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“On Behalf of the Board of Directors Of Rimbunan Sawit RIMBUNAN SAWIT BERHAD (691393-U) Sustaining Wellness ANNUAL REPORT 2014 Contents 2 Vision & Mission 3 Locations of Operations 4 Corporate Structure 5 Corporate Information 6 Financial Highlights 7 Chairman’s Statement 11 Managing Director’s Review of Operations 13 Profile of Directors 16 Statement on Corporate Governance 29 Report of the Audit Committee Statement on Risk Management 34 and Internal Control 37 Sustainability and Corporate Responsibility 43 Financial Statements Statements of Directors’ Responsibilities for 130 Preparing the Annual Financial Statements 131 Additional Compliance Information 134 List of Properties Owned by the Group 135 Analysis of Shareholdings 139 Notice of Annual General Meeting Form of Proxy Vision Mission - To enhance To be a leading stakeholders’ values - To provide high quality agri-business & products and services to our customers plantation group - To provide job opportunities and lifelong learning LQ$VLD3DFLÀF opportunities at the workplace and local community 2 Annual Report 2014 LOCATIONS OF OPERATIONS Annual Report 2014 3 CORPORATE STRUCTURE 100% R.H. Plantation Sdn Bhd 100% Timrest Sdn Bhd 100% Woodijaya Sdn Bhd 100% Jayamax Plantation Sdn Bhd 100% Rimbunan Sawit Holdings Midas Plantation Sdn Bhd 100% Sdn Bhd 100% Nescaya Palma Formasi Abadi Sdn Bhd 100% Sdn Bhd 100% Lumiera Enterprise Sdn Bhd 100% Novelpac-Puncakdana Plantation Sdn Bhd 100% RSB Palm Oil Mill Sdn Bhd RIMBUNAN SAWIT BERHAD 100% Rajang Builders Sdn Bhd 100% Rajang Agrisupplies Sdn Bhd 85% Burung Tiong Helicopter Sdn Bhd 85% Baram Trading Sdn Bhd 85% PJP Pelita Biawak Plantation Sdn Bhd 70% Pelita-Splendid Plantation Sdn Bhd 60% PJP Pelita Ekang-Banyok Plantation Sdn Bhd 60% PJP Pelita Lundu Plantation Sdn Bhd 60% PJP Pelita Selangau Plantation Sdn Bhd 60% PJP Pelita Ulu Teru Plantation Sdn Bhd 4 Annual Report 2014 CORPORATE INFORMATION Share Registrar Bong Wei Leong Symphony Share Registrars Sdn. Bhd. (Chairman / Independent Director) Level 6, Symphony House Block D13, Pusat Dagangan Dana 1 Tiong Kiong King Jalan PJU IA/46 (Non-Independent Non-Executive Director / 47301 Petaling Jaya Vice Chairman) Selangor Darul Ehsan Tel. No. : 03-78418000 Tan Sri Datuk Sir Diong Hiew King @ Tiong Hiew King Fax No. : 03-78418152 (Executive Director) Tiong Chiong Ong Auditors (Managing Director) Crowe Horwath (AF : 1018) Tiong Chiong Ie Chartered Accountants (Non-Independent Non-Executive Director) 1st Floor No.1 Lorong Pahlawan 7A2 Tiong Ing Ming Jalan Pahlawan (Independent Director) 96000 Sibu, Sarawak Company Secretary Stock Exchange Listing Voon Jan Moi (MAICSA 7021367) Listed on Main Market of Bursa Malaysia Securities Berhad Stock name : RSAWIT Stock code : 5113 5HJLVWHUHG2IÀFH North Wing, Menara Rimbunan Hijau, Principal Bankers 101, Pusat Suria Permata, Jalan Upper Lanang, 96000 Sibu, Sarawak. RHB Bank Berhad Tel. No. : 084-218555 Malayan Banking Berhad Fax No. : 084-219555 Bank of China (Malaysia) Berhad Hong Leong Bank Berhad CIMB Bank Berhad +HDG2IÀFH Public Bank Berhad Bank Pertanian Malaysia Berhad North Wing, Menara Rimbunan Hijau, AmBank (M) Berhad 101, Pusat Suria Permata, Jalan Upper Lanang, 96000 Sibu, Sarawak. Tel. No. : 084-218555 Fax No. : 084-219555 E-mail address : [email protected] Annual Report 2014 5 FINANCIAL HIGHLIGHTS REVENUE PROFIT BEFORE TAX RM’ million 100 RM’ million 95 400 90 360 350 80 77 314 291 70 300 282 60 250 239 50 200 40 31 150 30 20 100 10 (3) 7 50 0 -10- FY2010 FY2011 FY2012 FY2013 FY2014 FY2010 FY2011 FY2012 FY2013 FY2014 (16 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) (16 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) SHAREHOLDERS’ FUND TOTAL ASSET RM’ million RM’ million 900 884 882 870 874 1,800 1,612 1,614 1,643 1,568 800 1,600 700 1,400 1,304 600 1,200 500 1,000 427 400 800 300 600 200 400 100 200 0 0 FY2010 FY2011 FY2012 FY2013 FY2014 FY2010 FY2011 FY2012 FY2013 FY2014 (16 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) (16 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) 6 Annual Report 2014 CHAIRMAN ‘S STATEMENT Dear Shareholders, “On behalf of the Board of Directors of Rimbunan Sawit Berhad (“RSB” or “Company”) and its subsidiaries (“the Group”), I am pleased to present to you the Annual Report and the Audited Financial Statements for the financial year ended 31 December 2014.” Bong Wei Leong Chairman, Independent Director FINANCIAL HIGHLIGHTS The Group recorded a revenue of RM239.7 million in 2014 which represented a decrease of 15.1% as compared to 2013 of RM282.2 million. This was mainly due to the decline in the Group’s overall sales volume of Crude Palm Oil (“CPO”), in which 46,818 metric tonnes in 2014 as compared to 69,591 metric tonnes in 2013, and Palm Kernel (“PK”), in which 10,598 metric tonnes in 2014 as compared to 16,831 metric tonnes in 2013; despite the increased of average selling price per metric tonnes for both CPO and PK for 3.1% and 31.6%, respectively; from RM2,187 and RM1,228 in 2013 to RM2,256 and RM1,617 in 2014 respectively. 7KLVJHQWOHULVHLQWKHSULFHRIFRPPRGLWLHVZDVLQÁXHQFHG by the increased demand from the emerging economies in WKHÀUVWWZRTXDUWHUVRIWKH\HDU+RZHYHUWKHKLJKLQYHQWRU\ levels of world’s CPO had caused its prices to be traded EHORZ50IRUWKHVXEVHTXHQWTXDUWHUVLQWKHÀQDQFLDO year 2014. Despite the drop in the pricing of commodities QDPHO\SDOPRLOSULFH WKH*URXS·VUHFRUGHGDJURVVSURÀW margin of 19% in 2014, which represented an increase of 5.5% from 13.5% in 2013. The decrease in the production cost also FRQWULEXWHGWRWKHKLJKHUSURÀWPDUJLQRIDVFRPSDUHG to 2013. AnnualAnnAn ual ReportReporp t2t 201420144 7 CHAIRMAN’S STATEMENT (CONT’D) DIVIDEND 7KH%RDUGGLGQRWUHFRPPHQGÀQDOGLYLGHQGWREHSDLG for the year ended 31 December 2014. PLANTATION OPERATION REVIEW In 2014, the Group’s oil palm planted area has increased to 57,182 hectares as compared to 54,659 hectares in 2013 whereas the production area was 39,122 (2014) hectares, an increase of 2,255 hectares from 2013 of 36,867 hectares. However, due to the lack of harvesters and unfavourable weather condition, it has caused the plunging in the production of fresh fruit bunch (FFB) to 436,584 metric tonnes in 2014 as compared to 479,480 metric tonnes in 2013. The Group’s palm oil mill performance indicated unfavourable prospect in 2014. The productions of CPO was 43,937 metric tonnes and PK was 10,751 metric tonnes in 2014, representing a decrease of 34% and 35% respectively from 2013. To combat the mill aging factor, major overhaul in respective areas will be performed in 2015; following the operation of the Group’s new palm oil mill. We will refurbish the existing mill to improve overall throughput DQGRLOH[WUDFWLRQHIÀFLHQF\ With the introduction of many good agricultural and PDQDJHPHQW SUDFWLFHV LQ WKH SODQWDWLRQ ÀHOG VXFK DV HQKDQFHG IHUWLOL]HU DSSOLFDWLRQ WHFKQLTXH WLPHO\ URDG maintenance & gravelling, complete harvesting rounds, standard pruning, improved worker productivity and IUHTXHQWUHYLHZRIRSHUDWLRQFDQKHOSWRPDLQWDLQKLJK RSHUDWLRQVWDQGDUGDQGHIÀFLHQF\ In countering the ever rising production costs, the management team of the Group is actively exploring IHDVLEOH LQLWLDWLYHV LQ UDLVLQJ HIÀFLHQF\ DQG SURGXFWLYLW\ throughout our operations. With close collaboration and cooperation of all stakeholders in the operation chain WKURXJK HIÀFLHQW KXPDQ DQG UHVRXUFH PDQDJHPHQW the Group will sustain and progress with improved performance. 8 Annual Report 2014 CHAIRMAN’S STATEMENT (CONT’D) Touche as consultants for the GST impact analysis and Abeam for the system changes, in order to adapt to the UHTXLUHPHQWVDQGEHLQJ*67FRPSOLDQW Furthermore, the setup of proposed new palm oil mill SURMHFW LQ 0LUL KDG RIÀFLDOO\ FRPPHQFHG LQ PLG RI December 2013. The Group had spent much effort in revising the design of the mill’s structure as well as to apply enhanced materials in order to improve the XVHIXOOLIHWLPHHQVXUHLWVHIÀFLHQF\DQGWKURXJKSXWDQG keeping the environment green. The brand new, rugged, HIÀFLHQW DQG HQYLURQPHQWDO IULHQGO\ PLOO LV H[SHFWHG WR EH FRPSOHWHG DQG FRPPLVVLRQHG LQ WKLUG TXDUWHU RI 2015 barring unforeseen circumstances. Technology’s advancement has pushed the Group to re-evaluate our enterprise’s strategies, product and services. To be in line with globalisation, implementation of new technology throughout the Group will help achieving greater HIÀFLHQF\DQGSURGXFWLYLW\ 7KH *URXS LV FRQÀGHQW WKDW WKH FRPSOHWLRQ DQG commissioning of the new palm oil mill will fuel business CORPORATE DEVELOPMENT growth for the Group in the foreseeable future. In 2012, the Group introduced the usage of SAP (53 )LQDQFLDOV VROXWLRQ IRU DOO DVSHFWV RI ÀQDQFH DQG OUTLOOK AND PROSPECTS control, along with the SAP Material Management & Sales Distribution solutions with standardize process of The global economic outlook remains uncertain with procurement and sales. Upon completion, the Group the recent sharp fall in the global oil prices and this has was able to utilize the system to synchronize all recurring amid mounting evidence that global supplies are far processes, feeding to one master system. outstripping demand and has had a large impact on the oil and gas sector, resulting in falling share prices With the introduction of the synchronized system, it for major oil companies worldwide. These factors, allows the business to better respond to industry and combined with the spill over effects of expansionary environmental changes, better operational and monetary policies in some developed countries have strategic alignment, improved information access further fuelled the volatility in the major commodity and communication channels, improved productivity, prices and exchange rates. These have led to experts’ improvement in risk management and ultimately concern on the possibility of economic contraction in UHGXFLQJRSHUDWLRQDOFRVWV7KLVDOORZVWKHÁH[LELOLW\DQG China which will inevitably exert the downward pressure HIÀFLHQF\ RI WKH EXVLQHVV SURFHVVHV WR EH IHOW QRW RQO\ on the demand for the global edible oil consumption from the top down process but also vice versa. and the prices of the crude palm oil will be affected accordingly. With the implementation of the GST, effective 1st April 2015, the Group has engaged Messrs.
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