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Boustead Holdings Berhad 2009 Annual Report HEAVY INDUSTRIES DIVISION The launching ceremony for the sixth PV officiated by the Y.A.M. Tengku Zatashah Binti Sultan Sharafuddin Idris Shah Alhaj SHIPBUILDING – NAVAL Our valuable asset, the Lumut Yard saw, the on-going completion of the Division’s most significant contract with the Royal Malaysian Navy (RMN) namely the first batch of six Patrol Vessels (PV). To date, four PVs have been delivered and commissioned while two more are undergoing final outfitting at the Lumut Yard. To complement the construction of the PVs, we also provided repair overhaul and conversion work of other RMN vessels. Our services range from minor repairs to the provision of support services which include supplying spare parts, provision of preventive and corrective maintenance and logistics support. SHIPBUILDING – COMMERCIAL The Lumut Yard also played a crucial role in helping us complete and deliver an anchor handling tug supply vessel and a 60.8-meter well testing and servicing vessel (WTSV). We created history of sorts as the WTSV, equipped with well testing equipment and a four point mooring system, was the first of its kind to be built in Malaysia. The yard is currently busy as it is in the final stages of building a hull for a floating luxury yacht hotel for a company in Finland. The Jerejak Yard was fully utilised along the year. We are in the midst of completing seven vessels, consisting of two units of anchor handling tug supply vessels, three units of chemical tankers and two units of accommodation crane barges. SHIP REPAIRS This segment of the business is growing as we have expanded our services to Kota Kinabalu and Kuantan. In-Service Support (ISS), refit, overhaul, supply of spares and warranty management for naval ships and general maintenance of commercial vessels including yachts, are some of the comprehensive services provided at our yards. During the year, we successfully clinched a contract worth over RM700 million and formalised the Service Life Extension Programme with the Government of Malaysia to overhaul two 25-year old corvettes. SUBMARINE IN-SERVICE SUPPORT 026 The floating luxury yacht hotel To achieve the aspirations of the nation’s security needs, the Government of Malaysia has purchased two Scorpene submarines one of which has been delivered. Seizing this opportunity, we have ventured into the submarine maintenance business where we will be providing ISS services to the Prime Minister’s Class Scorpene Submarines, KD TUNKU ABDUL RAHMAN and KD TUN RAZAK, for an initial period of six years. The ISS consists of providing technical and logistical engineering expertise and preventive as well as corrective maintenance work. We have begun mobilisation of a workforce in Sepanggar Bay, Kota Kinabalu, Sabah as part of the agreement with the Government.
027 The Muda Living Quarters Structure project Langkawi International Maritime and Aerospace (LIMA) Exhibition 2009 OIL & GAS FABRICATION The Division’s strategic involvement in the oil and gas sector has borne fruit with the successful offshore installation of the Muda Living Quarters Structure for Carigali-PTTEPI Operating Company Sdn Bhd. Additionally, the year also saw the completion of a flareboom for ExxonMobil Exploration & Production Malaysia Inc. Being a licensed PETRONAS fabricator, we are constantly in discussion with various parties for major oil and gas structure fabrication contracts. In line with the increasing global requirement coupled with improving oil prices, we are optimistic of the opportunities this segment has to offer. WEAPONRY & ELECTRONICS The maintenance prospects for this nature of equipment for the armed forces hold enormous potential. Already we are supplying spare parts and providing maintenance services to the Malaysian Army’s Giraffe Search Radar. For the RMN, similar works are being conducted for installation of guns, surveillance radar, combat system, sonar system and echo sounder on-board several of its PVs and frigates. TRANSFER OF TECHNOLOGY The Division’s goal has always been to ensure Malaysia profits from transfer of technology. Successes of our projects have been a result of collaborative efforts with foreign entities. In line with this, an agreement was signed with the Royal Navy of Oman to train its technicians. The training module developed by our instructors provides an opportunity for us to train other navies in the future. Also, as part of the submarine maintenance business, a French submarine designer and contractor will transfer technical knowhow to our local pool of engineering talent. OUTLOOK Boustead Holdings Berhad 2009 Annual Report Prime Minister’s Class Scorpene Submarine We are optimistic that the coming year will present attractive prospects given improving economic conditions. In addition to contributing to the Group’s earnings, the positive domino effect will also impact the local maritime economy, specifically with the creation of new employment and increased business activities for local suppliers and vendors.
Page 1 and 2: BOUSTEAD HOLDINGS BERHAD 3871-H 28t
Page 3 and 4: BOUSTEAD GROUP THE ROOTs Of OuR GRO
Page 5 and 6: BlOOmiNG Despite challenging market
Page 7 and 8: DivERsiTy iN OuR BusiNEss fOCus In
Page 9 and 10: 07 GEN. TAN sRi DATO’ mOHD GHAZAl
Page 11 and 12: 09 Boustead Holdings Berhad 2009 An
Page 13 and 14: 011 HUMAN CAPITAL Talent is crucial
Page 15 and 16: 013 DEAR SHAREHOLDER, CHIEF ExECUTI
Page 17 and 18: 015 Our Finance and Investment Divi
Page 19 and 20: 017 Your Group are firm believers i
Page 21 and 22: 019 Boustead Holdings Berhad 2009 A
Page 23 and 24: 021 ESTATES AND MILLS Biotherm Palm
Page 25 and 26: 023 The year saw the completion of
Page 27: 025 Boustead Holdings Berhad 2009 A
Page 31 and 32: 029 The Division registered a profi
Page 33 and 34: 031 In Mutiara Damansara, it has al
Page 35 and 36: 033 but also in its tenant mix. Ret
Page 37 and 38: 035 The glassed-in courtyard at the
Page 41 and 42: 039 Affin Fund Management Berhad (A
Page 43 and 44: 041 FINANCIAL HIGHLIGHTS 4,000 40 1
Page 45 and 46: 043 BHPetrolmart Boustead Global Tr
Page 47 and 48: 045 FINANCIAL HIGHLIGHTS REVENUE RM
Page 49 and 50: 047 Idaman Pharma Manufacturing Sdn
Page 53 and 54: 053 ENVIRONMENT The Group places em
Page 55 and 56: Boustead Holdings Berhad 2009 Annua
Page 57 and 58: 055 FINANCIAL PERFORMANCE 2009 2008
Page 59 and 60: 057 FINANCIAL YEAR 1 January to 31
Page 61 and 62: 059 Y. Bhg. Gen. Tan Sri Dato’ Mo
Page 63 and 64: 061 y. BHG. DATO’ (DR.) mEGAT ABD
Page 65 and 66: 063 6 7 10 8 11 6 MR. TENG PENG KHE
Page 67 and 68: 065 20 21 22 23 24 25 26 20 MR. KOH
Page 69 and 70: 067 TERMS OF REFERENCE OF THE AUDIT
Page 71 and 72: 069 INTERNAL AUDIT FUNCTION The Gro
Page 73 and 74: 071 The terms and conditions of the
Page 75 and 76: 073 RE-ELECTION OF DIRECTORS In acc
Page 77 and 78: 075 DIRECTORS’ REMUNERATION Boust
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077 ACCOUNTABILITY AND AUDIT Financ
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079 STATEMENT ON INTERNAL CONTROL B
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081 KEY ELEMENTS OF INTERNAL CONTRO
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