Global Logistic Properties Company Overview. May 2015

Global Logistic Properties Company Overview May 2015 About GLP  GLP is a leading global provider of modern logistics facilities. Our US$28 billion...
Author: Mitchell Green
11 downloads 0 Views 2MB Size
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]