City Developments Limited · SGX:C09
City Developments — Shareholder Meeting (April 2024)
24 slides from City Developments's shareholder meeting presentation, Apr 24, 2024
Slide 1: 61st Annual General Meeting
61ST ANNUAL GENERAL MEETING 24 April 2024 Artist’s Impression Copen Grand I Singapore
Slide 2: FY 2023 Key Financial Highlights
FY 2023 KEY FINANCIAL HIGHLIGHTS RECORD REVENUE FY 2023 Exclude divestment gains EBITDA $4.9B and impairment losses $1.1B $1.0B FY 2022: $3.3B 50% FY 2022: $2.3B FY 2022: $655.5MM PBT Highest revenue since the Group’s inception in 1963 – Driven by the property development segment with a $1.5B contri
Slide 3: FY 2023 Key Financial Highlights: NAV, Dividends, Share Price
FY 2023 KEY FINANCIAL HIGHLIGHTS NAV per share RNAV per share If FV gains on $19.46 $10.12 $17.12 investment properties If revaluation surpluses of had been factored in the hotel portfolio had and the Group’s hotels been included (based on continue to be stated 2022/2023 internal & 0.4% 1.4% at cost
Slide 4: FY 2023 Capital Position
FY 2023 CAPITAL POSITION Strong Balance Sheet & Liquidity Position Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash1 Interest Cover Ratio % of Fixed Rate Debt 103% $2.2B 2.8x 45% FY 2022: 84% FY 2022: $2.4B FY 2022: 9.8x FY 2022: 42% Net Gearing2 Cash a
Slide 5: Growth, Enhancement, Transformation
Growth Build development pipeline & recurring income streams Enhancement Enhance asset portfolio Drive operational efficiency Transformation Transform via Strategic Investments, Fund Management, Innovation & Venture Capital Haus on Handy I Singapore
Slide 6: Growth: 2023 Performance Highlights
GROWTH 2023 PERFORMANCE HIGHLIGHTS PROPERTY DEVELOPMENT Singapore Sold Sales value Launched 730 $1.5 2 units1 billion1 projects Tembusu Grand The Myst (638 units) (408 units) 61% sold3 56% sold3 Completed Fully sold 5 >2,400 3 projects1 units1 projects Piermont Grand, Haus on Handy, Boulevard 88, Ha
Slide 7: Singapore Residential Pipeline
G SINGAPORE RESIDENTIAL PIPELINE Strengthened Launch Pipeline with GLS Site Acquisitions & Redevelopment Initiatives Upcoming Launches Union Square Residences 366 units3 2H 2024 Current Pipeline1 ~2,500 units Champions Way 348 units3 2H 2024 Launched in Jan 2024 – 74% sold4 Awarded in Apr 2024 for $
Slide 8: Global Presence Expansion in FY 2023
G GLOBAL PRESENCE EXPANSION IN FY 2023 Artist’s Impression Artist’s Impression 1NQ Morden Wharf UK CN KR £75.6MM ($125.7MM) £76.8MM ($129.6MM) JP St Katharine Docks SG £395MM ($636MM) AU $2.4B Bespoke Hotel Osaka Shinsaibashi JPY 8.5B ($78.5MM) 1 Hong Leong Larimar Center Champions Way GLS site IN A
Slide 9: Diversified Living Sector Portfolio
G DIVERSIFIED LIVING SECTOR PORTFOLIO >90% 4 $187MM (250 units; 1 asset) 250 operational PRS units in Sunnyvale, California Committed Occupancy $406MM 1250 Lakeside as at 31 Dec 2023 (563 units; 7% 2 projects) $656MM 2,101 PRS units3 25% (2,101 units; 38 assets3 in Tokyo, 16% ~4,800 38 assets3
Slide 10: Elevating Value: Enhancement
ELEVATING VALUE ENHANCEMENT GLOBAL PORTFOLIO SINGAPORE COMMERCIAL PORTFOLIO2 23 million sq ft Office3 Committed Occupancy 97.1% 1.9% Y-o-Y Net Lettable Area 1.5MM sq ft Total GFA in residential for lease, commercial and hospitality assets Retail4 Committed Occupancy Net Lettable Area 97.6% 0.8MM TOT
Slide 11: Asset Repositioning Initiatives
E ASSET REPOSITIONING INITIATIVES Driving Asset Performance Improvements through Asset Enhancement Initiatives (AEIs) Jungceylon Shopping Center, Phuket City Square Mall, Singapore Completed in Q4 2023 Commenced two-phase AEI in Q3 2023: Achieved committed occupancy of 90% (as at 31 Dec 2023)
Slide 12: Redevelopment Initiatives
E REDEVELOPMENT INITIATIVES Driving Asset Performance Improvements through Asset Redevelopment Union Square Newport Plaza Strategic Development CBD Incentive Incentive Scheme1 Scheme • Obtained Provisional Residential (Newport 35% Permission (PP) in Feb 2023 Residences) (246 units) • Written Permiss
Slide 13: Enriching Our Hospitality Portfolio
E ENRICHING OUR HOSPITALITY PORTFOLIO GLOBAL CONTINUED OUTPERFORMANCE IN GLOBAL HOTEL PERFORMANCE: HOSPITALITY Room Occupancy Average Revenue Per GOP Margin Room Rate Available Room PORTFOLIO (RevPAR) 8.7% pts 3.7% pts >160 10.4% 25.3% 73.3% 73.1% $209.0 $230.7 $188.6 34.5% $168.7 30.8% 28.3% hotels
Slide 14: Enriching Our Hospitality Portfolio
E ENRICHING OUR HOSPITALITY PORTFOLIO 3 Hotel Acquisitions with 1,080 rooms: 1 Hotel Revamp: Nine Tree Premier Hotel Sofitel Brisbane Central Bespoke Hotel Osaka Shinsaibashi Grand Copthorne Waterfront Hotel Singapore Myeongdong II 3 Hotel Openings: M Social Suzhou M Social Phuket The Singapore EDIT
Slide 15: M Social Brand Expansion
E M SOCIAL BRAND EXPANSION London 222 Guestrooms Conversion of Millennium Hotel London 6 3 Knightsbridge to M Social Knightsbridge. First M Social in the UK. Commencement: 2H 2024 Operational Pipeline Hotels Expected completion: 1H 2025 Hotels with 1,100 keys Artist’s Impression M Social M Social Kn
Slide 16: Innovative Initiatives: Capital Recycling and Fund Management
INNOVATIVE INITIATIVES TRANSFORMATION CAPITAL RECYCLING $632.5 million Total Sales Proceeds FUND MANAGEMENT US$3 billion AUM as at 31 December 2023 1. Growth Coinvest with external parties, with CDL retained as asset manager to earn recurring fee income and grow AUM 2. Enhancement Support and nurtur
Slide 17: FY 2023 Capital Recycling
T FY 2023 CAPITAL RECYCLING Unlocking Value through Strategic Divestments US JP SG Shirokane Land Site Millennium Harvest House Boulder AU $632.5MM Total Sales Proceeds 95 Mina Parade Citilink Warehouse (8 strata units) Tanglin Shopping Centre land plot 17
Slide 18: Portfolio Harmonisation & Optimisation
T PORTFOLIO HARMONISATION & OPTIMISATION CDL Homes Sales Active portfolio rebalancing initiatives Unlock shareholder value through Reap synergies and economies of scale across the Group: initiatives such as the Off-Market through reorganisation of structures and Purchase of Preference Shares:
Slide 19: Overview on Share Buyback Programme
T OVERVIEW ON SHARE BUYBACK PROGRAMME Initiated on 8 March 2024 Portfolio Restructuring to Unlock Value Buyback via Open Market Purchases1: CDL shares trading at 70% discount to RNAV Macroeconomic headwinds depressing valuations Average price: $5.86 per share $ - 42% discount to NAV of $10.122 - 7
Slide 20: Sustainability: Positive Impact
POSITIVE IMPACT SUSTAINABILITY SUSTAINABILITY Guided by our ethos of POSITIVE IMPACT ‘Conserving as we Construct’Guided sinceby1995 our ethos of ‘Conserving as We Construct’ since 1995 Recognised on 14 14 Recognised on 14 leading sustainability leading ratings, rankings & indexes sustainability rati
Slide 21: Sustainability Leadership
S SUSTAINABILITY LEADERSHIP Accelerating The Global Race to Zero 1st Real estate conglomerate in SEA to sign the WorldGBC Net Zero Carbon Buildings Commitment with whole life-cycle approach in two phases: >$42MM Energy savings achieved from energy-efficient retrofitting and • 2030: New developments
Slide 22: Focus: Creating Value for Shareholders
FOCUS: CREATING VALUE FOR SHAREHOLDERS Delivering Sustainable Improve ROE Shareholder Value and Returns Capital Recycling Grow AUM Prudent Capital Management Asset Optimisation Enhance Recurring Income Diversification Sustainability 22
Slide 23: 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 assumption
Slide 24: www.cdl.com.sg
Artist’s Impression OUR VISION: OUR MISSION: OUR VALUES: Tembusu Grand I Singapore 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