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48-AGM-PRESENTATION-2021.Pdf Table of Content Title Page 1. Key Highlights 3 • Key Milestones at a Glance 4 – 5 • Key Financial Highlights for FY2020 6 • Key Operational Highlights for FY2020 7 • COVID-19 Impact to Sime Darby Property 8 • Amid the COVID-19 Pandemic 9 • Impact of Value Assessments on the Group 10 • FY2020 Financial Performance 11 – 13 • FY2021 Operational Performance 14 – 16 • ESG Highlights for FY2020 17 • CSR and Corporate Events 18 • Awards & Recognitions in FY2020 19 2. Shareholders’ Returns 20 – 22 3. Our Strategy Moving Forward 23 – 32 48th Annual General Meeting 2 City of Elmina Key Highlights Launched 1,092 units (~RM1.1b GDV) in FY2020 consisting of residential landed, commercial and industrial FY2020 Highlights landed properties Key Milestones at a Glance FY2020 and year-to-date FY2021 Industrial & Logistics Development (ILD) 4 Feb 2020 21 Jun 2020 16 Nov 2020 Groundbreaking ceremony of SD Prop Launched Phase 1 Elmina Business Handed over the first Built-To-Lease XME Business Park, Nilai Impian with Park with RM1.3bil GDV (BTL) facility in Bandar Bukit Raja to RM520mil GDV Senheng Electric 48th Annual General Meeting 4 Key Milestones at a Glance FY2020 and year-to-date FY2021 Sales Achievements & KL East Mall Key Collaborations Achieved RM2.0b sales in FY2020, 15 Dec 2020 27 Mar 2021 exceeded revised target by 43% 27 Sep 2020 Spotlight 8 Campaign outperformed previous year with RM1.5b bookings Memorandum of Collaboration signing Launch of Pagoh Special Economic Zone (FY19: RM1.1b) with Negeri Sembilan Corporation for by Prime Minister the development of MVV2.0 25 Nov 2020 15 Mar 2021 Partnership Credit Rating with Microsoft Azure for 27 Nov 2020 cloud Accorded credit rating AA+ for RM4.5 services IS KL East Mall, SD Prop’s first wholly- billion Sukuk Musharakah Programme owned mall opens to the public 48th Annual General Meeting 5 Key Financial Highlights for FY2020 At a glance REVENUE PROFIT BEFORE NET EARNINGS TOTAL EQUITY INTEREST AND TAX EXCLUDING ONE-OFFS * EXCLUDING ONE-OFFS * RM2,062.8 mil RM110.4 mil RM77.4 mil RM9,289.5 mil (2019: RM3,180.0 mil) (2019: RM351.0 mil) (2019: RM312.0 mil) (2019: RM9,950.0 mil) NET ASSETS PER SHARE GROSS & NET GEARING CASH POSITION DIVIDEND PAYOUT ATTRIBUTABLE TO RATIOS RATIO EXCLUDING ONE- OWNERS OF THE OFFS * COMPANY RM1.34 36.7% & 28.1% RM801.8 mil 87.9% (2019: RM743.3 mil) (2019: RM1.43) (2019: 33.1% & 25.7%) (2019: 65.4%) * Excluding write-down/write-off of inventories, impairment and provisions 48th Annual General Meeting 6 totalling RM620.3 mil (PBIT) and RM556.2 mil (net earnings) Key Operational Highlights for FY2020 Commendable operational achievements driven by agile business strategies RM2.0 bil sales New launches Completed 18 Launched 1,668 achieved with achieved projects & 3,725 units with 2,258 units sold average take up units delivered RM1,506.4 mil (Exceeded revised rate of 93% as at worth ~RM2.6 GDV sales target of RM1.4 billion by 43%) 31 March 2021 bil GDV 48th Annual General Meeting 7 COVID-19 Impact to Sime Darby Property All three business segments were disrupted by the pandemic SD Property as a Property Investment & Asset Leisure whole Development Management Wave 1&2 • Temporary closure of • Construction activities • ILD • No golfing revenue and (Mar-Jun) corporate HQ office halted during MCO o Delay in project banquet events during MCO period (18 period (18 Mar – 4 completion (TPCKL, SDCC) during Mar – 4 May) May) o Difficulty for land MCO period • Temporary closure of site visit sales galleries (18 Mar • 3rd delay in KL East – 12 May) Mall opening (18 Mar, • New launches deferred 23 Jul, finally opened on 25 Nov) • Enforcement of MCO • Significant impairment • Tenancy challenges – Wave 3 provided incentives (Sep onwards) in Selangor and impact on Battersea Wilayah Persekutuan Project (RM337.1 mil) (rental from mid January 2021 amid lockdowns in the rebates/waivers) until early March 2021 UK, in addition to the continued to drag the recession exacerbated market recovery by Brexit 48th Annual General Meeting 8 Amid the COVID-19 Pandemic Agile plans to maintain the Group’s resiliency Comprehensive total review of short-term strategies • Strengthened foothold of the Group in the property market and business tactical plans aligning with the evolving • Enhanced financial position to remain resilient market conditions vis-à-vis the pandemic Business Financial Technology Property Development Investment Asset & Leisure Preserved Financial Acceleration of Digital Management Discipline Transformation • Thorough review of launch plans – prioritised launches with most • Industrial & Logistics • Cost management • Cash flow & inventory immediate value accretion; adjusted Development (ILD) – Focused on • Improved operational initiatives management product pricing in line with market sectors with sustained demand processes & systems demand & reduce unsold stocks such as logistics, data centres & • Introduced new • Cost rationalisation to • Efficient project engagement • Review & replanning of the cold chain storage; worked closely optimise cost efficiency management & activities for development projects to ensure with contractors to mitigate delay • Sufficiency of funding collaborative digital members feasibility & alignment to market in project completion lines – reactivated platforms demand • Office – Rent waiver & rebate; • Offered meetings Sukuk Musharakah • Enhanced digital and event packages • Aggressive, effective & customer- proactive engagement with Programme in Nov 2020 marketing channels that met new centric digital sales campaigns – tenants on tenancy renewal normal Spotlight 8 2020, “Your Instalment On • Retail – Incentives + attractive requirements Us” (YIOU), Online Guided Sales rental rates; digital marketing Experience, SDP LIVE strategies • Attractive F&B promotions • Conversion of bookings to sales • Concession business – cost management initiatives 48th Annual General Meeting 9 Impact of Value Assessments on the Group The Group recorded a total of one-offs of RM620.3 million (at Profit before Interest and Tax level) SD Prop undertook value assessments of the Group’s assets and projects to reflect evolving market conditions vis-à-vis the Net Gain on Financial COVID-19 pandemic to bring the balance sheet to the right base impairment / Write-down of disposal of implications RM620.3mil PBIT excl. one- write-offs of Impairment of inventories at properties and from disposal Reported offs inventories assets Battersea land sale of asset* (LBIT)/PBIT 110.4 United Kingdom Malaysia (204.4) (28.0) RM337.1mil RM283.2mil (337.1) (50.8) (509.9) The Battersea Power Station Project Other write-downs/write- recognised an impairment of its offs/impairment and provisions: Moving forward in FY2021 work in progress and inventories • Thorough assessments triggered by under development in light of the the COVID-19 outbreak to ensure • The Group’s balance sheet is well- challenges presented by the COVID- the marketability and sale-ability positioned to deal with uncertainties & 19 pandemic in London, of which of the Group’s current and future harness new opportunities for growth the Group’s share amounted to products, and in these challenging times RM337.1 million (£62.4 million). • Asset value assessments carried out at year end by professional valuers • While value assessments are a to ensure value of investment continuous exercise, the one-offs assets and properties are fairly recognised in FY2020 are expected to matched to the market value be sufficient for the next 12 months 48th Annual General Meeting 10 FY2020 Financials (Profit & Loss Statement) SD Prop remained profitable after excluding one-offs, driven by its Property Development business RM mil FY2020 FY2019 YoY% Revenue (before elimination) 2,074.4 3,194.0 (35.1) • Revenue declined YoY (-35.1%) in FY20 as - Property Development 1,922.5 3,001.3 (35.9) businesses were disrupted by Covid-19 - Investment & Asset Management 78.8 98.4 (19.9) pandemic - Leisure 73.2 94.3 (22.4) Gross Profit 291.7 792.3 (63.2) Profit & (Loss) / Profit before Interest & Tax (509.9) 567.3 (189.9) Loss • Remained profitable after excluding one- Statement Profit before Interest & Tax excl. one-offs 110.4 351.0 (68.5) - Property Development 177.3 367.8 (51.8) offs, mainly driven by Property - Investment & Asset Management (39.0) 5.0 (880.0) Development segment: - Leisure (27.8) (21.8) (27.5) o PBIT: RM110.4m (-68.5% YoY) o PATAMI: RM77.4m (-75.2% YoY) (LATAMI)/ PATAMI (478.8) 598.5 (180.0) • FY2019 performance was enhanced by gains (LATAMI)/ PATAMI excl. one-offs 77.4 312.0 (75.2) on the disposal of properties (RM245.5m) and land sales (RM138.2m) 48th Annual General Meeting 11 FY2020 Financials (Segmental Results) Property Development segment continued to be the key revenue and profit contributor in FY2020 Revenue PBIT excl. one-offs Segment Net Assets RM2,074.4 million RM110.4 million RM12,352.9 million Leisure 73.2 -27.8 Investment & 1,604.9 122.8 (3.5%) -(11.4%) Asset (13.0%) (1.0%) Management -39.0 78.8 -(16.0%) (3.8%) Property Development 10,625.2 1,922.5 177.3 (86.0%) (92.7%) (72.6%) Charts are before elimination Property Development Investment & Asset Management Leisure • Driven by commendable sales take-up rate • Lower property investment revenue (-3.8% YoY) • Low contribution from events and and increased on-site development and concession business revenue (-33.9% YoY) functions resulted higher LBIT of activities in City of Elmina, Bandar Bukit during the pandemic year RM27.8mil (FY19: -RM21.8mil) following Raja, Serenia City and Putra Heights,
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