Page 16 - ar2012

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CDL Hospitality TrustS
14
REVIEW OF FINANCIAL PERFORMANCE
CDLHT achieved record gross revenue of S$149.5 million for the year ended 31 December 2012, exceeding the
previous year by 6.0%. The strong operating performance was due to both organic growth across the Singapore
and overseas portfolio, full year contribution from Studio M Hotel
(1)
and 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 continued to show
growth in 2012, underpinned by Australia’s natural resource sector.
The net property income grew to S$139.3 million in FY 2012, an increase of 3.0% (or S$4.1 million) over FY 2011.
There was an inclusion of a one-of property tax refund of S$3.3 million in FY 2011 net property income, which
did not recur this year. 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.
The income available for distribution (before deducting income retained for working capital) of S$121.7 million
in FY 2012 grew by 3.0% over the same period last year. The income distributed per Stapled Security for
FY 2012 was 11.32 Singapore cents, marking a 2.4% growth year-on-year. Both the income available for distribution
and income distributed per Stapled Security for FY 2012 are at record highs.
Record High Gross Revenue in FY 2012
Record High Income Available for
Distribution in FY 2012
S$149.5
M
S$121.7
M
Singapore
Australia
New Zealand
Net Property Income
(1) As the acquisition of Studio M Hotel was only completed on 3 May 2011, the recognition of the rental contribution was only 243 days in FY 2011 as
compared to the recognition of full 12 months contribution in FY 2012.
Gross Revenue
135,191
139,293
+3.0%
YEAR IN REVIEW
50,000
0
100,000
150,000
FY 2012
FY 2011
(S$’000)
6.7%
6.7%
13.8%
14.0%
50,000
0
100,000
150,000
FY 2012
FY 2011
(S$’000)
141,107
149,535
+6.0%
6.4%
6.3%
13.2%
13.0%
80.4%
80.7%
79.5%
79.3%
Record High Income to be Distributed
per Stapled Security in FY 2012
11.32
cents
s