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Ekovest Berhad Annual Report 2020.Pdf (Registration No. 198501000052 (132493-D)) I N N O V A T IV E F E OR LU GREATER VA EKOVEST BERHAD ANNUAL REPORT 2020 www.ekovest.com.my 1 ANNUAL TH GENERAL 35 MEETING OF EKOVEST BERHAD BROADCAST 3rd Floor, Ekovest Sales Gallery, VENUE 122-124, Jalan Gombak, 53000 Kuala Lumpur DATE Friday, 27 November 2020 “TIME 10.30 a.m. CONTENTS 02 Financial Highlights 04 Group Structure 07 Corporate Information 09 Executive Chairman’s Statement 20 Managing Director’s Statement 28 Directors’ Profile 32 Key Senior Management 34 Sustainability Statement 42 Corporate Governance Overview Statement 50 Statement on Risk Management and Internal Control 54 Audit and Risk Management Committee Report 57 Nomination Committee Statement 59 Financial Statements 155 Material Litigation 158 Additional Compliance Information 163 Analysis of Shareholdings 167 Partculars of Material Properties 176 Notice of The Thirty-Fifth Annual General Meeting 181 Statement Accompanying Notice of Annual General Meeting 182 Administrative Guide 187 Form of Proxy To access this report online, scan this QR code or log on to www.ekovest.com.my EKOVEST BERHAD ANNUAL REPORT 2020 www.ekovest.com.my 2 FINANCIAL HIGHLIGHTS Group Group Group Group Group 2016 2017 2018 2019 2020 RM’000 RM’000 RM’000 RM’000 RM’000 Revenue 793,582 1,072,789 1,036,867 1,335,178 1,268,281 Profit Before Tax 190,951 186,435 164,921 226,266 91,064 Taxation (35,345) (65,416) (50,533) (95,822) (62,747) Profit After Tax 155,606 121,019 114,388 130,444 28,317 Non-controlling Interests (194) (490) 11,066 10,032 18,705 Profit Attributable To Owners of the Company 155,412 120,529 125,454 140,476 47,022 Share Capital 427,724 428,115 755,593 1,117,961 1,117,961 Reserves 889,414 1,499,552 1,254,744 1,334,119 1,355,665 Equity Attributable To Owners of the Company 1,317,138 1,927,667 2,010,337 2,452,080 2,473,626 Represented By: Property, Plant and Equipment 67,290 64,417 70,248 133,922 224,580 Investment Properties 366,420 413,411 569,803 719,560 856,284 Right-of-use Assets - - - - 10,678 Land Held for Property Development 121,727 218,502 359,696 507,628 517,519 Concession Assets 2,388,462 3,179,661 3,828,941 4,682,373 5,657,254 Intangible Assets - - - 6,453 6,375 Investment In An Associate - - - 104,348 102,716 Investment In a Joint Venture - - - - 816 Deferred Tax Assets 2,554 4,495 9,854 13,163 15,406 Trade and Other Receivables - - - - 5,132 Current Assets 1,045,234 5,472,396 4,909,309 4,534,150 3,044,556 Current Liabilities (568,501) (862,838) (1,028,577) (1,344,788) (1,200,970) Non-current Liabilities (2,105,979) (6,183,133) (6,340,759) (6,546,580) (6,426,533) Non-controlling Interests (69) (379,244) (368,178) (358,149) (340,187) 1,317,138 1,927,667 2,010,337 2,452,080 2,473,626 Net Assets Per Share (RM) 1.54 0.90 0.94 0.92 0.93 Basic Earnings Per share (Sen) 18.17 5.64 5.86 6.45 1.77 3 FINANCIAL HIGHLIGHTS REVENUE (RM’000) 1,268,281 2020 1,335,178 2019 1,036,867 2018 2017 1,072,789 793,582 2016 0 100,000 240,000 400,000 540,000 590,000 680,000 820,000 960,000 1,100,000 1,240,000 1,380,000 PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY (RM’000) 47,022 2020 140,476 2019 125,454 2018 2017 120,529 2016 155,412 0 15,000 30,000 45,000 60,000 75,000 90,000 105,000 120,000 135,000 150,000 165,000 EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY (RM’000) 2,473,626 2020 2,452,080 2019 2,010,337 2018 1,927,667 2017 1,317,138 2016 0 1,000,000 1,150,000 1,300,000 1,450,000 1,600,000 1,750,000 1,900,000 2,050,000 2,200,000 1,350,000 2,500,000 EKOVEST BERHAD ANNUAL REPORT 2020 www.ekovest.com.my 4 50% 100% 100% 100% EKOVEST EKOVEST EKOVEST BRUNSFIELD SAUJARENA CONSTRUCTION PROPERTIES BINA SDN SDN BHD HOLDINGS SDN BHD SDN BHD BHD 100% 100% 100% 51% EKOVEST TIMUR TERANG EKOVEST EKOVEST OIL ENERGY SDN BHD CAPITAL & GAS SDN BHD SDN BHD SDN BHD 100% 100% MILAN EKOVEST 100% RESOURCES PROJECT EKOVEST WORLD MANAGEMENT SDN BHD SDN BHD SDN BHD 100% 100% EKOFIELD EKOFIELD DANGA COVE PROPERTY SDN BHD SDN BHD 100% 100% 100% 100% EKOFIELD HERITAGE SUNVIEW MILAN ENERGY PROJECTS RENO CAPITAL SDN BHD SDN BHD SDN BHD SDN BHD 100% 100% TEMASEK DUKE HOTELS MEGAMAS SDN BHD SDN BHD 5 GROUP STRUCTURE 100% 100% 100% 100% ARAH KASTURI WIRA KRISTAL EKORIVER EKOVEST BAY SDN BHD SDN BHD CONSTRUCTION SDN BHD SDN BHD 60% 100% 100% 100% EKOVEST-FABER EKOVEST ASSET KL RIVERCITY KL BUND SDN BHD MANAGEMENT SDN BHD SDN BHD SDN BHD 100% 100% 100% NUZEN TANAHMAS 100% EKOVEST LAND CORPORATION KAPITAL DUKE DININGS SDN BHD SDN BHD SDN BHD SDN BHD 100% 70% DUKE LEBUHRAYA DEVELOPMENT DUKE FASA 2A SDN BHD SDN BHD 100% 100% 60% MILAN EKOVEST SUNSHINE PRESTASI PARK & RIDE REALITY SDN BHD SDN BHD SDN BHD 60% KONSORTIUM 100% 65% 70% LEBUHRAYA LEBUHRAYA XINDAUJI (M) THE LOAF UTARA-TIMUR DUKE FASA 3 SDN BHD ASIA (KL) SDN SDN BHD SDN BHD BHD EKOVEST BERHAD ANNUAL REPORT 2020 www.ekovest.com.my 6 CORPORATE INFORMATION 7 CORPORATE INFORMATION CORPORATE INFORMATION BOARD OF DIRECTORS TAN SRI DATO’ LIM KANG HOO TAN SRI DATUK SERI DATO’ LIM HOE Executive Chairman LIM KENG CHENG Executive Director Managing Director LIM CHEN THAI KANG HUI LING LIM TS-FEI Executive Director Senior Independent & Independent & Non-Executive Director Non-Executive Director DR. WONG KAI FATT CHOW YOON SAM LEE WAI KUEN Independent & Independent & Independent & Non-Executive Director Non-Executive Director Non-Executive Director WONG KHAI SHIANG LIM DING SHYONG Alternate Director to Alternate Director to Dato’ Lim Hoe Tan Sri Datuk Seri Lim Keng Cheng COMPANY SECRETARY REGISTRARS LEGAL FORM AND PLACE Lim Thiam Wah, ACIS Sectrars Management Sdn Bhd OF INCORPORATION Lot 9-7 Menara Sentral Vista A public listed company incorporated PRINCIPAL PLACE OF BUSINESS No. 150 Jalan Sultan Abdul Samad in Malaysia and limited by shares Ground Floor, Wisma Ekovest Brickfields 50470 No. 118 Jalan Gombak Kuala Lumpur PRINCIPAL BANKERS 53000 Kuala Lumpur Tel : 03-22766138 AmBank Berhad Tel : 03-40215948 Fax : 03-22766131 OCBC Al-Amin Bank Berhad Fax : 03-40215943 CIMB Bank Berhad REGISTERED OFFICE Malayan Banking Berhad AUDITORS Ground Floor, Wisma Ekovest Kuwait Finance House (Malaysia) Berhad Mazars PLT No. 118 Jalan Gombak Public Bank Berhad Chartered Accountants 53000 Kuala Lumpur Hong Leong Bank Berhad Wisma Golden Eagle Realty Tel : 03-40215948 RHB Bank Berhad 11th Floor, South Block Fax : 03-40215943 142-A Jalan Ampang DOMICILE 50450 Kuala Lumpur STOCK EXCHANGE LISTING Malaysia Tel : 03-21615222 Main Market of Bursa Malaysia Fax : 03-21613909 Securities Berhad WEBSITE www.ekovest.com.my Stock Code : 8877 EKOVEST BERHAD ANNUAL REPORT 2020 www.ekovest.com.my 8 Tan Sri Dato’ Lim Kang Hoo Executive Chairman 9 EXECUTIVE CHAIRMAN’S STATEMENT DEAR VALUED SHAREHOLDERS, ON BEHALF OF THE BOARD OF DIRECTORS OF EKOVEST BERHAD, I WOULD LIKE TO PRESENT TO YOU OUR ANNUAL REPORT AND THE GROUP’S REPORTS AND FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2020. INDUSTRY TRENDS The Malaysian Gross Domestic Product registered a contracted growth of -17.1% in the second quarter of 2020 (1Q 2020: -0.7%) due to imposed Movement Control Order (MCO), causing restriction to production activities and slowing demand. On a quarter-on-quarter seasonally - adjusted basis, the economy contracted by -16.5% (1Q 2020: -2.0%). The output for construction sector contracted at -44.9% (1Q 2020: -6.3%), on account of declined construction activities in civil engineering, residential and special trade subsectors. Performance of construction sector remained weak amid the implementation of MCO affected by COVID-19 pandemic and resulted in disruption to both construction activities and consumer demand. All sectors except agriculture sector recorded a negative growth. In service and manufacturing sector, negative growth were recorded at 16.2% and 18.3% respectively. Tourism oriented sector recorded the highest decline due to closures of international border and imposition of travel ban in an effort to contain the COVID-19 pandemic. On demand side, private consumption expenditure declined by 18.5% FINANCIAL PERFORMANCE The decrease in the Group’s revenue was due to lower construction workdone recognised for DUKE Phase 3 and the River of Life projects as a result of the MCO implemented Despite of an eventful, volatile and challenging conditions in by the Government of Malaysia on 18 March 2020 as a financial year ended 30 June 2020 (“FYE2020”), Ekovest preventive measure in response to the COVID-19 pandemic. Berhad (“Ekovest”) delivered another year of profitable In addition, the extended Recovery Movement Control Order financial performance. The results reflect the core strength (RMCO) which is still in place had impacted our construction of Ekovest and its subsidiaries (the “Group”) in its work progress due to the initial suspension of work which construction expertise and the drive to further improve consequently resulted in supply chain disruption in the entire efficiency, cost and operations. construction industry. The border control measures put in place due to COVID-19 pandemic had also impacted the In FYE2020, Ekovest registered revenue of RM1.268 billion, labour force at our construction sites.
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