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A Property Investment and Development Company a property investment and development company ANNUAL REPORT 2014 Contents Overview Financial Statements Report 1 About Us 44 Independent Auditors’ Report 3 Statement of the Chairman and Chief 45 Consolidated Statement of Comprehensive Executive Officer Income 5 Notice of Annual General Meeting 46 Consolidated Statement of Financial 6 Jewel Lagoon Water Park Position 8 Directors’ Report 47 Consolidated Statement of Changes in 9 Board of Directors Shareholders’ Equity 12 Corporate Data 48 Consolidated Statement of Cash Flows 21 Management Discussion & Analysis 49 Company Statement of Comprehensive 38 Commercial Property Income 50 Company Statement of Financial Position Corporate Governance 51 Company Statement of Changes in 40 Corporate Governance Shareholders’ Equity 42 Employee of the Year 52 Company Statement of Cash Flows 53 Notes to the Financial Statements Additional Information 81 Disclosure of Shareholdings Form of Proxy Financial Highlights Total Revenue Total Assets $962.8M $14.219B 2013: $942.2M 2013: $8.418B Net Profit Attributable to Stockholders Stockholders’ Equity $921.5M $9.340B 2013: $942.1M 2013: $8.418B Earnings Per Stock Unit Book Value Per Share $0.62 $6.25 2013: $0.63 2013: $5.63 About Us Overview Sagicor Real Estate X Fund Limited (X Fund), a St. Lucian International Business Company (IBC), is the largest publicly traded real estate investment company in Jamaica. We have been Governance Corporate listed on the Jamaica Stock Exchange (JSE) since November 2013. We are a leading private sector investor in the Jamaican commercial and tourism real estate market, through our investment in the Sigma Real Estate Portfolio (an investment portfolio of the Sagicor Sigma Global Funds, a registered Collective Financial Statements Investment Scheme). As a JSE listed company, our investors benefit from the liquidity associated with the stock exchange for an investment in real estate, a relatively illiquid asset class. Our exposure to commercial properties is mainly in the form of industrial parks and office buildings, whereas in respect of tourism, it is in the form of hotels operated under the Jewel Resorts brand. Additional Information While all of our current investment properties are domiciled in Jamaica, it is our intention to diversify beyond the island into the wider Caribbean and other regions. Tourism Commercial Retail Industrial Sagicor Real Estate X Fund Annual Report and Financial Statements 2014 1 Richard Byles Rohan Miller CHAIRMAN PRESIDENT & CEO 2 Sagicor Real Estate X Fund Annual Report and Financial Statements 2014 Statement of the Chairman Overview and Chief Executive Officer We are pleased to report on the activities of profit attributable to stockholders of The assets of Governance Corporate Sagicor Real Estate X Fund Limited for the $921.5 million. This was achieved mainly Sagicor Real Estate year ended December 31, 2014. through the investment in the Sigma Real X Fund Limited Estate portfolio. The performance of the totaled $14.219 This reporting year has been the first full Sigma Real Estate portfolio is reflected in a billion, representing year of operation of Sagicor Real Estate change in its unit price, which results from an increase of X Fund Limited (“X Fund”) which, as its a combination of changes in market value 69% over total main business activity, invests in real estate of properties held as well as net income assets at the end of securities through the ownership of units generated from leasing/occupancy of these December 2013 of in the Sigma Real Estate Portfolio. This properties. $8.418 billion provides exposure to prime commercial and tourism properties located across Jamaica. The groundbreaking for the construction of Financial Statements The properties owned by the Sigma Real the Jewel Lagoon Water Park took place in Estate Portfolio are comprised of: June 2014. This will enhance the tourism product offering by Jewel, and increase the • Three ‘Jewel Resorts’ branded hotels attractiveness and competitiveness of the • Four office/retail shopping buildings Jewel properties as a resort of choice for both tourists as well as locals. • Four industrial/warehousing properties As we continue to seek investment • Two prime land holdings slated for opportunities that complement the development. company’s existing activities, X Fund sought and was successful in its bid to acquire Additional Information The assets of Sagicor Real Estate X the 489-room Hilton Rose Hall Resort and Fund Limited totalled $14.219 billion, Spa located in Montego Bay, Jamaica in the representing an increase of 69% over total latter part of 2014. This led to the formation assets at the end of December 2013 of in December 2014 of a wholly owned $8.418 billion. X Fund generated revenues subsidiary, X Fund Properties Limited, of $962.8 million for the year, and net whose main activity will be the ownership KEY METRICS 2014 2013 Close Price 7.11 6.07 # Issued shares 1,495,336,750 1,495,336,750 Market Value of outstanding shares 10,631,844,293 9,076,694,072 Market Cap ranking on JSE 9th 13th 52-week high 7.28 6.77 52-week low 5.85 5.07 12-month P/E 11.5 9.63 Actual EPS 0.62 0.63 ROE 10% 11% Book value per share 6.25 5.63 Sagicor Real Estate X Fund Annual Report and Financial Statements 2014 3 Statement of the Chairman and Chief Executive Officer (cont’d) The acquisition of and operation of Hilton Rose Hall Hotel. Outlook the 489-room Hilton This is a key addition to X Fund’s holdings, X Fund will continue to seek out real estate Rose Hall Resort as it will enhance the foreign exchange investment opportunities both directly as and Spa located revenue stream of the company. well as indirectly through the Sigma Real in Montego Bay Estate portfolio. was partly funded The acquisition of this hotel was partly by the successful funded by the successful issuance of The Sigma Real Estate portfolio remains issuance of a two year an eighteen-month, US$42.3million committed to improving the profitability USD$42.3million investment note in December 2014. This and competitiveness of its properties investment note in note was well received by investors, and through the implementation of energy- December 2014. This was oversubscribed by approximately 53%. efficiency initiatives. These initiatives note was well received This introduction of debt in the operations benefit both the owner and tenants, by investors, and was of the company is also expected to enhance through improved net rental yields and oversubscribed by earnings and returns to shareholders. approximately 57% lower maintenance costs. Tourism Sector The addition of the Hilton Rose Hall hotel and the completion of the Jewel Lagoon Tourism, one of Jamaica’s top performing Water Park are both expected to increase sectors, continues to positively impact shareholder value through improved the economy through its significant profitability. contribution to employment, directly through the hotel industry as well as We would like to acknowledge the hard indirectly through such areas as tour work and dedication of our entire team operations, attractions and agriculture. who have contributed to the success of Tourism arrivals in Jamaica continue to the company’s operations. Above all, we increase each year and the long-term are committed to improving the quality of outlook remains positive. Tourism X Fund’s portfolio, thereby creating value arrivals increased by 3.6% in 2014, with for you, our shareholders. We take this the two main source markets being the opportunity to thank you for your support USA and Canada. The United Nations and continued investment in our company, World Tourism Organisation forecasts and we are confident that there will be growth of 3-4% in 2015. We therefore continued positive growth in the years to view investments in Tourism as an ideal come. opportunity for us to invest and actively participate in the development of our Caribbean Tourism. Richard Byles Rohan Miller Chairman President & CEO 4 Sagicor Real Estate X Fund Annual Report and Financial Statements 2014 Notice of Annual General Meeting Overview Notice is hereby given that the Second Annual 4. To appoint the Auditors and authorize the Directors General Meeting of the Company will be held at to fix the remuneration of the Auditors. the offices of McNamara Corporate Services Inc., To consider and if thought fit, to pass the following Rodney Bay, Gros Islet, Saint Lucia on Wednesday, Resolution: Governance Corporate May 27, 2015 at 11:00 a.m. for the following Resolution No. 5 purposes: “THAT PricewaterhouseCoopers, Chartered Accountants, having agreed to continue in office as Auditors, be and are hereby appointed Auditors for 1. To receive the Audited Accounts and Reports of the the Company to hold office until the conclusion of Directors and Auditors for the year ended December the next Annual General Meeting at a remuneration 31, 2014. to be fixed by the Directors of the Company. “ To consider and if thought fit, to pass the following Resolution: Financial Statements Resolution No. 1 “THAT the Audited Accounts and the Reports of Dated the 28th day of April, 2015 the Directors and Auditors for the year ended December 31, 2014 be and are hereby adopted.” BY THE ORDER OF THE BOARD 2. To elect Directors: To consider and if thought fit, to pass the following MCSI Inc. Resolution: Corporate Secretary Resolution No. 2 Additional Information “THAT the election of directors be made en-bloc.” Resolution No.3 Note: A member entitled to attend and vote at the meeting is To consider and if thought fit, to pass the following entitled to appoint a proxy to attend and vote instead of him. A Resolution: proxy need not be a member. Proxy Forms must be lodged with “THAT Directors Richard Byles and Dr. the the Company Secretary, MCSI Inc.
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