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Cycle & Carriage Bintang Berhad Cycle & Carriage Bintang Berhad ANNU A L REPO R T 20 19 www.cyclecarriage.com.my Cycle & Carriage Bintang Berhad (Registration No. 196701000428 (7378-D)) (Incorporated in Malaysia) ANNUAL REPORT 2019 Alor Setar Juru Bukit Tengah Ipoh Georgetown Gopeng Cheras TREC Batu Caves Mutiara Damansara Petaling Jaya Johor Bahru Glenmarie Outlets Cycle & Carriage Bintang is one We are represented by 13 outlets of the leading Mercedes-Benz nationwide dealers in Malaysia. 3S – 9 outlets 2S – 2 outlets 1S – 2 outlets Contents I Statutory Financial Statements I I Other Information I I Overview I 52. Directors’ Report 124. Five-Year Summary 2. Corporate Profile 3. Financial Highlights 56. Statement by Directors 125. Financial Charts 4. Corporate Information 56. Statutory Declaration 126. Group Properties 5. Corporate Structure 57. Independent Auditors’ Report 127. Shareholding Statistics 62. Consolidated Statement of 129. Financial Calendar Comprehensive Income I Performance I 6. Chairman’s Statement 63. Consolidated Statement of Financial Position 7. Management Discussion and Analysis 64. Consolidated Statement of Changes in Equity 65. Consolidated Statement of Cash I Governance I Flows 9. Board of Directors 66. Company Statement of 12. Key Management Comprehensive Income 13. Corporate Governance Overview 67. Company Statement of Financial Statement Position 23. Statement on Risk Management 68. Company Statement of Changes in and Internal Control Equity 26. Audit Committee Report 69. Company Statement of Cash Flows 28. Statement of Nominating Committee 70. Summary of Significant Accounting 30. Additional Compliance Information Policies 31. Statement of Directors’ 82. Notes to the Financial Statements Responsibility for Preparing the Financial Statements 32. Sustainability Statement 2 Cycle & Carriage Bintang Berhad Annual Report 2019 Corporate Profile Cycle & Carriage Bintang Berhad (“CCB”) and its subsidiaries (“CCB Group”) is one of the leading authorised Mercedes-Benz dealers in Malaysia. With a network of 13 outlets across Peninsular Malaysia, it provides sales and after-sales services for Mercedes-Benz passenger cars and commercial vehicles as well as FUSO trucks. The newly transformed Cycle & Carriage Mutiara Damansara and Alor Setar outlets are the first two in Malaysia which feature the newest global Mercedes-Benz brand presence. The outlets in Johor Bahru and Ipoh are next to feature this new transformation, which leverages on innovative technology and digitalisation with the aim of elevating the overall customer ownership journey. In addition, CCB Group hosts state-of-the-art service centres complying with Daimler AG standards, with certified Centre of Competence Body & Paint facilities that provide the highest standards of after-sales facilities made available in Malaysia. Its Body & Paint facility in Batu Caves scored a perfect certification audit score of 100% for the second time in 2019 while its facilities in Johor Bahru and Bukit Tengah achieved scores of 98% and 96% respectively. CCB continues to invest in its people, sites and systems and will continue to elevate the customer experience from a point of retail to a point of experience with the new Mercedes-Benz brand presence. CCB is a public company listed on the Main Market of Bursa Malaysia, with a majority share held by Jardine Cycle & Carriage Limited (“JC&C”). JC&C is the investment holding company of the Jardine Matheson Group in Southeast Asia, which seeks to grow with Southeast Asia by investing in market leading businesses based on the themes of urbanisation and the emerging consumer class. The Group has a majority interest in Astra, a diversified group in Indonesia, significant interests in Vietnam through Truong Hai Auto Corporation, Refrigeration Electrical Engineering Corporation and Vinamilk, as well as Siam City Cement which operates in Thailand and South Asia. The other investments in JC&C’s portfolio are the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar, and Tunas Ridean in Indonesia. These motor businesses are managed by Jardine International Motors. JC&C is a leading Singapore-listed company, 75%-owned by the Jardine Matheson Group. Together with its subsidiaries and associates, JC&C employs more than 250,000 people across Southeast Asia. Cycle & Carriage. Exceptional Journeys. 3 Cycle & Carriage Bintang Berhad Annual Report 2019 Financial Highlights • Vehicle unit sales 29% lower • Impairment loss recognised for Sungai Besi site • Disposal of investment in Mercedes-Benz Malaysia (“MBM”) completed • Recognition of final tranche of MBM dividend Results Year ended 31 December Restated† Change 2019 2018 % RM’ mil RM’ mil Revenue 1,143.3 1,513.3 (24) Net (loss)/profit: (a) Mercedes-Benz operations (34.7) 9.1 nm (b) Other losses - impairment loss on right-of-use assets (27.0) – 100 (c) Dividend income 22.5 11.2 100 (39.2) 20.3 nm Net (loss)/profit attributable to shareholders (39.2) 20.3 nm sen sen % (Loss)/Profit per share (39) 20 nm As at As at 31.12.2019 31.12.2018 RM’ mil RM’ mil Restated % Shareholders’ funds 249.1 288.3 (14) RM RM % Net asset per share 2.47 2.86 (14) † The financial statements have been restated due to changes in accounting policies upon adoption of MFRS 16 Leases, as set out in Note 32 to the Statutory Financial Statements. nm – not meaningful 4 Cycle & Carriage Bintang Berhad Annual Report 2019 Corporate Information As at 24 April 2020 BOARD OF DIRECTORS Chairman Chan Tze Choong Eric Tang Saw Hua (Alternate: Chan Kim Kooi) Deputy Chairman Rossana Annizah binti Ahmad Rashid Anthony Albert Collingridge (Alternate: Kent Teo) AUDIT COMMITTEE Chairperson Tang Saw Hua Rossana Annizah binti Ahmad Rashid Anthony Albert Collingridge REMUNERATION COMMITTEE Chairperson Chan Tze Choong Eric Anthony Albert Collingridge Tang Saw Hua NOMINATING COMMITTEE Chairperson Anthony Albert Collingridge Chan Tze Choong Eric Tang Saw Hua SECRETARIES ADMINISTRATION AND POLLING AGENT Yeap Kok Leong Boardroom Share Registrars Sdn. Bhd. Lim Hooi Mooi 11th Floor, Menara Symphony No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13 Ong Wai Leng 46200 Petaling Jaya, Selangor Darul Ehsan Telephone : 03 7890 4700 AUDITORS Facsimile : 03 7890 4670 PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146) Chartered Accountants REGISTERED OFFICE Level 10, 1 Sentral, Jalan Rakyat Unit 30-01, Level 30, Tower A, Vertical Business Suite Kuala Lumpur Sentral Avenue 3, Bangsar South, No. 8, Jalan Kerinchi 50700 Kuala Lumpur 59200 Kuala Lumpur Telephone : 03 2783 9299 Facsimile : 03 2783 9222 SHARE REGISTRAR Tricor Investor & Issuing House Services Sdn. Bhd. Unit 32-01, Level 32, Tower A, Vertical Business Suite WEBSITE Avenue 3, Bangsar South, No. 8, Jalan Kerinchi www.cyclecarriage.com.my 59200 Kuala Lumpur Telephone : 03 2783 9299 Facsimile : 03 2783 9222 STOCK EXCHANGE LISTING Bursa Malaysia Securities Berhad (Main Market) Stock Code : 2925 Stock Name : CCB 5 Cycle & Carriage Bintang Berhad Annual Report 2019 Corporate Structure CYCLE & CARRIAGE BINTANG BERHAD (Registration Number: 196701000428 (7378-D)) Retailing of motor vehicles, sale of spare parts and servicing of vehicles CYCLE & CARRIAGE BINTANG (PERAK) SDN BHD (Registration Number: 194701000088 (1554-H)) 100% Retailing of motor vehicles, sale of spare parts and servicing of vehicles CYCLE & CARRIAGE BINTANG (NORTHERN) SDN BHD LOWE PROPERTIES SDN BHD (Registration Number 198401001742 (114255-P)) (Registration Number: 199501006604 (335800-X)) 100% 100% Retailing of motor vehicles, sale of spare parts and Renting of premises servicing of vehicles CYCLE & CARRIAGE (MALaysia) SDN BERHAD (Registration Number: 196601000506 (6979-T)) 100% Dormant SELECSAMA SDN BHD (Registration Number: 200101029138 (564896-X)) 100% Dormant SRISARI SDN BHD (Registration Number: 198901013113 (190423-K)) 100% Dormant 6 Cycle & Carriage Bintang Berhad Annual Report Report 2019 2019 OVERVIEW The Group faced a challenging year in 2019 as competition intensified. This was compounded as a result of the softening demand in the premium luxury segment of the automotive industry, leading to significant reductions in unit sales and earnings. Chairman’s Statement PERFORMANCE SUSTAINABILITY The Group’s revenue for the financial year ended 31 December This year, CCB is publishing its third Sustainability 2019 decreased by 24% to RM1,143.3 million. Statement. The Statement is in compliance with the Global Reporting Initiative Standards. The Group’s Mercedes-Benz operations faced intense competition during the year and recorded a net loss of Pursuant to Bursa Malaysia Securities Berhad’s Listing RM34.7 million, compared to a net profit of RM9.1 million Requirements, companies listed on the Main Market and/or ACE in the prior year. In 2018, the Group’s results benefited from Market are required to report on the company’s sustainability insurance compensation of RM9.8 million for damages performance annually by detailing the management of material suffered as a result of floods in Penang and higher sales due economic, environmental and social risks and opportunities. to the zero rate of GST from June to August 2018. Consideration of non-financial factors contribute to the long- In 2019, unit sales were 29% lower and margins were term viability of the business. As such, the Group strives to reduced, due to a shift in sales mix to lower-priced models balance commercial focus with sustainability factors. and weak consumer demand. However, the Group’s after- sales division continued to perform well, as it delivered It is committed to disclosing its performance
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