Page 8 - ar2013

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We have also introduced our frst
sustainability report this year to
provide insights into how we are
growing our business in a
responsible manner.
A key tenet of our management
philosophy is to uphold good
governance at all times. As we grow,
we ensure that our people uphold our
values, discipline and integrity. On that
front, we are proud to be the recipient
of the Merit award in the 2013
Singapore Corporate Governance
Award for the second year in a row.
We are also pleased to have won the
FIABCI Prix d' Excellence Award for
two consecutive years. Our Chennai
property, International Tech Park
Chennai, is the second property
within our portfolio to receive this
prestigious award. The FIABCI Prix d'
Excellence Award recognises
properties which embody excellence
in all real estate disciplines. This
accolade is a strong validation of our
strategy to design, build and maintain
world class properties that exceed the
expectations of our customers.
Our focus on product and service
differentiation clearly struck a chord
with customers; we achieved healthy
committed portfolio occupancy of
97% as at 31 March 2014, and
concluded over 2.4 million sq ft1 of
leasing transactions in the fnancial
year ended 31 March 2014
(“FY13/14”). Our robust operational
performance translated into steady
fnancial performance as FY13/14
revenue increased 4% to ࡩ5.8 billion,
while net property income rose 9% to
ࡩ3.5 billion compared to the previous
year.We, however, continued to face
currency headwinds as the Singapore
Dollar appreciated signifcantly by 9%
against the Indian Rupee in FY13/14.
This led to a slight decline in a-iTrust’s
FY13/14 distribution per unit to 4.56
Singapore cents.
While distributions in Singapore Dollar
terms have been affected by
unfavourable currency movements,
a-iTrust remains well positioned to
capitalise on the fast growing IT and
offshoring trends. India’s IT and
business process outsourcing
industries are expected to sustain a
brisk growth rate in export revenues
of 13-15%2 in FY14/15. India as an
offshoring destination remains cost
competitive and the Indian Rupee’s
depreciation over the last 18 months
has made our customers’ operation in
India even more competitive.
In January 2014, we offcially opened
our latest building, ‘Aviator’ in
Bangalore. The completion of this 0.6
million sq ft IT building increased our
portfolio foor area by close to 10% to
7.5 million sq ft. Aviator was fully
committed months ahead of its
completion, and is expected to house
about 6,000 employees when fully
operational. In line with our drive for
greater sustainability, the building was
awarded the LEED Platinum rating by
the Indian Green Building Council.
Aviator is expected to boost the
income of a-iTrust in FY14/15 as we
progressively hand over the space
to customers.
In Hyderabad, we invested a total of
ࡩ2.17 billion (S$48.6 million3) in aVance
Business Hub Building 3 (“aVance 3”).
aVance 3 is a 0.7 million sq ft IT
building with leasing commitment of
69% as at the end of March 2014. The
property has good quality tenants, and
is located next to aVance 1 & 2, which
we acquired in 2012.We intend to buy
over the property once it is
substantially leased out. Besides
aVance 3, we will continue to assess
attractive investment opportunities
from the market and our sponsor,
Ascendas Group.
1Includes space leased in Aviator.
2
Source: National Association of Software and Services Companies.
3Amount translated into Singapore Dollars using spot exchange rate at the time of investment.