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Growth & Sustainability

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Growth & Sustainability PPB GROUP BERHAD www.ppbgroup.com PPB GROUP BERHAD (8167-W) 17th Floor Wisma Jerneh 38 Jalan Sultan Ismail 50250 Kuala Lumpur Malaysia T +603 2117 0888 F +603 2117 0999 GROWTH & SUSTAINABILITY ANNUAL REPORT ANNUAL REPORT 2010 2010 The theme of ‘Growth and Sustainability’ reflects PPB Group’s vision and expansionary approaches in delivering quality products and services to customers as well as delivering optimum investment returns to shareholders and stakeholders. CONSUMER PRODUCTS THE FINANCIALS 5-Year Group Financial Statistics 46 THE CORPORATION Segmental Analysis 48 Share Performance Chart 49 Chairman’s Statement 08 Additional Financial Information 50 Group Financial Highlights 14 Directors’ Responsibility Statement 51 Simplified Consolidated Statements Of Financial Position 15 Directors’ Report 52 Directors’ Profiles 16 Financial Statements 59 Corporate Structure 20 Consolidated Income Statement 60 Corporate Information 22 Consolidated Statement Of Comprehensive Income 61 Group’s Corporate Events In 2010 23 Consolidated Statement Of Financial Position 62 Financial Calendar 24 Consolidated Statement Of Changes In Equity 64 Corporate Governance Statement 25 Consolidated Statement of Cash Flows 66 Audit Committee Report 32 Income Statement 69 Statement On Internal Control 35 Statement Of Comprehensive Income 69 Corporate Social Responsibility Statement 37 Statement Of Financial Position 70 Additional Compliance Information 42 Statement Of Changes In Equity 71 Statement Of Cash Flows 72 Notes To The Financial Statements 74 Supplementary Information 171 Statement By Directors 172 Statutory Declaration 172 Independent Auditors' Report 173 CONTENTS THE PROPERTIES & SHAREHOLDINGS Properties Owned By PPB And Its Subsidiaries 178 Statement Of Shareholdings 183 Group Corporate Directory 186 Notice Of Annual General Meeting 188 Statement Accompanying The Notice Of Annual General Meeting 190 Proxy Form THE CORPORATION Chairman’s Statement 08 | Group Financial Highlights 14 Simplified Consolidated Statements OfFinancial Position 15 | Directors’ Profiles 16 Corporate Structure 20 | Corporate Information 22 | Group’s Corporate Events In 2010 23 Financial Calendar 24 | Corporate Governance Statement 25 | Audit Committee Report 32 Statement On Internal Control 35 | Corporate Social Responsibility Statement 37 Additional Compliance Information 42 FROM THE BEGINNING, we ensured consistency in providing essential products to our customers. CHAIRMAN’S STATEMENT ON BEHALF OF THE BOARD OF DIRECTORS OF PPB GROUP BERHAD, IT GIVES ME GREAT PLEASURE TO PRESENT TO YOU THE ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS OF THE COMPANY AND THE GROUP FOR THE YEAR ENDED 31 DECEMBER 2010. 8 CHAIRMAN’S STATEMENT GROUP RESULTS MAJOR CORPORATE EXERCISE COMPLETED In January 2010, PPB completed the disposal of its sugar- PPB Group achieved related assets to Felda Global Ventures Holdings Sdn Bhd (FGVH) comprising 100% equity interest in Malayan Sugar a strong set of results Manufacturing Company Berhad, its 50% equity interest for the financial year in Kilang Gula Felda Perlis Sdn Bhd and parcels of land in Chuping of approximately 5,797 hectares. Our 49% associate, ended 31 December 2010 Grenfell Holdings Sdn Bhd, also disposed of 20% equity with a 10% increase in interest in Tradewinds (M) Berhad to FGVH. The above disposals recorded a gain of RM841 million for revenue to RM2.3 billion the financial year under review. driven by higher revenue FFM Berhad (FFM) entered into a Subscription Agreement contribution from flour and with PGEO Group Sdn Bhd (PGEO), a wholly-owned subsidiary of Wilmar on 2 December 2010 for the proposed feed milling; film exhibition issuance of 55.781 million new FFM shares equivalent to 20% of the enlarged share capital of FFM to PGEO for a and distribution; chemicals total subscription sum of approximately RM378 million. trading and manufacturing On the same date, FFM entered into a Memorandum of Understanding with Wilmar for the potential acquisition operations. of 20% equity interest in selected subsidiaries of Wilmar engaged in flour milling in the People’s Republic of China. Profit for the year from continuing operations was lower at The subscription was completed on 8 March 2011. RM1.1 billion compared with RM1.4 billion in the previous year mainly due to lower profit contribution from our 18.3% associate, Wilmar International Limited (Wilmar) as a DIVIDENDS result of the weaker performance of its oilseeds and grains In view of the strong financial performance, the Board is segment. However, total profit for the year improved 17% pleased to recommend for shareholders’ approval a final with the gain of RM841 million from the disposal of the single tier dividend of 18 sen per share for the financial Group’s sugar-related assets in January 2010. year ended 31 December 2010. The final dividend is payable on Friday, 10 June 2011 subject to shareholders’ approval Profit attributable to shareholders increased to RM1.9 billion at the forthcoming Annual General Meeting. from RM1.6 billion which translates to earnings per share of RM1.59 compared with RM1.36 the year before. The Company paid a special single tier dividend of 65 sen per share on 28 September 2010 in consideration of the cash flow and profits generated from the sale of the Group’s sugar-related assets. Together with the interim single tier dividend of 5 sen per share which was also paid on 28 September 2010, the total dividend for the financial year ended 31 December 2010 would be 88 sen per share amounting to RM1,043 million as compared with RM865 million paid for financial year 2009. THE CORPORATION 9 CHAIRMAN’S STATEMENT OVERVIEW OF OPERATIONS FOOD MANUFACTURING ACTIVITIES The grains trading, flour and feed milling division of the Group had a favourable year with revenue improving by 9% driven by higher sales in the Indonesian market with the steady pickup in flour sales from its 1,000 mt flour mill in Cilegon, Indonesia which commenced operations in October 2009. This division was the largest contributor to Group profits and for the year under review, profits grew a significant 66% with higher sales and better margins. With the opening of the new 220 mt per day flour mill in Kota Kinabalu in the first quarter of 2011, the Group is now well positioned to serve all its customers throughout the country with much greater efficiency. Together with the Kota Kinabalu mill, the Group’s four (4) other flour mills located at Prai, Port Klang, Pasir Gudang and Kuching have a total wheat milling capacity of 2,550 mt per day. LIVESTOCK FARMING The Group first invested downstream in food processing in Bolstered by higher selling prices of day-old chicks and 2007 to manufacture a selection of premium sausages, nuggets table eggs, the farming operations achieved a 128% increase and other finger foods under the “Marina” and “Seri Murni” in profits to RM8 million against revenue of RM95 million. brands. In 2010, the Group focused on media advertising Production of chicks increased by 7.6% whilst table eggs output and shop-floor promotions to increase public awareness and was lower by 6.6%. The Sua Betong Farm added 2 double- demand for its frozen products. As a result, plant output storey chicken houses which have been stocked with young doubled compared to 2009 and the Group plans to expand breeder birds. A new hatchery has also been added which Phase 2 of the production plant including increasing its cold will be equipped with new incubators ready for operations in room storage to cater for growing demand. the second quarter of 2011 to increase production. In 2011, the Group is starting yet another complementary This business remains competitive as additional production business in the commercial production of loaf breads and is anticipated from major breeder and layer producers. buns at its bakery situated next to FFM’s current flour mill However, with continuous expansion and upgrading of the complex at Pulau Indah. farms, this division will be able to reduce production cost to compete effectively in the industry. CONSUMER PRODUCTS In line with the country’s strong economic growth in ENVIRONMENTAL ENGINEERING, WASTE 2010, the consumer products marketing and distribution MANAGEMENT AND UTILITIES division registered an improvement in revenue of 9% to For the year under review, the Group’s environmental RM369 million contributing a profit growth of 20% to engineering, waste management and utility business RM16 million. The better performance was attributable to performed satisfactorily. This division remains focused on the growth in our in-house products especially from the its core expertise in water treatment, sewage treatment, frozen food business. Most major agency products were flood mitigation and solid waste management. For the year performing in line with expectations which added to the under review, Chemquest Sdn Bhd (Chemquest) completed overall improved results. and commissioned three (3) water projects and one (1) flood mitigation scheme comprising a 9.6 ha flood detention pond in Kawasan Bertam, Kepala Batas with a combined contract sum of RM117 million. 10 PPB GROUP BERHAD ANNUAL REPORT 2010 In 2010, Chemquest secured three (3) water projects with This year will be a busy one for GSC as it is scheduled to open a total contract value of approximately RM140 million in another two (2) new locations namely at Aeon Bandaraya Pahang, Selangor and Sarawak. Malacca and Mentakab Star Mall, Pahang. GSC is in the midst of renovating the old wing of its IOI Mall cinema which FILM EXHIBITION AND DISTRIBUTION when completed will together with the new wing offer 10 The film exhibition and distribution operations continued screens to movie-goers in Puchong. In the pipeline are more to perform well to deliver another record year of profits. new projects to be opened over the next few years. Profits achieved in 2010 of RM44 million represented a growth of 54% from the previous year, on the back of GSC remains committed to enhancing the cinema going higher revenue of RM253 million.
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