Slide 1: Half Year Financial Report 1 Jan – 30 Jun 2009
HALF YEAR FINANCIAL REPORT 1 Jan – 30 Jun 2009 13 August 2009 ANALYST / MEDIA BRIEFING * Artist’s Impression of Volari at Balmoral AGENDA 1. FINANCIAL HIGHLIGHTS 2. SINGAPORE PROPERTY MARKET 3. OPERATIONS REVIEW 4. MARKET OUTLOOK * Artist’s Impression of The Arte 1
Slide 2: Summary of Financial Highlights
FINANCIAL HIGHLIGHTS * Artist’s Impression of Livia SUMMARY OF FINANCIAL HIGHLIGHTS Q1 Q2 Q2 % Change 1H 1H % Change 2009 2009 2008 for Q2 2009 2008 for 1H Revenue ($m) 623 787 781 0.8 1,410 1,540 (8.4) Profit Before Tax ($m) 119 198 249 (20.5) 317 481 (34.1) PATMI ($m) 83 140 165 (15.3) 223 330 (32
Slide 3: Revenue and PATMI for the Quarter Ended 30 June
FINANCIAL HIGHLIGHTS Revenue for the Quarter Ended 30 June 775 781 787 800 700 585 602 552 585 600 500 $ million 400 300 200 100 0 2003 2004 2005 2006 2007 2008 2009 2nd Quarter Note : The above financial information is extracted from half-yearly announcements. FINANCIAL HIGHLIGHTS PATMI for the Qua
Slide 4: Revenue and PATMI for the Period Ended 30 June
FINANCIAL HIGHLIGHTS Revenue for the Period Ended 30 June 1,544 1,540 1,600 1,410 1,400 1,179 1,143 1,200 1,103 1,063 1,000 $ million 800 600 400 200 0 2003 2004 2005 2006 2007 2008 2009 Period Note : The above financial information is extracted from half-yearly announcements. FINANCIAL HIGHLIGHTS P
Slide 5: Revenue and Profit Before Tax by Segment
FINANCIAL HIGHLIGHTS Revenue by Segment – 1H 2009 vs 1H 2008 & 1H 2007 $m 943 952 1,000 900 800 709 1H 2009 700 1H 2008 600 542 453 469 1H 2007 500 400 300 200 139 119 96 100 20 25 27 0 Property Hotel Rental Others Development Operations 1H 2009 1H 2008 1H 2007 Property Development 38% 29% 30% Hotel
Slide 6: Net Borrowings and Net Gearing
FINANCIAL HIGHLIGHTS Net Borrowings CDL Group Total As at 30/06/09 As at 31/12/08 As at 30/06/08 Net Borrowings $3,350m $3,378m $3,560m Interest Cover Ratio 10.1 x * 11.0 x 11.7 x * The decrease in interest cover ratio is mainly due to lower profit achieved for 1H 2009. CDL’s Net Gearing (%) (2004 –
Slide 7: Singapore Property Market: Prices and Units Launched vs Sold
SINGAPORE PROPERTY MARKET Property Price Index – Residential (2004 – 1H 2009) All Residential 200 180 160 Q2 09 140 133.3 120 100 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 Source : URA, Q2 2009 SINGAPORE PRO
Slide 8: Uncompleted Residential Units Available and Commercial Price Index
SINGAPORE PROPERTY MARKET No. of Uncompleted Private Residential Units Available (2004 – 1H 2009) Not Launched Launched & Unsold 20,000 18,266 Launched Not Total & Unsold Launched 15,836 15,128 16,000 2004 4,639 11,197 15,836 Number of Units 2005 2,949 7,328 10,277 12,000 10,277 2006 2,536 6,944 9,4
Slide 9: Average Office and Prime Retail Rental
SINGAPORE PROPERTY MARKET Average Office Rental in CBD (2004 – 1H 2009) 18 $16.00 16 $14.95 Raffles Place 14 Non CBD-Core 12 $psf/month $9.50 $9.85 10 $9.60 $8.60 8 $5.95 6 $5.70 4 2 0 2004 2005 2006 2007 2008 1H 2009 Source : JLL Research, Q2 2009 SINGAPORE PROPERTY MARKET Average Prime Level Retai
Slide 10: Operations Review: Planned Residential Project Launches for 2H 2009
OPERATIONS REVIEW * Volari at Balmoral Show Suite OPERATIONS REVIEW Planned Residential Project Launches for 2H 2009 (subject to market conditions) Expected Projects Units Launch Date Former Hong Leong Garden site (Est. total 396) 200 Q3 2009 The Quayside Isle @ Sentosa Cove (Total 228) 100 Q4 2009
Slide 11: Land Bank by Sector and Rental Revenue by Sector
OPERATIONS REVIEW Land Bank by Sector (as at 30 Jun 2009) Type of Development Land Area (sq ft) % Residential (Local & Overseas) 2,874,595 74 Commercial / Hotel 529,476 14 Industrial 462,818 12 TOTAL 3,866,889 100 Residential (Overseas) 8% Industrial 12% Residential (Local) 66% Commercial/ Hotel 14%
Slide 12: Hotel Revenue and Occupancy by Region
OPERATIONS REVIEW Hotel Revenue by Region 1H 2009 1H 2008 35% 35% 249 New Zealand 326 6% Europe 7% 43 67 United States Asia 220 283 197 267 28% 31% 28% 30% $709m $943m Overall change = 25% OPERATIONS REVIEW Hotel Occupancy by Region 80 75.4 76.1 73.7 Hotel Occupancy Rate (%) 69.6 70 66.7 66.5 63.0 1
Slide 13: Hotel RevPAR at Constant Currency
OPERATIONS REVIEW Hotel Revenue Per Available Room at Constant Currency 170 154 155 149 142 140 Hotel RevPAR ($) 115 116 110 1H 2009 1H 2008 * 80 72 62 50 Asia United States Europe New Zealand * For comparability, 1H 2008 RevPAR has been translated at constant exchange rates (30 June 2009). MARKET O
Slide 14: Market Outlook: Singapore Economy and Residential Property
MARKET OUTLOOK Singapore Economic Outlook • Singapore’s GDP grew by 20.7% in Q2, reflecting a significant improvement from the 12.2% contraction in Q1 • Year-on-year, GDP contracted by 3.5% in Q2 2009 compared to 9.5% contraction in Q1 2009 • GDP growth for 2009 is maintained at -6.0% to -4.0% • The
Slide 15: Market Outlook: Office Property and Disclaimer
MARKET OUTLOOK Property Market – Office • The office sector recorded its third consecutive quarter of negative take-up • Islandwide, occupancy for office space is 89.2% in Q2 2009 (Q1 2009: 90%) • Overall rental for office space decreased by a more moderate pace of 7.7% in Q2 2009 compared with the
Slide 16: Thank You
THANK YOU * Artist’s impression of Volari at Balmoral 16