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2012 Annual Report

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Annual Report of Langham
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   Annual Report 2012 GROWING NETWORK    The Great Eagle Group is one of Hong Kong’s leading property companies; the Group also owns and manages an extensive international hotel portfolio branded under The “Langham” and its affiliate brands. Headquartered in Hong Kong, the Group develops, invests in and manages high quality office, retail, residential and hotel properties in Asia, Australasia, North America and Europe. The Group’s principal holdings include an approximately 58% interest (as at 31 Dec 2012) in Champion Real Estate Investment Trust, which owns 1.56 million square feet of Grade-A commercial office space in Citibank Plaza in the Central business district of Hong Kong, as well as the office tower and shopping mall of Langham Place comprising a total floor area of 1.29 million square feet in the prime shopping district of Mongkok, Kowloon. In the United States, the Group owns three office buildings with a total floor area of 534,000 square feet. The Group is also active in property management and maintenance services as well as building materials trading. The Group’s extensive international hotel portfolio currently comprises eighteen luxury properties with over 6,500 rooms, including twelve luxury hotels branded under The Langham and Langham Place brands in the gateway cities of Hong Kong, Shanghai, Beijing, Shenzhen, London, Boston, Los Angeles, Sydney, Melbourne and Auckland; four Eaton Hotels in Hong Kong, Shanghai and New Delhi; the 88 Xintiandi Hotel in Shanghai and the Delta Chelsea Hotel in Toronto. Langham Hotels International Limited (a wholly-owned subsidiary of Great Eagle) manages all the hotels with the exception of the Toronto property. The Group was founded in 1963 with The Great Eagle Company, Limited as its holding company, shares of which were listed on the Hong Kong Stock Exchange in 1972. The Group underwent a re-organisation in 1990 and Great Eagle Holdings Limited, a Bermuda-registered company, became the listed company of the Group in place of The Great Eagle Company, Limited. The Group had a core profit after tax of approximately HK$1,802 million in the financial year 2012 and a net asset value of approximately HK$37 billion as of 31 December 2012. GROUP PROFILE  1 Annual Report 2012 CONTENTS Corporate Information 2Dividend Notice and Financial Calendar 3Financial Highlights 4Chairman’s Statement 6OverviewFinancial ReviewOutlook Corporate Social Responsibility 22Biographical Details of Directors and 33Senior ManagementCorporate Governance Report 38Report of the Directors 55Independent Auditor’s Report   69Consolidated Income Statement 71Consolidated Statement of Comprehensive Income 72Consolidated Statement of Financial Position 73Company Statement of Financial Position 75Consolidated Statement of Changes in Equity 76Consolidated Statement of Cash Flows 77Notes to the Consolidated Financial Statements 79 Appendix I – List of Major Properties 152 Appendix II – Five Years’ Financial Summary 155Definitions 156 The Langham Chicago, USA   Great Eagle Holdings Limited2 CORPORATE INFORMATION Directors LO Ka Shui (Chairman and Managing Director) LO Kai Shui (Deputy Managing Director) LO TO Lee Kwan # CHENG Hoi Chuen, Vincent*WONG Yue Chim, Richard*LEE Pui Ling, Angelina*ZHU Qi*LO Hong Sui, AntonyLAW Wai DuenLO Hong Sui, Vincent # LO Ying Sui # KAN Tak Kwong (General Manager) #  Non-executive Directors* Independent Non-executive Directors  Audit Committee CHENG Hoi Chuen, Vincent (Chairman) WONG Yue Chim, RichardLEE Pui Ling, AngelinaZHU Qi Remuneration Committee LEE Pui Ling, Angelina (Chairman) CHENG Hoi Chuen, VincentWONG Yue Chim, Richard Nomination Committee WONG Yue Chim, Richard (Chairman) CHENG Hoi Chuen, VincentLEE Pui Ling, Angelina Finance Committee LO Ka ShuiLO Kai ShuiKAN Tak Kwong Company Secretary  WONG Mei Ling, Marina  Auditor Deloitte Touche Tohmatsu Legal Advisors Mayer Brown JSMClifford Chance Appleby Principal Bankers  The Hongkong and Shanghai Banking Corporation LimitedBank of China (Hong Kong) LimitedHang Seng Bank LimitedCitibank, N.A. Registered Office Canon’s Court, 22 Victoria StreetHamilton HM12Bermuda Principal Office 33rd Floor, Great Eagle Centre23 Harbour RoadWanchai, Hong Kong Tel: (852) 2827 3668Fax: (852) 2827 5799 Principal Share Registrar Butterfield Fulcrum Group (Bermuda) Limited26 Burnaby StreetHamilton HM 11Bermuda Branch Share Registrar in Hong Kong Computershare Hong Kong Investor Services LimitedShops 1712-171617th Floor, Hopewell Centre183 Queen’s Road EastWanchai, Hong KongEmail: hkinfo@computershare.com.hk  Website www.GreatEagle.com.hk  Stock Code 41
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