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Building New Perspectives CITY DEVELOPMENTS LIMITED / BUILDING NEW PERSPECTIVES CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2017 ANNUAL REPORT 2017 REPORT ANNUAL 9 RAFFLES PLACE TEL: (65) 6877 8228 #12-01 REPUBLIC PLAZA FAX: (65) 6223 2746 SINGAPORE 048619 www.cdl.com.sg Co. Reg. No. 196300316Z CORPORATE PROFILE City Developments Limited (CDL) is a leading gl obal real estate operating company with a network spanning 100 locations in 28 countries. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically-diverse portfolio comprises residences, offices, hotels, serviced apartments, integrated developments and shopping malls. With a proven track record of over 50 years in real estate development, investment and management, CDL has developed over 40,000 homes and owns over 18 million square feet of lettable floor area globally. Its diversified land bank offers a solid development pipeline in Singapore as well as its key overseas markets of China, UK, Japan and Australia. The Group’s London-listed subsidiary, Millennium & Copthorne Hotels plc (M&C), is one of the world’s largest hotel chains, with over 135 hotels worldwide, many in key gateway cities. Leveraging its deep expertise in developing and managing a diversified asset base, the Group is focused on enhancing the performance of its portfolio and strengthening its recurring income streams to deliver long-term sustainable value to shareholders. The Group is also developing a fund management business and targets to achieve US$5 billion in Assets Under Management (AUM) by 2023. Cover: NEW FUTURA Singapore Produced by Investor Relations & Corporate Communications, City Developments Limited and Group Corporate Affairs, Hong Leong Group Singapore Mr Kwek Leng Beng’s Photo Source: The Straits Times © Singapore Press Holdings Limited Permission required for reproduction. This photo has been modified for annual report use. OVERVIEW RENEWAL AND 2017 Business Highlights 12 TRANSFORMATION 5-Year Financial Highlights 13 Chairman’s Statement 14 Corporate Network 23 For more than five decades, we have Corporate Structure 24 shaped cityscapes with countless Highlights of the Year 25 architectural landmarks. Awards & Accolades 27 Corporate Directory 28 With enterprising spirit and innovative agility, we have evolved into the global CORPORATE GOVERNANCE real estate conglomerate we are today. Board of Directors 29 Key Management Personnel 32 Innovation, fresh perspectives, new Corporate Governance 34 collaborations and strategic investments Risk Management 56 will be our focus as we embark on our next Investor Relations 60 chapter of renewal and transformation. Calendar of Financial Events 61 Our unending pursuit of excellence drives SUSTAINABILITY us to challenge established paradigms and Sustainability Board Statement 62 redefine possibilities, as we continue to deliver on our promise to create value in all that we do. BUSINESS OVERVIEW Financial Review 74 Operations Review 75 Market Review 78 PROPERTY PORTFOLIO Property Portfolio Analysis 80 Major Properties 83 FINANCIALS Statutory Reports and Accounts 95 OTHER INFORMATION Statistics of Ordinary 247 Shareholdings Statistics of Preference 249 Shareholdings Share Transaction Statistics 250 Notice of Annual General Meeting 251 Proxy Form NEW FUTURA - PENTHOUSE Singapore $906.7MILLION Successful joint-venture tender for the Amber Park condominium site — one of Singapore’s largest freehold collective sale sites CREATING NEW LANDMARKS NEW FUTURA Singapore 1,171 APARTMENTS SOLD One of Singapore’s top-seling private developers for FY 2017 $1.93 BILLION SALES VALUE In Singapore for FY 2017 As a built industry pioneer, CDL has a strong reputation for developing residential projects that meet evolving needs. With our fingers on the pulse of the recovering Singapore residential market, and with a pipeline of around 2,750 new residential units for launch, we will continue to raise the bar in creating desirable homes through new living concepts and game-changing solutions. RENEWING SPACES $ MMILLION Flagship Republici Plaza Asset Enhhanceement Initiative $ MILLION Asset Enhancement Initiative for Le Grove Serviced Apartments, increasing to 173 apartments We are renewing our spaces to cater to the Even as we enter a phase of renewal, evolving business landscape, increase space our core strengths and values that efficiency and inject fresh vibrancy. made us who we are today will always remain. An extension of our strong track Enhancing our asset management record, we clinched several awards and capabilities and unlocking value in our accolades in the areas of business and existing asset portfolio will enable us to building excellence. maximise the potential of these spaces and strengthen our recurring income streams. REPLUBIC PLAZA Singapore MOST-AWARDED PRIVATE-SECTOR PROPERTY DEVELOPER At the Building and Construction Authority (BCA) Awards 2017 72% OF LAND BANK OVERSEAS Outside of Singapore, China and UK are our next largest markets for property development projects $1.8 BILLION ACQUISITIONS & INVESTMENTS IN KEY MARKETS IN 2017 Singapore, China, UK/Europe, Japan and Australia CHARTING NEW GROWTH AVENUES RANSOMES WHARF London, UK AUM TARGET: US$5 BILLION BY 2023 Development of a sustainable fund management business to generate attractive long-term, risk-adjusted returns for investors and shareholders As part of our diversification strategy, and technology ventures that will since 2010, we have been expanding into transform our key product offerings China, UK, Japan and Australia on the and services. property development front. Our goal is to be a leading fund manager In addition to these overseas growth in Asia and targets to attain Assets Under platforms, we will continue to embrace Management (AUM) of US$5 billion innovation and invest in new economy by 2023. DELIVERING NEW HOSPITALITY EXPERIENCES ENTRY INTO NEW MARKETS Foray into Germany with acquisitions of Pullman Hotel Munich and Le Méridien Frankfurt INTERNATIONAL NETWORK OVER 135 HOTELS OVER 40,000 ROOMS The spotlight on our hospitality segment in 2017 is centred on a series of acquisitions through our associates such as CDL Hospitality Trusts and First Sponsor Group Limited. The Lowry Hotel in Manchester, UK, as well as the Pullman Hotel Munich and Le Méridien Frankfurt in Germany, were added to the Group’s portfolio. Millennium & Copthorne Hotels plc (M&C) continued to expand its geographical footprint with new hotel openings. M SOCIAL AUCKLAND New Zealand EXPANSION OF M SOCIAL BRAND Opening of M Social Auckland, a 190-room contemporary lifestyle hotel WORLD’S LARGEST AND SINGAPORE’S FIRST CONCRETE PPVC PRIVATE RESIDENTIAL PROJECT Commpletion of Thhee Brownswnstonone Execxeecutive ConCoC doomo ininiumum, buibu ltt using gamg e-changingi g Prefaabrbricacateded Pre-fi- nisi hedd VolVo umeu tric Consonnstructionn (PPPP VC)VC technh oloogyy TOP SINGAPORE COMPANY AND MOST SUSTAINABLE CORPORATION IN REAL ESTATE RRankede inn Global 100 Most Sustainable CCorpporatiions ini theWe Worldd2 2017 SETTING NEW BENCHMARKS — CREATING SUSTAINABLE VALUE THE BROWNSTONE EXECUTIVE CONDOMINIUM Singapore FIRST GREEN BOND BY A SINGAPORE COMPANY Issuance of a two-year senior secured green bond that raised $100 million at 1.98% fixed rate due 2019 SINGAPORE SUSTAINABILITY ACADEMY Opepeenining of a zeroo-eenergyrgg ttrainai ingin annd netettworwo kinkik g facacicility on suustaina abib lity at CDLDLL’ss CitC y Sququaree MMall For over two decades, we have strategically Moving forward, value creation through integrated sustainability into our business ESG integration will be a key priority to and operations to deliver lasting value to deliver operational and resource efficiency, our stakeholders. as well as achieve new milestones in sustainability excellence. In 2017, to future-proof our business, we established a CDL Future Value 2030 blueprint By embracing global and national with renewed long-term Environmental, Social sustainability agendas, we are well- and Governance (ESG) targets. positioned to capitalise on economic opportunities in sustainable development to unlock greater value for our stakeholders. 2017 BUSINESS HIGHLIGHTS REVENUE EBITDA $3.8 BILLION $1.06 BILLION PATMI TOTAL ASSETS $538 MILLION $19.5 BILLION NET ASSET VALUE PER SHARE NET GEARING RATIO $10.54 9% INTEREST COVER ORDINARY DIVIDENDS PER SHARE 13.6X 18CENTS BASIC EARNINGS PER SHARE TOTAL SHAREHOLDER RETURN 57.8 CENTS 53.0 % 12 CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2017 5-YEAR FINANCIAL HIGHLIGHTS Year 2013(1) 2014 2015 2016 2017 For the financial year ($’million) Revenue 3,213 3,764 3,304 3,905 3,829 Profit before tax 948 1,004 985 914 780 Profit for the year attributable to owners of the Company (PATMI) 686 770 773 653 538 At 31 December ($’million) Property, plant and equipment 4,399 4,918 5,175 5,136 5,014 Investment properties 3,161 3,109 2,584 2,346 2,449 Development properties 4,327 4,793 5,515 5,209 4,561 Cash and bank balances (including restricted 2,720 3,898 3,565 3,887 3,989 deposits in other non-current assets) Other assets 2,947 2,983 3,480 3,219 3,490 Total assets 17,554 19,701 20,319 19,797 19,503 Equity attributable to owners of the Company 7,731 8,410 8,996 9,294 9,584 Non-controlling interests 2,485 2,366 2,217 2,115 2,258 Borrowings 5,294 6,699 6,483 5,738 5,022 Other liabilities 2,044 2,226 2,623 2,650 2,639 Total equity and liabilities 17,554 19,701 20,319 19,797 19,503 Per share Basic earnings (cents) 74.0 83.2 83.6 70.4 57.8 Net asset value ($) 8.50 9.25 9.89 10.22 10.54 Dividends (cents) a) Ordinary dividend (gross) - final 8.0 8.0 8.0 8.0 8.0 (2) - special interim 8.0 4.0 4.0 4.0 4.0 - special final - 4.0 4.0 4.0 6.0 (2) b) Preference dividend (net) 3.9 3.9 3.9 3.9 3.9 Financial ratios Return on equity (%) 8.9 9.2 8.6 7.0 5.6 Net gearing ratio (%) (3) 25 26 26 16 9 Net gearing ratio if fair value gains on investment properties are taken into consideration (%) 18 19 19 12 7 Interest cover ratios (times) 13.7 12.1 13.0 12.5 13.6 Notes: (1) The 2013 comparative figures were restated to take into account the retrospective adjustments arising from the adoption of FRS 110 - Consolidated Financial Statements.
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