Slide 1: Full Year Financial Report 1 Jan – 31 Dec 2010
FULL YEAR FINANCIAL REPORT 1 Jan – 31 Dec 2010 24 FEBRUARY 2011 CDL ANALYST PRESENTATION * Artist’s Impression of NV Residences
Slide 2: Agenda
AGENDA 1. FINANCIAL HIGHLIGHTS 2. SINGAPORE PROPERTY MARKET 3. OPERATIONS REVIEW - PROPERTY DEVELOPMENT - HOTEL OPERATIONS AND CDLHT 4. MARKET OUTLOOK 5. MOVING FORWARD * Artist’s Impression of 368 Thomson
Slide 3: Financial Highlights
FINANCIAL HIGHLIGHTS * Artist’s Impression of The Glyndebourne
Slide 4: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS • Record results for profit before tax of $1 billion and PATMI of $749 million for FY 2010 since its inception in 1963. • No fair value on investment properties and hotels (including CDL Hospitality Trusts). • Interest cover improved from 14.5 times to 20.7 times in 2010. •
Slide 5: Summary of Financial Highlights
SUMMARY OF FINANCIAL HIGHLIGHTS Q4 Q4 % FY FY % 2010 2009 Change 2010 2009 Change Revenue ($m) 691 922 (25.1) 3,129 3,273 (4.4) Profit Before Tax ($m) 320 252 26.9 1,032 832 24.0 PATMI ($m) 249 177 40.7 749 593 26.3 Basic Earnings Per Share (cents) 26.7 18.7 42.8 81.0 63.8 26.9 NAV Per Share ($) 7.0
Slide 6: Revenue for the Year Ended Dec
FINANCIAL HIGHLIGHTS Revenue for the Year Ended 31 Dec 3,500 3,273 3,106 3,129 2,945 3,000 2,547 2,500 2,326 2,380 2,374 $ million 2,000 1,500 1,000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 Year Note : The above financial information is extracted from yearly announcements of respective years.
Slide 7: PATMI for the Year Ended Dec
FINANCIAL HIGHLIGHTS PATMI for the Year Ended 31 Dec 800 749 725 700 581 593 600 500 $ million 400 352 300 227 200 200 152 100 0 2003 2004 * 2005 2006 2007 2008 2009 2010 Year * Restated Note : The above financial information is extracted from yearly announcement of respective years. The Group adopt
Slide 8: Revenue by Segment – FY 2010 vs FY 2009 & FY 2008
FINANCIAL HIGHLIGHTS Revenue by Segment – FY 2010 vs FY 2009 & FY 2008 $m 2,000 1,866 1,800 1,577 FY 2008 1,600 1,447 1,492 FY 2009 1,400 1,150 FY 2010 1,200 1,000 773 800 600 281 333 400 246 200 60 53 69 0 Property Hotel Rental Others Development Operations FY 2010 FY 2009 FY 2008 Property Developm
Slide 9: Profit Before Tax by Segment – FY 2010 vs FY 2009 & FY 2008
FINANCIAL HIGHLIGHTS Profit Before Tax by Segment – FY 2010 vs FY 2009 & FY 2008 $m 600 545 550 477 FY 2008 500 450 422 386 FY 2009 400 350 300 FY 2010 245 250 205 200 133 139 123 150 100 31 19 50 0 (50) (27) Property Hotel Rental Others Development Operations FY 2010 FY 2009 FY 2008 Property Develo
Slide 10: Capital Management
FINANCIAL HIGHLIGHTS Capital Management As at 31/12/10 As at 31/12/09 Incr/(Decr) Cash and cash equivalents $1,874m $981m 91% Net Borrowings $2,347m $3,053m (23%) Gearing ratio without taking in fair value 29% 40% gains on investment properties Gearing ratio after taking in fair value 20% 27% gains
Slide 11: CDL's Net Gearing (%) (2005 – 2010)
FINANCIAL HIGHLIGHTS CDL’s Net Gearing (%) (2005 – 2010) 60 Net Gearing (%) 50 48 48 40 40 40 After taking in After taking in fair value gains fair value gains on investment on investment properties 29 properties 20 20 2005 2006 2007 2008 2009 2010 Maturity Period FY 2010 Within 1 year 18% 1 to 2
Slide 12: Singapore Property Market
SINGAPORE PROPERTY MARKET * Artist’s Impression of Tree House
Slide 13: Property Price Index – Residential (2006 – 2010)
SINGAPORE PROPERTY MARKET Property Price Index – Residential (2006 – 2010) All Residential Q4 10 200 194.8 180 160 140 120 100 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 Source : URA, Q4 2010
Slide 14: New Private Residential Units Launched vs Units Sold
SINGAPORE PROPERTY MARKET No. of New Private Residential Units Launched vs Units Sold (Projects under Construction) (2006 – 2010) New Units Launched New Units Sold (Projects Under Construction) 18,000 16,575 16,292 New Units New Units 16,000 Launch Sold Directly By 14,000 (excl. EC units) Developers
Slide 15: Uncompleted Private Residential Units Available
SINGAPORE PROPERTY MARKET No. of Uncompleted Private Residential Units Available (2006 – 2010) Not Launched Launched & Unsold 20,000 Launched Not Total 18,266 & Unsold Launched 16,000 2006 2,536 6,944 9,480 13,937 13,928 Number of Units 2007 2,063 7,099 9,162 12,000 2008 3,880 14,386 18,266 9,480 9,
Slide 16: Property Price Index – Commercial (2006 – 2010)
SINGAPORE PROPERTY MARKET Property Price Index – Commercial (2006 – 2010) 140 Q4 10 120 114.7 100 Q4 10 109.4 Index 80 60 Office 40 Shop 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 Source : URA, Q4 2010
Slide 17: Average Office Rental in CBD (2006 – 2010)
SINGAPORE PROPERTY MARKET Average Office Rental in CBD (2006 – 2010) 18 Raffles Place $16.00 16 $14.95 Non CBD-Core 14 12 $psf/month $9.60 $9.85 $9.35 10 $8.60 $7.80 8 $6.15 6 4 $5.70 $5.20 2 0 2006 2007 2008 2009 2010 Source : JLL Research, Q4 2010
Slide 18: Average Prime Level Retail Rental (2006 – 2010)
SINGAPORE PROPERTY MARKET Average Prime Level Retail Rental (2006 – 2010) 35 $30.55 $30.80 $29.85 30 $27.95 $28.05 25 $21.50 $21.65 $20.88 $psf/month $21.05 $20.50 20 15 Primary Area 10 (Orchard Road) Suburban Area 5 0 2006 2007 2008 2009 2010 Source : JLL Research, Q4 2010
Slide 19: Operations Review
OPERATIONS REVIEW * The Residences at W Singapore Sentosa Cove
Slide 20: Property Development
PROPERTY DEVELOPMENT * Artist’s Impression of NV Residences
Slide 21: Units Booked / Sold
PROPERTY DEVELOPMENT Units Booked / Sold Sales Value* No. of Total $’000 Units* Floor Area (sq ft) 2010 $ 2,114,910 1,559 1,850,093 2009 $ 1,867,734 1,508 2,045,307 * Includes share of JV partners
Slide 22: Planned Residential Project Launches for H2 2011
OPERATIONS REVIEW Planned Residential Project Launches for 1H 2011 (subject to market conditions) Projects Units H2O Residences (Total 521) 200 Buckley 9 & 11 (Total 64) 30 Jean Nouvel Residences (Total 156) 50 Segar Executive Condominium (Est. Total 602) 300 Total 580
Slide 23: Land Bank by Sector (as at Dec 2010)
OPERATIONS REVIEW Land Bank by Sector (as at 31 Dec 2010) Type of Development Land Area (sq ft) % Residential (Local & Overseas) 2,702,974 76 Commercial / Hotel 388,804 11 Industrial 462,818 13 TOTAL 3,554,596 100 Residential (Overseas) 18% Residential (Local) 58% Industrial 13% Commercial/ Hotel 11
Slide 24: Rental Revenue by Sector for the Year Ended 31 Dec
OPERATIONS REVIEW Rental Revenue by Sector for the Year Ended 31 Dec 350 $333m 300 $281m Rental Revenue ($m) 250 196 Office 200 186 Retail 150 Industrial Others * 100 70 47 13 50 12 36 54 0 2009 2010 * Including car park, serviced apartment and residential
Slide 25: Hotel Operations and CDLHT
HOTEL OPERATIONS AND CDLHT * Artist’s Impression of W Singapore Sentosa Cove
Slide 26: Hotels – M&C Group
HOTELS M&C Group • RevPAR up 10.7% to £61.06 (2009: £55.15) • RevPAR growth in every region - Singapore 29.3% - London 7.9% - Rest of Asia 8.7% - Rest of Europe 4.6% - New Zealand 5.3% - New York 8.8% - Regional US 5.2% * Studio M • Strong cash flows from operations of £166.9m (2009: £83.4m). • Copt
Slide 27: M&C Hotel Room Count and Pipeline
HOTELS M&C Hotel Room Count and Pipeline Hotels Rooms Hotel and Room Count 2010 2009 2010 2009 By region: • New York 3 3 1,755 1,746 • Regional US 16 16 5,554 5,727 • London 7 7 2,493 2,487 • Rest of Europe 18 18 3,227 3,231 • Middle East * 8 8 2,991 2,416 • Singapore 6 5 2,750 2,390 • Rest of Asia
Slide 28: Hotel Revenue by Region
HOTELS Hotel Revenue by Region FY 2010 FY 2009 39% 35% 615 New Zealand 526 7% 104 6% 92 Europe United States Asia 466 397 461 408 25% 29% 27% 32% $1,577m $1,492m Overall change = 6%
Slide 29: Hotel Occupancy by Region
HOTELS Hotel Occupancy by Region 80 77.1 75.9 74.6 71.9 Hotel Occupancy Rate (%) 70 66.3 63.6 FY 2009 62.2 62.4 FY 2010 60 50 Asia United States Europe New Zealand
Slide 30: Hotel Revenue Per Available Room at Constant Currency
HOTELS Hotel Revenue Per Available Room at Constant Currency 170 145 144 140 136 126 Hotel RevPAR ($) 122 117 110 FY 2009 FY 2010 80 73 69 50 Asia United States Europe New Zealand * For comparability, FY 2009 RevPAR has been translated at constant exchange rates (31 Dec 2010).
Slide 31: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) First hotel REIT listed in Singapore in July 2006 with 3,942 hotel rooms. FY 2010 FY 2009 % Total Revenue $’M $’M Change Singapore Hotels (5 hotels) 98.6 83.4 18.2 New Zealand Hotels (1 hotel) 8.6 8.3 3.6 Australia Hotels (5 hotels 15.0 - NM acquired in Feb 2010) Total
Slide 32: Market Outlook
MARKET OUTLOOK * Artist’s Impression of 368 Thomson
Slide 33: Singapore Economic Outlook
MARKET OUTLOOK Singapore Economic Outlook • Singapore achieved a stellar GDP growth of 14.5% in 2010 • Singapore’s economic growth for 2011 is estimated at between 4.0% and 6.0% • Key growth drivers in 2011 will be services linked to regional demand, such as tourism related sectors, and supported by
Slide 34: Property Market – Residential
MARKET OUTLOOK Property Market – Residential • Residential property prices increased by 17.6% in 2010, exceeding the previous peaks in 1996 and 2008 by 7.4% and 9.7% respectively • The buoyant residential market sentiment that continued into Q4 2010 went against the usual seasonal slowdown in previo
Slide 35: Property Market – Office Rentals
MARKET OUTLOOK Property Market – Office Rentals • Overall rentals of office space rebounded by 12.6% in 2010, though current rents are still about 45% below the 2008 peak • Islandwide, occupancy for office space improved in Q4 2010 to 87.9% as compared to 87.0% in Q3 2010 • With the tremendous GDP g
Slide 36: Moving Forward
MOVING FORWARD * Artist’s Impression of The Glyndebourne
Slide 37: Moving Forward
MOVING FORWARD • Although the recovery of the global economy remains uneven, the global business climate has improved and will be supported by the strong growth in Asia. • The Government’s latest set of property cooling measures will help maintain a stable and sustainable property market. The Group
Slide 38: 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 assumptions
Slide 39: Thank You
THANK YOU * Artist’s Impression of Tree House