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YTL Corporation Berhad Annual Report 2019.Pdf YTL CORPORATION BERHAD BERHAD CORPORATION YTL Our work stands the test of time by turning the right opportunity into the right thing and the right thing into lasting value. YTL is about building value that is not simply 92647-H lasting, but is worthy of lasting. ANNUAL REPORT 2019 Annual Report BUILDING THE RIGHT THING 2019 The Journey Continues... Our work stands the test of time by turning the right opportunity into the right thing and the right thing into lasting value. YTL is about building value that is not simply lasting, but is worthy of lasting. ANNUAL REPORT 2019 BUILDING THE RIGHT THING The Journey Continues... (Company No. 92647-H) CONTENTS CORPORATE REVIEW FINANCIAL STATEMENTS 2 Chairman’s Statement 96 Directors’ Report 6 Management Discussion & Analysis 107 Statement by Directors 44 Managing Sustainability 107 Statutory Declaration 46 Corporate Events 108 Independent Auditors’ Report 56 Notice of Annual General Meeting 117 Income Statements 59 Statement Accompanying Notice of Annual General 118 Statements of Comprehensive Income Meeting 119 Statements of Financial Position 60 Corporate Information 123 Statements of Changes in Equity 61 Profile of the Board of Directors 126 Statements of Cash Flows 66 Profile of Key Senior Management 130 Notes to the Financial Statements 68 Statement of Directors’ Responsibilities • Form of Proxy 69 Audit Committee Report 72 Nominating Committee Statement 76 Corporate Governance Overview Statement 83 Statement on Risk Management & Internal Control 87 Analysis of Shareholdings 89 Statement of Directors’ Interests 92 List of Properties YTL CORPORATION BERHAD Chairman’s Statement YTL Corporation Berhad (“YTL Corp”) and its subsidiaries (“Group”) recorded higher revenue of RM18.05 billion for the financial year ended 30 June 2019 compared to RM15.89 billion last year, whilst profit before tax stood at RM1.04 billion for the financial year under review compared to RM1.34 billion last year. YTL Corp declared an interim cash dividend of 4.0 sen per ordinary share for the financial year ended 30 June 2019, representing a dividend yield of approximately 3.5%, based on the average share price during the financial year of RM1.15 per share. YTL Corp has a consistent dividend track record and has declared dividends to shareholders for 35 consecutive years since listing on the Kuala Lumpur stock exchange in 1985. The Malaysian economy recorded lower gross domestic product (GDP) growth of 4.7% for the 2018 calendar year compared to 5.9% in 2017, impacted by external and domestic challenges during the year. The economy registered GDP growth of 4.5% in the first quarter and 4.9% in the second quarter of 2019, supported by robust expansion in domestic demand. Meanwhile, in other major economies in which the Group operates, the United Kingdom (UK) registered growth of approximately 1.4% during 2018, with the first and second quarters of the 2019 calendar year registering an estimated growth of 0.5% and negative 0.2%, respectively. Singapore’s economy showed growth of 3.2% in 2018, with growth of approximately 1.1% and 0.1% respectively in the first and second quarters of the 2019 calendar year (sources: Ministry of Finance TAN SRI DATO’ (DR) FRANCIS YEOH SOCK PING, KBE, CBE, FICE Malaysia, Bank Negara Malaysia, Singapore Executive Chairman Ministry of Trade & Industry, UK Office for National Statistics updates & reports). 2 ANNUAL REPORT 2019 Chairman’s Statement Our utilities division continues to make up the largest part of our Performance of the Group’s contracted power generation division Group, contributing about 63% of revenue and 60% of profit in Malaysia remained stable due to supply from Paka Power Station before tax for the year under review. Our merchant multi utilities under the current power purchase agreement, which commenced business in Singapore has a long track record of being one of the in September 2017 and will continue until June 2021. We have most efficient and best-performing companies in the sector and an established track record in this area dating back to 1994 as the division continued every effort to increase operational Malaysia’s first independent power producer, and this has ensured efficiency, in addition to pursuing the diversification of its utilities that the plant continues to operate at optimal efficiency. businesses to counter the issues in the wholesale generation market. Whilst the Singapore electricity market continues to face This year, our mobile broadband network division undertook a an excess in generation capacity, recent developments and first-in-Asia trial of Terragraph, a gigabit wireless network built restructuring activities undertaken by other players in the sector together with Facebook. The network is a technological indicate that consolidation within the industry, which would bring breakthrough that utilises existing infrastructure to enable rapid stability to prices, is on the horizon. deployment of fibre level connectivity. This saves the time and cost of laying new fibre and represents the future of high speed Meanwhile, our water and sewerage business in the UK maintained mobile network development. The Terragraph pilot successfully its position amongst the top water and sewerage companies, as the powers free public WiFi in 50 popular landmarks in George Town, division’s ongoing outperformance of its regulatory targets stems Penang, enabling users to experience a world-class public WiFi from a drive to provide ever-improving standards of service and high service with an average downlink speed of 160 Mbps. quality water and environmental services that protect health and improve the environment, all at excellent value to customers. Our Group has led the roll out of 4G/LTE in the country and continues to drive market innovation through the development and deployment of new technologies, and the division is well positioned to continue to expand with the prospective allocation of the low band 700MHz spectrum by the Malaysian Communications and Multimedia Commission. In Jordan, good progress has been made on construction of the 554 megawatt oil shale-fired power generation project being undertaken by our 45%-joint venture, and we also continued to work towards financial close of our 80%-owned Tanjung Jati A project, a 1,320 megawatt coal-fired power project in Java, Indonesia. 3 YTL CORPORATION BERHAD Chairman’s Statement The division’s investments in South Australia’s electricity transmission grid and a coal-fired power station in Java, Indonesia, also continued to perform well. Our cement division performed well this year despite pressure from the intense ongoing competition in the domestic industry. In May 2019, YTL Cement Berhad acquired a 51% stake in Lafarge Malaysia Berhad, which was renamed Malayan Cement Berhad on 26 September 2019, followed by a mandatory take-over offer for the remaining shares. Upon close of the offer, YTL Cement held a 76.98% interest in Malayan Cement. The acquisition has bolstered our Group’s position as a leading, home-grown, Malaysian-owned cement company, enhancing our ability to offer customers the full range of cement products, maximise economies of scale to improve cost efficiencies and further develop our research and development capabilities to innovate and expand the Group’s range of cementitious product offerings. On the construction front, work is progressing well on schedule on the electrified double track project from Gemas to Johor Bahru, which will form another vital component of the country’s blueprint to develop world-class rail infrastructure. With the property markets in both Malaysia and Singapore remaining soft, we concentrated our efforts this year on unlocking sales of our existing residential developments, 3 Orchard By-The-Park and The Fennel, and well as asset improvement initiatives to further enhance the regeneration of Sentul. The Group’s Sentul Masterplan, launched in 2002 and executed in phases since then, has served to uplift the entire Sentul district, increasing property values and attractiveness of the address, and vastly improving overall liveability for residents. Sentul Depot, with its 113-year history and 200,000 sq ft of space spread across historical railway warehouses and workshops, was unveiled in September last year and is being developed in stages. Earlier this year, we also commenced development of Sentul Works, which will feature a cluster of co-working spaces and boutique offices. Our vision is to transform Sentul into a must-visit lifestyle destination in Kuala Lumpur with a curated mix of uses including retail, food and beverage outlets, co-working spaces, arts and creative use with an exciting line-up of events, inspired by famous heritage destinations across great cities, such as the Meat Packing District in New York and Xintiandi in Shanghai. 4 ANNUAL REPORT 2019 Chairman’s Statement On the corporate front, in June 2019, YTL Corp extended a voluntary Our focus consistently remains on the Group’s long-term share exchange offer to the shareholders and holders of the development and prospects, with investments that have a decades- irredeemable convertible unsecured loan stocks (ICULS) of YTL long income-generating horizon. This strategy has enabled our Land & Development Berhad. As at the close of the offer on Group to build up a depth of expertise across international utilities, 7 October 2019, YTL Corp held 90.45% of YTL Land’s shares and hotels and hospitality assets across the globe, cement and building 91.04% of the ICULS. Accordingly, YTL Land’s shares and ICULS materials markets, construction and property development. This were suspended from trading on Bursa Malaysia Securities Berhad long-term nature of our commitments ensures continuity and from 15 October 2019, being the expiry of 5 market days from stability that drive the performance and success of our assets the closing of the offer on 7 October 2019. and enable our businesses to better weather cycles of difficult operating conditions. We saw an expansion of our hotels division this year with our acquisition of The Westin Perth in Australia.
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