City Developments Limited · SGX:C09
City Developments — Shareholder Meeting (April 2022)
30 slides from City Developments's shareholder meeting presentation, Apr 28, 2022
Slide 1: 59th Annual General Meeting
59th Annual General Meeting 28 April 2022 Artist’s Impression CanningHill Piers I Singapore
Slide 2: Agenda
Agenda ➢ FY 2021 Key Highlights ➢ Outlook & Strategic Focus Artist’s Impression CanningHill Piers I Singapore
Slide 3: FY 2021 Key Highlights
FY 2021 Key Highlights >>>
Slide 4: FY 2021 Key Financial Highlights
FY 2021 Key Financial Highlights REVENUE EBITDA PBT PATMI $2.6B $706.9MM $227.7MM $97.7MM $2.1B in 2020 $(1.4B) in 2020 $(1.8B) in 2020 $(1.9B) in 2020 $367MM (exclude Sincere) $(14MM) (exclude Sincere) $(140MM) (exclude Sincere) FY 2021: Return to Profitability ▪ Property development segment contri
Slide 5: FY 2021 Key Financial Highlights: NAV, Distributions, Share Price
FY 2021 Key Financial Highlights NAV per share RNAV per share $9.28 $15.70 If FV gains on $18.61 investment properties If revaluation surpluses of 1.1% YoY 10.1% YoY had been factored in the hotel portfolio had and the Group’s hotels been included (based on continue to be stated $9.38 in 2020 $14.26
Slide 6: Value Creation for Shareholders
Value Creation for Shareholders Proposed Distribution in specie (DIS) of Units in CDL Hospitality Trusts (CDLHT) to Shareholders Transaction Summary Transaction Rationale Proposed ▪ Comprises distribution of 144,300,000 stapled CDLHT Units to CDL Distribution Shareholders on a pro rata basis (equiva
Slide 7: Capital Management
Capital Management Strong Balance Sheet & Liquidity Position as at 31 December 2021 Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash Interest Cover % of Ratio 1 Fixed Rate Debt 99% $2.2B 3.0x 34% FY 2020: 93% FY 2020: $3.2B FY 2020: 3.4x FY 2020: 34% Ne
Slide 8: Completed Strategic Acquisitions & Investments – FY 2021
Completed Strategic Acquisitions & Investments – FY 2021 United Kingdom China Total Assets: Octagon, Birmingham 65% effective stake in Shenzhen (370 units) Longgang Tusincere Tech Park $23.9B* Others 18% Artist’s Impression Artist’s Impression US Singapore 7% Assets by 45% RMB 1.1B ($228MM)@ Geograp
Slide 9: Singapore Property Development
Singapore Property Development Record $4.3B~ property sales value achieved for 2,185 units* sold in FY 2021 Resilient Sales Performance ➢ 2 highly successful launches – Irwell Hill Residences and CanningHill Piers for FY 2021 ➢ Healthy uptake for existing inventory • Momentum driven by pent- up dema
Slide 10: Singapore Property Development
Singapore Property Development Steady Sales for Existing Inventory Sengkang Grand Residences^ Amber Park^ Boulevard 88^ (680 units) (592 units) (154 units) Artist’s Impression Artist’s Impression Artist’s Impression 99% sold 94% sold 83% sold Piermont Grand^ Whistler Grand (820 units) (716 units) Ar
Slide 11: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy for Office and Retail Portfolio (As at 31 Mar 2022) * Office Retail 11 properties 8 properties 92.9% 95.1% Committed Occupancy Committed Occupancy 1.7MM sq ft 688,000 sq ft Net Lettable Area REPUBLIC PLAZA Net Lettable Area CITY SQUARE MALL L
Slide 12: International Operations
International Operations Strengthening Footprint in Key Overseas Markets Key Milestones in 2021: UK China Acquired a 250-year • Emerald (99%) leasehold PRS site in • HLCC (92%) UK Artist’s Impression Artist’s Impression Birmingham’s Paradise • Eling Palace (91%) City Lux Tobe LOC’s Yokohama Bayside
Slide 13: Hotel Operations
Hotel Operations Significant Recovery in the Hospitality Sector with Reopening of Borders FY 2021 FY 2020 Change Key Highlights in 2021 $MM $MM % Opening of M Social’s First Outpost in Europe & the US Revenue 873.1 640.4 36.3 EBITDA 111.1 (201.5) NM Profit Before Tax (PBT) (71.0) (573.4) NM Group Re
Slide 14: Recognition for Performance Excellence
Recognition for Performance Excellence Business & Performance LATEST BUSINESS EXCELLENCE MILESTONES Ranked #4 IDC Future Enterprise Awards 2021 – Best in: Singapore Governance and Transparency Index 2021 NS Advocate Award for Large Companies ESG Achievements – Ranked on 13 Leading Global Sustainabil
Slide 15: Outlook & Strategic Focus
Outlook & Strategic Focus >>> Artist’s Impression Piccadilly Grand I Singapore
Slide 16: GET Strategy & Focus 2022
GET Strategy & Focus 2022 Growth ➢ Build development • Pipeline launch: Piccadilly Grand in 1H 2022, Tengah Garden Walk EC and 80 Anson Road (former Fuji Xerox Towers) in 2H 2022 • Active land replenishment: Maintain a strategic inventory level pipeline & recurring income streams • Expand Living Sec
Slide 17: Singapore Residential Launch Pipeline
GROWTH Singapore Residential Launch Pipeline Diversified pipeline ranging from Mass Market to High-end projects Upcoming Launches Tengah Garden Walk EC^# (Est 639 units) Piccadilly Grand^ 1H 2022 Tengah Garden Walk EC^# 2H 2022 Launch Pipeline Residential component of 2H 2022 Fuji Xerox Towers redev
Slide 18: Diversification – Enhancing Recurring Income
GROWTH Diversification – Enhancing Recurring Income Through Growth in the Living Sector Strategic Expansion into the Living Sector Total PRS Portfolio Hospitality Level of Overall: Service 1,734 units (operational and pipeline) Private Rented Sector (PRS) Leverages the Group’s Senior Workers’ expert
Slide 19: Asset Rejuvenation & Redevelopment to Unlock Value
ENHANCEMENT Asset Rejuvenation & Redevelopment to Unlock Value 80 Anson Road Proposed Redevelopment Under CBD Incentive Scheme*: Change of Use (former Fuji Xerox Towers) Commercial / Hotel Assets 46-storey freehold mixed-use Current & past projects include: integrated development comprising ➢ Boulev
Slide 20: Redevelopment of Central Mall & Central Square
ENHANCEMENT Redevelopment of Central Mall & Central Square Rejuvenation of Singapore River Precinct with Strategic Acquisition of Central Square Enlarged site to be redeveloped into an iconic mixed-use development Aerial view of Central Mall and Central Square Artist’s Impression 20
Slide 21: Enhancement of Existing Assets
ENHANCEMENT Enhancement of Existing Assets Asset Rejuvenation to Unlock Value and Strengthen Recurring Income Streams Tower Club – Ba Xian Dining Palais Renaissance Target Completion: 1H 2022 Target Completion: 1H 2022 King’s Centre Jungceylon (Phuket) To be completed in phases by Q4 2023, with the
Slide 22: ESG Integration and Decarbonising Towards Net Zero
ENHANCEMENT ESG Integration and Decarbonising Towards Net Zero CDL Future Value 2030 Sustainability Blueprint Key Targets Net Zero Operational Carbon by 2030* 1st Singapore real estate developer to sign World Green Building Council (WorldGBC)’s Net Zero Carbon Buildings Commitment Carbon emissions G
Slide 23: Fund Management Strategy
TRANSFORMATION Fund Management Strategy Grow Fund Management Business where CDL has Domain Knowledge and Track Record Target AUM US$5B by 2023 Organic Growth Merger & Acquisitions • Accumulate scale in assets that can be • Accelerate growth of the fund management subsequently transferred into a list
Slide 24: Capital Recycling through Strategic Divestments
TRANSFORMATION Capital Recycling through Strategic Divestments Significant Divestments of M&C-owned Assets ➢ Execution of strategic divestments to enhance efficiency and maximise shareholder value ➢ Unlock deep value of investment assets held at low book value Millennium Hilton Seoul and adjoining l
Slide 25: Active Hotel Repositioning and Asset Development
TRANSFORMATION Active Hotel Repositioning and Asset Development • NEW YORK DOWNTOWN • LONDON • PHUKET M Social Hotel • SUZHOU New York Times M Social Hotel New York Times Square Square M Social M Social Hotel Paris Opera M Social Suzhou Knightsbridge London M Social Sunnyvale M Social New York Downt
Slide 26: Strategic Focus
Strategic Focus >>> Artist’s Impression CanningHill Piers I Singapore
Slide 27: Our Vision, Mission and Values
Our Vision, Mission and Values OUR MISSION OUR VISION C onceptualise spaces and solutions We aim to be R espect planet Earth recognised by E ncourage diversity of people and ideas customers, A dvance the communities we operate in employees and T ake prudent risk for sustainable returns peers as an i
Slide 28: Maximising Shareholder Value
Maximising Shareholder Value Improve Asset ROE Optimisation Enhance Capital Recurring Recycling Income Sustainable Grow Shareholder AUM Returns Diversification Prudent Environmental I Social I Governance Capital Sustainability Management
Slide 29: Disclaimer
Disclaimer: This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward- looking statements as a result of a number of risks, uncertainties and assumption
Slide 30: www.cdl.com.sg
Artist’s Impression CANNINGHILL PIERS I SINGAPORE OUR VISION: OUR MISSION: OUR VALUES: We aim to be recognised C onceptualise spaces and solutions INNOVATION by customers, R espect planet Earth employees and peers as COLLABORATION an innovative creator of E ncourage diversity of people and ideas qua