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Transcript of and vision can transform something as basic as paper ... Sdn Bhd Scomi Barite Sdn Bhd ... (Kemaman)...

  • Scomi is all about realising potential. In this annual report, we seek to bring Scomis promise to life by using paper art, where a simple sheet of paper is re-imagined into complex three dimensional forms. Much like how Scomi leverages upon the simplest opportunity to create value, this demonstrates how creativity and vision can transform something as basic as paper into an object of beauty.

    CONTENTS

    Key Financial Indicators P02 Key Financial Highlights P03

    Scomi Group Corporate Structure P04

    Corporate Statement P08

    Corporate Information P09

    Profile of Directors P10

    Management Team P16

    Chairmans Statement P18

    Management Review of Operations P26

    Corporate Social Responsibility P36

    Human Capital Development P39

    Statement on Corporate Governance P43

    Statement on Risk Management and Internal Control P54

    Audit and Risk Management Committee Report P60

    Additional Information P64

    Statement of Directors Responsibility P67

    Financial Statements P70

    Analysis of Shareholdings P207

    List of Properties P211

    Corporate Directory P214

    Notice of Annual General Meeting P217

    Notice of Nomination P221

    Form of Proxy P223

  • P/02 SCOMI GROUP BHD ANNUAL REPORT 2013KEY FINANCIAL INDICATORS

    Key FinancialIndicators

    NOTES

    **

    Based on (loss)/profit attributed to owner of the Company and the weighted average number of shares assumed to be in issue in the respective period/year.

    @

    Based on (loss)/profit attributed to owner of the Company and the weighted average number of shares assumed to be in issue in the respective period/year after taking into consideration the dilutive effect of unexercised ESOS.

    2008 2011

    The financial highlights on pages 2 and 3 reflect the audited results of Scomi Group Bhd, with certain numbers restated to reflect retrospective effects as a result of adoption of new or revised Financial Reporting Standards in the respective years.

    15 months 12 months 12 months 12 months 12 months 2013 2011 2010 2009 2008 RM000 RM000 RM000 RM000 RM000

    Continuing operations Turnover 1,922,368 1,402,566 1,931,036 2,419,781 2,573,198 EBITDA 255,118 305 (148,563) (192,953) 409,148 Depreciation 104,343 119,156 138,420 139,247 125,943 Finance costs 129,678 48,856 98,857 106,719 113,058 Share of profit in associated companies 133 (2,978) 6,157 43,577 49,543 Share of profit from joint-ventures 6,568 3,754 415 3,596 Profit/(loss) before tax 21,097 (167,707) (276,980) (951) 190,191 Taxation (27,557) (19,298) (27,081) (31,092) (13,221)

    Profit/(loss) from continuing operations (6,460) (187,005) (304,061) (32,043) 176,970 Loss from discontinued operations (62,989) (170,156) (3,269) Profit/(loss) for the year (69,449) (357,161) (307,330) (32,043) 176,970 Non-controlling interest 2,616 133,456 134,424 21,179 (60,417)

    (Loss)/profit attributed to owners of the Company (66,833) (223,705) (172,906) 9,875 116,553

    Numbers of shares in issue (000) 1,564,540 1,187,688 1,182,658 1,086,801 1,021,839 Weighted average number of shares assumed in issue (000) 1,634,422 1,391,731 1,371,255 1,025,795 1,006,342 Weighted average number of shares used to compute diluted earnings per share (000) 1,638,693 1,394,528 1,387,259 1,053,648 1,016,009 Basic - Net EPS (sen)** (4.09) (16.07) (12.61) 0.96 11.58 Fully diluted - Net EPS (sen)@ (4.08) (16.04) (12.46) 0.94 11.47

  • SCOMI GROUP BHD ANNUAL REPORT 2013P/03KEY FINANCIAL HIGHLIGHTS

    Key Financial Highlights

    (Loss)/Profit Attributed to Owners of the Company (RM Million)

    Turnover (RM Million) Total Assets (RM Million) As at 31 March 2013

    RM1,647As at 31 Dec 2011 : RM1,532As at 31 Dec 2010 : RM2,466As at 31 Dec 2009 : RM3,039

    Earning Per Share (Basic)15 months/2013

    (4.09)sen2011 : (16.07) sen2010 : (12.61) sen2009 : 0.96 sen

    Net Tangible Assets(RM Million)As at 31 March 2013

    RM441As at 31 Dec 2011 : RM188As at 31 Dec 2010 : RM346As at 31 Dec 2009 : RM360

    Shareholders Fund (RM Million)As at 31 March 2013

    RM599As at 31 Dec 2011 : RM509As at 31 Dec 2010 : RM726As at 31 Dec 2009 : RM920

    Net Assests Per Share (Attributable to owners of the Company)As at 31 March 2013

    38senAs at 31 Dec 2011 : 37 senAs at 31 Dec 2010 : 61 senAs at 31 Dec 2009 : 85 sen

    15 months^20131,922

    12 months20111,402

    12 months20101,931

    12 months20092,419

    12 months20082,573

    15 months^2013(66)

    12 months2011(224)

    12 months2008117

    12 months2010(173)

    12 months2009

    10

    Profit/(Loss) Before Tax (RM Million)

    12 months2009(951)

    15 months^2013

    21

    12 months2008190

    12 months2010(277)

    12 months2011(168)

    NOTE

    ^ The 2013 financials are in respect of continuing operations only.

  • P/04 SCOMI GROUP BHD ANNUAL REPORT 2013

    SINGAPORE

    Goldship Pte Ltd

    INDONESIA

    PT Rig Tenders Indonesia Tbk6

    BRITISH VIRGIN

    ISL ANDS

    King Bridge Enterprises Limited

    L ABUAN

    Scomi Capital Limited

    Scomi Group Bhd1

    Scomi OBM Terminal Sdn Bhd

    Scomi Barite Sdn Bhd

    Scomi Oiltools (Kemaman) Sdn Bhd

    KMC All Star Chemical Sdn Bhd

    ALGERIA

    KMC Oiltools Algerie EURL

    EGYPT

    Scomi OiltoolsEgypt SAE3,4

    BRITISH VIRGIN

    ISL ANDS

    Scomi Oiltools South America Ltd

    SCOTL AND

    Scomi Oiltools (Shetland) Limited

    MAURITIUS

    Scomi Oiltools Overseas (M) Limited

    TEXAS, USA

    Scomi Oiltools Inc

    MEXICO

    Scomi Oiltools de Mexico S de RL de CV5

    MEXICO

    Oilfield Services de Mexico S de RL de CV5

    SCOTL AND

    Scomi Oiltools (Europe) Ltd

    SCOTL AND

    Augean North Sea Services Limited

    Gemini Sprint Sdn Bhd

    Trans Advantage Sdn Bhd

    SINGAPORE

    Scomi Marine Services Pte Ltd

    Emerald Logistics Sdn Bhd

    L ABUAN

    Marineco Limited

    VIE TNAM

    Southern Petroleum Transportation Joint Stock Company

    L ABUAN

    Transenergy Shipping Pte. Ltd.

    Scomi Sosma Sdn Bhd

    Scomi KMC Sdn Bhd

    FR ANCE

    Scomi Anticor S.A.S7

    BRUNEI

    Scomi (B) Sdn Bhd

    50%

    50%

    51% 49%

    51%

    21.08% 4%

    48%

    80.54%

    49%

    19%

    Scomi Solutions Sdn Bhd

    BRITISH VIRGIN

    ISL ANDS

    Scomi Ecosolve Limited

    Scomi Chemicals Sdn Bhd

    Scomi Energy Services Bhd1*

    BERMUDA

    Scomi Oiltools Bermuda Limited

    SINGAPORE

    Scomi International Private Limited

    65.65%2

    Scomi Oiltools Sdn Bhd

    TEXAS, USA

    Scomi Equipment Inc.

    SINGAPORE

    Scomi Oiltools (S) Pte Ltd

    51%

    VENEZUEL A

    Premium Industrial Machining S.A.

    VENEZUEL A

    Scomi Oiltools de Venezuela S.A.

    INDIA

    KMC Oiltools India Pte Ltd9

    INDONESIA

    PT Multi Jaya Persada

    INDONESIA

    PT Scomi Oiltools

    INDONESIA

    PT Inti Jatam Pura

    RUSSIA

    Scomi Oiltools (RUS) LLC

    95%95%

    95%

    SCOMI GROUP CORPORATE STRUCTURE AS AT 31 JULY 2013

  • SCOMI GROUP BHD ANNUAL REPORT 2013P/05

    Scomi Engineering Bhd1

    Global Learning and Development Sdn Bhd

    Scomi Energy Sdn Bhd

    Scomi EnviroSdn Bhd

    NIGERIA

    Wasco Oil Service Company Nigeria Limited

    GABON

    Oiltools Gabon SA

    BRITISH VIRGIN

    ISL ANDS

    Scomi OMSOilfield Services Ltd

    Scomi Transit Projects Brazil Sdn Bhd

    BR A ZIL

    Urban Transit Servicos Do Brasil LTDA10

    Scomi Transportation Systems Sdn Bhd

    Scomi Transit Projects Sdn Bhd

    Scomi Transit Projects Brazil(Sao Paulo) Sdn Bhd

    INDIA

    Urban Transit Private Limited11

    Scomi Special Vehicles Sdn Bhd

    AUSTR ALIA

    Scomi Oiltools Pty Ltd

    THAIL AND

    Scomi Oiltools (Thailand) Ltd8

    NE THERL ANDS

    KMC Oiltools BV

    KMCOB Capital Berhad

    OMAN

    Scomi Oiltools Oman LLC

    C AYMAN ISL ANDS

    Scomi Oiltools (Africa) Limited

    C AYMAN ISL ANDS

    Scomi Oiltools Ltd

    C AYMAN ISL ANDS

    Scomi Oiltools (Cayman) Ltd

    ENGL AND & WALES

    Vibratherm Limited

    BERMUDA

    Scomi Oilfield Limited

    Scomi Trading Sdn Bhd

    Scomi CoachSdn Bhd

    Scomi CoachMarketingSdn Bhd

    Scomi Rail Bhd

    96%60%

    50%

    51%

    72.33%

    KEY

    Energy Services Division Oilfield Services ( Western) Division

    Transport Solutions Division

    * Formerly known as Scomi Marine Bhd.1 Listed on the Bursa Malaysia Securities Berhad (Kuala Lumpur Stock Exchange).2 Includes 0.01% held by Scomi Energy Sdn Bhd.

    3 Scomi Oiltools Bermuda Limited holds on trust for Scomi Oilfield Limited persuant to a trust deed dated 8 March 2013.4 Includes 1 share each held by Scomi Oitools Ltd and Scomi Oiltools (Cayman) Ltd.

    5 Includes 1 share held by an individual.6 Listed on the Jakarta Stock Exchange.7 Includes 1 preferential share each held by 2 different individuals.8 Includes 1 Class A share each held by Scomi Oiltools Ltd and Scomi Oiltools (Cayman) Ltd.

    9 Includes 1 share held by Scomi Oiltools Ltd.10 Includes 1 share held by Scomi Rail Bhd.11 Includes 0.0004% held by Scomi Rail Bhd.

    NOTES

    This corporate structure does not include th