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annual report 2012
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HEALTHY CAPITAL STRUCTURE
CDLHT is rated BBB- on the Fitch Issuer Default Rating and has an interest cover of 9.6 times for FY 2012.
Total borrowings stood at S$531.8 million, with a debt-to-assets ratio of 24.9% as at 31 December 2012. Post
the Angsana Velavaru acquisition, CDLHT’s debt-to-asset ratio has changed to 27.9% (1)(2) .
Underpinned by its relatively low gearing ratio, unsecured assets and diversifed access to alternative funding
sources, CDLHT is well equipped with fnancial capacity for future acquisitions.
Stapled security price statistics
CDLHT closed at a price of S$1.88 per Stapled Security as at 31 December 2012. Since IPO, the Stapled Security’s
price of CDLHT has appreciated by 126.5%. In the year 2012, the Stapled Security’s price grew 21.7% from
S$1.545, the closing price as at 31 December 2011.
The Stapled Security’s price continued to grow in 2013, recording an increase of 9.0% year-to-date based on
the closing price of S$2.05 as at 1 March 2013.
Summary of Stapled Security Price Statistics
IPO as at 19 July 2006 S$0.830
Closing Price as at 31 December 2011 S$1.545
Closing Price as at 31 December 2012 S$1.880
Highest price in FY 2012 S$2.100
Lowest price in FY 2012 S$1.580
Weighted Average Price in FY 2012 S$1.881
Trading Volume in FY 2012 (Number of Stapled Securities) 447.4 million
(1) Assuming CDLHT owns the Angsana Velavaru as at 31 December 2012.
(2) Assuming the total acquisition cost (including transaction expenses) of US$72.4 million is 100% US dollar debt-funded and converted at an exchange
rate of US$1 = S$1.2224 as at 27 December 2012.