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FINANCIAL HIGHLIGHTS
(1)
At the time of acquisition on the UK hotel by HBT Group on 1 October 2015, the fair value of the assets acquired and liabilities assumed were
determined on a provisional basis. Following the completion of the review in 2016 of the provisional amounts recognised previously, the fair value
was restated (to reflect finalised amounts) in accordance with FRS 103 Business Combination. The restatement does not have any impact on the
distribution of CDLHT.
(2)
The undistributed income of S$10,553,000 retained for working capital comprised solely of tax exempt income.
(3)
The fair value of the derivatives as at 31 December 2016 is disclosed under Note 12 on page 159 of the Annual Report.
(4)
All properties, excluding Jumeirah Dhevanafushi, the Japan Hotels and the UK Hotel, are accounted for as Investment Properties.
(5)
In CDLHT’s consolidated financial statements as at 31 December 2016, Jumeirah Dhevanafushi is accounted for at cost as Property, Plant and
Equipment and Prepaid Land Lease while the Japan Hotels and the UK Hotel are accounted for at cost as Property, Plant and Equipment.
(6)
The borrowings are presented before the deduction of unamortised transaction costs.
OVERVIEW AND FINANCIAL REVIEW
STATEMENT OF TOTAL RETURN
FY 2016
FY 2015 Variance
S$’000
S$’000
Net property income
137,560
137,003
+0.4%
Net income before fair value adjustment
71,969
81,786
(1)
-12.0%
Income available for distribution
105,530
108,958
-3.1%
Total distribution (after retention for working capital)
99,124
(2)
99,192
-0.1%
BALANCE SHEET
Prudent capital management has resulted in a healthy balance sheet for CDLHT. As at 31 December 2016, CDLHT's
exposure to derivatives
(3)
represents a negligible percentage of its net assets and market capitalisation.
As at
31 Dec 2016
As at
31 Dec 2015
Variance
S$’000
S$’000
Investment properties
2,175,008
(4)
2,176,664
-0.1%
Property, plant and equipment
244,361
(5)
270,855
-9.8%
Non-current assets
2,426,186
2,455,141
-1.2%
Total assets
2,535,342
2,547,483
-0.5%
Borrowings
(6)
932,627
926,020
+0.7%
Net assets
1,546,421
1,565,819
(1)
-1.2%
KEY FINANCIAL INDICATORS
As at
31 Dec 2016
As at
31 Dec 2015
Variance
Gearing
36.8%
36.4% +0.4pp
Weighted average cost of debt
2.5%
2.5%
–
Weighted average debt to maturity (years)
3.0
2.8
+0.2
Interest coverage ratio
6.2x
6.6x
-0.4x
Net asset value per unit
S$1.55
S$1.58
(1)
-2.0%
10