Page 14 - ar2011

12 CDL Hospitality Trusts
YEAR IN REVIEW
15% growth in revenue
+ %15
REVIEW OF FINANCIAL PERFORMANCE
CDLHT achieved record gross revenue of S$141.1 million and net property income of S$135.2 million
for the year ended 31 December 2011, exceeding the previous year by 15.4% and 17.5% respectively.
The strong operating performance was due to both organic growth across the Singapore and overseas
portfolio, and contribution from Studio MHotel (which was aquired in May 2011), with the latter accounting
for approximately S$7.3 million of the gross revenue increase. The increase in the net property income also
benefted from a one-off property tax refund of S$3.3 million recognised in the second quarter of 2011.
The income available for distribution (before deducting income retained for working capital) of S$118.1
million in FY 2011 grew by 17.4% over the same period last year. The income distributed per Stapled
Security for FY 2011 was 11.05 Singapore cents, marking a 8.3% growth year-on-year.
8% growth in income
distributed per Stapled
Security
+ %8
Singapore
Australia
New Zealand
135,191
6.7%
13.8%
79.5%
115,068
7.5%
13.1%
79.4%
Net Property Income
50,000
0
100,000
150,000
FY 2011 FY 2010
Gross Revenue
50,000
0
100,000
150,000
FY 2011 FY 2010
122,282
7.0%
12.3%
80.7%
141,107
6.4%
13.2%
80.4%
17.5%
15.4%
(S$’000) (S$’000)