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Annual-Report-2020.Pdf LBS BINA GROUP BERHAD ANNUAL REPORT 2020 RESILIENTLY BUILDING FUTURE VALUE This year’s Annual Report cover underscores LBS’ steadfast commitment towards creating sustainable, long-term value and leaving a positive legacy for our diverse stakeholders, namely our shareholders, customers, employees and partners, as well as the communities that we operate in. In 2020, amidst a volatile operating environment made worse by the COVID-19 pandemic and related lockdowns, the Group moved swiftly to embrace change and remain relevant to the market. By adjusting our strategies, reprioritising our resources, as well as capitalising on digitalisation and our position of strength, we set a new course for 2020 which included revising our sales target from RM1.6 billion to RM1 billion. These purposeful strategies paid off handsomely in that we were able to remain resilient and surpass the revised performance target for 2020. Today, with our strong balance sheet, robust cash fl ow, secure land bank, unbilled sales amounting to RM2.225 billion and a renewed commitment to upholding excellence, the LBS Group is well positioned to explore opportunities to strengthen and grow our business. In line with our Brand Promise of “Empowering Individuals, Enhancing Communities”, we will continue to prioritise people and strengthen communities as part of our efforts to create sustainable, long-term future value for all. 1 To be an internationally recognised developer, building and inspiring delightful spaces that enhance community living. To consistently deliver exceptional performance through progressive creations, realising value to all stakeholders and enriching communities at large. LIST OF ABBREVIATIONS USED IN THIS ANNUAL REPORT LBS or the Company : LBS Bina Group Berhad (200001015875 (518482-H)) LBS Bina : LBS Bina Holdings Sdn Bhd (198201011456 (91181-K)) LBS Group or the Group : LBS and its subsidiaries 2 LBS BINA GROUP BERHAD ANNUAL REPORT 2020 01 WHO WE ARE 4 About LBS 6 Our Brand Promise 7 LBS at A Glance 8 Corporate Information 05 10 Corporate Structure OUR COMMITMENT TO 12 Year In Review GOOD GOVERNANCE 134 Corporate Governance Overview Statement 02 160 Audit Committee Report OUR LEADERSHIP 164 Statement on Risk 24 Board and Board Management and Committees Internal Control 26 Directors’ Profiles 167 Recurrent Related Party 38 Key Senior Management Transaction 40 Key Senior Management Profiles 46 In Memoriam – The Late 06 Dato' Seri Lim Bock Seng FINANCIALS (1930-2021) 168 Financial Statements 48 Final Letter to Shareholders from the Late Chairman 50 Interview with the 07 Executive Chairman OTHER INFORMATION 55 Awards and Accolades 2020 340 List of Material Properties 341 Analysis of Ordinary Shareholdings 03 345 Analysis of Preference OUR FINANCIAL Shareholdings & OPERATIONAL PERFORMANCE 58 Group Financial Highlights 08 60 Management Discussion AGM INFORMATION and Analysis 348 Notice of 21st Annual 82 Our Portfolio General Meeting 354 Privacy Notice 04 Form of Proxy OUR COMMITMENT TO SUSTAINABILITY 106 Sustainability Report 3 About LBS LBS Bina Group Berhad (LBS or the Group) is an investment holding company that is involved in property development and investment activities primarily in Malaysia and the People’s Republic of China. LBS was established in 1961 when its founder, the late Dato’ Seri Lim Bock Seng, began undertaking construction projects in the township of Petaling Jaya. LBS subsequently went on to be listed on the Main Board of Bursa Malaysia Securities Berhad in January 2002. Today, LBS is a trusted developer and vendor of residential, industrial, and commercial properties. Whether it is their first home, an upgrade to spacious living, or a place for business – we create inspiring and delightful spaces that are motivated by our purchasers’ priorities and their lifestyle needs. Through our subsidiaries, we undertake design and construction, as well as trade in building materials, manufacture industrialised building system (”IBS”) precast products and provide civil engineering expertise. Our activities also encompass developing and managing motor racing circuits, general construction, hospitality, financing through money lending, turfing and landscaping, as well as car park management services and retail mall operations. Moving forward, we intend to continue to prudently diversify our business portfolio so as to create long-term, sustainable value for the Group and our stakeholders including the communities that we operate in. 4 LBS BINA GROUP BERHAD ANNUAL REPORT 2020 Actual view: LBS, Head Office The interweaving designs on the outer walls of the LBS Head Office serve to symbolise the enduring bonds between our founder, the late Dato’ Seri Lim Bock Seng and his four sons. Together, they have expanded LBS into a leading property group by infusing it with their core values of unity and the pursuit of excellence. The interwoven pattern then expands into an infinite monogram design, representing LBS’ mission of consistently delivering an exceptional performance through progressive creations that present value to all stakeholders and which enrich communities at large. CORPORATE REVIEW 5 Our Brand Promise Empowering Individuals, Enhancing Communities Here at LBS, we view our employees, homebuyers and the communities that we have created as part and parcel of the LBS Family. We are committed to journeying with them, as well as seeing them empowered to embrace life with all of its opportunities. To this end, we bring our brand promise of “Empowering Individuals, Enhancing Communities” into play. LBS’ workforce comprises talented, experienced and professional individuals who are well versed in a range of fi elds. Regardless of their area of expertise, we believe in championing and empowering our people to do their jobs to the best of their abilities. Our desire to help shape the future landscape for a better Malaysia is refl ected in our social development eff orts which are successfully rolled out in our Corporate Social Responsibility initiatives. In all that we do, we bring people-centric processes into play and refi ne them regularly to ensure that we meet the needs of individuals and communities for the long-term. At the same time, we ensure our businesses incorporate the necessary operational effi ciencies and uphold excellenc so that the Group is able to grow in a consistent and sustainable manner. “Here at LBS, we endeavour to deliver inspirational spaces that people will call HOME. At LBS, we don’t just build houses, we shape living habitats for the future.” 6 LBS BINA GROUP BERHAD ANNUAL REPORT 2020 LBS at A Glance As At 30 April 2021 Dividend of 8 1.45 sen* 800 Per Ordinary Share Revenue 38,000 RM1.1 billion in Year 2020 19 3,610 *Subject to the shareholders' approval 7 CORPORATE INFORMATION As at 30 April 2021 REGISTERED OFFICE MGB BERHAD SALES OFFICES & GALLERIES Plaza Seri Setia Level 1-4 [REGISTRATION NO. 200201021504 D’ ISLAND RESIDENCE No. 1 Jalan SS9/2 (589167-W)] No. 3 Jalan Timur 9 47300 Petaling Jaya H-G Sunway PJ@51A D' Island Residence Selangor Darul Ehsan Jalan SS9A/19, Seksyen 51A 47130 Puchong Malaysia 47300 Petaling Jaya Selangor Darul Ehsan T + 603 7877 7333 Selangor Darul Ehsan Malaysia F + 603 7877 7111 Malaysia Hotline: 1700 81 8998 T + 603 7874 5888 BUSINESS ADDRESSES F + 603 7874 5889 BANDAR SAUJANA PUTRA HEAD OFFICE No. 2 & 6 Jalan SPU 1 Plaza Seri Setia Level 1-4 IPOH Bandar Saujana Putra No. 1 Jalan SS9/2 No. 17 Jalan Medan Ipoh 1A 42610 Jenjarom 47300 Petaling Jaya Medan Ipoh Bistari Kuala Langat Selangor Darul Ehsan 31400 Ipoh Selangor Darul Ehsan Malaysia Perak Darul Ridzuan Malaysia T + 603 7877 7333 Malaysia Hotline: 1700 81 8998 F + 603 7877 7111 T + 605 255 8820 F + 605 548 6137 BATU PAHAT CREDIT ADMINISTRATION No. 27-29, Jalan Putera Indah 12/1 No. L3A-21 Plaza Seri Setia CAMERON HIGHLANDS Bandar Putera Indah No. 1 Jalan SS9/2 B3-31-G Brinchang Square Tongkang Pechah 47300 Petaling Jaya Jalan Besar Brinchang 83000 Batu Pahat Selangor Darul Ehsan 39100 Cameron Highlands Johor Darul Takzim Malaysia Pahang Darul Makmur Malaysia T + 603 7861 6000 Malaysia T + 607 445 8899 F + 603 7861 6001/6002 T + 605 491 5018 F + 607 445 8888 F + 605 491 5020 PROJECT BRINCHANG SQUARE No. L3-12, L3-21 & L3-22 BATU PAHAT B3-31-G Brinchang Square Plaza Seri Setia No. 27-29, Jalan Putera Indah 12/1 Jalan Besar Brinchang No. 1 Jalan SS9/2 Bandar Putera Indah 39100 Cameron Highlands 47300 Petaling Jaya Tongkang Pechah Pahang Darul Makmur Selangor Darul Ehsan 83000 Batu Pahat Malaysia Malaysia Johor Darul Takzim T + 605 491 5018 T + 603 7877 7333 Malaysia F + 605 491 5020 F + 603 7861 8077 T + 607 445 8899 F + 607 445 8888 MIDHILLS, GENTING HIGHLANDS PROPERTY MANAGEMENT/ Lot 15360 Mukim Bentong MAINTENANCE & PROJECT AUDIT REGISTRAR Daerah Bentong No. L3A-03 TRICOR INVESTOR & ISSUING Pahang Darul Makmur Plaza Seri Setia HOUSE SERVICES SDN BHD Malaysia No. 1 Jalan SS9/2 [REGISTRATION NO. 197101000970 Hotline: 1700 81 8998 (11324-H)] 47300 Petaling Jaya Unit 32-01 Selangor Darul Ehsan RESIDENSI BINTANG BUKIT JALIL Level 32 Tower A Malaysia E13 Pusat Bandar Bukit Jalil Vertical Business Suite Avenue 3 T + 603 7877 7333 Jalan Jalil Utama 2 Bangsar South F + 603 7861 8077 57000 Kuala Lumpur No. 8 Jalan Kerinchi Malaysia 59200 Kuala Lumpur Hotline: 1700 81 8998 Malaysia T + 603 2783 9299 SKYLAKE RESIDENCE F + 603 2783 9222 No. 3 Jalan Timur 9 D' Island Residence 47130 Puchong Selangor Darul Ehsan Malaysia Hotline: 1700 81 8998 8 LBS BINA GROUP BERHAD ANNUAL REPORT 2020 ZENOPY RESIDENCES PRINCIPAL BANKERS / FINANCIERS A-1-13A, Zenopy Residences Affin Bank Berhad Jalan LP 7/4 Al Rajhi Banking & Investment Corporation (Malaysia) Berhad Taman Lestari Perdana Alliance Bank Malaysia Berhad Puncak Jalil AmBank (M) Berhad 43300 Seri Kembangan Bank Kerjasama Rakyat Malaysia Berhad Selangor Darul Ehsan Bank of China (Malaysia) Berhad Malaysia Bank Pembangunan Malaysia Berhad Hotline: 1700 81 9091 CIMB Bank Berhad HSBC Bank Malaysia Berhad LBS PROPERTY GALLERY Industrial and Commercial Bank of China (Malaysia) Berhad G-10, Ground Floor, M3 Shopping Mall Malayan Banking Berhad No.
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