14
CDL
HOSPITALITY TRUSTS
REVIEW OF FINANCIAL PERFORMANCE
CDLHT achieved a 12.1% increase in gross revenue of S$166.8 million for the year ended 31 December 2014, primarily due
to recognition of full hotel revenue contribution of S$21.6 million from Jumeirah Dhevanafushi (acquired in December 2013
under a management contract). For the remaining properties which are under master leases, gross revenue showed a marginal
decline of 2.4% to S$145.3 million in FY 2014.
Net property income for FY 2014 (after deducting Jumeirah Dhevanafushi's hotel operating expenses, and the portfolio’s
property tax and insurance expenses) increased 2.3% yoy to S$140.5 million. The increase was driven mainly by the acquisitive
growth of Angsana Velavaru (acquired in January 2013) and the addition of Jumeirah Dhevanafushi which collectively
contributed to a yoy increase of S$7.6 million in net property income. Contribution from the New Zealand hotel also grew 5.3%
yoy to S$10.2 million. However, this was offset by reduced contributions from Singapore Hotels of S$0.5 million, loss of rental
income from Claymore Connect of S$2.7 million as well as lower contribution from Australia Hotels of S$1.7 million.
Correspondingly, income distributed (after deducting income retained for working capital) for FY 2014 increased 0.8% yoy to
S$107.6 million. Income distributed per Stapled Security for FY 2014 was 10.98 cents, compared to 10.97 cents the year before.
CDLHT revalued its investment properties as at 31 December 2014 and recorded a net revaluation surplus of S$17.6 million.
PERFORMANCE BY COUNTRY AND PROPERTY
(1)
Gross Revenue
Net Property Income
FY 2014
S$’000
FY 2013
S$’000
Variance
FY 2014
S$’000
FY 2013
S$’000
Variance
Master Leases
145,259 148,782
-2.4%
134,838 137,389
-1.9%
Singapore
106,373
110,618
-3.8%
96,994
100,191
-3.2%
Singapore Hotels
104,552
105,745
-1.1%
96,082
96,553
-0.5%
Orchard Hotel
25,919
25,461
+1.8%
23,780
23,183
+2.6%
Grand Copthorne Waterfront Hotel
22,636
23,620
-4.2%
20,929
21,773
-3.9%
M Hotel
15,784
15,604
+1.2%
14,478
14,157
+2.3%
Copthorne King’s Hotel
8,907
8,911
N.M.
7,488
7,388
+1.4%
Studio M Hotel
9,008
9,273
-2.9%
8,459
8,601
-1.7%
Novotel Singapore Clarke Quay
22,298
22,876
-2.5%
20,948
21,451
-2.3%
Claymore Connect
1,821
4,873
-62.6%
912
3,638
-74.9%
Australia
16,747
18,480
-9.4%
16,747
18,480
-9.4%
Mercure Brisbane
2,982
3,291
-9.4%
2,982
3,291
-9.4%
Ibis Brisbane
1,988
2,194
-9.4%
1,988
2,194
-9.4%
Novotel Brisbane
6,051
6,678
-9.4%
6,051
6,678
-9.4%
Ibis Perth
2,268
2,503
-9.4%
2,268
2,503
-9.4%
Mercure Perth
3,458
3,814
-9.3%
3,458
3,814
-9.3%
New Zealand
10,234
9,723
+5.3%
10,234
9,723
+5.3%
Rendezvous Grand Hotel Auckland
10,234
9,723
+5.3%
10,234
9,723
+5.3%
Maldives
11,905
9,961
+19.5%
10,863
8,995
+20.8%
Angsana Velavaru
11,905
9,961
+19.5%
10,863
8,995
+20.8%
Management Contract
21,553
-
N.M.
5,688
-
N.M.
Jumeirah Dhevanfushi
(2)
21,553
-
N.M.
5,688
-
N.M.
Total
166,812 148,782
+12.1%
140,526 137,389
+2.3%
N.M. Denotes Not Meaningful
(1) Contribution from the Japan Hotels, which were acquired on 19 December 2014, will only be recognised from 1Q 2015 onwards.
(2) No prior period comparatives are presented as Jumeirah Dhevanafushi was acquired on 31 December 2013. As the property is on a management
contract, the gross revenue comprises the entire hotel revenue derived from the resort operations of the resort, and the net property income is
derived after deducting the resort’s operating expenses, insurance and property tax.
YEAR IN REVIEW
