• $3.9b

    record group
    revenue
    in 2016

  • $653.2m

    creditable profit after PATMI in 2016

  • Over $3.5b

    in funds under management since 2014

  • Launched 1st Green Bond

    by a Singapore Company which
    raised $100m

Despite the gloomy real estate outlook, CDL remained resilient in 2016, posting record revenues of S$3.9 billion and overall earnings of S$653.2 million. Our strong performance was supported by excellent sales in the property development segment, from our local and overseas properties, and divestments from the third Profit Participation Securities (PPS 3).

Through PPS 3, we are on track to achieve our target of S$5 billion in funds under management (FUM). The third exercise successfully unlocked S$977.6 million, increasing the Company’s FUM to over S$3.5 billion, and attracted a new pool of untapped high net worth investors in Singapore. The funds raised have allowed CDL to unlock shareholder value and further recycle capital for growth plans.

YEAR

2012

2013(1)

2014

2015

2016

Revenue

$3,354 m

$3,213 m

$3,764 m

$3,304 m

$3,905 m

Tax paid

$204 m

$135 m

$115 m

$128 m

$157 m

Staff costs

$665 m

$705 m

$763 m

$818 m

$810 m

Profit before tax

$960 m

$948 m

$1,004 m

$985 m

$914 m

Profit for the year attributable to owners of the Company

$678 m

$686 m

$770 m

$773 m

$653 m

Return on equity

9.3%

8.9%

9.2%

8.6%

7.0%

Net asset value per share

$8.03

$8.50

$9.25

$9.89

$10.22

Basic earnings per share

73.2 cents

74.0 cents

83.2 cents

83.6 cents

70.4 cents

DIVIDENDS

 

 

 

 

 

Ordinary dividend per share

 

 

 

 

 

– Final

8.0 cents

8.0 cents

8.0 cents

8.0 cents

8.0 cents(2)

– Special interim

8.0 cents

4.0 cents

4.0 cents

4.0 cents

– Special final

5.0 cents

4.0 cents

4.0 cents

4.0 cents(2)

Preference dividend per share

3.9 cents

3.9 cents

3.9 cents

3.9 cents

3.9 cents

Notes:

(1) The 2013 comparative figures were restated to take into account the retrospective adjustments arising from the adoption of FRS 110 – Consolidated Financial Statements.
(2) Final and special final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2016 have been approved by the ordinary shareholders at the Annual General Meeting held on 25 April 2017.

CDL’s 2016 financial performance can be found in our Annual Report 2016.

Looking Ahead

In 2017, CDL plans to be more acquisitive with a focus on finding in-place income in Singapore and overseas. Our robust balance sheet and war chest place us in a strong position to deploy capital for acquisitions which can be in the form of physical assets, equities or debt instruments. We will continue to exercise strict discipline in capital management, remaining highly selective and value oriented, and may take a contrarian approach when needed, to enhance shareholders’ returns.

CDL will also continue to pursue our funds management and capital recycling programme. This may take the form of another PPS or traditional private equity structures. We are actively exploring asset enhancement initiatives for our existing office portfolio to ensure our assets remain relevant, up-to-date and competitive. Additionally, we are evaluating innovative offerings and new growth platforms that are complementary to our core businesses. The sharing economy is expected to grow significantly, and our investments such as mamahome and Distrii, provide the Group entry into these growing sectors, which will contribute to our long-term recurring income streams.

In addition, with the growing demand for socially responsible investment products, we recently launched our inaugural green bond on 6 April 2017 – a first by a Singapore company. The two-year senior secured bond raised S$100 million at 1.98% fixed rate, offering us an alternative financing stream. We are keen to explore more green bond issuances in the future that will link our sustainability initiatives with capital markets, and enable us to tap on investors who are supportive of the commitment that CDL has made over the past two decades towards sustainability best practices.

In Singapore, the cooling measures and oversupply of office space will continue to dampen market sentiment in the near-term. However, we remain highly plugged-in to our home market with defensive measures in place to navigate headwinds.