Slide 1: Q3 2016 Results Presentation
Q3 2016 RESULTS PRESENTATION (1 Jul – 30 Sep 2016) 10 November 2016
Slide 2: Agenda
AGENDA • EXECUTIVE SUMMARY • FINANCIAL HIGHLIGHTS • SINGAPORE OVERVIEW • INTERNATIONAL OVERVIEW • HOTEL OPERATIONS
Slide 3: Executive Summary
EXECUTIVE SUMMARY
Slide 4: Key Highlights
Key Highlights Strong financial performance by property development segment drives revenue increase: - Q3 2016: 14.0% increase to $923 million (Q3 2015: $809 million) - YTD Sep 2016: 11.8% increase to $2.74 billion (YTD Sep 2015: $2.45 billion) Robust PATMI further boosted by divestment gains of
Slide 5: Unlocked Value in Nouvel 18
Unlocked Value in Nouvel 18 Successful Execution of Third Profit Participation Securities (PPS) for $977.6 million Project Location Tenure Total Total Saleable Units Area (sq ft) Nouvel 18 Anderson Road Freehold 156 351,054 Exited entire interest to Green 18 Pte. Ltd., a special purpose vehicle co
Slide 6: Financial Performance in a Challenging Environment
Financial Performance in a Challenging Environment Summary of Financial Results Q3 Q3 % YTD Sep YTD Sep % 2016 2015 Change 2016 2015 Change Revenue ($m) 923 809 14.0 2,739 2,449 11.8 PATMI ($m) 170 106 60.1 409 363 12.8 Basic Earnings Per Share 18.7 11.7 59.8 44.3 39.2 13.0 (cents) NAV Per Share ($)
Slide 7: Portfolio Composition – YTD Sep 2016
Portfolio Composition – YTD Sep 2016 Recurring Income Segments Property Hotel Rental S$ million Others Total Funds Development Operations Properties EBITDA * Local 267 43 127 19 456 Overseas 32 183 67 60 342 299 226 194 79 798 Total Assets ^ Local 6,719 624 3,135 261 10,739 AUM = Overseas 3,110 4,71
Slide 8: Portfolio Composition – YTD Sep 2016
Portfolio Composition – YTD Sep 2016 EBITDA Total Assets Local Overseas 57% 43% Local Overseas 54% 46% • Stability from Recurring Income segments comprising 62% of EBITDA / 51% of Total Assets (excluding tax recoverable and deferred tax asset) • De-risking Singapore exposure via growing internationa
Slide 9: Diversified Land Bank
Diversified Land Bank Land Area (as of 30 Sep 2016) – CDL’s Attributable Share Type of Development Land Area (sq ft) Singapore International Total % Residential 585,030 2,170,109 2,755,139 89 Commercial / Hotel 20,886 305,846 326,732 11 Total 605,916 2,475,955 3,081,871 100 Proposed GFA (sq ft) Coun
Slide 10: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 11: Financial Highlights – Segment Financial Results
Financial Highlights Segment Financial Results Revenue Profit Before Tax Q3 2016 Q3 2015 Incr/ (Decr) Q3 2016 Q3 2015 Incr/ (Decr) $M $M % $M $M % Property Development 371.8 228.0 63.1 94.8 64.1 47.9 Hotel Operations 424.0 437.8 (3.2) 55.2 59.2 (6.8) (include CDL owned hotels) Rental Properties 92.0
Slide 12: Revenue by Segment for 3rd Quarter (2014–2016)
Financial Highlights Revenue by Segment for 3rd Quarter (2014 – 2016) $923m $809m $1,322m 900 800 751 700 600 444 $ million 500 424 438 372 400 300 228 200 92 101 95 35 42 32 100 0 Q3 2016 Q3 2015 Q3 2014 Property Development Hotel Operations Rental Properties Others Q3 2016 Q3 2015 Q3 2014 Property
Slide 13: Profit Before Tax by Segment for 3rd Quarter
Financial Highlights Profit Before Tax by Segment for 3rd Quarter (2014 – 2016) 140 $239m $155m $214m 120 100 95 88 100 80 64 $ million 55 56 59 60 40 33 34 40 20 0 (20) (8) (8) Q3 2016 Q3 2015 Q3 2014 Property Development Hotel Operations Rental Properties Others Q3 2016 Q3 2015 Q3 2014 Property De
Slide 14: EBITDA by Segment for 3rd Quarter
Financial Highlights EBITDA by Segment for 3rd Quarter (2014 – 2016) $313m $234m $292m 140 121 120 105 106 96 100 87 $ million 80 67 72 64 57 64 60 40 20 1 0 (1) Q3 2016 Q3 2015 Q3 2014 Property Development Hotel Operations Rental Properties Others Q3 2016 Q3 2015 Q3 2014 Property Development 34% 29
Slide 15: Revenue by Segment for YTD Sep
Financial Highlights Revenue by Segment for YTD Sep (2014 – 2016) $2,739m $2,449m $2,917m 1,600 1,335 1,400 1,190 1,235 1,214 1,147 1,200 1,000 $ million 795 800 600 400 278 301 282 124 118 86 200 0 YTD Sep 2016 YTD Sep 2015 YTD Sep 2014 Property Development Hotel Operations Rental Properties Others
Slide 16: Profit Before Tax by Segment for YTD Sep
Financial Highlights Profit Before Tax by Segment for YTD Sep (2014 – 2016) $583m $514m $567m 340 277 280 300 260 240 194 220 $ million 180 162 125 105 140 107 111 100 74 60 1 20 (20) (12) YTD Sep 2016 YTD Sep 2015 YTD Sep 2014 Property Development Hotel Operations Rental Properties Others YTD Sep 2
Slide 17: EBITDA by Segment for YTD Sep
Financial Highlights EBITDA by Segment for YTD Sep (2014 – 2016) $798m $729m $772m 360 320 299 294 284 280 248 262 226 240 $ million 194 205 195 200 160 120 79 80 40 14 0 (1) YTD Sep 2016 YTD Sep 2015 YTD Sep 2014 Property Development Hotel Operations Rental Properties Others YTD Sep 2016 YTD Sep 20
Slide 18: Capital Management
Financial Highlights Capital Management As at 30/09/16 As at 31/12/15 Gross borrowings $6,062m $6,503m Cash and cash equivalents (include cash and $3,024m $3,565m cash equivalents classified as asset held for sale) Net borrowings $3,038m $2,938m Net gearing ratio without taking in fair value 27% 26%
Slide 19: Prudent Capital Management
Financial Highlights Prudent Capital Management Debt Expiry Profile Debt Maturity Within 1 year 2,000 Debt $ million Bond Bank Loan 33% 31% 1 to 2 years 1,500 250 320 2 to 3 years 1,000 16% 20% More than 3 1,285 444 891 500 195 1,011 286 years 387 387 406 200 0 2016 2017 2018 2019 2020 2021 onwards
Slide 20: Singapore Overview
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Slide 21: Singapore Property Market
Singapore Property Market Property Price Index – Residential (2011 – Q3 2016) All Residential 180 160 Q2 16 Q3 16 140.0 137.9 140 120 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 Source : URA, Q3 2016 Ba
Slide 22: Singapore Property Development
Singapore Property Development Residential Units Sold Sales Value* No. of Total $’000 Units* Area Sold (sq ft) YTD Sep 2016 $ 622,361 482^ 518,800 YTD Sep 2015 $ 502,245 477 510,090 * Includes share of JV partners ^ Excludes Forest Woods (launched in Oct 2016) – 71% sold to date 22
Slide 23: Gramercy Park – Positive Response
Singapore Property Development Gramercy Park – Positive Response Project Location Tenure Equity Total Total Units % Total Saleable Stake Units Sold* Sold* Area (sq ft) Gramercy Park Grange Road Freehold 100% 174 38 22 368,743 Private Viewings Ongoing: To date, 38 units have been sold (out of 40 un
Slide 24: Forest Woods – Residential Project Launch in October 2016
Singapore Property Development Forest Woods – Residential Project Launch in October 2016 Project Location Tenure Equity Total Total Units % Total Saleable Expected Stake Units Sold* Sold* Area (sq ft) TOP Forest Woods Lorong 99-year 50% 519 369 71 431,265 2021 Lew Lian leasehold Strong Uptake: 71%
Slide 25: Completed Residential Projects in Q3 2016
Singapore Property Development Completed Residential Projects in Q3 2016 Project Location Equity Stake Total Units % Sold* TOP Obtained Jewel @ Buangkok Compassvale Bow 100% 616 100 Q3 2016 Echelon Alexandra View 50% 508 99 Q3 2016 Residential Projects to be Completed in Q4 2016 Project Location Equ
Slide 26: Inventory of Launched Residential Projects
Singapore Property Development Inventory of Launched Residential Projects – As of 30 Sep 2016 Project Equity Total Units % Total Unsold CDL’s Share of Stake Units Sold Sold Inventory Unsold Inventory St. Regis Residences 33% 173 161 93.1% 12 4.0 The Oceanfront @ Sentosa Cove 50% 264 263 99.6% 1 0.5
Slide 27: Rental Properties – Revenue by Sector
Rental Properties Revenue by Sector for YTD September (2014 – 2016) $278m $301m $282m 160 140 140 131 116 Office 120 S$ million 100 Retail 81 84 83 80 57 Industrial 60 52 44 REIT/Hotel 40 18 19 18 20 6 Others ^ 6 6 0 YTD Sep 2016 YTD Sep 2015 YTD Sep 2014 YTD Sep 2016 YTD Sep 2015 YTD Sep 2014 Offic
Slide 28: South Beach – Full Completion by End 2016
South Beach – Full Completion by End 2016 Office & Retail Fully Leased Final TOP for the whole development expected by end 2016 South Beach Tower (510,000 sq ft office space) and 32,000 sq ft retail space About 70% of retail outlets have commenced business; remaining space to open soon The JW
Slide 29: International Overview
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Slide 30: Projects Launched To Date
International Property Development Projects Launched To Date* Project City Equity Total Total % Sold Est. Total Expected Stake Units Units Sold / Saleable Completion Reserved Area (sq ft) Australia Ivy and Eve Brisbane 33%# 472 441 93 348,678 1H 2018 China Hong Leong City Suzhou 70% 1,374 995 72 1,3
Slide 31: Unlaunched Residential Projects
International Property Development Unlaunched Residential Projects Project Location Tenure Equity Total Est. Total Saleable Area / Expected Stake Units GFA^ / Site Area+ (sq ft) Completion China Huang Huayuan Chongqing 50-year lease 100% TBC 1,304,062^# TBC UK Belgravia London Freehold 100% 6 12,375
Slide 32: Australia – Merivale Street Residential Project, Ivy and Eve
International Property Development Australia Merivale Street Residential Project – Ivy and Eve City Equity Total Total Units % Expected Stake Units Sold Sold Completion Brisbane 33%# 472 441 93 1H 2018 Freehold project with two 30-storey towers of 1-, 2- and 3- bedroom apartments in the heart of S
Slide 33: China – Good Progress on Launched Projects
International Property Development China – Good Progress on Launched Projects; Profits to be booked from Q4 2016 Suzhou – Hong Leong City Center (丰隆城市中心) Mixed-use waterfront project in Suzhou Industrial Park Phase 1: Tower 1 (462-unit residential) & Tower 3 (912-unit SOHO) Phase 2: Tower 2 (4
Slide 34: Japan – Prime Residential Projects in Central Tokyo
International Property Development Japan – Prime Residential Projects in Central Tokyo Tokyo – Park Court Aoyama The Tower Tenure Equity Total Est. GFA Expected Stake Units (sqm) Completion Freehold 20% 163 27,787 1H 2018 Located within prestigious Aoyama area within Minato ward in Tokyo Total G
Slide 35: UK – Completed Projects
International Property Development UK – Completed Projects Reading – Hanover House, 202 Kings Road, Reading RG1 4NN City Equity Total Total Units % Expected Stake Units Sold Sold Completion Completed in London 100% 82 82 100 Jul 2016 All 82 buyers have completed their purchases Total sales value
Slide 36: UK – Pipeline Projects
International Property Development UK – Pipeline Projects Good Progress on Building Works – To be Launched upon Completion Project City Tenure Equity Total Est. Total Saleable % Expected Stake Units Area (sq ft) Completed* Completion Belgravia London Freehold 100% 6 12,375 70% Q1 2017 Knightsbridge
Slide 37: UK – Pipeline Projects
International Property Development UK – Pipeline Projects Teddington Riverside, Teddington TW11 Tenure Equity Total Units Est. Total Saleable Stake Area (sq ft) Freehold 100% 220 240,000 sq ft Works on basement car park has commenced Onsite sales centre to open in Q1 2017: Block A (54 units) to
Slide 38: UK – Pipeline Projects
International Property Development UK – Pipeline Projects 28 Pavilion Road, Knightsbridge, London SW1 Tenure Equity Stake Est. GFA (sq ft) Freehold 100% 135,000 Planning consent obtained for first luxury home care development to be built in Central London Project comprises 34 2-bed apartments (1
Slide 39: Hotel Operations
HOTEL OPERATIONS
Slide 40: M&C Hotel Operations – Trading Performance
M&C Hotel Operations Trading Performance Reported Constant Currency Currency YTD Sep YTD Sep Change YTD Sep Change 2016 2015 2015 Revenue £665m £615m 8.1% £658m 1.1% Revenue (hotel) £581m £559m 3.9% £598m (2.8%) Profit before tax £102m £98m 4.1% £105m (2.9%) PATMI £59m £60m (1.7%) Increase in reve
Slide 41: M&C Hotel Operations – Trading Performance
M&C Hotel Operations Trading Performance RevPAR in reported currency was up by 3.5% but in constant currency fell by 3.2% for YTD Sep 2016 as compared to the same period last year : YTD Q3 2016 Reported Currency Constant Currency New York £130.32 ↓ 5.9% ↓ 14.8% Regional US £58.80 ↑15.3% ↑ 4.4% Tot
Slide 42: Developments – Progressing Well
M&C Hotel Operations Developments – Progressing well Seoul, South Korea The lifestyle hotel and serviced apartment has 306 and 209 keys respectively The building permit application for Seoul Yangdong development project has been lodged and approval is anticipated to be received by end 2016 for t
Slide 43: Assets Enhancement (On-going)
M&C Hotel Operations Assets Enhancement (On-going) Grand Copthorne Waterfront Singapore Work on main lobby and F&B outlets on the main entrance level, which started in Dec 2015, was substantially completed in May 2016 These F&B outlets opened for business in Jun 2016 The refurbishment of some
Slide 44: Assets Enhancement (On-going)
M&C Hotel Operations Assets Enhancement (On-going) ONE UN New York The refurbishment of the guest rooms in the east tower was completed in early Sep 2016 The tower was re-opened in time for the UN ONE UN New York General Assembly Grand Millennium Kuala Lumpur Soft refurbishment on 11 floors of
Slide 45: Assets Enhancement (On-going)
M&C Hotel Operations Assets Enhancement (On-going) Copthorne Hotel Auckland Harbour City Closed for a major NZ$40 million refurbishment programme in Q3 2015 The construction stage has progressed with seismic strengthening completed, all windows installed, facade plastering and painting completed
Slide 46: Grand Millennium Auckland
M&C Hotel Operations Grand Millennium Auckland Assumed lease of Rendezvous Grand Hotel Auckland with effect from 7 Sep 2016 Property is the largest hotel in New Zealand, with 452 guestrooms and is owned by CDL Hospitality Trust Hotel has been rebranded as Grand Millennium Auckland – the first
Slide 47: Hotel Room Count and Pipeline
M&C Hotel Operations Hotel Room Count and Pipeline Hotels Rooms 30 Sep 31 Dec 30 Sep 31 Dec Hotel and Room Count 2016 2015 2016 2015 By region: ● New York 4 4 2,238 2,238 ● Regional US 15 15 4,467 4,463 ● London 8 8 2,651 2,651 ● Rest of Europe 18 18 2,867 2,867 ● Middle East * 26 22 7,345 6,450 ● S
Slide 48: CDL Hospitality Trusts – Trading Performance
CDL Hospitality Trusts Trading Performance YTD Sep YTD Sep S$’000 Change 2016 2015 Gross Revenue 132,531 122,297 8.4% Net Property 99,866 99,198 0.7% Income (NPI) Artist’s Impression Hilton Cambridge City Centre – Executive Lounge Gross revenue and NPI increased mainly due to : Inorganic contribut
Slide 49: 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 50: www.cdl.com.sg
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