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OSK HOLDINGS BERHAD (207075-U) MOVING FORWARD, PROGRESSING TOGETHER. ANNUAL REPORT 2017 COVER RATIONALE THE COVER DESIGN OF OUR 2017 ANNUAL REPORT highlights our ongoing theme of ‘Moving Forward, Progressing Together’. The vigour displayed by the horses expresses the resolution with which we work together to overcome challenges, and the energy with which the Group pursues our aim to build a dynamic and sustainable business that creates long-term value for all our stakeholders. NEW FEATURES IN THIS ANNUAL REPORT This icon indicates where This icon indicates where To access our Annual more details can be accessed more details can be Report, please download elsewhere in this Annual Report. accessed online. the QR code reader to your smartphone and scan the image. ABOUT THIS REPORT As a conglomerate with diversifi ed business interests in Property Development and Investment, Financial Services, Construction, Industries and Hospitality with operations in Malaysia, Australia and Vietnam, OSK understands the importance of building strong relationships with our stakeholders and keeping them informed of our business performance as well as current and future prospects of the Company. Our Annual Report is an important communication tool with our stakeholders, in which we showcase our fi nancial and non- fi nancial performance during 2017 including our achievements and challenges faced in an open and transparent manner. The Group also disseminates information regularly via the quarterly fi nancial results and announcements made on Bursa Malaysia Securities Berhad’s (“Bursa Malaysia”) website, which are also accessible through our website www.oskgroup.com/corporate- announcements/ and via press releases issued to the media. Our fi nancial statements are independently audited by BDO Malaysia and have been prepared according to the requirements of Malaysian Financial Reporting Standards, International Financial Reporting Standards and Companies Act 2016 in Malaysia. Our non-fi nancial statements are aligned to the reporting requirements of the Malaysian Code on Corporate Governance and Bursa Malaysia’s Main Market Listing Requirements. In this report, the Group also adopted certain principles and concepts under the International Integrated Reporting Framework (“IIRF”). 28th 24 MAY ANNUAL GENERAL MEETING Time : 2:30 p.m. Venue : Grand Hibiscus Ballroom Level 3, Swiss-Garden Hotel & Residences Kuala Lumpur OSK HOLDINGS BERHAD (207075-U) 1 OUR PERFORMANCE WHO WE ARE IN 2017 About Us 23 The Year 2017 In Review 4 Corporate Information 26 Media Highlights 10 Group Business Activities 31 Financial Calendar 13 Corporate Structure 32 Five-Year Group Financial 14 Summary Directors’ Profi le 34 Operating Segments Analysis 18 Key Senior Management’s 46 Profi le Statement of Value Added and 19 Distribution Investor Relations 20 FROM OUR LEADERS Share Price and Volume Traded 21 Chairman’s Statement 54 in Year 2017 Group Managing Director’s 62 Review CONTENTS 2 ANNUAL REPORT 2017 OUR SUSTAINABILITY FINANCIAL STATEMENTS ADDITIONAL JOURNEY INFORMATION Directors’ Report 130 Communication with 74 List of Group’s Top Ten 287 Stakeholders Statement by Directors 138 Properties Sustainability Statement 76 Statutory Declaration 138 Statement of Directors’ Interests 288 Independent Auditors’ Report 139 Statement of Shareholdings 290 OUR COMMITMENT TO Statements of Financial 144 Statement of Warrant Holdings 293 GOVERNANCE Position Notice of Annual General 295 Corporate Governance 90 Statements of Profi t or Loss 146 Meeting Overview Statement Statements of Comprehensive 147 Audit Committee Report 112 Income Form of Proxy Statement on Risk Management 116 Statements of Changes in 148 and Internal Control Equity Enterprise Risk Management 122 Statements of Cash Flows 151 Framework Notes to the Financial 155 Additional Disclosures 125 Statements Statement of Responsibility by 128 Directors OSK HOLDINGS BERHAD (207075-U) 3 THE YEAR 2017 IN REVIEW JAN 17 FEB 19 FEB 24 The Prime Minister of Malaysia, Dato’ Sri Gifts of Hope - OSKians visited the elderly OSK Holdings, OSK Property and Atria Mohd Najib Tun Razak visited the fi rst at Pusat Penjagaan Warga Emas Chan to Shopping Gallery hosted a media appreciation completed 1Malaysia People’s Housing celebrate Chinese New Year. night as a get together with the media to show development at Bandar Puteri Jaya, Sungai our gratitude for their support throughout the Petani which was developed by OSK Property. year. MAR 22 MAR 25 APR 5 OSK Group held a Crime Prevention and Atria Shopping Gallery switched off its OSK Group chartered a new milestone by Survival Skills programme for women exterior façade and centre court lights for one partnering Employees Provident Fund (“EPF”) employees in conjunction with International hour in conjunction with Earth Hour to raise in a joint venture for our Melbourne Square Women’s Day. global awareness on climate change. The development. 60-minute period was fi lled with a host of fun activities for the shoppers. APR 19 APR 19 MAY 19 OSK Holdings Berhad held its Annual Dato’ Nik Mohamed Din retired as Non- OSK Group Annual Dinner - “Where Broadway General Meeting on 19 April 2017 at Swiss- Independent Non-Executive Chairman after Meets Hollywood”. Garden Hotel & Residences Kuala Lumpur. over 33 years with the OSK Group. Tan Sri Ong Leong Huat succeeded him as Executive Chairman. Ong Ju Yan was appointed Group Managing Director while Ong Ju Xing assumed the Deputy Group Managing Director position. 4 ANNUAL REPORT 2017 THE YEAR 2017 IN REVIEW MAY 23 JUNE 3-4 JUNE 8 Swiss-Garden International received the ISO OSK Property launched its maiden Australian OSK Group hosted a Majlis Berbuka Puasa 9001:2015 Certifi cation for “Provision of Hotel project Melbourne Square at Grand Hyatt with guests from Bursa Malaysia, EPF and the Management Services”. Kuala Lumpur. Melbourne Square is the single RHB Banking Group. largest integrated development of its kind in Melbourne. JUL 8 JUL 25 JUL 29-31 Gifts of Hope - OSKians visited the Paediatric OSKians ran for a good cause at The Edge OSK Property built a brand-new home in Unit of Hospital Kuala Lumpur to share the Kuala Lumpur Rat Race 2017. just three days for an Orang Asli family at Aidilfi tri joy and spirit by contributing goodie Kg. Ulu Jeruntum, Gopeng, Perak. The project bags and duit raya to the children. was funded by OSK Foundation and held in collaboration with EPIC Homes. AUG 5 SEPT 6 SEPT 7 OSK Property will be building a new market OSK Foundation awarded the inaugural OSK OSK employees enjoyed a traditional costume and community hall for the community of Foundation Scholarships to four engineering themed event with fun games and delicious Taman Suntex in a joint partnership with diploma students from Tunku Abdul Rahman Malaysian food, held in conjunction with the the Kajang Municipal Council. Dato’ Seri University College. Merdeka and Malaysia Day celebrations. Mohamed Azmin Ali, Menteri Besar of Selangor offi ciated the groundbreaking ceremony of the project. OSK HOLDINGS BERHAD (207075-U) 5 THE YEAR 2017 IN REVIEW SEPT 9 SEPT 14 OCT 5 In conjunction with World Alzheimer’s OSKians gave a bullish run at the Bursa Bull Melbourne Square, OSK’s fi rst overseas Month 2017, Atria Shopping Gallery in Charge 2017. development project was offi cially launched collaboration with Alzheimer’s Disease in Melbourne by Tan Sri Ong Leong Huat, Foundation Malaysia launched the Atria- Dato’ Sudha Devi KR Vasudevan, High ADFM Community Centre and the ‘Remember Commissioner of Malaysia to Australia and Me’ campaign to create awareness about Datuk Shahril Ridza Ridzuan, CEO of EPF. dementia. OCT 14 OCT 27 OCT 30 Gifts of Hope - OSKians spread happiness Atria Shopping Gallery bagged the Silver OSK Property improved its rankings to no.16 to the children from Rumah Shalom in a fun Award in the Best Experiential Marketing out of the Top 30 developers in the country at bowling outing at Ampang Superbowl, IOI Award 2017 organised by the Malaysia The Edge Malaysia Top Property Developers Mall Puchong. Shopping Malls Association. Awards 2017. NOV 10 NOV 10 & 24 NOV 13 OSK Property was awarded the Property OSK Property in collaboration with OSK Tan Sri Ong Leong Huat, our Executive Excellence Award at the Sin Chew Business Foundation provided relief assistance to the Chairman received the Lifetime Achievement Excellence Awards 2017. victims of the unprecedented fl oods in Penang Award for Leadership in Banking and and Kedah. Financial Services industry at the 9th World Chinese Economic Summit 2017 held in Hong Kong. Mr Ong Ju Xing received the award on his behalf. 6 ANNUAL REPORT 2017 THE YEAR 2017 IN REVIEW NOV 14 NOV 20-24 NOV 22 OSK Holdings Berhad held an Extraordinary OSK Group organised a health week for OSK Group embarked on a campaign to General Meeting on 14 November 2017 employees which included free health educate its employees on sustainability. at Swiss-Garden Hotel & Residences Kuala screenings, health talks and a blood donation Lumpur. drive. NOV 23 NOV 30 DEC 2 OSK Holdings Berhad received a Certifi cate OSK came in at 9th placing under the Small Gifts of Hope - OSKians brought early of Merit at the National Annual Corporate category for the Activ@Work Challenge Christmas cheer to 30 children from the Praise Report Awards 2017. 2017 organised by PERKESO and BookDoc. Emmanuel Children’s Home and Rumah Charis through a fun-fi lled outing to Atria Shopping Gallery. DEC 2 DEC 11 DEC 15 OSK Foundation together with Atria Shopping OSK Holdings Berhad was listed in the Top OSK Foundation and Atria Shopping Gallery’s Gallery organised an ‘Adopt-a-Christmas-tree’ 100 companies with the best corporate ‘Adopt-a-Christmas-tree’ campaign successfully campaign where a total of RM38,000 was governance practices in terms of disclosure entered into the Malaysia Book of Records by raised for the ‘Empowered2Teach’ programme, and transparency by the Minority Shareholder registering the ‘Most Number of Christmas Trees an orang Asli pre-school education initiative by Watchdog Group.
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