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Agility & Tenacity AGILITY & TENACITY ANNUAL REPORT 2020 Chinese sculptor Zheng Lu’s “Moving Water – Marvellous” sculpture at Frasers Tower – reminiscent of a water wave – reflects the dynamism of Frasers Property in its ability to adapt to fast-changing times. In this particular work deeply influenced by Chinese calligraphy, the characters – Collaborative, Respectful, Progressive and Real – reflect our core values that guide how we think, how we act and what we value. GLOSSARY For ease of reading, this glossary provides definitions of abbreviations that are frequently used throughout this report Frasers Property entities Other Abbreviations FCT : Frasers Centrepoint Trust APBFE : Attributable profit before fair value FHT : Frasers Hospitality Trust change and exceptional items FLCT : Frasers Logistics & Commercial Trust AsiaRetail FPA : Frasers Property Australia Fund : AsiaRetail Fund Limited FPC : Frasers Property China AUM : Assets under management FPHT : Frasers Property Holdings Thailand BCA : Building and Construction Authority, Singapore FPI : Frasers Property Industrial CBD : Central business district FPL : Frasers Property Limited DPU : Distribution per unit FPS : Frasers Property Singapore EMTN : Euro medium-term notes FPT : Frasers Property Thailand ERM : Enterprise-wide risk management FPUK : Frasers Property United Kingdom FY : Financial year FPV : Frasers Property Vietnam GDP : Gross domestic product FTREIT : Frasers Property Thailand Industrial Freehold & GDV : Gross development value Leasehold REIT GFA : Gross floor area GOLD : Golden Land Property Development Plc GLA : Gross lettable area GVREIT : Golden Ventures Leasehold Real Estate Investment Trust GRESB : Global Real Estate Sustainability Benchmark IR : Investor relations JV : Joint venture Abbreviations of states/country MTN : Medium-term notes NAV : Net asset value NSW : New South Wales NLA : Net lettable area QLD : Queensland NPI : Net property income SA : South Australia PBIT : Profit before interest and taxation VIC : Victoria PSF : Per square foot UK : United Kingdom PSM : Per square metre REIT : Real estate investment trust RevPAR : Revenue per available room SBU : Strategic business unit SGX-ST : Singapore Exchange Securities Trading Limited SQM : Square metres WALE : Weighted average lease expiry • Frasers Property or The Group refers to Frasers Property Limited and its subsidiaries • All figures in this Annual Report are in Singapore currency unless otherwise specified ANNUAL REPORT 2020 / 1 AGILITY & TENACITY At Frasers Property, we believe having a business with the right focus, relevant scale, and asset class and local expertise are critical success factors for real estate. This will give us a sustained competitive advantage, while placing us in a stronger position to deliver long-term shareholder value. As we navigate through a fast-changing operating environment, we must be agile and tenacious as an organisation to be able to capitalise on opportunities and prepare a future-ready business. This means investing with agility to strengthen our organisational culture and structure, ensuring quality and consistent systems and processes across our businesses. We demonstrate tenacity by building a well-diversified portfolio across asset classes and geographies, with earnings underpinned by a stable base of assets generating recurring income. We will continue to evolve, reinvent and thrive as a multi-national company even in the post COVID-19 world, as we remain committed to developing quality products, services and places that create value for our stakeholders. CONTENTS 2 Corporate Profile 52 Business Review The Group Strategy • Singapore 4 Our Businesses • Australia 6 Our Multi-national Presence • Industrial 8 Our Milestones • Hospitality 10 Group Structure • Thailand and Vietnam 11 Financial Highlights • Others 12 Sincerity 120 Investor Relations 14 Board of Directors 122 Treasury Highlights 21 Group Management 124 Sustainability Report 29 Corporate Information 175 Awards and Accolades 30 Dependability 178 Enterprise-Wide Risk Management 32 Chairman’s Statement 181 Corporate Governance Report 36 In Conversation with the Group CEO 215 Financial Statements 48 Trends View 358 Particulars of Group Properties 50 Agility 412 Interested Person Transactions 413 Shareholding Statistics 415 Notice of Annual General Meeting 422 Additional Information on Directors Seeking Re-Appointment Proxy Form FPL Fact Sheet 2 / FRASERS PROPERTY LIMITED CORPORATE PROFILE Frasers Property Limited is a multi-national developer- owner-operator of real estate products and services across the property value chain. Listed on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST) and Northpoint City • Singapore headquartered in Singapore, the Group has total assets of Farnborough Business Park • United Kingdom approximately S$38.7 billion as at 30 September 2020. Today, the Group has businesses across Southeast Asia, Australia, Europe and China, and our well-established hospitality business owns and/or operates serviced apartments and hotels in over 70 cities across Asia, Australia, Europe, the Middle East and Africa. Building on our heritage, our core values and leveraging our knowledge and capabilities, we are building a well- diversified portfolio across five asset classes – from retail, residential, commercial and business parks, industrial and logistics to hospitality. We are also the sponsor of two real estate investment trusts (REITs) and one stapled trust listed on the SGX-ST. Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust are focused on retail, and industrial & commercial properties, respectively. Frasers Hospitality Trust (comprising Eastern Creek Business Park, New South Wales • Australia Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on hospitality properties. In addition, the Group has two REITs listed on the Stock Exchange of Thailand. Frasers Property (Thailand) Public Company Limited is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT, which is focused on industrial & logistics properties in Thailand, and Golden Ventures Leasehold Real Estate Investment Trust, which is focused on commercial properties. Our focus has been on creating memorable, enriching experiences that matter to our stakeholders. We remain committed to inspiring and making the quality of every experience better and we aim to develop quality products, services and create places for good – connecting and fostering sustainable, thriving businesses and communities. Total Assets ($’m) Profit Before Interest and Taxation ($’m) 2020 38,748.1 1,245.6 2019 37,632.9 37,665.9 1,292.6 20181 32,562.1 37,665.9 1,333.2 2017 27,009.4 37,665.91,089.0 2016 24,204.4 938.2 ANNUAL REPORT 2020 / 3 THE GROUP STRATEGY Northpoint City • Singapore Farnborough Business Park • United Kingdom Achieve sustainable earnings Sustainable growth through investment Earnings properties, development project Growth pipeline and fee income Achieve Grow asset portfolio in a balanced Sustainable Balanced manner across geographies and Portfolio Growth and Deliver property segments Long-term Shareholder Value Eastern Creek Business Park, New South Wales • Australia Optimise Optimise capital productivity Capital through REITs platform and active Productivity asset management initiatives Attributable Profit ($’m) 188.1 560.3 749.6 1 Certain accounting policies or accounting standards had changed 689.1 in the financial year ended 30 September 2019. Financial information for 2018 has been restated to take into account the retrospective adjustments on the adoption of the new financial reporting framework, Singapore Financial Reporting Standards 597.2 (International) framework (SFRS(I)) and new/revised SFRS(I) Contents 4 / FRASERS PROPERTY LIMITED OUR BUSINESSES SINGAPORE AUSTRALIA The Singapore business comprises Frasers Property Australia is one of Frasers Tower • Singapore Frasers Property Retail, the retail- Australia’s major diversified property focused business unit, and Frasers groups with over 90 years’ heritage Property Singapore’s Commercial, in the country. Its activities cover Development and Residential Division the development of residential land, which develops, owns and manages a housing and apartments, commercial, diverse portfolio of residential, office and retail properties; investment and business space properties. property ownership and management, and property management. As at Frasers Property Retail manages a 30 September 2020, Frasers Property portfolio comprising 15 shopping Australia has a residential pipeline of malls – including integrated mixed- about 16,640 units and investment use developments and suburban properties under management totalling malls strategically located near $1.9 billion, including assets held in transportation nodes and within Frasers Logistics & Commercial Trust. densely populated areas – and one Frasers Property Australia also owns office property. These assets under Real Utilities, a stand-alone business management amount to $9.1 billion as and a licensed Australian energy retailer, at 30 September 2020, including assets which owns and manages energy held in Frasers Centrepoint Trust and infrastructure within select Frasers AsiaRetail Fund. Property developments in Australia. Frasers Property Singapore’s INDUSTRIAL commercial division is an integrated asset management and property Frasers Property Industrial owns, management platform managing six develops and manages
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