( D) Corporate Profile

Transcription

1 ( D) Corporate Profile 1 November 2011

2 Introduction to Crescendo Corporation Berhad ( CCB )) Group CCB is listed on the Main Board of Bursa Malaysia Securities Bhd with a market capitalisation and shareholders fund of RM247 million and RM515 million respectively. CCB Group is primarily involved in property development and construction related activities in Johor since

3 PRINCIPAL ACTIVITIES Business Activities Property Division Construction Division Others Property Development Resort Development (future) Building Construction Civil Engineering Concrete Products Education Property investment & Management Services 3

4 GROUP STRUCTURE AS AT 31 July 2011 Crescendo Corporation Berhad ( D) 100% Crescendo Education Sdn Bhd ( T) 100% Crescendo Development Sdn Bhd ( D) 70% Panoramic Jaya Sdn Bhd ( D) 100% Unibase Construction Sdn Bhd (22898-A) 100% Panoramic Industrial Development Sdn Bhd ( K) 100% Crescendo Commercial Complex Sdn Bhd ( A) 100% Crescendo Creative Education Sdn Bhd ( V) 55% Crescendo International College Sdn Bhd ( T) 70% Crescendo Jaya Sdn Bhd ( X) 90% Crescendo Land Sdn Bhd ( M) 100% Unibase Corporation Sdn Bhd ( P) 60% Unibase Concrete Industries Sdn Bhd ( A) 100% Ambok Resorts Development Sdn Bhd ( M) 100% Panoramic Land Sdn Bhd ( T) 70% Repute Ventures Sdn Bhd ( V) 100% Unibase Jaya Sdn Bhd ( H) 100% Unibase Trading Sdn Bhd ( U) 70% Unibase Pre-Cast Sdn Bhd ( H) 86% Repute Construction Sdn Bhd ( P) 100% Repute Corporation Sdn Bhd ( D) 4

5 Group s s Performance for the Past 3 Years Q2012* Revenue (RM 000) 203, , , ,738 Profit Before Tax (RM 000) 44,030 26,114 50,765 34,548 Profit After Tax (RM 000) 33,985 19,359 39,435 26,548 Margin - Profit Before Tax (%) Profit After Tax (%) Share Capital (RM 000) 155, , , ,797 Shareholders fund (RM 000) 421, , , ,459 Earning Per Share (sen) PE Ratio (times) Return on Capital Employed (Pre-tax) 8% 4.3% 7.7% 5.1% Return on Shareholders equity (Pre-tax) 10.4% 5.8% 10.3% 6.7% Return on Total Assets (Pre-tax) 7.3% 3.8% 7.2% 4.6% Gearing (times) Note: * Based on unaudited 6 months results ended 31 July

6 Dividend Payment Ratio (Times) Q2012* Profit Attributable (RM 000) 31,317 18,012 36,410 25,064 Net Dividend Declared (RM 000) 9,655 8,099 **14,202 - Dividend (Sen) Dividend Yield (%) Dividend Pay-out (%) Market Price (RM) NTA (RM) Based on unaudited 6 months results ended 31 July ** An interim dividend of 4 sen less tax paid on 16 December 2010, 2 nd interim dividend of 2 sen less tax paid on 17 February 2011 and final dividend of 5 sen less tax declared for financial year ended 31 January (Source: For 2008, 2009, 2010 & 2011, the market price is based on The Star as at 31 January 2008, 31 January 2009, 31 January 2010 and 31 January 2011 respectively.) 6

7 Analysis by Segments REVENUE 2011 *2Q2012 (RM 000) (RM 000) PROFIT 2011 *2Q2012 (RM 000) (RM 000) Margin 2011 *2Q2012 % % Property Development & Construction 154,200 86,486 47,837 28, Manufacturing & trading 67,844 44,792 2,990 2, Management services & others 11,809 8,493 7,851 7, Less: Inter-segment eliminations (18,628) (13,033) (3,863) (2,374) Unallocated income/ (loss) - 1 Unallocated expenses (2,601) (1,152) Finance cost (1,449) (290) TOTAL 215, ,738 50,765 34, Note: * Based on unaudited 6 months results ended 31 July

8 Results by Segment (FY2011) REVENUE Manufacture of concrete products 27% Management services and others 1% Property Development & Construction 72% 8

9 Results by Segment (FY2011) Management services and others 13% PROFIT (EBIT) Manufacture of concrete products 5% Property Development & Construction 82% 9

10 Development Landbank Project /Taman Distance Status Type of Development from JB Development Land (Acres) * Tam an Perindus trian 16km Approved Indus trial/ 155 Cem erlang Com m ercial * Des a Cem erlang 16km Approved Res idential/ 107 Commercial Bandar Cem erlang 20km * - Tebrau, Johor Bahru Approved (i) Mixed Kota Tinggi Approved (i) Mixed 526 * Tam an Tiram Jaya 20km Approved Res idential 10 Am bok 67km Pending finalis ation Res orts/ 794 of layout plan Mixed * Tam an Dato Chellam 18km Approved Res idential/ 41 Commercial * Nus a Cem erlang 30km Approved Indus trial 309 Industrial Park * CLSB Land 18km Approved (ii) Mixed 222 Total development land as at 31 July ,028 (i) Final conversion and subdivision approval (ii) Development right through the Privatisation Agreement. * Land within the boundary of Iskandar Malaysia (formerly known as Iskandar Development Region) is approximately 1,708 acres. 10

11 PROPERTY DEVELOPMENT 11

12 Location of Landbank CLSB Land 12

13 Location of Landbank 13

14 Nusa Cemerlang Industrial Park (NCIP) 527 acres of gross industrial development land forming part of Bandar Nusajaya has been approved for development of approximately 353 units of factories. NCIP will be developed into an industrial park. Main infrastructures such as rail, port and major highway are all in place nearby. 14

15 Nusa Cemerlang Industrial Park (NCIP) (Cont.) To date 199 units of detached and semi-detached factories with Gross Development Value of RM680 million have been launched. 163 units of detached and semi-detached factories with Gross Development Value of RM465 million have been sold to date. 15

16 Competitive Advantages of NCIP Foreign investors and industrialists, especially those from Singapore, will be interested to invest in the cheap freehold medium industrial properties of NCIP in view of its proximity to Singapore which is merely 10 minutes drive from Tuas Singapore through the 2 nd Link. Also, compared to light industrial land, medium industrial land at NCIP can accommodate a broader range of manufacturing industries. Top management of Singaporean industrialists who set up factories at NCIP will also have easier and more efficient control over their manufacturing operations. 16

17 Competitive Advantages of NCIP (Cont.) Skilled and unskilled workers are available from nearby housing estates and the established townships close to NCIP. Liberal immigration policy allows expatriate positions where there is a shortage of trained Malaysians to fill the required posts. Enhanced security features with only 2 entrances which are guarded and a wide perimeter main drain surrounding NCIP will effectively deter trespassers and provide security. 17

18 Competitive Advantages of NCIP (Cont.) NCIP is close to Tanjung Pelepas Port and easily accessible to Pasir Gudang Port, Tanjung Langsat Port and Jurong Port. It is also close to Singapore Changi International Airport and there is easy access through Second Link to Customs, Immigration and Quarantine Complex (CIQ). It is next to Gelang Patah Interchange that links to all national highways. With good connectivity, a lot of time can be saved in the transportation of raw materials and manufactured products. 18

19 Competitive Advantages of NCIP (Cont.) Water Supply 6.2 million liters per day water of WHO standards with a 25 million liters concrete storage reservoir upgradeable to 50 million liters. Power Supply 24-hour electricity supply available from TNB with transmission voltages of 500kV, 275kV, 132kV, 66kV and distribution voltages at 33kV, 22kV, 11kV, 6.6kV, 0.415kV. 19

20 Competitive Advantages of NCIP (Cont.) Telecommunication NCIP area is serviced by Telekom Malaysia (TM) and Time Dotcom Bhd through a network of fibre optic cables. Telekom Malaysia (TM) nation-wide network ensures extensive international connectivity bringing the convenience of communication technology to industries. Waste Disposal NCIP is connected to the existing 50,000 PE central sewerage treatment plant which is upgradeable to 150,000 PE. 20

21 Location Plan of NCIP 21

22 Layout Plan of NCIP 22

23 Industrialists at NCIP Industry* Engineering Metal plating Metal stamping Corrugated packaging Machinery Oil & gas equipment manufacturer Rubber manufacturer Bio-tech Injection molding Food Air conditioner Confectionery Garment Can manufacturer Gypsum board Pets food manufacturing Electrical components Printing *Type of Industries operating at NCIP as at 30 September 2011 Country of origin Malaysia, Germany Malaysia, Germany Malaysia Malaysia Singapore Malaysia USA Malaysia Singapore, Malaysia Singapore, Malaysia Singapore Malaysia, Singapore Malaysia Korea Malaysia Britain Singapore Germany, Singapore 23

24 Industrialists at NCIP (Cont.) Profile of the investors based on Value 1% 1% 1% 31% 4% 6% Korea Taiwan Indonesia Germany US SINGAPORE 56% Malaysia 24

25 Design Features of NCIP NCIP factories are designed and built to meet the high expectation of the buyers. As such, several features are incorporated into the design such as:- Aluminium Composite Panel & High Reflective Glass to the front facade Upmarket facade - projection of good corporate image Eave Height of 9 meters for Detached Factories & 8 meters for Semi-Detached Factories 0.5mm Metal Roofing with Rock wool insulation 25

26 Design Features of NCIP (Cont.) Floor Hardener to the production area Detached Factory with built-in TNB Sub-Station Detached Factory surrounded with Concrete Driveway Wide access road 26

27 Bandar Cemerlang (BC) 1,390 acres of landbank near Ulu Tiram to be developed into a self-contained new township of residential/commercial development. The construction of interchange had commenced in 4 th quarter FY2010 and completed in June Launching of double storey and cluster semi-detached houses are expected to commence in FY2013. Estimated to generate RM3 billion of revenue over years. 27

28 Layout Plan of BC 28

29 Taman Perindustrian Cemerlang (TPC) 16km from Johor Bahru, 30km from Senai Airport and 16km from Singapore. Among the largest industrial parks in Johor. A 600-acre industrial park which is expected to house some 900 factories once fully developed. To date have completed 765 industrial units worth RM734 million. 29

30 Desa Cemerlang (DC) Located next to TPC. Self-contained township containing some 6,900 units of mixed development. To date, have completed 4,783 units worth RM595 million. 30

31 Layout Plan of DC & TPC 31

32 Ambok Resorts This land has been zoned for mixed development and it is possible to start developing this land in 6 years time into a mixed development project. Petroliam Nasional Bhd (Petronas) will set up a RM60 billion refinery and petrochemical integrated development (Rapid) petrochemical complex in Pengerang by Petronas Rapid will start in the 2 nd quarter of next year. The project is expected to create at least 20,000 jobs during the construction phase and 4,000 potential jobs for highly-skilled workers. Another public-private partnership between the state government, Vopak Asia Ltd and local oil and gas player Dialog Group is also developing a deep-water petroleum terminal in Pengerang, which will draw investments of RM6 billion over 10 years and create over 800 jobs. Construction will begin in 2 months. These new oil and gas (O&G) industry facilities in Pengerang will boost the town s population from a current 20,000 to 40,000. The O&G hub of Pengerang in the district of Kota Tinggi will improve the potential development of Ambok Resorts. 32

33 Location Plan of Ambok Resorts (Cont.) 33

34 CLSB Land A prime mixed residential and commercial development of acres of land. Construction of interchange will be completed by November 2011 and reclamation works has commenced and is expected to be completed before the end of FY2012. Comprises 2,413 units of residential properties, 290 units of shop offices and approximately 50 acres of commercial land. The land is a water front project located in a prime location within Iskandar Malaysia and very near Johor Bahru. The new highway from Johor Bahru to Pasir Gudang through CLSB under 9 th Malaysian Plan will shorten the traveling time from city centre to CLSB land significantly. The distance of approximately 18km from JB to CLSB Land will take 20 minutes. 34

35 Layout Plan of CLSB Land 35

36 Taman Dato Chellam (TDC) 37.6 acres of mixed development land acquired on 12 May Located opposite to TPC and DC. Ready for immediate development which will certainly enhance earning capacity of the Group. This project is expected to generate about RM120 million in revenue over a period of 5 to 6 years. 49 units of double storey terrace house & shop office with Gross Development Value of RM19.8 million have been sold to date. 144 units of double storey terrace house and shop office with potential Gross Development Value of RM50 million will be launched. 36

37 Layout Plan of TDC 37

38 CONSTRUCTION 38

39 Construction Activities Undertaken by Unibase group, which commenced activities in August Contributed 21% of group revenue and 8% of group EBIT in FY2011. Undertakes both in-house and external contracts, with external contracts under Repute Construction Sdn. Bhd. The contract sum of external projects undertaken during FY2011 is about RM39 million. The higher revenue in FY2011 is mainly contributed from increase in external contract works. 39

40 Concrete Manufacturing 40

41 Concrete Manufacturing Contributed 29% of group revenue and 5% of EBIT respectively in FY2011. Operates 3 ready-mixed concrete plants with a total capacity of 300 cubic m/hr. These 3 plants also manufacture u drains, concrete pipes/culverts, piles and other precast concrete products for the export market. Concrete plant and other concrete products cater for both in-house and external needs. External sales is approximately 76.7% or RM36.7 million in FY2011. The sales committed up to 30 September 2011 for FY2012 is about RM28.08 million. The contract sum of projects undertaken by Unibase Pre-cast Sdn Bhd during FY2011 is about RM14 million. Potential projects under negotiation is about RM35 million to RM40 million and the substantial portion of which relates to export sales to Singapore. 41

42 STRENGTHS 42

43 Strengths Established brand name We have established our brand name in Johor property market. Good response for our products. Value added features like better landscaping, gated community, etc. Main developer of integrated industrial park in Johor. 43

44 Strengths (Cont.) Sufficient and strategically located landbank Located in close proximity to Singapore, Johor Bahru, Pasir Gudang and Senai Airport, the land banks currently under development are within the boundary of Iskandar Malaysia which will benefit from the Government s proposed development expenditure of RM12.2 billion under the 9 th Malaysia Plan. Due to the close proximity of NCIP to Tuas in Singapore and improvement in bilateral relationship between the two countries, it is anticipated that there will be significant relocation of medium industries from Singapore to NCIP to accelerate because of lower land cost, cheaper labour and utility costs and easier management control in view of NCIP s proximity to their base in Singapore. 44

45 Strengths (Cont.) Sufficient and strategically located landbank (Cont.) The resolution of KTM railway land issue followed by reduction in Second Link charges by 30%, additional routes and liberalized cross border public transport and the participation of Singapore in the development of an iconic wellness township project in Iskandar, will spur the local economy and improve connectivity between the two countries. With the growing interest among Singapore companies to invest in Iskandar Malaysia, we believe more new investments in NCIP by multinational companies operating in Singapore will escalate. 45

46 Strengths (Cont.) Integrated operation The residential, commercial and industrial lots are competitively priced since the construction is undertaken by in-house construction companies. Consequently there have been repeated sales through introduction of new buyers by existing customers. Capable Management Top management has almost 30 years experience in property and construction industry and is quick to identify and capitalize on opportunities and trends in the property market as well as identify commercially viable projects for diversification. 46

47 Financial Strength Strengths (Cont.) Healthy balance sheet: net gearing at only 0.29x. The strong financial position of CCB Group allows for prepurchase of building materials and pre-building of properties to mitigate the impact of rising building material prices on development costs. This will result in better profit margins for the Group. 47

48 COMPETITIVE ADVANTAGES 48

49 Competitive Advantages Iskandar Malaysia covers 2,217 square kilometers of land in South Johor and is the key engine of growth identified under the 9 th Malaysia Plan. The government has provided adequate world class infrastructures and facilities to attract more foreign investments in the area. The Iskandar Regional Development Authority ( IRDA ) will spearhead massive new development in South-Western Johor into a major commercial, residential and industrial hub. 49

50 Competitive Advantages (Cont.) Property sector in Iskandar Malaysia benefits immensely with the improvement in connectivity and accessibility within the economic growth corridor. Better accessibility and connectivity will help push up demand as well as prices for properties in Iskandar Malaysia. Johor is strong in manufacturing sector and it remains as one of the top three destinations for foreign direct investments (FDIs) in Malaysia. 50

51 Competitive Advantages Total cumulative committed investments in Iskandar Malaysia have reached RM75.96 billion as at June Most of the infrastructure and catalytic developments in Iskandar Malaysia are on track for completion from 2012 onwards for example the Johor Premium Outlet, Newcastle University and Legoland, which should help to draw in critical mass to Nusajaya. Medini wellness township will likely be launched in 2013 and given its prime location, Temasek s strong branding and predominantly landed residences, it is expected to get a good response. Under the 9 th Malaysia Plan, RM6.3bil has been allocated to upgrade existing road infrastructure and build new roads to improve connectivity. Coastal Highway, which will cut traveling time from Nusajaya to Johor Bahru by half to 20 minutes, will be completed by December Nusajaya s land price has continued to set new benchmarks, surpassing other areas in Johor, including Johor Bahru city centre. 51

52 Competitive Advantages (Cont.) Malaysian property price remains one of the lowest in the region - The availability of contiguous and sizeable land in Malaysia gives Malaysia a competitive cost advantage in terms of land prices. - There are large foreign direct investments into this region, especially those from Singapore, in view of the spiraling property prices in Singapore and to take advantage of the various Iskandar Malaysia incentives. Competitive utilities and manpower cost - The utilities and manpower cost of Malaysia is among the cheapest in the region. Proposed tax incentive (Budget 2009) - The employment income of a Malaysian and foreign knowledge worker residing in Iskandar Malaysia is to be taxed at 15% indefinitely. 52

53 Competitive Advantages (Cont.) Potential Appreciation of Land Value - Initiatives by Johor State Government/ Khazanah to attract international property developers, operators and investors to invest in the property in Iskandar Malaysia will lead to a big jump in property values, especially land with international development potential. 53

54 Competitive Advantages (Cont.) Synergistic and Integrated Operations In-house construction, civil engineering and building materials division offers synergistic benefits. The integrated building and civil construction work ensure that building and construction works are of consistently good quality and completed on time at low costs. The in-house building materials trading arm ensures timely supply of building materials at competitive prices. BC, DC and TDC are located close to one another, consequently the overall management overhead will be lower. 54

55 BUSINESS OUTLOOK 55

56 Business Outlook For the FY2012, the market conditions are volatile in view of the European sovereign debt concern and a recurrence of a global recession. The Group expects the industrial development and construction operations to be the main profit contributors for the Group in FY2012. The Group will continue to focus, with the encouraging locked-in sales, on the development of industrial properties at NCIP in FY

57 Business Outlook (Cont.) The business outlook for Crescendo Group in the medium to long term is expected to be good for the following reasons: Good rental market - The rental market for industrial properties is expected to be good as it can cater for industrialists who are currently not ready to enter into purchase commitments. - Property investors will also be keen to buy our tenanted industrial properties because they can get a high return for their investment. Malaysian property price remains one of the lowest in the region - Attracting international property developers, operators and investors to invest in the Malaysian property sector will lead to increase in property values, especially land with international market potential. - The Malaysian real estate remains attractive in terms of price stability, value and significant potential appreciation. Potential export business of our concrete products to Singapore 57

58 Business Outlook (Cont.) Prime Location - Out of our total landbank of 3,028 acres, 1,708 acres of our converted landbank is located within the prime Iskandar Malaysia area. Improvement in residential property market - We expect the current oversupply situation to improve in view of the better employment prospects for Johor Bahru residents due to the opening of the Integrated Resorts project in Singapore, better economic growth and active developments within Iskandar Malaysia. These developments will create significant employment opportunities for the JB residents and inmigration workers from other states. This large population of young employed will be ready to purchase their residential homes in the Iskandar Malaysia area where our projects are located. The Government is currently further liberalising various sectors of the economy with new measures to boost it in the face of the global recession. All property transactions including those between foreigners and non-bumiputeras will no longer require the Foreign Investment Committee s approval. Effective 1 January 2012, My First Home Scheme will increase the house prices limit from RM220,000 to RM400,000 as announced in Budget 2012 on 7 October This will boost the sales of affordable houses in our new Bandar Cemerlang housing project. 58

59 Dividend Policy Dividend Policy Rewarding shareholders with minimum dividend payout of 30% of Net Profit After Tax and Minority Interests. For FY2012, expected to pay a gross dividend higher than 7%. 59

60 Near-Term Prospects Total committed sales for FY2012 up to 31 October 2011 is RM275.9 million, out of which new sales committed during FY2012 is RM203.4 million. Total revenue recognised up to 31 July 2011 is RM73.8 million. Total unrecognised revenue for FY2012 up to 31 October 2011 is RM202.1 million. The Group has performed well in FY2011 and we expect the performance in FY2012 to be better than FY2011. The main contributor will be from industrial sales and construction activity. 60

61 Near-Term Prospects (Cont.) Development for Financial Year 2012 (Period covered: 1 Nov 2011 to 31 Oct 2013) Unit available / Development Type launched GDV Unit RM m Launched Projects up to 31 Oct 2011 Residential and commercial - Double storey terrace houses Shop office Industrial - Detached and semi-detached New Project launches for next 2 years Residential and commercial - Detached and semi-detached f actories Double storey terrace house Tw o and half storey terrace house Three storey shop office Double storey shop office

62 Medium-to to-long Term Prospects NCIP and Bandar Cemerlang will be the main contributors to future Group earnings in the next few years. Upon the completion of reclamation works for CLSB land in FY 2012, development of Phase 1 of CLSB comprising of low and medium cost flats and shop houses can commence in FY We expect the industrial and commercial property market to remain strong especially in Iskandar Malaysia region for the next few years. 62

63 Medium-to to-long Term Prospects (Cont.) An interchange providing access to the Bandar Cemerlang development via the new Johor Bahru-Kota Tinggi highway has been completed in June The launching of double storey and cluster semi detached houses in Bandar Cemerlang is expected to commence in FY2013 and this project is expected to contribute positively to the revenue and profit of the Group. The recent completion of the Sg Johor Bridge project in tandem with the new Senai-Desaru Highway will boost land value of 794- acre landbank in Kota Tinggi. This land has been zoned for mixed development and it is possible to start developing this land in 6 years time into a mixed development project. 63

64 Medium-to to-long Term Prospects (Cont.) Education Proposed construction of a new campus for our college which is expected to be in operation by 2012 With proper campus, the college will be able to attract foreign students Total project cost of the new campus is expected to be approximately RM6 million to RM8 million The expected increase in turnover and profit for FY2013 from the new campus is RM3.4 million and RM0.5 million respectively. 64

65 STRATEGIES 65

66 Strategies The Group s focus now is on the development of commercial and industrial properties. The demand for the commercial and industrial properties is good and the Group will continue to invest in this sector but in smaller phases so as to be conservative. There will be more emphasis on residential and commercial sector in the medium term when we start to develop Bandar Cemerlang in FY Export sales to Singapore by the pre-cast operation involves potential contracts of supplying precast bleachers for Singapore sport hub, precast columns and beams for buildings, segmental ring and jacking pipe. 66

67 Strategies (Cont.) The Group will continue its strategy of selling substantially built and completed buildings as the Group has received strong demand from customers preferring to buy substantially built/completed buildings. We also have pre-built factories for rent to industrialists. Given the lower cost environment, we are confident of significant demand for rental market at NCIP by foreigners who are currently operating in higher cost areas. The Group will provide wider array of ready built property choices according to market demand Large detached factories and landed commercial properties to attract purchasers from Singapore Smaller semi-detached factories for both the local and foreign purchasers Affordable houses (<RM300,000) Quality & modern design shop offices at populated areas 67

68 THANK YOU Questions & Answers Session Telephone number: address: 68

69 APPENDIX 69

70 CORPORATE FACT SHEET Listed On: Issued Shares: (31 Oct 2011) Par Value Per Share: NTA/Share: (31 July 2011) Estimated Free Float: Market Capitalization as of 31 Oct 2011: April 8, 1997 (Main Board) mil RM1.00 RM % or 38.8m shares RM247 mil Major Shareholders: Sharikat Kim Loong SB (65.29%) (9 June 2011) Public Smallcap Fund (2.43%) Financial Year End: Public Far-East Property & Resorts Fund(1.84%) 31 January 70

71 CORPORATE FACT SHEET (Cont.) Corporate Address: Lot 18.02, 18 th Floor, Public Bank Tower, 19, Jalan Wong Ah Fook, Johor Bahru, Johor, Malaysia Telephone number: Fax: Website:

72 BOARD OF DIRECTORS Name Gooi Seong Lim Gooi Seong Heen Gooi Seong Chneh Gooi Seong Gum Gan Kim Guan Yeo Jon Eeyo Jon Thiam Tan Ah Lai Position Chairman & Managing Director Executive Director Executive Director Executive Director Senior Independent Director Independent Director Independent Director 72