Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Frasers Hospitality Trust — FY2023 Earnings Presentation
32 slides from Singapore Exchange's earnings presentation, Nov 7, 2023
Slide 1: Frasers Hospitality Trust Financial Results for 2H and FY2023
Frasers Hospitality Trust Financial Results for 2H and FY2023 7 November 2023 InterContinental Singapore
Slide 2: Important Notice
Important Notice Certain statements in this presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual res
Slide 3: Key Market Updates
Key Market Updates InterContinental Singapore
Slide 4: Tourism demand continued to show remarkable resilience
Tourism demand continued to show remarkable resilience International Tourist Arrivals (mil) International Tourist Arrivals, % of 2019 levels 2019 2020 2021 2022 2023 2021 2022 Jan-Jul 2023 91% 16% 84% 80% 43% 66% 61% 41% 31% 28% 7% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Europe APAC World •
Slide 5: Sustained recovery continued in FHT's markets
Sustained recovery continued in FHT’s markets Hospitality market performance by city Singapore Sydney (Upscale & upper-midscale segment) 300 Melbourne (Upscale & upper-midscale) 320 100% 470 74% 82% 80% 250 70% 90% 270 65% 420 80% 370 79% 397 70% 220 239 233 200 215 191 332 320 60% 316 191 150 176 1
Slide 6: Sustained recovery continued in FHT's markets
Sustained recovery continued in FHT’s markets Hospitality market performance by city London 16,000 Kobe (Upscale & upper-midscale) Kuala Lumpur (Luxury & upper-upscale) 300 84% 84% 14,000 78% 75% 576 250 535 199 208 12,000 11,329 71% 10,760 200 10,000 60% 410 167 175 8,401 8,478 8,000 150 100 6,000
Slide 7: Financial Review & Distribution
Financial Review & Distribution 7 Fraser Suites Singapore
Slide 8: 2H FY2023 financial performance
2H FY2023 financial performance YoY HoH SGD mil 2H FY2023 2H FY2022 1H FY2023 Change Change Gross revenue (GR) 61.0 51.8 ▲ 17.8% 62.2 ▼ 1.9% Net property income (NPI) 45.3 37.9 ▲ 19.5% 45.2 ▲ 0.2% Income available for distribution (DI) 25.2 19.9 ▲ 26.6% 27.1 ▼ 7.0% Distribution to Stapled Securityho
Slide 9: FY2023 financial performance
FY2023 financial performance YoY SGD mil FY2023 FY2022 Change Gross revenue (GR) 123.2 95.9 ▲ 28.5% Net property income (NPI) 90.5 69.6 ▲ 30.1% Income available for distribution (DI) 52.3 35.0 ▲ 49.4% Distribution to Stapled Securityholders 47.01 31.5 1 ▲ 49.3% Distribution per Stapled Security (DPS
Slide 10: FY2023 portfolio contribution by GR and NPI
FY2023 portfolio contribution by GR and NPI Germany Germany Malaysia 5% 8% 6% Singapore Malaysia Japan 29% Singapore 8% 6% 35% Japan 5% GR NPI UK S$123.2 mil S$90.5 mil 17% UK 18% Australia 37% Australia 26% 10
Slide 11: 2H FY2023 distribution details
2H FY2023 distribution details 1 Apr 2023 – 30 Sep 2023 Distribution rate 1.1777 cents per Stapled Security Last day of trading on “cum” basis 14 Nov 2023 First day of trading on “ex” basis 15 Nov 2023 Record date 16 Nov 2023 Distribution payment date 29 Dec 2023 11
Slide 12: Portfolio Performance
Portfolio Performance 12 The Westin Kuala Lumpur
Slide 13: 2H FY2023 portfolio contribution by GOR and GOP
2H FY2023 portfolio contribution by GOR and GOP Gross Operating Revenue (GOR) Gross Operating Profit (GOP) Country Local YoY % of Local YoY % of currency (mil) Change Pre-COVID levels1 currency (mil) change Pre-COVID levels1 Singapore 54.8 ▲ 34.7% 119.8% 20.1 ▲ 21.8% 104.1% Australia 36.6 ▲ 22.6%2 1
Slide 14: FY2023 portfolio contribution by GOR and GOP
FY2023 portfolio contribution by GOR and GOP Gross Operating Revenue (GOR) Gross Operating Profit (GOP) Country Local YoY % of Local YoY % of currency (mil) change Pre-COVID levels1 currency (mil) change Pre-COVID levels1 Singapore 105.4 ▲ 65.3% 117.7% 41.9 ▲ 65.7% 113.0% Australia 75.9 ▲ 64.3%2 100
Slide 15: Singapore
Singapore InterContinental Singapore (ICSG) Fraser Suites Singapore (FSSG) 2H FY2023 89% 439 393 450 100% 78% 83% 72% 90% 75% 400 313 305 289 80% 368 350 257 70% 226 330 300 60% 250 304 50% 40% 200 30% 150 20% 100 10% 50 0% ADR (SGD) OCC (%) REVPAR (SGD) 2H FY2019 (Pre-COVID) 2H FY2022 2H FY2023 Con
Slide 16: Australia
Australia Novotel Melbourne on Collins (NMOC) Novotel Sydney Darling Square (NSDS) Fraser Suites Sydney (FSS) 400 2H FY2023 100% 90% 242 243 87% 350 81% 80% 209 300 77% 81% 2 197 70% 66% 182 269 161 250 250 60% 208 200 50% 150 201 40% 30% 100 20% 50 10% 0 0% ADR (AUD) OCC (%) REVPAR (AUD) 2H FY2019
Slide 17: United Kingdom (UK)
United Kingdom (UK) ibis Styles London Gloucester Road (ISLG) Park International London (PIL) Fraser Place Canary Wharf (FPCW) Fraser Suites Edinburgh (FSE) Fraser Suites Glasgow (FSG) Fraser Suites Queens Gate (FSQG) 2H FY2023 168 300 100% 150 93% 90% 82% 137 250 131 79% 84% 83% 80% 122 119 70% 169
Slide 18: Japan
Japan ANA Crowne Plaza Kobe (CPK) 20,000 2H FY2023 100% 18,000 90% 15,818 78% 14,756 73% 70% 13,046 16,000 80% 14,000 70% 11,738 55% 11,500 11,477 12,000 13,010 60% 10,000 64% 50% 6,494 9,068 8,000 40% 6,000 8,305 30% 4,000 20% 2,000 10% 0 0% ADR (JPY) OCC (%) REVPAR (JPY) 2H FY2019 (Pre-COVID) 2H F
Slide 19: Malaysia
Malaysia The Westin Kuala Lumpur (TWKL) 2H FY2023 520 85% 700 100% 81% 87% 441 456 90% 423 71% 516 600 376 80% 500 54% 70% 466 446 60% 400 245 50% 332 300 40% 30% 200 20% 100 10% 0 0% ADR (MYR) OCC (%) REVPAR (MYR) 2H FY2019 (Pre-COVID) 2H FY2022 2H FY2023 Strong YoY rebound in all operating metrics
Slide 20: Germany
Germany Maritim Hotel Dresden (MHD) Dresden, Germany Sustained recovery supported by higher ADR > MHD’s performance further improved YoY in 2H FY2023, supported by the recovery in domestic travel and the return of MICE business. > Its performance also surpassed pre-COVID levels, driven by stronger A
Slide 21: Portfolio Valuation
Portfolio Valuation ibis Styles London Gloucester Road
Slide 22: Valuation gains in local currencies offset by strengthening SGD
Valuation gains in local currencies offset by strengthening SGD Valuation as at Valuation as at Y-o-Y Y-o-Y Germany Country 30 Sep 20231 30 Sep 20231,2 variance variance Malaysia 4% (LC mil) (SGD mil) in LC (%) in SGD (%) 7% Japan Singapore S$815.0 S$815.0 ▲ 1.5% ▲ 1.5% 8% Singapore Australia A$494.
Slide 23: Risk & Capital Management
Risk & Capital Management 23 Fraser Suites Edinburgh
Slide 24: Proactive capital management
Proactive capital management Debt maturity profile As at 30 Sep 2023 (excludes short-term revolving credit facilities) Investment properties S$1,720.7 mil S$ m 39% 300 270.0 Property, plant and equipment S$210.0 mil 26% 200 21% 183.9 Total assets S$2,073.0 mil 149.3 14% 100.0 Total borrowings S$701.
Slide 25: Looking Ahead
Looking Ahead 25 Novotel Sydney Darling Square
Slide 26: Outlook amid turbulent times
Outlook amid turbulent times Global Geopolitical Slowdown Inflation in Interest rates China’s outbound Global travel GDP growth tensions China travel recovery demand > The International > Geopolitical tensions, > IMF has cut China’s > With core inflation > Continued restoration > According to the Mo
Slide 27: Proactive portfolio reconstitution & asset management strategy
Proactive portfolio reconstitution & asset management strategy 2 Unlock value via Create growth via Enhance returns opportunistic yield-accretive via proactive asset divestments acquisitions enhancement 1 3 27
Slide 28: Our commitment to ESG
Our commitment to ESG Commitment to high ESG standards Target to achieve Targets in alignment with Net Zero Carbon Frasers Property’s status by 2050 Sustainability Roadmap External recognition 4 Stars ICSG awarded Ranked 3rd in APAC Hotel BCA Green Mark GoldPLUS Listed category in 2023 certification
Slide 29: Inspiring experiences, creating places for good.
Inspiring experiences, creating places for good.
Slide 30: Hotels managed by third-party operators
Hotels managed by third-party operators Valuation as at Property Country Description Tenure Class Rooms 30 Sep 2023 Novotel Strategically located within A$239.0 mil Melbourne on Australia Melbourne’s core CBD area Freehold Upscale 380 (A$0.6 mil/key) Collins along Collins Street 4.5-star hotel locat
Slide 31: Hotels managed by Frasers Hospitality and third-party operators
Hotels managed by Frasers Hospitality and third-party operators Valuation as at Property Country Description Tenure Class Rooms 30 Sep 2023 Elegant hotel ideally located in Park International £42.6 mil UK the heart of Kensington and 75 years1 Upscale 171 London (£0.2 mil/key) Chelsea ANA Crowne Plaz
Slide 32: Serviced residences managed by Frasers Hospitality
Serviced residences managed by Frasers Hospitality Valuation as at Property Country Description Tenure Class Rooms 30 Sep 2023 First luxury apartments in Sydney Fraser Suites Upper A$140.0 mil Australia designed by internationally 75 years1 201 Sydney Upscale (A$0.7 mil/key) renowned architects Luxu
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