31 slides from City Developments's shareholder meeting presentation, Apr 30, 2021
Slide 1: 58th Annual General Meeting
58th Annual General Meeting 30 April 2021
Slide 2: Agenda
REPUBLIC PLAZA I SINGAPORE Agenda ➢ FY 2020 Key Highlights ➢ Outlook & Strategic Focus
Slide 3: FY 2020 Key Highlights
FY 2020 Key Highlights BOULEVARD 88 VIRTUAL TOUR I SINGAPORE
Slide 4: Key Financial Highlights – FY 2020
Key Financial Highlights – FY 2020 Revenue Adjusted PBT PATMI FY 2020 EBITDA^ $2.1B $466MM ($1.8B) ($1.9B) ($14MM) ($140MM) Exclude Sincere Exclude Sincere FY 2019 $3.4B $1.2B $754.1MM $564.6MM A write-down of $1.8B on Sincere Property investment to focus on post COVID-19 recovery ▪ Impairment losse
Slide 5: Key Financial Highlights – FY 2020
Key Financial Highlights – FY 2020 NAV per share RNAV per share FY 2020 $9.38 $14.26 If FV gains on investment $16.88 If revaluation properties had surpluses of the 19.1% YoY 13.4% YoY been factored in hotel portfolio had and the Group’s been included FY 2019 FY 2019: hotels continue to (based on 20
Slide 6: Capital Management
Capital Management Strong Balance Sheet & Liquidity Position as at 31 December 2020 Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash Interest Cover % of Ratio 1 Fixed Rate Debt 93% $3.2B 3.4x 34% FY 2019: 61% FY 2019: $3.1B FY 2019: 9.1x FY 2019: 40% Ne
Slide 7: Balanced Debt Expiry Profile
Balanced Debt Expiry Profile 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 37% 4,400 RMB (4.3%) Others (2.1%) 4,000 100 Bond Bank Loan 250 Debt $ (MM) JP
Slide 8: Growing Global Footprint
Growing Global Footprint Completed Strategic Acquisitions & Investments Europe Japan Additional 8.4% stake in 78-unit freehold residential Singapore-listed IREIT Global FY 2020: development in Yokohama Total Assets: ~$1.52B^ $23.7B* Acquisitions & investments Darmstadt Campus, Germany $25.5MM ¥2.4B
Slide 9: Singapore Property Development
Singapore Property Development Resilient / Strong Sales Performance for FY 2020 Amid Pandemic ➢ Sold 1,318 units with total sales value of $1.85B for FY 2020^ Steady Sales for Launches from 2018 – 2020 Launch Project Location Tenure Total Total Units % Sold* Achieved Average Year Units Sold* Selling
Slide 10: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy and Positive Rental Reversion for Office Portfolio (As at 31 Dec 2020) (1) Office Retail 11 properties 8 properties 92.2% 92.2% Committed Occupancy Committed Occupancy 1.7MM sq ft 686,000 sq ft Net Lettable Area REPUBLIC PLAZA Net Lettable Ar
Slide 11: International Operations
International Operations Strengthening Footprint in Key Overseas Markets Key Milestones in 2020: • Expansion of Private Rented Sector (PRS) portfolio: ➢ Japan: Acquired a forward-funded rental apartment PRS project in Yokohama City, City Lux Yokohama (78 units) UK City Lux Yokohama ➢ UK: Constructio
Slide 12: Strategic Investment in Sincere Property Group
Strategic Investment in Sincere Property Group Actions taken to ring-fence CDL Group’s financial exposure ➢ One-off impairment of $1.78B on Sincere Property Group (Sincere Property) investment with full equity exposure written down ➢ Special working group formed in December 2020 to identify and eval
Slide 13: Hospitality
Hospitality Priority on Post-COVID-19 Recovery Strategy Green shoots of recovery in Millennium & Copthorne Hotels (M&C) operations: ➢ Asia: In Singapore and NZ, M&C’s hotels are positioning to host significant large-scale events from major global conferences and sporting events. ➢ UK & Europe: Domes
Slide 14: Recognition for Performance Excellence
Recognition for Performance Excellence Key Accomplishments in FY 2020 BUSINESS & PERFORMANCE SUSTAINABILITY • Bloomberg Gender-Equality Index (GEI) 2020 ▪ 44% reduction in carbon emissions intensity from 2007; on • Euromoney Real Estate Survey 2020 track to achieve SBTi target of 59% reduction by 20
Slide 15: Strategic ESG Integration
Strategic ESG Integration Driving Business Transformation through Strong Sustainability Focus Environmental Performance ▪ First Singapore real estate conglomerate in Southeast Asia to sign WorldGBC’s Net Zero Carbon Buildings Commitment Ranked #3 – pledging net zero operational carbon for all wholly
Slide 16: Outlook & Strategic Focus
Outlook & Strategic Focus IRWELL HILL RESIDENCES I SINGAPORE Artist’s Impression
Slide 17: G.E.T Strategy & Focus 2021
G.E.T Strategy & Focus 2021 G rowth ➢ Build development • Pipeline launch: CanningHill Piers in 2H 2021 (Liang Court redevelopment project); launched Irwell Hill Residences in April pipeline & recurring income streams • Active land replenishment: Maintain a strategic inventory level Irwell Hill Resi
Slide 18: Singapore Residential Launch Pipeline
GROWTH DRIVERS Singapore Residential Launch Pipeline 2021 Launches >1,200 units* CanningHill Piers^ (696 units) Upcoming Launch CanningHill Piers^ (Residential component of Liang Court 2H 2021 redevelopment) Irwell Hill Residences (540 units) Sales launch on 10 Apr 57% sold with average launch Artis
Slide 19: Residential Launch in Q2 2021
GROWTH DRIVERS Residential Launch in Q2 2021 Irwell Hill Residences – over 50% sold on launch weekend Location Tenure Equity Stake Total Units Site Area Total Units Gross Floor Area Expected (sq ft) Sold* (sq ft) TOP Irwell Hill Residences 99-year 100% 540 137,634 310 Approx. 385,400 2025 540-unit R
Slide 20: Active Land Replenishment
GROWTH DRIVERS Active Land Replenishment Strategic Acquisition of District 8 Site at Northumberland Road Location Tenure Equity Stake Total Units Site Area (sq ft) Northumberland Road 99-year 50% 408 94,000 Top bid placed for first Government Land Sales (GLS) tender in 2021 – Tender closed on 27 Apr
Slide 21: Asset Rejuvenation to Unlock Value
ENHANCEMENT DRIVERS Asset Rejuvenation to Unlock Value Redevelopment of Existing Assets – Realise GFA uplift from Incentive Schemes Proposed redevelopment under Change of Use Fuji Xerox Towers CBD Incentive Scheme*: Commercial / hotel assets Current & past projects include: 47-storey freehold mixed-
Slide 22: Fund Management
TRANSFORMATION DRIVERS Fund Management Target AUM: US$5B Organic Merger & AUM by Growth Acquisitions 2023 TWO-PRONGED STRATEGY Partner with institutional investors in Accelerate growth of Fund countries and asset classes where CDL Management business through has domain knowledge and track record acq
Slide 23: Fund Management: Strengthen Expertise Through Strategic Investments
TRANSFORMATION DRIVERS Fund Management Strengthen Fund Management Expertise Through Strategic Investments IREIT Global (IREIT) is the first Singapore-listed real estate investment trust which is principally investing in a portfolio of income-producing real estate in Europe which is used primarily fo
Slide 24: Focus
Focus IRWELL HILL RESIDENCES I SINGAPORE Artist’s Impression
Slide 25: FOCUS: Core Singapore Property Development Business
FOCUS: Core Singapore Property Development Business Active Land Banking Market Share Full Spectrum Sustainability Strategic land Diversified replenishment to residential maintain a stable 8-12% portfolio inventory level of total new home (to achieve optimal returns) sales in Singapore BCA Green per
Slide 26: FOCUS: Deepen Overseas Presence & Build Pipeline
FOCUS: Deepen Overseas Presence & Build Pipeline Key Overseas Markets Sector Focus China, UK, Private Rented Sector / Australia, Japan PRS Acquired 6 PRS projects in UK and Vietnam Japan since 2019 Strategic investment in residential ➢ Monk Bridge (Leeds) projects since 2019 ➢ Horie Lux (Osaka) ➢ Pr
Slide 27: FOCUS: Hospitality Portfolio Restructuring
FOCUS: Hospitality Portfolio Restructuring Product & Improving Operational Reviewing Service Innovation & Cost Efficiencies Portfolio Work From Hotel Clustering of admin Focus on key 85% functions gateway cities utilisation for pay-per-use co-working spaces Doubling of roles Singapore London New Yor
Slide 28: FOCUS: Innovation & Digitalisation
FOCUS: Innovation & Digitalisation Smart Building Solutions Virtual Sales Launch Contactless lift eCall Proprietary e-sales booking solution integrated with proprietary system for Irwell Hill CityNexus smart building app Residences ✓ Live balloting ✓ Live satellite sales bookings ✓ Seamless process:
Slide 29: KEY FOCUS: VALUE CREATION
KEY FOCUS: VALUE CREATION GROWTH ENHANCEMENT T RANSFORMATION ➢ Grow development ➢ Enhance execution ➢ Transform via pipeline in of existing projects capital recycling Singapore and and strategic overseas to ensure ➢ Optimise value of investments strong profits commercial, Improve industrial and ➢ Dr
Slide 30: 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 31: www.cdl.com.sg
Artist’s Impression IRWELL HILL RESIDENCES I SINGAPORE www.cdl.com.sg