8
CDL
HOSPITALITY TRUSTS
(1) 90.0% of income available for distribution was distributed to Security holders. The remaining undistributed income of S$11,952,000 comprising solely
of tax exempt income was retained for working capital needs.
(2) The fair value of the derivatives as at 31 December 2014 is disclosed under Note 13 on page 137 of the Annual Report.
(3) The net revaluation surplus of S$17,639,000 has been recognised in the Statement of Total Return. The revaluation surplus has no impact on the
taxable income or income available for distribution to Security holders. Included in Investment Properties as at 31 December 2014 is a net translation
loss of S$4,238,000 relating to its overseas properties. All properties, excluding Jumeirah Dhevanafushi and the Japan Hotels, are accounted for as
Investment Properties.
(4) In CDLHT’s consolidated financial statements as at 31 December 2014, Jumeirah Dhevanafushi is accounted for at cost as Property, Plant and
Equipment and Prepaid Land Lease while the Japan Hotels are accounted for at cost as Property, Plant and Equipment.
(5) The borrowings are presented before the deduction of unamortised transaction costs.
(6) Subsequent to the financial year end, H-REIT exercised its option to convert a 5-year US$65.0 million (S$86.0 million) floating rate term loan into a
5-year fixed rate term loan, as allowed under the terms of the loan facility. The weighted average cost of debt, after this conversion, is about 2.4%.
STATEMENT OF TOTAL RETURN
FY 2014
S$’000
FY 2013
S$’000
Variance
Net property income
140,526
137,389
+2.3%
Net income before revaluation
106,242
106,401
-0.1%
Income available for distribution
119,515
118,554
+0.8%
Income distributed
107,563
(1)
106,699
+0.8%
FINANCIAL
HIGHLIGHTS
KEY FINANCIAL INDICATORS
As at
31 Dec 2014
As at
31 Dec 2013
Variance
Gearing
31.7%
29.7%
+2.0pp
Weighted average cost of debt
2.3%
(6)
2.4%
-0.1pp
Weighted average debt to maturity (years)
2.5
2.6 -0.1
Interest coverage ratio
8.6x 8.8x -0.2x
Net asset value per unit
S$1.65
S$1.63 +1.2%
BALANCE SHEET
As at
31 Dec 2014
S$’000
As at
31 Dec 2013
S$’000
Variance
Investment properties
2,206,423
(3)
2,161,693
+2.1%
Property, plant and equipment
138,260
(4)
71,490
+93.4%
Non-current assets
2,352,334 2,238,846
+5.1%
Total assets
2,450,186 2,323,068
+5.5%
Borrowings
776,748
(5)
690,093
(5)
+12.6%
Net assets
1,616,127 1,595,382
+1.3%
Prudent capital management has resulted in a healthy balance sheet for CDLHT. As at 31 December 2014, CDLHT's
exposure to derivatives
(2)
represents a negligible percentage of its net asset and market capitalisation.
