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Annual Report 2019 Chairman’S Statement

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Annual Report 2019 Chairman’S Statement Back Cover Front Cover CONTENTS 2 6 8 15 CHAIRMAN’S MANAGEMENT SUSTAINABILITY FIVE YEARS’ STATEMENT DISCUSSION AND STATEMENT FINANCIAL ANALYSIS HIGHLIGHTS 17 18 19 21 CORPORATE CORPORATE BOARD OF KEY SENIOR INFORMATION STRUCTURE DIRECTORS’ MANAGEMENT PROFILE PROFILE 22 24 32 35 AUDIT COMMITTEE CORPORATE STATEMENT ON RISK FINANCIAL REPORT GOVERNANCE MANAGEMENT AND STATEMENTS OVERVIEW INTERNAL CONTROL STATEMENT 124 125 128 132 ADDITIONAL SHAREHOLDINGS LIST OF LANDED NOTICE OF ANNUAL CORPORATE STATISTICS PROPERTIES GENERAL MEETING DISCLOSURE PROXY FORM 2 ANNUAL REPORT 2019 Chairman’s STATEMENT Dear Shareholders, On behalf of the Board of Directors of BCB Berhad, I am pleased to present this Annual Report and Financial Statements of BCB Berhad for the financial year ended 30 June 2019. OVERVIEW The year 2019 saw the Malaysian economy in a rather The Malaysian property market continues to be on subdued mode. Growth (gross domestic product or consolidation mode; partly because Bank Negara GDP) is expected to moderate at 4.6% this year as Malaysia has yet to relax on the stringent but prudent compared to 4.7% chalked up in the previous year. credit policy imposed on the sector since a few years Nevertheless, strong domestic demand, services and back. Because of this policy, the Group continues exports are expected to continue propelling growth. to lose many potential buyers who were unable to As in the past, solid domestic demand will continue to secure a bank loan or a higher desired loan margin of be the main driving force propelling Malaysia’s growth financing. The continuing issue of unsold, mainly Bumi forward in years 2019 and 2020. quota units, is a major issue which the industry has yet to see a resolution. It is thus hoped that a standardized The potential risks to Malaysia’s economic growth are release mechanism can be put in place soon to primarily external ones, stemming from the present address these unsold units and to subsequently sell escalating trade wars between the United States and them. China, which will ultimately have an unbarring impact on the entire global economies. The past financial year was indeed very challenging for the Group. The Group was lucky to turn out a set Against this bleak global backdrop, the government of better than expected results. On overall, its projects has embarked on a fiscal spending mode by reviving are “holding out well” because of the employment mega-infrastructural projects to cushion against a of target marketing, competitive pricing, superior potential slowing of exports. concept, practical design and the strategic location of its properties/products. BCB BERHAD 3 Chairman’s Statement (cont’d) Financial Review Johor During the financial year, the Group posted a turnover a) Taman Bukit Perdana, Batu Pahat of RM425.39 million compared with RM292.25 million achieved in the previous year (after restatement). This 400 acres mixed development township is Group profit before tax increased to RM74.20 million located 1.5km from Batu Pahat town centre and compared with RM13.81 million achieved in the continue to record strong sales during the year. previous year (after restatement) while Group profit after tax increased to RM56.98 million compared with To date, over 4,000 units have been sold for a RM8.30 million achieved in the previous year (after total sales value of about RM600 million. As at to- restatement). date, this township is almost fully developed. REVIEW OF OPERATIONS b) Evergreen Heights, Batu Pahat Property Development This 400 acres mixed development township is located 8km south of Batu Pahat town centre. It The Group experienced strong sales for its products is located next to the 18-hole Bukit Banang Golf amidst in a more competitive and sluggish market and Country Club and is distinct as it emphasizes environment. quality living set amidst natural surroundings. New development phases in the Group’s flagship Its development is architecturally attractive with development projects in Batu Pahat, Johor - Taman beautifully landscaped terrain. There is also a Bukit Perdana, Evergreen Heights and Bandar Putera 12-acre park and lake for family recreational Indah continue to generate interest from homebuyers. purposes. These three townships are strategically sited close to public amenities and they continue to provide To date, over 3,000 units have been sold for value to homebuyers in terms of better/attractive a total sales value of about RM1.0 billion. This designs, quality finishes, superb landscaping, excellent township is currently 85% developed with another infrastructures, and competitive pricing. 80 acres of undeveloped land. We are confident that future launches and sales at this township will In Medini Iskandar Malaysia, the Group’s high-end continue to appeal and attract strong demand condominium project, Elysia Park Residence, continue given the wide range of amenities, facilities and to generate sales and interest from mainly foreign infrastructure already put in place or due to be buyers despite an overall weak sentiment for property put in place in the next few years. development projects within the Iskandar Malaysia region. It is situated in front of Gleneagles Hospital and a walking distance to Legoland Malaysia. Phase 1 with an initial GDV of RM600 million was revised upwards to RM752 million and comprises of 3, 44 storey tower blocks was officially launched in August 2015. Total sales to-date is about RM460 million. In the Klang Valley, the Group’ high-end landed project, Home Tree in Kota Kemuning officially launched its sub phases, 2A and 2B of Phase 2 with a combined GDV of RM270 million comprising 35 units of 3 storey bungalows and 78 units of 3 storey semi-Ds on August 27, 2017. Phase 2C with a GDV of RM97 million and comprising of 46 units of 3 storey semi-Ds was launched in April 2019. Total sales for these 3 sub-phases to-date is about RM210 million. The Group expects this Klang Valley project in addition to existing projects in Johor to contribute generously to its earnings in the near term. 4 ANNUAL REPORT 2019 Chairman’s Statement (cont’d) c) Bandar Putera Indah, Batu Pahat Klang Valley This 390 acres mixed development township is a) Home Tree at Kota Kemuning, Shah Alam, located in the vicinity of Tongkang Pecah, about Selangor 11km north-east of Batu Pahat town centre. This entire project will have a GDV of about RM1.1 A high-end gated and guarded community sited billion. on 151 acres of land located along the Klang river and comprising about 200 units of high- The concept here emphasizes quality living set end bungalows plus various other categories of amidst natural surroundings with architecturally houses and commercial properties. This project is attractive designs and beautifully landscaped located in Kota Kemuning and has a 3.5km long terrain. river frontage. It was officially launched on June 22, 2013. Since its maiden launching in year 2011, the take-up rate has been very encouraging. We This development is a joint venture between BCB will be rolling out more new phases soon. We are Berhad (holding a 70% stake) and Landshine confident of this township’s future contribution to Limited, an affiliate of a reputable property the Group’s earnings. developer in Xiamen, China. It will have a nature theme as it is fronting 3.5km of the Klang River. It d) Elysia Park Residence, Medini, Iskandar Malaysia will be designed to harmonize with nature and have club houses, jogging tracks, an esplanade This 7.81 acres high-end high-rise development is a and observation decks along the water front. joint venture between BCB Berhad (holding a 60% equity stake) and a developer from Hong Kong, The whole development project will have a China called United Harvest Group Company GDV of about RM1.8 billion and is targeted for Limited. completion in about 5 years time. Phase 1 has a GDV of about RM283 million and is almost fully This is a 129 years leasehold project consisting of sold. The entire Phase 2 has a GDV of RM600 6, 44 storey tower blocks sitting on a 9 storey car million. However, only sub-phases 2A and 2B were park podium. It has a GDV of about RM1.3 billion launched on August 27, 2017. and will be developed over 5 years. Phase 1 has 981 units sited in 3 tower blocks. There are eight Subsequent launch of other sub-phases will take types of unit layouts to choose from and they place soon. come in various designs and sizes ranging from 515 s.f. to 1,251 s.f. Others This project is expected to generate considerable interest from locals as well as foreigners simply Existing townships with on-going developments are as because Medini is a special economic zone; follows: whereby foreigners are exempted from the • Taman Sri Kluang (Kluang, Johor) buying and selling restrictions imposed elsewhere • Taman Pulai Utama (Johor Bahru, Johor) in the country. Phase 1 was officially launched on • Taman Megah (Pontian, Johor) August 7, 2015. Despite the “over-supply” fear syndrome for all development projects within Iskandar Malaysia and the recent controversy over development sales of Forest City project nearby and difficulties encountered by buyers in securing bank loans; the Group was fortunate as it managed to secure quite a number of foreign buyers. To-date about RM460 million in sales has been recorded. BCB BERHAD 5 Chairman’s Statement (cont’d) Project Management CORPORATE DEVELOPMENTS On the project management front, the Group has Proposed Dividend earned a name for itself in Johor via its management of the vibrant Taman Saujana township in Kluang; which is The Group is not proposing any dividend this year in offering gated security features.
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