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Defining New Perspectives

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Defining New Perspectives KULIM_IAR_Cover 17_(O).pdf 1 4/6/18 3:37 PM KULIM (MALAYSIA) BERHAD KULIM (MALAYSIA) (23370-V) C M KULIM (MALAYSIA) BERHAD (23370-V) Level 16, Menara KOMTAR Y Johor Bahru City Centre CM 80000 Johor Bahru Johor Darul Takzim, MALAYSIA. MY T: +607 219 2692 CY F: +607 223 3175 CMY Ulu Tiram Estate, K 81800 Ulu Tiram, Johor Darul Takzim, MALAYSIA. Tel. : +607-861 1611 INTEGRATED ANNUAL REPORT 2017 Fax. : +607-861 1701 DEFINING NEW www.kulim.com.my PERSPECTIVES 4 2017 Highlights – Corporate Development Highlights – Performance for the year 2017 AT A 5 Simplified Group Statement of RATIONALE GLANCE Financial Position 6 Corporate Profile Focused on continuously delivering 7 Strategic Performance value, we are committed and determined to forge ahead equipped – Key Strategic Focus and Sustainable with sound business acumens and Value Creation solid strategies. 02 – Strategic Thrusts The theme “Defining New Perspectives” – Stakeholder’s Engagement for Kulim’s Integrated Annual Report – Sustainability Commitments and Targets 2017 illustrates the Group’s realigned 8 Our Core Businesses strategic direction and clearly highlights the synergistic strengths 9 Corporate Philosophy derived from the diverse business portfolio’s that we manage whilst staying focused on our core businesses. We at Kulim, will realise our infinite potential by creating enterprise value through strategic innovation, embarking on expansionary measures into new income streams and establishing beneficial long term entrepreneurship principles that will ensure the Group’s sustainable growth 2017 into the future. SYNOPSIS 1 WHAt’s N IO ECT S 1012 Message from the Chairman 22 Management Discussion and Analysis – Plantation – Intrapreneur Ventures INSIDEKULIM’S – Oil and Gas INTEGRATED 58 Corporate Event Highlights 2017 60 Sustainability Event Highlights 2017 ANNUAL 62 Recognitions and Accreditations REPORT 2017 66 In the News ABOUT KULIM SECTION 2 70 Corporate Milestones 74 Group’s Significant Subsidiaries 75 Corporate Information 76 Board of Directors 78 Board of Directors’ Profile 68 83 Organisation Chart 84 Management Team 88 Locations of the Group’s Palm Oil Division Operations PERFORMANCE HIGHLIGHTS AND STATISTICS SECTION 3 9092 Group 5-Year Financial Statistics 95 Group Statement of Value Added 96 5-Year Plantation Statistics 98 Human Capital Statistics 99 Properties of The Group in Malaysia SUSTAINABILITY SECTION 4 SECTION 5 Sustainability104 Report GOVERNANCE STATEMENT 108 Corporate106 Governance Overview Statement 116 Statement on Risk Management and Internal Control 125 Audit Committee Report FINANCIAL STATEMENTS SECT128ION 6 130 Group Financial Statements AT A GLANCE 4 2017 Highlights 6 Corporate Profile 8 Our Core Businesses 5 Simplified Group 7 Strategic Performance 9 Corporate Philosophy Statement of Financial Position Kulim’s new Research & Development (“R&D”) complex in Kota Tinggi, Johor Kulim (Malaysia) Berhad > Integrated Annual Report 2017 CORPORATE DEVELOPMENT HIGHLIGHTS 1 SEPTEMBER 2017 Kulim had ceased the operations of three (3) Intrapreneur Ventures (“IV”) companies, SIM Manufacturing Sdn Bhd, Jejak Juara Sdn Bhd and Kulim Civilworks Sdn Bhd. 22 NOVEMBER 2017 Kulim completed the disposal of the entire 76% equity holdings in Classruum Technologies Sdn Bhd (“CRTSB”) to Johor Corporation (“JCorp”). 28 DECEMBER 2017 Kulim completed the disposal of Menara Ansar to Waqaf An-Nur Corporation Berhad (“WanCorp”). 28 DECEMBER 2017 Kulim completed the rationalisation of investment in Indonesia Plantation at Central Kalimantan (“BarUt”). 4 Integrated Annual Report 2017 > Kulim (Malaysia) Berhad SIMPLIFIED GROUP STATEMENT OF FINANCIAL POSITION TOTAL ASSETS 2016 2016 2017 2017 2016 2016 2017 2017 Property, plant and equipment 8% 8% 2% 2% 5% 5% Investments 1% 1% 9% 9% 9% 9% Cash 8% 8% 2% 5%2% 5%5% 5% 1% 6%1% 6% 9% 9% Receivables 9% 9% 76% 76% 2016 5% 5%2017 Inventories 6% 6% 79% 79% 76% 76% 79% 79% TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 8% 8% 6% 6% 6% 6% 6% 6% 18% 18% 22% 22% Other reserves 8% 8% 6% 6% 6% 6% 6% 6% 18% 18% 22% 22% Retained profits 25% 25% 29% 29% Non-controling interest 25% 25% Borrowings 29% 29% 201638% 38% 2017 37% 37% Deferred tax liabilities 38% 38% Payables 2% 2% 37% 37% 3% 3% 2% 2% 3% 3% 5 PERFORMANCE for THE YEAR 2017 Revenue RM1.54 billion 4.39% PBT RM43.44 million 27.49% Average Selling Price CPO PK FY 2017: FY 2017: RM2,852 RM2,427 12.63% 1.68% FY 2016: FY 2016: RM2,532 RM2,387 Dividend to Shareholders RM50 million Net Gearing Ratio: 0.33 Gross Gearing Ratio: 0.41 Kulim (Malaysia) Berhad > Integrated Annual Report 2017 CORPORATE PROFILE W Kulim (Malaysia) Berhad (“Kulim”) traces its history back to On 23 June 2016, Kulim completed the acquisition of PT Tempirai 1933 when Kulim Rubber Plantations Ltd was incorporated in Palm Resources (“PT TPR”) and PT Rambang Agro Jaya (“PT RAJ”) the United Kingdom. Kulim was later incorporated as a public adding 8,345 hectares of oil palm planted in South Sumatera. With listed company and was listed on the Main Board of the Kuala the completion of this strategic acquisition, the Kulim Group’s total Lumpur Stock Exchange (now known as the Main Market of oil palm planted area boosted to 55,443 hectares at end-2017 spread Bursa Malaysia Securities Berhad) in 1975. In 1976, Johor across Malaysia and Indonesia. Corporation (“JCorp”) became the major shareholder of Kulim. On 4 August 2016, pursuant to the completion of Selective After having footholds in other O&G related business in Malaysia, Kulim Capital Reduction and Repayment (“SCR”) exercise, Kulim had on 10 December 2014, entered into a Conditional Subscription and became a wholly-owned subsidiary of JCorp and was removed Shares Purchase Agreement (“CSSPA”) with the existing shareholders from the official listing of Bursa Malaysia Securities Berhad. of PT Citra Sarana Energi (“PT CSE”) for acquisition of 60% equity in the company. This will enable Kulim to expand its involvement in the Over the years, Kulim has grown to become a diversified plantation O&G sector particularly in Indonesia, moving up the value chain into company and continues to strengthen its position by securing new upstream activities - exploration and production. hectarages whilst developing and strengthening its intrapreneur ventures. At end-2013, Kulim once again made its way into Indonesia with the acquisition of 74% equity in PT Wisesa Inspirasi Nusantara (“PT WIN”), a plantation holding company in Indonesia, holding rights over 40,645 hectares of potential oil palm land in Central Kalimantan (“BarUt”). Subsequently, on 28 December 2017, Kulim completed the disposal of BarUt. The rationalisation of investments undertaken as part of our exit strategy to unlock the value of BarUt. OURVISION DELIVERING VALUE To excel in delivering value to all our stakeholders through high performance teams who are committed to the highest standards of ethics, integrity and professionalism. We aim to be the most progressive, efficient, profitable and respectable corporate organisation. OUR We shall: • Enhance and deliver value to the stakeholders MISSION • Optimise the use of resources • Produce superior quality products • Be as socially and environmentally responsible corporate citizen • Operate with due regard for the welfare, health and safety of employees, the local community and the wider public 6 Integrated Annual Report 2017 > Kulim (Malaysia) Berhad 7 Kulim (Malaysia) Berhad > Integrated Annual Report 2017 OUR CORE BUSINESSES W Intrapreneur PLANTATION Ventures OIL & GAS Kulim is recognised as one of the Established as one of Kulim’s principal Driven by its Balanced Business Strategy, leading palm oil groups with operations growth thrust, Intrapreneur Ventures Kulim is uncovering opportunities in a new currently span over Malaysia and (“IV”) Division is involved in a diverse business dimension - Oil and Gas (“O&G”) Indonesia. range of businesses including support sector in the quest for business growth and operations for plantations, biofertilizer, value deliverance to its shareholders. Kulim was amongst the earliest palm agricultural machinery, oil palm nursery oil producers to be certified to the and mills maintenance, as well as IT-related Having footholds in O&G related businesses Roundtable on Sustainable Palm Oil and insurance broking services. These such as transportation of clean petroleum (“RSPO”) standard. Our management companies will be developed and nurtured, products and fabrication of O&G pipelines, and growth strategy is fundamentally with the aim to subsequently transform into Kulim aims at moving up the O&G value guided by “Vision 30:30” FFB, which strategic business divisions of the Group. chain to expand into upstream O&G aims to raise fruit yields to 30 tonnes activities such as exploration, development per hectare and palm product extraction and production, particularly in Indonesia rates to 30%, balanced with sustainable as new space is being created. This development principles. enables us to tap into strategic investment opportunities that will broaden our earnings base and generate sustainable growth. 8 Integrated Annual Report 2017 > Kulim (Malaysia) Berhad CORPORATE PHIloSOPHY BUSINESS POLICY ETHICS POLICY Our operation is currently focused Our business is conducted to the on Palm Oils, IV, O&G, Agrofoods highest standards of ethics, integrity businesses and Property – a balanced and governance and governed by the growth strategy with involvement in various operating standards, policies industries that will reduce income and and procedures. profit fluctuations for the Group; of which will be managed with due skill, care and prudence. PEOPLE POLICY SUSTAINABILITY POLICY Our people are given top priority, in We believe in the goal of Sustainable which we are committed to developing Development as the cornerstone of their career success while ensuring our business policy, which recognises the immediate and long-term the responsibilities in safeguarding benefits of the organisation and other the environment in the course of our stakeholders are not jeopardised. business operations. WE COMPETITIVE ACTION RESPONSIBLE ETHICAL CORPORATE VALUES Kulim (Malaysia) Berhad believes that the spirit of caring is integral to the prosperity and survival of our business.
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