FOCUS BALANCE SCALE 1 CL AR03 1-29 A/W.OK 17/03/2004 05:58 PM Page 2
Total Page：16
File Type：pdf, Size：1020Kb
CL AR03 cover A/W-OK 17/03/2004 05:54 PM Page 1 F OCUS BALANCE SCALE OCUS BALANCE SCALE CapitaLand Limited Annual Report 2003 CapitaLand Limited 168 Robinson Road #30-01 Capital Tower FOCUS Singapore 068912 Tel: (65) 6823 3200 BALANCE Fax: (65) 6820 2202 Web Site: www.capitaland.com SCALE Annual Report 2003 CL AR03 cover A/W-OK 17/03/2004 05:55 PM Page 2 MAIN CONTACTS CapitaLand Limited The Ascott Group Limited Auditors 168 Robinson Road 8 Shenton Way KPMG #30-01 Capital Tower #13-01 Temasek Tower 16 Raffles Quay Singapore 068912 Singapore 068811 #22-00 Hong Leong Building Tel: (65) 6823 3200 Tel: (65) 6220 8222 Singapore 048581 Fax: (65) 6820 2202 Fax: (65) 6227 2220 Tel: (65) 6213 3388 www.capitaland.com www.the-ascott.com Fax: (65) 6225 6157 [email protected] ir&[email protected] (Engagement Partner since financial year ended 31 December 2001: PROFILE CapitaLand Commercial Limited Raffles Holdings Limited Martha Tan Hui Keng) 39 Robinson Road 2 Stamford Road #18-01 Robinson Point #06-01 Raffles City Registrar Singapore 068911 Convention Centre Lim Associates (Pte) Ltd CapitaLand is one of the largest listed property companies in Asia. Tel: (65) 6536 1188 Singapore 178882 10 Collyer Quay Fax: (65) 6536 3788 Tel: (65) 6339 8377 #19-08 Ocean Building Headquartered in Singapore, the multinational company’s core businesses www.capitalandcommercial.com Fax: (65) 6339 2912 Singapore 049315 [email protected] www.rafflesholdings.com Tel: (65) 6536 5355 in property, hospitality, property services and real estate financial services [email protected] Fax: (65) 6536 1360 are focused in gateway cities in Asia, Australia and Europe. In these CapitaLand Financial Limited 39 Robinson Road PREMAS International Limited countries, CapitaLand is in partnership with reputable local players and #18-01 Robinson Point Blk 750 Oasis Chai Chee Road Singapore 068911 Technopark @ Chai Chee #01-01 has established a management team that understands the market, Tel: (65) 6536 1188 Singapore 469000 Fax: (65) 6536 3788 Tel: (65) 6876 0088 business practices and socio-economic factors. www.capitalandfinancial.com Fax: (65) 6538 8146 [email protected] www.premas.com [email protected] The company’s hospitality businesses, in hotels and serviced residences, CapitaLand Residential Limited 8 Shenton Way span more than 60 cities around the world. CapitaLand also leverages on #21-01 Temasek Tower Singapore 068811 its significant real estate asset base and market knowledge to develop Tel: (65) 6820 2188 Marketing hotline: (65) 6826 6800 fee-based products and services in Singapore and the region. Fax: (65) 6820 2208 www.capitalandresidential.com [email protected] The listed subsidiaries and associates of CapitaLand Limited include Raffles Holdings, The Ascott Group, Australand Property Group (which is listed both in Singapore and Australia) and CapitaMall Trust. CapitaLand Group’s properties on the front cover are: 1 5 9 13 17 2 6 10 14 18 1 Raffles Hotel Le Royal, 7 The Ascott Kuala Lumpur 15 Plaza Singapura, Singapore 3 7 11 15 19 Phnom Penh 8 The Ascott Beijing 16 Tampines Mall, Singapore 2 Swissôtel Chicago 9 The Loft, Singapore 17 Technopark @ Chai Chee, 4 8 12 16 20 3 Swissôtel The Stamford and 10 Balmain Shores, Sydney Singapore This Annual Report may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed Raffles The Plaza, Singapore 11 Regency Park, Sydney 18 Caltex House, Singapore in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and 4 Swissôtel Métropole, Geneva 12 SunGlade, Singapore 19 Springleaf Tower, Singapore economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy 5 Citadines Paris Louvre, Paris 13 Canary Riverside, London 20 Capital Tower, Singapore changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward- 6 Somerset Salcedo, Manila 14 Shinjuku Tower, Japan and Design by Equus www.equus-design.com Concept looking statements, which are based on current view of management on future events. 12345678910OK SL While every effort has been taken to carry out instruction to customers satisfaction HTS M Y NO RESPONSIBILITY liablilty will be accepted for errors 1 MOD: SL155 CUSTOMERS ARE THEREFORE URGED TO CHECK THOROUGHLY BEFORE P361C SL174649 DL-MAC5 09.03.04 175# C K DALIM AUTHORISING PRINT RUNS CL AR03 1-29 A/W.OK 17/03/2004 05:58 PM Page 1 CONTENTS 2 Our Reach 44 Hotels 90 Statement by Directors 4 Financial Highlights 48 Serviced Residences 91 Report of the Auditors 6 Focus 52 Financial Services 92 Balance Sheets 8 Balance 55 Portfolio Details 93 Profit and Loss Accounts 10 Scale 59 Portfolio Analysis 94 Statements of Changes 12 Letter to Shareholders 60 Investor Relations in Equity 18 Board of Directors Cost Management 96 Consolidated Statement 19 Directors’ Profile Strategic Corporate Marketing of Cash Flows 22 Corporate Directory 61 Human Resources 98 Notes to the Financial 23 International Advisory Panel Information Technology Statements 24 Group Structure 62 Social Responsibility 152 Financial Calendar 25 Council of CEOs 64 Performance Review 153 Corporate Governance 26 Year in Brief 70 Economic Value Added 161 Additional Information 29 Corporate Office Statements 166 Shareholding Statistics 30 At a Glance 71 Value Added Statements 168 Notice of Annual 32 Residential 72 5-Year Financial Summary General Meeting 36 Commercial 73 Statutory Accounts 171 Proxy Form 40 Property Services 74 Directors’ Report 172 Notes to Proxy Form OUR MISSION To build a world-class property company with international presence that: • creates sustainable shareholder value • delivers quality products and services • attracts and develops quality human capital CapitaLand AR 03 FOCUS FOCUS BALANCE SCALE 1 CL AR03 1-29 A/W.OK 17/03/2004 05:58 PM Page 2 OUR REACH – Our businesses span more than 70 cities in 24 countries HOTELS SERVICED RESIDENCES RESIDENTIAL COMMERCIAL PROPERTY SERVICES FINANCIAL SERVICES KEY GATEWAY GLOBAL CITIES: PRESENCE: Bangkok ASIA- PACIFIC EUROPE THE AMERICAS Beijing Dubai Australia Indonesia New Zealand Belgium Spain Carribean Hong Kong Brisbane Bali Auckland Brussels Barcelona Canouan Island, London Perth Bandung Mallorca The Grenadines Melbourne Hobart Bintan Philippines France Shanghai Sydney Jakarta Manila Aix-en-Provence Switzerland Ecuador Singapore Melbourne Manado Bordeaux Basel Quito Sydney Palembang Singapore Cannes Geneva Tokyo Cambodia Surabaya Gaillard Montreux Peru Phnom Penh Thailand Genéve Zürich Lima Siem Reap Japan Bangkok Grenoble Osaka Phuket Lille Turkey USA China Tokyo Lyon Bursa Atlanta Beijing Vietnam Marseille Göcek Chicago Chengdu Malaysia Hanoi Montpellier Izmir Los Angeles Dalian Johor Ho Chi Minh City Nice Istanbul New York Guangzhou Kuala Lumpur Paris Hong Kong Kuching Strasbourg UK Qingdao Penang Toulouse London Shanghai Glasgow Tianjin Germany Manchester Wuhan Berlin Xiamen Düsseldorf MIDDLE EAST Hamburg UAE Netherlands Dubai All information as at 31 December 2003 Amsterdam CL AR03 1-29 A/W.OK 17/03/2004 05:59 PM Page 3 SINGAPORE CL AR03 4-5-OK 17/03/2004 06:00 PM Page 4 FINANCIAL HIGHLIGHTS 2001 2002 2003 S$ million S$ million S$ million A PROFIT AND LOSS ACCOUNTS Revenue 3,233.2 3,261.7 3,830.1 Earnings Before Interest and Tax (EBIT) 368.8 764.9 595.6 Finance Cost (408.2) (284.0) (240.8) Net (Loss)/Profit attributable to Shareholders (281.4) 280.0 105.3 B BALANCE SHEETS Total Assets 18,368.9 16,472.6 17,558.4 Shareholders’ Funds 6,005.9 6,061.2 6,077.6 Net Debt 6,889.0 5,690.2 6,071.8 C FINANCIAL RATIOS Earnings per share after tax (cents) (11.2) 11.1 4.2 Return on Shareholders’ Funds (%) (4.3) 4.6 1.7 Dividend & Distribution per share (cents) 3.0 5.0 40.0* Net Tangible Assets per share ($) 2.37 2.40 2.40 Debt Equity Ratio (net of cash) (times) 0.87 0.72 0.75 Interest Cover (times) 0.89 3.42 3.67 Interest Service Ratio (times) 3.31 4.61 5.52 * Comprised gross dividends of 4 cents per share and distribution of Group’s net asset value of 36 cents per share via a distribution in specie of 200 units of CapitaCommercial Trust units for every 1,000 CapitaLand shares held. FOCUS FOCUS BALANCE SCALE CapitaLand AR 03 4 CL AR03 4-5-OK 17/03/2004 06:00 PM Page 5 D TRENDS Revenue by Geographical Location EBIT by Geographical Location (S$m) (S$m) 3,830 765 4,000 800 3,233 3,262 3,262 596 3,000 600 44.4% 64.3% 369 56.6% 61.1% 400 2,000 32.6% 81.3% * 55.6% 1,000 200 80.1% 43.4% 38.9% 35.7% 18.7% # 0 0 -12.7% -100 2001 2002 2003 2001 2002 2003 Singapore Singapore * Excluding provisions, overseas Australia & New Zealand Australia & New Zealand EBIT is 64.6% of Group’s EBIT China China # Excluding provisions, Singapore Other Asia (excl. S’pore & China) Other Asia (excl. S’pore & China) EBIT is 35.4% of Group’s EBIT Europe Europe Others Others Total Assets by Geographical Location Finance Costs and Gearing (S$b) (S$m) 20 18.4 500 1.0 17.6 16.5 408 27.7% 400 15 34.1% 38.1% 284 300 0.87 241 10 0.8 200 72.3% 65.9% 61.9% 0.75 5 100 0.72 0 0 0.6 2001 2002 2003 2001 2002 2003 Singapore Finance Costs Australia & New Zealand Debt-Equity Ratio China Other Asia (excl.