Great Eagle Holdings Limited · HKEX:41
Great Eagle — FY2021 Earnings Presentation
20 slides from Great Eagle's earnings presentation, Jul 7, 2022
Slide 1: Great Eagle Holdings Investor Presentation Q1 2022
Great Eagle Holdings Investor Presentation Q1 2022 1
Slide 2: Highlights of 2021 Annual Results
Great Eagle Holdings Limited Financials Highlights of 2021 Annual Results • The Group’s core profit attributable to equity holders for the year was HK$1,360.6 million representing a 23.2% drop compared to HK$1,771.9 million last year, after factoring in an operating income of HK$815.6 million (2020:
Slide 3: 2021 Annual Results – Core Earnings
Great Eagle Holdings Limited Financials 2021 Annual Results – Core Earnings 2021 2020 Change HK$'000 HK$'000 HK$'000 % Gross Revenue 350,325 350,325 Revenue from property sales 1,801,960 5,107,869 (3,305,909) -64.7% Rental Income 144,826 183,309 (38,483) -21.0% Hotel Income - Overseas 1,970,712 1,22
Slide 4: 2021 Annual Results – Core Earnings
Great Eagle Holdings Limited Financials 2021 Annual Results – Core Earnings 2021 2020 Change HK$'000 HK$'000 HK$'000 % Net Operating Income Operating income from property sales 815,647 2,055,379 (1,239,732) -60.3% Net Rental Income 98,122 134,533 (36,411) -27.1% Hotel Income - Overseas 44,494 (434,7
Slide 5: 2021 Annual Results – Core Earnings
Great Eagle Holdings Limited Financials 2021 Annual Results – Core Earnings 2021 2020 Change HK$'000 HK$'000 HK$'000 % Net finance costs Finance cost (159,494) (156,053) (3,441) 2.2% Interest income 78,779 188,862 (110,083) -58.3% (80,715) 32,809 (113,524) n.m Share of results of associates 6,100 5,
Slide 6: 2021 Annual Results – Breakdown of Income from Champion REIT
Great Eagle Holdings Limited Financials 2021 Annual Results – Breakdown of Income from Champion REIT 2021 2020 Change HK$'000 HK$'000 HK$'000 % Asset management income 265,999 281,652 (15,653) -5.6% Dividend received 914,558 988,052 (73,494) -7.4% Agency commission income & 99,369 96,301 3,068 3.2%
Slide 7: 2021 Annual Results – Dividend Income from LHI
Great Eagle Holdings Limited Financials 2021 Annual Results – Dividend Income from LHI 2021 2020 Change HK$'000 HK$'000 HK$'000 % Dividend Income in HK'000s 60,722 - 60,722 n.a Distribution Per Share Stapled Unit declared in HK$ 0.027 - - n.a Share Stapled Units held by Great Eagle in 000's 2,248,97
Slide 8: Analysis on change on core earnings
Great Eagle Holdings Limited Financials Analysis on change on core earnings 2021 $'000 Change in profit from core business after tax (411,263) Arise from: Decrease in hotels EBITDA loss 520,362 Decrease in income taxes 157,863 Decrease in impairment on non-core investment and fixed asset written off
Slide 9: Discount to NAV
Great Eagle Holdings Limited Discount to NAV Financials NAV based on statutory accounting principles (December 2021) NAV based on net assets of Champion REIT, LHI and US Fund % of % of HK$m HK$/shr Total HK$m HK$/shr Total Investment properties (Note 1) 6,769 9.3 11% Investment properties (Note 1) 6
Slide 10: Financial position
Great Eagle Holdings Limited Financial position Financials (A) Base on statutory financial positions Attributable Attributable Loan to Net interest Interest (HK$ Million) Book Value Net Debt Net Equity Value Gearing EBITDA expense Cover Hong Kong/ PRC Assets 62,914 (12,330) 50,584 19.6% 24.4% 2,915
Slide 11: Valuation - Investment Properties
Great Eagle Holdings Limited Valuation - Investment Properties Financials As at the end of Dec 2021 Hong Kong investment properties Valuation Change from GFA (Sqft) HK$/psf Cap rate end of Jun 2021 Great Eagle Centre Office 193,271 22,849 2.9% -1.2% Retail 55,944 8,455 4.5% -1.7% 3rd floor 20,959 11
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: Langham Hospitality Group
Langham Hospitality Group Great Eagle 13 Holdings Limited
Slide 14: Hotel portfolio – 2021 Operational Statistics
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 2021 Operational Statistics YTD Occupancy YTD Average Room Rate YTD RevPar 2021 2020 Change 2021 2020 Change 2021 2020 Change Owned by subsidiary LHI Hong Kong The Langham, Hong Kong 30.1% 16.3% 13.8% $1,103 $1,342 -17.8% $332 $219 51.9%
Slide 15: Hotel portfolio – 2021 Profit Contribution
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 2021 Profit Contribution 2021 2020 Change Contribution to Owned Hotels HK$mn HK$mn hotel profit Europe UK (The Langham, London) 23.1 (47.9) n.m 52% North America U.S. (The Langham in Boston, Chicago, New York, 10.7 (364.6) n.m 24% Pasade
Slide 16: Outlook for the Group’s results
Great Eagle Holdings Limited Outlook Outlook for the Group’s results • While local commercial properties and offices are still under pressure, some stabilisation was previously observed although this is still far from a full recovery, particularly in light of the recent outburst of the new COVID-19
Slide 17: Reconciliation to core earnings from reported
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 2021 2021 2020 HK$'000 HK$'000 HK$'000 Gross Revenue 350,325 350,325 Revenue from property sales 1,801,960 1,801,960 5,107,869 Rental Income 144,826 1
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 2021 2021 2020 HK$'000 HK$'000 HK$'000 Net Operating Income Operating income from property sales 815,647 815,647 2,055,379 Net Rental Income 98,122 98
Slide 19: Reconciliation to core earnings from reported
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported Reported earnings Core earnings Core earnings 2021 2021 2020 HK$'000 HK$'000 HK$'000 Operating profit before Dep. and Amortisation 3,370,317 2,271,722 2,903,790 Depreciation and amortisation (849,
Slide 20: 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 2021 2021 2020 HK$'000 HK$'000 HK$'000 Net finance costs Finance cost (705,271) (159,494) - (156,053) - Exclude interest expense of CREIT, LHI and US