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ART COMMERCE BEST COMMERCIAL REIT ASIA 2020 BEST RETAIL REIT (PLATINUM) BEST CEO (PLATINUM) BEST INVESTOR RELATIONS (PLATINUM) 2020 ANNUAL REPORT Building Resilience NEXT LAP OF GROWTH Contents GROUP OVERVIEW STAKEHOLDER ENGAGEMENT VISION 01 Key Highlights 50 Investor Relations 01 Awards To be the 02 Corporate Profile PROPERTY PORTFOLIO 04 Trust Structure 54 Entrusted Management world-class 05 Organisation Structure Agreement (“EMA”) Model premier outlet mall 06 Joint Statement of 56 Marketing and Promotion Chairman & CEO 58 Property Portfolio REIT in Asia 10 主席与首席执行官致辞 68 Partner Brands 69 Operations Review PERFORMANCE REVIEW MISSION 14 Financial Highlights OTHER INFORMATION To deliver 16 Year in Brief 74 Sustainability 18 Financial Review 97 Enterprise Risk Management consistent 22 Unit Price Performance 100 Capital Management 102 Corporate Governance and strong MANAGEMENT EXPERTISE 141 Financial Statements 26 品牌故事 201 Interested Person Transactions performance for 29 The Sasseur Story 202 Unitholders’ Information our unitholders by 34 Sasseur Group in 2020 205 Notice of Annual 40 Board of Directors for General Meeting offering unrivalled REIT Manager Proxy Form 43 REIT Management Team experiential outlet 46 Sponsor Team shopping to our customers Awards Key Highlights The Only Retail S-REIT with Positive DISTRIBUTION YIELD DISTRIBUTION PER UNIT Return 1 8.0% SG6.545¢ in 2020 Based on closing price of S$0.820 on 31 December 2020 AGGREGATE LEVERAGE SHOPPER TRAFFIC VIP MEMBERSHIP 27.9% 10.1M 2.1M OCCUPANCY RATE TOTAL OUTLET SALES PORTFOLIO VALUATION 93.5% RMB3.73B RMB8.14B 1 Source: SGX Publication “SREITs & Property Trusts Chartbook - January 2021” Report SEPTEMBER 2020 NOVEMBER 2020 7TH ASIA PACIFIC REITS AWARD 2020 CAPITAL FINANCE INTERNATIONAL Best Retail REIT (Platinum) Best Commercial REIT Asia 2020 Best CEO (Platinum) Best Investor Relations (Platinum) 01 SASSEUR REIT ANNUAL REPORT 2020 Sasseur REIT Corporate is a real estate Profile investment trust (“REIT”) listed on the Mainboard of the Singapore Exchange (“SGX”) since 28 March 2018. It is the first listed outlet mall REIT in Asia, with four outlet malls in China in its portfolio. Sponsored by Sasseur Cayman Holding Limited (“Sponsor”), a leading outlet mall operator of 13 malls – including the four outlet malls in Sasseur REIT’s portfolio. Sasseur REIT is well positioned to benefit from the fast-growing outlet sector in China, that is driven by rising consumption from the rapidly expanding Chinese middle class. As of 31 December 2020, Sasseur REIT’s portfolio comprised four outlet malls located in Chongqing, Bishan, Hefei and Kunming, with a total asset value of RMB 8.1 billion. 02 Sasseur DNA Passion for Art And Commerce A x (1+N) x DT Outlets + Lifestyle Data Art Experience Spaces Technology Synergy between art and Super Sports VIP Memberships commerce (art expressions (sporting activities (loyalty programme) in mall layout and design) for families) Online and Offline integration Shoppers’ emotional connection Super Kids (meeting customers’ needs with the outlet malls featuring (playgrounds and educational for seamless online and local themes (creating activities for kids) offline retail experiences) emotional connections) Super Farm Constant analysis of Local culture appreciation (farmers’ markets and local/ shoppers’ data to improve (enjoying cultural history regional food culture) operations and promote sales. and experiences) Chongqing Outlets commenced Hefei Outlets commenced operations operations in August 2008 in the north- in 2016. It is located in the fast-growing eastern part of Chongqing, and is the High-Tech Development Zone to the west most mature mall in the portfolio. Despite of the city centre of Hefei. The outlet is operating for over a decade, it continues well-positioned to capture the growing to enjoy healthy growth in sales and foot consumer demand as Hefei is one of the traffic year-on-year. fastest-growing cities in China. Bishan Outlets is located in the Bishan Kunming Outlets commenced operations District of Chongqing Municipality and in December 2016 in Taiping New City, a it commenced operations in October new living and leisure zone developed 2014. Located in the upstream area of the by the local authorities to strengthen its Yangtze River, it attracts local residents economic capabilities with a focus in and commuters travelling from the east tourism and high-tech industries. Kunming and north of the Sichuan and the west of is also fast-growing city that attracts Chongqing. migrants from other parts of China as its economy continues to develop. GROUP OVERVIEW | PERFORMANCE REVIEW | MANAGEMENT EXPERTISE | STAKEHOLDER ENGAGEMENT | PROPERTY PORTFOLIO | OTHER INFORMATION 03 SASSEUR REIT ANNUAL REPORT 2020 Trust Structure Unitholders Holdings of Units Distributions Management Acts on behalf Services of Unitholders SASSEUR ASSET DBS TRUSTEE LIMITED MANAGEMENT PTE. LTD. SASSEUR (TRUSTEE) SINGAPORE (REIT MANAGER) Management Trustee Fees REIT Fees 100% Sasseur Singapore Holdings Pte. Ltd. 100% 100% Sasseur Sasseur Sasseur Bishan (BVI) BVI Hefei Limited Jinan Limited Limited 100% 100% 100% 100% Sasseur Hong Sun Sasseur Sasseur Hefei HK Development Bishan HK Jinan HK Limited Group Limited Limited Limited HONG KONG 100% 100% 100% Sasseur (Hefei) Sasseur (Kunming) Sasseur Investment 100% Bishan Investment (Chongqing) Consultancy Outlets Consultancy Business Co., Ltd. Co., Ltd. Co., Ltd. 100% 85% 100% Hefei Sasseur Kunming Sasseur Chongqing Sasseur Commercial 15% 100% Chongqing Commercial PRC Suge Apparel Joint Management Outlets Management Stock Co., Ltd Co., Ltd. Co., Ltd. 100% 100% Entrusted Management Entrusted Management Fees Hefei Agreement (“EMA”) Services Kunming Oulets Outlets SASSEUR (SHANGHAI) HOLDING COMPANY LIMITED (ENTRUSTED MANAGER) 04 Organisation Structure Sasseur Asset Management Pte. Ltd. BOARD OF DIRECTORS CHIEF EXECUTIVE OFFICER Investor Investment Compliance Administration Relations & & Asset Finance & Risk & Human Corporate Management Management Resource Affairs GROUP OVERVIEW | PERFORMANCE REVIEW | MANAGEMENT EXPERTISE | STAKEHOLDER ENGAGEMENT | PROPERTY PORTFOLIO | OTHER INFORMATION 05 SASSEUR REIT ANNUAL REPORT 2020 Joint Statement of Chairman & CEO Mr. Xu Rongcan, Vito Mr. Anthony Ang Founder and Chairman Chief Executive Officer 06 DEAR UNITHOLDERS, We are pleased to present to you the results for the financial year ended 31 December Financial 2020 (“FY2020”) which must rank as the most challenging year in the history of Sasseur REIT, and indeed of its Sponsor. COVID-19 pandemic (“pandemic”) has had a wide-ranging and significant impact on humanity, economies, Performance businesses and supply chains. The retail sector globally has experienced major disruption and drastic changes, with the global economies still dealing with the consequeces. In January 2020, COVID-19 pandemic broke out Reflecting the impact of the pandemic, our in China. While most retail establishments did Entrusted Management Agreement (“EMA”) not cease operations inititally, Sasseur, believing rental income for 2020 declined 6.1% to RMB that safety of our customers and staff must be 579.8 million from RMB 617.6 million in 2019, in our first priority, made a bold decision to close line with the fall in total sales of the four retail our outlets and was the first outlet operator outlets to RMB 3.73 billion, which was 22.8% to act so quickly. It proved to be a very good lower than that of 2019. decision as zero COVID-19 infection happened in our outlets. When we closed the outlets While the temporary closures coincided with the for about seven weeks, we also seized the first half of 2020, the swift recovery of China’s opportunity to strengthen our outlets business economy coupled with the resilience of the by adopting a range of decisive operational Sasseur business model and management changes to enhance organisational resilience saw the swift and decisive recovery in financial and management capabilities. These were fully performance in the second half. For 2H 2020, tested and proven during this challenging period. EMA Rental income of RMB 311.7 million was By proactively making contingency plans, and 16.3% higher compared to 1H2020 while income launching intensive and innovative marketing available while Income Available for Distribution activities to stimulate purchases, we were able to unitholders was S$44.6 million, an increase of to achieve a quick and strong rebound in our 30.5%. business when we reopened the outlets. After reopening, shoppers have returned in droves Distributable Income and DPU both increased to our outlets, leading to a strong improvement 1.0% and 0.2% year-on-year, to S$78.7 million in sales and helping to lift Distribution per Unit (2019: S$77.9 million) and 6.545 Singapore cents (“DPU”) for the year by 0.2% in spite of the (2019: 6.533 Singapore cents) respectively. On business disruption, compared to the pre- top of sales recovery, the increases were also COVID-19 level a year ago. contributed by a reduction in interest rates due to the successful refinancing of Sasseur REIT’s Sasseur REIT’s achievement of maintaining DPU loans in September 2020, lower income tax as was commendable in view of the deterioration in well as a favourable foreign exchange rate. performance of many businesses in 2020. It may be attributed to several factors. The first is the DPU for 4Q 2020 increased 18.8% year-on- speed and pace of recovery of China’s economy year. In fact, through this year of crisis, Sasseur since the early days of the pandemic. The REIT’s DPU grew every quarter, averaging a 13% second is the combination of Sasseur’s strong increase per quarter. management, the ‘art-commerce’ approach to revitalise the outlets and attract consumers Our balance sheet remains healthy. Total debt of seeking an aspirational lifestyle, and our ability Sasseur REIT at the end of 2020 stood at S$519 to balance out risk and rewards for the tenant, million (end-2019: S$492 million). Aggregate the outlet owners and REIT unitholders even leverage remains stable at 27.9% (end-2019: amidst the pandemic. 27.8%) while the interest coverage ratio has improved significantly to 5.9 times (2019: 4.8 We are very encouraged by the financial times).
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