Lendlease Group · ASX:LLC
Lendlease — Investor Day (March 2016)
110 slides from Lendlease's investor day presentation, Mar 30, 2016
Slide 1: ASX Announcement: Lend Lease Investor Day presentations
ASX Announcement Lend Lease Investor Day presentations 16 May 2012 Attached are the presentations to be given today by Lend Lease senior executives at its Investor Day. For further information, please contact: Investor Relations: Corporate Affairs: Sally Cameron Iwona Polski Group Executive - Invest
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Slide 3: Important notice
Important notice This presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation (any of which may change without no
Slide 4: Agenda
Agenda 8.30 Strategy overview and operational update 9.00 Financial overview and portfolio update 9.30 Panel Q&A 10.00 Australian construction update 10.30 Panel Q&A Australian construction business 11.00 Coffee break 11.30 Major project update 12.00 Barangaroo South update 12.15 General Q&A 12.30 C
Slide 5: Strategy overview and operational update
Strategy overview and operational update Steve McCann Group Chief Executive Officer & Managing Director
Slide 6: Agenda
Agenda 1. Safety commitment 2. Vision and values 3. New York investigation 4. Senior management bench strength 5. Strategy update 6. How do we measure success? 7. Pathway to achieving ROE target 8. Operational update 9. External environment and key priorities
Slide 7: Safety commitment – to be Incident & Injury Free
Safety commitment – to be Incident & Injury Free So far this year items of note include: 81% of our operations did not record a Flash, HiPo, Critical or Lost Time Incident Our Critical incident frequency rate is trending down when compared with the same period in FY11 Revised EH&S system and G
Slide 8: Our vision
Our vision 7
Slide 9: Our core values
Our core values ——_— Lend Lease Respect Integrity Innovation Collaboration Excellence Trust RESPECT INTEGRITY INNOVATION COLLABORATION EXCELLENCE TRUST
Slide 10: New York investigation
New York investigation Investigation now concluded Related to past billing practices and use of minority business enterprises which occurred in the New York branch of the Bovis construction business and they were stopped in 2009 Payments provided for in amounts previously disclosed at Lend Lea
Slide 11: Senior management bench strength
Senior management bench strength Group Chief Executive Officer and Managing Director Steve McCann 7 years at Lend Lease Group Chief Group Chief CEO Australia CEO Americas CEO Asia Operating Officer/ Financial Officer Chief Strategy Mark Menhinnitt Bob McNamara Rod Leaver CEO EMEA Tony Lombardo Offic
Slide 12: Strategy update
Strategy update
Slide 13: Our strategic direction
Our strategic direction Our Strategic To be the Leading International Property and Direction: Infrastructure Group Segments Sectors Leading International Development Property and Construction Infrastructure are our Be in the top three Focus on four core Investment core sectors. We will industr
Slide 14: Our segment position
Our segment position Investment Development Construction Services Ownership Management Strong capabilities in project A leading Focused Leading investment predominately on management, Property, asset development management co-investments design and and facilities management, platform const
Slide 15: Continued focus on key trends
Continued focus on key trends Leading urban regeneration portfolio in Australia and UK Urban Regeneration Focus on delivery and execution Number one senior living platform in Australia Ageing Population 70 retirement villages Australia - significant opportunities from both public and priva
Slide 16: Commercialising sustainability
Commercialising sustainability 15
Slide 17: Strategy first introduced May 2009
Strategy first introduced May 2009 LEAD Outperformance BUILD Disciplined Expansion World class property and RESTORE Right Structure Reshape portfolio infrastructure solutions RESTORE A Focused Core Business company Growth platforms Right structure Strong integrated offering Cost out
Slide 18: Key strategic achievements 2012
Key strategic achievements 2012 Achievements first half 2012 Barangaroo South and Showgrounds Hill (RNA) commenced construction BUILD Infrastructure backlog revenue of A$6.8b as at 31 December 2011. Reports into Australian region from 1 February 2012 Higher profitability in the UK construction
Slide 19: How do we measure success?
How do we measure success? Metric Target Return on Equity1 Greater than 15% per annum Credit Rating Committed to investment grade credit rating Gearing2 <20% Interest Coverage Ratio >5x Annuity Income >15% of operating EBITDA Distribution Payout Ratio 40% to 60% of Operating Profit after
Slide 20: Pathway to achieving return on equity target
Pathway to achieving return on equity target Growth to be driven by development, investment management and infrastructure Grow platforms Capital invested into key growth platforms across the Lend Lease segments and sectors – circa A$1.0b-1.5b over next three years Realign non-core assets and b
Slide 21: Pathway to achieving ROE target
Pathway to achieving ROE target Drive operational efficiencies through the Group transformation project Operational Continue to focus on margin improvement excellence / cost Finance, HR and IT transformation projects focus Strategy sourcing program Continued focus on Performance Management
Slide 22: Operational update
Operational update
Slide 23: Earnings split – reweighting portfolio in line with strategy
Earnings split – reweighting portfolio in line with strategy Geographic split 1 31 December 2011 31 December 2010 Americas Americas Europe 6% 10% 14% Asia Europe Australia 10% 34% 50% Australia 70% Asia 6% Segment earnings split1 31 December 2011 31 December 2010 Investment Development Investment De
Slide 24: Australia business update
Australia business update Dec Dec Key Metrics 2011 2010 Operating Profit after tax 207.1 136.7 Increasing density of urban (A$m) boundaries supports growth in large Construction new work secured (A$m) 5,057.2 750.3 mixed used development projects Dec June 2011 2011 Strong growth outlook in Const
Slide 25: Australia business update (continued)
Australia business update (continued) Deliver key development projects - Barangaroo South, Showground Hill, Victoria Harbour Grow construction backlog in traditional markets Leverage infrastructure growth in rail Key priorities and marine sectors and expand presence in resource sector Optimi
Slide 26: Asia business update
Asia business update Dec Dec Strong fundamentals in Asia Key Metrics 2011 2010 Operating Profit after tax Pursuing additional mixed use (A$m) 28.8 15.8 Opportunities/ opportunities in Singapore and Asia Construction new work 312.6 412.0 outlook Robust outlook for Asian secured (A$m) Dec June p
Slide 27: Europe business update
Europe business update Dec Dec Residential in early stages of recovery Key Metrics 2011 2010 with London expected to outperform Profit after tax (A$m) 43.0 94.6 Fits well with timing of major Construction new work secured 411.6 764.5 (A$m) projects Dec June Foreign investment in London propert
Slide 28: Americas business update
Americas business update Dec Dec Increased activity in key markets Key Metrics 2011 2010 Profit after tax (A$m) 18.1 28.9 including New York and Chicago Construction new work secured Social infrastructure public private (A$m) 899.0 1,244.2 Opportunities/ partnerships Dec June outlook Healthcar
Slide 29: External environment and key priorities
External environment and key priorities
Slide 30: External outlook – continued volatility
External outlook – continued volatility Australia Strong growth outlook in infrastructure sector Commercial construction market remains challenging however strong internal development pipeline to support backlog Residential market conditions remain weak Asia Strong fundamentals GDP remains
Slide 31: Key priorities for the Group FY12-FY14
Key priorities for the Group FY12-FY14 Achieve a balanced and diversified portfolio Recycle capital toward higher yielding assets / businesses • Drive operational efficiencies through the Group transformation project • Maximise productivity through people initiatives • Deliver execution excellen
Slide 32: Financial overview and portfolio update
Financial overview and portfolio update Tony Lombardo Group Chief Financial Officer
Slide 33: Agenda
Agenda 1. Portfolio management approach 2. Capital allocation Source of funds Use of funds Future capital allocation 3. Financial position
Slide 34: Portfolio management approach
Portfolio management approach
Slide 35: Lend Lease portfolio management approach
Lend Lease portfolio management approach Construction Investment Operating management Our capital is invested Services Understanding in both operating and and measuring our capital capital intensive business units Capital Development intensive Ownership 34
Slide 36: Risk adjusted capital
Risk adjusted capital Risk adjusted capital application in Lend Lease Rationale for risk adjusted capital Methodology Tool to allocate risk capital between The risk adjusted capital required for each businesses and geographies individual business unit / major asset is Analytical method of meas
Slide 37: Strategic capital allocation achieved
Strategic capital allocation achieved TARGET Current risk adjusted capital 1 Europe Australia 21% Region >~60% Amercias All other regions 7% No more than ~20% each Asia 5% Australia Services 67% Development 3% ~35 – 45% Investment management Construction 1% Ownership 11% ~30 – 40% Development Segmen
Slide 38: Capital allocation
Capital allocation
Slide 39: Sources of capital – medium term FY12-FY14
Sources of capital – medium term FY12-FY14 Source of Capital Expected position Retained earnings Current distribution payout ratio of between 40% to 60% of operating profit after tax Distribution reinvestment plan to remain active Portfolio Management A$3.0b of capital recycling since 2006 Nu
Slide 40: Use of funds
Use of funds Investment pipeline of between A$1.0 -1.5b over next three years1 Region Sector Australia Major development projects Co-investment in funds Public private partnership equity positions Americas Lend Lease healthcare developments opportunities Asia Retail development Co-invest
Slide 41: Target returns
Target returns Investment Property Business units targets Development Construction management ownership Gross margin/yield c. 15-25% c. 6-10% c. 40% c. 5-7% Risk adjusted equity return >17% >20% >20% >10% Hurdle Rates for new projects Type of development project (Ungeared IRR, pre-tax) Land (master
Slide 42: Integrated property model example
Integrated property model example Key assumptions Lend Lease owned Potential pre-tax profit (pre overhead) available if Lend Lease takes 25% equity End development value A$1b Development profit = A$49-65m Construction value A$500m Development management fees = A$20-40m Gross development margin
Slide 43: Secured work
Secured work As at 31 Backlog Backlog Profit and timing Capital model December 2011 Development End value of major Residential land – Profits to be Lend Lease to urban regeneration 68,182 units released over contribute between projects in excess Built-form – 23,848 project life – 25% to 10
Slide 44: Secured work continued
Secured work continued As at 31 Backlog Backlog Profit and timing Capital model December 2011 Investment Funds under 8 funds Profits recurring in New capital required management A$11.8b A number of individual nature for growth only – Lend management Lease will take a co- managed investment
Slide 45: Portfolio snapshot – major projects
Portfolio snapshot – major projects Project Key statistics % Project status Profit timing Acquisition of complete site Calendar End value Masterplanning Pre-sales & Production Financial year year secured approval leasing Barangaroo South, 2009 A$6b 0% 2012+ Staged land Sydney payments Victoria
Slide 46: Financial position
Financial position
Slide 47: Disciplined capital management
Disciplined capital management Sound financial position $2.4b cash and undrawn facilities at 31 December 2011 Diverse funding sources Balanced domestic and overseas debt providers 31 Dec 2011 Average debt maturity 5.1 years (on total 1% UK Bond facilities) 5% Upcoming refinancing: 18% US P
Slide 48: Performance history
Performance history Revenue Operating profit after tax 16 14 CAGR -22% 600 10% 12 500 CAGR 29% 8% 10 400 A$m 6% 8 A$b 300 6 4% 200 4 100 2% 2 0 0 0% FY09 FY10 FY11 FY09 FY10 FY11 Operating Profit after Tax Operating Profit after Tax margin Operating EBITDA ReturnononEquity Return equity(%) 1 800 20.
Slide 49: Summary
Summary Continued capital allocation and portfolio management in line with strategic targets to drive long term securityholder value Access to a variety of capital sources to fund pipeline Expect gearing to increase as we invest in our development pipeline Will continue to diversify funding
Slide 50: Australian construction update
Australian construction update Peter Brecht Managing Director, Construction, Australia
Slide 51: Agenda
Agenda 1. Key strategic focus areas for Australia’s construction business 2. Key growth priorities 3. Construction market size 4. Competitive landscape 5. Major projects in delivery 6. Trading update 7. Risk approach 8. Portfolio – market/ contract type 9. Selected major projects
Slide 52: Australian construction business
Australian construction business Project Baulderstone Abigroup Infrastructure Management and Services Construction Design, project Multidisciplinary building Multidisciplinary building Asset design, installation management and and engineering and engineering and associated operations construction in
Slide 53: Key strategic focus areas for Australia’s construction business
Key strategic focus areas for Australia’s construction business Project Controlled growth in areas Management Baulderstone Abigroup Infrastructure of key specialisation and Services Construction Structured and conservative entry into new market sectors Continued focus on back office synergies
Slide 54: Key growth priorities
Key growth priorities Continue to grow the business particularly in the resource based states of Queensland and Western Australia Selectively pursue major building and engineering Public Private Partnership projects Continue penetration into the telecommunications sector on the back of Nationa
Slide 55: Substantial engineering construction work pipeline
Substantial engineering construction work pipeline Infrastructure Work Pipeline A$b Engineering construction is expected to $b 160 underpin growth with total activity in forecast Australia rising to A$108.5 billion in 140 2011/12 driven by mining investments and industrial projects 120 The faste
Slide 56: Construction market size
Construction market size Relevant sectors – engineering construction 2011/12 Engineering construction market size - A$108b Mining and heavy Water supply and Railways Harbours industry storage Market size: A$8.6b Market size: A$5.5b Market size: A$47.3b Market size: A$5.0b Pipelines Telecommunication
Slide 57: Construction market size continued
Construction market size continued Relevant sectors – Building 2011/12 Building market size - A$84b Non-residential Non-residential social commercial and Residential and institutional industrial Market size: A$48.5b Market size: A$17.7b Market size: A$17.9b New other Offices Accommodation Education
Slide 58: Competitive landscape
Competitive landscape Building market remains highly competitive with Tier one and Tier two contractors bidding at tight margins Alliance contracts are a diminishing delivery model replaced by design and construct models Major competitors in the building market are Brookfield Multiplex, John H
Slide 59: Major projects in delivery
Major projects in delivery Construction Contract Secured Completion Project Sector Value A$m type date date Gold Coast University Hospital 1,227 GMP Healthcare 2010 2013 The New Royal Children’s 1,080 Lump sum Healthcare 2008 2015 Hospital Barangaroo South (tower 1) 985 GMP Commercial 2012 2015 Orig
Slide 60: Abigroup
Abigroup Key sector focus Rail Water storage and supply Mining and heavy industry / resources Pipelines (Liquefied Natural Gas) Current major projects Origin Alliance A$908m (roads) Queensland Children’s Hospital A$885m (healthcare) Peninsula Link A$655m (roads) Opportunities Surat B
Slide 61: Baulderstone
Baulderstone Key sector focus Mining and heavy industry Ports Healthcare Education Current major projects Tintenbar to Ewingsdale A$531m (roads) Adelaide Oval Redevelopment A$350m (entertainment) Mackay Base Hospital A$328m (healthcare) Opportunities North West Rail Link, A$6b M5 D
Slide 62: Project Management and Construction
Project Management and Construction Key sector focus Healthcare and education Continue penetration into the telco sector Grow the company’s WA building business Current major projects Gold Coast University Hospital A$1.2b (healthcare) The New Royal Children’s Hospital A$1.1b (healthcare)
Slide 63: Infrastructure Services
Infrastructure Services Key sector focus Power Water Roads maintenance Mining and heavy industry / resources Industrial Current major projects Loy Yang A Power Station (maintenance) BHP Newman & Port Headland (maintenance) Ergon Energy Electrical Network Services Opportunities Melb
Slide 64: Risk approach
Risk approach Strict adherence to pursuing only those projects where Lend Lease has a record of competency Joint venturing select larger projects with financially sound partners who provide complementary construction skills and resources Structured process in the review of commercial terms, in
Slide 65: Backlog / revenue split – 31 December 2011
Backlog / revenue split – 31 December 2011 Backlog Revenue by market Revenue by market Services 5% Services 9% Engineering construction 33% Non Non Engineering construction residential residential 36% building 61% building 51% Residential building Residential 1% building 4% Backlog Revenue by contra
Slide 66: Selected major pipeline of circa A$10.0b
Selected major pipeline of circa A$10.0b Project Internal Lend Lease pipeline (Barangaroo South, Showground Hill) Surat Basin Rail Sunshine Coast University Hospital Sydney International Convention, Exhibition & Entertainment Precinct Pacific Highway – Oxley Highway to Kundabung Bendigo Hospital Ara
Slide 67: Summary
Summary Portfolio diversified by geography, sector and contract type Project management and construction business has large, long-dated projects from internal development pipeline in addition to secured backlog Infrastructure business on track to deliver earnings accretion announced at the tim
Slide 68: Major project update
Major project update David Hutton Group Head of Development
Slide 69: Agenda
Agenda 1. A snapshot of our integrated model 2. Examples of Lend Lease’s delivery capabilities 3. Retail development pipeline 4. Major project update
Slide 70: A snapshot of our integrated model
A snapshot of our integrated model We find We buy We fund We design We build We manage Specialisation across sectors – apartments, Managing risk through communities, retail, mixed use, commercial, senior living diversification and healthcare Portfolio of projects Funding development Lend Lease
Slide 71: Case study of our integrated model: Darling Quarter, Sydney
Case study of our integrated model: Darling Quarter, Sydney Owner: Australian Prime Property Fund Commercial (APPFC), in joint venture with Lend Lease investment mandate client Two campus-style commercial office buildings with 58,000sqm of office space, car parking, leisure and retail facilities
Slide 72: Athletes’ Village, London
Athletes’ Village, London - Showcases Lend Lease’s integrated delivery capabilities Athletes’ Village for the London 2012 Olympic and Paralympic Games for the Olympic Development Authority All 63 buildings, on 11 plots, a school and a health centre, handed over to LOCOG on schedule in January 20
Slide 73: Retail development pipeline
Retail development pipeline
Slide 74: Caneland Central, Mackay, Queensland
Caneland Central, Mackay, Queensland Owner: APPF Retail 100% Development cost A$221m Services provided by Lend Lease: Development management Design and construction Funds and asset management Property management Awarded Myer Best Property Supplier 2011 Ranked #5 in speciality produ
Slide 75: Key retail development projects
Key retail development projects Development Fund / Project cost Update ownership % A$m Craigeburn APPF Retail (75%) Construction commenced January 2012 with A$333m Central, Victoria Lend Lease (25%) delivery planned for October 2013 Lakeside APPF Retail (50%) / Council approved A$248m Joondalup,
Slide 76: Major project update
Major project update
Slide 77: Global pipeline of large urban regeneration projects
Global pipeline of large urban regeneration projects Greenwich Peninsula, London Elephant & Castle, London Americas Europe, Middle East and Africa The International Quarter, Stratford, London JEMTM, Singapore Asia Showground Hill, Brisbane Australia Waterbank, Perth Victoria Harbour, Melbourne Baran
Slide 78: Barangaroo South, Sydney
Barangaroo South, Sydney Estimated $A6b end value Extension of the Sydney CBD Development period 10 to 15 years Planning consent received for all three commercial towers Construction well underway Lend Lease in detailed discussions with several tenants and in advanced stages of due dilig
Slide 79: Showground Hill, Brisbane
Showground Hill, Brisbane Project Development Agreement closed Estimated $A6 billion end value with the RNA (The Royal National Extension of the Sydney CBD Agricultural and Industrial Association of Development period 10 to 15 years Queensland) in December 2010 Planning consent received fo
Slide 80: Victoria Harbour, Melbourne
Victoria Harbour, Melbourne Projects committed or delivered to date: Commercial: 75% (floor space) Residential: 30% (floor space) Four residential projects under construction Serrata and Convesso on track for practical completion mid year 2012 Exo – under construction and on track for co
Slide 81: Victoria Harbour, Melbourne
Victoria Harbour, Melbourne
Slide 82: Waterbank, Perth – preferred position
Waterbank, Perth – preferred position Circa $A1b end value Development period: 2014 to 2021 Partnership between Metropolitan Redevelopment Authority and Lend Lease Currently finalising a Project Development Deed Approx Four hectare site Residential: 630 dwellings Commercial/Retail/Hote
Slide 83: Jem™, Singapore
Jem™, Singapore End project value SGD$1.6b Large scale mixed use suburban development of 108,000 sqm 25% owned by Lend Lease, 75% by ARIF Construction on schedule: Retail scheduled to open pre June 2013 Commercial scheduled for completion by December 2013 100% of commercial space lease
Slide 84: Setia City Mall, Malaysia
Setia City Mall, Malaysia End project value A$190m Mid market suburban retail development of 65,000sqm Integrated project - Lend Lease providing development management, construction, investment management and asset/property management 50% owned by Asian Retail Investment Fund and Malaysian p
Slide 85: Elephant & Castle, London
Elephant & Castle, London £1.5b residential led, mixed use urban regeneration scheme over 15 years Conditional regeneration agreement with London Borough of Southwark signed July 2010 circa 2,500 new homes and 15,000sqm of retail, restaurant and leisure space Secured additional 300 units for
Slide 86: The International Quarter, Stratford City, London
The International Quarter, Stratford City, London £1.3 billion joint venture with London & Continental Railways Creation of a major new commercial district with nearly 400,000sqm of office space Masterplan approval in November 2011 Current focus on sourcing tenants and capital solutions Wo
Slide 87: Barangaroo South update
Barangaroo South update Andrew Wilson Managing Director – Barangaroo South
Slide 88: Agenda
Agenda 1. Barangaroo Overview Transport 2. Barangaroo South - vision and summary 3. Review of Barangaroo South plans Commercial Retail Residential 4. Construction update
Slide 89: Barangaroo
Barangaroo
Slide 90: Barangaroo
—_PE Barangaroo ___ Lend Leas
Slide 91: Barangaroo in context
Barangaroo in context From Barangaroo Wynyard 4 mins walk Martin Place 6 mins walk Governor Phillip Tower 8 mins walk 90
Slide 92: Wynyard walk
Wynyard walk “Work will begin on a 110-metre underground pedestrian tunnel and a 100-metre bridge crossing Sussex Street in October 2012. The entire project would cost about $300 million.” Minister for Transport Gladys Berejiklian 91
Slide 93: Wynyard walk
—_P Lend Lease cm Gladys Berejiklian MP Minister for Transport MEDIA RELEASE Wednesday 18 Apri 2012 EARLY WORKS TO COMMENCE ON WYNYARD WALK Wynyard train and bus customers should prepare for some disruption starting next month when works begin to expand footpaths in the first stage of construction o
Slide 94: Barangaroo South
Barangaroo South
Slide 95: Barangaroo South Development summary
Barangaroo South Development summary Commercial Three high-rise office towers 320,000sqm Five other commercial offices Residential Three high-rise residential One mid rise residential 100,000sqm Four low-rise residential Amenity 80-100 retail outlets 30,000sqm International premium roo
Slide 96: Review of the approved plans
Review of the approved plans Commercial towers C3 C5 C4 C3 C4 C5 95
Slide 97: Three commercial towers
Three commercial towers C3 C4 C5 Height (RL): 209m (49 storeys) Height (RL): 180m (42 storeys) Height (RL): 168m (39 storeys) 105,605m2 commercial 95,571m2 commercial 83,854m2 commercial 7,021m2 retail 2,691m2 retail 5,315m2 retail 1,677m2 child care 183 cars, 401bikes 166 cars, 720 bikes 153 cars,
Slide 98: Intelligent buildings
Intelligent buildings Fibre backbone Wireless overlay precinct wide Tri-generation + grid Real time energy monitoring Linked info signage Lift cars Transport nodes Retailers Personal devices Swipe card or phone Retail purchase Lift destinations Visitor access and floor 97
Slide 99: Sustainable design
Sustainable design Harbour heat rejection 98
Slide 100: Retail serving residents, visitors and workers
Retail serving residents, visitors and workers Commercial Retail 99
Slide 101: Activated by ground level retail
Activated by ground level retail 100
Slide 102: A premier residential address
A premier residential address Commercial Retail Residential R8 R9 101
Slide 103: Construction update
Construction update
Slide 104: Current site overview
Current site overview Water Treatment Plant Harbour Protection Measures Silt curtain Water monitoring Site Accommodation Reinforcement C4 Piling Preparing for C3 Bentonite Yard underway piling Plants Archaeology Retention Wall Site Entry
Slide 105: Current works
Current works Piling rig in operation for the first commercial building foundations, Barangaroo South, Sydney 104
Slide 106: Removing excavated material by ship
Removing excavated material by ship Artist impression of loading basement excavated material onto a ship Barangaroo South, Sydney 105
Slide 107: Planning status
Planning status Approved Masterplan approved in December 2010 Basement (mod 3) C3, C4 and C5 commercial towers 130 levels of large floor plate space 266,000 NLA 15,000sqm retail in tower podiums 106
Slide 108: Closing comments
Closing comments Steve McCann Group Chief Executive Officer & Managing Director
Slide 109: Key priorities for the Group FY12-FY14
Key priorities for the Group FY12-FY14 Achieve a balanced and diversified portfolio Recycle capital toward higher yielding assets / businesses • Drive operational efficiencies through the Group transformation project • Maximise productivity through people initiatives • Drive execution excellence
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