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Rimbunan Sawit Berhad [691393-U]

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Rimbunan Sawit Berhad [691393-U] Rimbunan Sawit RIMBUNAN SAWIT BERHAD [691393-U] SUSTAINING WELLNESS ANNUAL REPORT 2013 Contents Vision & Mission 2 Locations of Operations 3 Corporate Structure 4 Corporate Information 5 Financial Highlights 6 Chairman’s Statement 7 Managing Director’s Review of Operations 10 Profile of Directors 12 Statement on Corporate Governance 15 Report of the Audit Committee 27 Statement on Risk Management and Internal Control 33 Corporate Social Responsibility 35 Financial Statements 42 Statements of Directors’ Responsibilities for 125 Preparing the Annual Financial Statements Additional Compliance Information 126 List of Properties Owned by the Group 129 Analysis of Shareholdings 130 Notice of Annual General Meeting 134 Form of Proxy Vision Mission - To enhance stakeholders’ values To be a leading - To provide high quality agri-business & plantation products and services to our JURXSLQ$VLD3DFLÀF customers - To provide job opportunities and lifelong learning opportunities at the workplace and local community LOCATIONS OF OPERATIONS 3 | Annual Report 2013 CORPORATE STRUCTURE R.H. Plantation 100% Sdn Bhd Timrest 100% Sdn Bhd Woodijaya 100% Sdn Bhd Jayamax Plantation 100% Sdn Bhd Rimbunan Sawit Holdings Midas Plantation 100% Sdn Bhd 100% Sdn Bhd Nescaya Palma Formasi Abadi 100% Sdn Bhd 100% Sdn Bhd Lumiera Enterprise 100% Sdn Bhd Novelpac-Puncakdana 100% Plantation Sdn Bhd RSB Palm Oil Mill 100% Sdn Bhd Rajang Builders Rimbunan Sawit Berhad 100% Sdn Bhd Sibu Garden And 100% Leisure (M) Sdn Bhd Burung Tiong Helicopter 85% Sdn Bhd Baram Trading 85% Sdn Bhd PJP Pelita Biawak 85% Plantation Sdn Bhd Pelita-Splendid 70% Plantation Sdn Bhd PJP Pelita Ekang-Banyok 60% Plantation Sdn Bhd PJP Pelita Lundu 60% Plantation Sdn Bhd PJP Pelita Selangau 60% Plantation Sdn Bhd PJP Pelita Ulu Teru 60% Plantation Sdn Bhd 4 | Annual Report 2013 CORPORATE INFORMATION Board of Directors Share Registrar Bong Wei Leong Symphony Share Registrars Sdn. Bhd. (Chairman / Independent Director) Level 6, Symphony House Block D13, Pusat Dagangan Dana 1 Tiong Kiong King Jalan PJU IA/46 (Non-Independent Non-Executive Director / 47301 Petaling Jaya Vice Chairman) Selangor Darul Ehsan Tel. No. : 03-78418000 Tan Sri Datuk Sir Diong Hiew King @ Tiong Hiew King Fax No. : 03-78418152 (Executive Director) Tiong Chiong Ong Auditors (Managing Director) Crowe Horwath (AF : 1018) Tiong Chiong Ie Chartered Accountants (Non-Independent Non-Executive Director) 1st Floor No.1 Lorong Pahlawan 7A2 Tiong Ing Ming Jalan Pahlawan (Independent Director) 96000 Sibu, Sarawak Company Secretary Stock Exchange Listing Voon Jan Moi (MAICSA 7021367) Listed on Main Market of Bursa Malaysia Securities Berhad Stock name : RSAWIT 5HJLVWHUHG2IÀFH Stock code : 5113 No. 85 & 86, Pusat Suria Permata Jalan Upper Lanang 12A Principal Bankers 96000 Sibu, Sarawak Tel. No. : 084-218555 RHB Bank Berhad Fax No. : 084-219555 Malayan Banking Berhad OCBC Bank (Malaysia) Berhad Hong Leong Bank Berhad +HDG2IÀFH CIMB Bank Berhad Public Bank Berhad No. 85 & 86, Pusat Suria Permata Bank Pertanian Malaysia Berhad Jalan Upper Lanang 12A Ambank (M) Berhad 96000 Sibu, Sarawak Tel. No. : 084-218555 Fax No. : 084-219555 E-mail address : [email protected] 5 | Annual Report 2013 FINANCIAL HIGHLIGHTS REVENUE PROFIT BEFORE TAX RM’ million 95 100 RM’ million 400 90 360 78 80 350 314 70 291 282 300 60 250 50 200 40 31 152 30 150 18 20 100 10 (3) 50 0 0 -10- FY2009 FY2010 FY2011 FY2012 FY2013 FY2009 FY2010 FY2011 FY2012 FY2013 (12 MTHS) (16 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) (16 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) SHAREHOLDERS’ FUND TOTAL ASSET RM’ million 884 RM’ million 882 870 900 1,800 1,612 1,614 1,568 800 1,600 1,307 700 1,400 600 1,200 500 427 1,000 400 800 300 600 200 400 283 88 100 200 0 0 FY2009 FY2010 FY2011 FY2012 FY2013 FY2009 FY2010 FY2011 FY2012 FY2013 (12 MTHS) (16 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) (16 MTHS) (12 MTHS) (12 MTHS) (12 MTHS) 6 | Annual Report 2013 CHAIRMAN’S STATEMENT DearDear Shareholders,Shareholders, OnOn behalfbehalf ofof the the BBoard oardard ofof DirectorsDireecctttoorss ooff RimbunanRimbunanan SawitSawwit BerhadBerrhadad (“RSB”( (“RS“RSB”“RSB”B” oorr “Company”)“Coompanypannyy” ) aandnditd iitsts subsidiariessubbssidiarriieess (“the(“the Group”),Grrooup”), I amam pleasedpleasedleasedseed to to p presepresentresentrereseseesent tooyo yyoyououou thethe Annual AnnuaAnnual ReportReeportport and anand thethe AuditedAuuditeed FinancialFinancialnancial StatementStaSStatementstaatteementsents IRUWKHÀQDQFLDO\HDUHQGHGIRUWKHÀQDQFLDOIRRUWKHH ÀQDQFLDOÀQDQFLDO\ \HHDUHQGHGHDUDUH HQGHGQGHG 3131 DecemberDecembercember 2013. 20132013. BongBong WWeiei LLeongeong Chairman,ChChaia rmmanan, IndependentInIndedepependdenent DirectorDiD reectctoror FINANCIAL HIGHLIGHTS Despite being beleaguered by low CPO and PK prices for most part of the year, the Group managed to record The Group registered a revenue of RM282 million which a positive growth in the last quarter of 2013 with total represented a decrease of 10.2% as compared to 2012 revenue increased to RM78.5 million as compared to of RM314 million. This was mainly due to the decline in the RM59.9 million in the corresponding quarter of 2012. Group’s overall selling price of Crude Palm Oil (“CPO”) and Palm Kernel (“PK”). The average selling price per metric ton of both CPO and PK had dropped 24% from DIVIDEND RM2,862 and RM1,615 in 2012 to RM2,187 and RM1,228 in 2013 respectively. 7KH%RDUGGLGQRWUHFRPPHQGÀQDOGLYLGHQGWREHSDLG in respect of the year ended 31 December 2013. This substantial drop in price of commodities was LQÁXHQFHGE\ZHDNHQHGGHPDQGIURPWKHHPHUJLQJ economies. The high inventory levels of CPO had PLANTATION OPERATION REVIEW also caused its prices to trade below RM2,500 for a VXEVWDQWLDOSHULRGLQWKHÀQDQFLDO\HDU,QWDQGHP In 2013, the Group’s oil palm planted area has increased with the decrease in the pricing of the commodities, to 54,659 hectares as compared to 52,291 hectares in WKH*URXS·VUHFRUGHGDJURVVSURÀWPDUJLQRILQ 2012 whereas the production area was 36,867 hectares, 2013, which represented a decrease of 7.3% down from an increase of 1,739 hectares from 2012 of 35,128 20.8% in 2012. The increase in the cost of production, hectares. These improvements have contributed to the especially in the rise of labour costs after implementation increase in the production of fresh fruit bunch (“FFB”) of minimum wages, had also contributed to the lower from 459,597 metric tons in 2012 to 479,480 metric tons in SURÀWPDUJLQV the year under review. 7 | Annual Report 2013 CHAIRMAN’S STATEMENT (CONT’D) The productions of CPO and PK have also shown an On the same date, the Company acquired 200,000 improvement in 2013. The Group’s palm oil mill produced ordinary shares of RM1.00 each in Rajang Builders Sdn 63,933 metric tons CPO and 16,591 metric tons of PK in Bhd (“RBSB”) for a total cash consideration of RM238. 2013, an increase of 5% and 13% respectively from 2012. Subsequent to the acquisition, RBSB became a 100% owned subsidiary of the Company. The principal activities With the enforcement of many good agricultural and of RBSB are providing general land development PDQDJHPHQW SUDFWLFHV LQ WKH SODQWDWLRQ ÀHOG VXFK DV contract services for oil palm plantation. enhanced fertilizer application technique, timely road maintenance & gravelling, complete harvesting rounds, :H DUH FRQÀGHQW WKDW WKH DERYH DFTXLVLWLRQV ZLOO IXHO standard pruning, improved worker productivity and business growth for the Group in the foreseeable future. frequent review of operation to maintain high operation VWDQGDUGDQGHIÀFLHQF\ OUTLOOK AND PROSPECTS The further collaboration and cooperation of all parties LQWKHRSHUDWLRQFKDLQWKURXJKHIÀFLHQWKXPDQFDSLWDO The global economic outlook is likely to see further and resource management, the recovery of global improvement, gaining momentum from the last quarter CPO pricing and positive outlook on palm oil products, RI :LWK WKH 86 JUDGXDOO\ WULPPLQJ LWV ÀVFDO VWLPXOXV the Group will be able to sustain and exceed the measures, highlighting an improvement to its economy performance in 2013. and the Euro zone debt crisis meeting a consensus on its road to recovery, the global economy is expected to H[SHULHQFHVWHDG\JURZWKVLQFHWKHÀQDQFLDOFULVLVRI CORPORATE DEVELOPMENT The healthy palm oil demand from emerging market and major importers especially from China, India and Europe The Group has successfully implemented the business including the global production and consumption rates DQG ÀQDQFLDO V\VWHP 6$3 LQ 7KH LPSOHPHQWDWLRQ of vegetable oil, biodiesel usage, crude oil price, and of SAP offers real-time integrated business management macroeconomic conditions will fuel further improvement solution which enable functionality across all departments to the palm oil industry as a whole. DQG RIÀFH ORFDWLRQV WR PDQDJH FULWLFDO EXVLQHVV functions including purchasing, sales & distribution, 6LQFH WKH HQG RI WKH ÀQDQFLDO \HDU XQGHU UHYLHZ WKH +XPDQUHVRXUFHDQGÀQDQFLDOV²DOOLQDVLQJOHLQWHJUDWHG selling prices of crude palm oil have begun an upward software system. trend move underpinned by fundamentals such as lower production and high demand. The recent unfavourable The construction of the proposed new palm oil mill weather condition also impacted on production. The in Miri took-off with the earth breaking ceremony implementation of biodiesel programmes is expected to ODXQFKHG LQ PLG'HFHPEHU WR RIÀFLDOO\ PDUN WKH sustain the CPO prices. commencement of the project and it is expected to be completed and commissioned by the beginning of 2015 &RQVLGHULQJWKH\RXQJSURÀOHRIRXUSODQWDWLRQZLWKPRUH
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