Annual Report

12 Land Link

T 08 6254 2635

Aceh, Indonesia

info@Residents.co.id

1245 EC6537

DEVELOPING

CREATING PROMISING FUTURE 2017/2018 Residens Inc

Contents

8

About Residents group

52

Value Creatition

10

Financial highlights

54

Company Group performance

12

Massage from Chairman

56

Future Project 2020

14

Managing Director’s report

61

Residential developments

16

Group performance

62

COmmercial Project

18

Group performance – office

63

Industial Development

2o

Group performance – self storage

64

Investor relations

24

2018 Year In Review

65

Contact us

2

ANNUAL REPORT 2018

Vision, Mission & Objectives Our Vision

Our Mission

To create, sustain and grow a premium portfolio of quality properties and expand the value of our company and guarantee the highest returns for our investors and shareholders.

To create, sustain and grow a premium portfolio of quality properties in the UAE and region that expand the value of our company and guarantee the highest returns for our investors and shareholders.

Value Creation

Commitment to Quality

We serve as dedicated land administrators, creating

To succeed in creating sustainable communities, we

lasting value through our communities and investment

invest in and manage assets that adhere to the highest

properties to ensure a legacy for generations to come.

standards of quality and service

Community Development

Corporate Social Responsibility

We aim to weave vibrant environments that balance

By acting as an equal opportunity employer, we

security, comfort and convenience where people can

create job opportunities that contribute to the social

thrive in self-sufficient communities.

and economic development of the UAE and support nationals working in the private sector.

ANNUAL REPORT 2018

3

Summary of 2015 Performance

19,3 b 60,6 b

Net Income

Revenues

To create, sustain and grow a premium portfolio of quality properties and expand the value of our company and guarantee the highest returns for our investors and shareholders.

4

ANNUAL REPORT 2018

8.2x revenues of Rp3.60 billion, or up by 9% from previous year’s results

Milestone Establishment of Residents

First launch of Residents

Establishment of Residents

Single-Detached House •

For over three decades, Residents has

Listed in SET as a “Public Company”

•

steadily built its education portfolio;

For over three decades, Residents has steadily built its education portfolio;

•

developing, managing and

For over three decades, Residents has steadily

•

developing, managing and

•

investing and facilities in

built its education portfolio; developing,

•

investing and facilities in

•

some of the leading in

managing and investing and facilities in some

•

some of the leading in

•

the Indonesia. establishments to develop,

of the leading in the Indonesia. establishments

•

the Indonesia. establishments to develop,

to develop,

1999

2000

2002

2004

2006

2009

Establishment of Royal Residents

First Launch of

Establishment of Residents comapny

Precast Factory

Condominium Project

Precast Factory

6

ANNUAL REPORT 2018

— Group Profile For over three decades, Residents has steadily built its education portfolio; developing, managing and investing and facilities in some of the leading in the Indonesia. With over $5.1 billion of developments successfully completed, Residens is now significantly expanding its presence and working in partnership with leading institutional funds and educational establishments to develop,

Since building our first purpose-built Resident villages in the early 2013s, we have always believed that the best product, sensibly priced, in the best locations will always succeed. It is a simple formula that continues to work.

— Business Activities We operate in partnership with Goverment across the Indonesia and have done for many years, enjoying long-standing nomination agreements with leading Developer

Since building our first purpose-built Resident villages in the early 2013s, we have always believed that the best product, sensibly priced, in the best locations will always succeed. It is a simple formula that continues to work.

2010

2012

2018

Expansion Phase 2 of

Establishment of Pruksa

First Construction of MGM

Royal Luxury Precast Factory

Precast Factory

International Hospital Entering into premium market through “The Reserve” Project

ANNUAL REPORT 2018

7

Financial highlights

56 %

34 %

new contract sales increased by 37% year-on-year.

new contract sales increased by 37% year-on-year.

•

•

3% growth in Distributions per security to 18.0 cents

(Return on equity is calculated as the growth in NTA

managing and investing and facilities in some of the

per security plus the distribution paid/payable per

leading in the Indonesia

security divided by the opening NTA per security1)

6.3% annual growth in underlying EPS to 31.7 cents since FY10 of the leading in the Indonesia

•

8.5% 1 growth in net tangible assets to $3.18 per security managing and investing

•

23.3% gearing managing and investing and facilities in some

2018 PROPERTY HIGHLIGHTS •

97 properties

•

$1.5 billion commercial portfolio

•

$2.7 billion of total assets

•

91.3% commercial portfolio occupancy

• •

$874 million self storage portfolio

•

89% occupancy across the self

4.1 year commercial portfolio

storage portfolio

8

ANNUAL REPORT 2018

REVENUE

Earnings Per Share

Income Per share

($ Bilion)

($ million)

($ million)

200

35

20

30

15

150

25 20

10

100

15 10

50

5

5 0

RE 18

RE 17

RE 16

RE 15

RE 14

0

10.7 %

0 RE 18

RE 17

RE 16

RE 15

RE 14

RE 18

RE 17

RE 16

RE 15

RE 14

2018 REVENUE BY PRODUCT CATEGORY 5.6 %

20.9 %

Sales of Development Properties and Land Rental Income & Hotel, Golf and Resort Properties Under Development Others

80.7 %

80.7 % 20.9 % 10.7 % 5.6 %

2018 TOTAL ASSETS BY CATEGORY (%) (Return on equity is calculated as the growth in NTA per security plus the distribution paid/payable per security divided by the opening NTA per security1) As part of its development strategy, Residents Group continues to operate in Indonesia largest and fastest-growing markets. The Company implements residential development projects in the upper-economy-, comfort- and business-class segments. Demand for housing in these mid-range price segments covers 60-70% of the total demand for housing and is more resistant to macroeconomic fluctuations.

76.4%

24.6%

16.9%

4%

76.4%

24.6%

16.9%

4%

Properties Under

Investment Properties in

Properties Held For Sale

Cash And Cash

Development For Sale

other country

in local market

Equivalents to putar

ANNUAL REPORT 2018

9

Message from Chairman

37 % revenue growth from core operations

The complementary nature of the portfolio should facilitate us to deliver a steady net property income in 2019.

For over three decades, Residents has steadily built its education portfolio; developing, managing and investing and facilities in some of the leading in the Indonesia.

With over $5.1 billion of developments successfully completed, Residens is now significantly expanding its presence and working in partnership with leading institutional funds and educational establishments to develop, operate, and invest a further $5 billion of new landmark schemes in the Indonesia .

Since building our first purpose-built Resident villages in the early 2013s, we have always believed that the best product, sensibly priced, in the best locations will always succeed. It is a simple formula that continues to work.

This wealth of experience, outstanding corporate governance, and our standing as a strong family business has enabled Resident to develop valuable partnerships with international institutional funds. Throughout this period, all our developments have achieved double digit returns. Both debt funding institutions and investment funds continue to invest with us – by our ongoing success in the market.

We operate in partnership with Goverment across the Indonesia and have done for many years, enjoying long-standing nomination agreements with leading Developer

10

ANNUAL REPORT 2018

The clear number one and extended its lead against the competition

ANNUAL REPORT 2018

February 26, 2016

Mr. Edward Snowden Joe Chairman

11

Board of Directors

Dr. Lehman Brother , P.hd

Dr. Lehman Brother , P.hd

Dr. Lehman Brother , P.hd

•

•

Executive Vice Chairman of the

•

Independent Director

Board of Directors

•

Chairman of the Audit

Chairman of the Board of Directors

•

Member of the Nomination

•

and Remuneration Committee

•

Independent Director

•

Chairman of the Executive

Committee

Committee •

Member of the Nomination and Remuneration Committee

•

Group Chief Executive Officer

Dr. Lehman Brother , P.hd Dr. Lehman Brother , P.hd •

Chairman of the Board of

•

Independent Director

•

Chairman of the Corporate Governance Committee

Directors

Dr. Lehman Brother , P.hd

•

Member of the Nomination

•

•

and Remuneration Committee

•

Independent Director

Executive Vice Chairman of the

•

Member of the Nomination and Remuneration Committee

Board of Directors •

Chairman of the Executive Committee

•

Member of the Nomination and Remuneration Committee

•

12

Group Chief Executive Officer

ANNUAL REPORT 2018

Executive Leadership Team

1. Lehman Brother , P.hd

2. Lehman Brother , P.hd

3. Lehman Brother , P.hd

•

Independent Director

•

•

Director

•

Member of the Audit

•

Member of the Executive

Independent Director

Committee •

Committee Leading Fighting

Chairman of the Enterprise Risk

•

Management Committee

Member of the Nomination and Remuneration Committee

4. Lehman Brother , P.hd

5. Lehman Brother , P.hd

6. Lehman Brother , P.hd

•

Independent Director

•

Independent Director

•

Independent Director

•

Member of the Audit

•

Member of the Audit

•

Member of the Audit

Committee •

Chairman of the Enterprise Risk Management Committee

ANNUAL REPORT 2018

Committee •

Chairman of the Enterprise Risk Management Committee

Committee •

Chairman of the Enterprise Risk Management Committee

13

Awards and Achievements The Trust was honoured with a number of awards and accolades by renowned professional associations, reflecting the market’s recognition of our excellent performance over the year.

The Trust was bestowed Best Investor Relations Company by Indonesian Investor Relations Association and Listed Company Award of Excellence by Indonesian Economic Journal.

Directors Of The Year Awards 2018 – Listed Companies

International Award: Traditional

Executive Director: Ada Wong

Annual Report – Gold Award

The Hong Kong Institute of Directors

Burkanilo . Inc

Best IR by Chairman/CEO, Best Investor Relations

2018 Annual Report: Illustrations – Gold Award

Company and Best Investor Relations Officer

The International Annual Report Design Awards

Hong Kong Investor Relations Association Best in Awards and Best in Reporting Awards Best Investor Relations Company, Asia’s Best CEO and

The New york times and South China Morning Post

Best Investor Relations Professional Corporate Governance Asia

Directors Of The Year Awards 2018 – Listed Companies Executive Director: Angelica wong dina

Listed Company Award of Excellence

The Indonesia Institute of Directors

Hong Kong Economic Journal Best IR by Chairman/CEO, Best Investor Relations Top Listed Enterprise Awards 2018

Company and Best Investor Relations Officer

Bloomberg Businessweek Chinese Edition

Indonesian Investor Relations Association

Hong Kong Management Association

14

ANNUAL REPORT 2018

As a visionary, we always strive to have a sustainable and mutual relationship with our partners

1. Lehman Brother , P.hd

2. Lehman Brother , P.hd

3. Lehman Brother , P.hd

•

Independent Director

•

•

Director

•

Member of the Audit

•

Member of the Executive

Independent Director

Committee •

Committee

Chairman of the Enterprise Risk

•

Management Committee

Member of the Nomination and Remuneration Committee

4. Lehman Brother , P.hd

5. Lehman Brother , P.hd

6. Lehman Brother , P.hd

•

Independent Director

•

Independent Director

•

Independent Director

•

Member of the Audit

•

Member of the Audit

•

Member of the Audit

Committee •

Chairman of the Enterprise Risk Management Committee

ANNUAL REPORT 2018

Committee •

Chairman of the Enterprise Risk Management Committee

Committee •

Chairman of the Enterprise Risk Management Committee

15

Company Performance Dear Shareholders

over three decades, Residents has steadily built its

We have delivered a solid financial result with

and facilities in some of the leading in the Indonesia.

contributions from all of Abacus’ businesses delivering

With over $5.1 billion of developments successfully

positive returns across the Group’s main financial and

completed, Residens is now significantly expanding

capital metrics. While underlying profit was $183.3 million

its presence and working in partnership with leading

(down 2% on FY17) the Group delivered growth of 9%

institutional funds and educational establishments to

in funds from operations to $169.8 million. Abacus’ total

develop,

education portfolio; developing, managing and investing

assets increased to $2.7 billion at year end. The Group’s net tangible asset per security improved to $3.18, driven by strong earnings performance across the Group and growth in asset valuations following capitalisation rate

Overview of Our Operating Divisions

compression across the portfolio.

This wealth of experience, outstanding corporate Since building our first purpose-built Resident villages in the early 2013s, we have always believed that the best product, sensibly priced, in the best locations will always succeed. It is a simple formula that continues to work.

governance, and our standing as a strong family business has enabled Resident to develop valuable partnerships with international institutional funds. Throughout this period, all our developments have achieved double digit returns. Both debt funding institutions and investment funds continue to invest with us – by our ongoing success

This wealth of experience, outstanding corporate governance, and our standing as a strong family business has enabled Resident to develop valuable partnerships

in the market. We operate in partnership with Goverment across the Indonesia and have done for many years, enjoying long-standing nomination agreements with

with international institutional funds. Throughout this period, all our developments have achieved double digit returns. Both debt funding institutions and investment funds continue to invest with us – by our ongoing success in the market. We operate in partnership with Goverment across the Indonesia and have done for many years, enjoying long-standing nomination agreements with leading Developer

Image: 2 King Street, Fortitude Valley QLD

16

ANNUAL REPORT 2018

Office Our office portfolio grew 41% through the year to an $879 million portfolio. The office portfolio increased to a total of 20 properties after a number of acquisitions were made.

Investments made in line with our city fringe investment thematic included: •

– 187 Todd Road, Port Melbourne VIC for $43.5 million (Abacus interest 100%)

•

– 452 Johnston Street, Abbotsford VIC for $93.5 million (Abacus interest 100%)

•

– 464 St Kilda Road, Melbourne VIC for $47.7 million (Abacus interest 50%)

•

– 11 Bowden Street, Alexandria NSW for $48.9 million (Abacus interest 100%)

•

– 63 Ann Street, Surry Hills NSW for $27.5 million (Abacus interest 100%)

Abacus and its partners divested several properties during the year which delivered some strong returns to the Group and included : — 50% interest in 201 Pacific Highway, NSW for $85.8 million As a result of changes in the office portfolio from acquisitions and divestments and a mixed leasing environment across regions, the portfolio occupancy increased from 81.5% at 30 June 2017 to 86.9% at 30 June 2018. Like for like rental growth remained strong across our existing and stabilised portfolio to deliver growth of 3.1%. This was largely due to the performance of the Group’s property management team, leasing of developed assets and in-built annual rental increases.

PORTFOLIO METRICS

2018

Portfolio ( $b )

76

No. of assets

20

OFFICE PORTFOLIO $879 MILLION

10.7 %

Lettable area 1 (sqm)

118,284 8%

WACR (%)

6.23

Occupancy1 (% by area)

86.9

Rental growth 1,2 (%)

3.1

34%

41%

ANNUAL REPORT 2018

17

Resident’s Position in the Sector

18

Market Share (%)

2017

2018

Assets

50,240

68,731

Funding

512

628

Equity

98.1

109.4

Profit

46,147

62,785

Deposit

9,916

12,312

ANNUAL REPORT 2018

Investor Relation Investor Communications Online We encourage securityholders to opt to receive securityholder updates and communications electronically. You will benefit from receiving prompt information and have the convenience and security associated with electronic delivery.

There are also significant cost savings associated with this method of communication delivery and above all, this is a responsible and environmentally friendly option. To receive your investor communications electronically, including the Annual Report, please go to www.investorserve.com.au and register for online services.

Since building our first purpose-built Resident villages in the early 2013s, we have always believed that the best product, sensibly priced, in the best locations will always succeed. It is a simple formula that continues to work.

Manage your securityholding online It is possible to access your investment online via access to the registry’s investor login facility at www.investorserve.com.au, signing in using your SRN/HIN, surname and postcode. Other functions allow you to update your information online, including: — change of address details; — update bank account details for direct crediting of your distribution payments; — provision of tax file numbers; — distribution reinvestment plan participation; — access PDFs of tax and distribution statements; and — general queries about your securityholding.

10.7 %

2018 REVENUE BY PRODUCT CATEGORY 5.6 %

20.9 %

80.7 %

37 ANNUAL REPORT 2018

Sales of Development Properties and Land Rental Income & Hotel, Golf and Resort Properties Under Development Others

80.7 % 20.9 % 10.7 % 5.6 %

— change of address details; — update bank account details for direct crediting of your — distribution reinvestment plan participation access — general queries about your securityholding file numbers;

19

The main factors driving demand growth are availability of mortgages Born from master artisans and the ancient technique of polished cast brass, this statement design piece incorporates nature-inspired design with industrious welding techniques. table combines with both contemporary and modern design styles, and it is also available as a set of two tables to suit any environment waiting for superior craftsmanship and iconic design.

20

ANNUAL REPORT 2018

Business Environment and Trends As part of its development strategy, Residents Building Group continues to operate largest and fastest-growing markets in The Word Demand for housing Incrased range 60-70% In the coming years, we expect demand for housing

construction will lead to a reduction in the number of

to remain stable due to a continued shortage of supply,

players and to market consolidation. Thus, a reduction in

population growth in the cities where Residents Group

supply in the residential development market, combined

operates, as well as the large number of families who

with continued demanwd and fuwerther consolidation

would like to improve their living in the end conditions.

should create a reliable bawse for growseth and opqen

On the other hand, the tightening of internat legislative

up new opportunities for laqrge developwqers due to a

regulations on share purchase agreements for residential

continued shortage of supply, population growth in the

DEMAND The main factors driving demand growth are availability of mortgages. of mortgages urbanisation, the need for better living conditions, housing affordability and the increasing availability of mortgages.

The population growth rate in Indonesia has been at level seen in large US countries, while having a significantly lower unemployment rate.

ANNUAL REPORT 2018

21

Residents Group in 2018 Net profit ($ Bilion)

Investment growth ( % )

51 b new contract sales increased by 37% year-on-year.

40

0.9

20

new contract sales increased by 37% year-on-year.

Refining volume

Sales volume

3,605

5,765

more than last year

more than last year

89

As a visionary, we always strive to have a sustainable and mutual relationship with our partners Our technical expertise is extensive. From underwriting, risk management and claims, to a global network that takes our capability far and wide, you can be confident we will deliver the right solution for you.

22

ANNUAL REPORT 2018

The population growth rate in Indonesia has been at level seen in large US countries

2017

2018

Change

New contract sales (rub mln)

50,240

68,731

37%

New contract sales (ths sqm)

512

628

23%

AVERAGE PRICE (RUB ths/sqm)

98.1

109.4

12%

CASH COLLECTIONS (RUB mln)

46,147

62,785

36%

NUMBER OF NEW CONTRACTS

9,916

12,312

24%

NUMBER OF NEW CONTRACTS

70,645

72,327

2%

Operating cash flow (rub mln)

2,681

17,403

+ US 14,2 b

Free cash flow (rub mln)

645

4,672

+ US 4 b

The Trust was honoured with a number of awards and accolades by renowned professional associations, reflecting the market’s recognition of our excellent performance over the year. The Trust was bestowed Best Investor Relations Company by Indonesian Investor

•

•

3% growth in Distributions per security to 18.0 cents

(Return on equity is calculated as the growth in NTA

managing and investing and facilities in some of the

per security plus the distribution paid/payable per

leading in the Indonesia

security divided by the opening NTA per security1)

6.3% annual growth in underlying EPS to 31.7 cents since FY10 of the leading in the Indonesia

•

8.5% 1 growth in net tangible assets to $3.18 per security managing and investing

•

23.3% gearing managing and investing and facilities in some

ANNUAL REPORT 2018

As a visionary, we always strive to have a sustainable and mutual relationship with our partners

23

Global Market The complementary nature of the portfolio should facilitate us to deliver a steady net property income growthin 2019.

10,000

66

56

Homes

Residential

Hotel

436

65

3

City

Country

Planet

24

ANNUAL REPORT 2018

Management Organization PRESIDENT DIRECTOR Ir. Hadi Winarto Christanto

CORPORATE SECRETARY

INTERNAL AUDITOR

Lincoln steve

James arthur doe, P.hd

INVESTOR RELATION & PR Angela Mayer Junior

AUDIT COMMITTEE Ir. Hadi Winarto Christanto VICE PRESIDENT DIRECTOR

LEGAL James Junior, P.hd

Angela Mayer Junior

James arthur doe, P.hd Lincoln steve gerrard, P.hd

VICE PRESIDENT DIRECTOR

VICE PRESIDENT DIRECTOR

VICE PRESIDENT DIRECTOR

Angela Mayer Junior

Angela Mayer Junior

Angela Mayer Junior

CORPORATE SECRETARY

INTERNAL AUDITOR

Lincoln steve

James arthur doe, P.hd

INVESTOR RELATION & PR Angela Mayer Junior

AUDIT COMMITTEE Ir. Hadi Winarto Christanto James arthur doe, P.hd

VICE PRESIDENT DIRECTOR Angela Mayer Junior

INVESTOR RELATION & PR Angela Mayer Junior

Lincoln steve gerrard, P.hd

INVESTOR RELATION & PR Angela Mayer Junior

INTERNAL AUDITOR James arthur doe, P.hd

ANNUAL REPORT 2018

25

Future Project in 2020 In 2018, we launched sales at our new Luxury Apartment , on the Residents which offers a wide selection of apartment layouts that were developed in accordance with current demand trends.

We Launched in 2020 We encourage securityholders to opt to receive securityholder updates and communications electronically. You will benefit from receiving prompt information and have the convenience and security associated with electronic delivery.

There are also significant cost savings associated with this method of communication delivery and above all, this is a responsible and environmentally friendly option. To receive your investor communications electronically, including the Annual Report, please go to www.investorserve.com.au and register for online services.

Since building our first purpose-built Resident villages in the early 2013s, we have always believed that the best product, sensibly priced, in the best locations will always succeed. It is a simple formula that continues to work.

Manage your securityholding online It is possible to access your investment online via access to the registry’s investor login facility at www.investorserve.com.au, signing in using your SRN/HIN, surname and postcode. Other functions allow you to update your information online, including:

1.

change of address details;

2.

update bank account details for direct crediting of your distribution payments;

3.

provision of tax file numbers;

4.

distribution reinvestment plan participation;

5.

access PDFs of tax and distribution statements; and

6.

general queries about your securityholding.

26

ANNUAL REPORT 2018

ANNUAL REPORT 2018

27

The Tower

The Pethhouse

28

The Building

ANNUAL REPORT 2018

Commercial Properties Bulaga international Home Office This year the Company commanded four residential projects under the operation of itself and a 99.99%-owned subsidiaries, comprising an ultra-luxury landed property project and three luxury condominium projects,namely The Royal Luxury .

— Location 452 Pluit City mall 21, Margonda Road , Jakarta, Indoensia — Location 5-7-66 rais (freehold land) — Project detail: a 55-storey luxury condominium of 419 units, featuring one bedroom, two bedrooms, and penthouse, complete with amenities including a Sky Panoramic Pool, fitness, golf simulator, library, meeting rooms, and supercar and superbike parking spaces.

— Project highlights: This project is located, where is a high-potential business area, surrounded by shopping centers, leading schools and universities, hospitals, hotels, and major office buildings. The location is conveniently accessed by Expressway and mass transit systems, including MRT and and Airport — Project value: Approximately 4,9 billion USD

ANNUAL REPORT 2018

29

Industrial Properties Bulaga international Home Office comprising an ultra-luxury landed property project and three luxury condominium projects,namely The Royal Luxury .

— Location 452 Pluit City mall 21, Margonda Road , Jakarta, Indoensia — Location 5-7-66 rais (freehold land) — Project detail: a 55-storey luxury condominium of 419 units, featuring one bedroom, two bedrooms, and penthouse, complete — Project highlights: This project is located, where is a high-potential business area, surrounded by shopping centers, leading schools and universities, hospitals, hotels, and major office buildings.

Since building our first purpose-built Resident villages in the early, we have always believed that the best product, sensibly priced, in the best locations will always succeed.

It is a simple formula that continues to work.

This wealth of experience, outstanding corporate governance, and our standing as a strong family business has enabled Resident to develop valuable partnerships

30

ANNUAL REPORT 2018

ANNUAL REPORT 2018

31

“ We returned a record $5.1 per common share, back to shareholders, including $61 million in dividends and $50 million through share repurchases”

Sales volume

5,765 more than last year

Our Year in Review Growth in Value Creation Initiatives to continue outpacing national averages due to a strong Conveniently administrate mission-critical content and cutting-edge benefits. Progressively communicate alternative intellectual capital with inexpensive internal or “organic” sources. Quickly pursue excellent mindshare

underlying economy and diverse employer base. In the U.K., while there is still uncertainty related to the ultimate outcome of Brexit, we believe in the long-term prospects of the select European markets we are invested in.

after best-of-breed users.

Bring to the table win-win survival strategies to ensure proactive domination. At the end of the day, going forward, a new normal that has evolved from generation X is on the runway heading towards a streamlined cloud solution. User generated content in real-time will have

We also remain thoughtful on how we allocate our capital. We are constantly looking for ways to grow our business – whether it’s growth through the various value enhancing initiatives we have underway, or through selective acquisitions and dispositions.

multiple touchpoints for offshoring.

We remain well positioned, with elevated levels of

As a result of our increased recurring income, we were able to increase our dividend by 21% to $0.68 on an annual basis.

This represents our sixth consecutive annual increase, during which our dividend has grown by 325% •

3% growth in Distributions per security to 18.0 cents managing and investing and facilities in some of the leading in the Indonesia

•

6.3% annual growth in underlying EPS to 31.7 cents since FY10 of the leading in the Indonesia

•

liquidity and no corporate debt maturities for another seven years, to take advantage of any opportunity that may arise and continue to focus on creating long term shareholder value as we have done since going public in 2009.

Thank You I want to thank all of our shareholders, board of directors, lenders, clients, and partners for their continued support of Kennedy Wilson. Our success is a direct result of the hard work of our employees.

8.5% 1 growth in net tangible assets to $3.18 per security managing and investing

•

23.3% gearing managing and investing and facilities in some

Looking ahead, the global market environment continues

February 26, 2016

to experience volatility driven largely by political change and monetary policy. In the U.S., real estate prices have recovered substantially, and we expect growth in our Western U.S. focused portfolio, especially in the state of

Mr. Edward Snowden Joe Chairman

Washington,

ANNUAL REPORT 2018

33

Core Values

Partnership

Relationship

•

•

We treasure our healthy relations with business partners, team members, and society.

•

•

In the creation of our work, we consider public

Each of our masterpiece developments is brought to life with an eye for detail and cutting-edge design.

•

We select only premium materials and equipment,

interests the top priority.

setting new and premium standards for each

We are mindful of our roles.

market segment.

•

We are dedicated to delivering quality workmanship with attention to all details.

•

We conduct ourselves appropriately for every situation, in both our attires an

34

ANNUAL REPORT 2018

Residents Group is one of the largest and longest established Company Residents real estate construction companies

Today we employ around 56,000 people across our operations. Since 1987

Integrity

Entrepreneurship

•

We hold ourselves responsible for delivering every

•

We work with passion and dedication for our goals.

commitment made to clients, business partners,

•

We satisfy all stakeholders: clients, business partners,

employees, shareholders, and society at large.

•

We treat all stakeholders with dignity and equality.

•

We stand firmly for righteousness and integrity.

team members, society at large.

•

Our people are confident and PRIDE is embedded in all our actions.

•

We are keen on devoting ourselves for the common good of society.

ANNUAL REPORT 2018

35

The Company’s Holding of Directors and Management Names

Positions

Mr. Jeremy doe liverty

Chairman

Spouse / underage children

Independent Director Chairman of the Audit Committee Independent Director

AVERAGE PRICE (RUB ths/sqm)

Chairman of the Sustainable Development Committee Member of the Risk Management Committee

Independent Director CASH COLLECTIONS (RUB mln)

Chairman of the Risk Management Committee Member of the Audit Committee Independent Director

NUMBER OF NEW CONTRACTS

Member of the Audit Committee Member of the Nomination and Remuneration Committee

NUMBER OF NEW CONTRACTS

Independent Director Member of the Nomination and Remuneration Committee

Director Operating cash flow (rub mln)

Chairman of the Nomination and Remuneration Committee Member of the Sustainable Development Committee Chairman of the Executive Committee

Director Free cash flow (rub mln)

Member of the Sustainable Development Committee

Director Member of the Risk Management Committee Member of the Sustainable Development Committee Member of the Executive Committee Chief Executive Officer

36

ANNUAL REPORT 2018

In order to manage our Company responsibly, we’re constantly balancing commitments – to the customers whose loyalty sustains our success

As a visionary, we always strive to have a sustainable and mutual relationship with our partners

ANNUAL REPORT 2018

37

2017/2018 Residens Inc

Residents Property Group Level 34 Jakarta Square 674-455George Street

12 Land Link

T 08 6254 2635

Aceh, Indonesia

info@Residents.co.id

1245 EC6537

DEVELOPING