Slide 1: FY 2005 Financial Results
FY 2005 Financial Results 28 February 2006
Slide 2: Presentation Outline
Presentation Outline I. Singapore Property Market II. Financial Highlights III. Operations Review IV. Market Outlook
Slide 3: Singapore Property Market
Singapore Property Market
Slide 4: Property Price Index - Residential
Property Price Index - Residential (2001 –2005) All Residential 200 180 160 140 Q2 05 Q4 05 Q4 04 115.2 118.2 120 113.8 100 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 01 01 01 01 02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 Source : URA, 4Q 2005
Slide 5: No. of New Private Residential Units Launched vs Units Sold
No. of New Private Residential Units Launched vs Units Sold (Projects Under Construction) (2001 – 2005) New Units Launched New Units Sold (Projects Under Construction) 10000 8,201 7,790 New Units New Units 8000 Launched Sold (Uncompleted) 2001 8,357 6,377 5,881 6000 2002 9,507 8,506 4,617 2003 5,216
Slide 6: No. of Uncompleted Private Residential Units Available
No. of Uncompleted Private Residential Units Available (2001 – 2005) Launched & Unsold Not Launched 24,000 20,000 17,197 Launched Not mber of Units 15,677 15,836 & Unsold Launched of Units 16,000 14,718 2001 5,540 11,657 12,000 10,277 Number 2002 4,970 10,707 Nu 8,000 2003 4,722 9,996 2004 4,639 11,
Slide 7: Property Price Index - Commercial
Property Price Index - Commercial (2001 – 2005) 140 120 Q4 05 100 Q4 04 92.5 86.6 Index 80 Q4 04 Q4 05 60 73.0 76.3 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 01 01 01 01 02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 Source : URA, 4Q 2005
Slide 8: Average Office Rental in CBD
Average Office Rental in CBD (2001 – 2005) 7 $5.90 6 $4.80 5 $psf/month 4 $3.35 $3.10 3 2 Raffles Place 1 Non CBD-Core 0 2001 2002 2003 2004 2005 Source : JLL Research, 20 Feb 2006
Slide 9: Average Prime Level Retail Rental
Average Prime Level Retail Rental (2001 – 2005) 35 $28.35 $28.80 30 25 $19.65 $20.23 $psf/month 20 15 Primary Area 10 (Orchard Road) Suburban Area 5 0 2001 2002 2003 2004 2005 Source : JLL Research, 20 Feb 2006
Slide 10: Financial Highlights
Financial Highlights
Slide 11: Summary of Financial Highlights
Summary of Financial Highlights FY 2004 FY 2005 % (Restated) Change Revenue ($m) 2,380 2,374 0 Profit from operations ($m) 400 498 24.3 Profit before share of results of associates 222 345 55.5 & jointly controlled entities ($m) Share of after-tax profit/(loss) of associates 281 59 (79.1) & jointly
Slide 12: Dividend
Dividend FY 2004 FY 2005 Proposed dividend (cents per ordinary share) - First & Final Dividend 7.5 cents 7.5 cents - Special Dividend NIL 5.0 cents
Slide 13: Group Revenue by Segment
Group Revenue by Segment Property Development $2,380m $2,374m 2,500 Hotel Operations 489 365 Rental Properties 2,000 Others $ million 1,500 1,671 1,803 1,000 500 175 160 45 46 Overall change 0 = 0% 2004 2005
Slide 14: Contribution to Profit before Tax by Segment
Contribution to Profit before Tax by Segment (2004 vs 2005) 550 $503m 500 15% 450 $404m Property 37% Development 400 350 Hotel Operations $ million 300 67% Rental Properties 250 200 53% Others 150 100 13% 7% 50 5% 3% 0 2004 (restated) 2005
Slide 15: Net Borrowings
Net Borrowings As at As at 31/12/04 31/12/05 % Change CDL Group Totals $m $m Gross Borrowings 4,021.2 3,600.9 È 10 Less: Cash and (828.8) (573.6) È 31 Cash Equivalents Net Borrowings 3,192.4 3,027.3 È 5
Slide 16: NAV Per Share and CDL Share Price
NAV Per Share and CDL Share Price (2001 – 2005) $ 10 Net Asset Value per share 9 CDL Share Price 8.70 8 7.10 7 6.05 6.05 6 5.56 4.82 4.99^ 5.12 5 4.71 4.16 - 4 3 2 1 0 2001 2002 2003 2004 2005 ^ NAV Per Share for 2004 has been restated
Slide 17: CDL's Net Gearing (%) (2001 – 2005)
CDL’s Net Gearing (%) (2001 – 2005) 140 121 120 109 100 93 Net Gearing (%) 80 73 67 60 40 20 2001 (restated) 2002 2003 2004 (restated) 2005 Before Revaluation
Slide 18: Operations Review
Operations Review
Slide 19: Property Development Property Sales
Property Development Property Sales CDL maintains market leadership with over 23% of market share
Slide 20: Property Development (Units sold/booked)
Property Development (Units sold/booked) Sales Value* No. of $’000 Units* Q1-Q4 2005 1,659,719 2,071 Q1-Q4 2004 881,604 996 No. of units sold in FY2005 increased by 108% * Includes shares of JV partners
Slide 21: New Residential Project Launches for 1H 2006
Operations Review New Residential Project Launches for 1H 2006 Projects Units Butterworth 33 (Total: 20) 20 Residences @ Evelyn (Total: 208) 100 St. Regis Residences (Total: 173) 100 Kings Centre Plot 3 (Total: 175) 100 Sentosa Cove C9 (Total: 264) 150 Total 470
Slide 22: Land Bank
Land Bank (As at 1 Jan 2006) Type of Development Land Area (sq ft) % Residential (Local & Overseas) 3,205,026 83 Commercial / Hotel 184,554 5 Industrial 462,818 12 TOTAL 3,852,398 100 Residential Residential* (Local) (Overseas) 70% 13% Industrial 12% Commercial/ Hotel 5% 3.9 million sq ft (Proposed
Slide 23: Rental Revenue by Sector
Rental Revenue by Sector $175m $160m 100% 80% Office Rental Revenue 58 64 Retail 60% Industrial Others* 40% 26 18 20% 4 5 12 13 0% 2004 2005 * Including car park, serviced apartment and residential
Slide 24: Hotel Revenue by Region
Hotel Revenue by Region 2004 2005 28% 28% 462 Australia & 503 8% New Zealand 8% 138 147 North America & Europe 1,153 1,071 East & South East Asia 64% 64% $1,671m $1,803m Overall change = ↑ 8%
Slide 25: Hotel Occupancy Rate (%)
Hotel Occupancy by Region 80 74 74 73 71 72 Hotel Occupancy Rate (%) 70 70 60 50 2004 40 2005 30 East & South East North America & Australia & New Asia Europe Zealand
Slide 26: CDL's Awards
CDL’s Awards FTSE4Good Social Responsibility Index (since 2002) One of six companies in Asia (excluding Japan) included in this real time index series which reflects the performance of socially responsible equities Singapore 1000 Ranking 2006 (2000 - current) Business Amongst Singapore’s top 1000 co
Slide 27: Market Outlook
Market Outlook
Slide 28: Singapore Economic Outlook
Singapore Economic Outlook • GDP forecast to grow by between 4% and 6% • Unemployment rate fell to record low of 2.5% • Policy changes to the property market helped to improve market sentiments • Development plans for Marina Bay, BFC & two IRs create upside potentials • Benchmark prices set for IR,
Slide 29: Property Market - Residential
Property Market - Residential • Private residential property prices increased by 3.9% • Property prices for the high-end market increased significantly • Transaction volume increased by 55% from 5,800 to 9,000 units – leading to an upward trend • Strong interest from foreigners for high-end niche de
Slide 30: Property Market - Office Rentals
Property Market - Office Rentals • Office values increased by 4.5% while rental improved significantly by 12.7% • Overall, average occupancy has improved to 87%. • Office market expected to continue with its upward momentum with limited supply • Market experts project office rentals will improve by
Slide 31: Thank You
Thank You