Slide 1: Full Year Financial Report 1 Jan – 31 Dec 2012
FULL YEAR FINANCIAL REPORT 1 Jan – 31 Dec 2012 28 February 2013 ANALYST / MEDIA BRIEFING
Slide 2: Agenda
AGENDA 1. FINANCIAL HIGHLIGHTS 2. SINGAPORE PROPERTY MARKET 3. OPERATIONS REVIEW Property Development Hotel Operations & CDLHT 4. MOVING FORWARD Artist’s Impression of UP@Robertson Quay
Slide 3: Financial Highlights
FINANCIAL HIGHLIGHTS Artist’s Impression of HAUS@SERANGOON GARDEN
Slide 4: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS Achieved highest revenue of $3.4 billion since inception in 1963. Core earnings (PATMI excluding one-off gains) increased by 5.8% compared to 2011, on a like-to-like basis. Unlocking shareholder value on the Group’s non-core assets to recycle capital for new opportunit
Slide 5: Summary of Financial Highlights
SUMMARY OF FINANCIAL HIGHLIGHTS Q4 Q4 % FY FY % 2012 2011 Change 2012 2011 Change Revenue ($m) 886 722 22.8 3,354 3,280 2.2 Profit Before Tax ($m) * 325 246 32.1 960 1,136 (15.5) PATMI ($m) * 249 163 52.8 678 799 (15.1) Basic Earnings Per Share (cents) 26.7 17.2 55.2 73.2 86.4 (15.3) NAV Per Share (
Slide 6: Revenue for the Quarter Ended Dec (2004 – 2012)
FINANCIAL HIGHLIGHTS Revenue for the Quarter Ended 31 Dec (2004 – 2012) 1,000 922 886 900 800 766 738 718 722 687 672 700 603 600 $ million 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 * 2011 2012 4th Quarter * Restated due to the adoption of INT FRS 115 for 2010 only.
Slide 7: PATMI for the Quarter Ended Dec (2004 – 2012)
FINANCIAL HIGHLIGHTS PATMI for the Quarter Ended 31 Dec (2004 – 2012) 300 241 249 250 235 200 177 163 $ million 150 137 97 101 100 100 50 0 2004 ^ 2005 2006 2007 2008 2009 2010 * 2011 2012 4th Quarter ^ Restated * Restated due to the adoption of INT FRS 115 for 2010 only. The Group adopted FRS 40 co
Slide 8: Revenue for the Year Ended Dec (2004 – 2012)
FINANCIAL HIGHLIGHTS Revenue for the Year Ended 31 Dec (2004 – 2012) Highest since inception 4,000 3,500 3,273 3,280 3,354 3,106 3,103 2,945 3,000 2,547 2,500 2,380 2,374 $ million 2,000 1,500 1,000 500 0 2004 2005 2006 2007 2008 2009 2010 * 2011 2012 Year * Restated due to the adoption of INT FRS 1
Slide 9: PATMI for the Year Ended Dec (2004 - 2012)
FINANCIAL HIGHLIGHTS PATMI for the Year Ended 31 Dec (2004 - 2012) 900 799 Core 784 earnings 800 725 up 5.8% 700 678 581 593 600 $ million 500 400 352 300 227 200 200 100 0 2004 ^ 2005 2006 2007 2008 2009 2010 * 2011 2012 Year ^ Restated Core earnings = PATMI excluding all one-off gains * Restated d
Slide 10: Revenue by Segment – FY 2012 vs FY 2011 & FY 2010
FINANCIAL HIGHLIGHTS Revenue by Segment – FY 2012 vs FY 2011 & FY 2010 1,800 FY 2010 * 1,577 1,563 1,536 1,600 FY 2011 1,415 1,400 1,344 FY 2012 1,200 1,125 $ million 1,000 800 600 400 332 281 304 200 69 92 99 0 Property Hotel Rental Others Development Operations FY 2012 FY 2011 FY 2010 * Property D
Slide 11: Profit Before Tax by Segment – FY 2012 vs FY 2011 & FY 2010
FINANCIAL HIGHLIGHTS Profit Before Tax by Segment – FY 2012 vs FY 2011 & FY 2010 600 FY 2010 * 536 550 FY 2011 500 468 FY 2012 421 422 450 400 325 $ million 350 300 282 250 250 205 200 178 150 100 64 50 19 0 (50) (7) Property Hotel Rental Others Development Operations FY 2012 FY 2011 FY 2010 * Prope
Slide 12: Revenue by Geographical Region – FY 2012 vs FY 2011
FINANCIAL HIGHLIGHTS Revenue by Geographical Region – FY 2012 vs FY 2011 FY 2012 FY 2011 16% 60% 17% 57% Singapore 13% 532 Europe 576 440 14% USA 450 2,027 1,877 355 Others 378 11% 12% Profit Before Tax (Singapore vs Overseas) – FY 2012 vs FY 2011 Profit Before Tax FY 2012 FY 2011 Singapore 73% 79%
Slide 13: Capital Management
FINANCIAL HIGHLIGHTS Capital Management As at As at Incr / (Decr) 31/12/12 31/12/11 Cash and cash equivalents $2,162m * $2,603m (17%) Net Borrowings $2,357m $1,816m 30% Net gearing ratio without taking in fair 25% 21% value gains on investment properties Net gearing ratio after taking in fair value
Slide 14: CDL's Net Gearing (%) (2007 – 2012)
FINANCIAL HIGHLIGHTS CDL’s Net Gearing (%) (2007 – 2012) 70 48 48 Net Gearing (%) 50 40 29 30 25 21 18 10 2007 2008 2009 2010 * 2011 2012 Maturity Period FY 2012 Within 1 year 19% 1 to 2 years 12% 2 to 3 years 25% More than 3 years 44% * Restated due to the adoption of INT FRS 115 for 2010 only.
Slide 15: Singapore Property Market
SINGAPORE PROPERTY MARKET The Residences at W Singapore – Sentosa Cove
Slide 16: Property Price Index – Residential (2008 – 2012)
SINGAPORE PROPERTY MARKET Property Price Index – Residential (2008 – 2012) All Residential Q4 12 212.0 220 200 180 160 140 120 100 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 Source : URA, Q4 2012
Slide 17: New Private Residential Units Launched vs Units Sold
SINGAPORE PROPERTY MARKET No. of New Private Residential Units Launched vs Units Sold (Projects under Construction) (2008 – 2012) New Units Launched New Units Sold (Projects Under Construction) 24,000 22,197 22,000 21,478 20,000 New Units New Units 18,000 Launched Sold Directly (excl. EC units) By D
Slide 18: Uncompleted Private Residential Units Available (2008 – 2012)
SINGAPORE PROPERTY MARKET No. of Uncompleted Private Residential Units Available (2008 – 2012) Not Launched Launched & Unsold 20,000 18,266 17,084 16,000 Launched Not Total 13,944 13,937 13,928 & Unsold Launched 2008 3,880 14,386 18,266 12,000 2009 3,317 10,620 13,937 Number of Units 2010 3,528 10,4
Slide 19: Property Price Index – Commercial (2008 – 2012)
SINGAPORE PROPERTY MARKET Property Price Index – Commercial (2008 – 2012) Q4 12 140 126.2 120 Q4 12 123.2 100 80 60 Office Shop 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 Source : URA, Q4 2012
Slide 20: Average Office Rental in CBD (2008 – 2012)
SINGAPORE PROPERTY MARKET Average Office Rental in CBD (2008 – 2012) 16.00 $14.95 Raffles Place 14.00 Non CBD-Core 12.00 $9.35 $9.75 10.00 $8.60 $8.90 $7.80 8.00 $6.15 $6.55 $6.40 6.00 $5.20 4.00 2.00 0.00 2008 2009 2010 2011 2012 Source : JLL Research, Q4 2012
Slide 21: Operations Review
OPERATIONS REVIEW Artist’s Impression of Echelon
Slide 22: Property Development
PROPERTY DEVELOPMENT W Lounge, The Residences at W Singapore – Sentosa Cove
Slide 23: Units Booked / Sold
PROPERTY DEVELOPMENT Units Booked / Sold Sales Value* No. of Total $’000 Units* Floor Area (sq ft) FY 2012 $ 2,781,094 2,395 2,513,223 FY 2011 $ 1,754,948 1,818 1,942,211 * Includes share of JV partners
Slide 24: Planned Residential Project Launches for H1 2013
OPERATIONS REVIEW Planned Residential Project Launches for 1H 2013 (subject to market conditions) Projects Units Launch Date D’Nest (Total: 912) 300 Mar 2013 Bartley Ridge (Total: 868) 300 Mar 2013 150 (Phase 1) Buangkok Drive (Total: 616) May 2013 150 (Phase 2) Total: 900
Slide 25: Planned Residential Project Launches: Pasir Ris Grove
OPERATIONS REVIEW Planned Residential Project Launches for 1H 2013 Location: Pasir Ris Grove No of Units: 912 units • Walking distance to Pasir Ris MRT • 12 blocks of 11 to 13 storey apartments • One to 5-bedroom apartments & penthouses • Unique design with 3 Clubhouses
Slide 26: Transformation of Pasir Ris Grove
TRANSFORMATION OF PASIR RIS GROVE 724 units / Fully sold Completed in 2011 642 units / Fully sold 892 units / 99% sold 912 units / Upcoming launch
Slide 27: Land Bank by Sector
OPERATIONS REVIEW Land Bank by Sector (as at 31 December 2012) – CDL’s Attributable Share Land Area (Sq ft) Type of Development Local Overseas Total % (Local & Overseas) Residential 1,677,828 932,831 2,610,659 80.3% Commercial / Hotel 197,661 290,363 488,024 15.0% Industrial 151,980 - 151,980 4.7% T
Slide 28: Rental Revenue by Sector for Year Ended Dec
OPERATIONS REVIEW Rental Revenue by Sector for Year Ended 31 Dec 400 350 $304m $281m 300 Rental Revenue ($m) 250 Office 174 Retail 200 178 Industrial 150 Others * 100 93 65 50 13 13 25 24 0 2011 2012 * Including car park, serviced apartment and residential
Slide 29: Quayside Isle
OPERATIONS REVIEW Quayside Isle First and only F&B and retail destination on Sentosa Cove Part of the integrated luxury development at Sentosa Cove, comprising: - W Singapore – Sentosa Cove hotel - The Residences at W Singapore – Sentosa Cove - Quayside Isle Over 40,000 sq ft of retail space a
Slide 30: South Beach
OPERATIONS REVIEW South Beach South Beach features 2 tower blocks of 34 and 45-storey with 6-storey podiums and 3 basement levels Artist’s Impression South Beach comprises: - South Beach Hotel 654 rooms - South Beach Residences 190 units - Office Lettable area of about 49,000 sq m - Retail / F&B i
Slide 31: Hotel Operations & CDLHT
HOTEL OPERATIONS & CDLHT W Singapore – Sentosa Cove
Slide 32: Hotel Operations: M&C Group
HOTEL OPERATIONS M&C Group Good Trading Performance Improve in RevPAR (in constant currency) driven by higher average room rate: RevPAR FY 2012 £67.32 3.4% 4Q 2012 £68.85 0.9% RevPAR growth driven by: - Singapore 2.2% * - Rest of Asia 8.5% - London 8.2% - New York 2.2% ^ Millennium Hotel London
Slide 33: M&C Group – Hotel Room Count and Pipeline
HOTEL OPERATIONS M&C Group – Hotel Room Count and Pipeline Hotels Rooms 31 Dec 31 Dec 31 Dec 31 Dec Hotel and Room Count 2012 2011 2012 2011 By region: • New York 3 3 1,758 1,757 • Regional US 16 16 5,554 5,554 • London 7 7 2,493 2,493 • Rest of Europe 16 16 2,695 2,696 Millennium Bailey’s Hotel Lon
Slide 34: M&C Group – Asset Enhancement
HOTEL OPERATIONS M&C Group – Asset Enhancement Expanded asset management programme during 2012 with: Additional projects including Millennium Minneapolis and Orchard Hotel Singapore. Further upgrades of ONE UN New York and Millennium Seoul Hilton. Millennium Seoul Hilton By end 2012, major w
Slide 35: M Social Hotel
HOTEL OPERATIONS M Social Hotel A new hotel concept and an extension of the M-family stable of brands. The 300-room hotel will be managed by M&C. The hotel is adjoining to UP@Robertson Quay. Located in the Singapore River precinct and within walking distance to Clarke Quay, Boat Quay and Cen
Slide 36: Hotel Revenue by Region
HOTEL OPERATIONS Hotel Revenue by Region FY 2012 FY 2011 5% 44% 6% 42% Asia 23% 77 355 United States 24% 97 678 378 649 Europe New Zealand 426 439 28% 28% $1,536m $1,563m
Slide 37: Hotel Occupancy by Region
HOTEL OPERATIONS Hotel Occupancy by Region 80.0 77.2 75.3 76.0 74.9 Hotel Occupancy Rate (%) 70.0 64.4 64.2 FY 2011 63.5 63.6 FY 2012 60.0 50.0 Asia United States Europe New Zealand
Slide 38: Hotel Revenue Per Available Room at Constant Currency
HOTEL OPERATIONS Hotel Revenue Per Available Room at Constant Currency 170 154 151 148 141 140 Hotel RevPAR ($) 123 123 110 FY 2011 * FY 2012 76 80 70 50 Asia United States Europe New Zealand * For comparability, FY 2011 RevPAR has been translated at constant exchange rates (31 Dec 2012).
Slide 39: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) Gross revenue recorded 6.0% increase y-o-y for FY 2012. S$’000 FY 2012 FY 2011 Change Gross Revenue 149,535 141,107 +6.0% Net property Income 139,293 131,807* +5.7% Orchard Hotel Singapore Grand Copthorne Waterfront Hotel * Excludes one-off tax refund.
Slide 40: CDLHT: Acquisition of Angsana Velavaru Maldives
CDL HOSPITALITY TRUSTS (CDLHT) Completed acquisition of Angsana Velavaru Maldives for US$71 million in Jan 2013 (approximately S$86.8 million) from Banyan Tree Holdings. This makes its first resort acquisition and maiden foray into the Maldives and this acquisition expected to augment the income str
Slide 41: Moving Forward
MOVING FORWARD Artist’s Impression of South Beach
Slide 42: Moving Forward
MOVING FORWARD Global economic outlook for 2013 remains unpredictable. The Group’s established growth platforms will be built upon, while seeking new opportunities. Focus on deriving more earnings from overseas growth engines. Property Development Locked-in profits from pre-sold projects yet
Slide 43: Moving Forward: Hotel Operations and Overseas Projects
MOVING FORWARD Hotel Operations Remain a steady income generator for the Group and will hold onto its key assets for long-term investment. Hospitality REIT platform. M&C expects to benefit from increased return on investment (ROI) when refurbishment works in its key hotels in gateway cities ar
Slide 44: 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 45: www.cdl.com.sg
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