Annual Report 2013
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ANNUAL REPORT 2013 SCIENTEX BERHAD (7867-P) The Dandelion Star Scientifically referred to as ‘taraxacum’, the dandelion is an extraordinarily robust plant that will thrive wherever its seeds land. The dandelion star is an apt symbol of a well-structured organisation with well-placed strategies for sustainable growth. Each star that blows off the dandelion symbolises the bright future of Scientex. Contents 2 Corporate Information 79 Statement On Risk Management And Internal Control 3 Corporate Structure 80-81 Audit Committee Report 4-5 Scientex Performance Record 82-87 Statement On Corporate Governance 6-7 5-Year Group Financial Highlights 88-89 Board Charter 8-50 45 Years Of Growth 90 Additional Compliance Information 51 Investor Relations 91-166 Financial Statements 52-53 Media Highlights 167 List Of Properties Held By The Group 54-57 Profile Of The Board Of Directors 168-169 Analysis Of Shareholdings 58-68 Chairman’s Statement 170-174 Notice Of Annual General Meeting 69-75 Review Of Operations Statement Accompanying Notice Of 76-78 Corporate Responsibility Statement Annual General Meeting Form Of Proxy SCIENTEX BERHAD Annual Report 2013 Corporate Information Board of Directors Tan Sri Dato’ Mohd Sheriff Bin Mohd Kassim Chairman & Independent Non-Executive Director Lim Teck Meng Executive Deputy Chairman Lim Peng Jin Managing Director Lim Peng Cheong Non-Independent Non-Executive Director Fok Chuan Meng Non-Independent Non-Executive Director Wong Mook Weng @ Wong Tsap Loy Independent Non-Executive Director Cham Chean Fong @ Sian Chean Fong Independent Non-Executive Director Teow Her Kok @ Chang Choo Chau Independent Non-Executive Director Company Secretary Auditors Ng Boon Ngee (MAICSA 7053979) Ernst & Young Level 23A, Menara Milenium Audit Committee Jalan Damanlela, Pusat Bandar Damansara 50490 Kuala Lumpur Tan Sri Dato’ Mohd Sheriff Bin Mohd Kassim Chairman Solicitors Cham Chean Fong @ Sian Chean Fong Koh Kim Leng & Co Member Mah-Kamariyah & Philip Koh Wong Mook Weng @ Wong Tsap Loy Member Principal Bankers Fok Chuan Meng HSBC Bank Malaysia Berhad Member Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad Malayan Banking Berhad Public Bank Berhad Nomination Committee CIMB Bank Berhad Tan Sri Dato’ Mohd Sheriff Bin Mohd Kassim Chairman Registered Office & Principal Place of Business Wong Mook Weng @ Wong Tsap Loy Member Jalan Utas 15/7, 40000 Shah Alam Cham Chean Fong @ Sian Chean Fong Selangor Darul Ehsan Member Tel: 03-5519 1325 Fax: 03-5519 1884 Remuneration Committee Website: www.scientex.com.my Tan Sri Dato’ Mohd Sheriff Bin Mohd Kassim Stock Exchange Listing Chairman Main Market of Bursa Malaysia Lim Peng Jin Securities Berhad Member [Stock code: 4731] Cham Chean Fong @ Sian Chean Fong Member Share Registrar Symphony Share Registrars Sdn Bhd Level 6, Symphony House Pusat Dagangan Dana 1 Jalan PJU 1A/46, 47301 Petaling Jaya Selangor Darul Ehsan Tel: 03-7841 8000 Fax: 03-7841 8151/8152 Helpdesk: 03-7849 0777 2 Website: www.symphony.com.my SCIENTEX BERHAD Annual Report 2013 Corporate Structure Scientex Berhad (Company No. 7867-P) Scientex Packaging Film Sdn Bhd Pan Pacific Straptex Sdn Bhd Manufacturing Great Wall Plastic Industries Berhad Scientex Industries Group Sdn Bhd Scientex Tsukasa (Vietnam) Co., Ltd. Scientex Polymer (Vietnam) Co., Ltd. PT. Scientex Indonesia MCTI Scientex Solar Sdn Bhd Cosmo Scientex (M) Sdn Bhd Scientex Quatari Sdn Bhd Scientex Park (M) Sdn Bhd Property Scientex (Skudai) Sdn Bhd Scientex Heights Sdn Bhd Scientex (Senai) Sdn Bhd Texland Sdn Bhd KC Contract Sdn Bhd 3 SCIENTEX BERHAD Annual Report 2013 Our results speak for themselves 1.2 RM Million 1,300 BILLION 1,200 YEARS OF 1,100 REVENUE 1,000 45 GROWTH 900 1969-2013 800 656 mil 700 600 500 400 184 mil 300 200 12 mil 37 mil 380 k 100 1969 1979 1989 1999 2008 2013 Building Expansion Growth Exponential Years Years Years Growth Years 1968-1988 1989-1998 1999-2008 2009-2013 4 SCIENTEX BERHAD Annual Report 2013 Scientex Performance Record NET PROFIT GROWTH (RM’000) 120,000 12-Year Compounded 110,284 110,000 100,000 Annual Growth = 28% 90,000 83,917 80,000 77,246 70,000 60,318 60,000 50,000 47,698 40,000 35,184 37,458 30,000 28,472 23,118 20,000 16,704 10,000 5,426 5,576 3,607 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 FINANCIAL YEAR SHAREHOLDERS’ REWARDS (RM’000) 57,500 40,000 Interim and Final Dividend } 35,385 35,000 Share Dividend Special Dividend 30,106 30,000 25,805 25,000 22,115 20,000 19,378 17,232 15,000 14,229 10,770 9,471 10,101 10,000 8,091 44,758 5,000 4,457 2,669 2,670 2,670 0 2001 2002 2003 2004 2005 2006 2007* 2008 2009 2010 2011 2012 2013^ FINANCIAL YEAR SHAREHOLDERS’ EQUITY GROWTH (RM’000) 650,000 628,665 600,000 550,000 525,715 500,000 467,344 450,000 414,348 400,000 375,094 345,952 350,000 300,000 284,603 268,078 242,591 250,000 224,817 223,398 223,569 227,879 200,000 150,000 2001# 2002# 2003# 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 FINANCIAL YEAR * Includes a share dividend on the basis of one (1) treasury share for every fifty (50) existing ordinary shares held based on market value. ^ Includes a single tier special dividend of 10 sen per share paid on 25 November 2013 and a single tier final dividend of 9 sen per share proposed for shareholders’ approval. # The figures have been restated for consistency. 5 SCIENTEX BERHAD Annual Report 2013 5-Year Group Financial Highlights Year ended 31 July 2013 2012 2011 2010 2009 RM’000 RM’000 RM’000 RM’000 RM’000 Results Revenue 1,229,045 881,025 804,023 694,816 509,731 Operating Profit 146,104 107,613 97,437 70,047 42,490 EBITDA 178,977 131,114 120,028 95,586 69,166 Profit Before Taxation 142,980 107,169 96,640 70,754 42,051 Profit After Taxation 112,497 87,869 80,118 62,140 38,576 Net Profit 110,284 83,917 77,246 60,318 37,458 Group Assets Non-current Assets 789,512 513,232 444,070 435,677 386,154 Current Assets 496,857 295,810 281,005 239,386 198,457 Total Assets Employed 1,286,369 809,042 725,075 675,063 584,611 Financed by Share Capital 115,000 115,000 115,000 115,000 115,000 Reserves 513,665 410,715 352,344 299,348 260,094 Equity attributable to owners 628,665 525,715 467,344 414,348 375,094 of the parent Non-controlling Interests 19,972 33,988 38,778 36,449 36,136 Current Liabilities 436,887 213,094 182,175 171,145 127,528 Non-current Liabilities 200,845 36,245 36,778 53,121 45,853 Total Funds Employed 1,286,369 809,042 725,075 675,063 584,611 Performance Indicators Earnings Per Share (Sen) 51.04 39.02 35.90 28.00 17.41 Net Dividend Per Share (Sen) 26.00 # 14.00 12.00 9.00 5.00 Net Assets Per Share (RM) 2.84 2.44 2.17 1.92 1.74 Net Gearing Ratio (Times) 0.29 0.04 0.01 0.11 0.06 Return on Equity ("ROE") (%) 17.54 15.96 16.53 14.56 9.99 # Includes a single tier special dividend of 10 sen per share paid on 25 November 2013 and a single tier final dividend of 9 sen per share proposed for shareholders’ approval. 6 SCIENTEX BERHAD Annual Report 2013 RM’000 GROUP FINANCIAL RESULTS RM’000 1,350,000 210,000 1,229,045 1,200,000 180,000 1,050,000 146,104 881,025 150,000 900,000 804,023 107,613 750,000 694,816 120,000 97,437 110,284 600,000 90,000 509,731 70,047 83,917 450,000 77,246 60,000 42,490 60,318 300,000 30,000 150,000 37,458 0 0 Financial Year 2009 2010 2011 2012 2013 Revenue Operating Profit Net Profit ROE & SHAREHOLDERS’ EQUITY NET GEARING RATIO & NET BORROWINGS % RM‘000 RM‘000 Times 700,000 17.54 18.00 600,000 1.0 16.53 15.96 628,665 16.00 600,000 14.56 500,000 0.8 525,715 14.00 500,000 467,344 12.00 400,000 414,348 0.6 400,000 375,094 10.00 300,000 9.99 300,000 8.00 183,259 0.4 6.00 200,000 0.29 200,000 4.00 44,834 0.2 100,000 100,000 20,995 0.11 19,387 2.00 0.06 6,557 0.04 0.01 0 0 0 0 Financial Financial Year 2009 2010 2011 2012 2013 Year 2009 2010 2011 2012 2013 Shareholders’ Equity Return on Equity Net Borrowings Net Gearing Ratio EARNINGS PER SHARE NET DIVIDEND PER SHARE Sen Sen 55 51.04 20 26.00 50 } 45 16.00 40 39.02 15 14.00 35.90 35 12.00 30 28.00 10.00 10 25 9.00 20 17.41 15 5.00 5 10 5 0 0 Financial Financial Year 2009 2010 2011 2012 2013 Year 2009 2010 2011 2012 2013 Earnings Per Share Interim and Final Dividend Special Dividend 7 SCIENTEX BERHAD Annual Report 2013 2009 As the world slipped into recession, the slowdown in trade impacted our business. However, as Scientex had been practising financial discipline and prudence, we were better prepared to weather the financial crisis.