Frasers Property Limited - Singapore Exchange€¦ · 3 Revenue S$3,792 m 12% FY19 FY18 PBIT1...
Transcript of Frasers Property Limited - Singapore Exchange€¦ · 3 Revenue S$3,792 m 12% FY19 FY18 PBIT1...
Frasers Property LimitedAnnual General Meeting
29 January 2020
We are Frasers PropertyLoo Choo Leong
Group CFO, Frasers Property Limited
3
Revenue
S$3,792 m▼12%
FY19
FY18
PBIT1
S$1,293 m▼3%
FY19
FY18
APBFE2
S$350 m▼28%
FY19
FY18
Attributable Profit
S$560 m▼25%
FY19
FY18
Net debt-to-equity ratio
85.9%as at 30 Sep 19
Full year dividend
6 Singapore cents per share~50% dividend payout ratio (based on APBFE2)3
Pre-sold revenue
S$1.6 billionacross Singapore, Australia, and China
Cash and deposits
S$3.6 billionas at 30 Sep 19
Maintained sound financial positionRecurring income continued to support earnings; partially offset by inherent effects of lumpy development income
We are Frasers Property | FPL AGM 2020
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Recurring income base provides resilience and stability
Total property assets1 evenly spread across asset classes >80% of the Group’s total property assets1 are recurring income assets 75% of the Group’s PBIT for FY19 were generated from recurring income sources2
55%558
64%603
62%636
59%765
75%888
45%453
36%333
38%383
41%526
25%303
FY15 FY16 FY17 FY18(Restated)
FY19
Recurring Non-recurring
Recurring vs non-recurring PBIT2
Total: 1,011(55% recurring) Total: 936
(64% recurring)
Total: 1,019(62% recurring)
Total: 1,291(59% recurring) Total: 1,191
(75% recurring)
Total property assets breakdown by asset class1
22%4.3
23%4.7
19%4.3
16%4.5
17%5.5
23%4.4
22%4.5
21%4.7
18%4.9
26%8.1
20%4.0
20%4.0
19%4.4
17%4.7
15%4.8
25% 4.8
25% 5.0
24% 5.4
26%7.2
21%6.6
10% 1.9 10% 2.0
17% 4.0
23% 6.5
21%6.7
2015 2016 2017 2018(Restated)
2019
Development Retail Hospitality Business parks / offices Industrial / logistics
Total:19.4
Total:20.2
Total:22.8
Total:27.8
Total:31.7
S$ million S$ billion
3 3
2
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Increasing geographic diversification
Total assets in key markets in Asia Pacific and Europe >70% of the Group’s assets as at FY19 are in
Singapore, Australia, and Europe ~70% of the Group’s PBIT in FY19 were generated
from Singapore, Australia, and Europe
PBIT by geographyS$ million
45%
494 39%
36833%
360
30%
398
29%
376
29%316
32%
300
34%
376
30%
401 24%
309
4% 48
12% 11110% 105
13% 17615%
197
19% 210
13% 120
15%
159
16%
219 19%
251
3% 37
4% 39
8% 89
11% 13913% 160
FY15 FY16 FY17 FY18(Restated)
FY19
Singapore Australia Europe China Others
Total:
1,105Total:
938
Total:
1,089
Total:
1,333Total:
1,293
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Total assets breakdown by geographical segment
Total assets breakdown by business unit
Singapore,S$14.7 b, 39%
Australia,S$7.9 b, 21%
Europe,S$6.3 b , 17%
Others2,S$8.7 b, 23%
Singapore SBU, S$13.9 b, 37%
Australia SBU, S$7.6 b, 20%
Thailand & Vietnam,…
UK,S$2.0 b, 5%
China,S$1.7 b, 5%
Continental Europe,S$1.3 b, 3%
Hospitality SBU, S$5.1 b, 14%
Corporate,S$0.2 b, 1%
Total:S$37.6 billion
Total:S$37.6 billion
We are Frasers Property | FPL AGM 2020
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Active capital managementFocused on capital partnerships
Recycled capital throughthe Group’s REITs
Partnered withthird-party investors
FCT acquired the Group’s 33⅓% stake1 in Waterway Point in Singapore for S$240.52 million
FLT acquired 13 industrial & logistics properties in Germany, Australia and Netherlands from the Group for S$520.8 million
FTREIT3 acquired 22 warehouses and 27 factories from FPT for S$114.4 million (THB 2.5 billion)
Raised S$442.74 million following an equity injection by a long-term strategic investor in Frasers Tower5,6 in Singapore
FPT entered into a 51:49 JV with Mitsui Fudosan Asia (Thailand) Co., Ltd. to develop and manage warehouses and logistics facilities in Thailand
FPT entered into a 75:25 JV with Sahathai Terminal Public Company Limited to invest, own, develop, operate, and manage logistics parks, warehouses, and industrial properties in Thailand
FPT and ST Telemedia Global Data Centres (STT GDC) invested about S$302 million to build a data centre development in Bangkok
Entered a strategic investment with PBA Group, aimed at deepening the insights into our clients’ businesses through big-data from robotics and automations.
We are Frasers Property | FPL AGM 2020
Building resilient andsustainable platforms
Frasers Property Australia Frasers Property Singapore Frasers Hospitality
Deepening Asset Class Expertise
Formation of country and business platforms
Sharpening capabilities
FPL’s Transformation JourneyTo develop resilient and sustainable platforms for the long-term
Leveraging Strength
Frasers Property Thailand Frasers Property Industrial Frasers Property UK Frasers Property Vietnam
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Evolving Group business segments
Singapore AustraliaEurope &
Rest of AsiaHospitality
Se
gm
en
tsR
EIT
s
Residential
Commercial & Business Park
Retail
Industrial & Logistics
Hospitality
FY19
Singapore
Se
gm
en
tsR
EIT
s
Residential
Commercial & Business Park
Retail
Industrial & Logistics
Hospitality
FY20 HospitalityThailand &
VietnamOthers IndustrialAustralia
Industrial &Logistics
We are Frasers Property | FPL AGM 2020
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Looking Ahead
We are Frasers Property | FPL AGM 2020 10
Recurring income base provides stability across cycles, while development provides additional
returns
Leverage multi-national scale and business platforms
Burwood Brickworks
Consolidated platform to grow in industrial & logistics sector
Deepening presence and capabilities in Singapore suburban Retail
Well-positioned to grow in key ASEAN markets
Prudent approach with UK through a strong local platform
Strengthened REITS’ platforms supports FPL’s capital management approach