CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 12 13 Notes: (1) 2017 comparative figureswere adjusted to take into account retrospective adjustments arising fromthe adoption of Singapore Financial Reporting Standards (International) (SFRS(I)) and International Financial Reporting Standards framework as well as SFRS(I) 9 - Financial Instruments and SFRS(I) 15 - Revenue from Contracts with Customers. (2) Final and special final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2021 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) Excluding non-cash impairment losses on investment properties and property, plant and equipment, and net loss from Sincere Property Group. (5) Excluding non-cash reversal of impairment losses on investment properties and property, plant and equipment, net loss from Sincere Property Group, and negative goodwill on acquisition of subsidiaries. (6) Illustrative valuation based on CDLHT unit price of $1.20. * Including only fair value gains on investment properties. ^ Excluding non-cash reversal of impairment losses on investment properties and property, plant and equipment, net loss from Sincere Property Group and negative goodwill on acquisition of subsidiaries. # Illustrative valuation based on CDLHT unit price of $1.20. 2021 HIGHLIGHTS 5-YEAR FINANCIAL HIGHLIGHTS REVENUE $2.6 BILLION $2.1 billion in 2020 NET GEARING RATIO* 61% 62% in 2020 INTEREST COVER 3.0X^ 3.4x in 2020 TOTAL ASSETS $23.9 BILLION $23.7 billion in 2020 CASH AND AVAILABLE COMMITTED CREDIT FACILITIES $3.9 BILLION $5.2 billion in 2020 BASIC EARNINGS PER SHARE 9.3 CENTS (212.8) cents in 2020 NET ASSET VALUE PER SHARE $9.28 $9.38 in 2020 EBITDA $706.9 MILLION $466 million^ in 2020 PATMI $97.7 MILLION ($1.9) billion in 2020 REVALUED NAV (RNAV) PER SHARE* $15.70 $14.26 in 2020 DISTRIBUTIONS IN CASH AND IN SPECIE 12.0 CENTS 19.1 CENTS# 31.1 CENTS# CLOSING SHARE PRICE $6.81 $7.97 in 2020 Year 2017 (1) 2018 2019 2020 2021 For the financial year ($’million) Revenue 3,829 4,223 3,429 2,108 2,626 Profit before tax 763 876 754 (1,791) 228 Profit for the year attributable to owners of the Company (PATMI) 522 557 565 (1,917) 98 At 31 December ($’million) Property, plant and equipment 4,999 5,013 5,462 5,526 5,362 Investment properties 2,449 3,741 4,410 4,569 3,997 Development properties 4,308 5,704 5,156 5,391 5,839 Cash and bank balances (including restricted deposits in other non-current assets and bank balances in assets held for sale) 3,990 2,512 3,084 3,237 2,191 Other assets 3,618 3,916 5,088 4,954 6,504 Total assets 19,364 20,886 23,200 23,677 23,893 Equity attributable to owners of the Company 9,391 10,041 10,520 8,502 8,414 Non-controlling interests 2,255 2,233 746 740 918 Borrowings 5,022 6,327 9,711 11,555 11,140 Other liabilities 2,696 2,285 2,223 2,880 3,421 Total equity and liabilities 19,364 20,886 23,200 23,677 23,893 Per share Basic earnings (cents) 56.0 59.9 60.8 (212.8) 9.3 Net asset value ($) 10.33 11.07 11.60 9.38 9.28 Dividends (cents) a) Ordinary dividend (gross) – final 8.0 8.0 8.0 8.0 8.0 (2) – special interim 4.0 6.0 6.0 – 3.0 – special final 6.0 6.0 6.0 4.0 1.0 (2) b) Distribution in specie – – – – 19.1 (6) c) Preference dividend (net) 3.9 3.9 3.9 3.9 3.9 Financial ratios Return on equity (%) 5.6 5.6 5.4 (22.5) 1.2 Net gearing ratio (%) (3) 9 31 61 93 99 Net gearing ratio if fair value gains on investment properties are taken into consideration (%) 7 23 43 62 61 Interest cover ratios (times) 13.5 14.9 14.0 3.4 (4) 3.0 (5) in cash in specie in total 12.0 cents (in cash) in 2020
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