First of All, I of Living Next to My Cyberjaya Campus at After
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ANNUAL 20 12REPORT First of all, I DREAM of living next to my Cyberjaya Campus at After graduation, I look forward to working & living in the booming Iskandar area When I get married, I will be living close to my parents at Of course, I would want to bring up my children in an eco-paradise Finally, I plan to spend my golden years in a tranquil & luxurious setting Iskandar Malaysia Iconic residential towers Elevating luxury with high-rise residential towers that are both TM Southbay Plaza, Batu Maung M-city, Jalan Ampang M-Suites , Jalan Ampang architecturally impressive and One Lagenda, Cheras Icon Residence, Mont’ Kiara www.southbay.com.my 03-2162 8282 www.m-suites.com.my thoughtfully equipped with www.onelagenda.com.my www.icon-residence.com.my www.m-city.com.my lifestyle amenities. N 3º 9’23.37” E 101º 4’19.28” Johor Austine Suites, Tebrau Mah Sing i-Parc, Tanjung Pelapas The Meridin@Medini 07-355 4888 07-527 3133 1800-88-6788 / 07-355 4888 Lagenda@Southbay, Batu Maung Bayan Lepas Kuala Lumpur www.austinesuites.com.my www.mahsing.com.my www.mahsing.com.my 04-628 8188 N 1º 32’54” E 103º 45’5” N 1º 33.838’ E 103º 35.869’ N 1º 32’54” E 103º 47’5” www.southbay.com.my N 5º 17’7” E 100º 17’18” Johor Bahru Selangor Ferringhi Residence, Batu Ferringhi 04-628 8188 www.ferringhi-residence.com.my Dynamic integrated developments N 5º 17’7” E 100º 17’18” Combining commercial, residential and retail components within a Batu Ferringhi Cyberjaya development to provide discerning investors and residents alike with all of the lifestyle offerings of a modern venue. Penang Greater KL Star Avenue, Damansara M Residence & M Residence 2, Rawang www.mahsing.com.my 1300-88-6866 / 03-6092 8188 www.mresidence.com.my N 3º 19.140’ E 101º 30.449’ Niche mid to high-end residences Kinrara Residence, Puchong Icon City, Petaling Jaya 1300-88-6866 1300-88-3993 / 012-227 1998 Providing mid to high-end Sabah www.mahsing.com.my www.icon-city.com.my residential homes in the best Kota Kinabalu N 3º 1’58.95” E 101º 39’58.60” N 3º 5’10.71” E 101º 36’52.13” suited environment to love a lifestyle of relaxation, leisure and family bonding. i-Parc3, Bukit Jelutong Southville City, Bangi Sutera Avenue, Kota Kinabalu www.mahsing.com.my 1300-88-7999 Garden Residence, Cyberjaya 088-488 398 / 019-362 1833 www.southville-city.com www.gardenresidence.com.my www.mahsing.com.my/SuteraAvenue N 5º 58.220’ E 116º 04.025’ Industrial factories Garden Plaza, Cyberjaya Building industrial spaces that are Trends@Southbay 03-8873 1598 / 1603 / 1605 / 0028 altogether pratical, multi-functional 04-628 8188 www.gardenplaza.com.my ans spacious to address the spatial www.southbay.com.my N 2.94679º E 101.67080º needs of a diversified group of N 5º 17’7” E 100º 17’18” industries. Klang Valley INTRODUCTIONDIRECTORS’1 PROFILE Company Profile Awards Our Developments CORE FACTS CONTENTS Group Five-Year Financial Highlights 2 Corporate Information 4 Corporate Structure 5 Directors’ Profile 6 MESSAGES Chairman’s Statement 12 Group Managing Director’s Report 20 Review of Operations 27 ACTIVITIES Sustainability Report 38 Calendar of Events 60 GOVERNANCE Corporate Governance Statement 64 Audit Committee Report 76 Statement on Risk Management and Internal Control 80 FINANCIALS Directors’ Report 84 Independent Auditors’ Report 90 Income Statements 92 Statements of Comprehensive Income 93 Statements of Financial Position 94 Consolidated Statement of Changes In Equity 96 Company Statement of Changes In Equity 98 Statements of Cash Flows 100 Notes To The Financial Statements 103 Statement By Directors 178 Declaration By The Director 179 ADDITIONAL INFORMATION Properties Owned 180 Statistics of Shareholdings 184 Statistics of Warrant Holdings 187 NOTICES Notice of Twenty-First Annual General Meeting 190 Notice of Dividend Entitlement and Payment 196 Statement Accompanying Notice of Annual General Meeting 197 FORM OF PROXY Form of Proxy MAH SING GROUP BERHAD ANNUAL REPORT 2012 2 GROUP FIVE-YEAR FINANCIAL HIGHLIGHTS FINANCIAL YEAR ENDED 31 DECEMBER 2008 2009 2010 2011 2012 RM’000 RM’000 RM’000 RM’000 RM’000 Revenue 651,639 701,562 1,110,108 1,570,696 1,775,260 Profit Before Tax 136,006 144,243 177,865 238,628 315,523 Profit After Tax 92,948 95,841 128,403 168,637 231,768 Net Profit Attributable to Equity Holders 93,168 94,282 118,071 168,556 230,617 Total Assets 1,253,442 # 1,609,944 # 2,195,246 # 2,850,381 3,595,086 Total Borrowings 222,477 220,092 506,580 977,617 910,297 Equity Attributable to Equity Holders 690,275 847,610 918,866 1,073,151 1,244,897 Total Equity 696,610 855,579 936,456 1,088,489 1,255,001 Return on Equity 13% 11% 13% 16% 19% Return on Total Assets 7% 6% 6% 6% 6% Net Gearing/(Cash) ratio 0.07 (0.21) 0.21 0.29 0.26 Basic Earnings per Share (sen) 12.45 * 12.41 * 14.20 20.27 27.61 Fully Diluted Earnings per Share (sen) 12.37 * 12.40 * 14.19 19.74 27.14 Net Assets per Share (RM) 1.10 1.22 1.10 1.29 1.48 Gross Dividend per share 16.0% 13.0% 15.2% 22.0% 15.2% Gross Dividend yield 6.5% 4.5% 4.2% 5.2% 3.7% Dividend Payout Ratio 40.6% 43.0% 40.1% 41.0% 43.7% @ Price Earning Ratio 9.9 11.7 12.6 10.4 7.5 Share price as at the financial year end (RM) 1.23 1.45 1.79 2.10 2.07 ^ # 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 earning per share have been restated to reflect the adjustment arising from the bonus issue completed during the financial year 2010. @ The dividend payout for 2012 is estimated based on number of shares as at 31 March 2013 and the proposed bonus issue to be effected in second quarter 2013. ^ Share price is before adjustment on the effect of rights issue with warrants which exercise was completed on 22 March 2013. MAH SING GROUP BERHAD ANNUAL REPORT 2012 MAH SING GROUP BERHAD ANNUAL REPORT 2012 4 CORPORATE INFORMATION BOARD OF DIRECTORS OPTION COMMITTEE BANKERS JEN. TAN SRI YAACOB BIN MAT ZAIN (R) JEN. TAN SRI YAACOB BIN MAT ZAIN (R) Affin Bank Berhad Chairman/Independent Non-Executive TAN SRI DATO’ SRI LEONG HOY KUM CIMB Bank Berhad Director LOH KOK LEONG Hong Leong Bank Berhad Hong Leong Islamic Bank Berhad TAN SRI DATO’ SRI LEONG HOY KUM HSBC Amanah Malaysia Berhad Group Managing Director/ SECRETARIES Malayan Banking Berhad Group Chief Executive OCBC Bank (Malaysia) Berhad YANG BAO LING (MAICSA 7041240) Public Bank Berhad DATO’ STEVEN NG POH SENG KUAN HUI FANG (MIA 16876) RHB Bank Berhad Executive Director P.T. Bank Ekonomi Raharja LIM KIU HOCK REGISTRAR P.T. Bank Permata Tbk Executive Director The Bank of Tokyo-Mitsubishi UFJ, Ltd Tricor Investor Services Sdn Bhd LEONG YUET MEI (Company No. 118401-V) Non-Independent Non-Executive Level 17, The Gardens North Tower STOCK EXCHANGE LISTING Director Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur Main Market of Bursa Malaysia Securities CAPTAIN IZAHAM BIN ABD. RANI (R) Tel: 603-2264 3883 Fax: 603-2282 1886 Berhad Independent Non-Executive Director LOH KOK LEONG REGISTERED OFFICE STOCK SHORT NAME Independent Non-Executive Director Penthouse Suite 1, Wisma Mah Sing MAHSING (8583) No. 163, Jalan Sungai Besi AUDIT COMMITTEE 57100 Kuala Lumpur Tel: 603-9221 8888 Fax: 603-9222 2833 INDEX JEN. TAN SRI YAACOB BIN MAT ZAIN (R) CAPTAIN IZAHAM BIN ABD. RANI (R) FTSE Bursa Malaysia KLCI LOH KOK LEONG AUDITORS WEBSITE Deloitte KassimChan (AF 0080) NOMINATION COMMITTEE Chartered Accountants www.mahsing.com.my Level 19, Uptown 1 JEN. TAN SRI YAACOB BIN MAT ZAIN (R) No. 1, Jalan SS 21/58, INVESTOR RELATIONS LEONG YUET MEI Damansara Uptown CAPTAIN IZAHAM BIN ABD. RANI (R) 47400 Petaling Jaya Tel : 603-9221 8888 Selangor Darul Ehsan Email : [email protected] Tel: 603-7723 6500 Fax: 603-7726 3986 REMUNERATION COMMITTEE JEN. TAN SRI YAACOB BIN MAT ZAIN (R) TAN SRI DATO’ SRI LEONG HOY KUM LEONG YUET MEI MAH SING GROUP BERHAD ANNUAL REPORT 2012 ADDITIONAL FORM OF CORE FACTS MESSAGES ACTIVITIES GOVERNANCE FINANCIALS NOTICES INFORMATION PROXY MAH SING GROUP BERHAD ANNUAL REPORT 2012 REPORT BERHAD ANNUAL MAH SING GROUP 5 ACTIVE SUBSIDIARIES CORPORATE STRUCTURE CORPORATE 6 DIRECTORS’ PROFILE JEN TAN SRI YAACOB BIN MAT ZAIN (R) Chairman/Independent Non-Executive Director • Malaysian, 77 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. He had attended courses at the Australian Army General Command and Staff College, the Naval Post Graduate School in Monterey, United States of America, the Royal College of Defence Studies in the United Kingdom and the Advance Management Programme at Harvard Business School. Apart from his directorship in the Company, he is the Chairman of Affin Investment Bank Berhad, Syarikat Permodalan Kebangsaan Berhad and SPK-Sentosa Corporation Berhad.