CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 12 13 NOTES: (1) 2021 comparative figures were adjusted to reclassify the assets held for sale and the liabilities directly associated with the assets, back to the Group’s respective assets and liabilities as the proposed REIT listing of the two UK commercial properties did not materialise. This is in accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations. Refer to details in notes to the financial statements under Statutory Reports and Accounts. (2) Final and special final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2022 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting. (3) 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 accumulated impairment losses. (4) Based on CDLHT unit price of $1.27 on 25 May 2022. (5) Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties. Year 2018 2019 2020 2021(1) 2022 For the financial year ($’million) Revenue 4,223 3,429 2,108 2,626 3,293 Profit before tax 876 754 (1,791) 215 1,857 Profit for the year attributable to owners of the Company (PATMI) 557 565 (1,917) 85 1,285 At 31 December ($’million) Property, plant and equipment 5,013 5,462 5,526 5,362 4,061 Investment properties 3,741 4,410 4,569 4,983 4,967 Development properties 5,704 5,156 5,391 5,839 5,958 Cash and bank balances (including restricted deposits in other non-current assets and bank balances in assets held for sale) 2,512 3,084 3,237 2,191 2,370 Other assets 3,916 5,088 4,954 5,505 5,625 Total assets 20,886 23,200 23,677 23,880 22,981 Equity attributable to owners of the Company 10,041 10,520 8,502 8,401 9,216 Non-controlling interests 2,233 746 740 918 348 Borrowings 6,327 9,711 11,555 11,140 9,669 Other liabilities 2,285 2,223 2,880 3,421 3,748 Total equity and liabilities 20,886 23,200 23,677 23,880 22,981 Per share Basic earnings (cents) 59.9 60.8 (212.8) 7.9 140.3 Net asset value ($) 11.07 11.60 9.38 9.26 10.16 Dividends (cents) a) Ordinary dividend (gross) - final 8.0 8.0 8.0 8.0 8.0(2) - special interim 6.0 6.0 – 3.0 12.0 - special final 6.0 6.0 4.0 1.0 8.0(2) b) Distribution in specie – – – 20.2(4) – c) Preference dividend (net) 3.9 3.9 3.9 3.9 3.9 Financial ratios Return on equity (%) 5.6 5.4 (22.5) 1.0 13.9 Net gearing ratio (%)(3) 31 61 93 99 84 Net gearing ratio if fair value gains on investment properties are taken into consideration (%) 23 43 62 61 51 Interest cover ratios (times)(5) 14.9 14.0 3.4 3.0 9.8 * Including only fair value gains on investment properties. ^ Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties. ~ Including distribution in specie of CDLHT Units based on unit price of $1.27 on 25 May 2022. 2022 HIGHLIGHTS 5-YEAR FINANCIAL HIGHLIGHTS REVENUE $3.3 BILLION $2.6 billion in 2021 NET GEARING RATIO* 51% 61% in 2021 INTEREST COVER^ 9.8X 3.0x in 2021 TOTAL ASSETS $23.0 BILLION $23.9 billion in 2021 CASH AND AVAILABLE COMMITTED CREDIT FACILITIES $4.1 BILLION $3.9 billion in 2021 BASIC EARNINGS PER SHARE 140.3 CENTS 7.9 cents in 2021 (Restated) NET ASSET VALUE PER SHARE $10.16 $9.26 in 2021 (Restated) EBITDA $2.3 BILLION $701.4 million in 2021 (Restated) PATMI $1.3 BILLION $84.7 million in 2021 (Restated) REVALUED NAV (RNAV) PER SHARE* $16.98 $15.73 in 2021 (Restated) DIVIDEND PER SHARE 28.0 CENTS CLOSING SHARE PRICE $8.23 $6.81 in 2021 32.2 cents in 2021~
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