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Transformation ACCELERATED TRANSFORMATION ANNUAL REPORT 2017 1 ABOUT US FINANCIAL HIGHKIGHTS THE BOARD the Contents KEY SENIOR MANAGEMENT ABOUT US FINANCIAL REPORTS Our Story 04 Directors’ Report 76 Our Values 05 Statement by Directors 82 Corporate Profile 06 Statutory Declaration 82 Corporate Information 07 Independent Auditors’ Report 83 Group Corporate Structure 08 Statements of Profit or Loss and Other 89 Comprehensive Income FINANCIAL HIGHLIGHTS Statements of Financial Position 90 92 Financial Highlights 09 Consolidated Statement of Changes in Equity GOVERNANCE Statement of Changes in Equity 93 FROM THE BOARD OF DIRECTORS Statements of Cash Flows 94 97 Management Discussion & Analysis 12 Notes to the Financial Statements Board of Directors 24 ADDITIONAL INFORMATION Board of Directors’ Profile 26 List of Properties 155 KEY SENIOR MANAGEMENT Statistics of Shareholdings 157 160 Key Senior Management’s Profile 33 Statistics of Warrant Holdings FINANCIAL REPORTS Additional Compliance Information Disclosures 163 GOVERNANCE Notice of 8th Annual General Meeting 164 169 Sustainability Statement 37 Statement Accompanying Notice of Annual General Meeting Corporate Governance Overview Statement 49 Abbreviations 179 Audit Committee Report 67 70 Statement on Risk Management and Internal Control Form of Proxy Statement by Nomination Committee 73 Directors’ Responsibility Statement 74 ADDITIONAL INFORMATION Gabungan AQRS Berhad (912527-A) | Annual Report 2017 1 World class infrastructure building experts ABOUT US We are accelerating the construction of projects that are vital to national development. Our efforts will lay the foundation for the further transformation of our country into a FINANCIAL HIGHKIGHTS fully-developed nation. 2 3 THE BOARD KEY SENIOR MANAGEMENT 4 GOVERNANCE FINANCIAL REPORTS 1 Note:- ADDITIONAL INFORMATION 1. Light Rail Transit 3 3. Sungai Besi - Ulu Kelang Elevated Expressway Our largest construction job to-date Our highway construction job 2. Pusat Pentadbiran Sultan Ahmad Shah (PPSAS) 4. One Jesselton Waterfront, Kota Kinabalu Purpose-built iconic building Our flagship property development Our Story Our VISION Gabungan AQRS Berhad (“GBG”) is moving forward to be one of the leading construction companies with the expertise in building urban infrastructure and purpose-built buildings. We would continue to refine our expertise and grow, in line with the country’s infrastructure development, which continues to be enhanced as the country moves to be a fully-developed nation. Our Mission At GBG, we are committed to: Instilling a professional organisation culture Ensuring that we would be able to attract top with employees that are highly committed, industry talents, leading to a high quality client rightly experienced and loyal, enabling us to base, whilst creating value to our stakeholders deliver quality projects and in time. and shareholders. 5 ABOUT US Our Values FINANCIAL HIGHKIGHTS THE BOARD Our Regional Office in Kota SAS, Kuantan KEY SENIOR MANAGEMENT Competence driving Integrity Operational Excellence We aim to create a collaborative, respectful and We strive to ensure that a professionally run nurturing work environment, actively contributing to organisation would continuously move the Group to nation building in the communities in which we achieve better standards in quality and to deliver operate. extraordinary products on time and within budget. GOVERNANCE We ensure the continued success and sustainability of our people, our clients and partners, with trust in both reputation and service quality. Commitment Innovativeness FINANCIAL REPORTS A committed team has ensured for projects to be We will go beyond expectations in product design, executed in spite of the massive headwinds that we product development, customer service and sales, to faced. ensure a continuous stream of recurring customers and stakeholders. Commitments shown has built a strong sense of business trust with clients, which would be an asset when undertaking future projects. ADDITIONAL INFORMATION Gabungan AQRS Berhad (912527-A) | Annual Report 2017 6 Corporate Profile In 2012, Gabungan AQRS Berhad was listed on the Main Board of Bursa Malaysia, using the listing code GBGAQRS. The company has its roots in the amalgamation of four successful businesses – three construction and engineering companies: Motibina Sdn Bhd (“Motibina”), Gabungan Strategik Sdn Bhd (“Gabungan Strategik”) and Pembinaan Megah Ikhlas Sdn Bhd, as well as AQRS The Building Company Sdn Bhd (“AQRS”), a property developer. Each a good, strong company with a reputable brand. A transformation Values that drive which led to the growth are of rebirth of GBG priority In 2016, GBG initiated a transformation plan which marks the GBG has considerable talents and a wealth of experience across start of a change to build an almost reborn-company. The a broad range of infrastructure products. It is persistent about transformation plan had to be initiated back then as the Group pursuing better standards in quality to deliver extraordinary was facing tremendous headwinds, including a dwindling products, on time and within budget. construction order book and a poor financial standing. Our capabilities have also been enhanced since the We repositioned ourselves to further enhance our value, given transformation plan was initiated. This is evidenced by our the headwinds we faced. Eventually, the success of the capabilities in securing new, high quality and prominent transformation plan was evident in 2017, proven by a healthy construction jobs. We have built our expertise in the business growth rate, leading to profitability to the Group and construction of urban highways (the SUKE highway), urban value to its shareholders. Our financial standing has also railways (the LRT3) as well as purpose-built iconic buildings tremendously improved in 2017, including a balance sheet that (PPSAS). is leaner than what it was during its IPO days. GBG is committed to providing exceptional value to its The repositioning of the Group also meant that we had to employees, business partners, customers and shareholders by restructure our brand from 2016, especially against the rest of always challenging the norm and going beyond expectations in our competitors. Fast forward to end-2017, we have been design, product development, customer service and sales. It successful, evidenced by our construction subsidiary, Gabungan aims to nurture and grow empowered communities; by creating Strategik Sdn Bhd having a tall construction order book. In 2017 a collaborative, respectful and nurturing work environment, and too, we received our first construction project worth more than being active, contributing citizens in the communities in which a billion Ringgit, the Light Rail Transit 3 (LRT3) job – our largest it operates. It strives to ensure the continued success and job to-date. sustainability of its people, clients and partners, their businesses and brands. GBG is in for the long-term; their aim is Our property development division, AQRS The Building Company to leave a legacy that future generations will benefit from. Sdn Bhd has also built a solid portfolio of property development assets that will eventually be high-yielding assets. This include our flagship property development, One Jesselton Waterfront in Kota Kinabalu, which will be developed under our subsidiary, GBG Properties (Sabah) Sdn Bhd. Our precast products manufacturing arm, SEDCO Precast Sdn Bhd is also poised to be of great significance to the Group. SEDCO Precast Sdn Bhd currently operates a precast and IBS product manufacturing facility in Tuaran, Sabah and could be the future supplier of precast products to the Pan Borneo Highway in Sabah. Gabungan AQRS Berhad (912527-A) | Annual Report 2017 7 ABOUT US Corporate Information FINANCIAL HIGHKIGHTS Board Of Directors Y.M. Tunku Alizan bin Raja Muhammad Alias Ow Yin Yee Independent, Non-Executive Director and Chairman Executive Director and Group Chief Financial Officer THE BOARD Datuk Kamarudin bin Md. Ali Loo Choo Hong Senior Independent, Non-Executive Director Independent, Non-Executive Director Dato’ Azizan bin Jaafar Muk Sai Tat Executive Director and Group Chief Executive Officer Independent, Non-Executive Director Dato’ Ow Chee Cheoon Executive Director and Group Deputy Chief Executive Officer KEY SENIOR MANAGEMENT Audit Committee Company Number Registered Office Loo Choo Hong (Chairman) 912527-A G-58-1, Blok G, Jalan Teknologi 3/9 Datuk Kamarudin bin Md. Ali (Member) Bistari ‘De’ Kota, Kota Damansara, PJU 5 Muk Sai Tat (Member) 47810 Petaling Jaya, Selangor Darul Ehsan Stock Exchange Listing Telephone no. : 603 6141 8870 Main Market of Bursa Malaysia Facsimile no. : 603 6141 8872 Nomination Committee Securities Berhad Muk Sai Tat (Chairman) Sector : Construction Datuk Kamarudin bin Md. Ali (Member) Shares Warrants Principal Office Loo Choo Hong (Member) Stock Name : GBGAQRS GBGAQRS-WA G-58-G, Blok G, Jalan Teknologi 3/9 Stock Code : 5226 5226WA Bistari ‘De’ Kota, Kota Damansara, PJU 5 GOVERNANCE 47810 Petaling Jaya, Selangor Darul Ehsan Remuneration Committee Telephone no. : 603 6141 8870 Datuk Kamarudin bin Md. Ali (Chairman) Secretaries Facsimile no. : 603 6141 8871 Loo Choo Hong (Member) Ooi Li Ann (MAICSA 7065065) e-mail : [email protected] Muk Sai Tat (Member) Chua Siew Chuan (MAICSA 0777689) Website : www.gbg.com.my Tan Ley Theng (MAICSA 7030358) Risk Management Committee Auditors Muk Sai Tat (Chairman) Share Registrar BDO (AF 0206) FINANCIAL REPORTS Y.M. Tunku Alizan bin Securities Services (Holdings) Sdn Bhd Chartered
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