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Simplified Consolidated Statements of Financial Position

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Simplified Consolidated Statements of Financial Position SIMPLIFIED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Expansion Consistency THE VALUE PROPOSITION STORY OF PPB GROUP is about how PPB Group’s heritage of values and culture translate to growth, Growth consistency and care. The enduring passion of everyone within the Group has helped build a strong customer base and supportive stakeholders. Today, we are equally proud and humbled to tell the story of PPB Group’s value proposition. Quality Passion Care The Corporation 001 OUR PRODUCTS, OUR VALUE PROPOSITION. CONTENTS THE CORPORATION 008 Chairman’s Statement 016 Group Financial Highlights THE 017 Simplified Consolidated Statements FINANCIALS Of Financial Position 018 Directors’ Profiles 054 5-Year Group Financial Statistics 022 Group Corporate Structure 056 Segmental Analysis 024 Corporate Information 057 Share Performance 025 PPB’s Corporate Events And Investor Relations Activities 058 Additional Financial Information 026 Financial Calendar 059 Directors’ Responsibility 027 Corporate Governance Statement Statement 036 Audit Committee Report 060 Directors’ Report 039 Statement On Risk Management And Internal Control 041 Corporate Sustainability Statement 050 Additional Compliance Information THE FINANCIAL STATEMENTS 066 Consolidated Income Statement 067 Consolidated Statement Of Comprehensive Income 068 Consolidated Statement Of Financial Position THE 070 Consolidated Statement Of Changes In Equity PROPERTIES & SHAREHOLDINGS 072 Consolidated Statement Of Cash Flows 074 Income Statement 164 Properties Owned By PPB And Its Subsidiaries 074 Statement Of Comprehensive Income 169 Statement Of Shareholdings 075 Statement Of Financial Position 172 Group Corporate Directory 076 Statement Of Changes In Equity 174 Notice Of Annual General Meeting 077 Statement Of Cash Flows 177 Statement Accompanying 079 Notes To The Financial Statements The Notice Of Annual General Meeting 157 Supplementary Information 158 Statement By Directors Form Of Proxy 159 Statutory Declaration 160 Independent Auditors’ Report CHAIRMAN’S STATEMENT DEAR SHAREHOLDERS, On behalf of the Board of Directors of PPB Group Berhad, it gives me great pleasure to present the Annual Report and audited financial statements of the Company and the Group for the year ended 31 December 2013. GROUP RESULTS I am pleased to report that the Group delivered a strong set of results against a challenging and uncertain economic environment. PPB Group recorded an increase in revenue of 10% to RM3.313 billion for 2013 with higher contribution IURPPRVWRILWVVHJPHQWVDQGHVSHFLDOO\IURPWKHÁRXUDQGIHHGPLOOLQJDQGJUDLQVWUDGLQJVHJPHQW ZKLFKUHJLVWHUHGKLJKHUVDOHVYROXPHDQGLPSURYHGVHOOLQJSULFHVRIÁRXUDQGIHHG 3URÀWEHIRUHWD[ZDV50ELOOLRQXSIURPWKH\HDUEHIRUH7KHLQFUHDVHZDVPDGHSRVVLEOH E\WKHVWURQJHUSHUIRUPDQFHRIPRVWRIWKH*URXS·VEXVLQHVVVHJPHQWVDQGKLJKHUSURÀWFRQWULEXWLRQ IURP:LOPDU,QWHUQDWLRQDO/LPLWHG :LOPDU RI50PLOOLRQDVFRPSDUHGZLWK50PLOOLRQLQ 3URÀWIRUWKH\HDULPSURYHGWR50PLOOLRQDQGSURÀWDWWULEXWDEOHWRVKDUHKROGHUVZDV50 PLOOLRQWUDQVODWLQJWRHDUQLQJVSHUVKDUHRIVHQFRPSDUHGZLWKVHQLQ All figures in RM million 2013 2012 % Change Revenue 10 3URÀWEHIRUHWD[ 3URÀWIRUWKH\HDU Earnings per share (sen) 71 17 Serian Water Treatment Plant in Sarawak 008 PPB Group Berhad ANNUAL REPORT 2013 CHAIRMAN’S STATEMENT 7KH *URXS LV LQ D VROLG ÀQDQFLDO SRVLWLRQ ZLWK VKDUHKROGHUV· IXQGV RI 50 ELOOLRQ FDVK DQG EDQN EDODQFHV RI 50 million and debt-to-equity ratio of 3%. :LWKDVWURQJFDVKÁRZDQGEDODQFHVKHHW FRXSOHG ZLWK HIÀFLHQW PDQDJHPHQW RI DVVHWV WKH *URXS LV ZHOO SRVLWLRQHG WR capitalise on investment opportunities to further enhance shareholder value. DIVIDENDS 7KH%RDUGLVSOHDVHGWRUHFRPPHQGDÀQDO single tier dividend of 17 sen per share and combined with the interim single tier GLYLGHQG RI VHQ SHU VKDUH ZRXOG EULQJ WKH WRWDO GLYLGHQGV IRU WKH ÀQDQFLDO \HDU ended 31 December 2013 to 25 sen per VKDUHDPRXQWLQJWR50PLOOLRQ 7KH SURSRVHG ÀQDO GLYLGHQG LV VXEMHFW WR shareholders’ approval at the forthcoming WK $QQXDO *HQHUDO 0HHWLQJ DQG LI DSSURYHGZLOOEHSDLGRQ-XQH The Corporation 009 CHAIRMAN’S STATEMENT OVERVIEW OF OPERATIONS FOOD MANUFACTURING ACTIVITIES Flour and Feed Milling, and Grains Trading 7KH ÁRXU DQG IHHG PLOOLQJ DQG JUDLQV WUDGLQJ GLYLVLRQ RI the Group recorded an 11% improvement in revenue to 50 ELOOLRQ GULYHQ E\ KLJKHU IHHG DQG ÁRXU YROXPH VDOHVDQGVHOOLQJSULFHV+RZHYHUSURÀWVZHUHPDUJLQDOO\ higher by 2% due to lower margins resulting from higher raw PDWHULDOFRVWDQGXQIDYRXUDEOHIRUHLJQFXUUHQF\H[FKDQJH movements. 7KH *URXS·V VWUDWHJLF EXVLQHVV GHFLVLRQ WR H[SDQG LWV ÁRXUPLOOLQJEXVLQHVVRYHUVHDVHVSHFLDOO\LQHPHUJLQJDQG Packing of Duetto buns at The Italian Baker in Pulau Indah SRSXODWHG FRXQWULHV WR FDWHU IRU D ZLGHU PDUNHW KDV OHG to increasing revenue and earnings contribution from this division. ,Q1RYHPEHU373XQGL.HQFDQDDVXEVLGLDU\RI Bakery WKH*URXSFRPPLVVLRQHGLWVVHFRQGPWGD\ÁRXUPLOO LQ,QGRQHVLDGRXEOLQJLWVSURGXFWLRQFDSDFLW\WRPW 6LQFHWKHLQLWLDOODXQFKRI0DVVLPREUHDGORDYHVDQGEXQV GD\ ,Q 9LHWQDP ))0 *URXS FRPSOHWHG WKH H[SDQVLRQ RI LQWKH*URXS·VEUDQGRIEDNHU\SURGXFWVKDVVWHDGLO\ LWVPWGD\ÁRXUPLOOWRPWGD\LQ%D5LD9XQJ7DX grown to be widely accepted by consumers in the country 3URYLQFH7KHFRQVWUXFWLRQRIDQHZPWGD\ÁRXUPLOO IRULWVTXDOLW\DQGWDVWH:LWKJURZLQJGHPDQGWKHFXUUHQW LQQRUWKHUQ9LHWQDPXQGHULWVVXEVLGLDU\9)0:LOPDU EUHDGOLQHRIORDYHVSHUKRXUUHDFKHGFDSDFLW\ZLWKLQ )ORXU0LOOV&R/WGLVXQGHUZD\WRFRPSOHPHQWWKHPLOOLQ D\HDURIRSHUDWLRQDQGDQHZORDYHVSHUKRXUEUHDG WKHVRXWK.HUU\)ORXU0LOOV/WGDDVVRFLDWHRIWKH line commenced installation in 2013 which will be ready for *URXSVWDUWHGFRQVWUXFWLRQRIDQHZPWGD\ÁRXUPLOO production in the second half of this year. this year which will increase its production capacity in 7KDLODQGWRPWGD\ ,QDGGLWLRQDQHZIXOO\DXWRPDWHGSURGXFWLRQOLQHLVEHLQJ installed and a new range of Massimo products will be ,Q&KLQDWKH*URXSXQGHU:DLNDUL6GQ%KGLQYHVWHGLQ introduced in the second quarter of this year to complement QLQHÁRXUPLOOVZLWKDWRWDOPLOOLQJFDSDFLW\RIPW WKHH[LVWLQJEDNHU\SURGXFWV GD\(LJKWRIWKHVHPLOOVZLWKDWRWDOFDSDFLW\RIPW GD\KDYHVWDUWHGRSHUDWLRQVDQGDUHH[SHFWHGWRFRQWULEXWH Frozen Foods SRVLWLYHO\WRWKH*URXS·VUHJLRQDOÁRXUPLOOLQJEXVLQHVVLQ the near future. 7KH IUR]HQ IRRGV GLYLVLRQ SHUIRUPHG ZHOO ZLWK LQFUHDVLQJ FRQVXPHUGHPDQGIURPEXV\KRXVHKROGVIRUTXLFNFRQYHQLHQW 2Q WKH GRPHVWLF IURQW ))0 *URXS SODQV WR FRQVWUXFW DQ \HWKHDOWK\PHDOV,QWKHODVWTXDUWHURI))0)XUWKHU DGGLWLRQDOPWGD\PLOODWLWVFXUUHQWSUHPLVHVLQ3DVLU 3URFHVVLQJLQWURGXFHGWZRQHZSURGXFWVWKH&KLFNHQ%XUJHU *XGDQJZKLFKZRXOGIXUWKHULPSURYHHIÀFLHQF\DQGFDSDFLW\ DQG6TXDUH%XUJHUSDWWLHVWRWKHLUSRSXODU0DULQDIUR]HQIRRG RILWV-RKRURSHUDWLRQV7KH))0*URXSFXUUHQWO\RZQVÀYH RIIHULQJV 7KH\ DOVR VWDUWHG H[SRUWV WR 6LQJDSRUH ZLWK WKH ÁRXUPLOOVLQWKHFRXQWU\ZLWKDWRWDOPLOOLQJFDSDFLW\RI DSSURYDOIURPWKH6LQJDSRUH$JUR9HWHULQDU\$XWKRULW\DQG PWGD\ 0LQLVWU\RI+HDOWK7RNHHSXSZLWKGRPHVWLFGHPDQGDQG H[SRUWVDQGLPSURYHRXWSXWHIÀFLHQF\WKH*URXSLQYHVWHGLQ QHZPDFKLQHULHVWRLQFUHDVHSURGXFWLRQRXWSXWIURPNJ KRXUWRNJKRXU 010 PPB Group Berhad ANNUAL REPORT 2013 CHAIRMAN’S STATEMENT Livestock Farming 7KH OLYHVWRFN IDUPLQJ EXVLQHVV UHPDLQV FKDOOHQJLQJ LQ DQ RYHUVXSSOLHG PDUNHW FRPSRXQGHG E\ FRQWLQXRXV SUHVVXUH RQ VHOOLQJ SULFHV 0DQDJLQJ WKH ULVN RI SRXOWU\ GLVHDVH RXWEUHDNVLVDQRWKHUFULWLFDOFKDOOHQJHIDFHGE\WKHIDUPV 'HVSLWH D GLIÀFXOW RSHUDWLQJ HQYLURQPHQW WKLV GLYLVLRQ PDQDJHG WR UHGXFH ORVVHV VLJQLÀFDQWO\ WR 50 PLOOLRQ IURP50PLOOLRQLQWKH\HDUEHIRUHGXHWREHWWHUVHOOLQJ SULFHVRIGD\ROGFKLFNVDQGHJJVDQGKLJKHUVDOHVYROXPH Upgrading of the ventilation system in poultry houses helped increase egg production and recovery from diseases UHVXOWHGLQKLJKHUHJJDQGFKLFNRXWSXW &RQWLQXDO HIIRUWV DUH PDGH WR PDQDJH FRVWV DQG LPSURYH SURGXFWLRQ HIÀFLHQF\ WR WXUQ WKH EXVLQHVV DURXQG ,Q DGGLWLRQZHDUHFRQVWUXFWLQJDQHZOD\HUKRXVHLQ7URQJ 3HUDN ZKLFK ZLOO LQFUHDVH HJJ SURGXFWLRQ E\ DQG planning for broiler integration to further enhance the synergy of Group operations. 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