A N N U A L R E P O R T 2 0 0 1 - IGB Corporation Berhad

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Sri Bukit PersekutuanREVIEW OF OPERATIONS
REVIEW OF OPERATIONSDear Shareholders,The year under review saw the active pursuit of theGroup’s rationalization exercise with Tan & Tan.In this regard, I am pleased to report that the mergerof the property development and investmentbusiness and subsidiaries of <strong>IGB</strong> and Tan & Tan hasbeen successfully concluded. With this, may I assureshareholders that we will relentlessly continue to steerthe Group firmly towards a steady and well chartedgrowth with the single minded objective of creatingand enhancing shareholders wealth.The year presented many challenges to the Group’sbusinesses in the light of highly competitive local andregional markets and the continued effects of theeconomic downturn together with difficultoperating conditions. Despite the challengingeconomic circumstances, the Group managed torecord another commendable performance. Thepretax profit rose 35% to RM61.9 million from RM46.0million previously, albeit revenue was 36% lower atRM199.9 million from RM312.5 million previously.All the core business divisions within the Groupshowed increased contribution. For the propertydivision, the Group’s prime asset, the Mid ValleyMegamall (‘Megamall’) was again the maincontributor with gross rental income amounting toapproximately RM88.0 million. The Megamallmaintained its position as the most popular megaentertainment and shopping centre as amplydemonstrated by its steady and sustained growth inrevenue and profits, brought about by theselection of tenants, cultural and other exhibits,features, facilities and services that all combine tocreate a unique retail mix and theme attractive toconsumers. As at the end of the financial year, 99%of the Megamall’s lettable space had been leased.The Megamall recorded in excess of 18 millionvisitations in 2001 providing the basis for excellenttrading conditions for retailers within the Megamall.It is indeed heartening to note that besidesattracting the continued presence of shoppers andvisitors, the Megamall has been the proud recipientof various awards during the year. The Megamallwas bestowed with the 2001 FIABCI Awards ofDistinction for Best Retail Development. This is a highlycommendable achievement and reflects thesuccess of our Megamall. The Megamall was alsothe recipient of the award for the ‘Best ShoppingComplex for Year 2000’ organized by the MalaysianTourism Promotion Board. Apart from bothprestigious awards, the Megamall was named theKuala Lumpur City Hall’s Best and CleanestShopping Centre Award 2001. I must say that the44<strong>IGB</strong> Annual Report 2001
Page 1 and 2: (5745-A)ANNUAL REPORT 2001FIABCI Aw
Page 4 and 5: Leisure & Entertaiment at Mid Valle
Page 6 and 7: NOTICE OF ANNUAL GENERAL MEETING5.
Page 8 and 9: STATEMENT ACCOMPANYINGNOTICE OF ANN
Page 10 and 11: Gegenbesuch ecuadorianischer Sonder
Page 12 and 13: Mid Valley Mulia CondominiumPROFILE
Page 14 and 15: PROFILE OF THE BOARD OF DIRECTORSRo
Page 16 and 17: PROFILE OF THE BOARD OF DIRECTORSAb
Page 18 and 19: PROFILE OF THE BOARD OF DIRECTORSCh
Page 20 and 21: Cititel Mid ValleySTATEMENT ON CORP
Page 22 and 23: STATEMENT ON CORPORATE GOVERNANCE(b
Page 24 and 25: STATEMENT ON CORPORATE GOVERNANCE(b
Page 26 and 27: STATEMENT ON CORPORATE GOVERNANCEad
Page 28 and 29: Additional Compliance InformationOn
Page 30 and 31: Additional Compliance Information7.
Page 32 and 33: The Boulevard, Mid Valley MegamallA
Page 34 and 35: AUDIT COMMITTEE REPORTTerms of refe
Page 36 and 37: Terms of reference of the Audit Com
Page 38 and 39: Terms of reference of the Audit Com
Page 40 and 41: DESA DAMANSARA 2CHAIRMAN’S STATEM
Page 42 and 43: CHAIRMAN’S STATEMENTSHARE CAPITAL
Page 46 and 47: REVIEW OF OPERATIONSoutstanding res
Page 48 and 49: REVIEW OF OPERATIONSFederal HillsDe
Page 50 and 51: REVIEW OF OPERATIONSSea and Garden
Page 52 and 53: REVIEW OF OPERATIONSits constructio
Page 54 and 55: Leisure & Entertaiment at Mid Valle
Page 56 and 57: ANALYSIS OF SHAREHOLDINGSAS AT 1 AP
Page 58 and 59: ANALYSIS OF WARRANTHOLDINGSAS AT 1
Page 60 and 61: Artist Impression of Desa Damansara
Page 62 and 63: Reports and financial statements fo
Page 64 and 65: DIRECTORS’ REPORTfor the financia
Page 70 and 71: BALANCE SHEETSas at 31 December 200
Page 72 and 73: CONSOLIDATED STATEMENT OF CHANGES I
Page 74 and 75: CASH FLOW STATEMENTSfor the financi
Page 76 and 77: NOTES TO THE FINANCIAL STATEMENTSfo
Page 94 and 95:
NOTES TO THE FINANCIAL STATEMENTSfo
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
SUBSIDIARIESSUBSIDIARIESPlace of Gr
Page 102 and 103:
STATEMENT BY DIRECTORSpursuant to S
Page 104 and 105:
REPORT OF THE AUDITORSto the member
Page 106 and 107:
LIST OF PROPERTIESheld by IGB Corpo
Page 108 and 109:
IGB CORPORATION BERHAD (5745-A)FORM
Page 110:
IGB Corporation Berhad(5745-A)Penth
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