FINANCIAL REVIEW FY 2023 FY 2022 Revenue Gross Profit Revenue Gross Profit (S$’million) (S$’million) (S$’million) (S$’million) Master Leases Australia 10.6 9.8 10.6 10.0 France 33.1 29.8 27.2 25.0 Germany 16.6 14.8 13.4 12.2 Japan 22.2 19.7 22.0 19.5 South Korea 8.5 7.9 5.5 5.0 Subtotal 91.0 82.0 78.7 71.7 Management Contracts with Minimum Guaranteed Income Belgium 17.4 5.7 12.0 3.4 Ireland 1.6 0.5 – – Singapore 31.5 15.2 21.3 17.4 Spain 10.3 4.9 7.4 3.5 United Kingdom 62.4 27.2 52.4 22.8 Subtotal 123.2 53.5 93.1 47.1 Management Contracts Australia 160.6 40.2 145.2 37.3 China 24.1 5.5 23.0 4.9 Indonesia 14.1 4.8 13.7 5.2 Japan 56.8 32.6 35.6 17.7 Malaysia 3.7 0.7 3.7 1.0 The Philippines 22.3 7.4 19.6 5.5 Singapore 37.1 13.6 30.1 11.8 United States of America 175.1 79.9 150.9 66.6 Vietnam 36.5 18.0 27.6 14.0 Subtotal 530.3 202.7 449.4 164.0 Total 744.5 338.2 621.2 282.8 EQUITY FUND RAISING On 24 August 2022, CLAS raised S$170.0 million through a private placement of 151,786,000 new Stapled Securities (2022 Private Placement). As set out in the announcements dated 16 August 2022, 30 November 2022 and 30 November 2023 in relation to the use of proceeds from the 2022 Private Placement, the proceeds from the 2022 Private Placement have been fully utilised as follows: (a) S$109.4 million was used to partially fund the purchase consideration of the acquisition of interests in serviced residence properties in France, Vietnam and Australia, rental housing properties in Japan and a student accommodation property in South Carolina, US on 30 November 2022 (the 2022 Acquisitions); (b) S$45.1 million was used to partially fund the acquisition of The Cavendish London, Temple Bar Hotel and Ascott Kuningan Jakarta on 30 November 2023; (c) S$13.2 million was used to repay debts; and (d) S$2.3 million was used to pay the professional and other fees and expenses in connection with the 2022 Private Placement. The amount used for the 2022 Acquisitions was less than the originally estimated amount as stated in the announcement dated 16 August 2022 due to favourable exchange rate movements. The amount used for the professional and other fees and expenses was less than the originally estimated amount in the announcement dated 16 August 2022 due to lower fees and expenses incurred in connection with the 2022 Private Placement. The Managers thus used the excess proceeds for debt repayment purposes. On 2 August 2023, the Managers launched an equity fund raising comprising a private placement and a 64 CAPITALAND ASCOTT TRUST
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