17
ANNUAL REPORT 2014
SUMMARY OF STAPLED SECURITY PRICE STATISTICS
IPO as at 19 July 2006
S$0.830
Closing Price as at 31 December 2013
S$1.640
Closing Price as at 31 December 2014
S$1.740
Highest Price in FY 2014
S$1.830
Lowest Price in FY 2014
S$1.540
Weighted Average Price in FY 2014
S$1.695
Trading Volume in FY 2014 (Number of Stapled Securities)
296.6 million
Mercure Brisbane Lobby: Before refurbishment
Mercure Brisbane Lobby: Post-refurbishment
curriculum; Ch’i Life Studio – Singapore’s Premier International Martial Arts Studio for children and adults of all ages; as well as
a range of food & beverages options, suitable for families and for all patrons. The mall has received its TOP in March 2015 and
is expected to commence operations in second quarter of 2015.
For the Singapore portfolio, M Hotel completed a refurbishment of J Bar in FY 2014. For its overseas portfolio, Mercure
Brisbane underwent lobby renovation in 2014 and their restaurant refurbishment was completed in February 2015. At Mercure
Perth, the hotel completed its lobby refurbishment in 2014 and its restaurant and bar refurbishment is expected to be finished
in early part of 2015. Similarly, Ibis Perth has completed its conference room refurbishment as well as the rebranding of its hotel
restaurant in 2014. At Jumeirah Dhevanafushi, two new beach villas are expected to be completed and operational by second
quarter of 2015.
The proactive implementation of AEIs is expected to enhance CDLHT’s product offerings as well as the long-term revenue-
generating ability of its properties.
HEALTHY CAPITAL STRUCTURE AND RISK MANAGEMENT
As at 31 December 2014, CDLHT's total borrowings stood at S$776.7 million with a gearing ratio of 31.7%. CDLHT is rated
BBB- on the Fitch Issuer Default Rating and has an interest cover of 8.6 times for FY 2014.
To optimise risk-adjusted returns to Stapled Security holders, CDLHT endeavours to balance an appropriate mix of debt and
equity in financing acquisitions and adopts proactive interest rate management strategies by maintaining a higher percentage
of fixed rate borrowings and through the use of interest rate swaps, where appropriate. In 2014, the H-REIT Manager successfully
refinanced a S$70.0 million medium term note and a US$60.6 million (S$76.8 million) bridge loan drawn for the acquisition of
Jumeirah Dhevanafushi into two 5-year floating rate term loans. To manage its interest rate exposure, CDLHT exercised its
option in January 2015 to convert the US$65.0 million (S$86.0 million) floating rate term loan into a fixed rate loan. As a result
of this, CDLHT currently has 52.2% of its borrowings on fixed interest rates.
In terms of available lines of credit, the H-REIT Group has in place a S$1.0 billion multi-currency medium term note programme,
of which S$796.4 million remains unissued and another S$49.1 million unutilised from its multi-currency unsecured revolving
credit facility as at 31 December 2014. CDLHT also has a S$300.0 million uncommitted multi-currency bridge loan facility which
is currently unutilised. With a strong balance sheet, underpinned by its relatively low gearing ratio, and diversified access to
funding sources, CDLHT is well equipped with the financial capacity for future acquisitions.
STAPLED SECURITY PRICE STATISTICS
CDLHT closed at a price of S$1.74 per Stapled Security as at 31 December 2014. Since IPO, the Stapled Security’s price has
appreciated by 109.6%. In the year 2014, the Stapled Security's price increased 6.1% from S$1.64, the closing price as at
31 December 2013.
