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INDEPENDENT AUDITORS’ REPORT
REPORTS
Unitholders
CDL Hospitality Business Trust
(Constituted under a Trust Deed in the Republic of Singapore)
CDL Hospitality Real Estate Investment Trust
(Constituted under a Trust Deed in the Republic of Singapore)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited:
(i)
the financial statements of CDL Hospitality Business Trust ("
HBT
") and its subsidiaries (the "
HBT Group
") for the
financial year ended 31 December 2016;
(ii)
the financial statements of CDL Hospitality Real Estate Investment Trust ("
H-REIT
") and its subsidiaries (the "
H-REIT
Group
") for the financial year ended 31 December 2016; and
(iii) the financial statements of CDL Hospitality Trusts for the financial year ended 31 December 2016;
as set out on pages 114 to 194. CDL Hospitality Trusts, which comprises the HBT Group and the H-REIT Group,
is hereinafter referred to as the
"
Stapled Group
".
The accompanying consolidated financial statements comprise the statement of financial position of the HBT Group,
and the statement of financial position and portfolio statement of the H-REIT Group and the Stapled Group, as at 31
December 2016; the statement of profit or loss, the statement of comprehensive income, statement of movements in
unitholders’ funds and statement of cash flows of the HBT Group; the statement of total return, statement of movements
in unitholders’ funds and statement of cash flows of the H-REIT Group; the statement of total return, statement of
movements in unitholders’ funds, distribution statement and statement of cash flows of the Stapled Group, all for the year
then ended; and notes to the financial statements, including a summary of significant accounting policies as set out on
pages 114 to 194.
In our opinion:
(a)
the accompanying consolidated financial statements of the HBT Group are properly drawn up in accordance with
the provisions of the Business Trust Act, Chapter 31A of Singapore (the "
Act
") and Financial Reporting Standards
in Singapore ("
FRS
") so as to give a true and fair view of the state of affairs of the HBT Group as at 31 December
2016 and of the financial performance, movements in unitholders’ funds and cash flows of the HBT Group for the
year then ended; and
(b)
the accompanying consolidated financial statements of the H-REIT Group and the Stapled Group present fairly,
in all material respects, the financial positions and portfolio holdings of the H-REIT Group and the Stapled
Group as at 31 December 2016 and the financial performance, movements in unitholders’ funds, and cash flows
of the H-REIT Group and the financial performance, distributable income, movements in unitholders’ funds and
cash flows of the Stapled Group for the year then ended in accordance with the recommendations of Statement
of Recommended Accounting Practice ("
RAP
") 7
Reporting Framework for Unit Trusts
issued by the Institute of
Singapore Chartered Accountants ("
ISCA
").
Basis for opinion
We conducted our audit in accordance with Singapore Standards on Auditing ("
SSAs
"). Our responsibilities under
those standards are further described in the ‘
Auditors’ responsibilities for the audit of the financial statements
’ section
of our report. We are independent of the HBT Group, the H-REIT Group and the Stapled Group in accordance with the
Accounting and Corporate Regulatory Authority
Code of Professional Conduct and Ethics for Public Accountants and
Accounting Entities
("
ACRA Code
") together with the ethical requirements that are relevant to our audit of the financial
statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
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Annual Report 2016