Slide 1: Half Year Financial Report 1 Jan – 30 Jun 2011
HALF YEAR FINANCIAL REPORT 1 Jan – 30 Jun 2011 12 AUGUST 2011 ANALYST / MEDIA BRIEFING * Artist’s Impression of Blossom Residences
Slide 2: Agenda
AGENDA 1. FINANCIAL HIGHLIGHTS 2. SINGAPORE PROPERTY MARKET 3. OPERATIONS REVIEW Property Development Hotel Operations & CDLHT CDL China Limited 4. MARKET OUTLOOK * Artist’s Impression of H2O Residences
Slide 3: Financial Highlights
FINANCIAL HIGHLIGHTS * Artist’s Impression of Blossom Residences
Slide 4: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS • Strong performance for half year ended 30 June 2011. • Property Development and Rental Properties segments contribute 66% and 78% of pre-tax profits for 2Q 2011 and 1H 2011 respectively. • PATMI increased 17.0% for Q2 2011 and 44.8% for 1H 2011. • Low net gearing ratio at
Slide 5: Summary of Financial Highlights
SUMMARY OF FINANCIAL HIGHLIGHTS Q2 Q2 % 1H 1H % 2011 2010 * Change 2011 2010 * Change Revenue ($m) 979 982 (0.3) 1,753 1,687 3.9 Profit Before Tax ($m) 336 276 21.7 673 483 39.3 PATMI ($m) 221 189 17.0 503 348 44.8 Basic Earnings Per Share (cents) 23.6 20.1 17.4 54.6 37.5 45.6 NAV Per Share ($) 7.18
Slide 6: Revenue for 2nd Quarter (2003 – 2011)
FINANCIAL HIGHLIGHTS Revenue for 2nd Quarter (2003 – 2011) 1,200 982 979 1,000 775 781 787 800 $ million 585 585 602 552 600 400 200 0 2003 2004 2005 2006 2007 2008 2009 2010 * 2011 2nd Quarter * Restated due to the adoption of INT FRS 115 for 2010 only. Note : The above financial information is ext
Slide 7: PATMI for 2nd Quarter (2003 – 2011)
FINANCIAL HIGHLIGHTS PATMI for 2nd Quarter (2003 – 2011) 250 221 194 189 200 165 140 150 $ million 100 45 50 37 23 11 0 2003 2004 # 2005 # 2006 2007 2008 2009 2010 * 2011 2nd Quarter # Restated * Restated due to the adoption of INT FRS 115 for 2010 only. Note : The above financial information is ext
Slide 8: Revenue for Period Ended Jun (2003 – 2011)
FINANCIAL HIGHLIGHTS Revenue for Period Ended 30 Jun (2003 – 2011) 2,000 1,753 1,800 1,687 1,544 1,540 1,600 1,410 1,400 1,179 1,143 1,200 1,063 1,103 $ million 1,000 800 600 400 200 0 2003 2004 2005 2006 2007 2008 2009 2010 * 2011 Period * Restated due to the adoption of INT FRS 115 for 2010 only.
Slide 9: PATMI for Period Ended Jun (2003 – 2011)
FINANCIAL HIGHLIGHTS PATMI for Period Ended 30 Jun (2003 – 2011) 600 503 500 400 348 321 330 $ million 300 223 200 77 86 100 49 63 0 2003 2004 # 2005 # 2006 2007 2008 2009 2010 * 2011 Period # Restated * Restated due to the adoption of INT FRS 115 for 2010 only. Note : The above financial informatio
Slide 10: Revenue by Segment – 1H 2011 vs 1H 2010 & 1H 2009
FINANCIAL HIGHLIGHTS Revenue by Segment – 1H 2011 vs 1H 2010 & 1H 2009 $m 1,000 815 740 754 754 800 709 1H 2009 542 1H 2010 * 600 1H 2011 400 200 139 160 141 20 33 43 0 Property Hotel Rental Others Development Operations 1H 2011 1H 2010 * 1H 2009 Property Development 46% 44% 39% Hotel Operations 43%
Slide 11: Profit Before Tax by Segment – 1H 2011 vs 1H 2010 & 1H 2009
FINANCIAL HIGHLIGHTS Profit Before Tax by Segment – 1H 2011 vs 1H 2010 & 1H 2009 $m 350 300 276 263 265 1H 2009 250 188 1H 2010 * 200 139 1H 2011 150 113 97 100 67 50 50 12 6 0 (3) (50) Property Hotel Rental Others Development Operations 1H 2011 1H 2010 * 1H 2009 Property Development 39% 58% 59% Hot
Slide 12: Capital Management
FINANCIAL HIGHLIGHTS Capital Management CDL Group Total As at 30/06/11 As at 31/12/10 As at 30/06/10 Net Borrowings $ 1,817m $2,346m $2,829m Interest Cover Ratio 25.0 x * 21.3 x * 21.1 x Cash and cash equivalents $2,441m $1,874m $1,355m Gearing ratio without taking in fair 22% * 29% * 37% value gain
Slide 13: Singapore Property Market
SINGAPORE PROPERTY MARKET * Artist’s Impression of Buckley Classique
Slide 14: Property Price Index – Residential (2006 – 1H 2011)
SINGAPORE PROPERTY MARKET Property Price Index – Residential (2006 – 1H 2011) All Residential Q2 11 220 203.0 200 180 160 140 120 100 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 Source : URA, Q2 2011
Slide 15: New Private Residential Units Launched vs Units Sold
SINGAPORE PROPERTY MARKET No. of New Private Residential Units Launched vs Units Sold (Projects under Construction) (2006 – 1H 2011) New Units Launched New Units Sold (Projects Under Construction) 18,000 New Units New Units 16,000 Launch Sold Directly By (excl. EC units) Developers 14,000 (excl. EC
Slide 16: Uncompleted Private Residential Units Available
SINGAPORE PROPERTY MARKET No. of Uncompleted Private Residential Units Available (2006 – 1H 2011) Not Launched Launched & Unsold 20,000 18,266 Launched Not Total 16,000 13,937 13,928 14,211 & Unsold Launched Number of Units 2006 2,536 6,944 9,480 12,000 9,480 9,162 2007 2,063 7,099 9,162 2008 3,880
Slide 17: Property Price Index – Commercial (2006 – 1H 2011)
SINGAPORE PROPERTY MARKET Property Price Index – Commercial (2006 – 1H 2011) 140 Q2 11 118.9 120 Q2 11 100 116.6 Index 80 60 Office 40 Shop 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 Source : URA, Q2 2011
Slide 18: Average Office Rental in CBD (2006 – 1H 2011)
SINGAPORE PROPERTY MARKET Average Office Rental in CBD (2006 – 1H 2011) 18 Raffles Place $16.00 16 $14.95 Non CBD-Core 14 12 $psf/month $10.15 $9.60 $9.35 10 $7.80 8 $9.85 $8.60 6 $6.15 $6.80 4 $5.70 $5.20 2 0 2006 2007 2008 2009 2010 1H 2011 Source : JLL Research, Q2 2011
Slide 19: Operations Review
OPERATIONS REVIEW * Artist’s Impression of Quayside Isle
Slide 20: Property Development
PROPERTY DEVELOPMENT * Artist’s impression of Buckley Classique
Slide 21: Units Booked / Sold
PROPERTY DEVELOPMENT Units Booked / Sold Sales Value* No. of Total $’000 Units* Floor Area (sq ft) 1H 2011 $ 793,940 809 821,294 1H 2010 $ 947,710 773 951,526 * Includes share of JV partners
Slide 22: Planned Residential Project Launches for 2nd Half 2011
OPERATIONS REVIEW Planned Residential Project Launches for 2nd half 2011 (subject to market conditions) Projects Units Nouvel 18 (total 156) 50 Pasir Ris Parcel 4 (est. total 892) 200 Choa Chu Kang EC (est. total 474) 200 Lucky Tower (est. total 174) 50 Total 500
Slide 23: Land Bank by Sector (as at Jun 2011)
OPERATIONS REVIEW Land Bank by Sector (as at 30 Jun 2011) Type of Development Land Area (sq ft) % Residential (Local & Overseas) 2,505,085 74 Commercial / Hotel 437,437 13 Industrial 462,818 13 TOTAL 3,405,340 100 Residential Residential (Overseas) (Local) 18% 56% Industrial 13% Commercial/ Hotel 13
Slide 24: Rental Revenue by Sector
OPERATIONS REVIEW Rental Revenue by Sector 180 $160m 160 $141m 140 Rental Revenue ($m) 120 98 Office 100 91 Retail 80 Industrial 60 Others * 36 40 33 20 6 20 6 11 0 1H 2010 1H 2011 * Including car park, serviced apartment and residential
Slide 25: Hotel Operations & CDLHT
HOTEL OPERATIONS & CDLHT Studio M Hotel Singapore Millennium Paris Opera
Slide 26: Hotels – M&C Group
Millennium Biltmore Hotel Los Angeles HOTELS M&C Group Good Trading Performance • RevPAR (in constant currency) up 5.5% to £60.80 for 1H 2011 (1H 2010: £57.66) • RevPAR growth in key gateway cities (at constant rates of exchange): - Singapore 9.6% - London 13.1% - New York 6.6% Strong Balance Sheet
Slide 27: M&C Hotel Room Count and Pipeline
HOTELS M&C Hotel Room Count and Pipeline Hotels Rooms Hotel and Room Count 30 Jun 31 Dec 30 Jun 31 Dec 2011 2010 2011 2010 By region: • New York 3 3 1,757 1,755 Millennium Mayfair • Regional US 16 16 5,554 5,554 • London 7 7 2,493 2,493 • Rest of Europe 18 18 3,227 3,227 • Middle East * 9 8 3,299 2,
Slide 28: Hotel Revenue by Region
HOTELS Hotel Revenue by Region 1H 2011 1H 2010 42% 39% 317 New Zealand 298 6% Europe 7% 47 52 United States Asia 188 186 202 218 27% 25% 29% 25% $754m $754m
Slide 29: Hotel Occupancy by Region
HOTELS Hotel Occupancy by Region 80 76.3 73.7 73.4 72.8 Hotel Occupancy Rate (%) 70 68.1 64.5 63.1 1H 2010 62.0 1H 2011 60 50 Asia United States Europe New Zealand
Slide 30: Hotel Revenue Per Available Room at Constant Currency
HOTELS Hotel Revenue Per Available Room at Constant Currency 170 141 142 138 140 129 Hotel RevPAR ($) 114 110 105 1H 2010 * 1H 2011 76 80 71 50 Asia United States Europe New Zealand * For comparability, 1H 2010 RevPAR has been translated at constant exchange rates (30 Jun 2011).
Slide 31: CDL Hospitality Trusts (CDLHT)
Novotel Clarke Quay Singapore CDL HOSPITALITY TRUSTS (CDLHT) First hotel REIT listed in Singapore in July 2006 with 4,304 hotel rooms. 1H 2011 1H 2010 Total Revenue Increase $’M $’M Singapore Hotels (6 hotels) * 52.7 46.6 13.1% New Zealand Hotels (1 hotel) 4.4 4.3 2.3% Australia Hotels (5 hotels) #
Slide 32: CDL China Limited – Chongqing
CDL CHINA LIMITED Chongqing • Land acquired in Dec 2010. • Land area 27,200 sqm. • Located on top of historical hill, Eling (鹅岭) in Yuzhong District of Chongqing municipality. Next to the Eling Park, used to be private residence of a wealthy salt merchant and during World War II, it served as the re
Slide 33: CDL China Limited – Suzhou
CDL CHINA LIMITED Suzhou • Acquire prime site in Jul 2011. • Permissible GFA of 295,455 sqm (approximately 3.2 million sq ft). • Land tender price RMB 886 million. CDL China's site in Suzhou offers unobstructed views of Jinji Lake • Plan 88,000 sqm of high end residential apartments about 750 units
Slide 34: Market Outlook
MARKET OUTLOOK * Artist’s Impression of The Glyndebourne
Slide 35: Singapore Economic Outlook
MARKET OUTLOOK Singapore Economic Outlook • GDP expanded 0.9% year-on-year in Q2 2011, down from 9.3% growth in Q1 2011. • The economy contracted 6.5% in Q2 2011 on a seasonally adjusted quarter-on-quarter annualised basis • The Government revised 2011 growth forecast for the Singapore economy to 5.
Slide 36: Property Market – Residential
MARKET OUTLOOK Property Market – Residential • In Q2 2011, volume of sales hit 4,325 units, 21.1% higher than the previous quarter • For the first time, Residential Property Price Index surpassed the 200 points mark to 203.0 • Overall, prices of private residential properties increased by 2.0% quart
Slide 37: Property Market – Office
MARKET OUTLOOK Property Market – Office • Office leasing activity in Q2 2011 remained steady. • Office rentals increased by 1.5% quarter-on-quarter in Q2 2011 • Total available office space as at Q2 2011 increased by 1.5% quarter- on quarter to 7.2 million square metres • The Group’s office portfoli
Slide 38: Hotels
MARKET OUTLOOK Hotels • In 1H 2011, M&C had strong RevPAR growth in gateway cities like London, Singapore and New York. • Singapore continues to enjoy strong growth in visitor arrivals, resulting in strong performance across M&C’s Singapore hotels • As the economic outlook remains uncertain, M&C wil
Slide 39: 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 40: Thank You
THANK YOU * Artist’s impression of The Glyndebourne