We are a multi-national developer-owner-operator of real estate products and services across the property value chain.

Our multi-national businesses operate across five asset classes, namely, residential, retail, commercial & business parks, industrial & logistics as well as hospitality. The Group has businesses in Southeast Asia, Australia, Europe and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in over 70 cities and 20 countries across Asia, Australia, Europe, the Middle East and Africa.

Listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") and headquartered in Singapore, Frasers Property is also the sponsor of two real estate investment trusts ("REITs") and one stapled trust listed on the SGX-ST. Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust are focused on retail, and industrial & commercial properties, respectively. Frasers Hospitality Trust (comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on hospitality properties.

In Thailand, Frasers Property (Thailand) Public Company Limited ("FPT") is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT ("FTREIT"), which is focused on industrial & logistics properties in Thailand, and Golden Ventures Leasehold Real Estate Investment Trust ("GVREIT"), which is focused on commercial properties. FPT, FTREIT and GVREIT are listed on the Stock Exchange of Thailand.

As disclosed in the Introductory Document when Frasers Property Limited (then named Frasers Centrepoint Limited) was relisted on the Main Board of the Singapore Exchange Securities Trading Limited in January 2014, the Board intends to recommend dividends of up to 75% of Frasers Property Limited's net profit after tax after considering a number of factors, including the level of cash and reserves, results of operations, business prospects, capital requirements and surplus, general financial condition, contractual restrictions, the absence of any circumstances which might reduce the amount of reserves available to pay dividends, and other factors the Board considers relevant, including the Group's expected financial performance.

Following the amendments to Rule 705(2) of the Listing Manual of the Singapore Exchange Securities Trading Limited which took effect from 7 February 2020, Frasers Property Limited changed to half-yearly reporting with immediate effect as of 13 May 2020.

We remain committed to engaging the investment community through clear, timely, as well as consistent communications, and will provide first and third quarter business updates. We will continue to keep shareholders updated on material developments relating to the Group in compliance with our continuing disclosure obligations.

Online versions of published annual reports can be accessed here.

The mailing of annual reports to shareholders en masse has been discontinued in line with our sustainability strategy, and we hope you will join us in our sustainability efforts and embrace e-communications. Nonetheless, if you would like a hard copy of the annual report, you can request for one via the "Contact us" page or write in to ir@frasersproperty.com.

Information on our retail bonds can be found on the "Retail bonds" page.

Frasers Property and our business platforms must keep evolving to ensure we are always well-placed to deliver value through business cycles. As the world changes rapidly, it is clear that while we strive to be a returns-driven company, we must first be purpose-led because it is good for business, society and the planet. That is why we are committed to - Inspiring experiences, creating places for good. We have a responsibility and can make a difference.

Our purpose is 'why' we are in business and 'why' we do things the way we do. Our purpose, culture and values enable us to conduct our business. Each day, we focus on delivering inspiring experiences for our people, customers, and partners. We believe we 'create places for good' in our workplaces, negotiations, business interactions and in the physical spaces we create. It is important we always deal fairly and ethically, while encouraging innovative thinking and creating opportunities for people. Our purpose challenges us to innovate and reinvent ourselves as we continue building a more resilient, future-ready business, which is helping to deliver a more sustainable, inclusive, and healthier world for all.

Enhancing customer-centricity with purpose and innovation, and equipping our people with future-ready skills, will allow us to prioritise value creation and not only generate solutions desired by our customers, but also real estate-related solutions that are relevant for the future.

We keep sight of the future even as we stay focused on our near-term priorities. We want to ensure we are evolving to have a business model that is driven by a disciplined 'investor mindset'. As we recover from the pandemic, we are focusing on improving our returns and evolving our people skillsets to be aligned with strategy. With our focus on building business and financial resilience, and further developing core capabilities through innovation, digitalisation and technology, as well as making progress with environmental, social and governance practices, Frasers Property is laying the foundation for a future-ready business. Our ongoing evolution for future readiness remains a priority for the Group.

We have been focusing on three key areas to strengthen our fundamentals while navigating through evolving challenges:

1. Building robust business platforms
2. Investing in future-ready capabilities
3. Implementing proactive capital management

Our robust business platforms have been critical to our ability to successfully navigate business challenges. We have spent the last few years evolving our business platforms with good people, sound organisational structure and processes, as well as relevant and quality offerings. Importantly, our people are united in our strong commitment to the Group's purpose - Inspiring experiences, creating places for good. We have a firm foundation to weather the uncertainties that will persist as the world transitions to an endemic COVID-19 environment.

We understand shareholders wish to see total shareholder returns increase over time. We will keep strengthening our business platforms and building core capabilities to reinforce the foundation of our business. Meanwhile, capital and liquidity management remain top priorities for the Group. This helps ensure we have the right aptitude and fortitude to tide through difficult times and be ever ready to capture suitable growth opportunities as they arise. This will underpin our ability to deliver value over the long-term and through business cycles.

Real estate requires a long-term view and is cyclical in nature. We will take advantage of opportunities when they arise as we have the right capabilities, right focus and relevant scale, and these do not happen overnight. Our focus on building robust business platforms allows us to be ever-ready to benefit from positive market dynamics and we see this as an important competitive advantage.

A case-in-point is our industrial and logistics platform. From the time we extended our capabilities into industrial and logistics in 2014, we have taken deliberate steps to build our capability in this sector into the scaled and multi-geographic platform that it is today. The same goes for our commercial and business parks platform. We reshaped and grew our portfolio through a series of strategic initiatives, most noteworthy of which was our entry into the UK business park sector in 2017.

COVID-19 accelerated many structural trends that were taking place even before the pandemic, particularly, the secular shift towards e-commerce and evolving workplace expectations. As a result of the years of effort that we had put into building our industrial and logistics unit, as well as our commercial and business parks platform, we are well-positioned to capitalise on the opportunities that have emerged.

We have a healthy development pipeline that will allow us to capture opportunities, providing visibility of delivering further growth of our industrial and logistics, and commercial and business parks portfolio. Our ability to create value through development, in addition to acquiring, operating and recycling capital well, is an important differentiator for us.

The pandemic has altered the way we live, work and play and as a result, we are seeing many forms of convergence in the real estate sector. While the constantly evolving market environment poses challenges, we have always approached challenges as opportunities to provide better solutions for our stakeholders. Matching our design and technological capabilities, fostering a culture of innovation enables us to add value to our stakeholders and stay relevant to their evolving needs, testbed new business models, and differentiate ourselves as an employer of choice.

With COVID-19 accelerating several trends, such as digital adoption and changing consumer behaviours, the need to innovate and identify new growth opportunities has become even more urgent. At Frasers Property, we recognise that innovation should be purposeful to help strengthen our business performance, enhance efficiency and heighten customer experiences. Rapid innovation in technology and new solutions can also help us to meet our net-zero carbon goal, become more agile in problem-solving, as well as incorporate features for more inclusive and purposeful places that delight our customers.

We will proactively seek new ways to stay ahead of the digitalisation curve in order to maximise the value we deliver to our customers and use data-driven insights to constantly refine our services. We remain committed to our role and purpose, and will continue to innovate, adapt and evolve to provide a smart, safe and sustainable environment for all.

As the impact of climate change intensifies across the world, many governments are prioritising mitigation efforts in their policies. At the same time, the COVID-19 pandemic has further accelerated the imperative for businesses to be agile and resilient in order to stay relevant.

Cognisant of this, we have leveraged the strong foundation and sustainability core we have built over the years to deliver positive impact to our stakeholders. The three pillars of our Sustainability Framework — Acting Progressively, Consuming Responsibly and Focusing on People — continue to align us with our key priorities through to 2030. Branching off from the key pillars are 13 focus areas, spanning a diverse range of interconnected environmental, social and governance topics, where we can make the biggest impact.

Over the years, we have made significant progress towards our five Group-wide goals including our commitment to attaining net-zero carbon across the entire value chain by 2050. Across our global portfolio, our businesses are on track to developing net-zero carbon roadmaps and carbon reduction targets by 2022 using a science-based approach to targets, strategies and priorities. We have also begun a Group-wide assessment of climate risks material to our business, in line with our goal to carry out climate risk assessments and implement asset-level adaptation and mitigation plans across our entire business by 2024. To date, our listed vehicles are the only real estate entities on the SGX-ST to make a commitment towards tackling all three scopes of carbon emissions. Not only will we monitor, directly reduce and offset carbon emissions from owned or controlled sources, we are also examining emissions generated indirectly as a result of our business.

We implemented a Group Responsible Sourcing Policy and a Group Corporate Functions Procurement Procedure as we recognise that our supply chain makes up a substantial proportion of our social and environmental impact, and that our position in the real estate value chain gives us a unique responsibility and opportunity to address this. We believe that adopting a partnership-based approach with our suppliers will drive positive change, strengthening our supply chain and the businesses within it, and that this will be integral to the success of our net-zero carbon goal and the resilience of our business in the long term.

Creating lasting shared value for stakeholders and communities in a responsible manner will require a sustained, collective effort from our leadership to our employees, customers, suppliers and the many partners we collaborate with and serve. We are confident that the strong shared desire of our people to create a positive impact on our business, people, society, and the planet through our properties, coupled with the structure and investments put in place, will propel our sustainability journey and help us to achieve our goals.

Click here for more information on our sustainability efforts.

Frasers Property's revenue for the financial period ended 31 March 2023 (1H FY23) increased 16% year-on-year to S$1,946.3 million, while profit before interest, fair value change, taxation and exceptional items ("PBIT") and attributable profit stood at S$684.9 million and S$225.8 million, respectively.

The Group recorded improved earnings in 1H FY23 mainly due to higher contributions from its residential development businesses in Singapore and China. The Singapore residential development business, in particular, benefitted from increased sales of units and selling prices on the back of Singapore's buoyant residential market.

In addition, the global easing of COVID-19 restrictions contributed to improved results for the Group's hospitality segment across various geographies.

Improved earnings from operations in 1H FY23 were partially offset by a net fair value loss compared to a net fair value gain in 1H FY22. The Group's portfolio of business park assets in the UK recorded fair value losses that were mostly offset by net fair value gains from a retail-cum-hospitality property in Singapore, the Group's newly-acquired retail asset in Singapore - NEX, as well as the divestment of an industrial and logistics property in Australia.

Click here for Frasers Property Limited results announcements and here to view a webcast of Frasers Property Limited's results briefing.

On the balance sheet front, the Group ended 1H FY23 with net debt to total equity of 72.7% and net debt to property assets of 39.3%. These are within the Group's comfort level in view of the Group's property assets mix. Fixed rate debt comprised 77.9% of the Group's total debt, which had an average weighted debt maturity of 2.9 years. The Group's high proportion of fixed rate debt mitigates the effects of higher interest rates, although there will be an impact on the average cost of debt on a portfolio basis as the Group refinances debt moving forward. As at 31 March 2023, average cost of debt on a portfolio basis was 3.2% per annum, up 0.5 percentage points from 2.7% per annum as at 30 September 2022.

Frasers Property has strong working relationships with its principal bankers and coupled with the S$2.9 billion in cash and bank deposits, as well as unrecognised residential sales revenue of S$2.9 billion¹, the Group has ample liquidity headroom to meet its near-term and long-term operational needs.

Click here for Frasers Property Limited results announcements.

In 1H FY23, Frasers Property strengthened its leadership bench with the appointment of two senior leaders. The Group appointed Eu Chin Fen as the new CEO of Frasers Hospitality to oversee the strategic direction, investment and operational strategies of the Group's hospitality business globally. In line with Frasers Property's commitment to elevating its sustainability bench strength, the Group also created a new role and appointed Paolo Bevilacqua as the Group Head of Sustainability. With experience in both sustainability and real estate operations, Paolo is working closely with Frasers Property's senior leadership team and its business units to drive progress on the Group's sustainability goals unveiled in 2021.

On the business front, the Group continued to optimise its strategic business platforms and enhance the resilience of its portfolio. Notably, the Group has been investing in the industrial and logistics as well as suburban retail asset classes, which have grown at a compounded annual growth rate of 16% over the past five years. In 1H FY23, the Group entered the North Vietnam industrial and logistics market through a joint venture with a local partner to acquire approximately 776,000 sqm of land to capture the growing international interest in industrial space in North Vietnam. In addition, to further enhance the Group's focus in the Singapore suburban retail segment, Frasers Property jointly acquired a 50% stake in NEX with Frasers Centrepoint Trust.

To drive returns from its recurring income asset classes, the Group has always adopted a rigorous and disciplined approach of proactively engaging with its tenants ahead of renewals, actively seeking out new leases, as well as investing in asset enhancements and repositioning. In 1H FY23, the Group achieved over 926,000 sqm of renewals and new leases and maintained stable occupancy rates across its portfolio of industrial and logistics, commercial & business parks, and retail properties. Its hospitality business remains well-positioned to capture returning travel demand with pre-opening of properties in strategic gateway cities lined up.

Over the course of 1H FY23, Frasers Property continued to leverage its development capabilities to generate development value. The Group completed over 163,000 sqm of non-residential development projects and ended the period with over 1,415,000 sqm in its development pipeline of industrial and logistics, commercial & business parks, and retail properties. Frasers Property expects to deliver approximately 360,000 sqm from its non-residential development pipeline over the remainder of this financial year.

Residential remains a core asset class for Frasers Property and is an important component of the Group's mixed-use developments. The Group continues to focus on markets with robust underlying demand and exercising discipline and caution in managing its residential pipeline in view of the rising cost and high interest rate environment. In Singapore, all units in the 455-unit residential development Rivière have been sold² as at 30 April 2023, and in Australia, the Group has over 2,600 contracts on hand² with completions and settlements scheduled for the second half of the financial year. In Thailand, the Group's timely pivot towards the single detached houses segment since early 2022 is generating higher margins. In China, the Group invested in two projects in Shanghai, which added over 1,700 residential units to its residential portfolio. As at 31 March 2023, the Group's pre-sold revenue for its residential business amounted to S$2.9 billion.

Click here to view a webcast of Frasers Property Limited's results briefing.

Beyond delivering robust performance from its portfolio of investment properties, the Group recorded S$3.4 billion of total gross fair value change over the past five financial years amid a challenging operating environment. Of this, a total of S$0.8 billion was realised fair value change unlocked through divestments totalling S$7.8 billion over the same period.

In addition to its capital recycling initiatives, the Group has been making significant progress in expanding its green or sustainable financing portfolio as part of its capital management strategy. In March 2023, Frasers Property received an award for the 'Best Green Loan' at The Asset Triple A Sustainable Capital Markets Awards 2022 for its US$400 million syndicated green term loan that was signed in September 2022. Building on its strong track record, in February 2023, the Group secured its first sustainability-linked loan that is tied to a prescribed reduction in annual absolute greenhouse gas emissions. More significantly, this loan enabled the Group to achieve the full sustainability-linked financing milestone for its Australia business. To date, the Group has secured over S$10 billion of green or sustainability-linked loans and bonds since its first green loan in September 2018.

With assets under management of S$47.3 billion as at 31 March 2023, Frasers Property remains focused on driving value creation through astute asset and property management.

Looking ahead, macro developments, especially in relation to higher inflation, interest rate hikes, volatile foreign currency movements and potential asset repricing, will continue to pose challenges for the real estate sector. Despite these challenges, opportunities from structural shifts exist, particularly from evolving expectations for integrated live, work and play spaces. The Group will leverage its established strategic business platforms and focus on managing risk exposures while being balanced in seeking opportunities that may arise.