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Realising Potential Realising Potential ANNUAL REPORT 2020 Scomi Group Bhd Contents 001 Key Financial Indicators Statement on Risk Management 027 & Internal Control 002 Corporate Information 030 Audit & Risk Management 003 Corporate Structure Committee Report 005 Corporate Statement 034 Additional Information 006 Board of Directors Statement of Directors’ 035 Responsibility 009 Key Senior Management 036 Financial Information 010 Management Discussion & Analysis 162 Analysis of Shareholdings 013 Sustainability Statement 164 Analysis of Warrant Holdings 014 Corporate Governance Overview 166 Request Form Statement Key Financial Indicators 2020 20191,2 20182 20173 20163 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 (Restated) (Restated) (Restated) Continuing operations Turnover - 8 613,957 826,892 1,383,332 EBITDA (144,087) (190,050) (114,613) 17,666 199,531 Depreciation and amortization 122 158 80,839 104,962 110,032 Finance costs 3,455 2,536 23,943 61,107 63,706 Share of (loss)/profit in associates (8,410) - - - 495 Share of (loss)/profit from joint ventures - - (36,663) (24,208) (10,628) (Loss)/Profit before tax (147,664) (192,744) (219,395) (148,403) 25,793 Taxation - - (13,058) (17,248) (13,889) (Loss)/Profit from continuing operations (147,664) (192,744) (232,453) (165,651) 11,904 Loss from discontinued operations (91,459) (233,225) (99,629) - - (Loss)/Profit for the year (239,123) (425,969) (332,082)) (165,651) 11,904 Non-controlling interest 3,016 29,798 82,108 58,246 10,632 (Loss)/Profit attributed to owners of the Company (242,139) (396,171) (249,974) (107,405) 22,536 Numbers of shares in issue (‘000) 1,093,907 1,093,907 1,093,907 1,917,510 1,917,510 Weighted average number of shares assumed in issue (‘000) 1,093,907 1,093,907 1,092,657 1,903,083 1,903,083 Weighted average number of shares used to compute diluted earnings per share (‘000) 1,093,907 1,093,907 1,092,657 1,903,083 1,903,083 Basic - Net (Loss)/Earning Per Share (sen)** (22.14) (36.22) (22.88) (5.64) 1.18 Fully diluted - Net (Loss)/Earning Per Share (sen)@ (22.14) (36.22) (22.88) (5.64) 1.18 Notes ** Based on profit/(loss) attributed to owner of the Company and the weighted average number of shares assumed to be in issue in the respective period/year. @ Based on profit/(loss) attributed to owner of the Company and the weighted average number of shares assumed to be in issue in the respective period/year after taking into consideration the dilutive effect of convertible bonds. 1 The results for the financial period ended 30 June 2019 is for a period of fifteen (15) months. 2 The results for the continuing operations for the financial period ended 30 June 2019 and financial year ended 31 March 2018 excludes the Transport Solutions segment as it was deconsolidated as at 30 June 2019. 3 The results for the continuing operations for the financial years ended 31 March 2017, 31 March 2016 and 31 March 2015 includes the Transport Solutions segment. 1 ANNUAL REPORT 2020 SCOMI GROUP BHD Corporate Information BOARD OF DIRECTORS Cheong Wong Sang Independent Non-Executive Director Tunku Azlan Bin Tunku Aziz Independent Non-Executive Director Ong Hock Seng Independent Non-Executive Director Shah Hakim @ Shahzanim Bin Zain COMPANY SECRETARY Non-Independent Non-Executive Director Ramnath A/L R. Sundaram (MIA 34590) Rafidah Binti Ibrahim (LS 0005649) Sammy Tse Kwok Fai AUDITORS Executive Director/Chief Executive Officer KPMG PLT (LLP0010081-LCA & AF 0758) Chartered Accountants Level 10, KPMG Tower AUDIT AND RISK MANAGEMENT COMMITTEE 8, First Avenue, Bandar Utama Tunku Azlan Bin Tunku Aziz (Chairman) 47800 Petaling Jaya Cheong Wong Sang Selangor Darul Ehsan Ong Hock Seng Malaysia NOMINATION AND REMUNERATION COMMITTEE Cheong Wong Sang (Chairman) Tunku Azlan Bin Tunku Aziz Ong Hock Seng PRINCIPAL BANKERS REGISTERED OFFICE D-31-01, Menara Suezcap 1 CIMB Bank Berhad Gerbang Kerinchi Lestari Plaza Azalea, No 2 Jalan Kerinchi Persiaran Bandaraya 59200 Kuala Lumpur Seksyen 14, 40000 Shah Alam Tel : 03-2771 1571 Selangor Darul Ehsan, Malaysia ADMINISTRATIVE AND CORRESPONDENCE ADDRESS Level 15, Menara TSR No. 12, Jalan PJU 7/3 Mutiara Damansara 47810 Petaling Jaya STOCK EXCHANGE LISTING Selangor Darul Ehsan Main Market of Bursa Malaysia Securities Berhad Malaysia Stock Name: SCOMI Tel : 03-7717 3000 Stock Code: 7158 Fax : 03-7728 5258 Website : www.scomigroup.com.my INVESTOR RELATIONS Email : [email protected] Meena Kanthaswamy Level 15, Menara TSR REGISTRAR No. 12, Jalan PJU 7/3 Boardroom Share Registrars Sdn Bhd Mutiara Damansara (formerly known as Symphony Share 47810 Petaling Jaya Registrars Sdn Bhd) Selangor Darul Ehsan 11th Floor, Menara Symphony Malaysia No. 5, Jalan Prof Khoo Kay Kim Tel : 03-7717 3000 Seksyen 13, 46200 Petaling Jaya Fax : 03-7728 5258 Selangor Darul Ehsan, Malaysia Email : [email protected] Tel : +603 7890 4700 Fax : +603 7890 4600 Email : [email protected] SCOMI GROUP BHD ANNUAL REPORT 2020 2 Corporate Structure as at 27 November 2020 SCOMI GROUP BHD1 Scomi Oiltools Scomi International Scomi Solutions Bermuda Limited Private Limited Sdn Bhd (Bermuda) (Singapore) Scomi Oiltools Scomi Oiltools Scomi Ecosolve Scomi Precision Overseas (M) (Europe) Ltd Limited Engineering Sdn Bhd Limited (Scotland) (BVI) (Mauritius) Scomi Chemicals Scomi OBM KMC Oiltools Scomi Oiltools Inc Terminal Sdn Bhd Algerie EURL (Texas, USA) Sdn Bhd (Algeria) Global Learning Scomi Energy Sdn Bhd Scomi Oiltools Oilfield Services de and Development Egypt SAE3,4 Mexico S de RL de Sdn Bhd (Egypt) CV5* (Mexico) 51% Scomi Enviro Scomi SGSB Scomi Oiltools de Sdn Bhd Sdn Bhd Mexico S de RL de CV5* (Mexico) 30% Strong Elegance Sdn Bhd 3 ANNUAL REPORT 2020 SCOMI GROUP BHD 2 100% 29.4% Scomi Engineering Scomi Energy Bhd (In Liquidation) Services Bhd1 Scomi Transit Scomi Transit Projects Brazil Projects Sdn Bhd Sdn Bhd Urban Transit Scomi Transit Servicos Do Projects Brazil Brasil LTDA6 (Sao Paulo) (Brazil) Sdn Bhd Scomi Urban Transit Transportation Private Limited7 Systems Sdn Bhd (India) 80% Scomi Rail Bhd Quark Fabricação De (In Liquidation) Equipamentos Ferroviårios E Serviços De Engenharia LTDA (Brazil) Scomi Coach Scomi Special Sdn Bhd Vehicles Sdn Bhd (In Liquidation) Scomi Coach Marketing Scomi Trading Sdn Bhd Sdn Bhd 1. Listed on the Bursa Malaysia Securities Berhad (Kuala Lumpur Stock Exchange). Notes: 2. Includes 0.01% held by Scomi Energy Sdn Bhd. * Except as otherwise expressly stated, all companies in 3 Scomi Oiltools Bermuda Limited holds on trust for Scomi Oilfield Limited pursuant this corporate structure are incorporated in Malaysia. to a trust deed dated 8 March 2013. * Except as otherwise expressly stated, all companies in 4. Includes 1 share each held by Scomi Oiltools Ltd and Scomi Oiltools (Cayman) Ltd. this corporate structure are wholly owned by their 5. Includes 1 share held by an individual. respective holding companies. 6. Includes 1 quota (similar to share in other jurisdictions) held by Scomi Rail Bhd. 7. Includes 0.0004% held by Scomi Rail Bhd. SCOMI GROUP BHD ANNUAL REPORT 2020 4 Corporate Statement We aim to realise potential for our stakeholders. We are a global technology enterprise. Our global reach, capabilities and talent provide us with the necessary resources to develop and own new Our customers: technology in all areas of our business. We will develop and offer customers innovative and competitive products and services that help them grow their business. We focus on Energy & Logistics. Our shareholders: All our businesses are focused on the Energy and Logistics We are committed to providing long-term sectors with the ability to compete globally. All of us in the Scomi family should remember that any new initiatives superior returns to our shareholders. we undertake will focus on these areas of business. Our people: We aim to provide our employees with developmental opportunities so they can We provide innovative solutions. succeed on personal and professional levels. We innovate to respond to an evolving environment. Our products and operations meet today’s needs Our suppliers: while anticipating tomorrow’s. We are committed to developing competitive and innovative solutions to We will treat our suppliers as our partners in the create efficiency, add value and grow with our customers mutual interest of business growth. to shape our future. Our society / environment: As a good corporate citizen, we will give back to the communities we operate in, worldwide. 5 ANNUAL REPORT 2020 SCOMI GROUP BHD Board of Directors CHEONG WONG SANG Independent Non-Executive Director Mr Cheong, 63, male, a Malaysian, is an Independent Non-Executive Director of the Company and was appointed to the Board on 18 June 2020. Mr. Cheong Wong Sang is a Certified Public Accountant (CPA) and a Certified Management Accountant (CMA) by profession. He has varied and extensive hands-on specialised business experiences, both in Malaysia and overseas. He started his early articleship training with an international accounting firm and simultaneously graduated as a Chartered Management Accountant. He specializes in turn-around situations, portfolio management, divestment exercise merges & acquisitions and high level negotiations involving privatization of national projects. Prior to that he worked and participated in senior executive positions including as director and advisor to the Board of various business entrepreneurial organizations including public listed entities in the Asia Pacific Region. Mr Cheong does not hold any directorship in any other public companies and listed issuers. Mr Cheong chairs the Nomination and Remuneration Committee and is also a member of the Audit and Risk Management Committee of the Board. He did not attend any of the Board Meetings held from the date of his appointment up to the financial year ended 30 June 2020. TUNKU AZLAN BIN TUNKU AZIZ Independent Non-Executive Director Tunku Azlan, 52, male, a Malaysian, is an Independent Non-Executive Director of the Company and was appointed to the Board on 18 June 2020.
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