64 | CapitaLand Limited Annual Report 2014
Performance Overview
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The Group’s PATMI for FY 2014 was higher at
S$1,160.8million. Excluding revaluations and impairments
as well as divestments, the operating PATMI was
S$705.3 million, which is 40.4% higher than FY 2013’s
operating PATMI of S$502.5 million. The signimcant
improvement in operating PATMI was mainly due to promt
from the sale of Westgate Tower, higher contribution from
the shopping malls business, lower loss on re-purchase of
convertible bonds as well as lower mnance costs. Finance
costs decreased as the average interest rate and level
of borrowings were both lower in FY 2014. The reduction
in mnancing costs is a result of capital management
initiatives undertaken in FY 2013.
The analysis of the Group’s PATMI is shown below
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The Board of Directors is pleased to propose a core
dividend of 9.0 cents per share in respect of the mnancial
year ended 31 December 2014 versus 8.0 cents per
share in the previous year. This amounts to a payout of
approximately S$383.3 million, which is 33.0% of PATMI,
based on the number of issued shares (excluding
13,928,946 treasury shares) as at 31 December 2014.
The dividends are subject to the shareholders’ approval at
the forthcoming Annual General Meeting of the Company.
For FY 2013, a mrst and mnal dividend of 8.0 cents per
share was approved and paid. The said dividends of
S$340.6 million were paid in May 2014.
Assets
The Group’s total assets as at 31 December 2014 were
S$44.1 billion, of which Singapore and China assets
accounted for approximately 83.7% of the Group’s total
assets. As compared to 31 December 2013, the total
assets declined by S$0.9 billion or 2.1% mainly due to
the decrease in cash and cash equivalents, which was
utilised to fund the privatisation of CMA. The decrease
was partially mitigated by the acquisition of 11 serviced
residence properties in Hong Kong, Australia, Europe,
Japan and China, ongoing development expenditure
for properties under construction mainly in China and
Singapore, acquisition of a retail site in Guangzhou as
well as three residential sites in Chengdu and Ningbo,
China as the Group continues to invest to grow its pipeline
of projects. On an effective stake basis, the Group’s total
assets were S$33.1 billion as at 31 December 2014,
of which 73.8% relate to investment properties portfolio
which contribute to recurring income.
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%
Singapore
42.3
China
(including Hong Kong) 41.4
Other Asia
(excluding Singapore
and China)
10.6
Europe and Others
5.7
FY 2014 PATMI
(S$ million)
Operating
Promts
Portfolio
Losses
Revaluation
Gains
Impairments PATMI
Realised revaluation gains relate to divestments of serviced residences.
1,161
705
61%
(4)
0%
545
76
53%
(161)
(14%)
100%
S$44.1b
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