Fraser & Neave Ltd. · SGX:F99
Fraser & Neave — Frasers Centrepoint — Investor Presentation (August 2013)
23 slides from Fraser & Neave's investor presentation, Aug 27, 2013
Slide 1: Frasers Centrepoint Limited
Frasers Centrepoint Limited Integrated Real Estate Company with International Scale and Capabilities 27 August 2013
Slide 2: Important Notice
Important Notice 2 Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward- looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual
Slide 3: Content Page
Content Page 3 Section Page Section A Overview of FCL 4 Section B Key Competitive Strengths 5 Section C The FCL Strategy 16 Section D Uncovering FCL’s Intrinsic Value 17
Slide 4: FCL is a full-fledged international real estate company
FCL is a full-fledged international real estate company with strengths in residential, commercial and hospitality sectors 4 Residential Commercial Hospitality Singapore Overseas Retail, Office and Asset Management Serviced Residences Business Space Top 3 One of the Largest Growing Globally Residenti
Slide 5: Key Competitive Strengths
Key Competitive Strengths 5 Integrated Business Model Segment capabilities and geographic reach contribute towards sustainable earnings Robust Capital Top-tier Residential Structure Developer Well capitalised balance sheet with adequate 1 Top 3 player in Singapore with Australia and China plat
Slide 6: Balanced portfolio and geographic reach contribute towards sustainable earnings
1 Balanced portfolio and geographic reach contribute towards sustainable earnings 6 Leverage on our experience and capability as a multi-segment real estate developer to extract value from the entire real estate value chain as at $9.0b of Property Assets(5) 30 Jun 2013 Residential Commercial / REIT
Slide 7: Top three largest residential developer in Singapore
2 Top three largest residential developer in Singapore with significant developments overseas 7 Top 3 Largest Residential Developer in Singapore by Units Sold in 2012 Units Sold 1,253 A B FCL C D E F G H I Developers Source: The Straits Times, dated 12 Feb 2013. The number of residential units sold
Slide 8: Strong pre-sales and development land bank provide clear visibility of earnings
2 Strong pre-sales and development land bank provide clear visibility of earnings and future growth 8 Country Development Projects Country Land Bank GDV(3) Total Pre-sold Pre-sold(2) Est. saleable area ($b) units(1) units(1) value ($b) (m sqf)(1) Pre-sales of 3,376 2,277 0.9 12.6 3.8 Significant siz
Slide 9: One of the largest retail mall owners / operators in Singapore
3 One of the largest retail mall owners / operators in Singapore 9 12 Retail Malls – Many Located in Populous 2.4m sqf NLA with High Occupancy Rates(2) Residential Estates FCT malls Causeway REIT (FCT) As at 30 Jun 2013 Point Directly- FCT Portfolio NLA (sqf) Occupancy (%) Waterway Point owned malls
Slide 10: Owns and manages 4.4m sqf of net lettable office, business and logistics space
3 Owns and manages 4.4m sqf of net lettable office, business and logistics space in 11 offices and business parks 10 Active Asset Management to Generate Landmark Commercial Assets High Returns million sqf Divested assets to redeploy capital to generate higher yields 4.9 5.1 4.0 4.4 2010 2011 2012 3Q
Slide 11: Large-scale and complex mixed-use projects
3 One of the few international developers with multi-segment expertise, capability, and track record to undertake large-scale and complex mixed-use developments 11 Projects Showcasing FCL’s Capability in Large-Scale and Complex Mixed-Use Projects Changi City Point Central Park, Sydney Singapore’s
Slide 12: REIT platforms facilitate efficient capital recycling
4 REIT platforms facilitate efficient capital recycling to pursue new opportunities; asset management business will benefit from strong asset pipeline 12 Well-established Platforms for Capital Recycling Increasing AUM(1) REIT Non-REIT $m 7,241 6,082 6,183 5,165 100% 2,515 3,762 2,443 1,771 3,394 3,6
Slide 13: A leading hospitality operator in the extended stay market
5 A leading hospitality operator in the extended stay market 13 Global Portfolio(2) - Cannot be Easily Replicated Presence in Over 39 Cities Globally Our international footprint cannot be easily replicated by new entrants Apartments under management >18,100 Apartments signed up for the next 3 years
Slide 14: Growth opportunities through collaboration with TCC Group
6 Strong growth opportunities through collaboration with TCC Group which invests in and develops a wide range of real estate projects globally 14 Potential Opportunities Under Hotels Golf Courses Consideration with TCC Group(1) Office Towers Residences FCL is exploring with TCC: Serviced 1. to acqui
Slide 15: FCL is well-capitalised with sufficient financial resources to fund expansion
7 FCL is well-capitalised with sufficient financial resources to fund expansion 15 Improving Net Profit Adequate Resources for Expansion Opportunities $m FCL continues to secure credit facilities to fund expansions 603 642 $m 484 489 875 2,755 900 FCL has more than $2.7b of financial resources 980 F
Slide 16: The FCL Strategy
The FCL Strategy 16 Achieve sustainable earnings growth through significant development project pipeline, investment properties and fee income Grow asset portfolio in a balanced manner across geographies and property segments, to preserve earnings stability Optimize capital productivity through REIT
Slide 17: Appendix: Uncovering FCL's Intrinsic Value
Appendix Uncovering FCL’s Intrinsic Value
Slide 18: Unlocking Embedded Value of FCL (Residential Development)
Unlocking Embedded Value of FCL (Residential Development) 18 1 Unrecognised Revenue from Residential Development Pre-sold Properties ($m)(4) Singapore 2,413 Australia 798 China 137 Total 3,348 Please refer to page 21 onwards for further breakdown on the percentage pre-sold for each of the residentia
Slide 19: Unlocking Embedded Value of FCL (Commercial)
Unlocking Embedded Value of FCL (Commercial) 19 3 Commercial (Non-REIT) Non-REIT Owned Assets ($m)(3) Book Value 2,374 Revaluation Surplus(2) 94 Total 2,468 4 Commercial (REITs) FCT FCOT FCL’s Equity Interest (%) 41.0% 27.8% Market Capitalisation based on:(1) ($m) Equity interest (%) 100.0% 41.0% 10
Slide 20: Unlocking Embedded Value of FCL (Hospitality)
Unlocking Embedded Value of FCL (Hospitality) 20 6 Hospitality Owned Assets ($m)(2) Book Value 1,650 Revaluation Surplus(1) 43 Total 1,693 7 Hospitality Management Services Fees ($m) (Fee-based Income) LTM PBIT 7.7 The FCL Group also receives management fees for managing third-party serviced residen
Slide 21: Residential Development Projects in Singapore
Residential Development Projects in Singapore(11) 21 Estimated Average No. of Effective Project Estimated Land Area Project Name % Sold Saleable Selling Price Tenure Units Interest (%) Completion Date (m sqf) Area (m sqf) per sqf ($) Waterfront Gold(1) 361 100 50.0 Jan 2014 0.16 0.39 973 Leasehold F
Slide 22: Residential Development Projects in Australia
Residential Development Projects in Australia(5) 22 Average Effective Estimated No. of Project estimated Land Area selling price Projects Location % Sold interest saleable Tenure units completion date (m sqf) per sqf (%) area (m sqf) (AUD) One Central Sydney 623 89 38.0 Dec 2013 0.13 0.46 1,143 Free
Slide 23: Residential Development Projects in China
Residential Development Projects in China(2) 23 Average Effective Estimated No. of Project estimated Land Area selling price Projects Location % Sold interest saleable Tenure units completion date (m sqf) per sqf (%) area (m sqf) (RMB) Baitang One- Phase 2A Suzhou 538 59 100.0 September 13 0.34 0.85
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