Page 10 - ar2012

CDL Hospitality TrustS
08
On behalf of the Board of Directors of the H-REIT
Manager and the HBT Trustee-Manager, I am pleased
to present a robust set of fnancial results for the
fnancial year ended 2012 (“FY 2012”).
Continued Revenue Growth
Gross revenue recorded a 6% increase from the
corresponding period in 2011 (“ FY 2011”) to S$149.5
million. This marks a continued trend of revenue
growth in FY 2012 despite a weak global economic
environment. Total net property income likewise
increased year-on-year by 3% (or S$4.1 million) to
S$139.3 million (1).
The increase can be attributed to improved
hospitality performance of the Singapore Hotels
which registered a record high RevPAR of S$211 in
FY 2012 (2), the recognition of a full twelve months
contribution from Studio M Hotel (acquired on 3 May
2011) as compared to only 243 days in FY 2011, and
the receipt of a full year’s variable income of S$1.8
million (or A$1.3 million) from the Australia Hotels,
as compared to an 8-month variable income of
S$0.84 million (or A$0.65 million) recognised in 2011.
CDLHT’s hotels in Brisbane and Perth also continued
to show growth in 2012, underpinned by Australia’s
natural resource sector.
Acquisition of the Angsana Velavaru
Resort in the Maldives
The successful acquisition of the Angsana Velavaru in
January 2013 marks further growth and enhancement
of CDLHT’s revenue base. The transaction is a unique
opportunity for CDLHT to acquire a 100% interest in
a branded resort in the buoyant hospitality market
of the Maldives, which is one of the highest RevPAR
markets globally.
The Maldives’ tropical climate, white beaches, rich
marine environment and “one-island-one-resort”
concept, have frmly established the island paradise
as a top-tier destination for luxury tourism. This
acquisition allows CDLHT to capitalise on the trend
of rising afuence of Asian travellers and the growing
demand for premium resort experience.
The Angsana Velavaru is a 40-minute scenic seaplane
ride away from Male International Airport. The resort
features 79 beach villas and an exclusive cluster of
34 water villas, providing guests the opportunity to
enjoy two distinct experiences at one resort.
The acquisition was completed on 31 January 2013 and
a lease-back of the property commenced on 1 February
2013. This is expected to augment CDLHT’s long-term
income stream. With this acquisition, CDLHT’s portfolio
has grown to 13 hotels with 4,420 rooms.
Record high income available
for distribution
The income available for distribution (before deducting
income retained for working capital) of S$121.7 million
in FY 2012 exceeded the corresponding year by S$3.5
million, or 3.0%. The FY 2012 income available for
distribution represents a record high. In tandem with
the improved operating results, the income available
for distribution per Stapled Security for FY 2012 (after
deducting the income retained for working capital)
grew 2.4% from 11.05 cents reported in the previous
corresponding year to 11.32 cents, a record high.
CHAIRMAN’s STATEMENT
s
(1) Included in FY 2011 net property income is a one-of property tax refund of S$3.3 million, which did not recur in FY 2012. The year-on-year improvement
in net property income would be higher at 5.7% (or S$7.5 million) if the one-of property tax refund of S$3.3 million is excluded from FY 2011.
(2) This fgure excludes Studio M Hotel which was only acquired on 3 May 2011. RevPAR for the Singapore Hotels (including Studio M Hotel) increased
by 3.1% to S$205 in FY 2012.