Global Logistic Properties Company Overview May 2015
About GLP
GLP is a leading global provider of modern logistics facilities. Our US$28 billion1 property portfolio encompasses 41 million sqm (440 million sq ft) of logistics facilities across China, Japan, Brazil and USA
Our growth strategy is centered on being the best operator, creating value through developments and expanding our fund management platform. Domestic consumption is a key driver of demand for GLP
GLP is a SGX-listed company with a market capitalization of US$10 billion2; GIC is the largest single investor in GLP
GLP Park Suzhou China
GLP Park Tokyo Japan
Note: 1. As of 31 March 2015 2. As of 12 May 2015 3. Pro-forma NAV assuming GLP’s ultimate 10% stake in GLP US Income Partners I
NAV breakdown3
China 56%
Others 12% USA 4%
GLP Park Colgate & Elog Brazil
Japan 22% Brazil 6%
San Francisco Bay Area California, USA
2
GLP Global Footprint China
Presence in 36 cities
United States of America
21.8mm sqm total area 11.8mm sqm completed
Presence in 29 key markets
10.0mm sqm development pipeline 12.1mm sqm land reserves
10.7mm sqm total and completed area
Japan
Development Starts
FY16 Target (100%)
FY16 Target (GLP Share)
84% in Tokyo and Osaka
4.9mm sqm total area 4.0mm sqm completed
0.9mm sqm development pipeline
Brazil
87% in São Paulo and Rio de Janeiro 3.5mm sqm total area 2.4mm sqm completed 1.1mm sqm development pipeline
China
US$2.2bn
US$1.0bn
Japan
US$980m
US$480m
Brazil
US$250m
US$90m
Total
US$3.4bn
US$1.6bn
3
Leading Provider of Modern Logistics Facilities in Best Markets Globally
GLP’s unrivaled network enables customers to seamlessly expand their distribution capabilities and reach consumers more efficiently China
Japan
(mm sqm)
United States
Brazil (mm sqm)
(mm sqm)
(mm sq ft) 331
4.0
2.5 2.4
86
85
85
1.1 1.1 1.5 1.5
0.6 0.6
0.6 0.5
0.5
70
63
0.4
Exeter Property
Clarion Partners
Liberty Property
GLP
Duke Realty
Prologis
WT Goodman
Sanca
Marabraz
GB Amazens
MRV Log
Prologis
Hines
GLP
Mapletree
Goodman Japan
SG Realty
Mitsubishi
Nomura RE
JLF
Lasalle
Daiwa House
Prologis
0.1
GLP
Vailog
0.2 0.2
Beijing Properties
ACL
e-Shang
Yupei
Prologis
Mapletree
Goodman
Blogis
GLP
0.9 0.8 0.6 0.6 0.5
0.7 0.6 0.6 0.6 0.5
73
Majestic Realty
121 115
USAA
2.2
DCT
GLP Stake: 90-95%
GLP Stake: 53.1%
GLP Stake: 19.9%
9.9
Based on completed area for modern logistics for lease as of March 31, 2015; non-logistics properties are excluded; Prologis US includes pending KTR Capital Partners acquisition announced in April 2015 Source: Company websites, public filings, various news sources and CBRE estimates
4
Proven Track Record of Delivering Growth GLP Completed Area (mm sqm)
GLP Portfolio Growth
28.9
FY04 – Latest CAGR: 57% 10.7
14.8 1.4
12.2 10.0
2.4
1.0 11.8
5.4 3.8 0.2
0.6
FY04
FY05
Key Milestones
2.4
1.3
1.4
6.4
2.6
3.2
4.0
7.6
0.3 1.0
0.8 1.6
2.4
2.8
2.8
2.8
3.6
3.6
3.9
4.0
FY06
FY07
FY08
FY09 Japan China
FY10 Brazil US
FY11
FY12
FY13
FY14
FY15
2002-2004
2005-2007
Established network in 18 major logistics hubs in China
Expanded into Osaka, Sendai and Fukuoka markets in Japan
9.5
6.8
6.0
GLP founding partners Jeff Schwartz and Ming Mei established presence in China and Japan
Presence in five key markets in China and Japan – Suzhou, Shanghai, Guangzhou, Tokyo and Nagoya
2008–2010
Named best developer in China by Euromoney for the first time
Selected as the exclusive distribution center provider for the Beijing 2008 Olympic Games Japan AUM exceeds JPY 500 billion (US$5.3 billion) Listed on the Main Board of Singapore Stock Exchange on 18 Oct 2010 in the largest real estate IPO ever globally
FY11–FY14
FY15
Listed GLP J-REIT, Japan’s largest real estate IPO
Launched CLF I, world’s largest China-focused real estate fund
Signed a landmark agreement with Chinese SOEs and leading financial institutions investing up to US$2.5 billion
Signed strategic partnership agreement with China Development Bank Capital and CMSTD to boost GLP’s development pace in China Entered US market with US$8.0 billion GLP US Income Partners I; Fund management platform grows to US$20 billion
5
GLP’s Core Business Lines OPERATIONS Leading Global Developer, Owner & Manager of Modern Logistics Facilities Strong local teams in China, Japan, Brazil and USA Key Driver of Demand: Domestic Consumption Makes up more than 80% of overall portfolio GLP’s Scale Generates Powerful “Network Effect” 50% of customer base lease from GLP in multiple locations Customer Driven Expansion
Repeat customers make up approx. 2/3 of new leases
1.
DEVELOPMENT Value Creation Through Developments; Expected to Accelerate Development gains generated from GLP’s share of development completions FY16-18E: US$1 billion1 of projected development gains (GLP share), at an estimated 25% value creation margin Development fees and promotes earned off partners’ share of development capex US$6 billion of development funds under management to generate significant fees and promotes
FUND MANAGEMENT Another Leg of Growth Platform: US$20 billion (uncalled capital: US$3.5 billion) Fund fees expected to grow significantly, with further upside from carried interest promotes Scalable Platform; Recurring Fees Enables GLP to ramp up growth while creating superior riskadjusted returns through development funds World Class Investors Leverage relationships with leading global institutions Significant demand from capital partners looking to leverage on GLP’s operational expertise and market leadership positions
Before fees and promotes
6
Value Creation Through Development Case Study: Crystallizing Embedded Value of Development Pipeline
Crystallize
GLP Kobe Nishi, Greater Osaka, Japan February 2014
Project Details
January 2015
Acquire land
Total investment cost: US$46 million
May 2014
Area: 36,000 sqm
Development completed in 11 months
GLP Japan Development Venture commences development
100% leased to Trinet Logistics
May 2015 Property sold to GLP J-REIT
Earn development fees
Sources of Capital
Debt - Significant debt headroom with low look-through leverage of 10%2
1. 2. 3.
FY16-FY18E US$8 billion3 of development completions (GLP share: 45%)
Before fees and promotes Pro-forma look-through leverage assuming GLP’s ultimate 10% stake in GLP US Income Partners I Total development cost of completed projects
Net levered property IRR: 128%1 Fees and promotes provide further upside
Outcome4
Activity
GLP equity Fund management platform - Third-party equity - Capital recycling
Value creation margin: 38%1
4. 5.
Development gains - FY16-18E: US$1 billion1 of development gains (GLP share), at estimated 25% value creation margin Fund fees and promotes - Earn potentially US$400 million5 of fees and promotes
No assurance can be provided that these assumptions may materialize Potential fees and promotes based on the AUM and fee/promote structure of GLP’s existing development funds. Promotes assume all requisite triggers are satisfied and are not discounted
7
Fund Management Platform Delivers Superior Risk-Adjusted Returns Illustrative Returns / Development Opportunity (US$ million)
Increases GLP’s “Network Effect” •
Provides capital for GLP to capitalize on 2x market opportunity
•
Increases GLP’s ‘Network Effect’ and ability to serve customers in multiple locations
Direct Investment Model
Fund Management Model
GLP Investment (Equity + 50% Leverage)
$100
$100
GLP Ownership
100%
45%
Total Development Opportunity
$100
$222
Est. Development Gains1 (100% basis)
$25
$56
Est. Development Gains1 (GLP share)
$25
$25
Est. Fund Fee Income2,3 (GLP share)
-
$3
Est. Promotes2 (GLP share)
-
$10
Total Est. Development Profit
1. De-risks GLP’s development pipeline 1. 2. 3.
$25
2. Enhances GLP’s returns
$38
De-risks GLP’s Pipeline •
Leading global longterm investors provide reliable 3rd-party capital to fund growth
Enhances GLP’s Returns •
Earn fees and promotes on partners’ capital
3. Increases GLP’s “Network Effect”
At estimated 25% value creation margin Potential fees and promotes based on the AUM and fee structure of GLP’s existing development funds. Promotes assume all requisite triggers are satisfied and not discounted. No assurance can be provided that these assumptions may materialize Estimated profit margin of ~50%
8
Valuing GLP’s Fund Management Platform AUM1 Growth FY12–15 CAGR:
97%
Valuing GLP’s Fund Management Platform1
CAGR: 99% US$20.0b
FY15
US$2.6b
FY12
US market entry Fund fees: US$108m Launched China development fund FY13 Fund fees: US$68m Listed GLP J-REIT Entered Brazil market Fund fees: US$34m
Established fund management platform in Japan
US$20.0b
Potential Annual Fund Fees3
US$150m
Estimated Profit Margin
US$11.1b US$8.4b
Total AUM2
Estimated Net Fee Income
~50% US$75m
FY14
P/E Multiple
15x
Value of Fee Income
US$1.1b
NPV of Estimated Promotes3
US$400m
Fund Management Value
US$1.5b
Potential Annual Fund Fees: US$150 million Fund Management Value: US$1.5 billion or SGD 40 cents per share
1. 2.
No assurance can be provided that these assumptions may materialize When fully leveraged and invested; based on 31 Mar 15 balance sheet FX
3.
Potential fees and promotes based on the AUM and fee structure of GLP’s existing fund platform . Promotes assume all requisite triggers are satisfied 9
GLP Executive Committee
10
GLP Park Beilun China
1. Market Overview
1. Market Overview 2. Appendix
China: Domestic Consumption and Growth of E-Commerce Driving Logistics Needs Chain Store Sales as % of Total Retail
Online Retail Sales in China 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0
6,295
3,955
40% 30%
1,850
20%
1,300 56
2006
2007
498 774 128 263 2008
2009
2010
2011
10% 2012
2013
Huge room to grow
50%
2,815
26
65%
60%
5,160 11-year CAGR: 63%
70%
'14E
Source: iResearch Consulting Group; Ministry of Commerce
'15E
'16E
'17E
5%
10%
0% India
China
US
Source:Strong and Steady, 2011 Asia ‘s Retail and Consumption Outlook by PWC
Capitalizing on China’s fast-evolving retail landscape China retail sales grew 10.6% year-on-year in 1Q 20151 and are forecast to grow by 11.4% in 20152
GLP’s modern logistics facilities support the rapid growth of chain stores in China Online retail sales have increased roughly 70-fold since 2006 (8-year CAGR of 80%) and are expected to further double over the next three years to RMB6.3 trillion (US$1 trillion) Notes: 1. National Statistics Bureau of China 2. April 2015 issue of Consensus Forecast
12
Japan: Growth of Outsourcing & ECommerce Trends Drives Demand for Modern Logistics Facilities JAPAN 3PL MARKET
Vacancy at Low Levels 10% 9%
+104%
8%
FY2006 - FY2014
6%
7%
Greater Tokyo Greater Osaka
5%
2%
2.5%
1% Jan-15
Oct-14
Jul-14
Apr-14
Jan-14
Oct-13
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Jul-11
0% Oct-11
FY2006 - FY2014
3%
Apr-11
+223%
3.4%
4%
Jan-11
JAPAN E-COMMERCE SALES
Source: Ichigo Real Estate, March 2014
Strong demand from 3PLs and e-commerce companies Customers increasingly driven by the need to make their distribution networks more efficient
E-commerce market expected to further double over the next five years Demand continues to outstrip supply – Modern logistics facilities make up 3.1% of total market supply in Japan 13
Brazil: Severe Shortage of Modern Logistics Facilities Creates Significant Opportunities Modern Logistics Facilities Account for ~20% of Supply
Logistics Space Per Capita is 1/15th of the US (sqm per capita)
Brazil: 64mm sqm
5.06
15x 0.33
20% Others 97.2%
United States
Brazil
Modern Logistics Facilities: ~13mm sqm Source:CBRE
Source:CBRE estimates, EIU
Robust domestic consumption drives demand for modern logistics facilities 100% of GLP’s Brazil portfolio leased to domestic consumption related customers While economic growth has slowed, long-term prospects remain attractive Outsourcing trend: Companies shifting from owning warehouses to leasing amid continued effort to improve supply chain efficiency 14
US: Favourable Fundamentals Expected Growth (CAGR) 2013 to 2018
Supply (% of Total Stock) 6%
12 10
5%
3.7x
4% 8 3% 6 4
10.1%
1.4x
2% 1%
Source: UPS Rates & Forecasting, eMarketer, Forrester
Completion % of stock Forecast
2012
2010
2008
2006
2004
2002
2000
1998
1996
1994
1992
1990
Online Retail
1988
Retail
1986
GDP
1984
0%
0
1982
2.7%
3.9% 1980
2
Average Obsolescence Est.
Source: CBRE
Retail sales and e-commerce expected to continue growing faster than GDP Online retail sales expected to grow at 10% CAGR in next 3-5 years Rising industrial production and increasing port volume Demand outstripping supply: Average new supply of 0.4% p.a. of total stock over past 4 years vs. long term average of 1.7% p.a. 15
GLP Soja Japan
2. Appendix
1. Market Overview 2. Appendix Presentation Name | Client | Year Month Date
16
GLP’s Business Strategy and Reputation
To establish long-term cooperative relationships with our customers by providing high quality property and services To provide customers with strong network-based platform of high quality logistic facilities in different markets To hold a leading position in each entered market To maintain stable growth by developing extensive business and using capital leverage from thirdparties
Largest Real Estate Fund Manager Headquartered in Asia and 4th Largest in the World ——2015 PERE 50 Ranking
GLP Park Misato III, completed in May 2013, became the first LEED ® Platinum certified logistics facility in Japan. The 'LEED® Certification Mark' is a registered trademark owned by the U.S. Green Building Council ® and is used with permission.
2014 - Best developer, Global 2007-2014 Best developer, Asia 2007-2014 Best developer, China 2014 - Best developer, Japan ——Euromoney
Global Deal of the Year and North America Deal of the Year for US Entry acquisition Asia Capital Raise of the Year for US$2.5bn China consortium agreement GLP Brazil recognized as Latin American Firm of the Year
—— Global PERE Awards 2014 17
Strong Customer Base
More than 750 high-profile customers worldwide
High Quality Facilities and Service
Comprehensiv e Network
First-Class Team
Customers 3PLs
Nippon Express DHL Hitachi NYK Sankyu And more…
Retailers / E-commerce
Alibaba Walmart JD.com Watsons ASKUL And more …
Manufacturers
Adidas Samsung Procter & Gamble L’Oreal Goodbaby And More…
18
“Network Effect” Generating Powerful Results GLP’s Unrivaled Network 61% of new leases with existing customers Multi-location customers account for 52% of leased area, up from 43% in FY14 GLP’s network offers efficient logistics solutions for customers’ expansion, leading to faster lease up, strong customer retention and good visibility on future demand
Flexible Expansion with GLP JD.com is one of China’s largest e-commerce companies, with a market share of 49% in China B2C market1. It is one of GLP’s largest customers
Timely and reliable fulfillment is critical to success for online retailers. JD.com leverages GLP’s national network to expand on demand in strategic locations across China. In FY15, JD.com increased its leased area with GLP 4-fold and is one of our largest customers in China In four years, JD.com has expanded with GLP at a cumulative annual rate of 137%
27,000 sqm; 1 city FY12 1.
62,000 sqm; 4 cities
FY13
89,000 sqm; 4 cities
FY14
358,000 sqm; 10 cities
FY15
Source: iResearch
19
Recognition from Customers We choose GLP as a multi-location partner, not only because of its excellent locations and quality facilities, which well meet our business need, but also because of its professional team who gives great support to our expansion, alteration and favorable policy introduction. GLP is a reliable warehousing partner. ——DHL Supply Chain CEO, North Asia Victor Mok In addition to realizing liquidity from the assets, we hope to construct, through the partnership with GLP, a flexible strategy of logistics bases that accommodates the rapid changes in the logistics environment today. ——Masakazu Kamibayashi Director, Panasonic Logistics Co., Ltd. Relying on GLP does not only mean relying on its logistics warehouse experience and high-quality facilities, but also means relying on its effective strategic insight on building both a national and international network. With GLP, we are able to meet both the high-standards of pharmaceutical logistics, and the distribution needs of the fast-paced growth of the pharmaceutical industry. ——Guo Junyu, General Manager, Shanghai Pharmaceutical Holdings Ltd. The use of Amazon Chengdu’s operation center has largely decreased the delivery time needed to reach markets in the west (of China). GLP has provided full support and perfect service to our operation centers, allowing our customers to now receive their goods 1-3 days faster than before. ——Wang Han Hua , Director, Amazon.cn After choosing GLP, our delivery distribution has become highly efficient and smooth, our delivery efficiency has also been enhanced greatly. —GM of Wal-Mart Shenzhen DC, Hu Shaobo Considering SIP GLP Suzhou Park’s strategic location, convenient transportation network, international investment environment, pro-business service, Adidas trusted GLP Park Suzhou to develop 60,000sqm Built-To-Suit warehouse, the largest single warehouse in China, which indubitably improved our logistics efficiency and customer service standards greatly. — Lily Xie, Logistics Director, Adidas
Because we were able to secure a large space in a single floor, the work efficiency has improved drastically. Given the frequent earthquakes in this country, the anti-seismic structure was also an important factor in selecting GLP’s facility. ——Nobuyuki Usui General Manager, SCM Department, Imaging Company 20
Environmental, Social and Governance GLP HOPE SCHOOL
MEMBER OF 1
12 Schools GRESB
As the leading provider of modern logistic infrastructure globally, GLP has made a long-term commitment to local communities. Since 2006, GLP has donated 12 Hope Schools, of which 9 have been completed. Over 6,000 students benefit from this program. We are now introducing the Hope School Program in Brazil. GLP also continues to develop and manage sustainable and environment-friendly logistics facilities with features that caters to customers’ various needs. In 2013, GLP launched the project to install solar panels on the rooftops of 22 properties in Japan and sell the electricity generated to utility companies. We also plan to introduce the successful experience of solar panels and wind turbines to our parks in China. 2
LEED/CASBEE “A” BUILDINGS
SOLAR PANELS
7 Buildings
22 Properties
1. 2.
Global Real Estate Sustainability Benchmark Leadership in Energy and Environmental Design; Comprehensive Assessment System for Build Environment Efficiency
21
GLP Group Structure Global Logistic Properties ~66%
China Consortium Includes China Life Insurance, China Development Bank, Bank of China Group Investment, China Post, HOPU Funds and others
100%
100%
100%
~34%1
China AUM: US$10.2bn 100%
100% owned
Japan AUM: US$7.3bn
50%
Japan Devt Venture
100% 56%
CLF I
33.3% ~58%
100% Owned
40%
Brazil Development Partners I
34.2%
Brazil Income Partners I
40%
Brazil Income Partners II
Japan Income Partners I
China JVs
15%
Brazil AUM: US$2.1bn
USA AUM: US$8.0bn
10%2
US Income Partners I
J-REIT
Information as of 31 March 2015 Note: 1. Tranche 1 of 21.3% completed on 6 June 2014. Tranche 2 of 12.5% completed on 24 September 2014 2. GLP in advanced negotiations to pare down stake to 10%
22
Accelerating Growth in China Portfolio As at Mar 31, 2015
Total Area Pro-rata Total (sqm Area (sqm valuation million) million) (US$m)
Pro-rata Pro-rata valuation % valuation change (US$m) (vs Dec 14)
Total Area Pro-rata Total (sqm Area (sqm valuation million) million) (US$m)
China Portfolio
Pro-rata Pro-rata valuation % valuation change (US$m) (vs Dec 14)
Japan Portfolio
Completed and stabilized
9.6
5.2
7,010
3,694
12%
4.0
1.8
6,803
3,167
7%
Completed and pre-stabilized
1.5
0.7
830
373
-10%
-
-
-
-
N.M.
Other facilities
0.7
0.3
193
67
-3%
Properties under development or being repositioned
4.6
2.0
1,173
516
-16%
0.9
0.5
491
266
17%
Land held for future development
5.4
2.5
1,005
448
-7%
-
-
-
-
N.M.
21.8
10.6
10,211
5,099
4%
4.9
2.3
7,294
3,434
3%
N.M.
Brazil Portfolio
US Portfolio
Completed and stabilized
2.2
0.8
1,748
646
-20%
8.4
4.6
6,275
3,451
N.M.
Completed and pre-stabilized
0.2
0.1
103
39
31%
2.3
1.2
1,765
971
N.M.
Properties under development or being repositioned
0.4
0.2
161
63
-6%
-
-
-
-
N.M.
Land held for future development
0.7
0.2
123
45
-15%
-
-
-
-
N.M.
3.5
1.3
2,136
794
-17%
10.7
5.9
8,040
4,422
N.M.
40.9
20.1
27,681
13,748
50%
Total GLP portfolio
Our China portfolio includes land reserves of 12.1 million sqm in addition to the above Note: 1. US Pro-rata area and valuation on 55% basis. 2. Valuation for US portfolio subject to post-closing adjustments
23
GLP Fund Management Platform
Vintage
Sep 2011
Dec 2011
Nov 2012
Nov 2012
Dec 2012
Nov 2013
Oct 2014
Feb 2015
Fund Name
GLP Japan Development Venture
GLP Japan Income Partners I
GLP Brazil Income Partners I
GLP Brazil Development Partners I
GLP J-REIT
CLF I
GLP Brazil Income Partners II
GLP US Income Partners I
Assets under Management1
US$2.2bn
US$900m
US$900m
US$1.1bn
US$3.1bn
US$3.0bn
US$800m
US$8.0bn3
Investment ToDate
US$1.0bn
US$900m
US$800m
US$600m
US$3.1bn
US$1.3bn
US$800m
US$8.0bn3
Joint Venture Partners
CPPIB
CIC & CBRE
CIC, CPPIB & GIC
CPPIB & GIC
Public
Various
CPPIB & Other Investor
GIC & Potentially Others2
Total Equity Commitment
US$1.1bn
US$500m
US$400m
US$800m
US$1.4bn
US$1.5bn
US$500m
US$3.2bn3
GLP CoInvestment
50.0%
33.3%
34.2%
40.0%
15.0%
55.9%
40.0%
10.0%2
Investment Mandate
Opportunistic
Value-add
Value-add
Opportunistic
Core
Opportunistic
Value-add
Core
Note: 1. AUM based on cost for in-progress developments (does not factor in potential value creation) and latest appraised values for completed assets 2. GLP in advanced negotiations to pare down stake to 10% 3. Subject to post-closing adjustments
24
Low Leverage and Significant Cash on Hand
Group Financial Position As at Mar 31, 2015
As at Mar 31, 2014
Change %
Total assets
17,462
14,341
21.8
Cash
1,446
1,501
(3.7)
Total loans and borrowings
2,848
2,661
7.0
Net debt
1,402
1,161
20.8
Weighted average interest cost
3.4%
3.0%
0.4
3.8
4.3
(11.6)
63%
73%
(10)
(US$ million)
Weighted average debt maturity (years) Fixed rate debt as % of total debt
Leverage Ratios as of March 31, 2015
Debt Ratios for the period ended March 31, 2015 • EBITDA: US$426.5m • Interest: US$79.2m
16.3%
5.4x
8.8% 3.3x
Total Debt to Assets
Net Debt to Assets
Note: 1. Comparatives are restated following the adoption of FRS 110 consolidated financial statements
Net Debt / EBITDA
EBITDA / Interest
25
Key Financial Highlights GROUP PATMI ex revaluation (US$ million) 257
247 Proforma Adj
Proforma Adj
197
201
FY2014
FY2015
FY2015 FY2014 Change Proforma Proforma (Proforma)
4Q FY2014
Change
25%
167
157
6%
167
138
867
12%
214
230
-7%
214
210
2%
353
28%
90
92
-2%
90
78
16%
543
546
-1%
105
160
-34%
105
137
-24%
257
197
31%
65
53
24%
65
60
10%
N.M.
N.M.
N.M.
2.00
3.18
-37%
N.M.
N.M.
N.M.
FY2014
Change
Revenue
708
625
13%
708
565
EBIT
910
946
-4%
970
EBIT ex revaluation
391
411
-5%
452
PATMI
486
685
-29%
PATMI ex revaluation
201
247
-19%
9.38
13.67
-31%
Diluted EPS (in US cents)
4Q 4Q Change FY2015 FY2014 (Proforma) Proforma Proforma
4Q FY2015
FY2015
Note: 1. Comparatives are restated following the adoption of FRS 110 consolidated financial statements.
21%
26
GLP Tianjin Pujia China
Investor Relations Contact Ambika Goel, CFA SVP - Capital Markets and Investor Relations Tel: +65 6643 6372 Email:
[email protected]