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Financial Statements 92 DRB-HICOM ANNUAL REPORT | FINANCIAL PERIOD ENDED 31 DECEMBER 2019 MANAGEMENT DISCUSSION & ANALYSIS Despite yet another challenging year, DRB-HICOM Berhad (“DRB-HICOM” or “the Group”) once again proved its resilience by pooling their resources and leveraging expertise to present a set of commendable results. This performance was greatly enhanced by PROTON Holdings Berhad (“PROTON”), which catapulted to second position in the domestic automotive sales rankings, once again becoming the market’s darling in the sedan segment while completely dominating the sport ultility vechicle (“SUV") space, a new niche for the nation’s first car-maker. PROTON’s performance did not just boost the Group’s performance; it also boosted the nation’s total industry volume (“TIV”). MACROENVIRONMENT The global economy contracted from 3.6% in 2018 to 2.9%1 in 2019 amid were 31,092 unsold residential units at end of September 2019, ongoing US-China trade tensions and uncertainties over Brexit, among compared with 30,115 units in the previous corresponding period. This others. Both developed and developing countries were affected, was despite the year-long Home Ownership Campaign launched by the Malaysia notwithstanding. The country recorded a drop in gross Government which spurred sales of 29,461 units worth RM17.99 billion domestic product GDP from 4.7% in 2018 to 4.3%, the lowest since comprising completed units and those still under construction2. The the financial crisis of 2008/9. industrial sector fared better as a result of undersupply of quality property together with relatively higher returns, longer lease tenures and Within this environment, the domestic market still saw a slight expansion lower maintenance costs. Investors snapped up RM2.6 billion worth of in TIV for vehicles sales, from 598,598 units in 2018 to 604,287 units. industrial assets during the year, 149.4% above the long-term average. This is the first time since 2015 that TIV breached 600,000 units (TIV for 2015 was 666,677 units). What is clear is PROTON’s sales for the year The one industry that has been thriving in which DRB-HICOM has a increased by 55.7%, making it the biggest mover in the industry. This presence is e-commerce. A joint study in 2019 by Google, Singapore- was achieved against a backdrop of lower sales among the competition, based investment company Temasek and global business consultants in line with the soft economy as well as tight lending protocols. Only Bain & Company predicts that the internet economy in Asean will be PERODUA and Toyota saw sales increasing among the mainstream worth estimated USD300 billion in 2025, increasing from USD240 billion brands; across the premium marques, only Geely-owned Volvo improved estimated just a year previously. The study also states that the number sales in the calendar year. Mercedes-Benz and BMW sales declined by of people buying/selling online in the region has tripled from 49 million more than 20%. in 2015 to 150 million in 2019. Growth of the sector in Malaysia mirrors that of the region, tripling in value to reach USD3 billion in the four-year Stringent loan requirements also impacted the residential property period. This figure is expected to hit USD11 billion by 2025, growing at a sector. According to the National Property Information Centre, there compounded annual growth rate of 27% from 20153. 1According to IMF’s World Economic Outlook, January 2020 2According to the Ministry of Housing and Local Government’s (KPKT), as reported in The Edge, https://www.edgeprop.my/content/1638530/what-shall-we-do-property-overhang 3http://think.storage.googleapis.com/docs/e-Conomy_SEA_2019_report.pdf DRB-HICOM ANNUAL REPORT | FINANCIAL PERIOD ENDED 31 DECEMBER 2019 93 OUR FOCUS FOR THE YEAR There is also increased emphasis on creating greater synergies across the vast Group businesses as DRB-HICOM tries enhance customer As an organisation with a long and colourful history, DRB-HICOM is no stickiness through collaboration, intra-Group referencing and stranger to adversity. It has been through a number of challenging cross-selling. There is great potential in this and some are already periods throughout its journey, learnt from them, adapted, and emerged bearing fruit. stronger. DRB-HICOM has always kept a pulse on trends and analysed emerging needs to stay ahead of the curve. Over the last few years, there FINANCIAL PERFORMANCE has been a rationalising its operations according to market demand while focusing on its core expertise and strengths. In 2019, DRB-HICOM announced a change of its financial year end from March to December to be aligned with the Government’s national Based on a five-year plan outlined in FY2016/17, DRB-HICOM has been budgeting period. The financial results reported here are therefore for placing greater emphasis on the following areas: the nine-month period from April to December 2019. • Enhancing PROTON’s market position For the nine-month period ended 31 December 2019, the Group achieved • Building Research & Development and automotive product a 16.9% increase in revenue to RM10.5 billion from the corresponding development capabilities period in 2018. This was driven primarily by the Group’s Automotive • Expanding presence regionally and globally Sector, and specifically PROTON which saw a 55.7% increase in sales. • Growing in aerospace, aviation and defence technologies Total revenue from the Automotive Sector came in at RM7.0 billion, Through PROTON, which is charting spectacular growth since entering RM1.8 billion more than for the corresponding period in 2018. into a strategic partnership with Geely in 2017, they are making good Revenue from the Services Sector, however, decreased by RM161.5 progress on the plan. million year-on-year to RM3.20 billion. This was due to lower In the space of 24 months, PROTON has moved up from fourth position contributions from Pos Malaysia and Bank Muamalat, as well as in the Malaysian automotive industry in terms of sales volume to second de-consolidation of Alam Flora Sdn. Bhd.'s (“Alam Flora") results in position, and now has set in motion efforts to challenge the top spot. November 2019. Divestment of the waste management company to More importantly, as PROTON regains its dominance, it is spurring Malakoff Corporation Berhad was completed in December 2019. growth of the Group’s entire automotive chain. Several Manufacturing The Properties Sector contributed RM290.9 million to the Group’s and Engineering (“M&E”) companies within DRB-HICOM have entered revenue, which was less than the RM73.4 million for the same period in and continue to enter into joint ventures with Geely’s existing vendors 2018. Contraction in revenue from Properties Sector was the result of and adopting their cutting-edge technologies, enabling them not only to completion and handover of the ICQS Complex in Bukit Kayu Hitam in serve PROTON’s needs but also that of other reputable Original June 2019. Sales from ongoing development projects at Proton City in Equipment Manufacturers (“OEM“). In terms of geographical expansion, Tanjong Malim, Glenmarie Johor in Johor Bahru and HICOM Pegoh the X70 is being exported to Brunei, while a Licensing and Technical Industrial Park (“HPP″) in Melaka brought in RM45 million. Assistance Agreement has been signed with ALHAJ Automotive to set up a PROTON assembly plant in Karachi to supply the Pakistan market. Along with the increase in revenue, the Group’s PBT came in at RM472.5 Meanwhile, there are plans to make inroads into China. million, reversing a loss before tax of RM46.9 million in the same period a year ago. Net profit, meanwhile, was RM439.1 million. The significant As for business diversification, an increasing number of DRB-HICOM’s increase in profit was due to the divestment of Alam Flora as well as the M&E companies have ventured into the aerospace and aviation improved performance of the Group’s Automotive Sector. industries and are partners to global names such as Airbus and Boeing. In defence technologies, DRB-HICOM Defence Technologies Sdn. Bhd. (“DEFTECH″) continues to address the Government’s changing needs, leveraging on its commendable track record and experience in providing defence solutions. 94 DRB-HICOM ANNUAL REPORT | FINANCIAL PERIOD ENDED 31 DECEMBER 2019 OPERATIONAL REVIEW AUTOMOTIVE SECTOR Key Highlight The main highlight, not only for the Automotive Sector but for the Group, sending employees for training at Geely Research Institute (“GRI”) in has been the remarkable turnaround of PROTON. The country’s first car Ningbo and Hangzhou in China, further building capabilities within the maker sold a total of 100,821 units in calendar year 2019, a significant industry. 55.7% increase from 2018. This was all the more notable given that TIV Among the beneficiaries of PROTON’s partnership with Geely has been for the year inched up by only 0.9%. HICOM HBPO Sdn. Bhd. (“HHBPO”), which manufactures front end PROTON’s growth was driven by the new X70 for which local production modules (“FEM”). Following collaboration with GRI, the company was began in December 2019, as well as facelifts to four existing models, named a Top 5 Supplier to PROTON in Product Development. It has also namely the Persona, Iriz, Exora and Saga, which also now incorporate acquired ISO 45001:2018 Occupational Health and Safety Management intelligent connectivity with in-built Wi-Fi. Fans snapped up more than System certification and the German automotive industry’s VDA 6.3 and 29,000 units of the SUV while 38,144 units of the facelifted Saga rolled 6.5 Quality Management System qualifying it to supply BMW and out of PROTON’s showrooms across the country. Mercedes-Benz. By December 2019, PROTON had captured 18.3% of the overall At the same time, PROTON has been matching its local vendors with passenger car segment to attain second position in the Malaysian Geely’s extensive network of suppliers, and particularly those that were automotive market, while as a Group, DRB-HICOM commanded no less already providing parts for the SUV.
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