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Solutions for Sustainable Urbanisation

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Solutions for Sustainable Urbanisation Solutions for Sustainable Urbanisation Report to Stakeholders 2017 Vision Mission Keppel Group’s Operating Principles A leading real estate company, Guided by our operating principles 1 Best value propositions shaping the best for future and core values, we will create to customers. generations. value for all stakeholders through 2 Tapping and developing best innovative real estate solutions. talents from our global workforce. 3 Cultivating a spirit of innovation and enterprise. 4 Executing our projects well. 5 Being financially disciplined to earn best risk-adjusted returns. Solutions for 6 Clarity of focus and operating within our core competence. Sustainable 7 Being prepared for the future. Urbanisation Keppel is a multi-business company committed to providing robust solutions for sustainable urbanisation. A multi-faceted real estate player, Keppel Land provides innovative urban living solutions in its sterling portfolio of residential developments, integrated townships and commercial properties. Contents Overview Operations and Market Review Key Figures for 2017 2 Singapore 26 Group Financial Highlights 3 Investments 30 International Network 4 Serviced Co-office 32 Chairman's Statement 6 Retail Management 33 Board of Directors 10 Hospitality Management 34 Senior Management 12 China 36 Key Personnel 14 Vietnam 42 Corporate Profile 16 Indonesia 46 Corporate Milestones in 2017 17 Myanmar/The Philippines 48 Awards and Accolades 18 Thailand/India/Malaysia 49 Corporate Governance 19 United States/United Kingdom 50 Risk Management 23 Property Portfolio 51 Overview Key Figures for 2017 Revenue Net Profit Return on Equity 1 $1.8b $701.4m 14.6% Revenue decreased by 4.5% year-on-year Net profit increased by 19.6%1 year-on-year Keppel Land achieved average return to $1.8 billion. to $701.4 million. on equity of 14.6% over the last 10 years. Total Assets Total Homes Sold Total Commercial Gross Floor Area $15.2b 5,480 1.5m sm Total assets decreased by 6.0% year-on-year Achieved strong home sales of more than Commercial portfolio includes to $15.2 billion. 5,480 units in 2017, at a total sales value 924,500 square metres (sm) of of about $2.8 billion. gross floor area under development. Volunteerism Safety Training 6,600hrs 54,000 A total of 6,600 hours were clocked by staff A total of 54,000 workers trained to-date for corporate social responsibility activities at Keppel Land’s Safety Awareness Centres in Singapore and overseas. in China, Vietnam, Indonesia and Malaysia. Note: 1. Net profit/return for 2016 excluded the $563 million gain from the divestment of Keppel Land’s fund management business to Keppel Capital. Including this, the average ROE over the past decade would be 15.2%. 2 Keppel Land Limited | Report to Stakeholders 2017 Group Financial Highlights 2017 2016 2015 2014 2013 For the year ($’000) Revenue 1,776,083 1,859,951 1,598,260 1,497,177 1,461,048 Pre-tax profit 897,024 1,300,568 728,855 953,325 1,000,773 Net profit 701,413 1,149,313 564,076 752,486 885,892 Funds from/(used in) operations 1,103,157 844,996 495,565 200,443 (1,308,680) At year-end ($’000) Fixed assets 409,152 490,484 485,597 370,157 325,842 Investments properties 3,342,988 3,096,890 2,326,186 1,207,124 1,568,209 Associates and joint ventures 2,955,620 2,986,447 3,272,764 2,837,505 2,917,588 Properties held for sale 5,219,152 5,929,696 5,910,208 6,530,988 6,391,786 Cash and cash equivalents 1,771,211 1,577,892 1,692,125 2,593,719 1,285,350 Other assets 1,521,326 2,116,089 1,187,930 1,033,303 1,363,799 Total assets 15,219,449 16,197,498 14,874,810 14,572,796 13,852,574 Shareholders’ equity 8,115,045 8,905,770 8,143,153 7,655,537 6,989,419 Short term borrowings 1,356,420 1,149,769 83,775 1,055,670 283,275 Long-term borrowings 2,486,527 2,886,134 3,646,982 3,147,338 3,869,749 Non-controlling interests and other liabilities 3,261,457 3,255,825 3,000,900 2,714,251 2,710,131 Total equities and liabilities 15,219,449 16,197,498 14,874,810 14,572,796 13,852,574 Financial ratios Return on equity (%) 8.2 13.5 7.1 10.7 14.1 Interest cover (times) (Note 1) 8.6 14.4 5.2 8.4 8.9 Net debt-equity ratio (times) (Note 2) 0.25 0.26 0.24 0.20 0.38 Employees (Note 3) Number (average) 3,222 3,760 4,150 4,071 4,207 Wages and salaries ($’000) 200,963 197,251 212,453 195,940 176,189 Pre-tax profit per employee ($’000) 136 240 63 111 105 Notes: 1. In the calculation of interest cover, fair value gain on investment properties has been excluded. Net interest cost, comprising net interest expense taken to the profit and loss account and interest capitalised under investment properties, properties held for sale and fixed assets, has been used. 2. In the calculation of the net debt-equity ratio, net debt includes borrowings net of cash and equity includes non-controlling interests in subsidiaries. 3. Wages and salaries include amounts capitalised under investment properties and properties held for sale. In the calculation of pre-tax profit per employee, the share of results of associates and joint ventures, and fair value gain on investment properties have been excluded. 3 Overview Keppel Land Limited | Report to Stakeholders 2017 International Network Geographically diversified with Singapore and China as core markets, as well as Vietnam and Indonesia as growth markets. China Shanghai Beijing Tianjin The Netherlands Chengdu Almere Wuxi Shenyang United Kingdom Jiangyin Germany London Kunming Frankfurt United States New York Vietnam Houston Ho Chi Minh City Hanoi Dong Nai Myanmar Vung Tau Yangon Thailand The Philippines India Bangkok Manila Bangalore Singapore Number of Countries We Operate In Malaysia Johor Bahru Indonesia 14 Jakarta Bintan Batam Pipeline of Homes Australia > 60,000 Sydney Melbourne Brisbane Perth Total Commercial Gross Floor Area 1.5 million sm Legend Residences Offices / Mixed-use / Data Centres Hotels / Serviced Apartments / Resorts / Marina 4 5 Overview Keppel Land Limited | Report to Stakeholders 2017 Chairman’s Statement at high single-digit levels in the recent forward to new recreational amenities Total Asset Distribution By Country (%) Key Developments in 2017 three years, we are reasonably comfortable in the region, such as the 17-hectare (ha) as at 31 December 2017 Sold about 5,480 homes in Asia, with a longer-term target of 12% considering Serangoon North Linear Park. mostly in China and Vietnam. that Keppel Land had achieved an average ROE of 14.6%1 over the past decade. We will In addition, Keppel Land is looking within Announced $1 billion worth of divestments, continue to focus on capital recycling to its portfolio and considering the conversion including assets in China and Indonesia. improve returns as we look to turn our of our office development, Keppel Towers, inventory more, and build up an investment into a prime mixed-use development Seized opportunities and invested portfolio for stable recurring income. in the Tanjong Pagar business district, strategically in nine sites worth about which can potentially add more than $1.6 billion across Singapore, China, In 2017, Keppel Land announced five 30,000 square metres (sm) of office space. Vietnam, Indonesia and Thailand. divestments totalling more than $1 billion This, together with the redevelopment of involving projects mainly in China and our Nassim Woods condominium located Indonesia. These include the sale of stakes in the Embassy belt close to Orchard Road, Singapore 40.0 in a waterfront development in Zhongshan is expected to add another 500 homes and a large-scale residential development to our Singapore residential landbank, China 42.2 in Nantong, both in China, long-held making it a total of 1,700 homes. Vietnam 7.6 Dear Stakeholders, development sites in Bali and Surabaya, Indonesia 5.2 in Indonesia, as well as data centre asset, In China, despite the cooling measures, Others 5.0 On behalf of the Board of Directors, Keppel DC Singapore 4. we believe that the fundamental demand I am pleased to present Keppel Land’s for good quality homes remains healthy. Total 100.0 annual report for the year ended At the same time, we seized opportunities In 2017, Keppel Land saw steady sales 31 December 2017. to replenish our portfolio and invested with some 3,725 homes sold. Take-up in strategically across the region. We announced China came mostly from projects in the Strong Financial Performance nine acquisitions worth about $1.6 billion in Sino-Singapore Tianjin Eco-City, V City Total Asset Distribution By Segment (%) 2017 marked another year of growth our core markets of Singapore and China, and Park Avenue Heights in Chengdu as at 31 December 2017 for Keppel Land. The global economy growth markets of Vietnam and Indonesia, as well as Waterfront Residences in Wuxi. experienced a broad-based upturn, as well as in emerging markets like Thailand. Despite the competitive conditions, with improved business sentiments in With a relatively low net gearing of 0.25 at we replenished our landbank with the both developed and emerging markets. the end of 2017 and a strong cash position acquisition of a prime 18-ha site in Wuxi, Rapid urbanisation and a growing of $1.8 billion, Keppel Land is well-positioned adding 2,800 homes to our pipeline.
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