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B O U S T E Ad H O L D in G S B Er 196001000193 (3871-H) 196001000193 BOUSTEAD HOLDINGS BERHAD 196001000193 (3871-H) BOUSTEAD HOLDINGS BERHAD ANNUAL REPORT 2019 WHAT’S INSIDE PG.40 CHAIRMAN’S STATEMENT Annual Report 2019 Sustainability Report 2019 Cover Rationale We remain steadfast and resilient as we face challenges in the current market landscape. With hard work, determination and the right mindset, we will continue to strengthen and persevere in times of adversity to emerge stronger. By working hard on improving efficiencies, building on organic growth and unlocking opportunities for new investments, we will continue to stay the course and deliver sustainable results and value from our core business areas. Please scan the Please scan the QR code for 2019 QR code for 2019 Annual Report Sustainability Report ABOUT BOUSTEAD GROUP Annual 02 Overview of Boustead Holdings Berhad th 04 What We Do 58 General Meeting 06 Facts at a Glance 07 Financial Calendar 08 Five-Year Financial Highlights Refer to pages 286 to 296 for 10 Corporate Information Annual General Meeting Information Mutiara 5, Ground Floor LEADERSHIP Royale Chulan Damansara WHERE 2, Jalan PJU 7/3, Mutiara Damansara 12 Board of Directors 47810 Petaling Jaya, Selangor 14 Board at a Glance WHEN 22 July 2020 15 Profile of Directors 29 Heads of Subsidiary Companies 32 Heads of Departments 9.30 a.m. TIME 34 Profile of Heads of Departments 40 Chairman’s Statement PG. MANAGEMENT 68 DISCUSSION AND HEAVY ANALYSIS INDUSTRIES DIVISION 46 Managing Director’s Review 52 Plantation Division 58 Property Division PG.72 62 Pharmaceutical Division PG.58 68 Heavy Industries Division FINANCE & INVESTMENT 72 Finance & Investment Division PROPERTY DIVISION 76 Trading & Industrial Division DIVISION PG.52 PG.62 PG.76 TRADING & PLANTATION PHARMACEUTICAL INDUSTRIAL DIVISION DIVISION DIVISION FINANCIAL STATEMENTS 111 Financial Statements SHAREHOLDERS’ INFORMATION 262 Boustead Group 270 Recurrent Related Party Transactions 273 Top 30 Properties of the Group 276 Additional Disclosures 278 Group Oil Palm Agricultural Statistics 279 Plantation Area Statement GOVERNANCE 280 Location of Group Plantations 80 Audit Committee Report 282 Shareholding Statistics 86 Corporate Governance 284 Statement of Directors’ Interests Overview Statement 285 Dividend Policy 102 Statement on Risk Management 286 Notice of Annual General Meeting and Internal Control 291 Administrative Notes 107 Risk Committee Report 110 Directors’ Responsibility Statement • Proxy Form 0101 0202 BOUSTEAD HOLDINGS BERHAD ANNUAL REPORT 2019 OVERVIEW OF BOUSTEAD HOLDINGS BERHAD CORPORATE VISION WHO WE ARE To hold strong to our tradition of Boustead Holdings Berhad traces its roots back to 1828. delivering solid and stable growth The Group has evolved from its modest beginnings while nurturing talent that will bring to become a diverse Malaysian conglomerate, now about a higher level of excellence operating in six core areas of the Malaysian economy, in all endeavours that the which are: plantation, property, pharmaceutical, heavy Boustead Group undertakes. industries, finance & investment and trading & industrial. The Group employs over 18,000 individuals across its listed and non-listed operations. As at 31 December CORPORATE MISSION 2019, Boustead’s total assets stood at RM17.0 billion while shareholders’ funds amounted to RM3.7 billion. To place the interest of our shareholders as the highest priority by maximising shareholder value. To acknowledge our employees as our most valuable assets. PHILOSOPHIES To continue development of our human resources to retain a competitive edge in the industry. To accept the importance of our clients by • To constantly develop organisational policies and providing products and services of corporate systems to fulfil the needs of dynamic business the highest quality. environments. To enhance our global position while proudly • To continuously improve customer satisfaction by representing Malaysia. enhancing human resource development strategies and managing resources efficiently as well as practise a positive corporate culture. GROUP MOTTO • To hold firm to a balanced management style of being prudent in seizing business opportunities that enhance shareholder value. • To maintain a corporate governance culture that ‘A TRADITION OF STRENGTH AND advocates best practices in business. STABILITY, A VISION OF GROWTH • To embrace diversity and entrepreneurship in our daily AND EXCELLENCE’. dealings. CORE VALUES RESPECT DIGNITY. TRUST. FAIR. OPEN. HONOUR What it means to us; We believe in the inherent worth of people and will honour relationships with our fellow employees, our customers, our shareholders, our stakeholders and our community. We measure respect for people by the way we treat each other, by the contributions that flow from our diversity, by the productivity of our relationships, and by a job well done, no matter what the job is. INTEGRITY HONEST. TRUTHFUL. CONSCIENCE. SINCERE. ACCOUNTABILITY What it means to us; We adopt open and honest attitudes in all aspects. We adhere to all sets of rules, regulations and guidelines. We perform to our best ability at a very high standard whilst continuously improving the quality of our products and services. TEAMWORK UNITY. HARMONY. CO-OPERATION. COMMITMENT. COLLABORATION What it means to us; We collaborate and work co-operatively across cultures and organisational boundaries to achieve shared goals and work towards solutions which generally benefit all parties involved. We share our beliefs and agree to a common cause to show our commitment to each other’s well being. EXCELLENCE PROFESSIONAL. COURAGE. PRIDE. PROACTIVE. COMPETITIVE What it means to us; We uphold our commitment to operate competitively, strive to acquire the relevant knowledge and skills and benchmark ourselves against world-class leaders in our efforts towards continuous improvement. We demonstrate flexibility as well as courage, highlighting our ability to keep ourselves aligned with a world in motion. 0303 0404 BOUSTEAD HOLDINGS BERHAD ANNUAL REPORT 2019 WHAT WE DO BUSINESS UNITS & HIGHLIGHTS Plantation Property Pharmaceutical Division Division Division Boustead Holdings Berhad’s The Property Division is involved in The Pharmaceutical Division caters Plantation Division possesses four key activities within the property to the pharmaceutical and healthcare decades of experience in managing industry, which are property industries with its range of offerings plantations across Peninsular development, property investment, that include manufacturing of generic Malaysia, as well as Sabah and hotel operations and project pharmaceuticals and medical Sarawak. As one of the key players management. The Division has built devices, logistics and distribution, within Malaysia’s palm oil industry, a formidable portfolio of key assets sales and marketing, distribution of the Division fully supports including a hotel chain, award- medical products and hospital sustainable practices as part of its winning townships, retail equipment in addition to retail operations. establishments as well as pharmacy. commercial and residential developments. Heavy Industries Finance & Investment Trading & Industrial Division Division Division The Heavy Industries Division’s The Finance & Investment Division The Trading & Industrial Division’s participation in the maritime and is involved in financial services, key business venture is owning and aerospace sectors involves the education, travel and tourism. The operating Malaysia’s only other provision of various products and Division’s financial services business home-grown retail petroleum services including naval is driven by AFFIN Bank which network. The Division also shipbuilding, maintenance, repair provides financial solutions participates in the distribution of and overhaul services, fabrication encompassing investment banking, building materials and provision of for the oil and gas industry as well consumer banking, Islamic banking, project management expertise for as aviation support services. finance as well as insurance. the construction industry. 0505 0606 BOUSTEAD HOLDINGS BERHAD ANNUAL REPORT 2019 FACTS AT A GLANCE REVENUE EBITDA RM10.3 RM455 billion million LOSS BEFORE LOSS AFTER TAXATION & ZAKAT TAXATION & ZAKAT RM1.3 RM1.4 billion billion CAPEX & NET ASSETS ACQUISITION PER SHARE RM598 184 million sen TOTAL SHAREHOLDERS’ ASSETS EQUITY RM17.0 RM3.7 billion billion FINANCIAL CALENDAR FINANCIAL YEAR 1 January to 31 December 2019 RESULTS 1st quarter Announced 30 May 2019 2nd quarter Announced 28 August 2019 3rd quarter Announced 29 November 2019 4th quarter Announced 28 February 2020 ANNUAL REPORT Issued 24 June 2020 ANNUAL GENERAL MEETING To be held 22 July 2020 0707 0808 BOUSTEAD HOLDINGS BERHAD ANNUAL REPORT 2019 FIVE-YEAR FINANCIAL HIGHLIGHTS 2019 2018 2017 2016 2015 FINANCIAL PERFORMANCE Revenue 10,322 10,186 10,238 8,371 8,663 (Loss)/profit before taxation and zakat (1,336) (479) 1,073 740 269 (Loss)/profit after taxation and zakat (1,386) (554) 875 589 139 (Loss)/profit attributable to shareholders (1,279) (535) 436 369 13 (Loss)/earnings per share sen (63.1) (26.4) 21.5 20.0 0.8 Return on equity % (29.3) (9.9) 7.2 7.0 0.3 Return on assets % (5.6) (1.3) 7.0 5.8 3.3 Return on revenue % 1.7 (0.3) 12.1 7.0 4.3 DIVIDENDS Dividend for the year – 101 223 305 207 Net dividend per share sen – 5.0 11.0 17.5 20.0 Dividend yield % – 3.5 2.9 6.6 4.7 Dividend cover times – (5.3) 2.0 1.2 – GEARING Borrowings 7,910 7,533 6,184 7,317 8,034 Gearing times 1.4 1.0 0.7 0.9 1.1 Interest cover times (2.8) (1.0) 6.0 3.5 1.9 OTHER FINANCIAL STATISTICS Net assets per share sen 184 246 305 295 439 Share price – high sen 160 292 307 271 475 Share price – low sen 93 136 241 186 380 Price earning ratio times (2) (5) 13 13 – Paid up share capital 2,736 2,736 2,736 1,014 517 Shareholders’ equity 3,729 4,995 6,182 5,985 4,543 Total equity 5,688 7,804 9,243 8,875 7,358 Total assets 16,975 18,417 18,263 18,530 17,620 Notes: – All figures are in RM million unless otherwise stated. – The financial information relating to 2019, 2018 and 2017 are in accordance with the Malaysian Financial Reporting Standard (MFRS) Framework.
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