Great Eagle Holdings Limited · HKEX:41
Great Eagle — H1 2023 Earnings Presentation
19 slides from Great Eagle's earnings presentation, August 2023
Slide 1: Interim Results Presentation Aug 2023
此文件只提供英文版本 Great Eagle Holdings Interim Results Presentation Aug 2023 1
Slide 2: Highlights of 2023 Interim Results
Great Eagle Holdings Limited Financials Highlights of 2023 Interim Results (for the 6 months period ended June 30, 2023 unless otherwise stated) • The Group’s core profit attributable to equity holders was HK$1,109.5 million representing a 116.3% increase compared to HK$513.0 million for the same pe
Slide 3: 2023 Interim Results – Core Earnings
Great Eagle Holdings Limited Financials 2023 Interim Results – Core Earnings 1H 2023 1H 2022 Change HK$'000 HK$'000 HK$'000 % Gross Revenue 350,325 350,325 Revenue from property sales 586,817 539,650 47,167 8.7% Rental Income 82,382 74,170 8,212 11.1% Hotel Income - Overseas and China 2,159,284 1,54
Slide 4: 2023 Interim Results – Core Earnings (Net Operating Income)
Great Eagle Holdings Limited Financials 2023 Interim Results – Core Earnings 1H 2023 1H 2022 Change HK$'000 HK$'000 HK$'000 % Net Operating Income Operating income from property sales 545,394 263,445 281,949 107.0% Net Rental Income 54,819 48,967 5,852 12.0% Hotel Income - Overseas and China 403,108
Slide 5: 2023 Interim Results – Core Earnings (Net Finance Costs)
Great Eagle Holdings Limited Financials 2023 Interim Results – Core Earnings 1H 2023 1H 2022 Change HK$'000 HK$'000 HK$'000 % Net finance costs Finance cost (187,464) (95,057) (92,407) 97.2% Interest income 82,435 18,669 63,766 341.6% (105,029) (76,388) (28,641) 37.5% Share of results of associates
Slide 6: Breakdown of Income from Champion REIT
Great Eagle Holdings Limited Financials 2023 Interim Results – Breakdown of Income from Champion REIT 1H 2023 1H 2022 Change HK$'000 HK$'000 HK$'000 % Dividend income 382,020 430,758 (48,738) -11.3% Asset management income 120,794 126,721 (5,927) -4.7% Agency commission income & 49,842 42,104 7,738
Slide 7: Analysis on change of core earnings
Great Eagle Holdings Limited Financials Analysis on change of core earnings 1H 2023 $'000 Change in profit from core business after tax 596,538 Arise from: Increase in hotels EBITDA 290,571 Increase in operating income from property sales 281,949 Increase in share of result of joint ventures 92,200
Slide 8: Discount to NAV
Great Eagle Holdings Limited Discount to NAV Financials NAV based on statutory accounting principles (June 2023) NAV based on net assets of Champion REIT, LHI and US Fund (June 2023) % of % of HK$m HK$/shr Total HK$m HK$/shr Total Investment properties (Note 1) 6,982 9.3 11% Investment properties (N
Slide 9: Financial position
Great Eagle Holdings Limited Financial position Financials (A) Base on statutory financial positions Net Attributable Attributable Loan to Interest Interest (HK$ Million) Book Value Net Debt Net Equity Value Gearing EBITDA Expense Cover Hong Kong/ PRC Assets 62,081 (16,198) 45,882 26.1% 35.3% 1,724
Slide 10: Valuation - Investment Properties
Great Eagle Holdings Limited Valuation - Investment Properties Financials As at the end of June 2023 Hong Kong investment properties Valuation Change from GFA (sq.ft) HK$/psf Cap rate end of Dec 2022 Great Eagle Centre Office 193,271 21,783 2.9% 0.0% Retail 55,944 8,491 4.5% 0.0% Retail 3rd floor 20
Slide 11: Development Projects for Sales: ONTOLO, Pak Shek Kok
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 2023 Operational Statistics
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 1H, 2023 Operational Statistics YTD Occupancy YTD Average Room Rate YTD RevPar Jun-23 Jun-22 Change Jun-23 Jun-22 Change Jun-23 Jun-22 Change Owned by subsidiary LHI Hong Kong The Langham, Hong Kong 84.5% 70.6% 13.9% $2,044 $1,644 24.3%
Slide 14: Hotel portfolio – 1H 2023 Profit Contribution
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 1H, 2023 Profit Contribution 1H 2023 1H 2022 Fav/(-) unfav Contribution to Owned Hotels in HK$ mn in HK$ mn hotel profit Europe UK (The Langham, London) 86.9 61.6 41.1% 22% North America U.S. (The Langham in Boston, Chicago, New York, 20
Slide 15: Outlook for the Group's results
Great Eagle Holdings Limited Outlook Outlook for the Group’s results • The landscape of global economy remains challenging for the remainder of 2023. In particular, the intertwining impacts of high interest rates, lasting of warfare between Russia and Ukraine, geo-political tensions and the ongoing
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 2023 1H 2023 1H 2022 HK$'000 HK$'000 HK$'000 Gross Revenue 350,325 350,325 Property sales 586,817 586,817 539,650 Rental Income - HK 82,382 82,382
Slide 17: Reconciliation to core earnings from reported
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 1H 2023 1H 2023 1H 2022 HK$'000 HK$'000 HK$'000 Net Operating Income Operating income from property sales 545,394 545,394 263,445 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 2023 1H 2023 1H 2022 HK$'000 HK$'000 HK$'000 Operating profit before Dep. and Amortisation 2,359,224 1,640,436 1,113,236 Depreciation and amortisat
Slide 19: Reconciliation to core earnings from reported
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 1H 2023 1H 2023 1H 2022 HK$'000 HK$'000 HK$'000 Net finance costs Finance cost (579,745) (187,464) - (95,057) - Excluded interest expense of CREIT, LH