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20 SUNWAY CITY BERHAD ANNUAL REPORT 2010 Chairman’s Statement
Dear Shareholders I am heartened to say that 2010 was a very momentous year for the Group as we had achieved numerous significant milestones that propelled us to another dimension of growth. It was also another positive year for the Malaysian economy with Gross Domestic Product (“GDP”) growth of 7.2% . On this matter, the Group remained focus on its vision to move forward with its plans for further growth and expansion. I am also elated to add that we had achieved our vision of becoming the first integrated real estate conglomerate in Malaysia as a result of the successful listing of Sunway Real Estate Investment Trust (“Sunway REIT”). This is in line with the Group’s aim to be at the forefront of the property sector and distinguish itself from other industry players in the market. It is also a true testimony of the Group’s ability to execute strategic corporate exercises to bring about even greater synergy. Overall, the Group is confident that we will continue to grow from strength to strength as evidenced by our tenacious spirit to go beyond boundaries. More importantly, we remain guided by our underlying mission to create added value for all our stakeholders. With our focused approach and past record of delivering transformational business ideas, there is no question that our plans will come to fruition to benefit the Group. First Integrated Real Estate Conglomerate In the last financial year, the Group had achieved a breakthrough by becoming the first integrated real estate conglomerate in Malaysia when it successfully listed Sunway REIT on the Main Market of Bursa Malaysia Securities Berhad on 8 July 2010. This corporate exercise enabled the Group to unlock the value Sunway REIT IPO listing ceremony of its key assets. As a result of this listing, the Group has reduced its net gearing ratio from 0.53 times to 0.12 times of its shareholders’ fund. SunCity had injected 8 of its prime properties into Sunway REIT for RM3.729 billion worth of appraised asset value and raised approximately RM1.4 billion cash from the equity market. Sunway REIT Management Sdn Bhd (a wholly-owned subsidiary of SunCity) is the manager for Sunway REIT. Proceeds from the REIT will facilitate SunCity’s strategy of expanding its portfolio, both locally and internationally. Sunway REIT is the largest REIT in Malaysia in terms of market capitalisation and asset value as at 31 December 2010 and was 21 SUNWAY CITY BERHAD ANNUAL REPORT 2010
Page 1 and 2: REWARDING MEMORIES, RISING HIGH ANN
Page 3 and 4: Vision A premier property company f
Page 5 and 6: Announcement Of Quarterly Results 2
Page 7 and 8: Corporate Responsibility 92 Marketp
Page 9 and 10: Sunway City Berhad (“SunCity”)
Page 11 and 12: Towards Excellence In Corporate Gov
Page 13 and 14: 13 SUNWAY CITY BERHAD ANNUAL REPORT
Page 15 and 16: Hospitality Sunway Hospitality Hold
Page 17 and 18: Nomination Committee Tan Sri Dato
Page 19: South Quay Princess, an exclusive y
Page 23 and 24: is also focused on introducing the
Page 25 and 26: A Responsible Developer In addition
Page 27 and 28: 5 December 2010 Peter Pan The Music
Page 29 and 30: 8 July 2010 Sunway REIT IPO Listing
Page 31 and 32: Jan 2011 Sunway City Berhad Nationa
Page 33 and 34: Nov 2010 Sunway City Ipoh FIABCI Ma
Page 35 and 36: Jul 2010 Sunway City Berhad Human R
Page 37 and 38: 24 February 2010 BCA Green Mark Cer
Page 39 and 40: Performance Review 5 - Year Financi
Page 41 and 42: Segmental Performance The financial
Page 43 and 44: Group Financial Performance 1.1.201
Page 45 and 46: 5-Year Dividend and Average Share P
Page 47 and 48: Summary of Cash Flow Statement 1.1.
Page 49 and 50: Share Performance FTSE BM KLCI Inde
Page 51 and 52: Exemplary Leadership Profile of Boa
Page 53 and 54: Datuk Razman M Hashim Deputy Execut
Page 55 and 56: Lim Swe Guan Non-Independent Non-Ex
Page 57 and 58: NOTES: 1. Family Relationship with
Page 59 and 60: From left to right Chan Hoi Choy Ch
Page 61 and 62: Property Development Division Ong P
Page 63 and 64: Hospitality Hanley Chew Chief Execu
Page 65 and 66: Key Business Segment Property Devel
Page 67 and 68: Turnover RM412 million Profit Befor
Page 69 and 70: The artist’s impression of Sunway
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MontBleu Residence, SunCity’s fir
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SunCity also organised a public vie
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Sunway SPK 3 Harmoni, a GBI and Gre
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Turnover RM205 million Profit Befor
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Sunway Pyramid 3, a commercial mixe
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Future Plans 1. The 5-star Sunway R
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Aerial view of Lost World of Tambun
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Turnover RM139 million Loss Before
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Information Counter at SunMed 9. Jo
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Corporate Responsibility Marketplac
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Corporate Responsibility SunCity co
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Olympic length pool at LaCosta Lake
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The Banjaran Hotsprings Retreat sur
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Rest & Relax lunch with Managing Di
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Annual teambuilding event at Lost W
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Thought sharing session with senior
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KSS maintains a clubhouse with comp
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Inculcate the importance of recycli
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Interactive and Green Education Pro
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Handover of community hall at Sunwa
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Increasing health awareness through
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With Integrity Corporate Governance
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Corporate Governance Statement (con
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Terms of Reference of Executive Com
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Terms of Reference of Executive Com
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Terms of Reference of Remuneration
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Terms of Reference of Employees’
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Audit Committee Report FORMATION Th
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Audit Committee Report (contd.) 4.2
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Audit Committee Report (contd.) (m)
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Statement on Internal Control (cont
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Enterprise Risk Management (contd.)
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Enterprise Risk Management (contd.)
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Additional Compliance Information (
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Additional Compliance Information (
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Annual Report 2006 Creating Dreams,
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Strengthening Relationship with Res
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Financials Directors’ Report 156
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Directors’ Report (contd.) Result
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Directors’ Report (contd.) Direct
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Directors’ Report (contd.) Issue
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Directors’ Report (contd.) Employ
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Directors’ Report (contd.) Signif
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Statutory Declaration Pursuant to S
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Independent Auditors’ Report to t
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Income Statements for the financial
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Statements of Financial Position as
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Statements of Financial Position as
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Statements of Changes in Equity for
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Statements of Changes in Equity for
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Statements of Cash Flows for the fi
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Statements of Cash Flows for the fi
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Notes to the Financial Statements f
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List of Properties as at 31 Decembe
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Recurrent Related Party Transaction
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Analysis of Shareholdings as at 26
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Analysis of Shareholdings as at 26
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Analysis of Warrantholdings as at 2
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Notice of 28th Annual General Meeti
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PROXY FORM 28th Annual General Meet
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CORPORATE DIRECTORY PROPERTY DEVELO
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