FY 2024 FY 2023 Revenue (S$’million) Gross Profit (S$’million) Revenue (S$’million) Gross Profit (S$’million) Master Leases Australia 10.8 9.7 10.6 9.8 France 34.2 31.1 33.1 29.8 Germany 16.4 15.5 16.6 14.8 Japan 25.8 23.6 22.2 19.7 South Korea 10.7 10.1 8.5 7.9 Subtotal 97.9 90.0 91.0 82.0 Management Contracts with Minimum Guaranteed Income Australia 21.9 7.3 24.0 8.4 Belgium 17.5 5.1 17.4 5.7 Ireland 20.5 6.8 1.6 0.5 Singapore 53.2 19.0 44.1 17.6 Spain 10.7 5.2 10.3 4.9 United Kingdom 94.3 42.6 62.4 27.2 Subtotal 218.1 86.0 159.8 64.3 Management Contracts Australia 124.8 29.1 136.6 31.8 China 22.3 4.3 24.1 5.5 Indonesia 22.2 7.9 14.1 4.8 Japan 59.8 34.7 56.8 32.6 Malaysia 4.1 1.1 3.7 0.7 The Philippines 22.0 7.7 22.3 7.4 Singapore 15.2 6.0 24.5 11.2 United States of America 187.0 87.1 175.1 79.9 Vietnam 36.1 17.0 36.5 18.0 Subtotal 493.5 194.9 493.7 191.9 Total 809.5 370.9 744.5 338.2 EQUITY FUND RAISING On 2 August 2023, the Managers launched an equity fund raising comprising a private placement and a pro rata and non-renounceable preferential offering (2023 Equity Fund Raising). On 14 August 2023, CLAS raised S$200.0 million from the private placement of 191,755,000 new Stapled Securities to institutional and other investors. Pursuant to the preferential offering, 100,538,407 new Stapled Securities were issued, on the basis of 29 preferential offering new stapled security for every 1,000 existing stapled securities, on 4 September 2023 raising gross proceeds of S$103.1 million. As set out in the announcements dated 30 November 2023, 24 April 2024, 26 July 2024 and 27 January 2025, the gross proceeds of S$303.1 million from the 2023 Equity Fund Raising have been partially utilised as follows: (a) S$170.2 million was used to fund the acquisition of The Cavendish London, Temple Bar Hotel Dublin by The Unlimited Collection and Ascott Kuningan Jakarta on 30 November 2023; (b) S$3.3 million was used to fund the extension and renovation of Sydney Central Hotel; (c) S$17.9 million was used to fund the renovation of Citadines Holborn-Covent Garden London; (d) S$24.4 million was used to repay debts; and (e) S$4.9 million was used to pay the professional and other fees and expenses in connection with the 2023 Equity Fund Raising. 17 Annual Report 2024
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