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TODAY, TOMORROW & BEYOND ANNUAL REPORT 2016 TODAY, TOMORROW & BEYOND TODAY, TOMORROW & BEYOND A spark of ingenuity and unwavering ambition were the first steps in the creation of an iconic city. Fuelled by a vision to make a difference, a tin mining wasteland was transformed into a wonderland that we now identify as Sunway City. The theme for 2016’s Annual Report reflects on the journey and achievements of Sunway Berhad, and its plans for future growth. 2 SUNWAY BERHAD ANNUAL REPORT 2016 VISION TO BE THE LEADING REGIONAL PROPERTY-CONSTRUctION GROUP Sunway Berhad (“Sunway”) holds leadership positions in a multitude of industries, chiefly driven by its core businesses of property development and investment; and construction. With a vision of becoming the region’s leading property-construction group, we constantly innovate to deliver value, build synergistic and sustainable relationships and achieve the highest standards of quality and excellence. MISSION Innovating to deliver value underpins our relentless efforts to drive positive and sustainable change in the way we work and operate to create values for all our stakeholders. Building synergistic and sustainable relationships is the bedrock of the company’s ethos of nurturing our people and developing meaningful relationships with external parties including our business partners and customers towards achieving business objectives, while keeping the interests of our stakeholders. Achieving the highest standards of quality and excellence remains a founding value that we uphold and are passionate about. We make individual and collective efforts in aiming higher to achieve strategic business goals with a commitment to the best quality and excellence. 3 TODAY, TOMORROW & BEYOND CORPORATE INFORMATION BOARD OF DIRECTORS COMPANY SECRETARIES Executive Chairman, Non-Independent Executive Tan Kim Aun (MAICSA 7002988) Director Chin Lee Chin (MAICSA 7012347) Tan Sri Dato’ Seri Dr Jeffrey Cheah Fook Ling, AO REGISTERED OFFICE Deputy Executive Chairman, Level 16, Menara Sunway, Jalan Lagoon Timur Non-Independent Executive Director Bandar Sunway, 47500 Subang Jaya Tan Sri Datuk Seri Razman M Hashim Selangor Darul Ehsan, Malaysia Tel No : (603) 5639 8889 President, Non-Independent Executive Director Fax No : (603) 5639 9507 Dato’ Chew Chee Kin SHARE REGISTRAR Non-Independent Executive Director Sunway Management Sdn Bhd (50661-X) Sarena Cheah Yean Tih, S.M.S. Level 16, Menara Sunway, Jalan Lagoon Timur Bandar Sunway, 47500 Subang Jaya Senior Independent Non-Executive Director Selangor Darul Ehsan, Malaysia Wong Chin Mun Tel No : (603) 5639 8889 Fax No : (603) 5639 9507 Independent Non-Executive Directors Lim Swe Guan AUDITORS Datuk Seri Yam Kong Choy BDO Tan Sri Dato’ Dr. Lin See Yan Chartered Accountants AUDIT COMMITTEE SOLICITORS Wong Chin Mun (Chairman) David Lingam & Co. Lim Swe Guan Mah-Kamariyah & Philip Koh Datuk Seri Yam Kong Choy Tan Sri Dato’ Dr. Lin See Yan PRINCIPAL BANKERS Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad NOMINATION COMMITTEE DBS Bank Ltd Lim Swe Guan (Chairman) HSBC Bank Malaysia Berhad Wong Chin Mun Malayan Banking Berhad Datuk Seri Yam Kong Choy OCBC Bank (Malaysia) Berhad Tan Sri Dato’ Dr. Lin See Yan Public Bank Berhad (Appointed with effect from 27 February 2017) RHB Bank Berhad Standard Chartered Bank Malaysia Berhad REMUNERATION COMMITTEE Datuk Seri Yam Kong Choy (Chairman) STOCK EXCHANGE LISTING Wong Chin Mun Main Market of Bursa Malaysia Securities Berhad Lim Swe Guan Tan Sri Dato’ Seri Dr Jeffrey Cheah Fook Ling, AO WEBSITE ADDRESS Tan Sri Dato’ Dr. Lin See Yan www.sunway.com.my (Appointed with effect from 27 February 2017) INVESTOR RELATIONS EMPLOYEES’ SHARE OPTION SCHEME E-mail : [email protected] COMMITTEE Tel No : (603) 5639 8674 Wong Chin Mun (Chairman) Tan Sri Dato’ Seri Dr Jeffrey Cheah Fook Ling, AO Dato’ Chew Chee Kin Sarena Cheah Yean Tih, S.M.S. Foo Shiang Wyne 4 SUNWAY BERHAD ANNUAL REPORT 2016 FINANCIAL CALENdar ANNOUNCEMENT OF QUARTERLY RESULTS DIVIDENDS 27 May 2016 • First interim single tier dividend of 5% per ordinary Announcement of the unaudited consolidated results share for the financial year ended 31 December 2016 for the 1st quarter ended 31 March 2016 Announcement of the notice 29 August 2016 of entitlement and payment : 27 September 2016 Announcement of the unaudited consolidated results Date of entitlement : 14 October 2016 for the 2nd quarter ended 30 June 2016 Date of payment : 27 October 2016 25 November 2016 • Second interim single tier dividend for the financial Announcement of the unaudited consolidated results year ended 31 December 2016 comprising: for the 3rd quarter ended 30 September 2016 a) A second interim single tier cash dividend of 4 sen 27 February 2017 per ordinary share. Announcement of the unaudited consolidated results for the 4th quarter ended 31 December 2016 Announcement of the notice of entitlement and payment : 27 February 2017 28 February 2017 Date of entitlement : 6 April 2017 Date of payment : 28 April 2017 Amended announcement of the unaudited consolidated results for the 4th quarter ended 31 December 2016 b) A share dividend distribution of approximately 20.3 million treasury shares on the basis of 1 treasury share for every 100 ordinary shares held. Announcement of the notice of entitlement and payment : 27 February 2017 Date of entitlement : 13 April 2017 Date of payment : 28 April 2017 ANNUAL REPORT & ANNUAL GENERAL MEETING 28 April 2017 Date of notice of 7th Annual General Meeting and date of issuance of Annual Report 2016 14 June 2017 Date of 7th Annual General Meeting 5 TODAY, TOMORROW & BEYOND TABLE OF CONTENTS 8 corporate SUnway 10 Corporate Profile 12 Group Corporate Structure 16 Sunway in the News 18 Chairman’s Statement 24 Calendar of Significant Events 32 Awards and Accolades 40 PERFORMANCE REVIEW 42 President’s Review 46 Segmental Performance 47 Financial Highlights 48 Management Discussion and Analysis 76 Value Added Statement 77 Share Performance 78 eXEMPLARY LEADERSHIP 80 Profile of Board of Directors 90 Profile of Senior Management 96 SEGmental REVIEW 99 Integrated Properties 103 Construction 104 Strategic Investments 6 SUNWAY BERHAD ANNUAL REPORT 2016 108 SUStaINABILITY at SUnway 111 Economic 112 Environmental 113 Social 118 GOVERNANCE WITH INTEGRITY 120 Corporate Governance Statement 137 Audit Committee Report 142 Statement of Risk Management and Internal Control 146 Additional Compliance Information 148 Investor Relations 152 FINANCIALS 154 Financial Statements 338 List of Material Properties 340 SHAREHOLDINGS’ INFormatION 342 Directors’ Interests in Shares and Options Over Ordinary Shares 344 Analysis of Shareholdings 346 annUAL GENERAL MEETING 348 Notice of 7th Annual General Meeting – Proxy Form 7 TODAY, TOMORROW & BEYOND BUILDING SUSTAINABLE COMMUNITIES Sunway’s Property Development division has vast experience in developing innovative and quality residential and commercial properties. As a Master Community Developer, the division has delivered more than 26,000 properties in key locations in Klang Valley, Ipoh, Penang, Johor, and notable locations overseas. Under its portfolio are the award- winning integrated cities of Sunway City, Sunway City Ipoh, Sunway Velocity and the upcoming 1,800-acre Sunway Iskandar, Sunway’s largest integrated township development yet. CORPORATE SUNWAY 10 CORPORATE PROFILE 12 GROUP CORPORATE STRUCTURE 16 SUNWAY IN THE NEWS 18 CHAIRMAN’S STATEMENT 24 CALENDAR OF SIGNIFICANT EVENTS 32 AWARDS AND ACCOLADES 8 SUNWAY BERHAD ANNUAL REPORT 2016 ARTIST’S IMPRESSION OF SUNWAY ISKANDAR 9 TODAY, TOMORROW & BEYOND CORPORATE PROFILE SUNWAY BERHAD (“SUNWAY” OR “GROUP”) NURTURING GROWTH Sunway Berhad started off as a private limited establishment, In 2010, the consolidation of both Sunway Holdings Berhad Sungei Way Holdings Sdn Bhd, in the tin mining industry on and Sunway City Berhad was initiated to establish a refreshed 26 January 1978. Founder and Chairman, Tan Sri Dato’ Seri front as a property-construction colossus, positioning the Dr Jeffrey Cheah’s vision propelled the company’s ensuing group to take on more sizable landmark projects. This venture into construction, trading and manufacturing, exercise was successfully completed with the listing of quarrying, property development and building materials. Sunway Berhad on the Main Market of Bursa Malaysia on The business had its share of setbacks but prevailed and 23 August 2011. grew from strength to strength. Steady growth for the business subsequently led to the company’s listing on On 19 September 2014, Sunway Group announced intentions the Main Board of Bursa Malaysia on 16 February 1984 to re-list its construction division on the Main Market of as Sungei Way Holdings Berhad. The company changed Bursa Malaysia. Following the announcement, the Group its name to Sunway Holdings Incorporated Berhad on 13 underwent a restructuring exercise to dispose Sunway December 1999 before finally assuming the name of Sunway Construction Sdn Bhd held by Sunway Holdings Sdn Bhd Holdings Berhad in 2007. to Sunway Construction Group Berhad (“SCG”). SCG was successfully listed on 28 July 2015, attracting a market The sister company of Sunway Holdings Berhad, Sunway capitalisation of RM1.6 billion, ranking it as the second City Berhad, was set up on 13 July 1982, to capitalise on largest Initial Public Offering on Bursa Malaysia in 2015. the thriving property development scene in Malaysia. The The outstanding debut of SCG has served as a testament company, originally incorporated as Sri Jasa Sdn Bhd, of
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