32 slides from City Developments's shareholder meeting presentation, Apr 28, 2022
Slide 1: SGX Announcement: Annual General Meeting
28/04/2022, 07:37 REPL::Annual General Meeting::Voluntary REPL::ANNUAL GENERAL MEETING::VOLUNTARY Issuer & Securities Issuer/ Manager CITY DEVELOPMENTS LIMITED Security CITY DEVELOPMENTS LIMITED - SG1R89002252 - C09 Announcement Details Announcement Title Annual General Meeting Date &Time of Broadca
Slide 2: Meeting Venue
28/04/2022, 07:37 REPL::Annual General Meeting::Voluntary Place Venue(s) Venue details The 59th AGM of the Company will be convened and held by way of electronic means and Meeting Shareholders will not be able to attend the 59th AGM in person. Venue Please refer to the Announcement relating to the 5
Slide 3: 59th Annual General Meeting
59th Annual General Meeting 28 April 2022 Artist’s Impression CanningHill Piers I Singapore
Slide 4: Agenda
Agenda ➢ FY 2021 Key Highlights ➢ Outlook & Strategic Focus Artist’s Impression CanningHill Piers I Singapore
Slide 5: FY 2021 Key Highlights
FY 2021 Key Highlights >>>
Slide 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: Outlook & Strategic Focus
Outlook & Strategic Focus >>> Artist’s Impression Piccadilly Grand I Singapore
Slide 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: Strategic Focus
Strategic Focus >>> Artist’s Impression CanningHill Piers I Singapore
Slide 29: 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 30: 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 31: 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 32: 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