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RM15 Billion RM18 Billion #25 1St Future Growth Management Discussion and Analysis RM15 billion OVERVIEW High quality investment Business and Operations portfolio KLCCP and KLCC REIT, collectively With our core business in property known as KLCCP Stapled Group is investment and development, KLCCP Malaysia’s largest self-managed stapled Stapled Group has a diverse property security that invests, develops, owns portfolio strategically located within and manages a stable of iconic and the Kuala Lumpur City Centre Largest quality assets. KLCCP Stapled Group comprising prime Grade-A office # Malaysian REIT became the first ever Shariah compliant buildings, a leading retail mall and a 1 stapled structure in Malaysia upon the luxury hotel. The stabilised and listing of KLCC Stapled Securities wholly-owned assets namely, (KLCCSS) on 9 May 2013. As a PETRONAS Twin Towers, Menara Strong balance constituent of the FBM KLCI Index, ExxonMobil and Menara 3 sheet with KLCCSS trades under the REIT sector PETRONAS are under KLCC REIT of the Index as a single price quotation. and the non-wholly owned assets With a market capitalisation of and assets with development and RM18 billion RM15.0 billion as at 31 December redevelopment potential, Suria KLCC, total assets 2016, KLCCP Stapled Group constitutes MOKL Hotel and a vacant land 34% of the market capitalisation of the (Lot D1) are in KLCCP. KLCCP also Malaysian REIT segment. has a 33% stake in Menara Maxis. 2016 Potential pipeline of assets within ANNUAL REPORT #25 1st the group for Malaysian REIT Largest included on company by market FTSE4Good future capitalisation Bursa Malaysia on FBM KLCI as at Index 31 December 2016 growth KLCCP STAPLED GROUP pg64 Management Discussion and Analysis KLCCP Stapled Group (KLCC Stapled Securities trade as a single security on Bursa Malaysia) KLCC REIT Common Board of Directors KLCCP and Management REIT Portfolio Property Portfolio • PETRONAS Twin Towers (100%) • Suria KLCC (60%) • Menara ExxonMobil (100%) • Mandarin Oriental, Kuala Lumpur (75%) • Menara 3 PETRONAS (100%) • Kompleks Dayabumi (100%) • Menara Maxis (33%) • Vacant Land (Lot D1) (100%) Management Services • Property Management (KLCC Urusharta Sdn Bhd) • REIT Manager (KLCC REIT Management Sdn Bhd) • Car Park Operator (KLCC Parking Management Sdn Bhd) KLCCPKLCCP StapledStapled Group’sGroup’s supportingsu The stapled structure benefits from the activities which complemencomplementt the property tax profile of a REIT structure through portfolio are in facility manamanagement and relevant tax exemptions and provides car parking management sservices,e under access to stable REIT distributions and KLKLCCCC Urusharta SSdndn Bhd ((KLCCUH) and capital growth while benefiting from KLKLCCCC Parking Management Sdn Bhd development of potential assets and ((KPM)KPM) respectively. The REIREITT Manager organic growth in KLCCP. who is enengagedgaged to manamanagege and administer KLCC REIT is ininternalt and The operations of KLCCP Stapled Group resides within KLCCP as a 100% owned remained relatively stable during the year subsidiarsubsidiary.y. in spite of the challenges from the intensifying competition of the hospitality and retail sectors and the oversupply in the office market. pg65 Management Discussion and Analysis Objectives and Strategies Testament to our commitment in delivering value and growth, KLCCP With a vision of becoming the leading Stapled Group’s strategies are aimed at real estate investment group of choice, enhancing value to the holders of the performance of KLCCP Stapled Stapled Securities through significant Group is mainly driven by sustainable accretion in distribution. growth, asset management, cost management and service level With a tough operating environment in improvements. KLCCP Stapled Group’s 2016, KLCCP Stapled Group continued stance on risk-averse and strong to be sensitive and vigilant to changes in fundamentals of locked-in tenancies, the external environment, while focusing premium property locations, high quality on our core competencies in our key tenants and high standards of facilities market segments in order to remain management continue to underpin the competitive in undertaking our investment sustainability of KLCCP Stapled Group. decisions. We remained steadfast to We remain focused on cost efficiencies deliver stable and sustainable returns to and service level improvements and the holders of Stapled Securities. continue to capitalise on opportunities for growth. Sustainable Asset Growth Management • Leveraging on ownership • Sustaining asset quality of premier assets initiatives to preserve • Growth potential from pristine condition of existing and new properties for longer term development and prospects acquisitions 2016 ANNUAL REPORT • Cost containment for • Tenant satisfaction greater cost efficiency • Triple Net Lessee and improved earnings Initiatives • Green Initiatives Cost Service Level Management Improvements KLCCP STAPLED GROUP pg66 Management Discussion and Analysis FINANCIAL REVIEW For the financial year ended 31 December 2016, KLCCP Stapled Group’s revenue was consistent with that of 2015 at RM1.34 billion though profit attributable to equity holders dipped marginally. This was attributable to the resilient office and retail segments which was offset by the significant decline in the hotel segment in a year of sluggish domestic consumption–led economic growth and weaker market demand in the hospitality sector. FY2016 FY2015 Growth RM’000 RM’000 % Revenue 1,343.5 1,340.2 0.2 Profit before tax* 931.6 937.5 (0.6) Profit for the year* 826.8 829.2 (0.3) Profit attributable to equity holders* 719.0 724.5 (0.8) Earnings per stapled security* (sen) 39.8 40.1 (0.8) Distribution per stapled security (sen) 35.65 34.65 2.9 * excluding fair value adjustments Key Highlights • Conversion of atrium spaces into • Top line growth in retail segment from newly opened hotels and additional office space in Menara from new tenants and renewal of commencement of guestroom Dayabumi, added into existing Triple tenancies with positive rental renovations reversion Net Lease Agreement with • One-off write-off of furniture and PETRONAS • Performance of MOKL Hotel fittings in two of MOKL Hotel outlets impacted by soft overall market of and scaled down Meeting, Incentives, hotel’s key segments, competition Conferences and Exhibitions (MICE) events impacted the financial performance of the hotel segment Management Services Segmentaltal PBT FY2016F 10% (RM’million) Hotel 525.6 11% Segmental Office 364.864.8 Revenue 44% FY2016 Retail 44.44.4 35% (3.2)) Office Retail Hotel Management Services pg67 Management Discussion and Analysis The office segment remained the major Office Segment revenue contributor to KLCCP Stapled Group’s revenue with contributions of Revenue remained stable at RM591.0 44% whilst retail maintained its million. The conversion of the four levels contribution at 35%. The hotel of atrium spaces in Menara Dayabumi contribution saw a decline to 11% from into additional office spaces of 43,184 12% the year before, whilst management sq. ft. net lettable area (NLA) was added services continued to complement the into the existing Triple Net Lease property portfolio with an increased Agreement with PETRONAS with effect contribution of 10%. from September 2016. PBT excluding fair value adjustments remained stable. PBT of the office, retail and management services segments remained resilient and consistent with 2015 though the poor performance of the hotel segment coupled with the write-off of the furniture and fittings of MOKL Hotel’s outlets, Sultan Lounge and Casbah in the sum of RM2.5 million resulted in a loss. PROFIT BEFORE TAX REVENUE (Excluding fair value adjustments) FY2016 FY2015 Growth FY2016 FY2015 Growth PROPERTY RM’mil RM’mil % RM’mil RM’mil % PETRONAS Twin Towers 423.5 423.5 – 368.2 368.5 (0.1) Menara 3 PETRONAS 88.1 88.1 (0.1) 87.9 86.7 1.4 Menara ExxonMobil 42.5 42.8 (0.6) 28.6 29.2 (2.1) Menara Dayabumi 36.9 36.5 1.1 30.0 29.5 1.7 Menara Maxis* – ––10.9 11.7 (6.8) Total Office Segment 591.0 590.9 – 525.6 525.6 – 2016 * Share of results of associate The three portfolio of assets under KLCC PETRONAS Twin Towers remained the REIT, namely PETRONAS Twin Towers, highest revenue contributor in the office ANNUAL REPORT Menara 3 PETRONAS and Menara segment at 72% or RM423.5 million, ExxonMobil contributed 94% of the with PBT of RM368.2 million, revenue and 92% of the PBT of the representing 70% of total office office segment. The office property under segment PBT. The stable cashflows KLCCP, Menara Dayabumi contributed and resilient rental income with 100% 6% of the revenue and PBT respectively occupancy in all our office portfolio whilst the remaining 2% of PBT continue to underpin the overall represents the share of results of performance of the office segment. associate from Menara Maxis. KLCCP STAPLED GROUP pg68 Management Discussion and Analysis Retail Segment The retail segment comprises Suria KLCC and the retail podium of Menara 3 PETRONAS. Revenue from our retail segment remained stable with an increase of 1.2% from RM469.8 million in 2015 to RM475.3 million due to the higher rental rates from new tenants and rent reviews becoming effective during the year. PBT excluding fair value adjustments stood at RM364.8 million, a marginal decrease from 2015. PROFIT BEFORE TAX REVENUE (Excluding fair value adjustments) FY2016 FY2015 Growth FY2016 FY2015 Growth PROPERTY RM’mil RM’mil % RM’mil RM’mil % Suria KLCC 438.4 429.4 2.1 344.7 344.8 – Menara 3 PETRONAS (Retail Podium) 36.9 40.4 (8.6) 20.1 22.7 (11.5) Total Retail Segment 475.3 469.8 1.2 364.8 367.5 (0.7) Suria KLCC registered a 2% growth in Hotel Segment top-line revenue with a relatively stable PBT margin of 79%. The retail podium The performance of the hotel segment, Food and Beverage (F&B) which of Menara 3 PETRONAS saw a decline represented by MOKL Hotel was constitutes 44% of the hotel revenue in its revenue and PBT also owing to the significantly impacted by the softer continued to enjoy a strong local decline in the occupancy levels.
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