36 slides from City Developments's shareholder meeting presentation, Apr 26, 2019
Slide 1: Annual General Meeting
Annual General Meeting 26 April 2019
Slide 2: Agenda
Agenda ➢ Key Highlights ➢ Singapore Operations ➢ International Operations ➢ Hospitality ➢ Strategic Initiatives 125 OLD BROAD STREET, LONDON, UK
Slide 3: Key Highlights
Key Highlights PANORAMIC VIEWS OF CENTRAL LONDON FROM 125 OLD BROAD STREET I LONDON, UK
Slide 4: Key Financial Highlights – FY 2018
Key Financial Highlights – FY 2018 FY 2018 FY 2017 Change YoY (Restated*) Revenue $4.2 billion $3.8 billion 10.3% EBITDA $1.2 billion $1.1 billion 12.4% PATMI $557.3 million $522.2 million 6.7% Basic EPS 59.9 cents 56.0 cents 7.0% NAV per share $11.07 $10.33 7.2% ROE 5.6% 5.6% - ▪ Record revenue ach
Slide 5: Diversified Global Portfolio
Diversified Global Portfolio Deepening Presence in Key Markets ➢ Geographical Diversification allows flexibility to capitalise on opportunities Revenue by Business Segment Revenue by Geographical Location EBITDA by Business Segment Profit Before Tax by Business Segment 5
Slide 6: Dividend – FY 2018
Dividend – FY 2018 Total Proposed Dividend of 20 cents FY 2018 Proposed Dividend Comprises: 20.0 cents per share • Special Final Dividend: – 6.0 cents 11.1% • Final Dividend: (FY 2017 Dividend: 18.0 cents) – 8.0 cents • Special Interim Dividend – 6.0 cents Dividend Payout Ratio: 33% (paid out in Sep
Slide 7: Growing Global Footprint
Growing Global Footprint Strategic Investments in FY 2018 UK & EUROPE CHINA >> Acquisition of Aldgate >> E-House IPO – HK$237.81 House in London for million £183 million >> Acquisition of office block >> Acquisition of 125 Old within Yaojiang International Broad Street in London complex in Shanghai’
Slide 8: Recognition for Performance Excellence
Recognition for Performance Excellence Key Accolades in FY 2018 BUSINESS & PERFORMANCE SUSTAINABILITY • ASEAN Corporate Governance Scorecard Award • Asia Sustainability Reporting Rating 2018 – #6 out of Top 100 Singapore-listed Companies – Platinum – Top 50 ASEAN Public Listed Companies • STOXX® Glo
Slide 9: Singapore Operations
Singapore Artist’s Impression BOULEVARD 88 I SINGAPORE Operations
Slide 10: Singapore Property Performance
Singapore Property Performance Steady sales uptake for 2018 launched projects^: The Tapestry (861 units) FY 2018 Sold: 1,113 units Sales Value: $2.2 billion Artist’s Impression Sold: 614 units ASP: $1,338 psf Artist’s Impression Artist’s Impression Whistler Grand New Futura South Beach Residences #
Slide 11: Singapore Property Development
Singapore Property Development Completed Residential Projects in FY 2018 Project Location Total Units Units Sold TOP Obtained Coco Palms* Pasir Ris Grove / 944 99.5% Phase 1 – Jan 2018 Pasir Ris Drive 1 Phase 2 – April 2018 The Criterion Exec Condo (EC)* Yishun Street 51 505 100% Feb 2018 Coco Palms
Slide 12: Latest Residential Launch in Q1 2019
Latest Residential Launch in Q1 2019 Boulevard 88 – Over $360 million of sales achieved* Location Tenure Equity Total Units Total Units Total Saleable Expected Stake Units Released Sold* Area (sq ft) TOP Orchard Boulevard Freehold 40% 154 45 39 316,844 2022 154-unit Freehold Luxury Residences in Dis
Slide 13: Upcoming Residential Launch
Upcoming Residential Launch Amber Park – Iconic Freehold Residence in East Coast Project Location Tenure Equity Total Total Saleable Expected Stake Units Area (sq ft) Completion Amber Park Amber Road Freehold 80% 592 604,006 2023 Rebirth of an East Coast Landmark ▪ Rare expansive freehold site of ov
Slide 14: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy for Office & Retail Portfolio (As of 5 Jan 2019)* Office Retail 15 properties 19 properties 91.3% 95.1% Committed Occupancy Committed Occupancy 2.1 million sq ft 820,000 sq ft Net Lettable Area REPUBLIC PLAZA Net Lettable Area CITY SQUARE MAL
Slide 15: Singapore Commercial Portfolio
Singapore Commercial Portfolio Trade Mix of Office & Retail Space by % of Total Gross Rental Income (As of 5 Jan 2019)* Office Retail Supermarkets & Sporting Goods, Value Store, Electrical, Electronics & 2.2% 3.2% Banking, Telecommunications, Technology & Others, 2.8% 2.0% ICT, 14.5% Insurance & Fin
Slide 16: International Operations
International Operations ALDGATE HOUSE I LONDON, UK
Slide 17: UK – Expansion of Commercial Portfolio
UK – Expansion of Commercial Portfolio Acquired 2 Prime Grade A Freehold Commercial Properties in 2018 Aldgate House 125 Old Broad Street Location 33 Aldgate High Street 125 Old Broad Street London EC3N 1DL London EC2N 1AR Grade A office, retail and ancillary Grade A office and retail over 3 spaces
Slide 18: International Operations – UK
International Operations – UK Established Strong Project Pipeline in Greater London Under Construction Projects to be Completed 2019 – 2021 Completed in July & Aug 2018 Preliminary Artist’s Impression Planning Approval Knightsbridge Belgravia Obtained Chelsea Artist’s Impression Artist’s Impression
Slide 19: International Operations – Australia
International Operations – Australia Focus on Increasing Exposure in Australia Brisbane Bowral Luxury Retirement Housing Projects: Collaboration with Waterbrook Lifestyle Resorts on 2 Freehold Luxury Retirement Housing Projects in Sydney for A$57 million ➢ Proposed developments offer a high-end hosp
Slide 20: International Operations – China
International Operations – China Focus on Tier 1 and Tier 2 Cities FY 2018 Mixed-use Waterfront Development Hong Leong City Center, Suzhou ➢ HLCC mall officially RMB 1.3 billion (1,804 units) opened in June 2018 ➢ 5-star M Social Hotel Sales Value expected to open by Q1 2020 ➢ 30,000 sqm Grade A off
Slide 21: International Operations – Japan
International Operations – Japan Two Prime Freehold Residential Projects in Tokyo Park Court Aoyama The Tower Completed in Jan 2018: ➢ 160-unit freehold JV residential project launched in Oct 2016 ➢ Units are progressively being handed over – 150 units Freehold site in Shirokane handed over* Land Ba
Slide 22: Hospitality
Hospitality THE BILTMORE, MAYFAIR I LONDON, UK
Slide 23: M&C Hotel Operations
M&C Hotel Operations Trading Performance Reported Constant Currency Currency FY 2018 FY 2017 Change FY 2017 Change Revenue £997m £1,008m (1.1%) £987m 1.0% Revenue (hotel) £867m £880m (1.5%) £862m 0.6% Profit before tax £106m £147m (27.9%) £144m (26.4%) PATMI £43m £124m (65.3%) ▪ Group RevPAR:↓ 1.5%
Slide 24: Strategic Initiatives
Strategic LE GROVE SERVICED RESIDENCES I SINGAPORE Initiatives
Slide 25: 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 26: GET Strategic Targets & Outcomes
GET Strategic Targets & Outcomes Growth Enhancement Transformation > $2.5 billion $100 million US$5 billion Acquisitions & investments AEI on 2 investment AUM target by 2023 in 2018 properties to improve asset performance Targeting $900 million Organisational Acquisitions Recurring income target by
Slide 27: Diversified Residential Launch Pipeline
GROWTH Diversified Residential Launch Pipeline SG Pipeline comprises EC, Mass Market, Mid-Tier & High End segments Piermont Grand^ Sengkang Central^ (820 units) (680 units) Launch pipeline Only EC launch > 2,800 units* for 2019 Artist’s Impression Artist’s Impression Land cost: $509.4 million Land c
Slide 28: Expansion into New Housing Segments
GROWTH Expansion into New Housing Segments Entered Rapidly-Growing UK Private Rented Sector (PRS) – Acquisition of Freehold PRS site in Leeds in March 2019 Monk Bridge, Leeds Leeds – UK’s fastest-growing & third largest city Artist’s Impression £15.4 million Artist’s Impression Site Area: 193,752 sq
Slide 29: Improve Asset Positioning & Relevance
ENHANCEMENT Improve Asset Positioning & Relevance $100 million Asset Enhancement Initiatives (AEI) on 2 Investment Properties Le Grove Serviced Residences Republic Plaza Some Exciting New Retail / F&B Outlets $30 million AEI Reopened in mid-July 2018 173 Occupancy (Jan 2019) apartment units for leas
Slide 30: Smart Building App – Republic Plaza
ENHANCEMENT Smart Building App – Republic Plaza Exclusive Partnership with Distrii to Develop Smart Building / Office Applications in Southeast Asia Market Target launch of City Nexus app in 1H 2019 as an integral part of AEI programme • Mobile Access Management Secure and hassle-free access for ten
Slide 31: Improve Asset Positioning & Relevance
ENHANCEMENT Improve Asset Positioning & Relevance Planning for timely asset refurbishment to create value and drive higher returns Asset Revitalisation Programme Asset Refurbishment @ Fuji Xerox Towers @ Aldgate House Activate public spaces and Refurbishment improve works accessibility Functional Im
Slide 32: Drive Operational Efficiency
ENHANCEMENT Drive Operational Efficiency Speed to Market – Quicken turnaround to capitalise on cyclical trends Turnaround Site Acquisition Sales Preview / Launch (acquisition to launch) 15 months March 2011 May 2012 11 Artist’s Impression months April 2017 March 2018 9 Artist’s Impression months Jan
Slide 33: Fund Management Roadmap
TRANSFORMATION Fund Management Roadmap AUM Target – US$5 billion by 2023 ORGANIC GROWTH • Partner with institutional investors in countries and asset classes where the Group has deep domain knowledge and track record: TWO-PRONGED STRATEGY - Geographical focus: Singapore, UK, China, Japan and Austral
Slide 34: Focus on Innovation & Venture Capital
TRANSFORMATION Focus on Innovation & Venture Capital Two-Pronged Approach: Strategic Investments & Enterprise-Driven Initiatives Investments into Internal Innovation Synergistic PropTech Initiatives (Potential Disruptors) Ongoing digitisation process with over 2.6 million pages digitised in 2018, al
Slide 35: 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 36: www.cdl.com.sg
BOULEVARD 88 I SINGAPORE www.cdl.com.sg