CDL Hospitality Trusts · SGX:J85
CDL Hospitality Trusts — Q4 2007 Earnings Presentation
30 slides from CDL Hospitality Trusts's earnings presentation, Jan 30, 2008
Slide 1: Presentation of 4Q 2007 and FY 2007 Results
Presentation of 4Q 2007 and FY 2007 Results 30 January 2008
Slide 2: Disclaimer
Disclaimer The value of Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of, deposits in, or guaranteed by the H-REIT Manager or M&C Business Trust Management Limited, as trustee of CDL Hospitality Business Trust (the “HBT Trustee-
Slide 3: Table Of Contents
Table Of Contents Highlights Recap of 2007 Results for 4Q 2007 and FY 2007 Plans for 2008 3
Slide 4: Highlights
CDL HOSPITALITY TRUSTS Highlights
Slide 5: Executive Summary (I)
Executive Summary (I) Visitor arrivals for 2007 was approximately 10.3 million representing 5.4% 1 growth, and exceeding STB’s target for 2007 of 10.2 million by 0.7% 2 Strong 4Q 2007 performance by CDL-HT vs Projections(1) - Gross revenues of $28.0 million - up 97% - Net property income of $26.9 mi
Slide 6: Executive Summary (III)
Executive Summary (III) 5 Strong underlying performance of CDL-HT Singapore hotels(1): IPO Hotels(2) All Singapore Hotels 4Q ‘07 4Q ’06 Growth 4Q ’07 4Q ‘06(3) Growth Occupancy 88.6% 88.0% 0.6 pp 88.6% 86.9% 1.7 pp Average daily rate S$ 220 S$ 166 32.7% S$ 216 S$ 164 31.7% RevPAR S$ 195 S$ 146 33.5%
Slide 7: Details Of Distribution
Details Of Distribution Distribution for the period 19 Jul ‘07 to 31 Dec 2007(1) 4.61 ¢ per unit comprising 4.22¢ of taxable income and 0.39¢ of tax exempt income Closure of books: February 2008 5 pm on 11 February 2008 Mon Tue Wed Thu Fri Sat Sun 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Dividend d
Slide 8: Recap of 2007
CDL HOSPITALITY TRUSTS Recap of 2007
Slide 9: 2007 Saw Significant Success
2007 Saw Significant Success CDL-HT Share Price increased 37.4% from 1 30 APR: Obtained general mandate at 01 January 2007 to 31 December 2007 EGM for Equity Fund Raising $2.80 $2.60 17 MAY: Announced acquisition of the 2 Novotel Clarke Quay, 4 Singapore $2.40 $2.35 $2.20 3 3 07 JUN: Completed acqui
Slide 10: Results for 4Q 2007 and FY 2007
Results for 4Q 2007 and FY 2007 10
Slide 11: Strong Growth In Drivers Of Demand For Hotel Rooms
Strong Growth In Drivers Of Demand For Hotel Rooms Visitor Arrivals In Singapore Average Visitor Length of Stay +5.4% 12,000 3.5 +9.0% +7.4% 10,275 9,748 3.4 3.4 10,000 8,942 3.4 8,328 8,000 Thousands 3.3 Days 6,000 3.2 3.2 3.2 3.2 4,000 3.1 3.1 2,000 0 3.0 2004 2005 2006 2007 2001 2002 2003 2004 20
Slide 12: Singapore – Growth Profile Of Top Countries
Singapore – Growth Profile Of Top 10 Countries Breakdown of Visitor Arrivals To Singapore Jan-Dec '06 to Jan-Dec '07 Year On Year For Jan-Dec '07 Growth in Top 10 Visitor Arrival Countries for Singapore Indonesia, 1,956,293 Others, 2,660,600 2.3% USA 19% 26% 8.4% Philippines 2.1% South Korea 1.5% UK
Slide 13: Strong Year-On-Year Hotel Performance: Pro-Forma 4Q '06 vs Actual 4Q '07
Strong Year-On-Year Hotel Performance: Pro-Forma(1) 4Q ’06 vs Actual 4Q ’07 CDL-HT Singapore Hotels ARR: 4Q '06 v 4Q '07 S$ IPO hotels = +32.7% RevPAR: 4Q '06 v 4Q '07 All hotels = +31.7% S$ 250 $220 $216 IPO hotels = +33.5% $195 $191 200 $166 $164 200 All hotels = +34.5% 150 100 50 $146 $142 150 0
Slide 14: Strong Year-On-Year Hotel Performance: Pro-Forma FY '06 vs Actual FY '07
Strong Year-On-Year Hotel Performance: Pro-Forma(1) FY ’06 vs Actual FY ’07 CDL-HT Singapore Hotels S$ ARR: FY '06 v FY '07 RevPAR FY '06 v FY '07 IPO hotels = +24.1% 250 All hotels = +23.5% S$ $202 $200 200 $163 $162 200 IPO hotels = +30.1% All hotels = +30.8% 150 $175 $174 180 100 160 50 $135 $133
Slide 15: Gross Revenue, NPI And DPU: Actual Q4 '06 Vs Actual Q4 '07
Gross Revenue, NPI And DPU: Actual Q4 ’06 Vs Actual Q4 ’07 S$’000 Gross Revenue 30,000 +65.2% 27,960 Distribution Per Unit (DPU) 25,000 S$ cents 20,000 16,929 3.00 +56.8% 15,000 2.76 10,000 5,000 2.50 0 4Q '06 4Q '07 2.00 1.76 1.50 Net Property Income (NPI) S$’000 30,000 1.00 +73.1% 26,928 25,000 0.
Slide 16: Gross Revenue, NPI And DPU: Projection Q4 '07 Vs Actual Q4 '07
Gross Revenue, NPI And DPU: Projection Q4 ’07 Vs Actual Q4 ’07 S$’000 Gross Revenue 30,000 +97.2% 27,960 Distribution Per Unit (DPU) 25,000 S$ cents 20,000 3.00 +97.1% 15,000 14,180 2.76 10,000 5,000 2.50 0 Projection Q4 '07 Actual Q4 '07 2.00 1.40 1.50 Net Property Income (NPI) S$’000 30,000 1.00 +
Slide 17: Gross Revenue and NPI Pro-Forma FY '06 Vs. Actual FY '07
Gross Revenue and NPI Pro-Forma FY ’06 Vs. Actual FY ‘07 Gross Revenue Net Property Income (NPI) S$’000 S$’000 100,000 100,000 90,654 +58.5% +62.9% 85,817 90,000 90,000 80,000 80,000 70,000 70,000 57,191 60,000 60,000 52,689 50,000 50,000 40,000 40,000 30,000 30,000 20,000 20,000 10,000 10,000 0 0 F
Slide 18: Gross Revenue, NPI And DPU: Projection FY '07 Vs. Actual FY '07
Gross Revenue, NPI And DPU: Projection FY ’07 Vs. Actual FY ‘07 S$’000 Gross Revenue 100,000 +61.1% 90,654 Distribution Per Unit (DPU) 80,000 S$ cents 56,259 +61.8% 60,000 10.00 8.98 40,000 9.00 20,000 8.00 0 7.00 Projection FY '07 Actual FY '07 5.55 6.00 Net Property Income (NPI) 5.00 S$’000 4.00 1
Slide 19: Breakdown Of Revenue By Property Actual Q4 '06 Vs Actual Q4 '07
Breakdown Of Revenue By Property Actual Q4 ’06 Vs Actual Q4 ’07 Revenue from H-REIT Properties 35 +65.2% S$28.0m Novotel Clarke Quay 30 16% Rendezvous Hotel Auckland 4.5 25 Orchard Hotel Shopping Arcade 11% 3.1 20 S$ 16.9m 3% 1.0 Copthorne King’s Hotel S$ mn 10% 2.8 2% 0.3 M Hotel 5% 0.8 14% 15 12%
Slide 20: Breakdown Of Revenue By Property Pro Forma FY '06 Vs Actual FY '07
Breakdown Of Revenue By Property Pro Forma FY ’06 Vs Actual FY ’07 Revenue from H-REIT Properties 120 100 S$90.7m +58.5% Novotel Clarke Quay 11% 9.6 Rendezvous Hotel Auckland 80 11% 9.9 Orchard Hotel Shopping Arcade S$ 57.2m 4% 3.7 S$ mn 11% 9.6 Copthorne King’s Hotel 60 0.5% 0.3 6% 3.6 15% M Hotel
Slide 21: Breakdown Of Gross Rental Revenues By Property
Breakdown Of Gross Rental Revenues By Property Grand Orchard Copthorne Hotel Rendez- Novotel Orchard Waterfront Copthorne Shopping vous Clarke Hotel Hotel M Hotel King’s Arcade Hotel Quay Gross rental revenue (Actual for $ 24.5m $19.5 m $13.8 m $9.6 m $3.7 m $9.9 m $9.6 m(2) FY ‘07) Gross rental rev
Slide 22: Growth in CDL-HT Total Property Value
Growth in CDL-HT Total Property Value Valuation of H-REIT Properties S$(‘000) +48.2% 1,800 1,628.8 m 1,600 Key: +29.9% 275 16.9% Novotel Clarke Quay 1,400 1,099.4 m . Rendezvous 128 7.8% Orchard 1,200 Grand Copthorne Waterfront 846.3 m 120 10.9% M 1,000 458 28.1% Copthorne King's Orchard Hotel Shopp
Slide 23: Composition Of CDL-HT Property Value
Composition Of CDL-HT Property Value Valuation at 31 Dec 2006 (S$m) Valuation at 31 Dec 2007 (S$m) Orchard Hotel Shopping Orchard Hotel Shopping Rendezvous, Arcade, $35 Arcade, $40 $120 Novotel Clarke Quay, $275 Copthorne King's, $141 Copthorne King's, $101 2% 11% 4% 9% 9% 17% M Hotel, M Hotel, $191
Slide 24: Current Debt Capital Structure
Current Debt Capital Structure Available Facilities & Maturity Profile Facilities Drawn Down S$m S$m 1,000 1,000 Key Information ♦ Fitch Issuer Default Rating: 800 800 ♦BBB- Citi, 250 ♦ Average Cost of Debt ♦S$220m fixed at 2.43% + 600 600 margin RBS, 145 ♦Amounts beyond S$220m are floating 3-month
Slide 25: Strong Balance Sheet
Strong Balance Sheet Debt Values (S$ Mn) S$ 386 400 Debt / Assets Ratio 310 S$ 300 40% 200 34.5% 35% 100 30% 0 25% As at 31 Dec '06 As at 31 Dec '07 20% 18.7% S$ Total Assets (S$ Mn) 1,800 1,657 15% 1,600 1,400 10% 1,200 1,118 1,000 5% 800 600 0% 400 As at 31 Dec '06 As at 31 Dec '07 200 0 As at 31
Slide 26: Plans For 2008
CDL HOSPITALITY TRUSTS Plans For 2008
Slide 27: Launch Of New Extended Stay Rooms At Grand Copthorne Waterfront Hotel
Launch Of 24 New Extended Stay Rooms At Grand Copthorne Waterfront Hotel Mock Up Photographs Timeline for launch of new rooms • First 6 of the 24 rooms to be ready by end February/early March 2008 • Remaining 18 rooms to be ready by end March/early April 2008 27
Slide 28: CDLHT Target Markets
CDLHT Target Markets Specific Countries of Interest Singapore ▪ Australia ▪ China ▪ Hong Kong ▪ India ▪ Indonesia ▪ Japan ▪ Malaysia ▪ Maldives ▪ New Zealand ▪ Philippines ▪ Thailand ▪ Vietnam ▪ UAE ▪ Taiwan Japan UAE China Taiwan India Hong Kong Thailand Vietnam Malaysia Philippines Maldives Singap
Slide 29: Objectives For 2008
Objectives For 2008 Optimize operating performance of the hotels 1 through yield management and asset enhancement 2 Optimize capital structure 3 Continue to make yield accretive acquisitions 29
Slide 30: Thank You
Thank You CDL HOSPITALITY TRUSTS
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