Slide 1: 1H 2023 Results Presentation
1H 2023 Results Presentation 10 August 2023 Artist’s Impression Tembusu Grand I Singapore
Slide 2: Agenda
Agenda ➢ Overview ➢ Operations Review & Strategic Initiatives – Singapore Operations – International Operations ➢ Financial Highlights – Hospitality Artist’s Impression Tembusu Grand I Singapore
Slide 3: Overview
Overview >>>
Slide 4: Key Financial Highlights
Key Financial Highlights Revenue EBITDA PBT PATMI 1H 2023 $2.7B $459.7MM $179.5MM $66.5MM Excluding divestment gains and impairment losses $477.6MM $217.3MM $104.3MM 1H 2022 $1.5B $1.8B $1.6B (Restated)1 $1.1B (Restated)1 Excluding divestment gains and impairment losses $323.4MM $146.7MM (Restated)1
Slide 5: Key Financial Highlights
Key Financial Highlights NAV per share RNAV per share 1H 2023 If FV gains on $18.97 $10.00 $16.79 investment properties had been factored in If revaluation surpluses of the hotel portfolio had and the Group’s hotels been included (based on 1.6% YoY 1.1% YoY continue to be stated 2021/2022 internal &
Slide 6: Key Operational Highlights – 1H 2023
Key Operational Highlights – 1H 2023 ▪ SINGAPORE: Sold 508 units with total sales value of $1.1B1 powered by steady sale of launched projects ‒ Q2 launch: 638-unit Tembusu Grand in Katong sold 53% of units during launch weekend ‒ Three projects fully sold in 1H 2023: Haus on Handy, Amber Park and No
Slide 7: Global Portfolio Overview
Global Portfolio Overview The Group's diversified portfolio enables it to weather cyclical typhoons from time to time Others Others 15% 6% US Hotel DP Total Assets: 8% Assets by Singapore 44% 26% Assets by 37% Geography Business $23B China 14% Segment UK 19% IP 31% Others Others 15% 4% Total Assets:
Slide 8: Strategic Initiatives
Strategic Initiatives >>>
Slide 9: GET: Growth Enhancement Transformation
GE 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 Newport Pla
Slide 10: Growth
Growth ➢ Build development pipeline & recurring income streams Artist’s Impression Amber Park I Singapore
Slide 11: Strategic Acquisitions in 1H 2023
GROWTH Strategic Acquisitions in 1H 2023 Capital Deployment into Iconic Assets and the Living Sector in UK and Asia Pacific Europe Asia Pacific UK Australia South Korea Japan St Katharine Docks Sofitel Brisbane Central Nine Tree Premier Hotel 2 PRS Projects 23-acre mixed-use estate 416 rooms Myeongd
Slide 12: Building Pipeline and Market Share
GROWTH Building Pipeline and Market Share Focus on Strategic Site Replenishment and Operational Efficiency Bukit Batok West Ave 5 EC2 (Est. 512 units)2 Current Upcoming Launches Launch Pipeline1 Bukit Batok West Ave 5 EC2 1H 2024 >1,100 units Redevelopment of Central Mall & Central 2H 2024 Square2 N
Slide 13: UK Living Sector Portfolio
GROWTH UK Living Sector Portfolio Building Scale in Private Rented Sector (PRS) and Purpose-Built Student Accommodation (PBSA) Segments ➢ Portfolio comprises around 2,400 PBSA beds and a pipeline of over 1,300 PRS units1 Total AUM2: ➢ 9 projects1 located in Birmingham, Canterbury, Coventry, Leeds, M
Slide 14: Asia Pacific PRS Portfolio
GROWTH Asia Pacific PRS Portfolio Building Scale in Japan and Australia 714 units in Osaka and Yokohama Approx. 490 pipeline units in Melbourne with total AUM2 of ¥24.3B ($229.6MM) and Brisbane with total AUM2 of 7 freehold residential properties in Osaka (429 units) A$412.2MM ($372.4MM) The Group’s
Slide 15: Enhancement
Enhancement ➢ Enhance asset portfolio ➢ Drive operational efficiency Artist’s Impression Newport Plaza I Singapore
Slide 16: Enhancing Asset & Operational Efficiency
ENHANCEMENT Enhancing Asset & Operational Efficiency Improve Asset Positioning and Relevance, Enhance Asset Portfolio and Drive Operational Efficiency and Returns Asset Rejuvenation and Redevelopment Reposition assets and replenish land bank through schemes such as the CBD Incentive Scheme and Strat
Slide 17: Ongoing Redevelopment Initiatives
ENHANCEMENT Ongoing Redevelopment Initiatives Realise GFA uplift from Incentive Schemes through Redevelopment to Unlock Value Redevelopment of Central Mall & Central Square Newport Plaza Proposed redevelopment under Strategic Development Incentive Scheme1: Redevelopment under CBD Incentive Scheme: •
Slide 18: Jungceylon Shopping Center
ENHANCEMENT Jungceylon Shopping Center Full Completion of AEI Expected in 2H 2023 Phase 1 Completed – Revamped Interiors Phase 2 in Progress Artist’s impression Committed Occupancy1: 80% • Jungceylon Shopping Center in Patong, Phuket, has been undergoing AEI works in phases: ➢ Phase 1 (completed): R
Slide 19: M&C – Ongoing Hotel Asset Enhancements
ENHANCEMENT M&C – Ongoing Hotel Asset Enhancements M Social Sunnyvale, California M Social Hotel Knightsbridge M Social Brand Conversions • S U Z H O U (First M Social in China) • PHUKET (First M Social in Thailand) Artist’s Impression • L O N D O N (First M Social in the UK) Artist’s Impression • N
Slide 20: Driving Positive Impact
ENHANCEMENT Driving Positive Impact #5 RECOGNISED ON 14 LEADING Net Zero Carbon Commitment GLOBAL SUSTAINABILITY RATINGS, RANKINGS & INDEXES out of 474 companies First real estate conglomerate in Southeast Asia to sign the WorldGBC Net Zero Carbon Buildings Commitment: Singapore • 2030: New developm
Slide 21: Transformation
Transformation ➢Transform business via new platforms: Strategic Investments, Fund Management, Innovation & Venture Capital St Katharine Docks I London
Slide 22: Transforming Business Through Diversified Platforms
TRANSFORMATION Transforming Business Through Diversified Platforms Platform Initiatives Fund Management Strategic Portfolio Review Innovation & Venture Capital Privatisation to achieve AUM Target: Current AUM: synergies, cost US$5B by 2023 US$3.1B efficiencies and drive profitability Commercial Ente
Slide 23: IREIT Global
IREIT Global Continuing the AUM Growth Strategy When CDL invested Current in IREIT in 2019 • Adding a portfolio of 17 retail assets located across France for c. €77MM ($112MM) ➢ 7.9%: Initial NPI yield Portfolio Portfolio ➢ 99.30%: Resounding support for the acquisition by unitholders Valuation Valu
Slide 24: Financial Highlights
Financial Highlights >>>
Slide 25: Revenue by Segment
Revenue by Segment 1H 2023 1H 2022 Y-o-Y Revenue $2,704MM $1,473MM ▲ 84% Property Hotel Investment Others Development Operations Properties $MM 2,000 ▲183% 1,724 1,600 1,200 ▲12% 800 609 673 599 ▲18% 400 205 174 91 102 0 1H 2022 1H 2023 1H 2022 1H 2023 1H 2022 1H 2023 1H 2022 1H 2023 Property develo
Slide 26: Strong Rebound in Hotel Operations
Strong Rebound in Hotel Operations Room Occupancy Average Room Rate Revenue Per Available GOP Margin Room (RevPAR) % 11.9% pts $ 18.3% 42.7% 7.4% pts $ % 216.8 71.1 69.9 220.0 151.5 80.0 30.8 160.0 35 70.0 58.0 210.0 129.3 140.0 30 26.1 60.0 106.2 23.4 120.0 25 200.0 50.0 100.0 183.2 20 40.0 190.0 1
Slide 27: EBITDA by Segment
EBITDA by Segment 1H 2023 1H 2022 Y-o-Y EBITDA 1H 2023 1H 2022 Y-o-Y EBITDA $460MM $1,755MM ▼ 74% (exclude divestment gains $478MM $323MM ▲ 48% and impairment losses) EBITDA (excluding divestment gains and impairment losses) Property Hotel Investment Others Development Operations Properties $MM 250
Slide 28: PBT by Segment
PBT by Segment 1H 2023 1H 2022 (Restated)1 Y-o-Y PBT 1H 2023 1H 2022 (Restated)1 Y-o-Y PBT $180MM $1,578MM ▼ 89% (exclude divestment gains $217MM $147MM ▲ 48% and impairment losses) PBT (excluding divestment gains and impairment losses) Property Hotel Investment Others Development Operations Propert
Slide 29: Financial Highlights
Financial Highlights Property Hotel Investment Development Operations Properties 1H 1H 1H 1H 1H 1H 2022 2023 2022 2023 2022 2023 (Restated) 1 Revenue $1,724MM $609MM Revenue $673MM $599MM Revenue $205MM $174MM PBT $195MM $104MM PBT ($7MM) $1,325MM PBT ($28MM) $124MM EBITDA $235MM $145MM Excluding di
Slide 30: Strong Balance Sheet & Liquidity Position
Strong Balance Sheet & Liquidity Position Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash Interest Cover % of Ratio Fixed Rate Debt 94% $2.1B 2.8 x 46% FY 2022: 84% FY 2022: $2.4B FY 2022: 9.8x FY 2022: 42% Net Gearing Cash and Available Average Averag
Slide 31: Prudent Capital Management – June 2023
Prudent Capital Management – June 2023 Balanced debt Balanced debt currency mix – High Level of expiry profile adopting a natural Natural Hedge hedging strategy Well-Spread Debt Maturity Profile Debt Currency Mix 3,200 27% 25% Bonds Loans Others (2.2%) 2,800 RMB (5.6%) Debt $ (MM) JPY (3.8%) 217 21%
Slide 32: CDL Group – Natural Hedge 2023
CDL Group – Natural Hedge 2023 Substantially 71% 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 98% 48% 45% 75% 66% S$MM 5,000 4,289 4,207 4,000 3,211 3,000 2,000 1,731 1,532 1,000 783 704
Slide 33: Operations Review
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Slide 34: Singapore Operations – Property Development
Singapore Operations >>> Property Development
Slide 35: Singapore Property Market
Singapore Property Market Property Price Index – Residential (2014 – Q2 2023) Price Increase All Residential (+7.5% YoY) Residential prices shows signs of moderation after twelve consecutive quarters Q2 23: 194.4 200 of growth 180 160 140 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 36: Singapore Property Market
Singapore Property Market ➢ Residential prices show signs of moderation with the Private Residential Property Price Index (PPI) falling 0.2% in Q2 2023 from the previous quarter, the first dip in 3 years. For 1H 2023, the PPI registered a 3.1% increase. ➢ In 1H 2023, developers sold 3,383 units, a 1
Slide 37: Singapore Property Development
Singapore Property Development Residential Units Sold 1H 2022 1H 2023 1H 2023 Highlights ➢ Performance was powered by the launch of Tembusu Grand in $1,603,404 April, and sales of Piccadilly Grand, Haus on Handy and Irwell Hill 712 Residences 681,657 ➢ Two projects fully sold: Haus on Handy and Ambe
Slide 38: Singapore Property Development
Singapore Property Development Strong Sales Performance for 1H 2023 ➢ Sold 508 units with total sales value of $1.1B for 1H 20231 ➢ Performance driven by successful launch of Tembusu Grand in April and steady take up of launched projects i.e. Piccadilly Grand, Haus on Handy and Irwell Hill Residence
Slide 39: Singapore Property Development
Singapore Property Development Inventory of Launched Residential Projects – As at 30 Jun 2023 Total Unsold CDL’s Share of Project Equity Stake Total Units Units Sold Inventory Unsold Inventory St. Regis Residences 33% 173 161 12 4.0 One Shenton 100% 341 329 12 12.0 Cliveden at Grange 100% 110 47 63
Slide 40: Latest Residential Launches – April 2023
Latest Residential Launches – April 2023 Tembusu Grand – Jewel in the East with Excellent Connectivity and Amenities Location Tenure Equity Stake Total Units Total Units Sold1 Site Area (sq ft) Total Saleable Area (sq ft) Jalan Tembusu 99-year 51% 638 367 210,622 615,380 The Essence of Katong Living
Slide 41: Latest Residential Launches – July 2023
Latest Residential Launches – July 2023 The Myst – Tranquil Retreat Harmoniously Blended with Verdant Upper Bukit Timah Landscape Location Tenure Equity Stake Total Units Total Units Sold1 Site Area (sq ft) Total Saleable Area (sq ft) Upper Bukit Timah Road 99-year 100% 408 132 179,008 387,721 Resil
Slide 42: Singapore Operations – Asset Management
Singapore Operations >>> Asset Management
Slide 43: Singapore Commercial Portfolio Occupancy
Singapore Commercial Portfolio Occupancy The portfolio achieved a robust committed occupancy supported by a well-diversified lease expiry profile, effectively mitigating any significant portfolio risks (as at 30 Jun 2023)1 Property Details Office2 Retail3 95.3% 97.8% Committed Occupancy Committed Oc
Slide 44: Singapore Commercial Portfolio Trade Mix
Singapore Commercial Portfolio Trade Mix Well-diversified and strategic tenant mix for both office and retail sectors (as at30 Jun 2023)1 ▪ Office: Comprehensive and well-balanced trade mix reducing exposure to any one industry ▪ Retail: Strong focus on essential services such as F&B to boost income
Slide 45: International Operations
International Operations >>>
Slide 46: International Operations – Australia
International Operations – Australia Focus on Developments across Eastern Seaboard of Australia New South Wales ➢ Waterbrook Bowral, a 135- Queensland unit retirement housing project, has sold 100% of the available villas (first phase). Artist’s Artist’sImpression Impression Artist’s Impression Wate
Slide 47: International Operations – China
International Operations – China Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Stable income streams from Chongqing (重庆) Relaunched in May 2018: different assets: Sold 121 units to date Total sales of RMB 4.04B generated ➢ Sales value of RMB 794MM for 92% of 1,813 units to date1 ➢ Phase 1 – 100% sol
Slide 48: International Operations – Japan
International Operations – Japan Continue to Grow our Japan PRS Footprint with New Acquisitions 7 freehold residential properties in Osaka (429 units) Development Site: ➢ Prime 180,995 sq ft freehold site acquired in Oct 2014 3 freehold residential properties in Yokohama (285 units) Horie Lux Pregio
Slide 49: International Operations – UK Residential
International Operations – UK Residential Strengthening our Presence Artist’s Impression The Junction Construction in progress for a 665- Artist’s Impression unit PRS development in Leeds The Octagon Practical Completion achieved for 31 & 33 Chesham Street 100 Sydney Street Blocks A to C (307 units)
Slide 50: International Operations – UK Purpose-Built Student Accommodation
International Operations – UK Purpose-Built Student Accommodation Expanding our Footprint – Acquired a total of 2,368 beds across 6 Purpose-Built Student Accommodation assets in 2022 Sycamore House, Leeds Infinity, Coventry Trinity View, Coventry (117 Beds) (505 Beds) (614 Beds) Altura, Birmingham (
Slide 51: UK – Recurring Income Projects
UK – Recurring Income Projects Resilient Portfolio in London NLA 209,860 sq ft Tenants 5 Occupancy 98.9% 1 WALE 3.6 years CDL’s £183MM Acquisition Artist’s Impression Development House Planning obtained for a 10-storey office building in Shoreditch Aldgate House NLA 328,806 sq ft Tenants 23 NLA 526,
Slide 52: Hospitality
Hospitality >>>
Slide 53: Hotel Operations
Hotel Operations Trading Performance 1H 2023 1H 2022 Change $MM $MM % Revenue 672.9 598.8 12.4 Profit Before Tax (PBT) (6.8) 1,325.0 N.M EBITDA 100.0 1,369.2 (92.7) Group RevPAR : ▲ 37.2% in 1H 2023 (reported currency) The Biltmore, Mayfair ▲ 42.7% in 1H 2023 (constant currency) Revenue increased ma
Slide 54: Hotel Operations (1H 2023 vs 1H 2022)
Hotel Operations (1H 2023 vs 1H 2022) Hotel Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group * For comparability, 1H 2022 Average Room Rate and RevPAR have been translated at constant exchange rates (30 June 2023). 54
Slide 55: Hotel Operations (1H 2023 vs 1H 2019)
Hotel Operations (1H 2023 vs 1H 2019) Hotel Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group * For comparability, 1H 2019 Average Room Rate and RevPAR have been translated at constant exchange rates (30 June 2023). 55
Slide 56: CDL Hospitality Trusts
CDL Hospitality Trusts Trading Performance 1H 2023 1H 2022 Change $MM $MM % Hotel Brooklyn Gross Revenue 119.2 98.6 20.9 Net Property Income (NPI) 62.9 51.0 23.3 CDLHT’s portfolio of hotels continues to exhibit stellar performance on the back of a robust recovery in global tourism, driven primarily
Slide 57: CDL Hospitality Trusts
CDL Hospitality Trusts YoY change Country in RevPAR Remarks (%) A strong recovery was exhibited in 1H 2023, driven by a substantial increase in visitor arrivals. Singapore’s Singapore 45.8 hospitality sector is set to benefit from various demand drivers in the months ahead, including MICE and sports
Slide 58: 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 59: 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
Slide 60: Appendix
Appendix
Slide 61: Diversified Land Bank
Diversified Land Bank Land Area (as at 30 Jun 2023) – CDL’s Attributable Share Type of Development Land Area (sq ft) Singapore International Total % Residential 717,472 2,067,694 2,785,166 75 Commercial / Hotel 59,683 883,062 942,745 25 Total 777,155 2,950,756 3,727,911 100 Total Land Area1 – 3.7MM