Slide 1: Q3 2018 Results Presentation
Q3 2018 Results Presentation 8 November 2018
Slide 2: Agenda
Agenda General Overview Financial Highlights Singapore Operations International Operations Hospitality
Slide 3: General Overview
General Overview
Slide 4: Key Highlights
Key Highlights Residential sales highlights: SINGAPORE: Sold 787 units with total sales value of $1.56 billion* for YTD Sep 2018 Ongoing sales of 2018 launched projects healthy: − New Futura: 104 units (84%) sold^ with ASP of over $3,500 psf − The Tapestry: 544 units of 600 released units (91%)
Slide 5: Key Financial Highlights – Q3 2018
Key Financial Highlights – Q3 2018 Revenue EBITDA PATMI Basic EPS $1.017 billion $319.3 million $161.8 million 17.8 cents 17.7% 5.7% 10.4% 10.6% Q3 2017 (Restated) *: $0.864 billion $302.2 million $146.6 million 16.1 cents Robust Q3 2018 performance underpinned by the property development segment,
Slide 6: Key Financial Highlights – YTD Sep 2018
Key Financial Highlights – YTD Sep 2018 Revenue EBITDA PATMI Basic EPS $3.434 billion $950.9 million $446.6 million 48.4 cents 37.3% 24.4% 25.4% 25.7% YTD Sep 2017 (Restated) *: $2.501 billion $764.5 million $356.3 million 38.5 cents NAV per share YTD Sep 2018: Solid financial performance due to s
Slide 7: Portfolio Composition – YTD Sep 2018
Portfolio Composition – YTD Sep 2018 Recurring Income Segments Property Hotel Rental S$ million Others Total Development Operations Properties EBITDA * Local 314 57 124 6 501 Overseas 186 150 89 25 450 500 207 213 31 951 Total Assets ^ Local 5,981 693 3,167 591 10,432 Overseas 3,017 4,754 1,790 367
Slide 8: Diversified Global Portfolio
Diversified Global Portfolio Deepening Presence in Key Markets Geographical diversification allows flexibility to capitalise on opportunities Others Others 19% 19% Singapore Singapore 54% 51% US US 11% Revenue 8% Assets China China 9% 9% UK UK 7% 13% YTD Sep 2018 8
Slide 9: Diversified Land Bank – CDL’s Attributable Share
Diversified Land Bank – CDL’s Attributable Share Land Area (as of 30 Sep 2018) Type of Development Land Area (sq ft) Singapore International Total % Residential 1,060,217 1,714,143 2,774,360 93 Commercial / Hotel 66,401 132,706 199,107 7 Total 1,126,618 1,846,849 2,973,467 100 Proposed GFA (as of 30
Slide 10: Grow Global Footprint
Grow Global Footprint Strategic Investments and Diversifications YTD 2018 UK CHINA >> Acquisition of Aldgate House in >> E-House IPO – HK$237.81 London for £183 million million >> Acquisition of 125 Old Broad Street >> Acquisition of office block in London for £385 million within Yaojiang Internatio
Slide 11: Acquisition of Mixed-use Site at Sengkang Central
Acquisition of Mixed-use Site at Sengkang Central Successful JV bid for Prime Commercial & Residential Site at $777.78 million Two-envelope Concept and Price Revenue tender system CDL and its 50% JV partner successfully tendered for the prime Sengkang Central GLS site via the two-envelope tender s
Slide 12: Expansion of UK Commercial Portfolio
Expansion of UK Commercial Portfolio Acquisition of 2 Prime Grade A Freehold Commercial Properties 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 over
Slide 13: ESG & Sustainability Performance
ESG & Sustainability Performance Key Accolades in 2018 Securities Investors Association (Singapore) Investors’ Choice Awards 2018 Green Bond Awards 2018 • Sustainability Award – Winner In recognition of CDL’s issuance of the first green bond by a Singapore • Most Transparent Company Award – Runner-u
Slide 14: Financial Highlights
Financial Highlights
Slide 15: Revenue by Segment for 3rd Quarter (2016 – 2018)
Financial Highlights Revenue by Segment for 3rd Quarter (2016 – 2018) 600 $1,017m $864m $923m 500 467 428 445 424 400 372 $ million 291 300 200 86 89 92 100 36 39 35 0 Q3 2018 Q3 2017 (Restated) * Q3 2016 Property Development Hotel Operations Rental Properties Others Q3 2017 Q3 2018 Q3 2016 (Restate
Slide 16: Profit Before Tax by Segment for 3rd Quarter (2016 – 2018)
Financial Highlights Profit Before Tax by Segment for 3rd Quarter (2016 – 2018) 240 $243m $232m $239m 200 155 160 $ million 120 95 84 74 80 64 56 55 37 44 40 33 7 10 0 Q3 2018 Q3 2017 (Restated) * Q3 2016 Property Development Hotel Operations Rental Properties Others Q3 2018 Q3 2017 Q3 2016 (Restate
Slide 17: Revenue by Segment for YTD Sep (2016 – 2018)
Financial Highlights Revenue by Segment for YTD Sep (2016 – 2018) $3,434m $2,501m $2,739m 2,000 1,848 1,800 1,600 1,400 1,227 1,244 1,147 1,190 1,200 $ million 1,000 893 800 600 400 255 261 278 200 104 103 124 0 YTD Sep 2018 YTD Sep 2017 (Restated) * YTD Sep 2016 Property Development Hotel Operation
Slide 18: Profit Before Tax by Segment for YTD Sep (2016 – 2018)
Financial Highlights Profit Before Tax by Segment for YTD Sep (2016 – 2018) 600 $735m $546m $583m 550 490 500 450 400 350 $ million 300 264 277 250 200 148 150 131 120 125 93 107 100 74 50 21 14 0 YTD Sep 2018 YTD Sep 2017 (Restated) * YTD Sep 2016 Property Development Hotel Operations Rental Proper
Slide 19: EBITDA by Segment for YTD Sep (2016 – 2018)
Financial Highlights EBITDA by Segment for YTD Sep (2016 – 2018) 600 $951m $764m $798m 550 500 500 450 400 $ million 350 299 300 279 256 250 207 213 208 226 194 200 150 100 79 50 31 21 0 YTD Sep 2018 YTD Sep 2017 (Restated) * YTD Sep 2016 Property Development Hotel Operations Rental Properties Other
Slide 20: Financial Highlights – Balance Sheet
Financial Highlights Balance Sheet As at 30/09/18 As at 31/12/17 Gross borrowings $5,657m $5,036m Cash and bank balances ^ $2,859m $3,989m Net borrowings $2,798m $1,047m Net gearing ratio without taking in fair value gains 23% 9% on investment properties Net gearing ratio after taking in fair value
Slide 21: CDL Group – Prudent Capital Management
Financial Highlights CDL Group – Prudent Capital Management Balanced debt expiry profile Balanced debt currency mix – adopting a natural hedging strategy Average borrowing cost kept low Balance of fixed rate borrowings to mitigate rate hikes Debt Expiry Profile 30/9/2018 31/12/2017 1,600 Bon
Slide 22: Singapore Operations
Singapore Operations
Slide 23: Singapore Property Development – Residential Units Sold
Singapore Property Development Residential Units Sold by CDL YTD Sep 2018 YTD Sep 2017 $1,763,460 1,140,626 1,056 $1,558,206 Stronger residential sales in 787 YTD Sep 2017 primarily driven 758,600 by existing inventory: Gramercy Park Commonwealth Towers The Brownstone and The Criterion Exec Co
Slide 24: Steady Sales for Launched Projects
Singapore Property Development Steady Sales for Launched Projects Location Tenure Equity Total Total Units % Total Saleable Stake Units Sold* Sold* Area (sq ft) Leonie Hill Road Freehold 100% 124 104 84% 248,199 Sold 104 units, including 2 penthouses To date, 104 units (84%) including the two pent
Slide 25: South Beach Residences – Positive Response to Private Previews
Singapore Property Development South Beach Residences – Positive Response to Private Previews Location Tenure Equity Total Units Total Units % Total Saleable Stake Units Released Sold* Sold* Area (sq ft) 99-year Beach Road 50.1% 190 50 12 ^24% 347,510 leasehold Exclusive Private Previews held in con
Slide 26: The Jovell – Launched in end Sep 2018
Singapore Property Development The Jovell – Launched in end Sep 2018 Location Tenure Equity Total Units Total % Sold* Total Stake Units Released Units Saleable Sold* Area (sq ft) 99-year Flora Drive 33% 428 250 49 ^20% 324,000 leasehold Units sold at ASP of $1,250 – $1,300 psf: Located at Upper Ch
Slide 27: Whistler Grand – 160 units sold over Launch Weekend
Latest Residential Launch Whistler Grand –160 units sold over Launch Weekend Location Tenure Equity Total Units Total % Total Saleable Expected Stake Units Released Units Sold* Area (sq ft) TOP Sold* West Coast 99-year 716 + 2 100% 240 160 ^67% 602,392 2021 Vale leasehold shops Launched on 3 Nov – 6
Slide 28: Limited Inventory of Launched Residential Projects
Singapore Property Development Limited Inventory of Launched Residential Projects – As of 30 Sep 2018 CDL’s Share of % Total Unsold Project Equity Stake Total Units Units Sold Unsold Sold Inventory Inventory Cuscaden Residences 25% 75 74 99% 1 0.25 St. Regis Residences 33.3% 173 161 93% 12 4.00 The
Slide 29: Diversified Residential Launch Pipeline
Diversified Residential Launch Pipeline CDL’s Pipeline comprises EC, Mass Market, Mid-Tier & High End segments Project / Site Tenure Equity Total Est Total Land Price Land Cost Expected Stake Units Saleable ($ million) ($ psf ppr) Launch Area (sq ft) Private (Part of integrated South Beach South Bea
Slide 30: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy for Office & Retail Portfolio (As of 30 Sep 2018) Office Retail 16 properties 20 properties 91.5% 95.8% Committed Occupancy Committed Occupancy 2.3 million sq ft 833,000 sq ft Net Lettable Area Net Lettable Area REPUBLIC PLAZA CITY SQUARE MAL
Slide 31: Trade Mix of Office & Retail Space
Singapore Commercial Portfolio Trade Mix of Office & Retail Space by % of Total Gross Rental Income* (As of 30 Sep 2018) Office Retail Supermarkets & Sporting Goods, Value Store, 2.1% 3.2% Electrical, Electronics & Technology & ICT, 13.8% Others, 2.7% Telecommunications, Banking,Insurance Medical &
Slide 32: International Operations
International Operations
Slide 33: International Operations – Australia
International Operations – Australia Focus on Increasing Exposure in Australia Brisbane Sydney Luxury Retirement Housing Projects: Collaboration with Waterbrook Lifestyle Resorts on 2 Freehold Luxury Retirement Housing Projects in Sydney & NSW for A$57 million Developments offer a high-end hospita
Slide 34: International Operations – China
International Operations – China Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Chongqing (重庆) Continued Sales Relaunched in May 2018 Momentum: Sold 33 units to date* Total sales of RMB 3.71 Sales value of billion generated for 86% RMB 181 million of 1,804 units to date*^ Phase 1 – 93% sold with
Slide 35: International Operations – Japan
International Operations – Japan Two Prime Freehold Residential Projects in Tokyo Park Court Aoyama The Tower Completed in Q1 2018: 160-unit freehold JV residential project launched in Oct 2016 Units are progressively being handed over – 140 units Freehold site in Shirokane handed over* Land Ban
Slide 36: International Operations – UK
International Operations – UK Established Strong Project Pipeline in Greater London Under Construction Projects to be Completed 2018 – 2021 Completed in July 2018 Preliminary Planning Approval Knightsbridge Belgravia Obtained Chelsea Artist’s Impression Artist’s Impression Artist’s Impression Teddin
Slide 37: Teddington Riverside
Teddington Riverside Phase 1 Preview (Ongoing with Asia roadshow) Comprises the five-storey Carlton House (57 units) and seven-storey Shepperton House (19 units) relaunched in September 2018 1-Bedroom, 635 sq ft 2-Bedroom, 807 sq ft 3-Bedroom, 1,292 sq ft Master Bathroom Kitchen Local Press Advert
Slide 38: Hospitality
Hospitality
Slide 39: M&C Hotel Operations – Trading Performance
M&C Hotel Operations Trading Performance Reported Constant Currency Currency YTD Sep YTD Sep YTD Sep 2018 Change Change 2017 2017 Revenue £730m £748m (2.4%) £722m 1.1% Revenue (hotel) £627m £649m (3.4%) £627m - Profit before tax £99m £118m (16.1%) £114m (13.2%) PATMI £48m £92m (47.8%) Group RevPAR
Slide 40: M&C Hotel Operations – RevPAR Trading Performance
M&C Hotel Operations Trading Performance RevPAR in reported currency fell by 3.8% and constant currency was down by 0.4% for YTD Sep 2018 as compared to the same period last year; YTD Sep 2018 Reported Currency Constant Currency New York £153.18 ↓ 2.0% ↑ 3.7% Regional US £61.21 ↓ 7.0% ↓ 1.5% Total
Slide 41: M&C Hotel Operations – Asset Enhancement
M&C Hotel Operations Asset Enhancement Artist’s Impression (Mock up) Lobby Millennium Hotel London Mayfair Orchard Hotel Singapore Started refurbishment in Nov 2017 and is on track, Commence renovation works at the hotel’s lobby and with the hotel to be opened as a 5-star luxury hotel food & bev
Slide 42: Hotel Room Count and Pipeline
M&C Hotel Operations Hotel Room Count and Pipeline Hotels Rooms 30 Sep 31 Dec 30 Sep 31 Dec Hotel and Room Count 2018 2017 2018 2017 By region: ● New York 4 4 2,238 2,238 ● Regional US 15 15 4,559 4,559 ● London 7 8 2,266 2,649 ● Rest of Europe 22 21 3,655 3,528 ● Middle East * 35 31 11,657 10,346 ●
Slide 43: CDL Hospitality Trusts – Trading Performance
CDL Hospitality Trusts Trading Performance YTD Sep YTD Sep S$’000 Change 2018 2017 Gross Revenue 149,522 149,075 0.3% Net Property 107,642 111,136 (3.1%) Income (NPI) The Lowry Hotel NPI decreased mainly due to : Absence of rental income from Mercure Brisbane and Ibis Brisbane since 11 Jan 2018 du
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: www.cdl.com.sg
New Futura, Singapore www.cdl.com.sg