Slide 1: Half Year Financial Report 1 Jan – 30 Jun 2012
HALF YEAR FINANCIAL REPORT 1 Jan – 30 Jun 2012 14 August 2012 ANALYST / MEDIA BRIEFING Artist Impression of HAUS@SERANGOON GARDEN
Slide 2: Agenda
AGENDA 1. FINANCIAL HIGHLIGHTS 2. SINGAPORE PROPERTY MARKET 3. OPERATIONS REVIEW Property Development Hotel Operations & CDLHT 4. MOVING FORWARD Artist’s Impression of UP@Robertson Quay
Slide 3: Financial Highlights
FINANCIAL HIGHLIGHTS Artist’s Impression of Bartley Residences
Slide 4: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS • Achieved healthy revenue of $1.6 billion. • Increase in residential sales by 57% for 1H 2012 versus 1H 2011 of which locked-in revenues and profits will be recognised progressively. • Excluding substantial divestment gains from 2011 results arising from Studio M Hotel and
Slide 5: Summary of Financial Highlights
SUMMARY OF FINANCIAL HIGHLIGHTS Q2 Q2 % 1H 1H % 2012 2011 Change 2012 2011 Change Revenue ($m) 788 979 (19.6) 1,635 1,753 (6.8) Profit Before Tax ($m) * 203 336 (39.6) 418 673 (37.8) PATMI ($m) * 137 221 (37.7) 294 ^ 503 (41.5) Basic Earnings Per Share (cents) 14.4 23.6 (39.0) 31.7 54.6 (41.9) NAV P
Slide 6: Revenue for the 2nd Quarter (2004 – 2012)
FINANCIAL HIGHLIGHTS Revenue for the 2nd Quarter (2004 – 2012) 1,200 982 979 1,000 775 781 787 788 800 602 $ million 585 585 600 400 200 0 2004 2005 2006 2007 2008 2009 2010 * 2011 2012 2nd Quarter * Restated due to the adoption of INT FRS 115 for 2010 only. Note : The above financial information is
Slide 7: PATMI for 2nd Quarter (2004 – 2012)
FINANCIAL HIGHLIGHTS PATMI for 2nd Quarter (2004 – 2012) 250 221 200 194 189 165 150 140 137 $ million 100 45 50 37 23 0 2004 ^ 2005 ^ 2006 2007 2008 2009 2010 * 2011 2012 2nd Quarter ^ Restated * Restated due to the adoption of INT FRS 115 for 2010 only. The Group has adopted FRS 40 cost model wher
Slide 8: Revenue for the Period Ended Jun (2004 – 2012)
FINANCIAL HIGHLIGHTS Revenue for the Period Ended 30 Jun (2004 – 2012) 2,000 1,800 1,753 1,687 1,635 1,600 1,544 1,540 1,410 1,400 1,179 1,143 1,200 1,103 $ million 1,000 800 600 400 200 0 2004 2005 2006 2007 2008 2009 2010 * 2011 2012 Period * Restated due to the adoption of INT FRS 115 for 2010 on
Slide 9: PATMI for the Period Ended Jun (2004 – 2012)
FINANCIAL HIGHLIGHTS PATMI for the Period Ended 30 Jun (2004 – 2012) 600 503 500 400 348 321 330 $ million 294 300 223 200 100 77 86 63 0 2004 ^ 2005 ^ 2006 2007 2008 2009 2010 * 2011 2012 Period ^ Restated * Restated due to the adoption of INT FRS 115 for 2010 only. Note : The above financial infor
Slide 10: Revenue by Segment – 1H 2012 vs 1H 2011 & 1H 2010
FINANCIAL HIGHLIGHTS Revenue by Segment – 1H 2012 vs 1H 2011 & 1H 2010 1,000 1H 2010 * 815 1H 2011 800 740 754 754 748 1H 2012 688 $ million 600 400 200 160 141 152 33 43 47 0 Property Hotel Operations Rental Others Development 1H 2012 1H 2011 1H 2010 * Property Development 42% 46% 44% Hotel Operati
Slide 11: Profit before Tax by Segment – 1H 2012 vs 1H 2011 & 1H 2010
FINANCIAL HIGHLIGHTS Profit before Tax by Segment – 1H 2012 vs 1H 2011 & 1H 2010 350 1H 2010 * 300 276 263 265 1H 2011 250 1H 2012 197 200 $ million 139 150 111 113 97 100 64 46 50 6 0 (3) (50) Property Hotel Rental Others Development Operations 1H 2012 1H 2011 1H 2010 * Property Development 47% 39%
Slide 12: Capital Management
FINANCIAL HIGHLIGHTS Capital Management CDL Group Total As at 30/06/12 As at 31/12/11 As at 30/06/11 Net Borrowings $1,876m $1,816m $1,817m Interest Cover Ratio 16.3 x 21.8 x 25.0 x Cash and cash equivalents $2,310m $2,603m $2,441m Gearing ratio without taking in fair value 21% 21% 22% gains on inve
Slide 13: Singapore Property Market
SINGAPORE PROPERTY MARKET Artist’s Impression of The Rainforest
Slide 14: Property Price Index – Residential (2007 – 1H 2012)
SINGAPORE PROPERTY MARKET Property Price Index – Residential (2007 – 1H 2012) Q2 12 All Residential 206.9 220 200 180 160 140 120 100 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 Source : URA, Q2 2012
Slide 15: New Private Residential Units Launched vs Units Sold
SINGAPORE PROPERTY MARKET No. of New Private Residential Units Launched vs Units Sold (Projects under Construction) (2007 – 1H 2012) New Units Launched New Units Sold (Projects Under Construction) 18,000 16,000 New Units New Units Launch Sold Directly 14,000 13,018 (excl. EC By Developers 11,928 uni
Slide 16: Uncompleted Private Residential Units Available
SINGAPORE PROPERTY MARKET No. of Uncompleted Private Residential Units Available (2007 – 1H 2012) Not Launched Launched & Unsold 20,000 18,266 17,084 16,721 16,000 Launched Not Total 13,937 13,928 & Unsold Launched 2007 2,063 7,099 9,162 12,000 2008 3,880 14,386 18,266 Number of Units 9,162 2009 3,3
Slide 17: Property Price Index – Commercial (2007 – 1H 2012)
SINGAPORE PROPERTY MARKET Property Price Index – Commercial (2007 – 1H 2012) 140 Q2 12 123.4 120 Q2 12 122.0 100 80 60 Office Shop 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 Source : URA, Q2 2012
Slide 18: Average Office Rental in CBD (2007 – 1H 2012)
SINGAPORE PROPERTY MARKET Average Office Rental in CBD (2007 – 1H 2012) 18.00 $16.00 Raffles Place 16.00 $14.95 Non CBD-Core 14.00 12.00 $9.85 $9.75 10.00 $9.35 $9.20 $8.60 $7.80 8.00 $6.15 $6.55 $6.40 6.00 $5.20 4.00 2.00 0.00 2007 2008 2009 2010 2011 1H 2012 Source : JLL Research, Q2 2012
Slide 19: Operations Review
OPERATIONS REVIEW Artist’s Impression HAUS@SERANGOON GARDEN
Slide 20: Property Development
PROPERTY DEVELOPMENT Artist’s Impression of The Rainforest
Slide 21: Units Booked / Sold
PROPERTY DEVELOPMENT Units Booked / Sold Sales Value* No. of Total $’000 Units* Floor Area (sq ft) 1H 2012 $1,245,847 1,299 1,353,957 1H 2011 $793,940 809 821,294 * Includes share of JV partners
Slide 22: Planned Residential Project Launches for 2H 2012
PROPERTY DEVELOPMENT Planned Residential Project Launches for 2H 2012 (subject to market conditions) Projects Units HAUS@SERANGOON GARDEN (Total: 97) 97 Alexandra Road (Est Total: 508) 200 Pasir Ris Parcel 5 (Est Total: 912) 200 Total: 497
Slide 23: Land Bank by Sector (as at June 2012)
OPERATIONS REVIEW Land Bank by Sector (as at 30 June 2012) Land Area (sq ft) Type of Development Local Overseas Total % (Local & Overseas) Residential 1,815,678 932,831 2,748,509 71.7% Commercial / Hotel 466,814 290,363 757,177 19.8% Industrial 325,394 - 325,394 8.5% Total 2,607,886 1,223,194 3,831,
Slide 24: Rental Revenue by Sector
OPERATIONS REVIEW Rental Revenue by Sector 180 $152m 160 $141m 140 Rental Revenue ($m) 120 87 Office 100 91 Retail 80 Industrial Others * 60 40 47 33 20 6 7 11 11 0 1H 2011 1H 2012 * Including car park, serviced apartment and residential
Slide 25: Hotel Operations & CDLHT
HOTEL OPERATIONS & CDLHT Millennium UN Plaza New York
Slide 26: Hotel Operations – M&C Group
HOTEL OPERATIONS M&C Group Good Trading Performance Improve in RevPAR (in constant currency) driven by increase in average room rate: RevPAR 1H 2012 £64.62 5.2% 2Q 2012 £70.06 4.5% RevPAR growth: - Singapore 6.1% * - Rest of Asia 19.8% - London 4.3% - New York 3.3% ^ Grand Hyatt Taipei - Pearl L
Slide 27: M&C Hotel Room Count and Pipeline
HOTEL OPERATIONS M&C Hotel Room Count and Pipeline Hotels Rooms 30 Jun 31 Dec 30 Jun 31 Dec Hotel and Room Count 2012 2011 2012 2011 By region: • New York 3 3 1,757 1,757 • Regional US 16 16 5,554 5,554 Millennium Hotel London Knightsbridge • London 7 7 2,493 2,493 • Rest of Europe 16 16 2,696 2,696
Slide 28: Active Asset Management
HOTEL OPERATIONS Active Asset Management Capital Capital improvements improvements underway mostly completed Millennium UN Plaza Millennium Seoul Hilton West wing of UN Plaza was closed in Only hotel to have completed a major Apr 2012 for refurbishment and part of its refurbishment. upgrading.
Slide 29: Active Asset Management
HOTEL OPERATIONS Active Asset Management Capital improvements advanced planning Millennium Mayfair Major refurbishment plans being Millennium Hotel Minneapolis Grand Hyatt Taipei Will be closed at the end of 2012 Renovation of guest rooms developed, appropriate to its status as M&C flagship Lo
Slide 30: Hotel Revenue by Region
HOTEL OPERATIONS Hotel Revenue by Region 1H 2012 1H 2011 5% 46% 6% Asia 25% 42% 22% 39 47 167 342 United States 188 317 Europe 200 New Zealand 202 27% 27% $748m $754m Overall change = 1%
Slide 31: Hotel Occupancy by Region
HOTEL OPERATIONS Hotel Occupancy by Region 80.0 77.2 73.7 73.5 Hotel Occupancy Rate (%) 72.8 70.0 64.5 63.1 63.3 1H 2011 61.9 1H 2012 60.0 50.0 Asia United States Europe New Zealand
Slide 32: Hotel Revenue Per Available Room at Constant Currency
HOTEL OPERATIONS Hotel Revenue Per Available Room at Constant Currency 170 157 142 141 140 135 Hotel RevPAR ($) 114 113 110 1H 2011 * 1H 2012 80 74 70 50 Asia United States Europe New Zealand * For comparability, 1H 2011 RevPAR has been translated at constant exchange rates (30 Jun 2012).
Slide 33: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) First hotel REIT listed in Singapore in July 2006 with 4,307 hotel rooms. 1H 2012 1H 2011 Total Revenue Increase $’M $’M Singapore Hotels (6 hotels) 59.7 52.7 13.3% New Zealand Hotels (1 hotel) 4.7 4.4 6.8% Australia Hotels (5 hotels) 10.7 9.8 9.2% Total 75.1 66.9 12.3
Slide 34: Moving Forward
MOVING FORWARD Artist’s Impression of South Beach
Slide 35: Moving Forward
MOVING FORWARD • The outlook for the global economy is uncertain and Singapore is facing paced economic growth • The Group has adopted a conservative business approach and has been strengthening its financial position to weather any challenges and capitalise on larger opportunities that may arise Pr
Slide 36: 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 37: Thank You
THANK YOU Artist’s Impression of HAUS@SERANGOON GARDEN