Mah Sing 2015 Annual Report
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CORE FACTS 002 Group Five-Year Financial Highlights 006 Corporate Information 007 Corporate Structure 008 Awards & Recognition 014 Directors’ Profile Icon Residence, Mont Kiara Journey of 1 Excellence s a key player in the property development industry, quality remains at Athe forefront of everything that we do. WHAT’SINSIDE Our efforts to improve quality are always ongoing and we have outlined several key initiatives to enhance our quality in customer service, our developments and also in our MESSAGES people. Our focus on quality and excellence 024 Chairman’s Statement plus the accolades awarded to us is a 034 Group Managing Director’s Report testament to our continued journey of quality 040 Review of Operations in all aspects of our operations. 054 Media Highlights As a premier lifestyle developer, we are always looking for new ways to raise the bar higher and to push the envelope further. Our ultimate aim is to ensure full customer satisfaction through the consistent delivery of high quality 2 projects and services. We are confident that with our proven strategies, a well-established brand name and the right portfolio of products, we will continue to distinguish ACTIVITIES ourselves in the property market. 058 Sustainability Report 094 Calendar of Events Cover photo Icon Residence, Mont Kiara 3 GOVERNANCE 100 Corporate Governance Statement 110 Audit Committee Report 113 Statement on Risk Management and Internal Control Aspen@Garden Residence 4MAH SING GROUP BERHAD WHATT’SINSIDE FINANCIALS 118 Directors’ Report 126 Independent Auditors’ Report 128 Statements of Profit or Loss 129 Statements of Profit or Loss and Other Comprehensive Income 130 Consolidated Statement of Financial Position 132 Company Statement of Financial Position ADDITIONAL 133 Consolidated Statement of INFORMATION Changes in Equity 238 Properties Owned by the Group 135 Company Statement of Changes 243 Statistics of Shareholdings in Equity 246 Statistics of Warrant B Holdings 137 Statements of Cash Flows 249 Statistics of Warrant C Holdings 5140 Notes to the Financial Statements 235 Supplementary Information 236 Statement by Directors NOTICES 237 Declaration by the Officer 252 Notice of Twenty-Fourth Annual primarily responsible for the General Meeting Financial Management of the 257 Statement Accompanying Notice Company of Annual General Meeting 258 Notice of Dividend Entitlement and Payment 259 Form of Proxy 6Go online to our website at: WWW.MAHSING.COM.MY MAH SING Group Berhad Annual Report Twenty Fifteen Journey of Excellence GROUP FIVE-YEAR FINANCIAL HIGHLIGHTS FINANCIAL YEAR ENDED 31 DECEMBER 2011 2012 2013 2014 2015 RM’000 RM’000 RM’000 RM’000 RM’000 Revenue 1,570,696 1,775,260 2,005,596 2,904,723 3,108,506 Profit before tax 240,762# 317,503# 371,116# 471,631# 503,693 Profit after tax 170,238# 233,376# 279,010# 354,910# 384,634 Net profit attributable to equity holders 170,157# 232,225# 280,365# 356,496# 386,677 Total assets 2,852,219# 3,598,377# 4,587,094# 5,326,350# 6,615,678 Total borrowings 977,617 910,297 1,129,845 1,459,240 1,500,255 Equity attributable to ordinary equity holders 1,074,752# 1,248,106# 1,955,249# 2,288,833# 3,135,622 Total equity 1,090,090# 1,258,210# 1,966,236# 2,298,515# 3,684,095 Return on equity 16% 19% 14% 16% 12% Return on total assets 6% 6% 6% 7% 6% Net gearing ratio 0.29 0.25 0.16 0.36 0.04 Basic earnings per share (sen) 12.03* 16.36* 17.16* 18.35* 15.73 Fully diluted earnings per share (sen) 11.84* 16.19* 16.08* 17.60* 15.35 Net assets per share (RM) 1.29 1.49 1.38 1.55 1.30 Net dividend per share 16.5% 15.0% 16.0% 13.0% 13.0% Dividend payout ratio 40.6% 44.8% 42.1% 43.9% 40.5%@ Price earning ratio 8.2 6.2 8.9 8.6 9.2 Share price as at the financial year end (RM) 0.99^ 1.02^ 1.53^ 1.58^ 1.45 # The comparative figures have been restated due to the effect of early adoption of MFRS 15 in the financial year 2015. * The comparative figures for basic and diluted earnings per share have been restated to reflect the adjustments arising from the Rights and Bonus Issues completed during the financial year 2015. @ The dividend payout for 2015 is estimated based on number of shares as at 31 March 2016. ^ Share price is after adjustment on the effects of Rights and Bonus Issues completed during the financial year 2015. Revenue Net Profit Attributable Equity Attributable (in RM’000) to Equity Holders to Ordinary Equity Holders (in RM’000) (in RM’000) 1,570,696 386,677 356,496 3,135,622 3,108,506 2,904,723 280,365 2,288,833 232,225 2,005,596 1,955,249 1,775,260 170,157 1,570,696 1,248,106 1,074,752 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 002 Meridin East, Johor Bahru 002 Group Five-Year Financial Highlights 006 Corporate Information 007 Corporate Structure 008 Awards & Recognition 014 Directors’ Profile CORE FACTS Icon Residence, Mont Kiara EXCELLENCE IN CUSTOMER SERVICE EXCELLENCE IN CUSTOMER e are committed towards focusing on your needs by working with you every Wstep of the way. And we go the extra mile to ensure our customers are SERVICE provided with services that is second to none. MAH SING Group Berhad Annual Report Twenty Fifteen Journey of Excellence CORPORATE INFORMATION JEN. TAN SRI YAACOB BIN MAT ZAIN (R) LEONG YUET MEI Chairman/ Executive Director Independent Non-Executive Director CAPTAIN IZAHAM BIN ABD. RANI (R) TAN SRI DATO’ SRI LEONG HOY KUM Independent Non-Executive Director Group Managing Director/ Group Chief Executive LOH KOK LEONG board of Independent Non-Executive Director NG CHAI YONG directors Chief Executive Officer JANE LEONG JHENG-YI Alternate Director to Tan Sri Dato’ Sri DATO’ STEVEN NG POH SENG Leong Hoy Kum Executive Director AUDIT COMMITTEE REGISTERED OFFICE Maybank Islamic Berhad OCBC Bank (Malaysia) Berhad JEN. TAN SRI YAACOB Penthouse Suite 1, Wisma Mah Sing Public Bank Berhad BIN MAT ZAIN (R) No. 163, Jalan Sungai Besi Public Islamic Bank Berhad CAPTAIN IZAHAM BIN ABD. RANI (R) 57100 Kuala Lumpur RHB Bank Berhad LOH KOK LEONG Tel : 603-9221 8888 RHB Islamic Bank Berhad Fax : 603-9222 2833 P.T. Bank Ekonomi Raharja NOMINATION COMMITTEE P.T. Bank Permata Tbk AUDITORS JEN. TAN SRI YAACOB The Bank of Tokyo-Mitsubishi UFJ, Ltd BIN MAT ZAIN (R) Deloitte (AF 0080) CAPTAIN IZAHAM BIN ABD. RANI (R) Chartered Accountants STOCK EXCHANGE LISTING LOH KOK LEONG Level 16, Menara LGB Main Market of Bursa Malaysia 1, Jalan Wan Kadir Securities Berhad REMUNERATION COMMITTEE Taman Tun Dr. Ismail 60000 Kuala Lumpur JEN. TAN SRI YAACOB STOCK SHORT NAME Tel : 603-7610 8888 BIN MAT ZAIN (R) Fax : 603-7726 8986 MAHSING (8583) TAN SRI DATO’ SRI LEONG HOY KUM CAPTAIN IZAHAM BIN ABD. RANI (R) BANKERS INDEX SECRETARIES Affin Bank Berhad Bursa Malaysia Property Index Alliance Investment Bank Berhad YANG BAO LING (MAICSA 7041240) Al-Rajhi Banking & Investment WEBSITE KUAN HUI FANG (MIA 16876) Corporation (Malaysia) Berhad www.mahsing.com.my Bank Islam Malaysia Berhad REGISTRAR CIMB Bank Berhad INVESTOR RELATIONS Tricor Investor & Issuing House CIMB Islamic Bank Berhad Services Sdn Bhd Hong Leong Bank Berhad Tel : 603-9221 8888 (Company No. 11324-H) HSBC Amanah Malaysia Berhad Email : [email protected] Unit 32-01, Level 32, Tower A Malayan Banking Berhad Vertical Business Suite, Avenue 3 Bangsar South No. 8, Jalan Kerinchi 59200 Kuala Lumpur Tel : 603-2783 9299 Fax : 603-2783 9222 006 Core Facts Messages Activities Governance Financials Additional Information Notices CORPORATE STRUCTURE (ACTIVE OPERATING SUBSIDIARIES) PROPERTY DIVISION PLASTICS DIVISION Property Development Plastics Manufacturing 100% Capitol Avenue Development Sdn Bhd 100% Mah Sing Plastics Industries 51% Convention City Development Sdn Bhd Sendirian Berhad 100% Dsara Sentral Sdn Bhd 100% Kenwira Sdn Bhd 100% Elite Park Development Sdn Bhd 100% Vital Routes Sdn Bhd 100% Enchanting Heights Sdn Bhd 65% P.T. Mah Sing Indonesia 100% Enchanting View Development Sdn Bhd 100% Enrich Property Development Sdn Bhd Plastics Trading 100% Icon City Development Sdn Bhd 100% Mah Sing Enterprise Sdn Bhd 100% Jastamax Sdn Bhd 100% Klassik Tropika Development Sdn Bhd 100% Legend Grand Development Sdn Bhd 100% Loyal Sierra Development Sdn Bhd 100% Mah Sing Properties Sdn Bhd 100% Mestika Bistari Sdn Bhd 100% Mediterranean View Development Sdn Bhd 100% Meridin East Sdn Bhd (formerly known as Sanjung Tropika Development Sdn Bhd) 100% Major Land Development Sdn Bhd 100% Maxim Heights Sdn Bhd 100% Multi Synergy Group Sdn Bhd 100% Myvilla Development Sdn Bhd 100% Nova Century Development Sdn Bhd 100% Nova Legend Development Sdn Bhd 100% Oasis Garden Development Sdn Bhd 100% Semai Meranti Sdn Bhd 100% Southville City Sdn Bhd 100% Star Residence Sdn Bhd 100% Supreme Springs Sdn Bhd 100% Tropika Istimewa Development Sdn Bhd 100% Uptrend Housing Development Sdn Bhd 100% Venice View Development Sdn Bhd 100% Vienna View Development Sdn Bhd 100% Vienna Home Sdn Bhd Property Management 100% Liberty Property Management Sdn Bhd 100% Acacia Springs Management Sdn Bhd 100% Mestika Kenangan Sdn Bhd 100% MS Icon Property Services Sdn Bhd 100% Prima Peninsular Development Sdn Bhd 100% Quantum Noble Development Sdn Bhd Property Investment 100% Marvellous Vantage Sdn Bhd 007 MAH SING Group Berhad Annual Report Twenty Fifteen Journey of Excellence AWARDS RECOGNITION& CORPORATE AND BRANDING 1 The Edge Malaysia’s Top Property Developers Awards 2015 for Top 10 Property Developers Award The Edge Malaysia Property Excellence Award 2015 for The Edge Malaysia Outstanding Property Entrepreneur Award 2015 1 2 StarProperty.my Award 2016 Top Ranked Developer of the Year