OUR VISION OUR MISSION

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2 OUR VISION Our vision is to help improve the quality of life by providing a better place for all to live, work and play. By carrying out this vision, we want to be recognised by our customers, shareholders and employees as a world-class property developer. OUR MISSION Our mission as a caring and reliable property developer is to deliver outstanding service, quality products and value for money for our customers. Through dedication, innovation and passion, we are confident about our ability to achieve these goals. FORWARD It starts with inspiration. A vision to provide ideal homes, work places and recreational facilities; to create an environment that enhances the quality of our lives. From pen to paper, plan to reality, we build the vision. Glomac s vision is to enrich our lives in the most fundamental ways - value, quality and service. This is the bedrock of our business and the secret of our success, affirming our reputation as a visionary property developer. CORPORATE PROFILE Glomac traces its corporate history back to 1988, when the two entrepreneurs and founders of the Group, Tan Sri Dato FD Mansor, Group Executive Chairman and Datuk Richard Fong, Group Executive Vice Chairman, joined forces to start Glomac. The company is currently helmed by Dato FD Iskandar, Group Managing Director/Chief Executive Officer. Today, Glomac Berhad comprises more than 50 subsidiaries with involvement in every face of the real estate business encompassing property development, property investment, construction, property management and car park management. Glomac Berhad was listed on the Main Board of Bursa Malaysia Securities Berhad on 13 June Property development remains the core focus of the Group since its inception. With this, it continues to affirm the Group s reputation as a responsible and visionary property developer with its sold record of developing townships, residential, commercial and mixed development properties. To-date, the Group has completed more than a total sales value over RM4 billion. Moving forward, Glomac is entering into a new phase of growth as it is in the midst of launching more than RM1 billion worth of property. As a long term player committed to escalating our presence in the real estate market particularly focusing in the prime area of the Greater Kuala Lumpur, where the Group is well established. Glomac is continuously planning and designing new projects for our existing landbank, and evaluating new landbank opportunities and looking out for new opportunities in the country. Suria Saujana, Saujana Utama

3 CONTENTS 2 AT A GLANCE 4 CORPORATE INFORMATION 6 GROUP STRUCTURE 8 BOARD OF DIRECTORS 10 DIRECTORS PROFILE 16 GLOMAC IN THE NEWS 18 CORPORATE SOCIAL RESPONSIBILITY (CSR) 22 CHAIRMAN S STATEMENT/PENYATA PENGERUSI 30 GROUP MANAGING DIRECTOR/CEO S REVIEW OF OPERATIONS 38 5-YEAR FINANCIAL HIGHLIGHTS 40 CORPORATE GOVERNANCE STATEMENT 50 AUDIT COMMITTEE REPORT 53 STATEMENT ON INTERNAL CONTROL 57 FINANCIAL STATEMENTS & REPORTS 154 LIST OF INVESTMENT & DEVELOPMENT PROPERTIES 157 ANALYSIS OF SHAREHOLDINGS 160 ANALYSIS OF WARRANT HOLDINGS 162 NOTICE OF 28TH ANNUAL GENERAL MEETING 165 STATEMENT ACCOMPANYING NOTICE OF 28TH ANNUAL GENERAL MEETING Menara Prestige (formerly known as Glomac Tower)

4 2 GLOMAC BERHAD AT A GLANCE Revenue rm652.4 million Highest revenue in the history of the Group. 9.2% increase year on year. Profit Before Tax rm161.1 million Record profit before tax. A 24.4% improvement from the previous year. Profit Attributable to Owners of the Company rm85.2 million Significant 35.2% increase compared with the previous year. Achieved due to the continued success of our projects.

5 2012 ANNUAL REPORT 3 Unbilled Sales rm731 million Record unbilled sales. Stronger performance underpinned by key ongoing projects. Total Available GDV rm7 billion Projects anchored by ongoing and pipeline projects which further drive revenue and profits. Total Gross Dividend Per Share 5.5 sen A record gross dividend to date. Higher than 4.75 sen per share declared in the last financial year.

6 4 GLOMAC BERHAD CORPORATE INFORMATION BOARD OF DIRECTORS Tan Sri Dato Mohamed Mansor bin Fateh Din Group Executive Chairman Datuk Richard Fong Loong Tuck Group Executive Vice-Chairman Dato Fateh Iskandar bin Tan Sri Dato Mohamed Mansor Group Managing Director/Chief Executive Officer Dato Ikhwan Salim bin Dato Sujak Senior Independent Non-Executive Director Datuk Ali bin Tan Sri Abdul Kadir Independent Non-Executive Director Mr. Chong Kok Keong Independent Non-Executive Director COMPANY SECRETARIES Mohd Nor Azam bin Mohd Salleh (MAICSA ) Ong Shaw Ching (MIA 7819) AUDIT AND RISK COMMITTEE Datuk Ali bin Tan Sri Abdul Kadir Chairman Dato Ikhwan Salim bin Dato Sujak Member Mr. Chong Kok Keong Member Glomac Damansara

7 2012 ANNUAL REPORT 5 REMUNERATION COMMITTEE AND NOMINATION COMMITTEE Dato Ikhwan Salim bin Dato Sujak Chairman Datuk Ali bin Tan Sri Abdul Kadir Member Dato Fateh Iskandar bin Tan Sri Dato Mohamed Mansor Member AUDITORS Deloitte KassimChan (AF 0080) Level 19, Uptown 1 1 Jalan SS 21/58 Damansara Uptown Petaling Jaya Selangor Darul Ehsan Tel : Fax : REGISTERED OFFICE WEBSITE STOCK EXCHANGE Main Market of Bursa Malaysia Securities Berhad Stock Code: 5020 REGISTRAR Shareworks Sdn Bhd 10-1, Jalan Sri Hartamas 8 Sri Hartamas Kuala Lumpur Tel : Fax : MAJOR BANKERS AmBank Berhad Malayan Banking Berhad HSBC Amanah Malaysia Berhad Level 15, Menara Glomac Glomac Damansara Jalan Damansara Kuala Lumpur Tel : Fax : Menara Glomac, Glomac Damansara

8 6 GLOMAC BERHAD GROUP STRUCTURE PROPERTY DEVELOPMENT 100% Glomac Land Sdn Bhd Saujana Utama, Sg. Buloh 100% Magic Season Sdn Bhd Saujana Utama II, Sg. Buloh 100% Regency Land Sdn Bhd Saujana Utama III, Sg. Buloh 100% Glomac Sutera Sdn Bhd Sri Saujana, Kota Tinggi, Johor 100% Glomac Enterprise Sdn Bhd Sungai Buloh Country Resort, Sg. Buloh 100% Glomac Alliance Sdn Bhd Lakeside Residences, Puchong 100% Glomac City Sdn Bhd Plaza Glomac, Kelana Jaya 100% Glomac Consolidated Sdn Bhd Bukit Saujana, Sg. Buloh 100% Glomac Damansara Sdn Bhd Glomac Damansara, Kuala Lumpur 100% Glomac Jaya Sdn Bhd Glomac Cyberjaya, Cyberjaya 100% Glomac Maju Sdn Bhd Suria Residen, Cheras 100% Glomac Rawang Sdn Bhd Saujana Rawang, Rawang 100% Glomac Resources Sdn Bhd Glomac Galleria, Kuala Lumpur 100% Glomac Vantage Sdn Bhd Taman Mahkota Laksamana, Seksyen III, Melaka 70% FDA Sdn Bhd Sri Bangi, Section 8, Bandar Baru Bangi 51% Glomac Al Batha Sdn Bhd Glomac Tower, Kuala Lumpur 51% Glomac Al Batha Mutiara Sdn Bhd Reflection Residences, Mutiara Damansara 30% PPC Glomac Sdn Bhd Bandar Sri Permaisuri, Cheras 100% Glomac Segar Sdn Bhd (Proposed Phase 4 of Plaza Kelana Jaya) 100% Dunia Heights Sdn Bhd (Proposed residential development in Sg. Buloh) 100% Glomac Kristal Sdn Bhd Glomac Centro, Petaling Jaya 100% FDM Development Sdn Bhd (Proposed mixed development of Glomac Utama, Petaling Jaya) 100% Berapit Properties Sdn Bhd Glomac Cyberjaya 2, Cyberjaya Reflection Mutiara Damansara

9 2012 ANNUAL REPORT 7 Zara, Saujana Rawang PROPERTY INVESTMENT & MANAGEMENT OTHER ACTIVITIES DORMANT COMPANIES 100% Berapit Development Sdn Bhd Kelana Business Centre, Kelana Jaya 100% Kelana Centre Point Sdn Bhd Kompleks Kelana Centre Point, Kelana Jaya 100% Sungai Buloh Country Resort Sdn Bhd Kelab Saujana Utama, Sg. Buloh 100% Prima Sixteen Sdn Bhd Prima 16 Condominium, Phase I & II, Petaling Jaya 100% Bangi Integrated Corporation Sdn Bhd Plaza Kelana Jaya, Phase II, Kelana Jaya 100% Glomac Nusantara Sdn Bhd Dataran Glomac, Kelana Jaya 100% Glomac Regal Sdn Bhd Suria Stonor, Kuala Lumpur 100% Berapit Pertiwi Sdn Bhd Suria Stonor, Kuala Lumpur 45.5% VIP Glomac Pty Ltd As trustee for VIP Glomac Unit Trust 45.9% VIP Glomac Unit Trust 380 Lonsdale Street, Australia PROJECT MANAGEMENT 100% Glomac Group Management Services Sdn Bhd PROPERTY MANAGEMENT 100% Glomac Property Services Sdn Bhd 100% Kelana Property Services Sdn Bhd CONSTRUCTION 51% Glomac Bina Sdn Bhd CAR PARK OPERATIONS/ MANAGEMENT 60% Prominent Excel Sdn Bhd Dataran Glomac, Kelana Jaya INVESTMENT HOLDING 100% Glomac Australia Pty Ltd 100% Glomac Restaurants Sdn Bhd 100% Glomac Realty Sdn Bhd 85.7% Glomac Power Sdn Bhd 60% Glomac Utama Sdn Bhd 30% Irama Teguh Sdn Bhd 100% Elmina Equestrian Centre (Malaysia) Sdn Bhd 100% Glomac Leisure Sdn Bhd 100% Kelana Seafood Centre Sdn Bhd 100% Prisma Legacy Sdn Bhd 60% Glomac Excel Sdn Bhd 100% Glomac Real Estate Sdn Bhd 100% OUG Square Sdn Bhd 100% Glomac Thailand Sdn Bhd 100% Glomac Cekap Sdn Bhd (formerly known as Kristal Taipan Sdn Bhd) 100% Crest Dollars Sdn Bhd 100% Anugerah Armada Sdn Bhd 100% Magnitud Teknologi Sdn Bhd 100% BH Interiors Sdn Bhd 100% Kelana Kualiti Sdn Bhd 100% Magical Sterling Sdn Bhd Zara, Saujana Rawang

10 8 GLOMAC BERHAD BOARD OF DIRECTORS From left Datuk Ali bin Tan Sri Abdul Kadir Dato Fateh Iskandar bin Tan Sri Dato Mohamed Mansor Tan Sri Dato Mohamed Mansor bin Fateh Din Datuk Richard Fong Loong Tuck Dato Ikhwan Salim bin Dato Sujak Mr. Chong Kok Keong

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12 10 GLOMAC BERHAD DIRECTORS PROFILE TAN SRI DATO MOHAMED MANSOR BIN FATEH DIN Group Executive Chairman Aged 71, Malaysian Tan Sri Dato Mohamed Mansor bin Fateh Din or better known as FD Mansor was appointed to the Board on 1 April Before he founded the Glomac Group, he was employed with Utusan Malaysia Berhad as the Group Personnel Director. Tan Sri Dato Mohamed Mansor has extensive experience in the property development business through his involvement in the industry for the past 25 years. He was the Honorary Secretary of the Malay Chamber of Commerce and Industry, Selangor from 1987 to 1995 and was awarded the Selangor Entrepreneur of the Year 1995 by the Dewan Perniagaan Melayu Malaysia Negeri Selangor in recognition of his contributions to the state. In September 2005, he was awarded the prestigious Property Man of the Year by FIABCI Malaysia. Being a genuine Malay businessman and entrepreneur, he was presented the award of Anugerah Usahasama Tulen by the Malay Chamber of Commerce, Malaysia in June In June 2011, Tan Sri Dato Mohamed Mansor was recognized and awarded as a recipient of Jewels of Muslim World 2011 as the recognition of achievements and contributions made by high profile business leaders in the Muslim World. He also sits as the Advisory Council in Iqra Foundation. Tan Sri Dato Mohamed Mansor attended all Board Meetings held during the financial year ended 30 April 2012.

13 2012 ANNUAL REPORT 11 DATUK RICHARD FONG LOONG TUCK Group Executive Vice-Chairman Aged 61, Malaysian Datuk Richard was appointed to the Board on 4 April He graduated with a Bachelor of Science (Hons) in Civil Engineering from University of London, UK. Datuk Richard began his career in Mudajaya Construction Sdn Bhd and IJM Corporation Berhad before founding Glomac Group in He has more than 30 years of experience in the field of property development, building construction and engineering. He served as the Secretary General of FIABCI (International Real Estate Federation) Malaysian Chapter for the term and was appointed President of FIABCI Malaysia from August 2006 to As the former President of FIABCI, he was instrumental in the formation of Malaysia Property Incorporated ( MPI ), a body set-up by the Economic Planning Unit of the Prime Minister s Department, to promote property investments among foreigners in Malaysia. Datuk Richard also served as the Chairman of the Board of Directors of MPI from February 2008 to June Datuk Richard is frequently invited as guest speakers at forum and seminars on property market in Malaysia both locally and internationally. Datuk Richard attended all Board Meetings held during the financial year ended 30 April 2012.

14 12 GLOMAC BERHAD DIRECTORS PROFILE (Cont d) DATO FATEH ISKANDAR BIN TAN SRI DATO MOHAMED MANSOR Group Managing Director/ Chief Executive Officer Member of Remuneration Committee & Nomination Committee Aged 44, Malaysian Dato Fateh Iskandar bin Tan Sri Dato Mohamed Mansor was appointed to the Board on 5 February Dato Iskandar was the Group Executive Director from 1997 up to October 2004 when he assumed the position of Group Managing Director of Glomac Berhad. Subsequently, on 24 March 2009, he was appointed as Chief Executive Officer of Glomac Berhad. Dato Fateh Iskandar attended the Malay College Kuala Kangsar and later obtained a law degree from the University of Queensland, Australia and subsequently went on to obtain his Masters in Business Administration. He practiced law in Australia before coming back to Malaysia joining Kumpulan Perangsang Selangor Berhad and thereafter joining the Glomac Group of Companies in Dato Fateh Iskandar is currently the Deputy President of The Real Estate & Housing Developer s Association ( REHDA ) Malaysia and Immediate Past Chairman for REHDA Selangor. He is also Director of Malaysia Property Incorporated, a body that promotes property investments among foreigners in Malaysia. Dato Fateh Iskandar is also the Vice Chairman of the Malaysian Australian Business Council, Chairman of Gagasan Badan Ekonomi Melayu (GABEM), Selangor Branch, a body that promotes entrepreneurial ship amongst Malays in the country and the Treasurer of Selangor State UMNO. He is the Co-Chair of the Special Taskforce to Facilitate Business Group (PEMUDAH) on Legal & Services and is also a Member of PEMUDAH Selangor Group. With around 20 years of experience and involvement in property development industry, his vast experiences and expertise has made him a very well-known and respected figure among his peers locally as well as on the international arena. He is frequently invited as a guest speaker in forums, seminars and conventions, both locally and internationally, to offer his insights and views on the property market in Malaysia. Dato Fateh Iskandar currently sits on the Boards of Axis Reit Managers Berhad, the first REITs company to be listed on Bursa Malaysia, Media Prima Berhad and New Straits Times Press (Malaysia) Berhad as well as several private limited companies. Dato Iskandar attended all Board Meetings held during the financial year ended 30 April 2012.

15 2012 ANNUAL REPORT 13 DATO IKHWAN SALIM BIN DATO SUJAK Senior Independent Non-Executive Director Chairman of Nomination Committee & Remuneration Committee and Member of Audit and Risk Committee Aged 55, Malaysian Dato Ikhwan Salim bin Dato Sujak was appointed to the Board on 9 February Dato Ikhwan Salim holds a Bachelor of Science degree in Economics/Accounting from Queen s University, Belfast, Ireland, UK. He began his career as an Auditor with Coopers & Lybrand, UK and joined Nestle (M) Sdn Bhd in In 1980, he moved on to be the Group Financial Planning Manager of Kumpulan Low Keng Huat Sdn Bhd. In 1982 and upon restructuring his family s varied business operations in 1981, he was made the Director for the holding company, Jaya Holdings Sdn. Bhd. In 1999, Dato Ikhwan Salim was appointed Executive Chairman of Konsortium Jaringan Selangor Sdn. Bhd and on 2003 he was also appointed as Non-Executive Chairman of Malaysia Steel Works (KL) Berhad and appointed as a Director in Land and General Berhad on He is the Division Head of Petaling Jaya Utara Division of United Malay National Organisation (UMNO). Dato Ikhwan Salim also sits on the Board of several private companies in Malaysia. Dato Ikhwan Salim attended all Board Meetings held during the financial year ended 30 April 2012.

16 14 GLOMAC BERHAD DIRECTORS PROFILE (Cont d) DATUK ALI BIN TAN SRI ABDUL KADIR Independent Non-Executive Director Chairman of Audit and Risk Committee and Member of Remuneration Committee & Nomination Committee Aged 63, Malaysian Datuk Ali was appointed to the Board on 20 February Datuk Ali Abdul Kadir is a Fellow of the Institute of Chartered Accountants in England and Wales ( ICAEW ), member of the Malaysian Institute of Certified Public Accountants and the Malaysian Institute of Accountants. He is also currently Honorary Advisor to ICAEW Malaysia, Honorary Fellow of the Institute of Chartered Secretaries & Administrators (UK) and the Malaysian Institute of Directors. Datuk Ali is currently the Chairman of Jobstreet Corporation Berhad, Milux Corporation Berhad, Microlink Solutions Berhad, Privasia Technology Berhad and the Financial Reporting Foundation. He is a Board Member of Glomac Berhad, Labuan Financial Services Authority, Labuan IBFC and member of the Advisory Panel of the Companies Commission of Malaysia. Datuk Ali was appointed as the Chairman of the Securities Commission of Malaysia on 1 March 1999 and served in that capacity until 29 February During his tenure, he launched the Capital Market Masterplan and chaired the Capital Market Advisory Council. He was a member of a number of national committees including the National Economic Consultative Council II, the Foreign Investment Committee, the Oversight Committee of National Asset Management Company (Danaharta) and the Finance Committee on Corporate Governance. Prior to his appointment to the Securities Commission, he was the Executive Chairman and Partner of Ernst & Young and its related firms. He was also the former President of the Malaysian Association of Certified Public Accountants, chairing both its Executive Committee and Insolvency Practices Committee and co-chairing the Company Law Forum. He was appointed as an Adjunct Professor in the Accounting and Business Faculty, University of Malaya in 2008 and retired in August He was then appointed to the Advisory Board of the same Faculty. Datuk Ali attended 3 out of 5 Board Meetings held during the financial year ended 30 April 2012.

17 2012 ANNUAL REPORT 15 CHONG KOK KEONG Independent Non-Executive Director Member of Audit and Risk Committee Aged 63, Malaysian Mr Chong Kok Keong was appointed to the Board on 21 September He holds a Bachelor of Engineering (Hons) from University of Malaya. He is a Fellow of the Institution of Engineers and a registered engineer with the Board of Engineers, Malaysia. He began his career as a Trainee Engineer with Malayawata Steel Berhad and later as a Service Executive with the Caterpillar Distributor, Tractors Malaysia Berhad. His achievements included setting up the assembly plant for Kubota Engines and the design and production of a mid-mounted grader adapted from a standard agricultural tractor. In 1980, he was appointed Manager, Engines Division of Tractors Malaysia Berhad and responsible for Market development and Service Support. Mr. Chong was one of the pioneers of Pilecon Engineering Berhad where he set up the Plant Division and was part of the team which invented and patented the Tripile Piling System. He was appointed Group Managing Director of Pilecon Engineering Berhad from 1992 to Mr. Chong has extensive experience in construction, specialised foundation works, large civil engineering projects and also in property sector, having been involved as an advisor to various projects since He also sits on the Board of Sunway Geotechnics (M) Sdn Bhd, a wholly owned subsidiary of Sunway Berhad, as an advisor, and on the Boards of various private limited companies. Mr. Chong attended all Board Meetings held during the financial year ended 30 April Notes: 1. Family Relationship with Director and/or Major Shareholder Save and except for Tan Sri Dato Mohamed Mansor bin Fateh Din and Dato Fateh Iskandar bin Tan Sri Dato Mohamed Mansor, who are father and son respectively, none of the Directors has any family relationship with any director and/or major shareholder of the Company. 2. Conflict of Interest Other than the mandated related party transactions, none of the Directors has any conflict of interest with the Company and its Group. 3. Conviction for Offences None of the Directors has been convicted for offences within the past 10 years other than traffic offences, if any.

18 16 GLOMAC BERHAD GLOMAC IN THE NEWS

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20 18 GLOMAC BERHAD CORPORATE SOCIAL RESPONSIBILITY (CSR) At Glomac, we strongly believe that the community is an extension of our organisation. Hence, in pursuit of our corporate goals, we are equally committed to the wellbeing and sustainability of the community within the areas we operate and develop. Our philosophy is to contribute, as an organisation, in delivering sustainable value to the lives of the people we impact, especially in the workplace, the community, the environment and the marketplace. This, together with ensuring equitable returns for our shareholders, constitutes the foundation of our CSR as a caring developer and a good corporate citizen. The Workplace Employees with good knowledge, competent skills and positive attitude are among the cornerstones of Glomac s continuous success. In this aspect, the Group strives to maintain high standards of recruitment, development and retention of employees in the workplace, aimed at being a sustainable employer of choice. The Group provides a healthy and safe work environment for our employees including the provision of insurance coverage in terms of hospitalisation and surgical, group term life and personal accident for employees to cover medical or accidental contingencies. As for human capital development, the Group continues to offer comprehensive training and development courses for employees at all levels to further enhance their skills and knowledge. We give attention to the professional and personal development of our employees as this is important for the growth of the Group and our business. With proper training and well-equipped knowledge on their tasks, employees will deliver a higher performance in their work. We believe that a strong company requires not only skilled but driven, motivated and loyal employees. To foster good working relationships and to build strong team spirit among employees, Glomac organises various activities for staff.

21 2012 ANNUAL REPORT 19 The Community As a caring and responsible organisation, Glomac has always practiced the principle of giving back to the community. The Group regularly contributes to the funds of orphanages, schools and charitable organisations. During the financial year under review, the Group has, amongst others, participated in the following community activities: Breaking fast with Rumah Aman One of the annual events held by Glomac is breaking fast with the less fortunate children of Rumah Aman. During this event, which was held in the month of Ramadhan, the children received gifts and green packets. Glomac also contributes to Rumah Aman as part of our corporate social responsibility. The Edge BursaMalaysia Kuala Lumpur Rat Race Glomac has been participating in this annual event for 11 consecutive years as this is another way for Glomac to help the less fortunate while at the same time encouraging our employees to devote their personal time and energy to ahealthy and worthy cause. The New Straits Times School Sponsorship Programme Glomac collaborates with The New Straits Times Press Berhad in providing newspapers to primary and secondary schools within our township development of Bandar Saujana Utama, Sungai Buloh. The objective of this contribution is to improve and empower the students in command of the English language through regular reading of one of the main newspapers in Malaysia. Plant a Tree Program In order to preserve nature and create more wholesome living spaces, Glomac organised a Plant a Tree programme at our township development in Sri Saujana, Johor. This community service activity is a testament to the priority that Glomac places on nurturing green environments within our developments.

22 20 GLOMAC BERHAD CORPORATE SOCIAL RESPONSIBILITY (CSR) (Cont d) Blood Donation Drive Doing our part in helping save lives, Glomac spearheaded a Blood Donation Drive in Bandar Saujana Utama. There was a continuous stream of members of the public volunteering to be part of the event. In view of the overwhelming response Glomac is hopes to hold more blood donation drives in the future so as to make the act of donating blood more accessible to the public. Contribution to Sungai Buloh Country Resort Community Association (MySBCR) for Treasure Hunt Competition Recently, Glomac made a contribution to Sungai Buloh Country Resort Community Association (MySBCR) for their Treasure Hunt Competition, in our bid to contribute to activities that foster stronger community ties. An Afternoon with Glomac Cuci The Musical Last Kopek Glomac sponsored a matinee show of the local musical theatre performance, Cuci The Musical Last Kopek in appreciation of Glomac s purchasers, media and management. Held at Istana Budaya, Kuala Lumpur, well-known local artistes entertained our guests with funny yet touching performances. Building and maintaining our relationship with the communities we serve are part of Glomac s corporate social responsibilities. We continue to be actively involved in diverse community events to facilitate our relationship with those who live in these communities and keep an ear out to opinions and suggestions on how to further improve facilities and development of the area. We are continually looking at ways in which we can play a meaningful role in uplifting the quality of lives of the communities surrounding our developments which represent the central focus of our current business operations.

23 2012 ANNUAL REPORT 21 The Environment As one of the nation s leading developers, we are committed to reducing our carbon footprint by monitoring and reducing our waste, emissions and environmental risks. Glomac s commitment to the environment is manifested through the implementation of resource saving efforts in order to preserve the greenery within our developments. During the year under review, Glomac implemented a rain water harvesting system for gardening and sewerage purposes in one of our township developments. This effort signals the beginning of more to come in our future developments. Through progressive innovative steps, we hope to positively contribute towards the global effort in addressing the challenges of climate change. The Marketplace Glomac maintains an open channel of communication with our shareholders, institutional investors and the investing public at large with the objectives of providing a clear and complete picture of the Group s performance and position. Glomac values feedbacks and dialogues with our investors and believes that a constructive and effective investor relationship is an essential factor in enhancing value for our shareholders. In addition to various announcements made during the year, the timely release of annual reports, circulars to shareholders, press releases and financial results on a quarterly basis provides shareholders and investors with an overview of the Group s performance and operations. Glomac also actively responds to requests for discussions with institutional shareholders and analysts, locally and abroad, to provide them better insights of the Group. The Group also takes a proactive approach in reaching out to the investing community via visits to project sites, small group meetings, luncheons and participating in roadshows and investor conferences. Such activities are usually spearheaded by the Executive Directors. It is hoped that such approaches will allow the shareholding and investor communities to make more informed investment decisions based not only on past performance, but also the future direction of our Group.

24 22 GLOMAC BERHAD CHAIRMAN S STATEMENT/ PENYATA PENGERUSI Gaining progressive recognition and offering the right mix of development projects, Glomac s projects continued to enjoy strong demand spurring profit from RM63.0 million in financial year 2011 to RM85.2 million in financial year Pengiktirafan yang berterusan dan keupayaannya menawarkan projek pembangunan bercampur yang diminati ramai membolehkan projek-projek Glomac kekal menikmati permintaan kukuh sehingga meningkatkan keuntungannya kepada RM85.2 juta pada tahun kewangan 2012 daripada RM63.0 juta pada tahun kewangan Tan Sri Dato F.D. Mansor Group Executive Chairman Pengerusi Eksekutif Kumpulan August, 2012

25 2012 ANNUAL REPORT Zara, Saujana Rawang 2. Boutique Retail, Glomac Centro 3. Living Area, Zara, Saujana Rawang 2 3 Dear Valued Shareholders, On behalf of the Board of Directors, I am pleased to present Glomac Berhad s Annual Report and Financial Statements for the financial year ended 30 April 2012 (Financial Year 2012). It was a record year for Glomac as the group continued on its exciting growth path with a 35.2% jump on profit buoyed by robust sales. Total sales figures for the year surpassed our internal target of RM500 million to hit RM663.3 million, boosted by good response to our Saujana Utama and Saujana Rawang townships, as well as to our ongoing Glomac Damansara Residences and Reflection Residences projects. This increased our revenue by 9.2%, to register RM652.4 million, compared with RM597.5 million a year ago. Kepada para pemegang saham yang dihormati, Bagi pihak Lembaga Pengarah, saya dengan sukacitanya membentangkan Laporan Tahunan dan Penyata Kewangan Glomac Berhad bagi tahun kewangan berakhir pada 30 April, 2012 (Tahun Kewangan 2012). Tahun kewangan ini, Glomac sekali lagi telah mencatat rekod pencapaian membanggakan apabila Kumpulan terus berada di landasan pertumbuhan yang menggalakkan dengan meraih keuntungan lebih tinggi sebanyak 35.2% berikutan hasil jualan yang mantap. Jumlah jualan dalam tahun kewangan mencecah RM663.3 juta, sekali gus mengatasi sasaran dalaman kami sebanyak RM500 juta, berikutan sambutan yang baik terhadap projek pembangunan pembandaran, masing-masing di Saujana Utama dan Saujana Rawang, berserta projek-projek yang sedang diusahakan iaitu Glomac Damansara Residences dan Reflection Residences. Perkembangan itu menyaksikan pendapatan kami meningkat sebanyak 9.2% kepada RM652.4 juta berbanding RM597.5 juta setahun lalu.

26 24 GLOMAC BERHAD CHAIRMAN S STATEMENT PENYATA PENGERUSI (Cont d) Profits were anchored by the Company s key projects such as Glomac Damansara, Glomac Cyberjaya and final billings from the completed Glomac Tower. DIVIDENDS Glomac has accomplished a remarkable track record of continuous annual dividend payments since our public listing more than a decade ago. This year, we continue to deliver. The Board of Directors has proposed a final gross dividend of 2.75 sen per share less 25% tax. The total dividend declared for the current financial year would amount to 5.5 sen which is higher than the 4.75 sen declared in the previous financial year. The latest dividend makes Glomac among the highest dividend paying property developer in Malaysia. Keuntungan itu disumbangkan terutamanya oleh Glomac Damansara, Glomac Cyberjaya dan juga Glomac Tower yang berada di peringkat akhir proses pengebilan penjualannya. DIVIDEN Glomac telah mencapai satu rekod pencapaian luar biasa apabila mampu membuat pembayaran dividen tahunan secara berterusan sejak menjadi syarikat senaraian awam lebih sedekad lalu. Malah, pembayaran dividen pada tahun ini juga tidak terkecuali. Lembaga Pengarah telah mencadangkan dividen akhir kasar sebanyak 2.75 sen sesaham ditolak 25% cukai. Jumlah dividen dicadangkan dalam tahun kewangan adalah sebanyak 5.5 sen, menjadikannya 4.75 sen lebih tinggi daripada tahun kewangan lalu. Perisytiharan dividen terbaru ini menjadikan Glomac antara syarikat pemaju hartanah yang membayar kadar dividen tertinggi di Malaysia. OPERATING ENVIRONMENT Moving from a post-crisis bounce-back phase of the recovery, the world economy in 2011 presented slower but still solid growth, with developing countries contributing almost half of global growth. Global GDP, which touched 5.2% in 2010, slowed to 3.8% in 2011, with developing countries continuing to outstrip growth in high-income countries. The Malaysian economy grew at a slower pace declining from 2010 s 7.2% to register 5.1% in 2011 on account of external global developments and weak exports, which led to a significant year-on-year decline in the first and last quarters of the year. Fortunately, domestic demand continued to provide a buffer boosted by the Government s strategic initiatives through the implementation of the Economic Transformation Programme ( ETP ), Government Transformation Programme ( GTP ) and 10th Malaysian Plan ( 10 MP ). PERSEKITARAN OPERASI Ekonomi dunia, setelah dilanda krisis sebelum ini dan kini memasuki fasa pemulihan, telah mencatat pertumbuhan perlahan tetapi kukuh pada tahun 2011 dengan negara-negara membangun menyumbang hampir separuh kepada pertumbuhan sejagat. Keluaran Dalam Negara Kasar (GDP) dunia yang berkembang 5.2% pada tahun 2010, sebelum menyusut kepada 3.8% pada tahun 2011, menyaksikan pertumbuhan negaranegara sedang membangun terus mengatasi pencapaian negara-negara berpendapatan tinggi. Ekonomi Malaysia berkembang pada kadar lebih perlahan dengan catatan sebanyak 5.1% pada tahun 2011, berbanding 7.2% pada tahun 2010 selepas dipengaruhi oleh perkembangan luar negara dan permintaan eksport yang lemah sehingga membawa kepada kejatuhan ketara dalam prestasi tahun-ke-tahun pada suku pertama dan terakhir tahun kewangan. Negara, bagaimanapun bernasib baik kerana permintaan domestik kekal menjadi penampan terhadap keadaan tersebut, berikutan hasil daripada inisiatif strategik yang dilaksanakan oleh Kerajaan melalui pelaksanaan Program Transformasi Ekonomi ( ETP ), Program Transformasi Kerajaan ( GTP ) dan Rancangan Malaysia Ke-10 ( RMK-10 ). 1

27 2012 ANNUAL REPORT Suria Stonor, KLCC 2. Sinar 2, Saujana Utama 3. Entrance, Saujana Utama 3 In line with the stable economic environment, improved labour market conditions and rising inflationary fears, the property market remained on the growth trend that moderated only towards the end of the year. It was a significant year for the Malaysian property market as property transactions breached the RM1 billion mark, to record a five-year high with 430,403 transactions valued at RM137.9 billion which were 14% and 28% higher respectively compared to Growth was spearheaded by the residential sector which took up 62.7% share of total transactions and 44.9% of the total transaction value with 269,789 transactions worth RM61.9 billion. Both residential sales volume and value recorded a double-digit growth of 18.9% and 22.1% respectively. Agriculture property was the second most active market, making up 19.7% of total volume transactions, with an increase of 4.7% in volume and 65.4% in value over the previous year. In the retail market, shops recorded 24,997 transactions worth RM13.8 billion, a rise in volume of 0.8% compared with 24,731 transactions in Total values had risen 11.7%, and was a major contributor to the commercial subsector sales, representing 57.2% or 24,997 units of the total transactions. The industrial sector contributed only 2.4% and 8.4% of the total market share in terms of volume and value respectively. Last year recorded 10,479 transactions worth RM11.5 billion. The volume increased by 6.5% from 2010, while value increased by 17.4%. Sejajar dengan persekitaran ekonomi yang stabil, keadaan pasaran buruh lebih baik dan kebimbangan yang meningkat terhadap inflasi, pasaran hartanah kekal berada dalam aliran pertumbuhan dan hanya menjadi sederhana menjelang akhir tahun kewangan. Tahun kewangan mewakili tempoh yang penting kepada pasaran hartanah Malaysia apabila urus niaga hartanah melepasi paras RM1 bilion, untuk mencatat paras tertinggi dalam tempoh lima tahun dengan urus niaga berjumlah 430,403 bernilai RM137.9 bilion, masing-masing adalah 14% dan 28% lebih tinggi berbanding pada tahun Pertumbuhan itu diterajui oleh sektor kediaman yang mewakili 62.7% daripada jumlah transaksi dan juga merupakan 44.9% daripada jumlah nilai transaksi melibatkan 269,789 urus niaga bernilai RM61.9 bilion. Jumlah dan nilai jualan hartanah kediaman mencatat pertumbuhan dua angka, masing-masing sebanyak 18.9% dan 22.1%. Hartanah pertanian merupakan pasaran yang kedua paling cergas, apabila mewakili 19.7% daripada keseluruhan transaksi dengan mencatatkan peningkatan jumlah dagangan sebanyak 4.7% dan 65.4% daripada segi nilai berbanding tahun sebelumnya. Dalam sektor hartanah peruncitan, rumah kedai mencatatkan transaksi sebanyak 24,997 bernilai RM13.8 bilion, mewakili kenaikan jumlah dagangan sebanyak 0.8% daripada 24,731 urus niaga pada tahun Jumlah nilainya meningkat 11.7% dan menjadi penyumbang utama bagi jualan sektor kecil komersial, dengan mewakili 57.2% atau 24,997 buah daripada jumlah transaksi. Sektor perindustrian pula hanya menyumbang 2.4% dan 8.4%, masing-masing kepada jumlah pasaran dan nilai. Pada tahun lalu, ia mencatatkan 10,479 urus niaga bernilai RM11.5 bilion. Jumlah dagangannya meningkat sebanyak 6.5% dari tahun 2010, manakala nilainya meningkat sebanyak 17.4%.

28 26 GLOMAC BERHAD CHAIRMAN S STATEMENT PENYATA PENGERUSI (Cont d) Gaining progressive recognition and offering the right mix of development projects, Glomac s projects continued to enjoy strong demand spurring profit to RM63.0 million in financial year 2011 to RM85.2 million in financial year This was driven by ongoing sales for our mixed development projects in Glomac Damansara, Saujana Utama, Saujana Rawang and Glomac Cyberjaya; final billings from the completed Glomac Tower, as well as healthy take up rates from our new launches. The launch of Glomac s 39-storey Reflection Residences and the freehold serviced apartment project in Mutiara Damansara in March 2012 with a gross development value (GDV) of RM270 million received good response with the latter already recording 90% take-up to date. Pengiktirafan yang berterusan dan keupayaannya menawarkan projek pembangunan bercampur yang diminati ramai membolehkan projekprojek Glomac kekal menikmati permintaan kukuh sehingga meningkatkan keuntungannya kepada RM85.2 juta pada tahun kewangan 2012 daripada RM63.0 juta pada tahun kewangan Pencapaian itu diraih melalui jualan berterusan projek-projek di Glomac Damansara, Saujana Utama, Saujana Rawang dan Glomac Cyberjaya; peringkat akhir pengebilan penjualan Glomac Tower yang telah siap dibina, serta permintaan yang baik terhadap projek-projek kami yang baru dilancarkan. Pelancaran projek Reflection Residences setinggi 39-tingkat dan projek apartmen khidmat pegangan bebas di Mutiara Damansara pada bulan Mac 2012 dengan nilai pembangunan kasar (GDV) berjumlah RM270 juta, telah mendapat sambutan baik apabila setakat ini, mencatat tempahan sehingga 90 peratus. PROSPECTS A more challenging operating environment is anticipated in Business prospects, at least in the first half of 2012 are unlikely to match the highs of While sluggish exports are likely to continue weighing down the overall Gross Domestic Product ( GDP ) growth, the resilience of domestic demand is expected to pick up the slack thanks to supportive policy measures. Inflation continues to be relatively benign with year-on-year headline inflation growing only 2.2%, as of February 2012, a 14-month low. The results of MIER s first quarter Consumer Sentiments Survey and Business Conditions Survey suggest that both consumer and business confidence was up in the first quarter. The first quarter Consumer Sentiments Index rose 8 points quarteron-quarter to settle higher at points. The Business Conditions Index meanwhile reversed its downtrend to settle higher at points, up from 96.6 points in the previous quarter. PROSPEK Suasana operasi yang lebih mencabar dijangkakan pada tahun Prospek perniagaan, untuk separuh pertama 2012 sukar untuk menyamai prestasi tinggi pada tahun Ketika penurunan eksport akan terus menjejaskan keseluruhan pertumbuhan Keluaran Dalam Negara Kasar (KDNK), ketahanan permintaan domestik dijangka membantu pertumbuhan terutamanya dengan adanya dasar yang menyokong ke arah itu. Inflasi secara relatifnya tidak membimbangkan dengan kadar inflasi utama dalam perbandingan tahun-ke-tahun setakat bulan Februari 2012, akan hanya berkembang 2.2% untuk berada di paras terendah sejak 14 bulan. Keputusan Kaji Selidik Sentimen Konsumer dan Keadaan Perniagaan MIER bagi suku pertama mencadangkan keyakinan perniagaan dan konsumer telah meningkat pada suku berkenaan. Indeks Sentimen Konsumer meningkat lapan (8) mata berdasarkan perbandingan suku-ke-suku kepada mata. Manakala Indeks Keadaan Perniagaan berubah daripada aliran menurun kepada meningkat sehingga paras mata berbanding 96.6 mata pada suku sebelum ini. 1

29 2012 ANNUAL REPORT Glomac Tower, KLCC (now known as Menara Prestige) 2. D Cini Lakeside, Sri Saujana, Johor 3. Recreational Park, Sri Saujana, Johor 3 The Malaysian economy is projected to grow at a steady, albeit slower, pace of 4%-5%, anchored by the resilient growth in domestic demand. Nevertheless, Bank Negara Malaysia (BNM) had adopted a pre-emptive approach for macroeconomic stability and to ensure prudent level of household debts. Among the measures implemented were the maximum loan-to-value (LTV) ratio of 70% on third and subsequent housing loans, the new measures on credit cards to promote prudent financial management and the usage of net income criteria for assessing loan application eligibility. BNM is widely expected to retain the Overnight Policy Rate ( OPR ) at 3.0% throughout 2012; with the possibility of a series of rate-cuts should the economic outlook deteriorate. With our balanced mix of affordable products within the greater Kuala Lumpur/ Klang Valley area, Glomac is well-positioned to capitalise on the stable property outlook and aims to maximise opportunities by monitoring the quantum and timing of future launches to match market demand. Ekonomi Malaysia diunjur berkembang baik, meskipun perlahan sedikit pada paras 4%-5% dengan disokong oleh pertumbuhan permintaan domestik yang berdaya tahan. Bank Negara Malaysia (BNM) telah melaksanakan pendekatan awal atau pre-emptive bagi mencapai kestabilan makro ekonomi dan memastikan paras hutang isi rumah terkawal. Antara langkah yang diambil adalah pelaksanaan nisbah maksimum pinjaman berbanding nilai (LTV) sebanyak 70% untuk pinjaman rumah yang ketiga atau seterusnya, pengenaan langkah baru bagi kad kredit untuk menggalakkan pengurusan kewangan secara berhemah dan mengguna pakai kreteria pendapatan bersih bagi penilaian kemampuan untuk mendapatkan pinjaman. BNM juga dijangka mengekalkan Kadar Dasar Semalaman (OPR) pada paras 3.0% sepanjang tahun 2012 dengan kemungkinan pengurangan kadar tersebut bakal dilakukan sekiranya tinjauan ekonomi didapati semakin buruk. Dengan adanya keseimbangan tawaran produk mampu milik dalam Greater Kuala Lumpur/ Lembah Kelang, Glomac berada di kedudukan terbaik untuk mendapat manfaat daripada tinjauan hartanah yang stabil dan mensasarkan untuk memaksimumkan peluang-peluang dengan memantau kesesuaian untuk melancarkan pembangunan baru bersandarkan kepada permintaan pasaran pada masa hadapan.

30 28 GLOMAC BERHAD CHAIRMAN S STATEMENT PENYATA PENGERUSI (Cont d) Moving forward, the group s earnings growth will come from its record unbilled sales of RM731 million, alongside its pipeline of development projects with a total available GDV of about RM7 billion. To cater to the strong demand for affordable housing while sustaining its long-term growth, Glomac has invested in development landbanks of 200 acres in Sungai Buloh, adjacent to Saujana Utama and 191 acres in Dengkil for a new township project. These projects are estimated to generate a GDV of RM800 million each for the financial year ending 2013 and beyond. CORPORATE SOCIAL RESPONSIBILITY Beyond its focus on maximising shareholder values and capturing growth opportunities, Glomac is increasingly involved in supporting socially responsible initiatives and the setting of sustainable standards for the industry. Our business strategies and sustainability are intrinsically linked as we integrate corporate social responsibility (CSR) into our core business operations as a means of enhancing our performance today and over the long term. Our commitment to CSR is based on the thrusts of building homes and communities that enrich the lifestyles of our customers, practising good corporate Governance and investor relations, caring for the development and well-being of our employees within a safe and nurturing workplace, implementing environmentally sound practices and processes, and enriching the lives of the local communities through charitable programmes and activities. We remain committed to broadening our CSR scope so as to continuously bolster our growth as a socially responsible company. Dalam melangkah ke hadapan, pertumbuhan pendapatan Kumpulan akan diperoleh daripada jualan belum diterima atau dibilkan yang mencapai paras rekod berjumlah RM731 juta, bersamasama projek-projek pembangunan yang berada dalam perancangan dengan jumlah GDV sebanyak RM7 bilion. Dalam usaha memenuhi permintaan yang tinggi terhadap rumah mampu milik dan mengekalkan pertumbuhan jangka panjang, Glomac akan membangunkan bank tanah seluas 200 ekar di Sungai Buloh bersebelahan dengan Saujana Utama dan kawasan seluas 191 ekar di Dengkil, kedua-duanya bertujuan mengadakan projekprojek perbandaran baru. Setiap projek tersebut dijangka menjana nilai pembangunan kasar atau GDV berjumlah RM800 juta bagi tahun kewangan berakhir pada 2013 dan tahun-tahun seterusnya. TANGGUNG JAWAB SOSIAL KORPORAT Selain menumpukan kepada memaksimumkan nilai pemegang saham dan mendapatkan peluangpeluang pertumbuhan, Glomac juga meningkatkan penglibatannya dalam menyokong inisiatif tanggungjawab sosial dan menetapkan standard kemapanan untuk industri hartanah. Strategi perniagaan kami dan kemapanan itu berkait rapat kerana kami mengintegrasikan tanggungjawab sosial korporat (CSR) di dalam teras operasi perniagaan dalam usaha meningkatkan prestasi kami hari ini dan juga dalam jangka panjang. Komitmen kami terhadap CSR adalah bersandarkan kepada amanah untuk membangunkan rumah kediaman dan komuniti yang mampu meningkatkan lagi gaya hidup pelanggan kami, mengamalkan tadbir urus korporat dan hubungan pelabur yang baik, mengambil berat terhadap pembangunan dan kebajikan kakitangan kami dengan persekitaran tempat kerja yang baik dan selamat, melaksanakan amalan mesra alam yang baik serta memperkayakan kehidupan komuniti tempatan melalui aktiviti dan program kebajikan. Kami kekal komited untuk meluaskan skop CSR kami dan seterusnya melonjakkan pertumbuhan kami sebagai syarikat yang mengambil berat terhadap perkembangan sosial di negara ini. 1

31 2012 ANNUAL REPORT Saujana Square, Saujana Rawang 2. Suria Residen ACKNOWLEDGEMENTS Our momentum of growth is accelerating as Glomac continues to make advancements in operational excellence and strong financial performance, adopting best practices in corporate governance and transparency with the intention of rewarding shareholders with consistent and sustainable long-term growth. In ushering the new financial year, I, on behalf of the Board, would like to thank the management and employees of Glomac for their unwavering commitment and valuable contribution to the company. I am confident that with their passion and sound company policy, Glomac will continue to grow and ensure good returns to shareholders funds. We also thank our shareholders, investors, customers, business associates, bankers, contractors, members of the media, and governing authorities who have given us a strong anchor from which we take courage to reach for our dreams. I also wish to thank our Board of Directors for their guidance and support and look forward to reporting another successful year at the end of FY2013. Thank you. Tan Sri Dato F.D. Mansor Group Executive Chairman 16 August, 2012 PENGHARGAAN Dalam usaha untuk terus melonjak ke hadapan, Glomac Berhad sentiasa berusaha menerajui kecemerlangan operasi dan mencatatkan prestasi kewangan yang teguh, menerapkan amalanamalan terbaik tadbir urus korporat dan ketelusan dengan hasrat untuk memberikan manfaat kepada para pemegang saham melalui pertumbuhan yang konsisten dan mapan dalam jangka masa panjang. Ketika mengalu-alukan kedatangan tahun kewangan yang baru, saya bagi pihak Lembaga Pengarah ingin menyatakan rasa terima kasih kepada pengurusan dan pekerja-pekerja Glomac di atas komitmen dan sumbangan yang cukup berharga kepada syarikat. Saya yakin dengan semangat yang tinggi dan dasar syarikat yang baik, Glomac akan terus berkembang dan mampu memastikan pulangan yang baik kepada dana pemegang saham. Kami juga berterima kasih kepada para pemegang saham kami, pelabur-pelabur, pelanggan, rakanrakan kongsi perniagaan, bank-bank, kontraktor-kontraktor dan pihak media serta pihak berkuasa berkaitan yang memberikan sokongan kuat untuk kami mencapai impian yang diharapkan. Saya juga ingin merakam penghargaan kepada semua ahli Lembaga Pengarah di atas bimbingan mereka dan berharap untuk mencapai satu lagi tahun yang cemerlang pada tahun kewangan Terima kasih. Tan Sri Dato F.D. Mansor Pengerusi Eksekutif Kumpulan 16 Ogos, 2012

32 30 GLOMAC BERHAD GROUP MANAGING DIRECTOR/ CEO S REVIEW OF OPERATIONS It was another historic year of growth for Glomac as the Group performed beyond expectations in the financial year ended 30 April Record sales of RM663.3 million surpassed our internal target and increased our profit after tax attributable to owners of the Company by 35.2% to RM85.2 million. Our impressive sales numbers are a testament of the Group s improved branding and product desirability in both our ongoing and new developments. FINANCIAL REVIEW For the financial year ended 30 April 2012 (FY2012), the Group achieved revenue of RM652.4 million, compared to RM597.5 million in the previous financial year. This reflects Glomac s sustained robust topline performance, primarily driven by on-going sales and progressive recognition of our development projects in Glomac Damansara, Saujana Utama, Saujana Rawang and Glomac Cyberjaya, as well as final profits from the completed Glomac Tower (now known as Menara Prestige) project. With a 3.0% point improvement in our profit before tax margin, profit performance for the year was strong. The Group s profit before tax rose 24.4% to RM161.1 million from RM129.5 million previously. The Group s profit after tax attributable to owners of the Company increased 35.2% to RM85.2 million from RM63.0 million achieved in financial year This translates into a 38.3% basic increase in basic earnings per share, which have been set to 14.8 sen, based on a weighted average capital base of million shares. In comparison, we registered an earnings per share of 10.7 sen registered last year, based on a weighted average share base of million. 1 At the same time our balance sheet has never been stronger and we are on a strong foothold now for further development with gearing of about 0.1 times. Having continued to expand on our landbank robustly, in the year under review, with purchase of new parcels of land within the Greater Kuala Lumpur area, Glomac to date, has a net asset value of RM1.12 per share and a higher internal Revalued Net Asset Value of RM2.40. HIGHLIGHTS FOR THE FINANCIAL YEAR ENDED 30 APRIL FY2012 RM mil FY2011 RM mil +/- (%) Revenue Pre-tax Profit Net Profit Net EPS (sen)* * Based on weighted average share base of 576.3m shares for FY2012 and 586.6m shares for FY2011