INNOVATING FOR TOMORROW: SUSTAINING EXCELLENCE BEYOND BOUNDARIES INTEGRATED ANNUAL REPORT 2023
Section 1 UEM Edgenta Berhad BASIS OF THIS REPORT COVER RATIONALE Innovating for Tomorrow: Sustaining Excellence Beyond Boundaries embodies our commitment to pioneering the future of facilities management through the integration of cutting-edge technologies. Our dedication to excellence is reflected in our relentless pursuit of sustainable practices and the delivery of top-tier services, ensuring that we lead the way in efficiency, customer satisfaction, and environmental stewardship. By transcending geographical and sectoral boundaries, we embrace a global vision, driving innovation and excellence across all facets of our operations, shaping the future of our industry and the world at large. INSIDE THIS REPORT BASIS OF THIS REPORT 2 Section 1 WE ARE UEM EDGENTA Overview of UEM Edgenta 4 • 2023 Key Highlights 6 • 2023 Key Significant Events 10 • Our Presence 12 • Our Corporate Structure 14 • What We Do 16 - Healthcare Support 16 - Property & Facility Solutions 17 - Infrastructure Services 18 - Asset Consultancy 19 What Differentiates Us: Our Strengths 20 • Awards and Recognitions 22 • Edgenta Digital Ecosystem Platform 24 Section 2 FROM OUR LEADERSHIP Chairman’s Statement 26 MD/CEO’s Statement 32 Financial Review 40 Section 3 HOW WE CREATE VALUE Our Operating Environment and Market Trends 46 Stakeholder Engagement 53 Our Material Matters 58 Value Creation Business Model 60 Edgenta of the Future 2025 (EoTF2025) 62 Risks and Mitigation 64 Section 4 STRATEGIC BUSINESS Financial Performance - 5-Year Group Financial Summary 68 - 5-Year Group Financial Highlights 69 - Simplified Statements of Financial Position 70 - Segmental Analysis 71 - Value Added Statement and Value Distribution 72 - Group Quarterly Performance 73 Business Review - Healthcare Support 74 - Property & Facility Solutions 82 - Infrastructure Services 88 - Asset Consultancy 94 Section 5 INNOVATING FOR TOMORROW: SUSTAINING EXCELLENCE BEYOND BOUNDARIES
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 1 Form of Proxy Group Directory Scan QR code to view the microsite of UEM Edgenta Integrated Annual Report 2023. INSIDE THIS REPORT ENHANCING VALUE THROUGH SUSTAINABILITY Sustainability At UEM Edgenta - UEM Edgenta’s Sustainability Framework 98 - Leadership Commitments To Sustainability 99 - Prioritised UN SDGs 104 - Driving Sustainability Through Partnerships 106 - Sustainability Roadmap 108 - Sustainability Governance 109 - Enhanced Sustainability Policy 111 Governance - Business Ethics 112 Sustainable Economic Growth - Innovation and Technology-Based Operational Excellence 116 - Economic Development 121 - Supply Chain Management 125 Minimising Environmental Impact - Climate Change and Energy 130 - Environmental Management 138 Social Value Creation - Occupational Health and Safety 144 - Employment Culture 154 - Customer Satisfaction 173 - Human Rights Assessment 175 - Local Community 178 Section 6 FINANCIAL STATEMENTS Directors’ Responsibility Statement 254 Directors’ Report 255 Statement by Directors 261 Statutory Declaration 261 Independent Auditors’ Report 262 Statements of Comprehensive Income 268 Statements of Financial Position 270 Statements of Changes in Equity 273 Statements of Cash Flows 275 Notes to the Financial Statements 277 Section 8 SHAREHOLDERS’ INFORMATION Analysis of Shareholdings 394 Properties Held by Our Group 397 Recurrent Related Party Transactions 399 Sustainability Performance Data Table 415 GRI Content Index 417 FTSE4Good Content Index 421 Statement of Assurance 434 Glossary 435 Notice of the 61st Annual General Meeting 438 Statement Accompanying Notice of 61st Annual General Meeting 443 Section 9 GOVERNANCE Corporate Information 183 Board of Directors 184 Board of Director’s Profile 187 Company Secretary’s Profile 197 Executive Leadership 198 Executive Leadership’s Profile 200 Organisation Structure 210 Corporate Governance Overview Statement 212 Audit Committee Report 235 Statement on Risk Management and Internal Control 238 Corporate Integrity and Ethical Business Conduct 247 Additional Compliance Information 252 Section 7
Section 1 UEM Edgenta Berhad 2 BASIS OF THIS REPORT BASIS OF THIS REPORT MATERIAL MATTERS OUR CAPITALS Financial Social and Relationship Resource Intellectual Natural Plants and Machineries Human Business Ethics M1 Climate Change and Energy M5 Customer Satisfaction M9 Innovation and Technologybased Operational Excellence M2 Environmental Management M6 Human Rights Assessment M10 Economic Development M3 Occupational Health and Safety M7 Local Community M11 Supply Chain Management M4 Employment Culture M8 In today’s fast-paced and highly competitive business world, UEM Edgenta acknowledges the importance of technology, innovation and digitalisation with a strong focus on sustainability as key drivers of our success. By leveraging advanced technology, we can create new opportunities, streamline processes, increase efficiency, optimise cost and enhance our client experience. This will inevitably lead to higher revenue and growth for our company. As we navigate the ever-evolving business landscape, it is crucial to embrace technology and innovation to gain insights into our client preferences and needs as well as market trends. This enables us to identify areas where our products and services could be improved, offering us opportunities to develop new offerings and enhance our asset management and infrastructure solutions for our clients. While we promote the best interests of our shareholders, we will uphold our commitments to Environmental, Social, and Governance (“ESG”) to ensure our company acts responsibly and ethically towards the community and its surroundings. SCOPE AND BOUNDARIES The Annual Report 2023 (“report”) covers the activities of UEM Edgenta including our subsidiaries, joint operations, joint ventures and associates from 1 January 2023 to 31 December 2023 (“FY2023”) unless otherwise stated. Meanwhile, the Sustainability Statement 2023 (“statement”) presented within this report is the seventh that we have published on our continuing sustainability reporting journey. The statement showcases our key sustainability initiatives, commitments and performance in relation to sustainability material matters that we have prioritised for FY2023. The statement encompasses our operations in Malaysia and other geographical locations we operate in, namely Singapore, Taiwan, Indonesia, the United Arab Emirates (“UAE”) and the Kingdom of Saudi Arabia (“KSA”). The reporting period of the statement aligns with that of the report. OUR TARGETED READERS This report goes beyond financials to showcase the value we deliver to all our stakeholders. We aim to achieve this by highlighting initiatives that positively impact our clients, employees, regulators and the communities we collaborate with. We designed this report to be interactive, engaging and user-friendly. To simplify navigation, we have incorporated icons throughout the report. These icons demonstrate how we address the six capitals of value creation (aligned with the International Integrated Reporting Framework) and the material matters that influence our value creation process: NAVIGATING OUR REPORT REPORTING THAT IS BUILT ON BENCHMARKED PRINCIPLES, FRAMEWORKS AND GUIDELINES
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 3 1 BASIS OF THIS REPORT UN SDG Our Group’s sustainability efforts are aligned to the following UN SDGs, which were adopted and have been adhered to since FY2021. STAKEHOLDERS RISKS AND MITIGATION Board of Directors and Employees S1 Strategic Risk R1 Supply Chain Partners S5 People Risk R5 Clients and Partners S2 Operational Risk R2 Media S6 Cybersecurity Risk R6 Shareholders and Investors S3 Financial Risk R3 Community S7 ESG Risk R7 Government and Regulators, Industry and Business Associates S4 Compliance Risk R4 NAVIGATION ICONS This icon tells you which page to refer to for related information in our report. This report’s credibility is bolstered by our strong governance practices and independent verification by Ernst & Young PLT, our auditors for financial information. FORWARD-LOOKING STATEMENTS This report includes statements about the Group’s forecast future performance. These predictions are based on our current understanding and circumstances, which could change. As a result, many factors could cause actual results to be significantly different from what is predicted here. FEEDBACK We welcome your feedback on this report. For enquiries, please contact: Head, Corporate Communications Level 16, Menara UEM Tower 1, Avenue 7 The Horizon, Bangsar South City No. 8, Jalan Kerinchi 59200 Kuala Lumpur Tel : +603 2725 6688 Fax : +603 2711 8057 E-mail : communications@edgenta.com ONLINE VERSION For more details on this report and UEM Edgenta, please visit our corporate website: www.uemedgenta.com REPORTING GUIDELINES AND FRAMEWORKS We are confident that this report will provide a comprehensive and balanced picture of our FY2023 performance. We leveraged internationally recognised integrated reporting frameworks, as detailed below to ensure this report addresses all significant issues. This transparency allows us to accurately reflect our short, medium and long-term strategic commitments. Corporate Section Companies Act 2016 Bursa Malaysia Securities Berhad’s Main Market Listing Requirements Malaysian Code on Corporate Governance Bursa Malaysia’s Corporate Governance Guide (4th edition) Bursa Malaysia’s MD&A Disclosure Guide Bursa Malaysia’s Sustainability Reporting Guide (3rd edition) International Integrated Reporting Framework (“International <IR> Framework”) The Global Reporting Initiative (“GRI”) Standards The United Nations’ Sustainable Development Goals (“UN SDGs”) Financial Section Bursa Malaysia Securities Berhad’s Main Market Listing Requirements Malaysian Financial Reporting Standards (“MFRS”) International Financial Reporting Standards (“IFRS”) Requirements of the Companies Act 2016 in Malaysia
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 4 OVERVIEW OF UEM EDGENTA Optimising assets to improve lives VISION Our services, commitment to smarter thinking and improved solutions place us at the forefront of the industry We create opportunities for clients and assets that positively influence society MISSION We stand by our FIRST core values, which is the Edgenta Way of expressing our beliefs and principles FIRST is our guiding philosophy in everything that we do, especially with internal and external clients as well as stakeholders. It defines our organisation’s personality, dedication and culture CORE VALUES
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 5 OVERVIEW OF UEM EDGENTA WHAT WE DO UEM Edgenta stands at the forefront as a premier Asset Management and Infrastructure Solutions provider in the region, driven by a mission to Enhance Assets and Enrich Lives. Our company is publicly traded on Bursa Malaysia (KLSE: EDGENTA). We are committed to the Edgenta Way, which ensures the delivery of superior service to our clients by exceeding expectations and leveraging technology-driven solutions for greater efficiency, all while prioritising safety across our operations for the wellbeing of all stakeholders. Our areas of expertise include Healthcare Support and Property & Facility Solutions within our Asset Management domain, and Infrastructure Services along with Asset Consultancy in our Infrastructure Solutions division. We utilise the latest technology to forge innovative and avant-garde solutions, with a strong commitment to advancing Environmental, Social and Governance (“ESG”) principles through our sustainability initiatives. We provide our clients with a comprehensive range of services across the entire asset lifecycle, encompassing consultancy, procurement, construction planning, operations and maintenance, and including optimisation, rehabilitation and upgrades. Our operations span across Malaysia, Singapore, Taiwan, Indonesia, the United Arab Emirates (“UAE”) and the Kingdom of Saudi Arabia (“KSA”). We are present in 6 countries * As at 31 December 2023 and for the financial year then ended. REVENUE RM2.9 billion* SHAREHOLDERS’ FUNDS RM1.6 billion* TOTAL ASSETS RM3.0 billion* Malaysia The United Arab Emirates The Kingdom of Saudi Arabia Singapore Indonesia Taiwan
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 6 OVERVIEW OF UEM EDGENTA BUSINESS HIGHLIGHTS FINANCIAL HIGHLIGHTS SUSTAINABILITY HIGHLIGHTS We promise the Edgenta Way of delivering quality services to our clients by going beyond standards and offering technologybased solutions as a promise of efficiency, anchored upon a mindset to ensure safety across our operations for the benefit of all our stakeholders. 2023 KEY HIGHLIGHTS Repositioned Opus Energy and Sustainability Solutions Launched Net Zero Targets and signed Memorandums of Business Explorations (“MOBEs”) with partners (Earth Finance, Honeywell, and Yinson Green Technologies) BUSINESS HIGHLIGHTS
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 7 OVERVIEW OF UEM EDGENTA Secured Long Term State/Rural Road Contracts (Continuation of the Selangor State Road concession and new contracts in new states) Growth in Integrated Facilities Management (“IFM”), Hospitality, Commercial Projects & Facility Engineering business for Singapore and Taiwan Operationalisation and Integration in Middle East (EAL-MEEM integration and KAIZEN Group acquisition) UAE: New business beyond WASL New contract from Abu Dhabi Equestrian Club and renewal of ENBD REIT Rollout of Asseto to 15 Property and Facility Solutions (“PFS”) sites including 3 KLCC sites (35,000 assets managed in 2023) Order book stands at RM9.3 billion with highest new wins of RM2 billion RECORDED (2022: RM1.36 billion)
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 8 OVERVIEW OF UEM EDGENTA FINANCIAL HIGHLIGHTS REVENUE RM2,881.0 million (2022: RM2,523.6 million) TOTAL ASSETS RM2,954.3 million (2022: RM2,868.7 million) PBT RM63.7 million (2022: RM93.8 million) NET ASSETS PER SHARE RM1.95 (2022: RM1.90) EBITDA RM157.9 million (2022: RM179.9 million) SHAREHOLDERS’ FUNDS RM1,619.3 million (2022: RM1,580.9 million) NORMALISED PAT RM31.3 million (2022: RM63.1 million) NET CASH POSITION RM152.6 million (2022: RM247.9 million) PATANCI RM31.1 million (2022: RM45.9 million) TOTAL CASH, BANK BALANCES, DEPOSITS AND SHORT-TERM INVESTMENTS RM642.4 million (2022: RM706.7 million) EARNINGS PER SHARE 3.7 sen (2022: 5.5 sen) DIVIDEND PER SHARE 2.0 sen (2022: 4.0 sen) PAT RM30.1 million (2022: RM45.7 million) GROSS GEARING RATIO 0.30x (2022: 0.29x)
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 9 OVERVIEW OF UEM EDGENTA SUSTAINABILITY HIGHLIGHTS ECONOMIC Sustainable Economic Growth ENVIRONMENT Minimising Environmental Impact SOCIAL Social Value Creation Enhanced Sustainability Policy Limited Assurance on four of Bursa Malaysia’s common sustainability matters Tagged initiatives to five United Nations Sustainable Development Group (“UNSDGs”) Aligned to Enhanced Bursa Sustainability Reporting Requirements including the nine common sustainability matters and indicators Obtained the ISO 37001 Anti-Bribery Management Systems (“ABMS”) certification Integration of ESG targets into corporate scorecard Responsible supply chain ecosystem • Enrolled nine new vendors on the Bumiputra Vendor Development Programme • 101 vendors enrolled in Sustainable Financing Programme (“SFP”) Enhancing Resilience: Secured contracts to oversee critical infrastructure assets and healthcare facilities Technology proposition • launched UETrack™ to 27 additional sites • launched Asseto in 15 sites Launched Net Zero Targets for Scope 1 and 2 • Interim reduction target of 26% by 2030 • Net Zero Target by 2050 Launched Opus Sustainability with commitment of RM200 million of funding for energy efficiency projects in Malaysia Secured more than 20 sustainability mandates (nine new contracts in 2023) LEED and MyCrest Certifications for eight Health Facilities that we manage in 2023 Secured the prestigious The Star ESG Impact Awards on Energy Efficiency (Gold) and Renewable Energy (Silver) Produced a roadmap to guide Task Force on Climate-Related Financial Disclosures (“TCFD”) compliance and reporting Embarked on Scope 3 Emission Calculation (for selected Scope 3 categories) Published Diversity, Equity and Inclusion (“DEI”) Statement Launched Individual Development Plan for employees’ care and job competencies development and two Self-Paced ESG learning programmes Commenced Human Rights Impact Assessment (“HRIA”) Launched “Saving Animals, Serving Community” programme and allocated RM30,000 to support animal welfare and conservation efforts of the endangered Aldabra Giant Tortoises and a giraffe Establishment of the Arboretum Education Centre in partnership with Universiti Putra Malaysia Secured the prestigious The Star ESG Impact Awards on Good Health and Wellbeing (Silver) and Talent Management (Silver) Secured the prestigious Company of the Year award at the Sustainability and CSR Malaysia Awards 2023 GOVERNANCE Sustainability Governance and Business Ethics
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 10 OVERVIEW OF UEM EDGENTA 2023 KEY SIGNIFICANT EVENTS PROMOTING EXCELLENCE AND IMPROVEMENT IN CORPORATE REPORTING AMPLIFYING GROWTH AND INNOVATION Won the award for “Fastest Construction of FHyICU Building During COVID-19 Pandemic” by the Malaysia Book of Records (“MBOR”), reflecting UEM Edgenta’s steady commitment to innovation and exceptional project execution in the face of challenging circumstances UEM Edgenta’s collaboration with Amanah Malaysia Bhd to launch Asia’s first Syariah compliant Supplier Financing Programme (“SFP”), earned recognition at The Asset’s “Triple A” Islamic Finance Awards 2023 Edgenta NXT partnered with Disrupt-X to present the ‘Cracking IoT Conference Chapter 2’ that brought together various global industry leaders to discuss and deliberate on the key benefits of Internet of Things (“IoT”), 5G and Digitalisation towards shaping a digitally empowered nation UEM Edgenta hosted the “Innovation Showcase” that coincided with our Innovation Month and 2023’s Investor Day to show our cuttingedge innovations to our investors EXPANDING OUR GLOBAL FOOTPRINT Acquired a 60% stake in KAIZEN Group, a distinguished techenabled property management services company based in the UAE, to enhance the delivery of integrated services and to craft bespoke lifestyle experiences, all underpinned by cutting-edge technology and sustainable solutions Clinched Silver In The Excellence Awards (Companies With Less Than RM2 Billion In Market Capitalisation) in the National Annual Corporate Reporting Awards (“NACRA”) 2023
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 11 OVERVIEW OF UEM EDGENTA ACCELARATING OUR COMMITMENT TO DRIVING A SUSTAINABLE FUTURE Signed three Memorandums of Business Exploration (“MOBE”) with partners Earth Finance Inc., Honeywell International Sdn. Bhd and Yinson Green Technologies, to strengthen strategic partnerships for sustainable solutions and green financing Spent over RM308,000 and contributed 1,800 volunteering hours to community programmes, benefitting 8,805 community members in Malaysia • Repositioned Opus Consultants to be the leading provider of energy and sustainability solutions to capitalise on the emerging green business opportunities stemming from the National Energy Transition Roadmap and the broader infrastructure and healthcare sectors • Pledged RM200 million to the Zero-Capex Programme in Sarawak and Peninsular Malaysia to provide end-to-end energy and sustainability solutions UEM Edgenta was honoured with the “World Sustainability Icon Leadership Lifetime Achievement Award” and the prestigious “Outstanding World ESG Impact Award” at the 2023 World Green & Sustainability Summit (“WGSS”) The launch of UEM Edgenta’s Net Zero Targets demonstrates our commitment to environmental responsibility, with goals set to reduce operational greenhouse gasses (“GHG”) emissions by 26% by 2030 and achieve Net Zero Emissions by 2050 Signed three Memorandums of Business Exploration (“MOBEs”) with partners; DISRUPT-X DMCC (“Disrupt-X”), ZAIN TECHNOLOGIES LLC (“ZainTech”) and Tadoom to focus on the development of smart cities and sustainability in the built environment Entered into three MOBE partnerships with WAS, First Ambulance Services and Optima Technic, to strengthen our position in the international healthcare business
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 12 We operate in 6 countries across the region OUR PRESENCE UEM Edgenta is at the forefront in the region as a tech-powered Asset Management and Infrastructure Solutions enterprise. We have robust expertise in Healthcare Support, Property & Facility Solutions, Infrastructure Services, and Asset Consultancy, driven by tech and sustainability-centred solutions. THE KINGDOM OF SAUDI ARABIA* 14 employees SINGAPORE 2,944 employees UNITED ARAB EMIRATES 306 employees MALAYSIA 6,843 employees OVERVIEW OF UEM EDGENTA * Headcount in Edgenta Arabia Limited, a fully-owned subsidiary. Headcount in MEEM, a 60% subsidiary as at 31 December 2023 was 284.
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 13 TAIWAN 7,330 employees INDONESIA 6 employees MALAYSIA REVENUE RM1,786.0 million TAIWAN REVENUE RM520.8 million SINGAPORE REVENUE RM428.5 million INDONESIA REVENUE RM1.2 million UNITED ARAB EMIRATES REVENUE RM112.8 million THE KINGDOM OF SAUDI ARABIA REVENUE RM31.8 million Malaysian Malaysia Operations 7,108 62% 10,335 38% Non-Malaysian Non-Malaysian Operations TOTAL EMPLOYEES 17,443* TOTAL REVENUE RM2.9 BILLION OVERVIEW OF UEM EDGENTA * (excludes the KSA's MEEM and the UAE's KAIZEN Group)
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 14 OUR CORPORATE STRUCTURE As at 20 March 2024 KHAZANAH NASIONAL BERHAD 100% 100% 100% 100% 100% 100% 40% 100% 100% 40% 40% 100% 100% 100% 100% 100% 100% 100% ASSET MANAGEMENT CONCESSION COMMERCIAL PROPERTY & FACILITY SOLUTIONS HEALTHCARE SUPPORT Edgenta Healthcare Management Sdn. Bhd. Edgenta (Singapore) Pte. Ltd. Edgenta Facilities Sdn. Bhd. Edgenta Mediserve Sdn. Bhd.* UEMS Pte. Ltd. (Singapore) Edgenta Facilities Management Sdn. Bhd. Operon Middle East Limited Edgenta Healthtronics Sdn. Bhd. UEMS Solutions Pte. Ltd. (Singapore) Edgenta Mediserve (Sabah) Sdn. Bhd. Edgenta UEMS Ltd. (Taiwan) Edgenta Mediserve (Sarawak) Sdn. Bhd. Edgenta UEMS Sdn. Bhd. Cermin Cahaya Sdn. Bhd. Other Subsidiary Other Subsidiary Sedafiat Sdn. Bhd. Edgenta UEMS SC Ltd. (Taiwan) UEMS Services Pte. Ltd. (Singapore) One Medicare Sdn. Bhd. Biomedix Solutions Sdn. Bhd. 100% Edgenta GreenTech Sdn. Bhd. Other Subsidiaries 100% Edgenta Township Management Services Sdn. Bhd. Other Subsidiaries 70% Edgenta Energy Services Sdn. Bhd. 100% 100% OVERVIEW OF UEM EDGENTA * Direct and indirect interest # Indirect interest via Edgenta (Singapore) Pte. Ltd. UEM GROUP BERHAD
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 15 UEM EDGENTA BERHAD 100% 100% 100% 100% INFRASTRUCTURE SOLUTIONS INFRASTRUCTURE SERVICES ASSET CONSULTANCY TECHNOLOGY INNOVATION OTHERS Edgenta PROPEL Berhad Edgenta Academy Sdn. Bhd. Opus Group Berhad Edgenta NXT Sdn. Bhd. Opus International (M) Berhad Other Subsidiary Other Subsidiaries Other Subsidiaries 69.14% 100% Edgenta Environmental & Material Testing Sdn. Bhd. 100% Opus Energy Sdn. Bhd. (formerly known as Edgenta Energy Projects Sdn. Bhd.) Edgenta Infrastructure Services Sdn. Bhd. 100% 100% Edgenta Arabia Limited (Kingdom of Saudi Arabia) MEEM for Facilities Management Company (Kingdom of Saudi Arabia) 60% 100% Edgenta International Investments L.L.C# (United Arab Emirates) Kaizen Owner Association Management Services L.L.C (United Arab Emirates) Kaizen A M S Property Supervision L.L.C (United Arab Emirates) 100% PT Edgenta PROPEL Indonesia 99.9% Opus Consultants (M) Sdn. Bhd. 30% OVERVIEW OF UEM EDGENTA Other Subsidiaries 60% 60%
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 16 The Healthcare Support division is dedicated to providing hospital support services to over 250 healthcare facilities across Malaysia, Singapore and Taiwan. We integrate ESG principles into our operations to champion sustainability and foster social responsibility. As a pioneer in sustainability initiatives, our accomplishments span a range of effective conservation strategies, including energy performance contracting, retrofitting initiatives, the installation of solar photovoltaic systems and the adoption of energy management standards. We have also improved indoor air quality systems and established comprehensive waste management programmes that have markedly reduced waste. Our approach is defined by an innovative mindset and a relentless pursuit of adopting cutting-edge technologies, including robotics, the Internet of Things (“IoT”) and data analytics. These technologies provide timely, accurate and dependable data that is essential for the efficiency and effectiveness of our services. Our commitment to innovation and technology underpins our efforts to improve patient outcomes, ensuring our competitiveness and leadership in the market. Manage and maintain approximately 146,000 FEMS assets worth more than RM850 million Preserve the lifespan of more than 44,000 BEMS assets worth over RM2.4 billion Maintaining over 1.7 million sqm2 of cleanable area daily Processing over 19,500 tonnes of soiled linen Incinerate more than 8,500 metric tonnes of clinical waste 32 MoH Malaysia hospitals are certified with the Energy Management Gold Standard (EMGS) and 7 MOH Malaysia hospitals are certified as Green Building (LEED and MyCREST) OVERVIEW OF UEM EDGENTA WHAT WE DO HEALTHCARE SUPPORT
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 17 PFS has evolved from a traditional building maintenance provider into a comprehensive facility solutions partner. We go beyond the traditional operations and maintenance, offering expertise that encompasses the entire building lifecycle. From retrofits and refurbishments to renovations and upgrades, we transform buildings into energy-efficient, green-certified smart spaces. At PFS, we’re on a mission to usher your building into the future. We guide clients along a sustainability and technology journey, ensuring compliance with ESG standards. We create modern, cloud-connected intelligent buildings with autonomous capabilities. Our diverse solutions cater to every aspect of your building’s needs. Our comprehensive, end-to-end approach leverages years of experience and data-driven insights. This empowers us to deliver best-in-class, value-for-money solutions to help you make informed decisions, optimise operations, reduce costs and achieve peak performance. We embrace the “building-as-a-service” concept, prioritising the wellbeing and comfort of the people who inhabit these spaces. Our meticulously designed services cater to their needs while creating a thriving-built environment. This data is for 11 EPC projects from year 2016 until 2022. Facility management services at more than Malaysia - 300 Buildings UAE - 200 Buildings Reduction of 10% to 52% of annual electrical energy savings for the systems and assets we replace and optimise Energy Efficiency Solutions implemented in 19 GBI and LEED CERTIFIED buildings across Malaysia Energy savings per year of more than 38.4 million kWh, equivalent to RM16.6 million in cost savings OVERVIEW OF UEM EDGENTA PROPERTY & FACILITY SOLUTIONS
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 18 Boasting a track record that includes 9,000 km of highways and state roads, along with over three decades of expertise, our Infrastructure Services division stands as the leading authority in infrastructure maintenance within the nation. By harnessing advanced technologies and methods for process improvement, we are dedicated to preserving the integrity and boosting the functionality of our clients’ assets over their lifecycle. This commitment has propelled our growth from a focus on highway upkeep to offering our expertise across various sectors, including rail, airports, ports, and the oil and gas industry, as well as plantation roads and diverse commercial and industrial areas. Our relentless pursuit of excellence is supported by a team of seasoned experts, positioning us as pivotal contributors to the infrastructural and economic growth in Malaysia and Indonesia. Manage infrastructure assets worth >RM10 billion Road Asset Management System has enabled 1,500 km of expressway and state road assets to be brought online Maintain around 9,000 km of expressways and state roads in Malaysia and Indonesia Engaged in expressways, state roads, airports, plantations and rail OVERVIEW OF UEM EDGENTA INFRASTRUCTURE SERVICES WHAT WE DO
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 19 Our Asset Consultancy division, Opus Consultants continues to stand at the forefront of engineering, project management, asset consultancy, energy efficiency and sustainability solutions in Malaysia. With excellence track records spanning over three decades, we have established ourselves as leaders in the delivery of large-scale infrastructure projects across diverse sectors. In line with the global sustainability agenda and energy transition, in 2023, we have pivoted and expanded our services by offering a comprehensive range of sustainability solutions to our clients, encompassing energy efficiency, green building initiatives, and renewable energy. Our energy efficiency and sustainability solutions cover the end-to-end project and asset lifecycle, including net zero strategy and baselining, engineering solutions, project implementation, sustainable asset management and the execution of innovative contracting models such as Energy Performance Contracting (“EPC”) and Green Performance Contracting (“GPC”) via the Zero-Capex Programme for clients across various industries, ensuring seamless execution and optimal outcomes. Opus Consultants consistently raises the standards for engineering excellence and sustainable development, leaving a lasting impact on Malaysia’s infrastructure and sustainability landscape. Over RM100 billion, value of projects delivered Over 400 Professionals Represented by OVERVIEW OF UEM EDGENTA ASSET CONSULTANCY A leading engineering, project and asset management consultancy over 4 key infrastructure sectors Roadways Railways Bridges Built Environment End-to-End Sustainability Solutions across diverse sectors • Industrial • Commercial • Education • Healthcare • Retail • Government • Township & Property Development • Hospitality Key Offerings Engineering & Technical Consultancy Project Management Consultancy Asset Management Consultancy End-to-End Sustainability Solutions
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 20 WHAT DIFFERENTIATES US: OUR STRENGTHS STOCK EXCHANGE LISTING CREDIT RATINGS MARC AASTABLE
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 21 WHAT DIFFERENTIATES US: OUR STRENGTHS DIVERSIFICATION THROUGH GEOGRAPHIES AND PORTFOLIO Our diverse presence across six markets and various sectors allows us to capture high-growth opportunities in emerging and rapidly expanding regions. This agility, combined with our strategic locations across growth markets positions us perfectly to participate in key infrastructure development projects in the future. STRATEGIC PARTNERSHIP ECOSYSTEM Our strong track record of building relationships with both private and public players across our markets has created a firm foundation for our continued growth. Now, to further propel our focus on technological advancement, we are forging strategic alliances with leading global innovators. This powerful network allows us to offer clients a unified ecosystem of solutions, enabling them to effectively and efficiently manage their asset lifecycles. FINANCIAL STRENGTH Our sound financial position allows us to navigate market fluctuations with confidence. We are actively pursuing growth opportunities through both organic expansion and strategic acquisitions. Additionally, a group-wide focus on cost efficiency and leveraging our combined strengths enhances our resilience in challenging economic environments. We remain committed to our shareholder-centric dividend policy, targeting a distribution of 50-80% of PATANCI to deliver long-term value. OPERATIONAL EXCELLENCE By embracing digital technology and automation, we are not only streamlining our operations and boosting efficiency but also upholding our exceptional quality standards. We remain dedicated to empowering our supplier network through skill development and technological support, ensuring a collaborative environment for continued excellence. FUTURE-READY WORKFORCE We invest in ongoing development opportunities to empower career growth amongst our employees. We promote work-life balance with flexible arrangements and support employee well-being through diverse wellness programmes. We strongly believe that extensive training programmes and a dedication to employee well-being will foster a future-ready workforce who are equipped to seize global opportunities and drive real business results. SUSTAINABILITY Our dedication to sustainability is about driving long-term economic growth while making positive impacts on the world that we all share. We envision the Edgenta of The Future 2025 (“EoTF2025”) as a means to deliver top-notch services to our customers fuelled by precision, cutting-edge technology, and unwavering safety standards. Our sustainability goals are guided by our Sustainability Framework which underpins three core pillars – Sustainable Economic Growth, Minimising Environmental Impact and Social Value Creation. They serve as a roadmap guiding us towards making a meaningful difference that contributes to a brighter future for all. TECHNOLOGY DIFFERENTIATION In the age of digital acceleration, our technology-powered offerings such as Asseto, RAMS and UETrack™ empower clients with a holistic view of their assets. This enables them to unlock innovation and optimise efficiency. By harnessing the power of technology integration, we are progressing up the asset management value chain, with our sights set on becoming a leading Smart City facilitator and a Technology-Enabled Solutions Company.
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 22 AWARDS AND RECOGNITIONS OVERALL CORPORATE KSI STRATEGIC INSTITUTE FOR ASIA PACIFIC (KSI) THE STAR Outstanding World ESG Impact Award 2023 • ESG Positive Impact Awards 2023 - Gold Winner for Energy Efficiency Category - Silver Winner for Renewable Energy Category - Silver Winner for Talent Management Category - Silver Winner for Good Health and Wellbeing Category Company of the Year – Asset Management & Infrastructure Solutions for Outstanding Community Engagement SUSTAINABILITY AND CSR MALAYSIA AWARDS BURSA MALAYSIA BERHAD, MALAYSIAN INSTITUTE OF ACCOUNTANTS (MIA), AND THE MALAYSIAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (MICPA) National Annual Corporate Report Awards (NACRA) 2023 – Silver Winner for the Companies with Less than RM2 Billion Market Capitalisation Category CORPORATE FINANCE The Asset Triple A Islamic Finance Awards 2023 Best Supply Chain Finance Solution THE ASSET WHAT DIFFERENTIATES US: OUR STRENGTHS
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 23 HEALTHCARE SUPPORT MALAYSIAN BOOK OF RECORDS THE GLOBAL ECONOMICS THE BRANDLAUREATE Fastest Construction of Field Hybrid Intensive Care Unit during COVID-19 Pandemic The Global Economics Awards 2022 - Most Innovative NonClinical Healthcare Support Service Provider – Malaysia 2022 Healthcare - Hospital Support Solutions Category at The BrandLaureate Sustainable Business & Brands Inspirational Achievement Awards 2022-2023 ASSET CONSULTANCY IET Industry Excellence Gold Award 2022 MSOSH OSH Gold Class 1 Award Winner for 2023 THE INSTITUTION OF ENGINEERING AND TECHNOLOGY (IET) MALAYSIAN SOCIETY FOR OCCUPATIONAL SAFETY AND HEALTH (MSOSH) OTHERS IRECMS Dubai Gold Awards 2023 - Best Implementation of Technology of the Year IRECMS Dubai Silver Awards 2023 - Best Sustainability Initiative of the Year IRECMS DUBAI WHAT DIFFERENTIATES US: OUR STRENGTHS D U B A I
Section 2 UEM Edgenta Berhad WE ARE UEM EDGENTA 24 WHAT DIFFERENTIATES US: OUR STRENGTHS EDGENTA DIGITAL ECOSYSTEM PLATFORM CLOSING THE DIVIDE BETWEEN TODAY'S AND TOMORROW'S SERVICE DELIVERY The asset and facilities management sector is rapidly transitioning from the traditional ‘maintain-repairrestore’ model to a strategy emphasising preserving the quality of assets and enhancing the ongoing operational efficiency of buildings, communities and cities. This strategic shift is designed to reduce environmental impacts and improve operational efficiency by adopting innovative, technology-driven solutions. Our digital business entity, Edgenta NXT, is at the forefront of this evolution, integrating cutting-edge technologies to maintain and enhance asset quality and operational excellence. This approach ensures that UEM Edgenta is a sustainable urban development leader and an operational innovation champion. Founded in July 2021, Edgenta NXT is our digital enterprise designed to bring technologies and technology-based intellectual property to market, aiming to accelerate the digital transformation across UEM Edgenta and support swift global growth. We have created two unique technology offerings - Asseto and Asseto for Health - each designed to digitalise traditional manual operations and harness data for insightful strategic planning, thus enhancing efficiency, supporting superior decision-making and improving financial outcomes. Our commitment to innovation extends through collaborations with ecosystem partners and leading technology innovators worldwide. Edgenta NXT is instrumental in distinguishing our offerings, enriching our solution portfolio and achieving cost efficiencies, thereby not only creating a new source of income for the Group but also acting as the driving force for our Edgenta of The Future 2025 (“EoTF2025”) objectives. This initiative positions us well on our path to becoming a Technology-Enabled Solutions Company. INNOVATION IN TODAY’S EVOLVING HEALTHCARE ENVIRONMENT As we navigate the future of healthcare, we quickly realised the importance of evolution and applied our insights to create Asseto for Health, building upon the foundational capabilities of our original offering, Asseto. This will enable us to address and fulfil the emerging needs within the dynamic and ever-evolving healthcare industry. ASSETO FOR HEALTH As a significant step forward in our technology-driven healthcare solutions, Asseto for Health provides non-clinical functionalities into a versatile, pay-per-use platform designed to support the everyday operational requirements of hospitals and various healthcare facilities.
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 25 WHAT DIFFERENTIATES US: OUR STRENGTHS Asseto stands as a dynamic digital platform engineered to elevate efficiency, intelligence and sustainability across sectors for business entities, governmental bodies and asset proprietors. With a keen emphasis on interoperability, Asseto flawlessly melds essential technologies like automation, sensory networks, robotics and comprehensive data compilation, enabling informed decision-making that advantages all stakeholders. Central to Asseto’s offering is a holistic ecosystem that leverages artificial intelligence and the Internet of Things (“IoT”) to fine-tune energy use, streamline waste handling and enhance overall user interactions. This strategic approach not only promotes the cultivation of smarter, more environmentally friendly assets but also guides the selection of assets that bolster long-term sustainability. Asseto further places a high value on predictive maintenance, advocating for anticipatory asset care that boosts operational efficiency, slashes running costs and prolongs the life of assets. Additionally, the platform simplifies the exchange of information and teamwork, refines decision-making mechanisms and betters end-user experiences. Asseto, by nurturing an integrated and compatible ecosystem, ensures outstanding benefits, facilitating impartial, data-led decision-making in steering towards a greener future. SCALABLE Offers competitive pricing with a flexible pay-as-you-grow approach. CONFIGURABLE Features intuitive drag-and-drop functionality that demands minimal customisation. INTEROPERABLE Ensures smooth integration with external applications, broadening its utility and value. GROWING ECOSYSTEM Actively enhances its capabilities via alliances with leading tech innovators such as Alibaba, ITMax, Disrupt-X, Softbank and Sumitomo, ensuring continuous growth and development. In 2023, Edgenta NXT successfully implemented Asseto in 15 Property Facility Solutions (“PFS”) clients, including three sites within KLCC and over 200 CIMB branches across Malaysia. We also secured new sites and more than 3,000 assets of a higher education facility. We achieved significant progress in 2023 by deploying Asseto to 35,000 assets. Over 35,000 assets under management Over 95,000 work orders generated per year Over 1,000 active platform users Across 20 buildings and facilities Over 150,000 digital permit-to-work generated per year
Section 3 UEM Edgenta Berhad FROM OUR LEADERSHIP 26 CHAIRMAN’S STATEMENT Amidst a rapidly evolving business landscape, UEM Edgenta stands at the forefront of transformation, championing innovation and sustainability as the cornerstones of our future. This year, we have continued to pursue our ambition to be a global Asset Management and Infrastructure Solutions company, underpinned by our Edgenta of the Future 2025 (“EoTF2025”) strategy. DEAR VALUED STAKEHOLDERS, Independent Non-Executive Chairman TAN SRI DR. AZMIL KHALID Our journey of transformation has seen us expand our horizons beyond traditional business segments and strengthened our ambitions in the Middle East. In doing so, we are harnessing our renowned expertise and innovative spirit to create more value for our stakeholders through our commitment to sustainability and technology. This not only sets new industry standards but also reflects our ambition to create a lasting impact, enabling us to meet the challenges of today and redefining the possibilities of tomorrow. Further details of UEM Edgenta Berhad can be found on: www.uemedgenta.com
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 27 CHAIRMAN’S STATEMENT 2023 2022 (RM2.5 billion) On the back of the 14.2% revenue growth in 2023, profits were impacted by the ongoing cost-push inflation that was influenced by persistent increases in the costs associated with operating our business. Despite the lower profits, we remain committed to rewarding our shareholders and declared a single-tier interim dividend of 2 sen per share for the financial year ended 31 December 2023. DELIVERING VALUE Most of the savings were generated through effective procurement and finance processes, digitalisation and automation, as well as rationalising non-core businesses. In the face of a challenging business landscape, UEM Edgenta demonstrated resilience in 2023, marking its best revenue growth in six years despite global economic uncertainties and competitive pressures. Our performance this year was bolstered by increased infrastructure projects and healthcare contracts, particularly benefiting from strong performance in Singapore, Taiwan and commencement of revenue recognition from our operations in the Kingdom of Saudi Arabia (“KSA”). Our proactive stance on delivery model optimisation, alongside a dedication to smart, sustainable solutions and technological innovations, also positioned us to effectively address the demands of a rapidly evolving market. ADDRESSING OUR CHALLENGES WITH EoTF2025 The main challenge in our industry, in addition to stiff competition, has been the rising costs in terms of labour, raw materials and consumables due to persistently high inflation. Appropriately, one of the key pillars of the EoTF2025 strategy is focused on extracting value from core businesses through cost optimisation and over the past three years, initiatives under this pillar has seen UEM Edgenta obtain RM81.8 million in savings, or 82% of the RM100 million target. RM 2.9 billion 14.2% RM 81.8 million in savings, or 82% of the RM100 million target
Section 3 UEM Edgenta Berhad FROM OUR LEADERSHIP 28 CHAIRMAN’S STATEMENT Besides that, we also focus on strategic levers that look at optimising our non-core businesses through diversification to help the company maximise profitability and attain sustainable success. By de-risking our portfolio profile and reevaluating our business, we can seize greater opportunities to monetise our non-core businesses to generate additional revenue streams. Coupled with our strategic levers, the EoTF2025 strategy is set to address the challenging business environment and to drive long-term resilience. The EoTF2025 plan has not only mitigated some of our cost challenges but is also unrelenting in finding ways to maintain a stable revenue base, generate more and diversify our revenue base, targeting higher margin services and ensuring that we continue to have the relevant skills, capabilities and technologies to continue winning new jobs while retaining our clients. I believe in no uncertain terms that UEM Edgenta’s perseverance and diligent execution of the EoTF2025 strategy over the years is why we have produced a healthy revenue performance this year while setting the stage for a promising outlook going forward. In reviewing what was accomplished in 2023, it has turned out reasonably well for UEM Edgenta on multiple fronts. Firstly, our revenue base remains solid on the back of healthy orderbook replenishment supported by strong contract renewal rates. In addition, UEM Edgenta has successfully diversified our business overseas, expanding market share in hospitality and manufacturing in Singapore and Taiwan, while operations in the United Arab Emirates (“UAE”) successfully penetrated new markets in Abu Dhabi. The consolidation and integration of our businesses in the KSA through strategic acquisition is also predicated on capturing new revenue opportunities in this high growth market and seeks to ride on the KSA’s ambitious Saudi Vision 2030 economic transformation plan. With the recent acquisition of Kaizen Owner Association Management Services LLC and Kaizen AMS Property Supervision LLC (“KAIZEN Group”), UEM Edgenta is poised to capitalise on the growth opportunities within the real estate sector in the UAE. This property management-facility management integration reinforces the value proposition of UEM Edgenta in the Middle East, aligning seamlessly with our EoTF2025 vision and supports our business portfolio de-risking strategy through diversification of products, services and markets. Sustainability As a beacon of corporate responsibility, UEM Edgenta embraces Environmental, Social and Governance (“ESG”) principles, recognising sustainability as the cornerstone of our resilient growth and value creation for our own operations, our clients’ businesses and the communities we serve. In 2023, we continued to uphold our commitment to sustainability by embedding sustainable practices throughout our business while taking steps to align ourselves with national ambitions to achieve Net Zero Targets and implement energy transition plans. We also continue to see contract wins that were techenabled, demonstrating that we are on the right path in the development of our technological capabilities such as UETrack™ and Asseto. In addition, our foray into fusing our own approach and brand of innovation in facilities management with the tenets of sustainability has also helped us penetrate new sectors and markets. Our quest to further promote our end-to-end sustainability capabilities has also been enhanced by the repositioning of Opus Consultants, through which we have pledged a sum of RM200 million to aid our clients in accelerating their transition to more energy and resource efficient buildings. In all our operating markets, we are an attractive proposition for any customer looking for a reliable, tech-enabled and sustainability focused Integrated Facilities Management (“IFM”) solutions partner. I believe that our strong track record, culture and commitment to operational excellence will hold us in good stead and help us navigate the challenges of the industry.
Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 29 CHAIRMAN’S STATEMENT At the forefront of our efforts is Opus Consultants which launched its suite of Energy and Sustainability Solutions this year, spearheaded by the Sustainable Zero-Capex programme to help our clients in Malaysia jumpstart their sustainability journeys. In addition, in a move to align with global standards and to champion decarbonisation, we signed Memorandums of Business Exploration (“MOBE”) with Earth Finance Inc., Honeywell International Sdn. Bhd. and Yinson Green Technologies for collaboration in the areas of sustainable solutions and green financing. Meanwhile, under the Group’s Net Zero Targets, we have set a goal to reduce our Scope 1 and Scope 2 greenhouse gas (“GHG”) emissions to Net Zero with an interim target to reduce these operational emissions by 26% by 2030. We are enacting a structured process to monitor the progress of our Net Zero Target. Our efforts align with the International Energy Agency’s (“IEA”) Net Zero Emissions by 2050 Global Pathway and will support the National Energy Transition Roadmap’s ambition for Malaysia to achieve Net Zero by 2050. This year, we also initiated a vendor segmentation exercise to understand our suppliers’ ESG practices. Results from this initiative will be used in our effort to compute our Scope 3 emission so we can make similar Net Zero pledge to reduce emission in our value chain. Additionally, we automated the process of calculating our carbon emission and have also developed processes around allocating carbon budgets to all our businesses for carbon management and reduction. As a result of our sustained efforts in the ESG space, we have been recognised with several awards and accolades. These include the Gold award in the Energy Efficiency category at The Star ESG Positive Impact Awards 2023, along with three Silver awards in the Renewable Energy, Talent Management, and Good Health and Well-being categories. Supporting Our Communities UEM Edgenta’s commitment to ESG principles extends beyond traditional corporate responsibilities, incorporating Education and Community Enrichment and Well-Being as foundational pillars. This comprehensive approach is exemplified through various corporate social responsibility (“CSR”) initiatives designed to foster long-term value and societal impact: Edgenta Jalinan Kasih – Festive CSR Programme Celebrations of major festivals like Chinese New Year, Ramadan, Hari Raya Aidilfitri, Deepavali and Christmas were shared with local communities, embodying the spirit of unity and cultural appreciation. In 2023, the programme has benefitted 1,330 beneficiaries including 430 asnaf recipients, 600 highway users and 300 UEM Edgenta employees. The Lost Food Project – Pet Food Project This initiative rescued and distributed 7,225kg of surplus pet food, which in turn prevented 20,230kg of carbon dioxide (“CO2”) emissions. It supported over 50 animal shelters and feeders in Klang Valley and Malacca, demonstrating a commitment to environmental sustainability and animal welfare. Zoo Negara Collaboration Programme By sponsoring Aldabra Giant Tortoises and a giraffe, UEM Edgenta underscored our dedication to wildlife conservation. The transformation of Zoo Negara, facilitated by 60 volunteers and the organisation of an educational visit for students from SK Jenderam, Dengkil, enhanced both animal living conditions and the visitor experience. #EDGENTAACTGREENCAMPAIGN Tree Planting CSR Programme The planting of 1,000 trees at Sabai Forest Reserve in Sarawak supported green initiatives and local economies. This effort aligns with Sarawak’s Greening Sarawak Programme and Malaysia’s fiveyear Greening Malaysia Programme, emphasising the importance of ecological preservation and sustainability. EDGENTA Back-To-School Riang Ria’s CSR Programme This programme assisted underprivileged students from SK Bangsar, SK Jenderam and SMK Jenjarom by providing essential school supplies. Additionally, a donation was made to each school to further educational development, highlighting our investment in the future of education and community well-being.
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