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A N N U a L R E P O R T 2 0 GLOBAL ORIENTAL BERHAD ( COMPANY NO. 543867-T ) A N N U A L R E P O R T 2 0 1 6 OUR OUR VISION MISSION Our vision is to create space and value, To provide affordable, efficient, comfortable living and which fulfills the needs and exceeds the work space that enables users to achieve high living expectations of all Stakeholders. standards in an ecologically balanced environment. CONTENTS 02 About Us & Core Values 03 Corporate Information 04 Corporate Structure 05 Five-Year Performance Highlights 06 Profile of Directors 11 Chairman’s Statement 14 Review of Operations 20 Corporate Governance Statement 27 Audit Committee Report 29 Statement on Risk Management and Internal Control 30 Statement on Directors’ Responsibility on Financial Statements 31 Financial Statements 142 Analysis of Ordinary Shareholdings 145 Analysis of Warrant Holdings 148 Group Properties 150 Notice of Annual General Meeting 153 Statement Accompanying Notice of Annual General Meeting Form of Proxy 2 COMPANY ProFILE - ABOUT US - Global Oriental Berhad (“GOB”) was listed on the Main Market of Bursa Malaysia Securities Berhad on 28 October 2003. The authorised share capital of GOB is RM500 million which comprises one billion (1,000,000,000) ordinary shares of RM0.50 each. Its issued and paid-up share capital is RM227 million made up of 455 million ordinary shares of RM0.50 each. The Group’s core competency is in property development. Its township developments comprising mixed residential and commercial properties are located mainly in Klang Valley. The Group has been engaged in property development activities since 1992 and has successfully developed and handed over numerous residential and commercial properties throughout the years. - OUR CORE VALUES - CUSTOMER - FOCUS VALUE RESPONSIBLE TEAMWORK COMMITMENT / Pay attention to Give value for money Act in a responsible Acknowledge DEDICATION customers’ needs through supply of manner and be diversity and people, Commit to high quality and responsible for one’s believe in teamwork achievements with a reliable products action passion for success GLOBAL ORIENTAL BERHAD annual report 2016 3 CORPORATE INFORMATION NOMINATION COMMITTEE AUDITORS BOARD OF DIRECTORS YAM Datuk Seri Tengku Ahmad Messrs Deloitte (AF: 0080) YAM Datuk Seri Tengku Ahmad Shah Shah ibni Almarhum Sultan Level 16, Menara LGB ibni Almarhum Sultan Salahuddin Salahuddin Abdul Aziz Shah 1, Jalan Wan Kadir Abdul Aziz Shah (Chairman) Taman Tun Dr. Ismail (Independent Non-Executive Chairman) 60000 Kuala Lumpur Datuk Ahmad Zabri bin Ibrahim Tel : (603) 7610 8888 Othman bin Mohammad (Member) Fax : (603) 7726 8986 (Executive Director) Dato’ Hamzah bin Md Rus Wee Beng Aun (Member) SHARE REGISTRAR (Executive Director) ShareWorks Sdn Bhd No. 2-1, Jalan Sri Hartamas 8 Ta Wee Dher RISK MANAGEMENT COMMITTEE Sri Hartamas (Executive Director) Wong Yuk Mou 50480 Kuala Lumpur (Chairman) Tel : (603) 6201 1120 Chin Hon Keong Fax : (603) 6201 3121 (Executive Director) Dato’ Hamzah bin Md Rus (Member) Datuk Ahmad Zabri bin Ibrahim REGISTERED OFFICE AND (Independent Non-Executive Director) Wee Beng Aun PRINCIPAL PLACE OF BUSINESS (Member) No. 1, Jalan Putra Permai 1A Dato’ Hamzah bin Md Rus Taman Equine (Independent Non-Executive Director) Ranjeet Singh A/L Sarjit Singh 43300 Seri Kembangan (Member) Selangor Darul Ehsan Wong Yuk Mou Tel : (603) 8941 7878 (Independent Non-Executive Director) Fax : (603) 8941 1818 EMPLOYEES’ SHARE Email : [email protected] OPTION SCHEME COMMITTEE Web : www.gob.com.my Datuk Ahmad Zabri bin Ibrahim AUDIT COMMITTEE (Chairman) Wong Yuk Mou STOCK EXCHANGE LISTING (Chairman) Wee Beng Aun Main Market of Bursa Malaysia (Member) Securities Berhad Datuk Ahmad Zabri bin Ibrahim (Properties Sector, Stock Code : 1147) (Listed since 28 October 2003) (Member) Ng Eek Meen (Member) Dato’ Hamzah bin Md Rus (Member) COMPANY SECRETARY Chin Pei Fung (MAICSA 7029712) annual report 2016 GLOBAL ORIENTAL BERHAD 4 CORPORATE Structure PROPERTY & CONSTRUCTION INVESTMENT HOLDING & OTHERS 100% Brilliant Integrity Sdn Bhd 100% Kuala Lumpur Industries Bhd 100% Johan Awana Sdn Bhd 100% Kuala Lumpur Industries Holdings Bhd 100% Equine Park Stud Sdn Bhd 100% Mutual Crest Sdn Bhd 100% Exceed Concept Sdn Bhd 100% Versatile Flagship Sdn Bhd 100% Fame Action Sdn Bhd FOOD & BEVERAGES 100% Kelab Taman Equine Sdn Bhd 100% Amber Versatile Sdn Bhd 100% Pedoman Ikhtisas Sdn Bhd 100% Bright Express Sdn Bhd 100% Permai Construction Sdn Bhd 100% Champion Vista Sdn Bhd 100% Pertanian Taman Equine Sdn Bhd 100% Dekad Sinaran Sdn Bhd 100% Syarikat Tenaga Sahabat Sdn Bhd 100% Modern Treasures Sdn Bhd 100% Prima Pengkalan Sdn Bhd 100% Taman Equine Riding Sdn Bhd 100% Vista Versatile Sdn Bhd 100% Taman Equine Industrial Sdn Bhd 100% Global Oriental (Taiwan) Limited 100% Tujuan Ehsan Sdn Bhd 100% Global Oriental (Hong Kong) Limited Group* 100% Taman Equine (M) Sdn Bhd 51% Arena Pedoman Sdn Bhd Equine Park Country 100% Resort Sdn Bhd 50% Berkat Saga Sdn Bhd 51% Sering Manis Sdn Bhd 50% Proactive Venture Sdn Bhd 49% Penaga Pesona Sdn Bhd 75% Strategic Delight Sdn Bhd TRADING & DISTRIBUTION 100% Parkamaya Sdn Bhd 100% Modern Deluxe Sdn Bhd 100% Vital Prominent Sdn Bhd 100% Perwira Nadi Trading Sdn Bhd Perwira Nadi (M) 100% Sdn Bhd Note: * Please refer to Note 13 of the Financial Statements GLOBAL ORIENTAL BERHAD annual report 2016 5 Group’S FINANCIAL HIGHLIGHTS 2016 2015 2014 2013 2012 Financial year ended 31 March RM’000 RM’000 RM’000 RM’000 RM’000 Revenue 809,910 445,116 352,102 271,460 277,542 Profit before tax 80,803 58,812 54,228 42,945 35,942 Tax (41,498) (24,880) (15,188) (12,450) (3,812) Profit for the year attributable to owners of the Company 38,810 30,386 39,040 30,495 32,130 Net assets 461,929 439,535 291,514 252,474 221,979 Total borrowings 125,906 254,086 221,892 71,014 46,952 Number of ordinary shares (000) 454,676 454,676 227,338 227,338 227,338 Earnings per share (sen) 8.54 10.61 17.17 13.41 14.13 Net assets per share (RM) 1.02 0.97 1.28 1.11 0.98 Gearing (times) 0.27 0.58 0.76 0.28 0.21 REVENUE PROFIT BEFORE TAX PROFIT FOR THE YEAR RM’000 RM’000 ATTRIBUTABLE TO OWNERS OF THE COMPANY ‘16 RM’000 809,910 ‘16 80,803 ‘16 ‘15 38,810 ‘13 58,812 ‘15 ‘15 42,945 30,386 ‘13 445,116 ‘14 ‘13 ‘14 271,460 ‘14 54,228 30,495 39,040 352,102 ‘12 35,942 ‘12 ‘12 32,130 277,542 NET ASSETS EARNINGS PER SHARE NET ASSETS PER SHARE RM’000 SEN RM ‘16 461,929 ‘13 ‘15 ‘14 ‘14 13.41 439,535 17.17 1.28 ‘15 ‘14 ‘16 10.61 ‘13 ‘13 291,514 1.02 1.11 252,474 ‘12 14.13 ‘15 ‘12 0.97 221,979 ‘16 ‘12 8.54 0.98 annual report 2016 GLOBAL ORIENTAL BERHAD 6 ProFILE OF Directors YAM DATUK SERI TENGKU AHMAD SHAH IBNI ALMARHUM OTHMAN BIN SULTAN SALAHUDDIN ABDUL AZIZ SHAH MOHAMMAD Independent Non-Executive Chairman Executive Director (Malaysian, Male, aged 61) (Malaysian, Male, aged 60) YAM Datuk Seri Tengku Ahmad Shah 2013. Presently, he is a Director of Sime Othman bin Mohammad was was appointed the Independent Non- Darby Property Berhad, DutaLand appointed the Executive Director of Executive Director of Global Oriental Berhad and Mycron Steel Berhad. GOB on 10 October 2008. Berhad (“GOB”) on 26 August 2003 He also sits on the Board of Directors and was subsequently re-designated of several private limited companies He obtained a Bachelor of Science as the Independent Non-Executive involved in property development. (Hons.) in Civil Engineering from the Chairman on 10 October 2008. He is University of Southampton, United also the Chairman of the Nomination He has no family relationship with any Kingdom in 1980. He is a registered Committee of GOB. other director or major shareholder of Professional Engineer of the Institute the Company. He has no conflict of of Engineers, Malaysia as well as an He completed his Diploma in Business interest with the Company and has Associate Member of the Institution Administration from Universiti Teknologi not been convicted of any offence of Civil Engineers, United Kingdom. MARA in 1974. He started his career in within the past 5 years. He attended He was involved in civil engineering, Charles Bradburne (1930) Sdn Bhd as all meetings of the Board of Directors construction and property a broker from 1974 to 1981. He was a held during the financial year. development for over 30 years in Director of TTDI Development Sdn Bhd various companies. Presently, he does from 1978 to 2000 and a Director of not hold any directorship in any other Sime UEP Berhad from 1983 to 1987. public or public listed company. He was also the Chairman of Sime Darby Medical Centre from 1987 to He is a substantial shareholder of GOB with indirect interest of 17.02%. He is the brother-in-law of Dato’ Hamzah bin Md Rus, the Independent Non-Executive Director of GOB. Save as disclosed, he has no family relationship with any other director or major shareholder of the Company. He has no conflict of interest with the Company and has not been convicted of any offence within the past 5 years. He attended all meetings of the Board of Directors held during the financial year. GLOBAL ORIENTAL BERHAD annual report 2016 7 ProFILE OF Directors WEE BENG AUN CHIN HON KEONG Executive Director Executive Director (Malaysian, Male, aged 57) (Malaysian, Male, aged 62) Wee Beng Aun was appointed the as The Pavilion Kuala Lumpur’s mega Chin Hon Keong was appointed the Executive Director of GOB on 1 July integrated urban commercial, Executive Director of GOB on 13 July 2010.
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