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20 0063 Mapletree Investments AR 2019

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20 0063 Mapletree Investments AR 2019 MAPLETREE UNLOCKING INVESTMENTS PTE LTD ANNUAL REPORT OPPORTUNITIES 2019/2020 Shaping the Future UNLOCKING OPPORTUNITIES Shaping the Future MAPLETREE UNLOCKING INVESTMENTS PTE LTD ANNUAL REPORT OPPORTUNITIES 2019/2020 Shaping the Future ABOUT THE COVER The five arrows on the cover represent how Mapletree is forging ahead with its third Five-Year Plan, paving the way for greater growth. The design is inspired by the colourful Millennium Tiles that have become iconic of Mapletree Business City II. The visually arresting stainless steel tiles are also low-maintenance, durable and cost- effective, reflecting Mapletree’s ethos of delivering both quality and value in a sustainable manner. CONTENTS 2 Performance Highlights 53 FORMULATING STRATEGIES 54 Operations Review 5 FORTIFYING FOUNDATIONS Property Portfolio 6 Corporate Overview 74 Our Offices 8 Message from the Chairman 87 Investment Activities and 13 Interview with the Group CEO 88 Capital Management 18 Board of Directors 93 FULFILLING ASPIRATIONS 24 Group Senior Management 94 Sustainability Report 31 FUELLING GROWTH 123 Sustainability – Corporate Governance 32 Highlights of the Year 128 Sustainability – Risk Management 40 Financial Review 131 Financial Statements 47 Corporate Liquidity and Financial Resources 51 Awards and Accolades REVENUE1 S$3,877 MILLION PATMI S$1,778.5 MILLION TOTAL AUM S$60.5 BILLION TOTAL GROSS FLOOR AREA (SQUARE METRES) ~19.4 MILLION EXPANSIVE PORTFOLIO ACROSS 13 MARKETS TOTAL AMOUNT SET ASIDE TO FUND CORPORATE SOCIAL RESPONSIBILITY INITIATIVES (SINCE FY10/11) S$28.4 MILLION MAPLETREE INVESTMENTS PTE LTD ANNUAL REPORT 1 Revenue is adjusted to exclude incentive fee income and residential revenue. They are not deemed to be the core business activities for the Group. 2019/2020 2. MAPLETREE INVESTMENTS PTE LTD ANNUAL REPORT 2019/2020 PERFORMANCE HIGHLIGHTS The financial year ended TOTAL ASSETS UNDER MANAGEMENT (AUM) 31 March 2020 (FY19/20) (FY19/20) saw Mapletree embarking on its third Five-Year Plan for its next stage of progress. Despite a challenging landscape, the Group S$60.5 successfully secured a strong foothold in real estate sectors BILLION across key global markets. AUM Overall, Mapletree's revenue (S$ million) for FY19/20 rose to S$3,877 million1, with profit after 64,000 18,275 tax and minority interests 42,204 2 (PATMI) registering a total of 17,977 37,747 S$1,778.5 million. Mapletree’s 56,000 assets under management (AUM) grew to S$60.5 billion 15,238 31,051 in FY19/20, with about 70% 48,000 being third-party AUM. 11,423 28,111 Mapletree also delivered a 40,000 five-year average return on 11,774 equity (ROE)3 of 12.9% and 22,972 return on invested equity 32,000 7,853 4 20,562 (ROIE) of 13.8% in FY19/20. 6,381 18,224 24,000 5,020 16,744 8,450 11,401 7,531 7,891 16,000 8,000 0 10/11 11/12 12/13 13/14 14/15 15/16 16/1717/18 18/19 19/20 Financial Year Managed assets Owned assets 3. FY19/20 – ROE3 11.2% PATMI2 (FY19/20) Average Five-Year ROE3 (From FY15/16 - FY19/20) 12.9% S$1,778.5 FY19/20 – ROIE4 MILLION FEE INCOME5 21.6% (S$ million) Average Five-Year ROIE4 525 518 (From FY15/16 - FY19/20) 451 450 375 302 13.8% 300 267 277 241 203 1 Revenue is adjusted to exclude incentive 225 188 fee income and residential revenue. They are not deemed to be the core business 134 150 124 activities for the Group. 2 PATMI denotes net profit after tax and non-controlling interests attributable to 75 Perpetual Securities Holders and Equity Holder of the Company. 0 3 ROE denotes return on equity and is 10/11 11/12 12/13 13/14 14/15 15/16 16/1717/18 18/19 19/20 computed based on PATMI attributable to Equity Holder of the Company over Financial Year shareholder’s funds. 4 ROIE is computed based on adjusted* EBIT + SOA6 PATMI over the Group’s equity held at original invested cost (OIC). (S$ million) 5 Includes REIT management fees. 6 Earnings before interest and tax (EBIT) plus 2,308 2,450 share of operating profit or loss of associated companies and joint ventures (SOA), 2,092 2,100 excluding residential profits, incentive fee from private funds’ divestment, revaluation gains or losses, divestment gains or losses, 1,750 1,668 foreign exchange and derivatives gains 1,572 or losses. 7 EBIT + SOA in prior years are restated as 1,400 1,295 1,141 incentive fee and residential profits are 1,042 excluded from EBIT + SOA. They are not 1,050 877 deemed to be the core business activities 796 for the Group. 700 589 * Adjusted to exclude non-cash and non-operating items such as unrealised 350 revaluation gains or losses mark-to-market fair value adjustments, gains and losses on 0 foreign exchange, negative goodwill and 10/11 11/12 12/13 13/14 14/15 15/167 16/177 17/187 18/197 19/20 dilution gains and losses and include OIC gains from any gains or losses on disposal Financial Year and corporate restructuring surplus or deficit. 4. MAPLETREE INVESTMENTS PTE LTD ANNUAL REPORT 2019/2020 DEVELOPER Create Value We transform greenfield lands, underperforming assets and precincts into high-value real estate with our strong development know-how. REAL ESTATE CAPABILITIES INVESTOR Capitalise on Opportunities Mapletree’s business model creates We pursue, seize and underwrite new business opportunities across the entire real value through our core capabilities in estate value chain. real estate development, investment, capital and property management. In FY19/20, the Group continued to broaden its presence by successfully making acquisitions of CAPITAL data centre, logistics, office and student accommodation assets in Australia, MANAGER China, Europe, India, the United Kingdom Grow third-party assets and the United States. under management We employ a disciplined capital management framework to deliver consistent and high returns to our investors, demonstrated by the successful execution and performance of our four REITs and six private equity funds1. PROPERTY MANAGER Steward of Assets We provide a suite of quality property management services to our tenants and ensure that their operational needs are met. 1 Mapletree India China Fund was fully realised in April 2020. FORTIFYING FOUNDATIONS FOCUSING ON THE DISCIPLINED EXECUTION OF OUR BUSINESS MODEL 6. MAPLETREE INVESTMENTS PTE LTD ANNUAL REPORT 2019/2020 CORPORATE OVERVIEW Mapletree Investments Since its inception in 2000, Mapletree management (AUM). Over S$42.2 has been actively investing in billion, or about 69.8% of the Pte Ltd (Mapletree) is income-yielding assets around Group’s AUM are held under four a leading real estate the world. By incorporating its key of its Singapore-listed real estate development, investment, strengths as a developer, investor, investment trusts (REITs) and six capital and property manager, private equity real estate funds1. capital and property Mapletree steadily grew a global Mapletree strives to maintain an management company portfolio of income-producing optimal capital structure that assets. In line with Mapletree’s headquartered in Singapore. provides the Group with the financial strategy to establish new income flexibility to pursue new investment Mapletree invests in real streams beyond Asia and diversify its opportunities. business, the Group ventured into estate sectors globally in highly developed markets of Australia, Mapletree’s properties span across geographical markets with Europe, the United Kingdom (UK) 13 markets, namely Singapore, Australia, excellent growth potential, and the United States (US). Canada, China, Europe, Hong Kong SAR, India, Japan, Malaysia, South to provide healthy and stable In Financial Year 2019/2020, the Korea, the UK, the US and Vietnam. returns to its investors. Group continued to broaden its Mapletree owns and manages a presence by successfully making diversified portfolio of data centre, acquisitions of data centre, logistics, industrial, lodging, logistics, mixed- office and student accommodation use, office, residential and retail assets. assets in Australia, China, Europe, India, the UK and the US. To support its global operations, including Oakwood, Mapletree has As at 31 March 2020, Mapletree more than 2,770 employees operating has S$60.5 billion of assets under from our extensive network of offices. AUM BY GEOGRAPHY2 THE UNITED KINGDOM EUROPE CHINA AND INDIA HONG KONG SAR S$3,395.9m S$2,997.6m S$7,536.2m S$7,761.7m NORTH AMERICA SOUTH EAST ASIA SINGAPORE AUSTRALIA NORTH ASIA S$12,524.5m S$2,521.1m S$18,161.2m S$1,891.6m S$3,688.9m 7. OUR BUSINESS SEGMENTS South East Asia & Group Retail Logistics Development China and India Developer/investor/manager of Developer/manager of logistics Developer/investor/manager of commercial properties (and select properties in Australia, China, properties in China and India industrial properties) in Singapore Malaysia and Vietnam and properties in Southeast Asia Capital Management Platform Private real estate funds: • Mapletree India China Fund (MIC Fund)1 • Mapletree China Opportunity Fund II (MCOF II) Australia & North Asia Group Lodging Europe and USA Developer/investor/manager of Developer/investor/manager of Developer/investor/manager of properties in Australia, Hong Kong global lodging properties in properties in Europe, North America SAR and Japan North America, the UK and Oakwood and the UK Capital Management Platform Capital Management Platform Capital Management Platform Private real estate funds: Private real estate fund: Private real estate fund: • MJLD • Mapletree Global Student • Mapletree US & EU Logistics • Mapletree Australia Commercial Accommodation Private Trust (MGSA) Private Trust (MUSEL) Private Trust (MASCOT) SINGAPORE-LISTED REITS Mapletree Logistics Trust Mapletree Industrial Trust Mapletree Commercial Trust Manager of logistics properties in Manager of industrial properties Manager of office, business park and Singapore, Australia, China, Hong and data centres in Singapore and retail properties in Singapore Kong SAR, Japan, Malaysia, South North America Korea and Vietnam 1 MIC Fund was fully realised in April 2020.
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