Revenue and EBITDA – by Business Segments Fee Income-related Business (FRB) FRB Revenue by Segments (S$ million) 318 299 1,169 1,070 122 Listed Funds Management 6% YoY FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 Private Funds Management Lodging Management Commercial Management 17% YoY Total 9% YoY 279 4% YoY 10% YoY 329 331 111 299 386 343 122 318 20 36 9 16 282 111 102 106 331 343 386 329 Event Driven / One-off Recurring The 9% increase in FRB revenue was bolstered by growth in revenue across all four FRB segments, driven by the increase in FUM, new openings and additional third-party management contracts. In line with higher revenue, FRB EBITDA grew 8% to S$436 million. Overall EBITDA margin remained stable at 37% year-on-year (YoY). As at 31 December 2024, FUM stood at S$117 billion2. This is an increase of S$18 billion over the FUM of S$99 billion as at 31 December 2023, mainly from the strategic investment in SCCP and acquisition of Wingate3, coupled with asset acquisitions by CLI’s listed and private funds, additional capital raised from existing funds, as well as the establishment of new funds during the year. For FY 2024, CLI achieved fund management fee-related earnings (FRE) over FUM4 of 48 basis points (bps), higher than the 46 bps achieved for FY 2023. 2 Includes announced acquisitions/divestments not yet completed; committed but undeployed capital for private funds on a leveraged basis; and forward purchase contracts. 3 CLI made a strategic investment of a 40% stake in SCCP, which was completed on 7 March 2025, and a strategic acquisition of 100% of Wingate, expected to be completed in 1H 2025. 4 Refers to revenue from listed and private funds management over average FUM deployed for the year. FY 2024 Performance Review 22 CapitaLand Investment Limited Real Estate Investment Business (REIB) REIB revenue for FY 2024 declined 3% to S$1,864 million5 (FY 2023: S$1,930 million), mainly due to the absence of contribution from divested properties, partially mitigated by higher rental revenue from CLI’s lodging properties, which registered both revenue per available unit (RevPAU) and occupancy growth across most geographies. EBITDA for FY 2024 increased 51% to S$1,008 million (FY 2023: S$669 million), mainly attributed to reduced revaluation losses from investment properties. Excluding the impact of unrealised revaluation/impairment and portfolio gains, the operating EBITDA in FY 2024 of S$1,038 million was comparable to S$1,040 million achieved in FY 2023. The loss of income from the divested on-balance sheet properties was offset by higher returns from CLI’s investments in listed and private funds due to enlarged portfolios and improved operating performance from existing properties. CLI’s Financial Position Arising from disciplined capital recycling and the deconsolidation of CLAS during FY 2024, CLI’s balance sheet has strengthened considerably. As at 31 December 2024, CLI’s total assets amounted to S$25 billion (FY 2023: S$34 billion), with equity-accounted associates and joint ventures contributing 55% and investment properties accounting for 20%. In terms of geography, Singapore and China collectively accounted for approximately 72% of CLI’s total assets. Cash and cash equivalents remained stable at S$2.3 billion (FY 2023: S$2.5 billion). Repayment of borrowings from divestment proceeds as well as the deconsolidation of CLAS has improved CLI’s net debt position by almost 45% to S$5.6 billion from S$10.1 billion. Shareholders’ Equity As at 31 December 2024, the issued and paid-up ordinary share capital (excluding treasury shares) of the Company comprised 5.0 billion shares amounting to S$10.8 billion. CLI’s total reserves decreased from S$3.2 billion in FY 2023 to S$2.8 billion in FY 2024, mainly due to the distribution of FY 2023 dividends and purchase of treasury shares, partially mitigated by net profits generated for the year. As at 31 December 2024, total shareholders’ funds was S$13.5 billion (FY 2023: S$14.0 billion). Dividends The Board of Directors of the Company (the Board) has proposed a total dividend of 18.0 Singapore cents in respect of the financial year ended 31 December 2024, comprising: (a) a tax-exempt ordinary dividend of 12.0 Singapore cents per share which would amount to a payout of approximately S$598 million6; and (b) a special dividend-in-specie of up to 155 million units in CapitaLand Integrated Commercial Trust (CICT) that CLI holds on the basis of 0.031 CICT units per share valued at approximately 6.0 Singapore cents7. The distribution of CICT units will reduce CLI’s shareholdings in CICT by approximately 2%, bringing it to 21%. The Board considers that it is an opportune time to unlock value for shareholders by offering them the chance to benefit from the positive momentum of CICT’s financial performance through the unit distribution, while also rebalancing CLI’s holding in CICT and improving capital efficiency. 5 Lodging operations contributed S$1.4 billion to REIB revenue in FY 2024, of which 65% was contributed by room rental from owned properties. 6 Based on the number of issued shares (excluding treasury shares) as at 31 December 2024. 7 Based on CICT’s share price at market close on 26 February 2025 of S$1.98. 23 Annual Report 2024
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