ON TRACK REALISING TO OUR AMBITIONS ON TRACK TO REALISING FRASERS CENTREPOINT • ANNUAL LIMITED REPORT 2015 OUR AMBITIONS ANNUAL REPORT 2015 FRASERS CENTREPOINT LIMITED Company Registration Number: 196300440G 438 Alexandra Road #21-00 Alexandra Point Singapore 119958 Phone: +65 6276 4882 Fax: +65 6276 6328 fraserscentrepoint.com ON TRACK TO REALISING CORPORATE INFORMATION OUR AMBITIONS This year’s design for the Frasers Centrepoint group of companies’ annual reports comprises a series that prominently features the Frasers Centrepoint logo. BOARD OF DIRECTORS RISK MANAGEMENT COMMITTEE GROUP MANAGEMENT (CONT’D) GROWING SUSTAINING Mr Charoen Sirivadhanabhakdi Mr Chotiphat Bijananda Mr Uten Lohachitpitaks THROUGH LONG-TERM All four annual reports (Frasers Centrepoint Limited, STRATEGIC GROWTH Frasers Centrepoint Trust, Frasers Commercial Trust and (Non-Executive and (Chairman) Chief Investment Officer FOOTPRINTS ANNUAL REPORT 2015 Frasers Hospitality Trust) can be positioned together to Non-Independent Chairman) ANNUAL REPORT 2015 Mr Charles Mak Ming Ying form the complete corporate logo. Ms Lorraine Shiow Mr Chan Heng Wing Khunying Wanna Sirivadhanabhakdi Chief Operating Officer, Business Mr Weerawong Chittmittrapap The Frasers Centrepoint logo symbolically personifies (Non-Executive and Development its brand essence of being a property group that builds Mr Panote Sirivadhanabhakdi Non-Independent Vice Chairman) upon trust and care. Mr Sithichai Chaikriangkrai Mr Sebastian Tan In the form of a structured yet dynamic diamond shape, Mr Charles Mak Ming Ying Chief Human Resources Officer AUDIT COMMITTEE the logo reflects Frasers Centrepoint’s strength, stability (Non-Executive and Mr Charles Mak Ming Ying and trustworthiness as an international real estate group. Lead Independent Director) COMPANY SECRETARIAT (Chairman) The eight contoured strokes represent progression and Mr Piya Treruangrachada continuity in its business activities. Mr Chan Heng Wing Mr Philip Eng Heng Nee Group Company Secretary ON TRACK GROWING TO TO REALISING The red strokes represent a strong business foundation, (Non-Executive and Mr Wee Joo Yeow NEW HEIGHTS OUR AMBITIONS while the warm grey strokes represent its business Independent Director) Mr Sithichai Chaikriangkrai REGISTERED OFFICE ANNUAL REPORT 2015 ANNUAL REPORT 2015 partners, investors and customers. Together, they form #21-00 Alexandra Point a complete diamond which represents success. Mr Philip Eng Heng Nee NOMINATING COMMITTEE 438 Alexandra Road (Non-Executive and Singapore 119958 The colour red symbolises warmth, vibrancy and Mr Weerawong Chittmittrapap passion while grey reflects dignity, trustworthiness and Independent Director) (Chairman) Tel: (65) 6276 4882 professionalism. Fax: (65) 6276 6328 Mr Wee Joo Yeow Mr Charles Mak Ming Ying fraserscentrepoint.com Integration, progression and continuity are exemplified (Non-Executive and Mr Chan Heng Wing by the coming together of the four entities. Independent Director) Mr Chotiphat Bijananda SHARE REGISTRAR Frasers Centrepoint made a big leap forward in Tricor Barbinder Share Registration REMUNERATION COMMITTEE FY2014/15. Our move in the right direction continued Mr Weerawong Chittmittrapap Services with a disciplined execution of our strategies to grow our (Non-Executive and Mr Philip Eng Heng Nee 80 Robinson Road business and asset portfolio in a balanced manner across Independent Director) (Chairman) #02-00 geographies and property segments. This places us on Singapore 068898 track to drive performance and realise our ambitions. Mr Charles Mak Ming Ying Mr Chotiphat Bijananda Mr Panote Sirivadhanabhakdi Tel: (65) 6236 3333 (Non-Executive and Fax: (65) 6236 3405 Non-Independent Director) GROUP MANAGEMENT Mr Lim Ee Seng AUDITOR Mr Panote Sirivadhanabhakdi Group Chief Executive Officer Ernst & Young LLP CONTENTS (Non-Executive and Partner-in-charge: Non-Independent Director) Mr Chia Khong Shoong Mr Nagaraj Sivaram 1 OUR VISION, MISSION 28 GROUP CEO’S BUSINESS REVIEW 120 FINANCIAL STATEMENTS Chief Financial Officer AND KEY STRATEGIES Mr Sithichai Chaikriangkrai PRINCIPAL BANKERS • DEVELOPMENT PROPERTIES 236 PARTICULARS OF GROUP 2 FCL GROUP AT A GLANCE • COMMERCIAL PROPERTIES PROPERTIES (Non-Executive and Mr Cheang Kok Kheong Australia and New Zealand Banking • HOSPITALITY Non-Independent Director) Group Limited 4 GLOBAL PRESENCE 256 INTERESTED PERSON Chief Executive Officer, • FRASERS PROPERTY AUSTRALIA TRANSACTIONS Development & Property, Singapore Bank of China 6 MILESTONES 56 INVESTOR RELATIONS BOARD EXECUTIVE COMMITTEE 257 SHAREHOLDING STATISTICS 8 GROUP STRUCTURE Mr Charoen Sirivadhanabhakdi DBS Bank Ltd 58 TREASURY HIGHLIGHTS Mr Tang Kok Kai Christopher 259 NOTICE OF ANNUAL GENERAL (Chairman) 9 FINANCIAL HIGHLIGHTS Chief Executive Officer, Commercial Malayan Banking Berhad 60 SUSTAINABILITY REPORT MEETING Chief Executive Officer, Greater 10 BOARD OF DIRECTORS Mr Charles Mak Ming Ying 95 AWARDS AND ACCOLADES PROXY FORM Oversea-Chinese Banking Corporation (Vice Chairman) China 16 GROUP MANAGEMENT Limited 99 ENTERPRISE-WIDE RISK FCL FACT SHEET 22 CHAIRMAN’S STATEMENT MANAGEMENT Mr Chotiphat Bijananda Mr Choe Peng Sum Standard Chartered Bank CORPORATE INFORMATION (Vice Chairman) Chief Executive Officer, 101 CORPORATE GOVERNANCE REPORT Sumitomo Mitsui Banking Corporation Frasers Hospitality Pte Ltd Mr Wee Joo Yeow United Overseas Bank Limited Mr Panote Sirivadhanabhakdi Mr Rodney Vaughan Fehring Mr Sithichai Chaikriangkrai Chief Executive Officer Frasers Property Australia All figures in this Annual Report are in Singapore dollars unless otherwise specified. VISION KEY STRATEGIES To be our stakeholders’ real Achieve sustainable earnings growth through estate company of 1 significant development project pipeline, choice investment properties and fee income MISSION Grow asset portfolio in a balanced manner across 2 geographies and property segments to preserve Creating value stability of earnings through space for today and tomorrow Optimise capital productivity through REIT 3 platforms and active asset management initiatives 4 Develop synergies with TCC Group An artist's impression of Northpoint City, Singapore ANNUAL REPORT 2015 ANNUAL 1 FRASERS CENTREPOINT LIMITED & SUBSIDIARIES FCL GROUP AT A GLANCE Frasers Centrepoint Limited (FCL) is an international real quality earnings throughout the entire real estate value estate company with a portfolio that spans residential, chain. Combined with our financial and operational commercial, hospitality and industrial asset classes. We discipline, and the thoughtful execution of our strategies, invest in and develop properties in three core markets we aim to deliver value to our stakeholders and the of Singapore, where we are listed and have our roots, communities we serve. as well as Australia and China, where strong market fundamentals characterise these territories. Over the We have a clear vision of the path ahead. Our years, we have developed an intimate knowledge of our experienced management team, proven expertise in core markets and also of our secondary markets of the multiple asset classes, and sound financials, mean we United Kingdom (UK), Vietnam, Thailand and Malaysia. are well equipped to continue growing and creating We also manage hospitality properties in over 70 cities innovative real estate solutions for today and tomorrow. across North Asia, Southeast Asia, Australia, Europe, and the Middle East. TOTAL ASSETS ($’M) We are bound by a common objective across our 2015 23,067 diverse geographic footprint – to develop real places for real people. Places that are inclusive, where young 2014 (RESTATED) 21,291 and old alike can live, work and play. We are proud of 2013 (RESTATED) 12,847 the contribution we make to the cities we operate in, from providing homes for families and accommodation 2012 10,357 for travellers, to efficient spaces that allow businesses 2011 9,808 to thrive and malls that serve the needs of local communities. 2010 9,567 2009 10,112 Our diverse portfolio, active management of assets across segments and geographies, and ability to strike 2008 9,860 the right balance between development, income- 2007 9,127 yielding assets and optimising capital through our Singapore-listed REIT platforms, allow us to generate 2006 6,140 PROFIT BEFORE INTEREST AND TAXATION ($’M) 1,104.8 ANNUAL REPORT 2015 ANNUAL 765.0 704.4 2 564.5 580.0 434.1 443.0 399.0 390.2 324.2 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (Restated) (Restated) FRASERS CENTREPOINT LIMITED & SUBSIDIARIES RESIDENTIAL Frasers Centrepoint Homes focuses on residential property development in Singapore. It has built over 16,000 homes in Singapore, with six projects under development (including joint-venture projects). Frasers Property is the international arm of the Group. It develops residential and commercial mixed-use projects outside of Singapore, including in China and the UK. Twin Waterfalls, Singapore COMMERCIAL Frasers Centrepoint Commercial manages our shopping malls in Singapore under the Frasers Centrepoint Malls brand. It manages six shopping malls in Singapore held by Frasers Centrepoint Trust (FCT), an entity which is listed on the Singapore Exchange (SGX-ST). In addition, FCL also has interests in and/or manages seven other shopping malls in Singapore. Frasers Centrepoint Commercial also manages office and business space properties. It manages six commercial and office properties in Singapore and Australia held by Frasers Commercial Trust (FCOT), an entity which is also listed on the SGX-ST. FCL also