Slide 1: 1H 2022 Results Presentation
1H 2022 Results Presentation 11 August 2022 Artist’s Impression Piccadilly Grand I Singapore
Slide 2: Our Vision, Mission and Values
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 quality and sustainable INTEGRITY A dvance the commun
Slide 3: Agenda
Agenda ➢ Overview & Strategic Initiatives ➢ Operations Review – Singapore Operations ➢ Financial Highlights – International Operations – Hospitality Artist’s Impression Piccadilly Grand I Singapore
Slide 4: Overview
Overview >>>
Slide 5: 1H 2022 Key Financial Highlights
Key Financial Highlights Revenue EBITDA PBT PATMI 1H 2022 $1.5B $1.8B $1.6B $1.1B $323.4MM $153.6MM $110.3MM Excluding divestment gains Excluding divestment gains Excluding divestment gains 1H 2021 $1.2B $272.1MM $9.7MM ($32.1MM) Increase in revenue primarily due to hotel operations which reported h
Slide 6: Key Financial Highlights: NAV, Dividend, Share Price
Key Financial Highlights NAV per share RNAV per share 1H 2022 $10.18 $16.37 If FV gains on $18.86 investment properties If revaluation surpluses of 9.7% 4.3% had been factored in the hotel portfolio had and the Group’s hotels been included (based on continue to be stated FY 2021 FY 2021: at cost 202
Slide 7: Key Operational Highlights – 1H 2022
Key Operational Highlights – 1H 2022 ▪ SINGAPORE: Sold 712 units with total sales value of $1.6B1 ‒ Successful launch of Piccadilly Grand in May, with 77% of 407 units snapped up on its launch weekend ▪ Strategic expansion of Singapore residential land bank with the completion of three site acquisit
Slide 8: Portfolio Composition by Segment – 1H 2022
Portfolio Composition by Segment – 1H 2022 EBITDA (excluding divestment gains) EBITDA 1 1H 2022 Total Assets $323.4MM $1.8B $23.0B $144.7MM $144.7MM Property Development $10.5B $59.1MM $1.4B Hotel Operations $5.8B $97.0MM $218.2MM Investment Properties $5.6B $22.6MM $22.6MM Others $1.1B 1 Earnings b
Slide 9: Global Portfolio Overview
Global Portfolio Overview The Group's diversified portfolio enables it to weather cyclical typhoons from time to time Others Others 5% 15% Total Assets: US 8% Singapore Hotel 25% Assets by DP Assets by 48% $23.0B China Geography Business Segment 46% 15% (Book value) UK IP 14% 24% Others Others 4% To
Slide 10: Staying Nimble to Navigate Near-term Challenges
Staying Nimble to Navigate Near-term Challenges Recession fears MEASURES KEY FOCUS ▪ Gearing optimisation: ▪ Value-add opportunities: Target gearing range met (50-60%) ➢ Strategic acquisitions to build pipeline Inflation and grow portfolio ▪ Capital management initiatives: ➢ Portfolio enhancements t
Slide 11: Enhance Operational Framework
Enhance Operational Framework Implementation of Mitigation Measures to Manage Near-term Challenges Property Investment Hotel Development Properties Operations ▪ Cost discipline in selective land ▪ Drive asset performance through asset ▪ Portfolio rebalancing through asset replenishment enhancement a
Slide 12: Strategic Initiatives
Strategic Initiatives >>>
Slide 13: GET Strategy Execution
GET Strategy Execution GROWTH ► ENHANCEMENT ► TRANSFORMATION ► Artist’s Impression Artist’s Impression • Launched Piccadilly Grand & Galleria in • Redevelopment of Fuji Xerox Towers • M&C Strategic Review Singapore (CBD Incentive Scheme) and Central Mall • Fund management platform & Central Square (
Slide 14: Growth
Growth ➢ Build development pipeline & recurring income streams
Slide 15: Completed Strategic Acquisitions & Investments – 1H 2022
GROWTH Completed Strategic Acquisitions & Investments – 1H 2022 Japan United Kingdom Two Yokohama PRS projects Osaka PRS project Infinity, Coventry (505 beds) City Lux Tobe LOC’s Yokohama (117 resi + Bayside Gioia Namba 1 retail unit) (89 resi units) (63 resi + 1 retail unit) £59.2MM ($102.4MM) Comm
Slide 16: Singapore Residential Launch Pipeline
GROWTH Singapore Residential Launch Pipeline Diversified pipeline ranging from Mass Market to High-end projects Upcoming Launches Copen Grand^ (639 units) Copen Grand ^ Q4 2022 Newport Residences # 1H 2023 Launch Pipeline 798 & 800 Upper Bukit Timah Road # 1H 2023 >2,000 units* Jalan Tembusu ^ # 1H
Slide 17: Building Scale in the Living Sector
GROWTH Building Scale in the Living Sector Hospitality Living sector complements CDL’s Expertise Level of Service ➢ CDL’s core competence and skill sets allow us to Private Rented maintain flexibility in calibrating our strategy for Sector (PRS) living assets Senior Workers’ Dormitories Housing Livi
Slide 18: UK Living Sector Portfolio
GROWTH UK Living Sector Portfolio Portfolio comprises 1,540 units / beds in Leeds, Birmingham and Coventry Site acquired in 2019 Site acquired in 2021 The Junction, Leeds The Octagon, Birmingham 665 PRS units 370 PRS units New Acquisition in June 2022 Infinity, Coventry 505 PBSA beds Leeds Artist's
Slide 19: Japan Living Sector Portfolio
GROWTH Japan Living Sector Portfolio PRS assets comprising 513 units in Osaka and Yokohama with total investment of ¥14.5B ($148.3MM) Five freehold residential properties in Osaka (228 units) Three freehold residential properties in Yokohama (285 units) New Acquisition in 1H 20221 The Group’s Japan
Slide 20: Enhancement
Enhancement ➢ Enhance asset portfolio ➢ Drive operational efficiency
Slide 21: Ongoing Redevelopment Initiatives
ENHANCEMENT Ongoing Redevelopment Initiatives Realise GFA Uplift from Incentive Schemes to Unlock Value Newport Plaza / Newport Residences / Newport Tower Central Mall and Central Square Proposed redevelopment under CBD Incentive Scheme*: Proposed redevelopment under Strategic Development Incentive
Slide 22: Completed AEIs in 1H 2022
ENHANCEMENT Completed AEIs in 1H 2022 Enhancement Works for Commercial Portfolio to Improve Asset Performance Palais Renaissance King’s Centre AEI completed in June 2022: AEI completed in June 2022: ➢ Creation of more F&B provisions and a unique alfresco dining ➢ With the planned opening of Havelock
Slide 23: On-Going AEI: Jungceylon, Phuket
ENHANCEMENT On-Going AEI: Jungceylon, Phuket ➢ Timely AEI to rejuvenate mall which opened in 2006 ➢ Increase NLA, enhance shoppers’ experience with new-to-market concepts & refreshed experiential trade mix Design Inspiration From Tropical Garden & Eco-Sanctuary ➢ The planned works will be completed
Slide 24: Asset Repositioning of M&C Assets
ENHANCEMENT Asset Repositioning of M&C Assets M Social Brand Conversions in Progress M Social Suzhou M Social Downtown New York M Social Brand Conversion • S U Z H O U (First M Social in China) Target completion: 2023/2024 MSocial Knightsbridge Opening: Q1 2023 MSocial London • P H U K E T (First M
Slide 25: ESG Leadership & Achievements
ENHANCEMENT ESG Leadership & Achievements Ranked on 13 Leading Global Sustainability Ratings and Rankings LATEST ESG MILESTONES Ranked #4 Singapore Governance and Transparency Ranked 5th most Top reporting company in Index 2022 Only sustainable corporation in Only company in Only Singapore Singapore
Slide 26: Transformation
Transformation ➢Transform business via new platforms: Strategic Investments, Fund Management, Innovation & Venture Capital
Slide 27: Global Hospitality Portfolio – Overview
Global Hospitality Portfolio – Overview Diversified Portfolio of 155 Hotels Worldwide ➢ Global footprint driven by Millennium & Copthorne Hotels Limited (M&C), with over 130 hotels and 38,000 rooms UK & Europe Managed / Owned (40%) franchised (45%) 29 Group’s Hotels Hotel US The Biltmore Mayfair Lon
Slide 28: Global Hospitality Portfolio – Strategic Review
TRANSFORMATION Global Hospitality Portfolio – Strategic Review Active Portfolio Rebalancing – 4 Core Asset Categories 1 2 3 4 Operational Efficiency Asset Enhancement Redevelopment Divestment Initiatives Focus on driving resource Refresh and reposition hotels in Redevelop existing hotel sites Stream
Slide 29: Fund Management – AUM 2022
TRANSFORMATION Fund Management – AUM 2022 AUM following CDL Hospitality Trusts (CDLHT) Deconsolidation Current AUM AUM target of US$5B in 2023 US$2.9B Continue to pursue growth via investment opportunities in both listed and unlisted platforms US$5B 3rd Party AUM (CDLHT & Others) Potential AUM 2,116
Slide 30: Building Scale through Co-Investment Partnerships
TRANSFORMATION Building Scale through Co-Investment Partnerships • Co-invest with partners with established local expertise to widen and deepen CDL’s global footprint • Example: Targeting key Australian cities such as Sydney, Melbourne and Brisbane • Focus on value-add opportunities on well-located
Slide 31: Focus: Maximising Shareholder Value
Focus: Maximising Shareholder Value Improve Asset ROE Optimisation Enhance Capital Recurring Recycling Income Sustainable Grow Shareholder AUM Returns Diversification Prudent Environmental I Social I Governance Capital Sustainability Management
Slide 32: Financial Highlights
Financial Highlights >>>
Slide 33: Financial Highlights
Financial Highlights Property Hotel Investment Development Operations Properties 1H 1H 1H 1H 1H 1H 2022 2021 2022 2021 2022 2021 Revenue $609MM $628MM Revenue $599MM $317MM Revenue $174MM $171MM PBT $104MM $119MM PBT $1,325MM ($143MM) PBT $131MM $10MM Excl divestment gains $15MM ($158MM) Excl divest
Slide 34: Strong Rebound in Hotel Operations
Strong Rebound in Hotel Operations Room Occupancy Average Room Rate Revenue Per Available GOP Margin Room (RevPAR) % 15.9% pts $ 53.2% 110.4% 12.0% pts $ % 58.5 194.3 24.7 113.6 60.0 200.0 120.0 25.0 42.6 180.0 50.0 160.0 126.8 100.0 20.0 40.0 140.0 120.0 80.0 12.7 54.0 15.0 30.0 100.0 60.0 80.0 10.
Slide 35: Revenue by Segment for Half Year (2020 – 2022)
Financial Highlights Revenue by Segment for Half Year (2020 – 2022) $1,073MM $1,192MM $1,473MM $MM 800 700 628 609 599 600 500 464 400 355 317 300 186 171 174 200 76 91 100 68 0 1H 2020 1H 2021 1H 2022 Property Development Hotel Operations Investment Properties Others 35
Slide 36: EBITDA by Segment for Half Year (2020 – 2022)
Financial Highlights EBITDA by Segment for Half Year (2020 – 2022) $MM $190MM $272MM $1,755MM 1,400 1,369 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 218 147 182 145 200 108 61 92 100 45 23 0 (100) (47) (200) (126) 1H 2020 1H 2021 1H 2022 Property Development Hotel Operations Investment Prop
Slide 37: Profit Before Tax by Segment for Half Year (2020 – 2022)
Financial Highlights Profit Before Tax by Segment for Half Year (2020 – 2022) $14MM $10MM $1,585MM $MM 1,400 1,325 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 115 119 104 131 81 100 26 10 24 25 0 (100) (200) (143) (300) (208) 1H 2020 1H 2021 1H 2022 Property Development Hotel Operations
Slide 38: Strong Balance Sheet & Liquidity Position
Financial Highlights – 1H 2022 Strong Balance Sheet & Liquidity Position Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash Interest Cover % of Ratio 1 Fixed Rate Debt 83% $2.2B 16.5 x 35% FY 2021: 99% FY 2021: $2.2B FY 2021: 3.0x FY 2021: 34% Net Gearing
Slide 39: Prudent Capital Management – June 2022
Financial Highlights Prudent Capital Management – June 2022 Balanced debt Balanced debt currency mix – Average borrowing expiry profile adopting a natural hedging cost kept low strategy Well-Spread Debt Maturity Profile Debt Currency Mix 3,600 Bond 30 Jun 2022 3,200 RMB (5.3%) Others (1.5%) 2,800 29
Slide 40: Operations Review
Operations Review >>>
Slide 41: Singapore Operations: Property Development
Singapore Operations >>> Property Development
Slide 42: Singapore Property Market
Singapore Property Market Property Price Index – Residential (2014 – Q2 2022) All Residential Price Increase (10.6% YoY) Residential prices continue to Q2 22: 180.9 180 increase for nine consecutive quarters 160 140 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 43: Singapore Property Market
Singapore Property Market ➢ Private residential market remains resilient with URA Private Residential Property Price Index registering a 4.2% increase in 1H 2022. ➢ Notwithstanding fewer new project launches in 1H 2022 and the introduction of additional property cooling measures earlier, primary hom
Slide 44: Singapore Property Development
Singapore Property Development Residential Units Sold 1H 2021 1H 2022 Sales Value Units Sold $1,715,560 971 $1,603,404 832,386 6.5% yoy 26.7% yoy 681,657 1H 2022 Highlights 712 ➢ Performance was powered by launch of Piccadilly Grand in May (vs launch of Irwell Hill Residences in Apr 2021) ➢ Sales va
Slide 45: Strong Sales Performance for 1H 2022
Singapore Property Development Strong Sales Performance for 1H 2022 ➢ Sold 712 units with total sales value of $1.6B for 1H 20221 2 ➢ Performance driven by highly successful launch of Piccadilly Grand in May 2022 ➢ Continued steady take up of existing inventory Steady Sales for Launches from 2019 –
Slide 46: Inventory of Launched Residential Projects
Singapore Property Development Inventory of Launched Residential Projects – As at 30 Jun 2022 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 45 6
Slide 47: Latest Residential Launch – Q2 2022
Latest Residential Launch – Q2 2022 Piccadilly Grand – Rare City Fringe Integrated Living with Conveniences and Wellness at its Core Location Tenure Equity Stake Total Units Total Units Sold1 Site Area (sq ft) Total Saleable Area (sq ft) Northumberland Road 99-year 50% 407 334 94,000 384,545 Robust
Slide 48: Upcoming Residential Launch – Q4 2022
Upcoming Residential Launch – Q4 2022 Copen Grand – First Executive Condominium (EC) in Singapore’s Smart & Sustainable Town Location Tenure Equity Stake Total Units Site Area (sq ft) Total Saleable Area (sq ft)* Tengah Garden Walk 99-year 50% 639 237,032 700,272 First EC to receive the BCA Green Ma
Slide 49: Singapore Operations: Asset Management
Singapore Operations >>> Asset Management
Slide 50: Singapore Commercial Market
Singapore Commercial Market Property Price Index – Commercial (2014 – Q2 2022) 150 Price Decline Office Retail (-5.0% YoY) Slight decrease in office 140 price as compared to previous quarter Q2 22: 115.0 130 120 110 Q2 22: 101.6 100 Price Decline (-0.8% YoY) 90 Slight decrease in retail price as com
Slide 51: Singapore Commercial Market
Singapore Commercial Market Property Rental Index – Commercial (2014 – Q2 2022) 250 Rental Increase (+1.3% YoY) Office Retail Office rents increased from the previous quarter 200 Q2 22: 164.8 150 Q2 22: 79.6 100 Rental Decline 50 (-2.9% YoY) Slight decrease in retail rents from previous quarter 0 Q1
Slide 52: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy for Office and Retail Portfolio (As at 30 Jun 2022) 1 Office Retail 11 properties 8 properties 93.8% 95.6% Committed Occupancy Committed Occupancy 1.7MM sq ft 687,000 sq ft Net Lettable Area REPUBLIC PLAZA CITY SQUARE MALL Net Lettable Area L
Slide 53: Singapore Commercial Portfolio
Singapore Commercial Portfolio Trade Mix of Office & Retail Space by % of Total Gross Rental Income (As at 30 Jun 2022)1 Office Retail Telecommunications, Supermarkets & Media & Technology, Value Store, Electrical, Electronics, IT & 14.3% Sporting Goods, 6.5% Telecommunications, 1.8% Banking, Insura
Slide 54: Singapore Office Market Outlook
Singapore Office Market Outlook Grade A office rental increased by 4.6% to $11.30 psf per month in 1H 2022. This represented a year-on-year increase of 7.6%, registering the fastest pace of increase since the recovery in Q2 2021. The growth momentum is expected to continue for the full year due to s
Slide 55: Singapore Retail Market Outlook
Singapore Retail Market Outlook Average prime island-wide retail rents remained unchanged for Q2 2022. This represents a year-on-year decline of 0.6%, as compared to 1.0% decline in the previous year. While domestic and travel restrictions have eased and shopper traffic has improved, retailers are n
Slide 56: International Operations
International Operations >>>
Slide 57: International Operations – Australia
International Operations – Australia Focus on Developments across Eastern Seaboard of Australia New South Wales Queensland Artist’s Impression Artist’s Impression Waterbrook Bowral Brickworks Park (Residential) ➢ Waterbrook Bowral, a 135-unit ➢ Brickworks Park has sold 61% of 215 retirement housing
Slide 58: International Operations – China
International Operations – China Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Continued sales momentum: Chongqing(重庆) Sold 92% of 1,813 units to date1 Relaunched in May 2018: ➢ HLCC Plaza, a 32,101 sqm Grade A Sold 116 units to date (92%) office tower is 96% occupied ➢ HLCC mall is 80% occupied ➢ H
Slide 59: International Operations – Japan
International Operations – Japan Continue to Grow our Japan PRS Footprint with Three New Acquisitions Development Site: Five freehold residential properties in Osaka (228 units) ➢ Prime 180,995 sq ft freehold site acquired in Oct 2014 New Acquisition in 1H 20221 Horie Lux Pregio Joto Chuo Gioia Namb
Slide 60: International Operations – UK Residential
International Operations – UK Residential Strengthening our Presence Artist’s Impression The Junction New Acquisition in 20223 Construction in progress for a 665- Infinity Artist’s Impression unit PRS development in Leeds Acquired an operational 505-bed The Octagon purpose-built student accommodatio
Slide 61: International Operations – UK Commercial
International Operations – UK Commercial Strengthening our Presence in London NLA 209,860 sq ft NLA 328,806 sq ft Tenants 5 Tenants 24 Occupancy 98.1%2 Occupancy 93.4% WALE1 4.68 years WALE1 4.51 years CDL’s CDL’s £183MM £385MM Acquisition Acquisition Aldgate House 125 Old Broad Street Artist’s Impr
Slide 62: Hospitality
Hospitality >>>
Slide 63: Hotel Operations: Trading Performance
Hotel Operations Trading Performance 1H 2022 1H 2021 Change $MM $MM % Revenue 598.8 317.0 88.9 Profit Before Tax (PBT) 1,325.0 (142.9) N.M. EBITDA 1,369.2 (47.2) N.M. Group RevPAR : ▲ 110.0% in 1H 2022 (reported currency) ▲ 110.4% in 1H 2022 (constant currency) M Social Hotel Paris Opera Revenue, PB
Slide 64: Hotel Operations (1H 2022 vs 1H 2021)
Hotel Operations (1H 2022 vs 1H 2021) Hotel Occupancy, Average Room Rate, and RevPAR by Region for CDL Group Room Occupancy Average Room Rate RevPAR GOP 1H 2022 1H 2021 Incr / (Decr) 1H 2022 1H 2021 * Incr / (Decr) 1H 2022 1H 2021 * Incr / (Decr) 1H 2022 1H 2021 Incr / (Decr) % % % pts S$ S$ % S$ S$
Slide 65: CDL Hospitality Trusts: Trading Performance
CDL Hospitality Trusts Trading Performance 1H 2022 1H 2021 Change $MM $MM % Hotel Brooklyn Gross Revenue 98.6 66.2 49.0 Net Property Income (NPI) 51.0 37.0 37.8 Strong growth momentum was observed during the quarter, firmly anchored by robust leisure demand and border reopenings which accelerated th
Slide 66: 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 67: www.cdl.com.sg
Artist’s Impression CanningHill Piers I Singapore www.cdl.com.sg