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Annual Report 2019 the E&O Group

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Annual Report 2019 the E&O Group ANNUAL REPORT 2019 THE E&O GROUP The E&O Group (Eastern & Oriental Berhad) is a listed company on Bursa Malaysia that has established a reputation as the premier lifestyle property developer of exclusive addresses for the discerning. In Kuala Lumpur, E&O’s landmark properties include The Mews, St Mary Residences, Dua Residency, Idamansara and Seventy Damansara, all located in the most prime and prestigious neighbourhoods of the capital city. In Penang, the award-winning Seri Tanjung Pinang (STP) is the island’s first masterplanned seafront development that is now a highly sought-after and thriving community to locals as well as expatriates from over 20 nationalities. Reclamation of the second phase of STP started in 2016 and is on-going. In Johor’s southern development corridor of Iskandar Malaysia, E&O has embarked on Avira, a 207-acre development within Bandar Medini Iskandar that has easy accessibility to the Second Link connection to Singapore. In its expansion overseas, E&O’s international foray into real estate investment and development is focused within prime locations in London, including Princes House along Kingsway, ESCA House in Bayswater, and a commercial property in Hammersmith. E&O’s leading position as a lifestyle developer is anchored by its niche in luxury hospitality derived from its namesake, the iconic Eastern & Oriental Hotel, a cherished heritage landmark in George Town established in 1885. The Group has further leveraged on its experience and expertise in hospitality management with the opening of E&O Residences serviced apartments in Kuala Lumpur. www.easternandoriental.com EXPECT NOTHING ORDINARY Enriched by our heritage, crafting legacies for the future Our inheritance of values such as grace, refinement and appreciation of beauty, has emboldened us to seek fresh interpretations of the old to forge ahead and create anew PURPOSE E&O designs and builds properties that cater to the lifestyle aspirations of discerning individuals. VALUES At E&O, we do things differently, always for the better, with sincerity, integrity and passion. 10-YEAR GROUP FINANCIAL HIGHLIGHTS (RM'000) 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 STATEMENTS OF COMPREHENSIVE INCOME Revenue 886,320 982,706 704,764 422,183 449,497 497,141 605,536 492,151 271,271 352,375 Profit before tax 161,898 189,083 # 125,296 54,755 202,136 167,173 187,271 171,172 48,154 93,276 Income tax expense (85,534) (79,261) # (34,380) (15,926) (45,470) (47,389) (50,505) (43,433) (11,948) (18,630) Profit attributable to owners of the parent 61,918 94,298# 86,604 37,191 152,088 113,239 129,556 123,296 32,880 70,765 STATEMENTS OF FINANCIAL POSITION Issued and Paid-up capital (unit) 1,456,937 1,326,707 1,262,319 1,259,784 1,252,095 1,135,622 1,135,622 1,133,463 842,592 761,644 Weighted Average Number of stock units 1,316,724 1,307,535 1,256,430 1,240,722 1,221,324 1,217,332 1,106,182 1,093,675 1,059,935 1,063,967 Shareholders’ Fund 2,007,574 1,844,162 # 1,698,831 1,638,405 1,599,974 1,474,912 1,389,868 1,289,523 1,058,237 1,043,259 Total Assets 4,195,014 4,098,557 # 3,896,977 3,758,725 3,070,500 2,473,998 2,477,871 2,178,319 2,113,796 2,180,724 Total Loans and Borrowings 1,413,373 1,650,573 1,532,349 1,518,339 1,164,189 728,159 772,014 604,825 743,138 831,064 RATIOS Net Earnings per stock unit (sen) 4.7 7.2 # 6.9 3.0 12.5 9.3 11.7 11.3 3.0 6.6 Net Dividend per stock unit (sen) ^ *** 3.00 2.00 ** 3.00 3.38 3.19 1.50 2.85 Net Assets per stock unit attributable to owners of the parent (RM)* 1.40 1.42 1.35 1.31 1.31 1.33 1.26 1.17 1.21 1.25 Net Gearing (times) 0.28 0.61 0.73 0.78 0.60 0.31 0.35 0.26 0.41 0.26 * Net assets per stock unit is computed based on the number of ordinary stock units in issue net of treasury stock units at: - 31.3.2019 of 1,432,544,648 - 31.3.2018 of 1,299,367,797 - 31.3.2017 of 1,257,197,597 - 31.3.2016 of 1,254,944,463 - 31.3.2015 of 1,222,654,764 - 31.3.2014 of 1,106,182,310 - 31.3.2013 of 1,106,182,310 - 31.3.2012 of 1,104,023,810 - 31.3.2011 of 813,202,612 - 31.3.2010 of 753,979,637 # Restated following the effects of transition to Malaysian Financial Reporting Standards as disclosed in the audited financial statements for the financial year ended 31 March 2019. *** The Company distributed a total of 25,937,951 treasury stock units, being payment of the first and final dividend by way of distribution of treasury stock units at the ratio of one (1) treasury stock unit for every fifty (50) ordinary stock units held in the Company. ** The Company distributed a total of 24,601,619 treasury stock units, being payment of the first and final dividend by way of distribution of treasury stock units at the ratio of one (1) treasury stock unit for every fifty (50) ordinary stock units held in the Company. ^ Proposed first and final single-tier dividend of 3 sen per stock unit, to be approved by the stockholders at the forthcoming Annual General Meeting. Eastern & Oriental Hotel, Penang CONTENTS 8 Group Corporate Structure 11 Corporate Information 12 Directors’ Profile 21 Management Profile 25 Management Discussion & Analysis 53 Sustainability Statement 85 Global Reporting Initiative ("GRI") Content Index 91 Directors’ Responsibility Statement 92 Corporate Governance Overview Statement 108 Statement on Risk Management and Internal Control 112 Audit Committee Report 118 Other Compliance Information 127 Financial Statements 2019 289 Group’s Properties 294 Analysis of Stockholdings 299 Analysis of Warrant Holdings 302 Notice of Annual General Meeting 308 Statement Accompanying Notice of Annual General Meeting Form of Proxy GROUP CORPORATE E&O-PDC (30%) Persada Mentari Sdn Bhd STRUCTURE Holdings Rimelite (80%) AS AT 30 JUNE 2019 Sdn Bhd (18%) Permaijana (70%) Tanjung Pinang Sdn Bhd KSM Property (60%) Ribu (M) Development Junjung Angkasa (100%) (72%) Development Sdn Bhd Sdn Bhd Sdn Bhd Sdn Bhd Kamunting (100%) Indasu Housing Monplus E&O Property E&O Customer (100%) Management Bridgecrest Development Housing Services (Penang) Services (99%) Resources Sdn Bhd Sdn Bhd Development Sdn Bhd Sdn Bhd Patsawan Sdn Bhd (100%) (100%) Sdn Bhd (100%) (100%) Properties (100%) Sdn Bhd (1%) KCB Trading Unicorn (51%) Sdn Bhd Housing E&O Property (51%) Development (Singapore) Rhinever Sdn Bhd Pte Ltd Trans-Mutual Housing (100%) (100%) Sdn Bhd Development Terra Eminent Pedestal (100%) Sdn Bhd (100%) (60%) Damansara Sdn Bhd Sdn Bhd (100%) WCW Technologies Hammersmith Hammersmith Sdn Bhd Emerald Properties Development (100%) Designs Limited (UK) Dynamic Sdn Bhd (100%) Limited (15.98%) (40%) Degree (100%) (100%) Sdn Bhd Eastern & Loxley KCB Holdings Tinggi Murni Samudra Pelangi (100%) Oriental Holdings Sdn Bhd Sdn Bhd Sdn Bhd Plc Management (100%) (100%) (100%) (100%) Limited (84.02%) E&O Property (100%) Development Berhad (12.5%) (75%) E&O Developers Radiant Kiara Edisi Ambangan Regal E&O Kayangan Ribuan E&O Sales Eastern & Galaxy Teratak Sdn Bhd Sdn Bhd Utama Puri Alliance Properties Budaya Imbang & Marketing Oriental Prestige Warisan (M) (100%) (100%) Sdn Bhd Sdn Bhd Sdn Bhd Sdn Bhd Sdn Bhd Sdn Bhd Sdn Bhd Express Sdn Bhd Sdn Bhd (100%) (100%) (100%) (100%) (100%) (100%) Sdn Bhd (100%) (100%) Matrix E&O Trading (100%) Promenade Sdn Bhd Sdn Bhd E&O Cruises (100%) (100%) Seventy E&O Mergexcel Nuri Merdu Eastern & Sdn Bhd Damansara Management Property Sdn Bhd Oriental Hotel (100%) E&O-PIE Sdn Bhd Services Development (50%) Sdn Berhad Sdn Bhd (100%) Sdn Bhd Sdn Bhd (100%) (100%) (100%) (50%) E&O Hotel Management (M) E&O Vista In liquidation Sdn Bhd Sdn Bhd (100%) (100%) Twenty First Century Realty Sdn Bhd (100%) KCB Geotechnics Sdn Bhd (100%) * Listed on Bursa Malaysia Securities Berhad Subsidiary Company Eastern & Oriental Oriental Light (Guernsey) Oriental Light (UK) Properties (Guernsey) Jointly Controlled Entity Limited Limited Limited (100%) (100%) (100%) 8 | EASTERN & ORIENTAL BERHAD (555-K) ANNUAL REPORT 2019 | 9 Victory Annexe, Eastern & Oriental Hotel, Penang CORPORATE INFORMATION DIRECTORS Dato’ Azizan bin Abd Rahman – Chairman Dato’ Seri Tham Ka Hon – Executive Deputy Chairman Mr Kok Tuck Cheong – Managing Director Mdm Kok Meng Chow – Finance Director Tan Sri Dato’ Seri Mohd Bakke bin Salleh Encik Kamil Ahmad Merican Datuk Vijeyaratnam a/l V. Thamotharam Pillay Datuk Christopher Martin Boyd Ms Tan Kar Leng @ Chen Kar Leng Datuk Tee Eng Ho COMPANY SECRETARY REGISTRAR Wong Yah Yee (MAICSA 7040513) Tricor Investor & Issuing House Services Sdn Bhd MAIN BANKERS Unit 32-01, Level 32, Tower A AmBank (M) Berhad Vertical Business Suite, Avenue 3 Affin Bank Berhad Bangsar South Alliance Bank Malaysia Berhad No. 8, Jalan Kerinchi CIMB Islamic Bank Berhad 59200 Kuala Lumpur Hong Leong Bank Berhad T 03-2783 9299 Maybank Islamic Berhad F 03-2783 9222 MUFG Bank (Malaysia) Berhad Public Bank Berhad REGISTERED OFFICE RHB Islamic Bank Berhad Level 3A (Annexe) Menara Milenium AUDITORS 8 Jalan Damanlela Ernst & Young Damansara Heights Level 23A, Menara Milenium 50490 Kuala Lumpur Jalan Damanlela T 03-2095 6868 Pusat Bandar Damansara F 03-2095 9898 50490 Kuala Lumpur T 03-7495 8000 STOCK EXCHANGE LISTING F 03-2095 9076 Main Market of Bursa Malaysia Securities Berhad WEBSITE www.easternandoriental.com ANNUAL REPORT 2019 | 11 DIRECTORS’ PROFILE DATO’ AZIZAN BIN ABD RAHMAN DATO’ SERI THAM KA HON Independent Non-Executive Director / Chairman Executive Deputy Chairman TAN SRI DATO’ SERI MOHD BAKKE BIN SALLEH ENCIK KAMIL AHMAD MERICAN Non-Independent Non-Executive Director Non-Independent Non-Executive Director DATUK CHRISTOPHER MARTIN BOYD Independent Non-Executive Director 12 | EASTERN & ORIENTAL BERHAD (555-K) MR KOK TUCK CHEONG MADAM KOK MENG CHOW Managing Director Finance Director DATUK VIJEYARATNAM A/L V.
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