ESR(01821) - 2021 - 年度财报

Financial Performance - Revenue (excluding construction revenue) increased by 21.7% from $296.2 million in FY2020 to $360.6 million in FY2021[39] - Adjusted EBITDA rose by 17.7% from $366.0 million in FY2020 to $430.8 million in FY2021[39] - PATMI (excluding transaction costs related to ARA) increased by 31.7% from $286.5 million in FY2020 to $377.3 million in FY2021[41] - Management fee revenue grew by 28.9% from $189.3 million in FY2020 to $244.0 million in FY2021, supported by a record asset management growth of $39.4 billion (up 32% year-on-year)[39] - Adjusted revenue (excluding construction revenue) was $766.9 million, up 112.7% from $360.6 million in the previous fiscal year[99] - Adjusted EBITDA increased by 56.6% to $1.22 billion, with the fund management segment's EBITDA growing significantly by 195.6% to $588.2 million[99] - ESR's PATMI increased by 74.6% to $658.6 million, reflecting strong operational performance[99] Asset Management and Growth - ESR's total assets under management grew by 31% year-on-year to $35.6 billion[20] - The company raised a record $5.8 billion in new funds through nine newly established or increased funds[20] - The company has committed uncalled capital of $5.7 billion available for investment[20] - Total assets increased from $7.7 billion as of December 31, 2020, to $9.3 billion as of December 31, 2021, driven by new investments in Australia and China, as well as goodwill from the acquisition of Milestone Operations Limited[43] - The company reported a record development project commencement of $5.4 billion, driven by high occupancy rates of 94% for ESR and 95% for LOGOS[99] - The development project pipeline reached 24.3 million square meters, with ongoing projects valued at $10.5 billion, making it the largest in the Asia-Pacific region[99] Debt and Financing - The net debt to equity ratio stands at 59.1%[13] - ESR's cash balance was $1.6 billion as of December 31, 2021, with a net debt to total assets ratio of 27.9%[36] - The total debt as of December 31, 2021, was $4.2 billion, up from $3.3 billion as of December 31, 2020, with a net debt to total assets ratio of 27.9% compared to 23.2% in FY2020[43] - The company executed a $400 million unsecured term loan financing in April 2021, with interest rates linked to LIBOR, and completed a $700 million sustainable linked loan in November 2021, increasing to $1 billion thereafter[45] - The weighted average cost of capital decreased from 4.6% as of December 31, 2020, to 4.1% as of December 31, 2021, despite total borrowings growing by 28.9%[42] Sustainability and ESG Initiatives - ESR received an "A" rating in the MSCI ESG ratings, recognizing its ESG practices[29] - The company emphasizes sustainability, integrating environmental, social, and governance factors into its business operations to enhance shareholder value[62] - ESR aims to increase solar power generation by 50% to exceed 52 million watts by 2025, having reached a total installed capacity of 39.4 million watts by the end of 2021, an increase of 4.4 million watts from the previous year[75] - 20% of the total floor area completed in 2021 has been certified or is about to be certified under recognized sustainable building standards, with a target of 50% of the product portfolio achieving sustainable building certification[75] - ESR's commitment to ESG principles is reflected in its 2025 development blueprint, aiming to integrate robust ESG practices into all aspects of its business and operations[105] Market Expansion and Strategic Acquisitions - ESR announced a proposed acquisition of ARA Asset Management for $5.2 billion, including LOGOS[30] - ESR successfully acquired ARA Asset Management and its subsidiary LOGOS on January 20, 2022, becoming the largest real estate management company in the Asia-Pacific region and the third largest publicly listed real estate investment management company globally[65] - The company is focused on expanding its real estate investments in Europe and Asia, with significant developments in cities like London, Paris, Berlin, Singapore, and Sydney[124] - The proposed merger of ESR-REIT and ARA LOGOS Logistics Trust (ALOG) aims to create a flagship new economy S-REIT, positioning it among the top ten REITs by free float market capitalization[103] Leadership and Governance - The company has a strong leadership team with Mr. Brett Harold Krause serving as an independent non-executive director since May 20, 2019, and Mr. Rajeev Veeravalli Kannan appointed on January 20, 2022[125] - The board includes experienced members such as Mr. Lin Huizhang and Dr. Zhao Guoxiong, both appointed on January 20, 2022, contributing extensive real estate industry knowledge[123][124] - The company has established a strong governance structure with experienced board members overseeing various committees[130] - The board consists of 14 members, with 5 independent non-executive directors, representing over 35% of the board[178] - The company has adopted a board diversity policy to enhance gender diversity and broaden cultural, educational, and industry experience among board members[192] Community Engagement and Employee Well-being - ESR's community investment initiatives include the COVID-19 Care Action in Singapore, providing support to affected tenants and low-income families through cash voucher purchases[69] - ESR Australia initiated support for the non-profit organization Healthy Heads in Trucks & Sheds, aimed at providing mental health and welfare support for workers in the road transport, warehousing, and logistics sectors[73] - The company emphasizes the importance of employee safety and well-being, investing in personnel and technology to support flexible work arrangements[114] - In 2021, the female employee ratio increased from 35.8% in 2020 to 37.8%, with a target to reach 40% by 2025[67] Risk Management - The company has established a robust risk management framework to identify, assess, monitor, and report risks, ensuring readiness to seize opportunities within agreed risk appetite levels[157] - The risk management process includes four steps: risk identification, risk assessment and management, risk monitoring, and reporting, with a comprehensive approach to managing various types of risks[164][165] - The company conducts in-depth risk assessments to prioritize risks and develop action plans for risk management, ensuring alignment with the company's risk appetite[165] - The board oversees the risk management framework, ensuring the independence of the risk management function and the adequacy of resources allocated[158] Operational Highlights - ESR's property portfolio achieved a high occupancy rate of 94% in the fiscal year 2021[11] - E-commerce and third-party logistics companies accounted for 67% of the leased area in the property portfolio[20] - The company has a development project reserve of 17.7 million square meters[9] - New development projects worth $3.3 billion commenced during the fiscal year 2021[11] - The company has expanded its portfolio to include new logistics facilities in cities like Kunshan and Langfang, with areas of 206,418 square meters and 71,687 square meters respectively[57]