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Better Future Corporate Profile ANNUAL REPORT 2020 BUILDING FOR A Better Future CORPORATE Profile Listed on the Singapore Exchange and headquartered in Singapore, Sinarmas Land Limited (“SML”) is engaged in the property business through its VISION developments and investments in Indonesia, Malaysia, China, Australia and the To be the leading property United Kingdom. developer in Southeast Asia, trusted by customers, In Indonesia, SML is one of the largest property development companies by employees, society, and land bank and market capitalisation. SML operates mainly through three public other stakeholders listed Indonesia subsidiaries, namely PT Bumi Serpong Damai Tbk (“BSDE”), PT Duta Pertiwi Tbk (“DUTI”) and PT Puradelta Lestari Tbk (“DMAS”) – with a combined market capitalisation in excess of S$5.1 billion as at 31 December 2020. In addition, BSDE is the largest shareholder of Dana Investasi Real Estat Simas Plaza Indonesia (“DIRE”), the biggest listed Real Estate Investment Trust VALUES (“REIT”) on the Indonesia Stock Exchange, following the restructuring of our Integrity, Positive Attitude, listed associated company, PT Plaza Indonesia Realty Tbk (“PLIN”), in 2019. Commitment, Continuous The Indonesia division is engaged in all sub-sectors of the property business, Improvement, Innovation, including township development, residential, commercial, industrial and Loyalty hospitality-related properties. At a Glance Corporate Governance Management Review Portfolio Details Financial and Other Information CONTENTS AT A GLANCE 02 Year in Brief 04 Financial Highlights 06 Our Milestones 08 Chairman and CEO Statement CORPORATE GOVERNANCE 12 Board of Directors 17 Key Management Personnel 18 Corporate Governance Report 45 Simplified Corporate Structure MANAGEMENT REVIEW 46 Financial Review 50 Operations Review 58 Investor Relations 59 Awards and Accolades 60 Corporate Social Responsibility 64 Human Capital PORTFOLIO DETAILS 66 Network of Operations 68 Property Portfolio Outside Indonesia, SML has FINANCIAL AND development projects and OTHER INFORMATION holds long-term investments 78 Financial and Other in commercial and hospitality Information 168 Shareholding Statistics assets, across markets including 170 Notice of Annual General Malaysia, China, Australia and Meeting the United Kingdom. Proxy Form Inner Back Cover Corporate Directory Sinarmas Land Limited Annual Report 2020 01 YEAR IN Brief SML PARTNERED WITH VARIOUS STAKEHOLDERS TO SUPPORT EFFORT SML ENTERED INTO A JOINT AGAINST COVID-19 VENTURE WITH SUMITOMO Together with various stakeholders and FORESTRY, KUMAGAI GUMI partners, SML donated and distributed AND HARJOHN TIMBER personal protective equipments, rapid test The joint venture company will kits, surgical masks and hand sanitisers to the develop a mixed-use residential people of Indonesia and commercial project in Kuningan, Jakarta, with an initial investment of APR 2020 approximately US$150.0 million FEB 2020 SEP 2020 MAR 2020 STRATEGIC PARTNERSHIP WITH SML INTRODUCED MITSUBISHI CORPORATION-SURBANA MOVE-IN-QUICKLY JURONG JOINT VENTURE MARKETING PROGRAM SML has partnered with Mitbana Pte Ltd, Spread over three different incentives a joint venture company of Mitsubishi period, the “Move-in-Quickly” Corporation and Surbana Jurong, to advance program offer cash payment the creation of smart and sustainable discounts and down payment Transit-Oriented Developments (“TODs”) of subsidies to help consumers achieve approximately 100 hectares in BSD City homeownership during the pandemic 02 Building for a Better Future At a Glance Corporate Governance Management Review Portfolio Details Financial and Other Information SINARMAS LAND LIMITED BSDE ENTERED INTO A JOINT VENTURE WAS NAMED COMPANY OF WITH MITBANA PTE LTD THE YEAR (REAL ESTATE SECTOR) IN BSDE will collaborate with Mitbana Pte Ltd to THE EDGE SINGAPORE CENTURION jointly develop mixed-use properties, TOD, CLUB 2020 apartments and commercial properties located SML was also named as Winner in the in the Intermoda Complex area in BSD City on an Growth in Profit After Tax over Three Years approximately 55,811 sqm of land area (Real Estate Sector) and Highest Profit After Tax Growth (Real Estate Sector) NOV 2020 DEC 2020 DEC 2020 NOV 2020 BSD CITY WELCOMES MONASH PARTNERSHIP WITH JAPAN OVERSEAS UNIVERSITY, THE FIRST INFRASTRUCTURE INVESTMENT INTERNATIONAL FOREIGN-OWNED CORPORATION FOR TRANSPORT & UNIVERSITY IN INDONESIA URBAN DEVELOPMENT (“JOIN”) Ranked 55th in the world based on the QS SML and JOIN signed a joint venture World University Ranking 2021, Australia’s agreement to establish a platform to jointly Monash University will open its campus source and originate infrastructure projects in Green Office Park 9, offering research- for Japanese companies to participate and intensive Postgraduate programs, engage in overseas infrastructure business, Executive programs and Micro-Credentials particularly in Indonesia Sinarmas Land Limited Annual Report 2020 03 FINANCIAL Highlights REVENUE GROSS PROFIT EBITDA (S$ MILLION) (S$ MILLION) (S$ MILLION) 864.1 1,172.9 910.5 598.1 753.6 572.9 460.2 616.0 473.8 2018 2019 2020 2018 2019 2020 2018 2019 2020 PROFIT ATTRIBUTABLE TO TOTAL ASSETS CASH AND CASH OWNERS OF THE COMPANY (S$ MILLION) EQuivalenTS (S$ MILLION) (S$ MILLION) 119.0 387.5 100.7 6,560.5 7,757.5 8,066.7 984.1 1,090.3 1,403.9 2018 2019 2020 2018 2019 2020 2018 2019 2020 Property, Plant and 1.7% Equipment Other Assets 13.9% 22.2% Properties under Development for Sale TOTAL ASSETS Cash and Cash Investment BY CATEGORY 17.4% 21.1% Equivalents Properties 2020 8.3% Associated Companies Properties Held 15.4% and Joint Ventures for Sale 04 Building for a Better Future At a Glance Corporate Governance Management Review Portfolio Details Financial and Other Information GROSS PROFIT MARGIN EBITDA MARGIN NET DEBT TO EQUITY 2020: 2020: 2020: 62.9% 52.0% 21.3% 2019: 64.3% 2019: 52.5% 2019: 20.5% 2018: 69.2% 2018: 53.3% 2018: 22.9% EBITDA / INTEREST TOTAL DEBT / EBITDA RETURN ON (TIMES) (TIMES) SHAREHOLDERS’ EqUITY 2020: 2020: 2020: 2.4 5.0 3.8% 2019: 3.5 2019: 3.3 2019: 15.4% 2018: 3.0 2018: 4.0 2018: 6.1% NET ASSET VALUE PER EARNING PER SHARE (BASIC) CASH DIVIDEND ORDINARY SHARE (EXCLUDING (SINGAPORE CENTS) (SINGAPORE CENTS) TREASURY SHARES) 2020: 2020: 2020: S$1.08 2.37 0.09 2019: S$1.10 2019: 9.11 2019: 0.38 2018: S$0.89 2018: 2.80 2018: 0.20 1.2% Service Concession Arrangements Hotel and Golf 1.3% 3.5% Others Operations Rental and 12.5% Related Income REVENUE BY PRODUCT CATEGORY 2020 81.5% Sale of Development Properties Sinarmas Land Limited Annual Report 2020 05 OUR Milestones AFP controls BSDE (2002) BSDE – IPO (2008) DUTI established (1972) 2002 - 2010 BSDE established (1984) Acquisition of Warwick House in London, United Kingdom, BSDE commenced operations for £57.3 million (1984 – 1989) of developing Sinarmas Land brand self-sufficient city Disposal of New Brook introduced Buildings in London, United Kingdom, for £113.4 million, 1972 – 1989 AFP changed name to recording an exceptional gain Sinarmas Land of S$71.0 million 2011 2014 Successful listing of DMAS onto Indonesia Stock Exchange ITC brand established (1990) Acquisition of Alphabeta Building in DUTI - IPO (1994) Strategic alliance with AEON Central London, United Mall, Hongkong Land and Kingdom, for £259.6 Asia Food & Properties Kompas Gramedia Group million (“AFP”) listing in Singapore (1997) Acquisition of New Brook Buildings in London, United 2015 Kingdom, for £84.1 million 1990 – 1997 2013 06 Building for a Better Future At a Glance Corporate Governance Management Review Portfolio Details Financial and Other Information Apple launched Asia’s first Developer Academy at BSD City, Jakarta, Indonesia First collaboration with Rongqiao to invest RMB396.0 million for a 40.0% stake in Strategic alliance with Mitsubishi a mixed-use development Collaborate with JOIN to Corporation project in Chengdu City, China invite Japanese companies to participate and engage BSDE won the tender to in infrastructure business, develop a 30km toll road project 2018 particularly in Indonesia connecting Serpong and Balaraja for an investment value of Partnership with Mitbana Pte IDR6.04 trillion Ltd, to advance the creation of smart and sustainable 2016 TODs in BSD City, Indonesia Entered into a joint venture with Sumitomo Forestry, Kumagai Gumi and Harjohn Timber to develop a SML invested A$40.0 million in mixed-use residential and MASCOT to further strengthen commercial project in SML’s property investments outside Kuningan, Jakarta of Indonesia Australia’s Monash University, SML invested RMB222.3 million the first international Acquisition of 33 Horseferry with a 30.0% equity stake to jointly foreign-owned university Road in Victoria, London, United develop a residential project with in Indonesia, will open its Kingdom, for £188.6 million Rongqiao in Taicang City, China campus in BSD City’s Green Office Park 9 Disposal of Orchard Towers in Hyundai Motor to develop a Singapore for S$162.0 million, manufacturing plant in Kota Deltamas, 2020 recording an exceptional gain Indonesia, with an investment of of S$109.4 million approximately US$1.55 billion Acquisition of Sinarmas Listing of DIRE onto Indonesia Stock MSIG Tower for IDR2.4 trillion Exchange with a total value of IDR13.5 trillion Strategic alliance with Panahome Asia Pacific Entered into a joint venture partnership with Citramas Group to develop Nongsa district in 2017 Batam City, Indonesia 2019 Sinarmas Land Limited Annual Report 2020 07 CHAIRMAN AND CEO Statement “ The Group was able to conclude new collaborations
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