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Annual Report 2007 ) Annual Report Faber 2007 F ABER GROUP BERHAD (5067-M ) FABER GROUP BERHAD A Member of UEM Group 20th Floor, Menara 2 Faber Towers, Jalan Desa Bahagia. Taman Desa, Off Jalan Kelang Lama 58100 Kuala Lumpur www.fabergroup.com.my Tel: +60 3 7628 2888 Fax: +60 3 7628 2828 FABER GROUP BERHAD INCORPORATED IN MALAYSIA (Company No. 5067-M) Annual Report 2007 Faber Group Berhad has strategically positioned itself to become a leading integrated facilities management organisation as well as a formidable property developer with operations spanning the nation. With our well-balanced financial position, the Group is strongly steering a straight course while taking on new adventures and overcoming all obstacles and barriers. Drawing upon our inherent strengths, and led by a strong management team that is experienced in navigating through a competitive environment and implementing in-depth strategies, we are creating a winning combination that will sustain our momentum and ensure we continue to be a progressive force moving forward. sustaining momentum corporate vision corporate mission corporate values to be a leading to promote •professionalism regional player in awareness and • service integrated raise the standard excellence and facilities solutions in facilities customer maintenance satisfaction • customer focus QUALITY Objectives QQuality policy E – Effective System Committed to EXCELLENCE X – Excellent Practice C – Continuous Improvement E – Ethics & Integrity L – Learning Culture 2007 annual report faber group berhad CONTENTS CORPORATE REVIEW AN OVERVIEW OF FABER GROUP • 4 Message from The Chairman • 8 5-Year Group Financial Highlights • 9 Group Financial Summary • 10 Group Quarterly Performance • 11 Corporate Structure • 12 Corporate Profile CORPORATE INFORMATION • 14 Corporate Information • 16 Board of Directors • 18 Board of Directors’ Profile • 24 Group Management • 25 Group Management’s Profile OPERATIONS REVIEW • 29 Overview • 30 Facilities Management Healthcare • 34 Facilities Management Non-Healthcare • 38 Property Development • 44 People & Organisational Development • 46 Corporate Social Responsibility • 48 Employee Care • 52 Excelling in the Quest for Quality • 54 Group Corporate Calendar • 60 Group Financial Calendar • 61 Faber in The News • 62 Statement on Corporate Governance • 73 Statement on Internal Control • 77 Audit and Risk Committee Report • 84 Statement of Directors’ Responsibility in Respect of Audited Financial Statements FINANCIAL REVIEW • 85 Financial Statements • 180 Share Price Movement • 180 Analysis of Shareholdings • 183 Properties Held by The Group • 184 Other Information • 185 Recurrent Related Party Transactions • 187 Notice of The 45th Annual General Meeting • 190 Statement Accompanying the Notice of The 45th Annual General Meeting • Proxy Form • Group Directory realising opportunities By being market focused against an environment of change, we continue to build a strong presence while pressing ahead towards good progress to deliver premium returns and success in the years ahead. message from the chairman Dear Shareholders, The year 2007 saw Faber Group Berhad effectively sustaining the momentum built up by our expansionary measures over 2006 on the Malaysian and the international fronts. In addition, we also implemented initiatives to strengthen our core businesses and undertook measures to dispose of our non-core assets. Today, we are in a much stronger position and are primed to move on to the next level of growth in Facilities Management Healthcare and Non-Healthcare as well as in Property Development. From the operational and financial perspectives, we have made steady progress registering our third consecutive year of improved performance. 4 FABER GROUP BERHAD 2007 annual report www.fabergroup.com.my Dato’ Anwar bin Aji Chairman On behalf of the Board of Directors, I am by 3.3% to RM99.4 million in FY2007 pleased to present the Annual Report and from RM96.2 million recorded in FY2006. Audited Financial Statements of Faber Group Berhad (“the Group”) for the Overall, the Group registered Earnings financial year ended 31 December 2007. Before Interest, Taxation, Depreciation and Amortisation (“EBITDA”) of RM127.5 million, an increase of RM6.3 million or SUPPORTIVE OPERATING ENVIRONMENT 5.2% against FY2006’s figure as a result of Despite the challenges of an unstable global the flow-through from higher revenue and economy, the Malaysian economy expanded improved performance by all operating by 6% in 2007 on the back of resilient divisions. The Group also continued to domestic demand. Higher public expenditure sustain the momentum on 2007’s other key 5 on Ninth Malaysia Plan projects, the launch financial performance indicators: Group FABER GROUP BERHAD 2007 annual report of economic corridors in the southern and Shareholders’ Fund increased by 13.2% to northern regions, the exemption on real RM296.3 million in FY2007; Earnings per www.fabergroup.com.my property gains tax and other unprecedented Share rose to 16.0 sen from 12.8 sen the measures to attract foreign investors did preceding year; and at the end of 2007, the much to increase business and consumer Group recorded Net Tangible Assets of confidence and contribute towards sustained RM290.7 million against RM254.4 million economic activity. in FY2006. Against this economic backdrop, the Group foresee opportunities for growth in relation ENHANCED SHAREHOLDER VALUE to facilities management healthcare and The Group is committed to enhancing non-healthcare, and property development. shareholder value over the long-term. As a Today, a very much-rejuvenated Faber Group result of the Group’s improved performance, has made the most of its debt restructuring the Board is proposing a final dividend of exercise and is sustaining the momentum in 3% less 26% taxation on 363,001,000 these sectors. ordinary shares for FY2007. This is equivalent to a distribution of RM8.1 million to our shareholders. IMPROVED FINANCIAL PERFORMANCE For financial year (“FY”) 2007, Group revenue increased by 13.3% to RM669.7 SUSTAINING OPERATIONAL MOMENTUM million against RM591.0 million in the As part of the Group’s strategic reorientation preceding year. This marks the third of businesses in 2006, we began to focus consecutive year in which the Group has on strengthening and growing our core registered revenue growth. The RM78.7 businesses as well as further million increase in revenue was achieved “internationalising” them. We saw the primarily on the back of strong performances merits of enhancing shareholder value by the Group’s Facilities Management through increased contributions from Healthcare Division and its Property focused business operations and enhanced Development Division. Profit before Tax rose overseas operations. message from the chairman (cont’d.) FACILITIES MANAGEMENT Rimbunan and two new projects in Taman In 2007, the Group continued this Danau Desa are in the pipeline for 2008. momentum through a focus on improving service quality and operational efficiency. In The launch of Taman Hill Top Perdana, a relation to Faber Medi-Serve Sdn Bhd in residential development located in Kota particular, every effort was made to enhance Kinabalu, Sabah is targeted to take place in the key areas of service quality and cost the second quarter of 2008. The project efficiency in relation to our concession boasts semi-detached homes and link- operations. Going forward, we will continue bungalows with built-up areas of between to maintain high standards to ensure we are 2,973 square feet and 3,090 square feet. in a position of strength when the time 6 comes for the concession’s renewal. All in all, the prospects for the property FABER GROUP BERHAD business bode well for the Group and we 2007 annual report In line with the Group’s aim to drive business anticipate that the Division will continue to growth and development, we undertook garner double-digit growth over the next five www.fabergroup.com.my several initiatives to enhance our standing as years. Going forward, the Group will continue an international player and a concessionaire its quest to secure new land banks or with a proven track record in facilities participate in joint venture development in management. Our efforts saw us making prime locations. further inroads into our existing international markets and striking strategic alliances on the Indian sub-continent and in the Middle HOTELS East. In the year under review, Faber Hotels Holdings Sdn Bhd (“FHSB”), a wholly- owned subsidiary of the Group entered into PROPERTY DEVELOPMENT a conditional Share Sale Agreement with Our Property Development business continues Berjaya Land Berhad for the disposal of its to grow as a result of the Group’s ability to 100% equity interest in Faber Labuan Sdn meet market demand for development Bhd (“FLSB”). FLSB owns 70% interest in projects integrating the right balance of Vimas Joint Venture Company Limited that price, locality and design. We are expecting owns and operates the five-star, 299-room to complete and hand over the 410 units Sheraton Hanoi Hotel & Tower in Hanoi, high-end Casa Desa condominium project in Vietnam. The disposal of FLSB for US$68.22 Taman Desa, Kuala Lumpur by mid-2008. million (RM221.8 million) will allow the Group to unlock the value of our investment At Laman Rimbunan located in Kepong, in the Hotel Division. With the disposal of Kuala Lumpur, several phases of this mixed the only remaining hotel owned by the development comprising three-storey shop Group following 2004’s debt restructuring offices
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