Great Eagle Holdings Limited · HKEX:41
Great Eagle — FY2024 Earnings Presentation
22 slides from Great Eagle's earnings presentation, 2025
Slide 1: Great Eagle Holdings Investor Presentation
此文件只提供英文版本 Great Eagle Holdings Investor Presentation Q1 2025 1
Slide 2: Highlights of 2024 Annual Results
Great Eagle Holdings Limited Financials Highlights of 2024 Annual Results • The Group recorded a 4.1% increase in total core revenue to HK$7,833.1 million (2023: HK$7,522.3 million) mainly attributed to contribution from the ONTOLO project. Nevertheless, the operating income showed an 8.7% decline t
Slide 3: 2024 Annual Results – Core Earnings
Great Eagle Holdings Limited Financials 2024 Annual Results – Core Earnings * Based on attributable distribution income from Champion REIT and LHI in respect of the same financial period. 3
Slide 4: 2024 Annual Results – Core Earnings (Continued)
Great Eagle Holdings Limited Financials 2024 Annual Results – Core Earnings (Continued) * Based on attributable distribution income from Champion REIT and LHI in respect of the same financial period. 4 ^ including hotel management fee income, master lessee surplus or shortfall and income from Ying’n
Slide 5: 2024 Annual Results – Core Earnings (Continued)
Great Eagle Holdings Limited Financials 2024 Annual Results – Core Earnings (Continued) 2024 2023 Change HK$'000 HK$'000 HK$'000 % Net finance costs Finance costs (512,007) (443,747) (68,260) 15.4% Interest income 172,581 195,359 (22,778) -11.7% (339,426) (248,388) (91,038) 36.7% Share of results of
Slide 6: 2024 Annual Results – Breakdown of Income from Champion REIT
Great Eagle Holdings Limited Financials 2024 Annual Results – Breakdown of Income from Champion REIT 6
Slide 7: 2024 Annual Results – Breakdown of Income from LHI
Great Eagle Holdings Limited Financials 2024 Annual Results – Breakdown of Income from LHI 2024 2023 Change HK$'000 HK$'000 HK$'000 % Distribution income 39,126 - 39,126 n/a Distribution Per Share Stapled Unit declared in HK$ 0.016 - n/a Share Stapled Units held by Great Eagle in '000 2,445,357 2,33
Slide 8: Analysis on change on core earnings
Great Eagle Holdings Limited Financials Analysis on change on core earnings 8
Slide 9: Discount to NAV
Great Eagle Holdings Limited Discount to NAV Financials NAV based on statutory accounting principles (Dec 2024) NAV based on net assets of Champion REIT, LHI and US Fund (Dec 2024) % of % of HK$m HK$/shr Total HK$m HK$/shr Total Investment properties (Note 1) 5,521 7.4 9% Investment properties (Note
Slide 10: Financial position
Great Eagle Holdings Limited Financial position Financials 10
Slide 11: Valuation - Investment Properties
Great Eagle Holdings Limited Valuation - Investment Properties Financials As at the end of December 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 19,149 2.9% -8.5% Retail 55,944 8,151 4.5% 0.0% Retail 3rd flo
Slide 12: Development Projects for Sales: ONTOLO
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 (“GF
Slide 13: Development Projects for Sales: ONMANTIN
Great Eagle Holdings Limited Financials Development Projects for Sales (Continued) ONMANTIN, Ho Man Tin Residential Development Project This project comprises a GFA of approximately 742,000 sq. ft., or a saleable area of approximately 664,000 sq. ft., for the development of 990 apartments above Ho M
Slide 14: Development Projects for Sales: Kai Tak JV
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 the Group had partnered with Sino Land Company Limited (“Sino Land”), China Overseas Land and Investment Limited
Slide 15: Development Projects for Sales: Ma Tau Chung JV
Great Eagle Holdings Limited Financials Development Projects for Sales (Continued) KIL 11290, Shing Tak Street / Ma Tau Chung Road, Kowloon City Joint Venture Development Project This is a joint venture project of which the Group had partnered with Sino Land and China Merchants Land Limited under a
Slide 16: Hotel portfolio – 2024 Operational Statistics
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 2024 Operational Statistics YTD Occupancy YTD Average Room Rate YTD RevPar (in local currency) Dec-24 Dec-23 Change Dec-24 Dec-23 Change Dec-24 Dec-23 Change Under LHI Hong Kong The Langham, Hong Kong 89.3% 86.9% 2.4% $1,957 $2,173 -9.9%
Slide 17: Hotel portfolio – 2024 Profit Contribution
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 2024 Profit Contribution 2024 2023 Fav/(-) unfav Contribution to Owned Hotels in HK$ mn in HK$ mn hotel profit Europe UK (The Langham, London) 243.7 233.6 4.3% 25% North America 547.4 568.0 -3.6% 56% U.S. (The Langham in Boston, Chicago,
Slide 18: Outlook for the Group’s results
Great Eagle Holdings Limited Outlook Outlook for the Group’s results • The outlook for 2025 remains challenging as global economy is still constrained by uncertainties arisen from geopolitical tensions, higher interest rates and potential escalation of trade conflicts between the US and Mainland Chi
Slide 19: Reconciliation to core earnings from reported earnings
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported earnings Reported earnings Core earnings Core earnings 2024 2024 2023 HK$'000 HK$'000 HK$'000 Revenue 350,325 350,325 Revenue from property sales 1,340,497 1,340,497 1,075,118 Rental Income 172,86
Slide 20: Reconciliation to core earnings from reported earnings (Continued)
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported earnings (Continued) Reported earnings Core earnings Core earnings 2024 2024 2023 HK$'000 HK$'000 HK$'000 Net Operating Income Operating income from property sales 599,031 599,031 798,120 Net Rent
Slide 21: Reconciliation to core earnings from reported earnings (Continued)
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported earnings (Continued) Reported earnings Core earnings Core earnings 2024 2024 2023 HK$'000 HK$'000 HK$'000 Operating profit before Dep. and Amortisation 4,205,671 2,885,714 3,161,230 Depreciation a
Slide 22: Reconciliation to core earnings from reported earnings (Continued)
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported earnings (Continued) Reported earnings Core earnings Core earnings 2024 2024 2023 HK$'000 HK$'000 HK$'000 Net finance costs Finance cost (1,513,182) (512,007) - (443,747) - Excluded interest expen