Slide 1: FY 2023 Results Presentation
FY 2023 RESULTS PRESENTATION 28 February 2024 Artist’s Impression Copen Grand I Singapore
Slide 2: Agenda
AGENDA ➢ Overview & Strategic Initiatives ➢ Financial Highlights ➢ Operations Review – Singapore Operations – International Operations – Hospitality Hong Leong City Center I Suzhou, China
Slide 3: Overview
OVERVIEW Haus on Handy I Singapore
Slide 4: Key Milestones FY 2023
KEY MILESTONES FY 2023 Record Revenue 5 Projects Completed Achieved highest revenue >2,400 units completed in since inception in 1963 Singapore: ▪ Piermont Grand (820 units) Performance drivers: ▪ Haus on Handy (188 units) ▪ Property development: Contribution ▪ Boulevard 88 (154 units) from EC proje
Slide 5: Key Financial Highlights FY 2023
KEY FINANCIAL HIGHLIGHTS FY 2023 REVENUE EBITDA PBT PATMI FY 2023 Record Revenue $4.9B $1.1B $472.6MM $317.3MM Exclude divestment gains and impairment losses $1.0B $352.7MM $188.6MM FY 2022 $3.3B $2.3B $1.9B $1.3B Exclude divestment gains and impairment losses $655.5MM $186.0MM $47.0MM SUMMARY Reven
Slide 6: Key Financial Highlights FY 2023
KEY FINANCIAL HIGHLIGHTS FY 2023 NAV RNAV per share per share If FV gains on $19.46 investment properties If revaluation surpluses of had been factored in $10.12 $17.21 and the Group’s hotels continue to be stated at cost the hotel portfolio had been included (based on 2022/2023 internal & ▼ 0.4% Yo
Slide 7: Key Operational Highlights FY 2023
KEY OPERATIONAL HIGHLIGHTS FY 2023 PROPERTY DEVELOPMENT INVESTMENT PROPERTIES ▪ SINGAPORE: Resilient committed occupancy for portfolio3: ▪ SINGAPORE: Sold 730 units with total sales value of $1.5B1 driven by 2 − Office: 97.1% (NLA: 1.5MM sq ft) successful launches: − Retail: 97.6% (NLA: 800,000 sq f
Slide 8: Global Portfolio Overview FY 2023
GLOBAL PORTFOLIO OVERVIEW FY 2023 TOTAL ASSETS SEGMENT ANALYSIS Others Others 6% 16% Hotel DP US Singapore 25% 37% 8% Assets by 44% Assets by Geography Business Segment $24B China 13% UK IP 19% 32% With Fair Value of IPs & Hotels $33B Others Others 15% 4% DP US Hotel 28% 6% 25% Assets by China Asset
Slide 9: GET Strategy
GET STRATEGY GROWTH ► ENHANCEMENT ► TRANSFORMATION ► ➢ Build development pipeline & ➢ Enhance asset portfolio ➢ Transform business via new platforms: recurring income streams ➢ Drive operational efficiency Strategic Investments, Fund Management, Innovation & Venture Capital Artist’s Impression The M
Slide 10: GET: Growth, Enhancement, Transformation
G E T ► ► Growth Enhancement Transformation Build Development Pipeline Enhance Asset Portfolio Transform Business via New Platforms & Recurring Income Streams & Drive Operational Efficiency Strategic Investments, Fund Management, Innovation & Venture Capital Irwell Hill Residences | Singapore Newpor
Slide 11: FY 2023 Global Acquisitions & Investments
GROWTH FY 2023 GLOBAL ACQUISITIONS & INVESTMENTS South Korea $2.4B1 Japan IN ACQUISITIONS & INVESTMENTS Nine Tree Premier Hotel Myeongdong II KRW 140B ($143.9MM) UK China Bespoke Hotel Osaka Shinsaibashi JPY 8.5B ($78.5MM) Artist’s Impression Artist’s Impression Suzhou High-Speed Railway New Town St
Slide 12: Global Living Sector Portfolio
GROWTH GLOBAL LIVING SECTOR PORTFOLIO $187MM Japan $2.6B $406MM (250 units; (563 units; 1 asset) 1 ➢ Portfolio comprises 2 projects) 2,101 PRS units3 7% ➢ 38 assets3 in Tokyo, 16% 25% $656MM (2,101 units; TOTAL GDV Osaka and Yokohama 38 assets3) TOTAL PRS PBSA GDV $473MM 18% ~4,800 ~2,400 (2,368 bed
Slide 13: Singapore Residential Launch Pipeline
GROWTH SINGAPORE RESIDENTIAL LAUNCH PIPELINE Launched in Jan 2024 – 55% sold4 Upcoming Launches Lumina Grand (512 units) Union Square Residences 2H 2024 (Central Mall and Central Square redevelopment) Champions Way 2H 2024 Lorong 1 Toa Payoh2 1H 2025 CURRENT Newport Residences TBD LAUNCH PIPELINE1 ~
Slide 14: FY 2023 Completed Residential Projects
GROWTH FY 2023 COMPLETED RESIDENTIAL PROJECTS Sengkang Grand Residences1 (680 units) Completed Projects Piermont Grand1 (820 units) Jan Piermont Grand1 820 Fully sold Apr Haus on Handy 188 Fully sold Apr Boulevard 881 154 91% sold Nov Sengkang Grand Residences1 680 Fully sold Dec Amber Park1 592 Ful
Slide 15: GET: Growth, Enhancement, Transformation
G E T ► ► Growth Enhancement Transformation Build Development Pipeline Enhance Asset Portfolio Transform Business via New Platforms & Recurring Income Streams & Drive Operational Efficiency Strategic Investments, Fund Management, Innovation & Venture Capital Irwell Hill Residences | Singapore Newpor
Slide 16: FY 2023 Completed Asset Enhancements
ENHANCEMENT FY 2023 COMPLETED ASSET ENHANCEMENTS COMPLETED AEI Jungceylon Shopping Center, Phuket ONGOING AEI City Square Mall Artist’s Impression Asset Enhancement Initiative (AEI) completed in Q4 2023 ▪ Commenced two-phase AEI in Q3 2023: ‒ Phase 1: Completion in Q2 2024 ‒ Phase 2: Completion in 1
Slide 17: Ongoing Asset Redevelopment
ENHANCEMENT ONGOING ASSET REDEVELOPMENT GFA UPLIFT FROM INCENTIVE SCHEMES Union Square (Union Square Central & Union Square Residences) Newport Plaza Redevelopment under Strategic Development Incentive Scheme 1 Redevelopment under CBD Incentive Scheme Mixed-use integrated development 45-storey compr
Slide 18: FY 2023 Hotel Openings & Revamp
ENHANCEMENT FY 2023 HOTEL OPENINGS & REVAMP 3 OPENINGS REVAMP M Social Suzhou M Social Phuket The Singapore EDITION Grand Copthorne Waterfront 294-room luxury lifestyle hotel 418 lifestyle rooms and suites 204-room bespoke lifestyle hotel Relaunched in Aug 2023 after $30MM renovation: ▪ Opened: Apr
Slide 19: M Social Brand Expansion
ENHANCEMENT M SOCIAL BRAND EXPANSION Pipeline Properties LONDON – AEI of £16.5MM 6 3 222 Guestrooms Conversion of Millennium Hotel London Knightsbridge to M Social Knightsbridge. First M Social in the UK. This is scheduled to OPERATIONAL PIPELINE commence in 2H 2024 and complete in 1H HOTELS HOTELS
Slide 20: Sustainability Leadership
ENHANCEMENT SUSTAINABILITY LEADERSHIP Driving Positive Impact to Accelerate Global Race to Zero Net Zero Carbon Commitment RECOGNISED ON 14 LEADING GLOBAL SUSTAINABILITY RATINGS, RANKINGS & INDEXES First real estate conglomerate in Southeast Asia to sign the WorldGBC Net Zero Carbon Buildings Commit
Slide 21: GET: Growth, Enhancement, Transformation
G E T ► ► Growth Enhancement Transformation Build Development Pipeline Enhance Asset Portfolio Transform Business via New Platforms & Recurring Income Streams & Drive Operational Efficiency Strategic Investments, Fund Management, Innovation & Venture Capital Irwell Hill Residences | Singapore Newpor
Slide 22: FY 2023 Capital Recycling
TRANSFORMATION FY 2023 CAPITAL RECYCLING Japan $632.5MM Singapore TOTAL SALE PROCEEDS Shirokane land site, Tokyo US Australia Tanglin Shopping Centre (land plot) Millennium Harvest House Boulder Citilink Warehouse (8 strata units) 95 Mina Parade, Brisbane 22
Slide 23: Portfolio Harmonisation & Optimisation
TRANSFORMATION PORTFOLIO HARMONISATION & OPTIMISATION PORTFOLIO RESTRUCTURING TO UNLOCK VALUE DRIVE OPERATIONAL EFFICIENCY Hospitality Portfolio Harmonisation Optimising Shareholding Structures Digital transformation ▪ Active portfolio rebalancing ▪ Unlock shareholder value through initiatives acros
Slide 24: Fund Management – AUM Growth
TRANSFORMATION FUND MANAGEMENT – AUM GROWTH Building Assets Under Management (AUM) via Organic and Inorganic Growth CDL Assets for AUM Growth US$3B Sizeable CDL assets provides flexibility to 1 be injected into listed and unlisted platforms Growing Existing Commercial Platforms CURRENT AUM Supportin
Slide 25: Financial Highlights
FINANCIAL HIGHLIGHTS Republic Plaza I Singapore
Slide 26: Financial Highlights FY 2023
FINANCIAL HIGHLIGHTS FY 2023 Property Hotel Investment Others Development Operations Properties FY FY FY FY FY FY FY FY 2023 2022 2023 2022 2023 2022 2023 2022 Revenue $2,793MM $1,382MM Revenue $1,499MM $1,381MM Revenue $449MM $341MM Revenue $200MM $189MM PBT $340MM $161MM PBT $189MM $1,383MM PBT ($
Slide 27: RevPAR by Region for CDL Group
REVPAR BY REGION FOR CDL GROUP ASIA AUSTRALASIA Singapore Rest of Asia Australasia ▲19.9% 181.0 152.3 151.0 ▲77.2% 110.4 107.6 103.9 ▲57.3% 99.4 62.3 63.2 FY 2019 FY 2022 FY 2023 FY 2019 FY 2022 FY 2023 FY 2019 FY 2022 FY 2023 US EUROPE New York Rest of US UK Rest of Europe ▲10.6% ▲16.5% 317.6 249.6
Slide 28: Continued Outperformance in Hotel Ops
CONTINUED OUTPERFORMANCE IN HOTEL OPS Room Occupancy Average Room Rate Revenue Per Available GOP Margin Room (RevPAR) % 8.7% pts $ 10.4% 25.3% 3.7% pts $ % 230.7 34.5 73.3 73.1 80.0 250.0 209.0 30.8 64.4 200.0 168.7 35 188.6 28.3 200.0 30 60.0 138.3 134.6 150.0 25 150.0 20 40.0 100.0 100.0 15 20.0 5
Slide 29: Revenue by Segment
REVENUE BY SEGMENT FY 2023 FY 2022 Y-o-Y Revenue $4,941MM $3,293MM ▲ 50% Property Hotel Investment Others Development Operations Properties $MM 3,200 ▲102% 2,793 2,800 2,400 ▲9% 2,000 1,382 1,381 1,499 1,600 1,200 ▲32% 800 449 341 400 189 200 0 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022
Slide 30: EBITDA by Segment
EBITDA BY SEGMENT FY 2023 FY 2022 Y-o-Y EBITDA FY 2023 FY 2022 Y-o-Y EBITDA $1.1B $2.3B ▼ 52% (Excluding divestments gains $1.0B $656MM ▲ 53% and impairment losses) EBITDA (Excluding divestment gains and impairment losses) Property Hotel Investment Others Development Operations Properties $MM 600 ▲9
Slide 31: PBT by Segment
PBT BY SEGMENT FY 2023 FY 2022 Y-o-Y PBT FY 2023 FY 2022 Y-o-Y PBT $473MM $1,857MM ▼ 75% (Excluding divestments gains $353MM $186MM ▲ 90% and impairment losses) PBT (Excluding divestment gains and impairment losses) Property Hotel Investment Others $MM Development Operations Properties 400 ▲110% 340
Slide 32: Capital Management
CAPITAL MANAGEMENT Strong Balance Sheet & Liquidity Position Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash 1 Interest Cover % of Ratio Fixed Rate Debt 103% $2.2B 2.8 x 45% FY 2022: 84% FY 2022: $2.4B FY 2022: 9.8x FY 2022: 42% Net Gearing 2 Cash and
Slide 33: Prudent Capital Management
PRUDENT CAPITAL MANAGEMENT Balanced debt Balanced debt High Level of expiry profile currency mix Natural Hedge Well-Spread Debt Maturity Profile Debt Currency Mix Others (3.2%) 4,400 Bonds Loans JPY (2.3%) 33% RMB (4.6%) 4,000 262 374 538 3,600 890 USD (7.9%) Debt $ (MM) 3,200 920 24% 6,103 SGD (52.
Slide 34: CDL Group – Natural Hedge 2023
CDL GROUP – NATURAL HEDGE 2023 Substantially 72% natural hedge for the key geographical markets the Group operates in GBP RMB USD JPY AUD Natural Hedge Natural Hedge Natural Hedge Natural Hedge Natural Hedge 96% 51% 52% 73% 51% S$MM 5,000 4,695 4,487 4,000 3,174 3,000 2,000 1,835 1,634 958 910 1,000
Slide 35: Operations Review
OPERATIONS REVIEW The Myst I Singapore Artist’s impression
Slide 36: Singapore Operations: Property Development
SINGAPORE OPERATIONS PROPERTY DEVELOPMENT The Myst I Singapore Artist’s impression
Slide 37: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT Property Price Index – Residential (2014 – 2023) Price Increase All Residential (+6.8% YoY) Residential prices increased by 2.8% q-o-q, compared with the Q4 23: 201.5 0.8% increase in the previous 200 quarter. 180 160 140 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 38: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT ➢ The private residential Property Price Index (PPI) registered a 2.8% growth in Q4 2023, as compared to the 0.8% increase in the previous quarter. Y-on-y, prices have increased by 6.8%. ➢ For whole year of 2023, developers sold 6,421 units (excl. ECs), a 9.6% decrease
Slide 39: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT Residential Units Sold1 FY 2022 FY 2023 The decrease in sales was primarily due to Sales Value Units Sold the Group’s limited 1,487 inventory in 2023, with most existing projects significantly/ fully sold 48.6% yoy 50.9% yoy $2.9B FY 2023 Highlights 1,529,201 ➢ Perform
Slide 40: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT Strong Sales Performance for FY 2023 ➢ Sold 730 units with total sales value of $1.512B for FY 20231 ➢ Performance was driven by launch of Tembusu Grand and The Myst in April and July, respectively ➢ Three projects (Haus on Handy, Amber Park and Piccadilly Grand) were
Slide 41: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT Inventory of Launched Residential Projects – As at 31 Dec 2023 Total CDL’s Share of Project Equity Stake Total Units Units Sold Unsold Unsold Inventory Inventory St. Regis Residences 33% 173 161 12 4.0 One Shenton 100% 341 330 11 11.0 Cliveden at Grange 100% 110 48 62
Slide 42: Recent Residential Launch
RECENT RESIDENTIAL LAUNCH Lumina Grand – Luxury Executive Condominium (EC) in the Heart of Established Bukit Batok West Location Tenure Equity Stake Total Units Total Units Sold1 Site Area (sq ft) Total Saleable Area (sq ft) Bukit Batok West Ave 5 99-year 100% 512 284 178,936 565,569 Singapore’s Fir
Slide 43: Singapore Operations: Asset Management
SINGAPORE OPERATIONS ASSET MANAGEMENT Republic Plaza I Singapore
Slide 44: Singapore Commercial Market
SINGAPORE COMMERCIAL MARKET Property Price Index – Commercial (2014 – 2023) 150 Office Retail Price Decline 140 (-4.2% YoY) Office prices decreased by 5.9% q-o-q, compared with the 0.8% increase in the previous quarter. 130 120 110 Q4 23: 111.1 Q4 23: 97.4 100 Price Growth (+1.2% YoY) 90 Retail pric
Slide 45: Singapore Commercial Market
SINGAPORE COMMERCIAL MARKET Property Rental Index – Commercial (2014 – 2023) Rental Increase 250 (+13.1% YoY) Office rents continue to Office Retail increase for nine consecutive quarters 200 Q4 23: 200.1 150 100 Q4 23: 78.7 Rental Increase 50 (+0.4% YoY) Retail rents decreased by 0.1% q-o-q, compar
Slide 46: Singapore Commercial Portfolio Occupancy
SINGAPORE COMMERCIAL PORTFOLIO OCCUPANCY As at 31 Dec 2023 Our commercial portfolio1 ended the year on a resilient note as occupancies remained healthy despite the softer macroeconomic conditions. Both office and retail lease expiries are well-spread, minimising risks to our portfolio over the comin
Slide 47: Singapore Commercial Portfolio
SINGAPORE COMMERCIAL PORTFOLIO Trade Mix as at 31 Dec 2023 A diverse tenant base across office and retail commercial portfolios1, minimizing over exposure to cyclical sectors. ▪ Office: Diversified tenant base comprising a good mix of established corporation tenants. ▪ Retail: A strong emphasis on e
Slide 48: International Operations
INTERNATIONAL OPERATIONS 1NQ I Manchester Artist’s Impression
Slide 49: International Operations Australia
INTERNATIONAL OPERATIONS AUSTRALIA New South Wales Focus on Developments across Eastern Seaboard of Australia BTS Queensland ➢ Waterbrook BTS Bowral, a 135- unit retirement housing project, has sold 100% of the available villas (first Artist’sImpression Artist’s Impression Artist’s Impression phase)
Slide 50: International Operations China
INTERNATIONAL OPERATIONS CHINA Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Landmark waterfront mixed-use development Chongqing(重庆) site: Relaunched in ➢ 6 towers of high-end residential May 2018: apartments Sold 125 units to ➢ Grade A office space and 5-star Hong Leong City Center (丰隆城市中心) date ho
Slide 51: International Operations Japan
INTERNATIONAL OPERATIONS JAPAN Continue to Grow our Japan PRS Footprint with New Acquisitions 25 freehold residential properties in Tokyo (836 units)1 7 freehold residential properties in Osaka (429 units) QUALITAS Hamadayama QUALITAS Kamata QUALITAS Minami-Oi (38 units) (30 units) (81 units) Horie
Slide 52: International Operations UK
INTERNATIONAL OPERATIONS UK London Residential PRS PP PRS PRS Artist’s Impression Artist’s Impression Artist’s Impression 1NQ, Manchester The Junction, Leeds (261 Units) (665 Units) Yardhouse, White City Morden Wharf, Greenwich (209 Units) (1,473 Units1) Acquired a freehold site for a PRS Full Pract
Slide 53: International Operations UK
INTERNATIONAL OPERATIONS UK Purpose-Built Student Accommodation (PBSA) Portfolio comprises 2,368 beds across 6 assets with occupancy of 97% for Academic Year 2023/20241 Sycamore House, Leeds Infinity, Coventry Trinity View, Coventry (117 Beds) (505 Beds) (614 Beds) Altura, Birmingham (435 Beds) Arti
Slide 54: International Operations UK
INTERNATIONAL OPERATIONS UK UK Commercial Portfolio Occupancy as at 31 Dec 2023 The Group’s UK commercial portfolio ended the year on a resilient note as occupancies remained healthy despite pressure from vacancies in the general market. Long lease expiries for both office and retail, minimising lea
Slide 55: International Operations UK
INTERNATIONAL OPERATIONS UK UK Commercial Portfolio Trade Mix as at 31 Dec 2023 Focused tenant base across office and retail commercial portfolios, enabling effective tenant management. ▪ Office: Focused tenant base comprising of established corporation tenants. ▪ Retail: Consists of essential servi
Slide 56: Hospitality
HOSPITALITY M Social Suzhou
Slide 57: Hotel Operations – Trading Performance
HOTEL OPERATIONS – TRADING PERFORMANCE FY 2023 FY 2022 Change $MM $MM % Revenue 1,498.5 1,380.7 8.5 PBT 188.6 1,383.2 (86.4) PBT 54.6 32.0 70.6 (Exclude divestment gains & impairment losses written back) EBITDA 416.2 1,525.3 (72.7) M Social Phuket EBITDA 282.2 174.1 62.1 (Exclude divestment gains &
Slide 58: Hotel Operations (2H 2023 vs 2H 2022)
HOTEL OPERATIONS (2H 2023 vs 2H 2022) Hotel Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group ¹ For comparability, 2H 2022 Average Room Rate and RevPAR have been translated at constant exchange rates (31 Dec 2023). 58
Slide 59: Hotel Operations (FY 2023 vs FY 2022)
HOTEL OPERATIONS (FY 2023 vs FY 2022) Hotel Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group ¹ For comparability, FY 2022 Average Room Rate and RevPAR have been translated at constant exchange rates (31 Dec 2023). 59
Slide 60: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) Trading Performance FY 2023 FY 2022 Change $MM $MM % Hotel Brooklyn Gross Revenue 257.6 229.4 12.3 Net Property Income (NPI) 138.3 123.7 11.8 CDLHT’s portfolio of hotels recorded an improvement across most of its portfolio markets in FY 2023. This corresponds with the
Slide 61: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) YoY change Country in RevPAR Remarks (%) RevPAR growth was attributed by 12.4MM visitor arrivals recorded in Singapore. Despite the recovery in inbound travel, visitors from China have only reached 36.8% of YTD Nov 2019’s arrivals. Singapore’s tourism growth trajectory
Slide 62: 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 63: www.cdl.com.sg
OUR VISION: OUR MISSION: OUR VALUES: C onceptualise spaces and solutions We aim to be recognised by INNOVATION customers, employees and R espect planet Earth peers as an innovative COLLABORATION E ncourage diversity of people and ideas creator of quality and sustainable spaces. A dvance the communit