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Further Stronger further stronger Mapletree Investments Pte Ltd | Annual Report 2013/2014 Key Performance Targets FY2009/2010 - FY2013/2014 Mapletree challenged itself to achieve six growth targets meeting the S$200 million target it set for itself, while by FY13/14, and successfully turned in commendable EBIT + SOA1 grew from S$337.3 million five years ago results as it played to its strengths as an Asia-focused to S$472.0 million. real estate developer, investor and capital manager. Average return on invested equity (ROIE) for the five- In five years, the Group expanded assets under year period came in high at 14.1% – above the 10% management (AUM) to S$24.6 billion, hitting the upper minimum rate the Group wanted to achieve. Mapletree range of the S$20-25 billion growth target set. An asset- also realised a NAV CAGR2 of 11.4% in five years. Going light strategy further helped Mapletree to meet the goal forward, Mapletree is confident that it will continue to of managing as opposed to directly owning more than strengthen its earnings base and build recurring income half of the AUM. Fee income grew to S$203.2 million – to deliver consistent and high returns. AVERAGE ROIE (From FY09/10) 29.4 14.1% 14.6 ROIE 12.0 6.4% (%) 8.0 11.9 11.4% 11.0 11.4 (From FY09/10) NAV CAGR (%) 9.2 664.4 519.5 S$472.0M EBIT + SOA 426.8 S$203.2M 337.3 (S$M) 188.1 134.3 FEE 124.2 INCOME 80.5 S$6,381M (S$M) 5,020 8,450 S$18,224M 16,744 7,519 OWNED 6,863 ASSETS 11,401 (S$M) 7,903 MANAGED 6,076 ASSETS (S$M) FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 S$12,939M S$15,422M S$19,851M S$21,764M S$24,605M 1 Earnings before interest and taxes including share of profits of associated companies and joint ventures, and share of associates gain on disposal 2 Net asset value compounded annual growth rate. NAV adjusted for dividends distributed to shareholder and calculated excluding non-controlling interests and perpetual securities and with NAV as of 31 March 2009 as starting base further stronger Five years ago, we established a set of performance targets focused on growing key areas of our business. At the end of FY13/14, we have made good progress, having achieved significant scale, strong earnings and high returns. The successful implementation of our asset-light strategy has also seen us build a comprehensive range of real estate investment products. As we enter a new five-year cycle, whether it be in our roles as developer, capital manager or investor, we remain committed to furthering our growth and becoming a stronger business. Contents 1 16 60 further, stronger Interview with the Group CEO Investment Activities and Fund Management 2 20 better, faster Board of Directors 64 Sustainability – Corporate 4 24 Social Responsibility, deeper, broader Group Senior Management Corporate Governance, Risk Management, and 6 28 Human Resource brighter, greener Highlights of the Year 76 8 32 Property Portfolio Corporate Overview Financial Review 79 10 45 Awards and Accolades Five-Year Business Plan Corporate Liquidity and Financial Resources 81 11 Financial Statements Development Highlight 48 Operations Review 156 12 Our Offices Message from the Chairman Clothing sponsored by ZARA at VivoCity Singapore on the cover and pages 2-3 and 4-5 better faster We have achieved better growth at a faster pace, backed by a stronger balance sheet and solid fundamentals. With a keen eye for good opportunities, our experienced team and their astute decisions have allowed Mapletree to close deals and create funds more quickly, and build investor confidence. Key Performance Targets (as at 31 March 2014) Average ROIE NAV CAGR FY09/10 - FY13/14 FY09/10 - FY13/14 14.1% 11.4% EBIT + SOA Fee Income S$472.0million S$203.2million AUM AUM Ratio Managed vs Owned Assets S$24.6billion 2.9:1 deeper broader We have expanded our geographical footprint, venturing into new markets while deepening our presence in the places we are already in. As a result, we have a broad range of real estate assets that we develop and manage across the region which includes office, retail, logistics, industrial and residential developments, as well as serviced apartments. ASSETS UNDER MANAGEMENT (S$ million) SOUTH KOREA S$327M JAPAN S$1,694M CHINA S$3,303M INDIA S$63M HONG KONG SAR S$5,285M VIETNAM S$520M MALAYSIA S$414M SINGAPORE S$12,999M brighter greener The focus on growth extends to our corporate social responsibility (CSR) initiatives. We have intensified our commitment to the communities within markets we operate in by providing education and healthcare assistance to the underprivileged. A lot of care is also taken to enrich the communities by building environmentally sustainable developments and supporting local arts. Mapletree Business City, A Healthy Workplace Ecosystem 1st in Singapore Mapletree’s eco-friendly buildings’ annual energy savings is equivalent to providing electricity to 6,000 households Through education and healthcare, Mapletree has impacted, from 2011 to 2013, 8,000 lives 8 Mapletree Investments Pte Ltd Annual Report 2013/2014 Corporate Overview 9 Corporate Overview Going Further Assets Under Management (AUM) by Geography Headquartered in Singapore, Mapletree Since transforming its business model and asset classes such as office, logistics, Investments Pte Ltd (Mapletree) is a leading setting a five-year business plan to scale up industrial, residential and serviced apartments, real estate company established in investing significantly from FY09/10, Mapletree has retail/lifestyle and mixed-use. in Asian real estate markets with good growth been striving to go further and grow stronger SOUTH KOREA S$327 million potential. Combining its key strengths as a as the Group pursues value across a spectrum At the same time, Mapletree has been JAPAN S$1,694 million real estate developer, investor and capital of assets in the real estate business. Today, broadening its range of capital management manager, Mapletree has built a track record Mapletree has an operating presence in seven products, which now consists of four CHINA S$3,303 million of award-winning projects as well as for countries across Asia with assets under Singapore-listed real estate investment trusts consistently delivering high returns to its management (AUM) of S$24.6 billion as at (REITs) and five private real estate funds, investors through a diversified portfolio. 31 March 2014. The owned and managed with a total managed AUM of S$18.2 billion. INDIA S$63 million HONG KONG SAR S$5,285 million assets extend across different real estate Our Growth Platforms VIETNAM S$520 million Singapore Commercial Singapore Industrial Logistics MALAYSIA S$414 million SINGAPORE S$12,999 million Growing Stronger Developer/owner/manager of Developer/owner/manager of Developer/owner/manager of Five-Year AUM Growth primarily commercial properties industrial properties in Singapore logistics properties in Asia 24,605 (and certain industrial and business 25,000 FY13/14 park properties) in Singapore Capital management platform Capital management platform Singapore-listed REIT: Singapore-listed REIT: 21,764 Capital management platform • Mapletree Industrial Trust (MIT) • Mapletree Logistics Trust (MLT) S$24,605 million Singapore-listed REIT: 19,851 • Mapletree Commercial Trust (MCT) 20,000 China and India North Asia South East Asia 15,422 15,000 12,939 10,000 Singapore Vietnam Developer/owner/manager of Developer/owner/manager of Developer/owner/manager of Hong Kong SAR South Korea properties in China and India properties in Hong Kong SAR, South Korea, properties in South East Asia Japan and other markets Capital management platform Capital management platform China India Private real estate funds: Capital management platform Private real estate funds: 5,000 • Mapletree India China Fund (MIC Fund) Singapore-listed REIT: • CIMB-Mapletree Real Estate Fund 1 Japan Indonesia • Mapletree China Opportunity Fund II • Mapletree Greater China Commercial Trust (CMREF1) (MCOF II) (MGCCT) • CIMB-Mapletree Real Estate Fund 2 Shariah Malaysia (CMREF2 Shariah) • Mapletree Industrial Fund (MIF) 0 (S$ million) FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 10 11 Five -Year Development Business Plan Highlight The close of FY13/14 caps the five-year creates a sustainable and capital efficient markets. This expansion in geographical and strategic plan that Mapletree put in place at business model. sector focus will enable Mapletree to seed the end of FY08/09. By adopting a business and syndicate more high-growth private model that integrates three complementary As a result, the Group has scaled up funds and income-yielding REITs, in turn roles: a real estate developer, an investor significantly and at the same time delivered generating higher EBIT + SOA and fee and a capital manager, Mapletree’s business superior returns through its suite of capital income contributions, and increasing strategy is to be asset-light and maximise management platforms. Mapletree currently Mapletree’s recurring profit after tax and efficiencies through capital management and manages four Singapore-listed REITs and minority intrests (PATMI). redeployment of funds. To this end, Mapletree five private real estate funds as at the end of adopted a well-balanced set of indicators FY13/14. While the last five years saw Mapletree build comprising six decisive targets to further its regional operations and network, the next propel and strengthen its business. In five years, Mapletree’s assets under five will see this scale up accompanied by management (AUM) doubled to S$24.6 billion, higher recurring income that will mitigate Mapletree continually focuses on leveraging with 74% being third-party AUM. The Group’s earnings volatility.
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