Great Eagle Holdings Limited · HKEX:41
Great Eagle — FY2022 Earnings Presentation
19 slides from Great Eagle's earnings presentation, March 2023
Slide 1: Great Eagle Holdings Investor Presentation Q1 2023
Great Eagle Holdings Investor Presentation Q1 2023 1
Slide 2: Highlights of 2022 Annual Results
Great Eagle Holdings Limited Financials Highlights of 2022 Annual Results • The Group’s core profit attributable to equity holders for the year was HK$1,402.6 million, representing a 3.1% growth compared to HK$1,360.6 million last year. This uptick mainly resulted from a surging demand for high-end
Slide 3: 2022 Annual Results – Core Earnings
Great Eagle Holdings Limited Financials 2022 Annual Results – Core Earnings 2022 2021 Change HK$'000 HK$'000 HK$'000 % Gross Revenue 350,325 350,325 Revenue from property sales 919,963 1,801,960 (881,997) -48.9% Rental Income 151,101 144,826 6,275 4.3% Hotel Income - Overseas and Mainland China 3,82
Slide 4: 2022 Annual Results – Core Earnings (Continued)
Great Eagle Holdings Limited Financials 2022 Annual Results – Core Earnings (Continued) 2022 2021 Change HK$'000 HK$'000 HK$'000 % Net Operating Income Operating income from property sales 457,271 815,647 (358,376) -43.9% Net Rental Income 97,081 98,122 (1,041) -1.0% Hotel Income - Overseas and Chin
Slide 5: 2022 Annual Results – Core Earnings (Continued)
Great Eagle Holdings Limited Financials 2022 Annual Results – Core Earnings (Continued) 2022 2021 Change HK$'000 HK$'000 HK$'000 % Net finance costs Finance cost (238,657) (159,494) (79,163) 49.6% Interest income 67,155 78,779 (11,624) -14.8% (171,502) (80,715) (90,787) 112.5% Share of results of as
Slide 6: 2022 Annual Results – Breakdown of Income from Champion REIT
Great Eagle Holdings Limited Financials 2022 Annual Results – Breakdown of Income from Champion REIT 2022 2021 Change HK$'000 HK$'000 HK$'000 % Dividend income 796,836 914,558 (117,722) -12.9% Asset management income 246,414 266,000 (19,586) -7.4% Agency commission income & 86,961 99,369 (12,408) -1
Slide 7: 2022 Annual Results – Breakdown of Income from LHI
Great Eagle Holdings Limited Financials 2022 Annual Results – Breakdown of Income from LHI 2022 2021 Change HK$'000 HK$'000 HK$'000 % Dividend Income in HK'000s 66,163 60,722 5,441 9.0% Distribution Per Share Stapled Unit declared in HK$ 0.029 0.027 0.002 7.4% Share Stapled Units held by Great Eagle
Slide 8: Analysis on change on core earnings
Great Eagle Holdings Limited Financials Analysis on change on core earnings 2022 HK$'000 Change in profit from core business after tax 41,954 Arise from: Increase in hotel division EBITDA 721,310 Increase in distribution from LHI 5,441 Increase in other business operations 72,980 Decrease in income
Slide 9: Discount to NAV
Great Eagle Holdings Limited Discount to NAV Financials NAV based on statutory accounting principles (December 2022) NAV based on net assets of Champion REIT, LHI and US Fund (December 2022) % of % of HK$m HK$/shr Total HK$m HK$/shr Total Investment properties (Note 1) 7,002 9.4 11% Investment prope
Slide 10: Financial position
Great Eagle Holdings Limited Financial position Financials (A) Base on statutory financial positions Net Attributable Attributable Loan to Interest Interest (b) (HK$ Million) Book Value Net Debt Net Equity Value Gearing EBITDA Expense Cover Hong Kong/ PRC Assets 62,444 (16,641) 45,803 26.6% 36.3% 2,
Slide 11: Valuation - Investment Properties
Great Eagle Holdings Limited Valuation - Investment Properties Financials As at the end of December 2022 Hong Kong investment properties Valuation Valuation Change GFA (Sqft) HK$/psf Cap rate from end of Jun 2022 Great Eagle Centre Office 193,271 21,783 2.9% -3.8% Retail 55,944 8,491 4.5% -0.2% Reta
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: Hotel portfolio – 2022 Operational Statistics
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 2022 Operational Statistics (in local currency) Occupancy Average Room Rate RevPar 2022 2021 Change 2022 2021 Change 2022 2021 Change Owned Hotels Hong Kong The Langham, Hong Kong 59.8% 30.1% 29.7% $1,753 $1,103 58.9% $1,048 $332 215.7%
Slide 14: Hotel portfolio – 2022 Profit Contribution
Great Eagle Holdings Limited Hotels Division Hotel portfolio – 2022 Profit Contribution 2022 2021 Fav/(-) unfav Contribution to Owned Hotels in HK$ mn in HK$ mn hotel profit Europe 210.8 23.1 n.m. 30% UK (The Langham, London) North America 457.1 10.7 n.m. 64% U.S. (The Langham in Boston, Chicago, Ne
Slide 15: Outlook for the Group’s results
Great Eagle Holdings Limited Outlook Outlook for the Group’s results • The Group remains optimistic about the economy of Hong Kong for 2023. Hospitality and retail sector should improve with the return of travellers and demand for residential properties will be boosted by the return of prospective b
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 2022 2022 2021 HK$'000 HK$'000 HK$'000 Gross Revenue 350,325 350,325 Property sales 919,963 919,963 1,801,960 Rental Income 151,101 151,101 - 144,826
Slide 17: Reconciliation to core earnings from reported (Continued)
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported (Continued) Reported earnings Core earnings Core earnings 2022 2022 2021 HK$'000 HK$'000 HK$'000 Net Operating Income Operating income from property sales 457,271 457,271 815,647 Net Rental Income
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 2022 2022 2021 HK$'000 HK$'000 HK$'000 Operating profit before Dep. and Amortisation 3,706,732 2,563,362 2,271,722 Depreciation and amorti
Slide 19: Reconciliation to core earnings from reported (Continued)
Great Eagle Holdings Limited Core earnings reconciliation Reconciliation to core earnings from reported (Continued) Reported earnings Core earnings Core earnings 2022 2022 2021 HK$'000 HK$'000 HK$'000 Net finance costs Finance cost (829,907) (238,657) - (159,494) - Exclude interest expense of CREIT,