Untitled - OurSphere

“
Malaysia has made concerted efforts
to accelerate the adoption of green
technology. Backed by the Government’s
foresight, GreenTech Malaysia has
played a leading role in bringing
together committed corporations and
eco-conscious individuals to further the
national green agenda.
”
— Tan Sri Peter Chin Fah Kui, Special Advisor —
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corporate information
board of directors
Dato’ Paduka Professor (Dr.) Ir. Hj. Keizrul bin Abdullah @ Lim Teik Keat (Chairman)
Professor Datin Paduka Dr. Khatijah binti Mohammad Yusoff (Deputy Chairperson)
Dr. Leong Yow Peng
Azhar bin Noraini
Dato’ Hafsah binti Hashim
Datuk Wira Jalilah binti Baba
Datuk Poh Pai Kong
Datuk Hjh. Nor’aini binti Abdul Wahab (ceased w.e.f. 01/10/2014. To be replaced by Datuk Harjeet Singh a/l
Hardev Singh, Deputy Secretary General (Green Technology & Water), KeTTHA)
Dr. Theng Lee Chong
Baskaran Madhavan Nair
Hazim bin Jamaluddin
Afidah Azwa binti Abdul Aziz (alternate to Hazim bin Jamaluddin)
chief executive officer
Ir. Ahmad Hadri bin Haris
secretary
Shahrizat binti Othman
(MAICSA 0764744)
special advisor
Tan Sri Peter Chin Fah Kui
registered office
Suite C-5-4, Wisma Goshen, Plaza Pantai, Jalan Pantai Baharu, 59200 Kuala Lumpur
principal place of business
No.2, Jalan 9/10, Persiaran Usahawan, Seksyen 9, 43650 Bandar Baru Bangi, Selangor Darul Ehsan
auditors
Crowe Horwath KL Tax Sdn. Bhd. (10709-X)
Tax Consultants
Member Crowe Horwath International
C 15-5, Level 15 Tower C, Megan Avenue II, 12 Jalan Yap Kwan Seng, 50450 Kuala Lumpur
principal banker
CIMB Bank Berhad
Ground Floor, Block B, Bangunan Pusat Pelajar, Universiti Putra Malaysia
43400 Serdang, Selangor Darul Ehsan
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contents
.....................................................
09 notice of annual meeting
.....................................................
11 corporate profile
.....................................................
14 key milestones
.....................................................
18 board of directors
.....................................................
20 board committees
.....................................................
24 leadership team
.....................................................
25 organisational structure
.....................................................
31 manifesto
.....................................................
32 chairman’s statement
.....................................................
34 ceo’s operational review
.....................................................
38 greentech ambassador’s message
.....................................................
42 flagship updates
.....................................................
60 calendar of events
.....................................................
68 greentech in the news
.....................................................
72 a glimpse into 2015
.....................................................
74 greentech malaysia membership
.....................................................
78 financial statements
5
“
As an organisation, while we may
have come a long way, there is a lot
more to be achieved. The ever-evolving
green technology field demands that
GreenTech Malaysia must be agile,
dynamic and tenacious to stay relevant
and at the forefront of the nation’s green
agenda.
”
— Hazim bin Jamaluddin —
6
notice of
annual
meeting
corporate
profile
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notice of
annual meeting
NOTICE IS HEREBY GIVEN THAT the Seventeenth Annual General Meeting of Malaysian Green
Technology Corporation (“GreenTech Malaysia”) will be held at Bilik Tenaga 2, Malaysian Green
Technology Corporation, No. 2, Jalan 9/10, Persiaran Usahawan, Seksyen 9, 43650 Bandar Baru Bangi,
Selangor Darul Ehsan on 11th June 2015 at 10.30 a.m. for the following purposes:
agenda
as ordinary business
1.
To Lay and Receive the Audited Accounts for the year ended 31st December
2014 together with the Reports of the Directors and Auditors therein.
2.
Re-election of Director who retire by casual vacancy under Article 20 of the
Company’s Articles of Association:
2.1 Datuk Harjeet Singh a/l Hardev Singh
3.
Resolution 1
Re-election of Director who retire pursuant to Section 129 of Companies
Act 1965:
3.1 Tan Sri Peter Chin Fah Kui
4.
(Please refer to
Explanatory Note 2)
Resolution 2
Re-appointment of Auditor
4.1 To re-appoint Messrs. Crowe Horwath (AF: 1018) as the Auditors of the
Company and to authorise the Directors to fix their remuneration.
Resolution 3
BY ORDER OF THE BOARD
Kuala Lumpur
Date: 25th May 2015
SHAHRIZAT BINTI OTHMAN
Company Secretary MAICSA 0764744
note
1.
Proxy:
(i)A member of the Company entitled to attend and vote at the meeting is entitled to appoint a proxy to
attend and vote in his stead. All proxies must be members of the Company.
(ii)In the case of a corporate member, the instrument appointing a proxy shall be under its Common Seal or
under the hand of an officer of the corporation duly authorised on that behalf.
(iii) The instrument appointing a proxy must be deposited at the Registered Office of the Company at Suite
C-5-4, Wisma Goshen, Plaza Pantai, Jalan Pantai Baharu, 59200 Kuala Lumpur (Tel: 03 2283 4007 and
Fax: 03 2287 7006) not less than 48 hours before the time set for holding the meeting or any adjournment
thereof.
2.Explanatory Notes to the First Agenda.
This agenda item is meant for discussion only, as the provision of Section 169(1) of the Companies Act,
1965 does not require a formal approval of the members for the Audited Financial Statements. Hence,
this Agenda item is not put forward for voting.
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corporate profile
about malaysian green technology corporation
Malaysian Green Technology Corporation (GreenTech Malaysia) is an organisation under the purview of
the Ministry of Energy, Green Technology and Water (KeTTHA), charged with catalysing green technology
deployment as a strategic engine for socio-economic growth in Malaysia in line with the National Green
Technology Policy 2009.
energy
environment
economy
social
seek to attain
energy
independence
& promote
efficient
utilisation
conserve
and
minimise
impact
on the
enviroment
enhance the
national
economic
development
through
the use of
technology
improve the
quality of
life
for all
the four pillars of the national green technology policy 2009
policy statement
Green Technology shall be a driver to accelerate the national economy and promote sustainable development.
focus
GreenTech Malaysia is focused on meeting the objectives
of the National Green Technology Policy 2009 by:
•Developing sustainable and widespread green
technology markets
• Strengthening the local green technology industry
•Enhancing human competency and capacity in green
technology applications
• Formulating support policies and financing
frameworks to promote green technology growth
• Promoting and creating awareness of green
technologies
These initiatives are carried out through GreenTech
Malaysia’s four key Flagship Projects, namely, Green
Malaysia Plan, Green Procurement, Electric Mobility and
Sustainable Living, across five key sectors, which are
Energy, Transport, Building, Waste Management and
Water Management.
greentech malaysia’s
flagship approach
goal
GreenTech Malaysia aspires to position Malaysia as a global hub for green technology by 2020 and
subsequently develop the country into a green community by 2030.
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“
GreenTech Malaysia continues to
achieve significant progress in its role
as a catalyst in driving the nation’s
green economy. In 2014, we expanded
strategic partnerships, strengthened
policies and frameworks, explored
new opportunities and implemented
impactful initiatives.
”
— Datuk Harjeet Singh —
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key
milestones
13
new partnership
with pdrm
• Launched PDRM blueprint
on 9th January
• Efforts to encourage
sustainable purchases
and green practices
• Converted 14% of its
purchases to green
procurement
• Target to achieve 50%
green procurement by
2020
january
ev infrastructure
by majlis bandaraya
petaling jaya
february
irda implements
lccf
• Signed MOU with IRDA on
17th February
• Irda is GreenTech
Malaysia’s fourth LCCF
partner
• Partnership to position
Iskandar region as a
strong sustainable
metropolis
creating green
wealth at igem 2014
september
norzanah johari
heads green
community division
• Norzanah joins as Vice
President of Green
Community overseeing
the Human Potential &
Sustainable Workplace
Department on 1st
September
• Experienced in various
sectors including the legal
industry, banking and
automotive
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• Held between 15th
and 19th October with
participation from 357
exhibitors from across 20
countries; 616 booths and
over 49,000 visitors
• Record-breaking close
to RM2 billion worth of
business leads generated
october
• The first local authority in
the country to introduce
an EV charging station on
24th March
• The station is located at
MBPJ’s HQ on Jalan Yong
Shook Lin
• Accessible 24/7 and is free
of charge
march
maya karin joins
greentech family
april
appointment of chief
financial officer:
woon foo wen
• Woon joins GreenTech
Malaysia as CFO on 1st April
• He leads the financial
management team and
formulation of smart
partnerships
• A fellow member of
Association of Chartered
Certified Accountants
(ACCA) and a recognised
Chartered Accountant by
the Malaysian Institute of
Accountants
• Appointed GreenTech
Malaysia’s Ambassador on
16th June
• Maya has worked with
WWF, Malaysian Nature
Society and the Ministry
of Natural Resources and
Environment
• Maya’s role is to
heighten awareness and
make green practices
mainstream
july
flagships unveiled
june
• GreenTech Malaysia
officially unveiled its four
key Flagship Projects on
1st July
• The media briefing was
attended by 14 journalists
from leading publications
sustainable
procurement
conference
memorandum of
understanding
inked
• AMDAC (M) Sdn. Bhd.
• Eclimo Sdn. Bhd.
• First Energy Networks
Sdn. Bhd.
• Indah Water Konsortium
Sdn. Bhd.
• Department of Standards
Malaysia
• Green Data Centre LLP
• Kloth Malaysia Sdn. Bhd.
october
november
greentech malaysia
goes international
at formula e in
putrajaya
• International Conference
on Green Procurement
and Eco-labelling themed
“Driving the Green
Economy”, held on 2nd &
3rd December
• Engagement with 187
stakeholders from a
wide range of industries
including automotive,
energy, building
• Stimulated exchange
& feedback on the
importance and
implementation of green
procurement
december
• The Formula E series is
the first global electric car
race in the world
• The Malaysian leg was
held on 22nd November at
Putrajaya
• GreenTech Malaysia
supported the event
by deploying a fleet of
scooters to shuttle drivers
and working crew
• An ideal avenue to garner
public interest on the
feasibility and versatility of
EVs
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“
At every level of the organisation, we are
committed to create a green movement
in Malaysia, one that cultivates a shift
in mindset and culture to embrace
sustainability. Eventually, we believe
green choices will be so ingrained that
they will become second nature to us.
”
—Professor Datin Paduka
Dr. Khatijah binti MOHAMMAD Yusoff —
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board of
directors
board
committees
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board of directors
1. Dato’ Paduka Professor (Dr.) Ir. Hj. Keizrul bin
Abdullah @ Lim Teik Keat (Chairman)
2. Professor Datin Paduka Dr. Khatijah binti
Mohammad Yusoff (Deputy Chairperson)
3. Tan Sri Peter Chin Fah Kui (Special Advisor)
4. Dr. Leong Yow Peng
5. Azhar bin Noraini
6. Dato’ Hafsah binti Hashim
7. Datuk Wira Jalilah binti Baba
8. Datuk Poh Pai Kong
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9. Datuk Hjh. Nor’aini binti Abdul Wahab (ceased
w.e.f. 01/10/2014. To be replaced by Datuk
Harjeet Singh a/l Hardev Singh, Deputy Secretary
General (Green Technology & Water), KeTTHA)
10. Dr. Theng Lee Chong
11. Baskaran Madhavan Nair
12. Hazim bin Jamaluddin
13. Afidah Azwa binti Abdul Aziz (alternate to
Hazim bin Jamaluddin)
14. Ir. Ahmad Hadri bin Haris
(Chief Executive Officer)
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2
3
4
5
6
7
8
9
10
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12
13
14
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board committees
business development
Chairman:Dr. Leong Yow Peng
Members: Baskaran Madhavan Nair
Dr. Theng Lee Chong
Ir. Ahmad Hadri Haris
Asdirhyme Abdul Rasib (Rep. from Ministry of Energy, Green Technology and Water)
Reviews, monitors and reports to the Board on matters related to business strategies, business and project
development.
establishment
Chairman:Dato’ Hafsah Hashim
Members:Ir. Ahmad Hadri Haris
Siti Noor Baiti Mustafa (Rep. from Ministry of Energy, Green Technology and Water)
Reviews, monitors and reports to the Board on matters related to establishment, human resources,
organisational development and Key Performance Indicators.
finance and audit
Chairman:Azhar Noraini
Members:Hazim Jamaluddin
Ir. Ahmad Hadri Haris
Muhammad Wahyudi Othman (Rep. from Ministry of Energy, Green Technology and Water)
Reviews, monitors and reports to the Board on matters related to finances, financial performance, audit and
corporate governance.
investment
Chairman:Datuk Wira Jalilah Baba
Members: Baskaran Madhavan Nair
Ir. Ahmad Hadri Haris
Woon Foo Wen
Reviews, monitors and reports to the Board on matters related to potential business investments, ventures and
opportunities.
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“
People form the cornerstone of
GreenTech Malaysia’s success. We are
committed to mould leaders at every
level, for every position and across all
divisions of the organisation.
”
— dr. Leong Yow Peng —
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leadership
team
organisational
structure
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leadership
team
1
2
3
4
5
1.Ir. Ahmad Hadri Haris
chief executive officer
2.Ahmad Zairin
chief operating officer
3. Woon Foo Wen
chief financial officer
4.Norzanah Johari
vice president,
green community
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6
7
5. Wan Faizal Mohd Anwar
vice president,
green innovation
6. Syed Ahmad Syed Mustafa
vice president,
green growth
7. Mohamed Azrin Mohamed Ali
vice president,
green catalyst
8.Norhasliza Mohd Mokhtar
associate,
green econometrics
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organisational
structure
organisational
learning
green
jobs
green
ventures
gt
crew
human
potential
sustainable workplace
green
econometrics
finance &
account
green
innovation
green
community
green
catalyst
green
promotion
green
growth
C.F.O.
special
officer to
c.e.o.
special
officer
to c.e.o.
(admin.)
C.O.O.
c.e.o.’s
office
public
affairs
C.E.O.
25
26
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“
Enabling green means translating
“sustainability” into real actions that
can deliver impactful results for
Malaysia’s socio-economic growth.
By enabling green, GreenTech Malaysia
is creating green realities for
a sustainable future.
”
— Datuk Wira Jalilah binti Baba —
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manifesto
chairman’s
statement
ceo’s
operational
review
greentech
ambassador’s
message
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30
manifesto
An enabler empowers. An enabler creates opportunities. An enabler drives growth.
In this context, “Enabling Green” succinctly captures GreenTech Malaysia’s role in 2014. The organisation
explored new avenues, joined forces with industry frontrunners, enhanced the nation’s green capabilities, and
spurred the overall development of the green sector in Malaysia.
GreenTech Malaysia manifests the spirit of “Enabling Green” through a holistic approach, right from its vision
all the way down to on-the-ground implementation of its programmes:
vision
GreenTech Malaysia has a well-defined objective to position the country as a thriving hub for green technology
by 2020 and transform Malaysia into a Green Community by 2030.
strategy
The organisation has a well-designed cluster strategy for the green economy, built on its existing strengths
and collaborative dynamics. Towards this end, the four Flagships; Green Malaysia Plan, Green Procurement,
Electric Mobility and Sustainable Living constitute a markedly segmented yet comprehensive approach.
policy
As an operating arm of the Ministry of Energy, Green Technology and Water, GreenTech Malaysia enjoys direct
access to the Government as well as its related machinery. It can therefore effect decisions and policies in
favour of a sustainable future.
investment
To spur innovation and encourage green entrepreneurship, GreenTech Malaysia has assisted nascent green
ventures in securing investments from financial institutions. In addition, the organisation has made smart
investments in forming new strategic alliances and joint ventures.
partnerships
GreenTech Malaysia works closely with various stakeholders to nurture creativity and innovation through
collaborations among industry players, investors, innovators, government officials and international
associates.
talent
As the nation’s lead agency for green technology, GreenTech Malaysia has commissioned several green-centric
local and international training programmes for policy-makers, start-ups, SMEs and its own staff. These have
resulted in an enhanced pool of talent, equipped and competent to take on a growing number of green job
opportunities.
on-the-ground
GreenTech Malaysia continues to drive comprehensive on-the-ground education, appreciation and adoption
programmes to popularise green and sustainable practices among the public.
enabling green, enabling growth
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chairman’s
statement
enabling green demands bold
decisions & relentless effort
Dear Members,
On behalf of the Board of Directors, I am pleased to present the Annual Report of Malaysian Green Technology
Corporation (GreenTech Malaysia) for the financial year ended 31st December 2014.
The world of green technology abounds with inspiring new ideas and developments. I am awestruck by the
rapid adoption of green practices the world over, and fascinated by much of the progress being made.
It is worth looking to some of the pioneers in sustainability from around the world: Sweden is currently
recognised as the world’s No.1 sustainable country; Norway is the world’s No.1 in terms of electric vehicle
usage; Iceland is proudly the world’s only country with 100% electricity from renewable energy; Ireland has
become the world’s first country to include carbon credits in its tax system; and Germany boasts the city of
Frankfurt as the world’s No.1 sustainable city today.
These countries in particular, and others with similar visions for sustainability, should be commended for
their remarkable achievements. What sets them apart from the rest is that they have taken a definitive stance,
and followed through on that decision, consistently working on their set objectives, year in, year out. Every
country or organisation that is set to lead has to make bold decisions and back these with persistent actions,
notwithstanding the various challenges thrown their way.
As the lead catalyst driving the nation’s green agenda, GreenTech Malaysia, collaborating closely with the
Government, Ministry of Energy, Green Technology and Water (KeTTHA) and other relevant Ministries, has
made steady progress in enabling green growth to become more visible in the marketplace and enabling
“green” to become a “naturally preferred choice”.
Concerted efforts by all stakeholders have thus far contributed to the overall reduction of 25% of CO2
emissions or 40.2 MtCO2eq for the country since COP15, while increasing the green technology sector’s
contribution to GDP to 0.8%, or RM7.9 billion in 2014. We are optimistic that, with the launch of the Green
Technology Master Plan in 2015, coupled with the various strategic green programmes in the pipeline, more
emphasis will be given to the national green agenda to further drive Malaysia towards its COP15 carbon
emission reduction pledge and increase the sector’s GDP contribution to 1.2%, or RM22.4 billion, by 2020.
Underlying our efforts is a fundamental understanding that, in order for real and lasting change to take place,
green growth must be seen to bring with it economic, environmental and social benefits. The challenge has
thus been to enable and promote green growth holistically, from the vision, policy and strategy level down to
on-the-ground activation. Against this background, we have had to restructure our various programmes in
terms of flagships, drop initiatives that were not aligned with our end goals, as well as re-evaluate our hiring
policies and processes, whilst venturing into uncharted territory such as electric mobility in Malaysia.
Our KPIs for 2014, as set by the Board, have ensured that all our ideas and implementation culminate in
enabling sustainable practices to be understood and adopted across various segments of industry and the
community.
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“
at malaysian green technology corporation, we
are in the enviable position of not just being
involved in green technology, but of enjoying the
government’s mandate to lead malaysia’s green
agenda. enabling green for an entire nation is
a huge responsibility that has demanded from us
bold decisions and relentless effort to help shape
a sustainable future.
”
investments: To grow as a green leader, we have made smart investments in promising strategic partners
and commercially viable ventures.
innovation: To spur innovation and introduce breakthrough technologies, we have collaborated with
various partners to involve new players, develop new sectors and increase competitiveness.
purchases: We have successfully encouraged a number of Government agencies, as well as private
businesses and individuals to undertake green purchasing on a long-term basis. This will continue to be a key
area of our focus going forward.
On behalf of GreenTech Malaysia, I would like to extend our gratitude to the Malaysian Government as well as
the team at KeTTHA for their confidence and support throughout the year. On behalf of the Board, I would like
to extend our heartfelt thanks to our members and all our stakeholders, from the regulators, authorities, and
industry to family and friends, for the dynamic support system that we have enjoyed.
My personal appreciation to my fellow Directors for their insights, inspiring ideas and candid input in our
discussions. I would like to thank Datuk Hajah Nor’ Aini binti Abdul Wahab, who resigned in October 2014,
for her longstanding contribution to Malaysia’s green technology sector and her invaluable service to the
Board.
I extend a warm welcome to Datuk Harjeet Singh a/l Hardev Singh, the new Deputy Secretary General (Green
Technology and Water) at KeTTHA, who will be officially joining the Board in 2015; we are honoured to have
him on the Board and look forward to working with him.
I would also like to congratulate the management and staff of GreenTech Malaysia for their great team spirit,
and the dedication, perseverance and enthusiasm they have shown in turning every challenge into a stepping
stone for progress. The Board would like to express its appreciation of their hard work and dedication.
Finally, to all our members, as the world turns a corner towards sustainable living, we at GreenTech Malaysia
are honoured and humbled in equal parts to be enabling the next phase of ‘green’ here in Malaysia. I urge you
to continue to give us your support on this journey, not just leaving a mark but creating a sustainable legacy
together.
dato’ paduka professor (dr.)
ir. hj. keizrul bin abdullah @ lim teik keat
chairman
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ceo’s
operational
review
enabling green through strategic
planning & partnerships
Dear Stakeholders,
2014 has been an exciting year for both GreenTech Malaysia and the industry as a whole. Having realigned our
efforts under our four key flagships, namely, Green Malaysia Plan, Green Procurement, Electric Mobility and
Sustainable Living, we made significant progress in our various initiatives over the year, even as new concepts
and ideas were shaped into actionable plans with clear end goals.
During the year under review, GreenTech Malaysia also forged several strategic partnerships with key industry
players to enable the growth of the green sector and augment our efforts in mitigating the environmental
impact associated with achieving Malaysia’s developed nation status by 2020.
A closer examination of our Flagships’ progress clearly demonstrates the wide-ranging impact our initiatives
have achieved.
flagship projects: key highlights
green malaysia plan
green technology master plan (gtmp)
In our efforts to drive the nation’s green growth, GreenTech Malaysia took the lead in developing the Green
Technology Master Plan – a comprehensive guide towards achieving the objectives as set out in the National
Green Technology Policy 2009, focused on five key sectors, namely, Energy, Transport, Building, Waste
Management, and Water Management.
During the year under review, GreenTech Malaysia organised several stakeholder engagement sessions to
gather crucial feedback from a broad range of stakeholders to ensure that the GTMP is reflective of the nation’s
aspirations.
We are pleased to report that the GTMP’s framework is set to be tabled at the Green Technology and Climate
Change Council, chaired by the Prime Minister, Y.A.B. Dato’ Sri Mohd Najib Tun Haji Abdul Razak in early
2015.
green technology financing scheme (gtfs)
The GTFS, in partnership with Credit Guarantee Corporation and 23 participating financial institutions,
continues to play a vital role in the creation of innovative green ventures. In 2014, GTFS funded 45 projects
amounting to RM438.4 million, thereby bringing the total number of projects funded under the Scheme since
2010 to 165. This has expanded the green economy by over RM2 billion, creating 2,491 green jobs and avoiding
close to 2.4 million tonnes of carbon emissions equivalent that would have otherwise been generated.
Of the RM2 billion disbursed under the GTFS, RM825.7 million took the form of Islamic financing, which
clearly signifies the important role that Islamic banking can play in the future growth of the green economy.
34
“
it is increasingly apparent that the spirit of the
national green agenda is clearly permeating across
all generations of malaysians. greentech malaysia
is proud of the significant progress achieved in
enabling green through strategic planning and
partnerships backed by the strong support from the
government and various stakeholders.
”
green procurement
green practices and green technology application blueprint
With regards to Green Procurement, I am pleased to note that since the launch of the Green Practices and
Green Technology Application Blueprint in January, developed in partnership with Polis Diraja Malaysia
(PDRM), the police force has demonstrated unwavering commitment in putting plans into action, delivering
commendable results throughout 2014.
Apart from committing to sustainable procurement practices, PDRM has also introduced hybrid cars and
electric scooters into its patrol fleet, which will save the police force a total of RM4,605 per hybrid car and
RM657 per electric scooter on fuel cost, and a carbon reduction of 4.113 tCO2eq and 0.823 tCO2eq respectively
per annum. We are also working hand-in-hand with PDRM to transform selected police stations into green
buildings, an initiative which could potentially save between 10% and 30% in energy consumption per
building. Once these projects have gained traction, we anticipate that they will result in immediate carbon
reduction as well as provide an exemplary showcase that could help shape mindsets for the future development
of green buildings and procurement practices.
electric mobility
electric mobility blueprint
In the area of transportation, Malaysia has set an ambitious target of deploying 2,000 electric buses, 100,000
electric cars, 100,000 electric scooters and motorcycles on Malaysian roads as well as 125,000 public-access
charging stations to be installed by 2020. In preparing Malaysia to meet these targets, GreenTech Malaysia
was tasked with developing the Electric Mobility Blueprint (EMB) to provide a strategic roadmap and action
plans to guide policy-makers, industry members and relevant stakeholders towards achieving these targets and
creating a sustainable national transportation model.
Provisional versions of the EMB have been circulated to relevant stakeholders for their input and consultation.
A consolidated version is set to be tabled at the Green Technology and Climate Change Council in Q1 2015 for
approval.
strategic partnerships
Alongside the EMB, GreenTech Malaysia established key partnerships that are critical to driving the growth
of the electric mobility market in Malaysia. Our collaborations with AMDAC (M) Sdn. Bhd., CMS Consortium
Sdn. Bhd., Eclimo Sdn. Bhd. and First Energy Networks Sdn. Bhd. are timely as they enable GreenTech
Malaysia to further accelerate the holistic adoption of Electric Vehicles (EVs) for public transportation and
private ownership, as well as simultaneously creating the momentum for the development of an EV ecosystem
and EV economy.
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36
Ultimately, the goal is to position Malaysia as a thriving market for electric mobility, which in turn will
encourage inward investment into the country within the field, resulting in this sector becoming a key
economic driver for the country.
sustainable living
low carbon cities framework & assessment system
In March, GreenTech Malaysia welcomed Iskandar Regional Development Authority (IRDA) as our latest partner
in the implementation of low carbon cities, thus extending our Sustainable Living initiatives from the central
to the southern region. This strategic partnership will ensure sustainable practises are employed by IRDA in
developments taking place within Iskandar Malaysia. We are indeed excited about this new alliance and look
forward to formulating more low carbon strategies following the completion of the initial baseline study by
2015.
5th international greentech & eco products exhibition and conference malaysia
I am extremely pleased to report that this year’s International Greentech & Eco Products Exhibition and
Conference Malaysia (IGEM), held between 15th and 19th October, lived up to its theme, “Creating Green
Wealth”, surpassing the previous years’ numbers, generating close to RM2 billion in green business leads.
IGEM 2014 recorded participation from 357 exhibitors taking up some 616 exhibition booths from across 20
countries, and attracted over 49,000 visitors from around the world.
These statistics clearly demonstrate the pivotal role IGEM continues to play as the region’s largest green
technology platform, while contributing to the growth of the country’s green economy.
outlook for 2015
While our 2014 initiatives have played an important role in driving Malaysia’s green sector forward, GreenTech
Malaysia shall continue to actively engage all stakeholders in the development of actionable roadmaps, seed
the market with catalytic projects and enable new green ventures. GreenTech Malaysia foresees that the green
sector will continue to offer great potential for the country’s socio-economic growth.
Research conducted in the development of the GTMP shows that Malaysia’s green technology sector has the
potential to contribute up to RM70 billion to the country’s Gross Domestic Product by 2020. Importantly, the
research also offers the opportunity for developing the national economy in a sustainable manner through the
deployment of climate mitigation strategies and actions. These positive interventions are expected to reduce
national carbon emissions from the ‘business as usual’ scenario of anticipated generation of 390.1 MtCO2eq by
2020 rising up to 570 MtCO2eq in 2030, to 196.5 MtCO2eq by 2020 and 248 MtCO2eq by 2030.
The GTMP’s proposed targets will see the nation surpass the target set in 2009 by the Prime Minister Y.A.B
Dato’ Sri Mohd Najib Tun Haji Abdul Razak of achieving a 40% reduction in carbon emissions intensity of
GDP by 2020, based on 2005 levels.
Moving forward, accelerating the adoption of green technology will remain a priority for the country as
Malaysia works towards establishing itself as a Green Community by 2030. With strong commitment from
the Government, industry stakeholders and GreenTech Malaysia’s team, and the promising progress of our
Flagship initiatives, GreenTech Malaysia is optimistic that the outlook for the green sector remains bright and
that it will grow rapidly to become one of the key contributors to Malaysia’s socio-economic growth.
ir. ahmad hadri haris
chief executive officer
37
greentech
ambassador’s
message
enabling green on an individual level
Being a brand ambassador is an immense privilege and a huge responsibility. Whenever I am approached
to endorse an organisation or a product or a cause, I always ask myself these three questions: Does it feel
authentic? Do I share its core values? Will I be able to make a positive impact for the company/product/
cause? It has to be an unequivocal yes to all three questions in my heart and mind before I can accept being an
ambassador. When GreenTech Malaysia nominated me as GreenTech Ambassador, I was honoured, delighted
and overwhelmed all at once. Given my longstanding passion for the environment, I felt this opportunity
resonated perfectly with me.
My doting father, Gottfried Roelcke, an avid environmentalist in his own right, shaped and nurtured me on my
green journey right from my toddler years. We lived a vibrant outdoor lifestyle which helped me appreciate and
respect the benevolence of nature. As a result, very early in life I became actively involved in nature protection
campaigns, key among these being my longstanding collaboration with the Malaysian Nature Society and the
World Wildlife Fund.
Subsequently, I also rolled out my own campaign, “MayaLovesNature”, which involved working with 22,000
students from 14 different primary schools across Malaysia, targeting awareness on the excessive use and
wastage of plastic bags. Since 2012, I have also been actively involved as the ambassador of the Government’s
new recycling initiative and spokesperson for the Geological Institute of Malaysia.
In my new role working with the country’s catalyst for green technology, I see myself not merely as a weekend
eco-warrior but as a fulltime ambassador to help drive the nation’s green agenda. While the Malaysian
Government, GreenTech Malaysia and leading corporations have been proactive in planning, developing and
implementing sustainability programmes over the years, there remains much scope for individuals to play
their role as well.
To me, “Enabling Green” translates to popularising the adoption of green technology not just at a corporate
or organisational level, but at a more fundamental level – the individual. If we are able to convey the benefits
of going green and reach out to individuals across the country, slowly but surely we will see more and more
people move towards sustainable green practices. At the end of the day, it all rests on the shoulders of
individuals – be they in ministries, corporations, NGOs or the man on the street, to make smarter and greener
choices in their daily lives.
In my very first year as GreenTech Ambassador, I have had the opportunity to work closely on some of
the company’s on-the-ground events, including the region’s largest exhibition and conference on green
technology – IGEM 2014. Despite my many years working on environmental projects, IGEM was an eyeopening experience, as I mingled with international delegates, ministry officials and industry pioneers who
graciously shared their thoughts on and adventures in driving the green revolution. I came out better informed
and truly inspired.
I was also thrilled to attend the very first Formula E in Putrajaya, which clearly demonstrated that electric
cars are robust and swift enough to withstand the gruelling demands of an international racing circuit. With
38
“
during a pivotal period in time when green
technologies are revolutionising almost every
industry and reshaping the way we live, i am
honoured to have been given this opportunity to
partner with greentech malaysia - the organisation
that is at the forefront of driving malaysia’s green
agenda. as the greentech ambassador, my aim is
to inspire people to adopt green products and
services, towards a sustainable future.
”
Formula E making the rounds around the globe at 10 different locations, the popularity of electric cars is
bound to gain traction.
With all the electric buzz going around, I look forward in the year ahead to playing a proactive role in driving
the electric vehicle revolution here in Malaysia. I am eager to experience the joys of charging up my car at home
or being able to do so conveniently at shopping malls and other public spaces, as an appealing alternative
to petrol stations. As more of us opt for electric vehicles, be these cars or scooters for private use or buses in
public transportation, we will not only be making smart choices but sustainable ones as well.
To popularise green choices in our day-to-day lives, we have to make green alternatives widely available and
easily accessible. Towards this end, I am very keen to be involved in GreenTech Malaysia’s Green Procurement
initiative. Under this key flagship, plans are currently underway to revamp the MyHIJAU Directory to serve
as a central information repository of green products and services. This will be an important tool for
corporations and individuals alike to explore and research certified green products. Once the comprehensive
MyHIJAU Directory is unveiled, I am sure it will become increasingly easy for Government, private and public
corporations, as well as you and me, to check out the myriad of green options available for our use at work and
in our homes.
There are ample opportunities for us to make a positive impact towards a collective sustainable future. With
my firm commitment to do my part as GreenTech Ambassador, I urge you to be ambassadors in your own
right, talking about green, making green choices and encouraging your family and friends to do the same.
I urge you, dear stakeholder, to join me in making Malaysia a leading force in the dynamic field of green
technology. Every step we take towards making green choices is a step towards a sustainable future for us and
for the generations to come.
Enabling choices, enabling green.
maya karin
greentech ambassador
About Maya Karin: German-born Maya Karin is popularly recognised within the region as a leading Malaysian film actress, TV host
and singer. She has been conferred with the most nominations in the country’s Best Actress Award category and is the youngest actress
to have ever won the award twice. She is also the first of only two Malaysian actresses to have won the prestigious Best Actress Award
at the Asia Pacific Film Festival. In the music arena, Maya’s debut music album, Erti Cinta, garnered her nominations for Best New
Singer and Best Video awards at the Anugerah Industri Muzik (Malaysia’s version of the Grammy Awards). Her latest album, TekaTeki, was launched in April 2014 by Warner Music Malaysia. Given Maya’s celebrity appeal and her passion towards environmental
matters, GreenTech Malaysia officially appointed her GreenTech Ambassador on 16th June 2014.
39
“
GreenTech Malaysia’s flagship
approach has undoubtedly anchored
our focus, offering clear objectives,
well-defined roadmaps, best-fit
teams and measurable results, to take
the corporation to its next phase of
growth.
”
— Baskaran Madhavan Nair —
40
flagship
updates
41
flagship updates
flagship 1: green malaysia plan
The Green Malaysia Plan Flagship aims to realise the aspirations outlined in the National Green Technology
Policy 2009, focusing on the holistic development of green technology in five key sectors, namely, Energy,
Transport, Building, Waste Management, and Water Management. Key initiatives under this Flagship include
the Green Technology Master Plan and Green Technology Financing Scheme.
green technology master plan (gtmp)
In 2014, GreenTech Malaysia undertook the development of the GTMP, which will serve as a comprehensive
document to guide the country to achieving its COP15 pledge of a 40% reduction in carbon emissions intensity
of GDP by 2020, based on 2005 levels, and low carbon status by 2030.
In gathering feedback from the various stakeholders, GreenTech Malaysia presented a Sneak Preview of the
GTMP’s framework on 29th August to an audience of 95 participants, with representatives from various sectors
including the Ministry of Energy, Green Technology and Water, Economic Planning Unit, Sustainable Energy
Development Authority, National Water Services Commission, Maybank Investment Bank Berhad, Waste
Management Association of Malaysia, Construction Industrial Development Board and Malaysian Palm Oil
Board. Salient points derived from the Sneak Preview were incorporated into the Master Plan.
Subsequently, between 22nd and 25th September, GreenTech Malaysia initiated a follow-up engagement
session with 55 stakeholders, which was more focused and relevant to individual sectors, to seek further
consultation before finalising the framework.
The framework of the Green Technology Master Plan is scheduled to be tabled at the Green Technology and
Climate Change Council in the first quarter of 2015. The document is targeted to be launched in the third
quarter of 2015.
green technology financing scheme (gtfs)
GreenTech Malaysia continued to facilitate the disbursement of the GTFS to further accelerate the growth
of Malaysia’s green economy. Initiated in 2010, the Scheme has served to bridge a financing gap and
encourage green ventures, particularly for new business models and start-ups that may not be able to fulfil the
conventional requirements of commercial banks.
Under the GTFS, applicants are offered a rebate of 2% per annum on interest or profit rates charged by
financial institutions, while also providing a Government guarantee of 60% for the financed amount.
In 2014, GTFS financed a total of 45 projects, raising RM438.4 million from Malaysian financial institutions
for green ventures.
Out of the total RM3.5 billion allocated by the Government for GTFS, the Scheme has thus far approved
financing of RM2.02 billion for 165 green projects since its inception. These projects have successfully created
2,491 green jobs and avoided 2.39 MtCO2eq, contributing positively to Malaysia’s socio-economic growth
while mitigating its impact on the environment.
42
as of 31st december 2014
total gtfs fund allocated to the scheme (rm)
3,500,000,000.00
total financing (rm)
2,020,365,825.00
balance of gtfs fund (rm)
1,479,634,175.00
total number of projects financed
165
total number of green jobs created from financed projects
total amount of co2 avoided from financed projects (tco2eq/year)
2,491
2,385,101.91
breakdown by year
[ 2010 - 2014 ]
number of projects certified
amount of gt certified (rm ‘million)
number of projects financed
amount of financing (rm ‘million)
With Malaysia being a key international Islamic finance hub, the GTFS continued to receive growing support in
the form of Islamic financing, which accounts for RM825.7 million or about 41% of the total funds disbursed
under the financing scheme. This represented a marked increase from over RM260 million in 2013 and
signalled a growing confidence in the viability of green businesses among Islamic financial institutions.
growth of islamic
financing
islamic financing
non-islamic financing
exploring new green financing options
Recognising the important role financing plays in further developing the green technology sector, GreenTech
Malaysia participated in a series of forums and discussions to gather insights into expanding Malaysia’s green
financing initiatives.
43
On 12th and 13th June, GreenTech Malaysia participated in the Organisation for Economic Co-operation and
Development’s Green Investment Financing Forum organised in Paris, which aimed to promote dialogue and
enhance understanding among countries and institutions interested in establishing green investment banks.
Further exploratory discussions on the concept of green investment banking were held between 27th and 31st
October in London, which is widely known as an industry leader in green investment formulation and green
financing programmes. UK Green Investment Bank, which was established in 2012, had by end of 2014 funded
over 44 green infrastructure projects, contributing £2 billion (RM11 billion) to the UK’s green economy.
The trip, which was led by Y. Bhg. Datuk Harjeet Singh, the Deputy Secretary General (Green Technology and
Water), KeTTHA, also saw the participation of Credit Guarantee Corporation and the EU–Malaysia Chamber of
Commerce and Industry.
During the study mission, the group organised several meetings with key policy-makers and drivers of green
finance in the UK, including leaders and representatives from the Science, Innovation and Climate Department
under Britain’s Foreign and Commonwealth Office, The Carbon Trust Fund, UK Green Investment Bank,
European Bank for Reconstruction and Development, Transport for London, Self-Energy Ltd., London Energy
Efficiency Fund and Bloomberg New Energy Finance.
GreenTech Malaysia also participated in the International Green Bank Summit held between 17th and 18th
November in New York City. This summit was an important platform gathering representatives from existing
green banks and key industry players from around the world to discuss issues and challenges surrounding
green financing as well as to share best practices.
Overall, these discussions provided very valuable insights into the establishment of effective green financing
programmes, in line with GreenTech Malaysia’s objective to further propel Malaysia’s green economy.
moving forward
Upon the launch of the GTMP, GreenTech Malaysia will prioritise the action plans identified for enabling
future developments within the five key sectors to incorporate carbon mitigation measures. GreenTech
Malaysia will oversee the actualisation of the GTMP in order for Malaysia to achieve its targets by 2020.
GreenTech Malaysia will also continue to identify, nurture and fund green ventures that will contribute
significantly to Malaysia’s green economy and environment via GTFS. While it continues to facilitate the
ongoing GTFS, GreenTech Malaysia will explore other viable green financing vehicles to further spur the
growth of Malaysian green businesses.
44
flagship 2: green procurement
The Green Procurement Flagship aims to spur the growth of the green market by showcasing environmentallyfriendly options and encouraging sustainable purchasing. Key initiatives underlining this Flagship include
MyHIJAU Mark and MyHIJAU Directory, the MyHIJAU SME & Entrepreneur Development Programme and
Government Green Procurement, which are collectively known as the MyHIJAU Programme. The MyHIJAU
Programme is aimed at promoting the sourcing and purchasing of green products and services, catalysing the
growth of Malaysia’s green economy.
myhijau mark and myhijau directory
MyHIJAU Mark is an official label that recognises certified green products
and services verified by GreenTech Malaysia to meet local and international
environmental standards.
MyHIJAU-certified products and service providers are registered and listed in
MyHIJAU Directory, providing buyers and consumers with a comprehensive
guide and access to a wide range of sustainable options.
In developing MyHIJAU Mark, and considering the proposed green technology
tax incentives under Budget 2014, GreenTech Malaysia held regular stakeholder engagement sessions which
included the Ministry of Finance, the Ministry of Energy, Green Technology and Water, Lembaga Hasil Dalam
Negeri, PricewaterhouseCoopers and the Malaysian Investment Development Authority.
To promote a greater understanding of green purchasing and prompt a ‘call to action’, GreenTech Malaysia
co-hosted the inaugural International Conference on Green Procurement and Eco-Labelling themed “Driving
the Green Economy” on 2nd December. The Conference, organised in collaboration with Green Purchasing
Network Malaysia, drew 187 participants including international and local experts, and aimed to provide
insights on the importance of green procurement in driving the global economy as well as effective ways to
address challenges related to the implementation of green procurement in Malaysia.
myhijau sme & entrepreneur development programme
The MyHIJAU SME & Entrepreneur Development Programme aims to encourage the growth of local SMEs,
including Bumiputera and women-led businesses, to adopt green practices and produce and provide
local green products and services. This initiative equips participants with entrepreneurship and strategic
management skills to enhance companies’ management of their existing and upcoming green ventures.
SMEs enrolled under this project will go through a capacity-building, training and coaching programme to
enable them to obtain green label verification for their products and services.
At the end of the programme, it is envisaged that the participating SMEs will successfully incorporate best
green practices and applications in their operations. With this, they will be well-equipped to register their
products with MyHIJAU Mark and be listed in MyHIJAU Directory.
GreenTech Malaysia organised a series of briefings on the MyHIJAU SME & Entrepreneur Development
Programme in Putrajaya, Johor, Melaka, Penang, Terengganu, Sabah and Sarawak, reaching out to 218
participants. A series of training sessions was also organised for 57 SMEs on Green Management &
Entrepreneurship, Green Productivity (Material Cost Saving) and ISO 9001 Quality Management System (under
the National Standards Compliance Programme).
GreenTech Malaysia also conducted a Coaching & Monitoring session on Green Productivity (Material Cost
Saving) for ten companies.
government green procurement
The Government Green Procurement (GGP) initiative aims to encourage the adoption of sustainable
procurement through a lead-by-example approach, showcasing success stories on the benefits of green
purchasing.
45
As a case in point, on 9th January, GreenTech Malaysia in partnership with the Polis Diraja Malaysia (PDRM),
launched the Green Practices and Green Technology Application Blueprint, aimed at providing the police force
a roadmap for reducing the carbon footprint resulting from its operations. One of the key initiatives included
switching to sustainable procurement, which positioned PDRM as the champion of GGP, setting a precedent
for corporations and individuals to follow.
Further to this, PDRM invested in eco-friendly products including hybrid cars and electric scooters as part of
its patrol fleet in line with its aim of switching 50% of its procurement to eco-friendly purchases by 2020. As of
end 2014, PDRM has successfully increased its green purchasing to 14% of overall purchases.
Going beyond daily operational practices, GreenTech Malaysia also worked with PDRM to identify selected
police stations to be transformed into green buildings, focusing on the utilisation of green technology and
eco-friendly building materials to further reduce its carbon footprint. Four energy audits were conducted,
namely,
• Taman Tun Dr Ismail Police Station, completed in January
• IPD Serdang, completed in September
• IPK Selangor, completed in December
• Menara 2 Bukit Aman PDRM Headquarters, scheduled for completion in January 2015.
These five-week energy audits revealed a huge potential for reducing energy consumption at all four stations.
Among the proposed energy saving measures were the installation of energy saving bulbs and equipment, the
implementation of sustainable energy management and the maintenance of air-conditioning systems.
All these efforts paid off for PDRM with the organisation saving a remarkable RM30 million in its very first year
of going green.
To support the GGP initiative, GreenTech Malaysia provided technical support, training and assistance to the
Government through the following:
1. Developing a Life Cycle Costing (LCC) training module for procurers
2. Conducting LCC training for Government procurers in Lexis, Port Dickson
3. Conducting a study on Comparative Market Price Analysis for Green and Non-green Products and
Services
4. Providing technical consultation for pilot implementers such as the Ministry of Energy, Green
46
Technology and Water (KeTTHA), Ministry of Education (MOE), Ministry of Home Affairs (KDN),
Ministry of Health (MOH) and Economic Planning Unit (EPU)
5. Organising GGP Awareness Training and providing trainers for the session
6. Speaking at the GGP awareness programme directed at other Ministries, agencies and State
Governments such as Iskandar Regional Development Authority, Melaka State Government and
Kementerian Wilayah Persekutuan.
Other exciting activities related to GGP in 2014 included:
• GGP Workshop on Tendering Specifications at GreenTech Malaysia on 20th and 21st March, organised
to guide Government procurers on their tender preparations and technical product specifications to
include to meet the green criteria.
• Go Green PDRM at Johor Bahru on 27th May
• Green Explorace (Putrajaya – GreenTech Malaysia) on 15th June
• Training for pilot implementers at GreenTech Malaysia on 17th June
• MyHIJAU Youth Camp between 22nd and 24th August
• GGP Briefing for Melaka State Government on 18th September
• PDRM Showcase at IGEM 2014 between 16th and 19th October
• GGP Seminar for PDRM at Shangri La Putrajaya on 27th November
moving forward
GreenTech Malaysia will continue to prioritise the rollout of the MyHIJAU Programme, which will benefit
manufacturers, buyers and consumers while encouraging greater demand and supply in the green market in
the country.
GreenTech Malaysia will also step up efforts to help PDRM realise their green vision. By 2015, the partnership
aims to achieve 10% savings in energy consumption and 5% reduction in fuel consumption throughout
PDRM’s operations, as well as to increase its green procurement by a further 15%. Plans are also underway to
build an Eco Data Centre at PDRM’s headquarters located in Bukit Aman and to guide the police force towards
achieving green certification for two of its buildings.
GreenTech Malaysia will explore further collaborations with organisations that are committed to reducing
their carbon footprint by augmenting their green procurement portfolio.
47
flagship 3: electric mobility
GreenTech Malaysia’s Electric Mobility Flagship is driving a significant shift in Malaysia’s transportation
model, moving it from being wholly fossil fuel-dependent to adopting an alternative that is cleaner and more
sustainable.
This is crucial as the transportation sector is the second highest contributor to CO2 emissions, responsible for
22% of total emissions. At the current rate, Malaysia’s CO2 emissions from the road transportation sector are
projected to increase by 213% to 127 MtCO2eq in 2030 from 61.6 MtCO2eq in 2013.
To mitigate this, Malaysia aims to deploy 100,000 electric cars, 100,000 electric scooters and motorcycles,
2,000 electric buses and 125,000 public-access electric vehicle (EV) charging stations by 2020.
With this in mind, several key initiatives were undertaken through 2014 that were focused on enabling
Malaysia to achieve its goals and position itself as a thriving electric mobility marketplace.
roadmap and action plans
The cornerstone of this Flagship is the development of the national Electric Mobility Blueprint, which aims to
fast-track Malaysia’s transformation by providing a framework for the establishment of an EV sector, a holistic
EV ecosystem and a thriving EV economy.
In developing the Blueprint, significant efforts were placed in comprehensively reviewing the nation’s current
transportation resources, requirements and environmental impact. In addition to this, substantial research
was also conducted to review successful EV adoption strategies that have been rolled out internationally,
including those carried out in Amsterdam, Los Angeles, and Norway, which are recognised worldwide as
successful models of electric mobility.
GreenTech Malaysia also facilitated several stakeholder engagement sessions which were critical in the
drafting of the Electric Mobility Blueprint as these provided the ideal opportunity to collate feedback and ideas
from key industry drivers. An example of these engagements was the 8th August symposium which gathered
key industry representatives including the Ministry of Energy, Green Technology and Water (KeTTHA),
Malaysia Automotive Institute (MAI), Performance Management and Delivery Unit (PEMANDU), the EUMalaysia Chamber of Commerce and Industry, and First Energy Networks Sdn. Bhd. (FEN), along with leading
automotive manufacturers.
Gathering input from these consultations, strategic action plans were formulated for three integrated key
focus areas:
evs for
public
transport
and private
ownership
ev
ecosystem
ev
economy
To gain a broader perspective on the rollout of EVs, GreenTech Malaysia undertook a study mission to
Amsterdam between 2nd and 9th November. The research team gained invaluable insights during one-on-one
conversations with Dutch authorities on effective EV adoption methods, as well as a detailed understanding
of the story behind the success of The New Motion, currently the largest provider of EV charging stations in
Europe, with over 10,000 intelligent charge points.
The Electric Mobility Blueprint is set to be presented to the Green Technology and Climate Change Council in
the first quarter of 2015 for approval, and will be launched officially later in the year.
48
strategic partnerships
Recognising that strategic partnerships are vital to enabling important facilities, capabilities and expertise,
GreenTech Malaysia partnered with key EV players to expedite the expansion of Electric Mobility in Malaysia.
Key partnerships include:
cms
consortium
sdn. bhd.
malaysia
automotive
institute
amdac (m)
sdn. bhd.
An MoU was signed
on 16th October to
deploy a fleet of
electric buses for
public transportation.
first energy
networks
sdn. bhd.
A tri-partite collaboration for the rollout of
Malaysia’s first electric car sharing programme,
Cohesive Mobility Solution (COMOS), was
officially announced on 6th May.
eclimo
sdn. bhd.
An MoU was signed on
17th October for the use
of electric scooters for
corporate and private
ownership.
An MoU was signed on 17th October to deploy a network of charging
stations nationwide.
These partnerships will have a far-reaching impact on the public and private EV transportation sector, as well
as the expansion of the EV ecosystem, particularly in terms of expanding the nation’s EV charging station
network.
evs for public transport and private ownership
An important step in transforming Malaysia into an EV marketplace is to showcase the feasibility of EVs to the
general public, thereby building familiarity and confidence.
A visible initiative taken towards enabling the growth of EVs in public transportation was the establishment of
the Sustainable Mobility Fund by the Council of Green Technology and Climate Change on 9th January.
The fund allocated RM70 million to catalyse the deployment of electric buses for public transport in Malaysia
by providing soft loans for the procurement of electric buses, with GreenTech Malaysia serving as the technical
evaluator and monitoring agency for the fund.
49
Another key initiative in encouraging public use of EVs was the introduction of the COMOS car-sharing
programme in May. The primary objective of COMOS is to provide smart connectivity and mobility solutions
that promote a sustainable green environment, lowering CO2 emissions and decreasing fossil-fuel
consumption whilst reducing traffic congestion.
Another development to note in the journey towards increasing EV adoption was the purchase of 33 units
of Eclimo electric scooters by Polis Diraja Malaysia for their Amanita Patrol Unit. This, along with the
purchase of a further 250 units by KFC, now brings the total number of electric scooters in the country to 447.
Environmentally, these 447 electric scooters are projected to contribute cumulatively to a carbon reduction of
367.88 tCO2 annually, while offering savings on fuel and maintenance cost as follows:
impact
savings per unit / year
total savings (447 units) / year
maintenance cost
rm600
rm268, 200
fuel cost
rm657
rm293, 679
Meanwhile, signalling a growing market, electric car sales saw an increase this year, bringing the total number
of electric cars on Malaysian roads to 73 from a range of eight different models, including the Proton EV and
REEV, Nissan LEAF, Misubishi i-Miev and PHEV, Renault Zoe, Fluence and Twizy.
electric cars
6
26
14
27
2011
2012
2013
2014
ev ecosystem
These commendable initiatives in EVs for public transport and private ownership were complemented
by a strong push to develop Malaysia’s EV ecosystem, largely by expanding the country’s EV charging
infrastructure. On this front, GreenTech Malaysia partnered with FEN, who played a pivotal role in bringing
the total number of EV charging stations installed across the country to 38. These stations are located at hightraffic public places such as shopping malls, municipal buildings and public car parks.
Through this strategic partnership, together with the support of the Government via the provision of an RM3
million fund from Akaun Amanah Industri Bekalan Elektrik (AAIBE), the number of EV charging stations is set
to climb to 300 by 2016.
ev economy
The global rise in demand for EVs provides tremendous opportunities for sales, manufacturing, systems
and service industries in Malaysia. GreenTech Malaysia will be working closely together with the Ministry of
International Trade and Industry, Malaysian Investment Development Authority and MAI to capitalise on these
opportunities and penetrate the global EV supply chain.
50
2014
2015 - 2019
2020
beyond 2020
growth of ev market
capitalise on local ev market
& ev ecosystem
manufacturing
electric
scooters &
motorcycles
oem engagements with
global ev companies to penetrate
global ev supply chain
engagements with global oems
to make malaysia a centre for
oem manufacture
global electric
mobilty marketplace
ev economy
introductory
stage of
importing evs
growth of local
electric car &
component industry
market readiness &
acceptance
growth of electric scooter &
electric motorcycle industry
r&d in local ev and ev component,
infrastructure & backend manufacture
It is estimated that the EV industry will contribute RM5 billion in gross national income and generate
approximately RM328 million in foreign direct investment and domestic direct investment, while creating over
14,000 job opportunities by 2020.
on-the-ground awareness
Promoting public familiarity and confidence in EVs, GreenTech Malaysia partnered with AMDAC, BYD and
the Perlis State Government to deploy an electric bus that provided complimentary shuttle services to ferry
audiences to and from Sukan Malaysia (SUKMA) stadiums throughout the games, from 26th May to 4th June.
This initiative not only helped familiarise a significant number of people to the capabilities of EVs but also
recorded savings of RM1,160.90 on fuel cost and reduced carbon emissions by 0.87 tCO2 from levels that
would have been generated using a conventional bus during the 10-day service.
GreenTech Malaysia also supported the inaugural FIA Formula E Championship in Malaysia which took place
on 22nd November by deploying a fleet of electric scooters to shuttle drivers and working crew around the
Putrajaya venue.
The first staging of the Formula E Championship in Malaysia was an important platform to generate public
interest on the feasibility and versatility of EVs, and GreenTech Ambassador Maya Karin was present to lend
support for the inaugural race.
51
To further spread awareness of EVs, GreenTech Malaysia invited journalists for a test-drive session on 5th
December, offering a range of EVs including the Nissan Leaf, Mitsubishi i-Miev, Renault Zoe and Renault
Twizy, as well as the Eclimo scooter, for a first-hand experience. The session drew positive and enthusiastic
responses from the members of the media.
moving forward
The prospects for and potential of EVs both in terms of environmental sustainability as well as economic
growth far outweigh any foreseeable challenges. With global excitement around EVs at an all-time high, it is
imperative that Malaysia keeps pace with developments to gain a foothold in the global EV market and ensure a
greener, cleaner Malaysia.
We are confident that the efforts that are already in place, and the many more which will be implemented in
the coming years, will place our nation in a strong position to overcome any challenges, and take us one step
closer to achieving our 2020 electric mobility targets.
Specifically, in the coming year, GreenTech Malaysia will prioritise the publication of the Electric Mobility
Blueprint and will be engaging regularly with our EV stakeholders to implement the action plans outlined in
the Blueprint.
GreenTech Malaysia will also continue to forge critical strategic partnerships to generate greater public
awareness of electric mobility and EVs and grow the familiarity and confidence that will form the building
blocks of the long-term, large-scale adoption of EVs nationwide.
52
flagship 4: sustainable living
Under the Sustainable Living Flagship, GreenTech Malaysia is responsible for the promotion of green products
and services, enabling Malaysians to incorporate sustainable solutions in homes, workplaces and communities
in line with Malaysia’s aim of becoming a green nation by 2030. Key initiatives under this Flagship include the
Low Carbon Cities Framework and Assessment System and the annual International Greentech & Eco Products
Exhibition and Conference Malaysia.
low carbon cities framework and assessment system (LCCF)
The LCCF national framework, which was jointly drawn up by KeTTHA and GreenTech Malaysia, provides the
necessary tools to assist local authorities and developers to implement low carbon strategies in a systematic
and impactful manner.
The programmes are envisaged to take up to two years in an ideal scenario, and are implemented in a phased
approach.
The first phase is focused on identifying
and setting criteria for the development
of a baseline study. The second phase is
focused on producing a baseline study
report to identify strategies and action
plans for implementing low carbon
strategies. The third phase is focused on
implementing, tracking and assessing
the effectiveness of these activities. This
process will be repeated until the targeted
carbon emissions level is achieved.
In 2014, GreenTech Malaysia extended its
LCCF initiative to the Southern region,
following the signing of a Memorandum
of Understanding with Iskandar Regional
Development Authority (IRDA) to
incorporate sustainable development
solutions within the burgeoning Iskandar
region in Johor. In addition to IRDA, GreenTech Malaysia
continues to work with Majlis Perbandaran Subang Jaya (MPSJ),
Majlis Bandaraya Petaling Jaya (MBPJ) and Majlis Perbandaran
Hang Tuah Jaya (MPHTJ), currently focusing on identifying
areas for the implementation of LCCF and establishing baseline
carbon emissions reports which are targeted to be completed by
2015.
MBPJ was also the first local council to promote electric
mobility through the introduction of one of the country’s first
EV charging stations at its headquarters located on Jalan Yong
Shook Lin, which is accessible 24 hours daily and is free of
charge. During the course of the year, MBPJ also offered free
parking incentives for owners of hybrid vehicles for 2014.
53
Other initiatives carried out with LCCF partners in 2014 included:
lccf advanced
training from 25th
to 27th march at
bangi-putrajaya
hotel
lccf advanced
training from
15th to 17th april
at holiday villa,
subang
lccf checklist
workshop from
30th september
to 1st october at
thistle hotel, port
dickson
awareness module
for energy and
water management
training on 27th
november at grand
continental, kuala
terengganu
awareness module
for energy and
water management
training on
8th december
at greentech
malaysia’s office
awareness module
for energy and
water management
training on 17th
december at
thistle,
johor bahru
technical training
on energy and
water management
on 22nd and 23rd
december at bangiputrajaya hotel
lccf checklist
stakeholders
workshop on 22nd
december at
mpsj’s office
During the year under review, GreenTech Malaysia further enhanced the LCCF initiative by providing a
simplified version of the framework, the LCCF Checklist, to be used as a preliminary assessment tool to
evaluate whether local councils are ready to embark on the full LCCF framework. The document was presented
to KeTTHA on 19th December for feedback.
GreenTech Malaysia is also working on the development of the LCCF Track system to facilitate the monitoring
of the progress of LCCF initiatives. This system can be used to calculate CO2 emissions online.
international greentech & eco products exhibition and
conference malaysia (igem)
Led by KeTTHA, GreenTech Malaysia continues to co-organise IGEM,
the region’s largest green technology exhibition and conference, to
accelerate the acceptance of green technology within Malaysia.
Themed “Creating Green Wealth”, IGEM 2014 was held between
15th and 19th October at the Kuala Lumpur Convention Centre and
was launched by the Deputy Prime Minister Y.A.B. Tan Sri Dato’ Haji
Muhyiddin Bin Haji Mohd. Yassin. The fifth edition of IGEM featured three key events, namely, the IGEM
Conference, Exhibition and Minister-Industry Dialogue.
The IGEM Conference, themed “Creating Green Wealth through Innovation”, saw close to 600 participants
and featured prominent speakers from among the world’s top minds in green technology sharing their views
54
on a range of topics surrounding the challenges and opportunities in driving green growth across key sectors
such as transportation, ICT and financing. Speakers included His Excellency Harry Molenaar, Ambassador of
the Kingdom of the Netherlands to Malaysia; Luis Neves, Chairman of the Global e-Sustainability Initiative,
and Climate Change and Sustainability Officer, Deutsche Telekom Group; and Prof. Dr. Hironori Arakawa,
Vice President of Japan Solar Energy Society and Head of Unit, Department of Industrial Chemistry, Faculty of
Engineering, Tokyo University of Science.
Leadership team members of GreenTech Malaysia who shared their insights included Mohamed Azrin
Mohamed Ali, Vice President of Green Catalyst, on Green Mobility, Tuan Syed Ahmad bin Syed Mustafa, Vice
President of Green Growth, on Best Finance for Green Businesses and Wan Faizal Mohd Anwar Wan Faizal,
Vice President of Green Innovation, on the prospects for Green Jobs. GreenTech Ambassador, Maya Karin,
was also present at the networking mocktail session where discussions from the day’s conference continued
among the passionate participants.
The Minister-Industry Dialogue hosted by Y.B. Datuk Seri Panglima Dr. Maximus Johnity Ongkili, Minister
of Energy, Green Technology and Water, was aimed at initiating discussions on formulating new policies and
regulations as well as facilitating green business with key leaders in the region. Participants included His
Excellency Mr. Lee Yi Shyan, Senior Minister of State, Ministry of Trade and Industry, Singapore; His Excellency
Pehin Dato’ (Dr.) Mohammad Yasmin Umar, Minister of Energy in the Prime Minister’s Office, Brunei
Darussalam; His Excellency Dr. Say Samal, Minister of Environment, Kingdom of Cambodia; Y.Bhg. Tan Sri
Mustafa Mansor, President of the Malaysian Green Business Association; and Y.Bhg. Dato’ Saw Choo Boon,
President of the Federation of Malaysian Manufacturers.
Apart from being a platform to discuss key issues and the outlook of the green sector, IGEM also serves as
an avenue for industry players to explore business opportunities, as proven by the unprecedented nearly RM2
billion in potential business leads generated over the five-day event.
These business leads were derived from several concurrent initiatives held in conjunction with IGEM including
Business to Business by MATRADE, One to One Bizmatch Programme and MIDA Business Consultation.
A substantial amount was also contributed by the partnerships sealed during IGEM between GreenTech
Malaysia and several key partners, including MoUs with the Department of Standards Malaysia to facilitate the
implementation of the National Standards Compliance Programme, with Indah Water Konsortium Sdn. Bhd.
on sustainable waste management initiatives, with Green Data Centre LLP to build, manage and deploy green
data centres, with Kloth Malaysia Sdn. Bhd. to promote eco-friendly fashion, as well as with key EV players,
AMDAC (M) Sdn. Bhd., First Energy Networks Sdn. Bhd. and Eclimo Sdn. Bhd. to promote the adoption of
electric mobility.
no. business
amount
1
mida business consultation
rm1.53 billion
2
business to business by matrade
rm63.2 million
3
one to one bizmatch programme
rm102 million
greentech malaysia’s mous
4
amdac (m) sdn. bhd.
rm110 million
5
green data centre llp
rm52 million
6
other mous
– first energy networks sdn. bhd. (transportation)
– eclimo sdn. bhd. (transportation)
– indah water konsortium sdn. bhd. (waste management)
– department of standards malaysia (accreditation of green standards)
– kloth malaysia sdn. bhd. (eco-fashion)
total
rm1.89 billion
55
Exhibitors leveraged on the region’s largest platform to display the latest advances made in green technology.
Panasonic unveiled its PanaHome Showcase, featuring green townships encompassing revolutionary homebuilding technologies with renewable energy systems and green mobility solutions, highlighting their health
and security aspects. The EU-Malaysia Chamber of Commerce and Industry launched the Market Research
Report on Energy Utilities Environmental Services 2014. In the green mobility sector, the Lexus NX300h, which
is a hybrid variant of the new SUV, was a major attraction during the exhibition.
The closing of IGEM was well attended by top government officials and corporate leaders. GreenTech
Ambassador Maya Karin’s presence at IGEM helped to bridge the gap between industry players and the general
public – her outgoing demeanour was well received by participants at IGEM, and her celebrity status further
amplified her role as a role model in green practices.
IGEM 2014 recorded a total participation of 357 exhibitors from across 20 countries showcasing their latest
green technology products and services at 616 booths, attracting over 49,000 visitors from around the world.
moving forward
GreenTech Malaysia aims to work closely with its existing and potential partners to certify at least five urban
centres as Low Carbon Cities by 2015. In the long run, GreenTech Malaysia targets to extend the LCCF initiative
to all 149 local authorities in Malaysia by 2020 in line with the Government’s vision to transform Malaysia into
a low carbon nation by 2030.
GreenTech Malaysia will also keep improving future editions of IGEM with the support of KeTTHA to ensure
that it remains an important and relevant platform to promote the widespread adoption of green technology
products and services. This will include the appointment of a new exhibition organiser, Malaysian Exhibition
Services, to inject new excitement and bring about an even better IGEM.
Riding on the back of IGEM 2014’s success, 2015’s edition, themed “Powering the Green Economy”, is
scheduled to be held between 9th and 12th September 2015 at the Kuala Lumpur Convention Centre.
56
57
“
Driving the national green agenda
entails collaborating with a myriad of
stakeholders from various sectors and
championing a wide range of initiatives
to reach out to a broad spectrum of the
Malaysian public.
”
— Azhar Bin Noraini —
58
calendar
of events
59
calendar
of events
60
9th
january
11th
february
launch of pdrm
green practices and
green technology
applications
blueprint
visit by ministry
of energy, green
technology and
water
27th
march
6th
may
igem 2014 soft
launch
comos soft launch
26th
may 4th june
free electric bus ride
during sukma perlis
17th
february
mou signing with
iskandar regional
development
authority
28th
february 1st march
4th myhijau youth
camp
24th
march
launch of petaling
jaya’s first ev
charging station
2nd
june
16th
june
19th
june
visit of asian
development bank to
green energy office
appointment of maya
karin as greentech
ambassador
visit by puspanita to
green energy office
61
62
26th
june
1st
july
24th
july
16th annual general
meeting
media briefing:
catalysing green
growth
visit by the associated
chinese chambers
of commerce and
industry of malaysia
to green energy
office
29th
august
11th
september
15th - 19th
october
green technology
master plan sneak
preview
igem 2014 sneak
preview
igem 2014
8th
august
22nd - 24th
august
28th
august
electric mobility
blueprint sneak
preview
5th myhijau
youth camp in
collaboration with
pdrm
visit by federation
of sri lankan local
governments to
green energy office
16th
october
17th
october
17th
october
mou signing with
amdac (m) sdn. bhd.
mou signing with
eclimo sdn. bhd.
mou signing with
first energy
networks sdn. bhd.
63
64
17th
october
17th
october
19th
october
mou signing with
indah water
konsortium sdn. bhd.
mou signing with
department of
standards malaysia
mou signing with
green data centre llp
27th
november
2nd - 3rd
december
2nd - 9th
december
pdrm government
green procurement
seminar
international
conference on green
procurement and
eco-labelling
study mission to
amsterdam for
electric mobility
19th
october
27th - 31st
october
22nd
november
mou signing with
kloth malaysia sdn.
bhd.
study mission
to london for
green financing
programmes
formula e putrajaya
5th
december
27th
december
27th
december
igem appreciation
brunch
greentech malaysia
annual dinner
go-kart racing
65
“
In today’s age, it is not enough for
leaders just to act – we also need to
be able to have our voice heard in the
crowded marketplace. Articulating
our vision and ambitions gives us the
power to stimulate thought and inspire
actions, so that more corporations and
individuals can join the green movement
and make it a national success.
”
— Dato’ Hafsah binti Hashim —
66
greentech
in the news
67
greentech in the news
68
69
“
We are pleased that 2014 has been
a successful year and 2015 will
undoubtedly be an exciting one.
However, with the promise of delivering
our COP15 pledge fast approaching,
business-as-usual will no longer be an
option. Keeping a sharp focus on this
end goal and stringent monitoring of
interim deliverables will be the needs of
the hour.
”
— Dr. Theng Lee Chong —
70
a glimpse
into 2015
greentech
malaysia
membership
71
a glimpse into 2015
delivering results
In 2014, as an enterprising enabler of the green technology sector, GreenTech Malaysia empowered
stakeholders, created numerous opportunities and drove the dynamic growth of the sector. Having established
a solid foundation and enjoyed a successful 2014, the company is poised to set new benchmarks and push the
boundaries of green possibilities in the years ahead.
In the immediate future, GreenTech Malaysia has lined up strategic programmes in 2015, which will be
further developed and implemented once the Green Technology Master Plan and Electric Mobility Blueprint
frameworks have been approved by the National Green Technology and Climate Change Council. These
frameworks are envisioned to strategically guide regulators, industry and other relevant stakeholders towards
contributing effectively to the vision of a green Malaysia.
Recognising the crucial role of financing in funding new green ventures, GreenTech Malaysia will continue to
facilitate the Green Technology Financing Scheme (GTFS), targeting to disburse the remaining RM1.5 billion
allocated in the year ahead. With this, it is anticipated that overall, GTFS would have benefited a total of around
225 green projects, creating approximately 3,000 green jobs and averting close to 2.8 MtCO2eq by the end of
2015.
To invigorate the green market, GreenTech Malaysia will also intensify Green Procurement with the
implementation of the MyHIJAU programme. We are optimistic that this structured programme will benefit
both producers and suppliers (supply) and users (demand), encouraging the adoption of environmentallyfriendly practices and catalysing the growth of Malaysia’s green economy.
A visible indicator of green growth in Malaysia will be the anticipated increased deployment of EVs on our
roads come 2015, commencing with the rollout of 15 electric buses by Prasarana Malaysia to service the BRT
line within the Sunway and USJ areas. Plans are also underway to bring in 120 Tesla Model S EVs to be used by
the Government and its agencies via a private-public partnership, to showcase Malaysia’s leadership in and
commitment to shifting to electric mobility. To support the anticipated growth of EVs in Malaysia, GreenTech
Malaysia is also working closely with its partners to deploy a total of 300 charging stations nationwide by 2016.
With Sustainable Living continuing to be a priority, GreenTech Malaysia has plans in place to expand the
implementation of the Low Carbon Cities Framework and Assessment System (LCCF) across all 149 local
municipalities by 2020. Key initiatives include partnering with the Malaysian Institute of Planners in the
first quarter of 2015, working with their nationwide network to extend knowledge on LCCF to professional
planners associated with federal and state Governments, local authorities, universities, developers and various
NGOs.
On an international level, GreenTech Malaysia will continue to co-organise the International Greentech & Eco
Products Exhibition and Conference Malaysia (IGEM) in 2015, led by the Ministry of Energy, Green Technology
and Water. The management of IGEM 2015 will be undertaken by a new partner, Malaysian Exhibition Services,
to redefine the exhibition and conference, and ensure that it remains the region’s most dynamic environmental
and green technology showcase. As Malaysia assumes the Chair of ASEAN in 2015, IGEM will be an opportune
platform to showcase the country’s leadership in and commitment to green technology and sustainability.
While we step up our Flagship initiatives, it is timely for GreenTech Malaysia to recognise corporations and
individuals who have played an instrumental role in our nation’s green journey. With this in mind, GreenTech
72
Malaysia will, for the first time, honour Malaysia’s Top 30 Green Catalysts 2014, at the GreenTech Awards in
the early part of the year.
With all these programmes lined-up ahead, GreenTech Malaysia looks forward to 2015 with enthusiasm,
pledging an ongoing commitment to deliver impactful results, and to position Malaysia as a formidable player
in green technology and sustainability.
73
greentech malaysia
membership
corporate members
honorary members
Petroliam Nasional Berhad
Shell Malaysia Limited
Sabah Electricity Sdn. Bhd.
Genting Sanyen Power Sdn. Bhd.
Segari Energy Venture Sdn. Bhd.
YTL Power Generation Sdn. Bhd.
Sejingkat Power Corporation Sdn. Bhd.
Sabah Energy Corporation Sdn. Bhd.
KTA Tenaga Sdn. Bhd.
Gas Malaysia Sdn. Bhd.
SFG Technology (M) Sdn. Bhd.
PETRONAS Gas Berhad
Focus Dynamics Centre Sdn. Bhd.
Perwaja Steel Sdn. Bhd.
Jabatan Kerja Raya Sarawak
Maser (M) Sdn. Bhd.
Bestium Technologies Sdn. Bhd.
VESTA PMS Sdn. Bhd.
CEMS Engineering Sdn. Bhd.
Schneider Electric Industries (M) Sdn. Bhd.
Akeru Enterprise Sdn. Bhd.
Infrakomas Sdn. Bhd.
Aspen Power Sdn. Bhd.
Y. Bhg. Dato’ Hamzah Bakar
Y. Bhg. Tan Sri Nuraizah Abdul Hamid
YM Raja Datuk Zaharaton Raja Zainal Abidin
Y. Bhg. Prof. Emiritus Dato’ Seri Dr. Zakri Abdul Hamid
Prof. Dr. Kamel Ariffin Mohd Atan
Y. Bhg. Dato’ Dr. Mohd Ariff Araff
Tuan Haji Mohamed Zohari Mohamed Shaharun
Mr. Tan Keok Yin
Y. Bhg. Dato’ Mohamed Khadar Merican
Y. Bhg. Datin Husniarti Tamin
Prof. Ir. Dr. Zainal Abidin bin Ahmad
Y. Bhg. Dato’ Dr. Halim Shafie
Y. Bhg. Dato’ Syed Hamzah Syed Othman
Prof. Dr. Muhamad Awang
Dr. Mohd Zamzam Jaafar
Y. Bhg. Dato’ Ir. Lew Chin Hoi
Mr. Tan Boon Lee
En. Amir Abdul Rahman
Y. Bhg. Dato’ Teo Yen Hua
Mr. Leong Yee Heim
Y. Bhg. Datuk Che Azemi Haron
Y. Bhg. Dato’ Mohd Izzaddin Idris
Dr. Mohd Farid Mohd Amin
Ir. Dr. Hassan Ibrahim
Y .Bhg. Prof. Ir. Dr. Hassan bin Ibrahim
Y. Bhg. Dato’ Dr. Halim Man
Y. Bhg. Dato’ Dr. Rosli bin Mohamed
Y. Bhg. Datuk Loo Took Gee
Dato’ Paduka Profesor (Dr.) Ir. Hj. Keizrul bin Abdullah
Datuk Hjh. Nor’aini binti Abdul Wahab
Azhar Noraini
Dr. Leong Yow Peng
Dr. Anuar Abdul Rahman
individual members
Mr. Kumaran Palanisamy
Prof. Ir. Dr. K. S. Kannan
Mr. Robert Cheong Chun Yuen
Dr. Zainal B. Salam
Mr. Tan Kang Chu
Mr. Neoh Kim Chuan
Mr. Liew Yuen Choong
Mr. Lee Boon Chong
Mr. Siow Jat Shern
Mr. Hanafi Abdul Nasir
Mr. Ismail B. Ishak
74
75
“
As with any ambitious plan, the
national green agenda, and by extension
GreenTech Malaysia, requires prudent
decision-making with regards to
attracting investments, disbursing
finance and regulating expenditure.
The challenge going forward will be
to ensure we are able to maximise the
returns from these decisions.
”
— Datuk Poh Pai Kong —
76
financial
statements
77
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
FINANCIAL REPORT
for the financial year ended 31 December 2014
Contents
Page
Directors’ Report …………………………………………………………………………………………………..
1
Statement by Directors……………………………………………………………………………………………
5
Statutory Declaration……………………………………………………………………………………………...
5
Independent Auditors’ Report ……………………………………………………………………………………
6
Statement of Financial Position …………………………………………………………………………………
8
Statement of Profit or Loss and Other Comprehensive Income …………………………………….……....
9
Statement of Changes in Equity………………………………………………………………………………..
10
Statement of Cash Flows……………………………………………………………………………………….
11
78
Notes to the Financial Statements…………………………………………………………………………….… 12
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
DIRECTORS’ REPORT
The directors hereby submit their report and the audited financial statements of the Company for the financial year
ended 31 December 2014.
PRINCIPAL ACTIVITIES
The principal activities of the Company is to act as the focal point for the development of green technology in
Malaysia by undertaking advisory services, driving and facilitating the implementation and growth of green
technology industry and compiling data by way of coordination, development, training, transfer, adoption,
research and development, innovation and commercialisation in green technology.
The Company also provides secretariat services for Green Technology Council that would support the
implementation of National Green Technology Policy, contribution to the national economy and raising
Malaysia’s global competitiveness on green technology.
There have been no significant changes in the nature of these activities during the financial year.
RESULTS
Profit after taxation for the financial year
RM
2,646,921
DIVIDENDS
The Company is prohibited from paying any dividend under Section 24(1) of the Companies Act 1965 in
Malaysia.
RESERVES AND PROVISIONS
All material transfers to or from reserves or provisions during the financial year are disclosed in the financial
statements.
ISSUES OF SHARES AND DEBENTURES
The Company is a company limited by guarantee and does not have any share capital. No debentures have
been issued by the Company.
BAD AND DOUBTFUL DEBTS
Before the financial statements of the Company were made out, the directors took reasonable steps to ascertain
that action had been taken in relation to the writing off of bad debts and the making of allowance for impairment
losses on receivables, and satisfied themselves that all known bad debts had been written off and that adequate
allowance had been made for impairment losses on receivables.
At the date of this report, the directors are not aware of any circumstances that would require the further writing off
of bad debts, or any additional allowance for impairment losses on receivables in the financial statements of the
Company.
Page 1
79
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
DIRECTORS’ REPORT
CURRENT ASSETS
Before the financial statements of the Company were made out, the directors took reasonable steps to ascertain
that any current assets other than debts, which were unlikely to be realised in the ordinary course of business,
including their value as shown in the accounting records of the Company, have been written down to an amount
which they might be expected so to realise.
At the date of this report, the directors are not aware of any circumstances which would render the values
attributed to the current assets in the financial statements misleading.
VALUATION METHODS
At the date of this report, the directors are not aware of any circumstances which have arisen which render
adherence to the existing methods of valuation of assets or liabilities of the Company misleading or inappropriate.
CONTINGENT AND OTHER LIABILITIES
At the date of this report, there does not exist:(a)
any charge on the assets of the Company that has arisen since the end of the financial year which secures
the liabilities of any other person; or
(b)
any contingent liability of the Company which has arisen since the end of the financial year.
No contingent or other liability of the Company has become enforceable or is likely to become enforceable within
the period of twelve months after the end of the financial year which, in the opinion of the directors, will or may
substantially affect the ability of the Company to meet their obligations when they fall due.
CHANGE OF CIRCUMSTANCES
At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or
the financial statements of the Company which would render any amount stated in the financial statements
misleading.
ITEMS OF AN UNUSUAL NATURE
The results of the operations of the Company during the financial year were not, in the opinion of the directors,
substantially affected by any item, transaction or event of a material and unusual nature.
There has not arisen in the interval between the end of the financial year and the date of this report any item,
transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect substantially
the results of the operations of the Company for the financial year.
Page 2
80
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
DIRECTORS’ REPORT
DIRECTORS
The directors who served since the date of the last report are as follows:Dato’ Paduka Professor (Dr.) Ir. Hj. Keizrul bin Abdullah @ Lim Teik Keat
Professor Datin Paduka Dr. Khatijah Binti Mohammad Yusoff
Hazim bin Jamaluddin
Dr. Leong Yow Peng
Afidah Azwa binti Abdul Aziz (Alternate Director to Hazim bin Jamaluddin)
Baskaran A/L Madhavan Nair
Dato’ Hafsah binti Hashim
Datuk Poh Pai Kong
Datuk Wira Jalilah binti Baba
Dr. Theng Lee Chong
Datuk Hajjah Nor’ Aini binti Abdul Wahab (Resigned on 1.10.2014)
Azhar bin Noraini (Resigned on 19.1.2015)
DIRECTORS’ INTERESTS
The Company is a company limited by guarantee and does not have any share capital.
DIRECTORS’ BENEFITS
Since the end of the previous financial year, no director has received or become entitled to receive any benefit by
reason of a contract made by the Company with the director or with a firm of which the director is a member, or with
a company in which the director has a substantial financial interest.
Neither during nor at the end of the financial year was the Company a party to any arrangements whose object is to
enable the directors to acquire benefits by means of the acquisition of shares in or debentures of the Company or
any other body corporate.
Page 3
81
82
83
84
85
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Deferred expenditure
Deferred tax assets
CURRENT ASSETS
Trade receivables
Other receivables, deposits and prepayments
Tax recoverable
Fixed deposits with licensed banks
Cash and bank balances
Note
5
6
7
8
9
TOTAL ASSETS
2013
RM
21,740,416
73,989
213,029
21,864,666
6,861,224
475,597
22,027,434
29,201,487
876,589
379,330
69,314
43,772,636
592,188
1,457,934
251,944
208,782
30,032,014
216,218
45,690,057
32,166,892
67,717,491
61,368,379
EQUITY AND LIABILITIES
Retained profits
10
22,549,668
19,902,747
NON-CURRENT LIABILITIES
Government grants
Building fund
11
12
21,017,379
19,674,575
16,707,482
20,375,830
40,691,954
37,083,312
2,950,770
1,525,099
-
2,503,949
1,840,893
37,478
4,475,869
4,382,320
TOTAL LIABILITIES
45,167,823
41,465,632
TOTAL EQUITY AND LIABILITIES
67,717,491
61,368,379
CURRENT LIABILITIES
Trade payables
Other payables and accruals
Provision for taxation
The annexed notes form an integral part of these financial statements.
86
2014
RM
13
14
Page 8
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
Note
2014
RM
2013
RM
REVENUE
15
22,480,854
13,237,019
COST OF SALES
16
(20,060,026)
(11,538,143)
GROSS PROFIT
2,420,828
1,698,876
OPERATING GRANT
9,156,727
8,011,973
OTHER INCOME
1,957,488
1,510,897
ADMINISTRATIVE EXPENSES
(9,156,727)
(7,960,547)
OTHER EXPENSES
(1,142,560)
(989,962)
PROFIT BEFORE TAXATION
17
INCOME TAX EXPENSE
PROFIT AFTER TAXATION
3,235,756
(588,835)
18
OTHER COMPREHENSIVE INCOME
2,646,921
-
2,271,237
(504,594)
1,766,643
-
TOTAL COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR
2,646,921
PROFIT FOR THE FINANCIAL YEAR
ATTRIBUTABLE TO:Owner of the Company
2,646,921
1,766,643
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:Owner of the Company
2,646,921
1,766,643
The annexed notes form an integral part of these financial statements.
1,766,643
Page 9
87
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
Retained
Profits
RM
Balance at 1.1.2013
Profit after taxation for the financial year/Total comprehensive
income for the financial year
Balance at 31.12.2013/1.1.2014
Profit after taxation for the financial year/Total comprehensive
income for the financial year
Balance at 31.12.2014
The annexed notes form an integral part of these financial statements.
88
Total
Equity
RM
18,136,104
18,136,104
1,766,643
1,766,643
19,902,747
19,902,747
2,646,921
2,646,921
22,549,668
22,549,668
Page 10
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Note
2014
RM
3,235,756
2013
RM
2,271,237
Adjustments for:Bad debts written off
Depreciation of property, plant and equipment
Amortisation of building fund
Interest income
Gain on disposal of property, plant and equipment
129,140
1,013,420
(701,255)
(1,181,629)
-
99,300
890,662
(701,255)
(720,283)
(68,500)
Operating profit before working capital changes
Decrease in deferred expenditure
Decrease/(Increase) in trade and other receivables
Increase in trade payables and other payables
2,495,432
6,787,235
324,819
290,941
1,771,161
6,705
(517,392)
1,714,359
CASH FROM OPERTIONS
Tax paid
9,898,427
(224,277)
2,974,833
(120,000)
NET CASH FROM OPERATING ACTIVITIES
9,674,150
2,854,833
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of property, plant and equipment
Purchase of property, plant and equipment
Interest received
(1,049,084)
1,181,629
NET CASH FROM INVESTING ACTIVITIES
132,545
NET CASH FROM/(FOR) FINANCING ACTIVITY
Net drawdown from/(Utilisation of) government grants
4,309,897
68,500
(481,741)
720,283
307,042
(2,672,296)
NET INCREASE IN CASH AND CASH EQUIVALENTS
14,116,592
489,579
CASH AND CASH EQUIVALENTS AT BEGINNING OF
THE FINANCIAL YEAR
30,248,232
29,758,653
44,364,824
30,248,232
CASH AND CASH EQUIVALENTS AT END OF THE
FINANCIAL YEAR
The annexed notes form an integral part of these financial statements.
19
Page 11
89
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
1.
GENERAL INFORMATION
The Company is a company limited by guarantee and not having a share capital and is incorporated
under the Companies Act 1965 in Malaysia. The domicile of the Company is Malaysia. The registered
office and principal place of business are as follows:Registered office
:
Suite C-5-4, Wisma Goshen,
Plaza Pantai, Jalan Pantai Baharu,
59200 Kuala Lumpur.
Principal place of business
:
No. 2, Jalan 9/10
Persiaran Usahawan, Seksyen 9,
Bandar Baru Bangi,
43650 Selangor Darul Ehsan.
The financial statements were authorised for issue by the Board of Directors in accordance with a
resolution of the directors dated
2.
PRINCIPAL ACTIVITIES
The principal activities of the Company is to act as the focal point for the development of green
technology in Malaysia by undertaking advisory services, driving and facilitating the implementation
and growth of green technology industry and compiling data by way of coordination, development,
training, transfer, adoption, research and development, innovation and commercialisation in green
technology.
The Company also provides secretariat services for Green Technology Council that would support
the implementation of National Green Technology Policy, contribution to the national economy and
raising Malaysia’s global competitiveness on green technology.
There have been no significant changes in the nature of these activities during the financial year.
3.
BASIS OF PREPARATION
The financial statements of the Company are prepared under the historical cost convention and
modified to include other bases of valuation as disclosed in other sections under significant
accounting policies, and in compliance with Malaysian Financial Reporting Standards (“MFRSs”),
International Financial Reporting Standards and the requirements of the Companies Act 1965 in
Malaysia.
The financial statements of the Company had previously been prepared in accordance with Private
Entity Reporting Standards (“PER”) and the Companies Act 1965 in Malaysia. On 1 January 2014,
the Company adopted MFRS in the preparation of its financial statements. The change from PER to
MFRS has no significant effect on the financial statements for the current and previous years.
Page 12
90
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
3.
BASIS OF PREPARATION (CONT’D)
3.1
During the current financial year, the Company has adopted the following new accounting
standards and/or interpretations (including the consequential amendments, if any):MFRSs and/or IC Interpretations (Including The Consequential Amendments)
Amendments to MFRS 10, MFRS 12 and MFRS 127 (2011): Investment Entities
Amendments to MFRS 132: Offsetting Financial Assets and Financial Liabilities
Amendments to MFRS 136: Recoverable Amount Disclosures for Non-financial Assets
Amendments to MFRS 139: Novation of Derivatives and Continuation of Hedge
Accounting
IC Interpretation 21 Levies
3.2
The adoption of the above accounting standards and/or interpretations (including the
consequential amendments) did not have any material impact on the Company’s financial
statements.
The Company has not applied in advance the following accounting standards and/or
interpretations (including the consequential amendments, if any) that have been issued by
the Malaysian Accounting Standards Board (“MASB”) but are not yet effective for the current
financial year:MFRSs and/or IC Interpretations (Including The Consequential
Amendments)
Effective Date
MFRS 9 Financial Instruments (IFRS 9 issued by IASB in July 2014)
1 January 2018
MFRS 15 Revenue from Contracts with Customers
1 January 2017
Amendments to MFRS 10 and MFRS 128 (2011): Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture
1 January 2016
Amendments to MFRS 11: Accounting for Acquisitions of Interests in Joint
Operations
1 January 2016
Amendments to MFRS 10, MFRS 12 and MFRS 128 (2011): Investment
Entities – Applying the Consolidation Exception
1 January 2016
Amendments to MFRS 101: Presentation of Financial Statements –
Disclosure Initiative
1 January 2016
Amendments to MFRS 116 and MFRS 138: Clarification of Acceptable
Methods of Depreciation and Amortisation
1 January 2016
Amendments to MFRS 116 and MFRS 141: Agriculture – Bearer Plants
1 January 2016
Amendments to MFRS 119: Defined Benefit Plans – Employee
Contributions
1 July 2014
Amendments to MFRS 127 (2011): Equity Method in Separate Financial
Statements
1 January 2016
Page 13
91
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
3.
BASIS OF PREPARATION (CONT’D)
3.2
The Company has not applied in advance the following accounting standards and/or
interpretations (including the consequential amendments, if any) that have been issued by
the Malaysian Accounting Standards Board (“MASB”) but are not yet effective for the current
financial year (Cont’d):MFRSs and/or IC Interpretations (Including The Consequential
Amendments)
Effective Date
Annual Improvements to MFRSs 2010 – 2012 Cycle
1 July 2014
Annual Improvements to MFRSs 2011 – 2013 Cycle
1 July 2014
Annual Improvements to MFRSs 2012 – 2014 Cycle
1 January 2016
The above accounting standards and/or interpretations (including the consequential
amendments) are not relevant to the Company’s operations.
4.
SIGNIFICANT ACCOUNTING POLICIES
4.1
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated by the directors and management and are
based on historical experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. The estimates and judgements that affect the
application of the Company’s accounting policies and disclosures, and have a significant risk of
causing a material adjustment to the carrying amounts of assets, liabilities, income and expenses
are discussed below:(a)
Depreciation of Property, Plant and Equipment
The estimates for the residual values, useful lives and related depreciation charges for the
property, plant and equipment are based on commercial factors which could change
significantly as a result of technical innovations and competitors’ actions in response to the
market conditions. The Company anticipates that the residual values of its property, plant
and equipment will be insignificant. As a result, residual values are not being taken into
consideration for the computation of the depreciable amount. Changes in the expected
level of usage and technological development could impact the economic useful lives and
the residual values of these assets, therefore future depreciation charges could be revised.
(b)
Income Taxes
There are certain transactions and computations for which the ultimate tax determination
may be different from the initial estimate. The Company recognises tax liabilities based on
its understanding of the prevailing tax laws and estimates of whether such taxes will be due
in the ordinary course of business. Where the final outcome of these matters is different
from the amounts that were initially recognised, such difference will impact the income tax
and deferred tax provisions in the year in which such determination is made.
Page 14
92
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
4.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
4.1
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (CONT’D)
(c)
Impairment of Non-Financial Assets
When the recoverable amount of an asset is determined based on the estimate of the
value-in-use of the cash-generating unit to which the asset is allocated, the management is
required to make an estimate of the expected future cash flows from the cash-generating
unit and also to apply a suitable discount rate in order to determine the present value of
those cash flows.
(d)
Impairment of Trade and Other Receivables
An impairment loss is recognised when there is objective evidence that a financial asset
is impaired. Management specifically reviews its loans and receivables financial assets
and analyses historical bad debts, customer concentrations, customer creditworthiness,
current economic trends and changes in the customer payment terms when making a
judgement to evaluate the adequacy of the allowance for impairment losses. Where
there is objective evidence of impairment, the amount and timing of future cash flows
are estimated based on historical loss experience for assets with similar credit risk
characteristics. If the expectation is different from the estimation, such difference will
impact the carrying value of receivables.
4.2
FUNCTIONAL AND FOREIGN CURRENCIES
The functional currency of the Company is the currency of the primary economic environment in
which the Company operates.
The financial statements of the Company are presented in Ringgit Malaysia (“RM”), which is the
Company’s functional and presentation currency.
4.3
FINANCIAL INSTRUMENTS
Financial instruments are recognised in the statement of financial position when the Company
has become a party to the contractual provisions of the instruments.
Financial instruments are classified as liabilities or equity in accordance with the substance of the
contractual arrangement. Interest, dividends, gains and losses relating to a financial instrument
classified as a liability, are reported as an expense or income. Distributions to holders of financial
instruments classified as equity are charged directly to equity.
Financial instruments are offset when the Company has a legally enforceable right to offset and
intends to settle either on a net basis or to realise the asset and settle the liability simultaneously.
A financial instrument is recognised initially at its fair value. Transaction costs that are directly
attributable to the acquisition or issue of the financial instrument (other than a financial
instrument at fair value through profit or loss) are added to/deducted from the fair value on
initial recognition, as appropriate. Transaction costs on the financial instrument at fair value
through profit or loss are recognised immediately in profit or loss.
Page 15
93
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
4.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
4.3
FINANCIAL INSTRUMENTS (CONT’D)
Financial instruments recognised in the statements of financial position are disclosed in the
individual policy statement associated with each item.
(a) Financial Assets
On initial recognition, financial assets are classified as either financial assets at fair
value through profit or loss, held-to-maturity investments, loans and receivables financial
assets, or available-for-sale financial assets, as appropriate.
(i)
Financial Assets at Fair Value through Profit or Loss
As at the end of the reporting period, there were no financial assets classified
under this category.
(ii)
Held-to-maturity Investments
(iii)
As at the end of the reporting period, there were no financial assets classified
under this category.
Loans and Receivables Financial Assets
Trade receivables and other receivables that have fixed or determinable payments
that are not quoted in an active market are classified as loans and receivables
financial assets. Loans and receivables financial assets are measured at
amortised cost using the effective interest method, less any impairment loss.
Interest income is recognised by applying the effective interest rate, except for
short-term receivables when the recognition of interest would be immaterial.
Loans and receivables financial assets are classified as current assets, except for
those having settlement dates later than 12 months after the reporting date which
are classified as non-current assets.
(iv)
Available-for-sale Financial Assets
As at the end of the reporting period, there were no financial assets classified
under this category.
(b)
Financial Liabilities
All financial liabilities are initially at fair value plus directly attributable transaction costs
and subsequently measured at amortised cost using the effective interest method other
than those categorised as fair value through profit or loss.
Fair value through profit or loss category comprises financial liabilities that are either
held for trading or are designated to eliminate or significantly reduce a measurement or
recognition inconsistency that would otherwise arise. Derivatives are also classified as
held for trading unless they are designated as hedges.
Page 16
94
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
4.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
4.3 FINANCIAL INSTRUMENTS (CONT’D)
(b)
Financial Liabilities (Cont’d)
Financial liabilities are classifies as current liabilities unless the Company has an
unconditional right to defer settlement of the liability for at least 12 months after the
reporting date.
(c)
Equity Instruments
Instruments classified as equity are measured at cost and are not remeasured
subsequently.
(d)
Derecognition
A financial asset or part of it is derecognised when, and only when, the contractual rights
to the cash flows from the financial asset expire or the financial asset is transferred to
another party without retaining control or substantially all risks and rewards of the asset.
On derecognition of a financial asset, the difference between the carrying amount and
the sum of the consideration received (including any new asset obtained less any new
liability assumed) and any cumulative gain or loss that had been recognised in equity is
recognised in profit or loss.
A financial liability or a part of it is derecognised when, and only when, the obligation
specified in the contract is discharged or cancelled or expires. On derecognition of a
financial liability, the difference between the carrying amount of the financial liability
extinguished or transferred to another party and the consideration paid, including any
non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
4.4 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses, if any.
Depreciation is charged to profit or loss (unless it is included in the carrying amount of another
asset) on the straight-line method to write off the depreciable amount of the assets over their
estimated useful lives. Depreciation of an asset does not cease when the asset becomes idle
or is retired from active use unless the asset is fully depreciated. The principal annual rates
used for this purpose are:Leasehold land
Building
Computer
Energy audit equipment
Furniture and fittings
Motor vehicles
Office equipment
Renovation
Solar system
99 years
2%
40%
20%
20%
20%
20%
10%
10%
Page 17
95
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
4.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
4.4
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
The depreciation method, useful lives and residual values are reviewed, and adjusted if
appropriate, at the end of each reporting period to ensure that the amounts, method and periods
of depreciation are consistent with previous estimates and the expected pattern of consumption of
the future economic benefits embodied in the items of the property, plant and equipment.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset,
as appropriate, only when the cost is incurred and it is probable that the future economic benefits
associated with the asset will flow to the Company and the cost of the asset can be measured
reliably. The carrying amount of parts that are replaced is derecognised. The costs of the day-today servicing of equipment are recognised in profit or loss as incurred. Cost also comprises the
initial estimate of dismantling and removing the asset and restoring the site on which it is located
for which the Company is obligated to incur when the asset is acquired, if applicable.
An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected from its use. Any gain or loss arising from derecognition of the
asset is recognised in profit or loss.
4.5
IMPAIRMENT
(a)
Impairment of Financial Assets
All financial assets (other than those categorised at fair value through profit or loss), are
assessed at the end of each reporting period whether there is any objective evidence of
impairment as a result of one or more events having an impact on the estimated future
cash flows of the asset.
An impairment loss in respect of held-to-maturity investments and loans and receivables
financial assets is recognised in profit or loss and is measured as the difference
between the asset’s carrying amount and the present value of estimated future cash
flows, discounted at the financial asset’s original effective interest rate.
If, in a subsequent period, the amount of the impairment loss decreases and the
decrease can be related objectively to an event occurring after the impairment was
recognised, the previously recognised impairment loss is reversed through profit or loss
to the extent that the carrying amount of the financial asset at the date the impairment is
reversed does not exceed what the amortised cost would have been had the impairment
not been recognised.
(b)
Impairment of Non-Financial Assets
The carrying values of assets, other than those to which MFRS 136 - Impairment of
Assets does not apply, are reviewed at the end of each reporting period for impairment
when there is an indication that the assets might be impaired. Impairment is measured
by comparing the carrying values of the assets with their recoverable amounts. The
recoverable amount of the assets is the higher of the assets' fair value less costs to sell
and their value-in-use, which is measured by reference to discounted future cash flow.
An impairment loss is recognised in profit or loss.
Page 18
96
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
4.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
4.5
IMPAIRMENT (CONT’D)
(b)
Impairment of Non-Financial Assets (Cont’d)
When there is a change in the estimates used to determine the recoverable amount, a
subsequent increase in the recoverable amount of an asset is treated as a reversal of
the previous impairment loss and is recognised to the extent of the carrying amount of
the asset that would have been determined (net of amortisation and depreciation) had
no impairment loss been recognised. The reversal is recognised in profit or loss
immediately.
4.6
INCOME TAXES
Income tax for the year comprises current and deferred tax.
Current tax is the expected amount of income taxes payable in respect of the taxable profit for
the reporting period and is measured using the tax rates that have been enacted or
substantively enacted at the end of the reporting period.
Deferred tax is provided in full, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the financial
statements.
Deferred tax liabilities are recognised for all taxable temporary differences other than those
that arise from the initial recognition of an asset or liability in a transaction which is not a
business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit.
Deferred tax assets are recognised for all deductible temporary differences, unused tax losses
and unused tax credits to the extent that it is probable that future taxable profits will be available
against which the deductible temporary differences, unused tax losses and unused tax credits
can be utilised. The carrying amounts of deferred tax assets are reviewed at the end of each
reporting period and reduced to the extent that it is no longer probable that sufficient future
taxable profits will be available to allow all or part of the deferred tax assets to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
period when the asset is realised or the liability is settled, based on the tax rates that have been
enacted or substantively enacted at the end of the reporting period.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when the deferred income taxes relate to the
same taxation authority.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss.
Deferred tax items are recognised in correlation to the underlying transactions either in other
comprehensive income or directly in equity.
Page 19
97
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
4.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
4.7
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash in hand, bank balances, demand deposits, bank
overdrafts and short-term, highly liquid investments that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value with original maturities
period three months or less.
4.8
PROVISIONS
Provisions are recognised when the Company has a present obligation as a result of past events,
when it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation, and when a reliable estimate of the amount can be made. Provisions are
reviewed at the end of each reporting period and adjusted to reflect the current best estimate.
Where the effect of the time value of money is material, the provision is the present value of the
estimated expenditure required to settle the obligation. The unwinding of the discount is
recognised as interest expense in profit or loss.
4.9
EMPLOYEE BENEFITS
(a)
Short-term Benefits
Wages, salaries, paid annual leave and sick leave, bonuses and non-monetary benefits are
measured on an undiscounted basis and are recognised in profit or loss in the period in
which the associated services are rendered by employees of the Company.
(b)
Defined Contribution Plans
The Company’s contributions to defined contribution plans are recognised in profit or
loss in the period to which they relate. Once the contributions have been paid, the
Company has no further liability in respect of the defined contribution plans.
Page 20
98
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
4.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
4.10 FAIR VALUE MEASUREMENTS
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date, regardless of
whether that price is directly observable or estimated using a valuation technique. The
measurement assumes that the transaction takes place either in the principal market or in the
absence of a principal market, in the most advantageous market. For non-financial asset, the
fair value measurement takes into account a market’s participant’s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.
For financial reporting purposes, the fair value measurements are analysed into level 1 to level
3 as follows:Level 1:
Inputs are quoted prices (unadjusted) in active markets for identical assets or
liability that the entity can access at the measurement date;
Level 2:
Inputs are inputs, other than quoted prices included within level 1, that are
observable for the asset or liability, either directly or indirectly; and
Level 3:
Inputs are unobservable inputs for the asset or liability.
The transfer of fair value between levels is determined as of the date of the event or change in
circumstances that caused the transfer.
4.11 INCOME RECOGNITION AND OTHER INCOME
(a)
Government grants
Grants that compensate the Company for expenses incurred are recognised in profit or
loss over the period necessary to match them with the related costs which they are
intended to compensate for.
Grants that compensate the Company for the cost of an asset are recognised in profit or
loss on a systematic basis over the expected life of the related asset.
(b)
Services
Revenue is recognised upon the rendering of services and when the outcome of the
transaction can be estimated reliably. In the event the outcome of the transaction could
not be estimated reliably, revenue is recognised to the extent of the expenses incurred
that are recoverable.
(c)
Interest income
Interest income is recognised on an accrual basis using the effect interest method.
Page 21
99
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
5.
PROPERTY, PLANT AND EQUIPMENT
Net Book Value
At
1.1.2014
RM
Leasehold land
Building
Computer
Energy audit equipment
Furniture and fittings
Motor vehicles
Office equipment
Renovation
Solar system
3,106,678
16,893,511
78,732
83,301
17,113
209,241
51,551
249,383
1,175,156
398,416
639,478
11,190
-
(159,914)
-
(33,768)
(383,155)
(155,127)
(22,717)
(4,028)
(65,865)
(15,844)
(29,048)
(303,868)
3,072,910
16,350,442
322,021
60,584
13,085
782,854
46,897
220,335
871,288
21,864,666
1,049,084
(159,914)
(1,013,420)
21,740,416
Net Book Value
At
1.1.2013
RM
Additions
RM
Depreciation
Charge
RM
At
31.12.2013
RM
Leasehold land
Building
Computer
Energy audit equipment
Furniture and fittings
Motor vehicles
Office equipment
Renovation
Solar system
3,140,446
17,278,263
86,893
106,017
1
3
56,100
125,738
1,480,127
75,667
20,133
236,875
10,254
138,812
-
(33,768)
(384,752)
(83,828)
(22,716)
(3,021)
(27,636)
(14,803)
(15,167)
(304,971)
3,106,678
16,893,511
78,732
83,301
17,113
209,241
51,551
249,383
1,175,156
22,273,588
481,741
(890,662)
21,864,666
At 31.12.2014
Leasehold land
Building
Computer
Energy audit equipment
Furniture and fittings
Motor vehicles
Office equipment
Renovation
Solar system
Additions
RM
Written
Off
RM
Disposal
RM
-
(1)
(1)
At
Cost
RM
Depreciation
Charge
RM
At
31.12.2014
RM
Accumulated
Depreciation
RM
Net Book
Value
RM
3,343,056
19,077,708
1,311,151
157,945
1,421,624
876,354
191,393
290,482
3,049,713
(270,146)
(2,727,266)
(989,130)
(97,361)
(1,408,539)
(93,500)
(144,496)
(70,147)
(2,178,425)
3,072,910
16,350,442
322,021
60,584
13,085
782,854
46,897
220,335
871,288
29,719,426
(7,979,010)
21,740,416
Page 22
100
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
5.
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
At 31.12.2013
Leasehold land
Building
Computer
Energy audit equipment
Furniture and fittings
Motor vehicles
Office equipment
Renovation
Solar system
6.
At
Cost
RM
Accumulated
Depreciation
RM
Net Book
Value
RM
3,343,055
19,237,622
912,735
157,945
1,421,626
236,874
180,203
290,482
3,049,713
236,377
2,344,111
834,003
74,644
1,404,513
27,633
128,652
41,099
1,874,557
3,106,678
16,893,511
78,732
83,301
17,113
209,241
51,551
249,383
1,175,156
28,830,255
6,965,589
21,864,666
DEFERRED TAX ASSETS
2014
RM
At 1 January
Recognised in profit or loss (Note 18)
At 31 December
2013
RM
475,597
(262,568)
822,713
(347,116)
213,029
475,597
2014
RM
2013
RM
521,976
921,398
(308,947)
(445,801)
213,029
475,597
Presented after appropriate offsetting as follows:-
Deferred tax asset:
Unutilised tax losses
Deferred liability:
Accelerated tax depreciation
Page 23
101
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
7.
TRADE RECEIVABLES
2014
RM
Trade receivables
Allowances for impairment losses
2013
RM
876,589
-
1,563,036
(105,102)
876,589
1,457,934
The Company’s normal trade credit terms ranged from 30 to 60 (2013 – 30 to 60) days. Other credit
terms are assessed and approved on a case-by-case basis.
8.
OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS
Other receivables
Deposits
Prepayments
9.
2014
RM
2013
RM
206,894
48,000
124,436
37,845
49,440
164,659
379,330
251,944
FIXED DEPOSITS WITH LICENSED BANKS
Fixed deposits with licensed banks of the Company at the end of the reporting period bore weighted
average effective interest rates of 3.48% (2013 – 3.29%) per annum. The fixed deposits have
maturity periods ranging from 1 to 12 months (2013 – 1 to 12 months).
10.
RETAINED PROFITS
The Company is prohibited to distribute any dividend to its members under Section 24(1) of the
Companies Act 1965 in Malaysia.
11.
GOVERNMENT GRANTS
At 1 January
Addition during the financial year
Utilisation during the financial year
At 31 December
2014
RM
2013
RM
16,707,482
33,082,823
(28,772,926)
19,379,778
16,605,300
(19,277,596)
21,017,379
16,707,482
Page 24
102
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
12.
BUILDING FUND
2014
RM
2013
RM
At 1 January
Accumulated amortisation
25,037,500
(5,362,925)
25,037,500
(4,661,670)
At 31 December
19,674,575
20,375,830
Accumulated amortisation:At 1 January
Amortisation for the financial year
4,661,670
701,255
3,960,415
701,255
At 31 December
5,362,925
4,661,670
Building fund is a grant received from the Ministry of Energy, Green Technology and Water,
Malaysia to building Pusat Tenaga Malaysia Zero Energy Office (“PTM ZEO”) Building.
13.
TRADE PAYABLES
The normal trade credit terms granted to the Company ranged from 14 to 30 (2013 – 14 to 30) days.
14.
OTHER PAYABLES AND ACCRUALS
Other payables
Accruals
15.
2014
RM
2013
RM
422,610
1,102,489
749,008
1,091,885
1,525,099
1,840,893
REVENUE
Development projects
Services rendered
2014
RM
2013
RM
13,900,287
8,580,567
4,855,492
8,381,527
22,480,854
13,237,019
Page 25
103
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
16.
COST OF SALES
Development projects
Services rendered
17.
2014
RM
2013
RM
13,530,638
6,529,388
4,855,498
6,682,645
20,060,026
11,538,143
2014
RM
2013
RM
PROFIT BEFORE TAXATION
Profit before taxation is arrived at after charging/(crediting):Auditors’ remuneration
Bad debts written off
Depreciation of property, plant and equipment
Directors’ remuneration
Rental of photocopier
Staff costs:
- defined contribution plan
- salaries and other benefit
Amortisation of building fund
Gain on disposal of property, plant and equipment
Interest income:
- fixed deposit with licensed banks
- others
18.
25,000
129,140
1,013,420
46,000
25,850
14,300
99,300
890,662
15,350
72,000
621,921
5,932,734
(701,255)
-
529,423
4,682,526
(701,255)
(68,500)
(1,126,293)
(55,336)
(695,315)
(7,331)
INCOME TAX EXPENSE
Income tax:
- for the financial year
- underprovision in the previous financial year
Deferred taxation (Note 6):
- for the financial year
2014
RM
2013
RM
299,000
27,267
157,478
-
326,267
157,478
262,568
347,116
588,835
504,594
Page 26
104
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
18.
INCOME TAX EXPENSE (CONT’D)
A reconciliation of income tax expense applicable to the profit before taxation at the statutory tax rate to
income tax expense at the effective tax rate of the Company is as follows:2014
RM
Profit before taxation
Tax at the statutory tax rate of 25%
Tax effects of:Non-deductible expenses
Non-taxable income
Underprovision in the previous financial year
Differential in tax rate
Income tax expense for the financial year
19.
2013
RM
3,235,756
2,271,237
783,939
542,809
5,692,196
(5,939,567)
27,267
25,000
588,835
4,186,744
(4,224,959)
504,594
CASH AND CASH EQUIVALENTS
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following:-
Fixed deposits with licensed banks (Note 9)
Cash and bank balances
2014
RM
2013
RM
43,772,636
592,188
30,032,014
216,218
44,364,824
30,248,232
Page 27
105
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
20.
FINANCIAL INSTRUMENTS
The Company’s activities are exposed to a variety of market risk (including foreign currency risk,
interest rate risk and equity price risk), credit risk and liquidity risk. The Company’s overall financial
risk management policy focuses on the unpredictability of financial markets and seeks to minimise
potential adverse effects on the Company’s financial performance.
20.1 FINANCIAL RISK MANAGEMENT POLICIES
The Company’s policies in respect of the major areas of treasury activity are as follows:(a)
Market Risk
(i)
Foreign Currency Risk
The Company does not have any transactions or balances denominated in foreign
currencies and hence are not exposed to foreign currency risk.
(ii)
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market interest rates. The
Company’s exposure to interest rate risk arises mainly from interest-bearing
financial assets. The Company’s policy is to obtain the most favourable interest
rates available. Any surplus funds of the Company will be placed with licensed
financial institutions to generate interest income.
(iii)
Equity Price Risk
The Company does not have any quoted investments and hence is not exposed to
equity price risk.
(b)
Credit Risk
The Company’s exposure to credit risk, or the risk of counterparties defaulting, arises
mainly from trade and other receivables. The Company manages its exposure to credit
risk by the application of credit approvals, credit limits and monitoring procedures on an
ongoing basis. For other financial assets (including quoted investments, cash and bank
balances and derivatives), the Company minimises credit risk by dealing exclusively with
high credit rating counterparties.
The Company establishes an allowance for impairment that represents its estimate of
incurred losses in respect of the trade and other receivables as appropriate. The main
components of this allowance are a specific loss component that relates to individually
significant exposures, and a collective loss component established for groups of similar
assets in respect of losses that have been incurred but not yet identified. Impairment is
estimated by management based on prior experience and the current economic
environment.
Page 28
106
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
20.
FINANCIAL INSTRUMENTS (CONT’D)
20.1 FINANCIAL RISK MANAGEMENT POLICIES (CONT’D)
(b)
Credit Risk (Cont’d)
(i)
Credit risk concentration profile
The Company’s major concentration of credit risk relates to the amount owing by a
customer which constituted approximately 37% of its trade receivables as at the
end of the reporting period.
(ii)
Exposure to credit risk
As the Company does not hold any collateral, the maximum exposure to credit risk
is represented by the carrying amount of the financial assets at the end of the
reporting period.
(iii)
Ageing analysis
The ageing analysis of the Company’s trade receivables at the end of the
reporting period is as follows:Gross
Amount
RM
Individual
Impairment
RM
Collective
Impairment
RM
Carrying
Value
RM
2014
Not past due
595,315
-
-
595,315
Past due:
- less than 3 months
- 3 to 6 months
- over 6 months
12,649
7,045
261,580
-
-
12,649
7,045
261,580
876,589
-
-
876,589
Not past due
981,460
-
-
981,460
Past due:
- less than 3 months
- 3 to 6 months
- over 6 months
62,724
11,445
507,407
(105,102)
-
62,724
11,445
402,305
1,563,036
(105,102)
-
1,457,934
2013
Page 29
107
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
20.
FINANCIAL INSTRUMENTS (CONT’D)
20.1 FINANCIAL RISK MANAGEMENT POLICIES (CONT’D)
(b)
Credit Risk (Cont’d)
(iii)
Ageing analysis (Cont’d)
At the end of the reporting period, trade receivables that are individually impaired
were those in significant financial difficulties and have defaulted on payments.
These receivables are not secured by any collateral or credit enhancement.
The collective impairment allowance is determined based on estimated
irrecoverable amounts from the sale of goods, determined by reference to past
default experience.
Trade receivables that are past due but not impaired
The Company believes that no impairment allowance is necessary in respect of
these trade receivables. They are substantially companies with good collection track
record and no recent history of default.
Trade receivables that are neither past due nor impaired
A significant portion of trade receivables that are neither past due nor impaired are
regular customers that have been transacting with the Company. The Company
uses ageing analysis to monitor the credit quality of the trade receivables. Any
receivables having significant balances past due or more than 60 days, which are
deemed to have higher credit risk, are monitored individually.
Page 30
108
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
20.
FINANCIAL INSTRUMENTS (CONT’D)
20.1 FINANCIAL RISK MANAGEMENT POLICIES (CONT’D)
(c)
Liquidity Risk
Liquidity risk arises mainly from general funding and business activities. The Company
practises prudent risk management by maintaining sufficient cash balances which majority
are funds granted by government.
The following table sets out the maturity profile of the financial liabilities at the end of the
reporting period based on contractual undiscounted cash flows:Contractual
Undiscounted
Cash Flows
RM
2014
Carrying
Amount
RM
Trade payables
Other payables and accruals
2,950,770
1,525,099
2,950,770
1,525,099
2,950,770
1,525,099
4,475,869
4,475,869
4,475,869
Contractual
Undiscounted
Cash Flows
RM
Within
1 Year
RM
2013
Carrying
Amount
RM
Within
1 Year
RM
Trade payables
Other payables and accruals
2,503,949
1,840,893
2,503,949
1,840,893
2,503,949
1,840,893
4,344,842
4,344,842
4,344,842
20.2 CAPITAL RISK MANAGEMENT
The Company has no bank borrowings. No debt-to-equity ratio is presented.
Page 31
109
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
20.
FINANCIAL INSTRUMENTS (CONT’D)
20.3 CLASSIFICATION OF FINANCIAL INSTRUMENTS
Financial asset
Loans and receivables financial assets
Trade receivables
Other receivables and deposits
Fixed deposits with licensed banks
Cash and bank balances
2014
RM
2013
RM
876,589
254,894
43,772,636
592,188
1,457,934
87,285
30,032,014
216,218
45,496,307
31,793,451
2,950,770
1,525,099
2,503,949
1,840,893
4,475,869
4,344,842
Financial liability
Other financial liabilities
Trade payables
Other payables and accruals
20.4 FAIR VALUE INFORMATION
At the end of the reporting period, there were no financial instruments carried at fair values in
the financial statement of financial position.
The financial value of the financial assets and financial liabilities maturing within the next 12
months approximated their fair values due to the relatively short-term maturity of the financial
instruments. The fair values are included in level 2 of the fair value hierarchy.
Page 32
110
MALAYSIAN GREEN TECHNOLOGY CORPORATION
(Incorporated in Malaysia)
Company No : 462237 - T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR 31 DECEMBER 2014
21.
COMPARATIVE FIGURES
The following figures have been reclassified to conform with the presentation of the current financial
year:As
Restated
RM
As
Previously
Reported
RM
Statement of Financial Position (Extract):Other receivables, deposits and prepayment
Tax recoverable
251,944
208,782
460,726
-
As
Restated
RM
As
Previously
Reported
RM
13,237,019
1,510,897
13,938,274
809,642
As
Restated
RM
As
Previously
Reported
RM
Statement of Profit or Loss and Other Comprehensive
Income (Extract):Revenue
Other income
Statement of Cash Flows (Extract):Net cash inflow from operating activities
Net cash (from)/for investing activities
Net cash for financing activity
2,854,833
307,042
(2,672,296)
902,820
(413,241)
-
Page 33
111
Front cover illustration credit: zcool.com.cn
112