Rimbunan Sawit RIMBUNAN SAWIT BERHAD Rimbunan Sawit Holdings Sdn Bhd 100% Nescaya Palma Sdn Bhd 100%

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Transcript of Rimbunan Sawit RIMBUNAN SAWIT BERHAD Rimbunan Sawit Holdings Sdn Bhd 100% Nescaya Palma Sdn Bhd 100%

North Wing, Menara Rimbunan Hijau, 101, Pusat Suria Permata, Jalan Upper Lanang, 96000 Sibu, Sarawak.

Tel. No. : 084-218 555 Fax No. : 084-219 555

E-mail address: rsb@rsb.com.my

Rim

bunan S

awit B

erhad [ 691393-U

]A

nnual Rep

ort 2014

RIMBUNAN SAWIT BERHAD

ANNUAL REPORT 2014

(691393-U)

Rimbunan Sawit

Rimbunan Sawit

Substaining Wellness

Vision & Mission

Locations of Operations

Corporate Structure

Corporate Information

Financial Highlights

Chairmans Statement

Managing Directors Review of Operations

Profile of Directors

Statement on Corporate Governance

Report of the Audit Committee

Statement on Risk Management and Internal Control

Sustainability and Corporate Responsibility

Financial Statements

Statements of Directors Responsibilities for Preparing the Annual Financial Statements

Additional Compliance Information

List of Properties Owned by the Group

Analysis of Shareholdings

Notice of Annual General Meeting

Form of Proxy

234567

11131629

34

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130

131134135139

Contents

Vision

- To enhance stakeholders values- To provide high quality products and services to our customers- To provide job opportunities and lifelong learning opportunities at the workplace and local community

Mission

To be a leading

agri-business &

plantation group

in Asia Pacific

2 Annual Report 2014

LOCATIONS OF OPERATIONS

Annual Report 2014 3

4 Annual Report 2014

RIMBUNAN SAWIT BERHAD

R.H. PlantationSdn Bhd

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

85%

85%

85%

70%

60%

60%

60%

60%

TimrestSdn Bhd

WoodijayaSdn Bhd

Jayamax PlantationSdn Bhd

Rimbunan Sawit HoldingsSdn Bhd 100%

Nescaya PalmaSdn Bhd 100%

Lumiera Enterprise Sdn Bhd

Novelpac-PuncakdanaPlantation Sdn Bhd

RSB Palm Oil MillSdn Bhd

Rajang BuildersSdn Bhd

Rajang Agrisupplies Sdn Bhd

Burung Tiong HelicopterSdn Bhd

Baram TradingSdn Bhd

PJP Pelita BiawakPlantation Sdn Bhd

Pelita-SplendidPlantation Sdn Bhd

PJP Pelita Ekang-BanyokPlantation Sdn Bhd

PJP Pelita LunduPlantation Sdn Bhd

PJP Pelita SelangauPlantation Sdn Bhd

PJP Pelita Ulu TeruPlantation Sdn Bhd

Midas PlantationSdn Bhd

Formasi AbadiSdn Bhd

CORPORATE STRUCTURE

Annual Report 2014 5

CORPORATE INFORMATION

Bong Wei Leong(Chairman / Independent Director)

Tiong Kiong King(Non-Independent Non-Executive Director /Vice Chairman)

Tan Sri Datuk Sir Diong Hiew King @ Tiong Hiew King(Executive Director)

Tiong Chiong Ong(Managing Director)

Tiong Chiong Ie(Non-Independent Non-Executive Director)

Tiong Ing Ming(Independent Director)

Company Secretary

Voon Jan Moi (MAICSA 7021367)

Registered Office

North Wing, Menara Rimbunan Hijau,101, Pusat Suria Permata, Jalan Upper Lanang,96000 Sibu, Sarawak.Tel. No. : 084-218555Fax No. : 084-219555

Head Office

North Wing, Menara Rimbunan Hijau,101, Pusat Suria Permata, Jalan Upper Lanang,96000 Sibu, Sarawak.Tel. No. : 084-218555Fax No. : 084-219555E-mail address : rsb@rsb.com.my

Share Registrar

Symphony Share Registrars Sdn. Bhd.Level 6, Symphony HouseBlock D13, Pusat Dagangan Dana 1Jalan PJU IA/4647301 Petaling JayaSelangor Darul EhsanTel. No. : 03-78418000Fax No. : 03-78418152

Auditors

Crowe Horwath (AF : 1018)Chartered Accountants1st Floor No.1Lorong Pahlawan 7A2Jalan Pahlawan96000 Sibu, Sarawak

Stock Exchange Listing

Listed on Main Market of Bursa Malaysia Securities BerhadStock name : RSAWITStock code : 5113

Principal Bankers

RHB Bank BerhadMalayan Banking BerhadBank of China (Malaysia) BerhadHong Leong Bank BerhadCIMB Bank BerhadPublic Bank BerhadBank Pertanian Malaysia BerhadAmBank (M) Berhad

6 Annual Report 2014

0

-10

10

20

30

40

50

60

70

80

90

100

RM million

FY2014(12 MTHS)

FY2010(16 MTHS)

FY2011(12 MTHS)

FY2012(12 MTHS)

FY2013(12 MTHS)

-

7

77

95

31

(3)

FY2014(12 MTHS)

FY2010(16 MTHS)

FY2011(12 MTHS)

FY2012(12 MTHS)

FY2013(12 MTHS)

0

100

200

300

400

500

600

700

800

900

RM million

874

427

884 882870

FY2014(12 MTHS)

FY2010(16 MTHS)

FY2011(12 MTHS)

FY2012(12 MTHS)

FY2013(12 MTHS)

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

RM million

1,643

1,304

1,6121,568

1,614

RM million

FY2014(12 MTHS)

FY2010(16 MTHS)

FY2011(12 MTHS)

FY2012(12 MTHS)

FY2013(12 MTHS)

239

291

360

314

282

50

100

150

200

250

300

350

400

REVENUE

SHAREHOLDERS FUND

PROFIT BEFORE TAX

TOTAL ASSET

FINANCIAL HIGHLIGHTS

Annual Report 2014 7

CHAIRMAN S STATEMENT

Dear Shareholders,On behalf of the Board of Directors of Rimbunan Sawit Berhad (RSB or Company) and its subsidiaries (the Group), I am pleased to present to you the Annual Report and the Audited Financial Statements for the financial year ended 31 December 2014.

FINANCIAL HIgHLIgHTS

The Group recorded a revenue of RM239.7 million in 2014 which represented a decrease of 15.1% as compared to 2013 of RM282.2 million. This was mainly due to the decline in the Groups overall sales volume of Crude Palm Oil (CPO), in which 46,818 metric tonnes in 2014 as compared to 69,591 metric tonnes in 2013, and Palm Kernel (PK), in which 10,598 metric tonnes in 2014 as compared to 16,831 metric tonnes in 2013; despite the increased of average selling price per metric tonnes for both CPO and PK for 3.1% and 31.6%, respectively; from RM2,187 and RM1,228 in 2013 to RM2,256 and RM1,617 in 2014 respectively.

This gentle rise in the price of commodities was influenced by the increased demand from the emerging economies in the first two quarters of the year. However, the high inventory levels of worlds CPO had caused its prices to be traded below RM2,500 for the subsequent quarters in the financial year 2014. Despite the drop in the pricing of commodities (namely palm oil price), the Groups recorded a gross profit margin of 19% in 2014, which represented an increase of 5.5% from 13.5% in 2013. The decrease in the production cost also contributed to the higher profit margin of 2014 as compared to 2013.

Bong Wei Leong Chairman, Independent Director

8 Annual Report 2014

CHAIRMANS STATEMENT(CONTD)

DIVIDEND

The Board did not recommend final dividend to be paid for the year ended 31 December 2014.

PLANTATION OPERATION REVIEW

In 2014, the Groups oil palm planted area has increased to 57,182 hectares as compared to 54,659 hectares in 2013 whereas the production area was 39,122 (2014) hectares, an increase of 2,255 hectares from 2013 of 36,867 hectares. However, due to the lack of harvesters and unfavourable weather condition, it has caused the plunging in the production of fresh fruit bunch (FFB) to 436,584 metric tonnes in 2014 as compared to 479,480 metric tonnes in 2013.

The Groups palm oil mill performance indicated unfavourable prospect in 2014. The productions of CPO was 43,937 metric tonnes and PK was 10,751 metric tonnes in 2014, representing a decrease of 34% and 35% respectively from 2013. To combat the mill aging factor, major overhaul in

respective areas will be performed in 2015; following the operation of the Groups new palm oil mill. We will refurbish the existing mill to improve overall throughput and oil extraction efficiency.

With the introduction of many good agricultural and management practices in the plantation field such as enhanced fertilizer application technique, timely road maintenance & gravelling, complete harvesting rounds, standard pruning, improved worker productivity and frequent review of operation can help to maintain high operation standard and efficiency.

In countering the ever rising production costs, the management team of the Group is actively exploring feasible initiatives in raising efficiency and productivity throughout our operations. With close collaboration and cooperation of all stakeholders in the operation chain through efficient human and resource management, the Group will sustain and progress with improved performance.

Annual Report 2014 9

CHAIRMANS STATEMENT(CONTD)

CORPORATE DEVELOPMENT

In 2012, the Group introduced the usage of SAP ERP Financials solution for all aspects of finance and control, along with the SAP Material Management & Sales Distribution solutions with standardize process of procurement and sales. Upon completion, the Group was able to utilize the system to synchronize all recurring processes, feeding to o