5-YEAR FINANCIAL HIGHLIGHTS YEAR 2020 2021 2022 2023 2024 For the financial year ($’million) Revenue 2,108 2,626 3,293 4,941 3,271 Profit before tax (1,791) 215 1,857 473 374 Profit for the year attributable to owners of the Company (PATMI) (1,917) 85 1,285 317 201 At 31 December ($’million) Property, plant and equipment 5,526 5,362 4,061 4,213 4,680 Investment properties 4,569 4,983 4,967 6,291 6,696 Development properties 5,391 5,839 5,958 4,878 4,851 Cash and bank balances (including restricted deposits in other non-current assets and bank balances in assets held for sale) 3,237 2,191 2,370 2,511 3,086 Other assets 4,954 5,505 5,625 6,341 6,294 Total assets 23,677 23,880 22,981 24,234 25,607 Equity attributable to owners of the Company 8,502 8,401 9,216 9,180 9,088 Non-controlling interests 740 918 348 359 221 Borrowings 11,555 11,140 9,669 11,626 13,313 Other liabilities 2,880 3,421 3,748 3,069 2,985 Total equity and liabilities 23,677 23,880 22,981 24,234 25,607 Per share Basic earnings (cents) (212.8) 7.9 140.3 33.6 21.3 Net asset value ($) 9.38 9.26 10.16 10.12 10.17 Dividends (cents) a) Ordinary dividend - final 8.0 8.0 8.0 8.0 8.01 - special interim – 3.0 12.0 4.0 2.0 - special final 4.0 1.0 8.0 – – b) Distribution in specie – 20.23 – – – c) Preference dividend (net) 3.9 3.9 3.9 3.9 3.9 Financial ratios Return on equity (%) (22.5) 1.0 13.9 3.5 2.2 Net gearing ratio (%)2 93 99 84 103 117 Net gearing ratio if fair value gains on investment properties are taken into consideration (%) 62 61 51 61 69 Interest cover ratios (times)4 3.4 3.0 9.8 2.8 2.1 Notes: 1 Final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2024 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting. 2 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. 3 Based on CDLHT unit price of $1.27 on 25 May 2022. 4 Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties. 13 OVERVIEW ANNUAL REPORT 2024
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