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KLCC Property Holdings Berhad (641576-U)

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KLCC Property Holdings Berhad (641576-U) KLCC PROPERTY HOLDINGS BERHAD (641576-U) ANNUAL REPORT 2013 Inside Corporate Profile 1 Corporate Structure of KLCCP Stapled Group 2 Financial Performance 3 Corporate Information 4 Board of Directors 6 Board of Directors’ Profile 8 Chairman’s Statement 12 Management Team 14 CEO’s Year in Review 16 Corporate Governance Statement 22 Statement on Risk Management & Internal Control 32 Audit Committee Report 34 Additional Compliance Information 37 Financial Statements 39 Analysis of Shareholdings and Unitholdings 112 List of Properties of KLCCP Stapled Group 116 • Corporate Directory Corporate Profile KLCC Property Holdings Berhad (“KLCCP”) was incorporated as a public limited company under the Companies Act 1965 on 7 February 2004 and was listed on the Main Board of Bursa Malaysia Securities Berhad on 18 August 2004. In 2013, KLCCP undertook a corporate restructuring exercise which involved the restructuring of KLCCP group into a stapled structure known as “KLCCP Stapled Group” where the existing ordinary shares of KLCCP are stapled together with the units in KLCC Real Estate Investment Trust (“KLCC REIT”) forming the resultant KLCCP Stapled Securities. Upon completion of the corporate restructuring exercise, the office buildings held by the subsidiaries of KLCCP namely PETRONAS Twin Towers, Menara ExxonMobil, Menara 3 PETRONAS were acquired by KLCC REIT. Whilst KLCCP still owns a diverse property portfolio largely within the KLCC Development comprising Suria KLCC (a leading shopping mall) and Mandarin Oriental Kuala Lumpur (a luxury hotel), KLCCP also has 33% interest in Menara Maxis. Outside the KLCC Development, KLCCP owns Kompleks Dayabumi which is located within the older central commercial area of Kuala Lumpur. Two of KLCCP’s wholly-owned subsidiaries, namely KLCC Urusharta Sdn Bhd and KLCC Parking Management Sdn Bhd, are engaged in providing facility management services and car parking management services respectively. In addition, KLCC REIT Management Sdn Bhd, a wholly-owned subsidiary of KLCCP, has been appointed to manage and administer the KLCC REIT in accordance with the objectives and investment policy of KLCC REIT. KLCCP Stapled Group’s strength is reflected through its premium assets centred within the KLCC Development, one of the largest integrated real estate developments in the world. KLCCP Stapled Group, with its niche position in property investment and facility management services, intends to continue to grow its earnings potential by building on the strength of its premium assets, maintaining high standards in its operational performance and exploring prospects for sustainable progress. On 9 May 2013, KLCCP Stapled Securities were listed under the “REITs” sector of the Main Market of Bursa Malaysia Securities Berhad. 2 KLCC Property HOLDINGS BERHAD (641576-U) CORPORATE STRUCTURE OF KLCCP STAPLED GROUP KLCC Property Each ordinary share is stapled to each unit KLCC Real Estate Holdings Berhad (“Stapled Securities”) Investment Trust (“KLCCP”) (“KLCC REIT”) (641576-U) Subsidiaries and Associate Portfolio of Real Estate Properties 100% KLCC REIT Management Sdn Bhd PETRONAS Twin Towers Management of KLCC REIT 100% Kompleks Dayabumi Sdn Bhd Menara 3 PETRONAS Dayabumi 100% Impian Cemerlang Sdn Bhd Menara ExxonMobil Vacant Land (Lot D1) 100% KLCC Parking Management Sdn Bhd Car Park Management 100% KLCC Urusharta Sdn Bhd Facilities Management 100% Arena Merdu Sdn Bhd Property Investment 100% Arena Johan Sdn Bhd Property Investment 100% Midciti Resources Sdn Bhd Property Investment 75% Asas Klasik Sdn Bhd Mandarin Oriental, Kuala Lumpur 60% Suria KLCC Sdn Bhd Suria KLCC 33% Impian Klasik Sdn Bhd Menara Maxis Financial Performance KLCC PROPERTY HOLDINGS BERHAD Stapled Security/Share FYE Mar ’10 881,337 Management Diluted Earnings per FYE Mar ’10 50.23 Services Retail 33% Revenue FYE Mar ’11 926,377 8% (RM’000) FYE Mar ’11 54.72 FPE Dec ’11 745,894 (sen) (9 months) FPE Dec ’11 62.40 (9 months) FYE Dec ’12 1,178,311 FYE Dec ’12 113.17 FYE Dec ’13 1,278,752 Operations Segmental Hotel FYE 2013 13% FYE Dec ’13 52.61 Revenue (641576-U) KLCC REIT Office 46% per Stapled Security/Share per Stapled Security/Share Net Assets (excl. RCULS) Net Assets (excl. RCULS) FYEFYE Mar Mar’10 ’10 4.954.95 FYE Mar ’10 646,894 Operating Profit 3 FYEFYE Mar Mar’11 ’11 5.605.60 FYE Mar ’11 674,947 (RM’000) FPEFPE Dec Dec ’11 ’11 (RM) (RM) FPE Dec ’11 6.906.90 521,846 (9 months)(9 months) (9 months) FYEFYE Dec Dec ’12 ’12 8.298.29 FYE Dec ’12 889,666 FYEFYE Dec Dec ’13 ’13 6.486.48 FYE Dec ’13 951,120 Management Retail 33% Services 8% Operations Segmental FYE 2012 Revenue Hotel 15% Investment Properties FYE Mar ’10 9,625,000 FYEFYE Mar Mar ’10 ’10 1,118,117 1,118,117 fortheYear Profit fortheYear Profit (with FairValue) (with FairValue) FYE Mar ’11 10,975,082 FYEFYE Mar Mar ’11 ’11 919,358 919,358 (RM’000) (RM’000) (RM’000) FPE Dec ’11 FPEFPE Dec Dec ’11 ’11 12,364,831 1,480,0631,480,063 (9 months) (9 months)(9 months) FYE Dec ’12 13,807,130 FYEFYE Dec Dec ’12 ’12 1,984,4291,984,429 Office FYE Dec ’13 14,108,652 FYEFYE Dec Dec ’13 ’13 1,032,3561,032,356 44% 4 KLCC Property HOLDINGS BERHAD (641576-U) Corporate Information MANAGER FOR KLCC REIT KLCC REIT Management Sdn. Bhd. BOARD OF DIRECTORS OF KLCCP AND THE MANAGER Mr. Krishnan C K Menon (Independent Non-Executive Director / Chairman) Datuk Hashim Bin Wahir (Chief Executive Officer) Datuk Manharlal A/L Ratilal (Non-Independent Non-Executive Director) Datuk Ishak Bin Imam Abas (Non-Independent Non-Executive Director) Dato’ Halipah Binti Esa (Independent Non-Executive Director) Datuk Pragasa Moorthi A/L Krishnasamy (Independent Non-Executive Director) Mr. Augustus Ralph Marshall (Independent Non-Executive Director) Cik Habibah binti Abdul (Independent Non-Executive Director) KLCC Property HOLDINGS BERHAD (641576-U) 5 Corporate Information BOARD AUDIT COMMITTEE OF CORPORATE OFFICE OF KLCCP S H A R I A H A D V I S E R F O R KLCCP AND THE MANAGER AND THE MANAGER KLCC REIT Mr. Augustus Ralph Marshall (Chairman) Levels 33 & 34 CIMB Islamic Bank Berhad Datuk Manharlal A/L Ratilal Menara Dayabumi Level 34, Menara Bumiputra Commerce Dato’ Halipah Binti Esa Jalan Sultan Hishamuddin 11, Jalan Raja Laut Cik Habibah binti Abdul 50050 Kuala Lumpur 50350 Kuala Lumpur Telephone No. : 03-2783 6000 Telephone No. : 03-2619 1188 N O M I N AT I O N A N D Facsimile No. : 03-2783 7810 Facsimile No. : 03-2691 3245 REMUNERATION COMMITTEE OF KLCCP AND THE MANAGER REGISTRAR FOR KLCCP AND AUDITORS Dato’ Halipah Binti Esa (Chairman) KLCC REIT Ernst & Young (Firm No. AF 0039) Datuk Manharlal A/L Ratilal Tricor Investor Services Sdn. Bhd. Level 23A, Menara Milenium Cik Habibah binti Abdul Level 17, The Gardens North Tower Jalan Damanlela Mid Valley City, Lingkaran Syed Putra Pusat Bandar Damansara COMPANY SECRETARIES OF 59200 Kuala Lumpur 50490 Kuala Lumpur KLCCP AND THE MANAGER Telephone No. : 03-2264 3883 Telephone No. : 03-7495 8000 Facsimile No. : 03-2282 1886 Facsimile No. : 03-2095 9076 / 78 En. Abd Aziz Bin Abd Kadir (LS0001718) Levels 33 & 34 Menara Dayabumi TRUSTEE FOR KLCC REIT INTERNAL AUDITOR Jalan Sultan Hishamuddin Maybank Trustees Berhad KLCC (Holdings) Sdn Bhd 50050 Kuala Lumpur 8th Floor, Menara Maybank (Group Internal Audit Division) Telephone No. : 03-2783 6000 100, Jalan Tun Perak Levels 33 & 34 Facsimile No. : 03-2783 7810 50050 Kuala Lumpur Menara Dayabumi Telephone No. : 03-2070 8833/ 2070 8363 Jalan Sultan Hishamuddin Mr. Yeap Kok Leong (MAICSA 0862549) Facsimile No. : 03-2070 9387 50050 Kuala Lumpur C/O Tricor Corporate Services Sdn. Bhd. Telephone No. : 03-2783 6000 Level 18, The Gardens North Tower PROPERTY MANAGER FOR Facsimile No. : 03-2783 7810 Mid Valley City, Lingkaran Syed Putra KLCC REIT 59200 Kuala Lumpur Rahim & Co Chartered Surveyors Sdn Bhd PRINCIPAL BANKERS FOR Telephone No. : 03-2264 8888 Level 17, Menara Uni.Asia KLCCP AND KLCC REIT Facsimile No. : 03-2282 2733 1008, Jalan Sultan Ismail CIMB Islamic Bank Berhad 50250 Kuala Lumpur CIMB Bank Berhad REGISTERED OFFICE OF KLCCP Telephone No. : 03-2691 9922 Malayan Banking Berhad AND THE MANAGER Facsimile No. : 03-2691 9992 Level 54, Tower 2 STOCK EXCHANGE LISTING PETRONAS Twin Towers Listed on Main Market of Bursa Malaysia Kuala Lumpur City Centre Securities Berhad on 9 May 2013 50088 Kuala Lumpur Stock Code : 5235SS Telephone No. : 03-2783 6000 Stock Name : KLCC Facsimile No. : 03-2783 7231 6 KLCC Property HOLDINGS BERHAD (641576-U) Board of Directors From Left: Mr. Krishnan C K Menon (Chairman) Datuk Ishak Bin Imam Abas Datuk Pragasa Moorthi A/L Krishnasamy (Independent Non-Executive Director) (Non-Independent Non-Executive Director) (Independent Non-Executive Director) Datuk Hashim Bin Wahir Mr. Augustus Ralph Marshall Cik Habibah binti Abdul (Chief Executive Officer) (Independent Non-Executive Director) (Independent Non-Executive Director) Datuk Manharlal A/L Ratilal Dato’ Halipah Binti Esa En. Abd Aziz Bin Abd Kadir (Company Secretary) (Non-Independent Non-Executive Director) (Independent Non-Executive Director) Mr. Yeap Kok Leong (Company Secretary) KLCC Property HOLDINGS BERHAD (641576-U) 7 8 KLCC Property HOLDINGS BERHAD (641576-U) Board of Directors’ Profile K rishnan C K M enon datuk HASHIM BIN WAHIR (Independent Non-Executive Director / Chairman) (Chief Executive Officer) Krishnan C K Menon, aged 64, was appointed to the Board Datuk Hashim bin Wahir, aged 56, was appointed to the and Chairman of KLCC Property Holdings Berhad on Board of KLCC Property Holdings Berhad (“KLCCP”) on 25 October 2010. 1 November 2007 and designated as the Chief Executive Officer. He was appointed to the Board and Chairman of KLCC REIT Management Sdn Bhd (the Manager of KLCC Real Estate He was appointed to the Board and Chief Executive Officer Investment Trust) on 5 December 2012.
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