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Ppb-Annual-Report-2008.Pdf PPB GROUP BERHAD In 2007, PPB merged its oil palm plantations and AT A GLANCE edible oils refining and trading businesses with Wilmar International Limited (Wilmar) which resulted in PPB Group being the second largest shareholder of Wilmar. PPB Group Berhad was incorporated in Malaysia in PPB Group now owns 18.36% equity interest in Wilmar, 1968 and its initial business activities were cane one of Asia’s largest integrated agribusiness groups cultivation and sugar refining. It was subsequently operating in more than 20 countries with over 160 listed on the then Stock Exchange of Kuala Lumpur processing plants as well as an extensive distribution and Singapore in 1972 with an issued capital of network for its products which are delivered to more RM15.0 million. Today, PPB Group has grown into a than 50 countries globally. major conglomerate with assets totaling RM13.2 billion as at 31 December 2008 and a market leader in PPB’s mission is to strive continually to strengthen the following businesses operated by its subsidiaries :- its position as a market leader in its core businesses and to expand into other related SUGAR activities to increase shareholder value. Malayan Sugar Manufacturing Co. Berhad owns and Its strategic acquisitions and business ventures operates the region’s largest sugar refinery in Prai and over the years have enabled PPB to succeed in its supplies about 50% of domestic sugar requirements. diverse businesses to date which include sugar refining; flour and animal feed milling; livestock FLOUR farming; food processing; consumer products FFM Group owns and operates a total of four (4) flour distribution; cinema operations; environmental mills in the country and one (1) each in Vietnam and engineering and waste management; contract Thailand. FFM Group supplies more than 40% of manufacturing; chemicals manufacturing; domestic flour requirements. engineering services; property development; packaging; and amusement centre operations. CINEMAS Golden Screen Cinemas Sdn Bhd, the largest film With a total domestic and overseas workforce of exhibitor in the country with 161 screens in 23 more than 3,000 employees, PPB Group’s operations locations nationwide, captures more than 40% of spread over Malaysia, China, Vietnam, Myanmar, domestic box office collections. Thailand, Singapore and Indonesia. contents THE CORPORATION CHAIRMAN’S STATEMENT • 6 GROUP FINANCIAL HIGHLIGHTS • 12 SIMPLIFIED GROUP BALANCE SHEETS • 13 DIRECTORS’ PROFILES • 14 CORPORATE STRUCTURE • 18 CORPORATE INFORMATION • 20 GROUP’S CORPORATE EVENTS IN 2008 • 21 FINANCIAL CALENDAR • 22 CORPORATE GOVERNANCE STATEMENT • 23 AUDIT COMMITTEE REPORT • 30 STATEMENT ON INTERNAL CONTROL • 33 CORPORATE SOCIAL RESPONSIBILITY STATEMENT • 35 ADDITIONAL COMPLIANCE INFORMATION • 40 THE BUSINESS SUGAR REFINING AND CANE PLANTATION • 44 GRAINS TRADING, FLOUR AND FEED MILLING • 46 FILM EXHIBITION AND DISTRIBUTION • 48 ENVIRONMENTAL ENGINEERING, WASTE MANAGEMENT AND UTILITIES • 50 CHEMICALS TRADING AND MANUFACTURING • 52 PROPERTY INVESTMENT AND DEVELOPMENT • 54 LIVESTOCK FARMING • 56 THE FINANCIALS FINANCIAL REVIEW OF PPB GROUP • 60 5-YEAR GROUP FINANCIAL STATISTICS • 62 SEGMENTAL ANALYSIS • 64 SHARE PERFORMANCE CHART • 65 DIRECTORS’ RESPONSIBILITY STATEMENT • 66 DIRECTORS’ REPORT • 67 CONSOLIDATED INCOME STATEMENT • 73 CONSOLIDATED BALANCE SHEET • 74 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY • 76 CONSOLIDATED CASH FLOW STATEMENT • 80 INCOME STATEMENT • 82 BALANCE SHEET • 83 STATEMENT OF CHANGES IN EQUITY • 84 CASH FLOW STATEMENT • 85 NOTES TO THE FINANCIAL STATEMENTS • 87 STATEMENT BY DIRECTORS • 182 STATUTORY DECLARATION • 183 REPORT OF THE AUDITORS • 184 THE PROPERTIES & SHAREHOLDINGS PROPERTIES OWNED BY PPB AND ITS SUBSIDIARIES • 188 STATEMENT OF SHAREHOLDINGS • 195 GROUP CORPORATE DIRECTORY • 198 NOTICE OF ANNUAL GENERAL MEETING • 200 NOTICE OF NOMINATION OF AUDITORS • 203 PROXY FORM “Success lies in the unified core values of an entity” the CORPORATION Chairman’s Statement • 6 Group Financial Highlights • 12 Simplified Group Balance Sheets • 13 Directors’ Profiles • 14 Corporate Structure • 18 Corporate Information • 20 Group’s Corporate Events in 2008 • 21 Financial Calendar • 22 Corporate Governance Statement • 23 Audit Committee Report • 30 Statement on Internal Control • 33 Corporate Social Responsibility Statement • 35 Additional Compliance Information • 40 THE CORPORATION 006 PPB GROUP BERHAD ANNUAL REPORT 2008 CHAIRMAN’S STATEMENT On behalf of the Board of Directors of PPB Group Berhad, it is with great pleasure that I present to you the Annual Report and audited Financial Statements of the Company and the Group for the year ended 31 December 2008. PPB GROUP BERHAD ANNUAL REPORT 2008 007 THE CORPORATION GROUP RESULTS PPB GROUP ACHIEVED ANOTHER SUCCESSFUL YEAR Revenue from continuing operations grew 16% to IN 2008 TO RECORD A PRE-TAX PROFIT OF RM1.40 RM3.46 billion due to higher selling prices of specialty BILLION FOR ITS CONTINUING OPERATIONS, A 148% flour and animal feed resulting from the increased cost IMPROVEMENT OVER THE PREVIOUS YEAR. of raw materials. Recording a new milestone in its financial performance, The stronger profits enhanced net assets per share to PPB Group’s profit after tax and minority interest RM10.45 from RM9.76 in the previous year. more than doubled to RM1.29 billion from that achieved in the previous year of RM627 million, excluding the one-time gain of RM6.35 billion DIVIDENDS recorded in 2007 from the disposal of the oil palm The Board is pleased to recommend for shareholders’ plantations and edible oils trading and refining approval a final single tier dividend of 18 sen per share businesses to Wilmar International Limited (Wilmar). for the financial year ended 31 December 2008 payable This translates to an earnings per share of RM1.09 on Friday, 5 June 2009. compared with RM0.53 in the year before. Together with the special dividend of 62 sen per share The substantial increase in profits was possible due to less 26% income tax and interim single tier dividend of the significant profit contribution of RM895 million from 5 sen per share paid on 12 May 2008 and 29 September our 18.36% associate, Wilmar. The strong financial 2008 respectively, the total dividend for the financial performance of Wilmar is testament to the merger year ended 31 December 2008 would be 85 sen per share. synergies of increased economies of scale and scope derived from the integrated agribusiness group. The The net dividend payment for the financial year under improved performance of the Group’s sugar and flour review would amount to RM817 million, more than and feed divisions also contributed to the higher profits. 3 times the RM263 million paid for financial year 2007. RM1.4 BILLION Pre-tax profit in 2008 14 8 % INCREASE PPB Hartabina’s “New World Park”. compared to 2007 THE CORPORATION 008 PPB GROUP BERHAD ANNUAL REPORT 2008 CHAIRMAN’S STATEMENT OVERVIEW OF OPERATIONS “Gula Prai” MSM’s quality FOOD MANUFACTURING ACTIVITIES refined cane sugar THE SUGAR OPERATIONS CONTINUED TO SHOW POSITIVE PERFORMANCE. Whilst domestic sales grew by 6% to 605,687 metric tonnes (mt), export sales were impacted by competition resulting in a reduction of 62% to 78,475 mt. The positive financial performance was mainly due to lower raw sugar prices in 2008. Malayan Sugar Manufacturing Company (MSM) is expected to complete the further expansion of its melting capacity to 1,000,000 mt per annum by this year. The expansion together with the upgrading of factory operations and production are expected to further enhance operating efficiency. In the year under review, FFM completed the construction of a new 360-mt per day wheat flour THE GRAINS TRADING, FLOUR AND FEED MILLING DIVISION UNDER FFM mill at Prai, Penang which enabled the Group to BERHAD PERFORMED WELL TO RECORD serve its customers in northern Peninsular Malaysia A 33% IMPROVEMENT IN PROFITS TO more effectively. In East Malaysia, construction of a RM167 MILLION. REVENUE GREW 37% TO new flour mill in Kota Kinabalu with a wheat milling RM1.43 BILLION DUE TO IMPROVED capacity of 220 mt per day is scheduled to be SELLING PRICES OF SPECIALTY FLOUR AND completed in the second quarter of 2010. ANIMAL FEEDS DRIVEN BY HIGHER PRICES OF RAW MATERIALS. Targeting the densely populated Indonesian market, FFM’s joint venture company, PT Pundi Kencana, is expected to commission its 1,000-mt per day wheat flour mill in Cilegon, Java, in the middle of this year. Overseas, this would be the third country in which the Group has market presence other than our operations in Vietnam and Thailand. Both new mills, when completed, will increase the Group’s total wheat milling capacity from the current 3,130 mt per day to 4,350 mt per day. It was a difficult year for the Group’s livestock farming operations with high feed costs brought about by high global grain prices over most of 2008. As a result, this division recorded a loss of RM6 million as opposed to a profit of RM7 million in the year before. PPB GROUP BERHAD ANNUAL REPORT 2008 009 THE CORPORATION CHAIRMAN’S STATEMENT ENVIRONMENTAL ENGINEERING, WASTE MANAGEMENT AND UTILITIES RM5.0 For the year under review, the Group’s environmental engineering, waste management and utilities business successfully completed and commissioned MILLION three (3) water, sewage and infrastructure projects with a total contract value of RM120 million to record RM5 million in profits against a revenue of RM186 Profits recorded for Environmental million. The outstanding order book as at end of 2008 comprises four (4) projects Engineering, Waste with a total value of remaining works of RM100 million. Management and Utilities business in 2008 FILM EXHIBITION AND DISTRIBUTION The film exhibition and distribution operations had another record year to achieve profits of RM24 million, up 8% from the previous year, on the back of RM24MILLION, higher revenue of RM178 million. 8% INCREASE Although competition has intensified, the Group’s cinema chain, Golden Screen Profits recorded in 2008 Cinemas, managed to increase admissions to 18.4 million from 15.7 million with for Film Exhibition and the opening of three (3) new multiplexes.
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