Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Singapore
  4. Singapore Stock Exchange
  5. City Developments Limited
  6. News
  7. Summary
    C09   SG1R89002252

CITY DEVELOPMENTS LIMITED

(C09)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

City Developments : CDL Integrated Sustainability Report 2020 Discloses ESG Performance Aligned with Global Standards, and Strategy to Accelerate Climate Action in the Built Environment

04/12/2020 | 10:58pm EDT

News Release

13 April 2020

CDL INTEGRATED SUSTAINABILITY REPORT 2020 DISCLOSES ESG PERFORMANCE ALIGNED WITH GLOBAL STANDARDS, AND STRATEGY TO ACCELERATE CLIMATE ACTION IN THE BUILT ENVIRONMENT

  • Ranked world's top real estate company and top Singapore company in 2020 Global 100 Most Sustainable Corporations in the World by Corporate Knights
  • Only company in Southeast Asia and Hong Kong to score double 'A's in 2019 CDP Global A List for corporate climate action and water security
  • 38% reduction in carbon emissions intensity from 2007 levels
  • Over S$28 million in savings due to energy-efficient initiatives and retrofitting works at eight office buildings from 2012 to 2019
  • Expanded green financing streams with S$500 million green loans for new developments and S$250 million SDG Innovation Loan, a first-of-its-kind innovation- focused sustainability-linked loan

City Developments Limited (CDL) has released its Integrated Sustainability Report (ISR) 2020 "Changing the Climate. Changing the Future.", its thirteenth sustainability report since 2008. The digital report communicates CDL's progress in 2019 towards its material Environmental, Social and Governance (ESG) goals and targets established under the CDL Future Value 2030 sustainability blueprint. This forward-looking blueprint drives CDL's integrated sustainability strategy towards 2030, a milestone year for sustainable development and the global climate agreement.

According to the 2019 Global Status Report for Buildings and Construction, the built environment sector accounts for some 40% of global energy-related greenhouse gas emissions. With the global push for a low-carbon economy, there is great potential for the built environment to contribute to a climate-resilient future. CDL's ISR 2020 highlights its strategy anchored on four pillars - integration, innovation, investment and impact. It reports the company's efforts in accelerating green building and sustainability efforts as well as expanding its outreach and advocacy to a larger ecosystem comprising multiple stakeholders along its value chain.

Mr Sherman Kwek, CDL Group Chief Executive Officer, said, "The current COVID-19global pandemic serves as a reminder of things that many of us take for granted - our environment, our health, our safety and our freedom. Many countries have implemented unprecedented restrictions to contain the COVID-19spread and these disruptions to our businesses, communities, supply chains and daily lifestyles have caused us to rethink and recalibrate our way of life. One ray of light during this timeout is that it offers Mother Nature a much-neededbreather from the impact of rapid globalisation, production and excessive consumption. In this coming decade leading up to 2030, there is an even more urgent need for businesses to collectively reduce their carbon footprint and actively accelerate climate action. Every stakeholder shares the responsibility to protect our fragile environment."

Ms Esther An, CDL Chief Sustainability Officer, said, "Since we integrated sustainability into our business 25 years ago, CDL has continued to push the envelope with green building innovation and climate-focusedstrategies, integrating ESG within the business to create long- term value for our stakeholders. In the midst of the COVID-19pandemic and the current climate crisis, CDL will continue to strengthen our ESG strategy and climate resilience, sharpen our competitive edge through innovation, and proactively cultivate a strong, global eco-consciousbusiness mindset in the communities we operate in."

1

A Strong Business Case for Strategic ESG Integration

CDL's track record in effective ESG integration and sustained performance has been recognised by 12 leading global sustainability rankings and indices, including the 2020 Global 100 Most Sustainable Corporations in the World by Corporate Knights in which CDL was ranked the world's top real estate company as well as the top Singapore company. CDL was also the only company in Southeast Asia and Hong Kong to score double 'A's in the 2019 CDPGlobal A List for corporate climate action and water security.

In the year under review, CDL achieved a 38% reduction in carbon emissions intensity from base-year 2007, meeting its interim 2019 target and firmly on track to achieve its target of a 59% reduction by 2030. In addition, from 2012 to 2019, CDL achieved more than S$28 million in savings due to energy-efficient initiatives and retrofitting works at eight of its commercial buildings.

As the first real estate company in Singapore to have its carbon reduction targets assessed and validated by the Science Based Targets initiative (SBTi), CDL took a step further in its carbon management by joining the pioneer batch of 87 companies worldwide to pledge support to the UN Global Compact's "Business Ambition for 1.5oC" campaign in September 2019. CDL pledged to set climate targets across its operations, aligned with limiting global temperature rise to 1.5oC.

To augment business resilience and capital investment, CDL embarked on its second climate change scenario planning exercise in 2019 where a more stringent 1.5oC warmer scenario was studied, covering the financial impact of physical and transition risks of CDL's properties in its major markets. It also conducted a supply chain study to identify and assess the environmental and social risks of its top suppliers and frequently used building materials.

CDL is the first Singapore company to embrace the UN SDGs in its ISR since 2016, and it has further aligned its ESG efforts with 14 relevant UN SDGs out of 17, with an increased focus on UN SDG 3 (Good Health and Well-being). Since 2018, we have stepped up our embrace of UN SDG 3 in the way we manage our properties and engage our stakeholders with a view to promoting awareness and the adoption of healthy and active living.

Geared Up for More Effective Sustainability-related Disclosures

As an early adopter of sustainability reporting, CDL's robust and progressive sustainability reporting has evolved into a unique hybrid model that harmonises with the demand for increased corporate ESG disclosures by investors. CDL has adopted global frameworks such as GRI Standards since 2008, IIRC's Integrated Reporting Framework since 2015, SDG Reporting since 2016, Task Force on Climate-relatedFinancial Disclosures (TCFD)since 2017, and the Sustainability Accounting Standards Board (SASB) in 2019.

Given the rise of ESG investing and responsible banking, CDL's ESG-centric vision has allowed the company to tap on green financing. Last year, CDL secured its first green loans amounting to S$500 million for new property developments and pioneered a first-of-its-kind S$250 million SDG Innovation Loan - an expansion from its pioneering issuance of a S$100 million green bond by a Singapore company in 2017.

With the privatisation in 2019 of its former London-listed hotel subsidiary, now known as Millennium & Copthorne Hotels Limited, CDL is looking to enhance the alignment between the hotel subsidiary's ESG practices and CDL's longstanding sustainability strategy so as to achieve greater synergy within the Group.

To ensure accuracy and transparency, CDL's ISR 2020 is independently assured by Ernst & Young in accordance with the International Standard on Assurance Engagements 3000 (Revised) and the greenhouse gas emissions disclosures are externally verified in line with ISO 14064.

CDL's ISR 2020 is available on www.cdlsustainability.com

Follow CDL Sustainability on social media:

Instagram: @CDL_sustainability/ instagram.com/cdl_sustainability/

Facebook: @CDLsustainability / facebook.com/CDLsustainability/

LinkedIn: linkedin.com/company/cdl-sustainability/

2

______________________________________________________________________

Issued by City Developments Limited (Co. Regn. No. 196300316Z)

For media enquiries, please contact CDL Corporate Communications:

Belinda Lee

Eunice Yang

Head, Investor Relations and

Vice President

Corporate Communications

T: +65 6877 8338

T: +65 6877 8315

E: eunicey@cdl.com.sg

E: belindalee@cdl.com.sg

Dominic Seow

Jill Tan

Manager

Assistant Manager

T: +65 6877 8369

T: +65 6877 8484

E: dominicseow@cdl.com.sg

E: jilltan@cdl.com.sg

Follow CDL on social media:

Instagram: @citydevelopments / instagram.com/citydevelopments

LinkedIn: linkedin.com/company/city-developments-limited

Twitter: @CityDevLtd / twitter.com/citydevltd

__________________________________________________________________________

3

Disclaimer

CDL - City Developments Ltd. published this content on 13 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2020 02:57:05 UTC


© Publicnow 2020
All news about CITY DEVELOPMENTS LIMITED
07/30CDLHT : Announcement on the Condensed Interim Financial Statements of CDL Hospit..
PU
07/26CDLHT : Announcement on Revision of Principal Investment Strategy
PU
07/21CITY DEVELOPMENTS : to Support Tenants Amid COVID-19 Heightened Alert in Singapo..
MT
07/21GENERAL ANNOUNCEMENT : :CDL renders support to tenants during return of Phase 2 ..
PU
07/21CITY DEVELOPMENTS : CDL renders support to tenants during return of Phase 2 (Hei..
PU
07/21GENERAL ANNOUNCEMENT : :Announcement by Subsidiary Company, CDL Investments New ..
PU
07/21CITY DEVELOPMENTS' : New Zealand Subsidiary Acquires Land in Havelock North
MT
07/21CDLINZ : Announcement on CDL Land New Zealand Limited secures development land a..
PU
07/14CITY DEVELOPMENTS : Change the Present, Save the Future – an exhibition on..
PU
07/09CDL : Scheduled date of release of unaudited financial results for the six month..
PU
More news
Financials
Sales 2021 2 944 M 2 175 M 2 175 M
Net income 2021 327 M 242 M 242 M
Net Debt 2021 7 465 M 5 515 M 5 515 M
P/E ratio 2021 18,4x
Yield 2021 2,06%
Capitalization 6 212 M 4 588 M 4 589 M
EV / Sales 2021 4,65x
EV / Sales 2022 4,16x
Nbr of Employees 15 000
Free-Float 31,2%
Chart CITY DEVELOPMENTS LIMITED
Duration : Period :
City Developments Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CITY DEVELOPMENTS LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 18
Last Close Price 6,85 SGD
Average target price 9,32 SGD
Spread / Average Target 36,1%
EPS Revisions
Managers and Directors
Eik Tse Kwek Group Chief Executive Officer & Executive Director
Yim Ming Yiong Group Chief Financial Officer
Leng Beng Kwek Executive Chairman
Ivan Ng Chief Technology Officer
Shao Hong Khoo Group Chief Investment Officer