35 slides from City Developments's shareholder meeting presentation, Apr 24, 2013
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING 24 April 2013
Slide 2: Presentation Outline
PRESENTATION OUTLINE 1. PERFORMANCE REVIEW 2. OPERATIONS REVIEW 3. MOVING FORWARD IN 2013
Slide 3: Performance Review
PERFORMANCE REVIEW W Singapore – Sentosa Cove
Slide 4: The Economy: Singapore's Real Economic Growth
THE ECONOMY Singapore’s Real Economic Growth (2008 – 2013*) 20% 15% 14.8% Annual GDP Growth 10% 5% 5.2% 1.7% 1.3% 1% to 3%* 0% -0.8% -5% 2008 2009 2010 2011 2012 2013* * Projected by MTI Source : Singapore Department of Statistics & Ministry of Trade & Industry (MTI)
Slide 5: Singapore Property Market: Property Price Index
SINGAPORE PROPERTY MARKET Property Price Index – Residential (2008 – *Q1 2013) Q1 13 All Residential Q4 12 213.1 220 212.0 200 180 Index 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 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 *Flash estimate S
Slide 6: Singapore Property Market: Units Launched vs Sold
SINGAPORE PROPERTY MARKET No. of New Private Residential Units Launched vs Units Sold (Projects under Construction) (2008 – 2012) New Units Launched New Units Sold (Projects Under Construction) 24,000 22,197 22,000 21,478 20,000 New Units New Units 18,000 Launched Sold Directly By (excl. EC units) D
Slide 7: Financial Highlights: Revenue 2004-2012
FINANCIAL HIGHLIGHTS Revenue for the Year Ended 31 Dec (2004 – 2012) Highest since inception 4,000 3,500 3,273 3,280 3,354 3,106 3,103 2,945 3,000 2,547 2,500 2,380 2,374 $ million 2,000 1,500 1,000 500 0 2004 2005 2006 2007 2008 2009 2010 * 2011 2012 Year * Restated due to the adoption of INT FRS 1
Slide 8: Financial Highlights: PATMI 2004-2012
FINANCIAL HIGHLIGHTS PATMI for the Year Ended 31 Dec (2004 - 2012) 900 Core 784 799 800 earnings 725 up 5.8% 700 678 581 593 600 $ million 500 400 352 300 227 200 200 100 0 2004 ^ 2005 2006 2007 2008 2009 2010 * 2011 2012 Year ^ Restated Core earnings = PATMI excluding all one-off gains * Restated d
Slide 9: Summary of Financial Highlights
SUMMARY OF FINANCIAL HIGHLIGHTS Q4 Q4 % FY FY % 2012 2011 Change 2012 2011 Change Revenue ($m) 886 722 22.8 3,354 3,280 2.2 Profit Before Tax ($m) * 325 246 32.1 960 1,136 (15.5) PATMI ($m) * 249 163 52.8 678 799 (15.1) Basic Earnings Per Share (cents) 26.7 17.2 55.2 73.2 86.4 (15.3) NAV Per Share (
Slide 10: Financial Highlights: Capital Management and Net Gearing
FINANCIAL HIGHLIGHTS Capital Management As at 31/12/12 As at 31/12/11 Cash and cash equivalents $2,162m# $2,603m Net Borrowings $2,357m $1,816m Net gearing ratio without taking in fair value gains on 25% 21% investment properties Net gearing ratio after taking in fair value gains on 18% 15% investme
Slide 11: Operations Review
OPERATIONS REVIEW The Residences at W Singapore – Sentosa Cove
Slide 12: Operations Review: Land Bank by Sector
OPERATIONS REVIEW Land Bank by Sector (as at 31 March 2013) – CDL’s Attributable Share Land Area (Sq ft) Type of Development Local Overseas Total % (Local & Overseas) Residential 1,423,070 932,831 2,355,901 78.6% Commercial / Hotel 197,661 290,363 488,024 16.3% Industrial 151,980 - 151,980 5.1% Tota
Slide 13: Property Development: Units Booked / Sold
PROPERTY DEVELOPMENT Units Booked / Sold Sales Value* No. of Total $’000 Units* Floor Area (sq ft) FY 2012 $ 2,781,094 2,395 2,513,223 FY 2011 $ 1,754,948 1,818 1,942,211 * Includes share of JV partners
Slide 14: Successful Residential Launches in 2012
PROPERTY DEVELOPMENT Successful Residential Launches in 2012 Artist’s Artist’s Impression Impression Artist’s Artist’s Impression Impression Bartley Residences The Rainforest Location: Bartley Road / Lorong How Sun Location: Choa Chu Kang Avenue 3 No. of Units: 702 No. of Units: 466 Launched: Februa
Slide 15: Successful Residential Launches in 2012
PROPERTY DEVELOPMENT Successful Residential Launches in 2012 Artist’s Impression Artist’s Artist’sImpression Impression Artist’s Impression UP@Robertson Quay HAUS@SERANGOON GARDEN Location: Robertson Quay Location: Serangoon Garden No. of Units: 70 No. of Units: 97 Launched: May 2012 Launched: July
Slide 16: Successful Residential Launches in 2012
PROPERTY DEVELOPMENT Successful Residential Launches in 2012 Artist’s Impression Echelon Location: Alexandra View Artist’s Impression No. of Units: 508 Launched: December 2012 Status: 90% sold • Walking distance to Redhill MRT Station • Located near Orchard Road and Holland Village
Slide 17: Completed Hotel, Commercial and Residential Developments: Volari
PROPERTY DEVELOPMENT Completed Hotel, Commercial and Residential Developments Volari Location: Balmoral Road No. of Units: 85 • Located in District 10, near prestigious schools such as Anglo- Chinese School, Raffles Girls’ School and Singapore Chinese Girls’ School
Slide 18: Completed Developments: W Singapore – Sentosa Cove
PROPERTY DEVELOPMENT Completed Hotel, Commercial and Residential Developments W Singapore – Sentosa Cove 240 guest rooms and suites
Slide 19: Completed Developments: Quayside Isle
PROPERTY DEVELOPMENT Completed Hotel, Commercial and Residential Developments Quayside Isle • Retail space of over 40,000 square feet • Marina location with panoramic views • A myriad of international dining concepts as well as specialty shops and services
Slide 20: Strategic Land Acquisitions
PROPERTY DEVELOPMENT Strategic Land Acquisitions (as at 31 Mar 2013) Mount Vernon Road Buangkok Drive/ Sengkang Central • 20,810.9 sq m site adjacent to Bartley MRT station • 18,340.7 sq m site next to Buangkok • Tender price: $388.1 million MRT station • Launched in March 2013 – Bartley Ridge • Ten
Slide 21: Hotel Operations: Millennium & Copthorne Hotels plc
HOTEL OPERATIONS Millennium & Copthorne Hotels plc (M&C) Global RevPAR (in constant currency) increased by 3.4% to £67.32 for FY 2012 (FY 2011 £65.11) Strong balance sheet - strong cash flow from operating activities enabled M&C Group to turn cash-positive in 2012, ending the year with zero gear
Slide 22: Hotel Operations: Asset Enhancement
HOTEL OPERATIONS Asset Enhancement Millennium Seoul Hilton ONE UN New York Orchard Hotel Singapore Grand Hyatt Taipei Millennium Minneapolis
Slide 23: Hotel Operations: New Concept – M Social Hotel
HOTEL OPERATIONS New Concept – M Social Hotel A new hotel concept and an extension of the M-family stable of brands. The 300-room hotel will be managed by M&C. The hotel is adjoining to UP@Robertson Quay. Located in the Singapore River precinct and within walking distance to Clarke Quay, Boa
Slide 24: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) Gross revenue recorded 6.0% increase y-o-y for FY 2012 S$’000 FY 2012 FY 2011 Change Gross Revenue 149,535 141,107 +6.0% Net Property Income 139,293 131,807* +5.7% Orchard Hotel Singapore Grand Copthorne Waterfront Hotel * Excludes one-off tax refund
Slide 25: CDLHT Acquisition of Angsana Velavaru Maldives
CDL HOSPITALITY TRUSTS (CDLHT) • Acquired Angsana Velavaru Maldives for US$71 million (approximately S$86.8 million) from Banyan Tree Holdings in Jan 2013 • First resort acquisition & maiden foray into the Maldives • Acquisition expected to augment income stream of CDLHT
Slide 26: Sustainability Accolades: Green Mark Honours List
SUSTAINABILITY ACCOLADES Achieving Excellence via Strong Commitment Towards Sustainability CDL’s Green Mark Honours List – 2012 Green Mark Platinum • 7 & 9 Tampines Grande* • City Square Mall* • HAUS@SERANGOON GARDEN • Redevelopment of Lucky Tower (57 Grange Road) • Republic Plaza* • South Beach (Co
Slide 27: Sustainability Accolades
SUSTAINABILITY ACCOLADES Achieving Excellence via Strong Commitment Towards Sustainability Global 100 Most Sustainable Corporations in the World Top ranked company in Singapore and Asia (excluding Japan) in the Corporate Knights Global 100 Most Sustainable Corporations in the World. Ranked for the f
Slide 28: Moving Forward
MOVING FORWARD Quayside Isle
Slide 29: Residential Projects Launched in 1H 2013
MOVING FORWARD Residential Projects Launched in 1H 2013 Artist’s Impression Artist’s Impression D’Nest Bartley Ridge Location: Pasir Ris Grove Location: Mount Vernon Road No. of Units: 912 No. of Units: 868 Status: 85% sold Artist’s Impression Status: 78% of 600 units released sold • Short walk to P
Slide 30: Planned Residential Project Launches
MOVING FORWARD Planned Residential Project Launches for 1H 2013 (subject to market conditions) Location: Buangkok Drive / Sengkang Central No. of Units: 616 Artist’s Impression • Next to Buangkok MRT station and near schools like Nan Chiau Primary and High School Artist’s Impression Artist’s Impress
Slide 31: Mixed Development – South Beach
MOVING FORWARD Mixed Development – South Beach Artist’s Impression Artist’s Impression -Artist’s South Beach Hotel Impression 654 rooms - South Beach Residences (2-4 bedroom & penthouses) 190 units - South Beach Tower (offices) Lettable area of about 49,000 sq m - Retail / F&B integrated with conser
Slide 32: Economic Climate and Prospects
MOVING FORWARD Economic Climate and Prospects • Global economic outlook for 2013 remains unpredictable. • Established growth platforms will be built upon while seeking new opportunities • Property Development – Locked-in profits from pre-sold projects are yet to be fully booked. The Group’s recent s
Slide 33: Economic Climate and Prospects
MOVING FORWARD Economic Climate and Prospects • Focus on deriving more earnings from overseas growth engines. • Hotel Operations – A steady income generator as its key assets are held for long-term investment. Expects increased ROI when refurbishment works in its key hotels in gateway cities are com
Slide 34: 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 35: www.cdl.com.sg
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