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.

The Company's policy is to recommend dividends of up to 75% of the Company's net profit after tax after considering a number of factors, including the Company's 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 considered to be relevant by the Board, including the expected financial performance of the Company.

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.

In the last decade, we have embarked on a business transformation journey - one that would transform the business into one that can deliver value to stakeholders over the long term, to withstand the ups and downs of property cycles and continue to deliver sustainable returns.

Our key imperative in the initial years post-listing was to achieve balanced and diversified growth - by growing our portfolio outside Singapore and broadening our asset class mix. We then turned our attention to building business platforms driven by local expertise with deep domain knowledge.

In the recent five years between FY19 and FY23, we have primarily focused our investments in I&L and Singapore suburban retail assets, sectors where we see robust long-term fundamental demand. Today, I&L and retail across our markets comprise over 50% of our total property assets. In addition to continued growth in Europe on the back of our I&L investments, we increased our exposure in Thailand and Vietnam, markets where we have a natural competitive advantage given Frasers Property's heritage. Together with our sizeable business in Singapore, we now have a strong Southeast Asia presence.

After a decade of reshaping our portfolio and building competitive business platforms, we are entering the next phase of our journey with a focus on harnessing our Group synergies to enhance value. Hence, we have set up asset class centres of excellence this year to leverage collective asset class strengths, such as customer networks and expertise across the Group, while focusing on competitive advantage and customer centricity. From acquisition, design, capital planning, development and asset management, the centres of excellence will sharpen our core capabilities.

We hope to continuously improve the quality of our real estate space and services to our customers, enhancing our ability to be a trusted partner to our stakeholders.

For more information on our history, please visit https://www.frasersproperty.com/who-we-are/our-history.

We have methodically built business platforms that are scalable, agile and well-equipped to capture growth opportunities and maintain relevance to customers.

Industrial & Logistics

The industrial and logistics (I&L) sector will continue to generate long-term value for the Group. I&L is part of the backbone of many businesses, from retail to pharmaceuticals, manufacturing and e-commerce. Given the multinational nature of many I&L tenants, we focused on building a multinational network that is positioned to support our customers' businesses and capture opportunities across geographies.

Our capabilities, coupled with our portfolio that has a strong sustainability and innovation focus valued by our tenants, have allowed us to achieve strong performance metrics across our markets.

Singapore suburban retail

Singapore suburban retail is another area of strength for us. The suburban retail sector in Singapore has unique characteristics that makes it a defensive asset class. Through strategic initiatives undertaken in recent years, we enlarged our portfolio of suburban retail assets and further deepened our presence in the Singapore suburban retail market, serving approximately half of Singapore's population.

We are now a leading suburban retail malls owner, manager and operator in Singapore. With scale comes operating efficiencies and an improved value proposition for tenants and shoppers. Importantly, our suburban malls are well-connected to the public transport network and this underpins our malls' positions as the go-to place for the local community to shop, play, meet and even work.

Southeast Asia presence

As a thriving global gateway city, Singapore is a magnet for global talent and many multinational firms. This makes Singapore a location of choice for asset and wealth managers. It is also the central hub for us to grow and diversify from. Our multi-asset class capabilities in Singapore creates a strong Frasers Property brand presence and network. This gives us immensely valuable market insights, while allowing us to undertake strategic partnerships with our stakeholders, such as industry and capital partners.

Similarly, we have multi-asset class capabilities in Thailand, where we are one of the largest I&L and mixed-used real estate players. We are fast expanding our I&L business in Vietnam to take advantage of the influx of foreign direct investments into the country. Of course, Frasers Hospitality has been in this region for 25 years and we have been actively growing management contracts.

Southeast Asia is the world's fastest growing region, and our Group is well-positioned to capture opportunities as it continues to attract investments.

For more information on our portfolio, please visit https://www.frasersproperty.com/what-we-do.

Recurring income asset classes provide a stable earnings base for the Group. In FY23, thanks to the hard work of our teams, we achieved around 1.8 million sqm of renewals and new leases across our portfolio with positive rental reversions overall. With robust demand, we have been able to maintain healthy occupancy rates across the portfolio. The quality and differentiated offerings of our assets, with a strong focus on sustainability and innovation, are important factors in our ability to continue to attract demand.

Over the past five financial years, we have completed around 1.8 million sqm of non-residential development projects, most of which are now part of our investment properties portfolio. This build-to-hold approach has allowed us to build our asset portfolio in the best locations, while delivering target returns.

On the hospitality front, driven by the sustained recovery of global travel demand, we achieved higher occupancies and room rates in most markets. However, the recovery trajectory of the hospitality business has been challenged by inflationary pressures globally as well as manpower constraints and ongoing geopolitical tensions. Meanwhile, residential sales in FY23 were in line with our historical average of 5,000 to 7,000 residential units sold annually Group-wide.

The demand outlook for many of the Group's key markets remains resilient despite prevailing macro headwinds. We see generally favourable fundamentals in our selected markets and will continue to focus on the deeper end of the market where there is robust underlying demand.

For more information on business updates, please visit https://investor.frasersproperty.com/financial_information.html for the Group's half-yearly financial results and interim quarters business updates.

As at 30 September 2023, we have $48.6 billion of assets under management across our five asset classes. Being able to enhance value is important, as is being able to unlock value. Between FY18 to FY22, we have successfully unlocked $7.8 billion in total value through recycling to the Group's REITs, capital partnerships and sales of non-REIT assets to third parties. In FY23, we unlocked $0.3 billion. Unlocking value and capital recycling have been a key aspect of the Group's capital optimisation strategy and will continue to be so.

Redevelopment is another avenue to unlock the highest and best use returns for our existing assets. We have a sizeable portfolio of around $19.0 billion of non-REIT property assets in good locations. There is significant embedded value in many of these assets that can potentially be unlocked in time to come.

For more information on unlocking of value, please visit https://investor.frasersproperty.com/financial_information.html for the Group's FY23 full year results presentation.

Frasers Property's capabilities and business platforms in our selected asset classes and markets provide us with a strong footing, as we embark on the next phase of our value creation journey. Over the years, our investment properties have provided the Group with a stable earnings base, while our development exposure has boosted our returns. Given where we are with interest rates and in line with our focus on improving the Group's returns, we will continue to leverage the Group's capabilities to increase our development exposure, which we believe can give us better risk-adjusted returns.

We will remain selective on the asset classes and geographies to be active in, with a focus on risk-adjusted returns, visibility of earnings and cash flows for each investment and at the Group level. Owning our investment properties through capital efficient structures continues to be a key focus area, be it on balance sheet, through listed REITs or private capital partnerships. This helps to improve capital efficiency and manage net gearing downwards while allowing more capital headroom for development projects that are expected to deliver better risk-adjusted returns.

We have all seen how life can change very quickly and unpredictably. We will continue to grow our core capabilities for future readiness and amplify them with technology and innovative solutions to produce excellence with the right speed. This is further supported by making further progress on the right management processes and systems, people and culture.

By anchoring to our Group's Purpose of and focusing on engaging with and delivering better for our stakeholders, Frasers Property can deliver long-term value creation and be resilient.

For more information on the integration of the Group's Purpose, sound governance and sustainability to underpin value creation at Frasers Property, please visit https://www.frasersproperty.com/who-we-are/sustainability for the Group's Integrated ESG Reports.

Frasers Property's revenue for the financial period ended 31 March 2024 (“1H FY24”) decreased 20.4% year-on-year to S$1,549.2 million, while profit before interest, fair value change, tax and exceptional items (“PBIT”) and attributable profit stood at S$577.6 million and S$57.4 million, respectively.

The Group's 1H FY24 attributable profit was lower mainly due to non-cash unrealised fair value losses and impairment on certain commercial properties in the UK of S$115.3 million amid persistent weak business sentiments in the UK. Cushioning the impact were fair value gains (net of gains and losses) on industrial and logistics properties in Australia and the EU on the back of rental growth. Lower residential contributions from Singapore and Thailand, and higher interest expenses impacted attributable profit as well.

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For the half-year ended 31 March 2024, the Group's net debt to total equity ratio stood at 79.6% (30 September 2023: 75.8%). The higher net debt arose mainly due to capital expenditure in Australia and Thailand. The net debt to equity ratio is derived based on consolidated net debt (including 100% of the net debt of consolidated REITs) as the numerator, divided by total equity of the Group (including non-controlling interests (“NCI”), primarily related to consolidated REITs, and perpetual securities) as the denominator. The Group does not use equity attributable to owners of the Company as the denominator as comparing consolidated net debt to equity that excludes NCI is a mismatch in basis and would result in an inaccurate reflection of the Group's net gearing. Net debt to property assets ratio stood at 40.9% (30 September 2023: 40.4%).

Fixed-rate debt comprised 69.1% of the Group's total debt, which had an average weighted debt maturity of 2.5 years. Whilst the Group's high proportion of fixed-rate debt helped to partially mitigate the effects of high interest rates, the Group's average cost of debt has inevitably risen and will continue to be impacted as the Group further refinances its debt amid the high interest rate environment.

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Frasers Property's geographically diversified portfolio of S$48.9 billion assets under management as at 31 March 2024, and its disciplined focus on market fundamentals has put the Group in good stead to remain stable as it navigates external headwinds.

Increasing development exposure over the medium to long term
The Group has been working to increase its development exposure, in both residential segments that offer better risk-adjusted returns, and selected non-residential markets that are aligned with sectoral structural trends. Frasers Property added to its ongoing strategic residential land replenishment programme in Singapore, Australia, Thailand and China. The Group's pre-sold revenue for its residential business totalled S$2.3 billion as at 31 March 2024. Besides residential developments, Frasers Property continues to adopt the build-and-core approach to strengthen its non-residential asset portfolio in preferred locations and sectors that offer attractive returns for differentiated products. In 1H FY24 Frasers Property completed around 356,000 square metres of development projects for its non-residential portfolio, with about 1.1 million square metres of pipeline projects under development for FY24 and beyond, mainly driven by industrial and logistics.

Strengthening the resilience of the Group's recurring income streams
About 87% of the Group's property assets as at 31 March 2024 were in recurring income asset classes, while 86% of the Group's 1H FY24 PBIT was generated from these recurring income asset classes. Frasers Property is actively pursuing capital efficient opportunities to deepen the Group's footprint by leveraging its core capabilities and scalable business model. The Group recently welcomed its first office tenants at One Bangkok Tower 4, which marked the beginning of property openings at the landmark One Bangkok integrated precinct in Thailand. In addition, the Group signed seven new hospitality management agreements in Bangkok and Greater China. The Group is driving value creation via asset enhancement initiatives as well to keep its properties thriving, relevant and future-ready, while ensuring long-term sustainability.

Unlocking value through ongoing capital recycling and capital efficient structures
As part of its capital optimisation strategy, Frasers Property continued to unlock value and recycle capital via the Group's REITs, capital partnerships and third-party sales. Frasers Property partnered Mitsui Fudosan for an ongoing residential development project in Australia to unlock value via capital efficient structures. In addition, the Group divested its stakes in NEX, a suburban retail mall in Singapore, and four German industrial and logistics properties, to Frasers Centrepoint Trust (“FCT”) and Frasers Logistics & Commercial Trust, respectively. Other divestments include non-core assets to unrelated third parties, namely FCT's divestment of Changi City Point and its holdings in Hektar REIT, and the expected sale completion of Capri by Fraser, Changi City, by the end of FY24. Total value unlocked totalled S$1.1 billion in 1H FY24.

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Continual market headwinds have created ongoing challenges for us, which are reflected in these results. To become more resilient through market cycles, our three key focus areas are - the disciplined and consistent unlocking of value, increasing development exposure over the medium to long term, as well as strengthening the resilience of the Group's recurring income streams.

The Group's business model with diversity by asset class and across emerging and developed markets is designed to deliver value across market cycles. Drawing on the Group's on-the-ground capabilities and multi-market insights, Frasers Property has laid a clear set of priorities for each asset class and key market based on the Group's outlook as well as strategic risk and ESG considerations.

As part of the Group's commitment to ESG transparency and accountability as well as to progressively quantify its decarbonisation efforts, the Group published its first ESG Databook in February 2024. Together with its accompanying Basis of Preparation document, it sets out the foundation of our carbon accounting methodology, scope and assumptions.

The information contained within the Databook has been externally assured, which also marks the first time the Group's Scope 3 data has been independently audited. The FPL ESG Databook is downloadable in spreadsheet format, providing a stakeholder-centric presentation of data in relation to the Group's ESG Goals.

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