Slide 1: FY 2022 Results Presentation
FY 2022 Results Presentation 23 February 2023 Artist’s Impression Copen Grand I Singapore
Slide 2: Agenda
Agenda ➢ Overview ➢ Operations Review & Strategic Initiatives – Singapore Operations – International Operations ➢ Financial Highlights – Hospitality Artist’s Impression Copen Grand I Singapore
Slide 3: Overview
Overview >>>
Slide 4: Key Financial Highlights
Key Financial Highlights Revenue EBITDA PBT PATMI FY 2022 $3.3B $2.3B $1.9B $1.3B FY 2021 (Restated)1 $2.6B $701.4MM $214.8MM $84.7MM 1 As the proposed REIT listing of the two UK commercial properties did not materialise, in accordance with SFRS(I) 5, the Group has reclassified the assets held for s
Slide 5: Key Financial Highlights: NAV, Dividends, Share Price
Key Financial Highlights NAV per share RNAV per share FY 2022 $10.16 $16.98 If FV gains on $19.14 investment properties If revaluation surpluses of 9.7% YoY 7.9% YoY had been factored in the hotel portfolio had and the Group’s hotels been included (based on continue to be stated FY 2021 (Restated) F
Slide 6: Key Operational Highlights – FY 2022
Key Operational Highlights – FY 2022 ▪ SINGAPORE: Sold 1,487 units with total sales value of $2.9B1 driven by 2 successful launches: ‒ Piccadilly Grand (May): 86% of 407 units sold 2 ‒ Copen Grand EC (October): 100% of 639 units sold Property ‒ Replenished Singapore residential land bank with 4 site
Slide 7: Global Portfolio Overview
Global Portfolio Overview The Group's diversified portfolio enables it to weather cyclical typhoons from time to time Others Others 14% 6% US Hotel Total Assets: 8% Assets by Singapore 49% 25% Assets by Business DP 42% China Geography $23.0B 14% Segment UK 15% IP 27% Others Others 15% 5% Total Asset
Slide 8: Strategic Initiatives
Strategic Initiatives >>>
Slide 9: GET Strategy
GET Strategy Growth Growth ➢ Build development pipeline & recurring Enhancement income streams Transformation Artist’s Impression Artist’s Impression Enhancement Transformation ➢ Enhance asset portfolio ➢ Transform business ➢ Drive operational efficiency via new platforms: Strategic Investments, Fun
Slide 10: GET Strategy Execution – FY 2022 Highlights
GET Strategy Execution – FY 2022 Highlights • Launched Piccadilly Grand and Copen Grand EC in Singapore • Active land replenishment: Jalan Tembusu GLS, Upper Bukit Timah Road, Growth Central Square and Bukit Batok West Ave 5 (EC) in Singapore • Build recurring income streams: Acquired 6 Purpose-Buil
Slide 11: Growth
Growth ➢ Build development pipeline & recurring income streams
Slide 12: Completed Strategic Acquisitions & Investments – FY 2022
GROWTH Completed Strategic Acquisitions & Investments – FY 2022 United Kingdom Japan Infinity, Coventry Altura, Birmingham Cumberland Place, Osaka PRS project (505 beds) (435 beds) Southampton (206 beds) Two Yokohama PRS projects Riverside, Canterbury Trinity View, Coventry Sycamore House, Leeds (49
Slide 13: Completed Key Divestments – FY 2022
GROWTH Completed Key Divestments – FY 2022 South Korea Sale of Millennium Hilton Seoul and adjoining land site Singapore Collective sale of Collective sale of Tanglin Shopping Centre Golden Mile Complex Sale price: KRW 1.1T (approx. $1.25B) Sale completion: February 2022 Pre-tax gain: $925.5MM Sale
Slide 14: Singapore Residential Launch Pipeline
GROWTH Singapore Residential Launch Pipeline Diversified pipeline ranging from Mass Market to High-end projects Upcoming Launches Bukit Batok West Ave 5 EC3 (Est. 510 units) Tembusu Grand2 1H 2023 Newport Residences 1H 2023 Launch Pipeline The Myst3 2H 2023 > 2,100 units1 Bukit Batok West Ave 5 EC3
Slide 15: Overview of UK Living Sector Portfolio
GROWTH Overview of UK Living Sector Portfolio Building Scale in Private Rented Sector (PRS) and Purpose-Built Student Accommodation (PBSA) Segments ➢ Portfolio comprises around 2,400 PBSA beds and a pipeline of over 1,300 PRS units1 Total AUM2: ➢ 9 projects1 located in Birmingham, Canterbury, Covent
Slide 16: Overview of Japan PRS Portfolio
GROWTH Overview of Japan PRS Portfolio PRS assets comprising 513 units in Osaka and Yokohama with total AUM of ¥16.24B ($164.4MM) 5 freehold residential properties in Osaka (228 units) 3 freehold residential properties in Yokohama (285 units) The Group’s Japan PRS portfolio continues to perform and
Slide 17: Overview of Australia PRS Portfolio
GROWTH Overview of Australia PRS Portfolio Portfolio comprises approx. 490 units in the pipeline in Melbourne and Brisbane Southbank, Melbourne ~240 PRS units Toowong, Brisbane ~250 PRS units Brisbane Artist’s Impression Artist’s Impression Artist’s Impression The Group’s first PRS project in Austra
Slide 18: Living Sector Portfolio
GROWTH Living Sector Portfolio Operational Pipeline Occupancy City Total No. of Units City Total No. of Units As at Jan 2023 Private Rented Sector Private Rented Sector United States United Kingdom 1 Silicon Valley, California 250 93% 1 Leeds1 665 Japan 2 Birmingham 370 2 Osaka 228 Australia 95% 3 Y
Slide 19: Enhancement
Enhancement ➢ Enhance asset portfolio ➢ Drive operational efficiency
Slide 20: Enhancing Asset & Operational Efficiency
ENHANCEMENT Enhancing Asset & Operational Efficiency Improve Asset Positioning and Relevance, Enhance Asset Portfolio and Drive Operational Efficiency and Returns Asset Rejuvenation and Redevelopment Reposition assets and replenish land bank through schemes such as the CBD Incentive Scheme and Strat
Slide 21: Ongoing Redevelopment Initiatives
ENHANCEMENT Ongoing Redevelopment Initiatives Realise GFA uplift from Incentive Schemes through Redevelopment to Unlock Value Newport Plaza / Newport Residences Redevelopment of Central Mall & Central Square Proposed redevelopment under CBD Incentive Scheme: Proposed redevelopment under Strategic De
Slide 22: Jungceylon Revamp
ENHANCEMENT Jungceylon Revamp Completion of Phase 1 in Q4 2022 Exciting Reopening Performances & Activities Revamped Interiors • Phase 1 reopened on 16 Dec 2022, ahead of Christmas & New Year, to tie in with the year-end tourism peak season in Phuket with a 69% committed occupancy rate. • The reopen
Slide 23: M&C – Ongoing Hotel Asset Development
ENHANCEMENT M&C – Ongoing Hotel Asset Development M Social Sunnyvale, California M Social Hotel Knightsbridge M Social Brand Conversions • S U Z H O U (First M Social in China) • PHUKET (First M Social in Thailand) • L O N D O N (First M Social in the UK) • NEW YORK • S UNNYVAL E , CALIF OR N I A Su
Slide 24: ESG Leadership & Achievements
ENHANCEMENT ESG Leadership & Achievements Maintained High Positions Consistently on Leading Global Sustainability Ratings and Rankings for 2 decades LATEST ESG MILESTONES Only Company in Ranked 28th on Only Only Singapore Global 100 Most Singapore ESG Global 50 Southeast Asia & Hong Kong to Maintain
Slide 25: Net Zero Carbon Commitment
ENHANCEMENT Net Zero Carbon Commitment Future Value 2030 Alignment With Global And National Ambitions First real estate conglomerate in Southeast Asia to sign the WorldGBC Net Zero Carbon Buildings Commitment: • Net zero carbon with whole-life cycle approach in 2 phases • 2030: New developments and
Slide 26: Transformation
Transformation ➢Transform business via new platforms: Strategic Investments, Fund Management, Innovation & Venture Capital
Slide 27: CDLHT Distribution in Specie (DIS)
TRANSFORMATION CDLHT Distribution in Specie (DIS) Completed DIS of 144,191,823 CDLHT Units to CDL Shareholders in May 2022 BENEFITS TO SHAREHOLDERS Reward Strengthen the shareholders Group’s financials and unlock value Dividend from the DIS: 20.2 cents1 per share Capitalise on Strategic alignment im
Slide 28: Transforming Business Through Diversified Platforms
TRANSFORMATION Transforming Business Through Diversified Platforms Platform Initiatives Fund Management Strategic Portfolio Review Innovation & Venture Capital Privatisation to achieve Enterprise Innovation Committee AUM Target: Current AUM: synergies, cost US$5B by 2023 US$3.1B efficiencies and dri
Slide 29: Investment Strategy
TRANSFORMATION Investment Strategy 1 2 3 Grow Fund Management to Accumulate scale in assets Diversify recurring generate revenue and significant Develop execution capabilities income streams platform value • Scale in targeted asset classes • Building resilience against secular • Unlock value in CDL
Slide 30: Transforming Business Through Diversified Platforms
TRANSFORMATION Transforming Business Through Diversified Platforms Platform Initiatives Fund Management Strategic Portfolio Review Innovation & Venture Capital Privatisation to achieve Enterprise Innovation Committee AUM Target: Current AUM: synergies, cost US$5B by 2023 US$3.1B efficiencies and dri
Slide 31: Strategic Review of Hospitality Portfolio
TRANSFORMATION Strategic Review of Hospitality Portfolio Active Asset Portfolio Rebalancing Initiatives following M&C Privatisation in 2019 Capital Recycling Portfolio Restructuring Drive Operational Efficiency & Asset Repositioning Reap synergies and economies Streamline portfolio though opportunis
Slide 32: Transforming Business Through Diversified Platforms
TRANSFORMATION Transforming Business Through Diversified Platforms Platform Initiatives Fund Management Strategic Portfolio Review Innovation & Venture Capital Privatisation to achieve Enterprise Innovation Committee AUM Target: Current AUM: synergies, cost US$5B by 2023 US$3.1B efficiencies and dri
Slide 33: Financial Highlights
Financial Highlights >>>
Slide 34: Financial Highlights
Financial Highlights Property Hotel Investment Others Development Operations Properties FY FY FY FY FY FY 2021 FY FY 2022 2021 2022 2021 2022 (Restated) 1 2022 2021 Revenue $1,382MM $1,255MM Revenue $1,381MM $873MM Revenue $341MM $341MM Revenue $189MM $157MM PBT PBT PBT PBT $161MM $245MM $1,383MM ($
Slide 35: Strong Rebound in Hotel Operations
Strong Rebound in Hotel Operations Room Occupancy Average Room Rate Revenue Per Available GOP Margin Room (RevPAR) % 14.2% pts $ 48.9% 91% 11.3% pts $ % 80.0 71.3 250.0 214.1 142.3 64.4 199.5 160.0 137.9 35.0 30.8 70.0 27.8 200.0 140.0 30.0 60.0 50.2 143.8 120.0 25.0 19.5 50.0 150.0 100.0 72.2 20.0
Slide 36: RevPAR by Region
RevPAR by Region ASIA AUSTRALASIA Singapore Rest of Asia New Zealand 152.2 ▲107.7% 151.0 109.5 116.4 ▲50.8% ▲32.2% 67.3 72.7 65.6 43.5 50.9 FY 2019 FY 2021 FY 2022 FY 2019 FY 2021 FY 2022 FY 2019 FY 2021 FY 2022 US EUROPE New York Rest of US UK Rest of Europe 292.2 279.3 ▲87.4% ▲177.6% 231.2 186.3 1
Slide 37: Revenue by Segment
Revenue by Segment FY 2022 YoY Revenue $3,293MM ▲ 25% Property Hotel Investment Others Development Operations Properties $MM 1,600 ▲10% 1,382 1,381 1,255 ▲58% 1,200 873 800 341 341 400 189 157 0 FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 1 Property development contributes 42% of
Slide 38: EBITDA by Segment
EBITDA by Segment FY 2022 YoY EBITDA $2,326MM ▲ 232% Property Hotel Investment Others $MM Development Operations Properties 1,800 1,525 1,600 1,400 1,200 1,000 800 575 600 322 400 245 195 111 73 200 0 (200) (19) FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 1 Property development i
Slide 39: PBT by Segment
PBT by Segment FY 2022 YoY PBT $1,857MM ▲ 764% Property Hotel Investment Others $MM Development Operations Properties 1,800 1,600 1,383 1,400 1,200 1,000 800 600 384 400 245 161 200 11 30 0 (200) (71) (71) FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 1 Property development include
Slide 40: Strong Balance Sheet & Liquidity Position
Strong Balance Sheet & Liquidity Position Strong Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash Interest Cover % of Ratio1 Fixed Rate Debt 84% $2.4B 9.8 x 42% FY 2021: 99% FY 2021: $2.2B FY 2021: 3.0x FY 2021: 34% Net Gearing2 Cash and Available Average Average
Slide 41: Prudent Capital Management
Prudent Capital Management Balanced debt Average Balanced debt currency mix – borrowing cost expiry profile adopting a natural kept low hedging strategy Well-Spread Debt Maturity Profile Debt Currency Mix 2,800 27% Bond 24% Others (1.5%) 2,400 23% RMB (6.0%) Bank Loan 159 Debt $ (MM) 451 890 JPY (4.
Slide 42: Operations Review
Operations Review >>>
Slide 43: Singapore Operations – Property Development
Singapore Operations >>> Property Development
Slide 44: Singapore Property Market
Singapore Property Market Property Price Index – Residential (2014 – 2022) All Residential Price Increase (8.6% YoY) Residential prices continue to increase for eleven 200 consecutive quarters Q4 22: 188.6 180 160 140 120 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
Slide 45: Singapore Property Market
Singapore Property Market ➢ Private residential market remains resilient with Q4 URA Private Residential Property Price Index registering a 0.4% growth from the previous quarter. Prices have increased by 8.6% in 2022. ➢ Primary home sales fell by 68.5% as compared to the previous quarter on the back
Slide 46: Singapore Property Development
Singapore Property Development Residential Units Sold1 FY 2021 FY 2022 2022 Highlights $4.3B 2H ➢ Performance was powered by two successful launches: - May: Piccadilly Grand (407 units): 86% sold2 2,185 - Oct: Copen Grand EC (639 units): 100% sold 2H (2021: Irwell Hill Residences – 540 units; Cannin
Slide 47: Singapore Property Development
Singapore Property Development Strong Sales Performance for FY 2022 ➢ Sold 1,487 units with total sales value of $2.9B for FY 20221 ➢ Performance driven by highly successful launches of Piccadilly Grand and Copen Grand ➢ Continued steady take up of existing inventory Steady Sales for Launches from 2
Slide 48: Singapore Property Development: Inventory of Launched Projects
Singapore Property Development Inventory of Launched Residential Projects – As at 31 Dec 2022 Total Unsold CDL’s Share of Unsold Project Equity Stake Total Units Units Sold Inventory Inventory St. Regis Residences 33% 173 161 12 4.0 One Shenton 100% 341 329 12 12.0 Cliveden at Grange 100% 110 47 63
Slide 49: Upcoming Launch in 1H 2023
Upcoming Launch in 1H 2023 Tembusu Grand – Jewel in the East with Excellent Connectivity and Amenities Total Saleable Area Location Tenure Equity Stake Total Units Site Area (sq ft) (sq ft) Jalan Tembusu 99-year 51% 638 210,622 615,380 The Essence of Katong Living • Located in prime District 15 amid
Slide 50: Other Upcoming Launches in 2023
Other Upcoming Launches in 2023 Newport Residences – 1H 2023 Site Area Total Saleable Area Location Tenure Equity Stake Total Units (sq ft) (sq ft) 80 Anson Road Freehold 100% 246 54,802 Est 206,621 • Designed by renowned Japanese architecture firm Nikken Sekkei, the 45-storey development comprises
Slide 51: Singapore Operations – Asset Management
Singapore Operations >>> Asset Management
Slide 52: Singapore Commercial Market
Singapore Commercial Market Property Price Index – Commercial (2014 – 2022) 150 Office Retail 140 Slight increase in office price as compared to previous quarter 130 120 110 Q4 22: 116.0 100 Q4 22: 96.2 Slight decline in retail 90 price as compared to previous quarter 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 53: Singapore Commercial Market
Singapore Commercial Market Property Rental Index – Commercial (2014 – 2022) 250 Rental Increase (+11.7% YoY) Office Retail Prime office rents increased from the previous quarter 200 150 Q4 22: 176.9 100 Q4 22: 78.4 Rental Decline 50 (-2.4% YoY) Slight decrease in retail rents as compared to previou
Slide 54: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy for Office and Retail Portfolio (as at 31 Dec 2022)1 Office2 Retail3 95.2% 96.1% Committed Occupancy Committed Occupancy 1.54MM sq ft 748,000 sq ft Net Lettable Area REPUBLIC PLAZA CITY SQUARE MALL Net Lettable Area Lease Expiry Profile by %
Slide 55: Singapore Commercial Portfolio
Singapore Commercial Portfolio Trade Mix of Office & Retail Space by % of Total Gross Rental Income (as at 31 Dec 2022)1 Office2 Retail3 Supermarkets & Value Electrical, Electronics, IT & Store, 6.2% Telecommunications, 1.7% Telecommunications, Sporting Goods, 5.2% Media & Technology, Banking, Insur
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 ➢ Waterbrook Bowral, a 135- Queensland unit retirement housing project, has sold 100% of the available villas (first phase) and Artist’s Artist’sImpression Impression Artist’s Impression c
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) Relaunched in May 2018: Total sales of RMB 4.04B generated for 92% of 1,813 units to date1 Sold 117 units to date ➢ Phase 1 – 100% sold ➢ Sales value of RMB 763MM ➢ Phase 2 – 67% so
Slide 59: International Operations – Japan
International Operations – Japan Continue to Grow our Japan PRS Footprint with New Acquisitions 5 freehold residential properties in Osaka (228 units) Development Site: 3 freehold residential properties in Yokohama ➢ Prime 180,995 sq ft freehold (285 units) site acquired in Oct 2014 Horie Lux Pregio
Slide 60: International Operations – UK Residential
International Operations – UK Residential Strengthening our Presence Artist’s Impression The Junction Construction in progress for a 665- Artist’s Impression unit PRS development in Leeds The Octagon Practical Completion achieved for 31 & 33 Chesham Street 100 Sydney Street Blocks A to C (307 units)
Slide 61: International Operations – UK Purpose-Built Student Accommodation
International Operations – UK Purpose-Built Student Accommodation Expanding our Footprint – Acquired a total of 2,368 beds across 6 Purpose-Built Student Accommodation assets in 2022 Sycamore House, Leeds Infinity, Coventry Trinity View, Coventry (117 Beds) (505 Beds) (614 Beds) Altura, Birmingham (
Slide 62: UK – Recurring Income Projects
UK – Recurring Income Projects Solidifying our Presence in London NLA 209,860 sq ft Tenants 5 Occupancy 98.1% 1 WALE 4.1 years Yield 5.1% CDL’s £183MM Acquisition Artist’s Impression Development House Planning in progress for a 10-storey office building in Shoreditch Aldgate House NLA 328,806 sq ft
Slide 63: Hospitality
Hospitality >>>
Slide 64: Hotel Operations
Hotel Operations Trading Performance FY 2022 FY 2021 $MM $MM Revenue 1,380.7 873.1 Profit Before Tax (PBT) 1,383.2 (71.0) EBITDA 1,525.3 111.1 Group RevPAR : ▲ 89.2% in FY 2022 (reported currency) The Biltmore, Mayfair ▲ 91.0% in FY 2022 (constant currency) Revenue, PBT and EBITDA increased mainly d
Slide 65: Hotel Operations (2H 2022 vs 2H 2021)
Hotel Operations (2H 2022 vs 2H 2021) Hotel Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group * For comparability, 2H 2021 Average Room Rate and RevPAR have been translated at constant exchange rates (31 Dec 2022). 65
Slide 66: Hotel Operations (FY 2022 vs FY 2021)
Hotel Operations (FY 2022 vs FY 2021) Hotel Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group * For comparability, FY 2021 Average Room Rate and RevPAR have been translated at constant exchange rates (31 Dec 2022). 66
Slide 67: Hotel Operations (FY 2022 vs FY 2019)
Hotel Operations (FY 2022 vs FY 2019) Hotel Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group * For comparability, FY 2019 Average Room Rate and RevPAR have been translated at constant exchange rates (31 Dec 2022). 67
Slide 68: CDL Hospitality Trusts
CDL Hospitality Trusts Trading Performance FY 2022 FY 2021 $MM $MM Hotel Brooklyn Gross Revenue 229.4 157.7 Net Property Income (NPI) 123.7 86.1 Accelerated global travel recovery, spurred initially by leisure demand and later reinforced by the return of corporate groups and citywide events, drove r
Slide 69: CDL Hospitality Trusts
CDL Hospitality Trusts YoY change in Country Remarks RevPAR (%) The end to government isolation contracts for most hotels, coupled with the healthy recovery of both domestic and Singapore 104.1 inbound demand, and return of sporting and citywide events boosted accommodation demand in 2022. The outlo
Slide 70: 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 71: www.cdl.com.sg – Vision, Mission, Values
Artist’s Impression CANNINGHILL PIERS I SINGAPORE 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 qua
Slide 72: Appendix
Appendix
Slide 73: Diversified Land Bank
Diversified Land Bank Land Area (as at 31 Dec 2022) – CDL’s Attributable Share Type of Development Land Area (sq ft) Singapore International Total % Residential 826,846 1,649,144 2,475,990 71 Commercial / Hotel 119,970 894,136 1,014,106 29 Total 946,816 2,543,280 3,490,096 100 Total Land Area1 – 3.5
Slide 74: 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