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Crafting Distinction Perennial Real Estate Holdings Limited Estate Holdings Real Perennial 精 益 求 铸 精 就 卓 越 Annual Report 2019 Perennial Real Estate Holdings Limited 8 Shenton Way #36-01, AXA Tower Refining Strategy Singapore 068811 Tel : (65) 6602 6800 Fax : (65) 6602 6801 Crafting Distinction [email protected] PERENNIAL REAL ESTATE HOLDINGS LIMITED www.perennialrealestate.com.sg Annual Report 2019 CONTENTS CORPORATE INFORMATION OVERVIEW BOARD OF DIRECTORS INDEPENDENT AUDITOR Corporate Profile 02 Other Markets 74 Mr Kuok Khoon Hong KPMG LLP Financial Highlights 03 The Light City, Penang, Malaysia 77 Chairman, Non-Independent Non-Executive Director Public Accountants and Chartered Accountants Chairman’s Statement (English) 06 Other Markets Portfolio at a Glance 78 16 Raffles Quay Chairman’s Statement (Chinese) 07 Mr Ron Sim #22-00 Hong Leong Building CEO’s Statement (English) 08 BUSINESS REVIEW – Vice-Chairman, Non-Independent Non-Executive Director Singapore 048581 CEO’s Statement (Chinese) 12 HEALTHCARE BUSINESS Our Presence 16 Mr Eugene Paul Lai Chin Look Audit Partner-in-Charge: Ms Karen Lee Shu Pei China 80 Our Milestones 18 Lead Independent Non-Executive Director (Appointed since 27 October 2014) Hospitals and Medical Centres 85 Our Business Model 20 Eldercare and Senior Housing 86 Our Integrated Strategy 22 Healthcare Portfolio at a Glance 88 Mr Ooi Eng Peng Board of Directors 24 Independent Non-Executive Director SHARE REGISTRAR Management Team 28 SUSTAINABILITY Mr Lee Suan Hiang Boardroom Corporate & Advisory Services Pte Ltd PERFORMANCE Sustainability Summary Report 92 Independent Non-Executive Director 50 Raffles Place Corporate Governance 97 #32-01 Singapore Land Tower Business Overview 34 Risk Management 116 Singapore 048623 Business Structure 36 Mr Chua Phuay Hee Investor and Media Relations 122 Tel: (65) 6536 5355 Financial Review 37 Independent Non-Executive Director Our Community 124 Fax: (65) 6536 1360 5-Year Financial Summary 40 Our People 126 Website: www.boardroomlimited.com Value Added Statement 41 Mr Pua Seck Guan FINANCIALS Chief Executive Officer and Executive Director BUSINESS REVIEW – REAL ESTATE Statutory Accounts 128 PRINCIPAL BANKERS Singapore 42 BOARD COMMITTEES Bangkok Bank Public Company Limited Capitol Singapore 48 APPENDIX CHIJMES 49 Audit and Risk Committee China Construction Bank Corporation AXA Tower 50 Supplemental Information 210 Mr Ooi Eng Peng (Chairman) DBS Bank Ltd Forett at Bukit Timah 51 Directors Seeking Re-election 211 Mr Eugene Paul Lai Chin Look Hong Leong Finance Limited Singapore Portfolio at a Glance 52 Statistics of Shareholdings 213 Mr Lee Suan Hiang Industrial and Commercial Bank of China Limited Notice of Annual General Meeting 215 Mr Chua Phuay Hee Malayan Banking Berhad China 54 Proxy Form Oversea-Chinese Banking Corporation Limited Corporate Information Chengdu East HSR Integrated Development 59 Nomination Committee Shanghai Pudong Development Bank Co., Ltd. Xi’an North HSR Integrated Development 62 Mr Lee Suan Hiang (Chairman) United Overseas Bank Limited Perennial Tianjin South HSR International Mr Ron Sim Healthcare and Business City 64 Mr Eugene Paul Lai Chin Look Perennial Kunming South HSR International REGISTERED OFFICE Healthcare and Business City 66 Remuneration Committee 8 Shenton Way Beijing Tongzhou Integrated Development 68 Mr Eugene Paul Lai Chin Look (Chairman) #36-01 AXA Tower Perennial Qingyang Mall, Chengdu and Mr Kuok Khoon Hong Singapore 068811 Perennial Jihua Mall, Foshan 69 Mr Lee Suan Hiang Tel: (65) 6602 6800 China Portfolio at a Glance 70 Fax: (65) 6602 6801 Corporate Disclosure Committee Website: www.perennialrealestate.com.sg Mr Ooi Eng Peng Mr Pua Seck Guan Executive Committee INVESTOR RELATIONS AND Mr Kuok Khoon Hong CORPORATE COMMUNICATIONS Mr Ron Sim Ms Tong Ka-Pin Mr Pua Seck Guan Email: [email protected] JOINT COMPANY SECRETARIES PLACE OF INCORPORATION Ms Wong Chuen Shya Singapore The iconic blue and white ceramics from the Ming dynasty (1368-1644) Mr Teh Kim Xi, Kenneth are prized for their timeless craftsmanship and delicate beauty. Company Registration Number: 200210338M Made during an era when porcelain making techniques were refined, perfected and recognised around the world, they are not just important DATE OF LISTING ON cultural artefacts but also enduring representations of skill and excellence. MAINBOARD OF SGX-ST 26 December 2014 Xi’an North HSR Integrated Development Refining Strategy Crafting Distinction 2019 is a year defined by Perennial’s efforts to recalibrate and strengthen its synergistic portfolio of real estate and healthcare businesses, with the aim of crafting stable and lasting shareholder value. With expertise enriched by experience and strategies shaped by insight, Perennial remains focused on building a strong growth platform through leveraging on its unique and clearly defined business model. Annual Report 2019 REFINING STRATEGY, CRAFTING DISTINCTION 01 CORPORATE PROFILE Perennial Real Estate Holdings Limited (“Perennial”) is an integrated VISION real estate and healthcare company headquartered and listed in To be a leading global integrated real estate and healthcare Singapore. As a real estate owner, developer and manager, Perennial company committed to enriching the lives of those we focuses strategically on large-scale mixed-use developments and has serve and delivering value to all of our stakeholders. a presence in China, Singapore, Malaysia, Indonesia, Myanmar, Sri Lanka and Ghana with a combined portfolio spanning approximately 68 million square feet in gross floor area. MISSION Perennial is also a healthcare services owner, operator and provider To build a sustainable business, establish strong in China with two core business segments, being hospitals and lasting relationships, and create long-term growth for our medical centres as well as eldercare and senior housing. shareholders. In China, Perennial is a dominant commercial developer with large-scale mixed-use integrated developments. Four of CORE VALUES Perennial’s developments, Chengdu East High Speed Railway (“HSR”) Integrated Development, Xi’an North HSR Integrated TEAMWORK Development, Perennial Tianjin South HSR International We value and empower our people, embrace diversity and Healthcare and Business City and Perennial Kunming South HSR work in unity to achieve our corporate goals. International Healthcare and Business City, are regional healthcare INTEGRITY and commercial hubs which are situated adjacent to four of the We believe in fair business practices and uphold a high country’s largest HSR stations and incorporate medical, standard of integrity, moral conduct and governance in our healthcare and eldercare facilities. Other notable projects in dealings with internal and external parties. Perennial’s portfolio include Beijing Tongzhou Integrated Development, Shenyang Longemont Integrated Development, EXCELLENCE Zhuhai Hengqin Integrated Development, Perennial Jihua Mall in We are passionate about our work, innovative and Foshan and Perennial Qingyang Mall in Chengdu. entrepreneurial in spirit, and push the boundaries in pursuit of outstanding performance. In Singapore, Perennial has invested in and/or manages prime SUSTAINABILITY iconic properties located in the Civic District, Central Business We are socially, environmentally and economically District and Orchard Road precinct, such as Capitol Singapore, responsible and treat our stakeholders with respect and CHIJMES, AXA Tower, 111 Somerset, Chinatown Point and compassion. House of Tan Yeok Nee. 企业介绍 “ ” 鹏瑞利置地集团有限公司（以下简称 鹏瑞利置地集团 ）总部位于 愿景 新加坡，是新加坡证券交易所主板上市的综合性房地产和医疗健康 成为一家全球领先的综合性房地产和医疗健康公司，致力于 公司。作为集持有、开发和管理于一体的房地产公司，鹏瑞利置地 丰富我们服务对象的生活，并提供价值给我们所有的利益相 集团主要投资于大规模的综合性房地产开发项目，投资组合遍布于 关者。 中国、新加坡、马来西亚、印尼、缅甸、斯里兰卡和加纳，物业总建筑6,800 面积约 万平方尺。 使命 同时，鹏瑞利置地集团亦是面向中国的医疗健康服务产业持有者、 建立可持续发展业务，树立稳固持久的关系，并为股东创造长 运营商和提供商，并着重于医院和医疗中心及养老护理和老年公寓 期利益增长。 这两大核心业务板块。 核心价值 在中国，鹏瑞利置地集团是一家业界领先的商业地产开发商，持有 团队精神 大型综合开发项目。当中的四个项目，即成都东站综合项目、西安北 – 我们重视我们的员工，接受人才多样性，并以团结一心的态度 站综合项目、鹏瑞利国际健康商旅城 天津南站项目和鹏瑞利国际 – 实现我们共同的企业目标。 健康商旅城 昆明南站项目，更是毗邻中国四个主要高铁中转站， 并且是集医疗、健康和养老设施为一体的区域医疗健康和商业枢 正直 纽。其它主要的项目包括北京通州综合项目、沈阳龙之梦综合项目、 我们相信公平的商业惯例，在与内部和外部各方打交道时秉 珠海横琴综合项目、佛山鹏瑞利季华广场和成都鹏瑞利青羊广场。 承高标准的诚信、道德操守和治理。 / 在新加坡，鹏瑞利置地集团投资并 或管理位于市中心行政区、中央 卓越 商业区和乌节路核心地段的标志性优质物业，包括新加坡首都、赞 111 我们秉持对工作的热忱，保持创新和进取的精神以突破界限、 美广场、安盛保险大厦、 索美塞、唐城坊和陈旭年宅第。 追求卓越的表现。 可持续性 我们对社会、环境和经济负责，并以最尊敬的心对待我们的利 益相关者。 02 PERENNIAL REAL ESTATE HOLDINGS LIMITED Annual Report 2019 Overview Performance Sustainability Financials Appendix FINANCIAL HIGHLIGHTS REVENUE EARNINGS BEFORE INTEREST AND TAX (“EBIT”) (S$’m) (S$’m) 2015* 117.7 2015* 144.5 2016 110.2 2016 111.2 2017 74.5 2017 219.6 2018 78.3 2018 376.2 2019 124.2 2019 136.0 FY2019 revenue increased by 58.7% mainly due to the inclusion FY2019 EBIT decreased by 63.8% mainly due to lower fair value of Capitol Singapore and Perennial International Health and gains. Fair value gains at EBIT level were S$68.9m in FY2019 as Medical Hub (PIHMH)’s revenue for the full 12 months in FY2019 compared to S$332.3m in FY2018. The decrease was mitigated as compared to seven months in FY2018 as well as an increase by divestment gains, higher share of results from associates/joint in revenue from both assets as a result of a ramp-up in ventures and fee income. operations and higher fee income from management businesses. PROFIT AFTER TAX AND MINORITY INTEREST (“PATMI”) EARNINGS PER SHARE (“EPS”) (S$’m) (cents) 2015* 58.1 2015* 3.74 2016 35.1 2016 2.11 2017 100.3 2017 6.02 2018 78.1 2018 4.70 2019 3.8 2019 0.23 PATMI decreased by 95.1%
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