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DELEUM BERHAD Chairman’s Statement cORPORATE DEVELOPMENT We celebrated our 30 th anniversary as ONE by undertaking a corporate rebranding exercise to consolidate our key subsidiaries carrying the name ‘Delcom’, to take on a united identity and name under ‘Deleum’. This creates a stronger, more cohesive front to the general public while also promoting a greater sense of togetherness internally driving us forward as one team striving for a shared vision and goals. The Deleum Group is now ONE – Same Name, Same Commitment, Same Values. While strengthening our Deleum brand, we remain committed to improving the way we communicate with our stakeholders and have revamped our corporate website which is now more informative. As part of the Group’s expansion and growth strategies, Deleum had via its wholly-owned subsidiary, Deleum Services Sdn. Bhd., completed the acquisition of 60% equity interest in Northern Primera Sdn. Bhd., now known as Deleum Primera Sdn. Bhd. (Deleum Primera). Deleum Primera’s core business is providing services in integrated corrosion and inspection services, primarily using Sponge-Jet technology, which enhances the portfolio of the MRO segment’s scope of services. From a growth perspective, I believe Deleum Primera’s sole distributorship of Sponge-Jet technology in Malaysia and Indonesia provides a gateway for the Group to venture into the Indonesian market for the provision of integrated corrosion and inspection services, in line with our business strategy of regional expansion. 22 cORPORATE gOVERNANcE Deleum is committed in upholding good corporate governance to direct and manage its business and affairs towards enhancing business prosperity and corporate accountability. We remain focused in safeguarding the Group’s resources in the interests of our shareholders and other stakeholders, while striving towards sustainable growth and enhancing stakeholders’ value. The Board of Directors is guided and mindful of the principles and recommendations of the revised Malaysian Code on Corporate Governance 2012 (MCCG 2012). Where necessary and applicable, the best practices and recommendations of the MCCG 2012 have been implemented. The Board has adopted the Board Charter during the year, which sets out its roles, functions, composition, operations and processes. In view of the constantly changing business environment in the oil and gas industry, we assess our risk appetite on a continual basis as we strive to grow and expand our business locally and regionally. In this regard, we have introduced a new Enterprise Risk Management (ERM) framework to further strengthen and to ensure a structured and holistic approach is adopted in identifying, evaluating and managing the risks faced by the Group. SUSTAINABILITY AND cORPORATE RESPONSIBILITY At Deleum, we recognise the importance and the need for its strategies and plans to promote sustainability and contribute towards sustainable development, with particular focus on the environmental, social and governance aspects of the business. In essence, we continuously seek to achieve a balance against the competing interests of the other stakeholders of the Company in conducting our day-to-day business. We strive to maintain a safe and conducive work environment for our employees and to ensure rigorous standards, policies and procedures of Quality, Health, Safety and Environment (QHSE) are strictly adhered to. We also encourage practices that safeguard and minimise the impact to the environment and support initiatives which promote its protection and preservation. During our Group’s HSE Campaign in 2012, various programmes were implemented to increase safety and environmental awareness as well as to inculcate a proactive intervention culture among our workforce, homes and communities. The detailed programmes and activities are explained in the QHSE statement which is set out on page 32 of this Annual Report. We believe in giving back to the communities we serve and the wider world around us, and we support charitable causes and initiatives on community development projects. We continue to support and provide a caring human touch to the needy and impoverished via donation drives and convivial celebrations to share the joy of festive occasions with underprivileged children from diverse backgrounds. The Group continued to organise its annual blood donation campaign at the head office in collaboration with the Pusat Darah Negara, which saw active participation from employees, business associates and the public.
hUMAN cAPITAL DEVELOPMENT We believe in continuously developing our employees, as they are the most valuable assets to the Group with an important part to play in sustaining the Group’s performance and achieving its future growth. We therefore continue to place emphasis on the continued professional development of our employees and engage them actively through our shared values, while propelling employees towards achieving our business goals. During the year, we have enhanced our human development framework, amongst others, focusing and enhancing our performance and competency management system, leadership development and talent attraction. OUTLOOK Following a series of oil and gas discoveries in these recent years and the emphasis placed by the Malaysian Government under the Economic Transformation Programme (ETP) to intensify exploration activities that help boost oil output, more exploration and production activities are expected to spur business opportunities in the oil and gas industry. We believe it will also promote significant upstream investment in the country. We, therefore, remain positive about our prospects in the Malaysian oil and gas industry. However, there may be factors beyond our control impacting the oil and gas industry which in turn may impact our performance. As we move towards another milestone, we continue to focus on our core business segments while increasing our service related business. The Group remains mindful of the increasingly challenging economic environment and will continue to look diligently for opportunities to form strategic alliances and mergers and Leadership Programme Hari Raya Celebration with Underprivileged Children acquisitions which are viable and synergistic to our core business. We are very excited about the direction that we are heading to while pursuing our business sustainability growth. AcKNOWLEDgEMENTS 23 Deleum Group has come a long way over the last 30 years and, on behalf of the Board of Directors, I would like to extend the Board’s appreciation to our Management and employees for their commitment, hard work and dedication to uphold our shared values for delivering a truly excellent performance for the year 2012. I would also like to express my sincere gratitude to my fellow Board members for their wise counsel and guidance which have seen the Group grow in strength over the years. QHSE Programme - Fire Fighting Training Last but not least, I would like to thank all our stakeholders, in particular our customers, suppliers, business partners, financiers and shareholders for their loyal support, trust and confidence in us, and cooperation throughout the years, which has enabled us to achieve our business goals and brought us thus far, today. Dato’ Izham bin Mahmud Chairman 24 April 2013 2012 Annual Report Chairman’s Statement
Page 1 and 2: DELEUM BERHAD (Co. No. 715640-T) No
Page 3 and 4: the contents 4 Financial Highlights
Page 6 and 7: Milestones 1982 Establishment of De
Page 8 and 9: 3 2012 Annual Report our people at
Page 10 and 11: Revenue (RM million) DELEUM BERHAD
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Page 16: INSPIRINg SOLUTIONS Our commitment
Page 19 and 20: Datuk Vivekananthan a/l M.V. Nathan
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DELEUM BERHAD Statements of Cash Fl
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DELEUM BERHAD Unless otherwise stat
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A BASIS OF PREPARATION (cONTINUED)
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DELEUM BERHAD Summary of Significan
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c INTANgIBLE ASSETS (a) goodwill Go
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F INVESTMENT PROPERTIES (cONTINUED)
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N ShARE cAPITAL (cONTINUED) (c) Div
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1 gENERAL INFORMATION The principal
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2 FINANcIAL RISK MANAgEMENT POLIcIE
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DELEUM BERHAD Notes to the Financia
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DELEUM BERHAD 7 PROFIT BEFORE TAX (
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10 TAX EXPENSE DELEUM BERHAD 104 No
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13 PROPERTY, PLANT AND EqUIPMENT Pl
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DELEUM BERHAD 110 Notes to the Fina
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15 INTANgIBLE ASSETS (cONTINUED) 20
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18 AMOUNTS DUE FROM/(TO) SUBSIDIARI
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DELEUM BERHAD 20 TRADE AND OThER RE
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DELEUM BERHAD 21 AMOUNTS DUE FROM/(
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DELEUM BERHAD 23 BORROWINgS (cONTIN
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26 DEFERRED TAX DELEUM BERHAD 124 N
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26 DEFERRED TAX (cONTINUED) The amo
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31 cORPORATIONS IN ThE gROUP The Gr
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31 cORPORATIONS IN ThE gROUP (cONTI
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DELEUM BERHAD 35 AcqUISITION DURINg
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DELEUM BERHAD 36 cAPITAL MANAgEMENT
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38 cOMPARATIVES (cONTINUED) (b) Imp
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DELEUM BERHAD Independent Auditors
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NOTIcE IS hEREBY gIVEN that the Eig
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8. PROPOSED RENEWAL OF ShAREhOLDERS
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DELEUM BERHAD There is no person se
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No. company Address 1 Corporate Hea
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DELEUM BERHAD Analysis of Sharehold
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DELEUM BERHAD Corporate Directory h
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2nd fold here 1st fold here The Com
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