Great Eagle Holdings Limited · HKEX:41
Great Eagle — FY2020 Earnings Presentation
27 slides from Great Eagle's earnings presentation, 2021
Slide 1: Great Eagle Holdings Investor Presentation
此文件只提供英文版本 Great Eagle Holdings Investor Presentation Q1 2021 1
Slide 2: Background: A Leading Property and Hotel Company
Great Eagle Holdings Limited Background A Leading Property and Hotel Company with Prime Assets in Global Gateway Cities Long operating and listing history - Founded in 1963 and listed since 1972 - 40+ years track record property development Strong asset base with irreplaceable trophy properties - La
Slide 3: Highlights of 2020 Final Results
Great Eagle Holdings Limited Financials Highlights of 2020 Final Results Despite the impact of the COVID-19 pandemic, the Group’s core profit in 2020 was supported solely by the profit booked for accumulated units sold at ONTOLO, our luxury residential development project. The Group’s statutory re
Slide 4: 2020 Final Results
Great Eagle Holdings Limited Financials 2020 Final Results 2020 2019 Change HK$'000 HK$'000 HK$'000 % Gross Revenue 350,325 350,325 Revenue from property sales 5,107,869 - 5,107,869 n.m. Rental Income 183,309 218,632 (35,323) -16.2% Hotel Income - Overseas 1,226,657 4,108,518 (2,881,861) -70.1% - Ot
Slide 5: 2020 Final Results
Great Eagle Holdings Limited Financials 2020 Final Results 2020 2019 Change HK$'000 HK$'000 HK$'000 % Net Operating Income Operating income from property sales 2,055,379 - 2,055,379 n.m. Net Rental Income 134,533 168,204 (33,671) -20.0% Hotel Income - Overseas (434,761) 753,721 (1,188,482) -157.7% -
Slide 6: 2020 Final Results
Great Eagle Holdings Limited Financials 2020 Final Results 2020 2019 Change HK$'000 HK$'000 HK$'000 % Net finance costs Finance cost (156,053) (167,884) 11,831 -7.0% Interest income 188,862 177,767 11,095 6.2% 32,809 9,883 22,926 232.0% Share of results of associates 5,148 1,191 3,957 332.2% Share o
Slide 7: 2020 Final Results – Breakdown of Income from Champion REIT
Great Eagle Holdings Limited Financials 2020 Final Results – Breakdown of Income from Champion REIT 2020 2019 Change HK$'000 HK$'000 HK$'000 % Asset management income 281,652 297,677 (16,025) -5.4% Dividend received 988,052 1,036,439 (48,387) -4.7% Agency commission income & 96,301 126,701 (30,400)
Slide 8: Analysis on change on core income
Great Eagle Holdings Limited Financials Analysis on change on core income 2020 $'000 Change in profit from core business after tax 40,912 Arise from: Operating income from property sales 2,055,379 Decrease in hotels EBITDA (1,405,591) Decrease in distribution income from LHI (163,831) Decrease in di
Slide 9: Discount to NAV
Great Eagle Holdings Limited Discount to NAV Financials NAV based on statutory accounting principles (December 2020) NAV based on net assets of Champion REIT, LHI and US Fund % of % of HK$m HK$/shr Total HK$m HK$/shr Total Investment properties 6,847 9.5 12% Investment properties 6,847 9.5 10% Appra
Slide 10: Financial position
Great Eagle Holdings Limited Financials Financial position (A) Base on statutory financial positions Book Carrying Net Cash Loan to Net interest Interest (HK$ Million) Value (Debt) Net Equity Value Gearing EBITDA expense Cover Hong Kong/ PRC Assets 58,684 (10,233) 48,451 17.4% 21.1% 4,460 572 7.8 Ov
Slide 11: Valuation – Investment properties
Great Eagle Holdings Limited Valuation – Investment properties Financials As at the end of December 2020 Hong Kong investment properties Valuation Change from GFA (Sqft) HK$/psf Cap rate end of June 2020 Great Eagle Centre Office 193,271 23,506 2.9% -4.6% Retail 55,944 8,938 4.5% -3.8% 3rd floor 20,
Slide 12: Development Project: ONTOLO, Pak Shek Kok
Great Eagle Holdings Limited Development Project Development Project 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 730
Slide 13: Langham Hospitality Group
Langham Hospitality Group Great Eagle 13 Holdings Limited
Slide 14: Hotels Division
Great Eagle Holdings Limited Hotels Division The Langham, London The Langham, Boston The Langham, Melbourne The Langham, Sydney Cordis, Auckland Cordis, Hongqiao The Langham, Pasadena The Langham, Xintiandi Chelsea Hotel, Toronto The Langham, New York The Langham, Chicago Eaton, Washington D.C. Th
Slide 15: Hotel portfolio – 2020 Operational Statistics
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 2020 Operational Statistics YTD Occupancy YTD Average Room Rate YTD RevPar 2020 2019 Change 2020 2019 Change 2020 2019 Change Owned by subsidiary LHI Hong Kong The Langham, Hong Kong 16.3% 75.3% -59.0% $1,342 $1,955 -31.4% $219 $1,472 -8
Slide 16: Hotel portfolio – 2020 Room and F&B revenue growth
Great Eagle Holdings Limited Langham Hospitality Group Hotel portfolio – 2020 Room and F&B revenue growth (in local currency) Room revenue growth F&B revenue growth 2020 2020 The Langham, London -80% -77% The Langham, Boston (closed in 2020 for renovations) n.a. n.a. The Langham, Huntington Pasadena
Slide 17: Hotel portfolio – Profit contribution
Great Eagle Holdings Limited Hotels Division Hotel portfolio – Profit contribution in HK$ 2020 2019 Change Contribution to Owned Hotels in mn in mn hotel loss Europe UK (The Langham, London) -47.9 178.9 -126.8% 11% North America U.S. (The Langham in Boston, Chicago, New York, -364.6 304.1 -219.9% 84
Slide 18: Hotel pipeline
Great Eagle Holdings Limited Langham Hospitality Group Hotel pipeline 2021 Rooms Status Langham Place, Changsha 295 Agreement The Langham, Jakarta 224 Agreement The Langham, Turtle Bay, Queensland, Australia 71 Agreement 2022 Rooms Status The Langham Gold Coast 169 Agreement Cordis International Cru
Slide 19: Investment properties
Investment properties Great Eagle 19 Holdings Limited
Slide 20: 2020 - Rental income breakdown
Great Eagle Holdings Limited Investment properties 2020 - Rental income breakdown Gross rental income Growth Net rental income Growth 2020 2019 (%) 2020 2019 (%) (in HK$ mn) Hong Kong Investment Properties Great Eagle Centre 119.9 135.3 (11.4) 112.1 131.2 (14.6) Eaton Residences Apartments 33.1 51.3
Slide 21: U.S. Fund
Great Eagle Holdings Limited U.S. Fund U.S. Fund The Austin, San Francisco Construction work was completed by December 2017. The property was highly acclaimed by Wallpaper Magazine as an embodiment of Californian modernism. All 100 units were sold and handed to buyers by the end of 2020. The project
Slide 22: Development projects
Great Eagle Holdings Limited Development projects Development projects Dalian Mixed-use Development Project The Group successfully sold all the remaining unsold units of Phase I together with the site for Phase II of the project in July 2019. Following the booking of first profit of HK$73 million
Slide 23: Outlook for the Group's results
Great Eagle Holdings Limited Outlook Outlook for the Group’s results • For our Hotels Division, we expect our hotels’ business will be under enormous pressure until travel restrictions and social distancing measures are fully lifted. Therefore, implementing strict cost control measures will be of ut
Slide 24: Reconciliation to core earnings from reported
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 2020 2020 2019 HK$'000 HK$'000 HK$'000 Gross Revenue 350,325 350,325 Revenue from property sales 5,107,869 5,107,869 - Rental Income 183,309 183,309 -
Slide 25: 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 2020 2020 2019 HK$'000 HK$'000 HK$'000 Net Operating Income Operating income from property sales 2,055,379 2,055,379 - Net Rental Income 134,533 134,5
Slide 26: Reconciliation to core earnings from reported
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 2020 2020 2019 HK$'000 HK$'000 HK$'000 Operating profit before Dep. and Amortisation 4,201,528 2,903,790 2,710,575 Depreciation and amortisation (831,
Slide 27: 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 2020 2020 2019 HK$'000 HK$'000 HK$'000 Net finance costs Finance cost (802,928) (156,053) - (167,884) - Exclude interest expense of CREIT, LHI and US