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Proposed core dividend of 12 Singapore cents2 per share Target to double funds under management to S$200 billion in five years
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Posted by CapitaLand Investment (CLI). cash patmi1 This was primarily due to operating PATMI of S$568 million in FY2023 and stable portfolio gains from sales of S$2.1 billion. The resilience of PATMI operations is underpinned by the Fee-Related Business (FRB), which continues to make a significant contribution to the group’s overall profit year-on-year. The Fed’s revenue increased from S$984 million in FY2022 to S$1.07 billion in FY2023 due to increased contributions from Accommodation Management and Commercial Management. % increased.
Given the stable operating cash flow, the board has proposed a core dividend of 12.0 Singapore cents per share for 2023, subject to shareholder approval. The total amount paid is approximately S$612 million2.
As it approaches its 2024 Funds Under Management (FUM) target of S$100 billion, CLI today announced its aim to double FUM to S$200 billion over the next five years. To date, the FUM introduced and deployed by CLI has reached S$100 billion. This includes close to S$10 billion of capital ready for deployment on a leveraged committed capital basis5. This increase was primarily due to acquisition-led growth in CLI’s publicly traded and private funds, additional capital raisings for existing funds, and the creation of new funds during the year. Accommodation management fee income (free)6 grew 28% year-on-year to S$331 million, with approximately 9,600 units in operation. Riding the strong recovery in international travel, RevPAU grew 20% year-on-year to S$91, driven by higher occupancy rates in most regions and higher average daily rates.
financial highlights
Note:
a. Operating PATMI is profit from operations, excluding gains and losses from sales, revaluations, and impairments.
b. Portfolio gains include gains and losses arising from sales, gains and losses from the remeasurement of bargain purchases or acquisitions, and realized fair value gains and losses from the revaluation of investment properties to agreed sales prices.
c. It makes no sense.
CLI Total PATMI Sales of S$181 million in 2023 were impacted by non-cash fair value losses from the revaluation of the Group’s investment properties, particularly due to rental declines in China and higher capitalization rates in the United States. The Group continued to proactively promote asset recycling even in a difficult trading environment, resulting in S$2.1 billion in sales in FY23.
revenue Revenue for FY2023 was S$2,784 million, mainly due to lower corporate lease income in the US and lower rental income from properties in China in the real estate investment business (REIB) segment, partially due to an increase in FRB. This was offset by the decrease compared to the previous year. . REIB’s revenue was S$1.93 billion as at 31 December 2023.
EBITDA Revenue for FY2023 was S$1,104 million, down year-on-year mainly due to revaluation losses on investment properties and lower profits from asset recycling. EBITDA from operating profit remained stable at S$1.475 billion.
Miguel Co, Chairman of CLI, said: “CLI remains focused on executing its strategy of growing asset-light fee income-related revenues, building on its track record in managing funds and properties, and expanding its network of global institutional investors and capital partners. In FY2023, CLI raised S$2.8 billion in third-party capital, up from $2.0 billion in FY2022.With its disciplined capital management and strong balance sheet, CLI has diversified its global portfolio. The company is well placed to pursue M&A opportunities and accelerate its business.Growth momentum. I am happy to be able to offer this.”
“CLI remains focused on executing its strategy of growing asset-light fee income-related revenues, building on its fund and accommodation management track record, and expanding its network of global institutional investors and capital partners. ”
Mr. Miguel Co, CLI Chairman
Lee Chee Koon, Group CEO of CLI, said: “Despite headwinds in the macroeconomic environment, CLI was able to expand its lodging and new economy businesses and make progress in fund management and third-party commercial management. We are confident in our strategy to move towards our new goal of doubling our FUM to S$200 billion by the end of 2028. , we plan to accelerate the pace of organic growth across our business. Goals. We will continue to strengthen the growth of our listed funds through active portfolio management and further expand our operations and fund management in India and Southeast Asia. We will also optimize our portfolio in China and expand our RMB-denominated funds, as well as expand our fund product offerings in Japan, South Korea, Australia and other countries. “We remain disciplined in driving growth that delivers high-quality, stable returns for our LPs and investors.”
“Despite headwinds in the macroeconomic environment, CLI was able to expand its lodging and new economy businesses and make progress in fund management and third-party commercial management. We are confident in our strategy as we move towards our new goal of doubling CLI’s FUM to S$200 billion.”
Mr. Lee Chaekun, CLI Group CEO
Promoting sustainability initiatives
CLI continues to strive towards environmental, social and governance (ESG) goals to create a positive impact on the environment and communities. In June 2023, CLI strengthened its ESG commitments with an updated 2030 Sustainability Master Plan (SMP). The SMP incorporates his CLI’s commitment to achieve net-zero Scope 1 and 2 carbon emissions by 2050, and expanded its social and governance focus with new goals. CLI continues to be listed on the Dow Jones Sustainability World Index, Asia Pacific Index, and GRESB (Global Sector Leader – Highest 5-Star Rating Listed (Diversified)).
CLI partnered with tenants for the first time in the third edition of the CapitaLand Sustainability X Challenge (CSXC). CSXC crowdsources sustainable solutions for the built environment around the world. Ten winners were selected from over 680 innovations from 79 countries and awarded funding to test their innovations at selected CapitaLand facilities around the world. Some of CLI’s ESG achievements in 2023 include the launch of International Tech Park Chennai, Radial Road. The business park is India’s first business park to be certified as Net Zero by the Green Building Council of India for energy efficiency, water conservation and waste management.
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1. Cash PATMI consists of operating PATMI and portfolio profits from asset recycling.
2. Based on the number of CLI shares outstanding as of December 31, 2023, excluding treasury shares. The actual dividend amount will be determined only on the closing date.
3. Contains performance fees of S$38 million, consisting of S$29 million from the Vietnam-Singapore Fund recognized as other operating income and S$9 million from the Korea Fund recognized as income. It’s Singapore dollar.
4. As of February 27, 2024.
5. Includes announced acquisitions/sales from publicly traded funds and pending private funds, committed but unutilized private fund capital, and forward purchase agreements.
6. Accommodation facility management income includes service charge income.
Release ID: 89122884
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