28 Jun

Ascott Is Only S'pore Company Worldwide Chosen As Outstanding Example Of Good Corporate Reporting In PwC's Latest Book

The Ascott Group has been chosen from thousands of listed companies worldwide by PricewaterhouseCoopers as an outstanding example of good corporate reporting in its new book ‘Trends 2005 – Good Practices in Corporate Reporting’.

In the study, global professional services firm PwC highlights 42 companies worldwide as providing ‘global good practice reporting’ in their communications. Ascott was the only Singapore-listed company selected.

PricewaterhouseCoopers’ sixth annual publication on corporate reporting, Trends 2005 discusses meeting the new requirements for "narrative" reporting, in addition to reporting financial data, as part of good corporate disclosure.

In preparing the study, PwC evaluated thousands of listed companies from US, Europe, Asia, Australia /NZ, Canada, South America and Middle East for the quality of their communications to the capital markets and stakeholders. Their annual reports, web sites, investor and analyst briefings were assessed.

The PwC publication is being distributed worldwide to top executives of leading companies.

Mr Keoy Soo Earn, PricewaterhouseCoopers’ partner, Advisory, said: "With rising pressure from new legislations worldwide, the future of corporate reporting is about transparency. Trends 2005 provides a framework for companies to give a more detailed and transparent picture of their performance by including information on market opportunities, strategy, risks, intangible assets, and other non-financial value drivers.

"The Ascott Group is one of the 42 forward-thinking companies selected worldwide as it has clearly demonstrated what good reporting looks like in meeting investors' needs for better information. The case studies in the publication underpin how companies can recognise and use the power of information for competitive advantage."

Mr Cameron Ong, Ascott’s chief executive officer, said: "Ascott has established a reputation as a global leader in the serviced residence industry. The PwC book demonstrates growing international recognition of the quality of Ascott’s management and corporate financial reporting, in addition to its serviced residences.

"The book extends Ascott’s track record of outstanding financial reporting beyond Singapore. Ascott swept the top two awards at the 2004 Singapore Annual Report Awards for ‘Best Annual Report’ and ‘Best Operating and Financial Review’. We are honoured that PwC has now chosen a Singapore-listed company, Ascott, as among the world leaders in good corporate reporting."

The book illustrates with excerpts from Ascott’s annual report how the company had provided good discussion of the dynamics of its business, industry, geographical markets, and appeal of serviced residences to its customers. Ascott had also explained its business model, the ‘critical indicators’ that make up its performance monitoring ‘dashboard’, and performance drivers.

The Operations Review section of Ascott’s annual report was highlighted for succinct discussion of the factors that affected its current year performance, with clear graphical analyses of its performance by territory and customer profile. It was also easy to see Ascott’s physical assets, market share and positioning in the various countries.

Ascott was also praised for its sensitivity analysis of its gross operating profit to changes in its occupancy, rental rates and cost of borrowing; and for its economic value added data analysis.

The Ascott Group is a leading international serviced residence company with over 14,000 serviced residence units in 40 cities in 17 countries in Europe, Asia Pacific and the Gulf region. It is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies.

About The Ascott Group

The Ascott Group is a leading international serviced residence company with over 14,000 serviced residence units in the key cities of Europe, Asia Pacific and the Gulf region.

Ascott's global presence spans 40 cities in 17 countries. These include London, Paris, Brussels, Berlin and Barcelona in Europe; Singapore, Bangkok, Hanoi, Kuala Lumpur, Tokyo, Seoul, Shanghai and Beijing in Asia; Sydney, Melbourne and Auckland in Australia/NZ; and Dubai in the Gulf region.

The Ascott Group pioneered the Asia Pacific's first branded luxury serviced residence in 1984. Today, it boasts a 21-year industry track record and serviced residence brands that enjoy recognition worldwide.

The group's flagship The Ascott luxury serviced residence brand projects an elegant lifestyle appealing to top executives. Its Somerset upper-tier brand offers stylish, contemporary living for senior to upper management executives. The mid-tier Citadines brand provides corporate executives with comfortable city residences.

Recent awards the group has clinched include First Position in the 2005 ‘China's Top 100 Serviced Residences’ ranking for its eight properties in China; 2005 Vietnam Economic Times' ‘Best Service in Serviced Apartments’ awards in Hanoi and Ho Chi Minh City; and 2005 Thailand Apartment Living’s ‘Most Innovative Serviced Residence’ award for The Ascott Sathorn in Bangkok.

The group has also won the 2004 Business Traveller ‘Best Serviced Residence Brand’ and ‘Best Serviced Residence property’ in Asia Pacific awards; and ‘Best Annual Report’ and ‘Best Operating & Financial Review’ awards at the 2004 Singapore Annual Report Awards.

Listed on the mainboard of the Singapore Exchange, Ascott is the serviced residence arm of CapitaLand Limited, one of Asia’s largest listed property companies. Headquartered in Singapore, the multinational company's core businesses in property, hospitality, property services and real estate financial services are focused in gateway cities in Asia, Australia and Europe. Its property and hospitality portfolio spans 88 cities in 30 countries.

For reservations on Ascott properties, call Central Reservations on (65) 6272-7272 or visit www.the-ascott.com .



Ida Lim, VP, Investor Relations & Corporate Communications

Hp: (65) 9628 8339

Email: ida.lim@the-ascott.com

Lilian Goh, Manager

Hp: (65) 9795 5225

Email: lilian.goh@the-ascott.com