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Annual Report 2008 Annual Report 2008 TENAGA NASIONAL BERHAD (200866-W)

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Annual Report 2008 Annual Report 2008 TENAGA NASIONAL BERHAD (200866-W) www.tnb.com.my annual report 2008 annual report 2008 TENAGA NASIONAL BERHAD TENAGA (200866-W) No. 129, Jalan Bangsar, 59200 Kuala Lumpur Tel: 603 2296 5640 Fax: 603 2283 5494 Consistently use energy saving bulbs for less power consumption. Conserve energy. The power is in your hands. Conversion to more energy efficient appliances helps reduce emissions. Conserve energy. The power is in your hands. Continuously ensure that electrical appliances are turned off when not in use. Conserve energy. The power is in your hands. Configure the air conditioner by setting the thermostat at 23-24˚C for optimum comfort. Conserve energy. The power is in your hands. Consistently allow natural light whenever possible to ensure minimal electricity usage. Conserve energy. The power is in your hands. Mission We are committed to excellence in our products and services Vision To be among the leading corporations in energy and related businesses globally CONTENTS POWERING UP TRANSMITTING TRANSpaRENCY 5 Mission 126 Statement Of Corporate 5 Vision Governance 8 About Us 138 Enterprise Wide Risk Management 9 Key Financial Highlights 142 Statement Of Internal Control 10 Corporate Award Highlights 145 Board Audit Committee Report 16 Notice Of Annual General Meeting 148 Terms Of Reference 19 Statement Accompanying Of The Board Audit Committee Notice Of Annual General Meeting GENERatING EXCELLENCE ENERGIZED PERFORMANCE 152 Board Of Directors 20 Key Highlights 154 Profile Of Directors 21 Five-Year Performance Highlights 160 Group Executive Council 22 Corporate Performance Charts Committee – GECC 24 FY2008 Core Revenue 161 Energy Supply Committee – ESC 25 Financial Calendar 2008 162 Group Executive Management 26 Operational Statistics Committee – GEMC 27 Share Price Tracking CHANNELING OUR ENERGY EMPOWERING LEADERSHIP 164 Corporate Social Responsibility 170 28 Chairman’s Letter To Shareholders Other Services – Productivity And Quality Management 34 President/CEO’s Review 171 Occupational Safety And Health 45 Operations Review Report 46 Generation 172 Statement Of Environment 56 Transmission 62 Distribution STRENGTH IN NUMBERS 70 Finance 174 Financial Statements 76 Corporate Affairs 78 Group Human Resource KEY INDIcatORS 82 Planning 274 Analysis Of Shareholdings 86 Investment Management 277 Analysis Of Unsecured Convertible 90 ICT Division Redeemable Income Securities 96 Procurement 2004-2009 (“CRIS”) Holdings 100 Corporate Services 280 Property List 104 Sabah Electricity Sdn Bhd • Proxy Form CORPORATE DISCLOSURE 114 Corporate Information 116 Group Corporate Structure 118 Organisational Structure 119 Calendar Of Corporate Events 124 Media Highlights Cover Rationale We are the custodians of our environment and guardians of the future that is inherited by those after us. This responsibility has guided our unwavering efforts in leading sustainability towards our precious resources. The solar panels illustrate Tenaga Nasional Berhad’s commitment to powering a green nation and our continuous efforts in merging its development paradigms for our future needs. Moving further, higher and beyond is represented by the skies symbolising infinite heights in contributing to the nation, community and environment. About Us Tenaga Nasional Berhad (TNB) is the Spanning the peninsular, the grid links In advancing human capital, Universiti largest electricity utility in Malaysia with TNB power stations and IPPs to the Tenaga Nasional (UNITEN) has been more than RM69.8 billion in assets. distribution network. The grid is also established to produce well-rounded The Company is listed on the main interconnected to Thailand’s transmission competent individuals in various fields. board of Bursa Malaysia and employs system in the North and Singapore’s A major part of the Company’s corporate approximately 29,210 people (Group) transmission system in the South. social responsibility in education, to serve a customer base of over seven TNB’s distribution network is managed sponsorships and contributions, is ] million in Peninsular Malaysia and through a comprehensive distribution channeled through our trust foundation Sabah. TNB plays an integral role in the system, customer service centres and – Yayasan Tenaga Nasional. 2008 national, economic and social prosperity call management centres. of the country by providing reliable and To ensure the Company’s continued efficient services. Today, TNB is also involved in diversified service excellence and to support its activities linked to the power industry. strategic vision of global leadership, TNB’s core businesses are in the Through subsidiaries, the Company is employee competencies are continuously [ Annual Report generation, transmission and distribution in the manufacture of transformers, high enhanced through structured of electricity. In Peninsular Malaysia, voltage switchgears and cables; the programmes. As a responsible corporate TNB is a major contributor to the total provision of professional consultancy citizen, TNB also places great emphasis industry capacity through six thermal services; architectural, civil, and electrical on its engagement with the community stations and three major hydroelectric engineering works and services, to ensure society gains and benefits schemes. The Company also manages repair and maintenance; as well as in from our efforts. and operates a comprehensive research and development; property transmission network, the National Grid. development; and management services. [ Tenaga Nasional Berhad ] 8 Key Financial Highlights Financial Year 2007 Financial Year 2008 (RM’mil) (RM’mil) Revenue 23,320.4 25,750.6 Operating Expenses (18,371.4) (22,503.4) Other Operating Income 593.7 794.8 Operating Surplus 5,542.7 4,042.0 Finance Cost (1,305.0) (1,095.8) Transaction Gain/(Loss) 33.5 (19.1) Profit Before Tax & Translation Gain/(Loss) 4,313.6 2,972.0 Net Profit Before Translation Gain 3,608.8 2,540.8 Translation Gain 452.3 53.2 Profit for the period 4,067.6 2,600.4 ] 2008 Profit Attributable to: Equity Holders 4,061.1 2,594.0 [ Annual Report Minority Interests 6.5 6.4 4,067.6 2,600.4 [ Tenaga Nasional Berhad ] 9 Corporate Award Highlights 1. Prime Minister’s Industry Excellence Award (AKIPM) & Quality Management Excellence Award (QMEA) The FY2008 was most meaningful for TNB as the company was announced the winner of the much coveted Prime Minister’s Industry Excellence Award (AKIPM), triumphing over 217 other participating companies; among which were multinational organisations. TNB was also awarded the Quality Management Excellence ] Award (QMEA), signifying the company’s progress and improvement in quality excellence. 2008 The AKIPM is the Government’s effort in recognising local companies who have displayed excellence in organisation, innovation and corporate social responsibility. Participating [ Annual Report companies are evaluated based on eight key criteria which comprise of Top Management Leadership and Management of Quality, Use of Quality Data and Information, Human Resource Management, Customer Focus, Quality Assurance of External Suppliers, Process Management, Quality and Operational/Business Results and Corporate Social Responsibility. [ Tenaga Nasional Berhad ] 10 2. TNB Finalist for Platts 2007 Global Energy Awards for Top Power Company of the Year, Ranked 32nd Among The Top Energy Companies In Asia and 42nd Among The Global Top 250 2 TNB once again made it to the Platts ranking for top 56 energy companies in Asia in the 2007 survey of world’s top 250 Energy Companies conducted by the United States-based Platts. Results of the survey ranked TNB 32nd among the top companies. Globally, Platts ranked TNB to be 42nd among the top Electricity Utility Companies. The Platts Top 250 recognises outstanding financial performance for the previous year. Each company listed in the Platts Top 250 has distinguished itself through its remarkable performance and outstanding efforts and dedication of its team. Being awarded a ranking in the Platts Top 250 is an accomplishment of prestige and honour for TNB in the energy industry. This recognition is significant to the Company as it is placed in the same league with the world’s largest and most 3 successful energy producers. It is indeed a continuous journey of excellence for TNB as it strives to achieve its vision to be among the leading corporations in energy and related businesses globally. 3. TNB wins NAfMA 2007 – BEST PRACTICE AWARD 2007 (Public Listed Company) TNB was awarded Winner for Best Practice Award 2007 (Public Listed Company) for National Award for Management Accounting (NAfMA) 2007. This award is for best practices, focusing on fully implemented management accounting systems that set new standards or introduce innovations in the 4 workplace. These systems have been benchmarked and tested, and outcomes have been carefully measured, evaluated and documented. Best practices will generally have broad impact and applicability within a particular organisation. Being a first time participant, it was pure satisfaction for the team that had worked hard to ensure the Group made it to the Top Ten Final list after the first round of assessments in mid October 2007. ] 4. Gold Award for The Best Emerging Contact Centre (Category GLC) 2008 TNB CareLine 15454 was given recognition by the Contact Centre Association of Malaysia and MSC Malaysia, when it won the Gold Award for The Best Emerging 5 Contact Centre (Category GLC). The award was held to recognise, promote and encourage Government agencies/ [ Annual Report GLCs to increase their customer service capability
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