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Annual Report 2013 SEIZING EXCELLENT OPPORTUNITIES

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Annual Report 2013 SEIZING EXCELLENT OPPORTUNITIES CONTENTS COVER RATIONALE Master of Strategy reflects our belief that adopting the appropriate strategy is crucial in order to achieving success in property development. By devising far-sighted strategies and implementing them with great efficiency, we are confident of building a better future. CORE FACTS Group Five-Year Financial Highlights 2 Corporate Information 4 Corporate Structure 5 Awards & Recognition 6-9 02 Directors’ Profile 10-14 MESSAGES Chairman’s Statement 15-24 Mah Sing in the News 25 15 Group Managing Director’s Report 26-34 Review of Operations 35-44 ACTIVITIES 45 Sustainability Report 46-64 Calendar of Events 66-69 GOVERNANCE Corporate Governance Statement 70-81 Audit Committee Report 82-85 70 Statement on Risk Management and Internal Control 86-88 FINANCIALS Directors’ Report 90-97 Consolidated Statement of Changes In Equity 104-105 Independent Auditors’ Report 98-99 Company Statement of Changes In Equity 106-107 Statements of Profit or Loss 100 Statements of Cash Flows 108-110 Statements of Profit or Loss and Notes To The Financial Statements 111-196 Other Comprehensive Income 101 Statement By Directors 197 Statements of Financial Position 102-103 89 Declaration By The Director’s 198 ADDITIONAL INFORMATION Properties Owned 199-203 199 Statistics of Shareholdings 204-206 Statistics of Warrant Holdings 207-209 NOTICES Notice of Twenty-Second Annual General Meeting 210-215 Statement Accompanying Notice of Annual General Meeting 215 Notice of Dividend Entitlement and Payment 216 210 Form of Proxy 217 GROUP FIVEYEAR FINANCIAL HIGHLIGHTS Financial Year Ended 31 December 1HW3URƬW$WWULEXWDEOH11HWW 33URƬW ƬW $WW$WWULEXWDEOH LE W E O EquitEquityy AttributAttributableable Revenue to EquityEquity Holders to EquityEquity Holders (in RM’000) (in RM’000) (in RM’000) 2,005,596 1,952,292 1,775,260 1,244,897 280,616 1,570,696 230,617 1,073,151 1,110,108 168,556 918,866 701,562 847,610 118,071 94,282 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 RM’000 RM’000 RM’000 RM’000 RM’000 Revenue 701,562 1,110,108 1,570,696 1,775,260 2,005,596 Profit Before Tax 144,243 177,865 238,628 315,523 371,504 Profit After Tax 95,841 128,403 168,637 231,768 279,261 Net Profit Attributable to Equity Holders 94,282 118,071 168,556 230,617 280,616 Total Assets 1,609,944 # 2,195,246 # 2,850,381 3,595,086 4,583,751 Total Borrowings 220,092 506,580 977,617 910,297 1,129,845 Equity Attributable to Equity Holders 847,610 918,866 1,073,151 1,244,897 1,952,292 Total Equity 855,579 936,456 1,088,489 1,255,001 1,963,279 Return on Equity 11% 13% 16% 19% 14% Return on Total Assets 6% 6% 6% 6% 6% Net Gearing/(Cash) ratio (0.21) 0.21 0.29 0.26 0.16 Basic Earnings per Share (sen) 9.65 * 11.01* 15.27* 20.82* 21.52 Fully Diluted Earnings per Share (sen) 9.64 * 11.00* 14.97* 20.55* 19.85 Net Assets per Share (RM) 1.22 1.10 1.29 1.48 1.38 Gross Dividend per share 13.0% 15.2% 22.0% 15.2% 16.0% Gross Dividend yield 4.5% 4.2% 5.2% 3.7% 3.5% Dividend Payout Ratio 43.0% 40.1% 41.0% 45.1% 40.4% @ Price Earning Ratio 15.1^ 16.3^ 13.8^ 9.9^ 10.5 Share price as at the financial year end (RM) 1.45 1.79 2.10 2.07 2.26 # The comparative figures for total assets have been restated to reflect the adjustment following the adoption of FRSIC17 in financial year 2011. * The comparative figures for basic and fully diluted earnings per share have been restated to reflect the adjustment arising from the rights and bonus issue completed during the financial year 2013. @ The dividend payout for 2013 is estimated based on number of shares as at 31 March 2014. ^ The comparative figures for price earning ratio have been restated to reflect the adjustment to basic earnings per share arising from the rights and bonus issue. 2 Mah Sing Group Berhad | Annual Report 2013 SEIZING EXCELLENT OPPORTUNITIES We are always ready to capitalize on opportunities that enable us to grow while creating properties of impeccable quality CORPORATE INFORMATION BOARD OF DIRECTORS JEN. TAN SRI YAACOB BIN MAT ZAIN (R) DATO’ STEVEN NG POH SENG CAPTAIN IZAHAM BIN ABD. RANI (R) Chairman/Independent Non-Executive Executive Director Independent Non-Executive Director Director DATO’ LIM KIU HOCK LOH KOK LEONG TAN SRI DATO’ SRI LEONG HOY KUM Executive Director Independent Non-Executive Director Group Managing Director/ Group Chief Executive LEONG YUET MEI Non-Independent Non-Executive Director AUDIT COMMITTEE SECRETARIES BANKERS JEN. TAN SRI YAACOB BIN MAT ZAIN (R) YANG BAO LING (MAICSA 7041240) Affin Bank Berhad CAPTAIN IZAHAM BIN ABD. RANI (R) KUAN HUI FANG (MIA 16876) CIMB Bank Berhad LOH KOK LEONG CIMB Islamic Bank Berhad Hong Leong Bank Berhad REGISTRAR Hong Leong Islamic Bank Berhad NOMINATION COMMITTEE HSBC Amanah Malaysia Berhad Tricor Investor Services Sdn Bhd Malayan Banking Berhad JEN. TAN SRI YAACOB BIN MAT ZAIN (R) (Company No. 118401-V) OCBC Bank (Malaysia) Berhad LEONG YUET MEI Level 17, The Gardens North Tower Public Bank Berhad CAPTAIN IZAHAM BIN ABD. RANI (R) Mid Valley City, Lingkaran Syed Putra RHB Bank Berhad 59200 Kuala Lumpur P.T. Bank Ekonomi Raharja Tel: 603-2264 3883 Fax: 603-2282 1886 P.T. Bank Permata Tbk REMUNERATION COMMITTEE The Bank of Tokyo-Mitsubishi UFJ, Ltd JEN. TAN SRI YAACOB BIN MAT ZAIN (R) REGISTERED OFFICE TAN SRI DATO’ SRI LEONG HOY KUM STOCK EXCHANGE LISTING LEONG YUET MEI Penthouse Suite 1, Wisma Mah Sing No. 163, Jalan Sungai Besi Main Market of Bursa Malaysia Securities OPTION COMMITTEE 57100 Kuala Lumpur Berhad Tel: 603-9221 8888 Fax: 603-9222 2833 JEN. TAN SRI YAACOB BIN MAT ZAIN (R) TAN SRI DATO’ SRI LEONG HOY KUM STOCK SHORT NAME LOH KOK LEONG AUDITORS MAHSING (8583) Deloitte (AF 0080) Chartered Accountants Level 16, Menara LGB, INDEX 1, Jalan Wan Kadir, Taman Tun Dr. Ismail, FTSE Bursa Malaysia KLCI 60000 Kuala Lumpur. WEBSITE Tel : 603-7610 8888 Fax : 603-7726 8986 www.mahsing.com.my INVESTOR RELATIONS Tel : 603-9221 8888 Email : [email protected] 4 Mah Sing Group Berhad | Annual Report 2013 CORE FACTS MESSAGES CORPORATE STRUCTURE ACTIVITIES GOVERNANCE FINANCIALS ADDITIONAL INFORMATION NOTICES FORM OF PROXY PropProppyertyrty Divisioion Plastics Division Property Development Plastics Manufacturing 100% CapitolCapit Avenue Development Sdn Bhd 100% Mah Sing Plastics Industries Sendirian Berhad 100% ConventionConv City Development Sdn Bhd 100% Kenwira Sdn Bhd 1100%00% DsaraDsara Sentral Sdn Bhd 100% Vital Routes Sdn Bhd (formerly known as Intramewah Development Sdn Bhd) 100% Elite Park Development Sdn Bhd 65% PP..TT.. Mah Sing Indonesia 100% EnchantingEncha Heights Sdn Bhd 100% EnchantingEncha View Development Sdn Bhd 100% EnrichEnric Property Development Sdn Bhd Plastics Trading 100%100% GrandGrand Prestige Development Sdn Bhd 100% Mah Sing Enterprise Sdn Bhd 100%100% JastamaxJasta Sdn Bhd 100% KlassikKlass rT opika Development Sdn Bhd 100% LegendLege Grand Development Sdn Bhd 100% Loyal Sierra Development Sdn Bhd 100% Mah SingS Properties Sdn Bhd 100% Mestika Bistari Sdn Bhd 100% MediterraneanMedi View Development Sdn Bhd 100% MajorMajo Land Development Sdn Bhd 100% Maxim Heights Sdn Bhd 100% Multi Synergy Group Sdn Bhd 100% MyvillaMyvil Development Sdn Bhd 100%100% NatureNatu Legend Development Sdn Bhd 100% Nova Century Development Sdn Bhd 100% NovNovaa Legend Development Sdn Bhd 100% OasiOasiss Garden Development Sdn Bhd 100% SanjuSanjung Tropika Development Sdn Bhd 100% SemSemaia Meranti Sdn Bhd 100% Sierra Peninsular Development Sdn Bhd 100% SouthvilleSouth City Sdn Bhd (formerly known as Tristar Acres Sdn Bhd) 100% Star ResidenceR Sdn Bhd 100% SSupreSupreme Springs Sdn Bhd 100% TroTropikapi Istimewa Development Sdn Bhd 1100%00% Uptrend Housing Development Sdn Bhd 100% VeniVenicec View Development Sdn Bhd 100% ViennVienna View Development Sdn Bhd 100% Vienna Home Sdn Bhd Property MaM nagement 100% LiberLiberty Property Management Sdn Bhd 100% AcaciaAcaci Springs Management Sdn Bhd 100% MtMestikaMest Kenangan Sdn Bhd 100% MS IconIc Property Services Sdn Bhd 100% PrimPrimaa Peninsular Development Sdn Bhd 100% QuaQuantumn Noble Development Sdn Bhd Property Investment 100% MarMarvellousv Vantage Sdn Bhd Mah Sing Group Berhad | Annual Report 2013 5 Tan Sri Dato’ Sri Leong Hoy Kum with team Mah Sing after winning the HR Asia Best Companies to Work For In Asia 2013 Mah Sing receives the Putra Brand Award for Best Brand-Property Development (Bronze) OPP Awards 2013 Mah Sing Group won Best Affordable Developer Bronze for Southville City@KL South Malaysia GreenTech Developer Award 2013 Aspen@Garden Residence was recognized at The Malaysian Reserve-Property Press Awards 2013 as the Most Iconic Cyberjaya Development Tan Sri Dato' Sri Leong Hoy Kum (with BrandLaureate Award) with Team Mah Sing (Left) Marcus Langston of Euromoney, presenting Tan Sri Dato Sri Leong of Mah Sing with Euromoney ‘Best Managed and Governed Companies - Asia poll 2014’ DIRECTORS’ PROFILE Strategic planning enables us to chart our “company’s future direction • Malaysian, 78 years of age • Appointed to the Board on 29 June 1994 Chairman of the Audit Committee” • Chairman of the Nomination Committee • Chairman of the Remuneration Committee • Chairman of the Option Committee • Attended all 4 Board Meetings and 4 Audit Committee Meetings convened during the financial year Jen. Tan Sri Yaacob had a distinguished career spanning nearly 40 years in Angkatan Tentera Malaysia before retiring in 1993 as a Panglima Angkatan Tentera Malaysia.
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