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Resilience Through Operational Excellence Resilience Through Operational Excellence MMC CORPORATION BERHAD ANNUAL REPORT 2020 RESILIENCE THROUGH OPERATIONAL EXCELLENCE RESILIENCE THROUGH OPERATIONAL EXCELLENCE In an unprecedented pandemic year, MMC Corporation Berhad (“MMC” or “the Group”) has continued to prove its mettle as the nation’s leading infrastructure conglomerate – rising to the many challenges faced to deliver various financial and non-financial values. The proactive and measured response to the turbulent external operating conditions was driven by the Group’s inherent business strengths. These strengths are the Group’s robust business model, the strategic positioning of its operating companies within key industrial sectors and equally significant, the spirited performance and contribution of its people. MMC’s 15,494-strong workforce have been pivotal in the Group’s success story as their consummate commitment, determination and discipline to excel have been a fundamental part of MMC’s continued growth and progress in FY2020. CORPORATE OVERVIEW 002 About This Report INSIDE 003 Corporate Overview 004 About Us 006 Corporate Information THIS 007 Awards and Achievements 008 Where We Operate 010 Group Corporate Structure REPORT LEADERSHIP GOVERNANCE 012 Board of Directors’ Profile 128 Corporate Governance Overview Statement 016 Management Team Profile 135 Directors’ Statement on Risk Management and Internal Control 139 Audit Committee Report CORPORATE HIGHLIGHTS 143 Finance, Investment and Risk Committee Report 017 Financial Calendar 144 Additional Compliance Information 017 Financial Highlights 018 Business Highlights 019 Five Year Financial Summary SUSTAINABILITY REPORT 021 Investor Relations 145 Sustainability Report 022 Stakeholder Engagement 023 Event Highlights FINANCIAL STATEMENTS 179 Financial Statements KEY MESSAGES 026 Chairman’s Statement 030 In Conversation with the Group Managing Director ADDITIONAL INFORMATION 036 Financial Review 307 List of Properties 312 Shareholdings Statistics 313 Thirty Largest Shareholders MANAGEMENT DISCUSSION AND 315 Glossary ANALYSIS Strategic Review AGM INFORMATION 040 Value Creation Statement 043 Business Model 318 Notice of Annual General Meeting 046 Business Strengths and Competitive Advantages 323 Statement Accompanying Notice of the th 047 Risks and Opportunities 45 Annual General Meeting 052 Outlook and Prospects Proxy Form 055 Value Creation Model 058 Strategic Profile and Value Chain 075 Strategic Snapshot Operations Review 092 Ports and Logistics This report is also available for 108 Energy and Utilities download from our corporate 116 Engineering website at https://mmc.com. 122 Industrial Development my/annualreport.html Corporate Overview Leadership Corporate Highlights Key Messages MD&A ABOUT THIS REPORT Our Integrated Reporting Journey SOCIAL CAPITAL: Refers to the relationships we have built with As a leading utilities and infrastructure conglomerate, MMC our strategic partners, authorities, supply chain, investors and the Corporation Berhad (“MMC” or “the Group”) is driven by our passion community. to build a better world for all. Hence, in essence, our approach to value NATURAL CAPITAL: Consists of energy and water consumption, creation is centred on nation building. MMC through its business model our landbank, raw materials used in construction and our day-to- and the expertise, capabilities and resources of its business divisions day operations. and operating companies play a fundamental role in supporting the Government’s agenda of creating socio-economic prosperity, which is These capitals are the input in our value creation process. Hence, realised through sustainable infrastructure development. issues that affect the sustainability of these capitals are deemed material to this organisation. MMC’s adoption of the Integrated Reporting (“<IR>”) framework, now in its second year, is to showcase the Group’s fullest value creation For more information on our Capitals, please turn to page 56. and capabilities to its fullest potential, and its continued ability to remain relevant, resilient and competitive over the short-, medium- Frameworks Applied and long-term perspectives. This report has been prepared in line with the following: • IIRC’s Principle Based Framework for <IR> In essence, the progressive adoption of the <IR> framework as set • The Companies Act 2016 out by the International Integrated Reporting Council (“IIRC”) goes • Main Market Listing Requirements of Bursa Malaysia Securities towards showcasing the Group’s performance beyond financial Berhad values and past performance. <IR> enables MMC to present to its • Malaysian Code on Corporate Governance 2017 stakeholders a comprehensive and strategic view of the Group, which • Bursa Malaysia Sustainability Reporting Guide – Second Edition includes its business model, its risks and opportunities, its business • Malaysian Financial Reporting Standards strengths and strategies going forward. • International Financial Reporting Standards Our adoption of <IR> is also consistent with Bursa Malaysia’s call for Forward-Looking Statements large Corporates to embark on <IR>. In our second year, we have This report contains forward-looking statements discussing future further strengthened disclosures in accordance to the IIRC principle operations and performance of the Group based on current based framework. assumptions that may or may not materialise due to risks and uncertainties beyond the Group’s control. Reporting Scope And Boundary Unless otherwise indicated, content for this report reflects data Such statements relating to both financial and non-financial and activities of the Group from 1 January to 31 December 2020 performance are not conclusive and actual plans and results (“FY2020”). In selecting relevant content for the FY2020 report, may differ from those expressed in this report due to market MMC has adopted the following materiality criteria for its inaugural uncertainties and various risk factors, as well as possible strategic integrated annual report (“IAR”). deviations in response. • Information that is pertinent to the Group’s resources (capitals) • Information that is pertinent to the Group’s business model Hence, such statements do not serve as guarantees of future • Information that is pertinent to outputs and outcomes created operational, financial or any other results. Ultimate results and (financial and non-financial values) outcomes may differ. Forward-looking statements issued in this • Information that may impact future performance report have not been reviewed or audited by an external auditor. • Information that may have significant impact on MMC’s ability to create value across the short-, medium- and long-term horizons Online Version And Related Information A digital version of this report and past reports are In determining the Group’s material matters, we are guided by the available for download from our corporate website at: six capitals outlined in IIRC’s value creation model, as shown below. www.mmc.com.my. Additional disclosures about MMC’s quarterly financial results, corporate announcements, policies and MMC’s FINANCIAL CAPITAL: Comprises of our equity, assets, and robust governance structure can also be found on our website. operating revenue generated and deployed in our value creation. MANUFACTURED CAPITAL: Refers to our ports’ throughput, Feedback the energy/water processed and produced, and infrastructure built. Feedback, clarifications on matter reported as well as enquiries INTELLECTUAL CAPITAL: Our 100 over years of business pertaining to this report can be channelled to: experience, industry knowledge and technical know-how, brand Investor Relations reputation and business strategies. Tel : +603 2071 1000 HUMAN CAPITAL: Refers to our employees, consisting of Fax : +603 2026 1921 competent professionals with various skill sets to perform the Email : [email protected] critical functions of our diverse business operations. 002 MMC Corporation Berhad Governance Sustainability Report Financial Statements Additional Information AGM Information CORPORATE OVERVIEW MMC CORPORATION BERHAD is a leading utilities and infrastructure group with diversified businesses in Malaysia and abroad Our Vision Our Mission To be a Premier Utilities and Excellence in our Infrastructure Group Core Business Segments We are driven by a commitment to • Maximise shareholder value build a better world for all • Service excellence to stakeholders • Lead in value innovation • Be the preferred employer We serve our stakeholders with a steadfast commitment to excellence Our Core Values IntegrityINTECInnovation Teamwork Excellence Commitment Our actions are guided by our core values, setting standards in the way we work The Value We Create We drive the We build We masterplan We connect nation’s growth infrastructures the growth of people, goods and progress by that afford our industries that and businesses providing energy, society the drive the nation’s across the globe gas and water convenience they economy for homes and enjoy today industries Together, the scale of our operations makes us one of Malaysia’s key players in nation building Annual Report 2020 003 Corporate Overview Leadership Corporate Highlights Key Messages MD&A ABOUT US Our multi-disciplinary expertise as a utilities and infrastructure provider are divided into four core business divisions: Ports and Logistics We are one of the 10 largest port operators in the world with a total container handling capacity across all ports in Malaysia of 21.5 million TEUs Port Operations in Malaysia • Pelabuhan Tanjung Pelepas
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