Page 11 - ar2011

9
annual report 2011
KEY FINANCIAL RATIOS
CDLHT has maintained a healthy gearing ratio of 25.3%. Strong operating cash fow has resulted in a
high service coverage ratio of 9.7 times.
As at As at Variance
31 Dec 2011 31 Dec 2010
Net asset value per unit S$1.60 S$1.52 +5.3%
Borrowings / total assets 25.3% 20.5% +4.8pp
FY 2011 FY 2010 Variance
Debt service coverage ratio (4) 9.7 x 8.2 x +18.3%
(4) Defned as net property income divided by interest paid / payable to banks.
(5) Valuation of Rendezvous Hotel Auckland as at 31 December 2010 and 31 December 2011 were converted based on the exchange rate of
NZ$1.00 = S$0.9860 and NZ$1.00 = S$1.0055 respectively.
(6) Valuation of the fve Australia Hotels as at 31 December 2010 and 31 December 2011 were converted based on the exchange rate of A$1.00
= S$1.3160 and A$1.00 = S$1.3150 respectively.
Valuation of CDLHT’s Properties
0
(S$ million)
500
1,000
2,500
2,000
1,500
FY 2010 (5) (6) FY 2011 (5) (6)
2,030
1,787
54
99
91
76
5432
429
322
229
125
276
55
90
94
80
57
34
450
350
232
129
296
Singapore
Portfolio
Singapore
Portfolio
Australia
Portfolio
Australia
Portfolio
New Zealand
Portfolio
New Zealand
Portfolio
13.6%
Orchard Hotel
Grand Copthorne Waterfront Hotel
M Hotel
Copthorne King’s Hotel
Studio M Hotel
Novotel Clarke Quay
Orchard Hotel Shopping Arcade
Rendezvous Hotel Auckland
Novotel Brisbane
Mercure Brisbane & Ibis Brisbane
Mercure Perth
Ibis Perth
163 New
Acquisition