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Building Engineering Strength for Tomorrow Annual Report 2017

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Building Engineering Strength for Tomorrow Annual Report 2017 HSS Engineers Berhad HSS Engineers (1128564-U) Building Engineering Strength for Tomorrow Annual Report 2017 HSS Engineers Berhad (1128564-U) Wisma HSS Integrated, B1 (1-4), Block B, Plaza Dwitasik, No. 21, Jalan 5/106 Bandar Sri Permaisuri, 56000 Kuala Lumpur Tel : +603 9173 0355 | Fax : +603 9173 0939 | Email : [email protected] Website : www.hssgroup.com.my Annual Report 2017 Building Engineering Strength for Tomorrow HEB currently carries the tagline of “Malaysia’s Engineering DNA”. This is represented by the double helix. With the acquisition of SMHB, the concept of Engineering DNA continues and will be strengthened to greater heights with added value in their combined expertise. Our core areas of expertise are illustrated below:- • Engineering Design and Construction Supervision • Project Management • Building Information Modeling (BIM) TABLE OF CONTENTS ABOUT US HEB at a Glance 02 Core Services 03 Mission Statement 04 About HEB 05 Our Story 08 Corporate Information 12 Corporate Structure 13 OUR PERFORMANCE Financial Highlights 16 Chairman’s Statement 18 The signing of the HOA unites two leading powerhouses of the Management Discussion & Analysis 22 “engineering consultancies in the country. Our combined size, engineering Awards and Accolades 38 skills and track record will expand our scope of services as well as enhance HEB in the News 40 the value proposition to clients. LEADERSHIP While HEB Group specializes in highways and railway infrastructure, SMHB has built an unparalleled reputation in the water sector for more than Board of Directors 42 50 years. Our consolidated expertise will accelerate our position to be Directors’ Profile 44 a key contender to undertake projects not only in Malaysia but in the Senior Managements’ Profile 51 international market as well. OUR COMMITMENT TO BUSINESS In essence, we will be stronger together, with vast expertise, substantial SUSTAINABILITY order book and combined strengths.” Sustainability Statement 58 OUR COMMITMENT TO GOOD TAN SRI IR. KUNA SITTAMPALAM GOVERNANCE Executive Vice Chairman, HSS Engineers Berhad Corporate Governance Overview Statement 69 Statement on Risk Management and Internal Control 82 Additional Compliance Information 85 FINANCIAL STATEMENTS Directors’ Report 88 Statements of Financial Position 92 Statements of Profit or Loss and Other Comprehensive Income 94 Statements of Changes in Equity 95 Statements of Cash Flows 97 Notes to the Financial Statements 99 Statement by Directors 141 Statutory Declaration 141 Independent Auditors’ Report 142 SHAREHOLDERS’ INFORMATION Analysis of Shareholdings 146 GRI Content Index 149 Notice of Annual General Meeting 152 Find out more about us at www.hssgroup.com.my Proxy Form HEB AT A GLANCE Transfer to MAIN MARKET OF TOTAL REVENUE ORDER BOOK BURSA MALAYSIA on 8 September 2017 2017 2017 RM145.7 RM434.3 CONTRACTS million million SECURED close to 2016 2016 RM176.0 RM139.0 RM378.4 million million million in 2017 Involved In KUALA LUMPUR-SINGAPORE HIGH-SPEED RAIL, EAST COAST RAIL LINK, MRT 1 & 2, TUN RAZAK EXCHANGE, BUKIT BINTANG CITY CENTRE, WESTPORTS, MAJU EXPRESSWAY 2 amongst others Market Capitalisation of SHARIAH Total assets under RM456.3 COMPLIANT management million on 24 November 2017 RM3 billion as at 31 December 2017 HSS ENGINEERS BERHAD 02 ANNUAL REPORT 2017 ABOUT US OUR PERFORMANCE LEADERSHIP OUR COMMITMENT TO BUSINESS SUSTAINABILITY OUR COMMITMENT TO GOOD GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION CORE SERVICES PRO JE CT S M ER A V N I A C G E E N S S N M G E I O C E I I S N T V E T C R D U E DELIVERING VALUE S G R T N N I S for our clients, R O I N E S O E I shareholders and C V N I S R N D G E E communities O N N I C P I A E T U A V S R M E R S O ) F ” IN G IM IN “B ILD ( BU NG ELI MOD HSS ENGINEERS BERHAD ANNUAL REPORT 2017 03 MISSION STATEMENT To be recognised as Malaysia’s premier engineering consultant, as reflected in our outstanding contribution to the development of the nation’s infrastructure; and retain this position through our excellent service and superior technical quality, innovation and performance HSS ENGINEERS BERHAD 04 ANNUAL REPORT 2017 ABOUT US OUR PERFORMANCE LEADERSHIP OUR COMMITMENT TO BUSINESS SUSTAINABILITY OUR COMMITMENT TO GOOD GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ABOUT HEB HSS Engineers Berhad (HEB or the Company) is an investment holding company which was incorporated on 23 January 2015 under the Companies Act, 1965 as a private limited company under the name of HSS Engineers Sdn. Bhd. before it was converted into a public limited company. The Company assumed its present name on 31 March 2015. HEB, through its subsidiaries (HEB Group or the Group) and associates, is principally involved in the provision of engineering and project management services including engineering design, construction supervision, project management and building information modeling services. To date, the Group’s total workforce consists of more than 650 employees, of which more than half are engineers. The Group operates from 3 main offices, based in Kuala Lumpur and Penang in Malaysia as well as Chennai in India. The HEB Group has longstanding experiences in a wide array of sectors, which includes urban infrastructure, roads and highways, railways and metro systems, building and structures, transportation planning, power generation, and water resources and supply, just to name a few. The Group provides its services on a global scale, to local clients as well as clients in countries such as India and the Middle East. HSS ENGINEERS BERHAD ANNUAL REPORT 2017 05 HIGHWAYS AND RAILWAYS LEVERAGING ON OUR TRACK RECORD OUR STORY DEAR VALUED SHAREHOLDERS, I am pleased to report that our second year as a listed entity on Bursa Malaysia Securities Berhad not only demonstrated our agility and adaptability amidst the thriving landscape, but also showcased our commitment to further our journey of growth, surpassing all expectations. Tan Sri Ir. Kuna Sittampalam Co-Founder / Executive Vice Chairman HSS ENGINEERS BERHAD 08 ANNUAL REPORT 2017 ABOUT US OUR PERFORMANCE LEADERSHIP OUR COMMITMENT TO BUSINESS SUSTAINABILITY OUR COMMITMENT TO GOOD GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION 2017 was a commendable year for HSS Engineers Hence, the proposed acquisition of SMHB Engineering Berhad (HEB or the Company). For one thing, we Sdn Bhd, the parent company of SMHB Sdn Bhd in secured close to RM176 million worth of contracts September 2017. Established in 1962, SMHB Sdn comprised mainly of high-impact infrastructure Bhd, is an engineering consultancy firm reputable projects, a value significantly higher than 2016. for its deep expertise in the water sector across treatment works, distribution, dams, flood mitigation, In the same year, we announced a major acquisition irrigation and environmental services. of a water specialist engineering firm, that would catapult us to the centre stage of engineering Some of the prominent water supply projects consultancy services sector in the local as well as that the firm was involved in were the design and in the international arena moving forward. construction of Phase 1, 2 & 3 of the Sg Selangor Water Supply Scheme, which is the largest water I would like to record my deepest appreciation for supply project in Malaysia as well as the Interstate your enduring support and belief in us, and reiterate Raw Water Transfer from Pahang to Selangor. It our desire to scale greater heights going forward. has also successfully completed projects overseas in the areas of water resources & water supply On that note, I am delighted to present you with development in South East Asia. the Annual Report of HEB for the year ended 31 December 2017. The enlarged entity, with a combined workforce of more than 1000-strong, would render two key A TRANSFORMATIONAL ACQUISITION advantages; firstly, the ability to both upscale and upskill in order to compete alongside foreign players; With Government’s commitment to the and secondly, the securing of a favourable vantage implementation of the General Agreement on Trade point to ride the next infrastructure boom in our in Services, we recognised that size does matter country, specifically the water industry. in an increasingly competitive market. With this in mind, we were determined to grow, both in size and This merger and acquisition exercise is our in skillsets, to position ourselves in the same level maiden endeavour towards consolidating the playing field as the international players. best of two powerhouses to attain bigger and bolder accomplishments. We firmly believe that the combined strengths of two leading Malaysian engineering consultancy firms will make the HEB Group a key contender to undertake projects in the international as well as the local market. SPEARHEADING INITIATIVE AND INNOVATION We remained true to our pledge to continuously innovate and adopt cutting-edge technologies to provide international-class engineering consultancy in 2017, services. HEB secured close to The year under review further exemplified HEB’s hallmarks of initiative and innovation, aligned with our constant pursuit of excellence, and commitment RM176 million to delivering first-class services and solutions for worth of contracts trusted clientele. HSS ENGINEERS BERHAD ANNUAL REPORT 2017 09 OUR STORY Illustrating this, our extensive experience in the HEB undertook multiple project works to this end, usage of cutting-edge Building Information Modeling encompassing varying aspects such as providing (BIM) proved a key turning point in developing viable the base design criteria for the provision of an solutions and enabling client visualisation. One such Information Communication Technology (ICT) instance was the successful utilisation of BIM in the masterplan for the creation of a SMART CITY in design of 3 vehicular tunnels to access the Bukit Kwasaland, incorporating solar power as an alternate Bintang City Centre development, which enabled us power source for the operation of Big Dutchman’s to propose a solution for minimal disruption to utility Warehouse, using microwave technology for the services within high-congested core of Kuala Lumpur.
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