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8
CDL Hospitality Trusts
(1) The income available for distribution of CDLHT represents the aggregate of income available for distribution by H-REIT and HBT. The income
available for distribution of CDLHT for FY 2011 was contributed solely by H-REIT as HBT was dormant during the year.
(2) The total income available for distribution for FY 2011 was S$118,132,000, out of which S$106,319,000 or 90.0% was distributed to Security
Holders. The remaining undistributed income of S$11,813,000, comprising solely of tax exempt income was retained for working capital needs.
(3) The investment properties were valued as at 31 December 2011 by CBRE Pte. Ltd., CBRE Pty Ltd and Bayleys Valuations Limited, independent
registered valuers. The valuations gave rise to a net revaluation surplus of S$73,213,000 which has been recognised in the Statement of Total
Return. This revaluation surplus has no impact on the taxable income or income available for distribution to Security Holders. Included in
investment properties as at 31 December 2011 is a net translation gain of S$1,801,000 on its overseas properties.
STATEMENT OF TOTAL RETURN
FY 2011
FY 2010
Variance
S$’000
S$’000
Gross revenue
141,107
122,282
+15.4%
Net property income
135,191
115,068
+17.5%
Net income before revaluation
107,576
86,905
+23.8%
Income available for distribution
118,132
(1)
100,653
(1)
+17.4%
Income to be distributed
106,319
(2)
91,988
+15.6%
BALANCE SHEET
Prudent capital management has resulted in a healthy balance sheet, with low gearing of about 25.3%
and 20.5% in 2011 and 2010 respectively for CDLHT. As at 31 December 2011, H-REIT did not have
any exposure to fnancial derivatives.
As at
As at
Variance
31 Dec 2011
31 Dec 2010
S$’000
S$’000
Capital Employed
Total assets
2,118,452
1,869,906
+13.3%
Investment properties
2,029,847
(3)
1,787,098
+13.6%
Net assets
1,547,661
1,460,238
+6.0%
Financial Liabilities
Borrowings
536,158
382,651
+40.1%
Provision for taxation
816
1,195
-31.7%
financial highlights
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