STATEMENT OF TOTAL RETURN
FY 2015
FY 2014
Variance
S$’000
S$’000
Net property income
137,003
140,526
-2.5%
Net income before fair value adjustment
89,561
106,242
-15.7%
Income available for distribution
108,958
119,515
-8.8%
Total distribution (after retention for working capital)
99,192
(1)
107,563
-7.8%
BALANCE SHEET
Prudent capital management has resulted in a healthy balance sheet for CDLHT. As at 31 December 2015, CDLHT did not
have any exposure to financial derivatives.
As at
As at
Variance
31 Dec 2015 31 Dec 2014
S$’000
S$’000
Investment properties
2,176,664
(2)
2,206,423
-1.3%
Property, plant and equipment
270,855
(3)
138,260
+95.9%
Non-current assets
2,455,141
2,352,334
+4.4%
Total assets
2,547,483
2,450,186
+4.0%
Borrowings
(4)
926,020
776,748
+19.2%
Net assets
1,573,364
1,616,127
-2.6%
KEY FINANCIAL INDICATORS
As at
As at
Variance
31 Dec 2015 31 Dec 2014
Gearing
36.4%
31.7%
+4.7pp
Weighted average cost of debt
2.5%
2.3% +0.2pp
Weighted average debt to maturity (years)
2.8
2.5
+0.3
Interest coverage ratio
6.6x
8.6x
-2.0x
Net asset value per unit
S$1.59
S$1.65
-3.6%
FINANCIAL
HIGHLIGHTS
(1)
The undistributed income of S$10,896,000 retained for working capital comprised solely of tax exempt income.
(2)
All properties, excluding Jumeirah Dhevanafushi, the Japan Hotels and the UK Hotel, are accounted for as Investment Properties.
(3)
In CDLHT’s consolidated financial statements as at 31 December 2015, Jumeirah Dhevanafushi is accounted for at cost as Property, Plant and
Equipment and Prepaid Land Lease while both the Japan Hotels and the UK Hotel are accounted for at cost as Property, Plant and Equipment.
(4)
The borrowings are presented before the deduction of unamortised transaction costs.
OVERVIEW AND FINANCIAL REVIEW
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