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full cover 20/05/03 2:45yip Page 1 ANNUAL REPORT 2003 Financial Year Ended 28 February 2003 Do you have a J Card ? J CARD JAYA JUSCO STORES BHD JAYA (126926-H) JAYA JUSCO STORES BHD (126926-H) JAYA JUSCO STORES BHD (126926-H) Tingkat 4, Menara Kausar, Jalan 3/27A, Seksyen 1, Bandar Baru Wangsa Maju, 53300 Kuala Lumpur. (Incorporated in Malaysia) Jusco AR [email protected] 20/05/03 3:02yip Page II “Our customer service, being one of our pillars of excellence, contributes to JUSCO’s success. We are dedicated to serving our customers with the very best, giving them every reason to enjoy shopping at JUSCO. “ Jusco AR [email protected] 20/05/03 2:46yip Page 1 PAGE CONTENTS 2WITH ALL OUR HEARTS (WAOH) 6 JUSCO - OUM RETAIL CENTER AND HUMAN RESOURCE DEVELOPMENT ACTIVITIES 8 JUSCO GENERAL MERCHANDISE STORE 10 Introduction 11 AEON’s Corporate Commitment 13 Corporate Information 14 JAYA JUSCO Stores Bhd Share Price 15 Five Years Financial Highlights 17 Board of Directors 18 Directors’ Profiles 21 Our Senior Management 22 Chairman’s Statement 25 Review of Operations 31 Information Technology CORPORATE GOVERNANCE 32 Statement of Corporate Governance 37 Terms of Reference of Audit Committee 40 The Audit Committee 42 Statement of Internal Control 44 Other Information 45 FINANCIAL STATEMENTS 46 Directors’ Report 50 Balance Sheet 51 Income Statement 52 Statement of Changes in Equity 53 Cash Flow Statement 54 Notes to the Financial Statements 71 Statement by Directors 72 Statutory Declaration 73 Report of the Auditors OTHERS 74 Analysis of Shareholdings 75 List of 30 Largest Shareholders 77 Particulars of Properties 78 JAYA JUSCO Stores Bhd Directory 79 Highlights of the Year 80 Milestones 81 Notice of Annual General Meeting 84 Notice of Dividend Payment 86 Statement Accompanying Notice of Annual General Meeting 87 Proxy Form 1 JAYA JUSCO STORES BHD (126926-H) Jusco AR [email protected] 20/05/03 2:46yip Page 2 2 JAYA JUSCO STORES BHD (126926-H) Jusco AR [email protected] 20/05/03 2:46yip Page 3 WITH ALL OUR HEARTS (WAOH) JUSCO Corporate Citizenship: Doing our part for society with all our hearts ‘With All Our Hearts’ (WAOH) Charity Fund was officially Siti’ Contest, the WAOH Children’s Drawing Contest and launched in 2001, in conjuction with JUSCO’s 17th the Charity Fund Drive Jogathon. Participation in these Anniversary Celebrations. The auspicious event paved the events was very encouraging. Customers showed their way for more WAOH events and activities in the year support by purchasing WAOH merchandise, which under review. As a part of JUSCO’s corporate citizenship included car stickers, lapel pins and wobblers. They have programme, a ‘With All Our Hearts’ Charity Fund Drive responded favourably to the organised activities. A total was held from 24 May to 4 June 2002. The event aimed of RM41,944.37 was collected during the 12-day charity to create greater awareness and generate more publicity drive. With donations from suppliers, a grand total of for the charity fund. Its objective was to announce RM155,073 was collected for the WAOH Charity Fund. the mission of WAOH, which encapsulated JUSCO’s vision to be On 29 August 2002, an equally involved in fund-raising activities festive and auspicious event was and events for the benefit of held in conjunction with the grand Malaysian children and youth. opening of JUSCO’s ninth store in Taman Universiti, Johor Bahru. The The WAOH Charity Fund Drive in opening ceremony of the store 2002 was officially launched in provided a wonderful opportunity to Alpha Angle Shopping Center and introduce the ‘With All Our Hearts’ was graced by the fund’s honoured Charity Fund and its mission to the patron, Yang Berbahagia Datuk southern region. Once again, lovely Paduka Dr. Saleha bt. Mohd Ali. Siti Nurhaliza was invited to grace She delivered a moving speech the event as the WAOH Ambassador. on JUSCO’s involvement and Amid the cheering crowd, she achievements in corporate performed four songs on stage and citizenship before launching the signed autographs for 100 lucky charity drive. Popular local songstress and the WAOH draw winners in the ‘Meet and Greet The Fans’ session. Ambassador, Siti Nurhaliza, was then introduced to a Cheque donations and computers were presented to frenzied crowd. Siti delivered a live rendition of the charity homes and schools. During this charity drive, WAOH theme song before serenading her adoring fans WAOH merchandise such as bookmarks, car stickers and with a few of her hit songs. The children from Tadika Adik- lapel pins was also sold to customers. Adik Wangsa Maju also joined her on stage. The event was covered by the official broadcaster, TV3 and was Customers had the chance to enjoy more of JUSCO’s aired in Buletin Utama, Malaysia Hari Ini and Nona. festivities with another event- the JUSCO FEST, which began on 24 October 2002. The JUSCO FEST marked the In conjunction with the WAOH Charity Fund Drive, a series celebration of JUSCO’s 18th Anniversary. Boundless of supporting activities was lined up to add more cheer energy and fun were prevalent throughout the 12-day and hype to the charity drive. The activities included the JUSCO FEST as activities and events were aplenty, much ‘Count the Number of Hearts’ Contest, the ‘I Want to be to the pleasure of our customers. The Scratch n’ Win 3 JAYA JUSCO STORES BHD (126926-H) Jusco AR [email protected] 20/05/03 2:46yip Page 4 4 JAYA JUSCO STORES BHD (126926-H) Jusco AR [email protected] 20/05/03 2:46yip Page 5 event, the WAOH Charity Bazaar and the Street Soccer future to ensure the success of its charity events, which Challenge were among the many activities organised. will be organised to improve the social welfare of the needy and underprivileged. The many charity events organised by JUSCO reflect on its commitment in serving the community and in upholding its responsibility as a good corporate citizen. Of course, all of JUSCO’s efforts would have been in vain without the support of its kind and caring customers. Hence, JUSCO hopes to join hands with customers in 5 JAYA JUSCO STORES BHD (126926-H) Jusco AR [email protected] 20/05/03 2:46yip Page 6 JUSCO - OUM RETAIL CENTER AND HUMAN RESOURCE DEVELOPMENT ACTIVITIES Cultivating management skills to meet the challenges of the retail industry In an industry with its share of challenges and opportunities, Jaya Jusco Stores Bhd has established itself as a strong retail company that thrives on meeting the demands of the retail sector. As it charges ahead towards growth and success, Jaya Jusco Stores Bhd is aware of the fact that competent management is required to support Jaya Jusco Stores Bhd’s rapid expansion. Hence, this led to the decision of setting up a training institute to inculcate professionalism and other pivotal values in management among its staff. Jaya Jusco Stores Bhd has allocated an appropriate budget on staff’s training and development. As trends and technology evolve, sufficient training allows staff to continuously upgrade themselves with the latest procedures, methods and systems in retail management. In collaboration with the Open University Malaysia (OUM), Jaya Jusco Stores Bhd opened its first local retail center that offers the Apprentice Scheme in retailing. The scheme is a full-time employment scheme based on training programmes that provide students the opportunity to work and pursue a tertiary education at the same time. On 10 April 2002, a signing ceremony was held to seal the agreement between Jaya Jusco Stores Bhd and OUM. Jaya Jusco Stores Bhd was represented by its managing director, Mr. Soichi Okazaki and OUM by its President and Chief Executive, Y. Bhg. Tan Sri Abdullah Sanusi Ahmad. Together they pledged their promise to provide service-focused training and learning opportunities through the Apprentice Scheme. allowed them to pursue courses and training that will assist them in their career. Apprentices who applied for the The first batch of apprentices enrolled for the scheme in Scheme are required to undergo either Level I or Level II of May 2002 and had completed the course in January 2003. the Scheme. Upon completion of Level I, apprentices will They had high praises for the Apprentice Scheme as it receive a Career Certificate in Retail Operations and may 6 JAYA JUSCO STORES BHD (126926-H) Jusco AR [email protected] 20/05/03 2:46yip Page 7 Another proactive effort to encourage productivity and to boost staff’s morale was the Praise Your Cashier contest, which was organised for all nine JUSCO stores. The contest was an effort to re-engineer the Cashiers Programme, which was designed to improve the standard of customer service at JUSCO stores as well as to encourage staff to take pride in their work. Out of 877 cashiers nominated, the best 18 were selected to participate in the Grand Customer Service Skills Tournament. Datuk Sulaiman Mahboob, Secretary General of the Domestic Trade and Consumer Affairs Ministry was the guest of honour at the event. By the end of the tournament, 3 cashiers were chosen as the top winners. The tournament will be an annual event. With its very own retail center and other programmes to cultivate management skills and professionalism among staff, Jaya Jusco Stores Bhd aims to enhance the retail industry’s image and its own standard in customer service and management by imparting the latest management skills and trends to its staff. Besides the Apprentice Scheme, Jaya Jusco Stores Bhd has also embarked on other training programmes to develop the skills and increase the productivity of its staff.