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ANNUAL REPORT 2017 MANAGEMENT DISCUSSION AND ANALYSIS Strategic Review 50 Our Strategy 52 Value Creating Business Model 54 Material Sustainable Matters 49 56 Engaging Our Stakeholders 57 Our People & Culture Performance Review 58 KLCCP Stapled Group 5-Year Financial Highlights 61 KLCCP Stapled Group Value Added Statement Business Review 64 Financial Review 69 Operating Review 80 Capital Management 81 Financial Risk Management 83 Prospects 84 Investor Relations 88 Financial Calendar 90 Market Report 99 Property Portfolio KLCCP STAPLED GROUP STRATEGIC REVIEW OUR STRATEGY OUR STRATEGY IS UNDERPINNED BY OUR STRONG MANAGEMENT CAPABILITIES. THIS INCLUDES HAVING THE BEST PEOPLE, STRONGEST CUSTOMER RELATIONSHIPS, AND UTILISING THE MOST EFFICIENT 50 SYSTEMS AND TECHNOLOGIES. WE ALSO ACTIVELY MANAGE OUR CAPITAL AND RISK IN A PRUDENT AND DISCIPLINED MANNER The performance of KLCCP Stapled Group is mainly driven by sustainable growth, asset management, cost management and service level improvements. KLCCP Stapled Group’s stance on risk-averse and strong fundamentals of locked-in tenancies, premium property locations, high quality tenants and high standards of facilities management continue to underpin the sustainability of KLCCP Stapled Group. We remain focused on cost efficiencies and service level improvements and continue to capitalise growth opportunities. Responsible conduct is an integral part of our business strategy which is reinforced at all levels within the Group. We are committed to operate and grow in a socially responsible way and have aligned our business and processes to adopt strategies that support sustainable development across society. ANNUAL REPORT 2017 STRATEGIC REVIEW BECOMING THE LEADING 1 Maximise asset performance by ensuring OUR VISION REAL ESTATE INVESTMENT - The office portfolio of assets continue to be GROUP OF CHOICE tenanted by creditable tenants - Execute proactive marketing and leasing strategies to find the right tenant for the right DELIVER VALUE TO ALL location and optimising the tenant mix for the retail portfolio OUR STAKEHOLDERS THROUGH OUR DEEP - Selective asset enhancements to prolong STRATEGIC REAL ESTATE EXPERIENCE, UNIQUE the life of the asset and to keep properties FOCUS MARKET INSIGHTS AND in pristine condition for longer term tenancy prospects OUTSTANDING EXECUTION - Uphold the highest standards of safety and CAPABILITIES security for all our tenants and customers by upgrading security technology 51 OUR STRATEGY IS UNDERPINNED BY OUR CORE CAPABILITIES 2 With changing market factors, shifts in demand patterns and changing competitive pressures, we capitalise on the market opportunities to unlock value through repositioning - Refurbish, reconfigure and refresh tenant 1 2 3 4 mix to improve footfall and maintain competitiveness - Provide unique product and service offerings in meeting customers’ demand 3 Practise a disciplined approach to asset acquisitions that will provide attractive yields and accretion in distribution for future income OUR ASSET MANAGEMENT EXPERTISE ON CAPITALISING MARKET TRENDS DISCIPLINED APPROACH TO ACQUISITIONS OF OPTIMISATION STRUCTURE CAPITAL and capital growth. STRATEGY A thorough evaluation of acquisition opportunities is conducted based on: CREATE SYNERGY WITH EXISTING - Location KL CITY CENTRE PORTFOLIO - Strategic fit - Yield threshold and returns - Tenant mix and occupancy ANTICIPATE FUTURE TENANT AND 4 We approach capital management in a prudent CUSTOMER NEEDS and disciplined way by endeavouring to - Maintain a strong balance sheet - Limit exposure of fluctuations of interest DELIVER STABLE LONG-TERM - Retain an appropriate mix of debt and equity funding DIVIDEND DISTRIBUTIONS KLCCP STAPLED GROUP STRATEGIC REVIEW VALUE CREATING BUSINESS MODEL WE UTILISE OUR KEY THROUGH CLEAR PREMISED ON OUR RESOURCES OPERATIONAL COMMITMENT OF ACTIVITIES SUSTAINABILITY The success of our business The main activities that we depends on a number of undertake towards delivering 52 Corporate Governance inputs our strategy Upholding transparency in our actions and disclosures, ensuring Financial Own high standards of governance, Well balanced funding structure of Own strategic-located investments business ethics and integrity in our debt and equity with strategic fund comprising a quality portfolio of operations management office, retail and hotel Manufactured Develop/Invest Environmental Stewardship Diversified portfolio of premier and Develop own lands or make Striving for improved environmental strategically located assets of office, strategic investments which improve practices & operational sustainability retail and hotel the overall quality of the portfolio and ensure long-term capital Nature appreciation Develop and operate assets Safety & Health Operating reliably, effectively & efficiently respecting nature Manage and natural resources. A green Manage assets and invest the efficiently across the HSE social excellence approach through strong capital neccessary to ensure spheres Health, Safety & Environment (HSE) properties are well maintained and culture and implementation operate at optimum efficiency Our People Social and Relationship Connect/Collaborate Nurturing a diverse and talented Active engagements with our Active engagements with key workforce to drive business growth ecosystem of stakeholders from stakeholders in mitigating strategies shareholders, authorities, partners, operational issues and achieving tenants and end-users; building sustainability in value creation lasting relationships within society Reliable Partner Strengthening financial position, Human and Intellectual business competitiveness and Collaborative work atmosphere, spurring socio-economic growth nurtured talents with strong management and leadership team with right skills and expertise on delivering superior performance UNDERPINNED BY SHARED VALUES ANNUAL REPORT 2017 STRATEGIC REVIEW TO DELIVER VALUE VALUE SHARED WITH VALUE CREATED OUR STAKEHOLDERS Sustainable Growth ECONOMIC By successfully employing Profitable growth and sustained our business model we aim to Distribution per stapled security returns, leveraging on our deliver positive results for all 53 ownership of premier assets and sen our stakeholder groups developments that have low-risk- 36.15 high-potential value Total annual return Investors Access to iconic and high quality real % Right Talent, Right Leader 8.3 estate investment portfolio which An engaged workforce who Fair value gain benefit investors through consistent embraces the Cultural Beliefs in earnings growth and stable long-term delivering superior performance and RM182.5 million dividend distributions building the leadership pipeline as the capital driver of success ENVIRONMENT Business Partners Access to high quality real estate, Reduction in energy consumption Driven by Future expertise and skills in asset Creating, engaging, sustainable 10.0% management and development, environment and spaces, attuned through our strong relationship to changing market dynamics, Reduction in GHG emissions delivering a lifestyle experience % Tenants and Customers tailored to customer preferences 6.0 Innovative formats that are Sustainability awards responsive to customer demands, curated experiences tailored A Trusted Organisation Responsible corporate conduct 3 to customer preferences and within a culture of integrity and outstanding services and facilities leadership in governance, delivering SOCIAL financial value and societal benefits Community investment spend Employees to our stakeholders A diverse and inclusive environment RM2.0 million with enhanced well-being and opportunities to make a positive Learning and development spend difference RM2.1million Communities Moving annual turnover-tenant Creation of positive lasting social sales for Suria KLCC exceeding impact through our development RM billion which have bridged people 2.6 together with stronger community Refurbished and renovated network and facilities guestrooms at MOKL Hotel 273 rooms INNOVATIVE . COHESIVENESS . LOYALTY . INTEGRITY . PROFESSIONALISM KLCCP STAPLED GROUP STRATEGIC REVIEW MATERIAL SUSTAINABLE MATTERS Our material matters have the most impact on our strategy to create long-term value for our stakeholders. We review our material matters on an annual basis through internal workshops to discuss and evaluate our sustainability context, stakeholder issues and the associated risks and opportunities for KLCCP Stapled Group to streamline our actions to benefit all stakeholders concerned. We considered both internal and external factors affecting the industry in our review and assessed its impact to our business and stakeholders. Ten material sustainable matters were identified of high importance. CORPORATE GOVERNANCE FINANCIAL SUSTAINABILITY CLIMATE CHANGE & BUSINESS ETHICS ECONOMIC, SOCIAL & ENVIRONMENTAL 54 RISK MANAGEMENT INDUSTRY GROWTH MANGEMENT Risks Risks Risks • Breach of compliance to evolving • Softer business performance from • Rising energy costs with potential regulatory and reporting landscape challenging market conditions utility tariff increases. We need may give rise to regulation, integrity • Delivering lower distribution per energy to deliver services to our and reputational risks stapled security tenants, guests, shoppers, primarily • Breach of trust and confidence for our buildings of shareholders, investors and • Negative impact to the environment stakeholders and surrounding community Opportunities Opportunities Opportunities • Setting the tone from the top • Unlocking value through optimisation
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