Slide 1: Full Year Financial Report
FULL YEAR FINANCIAL REPORT 27 February 2014 1 Jan – 31 Dec 2013 ANALYST / MEDIA BRIEFING
Slide 2: Artist's Impression of Lush Acres
Artist’s Impression of Lush Acres
Slide 3: Financial Highlights
FINANCIAL HIGHLIGHTS Artist’s Impression of D’Nest
Slide 4: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS • Delivered a resilient and consistent performance with PATMI of $683.0m for FY2013 (FY2012: $678.3m) despite a challenging Singapore market. • No revaluation surpluses on investment properties and hotels (including CDL Hospitality Trusts). • Locked-in profits from substanti
Slide 5: Summary of Financial Highlights
SUMMARY OF FINANCIAL HIGHLIGHTS Q4 Q4 % FY FY % 2013 2012 Change 2013 2012 Change Revenue ($m) 774 886 (12.6) 3,162 3,354 (5.7) Profit Before Tax ($m) * 256 325 (21.4) 892 960 (7.1) PATMI ($m) * 221 249 (11.4) 683 678 0.7 Basic Earnings Per Share (cents) 23.6 26.7 (11.6) 73.7 73.2 0.7 NAV Per Share
Slide 6: Revenue for the Quarter Ended Dec (2004 – 2013)
FINANCIAL HIGHLIGHTS Revenue for the Quarter Ended 31 Dec (2004 – 2013) 1,000 922 886 900 800 766 774 738 718 722 687 672 700 603 600 $ million 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 * 2011 2012 2013 4th Quarter * Restated due to the adoption of INT FRS 115 for 2010 only. Note: The
Slide 7: PATMI for the Quarter Ended Dec (2004 – 2013)
FINANCIAL HIGHLIGHTS PATMI for the Quarter Ended 31 Dec (2004 – 2013) 300 241 249 250 235 221 200 177 163 $ million 150 137 97 101 100 100 50 0 2004 ^ 2005 2006 2007 2008 2009 2010 * 2011 2012 2013 4th Quarter ^ Restated • Restated due to the adoption of INT FRS 115 for 2010 only. Note: The above fi
Slide 8: Revenue for the Year Ended Dec (2004 – 2013)
FINANCIAL HIGHLIGHTS Revenue for the Year Ended 31 Dec (2004 – 2013) 4,000 3,500 3,273 3,280 3,354 3,106 3,103 3,162 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 2013 Year * Restated due to the adoption of INT FRS 115 for 2010 o
Slide 9: PATMI for the Year Ended Dec (2004 – 2013)
FINANCIAL HIGHLIGHTS PATMI for the Year Ended 31 Dec (2004 – 2013) 900 784 799 800 725 678 683 700 581 593 600 500 $ million 400 352 300 227 200 200 100 0 2004 ^ 2005 2006 2007 2008 2009 2010 * 2011 2012 2013 Year ^ Restated * Restated due to the adoption of INT FRS 115 for 2010 only. Note: The abov
Slide 10: Revenue by Segment – FY 2013 vs FY 2012 & FY 2011
FINANCIAL HIGHLIGHTS Revenue by Segment – FY 2013 vs FY 2012 & FY 2011 1,800 FY 2011 1,563 1,536 1,543 1,600 FY 2012 1,415 1,400 1,344 1,198 FY 2013 1,200 $ million 1,000 800 600 400 281 304 314 200 92 99 107 0 Property Hotel Operations Rental Properties Others Development FY 2013 FY 2012 FY 2011 Pr
Slide 11: Profit Before Tax by Segment – FY 2013 vs FY 2012 & FY 2011
FINANCIAL HIGHLIGHTS Profit Before Tax by Segment – FY 2013 vs FY 2012 & FY 2011 600 FY 2011 536 FY 2012 550 500 468 FY 2013 450 413 400 325 $ million 350 299 282 250 300 250 160 178 200 150 100 64 50 20 0 (50) (7) Property Hotel Operations Rental Properties Others Development FY 2013 FY 2012 FY 201
Slide 12: Revenue by Geographical Region – FY 2013 vs FY 2012
FINANCIAL HIGHLIGHTS Revenue by Geographical Region – FY 2013 vs FY 2012 FY 2013 FY 2012 17% 16% Singapore 525 14% 58% Europe 532 60% 446 13% 440 USA 1,836 2,027 355 Others 355 11% 11% Profit Before Tax (Singapore vs Overseas) – FY 2013 vs FY 2012 Profit Before Tax FY 2013 FY 2012 Singapore 77% 73%
Slide 13: Capital Management
FINANCIAL HIGHLIGHTS Capital Management As at As at Incr / (Decr) 31/12/13 31/12/12 Cash and cash equivalents $2,871m $2,162m * 33% Net Borrowings $1,968m $2,357m (17%) Net gearing ratio without taking in fair 20% 25% value gains on investment properties Net gearing ratio after taking in fair value
Slide 14: CDL's Net Gearing (%) (2008 – 2013)
FINANCIAL HIGHLIGHTS CDL’s Net Gearing (%) (2008 – 2013) 70 Net Gearing (%) 48 50 40 After taking in 29 fair value gains 30 25 on investment 21 20 properties 10 14 2008 2009 2010 * 2011 2012 2013 Maturity Period FY 2013 Within 1 year 12% 1 to 2 years 25% 2 to 3 years 31% More than 3 years 32% * Rest
Slide 15: Adoption of FRS 110 in 2014
ADOPTION OF FRS 110 IN 2014 FRS 110: Introduces a new control model focusing on power over the investee, exposure, or rights to variable returns from its involvement with the investee and ability to use its power to affect those returns. Implication In accordance to FRS 110, the Group has de f
Slide 16: Singapore Property Market
SINGAPORE PROPERTY MARKET Artist’s Impression of The Inflora
Slide 17: Property Price Index – Residential (2009 – 2013)
SINGAPORE PROPERTY MARKET Property Price Index – Residential (2009 – 2013) All Residential Q4 13 220 214.3 200 Q3 13 216.3 180 160 140 120 100 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 Source : URA, Q4 2013
Slide 18: New Private Residential Units Launched vs Units Sold
SINGAPORE PROPERTY MARKET No. of New Private Residential Units Launched vs Units Sold (Projects under Construction) (2009 – 2013) New Units Launched New Units Sold (Projects Under Construction) 24,000 22,000 20,000 New Units New Units 18,000 15,885 Launched Sold Directly (excl. EC units) By Develope
Slide 19: Uncompleted Private Residential Units Available (2009 – 2013)
SINGAPORE PROPERTY MARKET No. of Uncompleted Private Residential Units Available (2009 – 2013) Not Launched Launched & Unsold 20,000 17,084 17,467 16,000 Launched Not Total 13,937 13,928 13,944 & Unsold Launched 2009 3,317 10,620 13,937 12,000 2010 3,528 10,400 13,928 Number of Units 2011 5,584 11,5
Slide 20: Property Price Index – Commercial (2009 – 2013)
SINGAPORE PROPERTY MARKET Property Price Index – Commercial (2009 – 2013) Q3 13 Q4 13 140 132.1 132.8 120 Q4 13 Q3 13 128.5 100 128.5 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 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 Source : URA, Q4 201
Slide 21: Average Office Rental in CBD (2009 – 2013)
SINGAPORE PROPERTY MARKET Average Office Rental in CBD (2009 – 2013) 12.00 $11.14 $10.21 $10.51 10.00 $9.74 $8.44 $8.08 $8.37 $7.70 $7.90 8.00 Marina Bay/ Raffles Place $5.97 (Grade A) 6.00 Whole Island 4.00 2.00 0.00 2009 2010 2011 2012 2013 Source : JLL Research, Q4 2013
Slide 22: Operations Review
OPERATIONS REVIEW Jewel @ Buangkok For Illustration Only
Slide 23: Property Development
PROPERTY DEVELOPMENT Artist Impression of The Venue Residences
Slide 24: Property Development: Units Booked / Sold
PROPERTY DEVELOPMENT Units Booked / Sold Sales Value* No. of Total $’000 Units* Floor Area* (sq ft) FY 2013 $ 3,319,298 3,210 3,055,305 FY 2012 $ 2,781,094 2,395 2,513,223 * Includes share of JV partners & ECs
Slide 25: Planned Residential Project Launches for H2 2014
OPERATIONS REVIEW Planned Residential Project Launches for 1H 2014 (subject to market conditions) Projects Pasir Ris Parcel 3 (Near Pasir Ris MRT station) 944 units Commonwealth Avenue (Next to Queenstown MRT station) 845 units To be launched in phases
Slide 26: Land Bank by Sector (as at Dec 2013)
OPERATIONS REVIEW Land Bank by Sector (as at 31 Dec 2013) – CDL’s Attributable Share Land Area (Sq ft) Type of Development Local Overseas Total % (Local & Overseas) Residential 946,747 942,698 1,889,445 79.5% Commercial / Hotel 193,971 294,619 488,590 20.5% Total 1,140,718 1,237,317 2,378,035 100% R
Slide 27: Rental Properties Revenue by Sector
OPERATIONS REVIEW Rental Properties Revenue by Sector 400 350 $304m $314m 300 Rental Revenue ($m) 250 Office 173 174 Retail 200 Industrial 150 Others * 100 93 103 50 13 12 24 26 0 2012 2013 * Including car park, serviced apartment and residential
Slide 28: Hotel Operations & CDLHT
HOTEL OPERATIONS & CDLHT ONE UN New York
Slide 29: Hotel Operations: M&C Group
HOTEL OPERATIONS M&C Group Good Trading Performance Improvement in RevPAR (in reported currency) driven by significantly improved room rates in the USA as well as increased occupancy in all regions except Singapore and some Asian destinations: RevPAR FY 2013 £69.58 3.4% Q4 2013 £70.07 1.8% RevPA
Slide 30: 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 2013 2012 2013 2012 By region: ● New York 3 3 1,758 1,758 ● Regional US 16 16 4,938 5,554 ● London 7 7 2,493 2,493 ● Rest of Europe 16 16 2,695 2,695 ● Middle East * 16 14 4,816 4
Slide 31: M&C Group – New Acquisitions: London Chelsea Harbour
HOTEL OPERATIONS M&C Group – New Acquisitions London – Chelsea Harbour Entered into conditional agreement to acquire a leasehold interest in a luxury, all suite hotel located within the Chelsea Harbour district. The property currently offers 154 suites and 4 penthouses and is situated in a prest
Slide 32: M&C Group – New Acquisitions: Novotel New York Times Square
HOTEL OPERATIONS M&C Group – New Acquisitions USA – Novotel New York Times Square Entered into a conditional agreement to acquire the 480- room 4-star Novotel New York Times Square. The 34- storey building is located in the heart of the Manhattan theatre district. Purchase price is £167.0m, subj
Slide 33: M&C Group – New Acquisitions: Boscolo Palace Roma
HOTEL OPERATIONS M&C Group – New Acquisitions Europe – Boscolo Palace Roma Entered into a conditional agreement to acquire the 5-star hotel located in Rome, Italy. Situated on Via Veneto, the hotel offers 87 luxury guest rooms and suites in the heart of one of Europe’s greatest leisure and busines
Slide 34: M&C Group – Asset Enhancement (on-going)
HOTEL OPERATIONS M&C Group – Asset Enhancement (on-going) Out of the £240m refurbishment programme, £87.8m had been spent up to 31 December 2013 since the commencement in 2011. £41.6m was spent under the programme in 2013. Most of this was accounted for by works undertaken at Millennium Minneapo
Slide 35: M&C Group – Asset Enhancement (Grand Hyatt Taipei)
HOTEL OPERATIONS M&C Group – Asset Enhancement (Grand Hyatt Taipei)
Slide 36: Hotel Revenue by Region
HOTEL OPERATIONS Hotel Revenue by Region FY 2013 FY 2012 5% 5% 44% Asia 23% 80 44% 355 United States 23% 77 677 355 678 Europe New Zealand 431 426 28% 28% $1,543m $1,536m
Slide 37: Hotel Occupancy by Region
HOTEL OPERATIONS Hotel Occupancy by Region 80.0 77.2 77.8 76.5 76.0 Hotel Occupancy Rate (%) 70.0 67.7 65.9 63.5 63.6 FY 2012 FY 2013 60.0 50.0 Asia United States Europe New Zealand
Slide 38: Hotel Revenue Per Available Room at Constant Currency
HOTEL OPERATIONS Hotel Revenue Per Available Room at Constant Currency 170 154 154 151 152 140 135 Hotel RevPAR ($) 123 110 FY 2012 * FY 2013 76 80 70 50 Asia United States Europe New Zealand * For comparability, FY 2012 RevPAR had been translated at constant exchange rates (31 Dec 2013).
Slide 39: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) S$’000 FY 2013 FY 2012 Change Gross Revenue 148,782 149,535 (0.5%) Net Property 137,389 139,293 (1.4%) Income Jumeirah Dhevanafushi Gross revenue decreases mainly due to lower gross revenue from the Singapore hotels and lower contribution from Orchard Hotel Shopping
Slide 40: Moving Forward
MOVING FORWARD Artist’s Impression of South Beach
Slide 41: Moving Forward
MOVING FORWARD • Solid balance sheet – Strong position to accelerate diversification plans and weather some headwinds expected this year • Build synergistic platforms to capitalise on overseas growth markets and for risk diversification - Actively seek opportunities in mature markets such as US, Jap
Slide 42: Moving Forward: Segment Outlook
MOVING FORWARD Property Development • Healthy locked-in profits from numerous pre-sold projects and three fully-sold ECs are yet to be booked • Pipeline projects are strategically located near MRT stations Rental Properties • Office properties segment expected to remain stable – current occupancy of
Slide 43: Moving Forward: Overseas Growth Platforms
MOVING FORWARD Overseas Growth Platforms • China - Critical milestones achieved for projects in Chongqing and Suzhou - Sales commencement for Eling Residences (Chongqing) and Hong Leong City Center (Suzhou) expected in Sep / Oct 2014 - Huang Huayuan (Chongqing) expected to start selling in 2015 - Ch
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: Thank You
THANK YOU www.cdl.com.sg Artist’s Impression of The Venue Residences and Shoppes