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Demand Value DRIVING DEMAND DRIVING VALUE Mapletree Greater China Commercial Trust Annual Report 2014/2015 Corporate Profile Listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 7 March 2013, Mapletree Greater China Commercial Trust (“MGCCT”) is the first and only real estate investment trust (“REIT”) that offers investors the opportunity to invest in best-in- class commercial properties situated in prime locations in both Hong Kong1 and China. MGCCT is also the fourth REIT sponsored by Mapletree Investments Pte Ltd (“MIPL” or the “Sponsor”), a leading real estate development, investment and capital management company headquartered in Singapore. As at 31 March 2015, MGCCT has a portfolio of two commercial assets, Festival Walk and Gateway Plaza, with a total lettable area of 1.9 million square feet and combined valuation of S$5,349.3 million2. Festival Walk is a landmark territorial retail mall with an office component located in Hong Kong and Gateway Plaza is a premier Grade-A office building with a podium area in Beijing, China. MGCCT is managed by Mapletree Greater China Commercial Trust Management Ltd. (“MGCCTM” or the “Manager”), a wholly-owned subsidiary of MIPL. To better align with investors’ interest, MGCCT is also the first Singapore-listed REIT to introduce a management fee structure that is based on distributable income and distribution per unit (“DPU”) growth, MGCCT’s portfolio comprises rather than assets under management (“AUM”) and net property income. two best-in-class commercial properties strategically located in prime locations in Hong Kong and Beijing. The properties are: Festival Walk: A landmark territorial CONTENTS retail mall and lifestyle destination OVERVIEW with an office component, located GOVERNANCE in the upscale residential area of Driving Demand, Driving Value 1 Trust Structure 55 Kowloon Tong, Hong Kong. Financial Highlights 2 Organisation Structure 56 Letter to Unitholders 4 Board of Directors 58 Highlights for FY14/15 10 Management Team (Corporate) 62 Property Management Team STRATEGY (Overseas) 68 Strategy 12 Risk Management 71 Commercial Vibrancy 14 Corporate Governance Report 74 Central Location 17 Sustainability Report 86 Gateway Plaza: A premier Grade-A office building with a podium area, Prudent Management 18 located in the established prime Consumer Demand 20 FINANCIALS Lufthansa Area in Beijing, China. Financial Statements 93 PERFORMANCE Unit Price Performance 22 OTHERS Financial Review 23 Statistics of Unitholdings 141 Operations Review 28 Interested Person Transactions 143 Property Portfolio 30 Notice of Annual General Meeting 144 Investor Relations 42 Proxy Form 147 Hong Kong Retail & Office Market and Corporate Directory Beijing Office Market Overview 44 1 Hong Kong refers to the Hong Kong SAR (Special Administrative Region). For online annual report please visit: 2 Valuation by Cushman & Wakefield Valuation Advisory Services (HK) Ltd as at 31 March 2015. www.mapletreegreaterchinacommercialtrust.com Mapletree Greater China Commercial Trust Annual Report 2014/2015 1 Right at the very core of Mapletree Greater China Commercial Trust is a commercial asset portfolio in constant demand. Investment and growth in this portfolio is sustained by high quality assets in strategic locations that offer convenient & compelling experiences. Gateway Plaza is a preferred location for Fortune 500 office tenants. Festival Walk attracts major MNCs as office tenants as well as global retail brands, discerning local consumers and tourists. This concentration of demand along with the Manager’s established market knowledge, proactive asset management & enhancement strategies and prudent capital management, continue to drive value for investors of Mapletree Greater China Commercial Trust. Mapletree Greater China Commercial Trust 2 Driving Demand Driving Value Annual Report 2014/2015 3 Financial Highlights GROSS FY14/15 NET FY14/15 REVENUE PROPERTY S$2 81.1 m INCOME S$229.3m 1 11.3% FY13/14 12.2% FY13/14 S$252.5m S$204.3m DISTRIBUTABLE FY14/15 DISTRIBUTION FY14/152 INCOME PER UNIT S$178.0m 6.543 cents 11.9% FY13/14 10.4% FY13/14 S$159.2m 5.929 cents PORTFOLIO At end of FY14/153 DISTRIBUTION Based on unit closing price of S$1.04 VALUATION YIELD on 31 March 2015 S$5.3b 6.3% 13.3% At end of FY13/14 S$4.7b 1 For a more meaningful comparison, actual results from 1 April 2013 to 31 March 2014 are presented as the comparative period for 1 April 2014 to 31 March 2015. 2 Based on total issued units of 2,721,032,794 units as at 31 March 2015. 3 Valuation by Cushman & Wakefield Valuation Advisory Services (HK) Ltd as at 31 March 2015. Mapletree Greater China Commercial Trust 2 Driving Demand Driving Value Annual Report 2014/2015 3 Consistent Growth in Distributable Income (“DI”) and DPU4 since Initial Public Offering OVERVIEW 100,000 2.000 90,000 1.742 1.800 1.662 1.606 1.587 1.560 80,000 1.518 1.600 1.455 1.439 1.394 1.427 1.420 1.404 70,000 1.369 1.400 1.302 STRATEGY 1.277 1.286 60,000 1.200 DPU (cents) 50,000 47.4m 1.000 45.1m 42.6m 43.5m 40.6m 42.1m 40,000 38.8m 38.7m 0.800 37.1m 36.7m 38.3m 38.3m 37.9m 34.0m 34.3m 34.8m Distributable Income (S$’000) Income Distributable 30,000 0.600 20,000 0.400 PERFORMANCE 10,000 0.200 0 0 1Q FY13/14* 2Q FY13/14 3Q FY13/14 4Q FY13/14 1Q FY14/15 2Q FY14/15 3Q FY14/15 4Q FY14/15 Forecast DI Actual DI Forecast DPU Actual DPU Note: The Forecast figures are derived from the Projection years (for the period 1 April 2013 to 31 March 2015) as disclosed in MGCCT’s Prospectus dated 27 February 2013. * Quarter results for 1Q excludes stub period 7 to 31 March 2013. Distributable Income for the period from 7 March to 30 June 2013 (S$’000) = 46,146. Total DPU for the GOVERNANCE period from 7 March to 30 June 2013 = 1.7337 cents. FY14/15 FY13/14 FY14/15 Income and Distribution Highlights Actual Actual Variance % Forecast Variance5 % Gross Revenue (S$’000) 281,144 252,546 11.3 247,704 13.5 Net Property Income (S$’000) 204,327 12.2 197,546 16.1 229,310 FINANCIALS Distributable Income (S$’000) 178,039 159,155 11.9 153,211 16.2 Distribution per Unit (DPU) (cents) 6.543 5.929 10.4 5.668 15.4 As at As at Statement of Financial Position Highlights 31 March 2015 31 March 2014 Variance % Total Assets (S$’000) 5,488,061 4,873,090 12.6 OTHERS Total Liabilities (S$’000) 2,227,877 2,033,387 (9.6) Total Borrowings (S$’000) 1,983,963 1,852,787 (7.1)6 Net Assets Attributable to Unitholders (S$’000) 3,260,184 2,839,703 14.8 Number of Units in Issue (’000) 2,721,033 2,684,275 1.4 Net Asset Value per Unit (S$) 1.198 1.058 13.2 As at As at Key Financial Indicators 31 March 2015 31 March 2014 Gearing Ratio (%) 36.2 38.0 Average All-in Cost of Debt (% per annum) 2.55 2.0 Interest Cover Ratio (times) 5.0 4.6 Unencumbered Assets as % of Total Assets (%) 100 100 Average Term to Maturity for Debt (years) 2.75 3.0 MGCCT Corporate Rating (by Moody’s Investors Service) Baa1 Stable Baa1 Stable 4 The DPU per quarter is calculated based on the number of issued units as at the end of the quarter. 5 Comparing FY14/15 Actual against FY14/15 Forecast. 6 Refer to the Capital Management subsection in the Financial Review section of this report for details. Mapletree Greater China Commercial Trust 4 Driving Demand Driving Value Annual Report 2014/2015 5 Letter to Unitholders Dear Unitholders, DPU paid out to Unitholders of 6.56 cents4 at a yield of 8.1%5, MGCCT delivered a On behalf of the Board of Directors of total return of 35.7%6 in FY14/15. the Manager, we are pleased to present MGCCT’s second Annual Report to Portfolio gross revenue of S$281.1 million Unitholders for the financial year from 1 April and net property income of S$229.3 million 2014 to 31 March 2015 (“FY14/15”), since exceeded FY13/14 by 11.3% and 12.2% its initial public offering on 7 March 2013. respectively. Compared to the Forecast, gross revenue and net property income DRIVING STABLE AND grew 13.5% and 16.1% respectively. With Our rigorous efforts in GROWING VALUE good support from shoppers and tenants, proactively managing FY14/15 was an eventful year for the MGCCT’s portfolio occupancy rate was the assets and Hong Kong retail sector, marked by softer 98.8% and the portfolio’s weighted average sales especially for luxury items, a shift in lease expiry by monthly gross rental income keeping costs under visitor spending patterns towards more was a healthy 2.4 years as at 31 March 2015. control, as well as mid-priced products and disruptions to prudent capital and the business and shopping areas caused As at 31 March 2015, the portfolio was risk management by the “Occupy Central” Movement. In valued7 at S$5,349.3 million, an appreciation have enabled us China, we witnessed moderate economic of 13.3% from S$4,722.1 million as at growth driven by the Government’s reform 31 March 2014. This was attributed to to optimise portfolio measures to pursue a more balanced and higher rental income from the properties performance and sustainable growth strategy. and translation gains due to the appreciation deliver a commendable of both the Hong Kong Dollar (“HKD”) set of results, thus Despite these developments in the two and Renminbi (“RMB”) during FY14/15.
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