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WITH YOU Integrated Annual Report 2020 ai16215897799_spread cover v2 FA.pdf 1 21/05/2021 5:36 PM Integrated Annual Report 2020 Sunway Berhad WITH YOU Integrated Annual Report 2020 C M Y CM MY CY CMY K SUNWAY BERHAD [Registration No. 201001037627 (921551-D)] Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway, 47500 Subang Jaya, Selangor Darul Ehsan, Malaysia. [Registration No. 201001037627 (921551-D)] SUN Tel : (603) 5639 8889 Fax : (603) 5639 9507 W www.sunway.com.my A Y BERHA Printed on: D TABLE OF CONTENTS ABOUT THIS REPORT OUR STRATEGY GOVERNANCE WITH INTEGRITY 36..........Our Business Strengths 131..........Corporate Governance Overview Statement 39..........Our External Environment 148..........Audit Committee Report OVERVIEW 40..........Our Risks and Challenges 154..........Statement on Risk Management and Internal 7............Corporate Profile Control 42..........Navigating COVID-19 10..........Our Global Presence 159..........Additional Compliance Information Together With You 44..........Opportunities & Strategic Priorities During a year of unprecedented 12..........Our Value Creation Approach 161..........Investor Relations change and challenge, Sunway has 48..........Our Material Matters responded with agility and 14..........Value Creation as Exemplified in 162..........Directors’ Responsibility Statement for the propelled innovation to continue Our Integrated Township Model 50..........Stakeholders Engagement Audited Financial Statements delivering value. Intertwining all 15..........Corporate Milestones 52..........Group Value Creation Model strategic elements of its business model, the Group has dynamically 16..........Financial Calendar 54..........Our Industry Strategic Profiles FINANCIALS responded to Year 2020’s new normal scenario. 17..........Corporate Information 164..........Financial Statements At the heart of Sunway’s growth and 18..........Group Corporate Structure PERFORMANCE REVIEW 373..........List of Material Properties progress is its digital transformation journey. Innovation and technology 22..........Financial & Business Highlights 68..........Chairman’s Statement drive new possibilities that further enhance the creation of mutually 23..........Segmental Performance 74..........Management Discussion and Analysis SHAREHOLDINGS’ INFORMATION beneficial value-accretive prospects for the Group and its stakeholders. 24..........Five-Year Group Financial Highlights 376..........Directors’ Interests in Shares and Warrants Together with you, Sunway, develops based on the Register of Directors’ Shareholdings a better future of progress and growth 25..........Value Added Statement EXEMPLARY LEADERSHIP that permeates to individuals, society 379..........Analysis of Shareholdings and the nation. 26..........Share Performance 106..........Profile of Board of Directors 381..........Substantial Shareholders based on Register 27..........Sunway in the News 118..........Profile of Senior Management of Substantial Shareholders 28..........Calendar of Significant Events 382..........Analysis of Irredeemable Convertible Preference Shares Holdings 33..........Awards & Accolades SUSTAINABILITY 384..........Analysis of Warrantholdings 124..........Sustainability at Sunway ADDITIONAL INFORMATION 387..........Notice of Eleventh Annual General Meeting Proxy Form 395..........Corporate Directory Together with You Sunway Berhad | Integrated Annual Report 2020 ABOUT THIS REPORT ABOUT THIS REPORT Sunway Berhad (“Sunway” or “Group”), continues to adopt integrated reporting (“<IR>”) for its financial year ended 31 December 2020 Following are Sunway’s consumed capitals towards the realisation of its business model and value creation: (“FY 2020”) integrated annual report. Sunway’s adoption of <IR> is aimed at providing a more comprehensive, yet concise disclosure of the Group’s approach to financial and FINANCIAL MANUFACTURED INTELLECTUAL HUMAN SOCIAL NATURAL non-financial value creation. CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL 4 Sustainability resides at the core of the Group’s value creation model. In essence, value creation is derived from a conscious and strategic comprises all comprises comprises refers to employees refers to comprises 5 effort at pursuing the realisation of the 5Ps as well as the United Nations Sustainable Development Goals (“UNSDG”). financial assets tangible assets proprietary and their skillsets, stakeholder consumption such as cash, such as factories, business know- experiences and relationships of resources Sunway’s approach to <IR> remains firmly rooted from a sustainability perspective; that is to showcase how the Group continued to focus equity, assets, and machinery, built- how, systems, competencies. and the impacts extracted from the on a triple bottom-line of Economic, Environmental, Social and Governance (“EESG”) perspectives that leads to the realisation of financial operating revenue up properties and processes and these have on environment such and non-financial values for stakeholders. generated and more. methodologies the business as land, water and deployed in our that drive business model and value the production ABOUT THIS REPORT value creation operations. creation. of environmental APPROACH TO REPORT CONTENT activities. impacts. In selecting relevant content for the Integrated Annual Report 2020 (“IAR2020”), Sunway has adopted the following materiality criteria: • Information that is pertinent to the Group’s resources (capitals) • Information that is pertinent to the business model • Information that is pertinent to outputs and outcomes created (financial and non-financial values) The following icons are used to signify further information CROSS REFERENCES CONTENT DESCRIPTION ICON or relevance to each Sunway business division: ELEMENT Tells you where you can find more information A comprehensive description of the Group, its business divisions, principal business activities, within the reports Corporate Profile network of operations and key facts and figures of the Group. Tells you where you can find more Explanation of Sunway’s Build, Own, Operate (“BOO”) model and how the model creates information online at financial and non-financial values. www.sunway.com.my Our Value Creation The section also explains on the harnessing of business and operational synergies between Approach the various business divisions and how the business model enables Sunway to derive business strengths or competitive advantages. REPORTING SUITE & RELATED INFORMATION SCOPE AND BOUNDARY This Report should be read in conjunction with the other reports Unless otherwise indicated, the information in this Report reflects Our Business Provides an overview of Sunway’s business strengths and how these are leveraged upon for in Sunway Berhad’s 2020 Integrated Annual Report Suite for a data and activities of the Group for the financial year ended 31 Strengths value creation. comprehensive account of our value creation process. December 2020 (1 January to 31 December 2020). The suite consists of: Our External Information on what external factors are impacting the Group and its business model and how • Integrated Annual Report 2020 (hardcopy and online publication) FORWARD LOOKING STATEMENTS Environment these lead to the development of risks or business opportunities. • Sustainability Report 2020 (online publication) This report contains forward-looking statements discussing targets, • Corporate Governance Report 2020 (online publication) future plans, operations and performance of the Group based on reasonable current assumptions. As our business operates in an Our Risks and A description of all major risks faced, the potential and actual impacts as well as the Group’s Additional information on Sunway Group’s robust framework ever-changing environment, it is subject to uncertainties that could Challenges mitigation measures. of corporate governance, organisational policies and codes cause our plans and results to differ from those reflected in these of conduct can be found on the company’s website at statements. www.sunway.com.my. Opportunities Key business goals as well as emerging opportunities are identified and explained as part of the and Strategic Group’s future focus and orientation for the coming year. FEEDBACK Priorities APPLIED FRAMEWORKS Feedback, suggestions or enquiries on this report may be sent to: • International Integrated Report Council (“IIRC”) Principles Based [email protected]. Framework A summary overview of Sunway’s value creation process encompassing resources consumed Group Value • The Companies Act 2016 (“Act”) Creation Model and values created, both financial and non-financial. • Main Market Listing Requirements (“MMLR”) of Bursa Malaysia DIRECTORS’ STATEMENT OF RESPONSIBILITY Securities Berhad The Board of Directors of Sunway has applied its collective mind to • Malaysian Code on Corporate Governance 2017 (“MCCG 2017”) present a balanced and comprehensive Integrated Annual Report Our Industry A summary review of each business division, providing key information such as business • Bursa Malaysia Sustainability Reporting Guide – Second Edition based on good governance practices and guided by IIRC’s <IR> Strategic Profiles strengths and strategies, highlights and achievements as well as risks and strategic priorities. • Malaysian Financial Reporting Standards (“MFRS”) Framework. • International Financial Reporting Standards (“IFRS”) Management The Board also provides assurance that the financial statements Provides a comprehensive narration of the Group’s financial and operational performance, as
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