81% Great Asia Tin Cans Factory Company, Sdn. Berhad Box-Pak (Johore) Sdn. Bhd. AMBM Packaging...

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Transcript of 81% Great Asia Tin Cans Factory Company, Sdn. Berhad Box-Pak (Johore) Sdn. Bhd. AMBM Packaging...

  • 2013 2012 (restated)

    2011 2010 2009

    Revenue (RM’000) 1,290,567 1,162,845 1,086,037 992,671 875,601

    Profit Before Taxation (RM’000) 147,392 144,035 139,487 132,906 68,491

    Profit After Taxation and Minority Interest (RM’000) 118,319 120,876 104,044 101,967 48,776

    Dividend Rate (%) 50 50 55 35 20

    Dividend Net (RM’000) 55,520 55,520 61,073 36,088 22,208

    Paid-up Capital (RM’000) 111,042 111,042 111,042 111,042 111,042

    Shareholders’ Equity (RM’000) 1,037,452 970,895 910,147 872,166 818,512

    Total Assets (RM’000) 1,528,171 1,359,122 1,322,982 1,196,228 1,173,930

    Total Borrowings (RM’000) 228,237 182,306 194,216 114,432 140,759

    Earnings Per Share (sen) 26.64 27.21 23.42 22.96 10.98

    Net Assets Backing Per share (RM) 2.34 2.19 2.05 1.96 1.84

    Borrowings / Shareholders’ Equity (%) 22 19 21 13 17

    FIVE-YEAR FInAncIAl HIgHlIgHts

    REVENUE (RM’000)

    2009

    2010

    2011

    2012

    2013

    875,601

    992,671

    1,086,037

    1,162,845

    1,290,567

    PRofit AftER tAxAtioN ANd MiNoRity iNtEREst (RM’000)

    2009

    2010

    2011

    2012

    2013

    48,776

    101,967

    104,044

    120,876

    118,319

    PRofit bEfoRE tAxAtioN (RM’000)

    2009

    2010

    2011

    2012

    2013

    68,491

    132,906

    139,487

    144,035

    147,392

    totAL AssEts (RM’000)

    2009

    2010

    2011

    2012

    2013

    1,173,930

    1,196,228

    1,322,982

    1,359,122

    1,528,171

  • CONTENTS

    Corporate Information

    Corporate Structure

    Chairman’s Statement

    Profile of Directors

    Corporate Social Responsibility

    Statement on Corporate Governance

    Responsibility Statement by the Board of Directors

    Audit Committee Report

    Other Information

    Statement on Risk Management and Internal Control

    Financial Statements

    List of Properties

    Analysis of Shareholdings

    Notice of Annual General Meeting

    Form of Proxy

    2

    3

    4

    7

    11

    12

    19

    20

    23

    25

    28

    116

    118

    122

    KIAN JOO CAN FACTORY BERHAD (3186-P)

  • KIAN JOO CAN FACTORY BERHAD (3186-P)2

    COrpOraTE INFOrMaTION

    BOARD OF DIRECTORS

    Y.A.M. Tunku Naquiyuddin Ibni Almarhum Tuanku Ja’afar (Chairman/Independent Non-Executive Director)

    Yeoh Jin Hoe (Group Managing Director)

    Chee Khay Leong (Chief Operating Officer cum Executive Director)

    Dato’ Anthony See Teow Guan (Executive Director)

    See Teow Koon (Executive Director)

    Dato’ Tan Guan Cheong (Independent Non-Executive Director)

    Dato’ Mah Siew Kwok (Independent Non-Executive Director)

    Y.A.M. Tunku Zain Al-’Abidin Ibni Tuanku Muhriz (Independent Non-Executive Director)

    AUDIT COMMITTEE

    Dato’ Tan Guan Cheong (Chairman) Dato’ Mah Siew Kwok Y.A.M. Tunku Zain Al-’Abidin Ibni Tuanku Muhriz

    REMUNERATION COMMITTEE

    Y.A.M. Tunku Naquiyuddin Ibni Almarhum Tuanku Ja’afar (Chairman) Dato’ Tan Guan Cheong Yeoh Jin Hoe

    NOMINATION COMMITTEE

    Dato’ Mah Siew Kwok (Chairman) Y.A.M. Tunku Naquiyuddin Ibni Almarhum Tuanku Ja’afar Y.A.M. Tunku Zain Al-’Abidin Ibni Tuanku Muhriz

    COMPANY SECRETARIES

    Tan Bee Keng (MAICSA 0856474) Chia Kwok Why (MAICSA 7005833)

    AUDITORS

    Ernst & Young Chartered Accountants Level 23A, Menara Milenium Jalan Damanlela, Pusat Bandar Damansara 50490 Kuala Lumpur Wilayah Persekutuan, Malaysia Tel No. : 603-7495 8000 Fax No. : 603-2095 5332

    REGISTERED AND CORPORATE OFFICE

    Lot No. 10, Jalan Perusahaan Satu 68100 Batu Caves Selangor Darul Ehsan, Malaysia Tel No. : 603-6189 6322 Fax No. : 603-6189 8185

    SOLICITORS

    Shook Lin & Bok 20th Floor, AmBank Group Building 55, Jalan Raja Chulan 50200 Kuala Lumpur Wilayah Persekutuan, Malaysia

    Jublin Tan & Tey 18-1, 1st Floor Jalan Kampung Attap 50460 Kuala Lumpur Wilayah Persekutuan, Malaysia

    BANKERS / FINANCIAL COMPANIES / FINANCIAL INSTITUTIONS

    AmBank (M) Berhad AmIslamic Bank Berhad CIMB Bank Berhad HSBC Bank Malaysia Berhad HwangDBS Investment Bank Berhad Malaysia Building Society Berhad OCBC Bank (Malaysia) Berhad Public Bank Berhad Standard Chartered Bank Malaysia Berhad

    SHARE REGISTRARS

    Boardroom Corporate Services (KL) Sdn Bhd Lot 6.05, Level 6, KPMG Tower 8 First Avenue, Bandar Utama 47800 Petaling Jaya Selangor Darul Ehsan, Malaysia Tel No. : 603-7720 1188 Fax No. : 603-7720 1111

    STOCK EXCHANGE LISTING

    Main Market Bursa Malaysia Securities Berhad Stock Name : KIANJOO Stock code : 3522 Sector : Industrial Products

    WEBSITE

    www.KJCF.net

  • KIAN JOO CAN FACTORY BERHAD (3186-P) 3

    COrpOraTE STrUCTUrE

    Kian Joo Packaging Sdn. Bhd.

    KJM Aluminium Can Sdn. Bhd.

    Federal Metal Printing Factory, Sdn. Berhad

    Metal-Pak (Malaysia) Sdn. Bhd.

    KJ Can (Selangor) Sdn. Bhd.

    KJ Can (Johore) Sdn. Bhd.

    Kian Joo Canpack Sdn. Bhd.

    Kian Joo Canpack (Shah Alam) Sdn. Bhd.

    Multi-Pet Sdn. Bhd.

    Indastri Kian Joo Sdn. Bhd.

    KJO International Sdn. Bhd. (Formerly known as KJO Systems Sdn. Bhd.)

    KJ Can (Singapore) Pte. Ltd.

    Kian Joo Can (Vietnam) Co., Ltd.

    Box-Pak (Malaysia) Bhd.*

    Kian Joo-Visypak Sdn. Bhd.

    Bintang Seribu Sdn. Bhd. 19%

    81% Great Asia Tin Cans Factory Company, Sdn. Berhad

    Box-Pak (Johore) Sdn. Bhd.

    AMBM Packaging Distribution Sdn. Bhd.

    Box-Pak (Vietnam) Co., Ltd.

    Box-Pak (Hanoi) Co., Ltd.

    100%

    100%

    100%

    100%

    100%

    100%

    100%

    100%

    100%

    100%

    100%

    100%

    100%

    54.83%

    50%

    100%

    100%

    100%

    100%

    100%

    100%

    *

    * Listed on the Main Market of Bursa Malaysia Securities Berhad

  • KIAN JOO CAN FACTORY BERHAD (3186-P)4

    CHaIrMaN’S STaTEMENT

    For the fourth consecutive year, Kian Joo Can Factory Berhad (“Kian Joo” or “the Company”) group of companies (“the Group”) has broken its own record on revenue and pre-tax profit.

    On behalf of the Board of Directors (“Board”) of the Company, I have pleasure in presenting the Annual Report and the Audited Financial Statements of the Group for the financial year ended 31 December 2013.

    FINANCIAL RESULTS

    The Group’s revenue improved by 11% from RM1,162.8 million in financial year 2012 to RM1,290.6 million in the financial year 2013. The increase in revenue was contributed mainly by the incremental sales in its Cans division and Cartons division.

    Pre-tax profit was higher at RM147.4 million in financial year 2013 as compared to RM144.0 million the preceding financial year whereas profit after taxation was slightly lower at RM123.7 million as compared to RM128.4 million previously.

    During the financial year 2013, an actuarial valuation was carried out to update the amount of retirement benefit obligations following the extension of retirement age and implementation of the minimum wage scheme in Malaysia. Unrecognised actuarial loss relating to financial periods before 31 December 2012 amounted to RM4.59 million and its related tax impact had been accounted for as prior period adjustments. As a result, comparative figures have been restated.

    The Group has also revised the estimated useful lives for its plant and machinery from 10 years to 15 years in 2013 to better reflect the commercial reality of the usage of its plant and machinery. The change in accounting estimate did not have any significant impact on the results for the year.

    REVIEW ON OPERATION

    Generally for financial year ended 31 December 2013, profitability of all operating divisions of the Group was affected by the extension of retirement age, implementation of the minimum wage scheme in Malaysia and the annual revision of minimum wage rate in Vietnam.

    Cans Division

    The Cans division generated a total revenue of RM967.8 million as compared to RM862.1 million in the preceding financial year. Profit before taxation for this division was higher at RM130.6 million compared to RM124.7 million in 2012.

    Improvement in revenue was mainly due to the increase in production capacity for aluminium cans following its expansion program in recent years and increase in demand for tin cans in Vietnam.

    The Group was able to maintain its profitability in this division despite rising cost due to improvement in operating efficiency.

    Cartons Division

    Revenue from Cartons division improved to RM300.1 million in 2013 from RM264.3 million in the previous financial year. Profit before taxation, however, declined to RM14.2 million from RM22.4 million in the preceding year.

    Increase in revenue was contributed by increase in demand from its customers in Vietnam.

    The profitability of this division was affected by the initial operating loss of its new plant in Hanoi and recognition of loss on derivative financial instrument.

    Contract Packing Services Division

    Revenue from Contract packing services division declined to RM56.3 million for the financial year 2013 as compared to RM75.5 million in financial year 2012. Despite the lower revenue, profi