06 | CapitaLand Limited Annual Report 2014
Letter to Shareholders
Dear Shareholders,
On behalf of the Board and management, we would like
to thank you for your continued support in 2014. This has
been a signimcant year of transformation for CapitaLand
as we successfully completed our strategic streamlining
by fully acquiring and delisting CapitaMalls Asia Limited
(CMA), and divesting Australand Property Group (ALZ).
We now have a simplimed structure comprising four
directly and fully owned business units – CapitaLand
Singapore (CLS), CapitaLand China (CLC), CapitaMalls
Asia Limited (CMA) and The Ascott Limited (Ascott).
CLS and CLC concentrate on the residential, ofmce and
integrated developments in their respective core markets
of Singapore and China; while CMA and Ascott continue
to focus on shopping malls and serviced residences
respectively.
The O/& CapitaLand integration signimcantly enhances
CapitaLand’s competitive strengths in integrated
developments. With greater alignment of business
strategies and combination of resources, we are
better-positioned to leverage opportunities for growth and
enhance overall proKect returns. The simplimed structure
reinforces CapitaLand’s investment proposition as a single
listed developer integrated across asset classes, providing
a good balance between recurring and development
income. We will continue our capital management strategy
using the listed real estate investment trusts (REITs),
funds and various capital market platforms, as well as
growing our assets under management.
We are well-positioned to take on opportunities and
challenges in an increasingly dynamic landscape while
staying committed to deliver a sustainable return on
equity (ROE) in excess of 8% in the medium term.
(Left) Lim Ming Yan, President & Group CEO, (Right) Ng Kee Choe, Chairman
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Includes PATMI from discontinued operation of S$29.1 million.
For the year ended 31 December 2014, CapitaLand achieved S$3.9 billion of total revenue and
S$2.4 billion of earnings before interest and tax (EBIT) from our continuing operations. Total net
promt after tax and minority interests (PATMI) increased 38% to reach S$1.2 billion
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Overview
