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Ytl Corporation Berhad 92647-H YTL CORPORATION BERHAD 92647-H the journey continues... www.ytl.com.my www.ytlcommunity.com 92647-H YTL CORPORATION BERHAD YTL CORPORATION BERHAD 11th Floor Yeoh Tiong Lay PLaza 55 Jalan Bukit Bintang 55100 Kuala Lumpur Malaysia Tel • 603 2117 0088 603 2142 6633 Fax • 603 2141 2703 92647-H annual report 2013 annual report 2013 Contents Corporate Review Financial Highlights 2 Chairman’s Statement 4 Managing Director’s Review 8 Operations Review 10 Corporate Events 24 Notice of Annual General Meeting 38 Statement Accompanying Notice of Annual General Meeting 42 Corporate Information 43 Profile of the Board of Directors 44 Statement of Directors’ Responsibilities 49 Audit Committee Report 50 Statement on Corporate Governance 54 Statement on Risk Management & Internal Control 58 Analysis of Shareholdings 62 Statement of Directors’ Interests 64 Schedule of Share Buy-Back 68 List of Properties 69 Financial Statements Directors’ Report 72 Statement by Directors 84 Statutory Declaration 84 Independent Auditors’ Report 85 Income Statements 87 Statements of Comprehensive Income 88 Statements of Financial Position 89 Statements of Changes in Equity 91 Statements of Cash Flows 94 Notes to the Financial Statements 97 Supplementary Information – Breakdown of Retained Earnings into Realised and Unrealised 234 Form of Proxy YTL CORPORATION BERHAD 92647-H FINANCIAL HIGHLIGHTS 2013 2012 2011 2010 2009 Revenue (RM‘000) 19,972,948 20,195,789 18,354,770 16,505,033 8,892,125 Profit Before Taxation (RM‘000) 2,313,389 2,450,154 2,351,949 2,278,404 2,288,197 Profit After Taxation (RM‘000) 1,845,782 1,974,090 1,835,920 1,619,092 1,401,615 Profit for the Year Attributable to Owners 1,274,494 1,181,123 1,034,569 844,165 834,472 of the Parent (RM‘000) Total Equity Attributable to Owners of the 13,333,471 12,178,674 10,365,853 9,630,115 9,447,165 Parent (RM’000) Earnings per Share (Sen) 12.30 12.25 11.53 9.45 10.82 Dividend per Share (Sen) 2.5 4.0 2.0 1.5 0.5 Total Assets (RM‘000) 53,619,494 51,623,313 48,266,185 46,060,048 45,413,832 Net Assets per Share (RM) 1.29 1.26 1.15 1.07 1.07 2,450,154 1,974,090 2,351,949 2,313,389 1,845,782 1,835,920 2,288,197 2,278,404 20,195,789 1,619,092 19,972,948 18,354,770 1,401,615 16,505,033 8,892,125 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 REVENUE PROFIT BEFORE TAXATION PROFIT AFTER TAXATION (RM’000) (RM’000) (RM’000) 2 Annual Report 2013 • YTL Corporation Berhad 13,333,471 1,274,494 12.30 12.25 12,178,674 1,181,123 11.53 10.82 1,034,569 10,365,853 9,630,115 9.45 9,447,165 844,165 834,472 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 PROFIT FOR THE YEAR TOTAL EQUITY ATTRIBUTABLE EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS TO OWNERS OF THE PARENT (SEN) OF THE PARENT (RM’000) (RM’000) 4.0 53,619,494 51,623,313 1.29 1.26 48,266,185 1.15 46,060,048 45,413,832 1.07 1.07 2.5 2.0 1.5 0.5 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 DIVIDEND PER SHARE TOTAL ASSETS NET ASSETS PER SHARE (SEN) (RM’000) (RM) 2,450,154 1,974,090 2,351,949 2,313,389 1,845,782 1,835,920 2,288,197 2,278,404 20,195,789 1,619,092 19,972,948 18,354,770 1,401,615 16,505,033 8,892,125 Financial Highlights ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 REVENUE PROFIT BEFORE TAXATION PROFIT AFTER TAXATION (RM’000) (RM’000) (RM’000) 13,333,471 1,274,494 12.30 12.25 12,178,674 1,181,123 11.53 10.82 1,034,569 10,365,853 9,630,115 9.45 9,447,165 844,165 834,472 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 PROFIT FOR THE YEAR TOTAL EQUITY ATTRIBUTABLE EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS TO OWNERS OF THE PARENT (SEN) OF THE PARENT (RM’000) (RM’000) 4.0 53,619,494 51,623,313 1.29 1.26 48,266,185 1.15 46,060,048 45,413,832 1.07 1.07 2.5 2.0 1.5 0.5 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 ’09 ’10 ’11 ’12 ’13 DIVIDEND PER SHARE TOTAL ASSETS NET ASSETS PER SHARE (SEN) (RM’000) (RM) Annual Report 2013 • YTL Corporation Berhad 3 CHAIRMAN’S STATEMENT On behalf of the Board of Directors of YTL Corporation Berhad (“YTL Corp” or the “Company”), I have the pleasure of presenting to you the Annual Report and the audited financial statements of the Company and its subsidiaries (the “Group”) for the financial year ended 30 June 2013. OVERVIEW The Group’s multi-utilities and cement operations, as well as its hotels and property development projects, all delivered solid performances for the year under review, contributing to another excellent set of results. The Malaysian economy performed better during the 2012 calendar year, registering gross domestic product (GDP) growth of 5.6% on the TAN SRI DATUK SERI PANGLIMA back of resilient domestic demand, compared to (DR) YEOH TIONG LAY 5.1% in 2011. The first half of 2013, however, Executive Chairman has seen growth moderate to an average of 4.2%, affected by a weaker external sector. In other major economies where the Group’s main operations are located, Singapore registered lower growth of 1.3% in 2012 compared to 5.2% in 2011, but GDP growth increased to 2.0% during the first half of 2013. Meanwhile, the United Kingdom (UK) economy grew by about 0.9% in the first half of 2013 after recording growth of 0.3% in 2012 (sources: Ministry of Finance Malaysia, Bank Negara Malaysia, Singapore Ministry of Trade & Industry, UK Office for National Statistics updates & reports). Chairman’s Statement Utilities During the year under review, the two blocks of The Fennel during its Group’s construction division completed preview for this newest phase of Sentul The Group’s utilities division continues several phases of the Midfields and Lake East. The resounding success replicated to be its major contributor, made up of Fields mixed residential and commercial the overwhelming response to The water and sewerage operations in the developments in Sungei Besi, as well as Capers, launched last year to similar UK and power generation and merchant a new hotel property, The Majestic Hotel levels of interest. multi-utilities businesses in Singapore, Kuala Lumpur. as well as power generation, power transmission and communications Hotel Development & Management businesses in Malaysia, Indonesia and Operation & Maintenance (O&M) The domestic tourism industry registered Australia. The Group saw strong Activities a marginal 1.3% growth in tourist performances across the division. The Group continues to provide condition arrivals to 24.71 million for the 2012 monitoring services for its power stations, calendar year, remaining stable for the Cement Manufacturing cement plants and the Express Rail Link first half of 2013. This remains broadly (ERL), in addition to external clients in in line with worldwide trends where The cement industry was bolstered by the oil and gas, water, chemical tourism demand continues to show the better performance of the local engineering and other sectors. resilience despite concerns over the construction industry over the past year, Internationally, the Group carries out global economy (sources: Ministry of which has shown a marked recovery O&M for the 480 MW Deir Amar and Finance, Tourism Malaysia, United Nations owing significantly to the implementation 480 MW Zahrani combined-cycle power World Tourism Organisation reports). of projects under the Government’s stations in Lebanon. For their financial Economic Transformation Plan (ETP), as year ended 31 December 2012, net The Group’s hotel development and well as stronger expansion in the generation at the Deir Amar station management operations now encompass residential construction sub-sector (source: amounted to 2,783 gigawatt hours a range of hotels owned or operated by Ministry of Finance updates & reports). (GWh) whilst generation at the Zahrani the Group directly and through Starhill station was slightly higher at 3,071 GWh. Real Estate Investment Trust (“Starhill The Group’s cement division turned in a REIT”). Operations commenced this year sound performance for the year under at the Group’s newest property, The review, with its operations in Malaysia Property Development & Investment Majestic Hotel Kuala Lumpur, whilst and overseas, in China and Singapore, all In the domestic residential market, Starhill REIT completed its acquisition of showing good results despite challenges consumer sentiment remains stable, with the Sydney Harbour, Brisbane and including increasing operational costs and new launches in Kuala Lumpur, Selangor, Marriott hotels in Australia, which has other economic impacts. Johor and Perak drawing the highest significantly expanded the Trust’s take-up rates. In July 2013, Bank Negara geographic diversification. Construction Contracting Malaysia announced measures to control excessive household debt levels and The domestic construction sector Information Technology Initiatives reinforce responsible lending practices, experienced a marked resurgence of including a maximum tenure of 35 years Development of the country’s broadband 18.5% for the 2012 calendar compared for new mortgages and 10 years for market has remain buoyant, with the to 4.6% in 2011, and has stayed constant personal loans, and the longer term broadband penetration rate reaching for the first half of the 2013 calendar impact of these new initiatives remains 66% by the end of 2012, largely year, which saw the sector’s growth to be seen (sources: Ministry of Finance contributed by continuous upgrading of register an average of 18.2%.
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