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Annual Report 2020 3 Corporate Information

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Annual Report 2020 3 Corporate Information TABLE OF CONTENTS: 03 Corporate Information 04 Corporate Structure 06 Five-Year Group Financial Highlights 08 Profile of Board of Directors 21 Chairman’s Message 28 Management Discussion & Analysis 42 Sustainability Statement 49 Corporate Governance Overview Statement 61 Directors’ Responsibility Statement 62 Audit & Risk Management Committee Report 66 Statement on Risk Management and Internal Control 69 Financial Statements 152 Analysis of Shareholdings 153 List of Thirty Largest Securities Accounts Holders 154 Analysis of Warrantholdings 155 List of Thirty Largest Warrantholders 156 List of Landed Properties Held by the Group 162 Notice of Annual General Meeting Proxy Form Corporate Directory CORPORATE PROFILE Country Heights Holdings Berhad (“CHHB”) is a public listed conglomerate with subsidiaries in property development and investments, hotel and resort management, healthcare, event planning and exhibitions, and timeshare. CHHB was listed on the Main Market of the Bursa Malaysia Securities Berhad on 18 February 1994. Our largest development is the Mines Wellness City, where a once deserted opencast tin mining lake was transformed into a sprawling hive of greenery and activities. Many of our award-winning projects, such as Palace of the Golden Horses, MINES Waterfront Business Park (MWBP) and MINES International Exhibition and Convention Centre (MIECC) were developed around this now majestic lake. In CHHB, we take pride in our people, our Company and our developments. our vision Ever Searching for Better Living! our mission It’s All About Meaningful Innovative Creations! our values The values to govern our way of doing business and branding:- love quality style nature excellence Annual Report 2020 3 corporate information BOARD OF DIRECTORS Tan Sri Lee Kim Tiong @ Lee Kim Yew / Executive Chairman, Non-Independent Executive Director Lee Cheng Wen / Deputy Chairman, Non-Independent Non-Executive Director Datuk Lim Chih Li @ Lin Zhili / Managing Director Xu Zijing / Chief Technology Officer Chen Kaiyu / Finance Director Ong Tee Chin / Independent Non-Executive Director Chew Chong Eu / Independent Non-Executive Director Lee Sow Lin / Executive Director Lee Thai Young Matahari / Executive Director Yip Chun Mun / Executive Director Chong Khing Chung / Independent Non-Executive Director Hor Siew Leong / Independent Non-Executive Director Gerard Lim Kim Meng / Independent Non-Executive Director AUDIT & RISK MANAGEMENT REGISTERED OFFICE PRINCIPAL BANKERS COMMITTEE 8th Floor, Block A CIMB Bank Berhad Ong Tee Chin Mines Waterfront Business Park Malayan Banking Berhad Chairman No. 3, Jalan Tasik, Mines Wellness City RHB Bank Berhad 43300 Seri Kembangan OCBC Bank (Malaysia) Berhad Chew Chong Eu Selangor Darul Ehsan Public Bank Berhad Lee Cheng Wen Tel : 603-8943 8811 Bank of China (Malaysia) Berhad Fax : 603-8941 1470 Malaysia Building Society Berhad Bank Pembangunan Malaysia Berhad NOMINATION & REMUNERATION CGS CIMB Capital Pte Ltd COMMITTEE REGISTRAR Chew Chong Eu Shareworks Sdn Bhd Chairman No. 2-1, Jalan Sri Hartamas 8 SOLICITORS Sri Hartamas S. Ravichandaran & Anuar Ong Tee Chin 50480 Kuala Lumpur Justin Voon Chooi & Wing Lee Cheng Wen Tel : 603-6201 1120 Thompson Associates Fax : 603-6201 3121 M Scully E-mail : [email protected] The Law Office of Wong & Ang COMPANY SECRETARIES Fan Kah Seong (MIA 8584) (SSM Practising AUDITORS STOCK EXCHANGE LISTING Certificate No. 202008003845) UHY Main Market of Bursa Malaysia Chartered Accountants Securities Berhad Ong Lu See Suite 11.05, Level 11 Stock Name : CHHB (LS 0006228) (SSM Practising The Gardens South Tower Stock Code : 5738 Certificate No. 201908001450) Mid Valley City Listing Date : 18 February 1994 Lingkaran Syed Putra 59200 Kuala Lumpur, Malaysia WEBSITE www.countryheights.com.my 4 Country Heights Holdings Berhad corporate STRUCTURE 70% Borneo Heights Sdn Bhd 100% College Heights Utara Sdn Bhd 100% Country Heights Commercial Development Sdn Bhd 100% Country Heights Development Sdn Bhd 100% Country Heights eMarketing Services Sdn Bhd 100% Country Heights Global Ltd 100% Country Heights Industries Sdn Bhd 100% Country Heights Properties Sdn Bhd 100% Country Heights Property Development Berhad 100% Country Heights Resorts & Leisure Sdn Bhd 100% Country Heights Resources Management (M) Sdn Bhd 100% Country Heights Sdn Bhd 100% Country Heights Sea Resort Sdn Bhd 100% Country Heights W.T.C. Sdn Bhd 100% Grand Wellness Hub Sdn Bhd [Registration No.198401006901 (119416-K)] 81% Golden Horse Palace Berhad 100% Hasil Cermat Sdn Bhd 100% Magnitude Knight (M) Sdn Bhd 100% Malaysia Trade & Distribution Centre (Rotterdam) Sdn Bhd 60% Mines Global Holidays & Travel Sdn Bhd 100% Mines Holdings Sdn Bhd 47.50% Simplex Design Sdn Bhd (Associate Company) 69% Stallion Management Sdn Bhd 100% Tadika Sri Moral Sdn Bhd 100% Tindak Murni Sdn Bhd 100% Versatile Champion Sdn Bhd 100% Walum Enterprise Sdn Bhd Annual Report 2020 5 CORPORATE STRUCTURE 100% Borneo Highlands Hornbill Golf & Jungle Club Berhad 100% Country Heights Development Melaka Sdn Bhd 100% Country Heights Facility Management Sdn Bhd 100% Country Heights Pangsa Rakyat Sdn Bhd 100% Mega Palm Sdn Bhd 100% Endless Gain Sdn Bhd 99.98% Natural Circle (M) Sdn Bhd 100% Profound Concept Sdn Bhd 100% Mines Premium Sdn Bhd 100% Mines International Exhibition Centre Sdn Bhd 20% AsiaAuto Venture Sdn Bhd (Associate Company) 100% Mines Shopping Fair Sdn Bhd 50% Asia GT Festival Sdn Bhd (Joint Venture Company) 100% Mines Waterfront Business Park Sdn Bhd 100% Gegar Raya Sdn Bhd 100% Mines Auto Capital Sdn Bhd 100% Mines Events Sdn Bhd 100% Mines Marketing Sdn Bhd 100% Mines Global Holidays Sdn Bhd 100% Country Heights Pecanwood Boat Club (Pty) Ltd 100% Country Heights Pecanwood Golf & Country Club (Pty) Ltd 53.46% Country Heights Health Tourism Sdn Bhd 100% GHHS Wellness Sdn Bhd 100% KHU Property Management Sdn Bhd 100% Kin No Uma Sdn Bhd 100% Mines Wellness Hotel Berhad 100% Onescentral Big Data Technology Sdn Bhd 6 Country Heights Holdings Berhad five-year group financial highlights 2020 2019 2018 2017 2016 RM’000 RM’000 RM’000 RM’000 RM’000 Revenue 36,579 92,211 90,636 93,575 87,358 (Loss)/Profit before tax (42,070) (38,523) 104,937 413 (53,755) (Loss)/Profit after tax (35,854) (39,341) 84,328 (2,352) (54,574) Net (Loss)/Profit Attributable to Shareholders (33,884) (34,600) 86,653 (2,624) (48,521) Total Assets 1,339,413 1,389,982 1,392,236 1,274,108 1,275,323 Total Liabilities 538,645 553,802 517,039 480,660 478,228 Share Capital net of treasury shares RM 349,092 349,092 349,092 272,793 272,793 Share Capital net of treasury shares unit 273,557 273,557 273,557 273,557 273,557 Reserves 439,386 472,828 507,273 423,814 504,188 Shareholders' Funds 788,478 821,920 856,365 772,906 776,981 Basic Earnings/(Loss) Per Share (sen) (12.39) (12.65) 31.77 (0.95) (17.79) Net Assets Per Share (RM) 2.88 3.00 3.13 2.83 2.84 Return on Total Assets (%) (2.53) (2.49) 6.22 (0.20) (3.80) Return on Equity (%) (4.30) (4.21) 10.12 (0.33) (6.24) Gearing (Net Debt/Equity) 0.24 0.25 0.25 0.27 0.25 Total borrowing 199,720 217,767 224,931 229,262 213,829 Cash (9,326) (12,744) (11,766) (16,167) (12,856) Net borrowing 190,394 205,023 213,165 213,095 200,973 Total equity 800,768 836,180 875,197 793,448 797,095 Ratio 0.24 0.25 0.25 0.27 0.25 -12.39 PER SHARE(SEN) BASIC EARNINGS/(LOSS) RM REVENUE (RM’000) (12.39) 2020 2020 36,579 36,579 (12.65) 2019 2019 92,211 2018 31.77 2018 90,636 sen (0.95) 2017 2017 93,575 (17.79) 2016 2016 87,358 RM (RM’000) NET ASSETSPERSHARE - (RM’000) BEFORE TAX (LOSS)/PROFIT RM 2020 2.88 (42,070) 2020 2.88 42,070 2019 3.00 (38,523) 2019 FIVE-YEAR GROUPFINANCIALHIGHLIGHTS 2018 3.13 2018 104,937 2017 2.83 2017 413 2016 2.84 (53,755) 2016 (RM’000) SHAREHOLDERS' FUNDS -4.30 RM RETURN ONEQUITY(%) (4.30) 2020 2020 788,478 788,478 (4.21) 2019 2019 821,920 Annual Report2020 2018 10.12 % 2018 856,365 (0.33) 2017 2017 772,906 (6.24) 2016 2016 776,981 7 8 Country Heights Holdings Berhad PROFILE OF BOARD OF DIRECTORS Country Heights Damansara and Borneo In recognition of his immeasurable contribution Highlands Resort have won the ‘Highly to the property development and hospitality Commended – Best Development Malaysia’ industry in Malaysia, YBhg Tan Sri Lee Kim and ‘Highly Commended - Best Golf Tiong @ Lee Kim Yew has been bestowed with Development Malaysia’ Awards respectively in the ‘Lifetime Achievement Award’ in the 2008 the Asia Pacific Residential Property Awards in Technology Business Review ASEAN Awards. association with Bloomberg Television 2010 and the CNBC Award for the Best Golf Tan Sri Lee’s motto of “Ever Searching for Development in Malaysia in the year 2008. Better Living” is dedicated towards not only building better homes with unique lifestyle CHHB was awarded ‘Best Brands facilities for Malaysians to benefit from; but Conglomerate Awards 2010-2011’. From the continuously to contribute innovative ideas and jungles of north Borneo to the hinterland of transforming the companies into new areas Mauritius, from the backwaters of such as digital innovation - IoT ‘Internet of Johannesburg to the stand-alone historical Things’ and big data management. Royal Docks of London, Tan Sri Lee has made his mark on property development. The In 2014, YBhg Tan Sri Lee Kim Tiong @ Lee Exhibition Centre in London (ExCel) - Britain’s Kim Yew was appointed as Advisor to CHHB largest stand-alone exhibition centre in the and its Group of Companies to provide Docklands is a result of his vision and passion.
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