Slide 1: 1H 2020 Results Presentation
1H 2020 Results Presentation 13 August 2020 Fuji Xerox Towers Redevelopment Preliminary Artist’s Impression
Slide 2: Agenda
Agenda ➢ Overview & Strategic Initiatives ➢ International Operations ➢ Financial Highlights ➢ Hospitality ➢ Singapore Operations
Slide 3: Overview
Overview
Slide 4: Key Financial Highlights – 1H 2020
Key Financial Highlights – 1H 2020 Revenue Adjusted PBT PATMI 1H 2020 EBITDA * $1.1B $223.6MM $13.8MM $3.1MM 32.8% 66.2% 97.2% 99.1% 1H 2019 $1.6B $661.4MM $490.3MM $362.0MM 1H 2020 results was severely impacted by the outbreak of COVID-19 globally. With most of the countries imposing measures such
Slide 5: Key Financial Highlights – 1H 2020
Key Financial Highlights – 1H 2020 NAV per share Share Price Performance 1H 2020 $11.66 $8.42^ 0.5% YoY 23.1% 2020 HIGHEST - $11.42 (14 Jan) FY 2019 $10.95 $8.42 $11.60 (31 Dec) (30 Jun) RNAV per share 1H 2020 $16.61 0.9% FY 2019: $16.46 No fair values adopted on investment properties. Investment pr
Slide 6: Key Operational Highlights – 1H 2020
Key Operational Highlights – 1H 2020 Performance Summary ▪ SINGAPORE: Sold 356 units with total sales value of $514.7MM* ▪ CHINA: Sold 276 units with total sales value of RMB 750MM ($149MM) Property Development ▪ AUSTRALIA: Exchanged contracts for over 70% of 195-unit The Marker project in Melbourne
Slide 7: Portfolio Composition by Segment – 1H 2020
Portfolio Composition by Segment – 1H 2020 Adjusted EBITDA * 1H 2020 Total Assets ^ $223.6MM $23.8B $147.3MM Property Development $9.5B ($92.1MM) Hotel Operations $5.7B $108.1MM Investment Properties $6.9B $60.3MM Others $1.7B * Earnings before interest, tax, depreciation & amortization and impairme
Slide 8: Global Portfolio Overview
Global Portfolio Overview Recurring Income Assets comprise 60% of Global Portfolio The Group continues to grow through diversification in geography and asset class and will have to weather cyclical typhoons from time to time. Recurring Total Assets: Income Segments $23.8B Others 60% China 4% Others
Slide 9: Strategic Initiatives
Strategic Initiatives
Slide 10: GET Strategy
GET Strategy Accelerate Transformation of Asset Portfolio and Business Operations for Growth Growth Growth ➢ Build development pipeline & recurring Enhancement income streams Transformation Artist’s Impression Enhancement Transformation ➢ Enhance asset portfolio ➢ Transform business via ➢ Drive oper
Slide 11: Focus 2020
Focus 2020 • Redevelopment of Liang Court into G rowth mixed-used integrated development comprising residential, retail, hotel and serviced apartments1 • Redevelopment of Fuji Xerox Enhancement Towers & Central Mall • Establishing SGX-listed REIT with commercial assets in UK T ransformation • M&C Po
Slide 12: Liang Court Redevelopment
GROWTH Liang Court Redevelopment Milestones Achieved • Completed acquisition of entire site on 15 July 2020 with CapitaLand (CL) Group • Provisional Permission (PP) obtained on 21 May 2020 affirming redevelopment design scheme Redevelopment of Liang Court site into an Integrated Riverfront Developme
Slide 13: Upcoming Residential Launch in Q3 2020
GROWTH Upcoming Residential Launch in Q3 2020 Penrose – 566-unit City Fringe Project led by JV Partner, Hong Leong Holdings Location Tenure Equity Stake Total Units Total Saleable Area (sq ft) Expected TOP Sims Drive 99-year 40% 566 517,754 2024 Located at the heart of Upcoming Sims Drive Lifestyle
Slide 14: Upcoming Launch in 1H 2021
GROWTH Upcoming Launch in 1H 2021 Irwell Bank Road – Iconic 36-storey Twin Towers Residential Development – Designed by world-renowned architect MVRDV Location Tenure Equity Stake Total Units Site Area (sq ft) Gross Floor Area (sq ft) Irwell Bank Road 99-year 100% Est 540 137,600 385,400 Located in
Slide 15: Diversified Residential Launch Pipeline
GROWTH Diversified Residential Launch Pipeline Singapore Pipeline ranges from Mass Market to High-end Projects Launch Pipeline Irwell Bank Road (Est 540 units) >1,800 units* GLS site near upcoming Great World Upcoming Launches MRT station awarded in Penrose (Sims Drive)^ Q3 2020 Jan 2020 Irwell Bank
Slide 16: UK Private Rented Sector (PRS) Project
GROWTH UK Private Rented Sector (PRS) Project Construction in Progress for Monk Bridge PRS site in Leeds, UK Artist’s Impression Artist’s Impression Gross Floor Location Tenure Equity Stake Total Units Site Area Completion Area Estimated Monk Bridge Freehold 100% 665 193,700 sq ft 572,200 sq ft 2023
Slide 17: New Asset Acquisition in Yokohama, Japan
GROWTH New Asset Acquisition in Yokohama, Japan Focus on Expanding CDL’s Private Rented Sector (PRS) Footprint in Japan – Acquisition of 78-unit residential development in Yokohama City Property Minami Ward, Location Yokohama City Tenure Freehold 10-storey residential Storey Height building Total Un
Slide 18: Redevelopment of Fuji Xerox Towers
ENHANCEMENT Redevelopment of Fuji Xerox Towers PROPOSED USE * 51-storey freehold mixed-use integrated development comprising office, retail, residential and serviced apartments uses Residential & Serviced Commercial Apartments Uses Use 60% 40% Potential uplift in GFA by 25% to approximately 655,000
Slide 19: Redevelopment of Central Mall
ENHANCEMENT Redevelopment of Central Mall PROPOSED USE * Mixed-use integrated development comprising office, retail, serviced apartments and hotel uses Commercial Hotel & Serviced Use Apartments Uses 70% 30% Potential uplift in GFA from existing GFA of approximately 240,000 sq ft* (Pending URA’s app
Slide 20: Strategic ESG Integration
ENHANCEMENT Strategic ESG Integration Driving Business Transformation through Strong Sustainability Focus Environmental Performance ▪ 38% reduction in carbon emissions intensity from 2007; on track to achieve target of 59% reduction by 2030 Ranked #3 ▪ Achieved energy savings of more than $28MM savi
Slide 21: Platform Initiatives
TRANSFORMATION Platform Initiatives Transform Business via New Platforms Strategic Investments Fund Management M&C AUM Target: Sincere Acquisition Post-Privatisation US$5B by 2023 ➢ Focus on achieving synergies, cost ➢ Transaction completed in April 2020 ➢ Accelerate growth by setting up a efficienc
Slide 22: Financial Highlights
Financial Highlights
Slide 23: Financial Highlights
Financial Highlights Property Hotel Investment Others Development Operations Properties 1H 1H 1H 1H 1H 1H 1H 1H 2020 2019 2020 2019 2020 2019 2020 2019 Revenue $464MM $536MM Revenue $355MM $785MM Revenue $186MM $208MM Revenue $68MM $68MM PBT $115M $180MM PBT ($208MM) $30MM PBT $26MM $258MM PBT $81MM
Slide 24: Revenue by Segment for Half Year (2018 – 2020)
Financial Highlights Revenue by Segment for Half Year (2018 – 2020) $2,417MM $1,597MM $1,073MM 1,600 1,382 1,400 1,200 $ (MM) 1,000 798 785 800 600 536 464 400 355 169 208 186 200 68 68 68 0 1H 2018 1H 2019 1H 2020 Property Development Hotel Operations Investment Properties Others 24
Slide 25: Adjusted EBITDA by Segment for Half Year (2018 – 2020)
Financial Highlights Adjusted EBITDA^ by Segment for Half Year (2018 – 2020) $660MM $661MM $224MM 440 400 370 360 334 320 280 240 197 $ (MM) 200 146 147 160 130 116 108 120 80 61 40 14 14 0 (40) (80) (120) (92) (160) 1H 2018 (Restated) * 1H 2019 1H 2020 Property Development Hotel Operations Investme
Slide 26: Profit Before Tax by Segment for Half Year (2018 – 2020)
Financial Highlights Profit Before Tax by Segment for Half Year (2018 – 2020) $514MM $490MM $14MM 400 357 360 320 280 258 240 200 180 160 115 $ (MM) 120 87 81 80 56 14 29 23 26 40 0 (40) (80) (120) (160) (200) (240) (208) 1H 2018 (Restated) * 1H 2019 1H 2020 Property Development Hotel Operations Inv
Slide 27: Strong Balance Sheet & Liquidity Position
Financial Highlights Strong Balance Sheet & Liquidity Position Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash Interest Cover % of Ratio 1 Fixed Rate Debt 71% $2.7B 3.9x 39% FY 2019: 61% FY 2019: $3.1B FY 2019: 14.7x FY 2019: 40% Net Gearing 2 Cash and
Slide 28: Prudent Capital Management
Financial Highlights Prudent Capital Management ➢ Balanced debt expiry profile ➢ Balanced debt currency mix – adopting a natural hedging strategy ➢ Average borrowing cost kept low Well-Spread Debt Maturity Profile 38% 4,000 Bond Bank Loan 100 3,600 Others (2.6%) RMB (4.8%) 276 Debt $ (MM) 3,200 499
Slide 29: Singapore Operations – Property Development
Singapore Operations Property Development
Slide 30: Singapore Property Market
Singapore Property Market Property Price Index – Residential (2014 – Q2 2020) All Residential Price Increase 180 (1.2% YoY) Prices in Q2 2020 inched upwards over the past year and saw slight recovery compared to Q2 20: previous quarter 152.6 160 140 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 31: Singapore Property Market
Singapore Property Market • Private residential prices remained stable, with the URA Residential Property Price Index registering a 0.7% decline in 1H 2020 as compared to end 2019. • Primary home sales remained healthy in 1H 2020 with 3,862 units sold, registering an 8% decline as compared to 1H 201
Slide 32: Singapore Property Development
Singapore Property Development Residential Units Sold by CDL 1H 2020 1H 2019 Sales Value Majority of units sold 505 $1,551,398 were The Tapestry, Whistler Grand and Piermont Grand projects 66.8% yoy 595,735 Units Sold 356 29.5% yoy 332,631 1H 2020 – Mainly mass-market projects sold $514,662 Period P
Slide 33: Singapore Property Development
Singapore Property Development Resilient Sales Performance in 1H 2020 ➢ Sold 356 units with total sales value of $514.7MM in 1H 2020^ ➢ 176 units sold in Q2 (▼4.9% from Q1) Steady Sales for 2019 Launched Projects Project Location Tenure Equity Total Units Achieved Stake Units Sold* Average Selling P
Slide 34: Inventory of Launched Residential Projects – As at 30 June 2020
Singapore Property Development Inventory of Launched Residential Projects – As at 30 June 2020 Total Unsold CDL’s Share of Project Equity Stake Total Units Units Sold Inventory Unsold Inventory Cuscaden Residences 25% 75 74 1 0.3 St. Regis Residences 33% 173 161 12 4.0 The Oceanfront @ Sentosa Cove
Slide 35: Singapore Operations – Asset Management
Singapore Operations Asset Management
Slide 36: Singapore Commercial Market
Singapore Commercial Market Property Price Index – Commercial (2014 – Q2 2020) Price Decline 150 (-12.1% YoY) Office price has softened over the last Office Retail four quarters Q2 20: 126.9 140 130 120 Q2 20: 108.8 110 100 Price Decline (-1.8% YoY) Slight decrease in retail price in 1H 2020 90 80 Q
Slide 37: Singapore Commercial Market
Singapore Commercial Market Property Rental Index – Commercial (2014 – Q2 2020) Rental Decline (-4.6% YoY) 250 No change to office rent from previous quarter, Office Retail after three consecutive quarterly decline Q2 20: 168.7 200 150 Q2 20: 95.2 100 Rental Decline (-1.3% YoY) 50 Slight drop in ret
Slide 38: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy and Positive Rental Reversion for Office & Retail Portfolio (As at 30 June 2020) (1) Office Retail 12 properties 9 properties 90.6% 93.2% Committed Occupancy Committed Occupancy 1.8MM sq ft 731,000 sq ft Net Lettable Area REPUBLIC PLAZA Net L
Slide 39: Singapore Commercial Portfolio
Singapore Commercial Portfolio Trade Mix of Office & Retail Space by % of Total Gross Rental Income (As at 30 June 2020)* Office Retail Supermarkets & Value Store, Electrical, Electronics Sporting & Telecommunications, Technology & Banking, Insurance & 5.8% Goods, 3.0% 2.1% ICT, 13.5% Financial Serv
Slide 40: Singapore Office Market Outlook
Singapore Office Market Outlook Grade A office rental is expected to moderate in 2020. Nonetheless, office rents continue to exceed the 10-year average Grade A rent of $10.11 psf per month moving into 2020/2021. GRADE A OFFICE REN TAL PROJECTION S Source: CBRE Research *Refers to percentage change f
Slide 41: Singapore Retail Market Outlook
Singapore Retail Market Outlook Prime retail rents are expected to decline in 2020. Rental corrections in 1H 2020 have been relatively muted, partially offset by rental rebates granted via government reliefs. However, steeper rental fall is expected in 2H 2020 due to higher expected vacancies, lower
Slide 42: International Operations
International Operations
Slide 43: International Operations – Australia
International Operations – Australia Focus on developments across Eastern Seaboard of Australia New South Wales Queensland Artist’s Impression Waterbrook Bayview Artist’s Impression Brickworks Park (Residential) ➢ Launching for pre-sales in 2H 2020 Artist’s Impression 222-unit development consisting
Slide 44: International Operations – China
International Operations – China Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Continued Sales Momentum: Total sales of RMB 3.98B generated Chongqing(重庆) for 92% of 1,804 units to date*^ Relaunched in May 2018: ➢ Phase 1 – 99% sold Sold 98 units to date* ➢ Phase 2 – 67% sold ➢ Sales value of RMB 585
Slide 45: International Operations – Japan
International Operations – Japan Expansion of PRS Portfolio with New Acquisition Acquisition of prime residential asset in Yokohama City S&P agreement executed in July 2020 Park Court Aoyama The Tower Freehold site in Shirokane Completed in Q1 2018: Development Site: ➢ 160-unit freehold joint ventur
Slide 46: International Operations – UK Residential
International Operations – UK Residential Strengthening our Presence Marketing activities in progress Sydney Street, Chelsea Monk Bridge, Leeds Artist’s Impression Marketing activities in progress Fully sold Planning in progress Artist’s Impression Teddington Riverside Knightsbridge 28 Pavilion Road
Slide 47: UK – Recurring Income Projects
UK – Recurring Income Projects Strengthening our presence in London NLA 328,819 NLA 210,504 Tenants 25 Tenants 4 Occupancy 93.6% Occupancy 85.9% WALE 5.5 years WALE 6.6 years Yield 4.8% Yield 4.6% CDL’s CDL’s £385MM £183MM Acquisition Acquisition Aldgate House Planning in progress 125 Old Broad Stre
Slide 48: Hospitality
Hospitality
Slide 49: Hotel Operations – Trading Performance
Hotel Operations Trading Performance 1H 2020 1H 2019 Change $MM $MM % Revenue 355.3 785.3 (54.8) Profit Before Tax (PBT) (208.2) 29.5 NM * Adjusted EBITDA ^ (92.1) 116.4 NM * Group RevPAR : ↓ 56.6% in 1H 2020 (constant currency) M Social Singapore ↓ 56.3% in 1H 2020 (reported currency) Revenue, PBT
Slide 50: Hotel Occupancy, Average Room Rate, and RevPAR by Region
Hotel Operations Hotel Occupancy, Average Room Rate, and RevPAR by Region for CDL Group Room Occupancy Average Room Rate RevPAR 1H 1H Incr / 1H 1H Incr / 1H 1H Incr / 2020 2019 (Decr) 2020 2019 * (Decr) 2020 2019 * (Decr) % % % pts $ $ % $ $ % Singapore 65.5 84.7 (19.2) 126.2 185.5 (32.0) 82.6 157.1
Slide 51: Hotel Operations – Asset Enhancement
Hotel Operations Asset Enhancement While non-essential capital expenditure has been deferred, the Group has utilised periods of low occupancy to carry out critical guests-related asset enhancement works. Copthorne King’s Hotel Singapore Studio M Singapore The makeover of 142 rooms in the Tower Wing
Slide 52: Divestment – 1H 2020
Divestment – 1H 2020 Millennium Cincinnati Hotel was closed on 31 December 2019 and sold on 14 February 2020 for US$36MM (~$49MM) with a disposal gain of $26.4MM. Millennium Cincinnati. United States Copthorne Hotel Birmingham Option to acquire alternative site under the agreement1 was not exercised
Slide 53: CDL Hospitality Trusts
CDL Hospitality Trusts Trading Performance 1H 2020 1H 2019 Change $MM $MM % Gross Revenue 52.1 93.8 (44.5) Net Property Income 29.7 67.5 (56.0) (NPI) Grand Millennium Auckland, New Zealand Gross Revenue and NPI decreased mainly due to the unprecedented downturn in global tourism arising from the loc
Slide 54: CDL Hospitality Trusts
CDL Hospitality Trusts Trading Performance % Change Country Remarks in RevPAR Experienced 17.6% occupancy rate decline, despite securing government Singapore (49.2) contracts. Accommodation demand from international travelers affected by border closures. Gestation of Raffles Maldives Meradhoo disrup
Slide 55: 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 56: www.cdl.com.sg
Artist’s Impression BOULEVARD 88 I SINGAPORE www.cdl.com.sg
Slide 57: Appendix
Appendix
Slide 58: Portfolio Composition – 1H 2020
Portfolio Composition – 1H 2020 Recurring Income Segments Property Hotel Investment $ (MM) Others Total Development Operations Properties Adjusted EBITDA * Local 97 5 62 20 184 Overseas 50 (97) 46 41 40 147 (92) 108 61 224 Total Assets ^ Local 6,028 1,023 3,587 678 11,316 Overseas 3,447 4,706 3,375
Slide 59: Diversified Land Bank
Diversified Land Bank Land Area (as at 30 June 2020) – CDL’s Attributable Share Type of Development Land Area (sq ft) Singapore International Total % Residential 473,206 2,952,846 3,426,052 94 Commercial / Hotel 58,982 150,947 209,929 6 Total 532,188 3,103,793 3,635,981 100 Total Land Area1 – 3.6MM
Slide 60: International Property Development
International Property Development Residential Projects Launched To Date Project City Equity Total Est. Total Expected Stake Units Saleable Area Completion (sq ft) Australia The Marker Melbourne 50% 195 174,048 Q4 2021 China Hong Leong City Center (Phase 1) Suzhou 100% 1,374 1,378,891 Completed Hong
Slide 61: International Property Development – Unlaunched Projects
International Property Development Unlaunched Residential Projects Project City Tenure Equity Total Est. Total Saleable Area / Expected Stake Units GFA^ / Site Area+ (sq ft) Completion UK Ransomes Wharf London Freehold 100% 118 249,323^ TBC Stag Brewery London Freehold 100% 663# 994,585+ TBC Japan S
Slide 62: China – Project Development
China – Project Development China– Chongqing JV Projects Eling Palace (鹅岭峯) and Emerald (翡翠都会) Project Tenure Equity Total Expected Stake Units Completion Eling Palace 50 years 50% 126 Completed 50 years (Residential) / Emerald 30% 820 2020 40 years (Commercial) Eling Palace, Chongqing Eling Palace:
Slide 63: China – Development / Recurring Income Projects
China – Development / Recurring Income Projects Suzhou Mixed-use Waterfront Project Hong Leong City Center (丰隆城市中心) Equity Total Total Units % Tenure Expected Completion Stake Units Sold* Sold* 70 years (Residential) / 40 years 100% 1,804 1,655^ 92 Completed (Phase 1 & 2~) (Commercial) ▪ Total sales
Slide 64: China – Recurring Income Projects
China – Recurring Income Projects Hong Leong Plaza Hongqiao, Shanghai Tenure Equity Stake Est. Total GFA (sqm) 50-year lease 100% 32,182 ▪ Operational since Q4 2019 ▪ Three office towers (71% of total NLA) have been leased out as serviced apartment and confinement centre Artist’s Impression Hong Leo
Slide 65: UK – Property Development
UK – Property Development Launched Projects 31 – 33 Chesham Street Total Saleable Area Total Expected Tenure Equity Stake (sq ft) Units Completion Freehold 100% 12,375 6 Completed • One unit sold and four units leased 31 – 33 Chesham Street 100 Sydney Street Total Saleable Area Total Expected Tenure
Slide 66: UK – Property Development
UK – Property Development Unlaunched Projects Ransomes Wharf Tenure Equity Stake Est. Total Gross Floor Area (sq ft) Freehold 100% 249,323 • Planning approvals granted for a 118-unit residential development with flexible commercial floorspace and a 10-storey residential tower with commercial accommo
Slide 67: UK – Property Development
UK – Property Development Unlaunched Projects 28 Pavilion Road Tenure Equity Stake Est. Total Gross Floor Area (sq ft) Freehold 100% 116,573* • Planning approvals obtained for a 120-room hotel scheme, a 28-unit residential scheme and a mixed-use scheme with 24 residential units and a health club 28
Slide 68: COVID-19 Update
COVID-19 Update
Slide 69: Operational Impact
COVID-19 UPDATE Operational Impact Unprecedented Disruption Across All Business Segments PROPERTY DEVELOPMENT ASSET MANAGEMENT HOSPITALITY Lockdowns across several Retail and F&B outlets hard hit: Sector severely impacted by regions have affected sales hotel closures: and development works: ➢ Widesp
Slide 70: COVID-19 Update: Property Development
COVID-19 UPDATE Property Development ➢ Singapore: Residential sales and development progress impacted by circuit breaker restrictions such as temporary closure of 6 sales galleries and halt of construction works ➢ Overseas (China, UK, Australia): Sales and construction works impacted by lockdowns an
Slide 71: COVID-19 Update: Asset Management
COVID-19 UPDATE Asset Management Tenants Impacted by Global Shutdown of Non-essential Businesses ➢ Over $30MM rental relief & support to tenants in Singapore & overseas Impact & Support Provided Month Ave. Rental Rebate April 100% Majority of Singapore Singapore Retail segment hard hit since circuit
Slide 72: Gradual Recovery and Management on Resumption of Operations
COVID-19 UPDATE Asset Management Gradual Recovery and Management on Resumption of Operations Phase 2 of reopening from 19 Jun in Singapore ➢ Resumption of Retail Outlets, Restricted F&B Dine-in and Social Gatherings. Singapore China • Over 85% of retail tenants open • While footfall has recovered by
Slide 73: Asset Management – Leveraging Technology
COVID-19 UPDATE Asset Management Leveraging on technology to ensure safety and well- Singapore being of tenants and visitors Autonomous robot cleaner & scrubber Use of cleaning robot ensure more thorough cleaning and disinfecting. 73
Slide 74: Hotel Operations – 1H 2020 Performance Severely Impacted
COVID-19 UPDATE Hotel Operations 1H 2020 Performance Severely Impacted All regions affected by travel restrictions, lockdowns and safe distancing measures: ➢ Global occupancy: 39.4% (▼ 32.8% yoy) ➢ Global RevPAR: $60.30 (▼ 56.6% yoy) ➢ Global ARR: $153.20 (▼ 20.5% yoy) 28% of Hotels Worldwide are Te
Slide 75: Cost Management
COVID-19 UPDATE Cost Management Implementation of Business Optimisation and Cost Management Measures Board Fees & Value Engineering Management Cost (effective since 1 April 2020) ➢ Maximise value engineering across all projects ➢ Board of Directors: ➢ Leverage existing resources Voluntary 25% reduct
Slide 76: Operational Resilience
COVID-19 UPDATE Operational Resilience Business Volumes & Productivity Remain Strong DIGITAL–READY WORKFORCE CDL Homes www.cdlhomes.com.sg ➢ Business volumes and productivity remains strong through seamless remote working – Work from Home (WFH) arrangement remains in place wherever possible for Sing
Slide 77: Community Initiatives
COVID-19 UPDATE Community Initiatives Supporting Vulnerable Individuals, Families and Communities Affected by COVID-19 Supporting Communities Supporting Frontline Workers $400,000 donation to The Invictus Fund ➢ M&C hotels in most regions open to support ➢ Donation made by CDL, entire Board and Exec