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Annual-Reports-2019.Pdf VISION MISSION The brand is about the pursuit of better, • Create world-class eco-living by providing products greater ways to complete people’s living and services that continue to exceed expectations experience. We want to be thought leaders and • Generate and initiate ideas that disrupt the status quo and inspire people innovators – a non-traditional business with • Continuously raise the bar of excellence, positive economic, social and environmental through borderless teamwork across EcoWorld impact. We push boundaries in our vision of • Unleash, support and grow everyone’s Creating Tomorrow & Beyond. potential in Team EcoWorld • Commit 2x2x5x5 = 100% energy, focus & passion in everything we do ABOUT THIS REPORT 01 02 03 04 GUIDING ASSURANCE REPORTING SCOPE USE OF FORWARD- FRAMEWORK AND BOUNDARIES LOOKING STATEMENTS This Annual Report (“AR”) is This AR was reviewed by The information in this AR Throughout this AR, we guided by the requirements the Audit Committee and covers the 2019 financial have used forward-looking of the Malaysian Code on Risk Management Committee year (1 November 2018 statements that relate to Corporate Governance to ensure that it complies to 31 October 2019) and the plans, objectives, goals, 2017, Companies Act 2016, with the requirements and encompasses all business strategies, future operations the Main Market Listing fairly represents our Group’s operations of Eco World and performance of our Requirements of Bursa performance. This report was International Berhad, over Group. Such statements Malaysia Securities Berhad subsequently approved by which we have full control, usually contain words like and Global Reporting the Board and the External and annual performance of ‘anticipates’, ‘believes’, Initiative Standards. Auditors expressed an our subsidiaries, unless stated ‘estimates’, ‘expects’, ‘intends’, Our Group adheres to unqualified opinion on otherwise. All significant ‘may’, ‘plans’, ‘projects’, the principles of good the financial report and items have been reported ‘should’, ‘would’ and ‘will’, governance, such as statements. on a like-for-like basis; no amongst others. Our Group ensuring the reliability major restatements were makes no express or implied and completeness of the performed. This AR should representation or warranty information presented be read together with that the results anticipated in this AR. We are committed the information available by these forward-looking towards adopting the on our website www. statements will be achieved. International Integrated ecoworldinternational.com We are under no obligation Reporting Framework for for a comprehensive overview to update either these our next AR. of the Group. forward-looking statements or the historical information presented in this AR. HOW WE CAN FURTHER IMPROVE We believe in maintaining meaningful and frequent discourses with our stakeholders throughout the year. Such engagements not only serve to build trust, but also improve the effectiveness of our strategy development with timely and relevant adjustments as required in response to new developments in our operating environment. As such, we greatly value feedback and would welcome your enquiries on our reporting. Please contact Communications team at [email protected]. Go paperless to help our environment. Instantly access an online copy of this Annual Report through your mobile device by scanning this QR code. INSIDE THIS REPORT 01 02 03 ABOUT US PERFORMANCE & OUTLOOK HOW WE ARE GOVERNED Milestones 2 Chairman’s Statement 10 Board of Directors 48 Project Overview 4 President’s Management Board of Directors’ Profile 50 Corporate Information 6 Discussion & Analysis 12 Profile of Key Senior Financial Highlights 7 Sustainability Statement 18 Management 61 Corporate Structure 8 Corporate Governance Overview Statement 66 Audit Committee Report 75 Statement on Risk Management and Internal Control 79 Additional Compliance Information 87 Directors’ Responsibility 04 05 Statement 88 FINANCIAL STATEMENTS ADDITIONAL INFORMATION Corporate Information 90 List of Properties Directors’ Report 91 held by the Group 174 Statements of Analysis of Shareholdings 178 Financial Position 96 Analysis of Warrantholdings 182 Statements of Profit or Loss Notice of and Other Comprehensive Annual General Meeting 185 Income 98 • Proxy Form Statements of Changes in Equity 99 Statements of Cash Flows 102 Notes to the Financial Statements 105 Statement by Directors 168 Statutory Declaration 168 Independent Auditors’ Report 169 Printed on environmentally friendly paper 2 ECO WORLD INTERNATIONAL BERHAD l ANNUAL REPORT 2019 MILESTONES Darby’s opened in Embassy Gardens Exchanged Sales and Purchase Agreement for Kew and Barking Wharf Build-to-Rent deal Launch of Verdo – Kew Bridge sales gallery NOVEMBER MARCH & APRIL APRIL 2018 2019 2019 DECEMBER APRIL MAY 2018 2019 2019 Both Wardian London towers topped out Acquired 25 apartment units in Macquarie Park Launch of Millbrook Park Phase 2 01 ABOUT US 3 Official opening of English National Ballet at London City Island Completion of London City Island Blocks B, C, E Kew and Barking Wharf achieved First Golden Brick MAY JULY AUGUST 2019 2019 2019 MAY – AUGUST JULY SEPTEMBER 2019 2019 2019 Embassy Gardens A05 commenced handover Acquired four apartment units in Macquarie Park and commenced strata renewal process Heads of terms agreed with Alan Yau (Michelin starred restaurateur) for a Chinese restaurant in Wardian London 4 ECO WORLD INTERNATIONAL BERHAD l ANNUAL REPORT 2019 PROJECT OVERVIEW GDV GBP4.8 BILLION London 1 3 9 2 13 4 14 6 11 7 15 12 5 10 UNITED KINGDOM 8 Surrey 1 3 5 7 9 BARKING NANTLY WHARF EALING HOUSE PHASE 1 The Claves in Millbrook Barking Wharf Phase 1 Nantly House in Verdo-Kew Bridge in Ealing in Park, North London in East London Hounslow, West London Brentford, West London West London 2 4 6 8 10 BARKING TULSE WHARF WOKING HILL PHASE 2 Kensal Rise & Maida Hill Barking Wharf Phase 2 Aberfeldy Village in Woking in Surrey, Tulse Hill in Lambeth, in North West London in East London East India Docks, South East England South London East London 01 ABOUT US 5 CUMULATIVE GDV SALES AUD716 MILLION RM12.0 BILLION EFFECTIVE FUTURE REVENUE RM5.0 BILLION AUSTRALIA Sydney 18 17 16 Melbourne 11 13 15 17 ACTON LODGE Acton Lodge in London City Island on Embassy Gardens in West Village in Hounslow, West London the Leamouth Peninsula, Nine Elms, South West Parramatta, Sydney East London London 12 14 16 18 TWO MACQUARIE BRIDGES PARK Two Bridges in Hounslow, Wardian London situated Yarra One in South Yarra, Macquarie Park West London next to Canary Wharf, Melbourne in North Sydney East London 6 ECO WORLD INTERNATIONAL BERHAD l ANNUAL REPORT 2019 CORPORATE INFORMATION BOARD OF DIRECTORS Chairman/Independent Non-Executive Director Non-Independent Non-Executive Directors Tan Sri Azlan Bin Mohd Zainol Dato’ Voon Tin Yow Executive Vice Chairman/Executive Director Choong Yee How Tan Sri Dato’ Sri Liew Kee Sin Cheng Hsing Yao President & Chief Executive Officer/Executive Director Independent Non-Executive Directors Dato’ Teow Leong Seng Tan Sri Datuk Dr Rebecca Fatima Sta Maria Dato’ Siow Kim Lun Senior Independent Non-Executive Director Dato’ Kong Sooi Lin Cheah Tek Kuang Pauline Wong Wan Voon AUDIT COMMITTEE REGISTRAR Dato’ Siow Kim Lun (Chairman) Boardroom Share Registrars Sdn Bhd Tan Sri Azlan Bin Mohd Zainol (Registration No. 199601006647 (378993-D)) Dato’ Kong Sooi Lin 11th Floor, Menara Symphony No. 5, Jalan Professor Khoo Kay Kim NOMINATION AND Seksyen 13 REMUNERATION COMMITTEE 46200 Petaling Jaya Cheah Tek Kuang (Chairman) Selangor Darul Ehsan, Malaysia Tan Sri Azlan Bin Mohd Zainol Tel : +603-7890 4700 Tan Sri Datuk Dr Rebecca Fatima Sta Maria Fax : +603-7890 4670 Dato’ Siow Kim Lun AUDITORS RISK MANAGEMENT COMMITTEE KPMG PLT Cheah Tek Kuang (Chairman) (LLP0010081-LCA & AF 0758) Tan Sri Azlan Bin Mohd Zainol (Chartered Accountants) Dato’ Teow Leong Seng Level 10, KPMG Tower Pauline Wong Wan Voon No. 8, First Avenue, Bandar Utama 47800 Petaling Jaya WHISTLEBLOWING COMMITTEE Selangor Darul Ehsan, Malaysia Dato’ Kong Sooi Lin (Chairperson) Tel : +603-7721 3388 Cheah Tek Kuang Fax : +603-7721 3399 Dato’ Siow Kim Lun COMPANY SECRETARIES PRINCIPAL BANKERS Bangkok Bank Berhad Tai Yit Chan (SSM PC No. 202008001023) CIMB Bank Berhad (MAICSA 7009143) DBS Bank Limited Tan Ai Ning (SSM PC No. 202008000067) Malayan Banking Berhad (MAICSA 7015852) Oversea-Chinese Banking Corporation Limited REGISTERED OFFICE Standard Chartered Bank Berhad Suite 59, Setia Avenue United Overseas Bank (Malaysia) Berhad No. 2, Jalan Setia Prima S U13/S Setia Alam, Seksyen U13 STOCK EXCHANGE LISTING Bursa Malaysia Securities Berhad (Main Market) 40170 Shah Alam Selangor Darul Ehsan, Malaysia WEBSITE Tel : +603-3361 2552 www.ecoworldinternational.com Fax : +603-3341 3530 STOCK NAME EWINT (Ordinary Shares) EWINT-WA (Warrants) STOCK CODE 5283 5283WA 01 ABOUT US 7 FINANCIAL HIGHLIGHTS Audited Audited Audited 31 October 31 October 31 October Year Ended 2019 2018 2017 Restated Restated FINANCIAL RESULTS (RM’000) Revenue 478 1,303 - Profit/(Loss) before taxation 190,305 (15,303) (68,024) Profit/(Loss) attributable to owners of the Company 187,004 (11,230) (69,808) FINANCIAL POSITION (RM’000) Total cash, bank balances and deposits 439,995 436,960 992,388 Total assets 4,362,843 3,389,756 2,743,335 Total borrowings 1,463,745 836,078 128,597 Total net tangible assets 2,585,010 2,382,301 2,469,090 Share capital 2,592,451 2,592,451 2,592,451 Equity attributable to owners of the Company 2,685,641
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