3.[瓦里山陈唱 [Warisan TC 5016]

4大业务：

A)Travel and car rental

Inbound tour, Outbound tour, Corporate travel, Airline ticketing, Car and coach rental.

B)Automotive

Light commercial truck, Heavy commercial truck, Pick up truck

• Invest in new e-bidding software for car auction. 
• New application calls Xchange for online live bidding process for dealers and customers to buy and sell their cars. 

C)Machinery

Material handling equipment, forklift, factory scrubber and sweeper

Construction equipment (road, earthwork, quarry and mining)

Off-road dump truck

Agricultural tractor, golf and turf equipment

Engine, generators, air compressor

D)Others

Cosmetics, hair care, lingerie, used vehicle auction, property investment 

2016年的业绩是RM446.1 million,比2015年的RM445.9 million高一点点。

Warisan管理层建议用Adjusted EBITA来看公司的成长。2016的Adjusted EBITDA是RM62.4 million,比2015的RM62.9 million低。因为汽车业务表现不佳和公司投资新的网上软件。

税前亏损: 2016: -RM0.9million vs 2015:RM3.9 million。Due to the impact of higher interest and depreciation charges arising from higher capital expenditure. No fair value gain on investment was recognised in 2016 compared to RM1.3 milliom recognized in 2015.
税后亏损: 2016年: -RM5.6 million vs 2015: RM0.8 million due to deferred assets not being recognised for certain loss-making subsidaries.

A) Travel and Car Rental Division

1. Mayflower travel的办公室在KL,槟城,新山,KK和金边。
2. Mayflower Car Rental也在PETRONAS Pengerang提供出租车。
3. 增加1297辆新车(2015:892辆)和卖掉466辆旧车(2015:399辆)。
4. Mayflower travel的国内旅游减少,但是公司在售卖多个航空机票得到较好的利润。
5. 成立新的子公司MAT Labuan Ptd Ltd,与泰国公司成立JV, 2017年进军泰国旅游业。
6. 2016年3月Mayflower以45万令吉收购GoCar Mobility私人有限公司（GCMSB）的55%股权，以巩固出租汽车业务。GCMSB是一家初创公司，目前正从事网上汽车出租业务。 

B) Automotive Division

1. 业绩大跌。2016年是RM27.8 million vs 2015: RM41.80 million。
2. 成功节省成本。把亏损从2015年的RM2.4 million减到RM1.5 million。
3. 2016年大马的商用汽车是65,579辆,跌13%比起去年同时期的75,376辆。

C)设备和机械Machinery

1. 代理多家品牌的设备和机械如Sumitomo excavators, SDLG wheel loaders, Sakai compactors,  Terex Backhoe loaders, John Deere tractors, Tony off-road trucks, Unicarriers forklifts, Dulevo sweepers。
2. 业绩微成长,源至Tonly off-road trucks和 Sakai  compactors。2016:RM207.7 million vs 2015: RM200.2 million.

D) 其他业务Others

1. 主要是内衣,化妆品,拍卖,保险和房产投资。
2. 业绩微成长。2016:RM16.4 million vs 2015:RM11.40 million。
3. 2016年亏损RM2.6 million因为成立MUV Marketplace, provides e-bidding vehicle auction services. 2016年有19000辆车辆在这拍卖网拍卖(2015:13000辆)。
4. JV公司是大马Wacoal内衣总代理。2016年开新的4分店。
5. JV公司是大马Shiseido化妆品总代理。

管理层对2017年的展望

1. 2017年还是个艰辛的一年。
2. 设备和机械和出租车的业务应该会成长。主要有大工程如East Coast Rail Line, construction & upgrade of 616 kms of roads and bridges, Pan  Borneo Highway, Mass Rapid Transit 2, Tun Razak Exchange, High Speed Rail and PETRONAS RAPID。
3. GoCar car rental app & MUV Marketplace's e-biddong system.

Cash and cash equivalents of the Group as at 31 Dec 2016: RM81.7 million. Gearing 0.70

Cash and cash equivalents of the Group as at 31 Dec 2015: RM94.3 million. Gearing 0.63

一年给2次股息。