HOLDINGS BERHAD - Morningstar

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(6430-P)

W e b s i t e : w w w . w o r l d w i d e . c o m . m y

WORLDWIDE HOLDINGS BERHAD (6430-P)

111 BLOCK C, GLOMAC BUSINESS CENTRE,

10 JALAN SS6/1, KELANA JAYA, 47301 PETALING JAYA, SELANGOR DARUL EHSAN

Tel: 603-7805 3188 Fax: 603-7804 5459

WO

RLDWIDE HOLDINGS BERHAD

W O R L D W I D EH O L D I N G S B E R H A D

(6430-P)

H O L D I N G S B E R H A DLAPORAN TAHUNAN 2004 ANNUAL REPORT

Listed on Main Board of Bursa Malaysia Securities Berhad

2 Notice of Annual General Meeting

5 Statement Accompanying Notice of Annual General Meeting

8 Notis Mesyuarat Agung Tahunan

11 Penyata Yang Disertakan BersamaNotis Mesyuarat Agung Tahunan

12 Corporate Information

14 Profile of Board of Directors

19 Profile of Management Team

22 Audit Committee Report

26 Statement on Corporate Governance

35 Statement on Internal Control

37 Responsibility Statement

38 Group’s Five Years Summary

39 Financial Highlights

40 Human Resource– Our Greatest Asset

42 Corporate Structure

43 Chairman’s Statement /Penyata Pengerusi

c o n t e n t s

• Human Resource DevelopmentTo provide a conducive environment and opportunities foremployees to actualise their potential;

• Corporate GovernanceTo ensure that our shareholders’ interests remain a high priority;

• Service ExcellenceTo continuously strive to achieve consistent customer satisfaction;

• Strategic AlliancesTo excel and be a leader in all our ventures, to foster strategicalliances and expand our networking relationships.

Group Mission

It is the force that will drive profit for the present; and it will ignitegrowth for tomorrow.

We are continuously innovating to create strategies to move ourbusiness forward over the short as well as the long term.

Our momentum will never stop, because our future depends on it.

Cover Rationale BUILDING MOMENTUM

Worldwide Holdings BerhadCorporate Profile / Group Vision

Worldwide Holdings Berhad (WHB) wasincorporated on 29 December 1965, whichwas later listed on the Kuala LumpurStock Exchange on 1 April 1968.

WHB’s holding company is PerbadananKemajuan Negeri Selangor (PKNS), theeconomic development arm of the state of Selangor, Malaysia’s most dynamic state. The principal activities of WHB are property development and investment,

environmental management services andinvestment holding.

WHB stands poised at the threshold ofnew phase of growth. Ever a ler t tounfolding opportunities in the marketp lace, the Group has the f inancia lresources and capabilities to expand itspresence in i ts core propertydevelopment and investment business.As a key p layer in the bus iness of

providing environmental managementservices, WHB is well-positioned to takeadvantage of i ts exper ience andexpert ise to play a bigger role. Ourinvolvement in the landfill and transferstation operations as well as landfill gaspower generation has helped serve thenational interest in preserving the qualityof the environment and meeting theneeds of society.

Corporate Profile

“To be a leading public listed company by achieving quality performance and steadygrowth in our operations for the benefit of those we serve”.

“To fulfil this vision, the Group works towards a common aim as embodied in its missionstatement by employing optimal formulation of its total resources in the face of everchanging environment”.

OUR ASPIRATION is to act as a responsible corporate citizen and harness our bestefforts to serve the needs of our customers, shareholders, societies, the nation and theenvironment.

Group Vision

56 Review of Operations/Tinjauan Operasi

74 Calendar of Events

76 Financial Statements

139 Analysis by Size of Shareholdings

141 List of Properties Held

Proxy Form/Borang Proksi

39TH Annual General Meeting

• Bilik Selangor, Kelab Shah Alam Selangor

• Thursday, 16 June 2005

• 10.00 a.m.

1

Notice Of Annual General MeetingWorldwide Holdings Berhad

Notice Of Annual General Meeting

NOTICE IS HEREBY GIVEN THAT THE THIRTY NINTH ANNUAL GENERAL MEETING OF

THE COMPANY WILL BE HELD AT BILIK SELANGOR, KELAB SHAH ALAM SELANGOR,

NO 1A, JALAN AEROBIK 13/43, SECTION 13, 40000 SHAH ALAM, SELANGOR ON

16 JUNE 2005 AT 10:00 AM FOR THE FOLLOWING PURPOSE:-

Resolution 1

1. To receive and adopt

the Financial Statements

for the year ended

31 December 2004

together with the

Reports of the Directors

and Auditors thereon.

Resolution 2

2. To approve the payment

of a final gross

dividend of 6 sen per

share in respect of

the year ended

31 December 2004.

Resolution 3

3. To approve payment of

Directors’ fees for the

year ended 31

December 2004.

4. To re-elect the following Directors retiring in accordance with the Company’s Articles of

Association:-

a. Under Article 80

i. YBhg. Dato’ Hj Ibrahim Md Yusof Resolution 4

ii. YB Dato’ Hj Zainal Abidin Hj Sakom Resolution 5

iii. Puan Low Siew Moi Resolution 6

b. Under Article 86

i. Puan Nora Azmin Radzuan Resolution 7

5. To re-appoint Messrs. PricewaterhouseCoopers as Auditors and to

authorise the Directors to fix the remuneration. Resolution 8

AS SPECIAL BUSINESS

To consider and, if thought fit, to pass the following Ordinary Resolution.

2

AS ORDINARY BUSINESS

Worldwide Holdings BerhadNotice Of Annual General Meeting

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6. ISSUANCE OF SHARES NOT EXCEEDING 10% OF THE ISSUED CAPITAL IN THE

COMPANY

“That pursuant to Section 132D of the Companies Act, 1965, and subject to the approval of the

relevant authorities, the Directors be and are hereby empowered to issue shares in the Company

from time to time upon such terms and conditions and for such purposes as the Directors may

deem fit provided that the aggregate number of share issued pursuant to the resolution does not

exceed 10% of the issued share capital of the Company for the time being and that the Directors

be and are also empowered to obtain the approval for the listing of and quotation for the

additional shares so issued on the Bursa Malaysia Securities Berhad and that such authority shall

continue in force until the conclusion of the next annual general meeting of the Company.”

7. PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE FOR RECURRENT RELATED

PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE (“PROPOSED RENEWAL

OF THE SHAREHOLDERS’ MANDATE”)

“THAT, subject to the Companies Act 1965 (“the Act”), the Memorandum and Articles of

Association of the Company and the Listing Requirement of Bursa Malaysia Securities Berhad

(“Listing Requirements”), approval be and is hereby given to the Company and its subsidiaries

(“WHB Group”) to enter into the recurrent related party transactions of a revenue or trading

nature (“Recurrent Transactions”) as set out in Section 2.4 of the Circular to Shareholders dated

24 May 2005 (“Circular”) which are necessary for the WHB Group’s day-to-day operations

subject to the following:-

a. the transactions are carried out in the ordinary course of business on normal commercial

terms and conducted on arm’s length basis which are not more favourable to the related

parties (“Related Parties”) as stated in Section 2.3 of the Circular than those generally

available to the public and are not detrimental to the minority shareholders of the Company;

and

b. disclosure is made in the annual report of the breakdown of the aggregate value of

transactions conducted pursuant to the Proposed Renewal of Shareholders’ Mandate during

the financial year stating:-

i. the types of the Recurrent Transactions made; and

ii. the names of the Related Parties involved in each type of the Recurrent Transactions

made and their relationships with the Company;

and in the annual reports for subsequent financial years that the Proposed Renewal of

Shareholders’ Mandate continues to be in force.

AND THAT, such approval shall continue to be in force until:-

a. the conclusion of the next Annual General Meeting (“AGM”) of the Company, at which time

it will lapse, unless renewed by a resolution passed at a general meeting;

b. the expiration of the period within which the next AGM of the Company is required to be

held pursuant to Section 143 (1) of the Act (but shall not extend to such extension as may

be allowed pursuant to Section 143 (2) of the Act); or

c. revoked or varied by resolution passed by the shareholders in general meeting,

Resolution 9

Resolution 10

Notice Of Annual General MeetingWorldwide Holdings Berhad

4

Notes

1. Any member of the Companyentitled to attend and vote atthe meeting is entitled toappoint one or more proxies toattend and vote in his stead.

2. An instrument appointing aproxy, in case of an individual,shall be signed by the appointeror by his attorney and in thecase of corporation shall beeither given under its commonseal or signed on its behalf byan attorney or officer of thecorporation so authorised.

3. The instrument appointing aproxy must be deposited at theregistered office of the Companyat 111, Block C, GlomacBusiness Centre, 10 Jalan SS6/1,Kelana Jaya, 47301 PetalingJaya, not later than 48 hoursbefore the time appointed forholding the meeting or anyadjournment thereof.

4. Explanatory Note on SpecialBusiness:

The Proposed Resolution 9 is inline with the Company’sexpansion plan which mayinvolve the issue of new shares.Under Companies Act, 1965, theDirectors of the Company wouldhave to call a general meetingto approve the issue of shareseven though the number ofshares involved is less than 10%of the issued share capital. Inorder to avoid any delay andcost involved in convening sucha general meeting, it isconsidered appropriate to seekthe shareholders’ approval forthe Directors to issue shares inthe Company up to anaggregate amount not exceeding10% of the issued share capitalof the Company for the timebeing. The authority, unlessrevoked or varied at a generalmeeting, will expire at the nextannual general meeting of theCompany.

whichever is the earlier.

AND THAT, the Directors be and are hereby authorised to act and take all steps

and do all things as they may deem necessary or expedient in order to give full

effect to the Proposed Renewal of Shareholders Mandate”.

8. To transact any other business of which due notice shall have been given.

NOTICE OF BOOK CLOSURE

Notice Is Hereby Given that the Register of Members of the Company will be

closed from 4 July 2005 to 5 July 2005 (both dates inclusive) for the purpose

of preparing the final gross dividen of 6 sen per share in respect of the financial

year ended 31 December 2004.

The dividend will be paid on 15 July 2005 to depositors registered in the Record

of Depositors on 1 July 2005.

A depositor shall qualify for the entitlement only in respect of:

a. Shares deposited to the Depositor’s Securities Account before 12:30 pm on

29 June 2005 in respect of shares exempted from mandatory deposit;

b. Shares transferred into the Depositor’s Securities Account before 4.00 pm

on 1 July 2005 in respect of ordinary shares;

c. Shares bought on the Bursa Malaysia Securities Berhad on a cum

entitlement basis according to the Rules of the Bursa Malaysia Securities

Berhad.

By order of the Board

KAMIL SUHAIMI BAHARIN

Company Secretary Petaling Jaya

(MAICSA 7010420) 24 May 2005

Statement Accompanying Notice Of Annual General Meeting

a. Names of the Directors who are standing for re-election

Under Article 80

i. YBhg. Dato’ Hj Ibrahim Md Yusof

ii. YB Dato’ Hj Zainal Abidin Hj Sakom

iii. Puan Low Siew Moi

Under Article 86

i. Puan Nora Azmin Radzuan

b. Details of Board meetings during the financial year ended 31 December 2004.

Five Board meetings were held during the financial year ended 31 December 2004.

Date, time and venue of the Board meeting are as follows:-

Date Time Venue

12 April 2004 3:15 pm Bilik MesyuaratTingkat 19, Bangunan SSAAS40000 Shah Alam, Selangor

17 June 2004 8:30 pm Bilik Mesyuarat Gombak Kelab Shah Alam SelangorNo 1A, Jalan Aerobik 13/43, Seksyen 1340000 Shah Alam, Selangor

13 September 2004 2:30 pm Bilik MesyuaratTingkat 19, Bangunan SSAAS40000 Shah Alam, Selangor

4 November 2004 11:30 am Bilik Mesyuarat Gombak Kelab Shah Alam SelangorNo 1A, Jalan Aerobik 13/43, Seksyen 1340000 Shah Alam, Selangor

28 December 2004 2:30 pm Pebble Beach 1 & 2Pan Pacific Glenmarie 1 Jalan Usahawan U1/8, Seksyen U140250 Shah Alam, Selangor

c. Details of attendance of retiring Directors at Board meetings are as follows:-

No. Name of Directors Attendance

1. YBhg. Dato’ Hj Ibrahim Md Yusof 5 out of 5

2. YB Dato’ Hj Zainal Abidin Hj Sakom 4 out of 5

3. Puan Low Siew Moi 5 out of 5

4. Puan Nora Azmin Radzuan 2 out of 2

Worldwide Holdings BerhadStatement Accompanying Notice Of Annual General Meeting

5

Statement Accompanying Notice Of Annual General MeetingWorldwide Holdings Berhad

6

Name YBhg. Dato’ Hj. YB Dato’ Hj. Zainal Ms. Low Siew Moi Puan Nora Azmin Ibrahim Md. Yusof Abidin Hj. Sakom Radzuan

Qualification Bachelor of Economics Masters in Humanitarian Bachelor of Economics Bachelor of Business (Hons.) (University Science Management (Accounting) and (Accounting/of Malaya) (Saint John University of Post-graduate Management)

Jakarta, Indonesia). Diploma in Accountancy (University of Charles (University of Malaya) Sturt, New South

Degree in Political and Wales, Australia)Social Studies (Islamic Member of Malaysian University of North Institute of Accountants.Sumatera, Indonesia)

Diploma in Business Administration (Cavendish College, London)

Diploma in Islamic Studies (Klang Islamic College, Selangor) and Diploma in Teaching(Maktab Perguruan Sultan Idris, Tanjung Malim, Perak)

Position in Group Managing Director Independent Non-Executive Non-Independent Independent Non-the Company Director Non-Executive Director Executive Director

Working Currently, he is the Group Currently, he is the State Currently, she is Deputy She is currently Experience Managing Director of WHB. Assemblyman for Batang General Manager Executive Director, and Occupation Kali, Selangor (Corporate Affairs) of Sales Department

In 1976, he served Urban Perbadanan Kemajuan in Micro Corp Development Authority He was the Political Negeri Selangor (PKNS) Technologies.(UDA) and its various Secretary to the subsidiaries in various Menteri Besar Selangor She has over 32 years She served Tenaga managerial positions. from 1986 to 1997 experience in accounting, Nasional Berhad in

finance and administration. 1992 as an Account After 18 years with UDA, From 1995 to 1999, Trainee. Then, shehe served Kumpulan Darul he was the State She served PKNS since joined Life Tech Net Ehsan Berhad as Vice Assemblyman for 1973. In 1990, she was Sdn. Bhd. as an President and Deputy Hulu Bernam. seconded to IGB and Account Manager.Managing Director of IJM Group for four years.SAP Holdings Berhad.

d. Profile of Directors who are standing for re-election as directors.

Worldwide Holdings BerhadStatement Accompanying Notice Of Annual General Meeting

7

Name YBhg. Dato’ Hj. YB Dato’ Hj. Zainal Ms. Low Siew Moi Puan Nora Azmin Ibrahim Md. Yusof Abidin Hj. Sakom Radzuan

Members of Member of the Member of the Audit Member of the Audit and Noneany WHB Executive Committee and ESOS committees Executive CommitteesBoard Committee

Other None None Sunway City Berhad NoneDirectorshipin Public Listed Company

Securities Ordinary shares None None Noneholdings in 104,000 public listed (direct interest)company

Family None None None Nonerelationship with any director and/or major shareholder of the Company

Any conflict None None None Noneof interest

Offences None None None Nonewithin the past 10 years other than traffic offence, if any

Notis Mesyuarat Agung TahunanWorldwide Holdings Berhad

8

Notis Mesyuarat Agung Tahunan

DENGAN INI DIMAKLUMKAN BAHAWA MESYUARAT AGUNG TAHUNAN SYARIKAT YANG

KE TIGA PULUH SEMBILAN, AKAN DIADAKAN DI BILIK SELANGOR, KELAB SHAH

ALAM SELANGOR, NO 1A, JALAN AEROBIK 13/43, SEKSYEN 13, 40000 SHAH ALAM

PADA 16 JUN 2005 PADA JAM 10:00 PAGI BAGI URUSAN BERIKUT:-

Resolusi 1

1. Menerima dan

meluluskan Penyata

Kewangan Syarikat

bagi tahun kewangan

berakhir 31 Disember

2004 bersama Laporan

Lembaga Pengarah dan

Juruaudit.

Resolusi 2

2. Meluluskan pembayaran

dividen kasar terakhir

sebanyak 6 sen

sesaham bagi tahun

kewangan berakhir

31 Disember 2004.

Resolusi 3

3. Meluluskan pembayaran

yuran para Pengarah

bagi tahun kewangan

berakhir 31 Disember

2004.

4. Melantik semula Pengarah-pengarah berikut yang akan bersara di bawah Tatacara Syarikat:-

a. Di bawah Artikel 80

i. YBhg. Dato’ Hj Ibrahim Md Yusof Resolusi 4

ii. YB Dato’ Hj Zainal Abidin Hj. Sakom Resolusi 5

iii. Puan Low Siew Moi Resolusi 6

b. Di bawah Artikel 86

i. Puan Nora Azmin Radzuan Resolusi 7

5. Melantik semula Tetuan PricewaterhouseCoopers sebagai Juruaudit dan

memberi kuasa kepada para Pengarah untuk menetapkan ganjaran mereka. Resolusi 8

SEBAGAI URUSAN KHAS

Menerima dan sekiranya difikirkan wajar, meluluskan Resolusi Biasa berikut:

SEBAGAI URUSAN BIASA

Worldwide Holdings BerhadNotis Mesyuarat Agung Tahunan

9

6. PENERBITAN SAHAM-SAHAM TIDAK MELEBIHI 10% DARI MODAL YANG DITERBITKAN

OLEH SYARIKAT

“Bahawa tertakluk kepada Seksyen 132D Akta Syarikat 1965 dan tertakluk kepada kelulusan

pihak berkuasa yang berkaitan, para Pengarah diberi kuasa menerbitkan saham-saham Syarikat

pada bila-bila masa mengikut syarat-syarat dan peraturan yang tertentu bagi tujuan tersebut yang

para Pengarah fikirkan layak dengan syarat jumlah agregat saham yang diterbitkan tidak melebihi

10% daripada modal terbitan Syarikat pada waktu tersebut dan para Pengarah diberi kuasa

mendapatkan kelulusan untuk menyenarai dan menyebut harga bagi saham-saham yang

diterbitkan di Bursa Malaysia Securities Berhad dan kuasa tersebut akan berkuatkuasa sehingga

tamatnya mesyuarat agung tahunan akan datang”.

7. CADANGAN PEMBAHARUAN MANDAT PEMEGANG-PEMEGANG SAHAM BAGI

URUSNIAGA PIHAK BERKAITAN BERULANG YANG BERSIFAT HASIL ATAU PERDAGANGAN

(“CADANGAN PEMBAHARUAN MANDAT PEMEGANG-PEMEGANG SAHAM”)

“BAHAWA, tertakluk kepada Akta Syarikat 1965 (“Akta”), Memorandum dan Tataurusan Persatuan

Syarikat dan Keperluan Penyenaraian Bursa Malaysia Securities Berhad kelulusan adalah dan

dengan ini diberi kepada Syarikat dan anak-anak syarikatnya (“Kumpulan WHB”) untuk memasuki

ke dalam urusniaga pihak berkaitan berulang yang bersifat hasil atau perdagangan (“Urusniaga

Berulang”) sebagaimana dibentang dalam Seksyen 2.4 Pekeliling kepada pemegang-pemegang

Saham bertarikh 24 Mei 2005 (“Pekeliling”) yang adalah perlu bagi operasi harian Kumpulan WHB

tertakluk kepada yang berikut:-

a. urusniaga berulang dijalankan dalam perjalanan biasa perniagaan atas terma-terma biasa dan

komersil, yang tidak lebih menguntungkan kepada pihak-pihak berkaitan (“Pihak-Pihak

Berkaitan”) sebagaimana dinyatakan dalam Seksyen 2.3 Pekeliling daripada yang biasanya

tersedia kepada orang-orang awam dan tidak merugikan pemegang-pemegang saham

minoriti Syarikat; dan

b. pendedahan dibuat dalam laporan tahunan terhadap pecahan-pecahan nilai agregat

urusniaga yang dilaksanakan selaras dengan Cadangan Pembaharuan Mandat Pemegang-

pemegang Saham dalam tahun kewangan menyatakan:-

i. jenis Urusniaga Berulang yang dilakukan; dan

ii. nama-nama Pihak-pihak Berkaitan terlibat dalam setiap jenis Urusniaga Berulang yang

dibuat dan perhubungan dengan syarikat;

dan dalam laporan tahunan bagi tahun-tahun kewangan berikutnya yang Cadangan

Pembaharuan Mandat Pemegang-pemegang Saham berterusan berkuatkuasa.

DAN BAHAWA, kelulusan sedemikian hendaklah berterusan berkuatkuasa sehingga;

a. selesai Mesyuarat Agung Tahunan Syarikat yang akan datang, pada mana ianya akan luput,

kecuali melalui resolusi yang diluluskan pada mesyuarat, memperbaharui kuasanya;

b. penamatan tempoh dalam mana mesyuarat agung tahunan berikutnya perlu untuk diadakan

selaras dengan Seksyen 143(1) Akta, tetapi tidak akan dilanjutkan sebagaimana mungkin

dibenarkan selaras dengan Seksyen 143(2) Akta; atau

c. dibatalkan atau diubahsuai melalui resolusi yang diluluskan oleh pemegang-pemegang

saham dalam mesyuarat agung.

Resolusi 9

Resolusi 10

Notis Mesyuarat Agung TahunanWorldwide Holdings Berhad

10

Nota

1. Pemegang saham Syarikat yangberhak menghadiri danmengundi di mesyuarat iniberhak melantik seseorang ataulebih proksi untuk menghadiridan mengundi bagi pihak beliau.

2. Suratcara perlantikan proksi,bagi pemegang saham individu,hendaklah ditandatangani olehorang yang melantik dan bagipemegang saham syarikat pula,ia boleh dibuat sama adadengan dimeterikan denganmohor ataupun ditandatanganioleh peguam atau pegawaisyarikat tersebut yang diberikuasa.

3. Suratcara perlantikan proksihendaklah diserahkan di PejabatBerdaftar Syarikat di 111 BlockC, Glomac Business Center, 10Jalan SS6/1, Kelana Jaya, 47301Petaling Jaya, Selangor tidakkurang daripada 48 jam sebelummasa yang ditetapkan bagimesyuarat tersebut atausebarang penanguhannya.

4. Nota Penerangan tentangUrusan Khas:

Cadangan Resolusi 9 adalahsejajar dengan rancanganperkembangan Syarikat yangmungkin membabitkan terbitansaham baru. Di bawah AktaSyarikat 1965, para PengarahSyarikat perlu mengadakanmesyuarat agung untukmeluluskan terbitan sahamwalaupun jumlah saham yangterbabit kurang daripada 10%daripada modal saham terbitan.Untuk mengelakkan sebarangkelewatan dan kos yang terlibatuntuk mengadakan mesyuaratagung itu, adalah dianggapsesuai untuk mendapatkankelulusan pemegang sahambagi para Pengarah menerbitkansaham Syarikat kepada satujumlah agregat yang tidakmelebihi 10% daripada modalsaham diterbit Syarikat padamasa tersebut. Kuasa tersebut,kecuali dibatal atau diubah padamesyuarat agung, akan luputpada mesyuarat agung tahunanSyarikat yang akan datang.

yang mana lebih awal.

DAN BAHAWA, Para Pengarah Syarikat adalah dengan ini telah diberi kuasa

untuk melakukan segala tindakan serta perkara yang dirasakan perlu

bagi memberi kesan ke atas Cadangan Pembaharuan Mandat Pemegang-

pemegang Saham”.

8. Menjalankan urusan-urusan lain yang mana notis mengenainya telah diterima.

NOTIS PENUTUPAN BUKU

Adalah dimaklumkan bahawa Rekod Daftar Pemegang Saham Syarikat akan

ditutup pada 4 Julai 2005 hingga 5 Julai 2005, (termasuk kedua-dua hari ini) untuk

tujuan penyediaan dividen kasar terakhir sebanyak 6 sen sesaham bagi tahun

kewangan berakhir 31 Disember 2004.

Pembayaran dividen kepada para pendeposit yang berdaftar dalam Rekod

Pendeposit pada 1 Julai 2005 akan dibuat pada 15 Julai 2005.

Seseorang pendeposit akan layak untuk menerima dividen bergantung kepada:

a. Saham yang didepositkan ke dalam Akaun Sekuriti Pendeposit sebelum

12.30 petang pada 29 Jun 2005 berhubung dengan saham yang

dikecualikan daripada deposit mandatori;

b. Saham yang dipindahkan ke dalam Akaun Sekuriti Pendeposit sebelum 4:00

petang pada 1 Julai 2005 berhubung dengan pemindahan biasa;

c. Saham yang dibeli di Bursa Malaysia Securities Berhad beserta kelayakan

mengikut Peraturan Bursa Malaysia Securities Berhad.

Atas arahan Lembaga Pengarah,

KAMIL SUHAIMI BAHARIN

Setiausaha Syarikat Petaling Jaya

(MAICSA 7010420) 24 Mei 2005

Penyata Yang Disertakan Bersama Notis Mesyuarat Agung Tahunan

a. Pengarah-pengarah yang bersedia untuk dilantik semula:

Di bawah Artikel 80

i. YBhg. Dato’ Hj Ibrahim Md Yusof

ii. YB Dato’ Hj Zainal Abidin Hj. Sakom

iii. Puan Low Siew Moi

Di bawah Artikel 86

i. Puan Nora Azmin Radzuan

b. Butir-butir mesyuarat Lembaga Pengarah yang diadakan pada tahun kewangan berakhir 31 Disember, 2004

Sebanyak 5 mesyuarat Lembaga Pengarah telah diadakan pada tahun kewangan berakhir 31 Disember 2004.

Tarikh, masa dan tempat mesyuarat Lembaga Pengarah adalah seperti berikut:-

Tarikh Masa Tempat

12 April 2004 3:15 petang Bilik MesyuaratTingkat 19, Bangunan SSAAS40000 Shah Alam, Selangor

17 Jun 2004 8:30 malam Bilik Mesyuarat GombakKelab Shah Alam Selangor No 1A, Jalan Aerobik 13/43, Seksyen 1340000 Shah Alam, Selangor

13 September 2004 2:30 petang Bilik MesyuaratTingkat 19, Bangunan SSAAS40000 Shah Alam, Selangor

4 November 2004 11:30 pagi Bilik Mesyuarat GombakKelab Shah Alam Selangor No 1A, Jalan Aerobik 13/43, Seksyen 1340000 Shah Alam, Selangor

28 Disember 2004 2:30 petang Pebble Beach 1 & 2Pan Pacific Glenmarie 1 Jalan Usahawan U1/8, Seksyen U140250 Shah Alam, Selangor

c. Butir-butir kehadiran Pengarah yang bersedia untuk dilantik semula dalam Mesyuarat Lembaga:-

No. Nama Pengarah Bilangan Mesyuarat Yang Dihadiri

1. YBhg. Dato’ Hj Ibrahim Md Yusof 5 daripada 5

2. YB Dato’ Hj Zainal Abidin Hj Sakom 4 daripada 5

3. Puan Low Siew Moi 5 daripada 5

4. Puan Nora Azmin Radzuan 2 daripada 2

d. Untuk maklumat berhubung profil Pengarah-pengarah yang bersedia untuk dilantik semula, sila rujuk mukasurat6 hingga 7, Laporan Tahunan ini.

Worldwide Holdings BerhadPenyata Yang Disertakan Bersama Notis Mesyuarat Agung Tahunan

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YAD Dato’ Mohamad Adzib Mohd Isa DSSA, SSA, KMN, AMN

Chairman

YBhg. Dato’ Haji Harun Salim DPMS, JMN, KMN, PJK, ASA

Deputy Chairman

YBhg. Dato’ Haji Ibrahim Md Yusof DSIS, SSA

Group Managing Director

DirectorsEn. Mirzan Mahathir

YBhg. Dato’ Ir Haji Abu Bakar Mohd Amin DPMS, DPMP, KMN, PJK, JP

YBhg. Datin Paduka Juma’ah Moktar DSSA, ASA, PJK

YB. Dato’ Haji Zainal Abidin Haji Sakom DSSA, PPN, JP, AMS, PJK

YBhg. Dato’ Zainudin Haji Zainal Abidin DPMS, KMN, SMS, ASA, PJK

Ms Low Siew Moi KMN, SSA

Puan Nora Azmin Radzuan SMS

Company SecretaryEn. Kamil Suhaimi Baharin(MAICSA 7010420)

Registered Office111 Block C, Glomac Business Center10 Jalan SS 6/1, Kelana Jaya47301 Petaling Jaya, Selangor Darul EhsanTel: 603 7805 3188 Fax: 603 7804 5459Website: www.worldwide.com.my

Corporate Information

12

1.YAD Dato’ Mohamad AdzibMohd Isa Chairman

2.YBhg. Dato’ Haji Harun Salim Deputy Chairman

3.En. Mirzan Mahathir

4.YBhg. Dato’ Ir Haji AbuBakar Mohd Amin

5.Ms Low Siew Moi

Board Of Directors

AuditorsPricewaterhouseCoopers, (AF1146) Public Accountants

Principal BankersMalayan Banking BerhadBumiputra-Commerce Bank Berhad

SolicitorsEdlin Ghazaly & Associates

RegistrarSymphony Share Registrars Sdn Bhd26th Floor, Menara Multi-Purpose, Capital SquareNo. 8, Jalan Munshi Abdullah50100 Kuala LumpurTel : 603 2721 2222Fax : 603 2721 2530

Stock Exchange ListingBursa Malaysia Securities Berhad

13

6.YBhg. Dato’ Haji Ibrahim MdYusof Group Managing Director

7.YB. Dato’ Haji Zainal AbidinHaji Sakom

8.YBhg. Dato’ Zainudin HajiZainal Abidin

9.YBhg. Datin Paduka Juma’ahMoktar

10.Puan Nora Azmin Radzuan

1 6 7 8 9 102345

YAD DATO’ MOHAMAD ADZIB MOHD ISANon-Independent, Non-Executive ChairmanMalaysian, 56 years of age

YAD Dato’ Mohamad Adzib Mohd Isa, a Malaysian aged 56, was appointed to the Board onOctober 2000. Besides holding the position of Chairman of WHB, he also sits as chairmanof the Nomination and Remuneration Committees and other subsidiaries within the Group.

He holds a Bachelor of Arts (Econs) degree Hons from the University of Malaya and aMasters of Science in National Development and Project Planning from University of Bradford,United Kingdom.

YAD Dato’ Mohamad Adzib Mohd Isa has over 33 years of working experience with theFederal, State and local governments. Prior to his retirement from the Government in year2004, he was the Selangor State Secretary. He is presently the Chairman of Majlis AgamaIslam Selangor (Selangor State Islamic Council) and a member of the Selangor Royal Council.

He does not have any family relationship with any director and/or major shareholder nor anyconflict of interest with the Company. He has no convictions for any offences committed overthe past 10 years. YAD Dato’ Mohamad Adzib attended all five Board meetings held duringthe financial year ended 31 December 2004.

YBHG DATO’ HAJI HARUN SALIMNon-Independent, Non-Executive Deputy Chairman Malaysian, 56 years of age

YBhg Dato’ Haji Harun Salim, a Malaysian aged 56, was appointed to the Board on 7 May 1996, and is a member of the Remuneration and Executive Committees of WHB.

A graduate from the University of Malaya with a Bachelor of Economics (Analysis) degree, healso holds a Diploma in Housing Planning and Building from Bauweentrum InternationalEducation, Rotterdam in The Netherlands.

YBhg Dato’ Haji Harun Salim has extensive working experience with the Selangor StateEconomic Development Corporation (PKNS). He began his career with PKNS as an AssistantManager (Administration), and thereafter assuming various managerial positions before hiscurrent appointment as General Manager of PKNS.

He does not have any family relationship with any director and/or major shareholder, norentered into any transaction that has any conflict of interest with the Company. He has noconvictions for any offences over the past 10 years. YBhg Dato’ Haji Harun attended threeout of five Board meetings convened during the financial year.

Profile Of Board Of DirectorsWorldwide Holdings Berhad

14

Profile Of Board Of Directors

Worldwide Holdings BerhadProfile Of Board Of Directors

15

YBHG DATO’ HAJI IBRAHIM MD YUSOFGroup Managing DirectorMalaysian, 52 years of age

YBhg Dato’ Haji Ibrahim Md Yusof, a Malaysian aged 52, was appointed Group ManagingDirector of WHB on 1 July 1996, a position he has held till today. He is also a member ofthe Executive Committee of WHB, an executive Director of Worldwide Landfills Sdn Bhd andother subsidiaries within the Group.

Since graduating from the University of Malaya in 1976 with a Bachelor of Economics (Hons),he has attended the Management Development Programme at the Asian Institute ofManagement in Manila, Philippines and also the Advance Management Programme at theUniversity of Hawaii, USA.

Joining the Urban Development Authority (UDA) in 1976, he served UDA and its subsidiariesin various managerial positions for 18 years, before his next career move. Prior to joiningWHB, he was a Vice President of Kumpulan Darul Ehsan Berhad, an investment arm of theSelangor State Government and Deputy Managing Director of SAP Holdings Berhad.

He does not have any family ties with any director and/or major shareholder, nor any conflictof interest with the Company or convictions over the last 10 years. He has attended all fiveBoard meetings held during the year.

YBHG DATO’ IR HAJI ABU BAKAR HAJI MOHD AMINIndependent Non-Executive DirectorMalaysian, 63 years of age

YBhg Dato’ Ir Haji Abu Bakar Haji Mohd Amin, a Malaysian aged 63, has been a member ofthe Board since 15 April 1997. Besides chairing the WHB ESOS Committee, he is also amember of the Audit, Nomination and Remuneration Committees. He also sits on the Boardof Sunrise Berhad.

An engineer by profession, he graduated with a Bachelor of Engineering (Civil) from theprestigious Royal Melbourne Institute of Technology and a Masters of Engineering (Civil) fromthe University of New South Wales, Australia.

A Government servant for over 31 years, he last held the post of Director of Jabatan KerjaRaya, Selangor prior to his retirement. He is now Chairman of HSS Integrated Sdn Bhd, aconsulting engineering firm.

He does not have any family relationship with any director or major shareholder, nor engagedin any activities that have conflict of interest with the Company. He has no convictions forany offences over the past 10 years. He attended all five Board meetings held during thefinancial year.


16


EN MIRZAN MAHATHIRIndependent Non-Executive DirectorMalaysian, 46 years of age

En Mirzan Mahathir, a Malaysian aged 46, has been a Board member since 22 June 1993. He isalso the Chairman of the Audit Committee of WHB and a member of the Nomination Committee. Aprominent corporate figure, he also sits on the Boards of Dataprep Holdings Berhad, DolomiteCorporation Berhad, Artwright Holdings Berhad and Nakamichi Corporation Berhad.

A graduate of the Brighton Polytechnic, England with a Bachelor of Science (Hons) in ComputerScience, he went on to earn a Masters in Business Administration from the renowned the WhartonSchool, University of Pennsylvania, USA.

He began his career as a systems engineer with the IBM World Trade Corporation before moving onto Salomon Brothers Hong Kong Ltd as Associate, Investment Banking, where he was involved inbond market research and proprietary equity trading. He is currently Executive Chairman andPresident of Konsortium Logistik Berhad. He is also represented in several non-profit organisations,which include among others, President of Asian Strategy & Leadership Institute (ASLI) and Co-Chairman of Malaysia-British Business Council and Malaysia-US Business Council. He is alsoPresident of the Container Haulers Association of Malaysia and a member of the Malaysia South-South Association.

He does not have any relationship with any director or major shareholder, conflict of interest with theCompany nor any convictions for any offences committed over the past 10 years. He attended fourof the five Board meetings convened in 2004.

YBHG DATIN PADUKA JUMA’AH MOKTARNon-Independent Non-Executive DirectorMalaysian, 54 years of age

YBhg Datin Paduka Juma’ah Moktar, a Malaysian aged 54, was appointed to the WHB Board on 4 September 1997. She also sits on the Boards of several other public-listed companies, namelyKumpulan Perangsang Selangor Berhad, Kumpulan Hartanah Selangor Berhad and TaliworksCorporation Berhad.

A lawyer by training with a Bachelor of Laws (Hons) from the University of London, UK, she alsoholds a Master in Business Administration from the International Management Centre, Buckingham,UK. She has attended the Applied International Management Programme conducted by the Instituteof Foretagledning, Sigtuna, Sweden.

In the 23 years she has served the Selangar State Government, she has accumulated vast experiencein company administration and business management. Her career began with the KumpulanPerangsang Selangor Berhad (KPS) in 1975. The 1990s saw a series of career moves up the corporateladder, first as Chief Operating Officer with Permodalan Negeri Selangor Berhad, followed by VicePresident of Kumpulan Darul Ehsan Berhad (KDEB) and then Executive Director of Brisdale HoldingsBerhad. Appointed to her current position of Deputy President of KDEB, an investment arm of theSelangar State Government in July 1997, she is concurrently the Managing Director of KPS.

YBhg Datin Paduka Juma’ah Moktar does not have any family relationship with any director or majorshareholder, nor any conflict of interest with the Company. She has no record of convictions for anyoffences for the past 10 years. She attended all five Board meetings held during the financial year.

YB DATO’ HAJI ZAINAL ABIDIN BIN HAJI SAKOMNon-Independent, Non-Executive DirectorMalaysian, 55 years of age

YB Dato’ Haji Zainal Abidin Haji Sakom, a Malaysian aged 55, was appointed to the WHBBoard on 4 September 1997. He also serves as a member of the Audit and ESOS Committee.

He holds a Masters Degree in Humanitarian Science Management from the Saint JohnUniversity of Jakarta, Indonesia and a Degree in Political and Social Studies from the IslamicUniversity of North Sumatera, Indonesia.

He holds a Diploma in Business Administration from Cavendish College, London. He alsoreceived a Diploma in Islamic Studies from the Klang Islamic College (KIK) and a Diploma inTeaching from Maktab Perguruan Sultan Idris Tanjong Malim (M.P.S.I).

He currently serves as the State Assemblyman for Batang Kali, Selangor. Amongst his manyappointment, he served as Political Secretary to the Menteri Besar of Selangor from 1986 to1997. From 1995 to 1999, he was the State Assemblyman for Hulu Bernam.

He does not have any family relationship with any director or major shareholder, nor anyconflict of interest with the Company or record of convictions for any offences committed overthe past 10 years. He attended four of the five Board meetings held during the financial year.

YBHG DATO’ ZAINUDIN HAJI ZAINAL ABIDINNon-Independent, Non-Executive DirectorMalaysian, 53 years of age

YBhg Dato’ Zainudin Haji Zainal Abidin, a Malaysian aged 53, was appointed to the Board ofWHB on 26 March 1998. He also serves as a member of the WHB Executive Committee.

He is currently Deputy General Manager (Administration and Development) of Selangor StateEconomic Development Corporation (PKNS). During his 30-year tenure in the governmentsector, he was mainly involved in property development as well as hotel management. Analumnus of the University of Malaya, he graduated with a Bachelor of Arts Degree majoringin History.

He does not have any family relationship with any director or shareholder, conflict of interestwith the Company or any convictions for the past 10 years. He has of attended at all fiveBoard meetings held during the year.

Worldwide Holdings BerhadProfile Of Board Of Directors

17

MS LOW SIEW MOINon-Independent, Non-Executive DirectorMalaysian, 55 years of age

Ms Low Siew Moi, a Malaysian aged 55, has been on the WHB Board since 28 March 2002.She also serves as a member of the Audit and Executive Committees of WHB. She is alsoa director of Sunway City Berhad.

An accountant by qualification, she earned a Bachelor of Economics (Accounting) degree anda post-graduate Diploma in Accountancy, from the University of Malaya. She is also amember of the Malaysian Institute of Accountants.

In a career spanning 32 years, she has vast experience in accounting, finance andadministration. She joined Selangor State Economic Development Corporation (PKNS) in1973, and has since held various managerial positions. In 1990, she was seconded to theprivate sector, where she was attached for four years to the IGB and IJM Group. Oncompletion of her secondment, she returned to PKNS to take up the appointment of DeputyGeneral Manager (Corporate Affairs), a position she holds to this day.

Ms Low Siew Moi does not have any family relationship with any director or majorshareholder or conflict of interest with the Company. She has no past record of convictionover the last 10 years. She attended all five Board meetings held in 2004.

PUAN NORA AZMIN RADZUANNon-Independent, Non-Executive DirectorMalaysian, 34 years of age

Puan Nora Azman Radzuan, a Malaysian aged 34, has been appointed to the Board of WHBon 18 October 2004.

She has a Bachelor of Business (Accounting/Management) from Charles Sturt University, NewSouth Wales, Australia as well as a Diploma in Accountancy from Universiti Teknologi Mara.

Upon graduation, she joined Tenaga Nasional Berhad in 1992 as an Account Trainee. Shesubsequently joined Life Tech Net Sdn Bhd as an Accounts Manager before assumingpresent position as Executive Director in the Sales Department in Micro Corp Technologies.Her resume includes experience working as an IT advisor to small and medium industries.

She does not have any family relationship with any director or major shareholder, nor anyconflict of interest with the Company. She has no record of convictions for offencescommitted over the past 10 years. Since her appointment in October 2004, she attended twoof the two Board meetings held during the period.


18


Profile Of Management Team

NORAZLINA ZAKARIAAged 39, MalaysianSenior General ManagerFinance

1

DATO’ HAJI IBRAHIM MDYUSOFAged 52, MalaysianGroupManaging Director

2

1 2 3

Worldwide Holdings BerhadProfile Of Management Team

Norazlina Zakaria, aged 39, has overallresponsibility for all matters pertaining tofinance, accounts, treasury, taxation andnew business evaluation exercises of theWHB Group. She is also actively involvedin the corporate fund raising exerciseundertaken by the Group. Her job scopeincludes overseeing the overall operationsof WHB’s subsidiary companies as well asthe overall staff training activities of theGroup. • An accountant by profession,she is a graduate of the Emile WoolfCollege of Accountancy, London. She is afellow member of the Association ofChartered Certified Acountants (FCCA)and a member of the Malaysian Instituteof Accountants (MIA). • Norazlina Zakariahas more than 17 years of experience inaccounting, treasury and corporatefinance. Prior to joining WHB, she was anauditor with the firm of Al-Jefri & Co fortwo years. She then moved on to thePublic Bank Berhad where she was theSenior Operation Officer from 1988 to 1990.

AHMAD AZMAN AZIZULRAHMANAged 44, MalaysianGeneral ManagerProperty

3

Ahmad Azman Azizul Rahman, aged 44, isresponsible for the overall operations of theWHB Group’s property developmentactivities. • He is also General Manager ofWHB’s subsidiary, Worldwide GlomacDevelopment Sdn Bhd. • He holds aBachelor of Science (Hons) in QuantitySurveying from the University of Reading,United Kingdom. He is a member of theInstitution of Surveyors Malaysia (MISM)and is a registered Quantity Surveyor withLembaga Jurukur Malaysia. In 1993, heattended a Management DevelopmentProgramme at the Asian Institute ofManagement in Manila, Philippines. • Hiswork experience in the property sectorsspans some 20 years. Before joining WHBin 1996, he was with the UrbanDevelopment Authority (UDA), first as itsQuantity Surveyor and subsequently asProject Manager with UDAPEC Sdn Bhd(Bandar Tun Hussein Onn). His last positionprior to leaving UDA was Regional Managerfor Eastern Region cum General Managerof UDAMurni Development Sdn Bhd.

1 2 3 4

Profile Of Management TeamWorldwide Holdings Berhad

20

ABDUL RAHMAN AHMADAged 41, MalaysianHeadInternal Audit Division

4

ALIAH MOHD SALLEHAged 55, MalaysianHeadCorporateCommunicationsDivision

HAJI AMI NARDIN HAJIISHAKAged 45, MalaysianHeadHuman Resource,Administration and PublicRelations Division

1

2

Abdul Rahman Ahmad, aged 41, is responsible for the overall internal audit, risk management andcorporate governance functions of the WHB Group. • He graduated with a Bachelor of Commercefrom the Australian National University in Canberra, Australia. He is a chartered member of theInstitute of Internal Auditors, Malaysia and an associate member of the Australian Society ofCertified Practicing Accountants. In 2004, he attended the Management Programme conducted atthe Asian Institute of Management in Manila, Philippines. • His professional qualifications are backedby 18 years of work experience in accounting, finance and auditing. He was an auditor withCoopers Lybrand from 1988 to 1992, and subsequently moved on to be the Accountant andFinance Manager at Bertam Properties Sdn Bhd before joining WHB in 1997.

Aliah Mohd Salleh, aged 55, has overall responsibility for the Group’s corporate communicationsactivities. She holds a Bachelor of Arts degree majoring in economics and sociology from UniversitiKebangsaan Malaysia. • In a career spanning some 28 years with the Malaysian IndustrialDevelopment Authority (MIDA), her last post held in the organisation was Senior Assistant Director,before she left to join WHB in 2000. During her stint at MIDA, she was seconded to the Women AffairsUnit of the Prime Minister’s Department for a period of three years, from 1985 to 1987.

Haji Ami Nardin Haji Ishak, aged 45, is responsible for all activities related to the Group’s humanresource, administration and public affairs functions. • Among his affiliations to professional bodies, heis a member of the Malaysian Institute of Human Resource Management (MIHRM), Malaysian Institute ofManagement (MIM) and the Malaysian Institute of Training and Development (MITD). • In April 2005, heattended the Management Programme at the Asian Institute of Management in Manila, Philippines. • Hehas more than 20 years of experience in the areas of human resource management and administration.He began his career in 1984 as a Human Resource and Administration Executive at Daihatsu. Since then,he moved on to other companies such as Aetna Universal Insurance Berhad and Sime AXA AssuranceBerhad, extending his knowledge and experience in his area of specialisation. He joined WHB in 1995.

Profile Of Management Team

Kamil Suhaimi Baharin, aged 41, handles all legal and secretarial matters of Worldwide HoldingsBerhad and its Group of Companies. • He obtained his professional qualification from the UK-basedInstitute of Chartered Secretaries and administrators (ICSA). He is also an associate member of theMalaysian Institute of Chartered Secretaries and Administrators (MAICSA). • He has over 16 yearsof experience in his field, having served as a Secretarial Executive with PFM Capital Sdn Bhd andlater as Head of the Secretarial Department in a legal firm, Messrs Abu Talib Shahrom & Zahari. Hejoined WHB in 1996.

KAMIL SUHAIMI BAHARINAged 41, MalaysianCompany Secretary

3

Abdul Razak Ishak, aged 42, has overall responsibility for the sales and marketing activities of theCompany. • He has a Bachelor’s degree in Urban Planning from the Unversity of Wisconsin, GreenBay, USA as well as a Masters degree in City and Regional Planning from the Ohio State University,Columbus, USA. • He has over 16 years working experience in the property sector. Upongraduation, he joined a property valuation firm, CH Williams Talhar and Wong in 1989. He thenserved in managerial positions with MBF Property Services Sdn Bhd and Prolink Development SdnBhd, two property development companies based in Johor Bahru. His last position prior to joiningWHB in 2001, was Senior Marketing Manager with SAP Holdings Berhad.

Zamri Abdul Rahman, aged 38, holds various portfolios related to the Group’s environmentalmanagement business. Following the recent establishment of the Environmental Management Divisionwithin WHB, he is responsible for activities undertaken by the Division. As General Manager ofWorldwide Landfills Sdn Bhd, he is responsible for landfill operations as well as business development.• He has a Bachelor of Science degree in Civil and Environmental Engineering from the University ofWisconsin, Madison, USA and is a member of the Chartered Institute of Waste Management. He hasattended the Management Programme conducted at the Asian Institute of Management in Manila,Philippines. • His career began at Salcon Engineering Berhad prior to joining WLSB in 1995. To-date,he has 14 years of relevant work experience in the business of managing wastes, particularly in thesolid waste industry. On the strength of his knowledge and experience in the business, he haspresented papers on waste management and landfill operations at various seminars.

1 2 43

Worldwide Holdings BerhadProfile Of Management Team

21

HAJI ROSLI ISMAILAged 42, MalaysianSenior ManagerProject Implementation,Property Division

4

Haji Rosli Ismail, aged 42 is a Senior Manager, Project Implementation, Property Division and hisprincipal job function is to oversee the Group’s property development activities. • He holds a Degreein Civil Engineering from Universiti Teknologi MARA. He has attended the Management Programme atthe Asian Institute of Management in Manila, Philippines. • He has more than 16 years’ experience inthe property development business. Prior to joining WHB in 1995, he was attached to an engineeringconsulting firm and property development companies, namely Glomac Goodyear Sdn Bhd andPeremba Development Sdn Bhd.

ABDUL RAZAK ISHAKAged 42, MalaysianSenior ManagerSales and Marketing

1

ZAMRI ABDUL RAHMANAged 38, MalaysianHead, EnvironmentalManagement Division cum General Manager,Worldwide LandfillsSdn Bhd 3

IR MAULUD HJ LATIFAged 53, MalaysianHeadUtilities Division

2

Ir Maulud Hj Latif, aged 53, is in charge of the Group’s business development activities related toits utilities operations. • He first secured a Diploma in Mechanical Engineering from UniversitiTeknologi Malaysia before obtaining a Bachelor of Science (Hons) in Mining Engineering from theUniversity of Wales, UK. He also has a post-graduate degree, earning a Master of BusinessAdministration from the University of Queensland, Australia. A Professional Engineer Malaysia (P Eng), he is registered with the Board of Engineers and is also a member of the Institution ofEngineers Malaysia (MEM). • Ir Maulud Hj Latif has considerable work experience in both thegovernment and private sector. He held various positions in the Ministry of Finance, PermodalanNasional Berhad and Malaysia Mining Corporation before joining WHB in 1995.

Audit Committee ReportWorldwide Holdings Berhad

22

The Audit Committee (“the Committee”) was established since September 1993 to act as committee of the Boardof Directors and its terms of reference are set out in pages 24 to 25.

Membership

The Committee comprises three (3) independent non-executive directors and one (1) non-independent non-executivedirector. Members of the Committee and their meeting attendence record are as follows:

Members Attendance

Independent, Non-Executive Director1. En. Mirzan Mahathir (Chairman) 4 out of 5 2. YBhg. Dato’ Ir Haji Abu Bakar Haji Mohd Amin 5 out of 53. YB Dato’ Haji Zainal Abidin Haji Sakom - appointed on 2/12/04 –4. Puan Nora Azmin Radzuan - resigned on 18/06/04 2 out of 3

Non-Independent, Non-Executive5. Ms. Low Siew Moi 5 out of 56. YBhg. Datin Paduka Juma’ah Moktar - resigned on 12/04/04 1 out of 1

Members of the Committee do not have the relationship which, in the opinion of the Board of Directors, wouldinterfere with the exercise of independent judgement in carrying out the functions of the Committee. Members ofthe Committee possess sound judgement, objectivity, independent attitude, management experience and knowledgeof the industry.

Meetings

The Committee met at scheduled time, with due of meetings issued and with agenda planned and itemised so thatthe issues raised by the Internal Auditors were deliberated and discussed in a focused and detailed manner. Duringthe financial year ended 31 December 2004, the Committee met five (5) times. The record of their attendance isset out on the above table.

The Group Managing Director, Senior General Manager of Finance and Head, Internal Audit Division attended themeeting regularly. Other senior management members and the Group external auditor attended the meetings uponinvitation by the Chairman of the Committee.

The Board of Directors of WHB is pleased to present the report of the Audit

Committee for the year ended 31 December 2004.

Audit Committee Report

Worldwide Holdings BerhadAudit Committee Report

23

Activities During the Year

Apart from its duties as set out in its term of reference, the Committee also carriedout the following activities during the period as follows:

(i) Updated on statutory and regulatory requirements including the implementation ofaccounting standard applicable to the preparation of financial statement;

(ii) Reviewed the process adopted by the Group on risk management, control selfassessment and effectiveness of the Group internal control, which subsequentlyapproved by the Board of Director;

(iii) Reviewed and updated the Statement on Corporate Governance, Statement onInternal Control and Audit Committee Report and made relevant recommendationfor Board of Director’s approval;

(iv) Verified the allocation of share options pursuant to the ESOS is in compliance withthe criteria set out in the ESOS by-law.

Allocation of share options under the Employees’ Share Option Scheme (ESOS)

The Committee has verified that the allocation of share options pursuant to the ESOSis in compliance with the criteria set out in the ESOS by-law.

Internal Audit Function

The Group has Internal Audit Division which reports to the Committee.

The Committee approves the Annual Audit Plan that is developed on risk basedapproach at the end of previous year. The scope of internal audit covers the audits ofall operational, financial and other matters including those of subsidiary companies.

The Committee receives regular report from Head of Internal Audit Division on auditwork activities as per Annual Audit Plan and Quarterly Progress Report prior to theCommittee meetings. Quarterly Progress Report summarised all activities of InternalAudit Division including any matters arising, follow-up work as well as additional reportwhich require the Committee attention.

Audit Committee ReportWorldwide Holdings Berhad

24

Terms of Reference

The terms of reference of the Committee are as below:-

Membership

CompositionThe Committee and the Chairman shall be appointed by the Board and shall consistof at least three directors, the majority of whom are independent. All members of theCommittee, including Chairman will hold office only as long as they serve as Directorsof the Company.

ChairmanshipThe Committee shall be appointed by the Directors from amongst their members andthe members of the Committee shall elect a Chairman from among themselves whoshall be independent director.

Review of the CommitteeThe Board through its Nomination Committee shall review the term of office andperformance of the Committee and each of its members at least once every 3 yearsshall determine whether the Committee and its members have carried out their dutiesin accordance with their Charter.

Meetings

The Committee shall meet not less than four times a year and report to the Board.The quorum of the Committee meetings, shall consist at least two third of themembers with independent non-executive directors forming majority.

The meetings shall be attended by the Head, Finance Division and Head, InternalAudit Division. The presence of external auditors can be requested if required. OtherBoard members may attend meetings upon the invitation of the Committee. However,at least once a year, the Committee shall meet with the external auditor without anyexecutive Board member present. The external auditor may request a meeting if theyconsidered it necessary.

The secretary to the Committee shall be the Company Secretary. Minutes of eachmeeting shall be distributed to each member of the Board. The Chairman of theCommittee shall report on each meeting to the Board.

Authority

The Committee has unrestricted access to information, records, properties andpersonnel of the Group. It also has direct communication channels with the externaland internal auditors. The Committee is also authorised by the Board to obtainexternal independent advice as necessary.

Audit Committee Report

Worldwide Holdings BerhadAudit Committee Report

25

Responsibility and Duties

• Review the quarterly interim results and annual financial statement of the Group andof the Company, focusing in particular on the going concern assumption, compliancewith applicable approved accounting standards and regulatory requirements, anychanges in accounting policies and practices, significant issues arising from the auditand major judgemental issues.

• Review the adequacy and integrity of the Group’s internal control systems,management information systems and risk management practices, including systemsfor compliance with applicable laws, rules, directives and guidelines.

• Consider and review any significant transactions which are not within the normalcourse of business and any related party transactions that may arise within the Groupand the Company.

• Consider the appointment of a suitable accounting firm to act as external auditor andamong the factors to be considered for the appointment are the adequacy of experienceand resources of the firm and the person assigned to the audit, to consider any questionof resignation or dismissal and to recommend the audit fee payable thereof.

• Discuss with the external auditor before the audit commences, the nature, approachand scope of the audit.

• Discuss problems and reservations arising from the interim and final audits and anymatters the auditor may wish to discuss in the absence of the management wherenecessary.

• Review the assistance and corporation given by the Company and its officers to theexternal auditor and internal auditor.

• Review the follow-up actions by management on the weaknesses of internalaccounting procedure and controls per external auditors’ management letter.

• Review with external auditor the financial statement for the purpose of approval beforethe audited financial statements are presented to the Board for adoption.

• Review and propose to the Board the audit fee and other significant compensation tobe paid to external auditor.

• Approve the Internal Audit Charter, which defines the independent purposes, authority,scope and responsibility of the internal audit function in the Group and the Companyand review the internal audit program.

• Review the adequacy of the scope, functions and resources of the internal auditfunctions and that it has the necessary authority to carry out its work.

• Consider the major findings of internal investigations and management responses.

• Review the scope, performance and remuneration of the Head, Internal Audit Divisionand be consulted on his appointment and removal.

• Verify the allocation of share option under Employees’ Share Option Scheme (ESOS)as being in compliance with the criteria set out in the ESOS by-law.

• Report promptly to Bursa Malaysia on any matters reported by it to the Board whichhas not been satisfactorily resolved resulting in breach of Bursa Malaysia ListingRequirement.

• Propose best practices on disclosure in financial results and annual report of theCompany in line with the principle set out in the Malaysian Code of CorporateGovernance, other applicable laws, rules, directives and guidelines.

• Consider other topic as defined by the Board.

Statement On Corporate Governance

The Board of Directors of Worldwide Holdings Berhad (‘the Board’) acknowledges

that the need for good corporate governance and transparency has been more

challenged. Nevertheless the Board fully supports the recommendation of the

Malaysian Code on Corporate Governance (‘the Code’) and is continually committed

to ensuring that the highest standards of corporate governance are practiced

throughout the Group to safeguard and enhance shareholders’ investment and values.

Toward this end, the Board is pleased to report to shareholders how the Group has

applied the principles and best practice of the Code.

THE BOARD’S ROLES

The Board’s main roles are to create value for shareholders, to provide leadership to the Group, to oversee the conduct of theGroup businesses and internal control system, to implement an investor relations program and succession planning, to approvethe Group’s strategic objectives and to ensure the necessary financial and other resources are made available to the managementto enable them to meet those objectives. The Board, which has reserved certain specific matters to itself for decision, isresponsible for approving overall Group strategy and financial policy, acquisition and divestment policy and major capitalexpenditure projects.

Statement On Corporate GovernanceWorldwide Holdings Berhad

26

Whilst assuming the above responsibilities, the Board is of the view that a morestructured approach is required to formalise the existing process by way which risksare identified, assessed, controlled and reviewed. An enterprise wide risk managementprogram has been implemented and continually improved to further strengthen thecurrent internal control. The continuing ongoing initiatives will formalise and strengthenthe current internal control system within the Group in compliance with the bestpractices in the Code throughout the year.

It also reviews recommendations of the Audit Committee, Executive Committee,Remuneration Committee, Nomination Committee and ESOS Committee and thefinancial performance and operation of each of the project and business. TheseCommittees have the authority to examine particular issue and report back to theBoard with recommendations.

Board of Directors

During 2004, the Board comprised members with a wide range of business, financial,technical and public service background, to lead and control the Group. This bringsdepth and diversity in expertise and perspective to the leadership of a dynamicbusiness. The profile of the members of the Board at the date of this report whichappears on pages 14 to 18 demonstrates the range of experiences vital to themanagement of a Group with diverse activities.

Board Balance

The current Board comprises ten (10) members, one (1) of whom is executive directorwho is also the Group Managing Director, six (6) of whom are non-independent non-executive directors and three (3) of whom are independent non-executive directors. Themeetings are presided by a non-independent non-executive chairman whose role isclearly separated from the role of the Group Managing Director to ensure a balance ofpower and authority.

The Group Managing Director has the responsibilities for making and implementingoperational decisions and running the Group’s business based on the Group’sapproved annual budget.

The non-executive directors, who support the skills and experiences of the GroupManaging Director bring strong independent judgement, knowledge and experience tothe Board’s deliberations to ensure a balanced Board’s decision-making process.

Pursuant to best practices, the Board has identified YBhg Dato’ Ir Haji Abu Bakar HajiMohd Amin as the senior independent non-executive director, to whom any concernspertaining to the Group may be conveyed.

Worldwide Holdings BerhadStatement On Corporate Governance

27


Board Committees

The Board delegates certain responsibilities to Board Committee. There are fivestanding Board committees: Audit, Executive, Nomination, Remuneration and EmployeeShare Option Scheme (ESOS) committees. All committees have term of references andoperating procedures and the Board receives reports of their proceedings anddeliberations. The Chairman of the various committees will report to the Board theoutcome of the committee meetings and such reports are incorporated in the minutesof the Board meeting.

Supply of Information

Directors are each provided with an agenda and a set of Board papers in advance ofeach Board meeting, to ensure that Directors have sufficient time to study and ifnecessary obtain explanation prior to the Board meetings.

The Board papers are comprehensive and include among others, the following:-

i Agenda of the meeting;ii Minutes of meeting of the previous Board meeting;iii Latest financial reports;iv Minutes of meetings of all Committees of the Board;v Progress report of the Group’s property development activities;vi Proposal papers prepared by the management of WHB, which require Board’s

approval.

Minutes of all Board Committee meetings are tabled at the Board meeting andendorsed by the Board.

Directors have access to all information within the Company and to the advise andservices of the Company Secretary who is responsible for ensuring compliance withapplicable rules and regulations and the Board meeting procedures are abided. TheGroup had in place the procedure for Directors to seek both independent professionaladvice at the Company’s expenses.

Board of Directors appointments process

Pursuant to the principal of the Code, the Board has establishes a Nomination andRemuneration Committee, consisting of 3 non-executive directors, 2 of whom areindependent and 3 non-executive directors, 1 of whom is independent respectively. TheNomination and Remuneration Committee has recommended a formal and transparentprocedure for the appointment of new Directors to the Board. During the year underreview the function of the Nomination Committee were assumed by the Board and theRemuneration Committee only sat once.


28

Retirement and Re-election of Directors.

In accordance with the Company’s Articles of Association, all Directors who areappointed by the Board are subject to election at regular interval by the shareholdersat the annual general meeting. The Articles of Association provides that all Directorsshall retire from office at least once in three years and submit themselves for re-election at least once in three years.

Details of Directors seeking re-election pursuant to Paragraph 8.28 of the ListingRequirements are disclosed in a separate statement, i.e. in a statement accompanyingthe Notice of the Annual General Meeting.

Director’s Training

An induction program has been tailored for newly appointed Directors to facilitate theirunderstanding of the operations of the Group as well as products and services offeredby the Group. During the year, all Director have attended and successfully completedthe Mandatory Accredition Program and Continuing Education Program prescribed byBursa Malaysia, including further training on relevant new laws and regulations andchanging commercial risk. In addition, the Company Secretary had updated theDirectors on the relevant new laws and regulations at Board meeting.

Board Committees

a. Nomination Committee

The main objective of the Nomination Committee is to ensure that the Board has therequired mix of responsibilities, skills and experiences. Its comprises exclusively threeNon-Executive Directors, majority of whom are independent Directors, as follows:

Dato’ Mohamad Adzib Mohd Isa – ChairmanDato’ Ir Haji Abu Bakar Hj. Mohd Amin Mirzan Mahathir

Principle duties, responsibilities and procedures:

• Recommend to the Board the candidate for directorship on the Board of theCompany and its Group as well as membership of all other Board Committee.In making its recommendations, the Committee shall consider candidate asproposed by the Group Managing Director;

• Examine the size of the Board with a view to determine the number of Directorson the Board in relation to its effectiveness and review its required mix of skillsand experiences and other qualities;


29



30

• Recommend suitable orientation, education and training program tocontinuously train and equip existing and new director;

• The committee has the authority to examine a particular issue and report backto the Board with recommendations.

During the year the Committee sat once and normally their function is assumedby the Board.

b. Remuneration Committee

The objectives of the Remuneration Committee are to set the policy framework

and to make recommendations to the Board on all elements of the remuneration,

term of employment, reward structure and fringe benefits, which link rewards to

corporate and individual performance for executive director and other top

management position with the aim to attract, retain and motivate individuals of the

highest quality. It comprises exclusively three non-executive directors as follows:

Dato’ Mohamad Adzib Mohd Isa – Chairman

Dato’ Haji Harun Salim

Dato’ Ir Haji Abu Bakar Hj Mohd. Amin

Principle duties, responsibilities and procedures:

• Set, review, recommend and advise the policy framework on all elements of theremuneration such as reward structure, fringe benefits and other terms ofemployment of the executive Directors having regard to the overall Grouppolicy guidelines and framework;

• Advise the Board on the performance of executive Director and an assessmentof their entitlement to performance related remuneration; and

• Establish and recommend a formal and transparent procedure for developing apolicy on the remuneration of the non-executive chairman, non-executivedirectors and Board committee members, which recommendation shall bedecided by the Board as a whole.

The Committee has the authority to examine a particular issue and report back to

the Board with recommendations. During the year, the Committee sat once and

normally their function is assumed by the Board.

The Directors do not participate in decisions on their own remuneration packages.


31

Details of Director remuneration

Executive Director’s remuneration comprises salary, bonuses and share options underEmployees’ Share Option Scheme. Other customary benefits are also made availableas appropriate. Salary review takes into account the market rate and the performanceof the individual and the Group.

The number of Directors whose total remuneration falls within the following bands isas follows:-

Number of Directors

Executive Non-executive

Below RM50,000 7

RM50,000 – RM150,000 2

RM150,000 – RM250,000

RM250,000 – RM500,000 1

The Directors’ interest in the ESOS are disclosed in the Directors’ Report on page 79.

In general, Directors fees and meeting attendance fees are payable to all Directors ofthe company as determined by the Board after considering comparable market rate.The basic salary paid to the executive director is recommended by the RemunerationCommittee, taking into account the performance of the individual and information fromindependent sources on the rates of salary for similar jobs. Bonuses are paid to theexecutive director based on various performance measurements of the Group, togetherwith an assessment of each individual’s performance during the period. Othercustomary benefit-in-kind, such as medical, car and leave passage are made availableas appropriate. Contributions are also made to Employees Provident Fund whereapplicable.

SHAREHOLDERS

The Corporate Communication Division and its working committee is also in charge ofinvestor relations and has an active program of contact with institutions and brokersbesides being involved in presentation in the website. However, any information thatmay be regarded as undisclosed material information about the Group will not begiven to any single shareholders.



32

A website (www.worldwide.com.my) has been established for access by shareholders

/investors for information. The Group participates actively in investors’ conferences,

involving presentation on development within the Group. The Group is committed to

a policy of openness, excellence and timeliness of its communication. Apart from the

Group’s annual report, circulars to shareholders and the mandatory public

announcements through the BMSB Link for the Group’s financial results, information

on the Company and the Group can be obtained at the website. Shareholders /

investors who wish to contact the Group on any concern of matter related to

business and investment, are invited to send their queries through email at

[email protected].

Full use is made of the annual general meeting to inform the shareholders of current

developments with an opportunity for shareholder to raise questions when the

directors are available to respond to their questions. A press conference is held

immediately after the annual general meeting where the media is advised on the status

of resolutions that were considered. The Chairman, the Executive Director, the General

Manager, (Finance and Property) are present at the press conference to clarify and

explain issues raised by the press media.

ACCOUNTABILITY AND AUDIT

Directors’ responsibility statement in respect of the presentation of the audited

financial statements, is set out in page 37.

The director are required by the Companies Act, 1965 to ensure that the financial

statement prepared for each financial year give a true and fair view of the state of the

affairs of the Group and of the Company as at the end of the financial year and their

results and cash flows for the financial year. The director considers that in presenting

the financial statements, the Group has used the appropriate accounting policies that

are consistently applied and supported by reasonable and prudent judgements and

estimates.

The directors have a general responsibility for ensuring that the Group and the

Company keep accounting records and financial statements, which disclose with

reasonable accuracy the financial position of the Group and the Company. The

Directors have taken steps to ensure that such financial statements comply with the

Companies Act, 1965, applicable to the approved accounting standards in Malaysia

and other regulatory provisions.


33

Internal Control

The directors recognise their responsibility for the Group’s system of internal

controls covering not only financial controls but also operational and compliance

controls as well as risk management. The internal control system involves each

business and key management from each business, including the Board, and is

designed to meet the Group’s particular needs and manage the risk exposure.

Although the best endeavour is made to provide the best possible system of internal

control and risk management, the system can only provide reasonable but not

absolute assurance against misstatement or loss. The Statement on Internal Control

is set out in pages 35 to 36 and it provides an overview of the state of internal

control within the Group.

Relationship with the Auditors

An appropriate relationship is maintained with the Company’s auditors through the

Audit Committee. The Audit Committee has been explicitly accorded and the power

to communicate directly with both external auditors and internal auditors.

Details and other pertinent information about the Audit Committee and its activities are

highlighted in the Audit Committee Reports on pages 22 to 25. Pursuant to Clause

15.21 of the Bursa Malaysia Listing Requirement, the Board has reviewed the term of

office and performance of the Audit Committee and each of its members, and the

Board is of the view that the Audit Committee and its members have carried out their

duties in accordance with their terms of reference.

Financial reporting

The Board aims to provide and present a balanced and meaningful assessment of

the Group financial performance and prospect at the end of the financial year,

primarily through the annual financial statements, quarterly and half yearly

announcements of result to shareholders as well as the Chairman’s Statement and

review of operations in the annual report. The Board is assisted by the Audit

Committee to oversee the Group’s financial reporting processes and the quality of its

financial reporting.



34

Annual General Meeting

Notices of the annual general meeting (AGM) and related documents are sent out toshareholders at least 21 days before the date of the meeting. At the AGM, the Boardpresents the progress and performance of the business and encourages shareholdersto participate in the feedback and review of the Group’s affair. All directors includingthe Chairman of the Audit Committee are available to respond to shareholdersquestion during the meeting. Where appropriate, the Chairman will undertake toprovide a written answer to any significant question that cannot be readily answeredon the spot.

The Board also ensure that each item of special business included in the notice of themeeting is accompanied by full explanation of the effect of a proposed resolution.Separate resolutions are proposed for substantially separate issues at the meeting andthe number of proxy votes received both for or against each separate resolution isindicated publicly.

In this report and for the Directors seeking re-election, the Board has also set out briefdescription of the matters which include their age, relevant experience, list ofdirectorships, date of appointment to the Board, details of participation in the BoardCommittee and the description of their role in the Board.

Worldwide Holdings BerhadStatement On Internal Control

35

Statement On Internal Control

INTRODUCTIONThe Board of Worldwide Holdings Berhad (WHB) iscontinually committed to maintaining a sound system ofinternal control throughout the Group and is pleased to reportto shareholders a statement, which outlines the nature andstate of internal control of the Group, as required byParagraph 15.27 (b) of the Bursa Malaysia (BMSB) ListingRequirements.

RESPONSIBILITYThe Board through its Audit Committee is ultimatelyresponsible for the Group’s system of internal control,which includes the continually establishment of anappropriate control environment and framework as well asreviewing its adequacy and integrity.

However, the Board acknowledges the limitations that areinherent in any system of internal control. This system isdesigned to manage rather that eliminate the risk of failureto achieve corporate objectives. Accordingly, it can onlyprovide reasonable but not absolute assurance againstmaterial misstatements or losses. The system of internalcontrol covers inter-alia, risk management and financial,organisational, operational and compliance control.

The Board also wish to acknowledge that the reviewingprocess does not apply to the associates for which theGroup does not have full management control over theiroperations.

CURRENT INTERNAL CONTROL SYSTEMAppropriate system of internal control has beenimplemented to monitor, manage and control the risks witha view to long term viability of the Group. The internalcontrol is embedded in the operating of the Group andalready formed part of Group culture.

Internal control is a process affected by WHB Board ofDirectors, management and other personnel, designed toprovide reasonable assurance regarding achievement ofobjectives in the following categories:

• Operation – relating to effective and efficient use ofresources;

• Financial Reporting – relating to preparation of reliablepublished financial statement;

• Compliance – relating to compliance with applicablelaws and regulations

REVIEWING PROCESSDuring the year, the Audit Committee, through internalauditor has formalised the risk management frameworkwhich involved the following activities:

(i) Revisit the database of all identified risks and controlswith head of divisions with an objective to reviewpresent and potential key risks together in mitigatingthe risk;

(ii) Initial implementation of the Risk Management Policy;

(iii) Conduct workshop at the working level to update therisk profile and summary of key risk findings of theGroup;

(iv) Review of the risk management process by the Boardthrough Audit Committee;

(v) Formal annual review by the Board on the adequacyand integrity of the system of internal control.

Operation – relating to effective and efficient use of resources.

Financial reporting – relating to preparation of reliable published financial statement.

Compliance – relating to compliance with applicable laws and regulations.

Statement On Internal ControlWorldwide Holdings Berhad

36

INTERNAL AUDITA division under WHB which carries out the internal auditfunction of the Group. The internal audit division assists theBoard through Audit Committee in ensuring effectiveness ofrisk management, control and governance processes withinthe Group.

The internal audit function reviews the internal control in thekey activities of the Group’s business based on an annualinternal audit plan, which has been presented to the Audit Committee for approval.

The resulting reports from the audit undertaken will bediscussed with the respective management, which are thenbeing reported to the Audit Committee at the AuditCommittee meetings. Any significant findings or identifiedrisks are closely examined so that appropriate correctiveactions or reported weaknesses are rectified within therequired time frame. For monitoring purposes, the internalauditor will update the Audit Committee members on thedevelopment of the issues identified through QuarterlyProgress Report.

OTHER CONTROL PROCESSApart from the risk management framework and internal audit,the Board has also put the following control process in place:-

i) The full Board meets at least quarterly and has set aschedule of matters, which is required to be brought toits attention for discussion, thus ensuring that it maintainsfull and effective supervision over appropriate control. TheGroup Managing Director will lead the presentation ofboard papers and provide comprehensive explanation ofpertinent issues in arriving at any decision onrecommendation by the Management, a thoroughdeliberation and discussion by the Board is a prerequisite.In addition, the Board is kept updated on the Group’sactivities and its operations on a regular basis.

ii) A documented delegation of authority with clear lines ofaccountability and responsibility serves as a tool ofreference in identifying the approving authority forvarious transactions including matters that require Boardapproval.

iii) An organisation structure with formally defined lines ofresponsibility and delegation of authority is in place. Aprocess of hierarchical reporting has been establishedwhich provides for a documented and audited trail ofaccountability. It includes the publication of theScheme of Service which highlights specific policiesand equality of opportunity, staff performance andserious misconduct.

iv) A detailed budgeting process where operating unitsprepare budgets for the coming year, which aredeliberated at both the operating level and approved bythe Board.

v) Quarterly and yearly monitoring of results against budgetwith major variances and performance indicatorreviewed, a thorough deliberation and discussion byAudit Committee is a pre-requisite before recommendedQuarterly Financial Report and Audited Accounts forBoard approval.

vi) Adapt to control self assessment (CSA) – a processwhereby head of divisions analyse the status of controland risk of his/her own division and provide writtenassurance related to the status of achievement of thebusiness objectives and compliance on policies andprocedure of their own division within the Group.

vii) A documented internal procedure sets out as OperatingManuals which serve as a tool of reference for employeein delivering or accomplishing specific objectives.

WEAKNESS IN INTERNAL CONTROLAll weaknesses in internal controls noted for the financialyear have been identified and highlighted to themanagement and the Audit Committee members. However,there are no material losses incurred during the currentfinancial year as a result of weakness in internal control.Management had taken the necessary steps on theweaknesses noted and continued to take measures tostrengthen the control environment.

This statement is made in accordance with resolution of theBoard of Directors on 10 May 2005.

Statement On Internal Control

Worldwide Holdings BerhadResponsibility Statement

37

Responsibility Statement

The Directors are required by the Companies Act, 1965 to prepare financial statements

for each financial year which have been made out in accordance with the applicable

approved accounting standards and give a true and fair view of the state of affairs of

the Group and Company at the end of the financial year and of the results and cash

flows of the Group and Company for the financial year.

In preparing the financial statements, the Directors have:-• adopted suitable accounting policies and applied them consistently;• made judgements and estimates that are reasonable and prudent;• ensured that all applicable accounting standards have been followed;• prepared financial statements on the going concern basis as the Directors have a reasonable

expectation, having made enquiries, that the Group and Company have adequate resources tocontinue in operational existence for the foreseeable future.

The Directors have responsibility for ensuring that the Company keeps accounting records whichdisclose with reasonable accuracy the financial position of the Group and Company and which enablethem to ensure that the financial statements comply with the Companies Act, 1965.

The Directors have overall responsibilities for taking such steps as are reasonably open to them tosafeguard the assets of the Group to prevent and detect fraud and other regularities.

Signed on behalf of the Board of Directors in accordance with the resolution of the Board dated 10 May2005.

YB DATO’ MOHAMAD ADZIB MOHD ISAChairman

DATO’ HAJI HARUN SALIMDeputy Chairman

Group’s Five Years Summary

Shareholders'funds

’00 ’04’03’02’010

(RM Million)

489.

6

679.

7

639.

6

580.

3

532.

0

Revenue

’00 ’04’03’02’010

(RM Million)

28.2

124.

4

81.1

77.1

35.8

Group’s Five Years SummaryWorldwide Holdings Berhad

38

2000 2001 2002 2003 2004

Consolidated Balance Sheet as at 31 December (RM Million)

Fixed assets 54.2 52.5 49.3 9.8 7.6

Associated companies 198.7 230.9 271.3 244.2 271.5

Other assets 184.1 247.9 213.1 244.6 289

Net current assets 64.9 11.9 66.1 163.4 142.4

Deferred expenditure 5.2 7.4 4.8 3.8 0.0

Total net assets 507.1 550.6 604.6 665.8 710.5

Share capital 164.4 164.4 166.5 170.2 170.9

Share premium 88.2 88.3 89.0 90.3 90.6

Reserves 237.0 279.3 324.8 379.1 418.2

Shareholders’ funds 489.6 532.0 580.3 639.6 679.7

Minority interest 10.5 10.3 11.5 12.8 12.9

Long term liabilities 7.0 8.3 12.8 13.4 17.9

Total funds employed 507.1 550.6 604.6 665.8 710.5

Consolidated Income Statement for the financial year ended 31 December (RM Million)

Revenue 28.2 35.8 77.1 81.1 124.4

Profit/(loss) from operations (1.4) 1.0 9.0 22.8 15.6

Share of results of associated companies 48.9 58.5 56.1 56.3 60.4

Profit from ordinary activities before tax 47.5 59.5 65.1 79.1 76.0

Tax (14.6) (15.8) (18.1) (17.9) (21.7)

Profit from ordinary activities after tax 32.9 43.7 47.0 61.2 54.3

Minority interests (0.4) (1.4) (1.2) (1.9) (1.7)

Net profit for the financial year attributable

to the shareholders 32.5 42.3 45.8 59.3 52.6

Dividend (3.6) (3.5) (2.4) (5.1) (13.4)

Retained profits for the year 28.9 38.8 43.4 54.2 39.2

Financial Highlights

’00 ’04’03’02’010

(RM Million)

47.5

76.0

79.1

65.1

59.5

Profit before tax

Net earningsper share-basic

’00 ’04’03’02’010

(Sen)

19.8

30.9

35.3

27.7

25.7

Net tangible assets per share

’00 ’04’03’02’010

(Sen)

294.

6

397.

8

373.

6

345.

6

317.

7

’00 ’04’03’02’010

(RM Million)

548.

0

755.

0

714.

2

664.

2

603.

4

Total assets

Worldwide Holdings BerhadFinancial Highlights

39

2000 2001 2002 2003 2004

Financial Highlights for the year ended 31 December (RM Million)

Revenue 28.2 35.8 77.1 81.1 124.4

Profit before tax 47.5 59.5 65.1 79.1 76.0

Profit after tax 32.9 43.7 47.0 61.2 54.3

Profit for the financial year attributable

to the shareholders 32.5 42.3 45.8 59.3 52.6

Financial Ratios

Revenue growth (%) (57.5) 27.0 115.4 5.2 53.4

Profit before tax growth (%) (53.1) 25.3 9.4 21.5 (3.9)

Profit before tax as a percentage

of shareholders’ funds (%) 9.7 11.2 11.2 12.4 11.2

Net earnings per share – basic (sen) 19.8 25.7 27.7 35.3 30.9

Net tangible assets per share (sen) 294.6 317.7 345.6 373.6 397.8

Dividend per share (sen) 3.0 2.0 3.0 5.0 10.0

Shareholders’ funds (RM million) 489.6 532.0 580.3 639.6 679.7

Total assets (RM million) 548.0 603.4 664.2 714.2 755.0

HumanResource Our Greatest Asset

Corporate StructureWorldwide Holdings Berhad

42

100%Central Holdings Bhd

100%Worldwide Property Management Sdn Bhd

100%Worldwide Land Development Sdn Bhd

100%Symor Worldwide Sdn Bhd

100%IMT Teleport Sdn Bhd

100%Aspirasi Anggun Sdn Bhd

61%Perangsang Empree Wood Industries Sdn Bhd

60%Worldwide Landfills Sdn Bhd

51%Worldwide Glomac Development Sdn Bhd

51%Tanjung Rezeki Sdn Bhd

20%Beruntung Transport City Sdn Bhd

100%Emerald Crest Sdn Bhd

40%Eastern Glory Ent. Ltd.

70%WL Environmental Sdn Bhd

70%Panorama Worldwide Sdn Bhd

60%Worldwide Waste Solutions Sdn Bhd

20%Genting Sanyen Power Sdn Bhd

100%Kelang Assets Sdn Bhd

100%Deltaworks Sdn Bhd

Corporate Structure

DATO’ MOHAMAD ADZIB MOHD ISAChairman / Pengerusi

Chairman’s StatementP E N YATA P E N G E R U S I

Worldwide Holdings BerhadChairman’s Statement • Penyata Pengerusi

43

Dear Valued Shareholders,

On behalf of the Board of Directors, I hereby present the Annual Report and Financial Statements ofWorldwide Holdings Berhad (WHB) for the financial year ended 31 December 2004.

OPERATING ENVIRONMENT

After a strong take-off in 2003, the Malaysian economy registered a higher growth of 7.1% for 2004. Thegrowth momentum was reinforced by a more favourable external environment. Gross Domestic Product(GDP) expansion in 2004 was broad-based, with most sectors of the economy, recording positive growth.

Relevant to the WHB’s core property development business, overall activity in the residential and non-residential segments expanded during the year. The demand for housing was spurred in part by theincentives offered under the Package of New Strategies introduced in 2003. Growing confidence in theeconomy also contributed towards the ‘feel good’ factor among investors. This has translated into a strongdemand for residential properties in the first half of 2004, notably for affordable homes in locations with goodaccessibility and public amenities. In the newly energised Klang Valley property market, what was alsostriking was a renewed demand for offices and retail space.

Para Pemegang Saham Yang Dihormati,

Bagi pihak Lembaga Pengarah, saya dengan ini membentangkan Laporan Tahunan dan Penyata KewanganWorldwide Holdings Berhad (WHB) bagi tahun kewangan berakhir 31 Disember 2004.

SUASANA OPERASI

Ekonomi negara telah mencatatkan pertumbuhan yang lebih baik kepada 7.1 peratus pada tahun 2004 berikutankeadaan ekonomi negara yang lebih mantap pada tahun sebelumnya. Momentum pertumbuhan ekonomi telahdiperkukuhkan lagi dengan persekitaran luar yang lebih menggalakkan. Perkembangan Kadar Domestik NegaraKasar (KDNK) adalah menyeluruh dengan kebanyakan sektor ekonomi mencatatkan pertumbuhan yang positif.

Aktiviti sub-sektor kediaman dan bukan kediaman yang berkaitan dengan aktiviti pembangunan hartanah WHBsecara keseluruhannya telah menunjukkan perkembangan pada tahun 2004. Insentif-insentif yang ditawarkan dibawah Pakej Strategi Baru yang telah diperkenalkan pada tahun 2003 merupakan salah satu faktor utama yangmerangsang permintaan terhadap hartanah kediaman. Di samping itu, keyakinan yang semakin meningkatterhadap pertumbuhan ekonomi negara juga telah menyumbang kepada sentimen yang positif di kalangan parapelabur. Perkembangan ini telah menyumbang kepada permintaan yang lebih kukuh terhadap hartanah kediamanpada separuh pertama 2004, terutama permintaan terhadap rumah mampu milik yang terletak di lokasi-lokasiyang mempunyai infrastruktur dan kemudahan awam yang baik. Di tengah-tengah pasaran hartanah yangsemakin kukuh di sekitar Lembah Kelang, permintaan terhadap ruang pejabat dan kedai juga telah menunjukkanpeningkatan serta perkembangan yang positif.

Chairman’s Statement • Penyata PengerusiWorldwide Holdings Berhad

44

The recently completed double storey terrace houses ‘Damai’ at Subang Bestari Township, Shah Alam.

Rumah teres dua tingkat jenis ‘Damai’ yang siap dibina di Perbandaran Subang Bestari, Shah Alam.


45


46

While it is premature to say that the bull has returned to the property market, the signs going forward are encouraging.

FINANCIAL PERFORMANCE

The WHB Group continued to perform according to expectations during the financial year ended 31 December 2004. Group revenue rose by 53.4% to RM124.4 million from RM81.1 million posted in 2003.However, profit before tax (PBT) decreased by 4.2% to RM76.0 million, against RM79.2 million recordedpreviously. As explained last year, exceptional gains of RM17.5 million were realised in 2003 following thedisposal of a hotel building formerly known as Holiday Inn On The Park.

The main contributor to Group profitability remained WHB’s 20% equity interest in Genting Sanyen PowerSdn Bhd (GSP), an independent power producer, which posted a PBT of RM60.4 million for 2004. Anothersignificant contributor was WHB’s waste management business vested in Worldwide Landfills Sdn Bhd(WLSB), which achieved a PBT of RM11.7 million (2003 : RM8.3 million) on the back of revenue of RM34.7million (2003 : RM28.4 million). The 40.9% increase in WLSB’s PBT was attributed to an increase in tippingfees from the previous RM25.00 per metric ton (MT) to RM30.00 per MT. The Group’s property division alsoperformed satisfactorily in 2004, following the completion of several projects. In the property sector, theGroup has made provision for payables and bad debts amounting to RM4.8 million, thereby resulting in alower net profit for the property sector to RM3.0 million. Nonetheless, this showed a better performance ascompared to the net profit of RM1.3 million recorded in 2003.

Walaupun masih terlalu awal untuk menyatakan bahawa pasaran hartanah telah pulih sepenuhnya, tanda-tandake arah pertumbuhan yang positif adalah menggalakkan.

PRESTASI KEWANGAN

Kumpulan WHB telah terus kekal mencatatkan prestasi kewangan seperti yang dijangkakan untuk tahunkewangan berakhir 31 Disember 2004. Perolehan Kumpulan telah meningkat sebanyak 53.4% berbandingRM81.1 juta yang dicatat pada tahun 2003. Di sebalik peningkatan dalam perolehan, keuntungan sebelum cukaiKumpulan telah menurun sebanyak 4.2% kepada RM76.0 juta, berbanding RM79.2 juta yang dicatat pada tahunsebelumnya. Seperti yang dilaporkan dalam Laporan Tahunan WHB pada tahun yang lepas, Kumpulan telahmeraih keuntungan sebanyak RM17.5 juta dari hasil penjualan bangunan hotel yang sebelum ini dikenali sebagaiHoliday Inn On The Park pada tahun 2003.

Pegangan ekuiti WHB sebanyak 20% dalam pelaburan di Genting Sanyen Power Sdn Bhd (GSP), syarikatPenjana Kuasa Bebas terus kekal sebagai penyumbang utama kepada keuntungan Kumpulan dengan mencatatkeuntungan sebelum cukai sebanyak RM60.4 juta pada tahun 2004. Perniagaan Kumpulan dalam aktivitipengurusan sisa pepejal melalui anak syarikat Worldwide Landfills Sdn Bhd (WLSB) juga telah menyumbangkepada keuntungan Kumpulan yang utama dengan mencatatkan keuntungan sebelum cukai sebanyak RM11.7juta (2003 : RM8.3 juta), di atas perolehan sebanyak RM34.7 juta (2003 : RM28.4 juta). Peningkatan dalamkeuntungan sebanyak 40.9% ini adalah disebabkan oleh kenaikan kadar tarif dari RM25.00 MT kepada RM30.00MT. Aktiviti hartanah Kumpulan juga telah menunjukkan prestasi yang baik pada tahun 2004 berikutan beberapaprojek perumahan yang telah diserahmilik kepada para pembeli rumah. Setelah mengambilkira peruntukan untukpembayaran pemiutang dan hutang lapuk sebanyak RM4.8 juta, keuntungan bersih sektor hartanah Kumpulanadalah lebih rendah kepada RM3.0 juta. Walau bagaimanapun, prestasi ini adalah lebih baik daripadakeuntungan bersih sebanyak RM1.3 juta yang dicatat pada tahun 2003.


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At the Company level, revenue for the year 2004 declinedby 22.9% to RM113.1 million, compared to RM146.8million posted the previous year. In 2003, a significantincrease in revenue was recorded due to the first grossdividends of RM94.4 million received from GSP, whichamounted to more than 50% of the Company’s revenue.Although the Company continued to receive dividendpayment from GSP for 2004, the quantum was lower atRM22.2 million. The Company also received a grossdividend of RM2.4 million from WLSB. PBT at Companylevel declined to RM30.3 million for the year under review,against RM95.6 million posted in 2003.

In line with the Group’s lower profitability, earnings pershare declined to 30.9 sen, from 35.3 sen recorded in 2003.

DIVIDENDS

In respect of the financial gross year ended 31 December2004, interim gross dividend of 4 sen per share, lessincome tax of 28% on 170,878,405 shares was paid on18 January 2005 amounting to RM4.9 million.

The Board of Directors is pleased to recommend a finalgross dividend of 6 sen per share for the year ended 31 December 2004. This is subject to the approval ofshareholders at the forthcoming Annual General Meetingto be held on 16 June 2005. If approved, the total netdividends paid will amount to RM7.4 million.

OPERATIONAL HIGHLIGHTS

‘Moving Forward – Building Momentum’ has been ourtheme for two consecutive years. When the Asian financialcrisis hit in 1997, most companies, including WHB wentinto a consolidation phase. The going then was toughespecially for our core property development business;almost overnight the demand for properties fell andcompetition amongst developers made the situationworse. It took several years and a raft of pump-primingefforts by the Government before the property market wasback on the road to recovery.

Pada peringkat Syarikat, perolehan telah menunjukkan penurunansebanyak 22.9% kepada RM113.1juta berbanding RM146.8 jutapada tahun sebelumnya. Pada tahun 2003, peningkatan yangketara dalam perolehan adalah disebabkan oleh pembayarandividen kasar yang pertama yang diterima daripada GSPberjumlah RM94.4 juta, di mana ini telah menyumbang kepada50% daripada perolehan Syarikat pada tahun 2003. WalaupunSyarikat terus menerima pembayaran dividen daripada GSP padatahun 2004, jumlah dividen yang diterima adalah lebih rendahiaitu sebanyak RM22.2 juta. Syarikat juga menerima pembayarandividen kasar dari WLSB sebanyak RM2.4 juta. Keuntungansebelum cukai Syarikat juga menurun kepada RM30.3 juta pada tahun 2004, berbanding RM95.6 juta yang dicatat padatahun 2003.

Sejajar dengan keuntungan Kumpulan yang lebih rendah,pendapatan sesaham untuk tahun 2004 telah menurun kepada30.9 sen berbanding 35.3 sen pada tahun sebelumnya.

DIVIDEN

Untuk tahun kewangan 31 Desember 2004, Kumpulan telahmembayar dividen interim keatas 170,878,405 saham sebanyak 4 sen sesaham, setelah ditolak cukai sebanyak 28% pada 18 Januari 2005 berjumlah RM4.9 juta.

Lembaga Pengarah dengan sukacitanya mencadangkan dividenkasar terakhir berjumlah 6 sen sesaham bagi tahun kewanganberakhir 31 Disember 2004, tertakluk kepada kelulusanpemegang-pemegang saham pada mesyuarat agung tahunanyang akan diadakan pada 16 Jun 2005. Sekiranya diluluskan,jumlah dividen bersih yang dibayar adalah RM7.4 juta.

SOROTAN OPERASI

“Maju ke hadapan – Membina Momentum Ke Arah Masa DepanYang Lebih Cerah” terus menjadi tema perniagaan kami untuktahun yang kedua. Semasa Asia dilanda krisis kewangan padatahun 1997, kebanyakan syarikat termasuk WHB telah melaluifasa pengukuhan perniagaan. Pada ketika itu, aktiviti hartanahtelah menghadapi tempoh-tempoh yang sukar, di manapermintaan terhadap hartanah merosot dalam sekelip masasahaja. Persaingan yang sengit di kalangan pemaju-pemajuhartanah telah menjadikan persekitaran perniagaan terus buruk.Situasi yang sukar ini berterusan selama beberapa tahunsebelum pasaran hartanah kembali pulih berikutan pelbagaiusaha yang telah diperkenalkan oleh Kerajaan.

Providing quality customer services has been our main priority.

Perkhidmatan pelanggan yang berkualiti menjadi keutamaan dalam perniagaan hartanah kami.


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Even during those difficult times, WHB was able todemonstrate its resilience. We owe this to several factors,the most important being the fact that WHB has abalanced portfolio of business activities resting on threemain pillars of strengths: property development, wastemanagement services and power generation. In theGroup’s core property development activities, WHB hadalready established its reputation as a developer of repute.Not only were we able to compete in terms of pricing anddesign, our properties were superior in terms of locationand accessibility.

Beginning with our maiden residential development atSA7 in Shah Alam, all the on-going projects under ourwing are maturing gracefully into dynamic new townships.

Several projects, all located within the Klang Valley, werecompleted and handed over to purchasers during 2004.Among these were 43 units of the Persada condovillas,the first development undertaken by the Group under the‘build-and-sell’ concept.

Also completed were 110 units of Platinum homes builton the last remaining parcels of land in the much sought-after Section 7, Shah Alam and 312 units of Baiduriapartments, which represent WHB’s first venture intohigh-rise residential development. The Platinum homes,being the first double storey link houses in the city centreof Shah Alam to breach the RM300,000 price barrier wasa reaffirmation of a strategic move taken on our part totest and gain inroads into the higher end market.

As a responsible developer, it has always been our policyto match supply with demand. Thus, for the past fewyears when the market was experiencing a propertyoverhang, we bided our time. In tandem with improvingmarket sentiments, the year 2004 saw WHB launching atotal of 592 units of mixed properties. The Kristalcondominiums and the Seri Galaksi apartments, whichhad their soft launch in December 2003, were officially puton the market in 2004.

The township of Subang Bestari is set to expand furtherwith the launch of 195 units of double storey terracedAman houses. Aman has the largest floor area for doublestorey link houses developed by WHB to date.

Walaupun menghadapi tempoh-tempoh kesukaran, WHB masihmampu bertahan dari kemelut kegawatan ekonomi. Kami percayafaktor utama yang telah menyumbang kepada kekuatanKumpulan adalah portfolio aktiviti WHB yang seimbang, iaitupembangunan hartanah, pengurusan alam sekitar dan pelaburandalam penjanaan kuasa elektrik. Dalam aktiviti pembangunanhartanah, WHB telah membina asas perniagaan sebagai pemajuhartanah yang bereputasi. Kami bukan sahaja mampu bersaingdari aspek harga dan rekabentuk tetapi juga dari aspek lokasidan kemudahan infrastruktur yang baik.

Bermula dengan pembangunan ulung hartanah di SA7, ShahAlam, kesemua projek pembangunan WHB yang sedangdimajukan telah mencapai kematangan sebagai sebuahperbandaran yang dinamik.

Pada tahun 2004, beberapa projek yang kesemuanya terletak diLembah Kelang telah diserahmilik kepada para pembeli. Antaraprojek yang telah diserahmilik adalah kondovilla jenis ‘Persada’sebanyak 43 unit di mana projek ini merupakan projek pertamaWHB di bawah konsep “Binasiap dan Jual”.

Projek pangsapuri Baiduri sebanyak 312 unit yang merupakanprojek pertama WHB dalam pembinaan pangsapuri serta projekrumah teres dua tingkat Platinum sebanyak 110 unit juga telahsiap dan diserahmilik kepada para pembeli. Pembangunan projekPlatinum yang merupakan rumah teres 2 tingkat yang pertama dipersekitaran bandaraya Shah Alam yang mencecah hargaRM300,000 telah membuktikan penglibatan WHB dalam projekhartanah yang berpremium.

Sebagai pemaju hartanah yang bertanggungjawab, adalahmenjadi polisi kami untuk memastikan permintaan danpenawaran hartanah adalah seimbang. Sehubungan ini, semasaNegara melanda masalah lebihan dalam pasaran hartanah, kamitelah mengambil langkah-langkah ‘tunggu dan lihat’. Selarasdengan sentimen pasaran yang bertambah baik, WHB telahmelancarkan 592 unit produk hartanah yang bercampur.Kondominium Kristal dan pangsapuri Seri Galaksi yang telahdipra-lancar pada tahun 2003 telah dijual dipasaran secara rasmipada tahun 2004.

Disamping itu, perbandaran Subang Bestari juga telahdiperluaskan dengan pelancaran rumah teres 2 tingkat ‘Aman’sebanyak 195 unit. Setakat ini, ‘Aman’ merupakan projek rumahteres 2 tingkat yang terbesar dibangunkan oleh WHB dari segikeluasan binaan.


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WHB has also been closely monitoring the market demand for commercial properties. With the improvedoutlook, we launched Worldwide.7, a commercial project that is being developed on a 2.9-acre parcel of landin SA7, Shah Alam. The Worldwide.7 project will have a gross development value of RM25.5 million, andconsists of a 6-storey corporate office and 17 units of 3 1/2 shop offices pegged from RM1 million a piece.Worldwide.7 is progressing well to meet targeted completion by end-2005.

WHB’s other core businesses of environmental management operations and investment in power generationcontinued to perform according to expectations, providing the Group with a steady revenue stream. Operatedby WLSB, our landfill operations are located in Air Hitam, Puchong. However, as you may well recall, theexisting landfill is due for closure in 2005. WHB has been actively searching for an alternative site. In themeantime, we are making some headway venturing into spin-off businesses from our landfill operations. Onesuch spin-off venture include the proposed construction and operation of a transfer station in Section 21,Shah Alam for a concession period of 25 years. The transfer station caters for waste collected from variouslocal councils in Selangor. We have also formed a joint venture with World Waste Solution GmbH. to supplyequipment and build transfer stations in Southeast Asia, Middle East, Australia and New Zealand.

On the strength of our expertise and experience in landfill operations, WHB through its subsidiary company,was awarded a 25-year Concession cum Privatisation by the Selangor Sate Government to operate andmanage an inert waste landfill at Dengkil, Selangor. Unlike WHB’s existing operation at Puchong, the Dengkillandfill caters specifically to inert wastes such as construction and demolition wastes, tyres, garden wastes

Sebagai pemaju perumahan, WHB sentiasa mengikuti perkembangan pasaran hartanah komersil. Selaras denganramalan pasaran yang bertambah baik, kami telah melancarkan Worldwide.7 iaitu projek komersil yangdimajukan di atas tanah seluas 2.9 ekar di SA7, Shah Alam. Dengan nilai pembangunan kasar sejumlah RM25.5juta, projek Worldwide.7 merangkumi satu unit pejabat korporat setinggi 6 tingkat dan 17 unit kedai pejabatsetinggi 31/2 tingkat dengan harga bermula dari RM1.0 juta seunit. Projek ini berjalan dengan lancar dan dijangkasiap dibina pada penghujung tahun 2005.

Aktiviti-aktiviti utama WHB yang lain iaitu operasi pengurusan alam sekitar dan pelaburan dalam syarikat penjanakuasa bebas juga telah menunjukkan prestasi seperti yang dijangkakan dengan terus menyumbang perolehanyang stabil kepada Kumpulan. Operasi pelupusan sanitari sisa pepejal yang dikendalikan oleh WLSB terletak diAir Hitam Puchong. Walau bagaimanapun, seperti yang dinyatakan dalam laporan tahunan 2003, tapakpelupusan sanitari tersebut dijangka akan ditutup pada tahun 2005. Usaha-usaha mencari tapak alternatif yangsesuai sedang dipergiatkan. Sementara itu, kami juga sedang meneroka pelaburan-pelaburan perniagaan baruyang bersinergi dengan aktiviti pelupusan sisa pepejal. Salah satu pelaburan WHB yang baru termasukcadangan projek pembinaan dan operasi stesen pemindahan di Seksyen 21, Shah Alam untuk tempoh konsesiselama 25 tahun. Stesen Pemindahan ini akan menerima sisa pepejal dari pelbagai pihak berkuasa tempatan diNegeri Selangor. Kami juga telah menubuhkan usahasama dengan World Waste Solution GmbH untuk membekalperalatan dan membina stesen pemindahan di Asia Tenggara, Timur Tengah, Australia dan New Zealand.

Dengan kekuatan kepakaran dan pengalaman kami dalam operasi pelupusan sisa pepejal, Kerajaan NegeriSelangor telah menganugerahkan Konsesi berserta Penswastaan untuk mengurus dan mengendalikan pusatpelupusan sisa lengai di Dengkil, Selangor. Tidak seperti operasi di tapak pelupusan di Puchong, tapakpelupusan di Dengkil ini hanya menerima sisa lengai seperti sisa pembinaan, tayar, sisa taman serta sisa-sisa


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and other dry non-leachable products. The landfillcommenced operations in December 2004.

Recognising the key role played by its human capital inthe attainment of corporate goals, training anddevelopment activities have been intensified. While strivingto improve profitabil ity, WHB will not forget itsresponsibility as a corporate citizen. It has always beenour philosophy to ensure that our success is inclusive andwe will contribute towards the betterment of society.

WHB is also striving for a higher profile, reaching out toinvestors, media, customers and public. For a start,familiarisation programmes for members of the media wereorganised for the first time in 2004. To reach out to awider spectrum of the public, the Company’s websitewww.worldwide.com.my, has been revamped with a newlook and format that is more attractive, informative andalso more user-friendly. Our website will play anincreasingly important role to sell the Company and itsproduct and services.

PROSPECTS

Moving forward, the new financial year is already shapingup to be a promising one. The Malaysian economy isprojected to sustain its momentum to record GDP growthof 5 – 6%. Nonetheless, there are still some downsiderisks posed by persistent high oil prices, possibility ofhigher inflation, rise in interest rates and externaluncertainties. After the tsunami disaster, no one candiscount the threat posed by natural or man-made calamities. For these reasons, WHB remainscautiously optimistic about the future.

Property development will remain WHB’s core business,and a total of 906 units of mixed properties with a salesvalue of RM152.3 million are scheduled to be launched in2005. Having tested the market for commercial propertiesin 2004, we are gearing up for a new launch of shopoffices in Subang Bestari in the coming financial year.

kering dan tidak larut-lesap yang lain. Tapak pelupusan sisalengai di Dengkil ini telah memulakan operasinya pada bulanDisember 2004.

Menyedari tentang peranan sumber manusia dalam memastikanpencapaian sasaran korporat, aktiviti-aktiviti latihan danpembangunan sumber manusia telah dipergiatkan. Sementarausaha-usaha untuk memastikan pertumbuhan keuntungandipertingkatkan, WHB juga tidak mengabaikan tanggungjawabsosialnya sebagai warga korporat yang prihatin. Adalah menjadifalsafah kami untuk menyumbang ke arah mempertingkatkankualiti masyarakat di negara ini.

WHB juga sedang meningkatkan usaha-usaha kearahmempromosi aktiviti-aktiviti Kumpulan kepada para pelabur,media, para pembeli dan masyarakat umum. Sebagai langkahpermulaan, program-program menyebarluaskan aktiviti-aktivitiKumpulan telah dianjurkan untuk pihak media pada tahun 2004.Pengubahsuaian halaman web Syarikat www.worldwide.com.mydengan wajah dan format yang lebih menarik dan berinformasitelah dibuat. Penggunaan halaman web sebagai salah satu alatuntuk mempromosi Kumpulan, produk serta perkhidmatan WHBjuga telah dipertingkatkan.

PROSPEK

Melangkah ke hadapan, tahun kewangan yang baru telahberoperasi dengan baik dan menggalakkan. Ekonomi Malaysiadijangka akan terus kekal mencatat pertumbuhan KDNKsebanyak 5 – 6%. Walau bagaimanapun, terdapat juga risikoberhubung dengan kenaikan harga minyak yang berterusan,kebarangkalian berlakunya inflasi, kenaikan kadar faedah sertaketidakpastian faktor-faktor luaran. Selepas berlakunya bencanaTsunami, tiada sesiapa pun yang dapat menolak ancamanbencana alam atau malapetaka ciptaan manusia. Sehubunganitu, walaupun masih berhati-hati, WHB akan terus optimistiktentang masa hadapan Kumpulan.

Pembangunan hartanah akan terus menjadi aktiviti perniagaanutama WHB. Pada tahun 2005, WHB dijangka akan melancarkansebanyak 906 unit produk hartanah yang bercampur, dengan nilaijualan sejumlah RM152.3 juta. Setelah mencuba pasaranhartanah komersil pada tahun 2004, kami telah bersedia untukmelancar kedai pejabat di Subang Bestari pada tahun kewanganakan datang.


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Meanwhile, the newly acquired 124.3 acres of land in Bandar Puncak Alam will take off just when olderprojects such as SA7 are beginning to wind down. Now in its planning stage, the maiden launch ofresidential properties in Bandar Puncak Alam is expected to kick-off in 2006. Given the strategic location ofthis choice property and the increased purchasing power of buyers, the concept of affordable luxury will beincorporated into this development. WHB will also continue with the winning formula of ‘build and sell’ inpromoting select property launches, notably those at the higher end market.

WHB will also intensify efforts to market its expertise in environmental management operations. This is a nichemarket where WHB has a distinct advantage, given its many years of experience in the business. Theincreasing concern about the impact of mounting wastes on the environment is not confined to Malaysia butis one shared by other developing countries. We have already identified potential overseas markets in thisregion and the Middle East, and the coming year will see ourselves embark on a more aggressive drive togain a foothold in these markets.

We have our work cut out for us in 2005. Our ultimate goal is to be a major player in the propertydevelopment and environmental management businesses. This is an achievable target. WHB has the cashreserves to finance its expansion plans. In property development, for instance, efforts have been intensified

Sementara itu, tanah baru kami seluas 124.3 ekar di Bandar Puncak Alam dijangka akan mula dibangunkansetelah projek-projek terdahulu seperti SA7, telah hampir siap dibangunkan. Projek yang masih dalam prosesmendapatkan kelulusan ini dijangka akan membuat pelancaran pertama pada tahun 2006. Berdasarkan lokasiyang strategik dan kuasa membeli yang bertambah baik, kami akan menyerapkan konsep mewah mampu milikkepada pembangunan di Bandar Baru Puncak Alam. Kumpulan juga akan meneruskan penjualan produkmenggunakan konsep ‘Binasiap dan Jual’ untuk produk yang berpremium.

WHB akan terus menggiatkan usaha-usaha kearah memasarkan kepakaran dalam sektor pengurusan alamsekitar, Pengurusan alam sekitar ini telah dikenalpasti sebagai satu bidang dimana kami boleh mengambilpeluang dari pengalaman sediada untuk mengembangkan sayap perniagaan kami. Masalah pencemaran alamsekitar akibat penghasilan sampah yang semakin meningkat bukan sahaja membimbangkan negara kita tetapijuga negara-negara membangun yang lain. Sehubungan itu, kami telah mengenalpasti pasaran-pasaran luarnegara yang berpotensi seperti Asia Tenggara dan Timur Tengah. WHB akan melibatkan diri dengan lebih agresifdalam pengurusan alam sekitar ke arah membina asas yang kukuh dalam pasaran ini.

Kami mempunyai perancangan dan sasaran kerja untuk tahun 2005. Pada dasarnya, objektif kami adalah untukmenjadi pemain utama dalam perniagaan pembangunan hartanah dan pengurusan alam sekitar. Kami percayaini adalah sasaran yang boleh dicapai. WHB mempunyai kekuatan aliran tunai untuk membiayai rancanganperkembangan perniagaan. Sebagai contoh, dalam pembangunan hartanah, usaha-usaha ke arahmempercepatkan pembelian bank-bank tanah yang baru telah dipergiatkan. Di samping itu, kami juga

The first property project under the “Build and Sell” concept.

Projek hartanah pertama yang dibina di bawah konsep “Binasiap dan Jual”.


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Sanitary landfill in Air Hitam, Puchong, Selangor.

Pusat Pelupusan Sisa Pepejal Sanitari di Air Hitam, Puchong, Selangor.


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to expedite the acquisition of new landbank to replenishdepleting reserves. We also have the expertise andknowledge vested in our human capital. More importantly,there are still opportunities unfolding in Malaysia and theinternational market place that WHB can exploit.

Worldwide Holdings Berhad is a company on the move.We will harness our best efforts for the benefit of those weserve.

ACKNOWLEDGEMENTS

WHB has high expectations of its management and staff,and in this respect they have always delivered. I thankthem for the hard work, their dedication and commitment.

WHB is also fortunate in that it has a great support team,made up of our business partners, associates, suppliers,the Selangor State Government and various Governmentauthorities. Special mention must be made of ourcustomers and shareholders. On behalf of the Board, Ithank all of you for your unfailing support of all WHB hasbeen trying to achieve.

Last but not least, my fellow members of the Board alsodeserve mention for their unwavering support and insight.

Our strategy of building momentum has reached itspenultimate phase. A new and exciting journey lies ahead,and I invite you to join us on this journey.

My thanks to all of you.

DATO’ MOHAMAD ADZIB MOHD ISADSSA, SSA, KMN, AMN

Chairman

mempunyai kakitangan yang mempunyai kepakaran danpengetahuan yang berkaitan dengan perniagaan utama WHB.Malahan, masih terdapat banyak peluang-peluang di Malaysiadan luar negara yang masih belum diterokai yang bolehdieksploitasi sepenuhnya oleh WHB.

Worldwide Holdings Berhad adalah satu organisasi yang sentiasadinamik. Kami akan terus memberikan yang terbaik untukkebaikan semua pihak.

PENGHARGAAN

WHB sentiasa meletakkan harapan yang tinggi kepada pihakpengurusan dan kakitangan, dan saya berbangga mereka telahberjaya memberikan prestasi yang terbaik. Sehubungan ini, sayaingin mengucapkan terima kasih di atas usaha gigih, dedikasidan komitmen mereka.

WHB juga beruntung kerana mendapat sokongan padu daripelbagai pihak yang terdiri daripada rakan-rakan perniagaan,rakan-rakan kongsi, pembekal-pembekal, Kerajaan NegeriSelangor dan Pihak-Pihak Berkuasa Tempatan dan teristimewapara pembeli rumah dan pemegang-pemegang saham. Bagi pihakLembaga Pengarah, saya ingin merakamkan ucapan terima kasihdan penghargaan di atas sokongan mereka yang berterusan.

Tidak lupa juga kepada ahli-ahli Lembaga Pengarah yang telahmemberikan sokongan yang berterusan dan idea-idea yang baik.

Strategi perniagaan kami dalam membina momentum telahmencapai fasa yang terakhir. Perjalanan perniagaan kami di masahadapan adalah lebih menarik. Sehubungan ini, saya menjemputsemua pihak untuk menyertai ekspedisi perniagaan kami ini.

Sekian, terima kasih.

DATO’ MOHAMAD ADZIB MOHD ISADSSA, SSA, KMN, AMN

Pengerusi


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Managing Director’sReview Of OperationsT I N J AUA N O P E R A S I P E N G A R A H U R U S A N

BLUEPRINT FOR GROWTH

In moving forward, the Group will continue to leverage on

its many years of knowledge and experience in its core

property development and environmental management.

Under the theme ‘Moving Forward – Building Momentum

for the Future’, WHB has identified four main corporate

objectives, summarised as follows:-

• Improving the Group’s financial position and thereby

enhance shareholders value over the long-term.

• Enhancing the WHB Group corporate image as a

diversified public-listed company, focusing on its core

portfolios of property development and environmental

management.

• Building a strong business foundation through an

effective programme of human resource development.

• Increasing the Group’s social responsibility to enhance

its standing and corporate image in the public eye.

RANCANGAN PEMBANGUNAN

Kumpulan akan melangkah ke hadapan dengan terusmengambil peluang dari pengetahuan dan pengalaman dalambidang pembangunan hartanah dan pengurusan alam sekitar.

Di bawah tema perniagaan – ‘Maju Ke Hadapan – MembinaMomentum Ke Arah Masa Depan Yang Lebih Cerah’, WHBtelah mengenalpasti empat objektif korporat:-

• Untuk memperkukuhkan kedudukan kewangan Kumpulandan seterusnya, meningkatkan nilai pemegang sahamdalam tempoh jangkapanjang.

• Untuk mempertingkatkan imej korporat Kumpulan sebagaisyarikat yang disenaraikan dengan memberi fokus kepadaportfolio utama pembangunan hartanah dan pengurusanalam sekitar.

• Untuk membina asas perniagaan yang kukuh melaluiprogram pembangunan sumber manusia yang efektif.

• Untuk meningkatkan tanggungjawab sosial Kumpulandengan memperkukuhkan kedudukan dan imej korporatsyarikat di mata umum.

Managing Director’s Review Of Operations • Tinjauan Operasi Pengarah UrusanWorldwide Holdings Berhad

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DATO’ HAJI IBRAHIM MD. YUSOFGroup Managing DirectorPengarah Urusan Kumpulan

Worldwide Holdings BerhadManaging Director’s Review Of Operations • Tinjauan Operasi Pengarah Urusan

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In developing our business development strategies, we

capitalised on the key strengths we have already

established in the business. While focussing on the

operational aspects, we were aware of the important role

played by our human assets towards the attainment of

WHB’s business goals. Increased emphasis has been

given to the training and development of our human

resources, including overseas management training. WHB

aims to create a conducive working environment to bring

out the best in the individual. To achieve this, we will

continue to organise social, recreational and spiritual

activities such as sporting events, monthly ‘tahlil’

gathering, recreational weekends and quarterly birthday

celebrations.

Now that WHB has grown both in the size and scope of

its operations, we are also building a higher profile for the

Group. As part of the process of moving forward, the

blueprint also spells out a new role for corporate

communications. Several new programmes such as

investor and media relations programmes have been

planned for the 2005 corporate calendar. In reaching out

to the various publics, we have not forgotten our role as

a corporate citizen. WHB has a long tradition of lending

its support to various social and charitable activities and

we plan on upholding this tradition.

Dalam membina strategi pembangunan perniagaan, kami

telah mengambil kesempatan dari asas kekuatan yang telah

dibina selama ini. Sambil menumpukan kepada aspek

operasi, kami juga menyedari peranan penting yang

dimainkan oleh aset utama kami iaitu sumber manusia dalam

mencapai sasaran perniagaan WHB. Sehubungan ini,

penekanan telah diberikan kepada latihan dan pembangunan

sumber manusia, termasuk latihan pengurusan di luar negara.

WHB juga mementingkan penyediaan persekitaran kerja yang

sesuai agar setiap individu dapat memberikan prestasi kerja

yang terbaik. Oleh yang demikian, kami akan terus

menganjurkan aktiviti-aktiviti berbentuk sosial, rekreasi dan

rohaniah seperti aktiviti sukan, majlis tahlil bulanan, aktiviti

rekreasi di hujung minggu dan majlis sambutan harijadi.

Kini, WHB telah berkembang dalam kedua-dua aspek saiz

dan operasi perniagaannya. Dalam proses melangkah ke

hadapan, rangka tindakan kerja WHB juga melibatkan aktiviti-

aktiviti komunikasi korporat. Beberapa program telah

dirancang untuk Kalendar Korporat tahun 2005, termasuklah

program meningkatkan hubungan dengan para pelabur dan

media. Di samping itu, WHB juga tidak lupa akan peranannya

sebagai warga korporat yang prihatin dalam memenuhi

tanggungjawab sosialnya. Sehubungan ini, WHB akan terus

mempraktikkan tradisi membantu aktiviti-aktiviti sosial dan

amal seperti majlis sempena sambutan hari kemerdekaan dan

majlis berbuka puasa bersama-sama golongan fakir miskin.


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Property DevelopmentP E M B A N G U N A N H A RTA N A H

Property development will continue to beone of the Group’s main pillars ofstrength in moving forward. WHBalready has considerable experience indeveloping a range of residential,corporate and commercial properties.We will build on this experience andexpertise to capture a larger slice of theproperty market. Amongst the strategiestowards strengthening our position as aproperty developer of repute are tocontinually improve on product quality interms of design and workmanship, tointroduce more innovative and creativedevelopment concepts, to continueselling the property products under the‘build-then-sell’ concept and toprogressively venture into the higher-endproperty market.

A more concerted effort will be taken toincrease our land bank reserves, whichare rapidly depleting as the townshipsWHB are currently developing reachmaturity. We estimate that our existingland bank wil l keep us going foranother 5 to 6 years. So far, all ourproperty development projects arelocated within the Klang Valley,particularly around Shah Alam. Whilethe Klang Valley remains our preferredchoice, we are aware of the increasingscarcity of land for future development.WHB is therefore ready to consider anyopportunities that come its way fromoutside the state of Selangor.

Pembangunan hartanah akan terus menjadisalah satu tunggak utama Kumpulan dalammelangkah ke hadapan. WHB mempunyaipengalaman yang luas dalam membinahartanah kediaman, korporat dan komersil.Dengan pengalaman dan kepakaran yangsedi ada, kami akan terus menguasaipasaran hartanah di negara ini. Antarastrategi-strategi perniagaan yang telahdikenalpasti ke arah memperkukuhkankedudukan kami sebagai pemaju hartanahadalah mempertingkatkan kualiti produkdari aspek rekabentuk dan mutu produk,memperkenalkan konsep pembangunanyang lebih kreatif dan inovatif, meneruskanusaha-usaha membina rumah di bawahkonsep ‘binasiap dan jual’ serta membinaproduk hartanah yang berpremium.

Usaha-usaha juga telah dipergiatkan bagi menambahkan bank tanah kamimemandangkan projek-projek hartanahyang sedang dibangunkan telahpunmencapai kematangan. Kami menjangkakanbank tanah kami yang sediada akandibangunkan sepenuhnya dalam tempoh 5 – 6 tahun. Buat masa ini, kesemua projekhartanah kami terletak di sekitar LembahKelang, terutamanya di kawasan ShahAlam. Lembah Kelang merupakan kawasanpembangunan pilihan tetapi kami sedar,tanah-tanah yang boleh dimajukan disekitar Lembah Kelang telah semakinberkurangan. Sehubungan ini, kami jugaakan mempertimbangkan peluang-peluangpembangunan di luar negeri Selangor.

In its core property developmentbusiness, WHB operates in a verycompetitive environment. Nonetheless,we have been able to hold our ownagainst the competition because we haveestablished our reputation not only as adeveloper of townships but of vibrantand thriving communities. In planning ourprojects, we want to create a wholesomelifestyle complete with public amenitieslike schools, recreational areas, mosquesand community halls amidst landscapedsurroundings.

WHB has also been involved in theproperty maintenance business forWorldwide Business Park and Baiduriapartments, both are located in ShahAlam. The business is supported by ateam of skilled and trained personnel.

The year under review endedsatisfactori ly for our propertydevelopment division. A total of 465units of mixed properties, comprisingapartments, condovillas and doublestorey terrace houses were completedand handed over to buyers. In tandemwith improved market sentiments, wealso launched several new projects inSubang Bestari and SA7, Shah Alam. Inall, a total of 592 units were offered forsale in 2004 with a total net worth ofRM120.0 million.

For the coming financial year 2005, theGroup is targeting a total of 906 units ofmixed properties with a combined salesvalue of RM152.3 million. The propertiescomprise double storey terrace houses,semi-detached houses, bungalows,apartments and shop offices. In line withour new business direction to tap themore lucrative higher-end market, theyear 2005 will see the first launch ofbungalow, semi-detached units and

Dalam perniagaan pembangunan hartanah,WHB beroperasi dalam suasanapersekitaran perniagaan yang kompetitif.Walau bagaimanapun, WHB mampu untukbersaing kerana kami telah membina asasperniagaan bukan hanya sebagai pemajuperbandaran tetapi sebagai pemaju yangmenekankan pembangunan komuniti.Dalam merangka perancangan projek, kamisentiasa mewujudkan pembangunan yang menyeluruh dengan menyediakankemudahan-kemudahan awam sepertisekolah, kawasan rekreasi, masjid dandewan orang ramai di tengah-tengahlandskap yang indah.

WHB juga terl ibat dalam perniagaanpenyelenggaraan bangunan untuk PusatPerniagaan Worldwide dan apartmenBaiduri, kedua-duanya terletak di ShahAlam. Perniagaan ini disokong oleh satupasukan yang terdiri daripada kakitanganmahir dan terlatih.

Tahun 2004 telah berakhir dengan satu prestasi yang baik bagi BahagianPembangunan Hartanah. Sebanyak 465unit hartanah bercampur terdir i dariapartmen, kondovilla dan rumah teres dua tingkat telah diserahmilik kepada para pembeli. Selaras dengan pasaranhartanah yang semakin baik, kami telahmelancarkan beberapa projek hartanah diSubang Bestari dan SA7, Shah Alam.Keseluruhannya, sebanyak 592 unithartanah bernilai RM120.0 juta telahdilancarkan dalam tahun 2004.

Untuk tahun 2005, Kumpulan mensasaruntuk melancarkan sebanyak 906 unitproduk hartanah bercampur dengan jumlahnilai jualan sebanyak RM152.3 juta. Initermasuk rumah teres dua tingkat, rumahberkembar, banglo, apartmen dan kedaipejabat. Selari dengan arahtuju perniagaanuntuk terus meneroka pasaran berpremium,buat pertama kalinya WHB akanmelancarkan produk rumah banglo, rumah


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shop offices in Subang Bestari. Whilemaking inroads into the premiumdevelopment market, WHB will continueits policy of building affordable homes.

SA7, Section 7, Shah AlamThe Final Phase

WHB’s maiden property project in SA7,Section 7, Shah Alam is now in the finalphase of its development. When westarted out with the development of SA7back in 1993, the master plan called fora mix of development projects thatincluded terrace houses, apartments,condominiums, shop apartments andshop offices. Today, most of theprojects envisaged in the plan arealready in place, with the last fewremaining projects launched in 2004.

Spread over 90 acres, SA7 enjoys oneof the best locations in the area. It issituated adjacent to the main campusof Universit i Teknologi MARA andUniversiti Industri Selangor (UNISEL),and is well served by establishedinfrastructure facilities. During the yearunder review, a total of 312 units thatmake up the Baiduri Apartments werecompleted and handed over topurchasers. The Baiduri apartments,incorporating a unique curved effect onits façade have become a newarchitectural landmark in Shah Alam.

Two new property projects werelaunched in 2004. The first was theKristal condominiums, which comprises260-units housed in three buildings.Catering to buyers who enjoy the relativesecurity and lifestyle of condominiumliving, the units range in size from 986sq. ft. to 1,049 sq. ft. Since its launch,the response has been encouraging.

berkembar dan kedai pejabat di SubangBestari. Sementara meneruskan usaha-usaha menguasai pasaran berpremium,Kumpulan juga akan meneruskan polisimembina rumah mampumilik.

SA7, Seksyen 7, Shah AlamFasa Terakhir

Projek pembangunan pertama WHB diSA7, Seksyen 7, Shah Alam, telahmemasuki pembangunan fasa terakhir.Mula dibangunkan pada tahun 1993,rancangan induk projek SA7 inimerangkumi pembangunan rumah teres,apartmen, kondominium, apartmen kedaidan kedai pejabat. Kini, kebanyakan projek-projek ini telah siap dibangunkansementara beberapa projek terakhir telahdilancarkan pada tahun 2004.

Melitupi kawasan seluas 90 ekar, SA7menawarkan satu kawasan pembangunanyang strategik. Terletak bersebelahandengan kampus induk Universiti TeknologiMARA dan Universiti Industri Selangor(UNISEL), ia dihubungkan dengankemudahan infrastruktur yang baik. Padatahun 2004, sebanyak 312 unit ApartmenBaiduri telah diserahmilik kepada para pembeli. Apartmen Baiduri yangmempunyai rekabentuk arkitek yang unikdengan impak melengkung pada mukabangunannya telah menyumbang kepadakeindahan senibina di Shah Alam.

Dua projek hartanah yang baru telahdilancarkan pada tahun 2004. Projek yangpertama adalah 260 unit kondominium Kristalyang akan dibangunkan dalam tiga blok.Sasaran pasaran bagi produk Kristal iniadalah untuk golongan pembeli yangmenitikberatkan kawalan keselamatan dankemudahan-kemudahan kondominium.Produk ini menawarkan keluasan binaan dari986 kaki persegi ke 1,049 kaki persegi. Sejakia dilancarkan, sambutan yang diterima untukproduk Kristal ini adalah menggalakkan.


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After a lull of several years, 2004 alsosaw WHB returning to the developmentof commercial properties. In October,WHB launched ‘Worldwide.7’, acommercial development taking shapeon a 2.9-acre plot of land. Envisagedto serve the expanding residentialpopulation in SA7 and its surroundingareas, Worldwide.7 wil l mark the tai l end of the SA7 commercialdevelopment. The project has a grossdevelopment value of RM25.5 millionand will involve the construction of a 6-storey corporate office block and 17 units of shop offices. Expectedcompletion date is end-2005.

In launching Worldwide 7, WHB hasagain tested the market, being the firstto break the RM1 million price barrierfor commercial offerings in the area.However, we feel that the price we setis appropriate considering the limited

Setelah melalui beberapa tahun yangsuram dalam pasaran komersil, WHB telahkembali membangunkan hartanah komersilpada tahun 2004. Pada bulan Oktober,WHB telah melancarkan secara rasmiproduk komersil Worldwide.7, yangdibangunkan di atas tanah seluas 2.9 ekardi SA7. Worldwide.7 yang dijangka akanmemenuhi keperluan penduduk yangsemakin berkembang di SA7 dan kawasanpersekitaran, merupakan projek komersilterakhir WHB di SA7. Projek yangmelibatkan pembinaan satu unit pejabatkorporat setinggi 6 tingkat dan 17 unitkedai pejabat ini mempunyai ni laipembangunan kasar sejumlah RM25.5 juta.Projek ini dijangka akan siap padapenghujung tahun 2005.

Dalam melancarkan Worldwide.7, WHBtelah sekali lagi mencuba pasaranhartanah dengan menjadi pemaju yang pertama menjual produk komersil 3tingkat dengan paras harga mencecahRM1 juta di kawasan persekitaran SA7.


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number of such offerings in this part ofShah Alam. This is also consistent withmarket trends, which point toward anincreased demand for commercialproperties and hence a rise in prices.Any commercial property in SA7 willhave a captive market by way of alarge and growing population. Thevicinity of UiTM alone has a residentpopulation of around 40,000. Themajority of the residents are alsoprofessionals, belonging to the middleor higher income bracket. Given thelimited number of units available andthe response received to date, we areconfident of meeting our sales target.

Subang Bestari, Section U5, Shah Alam A Wholesome Development

In 2004, the completion and hand overof 43 units of Persada condovillasbrought the growing township ofSubang Bestari another step closertowards final completion. The Persadaproject was another milestone for WHB,being a launch pad for the Company totest the ‘build-then-sell’ concept. Thepopularity of this concept has beenproven with the take-up rate for thePersada condovillas.

Of the two new projects launched in2004, Seri Galaksi is a six-storeyapartment block serviced by elevatorsfor the convenience of residents. Some120 units, each with a built-up area of840-sq. ft. have been offered for sale.

The other launch is for a total of 195units of double storey terrace ‘Aman’houses, available in two sizes. Aman I,measuring 22 ft. x 75 ft. with a built-uparea of 2,276 sq. ft., will have thebiggest floor area among all doublestorey terrace houses developed todate by WHB. The smaller unit, Aman IImeasures 20 ft. x 70 ft. and has a built-up area of 1,842 sq. ft.

Walau bagaimanapun, kami percaya hargayang ditawarkan ini adalah berpatutanmemandangkan produk-produk komersilseperti ini adalah terhad di Shah Alam. Iniadalah juga selaras dengan arah aliranpasaran di mana permintaan dan hargaproduk untuk hartanah komersil telahmenunjukkan peningkatan. Peningkatandalam jumlah penduduk juga telahmeluaskan pasaran hartanah komersil diSA7. Persekitaran di SA7 sahaja mempunyaijumlah penduduk sekitar 40,000 yangkebanyakkannya terdiri daripada golonganprofesional berpendapatan sederhana dantinggi. Dengan unit-unit yang terhad dansambutan baik yang diterima setakat ini,kami yakin produk Worldwide.7 akanmencapai jualan seperti yang disasarkan.

Subang Bestari, Seksyen U5, Shah AlamPembangunan Yang Menyeluruh

Penyerahanmilik 43 unit kondovilla Persadapada tahun 2004 telah melengkapkankeseluruhan pembangunan perbandaranSubang Bestari. Persada merupakan landaspelancaran WHB dalam konsep ‘binasiapdan jual’. Populariti konsep ini telah terbuktidengan sambutan yang menggalakkanterhadap produk ini.

Seri Galaksi salah satu projek yangdilancarkan pada tahun 2004 merupakanblok apartmen setinggi 6 tingkat dankemudahan lif. Sebanyak 120 unit SeriGalaksi dengan keluasan binaan seluas 840kaki persegi telah dibuka untuk jualan.

Pelancaran lain di Subang Bestari adalahrumah teres dua tingkat ‘Aman’ sebanyak195 unit yang ditawarkan dalam duakeluasan yang berbeza. Aman I berukuran22 kaki X 75 kaki dengan luas binaanseluas 2,276 kaki persegi. Ia merupakanprojek rumah teres dua tingkat WHB yangmempunyai keluasan binaan yang terbesarsetakat ini. Sementara itu, unit Aman yanglebih kecil pula berukuran 20 kaki X 70 kakidan mempunyai luas binaan seluas 1,842kaki persegi.

The future project launches in Subang Bestari will cater tohigher-end clientele. For 2005, WHB plans to launch thefirst commercial units to serve the growing residentpopulation, in addition to the residential productscomprising semi-detached and bungalow units.

Subang Bestari has now reached maturity. One of thefastest growing townships in the Klang Valley, it is WHB’sflagship development project. Spread over 500 acres ofland in the northwest of Kuala Lumpur, Subang Besari hasbeen planned as a low-density township. The townshipalso appeals to buyers because of the host of amenitiesthat come with the development, such as a primaryschool, playgrounds and surau. Also in the pipeline is amulti purpose hall, secondary school and a petrol station,facilities that make up for a quality living. Aspects ofaesthetics have been given prominence right from theoutset, and all electric and phone cables have beeninstalled underground. Intensive landscaping enhances thebeauty of the development, while a 50-ft wide roadreserve reinforces the low-density concept.

Like many of WHB’s properties, Subang Bestari isstrategically located. It is within easy reach of the KotaDamansara-Bandar Utama and Shah Alam-Sungai Bulohcorridors, currently two of the hotspot for properties in theKlang Valley, and only 5 km away from Kota Damansaraand 15 km from Bandar Utama.

Pelancaran akan datang di Subang Bestari akanmenumpukan kepada hartanah kediaman untuk memenuhigolongan yang berpendapatan tinggi. Untuk tahun 2005,WHB merancang untuk melancar unit-unit komersil rumahkedai yang pertama bagi memenuhi keperluan penduduksekitar Subang Bestari yang semakin bertambah, di sampingproduk kediaman jenis rumah berkembar dan banglo.

Pembangunan di Subang Bestari telah mencapai tahapkematangan. Subang Bestari adalah merupakan salah satuperbandaran di Lembah Kelang yang telah membangundengan pantas merupakan projek kemegahan WHB.Merangkumi kawasan seluas 500 ekar di baratdaya KualaLumpur, Subang Bestari adalah merupakan salah satuperbandaran yang berkepadatan rendah di Lembah Kelang.Perbandaran ini dilengkapi dengan kemudahan-kemudahanawam seperti sekolah rendah, taman permainan dan surau.Pembinaan dewan serbaguna, sekolah menengah dan stesenminyak juga merupakan komponen dalam rancangan pelaninduk Subang Bestari. Di samping itu, WHB menekankanaspek estetik di mana semua kabel elektrik dan telefon dibina di bawah tanah beserta jalan yang lebar seluas 50 kaki, selaras dengan konsep Subang Bestari yangberkepadatan rendah.

Seperti projek hartanah WHB yang lain, Subang Bestari jugaterletak di lokasi yang strategik. Ia dihubungkan dengankoridor Kota Damansara-Bandar Utama dan koridor ShahAlam-Sungai Buloh, yang merupakan dua kawasan yangpesat membangun di Lembah Kelang. Subang Bestari terletakkira-kira 5 Km sahaja dari kota Damansara dan 15 km dari Bandar Utama.


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Accessibility to the township is second to none. It is wellconnected to a number of expressway systems such asthe Lebuhraya Damansara-Puchong, Federal Highway,North Klang Valley Expressway and the Shah AlamPuncak Highway and the recently launched GuthrieCorridor Expressway. Other highways are at an advancedstage of planning. These include the proposed extensionof the Sprint Highway from Bandar Utama to thePinggiran Subang area and Bandar Puncak Alam and theproposed upgrading of the Batu Tiga and Sungai Bulohfeeder roads. The opening of the Kota DamansaraInterchange and the Persiaran Surian extension fromMutiara Damansara to Kota Damansara has facilitatedeasier access to various parts of the Klang Valley.

Worldwide Business Park, Section 13, Shah AlamSomething for Everyone

Included in WHB’s portfolio of property developmentprojects is Worldwide Business Park (WBP), acommercial, recreational and residential project sited on63 acres of prime real estate in Section 13, Shah Alam.WBP consists of three main components, namelyWorldwide Business Park, Sports Complex and thecommercial precinct, that is yet to be developed.

The Business Park component has already beencompleted, with most of the shop offices housed in threeblocks, either sold or rented out. The sports complex hasalso been completed and handed over to the MajlisSukan Negeri Selangor. Against the backdrop of morefavourable conditions for commercial properties, WHB isinitiating plans to revive the commercial precinct.

Subang Bestari juga mempunyai jaringan perhubunganinfrastruktur yang baik. Ia dihubungkan dengan sistemlebuhraya seperti Lebuhraya Damansara-Puchong, LebuhrayaPersekutuan, Lebuhraya Utara-Selatan dan Lebuhraya ShahAlam-Puncak Alam, di samping Lebuhraya Koridor Guthrieyang baru dilancarkan. Lebuhraya-lebuhraya lain yang masihdalam perancangan diperingkat akhir adalah cadanganlanjutan Lebuhraya Sprint dari Bandar Utama ke kawasanPinggiran Subang dan Bandar Puncak Alam serta cadanganmempertingkatkan laluan Batu Tiga dan Sungai Buloh.Pembukaan Persimpangan Kota Damansara dan lanjutanPersiaran Surian dari Mutiara Damansara dan KotaDamansara juga telah mempercepatkan perjalanan dariSubang Bestari ke pelbagai kawasan di Lembah Kelang.

Pusat Perniagaan Worldwide, Seksyen 13, Shah AlamSesuatu untuk Semua

Pusat Perniagaan Worldwide merupakan salah satu projekdalam portfolio pembangunan hartanah WHB. Ia merangkumiprojek komersil, rekreasi dan perumahan yang meliputikawasan seluas 63 ekar di kawasan hartanah yang utama diSeksyen 13, Shah Alam. Pusat Perniagaan Worldwide terdiridari tiga komponen utama iaitu Pusat Perniagaan, KompleksSukan dan kawasan komersil yang akan dimajukan.

Komponen Pusat Perniagaan telah siap dibina. Kebanyakanunit kedai pejabat yang ditempatkan dalam tiga blokbangunan telah habis dijual atau disewa. Di samping itu,Kompleks Sukan yang telah siap dibina juga telah diserahkepada Majlis Sukan Negeri Selangor. Selaras dengansuasana pasaran hartanah komersil yang bertambah baik,WHB sedang mengaktifkan semula rancangan projekkomersil di Pusat Perniagaan Worldwide.

Bandar Puncak Alam, Shah AlamA Township in the Making

Acquired in 2004, the 124.3 acres landat Bandar Puncak Alam will soon betransformed into a new townshipbearing the distinctive trademark of aWHB development project. Locatedwithin the development corridor ofSungai Buloh-Assam Jawa-KualaSelangor, the area is destined to be thenew hub of Selangor. It is sited about20 km north of the North Klang towncentre and only 22 km from the ShahAlam town centre. The new campus ofUiTM will be located on a 1,000-acrepiece of land at Puncak Alam, which isbeing developed as the country’sMedical City, providing the catalyst forgrowth in the area.

The township in the making wil leventually be served by connections toseveral major highways, such as theLATAR Highway (Assam Jawa-TamanRimba Templer), Guthrie Corridor,NNKVE (Pencala Link-Puncak Alam)and the upgraded Shah Alam-PuncakAlam highway. When the connectionsare established, travelling time fromBandar Puncak Alam to the majorurban centres would be greatlyreduced, enhancing the appeal of thenew township.

Although still on the drawing board, theplans for the new township will takeinto consideration the hilly terrain toprovide a distinctive feature in thedevelopment. WHB will introduce theconcept of ‘affordable luxury’ in thenew development, incorporating lifestyleelements that appeal to the presentmarket. The debut launch has beentargeted for 2006 and over the projectlife, Bandar Puncak Alam is expectedto generate some RM300 million ingross development value.

Bandar Puncak Alam, Shah Alam Perbandaran baru

Dibeli pada tahun 2004, tanah di BandarPuncak Alam seluas 124.3 ekar akandimajukan sebagai sebuah perbandaranyang baru tidak lama lagi. Ia akandimajukan sebagai sebuah perbandaranyang mempunyai ciri-ciri dan konsep yangtersendiri yang akan menjadi satu lagiprojek kemegahan WHB. Terletak dalamkoridor pembangunan Sungai Buloh-AssamJawa-Kuala Selangor, kawasan tersebutakan menjadi pusat pertumbuhan yang barubagi negeri Selangor. Ia terletak kira-kira 20 km dari pusat bandar Kelang Utara dan22 km dari pusat bandar Shah Alam. Di samping itu, kampus baru UiTM seluas1,000 ekar di Puncak Alam, yang akandibangunkan sebagai Bandaraya Perubatannegara, dijangka akan menjadi pemangkinkepada pertumbuhan di kawasanpersekitaran Puncak Alam.

Perbandaran yang akan dibangunkan iniakan dihubungkan dengan kemudahan-kemudahan infrastruktur yang utama sepertiLebuhraya LATAR (Assam Jawa-TamanRimba Templer), Lebuhraya Koridor Guthrie,NNKVE (Pencala Link-Puncak Alam) danLebuhraya Shah Alam-Puncak Alam yangdipertingkatkan. Sekiranya ke semuakemudahan infrastruktur ini siap dibina,perjalanan dari Bandar Puncak Alam kebandar-bandar utama akan dipercepatkandan ini akan menjadikan kawasan inisebagai satu perbandaran baru yangmenarik.

Walaupun masih dalam peringkat awalperancangan, pelan perbandaran ini akanmengambil kira keadaan semulajadirupabuminya yang berbukit yang mampu menyediakan ciri-cir i khas untuk pembangunan ini. WHB akanmemperkenalkan konsep ‘mewahmampumilik’ dalam pembangunan ini,dengan menyerap elemen-elemengayahidup masa kini. Projek yang dianggarakan menghasilkan nilai pembangunankasar sejumlah RM300 juta ini dijangkaakan melancarkan produk perumahannyayang pertama pada tahun 2006.


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Environmental ManagementP E N G U R U S A N A L A M S E K I TA R

Protecting the environment has becomethe prime concern not only of thedeveloped countries but also ofdeveloping countries. As developingcountries strive to achieve developednation status, and with increasingaffluence, a natural by-product of thisprocess is an increase in wastesgenerated by both households andindustries.

In Malaysia, as in many otherdeveloping countries, there is a growingawareness about the need to preservethe quality of the environment. It isestimated that each Malaysianhousehold generates a daily average ofaround 4.5 kg of waste. Multiply thatmanifold, the result is staggering.

WHB has almost one decade ofexperience in the business ofenvironmental management services.Through our subsidiary, WorldwideLandfills Sdn Bhd (WLSB), WHB isserving the nation’s interest in ensuringthat the huge quantities of wastesgenerated daily are disposed off safelyand effectively.

Under a 15-year concession awardedby the Selangor State Government inApril 1995, WLSB has been operating,managing and maintaining a sanitarylandfill facility at Air Hitam, Puchong.Some 1,500 MT of waste received and

Pemeliharaan alam sekitar bukan sahajamenjadi kebimbangan kepada negara-negara maju tetapi juga negara-negarayang sedang membangun. Dalam negara-negara membangun mempergiatkan usaha-usaha ke arah mencapai status negaramaju, di samping meningkatnya kesedaranmasyarakat, penghasilan sampah domestikdan industri dijangka akan meningkat darimasa ke semasa.

Di Malaysia, seperti negara-negaramembangun yang lain, kesedaran tentangpemeliharaan alam sekitar semakinmeningkat. Adalah dianggarkan setiaprumah di Malaysia menghasilkan kira-kira4.5 kg sampah sehari. Sekiranyadigandakan, jumlah penghasilan sampahamat menakjubkan.

WHB telah terlibat dalam perniagaanperkhidmatan pengurusan alam sekitarsejak satu dekad yang lalu. Melalui anaksyarikatnya, Worldwide Landfills Sdn Bhd(WLSB) WHB telah menjalankantanggungjawab dan peranannya kepadanegara dengan memastikan pelupusansampah dilaksanakan dengan menggunakankaedah yang efektif dan selamat.

Melalui Konsesi yang dianugerahkan olehKerajaan Negeri Selangor untuk tempoh 15 tahun pada bulan April 1995, WLSBtelah mengurus, mengendali danmenyelenggara tapak pelupusan sisapepejal sanitari di Air Hitam, Puchong.

are treated at this facility daily. A totalof seven municipal councils withinSelangor transport wastes to WLSB’sfacility for safe disposal.

For the year under review, WLSBregistered a profit before tax (PBT) ofRM11.7 million on the back of revenueof RM34.7 million. By comparison, thepre-tax profit in 2003 was RM8.3million, from revenue of RM28.4 million.The 35.4% increase in WLSB’s PBTwas attributed to an increase in tippingfees from the previous RM25.00 per MTto RM30.00 per MT.

WLSB’s sanitary landfill at Puchong is astate-of-the-art waste disposal facility. Itemploys specialised pollution controltechnology to minimise any potentialnegative impacts on the environment.Since operations began a decade ago,the Air Hitam landfill has treated morethan 5.3 million MT of wastes and isscheduled for closure by the end of2005. The landfi l l wil l then berehabilitated to blend with its naturalsurroundings.

As a replacement to the existing landfill,various potential sites have beenidentified. In the meantime, importantstrides have been made to broaden the scope of our environmentalmanagement operations by venturinginto related areas of the business. Wenow stand poised to expand ouroperations by aggressively pursuingvast opportunities that exist in thewaste-related business, locally as wellas regionally. Of interest to the Groupare spin-off businesses that aresynergistic to landfill business. Thesewould include the construction oftransfer stations, rehabil itation of

Tapak berkenaan menerima dan merawatkira-kira 1,500 tan metrik sisa pepejalsehari yang diterima dari tujuh pihakberkuasa tempatan di sekitar NegeriSelangor.

Pada tahun 2004, WLSB telah mencatatkeuntungan sebelum cukai sebanyakRM11.7 juta, diatas perolehan sebanyakRM34.7 juta. Sebagai perbandingan,keuntungan sebelum cukai WLSB padatahun 2003 adalah RM8.3 juta, denganperolehan sebanyak RM28.4 juta. Kenaikansebanyak 35.4% dalam keuntungansebelum cukai adalah disebabkan olehpeningkatan kadar tariff dari RM25.00 setankepada RM30.00 setan.

Tapak pelupusan sisa pepejal sanitari diPuchong adalah sebuah pusat kemudahanpembuangan sampah yang menggunakankaedah teknologi yang direkabentuk khasuntuk mengawal dan meminimakan impakkepada pencemaran alam sekitar.Semenjak beroperasi sedekad yang lalu,tapak pelupusan sisa pepejal sanitari initelah menerima dan merawat lebih dari 5.3juta tan metrik sisa pepejal. Operasi ditapak ini dijangka akan ditutup padapenghujung tahun 2005. Dengan penutupantapak ini, proses-proses pemuliharaan di tapak akan dilaksanakan untukmengekalkan persekitaran alam semulajadi.

Selaras dengan penutupan tapak, satutapak baru sedang dikenalpasti.Sementara itu, kami telah mempergiatkanusaha-usaha untuk memperluaskan bidangperniagaan kami dalam pengurusan alamsekitar. Kami telah bersedia untukmeneroka peluang-peluang perniagaanyang berkaitan di dalam dan luar negara.Fokus utama adalah perniagaan yangbersinergi dengan perniagaan pelupusansisa pepejal sanitari seperti pembinaan dan


68

dumpsites, construction and operationof domestic waste and inert landfills.

These init iatives to broaden ourhorizons paid off when in 2004, WHBwas awarded a Privatisation-cum-Concession project to build andoperate an inert waste landfi l l inDengkil, Selangor. This landfill catersspecifically to inert wastes, whichconsist of the construction anddemolition wastes, garden wastes, tyresand other dry, non-leachable wastes.The Dengkil landfi l l commencedoperations in December 2004.

During the year under review, WHB alsoreceived a Letter of Award (LOA) fromthe Selangor State Government tobuild, maintain and operate a transferstation at Section 21, Shah Alam for aconcession period of 25 years. Thetransfer station wil l serve as thecollecting point for waste picked up from various local councils operatingin Selangor.

We have also taken the initial steps tooperate beyond national boundaries,exporting our expertise in theenvironmental management business toother countries. To help us gain anedge in our overseas foray, WHB’swholly owned subsidiary, AspirasiAnggun Sdn Bhd entered into a JointVenture Agreement with World WasteSolution GmbH on 9 November 2004.The joint venture has paved the way forthe two companies to jointly participatein the building, supply of equipmentand maintenance of transfer stations inSoutheast Asia and the Middle East.

pengurusan stesen pemindahan, sampahpemuliharaan semula tapak pembuangansampah yang sedia ada dan pengurusantapak sisa pepejal lengai serta tapak-tapakpelupusan sisa pepejal sanitari yang baru.

Usaha-usaha ini telah menbuahkan hasilkerana pada tahun 2004, WHB telahdianugerahkan projek Penswastaan danKonsesi oleh Kerajaan Negeri Selangoruntuk membina, mengurus dan mengendalitapak pelupusan sisa lengai di Dengkil,Selangor. Tapak pelupusan ini yang mulaberoperasi pada bulan Disember 2004merupakan tapak pelupusan khas yanghanya menerima sisa pepejal lengai sepertibahan buangan daripada industripembinaan, sisa-sisa taman, tayar sertasisa pepejal kering yang tidak larutresap.

Di samping itu, WHB juga telah menerimasurat tawaran daripada kerajaan NegeriSelangor untuk membina, mengendali danmenyelenggara stesen pemindahan sampahdi Seksyen 21, Shah Alam untuk tempohkonsesi selama 25 tahun. Stesenpemindahan ini akan bertindak sebagaipusat kutipan sampah dari pelbagai pihakberkuasa tempatan di negeri Selangor.

Kami juga telah mula mengambil peluangdari kepakaran yang sediada dalam bidang pengurusan alam sekitar untukmengembangkan perniagaan ke luarnegara. Pada 9 November 2004, AspirasiAnggun Sdn Bhd, anak Syarikat WHB telahmenandatangani Perjanjian Usahasamadengan World Waste Solution GmbH, dimana melalui usahasama ini, kami akanmengambil bahagian dalam perniagaan-perniagaan yang melibatkan pembinaan,pembekalan dan penyelenggaraan stesenpemindahan di seluruh Asia Tenggara,Timur Tengah, Australia dan New Zealand.


69


70

Also synergistic to our landfill operationsis the landfill gas power generation. Theviability of using methane gas as analternative fuel has been proven withthe commissioning of a 2 MW gas-powered generation plant in early 2004.WHB will continue to be on the lookoutfor other power generation projectsusing landfill gas as a source of fuel.

As a caring corporate citizen, we arealso proud of taking a direct role inreaching out to the community.Towards this end, we have also takenon a mini refuse truck project initiatedby YAB Menteri Besar of Selangor. Thetruck was used to collect domesticwastes from designated areas on avoluntarily basis for a period of threemonths. The three areas involved inthis programme so far were Section 7,Shah Alam, USJ5 Subang Jaya andSijangkang, Kuala Langat.

Salah satu produk sampingan yangbersinergi kepada operasi landfil ialahpenghasilan gas daripada landfil. Kejayaanpenggunaan gas metana daripada landfilsebagai alternatif kepada bahan api yangsedia ada telah terbukti dengan bermulanyaoperasi loji Janakuasa Elektrik 2 MW padaawal 2004. WHB akan terus menerokapeluang-peluang lain di dalam bidangpenjanaan kuasa yang menggunakan gasmetana sebagai bahan api.

Sebagai warga korporat yang prihatin, kamiberbangga kerana dapat melibatkan dirisecara langsung dengan masyarakat.Sehubungan ini, kami telah melancarkanprogram lori sampah mini yang telahdiilhamkan oleh YAB Menteri BesarSelangor. Program perintis lori sampah miniini melibatkan pengutipan sampah secarapercuma dan sukarela di sesuatu kawasanyang dikenalpasti di Selangor untuk tempohtiga bulan. Kawasan-kawasan yang telahmenyertai program ini adalah kawasanSeksyen 7, Shah Alam, USJ5 Subang Jayadan Sijangkang, Kuala Langat.

39

8

12

16

57

46

10 11 12

13 14 15 161

1. Perimeter Fencing2. Surface Run-off Drainage 3. Groundwater Monitoring4. Lining System5. Leachate Collection System6. Leachate Drainage Pipe

7. Gas Well for Landfill Gas8. Capping9. Restored Surface10. Leachate Pumping Sump11. Perimeter Drainage System12. Leachate Treatment Plant (LTP)

13. Landfill Gas Power GenerationPlant

14. Operation Office15. Weighing Bridge16. Screening Tree


71

TRANSFORMING TRASH INTO CASH

A by-product of WLSB’s sanitary landfill operations is methane gas. What started out initially as a pilotproject to determine the viability of using landfill gas as a source of fuel for power generation has nowbecome a full-fledged commercial operation.

Landfill gas from the sanitary landfill at Air Hitam is now tapped as a source of energy to feed a 2MW gas-powered generation plant commissioned in February 2004. Under a 15-year Renewable Energy PowerPurchase Agreement, the electricity generated at the plant is purchased at 16.5 sen per Kwh. Owing to thesuccess of this venture, the plant capacity may be increased to 4 MW.

While the revenue received to-date is barely significant, what is important is that WHB is doing its part toconserve energy. Most of today’s power plants are fuelled either by oil, natural gas or coal. All three aredepleting resources and at today’s prices, oil is simply too expensive a commodity to be burned as fuel. Nodoubt that our contribution to the effort to conserve is small, but every little effort counts. Our Governmentis also encouraging the use of renewable energy sources to reduce the country’s overwhelming dependenceon oil. This is encapsulated in the Government’s Fifth Fuel Policy, which advocates increasing the use ofrenewable energy such as solar, wind and bio-mass to meet 5% of the country’s total energy requirements.

WHB will do its part to help the Government meet its target, by sharing its expertise and experience in usinglandfill gas for power generation.

MERAIH KEUNTUNGAN DARI SAMPAH

Produk sampingan hasil dari operasi pembuangan sisa pepejal di tapak pelupusan sanitari milik WLSB adalah gas metana.Projek yang pada awalnya hanya dijadikan sebagai bahan kajian untuk projek berdayamaju kini telah berjaya dikomersilkan.

Kini, gas metana yang dihasilkan dari pusat pelupusan sanitari telah dijadikan bahanapi untuk loji janakuasa gas 2 MW yang telah beroperasi sejak bulan Februari 2004. Di bawah Perjanjian Pembelian Tenaga Yang Diperbaharui yangditandatangani untuk tempoh 15 tahun, tenaga elektrik yang dihasilkan melalui loji ini dijual pada kadar 16.5 Kwh.Dengan kejayaan yang telah dicapai melalui pelaburan ini, kapasiti loji ini mungkin akan dipertingkatkan kepada 4 MW.

Walaupun keuntungan dari projek ini adalah kecil, WHB memberi keutamaan kepada projek ini kerana ia membantuke arah penjimatan tenaga. Kebanyakan loji janakuasa elektrik dijana oleh tiga bahanapi utama iaitu petroleum, gasasli atau arangbatu. Walau bagaimanapun, bahanapi-bahanapi sumber asli ini semakin berkurangan dan dengan hargaminyak yang semakin tinggi, ia menjadi sumber bahanapi yang mahal untuk dibakar. Kami tidak menyangkal bahawasumbangan kami melalui projek janakuasa elektrik menggunakan gas dari tapak pelupusan sanitari ini adalah keciltetapi kami percaya ia dapat membantu dalam mengurangkan penggunaan bahanapi sumber asli. Kerajaan juga telahmenggalakkan penggunaan tenaga yang diperbaharui dalam usaha-usaha ke arah mengurangkan pergantungan yangtinggi kepada petroleum Sepertimana yang terkandung dalam Polisi Bahanapi Kelima Kerajaan, kerajaan menggalakkanpenggunaan bahanapi yang diperbaharui seperti suria, angin dan bio-jisim dalam memenuhi 5% dari jumlah keperluantenaga negara.

WHB akan terus memainkan peranan kami dalam usaha membantu Kerajaan mencapai sasaran ini dengan berkongsikepakaran dan pengalaman kami dalam projek janakuasa elektrik menggunakan gas metana yang dihasilkan olehtapak pelupusan sisa pepejal sanitari.


72

UtilitiesU T I L I T I

WHB’s diversified portfolio includes its

investment in the lucrative utilities

business. The Company has a 20%

stake in Genting Sanyen Power Sdn

Bhd (GSP), an independent power

producer that owns and operates a 760

MW co-generation power plant at

Kuala Langat, Selangor. The combined

cycle plant has been operating since

April 1996.

Electricity generated from the plant is

so ld to Tenaga Nasional Berhad

under 21-year Power Purchase

Agreement. This has ensured the

WHB Group of a long-term source of

recurring revenue, and in 2004 our

investment in GSP yielded a profit

before tax of RM60.4 mill ion. The

Group also receives a yearly dividend

from GSP, which amounted to

RM22.2 million for 2004.

Antara portfolio pelbagai WHB ialah

pelaburan Kumpulan dalam perniagaan

utiliti yang merupakan satu perniagaan

yang menguntungkan. WHB mempunyai

kepentingan ekuiti sebanyak 20% dalam

syarikat Genting Sanyen Power Sdn Bhd

(GSP), syarikat penjana kuasa bebas yang

memiliki dan mengendalikan loji janakuasa

elektrik 760 MW yang terletak di Kuala

Langat, Selangor. Loji janakuasa elektrik

secara kitaran bersepadu ini mula

beroperasi sejak bulan April 1996.

Tenaga elektrik yang dihasilkan oleh loji

janakuasa ini dijual kepada Tenaga

Nasional Berhad di bawah Perjanjian

Pembelian Tenaga untuk tempoh 21 tahun.

Perjanjian jangka panjang ini telah

menjamin keuntungan yang stabil dan

berterusan kepada Kumpulan. Pada tahun

2004, pelaburan dalam GSP ini telah

menyumbang keuntungan sebelum cukai

sejumlah RM60.4 juta kepada Kumpulan.

Kumpulan juga telah menerima dividen

tahunan daripada GSP berjumlah RM22.2

juta pada tahun 2004.


73

Overseas InvestmentP E L A B U R A N L UA R N E G A R A

WONDERLAND PROJECTSYDNEY, AUSTRALIA

The Wonderland project in Sydney,

Australia represents WHB’s first

overseas venture. WHB participation in

this venture is through its wholly owned

subsidiary, Emerald Crest Sdn Bhd,

which has a 40% stake in Eastern

Glory Ent. Ltd. The latter owns a

160 hectares piece of land, which is

set aside for the development of

Wonderland Business Park.

Whilst 40 hectares of the land was

sold and developed into a business

park in 2002, the remaining balance of

120 hectares piece of land is currently

in the process of rezoning. Upon

obtaining necessary approval from the

relevant authorities, it will pave the

way for the proposed sale and

development of the land into a world-

class business park.

PROJEK WONDERLANDSYDNEY, AUSTRALIA

Projek Wonderland di Sydney, Australia

merupakan pelaburan pertama WHB di

luar Negara. Penglibatan WHB adalah

melalui Emerald Crest Sdn Bhd

(Emerald Crest), anak syarikat penuh

WHB yang memegang ekuiti sebanyak

40% dalam Eastern Glory Enterprise

Ltd, di mana syarikat ini memiliki

sebidang tanah seluas 160 hektar yang

akan dibangunkan sebagai Pusat

Perniagaan Wonderland.

Tanah seluas 40 hektar telah dijual

dan dibangunkan sebagai pusat

perniagaan pada tahun 2002. Baki

tanah seluas 120 hektar sedang dalam

proses pengezonan. Setelah kelulusan

daripada pihak berkuasa diperolehi,

tanah ini akan dijual dan dibangunkan

sebagai pusat perniagaan yang bertaraf

antarabangsa.

Calendar Of EventsWorldwide Holdings Berhad

74

Calendar Of Events

25 – 29 April 2005

Senior Management of WHB, participated in the ‘IFAT’international trade fair for waste disposal andenvironment in Munich, Germany.

26 Feb 2005

YB Dato’ Abdul Fatah Iskandar, Selangor EXCO for

Infrastructure and Public Amenities officially kicked-off

the waste collection by ‘Sapu Bersih’ mini refuse truck

at the Sijangkang area for a duration of 3 months.

13 – 23 March 2005

Senior management of WHB took part

in the Trade and Investment Mission to

Myanmar, Laos, Thailand and Indonesia

organized by MATRADE.

23 - 24 April 2005

Launch of “Build and Sell”

products “Budiman and Damai

Special Edition” at Subang Bestari.

16 Dec 2004

The visit to the landfill site in Puchong,Selangor was part of the scheduled agendafor delegates attending the “Sustainable SolidWaste Management in Asia Pacific Cities”conference in Kuala Lumpur.

1 May 2005

In enhancing its business network, a corporatecommunications “Rakan Worldwide : Golf” was organised forthe Selangor State senior officials and media at GlenmarieGolf & Country Club.

7 Jan 2005

In its role as a responsible corporate

citizen, WHB has donated RM200,000

through the Selangor State Government,

in aid of the Tsunami victims.

8 Feb 2005

WHB staff joined hands together

in raising fund for the Tsunami

victims through jumble sale and

salary deduction. The fund

raised was presented to Mercy

Malaysia.

28 - 30 April 2005

Expedition to Taman Negara Mulu,Sarawak, which involvedparticipation of 9 WHB staff.

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▲

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Worldwide Holdings BerhadCalendar Of Events

75

14 Sep 2004

Familiarisation visit to Subang Bestari

Township under the Media Relations

Programme.

25 Nov 2004

‘Hari Raya Aidil Fitri’ open house held at

Concorde Hotel, Shah Alam, as part of

the Company’s corporate communication

efforts to foster closer ties with business

associates and contacts.

28 Oct 2004

Breaking fast occasion with orphans and

under-priviledged at the YAB Menteri

Besar Selangor’s residence ‘Sri Atin’ at

Simpang Lima, Sungai Besar, Selangor.

9 November 2004

Signing of Joint Venture Agreement with

World Waste Solution GmbH of German

for the supply and installation of

equipment for transfer station for the

region of Southeast Asia, Middle East,

Australia and New Zealand.

1 Dec 2004

The opening of Dengkil Inert Waste

Landfills at Dengkil, Selangor. The

landfills cater to inert waste such as the

construction and demolition wastes,

garden wastes and tyres.

18 – 20 Aug 2004

Yearly Budget Review Session

at Guoman Port Dickson.

13 – 15 Aug 2004

‘Nostalgia Silam’ Family Day weekend at

Awana Kijal Resort & Spa, Kuala

Terengganu, Terengganu.

18 June 2004

WHB’s 38th Annual General Meeting at

Kelab Shah Alam Selangor, Shah Alam,

Selangor.

11 Aug 2004

A briefing to Baiduri apartment

purchasers on the formation of

the pre-management corporation,

held at the Baiduri compound in

SA7, Shah Alam.

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Financial Statements

Directors’ Report 77

Consolidated Income Statement 81

Consolidated Balance Sheets 82

Consolidated Statements of Changes in Equity 83

Income Statement 84

Balance Sheets 85

Statements of Changes in Equity 86

Cash Flow Statements 87

Summary Of Significant Accounting Policies 89

Notes to the Financial Statements 96

Statement by Directors 137

Statutory Declaration 137

Report of the Auditors 138

Directors’ Report for the financial year ended 31 December 2004

The Directors are pleased to submit their report together with the audited financial statements of the Group and Companyfor the financial year ended 31 December 2004.

PRINCIPAL ACTIVITIES

The principal activities of the Company are investing in properties, property development and investment holding. Theprincipal activities of the subsidiaries are set out in Note 19 of the financial statements. There has been no significantchange in the nature of these activities during the financial year.

FINANCIAL RESULTS

Group CompanyRM RM

Profit from ordinary activities after tax 54,327,143 22,878,471Minority interests (1,695,843) 0

Net profit for the financial year 52,631,300 22,878,471

DIVIDENDS

The dividends paid or declared by the Company since 31 December 2003 were as follows:

RM

In respect of the financial year ended 31 December 2003, final tax exempt dividend of5 sen per share, paid on 15 July 2004.- as shown in the Directors’ report of that financial year, dividends on 170,159,405

ordinary shares 8,507,970- dividends on 342,000 ordinary shares, which were issued between 1 January 2004

and 1 July 2004 17,100

8,525,070

In respect of the financial year ended 31 December 2004, interim gross dividend of 4 sen per share, less income tax of 28%, on 170,878,405 shares paid on 18 January 2005 4,921,298

13,446,368

The Directors now recommend the payment of a final gross dividend of 6 sen per share on 170,878,405 ordinary shares,amounting to RM7,381,947 which, subject to the approval of members at the forthcoming Annual General Meeting of theCompany, will be paid on 15 July 2005 to shareholders registered on the Company’s Register of Members at the close ofbusiness on 1 July 2005.

Worldwide Holdings BerhadDirectors’ Report

77

Directors’ Report for the financial year ended 31 December 2004 (cont’d.)

RESERVES AND PROVISIONS

All material transfers to or from reserves and provisions during the financial year are shown in the financial statements.

ISSUE OF SHARES

During the financial year, 719,000 new ordinary shares of RM1 each were issued by the Company for cash considerationby virtue of the exercise of options pursuant to the Company’s Employee Share Option Scheme at exercise prices rangingfrom 1.35 to 2.02 per share.

The new ordinary shares issued during the financial year rank pari passu in all respects with the existing issued ordinaryshares of the Company except that the 377,000 new ordinary shares which were issued after the close of business on 1 July 2004, did not rank for final dividend declared and paid in respect of the financial year ended 31 December 2003.

EMPLOYEE SHARE OPTION SCHEME

The Company implemented a revised Employee Share Option Scheme (“ESOS”) on 27 July 2001. The ESOS is governedby the by-laws which were approved by the shareholders at an Extraordinary General Meeting held on 28 June 2001.

Details of the ESOS are set out in Note 12(b) to the financial statements.

The Company has been granted exemption by the Companies Commission of Malaysia from having to disclose in thisreport the list of option holders and their share holdings.

DIRECTORS

The Directors who have held office during the financial year since the date of the last report are as follows:

Dato’ Mohamad Adzib Mohd Isa, DSSA, KMN, AMNDato’ Hj. Harun Salim, DPMS, JMN, KMN, ASA, PJKDato’ Hj. Ibrahim Md Yusof, DSIS, SSA Mirzan MahathirDato’ Ir Hj. Abu Bakar Hj. Mohd Amin, DPMS, DPMP, KMN, PJK, JPDatin Paduka Juma’ah Moktar, DSSA, ASA, PJKDato’ Hj. Zainal Abidin Hj. Sakom, DSSA, PPN, JP, AMS, PJKDato’ Zainudin Hj. Zainal Abidin, DPMS, KMN, SMS, ASA, PJKLow Siew Moi, KMN, SSANora Azmin Radzuan, SMS (Resigned on 18 June 2004, reappointed on 18 October 2004)

In accordance with Article 80 and Article 86 of the Company’s Articles of Association, YBhg Dato’ Hj. Ibrahim Md Yusof,DSIS, SSA, YB Dato’ Hj. Zainal Abidin Hj. Sakom, DSSA, PPN, JP, AMS, PJK, Low Siew Moi, KMN, SSA and Nora AzminRadzuan, SMS retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.

DIRECTORS’ BENEFITS

During and at the end of the financial year, no arrangements subsisted to which the Company is a party, beingarrangements with the object or objects of enabling Directors of the Company to acquire benefits by means of theacquisition of shares in, or debentures of, the Company or any other body corporate, other than the Company’s EmployeeShare Option Scheme.

Directors’ ReportWorldwide Holdings Berhad

78


DIRECTORS’ BENEFITS (cont’d.)

Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other thandirectors’ remuneration disclosed in Note 7 to the financial statements) by reason of a contract made by the Company ora related corporation with the Director or with a firm of which he is a member, or with a company in which he has asubstantial financial interest.

DIRECTORS’ INTERESTS

According to the Register of Directors’ Shareholdings, particulars of interests in the shares, options over shares and warrantsin the Company during the financial year of those Directors holding office at the end of the financial year are as follows:

Number of warrants, share options and ordinary shares of RM1 eachAt At

1.1.2004 Granted/Bought (Exercised)/(Sold) Expired 31.12.2004

Dato’ Hj. Ibrahim Md Yusof, DSIS, SSA- share options 600,000 0 0 0 600,000- ordinary shares 104,000 0 0 0 104,000

Datin Paduka Juma’ah Moktar,

DSSA, ASA, PJK- warrants 2,000 0 0 (2,000) 0- ordinary shares 30,000 0 0 0 30,000

None of the other Directors in office at the end of the financial year held any interests in the shares and options overshares in the Company or its related corporations during the financial year.

STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS

Before the income statements and balance sheets were made out, the Directors took reasonable steps:

(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowancefor doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate allowancehad been made for doubtful debts; and

(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of businesstheir values as shown in the accounting records of the Group and Company had been written down to an amountwhich they might be expected so to realise.

At the date of this report, the Directors are not aware of any circumstances:

(a) which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in thefinancial statements of the Group and Company inadequate to any substantial extent; or

(b) which would render the values attributed to current assets in the financial statements of the Group and Companymisleading; or

(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group andCompany misleading or inappropriate.

Worldwide Holdings BerhadDirectors’ Report

79


STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (cont’d.)

No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelvemonths after the end of the financial year which, in the opinion of the Directors, will or may affect the ability of the Groupor Company to meet their obligations when they fall due.

At the date of this report, there does not exist:

(a) any charge on the assets of the Group or Company which has arisen since the end of the financial year which securesthe liability of any other person; or

(b) any contingent liability of the Group or Company which has arisen since the end of the financial year.

At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or thefinancial statements which would render any amount stated in the financial statements misleading.

In the opinion of the Directors:

(a) the results of the Group’s and Company’s operations during the financial year were not substantially affected by anyitem, transaction or event of a material and unusual nature; and

(b) there has not arisen in the interval between the end of the financial year and the date of this report any item,transaction or event of a material and unusual nature likely to affect substantially the results of the operations of theGroup or Company for the financial year in which this report is made.

HOLDING AND ULTIMATE HOLDING CORPORATION

The Directors regard Perbadanan Kemajuan Negeri Selangor, a body corporate incorporated in Malaysia under the SelangorEnactment No. 4 of 1964, as the holding and ultimate holding corporation.

AUDITORS

Signed on behalf of the Board of Directors in accordance with their resolution dated 25 April 2005.

Dato’ Mohamad Adzib Mohd Isa, DSSA, KMN, AMNChairman

Dato’ Hj. Harun Salim, DPMS, JMN, KMN, ASA, PJKDeputy Chairman

Directors’ ReportWorldwide Holdings Berhad

80

Consolidated Income Statement for the financial year ended 31 December 2004

Note 2004 2003

RM RM

Revenue 4 124,413,574 81,086,300

Cost of sales 5 (92,148,990) (62,414,208)

Gross profit 32,264,584 18,672,092

Other operating income:

- gain on disposal of property, plant and equipment 207,897 17,468,315

- interest income 3,279,328 2,147,854

- others 1,114,305 1,688,383

Selling and distribution costs (1,704,673) (483,465)

Administrative expenses (16,806,184) (13,811,302)

Other operating expenses (2,601,432) (2,558,467)

Profit from operations 6 15,753,825 23,123,410

Finance cost 8 (118,048) (273,429)

Share of results of an associate 60,386,600 56,343,171

Profit from ordinary activities before tax 76,022,377 79,193,152

Tax expense:

- Company and subsidiaries (4,618,834) (2,459,826)

- An associate (17,076,400) (15,482,274)

9 (21,695,234) (17,942,100)

Profit from ordinary activities after tax 54,327,143 61,251,052

Minority interests (1,695,843) (1,937,112)


Earnings per share (sen)

– basis 10 30.87 35.28

– diluted 10 30.68 35.04

Dividends per share (sen) 11 10.00 5.00

Worldwide Holdings BerhadConsolidated Income Statement

81

Consolidated Balance Sheet as at 31 December 2004

Note 2004 2003RM RM

Capital and reserves

Share capital 12 170,878,405 170,159,405Reserves 508,865,962 469,406,310

679,744,367 639,565,715Minority interests 12,909,429 12,813,586Non-current liabilitiesProvision for closure and post closure costs 15 17,208,814 12,082,012Borrowings (interest bearing) 16 279,580 739,985Hire purchase payables 17 369,338 617,257

17,857,732 13,439,254

710,511,528 665,818,555

Represented by:Non-current assetsProperty, plant and equipment 18 7,594,087 9,842,130Associates 20 271,516,047 244,205,847Investments 21 69,074,916 51,563,398Land held for property development 22 218,340,844 192,737,432Deferred tax assets 40 1,620,607 256,106

Current assetsInventories 24 13,619,470 12,431,295Trade receivables 26 58,541,364 29,932,645Other receivables, deposits and prepayments 31 3,753,341 11,577,156Tax recoverable 137,018 1,543,930Cash and cash equivalents 38 68,454,767 85,707,598Other current assets 42,366,182 70,669,383

23 186,872,142 211,862,007

Current liabilitiesTrade payables (24,621,347) (22,503,037)Borrowings (interest bearing) 16 (243,000) (243,000)Hire puchase payables 17 (270,538) (270,538)Other payables and accruals 35 (12,468,476) (23,154,443)Current tax liabilities (598,330) (566,687)Other current liabilities (6,305,424) (1,665,090)

34 (44,507,115) (48,402,795)

Net current assets 142,365,027 163,459,212Deferred expenditure 36 0 3,754,430

710,511,528 665,818,555

Consolidated Balance SheetWorldwide Holdings Berhad

82

Consolidated Statement Of Changes In Equity for the financial year ended 31 December 2004

Issued and fully paid

ordinary shares

of RM1.00 each

Number Nominal Share

of value Reserve on premium Retained

Note shares (Note 12) consolidation (Note 14) earnings Total

RM RM RM RM RM

At 1 January 2003 166,502,405 166,502,405 1,199,650 88,997,039 323,617,088 580,316,182

Net profit for the

financial year 0 0 0 0 59,313,940 59,313,940

Dividends for the

financial year ended

31 December 2002 0 0 0 0 (5,052,732) (5,052,732)

Issue of shares

- exercise of share

options 12 3,657,000 3,657,000 0 1,331,325 0 4,988,325

At 31 December 2003 170,159,405 170,159,405 1,199,650 90,328,364 377,878,296 639,565,715

At 1 January 2004 170,159,405 170,159,405 1,199,650 90,328,364 377,878,296 639,565,715

Net profit for the

financial year 0 0 0 0 52,631,300 52,631,300

Dividends for the financial

year ended:

- 31 December 2003 0 0 0 0 (8,525,070) (8,525,070)

- 31 December 2004 11 0 0 0 0 (4,921,298) (4,921,298)

Issue of shares

- exercise of share

options 12 719,000 719,000 0 274,720 0 993,720

At 31 December 2004 170,878,405 170,878,405 1,199,650 90,603,084 417,063,228 679,744,367

Worldwide Holdings BerhadConsolidated Statement Of Changes In Equity

83

Income Statement for the financial year ended 31 December 2004

Note 2004 2003

RM RM

Revenue 4 113,096,262 146,778,745

Cost of sales 5 (74,301,686) (44,392,244)

Gross profit 38,794,576 102,386,501

Other operating income:

- gain on disposal of property, plant and equipment 99 124

- interest income 2,464,353 1,634,736

- others 431,311 242,916

Selling and distribution costs (1,704,673) (483,465)

Administrative expenses (7,188,990) (6,838,676)

Other operating expenses (2,455,677) (1,302,520)

Profit from operations 6 30,340,999 95,639,616

Finance cost 8 (69,998) (182,719)

Profit from ordinary activities before tax 30,271,001 95,456,897

Tax expense 9 (7,392,530) (26,192,115)


Dividends per share (sen) 11 10.00 5.00

Income StatementWorldwide Holdings Berhad

84

Balance Sheet as at 31 December 2004

Note 2004 2003RM RM

Capital and reserves

Share capital 12 170,878,405 170,159,405Reserves 220,890,399 211,183,576

391,768,804 381,342,981

Non-current liabilities

Borrowings (interest bearing) 16 279,580 739,985Hire purchase payables 17 18,899 60,492

298,479 800,477

392,067,283 382,143,458

Represented by:Non-current assetsProperty, plant and equipment 18 4,610,743 4,775,564Subsidiaries 19 48,544,720 48,843,968Associates 20 11,102,078 11,102,078Investments 21 14,880,432 3,505,063Land held for property development 22 164,105,978 138,383,436Deferred tax assets 40 1,040,197 6,713

Current assetsInventories 24 10,463,428 9,275,253Trade receivables 26 51,648,810 22,760,986Other receivables, deposits and prepayments 31 1,998,866 5,394,879Tax recoverable 65,319 1,473,042Cash and cash equivalents 38 38,548,313 63,199,948Other current assets 81,195,863 112,646,826

23 183,920,599 214,750,934

Current liabilitiesTrade payables (22,041,999) (19,114,171)Borrowings (interest bearing) 16 (243,000) (243,000)Hire puchase payables 17 (64,212) (64,212)Other payables and accruals 35 (8,337,808) (18,989,893)Other current liabilities (5,450,445) (813,022)

34 (36,137,464) (39,224,298)

Net current assets 147,783,135 175,526,636

392,067,283 382,143,458

Worldwide Holdings BerhadBalance Sheet

85

Company Statement Of Changes In Equity for the financial year ended 31 December 2004

Issued and fully paid

ordinary shares Non-

of RM1.00 distrbutable Distributable

Nominal Share Retained

Number value premium earnings

Note of shares (Note 12) (Note 14) (Note 13) Total

RM RM RM RM

At 1 January 2003 166,502,405 166,502,405 88,997,039 56,643,162 312,142,606

Net profit for the financial

year 0 0 0 69,264,782 69,264,782


year ended 31 December 2002 0 0 0 (5,052,732) (5,052,732)

Issue of shares

- exercise of share options 12 3,657,000 3,657,000 1,331,325 0 4,988,325

At 31 December 2003 170,159,405 170,159,405 90,328,364 120,855,212 381,342,981

At 1 January 2004 170,159,405 170,159,405 90,328,364 120,855,212 381,342,981

Net profit for the financial

year 0 0 0 22,878,471 22,878,471


year ended:

- 31 December 2003 0 0 0 (8,525,070) (8,525,070)

- 31 December 2004 11 0 0 0 (4,921,298) (4,921,298)

Issue of shares

- exercise of share options 12 719,000 719,000 274,720 0 993,720

At 31 December 2004 170,878,405 170,878,405 90,603,084 130,287,315 391,768,804

Company Statement Of Changes In EquityWorldwide Holdings Berhad

86

Cash Flow Statements for the financial year ended 31 December 2004

Group Company

Note 2004 2003 2004 2003

RM RM RM RM

Operating activities

Cash flow from operations 37 27,471,634 7,195,729 7,594,864 40,267,174

Interest paid (118,048) (273,429) (69,998) (182,719)

Interest received 3,111,122 2,147,854 2,358,514 1,634,736

Tax recovered 9,118 1,271,917 9,118 1,185,558

Tax paid (4,551,711) (3,609,490) (803,000) (1,627,703)

(1,549,519) (463,148) 1,494,634 1,009,872

Net cash flow from operating activities 25,922,115 6,732,581 9,089,498 41,277,046

Investing activities

Proceeds from disposal of property, plant

and equipment 208,875 53,159,426 100 130

Proceeds from disposal of unquoted investment 0 540,360 0 540,360

Dividend received from an associate 16,000,000 68,000,000 0 0

Purchase of property, plant and equipment (314,484) (571,068) (182,455) (104,202)

Purchase of investments (17,848,628) (4,759,488) (11,712,479) (2,755,323)

Expenditure incurred on land held for

property development (32,320,997) (31,387,299) (32,320,997) (28,795,188)

Deferred expenditure incurred (422,027) (5,269,284) 0 0

Closure and post closure costs paid (13,984) (137,050) 0 0

Net dividend received 1,375,973 1,237,169 18,508,046 68,920,304

Net cash flow from investing activities (33,335,272) 81,812,766 (25,707,785) 37,806,081

Worldwide Holdings BerhadCash Flow Statements

87

Cash Flow Statements for the financial year ended 31 December 2004 (cont’d.)

Group Company

Note 2004 2003 2004 2003

RM RM RM RM

Financing activities

Dividends paid to:

– shareholders of the Company (8,525,070) (5,052,732) (8,525,070) (5,052,732)

– minority interests (1,600,000) (600,000) 0 0

Proceeds from new issue of ordinary shares 993,720 4,988,325 993,720 4,988,325

Repayment of borrowings (460,405) (20,949,347) (460,405) (20,949,347)

Repayment of hire purchase payables (247,919) (145,491) (41,593) (58,865)

Net cash flow from financing activities (9,839,674) (21,759,245) (8,033,348) (21,072,619)

Net (decrease)/increase in cash and cash

equivalents during the financial year (17,252,831) 66,786,102 (24,651,635) 58,010,508

Cash and cash equivalents at

beginning of financial year 85,707,598 18,921,496 63,199,948 5,189,440

Cash and cash equivalents at

end of financial year 38 68,454,767 85,707,598 38,548,313 63,199,948

Cash Flow StatementsWorldwide Holdings Berhad

88

Summary Of Significant Accounting Policies for the financial year ended 31 December 2004

The following accounting policies have been used consistently in dealing with items which are considered material inrelation to the financial statements.

A BASIS OF PREPARATION

The financial statements of the Group and Company have been prepared under the historical cost convention exceptas disclosed in this summary of significant accounting policies.

The financial statements of the Group and Company comply with the Malaysian Accounting Standard Board (“MASB”)approved accounting standards in Malaysia and the provisions of the Companies Act, 1965. The new applicableapproved accounting standard adopted by the Group and Company in these financial statements is stated below.

Retrospective application• MASB Standard 32 “Property Development Activities”

Certain comparatives have been extended to conform with changes in presentation due to the requirements of theabove new accounting standard above.

The preparation of financial statements in conformity with the provisions of the Companies Act, 1965 and the MASBapproved accounting standards in Malaysia requires the use of estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financialstatements, and the reported amounts of revenues and expenses during the reported financial year. Although theseestimates are based on the Directors’ best knowledge of current events and actions, actual results may differ fromthose estimates.

B BASIS OF CONSOLIDATION

The consolidated financial statements include the financial statements of the Company and all its subsidiaries madeup to the end of the financial year. Subsidiaries are those companies in which the Group has power to exercisecontrol over the financial and operating policies so as to obtain benefits from their activities.

Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longerconsolidated from the date that control ceases. Subsidiaries are consolidated using the acquisition method ofaccounting.

Under the acquisition method of accounting, the results of subsidiaries acquired or disposed of during the financialyear are included from the date of acquisition up to the date of disposal. At the date of acquisition, the fair valuesof the subsidiaries’ net assets are determined and these values are reflected in the consolidated financial statements.The difference between the acquisition cost and the fair values of the subsidiaries’ net assets is reflected as goodwillor reserve on consolidation.

Intragroup transactions, balances and unrealised gains on transactions between group companies are eliminated;unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, adjustments are made tothe financial statements of subsidiaries to ensure consistency of accounting policies with those of the Group.

Worldwide Holdings BerhadSummary Of Significant Accounting Policies

89

Summary Of Significant Accounting Policies for the financial year ended 31 December 2004 (cont’d.)

C ASSOCIATES

Associates are companies in which the Group exercises significant influence. Significant influence is the power toparticipate in the financial and operating policy decisions of the associates but not control over those policies.Investments in associates are accounted for in the consolidated financial statements by the equity method ofaccounting.

Equity accounting involves recognising in the income statement the Group’s share of the results of associates for thefinancial year. The Group’s investments in associates are carried in the balance sheet at an amount that reflects itsshare of the net assets of the associates and includes goodwill on acquisition. Equity accounting is discontinuedwhen the carrying amount of the investment in an associate reaches zero, unless the Group has incurred obligationsor guaranteed obligations in respect of the associate.

Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’sinterest in the associates; unrealised losses are also eliminated unless the transaction provides evidence onimpairment of the asset transferred. Where necessary, in applying the equity method, adjustments are made to thefinancial statements of associates to ensure consistency of accounting policies with the Group.

D RESERVE AND GOODWILL ON CONSOLIDATION

In the consolidated balance sheet, the excess of the fair value of the identifiable net assets of the subsidiaries at thedate of acquisition over the purchase price is included as reserve arising on consolidation.

Goodwill arising on consolidation represents the excess of the purchase price over the fair value of the identifiablenet assets of the subsidiaries at the date of acquisition.

Goodwill on consolidation is written off to reserves in the financial year of acquisition. Reserve on soilidation is notamortised.

E INVESTMENTS

Investments in subsidiaries and associates are shown at cost. Where an indication of impairment exists, the carryingamount of the investment is assessed and written down immediately to its recoverable amount.

Investments in other non-current investments are shown at cost, and in the case of quoted bond, adjusted foramortisation of premium on an effective yield basis. Allowance for impairment in value is made where, in the opinionof the Directors, there is a decline other than temporary in the value of such investments. Where there has been adecline other than temporary in the value of an investment, such a decline is recognised as an expense in thefinancial year in which the decline is identified.

Short term investments (within current assets) are carried at the lower of cost and market value determined on anaggregate portfolio basis by category of investment. Market value is determined by quoted market prices or dealerquotes for a category of investment at the close of business on the balance sheet date. Increase/decrease in thecarrying amount of the short term investments are credited/charged to the income statement.

On disposal of an investment, the difference between net disposal proceeds and its carrying amount is charged orcredited to the income statement.

Summary Of Significant Accounting PoliciesWorldwide Holdings Berhad

90


F FOREIGN CURRENCY

Foreign currency transactions in Group companies are accounted for at exchange rates prevailing at the transactiondates. Foreign currency monetary assets and liabilities are translated at exchange rates prevailing at the balance sheetdate. Exchange differences arising from the settlement of foreign currency transactions and from the translation offoreign currency monetary assets and liabilities are included in the income statement.

The principal closing rate used in translation of foreign currency amounts is as follows:

Foreign currency 2004 2003RM RM

1 Australian Dollar 2.930 2.812

G PROPERTY, PLANT AND EQUIPMENT

Freehold land is not depreciated. All other property, plant and equipment are stated at cost or Directors valuation lessaccumulated depreciation and impairment losses.

Depreciation of property, plant and equipment other than freehold land is calculated so as to write off their cost orvaluation on a straight-line basis over the expected useful lives of the assets concerned. The annual rates are:

Long leasehold land Over the remaining leasehold periodHotel buildings 2%Office buildings 2% - 7%Plant and equipment 15% - 50%Waste treatment plant and infrastructure work 33.3% - 36%Renovation 5%Office equipment, furniture, fixtures and fittings 10% - 25%Motor vehicles 20%

Where an indication of impairment exists, the carrying amount of the assets is assessed and written downimmediately to its recoverable amount. The impairment loss is charged to the income statement unless it reverses aprevious revaluation in which case it is charged to revaluation surplus. Any subsequent increase in recoverableamount is recognised in the income statement unless it reverses an impairment loss on a revalued asset in whichcase it is taken to revaluation surplus.

Gains and losses on disposal are determined by comparing net proceeds with carrying amount and are included inthe income statement.

The Directors have applied the transitional provisions of International Accounting Standard No. 16 (Revised), “Property,Plant and Equipment” as adopted by MASB which allows certain freehold land and buildings to be stated at their1992 valuation less depreciation. Accordingly, this valuation has not been updated.

H TRADE RECEIVABLES

Trade receivables are carried at anticipated realisable value. Known bad debts are written off and specific allowanceis made for any considered to be doubtful of collection.


91


I INCOME TAXES

Current tax expense is determined according to the tax laws of each jurisdiction in which the Group operates andinclude all taxes based upon the taxable profits, including real property gains taxes payable on disposal of properties.

Deferred tax is recognised in full using the liability method, on temporary differences arising between the amountsattributed to assets and liabilities for tax purposes and their carrying amounts in the financial statements.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available againstthe deductible temporary differences or unused tax losses can be utilised.

Tax rates enacted or substantively enacted by the balance sheet date are used to determine deferred tax.

J ASSETS ACQUIRED UNDER HIRE-PURCHASE AGREEMENTS

Assets acquired under hire-purchase agreements are included in property, plant and equipment and the capitalelement of the hire-purchase obligations is shown as hire-purchase payables. The capital elements of the hire-purchase instalment are applied to reduce the outstanding obligations and the interest elements are charged to theincome statement so as to give a constant periodic rate of interest on the outstanding liabilities at the end of eachaccounting year. Assets acquired under hire-purchase are depreciated over the useful lives of equivalent ownedassets.

K INVENTORIES

Inventories are in respect of completed unsold units of properties and undeveloped land held for re-sale are valuedat the lower of cost and net realisable value.

Cost of completed unsold units of properties comprises cost of land and related development and construction costsor its purchase cost and incidental costs of acquisition.

Cost of undeveloped land held for re-sale comprises their proportionate purchase cost and incidental costs ofacquisition.

L PROPERTY DEVELOPMENT COSTS

Property development costs comprise costs associated with the acquisition of land and all costs directly attributableto development activities or that can be allocated on a reasonable basis to these activities.

Interest on bank borrowings directly related to the financing of property development is capitalised as part of the costof the related projects.

Income from development projects is recognised on the percentage of completion basis based on cost. Foreseeablelosses on contracts are provided for in full. Property development costs not recognised as an expenses is recognisedas an asset and is stated at the lower of cost and net realisable value.

Where revenue recognised in the income statement exceed billings to purchasers, the balance is shown as accruedbillings under other receivables, deposits and prepayments (within current assets). Where billings to purchases exceedrevenue recognised in the income statement, the balance is shown as progress billings under other payables andaccruals (within current liabilities).


92


M LAND HELD FOR PROPERTY DEVELOPMENT

Land held for property development is stated at cost and consist of land held for future development and its relatedcosts. Cost associated with the acquisition of land includes the purchase price of land, professional fees, stampduties, commissions, conversion fees and other relevant levies. When significant development work have beenundertaken and are expected to be completed within the normal operating cycle, the assets are classified as propertydevelopment costs under current assets.

Where an indication of impairment exists, the carrying amount of the asset is assessed and written down immediatelyto its recoverable amount.

Land held for property development including its related expenditure are transferred to property development costs(within current assets) when development activities have commenced and where the development activities can becompleted within Group’s normal operating cycle of 2 to 4 years.

Borrowings costs that are incurred to finance the acquisition of land held for property development activities arecapitalised as part of land cost and property development costs respectively. Capitalisation of borrowing costs ceasedwhen substantially all the development activities necessary to prepare that part of land for sale are completed.

N PROVISION FOR CLOSURE AND POST CLOSURE COSTS

Closure and post closure costs comprise anticipated costs to be incurred by the Group upon the filling up of thesanitary landfills. Provisions for closure and post closure costs are accrued for on a systematic basis over theexpected period taken to complete individual sanitary landfills.

O REVENUE RECOGNITION

(i) Revenue from property developmentRevenue from property development is recognised on the percentage of completion basis commencing whenthe development of the properties are certified to be 30 percent or more completed. All anticipated losses areprovided in full.

(ii) Revenue from sale of inventories is recognised upon the signing of the sale and purchase agreements.

(iii) Investment incomeDividend income from investment in subsidiaries and associates is accounted for in the Company’s incomestatement when the shareholders’ right to receive payment is established.

Dividends and interest from non-current investments are taken up as income when received. Interest incomefrom late payment by the property buyers will be recognised on a receipt basis. Rental and other interest incomeare accounted for on an accrual basis.

(iv) Income from management of environmental sanitary landfill and waste treatment services are recognised uponthe performance of services.


93


P DEFERRED EXPENDITURE

Deferred expenditure, which has future economic benefits, is stated at cost less amortisation. Deferred expenditurecomprise the following:

(i) Preliminary sanitary studies and sanitary landfillExpenditure incurred for preliminary sanitary studies is amortised on a straight-line basis over a maximum periodof 9 years upon commencement of operations.

Expenditure incurred on the sanitary landfill is amortised based on the utilisation of the landfill space.

(ii) Preliminary and pre-operating expenses Preliminary and pre-operating expenses incurred are written off during the financial year.

Q DIVIDENDS TO SHAREHOLDERS OF THE COMPANY

Dividends on ordinary shares are recognised as liabilities when proposed or declared before the balance sheet date.A dividend proposed or declared after the balance sheet date, but before the financial statements are authorised forissue, is not recognised as a liability at the balance sheet date. When the dividend become payable upon the approvalof members of the Company at the Annual General Meeting, it will be accounted for as a liability.

R CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash in hand, bank balances, demand deposits, bank overdraft and short term,highly liquid investments that are readily convertible to known amounts of cash and which are subject to aninsignificant risk of changes in value.

S FINANCIAL INSTRUMENTS

(i) Financial instruments recognised on the balance sheetFinancial instruments carried on the balance sheet include deposits with financial institutions, cash and bankbalances, receivables, investments, payables and borrowings.

The particular recognition method adopted for financial instruments recognised on the balance sheet is disclosedin the individual policy statement associated with each item.

(ii) Fair value estimation for disclosure purposeThe fair value of publicly traded securities is based on quoted market prices at the balance sheet date.

In assessing the fair value of non traded financial instruments, the Group uses a variety of methods and makesassumptions that are based on market conditions existing at each balance sheet date. Technique used includesestimated discounted value of future cash flows to determine fair value for the financial instruments.

The fair value of non current debts with fixed interest rates is derived from the estimated discounted value offuture cash flows at the prevailing market interest rates available to the Group for similar financial instruments.

The face values of financial assets and liabilities with a maturity of less than one year are assumed toapproximate their fair values.


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T EMPLOYEE BENEFITS

(i) Short term employee benefitsWages, salaries, paid annual leave and sick leave, bonuses and non-monetary benefits are accrued in thefinancial year in which the associated services are rendered by employees of the Group.

(ii) Post-employment benefitsThe Group has defined contribution plan under which the Group pays fixed contributions to the EmployeesProvident Fund (“fund”). The Group will have no legal or constructive obligations to pay further contributions ifthe fund does not hold sufficient assets to pay all employees benefits relating to employee service in the currentand prior years.

The Group’s contributions to the fund are charged to the income statement in the financial year to which theyrelate. Once the contributions have been paid, the Group has no further payment obligations.


95

Notes To The Financial Statements for the financial year ended 31 December 2004

1 GENERAL INFORMATION

The principal activities of the Company during the financial year are investing in properties, property development andinvestment holding. The principal activities of the subsidiaries are set out in Note 19 to the financial statements.

The number of employees at the end of the financial year in the Group and the Company was 106 (2003: 97) and73 (2003: 68) respectively.

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the MainBoard of the Bursa Malaysia Securities Berhad (formerly known as the Kuala Lumpur Stocks Exchange).

The address of the registered office and principal place of business of the Company is as follows:

111, Block CGlomac Business Centre10 Jalan SS 6/1Kelana Jaya47301 Petaling JayaSelangor Darul Ehsan

2 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s activities expose it to a variety of financial risks, including foreign currency exchange risk, interest raterisk, market risk, credit risk, liquidity and cash flow risk. The Group’s financial risk management objectives are toensure that there is sufficient level of liquidity and its ability to finance the Group’s operations, with a view ofminimising potential adverse effects on the financial performance of the Group and to create value for itsshareholders. Financial risk management is carried out through risk reviews, internal control systems, insuranceprogramme and adherence to Group financial risk management policies.

Foreign currency exchange riskThe Group’s overseas investment is long term and not subjected to foreign currency exchange rates fluctuations. Inaddition, the Group does not foresee any further remittance in the near future. Therefore, hedging of transactions wasnot required for the Group.

Interest rate riskThe Group’s income and operating cash flows are substantially independent of changes in market interest rates.Interest rate exposure arises from the Group’s borrowings and deposits. The risk is minimised through periodicalreview of the outstanding borrowings and maintaining it at a manageable level.

Liquidity and cash flow risksPrudent liquidity risk management implies maintaining sufficient cash and availability of funding through an adequateamount of committed credit facilities. The Group aims at maintaining flexibility in funding by keeping committed creditlines available. Excess funds are placed in deposits where the funds can be made available on short notice. Inaddition, regular review on the Group’s liquidity is done to ensure cash requirement is sufficient.

Notes To The Financial StatementsWorldwide Holdings Berhad

96

Notes To The Financial Statements for the financial year ended 31 December 2004 (cont’d.)

2 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.)

Credit riskCredit risk arises when sales are made on deferred credit terms. The Group seeks to invest cash assets safely andprofitably. It also seeks to control credit risk by ensuring that sales are made to customer with an appropriate credithistory. Furthermore, sales to customers are suspended when earlier amounts are overdue. The Group considers therisk of material loss in the event of non-performance to be unlikely.

Market riskFor key products, the Group establishes fixed price levels that the Group considers acceptable before entering intoan agreement with the selected contractors. Market risk also arises from the property market sentiment in the eventof non-performance of the property development activity.

3 SEGMENT REPORTING

The Group is organised into four main business segments:

• Property and investment holding - investment in properties and investment holding.

• Property development - develop and sale of residential and commercial properties.

• Waste treatment services - management of environmental sanitary landfill and waste treatment.

Other operations of the Group comprise mainly investments in quoted and unquoted shares both inside and outsideMalaysia and management fees.

Intersegment revenue comprise rental charged to waste treatment services segment.

(a) Business segments

Property and Wasteinvestment Property treatment

holding development services Others GroupRM RM RM RM RM

2004RevenueTotal revenue 1,702,593 88,078,134 34,654,447 0 124,435,174Intersegment revenue (21,600) 0 0 0 (21,600)

External sales 1,680,993 88,078,134 34,654,447 0 124,413,574

Worldwide Holdings BerhadNotes To The Financial Statements

97


3 SEGMENT REPORTING (CONT’D.)

(a) Business segments (cont’d.)



2004ResultsSegment result (external) 1,616,785 2,953,556 11,674,038 (490,554) 15,753,825

Profit from operations 15,753,825Finance cost (118,048)Share of results of

an associate 60,386,600

Profit from ordinary activities before tax 76,022,377

Tax expense (21,695,234)

Profit from ordinary activities after tax 54,327,143

Minority interests (1,695,843)

Net profit for thefinancial year 52,631,300

Other informationSegment assets 110,082,982 337,606,819 32,768,748 3,044,047 483,502,596Associates 271,516,047

Total assets 755,018,643

Segment liabilities 29,323 35,450,100 19,981,770 6,903,654 62,364,847

Capital expenditure 0 188,905 547,606 0 736,511Depreciation and

amortisation 51,866 349,932 6,322,617 6,034 6,730,449


98






2003RevenueTotal revenue 1,561,191 51,126,681 28,420,028 0 81,107,900Intersegment revenue (21,600) 0 0 0 (21,600)

External sales 1,539,591 51,126,681 28,420,028 0 81,086,300

ResultsSegment result (external) 15,338,129 1,297,581 8,305,832 (1,818,132) 23,123,410

Profit from operations 23,123,410Finance cost (273,429)Share of results of

an associate 56,343,171

Profit from ordinary activities before tax 79,193,152

Tax expense (17,942,100)

Profit from ordinary activities after tax 61,251,052

Minority interests (1,937,112)

Net profit for the financial year 59,313,940

Other informationSegment assets 123,418,643 302,101,485 35,037,208 9,458,067 470,015,403Associates 244,205,947

Total assets 714,221,350

Segment liabilities 1,546,428 39,697,120 24,897,281 8,514,806 74,655,635

Capital expenditure 13,659 90,543 5,736,150 0 5,840,352Depreciation and amortisation 182,905 234,495 8,462,740 47,964 8,928,104


99




Segment assets consist primarily of property, plant and equipment, investment, land held for propertydevelopment, current assets, deferred expenditure and exclude investment in associates. Segment liabilitiescomprise current liabilities, non-current liabilities and minority interests.

Capital expenditure, depreciation and amortisation comprise additions, depreciation and amortisation of property,plant and equipment (Note 18) and deferred expenditure (Note 36) respectively.

(b) Geographical segments

The Group’s business segments are managed in two main geographical areas:

• Malaysia* - mainly property and investment holdings, property development, waste treatment services

• Australia - entertainment and property development

* Company’s home country

Revenue Total assets Capital expenditure2004 2003 2004 2003 2004 2003

RM RM RM RM RM RM

Malaysia 123,145,647 79,869,435 432,101,941 420,015,170 736,511 5,840,352

Australia 1,267,927 1,216,865 51,400,655 50,000,233 0 0

124,413,574 81,086,300 483,502,596 470,015,403 736,511 5,840,352

Associate 271,516,047 244,205,947

Total assets 755,018,643 714,221,350

In determining the geographical segments of the Group, revenue is classified based on the location of thecustomers. There is no revenue between geographical segments. Total assets and capital expenditure aredetermined based on location of the assets.


100


4 REVENUE

Group Company

2004 2003 2004 2003

RM RM RM RM

Sale of development properties 88,078,134 51,126,681 88,078,134 51,126,681Waste treatment services 34,654,447 28,420,028 0 0Dividend income (gross) 1,378,160 1,245,065 24,732,455 95,372,644Rental income 302,833 294,526 285,673 279,420

124,413,574 81,086,300 113,096,262 146,778,745

5 COST OF SALES

Group Company

2004 2003 2004 2003

RM RM RM RM

Cost of development properties 74,301,686 43,894,158 74,301,686 44,392,244Cost of waste treatment services 17,847,304 18,520,050 0 0

92,148,990 62,414,208 74,301,686 44,392,244

6 PROFIT FROM OPERATIONS

Group Company

2004 2003 2004 2003

RM RM RM RM

Profit from operations is stated after charging/(crediting):

Auditors’ remuneration:- statutory audit 120,000 113,500 65,000 65,000- non-statutory 5,000 10,000 0 0

125,000 123,500 65,000 65,000Depreciation:- current 2,553,992 2,657,138 347,275 334,100- overcharge in prior year (Note 18) 0 (1,081) 0 0

2,553,992 2,656,057 347,275 334,100


101


6. PROFIT FROM OPERATIONS (CONT’D.)

Group Company2004 2003 2004 2003

RM RM RM RM

Property, plant and equipment written off 7,557 10,999 0 10,000Impairment loss on property, plant and equipment 0 998,352 0 0Hire of plant and machinery 2,372,636 2,629,226 0 0Amortisation of deferred expenditure 4,176,457 6,272,047 0 0Environmental assessment expenses 1,839,051 586,984 0 0Provision for closure and post closure costs 4,340,786 3,059,963 0 0Property maintenance charges 3,284,598 91,296 0 0Inventories written off 0 502,039 0 0Allowance for doubtful debts:

- amount due from subsidiaries 0 0 116,908 0- others 1,065,594 0 1,065,594 0

1,065,594 0 1,182,502 0Bad debts written off 3,464 64,705 0 0Impairment in value of:- investment in subsidiaries 0 0 299,248 29,066- other investments 293,587 0 293,587 0

293,587 0 592,835 29,066Amortisation of premium of bonds 43,523 19,006 43,523 19,006Write down in value of inventories 0 3,760,000 0 698,780Staff costs:- wages, salaries and bonus 4,884,938 5,045,841 3,857,841 3,447,016- social contribution cost 29,610 15,971 22,313 15,811- defined contribution plan 548,441 339,956 433,939 330,116

5,462,989 5,401,768 4,314,093 3,792,943Gross dividend income from:- unquoted subsidiary 0 0 (2,400,000) (900,000)- quoted shares in Malaysia (110,233) (28,200) (110,233) (28,200)- unquoted investment (1,267,927) (1,216,865) (22,222,222) (94,444,444)

(1,378,160) (1,245,065) (24,732,455) (95,372,644)Interest income:- on fixed deposits, repo and bond (2,408,190) (1,344,269) (1,593,215) (831,151)- on late payments (871,138) (803,585) (871,138) (803,585)

(3,279,328) (2,147,854) (2,464,353) (1,634,736)Rental income (548,883) (294,526) (285,673) (279,420)Gain on disposal of property, plant and equipment (207,897) (17,468,315) (99) (124)Unrealised gain on foreign exchange (164,256) (665,579) 0 0Development costs written off 119,130 0 0 0Write back of provision made for development

of land 0 (200,000) 0 0


102


7 DIRECTORS’ REMUNERATION

The aggregate amount of remunerations received and receivable by the Directors of the Company during the financialyear was as follows:

Group Company

2004 2003 2004 2003

RM RM RM RM

Non-executive Directors:- fees: - current 495,000 379,000 285,000 291,000

-underprovision of prior years 27,420 0 27,420 0- other emoluments 120,500 89,200 111,500 83,600Executive Director:- fees 70,000 59,000 30,000 24,000- salaries and bonus 373,868 339,840 373,868 339,840- defined contribution plan 53,664 45,568 53,664 45,568- other emoluments 54,453 50,500 49,453 47,900- estimated money value of

benefits-in-kind 0 9,900 0 9,900

1,194,905 973,008 930,905 841,808

The Executive Director of the Company has been granted share options under the Employees Share Option Schemeon the same terms and conditions as those offered to other employees of the Group (as stated in Note 12(b) to thefinancial statements) as follows:

Number of shares

Exercise At AtGrant date Expiry date price 1 January Granted Exercised Lapsed 31 December

RM/share

Financial year ended31 December 2004

27 July 2001 27 July 2006 1.35 600,000 0 0 0 600,000

Financial year ended31 December 2003

27 July 2001 27 July 2006 1.35 600,000 0 0 0 600,000

The Executive Director has not exercised the share options since the date the share options was granted.


103


8 FINANCE COST

Group Company

2004 2003 2004 2003

RM RM RM RM

Interest expense on:

Borrowings 51,686 167,224 51,686 167,224Hire purchase 66,362 62,432 18,312 15,495Others 0 43,773 0 0

118,048 273,429 69,998 182,719

9 TAX EXPENSE

Group Company

2004 2003 2004 2003

RM RM RM RM

Company and subsidiariesMalaysian income tax:- current 5,610,489 2,581,359 8,046,459 26,630,803- under/(over) accruals in prior years (net) 381,964 (462,850) 388,673 (546,644)Real property gains tax (9,118) 639,016 (9,118) 0

Deferred tax (Note 40):- (origination)/reversal of net deductible

temporary differences (1,364,501) (297,699) (1,033,484) 107,956

4,618,834 2,459,826 7,392,530 26,192,115

An associateMalaysian income tax - current 18,757,000 19,787,920 0 0Under accruals in prior years (net) 21,600 0 0 0Deferred tax (1,702,200) (4,305,646) 0 0

17,076,400 15,482,274 0 0

21,695,234 17,942,100 7,392,530 26,192,115


104


9 TAX EXPENSE (CONT’D.)

The explanation of the relationship between tax expense and loss from ordinary activities before taxation is as follows:

Group Company

2004 2003 2004 2003

RM RM RM RM

Profit from ordinary activities before tax 76,022,378 79,193,152 30,271,001 95,456,897

Tax calculated at the statutory rate of 28%(2003: 28%) 21,286,266 22,174,083 8,475,880 26,727,931

Tax effects of:- expenses not deductible for tax purposes 489,676 747,164 206,160 262,828- current year’s tax loss not recognised 937,813 241,071 0 0- income not subject to tax (407,697) (5,413,137) (678,686) (252,000)- reinvestment allowance utilised 0 (444,495) 0 0Deferred tax benefit on temporary differences

(recognised)/not recognised (990,379) 1,052,800 (990,379) 0Real property gains tax (9,118) 639,016 (9,118) 0Under/(over) accruals in prior years (net) 388,673 (1,054,402) 388,673 (546,644)

21,695,234 17,942,100 7,392,530 26,192,115

10 EARNINGS PER SHARE

Basic earnings per share of the Group is calculated by dividing the net profit for the financial year by the weightedaverage number of ordinary shares of RM1 each in issue during the financial year.

2004 2003

Net profit for the financial year (RM) 52,631,300 59,313,940Weighted average number of ordinary shares in issue 170,491,988 168,139,238Basic earnings per share (sen) 30.87 35.28

For the diluted earnings per share calculation, the weighted average number of ordinary shares in issue is adjustedto assume full conversion of all dilutive potential ordinary shares. The Group’s dilutive potential ordinary shares consistof share options granted to employees.


105


10 EARNINGS PER SHARE (CONT’D.)

In respect of share options granted to employees, a calculation is done to determine the number of shares that couldhave been acquired at fair value (determined at the average share price of the Company’s shares) based on themonetary value of the subscription rights attached to outstanding share options. The number of shares calculated iscompared with the number of shares that would have been issued assuming the exercise of the share options. Thedifference is added to the denominator as an issue of ordinary shares for no consideration. This calculation servesto determine the ‘bonus’ element in the ordinary shares outstanding for the purpose of computing the dilution. Noadjustment is made to net profit for the year for the share options calculation.

2004 2003

Net profit for the financial year (RM) 52,631,300 59,313,940

Weighted average number of ordinary shares in issue 170,491,988 168,139,238Adjustment for:- Share option 1,079,107 1,132,285

Weighted average number of ordinary shares for diluted earnings per share 171,571,095 169,271,523

Diluted earnings per share (sen) 30.68 35.04

11 DIVIDENDS

Dividends declared or proposed in respect of ordinary shares the financial year ended 31 December 2004 are as follows:

Group and Company2004 2003

Gross Amount Gross Amountdividend of dividend of

per share dividend per share dividend

Sen RM Sen RMInterim dividends- net of 28% tax 4 4,921,298 0 0

Final dividends- tax exempt 0 0 5 8,525,070- net of 28% tax 6 7,381,947 0 0

6 7,381,947 5 8,525,070

10 12,303,245 5 8,525,070

At the forthcoming Annual General Meeting, a final gross dividend in respect of the financial year ended 31 December2004 of 6 sen per share, less income tax of 28% (2003: final tax exempt dividend of 5 sen per share) amounting toRM7,381,947 (2003: RM8,525,070) will be proposed for shareholders’ approval. These financial statements do not reflectthis final dividend which will be accounted for in the year ending 31 December 2005 when approved by shareholders.


106


12 SHARE CAPITAL


RM RM

Ordinary shares of RM1.00 each:Authorised 400,000,000 400,000,000

Issued and fully paidAt 1 January 170,159,405 166,502,405Issued during the financial year 719,000 3,657,000

At 31 December 170,878,405 170,159,405

During the financial year, 719,000 new ordinary shares of RM1 each were issued by the Company for cashconsideration by virtue of the exercise of options pursuant to the Company’s Employee Share Option Scheme atexercise prices ranging from 1.35 to 2.02 per share.

The new ordinary shares issued during the financial year rank pari passu in all respects with the existing issued ordinaryshares of the Company except that the 377,000 new ordinary shares which were issued after the close of businesson 1 July 2004, did not rank for final dividend declared in respect of the financial year ended 31 December 2003.

(a) Detachable warrantsThe Company’s 79,877,253 (2003: 79,877,253) unexercised detachable warrants expired during the financial year.

(b) Employee share option schemeThe Company implemented a revised Employee Share Option Scheme (“ESOS”) on 27 July 2001. The ESOS isgoverned by the by-laws which were approved by the shareholders at an Extraordinary General Meeting heldon 28 June 2001.

The main features of the ESOS are as follows:

(a) The maximum number of new shares in the Company which may be issued and allotted pursuant to theexercise of options granted under the ESOS shall not exceed 10% of the issued and paid-up share capitalof the Company at any one point of time during the existence of the ESOS;

(b) To be eligible for participation in the Scheme, a person must satisfy the following conditions:(i) be of at least eighteen (18) years of age on the Date of Offer; and(ii) be an employee who had served the Group for a period of at least one (1) year and had been

confirmed in service on the Date of Offer Provided Always That in the case of a non-Malaysian citizenserving under a fixed term employment contract, the period of the contract should be at least three(3) years; and

(iii) be employed within the categories of Eligible Employee as outlined in By-Law 5.(iv) an executive director of the Company shall only be eligible to participate in the Scheme if he is

holding a full time executive position and specific allotment to be made to the executive director hasbeen approved by the Company in the general meeting.


107


12 SHARE CAPITAL (CONT’D.)

(b) Employee share option scheme (cont’d.)

(c) The price at which the Grantee is entitled to subscribe for shares under the option shall be the higher of:(i) the weighted average market price of the shares for the five (5) market days immediately preceding

the Date of Offer, subject to a discount of not more than ten percent (10%) which the Company mayat its discretion decide to give; or

(ii) the par value of the shares.

(d) The basis on which the options may be exercised by virtue of By-Law 9.3 of the ESOS is as follows:

Number of options granted andunexercised as at 31 December 2004 Percentage of options exercisable

2005 2006 2007

% % %

172,000 100 0 0873,000 100 0 02,978,000 60 20 20

4,023,000

(e) The persons to whom the options have been granted have no right to participate, by virtue of the options,in any share issue of any other company.

(f) The options granted may be exercised at any time before the expiry of the ESOS on 26 July 2006;

(g) The options granted may be exercised in full or in any lesser number of ordinary shares provided that thenumber shall be in multiples of 1,000 shares.


108




Set out below are details of options over the ordinary shares of the Company granted under the ESOS:

Number of shares

Grant Expiry Exercise At Atdate date price 1 January Granted Exercised Lapsed 31 December

RM/share

Financial year ended31 December 200427 July 2001 27 July 2006 1.35 3,535,000 0 (647,000) (21,000) 2,867,00027 July 2003 27 July 2006 1.45 247,000 0 (21,000) (38,000) 188,00027 July 2003 27 July 2006 2.02 647,000 0 (11,000) (55,000) 581,00027 July 2004 27 July 2006 1.69 0 427,000 (40,000) 0 387,000

4,429,000 427,000 (719,000) (114,000) 4,023,000

Financial year ended31 December 200327 July 2001 27 July 2006 1.35 6,637,000 0 (3,102,000) 0 3,535,00027 July 2003 27 July 2006 1.45 797,000 0 (550,000) 0 247,00027 July 2003 27 July 2006 2.02 0 652,000 (5,000) 0 647,000

7,434,000 652,000 (3,657,000) 0 4,429,000

Number of shares

2004 2003

Number of share options vested at balance sheet date 0 440,000


109




Details relating to options exercised during the financial year are as follows:

Fair value of shares Number of shares issuedExercise date at share issue date Exercise price

2004 2003 2004 2003 2004 2003RM/share RM/share RM/share RM/share

January 2.20 - 2.35 1.49 - 1.73 1.35 1.35 - 1.45 67,000 18,000February 2.19 - 2.40 1.46 - 1.58 1.35 - 2.02 1.35 - 1.45 11,000 168,000March 2.20 - 2.40 1.49 - 1.58 1.35 – 2.02 1.35 - 1.45 22,000 16,000April 2.05 - 2.24 1.49 - 1.58 1.45 – 2.02 1.35 - 1.45 4,000 4,000May 1.82 - 2.08 1.51 - 1.77 1.35 – 12,000 0June 1.86 - 1.96 1.72 - 2.15 1.35 1.35 - 1.45 226,000 415,000July 1.82 - 1.93 2.10 - 2.38 – 1.35 - 1.45 0 1,301,000August 1.70 - 1.88 2.14 - 2.30 – 1.35 - 1.45 0 657,000September 1.76 - 2.14 2.20 - 2.30 1.35 - 1.69 1.35 - 1.45 214,000 433,000October 2.00 - 2.19 2.19 - 2.52 1.35 - 1.69 1.35 - 1.45 44,000 426,000November 1.99 - 2.14 2.23 - 2.47 1.35 1.35 - 1.45 25,000 157,000December 1.95 - 2.10 2.26 - 2.50 1.35 - 1.69 1.35 - 2.02 94,000 62,000

719,000 3,657,000

2004 2003RM RM

Ordinary share capital - at par 719,000 3,657,000Share premium 274,720 1,331,325

Proceeds received on exercise of share options 993,720 4,988,325

Fair value at exercise date of shares issued 1,443,365 7,984,835

The fair value of shares issued on the exercise of options is the mean market price at which the Company’sshares were traded on the Bursa Malaysia (formerly known as the Kuala Lumpur Stocks Exchange) on the dayprior to the exercise of the options.


110


13 RETAINED EARNINGS

Subject to the agreement with the Inland Revenue Board:

(a) The Company has sufficient tax credits under Section 108(6) of the Income Tax Act, 1967 to frank all of theretained earnings at 31 December 2004 if paid out as dividends without incurring additional tax liabilities.

(b) In addition, the Company has a tax exempt account balance of approximately RM5,200,000, which is availablefor distribution of tax exempt dividends.

14 SHARE PREMIUM


RM RM

Ordinary shares

At 1 January 90,328,364 88,997,039Exercise of share options - ESOS (Note 12) 274,720 1,331,325

At 31 December 90,603,084 90,328,364

15 PROVISION FOR CLOSURE AND POST CLOSURE COSTS

Group2004 2003

RM RM

At 1 January 12,082,012 9,159,099

Provision for the financial year 4,340,786 3,059,963Utilisation during the financial year (13,984) (137,050)Transferred from other payables 800,000 0

At 31 December 17,208,814 12,082,012


111


16 BORROWINGS (INTEREST BEARING)


RM RM

CurrentTerm loan (secured) (Note 34) 243,000 243,000

Non-currentTerm loan (secured) 279,580 739,985

TotalTerm loan (secured) 522,580 982,985

Term loan is secured by way of first legal charge over the office buildings of the Company as stated in Note 18 tothe financial statement and is repayable by equal monthly instalments. The interest rate charged for the end of thefinancial year on the term loan was 7.25% (2003: 7.25%) per annum.

There is no currency exposure profile as all borrowings are denominated in Ringgit Malaysia.


% %

Weighted average effective interest rates:Term loan 7.25 7.25


RM RM

Borrowings maturityLess than one year 243,000 243,000Later than one year and not later than two years 279,580 486,000Later than two years and not later than five years 0 253,985

522,580 982,985

Estimated fair valuesThe carrying amounts of the current borrowings at the balance sheet date approximated their fair values. The fairvalue of non-current borrowings at balance sheet date of the Group and Company are as follows:

2004 2003Carrying Carryingamount Fair value amount Fair value

RM RM RM RM

Term loan 279,580 261,290 739,985 733,007


112


17 HIRE PURCHASE PAYABLES

Group Company

2004 2003 2004 2003

RM RM RM RM

Hire purchase payables 791,257 1,133,512 105,297 193,176Less: Interest in suspense (151,381) (245,717) (22,186) (68,472)

639,876 887,795 83,111 124,704

Repayments due:- not later than 1 year 270,538 270,538 64,212 64,212- later than 1 year and not later than 2 years 225,225 266,818 18,899 60,492- later than 2 years and not later than 5 years 144,113 350,439 0 0

639,876 887,795 83,111 124,704

Current (Note 34) 270,538 270,538 64,212 64,212Non-current 369,338 617,257 18,899 60,492

639,876 887,795 83,111 124,704

Fair value of non-current portion of the hire purchase payables is as follows:

Group Company

2004 2003 2004 2003

RM RM RM RM

Non-current 345,175 611,522 17,663 59,359


113


18 PROPERTY, PLANT AND EQUIPMENT

Group

The details of property, plant and equipment are as follows:

Waste Office Crockery,treatment equipment glassware,

Land and Plant plant and furniture, culterybuildings and infrastructure fixtures linen and Motorat cost/ equipment work and fittings unifrom vehicles

valuation at cost at cost at cost at cost at cost TotalRM RM RM RM RM RM RM

2004

Cost or valuationAt 1 January 8,857,679 3,162,747 6,230,688 2,778,728 0 2,341,226 23,371,068Additions 69,634 88,450 13,950 142,450 0 0 314,484Disposals 0 (850,000) 0 (14,275) 0 0 (864,275)Written-off 0 (18,150) (4,400) (95,001) 0 0 (117,551)

At 31 December 8,927,313 2,383,047 6,240,238 2,811,902 0 2,341,226 22,703,726

Accumulated depreciationAt 1 January 1,445,170 2,297,522 4,643,216 2,240,788 0 1,903,890 12,530,586Charge for the

financial year 271,213 393,935 1,505,483 224,122 0 159,239 2,553,992Disposals 0 (849,999) 0 (10,664) 0 (2,634) (863,297)Written-off 0 (16,028) (3,300) (90,666) 0 0 (109,994)

At 31 December 1,716,383 1,825,430 6,145,399 2,363,580 0 2,060,495 14,111,287

Accumulated impairmentlosses

At 1 January/31 December 998,352 0 0 0 0 0 998,352

Net book value- cost 4,938,053 557,617 94,839 448,322 0 280,731 6,319,562- valuation 1,274,525 0 0 0 0 0 1,274,525

At 31 December 6,212,578 557,167 94,839 448,322 0 280,731 7,594,087


114


18 PROPERTY, PLANT AND EQUIPMENT (CONT’D.)

Group

The details of property, plant and equipment are as follows:

Waste Office Crockery,treatment equipment glassware,

Land and Plant plant and furniture, culterybuildings and infrastructure fixtures linen and Motorat cost/ equipment work and fittings unifrom vehicles

valuation at cost at cost at cost at cost at cost TotalRM RM RM RM RM RM RM

2003

Cost or valuationAt 1 January 53,967,105 4,663,794 5,963,366 6,007,182 448,115 2,245,155 73,294,717Additions 13,659 19,850 269,776 126,459 0 141,324 571,068Disposals (45,123,085) (1,520,897) 0 (3,343,914) (448,115) (45,253) (50,481,264)Adjustment* 0 0 (2,454) 0 0 0 (2,454)Written-off 0 0 0 (10,999) 0 0 (10,999)

At 31 December 8,857,679 3,162,747 6,230,688 2,778,728 0 2,341,226 23,371,068

Accumulated depreciationAt 1 January 10,348,634 3,367,730 3,144,501 5,370,339 0 1,794,462 24,025,666Charge for the

financial year 337,618 450,688 1,499,796 214,355 0 154,681 2,657,138Disposals (9,241,082) (1,520,896) 0 (3,343,906) 0 (45,253) (14,151,137)Adjustment* 0 0 (1,081) 0 0 0 (1,081)

At 31 December 1,445,170 2,297,522 4,643,216 2,240,788 0 1,903,890 12,530,586

Accumulated impairmentlosses

Charge for the financial year 998,352 0 0 0 0 0 998,352

Net book value- cost 5,113,507 865,225 1,587,472 537,940 0 437,336 8,541,480- valuation 1,300,650 0 0 0 0 0 1,300,650

At 31 December 6,414,157 865,225 1,587,472 537,940 0 437,336 9,842,130


115



The Group’s land and buildings comprise:

LongFreehold Hotel Office leasehold Leasehold Leasehold

land buildings buildings land buildings apartments Renovationat valuation at valuation at cost at cost at cost at cost at cost Total

RM RM RM RM RM RM RM RM

2004

Cost or valuationAt 1 January 0 0 4,733,915 597,376 2,769,277 655,300 101,811 8,857,679Additions 0 0 0 0 0 0 69,634 69,634

At 31 December 0 0 4,733,915 597,376 2,769,277 655,300 171,445 8,927,313

Accumulated depreciation

At 1 January 0 0 594,669 90,509 347,574 379,977 32,441 1,445,170Charge for the

financial year 0 0 94,678 6,034 148,824 13,106 8,571 271,213

At 31 December 0 0 689,347 96,543 496,398 393,083 41,012 1,716,383

Accumulatedimpairment losses

At 1 January/31 December 0 0 0 0 998,352 0 0 998,352

Net book value31 December 0 0 4,044,568 500,833 1,274,527 262,217 130,433 6,212,578


116



The Group’s land and buildings comprise:

LongFreehold Hotel Office leasehold Leasehold Leasehold

land buildings buildings land buildings apartments Renovationat valuation at valuation at cost at cost at cost at cost at cost Total

RM RM RM RM RM RM RM RM

2003

Cost or valuationAt 1 January 24,108,988 21,014,097 4,733,915 597,376 2,769,277 655,300 88,152 53,967,105Additions 0 0 0 0 0 0 13,659 13,659Disposal (24,108,988) (21,014,097) 0 0 0 0 0 (45,123,085)

At 31 December 0 0 4,733,915 597,376 2,769,277 655,300 101,811 8,857,679

Accumulated depreciation

At 1 January 0 9,171,035 499,990 84,476 198,747 366,871 27,515 10,348,634Charge for the

financial year 0 70,047 94,679 6,033 148,827 13,106 4,926 337,618Disposals 0 (9,241,082) 0 0 0 0 0 (9,241,082)

At 31 December 0 0 594,669 90,509 347,574 379,977 32,441 1,445,170

Accumulatedimpairment losses

Charge for thefinancial year 0 0 0 0 998,352 0 0 998,352

Net book value31 December 0 0 4,139,246 506,867 1,423,351 275,323 69,370 6,414,157


117



Company

Officeequipment,

furniture,Office fixtures and Motor

buildings Renovation fittings vehicles TotalRM RM RM RM RM

2004

CostAt 1 January 4,733,915 101,811 2,243,955 1,858,997 8,938,678Additions 0 69,634 112,821 0 182,455Disposals 0 0 (5,665) 0 (5,665)

At 31 December 4,733,915 171,445 2,351,111 1,858,997 9,115,468

Accumulated depreciationAt 1 January 594,669 32,441 1,884,758 1,651,246 4,163,114Charge for the financial year 94,678 8,571 152,292 91,734 347,275Disposals 0 0 (5,664) 0 (5,664)

At 31 December 689,347 41,012 2,031,386 1,742,980 4,504,725

Net book valueAt 31 December 4,044,568 130,433 319,725 116,017 4,610,743

2003

CostAt 1 January 4,733,915 88,152 2,197,082 1,854,987 8,874,136Additions 0 13,659 86,533 4,010 104,202Disposals 0 0 (29,660) 0 (29,660)Written-off 0 0 (10,000) 0 (10,000)

At 31 December 4,733,915 101,811 2,243,955 1,858,997 8,938,678


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CompanyOffice

equipment,furniture,

Office fixtures Motorbuildings Renovation and fittings vehicles Total

RM RM RM RM RM

2003

Accumulated depreciationAt 1 January 499,990 27,515 1,771,288 1,559,875 3,858,668Charge for the financial year 94,679 4,926 143,124 91,371 334,100Disposals 0 0 (29,654) 0 (29,654)

At 31 December 594,669 32,441 1,884,758 1,651,246 4,163,114

Net book valueAt 31 December 4,139,246 69,370 359,197 207,751 4,775,564

* Adjustment is in respect of discount allowed by the suppliers for defects during the financial year for certainproperty, plant and equipment which was acquired in 2002.

Title deedsThe title deeds to the freehold office buildings of the Company are in the process of being issued by the relevantauthorities.

Assets acquired under hire-purchase agreementsIncluded in the net book value of the assets of the Group and Company are assets acquired under hire-purchaseagreements as follows:

Group Company2004 2003 2004 2003

RM RM RM RM

At net book value:Motor vehicles 263,424 396,930 113,257 191,349Plant and equipment 462,000 646,800 0 0

725,424 1,043,730 113,257 191,349

Asset pledged as security for term loanGroup and Company2004 2003

RM RM

Net book value of asset pledged as security for term loan (Note 16)Office buildings 4,044,568 4,139,246


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19 SUBSIDIARIES

Company2004 2003

RM RM

Unquoted shares, at cost 49,685,851 49,685,851

Accumulated impairment losses (1,141,131) (841,883)

48,544,720 48,843,968

The subsidiaries are:

Name of company Country of Group’s effective incorporation interest Principal activities

% %2004 2003

Worldwide Glomac DevelopmentSdn Bhd Malaysia 51 51 Property development

Tanjung Rezeki Sdn Bhd Malaysia 51 51 Investment holding

Kelang Assets Sdn Bhd Malaysia 51 51 Property development

Deltaworks Sdn Bhd * Malaysia 51 51 Dormant

Central Holdings Berhad Malaysia 100 100 Property management

Worldwide Landfills Sdn Bhd Malaysia 60 60 Waste treatment services

Perangsang Emperee Wood IndustriesSdn Bhd Malaysia 61 61 Dormant

Worldwide Land Development Sdn Bhd Malaysia 100 100 Dormant

Symor Worldwide Sdn Bhd Malaysia 100 100 General trading

Emerald Crest Sdn Bhd Malaysia 100 100 Investment holding

Worldwide Property Management Sdn Bhd Malaysia 100 100 Dormant

Aspirasi Anggun Sdn Bhd Malaysia 100 100 Dormant

IMT Teleport Sdn Bhd Malaysia 100 100 Dormant

Panorama Worldwide Sdn Bhd# Malaysia 60 0 Dormant

* Audited by another firm of auditors.

# On 15 September 2004, the Group paid RM2 in cash to subscribe for 100% equity interest in Panaroma WorldwideSdn Bhd. The Company has yet to commence operations.


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20 ASSOCIATES

2004 2003RM RM

Group

Non-current assetsShare of net asests other than goodwill of associates 263,038,623 235,728,423Goodwill on acquisition 8,477,424 8,477,424

271,516,047 244,205,847

Company

Non-current assetsUnquoted shares, at cost 16,160,028 16,160,028Accumulated impairment losses (5,057,950) (5,057,950)

11,102,078 11,102,078

Amount receivable from an associate has been fully provided for as stated in Note 29 to the financial statements.

The associates are:

Name of company Group’s effective interest Principal activities Financial year2004 2003

Genting Sanyen Power Sdn Bhd 20 20 Power generation 31 December

World Infonexus Sdn Bhd 40 40 Television news production 31 December

Beruntung Transport City Sdn Bhd 20 20 Property development 31 January

Eastern Glory Enterprise Ltd. 40 40 Investment holding 31 December


121


21 INVESTMENTS

Group 2004 2003Market Market

Note Cost value Cost valueRM RM RM RM

QuotedAt costIn Malaysia:Shares in corporations 1,504,081 1,198,780 1,396,243 1,376,520Accumulated impairment losses (389,407) 0 (95,820) 0

1,114,674 1,198,780 1,300,423 1,376,520

Bonds in corporations (a) 7,163,770 7,673,636 2,079,794 2,221,022

Unit trust in corporations (b) 14,717,456 2,104,165Accumulated impairment losses (154) (154)

14,717,302 14,737,639 2,104,011 2,123,231

UnquotedAt costIn Malaysia:Shares in a corporation 2,000,000 2,000,000Accumulated impairment losses (2,000,000) (2,000,000)

0 0

Golf membership 25,000 32,000 25,000 32,000

Unquoted sharesAt costOutside Malaysia (c) 46,054,170 46,054,170

69,074,916 51,563,398

Company 2004 2003Market Market


QuotedAt costIn Malaysia:Shares in corporations 1,504,081 1,198,780 1,396,243 1,376,520Accumulated impairment losses (389,407) 0 (95,820) 0

1,114,674 1,198,780 1,300,423 1,376,520


122


21 INVESTMENTS (CONT’D.)

Company (cont’d.) 2004 2003Market Market


Bonds in a corporation (a) 7,163,770 7,673,636 2,079,794 2,221,022

Unit trust in corporations 6,577,142 100,000Accumulated impairment losses (154) (154)

6,576,988 6,597,325 99,846 119,066

UnquotedAt costIn Malaysia:Shares in a corporation 2,000,000 2,000,000Accumulated impairment losses (2,000,000) (2,000,000)

0 0

Golf membership 25,000 32,000 25,000 32,000

14,880,432 3,505,063

(a) Bonds in a corporation is in respect of quoted Negotiable Subordinated Certificates of Deposits of a financialinstitution.


RM RM

Quoted bonds 7,226,299 2,098,800Accumulated amortisation of premium (62,529) (19,006)

7,163,770 2,079,794

(b) Included in unit trust in corporations is an investment in a unit trust fund of RM13,196,119 (2003: RM2,004,165)with a financial institution. The unit trust has buying and selling rate fixed at RM1.00 for each unit by thefinancial institution. Therefore, no fluctuation in the market price.

(c) The investment in unquoted shares of the Group outside Malaysia is in respect of the investment ofRM46,054,170 (2003: RM46,054,170), 2% Cumulative Redeemable Preference Shares of AUD1 each in EstoniaEnterprise Limited.

Estonia Enterprise Limited is the wholly owned subsidiary of Eastern Glory Enterprise Limited which in turn isthe associate of Emerald Crest Sdn Bhd which owned 40% of its equity. Emerald Crest Sdn Bhd is the whollyowned subsidiary of Worldwide Holdings Berhad. Eastern Glory Enterprise Limited and Estonia EnterpriseLimited are both incorporated under the laws of British Virgin Islands.


123


21 INVESTMENTS (CONT’D.)

Estimated fair values

The estimated fair values of the investments were as follows:

Group 2004 2003Carrying Carryingamount Fair value amount Fair value

RM RM RM RM

Investments:- Quoted shares, in Malaysia 1,114,674 1,198,780 1,300,423 1,376,520- Quoted bonds, in Malaysia 7,163,770 7,673,636 2,079,794 2,221,022- Quoted unit trust, in Malaysia 14,717,302 14,737,639 2,104,011 2,123,231- Unquoted shares 46,054,170 46,054,170 46,054,170 46,054,170- Golf membership 25,000 32,000 25,000 32,000

69,074,916 69,696,225 51,563,398 51,806,943

Company

Investments:- Quoted shares, in Malaysia 1,114,674 1,198,780 1,300,423 1,376,520- Quoted bonds, in Malaysia 7,163,770 7,673,636 2,079,794 2,221,022- Quoted unit trust, in Malaysia 6,576,988 6,597,325 99,846 119,066- Golf membership 25,000 32,000 25,000 32,000

14,880,432 15,501,741 3,505,063 3,748,608

The fair values of quoted investments and golf membership are based on the quoted market prices and currentmarket rate respectively, at the balance sheet date.

The fair value of unquoted shares was based on Directors estimation of the Group’s share of the fair value of theunderlying property in the company that have been invested, which in their opinion are adequate to support thecarrying value of the investment.


124


22 LAND HELD FOR PROPERTY DEVELOPMENT

Group Company

2004 2003 2004 2003

RM RM RM RM

At costLand held for development – leasehold 114,260,676 102,497,238 90,549,560 78,786,122

Development cost expenditure 104,080,168 90,240,194 73,556,418 59,597,314

218,340,844 192,737,432 164,105,978 138,383,436

At 1 January 192,737,432 165,611,031 138,383,436 112,849,146Acquisition of leasehold land 16,704,160 10,625,318 16,704,160 9,033,207Development costs incurred 15,616,837 19,761,981 15,616,837 19,761,981Transfer to property development costs

(Note 25) (6,598,455) (3,260,898) (6,598,455) (3,260,898)Development cost written off (119,130) 0 0 0

At 31 December 218,340,844 192,737,432 164,105,978 138,383,436

23 CURRENT ASSETS

Group Company

2004 2003 2004 2003

Note RM RM RM RM

Inventories 24 13,619,470 12,431,295 10,463,428 9,275,253Property development costs 25 36,705,541 66,440,926 36,705,541 66,440,926Trade receivables 26 58,541,364 29,932,645 51,648,810 22,760,986Amounts due from subsidiaries 27 0 0 44,490,322 46,205,900Amount due from a minority shareholder 28 314,156 314,156 0 0Amounts due from associated company 29 0 3,914,301 0 0Amounts due from a related company 30 346,485 0 0 0Other receivables, deposits and

prepayments 31 3,753,341 11,577,156 1,998,866 5,394,879Tax recoverable 137,018 1,543,930 65,319 1,473,042Deposits with financial institutions 32 40,550,622 78,060,603 16,127,383 58,000,000Cash and bank balances 33 27,904,145 7,646,995 22,420,930 5,199,948

186,872,142 211,862,007 183,920,599 214,750,934


125


24 INVENTORIES

Group Company

2004 2003 2004 2003

RM RM RM RM

At costCompleted properties 11,879,470 10,691,295 6,603,108 5,003,233

At net realisable valueCompleted properties purchased

from a subsidiary 0 0 3,860,320 4,272,020Other completed properties 1,740,000 1,740,000 0 0

13,619,470 12,431,295 10,463,428 9,275,253

25 PROPERTY DEVELOPMENT COSTS


RM RM

At 1 January- land 13,407,266 7,810,157- development costs 136,915,088 109,447,966

150,322,354 117,258,123

Costs incurred during the financial year:- transfer from real property assets (Note 22) 6,598,455 3,260,898- development costs 40,727,273 30,542,317

47,325,728 33,803,215

Costs recognised as an expense in income statement- previous year (83,881,428) (39,489,184)- current year (Note 5) (74,301,686) (44,392,244)

(158,183,114) (83,881,428)

Transfer to inventories (2,759,427) (738,984)

At 31 December 36,705,541 66,440,926

Included in respective development costs of the Group and Company are accumulated interest capitalised ofRM2,233,259 (2003: RM2,376,934). Interest capitalised during the financial year of the Group and Company amountedto RM Nil (2003: RM627,932).


126


26 TRADE RECEIVABLES

Group Company

2004 2003 2004 2003

RM RM RM RM

Trade receivables 60,164,665 29,990,352 53,214,404 22,760,986Allowance for doubtful debts (1,623,301) (57,707) (1,565,594) 0

58,541,364 29,932,645 51,648,810 22,760,986

All the trade receivables are denominated in Ringgit Malaysia.

Credit terms for trade receivables range from 30 to 45 days (2003: 30 to 45 days).

Credit risk arises when sales made on deferred credit terms. The Group seeks to invest cash assets safely andprofitably. It also seeks to control credit risk by ensuring that sales are made to customer with an appropriate credithistory. Furthermore, sales to customers are suspended when earlier amounts are overdue. The Group considers therisk of material loss in the event of non-performance to be unlikely.

27 AMOUNTS DUE FROM/(TO) SUBSIDIARIES

CompanyThe amounts due from/(to) subsidiaries are unsecured, interest free and have no fixed terms of repayment. In 2003,an amount due from a subsidiary of RM106,970 was charged interest at a rate of 10% per annum.

The amounts due from subsidiaries are stated at net of allowance for doubtful debts of RM605,331 (2003:RM488,424).

28 AMOUNTS DUE FROM/(TO) MINORITY SHAREHOLDERS

GroupAmounts due from/(to) minority shareholders are unsecured, interest free and have no fixed terms of repayment.

29 AMOUNT DUE FROM ASSOCIATES

Group Company

2004 2003 2004 2003

RM RM RM RM

Amounts due from associates 16,256 3,930,557 16,256 16,256Allowance for doubtful debt (16,256) (16,256) (16,256) (16,256)

0 3,914,301 0 0

Amounts due from associates are unsecured, interest free and have no fixed terms of repayment. All amount duefrom associates are denominated in Ringgit Malaysia.


127


30 AMOUNTS DUE FROM A RELATED COMPANY

GroupAmounts due from a related company is unsecured, interest free and have no fixed terms of repayment. All amountsdue from a related company are denominated in Australian Dollar.

31 OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

Group Company2004 2003 2004 2003

RM RM RM RM

Other receivables 2,542,085 6,677,685 998,780 1,197,751Deposits 856,416 986,923 778,596 875,875Prepayments 133,350 592,583 0 1,292Accrued billings in respect of property development 938,172 4,021,648 938,172 4,021,648Amount receivable from staff 25,633 40,632 25,633 40,628

4,495,656 12,319,471 2,741,181 6,137,194Allowance for doubtful debts (742,315) (742,315) (742,315) (742,315)

3,753,341 11,577,156 1,998,866 5,394,879

All other receivables are denominated in Ringgit Malaysia.

32 DEPOSITS WITH FINANCIAL INSTITUTIONS

Group Company2004 2003 2004 2003

RM RM RM RM

Deposits with:Licensed banks 7,216,412 21,810,603 2,071,798 3,000,000Licensed finance companies 33,334,210 56,250,000 14,055,585 55,000,000

40,550,622 78,060,603 16,127,383 58,000,000

There is no currency exposure profile as all the deposits are denominated in Ringgit Malaysia.

The weighted average interest rates of deposits that were effective during the financial year are as follows:

Group Company2004 2003 2004 2003

% % % %

Deposits with financial institution 2.74 2.90 2.68 2.90

Deposits of the Group and Company have an average maturity period of 30 days (2003: 30 days).


128


33 CASH AND BANK BALANCES

Included in cash and bank balances are:

Group Company

2004 2003 2004 2003

RM RM RM RM

Housing Development Account 11,414,039 3,356,691 11,414,039 3,356,691Cash and bank balances 16,490,106 4,290,304 11,006,891 1,843,257

27,904,145 7,646,995 22,420,930 5,199,948

Bank balance held under Housing Development Account, opened and maintained under Section 7A of the HousingDevelopment (Control and Licensing) Act 1966 and may only be used in accordance with said Act.

All balances under Housing Development Account and cash and bank balances are denominated in Ringgit Malaysia.

The weighted average interest rates of balances under Housing Development Account that were effective during thefinancial year are as follows:

Group Company2004 2003 2004 2003

% % % %

Balances under Housing Development Account 1.00 2.53 1.00 2.53

Balances under Housing Development Account and bank balances are deposits held at call with banks.

34 CURRENT LIABILITIES

Group Company

2004 2003 2004 2003

Note RM RM RM RM

Trade payables 24,621,347 22,503,037 22,041,999 19,114,171Amounts due to minority shareholders 28 1,184,126 1,184,126 0 0Amount due to a subsidiary 27 0 0 329,147 332,058Amount due to holding corporation 39 200,000 480,964 200,000 480,964Term loan 16 243,000 243,000 243,000 243,000Hire purchase payables 17 270,538 270,538 64,212 64,212Other payables and accruals 35 12,468,476 23,154,443 8,337,808 18,989,893Current tax liabilities 598,330 566,687 0 0Dividend payable 4,921,298 0 4,921,298 0

44,507,115 48,402,795 36,137,464 39,224,298

All trade payables are denominated in Ringgit Malaysia. Credit terms of trade payables granted to the Group andCompany vary from 30 to 60 days (2003: 30 to 60 days).


129


35 OTHER PAYABLES AND ACCRUALS

Group Company

2004 2003 2004 2003

RM RM RM RM

Amount payable to a shareholder of an associate 0 370,285 0 0Other payables 971,884 1,171,427 949,175 0Accruals 5,325,277 3,670,499 1,217,318 1,047,661Progress billings in respect of property

development 6,171,315 17,942,232 6,171,315 17,942,232

12,468,476 23,154,443 8,337,808 18,989,893

36 DEFERRED EXPENDITURE

Group

Preliminarysanitary Sanitarystudies landfill Total

RM RM RM

2004At 1 January 593,180 3,161,250 3,754,430Incurred during the financial year 0 422,027 422,027Amortisation during the financial year (593,180) (3,583,277) (4,176,457)

At 31 December 0 0 0

2003At 1 January 1,186,359 3,570,834 4,757,193Incurred during the financial year 0 5,269,284 5,269,284Amortisation during the financial year (593,179) (5,678,868) (6,272,047)

At 31 December 593,180 3,161,250 3,754,430


130


37 CASH FLOW FROM OPERATIONS

Group Company

2004 2003 2004 2003

RM RM RM RM

Net profit for the financial year 52,631,300 59,313,940 22,878,471 69,264,782Adjustments for:Allowance of doubtful debts 1,065,594 0 1,065,594 0Allowance for doubtful debts - subsidiaries 0 0 116,908 0Depreciation of property, plant and equipment 2,553,992 2,656,057 347,275 334,100Property, plant and equipment written off 7,557 10,999 0 10,000Impairment loss on property, plant and equipment 0 998,352 0 0Amortisation of deferred expenditure 4,176,457 6,272,047 0 0Provision for closure and post closure costs 5,140,786 3,059,963 0 0Inventories written off 0 502,039 0 0Bad debts written off 3,464 64,705 0 0Development costs written off 119,130 0 0 0Impairment in value of other investments 293,587 0 293,587 0Impairment in value of investments in subsidiaries 0 0 299,248 29,066Amortisation of premium of bonds 43,523 19,006 43,523 19,006Write down in value of inventories 0 3,760,000 0 698,780Gross dividend income (1,378,160) (1,245,065) (24,732,455) (95,372,644)Interest income (3,279,328) (2,147,854) (2,464,353) (1,634,736)Gain on disposal of property, plant and equipment (207,897) (17,468,315) (99) (124)Unrealised gain on foreign exchange (164,256) (665,579) 0 0Write back of provision made for development of

land 0 (200,000) 0 0Interest expense 118,048 273,429 69,998 182,719Share of results of an associate (60,386,600) (56,343,171) 0 0Tax expense 21,695,234 17,942,100 7,392,530 26,192,115Minority interests 1,695,843 1,937,112 0 0

(28,503,026) (40,574,175) (17,568,244) (69,541,718)

24,128,274 18,739,765 5,310,227 (276,936)

Changes in working capitalInventories (1,188,175) (3,000,905) (1,188,175) (2,479,589)Property development costs 36,333,840 14,588,911 36,333,840 14,588,911Receivables (21,685,756) (11,501,594) (26,451,566) (4,076,282)Payables (8,567,657) (8,121,947) (7,724,257) (8,618,066)Intra-group balances (1,548,892) (3,508,501) 1,314,795 41,129,136

3,343,360 (11,544,036) 2,284,637 40,544,110

Cash flow from operations 27,471,634 7,195,729 7,594,864 40,267,174


131


38 CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise the following:

Group Company

Note 2004 2003 2004 2003

RM RM RM RM

Deposits with financial institutions 32 40,550,622 78,060,603 16,127,383 58,000,000Housing Development Account 33 11,414,039 3,356,691 11,414,039 3,356,691Cash and bank balances 33 16,490,106 4,290,304 11,006,891 1,843,257

68,454,767 85,707,598 38,548,313 63,199,948

39 SIGNIFICANT RELATED PARTY DISCLOSURES

The holding corporation of the Company is Perbadanan Kemajuan Negeri Selangor (PKNS), a body corporateincorporated in Malaysia under the Selangor Enactment No. 4 of 1964, which owns 52.76% of the issued sharecapital of the Company as at 31 December 2004.

Amount due to holding corporation is unsecured, interest free and have no fixed terms of repayment.

In the ordinary course of business, the Group undertakes a variety of transactions with companies deemed relatedparties by virtue of being members of the Kumpulan Darul Ehsan Berhad (KDEB) group of companies. KDEB is whollyowned by Menteri Besar Selangor (Pemerbadanan), a body corporate formed under the Enactment No. 3 of theMenteri Besar Selangor (Incorporation), 1994. KDEB is a shareholder of the Company.

The companies with which the Group transacted are as follows:

Related parties and relationshipRelated parties RelationshipKumpulan Perangsang Selangor Berhad (KPS) Subsidiary of KDEBPKNS Infra Bhd Subsidiary of PKNSPKNS Engineering & Construction Berhad Subsidiary of PKNS

SIGNIFICANT RELATED PARTY TRANSACTIONS

Significant related party transactions other than those disclosed in Note 6 to the financial statements, between theGroup and these entities are as follows:

Group2004 2003

RM RM

Purchase of properties and services:- PKNS Engineering & Construction Berhad (contractor fee) 10,924,391 8,150,818


132


39 SIGNIFICANT RELATED PARTY DISCLOSURES (CONT’D.)

RELATED PARTY BALANCES

Related party balances, which arose from the above significant related party transactions and remained outstandingat end of financial year are as follows:

GroupRelated Party Transaction 2004 2003

RM RM

Payables:Kumpulan Perangsang Selangor Berhad Purchase of land 680,492 1,380,492PKNS Infra Bhd Contractor fee 309,780 853,294Perbadanan Kemajuan Negeri Selangor Purchase of land 200,000 480,964

40 DEFERRED TAX

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assetsagainst 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 balance sheet:

Group Company

2004 2003 2004 2003

RM RM RM RM

Deferred tax assets 1,620,607 256,106 1,040,197 6,713

The movements during the financial year relating to deferred tax are as follows:

Group Company

2004 2003 2004 2003

RM RM RM RM

At 1 January 256,106 (41,593) 6,713 114,669Credited/(charged) to income statement (Note 9)- Property, plant and equipment 298,163 419,913 (32,854) 14,258- Investments 669,077 0 669,077 0- Inventories 513,540 0 513,540 0- Other receivables 207,848 0 207,848 0- Unused tax losses and capital allowances (324,127) (122,214) (324,127) (122,214)

1,364,501 297,699 1,033,484 (107,956)

At 31 December 1,620,607 256,106 1,040,197 6,713


133


40 DEFERRED TAX (CONT’D.)

Subject to income tax

Group Company

2004 2003 2004 2003

RM RM RM RM

Deferred tax assets (before offseting)- Property, plant and equipment 580,410 249,393 0 0- Investments 669,077 0 669,077 0- Inventories 513,540 0 513,540 0- Other receivables 207,848 0 207,848 0- Unused tax losses and capital allowances 0 324,127 0 324,127- Offsetting (350,268) (317,414) (350,268) (317,414)

Deferred tax assets (after offsetting) 1,620,607 256,106 1,040,197 6,713

Deferred tax liabilities (before offsetting)- Property, plant and equipment (350,268) (317,414) (350,268) (317,414)- Offsetting 350,268 317,414 350,268 317,414

Deferred tax liabilities (after offsetting) 0 0 0 0

The amount of net deductible temporary differences and unused tax losses (all of which have no expiry date) forwhich no deferred tax asset is recognised as the Directors do not consider it probable that future profit will beavailable to set off against these benefits, are as follows:

Group2004 2003

RM RM

Taxable temporary differences 0 (56,072)Deductible temporary differences 3,760,000 3,760,000Capital allowances 65,768 58,268Tax losses 13,922,077 11,117,489

17,747,845 14,879,685


134


41 FINANCIAL INSTRUMENTS

(a) Credit riskThe Group has no significant concentrations of credit risk. All of its deposits are placed with licensed banks andfinancial institutions, which are creditworthy in Malaysia.

(b) Fair valuesThe carrying amounts of financial assets and liabilities of the Group and Company at the balance sheet dateapproximated their fair values except as set out below:

2004 2003

Carrying Carrying

amount Fair value amount Fair value

Note RM RM RM RM

Group

Investments:- Quoted shares, in Malaysia 21 1,114,674 1,198,780 1,300,423 1,376,520- Quoted bonds, in Malaysia 21 7,163,770 7,673,636 2,079,794 2,221,022- Quoted unit trusts, in Malaysia 21 14,717,302 14,737,639 2,104,011 2,123,231- Golf membership 21 25,000 32,000 25,000 32,000

Borrowings (interest bearing):- Term loan 16 (279,580) (261,290) (739,985) (733,007)Hire purchase payables 17 (369,338) (345,175) (617,257) (611,522)

22,371,828 23,035,590 4,151,986 4,408,244

Company

Investments:- Quoted shares, in Malaysia 21 1,114,674 1,198,780 1,300,423 1,376,520- Quoted bonds, in Malaysia 21 7,163,770 7,673,636 2,079,794 2,221,022- Quoted unit trusts, in Malaysia 21 6,576,988 6,597,325 99,846 119,066- Golf membership 21 25,000 32,000 25,000 32,000Borrowings (interest bearing):- Term loan 16 (279,580) (261,290) (739,985) (733,007)Hire purchase payables 17 (18,899) (17,663) (60,492) (59,359)

14,581,953 15,222,788 2,704,586 2,956,242


135


42 COMPARATIVES

During the financial year, the Group has adopted the new MASB Standard 32, “Property Development Activities”.Adoption of the MASB Standard 32 did not affect the net profits and shareholders’ funds as the Group was alreadyfollowing the recognition and measurement principles in this Standard.

The comparatives in respect of property development costs, however have been restated whereby the excess ofrevenue recognised in income statement over billings to purchasers is now presented as accrued billings within thecurrent assets and the excess of billings to purchasers over revenue recognised in income statement is nowpresented as progress billings within the current liabilities.

The effect of reclassification of comparatives is as follows:

As Effectpreviously of change

reported in policy As restatedRM RM RM

Group and CompanyAt 31 December 2003 Current assetsProperty development costs 52,520,342 13,920,584 66,440,926Other receivable, deposits and prepayment- Accrued billings in respect of property

development 0 4,021,648 4,021,648

Current liabilities Other payables and accruals - Progress billings in respect of property

development 0 (17,942,232) (17,942,232)

52,520,342 0 52,520,342

“Development properties and expenditure” has been renamed “property development costs”.

43 APPROVAL OF FINANCIAL STATEMENTS

The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on25 April 2005.


136

Statement By Directors Pursuant To Section 169(15) Of The Companies Act, 1965

We, Dato’ Mohamad Adzib Mohd Isa and Dato’ Hj. Harun Salim, two of the Directors of Worldwide Holdings Berhad, statethat, in the opinion of the Directors, the financial statements set out on pages 81 to 136 are drawn up so as to give atrue and fair view of the state of affairs of the Group and Company as at 31 December 2004 and of the results and cashflows of the Group and Company for the financial year ended on that date in accordance with the provisions of theCompanies Act, 1965 and the MASB approved accounting standards.

Signed on behalf of the Board of Directors in accordance with their resolution dated 25 April 2005.

Dato’ Mohamad Adzib Mohd Isa, DSSA, KMN, AMNChairman

Dato’ Hj. Harun Salim, DPMS, JMN, KMN, ASA, PJKDeputy Chairman

Statutory Declaration Pursuant To Section 169(16) Of The Companies Act, 1965

I, Norazlina Zakaria, AIS, being the officer primarily responsible for the financial management of Worldwide HoldingsBerhad, do solemnly and sincerely declare that the financial statements set out on pages 81 to 136 are, in my opinion,correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisionsof the Statutory Declarations Act, 1960.

Norazlina Zakaria, AIS

Subscribed and solemnly abovenamed Norazlina Zakaria, AIS declared at Petaling Jaya on 25 April 2005.

Before me:

Commissioner for Oaths

Worldwide Holdings BerhadStatement By Directors / Statutory Declaration

137

Report Of The Auditors To The Members Of Worldwide Holdings Berhad

We have audited the financial statements set out on pages 81 to 136. These financial statements are the responsibility ofthe Company’s Directors. It is our responsibility to form an independent opinion, based on our audit, on these financialstatements and to report our opinion to you, as a body, in accordance with Section 174 of the Companies Act 1965 andfor no other purpose. We do not assume responsibility to any other person for the content of this report.

We conducted our audit in accordance with approved auditing standards in Malaysia. Those standards require that we planand perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting principles used and significant estimates made bythe Directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides areasonable basis for our opinion.

In our opinion:

(a) the financial statements have been prepared in accordance with the provisions of the Companies Act, 1965 and theMASB approved accounting standards in Malaysia so as to give a true and fair view of:

(i) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements;and

(ii) the state of affairs of the Group and Company as at 31 December 2004 and of the results and cash flows ofthe Group and Company for the financial year ended on that date;

and

(b) the accounting and other records and the registers required by the Act to be kept by the Company and by thesubsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of theAct.

The name of the subsidiary of which we have not acted as auditors is indicated in Note 19 to the financial statements.We have considered the financial statements of this subsidiary and the auditors’ report thereon.

We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s financialstatements are in form and content appropriate and proper for the purposes of the preparation of the consolidated financialstatements and we have received satisfactory information and explanations required by us for those purposes.

The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification and did notinclude any comment made under subsection 3 of section 174 of the Act.

PricewaterhouseCoopers Thayaparan A/l S. Sangarapillai(No. AF: 1146) (No. 2085/09/06 (J))Chartered Accountants Partner of the firm

Kuala Lumpur25 April 2005

Report Of The AuditorsWorldwide Holdings Berhad

138

Analysis By Size Of Shareholdings

Worldwide Holdings BerhadAnalysis By Size Of Shareholdings

139

No. of % of No. of % ofSize of Shareholdings Shareholders Shareholders Shares held Shareholdings

Less than 100 45 0.65 809 0.00100 to 1,000 2,453 35.70 2,231,678 1.301,001 to 10,000 3,663 53.30 14,283,797 8.3610,001 to 100,000 631 9.18 17,313,528 10.13100,001 to less than 5% 78 1.14 37,278,003 21.815% and above 2 0.03 99,835,590 58.40

Total 6,872 100.00 170,943,405 100.00

LIST OF SUBSTANTIAL SHAREHOLDERS (HOLDING 5% AND ABOVE)

No. Names No. of Shares held %

1. Perbadanan Kemajuan Negeri Selangor 89,835,590 52.55

2. Malaysia Nominees (Tempatan) Sdn Bhd 10,000,000 5.85(A/C for Kumpulan Perangsang Selangor Berhad)

List Of Thirty (30) Largest Shareholders

Analysis By Size Of ShareholdingsWorldwide Holdings Berhad

140

No. ofNo. Names Shares held %

1 Perbadanan Kemajuan Negeri Selangor 89,835,590 52.552 Malaysia Nominees (Tempatan) Sdn Bhd 10,000,000 5.85

(A/C for Kumpulan Perangsang Selangor Bhd)3 Employees Provident Fund Board 6,184,600 3.624 LGB Holdings Sdn Bhd 5,729,000 3.355 United Overseas Nominees (Tempatan) Sdn Bhd 2,365,000 1.38

(A/C for Koo Kow Kiang @ Ko Keck Ting)6 TA Nominees (Tempatan) Sdn Bhd 2,276,700 1.33

(A/C for Koon Yew Yin)7 BHLB Trustee Berhad 1,659,000 0.97

(A/C for TA Comet Fund)8 Malaysia Nominees (Tempatan) Sdn Bhd 1,331,000 0.78

(Amanah SSCM Asset Management Berhad for Amanah Smallcap Fund Berhad)9 Quarry Lane Sdn Bhd 1,050,000 0.61

10 HSBC Nominees (Tempatan) Sdn Bhd 960,000 0.56(HSBC (M) Trustee Bhd for Amanah Saham Sarawak)

11 ECM Libra Securities Nominees (Tempatan) Sdn Bhd 751,000 0.44(A/C for Petroliam Nasional Berhad)

12 TA Nominees (Tempatan) Sdn Bhd 719,000 0.42(A/C for Tan Kit Pheng)

13 Menteri Kewangan Malaysia 677,403 0.40(Section 29 SICDA)

14 Amanah Raya Nominees (Tempatan) Sdn Bhd 633,000 0.37(A/C for AUTB Progress Fund)

15 Yeoh Ah Tu 631,000 0.3716 Tham Kien Wei 520,000 0.3017 CIMSEC Nominees (Tempatan) Sdn Bhd 500,000 0.29

(CIMB for Koo Kow Kiang @ Ko Keck Ting)18 M & A Securities Sdn Bhd 458,600 0.27

(A/C for IVT B)19 Citicorp Nominees (Asing) Sdn Bhd 422,000 0.25

(MLPFS for Chin Yit Kong)20 Citicorp Nominees (Asing) Sdn Bhd 418,600 0.24

(CBNY for DFA Emerging Markets Fund)21 Malaysian Trustees Berhad 415,100 0.24

(Pacificmas Asset Management Sdn Bhd for Great Eastern Life Assurance Malaysia Berhad)

22 Tiah Thee Seng 381,900 0.2223 Tasec Nominees (Tempatan) Sdn Bhd 340,000 0.20

(TA Asset Management Sdn Bhd for Sabah Energy Corporation Sdn Bhd)24 Yap Siew Chin 295,800 0.1725 Tan Chai Hock 295,000 0.1726 Mayban Nominees (Tempatan) Sdn Bhd 274,000 0.16

(A/C for Yeoh Ah Tu)27 Kuala Lumpur City Nominees (Tempatan) Sdn Bhd 271,900 0.16

(A/C for Gempurbina (M) Sdn Bhd)28 Toh Kai Sze 270,000 0.1629 Kumpulan Darul Ehsan Berhad 266,000 0.1630 Malaysia National Insurance Berhad 265,000 0.16

List Of Properties Held

Worldwide Holdings BerhadList Of Properties Held

141

Title / Location Description/ Built-up area Existing use / Tenure Net book land area (approximate age) value (RM)

Unit C23-01. C23-02. C23-03 Land and building 9,176 sq ft Corporate office Freehold 1,544,526C23-04 & C23-05 HS (D) (14 years)44640, PT 2411 Mukim of Damansara, District of Petaling, Selangor

Unit A03-01 to A03-05 HS (D) Land and building 6,015 sq ft Shop / offices Freehold 2,500,04244640, PT 2411 Mukim of (14 years)Damansara, District of PetalingSelangor

PN 11954 Lot 1034, Section 13 Land held for – Vacant land Leasehold for a 38,480,466Town of Shah Alam, District of development (Land term of 99 yearsPetaling, Selangor area: 14.60 acres) expiring on

25 March 2102

PN 7951 to PN 7954, PT 39713 Land held for – Vacant land Leasehold for a 103,747,629PT 39716 to PT 39718 Mukim development (Land term of 99 yearsof Sungai Buloh, District of area: 250 acres) expiring on Petaling, Selangor 22 May 2095

HS (D) 133021 Bandar Land held for _ Vacant Land Leasehold for a 2,096,698Shah Alam, District of Petaling development (Land term of 99 yearsSelangor area: 2.91 acres) expiring on

27 September 2098

PN 8561, Lot 159 Section 7 Land held for – Vacant Lad Leasehold for a 4,176,283Bandar Shah Alam, District development (Land term of 99 yearsof Petaling area: 4.5 acres) expiring on

26 August 2097

HS (D) 10053, PT 10661 Land held for – Vacant Land Leasehold for a 20,757,399Mukim of Ijok District of development (Land term of 99 yearsKuala Selangor, Selangor area: 124.3 acres) expiring on

15 October 2102

Title / Location Description/ Built-up area Existing use / Tenure Net book land area (approximate age) value (RM)

a. Central Holdings Berhad

HS (D) 65, Lot No 50 District 3-room apartment 1,222 sq ft Apartment / Leasehold for a 85,381of Port Dickson, Mukim (16 years) term of 99 yearsof Sri Rusa, Negeri Sembilan expiring in 2084

PN 6027, Lot 4887 District of 3-room apartment 1,706 sq ft Apartment / Leasehold for a 117,908Gombak, Mukim of Hulu Kelang (21 years) term of 99 yearsSelangor expiring on

17 June 2078

PN 904, Lot 285 Section 63 Commercial Land – A 27 storey office Leasehold for a 44,472,981Town and District of (Land area: building currently term of 99 yearsKuala Lumpur 46,726 sq ft) under construction expiring on

7 December 2077

b. Worldwide Glomac Development Sdn Bhd

Part of PN 11951 Lot 1031 Commercial Land – Vacant Land Leasehold for a 9,761,885Part of PN 11953 Lot 1033 (Land area: term of 99 yearsSection 13 Town of Shah Alam 2.48 acre) expiring onDistrict of Petaling, Selangor 25 March 2094

Part of PN 7314 Lot 442 Shop/Office 18,253 sq ft Leasehold for a 1,274,525Section 13 Town of Shah Alam Foodcourt term of 99 yearsDistrict of Petaling, Selangor expiring on

25 March 2094

c. Perangsang Emperee Wood Industries Sdn Bhd

HS (M) 5726, 5727 & 5728 Industrial Land – Vacant Land Leasehold for a 500,833PT No 4056, 4057 & 4058 (Land area: term of 99 yearsMukim of Tanjung Dua Belas 7.8 acres) expiring onDistrict of Kuala Langat Selangor 26 September 2087

List Of Properties Held

List Of Properties HeldWorldwide Holdings Berhad

142

I/We (block letters)Saya/Kami (huruf besar)

OfBeralamat

Being a member/members of Worldwide Holdings Berhad hereby appoints (full name)Sebagai ahli/ahli-ahli Worldwide Holdings Berhad dengan ini melantik (nama penuh)

Or failing him, The Chairman of the Meeting as my/our proxy to attend and vote for me/us on my/our behalf at the Thirty Ninth AnnualGeneral Meeting of the Company to be held at Bilik Selangor, Kelab Shah Alam Selangor, No. 1A, Jalan Aerobik 13/43, Section 13,40000 Shah Alam, Selangor on 16 June 2005 at 10.00 a.m. or any adjournment thereof and to vote as indicated below:Atau sebagai penggantinya, Pengerusi Mesyuarat sebagai proksi saya/kami untuk hadir dan mengundi bagi pihak saya/kami diMesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh Sembilan yang akan diadakan di Bilik Selangor, Kelab Shah Alam Selangor,No. 1A, Jalan Aerobik 13/43, Seksyen 13, 40000 Shah Alam, Selangor pada 16 Jun 2005 pada pukul 10:00 pagi atau di sebarangpenangguhannya untuk mengundi seperti di bawah:

No Resolution / Resolusi For / Against /Menyokong Menentang

1. To receive and adopt Financial Statements and Directors’ Report / Menerima danmeluluskan Penyata Kewangan dan Laporan Pengarah

2. To approve the payments of a final gross dividend of 6 sen per share / Meluluskanpembayaran dividen kasar terakhir sejumlah 6 sen sesaham

3. To approve Directors’ Fees / Meluluskan Yuran para Pengarah

4. To re-elect Director / Perlantikan semula Pengarah– YBhg. Dato’ Haji Ibrahim Md Yusof

5. To re-elect Director / Perlantikan semula Pengarah– YB Dato’ Haji Zainal Abidin Haji Sakom

6. To re-elect Director / Perlantikan semula Pengarah – Puan Low Siew Moi

7. To re-elect Director / Perlantikan semula Pengarah – Puan Nora Azmin Radzuan

8. To re-appoint Messrs. PricewaterhouseCoopers as Auditors and to authorise the Directors tofix their remuneration / Perlantikan semula Juruaudit Tetuan PricewaterhouseCoopers danmemberi kuasa kepada para Pengarah menetapkan ganjaran mereka.

9. To approve the issue of shares not exceeding 10% of the issued capital of the Company /Meluluskan penerbitan saham-saham tidak melebihi 10% dari modal yang diterbitkan olehSyarikat.

10. To approve the proposed renewal of shareholders mandate for recurrent related partytransactions of a revenue or trading nature / Meluluskan cadangan pembaharuan mandat bagiUrusniaga Pihak Berkaitan Yang Berulang.

Please indicate with [x] how you wish to cast your vote. / Sila tanda [x] untuk undian anda.

Dated thisBertarikh

Signature/Common Seal of Appointer Number of sharesTandatangan/Cop Mohor Jumlah Saham

Notes / Nota-nota1. Any members of the Company entitled to attend and vote at this Meeting is also entitled to appoint one or more proxies to attend and vote in

his stead. / Pemegang saham Syarikat yang berhak menghadiri dan mengundi di mesyuarat ini berhak juga melantik seorang atau lebih proksiuntuk menghadiri dan mengundi bagi pihak beliau.

2. An instrument appointing a proxy, in case of an individual shall be signed by the appointer or by his attorney and in the case of a corporationshall be either given under its common seal or signed on its behalf by an attorney or officer of the corporation so authorised. /Suratcara perlantikan proksi bagi individu hendaklah ditandatangani oleh orang yang melantik atau peguamnya dan bagi sebuah syarikathendaklah dimeterikan dengan mohor atau ditandatangani oleh peguam bagi pihaknya atau pegawai syarikat yang diberi kuasa.

3. The instrument appointing a proxy must be deposited at the Registered Office of the Company at 111, Block C, Glomac Business Center, 10 Jalan SS6/1, Kelana Jaya, 47301 Petaling Jaya, Selangor not later than 48 hours before the time appointed for holding the Meeting or anyadjournment thereof. / Borang proksi hendaklah diserahkan di Pejabat Berdaftar Syarikat di 111, Blok C, Glomac Business Center, 10 Jalan SS6/1, Kelana Jaya, 47301 Petaling Jaya, Selangor tidak lewat daripada 48 jam sebelum masa yang ditetapkan untuk mengadakanmesyuarat ini atau sebarang penangguhannya.

PROXY FORMBorang Proks i

The Company Secretary

Worldwide Holdings Berhad (6430-P)

111 Block C, Glomac Business Centre

10 Jalan SS6/1, Kelana Jaya

47301 Petaling Jaya

Selangor Darul Ehsan

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