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Annual Report 2019 01 UOL GROUP LIMITED Contents About Us 01 Building On Our Strengths 02 Sustaining Long-Term Value 04 Extending Our Horizons 06 Financial Highlights 08 Two-Year Financial Highlights 10 Corporate Information 11 Highlights 12 Chairman’s Statement 14 Board Of Directors 16 Key Management Executives 22 Listing Of Senior Management 23 Awards & Accolades 24 Operation Highlights 26 Corporate Governance Report 40 Investor Relations 60 Sustainability 62 Geographical Presence 66 Property Summary 68 Simplified Group Financial Position76 Five-Year Financial Summary 77 Segmental Performance Analysis 79 Value-Added Statement 81 Alex Residences S20009 size:W210mm x H297mm 1st Page 01 ANNUAL REPORT 2019 01 About Us UOL Group Limited (UOL) is one of Singapore’s leading UOL, through hotel subsidiary Pan Pacific Hotels public-listed property companies with total assets of Group Limited (PPHG), owns three acclaimed brands about $20 billion. We have a diversied portfolio of namely “Pan Pacic”, PARKROYAL COLLECTION and development and investment properties, hotels and PARKROYAL. PPHG currently owns and/or manages serviced suites in Asia, Oceania, Europe and North over 30 hotels in Asia, Oceania and North America America. with over 10,000 rooms. Our Singapore-listed property subsidiary, United Industrial Corporation Limited (UIC), With a track record of over 50 years, UOL strongly owns an extensive portfolio of prime commercial assets believes in delivering product excellence and quality and hotels in Singapore. service in all its business ventures. Our unwavering commitment to architectural and quality excellence is UOL values and recognises our people as the leading reected in all our developments, winning us prestigious asset. The culture of competitiveness, commitment, prizes such as the FIABCI Prix d’Excellence Award, competency, creativity, collaboration and caring, shapes Aga Khan Award for Architecture, Urban Land Institute our people and drives us forward. Awards for Excellence and President’s Design Award. VISION MISSION A robust property and Driving Inspirations, hospitality group dedicated Fullling Aspirations to creating value, shaping future CORE VALUES Passion Drives Us Innovation Denes Us Enterprise Propels Us Corporate Social Responsibility Shapes Us People, Our Leading Asset S20009-UOL AR 2019 Editorials FA.indd 1 23/3/20 10:06 AM S20009 size:W210mm x H297mm 1st Page 02 S20009 size:W210mm x H297mm 1st 02 UOL GROUP LIMITED Building On Our Strengths Avenue South Residence S20009-UOL AR 2019 Editorials FA.indd 2 23/3/20 10:06 AM S20009 size:W210mm x H297mm 2nd Page 03 ANNUAL REPORT 2019 03 904 Units I 6 448 Units 2018 2019 Residential Sales Building On Our Strengths The Tre Ver Amber45 S20009-UOL AR 2019 Editorials R2.indd 3 24/3/20 5:58 PM S20009 size:W210mm x H297mm 1st Page 04 S20009 size:W210mm x H297mm 1st 04 UOL GROUP LIMITED 2% 8% Total Revenue 29% 37% FY2019 24% Property Development Property Investments Hotel Operations Management Services & Technologies Investments Novena Square V on Shenton and UIC Building Pan Paci c Serviced Suites Beach Road S20009-UOL AR 2019 Editorials FA.indd 4 23/3/20 10:06 AM S20009 size:W210mm x H297mm 1st Page 05 ANNUAL REPORT 2019 05 -,.., ... • , , i - . -- ··- Sustaining·- ... .. Long-Term.. .. - Value ,,, ;' ~.-:-,,,. ,., •. .. ,' - ..:··,· PARKROYAL COLLECTION Pickering PARKROYAL COLLECTION Marina Bay ' .. S20009-UOL AR 2019 Editorials FA.indd 5 23/3/20 10:07 AM S20009 size:W210mm x H297mm 1st Page 06 S20009 size:W210mm x H297mm 1st 06 UOL GROUP LIMITED Geographical Presence in 13 Countries with about $20.7 Billion Assets Extending Our Horizons One Bishopsgate Plaza S20009-UOL AR 2019 Editorials FA.indd 6 23/3/20 10:07 AM S20009 size:W210mm x H297mm 1st Page 07 ANNUAL REPORT 2019 07 Park Eleven 72 Christie Street S20009-UOL AR 2019 Editorials FA.indd 7 23/3/20 10:07 AM S20009 size:W210mm x H297mm 1st Page 08 S20009 size:W210mm x H297mm 1st 08 UOL GROUP LIMITED Financial Highlights Revenue Pre-Tax Net Return Profit Attributable Profit On Equity (Before Fair Value and Other Gains/Losses) $2.28b $536.1m $478.8m 4.87% Decreased 5% from Decreased 6% Increased 14% Increased 11% FY2018’s $2.40b from FY2018’s $571.8m from FY2018’s $418.3m from FY2018’s 4.39% Revenue Profit From Operations By Business Segment By Business Segment 20% 24% 37% 58% 11% 3% 29% 8% 2% 8% Property Development Hotel Operations Investments Property Investments Management Services & Technologies QUARTERLY 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total RESULT $'000 % $'000 % $'000 % $'000 % $'000 % Revenue 2019 741,214 32 512,302 22 476,608 21 553,217 25 2,283,341 100 2018 (restated) 657,637 27 637,901 27 526,913 22 574,892 24 2,397,343 100 Prot before income tax 2019 140,958 18 323,703 41 126,135 16 193,749 25 784,545 100 2018 (restated) 141,541 21 216,477 32 138,689 20 189,995 27 686,702 100 Net prot 2019 111,602 16 301,778 44 103,247 15 162,142 25 678,769 100 2018 (restated) 113,848 19 192,085 32 119,654 20 166,370 29 591,957 100 Net attributable prot 2019 72,359 15 195,384 41 80,048 17 131,026 27 478,817 100 2018 (restated) 75,314 18 131,894 32 85,748 20 125,348 30 418,304 100 Basic earnings per ordinary share (in cents) 2019 8.6 15 23.2 41 9.5 17 15.5 27 56.8 100 2018 (restated) 8.9 18 15.7 32 10.2 21 14.9 29 49.7 100 S20009-UOL AR 2019 Editorials FA.indd 8 23/3/20 10:07 AM S20009 size:W210mm x H297mm 1st Page 09 ANNUAL REPORT 2019 09 Property Property Hotel Development Investments Operations Revenue (-14%) Revenue (+2%) Revenue (-4%) 2019 $847.1m 2019 $551.7m 2019 $653.7m 2018 $989.3m 2018 $541.0m 2018 $678.7m Profit From Operations (-16%) Profit From Operations (+2%) Profit From Operations (-6%) 2019 $132.1m 2019 $385.2m 2019 $73.7m 2018 (restated) $156.4m 2018 $378.0m 2018 $78.6m Residential developments by UOL, Commercial ofces, retail malls and Hotels and resorts under UOL, as as well as those held by UIC. serviced suites under UOL’s owned well as those under UIC. Through and managed investment properties, PPHG, UOL owns the “Pan Pacic”, as well as those held under UIC. PARKROYAL COLLECTION and PARKROYAL brands. Key Facts Key Facts Key Facts • Sale of 904 residential units with • Six commercial ofces in Singapore • Pan Pacic’s portfolio comprises a total value of approximately – United Square, Novena Square, 26 hotels and resorts, including $1,337 million based on bookings Odeon Towers, Faber House, One those under development • Achieved Temporary Occupation Upper Pickering and 333 North Bridge • PARKROYAL COLLECTION’s Permit (TOP) for The Clement Road, with a total net lettable area of portfolio comprises two hotels Canopy and Botanique at Bartley 100,934 sqm, and a portfolio of seven • PARKROYAL’s portfolio comprises in Singapore commercial ofces through UIC – 21 hotels and resorts, including • Awarded residential site at UIC Building, Stamford Court, Clifford those under development Clementi Avenue 1 for $491.3 Centre, The Gateway, Singapore Land • Has interests in four other hotels – million Tower, SGX Centre 2, Abacus Plaza and Mandarin Oriental, Sotel Saigon Tampines Plaza, with an approximate Plaza, The Westin Tianjin and net oor area of 227,730 sqm Tianjin Yanyuan International • Acquired 333 North Bridge Road, a Grand Hotel commercial property in Singapore with a gross oor area of approximately 2,998 sqm • Five shopping malls in Singapore with a total net lettable area of 144,318 sqm – United Square, Velocity@ Novena Square, KINEX, Marina Square shopping mall and West Mall • Four owned serviced suites properties with a total of 683 units – Pan Pacific Serviced Suites Orchard, Pan Pacic Serviced Suites Beach Road, PARKROYAL Serviced Suites Singapore and PARKROYAL Serviced Suites Kuala Lumpur • Two commercial properties in United Kingdom with a total net lettable area of 42,865 sqm – 110 High Holborn and 120 Holborn Island • One commercial property in Australia with a net lettable area of 11,259 sqm – 72 Christie Street S20009-UOL AR 2019 Editorials FA.indd 9 23/3/20 10:07 AM S20009 size:W210mm x H297mm 1st Page 10 S20009 size:W210mm x H297mm 1st 10 UOL GROUP LIMITED Two-Year Financial Highlights 2019 2018 Increase/ (restated) (Decrease) $’000 $’000 % For the nancial year Revenue 2,283,341 2,397,343 (5) Pro t before income tax 784,545 686,702 14 Pro t after income tax and non-controlling interests 478,817 418,304 14 Return on equity (%) 4.87 4.39 11 At 31 December Share capital 1,560,918 1,556,201 0 Reserves 893,862 814,629 10 Retained earnings 7,592,700 7,250,221 5 Shareholders' funds 10,047,480 9,621,051 4 Total assets 20,653,774 20,620,359 0 Per ordinary share Basic earnings before fair value and other gains/(losses) (cents) 37.2 39.5 (6) Basic earnings (cents) 56.8 49.7 14 Gross dividend declared (cents) 17.5 17.5 - Dividend cover (times) 3.2 2.8 14 Net tangible asset backing ($) 11.86 11.27 5 Credit: Sebastien Nagy The award-winning green hotel PARKROYAL COLLECTION Pickering shows that greenery can be conserved in a densely high-rise city. S20009-UOL AR 2019 Editorials FA.indd 10 23/3/20 10:07 AM S20009 size:W210mm x H297mm 2nd Page 11 ANNUAL REPORT 2019 11 Corporate Information BOARD OF DIRECTORS NOMINATING COMMITTEE AUDITORS Wee Cho Yaw Low Weng Keong PricewaterhouseCoopers LLP Chairman Chairman 7 Straits View #12-00 Marina One Wee Ee Lim Wee Cho Yaw East Tower Deputy Chairman Singapore 018936 Poon Hon Thang Samuel Partner-in-charge: Liam Wee Sin Lam Hock Choon Year of appointment: 2018 Low Weng Keong REMUNERATION COMMITTEE Wee Sin Tho* PRINCIPAL BANKERS Wee Sin Tho Tan Tiong Cheng Chairman United
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