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Ytl Land & Development Berhad 1116-M YTL LAND & DEVELOPMENT BERHAD 1116-M the journey continues... annual report 2014 Contents Corporate 002 Financial Highlights 026 Statement on Corporate Governance Review 004 Chairman’s Statement 030 Statement on Risk Management & 008 Notice of Annual General Meeting Internal Control 012 Statement Accompanying 033 Disclosure of Recurrent Related Party Notice of Annual General Meeting Transactions of a Revenue or Trading Nature 013 Corporate Information 035 Analysis of Share/Irredeemable Convertible 014 Profile of the Board of Directors Unsecured Loan Stock (ICULS) Holdings 018 Statement of Directors’ Responsibilities 039 Statement of Directors’ Interests 019 Audit Committee Report 042 Schedule of Share Buy-Back 023 Nominating Committee Statement 043 List of Properties Financial 045 Directors’ Report 061 Consolidated Statement of Changes in Statements 054 Statement by Directors Equity 054 Statutory Declaration 062 Company Statement of Changes in Equity 055 Independent Auditors’ Report 063 Statements of Cash Flows 057 Income Statements 065 Notes to the Financial Statements 058 Statements of Comprehensive Income 131 Supplementary Information 059 Statements of Financial Position – Breakdown of Retained Earnings/ (Accumulated Losses) into Realised and Unrealised • Form of Proxy YTL LAND & DEVELOPMENT BERHAD (1116-M) YTL Land & Development Berhad Financial Highlights 2014 2013 2012 2011 2010 Revenue (RM’000) 285,376 184,723 581,416 73,246 246,645 Profit/(Loss) Before Taxation (RM’000) 50,149 48,052 47,995 27,544 27,121 Profit After Taxation (RM’000) 33,615 33,398 35,030 20,404 20,411 Profit Attributable to Owners of the Parent (RM’000) 23,782 25,213 25,002 18,065 18,621 Total Equity Attributable to Owners of the Parent (RM’000) 1,006,998 978,481 952,516 565,880 547,815 Earnings per Share (Sen) 2.87 3.04 3.02 2.26 2.37 Total Assets (RM’000) 2,775,554 2,667,023 2,844,793 920,898 908,539 Net Assets per Share (RM) 1.21 1.18 1.15 0.68 0.70 002 Annual Report 2014 Financial Highlights 581,416 35,030 33,615 50,149 33,398 47,995 48,052 20,411 20,404 27,544 27,121 285,376 246,645 Profit/ Profit (Loss) Before After 184,723 Revenue Taxation Taxation 73,246 (RM’000) (RM’000) (RM’000) ‘10 ‘11 ‘12 ‘13 ‘14 ‘10 ‘11 ‘12 ‘13 ‘14 ‘10 ‘11 ‘12 ‘13 ‘14 3.04 3.02 2.87 25,213 25,002 978,481 1,006,998 23,782 952,516 2.37 2.26 18,621 18,065 565,880 Profit Total Equity 547,815 Attributable Attributable to Owners to Owners Earnings of the Parent of the Parent per Share (RM’000) ‘10 ‘11 ‘12 ‘13 ‘14 (RM’000) ‘10 ‘11 ‘12 ‘13 ‘14 (Sen) ‘10 ‘11 ‘12 ‘13 ‘14 1.21 1.18 2,844,793 2,775,554 1.15 2,667,023 0.70 0.68 Total 908,539 920,898 Net Assets Assets per Share (RM’000) ‘10 ‘11 ‘12 ‘13 ‘14 (RM) ‘10 ‘11 ‘12 ‘13 ‘14 003 YTL Land & Development Berhad Chairman’s Statement On behalf of the Board of Directors of YTL Land & Development Berhad (“YTL L&D” or the “Company”), I have the pleasure of presenting to you the Annual Report and audited financial statements of the Company and its subsidiaries (the “Group”) for the financial year ended 30 June 2014. OVERVIEW The Group achieved another year of sound performance, making good progress in delivering its ongoing projects on-schedule, in addition to developing its new luxury residences in Singapore. DATO’ SULEIMAN BIN ABDUL MANAN Chairman 004 Annual Report 2014 Chairman’s Statement The Malaysian economy recorded The Group has maintained its long- The improvements were due mainly gross domestic product (GDP) growth standing stance in timing and pricing to the Group’s Fennel phase in its of 4.7% for the 2013 calendar year, its launches to meet the demands of Sentul urban regeneration project and affected by a weaker external sector, genuine buyers and, during the year sales of completed properties in compared to 5.6% in 2012. However, under review, continued to focus on Sandy Island, the Group’s development the first half of 2014 registered its ongoing developments in its Sentul in Singapore. stronger growth of approximately urban regeneration project, The Capers 6.3%, supported by higher exports and The Fennel, as well as its exclusive and continued strength in private project in Singapore, 3 Orchard By- REVIEW OF OPERATIONS domestic demand. Consumer The-Park, which has already been sentiment began to show signs of awarded the BCA Green Mark Gold The Group launched the latest phase moderation as the market digests the Plus Award 2014 by the Building of its Sentul development with cooling measures introduced last year Control Authority of Singapore. resounding success last year. The to curb highly speculative activities, Fennel consists of 916 units housed including measures to control in four high-rise towers, the first two excessive household debt levels and FINANCIAL PERFORMANCE of which were sold out during their reinforce responsible lending practices, preview in July 2013, with 1 further the removal of arrangements such as The Group’s revenue increased to block also achieving excellent take-up the Developer Interest Bearing Scheme RM285.4 million for the financial year rates during its November 2013 (DIBS) and the revisions in the real ended 30 June 2014, compared to preview. The Fennel offers an array of property gains tax regime (sources: RM184.7 million for the previous features and unique architectural Ministry of Finance, Bank Negara financial year ended 30 June 2013, elements, including two suspended Malaysia reports & updates). whilst profit for the financial year salt-water swimming pools and a marginally increased by 0.6% to multitude of ‘tropical verandas’, RM33.6 million this year. reinterpreted as a series of pocket gardens and sky forests set on selected floors throughout the development. 005 YTL Land & Development Berhad Chairman’s Statement Meanwhile, The Capers at Sentul East is nearing completion, with structural works for all four blocks and the podium having been completed, whilst internal and external architectural works and landscaping are all in the final stages. The Capers features 489 units housed in a pair of towers and 5-storey low- rise blocks on the podium floors of the towers. The tower units offer 2-bedroom and 3+1-bedroom configurations, whilst the low-rise suites feature 4+1-bedroom duplexes and 2+1-bedroom suites. Set in proximity to each other, The Capers and The Fennel have begun to deliver on their promise to transform and revolutionise Kuala Lumpur’s skyline. The Group’s upcoming international luxury freehold development, 3 Orchard By-The-Park, is located in Orchard Boulevard, one of Residents can enjoy lush gardens The Group continues to undertake Singapore’s most prestigious residential surrounding a landscaped pool, gym consultancy and marketing services addresses. Close to the iconic Orchard facilities and a library lounge for the Lake Fields and Midfields Road shopping precinct, it is a stone’s exclusively designed by Antonio developments in Sungei Besi, being throw away from the upcoming Citterio. 3 Orchard By-The-Park was developed by its sister company, Orchard Boulevard mass rapid transit awarded the BCA Green Mark Gold Syarikat Pembenaan Yeoh Tiong Lay (MRT) station and close to the famous Plus Award 2014 by the Building Sdn Bhd. Construction works on Singapore Botanic Gardens. Control Authority of Singapore for Grove have been completed whilst achieving high standards of design Reed is also nearing completion. The project is holistically designed by and construction which are sustainable Meanwhile, at the Midfields world-renowned Italian designer and environmentally-friendly. The development, the latest offering, Antonio Citterio, who has designed the development is currently under Midfields 2, marked another sell-out architecture, interior, fixtures and construction. performance of all 650 units in the fittings. He is well known for his first two blocks during the launch in multiple award-winning concepts for Meanwhile, Lakefront Pte Ltd, a April 2014. Midfields 2 will ultimately architecture and furniture, including subsidiary of the Group which encompass 3 blocks, with articulated Bvlgari Hotels in Milan and London and developed Kasara, the Lake in parks and rooftop gardens covering the Bvlgari Resort Bali, and furnishing Sentosa Cove, was named as almost 40% of the entire development brands B&B Italia, Maxalto and Arclinea. Singapore’s Top 1000 Company 2014 to offer residents a tranquil retreat by DP Information Group. The ranking within the city. The condominium features 77 is based on annual turnover, net luxurious apartments from 5-bedroom profit and return on equity of penthouses to 2-bedroom units spread companies, derived from their annual over 25 floors, including some with audited financial results. private pools and gardens in the sky. 006 Annual Report 2014 Chairman’s Statement demand. The local property market will continue to warrant close monitoring in view of the effect of higher house prices on overall household debt and the exposure of financial institutions to the property market. However, the Government’s ongoing focus on affordable housing and initiatives targeted at curbing highly speculative activities bode well for the residential market as a whole (sources: Ministry of Finance, Bank Negara Malaysia updates). The Group remains committed to its long-term vision of developing communities that offer sustainable capital appreciation and sought-after addresses to its homeowners. Despite changes affecting the property markets over time, the Group believes that demand from genuine buyers will continue to benefit developers like YTL L&D with a demonstrated track record parent company, YTL Corporation CORPORATE SOCIAL and reputation for conceptualising, Berhad, which has a long-standing RESPONSIBILITY developing and delivering high-quality, commitment to creating successful, well-designed homes.
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