CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group Note 2023 2022 2023 2022 2023 2022 $’000 $’000 $’000 $’000 $’000 $’000 Gross revenue 23 586,420 486,003 171,683 149,793 744,558 621,242 Direct expenses 24 (295,387) (245,557) (113,188) (94,891) (406,309) (338,424) Gross profit 291,033 240,446 58,495 54,902 338,249 282,818 Depreciation of buildings, plant and machinery – – (19,904) (19,317) (24,620) (20,496) Finance income 25 3,125 1,176 1,318 338 4,434 1,468 Other income 3,147 1,111 – 217 3,031 1,308 Finance costs 25 (80,795) (61,985) (12,433) (14,616) (86,830) (69,012) Managers’ management fees 26 (29,590) (25,866) (4,627) (4,553) (34,217) (30,419) Trustee’s fee (749) (705) (162) (162) (911) (867) Professional fees 27 (5,549) (4,418) (881) (707) (6,431) (5,125) Audit fees (3,211) (3,461) (447) (449) (3,658) (3,910) Foreign exchange gain/(loss) 22,553 (12,985) 3,616 (11,409) 26,169 (24,394) Other operating expenses (3,648) (3,183) (693) (659) (5,589) (3,843) Net income before share of results of associate and joint venture 196,316 130,130 24,282 3,585 209,627 127,528 Share of results (net of tax) of: – associate 11 7 (27) – – 7 (27) – joint venture – 3,918 – – – 3,918 Net income 28 196,323 134,021 24,282 3,585 209,634 131,419 Net change in fair value of investment properties, investment properties under development and assets held for sale 109,405 138,850 1,746 (4,534) 101,132 122,353 Net change in fair value of financial derivatives (25,283) 597 956 – (24,327) 597 Revaluation surplus on land and buildings – – – 5,393 – 5,393 Net change in fair value of investment securities 38 253 – – – – Profit from divestments 29 16,016 99 – – 16,016 99 Investment properties written off 4 (1,478) (78) – – (230) (78) Total return for the year before income tax 295,021 273,742 26,984 4,444 302,225 259,783 Income tax expense 30 (71,541) (29,168) (903) (4,395) (72,444) (33,563) Total return for the year 223,480 244,574 26,081 49 229,781 226,220 Total return/(loss) attributable to: Stapled Securityholders and perpetual securities holders 225,085 241,731 26,078 (3) 231,255 223,305 Non-controlling interests 10 (1,605) 2,843 3 52 (1,474) 2,915 223,480 244,574 26,081 49 229,781 226,220 Earnings per Stapled Security (cents) 31 Basic 6.10 6.28 Diluted 6.07 6.25 STATEMENTS OF TOTAL RETURN Year ended 31 December 2023 The accompanying notes form an integral part of these financial statements. Overview Sustainability & Governance Leadership Portfolio & Performance Financial Statements and Other Information ANNUAL REPORT 2023 157
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