Full Report - Fraser and Neave Limited

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OPERATING AND FINANCIAL REVIEW: PROPERTIES INVESTMENT PROPERTIES – DELIVERING SUPERIOR VALUE Revenue increased by 6% while PBIT rose by 3% over last year. This year, to improve the quality of its earnings, FCL transferred its three malls, Anchorpoint, Causeway Point and Northpoint, to the Group’s retail mall REIT, Frasers Centrepoint Trust (FCT), of which it owns 51%. For comparison purposes, revenue and PBIT (both including FCT’s results) rose by 15% and 13%, respectively, over last year. Its stronger performance is attributed to improved rentals for the retail malls, better rates for serviced residences, higher occupancy for office and industrial properties, additional income from the acquired space in basement 1 of Northpoint, and higher rental income from the business parks in Shenzhen and Beijing. Retail The Group’s retail malls maintained high occupancies throughout the year, with close to 100% average occupancy while average rentals also improved over last year. On the new development front, in Singapore, FCL has acquired a piece of State land to build an extension to Northpoint. This extension is expected to be completed by the end of 2008. More recently, FCL acquired two properties with a total site area of 33,084 sq ft in Bedok Town Centre, for $40.8 million. Subject to the approval of Housing Development Board and other relevant authorities, this new site will provide FCL with the ability to develop a retail mall with a potential area of approximately 134,000 sq ft of gross floor area. 42 Fraser and Neave, Limited Annual Report 2006 Investment Properties: Revenue and PBIT ($ million) In China, FCL is developing a new shopping centre along Xin Jie Kou Road within Beijing’s 2nd Ring Road, which is expected to be completed in 2008. Concurrently, FCL is also developing its Jingan Four Seasons in Shanghai, which is a 452-unit luxury residential development with a 2-storey retail podium of over 10,000 sq m of net retail space. Jingan Four Seasons is located in Shanghai’s downtown, atop the existing First Shimen Lu underground mass rapid transit station along the main Nanjing West Road. This convenient location will offer proximity to the city’s business hub, as well as recreational and entertainment facilities. These include international hotels such as Portman Ritz Carlton and JC Mandarin, and the Shanghai Exhibition Centre. Singapore and overseas malls attract high shopper traffic and enjoy high occupancy rates. NET LETTABLE AREA OCCUPANCY AT 30 SEP 2006 MALLS (SQ FT) (%) REIT (FCT) – Singapore • Anchorpoint 71,000 95 • Causeway Point 425,239 100 • Northpoint 149,247 100 Non-REIT – Singapore • The Centrepoint 333,251 93 • Compass Point* 266,586 100 • Robertson Walk 97,605 94 • Valley Point 39,817 70 Non-REIT – Overseas • Bridgepoint (Australia) 71,819 93 * Managed by FCL
Office and Industrial Occupancy at the office and industrial properties improved over last year but the average rental rate was marginally lower reflecting the weaker office rental market conditions then prevailing. Office and industrial properties in Singapore and Vietnam enjoy high occupancy rates. NET LETTABLE AREA OCCUPANCY AT 30 SEP 2006 OPERATING PROPERTIES (SQ FT) (%) Singapore • Alexandra Point 198,143 81 • Alexandra Technopark 1,045,920 98 • Valley Point Office Tower 182,315 98 Overseas • Me Linh Point (Vietnam) 199,731 94 SERVICED RESIDENCES Frasers Hospitality Frasers Hospitality has established recognisable brand equity with its branded properties – Fraser Suites, Fraser Place and Fraser Corporate Residences. Posting occupancy of over 90%, Frasers’ properties performed better than the industry average in the past financial year. Frasers Hospitality has serviced residences in Singapore, South Korea, Philippines, UK, France, China and Thailand. SERVICED RESIDENCES NO. OF UNITS Fully Operational Properties (Average Occupancy 90%) Fraser Place Singapore (Singapore) 161 Fraser Suites Singapore (Singapore) 251 Fraser Suites Seoul (South Korea) 213 Fraser Place Manila (Philippines) 143 Fraser Suites Kensington (UK) 69 Fraser Place Chelsea (UK) 29 Fraser Place Canary Wharf (UK) 63 Fraser Suites La Defense Paris (France) 134 Fraser Suites Glasgow (Scotland) 102 Fraser Corporate Residences – Futian, Shenzhen (China) 165 Prince of Wales Terrace (UK) 18 Properties Opened During the Year (Average Occupancy 70%) Fraser Place Shekou, Shenzhen (China) 232 Fraser Place Langsuan, Bangkok (Thailand) 129 Fraser Place, Central Seoul (South Korea) 238 Claridge, Champ Elysee Paris (France) 110 Fraser and Neave, Limited Annual Report 2006 43
Page 1 and 2: Driving Value Fraser and Neave, Lim
Page 3 and 4: Driving Value Since its formation 1
Page 5 and 6: The strategy for growth based on th
Page 7 and 8: GROUP FINANCIAL HIGHLIGHTS Year end
Page 9 and 10: Driving Leadership Value Driving le
Page 11 and 12: I am very pleased to report that ou
Page 13 and 14: INTERVIEW WITH GROUP CHIEF EXECUTIV
Page 15 and 16: One of the challenges for F&N has b
Page 17 and 18: MR STEPHEN LEE Mr Lee was appointed
Page 19 and 20: Fraser and Neave, Limited Annual Re
Page 21 and 22: A household name to consumers in Si
Page 23 and 24: F&N’S THREE CORE BUSINESSES: FOOD
Page 25 and 26: Delivering Prime Value Delivering g
Page 27 and 28: Frasers Centrepoint Limited is a le
Page 29 and 30: Fraser and Neave, Limited Annual Re
Page 31 and 32: Times Printers is one of the larges
Page 33 and 34: Overview Listed on the Singapore Ex
Page 35 and 36: OPERATING AND FINANCIAL REVIEW Food
Page 37 and 38: Dairies: Revenue and PBIT ($ millio
Page 39 and 40: The Group’s glass plant operation
Page 41 and 42: FRASERS CENTREPOINT TRUST - BUILDIN
Page 43: Residential Properties: Fraser Suit
Page 47 and 48: OPERATING AND FINANCIAL REVIEW Publ
Page 49 and 50: OPERATING AND FINANCIAL REVIEW Trea
Page 51 and 52: As many of the risks factors identi
Page 53 and 54: AWARDS AND ACCOLADES The Group rece
Page 55 and 56: Developing People Value Developing
Page 57 and 58: The Group is committed to be a resp
Page 59 and 60: INDEX TO CORPORATE GORVERNANCE AND
Page 61 and 62: REPORT ON CORPORATE GOVERNANCE for
Page 71 and 72: REPORT ON CORPORATE GOVERNANCE Part
Page 73 and 74: REPORT ON CORPORATE GOVERNANCE Part
Page 75 and 76: DIRECTORS’ REPORT 3. DIRECTORS’
Page 77 and 78: DIRECTORS’ REPORT 5. SHARE OPTION
Page 83 and 84: DIRECTORS’ REPORT 7. AUDITORS The
Page 85 and 86: AUDITORS’ REPORT To the Members o
Page 87 and 88: BALANCE SHEET as at 30 September 20
Page 89 and 90: STATEMENT OF CHANGES IN EQUITY THE
Page 91 and 92: CASH FLOW STATEMENT for the year en
Page 93 and 94: NOTES TO THE FINANCIAL STATEMENTS f
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NOTES TO THE FINANCIAL STATEMENTS f
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PARTICULARS OF GROUP PROPERTIES The
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PARTICULARS OF GROUP PROPERTIES (A)
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PARTICULARS OF GROUP PROPERTIES (B)
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PARTICULARS OF GROUP PROPERTIES (C)
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PARTICULARS OF GROUP PROPERTIES (D)
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FRASER AND NEAVE, LIMITED (Company
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8. “That approval be and is hereb
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FRASER AND NEAVE, LIMITED (Company
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FINANCIAL CALENDAR 25 January 2007
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Full Report - Fraser and Neave Limited

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