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Building Strengths

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Building Strengths REPORT TO SHAREHOLDERS 2010 Building Strengths Defi ning Distinction Sustaining Value Distinguishing Quality Enriching Lives To be the premier multi-national corporation providing urban living solutions through the twin core businesses of property development and property fund management. We are committed to create live-work-play environments of enduring value for the community with our hallmark excellence, and achieve sustainable higher returns for our shareholders. Contents 1 Key Figures 2010 116 Value Added Statement 2 Group Financial Highlights 118 Productivity Analysis 3 Five-Year Group Financial Profi le 120 Corporate Liquidity and 4 Group Quarterly Results Capital Resources 5 Corporate Profi le 122 Business Dynamics and Risk Factors 6 Chairman’s Statement 123 Critical Accounting Policies and 12 Key Messages Recommended Accounting Practice 18 Board of Directors 125 Sustainability Report 22 Senior Management Sustaining Growth 24 Key Personnel 126 – Corporate Governance 28 Investor Relations 142 – Risk Management 32 Corporate Milestones 144 – Environment 33 Awards and Accolades Empowering Lives 36 Special Feature 148 – Health and Safety – Offi ce Market Riding on 150 – People Upbeat Momentum Nurturing Communities Operations and Market Review 154 – Causes 42 Overview 158 Directors’ Report 44 Singapore 166 Statement by Directors 46 – Residential 167 Independent Auditors’ Report 52 – Commercial 168 Consolidated Profi t and Loss Account 62 Property Fund Management 169 Consolidated Statement of Overseas Comprehensive Income 68 – China 170 Balance Sheets 84 – Vietnam 171 Statements of Changes in Equity 90 – India 174 Consolidated Cash Flow Statement 94 – Indonesia 176 Notes to the Financial Statements 97 – Saudi Arabia 240 Signifi cant Subsidiary and 98 – The Philippines Associated Companies 100 – Thailand 245 Corporate Information 101 – Malaysia 246 Profi le of Directors and Regional Network Senior Management 102 – Asia Pacifi c and Middle East 253 Calendar of Financial Events 104 – Singapore 254 Corporate Structure 106 Financial Review 258 Property Portfolio 112 Property Portfolio Analysis 276 Statistics of Shareholdings 114 Sensitivity Analysis 278 Notice of Annual General Meeting 115 Economic Value Added 284 Share Transaction Statistics Proxy Form Key Figures 2010 Net Profi t Dividend Per Share Economic Value Added $1b $0.18 $385m Net profit grew 273% and Dividend of 18 cents per share, Economic value added grew exceeded $1 billion. including a special dividend of significantly to $385 million 9 cents per share. from $81.7 million in 2009. Grade A Offi ce Take-Up Residential Sales Residential Pipeline 1m sf 5,250 9,700 Total Grade A office take-up Record sales of more than Acquisition of strategic sites at Marina Bay Financial Centre 5,200 homes in Singapore added more than 9,700 units and Ocean Financial Centre and overseas, mostly in China. to current pipeline of over rose to over 1 million sf. 75,000 homes. Net Debt-Equity Ratio Assets Under Management 0.2x $11.2b Maintained low net debt-equity Total assets under ratio of 0.2x for more management by property large-scale developments. fund management business amounts to about $11.2 billion, when fully leveraged and fully invested. Key Figures 2010 1 Group Financial Highlights % Increase/ 2010 2009 (Decrease) For the year ($’000) Sales 792,273 923,869 (14.2) Operating profi t 222,927 201,925 10.4 Pre-tax profi t Before fair value gain/(loss) on investment properties/impairment 757,333 370,541 104.4 After fair value gain/(loss) on investment properties/impairment 1,183,143 358,564 230.0 Net profi t 1,045,831 280,416 273.0 Funds (used in)/from operations (1,086,895) 515,939 n.m. Development expenditures 1,447,001 355,565 307.0 Capital expenditure on investment properties and fi xed assets 271,666 79,500 241.7 Proposed fi nal dividend 130,522 114,379 14.1 Proposed special dividend 130,522 – n.m. Total value added 919,000 516,400 78.0 At year-end ($’000) Shareholders’ equity 4,301,271 3,375,789 27.4 Non-controlling interests 339,051 412,813 (17.9) Long-term borrowings 2,199,669 903,570 143.4 Short-term borrowings 316,792 823,153 (61.5) Total funds invested 7,156,783 5,515,325 29.8 Per share Earnings (cents) (Note 1) After taxation but before fair value gain/(loss) on investment properties/impairment 44.6 22.6 97.3 After taxation and fair value gain/(loss) on investment properties/impairment 72.8 24.2 200.8 Proposed fi nal dividend (cents) 9.0 8.0 12.5 Proposed special dividend (cents) 9.0 – n.m. Net tangible assets ($) 2.97 2.36 25.8 Financial ratios Return on shareholders’ equity (%) (Note 2) After taxation but before fair value gain/(loss) on investment properties/impairment 18.4 9.4 95.7 After taxation and fair value gain/(loss) on investment properties/impairment 30.0 10.1 197.0 Dividend cover (times) (Note 3) 4.9 2.3 113.0 Interest cover (times) (Note 4) 23.9 13.1 82.4 Net debt-equity ratio (times) (Note 5) 0.20 0.22 (9.1) Employees (Note 6) Number (average) 2,835 2,650 7.0 Wages and salaries ($’000) 124,866 102,776 21.5 Pre-tax profi t per employee ($’000) 205 78 162.8 Notes: 1. Earnings per share are calculated by reference to the weighted average number of shares in issue during the year. 2. In the calculation of return on shareholders’ equity, the weighted average basis has been used. 3. Dividend cover for 2010 is 2.5 times if the special dividend is included. 4. In the calculation of interest cover, fair value gain/(loss) on investment properties/impairment is excluded. Interest includes net interest expense taken to the profi t and loss account and interest capitalised under investment properties and properties held for sale. 5. In the calculation of the net debt-equity ratio, net debt includes borrowings net of cash and equity includes non-controlling interests in subsidiary companies. 6. Wages and salaries include amounts capitalised under properties held for sale. In the calculation of pre-tax profi t per employee, the share of results of associated companies and fair value gain/(loss) on investment properties/impairment are excluded. 7. n.m. – not meaningful Keppel Land Limited 2 Report to Shareholders 2010 Five-Year Group Financial Profile 2006 2007 2008 2009 2010 Income statement ($’000) Sales 948,018 1,407,886 842,166 923,869 792,273 Operating profi t 204,082 312,269 231,744 201,925 222,927 Pre-tax profi t Before fair value gain/(loss) on investment properties/impairment 302,748 620,957 309,563 370,541 757,333 After fair value gain/(loss) on investment properties/impairment 263,408 988,736 314,030 358,564 1,183,143 Net profi t 200,310 779,650 227,669 280,416 1,045,831 Balance sheet ($’000) Fixed assets and investment properties 1,486,679 1,603,539 1,680,195 1,632,830 1,906,435 Investments 659,375 722,361 1,020,367 1,500,333 1,531,180 Non-current assets 753,216 737,182 813,824 940,708 446,161 Net current assets (Note 1) 1,586,846 1,986,073 1,630,825 1,539,977 3,375,828 Deferred taxation (34,438) (130,688) (126,459) (98,523) (102,821) Assets employed 4,451,678 4,918,467 5,018,752 5,515,325 7,156,783 Shareholders’ equity 1,590,934 2,291,231 2,442,560 3,375,789 4,301,271 Non-controlling interests 310,018 352,460 454,374 412,813 339,051 Long-term borrowings 2,111,107 1,955,914 1,937,767 903,570 2,199,669 Short-term borrowings 439,619 318,862 184,051 823,153 316,792 Total funds invested 4,451,678 4,918,467 5,018,752 5,515,325 7,156,783 Per share Earnings (cents) (Note 2) After taxation but before fair value gain/(loss) on investment properties/impairment 23.6 50.7 22.1 22.6 44.6 After taxation and fair value gain/(loss) on investment properties/impairment 19.8 76.9 22.4 24.2 72.8 Proposed fi nal one-tier dividend (cents) 6.0 8.0 8.0 8.0 9.0 Distribution in specie/proposed special dividend (cents) (Note 3) 44.0 12.0 – – 9.0 Net tangible assets ($) 2.21 3.18 3.39 2.36 2.97 Financial ratios Return on shareholders’ equity (%) (Note 4) After taxation but before fair value gain/(loss) on investment properties/impairment 15.2 30.5 9.7 9.4 18.4 After taxation and fair value gain/(loss) on investment properties/impairment 12.8 46.2 9.9 10.1 30.0 Dividend cover (times) (Note 5) 5.5 8.9 3.9 2.3 4.9 Interest cover (times) (Note 6) 4.1 8.6 11.1 13.1 23.9 Net debt-equity ratio (times) (Note 7) 1.04 0.41 0.52 0.22 0.20 Employees (Note 8) Number (average) 2,550 2,793 2,782 2,650 2,835 Wages and salaries ($’000) 66,956 92,659 92,477 102,776 124,866 Pre-tax profi t per employee ($’000) 108 189 87 78 205 Notes: 1. In arriving at net current assets, short-term borrowings have been excluded. 2. Earnings per share are calculated by reference to the weighted average number of shares in issue during the year. The earnings per share for 2006 to 2008 have been restated to include the effects of the Company’s rights issue in 2009.
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