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New Journey Annual Report 2014

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New Journey Annual Report 2014 NEW JOURNEY ANNUAL REPORT 2014 (506836-X) A New Journey always incites excitement within us, as we look forward, eagerly anticipating what lies ahead. In plotting our course of Encorp’s New Journey, we intend to make the most of opportunities available. Our roadmap for our forward moving journey will continue to see us provide the marketplace with the highest quality products, filled with innovations which will delight our customers. ANNUAL REPORT 2014 | VISION ENCORP ENCORP aspires to be an organisation of happy, highly motivated and well-trained individuals whose aim is to VALUES deliver unbeatable quality, standards, value and service in everything ENCORP BERHAD does and to make a difference to our community. MISSION EB Good 2 Great From Now! CORE VALUES _ Ethical We will always do the right thing. _ Relationship We will work hard to develop mutual trust and respect among ourselves and between us and our customers. _ Success We will work hard to ensure Encorp Berhad will operate as an efficient, profitable, fast growing and well run organisation. _ Learning We will always be willing to grow, inquire and develop new ideas. A learning organisation must have learning individuals – unless individuals learn, the organisation cannot progress. 3 FINANCIAL CALENDAR _Announcement of Quarterly Results 30 April 2014 Announcement of the audited year end 2013 Profit Before Tax as RM115.9 million 21 May 2014 Announcement of the first quarter of 2014 results with a Profit Before Tax of RM15.5 million 25 August 2014 Announcement of the second quarter of 2014 results with a Profit Before Tax of RM6.6 million 26 November 2014 Announcement of the third quarter of 2014 results with a Profit Before Tax of -RM10.0 million _Dividend 28 April 2014 Announcement of the notice of entitlement and payment of a single-tier final dividend of 3 sen per ordinary share for the financial year ended 31 December 2013 30 June 2014 Date of entitlement to a single-tier final dividend of 3 sen per ordinary share for the financial year ended 31 December 2013 10 July 2014 Date of payment to a single- tier final dividend of 3 sen per ordinary share for the financial year ended 31 December 2013 _15th Annual General Meeting Banquet Hall 3, Level B2, Menara FELDA, Platinum Park, No. 11 Persiaran KLCC, 50088 Kuala Lumpur on Wednesday, 24 June 2015 at 4.00 p.m. ANNUAL REPORT 2014 | FINANCIAL HIGHLIGHTS AS AT 31 DECEMBER 2014 _Results Highlight 2012 2013 396,515....536,435 2014 330,385 Revenue (RM’000) 2012 47,191 115,930 1 2013 2014 25,299 Profit Before Tax1 (RM’000) 1Including assets revaluation surplus Shareholders’ Funds RM384.52 million 2012 1 2013 Earnings Per Share 29,655 95,821 4.20 sen 2014 13,940 Net Assets Per Share Profit After Tax1 (RM’000) RM1.53 1Including assets revaluation surplus TABLE OF CONTENTS ANNUAL REPORT 2014 | Encorp New Journey Encorp Values Financial Calendar Table of Contents Management Perspective 03 Message from the Chairman 04 Operations Review 08 Leadership 13 Board of Directors 14 The Winning Team 18 Corporate Report 21 Corporate Profile 22 Corporate Information 24 Corporate Structure 26 In Focus 29 2014 Highlights 30 Corporate Social Responsibility 36 Encorp in the News 40 Recognition of Delivering the Encorp Experience 42 Continuing our Journey 44 Group Financial Highlights 46 Corporate Governance 49 Statement of Corporate Governance 50 Additional Compliance Information 58 Audit and Governance Committee Report 60 Statement on Risk Management & Internal Control 66 Statement of Directors’ Responsibility 69 Financials 71 Audited Financial Statements 72 List of Properties 176 Shareholdings’ Information 179 Statement of Share Buy-Back 190 Notice of Annual General Meeting 196 Proxy Form 201 01 ANNUAL REPORT 2014 | MANAGEMENT PERSPECTIVE 03 MESSAGE FROM THE CHAIRMAN Dear Valued Shareholder, 2014 was the beginning of a new business transformation for Encorp Berhad. Having come on board as Chairman on 30 June last year, it has been my pleasure to oversee the work the Encorp team embarked upon to lay the grounds for our journey forward. ANNUAL REPORT 2014 | BUILDING THE Retail Architecture (Encorp FOUNDATIONS Strand Mall) respectively. FOR ENCORP’S NEW JOURNEY The Encorp team’s mission OF GROWTH is to build on the company’s strengths to transform Encorp has always been a it from the mid-sized property development brand property development and synonymous with inspiration, construction company to creativity and an unwavering a major player, utilising the mission to enrich the quality strength of its resources and of life of its customers. capabilities. We plan to The commitment is to not remain on track and continue just adhere to these high with our performance to standards, but to push bring more value to share- the bar in the innovations holders and the marketplace of new products and in the long term. services. Encorp’s guiding principles through the In line with this, Encorp years still hold true to us – spent a considerable part Quality, Standards, Value of 2014 in discussions and Services (QSVS) will with various parties to always be at the forefront of explore our potential all Encorp’s products and collaborations for the future. services we plan to launch This includes identifying in the years to come. future development and construction projects for FIC’s acquisition of Encorp our order books. We are was based on the strengths excited to move on with Encorp possesses in its the next step of Encorp’s property development transformative journey in portfolio. Encorp’s exemplary 2015, and will be sharing track record in creating more details with you on the innovative property outcomes of our discussions developments, coupled with in the near future. its strong past performance and capabilities were Even as the property market the core factors which has slowed down due to contributed to the acquisition. the effects of the cooling As an established property measures put in place in OVERVIEW in 2014 concentrated on development and 2013 by the Malaysian repositioning Encorp for construction company, central bank, Bank Negara, In the Financial Year (FY) better performance which Encorp’s signature the implementation of the ended 31 December 2014, will capitalise on its new developments has garnered Goods and Services Tax Encorp recorded a revenue strengths. Throughout a reputation for innovation and other factors, we view of RM330.39 million, an 2014, Encorp’s greater and offering a high quality this as a challenge for amount which is less than focus was in strategising of life to those who work Encorp for come up with Encorp’s FY2013 revenue the acquisition of new and live on them. External even better projects, ones of RM536.43 million, land banks for future validations are evident of which will differentiate us and FY2012 revenue of development, and also Encorp’s sterling reputation from the rest of the pack. RM396.51 million. conducting feasibility – for instance, Encorp Our aim is to develop studies on future projects Strand Kota Damansara communities which centre FY2014 was a pivotal we had ideated in order received awards at the on our developments, to year for Encorp, as Felda to optimise our Returns internationally renowned ensure that our customers Investment Corporation On Investment (ROI), with Asia Pacific Property are not just buying a bricks (FIC) acquired 72.29% of the aim of bringing greater Awards in both 2011 and and mortar structure, but ownership of the company. returns for our shareholders 2014 for Best Mixed-Used one which has a community The majority of our efforts in future years. Development and Best and lifestyle built around it. 05 MANAGEMENT PERSPECTIVE Moving forward, our plan FINANCIAL banks and build an order is to provide property PERFORMANCE book for a sustainable developments with inbuilt property and construction social infrastructure for a With the corporate business model. well-balanced, comfortable restructuring and lifestyle which our streamlining exercise Innovations will be made to customers can enjoy. undertaken during the year, our product development Encorp managed to deliver a process to strengthen it with In FY2014, Encorp continued credible financial performance the aim of continuing to be with work on existing for its shareholders. the market place developer projects such as Encorp of choice, and improving our Cahaya Alam in Shah Alam, Profit After Tax (PAT) for efforts in delighting our Encorp Strand in Kota FY2014 stood at RM13.94 customers with higher quality Damansara, Encorp Marina million in comparison to products and services to Puteri Harbour in Iskandar, RM95.82 million in FY2013 enrich their lives. Johor, and The Residences and RM29.65 million in on McCallum Lane in Perth, FY2012. As well as that To ensure efficient Australia, all of which form Earnings Per Share was operations, Encorp will Encorp’s portfolio of current valued at 4.20 sen, while prioritise the strengthening projects with a Gross Net Assets Per Share was of its systems and Development Value (GDV) valued at RM1.53. processes, while building of RM3.2 billion. a strong team with clearly defined strategic roles. Talent acquisition was DIVIDENDS We will also be reinforcing another key area of focus. our corporate and financial Based on our unwavering In line with Encorp’s structure to ensure we belief that a company is only ongoing commitment are equipped with the as good as the strengths to its shareholders to capabilities and skills to and capabilities of the continuously deliver value, undertake larger scale people who work for it, a the Board of Directors projects and operations in number of changes in the declared total final the near future. board of directors as well dividends for FY2013 at as senior management were 3 sen per share.
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