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annual report | 2012 Gunung Capital Berhad (330171-P) 6 CHAIRMAN’S STATEMENT (cont’d) In financial year ended 31 December 2012, we managed to record an increase in revenue, on the back of our management’s continued efforts in securing additional short term charters. On 3 September 2012 Gunung entered into a Joint Venture Agreement with Perak Hydro Renewable Energy Corporation Sdn Bhd (“PHREC”) to jointly carry out the development of selected renewable energy mini-hydropower plants in the State of Perak, on a Build Operate and Own (“BOO”) concept, and under the Sustainable Energy Development Authority (“SEDA”) Feed-in-Tariff Programme. The rationale of this joint venture is to secure a long term stable income stream which will reduce Gunung’s dependency on incomes solely from chartering land-based transportation assets & specialty vehicles. In view of this background, I present to you the Annual Report and Audited Financial Statements of the Group for the financial year ended 31 December 2012. FINANCIAL PERFORMANCE In financial year ended 31 December 2012, Group revenue of RM79 million was 4.5% higher, than that of the previous year. This was achieved on the back of securing additional short term charters. Such short term charters, has allowed the Group to fully utilize its existing fleet of vehicles, without incurring further capital expenditure. Group profit before tax at RM17.8 mil was 8.0% higher than that of the previous financial year, due to the additional short term charter business and our managements’ efforts to curb increases in operating costs. Net profit for the financial year under review also increased to RM13.7mil, up 5.0% from the previous financial year. This was achieved in view of around a 20% jump tax expense for financial year ender review, due to the ending of the accelerated capital allowances enjoyed by the Group, under the Income Tax (Accelerated Capital Allowance)(Bus) Rules 2008. Total comprehensive income attributable to shareholders, jumped 43.2% to RM13.7mil, from RM9.6mil in the previous financial year, which reflected a full contribution of earnings from 100% owned subsidiary, GPB Corporation Sdn Bhd, in view of the acquisition of the minority shareholders interest in GPB which was completed in November 2011.
CHAIRMAN’S STATEMENT (cont’d) During the financial year under review, Gunung successfully placed out 10,000,000 new ordinary shares of RM0.40 at an issue price of RM0.61 per share. As a result of this, and strong earnings for the financial year under review, Net Asset Value per share increased to RM0.56 from RM0.44 in financial year ending 31 December 2011. DIVIDEND In respect of the financial year ended 31 December 2012, Gunung declared a first interim tax exempt single tier dividend of 2.5% on 10 May 2012, which was paid on 4 June 2012. CHARTERING OF LAND-BASED TRANSPORTATION ASSETS Chartering out land-based transportation assets, together with drivers, fuel, maintenance & repair costs, at a fixed monthly cost allows our customers to better manage their budgets, resulting in a stable and predictable costs. Gunung is continuing to explore the opportunities in expanding its services to cover additional Government agencies, large corporations, and GLC’s, where there is a requirement for a large fleet of vehicles. RENEWABLE ENERGY In the financial year under review, Gunung entered into a Joint Venture Agreement with Perak Hydro Renewable Energy Corporation Sdn Bhd (“PHREC”) to jointly carry out the development of selected renewable energy mini-hydropower plants in the State of Perak, on a Build Operate and Own (“BOO”) concept, and under the Sustainable Energy Development Authority (“SEDA”) Feed-in-Tariff Programme. This Joint Venture will allow Gunung to enter into the renewable energy producing sector in view of the Energy, Water & Green Technology Ministry’s push for the development of renewable energy as ‘fifth national fuel’ with the recent implementation of the feed-in-tariff (FiT) system. The FiT system supports the developers of renewable energy by fixing a premium tariff for electricity generated from non fossil fuel sources, such as mini-hydro schemes, biomass, and solar. Furthermore, the introduction of the Renewable Energy Act 2011 provides a mandatory requirement for the utility to buy Renewable Energy power. Gunung Capital Berhad (330171-P) 7 annual report | 2012
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Notes:- 1. A member of the Company,
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