City Developments Limited
Year 2005 2006 2007 2008 2009
Revenue $2,374m $2,547m $3,106m $2,945m $3,273m
Profit before income tax $404m $692m $955m $834m $832m
Profit for the year attributable
to owners of the Company
$200m $352m $725m $581m $593m
Net gearing ratio 0.50 0.40 0.48 0.48 0.40
Return on equity 4.4% 7.4% 13.9% 10.7% 9.9%
Net asset value per share $5.12 $5.21 $5.72 $5.97 $6.57
Basic earnings per share 20.8 cents 37.0 cents 78.3 cents 62.5 cents 63.8 cents
Dividends          
a) Ordinary dividend (gross)
per share
         
  -   final
7.5 cents 7.5 cents 7.5 cents(1) 7.5 cents(1) 8.0 cents(1)
  -   special interim
7.5 cents 10.0 cents
   -   special final
5.0 cents 10.0 cents 12.5 cents(1)
b) Preference dividend (net)
per share

3.90 cents

3.90 cents

3.90 cents

3.90 cents(1)

3.90 cents(1)
 
Year 2010(3) 2011 2012 2013(3) 2014
Revenue $3,103m $3,280m $3,354m $3,213m $3,764m
Profit before income tax $1,067m $1,136m $960m $948m $1,004m
Profit for the year attributable
to owners of the Company
$784m $799m $678m $686m $770m
Net gearing ratio 0.29 0.21 0.25 0.25 0.26
Return on equity 12.5% 11.7% 9.3% 8.9% 9.2%
Net asset value per share $6.89 $7.51 $8.03 $8.50 $9.25
Basic earnings per share 84.8 cents 86.4 cents 73.2 cents 74.0 cents 83.2 cents
Dividends          
a) Ordinary dividend (gross)
per share
         
  -   final
8.0 cents(1) 8.0 cents(1) 8.0 cents(1) 8.0 cents(1) 8.0 cents(2)
  -   special interim
5.0 cents(1) 8.0 cents(1) 4.0 cents(1)
   -   special final
10.0 cents(1) 5.0 cents(1) 5.0 cents(1) 4.0 cents(2)
b) Preference dividend (net)
per share

3.90 cents(1)

3.90 cents(1)

3.90 cents(1)

3.90 cents(1)

3.90 cents(1)
 

Notes:
(1) Dividends declared were tax-exempt (one-tier).
(2) Final and special final tax-exempt (one-tier) ordinary dividends proposed for the financial year ended 31 December 2014 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting.
(3) Certain accounting policies or accounting standards had changed in the financial years 2011 and 2014. Only the financial information above presented for each of the years immediately preceding 2011 and 2014 had been restated to reflect the relevant changes in accounting policies or accounting standards.


CAPITAL MANAGEMENT

  As at
31/12/14
As at 31/12/13
(Restated)(a)
Cash and cash equivalents $3,898m $2,720m
Net borrowings $2,820m $2,589m
Net gearing ratio(b) 0.26 0.25
Net gearing ratio if fair value gains on investment
properties are taken into consideration
0.19 0.18
Interest cover ratio 12.1 times 13.7 times

Notes:
(a) The 2013 comparative figures were restated to take into account the retrospective adjustments arising from the adoption of FRS 110 –
Consolidated Financial Statements.
(b) Excludes fair value gains on investment properties as the Group’s accounting policy is to state its investment properties at cost less accumulated depreciation and impairment losses.


NET GEARING