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Building the Right Thing Right the Building YTL CORPORATION BERHAD BUILDING THE RIGHT THING The Journey Continues... Annual Report 2020 Annual Report 2020 CONTENTS CORPORATE REVIEW 02 Chairman’s Statement 04 Managing Director’s Review 07 Management Discussion & Analysis 37 Managing Sustainability 39 Corporate Events 41 Notice of Annual General Meeting 44 Statement Accompanying Notice of Annual General Meeting 45 Corporate Information 46 Profile of the Board of Directors 51 Profile of Key Senior Management 52 Statement of Directors’ Responsibilities 53 Audit Committee Report 56 Nominating Committee Statement 61 Corporate Governance Overview Statement 69 Statement on Risk Management & Internal Control 73 Analysis of Shareholdings 75 Statement of Directors’ Interests 78 List of Properties Company No. 198201012898 (92647-H) FINANCIAL STATEMENTS 81 Directors’ Report 91 Statement by Directors 91 Statutory Declaration 92 Independent Auditors’ Report 100 Income Statements 101 Statements of Comprehensive Income 102 Statements of Financial Position 104 Statements of Changes in Equity 106 Statements of Cash Flows 110 Notes to the Financial Statements • Form of Proxy YTL CORPORATION BERHAD Chairman’s Statement TAN SRI DATO’ YTL Corporation Berhad (“YTL Corp”) and (DR) FRANCIS its subsidiaries (“Group”) posted a 6% YEOH SOCK PING increase in revenue to RM19.2 billion for KBE, CBE, FICE the financial year ended 30 June 2020, Executive Chairman contributed mainly by our construction and cement segments. After eliminating the losses arising from fair value changes, impairments and inventory write-downs of RM218.6 million, the Group recorded profit before tax of RM637.9 million for the current financial year. The Malaysian economy registered lower gross domestic product (GDP) growth of 4.3% for the 2019 calendar year compared to 4.7% in 2018, impacted by weaker external demand and investment activity, as well as supply disruptions in the commodities sector. The economy contracted by 0.7% in the first quarter and 17.1% in the second quarter of 2020, resulting from the concurrent supply and demand shocks due to weak external conditions and the strict measures implemented to contain the COVID-19 pandemic (sources: Ministry of Finance Malaysia, Bank Negara Malaysia updates & reports). Meanwhile, in other major economies in which the Group operates, the United Kingdom registered GDP growth of approximately 1.5% during 2019, with the economy contracting by an estimated 2.2% and 20.4%, respectively, in the first and second quarters of the 2020 calendar year. Singapore’s economy showed growth of 0.7% in 2019, followed by contractions of 0.3% and 13.2%, respectively, in the first and second quarters of the 2020 calendar year (sources: Ministry of Finance Malaysia, Singapore Ministry of Trade & Industry, UK Office for National Statistics updates & reports). 02 ANNUAL REPORT 2020 Chairman’s Statement The outbreak of the COVID-19 pandemic has not Our Group’s long-term growth and development spared any country or industry, necessitating strategies, centred around geographic the closure of borders, the imposition of diversification and expansion of our revenue movement control orders and restrictions on the base, focusing on regulated utility assets provision of non-essential services across the providing essential services and other core globe. The last four months of the financial year, businesses such as cement and construction, covering the period from March to June 2020, served us well this year, facilitating our ability encompassed some of the most stringent to function even at restricted levels and providing measures, hampering the operations of parts of the necessary protection and stability to the our businesses during various periods. Group in the face of unpredictable global events. However, our utilities division has stood as a We remain committed to the prudent financial bulwark, continuing to operate throughout the management that has fortified our Group in control period as the businesses all provide times of uncertainty. Our financial structure will essential services – water, electricity and continue to be safeguarded by our long-standing telecommunications. Our cement and construction policy of maintaining cash reserves and financing businesses also returned to operation relatively acquisitions on a ring-fenced, non-recourse basis expeditiously, whilst our hotels have started to that ensures the stand-alone viability of the see recovery particularly from domestic travellers business. This structure is further bolstered by holidaying within the country. our regulated assets which deliver asset values that increase over time and optimise capital In order to ensure that shareholders will continue expenditure, in addition to flowing up dividends to be rewarded with healthy dividend yields, from operational activities. whilst enabling our Group to conserve cash to provide increased flexibility and options to We will continue to improve on our track record optimally manage our existing businesses and and ensure that our ventures are sustainable invest in future opportunities, YTL Corp declared over the long-term in order to deliver returns a 1-for-30 share dividend with an entitlement to our shareholders, protect the livelihoods of date of 28 October 2020. This represents a the employees who form the backbone of our dividend yield of about 3.3% based on the Group, offer world class products and services average share price for the year of RM0.89 per at competitive prices to our customers and share. YTL Corp has a consistent dividend track advance the communities where we operate. record and has declared dividends to shareholders for 36 consecutive years since listing on the Kuala Lumpur stock exchange in 1985. TAN SRI DATO’ (DR) FRANCIS YEOH SOCK PING PSM, KBE, CBE, FICE, SIMP, DPMS, DPMP, JMN, JP 03 YTL CORPORATION BERHAD Managing Director’s Review DATO’ YEOH SEOK KIAN Managing Director FINANCIAL OVERVIEW YTL Corp declared a share dividend in respect of the financial year under review comprising a distribution of 1 treasury share for every Businesses across the globe faced unprecedented operational 30 ordinary shares in the Company held as at the entitlement date challenges following the outbreak of the COVID-19 pandemic in of 28 October 2020. early 2020. Countries where YTL Corporation Berhad (“YTL Corp” or “Company”) and its subsidiaries (“Group” or “YTL Corp Group”) In the Group’s key Utilities division, higher revenue in the water operate implemented various movement control orders and limited and sewerage sub-segment in the United Kingdom (UK) was the operation of non-essential services. primarily due to differing weather conditions leading to changes in supply volumes and partially offset by a price decrease determined However, the Group’s businesses have been cushioned by its by the industry regulator. Lower profit before tax resulted mainly Utilities segment which provides essential services that have from a higher allowance for impairment of receivables due to the continued to operate throughout the control period. The construction potential impact of the pandemic on customers, as well as the and cement segments re-commenced in stages as permitted and price decrease. However, once such impairments are realised, the operations have normalised, whilst the Group’s property and hotels UK regulatory regime allows for recovery of these amounts against segments have faced slower recovery in light of the effects of future tariffs. pandemic restrictions on the hospitality, retail and property sectors. The merchant multi-utilities sub-segment in Singapore registered The Group recorded revenue of RM19.2 billion for the financial lower revenue due to the decrease in fuel oil prices and lower year ended 30 June 2020 compared to RM18.0 billion for the units sold, partially offset by higher sales of fuel oil, whilst the financial year ended 30 June 2019, and profit before taxation of loss before tax narrowed due mainly to the absence of a one-off RM419.3 million for the financial year under review, compared to charge for impairment of receivables recognised last year, as well RM1,036.5 million last year. as lower finance costs and higher retail and tank leasing margins this year. 04 ANNUAL REPORT 2020 Managing Director’s Review In Malaysia, performance of the contracted power generation In the Property Investment & Development division, revenue division remained stable due to supply from Paka Power Station declined due mainly to the deconsolidation of Starhill Global REIT, under the current power purchase agreement. Meanwhile, the as well as lower sales recorded in completed projects. The division telecommunications business recorded lower revenue and a higher saw a higher loss before tax due to losses on sales of completed loss before tax due to lower project revenues recorded. units and qualifying certificate extension fees relating to 3 Orchard By-The-Park, as well as its share of fair value losses on investment The Utility division’s minority investments, comprising a 33.5% properties under Starhill Global REIT. stake in ElectraNet Pty Ltd, which owns and operates South Australia’s electricity transmission network, and an effective interest The financial performance of the Hotel Operations segment was of 20% in PT Jawa Power, the owner of a 1,220 megawatt coal- significantly impacted amid the challenging conditions and disruptions fired power station in Indonesia, also continued to perform well caused by the COVID-19 pandemic. Countries where the Group’s for the year under review.
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