Sime Darby Annual Report 2015

Sime Darby Berhad
(Company No. 752404-U)

About This Report
As part of our on-going efforts to improve corporate
reporting, the Group has focused on developing
transparency and effectiveness in its second
year into Integrated Reporting. In line with our
adoption of best practices and our commitment
towards sustainability, this Report is our sincere
acknowledgement of the symbiotic relationship that
exists between the need to protect and preserve the
environment, the impetus for economic development
and the need to balance the rights of humankind.
This Report therefore, aims to disclose where we

want to be and how we plan to achieve our targets.
We have provided an insight into how our core values
drive our strategic objectives and in turn, how this is
translated into value creation - both for us and our
various stakeholders.
2 SIME DARBY BERHAD Annual Report 2015

Strategic Report
CONNECTING
OPPORTUNITIES
Sime Darby optimises opportunities to create value by pursuing an innovative, integrated
Corporate Governance
and inter-connected strategy across our portfolio. We focus on Group investments and
activities that link our sector and geographical business operations with an aim to deploy
our capital more efficiently ultimately delivering group-wide synergies.
INSTITUTE A PURSUE
PERFORMANCE STRATEGIC
AND VALUE PORTFOLIO
Financial Reports
DRIVEN CULTURE GROWTH
Our people are motivated to drive the business forward We optimise opportunities to grow our
whilst upholding the highest ethical values in all businesses while being guided by the principles
business interactions and decisions. Anchored by our of sustainable development. We are focused on
values of respect & responsibility, integrity, excellence generating and cultivating opportunities to
and enterprise, we work together to achieve higher expand into new growth markets, supported by
organisational performance. Sime Darby nurtures our sound knowledge and experience from our
teamwork, unity and capabilities to its core values. well-established and diverse portfolio.
Other Information
STRIVE FOR
REALISE FULL LEADERSHIP
POTENTIAL OF POSITION
CORE BUSINESSES
Our ambition is to be a sustainable, leading player
We capitalise on synergies across our operations and a thought leader in all the markets in which
to realise the full potential of our portfolio of we operate. We secure and reinforce our
businesses. We achieve operational excellence by leadership position by leveraging on our strengths
leveraging on our strategic relationships and our and competitive advantages which in turn create
sustainability commitments. further value for our stakeholders.
SIME DARBY BERHAD Annual Report 2015 3

ABOUT SIME DARBY
Sime Darby is a diversified multinational and a key

player in the Malaysian economy, with businesses in
key growth sectors, namely, plantation, industrial
equipment, motors, property and energy & utilities
with operations in 26 countries and 4 territories.
Committed to developing a sustainable future,

Sime Darby strives to maintain an equitable balance
between increasing value for shareholders and
responsible development that brings value to society
and safeguards the environment. Sime Darby is one
of the largest companies listed on Bursa Malaysia and
has a market capitalisation of RM52.9 billion (USD14.0
billion) as at 30 June 2015.

Strategic Report
Financial Reports
OUR VISION OUR VALUES
To be a leading multinational corporation delivering At Sime Darby, the core values that we live up to
Other Information
sustainable value to all stakeholders throughout our operations and businesses worldwide
are Integrity, Respect & Responsibility, Excellence
and Enterprise
Integrity
OUR MISSION 7RJQNFJKIJNGXGNUQHRGTUQPCNCPFRTQHGUUKQPCN

values in all our business interactions and decisions
Respect & Responsibility

4GURGEVHQTVJGKPFKXKFWCNUYGKPVGTCEVYKVJCPF
5KOG&CTD[KUEQOOKVVGFVQFGXGNQRKPICYKPPKPI the environment that we operate in (internally and
portfolio of sustainable businesses externally) and committing to being responsible in
9GUWDUETKDGVQIQQFEQTRQTCVGIQXGTPCPEGCPF all our actions
high ethical values
Excellence
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returns through operational excellence and high our businesses through our unwavering ambition to
performance standards
achieve outstanding personal and business results
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realise their full potential Enterprise
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agility, challenging set boundaries

CONTENTS
STRATEGIC REPORT FINANCIAL REPORTS
8 Group Highlights 193 Statement of Directors Responsibilities
10 Group Overview 195 Directors Report
12 Chairmans Message 200 Statement by Directors
16 President & Group Chief Executives Review 201 Statutory Declaration
20 Global Trends and Market Outlook 202 Independent Auditors Report
22 Managing Our Material Issues 204 Statements of Profit or Loss
24 Group Business Model 205 Statements of Comprehensive Income
26 Group Strategy 206 Statements of Financial Position
28 Strategy in Action 208 Statements of Changes in Equity
34 Board of Directors 211 Statements of Cash Flows
36 Management Team 215 Notes to the Financial Statements
42 Group Performance Overview 385 Supplementary Information
i. Group Financial Review
OTHER INFORMATION
ii. People
iii. Environment 386 Notice of Annual General Meeting
iv. Sustainable Thought Leadership 392 Analysis of Shareholdings
70 Divisional Operations Review 395 Additional Compliance Information
398 Share Price Movement & Financial Calendar
CORPORATE GOVERNANCE 399 Properties of the Group
123 Statement on Corporate Governance 418 Notice to Shareholders Under the Personal
Data Protection Act 2010
127 Directors Profiles
420 Compliance with the Principles and
132 Management Team Profiles
Recommendation of the Malaysian Code on
159 Governance & Audit Committee Report Corporate Governance 2012
165 Nomination & Remuneration Committee 422 United Nations Global Compact (UNGC)
Report Communication on Progress
170 Sustainability Committee Report 423 Global Reporting Initiative (GRI)
174 Risk Management Committee Report 426 Independent Assurance Report
177 Statement on Risk Management and Internal Form of Proxy
Controls
185 Our Management of Risk
Visit our website for more information

on the businesses, including:
Investor presentations
Shareprice
Press releases
Sustainability report
www.simedarby.com
Developing Sustainable Futures

Strategic Report
CORPORATE INFORMATION
AS AT 21 SEPTEMBER 2015
BOARD OF DIRECTORS REGISTERED OFFICE
Tan Sri Dato Abdul Ghani Othman 19th Floor, Wisma Sime Darby
Independent Non-Executive Chairman Jalan Raja Laut
50350 Kuala Lumpur, Malaysia
Tan Sri Dato Sri Dr Wan Abdul Aziz Wan Abdullah
Non-Independent Non-Executive Deputy Chairman Telephone : +(603) 2691 4122
Facsimile : +(603) 2719 0044
Tan Sri Samsudin Osman
Email : communications@simedarby.com
Non-Independent Non-Executive Director
Website : www.simedarby.com
Tan Sri Dato Dr Wan Mohd Zahid Mohd Noordin
SHARE REGISTRAR
Financial Reports
(To retire upon conclusion of the 9th AGM on 23 November 2015)
Tan Sri Datuk Amar (Dr) Tommy Bugo @ Hamid Bugo Tricor Investor Services Sdn Bhd
Independent Non-Executive Director (Company No. 118401-V)
(To retire upon conclusion of the 9th AGM on 23 November 2015) Unit 32-01, Level 32, Tower A,
Vertical Business Suite,
Tan Sri Datuk Dr Yusof Basiran
Avenue 3, Bangsar South,
No. 8, Jalan Kerinchi,
Dato Henry Sackville Barlow 59200 Kuala Lumpur, Malaysia
Senior Independent Non-Executive Director
Telephone : +(603) 2783 9299
Other Information
(To retire upon conclusion of the 9th AGM on 23 November 2015)
Facsimile : +(603) 2783 9222
Datuk Zaiton Mohd Hassan Email : is.enquiry@my.tricorglobal.com
Dato Sri Lim Haw Kuang AUDITORS
Independent Non-Executive Director
PricewaterhouseCoopers (AF 1146)
Dato Azmi Mohd Ali Chartered Accountants
Non-Independent Non-Executive Director Level 10, 1 Sentral, Jalan Travers
Kuala Lumpur Sentral
Dato Rohana Tan Sri Mahmood
50706 Kuala Lumpur, Malaysia
Telephone : +(603) 2173 1188
Ir Dr Muhamad Fuad Abdullah
Facsimile : +(603) 2173 1288
Tan Sri Dato Seri Mohd Bakke Salleh
FORM OF LEGAL ENTITY
Executive Director
Incorporated on 7 November 2006 as a private company
limited by shares under the Companies Act, 1965 and
PRESIDENT & GROUP CHIEF EXECUTIVE
converted into a public company limited by shares on
Tan Sri Dato Seri Mohd Bakke Salleh 5 April 2007
SECRETARY STOCK EXCHANGE LISTING

Puan Norzilah Megawati Abdul Rahman Listed on the Main Market of Bursa Malaysia Securities
(LS 0009247) Berhad since 30 November 2007
Stock Code : 4197
Stock Name : SIME
PLACE OF INCORPORATION AND DOMICILE

Malaysia

GROUP HIGHLIGHTS
Our results reflect a year of resilient performance amidst challenging economic conditions.
Revenue (RMm) Profit Before Interest Net Earnings (RMm)

and Tax (RMm)
43,729 3,277 2,313

50,000 10,000 5,000
46,630
40,000
46,109
8,000 4,000
43,908
43,729
4,150
41,043
3,701
3,665
30,000 6,000 3,000
3,353
5,660
5,411
20,000 4,000 2,000
2,313
4,634
4,219
3,277
10,000 2,000 1,000
0 0 0
11 12 13 14 15 11 12 13 14 15 11 12 13 14 15
Carbon Emissions* Total Energy Consumption* Lost Time Injury Frequency

(million tonnes CO2-e) (million GJ) Rate (Incidents per million
man-hours worked)
2.6 27.8 8.49

5 50 15
14.64
4 40 12
13.25
3 30 9
34.7
10.58
32.6
3.1
29.8
27.8
2.7
2.6
8.49
26.7
2 20 6
2.5
2.4
7.76
1 10 3
0 0 0
10 11 12 13 14 10 11 12 13 14 11 12 13 14 15
* Based on calendar year

Strategic Report
OPERATIONAL HIGHLIGHTS
Our value driven culture, strong focus on research and innovation and shared synergies
within our businesses has enabled us to retain our market leading positions. In our pursuit of
operational excellence, we have achieved a sustainable business performance which positions
us for growth in the long-term.
Financial Reports
Plantation Motors
FFB production (million MT) Units sold
9.64 91,278
2014: 9.42 2014: 92,112
Other Information
CPO extraction rate (%)
21.71 Property
2014: 21.86
Gross Sales Value (RMm)
FFB yield (MT/ha)
20.39 2,134
2014: 2,750
2014: 20.44
Units sold
Industrial
1,659
2014: 3,049
Order book (RMbn)
1.9 Energy & Utilities

2014: 2.9
Port throughput (million MT)
36.3
2014: 31.2
For more on our divisional performance, see pages 70 to 121.

GROUP
OVERVIEW
A CONNECTED AND DIVERSE GLOBAL PORTFOLIO
We are a global business with operations in 26 countries and four territories and over 130,000
employees globally. We have large, established market positions in key growth sectors namely
plantation, industrial equipment, motors, property and energy & utilities. Our connected
and diverse global portfolio positions us to create positive benefits for our stakeholders, the
environment and the economy wherever we operate.
REVENUE PROFIT
DIVISION CONTRIBUTION CONTRIBUTION#
23 37 % %
Sime Darby Plantation
Fully integrated player in the oil
palm value chain. The worlds largest
producer of Certified Sustainable
Palm Oil.
Page 70
24% 17%
Sime Darby Industrial
Offers a comprehensive range of
heavy equipment and services, from
the sales of new machines, engines
and used equipment for rental
Page 84 through its chain of Cat Rental Stores.
43% 15%
Sime Darby Motors
Involved in the assembly, import,
distribution and retail businesses.
A major player in the Asia Pacific
automotive industry with presence in
ten countries and territories.
Page 92
8% 28%
Sime Darby Property
Leading property developer, its core
businesses are property development
and property investment. Currently
Malaysias largest property
UNITED BRAZIL* GERMANY*
developer in terms of landbank and STATES
Page 100 active developments. OF
AMERICA*
2% 4%
Sime Darby Energy & Utilities
Involved in trading, engineering &
technical services, ports & logistics
and water management across four
countries.
Page 110 UNITED SOUTH
KINGDOM AFRICA
73 109
Partnering with some of the worlds leading players, Sime Darby is also EMPLOYEES EMPLOYEES
involved in healthcare, insurance and retail.
LIBERIA
* Countries where the Group has representatives/investments or where Emery 2,865
Oleochemicals, a joint venture of the Group, has operations in. EMPLOYEES
# Based on contribution to Segment Results. Percentage exceeds 100% as the
contribution from other businesses is not shown.

Strategic Report
MACAU HONG KONG VIETNAM
Profit before Interest and Tax by
157 1,313 700
Geographical Segment EMPLOYEES EMPLOYEES EMPLOYEES
FY2015 SOUTH
MALAYSIA
2015: 62.9% KOREA*
SOLOMON
INDONESIA
THAILAND CHINA TAIWAN ISLANDS
2015: 13.5%
952 5,405 110 1,634
SE ASIA (OTHERS)
2015: 5.0% EMPLOYEES EMPLOYEES JAPAN* EMPLOYEES EMPLOYEES
CHINA FY2014
2015: 9.4%
AUSTRALASIA
2015: 12.0%
Financial Reports
OTHERS
2015: (2.8%)
MYANMMAR*
Other Information
SRI
LANKA*
INDIA PHILIPPINES INDONESIA CHRISTMAS BRUNEI PAPUA NEW NEW

1 23 33,784 ISLAND* 16 GUINEA CALEDONIA
EMPLOYEE EMPLOYEES EMPLOYEES EMPLOYEES 25,579 194
EMPLOYEES EMPLOYEES
THE NETHERLANDS MALDIVES MALAYSIA SINGAPORE AUSTRALIA NEW

225 1 52,863 1,168 3,560 ZEALAND
EMPLOYEES EMPLOYEE EMPLOYEES EMPLOYEES EMPLOYEES 841
EMPLOYEES

CHAIRMANS MESSAGE
Dear Shareholders,
On behalf of the Board of Directors, it gives me great
pleasure to present to you the Sime Darby Annual
Report for the financial year ended 30th June 2015
(FY2015).
This is the second year we have embarked on the
Integrated Reporting journey and we hope to build
upon the adaptation of the integrated thinking
process with more cohesiveness and efficiency
in reporting. The theme for this years edition is
Connecting Opportunities, which is based on
the underlying concepts of the Companys four key
strategic thrusts and strategic synergies, namely:
4GCNKUKPIVJGHWNNRQVGPVKCNQHVJGEQTGDWUKPGUUGU
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2WTUWKVQHUVTCVGIKERQTVHQNKQITQYVJ
+PUVKVWVKQPCNKUCVKQPQHCRGTHQTOCPEGCPFXCNWG
driven culture.
The diversified portfolio of Sime Darbys businesses
has been an essential part of your Companys
growth, particularly during challenging times. The
period under review presented tough operating
conditions and the Company had to contend
with a slowdown in economic conditions, bearish
commodity prices and softening consumer
sentiments. In addressing these issues, your
Company has laid important foundations for the
future. The Group has successfully executed its
strategy of focusing on its core markets while
aggressively carrying out efficiency improvements
and reduction of operating costs. With a strong
operating cash flow and a growing pipeline of
opportunities, the Board believes the Group is well-
positioned to make the right connections and
achieve progress over the medium-to-long term.
FINANCIAL RESULTS
Tan Sri Dato Abdul Ghani Othman The Group registered a net profit of RM2.3 billion,
Chairman a decline of 31 percent compared with the previous
financial year. The Groups Net Earnings fell short of
its FY2015 Key Performance Indicator (KPI) target
of RM2.5 billion by 7.5 percent while the Return on
The diversified portfolio Average Shareholders Equity (ROE) of 7.8 percent
was lower by 8.2 percent compared with the ROE KPI
of Sime Darbys target of 8.5 percent.
businesses has been an A detailed discussion of the Groups financial

performance can be found in the Group Financial
essential part of your Review on page 42.
Companys growth, DIVIDEND

The Board recommends the payment of a final
particularly during dividend of 19 sen per share for FY2015. Combined
challenging times. with the earlier interim dividend of six sen per share,
the full year dividend amounts to 25 sen per share.
This brings the total payout for the period under
review to RM1.55 billion, or a net dividend payout
ratio of 67%.
12 SIME
12 DARBY
SIME DARBY
BERHADBERHAD
Annual Integrated
Report 2015Annual Report and Accounts 2015
Strategic Report
CORPORATE GOVERNANCE For more information on the principal risks faced by the
Group, see the Governance section on page 185.
Our aim of delivering sustainable value is guided
by our continued focus on corporate governance.
The Board is mindful that these efforts are critical INNOVATION
to ensure your Companys success and this year, we The Sime Darby Group has a heritage built on
have taken steps to improve our processes further. innovation. The Companys foundation was its
The Board has approved the Board Composition plantation business, where it pioneered a replanting
Policy which outlines the Boards approach with technique without burning in the 1980s and in the
regard to its composition, with emphasis on diversity nineties developed natural ways to deal with pests
and higher performance. The Board will actively and diseases. Over the years, the Company grew to
work towards women representing 30% of the Board become a multinational by building leading positions
by the end of 2016. in four more core businesses.
Financial Reports
Read more about the Groups approach to Corporate However, Sime Darby today is facing a challenging
Governance in the Governance section on page 123. global economic and business landscape which has
become increasingly unpredictable. Commodity
RISK MANAGEMENT AND INTERNAL CONTROLS prices, foreign exchange volatility and uncertain
In discharging its responsibilities, the Board is fully policy changes as well as rapidly changing
committed to maintaining sound risk management government policies and legislations, continue to add
and internal control systems and reviewing its to business uncertainty. This new global norm will
adequacy, integrity and effectiveness to safeguard require Sime Darby to be more agile and adaptable.
shareholders investments and the Groups assets. Adopting innovative practices that promote the
Other Information
The Board has established an ongoing process for creation of unconventional, creative business
identifying, evaluating and managing significant solutions and processes that allow businesses to
risks faced by the Group. This is embedded in implement these solutions quickly, are an imperative
the Groups Risk Management Framework and tool to manage this growing risk.
internal control system that is further described in The rate of disruptive technology or business
the Statement on Risk Management and Internal innovation entering the market is picking up.
Control. The Board has delegated the oversight of Modified vegetable oil, innovations in building
the risk management and governance functions to materials and additive manufacturing and innovative
the Risk Management Committee (RMC) and the channels of distribution are some of the imminent
Governance & Audit Committee (GAC) respectively. innovation threats we face in our businesses
One of the main outcomes arising from the preceding today. The threat of new entrants or businesses
processes is the identification of the principal risks that completely redefine the industry is much
faced by the Group, as detailed in the Statement higher. Business cycles will be more volatile and
on Risk Management and Internal Control of this uncertain going forward. This means that existing
report. During the year, both the RMC and the GAC opportunities will become increasingly scarce for our
have used these risks to guide the areas they focused core businesses.
on during their deliberations, including audit
vigilance over internal controls. This has resulted As the Group continues to scale up its traditional
in Management placing a greater emphasis on, for business areas, innovation will help break Sime
example, operational excellence, in response to the Darbys traditional approach to growth in order to
increasingly challenging market conditions. sustainably create new value propositions. This,
coupled with greater focus on customer centricity
The Group Compliance Office (GCO) has also will enable the Company to be ahead of the curve
embarked on a programme in FY2015 to assist our in discovering new market opportunities across the
joint-venture (JV) companies, which are non-wholly Divisional businesses.
owned subsidiaries, to adopt, as far as practicable,
the business conduct and practices laid out in the SUSTAINABILITY
Groups Code of Business Conduct (COBC). One of
the key milestones achieved is the development of In Sime Darby, sustainability is pursued in a holistic
the JV COBC Framework which acts as a best practice way, balancing the needs of People and Planet with
guide for the management of JVs to enhance their economic Prosperity. The Group seeks to operate in
respective COBC. In further enhancing the adoption a way that contributes to a better society, minimises
of COBC across the Group, a refreshed COBC training environmental harm and delivers sustainable
course is also being rolled out across the Group. business, whilst balancing the interests of a diverse
range of stakeholders.
GCO has also completed upgrading the
whistleblowing database to a new platform, providing Occupational health and safety remains a top focus
enhanced reporting capability and data security. area for our people, where the imperative is to
ensure a safe working environment for all employees.

Chairmans Message
The Group has moved towards monitoring leading leaders to drive operational excellence. The Group
indicators which is a paradigm shift in line with the also clinched the South East Asia Aon Hewitt Top
development of a positive safety culture. For the Company for Leaders Award for 2014.
period under review, there has been an increase
The year under review also witnessed the
of near-miss reporting from the previous financial
enhancement of the Human Resources Business
year and moving forward, the Group will continue to
Partner role through the implementation of strategic
implement measures to improves awareness.
HR initiatives to support the growth of the Group and
In addressing our sustainability commitment to the the Divisions.
Planet, we have embarked on the High Carbon Stock
The Annual Global Employee Engagement Survey
(HCS) study, a collective initiative between Sime
(GEES) which started in FY2011 entered its third
Darby Plantation and several key stakeholders in the
year and has provided the Group with information
palm oil industry. The study will define HCS forests
critical to building an engaged workforce that is
to enable oil palms to be grown more sustainably,
essential for successful implementation of business
taking into account the rights and livelihoods of local
initiatives. Subsequent group-wide engagement
communities and indigenous peoples. The study
events were held to address specific engagement
is being carried out by scientific experts, led by
issues highlighted by the GEES results.
environmentalist Sir Jonathon Porritt, Sustainability
Advisor to Sime Darby and eminent forest ecologist Moving forward, we will continue to place emphasis
Dr John Raison. The HCS Study is a key commitment on the four identified HR Transformation focus areas
in the Sustainable Palm Oil Manifesto of which Sime namely developing capable and engaged leaders,
Darby Plantation is a signatory. The Manifesto aims inculcating an innovative culture, driving operational
to build upon the signatories existing sustainability excellence and focusing on organisation and
commitments to the RSPO Principles and Criteria. individual high performance and growth.
Sime Darby also became one of the signatories of the For more information on our HR focus for FY2016, see
New York Declaration on Forests on 23 September our People section on page 48.
2014 at the United Nations Climate Summit 2014.
Sime Darby, alongside over 150 countries, sub- PROSPECTS
national governments, companies, indigenous
The year ahead will remain challenging due
peoples organisations and non-governmental
to uncertainties in the business environment,
organisations, came together and committed to
particularly in the respective markets where the
restore over 150 million hectares of forests and halve
Group operates. Softening commodity prices,
deforestation by 2020. During the same event, we
potential interest rate hikes and volatile foreign
also saw the launch of the United Nations Global
exchange rates continue to be the major headwinds
Compact Food and Agriculture Business Principles
that the Group will be facing.
(FABPs). Sime Darby has been instrumental in
originating the idea of the FABPs, co-sponsoring the The Plantation Division continues to operate in a
process and was part of the Steering Committee and period of high volatility in CPO and rubber prices.
Core Advisory Group that developed it. CPO prices, in particular are currently facing
downward pressure due to slower global economic
In terms of economic Prosperity, the Group continues
growth as well as declining crude oil and other
to embed a culture of continuous improvement
edible oil prices. However, the long-term demand-
throughout the organisation and has notably
supply dynamics for palm oil remain strong, driven
accumulated Lean Six Sigma (LSS) benefits totalling
by a growing world population that is expected to
RM360.4 million since the inception of the LSS
reach 8.1 billion by 2025. Rising affluence and living
Blueprint in FY2013.
standards will also serve as a catalyst in the growing
demand for healthier and sustainably produced palm
OUR PEOPLE products, thus increasing global consumption of
Building organisational capabilities and capacity is palm oil. The Divisions expansion plans remain on
key to delivering the current and future strategic track although the biggest challenge is still having
objectives of the Company as well as to accelerate access to suitable arable land for expansion at
the development of our internal talent to enhance reasonable premiums and to adhere to sustainability
the leadership pipeline. requirements. Nonetheless, its recent acquisition of
New Britain Palm Oil Limited (NBPOL) is expected to
The Groups continuous efforts under the 5-year HR
contribute more in the coming years as the Division
Transformation Programme which started in 2010
accelerates its plans to realise the potential synergies
has been showing results and is being recognised.
and leverage on the growth in Papua New Guinea and
Sime Darby became the first Malaysian company to
Solomon Islands. With this acquisition, the Division
win the 2014 Global Aon Hewitt Top Company for
has also reinforced its downstream presence in
Leaders Award. This global recognition attests to the
Europe and strengthened its capabilities to supply
importance we place on developing high performing
certified sustainable palm oil products in the high

Strategic Report
value add markets globally. More importantly, demand and market sentiment. On the international
the current business environment provides an front, construction works for Phases 1 and 2 of the
opportunity for the Division to continue to drive Battersea Power Station Development Project are
greater cost efficiency and enhance productivity, currently on-going while future phases are in the
including more aggressive replanting programmes to planning stages. The renewed economic slowdown
increase yield and oil extraction rate. Going forward, coupled with restrictive mortgage lending policies
the Division is also committed to enhancing value present the biggest risks in the UK housing sector.
creation from its investments in waste to wealth
The slowdown in economic activities in China and
technology projects via Sime Darby Renewables.
stringent government legislations are expected
The Industrial Division maintained leadership in to impact the Energy & Utilities Divisions ports
a contracting market. The Division focused on and water operations in the Shandong province.
streamlining its cost base to increase efficiency in The prime focus will be to continue with on-going
Financial Reports
the challenging environment, underlined by lower expansion plans for the Weifang port to handle larger
mineral prices and the slowdown in economic capacity vessels by increasing its berthing volume
growth, particularly in China. Mining companies and expanding its cargo range.
continue to suspend the expansion of new mines
and deferring the purchase of new equipment. In ACKNOWLEDGEMENT
this trying business environment, the main emphasis On behalf of the Board, I would like to take this
will be on securing improved market share and opportunity to record my appreciation to all our
controlling activities and costs, with particular focus valued stakeholders for their continued trust and
on the rebalancing of resources. The Division will also loyalty and for growing the Group with us. I would
Other Information
be driving productivity on the back of the Business also like to thank my fellow Main Board and Flagship
Transformation Project (BTP) that will facilitate the Subsidiary Board members for their commitment and
deployment of Business Intelligence and Analytics immense contribution to the Group.On behalf of my
to deliver customer satisfaction at lower cost. fellow Directors, I would like to take this opportunity
Opportunities for aligned business acquisitions at to accord our sincere thanks and appreciation to the
the bottom of this cycle will also be actively pursued. former Deputy Chairman of the Board, Tan Sri Dato
The Motors Division operations in Malaysia are Sri Hamad Kama Piah Che Othman, Tan Sri Dato Dr
expected to face headwinds in the form of softening Wan Mohd Zahid Mohd Noordin, Tan Sri Datuk Amar
market conditions and tighter lending policies. (Dr) Tommy Bugo @ Hamid Bugo and Dato Henry
In China, the governments austerity policies and Sackville Barlow for their contribution during their
increasing competition are expected to impact respective tenure on the Main Board. Tan Sri Hamad
the luxury vehicle segment. However, the newly has been succeeded by Tan Sri Dato Sri Dr Wan
acquired luxury segment dealerships in Australia #DFWN#\K\9CP#DFWNNCJ
and Vietnam are projected to contribute positively My heartfelt gratitude to the management team and
to the Divisions profits. Singapore operations may staff for their unwavering dedication to the Group,
benefit from the introduction of new small engine particularly during this challenging period. The team
models which would spur renewed interest among and all the employees have been instrumental in
consumers. The Division will strive to penetrate into delivering our strategic vision to become one of the
new markets by leveraging on the existing and new leading conglomerates in the region. The Company is
partnerships for potential opportunities. Continuous certainly positioned to achieve many more milestones
monitoring of changes in requirements and ensuring and we look forward to our journey ahead.
compliance will remain top priorities in addressing
developments in government regulations.
Tan Sri Dato Abdul Ghani Othman
The property market in Malaysia is expected to Chairman
remain subdued due to cautious consumer sentiment
and stricter lending rules. Pressure on the residential
market might continue in the near-to-medium
term, attributed to inflationary factors and cooling
measures. However, the Property Division continues
to sustain demand for its landed properties in prime
areas such as City of Elmina, Denai Alam, Bandar
Bukit Raja, Nilai Impian and Bandar Ainsdale.
The Division will focus on value creation and
enhancement for its property development projects
through integrated, niche and Transit-Oriented
developments together with strategic partnerships.
New township developments with the right product
mix will be launched taking into account prevailing

PRESIDENT & GROUP
CHIEF EXECUTIVES REVIEW
Dear Shareholders,
The financial year under review has been challenging
for all our operations across the Group. We were
confronted with demanding operating environments,
where volatility and uncertainty were recurring
themes. Nonetheless, our people have risen to the
challenge and continued to deliver value to all our
stakeholders.
The Group was operating against the backdrop of a
sluggish global economy despite stronger economic
growth in the US, while emerging markets continued
to enjoy modest growth. Developing nations have
had to moderate growth forecasts due to subdued
prospects. Downward pressure on commodity
prices, uncertainty over monetary policies and
volatile equity and currency markets have resulted
in tough operating conditions. Furthermore, fiscal
consolidations and changes to government policies
have also impacted demand across the Groups
businesses and operating geographies.
The Group posted Net Earnings of RM2.3 billion in
the financial year under review - 7.5% lower than the
headline Key Performance Indicator (KPI) target of
RM2.5 billion and a Return on Average Shareholders
Equity (ROE) of 7.8% compared with the targeted 8.5%.
KEY STRATEGIC ACHIEVEMENTS

Notwithstanding the weaker financial performance,
the Group has made good progress in achieving its
strategic and operational objectives, guided by the
Five-Year Strategy Blueprint, now in its final year.
This will help us weather the current challenges and
prepare the Group for an upturn in the business cycle.
Details of the Strategy Blueprint are outlined on
page 25 of this Annual Report.
Realise the Full Potential of the Core Business

Tan Sri Dato Seri Mohd Bakke Salleh The Group has achieved operational excellence by
President & Group Chief Executive capitalising on synergies through several initiatives.
At the Divisional level, the Plantation team has
implemented improved agro-management practices
and enhanced mechanisation in 94% of potential
The Group continues implementation areas. The Plantation Divisions
replanting programme across its operations remained
to leverage on new at the rate of 4% of total planted area for the period
under review. To improve and achieve the desired
opportunities to age profile for our oil palm plantations, the Division
secure and strengthen will implement an accelerated replanting programme

across our Malaysian and Indonesian operations
leadership positions and which would increase the replanting rate to an
average of 5% of total planted area. In the Industrial
to maintain competitive Division, the implementation of the Business
Transformation Project (BTP) is currently on track and
advantage. is targeted to be completed by January 2016.
16 SIME
16 DARBY
SIME DARBY
BERHADBERHAD
Annual Integrated
Report 2015Annual Report and Accounts 2015
Strategic Report
This initiative has been rolled out in several regions have already been planted. The acquisition has
and is expected to be a catalyst in driving process also enabled access to NBPOLs research facility
efficiency for the Division. The Motors Division, which will enhance Sime Darby Plantations own
in leveraging its long-term partnership with the industry-leading and ground-breaking research &
Land Rover brand, has entered into a joint-venture development (R&D) activities through collaborations
(JV) with SISMA Auto. This deal secured exclusive and joint programmes. Meanwhile, in October 2014,
distributorship of Jaguar and Land Rover vehicles the Property Division successfully launched Phase
in Malaysia. Finally, the Energy & Utilities Division, 3a of the Battersea Power Station development.
via our Weifang Sime Darby Port Co. Ltd., entered Phase 3a, which consists of 539 units, was designed
into a joint-venture with Weifang Port Co. Ltd. and by world-renowned architects Gehry Partners and
Shandong High-Speed Transportation and Logistics Foster + Partners. The Division also unlocked more
Investment Co. Ltd. to manage the construction value through the monetisation of its shareholding in
Financial Reports
and maintenance of Weifang Ports key shared Sime Darby Sunsuria Development Sdn. Bhd., a joint-
infrastructure. This is expected to accelerate the venture with Sunsuria Berhad. Sime Darby Property
development of Weifang Ports capabilities and divested its 50% equity stake in the joint-venture, in
improve its competitiveness. line with the objective to streamline its portfolio to
optimise the use of capital. Meanwhile, Sime Darby
Strive for Leadership Position Motors continued its pursuit of strategic portfolio
The Group continues to leverage on new growth through the acquisition of new marques
opportunities to secure and strengthen leadership in existing geographical regions, as well as the
positions and to maintain competitive advantage. introduction of existing marques in new regions. The
At the Plantation Division, the acquisition of New Division established new facilities in China (Nanjing
Other Information
Britain Palm Oil Limited (NBPOL) has bolstered Sime & Chongqing), Australia (Brisbane) and Taiwan (2
Darby Plantations position as the worlds largest in Taipei), together with the addition of the Ferrari
producer of Certified Sustainable Palm Oil (CSPO) brand in Brisbane.
with 2.6 million MT in production per annum, which
accounts for 22% of current global CSPO output. Institute a Performance and Value-Driven Culture
Sime Darby Industrial on the other hand, secured The Group has built robust leadership and succession
Malaysias first lifecycle contract with Westports plans to ensure sustainability of strong and
Malaysia Sdn Bhd through its joint-venture with effective leadership. As part of the organisational
Terberg Group, for the supply of new terminal and individual high performance and growth
tractors, inclusive of service and maintenance for the enhancement strategy, rewards are differentiated
next seven years. The Property Division continues and refined according to talent segment and
to be the leading integrated township developer in employee category.
Malaysia, with large freehold landbank at strategic
As we head into the tail-end of the Five-Year Strategy
and highly sought after locations. The new themed
Blueprint, we will focus on several action plans and
townships that are in the pipeline for development
priorities based on the four key strategic thrusts.
include Kota Elmina (1,500 acres) and Lagong (1,800
This includes enhancing the Divisional business
acres) in the state of Selangor along with Kulai (5,000
operational metrics, improving productivity and
acres) in the southern state of Johor. In addition to
cost efficiency, scaling up to pursue pole positions
this, the other significant upcoming projects are
in markets with growth potential and focusing
Bandar Bukit Raja 2 & 3 (2,700 acres) and Serenia
investment on regional and adjacent business lines.
City (2,300 acres) in Selangor. The Energy & Utilities
Division continues its expansion of the Weifang Sime
Darby Port, which will see eight additional 30,000 SUSTAINABILITY & QUALITY MANAGEMENT
50,000 deadweight tonnage (DWT) berths added The Group remains steadfast in our commitment
to the port to handle new dry bulk, liquid bulk and to sustainable development. During the year in
general cargoes. review, we continued to drive our sustainability
strategy, with a key focus on value creation
Pursue Strategic Portfolio Growth through sustainability, improving safety & health
performance, achieving optimum efficiency via
During the year in review, the Divisions executed
Lean Six Sigma, addressing contributions to climate
several initiatives to spur further growth and
change and advancing sustainability practices.
maximise returns for the Group. Through the
acquisition of NBPOL, Sime Darby Plantation has
added 135,673 hectares of land in Papua New Guinea
to its existing landbank, of which 82,067 hectares

We are pleased to introduce Dr. Simon Lord, Sime CHARTING FRONTIERS IN INNOVATION
Darbys Group Chief Sustainability Officer, who Innovation is a catalyst for competitive advantage,
joins us from NBPOL. Simon was previously NBPOLs and one of the key enablers in the Groups growth.
Group Director for Sustainability and brings with As organisations seek to establish themselves in
him over 30 years of management experience in the the global business marketplace, the concept of
agricultural and oil palm sector. customer centric innovation continues to evolve. This
We are saddened by the seven fatalities in our too, will be one of the Groups immediate priorities.
Group during this financial year and have worked To take the Group forward into a different world
to strengthen controls to eliminate these safety business frontier, we will ensure that our internal
risks. We recognise that an uncompromising safety process improvements, strategic acquisitions and
& health culture is imperative for us to achieve our licensing of new products and collaborations all seek
WNVKOCVGIQCNQH\GTQJCTO6JKU[GCTYGTQNNGFQWV to create an innovative culture in the Group. To drive
a FELT Leadership Programme for the Sime Darby the Innovation Agenda, the Group appointed Mr Hari
Groups Management Team, to ensure that this Nair as the new Group Chief Strategy & Innovation
culture is modelled and driven from the very top. Officer on 6 August 2015. Prior to his new role, Hari
was the Global Managing Director of Kimberly Clarks
In the year under review, our Lean Six Sigma (LSS) Global Innovation Centre in Seoul. He has spent
programme delivered RM208.99 million in cost nearly half of his 20-year professional career living
savings. Since the programme was launched in and working in emerging markets and has worked
FY2013, the Group has achieved RM360.48 million in under the leadership of the worlds preeminent
cumulative cost savings, placing us on-track to achieve innovation guru, Clayton Christensen.
our target of RM775 million cumulative cost savings
from FY2013-FY2017. Our successes are a reflection Innovation Key Performance Indicators (KPIs) are
of the exceptional people that we have within the being formulated to ensure that real consequences
Group. This year we are proud that the American and rewards drive the right behaviours. Roles,
Society of Quality (ASQ) chose to recognise Encik capabilities and KPIs of employees will be defined
#\OCP5JCJ/QJCOGF0QQTVJG)TQWRU*GCFQH clearly to reflect this. Cross-divisional synergies and
Quality and LSS, by awarding him the Edwards Award external partnerships will be emphasised in order to
for 2015 for his leadership in transforming the quality drive new innovations and further business growth.
and continuous improvement culture in Sime Darby. In the meantime, work will continue on key initiatives
such as the genetic marker and trait selection for
In recent years, there has been a heated debate on high yielding oil palm seeds, as well as other agri-
deforestation and the tools responsible palm oil technology and bio-technology projects. Other
companies should employ to identify conservation ongoing initiatives include the incorporation of
areas, in particular High Carbon Stock (HCS) forests. sustainable designs in property development and the
In September 2014, Sime Darby committed to a enhancement of the customer experience through
moratorium to halt new oil palm developments, while technology.
an independent scientific study develops guidance
on the methods to identify HCS forests, and how MOVING AHEAD
best to accommodate the rights and development
The Group has withstood a challenging FY2015 and
needs of impoverished communities. In short,
we expect a similarly demanding environment in the
this will bring forth a new integrated approach to
year ahead. Bearish commodity prices coupled with
sustainable land-use planning, which the Group is
austerity measures in key operating markets and
committed to test once completed.
rising interest rates will be some of the headwinds
the Group expects to face. Fiscal tightening in these
markets will certainly impact a customers ability
to obtain financing while the higher cost of living
will reduce affordability, thus resulting in reduced
customer demand.
Management has taken steps to protect and improve
the Groups position by executing key measures,
supported by financial prudence and discipline. At
the same time, we will draw on our renewed focus
on sustainability and innovation to steer us through
these volatile and uncertain times.

Strategic Report
We remain committed to sustainable shareholder
returns. As we reflect on the future, I am confident
we have the right strategy, vision and great people
in place to achieve our aspirations. We will continue
to place greater emphasis on operational efficiency
and productivity improvements, whilst identifying
opportunities to strengthen profit pools, seek
investment opportunities and maintain capital
discipline.
ACKNOWLEDGEMENT
I have never been more excited for our Companys
Financial Reports
future. I am confident that Sime Darby has a bright
future ahead of it, not only because of the leading
positions we have developed and the bold steps
we are taking, but also because of the loyalty and
support of our shareholders who have stood by us
through thick and thin. The Company has a strong
pool of leaders and truly talented workforce of
approximately 132,000 people around the world.
On behalf of the Management team, I would like
Other Information
to express our sincere appreciation to the Board
members and our shareholders for your confidence
and support. I would also like to thank the former
Deputy Chairman of the Board, Tan Sri Dato Sri
Hamad Kama Piah Che Othman and the other Board
members, Tan Sri Dato Dr Wan Mohd Zahid Mohd
Noordin, Tan Sri Datuk Amar (Dr) Tommy Bugo @
Hamid Bugo and Dato Henry Sackville Barlow for
their invaluable contributions over the years. We will
continue to deliver and sustain long-term growth as
we remain committed to all our stakeholders.

President & Group Chief Executive

GLOBAL TRENDS AND
MARKET OUTLOOK
UNDERSTANDING OUR OPERATING CHALLENGES
Megatrends are large, transformative global forces that have a profound impact on business,
the economy, society, culture and the future. We proactively adapt our strategies to harness
the opportunities and mitigate the threats that arise from these drivers of future change.
Group-Level Megatrends
Increasing in Uncertainty of Market Conditions Increasing Sustainability Awareness

Description of Trend Description of Trend
Economic growth rates have become less predictable, Scrutiny of sustainability commitments and business
with increasing volatility in commodity prices and practices is increasing and attracting the interest of a
foreign exchange rates as markets become more wide range of stakeholders.
interconnected. Businesses can no longer expect Extreme weather conditions have affected the
organic revenue growth to be driven primarily by the environment and ecosystems and thus the way we do
steady expansion of its existing operating markets. our business.
Businesses are facing stronger demand to meet the
needs and concerns of their employees, local
communities and the societies where they operate.
Volatility of Commodity Prices Sustainability Awareness in Emerging Markets
Price Indexed to 1st Jan 2010 % No.

12 60
180.0 Crude Palm Oil 10 50
Brent Crude Oil 8 40
130.0 Newcastle Coal
6 30
Soybean Oil
80.0 4 20
2 10
30.0 0 0
1 Jan 10 1 Jan 11 1 Jan 12 1 Jan 13 1 Jan 14 1 Jan 15 2009 2010 2011 2012 2013 2014
Source: Bloomberg, September 2015 % of emerging market companies Number of emerging market
in Sustainability Yearbook companies in Sustainability
Yearbook (RHS)
Source: RobecoSAM
Sime Darbys Key Actions Sime Darbys Key Actions
Embark on strategic partnerships for expansion into Pursue sustainability goals in a way that creates value
new growth markets to capitalise on synergies and for the Group, e.g. developing a range of sustainable
leverage on technical expertise, skills and local products, implementing energy efficiency programmes
relationships. and green technology projects.
Diversify the Groups portfolio to be less reliant on Create a safe and healthy workplace for our employees
commodity-based industries to mitigate the
and ensure we respect the rights of our workers and
exposure of downtrends in crude palm oil and coal
local communities.
price cycles.
Explore new growth markets within existing Instil a performance culture to drive improvement in
geographies to diversify current business exposure. operational efficiency through research & development
initiatives, innovation & Lean Six Sigma applications.
Develop robust systems and processes for more
effective execution of productivity improvement Secure and strengthen our position as a leader in
and operational excellence initiatives. sustainability through thought leadership and effective
internal and external reporting.

Strategic Report
TECHNOLOGY DEVELOPMENTS HAVE FORCED
COMPANIES TO INSTIL A DYNAMIC, PROACTIVE AND
INNOVATIVE CULTURE
Group-Level Megatrends
Financial Reports
Technological Advancements Population Growth and Urbanisation
Description of Trend Description of Trend
Bargaining power of buyers rise as they become Population growth and urbanisation rates continue to
more tech savvy and have greater access to rise in emerging markets and drive economic growth
information. (e.g. China, India and ASEAN countries).
Changing technological landscape in the retail and
services sectors has significant impact on Business to
Other Information
Consumer (B2C) businesses i.e. the Property and
Motors Divisions.
Breakthrough in technology in developing new
products and services have forced companies to
instil a dynamic, proactive and innovative culture.
Worldwide Growth in Online Retail Sales Urban and Rural Population Growth (1950-2050)
Sales in USD billion Population (million)
800 6000
5000
600 4000
3000
400 2000
1000
200 0
1950 2015 2050
0 Urban Rural
2011 2012 2013 2014 2015 2016 Source: United Nations Department of Economics & Social Affairs 2014
America Europe
Asia-Pacific Middle East & Africa
Source: eMarketer, June 2013
Sime Darbys Key Actions Sime Darbys Key Actions
Utilise technology to improve systems and processes Develop long-term strategies that capitalise on the
across the Group and to solve sustainability issues to underlying growth trajectory of emerging market
create value for the Group. populations and urbanisation rates.
Design and establish systems and processes which Grow the portfolio by expanding into frontier
will encourage innovation across the Group to markets with high potential for population growth
maintain market leadership. and urbanisation via current business lines (e.g.
Diversify portfolio from traditional supply-driven Vietnam for Motors, China for Healthcare).
business models to a customer-centric model via Lifestyle businesses (Property, Motors and
application of technology i.e. collaboration with Healthcare) are focused towards areas with high
technology providers to increase the integration of urbanisation growth rates.
technology to offer both products and services as a
one-stop solution to meet consumer needs.

MANAGING OUR
MATERIAL ISSUES
MATERIAL ISSUES AND STAKEHOLDER ENGAGEMENT
#V5KOG&CTD[YGWPFGTUVCPFVJCVCRQUKVKXGTGNCVKQPUJKRYKVJQWTUVCMGJQNFGTUKPFKXKFWCNU
or groups who impact or are impacted by our business, is the cornerstone to business success.
It is imperative that we continue to understand and address the various concerns of our
stakeholder groups, as therein lies the opportunity for us to build a business that creates long-
term value.
Investors Customers Suppliers / Business Partners
How we engage How we engage How we engage

Active correspondence to address Consistent dialogue and Dialogue and maintaining good
queries engagements relationships with Principals
Non-deal roadshows and regional Tradeshows & exhibitions Vendor Development Programme
investor conferences Corporate website
Group and one-on-one meetings
Annual general meeting and analyst
briefing sessions
Operational site visits
Corporate website
Key material issues discussed Key material issues discussed Key material issues discussed
Macroeconomic Conditions impact Sustainable Products RSPO Operational Performance
on business and strategy certification, traceability performance targets, volume growth
Operational Performance Environmental Performance Governance ethics and values
productivity improvements, carbon emissions, biodiversity Sustainable Products advocacy
demand-supply dynamics Governance ethics and values of sustainability practices
Sustainability Focus risks and Human Rights
opportunities arising from
sustainability efforts
Environmental Performance carbon
emissions, environmental damage,
peat land management
Social Performance socially-
responsible landbank expansion,
sustainable product portfolio
Capital Constraints credit ratings,
gearing
Governance structure, compliance
with new regulations
Business Strategy key strategic
priorities
How we are addressing How we are addressing How we are addressing

these issues these issues these issues
Information on the Groups business Information on the Groups Procurement governance is
model and strategies and how the products and services can be found discussed on our website at
Group responds to megatrends can in the Divisional Operations Review www.simedarby.com
be found on pages 20 to 25 on pages 70 to 121
Updates on our Investor Relations Regular engagement provides
activities is available at opportunities to communicate
www.simedarby.com strategies and initiatives

The Group is committed to ensure that communications regarding its business, operations
Strategic Report
and financial performance are accurate, timely, factual, informative, consistent, broadly
disseminated and is in accordance with applicable legal and regulatory requirements. To
that end, a policy on Stakeholder Engagement, stipulating the authorised channels and
personnel through which/whom certain information of the Group shall be approved and
disclosed to, is set out in the Sime Darby Group Policies and Authorities. More information
on our Stakeholder Engagement policy is on pages 157 to 158.
The Group identifies material issues from feedback received from the various stakeholder
engagements. The topics discussed in these engagements are prioritised based on their
relative importance to stakeholders and their impact on the Group. The table below sets
out the material issues identified by stakeholder groups and where the Groups response to
those issues are discussed in the Annual Report.
Financial Reports
Government / Authorities /
Employees Society / Communities
Regulators
How we engage How we engage How we engage
Engagement surveys, Townhalls, Community outreach and Regular engagement,
events and activities development programmes communication and dialogue
Focus group discussions on Consistent dialogue and Site visits
targeted issues engagement Consultation on regulatory matters
Other Information
Briefings, career fairs and talks Strategic partnerships
Newsletters
Enterprise portal
Key material issues discussed Key material issues discussed Key material issues discussed
Macroeconomic Conditions impact Environmental Performance Social Performance social issues,
on strategies deforestation, climate change, land rights, local communities
Operational Performance ECTDQPGOKUUKQPUJC\G Governance compliance with
employee productivity Social Performance community statutes and regulations
Human Capital Development related issues, corporate Environmental Performance
talent management, leadership responsibility developments, sustainable development, climate
development, performance disaster relief, nation-building EJCPIGECTDQPGOKUUKQPUJC\G
management efforts prevention
Employee Wellbeing fundamental
rights (e.g. diversity), collective
agreement and remuneration
matters, safety & health
Governance compliance,
whistleblowing policies, advisory
and guidance on regulatory
requirements
How we are addressing How we are addressing How we are addressing

these issues these issues these issues
We are on a five-year Roadmap to We constantly seek new solutions to We comply and in some cases go
transform ourselves into the improve the socio economic beyond regulatory requirements for
Employer of Choice. Read more well-being of the communities in our operations. Read more about
about it on pages 48 to 50 which we operate. Our activities for this in our Statement on Corporate
the year are laid out on pages 54 to 58 Governance on page 123 to 176

GROUP
BUSINESS MODEL
A CONNECTED AND RESILIENT BUSINESS MODEL
Our Conglomerate Our Key
What We Do To Connect Our Divisions
Advantage Resources
Managing capital and optimising portfolio

performance
Robust capital management Access
Stable and healthy financial to capital
position
Disciplined approach towards capital allocation based
on new growth, industry leadership, returns and
industry outlook
Innovation focus Established Driving the quality and competencies of our

Systems to drive innovation corporate centre, reinforcing the value of our
brand and
across the enterprise reputation and shared resources
industry
specific
Strong brand developed from more than100 years of
knowledge heritage
Deep industry knowledge that enables businesses to be
market leaders
Trusted and credible
Strong brand, leadership and
governance track record Focus on
Proactively managing sustainability, risk and
sustainability, governance frameworks and driving it through
strong our businesses
governance
Market leaders and risk Two-tier board structure
Establish Board Sustainability Committee
Leading in our key markets and management Sustainable Palm Oil Manifesto and High Carbon Stock
sustainable practices Study
Developing our employees and leaders through

Experienced training and focusing on safety & health of our
leadership employees through our Human Resources (HR)
Diversity policies
Diverse portfolio of talent, and high-
experience and regional performing
exposure employees Group HRs five-year strategy and roadmap
Establish Sime Darby Leadership Centre
Strong stakeholder
engagement Solidifying our stakeholder relationships
Long history of understanding Strong through regular engagement
and balancing the needs of our stakeholder
diverse stakeholders relationships
Stakeholder Engagement Policy
Participation in Global Thought Leadership Platforms
Underpinned by Integrity, Respect & Responsibility, Excellence and Enterprise

We create sustainable value from our diversified conglomerate business model which enables
Strategic Report
our Divisions to operate autonomously whilst being supported by strong governance, risk
frameworks and shared capabilities. Our unique structure allows divisional management teams
to be close to their markets and customers and agile in decision-making within limits of authority
as approved by the Board to deliver innovative customer value propositions. Guided by our
Groups Strategy Blueprint, our experienced and strong management teams lead the Group to
long-term sustainable growth.
How We Create Value How We Share The Value We Create
Create
Investors
Optimal capital structure that provides We continue to be a trusted and stable investment
lower cost of financing and ensures our proposition for capital providers that is driven by
businesses are adequately capitalised consistent performance and protected by our strong
sustainability, governance and risk focus. Our track
Financial Reports
1.5bn A3,A,A-
record and disciplined investment strategy provide
USD
greater access to growth opportunities, translating to
Credit ratings by Moodys, Fitch
Sukuk Programme
& Standard & Poors, respectively
sustainable shareholder returns.
Establish
Production systems for our businesses to
Customers
leverage on our brand and shared resources
We offer added value from differentiated and innovative
to deliver commercially viable, margin
products and services from a highly regarded brand that
accretive innovations
they can rely on.
Other Information
8 R&D centres in our
Plantation Division
2 brand awards from our
Property and Motors Divisions
Environment
Through our considered approach of ensuring that we
Leverage deliver value in a sustainable manner, we aim to minimise
Internal controls and processes that the impact of our businesses on the environment.
protect the value creation process of our
businesses
Employees
5 sustainability awards and

recognitions
3 corporate governance,
business conduct and corporate
Safe and conducive working environment led by our
cohesive and effective management team, enabling our
responsibility awards in FY2015 people to achieve their career aspirations which makes
the Group an employer of choice.
Nurture
Safe and conducive working environment
for our employees, enabling Sime Darby to
Governments and Society
attract and retain talent
5KOG&CTD[KUCPGZGORNCT[EQTRQTCVGEKVK\GPYJKEJ
operates responsibly, to deliver growth and long term
5
Occupational Health & Safety
Assessment Series (OHSAS)
value to the economy and society.
18001 certification for key awards for our CEO, CFO
facilities and management team
Suppliers and Business Partners

Build We believe in developing long-term relationships with
Strong reputation and trust which connects our principals, suppliers and business partners, in order
our businesses to opportunities to create greater value from the sharing of our
capabilities and resources to achieve a common goal.
Asiamoneys Best Managed

Company (Large Cap) in
Malaysia 2015
406 NGOs and
community groups

GROUP STRATEGY
Increase in uncertainty Increasing sustainability Technological Population growth
of market conditions awareness advancement and urbanisation
Strategic Thrust Objectives Market Trends Material Issues
Realise Full Potential Achieve operational excellence and Macroeconomic

capitalise on synergies Conditions
of Core Business
Strengthen relationships with Operational
strategic business partners Performance
Actively leverage on the sustainability Environmental
agenda to create value for the Group Performance
Strengthen the execution of strategic Social Performance
projects and innovation initiatives
across the Group
Strive for Leadership Secure and strengthen leadership Macroeconomic

positions in key markets Conditions
Position
Leverage on strengths and Sustainable
competitive advantage technology, Products
partnerships and integration Capital Constraints
Develop sustainability thought Governance
leadership
Effective internal and external
sustainability reporting
Pursue Strategic Expand into related businesses Macroeconomic

Portfolio Growth Enter new growth markets Conditions
Streamline portfolio to optimise use Capital Constraints
of capital Governance
Create margin accretive innovation
Institute a Instil good corporate governance and Operational

Performance and high ethical values Performance
Strengthen performance and rewards Human Capital
Value Driven Culture practice Development
Leverage on talent capacity and Employee
capabilities Wellbeing
Governance

OUR BLUEPRINT FOR GROWTH
Strategic Report
We connect opportunities to create value by pursuing an innovative, integrated and
interconnected strategy across our portfolio. We focus on Group investments and activities
that link our sector and geographical business operations to deploy capital more efficiently
ultimately delivering group-wide synergies that deliver above-market stakeholder value.
Progress Highlights Priorities for FY2016 Performance Data
The Plantation Division has expanded the use of Focus on enhancing business 20.39 MT/ha
mechanisation for Fresh Fruit Bunch (FFB) evacuation operational efficiency metrics Plantation FFB Yield
and leveraged new technologies to improve work Focus on improving productivity RM1.9bn
supervision and aligning costs to reflect the Industrial Order Book as at
Implementation of the Business Transformation current economic situation 30 June 2015
Project and rationalisation of manpower costs for the Develop robust systems to execute RM2.1bn
Industrial Division innovation initiatives Property Gross Sales Value
Establish a strong customer base
Sime Darby (SD) Motors and SISMA Auto entered
and supply lines for Certified
36.3mil MT
into a joint venture to be the exclusive importer for
Financial Reports
E&U China Port Throughput
Jaguar and Land Rover in Malaysia Sustainable Palm Oil (CSPO)
products RM209mil
Weifang SD Port formed a JV with the Weifang Port Benefits achieved from LSS
Refine the workforce model to
Co. Ltd. and Shandong High-Speed Transportation initiatives in FY2015
drive employee productivity and
and Logistics Investment Co. for the construction and
cost efficiencies
maintenance of the ports key shared infrastructure
Lean Six Sigma (LSS) energy efficiency programmes
and green technology projects are underway at
various stages
Other Information
The Plantation Division strengthened its position as Invest resources to maintain 2.3mil MT
the worlds largest producer of CSPO with the long-term leadership in core Plantation CSPO Production
acquisition of New Britain Palm Oil Limited (NBPOL) business lines 99%
SD Motors maintained its position as one of the three Scale up to pursue pole position in Plantation RSPO Certification
largest BMW dealers in the world markets with growth potential
Develop a clear strategy to drive SD Industrial
Expansion of the new Dry Bulk, Multipurpose and Maintained leadership for
Liquid Terminals for Weifang SD Port are on track the Groups innovation agenda equipment and product
SD Industrial JV with Terberg Group secures Further involvement in national support sectors across its
territories
Malaysias first lifecycle contract with Westports and global sustainability platforms
The Property Division strengthened its position as Improve non-financial 91,278 units
sustainability disclosures and Motors Sales Volume
the leading integrated township developer in
Malaysia through upcoming themed township
expand scope of verification 88%
Increase in E&U Ports
developments totaling 13,285 acres Container Throughput
Adopted US Sustainable Food and Agriculture compared to FY2014
Business Principles
Acquisition of NBPOL added 135,673 ha of Plantation Investment focus on regional and 1 mil ha
landbank in Papua New Guinea & Solomon Islands adjacent business lines to reduce Plantation Landbank
SD Industrial formed a JV with Marine Control dependency on resource-based 5 new markets
Automation Electric Co-Ltd to offer diesel-electric industries SD Motors signed on new
solutions and control systems in the Chinas marine Cautious approach to new or global marques and entered new
markets over the past 3 years
sector business opportunities, balancing
SD Property launched Phase 3A of the Battersea higher growth with regional 4,950 acres
Power Station Property Development in London and diversification SD Property and Penang
Development Corporation
monetised its equity stake in Sime Darby Sunsuria Improve profitability through signed MOU to develop SME
Development Sdn. Bhd. to unlock more value margin accretive innovation High-Tech Industrial Park
The Motors Division entered new growth markets via initiatives

new or existing marques in new or current regions
Build strong and robust leadership and succession Develop leaders who are agile, 2%
pipelines adaptable and flexible to manage a Increase in Global Employee
Refine differentiated rewards by talent segment or diverse workforce Engagement Survey Score
from FY2014
employee category based on defined performance Develop Human Resource analytics
Institutionalise LSS and implement the Zero Harm capabilities to track and monitor 79%
Critical Positions with
programme performance
Successors Identified
Monitor leading indicators for Occupational Safety Enhance and standardise quality
and Health (OSH) and rollout of Felt Leadership management frameworks 25
New LSS Blackbelts by
programme Further rollout of LSS and OSH FY2016
roadmap to meet targeted benefits

Strategy in Action
CONNECTING OPPORTUNITIES
ACQUIRING
Realise Full Potential of the Core Business
The acquisition will create tremendous
synergies with SDP, given both companies
ONE OF THE high standards of agro-management practices

and their commitment to developing
best-in-class standards across the value
WORLDS LEADING chain. NBPOLs Dami Research facility will

complement SDPs own industry-leading and
groundbreaking research through the cross-
SUSTAINABLE
sharing of R&D capabilities and technology.
Strive for leadership position
PLANTATION The purchase of NBPOL will strengthen SDPs

position as the leader in sustainability with
99% of its operations being RSPO certified,
COMPANIES
making it the worlds largest producer of CSPO
at 2.6* mil MT per annum, which accounts for
almost 22% of global CSPO output. NBPOL
will also provide access to seed production
capabilities of 30 million seeds per annum and
Sime Darby Plantation (SDP) has strengthen SDPs midstream/downstream
completed the acquisition of New Britain capabilities with additional refining capacity
of 440,000 MT per annum.
Palm Oil Limited (NBPOL), a key
milestone in achieving the strategic * Includes NBPOLs CSPO production from July
objectives of growing its capabilities 2014 to June 2015
along the value chain and expanding its
market reach in accordance with its
five-year Strategy Blueprint.

Strategic Report
Financial Reports
Pursue Strategic Portfolio Growth Strategic Drivers
With the addition of NBPOLs 135,673 hectares
4GCNKUGHWNNRQVGPVKCN
of highly fertile, productive land in Papua New
of the core businesses
Guinea and the Solomon Islands, SDP has expanded
its total landbank to 1 million hectares. This 5VTKXGHQTNGCFGTUJKR
acquisition has not only broadened the array of position
sustainably-produced palm products but has also
provided access to new markets in Europe through 2WTUWGUVTCVGIKE
Other Information
collaboration between Sime Darby Unimills portfolio growth
and NBPOLs Liverpool refineries. Through this
geographical diversification, SDP now has market +PUVKVWVGCRGTHQTOCPEG
presence in 18 countries including its downstream and value driven culture
markets and the potential for further growth.
Hectares Added Percentage of NBPOL FFB Yields
Institute a Performance and Value
Driven Culture
135,673 Global CSPO Output
MT/ha* 23.0
25
25.4
The acquisition of NBPOL, a 100% RSPO certified 20
22%
23.8
23.3
company, reflects SDPs commitment towards
21.7
20.7
15
SDP
sustainability, in line with its vision to become the
18% 10
worlds largest sustainable integrated palm oil player. NBPOL
5
4%
New Britain Palm 0
Oil Limited 2010 2011 2012 2013 2014
Papua New Guinea
* 5-Year average FFB yield per mature ha
Solomon Islands

Strategy in Action
BUSINESS
With over 40 years of experience, SDM has
EXPANSION IN
evolved from a domestic automotive player to
a multi-geography, multi-marque automotive
giant within the Asia Pacific region. The
THE ASIA PACIFIC expansion marks the strong and long-standing

relationships between SDM and the various
car manufacturers. In addition to establishing
REGION solid relationships with its Principals, other

key enablers critical to the Divisions success
include providing excellent customer service
and having a strong management team. Along
the value chain, the Division continues to focus
Sime Darby Motors (SDM) has expanded on after-sales service and the expansion of its
its business presence across the Asia used car business. This makes SDM one of the
Pacific region and along the value chain. best-in-class players in the region.
Strive for Leadership Position
This expansion has brought
geographical diversification, additional SDM has an established presence in ten
countries in the Asia Pacific region with 30
marques and an increase in the market marques. SDM is involved in various parts of
share of its operating countries. the value chain, namely the import, assembly,
distribution, retail and rental of vehicles. SDM
is the third largest BMW dealer in the world.

Strategic Report
Financial Reports
In 2010, 2011 and 2012, BMW became the best Strategic Drivers
selling brand car in Singapore (replacing Toyota)
and HK & Macau in the luxury/premium segment. 4GCNKUGHWNNRQVGPVKCN
SDM currently carries eight reputable marques in of the core businesses
Malaysia. SDM is also a leading commercial vehicle
distributor in New Zealand. 5VTKXGHQTNGCFGTUJKR
position
Pursue Strategic Portfolio Growth
2WTUWGUVTCVGIKE
A key strategic theme for the Division is to harness
Other Information
portfolio growth
the growing demand for automobiles in key
emerging markets in the Asia Pacific region, which +PUVKVWVGCRGTHQTOCPEG
includes expansion via organic growth as well as and value driven culture
growth into new markets. In FY2014, SDM gained
additional footholds in two new markets Vietnam
and Taiwan, bringing the Divisions presence to a
total of ten countries. With the new market entry
into Taiwan, the Division also added Kia to its SDMs Presence Revenue Growth for SDM Over Entry Into New Markets
in Asia Pacific the Past Five Years (RMm) and New Marques Over
brand portfolio. the Past Three Years
Revenue (RMm)
Institute a Performance and Value Driven Culture 18,646.3

25
SDM will drive stronger sales growth and enhance
20
employee productivity of its business operations
17,745.2
18,646.3
17,265.6
16,597.0
15
in new markets by leveraging on its performance-
14,818.0
-Australia -New Zealand

related rewards practices that have effectively -China -Singapore
10
enabled consistent profit growth in its traditional -Hong Kong

-Macau
-Taiwan
-Thailand
5
markets. -Malaysia -Vietnam

11 12 13 14 15

Strategy in Action
COLLABORATING
The LSS Business Management Strategy was
implemented in FY2013 to achieve operational
THROUGH LEAN excellence and capitalise on cross-divisional

synergies. A main part of achieving these
objectives has been focused on internal
SIX SIGMA collaborations in order to achieve continuous

improvements in business performance.
Strive for Leadership Position

Over the past three years, the Sime Darby
In setting its five-year LSS benefits target of
Group has delivered a cumulative savings of RM775 million by FY2017, Sime Darby strives
RM360 million from its Lean Six Sigma (LSS) to be within the ranks of the Fortune 500 in
Business Management Strategy. By FY2017, terms of LSS benefits created as a proportion
of company revenue. In May 2015, Sime Darby
this LSS initiative targets to add another gained international recognition when its
RM415 million in benefits to the Group. Head of LSS and Quality Management became
the first Southeast Asian recipient of the
Edwards Medal by the American Society of
Quality (ASQ).

Strategic Report
Financial Reports
Institute a Performance and Value Driven Culture Strategic Drivers
Since its inception, LSS in Sime Darby has moved
beyond just being a tactical improvement tool 4GCNKUGHWNNRQVGPVKCN
to one that focuses on a strategic and cultural of the core businesses
approach to operations. To date, there has been a
rapid increase in LSS awareness and the number of 5VTKXGHQTNGCFGTUJKR
participants for White Belt, Green Belt and Black position
Belt certifications. Customised training modules
and the recognition of LSS achievements have +PUVKVWVGCRGTHQTOCPEG
Other Information
assisted in embedding the culture of continuous and value driven culture
improvement across the Group.
Cumulative LSS LSS Practitioners Across Sime Darbys LSS

Benefits since FY2013 the Group Roadmap
(RMm)
360 11
Black Belts
certified by ASQ PHASE 1
1 Establishing Fundamentals
UNITS IN
400
RM MIL
5 Master Black Belts

under training PHASE 2
2 Initiating Capacity Building
25
209
Black Belts under

200
training
PHASE 3
123
3 Deployment of Skills
28
FY2013 FY2014 FY2015 FY2016 FY2017 350 Green Belts

trained
PHASE 4
4
ACTUAL BENEFITS Sustaining Growth
TARGET BENEFITS
400 White Belts
trained

BOARD OF DIRECTORS
SEATED (FROM LEFT)

Tan Sri Dato Dr Wan Mohd Zahid Mohd Noordin, Tan Sri Samsudin Osman,
6CP5TK&CVQ5TK&T9CP#DFWN#\K\9CP#DFWNNCJ6CP5TK&CVQ#DFWN)JCPK1VJOCP
Datuk Zaiton Mohd Hassan
Balance of independent and non-independent directors
6
INDEPENDENT
5
NOMINEE DIRECTORS
1
NOMINEE DIRECTOR
1
EXECUTIVE DIRECTOR
DIRECTORS Permodalan Nasional Employees Provident
Berhad Fund Board
Note: Tan Sri Dato Sri Hamad Kama Piah Che Othman, a Nominee Director of Permodalan Nasional Berhad,
resigned from the Board on 31 July 2015.

Strategic Report
Financial Reports
Other Information
STANDING (FROM LEFT)
Tan Sri Datuk Amar (Dr) Tommy Bugo @Hamid Bugo, Ir Dr Muhamad Fuad Abdullah,
&CVQ5TK.KO*CY-WCPI&CVQ4QJCPC6CP5TK/CJOQQF&CVQ#\OK/QJF#NK
Tan Sri Dato Seri Mohd Bakke Salleh, Dato Henry Sackville Barlow, Tan Sri Datuk Dr Yusof Basiran,
0QT\KNCJ/GICYCVK#DFWN4CJOCP
)TQWR5GETGVCT[
Length of tenure
7-9
YEARS
15%
4-6
YEARS
54%
0-3
YEARS
31%

MANAGEMENT TEAM
FROM LEFT
TAN SRI DATO SERI MOHD BAKKE SALLEH
TAN SRI DATO SERI (DR) ABD WAHAB MASKAN
Group Chief Operating Officer, Sime Darby Berhad and
Managing Director, Property Division
ZULKIFLI ZAINAL ABIDIN
Group Chief Human Resources Officer, Sime Darby Berhad
SCOTT WILLIAM CAMERON
Managing Director, Industrial Division

Strategic Report
Financial Reports
Other Information
FROM LEFT
DATO LAWRENCE LEE CHEOW HOCK
Managing Director, Motors Division
DATUK TONG POH KEOW
Group Chief Financial Officer, Sime Darby Berhad
DATUK FRANKI ANTHONY DASS
Managing Director, Plantation Division
HARI NAIR
Group Chief Strategy & Innovation Officer, Sime Darby Berhad

Management Team
FROM LEFT
ALAN HAMZAH SENDUT
Managing Director, Energy & Utilities Division Non-China Operations
DR SIMON LORD
Group Chief Sustainability Officer, Sime Darby Berhad
TIMOTHY LEE CHI TIM
Managing Director, Energy & Utilities Division China Operations
JOHN EDWARD ARKOSI, OBE
Group Head, Group Compliance Office and Group Corporate
Assurance, Sime Darby Berhad
NORZILAH MEGAWATI ABDUL RAHMAN
Group Secretary, Sime Darby Berhad

Strategic Report
Financial Reports
Other Information
FROM LEFT
GLENN CHARLES DALY
Group Head, Risk Management, Sime Darby Berhad
PHILIP KUNJAPPY
Group Chief Trading & Procurement Officer, Sime Darby Berhad
LEELA BARROCK
Group Head, Communications, Sime Darby Berhad
CHOO SUIT MAE
Group General Counsel, Sime Darby Berhad
DATO IR JAUHARI HAMIDI
Acting Managing Director, Property Division

Strategic Report Corporate Governance Financial Reports Other Information
41
SIME DARBY BERHAD Annual Report 2015
Performance
Overview
Group
GROUP FINANCIAL
REVIEW
Our results reflect a year of uncertainty in the global

economic outlook, the slowdown of economic growth
in China and its contagion effects, bearish commodity
prices, volatile foreign exchange rates and cautious
consumer spending.
DATUK TONG POH KEOW

Group Chief Financial Officer
FINANCIAL PERFORMANCE OVERVIEW Capital Management

The weak crude oil and commodity prices, coupled Against the backdrop of low crude palm oil (CPO)
with the uncertainty of interest rate hikes and and coal prices and tight lending conditions which
the volatile foreign exchange rates have resulted have affected all segments of the consumer market,
in continued tough operating conditions in the the Group has implemented strict controls on capital
respective markets where the Group has businesses. management, including the following:
Amidst these difficult market conditions, the Group 5VTKEVTGXKGYQPECRKVCNGZRGPFKVWTGURGPFKPI
fell short of its FY2015 announced Key Financial focusing on areas of key priority and revenue
Performance Indicators (KPIs) for the first time since generation.
FY2010.
6KIJVOQPKVQTKPIQPKPXGPVQT[CPFFGDVQT
Key Financial Performance Indicators management.
The Group has selected as its key financial %QUVEQPVCKPOGPVOGCUWTGUHQEWUKPIQP
performance indicators Revenue, Profit before enhancing operational efficiencies.
Interest and Tax (PBIT), Net Earnings and Return
1RVKOKUKPIWUGQHECRKVCNKPRWTUWKPIUVTCVGIKE
on Average Shareholders Equity (ROE). These growth.
indicators are regularly reviewed by the Board and
senior management in managing the business and The Group is mindful that the economic uncertainties
measuring the Groups performance against targets. and difficult market conditions are expected to
prevail into the new financial year in our major
The Net Earnings and ROE targets are also operating markets. The Group will continue with
announced each year as a transparent performance aggressive cost containment measures and roll-
management practice. out more innovative approaches in its operations,
processes and technologies to drive greater cost
efficiency and productivity.
Group revenue declined marginally by 0.4%. The decline in revenue of

Revenue (RMm)
the Plantation and Industrial Divisions were due to lower CPO prices and
43,729 lower equipment delivery and product support sales, respectively. The
decline was largely offset by higher revenue from Property attributable
50,000 46,631 46,109 to revenue from catalytic land sale.
43,908 43,729
41,043
40,000
The acquisition of New Britain Palm Oil Limited (NBPOL), completed in
March 2015, contributed revenue of RM723 million while the Australia
30,000 and Vietnam motor operations contributed revenue of RM1,220 million
for the full-year of FY2015 against RM392 million for between 3-7
20,000
months in FY2014.
10,000
0
0 11 12 13 14 15
Plantation Property
Industrial Energy & Utilities
Motors Others

Strategic Report
Group PBIT registered a larger percentage decline of 22.3%, due to the
PBIT (RMm)
impact of fixed overheads and lower margins on account of lower CPO
3,277 prices, unfavourable foreign exchange rates in certain businesses and
intense competition both in the Motors and Industrial Divisions which have
6,000 5,411
5,660 ECWUGFOCTIKPUVQDGUSWGG\GFQTGTQFGF
4,635 The Plantation Divisions profit declined by 39% from RM1,874.6 million to
5,000
4,219 RM1,148.1 million mainly due to the lower CPO price realised of RM2,193
4,000 per MT against RM2,451 per MT in FY2014.
3,277
3,000
The Industrial Divisions profit declined by almost half, from RM1,011.8
million to RM521.2 million largely due to lower equipment and product
2,000 support sales to the mining sector in Australia following the slump in
Financial Reports
coal prices and also the economic slowdown which has affected the
1,000 construction, power and marine sectors.
0
0 11 12 13 14 15 The Motors Divisions profit declined by 25.4% from RM634.5 million to
RM473.6 million principally due to lower sales and margins in most markets
(1,000)
due to weak consumer sentiment and economic slowdown in key markets.
Plantation Property In Malaysia, the situation was further compounded by the introduction of
Industrial Energy & Utilities the Goods and Services Tax (GST) and tighter lending rules.
Motors Others
The Property Divisions profit increased 48.3% from RM599.7 million to
RM889.4 million mainly contributed by gains from disposals totaling RM390
Other Information
million (Sunsuria joint venture (JV) RM157 million, 9.9% equity stake in
E&O - RM56 million and strategic land sales of RM177 million).
Further explanation of each of the Divisions financial performance is
provided in the Divisional Operations Reviews from pages 70 to 121.
Net Earnings declined by 31.0% as a result of the lower PBIT, higher

Net Earnings (RMm)
interest expense and contribution from discontinued operations (the
2,313 power business) in FY2014 of RM239.9 million. Excluding the discontinued
operations, the Net Earnings decline would have been 25.7%.
5,000
4,150 The Net Earnings was 7.5% below the announced KPI of RM2,500 million.
4,000 3,665 3,701
3,353
3,000
2,313
2,000
1,000
0
0 11 12 13 14 15
As a result of the lower Net Earnings and higher Average Shareholders

ROE (% )
Equity (RM29,587.6 million in FY2015 against RM27,842.5 million in
7.8 FY2014), the ROE declined from 12.0% to 7.8%.
25
20
16.5 16.6
15 13.9
12.0
10 7.8
0
0 11 12 13 14 15

Group Financial Review
Finance Costs CASH FLOWS

Total finance costs (including interest capitalised Operating cash flows after interest at RM2,613.9
of RM111 million) increased by RM140 million to million was higher than that of FY2014 by RM44.7
RM581.6 million mainly attributable to increase in million despite the substantially lower funds from
borrowings of RM6,888 million (from RM11,175 operations by about 32%. This was largely due to the
million as at 30 June 2014 to RM18,063 million as significant reduction in inventory and rental assets,
at 30 June 2015) principally to fund the acquisition particularly for equipment, motor vehicles and spare
of NBPOL. The Groups weighted average interest parts, net of the higher cash outflow incurred for
rate on borrowings however declined from 3.95% in property development costs for new townships such
FY2014 to 3.45% in FY2015 mainly due to the lower as the City of Elmina and the increase in receivables.
interest rates on the USD830 million raised during
Free cash flow, before the NBPOL acquisition,
the year for the acquisition of NBPOL.
was slightly higher than the previous year, largely
due to prudent and strict control towards capital
Tax Expense
expenditure spending which was about RM287
The Groups effective tax rate remains low at 18.1% million lower than FY2014. However, post NBPOL
due to the effects of previously unrecognised acquisition, free cash flow was negative RM4,833
tax assets and change in tax base applicable to million.
unrealised profit following changes to the land
use. Excluding these and previous year taxes, the The other major capital expenditure during the year
effective tax rate of the Group would have been was the additional capital contribution of 56 million
25.5%. (RM300 million) to the Battersea joint-venture to
fund the development of the first 3 phases. Proceeds
DIVIDENDS from disposals include RM318 million from the
disposal of 9.9% interest in E&O, RM139.5 million
The total dividend for the financial year of 25 sen
from the disposal of Subang Avenue and RM15.7
per share represents a dividend payout ratio on Net
million, with the balance receivable in FY2016, from
Earnings of 67%. Due to the lower Net Earnings,
the disposal of the Sunsuria JV of RM173.4 million.
dividend per share fell 31% from 36 sen in the
previous year.
It is also recommended that Shareholders continue RM million FY2015 FY2014
to be given the option to reinvest the final dividend
in new ordinary shares of the Company under the Profit after tax 2,435.7 3,257.1
Dividend Reinvestment Plan. Depreciation and
amortisation 1,259.7 1,195.2
100 100 Other non-cash items (795.4) (184.5)
Funds from operations 2,900.0 4,267.8
Working capital changes (286.1) (1,911.2)
80 80
67.1 Operating cash flows of
65.1
Percentage (%)
discontinued operations - 212.6

55.2
60 60 Operating cash flows after
Sen
49.2 50.7
interest 2,613.9 2,569.2
Capital expenditure outflows (2,288.0) (2,574.5)
40 35.0 34.0 36.0 40 Proceeds from disposals 839.4 1,127.1
30.0
25.0 Free cash flow before NBPOL
acquisition 1,165.3 1,121.8
20 20 Acquisition of NBPOL (5,998.4) -
Free cash flow (4,833.1) 1,121.8
0 2011 2012 2013 2014 2015 0
Dividend per Share

Payout

Strategic Report
NET DEBT AND FUNDING Interest Rate Risk
Interest rate exposure which arises from the Groups
RM million FY2015 FY2014 long-term borrowings is managed through the use of
fixed rate debt and derivatives. Approximately 62%
Borrowings 18,063.0 11,174.8 of the Groups long-term borrowings (or 45% of total
Cash (including cash in HDA) 4,201.0 4,896.0 borrowings) are at fixed rates or covered by interest
Net Borrowings 13,862.0 6,278.8 rate hedges. It is the Groups policy to target at least
70% of long-term borrowings to be on fixed rate or
Equity 31,611.0 29,465.3 UYCRRGFVQZGFWPNGUUKVKUYKVJLWUVKECVKQPVJCV
Borrowings / Equity (%) 57.1 37.9 floating rate is retained temporarily to manage the
Groups overall borrowing cost.
Net Borrowings / Equity (%) 43.9 21.3
Financial Reports
Funds from operations Liquidity Risk
(FFO) / Borrowings (%) 16.1 38.2
Liquidity risk is managed through the Groups
HDA - Housing Development Accounts companies performing quarterly twelve month rolling
cash flow projections to ensure that requirements
The Groups borrowings increased by RM6.9 billion are identified as early as possible and the Group
mainly due to the borrowings raised for the NBPOL has sufficient cash to meet operational needs. Such
acquisition, as follows: projections take into consideration the Groups
75&OKNNKQP
4/OKNNKQPWPUGEWTGFVGTO financing plans and is also used for monitoring of
covenant compliance and credit metrics. The Group
Other Information
loan repayable over 9 semi-annual installments
from February 2018 also maintains sufficient stand-by credit facilities to
provide ample liquidity.
75&OKNNKQP
4/OKNNKQPTGXQNXKPIETGFKV
repayable in February 2018 Foreign Currency Risk
4/DKNNKQPUJQTVVGTOHCEKNKVKGU Foreign currency risk on borrowings is managed by
sourcing funding in the functional currency of the
The significant increase in borrowings resulted in the borrower. Approximately 72% or RM13.1 billion
Borrowings/Equity ratio increasing to 57.1%. The of the Groups borrowings are in the borrowers
higher borrowings coupled with weaker operating functional currency whilst the remaining RM5.0
performance (represented by FFO) have resulted billion are mostly in USD but not in the functional
in the downgrade of the Companys credit rating currency of the borrowers. Of this, USD311 million
by Standard & Poors Ratings Services (S&P) in May (RM1.2 billion) has been swapped into the functional
2015 from A to A- with a negative outlook while currency of the borrower while USD830 million
Moodys Investors Services Limited downgraded (RM3.1 billion) acts as a hedge against a USD net
the Companys credit rating outlook from Stable to investment.
Negative while maintaining the A3 credit rating. The
ratings by Fitch Ratings remain at A with a negative
outlook. The Group is actively exploring options to
strengthen its financial position.
The Group continues to comply with debt covenants
and regulatory requirements in countries where the
Group operates. The financial covenant imposed
under the Ringgit Islamic MTN/CP Programme is a
Debt to Equity ratio of 1.75:1 and the programme
maintained its MARC-1ID/AAAID rating by the
Malaysian Rating Corporation Berhad.

Group Financial Review
STATEMENT OF VALUE ADDED
Value Distributed
27%
28%
2015 51% 2014 47%
Employees
15% 19% Government
6% 7% Providers of Capital
Reinvestment and Future Growth
RM million FY2015 FY2014
VALUE ADDED/DISTRIBUTED
Employees
Employee costs 4,886.7 4,966.1
Government
Corporate tax 567.0 707.5
Providers of Capital
Dividends 877.3 1,503.9
Finance costs 470.6 415.0
Non-controlling interests 122.9 144.3
Reinvestment and future growth
Depreciation and amortisation 1,259.7 1,195.2
Retained earnings 1,435.5 1,608.9
Total 9,619.7 10,540.9

Strategic Report
5 - YEAR FINANCIAL SUMMARY
FINANCIAL YEAR ENDED 30 JUNE (RM MILLION) 2011 2012 2013 2014 2015
FINANCIAL RESULTS
Revenue 41,043.0 46,630.5 46,109.0 43,908.0 43,728.7
Earnings before interest, tax, depreciation and
amortisation (EBITDA) 6,284.2 6,777.2 5,733.2 5,313.8 4,658.7
Financial Reports
Profit before interest and tax 5,410.6 5,659.9 4,634.5 4,218.8 3,277.0
Profit before tax 5,258.7 5,451.5 4,314.0 3,964.6 3,002.7
Profit after tax 3,847.9 4,346.4 3,831.6 3,520.5 2,435.7
Non-controlling interests (183.4) (196.2) (131.0) (167.8) (122.9)
Profit attributable to owners of the Company 3,664.5 4,150.2 3,700.6 3,352.7 2,312.8
FINANCIAL POSITION
Other Information
Share capital 3,004.7 3,004.7 3,004.7 3,032.1 3,105.6
Reserves 21,025.6 23,011.4 24,091.6 25,556.5 27,481.0
Shareholders equity 24,030.3 26,016.1 27,096.3 28,588.6 30,586.6
Non-controlling interests 787.2 873.8 884.8 876.7 1,024.4
Total equity 24,817.5 26,889.9 27,981.1 29,465.3 31,611.0
Borrowings 7,105.4 9,832.6 10,139.9 11,174.8 18,063.0
Other liabilities 10,943.3 11,428.7 10,337.1 10,296.1 12,134.0
Total Equity and Liabilities 42,866.2 48,151.2 48,458.1 50,936.2 61,808.0
Non-current assets 19,631.2 23,096.3 25,257.3 26,151.2 35,776.4
Other assets excluding Cash and
Housing Development Accounts (HDA) 17,707.3 19,949.3 18,547.0 19,889.0 21,830.6
Cash (including HDA) 5,527.7 5,105.6 4,653.8 4,896.0 4,201.0
Total Assets 42,866.2 48,151.2 48,458.1 50,936.2 61,808.0
FINANCIAL RATIOS
Operating margin (%) 12.9 12.1 9.7 9.4 7.8
Return on average shareholders equity (%) 16.5 16.6 13.9 12.0 7.8
Return on average total assets (%) 9.1 9.1 7.7 6.7 4.1
Debt/Equity (%) 28.6 36.6 36.2 37.9 57.1
Debt/EBITDA (times) 1.1 1.5 1.8 2.1 3.9
SHARE STATISTICS
Basic earnings per share (sen)1 60.89 68.96 61.49 55.50 37.68
Net dividend per share (sen) 30.00 35.00 34.00 36.00 25.00
Net assets per share attributable to
owners of the Company (RM) 4.00 4.33 4.51 4.71 4.92
Notes:
The financial results have been restated to exclude the discontinued operations
1
Basic earnings per share has been restated for the effects of the Dividend Reinvestment Plan

PEOPLE
Sime Darby is committed to contributing to a better HUMAN RESOURCE MANAGEMENT

society and delivering sustainable development At Sime Darby, we recognise that our employees
in all areas of our operations. The Group strives to are our most valuable asset. Hence, our Human
meet the needs, positively impact and protect the Resources strategy and initiatives are focused on
rights of our diverse range of stakeholders, which making Sime Darby an Employer of Choice. In
amongst others include our employees and the line with the Groups strategic growth plans, we
local communities where we operate. Sime Darby have embarked on a five-year journey to holistically
provides employment in a socially responsible transform the Human Resources (HR) function in
manner, contributes towards raising the standard of Sime Darby through a series of initiatives set out in a
living and assists communities with their needs and Board-approved HR Roadmap. This initiative began
concerns. The Group is committed to improving and in 2010 and the three primary objectives of this
upholding the rights of all including children and transformation journey, as set out below, are aligned
women, improving working conditions, housing and with the Groups Strategy Blueprint:
amenities, wages, safety and security, reproductive
health and child care as well as preventing gender- (i) to foster strong individual and organisational
based discrimination, sexual harassment and RGTHQTOCPEG
domestic violence.
KK VQHQEWUQPVCNGPVCPFNGCFGTUJKRFGXGNQROGPV
and
(iii) to effectively identify, attract and retain talent.
Our Target Our Progress
Phase 1 Focused on building the foundation Completed all the necessary infrastructure
2010 2012 for strategic HR to drive change and and frameworks
improve performance
Phase 2 Institutionalising and enhancing the Rolled out a new performance management
2012 2014 respective strategic HR frameworks and competency framework themed
Ensuring Performance Sustainability (EPS)
New rewards philosophy aimed at attracting
and retaining top talent
Structured learning and customised
development programmes for different
levels of the workforce that are aligned
with the Groups business direction. The
development programmes cover leadership,
technical and personal effectiveness based
programmes
Phase 3 Enhance the HRs Business Partner Ongoing

2014 onwards role through the implementation of
strategic HR practices to support the
projected growth of the Group and
the Divisions.

Strategic Report
Group Performance
For the year under review, the Group continued to see improvements in the Global Employee Engagement
Survey (GEES) results and has achieved steady progress on its goals under the HR Roadmap.
Our Focus for FY2015 Our Performance for FY2015
Continuous Improvement of 6JG)TQWRCPPWCNN[EQNNGEVUHGGFDCEMHTQOKVUGORNQ[GGUVQOGCUWTG

Global Employee Engagement the overall level of engagement and identify its driver through the
Survey (GEES) Results GEES.
6JGQXGTCNNJKIJTGURQPUGTCVGCVCDQXGHQTVJG5KOG&CTD[)TQWR
in respect of the GEES conducted in 2014 and 2015 indicates high
Financial Reports
levels of employee interest and willingness to provide feedback to
Management.
6JG)TQWRGPICIGOGPVJCUDGGPKORTQXKPI[GCTQP[GCT+PVJG
engagement level rose slightly to 61%, up 1 percentage point from
60% in 2014.
6JGCPPWCN)''5TGUWNVUJCXGRTQXKFGFVJG)TQWRYKVJCFGGRGT
understanding of the drivers needed to be enhanced to drive
improvements in the engagement of employees.
Other Information
Employee Productivity 6JG)TQWRJCUUVCTVGFVQGODGFYQTMHQTEGCPCN[VKEUKP(;
for optimisation of its manpower management and planning.
Apart from measuring employee contribution against the impact
of HR investment, HR metrics are also being used to monitor
talent management initiatives such as learning and development
programmes and for succession planning and retention purposes.
Succession Planning of Key 6JGUWEEGUUKQPOCPCIGOGPVHQT.
FKTGEVTGRQTVUVQVJG2TGUKFGPV
Positions Group Chief Executive) and L2 (those reporting to L1) positions was
further strengthened in FY2015. 79% of L1 and L2 critical positions
have at least one (either ready now or ready near term) successor
identified as compared to 66% in FY2014. Identified intervention
programmes for succession candidates were implemented as planned
to close the gap in successor readiness.
Talent Development and 6CNGPV&GXGNQROGPVCPF.GCTPKPI2TQITCOOGUJCXGDGGPVCKNQTGFVQ
Retention Programmes focus on the preparation of future leaders as well as to ensure high
performers and high potentials are retained and engaged.
6JG)TQWRRCTVPGTGFYKVJ&WMG%QTRQTCVG'FWECVKQPCNGCFKPI
provider in customised Executive Programmes to train high potentials
under the Accelerated Leaders Programme in 2014. Selected senior
level talent joined the Programme to sharpen their strategic business
and management skills. To-date, 28 senior level Executives are
undergoing this customised Programme.
#VVJG&KXKUKQPCNNGXGNKPFWUVT[URGEKEUMKNNUGPJCPEGOGPV
programmes have been rolled-out to grow the talent pipeline and to
increase employee retention.
Implementation of Long Term #URCTVQHVJGPGYTGYCTFRJKNQUQRJ[.6+2RNC[UCTQNGKPFTKXKPI
Incentive Plan (LTIP) to align employee engagement and alignment to the Groups long term
long term strategic goals to strategy. To-date, two grants have been awarded to employees at
rewards different levels.

People
Moving Forward
Our Human Resource Strategy for the next five years
supports the Group to deliver on its organisational
priorities and to sustain high performance. For HR,
the focus moving forward will be targeted on the
following four key areas:
Four Key HR Goals
Capable and Engaged Leaders 9GYKNNEQPVKPWGVQDWKNFQTICPKUCVKQPCN

capabilities and capacity and accelerating the
Leaders who are able to influence, motivate
development progress and readiness of our
and inspire others to excel to their maximum
internal talent in order to have a strong pipeline
potential. 1 of strategically aligned and competent leaders
through various programmes such as Executive
Coaching, Peer Coaching, Talent Exchange
Programme, on the job experience and informal
learning.
Operational Excellence 9GYKNNGUVCDNKUJCOQTGTQDWUV*4CPCN[VKEU

capability to support better business decisions.
Application of simplified business processes,
the right systems and tools towards higher 9GYKNNEQPVKPWGVQNGCFCPFEQQTFKPCVGVJG
productivity and operational efficiency. development and/or review of employment
2
policies and initiatives in line with legislative
requirements and operational priorities,
ensuring that our policies and procedures are of
best practice quality.
Innovative Culture 9GYKNNKPETGCUGHQEWUQPKPPQXCVKQPD[

leveraging on the respective Leadership
Inculcating a culture that drives the generation 3 Development Programmes and building
and implementation of breakthrough ideas for
awareness of Diversity & Inclusion (D&I)
new products, services, processes and work-
Framework amongst HR and actively promote
paradigms.
D&I in the culture of Sime Darby.
Organisational & Individual High We will:

Performance & Growth
FGXGNQRHTCOGYQTMHQTFKHHGTGPVKCVGF4GYCTFU
Strong focus on achieving superior business by Talent Segment/Employee Category
results, outperforming expectations and
GODGFCEWNVWTGQHEQPVKPWQWUNGCTPKPI
attaining sustainable market leadership. People
aligned and committed to achieve common goals. 4 TQNNQWVFGXGNQROGPVUGTKGUHQTVCTIGVGFVCNGPV
segments
GODGFVJG'ORNQ[OGPV8CNWG2TQRQUKVKQPKPCNN
operating countries
TGXKGYTGFGXGNQRKORNGOGPVGORNQ[OGPV
policies focusing on international labour
standards

Strategic Report
OPERATIONAL EXCELLENCE In FY2015, LSS delivered RM208.99 million in actual
benefits, exceeding the target of RM100 million for
The Group is focused on reducing its operating cost
through improvement of processes and increasing the year. Property and Industrial Divisions are the
efficiency and excellence within our operations. biggest contributors of savings this year followed
To achieve this, we employed the Lean Six Sigma by Plantation and Motors Divisions. About 55% of
(LSS) tool, a business management strategy used to the total savings are harvested from procurement
increase revenue and reduce cost by improving the improvement related projects from the Group
quality of product or services. Methods include the and Divisional Procurement teams. Procurement
removal of wastages, defects and errors based on a projects include Value Engineering initiatives at
combination of different Six Sigma and Lean tools. property development projects, where analysis of
The strategy also involves creating groups of people furnishing material and function has led to reduction
in development costs without compromising the
Financial Reports
within the business to carry out projects according
to a structured methodology in an effort to reach quality of the products.
specific financial milestones. Actual vs Target Benefits (RMm)
The Sime Darby Groups LSS Blueprint, endorsed
by the President & Group Chief Executive (PGCE)
400
450
in 2013, has a target to achieve a total of RM775
million in accumulated benefits over a period of five 400
years. It has four main key phases:
350
Phase 1 Establishing Fundamentals
Other Information
300
208.99*
Focus on establishing the governance structure,
performance indicators, reporting format,
200
250
training materials and the rewards and 123.29
recognition plan. 200
Phase 2 Initiating Capacity Building Develop 150 100

people power at various levels and competencies.
100
50
28.2
Phase 3 Deployment of Skills

25
Deploy the right people for the right project to 50

bring in the benefits.
0 13 14 15 16 17 Year
Phase 4 Sustaining Growth Target Benefits Actual Benefits
Expand the deployment of LSS throughout Sime * This Sime Darby LSS data has been independently audited.
Darby and ensuring the sustainability of the LSS Read the Independent Assurance Report on page 425.
framework.
Breakdown of Benefits
Key milestones achieved so far throughout Sime by Division
Darbys LSS journey include:
E&U Non-China
'PICIGOGPVCVCNNNGXGNUQHVJGQTICPKUCVKQPHTQO 2%
senior management to operations in creating GHO/Others
Motors 1%
awareness and delivering results.
8%
'UVCDNKUJOGPVQHVTCKPKPIOCVGTKCNUCPFGZGEWVKQP
of capacity building plans.
E&U China
2CTVKEKRCVKQPKPGZVGTPCNRNCVHQTOUHQTKPETGCUGF 10%
exposure and recognition.
Group Performance
As of 30 June 2015, RM360.48 million of
accumulated harvested benefits have been achieved
since the endorsement of the Sime Darby LSS Property
Business Management Strategy in 2013. We are 30%
currently on track to achieve our target of RM775 Plantation
million in accumulated benefits over five years 20%
ending FY2017.
Industrial
29%

People
Key Activities For FY2015 There is fair representation from management

&GXGNQRGFVJG2TQLGEV$GPGV)WKFGNKPGUC and workers in formal joint management-worker
manual for the recognition of LSS Benefits. safety & health committees. The Groups Malaysian
The guidelines provide a methodology to operations comply with the Malaysian Occupational
Safety and Health Act (OSHA) requirements to
define and identify the different types of
establish Safety & Health Committees (SHC) for
benefits in LSS projects and guidance in the
operating units with more than 40 employees.
calculation of benefits. The guidelines are used
The establishment of SHC in other regions varies
by LSS Champions, Black Belts, Green Belts and depending on local regulatory requirements. Topics
Continuous Improvement practitioners across the discussed include safety & health performance,
Group to identify and quantify benefits from their legal compliance, risk management, workplace
projects. inspections findings, internal audit (safety & health
$NCEM$GNVUYGTGGZVGTPCNN[EGTVKGFD[VJG and environment) report and other safety & health
American Society for Quality (ASQ), while five related programmes. The SHC meets on a quarterly
Master Black Belts and 25 Black Belts are currently basis.
undergoing training. We have also trained over
350 Green Belts and over 400 White Belts across Group Performance
the Group. Introduced last year, a total of 80 While key safety rate-based measures improved
Champions have also been successfully trained. across the Group and the number of major accidents
has reduced, the level of incidence of accidents is still
Moving Forward unacceptably high and far from our Zero Harm goal.
As the challenges in the operating environment For the year under review, we recorded a total of
continue to grow, it is imperative that the Group seven fatalities and nine permanent disabilities, even
enhances its operations to achieve continuous though the fatality rate, number of accidents and
improvement while realising the maximum financial number of lost days has decreased compared to the
benefits. We have exceeded our target benefits previous year. An analysis of the major accident cases
each year since the inception of the LSS Blueprint showed that being caught in between moving objects
and are looking to sustain the momentum for the CPFHCNNKPIQDLGEVUCUYGNNCURTQLGEVKNGJC\CTFUJCXG
years ahead. Based on the five year roadmap, we been the Groups main operational risks, unlike last
are targeting to achieve RM200 million benefits [GCTYJGTGVTCPURQTVCVKQPCPFOGEJCPKECNJC\CTFU
in the next financial year. Project identification predominated. The Group continues to monitor and
and validation will be discussed at the start of the identify the major risk areas and put in relevant risk
financial year and we plan to strengthen our capacity controls and mitigation actions for these areas.
by training more Black, Green and White Belts across
There has been a marginal increase in the Lost Time
the Group.
Injury Frequency Rate in this year, which is primarily
due to the improved reporting and data capture
SAFETY & HEALTH processes being implemented on the ground. The
Sime Darbys commitment to the safety & health Sustainability Management System implemented
of its employees, contractors and communities enables better notification on incidents, while
is reflected in the Companys Business and improved maturity and awareness on the ground
Sustainability Principles, where the Company has led to an increase in the number of incidents
is working towards its Zero Harm goal through being reported, which now also include occupational
continuous improvement of its systems, processes related diseases.
and culture.
Near miss reporting continues to be monitored and
Safety & health management systems are in promoted across the Group. The total number of near
place at the Group and Divisional levels, with miss incidents reported has been showing a positive
external certification undertaken to comply with trend for the past three financial years. In FY2015,
the Occupational Health and Safety Assessment 186 near miss incidents were reported, an increase
Series (OHSAS) 18001 for key facilities identified. of 13% compared to FY2014, but is below our target
The Group-wide Safety Alert messaging system of 30% improvement. The Group will continue
supports the communication and management of to implement measures to improve awareness
safety incidents and the sharing of lessons learnt and acceptance of near miss reporting within our
throughout the business. Sime Darby adopts a operations.
risk-based approach to competency and capacity
building, targeting key safety issues and promoting Please refer to our Divisional Operations Review on
a safety culture through active engagement with its pages 70 to 121 for more information on the Safety &
employees. Health performance of our Divisions.

Strategic Report
Number of Fatalities by Division Number of Lost Days by Division
Number of Fatalities Number of Days
12 12 12 85,478
80,000 82,839
10 70,000
60,000 62,604 62,919
8 8 8 52,597
50,000
7
Financial Reports
6 40,000
30,000
4
20,000
2 10,000
Other Information
0 11 12 13 14 15
11 12 13 14 15 GHO
Energy & Utilities Non-China
E&U Non-China 1 0 0 1 0
Energy & Utilities China
E&U China 0 0 3 1 0
Motors
Motors 0 0 1 0 0
Industrial
Industrial 0 0 0 3 0
Property
Property 1 0 0 1 1
Plantation
Plantation 6 8 8 6 6
Group - LTI and LTIFR Number of Major Accidents by Division

LTI LTIFR
Number of Major Accident
19
14.64 18
13.25 14
5000 16 16
15
12
4000 10.58
3,713 3,673 10
7.76 8.49 10 9
3000 8
2,904
2,312 6
2000 2,030
5
4
1000
2
0
0 0 11 12 13 14 15
11 12 13 14 15 GHO
Number of LTI (By FY) Energy & Utilities Non-China
Notes:
Motors
1. Lost Time Injury Frequency Rate (LTIFR) Industrial
The total number of lost time injuries (fatality + lost work Property
day cases) per 1,000,000 hours worked. Plantation

People
Safety Performance Indicators FY FY FY FY FY

2011 2012 2013 2014 2015
Incident Rate (IR) 46.96 45.11 38.05 30.75 31.76*
Number of incidents per 1,000 employees
Frequency Rate (FR) 19.32 18.90 16.17 12.78 13.07*
Number of incidents per 1,000,000 hours worked
Severity Rate (SR) 246.85 226.98 311.44 316.63 193.13*
Number of lost days per 1,000,000 hours worked
Lost Time Injury Frequency Rate (LTIFR) 14.64 13.25 10.58 7.76 8.49
Number of lost time injuries per 1,000,000 hours worked
Fatal Accident Rate (FAR) 3.15 2.89 4.37 4.59 2.57
Number of fatalities per 100 million hours worked
* These Sime Darby safety & health data has been independently audited. Read the Independent Assurance Report on pages
425 to 426.
Key Activities For FY2015 Moving Forward

An independent review of the safety & health The Group believes that engaging all levels of
practices covering all Divisions has been carried out. employees is crucial in order to instil a culture of
Arising from the review, various action plans were safety & health across the Group. After the successful
identified to further improve the safety & health deployment of the Felt Leadership Programme held
practices across the Group. These action plans this year targeted at senior management, the Group
comprised both Group-wide actions which would is planning to cascade the programme to middle
be implemented across all Divisions such as aligning management and other employees to raise awareness
of KPIs, safety & health related competencies and on the importance of having an effective safety &
deploying a series of training programmes as well as health culture. Various other training programmes are
Divisional level programmes. also being deployed to support this objective.
During the year in review, the Group also organised
FUNDAMENTAL RIGHTS
several programmes, aimed at embedding a culture of
safety amongst our employees, amongst them: Our respect for fundamental human rights is enshrined
in our Group Policies and Authorities, which govern all
(GNV.GCFGTUJKR2TQITCOOGUHQTUGPKQT of Sime Darbys operations and our Code of Business
management. The aim of the Programme was to Conduct, which outlines the standard of behaviour
encourage the demonstration of respect through expected of Sime Darby Directors, employees,
action for the well-being of employees. The counterparts and business partners. Our Sustainability
sessions were attended by the senior management Committee Charter, which guides our Board in
from across the Divisions where, at the end of each fulfilling its oversight responsibilities in relation to the
session, each of the participants were asked to Groups objectives, policies and practices pertaining
pledge their safety commitments at work and at to sustainability, has explicitly expressed that in
home. all our operations around the world, Sime Darby
5CHGV[*GCNVJ9QTMKPI)TQWR4GVTGCVVQUJCTG should uphold fundamental human rights and respect
challenges pertaining to safety & health matters cultures, customs and values in dealing with employees
across the Group. This also serves as a platform and others who are affected by our activities.
to brainstorm and review the Safety & Health Sime Darby has been a signatory of the United Nations
Blueprint which will then be translated into the Global Compact (UNGC) since November 2010. We are
Groups Five-Year Strategy. commited to upholding the ten principles on human
rights, labour, environment and anti-corruption and
also committed to embed the principles throughout
our operations. We have also been a member of the
Global Business Initiative (GBI) on Human Rights since
2012. Our aim is to advance the respect for human
rights in the business sphere by learning from the
member companies from various sectors based all over
the world and by sharing examples of good human
rights practices.

Strategic Report
Equality, Diversity and Inclusion In FY2015, the Committee developed the
Gender Committee Handbook, which helped to
At Sime Darby, we view equality and diversity as a
business imperative and strive to foster an inclusive guide the implementation of activities under
culture that is reflective of the richly diverse the Committee. A defined structure was also
racial and ethnic backgrounds and cultures of the introduced for the Committee, allowing it to
communities where we operate. Women employees better influence management issues. Social
make up more than 20% of the Groups total global Worker Executives have been assigned with the
workforce. For Divisions that are in traditionally responsibility to address specific welfare and
male-dominated industries, the challenge of gender social development matters with direct support
bias is one area in which we strive to improve and do from senior management. For the year in review,
better. The Group recognises that women bring much 22 Committees actively conducted engagement
needed skills and experiences to the workplace and initiatives for over 150 women in SDPs estates
Financial Reports
this is why we place emphasis on programmes and and mills. Moving forward, the goal is to create a
initiatives that seeks to eliminate biases and give system that is self-sustaining in all our estates and
equal rights to all our employees. mills in Malaysia, Indonesia and Liberia.
The equality, diversity and inclusion initiatives Several programmes were also held during the
undertaken in FY2015 include: financial year to support the career development
of women employees, including commemorating
Policy on the Prevention of Sexual Harassment at
International Womens Day in March 2015, as a
the Workplace
way of acknowledging the contributions of our
Other Information
Recognising the importance of ensuring a safe, female employees. Activities held included keynote
conducive and productive working environment, addresses by inspiring and outstanding women
Sime Darby through its Policy on the Prevention leaders from various fields as well as wellness forums
of Sexual Harassment at the Workplace, strives to and workshops.
ensure that employees, irrespective of position,
gender or race, are treated fairly, with dignity and Childrens Rights and Business Principles (CRBP)
free from any form of harassment, humiliation and
We realise our businesses have an impact on
intimidation of a sexual nature.
childrens lives through the way we operate, develop
Women Grievances products and services and from our ability to exert
influence on economic and social development.
Established as part of the Groups grievance
Understanding this, the Group has committed to
mechanism, a specially formed unit has been
the Sime Darby Child Protection Policy in 2010
assigned to investigate and receive grievance
and supports The United Nations International
reports from women, giving them a safe and
Childrens Emergency Fund (UNICEF) Childrens
trusted avenue to channel their concerns.
Rights and Business Principles (CRBP), launched
Gender Policy at Sime Darby Plantation (SDP) in 2012. Guided by the United Nations Protect,
Respect and Remedy Framework, the Group has
While women make up about 23% of employees
conducted trainings to socialise the CRBP and assess
within the Upstream Operations of our Plantation
the impacts of our business operations. This includes
Division, we are committed to protecting their
rights and providing them with equal opportunity actions to eliminate child labour, protection and
and fair treatment, in line with Principle 6 of the safety of children in our facilities, child safe products
Roundtable on Sustainable Palm Oil (RSPO). To and services and the support for government and
that end, SDP established a Gender Policy at community advocacy efforts. A key element in the
the Division, which includes the creation of a implementation process is the monitoring structure
Gender Committee specifically to address areas through the Child Protection Policy that ensures child
of concern for women. The Gender Committee rights concerns are to be reported and investigated.
organises education and awareness programmes to To date, 8,120 individuals, including 1,923
prevent harassment and violence, advancement of children, have been engaged in various children
womens rights, protection of reproductive health empowerment, protection and well-being awareness
as well as continuous education and skills training. initiatives.
The Committee provides for active participation Moving forward, the Group envisions that both the
from all levels of work in all our estates and mills. Child Protection Policy and CRBP will be embedded
throughout our business.

People
Collective Bargaining Arrangements the local community. A new plantation will then be
We affirm the importance of the right to collective established with participatory monitoring and a
bargaining, which is recognised as an essential grievance resolution mechanism in place.
element in the fundamental right of freedom The Groups FPIC processes are periodically reviewed
of association. In FY2015, the strength of our by independent assessors to ensure they reflect
employees covered by collective bargaining current best practices and are effective. For more
arrangements increased by 74% from FY2014, from information, visit Sime Darby Plantations website at
approximately 74,000 to 98,000, following the www.simedarbyplantation.com.
inclusion of New Britain Palm Oil Limited into the
Sime Darby Group. Our employees are represented Sustainable Partnership Initiative (SPI)
by 48 collective bargaining agreements in nine
Sime Darby also strongly believes local community
countries, namely Malaysia, Indonesia, Australia,
engagement and partnership is fundamental
Singapore, Liberia, Vietnam, South Africa, the
to the success of our operations. In 2013, Sime
Netherlands and recently, Papua New Guinea.
Darby Plantation Liberia (SDPL), in collaboration
with Green Advocates, a local NGO, launched the
Grievance and Whistle-Blowing Policy
Sustainable Partnership Initiative (SPI), a multi-
We aim to address any grievance or complaints stakeholder platform involving local communities,
between the Group and an employee or third party civil society organisations, government and its
fairly, effectively and locally. Our Grievance Policy agencies, international organisations and academic
provides a framework for non-discriminatory and institutions, working together to provide SDPL and
fair treatment of all cases involving all parties. This the local communities in the area of its operation
includes the lowest organisational management level with guidance on social and environmental issues.
and/or point of origin. A whistleblowing channel is The SPI has brought together PAC leadership
also available on our corporate website to enable representatives, SDPL, civil society organisations,
employees and others to anonymously report actual, the Government of Liberia and international
potential, or suspected wrongdoings without fearing development institutions such as the World Bank,
repercussions. International Finance Corporation, the United
Our Plantation Division has developed its own Nations Mission in Liberia and the European Union
procedures in handling land disputes and social delegation to Liberia. SPIs ultimate objective is to
issues. These procedures are followed as the initial develop a new, sustainable model for large scale
steps in addressing disputes before proceeding with plantation development in Liberia.
individual issues on a case-to-case basis. Experience gained and lessons learn by SPI will
inform the industry and Government of Liberia on
Free Prior and Informed Consent what needs to be done policy-wise to make the
Sime Darby is committed to gain the Free, Prior oil palm industry in Liberia more sustainable and
and Informed Consent (FPIC) of Project Affected successful, both in terms of its profitability and the
Communities (PAC) and relevant local stakeholders benefits that will accrue to the local communities and
before embarking on any new development in any of the country as a whole.
its countries of operations. Sime Darby Plantation
for example, consults with the PAC, both prior to Social & Humanity Management Policy
development and in conducting its activities, in order In January 2015, the Managing Director of
to ensure that all members of an affected community Plantation Division endorsed the Social & Humanity
are able to participate and are given ample time to Management Policy which outlines Sime Darbys
respond to. Sime Darby Plantation will not proceed belief in developing our business with a sense
with development in an area where the leaders and of humanity, while ensuring that our businesses
the community have not given their express approval. operate in a way that is socially beneficial and does
Local communities including indigenous groups and not infringe on basic human rights. In fulfilling this
minority groups must give their consent before any commitment, Sime Darby Plantation shall respect
kind of development or entry takes place. To ensure and give fair treatment in accordance with the
the consent is fully informed, such communities rights of employees for the mutual benefits of the
should be encouraged, with the help of NGOs if EQORCP[CPFVJGGORNQ[GGUUJCNNRTGXGPVUGZWCN
necessary, to enlist the help of local lawyers who harassment and other forms of violence against
can best explain the position and its implications. YQOGPCPFRTQVGEVVJGKTTGRTQFWEVKXGTKIJVU
This will facilitate a subsequent consensus on
outcomes such as compensation, benefits and legal
arrangements on the proposed plantation, with

Strategic Report
enhance employees work skills and competencies SOCIAL ASSISTANCE
D[RTQXKFKPIVTCKPKPIUGZRQUWTGCPFGZRGTKGPEG
safeguard our operations from employing forced Disaster Response and Emergency Assistance
NCDQWTCPFEJKNFNCDQWTGPUWTGVJGCVVCKPOGPV In FY2015, the Group has expanded its humanitarian
of free, prior and informed consent in new land assistance from Malaysia to Liberia and Nepal. The
development. To complement the above statements, assistance was supported through the International
our Operational Policies on Social, Gender and Federation of Red Cross and Red Crescent Societies
Child Protection have been established to guide our for the West Africas Ebola Outbreak and MERCY
operations. Malaysia for the Nepal Earthquake and Malaysias
East Coast floods. Over RM5.3 million was donated
More information on the policy and Sime Darby
in the form of cash, food aid, temporary shelters,
practices within the Plantation Division can be found
medical aid, hygiene kits and volunteer assistance.
Financial Reports
on the Sime Darby Plantations website at
www.simedarbyplantation.com.
Volunteerism
Moving Forward The Sime Darby Volunteers Programme (SDVP)
started in 2010 with the objective to increase
As we continue to grow our business, we will ensure
employees esprit de corps, foster teamwork and
that we operate in a responsible manner, respecting
enhance employee engagement. Initiatives are
the principles of human rights and ensuring
designed to leverage and match wherever possible,
prosperity is shared together with the communities
volunteers skills and preferences with projects
affected by our operations and society at large.
Other Information
developed based on feedback, interests, stakeholder
Moving forward, we will be looking to enhance our needs and the Sime Darby Groups areas of expertise.
practices to ensure a more holistic approach is taken
This includes a wide range of volunteering effort
around Human Rights and ensuring we shift towards
across the globe, ranging from assisting the
being a more inclusive business with the diverse
community, to efforts that promote the protection
range of stakeholders that we touch throughout our
and conservation of the environment.
operations.
RM5.3m
WORTH OF CONTRIBUTION
DISASTER RESPONSE
RECOVERY EMERGENCY
AND EMERGENCY AND REBUILDING RESPONSE
ASSISTANCE IN LIBERIA
236 2,392 2,500 RM1.7m

BACK-TO-SCHOOL VOLUNTEER DONATED ITEMS
MAN-HOURS CLINIC OPERATING
ASSISTANCE ANNUALLY
COSTS
5,473
EMPLOYEES AND
FAMILIES ASSISTED
87 50 Volunteer
HOMES BUILT
STUDENTS ABLE TO TRAINING ON 5.7m
ATTEND SCHOOL AWARENESS AND LATEX GLOVES
SOCIAL MOBILISATION

People
In FY2015, 21 projects were implemented with a Access to Universal Education

total of 5,555 volunteer hours contributed by 899 18,467 children benefited with access to
volunteers. The volunteerism programme recorded education via schools and other educational
a cumulative total of 113 projects with 19,088 hours facilities within our communities.
spent by 2,784 volunteers since 2011. For more
Ensuring Environment Sustainability
information on our volunteerism, please go to our
10,121 initiatives to reduce environmental impact.
website at www.volunteer.simedarby.com.
Promoting Global Health
Social Investment and Assistance 13,198 organisations and individuals benefited
Our work with communities involves understanding with access.
local needs and finding solutions that can address Read more on this in our Yayasan Sime Darby Annual
social or economic issues pertinent to our business. Report 2015 for more information.
We aim to support the development of societies
by providing them with basic necessities, local
AWARDS & ACCOLADES
job opportunities, skills and education as well as
investments in community programmes that improve As a testament to the success of our programmes,
living conditions. initiatives and strategy, the Group has received
several recognitions for our People strategies in
In FY2015, we continued to find solutions to improve FY2015.
the socio-economic well-being of society through
investments in inclusive business initiatives. Our In terms of Human Resource Management, we
smallholders programme in Indonesia has benefited received the following recognition:
more than 25,000 plantation farmers who receive 6JG)NQDCN#QP*GYKVV6QR%QORCP[HQT
technical assistance, advice and access to the Leaders Award.
palm oil market. In Liberia, 453 Project Affected
Communities (PAC) farmers continue to receive The Aon Hewitt Top Companies for Leaders study
technical assistance and seeds to set up rice, corn and evaluates and recognises what it takes to execute
vegetable plots on land adjacent to their village. best-in-class leadership and talent management
around the world. Winners were selected and
Our business presence also allows us to assist in ranked by a panel of independent judges using
infrastructure development and improvements in a number of criteria, including strength of
community facilities. Over 300 child care facilities leadership practices and culture, examples of
and schools have been built and supported in leader development on a global scale, alignment
the communities surrounding our operations. of business and leadership strategy, business
Investments in our estates are made to improve performance and company reputation.
housing and basic facilities such as clinics, schools,
sundry shops and recreational facilities. Houses of 6JG5QWVJ'CUV#UKC#QP*GYKVV6QR%QORCP[HQT
worship are provided to our workers, their families Leaders Award for 2014.
and surrounding communities. $GUV'ORNQ[GTU/CNC[UKCHQT5KOG&CTD[
Through our Foundation, we strive to assist Property Berhad from Aon Hewitt.
communities in areas where we operate and 5KNXGT#YCTFHQT'ZEGNNGPEGKP.GCFGTUJKR
collaborate with civil society to help improve living &GXGNQROGPVCPF$TQP\GHQT'ZEGNNGPEGKP
conditions. We leverage on our core business Compensation & Benefit Strategy from the Human
to assist societies in achieving their sustainable 4GUQWTEGU/CIC\KPG
development goals. Some of our key achievements
for FY2015 are: We have also received recognition for our LSS
initiatives, including:
Global Partnership for Development
406 NGOs and community groups. #539QTNF%QPHGTGPEGQP3WCNKV[CPF
Improvement.
Eradicating Extreme Poverty and Hunger
7,015 provided with food and shelter. Sime Darby Biodiesel was selected as a finalist.
The team was the only finalist from Malaysia
Empowering Women and Children among 40 finalists from 13 countries competing
1,209 involved in trainings and workshops. HQTVJG#53)QNF5KNXGTCPF$TQP\GNGXGNCYCTFU
The presenting team presented their Six Sigma
project on the reduction of methanol consumption
for the transesterification process in the plant.

Strategic Report
2GTOQFCNCP0CUKQPCN$GTJCF
20$3WCNKV[#YCTF For Safety & Health, our Plantation Division received
Competition 2014 . two Gold awards from the Malaysia Society of Safety
and Health (MSOSH) 2014. MSOSH performance
Sime Darby emerged as the champion for the
awards are intended to recognise members that have
fourth year in a row. The winning project this
achieved commendable safety & health records and/
year is Kilang Kelapa Sawit Sungai Dingin which
or have shown improvement in occupational safety
achieved a reduction of empty fruit bunch (EFB)
& health processes through sound safety & health
press oil loss. This initiative has been successfully
management systems. We aim to achieve more
replicated at the Chersonese Oil Mill and can be
CYCTFUHQTQWT17UPGZV[GCTYKVJJKIJGTECVGIQTKGU
further replicated at all Oil Mills across Sime Darby
namely Platinum, Grand and Gold Merit.
Plantation.
The year also saw some of our talents achievement
Financial Reports
being broadly recognised in a wide variety of fields.
Among these talent achievements are:
Tan Sri Dato Seri Abd Wahab Maskan /CNC[UKCU4GCN'UVCVG2GTUQPCNKV[QHVJG;GCTCVVJG5QWVJ'CUV

Property Divisions Managing Director Asia Property Awards (SEAPA) held in August 2014.
and Group Chief Operating Officer,
Datuk Tong Poh Keow $GUV%(1KP/CNC[UKCHQTVJGVJKTFEQPUGEWVKXG[GCTD[*QPI
Group Chief Financial Officer -QPIDCUGFOCIC\KPG#NRJC5QWVJGCUV#UKCQP,WN[
Other Information
$GUV%(1HQT+PXGUVQT4GNCVKQPU
.CTIG%CRKVCNCVVJG/+4#
Awards 2014.
Ms Choo Suit Mae 0COGFD[6JG#UKCP.CY[GTUCU+P*QWUG%QWPUGNQH
Group General Counsel Distinction, Emerging Markets 2014.
#UKCP.GICN$WUKPGUU5QWVJGCUV#UKC+P*QWUG.CY[GTQHVJG
Year award in 2014.
Sime Darby Group Legal Team /CNC[UKC+P*QWUG6GCOQHVJG;GCT#YCTFCVVJG#UKCP
Legal Business Law Awards.
.KUVGFCUQPGQHVJGVQRKPJQWUGNGICNVGCOUKP#UKCD[VJG
#UKCP.GICN$WUKPGUUOCIC\KPG
%QOOGPFGFKPVJG(KPCPEKCN6KOGU#UKC2CEKE+PPQXCVKXG
Lawyers Report (in-house legal team category) in 2015.
Mr Benjamin Poh Chee Fong $GUV+PXGUVQT4GNCVKQPU2TQHGUUKQPCN#YCTFHQTVJGUGEQPFVKOG
Vice President of Investor Relations at the Malaysian Investor Relations Awards (MIRA) 2015.
Mr Azman Shah Mohamed Noor 6JGRTGUVKIKQWU'FYCTFU/GFCND[VJG#OGTKECP5QEKGV[HQT

Head of Quality & Lean Six Sigma, Quality at the organisations Annual World Conference on
Group Sustainability & Quality Quality & Improvement held in Tennessee, United States of
Management America in May 2015.

ENVIRONMENT
GROUP CARBON MANAGEMENT REVIEW Group Performance

In 20141, the Group emitted 2.60 million* tonnes
Introduction
of carbon dioxide equivalent (tCO2GOKNNKQP
As part of our overall sustainability goals to tCO2-e of Scope One emissions and 0.30 million
minimise our environmental harm, we recognise the tCO2-e of Scope Two emissions2. The Groups total
increasing global focus on carbon emissions from carbon emissions increased 2.6% from the previous
the sectors in which Sime Darby participates in, year, mainly due to the organic growth of the
particularly emissions from the agriculture sector. organisation.
Our environmental impact has been identified as
one of the material issues faced by the organisation The disposal of the Power Business in our Energy &
and we believe that all our businesses have a Utilities Division in FY2015 resulted in a restatement
role in identifying opportunities to create value, of our Groups baseline inventory from 2009, which
reduce emissions and address how their operations brought about a 1.08 million tCO2-e reduction as
contribute to minimising climate change. emissions from power generation contributed to
29.7% of overall Groups emissions in the previous
The ongoing measurement and monitoring of the year. Following the restatement, our Plantation
Groups carbon footprint since 2012 enables the
Division now contributes 92.8% of total Group
Group to manage our emissions, towards our goals
emissions in 2014 as compared to 64.3% in 2013. The
in limiting the environmental risk posed by our
Plantation Divisions overall emissions have slightly
operations and in meeting the expectations of our
increased this year. However, the increase in mainly
wide range of stakeholders. Sime Darbys carbon
due to the increased accuracy of the calculations of
inventory is prepared on a calendar year basis, so its
the emissions from the wastewater treatment.
most current data included in this Report is for the
period 1 January 31 December 2014. Total energy consumption within the Group in 2014
was 27.81 million GJ, which is a decrease of 14.7%
Our Plantation Division contributes towards the
as compared to 2013, mainly contributed by the
majority of the Groups carbon emissions and
our carbon strategy at this point in time focuses reduction in demand for steam generation in the
on reducing the carbon emission intensity of the boilers using biomass. The production of steam in
Division. The Group has a primary target of achieving boilers, which are mainly located at all mills across
40% reduction of our Plantation Upstream emissions our Plantation Division, remain as the main energy
intensity by 2020 against our 2009 baseline. requirement for the Group which accounted for
81.4% of total energy consumption. However, the
The Sustainability Management System (SMS) Group continues to source the majority (95.1%) of
continues to be the platform for data collection, data energy required for these boilers from renewable
consolidation and report generation for Sime Darby sources, i.e. biomass (palm kernel shell and fibre). It
carbon management. This year, further integration is estimated that an additional 1.77 million tCO2-e
between the SMS and Plantation Divisions would be emitted if diesel was used in the boilers
management systems have progressed, where once instead.
completed, actual Palm Oil Mill Effluent (POME)
and Chemical Oxygen Demand (COD) values will
be used, which will improve accuracy of the carbon
data. Monitoring and measurement of the actual
40% reduction target of Plantation
values of carbon emissions from the majority of sale Upstream emissions intensity by 2020,
operations in Motors Division have also begun this achieved 6% reduction as of 2014
year which led to increased accuracy of the Divisions
emissions.
The carbon emissions calculation currently do not
include emissions from land use conversion and 2.60mil *
tonnes of CO2-e in 2014
carbon sequestration from growth of oil palm trees as compared to 2.54 million tonnes in 2013
as the methodology around this area is still under
evaluation. However, once they are included, the
total emissions of the Group may differ significantly
and will require a re-statement of the carbon
baseline. Sime Darby plans to include the calculations
81.4% of total Group energy
consumption from renewable sources in
in its public reporting once evaluations on the
appropriate methodology to be adopted have been
calendar year 2014
finalised.
* This carbon data has been independently verified. Read the Independent Assurance Report on page 425.

Strategic Report
Activities This Year )WKFCPEGQPJQYVQCEEQOOQFCVGVJGTKIJVUCPF
Given the significance of methane from POME livelihoods of local communities and indigenous
treatment to the overall emissions (64.0% of total peoples when implementing a future HCS
Group emissions), the Plantation Division is focusing approach to land use planning.
efforts on methane capture through biogas projects A draft Synthesis Report was made available for
and methane avoidance through composting public consultation in June 2015. All comments
initiatives. The Plantation Division has continued to received on the draft are being considered in revising
operate a methane capture plant at the Tennamaram the final Synthesis Report, which will be publicly
Oil Mill to capture methane released from POME available in December 2015.
treatment. Works on methane capture and biogas
power plants at nine other mills across Malaysia and More details can be found in the website
www.carbonstockstudy.com
Financial Reports
Indonesia are at various stages of development and
they will be implemented progressively to achieve Conservation Efforts
our carbon reduction target.
As part of our efforts to minimise environmental
POME and Empty Fruit Bunches (EFB) are also utilised harm, Sime Darby is also involved in a wide range of
to produce organic fertiliser for the oil palm estates at activities around tree planting and forest research
our 22 composting plants across Malaysia which has throughout our operations and via our Foundation,
enabled the Group to avoid 0.18 million tCO2-e from Yayasan Sime Darby.
being emitted to the atmosphere in 2014.
Yayasan Sime Darby also supports a research on
Refineries in the Plantation Division have begun to
Other Information
Stability of Altered Forest Ecosystems (SAFE) which
use purchased electricity and cleaner fuel sources is led by the Royal Society Southeast Asia Rainforest
such as natural gas instead of medium fuel oil (MFO) Research Programme. It is one of the largest
as an energy source for boilers. Such an initiative has ecological experiments in the world and located
been implemented across certain refineries including in the Borneo Rainforest. It aims to make major
the Nuri Palm Oil Refinery in Port Klang and it has contributions to sustainable plantation management
contributed to the reduction of the carbon emission (including oil palm) and conservation of biodiversity
from boilers for the downstream operations. in agricultural landscapes.
High Carbon Stock Study As part of our Group-Wide Tree Planting initiative,
The High Carbon Stock (HCS) study, is a key the Group has a target of planting 1 million trees
commitment in the Sustainable Palm Oil Manifesto, across the Group by 2020. Since June 2011, the
of which Sime Darby Plantation is a signatory. It aims Group has planted a total of 820, 664 trees to date,
to clearly define what constitutes HCS forest and which range from Endangered, Rare and Threatened
establish HCS thresholds that takes into account (ERT) species, to various fruit trees being planted
not only environmental concerns, but also socio- at various townships under our development. Sime
economic in developing and emerging economies. Darby also operates a nursery in Jentar Estate,
The study will take a wide-ranging and practical Pahang since September 2013, which breeds
approach, using robust scientific methods to examine ERT forest tree species as part of our initiative to
four key areas, namely biomass, soil carbon, remote conserve and enhance our set aside areas including
sensing and socio economic factors. 50 scientific TKXGTDWHHGT\QPGUCPFUVGGRUNQRGUCOQPIUVQVJGTU
experts have been appointed to undertake the study, To date, the nursery houses almost 48,000 seedlings
which aims to provide: comprising of 47 species. Out of the total, 25 species
are ERT whilst another 22 are forest trees which are
#FGPKVKQPQH*%5HQTGUVUVJCVKUDCUGFQPVJG endemic to the adjacent Krau Wildlife Reserve in
level of net GHG emissions from biomass and Pahang.
soils resulting from their conversion to oil palm
RNCPVCVKQPU
#RTCEVKECNOGVJQFHQTKFGPVKH[KPICPFFGNKPGCVKPI

OCRRKPIVJGUG*%5HQTGUVUQPVJGITQWPFCPF
1
Sime Darbys carbon inventory is prepared on a calendar year basis, so its most current data included in this Report is for
the period 1 January 31 December 2014.
2
For more details on Scope One and Scope Two definition, please refer to www.ghgprotocol.org.

Environment
Moving Forward Sime Darby Group Total Carbon Emissions

We strive to continuously improve on the (millions tCO2-e)
management of our carbon emissions across the
3.14
Group. Moving forward, we plan to further expand 3.00
2.72
the scope of our reporting by including in the 2.69 2.60*
2.54
beginning of next year our operations in Liberia and 2.50 2.44
also to include emissions from our operations from
NBPOL which was acquired in FY2015. We expect 2.00
to see significant carbon reduction once the biogas
plants are in operation and we are continuously
1.50
looking at further opportunities for carbon emission
reduction throughout our operations.
1.00
0.50
0.00
09 10 11 12 13 14
Plantation
Property
Industrial
Motors
Energy & Utilities NCO
Sime Darby Group Carbon Emissions Intensities
2020
2009 2020 (Target
Intensity Unit (Baseline) 2010 2011 2012 2013 2014 (Target) %)
Plantation Emission intensity 1.06 1.04 1.03 1.01 0.94 1.00* 0.64 40
Upstream tCO2-e/MT Crude
Palm Oil
Plantation Emission intensity 0.85 0.82 0.79 1.01 1.08 0.92 0.77 10
Downstream tCO2-e/10 MT refined
product
Property tCO2-e/100m2 areas 1.38 1.64 1.12 1.64 2.14 1.62 1.27 8
Industrial tCO2-e/1,000 work 2.7 2.45 2.37 2.7 2.16 2.24 2.05 24
hours
Motors tCO2-e/unit vehicles 0.47 0.37 0.51 0.45 0.55 0.66 Incremental
3
Assembly assembled reduction
Energy &
Utilities
China To be restated4
Energy &
Utilities NCO

Strategic Report
Sime Darby Group Top 5 Emission Sources
(million tonnes CO2-e)
2.50
2.00
1.67
2009
1.50 (Baseline)
2010
1.00
2011
0.31
2012
0.28
0.50
0.13
0.08
0.12
2013
0.00 2014
Financial Reports
Effluent Boilers Purchased Fertilisers Electricity Others
Treatment Electricity Generation
Sime Darby Group Top 5 Emission Sources in 2014 (in million tonnes CO2-e)
Other Information
4.8%
3.1%
5.2%
Electricity Generation
Others
Fertilisers
Purchased Electricity
10.8%
Boilers
Effluent Treatment
12.1%
64.0%
3
Incremental carbon reduction targets set for Motors is due to the nature of their operations and their current intensities,
which have been found to have limited opportunities for reduction at this point in time. Sime Darbys carbon reduction
strategy currently focuses on its Plantation Division which contributes the majority of the Groups carbon emissions.
4
Emissions intensity baseline and reduction target for Energy & Utilities will be restated due to disposal of its Power
Business Unit.

Environment
Sime Darby Group Total Energy Consumption
(millions GJ)
34.66
30.00 32.61
29.81
26.50 26.70 27.81
20.00
Plantation
Property
10.00 Industrial
Motors
0.00 Energy & Utilities NCO
09 10 11 12 13 14
Sime Darby Group Breakdown of Energy Consumption by Fuel Type
(millions GJ)
30
22.65
2009
20 (Baseline)
2010
10 2011
2012
2.18
1.17
1.38
2013
0.42
0 2014
Biomass Diesel Electricity Natural gas Others
Sime Darby Group Breakdown of Energy Consumption by Fuel Type (in million GJ)
4.2%
1.5%
5.0%
7.9%
Diesel
Electricity
Natural Gas
Others
Biomas
81.4%

SUSTAINABLE THOUGHT
Strategic Report
LEADERSHIP
SUSTAINABLE THOUGHT LEADERSHIP The HCS Study is expected to be completed by the
end of 2015. More information can be found at
Sustainability issues are complex, inter-connected
and continually evolving. Each passing year results in www.carbonstockstudy.com.
the incremental unraveling of the causes and impacts The UN Climate Summit 2014 also saw the launch
of these issues and the subsequent improvements in of the UN Food and Agriculture Business Principles
actions to deal with them. Sime Darby contributes to (FABP). The FABP is a voluntary framework that
this process of continuous improvement by learning companies in the food and agriculture industry
and sharing sector expertise in multi-stakeholder can adopt to meet food security and sustainability
platforms, as well as, innovating new approaches. challenges more effectively. Sime Darby was a Core
Advisory and Steering Group member of the United
KEY HIGHLIGHTS THIS YEAR Nations Global Compacts (UNGC) Voluntary
Financial Reports
In September 2014, Sime Darby, alongside over 150 Business Principles for Sustainable Agriculture
countries, sub-national governments, companies, process, which developed the FABP.
indigenous peoples organisations and non-
governmental organisations, signed the New York
Declaration on Forests during the United Nations
Climate Summit 2014. Sime Darby is the only
Malaysian entity to endorse this global timeline
to cut natural forest loss in half by 2020 and strive
to end it by 2030. The New York Declaration on
Other Information
Forests is a non-legally binding political declaration
that grew out of dialogue among governments,
companies and civil society.
As a signatory to the New York Declaration on
Forests, Sime Darby reaffirms its commitment to curb
forest loss. This resonates strongly with practices
employed by the Group on the ground and current
initiatives to strengthen the tools for the responsible
development of agricultural land. In particular,
the High Carbon Stock (HCS) Study, which aims to
develop a practical method to identify forests that
have the potential to release significant amounts
of greenhouse gas emissions during conversion.
The HCS Study also seeks to provide guidance on
how to accommodate the rights and livelihoods
of local communities and indigenous peoples
when incorporating HCS in land use planning. The
methods proposed in the HCS Study are to be used
in conjunction with other established tools, such
as High Conservation Value assessments and Free,
Prior and Informed Consent, which seek to protect
rare, threatened and endangered species, important
ecological landscapes, critical ecosystem services,
areas needed for community livelihoods and cultural
identity and native customary rights to land.

Sustainable Thought Leadership
Sime Darby is an active member of the following global organisations:
Association Membership Status Progress For FY2015
Roundtable on (QWPFKPIOGODGT 2CTVKEKRCVGFKPXCTKQWU5VCPFKPI%QOOKVVGGU

Sustainable Palm (Ordinary member) Working Groups and Task Forces:
Oil (RSPO) 4GNKPSWKUJGF'ZGEWVKXG Member and Secretariat for the taskforce to
Board seat (representing undertake the Malaysian National Interpretation
the Malaysian Palm Oil (MYNI) review of the RSPO Principles and Criteria
Association) Steering Committee member for the Liberian
RSPO National Technical Working Group
RSPO Complaints and Grievance Panel
Dispute Settlement Facility Panel
Human Rights Working Group
Communications and Claims Standing Committee
FFB Traceability and Legality Working Group
Emission Reduction Working Group
Biodiversity and High Conservation Value (HCV)
Working Group Compensation Task Force
Certified Sustainable Palm Kernel Oil (CSPKO)
Working Group for Etrace
RSPO Innovation Laboratory
High Carbon Stock 5KIPCVQT[QHVJG 5KOG&CTD[JCNVGFCNNPGYQKNRCNOFGXGNQROGPVKP
(HCS) Study and Sustainable Palm Oil September 2014 until the HSC study is completed
Sustainable Palm Manifesto and Steering #FTCHV5[PVJGUKU4GRQTVYCUTGNGCUGFHQTRWDNKE
Oil Manifesto Committee member of consultation in June 2015
the High Carbon Stock
Study
World Economic 2CTVPGTQHVJG9QTNF 2CTVKEKRCVGFKPVJG9QTNF'EQPQOKE(QTWO#HTKEC
Forum Economic Forum since 2015 and Grow Africa Forum in Cape Town, South
2015 Africa in June 2015
2CTVKEKRCVGFKPVJG4GIKQPCN$WUKPGUU%QWPEKNKP
Africa in June 2015
World Business /GODGTQHVJG 2CTVKEKRCVGFKP9$%5&.KCKUQP&GNGICVGOGGVKPI
Council for Executive Committee KP#RTKN5YKV\GTNCPFCPFKPXQNXGFKPVJG
Sustainable of the Business Council WBCSDs Ecosystems & Landscape Management
Development for Sustainability & Cluster
(WBCSD) Responsibility Malaysia 2CTVKEKRCVGFKPVJG'PGTI['HEKGPE[KP$WKNFKPIU
(BCSRM), the Malaysian (EEB) Laboratorys Kick-off Meeting in January
network partner of the 2015, Singapore
WBCSD
New York 5KIPCVQT[ 5KOG&CTD[CFQRVU*%8CUUGUOGPVHQTCNNPGYQKN
Declaration of palm development
Forests 2CTVPGTGFYKVJUGXGTCNQVJGTRCNOQKNEQORCPKGUVQ
commission a HCS study
5KOG&CTD[JCNVGFCNNPGYQKNRCNOFGXGNQROGPVKP
September 2014 until the HSC study is completed
United Nations %QTG#FXKUQT[CPF 6JG(QQFCPF#ITKEWNVWTG$WUKPGUU2TKPEKRNGUYCU
Global Compact Steering Group member completed and launched by UNGC in September
of the Voluntary 2014
Business Principles for 5KOG&CTD[UTUVEQOOWPKECVKQPQPRTQITGUUQP
Sustainable Agriculture translating FABs into actions was published in Sime
Process Darby Plantation Sustainability Report 2014

Strategic Report
Association Membership Status Progress For FY2015
United Nations /GODGTQHVJG9QTMKPI 2CTVKEKRCVGFKP70+%'('ZGEWVKXG$QCTFU%QWPVT[

Childrens Fund Group on Children Rights Report for Malaysia
(UNICEF) and Business Principles
Toolkit
Global Business 5VGGTKPI%QOOKVVGG 2CTVKEKRCVGFKPVJG%QPHGTGPEGCPF$WUKPGUU
Initiative (GBI) on member Roundtable Dialogue held in November 2014 in
Financial Reports
Human Rights /GODGTQHVJG Jakarta:
Steering Committee Understanding and Implementing Respect
for Deep Dive Project: for Human Rights in a Business Context A
Tracking Human Rights Conference for Leaders
Performance Business Roundtable Dialogue on Developing
a road-map for enhanced business commitment
and practice related to human rights and our
society
2CTVKEKRCVGFKPVJG)$+/GODGT/GGVKPIJGNFKP
Other Information
April 2015, Washington D.C
Smallholder (QWPFKPIOGODGTCPF 2CTVKEKRCVGFKPVJG%QPUWNVCVKXG9QTMUJQREQ
Acceleration currently serving on the organised by SHARP and GROW in June 2014 in
and REDD+ Executive Board Monrovia, Liberia, on Outgrower Models for Liberia
Programme Oil Palm Sector
(SHARP)
Malaysian /GODGTQHVJG6GEJPKECN /5215VCPFCTFRWDNKUJGF
Sustainable Working Committee for
Palm Oil (MSPO) the development and
Standard drafting of the MSPO
standards and guidance
For the full list of corporate memberships please refer to www.simedarby.com.

Strategic Report Corporate Governance Financial Reports Other Information
69
SIME DARBY BERHAD Annual Report 2015
Operations
Divisional
Review
PLANTATION
We are focused on our growth strategies, which has

strengthened our position as the worlds largest
producer of sustainable palm oil. At the same time, we
are working towards higher productivity throughout our
value chain.

Who We Are Our Vision

The Plantation Division is the largest division in terms of profit To be a leading integrated global
contribution in the Sime Darby Group. It is the leading integrated plantation company
global plantation company with a presence in 18 countries. In
March 2015, Sime Darby Plantation strengthened its business
presence across the full spectrum of the oil palm value chain Our Key Markets
through the addition of New Britain Palm Oil Limited (NBPOL) to
its portfolio of sustainable palm oil businesses. China
India
Today, the company has a total of one million hectares of Indonesia
landbank strategically spread across a total of five countries. Its Malaysia
Upstream operations involve the cultivation of oil palm, rubber Pakistan
and sugarcane, as well as cattle rearing. It is the largest plantation South Africa
company in the world in terms of total planted area, with 620,666 Thailand
hectares in Malaysia, Indonesia, Liberia, Papua New Guinea and The Netherlands
United Kingdom
Solomon Islands.
Vietnam
Further along the value chain, its Downstream operations are
spread across Europe, the Americas and the Asia Pacific region.
Its business activities comprise production of oils and fats,
oleochemicals, biodiesel, other palm oil derivatives and renewables
Principal Activities :
as well as the sales and marketing of these products. With the
recent inclusion of NBPOL, Sime Darby Plantations total annual Cultivation of oil palm, rubber,
refining capacity has increased by 440,000 MT to four million MT.
sugarcane and other crops, as well
The Division is also involved in the Midstream segment of the value as cattle rearing.
chain covering trading, marketing and logistics services.
Production as well as sales and
Sime Darby Plantation is the leading producer of Certified marketing of edible oils and fats ,
Sustainable Palm Oil (CSPO). The company currently contributes biodiesel and oleochemicals.
20% of total Global CSPO production. As at FY2015, 98% of its
Upstream strategic operating units (comprising feeder estates Research and Development with key
and mills) are RSPO certified. Sime Darby Plantation also has focus on improved planting
the capability to supply segregated certified sustainable palm materials.
products via three of its refineries located in the United Kingdom,
the Netherlands and Malaysia.
The Division is also investing aggressively in Research &
Development (R&D) and innovation. With over 250 scientists
and researchers, as well as more than 600 supporting staff, the
Division is geared towards making significant breakthroughs and
108,630 employees
innovations that will benefit the industry as a whole. 2014:79,888 employees

Strategic Report
Financial
Financial
Statements
Reports
The broad green landscape of our Elphil Estate in Perak, Malaysia, which presents a mixture of young palms grown alongside more
mature palm trees, is a scenic manifestation of our continuous productivity, high replanting standards, as well as our enduring
commitment to sustainability.
Our Key Focus
Other
OtherInformation
Return on Average Invested
During the year under review, the Division continued its focus on Capital (ROAIC) (%)
core growth strategies, leading to the acquisition of NBPOL as part
Information
of its expansion plans while focusing on operational excellence
throughout its value chain.
6.0
2014: 13.3
Revenue (RMm) Profit before Interest and Tax Value Distribution

(RMm)
10,268.6
1,148.1 2015
15000 3000
3,280.2
PROVIDERS OF CAPITAL
3,203.2
AND REINVESTMENT
14,126.4
2015: 1,599
12000 2500
13,167.9
2014: 2,134
11,672.1
10,953.5
1,148.1
2000 GOVERNMENT 2014

9000
10,268.6
2,006.5
2015: 248
1,874.6
2014: 340
6000 1500
EMPLOYEES
2015: 1,942
3000 1000 2014:1,843
11 12 13 14 15 11 12 13 14 15
Fresh Fruit Bunch (FFB) FFB Yield (MT/ha) Oil Extraction Rate (OER) (%)
Production (mMT)
20.39 21.71
9.638
25 25
10.133
10
10.111
21.47
21.52
20.54
21.81
21.86
20 20
9.763
21.44
21.71
9.638
21.79
20.39
20.44
9.418
8
15 15
6
10 10
4
5 5
2
11 12 13 14 15 11 12 13 14 15
11 12 13 14 15

Divisional Operations Review
WEAK PALM OIL PRICE CONTINUED TO CHALLENGE THE

DIVISIONS BUSINESSES
MARKET & INDUSTRY OVERVIEW There have also been changes to the industry
landscape including:
Macroeconomics
4GXKUKQPUKPVJGRCNORTQFWEVGZRQTVVCZTGIKOGKP
The results for FY2015 were achieved under Indonesia (effective July 2015), which changes the
challenging market conditions amidst a bearish way export taxes are calculated for CPO and other
global economic landscape that affected all palm products.
commodity-related business.
+PVTQFWEVKQPQHVJG%215WRRQTVKPI(WPFKP
Weak palm oil price has continued to challenge the Indonesia (effective 16 July 2015), which imposes
Divisions businesses. export levies to fund biodiesel subsidies,
The economic slowdown in China has cooled the replanting and R&D.
demands for commodities both domestically and +PETGCUGKPDKQFKGUGNOCPFCVGUKP+PFQPGUKC
internationally. This along with a global surplus of (from 10% to 15%), Malaysia (from 7% to 10%
output in many commodity markets continue to -proposed for implementation by October 2015)
underpin the current market weakness and drive and in Thailand (from 5% to 7%) as a way to reduce
prices down. stockpiles and lend support to CPO prices.
(;YCUCVQWIJ[GCTRTKEGXQNCVKNKV[KPRCNO 5KOG&CTD[2NCPVCVKQPVQIGVJGTYKVJUGXGTCN
oil and rubber, rising production costs, extremes stakeholders in the palm oil industry, have come
of weather conditions affecting crop production, together to spearhead a comprehensive and
labour restrictions, regulatory constraints and independent study on High Carbon Stock (HCS)
market pessimism have impacted the Division. These thresholds and the practical considerations for
challenges continue to test our resilience as we implementing such thresholds, especially in
continuously strive to improve our productivity and developing and emerging countries.
operational efficiencies in an innovative manner.
- Updates on the ongoing HCS study (to be
finalised by end of 2015) may have a bearing on
Palm Oil Industry the Divisions expansion developments in the
Crude Palm Oil (CPO) selling prices have been on a future.The socio-economic impact is still being
downward trend since March 2014, from a peak of studied and more of these plans will come to
RM2,922/MT to levels of around RM2,300/MT by light when the HCS Study report is completed.
June 2015.
+ORNGOGPVCVKQPQH)QQFUCPF5GTXKEGU6CZKP
Prices have been impacted by the following: Malaysia (6%) effective 1 April 2015.
'ZRCPUKQPQHRCNOQKNKPXGPVQTKGU
(i) According to the US Department of
Agriculture (USDA), global palm oil output
is expected to rise 3.2% to 61.45 million
MT in the 2014-15 marketing year ending
September (59.56 million MT in 2013-14) .
(ii) As at June 2015, Malaysias palm oil stock
stood at 2.15 million MT, an increase of 30%
against June 2014 (1.66 million MT)
$WNNKUJUWRRN[QH5Q[DGCP1KNCEEQTFKPIVQ
USDA, global soybean production is projected at
319.36 million MT for the current year 2014-15
(September-August), an increase of 36.1 million
MT from 2013-14 (283.25 million MT).
(CNNKPIETWFGQKNRTKEGUYJKEJYGTGJQXGTKPI
around USD50/bbl reduced the viability of
biodiesel as an alternative fuel.
The pride and joy of Sime Darby Plantation Fresh fruit
5NQYKORNGOGPVCVKQPQHDKQFKGUGNOCPFCVGUKP bunches from our oil palm trees, grown and harvested through
South East Asia. the best agricultural and sustainable practices.

BUSINESS MODEL
Strategic Report
Flexibility in the business model allows the Division to be agile and better withstand an ever-changing
business landscape, towards maximising returns.
Our Competitive Our Key How We Create How We Share The
Advantage Resources Value Value We Create
Investors
(KPCPEKCNTGVWTPU
Invested Capital Create
(30 June 2015) Superior financial
Strong presence - RM 23,762 Local communities
returns through
Financial Reports
million Mutual growth and
Proven track record operational excellence development of local
with over 100 years and high performance communities via the provision
Landbanks
of experience in the spread across standards of employment, technical
plantation industry strategic training, smallholder schemes
geographical and community development
locations projects (focused on
Innovate education, healthcare, food
On-going research security, water and sanitation).
Leadership position Development of a sustainable
initiatives resulting in
Other Information
Taking a leadership Experience, palm oil industry that
improved products, contributes to national and
position in knowledge and
expertise within processes and local economic development,
sustainability, R&D,
the industry technologies for while balancing traditional
innovation and best needs and enviromental
strategic and operational
agro-management proctection.
excellence
practices Intellectual
capital and Customers
assets: Preferred supplier of green
technologies, Cultivate palm products and quality
Value chain innovations, Cultivate skilled food ingredients
brand, Customisation of products to
integration workforce and develop
patents, best fit specific needs
Fully integrated practices and innovative work culture Focus on value added/
operations across sustainability differentiated products
the value chain with efforts
economies of scale Employees
Contribute
Continuous capability building
Committed in ensuring via structured development
Talents socio-economic programmes for technical/
Capacity to expand developments, leadership competency
Highly skilled Enhance quality of life by
Capacity to increase environmental and
& experienced providing a safe and conducive
planted areas to workforce carbon management
work/living environment
optimise our own to be in-line with our
landbanks growth strategy
Authorities
Develop positive relationship
with authorities and local
Continuous communities to gain support
engagement for business development
with 5WRRQTVKPFWUVT[UDKQFKGUGN
stakeholders and other green initiatives

OUR STRATEGY
Sime Darby Plantations five-year strategy is geared towards sustaining its profitability, especially in the
challenging global market condition.
Divisional Strategic
strategic Highlights Priorities for 2016
objectives
Objectives
Cost Effective OKNNKQPJGEVCTGU
OKN 6CTIGVGFGZRCPUKQPQHJGEVCTGU
Landbank Expansion ha)(Landbank increased 135,673
and Utilisation ha with the acquisition of NBPOL
in March 2015)
Operational Excellence OKNNKQP/6QH%521 'ZEGNNGPVTGRNCPVKPIYKVJJKIJ[KGNFKPI

to Maximise CSPO (2.2 million MT in FY2014) planting materials to improve age profile
Production and yields
'ZRCPUKQPQHOGEJCPKUCVKQPKPKVKCVKXGUCPF
milling technologies to improve productivity
and efficiency in upstream operations
+PETGCUGFHQEWUQPYCVGTOCPCIGOGPVVQ
improve yield performance
'PUWTKPIVKOGN[CPFEQORNGVGHGTVKNKUGT
applications
+PETGCUKPIUOCNNJQNFGTUCTGCWPFGT4521
certification in Indonesia
Increase Global Palm /CTMGV5JCTGQH

PQEJCPIG %CRVWTGVJGHWNNXCNWGQHQWTEGTVKGF
Product Market Share from last year as Global sustainable products
production has increased from &GXGNQRUVTCVGIKERCTVPGTUJKRUVQITQYQWT
59.6 million MT to 61.5 million customer base and market reach
MT)
1RVKOKUGUWRRN[EJCKPOQFGNVQGPUWTG
*Based on actual FY2015 CPO seamless connectivity throughout the
production (inclusive of NBPOL supply chain
from March June 2015). If based
on NBPOLs full year production,
our combined market share is 4.4%
Pursue Sustainability in QHQWT7RUVTGCO5VTCVGIKE /QXKPIVQYCTFU4521+PFQPGUKCP

a Way That Creates Operating Units are RSPO Sustainable Palm Oil/Malaysian Sustainable
Value certified (vs 97% in FY2014) Palm Oil certification
%CTDQPHQQVRTKPVTGFWEVKQP
%QPVKPWQWUEQNNCDQTCVKQPYKVJCNN
stakeholders to encourage dialogue and to
seek continuous improvement
See page 185 for principal risk factors and mitigation measures.

Strategic Report
REVIEW OF PERFORMANCE For the Indonesian operations, average FFB yield
per hectare dropped to 16.82 MT from 18.23 MT in
Operational Performance the previous year, largely affected by the prolonged
dry weather in Kalimantan Selatan in 2012. The top
The Plantation Divisions earnings dropped by 38.8% five producing estates in Indonesia recorded yields
to RM1,148 million compared with a year ago largely between 25.48 to 22.53 MT per hectare in FY2015.
due to lower average CPO price realised of RM2,193
per tonne against RM2,451 per tonne achieved in Meanwhile, the average yield for upstream PNG and
previous year and lower FFB production especially Solomon Islands (NBPOL Group) for the 12 month
in Indonesia which declined by 11%. Besides the period ended 30 June 2015 was 23.2 MT per hectare,
replanting of 20,619 hectares of oil palm fields, the 4.9% higher than the prior corresponding period of
weaker crop production in Malaysia and Indonesia 22.1 MT per hectare. The top five producing estates
was mainly attributable to the oil palm biological in Papua New Guinea (PNG) and Solomon Islands
Financial Reports
stress arising from the prolonged dry weather achieved yields between 28.7 to 32.1 MT per hectare
experienced in early 2014. The OER was marginally for the 12 month period ended 30 June 2015.
lower at 21.7% from 21.9%, mainly due to forced
ripening as a result of heavy rainfalls at the end of the Oil Extraction Rate (OER) for Malaysia in FY2015 was
same year. 21.23% compared with 21.54% in the previous year.
Merotai Mill in Sabah recorded the highest OER
NBPOL which was acquired in March 2015 of 23.69%, in comparison with 23.16% in FY2014.
contributed a profit of RM102.6 million for the Another mill in Sabah (KKS Binuang) also recorded
four months to 30 June 2015. NBPOL operations OER above 23% at 23.03%. Four mills achieved OER
contributed 6.7% of the Groups FFB production in of more than 22%, while 16 mills achieved OER of
FY2015. between 21% and 22%. In Indonesia, Oil Extraction
Other Information
Rate had increased to 22.47% from 22.38% in the
Contribution from midstream and downstream previous year. Six mills in Indonesia recorded OER
operations declined to RM55.7 million for the current above 23% in FY 2015.
year compared with RM152.4 million previously.
The lower profit was attributable to the lower In the same 12 month period ended 30 June 2015,
sales volume to the Asia Pacific region and Europe the OER achieved by the upstream PNG and Solomon
due to slower demand and stiff competition, as Islands operations was 22.09%, lower than the
well as lower off-take of biodiesel from petroleum prior corresponding period of 22.34% due to
companies due to lower crude oil prices. exceptionally wet weather at the main operational
site in West New Britain. The Gusap Oil Mill in Ramu
achieved OER of 24.20% and is the highest OER
Oil Palm Upstream achieved in PNG and Solomon Islands in FY2015.
In FY2015, although crop production in the
Malaysian operations reduced marginally compared The focus on yield and OER improvements will
to the previous year due to the lower matured area, always remain paramount for the Division. For
average FFB yield improved to 22.3 MT per hectare the Malaysian operations, there has been greater
from the 22.0 MT achieved last year. The improved emphasis on replanting and manuring standards
yield performance was the result of good agro- in FY2015. A dedicated Taskforce has been set-
management practices and well managed harvesting up to provide support in ensuring best replanting
intervals supported by adequate resources. standards and effective manuring practices are
undertaken at all estates.
Yields for Top Five Producing Estates in Yields for Top Five Producing Estates in
Malaysia FY2015 (MT/ha) Indonesia FY2015 (MT/ha)
30 26
29.77
29.43
25.48
29 25
28.82
24.22
28.34
28.31
28 24
24.04
23.27
27 23
22.53
26 22
Tiger Tali Ayer Dusun Seri Sg. Wangi Sekunyir Seruyan Hatantiring Sapiri Sukamandang
Durian Intan

The accelerated replanting of the old and low overall oil palm age profile for Upstream Indonesia.
yielding fields with high yielding materials has been In FY2015, a total of 8,706 hectares have been
ongoing with nearly 12,000 hectares being replanted replanted in Indonesia while the new plantings
this year. Over the next five years, a total of 73,500 completed for the year is 122 hectares. Over the
hectares will be replanted in Malaysia. next five years, a total of 69,900 hectares will be
replanted in Indonesia. With Sime Darbys high
Mechanisation of FFB evacuation in Sarawak yielding planting materials, the average FFB yields
covering 26,000 hectares has also been completed are expected to increase in the coming years.
successfully. In FY2016, an additional 16,000
hectares of mature oil palm in Sabah will also be Good agricultural management practices will
mechanised. The Division leveraged on various new continue to be adopted by the Division with
digital and sensor technologies to provide real time emphasis on water conservation and management,
information and improving work processes like integrated pest & disease management, use and
supervision and FFB weighing. development of superior planting materials, as well
as continuous improvement in milling efficiencies.
Meanwhile, Upstream Indonesia aims to improve
yield, OER and cost in FY2016 with enhancement Since the completion of the acquisition of NBPOL
on operational efficiency through implementation in March 2015, work has also commenced on the
of field mechanisation and a greater control over integration of upstream PNG and Solomon Islands
expenses. Productivity will be improved to lower operations into the Divisions existing operations,
the cost of production. The accelerated replanting including the identification of potential operational
programme with an annual replanting rate of synergies and knowledge sharing with the aim of
7% or 14,000 ha per year is being undertaken to achieving agricultural best practices across all of the
replant poor yielding fields and to also improve the Divisions plantations.
PLANTED AREA AND GRAZING PASTURE (HECTARES)
PNG AND
SOLOMON
MALAYSIA INDONESIA LIBERIA ISLANDS TOTAL
TOTAL
PENINSULAR SABAH SARAWAK
MALAYSIA
OIL PALM
Immature
Mature 31,176 6,503 6,303 43,982 27,096 10,259 8,750 90,087
Total 191,422 40,245 32,658 264,325 177,316 - 73,318 514,959
Planted -
Oil Palm 222,598 46,748 38,961 308,307 204,412 10,259 82,068 605,046
RUBBER
Immature 5,035 - - 5,035 91 107 - 5,233
Mature 4,370 - - 4,370 - - - 4,370
Total
Planted -
Rubber 9,405 - - 9,405 91 107 - 9,603
OTHERS
Total
Planted -
Sugar Cane - - - - - - 6,017 6,017
)TC\KPI
Pasture - - - - - - 9,145 9,145

Strategic Report
Financial Reports
Other Information
Efficient tank management is critical in optimising our Downstreams operations.
Development in Liberia However, the average rubber selling price was much
Planting in Liberia has been delayed due to the lower at RM6.3 per kg dry rubber against RM8.2 per
Ebola outbreak from January 2014 to May 2015 and kg last year. Accordingly, profit before replanting
the subsequent imposition of a moratorium on new declined to RM8.0 million from RM25.3 million
planting in September 2014. Due to the outbreak, realised last year.
new landbank expansion was scaled down where only Rubber price remained low in the last few years
224 hectares of oil palm were planted. Despite the mainly due to the global economic slowdown which
outbreak and the scaling down of operations, Sime has affected overall demand. However, rubber
Darby Plantation Liberia (SDPL) still maintained its stocks in consuming countries have been reduced
workforce of 2,800 local workers and continued to and production continued to consolidate due to low
provide them with monthly salaries and benefits such prices. The long-term demand for rubber remains
as 100kg of rice per employee. positive as the world consumption for natural rubber
SDPL operations resumed as normal when Liberia is projected to grow at about 3% to 4% annually.
was declared Ebola-free on 9 May 2015 by the Thus, plans to expand rubber areas both overseas
World Health Organisation. However, the risk of and in Malaysia will be continued progressively to
a recurrence remained high due to the on-going capitalise on the next bull cycle.
outbreak in neighbouring Guinea and Sierra Leone. The conversion of marginal oil palm areas to rubber
SDPL plans to plant another 6,000 hectares of oil in Malaysia is advancing well with 1,500 hectares of
palm and 4,000 hectares of rubber in FY2016. oil palm being converted to-date while another 1,500
hectares planned to be converted to rubber in the
A 30/60 MT/hour mill will be built to cater for a next financial year. In Indonesia, the first planting of
15,000 ha oil palm area with a tentative operational 90 ha of rubber was completed with another 4,000 ha
target in August 2016. Meanwhile, an 8 MT/hour mini to be planted in FY2016.
mill is currently being constructed to process FFB
prior to the completion of the larger mill. The mini Plantation Downstream
mill is expected to be completed in December 2015.
In the year under review, through focusing on its
destination markets, the Division has become the
Rubber preferred supplier of palm oil to India and has
The good rubber yield was sustained in FY2015 at increased its customer base in other markets.
2,025 kg per hectare compared to yield of 2,036 kg
per hectare recorded the previous year. The Groups Two new downstream facilities were commissioned
average rubber yield is considered as one of the in FY2015. The kernel certification from the crushing
highest in the industry. plant in Indonesia will strive to obtain RSPO Supply
Chain Certification System (RSPO SCCS).

Research & Development (R&D)

In FY2015, R&D remained focused on its three key
strategies of yield/productivity improvements,
increasing revenue streams and developing
sustainable practices. For the year under review,
notable progress has been made in the following
areas:
(i) To maximise oil palm yield, progress has been
made towards delivering the next generation
of high yielding planting materials. A high-
throughput genotyping facility has been
established in 2015 to enable large scale testing
and selection of top potential commercial seeds
for planting.
(ii) Sime Darby Plantations key objective for
The reagent dispenser used by our R&D for high throughput
genome research was to 1) directly tackle oil
genetic testing of oil palm samples can routinely conduct up to
yield and, 2) deploy this into the selection
300,000 genetic tests per day.
of commercial planting materials. Sime
Darby Plantation successfully conducted
the first large-scale genome wide marker
A soya crushing plant was established in Thailand association study in oil palm for multiple traits
which allows the Division to move further up the and populations. Novel genetic selection
business value chain and expand its presence in the algorithms that optimise total oil palm oil yield
soft oil business in the Greater Mekong Subregion. by selection of multiple contributing traits have
SD Kempas and SD Jomalina in Malaysia as well as the been developed.
facilities in Europe and Africa are certified with the (iii) The Plantation Research Advisory (PRA) unit
Food Safety System Certification (FSSC22000), while has responded to potential changes in weather
Indonesian facilities are certified with the RSPO patterns by initiating research on soil water
Supply Chain Certification System (RSPO SCCS). conservation and rain harvesting activities to
Additionally, several Business Units were recognised minimise the impact of water stress on FFB
and awarded for implementing best practices in production.
FY2015. Nuri KCP was awarded with Best KCP in
Malaysia by the Malaysian Palm Oil Board (MPOB)
KX 6JGFGXGNQROGPVQHGP\[OCVKEVTGCVOGPVVQ
during Anugerah Industri Sawit Malaysia 2013/2014 enhance oil extraction in palm oil milling has
in November 2014, while SD Austral and SD Biodiesel shown very promising outcomes from the
were awarded MSOSH OSH Gold Class I and II preliminary trials conducted in palm oil mills.
respectively during MSOSH Occupational Safety A full scale trial is being implemented.
and Health Awards in FY2015. SD Biodiesel and
(v) The pilot scale trial for free fatty acid (FFA)
Morakot were awarded 1st Place for Lean Category
reduction in crude palm oil to meet the
and 2nd Place for Six Sigma Category respectively in
Premium Quality (PQ) and Special Quality (SQ)
the 2014 PNB Group Innovation & Quality Awards.
crude palm oil that will fetch more attractive
SD Biodiesel also represented Malaysia in the 2015
margins has also been completed.
ASQ World Conference on Quality & Improvement
International Team Excellence Competition in May (vi) Globally, 32 new products have been developed
2015 and won the Best All-Round Presentation & and launched which resulted in a record
Speaking Skills. volume of new products sold to customers.
For example, high quality palm oil for use in
Moving forward, despite the current challenging
infant nutrition products can command greater
market conditions, contributions from the
margins in a fast growing market.
midstream and downstream operations are expected
to be higher from the increased production of In addition, the Divisions R&D was awarded the
differentiated products with higher margins and President Award under the corporate sector by
enhanced global supply chain operations connecting Institut Kimia Malaysia (IKM). It is the highest and
Sime Darby Plantations entire value chain to its most prestigious award given by IKM and represents
destination markets. The Division is focused on the a nomination for the best laboratory in the country.
ongoing strategic initiatives of ensuring physical
deliveries of segregated and traceable products to its
customers.

Strategic Report
In FY2016, further progress on the following Malaysian Sustainable Palm Oil (MSPO)
initiatives can be expected: Development
SDP has embarked on obtaining MSPO
(i) The first commercial field planting of Genome
certification.
Select materials.
(ii) Commercialisation of a patent pending Carbon Reduction Strategy
technology for the enhancement of high quality Methane-rich biogas captured from anaerobic
CPO (low Free Fatty Acid) oil production. treatment ponds within our mill operations is a
(iii) Redesigned refining processes to produce more key element in our carbon reduction strategy. The
sustainable and better quality products. The Division had earmarked several biogas projects to be
initial products from this effort will be first implemented. Once operational these projects will
rolled out in Europe, followed by a phased roll- contribute significantly to the Divisions target of
Financial Reports
out in Asia and Africa. reducing 40% operational carbon emissions by 2020.
This year, a 7% reduction of carbon emissions was
reported in the methane avoidance projects at the 22
composting plants.
LEADING IN SUSTAINABILITY
No. of Strategic Operating Units (SOUs) Carbon Emissions Breakdown
Certified by RSPO & Total CSPO Produced (Mil MT)
(million tCO2-E )
(Malaysia & Indonesia)
3.0
2.96
No. of SOUs CSPO Produced (Mil MT)
Other Information
2.5 2.5
2.59
2.56
2.41
2.33
60 2.0 2.0
2.30
50
1.5
1.5
40
1.0
30 1.0
0.5
20
0.5 09 10 11 12 13 14
10
0.0
Sustainability-Oriented Development
11 12 13 14 15
As a founding member of the RSPO, Sime Darby
Total SOUs Certified CSPO Production (Mil MT)
Plantation has adopted the industrys best practices
in its Upstream and Downstream operations,
throughout the entire supply chain. With this
Sustainable Palm Oil Certification Status
focus, the Division is committed to ensuring strict
As at the end of FY2015, 2.3 million MT of CPO and EQORNKCPEGVQVJG45212TKPEKRNGU%TKVGTKC
0.5 million MT of kernel produced by the Division (TGG2TKQTCPF+PHQTOGF%QPUGPV
(2+%RTQEGUUGU
have been certified sustainable. To date, 100% Social & Environmental Impact Assessments (SEIA)
of the Divisions Malaysian Upstream units and standards and avoidance of High Conservation Value
96% of its Indonesian Upstream units have been (HCV) areas in pursuing the development of any
RSPO-certified. Additionally, all of the Divisions potential area for its plantation.
Downstream business units in Malaysia and 77% in
Indonesia have also received the RSPO Supply Chain Sime Darby Plantation strictly implemented a
Certification.The integration of NBPOL, a 100% Zero Burning policy throughout its operations
RSPO certified company, with upstream operations since 1985. All the Divisions replanting and new
in PNG and Solomon Islands and Downstream unit planting activities in FY2015 continued to strictly
in Liverpool, United Kingdom, further strengthened adhere to this policy. As part of its commitment
Sime Darby Plantations position as the worlds KPRTGXGPVKPIHQTGUVTGUCPFJC\GVJG&KXKUKQP
largest producer of Certified Sustainable Palm Oil also ensured that its operations were constantly
(CSPO). monitored for hotspots via a Satellite-based Fire
Dashboard Monitoring System, as well as through
Other Certifications: the use of fire towers in its estates. While ensuring
Indonesian Sustainable Palm Oil (ISPO) that its own operations are well prepared to
Certification put out any occurrence of fires in and around its
As at FY2015, 20% of our SOUs in Indonesia have operations, the Division also collaborates with
been certified with ISPO. surrounding local communities to educate and

assist neighbouring farmers and villages to stop any (iii) MSOSH Awards 2014
slash and burn practices through the `Masyarakat For the year under review, 27 operating units in
Peduli Api Programme (Community Fire Fighting Sime Darby Plantation (2 Downstream, 2 R&D
Teams). In FY2015, PT Bhumireksa Nusa Sejati, one and 23 Upstream) won the MSOSH Awards. This
of the Divisions subsidiaries in Indonesia, began a was an increase from 17 awards won in the year
collaboration with the University of Riau to educate 2013, ten in 2012 and seven in 2011.
and empower surrounding local communities via
a `Fire Prevention Through Sustainable Farming
Practises programme. The programme commenced Lean Six Sigma Benefits
in March 2015 and is expected to be completed in (RMm)
April 2016.
50
The Division has also developed close to 43,000
hectares of land for KKPA*/Plasma schemes in
44.5
Indonesia to provide local communities with the 40
42.2
means to make a living and raise the quality of life for
more than 25,000 families. As at the end FY2015, the
total RSPO certified area for its smallholders KKPA 30
plantation scheme has increased to around 19,000
hectares (from 16,000 hectares previous year) with a
production capacity of over 360,000 MT of FFB. The 20
Division aims to support the RSPO certification for all
16.3
estates under its outgrower schemes in Indonesia by 10

2019.
*
Kredit Koperasi Primer Anggota (Members Primary Credit
Co-operative) 13 14 15
Lost Time Incident Frequency Rate Sustainable Palm Oil Manifesto

(Incidents per million manhours worked) The HCS Study officially began on 1 November
2014 and will be completed in December 2015. The
20 HCS Draft Synthesis Report was released for public
consultation from 19 June 2015 to 31 July 2015.
18.5
17.1
15 Lean Six Sigma (LSS) Capacity Building Initiatives

One of the factors that has enabled Sime Darby
13.4
Plantation to produce a higher number of projects

is its strong commitment to LSS capacity building.
10.8
10 In FY2015 alone, 230 White Belt, 90 Green Belt

9.8
and 17 Black Belts have been trained. An additional

six of its Black Belts have become members of
5 the American Society for Quality (ASQ) Certified
Six Sigma Black Belt (CSSBB). The total number
of ASQs CSSBB currently stands at 11. On top
of providing LSS training and certification for its
11 12 13 14 15 personnel, Sime Darby Plantation also recognises its
qualified business unit/operating unit as 5S certified
Environment, Safety and Health (ESH) establishments. In July 2014, Sime Darby Plantation
introduced its very own 5S certification programme
Performance and key initiatives in FY2015: where 13 out of 35 of its 5S certified establishments
(i) The Plantation Division recorded a Fatal were certified internally. Additionally, Sime Darby
Accident Rate (FAR) of 2.9 for every 100 million Plantation also participated in various prestigious
hours worked 6% lower compared with the competitions.
same period in the last FY. Data shows a 13%
reduction in fatal cases in Upstream Malaysia
and a similar reduction in Upstream Indonesia.
(ii) Lost Time Injury Frequency Rate (LTIFR)
recorded 10.8 cases per million hours worked
- a 10% increase compared with the previous
financial year. The trend is due to the increase
in Class IV (1 4 lost days - > 100% increase)
reporting in Upstream Malaysia operations.

Strategic Report
Below are the achievements in FY2015: Social & Environment Gender Committee
Handbook Launching
PNB Innovation and ASQ International The Gender Committee Handbook was launched on
Quality Award Team Excellence Award 6th November 2014. Guided by the Gender Policy, the
Gender Committee is a platform that allows female
Sungai Dingin Palm Sime Darby Biodiesel workers to channel their concerns and grievances.
Oil Mill (Champion) (Best All Around
(Malaysia) Presentation and
Speaking Skills)
Morakot Industries (Malaysia)
Public Limited
(2nd Place) (Thailand)
Financial Reports
Social & Environment - Tree Planting Project
Sime Darbys Plant-A-Tree Programme, which was
initiated in 2008, aims to increase biodiversity value
in its plantations with a target of planting one million
trees by the year 2020. To date, a total of 330,000
trees comprising 276 species have been planted
in its estates. Currently, the Division is focused
on reforesting a 160 ha Conservation Set-A-Side
in Jentar Estate, Pahang with ERT tree species. A
Other Information
nursery with a capacity of 50,000 seedlings was The seedlings of various tree species at our nursery in Jentar
established in September 2013 for this project. Estate, Pahang, Malaysia.
The first field planting commenced in January 2014
and by the end of FY2015, a total of 57,897 trees
comprising 52 species would have been planted, 32
of which are ERT species.
LONG TERM DEMAND FUNDAMENTALS FOR PALM OIL

EXPECTED TO BE STRONG
OUTLOOK & FUTURE FOCUS Stronger demand for sustainable and traceable Palm
Oil products is a major market driver.
Outlook
Long term demand fundamentals for palm oil remain Future Focus
intact and are expected to be strong. The world Our five-year Strategy Blueprint is geared towards
population is expected to reach 8.1 billion by 2025 sustaining our profitability despite low CPO prices
and 9.7 billion by 2050. Improvements in affluence and challenging global market conditions.
and living standards serve as a catalyst in the growing
demand for healthier products thus increasing Moving forward, SDP will continue to search for
global consumption of palm oil. Global vegetable suitable areas and grow its landbank despite
oil demand is expected to grow at a Compounded the challenging industry landscape. Meanwhile,
Annual Growth Rate (CAGR) of 3% to over 200 million increasing our productivity whilst obtaining full value
MT by 2025. Palm oil market share (currently at 35%) from our sustainable products will also be our key
is expected to grow, largely driven by consumption in priorities.
the Asia Pacific region. In terms of Sime Darby Plantations sustainability
In the short to medium term, the industry is expected agenda, with the HCS study, the Division is looking at
to be operating in a tough environment. In the near an integrated approach for sustainable development
term, CPO prices are expected to remain volatile and in all areas of operation. More of these plans
face downward pressure due to slow global economic will come to light when the HCS Study report is
growth as well as declining crude oil and other edible completed at the end of 2015.
oil prices. Securing suitable land for expansion at
reasonable premiums and adhering to sustainability
requirements remain a big challenge for the Division.

OIL PALM AGE PROFILE
MALAYSIA INDONESIA
Above 25 years
1.9% Immature
Immature Above 25 years 13.3%
19 - 25 years 14.3% 0.5%
22.9%
19 - 25 years
04 - 08 years 32.0%
15.9%
04 - 08 years
7.1%
09 - 18 years
47.1%
09 - 18 years
45.0%
PLANTATION STATISTICS FY 2012/ 2013
LIBERIA PAPUA NEW GUINEA AND

SOLOMON ISLANDS
Immature MALAYSIA INDONESIA LIBERIA TOTAL
100.0% Above 25 years
OIL PALM
Crop Production - FFB (in MT) 6,186,517 3,946,123 3.4% - Immature
10,132,640
FFB Processed - FFB (in MT) 19 - 25 years 10.7%
- Own 6,183,741 10.9%
3,830,171 - 10,013,912
- Outside 448,641 857,160 - 1,305,801
- Total 6,632,382 4,687,331 - 11,319,713
Hectarage (in Hectares)
Mature hectares 274,855 191,994 466,849
Immature hectares 37,940 12,511 8,025 58,476
Total planted hectares 312,795 204,505 8,025 525,325
FFB Yield per mature hectare (MT) 22.45 20.21 - 04 21.52
- 08 years
25.2%
Mill production (in MT)
- Palm Oil (CPO) 1,413,057 1,053,31109 - 18 years- 2,466,368
- Palm Kernel (PK) 336,617 220,16849.8% - 556,785
CPO Extraction Rate (%) 21.31 22.47 - 21.79
PK Extraction Rate (%) 5.08 4.70 - 4.92
Average selling prices (RM per tonne)
- Palm Oil (before sales tax) 2,504 2,064 - 2,317
- Palm Kernel (before sales tax) 1,248 837 - 1,087
RUBBER
Planted Area (hectares) 7,811 - - 7,811
Rubber production (000kg) 9,957 - - 9,957
Yield per mature hectare (kg) 1,975 - - 1,975
Average selling price (RM per kg) 9.53 - - 9.53

04 - 08 years
7.1%
Strategic Report
09 - 18 years
47.1%
09 - 18 years
45.0%
LIBERIA PAPUA NEW GUINEA AND
SOLOMON ISLANDS
Immature
100.0% Above 25 years
3.4%
Immature
19 - 25 years 10.7%
10.9%
Financial Reports
04 - 08 years
25.2%
09 - 18 years
49.8%
Other Information
FY 2013/ 2014 FY 2014/ 2015
PNG AND
SOLOMON
MALAYSIA INDONESIA LIBERIA TOTAL MALAYSIA INDONESIA LIBERIA ISLANDS TOTAL
5,994,240 3,424,080 - 9,418,320 5,936,613 3,050,823 - 650,113 9,637,549

9,376,504
5,992,338 3,384,166 - 1,147,031 5,929,814 3,050,236 - 650,113 9,630,163
385,497 761,534 - 284,856 714,470 - 222,881 1,222,207
6,377,835 4,145,700 - 10,523,535 6,214,670 3,764,706 - 872,994 10,852,370
270,148 185,408 - 455,556 264,325 177,316 - 73,318 514,959

40,641 19,058 10,035 69,734 43,982 27,096 10,259 8,750 90,087
310,789 204,466 10,035 525,290 308,307 204,412 10,259 82,068 605,046
22.00 18.23 - 20.44 22.28 16.82 - 8.83 20.39
1,373,007 927,803 - 2,300,810 1,319,370 845,957 - 190,320 2,355,647

328,563 193,567 - 522,130 317,902 178,303 - 50,800 547,005
21.53 22.38 - 21.86 21.23 22.47 0.00 21.80 21.71
5.15 4.67 - 4.96 5.12 4.74 0.00 5.82 5.04
2,509 2,364 - 2,451 2,222 2,113 - 2,387 2,193

1,692 1,302 - 1,553 1,474 1,182 - - 1,382
8,642 - 107 8,749 9,405 91 107 - 9,603

9,764 - - 9,764 9,113 - - - 9,113
2,036 - - 2,036 2,025 - - - 2,025
8.20 - - 8.20 6.28 - - - 6.28

INDUSTRIAL
Sime Darby Industrial Division continued to outperform

competition in the face of soft commodity prices and
challenging markets. The division focused its efforts
on productivity and managing its cost base to stay
competitive.
SCOTT CAMERON
Who We Are Our Key Markets

Australia
Sime Darby Industrial is a market leader, selling and renting both new and (Queensland and
used Caterpillar equipment as well as providing after-sales services. Its Northern Territory)
Brunei
key market include ten countries spanning across the Asia Pacific region.
China
(Xinjiang, Fujian,
The Division represents Caterpillar (CAT) and a range of Allied brands, Guangdong, Guangxi,
Hainan, Hunan, Jiangxi,
enabling it to offer a complete value chain of heavy equipment products Hong Kong and Macau)
and services. It strives to bring value added integration to its stakeholders Christmas Island
via proactive engagements in the business and social community. (Indian Ocean)
Malaysia
New Caledonia
Papua New Guinea
Singapore
Our Vision Solomon Islands
Vietnam
To be a high performance distributor of Caterpillar products and related
solutions that deliver sustainable shareholder value through enterprise
and initiative.
Revenue (RMm) Revenue by Region (RMm) Value Distribution (RMm)
10,558.2 2015 2015

SEA (OTHERS)
2015: 1,012
15000 2014: 960 PROVIDERS OF CAPITAL
AND REINVESTMENT
14,058.9
MALAYSIA 2015: 719

12000
13,168.5
2015: 1,026 2014: 1,164

11,665.2
10,558.2
2014: 1,209
10,271.1
9000 2014 GOVERNMENT 2014

CHINA/HK 2015: 86
2015: 2,394 2014: 196
6000 2014: 2,602
EMPLOYEES
AUSTRALASIA 2015: 1,279
3000 2015: 6,126 2014:1,553
2014: 6,894
11 12 13 14 15
Profit before Interest and Tax PBIT by Region (RMm) Lost Time Injury Frequency Rate
(RMm) (Incidents/million hours worked)
521.2 SEA (OTHERS)
2015 2.7
1500 2015: 130
2014: 220
5
1,351.4
1,300.2
5.1
1200 MALAYSIA
2015: 87
1,068.0
4
1,011.8
2014:140
900 2014
3.7
CHINA/HK
3.3
2015: 112 3
600
2.7
2014: 143
2.5
521.2
2
300 AUSTRALASIA
2015: 192
0
2014: 509 1
11 12 13 14 15
0
11 12 13 14 15

Strategic Report
Financial
Financial
Statements
Reports
CAT 980K Wheel Loader delivers performance and efficiency while promoting safety and productivity.
Our Key Focus

The Divisions focus during the year under review was centred Our Principal Activities
on innovation and efficiency. With the Business Transformation
Other
Machine Sales
OtherInformation
Project (BTP) taking centre stage in the internal information system Product Support
reforms, the Division focused on driving down its cost-base to
Information
remain competitive and leverage on improvement in processes to Total Solutions
generate savings. Technology Applications and
Mobile Solutions
Rental
Innovation - SITECH: Caterpillar Equipment
Revolutionising construction Management Solutions -
workflow Hybrid enhancement of
Complete portfolio of construction business One of the
technology products, services and
solutions, leverages on software and
A system enabling equipment
management and condition
largest
machine control technologies that monitoring, which allows the Caterpillar dealers in the world
allows for accurate jobsite progress optimisation of customers business.
aimed at improving the productivity It provides solutions to manage their
potential of construction companies. equipment and subsequently provide
repair recommendation.
7,714 employees
2014: 8,834
Division Order Book (RMb) Overall Carbon Intensity*
1.9 2.2
tCO2-e/1,000 Work Hours Return on Average Invested
5 3.0 Capital (ROAIC) (%)
6.9
2.7
2.7
4 2.4
2.5
2.4
2.2
2.2
3 1.8
2014: 13.2
2.9
2 1.2
1.9
1 0.6
14 15 0
09 10 11 12 13 14
*
Based on calendar year

DESPITE CHALLENGING CONDITIONS, THE MARKETS

WE OPERATE IN REMAIN ATTRACTIVE
MARKET & INDUSTRY OVERVIEW Malaysia

The 11th Malaysia Plan tabled in May 2015 announced
Australia & Pacific Islands the creation of the Malaysian Vision Valley project in
Coal exports in Queensland were up 5% from 2013 Negeri Sembilan which is expected to see a positive
- 2014 which reflects the continuing production effect on equipment demand. In the construction/
gains by customers driving lower unit costs. Whilst industrial machine sector, the urban transportation
private residential construction is currently robust infrastructure development in Klang Valley continues
and roads expenditure is tipped to grow, this is to offer some opportunities for smaller Caterpillar
insufficient to offset the reduced demand for and Allied equipment.
equipment and services from the mining sector. The
government of Queenslands expenditure is likely The Caterpillar fleet at Penjom gold mine in Pahang
to remain subdued for the near future due to the fall is being redeployed overseas resulting in reduced
in commodity royalties and the inability to sell state demand in after sales services. The forestry sector in
assets to fund new infrastructure. Sarawak remain dynamic as the Division explores new
methods in ensuring the continued feasibility of the
Australian miners received relief from diesel fuel business.
cost reductions and AUD depreciation against
USD. However, most savings were passed on to Singapore
customers to maintain market share and achieve
competitiveness via high utilisation rates and Lower oil prices and ensuing budget cuts by oil
output. Global oversupply of metallurgical coal exploration companies have reduced overall
has exacerbated the fall in prices with producers activity levels and seen pressure to cut costs and
continuing cost cutting measures while major players reduce investments in new offshore drilling rigs.
move to consolidate coal assets. Singaporean rig-builders and shipyards have secured
fewer orders leading to reduced purchase of engines
Softer gold prices affected expansion in gold mining for power generation.
with several projects in Papua New Guinea (PNG) in the
early stages of development awaiting an improved gold Growth in the construction sector was driven by
price outlook. The general volatility of metal prices and public sector activities to support the population,
international economic instability has impacted large but this is limited by the shortage of workers and
mining and ancillary equipment sales with renewed associated higher labour costs. The Singapore Changi
efforts focused on improving customers equipment Airport Terminal 5 and Tuas projects are monitored
utilisation and productivity levels. closely as equipment requirements remain high.
However, pricing pressure caused by strengthening
of the USD versus SGD and currencies such as JPY
China and EUR led to further widening of the premium gap
In China, the government continues to rectify against competitor brands.
structural imbalances through reform measures with
actual results expected to materialise over the longer
term. Growth will remain moderate but supportive
government policies will limit risks. This change has
slowed the rate of urbanisation, hitting the China
excavator market as its primary application in China
is earth moving in general construction. Despite
the stagnant market, this market structure reform
will assist in normalising the over investment in the
construction and equipment markets in previous
years. Coal mining activities continue to be subdued
due to low coal prices rendering low volume of
mining equipment and parts sales while sentiment on
infrastructure investment remains cautious.

BUSINESS MODEL
Strategic Report
Sime Darby Industrial aims to deliver high quality world class heavy equipment and related solutions to the
Asia Pacific region using knowledge and experience acquired through more than 85 years in the industry. It
leverages on its position as a member of a conglomerate as well as its relationship with international principals
in delivering value creation to its stakeholders.
Invested Capital -
Conglomerate
RM7,496 million Investors
advantage
(30 June 2015) Develop a winning portfolio
Access to capital
Financial Reports
Performance of sustainable businesses.
Superior financial returns Growth through expansion
through operational further up the value chain.
excellence and high
Innovative capabilities
Experience performance standards Customers
Application of
and knowledge 4GNKCDNGRTQFWEVUCPF
technology for services that meet stringent
in the heavy
operational quality standards of our
equipment Quality
improvements principals are delivered to
industry High quality customers.
Other Information
Tailored innovations manufactured
to fit customers equipment
Vendors
requirements Increased brand value
Business
resulting in potential
platform and growth partnerships.
operating Efficient
Increased partners
System optimisation Common division-wide
systems confidence.
operating system
Comprehensive Attract additional
enterprise resource associates.
planning
Skilled Employees
Highly skilled workforce Developed competencies
World class
QRGTCVKPIKPC\GTQJCTO and skills that increases
Industry recognition training centres environment job efficiency and
Recognised by CAT: effectiveness resulting in
higher productivity in a safe
CAT certified training
workplace.
facilities Synergise
Achieve further synergy Regulatory bodies
with principals while %QORNKCPEGYKVJTWNGUCPF
Safe work
delivering customer regulations set by relevant
Market reach environment satisfaction authorities in the best
Wide network in the
interest of all stakeholders.
Asia Pacific region
Continuous
engagement
with stakeholders

OUR STRATEGY
Sime Darby Industrial aims to be a high performance distributor of Caterpillar products and Allied
solutions that deliver sustainable shareholder value through enterprise and initiative. It remains
consistent with its strategy to achieve this vision while making periodical assessments in order to ensure
that its goals are still relevant in this dynamic econo
objectives
Objectives
Achieve growth target Maintained PINs leadership in Grow market leadership for products, after sales
in all markets and Australia, China, Malaysia and support and solutions and execute CAT Across
products for five years Singapore. the Table (ATT) segmental growth plans
to 2020 Percentage of Parts Sales (POPS-C) Market leadership in Expanded Mining Product
growth in Australia, China and equipment sales and after sales support
Malaysia increased while Expand rental and used equipment capability in
Singapore maintained its previous Asia
achievement
Build a highly engaged Continuous engagement Strategic Human Resources plan capable of
workforce capable of initiatives for employees and supporting growth initiatives
delivering superior annual Global Employee High performing teams through continued
customer outcomes Engagement Survey (GEES) in-house and external communication and
and create value Continuous training initiatives development programmes
through strategic available for employees e.g.
innovation and Technical Training Programmes,
continuous Sales Training and Caterpillar
improvement Customer Experience Programme
Achieve top quartile Commendable financial Enhance CAT and Allied products businesses with
performance against performance in challenging a focus on streamlining the business and
similar businesses markets productivity improvements
Constant business reviews to
determine needs-based corporate
TKIJVUK\KPI
Maintained top quartile position
Achieve growth Increased equity in ApacEnergy Develop businesses in Asia Pacific to broaden the
through mergers and Finalised joint-venture agreement Divisions value chain
acquisitions with Marine Control Automation Engage with principals to seek additional
Electric Co. Limited (MCA) opportunities
Secured the franchise for
FlexEnergy
Collaboration with Mine Energy
Solutions
Redesign existing BTP is on track at 80% of the Deploy technology as a competitive

business platforms and targeted implementation differentiator towards enhancing customer
systems for the future Utilisation of Caterpillars experience
EMSolutions in all regions Capitalise on BTP infrastructure to facilitate
deployment of Business Intelligence and
Analytics to deliver customer satisfaction and
lower costs
Develop products and Roll out of effective safety Class leading Health, Safety and Environment
services to capitalise leadership training and the (HSE) guidelines and practices
on emerging establishment of 10 Lifesaving World class productivity on the back of
sustainable business Rules Caterpillar Production System (CPS) and BTP
opportunities, realise Related savings in operations -
cost savings through Division contributed LSS benefits
energy efficiency and of RM60.3 million in FY2015.
enhance the parent
brand through
sustainable business
practices
See page 185 for principal risk factors and mitigation measures

Strategic Report
REVIEW OF PERFORMANCE Management Solutions (EMSolutions), Across the
6CDNG
#66CPF$62CNNQHYJKEJCTGCKOGFVQCUUKUV
Operational Performance in the streamlining process of the businesses.
Sime Darby Industrial strives to maintain strong The Division consistently embarks on cost saving
relationships with all stakeholders, especially those ventures and is a proud proponent of Lean Six Sigma
directly involved in the value chain to ensure a solid (LSS). Additional emphasis is placed on managing the
business model. Despite continuous operational cost base to ensure the business remains viable.
improvement focusing on cost saving initiatives,
the Division faces numerous challenges in ensuring
Lean Six Sigma (LSS) Benefits
a commendable financial performance given the
subdued economic conditions. The Division has won (RMm)
numerous awards related to various sections of the
business process signifying its success in executing
60.3
Financial Reports
value added activities which increases the Divisions
performance amid shrinking profitability against soft 90
coal prices that are affecting the Australasian and
70
China businesses.
60.3
The Industrial Division registered a sharp decline in 50
profit by 48.5% from RM1,011.8 million to RM521.2
30.8
30
million, principally due to the weak results in the
Australasia region. This reflected lower equipment 4.4
10
delivery and product support sales with lower margin
Other Information
realisation to the mining sector. The mining sector 0
13 14 15
remained subdued due to the slump in coal prices and
major mining companies slashing capital expenditure
and deferring scheduled maintenance. The operations
in Malaysia and Singapore were affected by lower Sime Darby Industrials safety & health measures
equipment deliveries to the mining, construction and including Total Recordable Injury Frequency Rate
plantation sectors owing to weak market conditions, (TRIFR) have improved while Lost Time Injury
whilst the China/Hong Kong operations faced a Frequency Rate (LTIFR) has remained steady.
slowdown in the construction and mining sectors as
well as deferment of infrastructure works.
Given the weak economic fundamentals, Total Recordable Injury
management is adhering to the four core focuses Frequency Rates (TRIFR)
in Australia Accelerated Sales, Organisation
Effectiveness, Process Simplification and Cost 6.75
Controls while closely monitoring the operations,
customers inclinations and markets for signs of 15
improvement or deterioration in other regions.
12
As at June FY2015, the BTP is on track and has
11.61
reached 68% of its Test and Deploy phase resulting 9

in 80% of the targeted completion. In Tractors
6.75
Singapore Limited, the Go Live stage was executed 6

in February 2015 while China Engineers Limited,
Tractors Malaysia and Hastings Deering (Australia) 3
Limited are expected to undergo this stage in the
first half of FY2016. New systems are expected to be 14 15
fully implemented by end FY2016.
Industrial Division has been realigning its business
processes in order to mitigate the challenging
market environment. The Division also maintains
a close relationship with its principals to ensure
up to date information on available products and
solutions which is invaluable in enhancing its services
to customers. Technology related improvements
proposed by principals are taken into consideration
and implemented when deemed to be beneficial
VQVJG&KXKUKQPGZCORNGUDGKPIVJG'SWKROGPV

The improvement in key safety metrics for the China

Division can be attributed to Training, Education and The Divisions China operations financial performance
Development programmes which include: has been affected by the contracting market in the
construction and mining sectors due to various economic
Australia Asia and political considerations. In prevailing market
conditions, the rental business moves to the front line as
Visible Felt Leadership Visible Felt Leadership customers search for a cheaper alternative to purchasing
including Switch On & training programmes equipment.
Safety Essentials being socialised with
senior management In the year in review, the Divisions China operations
finalised the establishment of a joint venture agreement
Establishment of lead Establishment of lead with Marine Control Automation Electric Co Limited
indicator KPIs indicator KPIs linked (MCA), a company specialising in marine electrical
to five year regional integration and automatic solutions which will enable a
Strategic Plans move into a higher value-add business.
Safety interactions Introduction of The operations in China was conferred with Caterpillars
increased from approx. procedures for Incident Global Dealer Excellence Award and Caterpillar Power
4,000 to 21,000 Reporting and Injury Excellence Award (Marine). It has also been awarded
between FY2014 and Classification with with The Best Companies to Work for 2015 an award
FY2015 associated documents jointly organised by HR Asia and Mercer Consulting
including Incident which was bestowed upon 20 out of 137 participating
companies in Hong Kong and Asia.
Notification Severity
Matrix
Malaysia
Corrective Actions Increased usage of The Malaysian operations achieved admirable results
increased from 4,600 to the SQMS incident despite the challenging economic situation. Equipment
14,000 between FY2014 computer system deliveries to the mining, construction and plantation
and FY2015 regions monitored for sectors were most affected by the tough market.
compliance In order to balance income and expenses, Malaysia
embarked on a cost savings programme to ensure long
Health and injury Socialisation of Life
term sustainability of the operations.
management resources Saving Commitments
with injury prevention completed, In April, Terberg Tractors Malaysia Sdn Bhd (TTM), a
training packages implementation joint venture between Terberg Group and Sime Darby
deployed commencing Q1 FY2016 Industrial, won a RM58 million contract from Westports
Malaysia to supply new terminal tractors. The contract
comprises 104 units of the YT220 MKII Terberg terminal
Australia & Pacific Islands tractors, inclusive of service and maintenance over the
With the continued and significant downturn in the coal next seven years.
mining sector, 2015 has been a year of consolidation for The Divisions Malaysian operations won the Caterpillar
the Divisions Australian operations. $TQP\G#YCTF)NQDCN9CTTCPV['ZEGNNGPEG#YCTF
Caterpillar Service Training Excellence Accreditation
The Divisions main focus was on maximising the
Award, Caterpillar Global Dealer Excellence Award, CAT
productive operation of equipment fleets whilst Rental Business: 4-Star Rating and Going the Extra Mile
leaning out the organisations capital and operating (GEM) Award.
expenses in order to realign the business with current
market dynamics. Of note, the Australian operations Singapore
placed significant efforts on controlling its cost base
to remain competitive, culminating in more than 35% Singapore managed to record positive figures despite
the sluggish construction sector as a result of project
reduction in total operating costs since its peak in 2013.
delays which forced customers to defer deliveries.
Operationally, the Caterpillar Production System was The intensified competition with current soft market
deployed across much of the Australian operations with conditions has affected the trading margin of the
efficiency improvements and significant bottom line business.
benefits achieved in the last two years.
The Singapore operations Equipment Division sold its
The Divisions Australian operations was recognised with biggest deal to-date of almost 60 CAT machines for work
Caterpillars Global Dealer Excellence Award, Caterpillar on the Changi Airport Terminal 5 project. In addition, it
Asia Pacific Distribution Services (APDS) Presidents was the first to take delivery of the CAT 745C articulated
Award Peoples Choice for Six Sigma and Caterpillar truck in Asia. The Divisions Singapore operations also
APDS Presidents Gold Award for Six Sigma. appointed a Second Level Distributor for CAT heavy
equipment in the Republic Of Maldives, Maldives
The Pacific Islands operations succeeded in recording Transport and Contracting Company.
targeted results due to better margin realisation from
The Divisions Singapore operations celebrated some
equipment deliveries coupled with cost accruals write successes in FY2015 including the Caterpillar Global
back from completed projects. Dealer Excellence Award from Caterpillar, in recognition
of the significant achievement among Caterpillars
worldwide dealer distribution.

THE OUTLOOK OF KEY INDUSTRIES THAT DRIVE OUR
Strategic Report
PERFORMANCE IS POSITIVE
OUTLOOK & FUTURE FOCUS Malaysia
Malaysia emerged as an unexpected beneficiary of
Australia & Pacific Islands
Indonesias ban on iron ore exports introduced in
Prices of metallurgical coal are expected to recover January 2014 as mining companies from its larger
modestly from 2017 in part due to the planned Southeast Asian neighbour pump cash into local
relocation of steel mills from the north of China deposits to meet demand from China. In 2Q FY2015,
(close to Chinese coal mines) to the south which at least five Indonesian miners invested in iron ore
would use imported coal due to freight savings. It is extraction in Pahang and Kelantan.
expected that quality, low cost Queensland coal will
substantially benefit from this new demand scenario. In the construction sector, phase one of the Pan
Production is also anticipated to increase modestly Borneo Highway project is ongoing leading to
at the expense of other coal producers including the phase two in October 2015 and phase three in 2018
ongoing withdrawal of high cost US coal. Constraints with expected completion by 2020. There are also
Financial Reports
in customers capital expenditure are expected to plans for the expansion of the 40km Kuala Lumpur
continue, impacting new equipment sales. However, - Klang elevated dedicated lane for the Bus Rapid
operating expenditure for maintenance parts, Transit (BRT) system linking Central Market in Kuala
services and operational/productivity improvements Lumpur to Klang in Selangor. These infrastructure
should be funded and the Divisions Australian projects will potentially be playing a major role in
operations is well placed to capitalise from this. underpinning a promising construction sector in
Malaysia.
Mining in the Pacific Islands remains promising
with some raw materials showing better prospects Singapore
VJCPQVJGTUCPFQRGTCVKQPUCTGRQKUGFVQUGK\GVJG
In Singapore, crude oil prices are likely to remain
Other Information
opportunity when it arises. New Caledonia will
continue to benefit while Indonesia maintains its below USD$70/barrel for the rest of the year as
export ban on nickel concentrate. global crude supply is expected to continue to
exceed demand, with the easing of restrictions on
the export of crude oil in the Middle East. The main
China
offshore and marine industry sentiment is that the
The construction market in China continues to industry would likely to continue to face headwinds,
show growth as the government strives to bring with fewer new orders and lower charter and
its infrastructure on par with other emerging and utilisation rates.
developed countries. Investments in the construction
industry are on the rise with more than half of the For the construction industry, demand is expected
major infrastructure projects approved by the to remain robust. The Building and Construction
Chinese government relating to railways thus driving Authority has predicted that S$29 billion to S$36
large investments into the entire earthmoving billion worth of contracts will be awarded in 2015,
equipment market in China. with strong construction demand over the next five
years. However the continued shortage of manpower
Demand for construction machinery in China is and higher cost conditions would persist.
expected to rise despite uncertain trends in the
Chinese stock market. The dominant segment Future Focus
comprising hydraulic excavators will continue to be
the most dependable line of business, along with Given the prevailing economic outlook and slow
equipment related to the infrastructure segment. growth in markets the Division is in, it plans to
The Central-East region will remain the largest embark on further cost saving measures in an effort
market, while the Northwest region will grow the to maintain its profitability while pursuing potential
fastest. additions to its current business portfolio.

MOTORS
We operate in a dynamic and challenging environment. In the

face of challenges, we continue to improve on operational
efficiencies while seeking new investment opportunities. The
Division will forge ahead and will strive to deliver its objectives
of generating strategic growth in the coming years.
DATO LAWRENCE LEE CHEOW HOCK,


Australia
Sime Darby Motors is an automotive group in the Asia Pacific region. China
Sime Darby Motors represents several automotive manufacturers, Hong Kong
from luxury brands such as BMW, Jaguar Land Rover and Porsche, to Macau
broad-appeal market brands including Ford and Hyundai. We are active Malaysia
in all facets of the motor value chain, from assembly and distribution, New Zealand
through to retail and rental. Singapore
Taiwan
Thailand
Vietnam
Our Vision Unit Sales :

To be a leading automotive player in the Asia Pacific region
91,278 units
2014 : 92,112 units
Revenue (RMm) Value Distribution (RMm)

18,646.3
2015
10,310 employees
25 PROVIDERS OF CAPITAL 2014: 9,787 employees
AND REINVESTMENT
2015: 610
20 2014: 705
17,745.2
18,646.3
17,265.6
16,597.0
15 GOVERNMENT 2014
2015: 101
Highly
14,818.0
2014: 140
10
EMPLOYEES
experienced
2015: 1,080
5 2014: 956
11 12 13 14 15 management team with in-

depth industry knowledge
Profit before Interest and Tax Profit by Region (%)
(RMm)
473.6 AUSTRALIA/
NEW ZEALAND
2015
800 2015: 25% Capital (ROAIC) (%)
7.6
2014: 3%
711.4
702.1
640 CHINA/HK/TAIWAN
2015: 26%
634.5
633.2
2014: 39%
480 2014 2014: 12.5
473.6
SE ASIA EX MALAYSIA
2015: 6%
320 2014: 5%
160 MALAYSIA
2015: 43%
2014: 53%
11 12 13 14 15

Strategic Report
Financial
Financial
Statements
Reports
The most progressive sportscar. The BMW i8.
Our Key Focus
Other
OtherInformation
The Division remains focused on enhancing operational efficiency along the Our Principal Activities
value chain while seeking new investment opportunities via organic growth Importation
Information
in existing markets, as well as growth into new markets. The Division strives
Assembly
to deliver its objectives of generating strategic growth and sustainable
profits in the coming years. Distribution
Retail
Lost Time Injury Frequency Rate Lean Six Sigma (LSS) Benefits
(Incidents per million manhours (RMm) Strong presence in major
Asia Pacific markets with a
worked)
17.6
1.6
5
18
diversified
17.6
5.1
4
16
14
portfolio
3 of leading brands
3.4
2.9
12
2
2.0
1.9
0.9
10
1.6
1
13 14 15 Long standing and proven
11 12 13 14 15 relationships with key
Health and Safety Measures
(CVCNKV[#EEKFGPV4CVG
world class
(FAR) = 0.00 automotive manufacturers
6QVCN.QUV&C[UFC[U
(FY14: 283 days)

Porsche Macan. Life, intensified.
THE AUTOMOTIVE INDUSTRY WAS INFLUENCED BY VARIOUS

POLITICAL, REGULATORY AND ECONOMIC FORCES
MARKET & INDUSTRY OVERVIEW China

The automotive industry was influenced by various Luxury brands continued to endure challenging market
political, regulatory and economic forces this year conditions attributable to price competition and the
that impacted the Motors Divisions operations: Government imposing curbs on luxury spending.
Malaysia Australia
The implementation of Goods and Services Tax (GST) Luxury vehicles continued to perform strongly with
and the tightening of loan application requirements double digit growth over the prior year although the
led to softer consumer sentiment. downturn of the mining sector in Australia persists.
Singapore New Zealand

The increase in Certificate of Entitlement (COE) New vehicle sales in New Zealand surged to a record
premiums and lower quotas negatively impacted the high in 2014, aided by a buoyant economy and strong
automotive retail sector. local currency.
Thailand Vietnam
Continued challenging operating environment due to Automotive sales hit an all-time record to reach
ongoing political unrest and uncertainties as well as 157,810 vehicles in 2014, up 43% compared with
weak economic sentiment. 2013 on the back of a booming economy. The luxury
segment reported steady increase in line with the
industry growth.

Strategic Report
Financial Reports
Land Rover Discovery Sport. The most versatile compact SUV. Ford Ranger. Built to take on your world.
Hong Kong Taiwan

The Hong Kong economy moderated due to weaker The economy grew robustly in 2014 on the back of
growth in Mainland China while the Occupy Central increasing private consumption while auto sales
Other Information
Incident in Hong Kong affected the retail market. showed steady growth. However, Complete Knocked
The premium cars segment, however, has been Down (CKD) cars in Taiwan faced competition from
resilient and maintained growth momentum despite Complete
MALAYSIA1 Built Up (CBU)
SINGAPORE2 vehicles as
VIETNAM3 the weaker
CHINA4 Yen
challenging
MALAYSIA 1
market condition.
SINGAPORE2
VIETNAM3 CHINA4 and Euro against the New Taiwan Dollar in 2014/early
2015 benefited Japanese CBU models.
39,105
23,491,900
21,984,100
39,105
Macau
23,491,900
666,465
655,744
21,984,100
157,810
31,163
666,465
655,744
157,810
31,163
In Macau, luxury car sales softened due to the

110,519
slowdown in the gaming industry.
110,519
MALAYSIA1 5 SINGAPORE2
VIETNAM3 7 CHINA4 HONG KONG5 TAIWAN6 AUSTRALIA7 NEW ZEALAND8
HONG KONG TAIWAN6 AUSTRALIA NEW ZEALAND8
39,105
282,130
46,993
1,136,227
23,491,900
1,113,224
44,116
258,753
21,984,100
282,130
46,993
1,136,227
127,348
666,465
1,113,224
655,744
44,116
258,753
157,810
31,163
127,348
113,295
113,295
110,519
Total Industry Volume 2013

Total
HONG KONGIndustry
5 Volume
TAIWAN 6 2013
AUSTRALIA7 NEW ZEALAND8
282,130
46,993
1,136,227
1,113,224
44,116
258,753
127,348
113,295
Sources
1
Malaysian Automotive Association 5
Business Monitor International
2
Business Monitor International 6
Taiwan Transportation Vehicle Manufacturers
3
MarkLines Association
4
China Association of Automobile Manufacturers
7
Australia Federal Chamber of Automotive Industries
Total Industry Volume 2013 8
Motor Industry of New Zealand
All figures are inclusive of Passenger Vehicles (PV) and Commercial Vehicles (CV) and represent unit sales.

BUSINESS MODEL
We have a vertically integrated business model across all stages of the value chain including importation,
assembly, distribution, retail of new and used cars, after-sales service and rental. In Malaysia, we operate
an assembly facility in Kulim where we assemble CKD vehicles. We are also the sole assembler for certain
Kia CKD passenger vehicles in Taiwan. Our assembly capacity and expertise allow us to create a strong
relationships with the car manufacturers and our CKD products are priced competitively in the retail market.
We believe the strategic location of our outlets enables us to capture demand and achieve greater scale
within the markets we operate, boost operational efficiencies and generate better returns.
Our after-sales service includes maintenance and repair services, retail of spare parts and sale of
merchandise. With a higher volume of cars under our brand portfolio sold in the market, we expect the
demand for after-sales services to increase. Our dealership network differentiates us from our competitors
with comprehensive customer care capability and broad geographic coverage. Our used car segment
cultivates brand loyalty, expands our customer base and increases our new car sales.

Conglomerate Invested capital Investors

advantage RM6,430 million Create &GXGNQRCYKPPKPIRQTVHQNKQ
Access to capital Superior financial returns of sustainable businesses.
through operational )TQYVJVJTQWIJIGQITCRJKECN
excellence and high expansion.
Assembly performance standards
Strong presence
capacity and
Diversified portfolio Business Partners
expertise
of leading brands in +PETGCUGDTCPFXCNWGCPF
strategic location enhance brand loyalty
across major Asia Intellectual Diversify resulting in potential growth.
Pacific markets capital : Business +PETGCUGFEQPFGPEGKP
Wide range of brand
processes, partnerships.
coverage : 30 marques
brands,
ranging from mass market
dealership, outlet
brands to luxury brands
Strong network approvals and Customers
Long standing and designs, licenses
'CUKN[CEEGUUKDNGQWVNGVUCPF
proven relationships comprehensive after-sales
Talents service provide customers
with key world
10,310 employees Synergise with convenience and
class automotive
as at 30 June 2015 reliability.
manufacturers Strong relationships
Highly with car manufacturers
experienced enhances growth
management potential Employees
Value chain control team with in- &GXGNQREQORGVGPEKGUCPF
depth industry skills which increase job
Vertically knowledge efficiency and effectiveness
integrated across resulting in improved quality
all stages including and a safe workplace.
Cultivate
importation, Conducive work
assembly, environment Develop capabilities in
assembly expertise and Authorities
distribution, retail of comprehensive after-sales
new and used cars, services &GXGNQRRQUKVKXG
after-sales service relationships with
and rental Continuous authorities.
engagement
with
stakeholders

Strategic Report
Financial Reports
Hyundai Sonata. Precision in driving.
OUR STRATEGY
Other Information
Sime Darby Motors aspires to be a leading automotive player in the Asia Pacific Region. The Divisions
direction and business performance have been driven by an existing five-year strategy blueprint which was
outlined in 2011. A key strategic theme for the Division is to harness the growing demand for automobiles
in key emerging markets in the Asia Pacific region, which includes expansion via organic growth as well as
growth into new markets. Along the value chain, the Division continues to focus on after-sales and expanding
the used car businesses.
objectives
Objectives
Expansion in key During the year under review, Focus on optimisation of resources, improve
emerging markets Sime Darby Motors established operational efficiencies and realise synergies
five additional facilities located in between the facilities.
China (Nanjing & Chongqing),
Australia (Brisbane) and Taiwan
(two in Taipei)
Added a new brand (Ferrari) in
Brisbane, Australia
In Malaysia, all Used Car
Expansion of used cars businesses are being consolidated
and after-sales under one entity, ie. Sime Darby
business Auto Selection, where customers
will have more choices to purchase
when visiting our used cars outlets
Increase in used car and after-sales
revenue by 12% over the previous
year

REVIEW OF PERFORMANCE New Zealand

The Motors Division encountered severe challenges New Zealand delivered another stellar performance
across many of its markets, but despite the gathering fuelled by record growth in the commercial
storm clouds, managed to generate fair earnings vehicle operations. The restructuring of the retail
for the year under review. In FY2015, the Division operations included the approval for a new state
registered a PBIT of RM473.6 million, which was of the art facility for BMW in Auckland which is
25% lower than the previous financial year, mainly slated for completion in 2016 and the closure of non
attributable to adverse market conditions in China, performing operations, with a view to sustain growth
Malaysia, Singapore and Thailand. Restructuring going forward.
CPFTKIJVUK\KPIUWEJCUKPVGITCVKQPQHEGTVCKP
facilities/operations and improving working capital China
management are amongst the ongoing measures that The Chinese automotive industry is facing a
continue to be taken to realise cost efficiencies and slowdown in view of tougher Government policies
meet the demands of the challenging environment. to curb luxury spending and reduce road congestion.
The China operations will continue to focus on
Malaysia streamlining the cost base and improving operational
The Malaysian retail and wholesale businesses were efficiency to meet the challenges ahead.
confronted by soft market sentiment and reduced
consumer spending resulting from a perfect Hong Kong/Macau
storm of external socio-economic issues, namely The Hong Kong luxury car operations performed
lower crude oil and commodity prices, a subdued well despite a challenging trading environment.
economy, a weakening Ringgit, credit controls and The operation is expecting higher deliveries with
the implementation of GST. The Porsche business new product launches in the coming year. A drive to
benefited from the launch of the Macan and the realise synergies from both Hong Kong and Macau
opening of a new 3S facility in Sungai Besi, Kuala operations to improve efficiencies is in place and will
Lumpur. Likewise, Auto Bavaria was the main be enhanced.
contributor to a record sales year for BMW in 2014.
At the same time, the decision to assemble a wider Singapore
range of BMW models at the assembly facility in In Singapore, all retail operations suffered from
Kulim saw Inokom further expand its portfolio of higher COE premiums and reduced quotas, which
products and continued to build a broader base for intensified competition. The Ford and Peugeot
the future. Despite the downturn, Ford, Hyundai brands managed to hold their own within their
and Jaguar Land Rover have continued to enhance segments while the changing market dynamics were
their network and facilities, leaving them primed to QRVKOKUGFD[VJG*GTV\TGPVCNDWUKPGUU6JG$/9
capitalise on more favourable market conditions. operations were affected by the lack of a small
The Division has commenced the construction of engine variants (COE category A), which represents
a state-of-the-art Automotive Complex in Ara over 40% of the market. This has been addressed by
Damansara, Selangor, a prime real estate in a highly the manufacturer, together with the introduction of
accessible location. It will retail a number of luxury a slew of new products such as the BMW i Series,
and premium brands and offer after-sales services BMW 4 Series Grand Coupe and variants of the BMW
for various vehicle brands all under one roof. This 2 Series. When considered alongside the significant
will further strengthen our brand and presence in increase in COE quotas and savings from the
Malaysia, optimise operational costs and improve the restructuring actions taken in FY2015, the Singapore
customer experience. It is expected to be completed operations are geared for an improved performance
in FY2017. in FY2016.
Australia Thailand
The Australian operations achieved its targets, Despite continuing to improve operational
underpinned by the first full year results and efficiencies across all facets of the business, the
record profits from the BMW dealership in Thailand operations still struggled in the face of the
Brisbane, acquired in April 2014. The turnaround ongoing political conflict and weak economy and
of the Peugeot Citroen distribution business also market sentiment. However, we remain confident
contributed positively, helping to offset the losses that our business structure can optimise the market
from Corefleet, whose mining rental business could upswing after the elections.
not escape the malaise surrounding the downturn
in the Australian mining industry. The retail growth
strategy for Australia remained in focus with the
acquisition and expansion of land and buildings
for a full-fledged Porsche dealership in Sydney and
securing the Ferrari brand in Brisbane.

Strategic Report
New Markets Sustainable Products
In FY2014, the Division gained a foothold in two The Division continued to facilitate consumers
new markets, namely Vietnam and Taiwan. The environmental related concerns by making available
recently acquired BMW importer operation in products which are environmentally friendly upon
Vietnam delivered a record profit in its first full release by the manufacturers such as BMW i3 and i8
year, bolstered by strong premium segment growth electric vehicles.
and the harnessing of Sime Darbys corporate
The Motors sales teams are trained to understand
culture and governance with local management and
the comparable benefits of available and emerging
dynamism. This working relationship provides an
automotive technology and to educate customers to
excellent platform for continued growth which will
respond to their interests in environmentally-friendly
be complemented with plans for network expansion
choices.
in the future.
Financial Reports
Our employees completed Customer Service
In Taiwan, the Division has set up two 3S facilities
Excellence training this year and efforts were
in Taipei and expanded its network to a total of 14
rewarded with an improved score for the Customer
dealerships in major cities such as Taipei, Taoyuan,
Service Index benchmarks (which are developed
Tainan and Kaoshiung. The operation plans to extend
internally), as well as against the Principals
its reach to more cities in Taiwan.
standards.
Operational Improvements Initiatives
Safety & Health
To mitigate the impact of the challenging business
The Division continues to place emphasis on
conditions, the Division continued to focus on
improving safety & health practices. In the Divisions
operational improvements through LSS and Business
Other Information
assembly operations at Inokom, intensive training
Process Improvement initiatives. The Division
is provided to all employees performing their
realised benefits of RM17.6 million in FY2015,
respective tasks to ensure they know how to identify
bringing the cumulative benefits since FY2013
JC\CTFUVJCVOC[DGRTGUGPVKPVJGYQTMRNCEGCPF
to RM20.4 million. Benefits were mainly derived
mitigate them. In addition, all contractors are
from optimising assembly facilities, centralised
expected to attend safety rules and regulations
warehousing, procurement savings and back-end
briefings before work can be carried out. Personal
synergies.
protective equipment is also made compulsory for all
contractors.
FOCUSED ON ENHANCING OPERATIONAL EFFICIENCY
OUTLOOK & FUTURE FOCUS projected to expand by 6.5% in 2015 with continued
The Division expects the difficult business conditions monetary easing providing a strong pillar for
to persist in the near future. The Malaysian sustainable economic expansion.
operations expect new upcoming models to boost In Australia, the passenger vehicle sales are expected
sales in the coming year, but the business is forecast to slow down in view of low consumer confidence
to continue to be impacted by soft market sentiment, against the backdrop of high household debt levels
tighter lending policies and the weakening Ringgit and slow wage growth. For New Zealand, the
against the US Dollar and other major currencies. continuous growth in the construction industry will
The stock market correction and continued boost our commercial vehicle sales.
Government austerity policy in China will continue to The Division remains focused on enhancing
affect demand for luxury brands of motor vehicles. operational efficiency along the value chain, in
The China car industry is bracing itself for a new both sales and after-sales operations. With organic
normal of slower economic growth. growth initiatives as well as the execution of
In Singapore, the increasing COE supply is expected strategic projects in the pipeline, the Division is well
to result in higher demand for our products. This positioned to continue delivering sustainable profits
could potentially lead to higher sales and an in the coming years.
improved market share.
Vehicle sales growth in Vietnam is expected to
continue on a positive momentum with the economy

PROPERTY
Sime Darby Property is dedicated to developing

sustainable communities, enriching lives for all. We
will deliver products and services to shape a more
prosperous future for generations.

Managing Director, Property Division

Australia
Sime Darby Property is a multiple award winning and leading integrated Malaysia
township developer in Malaysia with a global reach that encompasses Singapore
operations and also assets in Australia, Singapore, Vietnam and the United Kingdom
United Kingdom. The Division is involved in property development, Vietnam
property investment & asset management, hospitality and leisure.
The Property Divisions history reflects the commitment to meet the
ever-evolving property needs of a developing nation.
On the back of a successful 40-year track record of building sustainable Sime Darby Property
communities, Sime Darby Property has to-date built 21 townships/ Sustainability Index (SUSDEX)
developments and has approximately 30,000 acres of land bank in four
main corridors spanning from Selangor to Johor, which includes 10,900 9 townships involved in SUSDEX
acres earmarked for future development. assessments: Bukit Jelutong, Denai
Alam, Bandar Bukit Raja, Putra
From a tradition of developing townships and commercial centres, Heights, USJ Heights, Planters
Sime Darby Property is on a journey of innovation and creativity in Haven, Ara Damansara, Melawati &
spearheading various initiatives including niche developments, transit- Nilai Impian.
oriented developments, business centres and retail malls. In addition to
property development, the Division also operates several of Malaysias
commercial and hospitality assets for recurring revenue, including the
Kuala Lumpur Golf and Country Club.
Our Principal Activities
2TQRGTV[&GXGNQROGPV
2TQRGTV[+PXGUVOGPV#UUGV
Management
Our Vision
To be the leader in building sustainable communities.
Revenue (RMm) Profit before Interest and Tax Value Distribution (RMm)
3,455.0 (RMm)
889.4 2015
3,4550
3000 1000 PROVIDERS OF CAPITAL

AND REINVESTMENT
889.4
2015: 886
2,791.7
2500 800 2014: 690

2,366.6
2000 600 GOVERNMENT 2014

2,042.9
599.7
571.5
1,987.2
2015: 110
467.2
456.0
2014: (12)
1500 400
EMPLOYEES
2015: 218
1000 200 2014: 231
11 12 13 14 15 11 12 13 14 15

Strategic Report
Our Key Focus Key Operational Highlights
Sime Darby Property is committed to transforming 0GYN[CRRTQXGFVJGOGFVQYPUJKRU-QVC'NOKPC
spaces into sustainable communities to last for (1,500 acres) and Lagong (1,800 acres) in Selangor,
generations. To live sustainably, we create communities Kulai (5,000 acres) in Johor.
that are socially inclusive, economically vibrant, safe 5KIPKECPVRTQLGEVCRRTQXCND[CWVJQTKVKGU$CPFCT
and environmentally enriching. Sustainability is a Bukit Raja 2&3 (2,700 acres) and Serenia City (2,300
mind-set that we actively cultivate to deliver on these acres).
promises. 5KOG&CTD[2TQRGTV[CPF2GPCPI&GXGNQROGPV
Corporation (PDC) signed an Memorandum of
Financial
Understanding (MOU) to collaborate on the
Awards
Financial
development of Byram Estate at Seberang Perai
2WVTC$TCPF#YCTFU)QNF
th year running) Selatan, Pulau Pinang into Malaysias premier Small
Medium Enterprise (SME) High-Tech Industrial Park.
Statements
6QR2TQRGTV[&GXGNQRGTKPVJGEQWPVT[6JG'FIG
Reports
Top Property Developers Awards (since 2009) - .CWPEJGFCVQVCNQHWPKVUQHCHHQTFCDNGJQWUKPI
Ranked #2 across all our active townships since FY2008.
$GUV'ORNQ[GTU/CNC[UKC#QP*GYKVV$GUV 6JGWPXGKNKPIQHVJG/CNC[UKC8KUKQP8CNNG[
/88KP
Employers Award the 11th Malaysia Plan is positive for the Sime Darby
Group. MVV which is located in the west of Negeri
Other
$%+#UKC#YCTFU6QR&GXGNQRGTU#YCTFUKP
OtherInformation
Sembilan covering Nilai, Seremban and Port Dickson
Malaysia (5th year running) spanning 108,000 ha, is envisaged to become a new
Information
/CNC[UKC'ZEGNNGPEG#YCTF(TQUV5WNNKXCP economic growth area encompassing several strategic
Malaysia Building Construction New Product clusters to complement the developments in the
Innovation Award Klang Valley. This will unlock the value of
development potential in Sime Darbys landbank
6QR&GXGNQRGT2TQRGTV[+PUKIJV2TGUVKIKQWU located within the MVV area.
Developer Awards
$GUV4GUKFGPVKCN+PVGTKQT&GUKIPKPVJG5QWVJ'CUV#UKC
(Malaysia) Property Awards 2014 The Vo Value Enhancement:
$GUV/KF4CPIG%QPFQ&GXGNQROGPVKPVJG5QWVJ 5CHG%KV[KPKVKCVKXG#EQNNCDQTCVKXGGHHQTVYKVJ
East Asia Property (Malaysia) 2014 The Vo residents, Royal Malaysian Police, Malaysian Crime
Prevention Foundation and the Government to
Units Sold reduce crime while enriching the spirit of the
1,659 units Malaysian community

.KHGUV[NG%QNNGEVKQPVQGPJCPEGDTCPFCYCTGPGUUCPF
2014 : 3,049 units
market presence via vigorous media outreach and
innovative marketing
Gross Sales Value (RMm)
24+/'CEWUVQOGTNQ[CNV[RTQITCOOGHQT5KOG&CTD[
2,134 million Property owners, which includes discounts on future

purchases, cash rewards, priority invitations and
2014: 2,750 million privileges and rewards of the Lifestyle Collection.
1,789 employees
2014: 1,680 employees

Capital (ROAIC) (%)
10.5
2014: 8.0

Artists impression of Clusia, City of Elmina.
OVERCOMING CHALLENGES AND LEVERAGING ON ACTIVE

DEMAND FOR AFFORDABLE HOUSING
MARKET & INDUSTRY OVERVIEW Oversupply of office space led to lower occupancy
The Malaysian economy grew at 6.0% in 2014 and is of 80% and continued downward pressure on
expected to remain on a steady growth path of rents, while new green-certified offices with good
4.5%-5.5% in 2015 with domestic demand the key connectivity continued to be attractive. The retail
driver. market remains competitive, as incoming supply
of 6.7 million sq. ft. of new retail space by end of
Overall, the residential property market continues to 2015 will put pressure on occupancy and rents.
soften with declining loan approvals and the Malaysia The industrial market is likely to remain positive in
House Price Index (MHPI) trending downward due to Selangor and Johor, while demand is improving in
inflationary pressure and cooling measures. Demand Negeri Sembilan, with preference for integrated
for affordable housing of up to RM700,000 remained logistic facilities for industrial players and small
active in sought after locations, while developers are businesses.
cautious on high-end products with large deferrals.
Despite the challenges in the market, the Divisions
product mix with good location and connectivity that
cater to every market segment remained reasonably
attractive in FY2015.

BUSINESS MODEL
Strategic Report
Building on its experience and reputation in developing townships and commercial centres, the Division is
expanding its footprint to include themed-township developments, integrated and niche developments,
transit-oriented developments, managed industrial business parks and retail malls. In addition to property
development, the Division also operates several commercial and hospitality assets for recurring income.
Investors
&GXGNQRCYKPPKPI
Invested capital
portfolio of sustainable
RM9,188 million
Financial Reports
Conglomerate Value Proposition businesses.
advantage Superior financial +ORTQXGFPCPEKCN
returns through returns.
Access to capital
innovative, sustainable
product portfolio and
differentiation Business Partners
Large freehold 4GCNKUCVKQPQHDWUKPGUU
Strong presence landbank in synergy.
Strong brand good locations %CVCN[VKEFGXGNQROGPVU
positioning with and connectivity enhance brand
Other Information
Positioning
positioning.
development in Multi award-winning
highly sought after and leading integrated
locations township developer
in Malaysia, with Customers
Intellectual overseas presence &GNKXGTKPIKPPQXCVKXG
capital : Brand, products and
reputation and sustainable communities
Innovative designs built by a reliable, award
capabilities winning developer.
Business Synergy +PPQXCVKXGRTQFWEVOKZ
Sustainability Leveraging on core that caters to every
embedded and Talents competencies of market segment.
market-driven design partners to improve
1,789 market intelligence
employees as at
30 June 2015 Employees
'PICIGFCPFUMKNNGF
Highly workforce with career
Strategic
experienced Innovate growth opportunities
partnerships management Successful 40-year to spearhead future
Value-adding team with in- track record of innovative initiatives.
strategic alliances depth industry building sustainable
and business knowledge communities and
partnerships delivering innovative Authorities
products to meet the %QPVTKDWVGVQYCTFU
Strong ever-evolving needs of the socio-economic
relationships our customers development of the
with key various localities we
stakeholders operate in.

OUR STRATEGY
The Property Division aims to meet its objectives through on-going business innovation, continuous
improvement and differentiation. Value creation will be accelerated through the following activities:
objectives
Objectives
Enhance Brand Equity 2WVTC$TCPF#YCTFU)QNF 6QCEJKGXGVJTGGOCLQTKPFWUVT[CYCTFU
via: (6th year running) 6QEQORNGVG$TCPF#WFKVOGCUWTGOGPV
5WUVCKPCDKNKV[ 6QRRTQRGTV[FGXGNQRGTUCV6JG exercise
Practices (business Edge Malaysias Property #XGTCIG3.#55+%5EQTGQH
driven best Excellence Awards 2014
practices and green/ )TGGP+PFGZ575&':)QNF)TGGPTCVGFKP
(TQUV5WNNKXCP/CNC[UKC two new Townships
sustainable New Product Innovation Award
products and %JCORKQPKPICPKPPQXCVKXGEWNVWTG
services) #XGTCIG3WCNKV[#UUGUUOGPV
System in Construction (QLASSIC)
+PPQXCVKQPCPF Score is at 78% (19 Phases)
customer service FY2015
excellence
'UVCDNKUJOGPVQH5&2TQRGTV[
Innovation Committee
Enhance returns on /QPGVKUCVKQPQHUJCTGJQNFKPIKP (QTOCVKQPQHUVTCVGIKEECVCN[VKE

invested capital via: SD Sunsuria Development development alliances in selected
+PPQXCVKXG 1RVKOKUKPIUVTCVGIKECNNKCPEGYKVJ townships
sustainable product partners, i.e, Brunsfield, +ORTQXGOCTMGVKPVGNNKIGPEGVQGPUWTG
portfolio and CapitaMalls Asia, Tunas Selatan, products are catered to the on-going needs
differentiation UEM Sunrise, SP Setia and EPF of the consumer
5VTCVGIKE$WUKPGUU &KXGUVOGPVQHNQY[KGNFCUUGVU &KXGUVOGPVQHNQY[KGNFCUUGVU
Partnerships and 5GEWTGCNNKCPEGYKVJUVTCVGIKERCTVPGTUKP
Development Property Investment and international
,WFKEKQWU expansion
monetisation of real #EEGNGTCVGGPICIGOGPVHQTUVTCVGIKECPF
estate investments smart partnerships with leading property
players, content providers and Public
Private Partnerships (PPP)
Enhance profitability .GCP5KZ5KIOC

.55$GPGVHQT &TKXGQRRGTCVKQPCNGHEKGPE[KPKVKCVKXGU
and opperational FY2015 of RM62.7 million #EJKGXGJKIJGTCUUGVVWTPQXGTVJTQWIJ
efficiency via: 5KIPGF/17YKVJ2&%VQFGXGNQR shorter lead time to market from
&GXGNQRKPICP the Master Plan of Byram Estate acquisition to product launch
optimal pipeline of 6JGWPXGKNKPIQHVJG/88KU
landbank projects positive for the Group. MVVs
and real estate planning is in the early stages and
investments is currently being led by the state
government
5KIPKECPVRTQLGEVCRRTQXCND[
authorities: Bandar Bukit Raja 2 &
3 and Serenia City
0GYN[CRRTQXGFVJGOGF
townships: Kota Elmira and
Lagong in Selangor, Kulai in Johor

Strategic Report
objectives
Objectives
Leading Regional 'ZRNQTKPIGZRCPUKQPKPMG[ 'PICIGOGPVYKVJRQVGPVKCNUVTCVGIKE
Township Developer in markets partners for regional and international
Malaysia and 6JG$CVVGTUGC2QYGT5VCVKQP expansion
International Property regeneration project launched #EJKGXG$CVVGTUGC2QYGT5VCVKQPRTQLGEV
Player in selected Phase 2 in May 2014 and Phase 3 progress as planned
destinations in October 2014
Financial Reports
Building Yield &KXGUVOGPVQHPQPEQTGNQY[KGNF 4GFGRNQ[OGPVQHECRKVCNKPVQ[KGNFCEETGVKXG
Accretive Assets under assets Real Estate Investments
Property Investment
portfolio
Other Information
Promote diversity, 1RVKOCNEQORGVGPE[CPF 'PJCPEGUMKNNUGVUCPFEQORGVGPEKGUKP
inclusiveness and capability to support expansion Asset Management, Project Management &
internationalisation and growth trajectory Construction Management
through human -PQYNGFIGVTCPUHGTHTQOVJG +PEWNECVGEQCEJKPIECRCDKNKVKGUVQFGXGNQR
resource initiatives Battersea Power Station high performance culture
development project to build 5VTCVGIKECNNKCPEGYKVJDGUVKPENCUU
capability in international companies locally & overseas
developments
Artists impression of Bandar Universiti Pagoh, the first education themed development in Malaysia.

REVIEW OF PERFORMANCE
The Property Divisions PBIT jumped 48.3% from
RM599.7 million in FY2014 to RM889.4 million in
FY2015. The increase was on the back of accelerated
contribution from locked-in sales and progress of
completion, strategic divestment of equity and
catalytic land, as well as effective cost management
measures.
The residential market remained challenging in
FY2015, of which the Property Development
segment of the Division attained a Gross Sales Value
(GSV) of RM2.1 billion on the back of 1,659 total
units sold, compared with GSV of RM2.7 billion
and 3,049 units sold in FY2014. The lower units
sold in FY2015 was mainly due to the softening
in the residential property market, attributed to
inflationary factors and cooling measures.
As part of the strategic review on our landbank, joint
ventures (JVs) and investments, several initiatives
were undertaken in FY2015, which included the
divestment of the 50% equity in Sime Darby Sunsuria
Development Sdn Bhd, disposal of low yield assets
under Property Investment as well as the strategic
collaboration in the City of Elmina.
Malaysia
In FY2015, the Property Division reinforced its
leadership position by accelerating themed-township
developments and offering a distinguished portfolio
of sustainable-living products.
Existing townships such as Elmina East, Bandar
Ainsdale and Bandar Universiti Pagoh are progressing
as planned. In line with the Five-Year Strategy
Blueprint, three new townships, Kota Elmina, Lagong
and Kulai, will be the new additions to Sime Darby
Propertys themed township development.
The collaboration with PDC on the Byram Estate
development (933 acres own by the Group and 4,017
acres of state government land) also involves sharing
the cost for main infrastructure for the proposed Battersea Power Station project was conducted with
developments. Development on the respective lands the aim to build awareness, brand positioning and
will be undertaken independently by the Division sourcing top United Kingdom and global brands and
and PDC. businesses to bring life into Londons largest iconic
development.
United Kingdom
This project, in which Sime Darby Property has a 40%
The Battersea Power Station regeneration project stake, enhances the Divisions position as a leading
the Property Divisions biggest international player in the regeneration of the venerable London
development to datelaunched Phase 2 of the landmark.
development in May 2014, which will create 18 acres
of new public space including a 6-acre public park, Sustainability
office space to accommodate 5,000 people, up to
200 shops and restaurants, leisure and recreation Sustainability remains at the core of the Property
facilities as well as a 2,000-seat auditorium. Divisions business practices and strategy and a
key component of its design and management
In October 2014, Phase 3, involving the construction approach. In 2015, for the fifth consecutive year,
QHOQTGVJCPJQOGUQHXCTKQWUUK\GUCPFUV[NGU Sime Darby Property was honoured as one of the
as well as a 160-room hotel, retail spaces, restaurants Top Ten Developers in the Building and Construction
and leisure facilities, was launched. A global tour to Information (BCI) Asia Awards. The Divisions success
13 cities in 11 countries to market the prestigious

Strategic Report
Financial Reports
Other Information
Artists impression of Central Park at Battersea Power Station. The park will play a key role in the developments place-making strategy.
in securing its fifth BCI award was measured on the In terms of quality, the Property Divisions internal
sustainability of its projects and green building measures complement external assessments focusing
ratings. on product quality conducted by the Construction
Industry Development Board (CIDB) through its
The Property Division also maintained its brand QLASSIC. It assesses and evaluates the quality of
positioning and recognition by being the recipient of workmanship of building projects after the issuance
the Best Employers Malaysia 2015 award from Aon of the Certificate of Practical Completion (CPC).
Hewitt and 2015 Frost & Sullivan Malaysia Building
Construction New Product Innovation Award. In ensuring that the Division delivers quality
products, the following were carried out:
The Division subjects its business assets and
township developments to the rigorously assessed 5VTWEVWTCN5VCIG+PURGEVKQP
SUSDEX, which focuses on social, environmental
and economic sustainability pillars or referred to 2TQFWEV3WCNKV[#UUGUUOGPV5[UVGO
23#5HQT
internally as People, Planet and Prosperity. mock-up units.
SUSDEX guides and measures the Divisions 2TG%2%KPURGEVKQP

sustainability performance at the township level 3.#55+%+PURGEVKQPD[%+&$CHVGT%2%KUUWCPEG
as well as its Property Investment and Asset
Management segment.

The Division is also benchmarked according to Innovation

CIDBs Safety & Health Assessment in Construction Sime Darby Property is recognised in the industry
(SHASSIC), which ensures best practices in safety for innovation, sustainability and proactive
and health by contractors at work sites. Sime Darby customer service. The Division constantly innovates
Property is actively involved in ensuring that all by improving processes and product quality. This
phases of developments undergo the assessment. includes reduction in design and construction
A total of 17 development phases participated in timeframe such as The Vo in KL East, which features
the assessment in FY2015, with seven achieving the a construction cycle of 10 days per floor, along with
highest rating of Five Stars. embedding sustainable elements and efficiency
Developments are also subjected to other regulatory features, which comprised of modular design,
requirements such as environmental compliance. low volatile organic compound paints, rainwater
The Division undertakes Environmental Impact harvesting and roof insulation, among others. All
Assessments (EIA) or Detailed Environmental these features are presently incorporated in the
Impact Assessments (DEIA) in accordance with the Divisions developments at Denai Alam, Putra
requirements of the Environmental Quality Act Heights and Bandar Ainsdale.
1974 (EQA) and subsidiary regulations prior to any The Division continues to embrace IT platforms
development. The EIA has been conducted at almost as an approach to interact with its customers. In
all of the Divisions townships, with recent assessments FY2015, an online customer portal was launched
performed at Elmina West and Serenia City. featuring, among others, a defect reporting channel
The Property Divisions own Environmental and a homeowners manual which includes lists of
Management Plans (EMP) minimise environmental suppliers, sub-contractors, renovation guidelines,
and socio-economic impact of its operations and is operation manual for smart systems, guides to
developed to ensure that environmental impacts surrounding amenities and other useful information.
are identified and mitigated. The EMP includes the It also provides information on future Sime Darby
management of river, air, noise and waste and the Property activities and developments.
Environmental Emergency Response Plan to react Sime Darby Property extends the customer
effectively to flooding, spillage, landslide and other ownership experience well beyond their homes, by
emergencies. providing connectivity such as telecommunications,
The Divisions continued strong performance is pedestrian/cycling routes, vehicular roads and
the outcome of a conducive Sime Darby Property infrastructure. The objective is to create an enhanced
culture which has its foundation in the dedication, lifestyle by implementing placemaking as the
passion and drive of its employees towards the three heart of the development in promoting family and
sustainability pillars of People, Planet and Prosperity. community based activities, with the provision
of vast activity-based common spaces, improved
streetscape and green landscaped areas.
Artists impression of KL East, a 160-acre integrated transit adjacent development within the established Melawati area.

Strategic Report
Financial Reports
Other Information
Artists impression of Chemara Hills, Seremban.
DESPITE THE CHALLENGING MARKET OUTLOOK

FY2016 PLANS ARE ON TRACK
OUTLOOK & FUTURE FOCUS The Divisions more than 30,000 acres of remaining
Despite the prevailing challenging outlook for the landbank in four main corridors spanning from
property market, the demand in prime areas and Selangor to Johor currently have an estimated Gross
for affordable landed properties remains active, Development Value (GDV) of RM140 billion. Taking
supported by buoyant middle class and upgrader into consideration the economic uncertainties, the
segments.This is coupled with right-pricing and Division will be more sensitive towards economic
innovative marketing strategies. sentiment as we continue to accelerate our
developments. The Division will focus on value
The Property Divisions commitment towards creation, strategic partnerships and enhancement of
complete inclusiveness means that it strives to build its core business activities in the coming year.
for all market segments of the population. Sales of
residential properties below RM1 million is expected
to be positive within the sought-after locations,
which includes the City of Elmina, Denai Alam,
Bandar Bukit Raja, Nilai Impian and Bandar Ainsdale.
The launches of commercial and industrial properties
are in demand, especially to cater to the growing
businesses in Greater KL.

ENERGY & UTILITIES (NON-CHINA)
The outlook appears challenging given depressed

commodity prices and lower activity levels in most
sectors. Nevertheless, the Division remains optimistic of
several new growth opportunities in the areas of green
technologies, engineering services and trading businesses.
ALAN HAMZAH SENDUT
Managing Director, Energy & Utilities Non-China Operations

The Energy & Utilities (E&U) Non-China Division is the provider and Malaysia
Singapore
partner of choice for engineering solutions, with specialised and
Thailand
dedicated teams across our key markets and business units.
Our Vision
To be the preferred integrated engineering solutions provider
in the region. Our Principal Activities
Revenue (RMm) Profit before Interest and Tax 2TQXKFKPIEQORTGJGPUKXG
(RMm)
436.2 engineering solutions for built
49.0 environment
500 50 'PUWTGKPVGITCVKQPQHRTQEGUUGU
within facilities and built
467.2
439.5
436.2
49.0
400 40
426.9
environment for the efficient

373.2
development and maintenace of

31.2
300 30
29.1
agreed services
22.8
200 20
5WRRN[KPIVQVCN$KQ%QORTGUUGF
100 10 Natural Gas (Bio-CNG) solutions
11 12 13 14 15 11 12 13 14 15
-10
(49.3)
-20 Our Products And Services

-30
719 employees
/GVGTKPIHWGNICU
-40 *GCVKPIXGPVKNCVKQPCPFCKT
2014: 793 employees conditioning (HVAC) solutions
'NGEVTKECNU[UVGOUFKUVTKDWVKQP
and components
One-stop Integrator +PVGNNKIGPVECTRCTMOCPCIGOGPV

systems
engineering solutions centre of Biogas and Bio-CNG
for built environment solutions *GCVGZEJCPIGTU
%QORTGUUQTCPFRWORUMKFU
$KQCNG, cogeneration (gas
turbines) and natural gas vehicle
(NGV) stations
0CXKICVKQPCNEJCTVUCPFPCWVKECN
instruments

Strategic Report
Financial
Financial
Statements
Sime Darby Offshore Engineering (SDOE) was the lead technology provider for the first biogas plant in Malaysia to produce
Reports
Bio-CNG.
COMMITTED TO BUILD CORE BUSINESSES GEARED FOR
Other
OtherInformation
THE FUTURE
Information
MARKET & INDUSTRY OVERVIEW Engineering & Technical Services (ETS)
The process equipment, heat exchanger and
Trading radiator businesses are dependent on the offshore
The Divisions Trading business operates in Malaysia, rig industry in China. Business has been stable in
Singapore and Thailand. In Malaysia, the business 2015 as the Chinese oil majors maintained capital
supplies and services equipment for commercial expenditure despite the decline in oil prices.
and office buildings as well as transportation and
infrastructure-related facilities. During the period The business also provides comprehensive
under review, the Trading business experienced engineering solutions for skids and electrical systems
a slowdown in infrastructure spending by its in the oil and gas sector in Malaysia. The Division
customers. mitigated the downturn in the sector by providing
integrated engineering solutions to on-shore projects.
In Singapore, the Trading business supplies pumps
and compressors used in the oil and gas industry,
particularly in the construction of oil rigs. However,
the decline in crude oil prices had adversely reduced
orders for new rigs in Singapore.
The focus of the business in Thailand, is in the
electrical and electronics sector, which is closely
dependent on the economic growth of the country.
The uncertainties surrounding the political landscape
and lackluster external sector growth continues to
adversely impact growth in this area.

BUSINESS MODEL
The Divisions strength is in providing integrated solutions across value chains in commercial and industrial
buildings, as well as Bio-CNG plants. The Division continues to strengthen its core businesses by renewing and
expanding its offering in these sectors.

Investors
&GXGNQRCYKPPKPI
portfolio of sustainable
Capital businesses
+ORTQXGFPCPEKCN
Conglomerate Strengthen returns
advantage Continuously
Access to capital enhancing
competitiveness and Business Partners
growth of existing .QPINCUVKPITGNCVKQPUJKRU
Experience, expertise with principals and
technical partners
Comprehensive
expertise and
customer solutions +PETGCUGFRCTVPGTUJKR
knowledge
confidence
1PGUVQR
Synergise
engineering
Strategic alliance Customers
solution and
Talents to leverage on )QQFOCTMGVMPQYNGFIG
integration of
%QORGVKVKXG expertise to be the strengthens relationships
processes for leading integrated with customers
workforce
built environment engineering solutions -G[GPIKPGGTKPIUQNWVKQPU
'ZRGTKGPEGF
+PVGITCVQTQH & capable provider teams stationed in
Biogas and Bio- management Malaysia, Singapore and
CNG solutions team with Thailand providing easy
deep access to customers
knowledge Thrust
To be the leading Employees
Strong network player in the Bio-CNG
Develop competencies
Amicable Conducive work business as well as an
and skills that increases
relationships and environment integrated solutions
competencies and efficiency
provider in the Biogas
winning strategies market resulting in improved
with principals and quality of service and a safe
workplace
partners
Authorities
Continuous Develop positive
engagement relationships with authorities
with and gain support for business
stakeholders development

Strategic Report
Financial Reports
SDOEs joint venture with Gas Malaysia Berhad will provide end users with a direct supply of Bio-CNG which is a sustainable and
eco-friendly alternative energy source.
OUR STRATEGY
Other Information
The Division continuously strives for leadership positions in key sectors by bringing together domain
expertise, valuable engineering skills and proven technology to customers. In our pursuit to further
strengthen our core businesses, the Division actively seeks out strategic partnerships and investments
aimed at broadening revenue streams and driving long-term sustainable growth.
Divisional strategic Highlights Priorities for 2016

objectives
To continuously Secured additional partnerships: Grow key accounts by at least 10%
enhance the - Hitachi
competitiveness and
growth of the trading - KSK Security Scanning
and engineering - Pennwalt Decanter
solutions business
- Hydro-Dyne
- Schneider Electric
Grow the Integrated Identification of potential Pursue inorganic growth in the IFM business
Facilities Management business
(IFM) business by
providing services
related to smart built
environment or smart
automation
To be the leading Strategic alliance with Gas Operationalise at least three upstream
player in the Bio-CNG Malaysia Berhad for the trading of Bio-CNG projects
business as well as an Bio-CNG
integrated solutions
provider in Biogas
market

A process equipment designed and manufactured by Sime Darby Joy Industries under E&Us ETS core business.
REVIEW OF PERFORMANCE Safety & Health

The Divisions financial performance improved For the year under review, the Division achieved
from a loss before interest of RM49.3 million in \GTQHCVCNKV[CPFTGEQTFGFQPG.QUV6KOG+PLWT[
.6+
FY2014 to a profit before interest and tax (PBIT) of as a result of the continuous Occupational Safety &
RM49.0 million in FY2015, due to the net reversal Health (OSH) awareness programmes implemented
of provisions relating to disposed or discontinued within the Division, following the Safety & Health
operations. roadmap.
Trading Process Improvement

The Trading business unit recorded a decline in profit In FY2015, the Division achieved benefits of RM4.8
due to overall weaker demands for its products and million from Lean Six Sigma (LSS) projects. The
services. LSS savings were derived from improvements in
procurement.
Nevertheless, Mecomb Singapore secured higher
PBIT compared to previous year despite a slowdown
in orders from two of its top customers, i.e. Jurong Lean Six Sigma (LSS)
Shipyard and KeppelFels and the discontinuation of
its industrial fan and Amston products. Benefits (RMm)
Mecomb Malaysia experienced lower revenue due 20
to weaker infrastructure spending, while Mecomb
Thailands performance was affected by the
16.4
slow recovery of domestic demand and delays in

15
government spending on in construction.
11.6
Engineering & Technical Services (ETS) 10

8.0
The ETS business unit recorded higher revenue

due to income from its Cogeneration and Bio-CNG
projects. Sime Darby Joy (SD Joy) recorded higher 5
4.8
3.6
3.6
1.0
profits as a result of increased revenue and project

2.5
2.0
savings, while Chubb Malaysia generated higher

profitability due to better contribution margin of the 13 14 15
electronics segment.
LSS Target
LSS Actual Savings
LSS Accumulated Savings

OPTIMISTIC OF GROWTH OPPORTUNITIES DESPITE
Strategic Report
ADVERSE MARKET CONDITIONS
OUTLOOK & FUTURE FOCUS Engineering & Technical Services (ETS)
SD Joy is facing a slowdown in the oil and gas sector
Trading that has affected the China market due to the decline
The 11th Malaysia Plan (2016-2020) tabled in May in crude oil prices. SD Joy is thus pursuing other
2015 includes major infrastructure projects that markets such as Indonesia for further growth.
will boost the construction sector and increase
demand for engineering products. This augurs well Similarly, Sime Darby Offshore Engineering (SDOE)
for Mecomb Malaysia as there will be opportunities is also facing a slowdown in the demand for electrical
to participate in the major infrastructure projects equipment, especially in the oil and gas sector. SDOE
announced in the plan. will shift its focus on growing the Bio-CNG business.
To mitigate the decline in the sale of pumps and

compressors in the oil & gas and ship building Emerging Opportunities
Financial Reports
sectors, Mecomb Singapore is placing greater The Biogas and Bio-CNG businesses are expected
emphasis on widening its pool of customers to support the growth of the Division following the
for mechanical, electrical (mainly generator set joint-venture agreement with Gas Malaysia Berhad
packaging suppliers), engineering and system for the trading of Bio-CNG. There may be further
integrator products. New suppliers continue to be opportunities in this sector with more interest by
sought to enable the offering of package solutions to plantation companies to install full biogas capture
customers in the marine and offshore sectors, while and methane avoidance facilities at palm oil mills.
the business continues to secure new projects from
The Division has also identified Integrated Facilities
manufacturers, engineering companies and main
Management (IFM) as a potential business with
contractors.
strong growth and synergies with the other Divisions
Other Information
Mecomb Thailand is looking forward to strengthing in the Group.
its relationship with key customers in the electrical
and parking system businesses amidst the
uncertainty in the political environment in Thailand.

ENERGY & UTILITIES (CHINA)
The Divisions business in China remains resilient despite

the challenging environment. We are confident that our
pragmatic approach in our expansion and diversification
strategy will help to enhance and sustain our niche in a
highly competitive market place.
TIMOTHY LEE CHI TIM
Managing Director, Energy & Utilities China Operations
Who We Are Our Key Market

The Energy & Utilities (E&U) China Division is involved in ports & Bohai bay, Shandong
logistics and water management with a sea port and two water province, China
treatment plants in Weifang and three river ports located in Jining,
Shandong province, China.
Our vision
To be a leading comprehensive ports & logistics and water business Our Principal Activities
operator in Shandong province, China.
Handling a wide range of cargos
such as dry bulk, break bulk, liquid
Revenue (RMm) Profit before Interest and Tax bulk and containers.
(RMm)
293.5 Clear water and water-related
76.8 services to residential, commercial
300 80 and industrial users.
293.5
76.8
250 70
249.7
69.9
207.7
62.7
200 60
First
181.5
57.8
container port
53.1
150 50
148.8
operator within Shandongs

100 40
Yellow River Delta
11 12 13 14 15 11 12 13 14 15
Water Volume (m cu m) Port Throughput

1,041 employees
(Including container operations) 2014: 1,089 employees
33.9 (m tonnes)
Value Distribution (RMm)
40 36.3
35 2015
40
33.9
32.5
33.9
PROVIDERS OF CAPITAL
32.8
30
36.3
31.0
AND REINVESTMENT
35 2015: 122
25 2014: 117
31.2
30
28.6
GOVERNMENT 2014
20 2015: 21
26.1
25 2014: 14
22.8
11 12 13 14 15 20
EMPLOYEES
2015: 71
2014: 52
11 12 13 14 15

THE DIVISIONS LONG-TERM FUNDAMENTALS
Strategic Report
REMAIN SOLID
MARKET & INDUSTRY OVERVIEW The Divisions operations are located in Shandong
province, the 2nd most populous province and 2nd
Despite the downward pressure on the Chinese
economy, the country is embracing a new phase of largest consumer market in China. Shandongs GDP
slower but more resilient growth with emphasis on growth in the first half of 2015 was 9.6%, 2% higher
high quality growth that relies more on domestic than the national average of 7.6%.
consumption, the services industry and innovation. Our Port operations in China rely predominantly on
Despite the shift in focus, output from the industrial the economic performance of Shandong and the
and agricultural sectors are still expected to grow provinces within the Bohai Rim which serve as the
by a compounded annual growth rate of 3.4% to immediate and regional hinterland to the Weifang
25.2 billion tonnes by 2040 (from the projected 10.9 and Jining Ports. The close proximity to coal, iron
billion tonnes in 2015), while total port throughput is ore and sand mining activities, the wide-spectrum of
expected to increase to 15.5 billion tonnes by 2040. manufacturing industries in the region, Shandongs
Financial
(from projected 5.6 billion in 2015).
Financial
huge petrochemical industry (consistently topping
(Source: China Statistical Yearbook, China Port Chinas output over 20 years) and Shandongs
Yearbook, China Port Conference 2014 and Roland complete oil industry chain, all augur well for
Statements
Weifang Ports long-term development as a multi-
Reports
Berger Strategy Consultants Analysis)
purpose port.
The Division aims to capitalise on this by increasing
its port capacity to become a major port operator in
the Bohai Rim.
Harbin
Other
OtherInformation
Bohai Rim Changchun
Economic Circle Chinas Past 5-Year GDP - RMB Billion
Shenyang
Tianjin
Information
Beijing Dalian 7000
Weifang
CHINA Zhengzhou
Qingdao 6000
5000
Xian Suzhou
Nanjing Shanghai 4000
Chengdu Wuhan
Yangtze River 3000
Ningbo
Chongging
Xiamen Delta Economic
Circle 2000
Kunming
1000
Shenzhen
0
Guangzhou
Pearl River Delta Years 2010 2011 2012 2013 2014

Economic Circle CHINA
SHANDONG
Source: China Statistical Abstract 2013
Chinas Past 5-Year GDP Per Capita - RMB per capita

7000
Total Cargo Throughput (m MT)
6000
5000
2,482
2,429
4000
2,314
2,120
3000
1,942
2000
1,681
1,586
1,555
1000
1,324
0
972
772
762
689
663
Years 2010 2011 2012 2013 2014

632
437
421
347
CHINA
291
181
SHANDONG
Pearl Delta Yangtze Delta Bohai Rim Others
2000 2005 2010 2012 2013
Source: China Statistical Year Book 2014

BUSINESS MODEL
The Ports & Logistics business involves the operations of port infrastructure and facilities in Weifang and Jining,
in the Shandong province. The ports share common capabilities in handling a diverse range of dry and break bulk
cargo, while Weifang Port is capable of handling container and liquid bulk cargo. The Water Management business
of the Division is focused on the operations of two water treatment plants, as well as the laying of distribution
networks in Weifangs Binhai Economic-Technological Development Area (BEDA), which is approximately 20km
away from Weifang Port. The Divisions performance is dependent not only on the upgrading of its handling
capabilities and its expanding its client portfolio, but also on the dynamic economic activities in Shandong and its
neighbouring provinces.

Invested capital
RM1,899 million
(as at 30 June
2015)
Conglomerate Create Investors
Advantage Stable returns on +ORTQXKPI4GVWTPQP#XGTCIG
Multi-purpose investment Invested Capital
Acces s to capital
port with 15 6CTIGVVKPIFQWDNGFKIKVUQXGT
berths/terminals the long-term
able to handle
vessel sizes Enhance
Strategic Location ranging from Customers
Catalyst to spur local
Close proximity 3,000 to 20,000 2TQXKFGUEWUVQOGTUYKVJ
economy
deadweight reliable service, backed
to immediate and
tonnes (DWT) by proven track record in
regional hinterland
efficiency and productivity
with increased Grow 1XGTOKNNKQP/6CPF
demand Bulk/coal ports 190,000 twenty foot
Largest integrated port
with 14 berths/ network in Jining equivalent units (TEU)
terminals of container throughput
handled
Strong Network 1XGTOKNNKQPOQHYCVGT
Develop
treated and sold
Long-standing Create employment for 1PGQHVJGOQUVGHEKGPV
relationship local people river port networks in
developed with Water treatment Shandong province
facilities
business partners,
suppliers, local 51.1 million cubic
Network
authorities and metres per annum People
Long-term partnership &GXGNQRCRQQNQHVCNGPVHQT
regulators with different the local industry
stakeholders
Talents
Authorities
1,041 &GXGNQRRQUKVKXGTGNCVKQPUJKR
employees as at with authorities and gain
30 June 2015 support for business
development
Business
processes,
licenses and
government
approvals

OUR STRATEGY
Strategic Report
The Divisions 5-Year strategic direction:
1. To expand and diversify the annual capacity and capability of Weifang Port to handle bigger vessels and
more cargo types to become a major multi-purpose port in the Bohai Rim. This will be achieved via the
construction of 6 x 30,000 dead weight tonne (DWT) multi-purpose and bulk terminals and 2 x 50,000 DWT
liquid berths. The new berths are expected to be operational in FY2017, upon which the Ports throughput
and domestic and international cargo mix is expected to improve significantly.
2. Diversify cargo mix and develop logistics support at the Jining Ports. Construction of Jining Sime Darby
Longgong Port (Longgong Port) phase 2 is expected to commence in FY2016 and will be a key component to
fulfill the objective. This capital expenditure allows Longgong Port to handle a diversified cargo mix to fulfill
its role as a multi-purpose port within the Divisions Jining Ports cluster. In addition, this also enables the
three Jining Ports to remain as the largest sustainable port network operator with captive market in Jining,
Shandong province.
3. Diversify and strengthen market share of the Water Management business by expanding in tandem with
demand and/or the Governments development plans. The business unit will continue to coordinate with
Financial Reports
the BEDA authority on its network coverage and work closely with potential investors or developers to
capture new demand and services.
strategic Highlights Priorities
Prioritiesfor
for2016
2016
objectives
Objectives
Expand and diversify Construction of 6 x 30,000 DWT Completion of 8 new terminals
the capacity and multi-purpose & bulk terminals
capability of Weifang and 2 x 50,000 DWT liquid
Other Information
Port to maximise its full terminals
potential
Diversify cargo and %QOOGPEGEQPUVTWEVKQPQP Construction of Jining Sime Darby

develop logistics permit approval for Jining Sime Longgong Port (phase 2)
support at the Jining Darby Longgong Port (phase2)
Ports
Strengthen market Expand current water infrastructure to meet demand in a timely manner
share by expanding in +PVGITCVGFYCVGTUGTXKEGURTQXKFGTKP$'&#9GKHCPI
tandem with demand
and/or the
Governments
development plans

REVIEW OF PERFORMANCE In FY2015, container operations handled 193,340

The Divisions revenue increased 17.5% from RM249.7 TEU of containers, almost double (87.6%) the volume
million to RM293.5 million as a result of higher port in the previous year and close to 80% of the ports
and water throughput, as well as higher average tariff. container handling capacity. The growth in container
However, profit before interest and tax (PBIT) only handling throughput comes as a result of the
increased 10% from RM69.9 million to RM76.8 million Divisions strategy to capture the increasing demand
as the FY2015 results included a net loss on disposal in the immediate and surrounding hinterland. Today,
of assets of RM4.7 million, while the previous years Weifang Sime Darby Ports container berth handles
results include a net gain on disposal of assets of a diversified range of products such as raw materials
RM17.8 million. Excluding the disposal of assets, the HQTEGTCOKERCRGTUPQPOGVCNNKEQTGUHGTVKNK\GT
Divisions PBIT would have increased by 56.4%. industrial salt and food products.
Approximately 18km of wave-breakers was disposed
Ports & Logistics to a joint venture company, Weifang Port Services
Co. Ltd., which is responsible for developing,
Overall Port operations reported an improvement in managing and maintaining major port infrastructures,
general and container cargo throughput in FY2015 including the wave-breakers and main channel
on the back of stiff competition from land and rail (public interests), whilst operators like Sime Darby
transportation amidst a slowing China economy. will concentrate fully on running the terminals and
General cargo throughput was 11.7% higher than commercial interests. The pooling of resources in
FY2014 (32.5 million vs 29.1 million tonnes) with the joint venture will accelerate the development of
Weifang and Jining Ports recording a 9.5% and Weifang Sime Darby Ports capabilities and enhance
13.9% jump in volume respectively. its competitiveness, further enabling Weifang Sime
As a result of strategic collaboration with other Darby Port to achieve its strategic goal of becoming a
port operators, Weifang Sime Darby Port received major regional port.
higher bauxite volume during the year, offsetting During FY2015, the construction of 3 multi-
the drop in other traditional products such as iron purpose terminals, 3 bulk terminals and 2 liquid
ore, soda, clay and liquid products. The increased in terminals which are part of the RMB2.8 billion
Jining Ports general cargo throughput was mainly master expansion plan, progressed well with overall
due to higher demand for coal in the Jining region completion status exceeding 70%. The new terminals
and the recovery of some throughput from Jining are scheduled to be fully completed by end of 2016.
5KOG&CTD[)WQ\JWCPI2QTVYJKEJEGCUGFQRGTCVKQP
in June 2014, as well as the ramp up of Jining Sime
Darby Taiping Ports operations following its full Water Management
operationalisation late 2013. During the year under review, the performance of
Weifang Sime Darby Water Management Co. Ltd.
remained resilient in the face of competition and
slower economic growth. Despite the challenges, the
operations registered an increase of 4.3% in volume
from 32.5 million to 33.9 million cubic metres.
The improvement in volume was attributed to the
recovery of business from several major customers.
Occupational Health & Safety

6JG'7%JKPCQRGTCVKQPUTGEQTFGF\GTQECUWCNV[
CPF\GTQOCLQTCEEKFGPVUKP(;+P(;
the Division recorded 1 fatality. The Division will
continue to emphasise heavily on safety & health
RTCEVKEGUVJTQWIJXCTKQWUKPKVKCVKXGUKPENWFKPIVJG
publication of E&U Chinas monthly Environment,
Safety and Health (ESH) newsletter and the
introduction of the Sustainability Management
System which coordinates risk assessment, data
E&U Chinas Jining Ports is one of the most efficient river port collection and reporting efforts. For the year under
networks in Shandong province. review, over 17 ESH training programmes were
successfully conducted with a total attendance of
1,391 employees.

Strategic Report
Financial Reports
Other Information
Weifang Sime Darby Ports 3 x 20,000 DWT container berths.
TREADING CAUTIOUSLY AMID SHORT-TERM VOLATILITY
OUTLOOK & FUTURE FOCUS The expansion plan includes 8 x 30,000 50,000
The short-term operating environment remains DWT berths capable of handling dry bulk, liquid bulk
volatile amidst uncertain oil prices and foreign and general cargos. Meanwhile, the main channel of
exchange rates, as well as increased competition. Weifang Sime Darby Port is expected to be dredged
From neighbouring ports, railway operations and up to 35,000 DWT class by end of FY2016, in
land transportation (as a result of lower petrol tandem with the Ports expansion plan. In addition,
prices). To mitigate these challenges, the Division Weifang Sime Darby Port is expected to embark on
will increase efforts to expand product types and the construction of the first phase of warehouses in
customer base which may entail the extension of FY2016 to kick-start the development of its logistics
our marketing efforts to reach further inland and park.
intensify our business collaborations with other The construction of phase 2 of the Jining Sime Darby
port operators which share complementing shipping Longgong Port is expected to commence in FY2016
routes and market segments. and be operational by the second half of FY2017.
Weifang Sime Darby Ports RMB2.8 billion master Despite the economic uncertainty in the near term, the
expansion plan is expected to reach its final Division is optimistic on the long term viability of its
construction stages by the end of FY2016 and be China operations. The enhancement of its port handling
operational in the first half of FY2017. capacity and capability will elevate the operations
competitiveness while fulfilling its aspirations to be a
leading multi-purpose port operator.

Corporate
Governance

STATEMENT ON
Strategic Report
CORPORATE GOVERNANCE
At Sime Darby Berhad, governance is not just about
adherence to a set of recommendations. It is a way
of doing business and is at the heart of everything
we do.
TAN SRI DATO ABDUL GHANI OTHMAN

Chairman
Financial Reports
Structure of the Statement
Outline Page
This statement sets out how the Sime Darby Group Chairmans Overview 123
is governed and the key activities of the Board in
promoting effective governance in the financial year Corporate Governance Framework 125
(FY) 2015. Profiles 127
Further information on Sime Darby Groups Board of Directors 138
compliance with the Malaysian Code on Corporate Authority and Delegation 141
Governance 2012 is set out on page 420.
Other Information
Board Activities 144
CHAIRMANS OVERVIEW Board Effectiveness 147

The Board and I are committed to the highest Stakeholder Engagement 157
standards of corporate governance which I believe Board Committees 159
are critical to business integrity and performance
and in maintaining shareholder confidence. At Sime Other Disclosures and Compliance 176
Darby Berhad (SDB), governance is not just about
adherence to a set of recommendations. It is a way The Board spent considerable time in FY2015
of doing business and is at the heart of everything debating the strategic priorities for the Sime
we do. This culture, supported by a diverse and Darby Group over the next five years. There were
complementary range of expertise and perspectives, several meetings which focused particularly on the
will support the Board in delivering its shorter-term Groups strategy, including a three-day off-site
milestones and building a long-term, sustainable and retreat. During the first half of the financial year,
successful Sime Darby Group. the Board and I also spent time actively supporting
I am pleased to report that we are fully compliant with both the President & Group Chief Executive and the
the Malaysian Code on Corporate Governance 2012. Managing Director, Plantation Division ahead of
the acquisition of New Britain Palm Oil Limited. The
Strategy Boards primary task now is to ensure that the post-
merger integration phase continues to be executed
As a Board, we set the direction and provide diligently and thoroughly and proceeds smoothly.
oversight of Management in the day-to-day running
of the Company. As Chairman, I seek to ensure that
Diversity
adequate time is set aside at Board meetings for
the open and collective discussion and debate of Diversity in the Boardroom is very important to me.
significant issues, most importantly, strategy. This year has seen good progress amongst many
companies, including Sime Darby, in their drive to
improve gender diversity. We are actively working
towards meeting the Government of Malaysias call
of having 30% women representation in the Board.
The recent adoption of the Board Composition
Policy provides clear composition targets, including
diversity in gender and age, which the Board
and I are committed to work towards. We have
highlighted our targets on page 148.

Statement on Corporate Governance
Retirement And Future Appointment Reporting

The year has seen Tan Sri Hamad Kama Piah Che I am aware that annual reports are an important
Othman announcing his retirement from the Board. part of our communication with stakeholders.
Tan Sri Hamad Kama Piah has served on the Board The Group is evolving its corporate reporting to
with distinction for over four years and has helped follow integrated reporting standards. The Board
guide the Group through one of the most challenging Committees have also been keen to oversee the
periods in its history and steered it to recovery. implementation of many of the changes and have
Tan Sris dedication has left the Group on a strong each held an additional meeting devoted to the
HQQVKPI6CP5TK9CP#DFWN#\K\9CP#DFWNNCJYCU content and form of this Annual Report.
appointed the new Deputy Chairman with effect from
I would like to thank the Chairmen and members of
31 July 2015 and I am confident that he is well placed
the Board Committees for their commitment and
to continue Tan Sri Hamad Kama Piahs good work.
devoting their time to our reporting this year.
It is also with a heavy heart that I have to inform that
In this corporate governance statement, we aim to
three (3) of our distinguished Directors,
provide an insight into the workings of the Board
Tan Sri Wan Mohd Zahid Mohd Noordin, Tan Sri
and its Committees over the last financial year and
Hamid Bugo and Dato Henry Barlow have expressed
the Corporate Governance Framework. We are
their intention not to seek re-appointment at the
determined to ensure the highest integrity and
2015 Annual General Meeting. I appreciate having
standards as we strive to maintain an equitable
had the wonderful opportunity of serving with them
balance between increasing value for you, our valued
on the Board.
shareholders and being a responsible corporate
The Board and the Nomination & Remuneration EKVK\GPVQUQEKGV[CPFVJGGPXKTQPOGPV
Committee are already actively identifying and
The Board and I are looking forward to meeting you
assessing suitable candidates for appointment to
at the 2015 Annual General Meeting. Finally, I thank
the Board.
the Board, Management and our employees for
their support and commitment in what has been a
challenging year.

Chairman

Strategic Report
CORPORATE GOVERNANCE FRAMEWORK Two-Tier Board Structure
The Corporate Governance Framework of the Sime The hallmark of SDBs Corporate Governance
Darby Group has been designed with the following Framework is the two-tier board structure, headed
key aims: by the SDB Board, also known as the Main Board and
supported by Divisional FSBs. Each Divisional FSB is
2TQOQVKQPQHVTCPURCTGPE[CEEQWPVCDKNKV[CPFC charged with operational oversight of its Division but
responsive attitude. remains subject to the direction and counsel of the
2TQXKUKQPQHQRGTCVKPICWVQPQO[VQVJGXCTKQWU Main Board, particularly on matters of strategy and
core business Divisions and Sime Darby Group policy. In addition, the Main Board has delegated
companies towards the achievement of business certain responsibilities to Board Committees to
objectives while maintaining adequate checks and assist in carrying out its functions and to ensure
balance. independent oversight of internal control and risk
management.
Financial Reports
%WNVKXCVKQPQHGVJKECNDWUKPGUUEQPFWEVCPF
desired behaviours based on the Groups core The structure is modular and Divisional FSBs can
values and business principles, which are also set be added or removed as and when businesses are
out in the Code of Business Conduct (COBC). acquired or disposed of. Terms of Reference (TOR)
have been established to ensure the Divisional
The Framework is the means by which the Board of FSBs remain focused on all aspects of Divisional
SDB delegates functions and powers to the Flagship operations. This allows the Main Board to take a
Subsidiary Boards (FSB) of the respective Divisions broader perspective, looking at enterprise issues
and facilitates the delegation of day-to-day such as strategy, risk management and governance.
management to operating personnel.
Other Information

Assurance, Compliance and Risk

The three (3) key gatekeepers of good corporate
governance in the Sime Darby Group are the
Assurance, Compliance and Risk Management
functions. Direct reporting lines to the Governance
& Audit Committee and the Risk Management
Committee enable these functions to operate with a
high degree of impartiality and independence from
the rest of the organisation, emphasising the Groups
commitment for high standards of governance. The
Group Secretary serves as a key advisor to the Board
on matters of corporate governance.
Additional information on the Groups risk
management and internal control systems can be
found in the Statement on Risk Management and
Internal Control on page 177.
Note:
Group Head - Group Corporate Assurance, Group Head - Group Compliance and
Group Head - Risk Management have administrative reporting lines to the President & Group Chief Executive.

DIRECTORS PROFILES
Strategic Report
(Malaysian, age 68)
Chairman, Independent Non-Executive Director
Date of Appointment: 1 July 2013
Chairman of Nomination & Remuneration Committee
Areas of Expertise:
Public Administration and Economics.
Relevant Experience:
Began his career with the Faculty of Economics, University of Malaya
and has held various positions in the Malaysian Government including
Deputy Minister of Energy, Telecommunications and Post, Deputy
Minister of Finance, Minister of Youth and Sports and Chief Minister
of Johor. Former Chairman of Johor Corporation. Current member of
Financial Reports
the Board of Trustees of the World Islamic Economic Forum (WIEF)
Foundation and an Advisor of City University College of Science &
Technology.
Directorship of Public Companies:
Sime Darby Property Berhad.
Tan Sri Dato Sri Dr Wan Abdul Aziz Wan Abdullah

(Malaysian, age 63)
Other Information
Deputy Chairman, Non-Independent Non-Executive Director
Date of Appointment: 10 December 2012
Member of Nomination & Remuneration Committee
and Risk Management Committee
Areas of Expertise:
Public Administration and Economics.
Held various senior positions in the Economic Planning Unit in the Prime
Ministers Department including Director of Energy Section and Deputy
Director General (Macro) and was the Deputy Secretary in the Economics
and International Division, Deputy Secretary General of Treasury
(Policy), Federal Treasury and Secretary General of Treasury in the
Ministry of Finance. Former Alternate Executive Director of World Bank
Group, representing the South East Asia Group and former Executive
Director of the Islamic Development Bank and Islamic Trade Finance
Corporation. Presently a Director of the Sabah Economic Development
and Investment Authority (SEDIA).
Malaysia Airports Holdings Berhad, Bank Pembangunan Malaysia
Berhad, Permodalan Nasional Berhad, RAM Holdings Berhad and
Pembinaan BLT Sdn Bhd.

(Malaysian, age 68)
Areas of Expertise:
Public Administration and Fund Management.
Held various senior positions in the Malaysian Government including
Secretary General, Ministry of Home Affairs and Ministry of Domestic
Trade and Consumer Affairs and Chief Secretary to the Government of
Malaysia. Former President of Perbadanan Putrajaya. Current Chairman
of the Employees Provident Fund Board, Universiti Utara Malaysia and
National Unity Consultative Council.
BIMB Holdings Berhad.


(Malaysian, age 75)
Date of Appointment: 14 September 2007
Areas of Expertise:
Public Administration and Education.
Held various senior positions in the Ministry of Education including
Director-General of Education. Former Chairman of Berger International
Ltd and Universiti Teknologi MARA. Former Deputy Chairman of
International Bank Malaysia Berhad. Current Chairman of Management
and Science University.
S P Setia Berhad, Amanah Saham Nasional Berhad, Amanah Mutual
Berhad, Perbadanan Usahawan Nasional Berhad, Yayasan Sime Darby
and Securities Industry Development Corporation.
Tan Sri Datuk Amar (Dr) Tommy Bugo @ Hamid Bugo

(Malaysian, age 70)
Date of Appointment: 26 August 2010
Chairman of Risk Management Committee
Member of Governance & Audit Committee and Nomination & Remuneration
Committee
Areas of Expertise:
Public Administration.
Held various positions in the State Government of Sarawak including
Permanent Secretary of the Ministry of Resource Planning and State
Secretary. Represented the State Government of Sarawak on various
Boards including Malaysian Airline System Berhad, Employees Provident
Fund, Malaysia LNG Sdn Bhd, Amanah Saham Sarawak Berhad and
Universiti Putra Malaysia. Current Chairman of the Operations Review
Panel of the Malaysian Anti-Corruption Commission and Sarawak State
Library Management Board as well as a Council Member of the Malaysian
Institute of Integrity.
Sarawak Consolidated Industries Berhad, Sapura Resources Berhad,
SapuraKencana Petroleum Berhad, Sime Darby Property Berhad and
Yayasan Kemajuan Insan Sarawak.

(Malaysian, age 67)
Date of Appointment: 16 November 2010
Member of Sustainability Committee
Areas of Expertise:
Plantation and Research & Development.
Former Director-General of the Malaysian Palm Oil Board and Palm
Oil Research Institute of Malaysia. Past President of the Academy of
Sciences Malaysia. Current Chief Executive Officer of the Malaysian
Palm Oil Council and Director of Bank Negara Malaysia. Senior Fellow
of the Academy of Sciences Malaysia and Fellow of the Malaysian Oil
Scientists and Technologists Association and the Incorporated Society
of Planters.
CB Industrial Product Holding Berhad.

Strategic Report
Dato Henry Sackville Barlow
(British, age 71)
(Appointed as a Senior Independent Non-Executive Director of Sime Darby
Berhad on 16 November 2010)
Chairman of Governance & Audit Committee and Sustainability Committee
Member of Nomination & Remuneration Committee
Areas of Expertise:
Finance and Plantation.
Over 35 years of experience in the Plantation Industry including Finance
Director of Barlow Boustead Estates Agency Sdn Berhad and Joint Managing
Financial Reports
Director of Highlands & Lowlands Berhad. Former Council Member of the
Incorporated Society of Planters. Served as a Board member of HSBC Bank
Malaysia Berhad for more than 20 years. Trustee of the Merdeka Award Trust
and Fellow of the Institute of Chartered Accountants in England and Wales.
The International and Commonwealth University of Malaysia Berhad.

(Malaysian, age 59)
Other Information
Member of Governance & Audit Committee and Nomination & Remuneration
Committee
Areas of Expertise:
Banking and Finance.
Has working experience in PricewaterhouseCoopers, Bank Pembangunan
(M) Bhd and Bapema Corporation Sdn Bhd. Had served 12 years with
Maybank in various senior positions including as General Manager, Group
Strategic Planning. Former President/Executive Director of Malaysian Rating
Corporation Berhad. Current Chairman of the Private Pension Administrator
Malaysia, Vice President of the Malaysian Institute of Accountants and
Managing Director of Capital Intelligence Advisors Sdn Bhd.
BIMB Holdings Berhad, Bank Islam Malaysia Berhad and Dolphin International
Berhad.
Dato Sri Lim Haw Kuang

(Malaysian, age 61)
Member of Risk Management Committee
Areas of Expertise:
Oil & Gas and Power & Water Utilities.
Served 34 years with Shell in various senior positions including Executive
Chairman of Shell Companies in China, Vice President of Corporate Planning
& Strategy, Royal Dutch Shell, President of Oil Products for Asia Pacific and
Middle East, Chairman of Shell Companies in Malaysia and Managing Director
of Shell Malaysia Exploration & Production. Served as a Board Director of
the China Business Council for Sustainable Development and Special Adviser
to the President and Executive Committee of the World Business Council
for Sustainable Development. Former President of the Business Council
for Sustainable Development Malaysia. Currently, an International council
member of the China Council for International Cooperation on Environment
and Development, Director of BG Group Plc, ENN Energy Holdings Limited
and Bank Negara Malaysia.
Ranhill Holdings Berhad.

Dato Azmi Mohd Ali

(Malaysian, age 55)
Member of Risk Management Committee
Areas of Expertise:
Legal, Business and Regulatory Affairs.
Corporate and commercial lawyer with over 30 years of experience. Began
his legal career with Petroliam Nasional Berhad and later served as an
Advocate & Solicitor in T. Tharu & Associates. Former Partner in Hisham,
5QDTK-CFKT2TGUGPVN[5GPKQT2CTVPGTQH#\OK#UUQEKCVGU&KTGEVQTQHVJG
South East Asia Leadership Academy, a member of the Board of Trustees of
Universiti Teknologi Malaysia Endowment Fund and an Adjunct Professor at
the Universiti Kebangsaan Malaysia Law School.
Cliq Energy Berhad, Chemical Company of Malaysia Berhad, Perbadanan
Nasional Berhad and Financial Reporting Foundation.

(Malaysian, age 61)
Date of Appointment: 24 June 2014
Member of Sustainability Committee
Areas of Expertise:
Economics and Fund Management.
Former Assistant Secretary of the Planning Division of the Ministry of
Foreign Affairs Malaysia. Former Chairman of Tropicana Corporation Berhad
and former Chairman and co-founder of Ethos Capital. Presently, Chairman
and Founder of RM Capital Partners & Associates Sdn Bhd and Chairman of
the Advisory Council and Founding Member of the Kuala Lumpur Business
Club. Member of the APEC Business Advisory Council, Global Council of the
Asia Society, New York, Advisory Board of ACE Limited International, New
York and the Malaysian Committee of the Council for Security Cooperation
in the Asia Pacific as well as a Board Member of the Pacific Basin Economic
Council, Hong Kong. Distinguished Fellow and Board member of the
Institute of Strategic and International Studies Malaysia and a Trustee of the
Malaysian Youth Orchestra Foundation.
AMMB Holdings Berhad, AmInvestment Bank Berhad and Paramount
Corporation Berhad.

(Malaysian, age 62)
Date of Appointment: 4 February 2013
Member of Governance & Audit Committee and Sustainability Committee
Areas of Expertise:
Engineering, Project Management and Shariah Advisory in Islamic Finance and
Islamic Capital Market
Began his career with the Malaysian Public Works Department. Former
Chief Executive Officer of Kausar Corporation Sdn Bhd and Managing
Director of Five-H Associates Sdn Bhd. Presently, Chairman of the Shariah
Committee for the Malaysian Industrial Development Finance Berhad Group
of Companies and Shariah Advisory Committee for MNRB Retakaful Bhd as
well as a member of the Shariah Advisory Committee for BIMB Securities Sdn
Bhd. Adjunct Professor of Universiti Teknikal Malaysia Melaka.
Institut Kefahaman Islam Malaysia, Malaysian Industrial Development
Finance Berhad, MIDF Property Berhad, Mesiniaga Berhad and Sime Darby
Property Berhad.

Strategic Report
(Malaysian, age 61)
Areas of Expertise:
Economics, Finance and Management.
Former Group President & Chief Executive Officer of Felda Global
Ventures Holdings Berhad, Group Managing Director of Felda Holdings
Berhad and Group Managing Director and Chief Executive Officer of
Lembaga Tabung Haji. Former Director, Property Division of Pengurusan
Danaharta Nasional Berhad and has held various senior positions
within the Permodalan Nasional Berhad Group including the Managing
Financial Reports
Director of Federal Power Sdn Bhd, Managing Director of Syarikat
Perumahan Pegawai Kerajaan Sdn Bhd and Group General Manager of
Island & Peninsular Group. Presently, Director of Malaysian Industry-
Government Group for High Technology, an organisation under the Prime
Ministers Department and Council Member for the Northern Corridor
Implementation Authority and Global Science & Innovation Advisory
Council. Fellow of the Institute of Chartered Accountants in England and
Wales.
Eastern & Oriental Berhad, Sime Darby Property Berhad and Yayasan
Other Information
Sime Darby.
Additional Information
1. Save as disclosed below, none of the Directors has any family
relationship with and is not related to any director and/or major
shareholder of Sime Darby Berhad, nor has any personal interest in any
business arrangement involving the Company:
i. Tan Sri Samsudin Osman is a nominee Director of the Employees
Provident Fund Board.
ii. The nominee Directors of Permodalan Nasional Berhad are as
follows:
6CP5TK&CVQ5TK&T9CP#DFWN#\K\9CP#DFWNNCJ
6CP5TK&CVQ&T9CP/QJF<CJKF/QJF0QQTFKP
6CP5TK&CVWM&T;WUQH$CUKTCP
&CVWM<CKVQP/QJF*CUUCPCPF
&CVQ#\OK/QJF#NK
2. None of the Directors has any conflict of interest with Sime Darby
Berhad or been convicted for offences within the past 10 years other
than traffic offences, if any.
3. The details of Directors attendance at Board Meetings held in the
financial year ended 30 June 2015 are set out in the Statement on
Corporate Governance on page 145 of this Annual Report.
4. The full profiles of the Directors are available online at
www.simedarby.com

MANAGEMENT TEAM PROFILES

(Malaysian, age 64)
Group Chief Operating Officer (GCOO), Sime Darby Berhad and
Managing Director (MD), Property Division
Date of Appointment: 24 June 2008 GCOO, Sime Darby Berhad
1 June 2011 MD, Property Division
Skills and Experience:
Former Group Chief Executive of Kumpulan Guthrie Berhad and
Golden Hope Plantations Berhad. Held various management and
Board positions in companies in various sectors in Malaysia, Europe
and Asia, covering plantation, property, construction, manufacturing
and services as well as various Board positions in government and
government-linked companies. Instrumental in steering Sime Darby
Berhad in the Malaysian-led consortium to redevelop Battersea
Power Station, one of the best known landmarks in London.
DATUK TONG POH KEOW

(Malaysian, age 60)
Date of Appointment: 24 June 2008
Held various senior leadership positions in Kumpulan Guthrie
Berhad including the General Manager of Accounting and Financial
Reporting, Group General Manager of Finance (Group Accounting and
Financial Reporting) and Chief Finance Officer. Former Chief Financial
Officer of the Plantation Division of Sime Darby Berhad.
HARI NAIR
(American, age 44)
Group Chief Strategy & Innovation Officer
Held various senior leadership positions including the Global
Managing Director for Kimberly Clarks Global Innovation Center and
Partner as well as Vice President of Emerging Markets for Innosight
LLC. Spent 14 years with Procter & Gamble, where he held various
leadership roles in Research & Development both in the United
States of America and China.Current Chairman Emeritus of the
Edison Awards and serves on several non-profit Boards.

Strategic Report
ZULKIFLI ZAINAL ABIDIN
(Malaysian, age 54)
Group Chief Human Resources Officer
Date of Appointment: 1 July 2011
More than 20 years of experience across the full spectrum of the
human resources discipline. Held various senior positions including
the General Manager, Human Resources (Golden Hope Plantations
Berhad), Head of Human Resource, Plantation & Agri-business Division
and Group Head, Group Human Resources (Sime Darby Berhad).
Financial Reports
PHILIP KUNJAPPY
(Malaysian, age 58)
Other Information
Group Chief Trading & Procurement Officer
Date of Appointment: 1 October 2010
Began his career with Attlee, Edge & Lambert in Birmingham, United
Kingdom and subsequently joined PriceWaterhouse, Kuala Lumpur.
Held various senior leadership roles including the Finance Manager
in Kuala Lumpur Kepong Bhd, Finance Director in Island & Peninsular
Bhd and Senior Executive Director, Oil & Fats Subsidiaries in Felda
Holdings Bhd.
DR SIMON LORD
(British, age 58)
Group Chief Sustainability Officer
Date of Appointment: 1 April 2015
Held various senior leadership positions in New Britain Palm
Oil Limited (NBPOL) Group including the Group Director of
Sustainability, Executive Director for New Britain Plantation Services
(Singapore), Director of NBPOL Foundations, Head of Research
and Head of Technical Services. Has over 30 years of management
experience in the agricultural and oil palm sector. Former member
of the World Economic Forums Global Agenda Council on Natural
Capital and Biodiversity. Currently a Director of Global Sustainability
Associates and Trustee of Orang-utan Land Trust.


(Malaysian, age 59)
Has over 20 years of plantation experience. Began his career with
Kumpulan Guthrie Berhad and has held senior leadership roles in
PT Minamas Gemilang (Indonesia) including the General Manager,
Chief Operating Officer and Chief Executive Officer. Former Head of
Operations, Sime Darby Plantation Sdn Bhd. Presently a member of
Plantation Advisory Council of Malaysian Palm Oil Board.
SCOTT WILLIAM CAMERON

(Australian, age 57)
Date of Appointment: 1 October 2007
Began his career with PriceWaterhouse in Brisbane, Sydney and
New York. Former Finance Director of Hastings Deering (Australia)
Limited. Currently the Dealer Principal of the Hastings Deering
Group.
DATO LAWRENCE LEE CHEOW HOCK

(Singaporean, age 61)
Date of Appointment: 1 January 2008
Held various leadership positions in Kumpulan Sime Darby Berhads
(KSDB) Motors Division including Divisional Director and Managing
Director of the subsidiaries within the Hyundai Group. Has also held
senior managerial roles in KSDBs Motors Division in Singapore,
Australia, New Zealand and the Peoples Republic of China, including
Hong Kong and Macau.

Strategic Report
ALAN HAMZAH SENDUT
(Malaysian, age 55)
Managing Director, Energy & Utilities Division Non-China Operations
Began his career with PriceWaterhouse, London and has worked
with several multinational companies in Malaysia. Held various
senior financial positions in the Kumpulan Sime Darby Berhad Group
including the Finance Director of Tractors Malaysia Holdings Berhad
and Consolidated Plantations Berhad. Former Global Operations
Manager, Payment Services of BHP Billiton Malaysia and Executive
Vice President Group Strategy & Innovation, Sime Darby Berhad.
Financial Reports
TIMOTHY LEE CHI TIM
(Chinese (HKSAR) and Canadian, age 50)
Other Information
Managing Director, Energy & Utilities Division China Operations
Over 20 years of operational experience in the ports and container
terminal management industry in Hong Kong, one of the worlds
busiest ports. Served as the Operations Manager Hong Kong
Business Unit for Modern Terminals Limited, the second largest port
operator in Hong Kong. Former Chairman of the Sea Cargo Customer
Liaison Group, a committee organised by the Hong Kong Customs
& Excise Department to gather industry expertise to improve port
competitiveness.
DATO IR JAUHARI HAMIDI

(Malaysian, age 56)
Acting Managing Director, Property Division
Served in various capacities within the Sime Darby Berhad Group
including Director of the Special Projects portfolio, Executive Vice
President of the Utilities Division, Managing Director of Sime UEP
Properties Berhad and Executive Vice President, Energy & Utilities
Division (Non-China).


(Malaysian, age 55)
Group Secretary
Held various senior leadership positions in Kumpulan Guthrie Berhad
including Manager in the Group Chief Executives Office, Controller
of Corporate Business Development and Monitoring, Director of
Corporate Business Development and Human Resource and Head of
Group Legal & Compliance. Served as an Executive in many areas,
among others, investment analysis, money market trading, corporate
secretarial and legal as well as a Manager in the Group Chief
Executives Office in Permodalan Nasional Berhad. Admitted to the
Malaysian Bar and is a licensed Company Secretary.
GLENN CHARLES DALY

Group Head, Risk Management
Date of Appointment: 1 March 2011
Over 25 years of professional experience in the Asia Pacific region
specialising in risk management and internal audit of the professional
services industry. Held various senior leadership positions at
Deloitte, Brisbane in Australia and Ernst & Young in Singapore and
Sydney, Australia. Has extensive experience in providing services to a
range of clients in the mining, manufacturing, engineering, oil & gas,
logistics, property, telecommunications, agribusiness and the public
sectors. Served in the Departments of Defence and Finance and as a
Financial Controller of an engineering facility in Australian Defence
Industries.
JOHN EDWARD ARKOSI, OBE

Group Head, Group Compliance Office (GCO) and Group Corporate
Assurance (GCA)
Date of Appointment: 1 February 2011 - Group Head, GCO
1 July 2012 - Group Head, GCA
Over 32 years of experience in a wide range of industries and
government linked entities including over 12 years in Papua New
Guinea before moving into commerce and industry assuming various
senior and general management positions, audit and consultancy
roles. Held various senior positions in the Sime Darby Berhad Group
including the Regional Audit Manager for Australia, New Zealand and
the Pacific operations and heading the GCA function in the Group
Head Office and various other Divisions including Industrial, Motors
and Plantation. Awarded the Order of the British Empire (OBE) by Her
Majesty the Queen for services to business and the community.

Strategic Report
CHOO SUIT MAE
(Malaysian, age 54)
Group General Counsel
Over 25 years of experience as a corporate/commercial lawyer.
Began her career in private practice in Malaysia and has also worked
as a lawyer in Hong Kong with Reed Smith Richards Butler, Denton
Wilde Sapte and Victor Chu & Co. One of the founding partners of
Zul Rafique & Partners and a partner in Skrine, one of the largest law
firms in Malaysia. Admitted to the Malaysian Bar, the Law Society of
Hong Kong and the Solicitors Roll of England & Wales. Practice focus
Financial Reports
included mergers & acquisitions, capital markets, structured finance/
asset securitisations, cross-border joint ventures, corporate finance
and corporate/debt restructuring.
LEELA BARROCK
(Malaysian, age 48)
Other Information
Group Head, Communications
Date of Appointment: 21 January 2009
Former Associate Editor of The Edge business weekly covering
capital markets and the corporate sector. Former Group Head of
Corporate Responsibility in Sime Darby Berhad. Admitted to the
Bar of England and Wales (1992). Heads the functions of Group
Communications, Corporate Affairs and Group Investor Relations
as well as the Secretariat for the High Carbon Stock Study of the
Sustainable Palm Oil Manifesto.
Note:
The full profiles of the Management Team are available online at www.simedarby.com.

BOARD OF DIRECTORS Roles and Responsibilities of the Board

The Main Board recognises its duty and privilege as
Board Charter the apex governing body of the Group. The Board is
The Board Charter sets out the Boards strategic cognisant of the need to promote and protect the
intent and outlines the roles and powers that the interests of shareholders and stakeholders of the
Board specifically reserves for itself and those which Group. The Main Board also shoulders the ultimate
it delegates to Management and in so doing, also sets responsibility of determining the direction of the
the tone of the various Board Committees and FSBs. Group, assisting in the fine-tuning of corporate
The Board Charter serves as a constitution for the strategies and ensuring effective execution of these
Board and assists the Board in the assessment of strategies.
its own performance. The Charter addresses the The key objectives of the Main Board are to:
following pertinent matters:
QXGTUGGVJGEQPFWEVQHVJG)TQWRUDWUKPGUUGU
6JGRWTRQUGTGXKGYRTQEGUUCPFEQPVKPWQWU including the formulation of strategy and
education of the Board. performance objectives, control and accountability
6JGUVTWEVWTGCPFEQORQUKVKQPQHVJG$QCTF systems, corporate governance framework,
risk management practices and human capital
#WVJQTKV[QHVJG$QCTFKPENWFKPIVJGTKIJVVQ management.
obtain advice, to have access to personnel of the
Group and to convene meetings as required. CRRTQXGCPFOQPKVQTVJGRTQITGUUQHOCLQTECRKVCN
expenditure, fund-raising, acquisitions and
6JGTQNGUCPFTGURQPUKDKNKVKGUQHVJG$QCTF divestitures.
including the Boards oversight role and succession
planning. HWNNUVCVWVQT[CPFFWEKCT[TGURQPUKDKNKVKGUD[
monitoring the operational, financial and risk
6JGEQPFWEVQH$QCTFOGGVKPIU management processes of the Group.
The Board Charter was revisited by the Board in GPUWTGEQORNKCPEGYKVJGPXKTQPOGPVUCHGV[CPF
November 2014 to align with amendments to the health legislation by understanding the operations
Main Market Listing Requirements of Bursa Malaysia being carried out by the employees as well as the
Securities Berhad (Listing Requirements) and in JC\CTFUCPFTKUMUCUUQEKCVGFYKVJVJG)TQWRU
response to new regulations that may have an impact operations.
on the discharge of the Boards responsibilities. An
update to the Board Charter was made in February TGXKGYVJGGHEKGPE[CPFSWCNKV[QHVJG)TQWRU
2015 to strengthen the Groups commitment financial reporting process and systems of
towards environment, safety and health. The Board accounting and internal controls.
Charter is reviewed periodically. CUEGTVCKPVJGKPFGRGPFGPEGQHVJGGZVGTPCNCWFKVQT
The Board Charter is available online at and Group Corporate Assurance (GCA) function.
www.simedarby.com. OQPKVQTEQORNKCPEGYKVJGUVCDNKUJGFRQNKEKGUCPF
procedures.
GXCNWCVGVJGRGTHQTOCPEGQHVJG/CKP$QCTF(5$U
and the various Board Committees.
The Main Board not only sets the strategic direction
but also oversees and ensures that the conduct of
businesses of the Group is in compliance with laws
and ethical values.

Strategic Report
Overview of the Roles on the Board
Role Responsibilities
Chairman The Chairman of the Boards primary role is to preside over meetings of Directors
and ensure the smooth functioning of the Board in the interest of good corporate
governance. The duties of the Chairman include the following:
OCPCIKPI$QCTFOGGVKPIUVQGPUWTGTQDWUVFGEKUKQPOCMKPI
DWKNFKPICJKIJRGTHQTOKPI$QCTFD[VCMKPICNGCFKPITQNGKPGUVCDNKUJKPICP
effective corporate governance system, arranging regular evaluation of the Boards
performance and ensuring that Board and senior executive succession planning is
Financial Reports
considered on an on-going basis.
OCPCIKPI$QCTF/CPCIGOGPVKPVGTHCEGD[CEVKPICUVJGEQPFWKVDGVYGGP
Management and the Board, developing a positive relationship with the President
& Group Chief Executive (PGCE) and facilitating the selection and appointment of a
successor to the current PGCE.
DGKPIVJGRWDNKEHCEGD[CEVKPICUCURQMGURGTUQPHQTVJG$QCTFCPFTGRTGUGPVKPI
SDB at shareholders meetings and on other occasions when actions are taken or
statements are made in the name of the Group, both domestically and/or abroad.
Other Information
President & Group The PGCE assumes overall responsibilities for the execution of the Groups strategies
Chief Executive in line with the Boards direction, oversees the operations of the Flagship Subsidiary
Companies and drives the Groups businesses and performance towards achieving its
vision and goals. The key roles of the PGCE include, among others:
FKURNC[KPIGVJKECNDGJCXKQWTYJKNGQXGTUGGKPIVJGFC[VQFC[DWUKPGUUQRGTCVKQPU
implementing Board policies and strategies and making operational decisions.
UGTXKPICUVJGEQPFWKVDGVYGGPVJG$QCTFCPF/CPCIGOGPVKPGPUWTKPIVJGUWEEGUU
of the Groups governance and management functions.
GPUWTKPIVJCVCNN$QCTFFGEKUKQPUTGGEVKVUUWUVCKPCDKNKV[KPVGPVKQPUCUCTVKEWNCVGF
in the sustainability statement.
GPUWTKPIGHHGEVKXGTGNCVKQPUJKRUCPFEQOOWPKECVKQPYKVJ/CPCIGOGPVCPF
between the Board, shareholders and relevant stakeholders.
RTQXKFKPIUVTQPINGCFGTUJKRD[GHHGEVKXGN[EQOOWPKECVKPIVJG)TQWRUXKUKQP
management philosophy, business strategy and sustainability policy to employees.
MGGRKPIVJG$QCTFKPHQTOGFQHUCNKGPVCURGEVUCPFKUUWGUEQPEGTPKPIVJG)TQWRU
operations.
Senior Independent The Senior Independent Non-Executive Director acts as a point of contact for
Non-Executive shareholders and other stakeholders with concerns which have not been resolved or
Director those deemed inappropriate to be communicated through the normal channels.
Non-Executive Non-Executive Directors (both Independent and Non-Independent) monitor and
Director supervise Managements conduct in running the business while bringing their external
perspective and wisdom to bear on the decision making process.
These Directors:
CFXKUGCPFFKTGEV/CPCIGOGPVKPVJGFGXGNQROGPVCPFGXCNWCVKQPQHUVTCVGI[
OQPKVQT/CPCIGOGPVUUVTCVGI[KORNGOGPVCVKQPCPFQRGTCVKQPCNRGTHQTOCPEG
UCVKUH[VJGOUGNXGUVJCVPCPEKCNKPHQTOCVKQPKUCEEWTCVGCPFVJCVTKUMOCPCIGOGPV
systems are robust and defensible.
FGVGTOKPGCRRTQRTKCVGNGXGNUQHTGOWPGTCVKQPHQT'ZGEWVKXG&KTGEVQTUCPFCRRQKPV
evaluate and (in some cases) remove Senior Management.

Relationship between the Chairman and PGCE

The Board supports the principle that separate
individuals for the Chairman and Chief Executive
Officer positions is beneficial to the effective
functioning of the Board and facilitates a powerful
check and balance mechanism.
There is a separation of roles and responsibilities of
the Chairman and the PGCE as set out in the Board
Charter. The Chairman leads the Board in setting the
Groups key policies and direction, ensures effective
operation of the Board and is the spokesperson for
the Board. He principally ensures that the Board
fulfils its obligations under the Board Charter and as
required under the relevant legislations. The PGCE
ensures effective implementation of the Boards
policies, achieves strategic vision and performance
targets, exercises high level of business judgement
and manages the relationship with stakeholders and
the interface with the public.
Board Committees
Four (4) Board Committees are established to assist
the Main Board in the discharge of its statutory and
fiduciary responsibilities. The Board Committees and
their roles are as follows:
Board Committee Role
Governance & Audit Committee (GAC) Oversees the Companys financial reporting process and
practices, reviews the Groups business process and system
Chairman: of internal controls, ensures implementation of an effective
Dato Henry Sackville Barlow ethics programme across the Group, monitors compliance
with established policies and procedures and ascertains the
independence of both external auditors and internal audit
function.
Refer to report on page 159 for more details on key activities.

Nomination & Remuneration Committee Manages the nomination and remuneration process of the
(NRC) Board, Board Committees, FSBs and other pivotal management
positions within the Sime Darby Group. Administers the
Chairman: Long Term Incentive Plan function including any incentive
Tan Sri Dato Abdul Ghani Othman plan (whether by way of a cash scheme or a share scheme)
implemented or to be implemented by the Sime Darby Group.

Sustainability Committee (SC) Assists and supports the Boards responsibility in overseeing
the Groups objectives, policies and practices pertaining
Chairman: to sustainability, more particularly the People, Planet and
Dato Henry Sackville Barlow Prosperity elements covering environment, community
relations and safety & health.

Risk Management Committee (RMC) Oversees the risk management activities of the Sime Darby
Group. The Committee supports the Board in fulfilling its
Chairman: responsibility in identifying significant risks and ensuring the
Tan Sri Datuk Amar (Dr) Hamid Bugo implementation of appropriate systems to manage the overall
risk exposure of the Group.

Strategic Report
Flagship Subsidiary Boards Each FSB has the discretion to establish its own
Board Committee to facilitate the discharge of its
+PXKGYQHVJGUK\GQHVJG5KOG&CTD[)TQWR
FSBs were established to exercise oversight over duties and responsibilities. The FSB of the Plantation
each core division within the Group. Each FSB Division has established its own GAC to assist in
is structured to ensure a balanced composition, monitoring the financial risk processes, monitoring
with members drawn from the Main Board, Senior accounting and financial reporting practices,
Management and independent external industry considering the reports and recommendations by
experts. All nominations to the Board and Divisional the internal and external auditors and reviewing the
FSBs are reviewed by the NRC. overall results of the companies within the Division.
The TOR of the GAC of the FSB of Plantation Division
Each FSB has up to three (3) representatives from the were reviewed during the financial year to align with
Main Board to facilitate clear and unambiguous line the TOR of the GAC of the Main Board.
of oversight from the Board to the Divisions. There
Financial Reports
are also three (3) representatives from Management The composition of each FSB is available in the
and at least three (3) external parties. The external respective websites of the Divisions. The salient TOR of
Directors who are subject matter experts form a the FSB are available online at www.simedarby.com.
valuable resource for strategic planning providing
insight into trends and forecasts, creating a more AUTHORITY AND DELEGATION
conducive environment for informed decision
making. Authority of the Board
Every year the Board has a forward programme
The role of the FSB is to oversee the operations of key items to consider. The Board reserves full
of the respective Divisions, subject always to the decision making powers on the following matters:
Other Information
direction and counsel of the Main Board and in
compliance with any policy and delegated authority )TQWRCPF&KXKUKQPCNUVTCVGI[EQTRQTCVGRNCPU
limits set by the Main Board. Broadly, the FSBs key and annual budget.
roles are to:
#ESWKUKVKQPUFKURQUCNUCPFVTCPUCEVKQPU
QXGTUGGVJGQRGTCVKQPUQHVJGTGURGEVKXG exceeding the authority limits of the FSBs.
Divisions, which include but are not limited
%JCPIGUVQ*GCFUQHVJG&KXKUKQPU/CPCIKPI
to overseeing their business strategy and
Directors of Flagship Subsidiary Companies and
performance, human capital management,
Senior Management at Group Head Office.
corporate governance and risk management
practices. %JCPIGUKPVJGMG[RQNKEKGURTQEGFWTGUCPF
delegated authority limits of the Group.
HWNNKVUUVCVWVQT[CPFFWEKCT[TGURQPUKDKNKVKGU
of monitoring management and financial risk The Board, together with the FSBs, also perform the
processes and accounting and financial reporting following roles as set out by the Malaysian Code on
practices of the Division. Corporate Governance 2012:
TGXKGYVJG&KXKUKQPUDWUKPGUUGHEKGPE[CPFVJG 4GXKGYCPFCFQRVCUVTCVGIKERNCPHQTVJG
quality of the Divisions accounting function, Company.
financial reporting processes and system of
internal controls. 1XGTUGGVJGEQPFWEVQHVJG%QORCP[UDWUKPGUUVQ
ensure that the business is managed properly.
GPJCPEGVJGKPFGRGPFGPEGQHDQVJVJGGZVGTPCN
and internal audit functions by providing direction +FGPVKH[RTKPEKRCNTKUMUCPFGPUWTGVJG
to and exercising oversight of, these functions. implementation of appropriate internal controls
and mitigation measures to manage these risks.
GPUWTGVJGKORNGOGPVCVKQPQHCPGHHGEVKXGGVJKEU
programme across the Division and monitor /CPCIGVJGUWEEGUUKQPRNCPPKPIRTQEGUUKPENWFKPI
compliance with established policies and appointing, training, determining compensation
procedures. of and where appropriate, replacing Senior
Management.
The TOR of the FSBs have been enhanced to
include provisions on safety & health oversight 1XGTUGGVJGFGXGNQROGPVCPFKORNGOGPVCVKQP
responsibilities consistent with the amendments of a shareholders communication policy for the
made to the Board Charter. Company.
4GXKGYVJGCFGSWCE[CPFVJGKPVGITKV[QH
the Companys internal control systems and
management information systems, including
systems for compliance with applicable laws,
regulations, rules, directives and guidelines.

Delegated Executive Authority

As the Board does not manage every aspect of the
Group, the Executive Management team is given
certain powers to execute transactions as defined
and formalised in the Group Policies and Authorities,
specifically the limits of authority. The Board,
however, is aware that delegation does not absolve
responsibility as the Directors remain responsible
for the exercise of power by the delegatee as if
such power had been exercised by the Directors
themselves.
In terms of day-to-day management, the Company
has established a number of high level committees as
follows:
Management Committee Role
Group Management Committee (GMC) Has overall responsibility for management policies, day-to-day
operations of the Group, the deployment and implementation
Chairman: of Board resolutions and oversees the achievement of
President & Group Chief Executive objectives and results.
The GMC has no executive powers. Proposals by Management
are discussed at the meeting where views are sought from
members. The respective Managing Directors approve the
proposals in accordance with the authority limits in the Group
Policies and Authorities.
Its members include the Group Chief Operating Officer, Group
Chief Financial Officer, Managing Directors of the Divisions and
Executive Vice Presidents of Group Head Office. The Group
Head - Group Compliance & Group Corporate Assurance, Group
Head - Risk Management, Group General Counsel, Group Head
- Communications and the Acting Managing Director - Property
attend the meetings of the GMC as regular invitees. The Group
Secretary acts as the Secretary to the GMC.
The GMC meets on a bi-monthly basis and when deemed
necessary.The Committee met 5 times in the financial year.
Management Sustainability Committee Oversees sustainability operations within the Group including
recommending Group sustainability policies and standards &
Chairman: procedures, reviewing and monitoring business sustainability
Group Chief Operating Officer practices and targets, tracking global sustainability trends and
incorporating new developments into the Group sustainability
management framework and addressing sustainability risks,
communications and stakeholder management.
The Committee met 3 times in the financial year.
Group Investment Committee Reviews and recommends for approval major investment
decisions to the PGCE and the relevant FSBs and/or the Main
Chairman: Board.
Group Chief Operating Officer
Group Tender Committee Review tenders valued at RM100 million and above before
deliberation by the relevant FSB or the Main Board. The
Chairman: Committee has no mandate to approve the tenders that it
President & Group Chief Executive or reviews.
Group Chief Operating Officer

Strategic Report
Role of the Group Secretary To support the Groups commitment in conducting
its business with honesty and integrity and as
The Group Secretary is responsible for advising
the Board and providing good information flow a check and balance mechanism, the Group has
and comprehensive practical support to Directors, implemented the Whistleblowing Policy which
both as individuals and collectively, with particular forms part of the Group Policies and Authorities. The
emphasis on supporting the Non-Executive Directors policy is reviewed and revised by the Chairman of the
in maintaining the highest standards of probity GAC every two years to ensure continued efficacy
and corporate governance. All Directors have and provides guidance on, amongst others, the
unrestricted access to the advice and services of the Management oversight and reporting responsibility,
Group Secretary to facilitate the discharge of their no retaliation principle and protection afforded to
duties. whistleblowers for reports that are made in good
faith. The Group is committed to preserving the
The Group Secretarys position is subject to a fixed confidentiality of the whistleblower to the fullest
Financial Reports
tenure. The renewal of the contract, together with extent possible, unless disclosure is required by law.
the performance of the Group Secretary is tabled to Any proven retaliation is subjected to disciplinary
the NRC and the Main Board for recommendation action. However, the Group does not afford
and approval respectively. protection to those who make a report maliciously,
6JGRTQNGQHVJG)TQWR5GETGVCT[2WCP0QT\KNCJ recklessly or in knowledge of the report to be false.
Megawati Abdul Rahman, can be found on page The Whistleblowing Policy also prescribes in detail
136 in the Management Team Profiles section. The the various reporting channels that are available
detailed roles of the Group Secretary is available to employees internally. These include the normal
online at www.simedarby.com. escalation process through normal reporting lines to
Other Information
relevant Division and/or Functional Heads (including
Code of Business Conduct and Compliance Group Compliance and Group Corporate Assurance),
The Groups COBC has been established to Group Chief Operating Officer and the PGCE. A copy
guide the Group towards achieving the highest of the Whistleblowing Policy is downloadable by
standards of behaviour in our business dealings. employees via the Groups Employee Portal.
The COBC has been approved by the Main Board A separate secure whistleblowing channel that is
and provides guidance on various activities and is managed by the Group Compliance Office is also
in line with the Groups Core Values and Business provided to employees, which comprises various
Principles. The areas covered in the COBC include reporting mechanisms such as whistleblowing
conflicts of interest, bribery and corruption, e-forms, dedicated email address to the Senior
gifts, entertainment and travel and dealing with Independent Director or the Whistleblowing Unit,
counterparts and business partners. The COBC also hotlines, fax and a mailbox address to which the
covers areas on guidance resource and on raising whistleblower can address his concerns. A similar
concerns or reporting a violation. Compliance with whistleblowing reporting channel is also provided
the provisions in the COBC is mandatory for all to external parties and stakeholders to allow
Directors and employees of the Group and where them to raise concerns and report any potential
applicable, counterparts and business partners. wrongdoing to the Group. Details in relation to the
Business counterparts, especially vendors, are made whistleblowing channels available to external parties
aware of the expected behaviours during the vendor and stakeholders are available online at
registration stage. Understanding and acceptance of www.simedarby.com/whistleblowing.aspx.
the expected behaviours is also obtained through a
signed Vendors Letter of Declaration. Contact details of the Senior Independent Director
are available on page 176.
4GEQIPKUKPIVJGFKXGTUGPCVWTGUK\GCPFNQECVKQP
of the Groups business operations, the COBC is Key activities in relation to the COBC, which include
made available in nine (9) different languages (which training and communication programmes that have
represents the Groups key overseas operational been conducted across the Group are reported to the
areas), downloadable from both the Company GAC on a quarterly basis. COBC activities carried out
website (www.simedarby.com) and the Groups for the financial year can be seen in the Statement on
Employee Portal. The COBC is also distributed to Risk Management and Internal Control on page 177.
all Business Units in booklet form, especially in
Non-compliance with the COBC is reported
locations where access to the Groups Employee
to Management and the GAC as part of Group
Portal is limited. The Group ensures that the
Corporate Assurance internal audit reporting
COBC booklet is available and accessible to these
process. Reports received via the whistleblowing
employees. The COBC has also been transcribed
channels are investigated and results of the
into Braille for the use of the Groups visually
investigation are shared with the Chairman of GAC,
impaired staff. Violations of the COBC may result in
who is also the Senior Independent Director of the
disciplinary action and dismissal. Violations of the
Board via an online system. The GAC reviews the
COBC that are related to criminal acts may result
results of completed investigations on a quarterly
in prosecution after referral to the appropriate
basis. A summary trending and analysis report is also
authorities.
presented to the Main Board for noting.

BOARD ACTIVITIES
What the Board has achieved in FY2015 Key focus areas for FY2016
Deliberated and approved the acquisition of New Growth and innovation strategy
Britain Palm Oil Limited (NBPOL)
Endorsed the amended Board Charter Succession planning
Approved the enhanced Sustainability Strategy for Integration of NBPOL into the Sime Darby Group
the Group. Details of the Sustainability Strategy are
provided in the Sustainability Committee Report on
page 170
Endorsed the five year Group Strategy and Portfolio Impact of the volatile market conditions on the
Blueprint of the Group Groups performance
Leveraging on sustainability to continually create
value for the organisation
In June of each year, the Board meets to set the tone

for the Groups overall long-term strategy blueprint
and to discuss and challenge the Groups business
strategy and plan, Group Budget and the Human
Resources Blueprint. The meeting is attended by
members of both the Board and GMC to facilitate
effective and detailed discussions.
Board and Management Retreats are held annually
to discuss, among others, the strategic direction of
the Company and Group. The retreat also provides an
opportunity for the Board to interact with members
of Senior Management from the Group Head
Office and Divisions in an informal setting for more
relaxed discussions. An off-site retreat was held
in January 2015 in Bangkok, Thailand. The retreat
included operations visits to the packaging factory
of Morakot Industries Public Company Limited Board and Management Retreat to Bangkok
and BMW Centre in Charansanitwong, Bangkok Tan Sri Dato Abdul Ghani Othman and Mr Asanee Mallamphut,
where the Directors were able to see first-hand the Managing Director of Morakot Industries Public Company
packaging processes of oil products and the sales Limited, at the Marokot packaging factory.
operations at the BMW Centre.

Strategic Report
Meeting Attendance All Directors attended more than 50% or five (5) of
the Board Meetings held during the financial year
In FY2015, the Main Board had nine (9) Board
meetings, seven (7) of which were scheduled and two and have complied with the Listing Requirements in
(2) unscheduled. The unscheduled Board meetings terms of attendance. This reflects Board members
were called at short notice to discuss matters that commitment and dedication in fulfilling their duties
could not wait until the next scheduled Main Board and responsibilities.
meeting. Directors who were unable to attend a The breakdown of Directors attendance at the nine
meeting were encouraged to give the Chairman their (9) Board meetings and the Annual General Meeting
views and comments on matters to be discussed in (AGM) is set out below:
advance.
Financial Reports
Director Scheduled Unscheduled Annual
meetings meetings* General
Meeting
Tan Sri Dato Sri Hamad Kama Piah Che Othman
Other Information
6CP5TK&CVQ5TK&T9CP#DFWN#\K\9CP#DFWNNCJ
&CVQ#\OK/QJF#NK
Notes: Details of Board Committee attendance are set out

within the relevant Committee reports from pages
Attended meeting.
159 to175. The attendance of the members at the
Unable to attend meeting owing to prior business respective FSB meetings is available online at
commitments or other obligations. www.simedarby.com.
* In addition to scheduled meetings, the Main Board also
held two unscheduled meetings during the financial year
to discuss the acquisition of NBPOL.

Board Diversity
as at 30 June 2015
Balance of non-executive and executive Directors
1 1 12
Independent Executive Non-Executive
Chairman Director Director
Board gender balance Board age diversity

Female 60 years
(2) 70 years and below
and above (2)
(3)
61-64
Male 65-69
years
(12) years
(5)
(4)
Length of service of non-executive directors

as at 30 June 2015
Director Date of appointment Length of service
Tan Sri Dato Dr Wan Mohd Zahid Mohd Noordin 14 September 2007 7 years 9 months
Dato Henry Sackville Barlow 29 September 2007 7 years 9 months
Tan Sri Samsudin Osman 19 December 2008 6 years 6 months
Tan Sri Datuk Amar (Dr) Tommy Bugo @ Hamid Bugo 26 August 2010 4 years 10 months
Dato Sri Lim Haw Kuang 26 August 2010 4 years 10 months
Tan Sri Dato Sri Hamad Kama Piah Che Othman 16 November 2010 4 years 7 months
Tan Sri Datuk Dr Yusof Basiran 16 November 2010 4 years 7 months
Datuk Zaiton Mohd Hassan 16 November 2010 4 years 7 months
&CVQ#\OK/QJF#NK 16 November 2010 4 years 7 months
6CP5TK&CVQ5TK&T9CP#DFWN#\K\9CP#DFWNNCJ 10 December 2012 2 years 6 months
Ir Dr Muhamad Fuad Abdullah 4 February 2013 2 years 4 months
Tan Sri Dato Abdul Ghani Othman 1 July 2013 1 year 11 months
Dato Rohana Tan Sri Mahmood 24 June 2014 1 year 0 month
Note: Tan Sri Dato Sri Hamad Kama Piah Che Othman resigned from the Board on 31 July 2015.

Strategic Report
BOARD EFFECTIVENESS +PKPUVCPEGUYJGTGCP+PFGRGPFGPV0QP'ZGEWVKXG
Director is to be retained beyond nine (9) years,
Balance and Diversity the NRC shall conduct an assessment of the
A Balanced Board Independent Non-Executive Director(s) and
The Company continues to have a strong, committed recommend to the Board whether they shall
and dynamic Board with the right mix of skills and remain Independent or be re-designated as a Non-
balance to contribute to the achievement of the Independent Non-Executive Director.
Companys goals. The Board consists of qualified Six (6) of the Non-Independent Non-Executive
individuals with a diverse range of backgrounds and Directors are nominee Directors of Permodalan
specialisations, collectively bringing considerable Nasional Berhad (PNB). Another Non-Independent
knowledge, judgement and experience to the Non-Executive Director, the Chairman of the
Board. The Board has a good mix of governmental, Employees Provident Fund Board (EPF), represents
Financial Reports
technical and commercial experience with industry EPF on the Main Board. Both PNB and EPF are major
specific knowledge. These include, among others, shareholders of the Company.
economics, finance, accounting, engineering and
legal with industry knowledge covering plantation, 6JG$QCTFKUQHVJGXKGYVJCVKVUUK\GCPF
property development, oil & gas, banking and fund composition is appropriate and commensurate
management. with the complexity and scale of the Groups
operations. Short biographies of the Directors, their
The Chairman of the Main Board is an Independent independence status and details of the relevant skills
Non-Executive Director. A strong and able and experience they each bring to the Board are set
non-executive element is a key feature of the Board out from pages 127 to 131. An explanation of the
and all Board members, with the exception of main roles on the Board is set out on page 139.
Other Information
the PGCE, are Non-Executive Directors. The Non-
Executive Directors come from broad industry and Promoting Diversity
professional backgrounds, with varied experience The Boards overriding objective in any new
and expertise aligned to the needs of the Groups appointment is to select the best candidate with
businesses. a view to achieving a high-performing Board.
Appointments to the Board are based on merit
Six (6) of the Directors are independent, exceeding
against objective criteria with consideration
the minimum one-third (1/3) requirement as set
being given to the intrinsic capabilities of the
out in the Listing Requirements. The Company will
individual. The NRC recommends to the Board new
continue to be in compliance with the requirements
appointments as Directors of SDB and the Group
following the upcoming retirement of Tan Sri Hamid
based on clear selection criteria. The selection
Bugo and Dato Henry Sackville Barlow from the
criteria and process is provided in the NRC Report on
Board.
page 165.
Currently, none of the Independent Directors have
The Board recognises that diversity is one of the key
served on the Board for more than nine (9) years.
drivers to enhance board effectiveness as diversity
The Board is also aware that tenure is not the
broadens the debate within the Board and averts
absolute indicator of a Directors independence.
narrow group think. An effective Board leads
The test is whether the Director is able to exercise
the Company, both now and for the future and
independent judgement and act in the best interests
looks at the current environment and future risks
of the Company. In this regard, the Board, through
and opportunities to build a sustainable business.
the NRC, actively seeks to maintain a strong
In August 2015, the Board approved the Board
independent element on the Board by undertaking
Composition Policy, being one of the actionable
the following during FY2015:
improvement plans under the Board Effectiveness
%QPFWEVGFKPFGRGPFGPVCUUGUUOGPVUQHCNN Assessment for 2014. The Policy provides that
Independent Directors following the criteria diversity in terms of skills, background, knowledge,
guided by the definition of independent director international and industry experience, culture,
as prescribed by the Listing Requirements. The independence, age and gender, among many other
assessment applies to Independent Directors prior factors, will be taken into consideration when
to appointment, annually and when a new interest seeking to appoint a new Director to the Board so as
or relationship develops. to bring relevant perspectives to Board discussions.
+PFGRGPFGPV&KTGEVQTUCTGTGSWKTGFVQUWDOKVCP
annual declaration of independence.

The Board will also continuously enhance the Boards In addition, the Board had, in November 2014,
composition in line with the evolving circumstances approved the protocol for members of the Main
CPFPGGFUQHVJG)TQWRIKXGPKVUUK\GDWUKPGUU Board accepting directorships on the Boards of
diversity and geography. The Policy aims to maintain companies outside of the Sime Darby Group. The
at least two (2) women Directors on the Board and protocol requires members of the SDB Board to
actively work towards the minimum of 30% women discuss with the Chairman prior to their acceptance
as members of the Board by the end of 2016. The of any directorship on companies outside of the Sime
Board also embraces age diversity to encourage Darby Group to ensure that the appointment is not
diversity in perspectives and balance the Boards in conflict with the Sime Darby Groups business
insight, experience and approach to decision making. and does not materially interfere with his/her
The Board targets to have a composition where at performance as a Director on the SDB Board.
least 50% of its Directors are less than 60 years of
Directors are required to declare their directorships
age by 2017.
and/or interests in other public and private
The salient features of the Board Composition Policy companies upon appointment and on an annual
is available online at www.simedarby.com. basis. The Directors also notify the Company of
any subsequent change in their directorships
Fostering Commitment and/or interests in public and private companies.
The Boards meeting and agenda schedules to be The Company will subsequently notify the other
discussed for the next calendar year are prepared Directors upon receiving notice of such changes.
and circulated to all the Directors during the first
quarter of each financial year to provide notice well None of the Directors of the Company hold more
in advance to each Director allowing him/her to than five (5) directorships in public listed companies,
prepare adequately for the meetings. The schedules in compliance with the Listing Requirements. Non-
include meetings of Board Committees and general Executive Directors may be expected to relinquish
meetings of shareholders and maps out the flow of other appointments to ensure that they can meet the
key items of business to ensure that sufficient time is time commitment required of their role.
being set aside for strategic discussions.
A detailed agenda and, to the extent feasible, board
papers and supporting documents will be provided
to the Directors approximately one week prior to
each Board meeting.
To ensure that there is sufficient time for the Board
to discuss substantive matters, key agenda items
requiring the Boards consideration are usually
discussed at the beginning of Board meetings to
allow for adequate time for thorough discussion.
+PXKGYQHVJGUK\GEQORNGZKV[CPFQRGTCVKQPUQHVJG
Group spanning across 26 countries and 4 territories,
it is not uncommon for Non-Executive Directors to
devote a substantial amount of time prior to and
during Board meetings. Time spent by Directors
includes not only formal Board meetings but also
commitments of the Board Committees and FSBs,
off site programmes, discussions with Management,
professional development and education and
Company functions. This time commitment means
that Board nomination goes through a rigorous
selection process, through the NRC, to ensure
Directors are able to commit their time as members
of the Board, Board Committees and as members
of FSBs. In their acceptance letters as a Director on
the Main Board, the Directors undertake to devote
sufficient time to carry out their responsibilities as a
Director of the Company.

Strategic Report
Directors Remuneration
The objective of the Companys policy on Directors
remuneration is to attract and retain Directors of
the calibre needed to direct the Group successfully.
The Directors remuneration policy is reviewed
regularly to ensure that the compensation of
the Chairman and Directors of the Main Board
and FSBs are aligned to at least around the 75th
percentile and the 50th percentile of appropriate
peer groups respectively. The remuneration of the
Non-Executive Directors are reviewed once in
every three years and there has been no change to
Financial Reports
the remuneration of the Non-Executive Directors
and members of the Board Committees since
February 2014.
The following are salient elements of the Directors remuneration policy:
Non-Executive Directors Executive Director

Paid fixed annual Director fees as members of the The NRC considers and recommends to the Board for
Other Information
Board and Board Committees. approval the framework for the Executive Directors
remuneration and the final remuneration package.
Level of remuneration reflects the experience and Components of the remuneration are structured to
level of responsibilities undertaken by the link rewards to corporate and individual performance.
Non-Executive Director concerned. The Company Performance is measured against profits and other
also reimburses reasonable expenses incurred by targets set in accordance with the Companys annual
these Directors in the course of their duties. budget and plans.
The remuneration package comprises fees,
benefits-in-kind and other emoluments.
Remuneration for the Non-Executive Directors of the Board and as members of the Board Committees in the
form of fees is as follows:
Chairman Deputy Chairman Member

Board/Board Committee (RM/Year) (RM/Year) (RM/Year)
Board 600,000 250,000 180,000 1
360,000 2
Governance & Audit Committee 40,000 30,000

Nomination & Remuneration Committee 40,000 30,000
Not Applicable
Sustainability Committee 40,000 30,000
Risk Management Committee 40,000 30,000
Notes:
1
Fee for Resident Director
2
Fee for Non-Resident Director

Details of Directors remuneration (including benefits-in-kind) and the aggregate remuneration of Directors in
respective bands of RM50,000 for FY2015 are as follows:
Directors Fees
& Other
Remuneration Range of
Salary & Other Benefits-
(RM000) PBESS4 Total Remunera-
Remuneration2 in-kind3
(RM000) (RM000) tion
(RM000) By the (RM000)
(RM000)5
By SDB Subsid-
iaries
Executive Director
Tan Sri Dato Seri 6,747 - - 32 (22)6 6,757 6,750 - 6,800
Mohd Bakke Salleh
Non-Executive
Directors
Tan Sri Dato Abdul 640 150 32 822 800 - 850
Ghani Othman
Dato Sri Lim Haw 390 300 60 750 700 - 750
Kuang
Dato Henry 297 225 25 547 500 - 550
Sackville Barlow
Tan Sri Datuk Dr 215 248 25 488
Yusof Basiran
Datuk Zaiton Mohd 244 200 25 469
Hassan 450 - 500
Tan Sri Dato Sri 280 150 25 455
Hamad Kama Piah
Che Othman
&CVQ#\OK/QJF 217 200 25 442
Ali
N/A 1
N/A 1
Dato Rohana Tan 205 200 23 428

Sri Mahmood 400 - 450
Tan Sri Datuk Amar 295 100 25 420
(Dr) Tommy Bugo @
Hamid Bugo
Tan Sri Dato Dr 213 150 25 388
Wan Mohd Zahid
Mohd Noordin
Ir Dr Muhamad Fuad 245 115 25 385 350 - 400
Abdullah
Tan Sri Samsudin 180 150 25 355
Osman
Tan Sri Dato Sri 210 100 25 335 300 - 350
&T9CP#DFWN#\K\
Wan Abdullah
Notes: 5
The following successive range of remuneration bands of
RM50,000 is not applicable:
1
N/A - Not Applicable
Below RM300,000
2
Paid by the Sime Darby Group RM550,001 to RM700,000
RM750,001 to RM800,000
3
Comprises Company Car and Driver, where relevant RM850,001 to RM6,750,000
4
Performance-Based Employee Share Scheme 6
Comprises the provision for second grant of PBESS and
reversal of provision made in respect of the first grant of
PBESS.

Strategic Report
A summary of the Executive Directors remuneration package comprises the following:
FIXED REMUNERATION VARIABLE REMUNERATION
Short Term
Bonus scheme
Basic Salary Recommended by NRC
+ (Consideration - performance
Benefits-in-kind outcome of the Group TOTAL
Recommended by NRC and individual performance)
(Consideration - perfomance, Retirement provisions REMUNERATION
Financial Reports
consumer price index, +
similar position in companies) Long Term
Performance-Based
Employee Share Scheme (PBESS)
Independence and Conflicts of Interest Information and Professional Development

All Directors of the Company and its subsidiaries
Information
Other Information
must avoid any situation which might give rise to
a conflict between their personal interests and Board materials and information (agenda, Board
those of the Group. Prior to appointment, potential papers, minutes etc.) are provided in advance of
conflicts of interest are disclosed and assessed meetings so that Directors have sufficient time to
to ensure that there are no matters which would read and understand the information and obtain
prevent that person from taking on the role. further information, clarification or explanation,
where necessary. Papers deemed urgent may still
Directors are responsible for notifying the Chairman be submitted to the Group Secretary for tabling at
and/or the Group Secretary as soon as they become Board meetings, subject to the approval of both the
aware of actual or potential conflict situations. Chairman and the PGCE. Meeting agendas are also
If any potential conflict arises, the Articles of sequenced in such a way taking into consideration
Association stipulate that interested Directors shall the complexity of the proposals and whether they
not participate in discussions nor vote in respect of are items for approval or noting by the Board in
contracts that they are interested in, or be counted order for Board meetings to be more effective and to
as part of the quorum at a meeting when considering enable in-depth deliberation of matters.
a motion concerning any such contract. In the event Board materials are also disseminated electronically
a corporate proposal is required to be approved using a document management system which
by shareholders, interested Directors will further provides Directors with secured access to meeting
undertake to ensure that persons connected to them papers globally. The system allows Directors
similarly abstain from voting on the resolutions. This to access board materials before receiving
will be recorded in the minutes of the meetings. the hardcopies, while travelling and has made
&WTKPI(;6CP5TK9CP#DFWN#\K\FGENCTGF conference calls more effective.
his directorship on the Board of Felda Global In relation to the minutes of previous Board
Ventures Holdings Berhad, a bidder for the stake meetings, any Board member may seek clarification
of Kulim (Malaysia) Berhad in NBPOL. Tan Sri Wan of the minutes or request for correction before the
#DFWN#\K\JCUGZEWUGFJKOUGNHHTQOOGGVKPIU minutes are confirmed as correct. Issues raised,
during discussions on the acquisition of NBPOL discussions, deliberations, decisions and conclusions
and abstained from deliberating and voting on the including dissenting views made at Board meetings
relevant resolutions. with required actions to be taken by responsible
parties are recorded in the minutes.
All the Directors have direct access to the advice
and services of the Group Secretary whether as
the full Board or in their individual capacity, in the
furtherance of their duties.

Heads of operations and/or Senior Management All the Directors have attended and successfully
personnel may be required to make presentations completed the Mandatory Accreditation Programme
on proposal papers and brief/update the Board on (MAP) prescribed by Bursa Malaysia Securities
operational issues to further facilitate the Boards Berhad.
decision-making process.
Life-long learning, training programmes,
From time to time and where necessary, the Board conferences and seminars which are relevant to the
may seek independent professional advice at the Groups businesses to sustain active participation
Companys/relevant subsidiarys expense. The in Board deliberations are identified on an on-going
services of independent professional advisors or basis and the Company allocates a dedicated training
experts are typically sought to confirm or dispel budget to support the continuous development of
concerns raised by the Directors. The Board the Directors. In addition, each Director identifies
nevertheless affirms that reliance on an independent the areas of training that he or she may require for
advisor or expert does not abrogate the Boards further personal development as a Director or Board
individual or collective responsibility for the final Committee member. The Group Secretary arranges
decision. for the Directors attendance at these training
programmes.
The protocol for the Board and Directors to seek
independent professional advice is set out in the The Company also organises in-house education
Directors Manual. programmes by inviting experts to speak on specific
topics of interest either during Board meetings or at
Professional Development separate sessions. In-house education programmes
The Board is aware of the importance of continuing conducted during the financial year include Global
professional development for its Directors to ensure Business and Economic Outlook - Where Do We Go
they are equipped with the necessary skills and From Here?, FELT Leadership Training Programme
knowledge to meet the challenges of the Board. and Briefing on Goods & Services Tax.
On appointment, each new Director of the Main During the Retreat in Bangkok, the Company invited
Board and FSBs will undergo an on-boarding industry experts to speak on the following topics:
exercise. This will expedite the familiarisation (i) Down to a simmer: Prospects for Asia in 2015
process for new Directors with the environment that and beyond.
the Group operates in, the business operations of the
various Divisions including their range of products (ii) Competitive Advantage through Innovation.
or services, the Group organisation structure (iii) Sustainable & Generative Health.
and Managements roles and responsibilities.
Management will also arrange for site visits to key
operating units for new Directors. This is to give each
new Director a visual perspective of the Groups
operations. The site visits will include briefings from
the Management of operational units to provide
further depth and appreciation of the key drivers
behind the Groups core businesses.

Strategic Report
All Directors attended training programmes, conferences, seminars, courses and/or workshops during the
financial year. A brief description of some of the external training that Directors attended during FY2015 is set
out below:
Month/Year Topics Presenter/Organiser
July 2014 Advocacy Sessions on Corporate Disclosure for Bursa Malaysia Berhad
Directors
August 2014 2014 Malaysian Accounting Standards Board MASB
(MASB) Roundtable on Financial Reporting
Audit Committee Breakfast Series - Mr Andrew D Chambers/The
Financial Reports
Enhancing Internal Audit Practice Institute of Internal Auditors
Malaysia/Bursa Malaysia Berhad
Nominating Committee Programme 2: Board Ms Mira Gajraj Mohan, Mr Lim
Effectiveness and Succession Planning Chin Han and Mr Stuart James/
The Iclif Leadership & Governance
Centre (Iclif)/Bursa Malaysia
Berhad
Financial Institutions Directors Education Tan Sri Andrew Sheng/FIDE
(FIDE) Forum Event: Risk: From Whereof?
Other Information
Corporate Board Leadership Symposium 2014 - Malaysian Institute of
Harnessing Board Energy and Diversity Accountants
September 2014 Malaysia Palm Oil Council (MPOC) Palm Oil MPOC
Industry Leadership Forum
Employees Provident Fund (EPF) International EPF
Seminar
- Demographic Changes: Recognising the
Challenges and Opportunities
The Malaysian Private Equity Forum: Private Ekuiti Nasional Berhad/EPF
Equity as a Growth Catalyst in Malaysia
Climate Summit 2014 United Nations Headquarters,
New York
International Malaysia Law Conference The Malaysian Bar
Seminar 2014
-JC\CPCJ/GICVTGPFU(QTWO -JC\CPCJ0CUKQPCN$GTJCF
October 2014 Private Equity Course - Private Equity LGT Capital Partners (U.K.) Ltd
PNB Investment Series Great Companies Permodalan Nasional Berhad
Deserve Great Boards & Great Boards Leading (PNB)/PNB Investment Institute
the Way for Highly Innovative Companies Sdn Berhad (PNBi)
Risk Management & Internal Control: An Mr Wee Hock Kee and Mr Alan
Integrated Assurance on Risk Management Simmonds/Bursa Malaysia Berhad
and Internal Control - Is Our Line of Defence
Adequate and Effective?
2014 Risk Management Conference Risk Malaysia Airports Holdings
/CPCIGOGPV$GVVGT&GEKUKQPU$GVVGT Berhad (MAHB)
Outcomes
Talk on Corporate Finance Valuation and &CVQ;WUQH#PPWCT;CCEQD#\OK
Issues by YBhg Dato Yusof Annuar Yaacob, & Associates
Chief Executive Officer (CEO), Deutsche Bank

November 2014 EPF Investment Seminar Embracing BNP Paribas/EPF

Turbulent & Changing Times
Executive Briefing on Business Succession & #\OK#UUQEKCVGU
Legal Planning
Board Chairman Series: The Role of the Bursa Malaysia Berhad
Chairman
An Exclusive afternoon by YABhg Tun Daim Malaysian Industrial Development
Zainuddin Finance Berhad
APEC CEO Summit 2014 China Council for the Promotion
of International Trade
The Jersey Finance Asia Roadshow Centillion Group Limited
International Centre for Settlement of Kuala Lumpur Regional Centre for
Investment Dispute Practice & Current Trends Arbitration
in Investment Arbitrators
The Boston Consulting Group (BCG) Leaders BCG
Forum
10th Indonesian Palm Oil Conference and 2015 Indonesian Palm Oil Association
Price Outlook "Transforming Palm Oil Industry,
Enhancing Competitiveness"
December 2014 th International Petroleum Technology 2GVTQNKCO0CUKQPCN$GTJCF5JGNN
Conference Innovation and Collaboration: Schlumberger
Keys to Affordable Energy
5GPKQT/CPCIGOGPV.WPEJGQP6CNMQPHealth 2NB
-PQYNGFIG5JCTKPI5GUUKQP+P%QPLWPEVKon /KPKUVT[QH(KPCPEG/CNC[UKC
With Majlis Pelancaran Buku Garis Panduan Malaysian Directors Academy
Ahli Lembaga Pengarah Lantikan Menteri
Kewangan
January 2015 The World Economic Forum 2015 World Economic Forum
February 2015 Financial Services in Turbulent Times - A 6an Sri Dato Dr Lin See Yan/FIDE
Dialogue by Tan Sri Dato Dr Lin See Yan
(ounders Mentality: The Journey North Mr Chris Zook/Bain & Company
6Je 11th -JC\CPCJ#PPWCN4GXKGY$TKGPI Kha\CPCJ0CUKQPCN$GTJCF
March 2015 3WCNKV[5CHGty, Health and Environment MAHB
Conference
9QTNF+UNCOKE'EQPQOKE(QTWO
9+'( %xTFQDC2TQXKPEKCN)QXGTPOGnt/
Foundation Crdoba Roundtable 2015 WIEF/Fundacin Agrpolis de
Crdoba
%WTTGPV6TGPFUKP5JCTGJQNFGTU#EVKXKUO Professor Didier Cossin/PNBi
& Predicting Financial Crime-Detection,
Prevention & Remediation by Professor Didier
Cossin, International Institute for Management
&GXGNQROGPV
+/&5YKV\GTNCPF

Strategic Report
April 2015 5VTCVGIy Workshop - Special Knowledge EPF
Sharing Session
4KUM/Cnagement Conference /#*$
6JG$WUKness of Innovation 2015 London Speaker Bureau
+/&-WCNC.WORWT$WUKPGUU(QTWOQP Digital Professor Donald A. Marchand/
Transformation - Roadmap for Business IMD
May 2015 20$&KUCUVGT4ecovery Awareness Session 20$
Financial Reports
2015
6JG%NWDMalaysia (PEMANDU) 2'/#0&7
2GTHQTOCPEG
Management & Delivery Unit,
Prime Ministers Department)
and Bursa Malaysia Berhad, in
collaboration with the Ministry of
Women, Family and Community
Development
Other Information
+PVGTPCVKQPCN5QEial Security Conference - EPF
Sustainable Social Security Ecosystem within
an Aging Society
9+'(#((Roundtable 2015 9+'(CPF#NNKCPEG(QTWO
Foundation (AFF)
ASEAN SME Showcase & Conference 2015 SME Corporation Malaysia
June 2015 #PVK/QPG[.CWPFGTKPI#PVK6GTTQTKUO Mr Vijayaraj K Kanniah/PNB
Financing and Proceeds of Unlawful Activities
Act 2001: Compliance & The Law (Risk Based
Approach) for Board of Directors & Senior
Management of PNB Group
+ORCEVQHVJG0GY#EEQWPVKPI5VCPFCTFQP Mr Darrel Scott/FIDE
Banks - What Directors should be aware of
th Annual Corporate Governance Summit #sian World Summit Sdn Bhd
VJ+PVGTPCVKQPCN2NCPVGTU%QPHGTGPEG The Incorporated Society of
Addressing the Triple Bottom Line: Changing Planters
Dynamics of the Oil Palm Industry
%CRKVCl Market Programme PNB
Notes:
The list of external trainings are attended on individual basis.
More detailed information on the Directors Training and Continuous Education Programme is available online at
www.simedarby.com.

Board Evaluation
Board Evaluations are conducted annually to provide
opportunities to consider ways of identifying greater
efficiencies, maximising strengths and highlighting
areas for improvement. A comprehensive Board
Effectiveness Assessment and Individual Directors
Evaluation conducted in 2014 facilitated by
independent external facilitators covered the
following areas:
Evaluation Assessment Criteria
Board of Directors Board contribution, composition, information/pre-reading materials,

agendas and meetings, dynamics, board/management relationship,
leadership and processes.
Board Committees Board Committees structure, appointment process, meetings and
communication.
Individual Directors Individual Directors strengths, contributions and areas of focus and
improvement.
The 2014 Board Effectiveness Assessment and A Board Working Session was held in October
Individual Directors Evaluation was performed 2014. An action plan highlighting the key areas
through a series of interview sessions between for enhancement was agreed upon, to be used as
Directors and facilitators. The assessment revealed a roadmap by the Board over the succeeding year
that SDB had a very good Board that has made in its journey to drive a high performing Board.
major contributions to the Company. Key strengths The Chairman had a follow up discussion with the
identified from the evaluation included the external facilitators in April 2015 to track the status
successful implementation of the FSB governance of actionable improvements agreed upon at the
model, open tenor of Board discussions, leveraging Board Working Session.
functional expertise in Board composition and
the dynamic relationship between the Board and For 2015, the Board Effectiveness Assessment
Management. focused on the areas of enhancement highlighted
during the Board Working Session and sought other
recommendations from Directors.
The focus areas and actions taken to enhance Board effectiveness are as follows:
Focus Area Actions Taken
Board succession planning #NN$QCTFCRRQKPVOGPVUCTGOCFGQPOGTKVKPVJGEQPVGZV

of the diversity required for an effective Board, including
diversity of skills, experience, background, age and gender.
The Board Composition Policy will guide the Board in making
new appointments with the aim of achieving a high performing
Board and encouraging positive Boardroom dynamics.
6JG$QCTFCPFVJG04%JCXGDGGPCEVKXGN[KFGPVKH[KPI
and assessing the suitability of potential candidates to
be appointed to the Board. The Board acknowledges that
succession planning for the Board is a continuous and ongoing
process.
PGCE succession planning 6JG$QCTFKUKFGPVK[KPIRQVGPVKCNUWEEGUUQTUHQTVJG2)%'
position and is developing clear selection criteria for the
successor to the position of the PGCE.

Strategic Report
Focus Area Actions Taken
Refining the Board and Board 4GPGOGPVQHVJGGZGEWVKXGUWOOCT[YJKEJQWVNKPGUVJG
Committee papers salient key points of matters to be deliberated in Board papers
as a preface to proposals by Management.
6JG2)%'JCUDTKGHGFCPFFKUEWUUGFOGVJQFUVQKORTQXGVJG
delivery, balance and conciseness of information provided in
Board papers during the GMC meeting.
6JG6GTOUQH4GHGTGPEGQHGCEJ$QCTF%QOOKVVGGJCUDGGP
updated with improvements to the circulation period for
meeting agenda and relevant documents and information
Financial Reports
$QCTFRCRGTUCTGOCFGCXCKNCDNGGNGEVTQPKECNN[VJTQWIJ
secured means to Board members for timely and ease of access,
especially when travelling.
Refocusing the Board agenda 2TQRQUCNUD[/CPCIGOGPVCTGFKUEWUUGFCVVJGDGIKPPKPIQH
meetings. The Chairman of the meeting is also able to decide on
the sequence of the agenda items to be discussed.
4GRQTVKPID[VJG%JCKTOCPQHGCEJ$QCTF%QOOKVVGGVQVJG
Main Board has shifted focus from minute driven to heres
Other Information
what we decided to do and why.
Improving the delivery of the 1PDQCTFKPIUGUUKQPUYKNNDGUVCIGFQXGTVJGEQWTUGQHVJG
on-boarding exercise for newly Directors first year of service. Opportunities will also be
appointed Directors provided for newly appointed Directors to participate in
orientations of FSBs which they do not serve.
STAKEHOLDER ENGAGEMENT To further enhance the level and quality of

disclosure, the Board adopted the Group Corporate
Timely and Quality Disclosure Disclosure Guidelines in August 2015. The Guidelines
The Board is committed to ensuring that gives specific guidance on the disclosure of material
communications to the investing public regarding information, maintenance of the confidentiality
the business, operations and financial performance of information, dissemination of information and
of the Group are accurate, timely, factual, communications including that which is transmitted
informative, consistent, broadly disseminated and electronically.
where necessary, filed with regulators in accordance Technology has also been utilised to increase
with applicable legal and regulatory requirements. the effectiveness and timeliness of information
The Board has developed and adopted, in its Group dissemination. The Companys website is a key
Policies and Authorities, a policy on Stakeholder communication channel for the Company to reach
Engagement, stipulating the authorised channels its shareholders, the Investment Community and the
and personnel through which/whom certain general public. Up-to-date information on Group
information of the Group shall be approved and activities, financial results and major strategic
disclosed to internal and external stakeholders. developments are provided in the website. The
Company website further outlines the Companys
The Policy regulates the review and release of business principles, Corporate Governance
information to regulatory authorities, facilitating Framework, COBC, whistleblowing guidelines and
timely and accurate disclosure of the Companys various corporate governance initiatives.
affairs and includes internal and external corporate
communications and investor relations activities. The financial results, annual reports, announcements
to Bursa Malaysia Securities Berhad, corporate
presentations and other information on the Company
is available online at www.simedarby.com.

Engaging Shareholders Investor Relations

The Board recognises the importance of an effective
Annual General Meeting
communication channel between the Company,
The AGM is an opportunity for further shareholder its shareholders and the general public. Pertinent
engagement and for the Chairman to explain the matters that may affect stakeholders include
Companys progress and, along with other members strategic developments, financial results and
of the Board, to answer any question. All Directors material business matters affecting the Company
attend, unless unforeseen circumstances or pressing and Group.
commitments prevent them. Attendance of the
Directors at the 2014 AGM is provided on page 145 The Company has an Investor Relations Unit that
and details of the 2015 AGM are set out on page 386. facilitates communication between the Company and
the Investment Community. Senior Management of
The Companys AGM, scheduled in November of the Company actively engages with the Investment
each year, is the primary platform for communication Community and the Board is periodically briefed on
with the widest range of shareholders. Some of these interactions and feedback from the Investment
the measures to encourage greater shareholder Community.
attendance and participation include the following:
The Investor Relations Unit has an extensive
5JCTGJQNFGTUYJQCTGWPCDNGVQCVVGPFCTGCNNQYGF programme that involves the holding of regular
to appoint a proxy/ies to attend and vote on their meetings, conference calls and site visits, all
behalf. The proxy need not be a shareholder. intended to keep the Investment Community
6JGXGPWGQHVJG#)/KUCVCEGPVTCNCPFGCUKN[ abreast of the Companys strategic developments
accessible location providing ample parking space and financial performance. In addition, investment
for shareholders. road shows and conferences are held to engage
with shareholders and potential investors across the
6JG5KOG&CTD[YGDUKVG
YYYUKOGFCTD[EQO globe.
contains a number of references to and notices
about the AGM. Twice a year, the Head of Investor Relations &
Business Intelligence provides reports to the Board
/GODGTUQHVJG$QCTF5GPKQT/CPCIGOGPVCU on investor relation activities, recommendation by
well as the external auditors of the Company are analysts, comments from the Investment Community
present at the AGM to address any question or as well as commentary on share price information.
concern that shareholders may have. The Board also receives a report at each quarterly
meeting on the shareholding structure, including any
6JG2)%'RTGUGPVUVJG5VTCVGI[2QUKVKQPKPIHQT
change to the holdings of substantial shareholders,
the Long Term Growth of the Sime Darby Group at
of the Company.
AGMs and shareholders queries are answered and
their views obtained. The timely release of financial results on a quarterly
basis provides the Investment Community with an
The Chairman, at the commencement of a general
up-to-date view of the Groups performance
meeting, informs shareholders of their right to
and operations. A press conference and an
vote by poll. This is in line with the Companys
analysts briefing are held concurrently with the
Articles of Association. Poll voting on Related Party
release of the quarterly financial results to Bursa
Transactions has been made mandatory by the
Malaysia Securities Berhad. To widen the reach to
Listing Requirements. Regardless of the regulatory
stakeholders, summaries of the financial results
requirement, the Company prepares polling slips in
are advertised in selected daily newspapers while
the event shareholders request for poll voting on any
copies of the full announcement can be supplied
resolution tabled at the general meeting.
to shareholders and members of the public upon
request.
Shareholders are welcome to raise queries by
contacting the Company at any time throughout
the year and need not wait for the AGM for such an
opportunity. The contact information is available on
page 176 and at the Companys website
www.simedarby.com.
Details of the Groups engagement with other
stakeholders can be found on page 22.

GOVERNANCE & AUDIT
Strategic Report
COMMITTEE REPORT
The Chairman of the GAC helms the role of being
directly accessible to whistleblowers.
DATO HENRY SACKVILLE BARLOW
Financial Reports
Chairman of the Governance & Audit Committee
INTRODUCTION The Chairman of the GAC and as SID oversees

investigations of all whistleblowing cases, from
The Audit Committee was established on
receipt of cases via an online system or otherwise,
29 September 2007. With effect from 25 November
through investigation to closure. On a quarterly
2010, the Committee was renamed as the
basis, the GAC reviews the results of completed
Governance & Audit Committee (GAC) to reflect more
investigations. Additionally, a summary trending
accurately the powers delegated to the Committee
Other Information
and analysis report is presented to the Board for
with regard to oversight over governance matters.
notation. Where required, a Special GAC meeting
is called to address whistleblowing concerns.
Whistleblowing policies are reviewed by the
CHAIRMANS OVERVIEW
Chairman every two years to ensure continued
The Chairman of the GAC regularly meets the Group efficacy.
Head of Group Compliance & Group Corporate
Assurance on matters arising from internal audit
and investigations and also helms the role of being DATO HENRY SACKVILLE BARLOW
directly accessible to whistleblowers through Chairman of the Governance & Audit Committee
Sime Darby Berhads (Sime Darby) whistleblowing
channels. My role as the Senior Independent Director
of the Main Board (SID) highlights significant
assurance of Sime Darbys governance in action.
COMPOSITION OF THE COMMITTEE
Members* Membership Appointment Tenure on the Attendance

GAC
Dato Henry Sackville Chairman/Senior 29 September 2007 8 years 6/6

Barlow Independent Non-
Executive Director
Tan Sri Datuk Amar (Dr) Member/Independent 29 September 2011 4 years 6/6
Hamid Bugo Non-Executive Director
Datuk Zaiton Mohd Member/Non- 16 November 2010 4 years 6/6
Hassan Independent Non- 10 months
Executive Director
Ir Dr Muhamad Fuad Member/Independent 4 February 2013 2 years 6/6
Abdullah Non-Executive Director 7 months
Note:
* For the Members profiles see pages 127 to 131 of the Directors Profiles.

The Chairman of the GAC, Dato Henry Sackville WHAT HAS THE GAC DONE DURING THE
Barlow, is a Fellow of the Institute of Chartered FINANCIAL YEAR?
Accountants in England and Wales while Datuk
During the year, the GACs key activities included:
Zaiton Mohd Hassan is a Fellow of the Association of
Chartered Certified Accountants, the Vice President 1. Financial Reporting
of the Malaysian Institute of Accountants and a
member of the Malaysian Institute of Certified 4GXKGYKPIVJGSWCTVGTN[WPCWFKVGFPCPEKCN
Public Accountants. The GAC, therefore, meets the results and the related press statements for
requirements of paragraph 15.09(1)(c) of the Main recommendation to the Board for approval
Market Listing Requirements of Bursa Malaysia before release to
Securities Berhad (Listing Requirements). Bursa Malaysia Securities Berhad.
The President & Group Chief Executive (PGCE), 4GXKGYKPIVJGEQPUQNKFCVGFCWFKVGFPCPEKCN

Group Chief Operating Officer, Group Chief Financial statements of the Company and the Group
Officer (GCFO), Group Head - Group Compliance & and ensuring that the statements comply
Group Corporate Assurance and Group Head - Risk with the Financial Reporting Standards for
Management attend the GAC meetings to brief recommendation to the Board for approval.
and provide clarification to the Committee on their 4GXKGYKPIVJG)TQWR(KPCPEKCNCPF(QTGKIP
areas of responsibility. Other members of Senior Currency Exposures.
Management are also invited for specific agenda
items to support detailed discussions during the 4GXKGYKPIVJGUVCVWUCPFRGTHQTOCPEGQH
Committees meetings. the Groups major ongoing and completed
investments and key ongoing property
The external auditors also attend and brief the development projects.
Committee on matters relating to external audit.
During the financial year, the external auditors
attended five (5) GAC meetings to provide a high
level review of the financial position of the Group.
Time was also set aside for the external auditors Ensuring that financial statements comply
to have private discussions with the Committee with applicable financial reporting standards
in the absence of Management, except for the
Group Secretary. During the financial year, four (4) Accurate and reliable financial statements
private sessions were held between the GAC and the are a key outcome of a sound system of
external auditors. internal control and towards this end, the
GAC considered the following on a regular
Similarly, the Group Head - Group Compliance & basis:
Group Corporate Assurance also met privately with
the Committee at all quarterly meetings of the GAC. %JCPIGUKPCEEQWPVKPIRQNKEKGUCPF
practices and implementation thereof.
5KIPKECPVCFLWUVOGPVUCTKUKPIHTQOVJG
ROLES OF THE COMMITTEE external audit process.
The GAC is responsible for: )QKPIEQPEGTPCUUWORVKQP
#UUKUVKPIVJG$QCTFKPHWNNNKPIKVUUVCVWVQT[ #FGSWCE[CPFCRRTQRTKCVGPGUUQH
and fiduciary responsibilities of monitoring the disclosure.
Sime Darby Group of companies management
of financial risk processes and accounting and The GAC also met with the external auditors
financial reporting practices. without the presence of Management except
for the Group Secretary. This is the forum at
4GXKGYKPIVJG5KOG&CTD[)TQWRUDWUKPGUU which the external auditors highlight, among
process, the quality of the Group accounting other matters, any concern they may have
function, financial reporting and the system of on the compliance aspect of the financial
internal controls. statements.
'PJCPEKPIVJGKPFGRGPFGPEGQHDQVJVJGGZVGTPCN The Directors consider that in preparing
and internal audit functions by providing direction the financial statements, the Group has
to and oversight of these functions on behalf of used appropriate accounting policies,
the Board. consistently applied and supported by
#UUKUVKPIVJG$QCTFKPGPUWTKPIVJCVCPGHHGEVKXG reasonable and prudent judgment and
ethics programme is implemented across the estimates. All accounting standards which
Group and monitors compliance with established the Board considers to be applicable have
policies and procedures.
Detailed Terms of Reference for the GAC can be
found at www.simedarby.com.

Strategic Report
%QPUKFGTKPIVJGOCLQTPFKPIUCPFMG[
significant external/internal audit matters
been adopted, subject to any explanation for
raised by the external auditors and GCAD and
material departures disclosed in the notes to
Managements response and follow-up actions
the financial statements.
thereto.
The GCFO updates the GAC regularly on the
%QPUKFGTKPIVQIGVJGTYKVJ/CPCIGOGPVVJG
Groups financial performance and highlights
global audit fees of the external auditors for
key issues in connection with the preparation
recommendation to the Board for approval.
of the results, including the adoption of
new accounting standards/policies. The 4GXKGYKPITGRQTVUQPXKQNCVKQPUQHVJG%QFGQH
GCFO is responsible for ensuring that the Business Conduct (COBC) and whistleblowing
Group is aware of impending changes to the issues to ensure all reported violations are
accounting standards and also the relevant properly investigated and actions are taken in
Financial Reports
regulatory requirements, recognises the response to all concerns raised.
implication of those changes and complies
with the requirements. In order to achieve /GGVKPISWCTVGTN[YKVJVJGGZVGTPCNCWFKVQTU
this, the Group places great emphasis on Group Head - Group Compliance & Group
two key areas, which are the development Corporate Assurance without the presence of
of a pool of skilled and knowledgeable Management except for the Group Secretary.
accounting and finance staff and the 4GXKGYKPIOKPWVGUQH$QCTF/GGVKPIUQH
development of a robust and efficient selected joint venture companies and Audit
financial reporting system. Committees of the Flagship Subsidiary Board
and subsidiary companies of the Group.
Other Information
The Group has a wide range of internal
training programmes covering both 4GXKGYKPICPFCRRTQXKPIVJG)TQWR%QTRQTCVG
technical and non-technical areas specially Assurance Revised Charter and refinements to
designed to fit the needs of the Group with the methodology in rendering an audit opinion
the objective of enhancing the level of rating.
competencies of its accounting and finance
staff. Accounting and finance staff are also 1XGTUGGKPIVJGKPVGTPCNEQPVTQNUHTCOGYQTM
required to attend external training to 4GXKGYKPIRTQITGUUWRFCVGUQPOCLQTRTQLGEVU
enrich their knowledge, keep abreast of the and acquisitions.
development in the accounting standards
and drive for high quality financial reporting. 4GXKGYKPICPFTGEQOOGPFKPIGPJCPEGOGPVU
The GCFO and key finance personnel to the Groups governance and audit
also actively engage with the Malaysian processes.
Accounting Standards Board (MASB) on
accounting matters through participation in
MASBs working groups formed to debate
on significant and emerging issues within the
accounting profession. Suitability and Independence of External
Auditors
The GAC considered the suitability and
2. Internal and External Audit independence of the external auditor during
4GXKGYKPIVJG)TQWR%QTRQTCVG#UUWTCPEG the discussion of the Group Audit Plan for
Departments (GCAD) scope of work and audit the financial year ended 30 June 2015. The
plan which includes conducting regular and GAC considered several factors including the
risk based systematic audits or reviews at the adequacy of experience and resources of the
Group and Division levels. The Divisions audit firm and professional staff assigned to the
strategies have been similarly reviewed at their audit and the level of non-audit services to
respective Flagship Subsidiary Boards. be rendered by the external auditors to the
Group for the financial year under review.
4GXKGYKPIVJGGZVGTPCNCWFKVQTU#WFKV2NCP
which summarises the responsibilities and the The Board is aware of the potential conflict
scope of work for the financial year ended 30 of interest situation that may arise if the
June 2015. The Audit Plan includes the audit Companys external auditors are engaged
approach for 2015, focusing on the areas of to provide non-audit services to the Group.
emphasis, reporting and audit timetable. In order to mitigate this risk, a paper on
Appointments of Financial Advisors for
4GXKGYKPIVJGCFGSWCE[QH)%#&UTGUQWTEGU Non-Audit Assignments is tabled to the
and financial budget to meet the planned audit GAC on a quarterly basis for review.
activities across the Group.

#RRTQXKPIVJGTGXKUGF+PVGTPCN)WKFGNKPGU
on Related Party Transactions following
Further, the GAC procures a written amendments on the Listing Requirements and
confirmation from the external auditors Practice Notes of Bursa Malaysia Securities
that they are and have been, independent Berhad.
throughout the conduct of the audit 4. Performance-Based Employee Share Scheme
engagement in accordance with relevant
professional and regulatory requirements 'PFQTUKPIVJGUGEQPFITCPVCNNQECVKQPQH
and in accordance with the external auditors shares to selected employees of the Sime
internal policy. The external auditors also Darby Group under the Performance-Based
provide a written confirmation that they Employee Share Scheme (PBESS). The second
have reviewed the non-audit services grant was offered to the selected employees
provided to the Group during the year and on 20 October 2014. The GAC was satisfied
that to the best of their knowledge, the that the allocation of the second grant was in
non-audit services did not impair their compliance with the criteria set out in the By-
independence. Laws for the PBESS.
The Company also discloses fees received by 4GXKGYKPIVJGNKMGNKJQQFQHVJG)TQWROGGVKPI

the external auditor for non-audit work on the Long Term Incentive Plan trigger in respect
page 395. of the first grant.
5. Governance
6JG)#%%JCKTOCPWRFCVGFVJG$QCTFQP
principal matters deliberated at GAC meetings
and the activities undertaken by the GAC at
3. Related Party Transactions
each quarterly Board meeting. Minutes of the
4GXKGYKPIUKIPKECPVTGNCVGFRCTV[ GAC meeting were tabled for confirmation
transactions entered into/to be entered at the following GAC meeting and circulated
into by the Company and the Group and the to the Board for noting at the next most
disclosure of such transactions in the Annual practicable Board meeting.
Report.
4GXKGYKPIVJG5VCVGOGPVQP%QTRQTCVG
4GXKGYKPIVJG%KTEWNCTVQ5JCTGJQNFGTU Governance, GAC Report and Statement on
with regard to the proposed renewal of Risk Management and Internal Control prior to
shareholders mandate for existing recurrent their inclusion in the Companys Annual Report
related party transactions and proposed new for the Boards approval.
shareholders mandate for additional recurrent
related party transactions of a revenue or 2GTHQTOKPICUGNHCUUGUUOGPVVQCUUGUUKVU
trading nature for recommendation to the effectiveness in carrying out the duties as set
Board for approval. out in Terms of Reference of the GAC.
4GXKGYKPIVJGTGNCVGFRCTV[VTCPUCEVKQPQPVJG 4GXKGYKPICPFGPFQTUKPIVJGTGXKUGF6GTOU
sale of Subang Avenue Shopping Complex, of Reference of the GAC in view of the latest
which was announced to Bursa Malaysia updates to the Listing Requirements.
Securities Berhad pursuant to the Listing 4GXKGYKPIVJG&KTGEVQTU/CPWCNKPEQTRQTCVKPI
Requirements upon the Boards approval. changes to the Listing Requirements for the
The Committee is of the opinion that the Boards approval.
transaction is in the best interests of the Group,
is fair, reasonable and on normal commercial 6. Other activities
terms and is not detrimental to the interest of %QPUKFGTKPICPFTGXKGYKPIVJGKPVGTKOCPF
the minority shareholders of Sime Darby. proposed final dividends for recommendation
4GXKGYKPIVJGRTQEGUUGUCPFRTQEGFWTGUQP to the Board for consideration. The Dividend
related party transactions/recurrent related Reinvestment Plan was applied to the entire
final single tier dividend and Shareholders
party transactions in the Group Policies and
have been given the option to reinvest
Authorities (GPA) to ensure that related
their final dividend in the new Sime Darby
parties are appropriately identified and shares to be issued pursuant to the Dividend
that related party transactions are declared, Reinvestment Plan.
approved and reported appropriately.
4GXKGYKPIVJGTGRQTVQPVJGCEVKXKVKGUECTTKGF
4GXKGYKPIVJGEQORNKCPEGQHTGNCVGFRCTV[ out by Group Compliance Office (GCO) during
disclosures to the Malaysian Financial the financial year. The functions and activities
Reporting Standard 124, Companies Act, 1965, of the GCO can be found on pages 182 to 183.
Listing Requirements and internal guidelines
on a quarterly basis.

Strategic Report
4GXKGYKPICPFTGEQOOGPFKPICRRTQXCN
revisions to the GPA following amendments
to laws and regulations, changes in the
Management Structure and enhancement of Strengthening security and protection of
procedures and processes for the Boards. information
4GXKGYKPIVJG)TQWR+PHQTOCVKQP6GEJPQNQI[ In the era of digital information, the
(IT) Roadmap which comprises the IT Strategy, confidentiality, availability and integrity of
Risk and Security and key IT initiatives. corporate information assets and intellectual
4GXKGYKPIVJG)TQWRU)NQDCN6TCFKPI properties are vital for an organisations
Marketing position on outstanding trades sustainability and competitive edge. The
performed on Bursa Malaysia Derivatives GAC had looked into preventive strategies
Berhad, forward sales of crude palm oil, to protect the Board from security breaches.
Financial Reports
crude palm oil and palm kernel expeller sales The GAC reviewed and the Board approved
contracted and sales of certified palm oil. on 21 May 2015, the use of the Groups
enterprise email solutions with enhanced
4GXKGYKPIVJGCRRQKPVOGPVUQHPCPEKCN authentication features for secured
advisors for non-audit assignments and correspondence and access to the Companys
issuance of Letters of Financial Support. confidential information.
4GXKGYKPIVJGKORNGOGPVCVKQPQHVJG)QQds
and Services Tax (GST) Readiness Project, the
key tax issues of the Group, the developments
in the global tax landscape and how the Group
Other Information
is addressing the issues.
2GTHQTOKPIVJGCPPWCNCUUGUUOGPVQHVJG PERFORMANCE REVIEW OF THE COMMITTEE
performance of the Group Head - Group During the financial year, the Board reviewed the
Compliance & Group Corporate Assurance term of office and assessed the performance of the
GAC with the recommendation by the Nomination
2GTHQTOKPIVJGCPPWCNCUUGUUOGPVQHVJG
& Remuneration Committee. The term of office and
audit opinion rating score for the PGCEs
performance of the GAC are reviewed at least once
performance scorecard.
every 3 years pursuant to the Listing Requirements.
%QPFWEVKPIURGEKCNTGXKGYQPURGEKECTGCUQH The Board is satisfied that the GAC has discharged its
operations. duties in accordance with the Terms of Reference.
INTERNAL AUDIT
Overview
Governance initiatives
The Group has an in-house internal audit function
Enhancing independence and objectivity which is carried out by GCAD and is headed by
Mr John Edward Arkosi. The GCAD reports directly
As an effort to improve governance and to the GAC and its principal responsibility is to
enhance the GACs independence and undertake regular and systematic reviews of the
objectivity, from August 2014 GAC members internal control systems so as to provide reasonable
are required to declare any potential conflict assurance that such systems continue to operate
of interest with any of the agenda items at satisfactorily and effectively in the Company and the
the onset of meetings. Group.
Gearing up towards the Goods and Services All internal audit functions during the financial year
Tax were conducted by GCAD. Nevertheless, where
Before the GST was implemented on 1 April required, GCAD has engaged and co-sourced with
2015, the GAC received progress reports external audit firms or subject matter experts in
on the key milestones of the Groups specific technical areas including forensic and legal
GST implementation project. The project advisory. During the financial year ended 30 June
covered the IT Systems, project costs and 2015, the total cost incurred for the internal audit
had three phases, namely reviewing and function was RM44.2 million (2014: RM44.1 million)
assessing the GST impact, validating the GST which includes external consultancy cost amounting
Implementation Plan and executing the GST to RM363,000.
Implementation Plan.

Functions Activities
GCAD is guided by its Group Corporate Assurance The attainment of the above objectives involves
Charter which specifies that GCAD reports key activities being carried out by GCAD. The key
functionally to GAC and administratively to the PGCE activities are detailed out in the Statement on Risk
to allow an appropriate degree of independence Management and Internal Controls on pages 181 to
from the operations of the Group. GCAD has 182.
been organised as a centralised department with
divisional Corporate Assurance Departments and GROUP COMPLIANCE OFFICE
has direct control and supervision for audit services
across the Group. GCAD is also responsible for The GCO was established as an independent function
the conduct of regular and systematic reviews with the objective of assisting the Board, GAC
of environmental, safety and health issues in the and Management in coordinating compliance risk
Company and the Group. management activities and to provide reasonable
assurance to the Board and Management that the
The Group Head of Corporate Assurance attends the Groups operations and activities are conducted
meetings of the Flagship Subsidiary Boards (FSB) in line with all applicable legal and regulatory
on a quarterly basis to brief the FSB on audit results requirements, internal policies and procedures,
and significant matters raised in the detailed GCA COBC and standards of good practice applicable to
reports undertaken in the respective divisions. the Groups operations. GCOs function, including its
activities are guided by its Charter and the GPA.
There are a total of 200 internal auditors, excluding
Management Trainees and Interns, across the Group The GCO reports functionally to the GAC and
headed by Mr Arkosi and supported by Divisional administratively to the PGCE to allow an appropriate
Heads in Malaysia and regional offices in Australia, degree of independence from the operations of the
China and Indonesia. All internal auditors have Group. The GCO has full and unrestricted access to
tertiary qualifications and the level of expertise the PGCE, Chairman of the Board, GAC members
and professional background within GCAD for the and if necessary, the Board members. GCO shares
financial year ended 30 June 2015 is as follows: a similar organisation structure as GCAD where
it is organised as a centralised department with
divisional GCO teams where compliance activities
Percentage of are coordinated, supervised and monitored across
Expertise Category Total Auditors the Group. GCO comprises 17 compliance officers
headed by Mr Arkosi, who is supported by Divisional
Finance 43% Heads.
IT/MIS 12% The key activities undertaken by GCO for the
financial year ended 30 June 2015 are highlighted
Network/Engineering 12% in the Statement on Risk Management and Internal
Controls section on pages 182 to 183.
General/Others 33%
This report is made in accordance with a resolution
of the Board of Directors dated 17 September 2015.
Percentage of
Professional Category Total Auditors
Professional Certification
ICAEW, CPA, ACCA, CA, MIA 23%
Certified Internal Auditor (CIA) 7%
Certified IS Auditor (CISA) 4%
Institute of Internal Auditors
Membership 40%
Others 10%
Postgraduate
MBA and Masters 16%

NOMINATION & REMUNERATION
Strategic Report
COMMITTEE REPORT
For the financial year 2016, the Committee will focus
on succession planning and will support the Board in
the achievement of diversity within the Board.
Financial Reports
Chairman of the Nomination & Remuneration Committee
INTRODUCTION As reported last year, the Board had undertaken a

The Nomination Committee and the Remuneration detailed assessment of its effectiveness for FY2014.
Committee were established on 29 September A Board Working Session was held in October 2014
2007. Subsequently, on 16 November 2010, the to formulate an action plan to address potential
Nomination and Remuneration Committees were areas for enhancement. A follow up assessment has
merged to become the Nomination & Remuneration been undertaken to see whether the gaps identified
Other Information
Committee (NRC). On 28 August 2014, the earlier have been addressed.
NRC assumed the functions of the Long Term Another key role of the NRC is to oversee the
Incentive Plan Committee so as to ensure a holistic development of the remuneration framework
remuneration framework for employees of the and policies of the Group. The objectives of
Group. Sime Darbys remuneration for its Non-Executive
Directors is to attract the right talent, retain high
performing Directors and align Directors interest
CHAIRMANS OVERVIEW with that of shareholders. The NRC recommends the
The Nomination & Remuneration Committee has remuneration of the Non-Executive Directors to the
been established with the primary objectives of Board to be put to a vote by the shareholders of the
managing the Board nomination process, reviewing Company at the Annual General Meeting (AGM).
the Groups remuneration process and overseeing
administration of the Performance-Based Employee The total remuneration for employees of the Group
Share Scheme (Share Scheme) and other related comprises Base Pay, Benefits, Bonus and the Long
incentive plans that may be implemented by the Term Incentive Plan. Executive remuneration
Company. continues to be driven by performance and
employees are rewarded based on their contribution
A key role of the NRC is to assist the Board in to the Group. Scorecards have been put in place
continuously enhancing its effectiveness. This at the Group, Division and unit levels to measure
includes making recommendations on new members performance and determine reward. The objective is
of the Board and Board Committees so as to ensure for the Group to pay competitive remuneration while
a wide range of skills, knowledge and experience, at the same time manage employment costs.
assisting in the Boards annual assessment of the
Independent Directors of the Board, overseeing For the financial year 2016, the Committee will focus
Board effectiveness assessments and recommending on succession planning and will support the Board in
the re-appointment and/or re-election of Directors the achievement of diversity within the Board.
on the Board for approval of shareholders.
In relation to the independent element on the TAN SRI DATO ABDUL GHANI OTHMAN
Board, the NRC ensures that the Board has the Chairman of the Nomination & Remuneration
appropriate number of independent Directors so as Committee
to be able to leverage upon their wide experience
and the different perspectives that they bring
to Board discussions. All Board Committees of
Sime Darby Berhad (Sime Darby) are chaired by
Independent Directors. Following an assessment of
the Independent Directors, the Board is of the view
that the Independent Directors had maintained their
independence during the financial year 2015.

Members* Membership Appointment Attendance
Tan Sri Dato Abdul Ghani Othman Chairman/Independent 28 August 2012 7/7
Non-Executive Director
6CP5TK&CVQ5TK&T9CP#DFWN#\K\9CP Member/Non-Independent 31 July 2015 N/A +
Abdullah Non-Executive Director

Tan Sri Datuk Amar (Dr) Tommy Bugo @ Member/Independent Non- 28 August 2012 6/7
Hamid Bugo Executive Director
Datuk Zaiton Mohd Hassan Member/Non-Independent 28 August 2014 5/6 #
Dato Henry Sackville Barlow Member/Senior 4 February 2013 6/7
Independent
Tan Sri Dato Sri Hamad Kama Piah Che Member/Non-Independent 28 August 2012 4/7 ^
Othman Non-Executive Director
Notes: ROLES OF THE COMMITTEE

* For the Members profiles see pages 127 to 131 of The Committee is established by the Board with the
the Directors Profiles. following primary objectives:
+ Appointed as a Member of the NRC with effect 6QCUUKUVVJG$QCTFKPTGXKGYKPIVJGCRRTQRTKCVG
from 31 July 2015. UK\GCPFDCNCPEGQHVJG$QCTFKPENWFKPIJCXKPI
# Reflects the number of meetings held during the the required mix of skills, experience and
period Datuk Zaiton Mohd Hassan held office. knowledge. The NRC also ensures that there is
sufficient succession planning and human capital
^ Resigned as a Member of the NRC with effect development focus in the SDB Group.
from 31 July 2015.
6QTGEQOOGPFVQVJG$QCTFVJGTGOWPGTCVKQP
The Nomination & Remuneration Committee framework for Non-Executive Directors, Executive
(NRC) comprises Non-Executive Directors with Directors, the PGCE, key pivotal positions and
the majority being Independent Directors. The employees of the Group.
Committee is chaired by the Chairman of the Board 6QCFOKPKUVGTVJG2GTHQTOCPEG$CUGF'ORNQ[GG
and includes the Senior Independent Director as Share Scheme in accordance with the By-Laws as
its member. The composition of the NRC complies approved by the shareholders.
with both requirements of the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad Functions and Duties
(Listing Requirements) and the Malaysian Code on Specific functions and duties of the NRC are as
Corporate Governance 2012. follows:
On 10 July 2015, the NRC recommended the Nomination Functions and Duties
re-designation of Tan Sri Dato Sri Dr Wan Abdul
#UUGUUKPIVJG$QCTFUEQORQUKVKQPKPENWFKPI
#\K\9CP#DFWNNCJCUVJG&GRWV[%JCKTOCPQHVJG
establishing a policy formalising the Groups
Company and the appointment of Tan Sri Dato Sri Dr
approach to boardroom diversity, reviewing the
9CP#DFWN#\K\CUC/GODGTQHVJG04%YKVJGHHGEV
$QCTFUUK\GCPFOKZQHUMKNNUGZRGTKGPEGEQTG
from 31 July 2015 in place of Tan Sri Dato Sri Hamad
competencies and other qualities and overseeing
Kama Piah Che Othman who resigned on the same
succession planning of the Board.
day.
/CPCIKPIVJGTGETWKVOGPVRTQEGUUHQTPGY
Meetings of the NRC are attended by the President
Directors of the Sime Darby Group.
& Group Chief Executive (PGCE). Other members
of Senior Management are invited to meetings 1XGTUGGKPIVJGTGVKTGOGPVTGCRRQKPVOGPVCPF
of the NRC, when necessary, to support detailed re-election process of Directors.
discussions.
4GEQOOGPFKPIUWKVCDNGQTKGPVCVKQPCPFVTCKPKPI
programmes for Directors.

Strategic Report
7PFGTVCMKPICPPWCNRGTHQTOCPEGCUUGUUOGPVU A pre-screening of candidates is also undertaken by
a third party. The Chairman of the NRC will report on
4GEQOOGPFKPIVQVJG$QCTFVJGCRRQKPVOGPV the discussion with the third party at the meeting of
evaluation and termination of the PGCE position. the NRC, prior to recommendation of the individual
1XGTUGGKPIVJGTGETWKVOGPVGXCNWCVKQP to the Board.
promotion and termination of key pivotal positions In FY2015, the Board approved appointments on the
of the Group. Board of Sime Darby Industrial Holdings Sdn Bhd,
'PUWTKPIVJCVCPCRRTQRTKCVGUWEEGUUKQPRNCPPKPI Boards of Commissioners and Audit Committees
framework, talent management and human capital of PT Minamas Gemilang and PT Anugerah
development programmes are in place for the Sumbermakmur and Nominee Directors of Sime
PGCE and key pivotal positions. Darby Plantation Sdn Bhd on the Board of New
Britain Palm Oil Limited.
Remuneration Functions and Duties
Financial Reports
The Group Secretary ensures that all appointments
4GXKGYKPICPFTGEQOOGPFKPIVQVJG$QCTFC are properly made, that all necessary information is
formal and transparent remuneration policy and obtained from the Directors, both for the Companys
framework for Non-Executive Directors of the own records and for the purposes of meeting
Sime Darby Group. statutory obligations, as well as obligations arising
4GXKGYKPIVJGTGOWPGTCVKQPCPFVGTOUCPF from the Listing Requirements or other regulatory
conditions of service of the PGCE position and key requirements.
pivotal positions. The recruitment process concludes with an on-
4GXKGYKPICPFTGEQOOGPFKPIVJGGZVGPUKQP boarding exercise and related training programmes
Other Information
of service and the compensation and benefits to train and equip the Director with the required
packages for Executive Vice Presidents and other knowledge and understanding of the Groups
key pivotal positions of the Group who have businesses and operations. Additional details on
reached the age of retirement. the structure of the on-boarding exercise and the
Directors professional development are set out on
4GXKGYKPIVJGCPPWCNUCNCT[KPETGOGPVCPFDQPWU page 152.
framework of the Group.
Long Term Incentive Plan Functions and Duties RE-APPOINTMENT OR RE-ELECTION OF DIRECTORS
The NRC ensures that the Directors retire and are
1XGTUGGKPIVJGCFOKPKUVTCVKQPQHVJG5JCTG re-appointed/re-elected in accordance with the
Scheme and the shares granted under it, subject to relevant laws and regulations and the Articles of
the By-Laws. Association of the Company.
&GVGTOKPKPIVJG)TQWRURGTHQTOCPEGOGCUWTGU Directors over seventy (70) years of age are required
and targets associated with each Offer. to submit themselves for re-appointment by
shareholders annually in accordance with Section
The revised Terms of Reference (TOR) of the NRC was
129(6) of the Companies Act, 1965. The Directors
reviewed and endorsed by the Board on of the Company who have reached over 70 years of
29 September 2014. The detailed TOR of the NRC is age namely, Tan Sri Dato Dr Wan Mohd Zahid Mohd
available online at www.simedarby.com. Noordin, Tan Sri Datuk Amar (Dr) Tommy Bugo @
Hamid Bugo and Dato Henry Sackville Barlow have
NOMINATION AND RECRUITMENT PROCESS notified the Company of their intentions not to seek
One of the NRCs key roles is to drive the recruitment re-appointment at the Companys forthcoming AGM.
process for new Directors. In considering candidates The Companys Articles of Association provides that
as potential Directors, the NRC takes into account at least one-third (1/3) of the remaining Directors
the following criteria: are required to retire by rotation at each AGM and
5MKNNUMPQYNGFIGGZRGTVKUGCPFGZRGTKGPEG all Directors shall retire from office at least once in
every three (3) years. A retiring Director is eligible
6KOGEQOOKVOGPVEJCTCEVGTRTQHGUUKQPCNKUOCPF for re-election.
integrity.
The Directors seeking re-election at the AGM are
2GTEGKXGFCDKNKV[VQYQTMEQJGUKXGN[YKVJQVJGT listed in the Notice of AGM and are recommended by
members of the Board. the NRC and the Board.
5RGEKCNKUVMPQYNGFIGQTVGEJPKECNUMKNNUKPNKPGYKVJ
the Groups strategy.
&KXGTUKV[KPCIGIGPFGTCPFGZRGTKGPEG
background.
0WODGTQHFKTGEVQTUJKRUKPEQORCPKGUQWVUKFGVJG
Group.

TENURE AND INDEPENDENCE WHAT HAS THE COMMITTEE DONE DURING THE
None of the six (6) Independent Directors has served FINANCIAL YEAR?
on the Board for more than nine (9) years. During FY2015, the Committees key activities
included:
The NRC has facilitated the annual assessment of
the Independent Directors in May 2015. The criteria 1. Nomination Function
used in FY2015 to assess the independence of In relation to the Board of Sime Darby and the
the Independent Directors include the Directors Flagship Subsidiary Boards:
tenure on the Board and whether the Director
was independent in character and judgement and 4GXKGYKPIVJG$QCTF%JCTVGTCPFVJG6GTOU
that there were no relationships or circumstances of Reference of the Board Committees and
which could affect, or appear to affect, the recommending the revised Charter and TOR to
Directors judgement. The Board, upon reviewing the Board.
the outcome of the assessment, was satisfied that 4GEQOOGPFKPIVJGRTQVQEQNHQT&KTGEVQTU
the Independent Directors had maintained their accepting new Directorships on companies
independence in FY2015. outside of the Group.
BOARD COMPOSITION AND DIVERSITY 4GXKGYKPIVJG614QHVJG(NCIUJKR5WDUKFKCT[
The NRC assists the Board to periodically examine Boards and recommending the revised TORs to
VJGGHHGEVKXGPGUUQHKVUUK\GCPFEQORQUKVKQPCPF the Board.
whether the current number of Board members 'XCNWCVKPICPFTGEQOOGPFKPIUWKVCDNG
is conducive for efficient deliberation at Board candidates for appointment to the Boards/
meetings and facilitates effective decision making. Board Committees of Sime Darby, Flagship
The NRC also endeavours to balance the requirement Subsidiary Companies and major subsidiaries
for professional knowledge, business expertise, of Sime Darby.
varied industry knowledge and diversity to maintain
the effectiveness of the Board. 4GXKGYKPIVJG$QCTF%QOOKVVGGUQH5KOG
Darby leading to the following:
In August 2015, the NRC recommended for approval
by the Board the Policy on Board Composition. The - Disbandment of the Litigation Committee.
policy aims to have an appropriate level of diversity - Revision to the composition of the NRC and
in the Boardroom to reflect the diverse nature Sustainability Committee.
of the Companys operations and to support the
achievement of the Companys strategic objectives - The adoption of the functions of the Long
as well as sets out the targets to be delivered by the Term Incentive Plan Committee by the NRC.
Company in terms of gender and age diversity. 4GXKGYKPIEQORNKCPEGQH$QCTF%QOOKVVGGU
The targets set out in the policy is provided in pages with their respective TORs.
147 and 148 and the salient features of the policy is 4GXKGYKPIVJGVGTOQHQHEGCPFRGTHQTOCPEG
available online at www.simedarby.com. of the Governance & Audit Committee.
The NRC is responsible for the implementation of /QPKVQTKPIVJGEQPFWEVQHC$QCTF
this policy and for monitoring progress towards the Effectiveness Workshop following the Board
achievement of the Boards objectives. The NRC will Effectiveness Assessment 2014.
review this policy annually and will recommend to
the Board changes, if any, to ensure that the policy is 1XGTUGGKPIVJGCPPWCNCUUGUUOGPVQH
in line with the requirements of the Board. Directors.
In relation to Management:
BOARD EFFECTIVENESS ASSESSMENT
The NRC oversees Board effectiveness assessments. 4GXKGYKPIVJGUEQTGECTFQHVJG2)%'HQT
As a follow up to the Board Effectiveness Assessment FY2016 and recommending the scorecard to
2014, in April 2015, the Chairman of the NRC had the Board.
a discussion with the external facilitators to track 4GXKGYKPIVJG$WOKRWVGTC'ORQYGTOGPV
the status of actionable improvements identified Agenda Key Performance Indicators (KPI) 2014
through the 2014 evaluation. This is to ensure that achievement and the 2015 targets for the
appropriate actions are taken based on the results of PGCEs scorecard.
the annual assessment.
4GXKGYKPIVJGQTICPKUCVKQPCNEJCPIGUVQDG
For 2015, the assessment focused on whether gaps made at the Group and recommending the
identified earlier were satisfactorily resolved and changes to the Board.
other areas for enhancement by the Board.
More detailed information on the Board
Effectiveness Assessment can be found on page 156.

Strategic Report
4GXKGYKPIVJG)TQWRU'ZGEWVKXG5WEEGUUKQP
Plan for Direct Reports of the PGCE and for
critical positions.
4GEQOOGPFKPIVJGCRRQKPVOGPVUQH'ZGEWVKXG
Vice Presidents.
2. Remuneration Function
In relation to the Board:
4GEQOOGPFKPICRRTQRTKCVGNGXGNUQH
remuneration for Non-Executive Directors of
the Sime Darby Group for the financial year
2015.
Financial Reports
In relation to employees of the Group:
'XCNWCVKPIVJGRGTHQTOCPEGQHVJG2)%'CPF
recommending the performance rating, salary
increment and bonus for the PGCE.
4GEQOOGPFKPIVJGUCNCT[KPETGOGPVRTQRQUCNU
and guidelines for employees of the Sime
Darby Group for FY2016 and the bonus
payout for FY2015, taking into consideration
Other Information
market data, the Groups performance and the
individuals experience and performance.
4GXKGYKPICPFTGEQOOGPFKPIVJGTGPGYCNQH
fixed term contracts of Senior Management.
3. Long Term Incentive Plan Function
#RRTQXKPIVJGnd Long Term Incentive Plan
(LTIP) Grant Offer and matters related to the
Offer.
4GXKGYKPIVJGCEEQWPVKPIRTQXKUKQPUHQTVJG
1st LTIP Grant and recommending revisions to
the Board.
4GXKGYKPIVJG4GRQTVQPVJG.6+26CTIGVU
Achievement.
4GXKGYKPIVJG4GIKUVGTQH%QORNCKPVUEWO
Enquiries/Issues Log.
ANNUAL PERFORMANCE ASSESSMENT

The NRC shall perform a self-assessment annually to
assess its effectiveness in carrying out the duties as
set out in the TOR. The Self-Assessment for FY2015
showed that the NRC had effectively discharged its
functions as set out in its TOR.

SUSTAINABILITY
COMMITTEE REPORT
Sustainability is a journey, for a better Sime Darby,

a better us.

Chairman of the Sustainability Committee
INTRODUCTION On a more positive note, our continuous

improvement programme throughout the Group has
The Sustainability Committee was established on
continued to empower our employees to achieve
28 August 2012 and has oversight responsibilities
outstanding results this Financial Year. A total of
in relation to the Sime Darby Groups objectives,
RM360.48 million of benefits has been achieved
policies and practices pertaining to sustainability,
since the establishment of the Lean Six Sigma
more particularly on People, Planet and Prosperity.
(LSS) Blueprint in 2013, exceeding our targets set
since then. Sime Darby has also been recognised
CHAIRMANS OVERVIEW internationally at the American Society of Quality
(ASQ) World Conference International Team
The Sustainability Committee and I are committed Excellence Award and locally, where Sime Darby has
to ensuring that the Group embraces sustainability emerged as champions for the 4th year running for
in a holistic way, by operating in an economically, the PNB Quality Award.
socially and environmentally sustainable manner.
It is imperative that we demonstrate leadership in The acquisition of New Britain Palm Oil Limited
sustainability by contributing to a better society, this year also serves to enhance our sustainability
minimising environmental harm and delivering practices and credentials for our Plantation Division.
sustainable development, whilst balancing the Dr Simon Lord, who was previously their Director
interests of a diverse range of stakeholders. of Sustainability has been appointed as our Group
Sustainability needs to be pursued in a way that Chief Sustainability Officer and the Sustainability
creates value to the Group and it is vital for everyone Committee and I look forward to working with him to
to understand that alignment of the Groups take sustainability to the next level across the Sime
strategic imperative with sustainability is absolutely Darby Group.
crucial for Sime Darbys long-term viability. Getting an external perspective by engaging our
The Occupational Safety & Health performance stakeholders is also critical for us to ensure we
of the Group remains a critical area of focus for address material issues that impact our business in
discussion during the Sustainability Committee a way that is inclusive with the needs of our wide
meetings, as protecting our employees by ensuring range of stakeholders. Therefore, Sir Jonathon
a safe working environment is imperative for us Porritt has been reappointed for a three-year term as
as a responsible corporate organisation. Even the Sustainability Advisor to Sime Darby.
though there are improvements in areas of our On behalf of the Sustainability Committee, I would
operations, there are still large areas of improvement like to thank everyone who has contributed to
needed and we are committed to ensure that we sustainability within Sime Darby for all their efforts
move towards our ultimate goal of Zero Harm. and commitment so far. Sustainability is a journey,
Unfortunately, we have still recorded 7 fatalities this for a better Sime Darby, a better us.
year which is unacceptable and we will work with
Management to ensure our employees are able to
return from work safely every day to their respective DATO HENRY SACKVILLE BARLOW
families. Chairman of the Sustainability Committee

Strategic Report
Dato Henry Sackville Barlow Chairman/Senior 28 August 2012 4/4
Independent
Tan Sri Datuk Amar (Dr) Tommy Bugo @ Member/Independent 28 August 2012 1/1 #

Tan Sri Datuk Dr Yusof Basiran Member/Non-Independent 28 August 2012 4/4
Financial Reports
Dato Rohana Tan Sri Mahmood Member/Independent 28 August 2014 3/3 ^
Ir Dr Muhamad Fuad Abdullah Member/Independent 4 February 2013 4/4
Ex Officio Member Membership Appointment Attendance

Sir Jonathon Espie Porritt Sustainability Advisor 10 May 2012 3/4
Other Information
Notes:
* For the Members profiles see pages 127 to 131 of the
Directors Profiles.
#
Reflects the number of meetings held during the time Tan
Sri Datuk Amar (Dr) Hamid Bugo held office.
^ Reflects the number of meetings held during the time Dato
Rohana Tan Sri Mahmood held office.
Changes to the Composition of the Sustainability Changes to Key Management Team

Committee Dr Simon Lord has been appointed as Group Chief
On 28 August 2014, Dato Rohana Tan Sri Mahmood Sustainability Officer on 1 April 2015 and brings
was appointed as a member of the Committee in with him 30 years of management experience in the
place of Tan Sri Datuk Amar (Dr) Hamid Bugo. The agricultural and oil palm sector. Dr Lords profile
Committee comprised Non-Executive Directors and can be found on page 133 in the Management Team
is supported by Sir Jonathon Porritt, Sustainability Profiles section.
Advisor. Sir Jonathon assists the Committee by
identifying emerging sustainability trends and their Meetings of the Committee are attended by the
implications to Sime Darby Berhad (Sime Darby), President & Group Chief Executive, Group Chief
reviewing and updating the Group Sustainability Operating Officer, Group Chief Financial Officer,
Principles and plans, assessing Sime Darbys Group Chief Sustainability Officer, together with
progress towards achieving sustainable outcomes other members of Senior Management to support
as defined by the principles and providing advice detailed discussions.
on sustainability reporting, including assurance
methods.

ROLES OF THE COMMITTEE 4. Climate Change

The Committee has oversight responsibilities in
a. Reviewing the risks around water management
relation to the Sime Darby Groups objectives, policies
and of rising sea levels and its potential impact
and practices pertaining to sustainability, more
on Plantation Divisions estates and the
particularly around contributing to a better society,
mitigating actions taken and planned.
OKPKOK\KPIGPXKTQPOGPVCNJCTOCPFFGNKXGTKPI
sustainable development. It is responsible for: b. Deliberating on reporting options for Land
Use, Land Use Change and Forestry emissions
4GXKGYKPIVJGGHHGEVKXGPGUUQHVJG5KOG&CTD[ and sequestration in the carbon inventory of
Groups strategies, policies, principles and the Sime Darby Group.
practices relating to sustainability and corporate
social responsibility on a world-wide basis, c. Deliberating on the contents of the interim
including whether these strategies, policies, report from the High Carbon Stock Study
procedures and processes support the Groups Steering Committee.
sustainability agenda. In doing so, the Committee
5. Plantation Sustainability
also supervises the Management Sustainability
Committee. a. Reviewing highlights/key issues from
Plantation Division including the Sustainable
#FXKUKPIQPVJG)TQWRU5WUVCKPCDKNKV[4GRQTVKPI
Palm Oil Manifesto, social issues in Indonesia
1XGTUKIJVQPKPFGRGPFGPVCWFKVUCPFCUUWTCPEG and Liberia, management of the Ebola
reports. Outbreak in Liberia and Photovoltaic Projects.
6. Sustainability Advisory Work Programme
5VGGTKPIVJGUVCMGJQNFGTFKCNQIWGRTQEGUUYKVJ
regard to the strategic sustainability goals. This a. Reviewing and deliberating the Sustainability
includes key concerns/allegations that are raised Advisory Work Programme which covers
by stakeholders, evolving public sentiments and projects around the areas of stakeholder
government regulations. engagement and climate risk at the Plantation
Division, future townships, sustainability
Detailed Terms of Reference for the Committee can
consumer research and sustainability ratings
be found at www.simedarby.com.
CVVJG2TQRGTV[&KXKUKQPCPFJQTK\QPUECPPKPI
with Group Strategy & Innovation.
WHAT HAS THE COMMITTEE DONE DURING THE
FINANCIAL YEAR? 7. Assurance and Governance around Sustainability
During the year, the Committees key activities a. Reviewing and deliberating the independent
included: third party limited assurance report on the
annual verification of key sustainability
1. Sustainability Roadmap
indicators around Safety & Health, LSS
a. Reviewing the Group Sustainability Roadmap benefits and Carbon Emissions to ensure the
which tracks the progress of initiatives that robustness of the data being reported around
contribute towards achieving Sime Darbys those areas.
sustainability goals. b. Endorsing the revised Terms of Reference of
2. Occupational Health and Safety performance the Committee to enhance the focus on safety
and health.
a. Reviewing and deliberating the overall Group
8. Participation on Global Sustainability Platforms
Safety and Health Performance, the overall
Improvement Plan and status of key critical a. Deliberating the participation of Sime Darby
action plans around Safety and Health across in the New York Declaration on Forests at
the Group. the United Nations Climate Summit 2014.
b. Reviewing the reports from the Independent The declaration is a shared vision of slowing,
Safety & Health Review on the safety and halting and reversing global forest loss while
health trends across the Plantation, Industrial, simultaneously enhancing food security
Motors and Property Divisions and associated for all. A collective commitment in the
observations and recommendations to improve declaration includes a global timeline to cut
safety and health practices across the Group. natural forest loss in half by 2020 and strive to
end it by 2030.
3. Continuous Improvement
a. Reviewing the implementation of the Group

LSS roadmap and monitoring the benefits
achieved against the 5 year targets.

Strategic Report
ANNUAL PERFORMANCE ASSESSMENT
The Sustainability Committee performs an annual
assessment to assess its effectiveness in carrying
its duties as set out in the Terms of Reference.
The Self Assessment for FY2015 showed that the
Sustainability Committee had effectively discharged
its functions as set out in its Terms of Reference.
Sustainability in Action
Financial Reports
The Board recognises that the Sime
Darby Groups strategies must promote
sustainability. Across the Group, we
are united in our focus on the Groups
strategic sustainability goals that drive
our activities across the Group. The
Committee and the Board had, in May
and June 2015 respectively, approved
the sustainability strategy for the Group.
Other Information
The sustainability strategy covers the
structures that must be in place to
deliver sustainability performance at a
higher level with the purpose of ensuring
that the Group contributes to a better
society, minimises environmental harm
and delivers sustainable development.
Having approved the sustainability
strategy, progress on sustainability will
be linked to the Senior Managements
key performance indicators.

RISK MANAGEMENT
COMMITTEE REPORT
The Committee continued to strengthen the Group risk

framework during the year to ensure that material risk
exposures were identified, mitigated and monitored.
TAN SRI DATUK AMAR (DR) TOMMY BUGO @ HAMID BUGO

Chairman of the Risk Management Committee
INTRODUCTION Where appropriate, improvements to the risk

The Risk Management Committee (RMC) was management framework are made as outlined in
established on 29 September 2007 and is responsible the Statement on Risk Management and Internal
for ensuring the implementation of appropriate Control.
systems to manage the overall risk exposures of the
Sime Darby Berhad Group. TAN SRI DATUK AMAR (DR) TOMMY BUGO @
HAMID BUGO
CHAIRMANS OVERVIEW Chairman of the Risk Management Committee
The RMC and I are committed to maintaining a
sound risk management framework and reviewing its COMPOSITION OF THE COMMITTEE
effectiveness to safeguard stakeholders interests. The RMC comprises Non-Executive Directors and is
On a quarterly basis, the RMC reviews the risk supported by the Group Risk Management (GRM)
management reports presented by the Group Head Department in discharging its responsibilities. The
of Risk Management, which includes the principal RMC Chairman reports to the Board on key matters
risk factors described in the Our Management of deliberated at RMC meetings.
Risk section of this report. It also reviews investment
proposals presented by Management to ensure
robust risk management.
Tan Sri Datuk Amar (Dr) Tommy Bugo @ Chairman/Independent 16 November 2010 5/5
6CP5TK&CVQ5TK&T9CP#DFWN#\K\9CP Member/Non-Independent 8 November 2012 5/5
Abdullah Non-Executive Director
Dato Sri Lim Haw Kuang Member/Independent 16 November 2010 5/5
&CVQ#\OK/QJF#NK Member/Non-Independent 16 November 2010 5/5
Note:
* For the Members profiles see pages 127 to 131 of the Directors Profiles.
Meetings of the Committee are attended by the

President & Group Chief Executive, Group Chief
Operating Officer, Group Chief Financial Officer,
Group Head Risk Management, Group Head
Group Compliance and Group Corporate Assurance.
In addition, other members of Senior Management
attend meetings to support detailed discussions.

Strategic Report
ROLES OF THE COMMITTEE 4GXKGYGFCNNOCLQTKPXGUVOGPVRTQRQUCNUCPF
project business cases, with a focus on the risk
The primary objective of the Committee is to assist
the Board in the discharge of its statutory and analysis, in accordance with established thresholds
fiduciary responsibilities by identifying significant in the approved Group Limits of Authority.
risks and ensuring that the Group Risk Management 4GEGKXGFWRFCVGUQPOCLQTKPXGUVOGPVRTQRQUCNU
Framework (RMF) includes the necessary policies and and project business cases.
mechanisms to manage the overall risk exposures of
the Group. Specific duties of the Committee are as 4GEGKXGFWRFCVGUQPVJGHQNNQYKPITKUMOKVKICVKQP
follows: initiatives:
4GXKGYVJGCFGSWCE[QHVJGUEQRGHWPEVKQPU (i) Implementation status of group-wide
authority, competency and resources of the GRM and divisional action plans arising from an
department. independent review of the Groups safety &
Financial Reports
health practices.
2TQXKFGQXGTUKIJVFKTGEVKQPCPFEQWPUGNVQVJGTKUM
management process, specifically to: (ii) Periodic update on the initiatives being
undertaken to mitigate cyber-security risks.
(i) Ensure that appropriate risk management
policies, guidelines and processes are (iii) Periodic update on the Ebola crisis affecting
implemented. the Groups operations in Liberia.
(ii) Consider whether response strategies (and (iv) Update on mitigating actions being
contingency plans) to manage or mitigate undertaken by Plantation Division to manage
material risks are appropriate and effective the risk of rising sea levels affecting some of
Other Information
given the nature of the identifiable risks. the operating units.
(iii) Evaluate the risk profile and risk tolerance of 2TQXKFGFQXGTUKIJVQHVJG$WUKPGUU%QPVKPWKV[2NCP
the Group. process to ensure robust plans are available to
protect the interests of all stakeholders thereby
4GXKGYKPXGUVOGPVRTQRQUCNUVJCVCTGUKIPKECPV enabling the Group to respond and recover from
from a risk perspective and monitor the execution significant unexpected events. In addition,
of risk mitigation strategies for such proposals. received updates on a quarterly basis on the
Follow up on post-investment risk mitigation Business Continuity Plans adopted by major Joint
strategies to ensure that these strategies are Ventures.
implemented after Board approval.
A description of the RMF, the key risk management
Detailed Terms of Reference for the Committee can activities undertaken by GRM and the monitoring
be found at www.simedarby.com. performed to evaluate the effectiveness of the RMF,
are outlined in the Statement on Risk Management
WHAT HAS THE COMMITTEE DONE DURING THE and Internal Control on pages 177 to 184.
FINANCIAL YEAR?
During the year, the Committees key activities ANNUAL PERFORMANCE ASSESSMENT
included the following: The RMC performs an annual assessment to assess its
4GXKGYGFCPFTGEQOOGPFGFHQTVJG$QCTFU effectiveness in carrying out its duties as set out in the
approval the Group risk management policies, Terms of Reference. The Self-Assessment for FY2015
strategies, guidelines, key risk indicators and risk showed that the RMC had effectively discharged its
tolerance levels and any proposed changes thereto. functions as set out in its Terms of Reference.
'XCNWCVGFVJGGHHGEVKXGPGUUQHVJG)4/UVTWEVWTG
risk management processes and support system to
identify, assess, monitor and manage the Groups
key risks.
'XCNWCVGFQRRQTVWPKVKGUVQKORTQXGVJG)TQWRU
RMF with action to be taken by Management
to improve the robustness of its risk monitoring
activities.
/QPKVQTGFVJG)TQWRUMG[TKUMUCICKPUVVJG
changing economic backdrop and Board approved
strategic objectives. The RMC determined that
the principal risks to the Group remained largely
unchanged and continued to provide oversight to
Managements actions in respect of these risks.

OTHER DISCLOSURES AND COMPLIANCE Statement of Compliance

Any query regarding the Sime Darby Group may be Pursuant to Paragraph 15.25 of the Listing
conveyed to the following persons: Requirements, the Board is pleased to report that
this Statement outlines the corporate governance
practices of SDB. SDB has fully complied with the
Principles and Recommendations of the Malaysian
Group Secretary
Code on Corporate Governance 2012.
Telephone number : +6 03 2691 4122 extension 2370
The table highlighting SDBs compliance with the
Facsimile number : +6 03 2719 0044
Principles and Recommendations of the Malaysian
'OCKNCFFTGUU PQT\KNCJOGICYCVK"UKOGFCTD[EQO
Code on Corporate Governance 2012 is set out on
page 420.
LEELA BARROCK This statement is made in accordance with a
Group Head, Communications resolution of the Board of Directors duly passed on
Telephone number : +6 03 2691 4122 extension 2341 17 September 2015.
Email address : leela.barrock@simedarby.com
The Senior Independent Director of the Board, to

whom concerns relating to the Sime Darby Group
may be conveyed by Directors, shareholders and
other stakeholders, may be contacted at:

Telephone number : +6 03 2691 0948
Telephone (toll free): 1 800 88 8880 (Local)
800 8008 8000 (International)
Email address : henry.s.barlow@simedarby.com
The Companys website is www.simedarby.com.

STATEMENT ON RISK MANAGEMENT
Strategic Report
AND INTERNAL CONTROL
In accordance with Paragraph 15.26 (b) of the Main RISK MANAGEMENT AND INTERNAL CONTROL
Market Listing Requirements of Bursa Malaysia SYSTEM
Securities Berhad (Bursa Securities), the Board
The Board acknowledges that the risk management
of Directors of listed companies is required to
and internal control systems are designed to
include in their annual report, a statement about
manage, rather than eliminate risks that hinder the
the state of internal control of the listed issuer
Group from achieving its goals and objectives. The
as a group. In addition, the revised Malaysian
risk management and internal control systems are
Code on Corporate Governance 2012 issued by
intertwined with the Groups operating activities
Securities Commission Malaysia requires the Board
and exist for fundamental business reasons. The
to establish a sound risk management framework
key elements of the risk management and internal
and internal control system. The Board of Directors
control systems adopted by the Group are overseen
is pleased to provide the following statement that
Financial Reports
by the two Board committees. The key roles and
is prepared in accordance with the Statement on
responsibilities as well as activities undertaken by
Risk Management and Internal Control: Guidelines
the RMC and GAC are described in the respective
for Directors of Listed Issuers endorsed by Bursa
committee reports.
Securities which outlines the nature and scope of the
risk management and internal control of the Group The two Board committees are assisted by three
during the financial year under review. supporting functional units:
RESPONSIBILITY Group Risk Management Department
Other Information
As highlighted in the Chairmans Statement, the The Group Risk Management (GRM) Department
Board of Directors (Board) is committed to conform assists the Board and RMC in discharging their risk
to the highest standards of risk management and management responsibilities. GRM is structured to
internal control. ensure that sufficient support is provided at both the
Group Head Office (GHO) and divisional level. This
The Board has established an ongoing process for structure reflects the types of key risks identified at
identifying, evaluating and managing significant the Group and divisional level in that some risks are
risks faced by the Group. This is embedded in the divisional specific and some are common across the
Groups Risk Management Framework (RMF) and Group requiring a coordinated approach.
internal control system. These are reviewed on a
periodic basis to ensure its continued effectiveness, GRM is mainly responsible for the following:
adequacy and integrity. Enhancements are made in CUUGUUKPIKORTQXKPICPFOQPKVQTKPIVJG)TQWR
line with the Boards commitment to improve the 4/(KPENWFKPITKUMRQNKE[CPFUVCPFCTFU
Groups governance, risk management and internal
control framework and enhance a strong control OCKPVCKPKPICPKPXGPVQT[QTTGIKUVGTQHTKUMUHQTVJG
culture and environment for the proper control of )TQWR
the Groups business operations. RTQXKFKPIIWKFCPEGVQVJG&KXKUKQPUKPVJG
The system of risk management and internal control development of appropriate and effective
by its nature is designed to manage key risks response strategies and contingency plans to
that may impede the achievement of the Groups manage or mitigate material risks that are in line
business objectives within an acceptable risk profile. YKVJVJGPCVWTGQHVJGKFGPVKCDNGTKUMU
Accordingly, it can only provide reasonable and not GXCNWCVKPICPFOQPKVQTKPIVJGQXGTCNNTKUMRTQNG
absolute assurance against material misstatement, CPFTKUMVQNGTCPEGQHVJG)TQWR
fraud or loss.
KUUWCPEGQHTKUMTGRQTVUVQ5GPKQT/CPCIGOGPV
There are two committees at the Board level that Divisional Flagship Subsidiary Boards (FSBs) and
have primary risk management and internal control VJG4/%
oversight responsibilities:
TGXKGYKPIMG[EQTRQTCVGCEVKXKVKGUVJCVCTG
4KUM/CPCIGOGPV%QOOKVVGG
4/% considered significant from a Group risk
)QXGTPCPEGCPF#WFKV%QOOKVVGG
)#% RGTURGEVKXGCPF
They are supported by Divisional Flagship Boards QXGTUGGKPIVJG)TQWRU$WUKPGUU%QPVKPWKV[

and other relevant Board Committees. Management (BCM) strategy.
Management is responsible for implementing the

Boards framework, policies and procedures on risk
management and internal control.

Statement on Risk Management and Internal Control
Each operating and functional business support Group Compliance Office

unit in the Divisions and at GHO has appointed Risk
GCO partners with Management to ensure
Champions to spearhead the coordination of risk
the compliance risks and obligations faced are
management activities. The appointment of the
proactively and effectively managed on a timely
Risk Champions reflects the fact that the Group
basis, where the culture of compliance is embedded
is a diverse and geographically spread business
across all business activities of the Group. GCO
requiring input from many operating departments
ensures its activities are delivered consistently
and supporting functions. These Risk Champions
across the Group and tailored to meet the specific
are responsible for ensuring the timely updating of
needs and requirements of each of the Divisions and/
risks, controls, issues and action plans within their
or business units. Each implementation programme
own units. Their updates are then independently
adheres to standards and processes as set out in
validated by GRM.
the Compliance Management Framework. The
The risks arising from GRMs work provide guidance Compliance Management Framework is driven
to other functions such as Group Corporate by specific key processes such as compliance
Assurance Department (GCAD) and the Group governance structure, compliance risk management,
Compliance Office (GCO) thereby facilitating systems tools and policies (related to compliance
assurance and compliance activities being focused processes), communication, training and reporting.
on the most critical areas of the business. Each compliance programme falls within one or more
of the key processes as articulated in the Compliance
Group Corporate Assurance Department Management Framework. All programmes and
activities that are carried out by GCO are in
The GCAD which is an integral part of the Groups
accordance with the scope and mandate provided by
internal control systems, reports directly to the GAC.
the GAC from time to time.
GCADs primary role is to provide independent,
reasonable and objective assurance in addition The activities undertaken by GCO and the results
to consulting services designed to add value and of the activities are communicated and reported
improve the operations in the Group. It assists periodically to Management, appropriate Divisional
the Group to achieve its objectives by bringing a FSBs and the GAC.
systematic and disciplined approach to evaluate
and improve the effectiveness of risk management,
control and governance processes. ACTIVITIES THAT SUPPORT THE RISK
MANAGEMENT AND INTERNAL CONTROL SYSTEM
The annual audit plan, established on a risk-based
approach, is reviewed and approved by the GAC Group Risk Management Framework
annually. The audit plan is aligned with the Groups
objectives and strategies as articulated in the The principal aim of the Groups risk management
Strategy Blueprint and GCAD conducts internal governance structure is to identify, evaluate and
audit engagements accordingly. In order to ensure a manage risks with a view of enhancing the value of
more responsive and effective audit coverage, GCAD shareholders investments and safeguarding assets.
conducts periodic assessment of business emerging The Board is responsible for ensuring that this
risks and actively monitors and responds to adverse process is in place and is effective and adequate.
indicators and key risks. Adjustments are made The Board has delegated the oversight of risk
to the audit coverage as required including scope management to RMC, although the Board retains
extension and/or undertaking special reviews. overall accountability for the Groups risk profile.
In the course of performing its duties, GCAD In addition, divisional risk oversight is under the
has unrestricted access to all functions, records, purview of the FSBs that support the Sime Darby
documents, personnel, or any other resource or Berhad Board in providing direction, oversight and
information, at all levels throughout the Group. control of their divisional affairs in a responsible and
Audits are performed on all units or areas in effective manner.
the audit population, the frequency of which is
determined by the level of risk assessed, to provide The Group Risk Management Framework
an independent and objective report on operational encapsulates the governance arrangements
and management activities in the Group. described above as well as assigns responsibility
to relevant levels of management and operations.
The results of the audits are communicated and The implementation of the Framework is ultimately
reported periodically to Management, external the responsibility of the President & Group Chief
auditors, the appropriate Divisional FSBs and the GAC. Executive and members of the Sime Darby Group
Management Committee. An overview of the

Strategic Report
Groups overall risk management framework is
provided in the diagram below:
Financial Reports
Other Information
Supplementing the above framework, relevant Risk Policy
Board Committees at the Group level also exist
The Group recognises that risk is an integral and
to be responsible for oversight of specific areas.
unavoidable component of its business and is
The Sustainability Committee has responsibility
characterised by threats and opportunities. The
for oversight of such areas as health and safety,
Group fosters a risk-aware corporate culture in all
a key risk area at the Group level and in some of
decision making. Through application of integrated
the Divisions. The Nomination and Remuneration
risk analysis and management, the Group exploits
Committee has oversight over remuneration, a key
risk in order to enhance opportunities, reduce
prerequisite to having effective people in the Group
threats and sustain competitive advantage.
at both Board and Executive levels, again a key risk
area identified at the Group level. The Group is committed to managing risks in a
proactive and effective manner. This requires
Relevant Executive level Committees assisting this
comprehensive risk analysis to support management
process include: the Group Management Committee
decisions at all levels within the Group.
(GMC), which meets on a bi-monthly basis and
reviews the operational results of each Division and
VJG)TQWRQXGTCNNVJG)TQWR+PXGUVOGPV%QOOKVVGG
which reviews significant Investment / Capital
'ZRGPFKVWTG
%#2':RTQRQUCNUVJG)TQWR6CNGPV
Council which reviews the pipeline of candidates
HQTUWEEGUUKQPRNCPPKPIRWTRQUGUCPFYKVJKP
each Division, a Management Committee reviews
operations on a monthly basis.

Risk Management Approach

The Group has adopted a formal and structured
approach to risk management.
RISK ASSESSMENT UPDATING

MANAGEMENT
CONTEXT TIMING INVOLVEMENT
To ensure a top-down review of risks is
Strategies/ Annual Review Top Down conducted on an annual basis as part of the
Objectives (as part of the
annual strategic planning update which ensures
Annual Strategic
Updating process) the risk implications of any changes in strategy
are identified, assessed and documented.
To ensure updating of risks occurs on a

Business Unit/ Quarterly Update Bottom Up
quarterly basis by appropriate risk
Operation Unit/ (as part of the
Project periodic monthly management personnel who are in a
management position to know about changes in risks and
review process) are able to identify, assess, document and
escalate key risks.
Major Projects Monthly Review/ Project Team

(CAPEX/ Adhoc Update (as part of the
Improvements/ routine project
Customer) management To ensure appropriate risk management
review process) activities occur on an as required basis for
major projects/proposals by appropriate
project staff cognisant of the projects
Major Proposals As Required Proposal Team lifecycle stage.
(Investment/ (as part of the
Improvements/ project evaluation
Bids) process)
In undertaking the above risk management practices, Risk Reporting

a detailed approach and process has been developed
The Groups risk management framework provides
and deployed which is consistent with the ISO
for regular review and reporting. The reports
31000 Risk Management Standard. In addition,
include an assessment of risk, an evaluation of
several policies and guidelines were developed
the effectiveness of the controls in place and the
to aid relevant personnel in undertaking their
requirements for further controls when mitigated
risk management responsibilities. These policies,
residual risks are unacceptable.
procedures and guidelines are supplemented
by detailed training packs and Quick Reference
Guides covering risk management methodology Key Risk Management Activities for FY2015
and the use of the risk management software. The Key activities pertaining to risk management that
practices mentioned above assist with encouraging were undertaken for the financial year under review
and supporting a risk aware culture amongst all are as follows:
employees when making every day operational
decisions. #VQRFQYPTGXKGYQHGPVGTRTKUGNGXGNTKUMUYCU
conducted as part of the annual strategic planning
update to ensure that the risk implications of any
changes in strategy were identified, assessed
and documented. The outcome of this review
was the identification of some new risks and the
reassessment of some others.

Strategic Report
3WCTVGTN[TKUMCUUGUUOGPVUYGTGWPFGTVCMGPHQT 6QUWRRQTVVJG)TQWRKPDGKPICDNGVQTGURQPF
each Division and Head Office function to identify and recover from significant unexpected events,
and/or update enterprise level and operational review of its BCM plans has occurred to facilitate
level risks. The results of these assessments were robust plans being available to protect the
incorporated in the quarterly reporting to the interests of all stakeholders. Evidence of the
RMC and divisional FSBs. Given some of the risks effectiveness of our BCM plans can be seen in
identified at Divisional level can change quickly, our response to the Ebola outbreak in Liberia.
progressive updating during the quarter also Relevant staff were evacuated to a neighbouring
occurs where appropriate. country allowing the business to continue
operating to some extent.
)KXGPVJG)TQWRUITQYVJUVTCVGI[CPWODGTQH
major projects are being embarked upon. Group
Key Corporate Assurance Activities for FY2015
Financial Reports
Risk in conjunction with Group/ Divisional Strategy
performed formal risk analysis on a number of 6JGCVVCKPOGPVQH)%#&QDLGEVKXGUKPXQNXGU
key investment proposals during the financial the following activities being carried out during
year. This is particularly important as the Group the financial year which focus on the Groups
moves further into new market segments. Risk governance, risk management and internal controls:
assessments are also performed throughout the
implementation phase of all major projects. This 'XCNWCVKPITKUMGZRQUWTGTGNCVKPIVQCEJKGXGOGPV
is an important aspect given the management of the Groups strategic objectives.
of major projects is identified as a key risk at the 4GXKGYKPICPFCRRTCKUKPIVJGUQWPFPGUU
Group level (as outlined in the Principal Risk Factors
Other Information
adequacy and application of accounting, financial
section of the 2015 Annual Report on page 185). and other controls and promoting effective control
)TQWR4KUM/CPCIGOGPVJCUDGGPKPETGCUKPIN[ in the Group at reasonable cost.
involved in assisting with the development 'XCNWCVKPIVJGU[UVGOUGUVCDNKUJGFVQGPUWTG
of policies, standards and/or guidelines. This compliance with those laws, regulations,
provides the opportunity to embed risk at a policies, plans and procedures which could have a
working level, moving it from a generic theoretical significant impact on the Group.
concept to something more practical. Recently,
Group Risk Management has been involved in 'XCNWCVKPIVJGOGCPUQHUCHGIWCTFKPICUUGVUCPFCU
VJGFGXGNQROGPVQHVJGHQNNQYKPITKUMUVCPFCTFU appropriate, verifying the existence of such assets.
Business Continuity, Environmental, Safety 'XCNWCVKPIVJGTGNKCDKNKV[CPFKPVGITKV[QH
& Health, Travel and Requirements Planning. information and the means used to identify,
Group Risk Management has also been involved measure, classify and report such information.
in developing a Group Corporate Travel Policy
and Group Corporate Disclosure Guidelines. The 'XCNWCVKPIVJGGHHGEVKXGPGUUCPFGHEKGPE[YKVJ
development of these types of policies, standards which resources are employed.
and guidelines reflects to some extent the types %CTT[KPIQWVGPXKTQPOGPVCNUCHGV[CPFJGCNVJ
of risks faced by the Divisions and the Group audits on the Group.
overall (as outlined in the Principal Risk Factors
section of the 2015 Annual Report on page185). %CTT[KPIQWVCPCN[UKUVQFGVGTOKPGVJGGHEKGPE[
The anticipated outcomes in terms of managing of businesses carried out by the Group.
these risks are more robust controls and risk aware %CTT[KPIQWVCWFKVYQTMKPNKCKUQPYKVJVJGGZVGTPCN
people. auditors to achieve effective usage of resources
+PVTQFWEVKQPCPFEQOOGPEGOGPVQHVJG4KUM and coverage of key risk areas.
Management Education and Training Programme 7PFGTVCMKPIURGEKCNTGXKGYUCPFKPXGUVKICVKQPU
for Risk Champions aimed at providing our including whistleblowing as may be identified by
employees a series of modules to enhance their GCAD or requested by its stakeholders, including
risk management knowledge and skills. This conducting or assisting in the investigation of
programme can be completed individually by suspected fraudulent activities within the Group.
module or as a complete programme and is a
prerequisite for any employee nominated as Risk 2GTHQTOKPIEQPUWNVKPICPFCFXKUQT[UGTXKEGU
Champion with formal responsibilities for risk related to governance, risk management and
management in a particular area of the Group. It control as appropriate for the Group.
also enables employee awareness of the policies,
standards and guidelines mentioned previously.

'XCNWCVKPIQRGTCVKQPURTQITCOOGUCPFRTQEGUUGU COBC e-learning within 2 months of joining the

to ascertain whether results are consistent with Group. Employees are also encouraged to seek
established objectives and goals and whether the advice from GCO if they are uncertain as to the
operations or programmes are being carried out as interpretation or application of the COBC via a
planned. dedicated email channel set up for this purpose.
Key Compliance Activities for FY2015 Joint Venture COBC
Key activities pertaining to compliance that were GCO embarked on the Joint Venture Code of
undertaken for the financial year under review were Business Conduct (JV COBC) programme to assist our
as follows: counterparts, i.e. JV companies to adopt, as far as
practical, the business conduct and practices as laid
Code of Business Conduct out in the COBC. The programmes involve, amongst
others, engagement with the management of the JV
The Groups values and the behaviours expected Company and/or JV partner in their development or
from employees and various external stakeholders enhancement of the JV Company COBC. One of the
that interact with the Group are clearly articulated key milestones achieved from the programme is the
in the Code of Business Conduct (COBC). The Group development of a JV COBC Framework which acts
expects employees to be in full compliance to the as a best practice guide for JV management in their
COBC, where any breach is actionable through development and/or enhancement of their current
disciplinary proceeding. The Group also reserves the JV companys COBC. The JV COBC framework has
right to take any legal actions and seek all remedies been shared with certain JV companies and JV
available including reporting the matter to the partners. GCO has also provided feedback to JV
appropriate authorities. management during their development of the COBC
GCO had in January 2015 developed and rolled or during their COBC enhancement process. With the
out a refreshed COBC training programme across Groups Division and Management assistance, GCO is
the Group. The refreshed COBC training course expected to reach out other JV partners in due time.
will supplement the induction COBC training
that employees have undertaken previously. The Guidelines and Manuals
refreshed training incorporates an interactive GCO is working collaboratively with various internal
module with participants via solving case studies stakeholders, having completed the development
involving expected behaviors. Feedback from of various Group guidelines and manuals. These
participants to keep the COBC relevant and effective guidelines and manuals are designed to assist and
is also incorporated into the programme. An updated guide operations to implement various requirements
compliance pledge is also obtained as part of the as prescribed by legislation and /or Group Policies
refresher training as the initial compliance pledge and Authorities (GPAs) and/or considered good
was obtained three years ago. As of June 2015, the practices. The guidelines provide additional
refreshed COBC training course have reached out details, prescribe work steps and templates, where
to the Groups operations in Malaysia, Hong Kong, applicable while maintaining enough flexibility for
Thailand and Singapore. GCO plans to continue the operations to tailor the requirements to fit their
roll out to other operational areas in FY2016. respective operation areas. The Group guidelines
GCO continues to assist the Group and the Divisions and manuals completed during the financial year
with various COBC training sessions during the are Personal Data Protection Act Manual, Records
financial year under review. Examples of trainings Management Guidelines and Notification and
conducted include the Country and Global Induction Reporting Framework.
Programme, Supervisory Enhancement Programme, Regulatory Compliance Identification and
Corporate On-Boarding, Manager Milestones, Assessment Programme
Skim Latihan 1 Malaysia, Management Trainee
Programmes, etc. The Group continues to emphasise GCO continues to assist Management to roll
KVU\GTQVQNGTCPEGRQNKE[QPEQTTWRVKQPYJGTGVJG out various programmes and initiatives under
message is reinforced as part of COBC training the Regulatory Compliance Identification and
sessions. Assessment Programme. The programmes and
initiatives are currently undertaken by various
GCO, working with Human Resource Department Divisions such as Plantation, Property, Industrial,
also requires all new employees to complete the Energy & Utilities (Non China) and Energy & Utilities
(China). The results of the programme roll out are
communicated and reported to Management and the
GAC on a periodic basis.

Strategic Report
Whistleblowing -JC\CPCJ9JKVG$QQM4GIWNCVQT[/CPCIGOGPV
Circle
The policy on whistleblowing as set out in the GPA
is available in the Sime Darby Enterprise Portal. An )%1TGRTGUGPVUVJG)TQWRKPVJG-JC\CPCJ9JKVG
overview of the whistleblowing policy is described Book Regulatory Management Circle Committee.
in the Groups website. The policy encourages The Regulatory Management Circle which has
employees to report any wrongdoing by any 20 representatives from 20 Government Linked
person in the Group to the proper authorities so Companies (GLCs) in Malaysia is part of the GLC
that appropriate action can be taken immediately. transformation programme. The working committee
Additionally, it also provides for any complaint aims to innovate and encourage continuous learning
or report to be directly submitted to the Senior through the sharing of best practices in regulatory
Independent Director (SID) of the Board, should management.
Financial Reports
the whistleblower believe that the Group is better
GCO as the Groups representative, hosted the 3rd
served if the report was addressed to levels
Regulatory Management Circle Committee meeting
higher than Management. The SID is Dato Henry
in 2015.
Sackville Barlow who is contactable through the
whistleblowing channels of reporting as provided in
the official Sime Darby website. EFFECTIVENESS OF RISK MANAGEMENT AND
INTERNAL CONTROL SYSTEM
All concerns raised via the whistleblowing channels
will be treated fairly and properly. The Policy on The processes adopted to monitor the effectiveness
Whistleblowing also includes provisions to safeguard of the RMF and internal control systems are:
Other Information
the confidentiality of the whistleblower, ensure no
retaliation against the whistleblower if he or she has #4KUM/CPCIGOGPV-G[2GTHQTOCPEG+PFKECVQT
acted in good faith and measures to avoid abuse of (KPI) index has been developed to measure the
the policy for purposes of making false or malicious effectiveness of the RMF. This is calculated
allegations. As part of its continuous improvement on a quarterly basis by GRM and highlights the
process, GCO has completed the upgrade of strengths and weaknesses of different aspects of
whistleblowing database to a new platform in 2015. the RMF. The index represented one component
The new platform will provide enhanced reporting of the Divisional heads scorecards and was
capability and data security. As for any changes and also incorporated into the scorecards of Risk
upgrades to the system and work process, training Champions. It is included in the quarterly risk
to relevant internal stakeholders was conducted to reports prepared by GRM. Where the outcome
ensure the sustainability of the new system. indicates an area for improvement, appropriate
management action is taken.
Dedicated Email Channel (helpline)
#URCTVQHVJGSWCTVGTN[TKUMTGRQTVRTGRCTCVKQP
GCO manages dedicated email channels at both process, significant consultation occurs with
the Group and Divisional level which were set up to Management namely the Divisional Heads and
provide an avenue for employees to reach out for their respective Chief Financial Officers (CFOs),
advice as to the interpretation or application of the along with the Group Head of Risk Management
COBC and the GPA. and the respective Divisional Coordinators, signing
off that the RMF of each Division has operated
Dialogue with Malaysian Anti-Corruption
adequately and effectively, in all material respects
Commission and Transparency Malaysia
during the quarter.
GCO continues to maintain active dialogue with
6JGTKUMTGRQTVURTGRCTGFQPCSWCTVGTN[DCUKU
Malaysian Anti-Corruption Commission and
are then reviewed by the President and Group
Transparency International Malaysia during the
Chief Executive (PGCE) and presented to the
financial year.
GMC, Divisional FSBs and RMC for approval.
The outcome of the reviews and the reports
being presented can lead to changes to the risks
identified and how they are assessed.

&WTKPIVJGPCPEKCN[GCTVJGTGURGEVKXG CONCLUSION
Divisions in the Group continue to identify new
For the financial year under review and up to
business functional areas to roll out Control
the date of issuance of the financial statements,
Self-Assessment (CSA) that uses a questionnaire
the Board is satisfied with the adequacy and
approach. CSA allows employees in the Group to
effectiveness of the Groups system of risk
identify the risk within their business environment
management and internal control to safeguard
and evaluate the adequacy and effectiveness
shareholders investments and Groups assets.
of the controls in place. The roll out of CSA is
The Board has received assurance from the PGCE
coordinated and monitored by GCO. The results
and Group Chief Financial Officer that the Groups
of the CSA process will be validated during GCAD
risk management and internal control systems,
audits and exceptions will be reported in the audit
in all material aspects, are operating adequately
reports and GCOs reporting to the GAC.
and effectively. There will be continual focus on
2GTKQFKEGZCOKPCVKQPD[)%#&QHDWUKPGUU measures to protect and enhance shareholder value
processes and the state of internal control and business sustainability.
including controls over quality, environmental,
This statement is made in accordance with a
safety and health issues and compliance with
resolution of the Board dated 17 September 2015.
applicable laws, regulations, policies, procedures
and contracts. Reports on the audits carried
out by GCAD are issued on a regular basis to the
Management, Divisional FSBs and the GAC.
/CPCIGOGPVUTGURQPUGQPCWFKV
recommendations and action plans therein, are
regularly followed up by GCAD and reported to the
GMC, Divisional FSBs and GAC.
)%#&EQPFWEVGFCPKPFGRGPFGPVCWFKVQHVJGTKUM
management process undertaken by the Group as
well as each business division. This was to provide
the Board and Management an independent
assurance that the process was working as
intended. The outcome of the review during the
financial year on the Risk Management process
indicated it was functioning effectively.
6JGOQPKVQTKPITGXKGYCPFTGRQTVKPI
arrangements in place give reasonable assurance
that the structure of controls and its operations
are appropriate to the Groups operations and
that risks are at an acceptable level throughout
the Groups businesses. Such arrangements,
nonetheless, do not eliminate the possibility of
human error or deliberate circumvention of control
procedures by employees and others.
REVIEW OF STATEMENT BY EXTERNAL AUDITORS

As required by Paragraph 15.23 of the Bursa Malaysia
Securities Berhad Main Market Listing Requirements,
the external auditors have reviewed this Statement on
Risk Management and Internal Control. Their limited
assurance review was performed in accordance with
Recommended Practice Guide (RPG) 5 (Revised)
issued by the Malaysian Institute of Accountants.
RPG 5 (Revised) does not require the external auditors
to form an opinion on the adequacy and effectiveness
of the risk management and internal control systems
of the Group.

OUR MANAGEMENT
Strategic Report
OF RISK
APPROACH TO RISK MANAGEMENT Operational
We believe the identification and management of 2TQCEVKXGN[CFFTGUUKPIUWUVCKPCDKNKV[EJCNNGPIGU
risk is critical to achieving our strategic objectives including effectively managing safety and health
which is central to achieving our corporate mission TKUMU
\GTQCRRGVKVGVQNGTCPEGVQCP[CEEKFGPVU
and creating long term shareholder value. Risk can occurring in the workplace), proactively seeing
present itself in many forms, has the potential to continuous improvement and operational
impact us in many different ways and thereby the efficiencies and respecting fundamental human
achievement of our corporate mission. rights, without sacrificing long-term economic
value creation.
By understanding and managing risk, we provide
greater certainty and confidence for all our 'ZJKDKVKPINQYVQNGTCPEGVQYCTFUVJGTGVGPVKQP
stakeholders. Successful risk management can be a of non performing resources and rewarding &
Financial Reports
source of competitive advantage. building high performing talent pools.
Our risks are viewed and managed on a Group Financial
wide basis. The diversification in our portfolio of 1PN[CRRTQXKPIPGYKPXGUVOGPVUYJKEJOGGVQT
businesses is a key element in our risk management exceed approved returns on investment targets.
approach.
0QVGZEGGFKPI$QCTFCRRTQXGFFGDVGSWKV[TCVKQ
Risk Management is embedded in our critical thresholds.
business activities, functions and processes. Our
appetite for risk is a key consideration in our decision Regulatory
Other Information
making. 'PUWTKPICFJGTGPEGVQCNNTGNGXCPVTGIWNCVQT[
requirements and global standards.
Our risk appetite reflects the scale of risk on a broad
level, which the Group is prepared to take in pursuit In regard to the principal risk factors, they are
of its strategic objectives. The amount of risk the identified, assessed and evaluated according to the
Group accepts reflects the unique circumstances risk management governance approach detailed
faced by the Group, including factors such as the in the Statement of Risk Management and Internal
external environment, strategy, people, business, Control.
systems and policies. The risk appetite of the
Group also acknowledges that risk appetites vary The following are the principal risk factors of the
across different business units and risk types. Key Group. These factors have a significant impact
features of the Groups risk appetite cover strategic, on the Group in terms of its results and strategic
operational, financial and regulatory parameters. objectives, after considering likelihood and impact
They guide the Group as to how it can manage its of the factor from both a financial and/or non-
risks. Specific aspects of the Groups risk appetite financial perspective. Also outlined is our approach
relating to the principal risk factors include: to managing these risk factors.
Strategic
+PXGUVKPIKPURGEKETGIKQPUCPFEQWPVTKGUCPF
diversifying where possible within Board approved
strategy blueprint parameters.
/CPCIKPIUKVWCVKQPUVJCVEQWNFJCXGCPGICVKXG
impact on its reputation and brands.
(QUVGTKPICPKPPQXCVKXGEWNVWTG

Our Management of Risk
Principal Risk Factors

REALISE FULL POTENTIAL OF THE CORE BUSINESSES
Principle Risk Description & Risk Key Mitigation
Types & Factors Impact Trend Measures
STRATEGIC: Commodity prices and demand are volatile The diversification of our portfolio
and strongly influenced by world economic of businesses and geographies is a
Global, regional conditions. For example, the price we key strategy for reducing the effects
and/or local obtain for Crude Palm Oil (CPO) is subject of economic volatility. Specific
economic to the level of demand and supply and strategies are employed in individual
volatility this can vary significantly subject to the businesses to also mitigate the
impacts sales economic climate. The sales and support impact. For example, growing and
services of industrial equipment and motor further expanding differentiated
and pricing of vehicles can be significantly impacted by and specialty products in Plantation
our products. the state of specific sectors. For example, Division to insulate it from commodity
the state of the mining sector has a large price volatility. Innovative sales,
impact on our Industrial Division. Given the marketing & promotional strategies to
long lifecycle of our property development respond to market conditions is a key
projects, market conditions can change strategy in our Property, Industrial and
from inception of a project to completion Motors Divisions along with emphasis
resulting in inability to sell products as on customer relationship building
planned. The slowdown in the Chinese activities. Diversification of our cargo
economy and in the mining sector may also mix to be less reliant on specific
result in lower throughput at our ports due commodities is a key risk mitigation
to lower trade activities undertaken by strategy in our Energy & Utilities
customers. (E&U) China Division.
OPERATIONAL: The physical impacts of climate change may Through a comprehensive and
negatively affect us in many ways in the strategic approach to strategic
Significant short and longer term. Specific changes planning, we work with a broad range
change in in cropping patterns in our Plantation of scenarios including consideration
climate impacts Division due to weather conditions leads to of a broad range of potential policy
operations and monthly distribution of Fresh Fruit Bunch responses to and impacts from
longer term (FFB) production being adversely affected. climate change. Via our sustainability
In the longer term, rising sea waters may programme, we strive to ensure
demand for our threaten some of our estates. Also, as climate change issues are identified,
products. renewable energy increasingly displaces understood and effectively managed
fossil fuel based energy sources leading and monitored. To mitigate specific
to reduced demand for mining equipment impacts such as those in Plantation
from customers in the fossil fuels industries Division, we employ robust strategies
and reduced demand for specific Caterpillar to address the risk. To mitigate the
(CAT) products that are fossil fuel based (eg. impact, we closely monitor daily
power generator sets), this will result in harvesting intervals and delivery
significant loss of sales and profitability. of FFB to mills for processing. Pre-
emptive water management initiatives
is also part of our strategy to mitigate
the impact of climate change. The
acquisition of New Britain Palm Oil
Limited (NBPOL) promotes diversity
in managing geographical risks
and variations in seasonal cropping
patterns. To address the longer term
risk, we have developed preventative
strategies to address rising sea waters
at Carey Island. In relation to Industrial
Division, the Divisions involvement in
other industries such as construction
provides some mitigation to the
risk. In the near to medium term, it is
anticipated fossil fuels will continue to
be relied upon as an energy source to
some extent.
Likelihood and/or impact is increasing Likelihood and/or impact is stable

Strategic Report
REALISE FULL POTENTIAL OF THE CORE BUSINESSES
OPERATIONAL: With the increased level of economic Reviewing and realigning our
volatility impacting our businesses, resources and their productivity
Operating opportunities exist to focus on improving is a key mitigating strategy across
inefficiencies efficiency. Given the significance of the the Group. Where feasible, capital
impact Plantation business, optimising efficiency expenditure is to be deferred. In
profitability. obviously becomes more important during our Plantation Division, continuous
a period of suppressed commodity prices. implementation of best agro
Financial Reports
Plantation upstream efficiency is heavily management practices is a key
dependent upon having optimal agro- strategy. The acquisition of NBPOL
management practices. It also involves provides the opportunity to cross-
high levels of manual labour. Sub-optimal share best practices. Implementation
practices and labour productivity can of Plantation Micro Macro Programme
significantly adversely impact profitability. (PMMP) & SEMUA 2.0 is occurring
As demand for our products reduces to enhance supervision and improve
and competition intensifies, the need efficiency. Efforts to leverage
to restructure and realign resources in mechanisation to facilitate improved
Divisions such as Industrial, Motors and efficiency are continuing. Both
Property becomes more important. Industrial and Motors Divisions
Other Information
continue to review their operations
and structure to ensure optimal
efficiency.
OPERATIONAL: Although we devote significant time and Major programmes being subject to
resources to our project planning, approval Board approval and oversight and
Inadequate and review process and have established establishing experienced project
project robust project risk management, we may management teams to monitor
management of underestimate the cost or time required projects is a key risk mitigating
major initiatives. to complete a project. In addition, we may strategy. Reputable consultants are
fail to manage projects as effectively as engaged to provide expertise where
we anticipate and unforeseen challenges appropriate. Regular identification
may emerge. Any of these may result of risks throughout the projects life
in increased capital costs and schedule cycle, monitoring and reporting on
delays, adversely affecting our projects the status of major projects to senior
and impacting anticipated financial management and relevant boards
returns. facilitates robust oversight.
STRATEGIC: Scarcity of land creates difficulties for Development of relationships with
operations to exist and expand. Governments and relevant authorities
Resource Availability of land for our plantation is a key strategy aimed at identifying
Scarcity. operations is challenging given oil palm can and capitalising upon large scale
only be grown in certain countries. There is landbank opportunities. Another key
intense competition for the limited tracts strategy is expanding our landbank
of land that are still available. through strategic partnerships.
During the year, a significant
acquisition (NBPOL)was made
expanding our landbank by 135,000
Ha. Supplementing these initiatives,
we continue to develop land in other
countries such as the 10,142 Ha of
planted land in Liberia.

STRIVE FOR LEADERSHIP POSITION

STRATEGIC: Some of the markets we operate in are The diversification of businesses

highly competitive. For example motor and geographies in the Group is a
Increasing vehicles, due to continual innovation by key strategy. Close monitoring of
competition competitors and increasing competitive competitor strategies, activities and
reduces market activities. This can erode sales and market practices occurs to mitigate this risk.
share or limits share. Given the decline in the mining Focusing on being responsive to our
growth. sector which has affected demand for customers and improving the quality
industrial equipment, there has been and delivery of our products and
a related increase in competition for services is also key. In our Motors
the decreased market share especially Division, premium positioning
from Chinese players and other Original through branding is a key feature of
Equipment Manufacturers (OEMs). In our our strategy. Through diversification
E&U China Division, we face increased of the brands represented, the impact
competition arising from the potential of the cyclical nature of individual
opening of new ports near our ports. brand performance is partially
mitigated.
STRATEGIC: Our Industrial, Motors and E&U We continually engage and
China businesses involve selling and maintain close relationships
Loss of key servicing equipment and motor vehicles with all our principals. We also
distributorships manufactured by a principal who strikes an align our performance indicators
due to poor agreement with us to be their distributor. with distributor guidelines and
management In the event of this agreement being benchmarks. Exploration of new
of relationship terminated, this can have a very large franchise opportunities is a key risk
impact on our operations. For example, our mitigation strategy.
and/or other distributorship agreements with Caterpillar
factors (e.g. and BMW account for a significant portion
performance). of our sales and profitability in the
Industrial and Motors divisions.
STRATEGIC: We have operations in a number of We regularly engage and
countries around the globe, where new communicate with Governments,
Changes in and/or changes in existing government regulators and authorities to ensure
government policies and regulations can have an impact the potential adverse impacts of
policy on our profitability. Changes in regulations proposed regulatory changes are
undermining relating to the environment, property understood and where possible
investment. industry cooling measures and motor mitigated. Continual monitoring of
vehicle ownership can adversely affect our changes in requirements and ensuring
Plantation, Property, Industrial and Motors adherence is a key feature of our
Divisions operations in terms of decreased approach. Sourcing of credible local
sales, increased costs, litigation or in partners to meet local ownership
extreme cases the viability of an operation. regulatory requirements occurs as
Changes in regulations relating to motor well as continuous lobbying through
vehicle financing and ownership can industry associations/ bodies
adversely affect our operations in terms and leveraging on Government to
of decreased sales, increased costs or in Government (G2G) relationships.
extreme cases the viability of an operation.
Examples of regulatory changes that have
affected us in the recent past include the
introduction of Goods and Service Tax
(GST) in Malaysia and changed financing
regulations in Singapore.

Strategic Report
PURSUE STRATEGIC PORTFOLIO GROWTH
STRATEGIC: The Group is increasingly operating its Utilisation of partner selection criteria
businesses via partnership with other and guidelines including appropriate
Inappropriate entities in the form of Joint Ventures governance arrangements is a key risk
governance especially in the Property & Utility sectors. mitigation strategy. During the life
and oversight Inappropriate governance over the selection of any Joint Venture (JV) partnership,
of partner and management of our partners may continual engagement and dialogue
selection and/or result in Sime Darbys interests not being with partners to facilitate alignment of
protected. objectives occurs.
management.
Financial Reports
STRATEGIC: The increased economic volatility leads to Pursuing merger and acquisition
the need to diversify further. Reliance on opportunities to diversify the business
Merger and products closely related to commodities has is a key risk mitigation strategy
Acquisition made the Group vulnerable to some extent with a focus on industries that are
activity to to an economic downturn leading to adverse different but complementary. We
capitalise impact on profitability. In order to modulate are also aggressively pursuing the
on market the situation, the Groups decision to pursue opportunities presented by the
increased diversification (for example in increased demand for localisation of
opportunities Industrial Division) may result in acquisitions car assembly.
occurs without which do not add significant value to current
Other Information
effective lines of business. In view of the incentives
planning and offered by the Government in relation to
integration. encouraging local car assembly, the Motors
Divisions Inokom facility has significant
opportunities to expand assembly model
line up and increase production with existing
and new manufacturers. With the sale of the
Power business, the E&U Non-China Division
is currently evaluating inorganic growth
opportunities.
FINANCIAL: The Groups ability to fund planned Strategy Blueprint and Portfolio
expenditure such as capital growth, review takes into account inter-
Growth mergers & acquisitions and its other temporal analysis of portfolio returns
initiatives obligations may falter if its cash position and cash requirements. We also have
give rise to proves inadequate. This is particularly Group Policies which guide investment
significant the case where the Group is on a growth and financing activities and access to
Capital trajectory requiring significant capital a diverse range of funding sources.
funding. The acquisition of NBPOL has Regular review of cash projections
Expenditure further lent credence to this risk. and funding plans occurs. We also
(CAPEX) and ensure maintenance of sufficient
cashflow credit facilities and enforce stringent
requirements. working capital measures.
OPERATIONAL: Some of the Groups current and We believe the best way to manage
potential operations are located in or these concerns is to adhere to the
Sustainability near communities that may regard these principals of open dialogue and
challenges operations as being detrimental to them. cooperation. In doing so, we engage
arising Community expectations are typically with local communities to demonstrate
from Non- complex with the potential for multiple our operations, contribution to socio-
Governmental inconsistent stakeholder views that may economic development and seek to
be difficult to resolve. Stakeholder opinion ensure that appropriate measures are
Organisations and community acceptance can be subject taken to prevent or mitigate possible
(NGOs)/ social to many influences, for example, related adverse impact on the community.
community industries, operations of other groups, or During the year, we subscribed to
opposition local, regional or national events in other the High Carbon Stock (HCS) study as
because of real places where we operate. These disputes part of Sime Darby's commitment to
can disrupt our operations and may increase Sustainable Palm Oil Manifesto. We
or perceived our costs, thereby potentially impacting our continue to regularly and proactively
concerns. revenue and profitability. engage and communicate with key
stakeholders such as legislators, local
communities, NGOs, etc. Corporate
Social Responsibility (CSR) related
activities also feature as part of our
community engagement strategy.

INSTITUTE A PERFORMANCE AND VALUE DRIVEN CULTURE

OPERATIONAL: The Groups ability to maintain its Management of people is a high
People related competitive position and grow its priority. The Group has established a
capabilities do businesses is dependent on the services comprehensive Recruitment, Talent
not keep pace of a wide range of highly skilled and and Performance Management &
experienced personnel available in the Succession Planning Framework.
with the growth locations where they are needed. Failure to Structured employee training and
of the business. recruit and retain key staff and the inability development programmes are
to deploy staff worldwide, where they also in place along with mobility
are most needed could affect the Groups programmes designed to enhance
business. employee capability.
OPERATIONAL: The nature of some of the industries Comprehensive health and safety
Major accident in which we operate means that our policies and procedures have been
occurs to employees, contractors and customers developed, supplemented by
employees/ ECPDGGZRQUGFVQJC\CTFQWUGXGPVU regular safety training dialogues
Our upstream plantation operations are and roadshows. A dedicated
contractors / significantly manually intensive and are Occupational, Safety & Health (OSH)
customers. geographically dispersed across Malaysia, department supported by OSH
Indonesia, Liberia and Papua New Guinea committees has been established to
making adherence to safe work practices oversight health and safety practices.
all the time inherently challenging. We Improvement initiatives arising
have port operations in an emerging from external reviews have been
markets such as China where the safety introduced to strengthen health and
& health culture may not be as mature as safety culture and process. Close
other more developed markets. The nature monitoring of competitor strategies,
of some of the businesses, in particular activities and practices occurs to
our vehicle manufacturing/ assembly mitigate this risk. We constantly
activities, in which we operate means that endeavor to improve the customer
our employees and contractors can be sales and after-sales experience.
GZRQUGFVQJC\CTFQWUGXGPVU9GJCXG Premium positioning through
port operations in an emerging market branding and customer loyalty
specifically China where the safety & programmes is a key feature of our
health culture may not be as mature as strategy. Through diversification of
other more developed markets. Our the brands represented, the impact of
Inokom business involves the assembly of the cyclical nature of individual brand
motor vehicles. Given this environment, performance is partially mitigated.
any manufacturing fault at our motor A strong emphasis is placed on
assembly plant could potentially lead to a quality control incorporating various
major defect in vehicles resulting in motor- operational quality controls at our
vehicle accidents causing fatalities. Given Inokom plant. Stringent checks by
the strategic intent to increase production Quality Control team post assembly
volume across different brands at Inokom, facilitate quality of the end product.
the potential for this risk is heightened. Customer feedback channels have
been established to ensure escalation
of any manufacturing faults.
OPERATIONAL: The Group operates in a number of Preparation for significant events
Significant geographic locations. Our operations is a key mitigation strategy. We
events occur may be subject to unexpected natural continue with efforts to develop
across the catastrophes such as flood, typhoons etc. Business Continuity Management
They may also be subject to the threat of planning documentation with specific
Group leading disease outbreak and/or pests either not readiness procedures being prepared
to significant being identified in a timely manner or not for likely or unfolding events such
operational being mitigated effectively. This could as Ebola. In relation to a disease
disruption. potentially result in significant tracts of outbreak, breeding & utilisation of
estates being affected and/or being wiped disease tolerant planting materials
out. During the financial year, the Ebola is in place along with ongoing
outbreak in West Africa had a significant monitoring and control activities
impact on our Liberian operations. aimed at managing pest and disease
Harsh weather conditions at the ports (e.g. outbreaks at estates.
strong winds, ice-up, storms) can interrupt
port activities resulting in the worst case,
shut down of port operations.

Strategic Report
EMERGING RISK FACTORS AFFECTING STRATEGIC THEMES
OPERATIONAL: Increased cyber security vulnerabilities, We attempt to mitigate these

Cyber attack threats and more sophisticated and risks by employing a number of
targeted computer crime could pose a measures including employee
occurs leading risk to our systems, networks, products, training, monitoring and testing and
to financial and solutions, services and data. It could also maintenance of protective systems
confidential pose a threat to our customers, partners, and contingency plans.
data loss suppliers and third party service providers.
adversely Whilst we attempt to mitigate these
impacting risks, we remain potentially vulnerable
Financial Reports
to additional known or unknown threats.
operations and We also may have access to sensitive
reputation. confidential or personal data in some of
our businesses that is subject to privacy
and security laws.
FINANCIAL: Our assets, earnings and cash flows are A Group Treasury policy has been
Foreign influenced by a wide variety of currencies due developed which sets out the guiding
to the geographic diversity of the countries in principals for hedging transactions
exchange which we operate. Fluctuations in exchange rates that are exposed to foreign exchange
movements of those currencies can have a significant impact rate risk. The Group does not
Other Information
occur on our financial results. The US Dollar against engage in any speculative hedging
potentially the Ringgit is a key exchange rate that has as this is not seen as value adding for
impacting our significant impact. The Ringgit has recently been shareholders.
balance sheet or depreciating significantly against the US Dollar.
profit and loss
statement.
STRATEGIC: The pace of technology change is occurring at an Innovation is a key aspect considered
Evolving unprecedented rate. This will allow innovations to when the Group develops its strategy
occur that potentially threaten traditional business blueprints for each Division and
technologies models including our own. These threats also for the Group overall. Recently,
lead to business present significant opportunities for the Group if it the Group Strategy and Business
innovations can capitalise on them. This is dependent upon the Development department within
that threaten Group having an innovative culture and strategy Group Head Office has been renamed
existing something which organisations like our own can Group Strategy and Innovation with
business find challenging. Specific risks identified at the
a newly appointed leader who has
a strong background in Innovation.
models. Divisional level relating to technology include:
Plans are being developed to
Substitutes to palm oil such as synthetic oil are identify and nurture innovative
emerging as technology evolves threatening the business opportunities flowing from
traditional business model. technology related trends.
Introduction of smart cities as technology
evolves leads to threats from competitors who can
capitalise on this opportunity.
Disintermediation whereby new competitors
and/or new technologies comes between the
manufacturer and the customer as a preferred
alternative to the Sime Darby CAT dealerships
undermining the existing business model.
Replacement of traditional Principals with new
technology linked companies producing innovative
forms of transportation e.g. self-driving vehicles
may threaten the existing business model.
Technological shift towards lighter materials/
products and cheaper manufacturing costs leads
to increasing use of air freight in lieu of sea freight
undermining in the longer term the port business
model.
Inability to capitalise on technology driven
initiatives (eg sales and maintenance of sensors,
robotics etc) resulting in foregone business
opportunities

STATEMENT OF
Strategic Report
RESPONSIBILITY BY THE
BOARD OF DIRECTORS
The Directors are responsible for the preparation,
integrity and fair presentation of the annual financial
statements of the Sime Darby Berhad Group. As
required by the Companies Act, 1965 (Act) and the
Main Market Listing Requirements of Bursa Malaysia
Securities Berhad, the financial statements for the
financial year ended 30 June 2015, as presented on
page 204 to 384, have been prepared in accordance
with the Financial Reporting Standards issued by
the Malaysian Accounting Standards Board and the
provisions of the Act.
The Directors consider that in preparing the financial
Financial Reports
statements, the Group and the Company have used the
appropriate accounting policies, consistently applied
and supported by reasonable and prudent judgments
and estimates. The Directors are satisfied that the
information contained in the financial statements give
a true and fair view of the state of affairs of the Group
and the Company at the end of the financial year and
the results and the cash flows of the Group and the
Company for the financial year.
Other Information
The Directors have responsibility for ensuring that
proper accounting records are kept. The accounting
records should disclose with reasonable accuracy
the financial position of the Group and the Company
to enable the Directors to ensure that the financial
statements comply with the Act. The Directors have
the general responsibility for taking such steps as
are reasonably open to them to safeguard the assets
of the Group to prevent and detect fraud and other
irregularities.
This statement is made in accordance with a resolution

of the Board of Directors dated 17 September 2015.
Board Approval of Financial Statements
The annual financial statements for the financial year

ended 30 June 2015 are set out on page 204 to 384.
The preparation thereof was supervised by the Group
Chief Financial Officer and approved by the Board of
Directors on 17 September 2015.

Reports and
Financial Statements
For the financial year ended 30 June 2015
195 Directors Report

200 Statement by Directors
201 Statutory Declaration
202 Independent Auditors Report
204 Statements of Profit or Loss
205 Statements of Comprehensive Income
206 Statements of Financial Position
208 Statements of Changes in Equity
211 Statements of Cash Flows
215 Notes to the Financial Statements
385 Supplementary Information

DIRECTORS REPORT
Strategic Report
The Directors have pleasure in presenting their report together with the audited financial statements of the Group and of
the Company for the financial year ended 30 June 2015.
Principal Activities
The Company is principally an investment holding company. The principal activities of the subsidiaries, joint ventures and
associates are set out in Note 57 to the financial statements.
The principal activities of the Group are divided into five segments namely, Plantation, Industrial, Motors, Property and
Energy & Utilities.
There has been no significant change in the principal activities of the Group and of the Company during the financial year.
Financial Reports
Financial Results
The results of the Group and of the Company for the financial year ended 30 June 2015 were as follows:
Group Company
RM million RM million
Profit before tax 3,002.7 1,280.7
Other Information
Taxation (567.0) 0.5
Profit for the financial year 2,435.7 1,281.2
Profit attributable to owners of:

- the Company 2,312.8 1,281.2
- non-controlling interests 122.9
In the opinion of the Directors, the results of the operations of the Group and of the Company during the financial year were
not substantially affected by any item, transaction or event of a material and unusual nature, except for the acquisition of
New Britain Palm Oil Limited as disclosed in Note 50(a) to the financial statements.
Dividends
Since the end of the previous financial year, the Company had paid the following dividends:
RM million
a. In respect of the financial year ended 30 June 2014, a final single tier dividend of
30.0 sen per share, paid on 5 January 2015; and 1,819.2
b. In respect of the financial year ended 30 June 2015, an interim single tier dividend
of 6.0 sen per share, paid on 8 May 2015 372.7
2,191.9

Directors Report
For the financial year ended 30 June 2015 (continued)
Dividends (continued)
The final dividend for the financial year ended 30 June 2014 of RM1,819.2 million was paid by way of cash of RM504.6
million and by the issuance of 147,051,477 new ordinary shares of RM0.50 each in the Company (new Sime Darby Shares)
at the issue price of RM8.94 per share, amounting to RM1,314.6 million following the election made by shareholders of
the Company under the Dividend Reinvestment Plan (DRP).
At the forthcoming Annual General Meeting (AGM), a final single tier dividend of 19.0 sen per ordinary share of RM0.50
each amounting to RM1,180.1 million (Final Dividend) in respect of the financial year ended 30 June 2015, will be proposed
for shareholders approval. Subject to the relevant regulatory approvals being obtained and shareholders approval at
the forthcoming AGM for the renewal of the authority to allot and issue new Sime Darby Shares for the purpose of the
implementation of the DRP, shareholders of the Company will be given an option pursuant to the DRP to reinvest up to
their entire Final Dividend into new Sime Darby Shares at an issue price to be determined and announced at a later date.
Reserves and Provisions
All material transfers to or from reserves and provisions during the financial year are shown in the financial statements.
Share Capital and Debentures
During the financial year, the Company increased its issued and paid-up ordinary share capital from RM3,032,053,404 to
RM3,105,579,143 by way of issuance of 147,051,477 new ordinary shares of RM0.50 each at an issue price of RM8.94 per
share. The new ordinary shares were issued pursuant to the DRP of the Company and ranked pari passu in all respects with
the existing ordinary shares of the Company.
There were no issuances of debentures during the financial year.
Performance-Based Employee Share Scheme
The Companys Performance-Based Employee Share Scheme (PBESS) is governed by the by-laws approved by the
shareholders at the Extraordinary General Meeting held on 8 November 2012. Under the PBESS, ordinary shares of RM0.50
each in the Company are granted to eligible employees and executive directors of the Group. The PBESS was effected
on 15 January 2013 (effective date) following the submission of the By-Laws for the PBESS to Bursa Malaysia Securities
Berhad, the receipt of all required approvals and the compliance with the requirements pertaining to the PBESS. The
PBESS is in force for a maximum period of ten (10) years from the effective date and is administered by the Nomination &
Remuneration Committee (NRC).
The grants under the PBESS comprise the Group Performance Share (GPS), the Division Performance Share (DPS) and the
General Employee Share (GES).

Strategic Report
Performance-Based Employee Share Scheme (continued)
The number of shares granted under PBESS during the financial year and the number of shares outstanding at the end of
the financial year are as follows:
At At
Type of grant 1 July 2014 Granted Forfeited 30 June 2015
000 000 000 000
First grant on 7 October 2013
Financial Reports
GPS 3,852 (303) 3,549
DPS 5,195 (427) 4,768
GES 4,942 (280) 4,662
Second grant on 20 October 2014

GPS 3,899 (197) 3,702
DPS 5,260 (276) 4,984
Other Information
GES 5,423 (211) 5,212
The PBESS is based on 3-year cliff vesting and is subject to performance metrics. The salient features of the PBESS and the
vesting conditions are disclosed in Note 38 to the financial statements.
Directors
The Directors who held office since the date of the last Report are as follows:
Tan Sri Dato Abdul Ghani Othman (Chairman)

Tan Sri Dato Sri Dr Wan Abdul Aziz Wan Abdullah (Deputy Chairman)
Dato Azmi Mohd Ali
Tan Sri Dato Sri Hamad Kama Piah Che Othman (Resigned on 31 July 2015)
Directors Benefits
During and at the end of the financial year, no arrangements subsisted to which the Company is a party, with the object or
objects of enabling Directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures
of, the Company or any other body corporate other than those arising from the PBESS as disclosed in Directors Interests
in Shares.
Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other than
benefits disclosed as Directors remuneration and benefits-in-kind in Notes 6(a) and 6(c) to the financial statements) by
reason of a contract made by the Company or a related corporation with the Director or with a firm of which he or she is
a member, or with a company in which he or she has a substantial financial interest except for any benefits which may be
deemed to have arisen from the transactions disclosed in Note 53 to the financial statements.

Directors Report
Directors Interests in Shares
According to the Register of Directors Shareholdings, the interests of Directors in office at the end of the financial year in
shares, or debentures of the Company are as follows:
Number of ordinary shares of RM0.50 each

granted under PBESS
Type of At At
Grant date grant 1 July 2014 Granted Forfeited 30 June 2015
Tan Sri Dato Seri 7 October 2013 GPS 82,200 82,200

Mohd Bakke Salleh DPS 65,300 65,300
20 October 2014 GPS 82,200 82,200

DPS 65,300 65,300
The shares granted to Tan Sri Dato Seri Mohd Bakke Salleh were made in accordance with the resolution passed by
shareholders of the Company during the Extraordinary General Meeting held on 8 November 2012, which authorises
the Board of Directors to, at any time and from time to time while the PBESS is in force, cause/procure the offering and
allocation to him, of up to 3,000,000 shares in the Company and to procure the transfer of such number of shares to him,
all in accordance with the By-Laws.
The GPS and DPS will be vested only upon fulfillment of vesting conditions which include achievement of service period
and performance targets. Depending on the level of achievement of the performance targets as determined by the NRC,
the total number of shares which will be vested may be lower or higher than the total number of shares granted and is
subject to a limit of up to 3,000,000 shares over the duration of the PBESS.
The details of the shares granted under the PBESS and its vesting conditions are disclosed in Note 38 to the financial
statements.
Statutory Information on the Financial Statements
a. Before the statements of profit or loss, comprehensive income and financial position of the Group and of the Company
were made out, the Directors took reasonable steps:
i. to ascertain that proper action had been taken in relation to the writing off of bad debts and the impairment for
doubtful debts, and satisfied themselves that all known bad debts had been written off and adequate impairment
had been made for doubtful debts; and
ii. to ensure that any current assets, which were unlikely to realise in the ordinary course of business, their values as
shown in the accounting records of the Group and of the Company, have been written down to amounts which they
might be expected to realise.
b. At the date of this Report, the Directors are not aware of any circumstances:
i. which would render the amount written off for bad debts or the amount of impairment for doubtful debts in the
financial statements of the Group and of the Company inadequate to any substantial extent; or
ii. which would render the values attributed to current assets in the financial statements of the Group and of the
Company misleading; or
iii. which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group
and of the Company misleading or inappropriate.

Strategic Report
Statutory Information on the Financial Statements (continued)
c. As at the date of this Report:
i. there are no charges on the assets of the Group and of the Company which have arisen since the end of the financial
year to secure the liability of any other person; and
ii. there are no contingent liabilities in the Group and in the Company which have arisen since the end of the financial
year other than those arising in the ordinary course of business.
d. At the date of this Report, the Directors are not aware of any circumstances not otherwise dealt with in the Report or
financial statements which would render any amount stated in the financial statements misleading.
Financial Reports
e. In the opinion of the Directors:
i. no contingent or other liability has become enforceable or is likely to become enforceable within the period of
twelve months after the end of the financial year which will or may substantially affect the ability of the Group and
of the Company to meet their obligations as and when they fall due; and
ii. no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the
financial year and the date of this Report which is likely to affect substantially the results of the operations of the
Group and of the Company for the financial year in which this Report is made.
Other Information
Immediate and Ultimate Holding Companies
The Directors regard Permodalan Nasional Berhad as its immediate holding company and Yayasan Pelaburan Bumiputra as
its ultimate holding company. Both companies are incorporated in Malaysia.
Auditors
The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.
Signed in accordance with a resolution of the Board of Directors dated 17 September 2015
Tan Sri Dato Abdul Ghani Othman Tan Sri Dato Seri Mohd Bakke Salleh
Chairman President & Group Chief Executive/
Executive Director
Kuala Lumpur
17 September 2015

STATEMENT BY DIRECTORS PURSUANT TO
SECTION 169 (15) OF THE COMPANIES ACT, 1965
We, Tan Sri Dato Abdul Ghani Othman and Tan Sri Dato Seri Mohd Bakke Salleh, two of the Directors of Sime Darby
Berhad, do hereby state that, in the opinion of the Directors, the financial statements set out on pages 204 to 384 are
drawn up so as to give a true and fair view of the state of affairs of the Group and of the Company as at 30 June 2015 and
of the results and the cash flows of the Group and of the Company for the financial year ended on that date, in accordance
with the Financial Reporting Standards issued by the Malaysian Accounting Standards Board and the provisions of the
Companies Act, 1965.
The supplementary information set out in Note 59 on page 385 has been prepared in accordance with the Guidance on
Special Matter No. 1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosure Pursuant to
Bursa Malaysia Securities Berhad Listing Requirements, as issued by the Malaysian Institute of Accountants.
Signed in accordance with a resolution of the Board of Directors dated 17 September 2015
Tan Sri Dato Abdul Ghani Othman Tan Sri Dato Seri Mohd Bakke Salleh
Chairman President & Group Chief Executive/
Executive Director
Kuala Lumpur
17 September 2015

STATUTORY DECLARATION PURSUANT TO
Strategic Report
SECTION 169 (16) OF THE COMPANIES ACT, 1965
I, Datuk Tong Poh Keow, the officer primarily responsible for the financial management of Sime Darby Berhad, do solemnly
and sincerely declare that the financial statements set out on pages 204 to 384 are, to the best of my knowledge and
belief, correct, and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the
provisions of the Statutory Declarations Act, 1960.
Datuk Tong Poh Keow

(MIA 4625)
Financial Reports
SUBSCRIBED AND SOLEMNLY DECLARED by the abovenamed Datuk Tong Poh Keow, at Kuala Lumpur, Malaysia on 17
September 2015.
Before me,
Other Information
S. Ideraju
Commissioner for Oaths (No. W697)
Kuala Lumpur

REPORT ON THE FINANCIAL STATEMENTS
We have audited the financial statements of Sime Darby Berhad on pages 204 to 384, which comprise the statements of
financial position as at 30 June 2015 of the Group and of the Company, and the statements of profit or loss, comprehensive
income, changes in equity and cash flows of the Group and of the Company for the financial year then ended, and a summary
of significant accounting policies and other explanatory notes, as set out on Notes 1 to 58.
Directors Responsibility for the Financial Statements
The Directors of the Company are responsible for the preparation of financial statements that give a true and fair view
in accordance with Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia. The
Directors are also responsible for such internal control as the Directors determine is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit
in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on our judgement, including the assessment of risks of material misstatement
of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control
relevant to the entitys preparation of the financial statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entitys internal control. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the Group and of the Company
as of 30 June 2015 and of their financial performance and cash flows for the financial year then ended in accordance with
Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia.

Strategic Report
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with the requirements of the Companies Act, 1965 (the Act) in Malaysia, we also report the following:
(a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and
its subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the
Act.
(b) We have considered the financial statements and the auditors reports of all the subsidiaries of which we have not
acted as auditors, which are indicated in Note 57 to the financial statements.
Financial Reports
(c) We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Companys
financial statements are in form and content appropriate and proper for the purposes of the preparation of the
financial statements of the Group and we have received satisfactory information and explanations required by us for
those purposes.
(d) The audit reports on the financial statements of the subsidiaries did not contain any qualification or any adverse
comment made under Section 174(3) of the Act.
OTHER REPORTING RESPONSIBILITIES
Other Information
The supplementary information set out in Note 59 on page 385 is disclosed to meet the requirement of Bursa Malaysia
Securities Berhad (Bursa Malaysia) and is not part of the financial statements. The Directors are responsible for the
preparation of the supplementary information in accordance with Guidance on Special Matter No. 1, Determination of
Realised and Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa Malaysia Listing Requirements, as
issued by the Malaysian Institute of Accountants (MIA Guidance) and the directive of Bursa Malaysia. In our opinion, the
supplementary information is prepared in all material respects, in accordance with the MIA Guidance and the directive of
Bursa Malaysia.
OTHER MATTERS
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies
Act, 1965 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of
this report.
PRICEWATERHOUSECOOPERS DATO MOHAMMAD FAIZ BIN MOHAMMAD AZMI

(No. AF: 1146) (No. 2025/03/16 (J))
Chartered Accountants Chartered Accountant
Kuala Lumpur
17 September 2015

STATEMENTS OF
PROFIT OR LOSS
Amounts in RM million unless otherwise stated
Group Company
Note 2015 2014 2015 2014
Revenue 5 43,728.7 43,908.0 1,254.0 1,955.6

Operating expenses 6 (41,607.4) (40,747.6) (17.2) (13.0)
Other operating income 7 988.3 951.5 22.5
Other gains and losses 8 289.4 6.7 2.5 (0.9)
Operating profit 3,399.0 4,118.6 1,261.8 1,941.7
Share of results of joint ventures 9 (100.6) (39.1)
Share of results of associates 10 (21.4) 139.3
Profit before interest and tax 3,277.0 4,218.8 1,261.8 1,941.7
Finance income 11 196.3 160.8 187.9 200.3
Finance costs 12 (470.6) (415.0) (169.0) (191.0)
Profit before tax 3,002.7 3,964.6 1,280.7 1,951.0
Taxation 13 (567.0) (707.5) 0.5 0.6
Profit from continuing operations 2,435.7 3,257.1 1,281.2 1,951.6
Profit from discontinued operations (net of tax) 14 263.4
Profit for the financial year 2,435.7 3,520.5 1,281.2 1,951.6
Profit for the financial year attributable

to owners of:
- the Company
from continuing operations 2,312.8 3,112.8 1,281.2 1,951.6
from discontinued operations 239.9
2,312.8 3,352.7 1,281.2 1,951.6
- non-controlling interests 122.9 167.8
2,435.7 3,520.5 1,281.2 1,951.6
Sen Sen
Earnings per share attributable to owners

of the Company: 15
Basic
- from continuing operations 37.68 51.53
- from discontinued operations 3.97
37.68 55.50
Diluted
37.67 55.50
The notes on pages 215 to 384 form an integral part of these financial statements.

STATEMENTS OF
Strategic Report
COMPREHENSIVE INCOME
Group Company
Note 2015 2014 2015 2014
Profit for the financial year 2,435.7 3,520.5 1,281.2 1,951.6
Other comprehensive income/(loss)

Items that will be reclassified subsequently to
profit or loss
Currency translation differences - subsidiaries 751.5 (437.1)
Net change in fair value of:
- investments 24 (22.1) 11.9
Financial Reports
- cash flow hedges 194.4 17.7
Share of other comprehensive income/(loss) of:
- joint ventures 113.7 66.1
- associates 18.2 (1.2)
Taxation (66.7) (5.7)
989.0 (348.3)
Reclassified to profit or loss:
- currency translation differences on:
Other Information
- repayment of net investments (151.5) (113.4)
- disposal of a subsidiary 0.5
- changes in fair value on disposal of investments (0.1)
- changes in fair value of cash flow hedges as
adjustment to revenue and other gains and losses (250.5) 19.7
Reclassified changes in fair value of cash flow hedges
to inventories (20.9) 49.5
Taxation 83.6 (20.9)
650.2 (413.5)
Items that will not be reclassified subsequently to
profit or loss
Actuarial losses on defined benefit pension plans 45 (6.6) (19.1)
Share of other comprehensive (loss)/income of a joint
venture (20.9) 17.6
Taxation 1.7 (0.2)
(25.8) (1.7)
Total other comprehensive income/(loss) from

continuing operations 17 624.4 (415.2)
Total other comprehensive income from
discontinued operations 14 8.0
624.4 (407.2)
Total comprehensive income for the financial year 3,060.1 3,113.3 1,281.2 1,951.6
Total comprehensive income for the financial

year attributable to owners of:
- the Company
from continuing operations 2,880.8 2,760.0 1,281.2 1,951.6
from discontinued operations 247.9
2,880.8 3,007.9 1,281.2 1,951.6
- non-controlling interests 179.3 105.4
3,060.1 3,113.3 1,281.2 1,951.6

STATEMENTS OF
FINANCIAL POSITION
As at 30 June 2015
Group Company
Note 2015 2014 2015 2014
NON-CURRENT ASSETS
Property, plant and equipment 18 16,564.5 14,346.7
Biological assets 19 5,940.2 2,534.1
Prepaid lease rentals 20 923.8 868.8
Investment properties 21 571.8 656.2
Land held for property development 22 810.4 927.7
Subsidiaries 23 7,514.5 6,915.0
Joint ventures 9 2,237.7 1,590.3
Associates 10 1,582.2 1,521.0
Investments 24 140.1 171.6
Intangible assets 25 3,994.0 1,233.5
Deferred tax assets 26 1,139.2 988.6
Tax recoverable 27 478.6 396.5
Derivative assets 28 214.8 68.2
Receivables 29 527.9 587.6 1,700.0 4,268.8
Amounts due from customers on construction
contracts 30 651.2 260.4
35,776.4 26,151.2 9,214.5 11,183.8
CURRENT ASSETS
Inventories 31 9,660.7 9,510.9
Biological assets 19 142.0
Property development costs 32 2,604.6 1,917.2
Receivables 29 7,273.3 6,526.0 9,244.8 7,020.2
Accrued billings and others 33 1,630.7 1,284.3
Tax recoverable 27 310.7 215.4 1.1
Derivative assets 28 79.9 43.0
Cash held under Housing Development Accounts 34 556.1 514.2
Bank balances, deposits and cash 35 3,644.9 4,381.8 204.8 340.0
25,902.9 24,392.8 9,450.7 7,360.2
Non-current assets held for sale 36 128.7 392.2
TOTAL ASSETS 61,808.0 50,936.2 18,665.2 18,544.0

Strategic Report
Group Company
Note 2015 2014 2015 2014
EQUITY
Share capital 37 3,105.6 3,032.1 3,105.6 3,032.1
Share premium 1,795.6 555.0 1,795.6 555.0
Reserves 39 7,636.0 7,053.1 5,762.1 5,764.2
Retained profits 18,049.4 17,948.4 3,018.6 3,929.3
ATTRIBUTABLE TO OWNERS OF THE COMPANY 30,586.6 28,588.6 13,681.9 13,280.6
Financial Reports
Non-controlling interests 40 1,024.4 876.7
TOTAL EQUITY 31,611.0 29,465.3 13,681.9 13,280.6
NON-CURRENT LIABILITIES
Borrowings 41 11,745.4 8,109.2 1,700.0 1,700.0
Finance lease obligation 42 139.2 145.9
Payables 43 2,558.1
Other Information
Provisions 44 17.2 49.3
Retirement benefits 45 167.4 141.5
Deferred income 46 407.5 375.7
Deferred tax liabilities 26 2,116.5 493.4 2.1 2.6
Derivative liabilities 28 19.0 2.4
14,612.2 9,317.4 1,702.1 4,260.7
CURRENT LIABILITIES
Payables 43 8,324.3 8,105.2 3,073.5 90.9
Progress billings and others 47 194.9 208.7
Borrowings 41 6,317.6 3,065.6 207.7 911.8
Finance lease obligation 42 6.8 6.6
Provisions 44 215.4 283.4
Deferred income 46 158.8 102.2
Tax payable 222.5 267.9
Derivative liabilities 28 61.1 29.7
15,501.4 12,069.3 3,281.2 1,002.7
Liabilities associated with assets held for sale 36 83.4 84.2
TOTAL LIABILITIES 30,197.0 21,470.9 4,983.3 5,263.4
TOTAL EQUITY AND LIABILITIES 61,808.0 50,936.2 18,665.2 18,544.0

STATEMENTS OF
CHANGES IN EQUITY
Attributable
to owners Non-
Group Share Share Retained of the controlling Total
2015 Note capital premium Reserves profits Company interests equity
At 1 July 2014 3,032.1 555.0 7,053.1 17,948.4 28,588.6 876.7 29,465.3
Profit for the financial year 2,312.8 2,312.8 122.9 2,435.7

Other comprehensive
income/(loss) for the
financial year 17 593.5 (25.5) 568.0 56.4 624.4
Total comprehensive income 593.5 2,287.3 2,880.8 179.3 3,060.1
Performance-based employee
share scheme 38 (2.1) (2.1) (2.1)
Share of capital reserve of
associates 10 (2.9) (2.9) (2.9)
Transfer between reserves (5.6) 5.6
Transactions with owners:
- acquisition of non-wholly
owned subsidiaries 50(a) 72.2 72.2
- issue of shares in a
subsidiary 0.1 0.1
- capital repayment by a
subsidiary (7.3) (7.3)
- dividends paid by way of: 16
- issuance of shares
pursuant to the Dividend
Reinvestment Plan 73.5 1,241.1 (1,314.6)
- cash (877.3) (877.3) (96.6) (973.9)
Share issue expenses 37 (0.5) (0.5) (0.5)
At 30 June 2015 3,105.6 1,795.6 7,636.0 18,049.4 30,586.6 1,024.4 31,611.0

Strategic Report
Attributable
to owners Non-
Group Share Share Retained of the controlling Total
2014 Note capital premium Reserves profits Company interests equity
At 1 July 2013 3,004.7 100.6 7,228.9 16,762.1 27,096.3 884.8 27,981.1
Profit for the financial year 3,352.7 3,352.7 167.8 3,520.5

Other comprehensive
loss for the financial year (343.5) (1.3) (344.8) (62.4) (407.2)
Financial Reports
Total comprehensive (loss)/
income (343.5) 3,351.4 3,007.9 105.4 3,113.3
Performance-based employee
share scheme 38 39.1 39.1 39.1
Share of capital reserve of
associates 10 1.9 1.9 1.9
Transfer between reserves 126.7 (126.7)
Other Information
- acquisition of non-wholly
owned subsidiaries 41.7 41.7
- acquisition of non-controlling
interests (52.0) (52.0) (25.3) (77.3)
- disposal of subsidiaries (68.8) (68.8)
- issuance of shares
pursuant to the Dividend
Reinvestment Plan 27.4 455.1 (482.5)
- cash (1,503.9) (1,503.9) (61.1) (1,565.0)
Share issue expenses (0.7) (0.7) (0.7)
At 30 June 2014 3,032.1 555.0 7,053.1 17,948.4 28,588.6 876.7 29,465.3

Statements of Changes in Equity
Company Share Share Retained Total

2015 Note capital premium Reserves profits equity
At 1 July 2014 3,032.1 555.0 5,764.2 3,929.3 13,280.6

Performance-based employee share
scheme 38 (2.1) (2.1)
- issuance of shares pursuant to the
Dividend Reinvestment Plan 73.5 1,241.1 (1,314.6)
- cash (877.3) (877.3)
Share issue expenses 37 (0.5) (0.5)
At 30 June 2015 3,105.6 1,795.6 5,762.1 3,018.6 13,681.9
2014
At 1 July 2013 3,004.7 100.6 5,725.1 3,964.1 12,794.5

Performance-based employee share
scheme 38 39.1 39.1
- issuance of shares pursuant to the
Dividend Reinvestment Plan 27.4 455.1 (482.5)
- cash (1,503.9) (1,503.9)
Share issue expenses (0.7) (0.7)
At 30 June 2014 3,032.1 555.0 5,764.2 3,929.3 13,280.6
An analysis of the movements in each category within reserves is set out in Note 39.

STATEMENTS OF
Strategic Report
CASH FLOWS
Group Company
Note 2015 2014 2015 2014
Cash flow from operating activities

Profit from continuing operations 2,435.7 3,257.1 1,281.2 1,951.6
Adjustments for:
- dividends from subsidiaries (1,254.0) (1,955.6)
- amortisation of prepaid lease rentals 43.7 42.9
- depreciation and amortisation 1,216.0 1,152.3
Financial Reports
- share of results of joint ventures and associates 122.0 (100.2)
- finance income (196.3) (160.8) (187.9) (200.3)
- finance costs 470.6 415.0 169.0 191.0
- taxation 567.0 707.5 (0.5) (0.6)
- other non-cash items [note (a)] (472.4) (109.4) (8.1) 0.7
4,186.3 5,204.4 (0.3) (13.2)
Changes in working capital:
Other Information
- inventories and rental assets 966.5 (553.2)
- property development costs (575.2) (82.6)
- land held for property development (6.9) (31.1)
- receivables and others (474.2) (1,247.6) 12.2 (18.7)
- payables and others (214.7) 44.3 (37.8) (0.8)
Cash generated from/(used in) operations 3,881.8 3,334.2 (25.9) (32.7)
Tax paid (957.6) (703.0) (1.1) (0.6)
Dividends received from:
- subsidiaries 1,254.0 1,955.6
- joint ventures 1.7
- associates 30.9 35.5
Income received from investments 66.1 42.8
Operating cash flow from continuing operations 3,021.2 2,711.2 1,227.0 1,922.3
Operating cash flow from discontinued operations 14 211.9
Net cash from operating activities 3,021.2 2,923.1 1,227.0 1,922.3

Statements of Cash Flows
Group Company
Note 2015 2014 2015 2014
Cash flow from investing activities

Finance income received 160.1 129.5 166.1 209.2
Proceeds from sale of:
- property, plant and equipment 305.0 185.0
- investment properties 154.3 5.2
- a joint venture 51(b) 15.7
- associates 51(c) 318.4 23.0
- investments 77.1 10.3
Net cash inflow from disposal of subsidiaries 51(a) 41.1 232.2
Purchase of:
- property, plant and equipment 18 (1,344.2) (1,435.2)
- investment properties (2.3) (25.9)
- investments (58.7) (51.3)
- intangible assets (214.5) (166.3)
Costs incurred on biological assets (237.3) (202.1)
Payment for prepaid lease rentals (49.9) (105.6)
Acquisition of subsidiaries 50(a) (6,022.9) (195.1)
Subscription of shares in joint ventures (350.8) (267.4)
Acquisition and subscription of shares in associates (64.5) (93.6)
Advances to subsidiaries (801.8) (262.9)
Repayment from subsidiaries 1,000.9 147.4
Others 4.9 106.0
Investing cash flow (used in)/from continuing
operations (7,268.5) (1,851.3) 365.2 93.7
Investing cash flow from discontinued operations 14 573.0
Net cash (used in)/from investing activities (7,268.5) (1,278.3) 365.2 93.7

Strategic Report
Group Company
Note 2015 2014 2015 2014
Cash flow from financing activities

Proceeds from shares issued to owner of non-
controlling interest 0.1
Capital repayment by a subsidiary to owners of
non-controlling interests (7.3)
Purchase of additional interest in subsidiaries (77.3)
Financial Reports
Advances from a subsidiary 10.7 2.0
Share issue expenses (0.5) (0.7) (0.5) (0.7)
Finance costs paid (585.8) (443.1) (160.3) (190.9)
Long-term borrowings raised 3,799.1 1,536.2
Repayment of long-term borrowings (1,829.7) (360.8) (700.0)
Revolving credits, trade facilities and other short-
term borrowings (net) 2,942.6 (415.1) (300.0)
Other Information
Dividends paid (973.9) (1,554.9) (877.3) (1,503.9)
Financing cash flow from/(used in) continuing
operations 3,344.6 (1,315.7) (1,727.4) (1,993.5)
Financing cash flow used in discontinued
operations 14 (12.7)
Net cash from/(used in) financing activities 3,344.6 (1,328.4) (1,727.4) (1,993.5)
Net (decrease)/increase in cash and cash

equivalents (902.7) 316.4 (135.2) 22.5
Foreign exchange differences 255.1 (117.8)
Cash and cash equivalents at beginning of the
financial year 4,802.2 4,603.6 340.0 317.5
Cash and cash equivalents at end of the financial
year [note (b)] 4,154.6 4,802.2 204.8 340.0

Statements of Cash Flows
Group Company
Note 2015 2014 2015 2014
a. Other non-cash items:
Income from investments (66.1) (42.8)

(Gain)/loss on disposal of:
- property, plant and equipment (83.0) (104.8)
- prepaid lease rental (1.8)
- investment properties (68.1) (3.0)
- subsidiaries 51(a) 3.7 (19.6)
- a joint venture (157.2)
- associates (55.5) 0.8
- investments (0.1)
Surplus from liquidation of a subsidiary (5.6)
Write offs of:
- biological assets 9.9 14.4
Write-down of inventories (net) 119.9 61.9
Impairment/(reversal of impairment) of:
- property, plant and equipment 15.0 (24.9)
- biological assets (3.3)
- prepaid lease rentals (1.4)
- intangible assets (1.3) 11.8
- receivables 0.7 21.7
Changes in fair value of derivatives and
warrants (282.0) 21.5
Unrealised foreign currencies exchange loss/
(gain) 167.2 5.6 (2.5) 0.7
Realised foreign currencies exchange gain
transferred from equity (151.5) (113.4)
Performance-based employee share scheme
and other expenses 47.7 52.0
(472.4) (109.4) (8.1) 0.7
b. Cash and cash equivalents at end of the

financial year:
Cash held under Housing Development

Accounts 34 556.1 514.2
Bank balances, deposits and cash 35 3,644.9 4,381.8 204.8 340.0
Bank overdrafts 41 (46.4) (93.8)
4,154.6 4,802.2 204.8 340.0

NOTES TO THE
Strategic Report
FINANCIAL STATEMENTS
1 General Information
The Company is principally an investment holding company. The principal activities of the subsidiaries, joint ventures
and associates are set out in Note 57.
The principal activities of the Group are divided into five segments namely, Plantation, Industrial, Motors, Property
and Energy & Utilities.
There has been no significant change in the principal activities of the Group and of the Company during the financial
year.
Financial Reports
2 Basis of Preparation
The financial statements of the Group and of the Company are prepared in accordance with the provisions of the
Companies Act, 1965 and comply with the Financial Reporting Standards (FRS) issued by the Malaysian Accounting
Standards Board (MASB). The financial statements have been prepared under the historical cost convention except as
disclosed in the summary of principal accounting policies in Note 3.
The preparation of financial statements in conformity with FRS, requires the use of certain critical accounting estimates
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the
Other Information
reported period. The areas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant to the Groups and to the Companys financial statements are disclosed in Note 4.
The Group and the Company have also considered the new accounting pronouncements in the preparation of the
a. Accounting pronouncements that are effective and have been adopted during the financial year in preparing
these financial statements
#OGPFOGPVUVQ(45(KTUV6KOG#FQRVKQPQH(45U
First-time adopter is permitted but not required to apply a new or revised Standard that is not yet mandatory
but is available for early application.
#OGPFOGPVUVQ(455JCTG$CUGF2C[OGPV
The terms performance condition and service condition are separately defined to ensure consistent
classification of conditions attached to a share-based payment.
#OGPFOGPVUVQ(45$WUKPGUU%QODKPCVKQPU
Contingent consideration obligation that meets the definition of financial instrument is classified as a
financial liability or as equity by reference to FRS 132 Financial Instruments: Presentation. Contingent
consideration that is classified as an asset or liability is measured at fair value at each subsequent reporting
date and changes in fair value shall be recognised in profit or loss.
The scope exclusion of FRS 3 is extended to the formation of joint arrangement in the financial statements
of the joint arrangement itself.
#OGPFOGPVUVQ(451RGTCVKPI5GIOGPVU
Judgements made in applying the aggregation criteria to operating segments is to be disclosed whilst
reconciliation of the total reportable segments assets to the entitys assets is only required if that amount is
regularly provided to the chief operating decision maker.
#OGPFOGPVUVQ(45%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU(45&KUENQUWTGQH+PVGTGUVUKP1VJGT'PVKVKGU
and FRS 127 Separate Financial Statements
A parent that is an investment entity shall measure its investment in particular subsidiaries at fair value
through profit or loss instead of consolidating them, and shall account for them in the same way in its separate
Additional information is to be disclosed for a parent when it becomes or ceased to be an investment entity.

Notes to the Financial Statements
2 Basis of Preparation (continued)
a. Accounting pronouncements that are effective and have been adopted during the financial year in preparing
these financial statements (continued)
#OGPFOGPVUVQ(45(CKT8CNWG/GCUWTGOGPV
An entity is not prohibited to measure short-term receivables and payables with no stated interest rate at
invoice amounts without discounting, if the effect of discounting is immaterial.
The scope of the portfolio exception of FRS 13 includes all contracts accounted for within the scope of FRS
139 Financial Instruments: Recognition and Measurement or FRS 9 Financial Instruments, regardless of
whether they meet the definition of financial assets or financial liabilities as defined in FRS 132 Financial
Instruments: Presentation.
#OGPFOGPVUVQ(452TQRGTV[2NCPVCPF'SWKROGPVCPF(45+PVCPIKDNG#UUGVU
If an entity adopts the policy of restating instead of eliminating the accumulated depreciation/amortisation
when an asset is revalued, the gross carrying amount of the asset is adjusted in a manner that is consistent
with the revaluation of the carrying amount of the asset. The accumulated depreciation/amortisation is
calculated as the difference between the gross carrying amount and the carrying amount of the asset after
taking into account accumulated impairment losses.
#OGPFOGPVUVQ(45'ORNQ[GG$GPGHKVU
Contribution from employees or third parties to defined benefit plans that is independent of the number
of years of service is permitted to be recognised as a reduction in the service cost in the period in which the
related service is rendered, instead of attributing the contributions to the periods of service.
#OGPFOGPVUVQ(454GNCVGF2CTV[&KUENQUWTGU
The definition of related party is extended to include an entity, or any member of a group of which it is
a part, that provides key management personnel services to the reporting entity or to the parent of the
reporting entity.
#OGPFOGPVUVQ(45(KPCPEKCN+PUVTWOGPVU2TGUGPVCVKQP
Additional guidance is provided on the criterion and right to offset a financial asset and a financial liability
following amendments made to FRS 7 Financial Instruments: Disclosures.
#OGPFOGPVUVQ(45+ORCKTOGPVQH#UUGVU
Disclosure of the recoverable amount is narrowed to an individual asset or a cash-generating unit for which an
impairment loss has been recognised or reversed during the period.
#OGPFOGPVUVQ(45(KPCPEKCN+PUVTWOGPVU4GEQIPKVKQPCPF/GCUWTGOGPV
Relief from discontinuing hedge accounting is permitted when the novation of derivatives is to effect clearing
with a central counterparty as a result of laws or regulation.
#OGPFOGPVUVQ(45+PXGUVOGPV2TQRGTV[
Acquisition of investment property is a business combination if the acquisition falls within the scope of FRS
3 Business Combinations.
+%+PVGTRTGVCVKQP.GXKGU
Levy is recognised as a liability only when that minimum activity threshold that trigger the obligation to pay
is reached.
The adoption of the above did not result in any significant changes to the Groups and Companys results and
financial position.

Strategic Report
b. Accounting pronouncements that are not yet effective and have not been early adopted in preparing these
financial statements
i. Effective for annual periods beginning on or after 1 January 2016:
(454GIWNCVQT[&GHGTTCN#EEQWPVU
FRS 14 prescribes the financial reporting requirements for regulatory deferral account balances that
arise when an entity provides goods or services to customers at a price or rate that is subject to rate
regulation.
Financial Reports
#OGPFOGPVUVQ(450QPEWTTGPV#UUGV*GNFHQT5CNGCPF&KUEQPVKPWGF1RGTCVKQPU
The classification, presentation and measurement requirements in FRS 5 for an asset (or disposal group)
that is classified as held for sale are also applicable to an asset (or disposal group) that is classified as held
for distribution to owners.
Reclassification of an asset directly between being held for sale and being held for distribution to owners
is treated as a continuation of the original plan of disposal.
#OGPFOGPVUVQ(45(KPCPEKCN+PUVTWOGPVU&KUENQUWTGU
Other Information
Right to service the transferred financial asset is assessed for continuing involvement for the purposes of
the disclosure requirements. An entity has continuing involvement if the income from servicing contract
is dependent on future performance of the transferred financial asset.
#OGPFOGPVUVQ(45%QPUQNKFCVGF(KPCPEKCN5VCVGOGPVU
On disposal of a subsidiary to an associate or a joint venture, and on the change in status of a subsidiary to
an associate or a joint venture, the gain or loss arising therefrom is recognised in full in the parents profit
or loss. If the former subsidiary does not contain a business as defined in FRS 3 Business Combination,
the gain or loss is recognised to the extent of the unrelated investors interests in the associate or joint
venture.
The conditions for relief from presenting consolidated financial statements is extended to parent where
its ultimate or any intermediate parent is an investment entity.
#OGPFOGPVUVQ(45,QKPV#TTCPIGOGPVU
The acquirer of an interest in a joint operation in which the activity constitutes a business, as defined in
FRS 3 Business Combinations, shall apply all of the principles on business combinations accounting in
FRS 3 and other FRSs except for those principles that conflict with the guidance in this FRS.
#OGPFOGPVUVQ(45&KUENQUWTGQH+PVGTGUVUKP1VJGT'PVKVKGU
An investment entity that prepares financial statements in which all of its subsidiaries are measured at
fair value through profit or loss in accordance with FRS 10 Consolidated Financial Statements shall
comply with the disclosures requirement of FRS 12.
#OGPFOGPVUVQ(452TGUGPVCVKQPQH(KPCPEKCN5VCVGOGPVU
In applying FRS 101 and other FRSs, an entity shall decide on the extent of the information to be
aggregated in the financial statements so as not to reduce the understandability by obscuring material
information with immaterial information or by aggregating material items that have different natures or
functions. An entity shall also consider whether to provide additional disclosures when compliance with
the specific requirements in FRS is insufficient to enable users of financial statements to understand
the impact of particular transactions, other events and conditions on the entitys financial position and
financial performance.
#OGPFOGPVUVQ(452TQRGTV[2NCPVCPF'SWKROGPV
Depreciation method that is based on revenue generated by an activity that includes the use of the asset
is not appropriate as revenue generally reflects factors other than the consumption of the economic
benefits of the asset.

b. Accounting pronouncements that are not yet effective and have not been early adopted in preparing these
financial statements (continued)
i. Effective for annual periods beginning on or after 1 January 2016: (continued)
#OGPFOGPVUVQ(45'ORNQ[GG$GPGHKVU
For currencies for which there is no deep market in high quality corporate bonds, the rate used to discount
post-employment benefit obligations shall be determined by reference to market yields on government
bonds denominated in that currency.
#OGPFOGPVUVQ(455GRCTCVG(KPCPEKCN5VCVGOGPVU
Investor may elect to use the equity method in its separate financial statement to account for investments
in subsidiaries, joint ventures and associates.
#OGPFOGPVUVQ(45+PXGUVOGPVKP#UUQEKCVGUCPF,QKPV8GPVWTGs
Gain or loss resulting from contribution of asset or transaction between an investor and its associate or
joint venture is recognised in full when the transaction involves a business as defined in FRS 3 Business
Combinations.
When applying the equity method, the entity that is not itself an investment entity may retain the fair
value measurement applied by the associate or joint venture that is an investment entity to its interests
in subsidiaries.
#OGPFOGPVUVQ(45+PVGTKO(KPCPEKCN4GRQTVKPI
Certain disclosure shall be given either in the interim financial statements or incorporated by cross-
reference from the interim financial statements to some other statement that is available to users of the
financial statements on the same terms as the interim financial statements and at the same time.
#OGPFOGPVVQ(45+PVCPIKDNG#UUGVU
Amortisation method that is based on the revenue generated by an activity that includes the use of an
intangible asset is inappropriate except in circumstance in which the predominant limiting factor that is
inherent in an intangible asset is the achievement of a revenue threshold.
ii. Effective for annual periods beginning on or after 1 January 2018:
(45(KPCPEKCN+PUVTWOGPVU
FRS 9 replaces FRS 139 Financial Instruments: Recognition and Measurement in phases. It introduces a
single model that has only two classification categories: amortised costs and fair value. All instruments
are to be measured at fair value except for debt instruments that qualify for amortised cost accounting.
It allows an option to present fair value changes in equity instruments in profit or loss or other
comprehensive income and it is an irrevocable election on initial recognition.
Reclassification of financial liability between fair value and amortised cost is prohibited while financial
asset can only be reclassified when the entity changes its business model for managing the financial
asset. Any difference between the carrying amount and fair value on reclassification is recognised in
profit or loss.
FRS 9 introduces a new, expected-loss impairment model that will require more timely recognition of
expected credit losses. The new Standard requires an entity to recognise expected credit losses at all
times and to update the amount of expected credit losses recognised at each reporting date to reflect
changes in the credit risk of financial instruments. This model is forward-looking and it eliminates the
threshold for the recognition of expected credit losses, so that it is no longer necessary for a trigger
event to have occurred before credit losses are recognised.
The new hedge accounting model in FRS 9 represents a significant overhaul of hedge accounting that
aligns the accounting treatment with risk management activities, enabling entities to better reflect
these activities in their financial statements.

Strategic Report
c. Malaysian Financial Reporting Standards Framework
In November 2011, the MASB issued the Malaysian Financial Reporting Standards Framework (MFRS Framework)
to replace the FRS Framework. MFRS Framework is a fully International Financial Reporting Standards (IFRS)-
compliant framework which is applicable for all non-private entities for annual periods beginning on or after 1
January 2012, other than the Transitioning Entities (TEs), which may defer adoption in view of imminent changes
which may change current accounting treatments for bearer plant and property development activities. TEs are
non-private entities within the scope of MFRS 141 Agriculture and IC Interpretation 15 Agreements for the
Construction of Real Estate, including their parent, significant investor and venturer.
On 2 September 2014, the MASB issued Agriculture: Bearer Plants (Amendments to MFRS 116 Property,
Financial Reports
Plant and Equipment and Amendments to MFRS 141 Agriculture) and MFRS 15 Revenue from Contracts with
Customers, which shall apply to financial statements of annual periods beginning on or after 1 January 2016 and
1 January 2017 respectively. The MASB further notifies that TEs are required to comply with MFRS Framework
for annual period beginning on or after 1 January 2017.
On 8 September 2015, MASB announced that the effective date of MFRS 15 will be deferred to annual periods
beginning on or after 1 January 2018, following the recent press release by the International Accounting Standards
Board confirming a one-year deferral of IFRS 15 Revenue from Contracts with Customers. Consequently, the
effective date for TE to apply the MFRS will also be deferred to annual period beginning on or after 1 January
Other Information
2018.
The Group and the Company, being TEs, will continue to comply with FRS until the MFRS Framework is adopted,
no later than from the financial period beginning on 1 July 2018.
/(454GXGPWGHTQO%QPVTCEVUYKVJ%WUVQOGTU
The core principle in MFRS 15 is that an entity recognises revenue to depict the transfer of promised goods
and services to customers in an amount that reflects the consideration to which the entity expects to be
entitled in exchange for those goods or services. Extensive disclosures are required to provide greater
insight into both revenue that has been recognised, and revenue that is expected to be recognised in the
future from existing contracts with customers.
/(45#ITKEWNVWTG
MFRS 141 prescribes the accounting treatment, financial statement presentation, and disclosures related to
agricultural activity, a matter not covered in FRS Framework. It requires measurement of fair value less costs
to sell, from initial recognition of biological assets up to the point of harvest.
The amendment to MFRS 141 introduces a new category for biological asset, i.e. the bearer plants. A bearer
plant is seen as similar to an item of machinery as it is used in the production and supply of agricultural
produce, is expected to bear produce for more than one period, and has remote likelihood of being sold
as agricultural produce. Therefore, bearer plants are measured either at cost or revalued amounts, less
accumulated depreciation and impairment losses, similar to property, plant and equipment. Agricultural
produce growing on bearer plants continue to be measured at fair value less costs to sell, with fair value
changes recognised in profit or loss as the produce grows.
The Group is in the process of assessing the full impact of the new standards, revisions and amendments to published
standards and, in particular, MFRS 141 and MFRS 15, on the financial statements of the Group and of the Company in
the year of initial application.

3 Summary of Principal Accounting Policies
The following principal accounting policies have been applied consistently in dealing with items that are considered
material in relation to the financial statements, and to all the financial years presented, unless otherwise stated.
a. Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and all its subsidiaries
made up to the end of the financial year and are prepared using uniform accounting policies for like transactions
and other events in similar circumstances.
i. Subsidiaries
Subsidiaries are entities over which the Group has control. The Group controls an entity when the Group has
power over the entity, has exposure to or rights to variable returns from its involvement with the entity and
has the ability to affect those returns through its power over the entity.
Subsidiaries are consolidated using the acquisition method except for those subsidiaries acquired under
common control. Under the acquisition method, subsidiaries are consolidated from the date on which control
is transferred to the Group and de-consolidated from the date when control ceases. The consideration is
measured at the fair value of the assets given, equity instruments issued and liabilities incurred at the date
of exchange.
Contingent consideration is recorded at fair value as component of the purchase consideration with
subsequent adjustment resulting from events after the acquisition date taken to profit or loss. Acquisition
related costs are recognised as expenses when incurred.
In a business combination achieved in stages, previously held equity interests in the acquiree are re-measured
to fair value at the date of acquisition and any corresponding gain or loss is recognised in the profit or loss.
Identifiable assets, liabilities and contingent liabilities assumed in a business combination are measured at
their fair values, at the date of acquisition. The excess of the consideration and the fair value of previously
held equity interests over the fair value of the identifiable net assets acquired at the date of acquisition is
reflected as goodwill. Any gain from bargain purchase is recognised directly in the profit or loss.
Intercompany transactions and balances are eliminated on consolidation, but unrealised losses arising
therefrom are eliminated only to the extent of the cost of the asset that can be recovered, and the balance is
recognised in the profit or loss as reduction in net realisable value or as impairment loss.
Non-controlling interests in the results and net assets of non-wholly owned subsidiaries are presented
separately in the financial statements. Transactions with owners of non-controlling interests without a
change in control are treated as equity transactions in the statement of changes in equity.
When control ceases, the disposal proceeds and the fair value of any retained investment are compared to
the Groups share of the net assets disposed. The difference together with the carrying amount of allocated
goodwill and the exchange reserve that relate to the subsidiary is recognised as gain or loss on disposal.
ii. Business combinations under common control

Business combinations under common control are accounted using the predecessor method of merger
accounting where the profit or loss and other comprehensive income include the results of each of the
combining entities from the earliest date presented or from the date when these entities came under the
control of the common controlling party (if later).
The assets and liabilities of the combining entities are accounted for based on the carrying amounts from the
perspective of the common controlling party, or the combining entities if the common controlling party does
not prepare consolidated financial statements.
The difference in cost of acquisition over the aggregate carrying value of the assets and liabilities of the
combining entities as of the date of the combination is taken to equity. Transaction cost for the combination
is recognised in the profit or loss.

Strategic Report
3 Summary of Principal Accounting Policies (continued)
a. Basis of consolidation (continued)
ii. Business combinations under common control (continued)

Similar treatment applies in the Companys separate financial statements when assets and liabilities
representing the underlying businesses under common control are directly acquired by the Company. In
accounting for business combinations in the Companys separate financial statements, the excess of the cost
of acquisition over the aggregate carrying amounts of assets and liabilities as of the date of the combination
is taken to equity.
iii. Joint ventures
Financial Reports
Joint ventures are separate vehicles in which the Group has rights to its net assets and where its strategic,
financial and operating decisions require unanimous consent of the Group and one or more parties sharing
the control.
Joint ventures are accounted using the equity method. Equity method is a method of accounting whereby
the investment is recorded at cost inclusive of goodwill and adjusted thereafter for the Groups share of
the post-acquisition results and other changes in the net assets of the joint ventures based on their latest
audited financial statements or management accounts. Where necessary, adjustments are made to the
financial statements of joint ventures used by the Group in applying the equity method to ensure consistency
Other Information
of accounting policies with those of the Group.
After application of the equity method, the carrying amount of the joint ventures will be assessed for
impairment. Equity method is discontinued when the carrying amount of joint venture reaches zero, or
reaches the limit of the obligations in the case when the Group has incurred legal or constructive obligations
in respect of the joint venture.
Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of
the Groups interest in the joint ventures. Unrealised losses are also eliminated on the same basis but only
to the extent of the costs that can be recovered, and the balance that provides evidence of reduction in net
realisable value or an impairment of the assets transferred are recognised in the profit or loss.
When joint control ceases, the disposal proceeds and the fair value of any retained investment are compared
to the carrying amount of the joint venture. The difference together with the cumulative exchange reserve
that relate to the joint venture is recognised as gain or loss on disposal. In the case of partial disposal
without losing joint control, the difference between the proceeds and the carrying amount disposed, and
the proportionate exchange reserve is recognised as gain or loss on disposal.
iv. Associates
Associates are entities in which the Group is in a position to exercise significant influence. Significant
influence is the power to participate in the financial and operating policy decisions, but not control over
those policies.
Investments in associates are accounted for using the equity method, similar to Note 3(a)(iii) above.
b. Foreign currencies
i. Presentation and functional currencies

Ringgit Malaysia is the presentation currency of the Group and of the Company.
Ringgit Malaysia is also the functional currency of the Company. The functional currency is the currency of
the primary economic environment in which the Company operates. The Groups foreign operations have
different functional currencies.
ii. Transactions and balances

Foreign currency transactions and monetary items are translated into the functional currency using the
exchange rates prevailing at the transaction dates and at the end of the reporting period, respectively.
Foreign exchange differences arising therefrom and on settlement are recognised in the profit or loss.

b. Foreign currencies (continued)
iii. Translation of foreign currency financial statements

For consolidation purposes, foreign operations results are translated into the Groups presentation
currency at average exchange rates for the financial year whilst the assets and liabilities, including goodwill
and fair value adjustments arising on consolidation, are translated at exchange rates ruling at the end of the
reporting period. The resulting translation differences are recognised in other comprehensive income and
accumulated in exchange reserve.
Intercompany loans where settlement is neither planned nor likely to occur in the foreseeable future, are
treated as part of the parents net investment. Translation differences arising therefrom are recognised in
other comprehensive income and reclassified from equity to profit or loss upon repayment or disposal of the
relevant entity.
Exchange reserve in respect of a foreign operation is recognised to profit or loss when control, joint control
or significant influence over the foreign operation is lost. On partial disposal without losing control, a
proportion of the exchange reserve in respect of the subsidiary is re-attributed to the non-controlling
interest. The proportionate share of the cumulative translation differences is reclassified to profit or loss in
respect of all other partial disposals.
iv. Principal exchange rates

Year end rates Average rates
2015 2014 2015 2014
RM RM RM RM
Australian dollar (AUD) 2.90 3.02 2.88 2.98
British pound (GBP) 5.95 5.47 5.42 5.27
Chinese renminbi (RMB) 0.61 0.52 0.56 0.53
European Union euro 4.23 4.38 4.14 4.40
Hong Kong dollar 0.49 0.41 0.44 0.42
Indonesian rupiah (IDR1,000) 0.28 0.27 0.28 0.29
New Zealand dollar (NZD) 2.58 2.81 2.68 2.69
Singapore dollar 2.81 2.57 2.63 2.57
Thailand baht (THB) 0.11 0.10 0.11 0.10
United States dollar (USD) 3.78 3.21 3.45 3.18
c. Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Cost includes expenditure that is directly attributable to the acquisition of an asset. The carrying amount
of the replaced part is derecognised and all repairs and maintenance costs are charged to the profit or loss during
the financial year in which they are incurred.
Valuation adjustments on certain Malaysian plantation land and buildings were incorporated into the financial
statements. In 1998, the Group applied the transitional provision in MASB Approved Accounting Standard IAS
16 Property, Plant and Equipment, which allows the Group to continue carrying those land and buildings in
the financial statements on the basis of their previous revaluation. Surpluses arising on previous revaluation
are credited to revaluation reserve. On disposal, amounts in revaluation reserve relating to those assets are
transferred to retained profits. Other than depreciation and impairment adjustments, there has been no
subsequent valuation recorded on those land and buildings.

Strategic Report
c. Property, plant and equipment (continued)
Freehold land is not depreciated as it has indefinite life. Assets in the course of construction are shown as capital
work in progress. Depreciation on these assets commences when they are ready for use. Other property, plant
and equipment are depreciated on a straight-line basis to write down the cost or valuation of each asset to their
residual values over their estimated useful lives. The principal annual depreciation rates are:
Leasehold land over the lease period ranging from 30 to 999 years
Buildings 2% to 25%, or the lease term if shorter
Plant and machinery 2% to 33.3%, or the lease term if shorter
Rental assets 10% to 33.3%
Financial Reports
Vehicles, equipment and fixtures 5% to 33.3%
The assets residual values and useful lives are reviewed, and adjusted if appropriate, annually.
Rental assets will be transferred to inventories at their carrying amounts when they cease to be rented and
become held for sale.
d. Biological assets
Biological assets comprise oil palm trees, rubber trees, growing cane and livestock.
Other Information
i. Oil palm and rubber trees
Malaysia, Liberia, Papua New Guinea and Solomon Island
New planting expenditure incurred on land clearing and upkeep of trees to maturity is capitalised at cost
and is not amortised. Replanting expenditure is charged to the profit or loss in the financial year in which the
expenditure is incurred.
However, if the land on which the trees are planted is on a lease term, the capitalised costs will be amortised
to the profit or loss on a straight-line basis over the last planting cycle of 22 years for oil palm trees and 24
years for rubber trees, or the remaining period of the lease, whichever is shorter.
Indonesia
New planting expenditure and replanting expenditure are capitalised at cost and amortised on a straight-
line basis over the economic useful lives of 22 years for oil palm trees and 24 years for rubber trees, or the
remaining period of the lease, whichever is shorter.
ii. Growing cane

Growing cane is stated at historical cost less accumulated impairment losses. Expenditure incurred on upkeep
of growing cane is capitalised at cost. The carrying amount of growing cane is derecognised when harvested.
iii. Livestock
Livestock is stated at historical cost based on the average value at the beginning of the period plus purchases
during the period. The carrying amount of livestock is derecognised when the livestock is sold.
e. Prepaid lease rentals

Prepaid lease rentals represent payment for rights to use land over a predetermined period that is accounted for
as an operating lease and is stated at cost less amount amortised and accumulated impairment losses.
The prepaid lease rentals are amortised on a straight-line basis over the lease period ranging from 9 to 71 years.

f. Investment properties
Investment properties are land and buildings held for rental income and/or capital appreciation which are not
substantially occupied or intended to be occupied for use by, or in the operations of the Group.
Investment properties are stated at cost less accumulated depreciation and accumulated impairment losses.
Freehold land and buildings under construction are not depreciated. Other investment properties are depreciated
on a straight-line basis to write down the cost of each asset to their residual values over their estimated useful
lives. The principal annual depreciation rates are:
Leasehold land over the lease period ranging from 50 to 99 years

Buildings 2% to 5%, or the lease term if shorter
The residual values and useful lives are reviewed, and adjusted if appropriate, annually.
g. Land held for property development

Land held for property development consists of cost of land on which no significant development work has been
undertaken or where development activities are not expected to be completed within the normal operating
cycle. Land held for property development is classified as non-current asset and carried at cost less accumulated
impairment losses, if any.
Cost associated with the acquisition of land includes the purchase price of the land, professional fees, stamp
duties, commissions, conversion fees and other relevant levies.
Land held for property development is transferred to property development costs under current assets when
development activities have commenced and are expected to be completed within the normal operating cycle.
h. Investments in subsidiaries
Investments in subsidiaries and contribution to subsidiaries are recorded at costs less accumulated impairment
losses, if any, in the Companys financial statements.
Contributions to subsidiaries are amounts which the Company does not expect repayment in the foreseeable
future and are considered as part of the Companys investment in the subsidiaries.
i. Intangible assets
i. Goodwill
Goodwill represents the excess of the consideration and the fair value of previously held interests over the
Groups share of the fair value of identifiable assets, liabilities and contingent liabilities of the acquiree at
the date of acquisition.
Goodwill is stated at cost less accumulated impairment losses. Goodwill is allocated to cash generating units
for the purpose of impairment testing.
Goodwill on acquisition of joint ventures and associates is included as part of the cost of investments in joint
ventures and associates. Such goodwill is tested for impairment as part of the overall net investment in each
joint venture and associate.
ii. Research and development costs

Research costs are charged to the profit or loss in the financial year in which the expenditure is incurred.
Development costs which fulfill commercial and technical feasibility criteria are capitalised at cost less
accumulated impairment losses. The development costs are amortised from the commencement of
commercial production of the product to which they relate on a straight-line basis over the period of
the expected benefit, not exceeding a period of 5 years. The useful life will be reviewed and adjusted if
appropriate, annually. Impairment testing is performed annually on development activities which have not
entered commercial production. Development activity is also tested for impairment whenever indication of
impairment exists.

Strategic Report
i. Intangible assets (continued)
iii. Smallholder relationship

Smallholder relationship assets arose on the acquisition of subsidiaries. These assets are shown at fair
value on acquisition of subsidiaries and subsequently subject to amortisation over the remaining life of the
underlying assets. The smallholder relationship assets are tested for impairment whenever indication of
impairment exists.
iv. Computer software

Expenditure on computer software that is not an integral part of the related hardware is treated as an
Financial Reports
intangible asset and is carried at cost less accumulated amortisation. Amortisation is calculated using the
straight-line basis over their estimated useful lives. The annual amortisation rates ranges from 10% to
33.3%. Projects in progress are not amortised as these computer software are not yet available for use.
v. Other intangible assets

Other intangible assets are capitalised at cost less accumulated amortisation and accumulated impairment
losses.
Distribution and dealership rights with no predetermined service period are not amortised. Trademarks and
Other Information
other intangible assets are amortised on a straight-line basis over their contractual periods or estimated
useful lives once they are available for use. The principal annual amortisation rates ranges from 5% to 20%.
j. Non-current assets held for sale

Non-current assets or groups of assets are classified as held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through continuing use.
Depreciation ceases when an asset is classified as a non-current asset held for sale. Non-current assets held for
sale are stated at the lower of carrying amount and fair value less cost to sell.
k. Inventories
Inventories are stated at the lower of cost and net realisable value. The cost of inventories is determined on a
weighted average basis except for the following:
Heavy equipment, motor vehicles

and completed development units Specific identification basis
Replacement parts First in first out basis
The cost of raw materials, consumable stores, replacement parts and trading inventories represents cost of
purchase plus incidental costs, and in the case of other inventories, includes design costs, cost of materials,
direct labour, other direct costs and related production overheads based on normal operating capacity.
Net realisable value is the estimated selling price in the ordinary course of business, less cost to completion and
selling expenses.
l. Property development costs

The cost of land, related development costs common to whole projects and direct building costs less cumulative
amounts recognised as expense in profit or loss for property under development are carried in the statements
of financial position as property development costs. Revenue and expense recognised in profit or loss are
determined by reference to the stage of completion of the development activity in respect of the development
units sold. Any expected loss on development projects, is recognised as an expense immediately.
At end of each reporting period, the cumulative revenue recognised and progress billings made for each
development unit sold are compared. Where the revenue recognised exceeds the billings to the purchaser, the
net amount is shown as accrued billings. Where the billings to the purchaser exceeds revenue recognised, the net
amount is shown as progress billings.

m. Construction contracts
Construction costs include the costs attributable to a contract for the period from the date of securing the
contract to the final completion of the contract.
When the outcome of the contract can be estimated reliably, the percentage of completion method is used to
determine the appropriate amount of revenue and costs to be recognised in a given period. The percentage of
completion is determined by referring to either the proportion of costs incurred to-date to the total estimated
costs or the completion of a physical proportion of contract work to-date. When the outcome of a construction
contract cannot be estimated reliably, contract revenue is recognised only to the extent of contract costs
incurred that is probably recoverable. When it is probable that contract costs will exceed total contract revenue,
the expected loss is recognised as an expense immediately.
At end of each reporting period, the cumulative costs incurred, profits or losses recognised and progress billings
made for each contract work are compared. Where costs incurred and profits or losses recognised exceeds
progress billings, the net amount is shown as amount due from customers on construction contracts. Where
progress billings exceeds costs incurred and profits or losses recognised, the net amount is shown as amount due
to customers on construction contracts.
n. Financial assets
The Groups financial assets are classified into four categories as set out in Note 54(a). The accounting policies for
each of these categories, other than derivatives used for hedging as set out in Note 3(o), are as follows:
i. Financial assets at fair value through profit or loss

Financial assets are classified as fair value through profit or loss if they are held for trading. Derivatives are
categorised as held for trading unless they are designated and are effective hedging instrument.
These financial assets are measured at fair value and transaction costs are expensed in profit or loss. Any
gain or loss arising from changes in fair value are recognised in profit or loss.
ii. Loans and receivables

Financial assets with fixed or determinable payments that are not quoted in an active market are classified as
loans and receivables. These financial assets are recorded at fair value plus transaction costs and thereafter,
they are measured at amortised cost using the effective interest method less accumulated impairment losses.
iii. Available-for-sale financial assets

Available-for-sale financial assets are financial assets that are designated as available for sale or are not
classified in any of the two preceding categories. These financial assets are recorded initially at fair value plus
transaction costs and thereafter, they are measured at fair value. Except for impairment, foreign exchange
differences on translation of monetary available-for-sale financial assets such as debt instruments, interest
calculated using the effective interest method and dividends which are recognised in profit or loss, any gain
or loss arising from changes in fair value are recognised in other comprehensive income. On derecognition,
the cumulative gain or loss is reclassified from available-for-sale reserve to profit or loss.
Financial assets are classified as current assets for those having maturity dates of no more than 12 months after
the end of the reporting period, and the balance is classified as non-current. For available-for-sale financial
assets, the classification is based on expected date of realisation of the assets.
Regular way purchase or sale of a financial asset is recognised on the settlement date i.e. the date that an asset is
delivered to or by the Group. A contract that requires or permits net settlement of the change in the value of the
contract is not a regular way contract. Such contract is accounted for as a derivative in the period between the
trade date and the settlement date.

Strategic Report
o. Derivatives and hedging activities
Derivatives are measured at fair value. A derivative that is neither designated nor an effective hedging instrument
is categorised under fair value through profit or loss and changes in its fair value are recognised in profit or loss.
In the case of a derivative that qualifies for cash flow hedge, the effective portion of changes in its fair value is
recognised in other comprehensive income. The gain or loss is removed from equity and included in profit or
loss in the same period or periods during which the hedged item affects profit or loss. In the case of a hedge of a
forecast transaction which results in the recognition of a non-financial asset or a non-financial liability, the gain
or loss is removed from equity and included in the carrying amount of the asset or liability.
The gain or loss is also removed from equity and included in profit or loss when a derivative expires, no longer
meets the criteria for hedge accounting, or the forecasted transaction is no longer expected to occur.
Financial Reports
Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.
Derivatives are classified as current asset or current liability for those having maturity dates of no more than 12
months after the end of the reporting period, and the balance is classified as non-current.
p. Impairment
Goodwill and other intangible assets that have an indefinite useful life or are not yet available for use are tested
for impairment. Other non-financial assets are assessed for indication of impairment. If an indication exists,
an impairment test is performed. In the case of financial assets, investment in subsidiaries and interest in joint
Other Information
ventures and associates, they are assessed for objective evidence of impairment.
This exercise is performed annually and whenever events or circumstances occur indicating that impairment may
exist. The recognition and measurement of impairment are as follows:
i. Non-financial assets
An impairment loss is recognised for the amount by which the carrying amount of the non-financial asset
exceeds its recoverable amount. The recoverable amount is the higher of an assets fair value less costs to
sell and value in use.
Impairment loss on a revalued asset is treated as a revaluation decrease to the extent that the impairment
loss does not exceed the amount in the revaluation surplus for the same asset. Impairment loss on non-
financial assets stated at historical costs is charged to profit or loss.
Except for goodwill, assets that were previously impaired are reviewed for possible reversal of the impairment
at the end of each reporting period. Any subsequent increase in recoverable amount is recognised in the
profit or loss unless it reverses an impairment loss on a revalued asset in which case it is taken to revaluation
reserve. Reversal of impairment loss is restricted by the carrying amount that would have been determined
had no impairment loss been recognised for the asset in prior years.
An impairment loss recognised for goodwill is not reversed.
ii. Subsidiaries, joint ventures and associates

An impairment loss is recognised for the amount by which the carrying amount of the subsidiary, joint
venture or associate exceeds its recoverable amount. The recoverable amount is the higher of an assets fair
value less costs to sell and present value of the estimated future cash flows expected to be derived from
the investment including the proceeds from its disposal. Any subsequent increase in recoverable amount is
recognised in profit or loss.
iii. Loans and receivables

Loans and receivables are assessed individually and thereafter collectively for objective evidence of
impairment. If evidence exists, the amount of impairment loss is measured as the difference between the
assets carrying amount and the present value of estimated future cash flows discounted at the assets
original effective interest rate. The impairment loss is recognised in profit or loss. Reversal of impairment
loss to profit or loss, if any, is restricted to not exceeding what the amortised cost would have been had the
impairment not been recognised previously.

p. Impairment (continued)
The recognition and measurement of impairment are as follows: (continued)
iv. Available-for-sale financial assets

A significant or prolonged decline in the fair value of the available-for-sale financial assets below its cost
indicates that the assets are impaired. If such evidence exists, the decline in fair value together with the
cumulative loss recognised in other comprehensive income, if any, is taken to profit or loss. An impairment
loss recognised for equity instrument is not reversed. Reversal of impairment losses through profit or loss is
made only if the financial asset is a debt instrument and the increase in fair value can be objectively related
to an event occurring after the impairment loss was recognised in profit or loss.
q. Share capital
Proceeds from ordinary shares issued are accounted for as equity, with the nominal value of the shares being
separately disclosed as share capital. Cost directly attributable to the issuance of new shares are shown in equity
as a deduction from the proceeds.
Dividends to owners of the Company and non-controlling interests are recognised in the statement of changes in
equity in the period in which they are declared.
r. Provisions
Provisions are recognised when the Group has a legal or constructive obligation, where the outflow of resources
is probable and can be reliably estimated. Provisions are measured at the present value of the obligation. The
increase in the provision due to the passage of time is recognised as interest expense.
i. Warranties
The Group recognises the estimated liability to repair or replace products still under warranty at the end of the
reporting period. This provision is calculated based on past history of the level of repairs and replacements.
ii. Risk sharing

The risk sharing arrangement is with a third party leasing company for financing customers purchases of
equipment from the Group whereby the Group guarantees the payment from its customers under the lease
agreement up to a pre-determined amount. Provisions are recognised for the obligation that the Group
has to pay to the leasing company should the customers default and the amount is estimated based on a
percentage of risk sharing ratio over the total outstanding lease portfolio.
s. Deferred income
Deferred income comprises the following:
i. Maintenance income
Maintenance income is deferred and recognised by reference to the percentage of the estimated total costs
for each of the machinery maintenance contracts and for vehicle service contracts, it is on a straight-line
basis over the contractual period.
ii. Advance annualised licence fees

Advance annualised licence fees are deferred and recognised on a fixed annualised amount on a straight-line
basis over the term of the golf club memberships.
iii. Government grants

Government grants are recognised at fair value when there is reasonable assurance that the Group will
comply with the conditions attached to them and the grants will be received. Grants are treated as deferred
income and allocated to profit or loss over the useful lives of the related assets or the period of operating
expenditure to which the grants are intended to compensate.

Strategic Report
t. Employee costs
i. Short-term employee benefits

Wages, salaries, paid annual leave and sick leave, bonuses and non-monetary benefits are accrued in the
period in which the services are rendered by employees.
ii. Defined contribution pension plans

A defined contribution pension plan is a pension plan under which the Group pays fixed contributions into a
separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund
does not hold sufficient assets to pay all employees the benefits relating to employee service in the current
Financial Reports
and prior periods.
The Group has various defined contribution pension plans in accordance with local conditions and practices
in the countries in which it operates. The Groups contributions to defined contribution pension plans are
charged to profit or loss in the financial year in which they relate.
iii. Defined benefit pension plans

A defined benefit pension plan is a pension plan that is not a defined contribution pension plan. Typically
defined benefit pension plans define an amount of pension benefit that an employee will receive on
Other Information
retirement, usually dependent on one or more factors such as age, years of service and compensation.
The Group has various defined benefit pension plans, some of which are funded by payments from the
relevant Group companies in various countries. The Groups defined benefit pension plans are determined
based on a periodic actuarial valuation by external consultants where the amount of the benefits that eligible
employees have earned in return for their services in the current and prior years are estimated.
The liabilities in respect of the defined benefit pension plans are the present values of the defined benefit
obligations at the end of the reporting period, adjusted for actuarial gains and losses and past service
costs, and reduced by the fair value of the plan assets. The defined benefit obligations, calculated using the
Projected Unit Credit Method, are determined by independent actuaries, considering the estimated future
cash outflows.
Actuarial gains or losses arising from market adjustments and changes in actuarial assumptions are recognised
in other comprehensive income.
iv. Termination benefits

Termination benefits are payable whenever an employees employment is terminated in exchange for these
benefits. The Group recognises termination benefits when it is demonstrably committed to either terminate
the employment of current employees according to a detailed formal plan without possibility of withdrawal
or to provide termination benefits as a result of a proposal to encourage voluntary redundancy.
v. Share-based compensation
The Company operates an equity-settled, share-based compensation plan for the Groups employees.
Employee services received in exchange for the grant of the Companys shares are recognised as an expense
in the profit or loss over the vesting period of the grant, with a corresponding increase in equity.
The total amount to be expensed over the vesting period is determined by reference to the fair value of the
shares granted.
Non-market vesting conditions are included in the assumptions to arrive at the number of shares that are
expected to vest. At the end of the reporting period, the Group and the Company revise its estimates of
the number of shares that are expected to vest. The impact of the revision of original estimates, if any, is
recognised in the profit or loss, with a corresponding adjustment to equity.
The fair value of shares granted to employees of subsidiaries are recharged by the Company to the subsidiaries.

u. Financial liabilities
The Groups financial liabilities are classified into four categories as set out in Note 54(a). The accounting policies
for each of these categories, other than derivatives used for hedging as set out in Note 3(o), are as follows:
i. Financial liabilities at fair value through profit or loss

Financial liabilities are classified as fair value through profit or loss if they are held for trading. Derivatives are
categorised as held for trading unless they are designated and are effective hedging instruments. The Group
does not have any financial liabilities designated as fair value through profit or loss upon initial recognition.
ii. Financial guarantee contracts

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse
the holder for a loss it incurs because a specified debtor fails to make payment when due. Financial guarantee
contracts are recognised initially at fair value plus transaction costs and thereafter, at the higher of the best
estimate of the expenditure required to settle the present obligation at the end of the reporting period and
the amounts initially recognised less cumulative amortisation recognised.
iii. Other financial liabilities

All other financial liabilities are recognised initially at fair value plus transaction costs and thereafter, at
amortised cost using the effective interest method. Amortisation is charged to profit or loss.
Financial liabilities are classified as current liabilities for those having maturity dates of no more than 12 months
after the end of the reporting period, and the balance is classified as non-current.
v. Cash and cash equivalents

For the purpose of the statements of cash flows, cash and cash equivalents include cash in hand, deposits held at
call with banks and cash held under Housing Development Accounts, net of bank overdrafts.
w. Revenue recognition
Revenue from sale of goods and performance of services are recognised at the fair value of the consideration
received or receivable upon delivery of goods or performance of services, net of discounts, allowances, indirect
taxes and liquidated ascertained damages.
Revenue from property development is recognised when it is probable that future economic benefits will flow to
the Group, and by reference to the stage of completion of the development activity in respect of development
units sold. The stage of completion is measured by the completion of a physical proportion of contract work to-
date. Revenue from construction contracts is recognised on the percentage of completion method by reference
to either the proportion of costs incurred to-date to the total estimated costs or the completion of a physical
proportion of contract work to-date.
Other revenue is recognised on the following basis:
i. Interest income recognised on an accrual basis, using the effective interest method
ii. Dividend income recognised when the right to receive payment is established
iii. Rental income recognised on a straight-line basis over the lease term
x. Operating leases
Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted
for as operating leases. Rentals on operating leases are charged to the profit or loss on a straight-line basis over
the lease term.

Strategic Report
y. Finance leases
Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership
are classified as finance leases. The assets are capitalised at the lower of the fair value of the leased assets and
the present value of the minimum lease payments at the inception of the respective leases. The corresponding
liabilities are classified as finance lease obligation.
Lease payments are allocated between the finance charges and finance lease obligation. The finance cost
is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the
remaining finance lease obligation.
Financial Reports
Property, plant and equipment acquired under finance leases is depreciated over the shorter of the useful life of
the asset and the lease term.
z. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are
capitalised to the cost of those assets until the assets are substantially ready for their intended use or sale.
aa. Taxation
Taxation comprises current and deferred tax. Tax is recognised in the profit or loss, except to the extent that it
Other Information
relates to items recognised directly in other comprehensive income. In this case, the tax is recognised in other
comprehensive income.
The current income tax charge is the expected income taxes payable in respect of the taxable profit for the
financial year and is measured using the tax rates that have been enacted at the end of the reporting period.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Deferred tax is recognised on temporary difference arising between the tax bases of assets and liabilities and
their carrying amounts in the financial statements. However, deferred tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised. Deferred tax is recognised on temporary differences
arising on investments in subsidiaries, joint ventures and associates except where the timing of the reversal of
the temporary difference can be controlled and it is probable that the temporary difference will not reverse in
the foreseeable future.
Deferred tax is measured at the tax rates (and laws) that have been enacted or substantively enacted at the end
of the reporting period and are expected to apply when the related deferred income tax asset is realised or the
deferred income tax liability is settled.
ab. Commodity future and forward contracts

Commodity contracts are entered into to manage exposure to adverse movements in vegetable oil prices. Certain
contracts are entered into and continue to be held for the purpose of the receipt or delivery of the physical
commodity in accordance with the Groups expected purchase, sale or usage requirements. Accordingly, such
contracts are deemed not to be financial instruments. Gains or losses arising from these contracts are deferred
and included in the measurement of the purchase or sale transactions only upon the recognition of the anticipated
transactions.
Contracts entered other than for the purpose of the receipt or delivery of physical commodity are treated as
derivatives.

ac. Contingent liabilities

The Group does not recognise contingent liabilities but discloses their existence in the notes to the financial
statements. A contingent liability is a possible obligation that arises from past events whose crystallisation will
be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of
the Group or a present obligation that is not recognised because it is not probable that an outflow of resources
will be required to settle the obligation. A contingent liability also arises in the extremely rare circumstances
where there is a liability that is not recognised because it cannot be measured reliably.
ad. Segment reporting

Segment information is presented in a manner that is consistent with the internal reporting provided to
management for the allocation of resources and assessment of its performance. These are affected predominantly
by differences in the products and services provided. The Groups operating businesses are organised and
managed separately according to the nature of the products and services provided, with each segment
representing a strategic business unit that offers different products and serves different markets.
Segment revenue, expense, assets and liabilities are those amounts resulting from operating activities of a segment
that are directly attributable to the segment and the relevant portion that can be allocated on a reasonable basis
to the segment. Segment revenue, expense, assets and liabilities are determined before intragroup balances
and intragroup transactions are eliminated as part of the consolidation process, except to the extent that
such intragroup balances and transactions are between Group companies within a single segment. Intragroup
transactions which in substance represent reallocation of non-current assets from a segment to another segment
are also eliminated. Inter-segment pricing is based on similar terms as those available to external parties.
ae. Fair value estimation

Fair values shown in the financial statements are categorised into three different levels to increase consistency
and comparability in fair value measurements. The levels of hierarchy are based on the input used to measure the
fair value of an asset or a liability. The hierarchy based on highest to the lowest priority is as follows:
Level 1 quoted prices in active markets for identical assets or liabilities

Level 2 valuation inputs (other than Level 1 input) that are observable for the asset or liability, either directly
or indirectly
Level 3 valuation inputs that are not based on observable market data
4 Critical Accounting Estimates and Judgement in Applying Accounting Policies
The preparation of financial statements in conforming with FRS requires the use of certain critical accounting estimates
that involve complex and subjective judgements and the use of assumptions, some of which may be for matters that
are inherently uncertain and susceptible to change. The Directors exercise their judgement in the process of applying
the Groups accounting policies. Estimates and assumptions are based on the Directors best knowledge of current
events. Such estimates and judgement could change from period to period and have a material impact on the results,
financial position, cash flows and other disclosures.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts
of assets and liabilities within the next financial year are outlined below.
a. Purchase price allocation

Purchase prices related to business combinations and asset acquisitions are allocated to the underlying acquired
assets and liabilities based on their estimated fair value at the time of acquisition. The determination of fair
value requires the Group to make assumptions, estimates and judgments regarding future events. The allocation
process is inherently subjective and impacts the amount assigned to individually identifiable assets and liabilities.
As a result, the purchase price allocation impacts the Groups reported assets and liabilities, future net earnings
due to the impact on future depreciation and amortisation expense and impairment tests.
The acquisition accounting values recognised for intangible assets and deferred tax assets arising from the
acquisition made during the financial year is presented in Note 50(a)(ii).

Strategic Report
4 Critical Accounting Estimates and Judgement in Applying Accounting Policies (continued)
b. Impairment of non-financial assets
The Group assesses whether there is any indication that non-financial assets are impaired at the end of each
reporting period. Impairment is measured by comparing the carrying amount of an asset with its recoverable
amount. The recoverable amount is measured at the higher of the fair value less cost to sell for that asset and
its value-in-use. The value-in-use is the net present value of the projected future cash flow derived from that
asset discounted at an appropriate discount rate. Projected future cash flows are calculated based on historical
sector and industry trends, general market and economic conditions, changes in technology and other available
information. Changes to any of these assumptions would affect the amount of impairment.
The impairment assessment on property, plant and equipment and intangible assets are disclosed in Notes 18
Financial Reports
and 25 respectively.
c. Inventories write-down
Inventories write-down is provided based on their net realisable value. Net realisable value is the estimate of the
selling price in the ordinary course of business, less cost to completion and selling expenses. The amount written
down during the financial year is shown in Note 31.
d. Impairment of receivables
Impairment is made for receivables that the management considers the recoverability to be doubtful. On a
Other Information
regular basis, the management reviews the receivables ageing report and repayment history for any objective
evidence of impairment.
If the past due debts as shown in Note 29 were to impair by an additional 1%, the profit before tax of the Group
will be negatively affected by RM21.3 million (2014: RM19.8 million) for the financial year.
e. Construction contracts and property development projects

The Group recognises contract and property development revenue based on percentage of completion method.
Significant judgement is required in determining:
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The foregoing factors as well as the stage of completion of contracts in progress and the mix of contracts at
different margins may cause fluctuations in gross profit between periods. Substantial changes in cost estimates,
particularly in complex projects have had, and can in future periods have, a significant effect on the Groups
profitability. In making the above judgement, the Group relies on past experience and work of specialists.
f. Performance-Based Employee Share Scheme

The Group recognises the cost of Performance-Based Employee Share Scheme by reference to the fair value of
the shares granted, and revises the estimated number of shares that are expected to vest at end of the reporting
period. Changes to the estimate would have an impact to the cost of unvested shares and the financial results.
The cost of unvested shares as at 30 June 2015 is RM37.0 million (2014: RM39.1 million).
g. Taxation
The Group has recognised certain tax recoverable for which the Group believes that there is a reasonable basis for
recognition. Where the final tax outcome of this matter is different from the amount that was initially recorded,
such difference may cause a material adjustment to the carrying amount of the tax recoverable balance recorded
in the period in which such determination is made. The Group has recognised certain tax recoverable which are
non-current as shown in Note 27.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which temporary differences or unutilised tax losses and tax credits can be utilised. This involves
judgement regarding future taxable profits of a particular entity in which the deferred tax asset has been
recognised.

4 Critical Accounting Estimates and Judgement in Applying Accounting Policies (continued)
h. Contingent liabilities
Recognition and measurement for contingent liabilities is based on managements view of the expected outcome
of the contingencies after consulting legal counsel for litigation cases and experts, internal and external to the
Group, for matters in the ordinary course of business. The Groups contingent liabilities and material litigation
are shown in Notes 48 and 49 respectively.
5 Revenue
Revenue for the Group represents sale of goods, performance of services, income from property development
activities, construction contracts and rental income earned outside the Group, net of discounts, allowances and
liquidated ascertained damages.
Revenue for the Company represents dividend income from investment in subsidiaries (unquoted).
Group Company
2015 2014 2015 2014
Sale of goods 37,096.8 37,786.5

Performance of services 3,103.9 3,289.9
Property development 2,838.8 2,313.2
Construction contracts 620.9 453.7
Rental income 68.3 64.7
Dividend income 1,254.0 1,955.6
43,728.7 43,908.0 1,254.0 1,955.6
6 Operating Expenses
Group Company
2015 2014 2015 2014
Changes in inventories of finished goods and work in

progress 1,514.5 858.2
Finished goods, work in progress and other direct
overheads 24,778.7 26,007.6
Raw materials and consumables used 5,635.6 4,696.9
Employee costs (including Executive Directors
emoluments) [note (a)] 4,822.4 4,892.5 0.6 0.7
Amortisation of prepaid lease rentals 43.7 42.9
Amortisation of intangible assets 35.4 33.3
Depreciation:
- property, plant and equipment [note (b)] 1,125.5 1,061.6
Property development costs 1,766.7 1,411.1
Construction contract costs 480.7 296.5

Strategic Report
6 Operating Expenses (continued)
Group Company
2015 2014 2015 2014
Replanting expenditure 279.6 240.0

Research expenditure [note (a)] 118.7 121.0
Provision of warranties and guarantees 47.1 121.1
Auditors remuneration:
Fees for statutory audits
Financial Reports
- PricewaterhouseCoopers Malaysia 6.7 6.6 0.7 0.7
- member firms of PricewaterhouseCoopers
International Limited 19.6 16.7
- others 0.3 0.4
Fees for non-audit services*
- PricewaterhouseCoopers Malaysia 9.7 3.8 0.6
- member firms of PricewaterhouseCoopers
International Limited 3.8 3.4
Other Information
- others 3.1 3.1
Non-Executive Directors fees [note (c)] 5.9 5.8 3.6 3.7
Hire of plant and machinery 116.7 113.2 2.7 2.5
Operating lease payments for land and buildings 264.6 255.3 0.1 0.1
Loss on disposal of:
- a subsidiary 3.7
- an associate 0.8
Write offs of:
Impairment of:
- intangible assets 0.3 11.8
Other costs 310.4 367.7 8.9 5.3
41,607.4 40,747.6 17.2 13.0
* The Governance & Audit Committee reviews on a quarterly basis, the engagement of the external auditors for non-
audit services. Non-audit services can be offered by the external auditors if there are efficiency and value added
benefits to the Group, without compromising auditor independence. Included in fees for non-audit services by the
external auditor for the financial year are fees paid in relation to the post-acquisition integration and harmonisation
of New Britain Palm Oil Limited and the corporate exercise for the Motors Division.

6 Operating Expenses (continued)
Group Company
2015 2014 2015 2014
a. Employee costs
Staff:
- salaries, allowances, overtime and bonus 4,501.7 4,518.3 0.6 0.7
- defined benefit pension plans [Note 45] 21.8 0.5
- defined contribution pension plans 260.9 265.4
- performance-based employee share scheme (2.1) 38.7
- termination benefits 33.4 62.5
4,815.7 4,885.4 0.6 0.7
Executive Director of the Company:

- salaries, allowances and bonus 5.9 5.9
- defined contribution pension plans 0.8 0.8
- performance-based employee share scheme 0.4
6.7 7.1
Employee costs included in profit or loss 4,822.4 4,892.5 0.6 0.7
Employee costs included in research expenditure 64.3 73.6

Employee costs included in construction contracts
[Note 30] 6.3 14.1
4,893.0 4,980.2 0.6 0.7
During the financial year, the Group and Company have provided for the cost of the second grant of performance-
based employee share scheme (PBESS) granted on 20 October 2014 but have reversed the provision made in
respect of the first grant granted on 7 October 2013. The reversal was made following a review of the probability
of achievement of the targets, particularly the performance targets. Details of the shares granted under the
PBESS and its vesting conditions are disclosed in Note 38.
Estimated monetary value of benefits of the Executive Director amounted to RM32,200 (2014: RM32,200) for
the Group.
Group Company
2015 2014 2015 2014
b. Depreciation on property, plant and equipment

Depreciation included in profit or loss 1,125.5 1,061.6
Depreciation included in biological assets [Note 19] 9.4 11.9
Depreciation in relation to discontinued operations
[Note 14] 43.2
1,134.9 1,116.7
c. Non-Executive Directors fees

Estimated monetary value of benefits of Non-executive Directors amounted to RM0.4 million (2014: RM0.3
million) for the Group and Company.

Strategic Report
7 Other Operating Income
Group Company
2015 2014 2015 2014
Commission, handling fees and incentives 195.4 220.0

Income from investments (gross):
- quoted shares in Malaysia 2.5 1.6
- unquoted shares 62.5 40.1
- unquoted debentures 0.1 0.2
- unit trust 1.0 0.9
Financial Reports
Hire of plant and machinery 5.2 5.1
Rental income from land and buildings 28.4 22.4
Gain on disposal of:
- prepaid lease rentals 1.8
- subsidiaries 19.6
- a joint venture [Note 51(b)] 157.2
Other Information
- equity interest in an associate [Note 51(c)] 55.5
- unit trust 0.1
Surplus from liquidation of a subsidiary 5.6
Reversal of impairment losses of:
- biological assets 3.3
- prepaid lease rental 1.4
- investment properties 0.1
- intangible assets 1.6
Sale of scrap 16.6 18.0
Forfeitures, recoveries and other miscellaneous income 206.1 417.5 16.9
988.3 951.5 22.5
8 Other Gains and Losses
Group Company
2015 2014 2015 2014
Foreign currency exchange gain:

- realised 437.9 344.3 4.7 2.4
- unrealised 172.2 73.0 464.3 26.6
Foreign currency exchange loss:
- realised (263.3) (310.5) (4.7) (2.6)
- unrealised (339.4) (78.6) (461.8) (27.3)
Fair value gain/(loss):
- foreign currency exchange contracts 4.1
- commodity future contracts 3.8 (1.1)
- cross currency swap 257.2 (21.8)
- quoted warrants [Note 24] 12.0
Gain on ineffective portion of cash flow hedges
- foreign currency exchange contracts 4.9 1.4
289.4 6.7 2.5 (0.9)

9 Joint Ventures
The Groups interest in joint ventures as at 30 June, their respective principal activities and countries of incorporation
are set out in Note 57.
The Groups interest in joint ventures are as follows:
Material
Group joint
2015 ventures Others Total
Share of results (71.2) (29.4) (100.6)

Share of other comprehensive income 66.2 26.6 92.8
Share of total comprehensive loss (5.0) (2.8) (7.8)
Unquoted shares, at costs 1,887.4 358.5 2,245.9

Share of post-acquisition reserves 57.8 (8.5) 49.3
Loan to a joint venture 5.8 5.8
Unrealised profit on transactions with joint ventures (56.7) (56.7)
Impairment losses (6.6) (6.6)
1,945.2 292.5 2,237.7
2014
Share of results (47.3) 8.2 (39.1)

Share of other comprehensive income 81.6 2.1 83.7
Share of total comprehensive income 34.3 10.3 44.6
Unquoted shares, at costs 1,433.0 170.1 1,603.1

Share of post-acquisition reserves 199.0 (161.8) 37.2
Unrealised profit on transactions with joint ventures (43.2) (43.2)
1,632.0 (41.7) 1,590.3
The negative interest in joint ventures categorised as Others of RM41.7 million as at 30 June 2014 was due to the
excess of the Groups share of losses over the cost of investment in Malaysia - China Hydro Joint Venture (MCH JV).
On 11 August 2014, Sime Engineering Sdn Bhd and the other joint venturers of MCH JV entered into a Supplemental
Agreement and a Settlement Agreement to agree on any claims, obligations and liabilities arising from MCH JV and
the Civil Works 2 Package for the main civil works for the Bakun Hydroelectric Project. Accordingly, the amount of
RM33.7 million as at 30 June 2015 is now classified under amounts due to joint ventures in Note 43.

Strategic Report
9 Joint Ventures (continued)
a. Material joint ventures
In the opinion of the Directors, the joint ventures which are material to the Group are as follows:
Name of
joint venture Description
Emery Oleochemicals (M) Emery is a joint venture between PTT Global Chemical and Sime Darby
Sdn Bhd group (Emery) Plantation Sdn Bhd. Emery is principally engaged in the production and
trading of oleochemicals and derivatives. It has its headquarter in Shah
Financial Reports
Alam, Malaysia with manufacturing facilities and sales and marketing
offices located in Asia Pacific, Europe and North America. The joint
venture allows cross leveraging of opportunities for upstream and
downstream integration.
Ramsay Sime Darby Health RSDH was formed following the merger of Sime Darby Healthcare Sdn
Care Sdn Bhd group Bhd and Affinity Health Care Holdings Pty Ltd, a subsidiary of Ramsay
(RSDH) Health Care Ltd, to build a quality portfolio of hospitals throughout
Asia. The principle activities of RSDH are management of hospitals and
provision of related healthcare services.
Other Information
Battersea Project Holding Battersea is a joint venture between S P Setia Berhad, Kwasa Global
Company Limited group (Jersey) Limited and Sime Darby Property (Hong Kong) Limited, a
(Battersea) subsidiary of Sime Darby Property Berhad. Battersea was formed to
acquire and develop the Battersea Power Station site in London, United
Kingdom and for the Group to expand its footprint into a key international
market for property development and investment.
Summarised financial information

The summarised statements of comprehensive income of the joint ventures are as follows:
Group
2015 Emery RSDH Battersea Total
Revenue 2,670.7 705.9 3,376.6
Depreciation and amortisation (86.0) (48.6) (25.7) (160.3)

Interest income 6.6 1.2 0.1 7.9
Interest expense (30.7) (11.7) (42.4)
(Loss)/profit before tax (15.2) 47.5 (166.8) (134.5)

Taxation (16.4) (15.7) (6.3) (38.4)
(Loss)/profit for the financial year (31.6) 31.8 (173.1) (172.9)
Non-controlling interests (2.7) (1.4) (4.1)
(Loss)/profit attributable to joint venturers (34.3) 30.4 (173.1) (177.0)
Other comprehensive (loss)/income (31.2) 1.1 203.2 173.1
Total comprehensive (loss)/income attributable to
joint venturers (65.5) 31.5 30.1 (3.9)
Share of results of joint ventures (17.2) 15.2 (69.2) (71.2)

Share of other comprehensive (loss)/income of
joint ventures (15.6) 0.5 81.3 66.2
Share of total comprehensive (loss)/income of
joint ventures (32.8) 15.7 12.1 (5.0)

a. Material joint ventures (continued)
Summarised financial information (continued)

The summarised statements of comprehensive income of the joint ventures are as follows: (continued)
Group
Revenue 3,234.6 642.9 3,877.5

Interest expense (32.7) (12.3) (45.0)
(Loss)/profit before tax (97.6) 29.1 (59.5) (128.0)

Taxation 54.8 (24.1) (4.0) 26.7
(Loss)/profit for the financial year (42.8) 5.0 (63.5) (101.3)
(Loss)/profit attributable to joint venturers (47.6) 3.8 (63.5) (107.3)
Other comprehensive income 60.9 0.6 127.1 188.6
Total comprehensive income attributable to
joint venturers 13.3 4.4 63.6 81.3
Share of results of joint ventures (23.8) 1.9 (25.4) (47.3)

Share of other comprehensive income of joint
ventures 30.5 0.3 50.8 81.6
Share of total comprehensive income of joint
ventures 6.7 2.2 25.4 34.3

Strategic Report

The summarised statements of financial position of the joint ventures are as follows:
Group
Non-current assets 1,138.2 1,156.8 1,395.3 3,690.3
Financial Reports
Current assets
Cash and cash equivalents 126.0 41.0 862.8 1,029.8
Other current assets 1,075.8 128.0 4,059.2 5,263.0
1,201.8 169.0 4,922.0 6,292.8
Non-current liabilities
Financial liabilities (10.1) (145.8) (2,611.8) (2,767.7)
Other Information
Other non-current liabilities (47.0) (47.0)
(10.1) (192.8) (2,611.8) (2,814.7)
Current liabilities
Financial liabilities (880.9) (0.1) (1.4) (882.4)
Other current liabilities (545.2) (162.8) (1,431.4) (2,139.4)
(1,426.1) (162.9) (1,432.8) (3,021.8)
Net assets 846.9 961.9 2,272.7 4,081.5
2014
Non-current assets 1,091.0 1,151.2 849.0 3,091.2
Current assets
Cash and cash equivalents 155.2 58.7 405.0 618.9
Other current assets 1,048.9 140.7 2,960.9 4,150.5
1,204.1 199.4 3,365.9 4,769.4
Financial liabilities (148.4) (183.1) (1,955.6) (2,287.1)
Other non-current liabilities (214.9) (99.4) (314.3)
(363.3) (282.5) (1,955.6) (2,601.4)
Current liabilities
Financial liabilities (638.8) (638.8)
Other current liabilities (360.3) (129.5) (766.2) (1,256.0)
(999.1) (129.5) (766.2) (1,894.8)
Net assets 875.9 930.4 1,493.1 3,299.4


The development of the Battersea project commenced on 10 January 2013 with the launch of Phase 1. The total
project Gross Development Value (GDV) is GBP8,534 million (equivalent to RM50,802 million). As at the end of
the financial year, a total of three phases with total GDV of GBP5,144 million (equivalent to RM30,626 million)
have been launched. The revenue and profit from the development will only be recognised upon fulfillment of the
revenue recognition criteria based on the terms of the sale contract. Accordingly, the revenue and profit will only
be recognised upon hand-over of the development.
The total development cost incurred as at 30 June 2015 of RM5,237.0 million (2014: RM3,564.1 million) is
recognised as an asset and is measured at the lower of cost and net realisable value. Development cost includes
interest expense capitalised during the financial year of RM140.9 million (2014: RM68.5 million).
The summarised statements of financial position reflects the amounts presented in the financial statements of
the joint ventures adjusted for differences in accounting policies between the Group and the joint ventures as
well as post-acquisition changes to the fair value adjustment at acquisition date.
The most recent available financial statements of the joint ventures are used in applying equity method of
accounting with appropriate adjustments made for significant transactions occurring between that date and 30
June 2015.
Reconciliation
Reconciliation of the summarised financial information presented to the carrying amount of the Groups interest
in the joint ventures are as follows:
Group
Net assets
At 1 July 2014 875.9 930.4 1,493.1 3,299.4
Total comprehensive (loss)/income (65.5) 31.5 30.1 (3.9)
Capital contribution 36.5 749.5 786.0
At 30 June 2015 846.9 961.9 2,272.7 4,081.5
Groups interest in the joint ventures (%) 50.0 50.0 40.0
Interest in joint ventures 423.5 481.0 909.1 1,813.6

Goodwill 131.6 131.6
Carrying amount at end of the financial year 423.5 612.6 909.1 1,945.2
2014
Net assets
At 1 July 2013 862.6 926.0 1,009.1 2,797.7
Total comprehensive income 13.3 4.4 63.6 81.3
Capital contribution 420.4 420.4
At 30 June 2014 875.9 930.4 1,493.1 3,299.4
Groups interest in the joint ventures (%) 50.0 50.0 40.0
Interest in joint ventures 438.0 465.2 597.2 1,500.4

Goodwill 131.6 131.6

Strategic Report
b. Commitments and contingent liabilities
The Group has the following commitments in relation to its joint ventures:
i. The shareholders of Battersea are committed to provide further capital subscription to three of Batterseas
subsidiaries following the issuance of Letters of Undertaking to the respective subsidiaries.
ii. Pursuant to the Shareholders Agreement entered into by Weifang Sime Darby Port Co Ltd, Weifang Port
Co Ltd and Shandong Hi-Speed Transport and Logistic Investment Co Ltd, in relation to the establishment
of the joint venture, Weifang Port Services Co Ltd (WPS), the Group has injected a total of RMB333.0 million
(equivalent to RM183.4 million), comprising cash of RMB111.0 million (equivalent to RM59.8 million) and its
Financial Reports
10,000 tonne class sea channel and wave breaker for RMB222 million (equivalent to RM123.6 million).
The balance consideration of RMB37.0 million (equivalent to RM22.6 million) for the Groups 37% equity
interest in WPS, is payable on 31 December 2015.
There are no contingent liabilities relating to the Groups interest in the joint ventures, other than as disclosed
in Note 43(c).
Other Information
10 Associates
The Groups interest in the associates as at 30 June, their respective principal activities and countries of incorporation
The Groups interest in associates are as follows:
Group Material
2015 associates Others Total
Share of results (44.0) 22.6 (21.4)

Share of other comprehensive (loss)/income (0.3) 18.5 18.2
Share of total comprehensive (loss)/income (44.3) 41.1 (3.2)
Share of capital reserve (2.9) (2.9)
Quoted shares in Malaysia, at costs 554.2 554.2

Unquoted shares, at costs 525.8 331.7 857.5
Share of post-acquisition reserves 67.8 246.0 313.8
Loan to an associate 7.7 7.7
Unrealised profit on transactions with associates (142.6) (1.7) (144.3)
1,005.2 577.0 1,582.2

10 Associates (continued)
The Groups interest in associates are as follows: (continued)
Group Material
2014 associates Others Total
Share of results 108.4 30.9 139.3

Share of other comprehensive loss (0.2) (1.0) (1.2)
Share of total comprehensive income 108.2 29.9 138.1
Share of capital reserve 1.9 1.9
Quoted shares in Malaysia, at costs 554.2 554.2

Unquoted shares, at costs 525.8 233.0 758.8
Share of post-acquisition reserves 128.5 229.6 358.1
Unrealised profit on transactions with associates (141.8) (1.7) (143.5)
1,066.7 454.3 1,521.0
The loan to an associate is unsecured and bears interest at 7.85% per annum (2014: Nil).
a. Material associates
In the opinion of the Directors, the associates which are material to the Group are as follows:
Name of associate Description
Eastern & Oriental Berhad E&O is a company listed on the Main Market of Bursa Malaysia
group (E&O) Securities Berhad. The stake in E&O enables the Group to extend
its presence in the property development and hospitality sectors,
beyond the Greater Kuala Lumpur region, specifically in Penang
and Johor. The equity interest in E&O has reduced from 31.9% to
22.0% following the completion of disposal on 23 July 2014.
Tesco Stores (Malaysia) Tesco was established on 29 November 2001 as a result of a

Sdn Bhd (Tesco) strategic alliance between Tesco PLC and the Group. Tesco
owns and operates over fifty (50) hypermarkets in Malaysia. The
investment enables the Group to establish its footprint into the
consumer retail business in Malaysia.
Seriemas Development Sdn The Groups interest in Seriemas was following the merger with
Bhd group (Seriemas) Golden Hope Plantations Bhd (GHPB) in November 2007. The equity
interest of 40.0% arose from a rationalisation exercise by GHPB in
November 2004 which involves the acquisition of plantation assets
by GHPB and the dilution of GHPBs 100.0% interest in property
development companies. Seriemas currently owns landbanks in
Malaysia and is involved in property development and investment.

Strategic Report
a. Material associates (continued)

The summarised statements of comprehensive income of and dividends received from the associates are as
follows:
Group
2015 E&O Tesco Seriemas Total
Financial Reports
Revenue 449.5 4,596.6 108.2 5,154.3

Interest expense (35.4) (174.5) (0.2) (210.1)
Profit/(loss) before tax 153.6 (274.1) 26.6 (93.9)
Other Information
Taxation (45.5) 28.6 (5.9) (22.8)
Profit/(loss) for the financial year 108.1 (245.5) 20.7 (116.7)
Non-controlling interests (4.6) 0.1 (4.5)
Profit/(loss) attributable to owners of associates 103.5 (245.5) 20.8 (121.2)
Other comprehensive loss (0.5) (0.2) (0.7)
Total comprehensive income/(loss) attributable to
owners of associates 103.0 (245.5) 20.6 (121.9)
Share of results of associates 21.4 (73.7) 8.3 (44.0)

Share of other comprehensive loss of
associates (0.2) (0.1) (0.3)
Share of total comprehensive income/(loss) of
associates 21.2 (73.7) 8.2 (44.3)
Share of capital reserve of associates (2.9) (2.9)

Dividends received from associates 7.3 7.2 14.5


The summarised statements of comprehensive income of and dividends received from the associates are as
follows: (continued)
Group
Revenue 497.1 4,646.8 235.3 5,379.2

Interest income 9.3 0.6 9.9
Interest expense (34.7) (145.5) (1.5) (181.7)
Profit before tax 131.7 142.9 189.0 463.6

Taxation (48.3) (60.7) (41.0) (150.0)
Profit for the financial year 83.4 82.2 148.0 313.6
Profit attributable to owners of associates 76.9 82.2 148.5 307.6
Other comprehensive (loss)/income (1.6) 0.7 (0.9)
Total comprehensive income attributable to
owners of associates 75.3 82.2 149.2 306.7
Share of results of associates 24.4 24.6 59.4 108.4

Share of other comprehensive (loss)/income of
associates (0.5) 0.3 (0.2)
Share of total comprehensive income of
associates 23.9 24.6 59.7 108.2
Share of capital reserve of associates 2.4 (0.5) 1.9

Dividends received from associates 11.9 11.9

Strategic Report

The summarised statements of financial position of the associates are as follows:
Group
Financial Reports
Current assets
Other current assets 1,520.3 646.0 470.1 2,636.4
1,719.9 705.2 562.1 2,987.2
Financial liabilities (709.6) (2,836.3) (4.1) (3,550.0)
Other Information
(792.4) (3,113.6) (4.1) (3,910.1)
Current liabilities
Financial liabilities (453.0) (226.0) (0.6) (679.6)
(626.7) (1,195.9) (62.1) (1,884.7)
Net assets 2,734.7 59.6 950.2 3,744.5
2014
Current assets
Other current assets 627.7 601.2 454.0 1,682.9
904.8 684.7 544.2 2,133.7
Financial liabilities (544.0) (2,736.3) (4.7) (3,285.0)
(620.3) (3,143.8) (4.7) (3,768.8)
Current liabilities
Financial liabilities (184.1) (95.0) (279.1)
(327.0) (1,023.8) (54.6) (1,405.4)
Net assets 2,665.0 315.0 947.6 3,927.6


The summarised statements of financial position reflects the amounts presented in the financial statements of
the associates adjusted for differences in accounting policies between the Group and the associates as well as
post-acquisition changes to the fair value adjustment at acquisition date.
The most recent available financial statements of the associates are used in applying equity method of accounting
with appropriate adjustments made for significant transactions occurring between that date and 30 June 2015.
Reconciliation
Reconciliation of the summarised financial information presented to the carrying amount of the Groups interest
in the associates are as follows:
Group
Net assets
At 1 July 2014 2,665.0 315.0 947.6 3,927.6
Total comprehensive income/(loss) 103.0 (245.5) 20.6 (121.9)
Dividends paid (33.3) (18.0) (51.3)
Reserves movement (9.9) (9.9)
At 30 June 2015 2,734.7 59.6 950.2 3,744.5
Groups interest in the associates (%) 22.0* 30.0 40.0
Interest in associates 601.8 17.9 380.1 999.8

Goodwill 5.4 5.4
Market value at end of the financial year 456.2
2014
Net assets
At 1 July 2013 2,616.1 234.3 798.4 3,648.8
Total comprehensive income 75.3 82.2 149.2 306.7
Dividends paid (37.3) (37.3)
Reserves movement 10.9 (1.5) 9.4
At 30 June 2014 2,665.0 315.0 947.6 3,927.6
Groups interest in the associates (%) 22.1* 30.0 40.0
Interest in associates 587.8 94.4 379.1 1,061.3

Goodwill 5.4 5.4
Market value at end of the financial year 670.9
* the Groups interest in E&O has diluted from 22.1% to 22.0% following the issuance of new ordinary stock
units by E&O pursuant to its long-term stock incentive plan.

Strategic Report
Reconciliation (continued)
The market value of the Groups interest in E&O as at 30 June 2015 was RM456.2 million, which was approximately
RM151.0 million below its carrying value. The Directors are of the view that the decline in E&Os share price is not
prolonged nor significant, hence does not provide objective evidence of impairment.
b. Commitments and contingent liabilities

There are no commitment nor contingent liabilities relating to the Groups interest in the associates, other than
Financial Reports
as disclosed in Note 43(c).
11 Finance Income
Group Company
2015 2014 2015 2014
Interest income from:
Other Information
- subsidiaries 167.0 190.7
- banks and other financial institutions 106.5 91.4 0.3 0.7
- financial guarantees in respect of
credit facilities granted to:
- certain subsidiaries 20.6 8.9
- others 0.3 0.7
- other interest income 53.9 34.2
160.7 126.3 187.9 200.3
Accretion of discount [Note 29(a)] 35.6 34.5
196.3 160.8 187.9 200.3
12 Finance Costs
Group Company
2015 2014 2015 2014
Interest expense paid:

- banks and other financial institutions 308.0 209.8 8.3 12.7
- finance lease obligation 5.3 5.8
- a subsidiary 72.5 70.8
Net change in fair value of interest rate swap
contracts (13.8)
Cross currency swap interest 70.3 44.1
369.8 259.7 80.8 83.5
Islamic financing distribution payment:

- Sukuk 71.6 65.7
- Medium Term Notes 88.2 107.5 88.2 107.5
- other facilities 52.0 8.7
211.8 181.9 88.2 107.5

12 Finance Costs (continued)
Group Company
2015 2014 2015 2014
Total finance costs 581.6 441.6 169.0 191.0

Interest capitalised in:
- property, plant and equipment [Note 18] (17.9) (7.5)
- biological assets [Note 19] (12.0)
- intangible assets (9.7)
- construction contracts cost [Note 30] (16.6) (4.6)
- property development costs [Note 32] (54.8) (14.5)
Net finance costs 470.6 415.0 169.0 191.0
13 Taxation
Group Company
2015 2014 2015 2014
Income tax:
In respect of current year
- Malaysian income tax 321.3 459.7 0.4
- foreign income tax 412.1 499.3
In respect of prior years
- Malaysian income tax (28.0) (11.0) (0.4)
- foreign income tax (1.6) (0.5)
Total income tax 703.8 947.5
Deferred tax:
- origination and reversal of temporary differences 63.8 32.2 (0.5) (0.6)
- effects of recognition of previously unrecognised tax
losses, unabsorbed capital allowances and temporary
differences (95.6) (2.6)
- effects of change in tax base applicable to unrealised
profit following changes to the land use (105.0) (167.4)
- effects of change in tax rate (102.2)
Total deferred tax (136.8) (240.0) (0.5) (0.6)
Total tax expense/(credit) 567.0 707.5 (0.5) (0.6)

Strategic Report
13 Taxation (continued)
Tax reconciliation
Reconciliation from tax at applicable tax rate to tax expense/(credit) is as follows:
Group Company
2015 2014 2015 2014
Profit before tax 3,002.7 3,964.6 1,280.7 1,951.0

Less: Share of results of joint ventures 100.6 39.1
Financial Reports
Share of results of associates 21.4 (139.3)
3,124.7 3,864.4 1,280.7 1,951.0
Applicable tax 764.8 905.1 320.2 487.7

Withholding tax on foreign income 53.8 29.8
Effects of tax incentives and non-taxable income:
- single tier dividends (16.4) (10.2) (313.5) (488.9)
Other Information
- foreign currency exchange gain (77.4) (45.6) (116.1) (6.6)
- gains on disposal of a joint venture and equity interest
in an associate (53.2)
- tax incentives and other income (117.6) (99.4) (10.8) (3.5)
Effects of non-deductible expenses:
- foreign currency exchange loss 41.8 26.2 115.4 6.8
- depreciation and amortisation on non-qualifying assets
and other expenses 142.9 120.0 4.3 4.3
Deferred tax assets not recognised in respect of current
years tax losses 58.5 65.3
Over provision in prior years (29.6) (11.5) (0.4)
Effects of recognition of previously unrecognised tax
losses, unabsorbed capital allowances and temporary
differences (95.6) (2.6)
Effects of change in tax base applicable to unrealised
profit following changes to the land use (105.0) (167.4)
Effects of change in tax rate (102.2)
Tax expense/(credit) for the financial year 567.0 707.5 (0.5) (0.6)
Applicable tax rate (%) 24.5 23.4 25.0 25.0

Effective tax rate (%) 18.1 18.3 (0.0) (0.0)
The applicable tax of the Group represents the consolidation of all Group companies applicable tax based on their
respective domestic tax rates. The applicable tax of the Company is the product of the profit before tax multiplied by
the domestic tax rate of the Company.
The applicable tax rate of the Group has increased from 23.4% to 24.5% mainly due to the changes in the proportion
of income contributed by subsidiaries which are subjected to different statutory income tax rate.

14 Discontinued Operations
The discontinued operations in the previous financial year were in respect of the power generation business under
the Energy & Utilities Division.
The results and cash flows of the discontinued operations for the financial year ended 30 June 2014 were as follows:
a. Results
2014
Revenue 659.8
Profit before interest and tax 155.5
Finance income 3.2
Finance costs (1.9)
Profit before tax 156.8
Taxation (37.4)
Profit after tax 119.4
Gain on disposal of discontinued operations 144.0
Net profit from discontinued operations 263.4
Profit attributable to owners of:

- the Company 239.9
- non-controlling interest 23.5
263.4

Currency translation differences (4.4)
Currency translation differences reclassified to profit or loss on disposal of
subsidiaries 12.4
Total other comprehensive income from discontinued operations attributable to
owners of the Company 8.0
Included in the results were:
Employee costs 18.7

Amortisation of intangible assets 0.2
Depreciation on property, plant and equipment 43.2
Auditors remuneration 0.2
Operating lease payable for land and buildings 1.1
Write off of property, plant and equipment 0.1

Strategic Report
14 Discontinued Operations (continued)
The results and cash flows of the discontinued operations for the financial year ended 30 June 2014 were as follows:
(continued)
a. Results (continued)
2014
Taxation
Income tax:
In respect of current financial year
Financial Reports
- Malaysian income tax 35.1
- foreign income tax 2.7
In respect of prior financial years
- Malaysian income tax (5.9)
Total income tax 31.9
Deferred tax:
- origination and reversal of temporary differences 5.5
Other Information
Total tax expense 37.4
b. Cash flows
Cash flow from operating activities

Profit after tax 119.4
Adjustments for non-cash items 79.8
199.2
Changes in working capital 54.0
Cash generated from operations 253.2
Tax paid (41.3)
Net cash from operating activities 211.9
Cash flow from investing activities

Finance income received 3.3
Net cash inflow from disposal of subsidiaries 575.7
Purchase of property, plant and equipment (6.0)
Net cash from investing activities 573.0
Cash flow from financing activities

Finance costs paid (2.6)
Dividend paid to non-controlling interest (10.1)
Net cash used in financing activities (12.7)

15 Earnings Per Share
Basic and diluted earnings per share attributable to owners of the Company are computed as follows:
Group
2015 2014
Basic
Profit for the financial year
- from continuing operations 2,312.8 3,112.8
2,312.8 3,352.7
Weighted average number of ordinary shares in issue (million) * 6,138.4 6,040.4
Earnings per share (sen)

37.68 55.50
Diluted
Profit for the financial year
- from continuing operations ** 2,312.4 3,112.4
2,312.4 3,352.3
Weighted average number of ordinary shares in issue (million) * 6,138.4 6,040.4
Diluted earnings per share (sen)

37.67 55.50
* comparatives restated for effect of Dividend Reinvestment Plan
** adjusted for the dilutive effect of long-term stock incentive plan of an associate of RM0.4 million (2014: RM0.4
million).

Strategic Report
16 Dividends
Group/Company
2015 2014
Final single tier dividend of 30.0 sen per share (2014: 27.0 sen per share) for the
financial year ended 30 June 2014 paid on 5 January 2015 1,819.2 1,622.6
Interim single tier dividend of 6.0 sen per share (2014: 6.0 sen per share) for the
financial year ended 30 June 2015 paid on 8 May 2015 372.7 363.8
2,191.9 1,986.4
Financial Reports
Dividends paid by way of:
- issuance of shares pursuant to the Dividend Reinvestment Plan 1,314.6 482.5
- cash 877.3 1,503.9
2,191.9 1,986.4
In respect of the final dividend for the financial year ended 30 June 2014, of the total final dividend payable on 5
Other Information
January 2015 of RM1,819.2 million, RM1,314.6 million was satisfied by the issuance of 147,051,477 new Sime Darby
Shares pursuant to the Dividend Reinvestment Plan (DRP) while the balance of RM504.6 million was paid in cash (see
Note 37).
At the forthcoming Annual General Meeting (AGM), a final single tier dividend of 19.0 sen per ordinary share of RM0.50
each amounting to RM1,180.1 million (Final Dividend) in respect of the financial year ended 30 June 2015, will be
proposed for shareholders approval. Subject to the relevant regulatory approvals being obtained and shareholders
approval at the forthcoming AGM for the renewal of the authority to allot and issue new Sime Darby Shares for the
purpose of the implementation of the DRP, shareholders of the Company will be given an option pursuant to the
DRP to reinvest their entire Final Dividend or a portion thereof into new Sime Darby Shares at an issue price to be
determined and announced at a later date.

17 Other Comprehensive Income/(Loss)
Other comprehensive income/(loss) and the tax effects are analysed as follows:
Group Hedging Available-for-

2015 reserve sale reserve
Currency translation differences:

- subsidiaries
- investments (22.1)
- cash flow hedges 194.4
Actuarial losses on defined benefit pension plans
- currency translation differences:
- on repayment of net investments
- on disposal of a subsidiary
- changes in fair value of cash flow hedges as adjustment to:
- revenue 4.1
- other gains and losses (254.5)
Reclassified changes in fair value of cash flow hedges to inventories (20.9)
Share of other comprehensive (loss)/income of:
- joint ventures (0.4)
- associates (3.6)
Other comprehensive (loss)/income before tax (77.3) (25.7)
Taxation 16.9
Continuing operations (60.4) (25.7)
2014
Currency translation differences:

- subsidiaries
- investments 11.8
- cash flow hedges 17.7
Actuarial losses on defined benefit pension plans
- currency translation differences on repayment of net investment in
subsidiaries
- changes in fair value on disposal of investments (0.1)
- changes in fair value of cash flow hedges as adjustment to:
- revenue (2.1)
- other gains and losses 21.8
Reclassified changes in fair value of cash flow hedges to inventories 49.5
Share of other comprehensive income/(loss) of:
- joint ventures 0.2
- associates (1.1)
Other comprehensive income/(loss) before tax 87.1 10.6
Taxation (26.6)
Continuing operations 60.5 10.6

Strategic Report
Exchange Retained Non-controlling
reserve profits interests Total Tax effects Net of tax
694.7 56.8 751.5 751.5
(22.1) (22.1)
Financial Reports
194.4 (66.7) 127.7
(6.1) (0.5) (6.6) 1.7 (4.9)
(151.5) (151.5) (151.5)

0.5 0.5 0.5
4.1 4.1
Other Information
(0.1) (254.6) 77.2 (177.4)
(20.9) 6.4 (14.5)
114.1 (20.9) 92.8 92.8

21.8 18.2 18.2
679.6 (27.0) 56.2 605.8 18.6 624.4
1.5 0.2 18.6
679.6 (25.5) 56.4 624.4
(375.0) (62.1) (437.1) (437.1)
0.1 11.9 11.9

17.7 (5.7) 12.0
(18.5) (0.6) (19.1) (0.2) (19.3)
(113.4) (113.4) (113.4)

(0.1) (0.1)
(2.1) (2.1)
21.8 (6.1) 15.7
49.5 (14.8) 34.7
65.9 17.6 83.7 83.7

(0.1) (1.2) (1.2)
(422.6) (0.9) (62.6) (388.4) (26.8) (415.2)
(0.4) 0.2 (26.8)
(422.6) (1.3) (62.4) (415.2)

18 Property, Plant and Equipment
Group Freehold Long leasehold Short leasehold

2015 land land land
At 1 July 2014 2,770.6 860.9 378.7

Acquisition of subsidiaries [Note 50(a)] 88.5 524.0
Disposal of subsidiaries [Note 51(a)]
Additions 0.9 0.3 0.7
Disposals (13.3) (0.1)
Write offs (0.6)
Impairment losses
Reversal of impairment losses
Transfer from/(to):
- investment properties [Note 21] 14.4 (5.8)
- land held for property development [Note 22] (17.4)
- inventories
- property development cost [Note 32]
- non-current assets held for sale [Note 36] (0.1) (0.2) (0.4)
Reclassification 27.0
Depreciation (31.8) (2.6)
Exchange differences 4.0 58.7 16.6
At 30 June 2015 2,847.0 1,438.9 387.1
Cost/valuation 2,847.6 1,641.4 628.4

Accumulated depreciation (185.8) (235.3)
Accumulated impairment losses (0.6) (16.7) (6.0)
Carrying amount at end of the financial year 2,847.0 1,438.9 387.1
2014
At 1 July 2013 2,717.8 862.0 384.5

Acquisition of subsidiaries
Disposal of subsidiaries (14.4)
Additions 63.3 1.0 3.9
Disposals (6.8) (1.0) (0.4)
Write offs
Impairment losses (5.5)
Reversal of impairment losses 1.1
Transfer from/(to):
- prepaid lease rentals [Note 20]
- investment properties [Note 21] (7.3)
- land held for property development [Note 22] (6.4)
- inventories
- property development cost [Note 32]
- non-current assets held for sale [Note 36] (10.1)
Reclassification 29.4
At 30 June 2014 2,770.6 860.9 378.7
Cost/valuation 2,777.2 1,015.1 613.2

Accumulated depreciation (144.0) (227.3)
Carrying amount at end of the financial year 2,770.6 860.9 378.7

Strategic Report
Plant and Rental Vehicles, equipment Capital work in
Buildings machinery assets and fixtures progress Total
5,335.0 1,862.9 1,229.3 986.4 922.9 14,346.7

597.7 801.4 167.3 81.2 2,260.1
(35.0) (25.6) (0.4) (61.0)
99.7 106.2 325.5 220.3 858.2 1,611.8
(268.5) (69.0) (62.6) (8.5) (422.0)
(14.9) (6.2) (0.7) (0.8) (1.9) (25.1)
(14.5) (1.7) (16.2)
Financial Reports
0.4 0.4 0.4 1.2
(1.0) 7.6
(17.4)
(573.5) (3.8) (577.3)
5.1 5.1
(3.4) (2.1) 0.5 (0.1) (5.8)
490.1 298.3 (0.2) 82.8 (898.0)
Other Information
(261.3) (325.0) (238.6) (275.6) (1,134.9)
206.7 212.3 10.1 38.2 45.1 591.7
6,136.1 2,853.6 750.2 1,152.3 999.3 16,564.5
8,110.2 5,244.5 1,187.8 3,013.1 1,010.0 23,683.0

(1,911.8) (2,278.4) (429.9) (1,854.1) (6,895.3)
(62.3) (112.5) (7.7) (6.7) (10.7) (223.2)
6,136.1 2,853.6 750.2 1,152.3 999.3 16,564.5
4,310.5 2,316.4 1,336.0 1,050.9 1,118.3 14,096.4

11.6 7.0 18.2 36.8
(10.0) (394.2) (13.3) (2.2) (434.1)
364.7 151.3 453.0 183.3 832.0 2,052.5
(30.7) (21.0) (17.1) (0.4) (77.4)
(2.3) (4.3) (1.6) (8.2)
(0.6) (3.7) (3.5) (13.3)
19.4 16.2 0.9 0.6 38.2
215.2 215.2
(22.0) (29.3)
(6.4)
11.3 (280.8) 1.8 (0.8) (268.5)
4.6 4.6
(2.8) (2.8) (15.7)
771.4 130.5 (0.5) 41.6 (972.4)
(228.7) (297.8) (295.8) (277.1) (1,116.7)
(76.6) (37.5) 20.0 1.9 (51.6) (127.4)
5,335.0 1,862.9 1,229.3 986.4 922.9 14,346.7
7,007.6 3,942.6 1,847.8 2,689.0 932.0 20,824.5

(1,625.7) (1,960.2) (611.1) (1,697.3) (6,265.6)
(46.9) (119.5) (7.4) (5.3) (9.1) (212.2)
5,335.0 1,862.9 1,229.3 986.4 922.9 14,346.7

18 Property, Plant and Equipment (continued)
Included in additions to the capital work in progress of the Group is interest expense capitalised of RM17.9 million
(2014: RM7.5 million).
Certain plantation land of the Group are used as underlying assets (Sukuk Assets) for the Sukuk issued in January 2013
which is based on the Shariah Principle of Ijarah (see Note 41(d)). The structure does not represent collaterisation and
there was no transfer of registered title of the Sukuk Assets. The carrying amount of the Sukuk Assets as at 30 June
2015 amounted to RM527.6 million (2014: RM530.4 million).
Property, plant and equipment with a total carrying amount of RM1,849.8 million (2014: RM143.5 million) were
pledged as security for borrowings (see Note 41). In addition, included in plant and machinery is an amount of
RM137.3 million (2014: RM146.3 million) acquired under finance leases (see Note 42).
During the financial year, the Group carried out a review of the recoverable amount of its property, plant and
equipment. The review led to the recognition of a net impairment of RM15.0 million, of which RM14.5 million was
due to the impairment of the Plantation downstreams property, plant and equipment to its fair value less costs to
disposal.
Reconciliation of the additions to the cash flow for purchase of property, plant and equipment is as follows:
Group
2015 2014
Additions for the financial year 1,611.8 2,052.5

Add:
Payment made for previous years additions 139.6
Less:
Additions to rental assets, included as changes in working capital in the
statements of cash flows (325.5) (453.0)
Interest expense capitalised in capital work in progress (17.9) (7.5)
Amounts not yet due for payment (63.8) (150.8)
Total cash payments during the financial year 1,344.2 1,441.2
Included in cash flow from investing activities of:

- continuing operations 1,344.2 1,435.2
- discontinued operations [Note 14(b)] 6.0
1,344.2 1,441.2

Strategic Report
19 Biological Assets
Group Rubber Growing
2015 Oil palm trees cane Livestock Total
At 1 July 2014 2,498.8 35.3 2,534.1

Acquisition of subsidiaries [Note 50(a)] 2,860.9 92.5 44.8 2,998.2
Additions 246.4 12.3 258.7
Write offs (9.4) (0.5) (9.9)
Financial Reports
Exchange differences 324.5 0.1 8.0 5.5 338.1
At 30 June 2015 5,884.2 47.2 100.5 50.3 6,082.2
Non-current 5,884.2 47.2 8.8 5,940.2

Current 100.5 41.5 142.0
5,884.2 47.2 100.5 50.3 6,082.2
Other Information
2014
At 1 July 2013 2,469.7 28.8 2,498.5

Additions 207.1 6.9 214.0
Write offs (13.9) (0.5) (14.4)
Reversal of impairment losses 3.3 3.3
Exchange differences (127.7) 0.1 (127.6)
At 30 June 2014 2,498.8 35.3 2,534.1
Non-current 2,498.8 35.3 2,534.1
Included in additions are depreciation and interest expense capitalised of RM9.4 million (2014: RM11.9 million) and
RM12.0 million (2014: Nil), respectively.
The total new planting and replanting expenditure incurred during the financial year are as follows:
Group
2015 2014
New planting 258.7 214.0

Replanting expenditure [Note 6] 279.6 240.0
538.3 454.0
Certain biological assets of the Group are used as underlying assets (Sukuk Assets) for the Sukuk issued in January
2013 which is based on the Shariah Principle of Ijarah. The structure does not represent collaterisation and there
was no transfer of registered title of the Sukuk Assets. The carrying amount of the Sukuk Assets as at 30 June 2015
amounted to RM289.2 million (2014: RM289.2 million).
Biological assets with a total carrying amount of RM2,022.4 million (2014: Nil) were pledged as security for borrowings
(see Note 41).

20 Prepaid Lease Rentals
The prepaid lease rentals are payments for rights in respect of the following:
Long Short
Group leasehold leasehold
2015 land land Total
At 1 July 2014 2.5 903.0 905.5

Disposal of subsidiaries [Note 51(a)] (26.9) (26.9)
Additions 48.9 48.9
Amortisation (0.5) (43.2) (43.7)
At 30 June 2015 2.4 967.0 969.4
2014
At 1 July 2013 2.8 1,178.7 1,181.5

Disposal of subsidiaries (0.3) (0.3)
Additions 106.5 106.5
Transfer to property, plant and equipment [Note 18] (215.2) (215.2)
Amortisation (42.9) (42.9)
Exchange differences (0.3) (122.4) (122.7)
At 30 June 2014 2.5 903.0 905.5
The prepaid lease rentals are subject to the following maturity periods:
Group
2015 2014
Non-current
Due later than one year 923.8 868.8
Current
Due no later than one year, included in accrued billings
and others under current assets [Note 33] 45.6 36.7
969.4 905.5

Strategic Report
21 Investment Properties
Long Short
Group Freehold leasehold leasehold
2015 land land land Buildings Total
At 1 July 2014 114.3 56.0 22.6 463.3 656.2

Additions 1.3 1.3
Disposals (17.2) (66.4) (83.6)
Impairment losses (3.4) (1.1) (4.5)
Financial Reports
Transfer from/(to):
- property, plant and equipment [Note 18] (14.4) 5.8 1.0 (7.6)
- non-current asset held for sale [Note 36] (0.3) (0.3)
Depreciation (0.8) (0.9) (16.4) (18.1)
Exchange differences 6.6 1.1 3.6 17.1 28.4
At 30 June 2015 89.3 52.9 31.1 398.5 571.8
Other Information
Cost 89.3 66.5 49.6 624.5 829.9
Accumulated depreciation (10.2) (18.5) (200.4) (229.1)
Carrying amount at end of the financial year 89.3 52.9 31.1 398.5 571.8
2014
At 1 July 2013 121.5 52.4 22.8 436.7 633.4

Additions 17.6 17.6
Disposals (2.1) (0.1) (2.2)
Transfer from/(to):
- property, plant and equipment [Note 18] 7.3 22.0 29.3
- land held for property development [Note 22] (10.7) (10.7)
- non-current asset held for sale [Note 36] (2.5) (2.5)
Depreciation (0.9) (0.8) (16.0) (17.7)
Exchange differences (1.8) 4.5 0.6 12.2 15.5
At 30 June 2014 114.3 56.0 22.6 463.3 656.2
Cost 114.3 65.3 36.2 661.3 877.1

Accumulated depreciation (9.3) (13.6) (173.9) (196.8)
Accumulated impairment losses (24.1) (24.1)
Carrying amount at end of the financial year 114.3 56.0 22.6 463.3 656.2

21 Investment Properties (continued)
The fair value of investment properties as at 30 June 2015 was RM1,485.5 million (2014: RM1,491.8 million). The
fair value was arrived at after taking into consideration the valuation performed by external professional firms of
surveyors and valuers. The fair value is categorised as Level 2 in the fair value hierarchy as the valuation which was
performed using comparable and investment basis was based on observable valuation inputs.
Investment properties with a total carrying amount of RM151.9 million (2014: RM240.4 million) were pledged as
security for borrowings (see Note 41).
Rental income generated from and direct operating expenses incurred on income generating investment properties
are as follows:
Group
2015 2014
Rental income 68.3 64.7

Direct operating expenses (15.3) (11.3)
22 Land Held for Property Development
Group
2015 2014
At 1 July 927.7 864.2

Disposals (0.7)
Transfer from/(to):
- property, plant and equipment [Note 18] 17.4 6.4
- investment properties [Note 21] 10.7
- property development costs [Note 32] (141.6) 15.3
Incidental costs incurred 6.9 31.8
At 30 June 810.4 927.7
Land held for property development of a subsidiary with carrying amount of RM21.7 million (2014: RM24.7 million)
was pledged as security for borrowings (see Note 41).
23 Subsidiaries
The Companys equity interest in the subsidiaries, their respective principal activities and countries of incorporation
Company
2015 2014
Unquoted shares at cost 5,128.0 3,423.5

Contributions to subsidiaries 2,386.5 3,491.5
7,514.5 6,915.0

Strategic Report
23 Subsidiaries (continued)
During the financial year, the Company increased its investment in Sime Darby Motors Sdn Bhd (SDM) and Sime
Darby Property Berhad (SDPB), by subscribing to new ordinary and preference shares of SDM and SDPB for a total
consideration of RM1.4 billion and RM304.5 million respectively. The consideration for SDPBs shares was satisfied
in cash whilst the consideration for SDMs shares was satisfied by the capitalisation of the contributions to SDM and
the amounts due from SDM.
Contributions to subsidiaries are amounts which the Company does not expect repayment in the foreseeable future
and are considered as part of the Companys investment in the subsidiaries.
Financial Reports
24 Investments
Group Quoted Quoted Unquoted Unquoted Unit trust

2015 shares warrants shares debenture and others Total
At 1 July 2014 42.6 83.6 4.1 41.3 171.6

Additions 22.7 36.0 58.7
Other Information
Disposals (77.1) (77.1)
Net change in fair value (charged)/
credited to:
- profit or loss [Note 8] 12.0 12.0
- other comprehensive income
[Note 17] (11.8) (10.3) (22.1)
Exchange differences (3.0) (3.0)
At 30 June 2015 30.8 12.0 93.0 4.1 0.2 140.1
2014
At 1 July 2013 33.1 81.5 4.1 118.7

Additions 51.3 51.3
Disposals (10.3) (10.3)
Net change in fair value credited to
other comprehensive income
[Note 17] 9.5 2.1 0.3 11.9
At 30 June 2014 42.6 83.6 4.1 41.3 171.6
The unquoted debenture carries a coupon rate of 3.75% and matures on 30 June 2020 at its nominal value of RM4.2
million.

25 Intangible Assets
Distribution/
Group dealership Smallholder
2015 Goodwill rights relationship
At 1 July 2014 102.3 870.1

Acquisition of subsidiaries [Note 50(a)] 1,879.8 535.6
Adjustment to purchase price allocation 0.6
Additions
Disposals
Impairment losses [Note 6] (0.1)
Reversal of impairment losses [Note 7]
Amortisation
Exchange differences 86.8 (24.9) 32.8
At 30 June 2015 2,069.4 845.2 568.4
Cost 2,070.4 845.2 568.4

Accumulated amortisation
Accumulated impairment losses (1.0)
Carrying amount at end of the financial year 2,069.4 845.2 568.4
2014
At 1 July 2013 59.2 710.2

Acquisition of subsidiaries 44.9 142.2
Additions
Disposals
Impairment losses [Note 6] (0.1)
Amortisation
Exchange differences 2.5 17.7
At 30 June 2014 102.3 870.1
Cost 103.1 870.1

Accumulated amortisation
Accumulated impairment losses (0.8)
Carrying amount at end of the financial year 102.3 870.1

Strategic Report
Acquired Internally generated
Computer Trademarks and Computer Development Total intangible

software others Total software costs assets
57.3 13.7 1,043.4 161.9 28.2 1,233.5

54.0 2,469.4 2,469.4
0.6 2.6 3.2
Financial Reports
31.3 18.0 49.3 149.9 25.1 224.3
(0.2) (0.2) (0.2)
(0.2) (0.3) (0.3)
1.6 1.6 1.6
(27.0) (5.4) (32.4) (0.2) (2.8) (35.4)
(0.1) 2.8 97.4 (0.1) 0.6 97.9
61.3 84.5 3,628.8 311.5 53.7 3,994.0
Other Information
218.3 145.4 3,847.7 312.3 73.6 4,233.6
(148.3) (52.7) (201.0) (0.8) (13.9) (215.7)
(8.7) (8.2) (17.9) (6.0) (23.9)
61.3 84.5 3,628.8 311.5 53.7 3,994.0
60.0 21.8 851.2 61.1 2.7 915.0

0.1 187.2 187.2
(1.4) (5.6) (0.6) (6.2)
35.5 35.5 103.0 27.8 166.3
(0.1) (0.1) (0.1) (0.2)
(8.4) (3.3) (11.8) (11.8)
(28.5) (2.9) (31.4) (0.5) (1.6) (33.5)
(1.2) (0.6) 18.4 (1.7) 16.7
57.3 13.7 1,043.4 161.9 28.2 1,233.5
194.1 67.8 1,235.1 162.5 45.1 1,442.7

(128.1) (44.8) (172.9) (0.6) (10.9) (184.4)
(8.7) (9.3) (18.8) (6.0) (24.8)
57.3 13.7 1,043.4 161.9 28.2 1,233.5

25 Intangible Assets (continued)
a. Material intangible assets

In the opinion of the Directors, intangible assets which are material to the Group are as follows:
Carrying amount
Type Source Segment 2015 2014
Goodwill New Britain Palm Oil Limited Plantation 1,958.7

Distribution Bucyrus distribution rights Industrial 700.8 727.0
rights
Distribution/ Luxury brand vehicle distribution/dealership Motors 144.4 143.1
dealership rights
rights
Smallholder Relationship with smallholders in Papua New Plantation 568.4
relationship Guinea
Computer Business Transformation Process system Industrial 310.3 160.5
software
Goodwill
The goodwill amount largely represents the excess of the purchase consideration over the value of identifiable
assets, liabilities and contingent liabilities recognised upon the acquisition of New Britain Palm Oil Limited
(NBPOL) group during the current financial year. The amount of goodwill initially recognised is dependent upon
the allocation of the purchase price to the fair value of the identifiable assets acquired and the liabilities assumed.
As disclosed in Note 50(a)(ii), the purchase price allocation (PPA) with respect to the acquisition of NBPOL group
is provisional as at 30 June 2015. There may be changes to the fair values of net assets acquired and the residual
goodwill upon completion of the PPA exercise. The determination of the fair value of the assets and liabilities is
based, to a considerable extent, on managements judgement.
Distribution/dealership rights
The distribution rights acquired by the Group in December 2011 is in relation to the rights to distribute Bucyrus
products in the Northern Territory and Queensland in Australia, Papua New Guinea and New Caledonia.
The distribution/dealership rights are in respect of the following:
i. BMW and MINI distribution rights in Vietnam; and
ii. BMW, MINI and Lamborghini dealership rights in Brisbane, Australia
Smallholder relationship
The smallholder relationship asset was acquired with the purchase of controlling interests in NBPOL group. This
asset reflects the relationship between the Group and the smallholders who cultivate and harvest fresh fruit
bunches on land which is owned by the smallholders for sale to the Group. This asset is recognised initially at fair
value and thereafter amortised over the remaining life of the underlying assets.
Computer software
The internally generated computer software is in relation to the Business Transformation Process system which
is in the development stage. Once it is ready for use, it will replace the existing Enterprise Resource Planning
system of the Industrial division.

Strategic Report
25 Intangible Assets (continued)
b. Intangible assets with indefinite useful lives
Goodwill and distribution and dealership rights are intangible assets with indefinite useful lives.
These assets are not amortised as they are not confined to a predetermined service period and they are expected
to contribute to net cash inflows indefinitely.
The recoverable amount of the cash-generating units (CGUs) are based on its value in use calculations using cash
flow projections from financial budgets covering a five-year period. The key assumptions used are as follows:
Luxury brand
Financial Reports
Bucyrus distribution vehicle distribution/
rights dealership rights
2015 2014 2015 2014
Discount rates (%) per annum 8.813.3 9.313.3 9.013.5 9.013.5

Forecast growth rates (%):
- year 1 to 4 0295.0 046.0
- year 1 to 5 11.015.5 11.015.5
Other Information
- terminal 0.34.5 2.5 2.04.0 2.04.0
The management believes that there are no reasonably possible changes in any of the key assumptions used that
would cause the carrying amount of the CGUs to materially exceed the recoverable amounts.
c. Intangible assets with finite useful lives

Intangible assets with finite useful lives are amortised over their useful lives. The amortisation charge of RM35.4
million (2014: RM33.5 million) was recorded in profit or loss (see Note 6).
The Group tests intangible assets for impairment by assessing the underlying CGU. Based on this, an impairment
loss of RM0.3 million (2014: RM11.8 million) and a reversal of impairment loss of RM1.6 million (2014: Nil) were
recorded in profit or loss. The reversal of impairment loss is mainly attributable to improved cash flow projection
of royalty income from Dunlop patent.
26 Deferred Tax
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 taxes relate to the same tax authority. The following amounts,
determined after appropriate offsetting, are shown in the statements of financial position:
Group Company
2015 2014 2015 2014
Deferred tax assets 1,139.2 988.6

Deferred tax liabilities (2,116.5) (493.4) (2.1) (2.6)
(977.3) 495.2 (2.1) (2.6)
Tax losses for which the tax effects have not been
recognised in the financial statements 1,052.3 1,056.6

26 Deferred Tax (continued)
The components and movements of the Groups deferred tax assets and liabilities during the financial year are as
follows:
Property, plant Biological assets

Group and equipment and and agricultural
2015 intangible assets produce
At 1 July 2014 (231.8) 48.2

Acquisition of subsidiaries [Note 50(a)] (831.6) (703.3)
Disposal of subsidiaries [Note 51(a)]
Credited/(charged) to profit or loss
- origination and reversal of temporary differences (43.4) (11.3)
- effects of recognition of previously unrecognised tax losses,
unabsorbed capital allowances and temporary differences 6.5 6.9
- effects of change in tax base applicable to unrealised profit following
changes to the land use
Charged to other comprehensive income [Note 17]
Transfer to non-current assets held for sale [Note 36] (3.0)
At 30 June 2015 (1,150.1) (731.1)
2014
At 1 July 2013 (339.2) 17.4

Acquisition of subsidiaries (32.3)
Disposal of subsidiaries 20.1
Credited/(charged) to profit or loss
- origination and reversal of temporary differences (12.3) 2.5
- effects of recognition of previously unrecognised tax losses,
unabsorbed capital allowances and temporary differences 9.1 1.7
- effects of change in tax base applicable to unrealised profit following
changes to the land use
- effects of change in tax rate 115.9
Charged to other comprehensive income [Note 17] (2.9)
Transfer to non-current assets held for sale [Note 36]
At 30 June 2014 (231.8) 48.2

Strategic Report
Tax losses and
Prepaid unabsorbed
lease Property Impairment and capital
rentals development provisions allowances Others Total
Financial Reports
(197.9) 324.0 369.1 106.8 76.8 495.2
23.8 9.5 (35.7) (1,537.3)
(0.2) (0.2)
(59.6) (12.4) 40.2 22.7 (63.8)
(50.0) (20.6) 90.9 61.9 95.6
Other Information
105.0 105.0
1.7 16.9 18.6
6.5 (5.7) (2.2)
41.2 6.8 0.1 (17.9) (88.2)
(156.7) 319.4 374.9 241.8 124.5 (977.3)
(206.1) 187.9 372.3 153.5 96.0 281.8

2.4 2.8 (2.3) (29.4)
(12.7) (2.8) 2.7 7.3
8.2 (37.6) 23.9 (22.5) 0.1 (37.7)
9.2 (0.1) (22.5) 5.2 2.6
167.4 167.4
(2.9) (7.2) (5.7) 2.1 102.2
(9.6) (14.3) (26.8)
(1.1) (1.1)
0.1 4.0 (11.6) 28.9
(197.9) 324.0 369.1 106.8 76.8 495.2

26 Deferred Tax (continued)
Deferred tax is not recognised on the unremitted earnings of overseas subsidiaries and joint ventures where the Group
is able to control the timing of the remittance and it is probable that there will be no remittance in the foreseeable
future. If these earnings were remitted, tax of RM504.0 million (2014: RM449.0 million) would be payable.
The movements of the Companys deferred tax liabilities during the financial year are as follows:
Company
2015 2014
At 1 July (2.6) (3.2)

Credited to profit or loss
- origination and reversal of temporary differences 0.5 0.6
At 30 June (2.1) (2.6)
The deferred tax arose from temporary differences on payables.
27 Tax Recoverable
Group Company
2015 2014 2015 2014
Non-current 478.6 396.5

Current 310.7 215.4 1.1
789.3 611.9 1.1
The non-current tax recoverable includes additional tax assessments paid and withholding taxes, which would normally
take more than a year to resolve with the relevant tax authorities. These taxes are recognised as recoverable as the
Group has reasonable grounds to believe that the additional tax assessments were wrongly issued and the withholding
taxes will be refunded once the Group complies with the claim procedure and documentation requirements.

Strategic Report
28 Derivative Assets/Liabilities
The Groups derivative assets and liabilities are as follows:
Group Derivative Derivative

2015 assets liabilities Net
Non-current
Non-hedging derivatives:
- forward foreign exchange contracts [note (a)] 15.1 (2.7) 12.4
Financial Reports
Cash flow hedges:
- forward foreign exchange contracts [note (a)] 0.9 (3.5) (2.6)
- interest rate swap contracts [note (b)] 14.2 (12.8) 1.4
- cross currency swap contract [note (c)] 184.6 184.6
214.8 (19.0) 195.8
Current
- forward foreign exchange contracts [note (a)] 3.4 (27.7) (24.3)
Other Information
- commodity futures contracts [note (d)] 12.7 (8.6) 4.1
Cash flow hedges:
- forward foreign exchange contracts [note (a)] 7.6 (7.6)
- interest rate swap contracts [note (b)] (17.2) (17.2)
79.9 (61.1) 18.8
Total 294.7 (80.1) 214.6
2014
Non-current
- forward foreign exchange contracts [note (a)] (1.8) (1.8)
Cash flow hedges:
- interest rate swap contracts [note (b)] 10.8 10.8
68.2 (2.4) 65.8
Current
- commodity futures contracts [note (d)] 5.2 (5.1) 0.1
Cash flow hedges:
- interest rate swap contracts [note (b)] (4.3) (4.3)
- cross currency swap contract [note (c)] (12.8) (12.8)
43.0 (29.7) 13.3
Total 111.2 (32.1) 79.1
These derivatives are entered into to hedge foreign currency, interest rate and price risks as described in Note 55.
Whilst all derivatives entered provide economic hedges to the Group, non-hedging derivatives are instruments that
do not qualify for the application of hedge accounting under the specific rules in FRS 139.

28 Derivative Assets/Liabilities (continued)
a. Forward foreign exchange contracts

As at 30 June, forward foreign exchange contracts have been entered into with the following notional amounts
and maturities:
Maturities
Group Less than 1 year to
2015 1 year 3 years Total
Forward contracts used to hedge anticipated sales denominated in:

- United States dollar 250.5 27.7 278.2
- European Union euro 47.7 47.7
- Japanese yen 25.5 25.5
323.7 27.7 351.4
Forward contracts used to hedge receivables denominated in:

- United States dollar 483.6 483.6
- Australian dollar 171.8 * 171.8
696.4 696.4
Forward contracts used to hedge anticipated purchases

denominated in:
- European Union euro 645.3 588.6 1,233.9
- Australian dollar 43.0 2.2 45.2
- British pound 3.2 3.2
- Singapore dollar 2.5 2.5
1,100.4 599.1 1,699.5
Forward contracts used to hedge payables denominated in:

- Australian dollar 0.1 0.1
- Swiss Franc 0.2 0.2
201.7 201.7
Total notional amount 2,322.2 626.8 2,949.0
Net fair value (liabilities)/assets (24.3) 9.8 (14.5)

Strategic Report
a. Forward foreign exchange contracts (continued)
As at 30 June, forward foreign exchange contracts have been entered into with the following notional amounts
and maturities: (continued)
Maturities
Group Less than 1 year to
2014 1 year 3 years Total
Forward contracts used to hedge anticipated sales denominated in:
Financial Reports
- European Union euro 30.4 0.5 30.9
286.9 22.9 309.8
Forward contracts used to hedge receivables denominated in:

Other Information
534.8 534.8
Forward contracts used to hedge anticipated purchases

denominated in:
- European Union euro 660.0 57.0 717.0
1,310.7 64.1 1,374.8
Forward contracts used to hedge payables denominated in:

- Others 0.3 0.3
251.2 251.2
Total notional amount 2,383.6 87.0 2,470.6
Net fair value assets/(liabilities) 30.3 (1.5) 28.8
* included are contracts totaling RM171.6 million (2014: Nil) used to hedge against short term inter-company
receivable.

b. Interest rate swap contracts

The Group has entered into interest rate swap contracts for certain long-term borrowings to reduce the Groups
exposure from volatility in interest rates. The interest rate swap contracts, all plain vanilla, as at 30 June are as
follows:
Range of Notional amount in

weighted average rate Original original currency
Effective period per annum currency 2015 2014
12 December 2012 to 12 December 2018 1.822% to 1.885% USD 233.3 300.0

25 September 2014 to 25 March 2019 4.353% to 4.603% AUD 200.0
11 June 2015 to 4 February 2022 2.85% to 2.99% USD 275.0
30 June 2015 to 17 December 2018 3.938% RM 252.0
The notional amount, fair value and maturity periods of the interest rate swap contracts are as follows:
Fair value assets/

Notional amount (liabilities)
2015 2014 2015 2014
Maturity periods:
- due no later than one year 312.6 214.3 (17.2) (4.3)
- due later than one year and no later than three
years 1,017.7 428.7 (13.2) 5.1
- due later than three years and no later than seven
years 1,425.6 320.3 14.6 5.7
2,755.9 963.3 (15.8) 6.5
c. Cross currency swap contract

The Group has entered into a cross currency swap contract to exchange the principal payments of a USD311.0
million (2014: USD400.0 million) loan into AUD, the functional currency of the subsidiary, to reduce the Groups
exposure from adverse fluctuations in foreign currency.
Fair value assets/

Notional amount (liabilities)
2015 2014 2015 2014
Maturity periods:
- due no later than one year 336.8 285.8 56.2 (12.8)
- due later than one year and no later than three
years 673.5 571.6 144.8 18.0
- due later than three years and no later than five
years 166.5 427.1 39.8 38.5
1,176.8 1,284.5 240.8 43.7

Strategic Report
d. Commodity futures contracts
The outstanding commodity futures contracts that are not held for the purpose of physical delivery, all maturing
in less than 1 year, are as follows:
Group Quantity Notional Fair value assets/

2015 (metric tonne) amount (liabilities)
Purchase contracts denominated in:

- Ringgit Malaysia 34,150 75.2 2.6
Financial Reports
- United States dollar 107,888 264.7 (5.6)
142,038 339.9 (3.0)
Sales contracts denominated in:

- Ringgit Malaysia 22,120 83.2
- United States dollar 94,631 237.5 7.1
116,751 320.7 7.1
Other Information
2014
Purchase contracts denominated in:

- Ringgit Malaysia 16,550 41.2 (1.2)
- United States dollar 30,470 80.0 (3.6)
47,020 121.2 (4.8)
Sales contracts denominated in:

- Ringgit Malaysia 1,797 4.8 0.2
- United States dollar 23,850 64.6 4.7
25,647 69.4 4.9

29 Receivables
Group Company
2015 2014 2015 2014
Non-current
Trade receivables [note (a)] 70.0 73.6

Amounts due from a subsidiary [note (b)] 1,700.0 4,268.8
Amount due from a joint venture 11.5
Advances for plasma plantation projects [note (c)] 84.0 91.3
Redeemable loan stocks [note (a)] 284.4 265.8
Other receivables [note (a)] 105.6 166.8
544.0 609.0 1,700.0 4,268.8
Accumulated impairment losses:
- advances for plasma plantation projects (16.1) (21.4)
527.9 587.6 1,700.0 4,268.8
Current
Trade receivables [note (a)] 5,481.3 5,137.2

Amounts due from subsidiaries [note (b)] 9,244.6 7,018.2
Amounts due from joint ventures 59.4 127.0
Amounts due from associates 22.2 31.0
Other receivables
- on deferred payment terms [note (a)] 87.8 61.9
- indirect taxes recoverable 380.2 271.0 0.1
- proceeds from disposal of a joint venture [Note 51(b)] 161.3
- proceeds from disposal of property, plant and
equipment 83.7
- others 1,015.3 978.6 0.1 2.0
Deposits 194.3 161.9
7,485.5 6,768.6 9,244.8 7,020.2
Accumulated impairment losses:
- trade receivables (105.3) (137.4)
- amounts due from associates (0.1)
- other receivables (106.8) (105.2)
7,273.3 6,526.0 9,244.8 7,020.2
Total receivables 7,801.2 7,113.6 10,944.8 11,289.0

Strategic Report
29 Receivables (continued)
a. Receivables on deferred payment terms
Analysis of receivables on deferred payment terms are as follows:
Group Trade Redeemable Other

2015 receivables loan stocks receivables Total
Nominal value
At 1 July 2014 92.0 500.0 244.2 836.2
Financial Reports
Addition 75.4 75.4
Received (37.1) (51.8) (88.9)
At 30 June 2015 133.5 500.0 199.2 832.7
Discount
At 1 July 2014 (6.9) (234.2) (15.5) (256.6)
Other Information
Addition (6.8) (6.8)
Accretion credited to profit or loss [Note 11] 7.3 18.6 9.7 35.6
At 30 June 2015 (6.6) (215.6) (5.8) (228.0)
Carrying amount at end of the financial year 126.9 284.4 193.4 604.7
The receivables on deferred payment terms are subject to the following maturity periods:
Trade Redeemable Other

receivables loan stocks receivables Total
Non-current
Due later than one year 70.0 284.4 105.6 460.0
Current
Due no later than one year 56.9 87.8 144.7
126.9 284.4 193.4 604.7

a. Receivables on deferred payment terms (continued)

Analysis of receivables on deferred payment terms are as follows: (continued)
Group Trade Redeemable Other

2014 receivables loan stocks receivables Total
Nominal value
At 1 July 2013 162.1 500.0 494.6 1,156.7
Additions 4.7 4.7
Disposal of subsidiaries (74.8) (74.8)
Received (251.4) (251.4)
At 30 June 2014 92.0 500.0 244.2 836.2
Discount
At 1 July 2013 (10.7) (251.6) (28.8) (291.1)
Accretion credited to profit or loss [Note 11] 3.8 17.4 13.3 34.5
At 30 June 2014 (6.9) (234.2) (15.5) (256.6)
Carrying amount at end of the financial year 85.1 265.8 228.7 579.6
The receivables on deferred payment terms are subject to the following maturity periods:
Trade Redeemable Other

receivables loan stocks receivables Total
Non-current
Due later than one year 73.6 265.8 166.8 506.2
Current
Due no later than one year 11.5 61.9 73.4
85.1 265.8 228.7 579.6
i. Trade receivables
Non-current trade receivables represents the outstanding net present value of land sold to a joint venture
and equipment sold to Industrial divisions customers under deferred payment terms. The discount rates used
were 5.0% (2014: 5.0%) and ranging from 8.5% to 13.0% (2014: Nil) per annum respectively.

Strategic Report
a. Receivables on deferred payment terms (continued)
ii. Redeemable loan stocks (unsecured)

The redeemable loan stocks arose from the disposal of Guthrie Corridor Expressway Sdn Bhd (now known as
Prolintas Expressway Sdn Bhd) (GCESB) in 2007 to a subsidiary of Permodalan Nasional Berhad. In accordance
with the Sale and Purchase of Shares Agreement, the settlement of the intercompany balance due from
GCESB would be partially by cash and the balance through issuance of RM500.0 million non-transferable zero
coupon Redeemable Loan Stocks (RLS) of GCESB.
On inception, the RLS was discounted to take into account the time value of money based on the discounted
Financial Reports
cash flow projections method. The discount rate used was 7.0% per annum which represents GCESBs
effective cost of borrowings then.
Unless redeemed early, either wholly or partially, at the fair value to be agreed by the Group and GCESB, the
RLS shall be redeemed at 100% of its nominal value in cash as follows:
Redemption date Amount
Other Information
1st tranche 1 July 2022 256.0
2nd tranche 1 July 2023 50.0
3rd tranche 1 July 2024 50.0
4th tranche 1 July 2025 50.0
500.0
iii. Other receivables

Other receivables include the following:
a. an amount due from a local authority in China under a construction agreement of RM41.5 million (2014:
RM41.5 million), of which RM20.2 million (2014: RM16.9 million) is expected to be repaid within the
next 12 months. The amount bears interest at 3.3% (2014: 3.2%) per annum.
b. the present value of the deferred payment consideration arising from the disposal of Sime Darby
Healthcare Sdn Bhd of RM151.9 million (2014: RM187.2 million). The discount rate used was 6.9%
(2014: 6.9%) per annum. The installment received during the financial year amounted to RM45.0 million
(2014: RM205.3 million) (see Note 51(a)(ii)).

b. Amounts due from subsidiaries
Non-current
The amounts due from a subsidiary bear interest at rates ranging from 4.19% to 4.75% (2014: 2.05% to 4.75%)
per annum, are unsecured and are not expected to be recalled within the next twelve months.
Current
The amounts due from subsidiaries are unsecured, repayable on demand and are interest free except for
RM3,227.0 million (2014: RM900.0 million) which bear interest at rates ranging from 2.05% to 3.77% (2014:
3.47% to 4.38%) per annum.
c. Advances for plasma plantation projects
Group
2015 2014
At 1 July 91.3 96.6

Additions 20.8 17.7
Recovered on handover (32.5) (8.5)
Exchange differences 4.4 (14.5)
At 30 June 84.0 91.3
In Indonesia, oil palm plantation owners/operators are required to participate in selected programmes to
develop plantations for smallholders (herein referred to as plasma farmers). The Group is involved in Perusahaan
Inti Rakyat Transmigrasi and Kredit Koperasi Primer untuk Anggotanya which require the Group to serve as a
contractor for developing the plantations, train and develop the skills of the plasma farmers, and purchase the
fresh fruit bunches harvested by the plasma farmers at prices determined by the Indonesian Government.
The advances made by the Group in the form of plasma plantation development costs are recoverable from the
plasma farmers upon the completion and handover of the plasma plantation projects to plasma farmers. These
advances are to be recovered either directly from plasma farmers or through bank loans obtained by plasma
farmers. Impairment losses are made when the estimated amount recoverable is less than the outstanding
advances.

Strategic Report
d. Ageing analysis of receivables
Ageing analysis of receivables categorised into impaired and not impaired are as follows:
Group Company
2015 2014 2015 2014
Not impaired:
- not past due 5,566.7 5,055.5 10,944.8 11,289.0
- past due by
Financial Reports
1 to 30 days 1,174.6 1,105.2
31 to 60 days 307.6 362.1
61 to 90 days 186.1 147.1
91 to 180 days 146.7 141.5
more than 181 days 312.8 220.9
Impaired 335.0 345.3
Gross receivables 8,029.5 7,377.6 10,944.8 11,289.0
Other Information
The receivables that are neither past due nor individually impaired are creditworthy debtors with good payment
records with the Group. More than 69.3% (2014: 68.5%) of the Groups gross receivables are from this group
of customers. Receivables that are past due but not individually impaired relate to a number of independent
customers for whom there is no recent history of default.
The receivables that are individually determined to be impaired at the reporting date relate to debtors that are in
financial difficulties, have defaulted on payments and/or have disputes on the billings. Of the total amount due
from these debtors, an impairment of RM166.4 million (2014: RM209.5 million) has been made while the balance
is expected to be recovered through the debt recovery process.
The Groups credit risk management objectives, policy and the exposure are described in Note 55. Movements of
impairment loss accounts are as follows:
Group
2015 2014
At 1 July 264.0 339.3

Write offs (40.5) (60.9)
Impairment losses 60.8 69.1
Reversal of impairment losses (60.1) (47.4)
At 30 June 228.3 264.0
Impairment arising from:

- individual assessment 166.4 209.5
- collective assessment 61.9 54.5
Carrying amount at end of the financial year 228.3 264.0

30 Construction Contracts
Group
2015 2014
Aggregate costs incurred 3,222.5 3,011.7

Recognised profits less losses to-date (494.1) (585.5)
2,728.4 2,426.2
Progress billings (2,190.7) (2,244.5)
537.7 181.7
Represented by:
Non-current
Amounts due from customers 651.2 260.4
Current
Amounts due from customers [Note 33] 53.4 31.1
Amounts due to customers [Note 47] (166.9) (109.8)
537.7 181.7
Retention sums 12.0 5.0
Included in construction contract costs incurred during the financial year are employee costs and interest expense of
RM6.3 million (2014: RM14.1 million) and RM16.6 million (2014: RM4.6 million) respectively.
The non-current amounts due from customers with a carrying amount of RM651.2 million (2014: RM260.4 million)
were pledged as security for borrowings (see Note 41). This amount represents the development costs incurred to
design and construct the Pagoh Education Hub (the Project). The Project is undertaken on concession basis under the
concept of Build-Lease-Maintain-Transfer.
Under the Concession Agreements entered on 7 November 2012, the Group will undertake the construction works
for Government of Malaysia (GoM), Universiti Tun Hussein Onn Malaysia (UTHM), International Islamic University
Malaysia (IIUM) and Universiti Teknologi Malaysia (UTM) over a period of three years, together with the supply
of teaching equipment. Upon completion of the construction works, the campuses will be leased to GoM, UTHM,
IIUM and UTM for a period of twenty (20) years. During the lease period, the Group will maintain the facilities and
infrastructures of the campuses.
In consideration for the construction works and the maintenance of the facilities, the Group will receive Availability
Charges and Asset Management Services Charges over the lease period. Cost of teaching equipment will be received
over the first five years of the lease period.
The consideration is allocated by reference to the relative fair values of the construction works, asset management
services and costs of teaching equipment, taking into account the deferred payment arrangement.

Strategic Report
31 Inventories
Group
2015 2014
Produce stocks
- palm oil products 362.0 205.9
- rubber 5.5 8.5
- sugar stocks 33.2
Financial Reports
Raw material and consumable stores 754.8 396.4
Work in progress 373.5 372.6
Finished goods 72.9 79.8
Completed development units 315.1 300.3
Trading inventories
- heavy equipment 2,252.0 2,614.1
- motor vehicles 3,816.4 3,848.4
Other Information
- spare parts 1,643.6 1,669.4
- commodities and others 31.7 15.5
9,660.7 9,510.9
Inventories where the net realisable value is expected to be below the carrying amount were written down. During
the financial year, the Group wrote down an amount of RM123.9 million (2014: RM62.5 million) and reversed RM4.0
million (2014: RM0.6 million) previously written down. The carrying amount of trading inventories stated at net
realisable value was RM1,442.8 million (2014: RM996.0 million).
There were no inventories pledged as security for borrowings as at 30 June 2015 (2014: RM58.7 million) (see Note 41).
32 Property Development Costs
Group
2015 2014
Land and development costs
At 1 July 5,825.5 5,940.3

Development costs incurred during the financial year 2,396.7 1,508.3
Transfer from/(to):
- property, plant and equipment [Note 18] (5.1) (4.6)
- land held for property development [Note 22] 141.6 (15.3)
Completed development units transferred to inventories (75.6) (230.9)
Completed development units and land sold (1,252.3) (1,375.5)
Exchange differences (4.6) 3.2
At 30 June 7,026.2 5,825.5

32 Property Development Costs (continued)
Group
2015 2014
Less: Costs recognised in profit or loss
At 1 July (3,908.3) (3,872.0)

Recognised during the financial year (1,766.7) (1,411.1)
Completed development units and land sold 1,252.3 1,375.5
At 30 June (4,421.6) (3,908.3)
Total property development costs 2,604.6 1,917.2
Property development costs are analysed as follows:
Land at cost 319.7 185.7

Development costs 6,706.5 5,639.8
Costs recognised in profit or loss (4,421.6) (3,908.3)
2,604.6 1,917.2
Included in development costs incurred during the financial year is interest expense of RM54.8 million (2014: RM14.5
million).
Property development projects with a total carrying amount of RM22.1 million (2014: RM19.8 million) were pledged
as security for borrowings (see Note 41).
33 Accrued Billings and Others
Group
2015 2014
Accrued billings 843.4 573.0

Amounts due from customers on construction contracts [Note 30] 53.4 31.1
Prepaid to suppliers 480.9 454.5
Prepaid lease rentals [Note 20] 45.6 36.7
Other prepayments 207.4 189.0
1,630.7 1,284.3

Strategic Report
34 Cash Held under Housing Development Accounts
The Groups cash held under the Housing Development Accounts represents receipts from purchasers of residential
properties less payments or withdrawals provided under Section 7A of the Housing Developers (Control and Licensing)
Amendment Act 2002. The amount is held at call with banks and is available only to the subsidiaries involved in the
property development activities.
The weighted average effective interest rate of cash held under Housing Development Accounts was 2.0% (2014:
2.0%) per annum.
35 Bank Balances, Deposits and Cash
Financial Reports
Group Company
2015 2014 2015 2014
Deposits with licensed banks

- Islamic 209.2 704.9 99.4 257.0
- conventional 1,125.8 1,390.8
Other Information
Deposits with licensed financial institutions
- Islamic 154.4 193.5 105.4 83.0
- conventional 94.1 85.6
1,583.5 2,374.8 204.8 340.0
Cash at bank and in hand 2,061.4 2,007.0
Total bank balances, deposits and cash 3,644.9 4,381.8 204.8 340.0
% % % %
Effective profit/interest rates per annum of deposits
with licensed banks/ financial institutions
- Islamic 3.25 3.08 3.35 3.30
- conventional 3.90 3.08
Included in bank balances, deposits and cash are funds of Yayasan Sime Darby of RM25.9 million (2014: RM40.7
million). These funds are set aside for educational, environmental conservation and sustainability projects and related
activities for the benefit of the community.
Deposits with licensed banks of certain subsidiaries with carrying amount of RM99.6 million (2014: RM68.4 million)
were pledged as security for borrowings (see Note 41).

36 Non-Current Assets Held for Sale and Liabilities Associated with Assets Held for Sale
Group
2015 2014
Non-current assets held for sale

- property, plant and equipment 8.2
- investment property 0.2 2.5
- associate 262.9
- disposal group 120.3 126.8
128.7 392.2
Liabilities associated with assets held for sale

- disposal group (83.4) (84.2)
Net assets held for sale 45.3 308.0
The movements during the financial year relating to net assets held for sale are as follows:
Group
2015 2014
At 1 July 308.0 40.1

Disposals (265.6) (27.5)
Transfer from:
- associates 262.9
- property, plant and equipment [Note 18] 5.8 15.7
- investment properties [Note 21] 0.3 2.5
- deferred tax assets [Note 26] 2.2 1.1
- other assets and liabilities (4.9) 12.8
Exchange differences (0.5) 0.4
At 30 June 45.3 308.0
The disposal group classified under non-current assets held for sale and liabilities associated with assets held for sale,
are in respect of Syarikat Malacca Straits Inn Sdn Bhd and Sime Darby Australia Limited group.
Disposal group includes land and building of RM81.4 million (2014: RM104.7 million) and borrowing of RM74.8
million (2014: RM74.8 million). The borrowing is secured against the land and building.
The associate classified as non-current asset held for sale as at 30 June 2014 was in respect of the Groups 9.9% equity
interest in Eastern & Oriental Berhad. The disposal was completed on 23 July 2014.

Strategic Report
37 Share Capital
Group/Company
Number of shares
(million) Nominal value
2015 2014 2015 2014
Authorised:
At 1 July and 30 June
Ordinary shares of RM0.50 each 8,000.0 8,000.0 4,000.0 4,000.0
Financial Reports
Series A redeemable convertible preference shares of
RM0.01 each 7,000.0 7,000.0 70.0 70.0
Series B redeemable convertible preference shares of

RM0.10 each 25.0 25.0 2.5 2.5
4,072.5 4,072.5
Other Information
Issued and fully paid up:
Ordinary shares of RM0.50 each
At 1 July 6,064.1 6,009.5 3,032.1 3,004.7
Issued during the financial year 147.0 54.6 73.5 27.4
At 30 June 6,211.1 6,064.1 3,105.6 3,032.1
During the financial year, the Company increased its issued and paid-up ordinary share capital from RM3,032,053,404
to RM3,105,579,143 by way of issuance of 147,051,477 new ordinary shares of RM0.50 each at an issue price of
RM8.94 per share amounting to RM1,314.6 million, pursuant to the Dividend Reinvestment Plan of the Company (see
Note 16). The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing
ordinary shares of the Company.
The premium arising from the issuance of new ordinary shares of RM1,241.1 million had been credited to the share
premium reserve. Cost directly attributable to the issuance of the new shares during the financial year amounting to
RM0.5 million was offset against share premium.

38 Performance-Based Employee Share Scheme
The Companys Performance-Based Employee Share Scheme (PBESS) is governed by the by-laws approved by the
shareholders at the Extraordinary General Meeting held on 8 November 2012. Under the PBESS, ordinary shares
of RM0.50 each in the Company (Sime Darby Shares) are granted to eligible employees and executive directors of
the Group. The PBESS was effected on 15 January 2013 following the submission of the By-Laws for the PBESS to
Bursa Malaysia Securities Berhad, the receipt of all required approvals and the compliance with the requirements
pertaining to the PBESS.
The grants under the PBESS comprise the Group Performance Share (GPS), the Division Performance Share (DPS) and
the General Employee Share (GES).
The salient features of the PBESS are as follows:
a. Eligible employees are those executives (including executive directors) of the Group (other than subsidiaries which
are dormant) who have attained the age of 18 years; entered into a full-time or fixed-term contract of employment
with and is on the payroll of a company within the Group; have not served notice of resignation or received notice
of termination on the date of the offer; whose service/employment have been confirmed in writing; and have
fulfilled other eligibility criteria which has been determined by the Nomination & Remuneration Committee (NRC)
at its sole and absolute discretion from time to time.
b. The total number of Sime Darby Shares to be offered to any one of the employees and/or to be vested in any one
of the grantees shall not be more than 10% of the Sime Darby Shares made available under the PBESS and shall
not either singly or collectively through persons connected with the said employee who holds 20% or more of the
Companys issued and paid up share capital.
c. The maximum number of Sime Darby Shares to be allotted and issued under the PBESS shall not be more than in
aggregate 10% of the issued and paid-up ordinary share capital of the Company at any point in time during the
duration of the PBESS.
d. The PBESS shall be in force for a period of 10 years commencing from the effective date of implementation.
e. The new Sime Darby Shares to be allotted and issued pursuant to the PBESS shall, upon allotment and issuance,
rank pari passu in all respects with the then existing issued Sime Darby Shares and shall be entitled to any rights,
dividends, allotments and/or distributions attached thereto and/or which may be declared, made or paid to the
Companys shareholders, provided that the relevant allotment date of such new shares is before the record date
(as defined in the PBESS By-Laws) for any right, allotment or distribution.
f. If the NRC so decides (but not otherwise), in the event of any alteration in the capital structure of the Company
during the duration of the PBESS, such corresponding alterations (if any) may be made in the number of unvested
Sime Darby Shares and/or the method and/or manner in the vesting of the Sime Darby Shares comprised in a grant.

Strategic Report
38 Performance-Based Employee Share Scheme (continued)
The shares granted will be vested only upon fulfilment of vesting conditions which include achievement of service
period and performance targets as follows:
Type of grant
Vesting conditions GPS DPS GES
Performance metrics Group Long Term Incentive Division/Group LTIP Division/Group LTIP
Plan (LTIP) scorecard scorecard (financial and scorecard (financial and
(financial targets) and strategic targets) strategic targets)
Financial Reports
absolute and relative total
shareholders return of
Sime Darby Berhad
Vesting period First grant

- over a 3-year period from the commencement date of 1 July 2013, with retest till
30 June 2018 for GPS
Second grant
Other Information
- over a 3-year period from the commencement date of 1 July 2014, with retest till
30 June 2019 for GPS
Depending on the level of achievement of the performance targets as determined by the NRC, the total number of
shares which will vest may be lower or higher than the total number of shares granted.
The movements in the number of Sime Darby Shares granted under the PBESS to the Groups and the Companys
eligible employees are as follows:

Fair value at At At
grant date 1 July 2014 Granted Forfeited 30 June 2015
(RM) 000 000 000 000
Group
First grant
GPS 7.737 3,852 (303) 3,549
DPS 8.583 5,195 (427) 4,768
GES 8.583 4,942 (280) 4,662
Second grant
GPS 7.243 3,899 (197) 3,702
DPS 8.181 5,260 (276) 4,984
GES 8.181 5,423 (211) 5,212

38 Performance-Based Employee Share Scheme (continued)
The movements in the number of Sime Darby Shares granted under the PBESS to the Groups and the Companys
eligible employees are as follows: (continued)

Fair value at At At
(RM) 000 000 000 000
Company
First grant
GES 8.583 2 2
Second grant
GES 8.181 2 2
The fair value of the Sime Darby Shares granted is determined using Monte Carlo Simulation model, taking into
account the terms and conditions under which the shares were granted.
The significant inputs in the model are as follows:
GPS DPS GES
First grant
Closing market price at grant date (RM) 9.54 9.54 9.54
Expected volatility (%) 12.94 12.94 12.94
Expected dividend yield (%) 3.47 3.47 3.47
Risk free rate (%) 3.21 - 3.53 3.28 3.28
Second grant
Closing market price at grant date (RM) 9.16 9.16 9.16
Expected volatility (%) 11.60 11.60 11.60
Expected dividend yield (%) 3.79 3.79 3.79
Risk free rate (%) 3.51 - 3.64 3.51 3.51
The expected dividend yield used was based on historical data and future estimates, which may not necessarily be the
actual outcome. Volatility is measured over a 3-year period on a daily basis to increase the credibility of assumption.
No other features of the share award were incorporated into the measurement of fair value.

Strategic Report
39 Reserves
The nature of each of the Groups reserves is as follows:
Nature Description
Share grant reserve Relates to the Performance-Based Employee Share Scheme of the Company, as
disclosed in Note 38
Revaluation reserve Surplus from revaluation of certain Malaysian plantation land and buildings
Capital reserve Arising from business combinations under common control totalling RM6,231.2
Financial Reports
million (2014: RM6,231.2 million) and other credits
Legal reserve Reserves set aside in accordance with statutory requirements of countries where the
Group operates
Hedging reserve Arising from changes in fair value of derivatives under cash flow hedge
Available-for-sale reserve Arising from changes in fair value of available-for-sale investments
Other Information
Exchange reserve Exchange differences arising on retranslation of the net investments in foreign
operations
Share Available-
Group grant Revaluation Capital Legal Hedging for-sale Exchange
2015 reserve reserve reserve reserve Reserve reserve reserve Total
At 1 July 2014 39.1 67.0 6,888.3 70.1 (39.5) 73.3 (45.2) 7,053.1
Other comprehensive
(loss)/income
[Note 17] (60.4) (25.7) 679.6 593.5
Performance-based
employee share
scheme (2.1) (2.1)
Share of capital reserve
of associates (2.9) (2.9)
Transfer to retained
profits (3.5) (2.1) (5.6)
At 30 June 2015 37.0 67.0 6,881.9 68.0 (99.9) 47.6 634.4 7,636.0
2014
At 1 July 2013 67.9 6,753.5 75.4 (100.0) 62.7 369.4 7,228.9

Other comprehensive
income/(loss)
[Note 17 and 14(a)] 60.5 10.6 (414.6) (343.5)
Performance-based
employee share
scheme 39.1 39.1
Share of capital reserve
of associates 1.9 1.9
Transfer (to)/from
retained profits (0.9) 132.9 (5.3) 126.7
At 30 June 2014 39.1 67.0 6,888.3 70.1 (39.5) 73.3 (45.2) 7,053.1

39 Reserves (continued)
Company Share grant Capital

2015 reserve reserve Total
At 1 July 2014 39.1 5,725.1 5,764.2

Performance-based employee share scheme (2.1) (2.1)
At 30 June 2015 37.0 5,725.1 5,762.1
2014
At 1 July 2013 5,725.1 5,725.1

Performance-based employee share scheme 39.1 39.1
At 30 June 2014 39.1 5,725.1 5,764.2
The Companys capital reserve arose from business combinations under common control.
40 Non-Controlling Interests
In the opinion of the Directors, the subsidiaries of the Group that have non-controlling interests which are material to
the Group as at 30 June 2015 are as follows:
Name of subsidiary Place of business
PT Indotruba Tengah (Indotruba) Indonesia

PT Kartika Inti Perkasa group (KIP) Indonesia
Sime Darby Property Selatan Sdn Bhd group (SDPS) Malaysia
Sime Darby Brunsfield Holding Sdn Bhd group (SDBH) Malaysia
Wangsa Mujur Sdn Bhd group (Wangsa) Malaysia
The profit, comprehensive income and net assets attributable to owners of non-controlling interests are as follows:
Material non-
Group controlling
2015 interests Others Total
Profit for the financial year 101.9 21.0 122.9

Other comprehensive income 13.5 42.9 56.4
Total comprehensive income 115.4 63.9 179.3
Net assets 474.9 549.5 1,024.4
2014
Profit for the financial year 95.6 72.2 167.8

Other comprehensive loss (49.2) (13.2) (62.4)
Total comprehensive income 46.4 59.0 105.4
Net assets 417.3 459.4 876.7

Strategic Report
40 Non-Controlling Interests (continued)
The summarised statements of comprehensive income of and dividends paid by each subsidiary that has non-
controlling interests that are material to the Group are as follows:
Group
2015 Indotruba KIP SDPS SDBH Wangsa Total
Revenue 52.5 246.2 370.3 359.4 83.2 1,111.6
Financial Reports
Profit/(loss) for the financial year 52.8 56.3 98.3 35.8 (2.9) 240.3
Other comprehensive income/(loss) 20.9 11.3 (3.7) 28.5
Total comprehensive income/(loss) 73.7 67.6 98.3 32.1 (2.9) 268.8
Attributable to owners of non-controlling

interests:
- profit/(loss) for the financial year 26.4 22.5 39.3 14.2 (0.5)* 101.9
Other Information
- other comprehensive income/(loss) 10.5 4.5 (1.5) 13.5
- total comprehensive income/(loss) 36.9 27.0 39.3 12.7 (0.5) 115.4
Dividends paid to owners of non-

controlling interests 57.0 0.8 57.8
2014
Revenue 121.8 255.1 247.4 309.1 103.1 1,036.5
Profit for the financial year 69.6 58.6 82.2 4.9 7.4 222.7
Other comprehensive (loss)/income (59.5) (51.4) 2.5 (0.1) (108.5)
Total comprehensive income 10.1 7.2 82.2 7.4 7.3 114.2
Attributable to owners of non-controlling

interests:
- profit for the financial year 34.8 23.4 32.9 2.0 2.5* 95.6
- other comprehensive (loss)/income (29.7) (20.5) 1.0 (49.2)
- total comprehensive income 5.1 2.9 32.9 3.0 2.5 46.4
Dividends paid to owners of non-

controlling interests 10.7 10.7


The summarised statements of financial position of each subsidiary that has non-controlling interests that are material
to the Group are as follows:
Group
Non-current assets 65.7 89.8 664.4 312.1 181.5 1,313.5

Current assets 383.7 341.1 151.2 589.6 92.2 1,557.8
Non-current liabilities (3.9) (6.7) (516.8) (787.2) (10.5) (1,325.1)
Current liabilities (8.8) (210.4) (96.4) (155.5) (14.0) (485.1)
Net assets/(liabilities) 436.7 213.8 202.4 (41.0) 249.2 1,061.1
Proportion of equity held by owners of

non-controlling interests (%) 50.0 40.0 40.0 40.0 27.5
Non-controlling interests 218.4 85.5 81.0 (7.9) 97.9* 474.9
2014
Non-current assets 46.9 73.6 258.2 421.2 182.0 981.9

Current assets 334.6 263.6 101.0 547.3 97.6 1,344.1
Non-current liabilities (3.3) (4.7) (206.4) (512.1) (13.0) (739.5)
Current liabilities (15.2) (43.7) (48.6) (531.8) (12.5) (651.8)
Net assets/(liabilities) 363.0 288.8 104.2 (75.4) 254.1 934.7
Proportion of equity held by owners of

non-controlling interests (%) 50.0 40.0 40.0 40.0 27.5
Non-controlling interests 181.5 115.5 41.7 (20.6) 99.2* 417.3
* including the non-controlling interests in Chartquest Sdn Bhd, a 84.3% owned subsidiary of Wangsa Mujur Sdn Bhd
There are no significant restrictions on the ability of these subsidiaries to transfer funds to the Group in the form of
cash dividends.
The amounts presented in the summarised financial statements are before inter-company eliminations.

Strategic Report
The summarised statements of cash flows of each subsidiary that has non-controlling interests that are material to
the Group are as follows:
Group
Cash generated from/(used in)

operations 23.3 76.5 (226.0) (11.1) (40.1) (177.4)
Financial Reports
Tax (paid)/refund (20.1) (16.8) (8.2) (17.1) 0.7 (61.5)
Net cash from/(used in) operating
activities 3.2 59.7 (234.2) (28.2) (39.4) (238.9)
Net cash from/(used in) investing

activities 12.2 (42.0) 2.3 114.1 (4.3) 82.3
Net cash (used in)/from financing

activities (32.3) 269.4 (118.8) (2.4) 115.9
Other Information
Net change in cash and cash equivalents 15.4 (14.6) 37.5 (32.9) (46.1) (40.7)
Cash and cash equivalents at beginning
of the financial year 319.6 54.9 85.2 71.8 85.0 616.5
Foreign exchange differences 17.6 2.7 20.3
Cash and cash equivalents at end of the
financial year 352.6 43.0 122.7 38.9 38.9 596.1
2014
Cash generated from/(used in)

operations 65.1 84.7 (105.9) 369.5 8.9 422.3
Tax (paid)/refund (10.0) (4.1) (6.6) (8.6) 2.5 (26.8)
Net cash from/(used in) operating
activities 55.1 80.6 (112.5) 360.9 11.4 395.5
Net cash from/(used in) investing

activities 9.7 (37.9) 0.9 (263.6) (1.8) (292.7)
Net cash (used in)/ from financing

activities (27.1) 182.5 (76.5) (0.6) 78.3
Net change in cash and cash equivalents 64.8 15.6 70.9 20.8 9.0 181.1
Cash and cash equivalents at beginning
of the financial year 306.9 47.8 14.3 48.5 76.0 493.5
Foreign exchange differences (52.1) (8.5) 2.5 (58.1)
Cash and cash equivalents at end of the
financial year 319.6 54.9 85.2 71.8 85.0 616.5

41 Borrowings
Group Company
2015 2014 2015 2014
Non-current
Secured
Term loans [note (a)] 592.3 585.8
Syndicated Islamic financing [note (b)] 470.5 186.8
Islamic financing 78.7 78.4
Unsecured
Term loans [note (a)] 4,520.0 3,000.1
Islamic Medium Term Notes [note (c)] 1,700.0 1,700.0 1,700.0 1,700.0
Sukuk [note (d)] 3,018.4 2,558.1
Revolving credit [note (e)] 1,242.0
Islamic financing 123.5
11,745.4 8,109.2 1,700.0 1,700.0
Current
Secured
Term loans due within one year [note (a)] 585.2 23.9
Revolving credits and others 192.7 68.6
Unsecured
Bank overdrafts 46.4 93.8
Term loans due within one year [note (a)] 595.1 395.0
Islamic Medium Term Notes due within one year
[note (c)] 7.4 711.5 7.4 711.5
Sukuk due within one year [note (d)] 25.8 29.0
Islamic revolving financing 1,900.0 60.0
Revolving credits, trade facilities and others 2,965.0 1,683.8 200.3 200.3
6,317.6 3,065.6 207.7 911.8
Total borrowings 18,063.0 11,174.8 1,907.7 2,611.8

Strategic Report
41 Borrowings (continued)
a. Term loans
The term loans include the following:
Group
2015 2014
Secured Security Repayment Terms
Ringgit loans Certain property, Ranging from 7 10 years 438.7 533.3
plant and equipment, from respective first
investment properties drawdown dates. All these
Financial Reports
and property under loans are fully repayable by
development August 2023.
USD240.0 million Certain property, plant Over nineteen quarterly 550.5

(outstanding balance of and equipment and installments commencing at
USD145.5 million)* biological assets the 6th month from the first
drawdown date of 14 April
2011.
Other Information
PGK90.0 million Certain property, plant Over nine quarterly 120.7
(outstanding balance of and equipment and installments commencing at
PGK87.5 million)* biological assets the 12th month from the first
drawdown date of 18 April
2014.
Unsecured Repayment Terms

USD500.0 million Over nine semi-annual installments commencing 36th 1,873.2
month from the drawdown date of 17 February 2015.
USD400.0 million Over nine semi-annual installments commencing 36th 1,176.7 1,285.3
(outstanding balance of month from the drawdown date of 12 December 2011.
USD311.0 million (2014:
USD400.0 million))
Ringgit loans Over nine semi-annual installments commencing 36th 1,407.5 1,150.0
month from their respective first drawdown dates. All
these loans are fully repayable by January 2020.
AUD300 million Bullet repayments in March 2018 and March 2019. 580.8 907.2
(outstanding balance of
AUD200 million (2014:
AUD300.0 million))
* these loans were pre-existing loans of the New Britain Palm Oil Limited group, a subsidiary acquired during the
financial year.

b. Syndicated Islamic financing - secured

The syndicated Islamic financing consist of four facilities with facility limit of RM896.0 million. The facilities
are repayable over 24 semi-annual installments commencing no later than 36 months from their respective first
drawdown dates. During the financial year, the Group had drawndown additional RM283.7 milllion from the
facilities.
The syndicated Islamic financing are secured by fixed and floating charges over all present and future assets of
certain subsidiaries, including the legal assignments over all of their rights, titles, interest and benefits in the
Pagoh Education Hub project.
c. Islamic Medium Term Notes and Islamic Commercial Papers

On 24 September 2009, the Company had obtained the approval of the Securities Commission for the establishment
of an Islamic Medium Term Note (IMTN) Programme of RM4,500.0 million and an Islamic Commercial Paper (ICP)/
IMTN Programme of RM500.0 million with a combined limit of RM4,500.0 million. The IMTN Programme and
ICP/IMTN Programme are for tenures of 20 years and 7 years, respectively. The IMTN Programme and the ICP/
IMTN Programme are structured under the Shariah Principle of Musyarakah.
Details of the IMTNs issued and outstanding as at 30 June 2015 are as follows:
Nominal Periodic
Date of issuance Tenure value distribution rate Maturity date
(months) (per annum)
16 November 2009 84 1,000.0 4.75% 16 November 2016

11 December 2012 120 300.0 3.98% 9 December 2022
11 December 2012 180 400.0 4.35% 10 December 2027
1,700.0
On 16 November 2014, the Company redeemed its 5-year RM700.0 million Islamic Medium Term Notes issued on
16 November 2009, upon its maturity.
The IMTNs are rated AAAID by Malaysian Rating Corporation Berhad and are listed on the Main Market of Bursa
Malaysia Securities Berhad under an Exempt Regime.
Standard & Poors Ratings Services has assigned its axAA- ASEAN regional scale rating to the Groups
issuances under the IMTN Programme. The axAA- ASEAN rating scale provides an independent opinion on the
creditworthiness of the issuer relative to other ASEAN issuers.

Strategic Report
d. Sukuk
On 11 January 2013, the Group received the approval of the Securities Commission for the establishment of a
Multi-Currency Sukuk Programme (Sukuk Programme) with a programme limit of USD1,500.0 million (or its
equivalent in other currencies).
The Sukuk Programme is structured under the Shariah Principle of Ijarah, which is a sale and leaseback arrangement.
Sime Darby Global Berhad, a wholly owned subsidiary of the Group, is the issuer under this financing.
Details of the sukuk issued and outstanding as at 30 June 2015 are as follows:
Financial Reports
Nominal Periodic
Date of issuance Tenure value distribution rate Maturity date
(months) (USD million) (per annum)
29 January 2013 60 400.0 2.053% 29 January 2018

29 January 2013 120 400.0 3.290% 29 January 2023
800.0
Other Information
The Sukuk Programme has been accorded ratings of A- by Standard & Poors Ratings Services, A by Fitch Ratings
and A3 by Moodys Investors Service.
The sukuk issued is listed on the Singapore Exchange Securities Trading Limited and on Bursa Malaysia Securities
Berhad pursuant to Bursa Malaysias Exempt Regime on 30 January 2013.
e. Revolving credit
The revolving credit facility of USD330.0 million (equivalent to RM1,242.0 million) is for a tenure of 3 years,
repayable in February 2018.

f. Other information on borrowings
i. Islamic financing
The average effective distribution rates per annum are as follows:
Group Company
2015 2014 2015 2014
% % % %
Islamic Medium Term Notes 4.52 4.48 4.52 4.48

Sukuk 2.75 2.75
Syndicated Islamic financing 7.00 7.00
Islamic financing 4.25 3.68
Islamic revolving financing 3.80 3.98
ii. Conventional financing

The average effective interest rates per annum are as follows:
Group Company
2015 2014 2015 2014
% % % %
Term loans:
- before interest rate swaps 3.04 3.60
- after interest rate swaps 3.22 3.62
Bank overdrafts 4.73 5.02
Other borrowings 3.40 3.80 3.77 3.52
The Groups term loans that are subject to contractual interest rates repricing within 1 year amounted to
RM6,191.1 million (2014: RM3,963.0 million).
iii. Secured financing

Borrowings amounting to RM1,919.4 million (2014: RM943.5 million) are secured by fixed and floating
charges over the assets of the Group. The carrying amounts of assets that the Group has pledged as collateral
for the borrowings are as follows:
Group
2015 2014
Property, plant and equipment [Note 18] 1,849.8 143.5

Biological Assets [Note 19] 2,022.4
Investment properties [Note 21] 151.9 240.4
Land held for property development [Note 22] 21.7 24.7
Amounts due from customers on construction contracts [Note 30] 651.2 260.4
Inventories and other assets 121.7 147.0
4,818.7 816.0

Strategic Report
f. Other information on borrowings (continued)
iv. Currencies and maturity profile

The currencies and maturity profile of the Groups borrowings are as follows:
Maturities
Between Between
Group Within 1 1 and 2 2 and 5 Above 5
2015 year years years years Total
Financial Reports
Term loans:
- Ringgit Malaysia 268.7 401.5 1,072.5 179.0 1,921.7
- Pacific franc 2.8 2.8 9.2 23.0 37.8
- Papua New Guinea kina 13.8 106.9 120.7
- Thailand baht 7.9 7.8 15.7 31.4
Other Information
- United States dollar 887.1 336.8 1,543.8 832.5 3,600.2
Islamic Medium Term Notes:
- Ringgit Malaysia 7.4 1,000.0 700.0 1,707.4
Sukuk:
- United States dollar 25.8 1,504.9 1,513.5 3,044.2
Syndicated Islamic financing:
- Ringgit Malaysia 11.7 70.6 388.2 470.5
Islamic financing:
- Ringgit Malaysia 120.7 81.5 202.2
Bank overdraft:
- Chinese renminbi 17.6 17.6
- New Zealand dollar 28.8 28.8
Islamic revolving financing:
- Ringgit Malaysia 1,900.0 1,900.0
Revolving credits, trade facilities and
other short-term borrowings:
- Ringgit Malaysia 1,390.8 1,390.8
- Indonesian rupiah 264.0 264.0
- Taiwanese dollar 35.0 35.0
- Thailand baht 78.0 78.0
- United States dollar 737.5 1,242.0 1,979.5
- Vietnamese dong 51.2 51.2
6,317.6 1,867.5 6,160.2 3,717.7 18,063.0

iv. Currencies and maturity profile (continued)

The currencies and maturity profile of the Groups borrowings are as follows: (continued)
Maturities
Between Between
Group Within 1 1 and 2 2 and 5 Above 5
2014 year years years years Total
Term loans:
- Ringgit Malaysia 124.1 245.9 951.7 395.2 1,716.9
- Chinese renminbi 5.4 5.2 8.3 18.9
- Pacific franc 2.8 2.9 9.2 27.1 42.0
- Thailand baht 13.8 13.9 6.9 34.6
- United States dollar 286.6 285.8 712.8 1,285.2
Islamic Medium Term Notes:
- Ringgit Malaysia 711.5 1,000.0 700.0 2,411.5
Sukuk:
- United States dollar 29.0 1,273.7 1,284.4 2,587.1
Syndicated Islamic financing:
Islamic financing:
Bank overdraft:
Islamic revolving financing:
- Ringgit Malaysia 60.0 60.0
Revolving credits, trade facilities and
other short-term borrowings:
- Ringgit Malaysia 327.0 327.0
- Indonesian rupiah 38.7 38.7
- Thailand baht 45.5 45.5
- Vietnamese dong 40.1 40.1
3,065.6 553.6 5,038.6 2,517.0 11,174.8

Strategic Report
iv. Currencies and maturity profile (continued)

The Companys borrowings are denominated in Ringgit Malaysia and the maturity dates of its Islamic Medium
Term Notes are shown in note (c) above.
42 Finance Lease Obligation
The Group leased composting plants under finance lease arrangements. The average lease term is 20 years (2014: 20
Financial Reports
years). The Group has options to purchase the plants for nominal amount at the end of the lease term.
Group
2015 2014
Gross finance lease liabilities minimum lease payments

- due no later than one year 11.8 11.2
Other Information
- due later than one year and no later than five years 47.3 45.5
- due later than five years 131.7 139.1
190.8 195.8
Future finance charges (44.8) (43.3)
Present value of finance lease liabilities 146.0 152.5
The present value of finance lease liabilities is analysed as follows:
Non-current
Due later than one year and no later than five years 29.6 29.2
Due later than five years 109.6 116.7
139.2 145.9
Current
Due no later than one year 6.8 6.6
146.0 152.5
The finance lease obligations are denominated in Ringgit Malaysia, are subject to fixed interest rates of 3.7% and
4.5% per annum and are secured on plant and machinery with a total net book value of RM137.3 million (2014:
RM146.3 million) (see Note 18).

43 Payables
Group Company
2015 2014 2015 2014
Non-current
Amounts due to a subsidiary [note (a)] 2,558.1
Current
Trade payables 4,587.1 3,813.0

Accruals
- indirect taxes payable 327.6 180.6
- others [note (b)] 2,324.8 2,836.3 5.0 22.7
Customers deposits 1,044.0 1,271.2
Amounts due to a subsidiary [note (a)] 3,052.4 29.1
Amounts due to joint ventures 40.4 3.7
Amounts due to associates 0.1 0.1
Financial guarantees [note (c)] 0.3 0.3 16.1 39.1
8,324.3 8,105.2 3,073.5 90.9
Total payables 8,324.3 8,105.2 3,073.5 2,649.0
a. Amounts due to a subsidiary
Non-current
In previous year, the amounts due to a subsidiary bore interest at rates ranging between 2.05% to 3.29% per
annum and were unsecured.
Current
The amounts due to a subsidiary are unsecured, repayable on demand and is interest free except for RM 3,027.0
million (2014: Nil) which bears interest at rates ranging from 2.05% to 3.29% (2014: Nil) per annum.
b. Accruals
Included in accruals are amounts payable for the purchase of property, plant and equipment and for the acquisition
of additional interest in an associate of RM101.1 million (2014: RM151.7 million) and RM34.1 million (2014: Nil)
respectively.
c. Financial guarantees
The fair value of financial guarantees is determined as the estimated amount that would be payable to a third
party for assuming the obligations based on current market rate available for similar instruments. The financial
guarantees are in respect of the following contracts:
Group Company
2015 2014 2015 2014
Guarantees in respect of credit facilities granted to:
- certain subsidiaries 3,028.7 1,584.4
- a joint venture 6.6 14.9
- certain associates 62.9 29.9
- plasma stakeholders 79.2 61.5
148.7 106.3 3,028.7 1,584.4

Strategic Report
44 Provisions
Group Risk
2015 Warranties sharing Total
At 1 July 2014 301.9 30.8 332.7

Additions 99.5 18.1 117.6
Amounts unutilised (53.9) (16.6) (70.5)
Charged to profit or loss [Note 6] 45.6 1.5 47.1
Utilised (143.8) (14.5) (158.3)
Financial Reports
At 30 June 2015 210.5 22.1 232.6
2014
At 1 July 2013 303.4 22.1 325.5
Other Information
Additions 158.0 31.7 189.7
Amounts unutilised (53.6) (15.0) (68.6)
Charged to profit or loss [Note 6] 104.4 16.7 121.1
Utilised (114.4) (7.8) (122.2)
Exchange differences 8.5 (0.2) 8.3
At 30 June 2014 301.9 30.8 332.7
The provisions are subject to the following maturity periods:
Group
2015 2014
Non-current
Current
232.6 332.7
a. Warranties
Provision is recognised on warranties provided for the sales of machinery, vehicles and other products that are
not covered by manufacturers warranties. The provision was estimated based on historical claims experience, as
well as recent trends which are indicative of future claims.
b. Risk sharing
Provision is recognised on guarantees provided up to a predetermined amount to a third party leasing company
(Caterpillar (China) Financial Leasing Co Ltd) for financing customers purchases of equipment from the Group.
The provision for the obligation that the Group has to pay to the leasing company should the customers default,
was estimated based on a percentage of risk sharing ratio over the total outstanding lease portfolio.

45 Retirement Benefits
Group
2015 2014
At 1 July 141.5 154.5

Acquisition of subsidiaries 0.3
Charge for the financial year [Note 6(a)] 21.8 0.5
Contributions paid (1.2) (18.9)
Benefits paid unfunded obligations (6.4) (3.3)
Actuarial losses 6.6 19.1
At 30 June 167.4 141.5
The amounts recognised on the statements of financial position are determined as

follows:
Present value of funded obligations [note (a)] 484.1 399.8

Fair value of plan assets [note (b)] (367.9) (304.6)
116.2 95.2
Present value of unfunded obligations [note (a)] 51.2 46.3
Net liabilities 167.4 141.5
The amounts recognised in the profit or loss are as follows:
Current service cost 17.0 19.3

Past service cost 0.2 (27.7)
Interest cost 12.8 8.5
Expected return on plan assets (8.2) 0.4
21.8 0.5
Total return on plan assets are as follows:
Expected return on plan assets 8.2 (0.4)

Actuarial gains on plan assets 59.8 15.2
68.0 14.8

Strategic Report
45 Retirement Benefits (continued)
Group
2015 2014
a. Changes in the present value of defined benefit obligations
Wholly or partly funded obligations 484.1 399.8

Unfunded obligations 51.2 46.3
535.3 446.1
Financial Reports
Movements in the present value of defined benefit obligations are as follows:
At 1 July 446.1 436.4

Acquisition of subsidiaries 0.3
Current service cost 17.0 19.3
Other Information
Past service cost 0.2 (27.7)
Interest cost 12.8 8.5
Benefits paid funded obligations (7.0) (19.7)
Benefits paid unfunded obligations (6.4) (3.3)
Actuarial losses 66.4 34.3
At 30 June 535.3 446.1
b. Changes in the fair value of plan assets
At 1 July 304.6 281.9

Expected return on plan assets 8.2 (0.4)
Contributions by employers 1.2 18.9
Benefits paid (7.0) (19.7)
Actuarial gains 59.8 15.2
At 30 June 367.9 304.6
c. Principal actuarial assumptions

Principal actuarial assumptions used at 30 June in respect of the Groups defined benefit pension plans are as
follows:
Group
2015 2014
% %
Discount rate 1.3 8.3 1.3 8.5

Expected return on plan assets 2.5 8.0 3.2 8.0
Expected rate of salary increases 1.5 8.2 1.5 8.0

46 Deferred Income
Group
2015 2014
Maintenance income 215.5 155.2

Advance annualised licence fees 148.0 149.3
Government grant 202.8 173.4
566.3 477.9
The deferred income are subject to the following maturity periods:
Non-current
Current
566.3 477.9
The government grants are received in relation to the purchase of property, plant and equipment and prepaid lease
rentals of certain subsidiaries.
47 Progress Billings and Others
Group
2015 2014
Amounts due to customers on construction contracts [Note 30] 166.9 109.8

Progress billings 5.4 75.4
Others 22.6 23.5
194.9 208.7

Strategic Report
48 Contingent Liabilities and Commitments
Contingent liabilities and commitments are as follows:
a. Guarantees
In the ordinary course of business, the Group may obtain surety bonds and letters of credit, which the Group
provides to customers to secure advance payment, performance under contracts or in lieu of retention being
withheld on contracts. A liability would only arise in the event the Group fails to fulfill its contractual obligations.
The Company has also provided performance guarantees to customers of certain subsidiaries to secure
performance under contracts or in lieu of retention withheld on contracts.
Financial Reports
The outstanding guarantees as at 30 June are as follows:
Group Company
2015 2014 2015 2014
Performance and advance payment guarantees to

customers of:
- subsidiaries 1,581.8 2,223.9
Other Information
- the Group 2,250.6 2,848.2
2,250.6 2,848.2 1,581.8 2,223.9
In cases where the Group is required to issue surety bonds or letters of credit for the entire contract despite
holding partial interest in a venture, the Group will seek counter-indemnity from the other venture partners. As
at 30 June 2015, there were no counter-indemnities received by the Group (2014: RM212.1 million) and by the
Company (2014: RM212.1 million).
In addition, the Group guarantees the payment from its customers under a risk sharing arrangement with a third
party leasing company in connection with the sale of its equipment up to a pre-determined amount. As at 30 June
2015, the total outstanding risk sharing amount on which the Group has an obligation to pay the leasing company
should the customers default, amounted to RM366.0 million (2014: RM254.0 million) (see Note 55(a)(iii)).
b. Claims
As at 30 June 2015, claims against the Group not taken up in the statements of financial position amounted
to RM8.4 million (2014: RM19.4 million). These claims include disputed amounts for the supply of goods and
services.
There were no claims against the Company as at 30 June 2015 (2014: Nil).

48 Contingent Liabilities and Commitments (continued)
Contingent liabilities and commitments are as follows: (continued)
c. Capital commitments
Group
2015 2014
Authorised capital expenditure not
provided for in the financial statements:
Property, plant and equipment
- contracted 700.2 788.2
- not contracted 2,260.9 2,790.8
2,961.1 3,579.0
Other capital expenditure
- contracted 187.7 551.0
- not contracted 176.2 697.1
3,325.0 4,827.1
The Company does not have any capital commitment as at 30 June 2015 (2014: Nil).
d. Leases
Group
2015 2014
Commitments under non-cancellable operating leases:

- expiring not later than one year 347.5 187.8
- expiring later than one year but not later than five years 922.3 298.5
- expiring later than five years 376.3 312.5
1,646.1 798.8
The Company does not have any non-cancellable operating lease as at 30 June 2015 (2014: Nil).
e. Plasma Plantation
The Group is committed to develop a total of 55,560 (2014: 55,560) hectares of oil palm plantation for plasma
farmers in Indonesia. A total of 43,843 (2014: 42,714) hectares have been developed of which about 35,712
(2014: 35,560) hectares have been handed over to plasma farmers.

Strategic Report
49 Material Litigation
The material litigations closed during the financial year/outstanding are as follows:
a. Qatar Petroleum Project (QP Project), Maersk Oil Qatar Project (MOQ Project) and the Marine Project Civil Suits
(O&G Suit)
On 23 December 2010, Sime Darby Berhad, Sime Darby Engineering Sdn Bhd (SDE), Sime Darby Energy Sdn Bhd,
Sime Darby Marine Sdn Bhd and Sime Darby Marine (Hong Kong) Pte Ltd (collectively, the Plaintiffs) filed a civil suit
in the High Court against Dato Seri Ahmad Zubair @ Ahmad Zubir Hj Murshid, Dato Mohamad Shukri Baharom,
Abdul Rahim Ismail, Abdul Kadir Alias and Mohd Zaki Othman (collectively, the Defendants) claiming, inter alia,
damages arising from the Defendants negligence and breaches of duty in relation to the Qatar Petroleum Project
(QP Project), the Maersk Oil Qatar Project (MOQ Project) and the project relating to the construction of marine
Financial Reports
vessels known as the Marine Project. The aggregate amount claimed was RM93,320,755 and USD78,808,000
(equivalent to RM298,189,770) together with general and aggravated damages to be assessed and other relief.
On 13 June 2014, all the Defendants consented to judgment being recorded on the following terms (Consent
Judgment):
i. Judgment be entered for the Plaintiffs in respect of the claims as set out in Prayers (1), (2), (3), (4), (5), (6),(7),
(8) and (9) of the Statement of Claim dated 23 December 2010;
ii. The amount of damages in respect of these claims is to be assessed by the Court except for the matters
Other Information
pleaded with respect to Incobliss Consulting Sdn Bhd, and thereupon final judgment be entered against the
Defendants for the assessed amount with costs; and
iii. The Plaintiffs shall be permitted to levy execution upon any such final judgment or otherwise enforce the same
against any of the Defendants only upon the Plaintiffs recovering all claims from the respective employers for
the QP Project and the MOQ Project and the proceeds of sale of the derrick lay barge in regards to the Marine
Project or after the expiry of 3 years from the date when final judgment for the assessed amount is entered,
whichever is the earlier.
With the filing of the Consent Judgment, the issue of the Defendants liability has now come to an end.
The amount of damages will be assessed by the Court. At the hearing of the Notice of Appointment for assessment
of damages (Notice of Appointment) on 13 September 2014, the Plaintiffs counsel informed the Court that
assessment of damages at this juncture was premature and requested that assessment be deferred until the
Plaintiffs are in a position to assess damages. The Court directed the Plaintiffs to file the Notice of Appointment
within 1 year of the date of the Consent Judgment.
On 5 June 2015, the Plaintiffs filed a Notice of Application for extension of time to file the Notice of Appointment
(Application for Extension) on the basis that the legal action commenced by SDE in Doha against Qatar Petroleum
in relation to outstanding invoices and costs overruns is still ongoing, and the outcome of this action will have a
direct effect on the quantum of damages that will be assessed in respect of the QP Project. At the hearing of the
Application for Extension on 6 July 2015, the Court granted an extension of 1 year (from 13 June 2015) for the
Plaintiffs to file the Notice of Appointment.
b. Bakun Hydroelectric Project (Bakun Project) and the Indemnity Agreement Civil Suits (Bakun Suit)
On 24 December 2010, Sime Darby Berhad, Sime Engineering Sdn Bhd, Sime Darby Holdings Berhad and Sime
Darby Energy Sdn Bhd (collectively, the Plaintiffs) filed a civil suit in the High Court against Dato Seri Ahmad
Zubair @ Ahmad Zubir Hj Murshid, Dato Mohamad Shukri Baharom (DMS) and Abdul Rahim Ismail (collectively,
the Defendants) claiming, inter alia, damages in connection with the Defendants negligence and breaches of
duty in relation to the Package CW2-Main Civil Works for the Bakun Hydroelectric Project (Bakun Project) and in
respect of the Receipt, Discharge and Indemnity Agreement dated 12 January 2010 (Indemnity Agreement) given
to DMS. The aggregate amount claimed was RM91,351,313 together with general and aggravated damages to be
assessed and other relief.

49 Material Litigation (continued)
The material litigations closed during the financial year/outstanding are as follows: (continued)
b. Bakun Hydroelectric Project (Bakun Project) and the Indemnity Agreement Civil Suits (Bakun Suit) (continued)
On 13 June 2014, all the Defendants consented to judgment being recorded on the following terms (Consent
Judgment):
i. Judgment be entered for the Plaintiffs in respect of the claims as set out in Prayers (1), (2), (3), (4), (7), (8) and
(9) of the Statement of Claim dated 24 December 2010;
ii. The amount of damages in respect of these claims are to be assessed by the Court and thereupon final
judgment be entered against the Defendants for the assessed amount with costs; and
iii. The Plaintiffs shall be permitted to levy execution upon any such final judgment or otherwise enforce the
same against any of the Defendants only upon the Malaysia-China Hydro Joint Venture receiving all that is
due and payable as full settlement from Sarawak Hidro Sdn Bhd or the Ministry of Finance and/or an assignee
or successor in title thereof in relation to the Bakun Project or after the expiry of 3 years from the date when
final judgment for the assessed amount is entered, whichever is the earlier.
With the filing of the Consent Judgment, the issue of the Defendants liability has now come to an end.
The amount of damages will be assessed by the Court. At the hearing of the Notice of Appointment for assessment
of damages (Notice of Appointment) on 13 September 2014, the Plaintiffs counsel informed the Court that
assessment of damages at this juncture was premature as the final accounts with Sarawak Hidro Sdn Bhd have not
been closed and requested that assessment be deferred until the Plaintiffs are in a position to assess damages.
The Court directed the Plaintiffs to file the Notice of Appointment within 1 year of the date of the Consent
Judgment.
On 5 June 2015, the Plaintiffs filed a Notice of Application for extension of time to file the Notice of Appointment
(Application for Extension) on the basis that the final accounts with Sarawak Hidro Sdn Bhd have yet to be
finalised and therefore the Plaintiffs are not in a position to ascertain the full extent of the Plaintiffs overall
losses arising from the Bakun Project. At the hearing on 6 July 2015, the Court granted an extension of 1 year
(from 13 June 2015) for the Plaintiffs to file the Notice of Appointment.
c. Emirates International Energy Services (EMAS)

Emirates International Energy Services (EMAS) had on 13 January 2011, filed a civil suit in the Plenary Commercial
Court in Abu Dhabi against Sime Darby Engineering Sdn Bhd (SDE) (First Suit) claiming payment of USD178.2
million comprising (a) a payment of USD128.2 million for commissions; and (b) a payment of USD50.0 million as
morale compensation.
SDE filed its Statement of Defence and Counter Claim for the sum of AED100 million on 14 August 2011. SDEs
Statement of Defence contained a request for the matter to be referred to arbitration and on 22 August 2011, the
Court dismissed the First Suit. EMAS did not appeal against the Courts decision.
i. Proceedings at ADCCAC
On 11 December 2011, EMAS submitted a request for arbitration to the Abu Dhabi Commercial Conciliation
& Arbitration Centre (ADCCAC). On 14 February 2012, SDEs counsel filed and submitted the response to
EMASs notice of arbitration to ADCCAC.
The arbitration has been stayed pending the disposal of a second suit filed by EMAS at the Judicial Department
of Abu Dhabi (Second Suit).
Following the dismissal of the Second Suit by the Supreme Court on 25 December 2014, on 24 May 2015
EMAS submitted an application to proceed with the arbitration proceedings before the ADCCAC.

Strategic Report
c. Emirates International Energy Services (EMAS) (continued)
i. Proceedings at ADCCAC (continued)

On 7 June 2015, SDE filed its response and challenged the ADCCACs jurisdiction on the ground that the
Agency Agreement entered into between EMAS and SDE stipulated that any dispute shall be settled by
reference to the Rules of Commercial Conciliation and Arbitration of the Dubai Chamber of Commerce and
Industry. ADCCAC has instructed EMAS to file its response to SDEs challenge by 24 June 2015. The matter is
now pending the ADCCACs further instructions.
Financial Reports
ii. Proceedings at the Judicial Department of Abu Dhabi
On 31 March 2012, EMAS filed the Second Suit against SDE. The claim of USD178.2 million by EMAS was
based on the same facts and grounds as the First Suit.
After several Court hearings on procedural matters, the Court on 11 June 2013 appointed a court expert
specialising in commercial agencies. On 30 July 2013, the court expert released his report recommending
SDE to pay EMAS compensation of approximately USD11,240,000.
Other Information
On 5 March 2014, the court expert submitted his supplemental report (which maintained the earlier findings).
On 18 May 2014, despite the objection of both SDE and EMAS to the court experts supplemental report, the
Court issued a judgment for the sum of AED41,046,086 (approximately USD11,179,397) against SDE.
Both SDE and EMAS appealed to the Court of Appeal against the Courts decision.
On 2 July 2014, the Court of Appeal reversed the finding of the Court. The Court of Appeal, in its judgment,
held that the Court is barred from making its ruling on the case due to res judicata (i.e a party cannot bring the
same issue before the court once it has been decided) (Court of Appeals Decision).
On 1 September 2014, EMAS filed an appeal to the Supreme Court against the Court of Appeals Decision.
On 25 December 2014, the Supreme Court dismissed EMASs appeal against the Court of Appeals Decision.
SDEs counsel has advised that by virtue of the Supreme Courts decision, EMAS has effectively exhausted all
its avenues in the Abu Dhabi courts in pursuing its claim against SDE.
On 24 May 2015, EMAS submitted an application to proceed with arbitration proceedings before the
ADCCAC (refer (i) above).
d. Qatar Petroleum (QP) Statement of Claim

On 15 August 2012, Sime Darby Engineering Sdn Bhd (SDE) filed a Statement of Claim at the Qatar Court
against Qatar Petroleum (QP) for the sum of QAR1,005,359,061. The claim seeks the repayment of a liquidated
performance bond, payment of outstanding invoices, compensation and additional costs incurred in relation to
an offshore engineering project in Qatar undertaken by SDE pursuant to a contract dated 27 September 2006.
However, the contract came into effect much earlier on 15 April 2006 and SDE had commenced work since then.
On 28 November 2012, QP filed its Statement of Defence. On 28 February 2013, in its reply to QPs Statement
of Defence, SDE made an upward revision to the amount claimed in respect of the performance bond. The total
claim currently stands at QAR1,008,115,825 (approximately USD277,037,023).
On 30 April 2013, the Court ordered the case to be transferred to the Administrative Court and on 18 June 2013,
a panel of 3 experts (comprising an accountant and two engineering technicians) were appointed to assist the
Court. On 15 May 2014, a new panel of experts were appointed. The Court adjourned the matter to 1 April 2015
for the new experts to meet with the parties and to prepare their report.

d. Qatar Petroleum (QP) Statement of Claim (continued)

The meetings between the experts and representatives from SDE and QP were held on 23 June 2014 and 23
October 2014, respectively. On 1 April 2015, the experts submitted their report and recommended that SDE be
compensated the sum of QAR13,518,819 (equivalent of USD3,715,063) (Expert Report). On 14 April 2015, SDE
and QP submitted their respective statements objecting to the Expert Report. On 5 May 2015, SDE submitted its
closing submissions. The Court fixed the matter for decision on 28 May 2015 which was subsequently adjourned
to 16 June 2015.
At the hearing on 16 June 2015, the Court directed the parties to submit additional documents in respect of the
issues raised by the Court. On 1 July 2015, the parties submitted their closing submissions. On 29 July 2015, the
Court directed the experts to review their report and instructed them to submit the same on or before 6 October
2015.
e. Swiber Offshore Construction Pte Ltd (SOC) Notice of Arbitration

Swiber Offshore Construction Pte Ltd (SOC) and Sime Darby Engineering Sdn Bhd (SDE) entered into Consortium
Agreement dated 3 July 2010 (CA) to govern their relationship as a consortium for the Process Platform for B-193
Project (Project) awarded by Oil and Natural Gas Corporation Ltd via a Notification of Award dated 19 May 2010
for a total contract price of USD618,376,022.
Disputes and differences relating to the Project have since arisen between SOC and SDE.
On 29 August 2013, SDE received a Notice of Arbitration dated 28 August 2013 (Notice) from SOC to refer,
pursuant to the provisions of the CA, the disputes and differences in relation to its claim against SDE to arbitration
before the Singapore International Arbitration Centre in accordance with the UNCITRAL Rules. The claim from
SOC as stated in the Notice is USD47,217,857.
On 30 September 2014, the parties executed a Settlement Agreement. On 20 November 2014, SDE paid the sum
of USD12 million to SOC being full and final settlement of the claim. SOC has withdrawn the Notice of Arbitration
on 21 November 2014.
On 5 December 2014, the tribunal declared the termination of the arbitration with immediate effect.
Consequently, the arbitration proceedings have now come to an end.
f. Oil and Natural Gas Corporation Ltd (ONGC)

Sime Darby Engineering Sdn Bhd (SDE) and Swiber Offshore Construction Pte Ltd (SOC) entered into a Consortium
Agreement dated 23 February 2010 (CA) to govern their relationship as a Consortium in relation to the execution
and performance of the 05 Well Head Platform Project (05WHP Project) awarded by Oil and Natural Gas
Corporation Ltd (ONGC). A contract dated 26 February 2010 (Contract) was executed for a total contract price of
USD188,884,887.
Disputes and differences relating to the 05WHP Project have arose between the Consortium and ONGC and the
Consortium has invoked the referral of the dispute to arbitration pursuant to the Contract. SDEs portion of the
Consortiums claim is circa USD32.5 million.
The Consortium and ONGC then agreed to refer the dispute to an Outside Expert Committee (OEC) as prescribed
in the Contract. The OEC proceedings will be conducted in New Delhi, India pursuant to Part III of the Arbitration
and Conciliation Act 1996 of the laws of India.
The Consortium filed its Statement of Claim on 23 October 2013 and ONGC submitted its Statement of Defence
on 9 January 2014. The 1st OEC meeting was held from 19 to 21 March 2014 during which time the Consortium
submitted its reply to ONGCs Statement of Defence. The 2nd OEC meeting was held from 28 to 30 April 2014
during which time the Consortium made a presentation to the OEC on the Consortiums claims.

Strategic Report
f. Oil and Natural Gas Corporation Ltd (ONGC) (continued)

During the 3rd OEC meeting held from 21 to 23 August 2014, the OEC proposed a settlement to the Consortium.
SDE presented its detailed figures at the OEC meeting on 16 October 2014 and SOC submitted its figures at the
meetings on 11 and 12 November 2014.
OEC issued its report on 2 December 2014 recommending USD12 million as the full and final settlement sum, of
which USD6,731,740 was apportioned to SDE and USD5,268,260 to SOC.
Financial Reports
On 20 March 2015, the Consortium informed ONGC of its objection to the OECs recommendation and sought a
higher amount of compensation. On 19 April 2015, ONGC rejected the Consortiums request.
The Consortium is now preparing its case for arbitration in India and has appointed Indian counsels to represent
the Consortium.
g. Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) Notice of Arbitration
Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) and Sime Darby Engineering Sdn Bhd (SDE) entered
into Sale and Purchase Agreement dated 25 August 2011 (SPA) for the disposal of SDEs oil and gas business to
Other Information
MMHE for a consideration of RM393.5 million and subsequently entered into Supplemental Agreement dated 30
March 2012 (SSPA) to vary certain terms and conditions of the SPA.
The SSPA provides, inter alia, that the fabrication of KBB Topsides Contract No. KPOC/COC/2009/015 for the
Kebabangan Northern Hub Development (KPOC Project) between Kebabangan Petroleum Operating Company
Sdn Bhd and SDE dated 20 September 2011 shall be novated by SDE to MMHE with effect from 31 March 2012
for a consideration of RM20.0 million.
Disputes relating to the KPOC Project has since arisen between MMHE and SDE.
On 17 March 2015, SDE received a Notice of Arbitration dated 16 March 2015 (Notice) from MMHE to refer the
disputes to arbitration before the Regional Centre for Arbitration Kuala Lumpur (KLRCA) in accordance with the
Rules of Arbitration of the KLRCA. The claim from MMHE as stated in the Notice is RM56,870,320.
SDE submitted its response to the Notice on 15 April 2015. KLRCA has confirmed the appointment of SDEs and
MMHEs arbitrators and on 10 June 2015, the KLRCA informed the parties of the appointment of the Tribunal
chairman.
On 4 August 2015, the Tribunal directed MMHE to file its Statement of Claim on 4 September 2015 and SDE to
file its Defence and Counterclaim on 23 October 2015 and has fixed the matter for hearing from 8 August 2016 to
19 August 2016.
h. Claim against PT Anzawara Satria

On 1 March 2006, PT Sajang Heulang (PT SHE) initiated legal action in the District Court of Kotabaru against
PT Anzawara Satria (PT AS) claiming for the surrender of approximately 60 hectares of land forming part of Hak
Guna Usaha (HGU) 35 belonging to PT SHE on which PT AS had carried out illegal coal mining activities. On 5
December 2006, the District Court of Kotabaru ruled in favour of PT AS and declared that HGU 35 was defective
and has no force of law and that PT AS has the right to conduct mining activities on the said land (District Court
Kotabaru Decision). PT SHE appealed to High Court of Kalimantan Selatan at Banjarmasin against the District
Court Kotabaru Decision. On 4 December 2007, the High Court of Kalimantan Selatan at Banjarmasin upheld
the District Court Kotabaru Decision (1st High Court Decision). On 12 February 2008, PT SHE appealed to the
Supreme Court of Republik of Indonesia against the 1st High Court Decision. On 10 March 2011, the Supreme
Court ruled in favour of PT AS and ordered PT SHE to surrender 2,000 hectares of land in Desa Bunati to PT AS (1st
Judicial Review Decision).

h. Claim against PT Anzawara Satria (continued)

Meanwhile, on 24 May 2006, PT AS claimed in the State Administration Court Banjarmasin for an order that
the mining rights held by PT AS superseded the HGU 35 held by PT SHE and that the said HGU 35 measuring
approximately 2,182 hectares was improperly issued to PT SHE. On 26 September 2006, the State Administration
Court Banjarmasin ruled in favour of PT SHE and dismissed PT ASs claim (State Administration Court Banjarmasin
Decision). PT AS appealed to the High Court of State Administration at Jakarta against the State Administration
Court Banjarmasin Decision. On 19 February 2007, the High Court of State Administration at Jakarta ruled in
favour of PT AS and nullified PT SHEs HGU 35 (2nd High Court Decision). On 9 December 2009, PT SHE appealed
to the Supreme Court of Republik of Indonesia against the 2nd High Court Decision. On 26 October 2010, the
Supreme Court declared PT SHE as being the lawful owner over HGU 35 (2nd Judicial Review Decision).
On 7 November 2011, PT SHE filed judicial review proceedings (3rd Judicial Review) before the Supreme Court of
Republik of Indonesia seeking a decision on the conflicting decisions comprised by the 1st and the 2nd Judicial
Review Decisions. On 28 December 2012, the Supreme Court dismissed the 3rd Judicial Review on the ground
that the application cannot be determined by another judicial review decision.
On 27 March 2013, PT AS commenced execution of the 1st Judicial Review Decision and in carrying out the
execution proceedings, felled oil palm trees and destroyed buildings and infrastructure, resulting in damage to
approximately 1,500 hectares of land.
On 23 April 2014, PT SHE filed a claim at the District Court of Batu Licin against PT AS for the sum of
IDR672,767,554,854 (approximately RM190,998,709) for loss and/or damage caused by PT AS in executing the
1st Judicial Review Decision. On 13 February 2015, the District Court of Batu Licin decided in favour of PT SHE
and awarded damages in the sum of IDR69,946,800,000 (approximately RM19,857,897) (District Court Batu Licin
Decision). On 29 January 2015, PT AS filed an appeal to the High Court of Kalimantan Selatan, Banjarmasin against
the District Court Batu Licin Decision (PT AS Appeal). PT SHE filed its reply to the PT AS Appeal on 4 June 2015.
The case is now pending appeal at the High Court of Kalimantan Selatan, Banjarmasin.

Strategic Report
50 Acquisitions
a. Acquisition of subsidiaries
i. Subsidiaries acquired by the Group during the financial year ended 30 June 2015 are as follows:
Groups
effective
Purchase interest Effective
Name of subsidiary consideration acquired acquisition date
%
Financial Reports
Plantation
Industrial Enterprises Co Ltd (IEC) * 99.9 11 September 2014
New Britain Palm Oil Limited (NBPOL) GBP1,083.6 100.0 2 March 2015
million (equivalent to
RM6,033.4 million)**
Motors
Sodor Properties Limited NZD9 million 100.0 5 November 2014
Other Information
(equivalent to
RM24.6 million)
* Sime Darby Plantation Sdn Bhd (SDP) received cash amounting to THB0.9 million (equivalent to RM0.1
million) for the purchase of IEC. The net consideration is after adjusting for the net debt position of IEC
at completion.
** On 2 March 2015, SDP acquired 149,794,781 ordinary shares of NBPOL, representing 98.8% equity
interest. Subsequently, on 21 April 2015, SDP compulsory acquired the remaining 1.2% equity interest
pursuant to a requirement under the Papua New Guinea Takeovers Code 1998.
The acquisition was undertaken to enhance the earnings of the Groups plantation business as well as
to provide synergistic benefits. The investment in Papua New Guinea widens SDPs global presence and
enhance competitive advantage for the upstream segment.
Acquisition-related costs amounting to RM36.5 million are included in other operating expenses.
For the year ended 30 June 2015, the newly acquired subsidiaries contributed RM724.2 million to the Groups
revenue and RM68.1 million to the Groups profit attributable to the owners of the Company.
If the acquisitions were effective on 1 July 2014, the Groups revenue and profit attributable to owners of
the Company for the financial year ended 30 June 2015 would have been RM44,999.3 million and RM2,347.7
million respectively, an increase of RM1,270.6 million and RM34.9 million respectively.

50 Acquisitions (continued)
a. Acquisition of subsidiaries (continued)
ii. Details of the assets, liabilities and net cash outflow arising from the acquisition of subsidiaries by the Group
during the financial year ended 30 June 2015 are as follows:
NBPOL Others Total
Book value Fair value Book value Fair value Book value Fair value
Property, plant and equipment

[Note 18] 1,903.8 2,151.4 29.1 108.7 1,932.9 2,260.1
Biological assets [Note 19] 2,015.0 2,998.2 2,015.0 2,998.2
Intangible assets [Note 25] 163.3 587.9 1.7 1.7 165.0 589.6
Borrowings (886.4) (886.4) (73.0) (73.0) (959.4) (959.4)
Deferred tax liabilities
[Note 26] (1,051.7) (1,523.9) (13.4) (1,051.7) (1,537.3)
Receivables 539.9 513.2 539.9 513.2
Net current assets/(liabilities) 463.6 393.7 (7.8) (7.8) 455.8 385.9
Net assets/(liabilities) acquired 3,147.5 4,234.1 (50.0) 16.2 3,097.5 4,250.3
Non-controlling interests (72.2) (72.2)
Goodwill [Note 25] 1,871.5 8.3 1,879.8
Purchase consideration 6,033.4 24.5 6,057.9
Less: Cash and cash equivalents
of subsidiaries acquired (35.0) (35.0)
Net cash outflow on acquisition 5,998.4 24.5 6,022.9
The valuation of material assets (land, building, plant and machinery and biological assets) and identification
and valuation of intangible assets and contingent liabilities of the subsidiaries acquired were carried out by
independent professional firms, to arrive at the fair value of identifiable assets, liabilities and contingent
liabilities at the date of acquisition.
As at 30 June 2015, the purchase price allocation (PPA) exercise on the fair values of net assets acquired and
the residual goodwill arising from the acquisition of the NBPOL group is provisional, pending finalisation of
the total fair value of the net assets acquired. The PPA for the acquisition of NBPOL has not been finalised
as certain information required to determine the fair values of certain assets and liabilities and the relevant
tax effects are still outstanding. As allowed under FRS 3 Business Combinations, the Group has a 12-month
period to finalise the PPA. As such, on finalisation of the PPA, there may be changes in the fair values of the
net assets acquired and, consequently the residual goodwill.
The goodwill of RM1,879.8 million (of which RM1,871.5 million relating to the acquisition of NBPOL is
provisional) arising from the acquisition consists largely the significant synergies and economies of scale
expected from combining the operations of the Group and the subsidiaries acquired.

Strategic Report
50 Acquisitions (continued)
b. Acquisition of an associate
The associate acquired by the Group during the financial year ended 30 June 2015 is as follows:
Groups
effective
Purchase interest Effective
Name of associate consideration acquired acquisition date
%
Property
Financial Reports
Kuantan Pahang Holding Sdn Bhd (KPH) RM 30.0 30.0 6 November 2014
KPH holds a 51% equity interest in Malaysia-China Kuantan Industrial Park Sdn Bhd, a company established
jointly with Guangxi Beibu Gulf ASEAN Investment Co Ltd to undertake the development of the Malaysia-China
Kuantan Industrial Park in Kuantan, Pahang.
51 Disposals
Other Information
a. Disposal of subsidiaries
i. Subsidiaries disposed by the Group during the financial year ended 30 June 2015 are as follows:
Groups
effective
Disposal interest Effective
Name of subsidiary consideration disposed disposal date
%
Plantation
Rizhao Sime Darby Oils & Fats Co Ltd (RSDOF) RMB85.3 million 55.0 28 November 2014
(equivalent to
RM46.5 million)
Property
Sime Darby Brunsfield Project Management RM2,000 60.0 13 January 2015
Sdn Bhd
Sime Darby Brunsfield Property Management RM2,000 60.0 13 January 2015
Sdn Bhd
Sime Darby Brunsfield Taipan City Sdn Bhd RM2,000 60.0 13 January 2015
Following the completion of the disposal, the Groups interest in RSDOF has reduced from 100% to 45%. The
remaining interest is accounted for as a joint venture and is recognised initially at fair value.

51 Disposals (continued)
a. Disposal of subsidiaries (continued)
ii. Details of the assets, liabilities and net cash inflow arising from the disposal of subsidiaries by the Group
during the financial year ended 30 June 2015 are as follows:
Property, plant and equipment [Note 18] 61.0

Prepaid lease rentals [Note 20] 26.9
Deferred tax assets [Note 26] 0.2
Net current liabilities (0.3)
Net assets disposed 87.8
Loss on disposal of subsidiaries (3.7)
Less: Exchange loss included in the loss on disposal 0.5
Proceeds from disposal, net of transaction costs 84.6
Less: Cash and cash equivalent in subsidiaries disposed (3.9)
Less: Fair value of retained portion of investment (38.1)
Less: Balance consideration outstanding (46.5)
Net cash outflow from disposal of subsidiaries during the financial year (3.9)
Net cash outflow from disposal of subsidiaries during the financial year (3.9)
Proceeds from disposal of subsidiaries in previous years [Note 29(a)(iii)] 45.0
Net cash inflow on disposal of subsidiaries 41.1
b. Disposal of a joint venture

During the financial year ended 30 June 2015, the Group disposed the following joint venture:
Groups
effective
Name of joint venture consideration disposed disposal date
%
Property
Sime Darby Sunsuria Development Sdn Bhd (SDSD) RM173.4 million 50.0 29 June 2015
(gain on disposal
RM157.2 million)
The disposal consideration comprised shareholders advances of RM16.4 million due and payable by SDSD to the
Group and consideration for the Groups 50% equity interest in SDSD. The shareholders advances and further
advances of RM3.6 million to SDSD are repayable on or before the expiry of 12 months after 29 June 2015.
The Group has received RM15.7 million of the consideration for the equity interest in June 2015 and the balance
of RM141.3 million was received in July 2015.

Strategic Report
51 Disposals (continued)
c. Disposal of equity interest in an associate
During the financial year ended 30 June 2015 the Group reduced its equity interest in Eastern & Oriental Berhad
from 32% to 22% through the following disposal:
Groups
effective
Name of associate consideration disposed disposal date
Financial Reports
%
Property
Eastern & Oriental Berhad RM318.4 million, net of 9.9 23 July 2014
transaction cost of
RM0.6 million (gain on disposal
RM55.5 million)
52 Segment Information - Group
Other Information
The Group has five key reportable segments, which are the Groups strategic business units. The strategic business
units offer different products and services, and are managed separately. For each of the strategic business units, the
President and Group Chief Executive reviews the management reports on a monthly basis and conducts performance
dialogues with the business units on a regular basis.
Segments comprise:
Segment Products and services
Plantation Production and marketing of fresh fruit bunches, crude palm oil, palm kernel, rubber,
sugar cane, cattle and beef products and refining and marketing of palm oil related
products.
Industrial Sales, rental and servicing of heavy equipment.
Motors Assembly and distribution of vehicles and the provision of after-sale services.
Property Developing and marketing residential, commercial and industrial properties and
development land and management and provision of golf and other recreational
facilities and services.
Energy & Utilities Engineering, ownership and management of port facilities and treatment and
distribution of treated water.
Others Healthcare, insurance broking and other general investments.
Transactions between segments are carried out on agreed terms between both parties. The effects of such
intersegment transactions are eliminated on consolidation. The measurement basis and classification are consistent
with those adopted in the previous financial year.

52 Segment Information Group (continued)
a. Segment results
2015 Plantation Industrial Motors
Segment revenue:
External 10,268.6 10,558.2 18,646.3
Inter-segment 0.3 63.4 33.9
10,268.9 10,621.6 18,680.2
Segment results:
Operating profit 1,180.5 512.4 466.6
Share of results of joint ventures and associates (32.4) 8.8 7.0
Profit/(loss) before interest and tax 1,148.1 521.2 473.6
Included in operating profit/(loss) are:
Amortisation of prepaid lease rentals (34.8) (0.4) (2.6)

Depreciation and amortisation (578.8) (271.2) (228.6)
Impairment losses:
- property, plant and equipment (14.5) (1.7)
- receivables (1.4) (51.0) (2.6)
- others (0.2) (0.1)
Reversal of impairment losses:
- others 1.4
(Loss)/gain on disposal of:
- subsidiaries (3.7)
- a joint venture
- an associate
Other non-cash items 115.6 (92.2) (33.2)

Strategic Report
Continuing operations
Energy & Corporate and
Property Utilities Others elimination Total
3,455.0 729.7 70.9 43,728.7
Financial Reports
175.7 49.2 9.6 (332.1)
3,630.7 778.9 80.5 (332.1) 43,728.7
928.6 134.0 22.2 154.7 3,399.0

(39.2) (8.2) (58.0) (122.0)
889.4 125.8 (35.8) 154.7 3,277.0
Other Information
(0.4) (5.5) (43.7)
(62.1) (62.7) (0.7) (11.9) (1,216.0)
(16.2)
(1.2) (4.6) (60.8)
(4.5) (4.8)
1.2
13.3 0.4 60.1
1.6 3.0
(3.7)
157.2 157.2
55.5 55.5
26.8 (12.4) 0.3 276.0 280.9

a. Segment results (continued)
Segment revenue:
External 10,953.5 11,665.2 17,745.2
Inter-segment 0.4 51.3 29.2
10,953.9 11,716.5 17,774.4
Segment results:
Operating profit 1,904.5 997.7 630.5
Share of results of joint ventures and associates (29.9) 14.1 4.0
Profit before interest and tax 1,874.6 1,011.8 634.5
Included in the share of results of

joint ventures and associates are:
Reversal of impairment of joint ventures 1.7
Impairment of associates (1.0)
Included in operating profit/(loss) are:
Amortisation of prepaid lease rentals (36.1) (0.3) (1.2)

Depreciation and amortisation (476.7) (338.4) (203.7)
Impairment losses:
- property, plant and equipment (0.4) (3.6) (1.5)
- receivables (0.4) (35.5) (5.3)
- others (8.5)
Reversal of impairment losses:
- property, plant and equipment 35.4 1.1 0.4
- receivables 1.3 27.4 2.0
- others 3.4
Gain/(loss) on disposal of:
- subsidiaries 7.5 12.1
- an associate
- discontinued operations
Other non-cash items (21.8) 80.1 (59.0)

Strategic Report
Dis-
Energy & Corporate and continued
Property Utilities Others elimination Total operations Total
2,791.7 676.6 75.8 43,908.0 659.8 44,567.8
Financial Reports
27.9 25.8 10.3 (144.9)
2,819.6 702.4 86.1 (144.9) 43,908.0 659.8 44,567.8
528.7 6.5 25.8 24.9 4,118.6 299.5 4,418.1

71.0 14.1 26.9 100.2 100.2
599.7 20.6 52.7 24.9 4,218.8 299.5 4,518.3
Other Information
1.7 1.7
(1.0) (1.0)
(0.3) (5.0) (42.9) (42.9)

(59.9) (60.5) (0.7) (12.4) (1,152.3) (43.4) (1,195.7)
(7.8) (13.3) (13.3)

(24.1) (2.2) (0.3) (1.3) (69.1) (69.1)
(6.6) (3.3) (18.4) (18.4)
1.3 38.2 38.2

16.1 0.2 0.1 0.3 47.4 47.4
3.4 3.4
19.6 19.6
(0.8) (0.8) (0.8)
144.0 144.0
(3.3) (6.6) 0.3 112.7 102.4 (0.3) 102.1

b. Segment assets and liabilities and additions to non-current assets
Segment assets
Operating assets 24,964.5 9,437.9 9,207.8
Joint ventures and associates 653.6 196.0 90.7
Non-current assets held for sale 4.6 3.5
25,622.7 9,637.4 9,298.5
Segment liabilities
Liabilities 1,860.7 2,141.4 2,868.1
1,860.7 2,141.4 2,868.1
Additions to non-current assets, other than financial

instruments and deferred tax assets, are as follows:
Capital expenditure 860.4 455.1 560.8
Additions to interest in joint ventures and associates 129.8 23.5
990.2 478.6 560.8
2014
Segment assets
Operating assets 15,195.1 10,059.5 8,672.4
Joint ventures and associates 562.5 164.8 77.3
Non-current assets held for sale
15,757.6 10,224.3 8,749.7
Segment liabilities
Liabilities 1,320.1 2,625.7 2,663.8
1,320.1 2,625.7 2,663.8
Additions to non-current assets, other than financial

instruments and deferred tax assets, are as follows:
Capital expenditure 885.3 753.9 517.1

Additions to interest in joint ventures and associates 85.6 30.6
970.9 784.5 517.1

Strategic Report
Dis-
Energy & Corporate and continued
Property Utilities Others elimination Total operations Total
Financial Reports
8,709.7 2,477.1 127.8 1,006.1 55,930.9 55,930.9
2,013.0 233.2 633.4 3,819.9 3,819.9
120.5 0.1 128.7 128.7
10,843.2 2,710.4 761.2 1,006.1 59,879.5 59,879.5
1,572.1 885.7 100.1 137.5 9,565.6 9,565.6
Other Information
83.4 83.4 83.4
1,655.5 885.7 100.1 137.5 9,649.0 9,649.0
81.2 183.8 0.3 10.3 2,151.9 2,151.9

313.3 144.5 611.1 611.1
394.5 328.3 0.3 10.3 2,763.0 2,763.0
7,181.5 2,310.1 158.2 2,255.4 45,832.2 45,832.2

1,677.6 (64.7) 693.8 3,111.3 3,111.3
392.2 392.2 392.2
9,251.3 2,245.4 852.0 2,255.4 49,335.7 49,335.7
1,420.4 928.5 151.2 188.4 9,298.1 9,298.1

84.2 84.2 84.2
1,504.6 928.5 151.2 188.4 9,382.3 9,382.3
73.7 336.3 1.5 14.9 2,582.7 6.0 2,588.7

205.7 39.1 361.0 361.0
279.4 375.4 1.5 14.9 2,943.7 6.0 2,949.7

b. Segment assets and liabilities and additions to non-current assets (continued)

Capital expenditure consists of the following:
2015 2014
Property, plant and equipment 1,611.8 2,052.5

Biological assets 258.7 214.0
Prepaid lease rentals 48.9 106.5
Investment properties 1.3 17.6
Land held for property development 6.9 31.8
Intangible assets other than goodwill 224.3 166.3
2,151.9 2,588.7
Reconciliation of segment assets and liabilities to total assets and total liabilities are as follows:
Assets Liabilities
2015 2014 2015 2014
Segment total 59,879.5 49,335.7 9,649.0 9,382.3

Tax assets/liabilities 1,928.5 1,600.5 2,339.0 761.3
Borrowings 18,063.0 11,174.8
Finance lease obligation 146.0 152.5
61,808.0 50,936.2 30,197.0 21,470.9
c. Segment by location
Revenue by location of customers are analysed as follows:
2015 2014
Malaysia 11,668.7 11,167.6

Indonesia 1,241.5 2,473.7
Singapore 3,728.2 3,958.9
Other countries in South East Asia 2,383.4 2,039.3
China 10,759.3 10,616.4
Australasia * 9,486.4 9,572.1
Europe 1,953.2 1,569.4
Other countries 2,508.0 2,510.6
43,728.7 43,908.0

Strategic Report
c. Segment by location (continued)
Revenue, profit/(loss) before interest and tax and non-current assets, other than financial instruments and tax
assets, by location of the Groups operations are analysed as follows:
Profit/(loss) before Non-current

Revenue interest and tax assets
2015 2014 2015 2014 2015 2014
Malaysia 14,057.5 13,835.0 2,061.3 1,958.0 15,242.7 12,947.6
Financial Reports
Indonesia 1,265.7 2,470.1 442.6 867.3 2,825.9 2,573.6
Singapore 3,635.6 3,939.4 102.7 428.6 959.0 830.0
Other countries in South East
Asia 2,282.2 1,968.9 59.6 40.8 487.2 280.5
China 10,474.0 10,104.7 308.6 438.1 2,748.9 2,410.4
Australasia * 9,999.8 9,539.3 394.6 520.6 9,054.9 3,553.2
Europe 1,402.4 1,416.0 (88.8) (13.4) 1,420.3 1,017.9
Other Information
Other countries 611.5 634.6 (3.6) (21.2) 536.9 325.5
43,728.7 43,908.0 3,277.0 4,218.8 33,275.8 23,938.7
* Australasia consists of Australia, Fiji, New Caledonia, New Zealand, Papua New Guinea, and Solomon Islands
Reconciliation of non-current assets, other than financial instruments and tax assets to the total non-current
assets are as follows:
2015 2014
Non-current assets other than financial instruments and tax assets 33,275.8 23,938.7
Investments 140.1 171.6
Deferred tax assets 1,139.2 988.6
Tax recoverable 478.6 396.5
Derivative assets 214.8 68.2
Receivables 527.9 587.6
35,776.4 26,151.2
The Groups operations are diverse in terms of the range of products and services it offers and the geographical
coverage. There is no single customer that contributed 10% or more to the Groups revenue.

53 Related Parties
Significant related party transactions and balances other than as disclosed in Notes 23, 29 and 43 are as follows:
Group Company
2015 2014 2015 2014
a. Transactions with joint ventures

Tolling fees and sales to Emery Oleochemicals (M)
Sdn Bhd group 48.8 68.0
Sale of terminal trucks to Terberg Tractors Malaysia
Sdn Bhd (TTM) 1.5 12.5
Purchase of properties from Battersea Project
Holding Company Limited group 40.9
Purchase of terminal tractors, parts and engine
from TTM and its subsidiary 14.1 1.8
Disposal of property, plant and equipment to
Weifang Port Services Co Ltd 315.0
Disposal of a subsidiary, Sime Darby TMA Sdn Bhd,
to TTM 25.0
Sale of land to Sime Darby Sunsuria Development
Sdn Bhd 241.8
b. Transactions with associates

Provision of services by Sitech Construction
Systems Pty Ltd 3.8 5.8
Sale of products and services to Tesco Stores
(Malaysia) Sdn Bhd 18.7 19.8
Sales and services for parts to Energy Power
Systems (Australia) Pty Ltd 11.0
Purchase of paints material from Sime Kansai Paints
Sdn Bhd 7.5 4.2
Sale of land to Eastern & Oriental Berhad group 239.8
c. Transactions between subsidiaries and their

significant owners of non-controlling interests
Transactions between companies in which Tan Sri
Dato Ir Gan Thian Leong and Encik Mohamad
Hassan Zakaria are substantial shareholders:
- Turnkey works rendered by Brunsfield
Engineering Sdn Bhd to Sime Darby Brunsfield
Holding Sdn Bhd (SDBH) group 296.1 184.3
- Sale of properties by SDBH group to Brunsfield
Properties Sdn Bhd 59.4
- Sale of Subang Avenue, an investment property
by SDBH group to Subang Mall Property Sdn
Bhd 139.5
- Sale of properties by SDBH group to Brunsfield
OASIS Square Sdn Bhd 34.7
Sale of vehicles and parts by Jaguar Land Rover (M)
Sdn Bhd to Sisma Auto Sdn Bhd 109.6 4.6
Purchase of agricultural tractors, engines and parts
by Sime Kubota Sdn Bhd from Kubota Corporation 29.2 31.3

Strategic Report
53 Related Parties (continued)
(continued)
Group Company
2015 2014 2015 2014
c. Transactions between subsidiaries and their

significant owners of non-controlling interests
(continued)
Financial Reports
Royalty payment to and procurement of cars and
ancillary services by Inokom Corporation Sdn Bhd
(ICSB) from Hyundai Motor Company and its related
companies 226.4 245.1
Contract assembly service provided by ICSB to
Berjaya Corporation Berhad group 85.7 41.2
Project management services rendered to Sime
Darby Property Selatan Sdn Bhd (SDPS) by Tunas
Selatan Construction Sdn Bhd, the holding company
Other Information
of Tunas Selatan Pagoh Sdn Bhd 11.5 17.0
Sale of motor vehicles to the shareholder of
Mahawangsa Holdings Sdn Bhd (Mahawangsa).
Mahawangsa has equity interest in both Sime Darby
Auto Performance Sdn Bhd and Sime Darby Auto
Britannia Sdn Bhd 8.1
d. Transactions between subsidiary and company in

which the subsidiarys director has equity interest
Architectural services rendered to SDPS by Akitek
Jururancang (M) Sdn Bhd, a company in which Tan
Sri Dato Sri Hj Esa, a director of SDPS has an equity
interest 2.9 12.2
e. Transactions with firms in which a Director of the

Company is a partner
Provision of legal services by Azmi & Associates, a
firm in which Dato Azmi Mohd Ali is a partner 0.1 0.4
f. Transactions with Directors and their close family

members
Sales of properties and cars 3.7 7.1
Sales of properties by Battersea Project Phase 1
Company Limited, a joint venture 7.5
g. Transactions with key management personnel and

their close family members
Sales of properties and cars 2.1 4.7
Sales of properties by Battersea Project Phase 3
Residential Company Limited, a joint venture 17.4

(continued)
Group Company
2015 2014 2015 2014
h. Remuneration of Directors and key management
personnel
Salaries, fees and other emoluments 38.2 37.2 3.6 3.7
Defined contribution pension plan 3.3 3.7
Performance-based employee share scheme (PBESS) (0.1) 2.2
Estimated monetary value of benefits by way of
usage of the Groups and Companys assets 0.7 0.6 0.4 0.3
The movement in the number of ordinary shares of RM0.50 each of the Company granted under the PBESS to the
Executive Director and key management personnel of the Group is as follows:

Fair value at At At
(RM) 000 000 000 000
First grant
GPS 7.737 428 428
DPS 8.583 391 391
Second grant
GPS 7.243 428 428
DPS 8.181 392 392
i. Transactions with shareholders and Government

Permodalan Nasional Berhad (PNB) and the funds managed by its subsidiary, Amanah Nasional Berhad, together
owns 53.4% as at 30 June 2015 of the issued share capital of the Company (as at 30 June 2014: 51.4%). PNB
is an entity controlled by the Malaysian Government through Yayasan Pelaburan Bumiputra (YPB). The Group
considers that, for the purpose of FRS 124 Related Party Disclosures, YPB and the Malaysian Government are
in the position to exercise significant influence over it. As a result, the Malaysian Government and Malaysian
Governments controlled bodies (collectively referred to as government-related entities) are related parties of
the Group and of the Company.
Transactions entered into during the financial year with government-related entities include the sales and
purchases of goods and services. These related party transactions were entered into in the ordinary course of
business and do not require the approval of shareholders except for the purchase of chemicals and fertilisers
from Chemical Company of Malaysia Berhad and its subsidiaries, companies in which YPB has substantial indirect
interest, amounting to RM87.3 million (2014: RM92.2 million). Shareholders mandate was obtained for this
recurrent related party transaction during the last annual general meeting.

Strategic Report
(continued)
j. Outstanding balances with related parties

The significant outstanding balances between the Group and related parties as at 30 June are as follows:
Group
2015 2014
i. Amounts due from/(to) joint ventures and associates
Financial Reports
Eastern & Oriental Berhad group 175.9
Malaysia - China Hydro Joint Venture (33.7) (87.3)
Seriemas Development Sdn Bhd 21.8 21.8
Sime Darby Capitamalls Asia (Melawati Mall) Sdn Bhd 33.3 15.9
Sime Darby Sunrise Development Sdn Bhd 80.5 92.0
ii. Amounts due to owner of non-controlling interests of Sime Darby
Other Information
Brunsfield Holding Sdn Bhd
Brunsfield Metropolitan Sdn Bhd 147.1 142.9
Brunsfield Engineering Sdn Bhd 61.5 46.1
iii. Amounts due from YPB group

Prolintas Expressway Sdn Bhd [Note 29(a)(ii)] 500.0 500.0
All outstanding balances are unsecured and repayable in accordance with agreed terms.
Other than as disclosed above, there were no material contracts subsisting as at 30 June 2015 or if not then subsisting,
entered into since the end of the previous financial year by the Company or its subsidiaries which involved the interests
of Directors or substantial shareholders.

54 Financial Instruments
a. Financial instruments by category

Financial assets and financial liabilities are categorised as follows:
Fair value
through Available-
Derivatives profit or for-sale
Group used for loss held Loans and financial
2015 hedging for trading receivables assets Total
Non-current assets
Investments 12.0 128.1 140.1
Derivative assets 199.7 15.1 214.8
Current assets
Receivables 7,273.3 7,273.3
Accounts 556.1 556.1
Bank balances, deposits and cash 3,644.9 3,644.9
Total financial assets 263.5 43.2 12,002.2 128.1 12,437.0
Fair value
through Financial
Derivatives profit or Financial liabilities at
used for loss held guarantee amortised
hedging for trading contracts cost Total
Borrowings 11,745.4 11,745.4
Derivative liabilities 16.3 2.7 19.0
Current liabilities
Payables 0.3 8,324.0 8,324.3
Borrowings 6,317.6 6,317.6
Total financial liabilities 41.1 39.0 0.3 26,533.0 26,613.4

Strategic Report
54 Financial Instruments (continued)
a. Financial instruments by category (continued)
Financial assets and financial liabilities are categorised as follows: (continued)
Fair value
through Available-
Derivatives profit or for-sale
Group used for loss held Loans and financial
2014 hedging for trading receivables assets Total
Financial Reports
Non-current assets
Investments 171.6 171.6
Derivative assets 68.2 68.2
Current assets
Receivables 6,526.0 6,526.0
Other Information
Bank balances, deposits and cash 4,381.8 4,381.8
Total financial assets 77.4 33.8 12,009.6 171.6 12,292.4
Fair value
through Financial
Derivatives profit or Financial liabilities at
used for loss held guarantee amortised
hedging for trading contracts cost Total
Borrowings 8,109.2 8,109.2
Current liabilities
Payables 0.3 8,104.9 8,105.2
Borrowings 3,065.6 3,065.6
Total financial liabilities 21.5 10.6 0.3 19,432.2 19,464.6
In respect of the Company, receivables and bank balances, deposits and cash totaling RM11,149.6 million (2014:
RM11,629.0 million) are categorised under loans and receivables at amortised cost.
Borrowings of the Company amounting to RM1,907.7 million (2014: RM2,611.8 million) are categorised as
financial liabilities at amortised cost whilst payables amounting to RM16.1 million (2014: RM39.1 million) and
RM3,057.4 million (2014: RM2,609.9 million) are categorised under financial guarantee contracts and financial
liabilities at amortised costs respectively.
The recognition and measurement basis are described in Notes 3(n) and 3(u).

b. Income, expense, gains and losses on financial instruments

Income, expense, gains and losses on financial instruments recognised in the statements of profit or loss and
comprehensive income are as follows:
Derivatives used for hedging
Forward
foreign
Group exchange Interest rate Cross currency
2015 contract swap contract swap contract
Revenue
Operating expenses
- impairment
Other operating income
- income
- reversal of impairment
Other gains and losses
- fair value/ineffective hedge 0.8 6.7
- realised foreign exchange gains
Finance income
Finance costs 13.8 (70.3)
Other comprehensive (loss)/income
- net change in fair value (39.4) (2.2) 236.0
- transfer to profit or loss
(38.6) 11.6 172.4
2014
Revenue
Operating expenses
- impairment
Other operating income
- income
- gain on disposal
- reversal of impairment
Other gains and losses
- fair value/ineffective hedge 3.5 (2.1)
- realised foreign exchange gains
Finance income
Finance costs (44.1)
- net change in fair value 23.5 7.5 (13.3)
- transfer to profit or loss
27.0 7.5 (59.5)

Strategic Report
Fair value through profit or loss
held for trading
Forward Available- Financial

foreign Commodity for-sale Financial liabilities at
Financial Reports
Quoted exchange futures Loans and financial guarantee amortised Reclassi-
warrants contract contract receivables assets contracts cost fication Total
(4.1) (4.1)
(60.8) (60.8)
66.1 66.1
Other Information
60.1 60.1
12.0 4.1 3.8 254.6 282.0

151.5 151.5
196.0 0.3 196.3
(414.1) (470.6)
(22.1) 172.3
(402.0) (402.0)
12.0 4.1 3.8 195.3 44.0 0.3 (414.1) (9.2)
2.1 2.1
(69.1) (69.1)
42.8 42.8
0.1 0.1
47.4 47.4
(1.1) (21.8) (21.5)

113.4 113.4
160.1 0.7 160.8
(370.9) (415.0)
11.9 29.6
(93.8) (93.8)
(1.1) 138.4 54.7 0.7 (370.9) (203.2)

b. Income, expense, gains and losses on financial instruments (continued)

Income, expense, gains and losses on financial instruments recognised in the statements of profit or loss and
comprehensive income are as follows: (continued)
Financial Financial
Company Loans and guarantee liabilities at
2015 receivables contracts amortised cost Total
Finance income 167.3 20.6 187.9

Finance costs (169.0) (169.0)
167.3 20.6 (169.0) 18.9
2014
Finance income 191.4 8.9 200.3

Finance costs (191.0) (191.0)
191.4 8.9 (191.0) 9.3
c. Measurement of financial instruments
i. Financial instruments measured at fair value

The measurement and categorisation of the financial instruments carried at fair value are as follows:
Investments
If there are quoted market prices in active markets, these are considered Level 1. If such quoted market
prices are not available, fair value are determined using market prices for similar assets or present value
techniques, applying an appropriate risk-free interest rate adjusted for non-performance risk. The inputs
used in present value techniques are observable and fall into the Level 2 category. It is classified into the
Level 3 category if significant unobservable inputs are used.
Derivatives
The fair values of derivative are determined using quoted price of identical instruments from an active market,
if available (Level 1). If quoted prices are not available, price quoted for similar instruments, appropriately
adjusted, or present value techniques, based on available market observable inputs are used, including
foreign exchange spot and forward rates, interest rate curves and prices of the underlying commodities. The
fair values obtained using price quotes for similar instruments or valuation techniques represent a Level 2
input unless significant unobservable inputs are used, which would result in Level 3 valuation methods.

Strategic Report
c. Measurement of financial instruments (continued)
i. Financial instruments measured at fair value (continued)

The following table presents the Groups financial assets and liabilities that are measured at fair value as at
30 June into three different levels as defined above:
Group
2015 Level 1 Level 2 Level 3 Total
Financial Reports
Financial assets
Investments 42.8 24.4 72.9 140.1
Derivative assets
- forward foreign exchange contracts 27.0 27.0
- interest rate swap contracts 14.2 14.2
- cross currency swap contract 240.8 240.8
- commodity futures contracts 12.7 12.7
Other Information
42.8 319.1 72.9 434.8
Financial liabilities
Derivative liabilities
80.1 80.1
2014
Financial assets
Investments 83.7 5.2 82.7 171.6
Derivative assets
83.7 116.4 82.7 282.8
32.1 32.1

i. Financial instruments measured at fair value (continued)

The Company does not have any financial assets and liabilities measured at fair value as at 30 June 2015
(2014: Nil).
The investments categorised as Level 3 in the fair value hierarchy are non-traded equity investments which
are valued at their recoverable amounts. The movement during the year was mainly due to the fair value loss
of an investment which was recognised in other comprehensive income. There is no transfer between levels
of the fair value hierarchy during the financial year.
ii. Financial instruments measured at amortised cost

The carrying amounts and fair values of non-current financial assets and liabilities measured at amortised
cost at 30 June are as follows:
Group Company
Carrying Fair Carrying Fair
2015 amount value Amount Value
Financial assets
Receivables
- trade and other receivables 175.6 175.6
- amounts due from a subsidiary 1,700.0 1,700.0
- advances for plasma plantation projects 67.9 67.9
- redeemable loan stocks 284.4 221.3
Borrowings
- Islamic Medium Term Notes 1,700.0 1,692.8 1,700.0 1,692.8
- Sukuk 3,018.4 2,974.4
- term loans and others 7,027.0 7,027.0

Strategic Report
ii. Financial instruments measured at amortised cost (continued)

The carrying amounts and fair values of non-current financial assets and liabilities measured at amortised
cost at 30 June are as follows: (continued)
Group Company
Carrying Fair Carrying Fair
2014 amount value amount value
Financial Reports
Financial assets
Receivables
- trade and other receivables 240.4 240.4
- amounts due from a subsidiary 4,268.8 4,268.8
- amounts due from a joint venture 11.5 11.5
- advances for plasma plantation projects 69.9 69.9
Other Information
- redeemable loan stocks 265.8 227.2
Borrowings
- Islamic Medium Term Notes 1,700.0 1,681.8 1,700.0 1,681.8
- Sukuk 2,558.1 2,534.4
- term loans and others 3,851.1 3,851.1
Payables
- amounts due to a subsidiary 2,558.1 2,558.1
The fair values of the Groups long-term financial instruments are categorised as Level 2 in the fair value
hierarchy as they are estimated by discounting the future contractual cash flows at the current market rate
available for similar instruments.

55 Financial Risk and Capital Management
a. Financial Risk Management

The Groups activities expose it to a variety of financial risks, including foreign currency risk, interest rate risk,
credit risk, liquidity and cash flow risk and price risk. The Groups financial risk management policies are designed
to manage and minimise the Groups financial risks.
Financial risk management is carried out through risk reviews, internal control systems, insurance/takaful
programs and adherence to Group Policies and Authorities which are implemented on a group-wide basis. The
Board regularly reviews these risks and approves the policies covering the management of these risks.
The Group uses derivative financial instruments, principally interest rate swaps, cross currency swaps, forward
foreign exchange contracts, commodity futures contracts and foreign currency options as appropriate to hedge
the Groups exposure to financial risk.
Whilst all derivatives entered into provide economic hedges to the Group, certain derivatives do not qualify for
the application of hedge accounting under the specific rules in FRS 139. It is the Groups policy not to enter
into derivative transactions for speculative purposes. Where there are open positions, these are managed in
accordance with Group policies. The notional amounts and fair values of derivative financial instruments at 30
June are disclosed in Note 28.
The Groups exposure to, and management of, these risks is explained below.
Potential Risk Management Policy and Hedging Strategy
i. Foreign Currency Risk
The Group operates internationally and is exposed The Group applies natural hedging, to the extent
to foreign exchange risk arising from various possible, by selling and purchasing in the same
currency exposures, primarily with respect currency. Net exposure on foreign currency
to United States dollar and European Union receivables and payables are hedged via forward
euro. Foreign exchange risk arises from future foreign exchange contracts including hedging on
commercial transactions, recognised assets and cash flows generated from anticipated transactions
liabilities, and investments in foreign operations. denomination in foreign currencies.
Details of the Groups revenue transacted in The Groups Centralised Treasury function monitors
foreign currency and the currency profile of the Groups exposure to foreign currency risk and
monetary financial assets and financial liabilities aims to maximise foreign currency netting within
are described in Note 55(a)(i). the Group whilst managing the cost of hedging
effectively.
As at 30 June 2015, the unhedged exposure to the
Group from holding financial assets and liabilities The Group funds its investments in the currency
other than in the functional currency amounted to of its investments to the extent possible, so as
RM342.3 million (2014: RM1,169.2 million). to provide a natural hedge against the foreign
exchange translation risk relating to the net
investment in foreign operations
Details of cross currency swap contract to exchange

the principal payments of a USD loan into AUD, the
functional currency of a subsidiary, is disclosed in
Note 28(c).

Strategic Report
55 Financial Risk and Capital Management (continued)
a. Financial Risk Management (continued)
ii. Interest Rate Risk
The Groups interest rate risk arises from its The Group manages its interest rate risks by placing
borrowings and deposits placed with financial deposits on varying maturities.
institutions.
Financial Reports
The Group manages its interest rate risk on its long-
Details of the percentages of fixed rate term borrowings by targeting a mix of fixed and
borrowings over total borrowings are disclosed floating rate debt.
in Note 55(a)(ii).
This is achieved by using fixed and floating rate
debt and derivatives such as interest rate swaps.
iii. Credit Risk
Other Information
Credit risk arises on sales made on credit terms, The Group seeks to control credit risk by dealing with
derivatives with positive fair value, deposits with counterparties with appropriate credit histories and
banks, guarantees and performance guarantees deposit with banks and financial institutions with
given on behalf of others and risk sharing good credit ratings. Third party agencies ratings
arrangement. are considered, if available. In addition, customers
most recent financial statements, payment history
Details of the credit risk of the Groups trade and other relevant information are considered in
receivables are disclosed in Note 55(a)(iii). The the determination of credit risk.
highest percentage of concentration of net trade
receivables as at 30 June 2015 was 17.5% in the Counterparties are assessed at least annually and
Property segment in Malaysia (2014: 16.8% in more frequently when information on significant
the Industrial segment in Australasia). changes in their financial position becomes known.
The concentration to Property segment was Credit terms and limits are set based on these
mainly due to the proceed receivable from sale assessment. Where appropriate, guarantees or
of land to Eastern & Oriental Berhad group securities are obtained to limit credit risk. Sales to
amounting to RM175.9 million of which RM40.9 trade customers are usually suspended when earlier
million was received on 17 September 2015. amounts are overdue exceeding 180 days.
The risk sharing arrangement is with a third

party leasing company which is a member of our
principal vendor, in connection with the sale of
its equipment. Details of the arrangement and
the total outstanding risk sharing amount are
disclosed in Note 48(a). An amount of RM22.1
million (2014: RM30.8 million) has been provided
for based on a percentage of risk sharing ratio
over the total outstanding lease portfolio.

iv. Liquidity and Cash Flow Risk
Liquidity risk refers to the risk that the Group or The Group maintains a prudent borrowing policy
the Company will encounter difficulty in meeting which is aimed towards maintaining sufficient
financial obligations when it falls due. cash for all cash flow requirements, managing debt
and investment portfolio within the relevant time
As at 30 June 2015, the Group has total cash and cash buckets to maturity, obtaining a diverse range
equivalents of RM4,154.6 million (2014: RM4,802.2 of funding sources, and keeping an adequate
million) which include cash in hand, deposits held amount of credit facilities to provide an ample
at call with banks and cash held under Housing liquidity cushion.
Development Accounts, net of bank overdrafts.
The Group companies performed quarterly
twelve month rolling cash flow projections to
The Group believes that its contractual obligations, ensure that requirements are identified as early as
including those shown in commitments and possible and the Group has sufficient cash to meet
contingencies in Notes 9(b) and 48 can be met operational needs. Such projections take into
from existing cash and investments, operating cash consideration the Groups financing plans and is
flows, credit lines available and other financings also used for monitoring of covenant compliance
that the Group reasonably expect to be able to and credit metrics.
secure in future.
The Groups Centralised Treasury function
manages all strategic funding requirements and
invests surplus cash in highly liquid investment
instruments such as interest bearing current
account, time deposits, money market deposits
and unit trust funds investment under money
market funds.
The Group assesses various funding options when

there is a need for financing, including monitoring
funding options available in the capital markets,
and will tap the market at the appropriate time
under its existing RM4.5 billion Islamic Medium
Term Notes and Islamic Commercial Papers
Programme and its USD1.5 billion Multi-Currency
Sukuk Programme.
v. Price Risk
The Group through its subsidiaries is exposed to The Group enters into commodity futures
commodity price risk due to fluctuations in crude contracts to minimise exposure to adverse
palm oil futures prices. movements in crude palm oil prices. Certain
contracts are entered into and continue to be
held for the purpose of the receipt or delivery
of the physical commodity in accordance with
the Groups expected purchase, sale or usage
requirements.
Contracts that are not held for the purpose of

physical delivery are accounted for as derivatives
and are disclosed in Note 28(d).

Strategic Report
Details of each financial risk are as follows:
i. Foreign currency risk

The Group is exposed to foreign exchange risk as a result of the foreign currency transactions entered into
by subsidiaries. During the financial year, the Groups revenue was transacted in the following currencies:
2015 2014
Other than Other than
Financial Reports
Functional functional Total Functional functional Total
currency currency revenue currency currency revenue
Transacted currency
Ringgit Malaysia 11,970.9 11,970.9 10,737.9 10,737.9
United States dollar 566.1 2,797.9 3,364.0 174.7 4,531.0 4,705.7
Indonesian rupiah 1,236.8 1,236.8 2,470.1 2,470.1
Other Information
Singapore dollar 3,210.8 31.5 3,242.3 3,387.0 51.6 3,438.6
Chinese renminbi 7,397.7 7,397.7 7,366.3 7,366.3
Hong Kong dollar 3,013.3 3,013.3 2,725.7 2,725.7
Australian dollar 6,598.2 6.2 6,604.4 6,004.4 6,004.4
Other currencies 6,426.1 473.2 6,899.3 6,145.0 314.3 6,459.3
40,419.9 3,308.8 43,728.7 39,011.1 4,896.9 43,908.0


Details of each financial risk are as follows: (continued)
i. Foreign currency risk (continued)

Currency profile of monetary financial assets and financial liabilities are as follows: (continued)
Denominated in other than functional currencies

United European Denominated
Group States Australian Chinese Union Singapore in functional
2015 dollar dollar renminbi euro dollar Others currencies Total
Investment
(debt
instrument) 4.1 4.1
Receivables (net) 958.5 3.5 23.1 44.8 9.9 260.4 6,501.0 7,801.2
Cash held
under Housing
Development
Bank balances,
deposits and
cash 447.5 15.4 12.6 50.1 6.3 149.5 2,963.5 3,644.9
Borrowings (4,868.4) (120.7) (13,073.9) (18,063.0)
Finance lease
obligation (146.0) (146.0)
Payables (466.6) (7.2) (2.3) (27.5) (10.5) (104.9) (7,705.3) (8,324.3)
(3,929.0) 11.7 33.4 67.4 5.7 184.3 (10,900.5) (14,527.0)
2014
Investment
(debt
instrument) 4.1 4.1
Receivables (net) 988.4 0.7 4.7 10.8 22.3 6,086.7 7,113.6
Cash held
under Housing
Development
Bank balances,
deposits and
cash 697.6 20.3 210.9 12.1 19.2 161.9 3,259.8 4,381.8
Borrowings (1,531.3) (9,643.5) (11,174.8)
Finance lease
obligation (152.5) (152.5)
Payables (271.3) (2.1) (94.2) (19.3) (62.4) (7,655.9) (8,105.2)
(116.6) 18.2 211.6 (77.4) 10.7 121.8 (7,587.1) (7,418.8)

Strategic Report

Currency profile of monetary financial assets and financial liabilities are as follows: (continued)
Denominated in Denominated
Company United States in functional
2015 dollar currency Total
Financial Reports
Receivables (net) 3,061.1 7,883.7 10,944.8
Bank balances, deposits and cash 204.8 204.8
Borrowings (1,907.7) (1,907.7)
Payables (3,074.9) 1.4 (3,073.5)
(13.8) 6,182.2 6,168.4
Other Information
2014
Receivables (net) 2,597.8 8,691.2 11,289.0

Bank balances, deposits and cash 340.0 340.0
Borrowings (2,611.8) (2,611.8)
Payables (2,632.1) (16.9) (2,649.0)
(34.3) 6,402.5 6,368.2
The percentages of receivables and payables denominated in currency other than functional currency
covered by forward foreign exchange contracts as at 30 June are as follows:
Group Company
2015 2014 2015 2014
Monetary items denominated in currency

other than functional currency
- receivables 1,300.2 1,026.9 3,061.1 2,597.8
- payables 619.0 449.3 3,074.9 2,632.1
Forward foreign exchange contracts

- payables 201.7 251.2
Percentage covered (%)

- payables 32.6 55.9



The Companys receivables and payables above are denominated in USD. There is minimal foreign currency
risk due to the natural hedge between the receivables and payables, therefore there is no forward foreign
exchange contract entered into.
The following table illustrates the effect of changes in exchange rate on the translation of foreign currency
monetary items against the functional currency at 30 June, both before and after taking into account the
hedge instruments. The Group has considered recent volatility in exchange rates and has concluded that a
10% (2014: 5%) movement in rates is a reasonably possible assumption. If the major currencies strengthened
by that percentage at 30 June, the Groups profit before tax will improve/(decline) by:
Impact on profit
before tax
Net
Strength- monetary Open Before After
2015 ened by items Hedged position hedge hedge
Major currency
United States dollar 10% (3,929.0) 3,970.8 41.8 (392.9) 4.2
Chinese renminbi 10% 33.4 33.4 3.3 3.3
European Union euro 10% 67.4 (16.1) 51.3 6.7 5.1
2014
Major currency
United States dollar 5% (116.6) 905.8 789.2 (5.8) 39.5
Chinese renminbi 5% 211.6 211.6 10.6 10.6
European Union euro 5% (77.4) 85.3 7.9 (3.9) 0.4
Included in the net monetary items are foreign currency denominated bank balances, deposits and cash and
borrowings. The Group does not hedge these items except for term loans amounting to USD311.0 million
(2014: USD400.0 million). In addition, term loan and revolving credit amounting to USD830.0 million
(equivalent to RM3,115.1 million) (2014: Nil) are used to hedge a net investment in foreign operation. Effect
of changes in exchange rate will be adjusted to other comprehensive income.

Strategic Report
ii. Interest rate risk

The percentages of fixed rate borrowings, both before and after taking into account the interest rate swap
(IRS) contracts, to the total borrowings as at 30 June are as follows:
Group Company
2015 2014 2015 2014
Financial Reports
Total borrowings 18,063.0 11,174.8 1,907.7 2,611.8
Fixed rate borrowings 5,319.4 5,392.9 1,707.4 2,411.5

Floating rate borrowings (swapped to fixed) 2,755.9 963.3
Total fixed rate borrowings after swap 8,075.3 6,356.2 1,707.4 2,411.5
Other Information
Percentage of fixed rate borrowings
over total borrowings:
- before swap (%) 29.4 48.3 89.5 92.3
- after swap (%) 44.7 56.9 89.5 92.3


ii. Interest rate risk (continued)

As at 30 June 2015, the Groups and the Companys floating rate borrowings stood at RM12,743.6 million
(2014: RM5,781.9 million) and RM200.3 million (2014: RM200.3 million) respectively. The following table
demonstrates the effect of changes in interest rate of floating rate borrowings, both before and after
taking into account the IRS contracts mentioned in the preceding paragraph. If the interest rate increased
by 1% in the following currencies of borrowings, the Groups and Companys profit before tax and other
comprehensive income will be higher/(lower) by:
Group Company
2015 Before IRS After IRS Before IRS After IRS
Profit before tax

- Ringgit Malaysia (53.6) (51.0) (2.0) (2.0)
- Australian dollar (5.8)
- United States dollar (55.8) (36.6)
Other comprehensive income

- Ringgit Malaysia 0.5
- Australian dollar 0.5
- United States dollar 6.1
2014
Profit before tax

- Ringgit Malaysia (21.3) (21.3) (2.0) (2.0)
- Australian dollar (9.7) (9.7)
- United States dollar (15.3) (5.7)
Other comprehensive income

- United States dollar 4.9
A 1% decrease in interest rate would have an equal but opposite effect.

Strategic Report
iii. Credit risk

The maximum exposure and collateral and credit enhancements as at 30 June are as follows:
Group Company
Collateral Collateral
Financial Reports
and credit and credit
Maximum enhance- Maximum enhance-
2015 exposure ment exposure ment
Receivables 8,029.5 1,711.8 10,944.8

Derivative assets 294.7
Accounts 556.1
Other Information
Bank balances, deposits and cash 3,644.9 204.8
Guarantees in respect of credit facilities
granted to:
- certain subsidiaries 3,028.7
- a joint venture, associates and others 148.7
Risk sharing arrangement 366.0
13,039.9 1,711.8 14,178.3
2014
Receivables 7,377.6 1,610.8 11,289.0

Derivative assets 111.2
Accounts 514.2
Bank balances, deposits and cash 4,381.8 340.0
Guarantees in respect of credit facilities
granted to:
- certain subsidiaries 1,584.4
- a joint venture, associates and others 106.3
Risk sharing arrangement 254.0
12,745.1 1,610.8 13,213.4


iii. Credit risk (continued)

The credit risks concentration profile of the Groups net trade receivables analysed by country where the
Group operates and by reportable segment at 30 June are as follows:
Group Energy &

2015 Plantation Industrial Motors Property Utilities Others Total
Malaysia 884.7 178.3 677.4 955.2 71.5 29.9 2,797.0

Indonesia 7.6 7.6
Singapore 17.8 260.1 68.4 0.8 37.8 3.5 388.4
Other countries in
South East Asia 126.7 3.8 26.7 0.2 15.1 172.5
China 321.7 119.9 53.5 15.2 510.3
Australasia 373.2 619.9 211.8 1,204.9
Europe 247.1 0.4 247.5
Other countries 117.8 117.8
1,774.9 1,383.8 1,104.2 956.6 177.9 48.6 5,446.0
In percentage
Malaysia 16.2 3.3 12.4 17.5 1.3 0.5 51.2
Indonesia 0.1 0.1
Singapore 0.3 4.8 1.3 0.7 0.1 7.2
Other countries in
South East Asia 2.3 0.1 0.5 0.3 3.2
China 5.9 2.2 1.0 0.3 9.4
Australasia 6.9 11.4 3.9 22.2
Europe 4.5 4.5
32.5 25.5 20.3 17.5 3.3 0.9 100.0

Strategic Report
iii. Credit risk (continued)

The credit risks concentration profile of the Groups net trade receivables analysed by country where the
Group operates and by reportable segment at 30 June are as follows: (continued)
Group Energy &

2014 Plantation Industrial Motors Property Utilities Others Total
Financial Reports
Malaysia 840.4 198.2 552.5 827.4 81.9 40.9 2,541.3
Indonesia 75.6 75.6
Singapore 29.5 215.0 106.2 1.2 35.1 41.4 428.4
Other countries in
South East Asia 116.5 3.8 23.7 0.3 14.4 158.7
China 267.5 81.7 32.2 13.1 394.5
Other Information
Australasia 855.0 246.5 0.1 1,101.6
Europe 278.4 0.5 278.9
1,434.8 1,539.5 1,010.6 829.5 163.6 95.4 5,073.4
In percentage
Malaysia 16.6 3.9 10.9 16.3 1.6 0.8 50.1
Indonesia 1.5 1.5
Singapore 0.6 4.2 2.1 0.7 0.8 8.4
Other countries in
South East Asia 2.3 0.1 0.5 0.3 3.2
China 5.3 1.6 0.6 0.3 7.8
Australasia 16.8 4.9 21.7
Europe 5.5 5.5
28.3 30.3 20.0 16.3 3.2 1.9 100.0
The Company has no significant concentration of credit risks except for loans to its subsidiaries where risk of
default has been assessed to be low.


iv. Liquidity and cash flow risk

The undiscounted contractual cash flows of the Groups and of the Companys financial liabilities at 30 June
are as follows:
On demand Between Between Total Total

Group or within 1 1 and 2 2 and 5 Above contractual carrying
2015 year years years 5 years cash flows amount
Borrowings
- principal 6,273.0 1,867.5 6,160.2 3,717.7 18,018.4 18,018.4
- interest 498.9 358.6 605.1 367.8 1,830.4 44.6
Finance lease obligation 11.8 11.8 35.5 131.7 190.8 146.0
Payables 8,324.0 8,324.0 8,324.0
Financial guarantee contracts 55.3 25.1 55.0 13.3 148.7 0.3
- gross settled 61.1 11.0 8.0 80.1 80.1
15,224.1 2,274.0 6,863.8 4,230.5 28,592.4 26,613.4
2014
Borrowings
- principal 3,008.4 553.6 5,038.6 2,517.0 11,117.6 11,117.6
- interest 479.0 327.3 607.3 398.1 1,811.7 57.2
Finance lease obligation 11.2 11.1 34.4 139.1 195.8 152.5
Payables 8,104.9 8,104.9 8,104.9
Financial guarantee contracts 44.5 25.6 33.0 3.2 106.3 0.3
- net settled 12.8 12.8 12.8
- gross settled 16.9 2.4 19.3 19.3
11,677.7 920.0 5,713.3 3,057.4 21,368.4 19,464.6

Strategic Report
iv. Liquidity and cash flow risk (continued)

The undiscounted contractual cash flows of the Groups and of the Companys financial liabilities at 30 June
are as follows: (continued)
On demand Between Between Total Total

Company or within 1 1 and 2 2 and 5 Above contractual carrying
2015 year years years 5 years cash flows amount
Financial Reports
Borrowings
- principal 200.0 1,000.0 700.0 1,900.0 1,900.0
- interest 77.4 53.0 88.1 160.3 378.8 7.7
Payables 3,057.4 3,057.4 3,057.4
Financial guarantee contracts 1,996.7 408.8 623.2 3,028.7 16.1
5,331.5 1,461.8 711.3 860.3 8,364.9 4,981.2
Other Information
2014
Borrowings
- principal 900.0 1,000.0 700.0 2,600.0 2,600.0
- interest 93.3 77.0 111.7 181.0 463.0 11.8
Payables 120.4 68.6 1,463.9 1,453.4 3,106.3 2,609.9
Financial guarantee contracts 333.8 345.8 904.8 1,584.4 39.1
1,447.5 491.4 3,480.4 2,334.4 7,753.7 5,260.8

b. Capital management
The Groups capital management policy and objectives are as follows:
i. Policy and objectives

Capital management refers to implementing measures to maintain sufficient capital to support its businesses.
The Groups capital management objectives are to ensure the Groups ability to continue as a going concern
and maximise shareholders value. The Group is committed towards optimising its capital structure, to
ensure competitive cost of capital. Implementation of optimal capital structure includes balancing between
debt and equity by putting in place appropriate dividend and financing policies which influence the level of
debt and equity.
One of the key considerations in this regard is to maintain ready access to capital markets and to preserve the
Groups ability to repay and service debt obligations over time.
ii. Rating by External Rating Agency

The Company is rated A-/A/A3 by Standard & Poors Ratings Services, Fitch Ratings and Moodys Investors
Service respectively. The USD1.5 billion Multi-Currency Sukuk Programme has also been accorded ratings of
A-/A/A3 by Standard & Poors Ratings Services, Fitch Ratings and Moodys Investors Service respectively.
The Company is currently rated MARC-1ID /AAAID by the Malaysian Rating Corporation Berhad (MARC). The
RM4.5 billion Islamic Medium Term Notes Programme has also been rated MARC-1ID /AAAID by the MARC.
iii. Gearing ratios

The Group uses the gearing ratio to assess the appropriateness of its debt level, hence determining its capital
structure. The ratio is calculated as Total Debt divided by Total Equity. The Groups gearing ratio as at 30 June
are as follows:
Group
2015 2014
Borrowings 18,018.4 11,117.6

Interest payable 44.6 57.2
18,063.0 11,174.8
Debt/Equity ratio 0.57 0.38
The debt/equity ratio of the Group has increased from 0.38 to 0.57 mainly due to the borrowings obtained
to fund the acquisition of New Britain Palm Oil Limited.
iv. Externally imposed financial covenants and capital structure

The Group maintains a debt to equity ratio that complies with debt covenants and regulatory requirements
in countries where the Group operates. This includes minimum capital requirements and the requirement to
maintain legal reserves which are non-distributable.
56 Holding Companies
The Directors regard Permodalan Nasional Berhad as its immediate holding company and Yayasan Pelaburan
Bumiputra as its ultimate holding company. Both companies are incorporated in Malaysia.

Strategic Report
57 List of Subsidiaries, Joint Ventures and Associates
Subsidiaries, joint ventures and associates which are active as at 30 June 2015 are as follows:
Groups
Country of effective
Name of company incorporation interest (%) Auditors Principal activities
2015 2014
Plantation Subsidiaries
Chartquest Sdn Bhd Malaysia 61.1 61.1 1 Cultivation of oil palm
Financial Reports
Chermang Development (Malaya) Malaysia 83.9 83.9 1 )
Sdn Bhd )
Consolidated Plantations Berhad Malaysia 100.0 100.0 1 ) Investment holding
Eminent Platform Sdn Bhd Malaysia 100.0 100.0 1 )
Golden Hope Overseas Sdn Bhd Malaysia 100.0 100.0 1 )
Guthrie Industries Malaysia Malaysia 100.0 100.0 1 Cultivation of oil palm and
Sendirian Berhad processing of palm oil and
palm kernel
Other Information
Guthrie International Investments Malaysia 100.0 100.0 1 )
(L) Limited )
Kumpulan Jelei Sendirian Berhad Malaysia 100.0 100.0 1 ) Investment holding
Mostyn Palm Processing Sdn Bhd Malaysia 100.0 100.0 1 )
Sanguine (Malaysia) Sdn Bhd Malaysia 100.0 100.0 1 Cultivation of oil palm
Sime Darby Agri-Bio Sdn Bhd Malaysia 100.0 100.0 1 Manufacturing of rat
baits and trading of
agricultural related
products
Sime Darby Austral Holdings Berhad Malaysia 100.0 100.0 1 Investment holding
Sime Darby Austral Sdn Bhd Malaysia 60.0 60.0 1 Processing of palm oil and
palm kernel
Sime Darby Beverages Sdn Bhd Malaysia 100.0 100.0 1 Fruit cultivation, processing
and sales of pink guava
puree and juices
Sime Darby Biodiesel Sdn Bhd Malaysia 100.0 100.0 1 Production of biodiesel and
its related products
Sime Darby Biotech Laboratories Malaysia 100.0 100.0 1 Provision of research and
Sdn Bhd cloning of oil palm tissue
culture services
Sime Darby Consulting Sdn Bhd Malaysia 100.0 100.0 1 Investment holding
Sime Darby Foods & Beverages Malaysia 100.0 100.0 1 Distribution and
Marketing Sdn Bhd marketing of cooking
oil, tocotrienols, guava
juices and palm related
products
Sime Darby Futures Trading Malaysia 100.0 100.0 1 Trading of crude palm oil
Sdn Bhd and palm oil products and
sub-marketing agent of
refined products
Sime Darby Jomalina Sdn Bhd Malaysia 100.0 100.0 1 Operation of oil palm
refineries and kernel
crushing plant
Sime Darby Kempas Sdn Bhd Malaysia 100.0 100.0 1 Processing and marketing
of edible oil and related
products

57 List of Subsidiaries, Joint Ventures and Associates (continued)
Subsidiaries, joint ventures and associates which are active as at 30 June 2015 are as follows: (continued)
Groups
2015 2014
Plantation Subsidiaries (continued)
Sime Darby Latex Sdn Bhd Malaysia 100.0 100.0 1 Processing and sale of latex
and other rubber related
products
Sime Darby Plantation Malaysia 100.0 100.0 1 )
(Sabah) Sdn Bhd ) Cultivation of oil palm and
processing of palm oil and
Sime Darby Plantation Malaysia 100.0 100.0 1 ) palm kernel
(Sarawak) Sdn Bhd )
Sime Darby Plantation Childcare Malaysia 100.0 100.0 1 Provision of childcare
Centre Sdn Bhd (formerly services to employees
known as Kumpulan Kamuning
Sendirian Berhad)
Sime Darby Plantation Sdn Bhd Malaysia 100.0 100.0 1 Production, processing
and sale of palm oil,
palm kernel, rubber and
other palm oil and rubber
related products and
investment holding
Sime Darby Plantation Thailand Malaysia 100.0 100.0 1 Investment holding
Sdn Bhd
Sime Darby Research Sdn Bhd Malaysia 100.0 100.0 1 Research and development
services to group
companies in relation to
tropical agriculture
Sime Darby Seeds & Agricultural Malaysia 100.0 100.0 1 Agricultural research
Services Sdn Bhd and advisory services,
production and sale of oil
palm seeds and seedlings
Sime Darby Technology Centre Malaysia 100.0 100.0 1 Provision of research and
Sdn Bhd development services
in biotechnology and
agriculture
The China Engineers (Malaysia) Malaysia 100.0 100.0 1 Cultivation of oil palm and
Sdn Bhd processing of palm oil and
palm kernel
Vertical Drive Sdn Bhd Malaysia 100.0 100.0 1 Investment holding
Wangsa Mujur Sdn Bhd Malaysia 72.5 72.5 1 ) Cultivation of oil palm and
PT Aneka Intipersada Indonesia 100.0 100.0 2 ) processing of palm oil and
) palm kernel
PT Aneka Sawit Lestari Indonesia 100.0 100.0 2 Production of oil palm
planting materials
PT Anugerah Sumbermakmur Indonesia 100.0 100.0 2 )
Investment holding
PT Asricipta Indah Indonesia 90.0 90.0 2 )
PT Bahari Gembira Ria Indonesia 99.0 99.0 2 )
PT Bersama Sejahtera Sakti Indonesia 91.1 91.1 2 ) Cultivation of oil palm and
PT Bhumireksa Nusasejati Indonesia 100.0 100.0 2 ) palm kernel
PT Bina Sains Cemerlang Indonesia 100.0 100.0 2 )
PT Budidaya Agro Lestari Indonesia 100.0 100.0 2 Cultivation of oil palm

Strategic Report
Groups
2015 2014
PT Golden Hope Nusantara Indonesia 100.0 100.0 2 Processing of palm oil
products
Financial Reports
PT Guthrie Pecconina Indonesia Indonesia 100.0 100.0 2 Cultivation of oil palm and
palm kernel
PT Indo Sukses Lestari Makmur Indonesia 95.0 95.0 2 Cultivation of rubber
PT Indotruba Tengah Indonesia 50.0 50.0 2 Cultivation of oil palm and
palm kernel
PT Kartika Inti Perkasa Indonesia 60.0 60.0 2 Investment holding
PT Kridatama Lancar Indonesia 100.0 100.0 2 )
Other Information
PT Ladangrumpun Suburabadi Indonesia 100.0 100.0 2 ) Cultivation of oil palm and
PT Laguna Mandiri Indonesia 88.6 88.6 2 ) processing of palm oil and
PT Lahan Tani Sakti Indonesia 100.0 100.0 2 ) palm kernel
PT Langgeng Muaramakmur Indonesia 100.0 100.0 2 )
PT Minamas Gemilang Indonesia 100.0 100.0 2 Investment holding
PT Mitra Austral Sejahtera Indonesia 65.0 65.0 2 Cultivation of oil palm and
palm kernel
PT Muda Perkasa Sakti Indonesia 100.0 100.0 2 Investment holding
PT Padang Palma Permai Indonesia 100.0 100.0 2 ) Cultivation of oil palm and
PT Paripurna Swakarsa Indonesia 100.0 100.0 2 ) processing of palm oil and
) palm kernel
PT Perkasa Subur Sakti Indonesia 100.0 100.0 2 Processing of palm oil and
palm kernel
PT Perusahaan Perkebunan Industri Indonesia 100.0 100.0 2 Cultivation of oil palm
dan Niaga Sri Kuala
PT Sajang Heulang Indonesia 100.0 100.0 2 ) Cultivation of oil palm and
PT Sandika Natapalma Indonesia 100.0 100.0 2 ) processing of palm oil and
) palm kernel
PT Sime Agri Bio Indonesia 100.0 100.0 2 Trading of agricultural
related products
PT Sime Indo Agro Indonesia 100.0 100.0 2 Cultivation of oil palm and
palm kernel
PT Sritijaya Abaditama Indonesia 60.0 60.0 2 Investment holding
PT Swadaya Andika Indonesia 100.0 100.0 2 ) Cultivation of oil palm and
PT Tamaco Graha Krida Indonesia 90.0 90.0 2 ) processing of palm oil and
PT Teguh Sempurna Indonesia 100.0 100.0 2 ) palm kernel
PT Timbang Deli Indonesia Indonesia 49.4 2 Oil palm seed production
and cultivation of rubber
PT Tunggal Mitra Plantations Indonesia 60.0 60.0 2 Cultivation of oil palm and
palm kernel
Kwang Joo Seng (Malaysia) Private Singapore 100.0 100.0 2 Property investment
Limited

Groups
2015 2014
New Britain Plantation Services Singapore 100.0 2 Investment and
Pte Ltd management of oil palm
plantations and seed
production
Sime Darby Edible Products Limited Singapore 100.0 100.0 2 Marketing of edible oils
and related products
Sime Darby Plantation Europe Ltd Singapore 100.0 100.0 2 )
Sime Darby Plantation Investment Singapore 100.0 100.0 2 )
Investment holding
(Liberia) Private Limited )
Ultra Oleum Pte Ltd Singapore 100.0 2 )
Verdant Bioscience Pte Ltd Singapore 52.0 2 Agriculture science and
research
Sime Darby China Oils & Fats Hong Kong 100.0 100.0 2 Investment holding
Company Limited
Sime Darby Hong Kong Nominees Hong Kong 100.0 100.0 2 Holding investments as a
Limited nominee
Sime Darby International Cayman Islands 100.0 100.0 5 )
Investments Limited )
Sime Darby Plantation Cayman Islands 100.0 100.0 5 )
Investment holding
Holdings (Asia Pacific) )
Sime Darby Plantation Holdings Cayman Islands 100.0 100.0 5 )
(Cayman Islands) )
Sime Darby Edible Products India India 100.0 100.0 5 Provide market support
Private Limited services
Sime Darby Plantation (Liberia) Inc Liberia 100.0 100.0 3 Cultivation of oil palm and
rubber and processing of
rubber
Golden Hope Overseas Capital Mauritius 100.0 100.0 2 )
Mulligan International BV Netherlands 100.0 100.0 2 ) Investment holding
Sime Darby Netherlands BV Netherlands 100.0 100.0 2 )
Sime Darby Unimills BV Netherlands 100.0 100.0 2 Processing and marketing
products
Kula Palm Oil Limited Papua New 100.0 2 Cultivation of oil palm and
Guinea processing of palm oil and
palm kernel
New Britain Nominees Ltd Papua New 100.0 2 Trustee company
Guinea
New Britain Palm Oil Limited Papua New 100.0 2 Investment holding,
Guinea cultivation of oil palm and
palm kernel
Poliamba Limited Papua New 100.0 2 Cultivation of oil palm and
Guinea processing of palm oil and
palm kernel

Strategic Report
Groups
2015 2014
Ramu Agri-Industries Limited Papua New 100.0 2 Cultivation of oil palm and
Guinea sugar cane, cattle rearing,
Financial Reports
processing of palm oil,
palm kernel, sugar,
ethanol and beef
Guadalcanal Plains Palm Oil Limited Solomon Island 80.0 2 Cultivation of oil palm and
palm kernel
Sime Darby Hudson And Knight South Africa 100.0 100.0 2 Processing and marketing
(Proprietary) Limited of edible oil and related
products
Industrial Enterprises Co Ltd Thailand 99.9 2 Processing of soya bean oil
Other Information
and related products
Morakot Industries Public Company Thailand 99.9 99.9 2 Processing and marketing
Limited of edible oil and related
products
Sime-Morakot Holdings (Thailand) Thailand 100.0 100.0 2 )
Limited )
Investment holding
The China Engineers (Thailand) Thailand 99.9 99.9 2 )
Limited )
New Britain Oils Ltd United 100.0 2 )
Kingdom ) Processing and marketing
Golden Hope-Nha Be Edible Oils Vietnam 51.0 51.0 2 ) products
Co Ltd )
Plantation Joint ventures

Emery Oleochemicals (M) Sdn Bhd Malaysia 50.0 50.0 3 Production of
group oleochemicals and
derivatives
Emery Specialty Chemicals Sdn Bhd Malaysia 50.0 50.0 3 Production, marketing and
group sale of chemical products
Mybiomass Sdn Bhd Malaysia 30.0 30.0 3 Develop and pioneer high
value green chemicals
biorefinery
Sime Darby TNBES Renewable Malaysia 51.0+ 1 Production and sale of
Energy Sdn Bhd renewable energy using
palm oil effluents
Guangzhou Keylink Chemicals China 43.5 43.5 3 Manufacture and
Co Ltd distribution of surface
active agents
Rizhao Sime Darby Oils & Fats China 45.0 100.0 2 Storage and marketing of
Co Ltd palm oil related products

Groups
2015 2014
Plantation Associates
Barlow Bulking Sdn Bhd Malaysia 32.0 32.0 3 Provision of bulking and
marketing facilities for
edible oil producers and
millers
Nescaya Maluri Sdn Bhd Malaysia 40.0 40.0 3 Investment holding and
quarry licensing
Muang Mai Guthrie Public Co Ltd Thailand 49.0 49.0 3 Processing and distribution
of rubber
Thai Eastern Trat Co Ltd Thailand 40.0 40.0 4 Operation of palm oil mill
Verdezyne Inc United States 36.5 30.0 3 Produce drop-in
of America alternatives to
petroleum-derived
chemicals from palm-
based products and by-
products
Industrial Subsidiaries
Shandong Equipment Malaysia Malaysia 100.0 100.0 1 Sales and service
Sdn Bhd support for Shandong
Engineering machinery
Sime Darby Electropack Sdn Bhd Malaysia 100.0 100.0 1 Manufacturing and
assembly of generators,
agricultural and industrial
machinery
Sime Darby Industrial Academy Malaysia 100.0 100.0 1 Training services
Sdn Bhd
Sime Darby Industrial Holdings Malaysia 100.0 100.0 1 Investment holding
Sdn Bhd
Sime Darby Industrial Power Malaysia 91.2 91.2 1 Sale of generators,
Sdn Bhd agricultural and industrial
machinery
Sime Darby Industrial Power Malaysia 100.0 100.0 1 Assembly and packaging of
Systems Sdn Bhd generators
Sime Darby Industrial Sdn Bhd Malaysia 100.0 100.0 1 Sale, rental and assembly
of Caterpillar equipment
and spare parts and
service support
Sime Darby TMR Sdn Bhd Malaysia 100.0 100.0 1 Reconditioning of used
equipment and machinery
Sime Kubota Sdn Bhd Malaysia 90.0 90.0 1 Assembly and distribution
of Kubota range of
agricultural machinery
and other machinery and
equipment

Strategic Report
Groups
2015 2014
Industrial Subsidiaries (continued)
Site Technology Asia Pacific Sdn Bhd Malaysia 100.0 100.0 1 Supplying Global
Positioning System
Financial Reports
(GPS)/digital work site
positioning and machine
control for heavy and
highway construction
applications under
SITECH brand
Tractors Material Handling Sdn Bhd Malaysia 100.0 100.0 1 Sale and distribution of
lift trucks and spare
parts, and the rental
and servicing of other
Other Information
material handling
equipment
Tractors Petroleum Services Malaysia 100.0 100.0 1 Supply, repair and
Sdn Bhd maintenance of
Caterpillar engines and
other equipment for
the oil and gas industry,
refurbishment of gas
turbines and the sale and
installation of pressure
vessels
Sime Darby Eastern Investments Singapore 100.0 100.0 2 )
Private Limited )
Sime Darby Eastern Limited Singapore 100.0 100.0 2 ) Investment holding
Sime Darby Industrial Singapore Singapore 100.0 100.0 2 )
Pte Ltd )
Tractors Singapore Limited Singapore 100.0 100.0 2 Sale, rental and assembly
of Caterpillar equipment
and related spare parts
and service support
Foshan Sime Darby Elco Power China 100.0 100.0 2 Wholesale of diesel
Equipment Ltd generators and spare
parts
Guangzhou Sime Darby SITECH China 100.0 100.0 3 Sale, hire and servicing of
Dealers Co Ltd survey equipment
Sime Darby CEL Machinery China 100.0 100.0 2 Sale of Caterpillar
(Guangdong) Co Ltd (formerly equipment and spare
known as Foshan Shunde CEL parts and service support
Machinery Co Ltd)
Sime Darby CEL Machinery China 100.0 2 Technical development
(Guangxi) Co Ltd on machinery, technical
consultation on
machinery engineering
and international
business consultation

Groups
2015 2014
Sime Darby CEL Machinery (Hunan) China 100.0 100.0 2 )
Co Ltd )
Sime Darby CEL Machinery (Jiangxi) China 100.0 100.0 2 )
Co Ltd ) Sale of Caterpillar
equipment and spare
Sime Darby CEL Machinery China 100.0 100.0 2 ) parts and service support
(Xinjiang) Co Ltd )
Xiamen Sime Darby CEL Machinery China 100.0 100.0 2 )
Co Ltd )
Sime Darby CEL (South China) Hong Kong 100.0 100.0 2 Investment holding
Limited
Sime Darby Elco Power Systems Hong Kong 100.0 100.0 2 Distribution of Perkins
Limited engine products and
spare parts and provision
of after-sales services
The China Engineers Limited Hong Kong 100.0 100.0 2 Sale of Caterpillar
equipment and spare
parts and service support
AC Haynes Investments Pty Ltd Australia 100.0 100.0 2 Crane hire
Austchrome Pty Ltd Australia 100.0 100.0 2 Chroming and hydraulic
repairs
DG Nominees Pty Ltd Australia 100.0 100.0 2 Auto glass supplier /
installer
Hastings Deering (Australia) Limited Australia 100.0 100.0 2 Sale, rental and servicing
for Caterpillar products,
hardchroming and
hydraulic repair
Haynes Mechanical Pty Ltd Australia 100.0 100.0 2 Labour hire/contracting,
sale of mining machinery
parts, service and repair
as well as crane hire
Sime Darby Industrial Australia Australia 100.0 100.0 2 Investment holding
Pty Ltd
TFP Engineering Pty Ltd Australia 70.0 70.0 2 Sale of mining machinery
service and labour hire
Sime Darby Industrial (B) Sdn Bhd Brunei 70.0 70.0 3 Assembly, marketing
and distribution of
agricultural and industrial
equipment
CICA Limited Channel Islands 100.0 100.0 3 Supply of industrial
equipment and machinery
and after-sales services
Caltrac SAS New Caledonia 100.0 100.0 2 Sale of Caterpillar
equipment and spare
SCI Sime Darby Invest NC New Caledonia 100.0 100.0 2 Property investment

Strategic Report
Groups
2015 2014
Hastings Deering (PNG) Limited Papua New 100.0 100.0 2 )
Guinea ) Sale of Caterpillar
Financial Reports
equipment and spare
Hastings Deering (Solomon Islands) Solomon 100.0 100.0 3 ) parts and service support
Limited Islands )
CICA Vietnam Company Limited Vietnam 100.0 100.0 2 Provision of consultancy
and services for
installation, operation,
repair and maintenance
of industrial machines,
equipment and vehicles
Other Information
Industrial Joint Ventures
Terberg Tractors Malaysia Sdn Bhd Malaysia 50.0 50.0 1 Marketing, distributing
group and servicing Terberg
terminal tractors
Wilpena Pty Ltd Australia 50.0 50.0 5 Sale of Caterpillar
equipment and spare
for projects
Industrial Associates
APac Energy Rental Pte Ltd Singapore 30.0 30.0 3 Rental of industrial
machines and equipment
FG Wilson Asia Pte Ltd Singapore 50.0 50.0 2 Sale and servicing of diesel
generator sets
Energy Power Systems Australia Australia 20.0 20.0 2 Distribution and rental of
Pty Ltd Caterpillar engine and
associated products
Nova Power Pty Ltd Australia 38.9 38.7 2 Provision of low emission
power to support
electricity distribution
networks
Sitech Construction Systems Pty Ltd Australia 30.6 30.6 2 Sale and servicing of
Trimble Technology
construction products
Ultimate Positioning Group Pty Ltd Australia 29.4 29.4 2 Sale, hire and servicing
of Trimble surveying
equipment

Groups
2015 2014
Motors Subsidiaries
Auto Bavaria Sdn Bhd Malaysia 100.0 100.0 1 )
Ford Malaysia Sdn Bhd Malaysia 51.0 51.0 1 ) Investment holding
Hyundai-Sime Darby Berhad Malaysia 99.9 99.9 1 )
Hyundai-Sime Darby Motors Malaysia 100.0 100.0 1 Sales and distribution
Sdn Bhd of passenger and light
commercial vehicles and
spare parts
Inokom Corporation Sdn Bhd Malaysia 53.5 53.5 1 Manufacture and assembly
of light commercial and
passenger vehicles, and
contract assembly of
motor vehicles
Jaguar Land Rover (Malaysia) Malaysia 60.0 60.0 1 Importation and
Sdn Bhd distribution of motor
vehicles and spare parts
Sime Darby Auto Bavaria Sdn Bhd Malaysia 100.0 100.0 1 Provision of management
services and retail of
motor vehicles, spare
parts, accessories and
provision of after-sales
services and assembler of
motor vehicles
Sime Darby Auto Britannia Sdn Bhd Malaysia 75.0 75.0 1 Motor vehicles dealership
Sime Darby Auto ConneXion Malaysia 100.0 100.0 1 Distribution and retail of
Sdn Bhd motor vehicles and spare
parts and provision of
after-sales services
Sime Darby Auto Hyundai Sdn Bhd Malaysia 51.0 51.0 1 Sale of motor vehicles,
related spare parts and
services
Sime Darby Auto Imports Sdn Bhd Malaysia 100.0 100.0 1 Importation of motor
Sime Darby Auto Performance Malaysia 70.0 70.0 1 Distribution and retail of
Sdn Bhd motor vehicles, spare
parts, accessories and
services
Sime Darby Auto Selection Sdn Bhd Malaysia 100.0 100.0 1 Sales of used motor
Sime Darby Hyundai Integrated Malaysia 51.0 51.0 1 Distribution of motor
Sdn Bhd vehicles

Strategic Report
Groups
2015 2014
Motors Subsidiaries (continued)
Sime Darby Hyundai Sdn Bhd Malaysia 51.0 51.0 1 Investment holding and
importation of motor
Financial Reports
vehicles
Sime Darby Motor Group (Taiwan) Malaysia 100.0 100.0 1 )
Sdn Bhd ) Investment holding
Sime Darby Motors Sdn Bhd Malaysia 100.0 100.0 1 )
Sime Darby Rent-A-Car Sdn Bhd Malaysia 100.0 100.0 1 Vehicle rental
Europe Automobiles Corporation Singapore 89.2 89.2 2 Investment holding
Holdings Pte Ltd
Performance Motors Limited Singapore 100.0 100.0 2 Motor vehicles dealership
Performance Premium Selection Singapore 60.0 60.0 2 Retailer, wholesaler and
Other Information
Limited exporter of used cars
Sime Darby Motor Holdings Limited Singapore 100.0 100.0 2 Investment holding
and provision of
management and
auxiliary services
Sime Darby Services Private Limited Singapore 100.0 100.0 2 Vehicle rental
Sime Darby Singapore Limited Singapore 100.0 100.0 2 )
Investment holding
Sime Singapore Limited Singapore 100.0 100.0 2 )
Vantage Automotive Limited Singapore 100.0 100.0 2 Motor vehicle dealership
Changsha Bow Yue Vehicle Services China 100.0 100.0 2 Retail of motor vehicles and
Co Ltd related spare parts and
services
Chengdu Bow Yue Used Cars Centre China 100.0 100.0 2 Retail of used cars and
Co Ltd provision of related
services
Chengdu Bow Yue Vehicle Co Ltd China 100.0 100.0 2 Retail of motor vehicles
and related spare parts,
services and investment
holding
Chongqing Bow Chuang Motor Sales China 100.0 100.0 2 Retail of motor vehicles and
& Services Co Ltd spare parts and provision
Guangdong Deda Bow Ma Motor China 65.0 65.0 2 Retail of spare parts and
Service Co Ltd provision of after-sales
services for motor
vehicles
Guangzhou Bow Yue Vehicle Trading China 100.0 100.0 2 Retail of motor vehicles and
Co Ltd spare parts
Hainan Bow Yue Vehicles Trading China 100.0 100.0 2 Retail of motor vehicles and
and Services Ltd spare parts and provision

Groups
2015 2014
Hangzhou Sime Darby Motors Sales China 60.0 60.0 2 )
and Services Co Ltd )
Retail of motor vehicles and
Hangzhou Sime Darby Trading Co China 60.0 60.00 2 )
Ltd )
Nanjing Sime Darby Motors Sales & China 60.0 60.0 2 )
Services Co Ltd )
Shanghai Sime Darby Motor China 60.0 60.0 2 Retail of motor vehicles and
Commerce Co Ltd investment holding
Shanghai Sime Darby Motor Sales China 60.0 60.0 2 Retail of motor vehicles and
and Services Co Ltd spare parts and provision
Shantou Bow Yue Vehicle Trading China 100.0 100.0 2 Retail of motor vehicles and
Co Ltd spare parts
Shantou Dehong Bow Ma Motors China 60.0 60.0 2 Provision of after-sales
Co Ltd services for motor
vehicles and retail of
spare parts
Shenzhen Bow Chuang Vehicle China 100.0 100.0 2 Retail of motor vehicles and
Trading Co Ltd spare parts
Shenzhen Sime Darby Motor China 100.0 100.0 2 Retail of spare parts and
Enterprises Co Ltd provision of after-sales
services for motor
vehicles
Yunnan Bow Yue Vehicle Trading Co China 65.0 65.0 2 )
Ltd ) Retail of motor vehicles and
Yunnan Dekai Bow Ma Motors China 65.0 65.0 3 ) of after-sales services
Technology & Service Co Ltd )
AutoFrance Hong Kong Limited Hong Kong 100.0 100.0 2 Distribution and retail of
motor vehicles
BMW Concessionaires (HK) Limited Hong Kong 100.0 100.0 2 Distribution and retail of
motor vehicles, provision
of after-sales services and
investment holding
Bow Ma Motors (South China) Hong Kong 100.0 100.0 2 Investment holding
Limited
Goodwood Motors Limited Hong Kong 100.0 100.0 2 ) Distribution and retail of
Island Motors Limited Hong Kong 100.0 100.0 2 ) motor vehicles
Marksworth Limited Hong Kong 100.0 100.0 2 Investment holding
Sime Darby Hongkong Finance Hong Kong 100.0 100.0 2 Provision of intra-group
Limited financial services
Sime Darby Management Services Hong Kong 100.0 100.0 2 Property investment
Limited

Strategic Report
Groups
2015 2014
Sime Darby Motor Group (HK) Hong Kong 100.0 100.0 2 )
Limited )
Financial Reports
Investment holding
Sime Darby Motor Group (PRC) Hong Kong 100.0 100.0 2 )
Limited )
Sime Darby Motor Services Limited Hong Kong 100.0 100.0 2 Distribution and retail
of motor vehicles and
spare parts, provision of
after-sales services and
management services
Universal Cars (Importers) Limited Hong Kong 100.0 100.0 2 ) Distribution and retail of
Universal Cars Limited Hong Kong 100.0 100.0 2 ) motor vehicles
Other Information
Wallace Harper Motors Company Hong Kong 100.0 100.0 2 Car leasing
Limited (formerly known as Sime
Darby Motors (Nissan China)
Holdings Limited)
Warwick Motors Limited Hong Kong 100.0 100.0 2 Investment holding
BMW Concessionaires (Macau) Macau 100.0 100.0 2 ) Retail of motor vehicles and
Limited ) provision of after-sales
Harper Engineering (Macau) Limited Macau 100.0 100.0 2 ) services
Brisbane BMW Bodyshop Pty Ltd Australia 70.0 70.0 2 Retail of spare parts, panels
and accessories
Brisbane BMW Unit Trust Australia 70.0 70.0 2 )
Motor vehicle dealerships
LMM Holdings Pty Ltd Australia 70.0 70.0 2 )
Sime Darby Automobiles Pty Ltd Australia 100.0 100.0 2 Distribution of motor
vehicles
Sime Darby Fleet Services Pty Ltd Australia 100.0 100.0 2 Vehicle rental and related
mechanical services
Sime Darby Motors Group Australia 100.0 100.0 2 Provision of management
(Australia) Pty Limited services and investment
holding
Sime Darby Motors Retail Australia Australia 100.0 100.0 2 Retail of motor vehicles and
Pty Limited provision of after-sales
services
Sime Darby Motors Wholesale Australia 100.0 100.0 2 Distribution of motor
Australia Pty Limited vehicles
Continental Car Services Limited New Zealand 100.0 100.0 2 Retail of new and used
passenger cars and
light commercial
vehicles, spare parts
and accessories and
the provision of related
services
Hino Distributors NZ Limited New Zealand 100.0 100.0 2 Distribution and retail of
trucks

Groups
2015 2014
Infinity Automotive Limited New Zealand 100.0 100.0 2 Retail of new and used
passenger cars and
light commercial
vehicles, spare parts
and accessories and
services
Motor Truck Distributors (NZ) New Zealand 100.0 100.0 2 Distribution and retail of
Limited trucks and buses
North Shore Motor Holdings New Zealand 100.0 100.0 2 Retail of new and used
Limited passenger cars, spare
parts and accessories and
services
Sime Darby Automobiles NZ Limited New Zealand 100.0 100.0 2 Distribution of motor
Sime Darby Commercial (NZ) Limited New Zealand 100.0 100.0 2 )
Sime Darby Motor Group (NZ) New Zealand 100.0 100.0 2 ) Investment holding
Limited )
Sodor Properties Limited New Zealand 100.0 2 Property investment
Truck Stops (NZ) Limited New Zealand 100.0 100.0 2 Provision of spare parts and
services for trucks
UD Truck Distributors (NZ) Limited New Zealand 100.0 100.0 2 Distribution and retail
of trucks, spare parts
and accessories and
services
Performance Motors (Thailand) Thailand 100.0 100.0 2 Motor dealership
Limited
Sime Darby (Thailand) Limited Thailand 100.0 100.0 2 Investment holding and
provision of management
and auxiliary services
Sime Darby Mazda (Thailand) Thailand 100.0 100.0 2 )
Limited )
Motor dealership
Sime Darby Vantage (Thailand) Thailand 100.0 100.0 2 )
Limited )
Viking Motors Limited Thailand 100.0 100.0 2 Leasing of properties
Sime Darby Auto Kia Co Ltd Taiwan 100.0 100.0 2 Wholesale and retail of
vehicles, spare parts and
accessories and provision
Sime Darby Kia Taiwan Co Ltd Taiwan 100.0 100.0 2 Manufacture and sales
of vehicles, spare parts
and accessories and
repairs and maintenance
of vehicles and other
automotive services
Europe Automobiles Corporation Vietnam 90.0 90.0 2 Distribution and retail of
vehicles

Strategic Report
Groups
2015 2014
Motors Associates
BMW Malaysia Sdn Bhd Malaysia 49.0* 49.0* 3 Sale and distribution
of motor vehicles and
Financial Reports
motorcycles
Sime Kansai Paints Sdn Bhd Malaysia 40.0 40.0 3 Manufacturing, selling and
marketing of automotive
and industrial paints
Munich Automobiles Pte Ltd Singapore 40.0 40.0 3 Sale and distribution of
motor vehicles and after-
sales service
BMW Financial Services Hong Kong Hong Kong 49.0 49.0 3 Provision of financing and
Limited hire purchase facilities
Other Information
Property Subsidiaries
Genting View Resort Development Malaysia 30.4 30.4 1 Property development and
Sdn Bhd provision of management
services
Golfhome Development Sdn Bhd Malaysia 100.0 100.0 1 ) Property investment and
Golftek Development Sdn Bhd Malaysia 100.0 100.0 1 ) property development
Harvard Golf Resort (Jerai) Berhad Malaysia 99.0 99.0 1 Provision of golfing and
sporting services
Harvard Hotel (Jerai) Sdn Bhd Malaysia 100.0 100.0 1 Operation of a hotel
Impian Golf Resort Berhad Malaysia 100.0 100.0 1 Provision of golfing and
sporting services
Ironwood Development Sdn Bhd Malaysia 100.0 100.0 1 Property investment and
property development
Kuala Lumpur Golf & Country Club Malaysia 100.0 100.0 1 Provision of golfing and
Berhad sporting services and
Malaysia Land Development Malaysia 50.7 50.7 1 Property investment,
Company Berhad management and
investment holding
Sime Darby Ainsdale Development Malaysia 100.0 100.0 1 Property development
Sdn Bhd
Sime Darby Ampar Tenang Sdn Bhd Malaysia 100.0 100.0 1 Property investment
Sime Darby Ara Damansara Malaysia 100.0 100.0 1 Property investment and
Development Sdn Bhd property development
Sime Darby Augsburg (M) Sdn Bhd Malaysia 100.0 100.0 1 )
Sime Darby Brunsfield Damansara Malaysia 60.0 60.0 1 ) Property development
Sdn Bhd )
Sime Darby Brunsfield Holding Malaysia 60.0 60.0 1 Property development and
Sdn Bhd investment holding
Sime Darby Brunsfield Kenny Hills Malaysia 60.0 60.0 1 Property development
Sdn Bhd
Sime Darby Brunsfield Malaysia 60.0 60.0 1 Property development and
Motorworld Sdn Bhd investment holding
Sime Darby Brunsfield Properties Malaysia 60.0 60.0 1 Property investment
Holding Sdn Bhd

Groups
2015 2014
Property Subsidiaries (continued)
Sime Darby Brunsfield Resort Malaysia 60.0 60.0 1 Property development
Sdn Bhd
Sime Darby Builders Sdn Bhd Malaysia 100.0 100.0 1 Property development and
construction
Sime Darby Building Management Malaysia 100.0 100.0 1 Property management
Services Sdn Bhd
Sime Darby Chemara Sdn Berhad Malaysia 100.0 100.0 1 )
Sime Darby Constant Skyline Malaysia 100.0 100.0 1 ) Property development
Sdn Bhd )
Sime Darby Elmina Development Malaysia 100.0 100.0 1 Property investment and
Sdn Bhd property development
Sime Darby GVR Management Malaysia 50.7 50.7 1 Resort management
Sdn Bhd
Sime Darby Homes Sdn Bhd Malaysia 100.0 100.0 1 Property investment and
Sime Darby Johor Development Malaysia 100.0 100.0 1 )
Sdn Bhd )
Sime Darby KLGCC Development Malaysia 100.0 100.0 1 ) Property development
Sdn Bhd )
Sime Darby Landscaping Sdn Bhd Malaysia 100.0 100.0 1 )
Sime Darby Lukut Development Malaysia 100.0 100.0 1 Property investment and
Sime Darby Melawati Development Malaysia 100.0 100.0 1 Property investment,
and property
management
Sime Darby Nilai Utama Sdn Bhd Malaysia 70.0 70.0 1 Property development
Sime Darby Nominees Sendirian Malaysia 100.0 100.0 1 Investment holding
Berhad
Sime Darby Pagoh Development Malaysia 100.0 100.0 1 Property investment and
Sime Darby Paralimni Sdn Bhd Malaysia 100.0 100.0 1 Property development
Sime Darby Properties (Sabah) Malaysia 100.0 100.0 1 Property development and
Sdn Bhd investment holding
Sime Darby Properties (Selangor) Malaysia 100.0 100.0 1 Property development
Sdn Bhd
Sime Darby Properties Builders Malaysia 100.0 100.0 1 Construction
Sdn Bhd
Sime Darby Properties Realty Malaysia 100.0 100.0 1 Property development and
Sdn Bhd management
Sime Darby Property (Bukit Malaysia 100.0 100.0 1 )
Selarong) Sdn Bhd )
Sime Darby Property (Bukit Tunku) Malaysia 100.0 100.0 1 )
Property development
Sdn Bhd )
Sime Darby Property (Klang) Malaysia 100.0 100.0 1 )
Sdn Bhd )

Strategic Report
Groups
2015 2014
Sime Darby Property (Lembah Acob) Malaysia 100.0 100.0 1 Property investment and
Financial Reports
Sime Darby Property (Nilai) Sdn Bhd Malaysia 100.0 100.0 1 Property investment,
and property
management
Sime Darby Property (Subang) Malaysia 100.0 100.0 1 Property investment and
Sime Darby Property (Sungai Kapar) Malaysia 100.0 100.0 1 Investment holding,
Sdn Bhd property investment and
Other Information
Sime Darby Property (Utara) Malaysia 100.0 100.0 1 Property investment and
Sdn Bhd (formerly known as property development
Harvard Jerai Development
Sdn Bhd)
Sime Darby Property Berhad Malaysia 100.0 100.0 1 Investment holding,
and provision of
management services
Sime Darby Property Holdings Malaysia 100.0 100.0 1 )
Sdn Bhd ) Property investment and
Sime Darby Property Management Malaysia 100.0 100.0 1 ) property management
Sdn Bhd )
Sime Darby Property Selatan Dua Malaysia 60.0 60.0 1 )
Sdn Bhd ) Construction and asset
Sime Darby Property Selatan Empat Malaysia 60.0 60.0 1 ) management services
Sdn Bhd ) under concession
Sime Darby Property Selatan Satu Malaysia 60.0 60.0 1 ) arrangement
Sdn Bhd )
Sime Darby Property Selatan Malaysia 60.0 60.0 1 Investment holding and
Sdn Bhd construction
Sime Darby Property Selatan Tiga Malaysia 60.0 60.0 1 Construction and asset
Sdn Bhd management services
under concession
arrangement
Sime Darby Serenia Development Malaysia 100.0 100.0 1 Property investment and
Sime Darby Sungai Kantan Malaysia 100.0 100.0 1 Property development and
Development Sdn Bhd management
Sime Darby Urus Harta Sdn Bhd Malaysia 100.0 100.0 1 Property management
Sime Darby USJ Development Malaysia 100.0 100.0 1 Property investment and
Sime Healthcare Sdn Bhd Malaysia 100.0 100.0 1 Property investment
Sime Wood Industries Sdn Bhd Malaysia 100.0 100.0 1 Property investment and
property management
Stableford Development Sdn Bhd Malaysia 100.0 100.0 1 Property investment,
and operation of a
convention centre

Groups
2015 2014
Syarikat Malacca Straits Inn Sdn Bhd Malaysia 55.0 55.0 1 Ownership and operation
of a hotel
Syarikat Perumahan Guthrie Sdn Bhd Malaysia 100.0 100.0 1 Property development
The Glengowrie Rubber Company Malaysia 93.4 93.4 1 Property investment and
Wisma Sime Darby Sdn Berhad Malaysia 100.0 100.0 1 Property investment,
property management
and related services
Darby Park (Management) Pte Ltd Singapore 100.0 100.0 2 Property investment,
management of service
apartments and
investment holding
Darby Park (Singapore) Pte Ltd Singapore 100.0 100.0 2 Property investment and
management of service
residences
Sime Darby Property (Alexandra) Singapore 100.0 100.0 2 Property investment and
Limited property management
Sime Darby Property (Amston) Singapore 100.0 100.0 2 Investment holding and
Pte Ltd property investment
Sime Darby Property (Dunearn) Singapore 100.0 100.0 2 )
Limited ) Property investment and
Sime Darby Property (Kilang) Singapore 100.0 100.0 2 ) property management
Limited )
Sime Darby Property (Vietnam) Singapore 100.0 100.0 2 Investment holding and
Pte Ltd management of service
residences
Sime Darby Property Singapore Singapore 100.0 100.0 2 Investment holding and
Limited property management
Sime Darby Property (Hong Kong) Hong Kong 100.0 100.0 2 Investment holding
Limited
OCI Management Pty Ltd Australia 60.0 60.0 2 Security and landcare
services
Sime Darby Australia Limited Australia 100.0 100.0 2 Investment holding and
operation of service
apartments
Sime Darby Hotels Pty Ltd Australia 100.0 100.0 2 Operation of service
apartments
Sime Darby Investments Pty Limited Australia 100.0 100.0 2 Investment holding
Sime Darby Resorts Pty Ltd Australia 100.0 100.0 2 Management of a resort
Sime Darby Serenity Cove Pty Ltd Australia 60.0 60.0 2 Property development
Key Access Holdings Limited British Virgin 100.0 100.0 5 )
Islands )
Investment holding
Sime Darby Brunsfield Australia Pte British Virgin 60.0 60.0 5 )
Ltd Islands )

Strategic Report
Groups
2015 2014
Vibernum Limited Guernsey 100.0 100.0 2 )
Sime Darby London Limited United 100.0 100.0 2 ) Property investment
Financial Reports
Kingdom )
Sime Darby Management Services United 100.0 100.0 2 Property management
Limited Kingdom
Darby Park (Vietnam) Limited Vietnam 65.0 65.0 2 Development and operation
of service residences
Property Joint ventures

PJ Midtown Development Sdn Bhd Malaysia 30.0 30.0 1 Property development
Sime Darby Capitamalls Asia Malaysia 50.0 50.0 3 Property investment
Other Information
(Melawati Mall) Sdn Bhd
Sime Darby Sunrise Development Malaysia 50.0 50.0 1 )
Sdn Bhd )
Property development
Sime Darby Sunsuria Development Malaysia 50.0 3 )
Sdn Bhd )
Sime Darby Brunsfield Properties Australia 50.0 50.0 3 )
Australia Pty Ltd )
Investment holding
Sime Darby Brunsfield International British Virgin 50.0 50.0 5 )
Limited Islands )
Battersea Project Holding Company Jersey 40.0 40.0 2 Property investment and
Limited group property development
Battersea Power Station United 40.0 40.0 2 Property development and
Development Company Limited Kingdom management services
Battersea Power Station Estates United 40.0 2 Real estate management
Limited Kingdom and sales
Property Associates
Bitaria Sdn Bhd Malaysia 24.0 24.0 3 Property development
Eastern & Oriental Berhad group Malaysia 22.0 32.0 3 Investment holding,
hotel ownership and
management, property
investment and
development and caf
and restaurant operations
Kuantan Pahang Holding Sdn Bhd Malaysia 30.0 1 Investment holding and
group property development
Mostyn Development Sdn Bhd Malaysia 30.0 30.0 3 Property development
Seriemas Development Sdn Bhd Malaysia 40.0 40.0 3 Property development
group and provision of related
consultancy services
Shaw Brothers (M) Sdn Bhd Malaysia 36.0 36.0 3 Investment holding,
property investment and
services
China Property Development Cayman Islands 30.4 30.4 3 Investment holding
(Holdings) Limited

Groups
2015 2014
Energy & Utilities Subsidiaries
Chubb Malaysia Sendirian Berhad Malaysia 100.0 100.0 1 Manufacturing, marketing,
installation, rental and
servicing of security
products
Malaysian Oriental Holdings Berhad Malaysia 100.0 100.0 1 Investment holding
Mecomb Malaysia Sdn Berhad Malaysia 100.0 100.0 1 System integration,
marketing and
installation of advanced
electronic and electro-
mechanical equipment,
instruments and systems
Sime Darby Energy Sdn Bhd Malaysia 100.0 100.0 1 Investment holding
Sime Darby Engineering Sdn Bhd Malaysia 100.0 100.0 1 Services relating to oil and
gas industry
Sime Darby Joy Industries Sdn Bhd Malaysia 55.0 55.0 1 Designing and
manufacturing of heat
exchangers, radiators,
process equipment
modules, filters and
separators
Sime Darby Offshore Engineering Malaysia 100.0 100.0 1 Systems integration and
Sdn Bhd marketing of products
and services in oil and
gas/petrochemical
industry
Sime Darby Utilities Sdn Bhd Malaysia 100.0 100.0 1 )
Sime Darby Water Resources Malaysia 100.0 100.0 1 ) Investment holding
Sdn Bhd )
Sime Engineering Sdn Bhd Malaysia 100.0 100.0 1 Engineering and project
management services and
land based construction
work
Sime Surveillance Sdn Bhd Malaysia 100.0 100.0 1 Provision of security
services
Mecomb Singapore Limited Singapore 100.0 100.0 2 Manufacture and
installation of industrial
equipment and the
import and sale of
technical, nautical and
scientific instruments and
mechanical, electrical and
electronic equipment
Sime Darby Energy Pte Ltd Singapore 100.0 100.0 2 Investment holding
Jining Sime Darby Longgong Port China 70.0 70.0 2 )
Co Ltd ) Operation of port
Jining Sime Darby Port Co Ltd China 70.0 70.0 2 )
Jining Sime Darby Taiping Port China 70.0 70.0 2 Operation of port and
Co Ltd warehousing

Strategic Report
Groups
2015 2014
Energy & Utilities Subsidiaries (continued)
Sime Darby Joy (Shanghai) Co Ltd China 55.0 55.0 2 Supply of process
equipment and heat
Financial Reports
exchangers
Weifang Sime Darby General China 99.9 99.9 2 Operation of port
Terminal Co Ltd
Weifang Sime Darby Liquid Terminal China 99.9 99.9 2 Operation of liquid terminal
Co Ltd
Weifang Sime Darby Port Co Ltd China 99.0 99.0 2 Operation of port
Weifang Sime Darby Water China 100.0 100.0 2 Treatment and supply of
Management Co Ltd water
Weifang Sime Darby West Port China 99.9 99.9 2 Operation of port
Other Information
Co Ltd
Weifang Wei Gang Tugboat Services China 99.5 99.5 3 Provision of tugboat pilot
Co Ltd services and related
services
Sime Darby Overseas (HK) Limited Hong Kong 100.0 100.0 2 Investment holding
Mecomb (Thailand) Limited Thailand 100.0 100.0 2 Sale of electrical and
mechanical equipment
components and
instruments
Energy & Utilities Joint ventures

MalaysiaChina Hydro Joint Venture Malaysia 48.9 35.7 1 Engineering, procurement
and construction work
Weifang Port Services Co Ltd group China 36.6 36.6 4 Construction, management
and maintenance of sea
channel, anchorage and
other port infrastructure
Energy & Utilities Associates

Chubb Singapore Private Limited Singapore 30.0 30.0 2 Marketing of security and
group fire protection products
and services
Weifang Ocean Shipping Tally China 39.6 39.6 3 Provision of shipping tally
Co Ltd services for cargoes and
containers
Others Subsidiaries
Kumpulan Sime Darby Berhad Malaysia 100.0 100.0 1 Provision of management
and support services
Sime Darby Allied Products Berhad Malaysia 100.0 100.0 1 Investment holding
Sime Darby Global Berhad Malaysia 100.0 100.0 1 Special purpose vehicle
for the issue of multi-
currency Islamic
securities programme
Sime Darby Global Services Centre Malaysia 100.0 100.0 1 Provision of support
Sdn Bhd services to group
companies

Groups
2015 2014
Others Subsidiaries (continued)
Sime Darby Holdings Berhad Malaysia 100.0 100.0 1 Investment holding,
marketing of and agents
for commodities and
services to group
companies
Sime Darby Holiday Homes Sdn Bhd Malaysia 100.0 100.0 1 Property management
services and provision
of childcare services to
employees
Sime Darby Insurance Pte Ltd Malaysia 100.0 100.0 1 Onshore and offshore
captive insurer
Sime Darby Lockton Insurance Malaysia 60.0 60.0 1 Insurance and reinsurance
Brokers Sdn Bhd brokers,
insurance advisory and
consultancy services
Sime Darby Malaysia Berhad Malaysia 100.0 100.0 1 Holding of trademarks
Sime Darby Technologies Holdings Malaysia 100.0 100.0 1 )
Pte Ltd ) Investment holding
Sime Darby Ventures Sdn Bhd Malaysia 100.0 100.0 1 )
Yayasan Sime Darby Malaysia @ @ 1 Administration of
scholarship awards and
loans for educational
purposes, undertake
sports, environmental
conservation and
sustainability projects;
and other related
activities for the benefit
of the community
Sime Darby Eastern International Singapore 100.0 100.0 2 Investment holding
Limited
Sime Darby Insurance Brokers Singapore 100.0 100.0 2 Insurance brokers
(Singapore) Pte Ltd
Sime Darby (China) Enterprise China 100.0 100.0 2 Provision of services
Management Co Ltd to group companies
established in China
Sime Darby Far East (1991) Limited Hong Kong 100.0 100.0 2 )
Investment holding
Sime Darby Hong Kong Limited Hong Kong 100.0 100.0 2 )
Sime Darby Insurance Brokers (Hong Hong Kong 100.0 100.0 2 Insurance brokers
Kong) Limited
Sime Darby Managing Agency (Hong Hong Kong 100.0 100.0 2 Insurance agency
Kong) Limited
Sime Darby Investments (BVI) British Virgin 100.0 100.0 5 Investment holding and
Limited Islands holding of trademarks

Strategic Report
Groups
2015 2014
Others Joint venture
Ramsay Sime Darby Health Care Malaysia 50.0 50.0 1 Operation of healthcare
Sdn Bhd group facilities and provision
Financial Reports
of related healthcare
services
Others Associates
Tesco Stores (Malaysia) Sdn Bhd Malaysia 30.0 30.0 1 Operation of hypermarkets
Union Sime Darby (Thailand) Ltd Thailand 49.0 49.0 2 Insurance brokers
Subsidiaries, joint venture and associates which are dormant/inactive as at 30 June 2015 are as follows:
Other Information
Groups
Name of company incorporation interest (%) Auditors
2015 2014
Derawan Sdn Bhd Malaysia 100.0 100.0 1
Kumpulan Jerai Sendirian Berhad Malaysia 100.0 100.0 1
Kumpulan Linggi Sendirian Berhad Malaysia 100.0 100.0 1
Kumpulan Sua Betong Sendirian Berhad Malaysia 100.0 100.0 1
Kumpulan Tebong Sendirian Berhad Malaysia 100.0 100.0 1
Kumpulan Temiang Sendirian Berhad Malaysia 100.0 100.0 1
Nature Ambience Sdn Bhd Malaysia 100.0 100.0 1
Sahua Enterprise Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Bioganic Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Bukit Talang Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Genomics Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Julau Plantation Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Oils & Fats Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Plantation (Peninsular) Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Plantation Indonesia Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Plantation Investment (Cameroon) Sdn Bhd Malaysia 100.0 100.0 1
Sincere Outlook Sdn Bhd Malaysia 100.0 100.0 1
PT Guthrie Abdinusa Industri Indonesia 70.0 70.0 2
PT Sime Darby Commodities Trading Indonesia 100.0 100.0 2
Dongguan Sime Darby Sinograin Oils and Fats Co Ltd China 65.0 65.0 2
Dami Australia Pty Ltd Australia 100.0 2
Golden HopeNhabe (Cambodia) Import & Export Co Ltd Cambodia 51.0 51.0 5

Subsidiaries, joint venture and associates which are dormant/inactive as at 30 June 2015 are as follows: (continued)
Groups
2015 2014

Sime Darby Plantation Cameroon Ltd Cameroon 100.0 100.0 5
Sime Darby CleanerG BV Netherlands 100.0 100.0 2
Sime Darby Commodities Europe BV Netherlands 100.0 2
New Britain Tankers Limited Papua New Guinea 100.0 2
Plantation Contracting Services Ltd Papua New Guinea 100.0 2
Vitroplant Orangerie Bay Ltd Papua New Guinea 100.0 2
Trolak Estates Limited Scotland 100.0 100.0 3
Sime Darby Edible Products Tanzania Limited Tanzania 100.0 100.0 5
Dusun Durian Plantations Limited United Kingdom 100.0 100.0 3
Kinta Kellas Rubber Estates Plc United Kingdom 100.0 100.0 3
Malaysian Estates Plc United Kingdom 100.0 100.0 3
The Kuala Selangor Rubber Plc United Kingdom 100.0 100.0 3
The London Asiatic Rubber and Produce Company Limited United Kingdom 100.0 100.0 3
The Pataling Rubber Estates Limited United Kingdom 100.0 100.0 3
The Straits Plantations Limited United Kingdom 100.0 100.0 3
The Sungei Bahru Rubber Estates Plc United Kingdom 100.0 100.0 3
Industrial Subsidiaries
Associated Tractors Sendirian Berhad Malaysia 100.0 100.0 1
Tractors Machinery International Pte Ltd Singapore 100.0 100.0 2
Sime Darby SEM Dealer (Fujian) Ltd China 100.0 100.0 2
Sime Darby Yangon Limited Myanmar 100.0 100.0 3
Motors Subsidiaries
Associated Motor Industries Malaysia Sdn Bhd Malaysia 51.0 51.0 1
Sime Darby System Integrators Sdn Bhd Malaysia 99.9 99.9 1
Hainan Bow Yue Vehicle Trading Co Ltd China 100.0 100.0 2
Tianjin Sime Winner Motors Trading Co Ltd China 60.0 60.0 2
Auto Technology Engineering Company Limited Hong Kong 100.0 100.0 2
AutoFrance China Limited Hong Kong 100.0 100.0 2
Sime Darby Prestige Motors Company Limited Hong Kong 100.0 100.0 2
Sime Darby Motor Service Centre Limited Hong Kong 100.0 100.0 2
Sime Winner Holdings Limited Hong Kong 60.0 60.0 2
SimeWinner Nissan Autocrafts Limited Hong Kong 60.0 60.0 2
Vermont International Limited Hong Kong 60.0 60.0 2
Wallace Harper & Company Limited Hong Kong 100.0 100.0 2
Sime Darby Hong Kong Group Company Limited Bermuda 100.0 100.0 5
Continental Cars Limited New Zealand 100.0 100.0 2
ERF Man and Western Star (NZ) Limited New Zealand 100.0 100.0 2
Palmerston North Motors Wholesale Limited New Zealand 100.0 100.0 2
Sime Darby Auto Services Limited Thailand 100.0 100.0 2

Strategic Report
Subsidiaries, joint venture and associates which are dormant/inactive as at 30 June 2015 are as follows: (continued)
Groups
2015 2014
Property Subsidiaries
Sime Darby Brunsfield Project Management Sdn Bhd Malaysia 60.0 1
Sime Darby Brunsfield Property Management Sdn Bhd Malaysia 60.0 1
Financial Reports
Sime Darby Brunsfield Property Sdn Bhd Malaysia 70.0 70.0 1
Sime Darby Brunsfield Taipan City Sdn Bhd Malaysia 60.0 1
Sime Darby Properties Harta Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Property (Bestari Jaya) Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Property (USJ) Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Putra Heights Development Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby SJCC Development Sdn Bhd Malaysia 100.0 100.0 1
Xinjiang Sime Darby Property Co Ltd China 100.0 100.0 2
Other Information
Green East Prime Ventures Inc Philippines 63.2 63.2 3

Balui Hydro Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby Marine Sdn Bhd Malaysia 100.0 100.0 1
Sime Darby T&I Sdn Bhd Malaysia 51.0 51.0 1
Sime Darby Water Resources (Perak) Sdn Bhd Malaysia 75.0 75.0 1
Jining Sime Darby Guozhuang Port Co Ltd China 70.0 70.0 2
Weifang Binhai Haiwei Dredging Project Co Ltd China 50.8 50.8 3
Weifang Wei Gang Dredging Project Co Ltd China 99.5 99.5 3
Sime Darby Marine (Hong Kong) Private Limited Hong Kong 100.0 100.0 2
Energy & Utilities Joint ventures

Sime Engineering Sdn Bhd Edwards & Sons Joint Venture Malaysia 51.0 51.0 1
Weifang Wei Gang Shipyard Co Ltd China 48.5 48.5 3
Energy & Utilities Associate

Sime Darby Almana WLL Qatar 49.0 49.0 5
Others Subsidiaries
Golden Hope Plantations Berhad Malaysia 100.0 100.0 1
Guthrie Ropel Berhad Malaysia 100.0 100.0 1
Highlands & Lowlands Berhad Malaysia 100.0 100.0 1
Kumpulan Guthrie Berhad Malaysia 100.0 100.0 1
Sime UEP Properties Berhad Malaysia 100.0 100.0 1
Sime Darby Management Services (Singapore) Pte Ltd Singapore 100.0 100.0 2
Xinjiang Sime Darby Heavy Equipment Co Ltd China 100.0 100.0 2
Sime Travel Holdings Limited Hong Kong 100.0 100.0 2
East West Insurance Company Limited United Kingdom 81.0 81.0 3
Robt Bradford & Co Ltd United Kingdom 100.0 100.0 2
Robt Bradford Hobbs Savill Ltd United Kingdom 98.6 98.6 2

Subsidiaries placed under members voluntary liquidation/deregistered during the financial year are as follows:
Groups
2015 2014
Castlefield (Klang) Rubber Estate Plc United Kingdom 100.0 3
Holyrood Rubber Plc United Kingdom 100.0 3
Hoscote Rubber Estate Limited United Kingdom 100.0 3
Nalek Rubber Estate Limited United Kingdom 100.0 3
Sabah Plantations Limited United Kingdom 100.0 3
Industrial Subsidiary
Tractors Malaysia Motor Holdings Sdn Bhd Malaysia 100.0 1

MalaysiaChina Hydro Sdn Bhd Malaysia 100.0 1
Pesida Equipment Sdn Bhd Malaysia 100.0 1
Sime Darby Power Sdn Bhd Malaysia 100.0 1
Others Subsidiaries
Sime Darby Packaging Sdn Bhd Malaysia 100.0 1
Tractors Malaysia Holdings Sdn Bhd Malaysia 100.0 1
Sime Darby Investments Pte Ltd Singapore 100.0 2
Notes:
1 - audited by PricewaterhouseCoopers, Malaysia
2 - audited by member firms of PricewaterhouseCoopers International Limited, which is a separate and inde-
pendent legal entity from PricewaterhouseCoopers, Malaysia
3 - audited by firms other than member firms of PricewaterhouseCoopers International Limited
4 - Auditors not appointed yet
5 - no legal requirement to appoint auditors
+ - despite holding more than 50% equity interest in Sime Darby TNBES Renewable Energy Sdn Bhd, the invest-
ment is classified as joint venture (and not subsidiary) as significant decisions require unanimous consent
from all the joint venturers
* - notwithstanding the Group holds more than 20% equity interest, the investment in BMW Malaysia Sdn Bhd
has been classified as available-for-sale investment (and not associate) due to the Groups restricted influ-
ence pursuant to the shareholders agreement
@ - Yayasan Sime Darby is a company without share capital, limited by guarantee
58 Approval of Financial Statements
The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on
17 September 2015.

SUPPLEMENTARY
Strategic Report
INFORMATION
59 Supplementary Information
The breakdowns of realised and unrealised retained profits of the Group and of the Company as at 30 June 2015 as
set out below have been prepared pursuant to the directive issued by Bursa Malaysia Securities Berhad and have been
prepared in accordance with the Guidance on Special Matter No. 1 (GSM1), Determination of Realised and Unrealised
Profits or Losses in the Context of Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, as
issued by the Malaysian Institute of Accountants.
Group Company
2015 2014 2015 2014
Financial Reports
Total retained profits of the Company and its subsidiaries
- realised 25,940.1 23,724.6 3,036.4 3,970.6
- unrealised 5,135.8 5,627.9 (17.8) (41.3)
31,075.9 29,352.5 3,018.6 3,929.3
Total share of retained profits from joint ventures

- realised (95.6) 22.1
Other Information
- unrealised 35.0 17.9
(60.6) 40.0
Total share of retained profits from associates

- realised 315.0 334.1
- unrealised (46.5) (0.4)
268.5 333.7
Less: consolidation adjustments (13,234.4) (11,777.8)
Total retained profits 18,049.4 17,948.4 3,018.6 3,929.3
In arriving at the unrealised profits, the following which are deemed in the GSM1 as unrealised, are included:
a. credits or charges relating to the recognition of deferred tax;

b. cumulative net gains (but not net losses) from the remeasurement of assets or liabilities at fair value through
profit or loss;
c. provision of liabilities in respect of present obligations where resources are only consumed upon settlement of
the obligation; and
d. translation gains or losses of monetary items denominated in a currency other than the functional currency.

NOTICE OF ANNUAL
GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Ninth Annual General Meeting of Sime Darby Berhad (SDB or the Company) will be held
at the Grand Ballroom, First Floor, Sime Darby Convention Centre, 1A, Jalan Bukit Kiara 1, 60000 Kuala Lumpur, Malaysia
on Monday, 23 November 2015 at 10.00 a.m. for the following businesses:
AS ORDINARY BUSINESS
1. To receive the Audited Financial Statements for the financial year ended 30 June 2015
together with the Reports of the Directors and the Auditors thereon.
Please refer to Explanatory Note 1
2. To declare a final single tier dividend of 19 sen per ordinary share for the financial year
ended 30 June 2015. (Resolution 1)
3. To approve the payment of Directors remuneration as disclosed in the Audited

Financial Statements for the financial year ended 30 June 2015. (Resolution 2)
4. To re-elect the following Directors who retire pursuant to Article 99 of the Articles of
Association of the Company and who have offered themselves for re-election:
i. Tan Sri Datuk Dr Yusof Basiran (Resolution 3)

ii Datuk Zaiton Mohd Hassan (Resolution 4)
iii. Dato Sri Lim Haw Kuang (Resolution 5)
5. To re-appoint PricewaterhouseCoopers as Auditors of the Company for the financial

year ending 30 June 2016, and to authorise the Directors to fix their remuneration. (Resolution 6)
AS SPECIAL BUSINESS
6. To consider and, if thought fit, pass the following Ordinary Resolutions:
i. Authority to Allot and Issue Shares Pursuant to Section 132D of the Companies Act,
1965
THAT, subject always to the Companies Act, 1965 (Act), the Articles of Association
of the Company, other applicable laws, guidelines, rules and regulations, and the
approvals of the relevant governmental/regulatory authorities, the Directors be and
are hereby authorised, pursuant to Section 132D of the Act, to allot and issue shares in
the Company to any person other than a Director or major shareholder of the Company
or person connected with any Director or major shareholder of the Company, at any
time until the conclusion of the next Annual General Meeting (AGM) and upon such
terms and conditions and for such purposes as the Directors may, in their absolute
discretion deem fit, provided that the aggregate number of shares to be issued does
not exceed ten percent (10%) of the issued and paid-up share capital of the Company
for the time being AND THAT the Directors be and are also empowered to obtain the
approval from Bursa Malaysia Securities Berhad for the listing of and quotation for
the additional shares so issued AND FURTHER THAT such authority shall commence
immediately upon the passing of this Resolution and continue to be in force until the
conclusion of the next AGM of the Company. (Resolution 7)

Strategic Report
ii. Proposed Renewal of Shareholders Mandate for Existing Recurrent Related Party
Transactions and Proposed New Shareholders Mandate for Additional Recurrent
Related Party Transactions of a Revenue or Trading Nature
THAT, subject always to the Companies Act, 1965 (Act), the Articles of Association of
the Company, other applicable laws, guidelines, rules and regulations, and the approvals
of the relevant governmental/regulatory authorities, approval be and is hereby given
to the Company and/or its subsidiary companies to enter into all arrangements and/or
transactions involving the interests of the Related Parties as specified in Section 2.4 of
the Circular to Shareholders dated 30 October 2015, provided that such arrangements
and/or transactions are:
Financial Reports
i. recurrent transactions of a revenue or trading nature;
ii. necessary for the day-to-day operations;
iii. carried out in the ordinary course of business on normal commercial terms which
are not more favourable to the Related Parties than those generally available to the
public; and
iv. not detrimental to the minority shareholders of the Company
(the Mandate);
Other Information
AND THAT the Mandate shall continue in force until:
i. the conclusion of the next Annual General Meeting (AGM) of the Company following
this AGM, at which time the Mandate will lapse, unless by an ordinary resolution
passed at that meeting, the Mandate is renewed; or
ii. the expiration of the period within which the next AGM is required to be held
pursuant to Section 143(1) of the Act, (but shall not extend to such extensions as
may be allowed pursuant to Section 143(2) of the Act); or
iii. the Mandate is revoked or varied by ordinary resolution passed by the shareholders
of the Company in general meeting,
whichever is the earliest;
AND THAT the Directors of the Company be authorised to complete and do all such acts
and things (including executing all such documents as may be required) as they may
consider expedient or necessary to give effect to the Mandate. (Resolution 8)

Notice of Annual General Meeting
iii. Proposed Renewal of Authority for Directors to Allot and Issue New Ordinary Shares
of RM0.50 Each in the Company (SDB Shares) in relation to the Dividend Reinvestment
Plan that Provides Shareholders of the Company with an Option to Reinvest Their Cash
Dividend in New SDB Shares (Dividend Reinvestment Plan)
THAT pursuant to the Dividend Reinvestment Plan (DRP) as approved by the

Shareholders at the Extraordinary General Meeting held on 21 November 2013,
approval be and is hereby given to the Directors to allot and issue such number of new
SDB Shares, from time to time as may be required to be allotted and issued pursuant
to the DRP until the conclusion of the next Annual General Meeting, upon such terms
and conditions and to such persons as the Directors may, in their sole and absolute
discretion, deem fit and in the best interest of the Company PROVIDED THAT the issue
price of the said new SDB Shares shall be fixed by the Directors at not more than ten
percent (10%) discount to the adjusted five (5)-day volume weighted average market
price (VWAMP) of SDB Shares immediately prior to the price-fixing date, of which the
VWAMP shall be adjusted ex-dividend before applying the aforementioned discount in
fixing the issue price and not less than the par value of SDB Shares at the material time;
AND THAT the Directors and the Secretary of the Company be and are hereby
authorised to do all such acts and enter into all such transactions, arrangements and
agreements and to execute, sign and deliver for and on behalf of the Company, all
such documents and impose such terms and conditions or delegate all or any part of its
powers as may be necessary or expedient in order to give full effect to the DRP, with
full powers to assent to any conditions, modifications, variations and/or amendments
(if any) including amendments, modifications, suspension and termination of the DRP
as the Directors may, in their absolute discretion, deem fit and in the best interest of
the Company and/or as may be imposed or agreed to by any relevant authorities. (Resolution 9)
7. To transact any other business for which due notice shall have been given in accordance
with the Articles of Association of the Company and the Companies Act, 1965.
By Order of the Board
Kuala Lumpur, Malaysia

30 October 2015
Norzilah Megawati Abdul Rahman
(LS 0009247)
Group Secretary

Strategic Report
Notes:
1. A Member entitled to attend and vote at the Meeting is entitled to appoint not more than two (2) proxies to attend
and vote on his/her behalf. Where a Member appoints more than one (1) proxy, the appointment shall be invalid
unless he/she specifies the proportion of his/her shareholdings to be represented by each proxy. A proxy may, but
need not, be a Member. A Member may appoint any person to be his/her proxy without any restriction as to the
qualification of such person and the provisions of Sections 149(1)(a) and 149(1)(b) of the Companies Act, 1965 (Act)
shall not apply to the Company.
2. Where a Member of the Company is an Authorised Nominee as defined under the Securities Industry (Central
Depositories) Act 1991, he/she may appoint not more than two (2) proxies in respect of each Securities Account he/
she holds with ordinary shares of the Company standing to the credit of the said Securities Account.
Financial Reports
3. Where a Member of the Company is an Exempt Authorised Nominee as defined under the Securities Industry (Central
Depositories) Act 1991 which holds ordinary shares in the Company for multiple beneficial owners in one (1) Securities
Account (Omnibus Account), there is no limit to the number of proxies which the Exempt Authorised Nominee may
appoint in respect of each Omnibus Account it holds PROVIDED THAT each beneficial owner of ordinary shares, or
where the ordinary shares are held on behalf of joint beneficial owners, such joint beneficial owners, shall only be
entitled to instruct the Exempt Authorised Nominee to appoint not more than two (2) proxies to attend and vote at a
general meeting of the Company instead of the beneficial owner or joint beneficial owners.
Other Information
4. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll.
5. The instrument appointing a proxy shall be in writing signed by the appointor or his attorney duly authorised in writing
or, if the appointor is a corporation, either under its common seal or signed by an officer or attorney so authorised.
6. The Form of Proxy and the Power of Attorney or other authority, if any, under which it is signed or a notarially certified
copy of that power or authority, must be deposited at the office of the Share Registrar of the Company, Tricor Investor
Services Sdn Bhd at Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan
Kerinchi, 59200 Kuala Lumpur, Malaysia, not less than forty-eight (48) hours before the time fixed for the Meeting or
any adjournment thereof.
7. Only members registered in the Record of Depositors as at 13 November 2015 shall be eligible to attend, speak and
vote at the Annual General Meeting (AGM) or appoint proxy(ies) to attend, speak and/or vote on their behalf.
Explanatory Note 1
Audited Financial Statements for the Financial Year Ended 30 June 2015
This Agenda item is meant for discussion only as Section 169(1) of the Act does not require the Audited Financial Statements
to be formally approved by the shareholders. As such, this item is not put forward for voting.
Explanatory Note 2
Declaration of a Final Single Tier Dividend
In accordance with Article 126 of the Companys Articles of Association, the Board is recommending that the shareholders
approve the payment of the final single tier dividend. Pursuant to paragraph 8.26 of the Main Market Listing Requirements
of Bursa Malaysia Securities Berhad (MMLR), the final single tier dividend, if approved, will be paid no later than three (3)
months from the date of shareholders approval.
Explanatory Note 3
Payment of Directors Remuneration for Non-Executive Directors for the Financial Year Ended 30 June 2015
Article 79(1) of the Companys Articles of Association provides that the remuneration for Non-Executive Directors (NED)
shall be determined by the Company by an ordinary resolution at a general meeting.
Please refer to pages 235 and 236 of the Notes to the Financial Statements for the amount of Directors Remuneration to
be approved at this AGM comprising Fees and Benefits amounting to RM3.9 million.

Notice of Annual General Meeting
Explanatory Note 4
Re-election of Directors
Article 99 expressly states that at every AGM, at least one-third (1/3) of the Directors for the time being shall retire
from office. In addition, Article 100 states that all Directors shall retire from office at least once every three (3) years. A
retiring Director shall be eligible for re-election. Dato Sri Lim Haw Kuang, being an Independent NED of the Company, has
undergone the annual assessment of an Independent NED. The Board, upon reviewing the outcome of assessment, was
satisfied that Dato Sri Lim had maintained his independence in financial year 2015.
Retirement of Directors under Section 129(2) of the Companies Act, 1965

Tan Sri Dato Dr Wan Mohd Zahid Mohd Noordin, Tan Sri Datuk Amar (Dr) Tommy Bugo @ Hamid Bugo and Dato Henry
Sackville Barlow have attained the age of 70 years or more at the forthcoming AGM to be held on 23 November 2015. The
abovementioned Directors have formally informed the Board of Directors of the Company in writing that they do not wish
to seek re-appointment pursuant to Section 129(6) of the Companies Act, 1965. Hence, they will retain office until the
conclusion of this AGM in accordance with Section 129(2) of the Companies Act, 1965.
Explanatory Note 5
Re-appointment of Auditors
Pursuant to Sections 172(2) and 172(16) of the Act, the Company shall at each AGM appoint the Auditors of the Company
who shall hold office until the conclusion of the next AGM and may authorise the Directors to determine their remuneration
thereof. The present Auditors, Messrs PricewaterhouseCoopers (PwC), have indicated their willingness to continue their
services for another year. The Governance & Audit Committee and the Board have considered the re-appointment of PwC
as Auditors of the Company and have collectively agreed that PwC has met the relevant criteria prescribed by Paragraph
15.21 of the MMLR.
EXPLANATORY NOTES ON SPECIAL BUSINESS
1. Authority to Allot and Issue Shares Pursuant to Section 132D of the Companies Act, 1965
The proposed Resolution 7 is to seek a renewal of the general mandate obtained from the shareholders of the
Company at the Eighth AGM of the Company held on 13 November 2014 and which will lapse at the conclusion of the
forthcoming AGM to be held on 23 November 2015.
The general mandate, if passed, will provide flexibility for the Company and empower the Directors to allot and issue
new shares in the Company for any fund raising activities, including but not limited to the placing of shares, for working
capital and/or funding of strategic development of the Group. The renewal of the general mandate is sought to avoid
any delay arising from and cost in convening a general meeting to obtain approval of the shareholders for such issuance
of shares, up to an amount not exceeding in total ten percent (10%) of the issued and paid-up share capital of the
Company, as the Directors consider appropriate in the best interest of the Company. The authority, unless revoked or
varied by the Company at a general meeting, will expire at the next AGM of the Company.
The Company has not issued any new share pursuant to Section 132D of the Act under the general mandate which was
approved at the Eighth AGM of the Company.
2. Proposed Renewal of Shareholders Mandate for Existing Recurrent Related Party Transactions and Proposed New
Shareholders Mandate for Additional Recurrent Related Party Transactions of a Revenue or Trading Nature
The proposed Resolution 8, if passed, will enable the Company and/or its subsidiary companies to enter into recurrent
transactions involving the interests of the Related Parties, which are of a revenue or trading nature and necessary for
the Groups day-to-day operations, subject to the transactions being carried out in the ordinary course of business
on terms not more favourable than those generally available to the public and are not detrimental to the minority
shareholders of the Company.
Detailed information on the Proposed Renewal of Shareholders Mandate and Proposed New Shareholders Mandate
is set out in Section 2.4 of the Circular to Shareholders relating to the matter dispatched together with the Companys
2015 Annual Report.

Strategic Report
3. Proposed Renewal of Authority for Directors to Allot and Issue New Ordinary Shares of RM0.50 Each in the Company
(SDB Shares) in relation to the Dividend Reinvestment Plan that Provides Shareholders of the Company with an Option
to Reinvest Their Cash Dividend in New SDB Shares
The proposed Resolution 9, if passed, will give authority to the Directors to allot and issue new SDB Shares in respect
of the dividends declared at this AGM and subsequently until the next AGM.
STATEMENT ACCOMPANYING THE NOTICE OF ANNUAL GENERAL MEETING
Pursuant to Paragraph 8.27(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad:
Financial Reports
1. The Directors who are retiring and not seeking re-appointment under Section 129(6) of Companies Act, 1965 are:
i. Tan Sri Dato Dr Wan Mohd Zahid Mohd Noordin

ii. Tan Sri Datuk Amar (Dr) Tommy Bugo @ Hamid Bugo
iii. Dato Henry Sackville Barlow.
2. The Directors who are retiring pursuant to Article 99 of the Articles of Association of the Company and seeking
re-election are:
Other Information
i. Tan Sri Datuk Dr Yusof Basiran
ii. Datuk Zaiton Mohd Hassan
iii. Dato Sri Lim Haw Kuang.
The profiles of the above Directors are set out in the section entitled Directors Profiles on pages 127 to 131 of the
Companys 2015 Annual Report. None of the above Directors of the Company has any interest, direct or indirect, in shares
in the Company or in shares, debentures or participatory interest made available by a related corporation.

ANALYSIS OF
SHAREHOLDINGS
As at 21 September 2015
Authorised Share Capital : RM4,072,500,000.00 divided into 8,000,000,000 ordinary shares of RM0.50
each, 7,000,000,000 Series A redeemable convertible preference shares of
RM0.01 each and 25,000,000 Series B redeemable convertible preference
shares of RM0.10 each
Issued and Paid-up Share Capital : RM3,105,579,143.00 comprising 6,211,158,286 ordinary shares of RM0.50
each
Class of Shares : Ordinary shares of RM0.50 each
Voting Rights : One vote per ordinary share in the case of a poll and one vote per person on
a show of hand
No. of No. of % of
Size of Shareholdings Shareholders % of Shareholders Shares Held Issued Capital
Less than 100 2,289 8.41 66,589 0.00
100 to 1,000 6,409 23.54 4,038,230 0.06
1,001 to 10,000 13,684 50.27 45,212,747 0.73
10,001 to 100,000 3,886 14.28 107,542,408 1.73
100,001 to less than 5% of issued 951 3.49 2,251,352,500 36.25
capital
5% and above of issued capital 3 0.01 3,802,945,812 61.23
Total 27,222 100.00 6,211,158,286 100.00
No. of No. of % of
Classification of Shareholders Shareholders % of Shareholders Shares Held Issued Capital
Individuals 21,701 79.72 143,546,245 2.31
Banks/Finance Companies 100 0.37 3,872,720,566 62.35
Investment Trusts/Foundations/ 14 0.05 498,839 0.01
Charities
Industrial and Commercial 673 2.47 96,209,122 1.55
Companies
Government Agencies/Institutions 8 0.03 53,040,107 0.85
Nominees 4,724 17.35 2,045,038,132 32.93
Others 2 0.01 105,275 0.00
Total 27,222 100.00 6,211,158,286 100.00
Directors Direct and Indirect Interests in the Company and its Related Corporations
Save as disclosed in the Directors Report of the Financial Statements as set out on page 198, none of the Directors of the
Company has any interest, direct or indirect, in shares in the Company or in shares, debentures or participatory interest
made available by a related corporation.

Strategic Report
30 LARGEST SHAREHOLDERS AS PER THE RECORD OF DEPOSITORS
No. of Shares % of Issued
No. Name of Shareholder
Held Capital
1. AmanahRaya Trustees Berhad 2,465,625,500 39.70
Qualifier: Skim Amanah Saham Bumiputera
2. Citigroup Nominees (Tempatan) Sdn Bhd 812,407,958 13.08
Qualifier: Employees Provident Fund Board
3. Permodalan Nasional Berhad 524,912,354 8.45
4. Kumpulan Wang Persaraan (DIPERBADANKAN) 209,443,061 3.37
Financial Reports
5. Lembaga Tabung Haji 163,255,100 2.63
6. AmanahRaya Trustees Berhad 109,708,655 1.77
Qualifier: Amanah Saham Wawasan 2020
Qualifier: Amanah Saham Malaysia
Qualifier: AS 1Malaysia
Other Information
9. Cartaban Nominees (Asing) Sdn Bhd 69,019,637 1.11
Qualifier: Exempt AN for State Street Bank & Trust Company
(West CLT OD67)
10. HSBC Nominees (Asing) Sdn Bhd 55,086,613 0.89
Qualifier: BBH and Co Boston for Vanguard Emerging Markets
Stock Index Fund
11. Cartaban Nominees (Asing) Sdn Bhd 52,536,655 0.85
Qualifier: GIC Private Limited for Government of Singapore (C)
12. Maybank Securities Nominees (Tempatan) Sdn Bhd 47,000,000 0.76
Qualifier: Malayan Banking Berhad for Lembaga Kemajuan Tanah
Persekutuan (FELDA)
13. Cartaban Nominees (Tempatan) Sdn Bhd 43,175,166 0.69
Qualifier: Exempt AN for Eastspring Investments Berhad
14. Malaysia Nominees (Tempatan) Sendirian Berhad 39,309,630 0.63
Qualifier: Great Eastern Life Assurance (Malaysia) Berhad (Par 1)
Qualifier: Amanah Saham Didik
Qualifier: Exempt AN for JPMorgan Chase Bank,
National Association (U.S.A)
17. Maybank Nominees (Tempatan) Sdn Bhd 36,500,000 0.59
Qualifier: Maybank Trustees Berhad for Public Ittikal Fund
(N14011970240)
18. Maybank Nominees (Tempatan) Sdn Bhd 32,443,806 0.52
Qualifier: Maybank Trustees Berhad for Public Regular Savings Fund
(N14011940100)
Qualifier: Public Islamic Dividend Fund
20. CIMB Group Nominees (Tempatan) Sdn Bhd 27,464,000 0.44
Qualifier: Exempt AN for Khazanah Nasional Berhad (VCAM)
Qualifier: Public Islamic Select Enterprises Fund

Analysis of Shareholdings
As at 21 September 2015
No. of Shares % of Issued

No. Name of Shareholder
Held Capital
Qualifier: TNTC for Silchester International Investors
International Value Equity Trust
23. AMSEC Nominees (Tempatan) Sdn Bhd 23,000,003 0.37
Qualifier: AmTrustee Berhad for CIMB Islamic Dali Equity Growth Fund
(UT-CIMB-DALI)
Qualifier: Exempt AN for the Bank of New York Mellon (Mellon ACCT)
Qualifier: Exempt AN for AIA Bhd
Qualifier: Employees Provident Fund Board (NOMURA)
Qualifier: HSBC BK PLC for Abu Dhabi Investment Authority (AGUS)
Qualifier: Public Islamic Sector Select Fund
29. Lembaga Tabung Angkatan Tentera 14,719,800 0.24
30. UOB Kay Hian Nominees (Asing) Sdn Bhd 14,407,753 0.23
Qualifier: Exempt AN for UOB Kay Hian Pte Ltd (A/C Clients)
Total 5,162,931,716 83.12
Substantial Shareholders as per the Register of Substantial Shareholders
% of No. of Shares Held % of

No. of Shares Held
No. Name of Substantial Shareholder Issued (Indirect/Deemed Issued
(Direct Interest)
Capital Interest) Capital
1. AmanahRaya Trustees Berhad

- Skim Amanah Saham Bumiputera 2,465,625,500 39.70 - -
2. Employees Provident Fund Board 809,099,458 13.03 24,925,510 0.40
3. Permodalan Nasional Berhad 524,912,354 8.45 - -
4. Yayasan Pelaburan Bumiputra1 - - 524,912,354 8.45
1
Deemed interest by virtue of its interest in Permodalan Nasional Berhad pursuant to Section 6A of the Companies Act, 1965

ADDITIONAL COMPLIANCE
Strategic Report
INFORMATION
In compliance with the Main Market Listing Requirements MATERIAL CONTRACTS INVOLVING INTERESTS OF
of Bursa Malaysia Securities Berhad, the following DIRECTORS AND MAJOR SHAREHOLDERS
information is provided:
The material contract entered into by the Company and its
UTILISATION OF PROCEEDS RAISED FROM CORPORATE subsidiaries involving Directors and Major Shareholders
PROPOSALS interests since the end of the previous financial year is as
follows:
There were no proceeds raised from corporate proposals
during the financial year ended 30 June 2015. Sale of Five (5) Levels of Retail Floors and Three (3) Levels
of Basement Car Parks known as Subang Avenue Shopping
SHARE BUY-BACK Complex
Sime Darby Berhad (Sime Darby or the Company) did not Sime Darby Brunsfield Properties Holding Sdn Bhd
Financial Reports
propose any share buy-back during the financial year ended (SDBPH), an indirect subsidiary of Sime Darby had,
30 June 2015. on 27 February 2015, entered into a Sale and Purchase
Agreement with Sime UEP Properties Berhad (SUEP) and
OPTIONS OR CONVERTIBLE SECURITIES Subang Mall Property Sdn Bhd (SMPSB), for the sale of
property known as Subang Avenue Shopping Complex
There were no options or convertible securities issued by comprising the common property, parcels and accessory
the Company during the financial year ended 30 June 2015. parcels, which includes five (5) levels of retail units (with a
net floor area of 213,354 square feet) and three (3) levels
DEPOSITORY RECEIPT PROGRAMME of car park area, located at PT 25 (Lot 10 and Lot 11), Jalan
Kemajuan Subang, Subang Jaya Selangor Darul Ehsan and
Other Information
The Company did not sponsor any depository receipt held under master title Geran 188213, Lot 62005, Bandar
programme during the financial year ended 30 June 2015. Subang Jaya, Daerah Petaling, State of Selangor (Land)
by SDBPH to SMPSB, at a total cash consideration of
MATERIAL SANCTIONS AND/OR PENALTIES RM139,500,000.00 (Sale).
There were no material sanctions and/or penalties imposed SDBPH is a wholly-owned subsidiary of Sime Darby
on the Company, its subsidiaries, Directors or Management Brunsfield Holding Sdn Bhd (SDBH), which is a 60%-owned
by the relevant regulatory bodies during the financial year subsidiary of Sime Darby Property Berhad (Sime Darby
ended 30 June 2015. Property), which in turn is a wholly-owned subsidiary of
Sime Darby. The remaining 40% shareholding in SDBPH is
NON-AUDIT FEES held by Brunsfield Metropolitan Sdn Bhd. Mr Gan Tien Chie
is a director of SDBPH. The principal activity of SDBPH is
The amount of non-audit fees incurred for services rendered property investment.
to the Group and Company by its external auditors,
PricewaterhouseCoopers, and their affiliated companies SUEP is a wholly-owned subsidiary of Sime Darby. The
for the financial year ended 30 June 2015 amounted to principal activity of SUEP was investment holding and
RM9.7 million and RM3.8 million respectively. management. The Company became dormant since
27 November 2007. SUEP is the registered Proprietor of
VARIATION IN RESULTS the Land.
There were no profit estimation, forecasts or projections SMPSB is a wholly-owned subsidiary of Brunsfield Property
made or released by the Company during the financial year Holdings Sdn Bhd. Mr Gan Tien Chie and Encik Mohamad
ended 30 June 2015. Hassan bin Zakaria are the directors of SMPSB. The principal
activity of SMPSB is property investment.
PROFIT GUARANTEE
None of the Directors, Major Shareholders of Sime Darby
There was no profit guarantee given by the Company during or Sime Darby Property and/or persons connected to them
the financial year ended 30 June 2015. has any interest, direct or indirect, in the Sale.
Mr Gan Tien Chie is a director of SDBPH and SMPSB and the

brother of Tan Sri Dato Dr Ir Gan Thian Leong, who is a major
shareholder of SMPSB and a director and an indirect major
shareholder of SDBH, the holding company of SDBPH.
Encik Mohamad Hassan bin Zakaria, a director and major

shareholder of SMPSB, is also a director and an indirect
major shareholder of SDBH, the holding company of
SDBPH.

Additional Compliance Information
Mr Gan Tien Chie and Encik Mohamad Hassan bin Zakaria The RRPT Mandate is valid until the conclusion of the
have abstained from deliberating and voting in respect of forthcoming Ninth AGM of the Company to be held on
the Sale at the relevant Board meeting(s) of SDBPH and 23 November 2015.
SMPSB.
The Company proposes to seek a renewal of the existing
The Sales was completed on 30 March 2015. RRPT Mandate and a new RRPT Mandate at its forthcoming
Ninth AGM. The renewal of the existing RRPT Mandate and
CONTRACTS RELATING TO LOANS the new RRPT Mandate, if approved by the shareholders,
will be valid until the conclusion of the Companys next
There were no contracts relating to loans by the Company AGM. Details of the RRPT Mandate being sought is
involving Directors and Major Shareholders interests provided in the Circular to Shareholders dated 30 October
during the financial year ended 30 June 2015. 2015 sent together with the Annual Report.
RECURRENT RELATED PARTY TRANSACTIONS OF A Pursuant to paragraph 10.09(2)(b) and paragraph 3.1.5 of
REVENUE OR TRADING NATURE Practice Note 12 of the Main Market Listing Requirements
of Bursa Malaysia Securities Berhad, details of the recurrent
At the Eighth Annual General Meeting (AGM) held on related party transactions of a revenue or trading nature
13 November 2014, Sime Darby had obtained a general entered into during the financial year ended 30 June 2015
mandate from its shareholders for recurrent related by the subsidiaries of Sime Darby under the RRPT Mandate
party transactions of a revenue or trading nature to be are as follows:
entered into by the Company and/or its subsidiaries (RRPT
Mandate).
Value of
Company Transacting Party Nature of Trasaction Related Party Transaction
RM million
Sime Darby Chemical Company of Purchase of chemicals Interested Director 87.3
Plantation Sdn Bhd Malaysia Berhad (CCM) and and fertilisers
and its subsidiaries, its following subsidiaries: by Sime Darby Dato Azmi Mohd Ali1
namely %%/#ITK/CZ5FP$JF Plantation and Group
PT Minamas Gemilang %%/(GTVKNK\GTU5FP$JF from CCM and Group
and PT Sime Agri %%/%JGOKECNU5FP$JF Person Connected to
Bio (Sime Darby 26%%/#ITKRJCTOC Major Shareholder
Plantation and Group) (CCM and Group)
Permodalan Nasional
Berhad (PNB)2
Subsidiaries of Sime Brunsfield Engineering Sdn Building Contract for Interested Directors and 205.5
Darby Brunsfield Bhd (BESB) the design and build Major Shareholders
Holding Sdn Bhd as well as certain
(SDBH), namely Sime service provider Tan Sri Dato Dr Ir Gan
Darby Brunsfield components of Thian Leong3
Damansara Sdn Bhd SDBHs property
(SDBD) and Sime development projects
Darby Brunsfield (Oasis Corporate Encik Mohamad Hassan
Resort Sdn Bhd Park, Oasis Autocity, Zakaria4
(SDBR) Oasis Rio (Homeplex),
KLGCC Parcel G2
(Kiara Haven) and
Oasis Central)
Subsidiaries of SDBH, BESB Building Contract Interested Directors and 122.3

namely SDBD and for the design Major Shareholders
SDBR and build as well
as certain service Tan Sri Dato Dr Ir Gan
provider components Thian Leong3
of property
development projects Encik Mohamad Hassan
(Development of Zakaria4
KLGCC Parcel A & B
and Oasis Mall)

Strategic Report
Value of
Company Transacting Party Nature of Trasaction Related Party Transaction
RM million
Inokom Corporation Hyundai Motor Company Purchase of Interested Major 220.3
Sdn Bhd (HMC) completely knocked- Shareholder
down (CKD) packs by
Inokom from HMC HMC5
for the assembly
of passenger and
commercial vehicles
Payment of Interested Major 6.0
Financial Reports
engineering fees by Shareholder
Inokom to HMC for
the CKD models bi- HMC5
annually
Total 641.4
Notes:
Other Information
1
Dato Azmi Mohd Ali is a Director of CCM and Sime Darby.
2
PNB is a person connected to AmanahRaya Trustees Berhad Skim Amanah Saham Bumiputera, a major shareholder of
Sime Darby. PNB is also a Major Shareholder of CCM by holding 71.35% direct interest in CCM as at 30 June 2015. PNB
has, on 19 March 2015, ceased to be a Major Shareholder of Sime Darby following the expiration of six (6) months from
the date on which PNB disposed part of its direct shareholdings in Sime Darby. PNB is holding 7.77% direct interest in
Sime Darby as at 30 June 2015.
3
Tan Sri Dato Dr Ir Gan Thian Leong is a Director and an indirect Major Shareholder of SDBH, holding an effective
interest of 19.2% in SDBH by virtue of his effective interest of 48% shareholding in Brunsfield Metropolitan Sdn Bhd
(BMSB), a Major Shareholder of SDBH pursuant to Section 6A of the Companies Act, 1965. He also holds an effective
interest of 43.2% in BESB.
4
Encik Mohamad Hassan Zakaria is a Director and an indirect Major Shareholder of SDBH, holding an effective interest
of 20.8% in SDBH by virtue of his effective interest of 52% shareholding in BMSB, a Major Shareholder of SDBH
pursuant to Section 6A of the Companies Act, 1965. He also holds an effective interest of 41.6% in BESB.
5
HMC is a Major Shareholder of Inokom by holding 15% shareholding in Inokom as at 30 June 2015.

SHARE PRICE MOVEMENT &
FINANCIAL CALENDAR
RHS
PRICE (RM) VOLUME (MILLION)
10.00 300.00
8.00 250.00
6.00 200.00
Highest
(RM) 4.00 150.00
Lowest
(RM) 2.00 100.00
Volume
(Million) 0 50
JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN
2014 2014 2014 2014 2014 2014 2015 2015 2015 2015 2015 2015
Highest (RM) 9.69 9.56 9.49 9.68 9.75 9.64 9.56 9.58 9.38 9.44 9.12 8.63
Lowest (RM) 9.50 9.41 9.03 9.08 9.60 8.78 9.02 9.33 9.17 9.06 8.32 8.30
Volume (Million) 117.5 116.4 97.6 87.2 82.7 90.4 102.8 112.3 264.3 160.6 267.8 184.1
(RHS)
Stock Exchange Listing : Bursa Malaysia Securities Berhad

Trading Name : SIME
Stock Code : 4197
DIVIDENDS
NOTICE ENTITLEMENT PAYMENT

DATE DATE DATE
Interim 26 February 2015 23 April 2015 8 May 2015

Final 26 August 2015 TBA* TBA*
FINANCIAL CALENDAR
Announcement of Unaudited Consolidated Results

First quarter : 28 November 2014
Second quarter : 26 February 2015
Third quarter : 22 May 2015
Fourth quarter : 26 August 2015
ANNUAL GENERAL MEETING
Notice Date : 30 October 2015

Meeting Date : 23 November 2015
* TBA - To Be Advised.

PROPERTIES OF
Strategic Report
THE GROUP
As at 30 June 2015
Land Age of Net book
area Year of building value
Location Tenure (Hectares) acquisition (Years) + Description (RM million)
PLANTATION PROPERTIES
UPSTREAM
Malaysia
Kedah Darul Aman

Anak Kulim, Bukit Hijau, Freehold 18,897 1978-2006 11 Oil palm and rubber 339.9
Bukit Selarong, Jentayu, estates and a palm
Financial Reports
Padang Buluh, Somme, oil mill
Sungai Dingin
Bukit Hijau Leasehold 9 2006 Rubber estate 0.2
expiring
2068
Perak Darul Ridzuan

Bagan Datoh, Bikam, Freehold 37,493 1978-2001 7-23 Oil palm and rubber 769.3
Other Information
Chersonese, Cluny, Elphil, estates and 5 palm
Flemington, Holyrood, oil mills
Kalumpong, Kamuning,
Kinta Kellas, Sabrang,
Selaba, Seri Intan,
Sogomana, Sungei Samak,
Sungei Wangi, Tali Ayer
Chersonese, Cluny, Leasehold 5,223 1978-1987 Oil palm estates and 33.3
Kalumpong, Kamuning, expiring a pink guava farm
Kinta Kellas, Sogomana, 2035-2897
Sungai Samak, Sungei
Wangi, Tali Ayer
Pahang Darul Makmur

Chenor, Jabor, Kerdau, Freehold 9,338 1985-2006 20 Oil palm estates and 128.0
Mentakab, Sungai Mai a palm oil mill
Bukit Puteri, Chenor, Jentar, Leasehold 10,621 1985-1992 10-20 Oil palm estates and 176.5
Kerdau, Sungai Mai expiring 2 palm oil mills
2057-2086
Selangor Darul Ehsan

Banting, Bukit Cheraka, Freehold 37,306 1978-2013 2-25 Oil palm estates, 809.1
Bukit Kerayong, Bukit 4 palm oil mills,
Lagong, Bukit Rajah, Bukit biodiesel and kernel
Rotan, Bukit Talang, Dusun crushing plants,
Durian, East Carey Island, rat bait factory,
Elmina, Sabak Bernam, laboratories,
Sepang, Sungai Buloh, research centres,
Tennamaram, West Carey warehouse and a
Island training centre
East Carey Island, Port Leasehold 299 1978-2010 40 Oil palm estates and 4.3
Klang, Sungai Buloh, expiring a bulking plant
Tennamaram 2057-2109

Properties of the Group
As at 30 June 2015

PLANTATION PROPERTIES (continued)
UPSTREAM (continued)
Malaysia (continued)
Negeri Sembilan Darul Khusus

Ampar Tenang, Bradwall, Freehold 40,354 1978-2009 3-22 Oil palm and rubber 582.4
Bukit Pelandok, Bukit estates, 4 palm oil
Pilah, Kok Foh, Labu, New mills and a research
Labu, P.D. Lukut, Pertang, laboratory
Rantau, Salak, Sengkang,
Siliau, Sungai Gemas,
Sungai Sabaling, St Helier,
Sua Betong, Sungai Bharu,
Tampin Linggi, Tanah Merah
Kok Foh, Sungai Bharu Leasehold 149 1982-1997 Oil palm estates 1.2
expiring
2034-2072
Melaka
Bukit Asahan, Diamond Freehold 14,997 1978-2011 9-17 Oil palm estates and 203.5
Jubilee, Kempas, Kemuning, 2 palm oil mills
Serkam
Bukit Asahan, Diamond Leasehold 470 1982-1992 Oil palm estates 4.1
Jubilee, Kempas, Kemuning, expiring
Serkam 2025-2071
Johor Darul Takzim

Batu Anam, Bukit Badak, Freehold 53,682 1978-2011 4-20 Oil palm and rubber 972.9
Bukit Benut, Bukit Paloh, estates, 4 palm oil
Cenas, CEP Nyior, CEP mills, a research
Renggam, Chaah, Gunung centre and 2 rubber
Mas, Hadapan, Kempas factories
Klebang, Kulai, Lambak,
Lanadron, Layang,
Muar River, New Pagoh,
Nordanal, North Labis,
Pagoh, Pekan, Pengkalan
Bukit, Sembrong, Seri Pulai,
Sungai Senarut, Sungai
Simpang Kiri, Tangkah,
Tun Dr. Ismail, Ulu Remis,
Welch, Yong Peng
Cenas, CEP Nyior, Chaah, Leasehold 18,616 1978-2012 19-24 Oil palm estates and 180.1
Lanadron, Layang, Muar expiring 2 palm oil mills
River, Pekan, Sembrong, 2020-2918
Sungai Senarut, Sungai
Simpang Kiri, Ulu Remis

Strategic Report
Sabah
Binuang, Giram, Imam, Jeleta Leasehold 53,798 1978-1983 9-30 Oil palm estates, 950.7
Bumi, Kunak, Melalap, expiring 5 palm oil mills, a
Merotai, Mostyn, Sandakan 2019-2940 bulking plant and a
Bay, Sapong, Segaliud, research centre
Sentosa, Sungang, Table,
Financial Reports
Tiger, Tigowis, Tingkayu,
Tun Tan Siew Sin, Tunku
Sarawak
Bayu, Belian, Chartquest, Leasehold 47,301 1990-2004 13-21 Oil palm estates and 816.5
Damai, Derawan, Dulang, expiring 4 palm oil mills
Kelida, Lavang, Paroh, 2048-2082
Pekaka, Rajawali, Rasan,
Ruai, Sahua, Samudera,
Other Information
Semarak, Takau
Plantation Properties - Upstream Malaysia 348,553 5,972.0
Indonesia
Kalimantan - West
Awatan, Beturus, East, Leasehold 59,242 2001-2013 3-14 Oil palm estates, 215.6
Kelampai, Lembiru, expiring 3 palm oil mills and
Pelanjau, Mas 1 4, Sei 2030 a bulking plant
Mawang, Sungai Putih,
West
Kalimantan - Central
Baras Danum, Batang Garing, Leasehold 39,117 2001-2008 2-19 Oil palm estates, 289.2
Hatan Tiring, Kawan Batu, expiring 3 palm oil mills and
Kuala Kuayan, Pemantang, 2033-2034 a bulking plant
Sapiri, Sekunyir, Seruyan,
Sukamandang
Kalimantan - South
Angsana, Bakau, Bebunga, Leasehold 86,933 2001-2012 3-20 Oil palm estates, 772.3
Betung, Binturung, Gunung expiring 8 palm oil mills,
Aru, Gunung Kemasan, 2032-2039 2 bulking plants and
Gunung Sari, Lanting, Laut a kernel crushing
Timur, Matalok, Mustika, plant
Pantai Bonati, Pantai Timur,
Pondok Labu, Rampa,
Randi, Rantau, Sangkoh,
Sekayu, Selabak, Sesulung,
Sungai Cengal

As at 30 June 2015

Indonesia (continued)
Sulawesi - Central
Ungkaya Leasehold 4,712 2001-2011 4-20 Oil palm estate, a 42.2
expiring palm oil mill and a
2024 bulking plant
Sumatera - Jambi
Panjang Leasehold 4,000 2001-2007 8 Oil palm estate 27.8
expiring and a palm oil mill
2038
Sumatera - South
Bumi Ayu, Bukit Pinang, Leasehold 22,622 2001-2002 13-15 Oil palm estates and 192.8
Karang Ringin, Mangun expiring 2 palm oil mills
Jaya, Napal, Rantau 2033-2034
Panjang, Sungai Jernih,
Sungai Pinang
Bangka Belitung Leasehold 10,045 2012 Rubber estate 17.6
expiring
2072
Sumatera - East Aceh

Batang Ara, Blang Simpo Leasehold 8,818 2001-2008 18-33 Oil palm estates and 79.5
1 & 2, Tamiang expiring 2 palm oil mills
2022-2037
Sumatera - Riau
Alur Damai, Aneka Persada, Leasehold 54,831 2001-2015 2-20 Oil palm estates, 502.1
Mandah, Menggala 1 3, expiring 5 palm oil mills and
Nusa Lestari, Nusa Persada, 2031-2036 a research centre
Pinang Sebatang, Rotan
Semelur, Teluk Bakau, Teluk
Siak
Sumatera - North
Deli Serdang Leasehold 992 2015 Rubber estate, oil 11.8
expiring palm nursery and
2023 office building
Plantation Properties - Upstream Indonesia 291,312 2,150.9
Liberia
Bomi, Bong 1 & 2, Grand Leasehold 220,000 2009 Oil palm and rubber 394.5
Cape Mount, Gbarpolu, expiring estates
Lofa 2072

Strategic Report
Papua New Guinea

West New Britain, Morobe, Leasehold 127,780 2015 1-48 Oil palm estates, 2,961.6
Oro, Milne Bay, expiring a sugar cane
New Ireland 2018-2093 plantation, grazing
pastures, a refinery,
2 biogas plants,
a sugar factory,
11 palm oil mills,
Financial Reports
4 kernel crushing
plants and 2
abattoirs
Solomon Islands
Guadalcanal Plains Leasehold 7,893 2015 1-10 Oil palm estates, a 1,400.9
expiring palm oil mill and a
2043-2062 kernel crushing
plant
Other Information
Plantation Properties - Upstream 995,538 12,879.9
DOWNSTREAM AND OTHERS
Malaysia

Teluk Panglima Garang Freehold 2 2012 Vacant land 10.8
North Port Edible Oil Leasehold 16 2006-2009 5-7 Refineries 118.4
Refinery Complex, Teluk expiring
Panglima Garang 2076-2105
Johor Darul Takzim

Pasir Gudang Leasehold 6 1974-1985 40 Refinery 4.6
expiring
2035-2043
Sarawak
Kawasan Perindustrian Leasehold 14 2004 2-8 Refinery and kernel 29.2
Kidurong, Bintulu expiring crushing plant
2072
Plantation Properties
- Downstream and Others Malaysia 38 163.0
Overseas
Indonesia
Desa Sei Taib, Kecamatan Leasehold 32 2014 1-2 Refinery 104.5
Pulau Laut, Kalimantan expiring
2044
Singapore
Boon Lay Road Leasehold 3 1970 43 Warehouse and 3.1
expiring office building
2029

As at 30 June 2015

DOWNSTREAM AND OTHERS (continued)
Overseas (continued)
Thailand
Sukhumvit Road, Bangkok Freehold 1986-2011 8-27 Office building, 5.9
refinery and vacant
land
Poochaosamingprai Road, Freehold 5 1986 8-27 Refinery 47.0
Samut Prakan
Yok Krabat-Laksi Road, Freehold 6 1986 Vacant land 6.9
Samut Sakhon
Tiwanon Road, Nonthaburi Freehold 13 2014 30-35 Crushing and refining 79.4
plant and office
building
Vietnam
Ho Chi Minh City Freehold 3 1992 23 Refinery 1.6
The Netherlands
Lindtsedijk, Zwijndrecht Freehold 6 2002 2-84 Refinery, biodiesel 155.6
plant and a research
centre
South Africa
Boksburg Leasehold 2 2004 4 Refinery 0.2
expiring
2017
United Kingdom
Liverpool Leasehold 3 2015 1-6 Refinery and office 50.1
expiring building
2034
Plantation Properties
- Downstream and Others Overseas 73 454.3
Plantation Properties - Downstream
and Others 111 617.3
GENERAL
Malaysia

Plantation Tower, Oasis, Freehold 2 2012 3 Office complex 237.1
Ara Damansara
+ The age of building is in respect of the office building, mill and plant

Strategic Report
Location Tenure (Hectares) acquisition (Years) Description (RM million)
GENERAL (continued)
Indonesia
The Plaza Office Tower Lt 36, Leasehold 2004-2008 3-10 3 floors of a 4.5
Jakarta expiring 45-storey office
2033 building
Plantation Properties - General 2 241.6
Total Plantation Properties 995,651 13,738.8
Financial Reports
INDUSTRIAL PROPERTIES
Malaysia
Perak Darul Ridzuan

Jalan Lahat, Bukit Leasehold 3 1982-1996 35 Single storey office 1.4
Merah, Ipoh expiring building, factory,
Other Information
2036-2056 workshop and
warehouse
Pahang Darul Makmur

Semambu Industrial Leasehold 3 1982 35 2 blocks of 3.0
Estate, Kuantan expiring single-storey office
2041 building with
detached factory,
workshop and
warehouse

Kompleks Kejuruteraan, Freehold 14 1993 17 5-storey 62.1
Jalan Puchong, Taman commercial office,
Perindustrian Puchong training centre,
Utama, Puchong workshop and
warehouse
Johor Darul Takzim

Jalan Skudai, Johor Freehold * 2014 2 2-storey office 0.4
Bahru building,
warehouse and
workshop
Sabah
Jalan Apas, Tawau, Leasehold 4 1982 35 2-storey office 2.0
Jalan Labuk, Sandakan, expiring building, training
Tuaran Road, Kota Kinabalu 2025-2925 centres, workshop
and warehouse
* Less than one hectare

As at 30 June 2015

INDUSTRIAL PROPERTIES (continued)
Sarawak
Jalan Piasau, Miri, Leasehold 4 1982-1986 15-35 Office buildings 7.2
Kidurong Light Industrial expiring detached with
Estate, Bintulu, Lorong 2028-2060 factory, workshop
Then Kung Suk, Sibu and warehouse
Industrial Properties Malaysia 28 76.1
Overseas
Singapore
Benoi Sector Leasehold 7 2004 44 3-storey office 21.4
expiring building,
2032 warehouse and
workshop
Brunei
Beribi Industrial Leasehold * 2003 12 Office, service 0.1
Estate, Bandar Seri expiring centre and
Begawan 2019 warehouse
China
Changsha Economic Leasehold 2 2013 Industrial land 8.4
Technological Development expiring
Area, Changsha, Hunan 2063
Ji Mei District, Xiamen, Leasehold 1 2012-2015 1 3-storey office 17.5
Fujian expiring buildings,
2062 warehouse and
workshop
Nanchang, Jiang Xi Leasehold 1 2008-2009 4 3-storey office 7.6
expiring building,
2059 warehouse and
workshop
Nanning, Guangxi Leasehold 3 2014 Industrial land 7.7
expiring
2064
Shunde, Foshan, Leasehold 2 1996-2011 4-18 2 blocks of 13.1
Guangdong expiring 4-storey and
2045 2-storey office
buildings,
warehouse and
workshop
Yifu Garden, Dongguan, Leasehold 2014 2 Staff quarters 0.5
Guangdong expiring
2072

Strategic Report
China (continued)
Urumqi, Xinjiang Leasehold 4 2010-2012 3 Office building, 31.4
expiring warehouse and
Financial Reports
2060 workshop
Hong Kong
Yuen Long Industrial Leasehold 2 1993-1995 20 2-storey office 7.5
Estate, Yuen Long expiring building,
District 2047 warehouse and
workshop
Australia
Other Information
Northern Territory
Alice Springs Facility and Freehold 8 1992-2011 11-48 Single-storey 25.3
Darwin Facility office buildings,
warehouse and
workshops
Gove Facility, Leasehold 6 2006 9 Single-storey 0.3
Traeger Close expiring commercial offices,
2053 workshop and
warehouse
Queensland
Archerfield Facility, Freehold 22 1992-2012 6-69 Single-storey 229.8
Kerry Road, Archerfield, and 2-storey
Bellrick Street, Beaudesert commercial offices,
Road, Acacia Ridge, warehouses and
Brisbane workshops
Boundary Road, Freehold 1 2010 5 2 blocks of 17.4
Richlands, Brisbane 2-storey and
single-storey
office buildings,
warehouse and
workshop
Bowhill Road, Willawong, Freehold 21 2012-2014 Industrial land 114.3
Brisbane
Cairns Facility, Freehold 1 1992-2008 35 Single-storey 16.1
Kenny Street, Comport St, Perpetual * commercial office,
Portsmith, Cairns lease workshop and
warehouse
Emerald Facility, Archer Freehold 13 1992-2013 1-41 Single-storey 9.3
Drive, Alstonia Drive, commercial offices,
Buckland Street workshop and staff
hostels

As at 30 June 2015

Australia (continued)
Queensland (continued)
Fairfield Road, Yeerongpilly, Leasehold 2 2011 29-34 8-storey 1.7
Brisbane expiring commercial office
2015 and warehouse
Fienta Place, Darra, Leasehold * 2012 19 Warehouse 0.5
Brisbane expiring
2015
Gladstone Facility, Leasehold * 2006-2009 6-9 3 blocks of single- 0.4
Callemondah expiring storey, commercial
2015 offices, warehouses
and workshops
Mackay Facility, Freehold 43 1992-2013 5-33 2-storey 388.1
Farrellys Lane, Connors Leasehold 4 commercial offices,
Road, Broadsound Road, expiring training facilities,
Commercial Avenue, 2016-2018 workshops and
Mackay warehouses
Mt Isa Facility, Freehold 5 1992-2011 37 Single-storey 25.7
Kolongo Crescent commercial office,
Kalkadoon, Mt Isa workshop and
warehouse
Rockhampton Facility, Freehold 35 1992-2012 33-41 13 blocks of 119.0
Port Curtis Road, single-storey
Leasehold 2
Richardson Road, commercial
expiring
Rockhampton office, workshop,
2016
warehouse and
training facility
Toowoomba Facility, Freehold 5 1992-2012 15-43 Single-store 52.3
Carrington Road, commercial offices,
Torrington workshop and
warehouse
Townsville Facility, Freehold 2 1992 41 2-storey 26.3
Corner Woolcock Street commercial offices,
& Blakey Street, Garbutt, workshop and
Townsville warehouse
New Caledonia
Canala, Kouaoua Freehold 2 2000-2004 21 Commercial 0.1
office, workshop
and warehouse and
residential dwelling
Lot 1 & 2 Freehold 2 2010 Office building, 77.8
Lotissement ZICO II, Paita workshop,
warehouse and
operational bay
under construction

Strategic Report
New Caledonia (continued)

Paagoumene, Freehold * 2012 4 Workshop and 0.2
Koumac warehouse
Financial Reports
Rue Gervolino, Leasehold * 2005-2007 8-10 Commercial 0.2
Nepoui expiring office, workshop
2015-2017 and warehouse
Papua New Guinea

Port Moresby Facility, Perpetual * 1992-2013 23-63 2-storey and 33.2
Spring Garden Road, lease single-storey office
Moresby, Lae Facility, Leasehold 18 buildings, sales
Corner Milford Street & expiring service and parts
Other Information
Malaita Street, Lae, Tabubil 2016-2094 facility, and staff
Facility, Batch Street hostels
Solomon Islands
Honiara Facility, Leasehold 3 1992 31 Office, industrial 0.2
Guadalcanal Island, expiring building, warehouse
Panatina Village, Honiara 2091 and 2-storey staff
hostels
Industrial Properties - Overseas 217 1,253.4
Total Industrial Properties 245 1,329.5
MOTORS PROPERTIES
Malaysia
Kedah Darul Aman

Padang Meha, Kulim Freehold 78 2004 18 Assembly plant 89.2

Temasya Industrial Park, Freehold * 2004-2006 12-14 3-storey office 14.8
Shah Alam building and
showroom, 3-storey
semi detached
light industrial
office building and
showroom
Autocity, Ara Damansara Freehold 9 2014-2015 Office building and 116.0
showroom under
construction

As at 30 June 2015

MOTORS PROPERTIES (continued)
Kuala Lumpur
193-195, Jalan Klang Lama Leasehold * 2015 1 2-storey office 8.3
expiring building, showroom
2026 and workshop
362, Jalan Tun Razak Freehold * 2010 8 4-storey 4S service 49.4
centre and
workshop
Sabah
Sedco Industrial Leasehold 2 2003 12 Single-storey 3.1
Estate, Jalan Limau Manis, expiring showroom and
Off Jalan Lintas, Kota 2034 service centre
Kinabalu
Motors Properties - Malaysia 89 280.8
Overseas
Singapore
303 & 305 Alexandra Road Leasehold 9 2002-2005 7-9 6-storey 4S 229.4
expiring showroom,
2047-2057 service centre and
workshop
Benoi Sector Leasehold 1 1983 31 Pre-delivery
expiring inspection centre,
2032 workshop and
office
Kampung Arang Leasehold * 1982 46 2-storey service 11.9
Road expiring centre and
2034 workshop
Ubi Road 4 Leasehold * 1997 23 4-storey 3S 13.2
expiring showrooms, offices,
2020 pre-delivery
inspection centre,
workshop and rent
to external tenants
Thailand
Anusawaree, Freehold * 2002-2014 1-15 3S showroom, 56.5
Charan Sanit Wong Leasehold 9 workshops and
Road, Charoen Nakhon expiring offices
Road, Ladkrabang Road, 2017-2034
Minburi, Paknam, Paradise
Road, Phetkasem Road,
Saphansoong, Srinakarin
Road, Suksawat Road

Strategic Report
China
Yingbin Road, Panyu, Leasehold 3 1999-2010 5-17 2-storey and single- 4.2
Daguang Nan Road, Tianhe, expiring storey 4S centre
Financial Reports
Guangzhou 2020-2032
Hai Yu Zhong Leasehold 2 2000-2004 9-20 2-storey 4S centre 13.2
Xian Road, Nanhai Road, expiring
Haikou District, Hainan 2059-2070
Tianshan Road, Leasehold * 2002 11 2-storey 4S centre 3.6
Shantou, Guangdong expiring
2022
Shen Nan Road, Leasehold 1 1994-2004 11-20 2-storey and 8-storey 15.1
Yue Liang Wan expiring 4S centre
Other Information
Road, Nanshan District, 2042
Shenzhen
Hongqiao land, Leasehold 2 2010 5 3-storey 4S centre 15.1
East 3rd Ring, Yunnan expiring
2027
Jinke Nan Road, Leasehold 1 2008-2011 4-7 7-storey 4S 81.9
Jin Niu District, Chengdu, expiring showrooms,
Sichuan 2052 service centres and
workshops
West of Houzishi Leasehold 1 2011 4 2-storey 4S centre 15.8
Bridge, Yue Lu District, expiring
Changsha 2028
Hong Kong and Macau

2 - 4 Floor, Kailey Leasehold 1989 24 3 floors of a 10.5
Industrial Centre, Fung Yip expiring 20-storey office
Street, Chai Wan 2047 building and service
centre
3 & 4 Floor, Topsail Leasehold 1992 20 2 floors of a 56.5
Plaza, 11 on Sum Street, expiring 16-storey office
Shatin 2047 building and service
centre
Castle Peak Road, Leasehold * 1972 43 6-storey 4S service 6.8
Tsuen Wan, New Territory expiring centre
2047
Matauwei Road, Leasehold * 1978 52 11-storey service 19.3
Tokwawan, Kowloon expiring centre, showroom
2035 and petrol filling
station
Oriental Centre Leasehold 1993 39 2 floors of an 11.6
67 71 Chatnam Road, expiring 18-storey building
Kowloon 2038 with showroom and
service centre

As at 30 June 2015

Hong Kong and Macau (continued)

3719D, 3719E, Leasehold 4 1984 109 4 separate plots 2.2
3719F6, 3719I & 3723F, expiring of land for pre-
Yuen Long District 2047 delivery inspection/
commercial repair/
storage
120-158 Rua dos Leasehold * 1977 39 5-storey building 0.1
Pescadores, Macau expiring with showroom and
2016 service centre
Australia
Church Street, Granville, Freehold * 2015 16 Single-storey office 44.7
New South Wales showroom and
workshop
Littlefield St, Fortitude Freehold/ 2 2008-2014 7-35 Single-storey and 179.2
Valley, Monier Road, Leasehold * two-storey offices,
Queensland expiring showrooms and
2016 workshops
Orkney Road, Karratha, Freehold * 2007 31 Single-storey office 1.5
Western Australia and workshop
New Zealand
Malden Street, Palmerston Freehold 3 2005 12-46 Workshops, office 16.5
North and central parts
warehouse
Great South Road, Freehold 3 1998-2014 3-54 Workshop, central 21.8
Maranui Avenue, Silverfield Leasehold 13 parts warehouse
Street, Auckland expiring and warranty
2015-2026 processing centre
Wairau Road, Wairau Valley Freehold 1 2014 Land held for 23.2
development of
single-storey 3S
service centre
Vietnam
Tan Phu Ward, Duc Giang Leasehold * 2013 2-7 3-storey offices, 25.9
Ward expiring showroom,
2021-2027 workshop and
warehouse
Motors Properties - Overseas 55 879.7
Total Motors Properties 144 1,160.5

Strategic Report
Remaining Net book
land area Year of value
Location Tenure (Hectares) acquisition Description (RM million)
DEVELOPMENT PROPERTIES
Malaysia
Kedah Darul Aman

Jerai, Bukit Selarong, Taman Freehold 437 2007 Land held for property 38.4
Sg. Dingin development

Bandar Bukit Raja, Kapar, Klang Freehold 1,104 2008 Land held for property 53.7
Financial Reports
development
Bukit Lagong and Lagong Mas, Freehold 629 2009 Land held for property 37.2
Rawang development
Bukit Subang 1, Shah Alam Freehold * 2008 Land held for property 15.2
development
Elmina Estate, Sungai Buloh Freehold 569 1985 Land held for property 14.8
development
Glengowrie, Jalan Acob, Freehold 321 1907-1995 Land held for property 18.9
New Lunderston and Semenyih development
Other Information
Melawati Development, Freehold 17 1978 Land held for property 24.1
Hulu Kelang development
Sungai Kapar Indah, Klang Freehold 4 1985 Land held for property 2.5
development
Subang Jaya City Centre, Freehold 10 1964-2013 Land held for property 47.6
Subang Jaya development
Taman Subang Ria Leasehold 29 2007 Land held for property
expiring 2087 development
Jalan Kewajipan, Subang Jaya Freehold 14 1992 Land held for property 11.8
development
Putra Heights, Subang Jaya Freehold 46 1992 Land held for property 20.1
development
Serenia City, Sepang Freehold 297 2008 Land held for property 2.7
development
USJ Heights, Subang Jaya Freehold 2 1995 Land held for property 6.4
development
Kuala Lumpur
KLGCC, Bukit Kiara Leasehold 53 1991 Land held for property 411.1

Hamilton, New Labu, and Freehold 224 1995 Land held for property 17.5
Sungai Sekah, Nilai development
Labu, Rasah, Sua Betong, Freehold 226 1995-2012 Land held for property 17.1
Taman Sengkang development
Rasah, Seremban Leasehold 3 1995 Land held for property 0.3
Nilai Impian / Utama, Nilai Freehold 122 1992-1996 Land held for property 7.6
development

As at 30 June 2015
Remaining Net book

land area Year of value
Location Tenure (Hectares) acquisition Description (RM million)
DEVELOPMENT PROPERTIES (continued)
Johor Darul Takzim

Taman Pasir Putih, Pasir Gudang Freehold 8 1984 Land held for property
development
Lanadron Estate, Muar Leasehold 1,172 1994-2015 Land held for property 19.9
Sabah
Imam and Mostyn Estate, Tawau Leasehold 16 2006 Land held for property 0.3
expiring development
2050-2058
Total Development Properties 5,303 767.2

INVESTMENT AND HOSPITALITY PROPERTIES
Malaysia
Kedah Darul Aman

Harvard Golf & Freehold 1,559 1984-2012 17-19 Golf course, club 25.9
Country Club and house and hotel
Hotel, Bedong
Pulau Pinang
Penang House Freehold * 2007 94 Holiday bungalow 1.6
Reef Apartment, Freehold 1989 26 2 units of 0.9
Batu Ferringhi apartments
Pahang Darul Makmur

Genting View Freehold 22 1999 20-24 Hotel resort and 17.8
Resort, Genting apartments
Highlands
Frasers Hill / Cameron Leasehold 2 1982 28-86 Holiday bungalows 1.1
Highlands expiring
2026-2082

Block F and G Oasis, Freehold 1 2012 4 2 blocks of 233.6
Ara Damansara, 10-storey office
Petaling Jaya building and
2-storey carpark
Bayuemas Oval Freehold 17 2007 8-11 Cricket club and 30.7
and Akademi Tunku lawn bowl
Jaafar, Kota Bayuemas

Strategic Report
INVESTMENT AND HOSPITALITY PROPERTIES (continued)
Selangor Darul Ehsan (continued)

Elmina East, Sungai Freehold 3 2015 1 Sales gallery 15.0
Buloh
Impian Golf & Freehold 60 2007-2009 20 18-hole golf 56.7
Country Club, Kajang course and resort
Jalan Astaka, Shah Freehold * 2005 10 3 units of shoplot 3.5
Alam
Financial Reports
Oasis Gallery, Freehold 2 2007 8 Sales gallery 8.1
Ara Damansara
Sime Darby Pavillion, Freehold * 1998 7 3-storey office 13.9
Shah Alam building
Saujana Impian, Kajang Freehold * 2015 1 Sales office and 0.1
sales gallery
Tropika Paradise, Freehold 2012 15 Apartments 0.7
Subang Jaya
Wisma Zuellig, Jalan Leasehold 1 2000 22 Office building 15.2
Other Information
Bersatu, Petaling Jaya expiring 2059
Wisma LJT, Pusat Freehold * 2007 8 Carpark and 6.2
Bandar Melawati Leasehold township site
expiring 2016 office
Kuala Lumpur
Kuala Lumpur Leasehold 114 1991-2009 3-22 Two 18-hole 268.6
Golf & Country Club, expiring 2111 golf courses and
Bukit Kiara clubhouse
KL East, Melawati Freehold * 2015 1 Sales gallery 12.9
Serini, Taman Melawati Leasehold * 2015 1 Sales gallery 2.2
expiring 2018
Sime Darby Leasehold 7 2006 10 Convention centre 143.9
Convention Centre, expiring
Bukit Kiara 2090-2111
Wisma Guthrie, Freehold * 1973 42 4-storey office 10.5
Jalan Gelenggang, building
Damansara Heights

Planters Haven Freehold * 2008 8 Club house 12.1
Clubhouse
Port Dickson Freehold 3 2007 21-57 Holiday bungalows 2.1
Leasehold *
expiring 2072
Melaka
Hotel Equatorial, Leasehold * 1998 17 5-star 22-storey 81.4
Bandar Hilir expiring international
2072-2075 business hotel

As at 30 June 2015

Johor
Taman Pasir Putih Freehold * 2014 3 Sales gallery 2.7
Sabah
Marina Court, Freehold 2006 9 Apartment 0.7
Kota Kinabalu
Investment and Hospitality
Properties Malaysia 1,791 968.1
Overseas
Singapore
Sime Darby Centre, Leasehold 1 1984 31 5-storey 142.4
Dunearn Road expiring 2878 commercial
building
Darby Park Executive Leasehold * 1992-1993 22 75-units of luxury 72.8
Suites, Orange Grove expiring 2092 apartment
Road
Orion, Orange Grove Freehold 2008 7 2 units of 10.2
Road apartment
Sime Darby Business Leasehold * 1991 22 5-storey light 59.1
Centre, Alexandra expiring 2055 industrial
Road building
Sime Darby Leasehold * 2002 9 8-storey light 19.3
Enterprise Centre, expiring 2061 industrial
Jalan Kilang building
Vietnam
Rangdong Orange Leasehold * 1995 18 69 units of 8.6
Court, Le Quy Don, expiring 2030 service
Vung Tau apartment
United Kingdom
Dundee Street, Freehold 2010 20 4-storey office 48.0
Edinburgh building
St Johns Wood Leasehold 1996-2009 96-107 2 units of 4.2
Court, Wynnstay expiring apartment
Gardens 2109-2966
Australia
Darby Park Serviced Freehold 1 2003 11 8 units service 3.1
Residences, Margaret apartment
River, Western
Australia
Darby Park Serviced Freehold * 2001 21 Service 1.3
Residences, Subiaco, apartments
Western Australia

Strategic Report
Australia (continued)
Karri Valley Resort, Freehold 116 2000 28 Chalet and 9.9
Vasse Highway, lakeside
Pemberton, Western residential units
Australia
Serenity Shores, Freehold * 2009 5 Residential 1.7
Queensland properties
Financial Reports
Investment and Hospitality
Properties - Overseas 118 380.6
Total Investment and Hospitality
Properties 1,909 1,348.7
ENERGY & UTILITIES PROPERTIES
Malaysia
Other Information
Jalan 225, Petaling Leasehold * 1983 33 Industrial land 1.6
Jaya expiring 2074 and building
Jalan Tandang, Leasehold 15 1985-1994 22-52 Industrial land 56.7
Petaling Jaya expiring and building
2065-2066
Energy & Utilities Properties - Malaysia 15 58.3
Overseas
Singapore
Jurong Pier Leasehold 2 1978 7 Workshop and 2.9
expiring 2025 office
China
Jining City, Shandong Leasehold 83 2009-2015 1-6 Jining Ports wharf, 299.4
expiring warehouse and
2019-2064 office
1 Binhai Economic Leasehold 31 2005-2011 4-13 Reservoir, water 79.0
Development Zone, expiring treatment
Shandong 2035-2060 plant and office
building
Weifang City, Leasehold 2005-2008 11 6 units of 1.8
Shandong expiring 2055 apartment
Yanzi Town, Weifang Leasehold 475 2005-2015 1-10 Port, warehouse 748.0
Port, Shandong expiring and office
2055 - 2064
Energy & Utilities Properties - Overseas 591 1,131.1
Total Energy & Utilities Properties 606 1,189.4
TOTAL GROUP PROPERTIES 1,003,858 19,534.1

NOTICE TO SHAREHOLDERS UNDER THE
PERSONAL DATA PROTECTION ACT 2010
Sime Darby Berhad (Sime Darby or we or us or our) The processing, disclosure, dissemination and/or transfer
strives to protect your personal data in accordance with of your personal data by us and/or the Group and/or third
the Personal Data Protection Act 2010 (the Act). The Act party organisations or persons may result in your personal
was passed by the Malaysian Government to regulate the data being transferred outside of Malaysia.
processing of personal data. To comply with the Act, we
are required to manage the personal data that we collect To this end, we are committed in ensuring the
from you relating to your shareholding in Sime Darby. confidentiality, protection, security and accuracy of your
personal data made available to us. It is your obligation to
The purposes for which your personal data may be used ensure that all personal data submitted to us and retained
are, but not limited to: by us are accurate, not misleading, updated and complete
in all aspects. For the avoidance of doubt, we and/or
+PVGTPCNTGEQTFMGGRKPIKPENWFKPIDWVPQVNKOKVGFVQVJG the Group and/or our or their employees or authorised
registration and management of your shareholding in officers or agents will not be responsible for any personal
Sime Darby data submitted by you to us that is inaccurate, misleading,
6QRTQXKFGUGTXKEGUVQ[QW not up to date and incomplete.
6QEQOOWPKECVGYKVJ[QWCUCUJCTGJQNFGTQH5KOG&CTD[
6QDGVVGTWPFGTUVCPF[QWTPGGFUCUQWTUJCTGJQNFGT Further, we may request your assistance to procure the
(QTUGEWTKV[CPFHTCWFRTGXGPVKQPRWTRQUGU consent of third parties whose personal data is made
(QTVJGRWTRQUGUQHUVCVKUVKECNCPCN[UKUQHFCVC available by you to us and you hereby agree to use your
(QTOCTMGVKPICEVKXKVKGU best endeavours to do so.
(QTVJGRWTRQUGUQHQWTEQTRQTCVGIQXGTPCPEG
6QUGPF[QWGXGPVKPXKVCVKQPUDCUGFQPUGNGEVKXGGXGPVU You may at any time after the submission of your personal
6Q EQORN[ YKVJ CP[ NGICN UVCVWVQT[ CPFQT TGIWNCVQT[ data to us, request for information relating to your
requirements personal data by contacting our share registrar Tricor
(QTVJGRWTRQUGUQHKPENWUKQPKPOGFKCGPICIGOGPVUCPF Investor Services Sdn Bhd if you wish to enquire about any
or any relevant or related events aspects of share registration matters:
(QT VJG RWTRQUGU QH WU RTGRCTKPI IWGUV KPXKVCVKQPU
registration and/or sign-ups for our events Tricor Investor Services Sdn Bhd
(QTVJGRWTRQUGUQHRTKPVGFCPFQPNKPGRWDNKECVKQPU Unit 32-01, Level 32, Tower A,
(collectively, the Purposes). Avenue 3, Bangsar South,
Your personal data is or will be collected from information 59200 Kuala Lumpur,
provided by you, including but not limited to, postal, Malaysia
fax, telephone, and email communications with or from
you, and information provided by third parties, including Attention : Ms Lim Lay Kiow, Senior Manager
but not limited to, Bursa Malaysia Securities Berhad and Telephone : 03-2783 9299
any other stock exchange, and your stockbrokers and Email : lay.kiow.lim@my.tricorglobal.com
remisiers.
In addition, you may request for access to your personal
You may be required to supply us with your name, NRIC data by contacting your broker or alternatively Tricor
No., correspondence address, telephone number, Investor Services Sdn Bhd as per the above if:
facsimile number, and email address.
[QWTGSWKTGCEEGUUVQCPFQTYKUJVQOCMGEQTTGEVKQPU
If you fail to supply us with such personal data, we may not to your personal data subject to compliance of such
be able to process and/or disclose your personal data for request for access or correction not being refused
any of the Purposes. under the provisions of the Act and/or existing laws; or
[QWYKUJVQGPSWKTGCDQWV[QWTRGTUQPCNFCVC
Please be informed that your personal data may be
disclosed, disseminated and/or transferred to companies Any personal data retained by us shall be destroyed and/
within the Sime Darby Group (including the holding or deleted from our records and system in accordance with
company, subsidiaries, related and affiliated companies, our retention policy in the event such data is no longer
both local and international), whether present or required for the said Purposes.
future (collectively, the Group) or to any third party
organisations or persons for the purpose of fulfilling We trust that you will consent to the processing of your
our obligations to you in respect of the Purposes and all personal data and that you declare that you have read,
such other purposes that are related to the Purposes and understood and accepted the statements and terms
also in providing integrated services, maintaining and herein.
storing records including but not limited to the share
registrar(s) appointed by us to manage the registration of
shareholders.

NOTIS KEPADA PEMEGANG SAHAM DI BAWAH
Strategic Report
AKTA PERLINDUNGAN DATA PERIBADI 2010
Sime Darby Berhad (Sime Darby atau kami) bermatlamat pendaftar saham yang dilantik oleh kami untuk menguruskan
untuk melindungi data peribadi anda selaras dengan Akta pendaftaran pemegang saham.
Perlindungan Data Peribadi 2010 (Akta). Akta tersebut
telah diluluskan oleh Kerajaan Malaysia untuk mengawal selia Pemprosesan, penzahiran, penyebaran dan/atau pemindahan
pemprosesan data peribadi. Bagi mematuhi Akta tersebut, data peribadi anda oleh kami dan/atau Kumpulan dan/atau
kami dikehendaki untuk menguruskan data peribadi yang organisasi atau individu pihak ketiga mungkin mengakibatkan
kami kumpulkan daripada anda berkenaan dengan pegangan data peribadi anda dipindah ke luar Malaysia.
saham anda di Sime Darby.
Untuk tujuan ini, kami komited dalam memastikan penyulitan,
Maksud penggunaan data peribadi anda adalah untuk, tetapi perlindungan, keselamatan dan ketepatan data peribadi
tidak terhad kepada: anda yang diberikan kepada kami. Adalah tanggungjawab
anda untuk memastikan bahawa semua data peribadi yang
2GP[KORCPCPTGMQFFCNCOCPVGTOCUWMVGVCRKVKFCMVGTJCF diberikan kepada kami dan disimpan oleh kami adalah tepat,
kepada pendaftaran dan pengurusan pegangan saham tidak mengelirukan, terkini dan lengkap dalam semua aspek.
anda di Sime Darby Bagi mengelakkan keraguan, kami dan/atau Kumpulan dan/
Financial Reports
7PVWMOGODGTKMCPRGTMJKFOCVCPMGRCFCCPFC atau pekerja atau pegawai yang diberi kuasa atau ejen kami
7PVWM DGTMQOWPKMCUK FGPICP CPFC UGDCICK RGOGICPI atau Kumpulan tidak akan bertanggungjawab untuk apa-apa
saham Sime Darby data peribadi yang diberikan oleh anda kepada kami yang
7PVWMNGDKJOGOCJCOKMGRGTNWCPCPFCUGDCICKRGOGICPI tidak tepat, mengelirukan, bukan terkini dan tidak lengkap.
saham kami
$CIK OCMUWFOCMUWF MGUGNCOCVCP FCP RGPEGICJCP Selanjutnya, kami boleh meminta bantuan anda untuk
penipuan memperolehi persetujuan pihak ketiga yang data peribadinya
$CIKOCMUWFCPCNKUKUUVCVKUVKMFCVC telah diberikan oleh anda kepada kami dan anda dengan ini
7PVWMCMVKXKVKRGOCUCTCP bersetuju untuk menggunakan usaha terbaik anda untuk
$CIKOCMUWFVCFDKTWTWUMQTRQTCVMCOK berbuat demikian.
Other Information
7PVWM OGPIJCPVCT LGORWVCP CECTC DGTFCUCTMCP CECTC
acara terpilih Anda boleh pada bila-bila masa selepas penyerahan data
7PVWM OGOCVWJK CRCCRC MGJGPFCMMGJGPFCM FK UKUK peribadi anda kepada kami, meminta untuk mengakses data
undang-undang, statutori, dan peraturan peribadi anda dengan menghubungi pendaftar saham kami
$CIK OCMUWF RGP[GTVCCP FCNCO RGPINKDCVCP OGFKC FCP Tricor Investor Services Sdn Bhd jika anda ingin membuat
atau apa-apa acara-acara relevan atau berkaitan sebarang pertanyaan berkenaan dengan aspek-aspek
$CIK OCMUWF MCOK OGP[GFKCMCP LGORWVCP VGVCOW pendaftaran saham:
pendaftaran dan/atau kemasukan untuk acara-acara kami
$CIK OCMUWF RGPGTDKVCP DGTEGVCM FCP RGPGTDKVCP FCNCO Tricor Investor Services Sdn Bhd
talian kami Unit 32-01, Level 32, Tower A,
(secara kolektif, Tujuan-Tujuan tersebut). Avenue 3, Bangsar South,
Data peribadi anda sedang atau akan dikumpul daripada 59200 Kuala Lumpur,
maklumat yang diberikan oleh anda, termasuk tetapi tidak Malaysia
terhad kepada, komunikasi-komunikasi pos, faks, telefon,
dan emel dengan atau daripada anda, dan maklumat yang Untuk perhatian : Cik Lim Lay Kiow, Pengurus Kanan
diberikan oleh pihak ketiga, termasuk tetapi tidak terhad Telefon : 03-2783 9299
kepada, Bursa Malaysia Securities Berhad dan apa-apa bursa Emel : lay.kiow.lim@my.tricorglobal.com
saham lain, dan broker saham dan remisier anda.
Anda juga boleh membuat permintaan untuk mengakses
Anda mungkin diperlukan untuk memberikan kepada kami data peribadi anda dengan menghubungi broker anda atau
nama, No. kad pengenalan, alamat surat-menyurat, nombor secara alternatif Tricor Investor Services Sdn Bhd seperti yang
telefon, nombor faks, dan alamat emel anda. tersebut di atas jika:
Jika anda gagal untuk memberikan kami data peribadi CPFC OGOGTNWMCP CMUGU MGRCFC FCPCVCW KPIKP OGODWCV
tersebut, kami mungkin tidak dapat memproses dan/atau pembetulan kepada data peribadi anda, tertakluk kepada
menzahirkan data peribadi anda bagi mana-mana Tujuan- pematuhan permintaan untuk akses atau pembetulan itu
Tujuan tersebut. tidak ditolak di bawah peruntukan Akta tersebut dan/atau
undang-undang yang sedia ada; atau
Sila maklum bahawa data peribadi anda boleh dizahirkan, CPFC KPIKP OGODWCV RGTVCP[CCP OGPIGPCK FCVC RGTKDCFK
disebarkan dan/atau dipindahkan kepada syarikat-syarikat anda;
di dalam Kumpulan Sime Darby (termasuk syarikat induk,
anak-anak syarikat, syarikat-syarikat berkaitan dan bersekutu Apa-apa data peribadi yang dikekalkan oleh kami akan
tempatan dan antarabangsa), samada pada masa kini atau dimusnahkan dan/atau dipadamkan daripada rekod dan
masa hadapan (secara kolektif, Kumpulan), atau kepada sistem kami megikut polisi penyimpanan kami sekiranya data
mana-mana organisasi atau individu pihak ketiga bagi maksud tersebut tidak lagi diperlukan bagi Tujuan-Tujuan tersebut.
memenuhi tanggungjawab kami kepada anda berkenaan
dengan Tujuan-Tujuan tersebut dan bagi semua maksud lain Kami percaya bahawa anda akan bersetuju kepada
yang berkaitan dengan Tujuan-Tujuan tersebut dan juga pemprosesan data peribadi anda dan anda mengakui bahawa
untuk memberikan perkhidmatan-perkhidmatan bersepadu, anda telah membaca, memahami dan menerima pernyataan-
menyelenggara dan menyimpan rekod-rekod termasuk pernyataan dan terma-terma dalam sini.
tetapi tidak terhad kepada pendaftar saham atau pendaftar-

COMPLIANCE WITH THE PRINCIPLES AND
RECOMMENDATIONS OF THE MALAYSIAN
CODE ON CORPORATE GOVERNANCE 2012
The table below sets out the compliance of Sime Darby Berhad with the Malaysian Code on Corporate Governance 2012 in respect of
FY2015.
Status of
Principle/Recommendation Remarks Page
Compliance
Principle 1 - Establish Clear Roles and Responsibilities
1.1 The Board should establish clear functions
reserved for the Board and those delegated to Complied 141-142
management
1.2 The Board should establish clear roles and
responsibilities in discharging its fiduciary and Complied 138-141
leadership functions
1.3 The Board should formalise ethical standards
through a code of conduct and ensure its Complied 143-144
compliance
1.4 The Board should ensure that the Companys
Complied 170-173
strategies promote sustainability
1.5 The Board should have procedures to allow its
Complied 151-152
members access to information and advice
1.6 The Board should ensure it is supported by a
suitably qualified and competent company Complied 143
secretary
1.7 The Board should formalise, periodically review
Complied 138
and make public its Board Charter
Principle 2 - Strengthen Composition
2.1 The Board should establish a Nominating
Committee which should comprise exclusively of
Complied 140, 166
non-executive directors, a majority of whom must
be independent
2.2 The Nominating Committee should develop, 147-148
maintain and review the criteria to be used in the
Complied 156-157
recruitment process and annual assessment of
167-168
Directors
2.3 The Board should establish formal and
transparent remuneration policies and procedures Complied 149-151
to attract and retain Directors
Principle 3 - Reinforce Independence
3.1 The Board should undertake an assessment of
Complied 147, 168
its Independent Directors annually
3.2 The tenure of an Independent Director should
not exceed a cumulative term of 9 years. Upon
completion of the 9 years, an Independent
Complied 147,168
Director may continue to serve on the Board
subject to the Directors re-designation as a Non-
Independent Director
3.3 The Board must justify and seek shareholders None of the Independent Directors have
approval in the event it retains as an Independent served on the Board for more than nine (9)
Not applicable 146-147
Director, a person who has served in that capacity years.
for more than 9 years
3.4 The positions of Chairman and Chief Executive
Officer should be held by different individuals, 127,131,
and the Chairman must be a Non-Executive Complied
140
member of the Board
3.5 The Board must comprise a majority of The Chairman of the Board is an
Independent Directors where the Chairman of the Not applicable Independent Director. 127
Board is not an Independent Director

Strategic Report
Status of
Principle/Recommendation Remarks Page
Compliance
Principle 4 - Foster Commitment
4.1 The Board should set out expectations on time
commitment for its members and protocols for Complied 148
accepting new directorships
4.2 The Board should ensure its members have access
Complied 152-155
to appropriate continuing education programmes
Financial Reports
Principle 5 - Uphold Integrity in Financial Reporting
5.1 The Audit Committee should ensure financial
statements comply with applicable financial Complied 160-161
reporting standards
5.2 The Audit Committee should have policies
and procedures to assess the suitability and Complied 161-162
independence of External Auditors
Principle 6 - Recognise and Manage Risks
6.1 The Board should establish a sound framework to Details of the Group Risk Management
Other Information
manage risks Framework are contained in the Statement
Complied 174-175
of Risk Management and Internal Control
on page 177
6.2 The Board should establish an internal audit
functions which reports directly to the Audit Complied 126-164
Committee
Principle 7 - Ensure Timely and High Quality Disclosure
7.1 The Board should ensure the Company has
appropriate corporate disclosure policies and Complied 157
procedures
7.2 The board should encourage the company to
leverage on information technology for effective Complied 157
dissemination of information
Principle 8 - Strengthen Relationship between Company and Shareholders
8.1 The Board should take reasonable steps to
encourage shareholder participation at general Complied 158
meetings
8.2 The Board should encourage poll voting Complied 158
8.3 The Board should promote effective
communication and proactive engagements with Complied 158
shareholders

UNITED NATIONS GLOBAL COMPACT
(UNGC) COMMUNICATION ON PROGRESS
Financial Year 1 July 2014 30 June 2015

Sime Darby Annual Report 2015 describes the Groups performance against the UNGCs Ten Principles. The following
table details the relevant report sections to support each Principle
Page
Core Value Principle Relevant Sections References
Human Rights Principle 1: Businesses should respect the /CPCIKPIQWT/CVGTKCN+UUWGU 22
protection of internationally proclaimed 2GQRNG(WPFCOGPVCN4KIJVU 54
human rights; and
Principle 2: Make sure that they are not

complicit in human rights abuses.
Labour Principle 3: Businesses should uphold the /CPCIKPIQWT/CVGTKCN+UUWGU 22

freedom of association and the effective 2GQRNG(WPFCOGPVCN4KIJVU 54
recognition of the right to collective
bargaining;
Principle 4: the elimination of all forms of

forced and compulsory labour;
Principle 5: the effective abolition of child
labour; and
Principle 6: the elimination of discrimination

in respect of employment and occupation.
Environment Principle 7: Businesses should support a /CPCIKPIQWT/CVGTKCN+UUWGU 22

precautionary approach to environmental )TQWR%CTDQP/CPCIGOGPV4GXKGY 60
challenges; &KXKUKQPCN1RGTCVKQPU4GXKGY 69
Principle 8: undertake initiatives

to promote greater environmental
responsibility; and
Principle 9: encourage the development

and diffusion of environmentally friendly
technologies.
Anti- Principle 10: Businesses should work /CPCIKPIQWT/CVGTKCN+UUWGU 22

corruption against corruption in all its forms, including %QTRQTCVG)QXGTPCPEG 122
extortion and bribery. %QFGQH$WUKPGUU%QPFWEVCPF 143
Compliance

GLOBAL REPORTING INITIATIVE
Strategic Report
(GRI) CONTENT INDEX
Sime Darby Berhad Annual Report has been prepared in accordance with the GRI Sustainability Reporting Guidelines
(Version 4) at Core level. The following summary table details the location of specific disclosures throughout the report. It
also includes additional supporting commentary and reasons for the omission of data, where relevant. For further details,
please visit www.simedarby.com
General External
Standard Disclosure Location of Disclosure (page number) Assurance
Strategy and Analysis
G4-1, G4-2 Chairmans Message (12)
President and Group Chief Executives Review (16)
Global Trends and Market Outlook (20)
Financial Reports
Group Business Model (24)
Group Strategy (26)
Organisational Profile
G4-3, 5, 6, 7, 8, 9 Corporate Information (7)
Group Highlights (8)
Group Overview (10)
Group Business Model (24)
Group Strategy (26)
Other Information
Division Operational Reviews (70, 71, 84, 85, 92, 93, 100, 101, 110, 111,
116, 117)
G4-10, G4-11 Corporate Information (7)

Our Sustainable Performance People (48)
Division Operational Reviews (70, 71, 84, 85, 92, 93, 100, 101, 110, 111,
116, 117)
G4-12 Division Operational Reviews (70, 71, 84, 85, 92, 93, 100, 101, 110, 111,
116, 117)
G4-13 Energy and Utilities Power Business Unit has been divested and is not
included in this report
New Britain Palm Oil was acquired in the Financial Year, but not included
in this report. It will be included in future reports
G4-14 Global Trends and Market Outlook (20)

Managing our Material Issues (22)
Our Management of Risk (185)
Sustainable Thought Leadership (65)
G4-15, G4-16 Sustainable Thought Leadership (65)
Identified Material Aspects and Boundaries

G4-17 Group Financial Review (42) Yes
G4-18, 19, 20, 21 Managing our Material Issues (22)
G4-22 Group Carbon Management Review (60)
G4-23 Group Carbon Management Review (60)

Global Reporting Initiative (GRI) Content Index
General External
Standard Disclosure Location of Disclosure (page number) Assurance
Stakeholder Engagement
G4-24, 25, 26, 27 Managing our Material Issues (22)
Report Profile
G4-28 Fiscal year (1 July 2014 30 June 2015), unless stated otherwise
G4-29 Sime Darby Groups most recent report on sustainability performance

was its Sime Darby Annual Report 2014, launched November 2014.
Sime Darby Plantation launched its inaugural 2014 Sustainability Report
in November 2014 and Sime Darby Property launched its inaugural 2014
Sustainability Report in July 2015
G4-30 Annual
G4-31 Corporate Information (7)
G4-32 Sime Darby has reported in accordance to GRI G4 at a Core Level

The In Accordance rating is demonstrated by this GRI Content Index
G4-33 Independent Auditors Report and Independent Assurance Report
Governance
G4-34, 35, 36, 37, 38, 39, Statement on Corporate Governance (122)
40, 41, 42, 43, 44, 45, 46, Report on the Governance and Audit Committee (159)
47, 48, 49, 50, 51, 52, 53, Report on the Nomination and Remuneration Committee (165)
54, 55 Report on the Sustainability Committee (170)
Structure & Composition, Report on the Risk Management Committee (174)
and roles in Statement on Risk Management and Internal Control (177)
Strategy Setting,
Performance Evaluation,
Risk Management,
Sustainability Reporting,
Evaluation of
Economic, Social
and Environmental
Performance,
Remuneration and
Incentives
Ethics and Integrity

G4-56, 57, 58 Statement on Corporate Governance (122)
The organisations values, Code of Business Conduct and Compliance (143)
policies and mechanisms
in place around ethics and
integrity

Strategic Report
Specific External
Standard Disclosures Location of Disclosure (page number) Assurance
Economic
Economic Performance and Group Financial Review (42) Yes
Market Presence Financial Statements
(G4-DMA, G4-EC1, G4-
EC3)
Environmental
Energy Group Carbon Management Review (60)
Financial Reports
(G4-DMA, G4 EN3)
Biodiversity Division Operation Review - Plantation - (79 - 81)

(G4-DMA, G4- EN11, G4- Group Carbon Management Review (60)
EN12, EN13)
Emissions Group Carbon Management Review (60) Yes

(G4-DMA, G4-EN15, G4-
EN16, G4-EN18, G4-EN19)
Other Information
Labour Practices and Decent Work
Occupational Health and People Safety & Health (52-54) Yes
Safety
(G4-DMA, G4-LA5, G4-
LA6)
Human Rights
Freedom of Association People Fundamental Rights (54-57)
and Collective Bargaining,
Child Labor, Forced Labor
and Indigenous Rights
(G4-DMA, G4-HR4, G4-
HR5, G4-HR6)
Society
Local Communities People Fundamental Rights (54-57)
(G4-DMA, G4-SO1, SO2) People Social Assistance (57-58)
Note: All of Sime Darby Plantation estates have community plans in
place. The Property Division provides ongoing engagement at its existing
townships and developments

INDEPENDENT
ASSURANCE REPORT
To Management of Sime Darby Berhad 2015 Subject Matter
We have been engaged by Sime Darby Holdings The following information collectively known as
Berhad to perform an independent limited assurance Selected Information (hereon after referred to as
engagement on selected non-financial data Selected Information) on which we provide limited
(Selected Information) as reported by Sime Darby assurance consists of:
Berhad (Sime Darby) in Sime Darby Berhad Annual
Report 2015. 6JG OCPCIGOGPV CPF TGRQTVKPI RTQEGUUGU YKVJ
respect to the preparation of the following six
Managements Responsibility (6) Selected Information reported and marked
in Sime Darby Berhad Annual Report 2015 as
Management of Sime Darby is responsible for the follows:
preparation of Sime Darby Berhad Annual Report
2015 in accordance with Sime Darbys internal Carbon & Energy Total Carbon Emissions
reporting guidelines. in tonnes of carbon dioxide (CO2) equivalent
This responsibility includes the selection and (tCO2-e) for the calendar year 2014
application of appropriate methods to Sime Darby
Carbon & Energy Carbon Emissions
Berhad Annual Report 2015 as well as the design,
Intensities for the calendar year 2014
implementation and maintenance of systems and
processes relevant for the preparation. Furthermore, Lean Six Sigma Total Monetary Savings for
the responsibility includes the use of assumptions the financial year ended 30 June 2015
and estimates for disclosures made by Sime Darby
which are reasonable in the circumstances. Health & Safety Incident Rate (IR) for the
financial year ended 30 June 2015
Our Responsibility Health & Safety Frequency Rate (FR) for
the financial year ended 30 June 2015
Our responsibility is to provide a conclusion on the
subject matter based on our evidence-gathering Health & Safety Frequency Rate (FR) for
procedures performed in accordance with the the financial year ended 30 June 2015
approved standard for assurance engagements
in Malaysia, International Standard on Assurance Criteria
Engagements (ISAE) 3000 Assurance Engagements
Other Than Audits or Reviews of Historical Financial 5KOG &CTD[U KPVGTPCN PQPPCPEKCN FCVC
Information. This standard requires that we comply reporting guidelines and procedures by which
with ethical requirements, and plan and perform the Selected Information is gathered, collated
the assurance engagement under consideration of and aggregated internally
materiality to express our conclusion with limited
assurance.
The accuracy and completeness of the Sime Darby

Berhad Annual Report 2015 indicators are subject to
inherent limitations given their nature and methods
for determining, calculating and estimating such
data.
Our assurance report should therefore be read in

connection with Sime Darbys procedures on the
reporting of its sustainability performance.
In a limited assurance engagement, the evidence-
gathering procedures are more limited than for a
reasonable assurance engagement, and therefore less
assurance is obtained than in a reasonable assurance
engagement.

INDEPENDENT
Strategic Report
ASSURANCE REPORT
Main Assurance Procedures
Our work, which involved no independent
examination of any of the underlying financial
information, included the following procedures:
+PSWKTKGU QH RGTUQPPGN TGURQPUKDNG HQT KPVGTPCN

reporting and data collection at the corporate,
division and business unit level for the Selected
Information;
+PURGEVKQP QP C UCORNG DCUKU QH KPVGTPCN
documents contracts, reports, data capture
Financial Reports
forms and invoices from Sime Darby and external
service providers supporting the Selected
Information for completeness, accuracy and
adequacy;
4GXKGYKPI VJG CRRTQRTKCVGPGUU QH VJG
management, reporting and validating processes
for the Selected Information and assessing the
collation and reporting of data at the corporate,
division and business unit level; and
Other Information
4GXKGYKPI VJG CRRTQRTKCVGPGUU QH VJG WUG
of formulas, proxies and default values
for calculating Carbon Emissions against
international, national and industry guidelines
and recommendations.
Conclusion
Based on our limited assurance engagement, in all

material respects, nothing has come to our attention
that causes us to believe that, for the year ended 30
June 2015, the Selected Information has not been
fairly stated in accordance with Sime Darbys internal
sustainability reporting guidelines.
Other matters
This report is issued for the sole purpose for inclusion

in Sime Darby Berhad Annual Report 2015 and should
not be used or relied upon for any other purpose. We
do not assume responsibility to any other person for
the content of the report.
PRICEWATERHOUSECOOPERS
(No. AF: 1146)
Chartered Accountants
Kuala Lumpur
15 October 2015

Number of ordinary shares held CDS Account No.
- -
**or failing him/her, the Chairman of the Meeting, as my/our proxy/proxies to attend and vote for me/us and on my/our behalf at the Ninth Annual General
Meeting of Sime Darby Berhad (SDB or the Company) to be held at the Grand Ballroom, First Floor, Sime Darby Convention Centre, 1A, Jalan Bukit Kiara 1,
60000 Kuala Lumpur, Malaysia, on Monday, 23 November 2015 at 10.00 a.m. and at any adjournment thereof.
No. Agenda
1. To receive the Audited Financial Statements for the financial year ended 30 June 2015 together with the Reports of the Directors and the
Auditors thereon
Ordinary Business Resolution For Against
2. To declare a final single tier dividend for the financial year ended 30 June 2015 1
3. To approve the payment of Directors remuneration for the financial year ended 30 June 2015 2
4 i. To re-elect Tan Sri Datuk Dr Yusof Basiran who retires in accordance with Article 99 of the Articles of 3
Association of the Company
4 ii. To re-elect Datuk Zaiton Mohd Hassan who retires in accordance with Article 99 of the Articles of 4
4 iii. To re-elect Dato Sri Lim Haw Kuang who retires in accordance with Article 99 of the Articles of 5
5. To re-appoint PricewaterhouseCoopers as Auditors of the Company and to authorise the Directors 6
to fix their remuneration
Special Business
6 i. To approve the Renewal of Authority for Directors to Allot and Issue Shares Pursuant to Section 7
132D of the Companies Act, 1965 (Act)
6 ii. To approve the Renewal of Shareholders Mandate for Existing Recurrent Related Party Transactions 8
and the New Shareholders Mandate for Additional Recurrent Related Party Transactions of a
Revenue or Trading Nature
6 iii. To approve the Renewal of Authority for Directors to Allot and Issue New Ordinary Shares of RM0.50 9
Each in the Company in relation to the Dividend Reinvestment Plan that Provides Shareholders of
the Company with an Option to Reinvest Their Cash Dividend in New SDB Shares
For appointment of two (2) proxies, percentage
of shareholdings to be represented by the
proxies must be indicated below:
Percentage (%)
First proxy
Second proxy
Dated this day of 2015
Signature/Common Seal of Member(s)
1. A Member entitled to attend and vote at the Meeting is entitled to appoint not more than two (2) proxies to attend and vote on his/her behalf. Where
a Member appoints more than one (1) proxy, the appointment shall be invalid unless he/she specifies the proportion of his/her shareholdings to be
represented by each proxy. A proxy may, but need not, be a Member. A Member may appoint any person to be his/her proxy without any restriction as
to the qualification of such person and the provisions of Sections 149(1)(a) and 149(1)(b) of the Companies Act, 1965 shall not apply to the Company.
2. Where a Member of the Company is an Authorised Nominee as defined under the Securities Industry (Central Depositories) Act 1991, he/she may
appoint not more than two (2) proxies in respect of each Securities Account he/she holds with ordinary shares of the Company standing to the credit
of the said Securities Account.
3. Where a Member of the Company is an Exempt Authorised Nominee as defined under the Securities Industry (Central Depositories) Act 1991 which
holds ordinary shares in the Company for multiple beneficial owners in one (1) Securities Account (Omnibus Account), there is no limit to the number
of proxies which the Exempt Authorised Nominee may appoint in respect of each Omnibus Account it holds PROVIDED THAT each beneficial owner of
ordinary shares, or where the ordinary shares are held on behalf of joint beneficial owners, such joint beneficial owners, shall only be entitled to instruct
the Exempt Authorised Nominee to appoint not more than two (2) proxies to attend and vote at a general meeting of the Company instead of the
beneficial owner or joint beneficial owners.
4. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll.
5. The instrument appointing a proxy shall be in writing signed by the appointor or his/her attorney duly authorised in writing or, if the appointor is a
corporation, either under its common seal or signed by an officer or attorney so authorised.
6. The Form of Proxy and the Power of Attorney or other authority, if any, under which it is signed or a notarially certified copy of that power or authority,
must be deposited at the office of the Share Registrar of the Company, Tricor Investor Services Sdn Bhd at Unit 32-01, Level 32, Tower A, Vertical
Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia, not less than forty-eight (48) hours before the time fixed
for the Meeting or any adjournment thereof.
7. Only members registered in the Record of Depositors as at 13 November 2015 shall be eligible to attend, speak and vote at the Annual General Meeting
or appoint proxy(ies) to attend, speak and/or vote on their behalf.
Fold Here
----------------------------------------------------------------------------------------------------------------------------------------------------
THE SHARE REGISTRAR
SIME DARBY BERHAD (752404-U)

c/o Tricor Investor Services Sdn Bhd (118401-V)
Unit 32-01, Level 32, Tower A,
Avenue 3, Bangsar South,
59200 Kuala Lumpur,
Malaysia
----------------------------------------------------------------------------------------------------------------------------------------------------
Fold Here
NOTICE TO PROXIES UNDER THE
PERSONAL DATA PROTECTION ACT 2010
Sime Darby Berhad (Sime Darby or we or us or To this end, we are committed in ensuring the
our) strives to protect your personal data in accordance confidentiality, protection, security and accuracy of your
with the Personal Data Protection Act 2010 (the Act). personal data made available to us. It is your obligation to
The Act was passed by the Malaysian Government to ensure that all personal data submitted to us and retained
regulate the processing of personal data. To comply with by us are accurate, not misleading, updated and complete
the Act, we are required to manage the personal data in all aspects. For the avoidance of doubt, we and/or
that we collect from you relating to your acting as a proxy the Group and/or our or their employees or authorised
for a shareholder in Sime Darby. officers or agents will not be responsible for any personal
data submitted by you to us that is inaccurate, misleading,
The purposes for which your personal data may be used not up to date and incomplete.
are, but not limited to:
Further, we may request your assistance to procure the
+PVGTPCNTGEQTFMGGRKPIKPENWFKPIDWVPQVNKOKVGFVQVJG consent of third parties whose personal data is made
registration of attendance at the general meeting(s) available by you to us and you hereby agree to use your
6QEQOOWPKECVGYKVJ[QWCUCRTQZ[HQTCUJCTGJQNFGT best endeavours to do so.
of Sime Darby
(QTUGEWTKV[CPFHTCWFRTGXGPVKQPRWTRQUGU You may at any time after the submission of your personal
(QTVJGRWTRQUGUQHUVCVKUVKECNCPCN[UKUQHFCVC data to us, request for access to your personal data from
(QTVJGRWTRQUGUQHQWTEQTRQTCVGIQXGTPCPEG Tricor Investor Services Sdn Bhd if:
6QEQORN[YKVJCP[NGICNUVCVWVQT[CPFQTTGIWNCVQT[
requirements [QW TGSWKTG CEEGUU VQ CPFQT YKUJ VQ OCMG EQTTGEVKQPU
to your personal data subject to compliance of such
(collectively, the Purposes). request for access or correction not being refused under
the provisions of the Act and/or existing laws; or
Your personal data is or will be collected from information [QWYKUJVQGPSWKTGCDQWV[QWTRGTUQPCNFCVC
provided by you, including but not limited to, postal,
fax, telephone, and email communications with or from Tricor Investor Services Sdn Bhd
you, and information provided by third parties, including Unit 32-01, Level 32, Tower A,
but not limited to, Bursa Malaysia Securities Berhad and Vertical Business Suite,
any other stock exchange, and your stockbrokers and Avenue 3, Bangsar South,
remisiers. No. 8, Jalan Kerinchi,
59200 Kuala Lumpur,
You may be required to supply us with your name, Malaysia
NRIC No. and correspondence address.
Attention : Ms Lim Lay Kiow, Senior Manager
If you fail to supply us with such personal data, we may Telephone : 03-2783 9299
not be able to process and/or disclose your personal data Email : lay.kiow.lim@my.tricorglobal.com
for any of the Purposes.
Any personal data retained by us shall be destroyed and/
Please be informed that your personal data may be or deleted from our records and system in accordance with
disclosed, disseminated and/or transferred to companies our retention policy in the event such data is no longer
within the Sime Darby Group (including the holding required for the said Purposes.
company, subsidiaries, related and affiliated companies,
both local and international), whether present or We trust that you will consent to the processing of your
future (collectively, the Group) or to any third party personal data and that you declare that you have read,
organisations or persons for the purpose of fulfilling understood and accepted the statements and terms
our obligations to you in respect of the Purposes and all herein.
such other purposes that are related to the Purposes and
also in providing integrated services, maintaining and
storing records including but not limited to the share
registrar(s) appointed by us to manage the registration
of shareholders.
The processing, disclosure, dissemination and/or

transfer of your personal data by us and/or the Group
and/or third party organisations or persons may result in
your personal data being transferred outside of Malaysia.
NOTIS KEPADA PROKSI DI BAWAH
AKTA PERLINDUNGAN DATA PERIBADI 2010
Sime Darby Berhad (Sime Darby atau kami) Pemprosesan, penzahiran, penyebaran dan/atau
bermatlamat untuk melindungi data peribadi anda selaras pemindahan data peribadi anda oleh kami dan/atau
dengan Akta Perlindungan Data Peribadi 2010 (Akta). Kumpulan dan/atau organisasi atau individu pihak ketiga
Akta tersebut telah diluluskan oleh Kerajaan Malaysia mungkin mengakibatkan data peribadi anda dipindah ke
untuk mengawal selia pemprosesan data peribadi. luar Malaysia.
Bagi mematuhi Akta tersebut, kami dikehendaki untuk
menguruskan data peribadi yang kami kumpulkan daripada Untuk tujuan ini, kami komited dalam memastikan
anda berkenaan dengan perwakilan anda sebagai proksi penyulitan, perlindungan, keselamatan dan ketepatan
untuk pemegang saham di Sime Darby. data peribadi anda yang diberikan kepada kami. Adalah
tanggungjawab anda untuk memastikan bahawa semua
Maksud penggunaan data peribadi anda adalah untuk, data peribadi yang diberikan kepada kami dan disimpan
tetapi tidak terhad kepada: oleh kami adalah tepat, tidak mengelirukan, terkini dan
lengkap dalam semua aspek. Bagi mengelakkan keraguan,
2GP[KORCPCP TGMQF FCNCOCP VGTOCUWM VGVCRK VKFCM kami dan/atau Kumpulan dan/atau pekerja atau pegawai
terhad kepada pendaftaran kehadiran di mesyuarat yang diberi kuasa atau ejen kami atau Kumpulan tidak
(-mesyuarat) agung akan bertanggungjawab untuk apa-apa data peribadi
7PVWMDGTMQOWPKMCUKFGPICPCPFCUGDCICKRTQMUKWPVWM yang diberikan oleh anda kepada kami yang tidak tepat,
pemegang saham Sime Darby mengelirukan, bukan terkini dan tidak lengkap.
$CIK OCMUWFOCMUWF MGUGNCOCVCP FCP RGPEGICJCP
penipuan Selanjutnya, kami boleh meminta bantuan anda untuk
$CIKOCMUWFCPCNKUKUUVCVKUVKMFCVC memperolehi persetujuan pihak ketiga yang data
$CIKOCMUWFVCFDKTWTWUMQTRQTCVMCOK peribadinya telah diberikan oleh anda kepada kami dan
7PVWM OGOCVWJK CRCCRC MGJGPFCMMGJGPFCM FK UKUK anda dengan ini bersetuju untuk menggunakan usaha
undang-undang, statutori, dan/atau peraturan terbaik anda untuk berbuat demikian.
(secara kolektif, Tujuan-Tujuan tersebut). Anda boleh pada bila-bila masa selepas penyerahan data
peribadi anda kepada kami, meminta untuk mengakses
Data peribadi anda sedang atau akan dikumpul daripada data peribadi anda daripada Tricor Investor Services Sdn
maklumat yang diberikan oleh anda, termasuk tetapi tidak Bhd jika:
terhad kepada, komunikasi-komunikasi pos, faks, telefon,
dan emel dengan atau daripada anda, dan maklumat yang CPFCOGOGTNWMCPCMUGUMGRCFCFCPCVCWKPIKPOGODWCV
diberikan oleh pihak ketiga, termasuk tetapi tidak terhad pembetulan kepada data peribadi anda, tertakluk
kepada, Bursa Malaysia Securities Berhad dan apa-apa kepada pematuhan permintaan untuk akses atau
bursa saham lain, dan broker saham dan remisier anda. pembetulan itu tidak ditolak di bawah peruntukan Akta
tersebut dan/atau undang-undang yang sedia ada; atau
Anda mungkin diperlukan untuk memberikan kepada kami CPFCKPIKPOGODWCVRGTVCP[CCPOGPIGPCKFCVCRGTKDCFK
nama, No. kad pengenalan dan alamat surat-menyurat. anda.
Jika anda gagal untuk memberikan kami data peribadi Tricor Investor Services Sdn Bhd
tersebut, kami mungkin tidak dapat memproses dan/atau Unit 32-01, Level 32, Tower A,
menzahirkan data peribadi anda bagi mana-mana Tujuan- Vertical Business Suite,
Tujuan tersebut. Avenue 3, Bangsar South,
Sila maklum bahawa data peribadi anda boleh dizahirkan, 59200 Kuala Lumpur,
disebarkan dan/atau dipindahkan kepada syarikat- Malaysia
syarikat di dalam Kumpulan Sime Darby (termasuk syarikat
induk, anak-anak syarikat, syarikat-syarikat berkaitan dan Untuk perhatian : Cik Lim Lay Kiow, Pengurus Kanan
bersekutu tempatan dan antarabangsa), samada pada masa Telefon : 03-2783 9299
kini atau masa hadapan (secara kolektif, Kumpulan), atau Emel : lay.kiow.lim@my.tricorglobal.com
kepada mana-mana organisasi atau individu pihak ketiga
bagi maksud memenuhi tanggungjawab kami kepada anda Apa-apa data peribadi yang dikekalkan oleh kami akan
berkenaan dengan Tujuan-Tujuan tersebut dan bagi semua dimusnahkan dan/atau dipadamkan daripada rekod dan
maksud lain yang berkaitan dengan Tujuan-Tujuan tersebut sistem kami mengikut polisi penyimpanan kami sekiranya
dan juga untuk memberikan perkhidmatan-perkhidmatan data tersebut tidak lagi diperlukan bagi Tujuan-Tujuan
bersepadu, menyelenggara dan menyimpan rekod-rekod tersebut.
termasuk tetapi tidak terhad kepada pendaftar saham
atau pendaftar-pendaftar saham yang dilantik oleh kami Kami percaya bahawa anda akan bersetuju kepada
untuk menguruskan pendaftaran pemegang saham. pemprosesan data peribadi anda dan anda mengakui
bahawa anda telah membaca, memahami dan menerima
pernyataan-pernyataan dan terma-terma yang telah
dinyatakan di dalam Notis ini.

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Sime Darby Berhad

(Company No. 752404-U)

This Report therefore, aims to disclose where we

2 SIME DARBY BERHAD Annual Report 2015

SIME DARBY BERHAD Annual Report 2015 3

Sime Darby is a diversified multinational and a key

Committed to developing a sustainable future,

4 SIME DARBY BERHAD Annual Report 2015

OUR MISSION 7RJQNFJKIJNGXGNUQHRGTUQPCNCPFRTQHGUUKQPCN

Respect & Responsibility

SIME DARBY BERHAD Annual Report 2015 5

Visit our website for more information

6 SIME DARBY BERHAD Annual Report 2015

BOARD OF DIRECTORS REGISTERED OFFICE

SECRETARY STOCK EXCHANGE LISTING

PLACE OF INCORPORATION AND DOMICILE

SIME DARBY BERHAD Annual Report 2015 7

Revenue (RMm) Profit Before Interest Net Earnings (RMm)

43,729 3,277 2,313

20,000 4,000 2,000

10,000 2,000 1,000

Carbon Emissions* Total Energy Consumption* Lost Time Injury Frequency

2.6 27.8 8.49

* Based on calendar year

8 SIME DARBY BERHAD Annual Report 2015

FFB production (million MT) Units sold

1.9 Energy & Utilities

For more on our divisional performance, see pages 70 to 121.

SIME DARBY BERHAD Annual Report 2015 9

10 SIME DARBY BERHAD Annual Report 2015

INDIA PHILIPPINES INDONESIA CHRISTMAS BRUNEI PAPUA NEW NEW

THE NETHERLANDS MALDIVES MALAYSIA SINGAPORE AUSTRALIA NEW

SIME DARBY BERHAD Annual Report 2015 11

businesses has been an A detailed discussion of the Groups financial

Companys growth, DIVIDEND

SIME DARBY BERHAD Annual Report 2015 13

14 SIME DARBY BERHAD Annual Report 2015

SIME DARBY BERHAD Annual Report 2015 15

KEY STRATEGIC ACHIEVEMENTS

Realise the Full Potential of the Core Business

secure and strengthen will implement an accelerated replanting programme

SIME DARBY BERHAD Annual Report 2015 17

18 SIME DARBY BERHAD Annual Report 2015

Tan Sri Dato Seri Mohd Bakke Salleh

SIME DARBY BERHAD Annual Report 2015 19

Increasing in Uncertainty of Market Conditions Increasing Sustainability Awareness

Volatility of Commodity Prices Sustainability Awareness in Emerging Markets

Price Indexed to 1st Jan 2010 % No.

Sime Darbys Key Actions Sime Darbys Key Actions

20 SIME DARBY BERHAD Annual Report 2015

Sime Darbys Key Actions Sime Darbys Key Actions

SIME DARBY BERHAD Annual Report 2015 21

Investors Customers Suppliers / Business Partners

How we engage How we engage How we engage

How we are addressing How we are addressing How we are addressing

22 SIME DARBY BERHAD Annual Report 2015

How we are addressing How we are addressing How we are addressing

SIME DARBY BERHAD Annual Report 2015 23

Managing capital and optimising portfolio