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Tropicana Corporation Berhad Annual Report 2019

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Tropicana Corporation Berhad Annual Report 2019 TROPICANA CORPORATION BERHAD [Registration No. 197901003695 (47908-K)] the art of living www.tropicanacorp.com.my ANNUAL REPORT 2019 TROPICANA CORPORATION BERHAD [Registration No. 197901003695 (47908-K)] Unit 1301, Tropicana Gardens Office Tower No. 2A, Persiaran Surian, Tropicana Indah, 47810 Petaling Jaya Selangor Darul Ehsan, Malaysia Annual Report 2019 Tel: +603 7663 6888 Fax: +603 7663 6688 2019 FACTS AT Total Revenue RM1.1 billion in FY19* A GLANCE Total Development Properties Sales Back in 2013, we changed our name to Tropicana Corporation Berhad – a name RM718.3 million in FY19* synonymous with the prestigious Tropicana Golf & Country Resort. This sets a clear direction for the Group and with it, we began to redefine both ourselves and our integrated developments by leveraging on the iconic ‘T’ branding. After more than two decades in the property industry, and having pioneered residential resort-style living with the advent of Tropicana Golf & Country Resort and Tropicana Indah Resort Homes, we established a unique DNA that sets us apart. Current landbank of 2,344.0 acres with a total potential GDV of RM70.0 billion** This DNA focuses on accessibility, connectivity, innovative concepts and designs, generous open spaces, amenities, facilities, multi-tiered security and quality. With emphasis on our customers’ needs, we have been innovating and redefining the art of living through the creation of our integrated developments by incorporating residential and commercial components to create thriving townships that are strategically connected. Over 50 completed developments Fuelled by passion to be one of the premier property developers, we will continue with 6 ongoing townships to deliver to our customers products that are intrinsically linked with our Tropicana brand. Embodied by the core essence of innovation, creativity, quality and excellence, we strive to redefine the art of living. It is said that home is where the heart is. This rings true as we have always believed in building homes that not only appeal to the eyes and minds of our consumers, but to their hearts as well. Net Assets Per Share RM3.20 in FY19* *as of 31 December 2019 Awarded Top Ten Property Developer ** as of 31 March 2020 by BCI Malaysia in 2019 Tropicana Aman township in Kota Kemuning WHAT’S INSIDE OUR 1 ABOUT 2 OUR STRATEGIC 3 TROPICANA PERFORMANCE LEADERSHIP 04 About Tropicana 22 Management Discussion & Analysis 40 Directors’ Profile 05 Our Vision & Our Business Principles 30 Performance at a Glance 47 Senior Management Profiles 06 Significant Milestones 32 Financial Highlights & Insights 08 Corporate Information 34 Value Added Statement 09 Corporate Structure 35 Investor Relations 10 Our Signature Developments 36 Quality Assurance 12 Awards & Accolades 14 A Commitment to Excellence 16 Event Highlights 18 Tropicana in the News SUSTAINABILITY WHAT WE’VE FINANCIAL 4 5 6 AT TROPICANA GOVERNED STATEMENTS AND OTHER INFORMATION 54 Tropicana Group CEO 80 Corporate Governance Overview Statement 104 Statement of Directors’ Responsibility Sustainability Statement 95 Additional Compliance Information 105 Financial Statements 56 Sustainability Statement 96 Statement on Risk Management and 249 Analysis of Shareholdings 63 • Economic Internal Control 252 Analysis of Irredeemable Convertible 65 • Social 99 Audit Committee Report Preference Shares Holdings 76 • Environment 254 List of Properties 266 Corporate Directory 268 Notice of Annual General Meeting 275 Administrative Guide Proxy Form Elemen Residences, Tropicana Aman, Kota Kemuning A STATE OF SERENITY Tropicana Aman is a self-contained township designed with its residents wellbeing at its core. It is spread across 863 acres and comes with its very own 85-acre Central Park, Recreational Hub, commercial phases, Tenby International School and SJKC Bukit Fraser. Tropicana Aman is ringed by a 100-foot wide, tree-lined boulevard and exudes the feeling of living in a park as it beckons residents to slow down from the stresses of modern life, breathe in the fresh air and enjoy the beauty of nature. For more information, please visit www.tropicanaaman.com.my ABOUT TROPICANA 1 04 About Tropicana 05 Our Vision & Our Business Principles 06 Significant Milestones 08 Corporate Information 09 Corporate Structure 10 Our Signature Developments 12 Awards & Accolades 14 A Commitment to Excellence 16 Event Highlights 18 Tropicana in the News About Our Strategic pg Tropicana Corporation Berhad Our Leadership Tropicana Performance 4 Annual Report 2019 ABOUT TROPICANA ncorporated in 1979, Tropicana Corporation Berhad (“Tropicana”, “the Group” or “the ICompany”) is a rapidly evolving company with diversified business interests including property and resort development, property investment, manufacturing and investment holding. Following the strong performance shown across its principal business segments, the Company was listed on the Main Market of Bursa Malaysia Securities Berhad in 1992. Today, 90% of the Group revenue is generated by property development. Since its rebranding exercise in 2013, Tropicana continued to build on its reputation of excellence by building quality homes and integrated developments that reflect the growing aspirations of a broad range of home purchasers across Malaysia. Guided by its unique Tropicana’s DNA and brand values, Tropicana remains focused on delivering long-term sustainable growth and maximising shareholders’ value. Fuelled by the Tropicana transformation plan and its unique development DNA, the Group has achieved many memorable milestones as it moves towards realising its vision of becoming a premier property group in Malaysia. Tropicana Golf & Country Resort Sustainability What We’ve Financial Statements Tropicana Corporation Berhad pg at Tropicana Governed & Other Information Annual Report 2019 5 OUR VISION WE STRIVE TO BE THE LEADING PROPERTY GROUP THAT DELIVERS INNOVATIVE AND QUALITY PRODUCTS THAT ENHANCE STAKEHOLDERS’ VALUE. OUR BUSINESS PRINCIPLES In delivering innovative products and services, we work towards optimum customer satisfaction. OUR CUSTOMERS We recognise and reward our loyal customers, who are our pillars of strength and a driving force COME FIRST behind the success of our Company. OUR COMMITMENT TO In practicing the principles of good governance, we endeavour to create shareholder value through OUR SHAREHOLDERS our sustainable strategies, full accountability, business continuity and profitability. As a performance-driven organisation, our greatest assets are our people and their dedication to OUR PEOPLE ARE OUR deliver the best. We are not only committed to the growth of our human capital, but we also encourage GREATEST ASSETS a culture of excellence and leadership towards greater successes. OUR We have built a nurturing organisation, with shared values and culture, and we are motivated to think TEAMWORK and deliver as One Team and One Organisation with One Vision. About Our Strategic pg Tropicana Corporation Berhad Our Leadership Tropicana Performance 6 Annual Report 2019 Significant Milestones 1979 1992 1995 1996 Tropicana Group was Listed on the Main Market of Bursa TGCR won the Best 2009 incorporated and has Malaysia Securities Berhad Leisure Development Developed the 409-acre Tropicana Indah Resort Homes since become one of Pioneered the resort-themed in Malaysia by FIABCI the fastest growing development concept in Malaysia Malaysia Chapter Built its first integrated development, Sri Desa with the introduction of its property developers condominium with shop offices in Taman Desa 624-acre Tropicana Golf & Country in Malaysia Resort (“TGCR”) which houses a Unveiled its first commercial development, Damansara 380,000 square feet award-winning Intan e-Business Park in Petaling Jaya clubhouse Won multiple awards and accolades for its outstanding developments across TGCR and Tropicana Indah townships Unveiled the nine-acre Tropicana City integrated development encompassing Tropicana City Mall, Tropicana City Office Tower and Tropics Serviced Apartments 2016 2015 Entered into a sales and purchase agreement with Tropicana Foundation donated Company assets increased develop a school campus Tiarn Oversea Group Sdn Bhd to dispose its land RM1.5 million to SJIIM more than two-fold from at Tropicana Metropark in in Pulai, Johor Bahru for RM569.8 million International Baccalaureate RM2.5 billion in 2011 to Subang Jaya RM6.0 billion in 2015 Entered into an agreement Entered into an agreement Tropicana’s Founder and Advisor, Tan Sri Dato’ Tan with Kenanga Investment Bank Possessed a landbank size with Tenby Schools to Chee Sing was recognised as the FIABCI Property to sell Dijaya Plaza tower for of more than 1,600 acres develop an international Man of the Year at the FIABCI Malaysian Chapter RM140 million with a Gross Development school campus at Tropicana Aman in Kota Kemuning Property Awards 2016 Value (“GDV”) of more than RM50 billion Continued to win prestigious Honoured with various property awards such as property awards, namely Achieved total sales of the BCI Asia Top 10 BCI Top 10 Developers’ Award 2016, Pioneer RM1.55 billion, with record Developers’ Award, Highest Development Award at The Edge Property high unbilled sales of Profit Growth Company by Excellence Awards 2016, Best Mixed-development RM3.13 billion The Edge Billion Ringgit Award at the iProperty.com People’s Choice Award Club Award 2015 and Asia Entered into an agreement 2016 and Asia Pacific Property Awards 2016 Pacific Property Awards with GEMS Education to 2015 2017 Made good progress on its strategic
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