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CORPORATE PROFILE

Singapore’s property pioneer since 1963, City Developments Limited (CDL) is a listed international property and hotel conglomerate involved in real estate development and investment, hotel ownership and management, facilities management, as well as the provision of hospitality solutions.

With an extensive network of more than 300 subsidiaries and associated companies under its wings, CDL also has 5 companies listed on notable stock exchanges in Hong Kong, London, New Zealand, and the Philippines. CDL currently owns and manages a strong portfolio of residential and investment properties, in addition to hotels, across Asia, Europe/Middle East, North America and New Zealand/Australia.

 
In line with CDL’s CSR commitment to sustainable business practices, four CDL developments including Volari (above), were recently awarded the BCA Green Mark Platinum Award, Singapore’s highest green rating for buildings.
 

In Singapore, CDL holds an impressive track record of over 22,000 luxurious and quality homes to its name. As one of the biggest landlords in Singapore, CDL owns over 7 million square feet of lettable office, industrial, retail and residential space. CDL also owns one of the largest land banks amongst private developers, with over 3.6 million square feet that has the potential of being developed into over 7.1 million square feet of gross floor area.

Beyond establishing a distinctive imprint on the Singapore cityscape, CDL’s local presence is matched by the strategic growth of its international business. Its global presence is led by its diversification into hospitality management and the acquisition of hotel assets through CDL’s London-listed subsidiary, Millennium & Copthorne Hotels plc (M&C). As one of the world’s largest hotel groups, M&C owns, asset manages and/or operates over 100 hotels in 17 countries around the world. The Hong Kong-listed City e-Solutions Limited is another subsidiary of CDL that is dedicated towards providing management services and technology solutions for the hospitality industry, as well as making investments in the global real estate sector.

In Singapore, CDL has over 300 employees at our headquarters (excluding subsidiaries).

5-year financial highlights

Year
2005 2006 2007 2008 2009
Revenue
S$2,374m S$2,547m S$3,106m S$2,945m S$3,273m
Profit before tax
S$404m S$692m S$955m S$834m S$832m
Profit for the year attributable to equity holders of the Company
S$200m S$352m S$725m S$581m S$593m
Return on equity
4.4% 7.4% 13.9% 10.7% 9.9%
Net asset value per share
S$5.12 S$5.21 S$5.72 S$5.97 S$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(2)
    • 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)

(1)
Dividends declared were tax-exempt (one-tier).
(2)
Final tax-exempt (one-tier) ordinary dividend proposed for financial year ended 31 December 2009 had been approved by the ordinary shareholders at the last Annual General Meeting held on 28 April 2010 and paid out on 21 May 2010.

capital management

  As at
31/12/09
As at
31/12/08
Cash generated from operating activities before income tax
  S$1,058m   S$517m
Cash and cash equivalents
  S$981m   S$776m
Net borrowings
  S$3,053m   S$3,378m
Net gearing ratio(3)
  0.40   0.48
Net gearing ratio if fair value gains on investment properties are taken in
  0.27   0.32
Interest cover ratio
  14.5 times   11.0 times

(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 impairment losses.

net gearing

CDL’s financial information is described in more detail in our 2009 Annual Report. Current and previous reports are available online at www.cdl.com.sg.

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