Great Eagle Holdings Limited · HKEX:41
Great Eagle — FY2023 Earnings Presentation
20 slides from Great Eagle's earnings presentation, 2024
Slide 1: Great Eagle Holdings Investor Presentation
此文件只提供英文版本 Great Eagle Holdings Investor Presentation Q1 2024 1
Slide 2: Highlights of 2023 Annual Results
Great Eagle Holdings Limited Financials Highlights of 2023 Annual Results • The Group’s core profit attributable to equity holders for the year was HK$1,858.1 million, representing a 32.5% growth compared to HK$1,402.6 million last year. The surge is mainly attributed to the remarkable rebound of th
Slide 3: 2023 Annual Results – Core Earnings
Great Eagle Holdings Limited Financials 2023 Annual Results – Core Earnings 2023 2022 Change HK$'000 HK$'000 HK$'000 % Gross Revenue 350,325 350,325 Revenue from property sales 1,075,118 919,963 155,155 16.9% Rental Income 168,229 151,101 17,128 11.3% Hotel Income - Overseas and Mainland China 4,718
Slide 4: 2023 Annual Results – Core Earnings (Continued)
Great Eagle Holdings Limited Financials 2023 Annual Results – Core Earnings (Continued) 2023 2022 Change HK$'000 HK$'000 HK$'000 % Net Operating Income Operating income from property sales 798,120 457,271 340,849 74.5% Net Rental Income 108,089 97,081 11,008 11.3% Hotel Income - Overseas and China 1
Slide 5: 2023 Annual Results – Core Earnings (Continued)
Great Eagle Holdings Limited Financials 2023 Annual Results – Core Earnings (Continued) 2023 2022 Change HK$'000 HK$'000 HK$'000 % Net finance costs Finance costs (443,747) (238,657) (205,090) 85.9% Interest income 195,359 67,155 128,204 190.9% (248,388) (171,502) (76,886) 44.8% Share of results of
Slide 6: 2023 Annual Results – Breakdown of Income from Champion REIT
Great Eagle Holdings Limited Financials 2023 Annual Results – Breakdown of Income from Champion REIT 2023 2022 Change HK$'000 HK$'000 HK$'000 % Dividend income 698,550 796,836 (98,286) -12.3% Asset management income 236,305 246,414 (10,109) -4.1% Agency commission income & 96,511 86,961 9,550 11.0%
Slide 7: 2023 Annual Results – Breakdown of Income from LHI
Great Eagle Holdings Limited Financials 2023 Annual Results – Breakdown of Income from LHI 2023 2022 Change HK$'000 HK$'000 HK$'000 % Dividend Income in HK'000s - 66,163 -66,163 n.m. Distribution Per Share Stapled Unit declared in HK$ - 0.029 n.m. Share Stapled Units held by Great Eagle in '000 2,33
Slide 8: Analysis on change on core earnings
Great Eagle Holdings Limited Financials Analysis on change on core earnings 2023 $'000 Change in profit attributable to Shareholders 455,513 Arise from: Increase in income from property sales 340,849 Increase in hotels EBITDA 482,265 Increase in share of result of joint venture (cash return from Dal
Slide 9: Discount to NAV
Great Eagle Holdings Limited Discount to NAV Financials NAV based on statutory accounting principles (Dec 2023) NAV based on net assets of Champion REIT, LHI and US Fund (Dec 2023) % of % of HK$m HK$/shr Total HK$m HK$/shr Total Investment properties (Note 1) 5,803 7.76 9% Investment properties (Not
Slide 10: Financial position
Great Eagle Holdings Limited Financial position Financials (A) Base on statutory financial positions (c) Net Attributable Attributable Loan to Interest Interest (HK$ Million) Book Value Net Debt Net Equity Value Gearing EBITDA Expense Cover Hong Kong/ PRC Assets 65,753 (19,821) 45,932 30.1% 43.2% 3,
Slide 11: Valuation - Investment Properties
Great Eagle Holdings Limited Valuation - Investment Properties Financials As at the end of December 2023 Hong Kong investment properties Valuation Change from GFA (Sq ft) HK$/psf Cap rate end of Jun 2023 Great Eagle Centre Office 193,271 20,934 2.9% -3.9% Retail 55,944 8,151 4.5% -4.0% Retail 3rd fl
Slide 12: 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 13: Development Projects for Sales (Continued)
Great Eagle Holdings Limited Financials Development Projects for Sales (Continued) NKIL 6590 at Kai Tak, Kowloon Joint Venture Development Project This is a joint venture project of which we partnered with Sino Land Company Limited (“Sino Land”), China Overseas Land and Investment Limited and Chines
Slide 14: Hotel portfolio – 2023 Operational Statistics
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 2023 Operational Statistics YTD Occupancy YTD Average Room Rate YTD RevPar (in local currency) Dec-23 Dec-22 Change Dec-23 Dec-22 Change Dec-23 Dec-22 Change Under LHI Hong Kong The Langham, Hong Kong 86.9% 59.8% 27.1% $2,173 $1,753 24.0
Slide 15: Hotel portfolio – 2023 Profit Contribution
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 2023 Profit Contribution 2023 2022 Fav/(-) unfav Contribution to Owned Hotels in HK$ mn in HK$ mn hotel profit Europe UK (The Langham, London) 233.6 210.8 10.8% 22% North America U.S. (The Langham in Boston, Chicago, New York, 568.0 457.
Slide 16: Outlook for the Group’s results
Great Eagle Holdings Limited Outlook Outlook for the Group’s results • Going forward, challenges including high interest rates, geo-political tensions and Sino-US trade conflicts would still cloud the global economy despite the emergence of positive signals. The market consensus on interest rates to
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 2023 2023 2022 HK$'000 HK$'000 HK$'000 Gross Revenue 350,325 350,325 Property sales 1,075,118 1,075,118 919,963 Rental Income 168,229 168,229 - 151,10
Slide 18: Reconciliation to core earnings from reported (Continued)
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported (Continued) Reported earnings Core earnings Core earnings 2023 2023 2022 HK$'000 HK$'000 HK$'000 Net Operating Income Operating income from property sales 798,120 798,120 457,271 Net Rental Income
Slide 19: Reconciliation to core earnings from reported (Continued)
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported (Continued) Reported earnings Core earnings Core earnings 2023 2023 2022 HK$'000 HK$'000 HK$'000 Operating profit before Dep. and Amortisation 4,663,625 3,161,230 2,563,362 Depreciation and amorti
Slide 20: Reconciliation to core earnings from reported (Continued)
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported (Continued) Reported earnings Core earnings Core earnings 2023 2023 2022 HK$'000 HK$'000 HK$'000 Net finance costs Finance cost (1,311,725) (443,747) - (238,657) - Exclude interest expense of CREI