GPT GROUP — Annual Report 2018

Feb 12, 2018

2017 ANNUAL RESULT

AGENDA

SECTION SPEAKER SLIDE	SECTION SPEAKER SLIDE	SECTION SPEAKER SLIDE
2017 Annual Result Highlights	Bob Johnston	3
Financial Summary & Capital Management	Anastasia Clarke	5
Retail	Vanessa Orth	9
Office & Logistics	Matthew Faddy	18
Funds Management	Nicholas Harris	30
Summary & Outlook	Bob Johnston	33

2017 Annual Result Highlights

Key Outcomes in 2017

15.2%

3.0% 5.1% Growth in Growth in Total Funds From Operations Distribution Return per security per security

$ 5.04 24.4% Net Tangible Assets Net gearing per security

Group highlights in 2017

• Group Assets Under Management increased 12% to $21.5 billion

• NTA per security growth of 9.8%

• Interest rate hedging increased to 76% for 2018

• Active capital management to maintain strong balance sheet

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GPT 2017 Annual Result

Progressing strategic priorities

Business Outcomes

$ $ 4.4% 718M 96.8% 5.2YRS 5.27% 12.0B Portfolio like for Valuation Total portfolio Weighted Average Weighted Average Funds Under like income uplift occupancy Lease Expiry Cap Rate Management growth

INVESTMENT PORTFOLIO & OPERATIONS

DEVELOPMENT

• Office portfolio continues to deliver outperformance

• Resilient Retail portfolio delivered 3.8% income growth

• Completion of GWSCF terms renewal and liquidity review

  • Development pipeline continues to be a focus and a source of new investment assets for the Group

  • 32 Smith Street, Parramatta, office development expected to commence in 2H 2018

• Increased investment in GWSCF

• GWSCF acquired the remaining 25 per cent stake in Highpoint Shopping Centre for $680 million

• Record leasing volumes in Office and Logistics

• 4 Murray Rose Ave, Sydney Olympic Park, on track for completion in Q4 2018

• Successful lease-up of logistics development assets

• Alternate options for Rouse Hill Town Centre expansion continue to be explored

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4

GPT 2017 Annual Result

FINANCE & TREASURY

Financial Summary

12 MONTHS TO 31 DECEMBER ($ MILLION)	2017	2016	CHANGE
Funds From Operations (FFO)	554.2	537.0	3.2%
Valuation increases	717.7	611.6
Treasury items marked to market	(2.9)	(23.0)
Other items	0.1	27.1
Net Profit After Tax (NPAT)	1,269.1	1,152.7	10.1%
Funds From Operations per stapled security (cps)	30.77	29.88	3.0%
Funds From Operations (FFO)	554.2	537.0
Maintenance capex	(54.4)	(45.4)
Lease incentives	(53.5)	(70.1)
Adjusted Funds From Operations (AFFO)	446.3	421.5	5.9%
Distribution per stapled security (cps)	24.6	23.4	5.1%

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GPT 2017 Annual Result

Segment Result

12 MONTHS TO 31 DECEMBER ($ MILLION)	2017	2016	CHANGE
Retail	318.4	294.1
Office	248.9	225.0
Logistics	94.0	95.4
Funds Management	37.0	61.0
Net Income	698.3	675.5	3.4%
Net interest expense	(102.4)	(100.0)
Corporate overheads	(30.6)	(29.8)
Tax expense	(11.1)	(14.0)
Corporate	(144.1)	(143.8)	0.2%
Non-core income	-	5.3
Funds From Operations	554.2	537.0	3.2%

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7

GPT 2017 Annual Result

Capital Management

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• Raised A$400 million in a US Private Placement (USPP) debt issue

• Moody’s upgraded GPT’s long term credit rating to A2

• Half of all financing now sourced from debt capital markets, enhancing term to maturity

KEY STATISTICS	DEC 2017	DEC 2016
Net tangible assets per security	$5.04	$4.59
Net gearing Weighted average cost of debt	24.4% 4.20%	23.7% 4.25%
Weighted average term to maturity	7.1 years	6.5 years
Interest cover ratio	6.5x	6.4x
Credit ratings (S&P / Moody’s)	A / A2	A / A3
Weighted average term of hedging	4.8 years	4.4 years
Drawn debt hedging	76%	57%

Sources of Financing Facilities

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CPI Bonds
2%
USPP
Domestic bank debt
23%
30%
Bank facilities
50%
Foreign MTNs
Debt capital markets
4%
50%
Domestic MTNs Foreign bank debt
21% 20%
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8

GPT 2017 Annual Result

RETAIL

Retail Highlights

Key Portfolio Statistics

$ $ 3.8% 2.2% 99.6% 281.4M 5.10% 11,185 Portfolio like for Comparable Specialty sales Total portfolio Valuation Weighted Average like income specialty sales productivity occupancy uplift Cap Rate growth growth per sqm per sqm Total Portfolio Return of 11.1% RETAIL FINANCIAL 2017 2016 CHANGE Property Net Income growth driven by fixed rental increases and HIGHLIGHTS ($M) the strong performance of the portfolio Operations Net Income 313.1 288.3 8.6% Valuation gains due to solid income growth and metric compression Increased investment in GWSCF, co-ownership stake at 28.8% Development Net Income 5.3 5.8 (8.6%) Segment Result 318.4 294.1 8.3%

• Total Portfolio Return of 11.1%

• Property Net Income growth driven by fixed rental increases and the strong performance of the portfolio

• Valuation gains due to solid income growth and metric compression

• Increased investment in GWSCF, co-ownership stake at 28.8%

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GPT 2017 Annual Result

Retail Portfolio

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GPT’s portfolio has delivered average
like-for-like NOI growth of 3.0% over the
five years to December 2016
GPT Average
3.0% MELBOURNE
HIGHPOINT CHARLESTOWN
CENTRAL
Peer Average
2.8%
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GPT Average
3.0% MELBOURNE
CENTRAL
Peer Average
2.8%
•
2017 Total Return 12.3%
•
100% occupancy
•
Re-investment of $17m in
asset enhancement
capital in 2017
3.0% 2.6% 2.5% 2.4% 2.9% 2.9% 3.0% 3.0% 3.8% 3.2% 3.8%
Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
GPT Peer Average
GPT 5 Year Average Peer 5 Year Average
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• 2017 Total Return 20.9%

• 2017 Total Return 9.2%

• Over $1 billion MAT sales

• Specialty sales productivity of $12,616psm (+6.5% growth)

• Re-mixing introducing 3 international retailers in 2017 forecast to contribute $35m in sales

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GPT 2017 Annual Result

Retail Sales

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PORTFOLIO MAT GROWTH BY CATEGORY
$11,185
Specialty Sales
per sqm
1.7% 12.3%
10.6%10.7%
Total Centre
MAT 2.2%
Growth 5.9%
5.0%
Comparable
Specialty per sqm 3.1% 3.1%
1.7%
Growth 0.9%
0.3%
-0.7% -0.9% -1.0%
12.3% -2.7% -3.1%
-5.4%
Mini Major
MAT Growth
3.1%
Combined
MAT
Growth
0.3%
Specialty
MAT Growth
Total centre Dept Store DDS Supermarket Mini Majors Specialties Combined MM / Spec Homewares Retail Services General Retail Leisure Food Catering Food Retail Jewellery Apparel Mobile Phones
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Excludes development impacted centres - Sunshine Plaza, Macarthur Square, and Wollongong Central.

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GPT 2017 Annual Result

Retail Leasing

• High quality portfolio proving to be resilient in a more challenging leasing market

• Portfolio occupancy remains high at 99.6% and holdovers have reduced to 6.6% of specialty expiry rent

• Continue to transition into retail growth categories, focussing on first to market, unique retail concepts and bringing online into physical stores

PORTFOLIO LEASING STATISTICS
	2017	2016
Specialty Deal Count	402	504
−Avg. Annual Fixed Increase	4.7%	4.8%
−Avg. Lease Term	4.7 years	4.7 years
Leasing Spread	(1.2%)	0.3%
Retention Rate	74%	75%
Portfolio Occupancy	99.6%	99.6%
Specialty Rent - % of Income Expiring	19.3%	19.6%
Specialty WALE	2.9 years	2.8 years
Specialty Occupancy Cost	17.1%	16.9%

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Statistics exclude development impacted centres; holdovers

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13

GPT 2017 Annual Result

Evolving the Retail Mix to meet changes in consumption

HOUSEHOLD CONSUMPTION (ABS) GPT PORTFOLIO RETAIL SHIFT (5 YEAR CAGR) COMBINED SPECIALTIES & MINI MAJORS Portfolio performance remains 5 Year CAGR Sales 12.0% 5 Year CAGR Rent sustainable given the 10.0% active remixing towards growth 8.0% categories 3.5% 4.6% 6.0% Discretionary Services Sales CAGR 5 year per annum growth 5 year per annum growth 4.0% 6.4% 2.0% 4.6% 3.4% Rental CAGR Essentials Goods 0.0% 4.2% 5 year per annum growth 5 year per annum growth

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14

GPT 2017 Annual Result

Sharing Data Insights to Drive Market Share and Performance

DRIVING MARKET SHARE SHARING DATA INSIGHTS PARTNERSHIPS FOCUSED ON UTILISING MULTIPLE DIGITAL PLATFORMS

PARTNERING WITH RETAILERS - COTTON ON

• Long term strategic partnership with the Cotton On Group

• Sharing our data; Cotton On SKU data, GPT traffic and database segment insights

• Combining data sources to analyse and understand conversion, mall and in-store behaviour

Partnership to trial and test customised campaigns to influence spend OUTCOME and drive productivity

LEVERAGING NEW PLATFORMS - AFTERPAY

• First to market property partnership with the afterpay payment platform

• Targeted campaign focused on fashion forward millennial market

• Utilised all partners digital platforms to drive visitation to Glue and adoption of afterpay OUTCOME AFTERPAY result +70% utilisation GLUE result +33% sales

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GPT 2017 Annual Result

Retail Development

SUNSHINE PLAZA

• $420m retail expansion (100% interest)

• Q4 2018 completion

• Specialty leasing program 35% complete

• Flagship International and National brands secured

• Forecasting incremental stabilised yield greater than 6%

DEVELOPMENT ACTIVITY TOTAL COST

Current Developments

Sunshine (100%) $420m Future Developments Rouse Hill $200m Melbourne Central $50m Casuarina (100%) $80m

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GPT 2017 Annual Result

Retail Market Outlook

AUSTRALIAN RETAIL SALES

MEDIUM TERM OUTLOOK

ONLINE SALES GROWTH TO CONTINUE though physical stores forecast to represent ~90% of retail sales over the medium term

EMPLOYMENT GROWTH forecast at +3.3% in 2017[1] , reflecting a tightening labour market, and improving business and consumer confidence

MODERATING HOUSE PRICE GROWTH coupled with increases in household costs may constrain consumer spending in the short term

LONGER TERM OUTLOOK

DELOITTE ACCESS ECONOMICS forecast retail sales growth of +4.3% over the next 10 years

POPULATION GROWTH forecast of +1.4% per annum over the next 10 years

1. Source: ABS

GPT PORTFOLIO

PORTFOLIO IS WELL POSITIONED

HIGHLY PRODUCTIVE PORTFOLIO

CONTINUE TO REMIX CENTRES

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Other Assets
10%
Casuarina Melbourne
Square Central
7% 22%
Sunshine
Plaza
8%
85% located NSW/VIC
99% prime regional assets
Rouse Hill
Town Centre
10%
Highpoint
Shopping
Centre
17%
Westfield
Penrith
11%
Charlestown
Square 15%
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GPT 2017 Annual Result

OFFICE

Office Highlights

Key Portfolio Statistics

$ 374.1MM

$ 5.0% 374.1MM 95.2% Portfolio like for Valuation Total portfolio Leases like income uplift occupancy signed growth

M[2] 189,500

5.18%

5.6YRS

Weighted Office Average Cap WALE Rate

• Total Portfolio Return of 14.5%

• Like for like income growth of 5.0% driven by rental growth and increased occupancy for Sydney assets

• Valuation uplift due to rental growth and compression of investment metrics

• 225,700sqm of deals including leases signed and terms agreed

• Segment Result reflects strong leasing outcomes and the acquisition of additional GWOF units

	OFFICE
	FINANCIAL	2017	2016	CHANGE
	HIGHLIGHTS($M)
	Operations Net Income	247.8	223.9	10.7%
	Development Net Income	1.1	1.1	-
	Segment Result	248.9	225.0	10.6%

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GPT 2017 Annual Result

Office Portfolio Performance

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MLC Centre, Sydney 2 Park Street, Sydney
Australia Square,
One Farrer Place,
Sydney
Sydney
MLC 2 PARK AUSTRALIA
580 George Street, NSW 56%
Sydney Darling Park 1, CENTRE STREET SQUARE
VIC 32%
2 & 3, Sydney
CBW, Melbourne QLD 12%
Liberty Place,
Sydney • • •
2017 Total Return 25.3% 2017 Total Return 18.1% 2017 Total Return 14.5%
800-808 Bourke Street,
Melbourne Melbourne Central • 4.6 year WALE • 5.3 year WALE • 3.2 year WALE
Tower • • •
A Grade - Other Tower repositioning now Over 30,000sqm leased in Capitalise on strong
complete last 3 years Sydney leasing market
530 Collins Street, Melbourne
Riverside Centre, 111 Eagle 8 Exhibition • Retail redevelopment • Diverse tenant base with re-leasing opportunities in
Brisbane Street, Street, opportunity including Amazon, Citi,
Brisbane Melbourne QBE & Unilever 2018/2019
PREMIUM 58% A GRADE 42%
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• WALE by income

20

GPT 2017 Annual Result

Office Leasing

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• 189,500sqm signed leases in 2017 with a further 36,200sqm terms agreed

• • Continuing demand from technology sector, contributing over 20% of 2017 leasing volume

• • Strategic leasing a key focus with 44% of 2017 signed leases across expiries 2019+

• Benefiting from strong Sydney and Melbourne market conditions

MAJOR LEASES SIGNED	750 Collins Street 41,400sqm Workplace6 16,300sqm Liberty Place 14,100sqm Melbourne Central Tower 7,300sqm Riverside Centre 6,100sqm Darling Park 3 6,000sqm	OFFICE PORTFOLIO SYDNEY MELBOURNE BRISBANE
		Leases Signed 189,500sqm 88,200sqm 82,300sqm 19,000sqm
		% Forward Leasing (Expiries 2019+) 44% 38% 52% 33%
		WALE by Income 5.6 years 5.4 years 5.7 years 5.8 years

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21

GPT 2017 Annual Result

Flexible Workspace Offering Space&Co.

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•
Momentum for flexible space continues with significant growth over the past 5 years
•
Space&Co. provides a variety of workspace and co-working environments for use on demand
•
Powerful differentiator for assets, providing enhanced returns
GPT customers
83% occupancy represent 50%
at 31 December 2017 of Space&Co.
members
Co-working % of market
Expanding
0.6% Australia
Space&Co. venues
1.2% Manhattan
in 2018
4.0% London
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• Knight Frank, August 2017. Based on % of Total Stock.

22

GPT 2017 Annual Result

Office Development

4 MURRAY ROSE, SYDNEY OLYMPIC PARK

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• Construction well progressed with completion expected October 2018

• 60% pre-committed with active enquiry on remaining space

• Expected end value of over $100m with a yield on cost over 7%

COCKLE BAY PARK, SYDNEY

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• Positive engagement with authorities on proposed scheme at Darling Park

• Office and retail precinct of approximately 70,000sqm

• Will reconnect the city to the harbour, provide re-energised retail offering, new public and outdoor cultural space

32 SMITH STREET, PARRAMATTA

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• Development approval expected in H1 following achievement of design excellence

Strong engagement with blue-chip occupiers

• Targeting commencement in 2018 and completion 2020

• Expected end value over $230m, yield on cost over 7%

MELBOURNE CENTRAL TOWER, MELBOURNE

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Comprehensive $35m lobby upgrade, realignment of entry, creation of new retail and ‘third space’

Works to commence 2018

Early engagement to seek pre-commitment for a 20,000sqm office tower on Lonsdale Street

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23

GPT 2017 Annual Result

Market Outlook

Historic Net Effective Rental Growth – 12 months to December 2017 Total Vacancy at December 2017 CURRENT MARKET 15.0% -2.7% Brisbane CBD 5.4% 26.0% Sydney CBD Melbourne CBD 6.4% 13.4%	GPT MARKET FORECAST
	SYDNEY CBD MELBOURNE CBD BRISBANE CBD
	Market Outlook • Vacancy contraction and rent growth forecast for medium term • Net supply to remain low with limited construction in short term • Continued vacancy tightening and rent growth next two years • Demand fuelled by strong Victorian economy and population growth • Ongoing demand recovery has stabilised vacancy, with rental growth to turn positive • No supply forecast for 2018 and to remain moderate over medium term
	Forecast net effective rental growth (next 12 months) 10% 11% 5%
	Forecast average vacancy (next 3 years) ~5% ~6.5% ~15%

• JLL Research

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GPT 2017 Annual Result

LOGISTICS

Logistics Highlights

Key Portfolio Statistics

$ 4.0% 62.1M 96.1% Portfolio like for Valuation Total portfolio Leases like income uplift occupancy signed growth

M[2] 188,200

6.31% 7.6YRS Weighted Logistics average cap rate WALE

• Total Portfolio Return of 11.2%

• Like for like income growth up 4.0%

• Strong leasing results with 240,600sqm of deals signed and terms agreed

• Operations Net Income growth impacted by the divestment of Kings Park in 2016, offset by leasing activity and development completions

• Four development completions in 2017 totalling 70,200sqm

	LOGISTICS FINANCIAL	2017	2016	CHANGE
	HIGHLIGHTS($M)
	Operations Net Income	93.3	92.7	0.6%
	Development Net Income	0.7	2.7	(74.1%)
	Segment Result	94.0	95.4	(1.5%)

• $74 million acquisition in Melbourne completed in January 2018

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26

GPT 2017 Annual Result

Logistics Leasing & Acquisitions

LEASING | INVESTMENT AND DEVELOPMENT

• Strong leasing activity with 188,200sqm of signed leases and 52,400sqm terms agreed

ACQUISITION SUNSHINE BUSINESS ESTATE, MELBOURNE

• Portfolio WALE of 7.6 years¹

• Leases secured with national occupiers including Super Retail Group, Linfox and Silk Logistics

Leasing Volume 2013-2017

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(sqm.)
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188,200
106,200 103,000
78,800
61,900
2013 2014 2015 2016 2017
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• Located in the core inner west market of Sunshine, approximately 12km from Melbourne’s CBD and 6km from Port Melbourne

• $74.0 million acquisition, settled in January 2018

• 6.1% initial yield

• High quality estate, four assets fully leased to ASX listed IVE Group for a remaining 9 years

¹ WALE by income

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27

GPT 2017 Annual Result

Logistics Development

• Strong leasing outcomes achieved with the four developments completed in the year 100% leased

• Yield on cost of 7% for completions in 2017

• Three projects under construction across Sydney and Brisbane

• Future development pipeline of 67 hectares

• 54 EASTERN CREEK DRIVE, EASTERN CREEK

2017 COMPLETIONS

• 2017 COMPLETIONS M[2]

• 70,200 GLA

• • Huntingwood Stage 1, Sydney

• • Metroplex Wacol (Loscam), Brisbane

• • $ Seven Hills, Sydney 133.6M

• • 54 Eastern Creek Drive (Lot 2012), Value Sydney

100%

Leased

UNDERWAY

• Eastern Creek (Lot 21), Sydney

• Huntingwood Stage 2, Sydney

• • Metroplex Wacol (Volvo), Brisbane*

M[2] 53,000 GLA $ 94.4M End Value

• Divestment to complete in 2018, end value $17.5m (50% interest)

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28

GPT 2017 Annual Result

Logistics Market Outlook

SYDNEY

MELBOURNE

BRISBANE

• Development completions and future opportunities capitalising on strong leasing environment

• Take up will continue to benefit from online retailing and state growth

• Population growth and infrastructure projects supporting demand

• Cheaper land prices and lower rents will maintain Melbourne’s competitiveness

• Strengthening state economy will underpin demand recovery

• Increasing enquiry for pre-lease and land sales

Gross Take-up and Vacancy by Market

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1,200
1,000
800
600
400
200
0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
SYDNEY MELBOURNE BRISBANE
Take-up (sqm) Vacancy (sqm) 10 Year Average Take-up (sqm)
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Source: JLL, Knight Frank, Colliers, GPT Research – Take-up >5,000 sqm

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29

GPT 2017 Annual Result

FUNDS MANAGEMENT

Funds Management Highlights

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•
Total assets under management increased by 15.4% to
$12.0 billion TOTAL FUND RETURN GPT
FUND
ASSETS (1YR) INVESTMENT
•
Funds Management business delivered a strong Total
Return of 15.1% for the full year GWOF $7.1bn 13.4% $1.4bn
• GPT Wholesale Shopping Centre Fund the top GWSCF $4.9bn 12.5% $1.0bn
performing retail fund over one and two years
Total $12.0bn $2.4bn
•
Strong demand for units in both Funds from existing
and new investors
Economies of scale driving EBIT Growth
FINANCIAL
(5 Year CAGR) 2017 2016 CHANGE
HIGHLIGHTS ($M)
18.3%
Adjusted Earnings
37.0 32.9 12.5%
(excl. GWOF Performance Fee)
12.8% GWOF Performance Fee - 28.1
Segment Result 37.0 61.0
Assets Under Management Underlying EBIT
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31

GPT 2017 Annual Result

Fund Update

GPT WHOLESALE OFFICE FUND

• Sale of 545 Queen Street, Brisbane for $70.5 million completed

• Portfolio WALE increased from 5.9 years to 7.0 years

• Revaluations resulted in a total gain of $409 million

• Issued a $200 million 10 year MTN with a fixed coupon of 4.52%

• Completed a US$150 million 12 year US Private Placement note issue, increasing average debt term to 5.9 years

GPT WHOLESALE SHOPPING CENTRE FUND

• New Fund terms unanimously approved by Investors

• Liquidity review successfully concluded with all securities taken up under the pre-emptive offer process

• Macarthur Square expansion completed and Wollongong Central successfully repositioned

• Acquisition of a further 25% interest in Highpoint for $680 million

• Wollongong Central sale process planned in 2018

• Issued a $200 million 7 year MTN with a fixed coupon of 3.99%

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32

GPT 2017 Annual Result

Summary & Outlook

BALANCE SHEET

SECTOR OUTLOOK

GROUP OUTLOOK

• S&P/Moody’s Ratings at A/A2

• Cost of debt expected to be approximately 4.25% in 2018

• Conservative gearing at 24.4% with a weighted average term to maturity of 7.1 years

• Retail sales growth likely to remain below trend in the near term

• Favourable Office Sector conditions expected to continue

• Logistics continues to benefit from retail/ecommerce demand and housing cycle

• Investment Portfolio expected to deliver solid growth

• New development additions on track for 2019/2020

• Modest increase in repositioning capital for Retail and Office assets

2018 GUIDANCE FFO per security growth of approximately 3% DPS growth of approximately 3%

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33

GPT 2017 Annual Result

Disclaimer

The information provided in this presentation has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188).

The information provided in this presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information in this presentation to determine whether it is appropriate for you.

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. While every effort is made to provide accurate and complete information, The GPT Group does not represent or warrant that the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation - such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this presentation.

Information is stated as at 31 December 2017 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.

Funds from Operations (FFO) is reported in the Segment Note disclosures which are included in the financial report of The GPT Group for the 12 months ended 31 December 2017. FFO is a financial measure that represents The GPT Group’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised or capital in nature. FFO has been determined based on guidelines established by the Property Council of Australia. A reconciliation of FFO to Statutory Profit is included in this presentation.

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34

GPT 2017 Annual Result