United Industrial Corporation Limited - UIC
United Industrial Corporation LimitedAnnual Report 2016United Industrial Corporation LimitedA N N U A LR E P O R T2 0 1 6C
Mon JervoisContentsArtist’s impression of Alex ResidencesGroup Financial Highlights 1Chairman’s Statement 2Board of Directors 4Management Review 8Property Summary 24Corporate Governance Report 26 Sustainability Report 40Corporate Information 41Financial Report 42Five Year Summary 123Statistics of Shareholdings 125Notice of Annual General Meeting 127Proxy Form
1United Industrial Corporation LimitedAnnual Report 920132012Attributable Profit ( ’million)20152012Total Assets ( ’million)1,0372016Shareholders’ Equity ( ’million)Revenue ( ’million)Group Financial 20122013201420152016Revenue7116106938071,037Net profit from operations168167223236249Net fair value gain on investmentproperties2241491752537Attributable profit392316398261286Total assets7,6078,1828,4898,5388,622Shareholders’ equity4,6844,9825,6935,9596,232( ’million)
2United Industrial Corporation LimitedAnnual Report 2016Chairman’s StatementFor the financial year 2016,the Group achieved revenueamounting to 1.04 billion.WEE CHO YAWCHAIRMAN8.62billion TOTAL ASSETSDear Shareholders,I am pleased to present UIC’s annual report for financialyear 2016.2016 ReviewIn 2016, Singapore’s economy grew 2%.Singapore experienced a soft property market that affectedboth commercial and residential segments. Overall,despite the global economic uncertainties, Singapore stillmanaged to achieve growth and create new jobs.Amidst this backdrop, the Group delivered a reasonably fairperformance that showed our resilience to the changingmarket conditions.Performance Review and DividendFor the financial year ended 31 December 2016, the Group’stotal revenue rose 28% year-on-year to 1,036.6 million dueto higher residential property sales. 7.04billionTOTAL EQUITYSales of residential properties increased 77% to 516.3 millionwith progressive revenue recognition and higher sales for theGroup’s residential projects, particularly from V on Shentonand Alex Residences.Gross rental income from investment properties grew 2%to 275.3 million whilst revenue from hotel operationsdecreased by 2.7 million or 2%.During the year, the Group’s office buildings maintained ahealthy overall occupancy of 97% and registered a rentalincome of 192.2 million, an improvement of 4% over 184.7million achieved in the previous year.Contribution from joint-venture residential developmentprojects declined 96% to 1.1 million due to lower revenuecontribution from two residential projects, Thomson Threeand Archipelago, which were completed in May 2016 andSeptember 2015 respectively.
United Industrial Corporation LimitedAnnual Report 20163Net profit from operations increased by 6% to 249.4 million.After adding the fair value gain of 36.6 million, the Grouprecorded a net attributable profit of 286.0 million for theyear, an increase of 10%.Outlook for 2017 and AcknowledgementsSingapore’s economy is expected to grow between 1% and3%. We expect 2017 to be challenging due to uncertaintyin the global economy.The Board is recommending a first and final tax exempt(one-tier) dividend of 3.0 cents (2015: 3.0 cents) for thefinancial year ended 31 December 2016. The final payoutwill amount to 42.6 million.The Group is well-placed for sustainable growth in thesechallenging times with our portfolio of income-producingassets.SingaporeIn October 2016, the Group was successful in a privateen-bloc tender for Raintree Gardens in Potong Pasir with abid of 334.2 million. The bid was made jointly with UOLGroup on a 50:50 joint venture basis. Raintree Gardens isa 99-year leasehold residential redevelopment site whichhouses a former HUDC estate built in the 1980s. We planto develop an estimated 750 residential units on the site forlaunch in 2018.We plan to launch very soon The Clement Canopy which wewill develop jointly with UOL Venture Investments Pte Ltd on a50:50 joint venture basis. The Clement Canopy is a 40-storeylush condominium project near the National University ofSingapore, One-North and Holland Village. We will adopt theprefabricated prefinished volumetric construction (“PPVC”)method of construction. This method will raise productivity asmuch of the construction will be done off-site in a controlledmanufacturing environment and then assembled at the site.Upon its completion, The Clement Canopy is expected to bethe world’s tallest residential PPVC development.OverseasIn the United Kingdom, the Group acquired 120 Holbornfor 222.6 million on a 50:50 joint venture with a whollyowned subsidiary of the UOL Group. 120 Holborn is amixed-use freehold nine-storey building located in Midtown,London within walking distance to Chancery Lane TubeStation and Farringdon Tube Station interchange. WhenFarringdon Station opens in 2018, it is likely to be oneof the busiest interchanges in London as it will providethree-way connectivity between London Underground,Thameslink and Crossrail, with direct rail links to fourinternational airports. With close to full occupancy, 120Holborn will provide the Group with a steady source ofrecurring income.The Group is mindful of the risks as we seek new opportunities.Meanwhile, for existing operations, we will continue to beproactive and adapt to changing trends.On behalf of the Board, I would like to thank the managementand staff at UIC for their dedication and hard work. To ourshareholders, business partners, customers and tenants,thank you for your strong support. In closing, I would like tothank my fellow directors for their guidance and wise counsel.WEE CHO YAWCHAIRMANFebruary 2017
4United Industrial Corporation LimitedAnnual Report 2016Board of DirectorsDr Wee Cho YawDr John Gokongwei, Jr.ChairmanDr Wee Cho Yaw was appointed a Directorand Chairman of United IndustrialCorporation Limited (“UIC”) in 1992.A veteran banker with more than 50years’ experience in the banking industry,Dr Wee is the Chairman Emeritus andAdviser of United Overseas Bank Limitedand Far Eastern Bank Limited. He alsochairs the boards of United OverseasInsurance Limited, UOL Group Limited,Haw Par Corporation Limited, PanPacific Hotels Group Limited, MarinaCentre Holdings Private Limited, andWee Foundation. He is the Chairmanof Chung Cheng High School. He waspreviously the Chairman of SingaporeLand Limited.Dr Wee is the Honorary President of theSingapore Federation of Chinese ClanAssociations, Singapore Hokkien HuayKuan and Singapore Chinese Chamberof Commerce and Industry.Dr Wee received Chinese High Schooleducation. He was conferred an HonoraryDoctor of Letters by the NationalUniversity of Singapore in 2008 and bythe Nanyang Technological University in2014. Both Honorary Doctor of Letterswere conferred on him in recognition ofhis long-standing support of education,community welfare and the businesscommunity. In 2011, he received theDeputy ChairmanDistinguished Service Order, Singapore’shighest National Day Award from thePresident of Singapore for his outstandingcontributions to the economic, education,social and community developmentfields in Singapore. Since 2004, he hasbeen the Pro-Chancellor of NanyangTechnological University.Dr Wee was conferred the BusinessmanOf The Year award twice at the SingaporeBusiness Awards in 2001 and 1990. Hereceived the inaugural Credit Suisse-Ernst& Young Lifetime Achievement Award in2006 for his exceptional achievementsin the Singapore business community.In 2009, The Asian Banker presentedhim the Lifetime Achievement Award.Dr John Gokongwei, Jr. was appointeda Director and Deputy Chairman ofUIC in 1999.As of January 2002, he is a Directorand Chairman Emeritus of JG SummitHoldings, Inc., a company incorporatedin the Philippines and listed on thePhilippines Stock Exchange Inc., since itsformation in 1990. He is the Chairman ofthe Gokongwei Brothers Foundation, Inc.He is also a Director of Marina CentreHoldings Private Limited. He is currentlyDirector and Chairman Emeritus ofUniversal Robina Corporation, RobinsonsLand Corporation and JG SummitPetrochemical Corporation and aDirector of Cebu Air Inc., RobinsonsRetail Holdings, Inc., Oriental Petroleumand Minerals Corporation, Manila ElectricCompany and A. Soriano Corporation.He was the Director and Deputy Chairmanof Singapore Land Limited from 1999to 2014.Dr Gokongwei received a Master inBusiness Administration from the De LaSalle University in the Philippines, andattended the Advanced ManagementProgram at Harvard University, Boston,Massachusetts, USA.
United Industrial Corporation LimitedAnnual Report 2016Mr Lim Hock SanMr James L. Go5Mr Gwee Lian KhengPresident and CEOMr Lim Hock San, the President andChief Executive Officer, was appointeda Director of UIC in 1992. Mr Lim isalso the President and Chief ExecutiveOfficer of Singapore Land Limited.Mr Lim graduated with a Bachelorof Accountancy from the Universityof Singapore. He obtained a Masterof Science in Management from theMassachusetts Institute of Technology,and attended the Senior ExecutiveProgramme at London Business School,and the Advanced Management Programat Harvard Business School. He is aFellow of the Chartered Institute ofManagement Accountants (UK) and aFellow and past President of the Instituteof Singapore Chartered Accountants.Mr James L. Go was appointed a Directorof UIC in 1999. He is currently theChairman and Chief Executive Officer ofJG Summit Holdings, Inc. and OrientalPetroleum and Minerals Corporation.He is the Chairman of Universal RobinaCorporation, Robinsons Land Corporation,JG Summit Petrochemical Corporationand JG Summit Olefins Corporation.He is the Vice Chairman of RobinsonsRetail Holdings, Inc. and a Director ofCebu Air, Inc., Marina Centre HoldingsPrivate Limited and Hotel Marina CityPrivate Limited. He is also the Presidentand Trustee of the Gokongwei BrothersFoundation, Inc. He has been a Directorof the Philippine Long Distance TelephoneCompany (PLDT) since November 3,2011. He is a member of the TechnologyStrategy Committee and Advisor ofthe Audit Committee of the Board ofDirectors of PLDT. He was elected aDirector of Manila Electric Company onDecember 16, 2013. He was formerlya Director of Singapore Land Limited.Mr Go received his Bachelor of ScienceDegree and Master of Science Degree inChemical Engineering from MassachusettsInstitute of Technology, USA.Mr Gwee Lian Kheng was appointeda Director of UIC in 1999. He is theGroup Chief Executive of UOL GroupLimited and has been with the UOLGroup since 1973.Mr Gwee graduated with a Bachelor ofAccountancy (Honours) Degree from theUniversity of Singapore. He is a Fellow ofthe Chartered Institute of ManagementAccountants, Association of CharteredCertified Accountants and the Instituteof Singapore Chartered Accountants.
6United Industrial Corporation LimitedAnnual Report 2016Board of DirectorsMr Hwang Soo JinMr Hwang Soo Jin was appointed aDirector of UIC in January 2003 and ispresently the Chairman of the NominatingCommittee. He is a Chartered Insurerand an Associate of the CharteredInsurance Institute, UK, and has morethan 50 years’ business experience.Mr Hwang is currently the ChairmanEmeritus and Director of SingaporeReinsurance Corporation Ltd and alsosits on the boards of directors of UnitedOverseas Insurance Ltd and Haw ParCorporation Ltd. Among numerousother directorships in the past, he wasformerly a Director of Singapore LandLimited and Chairman of SingaporeReinsurance Corporation Ltd.Mr Yang Soo SuanMr Yang Soo Suan was appointed aDirector of UIC in 2012 and is currentlythe Chairman of the Audit Committee.He is an architect by training and hasmore than 48 years’ professional practiceexperience.He is a Director of United OverseasInsurance Limited and a former Directorof United International SecuritiesLtd., and currently the Chairman ofAudit Committee of United OverseasInsurance Limited. He is a Life Fellow ofthe Singapore Institute of Architects, aFellow Member of the Singapore Societyof Project Managers, and a member ofthe Singapore Institute of Directors. He isthe former Chairman of Architects 61 PteLtd and National Fire Prevention Council.He is also a former board member ofthe Housing and Development Board,the Board of Architects and SingaporeLand Limited, a former President of theSingapore Institute of Architects and aformer member of the Appeals Board(Land Acquisition).Mr Yang holds a Bachelor of Architecture(Honours) in Design, Town Planningand Building (1961) from MelbourneUniversity, Australia and was awardedthe Bintang Bakti Masyarakat (PublicService Star, Singapore) in 1996.Mr Alvin Yeo Khirn HaiMr Alvin Yeo was appointed a Director ofUIC in 2002 and is currently the Chairmanof the Remuneration Committee. Heis a lawyer and Chairman and SeniorPartner of WongPartnership LLP. MrYeo was appointed Senior Counsel ofthe Supreme Court of Singapore inJanuary 2000. He is a member of theAppeals Advisory Panel of the MonetaryAuthority of Singapore, and the Court ofthe Singapore International ArbitrationCentre. He is also a Director of KeppelCorporation Ltd. He resigned on 26August 2014 as Director of SingaporeLand Limited and on 9 June 2016as Director of Neptune Orient LinesLimited. Mr Yeo is a former Member ofParliament, having served for 2 termsfrom 2006 to 2015.Mr Yeo graduated with a Bachelor ofLaws (Honours) from King’s College,University of London, and is a Barristerat-Law (Gray’s Inn).
United Industrial Corporation LimitedAnnual Report 2016Mr Wee Ee LimMr Wee Ee Lim was appointed a Directorof UIC in 1999. He is presently thePresident and Chief Executive Officerof Haw Par Corporation Limited. He isa Director and the Deputy Chairmanof UOL Group Limited. In addition, hesits on the board of directors of WeeFoundation.Mr Wee was previously a Director ofPan Pacific Hotels Group Limited,Singapore Land Limited and Hua HanBio-Pharmaceutical Holdings Limited(a company listed on the Hong KongStock Exchange).Mr Wee graduated with a Bachelor of Arts(Economics) from Clark University, USA.Mr Lance Yu GokongweiMr Lance Yu Gokongwei was appointeda Director of UIC in 1999. He is thePresident and Chief Operating Officerand a Director of JG Summit Holdings,Inc., Chairman and Chief ExecutiveOfficer of Robinsons Retail Holdings, Inc.,President and Chief Executive Officer ofUniversal Robina Corporation and CebuAir, Inc., Chief Executive Officer of JGSummit Petrochemical Corporation andJG Summit Olefins Corporation, andVice Chairman and Chief ExecutiveOfficer of Robinsons Land Corporation.He is also the Chairman of RobinsonsBank Corporation, Vice Chairman ofManila Electric Company and a Directorof Oriental Petroleum and MineralsCorporation. He is also a trustee andsecretary of the Gokongwei BrothersFoundation, Inc. He was formerly aDirector of Singapore Land Limited.Mr Gokongwei graduated with a Bachelorof Science (Applied Science) fromPennsylvania Engineering School anda Bachelor of Science (Finance) fromWharton School, USA. He also attendedthe management and technology programat the University of Pennsylvania.7Mr Antonio L. GoMr Antonio L. Go was appointed aDirector of UIC in April 2007. He iscurrently a Chairman and President ofEquitable Computer Services, Inc. andChairman of Equicom Savings Bank andAlgo Leasing and Finance Inc. He is aTrustee of Go Kim Pah Foundation andEquitable Foundation Inc. He sits onthe boards of Cebu Air, Inc., MaxicareHealthcare Corporation, OrientalPetroleum and Minerals Corporation,Robinson Retail Holdings, Inc., SteelAsiaManufacturing Corporation, EquicomInformation Technology, Equicom Inc.,Equicom Manila Holdings, MedilinkNetwork, Inc., and Equitable DevelopmentCorporation. From 2006 to 2011, hewas an Independent Director of DigitalTelecommunications, Philippines, Inc.Mr Go graduated with a Bachelor ofBusiness Administration from YoungstownUniversity, USA. He also attended theInternational Advanced Managementpr ogramme at the Inter nationalManagement Institute, Geneva, Switzerland,and the ABA National School ofBankcard Management, NorthwesternUniversity, USA.
8United Industrial Corporation LimitedAnnual Report 2016Management ReviewArtist’s Impression of UIC Building and V on Shenton2016 OverviewSingaporeCommercialOfficePropertiesThe office leasing market remainedsoft throughout 2016, amidst concernsover a weaker global economic outlookand the upcoming supply of 3.6 millionsquare feet of new office space comingon stream from the third quarter of2016 to early 2017.
United Industrial Corporation LimitedAnnual Report 20169Property PortfolioArtist’s impression of UIC BuildingUIC BuildingDesigned by world renowned Dutcharchitect, Ben van Berkel of UN Studio,the site at 5 Shenton Way is beingredeveloped into an iconic twin towerscomprising a 23-storey office tower anda 54-storey residential tower. Boasting aunique 3-D hexagonal facade, the newoffice tower when completed will yieldabout 280,000 square feet of Grade Aoffice space. The office tower is targetingto obtain its Temporary OccupationPermit towards end March 2017.Artist’s impression of UIC BuildingSingapore Land TowerSingapore Land Tower in Raffles Placecontinued to perform well in the yearunder review. Notwithstanding strongcompetition from newer Grade Abuildings within the Raffles Place/Marina Bay Financial District, thebuilding was able to maintain ahealthy average occupancy of 99%and improved its rental income by 5%.Singapore Land TowerThe 5 chillers in the building whichhad been upgraded in October 2015,achieved an efficiency improvement of40% resulting in 30% savings on electricityconsumption within a year of operation.This energy efficiency falls within theGold Plus Green Mark criteria.
10United Industrial Corporation LimitedAnnual Report 2016During the year, Singapore Land Towerhad also installed and commissioned thesecurity turnstile barriers system. Thissystem was implemented using strictaccess codes and identity card basedrecognition for visitors. These features arekey in the event of an emergency and helpto track and account for the occupants inthe building.Singapore Land TowerClifford CentreDespite being the oldest building in theGroup, Clifford Centre at Raffles Placeachieved 96% occupancy as at theend of 2016. Rental revenue, however,declined slightly by 1% compared to thepreceding year.The retail premises, which form 20% ofthe total lettable area, contributed about25% of the total rental revenue. To helpour retail tenants maintain healthy salesrevenue, year-end marketing promotionswere organised during the festive period.A series of enhancement works wereundertaken as part of our on-goingprogramme to upgrade the building.These improvement works included theinstallation of security turnstile barriersand card access system to enhance thesecurity of the building. The upgradingis still in progress and will be completedin the first quarter of 2017.Clifford Centre
United Industrial Corporation LimitedAnnual Report 201611SGX CentreIn Shenton Way, the Group owns 36,000square feet and 240,000 square feet oflettable space in SGX Centre 1 and SGXCentre 2 respectively. During the yearunder review, the building performedvery well, maintaining a healthy averageoccupancy of 99% and improving itsrental income by 11%.The Group continued to serve as themanaging agent for SGX Centre duringthe year. Continuous efforts were takento upkeep the building’s facilities andmaintain them in good and serviceablecondition.SGX CentreThe GatewayAlthough 34% of leases expired duringthe year, The Gateway at Beach Roadperformed well and achieved an averageoccupancy of 95%. Rental revenueimproved by 4% compared to thepreceding year.Security turnstiles and card access systemswere installed to enhance security ofthe buildings. The cooling coils in airhandling units were also replaced inphases to better serve the tenants andimprove energy effic
4 United Industrial Corporation Limited Annual Report 2016 Board of Directors Dr Wee Cho Yaw was appointed a Director and Chairman of United Industrial Corporation Limited (“UIC”) in 1992. A veteran banker with more than 50 years’ experience in the banking industry, Dr Wee is the Chairman Emeritus and Adviser of United Overseas Bank Limited
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