000 % Net Operating Income Operating income from property sales 361,190 545,394 (184,204) -33.8% Net Rental Income 54,357 54,819 (462) -0.7% Hotel Income - Overseas and China 320,2
Slide 5: 2024 Interim Results – Core Earnings (Net Profit)
Great Eagle Holdings Limited Financials 2024 Interim Results – Core Earnings 1H 2024 1H 2023 Change HK$'000 HK$'000 HK$'000 % Net finance costs Finance cost (260,732) (187,464) (73,268) 39.0% Interest income 86,898 82,435 4,463 5.4% (173,834) (105,029) (68,805) 65.5% Share of results of associates (
Slide 6: Breakdown of Income from Champion REIT
Great Eagle Holdings Limited Financials 2024 Interim Results – Breakdown of Income from Champion REIT 1H 2024 1H 2023 Change HK$'000 HK$'000 HK$'000 % Dividend income 341,367 382,020 (40,653) -10.6% Asset management income 115,959 120,794 (4,835) -4.0% Agency commission income & 40,824 49,842 (9,018
Slide 7: Analysis on change of core earnings
Great Eagle Holdings Limited Financials Analysis on change of core earnings 1H 2024 $'000 Change in profit from core business after tax (373,704) Arise from: Decrease in operating income from property sale (184,204) Decrease in hotels EBITDA (29,633) Decrease in dividend and management income from C
Slide 8: Discount to NAV
Great Eagle Holdings Limited Discount to NAV Financials NAV based on statutory accounting principles (Jun 2024) NAV based on net assets of Champion REIT, LHI and US Fund (Jun 2024) % of % of HK$m HK$/shr Total HK$m HK$/shr Total Investment properties (Note 1) 5,598 7.5 9% Investment properties (Note
Slide 9: Financial position
Great Eagle Holdings Limited Financial position Financials (A) Base on statutory financial positions Attributable Attributable Loan to Net Interest Interest (b) (c) (HK$ Million) Book Value Net Debt Net Equity Value Gearing EBITDA Expense Cover Hong Kong/ PRC Assets 64,321 (19,801) 44,520 30.8% 44.5
Slide 10: Valuation - Investment Properties
Great Eagle Holdings Limited Valuation - Investment Properties Financials As at the end of June 2024 Hong Kong investment properties Valuation Change from GFA (sq.ft) HK$/psf Cap rate end of Dec 2023 Great Eagle Centre Office 193,271 20,003 2.9% -4.4% Retail 55,944 8,151 4.5% 0.0% Retail 3rd floor 2
Slide 11: Development Projects for Sales
Great Eagle Holdings Limited Financials Development Projects for Sales ONTOLO, Pak Shek Kok The site, which is located in Pak Shek Kok, Tai Po and commands spectacularly unobstructed sea views over Tolo Harbour was acquired in May 2014. The development, with a total permissible gross floor area of 7
Slide 12: Langham Hospitality Group
Langham Hospitality Group Great Eagle 12 Holdings Limited
Slide 13: Hotel portfolio – 1H 2024 Operational Statistics
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 1H, 2024 Operational Statistics YTD Occupancy YTD Average Room Rate YTD RevPar (in local currency) Jun-24 Jun-23 Change Jun-24 Jun-23 Change Jun-24 Jun-23 Change Under LHI Hong Kong The Langham, Hong Kong 87.7% 84.5% 3.2% $1,947 $2,044 -
Slide 14: Hotel portfolio – 1H 2024 Profit Contribution
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 1H, 2024 Profit Contribution 1H 2024 1H 2023 Fav/(-) unfav Contribution to Owned Hotels in HK$ mn in HK$ mn hotel profit Europe UK (The Langham, London) 90.8 86.9 4.5% 28% North America U.S. (The Langham in Boston, Chicago, New York, 151
Slide 15: Outlook for the Group's results
Great Eagle Holdings Limited Outlook Outlook for the Group’s results • The uncertainty of the global economy is likely to continue. Even though there are evidences to support that the inflation in the US is under control and the first rate cut is expected within the year, nevertheless, the impacts a
Slide 16: Reconciliation to core earnings from reported
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 1H 2024 1H 2024 1H 2023 HK$'000 HK$'000 HK$'000 Gross Revenue 350,325 350,325 Property sales 769,286 769,286 586,817 Rental Income - HK 84,196 84,196
Slide 17: Reconciliation to core earnings from reported
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 1H 2024 1H 2024 1H 2023 HK$'000 HK$'000 HK$'000 Net Operating Income Operating income from property sales 361,190 361,190 545,394 Net Rental Income -
Slide 18: Reconciliation to core earnings from reported
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 1H 2024 1H 2024 1H 2023 HK$'000 HK$'000 HK$'000 Operating profit before Dep. and Amortisation 2,035,400 1,364,494 1,640,436 Depreciation and amortisat
Slide 19: Reconciliation to core earnings from reported
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 1H 2024 1H 2024 1H 2023 HK$'000 HK$'000 HK$'000 Net finance costs Finance cost (751,020) (260,732) - (187,464) - Excluded interest expense of CREIT, L