12th khazanah annual review
TRANSCRIPT
07 | VALUE DISTRIBUTION
08 | CONTRIBUTION TO NATIONAL DEVELOPMENT
09 | 2016 OUTLOOK IN SUMMARY
Khazanah continues to deepen its role in social development through several initiatives, in particular via Yayasan Hasanah (“YH”).
Continuous learning among employees and stakeholders, enabling the exchange of views and information in the business and academic world, and society in general.
• RM80m committed for Khazanah SL1M Programme with 1,083 graduates enrolled
• Khazanah-IHH Healthcare Fund – RM20m sponsored treatment for 3,100 patients over two years
• RM17.4m spent on flood relief and various humanitarian efforts since 2013
• 32 Trust Schools rolled out in 2015, bringing total to 62 schools
• Inaugural RM100m Sustainable and Responsible Investments (“SRI”) sukuk
• RM96m CR contribution in 2015
Khazanah Research Institute (“KRI”) has undertaken fact-based analysis and research on the nation’s economic development, focusing on inclusivity.
Research includes impact of trade policies, housing affordability and public transportation.
In addition, Khazanah continues to support government policy formation through various channels including boards of public service organisations in areas such as Economic Management, Education, Technology & Innovation and Trade & Export Promotion.
HASANAH REPORT 2014
THE
KNOWLEDGE DEVELOPMENT POLICY SUPPORT
• Volatile and uncertain conditions expected to continue in 2016.
• 2016 also marks the 10-year anniversary of Iskandar Malaysia.
• Khazanah will continue to stay the course with focus on:
• Delivering long-term financial and strategic performance• National development initiatives including value distribution• Expanding international presence• Strengthening institutional integrity
• Khazanah’s portfolio is resilient and well positioned to continue to undertake its commercial and national development mandate.
13 JANUARY 2016
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R M 575m CR spent by Khazanah and YH since 2006
12TH KHAZANAH ANNUAL REVIEW
Review of 2015 & Outlook for 2016
2016
Graduating to a Higher Class:Nation-Building, Touching Lives
7 - 9 August 2015, Kuala Lumpur Convention Centre
SOUTHEAST ASIA
CHINA
TURKEY
MIDDLE EAST INDIA &INDIAN SUBCONTINENT
CANADA
USA
CANADA
EUROPEANUNION
JAPAN & KOREA
AUSTRALIA
AFRICA
San Francisco, 2013
Istanbul, 2013
Mumbai, 2008
Beijing, 2008
London, 2015
Khazanah offices
Investee companies’ presence
Khazanah coverage since:
2004
2005
2008
2009
2009
2012
2015
01 | PORTFOLIO PERFORMANCE
02 | FINANCIAL PERFORMANCE
03 | PORTFOLIO SEGMENTATION 06 | CATALYSING GROWTH & VALUE CREATION
04 | INVESTMENTS & DIVESTMENTS
05 | GLC TRANSFORMATION
PORTFOLIO AS AT (RM bn) 14 May 04 31 Dec 14 31 Dec 151 ∆ 2014-15 ∆ 2004-15
Realisable Asset Value2 (“RAV”)
50.9 145.5 150.2 +RM4.7bn(+3.2%)
+RM99.3bn (+9.7% p.a.4)
Net Worth Adjusted3 (“NWA”)
33.3 110.7 109.0 -RM1.8bn (-1.6%)
+RM75.7bn (+10.7% p.a.4)
RAV/Liabilities ("RAV Cover") [x]
2.9 3.7 3.1
Shareholders’ Funds 7.7 35.3 35.6 +RM0.3bn(+0.8%)
+RM28.0bn(+14.1% p.a.4)
RAV2 (RM bn)
150.2
RAV Cover (times)
3.1
NWA3 (RM bn)
109.0
CAGR4
(p.a.)
K-7 Index 11.1%G20 Index 10.5%FBM KLCI 10.8%
100=14/5/04
May04
May05
May06
May07
May08
May09
May10
May11
May12
May13
May14
May15
G20
K-7
2013
2008 +RM9bn(+782%)
-RM1bn (-12%)
79
30
2013
2004
2013
2004
2013
2004
2013
2004
2013
2004
+RM49bn(+164%)
64
28+RM37bn(+133%)
5
6
59
12 +RM46bn(+374%)
11
+RM10bn(+600%)
2
1
11
Demerger and streamlining of
focus; regional growth strategy
Regional leadership
Industry reforms
Financial restructuring and
careful regional expansion
Collaboration with private sector
and focus on Iskandar Malaysia
Challenging global operating
environment
18.9%
6.8%
15.9%
9.6%
24.2%
37.1%
(15.6%)-20%
-10%
0%
10%
20%
30%
40%
TM Axiata CIMB TNB MAHB UEM Sunrise
MAS
Total Shareholders’ Return5
RAV (RM bn)
145.5 150.2
50.9
31 Dec 2015
14 May 2004
31 Dec 2014
160
120
80
40
0
+RM99.3bn
+RM4.7bn -RM1.8bnNWA (RM bn)
109.0
33.3
31 Dec 2015
14 May 2004
31 Dec 2014
120
80
40
0
+RM75.7bn
110.7
33.3
24.0
18.7
17.5
13.5 4.8 3.8
(7.3)0.7 109.0
NWA NWA31 Dec 2015
14 May2004
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Co
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2015 Contribution (RM bn)
Total Shareholders’ Returns (in local currency terms)
(0.9) 6.5 (0.2) (0.7) (2.3) (0.1) (2.0) (2.1)(1.6%)
(1.0%)
(11.4%)
(10.5%)
(4.0%)
11.2%
(3.7%)
(2.0%)
(14.1%)
(14.9%)
(9.2%)
(0.3%)
(20%) (15%) (10%) (5%) 0% 5% 10% 15%
Straits Times Index
MSCI Asia ex-Japan
MSCI AC World
MSCI Emerging Markets
SENSEX
Istanbul Index
Philippines Index
Hang Seng Index
Shanghai Index
Jakarta Composite Index
FBM KLCI
NWA Growth
HEALTHCARE17.2%
POWER15.3%
FIG13.7%
PROPERTY10.6% TRANSPORTATION
& LOGISTICS4.9%
INNOVATION &TECHNOLOGY
2.3%
LEISURE & TOURISM
2.0%
SUSTAINABLE DEV.1.3%
OTHERS2.5%
CONSUMER0.7%
AGRIFOOD0.4%
LIFE SCIENCES0.4%
CREATIVE0.3%
EDUCATION0.0%
INFRASTRUCTURE & CONSTRUCTION
3.8%
CASH2.5%
MEDIA & COMMS22.0%
SINGAPORE5.4%
OTHERS2.4%
INDIA1.9%
TURKEY 1.2%
PHILIPPINES1.1%
MIDDLE EAST0.9%INDONESIA
0.3%
MALAYSIA80.9 %
CHINA6.1%
90
140
190
240
290
340
390
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
5
10
15
20
25
30
9.97.0
10.5
19.2
14.511.8
17.1
20.6
26.1 26.3 26.224.0
2.7
6.3
11.4
6.3 7.510.4 10.1
13.2 13.5 12.7 13.1
5.2
INDIA4.1%
OTHERS1.5%
SRI LANKA1.5%
BANGLADESH1.4%
NORTH AMERICA
1.3%PHILIPPINES
1.1%
MIDDLE EAST0.8%
EUROPE 0.3%
CAMBODIA0.4%
JAPAN0.2%
THAILAND0.5%
AFRICA0.1%
MALAYSIA55.1%
SINGAPORE12.1%
TURKEY7.4%
CHINA6.5%
INDONESIA5.7%
CAGR4
(p.a.)
K-7 Index 11.1%G20 Index 10.5%FBM KLCI 10.8%
100=14/5/04
May04
May05
May06
May07
May08
May09
May10
May11
May12
May13
May14
May15
G20
K-7
2013
2008 +RM9bn(+782%)
-RM1bn (-12%)
79
30
2013
2004
2013
2004
2013
2004
2013
2004
2013
2004
+RM49bn(+164%)
64
28+RM37bn(+133%)
5
6
59
12 +RM46bn(+374%)
11
+RM10bn(+600%)
2
1
11
Demerger and streamlining of
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Regional leadership
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careful regional expansion
Collaboration with private sector
and focus on Iskandar Malaysia
Challenging global operating
environment
18.9%
6.8%
15.9%
9.6%
24.2%
37.1%
(15.6%)-20%
-10%
0%
10%
20%
30%
40%
TM Axiata CIMB TNB MAHB UEM Sunrise
MAS
Total Shareholders’ Return5
RAV (RM bn)
145.5 150.2
50.9
31 Dec 2015
14 May 2004
31 Dec 2014
160
120
80
40
0
+RM99.3bn
+RM4.7bn -RM1.8bnNWA (RM bn)
109.0
33.3
31 Dec 2015
14 May 2004
31 Dec 2014
120
80
40
0
+RM75.7bn
110.7
33.3
24.0
18.7
17.5
13.5 4.8 3.8
(7.3)0.7 109.0
NWA NWA31 Dec 2015
14 May2004
Telco
Healthcare
TNB UEM
GroupCIM
BAlib
aba
Aviatio
nOthers
Co
ntr
ibu
tio
n (
RM
bn
)
2015 Contribution (RM bn)
Total Shareholders’ Returns (in local currency terms)
(0.9) 6.5 (0.2) (0.7) (2.3) (0.1) (2.0) (2.1)(1.6%)
(1.0%)
(11.4%)
(10.5%)
(4.0%)
11.2%
(3.7%)
(2.0%)
(14.1%)
(14.9%)
(9.2%)
(0.3%)
(20%) (15%) (10%) (5%) 0% 5% 10% 15%
Straits Times Index
MSCI Asia ex-Japan
MSCI AC World
MSCI Emerging Markets
SENSEX
Istanbul Index
Philippines Index
Hang Seng Index
Shanghai Index
Jakarta Composite Index
FBM KLCI
NWA Growth
HEALTHCARE17.2%
POWER15.3%
FIG13.7%
PROPERTY10.6% TRANSPORTATION
& LOGISTICS4.9%
INNOVATION &TECHNOLOGY
2.3%
LEISURE & TOURISM
2.0%
SUSTAINABLE DEV.1.3%
OTHERS2.5%
CONSUMER0.7%
AGRIFOOD0.4%
LIFE SCIENCES0.4%
CREATIVE0.3%
EDUCATION0.0%
INFRASTRUCTURE & CONSTRUCTION
3.8%
CASH2.5%
MEDIA & COMMS22.0%
SINGAPORE5.4%
OTHERS2.4%
INDIA1.9%
TURKEY 1.2%
PHILIPPINES1.1%
MIDDLE EAST0.9%INDONESIA
0.3%
MALAYSIA80.9 %
CHINA6.1%
90
140
190
240
290
340
390
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
5
10
15
20
25
30
9.97.0
10.5
19.2
14.511.8
17.1
20.6
26.1 26.3 26.224.0
2.7
6.3
11.4
6.3 7.510.4 10.1
13.2 13.5 12.7 13.1
5.2
INDIA4.1%
OTHERS1.5%
SRI LANKA1.5%
BANGLADESH1.4%
NORTH AMERICA
1.3%PHILIPPINES
1.1%
MIDDLE EAST0.8%
EUROPE 0.3%
CAMBODIA0.4%
JAPAN0.2%
THAILAND0.5%
AFRICA0.1%
MALAYSIA55.1%
SINGAPORE12.1%
TURKEY7.4%
CHINA6.5%
INDONESIA5.7%
CAGR4
(p.a.)
K-7 Index 11.1%G20 Index 10.5%FBM KLCI 10.8%
100=14/5/04
May04
May05
May06
May07
May08
May09
May10
May11
May12
May13
May14
May15
G20
K-7
2013
2008 +RM9bn(+782%)
-RM1bn (-12%)
79
30
2013
2004
2013
2004
2013
2004
2013
2004
2013
2004
+RM49bn(+164%)
64
28+RM37bn(+133%)
5
6
59
12 +RM46bn(+374%)
11
+RM10bn(+600%)
2
1
11
Demerger and streamlining of
focus; regional growth strategy
Regional leadership
Industry reforms
Financial restructuring and
careful regional expansion
Collaboration with private sector
and focus on Iskandar Malaysia
Challenging global operating
environment
18.9%
6.8%
15.9%
9.6%
24.2%
37.1%
(15.6%)-20%
-10%
0%
10%
20%
30%
40%
TM Axiata CIMB TNB MAHB UEM Sunrise
MAS
Total Shareholders’ Return5
RAV (RM bn)
145.5 150.2
50.9
31 Dec 2015
14 May 2004
31 Dec 2014
160
120
80
40
0
+RM99.3bn
+RM4.7bn -RM1.8bnNWA (RM bn)
109.0
33.3
31 Dec 2015
14 May 2004
31 Dec 2014
120
80
40
0
+RM75.7bn
110.7
33.3
24.0
18.7
17.5
13.5 4.8 3.8
(7.3)0.7 109.0
NWA NWA31 Dec 2015
14 May2004
Telco
Healthcare
TNB UEM
GroupCIM
BAlib
aba
Aviatio
nOthers
Co
ntr
ibu
tio
n (
RM
bn
)
2015 Contribution (RM bn)
Total Shareholders’ Returns (in local currency terms)
(0.9) 6.5 (0.2) (0.7) (2.3) (0.1) (2.0) (2.1)(1.6%)
(1.0%)
(11.4%)
(10.5%)
(4.0%)
11.2%
(3.7%)
(2.0%)
(14.1%)
(14.9%)
(9.2%)
(0.3%)
(20%) (15%) (10%) (5%) 0% 5% 10% 15%
Straits Times Index
MSCI Asia ex-Japan
MSCI AC World
MSCI Emerging Markets
SENSEX
Istanbul Index
Philippines Index
Hang Seng Index
Shanghai Index
Jakarta Composite Index
FBM KLCI
NWA Growth
HEALTHCARE17.2%
POWER15.3%
FIG13.7%
PROPERTY10.6% TRANSPORTATION
& LOGISTICS4.9%
INNOVATION &TECHNOLOGY
2.3%
LEISURE & TOURISM
2.0%
SUSTAINABLE DEV.1.3%
OTHERS2.5%
CONSUMER0.7%
AGRIFOOD0.4%
LIFE SCIENCES0.4%
CREATIVE0.3%
EDUCATION0.0%
INFRASTRUCTURE & CONSTRUCTION
3.8%
CASH2.5%
MEDIA & COMMS22.0%
SINGAPORE5.4%
OTHERS2.4%
INDIA1.9%
TURKEY 1.2%
PHILIPPINES1.1%
MIDDLE EAST0.9%INDONESIA
0.3%
MALAYSIA80.9 %
CHINA6.1%
90
140
190
240
290
340
390
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
5
10
15
20
25
30
9.97.0
10.5
19.2
14.511.8
17.1
20.6
26.1 26.3 26.224.0
2.7
6.3
11.4
6.3 7.510.4 10.1
13.2 13.5 12.7 13.1
5.2
INDIA4.1%
OTHERS1.5%
SRI LANKA1.5%
BANGLADESH1.4%
NORTH AMERICA
1.3%PHILIPPINES
1.1%
MIDDLE EAST0.8%
EUROPE 0.3%
CAMBODIA0.4%
JAPAN0.2%
THAILAND0.5%
AFRICA0.1%
MALAYSIA55.1%
SINGAPORE12.1%
TURKEY7.4%
CHINA6.5%
INDONESIA5.7%
CAGR4
(p.a.)
K-7 Index 11.1%G20 Index 10.5%FBM KLCI 10.8%
100=14/5/04
May04
May05
May06
May07
May08
May09
May10
May11
May12
May13
May14
May15
G20
K-7
2013
2008 +RM9bn(+782%)
-RM1bn (-12%)
79
30
2013
2004
2013
2004
2013
2004
2013
2004
2013
2004
+RM49bn(+164%)
64
28+RM37bn(+133%)
5
6
59
12 +RM46bn(+374%)
11
+RM10bn(+600%)
2
1
11
Demerger and streamlining of
focus; regional growth strategy
Regional leadership
Industry reforms
Financial restructuring and
careful regional expansion
Collaboration with private sector
and focus on Iskandar Malaysia
Challenging global operating
environment
18.9%
6.8%
15.9%
9.6%
24.2%
37.1%
(15.6%)-20%
-10%
0%
10%
20%
30%
40%
TM Axiata CIMB TNB MAHB UEM Sunrise
MAS
Total Shareholders’ Return5
RAV (RM bn)
145.5 150.2
50.9
31 Dec 2015
14 May 2004
31 Dec 2014
160
120
80
40
0
+RM99.3bn
+RM4.7bn -RM1.8bnNWA (RM bn)
109.0
33.3
31 Dec 2015
14 May 2004
31 Dec 2014
120
80
40
0
+RM75.7bn
110.7
33.3
24.0
18.7
17.5
13.5 4.8 3.8
(7.3)0.7 109.0
NWA NWA31 Dec 2015
14 May2004
Telco
Healthcare
TNB UEM
GroupCIM
BAlib
aba
Aviatio
nOthers
Co
ntr
ibu
tio
n (
RM
bn
)
2015 Contribution (RM bn)
Total Shareholders’ Returns (in local currency terms)
(0.9) 6.5 (0.2) (0.7) (2.3) (0.1) (2.0) (2.1)(1.6%)
(1.0%)
(11.4%)
(10.5%)
(4.0%)
11.2%
(3.7%)
(2.0%)
(14.1%)
(14.9%)
(9.2%)
(0.3%)
(20%) (15%) (10%) (5%) 0% 5% 10% 15%
Straits Times Index
MSCI Asia ex-Japan
MSCI AC World
MSCI Emerging Markets
SENSEX
Istanbul Index
Philippines Index
Hang Seng Index
Shanghai Index
Jakarta Composite Index
FBM KLCI
NWA Growth
HEALTHCARE17.2%
POWER15.3%
FIG13.7%
PROPERTY10.6% TRANSPORTATION
& LOGISTICS4.9%
INNOVATION &TECHNOLOGY
2.3%
LEISURE & TOURISM
2.0%
SUSTAINABLE DEV.1.3%
OTHERS2.5%
CONSUMER0.7%
AGRIFOOD0.4%
LIFE SCIENCES0.4%
CREATIVE0.3%
EDUCATION0.0%
INFRASTRUCTURE & CONSTRUCTION
3.8%
CASH2.5%
MEDIA & COMMS22.0%
SINGAPORE5.4%
OTHERS2.4%
INDIA1.9%
TURKEY 1.2%
PHILIPPINES1.1%
MIDDLE EAST0.9%INDONESIA
0.3%
MALAYSIA80.9 %
CHINA6.1%
90
140
190
240
290
340
390
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
5
10
15
20
25
30
9.97.0
10.5
19.2
14.511.8
17.1
20.6
26.1 26.3 26.224.0
2.7
6.3
11.4
6.3 7.510.4 10.1
13.2 13.5 12.7 13.1
5.2
INDIA4.1%
OTHERS1.5%
SRI LANKA1.5%
BANGLADESH1.4%
NORTH AMERICA
1.3%PHILIPPINES
1.1%
MIDDLE EAST0.8%
EUROPE 0.3%
CAMBODIA0.4%
JAPAN0.2%
THAILAND0.5%
AFRICA0.1%
MALAYSIA55.1%
SINGAPORE12.1%
TURKEY7.4%
CHINA6.5%
INDONESIA5.7%
CAGR4
(p.a.)
K-7 Index 11.1%G20 Index 10.5%FBM KLCI 10.8%
100=14/5/04
May04
May05
May06
May07
May08
May09
May10
May11
May12
May13
May14
May15
G20
K-7
2013
2008 +RM9bn(+782%)
-RM1bn (-12%)
79
30
2013
2004
2013
2004
2013
2004
2013
2004
2013
2004
+RM49bn(+164%)
64
28+RM37bn(+133%)
5
6
59
12 +RM46bn(+374%)
11
+RM10bn(+600%)
2
1
11
Demerger and streamlining of
focus; regional growth strategy
Regional leadership
Industry reforms
Financial restructuring and
careful regional expansion
Collaboration with private sector
and focus on Iskandar Malaysia
Challenging global operating
environment
18.9%
6.8%
15.9%
9.6%
24.2%
37.1%
(15.6%)-20%
-10%
0%
10%
20%
30%
40%
TM Axiata CIMB TNB MAHB UEM Sunrise
MAS
Total Shareholders’ Return5
RAV (RM bn)
145.5 150.2
50.9
31 Dec 2015
14 May 2004
31 Dec 2014
160
120
80
40
0
+RM99.3bn
+RM4.7bn -RM1.8bnNWA (RM bn)
109.0
33.3
31 Dec 2015
14 May 2004
31 Dec 2014
120
80
40
0
+RM75.7bn
110.7
33.3
24.0
18.7
17.5
13.5 4.8 3.8
(7.3)0.7 109.0
NWA NWA31 Dec 2015
14 May2004
Telco
Healthcare
TNB UEM
GroupCIM
BAlib
aba
Aviatio
nOthers
Co
ntr
ibu
tio
n (
RM
bn
)
2015 Contribution (RM bn)
Total Shareholders’ Returns (in local currency terms)
(0.9) 6.5 (0.2) (0.7) (2.3) (0.1) (2.0) (2.1)(1.6%)
(1.0%)
(11.4%)
(10.5%)
(4.0%)
11.2%
(3.7%)
(2.0%)
(14.1%)
(14.9%)
(9.2%)
(0.3%)
(20%) (15%) (10%) (5%) 0% 5% 10% 15%
Straits Times Index
MSCI Asia ex-Japan
MSCI AC World
MSCI Emerging Markets
SENSEX
Istanbul Index
Philippines Index
Hang Seng Index
Shanghai Index
Jakarta Composite Index
FBM KLCI
NWA Growth
HEALTHCARE17.2%
POWER15.3%
FIG13.7%
PROPERTY10.6% TRANSPORTATION
& LOGISTICS4.9%
INNOVATION &TECHNOLOGY
2.3%
LEISURE & TOURISM
2.0%
SUSTAINABLE DEV.1.3%
OTHERS2.5%
CONSUMER0.7%
AGRIFOOD0.4%
LIFE SCIENCES0.4%
CREATIVE0.3%
EDUCATION0.0%
INFRASTRUCTURE & CONSTRUCTION
3.8%
CASH2.5%
MEDIA & COMMS22.0%
SINGAPORE5.4%
OTHERS2.4%
INDIA1.9%
TURKEY 1.2%
PHILIPPINES1.1%
MIDDLE EAST0.9%INDONESIA
0.3%
MALAYSIA80.9 %
CHINA6.1%
90
140
190
240
290
340
390
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
5
10
15
20
25
30
9.97.0
10.5
19.2
14.511.8
17.1
20.6
26.1 26.3 26.224.0
2.7
6.3
11.4
6.3 7.510.4 10.1
13.2 13.5 12.7 13.1
5.2
INDIA4.1%
OTHERS1.5%
SRI LANKA1.5%
BANGLADESH1.4%
NORTH AMERICA
1.3%PHILIPPINES
1.1%
MIDDLE EAST0.8%
EUROPE 0.3%
CAMBODIA0.4%
JAPAN0.2%
THAILAND0.5%
AFRICA0.1%
MALAYSIA55.1%
SINGAPORE12.1%
TURKEY7.4%
CHINA6.5%
INDONESIA5.7%
CAGR4
(p.a.)
K-7 Index 11.1%G20 Index 10.5%FBM KLCI 10.8%
100=14/5/04
May04
May05
May06
May07
May08
May09
May10
May11
May12
May13
May14
May15
G20
K-7
2013
2008 +RM9bn(+782%)
-RM1bn (-12%)
79
30
2013
2004
2013
2004
2013
2004
2013
2004
2013
2004
+RM49bn(+164%)
64
28+RM37bn(+133%)
5
6
59
12 +RM46bn(+374%)
11
+RM10bn(+600%)
2
1
11
Demerger and streamlining of
focus; regional growth strategy
Regional leadership
Industry reforms
Financial restructuring and
careful regional expansion
Collaboration with private sector
and focus on Iskandar Malaysia
Challenging global operating
environment
18.9%
6.8%
15.9%
9.6%
24.2%
37.1%
(15.6%)-20%
-10%
0%
10%
20%
30%
40%
TM Axiata CIMB TNB MAHB UEM Sunrise
MAS
Total Shareholders’ Return5
RAV (RM bn)
145.5 150.2
50.9
31 Dec 2015
14 May 2004
31 Dec 2014
160
120
80
40
0
+RM99.3bn
+RM4.7bn -RM1.8bnNWA (RM bn)
109.0
33.3
31 Dec 2015
14 May 2004
31 Dec 2014
120
80
40
0
+RM75.7bn
110.7
33.3
24.0
18.7
17.5
13.5 4.8 3.8
(7.3)0.7 109.0
NWA NWA31 Dec 2015
14 May2004
Telco
Healthcare
TNB UEM
GroupCIM
BAlib
aba
Aviatio
nOthers
Co
ntr
ibu
tio
n (
RM
bn
)
2015 Contribution (RM bn)
Total Shareholders’ Returns (in local currency terms)
(0.9) 6.5 (0.2) (0.7) (2.3) (0.1) (2.0) (2.1)(1.6%)
(1.0%)
(11.4%)
(10.5%)
(4.0%)
11.2%
(3.7%)
(2.0%)
(14.1%)
(14.9%)
(9.2%)
(0.3%)
(20%) (15%) (10%) (5%) 0% 5% 10% 15%
Straits Times Index
MSCI Asia ex-Japan
MSCI AC World
MSCI Emerging Markets
SENSEX
Istanbul Index
Philippines Index
Hang Seng Index
Shanghai Index
Jakarta Composite Index
FBM KLCI
NWA Growth
HEALTHCARE17.2%
POWER15.3%
FIG13.7%
PROPERTY10.6% TRANSPORTATION
& LOGISTICS4.9%
INNOVATION &TECHNOLOGY
2.3%
LEISURE & TOURISM
2.0%
SUSTAINABLE DEV.1.3%
OTHERS2.5%
CONSUMER0.7%
AGRIFOOD0.4%
LIFE SCIENCES0.4%
CREATIVE0.3%
EDUCATION0.0%
INFRASTRUCTURE & CONSTRUCTION
3.8%
CASH2.5%
MEDIA & COMMS22.0%
SINGAPORE5.4%
OTHERS2.4%
INDIA1.9%
TURKEY 1.2%
PHILIPPINES1.1%
MIDDLE EAST0.9%INDONESIA
0.3%
MALAYSIA80.9 %
CHINA6.1%
90
140
190
240
290
340
390
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
5
10
15
20
25
30
9.97.0
10.5
19.2
14.511.8
17.1
20.6
26.1 26.3 26.224.0
2.7
6.3
11.4
6.3 7.510.4 10.1
13.2 13.5 12.7 13.1
5.2
INDIA4.1%
OTHERS1.5%
SRI LANKA1.5%
BANGLADESH1.4%
NORTH AMERICA
1.3%PHILIPPINES
1.1%
MIDDLE EAST0.8%
EUROPE 0.3%
CAMBODIA0.4%
JAPAN0.2%
THAILAND0.5%
AFRICA0.1%
MALAYSIA55.1%
SINGAPORE12.1%
TURKEY7.4%
CHINA6.5%
INDONESIA5.7%
CAGR4
(p.a.)
K-7 Index 11.1%G20 Index 10.5%FBM KLCI 10.8%
100=14/5/04
May04
May05
May06
May07
May08
May09
May10
May11
May12
May13
May14
May15
G20
K-7
2013
2008 +RM9bn(+782%)
-RM1bn (-12%)
79
30
2013
2004
2013
2004
2013
2004
2013
2004
2013
2004
+RM49bn(+164%)
64
28+RM37bn(+133%)
5
6
59
12 +RM46bn(+374%)
11
+RM10bn(+600%)
2
1
11
Demerger and streamlining of
focus; regional growth strategy
Regional leadership
Industry reforms
Financial restructuring and
careful regional expansion
Collaboration with private sector
and focus on Iskandar Malaysia
Challenging global operating
environment
18.9%
6.8%
15.9%
9.6%
24.2%
37.1%
(15.6%)-20%
-10%
0%
10%
20%
30%
40%
TM Axiata CIMB TNB MAHB UEM Sunrise
MAS
Total Shareholders’ Return5
RAV (RM bn)
145.5 150.2
50.9
31 Dec 2015
14 May 2004
31 Dec 2014
160
120
80
40
0
+RM99.3bn
+RM4.7bn -RM1.8bnNWA (RM bn)
109.0
33.3
31 Dec 2015
14 May 2004
31 Dec 2014
120
80
40
0
+RM75.7bn
110.7
33.3
24.0
18.7
17.5
13.5 4.8 3.8
(7.3)0.7 109.0
NWA NWA31 Dec 2015
14 May2004
Telco
Healthcare
TNB UEM
GroupCIM
BAlib
aba
Aviatio
nOthers
Co
ntr
ibu
tio
n (
RM
bn
)
2015 Contribution (RM bn)
Total Shareholders’ Returns (in local currency terms)
(0.9) 6.5 (0.2) (0.7) (2.3) (0.1) (2.0) (2.1)(1.6%)
(1.0%)
(11.4%)
(10.5%)
(4.0%)
11.2%
(3.7%)
(2.0%)
(14.1%)
(14.9%)
(9.2%)
(0.3%)
(20%) (15%) (10%) (5%) 0% 5% 10% 15%
Straits Times Index
MSCI Asia ex-Japan
MSCI AC World
MSCI Emerging Markets
SENSEX
Istanbul Index
Philippines Index
Hang Seng Index
Shanghai Index
Jakarta Composite Index
FBM KLCI
NWA Growth
HEALTHCARE17.2%
POWER15.3%
FIG13.7%
PROPERTY10.6% TRANSPORTATION
& LOGISTICS4.9%
INNOVATION &TECHNOLOGY
2.3%
LEISURE & TOURISM
2.0%
SUSTAINABLE DEV.1.3%
OTHERS2.5%
CONSUMER0.7%
AGRIFOOD0.4%
LIFE SCIENCES0.4%
CREATIVE0.3%
EDUCATION0.0%
INFRASTRUCTURE & CONSTRUCTION
3.8%
CASH2.5%
MEDIA & COMMS22.0%
SINGAPORE5.4%
OTHERS2.4%
INDIA1.9%
TURKEY 1.2%
PHILIPPINES1.1%
MIDDLE EAST0.9%INDONESIA
0.3%
MALAYSIA80.9 %
CHINA6.1%
90
140
190
240
290
340
390
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
5
10
15
20
25
30
9.97.0
10.5
19.2
14.511.8
17.1
20.6
26.1 26.3 26.224.0
2.7
6.3
11.4
6.3 7.510.4 10.1
13.2 13.5 12.7 13.1
5.2
INDIA4.1%
OTHERS1.5%
SRI LANKA1.5%
BANGLADESH1.4%
NORTH AMERICA
1.3%PHILIPPINES
1.1%
MIDDLE EAST0.8%
EUROPE 0.3%
CAMBODIA0.4%
JAPAN0.2%
THAILAND0.5%
AFRICA0.1%
MALAYSIA55.1%
SINGAPORE12.1%
TURKEY7.4%
CHINA6.5%
INDONESIA5.7%
CAGR4
(p.a.)
K-7 Index 11.1%G20 Index 10.5%FBM KLCI 10.8%
100=14/5/04
May04
May05
May06
May07
May08
May09
May10
May11
May12
May13
May14
May15
G20
K-7
2013
2008 +RM9bn(+782%)
-RM1bn (-12%)
79
30
2013
2004
2013
2004
2013
2004
2013
2004
2013
2004
+RM49bn(+164%)
64
28+RM37bn(+133%)
5
6
59
12 +RM46bn(+374%)
11
+RM10bn(+600%)
2
1
11
Demerger and streamlining of
focus; regional growth strategy
Regional leadership
Industry reforms
Financial restructuring and
careful regional expansion
Collaboration with private sector
and focus on Iskandar Malaysia
Challenging global operating
environment
18.9%
6.8%
15.9%
9.6%
24.2%
37.1%
(15.6%)-20%
-10%
0%
10%
20%
30%
40%
TM Axiata CIMB TNB MAHB UEM Sunrise
MAS
Total Shareholders’ Return5
RAV (RM bn)
145.5 150.2
50.9
31 Dec 2015
14 May 2004
31 Dec 2014
160
120
80
40
0
+RM99.3bn
+RM4.7bn -RM1.8bnNWA (RM bn)
109.0
33.3
31 Dec 2015
14 May 2004
31 Dec 2014
120
80
40
0
+RM75.7bn
110.7
33.3
24.0
18.7
17.5
13.5 4.8 3.8
(7.3)0.7 109.0
NWA NWA31 Dec 2015
14 May2004
Telco
Healthcare
TNB UEM
GroupCIMB
Alibaba
Aviatio
nOthers
Co
ntr
ibu
tio
n (
RM
bn
)
2015 Contribution (RM bn)
Total Shareholders’ Returns (in local currency terms)
(0.9) 6.5 (0.2) (0.7) (2.3) (0.1) (2.0) (2.1)(1.6%)
(1.0%)
(11.4%)
(10.5%)
(4.0%)
11.2%
(3.7%)
(2.0%)
(14.1%)
(14.9%)
(9.2%)
(0.3%)
(20%) (15%) (10%) (5%) 0% 5% 10% 15%
Straits Times Index
MSCI Asia ex-Japan
MSCI AC World
MSCI Emerging Markets
SENSEX
Istanbul Index
Philippines Index
Hang Seng Index
Shanghai Index
Jakarta Composite Index
FBM KLCI
NWA Growth
HEALTHCARE17.2%
POWER15.3%
FIG13.7%
PROPERTY10.6% TRANSPORTATION
& LOGISTICS4.9%
INNOVATION &TECHNOLOGY
2.3%
LEISURE & TOURISM
2.0%
SUSTAINABLE DEV.1.3%
OTHERS2.5%
CONSUMER0.7%
AGRIFOOD0.4%
LIFE SCIENCES0.4%
CREATIVE0.3%
EDUCATION0.0%
INFRASTRUCTURE & CONSTRUCTION
3.8%
CASH2.5%
MEDIA & COMMS22.0%
SINGAPORE5.4%
OTHERS2.4%
INDIA1.9%
TURKEY 1.2%
PHILIPPINES1.1%
MIDDLE EAST0.9%INDONESIA
0.3%
MALAYSIA80.9 %
CHINA6.1%
90
140
190
240
290
340
390
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
5
10
15
20
25
30
9.97.0
10.5
19.2
14.511.8
17.1
20.6
26.1 26.3 26.224.0
2.7
6.3
11.4
6.3 7.510.4 10.1
13.2 13.5 12.7 13.1
5.2
INDIA4.1%
OTHERS1.5%
SRI LANKA1.5%
BANGLADESH1.4%
NORTH AMERICA
1.3%PHILIPPINES
1.1%
MIDDLE EAST0.8%
EUROPE 0.3%
CAMBODIA0.4%
JAPAN0.2%
THAILAND0.5%
AFRICA0.1%
MALAYSIA55.1%
SINGAPORE12.1%
TURKEY7.4%
CHINA6.5%
INDONESIA5.7%
1. Based on unaudited numbers as at 31 December 20152. RAV: Market value of all equities, securities and cash held. Where no market price is available, a conservative estimate
of value is used3. NWA: RAV less Total Liabilities and adjusted to measure value created4. Compounded Annual Growth Rate5. In local currency termsSource: Bloomberg; Khazanah analysis
6. An estimate of attributable value according to the countries where investee companies have operations 7. Number of discrete new investments8. TSR comprise capital gains and dividends, net of taxes9. 2015 estimates exclude Malaysia Airlines Berhad (“MAB”) as it is currently undergoing restructuring10. Based on demerger reference priceSource: Bloomberg; companies’ financial reports; analyst consensus estimates for 2015; PCG analysis; Khazanah analysis Source: Khazanah analysis
DECOMPOSITION OF PORTFOLIO NWA MOVEMENT
2015 PERFORMANCE OF PORTFOLIO AGAINST REFERENCE REGIONAL MARKETS
FINANCIAL STATEMENTS HIGHLIGHTS (RM m)
Financial Year ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘151 Cumulative
Profit Before Tax 282 (831) 1,014 5,110 128 791 2,081 5,342 2,077 3,128 3,217 1,176 23,515
Dividends Declared 30 30 100 1,000 100 100 500 3,000 1,000 650 900 1,050 8,460
Taxation 73 126 225 195 350 (25) 28 66 188 (53) 129 136 1,438Shareholders’Funds 13,202 12,244 13,041 17,866 17,139 17,639 21,409 25,625 26,980 29,387 35,340 35,580
RAV by major sectors
RAV by geographic exposure6RAV by domicile of companies
INVESTMENTS DIVESTMENTSNo. of
transactions7Amount (RM bn)
No. of transactions
Proceeds(RM bn)
Gains on Divestments (RM bn)
2004-2014 121 66.0 67 42.8 19.42015 23 8.7 10 5.3 2.9TOTAL 144 74.7 77 48.1 22.3
SELECTED NEW ECONOMY INVESTMENTS (“NEIs”)
ADDITIONAL & ACCELERATED DOMESTIC INVESTMENTS
TOTAL SHAREHOLDERS’ RETURN (“TSR”)8
INTERNATIONAL PRESENCEAGGREGATE EARNINGS (RM bn)9
Key changes to Boards
20052004 2006 2007 2010
GLIC/GLCROLES IN
NE M
Stay the course inexecuting the10 year GLCTProgramme
Pursue neweconomyinvestmentsin line withNEM
Collaborate andco-invest with
privatesector
Relentless drive to become regional champions
Continue focus on core operations: level playing field and exit non-core/ non-competitive assets
12
34
5
1
3
2
4 5
ISKANDAR MALAYSIA
CREATIVE & MEDIA LEISURE & TOURISM WELLNESS
INNOVATION & TECHNOLOGY
Selected international milestones:
Other selected initiatives by KLCs:
TSR of Khazanah Linked Companies (“KLCs”) Since May 2004
• RM187bn cumulative committed investments• 605,381 jobs created from 2007-2014• 3,830 units affordable houses delivered to-date
• Several international productions “Asia’s Got Talent”, “Marco Polo 2” and “Lost in the Pacific”
• 2,123 jobs created since 2014
• Completion of project• Venture into latest
motion capture technology
• Various direct investments made
• Continued progress on Desaru Coast
KLCs Khazanah Europe Investment Limited office established in
London
Investments in Frontier Markets
Graduating to a Higher Class:Nation-Building, Touching Lives
7 - 9 August 2015, Kuala Lumpur Convention Centre
• Strategic stake in GAMA Enerji, Turkey
• 73.4% stake in Global Hospitals, India• 51.0% stake in Continental Hospitals,
India• JV to set up a 350-bed hospital in
Chengdu, China
• 80% stake in NCell, Nepal• 75% stake in Digicel Myanmar Tower
Company
• Completion of Cikopo-Palimanan toll road, Indonesia
TSR (p.a.) 18.1%10 4.9%10 8.5% 9.8% 15.7% 13.7%
Holding period return ("HPR") 595.3%10 44.5%10 158.4% 196.9% 445.6% 150.1%
GLCT Programme Graduation
7 August 2015
RM6.77bnProjects announced in September 2015 in support of the Government’s proactive economic measures:
RM2.5bnKhazanah projects announced in National Budget 2016:
Desaru Coast Destination Resort [RM4.5bn]
In-patient Rehabilitation Hospital Business [RM100m]
i2M Sdn Bhd to provide incentives to attract investments in BPO sector [RM90m]
Tourism Venture Fund [RM50m]
Taman Tugu & Dataran Muzium [RM1.1bn]
Domestic Innovation and Technology [RM115m]
New IHH hospitals and extension of existing hospitals [RM670m]
Sonneratia Capital, a fund tofinance production of local content [RM50m]
Skim Latihan 1Malaysia (“SL1M”) Programme [RM95m]
• Additional fund injection • RM500m NEI Venture Fund
• Development of KLIA Aeropolis and adjacencies [RM7.4bn]
• RM3.4bn investments over the next 10 years in High Speed Broadband 2 (“HSBB2”) and Sub Urban Broadband (“SUBB”)
• Jimah East power station, Negeri Sembilan [RM4.7bn]
• Manjung 4 & 5 power stations, Perak [RM9.6bn]
• Gleneagles Medini, 300 beds [RM502m]• Gleneagles Kuala Lumpur 100-bed expansion
[RM29m] • Further domestic hospital expansions planned
SELECTED INVESTMENTS SELECTED DIVESTMENTS
New investment in an international investment bank
Divested 2% stake (RM1.6bn) via market placement
Additional injection as part of Proactive Economic Measures
Further monetisation via market transactions