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Mapletree Investments Pte Ltd Annual Report 2014/2015 Maple Tree AR Cover Size: 441.5 Mmx280hmm Maple Tree_AR_Cover_Size: 441.5 mmx280Hmm Aiming Higher Mapletree Investments Pte Ltd Annual Report 2014/2015 Maple Tree_AR_Cover_Size: 441.5 mmx280Hmm Performance Highlights FY2014/2015 The financial year ended 31 March 2015 (FY2014/2015) Each of these initiatives is geared towards strengthening saw Mapletree laying the foundation for its next phase of the Group’s earnings base, to meet Mapletree’s objective growth. With a more challenging set of targets, the Group of delivering consistently high returns to its stakeholders. ventured into new geographical markets beyond Asia, as Revenue for FY14/15 increased by 7.4% to S$1.6 billion, well as new real estate sectors. In line with its real estate and the Group posted profit after tax and minority capital management business model, Mapletree also interests (PATMI1) of S$1 billion, a 14.3% increase from created new private fund platforms during the year. a year ago. NAV CAGR2 (FROM FY10/11) AVEragE ROIE3 (FROM FY10/11) 12.3% 13.9% EBIT SOA FY FY/ vs FY/ FEE INCOME FY FY/ vs FY/ S$1,141.4 million 9.5% S$240.5 million 18.4% FY/ ,. FY/ . FY/ ,. FY/ . FY/ . FY/ . FY/ . FY/ . FY/ . FY/ . (S million) (S million) ASSETS UNDER MANAGEMENT (AUM) (FY/) FY/ vs FY/ S$28.4 billion 15.5% FY/ . FY/ . FY/ . FY/ . FY/ . (S billion) Managed Assets Owned Assets 1 PATMI denotes net profit (after tax and non-controlling interests) attributable to perpetual securities holders and equity holder of the Company. 2 NAV CAGR is adjusted for dividends distributed to shareholder and calculated excluding non-controlling interests and perpetual securities and with NAV as at 31 March 2010 as starting base. 3 ROIE denotes return on invested equity and is computed based on Operational PATMI over the Group’s equity from shareholder adjusted for unrealised revaluation gains or losses and such other non-cash flow and non-operating items including mark-to-market fair value adjustments and negative goodwill. 4 EBIT + SOA denotes earnings before interest and tax plus share of operating profit of associated companies and joint ventures (excluding SOA gain/loss relating to disposal, foreign exchange, derivatives and revaluation). 5 Including REIT management fees. Maple Tree_AR_Size: 215x280Hmm_PG:1 SL323735_175#_15-003_GP1B Aiming Higher At Mapletree, we always strive to better our performance. This year, we embarked on a new five-year strategic plan that will double our recurring earnings and scale of business. Our aim remains to deliver consistently high returns. To do this, we will diversify into new real estate sectors and expand our geographical footprint. As we set our sights higher, we will continue to develop, invest and manage a robust portfolio of assets to create sustainable value for all our stakeholders. Contents 32 Financial Review 45 Corporate Liquidity and Financial Resources 1 Aiming Higher Operations Review 2 Creating Value 48 Investment Activities 4 Going Beyond 60 and Fund Management 6 Forging Ties 64 Sustainability – Corporate Social Responsibility, Corporate Governance, Risk Management, and Human Resource 8 Corporate Overview 76 Property Portfolio 10 Upcoming Developments 79 Awards and Accolades 12 Message from the Chairman 16 Interview with the Group CEO 20 Board of Directors 81 Financial Statements 24 Group Senior Management 168 Our Offices 28 Highlights of the Year Maple Tree_AR_Size: 215x280Hmm_PG:2 SL323735_175#_15-003_GP1B Maple Tree_AR_Size: 215x280Hmm_PG:3 SL323735_175#_15-003_GP1B Mapletree Investments Pte Ltd Annual Report 2014/2015 Creating Value Maintaining discipline and focus Mapletree delivers value to its stakeholders by maintaining an asset-light business that maximises capital efficiency. This is integrated with our tried and tested business model that combines the complementary roles of a developer, investor and capital manager. In FY14/15, we launched two private real estate funds focused on logistics development projects and office assets in Japan. At the same time, we enhanced our development track record with the completion of our first retail project in Vietnam, SC VivoCity, while construction of the new phase of our flagship Mapletree Business City in Singapore continued. Key Performance Targets (as at 31 March 2015) Average ROIE NAV CAGR (FY10/11 - FY14/15) (FY10/11 - FY14/15) 13.9 % 12.3 % EBIT + SOA Fee Income S$1,141.4 million S$240.5 million AUM AUM Ratio (Managed vs Owned Assets) S$28.4 billion 2.6 : 1 Clothing courtesy of Sacoor Brothers at VivoCity Singapore on pages 2 and 3. 2 Maple Tree_AR_Size: 215x280Hmm_PG:4 SL323735_175#_15-003_GP1B Maple Tree_AR_Size: 215x280Hmm_PG:5 SL323735_175#_15-003_GP1B Mapletree Investments Pte Ltd Annual Report 2014/2015 Going Beyond Scaling our business Mapletree pursues growth opportunities, both locally and internationally, as part of its business plan. This year, we started building our corporate lodging/serviced apartment platform as part of our commitment to deliver sustainable value to our stakeholders. The move took us out of Asia and into new territories such as the United States, and will continue to bring us to new markets around the world. At the same time, we will continue to expand our footprint in Asia and deepen our presence in familiar markets in the region by entering new real estate sectors. Today, our S$28.4 billion portfolio spans logistics, industrial, office, retail, residential and corporate lodging/ serviced apartment properties. AssETS UNDER maNAGEMENt (AUM) BY COUNTRY China S$4,340.3m Hong Kong SAR S$6,213.4m Japan S$1,904.2m South Korea S$365.8m Australia S$104.3m Vietnam S$668.2m Singapore S$13,983.0m Malaysia S$438.3m USA India S$293.8m S$104.1m 5 Maple Tree_AR_Size: 215x280Hmm_PG:6 SL323735_175#_15-003_GP1B Maple Tree_AR_Size: 215x280Hmm_PG:7 SL323735_175#_15-003_GP1B Mapletree Investments Pte Ltd Annual Report 2014/2015 Forging Ties Reaching out to our communities Mapletree is committed to delivering sustainable returns to all its stakeholders. This includes contributing to and forging strong relationships in the communities in which we have established a business presence. These efforts come under our corporate social responsibility (CSR) programme. This year’s outreach was characterised by initiatives that saw more active engagement from Mapletree staff. We also continued supporting arts and education causes in Singapore, and provided financial aid for disaster reconstruction efforts in China. Mapletree also strives to incorporate environmentally sustainable features in its development projects. S$1.8 million committed to communities in FY14/15 (cash and in-kind contributions) S$40,000 raised by Mapletree staff for charities in FY14/15 LEED awards 5 LEED awards for environmentally- friendly developments 6 Maple Tree_AR_Size: 215x280Hmm_PG:8 SL323735_175#_15-003_GP1B Maple Tree_AR_Size: 215x280Hmm_PG:9 SL323735_175#_15-003_GP1B Mapletree Investments Pte Ltd Annual Report 2014/2015 Corporate Overview Corporate Overview Mapletree Investments Pte Ltd (Mapletree) FY14/15 marks the start of Mapletree’s new Today, Mapletree has a total of S$28.4 billion OUR GROWTH PLATFORMS is a leading real estate development, five-year strategic plan, where it aims to in AUM. Of this, S$20.5 billion are managed SINGAPORE COMMERCIAL SINGAPORE INDUSTRIAL LOGISTICS investment and capital management company. double its recurring earnings and assets under under its four Singapore-listed real estate Headquartered in Singapore, Mapletree aims management (AUM) to continue delivering investment trusts (REITs) and six private real to invest in real estate markets and sectors with strong and sustainable returns to investors. estate funds. With a staff strength of over strong growth potential. Its business objective Mapletree seeks to achieve these targets 1,700, Mapletree operates out of the major is to provide consistently high returns to through its asset-light and capital efficient gateway cities of seven Asian countries. The investors. The Group has a diversified portfolio business model, which combines the roles of Group also has properties in Australia and the of office, retail, industrial, logistics, residential, a developer, investor and capital manager. United States. corporate lodging/serviced apartment as well as mixed-use developments. Many of Mapletree’s developments are award-winning and boast environmentally-friendly features. Developer/investor/manager of primarily Developer/investor/manager of industrial Developer/investor/manager of logistics commercial properties (and certain industrial properties in Singapore properties in Asia FIVE YEAR AUM GROWTH 30,000 and business park properties) in Singapore , FY14/15 Capital management platform Capital management platform Capital management platform Singapore-listed REIT: Singapore-listed REIT: Singapore-listed REIT: S$28,415 million , • Mapletree Commercial Trust • Mapletree Industrial Trust • Mapletree Logistics Trust 25,000 Singapore , Hong Kong SAR CHINA AND INDIA NORTH ASIA & neW MarKets SOUTH EAST ASIA , China 20,000 Japan Vietnam Malaysia , South Korea 15,000 USA Australia India Indonesia 10,000 Developer/investor/manager of properties in Developer/investor/manager of properties in Developer/investor/manager of properties in China and India Australia, Greater China, Japan and USA South East Asia (excluding Singapore) 5,000 Capital management platform Capital management platform Capital management platform Private real estate funds: Singapore-listed REIT: Private real estate funds: • Mapletree India China Fund • Mapletree Greater China Commercial Trust • CIMB-Mapletree
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