Slide 1: UOL Group FY2023 Results Presentation
UOL Group FY2023 Results Presentation 27 February 2024
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements or financial information. Such forward-looking statements and financial information may involve known and unknown risks, uncertainties, assumptions and other factors which may cause the actual results, performance or achievements of
Slide 3: Company Overview
Company Overview • UOL Group Limited (UOL) was founded in 1963 and listed on the Singapore Exchange in 1964 • Total assets of $22.2 billion as at 31 December 2023 • Geographical presence in 15 countries - Singapore, Australia, UK, China, Malaysia, Indonesia, Thailand, Vietnam, Myanmar, Cambodia, Ban
Slide 4: Core Businesses
Core Businesses Velocity@Novena Square, Pan Pacific Serviced Suites Park Eleven, Shanghai MEYER HOUSE, Singapore Singapore Beach Road, Singapore Pan Pacific Orchard, Singapore Pan Pacific London PROPERTY DEVELOPMENT PROPERTY INVESTMENTS HOSPITALITY • Wholly-owned projects • Wholly-owned properties •
Slide 5: Agenda
Agenda 01 FY2023 Highlights 02 FY2023 Key Financials 03 Operational Highlights 04 Market Outlook UOL Group Limited | 5
Slide 6: FY2023 Highlights
01 FY2023 Highlights Results reflected strong performance in hospitality, stable earnings from property investments and focus on value creation $707.7m $442.3m $762.8m PATMI increased 44% One-off disposal gain from Hotel operations against FY2022 PARKROYAL on revenue increased 38% Kitchener Road aga
Slide 7: FY2023 Key Financials
02 FY2023 Key Financials WATTEN HOUSE (artist’s impression) UOL Group Limited | 7
Slide 8: Key Financials
Key Financials $m FY2023 FY2022 % Change Revenue 2,681.7 3,201.7 -16 Profit before fair value and other 475.1 626.9 -24 gains/(losses) and income tax Other gains/(losses) 452.7 -5.1 n.m. Fair value gains on the Group’s investment 20.2 268.2 -92 properties Profit before income tax 948.0 889.9 7 PATMI
Slide 9: Key Financials
Key Financials FY2023 FY2022 % Change Earnings per share before fair value and 32.8 cents 40.9 cents -20 other gains/(losses) Earnings per share 83.8 cents 58.2 cents 44 Net tangible asset value per share $13.03 $12.55 4 Return on equity before fair value and other 2.6% 3.3% -21 gains/(losses) Retur
Slide 10: Capital Management
Capital Management Healthy balance sheet as at 31 December 2023 Net External Interest Cover Cash Term Loan Gearing Ratio Borrowings (including interest capitalised) $3,622m $1,390m 5x 97% 0.24 FY2022: $3,700m FY2022: $1,468m FY2022: 9x FY2022: 94% FY2022: 0.26 Unutilised Credit Average Borrowing % o
Slide 11: Revenue by Business Segment
Revenue by Business Segment (+26%) (-39%) (0%) (+2%) (+97%) (+38%) (+20%) (+10%) (+32%) (+5%) (+26%) (+31%) $2,200m $1,977.4m $2,000m $1,800m $1,600m $1,400m $1,210.3m FY2023 FY2022 $1,200m $1,000m $762.8m $800m $554.1m $600m $512.5m $504.2m $400m $200m $110.1m $51.3m $100.3m $14.4m $67.8m $18.2m $0
Slide 12: Operating Profit by Business Segment
Operating Profit by Business Segment (-44%) (0%) (+602%) (+32%) (+9%) (+61%) $400m $338.5m $333.3m $350m $332.1m $300m $250m $190.0m FY2023 FY2022 $200m $150m $100m $60.5m $67.5m $51.2m $50m $9.6m $24.3m $8.8m $15.1m $0m -$50m -$12.1m -$100m Property development Property investments Hotel operations
Slide 13: Contributions by Geography
Contributions by Geography (%) Revenue 1 FY2023: $2,681.7m 85 5 22 5 1 1 FY2022: $3,201.7m 78 4 11 5 $0m $500m $1,000m $1,500m $2,000m $2,500m $3,000m $3,500m Adjusted EBITDA1 FY20232: $801.5m 91 3 2 3 FY20223: $881.0m 78 3 14 4 $0m $200m $400m $600m $800m $1,000m Total Asset Value 1 FY2023: $22,199
Slide 14: Operational Highlights
03 Operational Highlights The Watergardens at Canberra (artist’s impression) UOL Group Limited | 14
Slide 15: Property Development
Property Development Residential units booked as at 31 December 2023 Units % Total Effective Launch Date Booked Booked# Units Stake Singapore Watten House Nov 2023 115 64% 180 90% Pinetree Hill Jul 2023 186 36% 520 90% AMO Residence Jul 2022 371 99% 372 70% The Watergardens at Canberra Aug 2021 448
Slide 16: Property Development
Property Development Total sales of 312 residential units with value of approximately $1.10 billion based on bookings in 2023 vs $1.55 billion in 2022 Singapore FY2023 FY2022 UOL Watten House1 115 - Pinetree Hill2 186 - AMO Residence 4 367 The Watergardens at Canberra 5 113 Clavon Fully Sold 32 Aven
Slide 17: Property Development: Watten House
Property Development Watten House • Strong sales booking of 64% as at 31 December 2023 • 80:20 joint venture between UOL and SingLand • Prime freehold development with land area of about 20,461 sqm with 180 units on elevated ground of Bukit Timah low-rise residential enclave • Within 1km to popular
Slide 18: Property Development: Pinetree Hill
Property Development Pinetree Hill • 38% of 400 units released sold on launch weekend of 15 and 16 July 2023 • 80:20 joint venture between UOL and SingLand • 520-unit residential project across 3 elegant 24-storey high towers; 1- to-5 bedroom choice units offering unrivalled views of Clementi Forest
Slide 19: Property Development: Meyer Blue
Property Development Meyer Blue • In February 2023, UOL’s tender for the en-bloc purchase of Meyer Park condominium at 81 and 83 Meyer Road was accepted for a total consideration of $392.18 million, or a unit land rate of about $1,668 psf ppr • 8,981 sqm freehold site; to develop 226 residential uni
Slide 20: Property Development: Site at Tampines Avenue
Property Development Site at Tampines Avenue 11 • Awarded mixed-use development site on 11 July 2023 at $1.206 billion, or a unit land rate of about $885 psf ppr • GFA of retail space is 13,600 sqm, including a maximum of 2,000 sqm for commercial school • 50:50 joint venture project by a UOL-SingLan
Slide 21: Property Development: Site at Orchard Boulevard
Property Development Site at Orchard Boulevard • Awarded residential site with commercial component on first storey at Orchard Boulevard on 21 February 2024 at $428.3 million, or a unit land rate of about $1,617psf ppr • 7,031.4 sqm leasehold site; GFA of commercial space on first storey is between
Slide 22: Property Investments: Office Portfolio
Property Investments Office Portfolio Diversified tenant base of UOL and SingLand As at Committed Occupancy 31 Dec 2023 30 Jun 2023 Singapore 91.8% 90.0% United Kingdom 85.1% 84.5% Australia 100% 100% 10.4% % of portfolio NLA/NFA expiring in 2024 (as at 31 Dec 2023) Note: 1. Singapore office propert
Slide 23: Property Investments: Retail Portfolio
Property Investments Retail Portfolio* Diversified tenant base of UOL and SingLand As at 31 Dec 2023 30 Jun 2023 Committed Occupancy 99.4% 99.1% 13.5% % of portfolio NLA/NFA expiring in 2024 (as at 31 Dec 2023) + 18.1% % of shoppers’ footfall (FY2023 vs FY2022) Note: *Office use in retail malls is e
Slide 24: Retail Portfolio – New tenants committed in 2H2023
Property Investments Retail Portfolio – New tenants committed in 2H2023 Minmed Clinic Souper Baby by Khao Hom by and Minmed Shopfront image Sanctuary Shopfront image Soul Souper Shopfront image Rung Mama (United Square) (United Square) (United Square) Musee Japan IPL Unatoto Platinum Tokyo Shopfront
Slide 25: Odeon – enlargement of property with a new build
Property Investments Odeon – enlargement of property with a new build • Redevelopment of 333 North Bridge Road site, which was acquired for $79.3 million in December 2019 • Named Odeon 333, new standalone 7-storey building is an extension of Odeon 331 (formerly known as Odeon Towers) and commands 50
Slide 26: Singapore Land Tower – asset enhancement initiative
Property Investments Singapore Land Tower – asset enhancement initiative • 47-storey building with approximate net floor area of 57,500 sqm • Embarked on asset enhancement initiative in January 2021; target to complete in 2H2024 • Refurbishment works include: - More green features such as lush lands
Slide 27: Clifford Centre – redevelopment of commercial asset
Property Investments Clifford Centre – redevelopment of commercial asset • Redevelopment of the prime 999-year leasehold site • New development aims to redefine the needs of the future workplace with a progressive office typology, inclusive placemaking and sustainable design • To adopt district cool
Slide 28: West Mall – asset enhancement initiative
Property Investments West Mall – asset enhancement initiative • Approximate new net floor area of 19,045 sqm, reflecting a 12% increase post asset enhancement initiative • Embarked on asset enhancement initiative in 1H2023; target to complete in 1H2025 • Refurbishment works include: - Conversion of
Slide 29: Hospitality
Hospitality Owns and/or manages more than 40 hotels with about 14,000 rooms, comprising “Pan Pacific”, PARKROYAL COLLECTION and PARKROYAL Pan Pacific Orchard, Singapore Pan Pacific London, United Kingdom PARKROYAL COLLECTION Pickering, Singapore PARKROYAL on Beach Road, Singapore UOL Group Limited |
Slide 30: Hospitality: Rebound in hospitality sector
Hospitality Rebound in hospitality sector Occupancy for owned¹ hotels (FY2023 vs FY2022) Singapore4 Oceania Others³ 68% 65% 63% FY2022: 70% FY2022: 62% FY2022: 42% RevPAR for owned¹ hotels (FY2023 vs FY2022²) Singapore4 Oceania Others³ $233 $143 $97 FY2022: $189 FY2022: $126 FY2022: $66 1. Includes
Slide 31: Hospitality: Rebound in F&B segment in Singapore
Hospitality Rebound in F&B segment in Singapore1 Number of Covers F&B Revenue (FY2023 vs FY2022) (FY2023 vs FY2022) 2.3m $172.7m FY2022: 1.7m FY2022: $124.1m Pan Pacific Singapore (Plume) Pan Pacific Singapore (Keyaki) Pan Pacific Orchard (Mosella) 1. Refers to Singapore PPHG branded hotels only UOL
Slide 32: Hospitality: Existing and Pipeline
Hospitality Existing Pipeline No. of Hotels No. of Rooms No. of Hotels No. of Rooms By Brand Pan Pacific 25 7,484 3 576 PARKROYAL COLLECTION 3 1,477 1 200 PARKROYAL 14 3,838 7 1,196 Others 3 1,045 - - Total 45 13,844 11 1,972 By Ownership Type Owned 27 9,072 3 538 Managed 15 3,729 8 1,434 Marketing
Slide 33: Pipeline Projects (owned): Faber House
Hospitality Pipeline Projects (owned) PARKROYAL COLLECTION Faber House, Singapore • Targeted to open in 1H2026 • Re-zoning of site for hotel use under URA’s Strategic Development Initiative (SDI) scheme • Total GFA with plot ratio intensification is 11,025 sqm • To redevelop into a 19-storey buildin
Slide 34: Pipeline Projects (owned): Pan Pacific Jakarta
Hospitality Pipeline Projects (owned) Pan Pacific Jakarta, Indonesia • Targeted to open in May 2024 • 158 guestrooms located on levels 83–90 in Luminary Tower within Jakarta’s CBD at Thamrin Nine Complex • Guests have access to the integrated complex’s commercial spaces, entertainment and retail off
Slide 35: Pipeline Projects (managed)
Hospitality Pipeline Projects (managed) Strong portfolio growth across Asia • 2H2024: 216-room PARKROYAL Dalian, China • 4Q2024: 162-room PARKROYAL Jakarta, Indonesia • 3Q2025: 183-room PARKROYAL Hanoi, Vietnam PARKROYAL Dalian • 3Q2025: 122-key PARKROYAL Serviced Suites Hanoi, Vietnam • 1Q2026: 227
Slide 36: Global marketing campaigns for enhanced guest experiences
Hospitality Global marketing campaigns for enhanced guest experiences • Redesigned and launched • Launched the Happy Sleepers • Launched an upgraded WeChat the “Pan Pacific” brand Programme to improve sleep Mini Programme targeted at website with improved quality of guests through a China market wit
Slide 37: Sustainability: Key highlights
Sustainability Key highlights UOL Group’s MSCI ESG rating was Committed to decarbonisation targets upgraded to “AA” in 2023, placing to reduce 46% of Scope 1 and 2 GHG us among the Leaders category in emissions for commercial and hospitality the Real Estate Development and properties by 2030 against
Slide 38: Sustainability: Creating positive change within the community
Sustainability Creating positive change within the community • In celebration of UOL’s 60th anniversary, the Group launched several flagship programmes and stepped up efforts in building an inclusive society • UOL and SingLand jointly donated $5 million to the Lee Kuan Yew Centennial Fund to support
Slide 39: Market Outlook
04 Market Outlook AMO Residence(artist’s impression) UOL Group Limited | 39
Slide 40: Market Outlook
Market Outlook Singapore economy is expected to grow by 1% to 3% in 2024, but macroeconomic environment could remain bumpy due to persistent inflation and geopolitical tensions • Residential Demand for private residential properties in Singapore is expected to grow at a slower pace • Office Office r
Slide 41: Awards & Accolades
Awards & Accolades Corporate UOL Group Limited Pan Pacific Hotels Group Limited Singapore Corporate Awards 2023 TTG Travel Awards 2023 • Best Investor Relations (Bronze) • Best Regional Hotel Chain • Best Risk Management (Bronze) World Travel Awards 2023 2023 Council on Tall Buildings and Urban Habi
Slide 42: Awards & Accolades
Awards & Accolades Product, Design and Architectural Excellence AMO Residence Pan Pacific Orchard International Property Awards (Asia Pacific) 2023 EdgeProp Singapore Excellence Awards 2023 • Best Apartment/Condominium Development Singapore (Winner) • Hotel Development Excellence EdgeProp Singapore
Slide 43: Q&A
Q&A Clavon (artist’s impression) UOL Group Limited | 43