A/Report 4col- 0013ir.chartnexus.com/umland/misc/AR_2004.pdf · 2009-11-24 · Superior Products, Superior Quality, Superior Service Keunggulan Produk, Keunggulan Kualiti, Keunggulan

L A P O R A N T A H U N A N

2 0 0 4 A N N U A L R E P O R T

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U n i t e d M a l a y a n L a n d B h d(Company No. 4131-M)

a s p i r a s i y a n g m e n g k a g u m k a n

United

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V I S I O N Wa w a s a nSuperior Products, Superior Quality, Superior Service

Keunggulan Produk, Keunggulan Kualiti, Keunggulan Perkhidmatan

M I S S I O N S TAT E M E N T Pe n y a t a M a t l a m a t

To be a builder of quality homes which exceed

customers expectations whilst optimising

shareholders returns.

Menjadi pembina rumah berkualiti yang melebihi

jangkaan pelanggan di samping mengoptimakan

pulangan para pemegang saham.

CONTENTS Kandungan

2 CORPORATE INFORMATION Maklumat Korporat 4 BOARD OF DIRECTORS’ PROFILE Profil Lembaga Pengarah

12 LETTER TO SHAREHOLDERS 16 Perutusan Kepada Para Pemegang Saham 20 CORPORATE STRUCTURE

Struktur Korporat 22 INSPIRING LIVING SPACES TO MEET LIFESTYLE ASPIRATIONS 25 Inspirasi Ruang Kehidupan

Yang Memenuhi Aspirasi Gaya Hidup 28 ENRICHING LIVES... THROUGH SHARING AND CARING 29 Memperkayakan

Kehidupan Melalui Perkongsian dan Sifat Penyayang 31 FIVE-YEAR GROUP FINANCIAL HIGHLIGHTS Prestasi Kewangan

Kumpulan Bagi Lima Tahun 32 CORPORATE GOVERNANCE STATEMENT 38 Penyata Urusan Tadbir Korporat

44 STATEMENT ON INTERNAL CONTROL 46 Penyata Kawalan Dalaman 48 AUDIT COMMITTEE REPORT

51 Laporan Jawatankuasa Audit 54 ADDITIONAL COMPLIANCE INFORMATION 58 Maklumat Pematuhan Tambahan

62 LIST OF PROPERTIES 64 Senarai Hartanah 66 ANALYSIS OF SHAREHOLDINGS Analisa Pegangan Saham

69 NOTICE OF ANNUAL GENERAL MEETING 72 Notis Mesyuarat Agung Tahunan 75 FINANCIAL STATEMENTS

119 Penyata Kewangan Proxy form / Borang Proksi

COVER RATIONALE Ras ional Muka DepanINSPIRING ASPIRATIONSA distinct stone, shaped similar to UM Land’s logo, is the focus of this year’s

annual report cover. This unique stone has achieved an amazing balance

in creating outstanding formations – a rare feat that few can replicate.

This reflects UM Land’s ability to build inspiring developments that satisfy

lifestyle aspirations of a new generation of homeowners.

ASPIRASI YANG MENGKAGUMKANSeketul batu unik, seiras logo UM Land menjadi fokus muka depan laporan

tahunan tahun ini. Batu unik ini telah berjaya mewujudkan suatu formasi

hebat yang seimbang dalam usaha pembinaan – satu pencapaian luar

biasa yang sukar direplikasi oleh pihak lain. Ini mencerminkan kebolehan

UM Land untuk menghasilkan pembangunan yang mengkagumkan serta

memenuhi aspirasi gaya hidup generasi baru pemilik rumah.

Contents2 - 0013 30/05/2005 10:18 PM Page 1

...satisfy your

aspirationsfor life

. . . u n t u k k e h i d u p a n y a n g d i i m p i k a n

A/Report 4col- 0013 30/05/2005 9:38 PM Page 1

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BOARD OF DIRECTORSLembaga Pengarah

Encik Tham Kui SengJoint Deputy Chairman Naib Pengerusi Bersama

YBhg Dato’ Ng Eng TeeJoint Deputy Chairman / Executive Director

Naib Pengerusi Bersama / Pengarah Eksekutif

YBhg Datuk Mohd Khamil bin Jamil

YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed

YB Datuk Nur Jazlan bin Tan Sri Mohamed

Dr Choo Kian Koon

Encik Ng Eng Soon

YBhg Dato’ Mohd Hanafiah bin Omar

Puan Rita Lau Chen ChenAlternate Director to Pengarah Gilir kepada

Dr Choo Kian Koon

Encik Ahmad Shaifuldin bin Mahamad SharudiAlternate Director to Pengarah Gilir kepada

YBhg Datuk Mohd Khamil bin Jamil

AUDIT COMMITTEEJawatankuasa Audit

YBhg Datuk Syed Ahmad Khalid

bin Syed Mohammed

Independent Non-Executive Director

Pengarah Bukan Eksekutif Bebas

YB Datuk Nur Jazlan bin Tan Sri Mohamed

Independent Non-Executive Director

Pengarah Bukan Eksekutif Bebas

Dr Choo Kian Koon

Non-Independent Non-Executive Director

Pengarah Bukan Bebas Bukan Eksekutif

COMPANY SECRETARYSetiausaha Syarikat

Puan Zuraidah Mohd Yusoff

(MAICSA 7001552)

C O R P O R AT E I N F O R M AT I O N


M a k l u m a t K o r p o r a t

Encik Chia Lui MengVice President, Cost Management and Control

Naib Presiden, Pengurusan Kos dan Kawalan

YM Tengku Mahmood Tengku IsmailVice President, Public Sector & Human Resources

Naib Presiden, Sektor Awam & Sumber Manusia

Tuan Syed Ahmad Anis Syed Shaikh AlhabshiVice President, Business Development (Special Projects)

Naib Presiden, Pembangunan Perniagaan (Projek Khas)

Encik Long Foo LumVice President, Business Development

Naib Presiden, Pembangunan Perniagaan

Encik Lee Kar FookVice President, Finance

Naib Presiden, Kewangan

SERI ALAM PROPERTIES SDN BHD

Encik Cheong Ho KuenVice President

Naib Presiden

BANGI HEIGHTS DEVELOPMENT SDN BHD

Encik Ng Tay GuanVice President

Naib Presiden

UM RESIDENCES SDN BHD

Encik Chia Lui MengActing Vice President

Pemangku Naib Presiden

SUASANA SENTRAL TWO SDN BHD(Formerly known as Dahulu dikenali sebagai

Panorama Prominent Sdn Bhd)

Encik Koh AlanVice President, Operations

Naib Presiden, Operasi

DYNASTY VIEW SDN BHD

Encik Wong Kuen KongActing Vice President

Pemangku Naib Presiden

MANAGEMENT Pengurusan

UNITED MALAYAN LAND BHD

YBhg Dato’ Ng Eng TeeJoint Deputy Chairman / Executive Director

Naib Pengerusi Bersama / Pengarah Eksekutif

Encik Wan Abdullah Wan IbrahimGroup Chief Executive Officer

Ketua Pegawai Eksekutif Kumpulan

Encik Henry Leong Hock SengChief Operating Officer

Ketua Pegawai Operasi

Encik Pee Tong LimDirector, Finance & Corporate

Pengarah, Kewangan & Korporat

Encik Mohd Dinniah YusofVice President, Risk Management,

Corporate & Tax Planning

Naib Presiden, Pengurusan Risiko,

Korporat & Perancangan Cukai

Encik Zulkifli Tahmali Yusof Tahmali Vice President

Naib Presiden

SHARE REGISTRARPendaftar Saham

Securities Services (Holdings) Sdn Bhd

Level 7, Menara Milenium

Pusat Bandar Damansara

Damansara Heights

50490 Kuala Lumpur

Tel No : 03-2084 9000

Fax No : 03-2094 9940

AUDITORSJuruaudit

PricewaterhouseCoopers

11th Floor, Wisma Sime Darby

Jalan Raja Laut

50350 Kuala Lumpur

PRINCIPAL BANKERSBank-Bank Utama

OCBC Bank (Malaysia) Berhad

Alliance Bank Malaysia Berhad

The Bank of Nova Scotia Berhad

Bumiputra-Commerce Bank Berhad

STOCK EXCHANGE LISTINGPenyenaraian Bursa Saham

Main Board Papan Utama,

Bursa Malaysia Securities Berhad

REGISTERED OFFICEPejabat Berdaftar

Suite 1.1, 1st Floor

Kompleks Antarabangsa

Jalan Sultan Ismail

50250 Kuala Lumpur

Tel No : 03-2142 1611

Fax No : 03-2142 1826

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B O A R D O F D I R E C T O R S ’ P R O F I L E 4

Encik Tham Kui Seng, berusia 47 tahun,

merupakan Naib Pengerusi Bersama UM Land.

Beliau menyertai Lembaga Pengarah UM Land

sebagai Pengarah Bukan Bebas Bukan Eksekutif

pada 19 Januari 2001. Beliau juga adalah ahli

Jawatankuasa Imbuhan UM Land.

Buat masa ini beliau merupakan Ketua Pegawai

Eksekutif CapitaLand Residential Limited, iaitu

sebuah syarikat yang diperbadankan di Singapura dan

merupakan subsidiari milik penuh CapitaLand

Limited. Beliau juga adalah Ketua Pegawai Korporat

CapitaLand Limited.

Encik Tham, seorang warganegara Singapura,

memiliki Ijazah Sarjana Muda Sastera (Kepujian

Kelas Pertama) dalam bidang Sains Kejuruteraan dari

Universiti Oxford, United Kingdom.

Selain dari apa yang dinyatakan, Encik Tham

tidak mempunyai sebarang pertalian kekeluargaan

dengan mana-mana Pengarah dan/atau pemegang

saham utama UM Land. Beliau juga tidak mempunyai

kepentingan peribadi di dalam sebarang urusan

perniagaan yang melibatkan UM Land dan tidak

pernah disabit dengan sebarang kesalahan sepanjang

sepuluh tahun lepas.

Encik Tham Kui Seng, aged 47, is the Joint

Deputy Chairman of UM Land. He joined the

UM Land Board as Non-Independent Non-Executive

Director on 19 January 2001. He is also a member

of the Remuneration Committee of UM Land.

He is currently the Chief Executive Officer

of CapitaLand Residential Limited, a company

incorporated in the Republic of Singapore which is a

wholly-owned subsidiary of CapitaLand Limited. He is

also the Chief Corporate Officer of CapitaLand

Limited.

Encik Tham, a Singapore citizen, graduated from

Oxford University, United Kingdom with a Bachelor

of Arts (First Class Honours) Degree in Engineering

Science.

Other than as disclosed, Encik Tham does not

have any family relationship with any directors and/or

major shareholders of UM Land. He has no personal

interest in any business arrangement involving

UM Land and has had no convictions for any offences

for the past ten years.

ENCIK THAM KUI SENGJoint Deputy Chairman Naib Pengerusi Bersama


P r o f i l L e m b a g a Pe n g a r a h5

YBHG DATO’ NG ENG TEEJoint Deputy Chairman / Executive DirectorNaib Pengerusi Bersama / Pengarah Eksekutif

YBhg Dato’ Ng Eng Tee, berusia 55 tahun, merupakan

Pengarah Eksekutif Bukan Bebas dan menyertai Lembaga

Pengarah UM Land pada 31 Oktober 1995 sebagai Pengarah

Urusan dan Ketua Pegawai Eksekutif Kumpulan sehingga

beliau melepaskan jawatan tersebut pada Januari 2001.

Beliau menerima jawatannya kini sebagai Naib Pengerusi

Bersama/Pengarah Eksekutif pada 28 Ogos 2002.

YBhg Dato’ Ng adalah ahli Jawatankuasa Imbuhan,

Jawatankuasa Lembaga Tender, Jawatankuasa Risiko dan

Jawatankuasa Eksekutif UM Land.

YBhg Dato’ Ng, seorang warganegara Singapura adalah

bekas graduan Politeknik Singapura.

Selain dari UM Land, beliau juga adalah Pengarah Urusan

Chee Tat Holdings (Singapore) Pte Ltd dan turut menganggotai

Lembaga Pengarah beberapa syarikat sendirian berhad

di Malaysia.

Di samping itu, YBhg Dato’ Ng juga merupakan Presiden

King George Financial Corporation dan Pengarah Allied

Properties Hotel Incorporated, yang mana kedua-duanya

disenaraikan di Bursa Saham Kanada. Beliau juga adalah

pengasas dan ahli sepanjang hayat Kelab Presiden Universiti

Simon Fraser.

Selain dari apa yang dinyatakan, YBhg Dato’ Ng tidak

mempunyai sebarang pertalian kekeluargaan dengan mana-mana

Pengarah dan/atau pemegang saham utama UM Land. Beliau

juga tidak mempunyai kepentingan peribadi di dalam sebarang

urusan perniagaan yang melibatkan UM Land dan tidak pernah

disabit dengan sebarang kesalahan sepanjang sepuluh tahun lepas.

YBhg Dato’ Ng Eng Tee, aged 55 a Non-Independent

Executive Director joined the UM Land Board on 31 October

1995 as Managing Director and Group Chief Executive Officer

until he relinquished the position in January 2001. He assumed his

current position as Joint Deputy Chairman/Executive Director on

28 August 2002.

YBhg Dato’ Ng is a member of the Remuneration Committee,

Tender Board Committee, Risk Committee and the Executive

Committee of UM Land.

YBhg Dato’ Ng, a Singapore citizen is a graduate of the

Singapore Polytechnic.

Besides UM Land, YBhg Dato’ Ng is the Managing Director

of Chee Tat Holdings (Singapore) Pte Ltd. He also sits on the

Board of several private limited companies in Malaysia.

In addition, YBhg Dato’ Ng is the President of King George

Financial Corporation and a director of Allied Properties Hotel

Incorporated, both listed on the Canadian Stock Exchange. He is

also a founding life member of the Presidents Club of Simon

Fraser University.

Other than as disclosed, YBhg Dato’ Ng does not have any

family relationship with any directors and/or major shareholders

of UM Land. He has no personal interest in any business

arrangement involving UM Land and has had no convictions for

any offences for the past ten years.

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YBHG DATUK SYED AHMAD KHALID BIN SYED MOHAMMED

YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed, aged 55 joined the UM Land Board as

Independent Non-Executive Director on 19 October 1994. He is also the Chairman of the Audit

Committee and a member of the Nomination Committee of UM Land.

Besides UM Land, YBhg Datuk Syed Ahmad Khalid is also the Chairman of Century Logistics

Holdings Berhad, a company listed on Bursa Malaysia Securities Berhad.

YBhg Datuk Syed Ahmad Khalid, a Malaysian citizen graduated from the University of Ohio, USA

with a Masters Degree majoring in Economics and International Trade and Finance.

He does not have any family relationship with any directors and/or major shareholders of UM Land.

He has no personal interest in any business arrangement involving UM Land and has had no convictions

for any offences for the past ten years.

YB DATUK NUR JAZLAN BIN TAN SRI MOHAMED

YB Datuk Nur Jazlan bin Tan Sri Mohamed, aged 39 joined the UM Land Board on 19 October

1994 as an Independent Non-Executive Director. He is a member of the Audit Committee and a member

of the Nomination Committee of UM Land.

YB Datuk Nur Jazlan, a Malaysian citizen, is a fellow member of the Association of Chartered

Certified Accountants, United Kingdom and is currently a council member of the Malaysian Institute of

Accountants. He was elected as a Member of Parliament, Pulai Parliamentary Constituency (Johor) on

a Barisan Nasional Ticket in the General Election held in March 2004.

Besides UM Land, he also sits on the Boards of Telekom Malaysia Berhad and Prinsiptek

Corporation Berhad, both listed on the Main Board and Second Board of Bursa Malaysia Securities

Berhad respectively.




YBHG DATUK MOHD KHAMIL BIN JAMIL

YBhg Datuk Mohd Khamil bin Jamil, aged 49 joined the UM Land Board as Non-Independent

Non-Executive Director on 20 February 2004. He is also a member of the Tender Board Committee and

Risk Committee of UM Land.

He started his career with Bank Bumiputra Malaysia Bhd (BBMB) where he has held several senior

positions, the last being the Assistant General Manager and Company Secretary, BBMB Finance Hong

Kong Ltd, a subsidiary company of BBMB. He was called to the Grays’ Inn in 1983 and to the

Malaysian Bar in September 1990 prior to becoming a partner of several legal firms namely Zaid

Ibrahim & Co., Abu Talib Shahrom Khamil Zahari and Mohd Khamil & Co before venturing into his

own business in 2001.

In addition, YBhg Datuk Mohd Khamil is also a director of Tradewinds Corporation Berhad

(formerly known as PERNAS International Holdings Berhad) a company listed on the Main Board of

the Bursa Malaysia Securities Berhad.

YBhg Datuk Mohd Khamil, a Malaysian citizen graduated in 1980 from the University of London

with a Bachelor of Law (Honours) Degree.

He has no personal interest in any business arrangement involving UM Land and has had no

convictions for any offences for the past ten years.

B O A R D O F D I R E C T O R S ’ P R O F I L E ( c o n t ’ d )


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YBhg Datuk Mohd Khamil bin Jamil, berusia 49 tahun, menyertai Lembaga Pengarah UM Land sebagai Pengarah Bukan Bebas Bukan

Eksekutif pada 20 Februari 2004. Beliau juga merupakan ahli Jawatankuasa Lembaga Tender dan Jawatankuasa Risiko UM Land.

Beliau telah memulakan kerjayanya di Bank Bumiputra Malaysia Bhd (BBMB) di mana beliau telah memegang beberapa jawatan kanan

dan jawatan terakhir yang disandang ialah sebagai Penolong Pengurus Besar dan Setiausaha Syarikat, BBMB Finance Hong Kong Ltd, iaitu

syarikat subsidiari BBMB. Beliau telah didaftari di Grays’ Inn dalam tahun 1983 dan Badan Peguam Malaysia pada September 1990

sebelum menjadi rakan kongsi beberapa firma guaman seperti Zaid Ibrahim & Co., Abu Talib Shahrom Khamil Zahari dan Mohd Khamil &

Co sebelum menceburkan diri dalam perniagaan sendiri pada tahun 2001.

YBhg Datuk Mohd Khamil juga merupakan pengarah Tradewinds Corporation Berhad (dahulunya dikenali sebagai PERNAS

International Holdings Berhad), sebuah syarikat yang tersenarai di Papan Utama Bursa Malaysia Securities Berhad.

YBhg Datuk Mohd Khamil, seorang warganegara Malaysia, telah menamatkan pengajiannya di Universiti London pada tahun 1980

dengan memiliki Ijazah Sarjana Muda Undang-undang (Kepujian).

Beliau tidak mempunyai kepentingan peribadi di dalam sebarang urusan perniagaan yang melibatkan UM Land dan tidak pernah disabit

dengan sebarang kesalahan sepanjang sepuluh tahun lepas.

YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed, berusia 55 tahun, menyertai Lembaga Pengarah UM Land sebagai Pengarah

Bukan Eksekutif Bebas pada 19 Oktober 1994. Beliau juga merupakan Pengerusi Jawatankuasa Audit dan ahli Jawatankuasa Pencalonan

UM Land.

Selain dari UM Land, YBhg Datuk Syed Ahmad Khalid juga adalah Pengerusi Century Logistics Holdings Berhad, sebuah syarikat yang

tersenarai di Bursa Malaysia Securities Berhad.

YBhg Datuk Syed Ahmad Khalid, seorang warganegara Malaysia telah menamatkan pengajiannya di Universiti Ohio, Amerika Syarikat

dengan Ijazah Sarjana pengkhususan di dalam bidang Ekonomi dan Perdagangan dan Kewangan Antarabangsa.

Beliau tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham utama UM Land.

Beliau juga tidak mempunyai kepentingan peribadi di dalam sebarang urusan perniagaan yang melibatkan UM Land dan tidak pernah disabit


YB Datuk Nur Jazlan bin Tan Sri Mohamed, berusia 39 tahun, menyertai Lembaga Pengarah UM Land pada 19 Oktober 1994 sebagai

Pengarah Bukan Eksekutif Bebas. Beliau adalah ahli Jawatankuasa Audit dan ahli Jawatankuasa Pencalonan UM Land.

YB Datuk Nur Jazlan, seorang warganegara Malaysia adalah ahli Fellow Association of Chartered Certified Accountants, United

Kingdom dan kini merupakan ahli majlis bagi Institut Akauntan Malaysia. Beliau telah dilantik sebagai Ahli Parlimen Kawasan Parlimen

Pulai (Johor) di atas tiket Barisan Nasional pada Pilihan Raya Agung yang diadakan pada Mac 2004.

Selain daripada UM Land, beliau turut menganggotai Lembaga Pengarah Telekom Malaysia Berhad dan Prinsiptek Corporation Berhad,

kedua-dua syarikat ini masing-masing tersenarai di Papan Utama dan Papan Kedua Bursa Malaysia Securities Berhad.




P r o f i l L e m b a g a Pe n g a r a h ( s a m b . )


8

DR CHOO KIAN KOON

Dr Choo Kian Koon, aged 53, joined the UM Land Board as Non-Independent Non-Executive

Director on 1 January 2003. He is a member of the Executive Committee, Audit Committee and Tender

Board Committee of UM Land.

Dr Choo is currently the Senior Vice President, Malaysia Investment, at CapitaLand Residential

Limited. He has worked as an estates officer with the Singapore Ministry of Defence and was a senior

lecturer with the National University of Singapore. He was also with property consultants Richard Ellis

and Jones Lang LaSalle where he has held several senior local and regional positions. He is a Fellow

of the Singapore Institute of Surveyors and Valuers, a member of the Royal Institution of Chartered

Surveyors, and an affiliate of the Singapore Institute of Planners.

Dr Choo, a Singapore citizen, graduated in 1974 from the University of Singapore with a Bachelor

of Science in Estate Management. He also holds a Masters Degree in Environmental Planning from the

University of Nottingham, United Kingdom, and a PhD (Urban Planning) with a Certificate of

Achievement in Urban Design from the University of Washington, USA.

Other than as disclosed, Dr Choo does not have any family relationship with any directors and/or

major shareholders of UM Land. He has no personal interest in any business arrangement involving

UM Land and has had no convictions for any offences for the past ten years.

ENCIK NG ENG SOON

Encik Ng Eng Soon, aged 47, joined the UM Land Board as Non-Independent Non-Executive

Director on 31 October 1995.

He is currently the Executive Director of Chee Tat Holdings (Singapore) Pte Ltd and is the brother

of YBhg Dato’ Ng Eng Tee.

Encik Ng, a Singapore citizen graduated from the University of London, United Kingdom with a

Bachelor of Science Degree majoring in Economics.

Other than as disclosed, Encik Ng does not have any family relationship with any directors and/or

major shareholders of UM Land. He has no personal interest in any business arrangement involving

UM Land and has had no convictions for any offences for the past ten years.

YBHG DATO’ MOHD HANAFIAH BIN OMAR

YBhg Dato’ Mohd Hanafiah Omar, aged 60, is an Independent Non-Executive Director of

UM Land. He was appointed to the Board on 10 January 2005. He is a member of the Risk Committee.

He holds a Bachelor of Arts (Hons) from the University of Malaya and Diploma in Economics from

University of Colorado, United States of America and Masters in Business Administration (Finance)

from Michigan State University, United States of America.

He started his career with the Ministry of Finance as an officer in its Finance Division (External)

Federal Treasury in 1968 and had held several positions before his appointment as the first Director of

the Bumiputra Coordination and Participation Unit, Prime Minister’s Department, Penang in 1977.

In 1983, he was appointed as the first General Manager of Penang Regional Development Authority

and was subsequently appointed as the Head of Task Force on Privatisation, Economic Planning Unit

in 1986. He became the Deputy Secretary General of the Ministry of Land and Regional Development,

from 1989 to 1991. In 1991, he joined Arab Malaysian Development Berhad (AMDB) as a Senior

General Manager (Corporate) and was subsequently an Executive Director of AMDB. He was an

Executive Director of Indah Water Konsortium Sdn Bhd from 1998 to 2000. Previously, he was the

Chairman and Director of Integrated Rubber Corporation Berhad (formerly known as Berjuntai Tin

Dredging Berhad).


He also has no personal interest in any business arrangement involving UM Land and has had no

convictions for any offences for the past ten years.



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Dr Choo Kian Koon, berusia 53 tahun, menyertai Lembaga Pengarah UM Land pada 1 Januari 2003 sebagai Pengarah Bukan Bebas

Bukan Eksekutif. Beliau adalah ahli Jawatankuasa Eksekutif, Jawatankuasa Audit dan Jawatankuasa Lembaga Tender UM Land.

Buat masa ini, Dr Choo merupakan Naib Presiden Kanan, Pelaburan Malaysia, di CapitaLand Residential Limited. Beliau pernah

berkhidmat sebagai pegawai estet di Kementerian Pertahanan Singapura dan sebagai pensyarah kanan di Universiti Kebangsaan Singapura.

Beliau juga pernah menyandang beberapa jawatan kanan setempat dan serantau ketika berkhidmat dengan Richard Ellis dan Jones Lang La

Salle. Beliau juga merupakan ahli Fellow Singapore Institute of Surveyors and Valuers, dan ahli Royal Institution of Chartered Surveyors,

serta anggota gabungan Singapore Institute of Planners.

Dr Choo, seorang warganegara Singapura, telah menamatkan pengajiannya dari Universiti Singapura pada tahun 1974 dengan memiliki

Ijazah Sarjana Muda Sains dalam bidang Pengurusan Estet. Beliau juga memegang Ijazah Sarjana Perancangan Alam Sekitar dari Universiti

Nottingham, United Kingdom dan memiliki Kedoktoran (Perancangan Bandar) dengan Sijil Pencapaian di dalam Seni Reka Perbandaran dari

Universiti Washington, Amerika Syarikat.

Selain dari apa yang dinyatakan, Dr Choo tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana Pengarah dan/atau

pemegang saham utama UM Land. Beliau juga tidak mempunyai kepentingan peribadi di dalam sebarang urusan perniagaan yang melibatkan

UM Land dan tidak pernah disabit dengan sebarang kesalahan sepanjang sepuluh tahun lepas.

Encik Ng Eng Soon, berusia 47 tahun, menyertai Lembaga Pengarah UM Land sebagai Pengarah Bukan Bebas Bukan Eksekutif pada

31 Oktober 1995.

Buat masa ini, beliau adalah Pengarah Eksekutif Chee Tat Holdings (Singapore) Pte Ltd dan merupakan adik kepada

YBhg Dato’ Ng Eng Tee.

Encik Ng, seorang warganegara Singapura, telah menamatkan pengajiannya dari Universiti London, United Kingdom dengan memiliki

Ijazah Sarjana Muda Sains dengan pengkhususan di dalam bidang Ekonomi.

Selain dari apa yang dinyatakan di atas, Encik Ng tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana Pengarah

dan/atau pemegang saham utama UM Land. Beliau juga tidak mempunyai kepentingan peribadi di dalam sebarang urusan perniagaan yang

melibatkan UM Land dan tidak pernah disabit dengan sebarang kesalahan sepanjang sepuluh tahun lepas.

YBhg Dato’ Mohd Hanafiah Omar, berusia 60 tahun, adalah Pengarah Bebas Bukan Eksekutif UM Land. Beliau telah dilantik untuk

menganggotai Lembaga Pengarah pada 10 Januari 2005. Beliau adalah ahli Jawatankuasa Risiko.

Beliau memegang Ijazah Sarjana Muda Sastera (Kepujian) dari Universiti Malaya dan Diploma Ekonomi dari Universiti Colorado,

Amerika Syarikat serta Ijazah Sarjana Pentadbiran Perniagaan (Kewangan) dari Universiti Michigan, Amerika Syarikat.

Beliau telah memulakan kerjayanya dengan Kementerian Kewangan sebagai pegawai di Bahagian Kewangan (Luar), Perbendaharaan

Persekutuan pada tahun 1968 dan pernah memegang beberapa jawatan sebelum pelantikan beliau sebagai Pengarah pertama Unit

Penyelarasan dan Penyertaan Bumiputra di Jabatan Perdana Menteri, Pulau Pinang pada tahun 1977. Dalam tahun 1983, beliau telah

dilantik sebagai Pengurus Besar pertama bagi Lembaga Kemajuan Pulau Pinang dan seterusnya dilantik sebagai Ketua Pasukan Petugas bagi

Penswastaan, Unit Perancangan Ekonomi dalam tahun 1986. Beliau menjadi Timbalan Setiausaha Agung kepada Kementerian Kemajuan

Tanah dan Wilayah, dari tahun 1989 hingga 1991. Pada tahun 1991, beliau telah menyertai Arab Malaysian Development Berhad (AMDB)

sebagai Pengurus Besar Kanan (Korporat) dan kemudiannya sebagai Pengarah Eksekutif AMDB. Beliau juga telah memegang jawatan

Pengarah Eksekutif Indah Water Konsortium Sdn Bhd dari tahun 1998 hingga 2000. Sebelum ini, beliau menjawat jawatan Pengerusi dan

Pengarah Integrated Rubber Corporation Berhad (dulu dikenali sebagai Berjuntai Tin Dredging Berhad).






10

ENCIK AHMAD SHAIFULDIN BIN MAHAMAD SHARUDI(Alternate Director To Pengarah Gilir kepada YBhg Datuk Mohd Khamil Bin Jamil)

Encik Ahmad Shaifuldin Mahamad Sharudi, aged 33, joined the UM Land Board on 25 February

2005 as an alternate director to YBhg Datuk Mohd Khamil bin Jamil.

He started his career with Ban Hin Lee Bank and later joined Phileo Allied Bank Berhad in 1997

as Assistant Vice President Commercial Banking Division. In 2002, he joined United Overseas Bank

(M) Berhad as Assistant Vice President, Bumiputra Development Unit, Commercial Lending Division.

Encik Ahmad Shaifuldin, a Malaysian citizen graduated from the University of Leicester,

United Kingdom with a Master of Business Administration (Finance) in 2000. He also holds a Bachelor

of Science in Economics & Accounting from the University of Bristol, United Kingdom.




PUAN RITA LAU CHEN CHEN (Alternate Director To Pengarah Gilir kepada Dr Choo Kian Koon)

Puan Rita Lau Chen Chen, aged 38, joined the UM Land Board on 21 July 2004 as an alternate

director to Dr Choo Kian Koon.

Currently, she is the Vice President, Corporate Development & Finance of CapitaLand Residential

Limited. Puan Rita Lau was with Pidemco Land Limited before its merger with DBS Land Limited to

form CapitaLand Limited.

Prior to this, she was with Banque National de Paris Singapore as Assistant Vice President.

She started her career with the Singapore Auditor - General’s Office where she also assumed the

position of Assistant Secretary to the Council of Presidential Advisors.

Puan Rita Lau, a Singapore citizen, graduated from the National University of Singapore with a

Bachelor of Science in Chemistry (Second Upper Honours) in 1991. She also holds a Master of

Business Administration (Distinction) from the Imperial College, London.

Other than as disclosed, she does not have any family relationship with any directors and/or major

shareholders of UM Land. She has no personal interest in any business arrangement involving UM Land

and has had no convictions for any offences for the past ten years.



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Puan Rita Lau Chen Chen, berusia 38 tahun, menyertai Lembaga Pengarah UM Land pada 21 Julai 2004 sebagai pengarah gilir kepada

Dr Choo Kian Koon.

Buat masa ini, beliau merupakan Naib Presiden, Pembangunan & Kewangan Korporat CapitaLand Residential Limited. Puan Rita Lau

pernah berkhidmat dengan Pidemco Land Limited sebelum penyatuannya bersama DBS Land Limited untuk membentuk CapitaLand Limited.

Sebelum ini, beliau telah berkhidmat dengan Banque National de Paris Singapore sebagai Penolong Naib Presiden. Beliau memulakan

kerjayanya di Pejabat Auditor Negara Singapura di mana beliau telah menyandang jawatan Penolong Setiausaha kepada Majlis

Penasihat Presiden.

Puan Rita Lau, seorang warganegara Singapura, telah menamatkan pengajiannya dari National University 0f Singapore dengan

memegang Ijazah Sarjana Muda Sains dalam bidang Kimia (Kepujian Kelas Kedua) dalam tahun 1991. Beliau turut memegang ijazah

Sarjana Pentadbiran Perniagaan (Kepujian) dari Kolej Imperial, London.

Selain dari apa yang dinyatakan di atas, beliau tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana Pengarah dan/atau

pemegang saham utama UM Land. Beliau juga tidak mempunyai kepentingan peribadi di dalam sebarang urusan perniagaan yang melibatkan

UM Land dan tidak pernah disabit dengan sebarang kesalahan sepanjang sepuluh tahun lepas.

Encik Ahmad Shaifuldin Mahamad Sharudi, berusia 33 tahun, menyertai Lembaga Pengarah UM Land pada 25 Februari 2005 sebagai

pengarah gilir kepada YBhg Datuk Mohd Khamil bin Jamil.

Beliau memulakan kerjayanya dengan Ban Hin Lee Bank dan kemudiannya menyertai Phileo Allied Bank Berhad pada tahun 1997

sebagai Penolong Naib Presiden Bahagian Perbankan Perniagaan. Pada tahun 2002, beliau telah menyertai United Overseas Bank (M)

Berhad sebagai Penolong Naib Presiden, Unit Pembangunan Bumiputra, Bahagian Peminjaman Perniagaan.

Encik Ahmad Shaifuldin, seorang rakyat Malaysia, telah menamatkan pengajiannya dari Universiti Leicester, United Kingdom dengan

memiliki Ijazah Sarjana Pentadbiran Perniagaan (Kewangan) pada tahun 2000. Beliau juga memegang Ijazah Sarjana Muda Sains dalam

bidang Ekonomi & Perakaunan dari Universiti Bristol, United Kingdom.






12

LETTER TOSHAREHOLDERS

On behalf of the Board ofDirectors of United MalayanLand Bhd, we would like topresent the Annual Report for the financial year ended 31 December 2004.

To begin with, we would like to record oursincere appreciation to our outgoingChairman, Encik Mohamed Ali RashedAlabbar for his wise counsel and forsharing with us his passion for excellenceduring his tenure. The Group has benefitedtremendously under his inspirationalstewardship.

We are pleased to report that the financial year under review has been a successful one. The year saw the Group achieving considerable improvement in itsperformance compared to that of theprevious financial year.

Malaysia continued to enjoy positivemarket sentiments encouraged by low and stable inflation, favourable labourmarket conditions and political stability. This favourable environment coupled withstronger external and domestic demand,helped the Malaysian economy to expandby 7.1% in 2004, the fastest growth since 2000. The resiliency of the Malaysianeconomy stems from its strong privatesector which continues to be the principledriving force of overall domestic growthand expansion.

Stylish lifestyles at Suasana Sentral Loft


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Revenue Hasil

RM Million Juta

123.2

0

'00

150.9

7

'01

135.8

2

'02

108.7

9

'03

164.

85

'04

The Government’s year long economic stimulus package,

announced in mid 2003, provided a positive string of

incentives to home purchasers, including exemption from

real property gains tax and stamp duty waiver. These

incentives gave the much-needed boost to the property sector,

as purchasers took the opportunity to buy their dream homes

or even upgrade their existing properties.

Higher disposable income, increase in consumer confidence

and prevailing low interest rates have also provided the

impetus for an overall expansion in the property sector

in 2004. The residential sub-sector remained strong,

underpinned by firm demand especially for affordable

housing in choice locations with good accessibility.

(Source: Bank Negara Malaysia Report 2004)

FINANCIAL REVIEW

In line with its growth strategy, the Group made its maiden

foray into niche development with Seri Bukit Ceylon serviced

residences in 2003. Following its success, the Group

launched a high-end condominium development project

known as Suasana Sentral Loft in early 2005. We are proud

to announce that Suasana Sentral Loft, which comprises

600 units of luxury condominiums, achieved a commendable

take-up rate of 85% within the first four months of its

launch. These two projects reflect the growing popularity of

city living in Kuala Lumpur.

We are delighted to report that the Group’s two on-going

township development Bandar Seri Alam and Bandar Seri

Putra continue to flourish and have progressed well to

provide the Group with recurring streams of revenue in

financial year 2004.

For the financial year under review, the Group recorded a

higher revenue of RM164.85 million, an increase of

RM56.06 million or 51.53% compared to RM108.79

million achieved in 2003.

Consequently, the Group has recorded a higher profit before

tax of RM35.02 million in 2004, an increase of RM11.36

million or 48.01% compared to the profit before tax of

RM23.66 million achieved in 2003.

DIVIDENDS

For the financial year ended 31 December 2004, we are

pleased to announce that the Directors have proposed a first

and final dividend of 7.5 sen per share less tax, subject to

the approval of shareholders at the forthcoming Annual

General Meeting.

The 50% increase in dividend is in tandem with the Group’s

continuing improvement in financial performance as well as

its belief to share the fruits of success with its shareholders.

Beautiful homes in Bandar Seri Alam


14

OUR SUCCESS STORY

Whether in township or niche development, we strive to

create inspirational living spaces to fulfill the lifestyle

aspirations of modern living. The Group is sensitive to shifts

in trends and adapts quickly to meet the needs of its

purchasers. Our developments enjoy easy access to highways

and are self-contained with shopping areas, schools, places of

worship and recreational amenities that support healthy

lifestyles and wholesome living. Bandar Seri Putra and

Bandar Seri Alam, collectively home to more than 48,000

people happily living and working, stand as testaments of

our success.

We are also constantly looking at ways to improve the host of

amenities already found in the townships. In this instance,

Bandar Seri Alam will soon feature a myriad of more

exciting amenities ranging from go-kart tracks to futsal

pitches, while over in Bandar Seri Putra, efforts are being

made to upgrade the town park and introduce more

recreational facilities.

SUCCESS IN THE MAKING

Our successful developments and branding of quality living

environments are set to expand in mid 2005 with the

commencement of our latest venture, the Seri Austin

township development project. This site is a newly acquired

piece of land located in Tebrau, Johor Bahru, and is spread

over 500-acres of undulating plantation land.

Like its sister developments, Seri Austin is earmarked as

a mixed development project with new lifestyle products such

as cluster homes, townhouses, semi-detached and 3-storey

terrace houses. These new products will be complemented

with a garden town concept with emphasis on beautifully

landscaped parks, jogging trails and playgrounds.

SMART PARTNERSHIP

Another ingredient in the UM Land recipe for success is

smart partnerships. We are happy to report that our strategic

partner in the Seri Bukit Ceylon project is Ascott

International Management, one of the leading serviced

residences providers in the world and a member of

Shareholders’ Equity

Ekuiti

Pemegang Saham

RM Million Juta

Profit Before Tax

Keuntungan

Sebelum Cukai

RM Million Juta

18.2

2

'00

14.6

6

'01

18.0

7

'02

23.6

6

'03

35.0

2

'04

709.4

9

'00

711.2

1

'01

713.0

8

'02

719.5

7

'03

733.

97

'04

Cozy abodes in Bandar Seri Alam


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CapitaLand Group of Singapore. Ascott International

Management will be managing the Seri Bukit Ceylon serviced

residences under the Somerset brand name.

The Group’s partnership with Malaysian Resources

Corporation Berhad, in the Suasana Sentral Loft project has

also proven to be rewarding.

The success of these two projects encourages UM Land to

further leverage on similar partnerships in its future

developments.

HUMAN CAPITAL

At UM Land, we regard our employees as our most valuable

assets in powering our drive for greater achievements.

In order to revitalise organisational excellence within

the Group, management has identified performance

management as an area for further review and refinement.

For this purpose, performance indicators will be utilised to

streamline individual goals with corporate goals.

FUTURE OUTLOOK

The country’s economy, according to Bank Negara Malaysia

Report 2004, is likely to remain favourable with its projected

growth rate maintained between 5% and 6%. Monetary policy

will continue to ensure that interest rates remain stable to

support economic activity and growth.

In view of the improving economic climate, the Group plans

to adopt a more pro-active and aggressive business stance in

the area of product planning and development. UM Land will

have in store an array of products well planned and designed

to meet the growing expectations of discerning purchasers.

These products at our township developments will be

ready for launch at opportune times as the development

pace progresses.

Over and above township development, UM Land is on an

acquisition trail to increase land banks in the Klang Valley.

The Group is on a constant lookout for niche developments and

making smart partnerships with like-minded corporations.

Our focus will not be limited to high-end products but will also

include medium-priced projects to strike a healthy balance and

create attractive homes for more Malaysians.

APPRECIATION

The keyword in our business philosophy is not just merely

“teamwork” but good leadership with a team that works.

We take the opportunity to welcome on board our new Group

Chief Executive Officer, Encik Wan Abdullah Wan Ibrahim,

who is a true visionary in the property industry. He brings

with him a diversity of knowledge and insights derived from

his many years of exposure in the property development

sector. His rich experience, we are sure, will be beneficial to

the Group.

Our appreciation goes out to our fellow colleagues

YBhg Dato’ Syed Hamid Alhabshee, Mr Pee Tong Lim and

Ms Jennifer Loh who have resigned from the board since the

date of the last annual report. We also wish to take

the opportunity to welcome on board our newly

appointed director, YBhg Dato’ Mohd Hanafiah bin Omar,

and alternate directors Puan Rita Lau Chen Chen and

Encik Ahmad Shaifuldin bin Mahamad Sharudi.

Our warm appreciation also goes to our colleagues on the

Board. The Group is fortunate to have such well-qualified and

knowledgeable directors who contribute to the Group their

wealth of experience gathered from a wide range of expertise

and disciplines.

We would like to assure our stakeholders that the Board will

continue to work with the management to achieve our

corporate goals through sound business strategies, good

management practices, full transparency and compliance

with corporate governance.

Last but not least, we wish to thank our loyal and dedicated

employees who have made strenuous and incisive

contributions to a productive year. Together, we will work

towards improving our performance in the years ahead.

DATO’ NG ENG TEE THAM KUI SENGJoint Deputy Chairman / Joint Deputy ChairmanExecutive Director

Attractive homes found in Bandar Seri Putra


16

Kami, bagi pihak LembagaPengarah United Malayan LandBhd, ingin membentangkanLaporan Tahunan bagi tahunkewangan berakhir 31 Disember2004.

Pertama sekali, kami ingin merakamkanpenghargaan kepada Encik Mohamed AliRashed Alabbar di atas segala nasihat danpanduan beliau yang sungguh berharga sertakecemerlangan yang ditunjukkan sepanjangtempoh beliau memegang jawatan Pengerusi.Kumpulan berjaya mengukuhkan lagikedudukannya dibawah pimpinan beliau.

Kami dengan sukacitanya melaporkan bahawatahun di bawah tinjauan telah mencatatkankejayaan, berdasarkan kepada prestasiKumpulan yang bertambah baik berbandingdengan tahun kewangan lepas.

Malaysia terus menikmati sentimen pasaranyang positif, disokong oleh kadar inflasi yangrendah dan stabil, suasana pasaran tenagakerja yang menggalakkan dan keadaan politikyang stabil. Suasana yang mengalakkan iniberserta permintaan luar dan domestik yanglebih tinggi berjaya membantu ekonomiMalaysia berkembang sebanyak 7.1% dalamtahun 2004, iaitu pertumbuhan paling pesatsemenjak tahun 2000. Kekukuhan ekonomiMalaysia berpunca daripada kekuatan sektor swastanya yang terus menjadi tiang utama bagi pertumbuhan dan perkembangandomestik keseluruhan.

PERUTUSANKEPADAPARAPEMEGANGSAHAM

Hiasan dalaman moden di Suasana Sentral Loft


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Pakej perangsang ekonomi Kerajaan, yang diumumkan padapertengahan tahun 2003, telah menawarkan pelbagaiinsentif menarik kepada pembeli rumah, termasukpengecualian cukai keuntungan hartanah dan pengecualianduti setem. Insentif-insentif tersebut berjaya meningkatkansektor hartanah apabila pembeli mengambil peluang iniuntuk membeli rumah impian mereka atau menaik taraf kerumah yang lebih baik.

Peningkatan pendapatan boleh guna, keyakinan penggunayang makin bertambah dan kadar faedah yang rendah, turutmendorong perkembangan keseluruhan sektor hartanah

dalam tahun 2004. Subsektor perumahan berkekalan,disokong oleh permintaan yang kukuh terutama bagiperumahan yang mampu dimiliki, di lokasi unggul denganakses yang baik.(Sumber: Laporan Bank Negara Malaysia 2004)

ULASAN KEWANGAN

Sejajar dengan strategi pertubuhannya, Kumpulan mulamemasuki pembangunan terpilih melalui pangsapuri khidmatSeri Bukit Ceylon dalam tahun 2003. Sempena kejayaanprojek ini, Kumpulan telah melancarkan projek pembangunankondominium mewah yang dikenali sebagai Suasana Sentral Loft pada awal 2005. Kami berbangga untukmengumumkan bahawa Suasana Sentral Loft, yang terdiridaripada 600 unit kondominium mewah berjaya mencatatkankadar jualan cemerlang sebanyak 85%, dalam tempoh empatbulan pertama ia dilancarkan. Kedua-dua projek inimencerminkan kepopularan meningkat bagi kehidupan bandardi Kuala Lumpur.

Dengan sukacitanya, kami melaporkan bahawa dua projek pembangunan Kumpulan iaitu Bandar Seri Alam dan Bandar Seri Putra, terus berkembang maju danmemberikan hasil berterusan kepada Kumpulan dalam tahunkewangan 2004.

Bagi tahun kewangan di bawah tinjauan, Kumpulanmencatatkan hasil yang lebih tinggi sebanyak RM164.85juta, iaitu kenaikan sebanyak RM56.05 juta atau 51.53%berbanding dengan RM108.79 juta yang dicapai dalamtahun 2003.

Seterusnya, Kumpulan telah mencatatkan keuntungansebelum cukai yang lebih tinggi sebanyak RM35.02 jutadalam tahun 2004, kenaikan sebanyak RM11.36 juta atau48.01% berbanding dengan keuntungan sebelum cukaisebanyak RM23.66 juta dalam tahun 2003.

DIVIDEN

Bagi tahun kewangan berakhir 31 Disember 2004, kami dengan sukacitanya mengumumkan bahawa ParaPengarah telah mencadangkan dividen pertama dan akhirsebanyak 7.5 sen sesaham tolak cukai, tertakluk kepadakelulusan para pemegang saham di Mesyuarat AgungTahunan yang akan datang.

Peningkatan dividen sebanyak 50% adalah seiring denganpeningkatan prestasi kewangan Kumpulan yang berterusandan mencerminkan kesungguhan kami untuk berkongsikejayaan bersama para pemegang saham.

Pusat komersil berkembang dengan pesat di Bandar Seri Alam Banglo indah di Bandar Seri Putra


3.8

'00

4.3

'01

4.4

'02

6.1

'03

8.9

'04

3.0

6

'00

3.0

7

'01

3.0

8

'02

3.1

0

'03

3.16

'04

983.3

5

'00

1,0

66.1

9

'01

1,0

04.1

3

'02

978.4

8

'03

1,14

3.54

'04

Total assets

Jumlah aset

RM Million Juta

Net earnings

per share

Pendapatan bersih

sesaham

Sen

18

KISAH KEJAYAAN KAMI

Samada dalam pembangunan bandar atau pembangunanterpilih, kami berusaha untuk mencipta ruang hidup yangselesa bagi memenuhi aspirasi gaya hidup moden. Kumpulanamat peka kepada aliran perubahan dan cepat menyesuaikandiri untuk memenuhi keperluan pembelinya. Pembangunankami menikmati akses mudah ke lebuh raya dan serbalengkap dengan pusat-pusat membeli belah, sekolah, tempatibadat dan kemudahan rekreasi yang menyokong gaya hidupyang sihat dan selamat. Secara kolektif, Bandar Seri Putradan Bandar Seri Alam menempatkan lebih dari 48,000penghuni yang bekerja dan hidup di dalam suasana damai.Kejayaan ini terus membuktikan keunggulan kami.

Kami sentiasa berikhtiar untuk memperbaiki rangkaiankemudahan yang sudah tersedia di bandar-bandar kami.Sehubungan ini, Bandar Seri Alam akan menyediakan lebihbanyak kemudahan menarik seperti balapan go-kart danpadang futsal. Sementara di Bandar Seri Putra pula, usahamenaik taraf taman dan memperkenalkan lebih kemudahanrekreasi sedang dijalankan.

KEJAYAAN DI MASA DEPAN

Kejayaan kami dari segi pembangunan dan penjenamaanpersekitaran hidup yang berkualiti dijangka berkembangpada pertengahan tahun 2005, dengan bermulanya projekpembangunan Seri Austin, iaitu usaha terkini kami. Tapak yang baru diperolehi ini terletak di Tebrau, JohorBahru dan menjangkau lebih daripada 500 ekar tanahperladangan beralun.

Seperti pembangunan kembarnya yang lain, Seri Austindiperuntukkan sebagai projek pembangunan bercampurdengan produk-produk gaya hidup baru seperti rumahberkelompok, rumah bandar, rumah berkembar dan rumahteres 3-tingkat. Keindahan produk-produk baru ini semakinterserlah dengan konsep bandar taman yang menyediakanbanyak taman-taman berlanskap indah, trek joging dantaman permainan.

PERKONGSIAN PINTAR

Salah satu ramuan bagi resipi kejayaan UM Land adalahperkongsian pintar. Kami bersukacita untuk melaporkanbahawa rakan kongsi strategik kami bagi projek Seri BukitCeylon, iaitu Ascott International Management, adalahsalah satu penyedia pangsapuri khidmat terkemuka di duniadan juga merupakan ahli Kumpulan CapitaLand, Singapura.Ascott International Management akan menguruskanpangsapuri khidmat Seri Bukit Ceylon, atas nama Somerset.Di samping itu, perkongsian Kumpulan bersama MalaysianResources Corporation Berhad di dalam projek SuasanaSentral Loft terbukti amat berganjaran. Kejayaan kedua-duaprojek ini mendorong UM Land untuk terus memasukiperkongsian serupa dalam pembangunannya di masa depan.

SUMBER MANUSIA

Di UM Land, kami menganggap kakitangan sebagai asetyang paling berharga untuk mendorong pencapaian yang

Net tangible assets

per share

Aset ketara bersih

sesaham

RM


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lebih tinggi. Bagi mengembalikan semula kecemerlanganorganisasi di seluruh Kumpulan, pihak pengurusan telahmengenal pasti bahawa penilaian prestasi harus dikaji semula. Bagi tujuan ini, petunjuk prestasi akan digunakan untuk memperkemas pencapaian individu dengan matlamat korporat.

PERKEMBANGAN MASA DEPAN

Menurut Laporan Bank Negara Malaysia 2004, ekonominegara berkemungkinan akan kekal menggalakkan denganunjuran kadar pertumbuhan di antara 5% dan 6%. Polisikewangan akan terus memastikan kadar faedah kekal stabilbagi menampung aktiviti ekonomi dan menggalakkanpertumbuhan.

Berbekalkan suasana ekonomi yang kian pulih, Kumpulanmerancang untuk mengguna strategi perniagaan yang lebihproaktif dan agresif dalam perancangan dan pembangunanproduknya. UM Land akan menyediakan pelbagai produkyang terancang elok dan dicipta untuk memenuhi keperluanpembeli yang semakin arif membuat pilihan. Produk-produktersebut akan dilancarkan dalam pembangunan bandar kami pada masa yang tepat, seiring dengan kadarperkembangannya.

Selain dari pembangunan bandar, UM Land sedangberusaha untuk menambahkan kawasan hartanahnya di Lembah Klang. Kumpulan sentiasa mencari-caripembangunan terpilih dan peluang perkongsian pintardengan perbadanan lain yang berfikiran serupa. Fokus kami tidak terhad kepada produk mewah sahaja, tetapi turut merangkumi projek berharga sederhana untukmengimbangkan keadaan dan mencipta lebih banyakkediaman menawan bagi rakyat Malaysia.

PENGHARGAAN

Kata kunci dalam falsafah perniagaan kami bukan setakat“kerjasama berkumpulan” sahaja, tetapi turut merangkumikepimpinanan yang cekap dan berkesan. Kami mengambilpeluang ini untuk mengucapkan selamat datang kepada

Ketua Pegawai Eksekutif Kumpulan kami yang baru,Encik Wan Abdullah Wan Ibrahim, yang berwawasan tinggidalam industri hartanah. Beliau membawa bersamanyapelbagai pengalaman serta pengetahuan yang diperolehisemasa perkhidmatan beliau di dalam sektor pembangunanhartanah. Kami pasti pengalaman luas beliau akanmemanfaatkan Kumpulan.

Kami turut merakamkan penghargaan kepada rakan sekerjakami, YBhg Dato’ Syed Hamid Alhabshee, Encik Pee TongLim dan Cik Jennifer Loh yang telah bersara semenjaktarikh laporan tahunan yang lepas. Kami juga mengambilpeluang ini untuk mengucapkan selamat datang kepadapengarah baru kami, YBhg Dato’ Mohd Hanafiah bin Omardan kepada pengarah gilir kami, Puan Rita Lau Chen Chendan Encik Ahmad Shaifuldin bin Mahamad Sharudi.

Penghargaan ini turut diberi kepada rakan-rakan Pengarahlain di atas sumbangan mereka kepada Kumpulan.Kumpulan amat bernasib baik kerana mempunyai kumpulanpengarah yang berkelayakan dan berpengetahuan dalampelbagai bidang dan kepakaran.

Kami ingin meyakinkan para pemegang yang berkepentinganbahawa Lembaga Pengarah akan terus bekerjasama denganpihak pengurusan untuk mencapai matlamat-matlamatkorporat melalui strategi perniagaan yang mantap danamalan pengurusan yang cekap dengan penuh ketelusanserta pematuhan kepada urusan tadbir korporat.

Akhir kata, kami mengucapkan terima kasih kepada semuakakitangan di atas kesetiaan dan kesungguhan mereka sertasumbangan produktif yang diberi pada tahun ini. Bersama-sama, kami akan berusaha untuk meningkatkan prestasipada tahun-tahun akan datang.

DATO’ NG ENG TEE THAM KUI SENGNaib Pengerusi Bersama / Naib Pengerusi BersamaPengarah Eksekutif

Rumah berkualiti di Bandar Seri Alam


20C O R P O R AT E S T R U C T U R E S t r u k t u r K o r p o r a t

100%

100%DYNASTY VIEW SDN BHD Property Development and Related Activities

Pembangunan Hartanah dan Aktiviti Berkaitan

70% SUASANA SENTRAL TWO SDN BHDFormerly known as Dahulu dikenali sebagai

Panorama Prominent Sdn Bhd

Property Development and Related Activities


100%UM LAND BENA SDN BHD Property Development and Related Activities


100%UM LEISURE SDN BHDGeneral Trading

Perdagangan Am

100%UM DEVELOPMENT SDN BHD General Trading

Perdagangan Am

100%ALPINE RETURN SDN BHD Property Development and Related Activities


40% IPJORA HOLDINGS SDN BHD Developing, Building, Owning and Operating

Serviced Apartments

Pembangunan, Pembinaan, Pemilik dan

Operasi Pangsapuri Khidmat

100%UM LAND ASSETS SDN BHD Property Investment

Pelaburan Hartanah

100%PMS SERVICES SDN BHD Project Management

Pengurusan Projek

100% SERI ALAM HOTEL RESORT SDN BHD General Trading

Perdagangan Am

UM RESIDENCES SDN BHDDevelopment of Serviced Apartments

Pembangunan Pangsapuri Khidmat

100%COUNTRY EQUITY SDN BHD Investment Holding

Pegangan Pelaburan

100%

100%

SERI ALAM PROPERTIES SDN BHDProperty Development

Pembangunan Hartanah

SERI ALAM LEISURE SDN BHDInvestment Holding

Pegangan Pelaburan

100% SERI ALAM GOLF & EQUESTRIANCLUB SDN BHD Operation of a Recreational Club and Related

Activities

Operasi Kelab Rekreasi dan Aktiviti Berkaitan

100%

Investment holding and provision of management servicesPegangan pelaburan dan peruntukan perkhidmatan pengurusan


70% BANGI HEIGHTS DEVELOPMENTSDN BHD Property Development and Property Investment

Pembangunan Hartanah dan Pelaburan

Hartanah


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bringing innovative developments to life

Menyerlahkan kehidupan ke arahpembangunan berinovatif

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I N S P I R I N G L I V I N G S PA C E S T O M E E T L I F E S T Y L E A S P I R AT I O N S

UM Land Group is where it is today because of its

commitment to enriching the lives of the residents and

turning houses that we build into homes that are sound

investments for the future generation.

BANDAR SERI ALAM

UM Land made its entry into the property scene with the

opening of a strategic mixed township development called

Bandar Seri Alam, developed by its subsidiary Seri Alam

Properties Sdn Bhd.

Located along the Pasir Gudang highway, 18 km outside

Johor Bahru, Bandar Seri Alam is home to

40,000 residents, occupying more than 9,000 units of

commercial and residential properties. The entire Bandar

Seri Alam township is expected to be completed by

2012 with 24,000 commercial units and homes for a

population of more than 150,000 residents.

Bandar Seri Alam is now a thriving township

consisting of several local schools as well as a Japanese

international school, recreational parks, commercial

centres, a bustling wet market called Today’s Market, food

courts, community halls, convenient stores and others.

To provide more excitement within the township,

an “adventure” themed park complete with go-kart tracks

and futsal pitches are being developed.

More than 400 residential and commercial properties were

launched in 2004 while another 740 units are on the

drawing board for 2005.

Conceived as a garden township, Bandar Seri Alam has

flourished beautifully and has won top accolades from the

Johor State Government and town council Majlis

Perbandaran Johor Bahru for its landscaping and garden

beautification efforts. Bandar Seri Alam also features a

tranquil picturesque lake garden, which now serves as a

beacon for joggers, avid anglers and family picnics during

the weekends.

UM Land has proven its prowess in establishing a wide array of property types to meet the expectations of varied target

markets, from mixed developments within townships to niche high-end serviced residences catering to a growing demand for

inner city living.

Currently UM Land has two successful townships to its name. Bandar Seri Alam in Johor and Bandar Seri Putra in the Klang

Valley have become the pride of our residents who appreciate the pleasant environment and value-for-money homes that they

have invested in. These townships bear our marque of product quality, accessibility, security and landscaped neighbourhoods.

The well-planned network of roads provide easy access to highways, schools, shopping areas, places of worship and recreational

parks. We build homes that are innovative, aesthetically pleasant, coupled with many extra features that enhance the lifestyles

of the residents.

Strategically capitalizing on the new trend of inner city living, our boutique development projects of Seri Bukit Ceylon and

Suasana Sentral Loft, both located in Kuala Lumpur, have garnered huge response from a niche crowd of urbanites who

demand luxury living environment at close distance to the city. Outstanding landscaping, innovative housekeeping and

maintenance services, superior interior and architectural features coupled with great locations, have positioned these

developments in a class of their own.

Quality homes in Bandar Seri Alam


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BANDAR SERI PUTRA

Bandar Seri Putra is yet another township that has

earned its reputation over the last few years as a well-

planned, quality township modelled after its sister

development Bandar Seri Alam in the south.

Spread over 848 acres, Bandar Seri Putra is located

along the North-South Expressway, adjacent to

Putrajaya, Cyberjaya and Multimedia Super Corridor

(MSC). It enjoys quick and easy access to Kuala Lumpur

International Airport.

Bandar Seri Putra is a highly sought after address among

civil servants, professionals and the intellectual

community working in the southern region of the Klang

Valley. This is because it is surrounded by multi-national

companies in the nearby Nilai industrial area and higher

institutions of learning in Bangi, such as Universiti

Kebangsaan Malaysia and UNITEN (Universiti Tenaga

Nasional Malaysia).

The township features an array of properties ranging from

affordable apartments, townhouses, double-storey terraced

houses, semi-detached houses and bungalows. Presently

home to 8,500 residents, the population base is expected to

grow to about 30,000 in about 7 years when the township

is completed.

For both Bandar Seri Alam and Bandar Seri Putra, efforts

are underway to accelerate development through land

conversion and sale of strategic land banks for

commercially viable ventures. Commercial activities have

also increased, supported by the recent opening of

convenient stores, clinics, a post office and a police station.

In 2004, 308 units of residential and commercial

properties worth RM82 million were launched. In the

pipeline for 2005 are more than 700 units of commercial

and residential properties estimated to be worth

RM173 million.

Bustling market place - Bandar Seri Alam


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SERI BUKIT CEYLON

Seri Bukit Ceylon marked the Group’s debut into niche

development in line with the business strategy for the

year 2003. The move was to complement the Group’s

existing core business of township development with

boutique projects that provide faster returns with a

shorter turnaround period. By moving into such lifestyle

projects, UM Land is meeting the needs of the growing

population of city dwellers who like the conveniences of

city living.

Situated in the heart of the city in the central business

district of Kuala Lumpur, Seri Bukit Ceylon is a stone’s

throw from major shopping areas and surrounded

by a fabulous mix of food outlets and glitzy

entertainment hot spots.

Launched in March 2003, it comprises 119 units

of freehold serviced residences, 96 units of

lease-back serviced residences managed by Ascott

International Management, 26 duplex business suites

and 5 penthouses.

UM Land, in partnership with The Ascott International

Management Group, one of the world’s leading providers

of serviced residences, will operate the 96 units of

serviced residences under the Somerset brand name,

complete with amenities such as cleaning services,

24-hour security, swimming pool, sauna, gym and an

F & B outlet.

Seri Bukit Ceylon was conceived as a chic modern urban

home incorporated with the Small Office Home Office

(SOHO) concept. The lower level of its business suites is

designed as an office while the upper deck serves as a

private dwelling space.

Construction of the 25-storey serviced residences

project is scheduled to be completed in the third quarter

of 2005.

SUASANA SENTRAL LOFT

Another UM Land success story is the recently launched

Suasana Sentral Loft, a luxury condominium project

located within the country’s foremost transportation hub

- Kuala Lumpur Sentral.

Suasana Sentral Loft has proven to be a highly sought

after address when it was launched in the first quarter of

2005. Within the first four months of its introduction,

the project has registered an impressive take up rate of

more than 85%.

Amongst some of the distinctive features of Suasana

Sentral Loft are the sensual sunken baths; bold use of

wide panelled glass windows; an infinity pool with

underwater piped-in music and a sky club at the 38th

floor. An abundance of exotic tropical plants and

extensive use of water features will be incorporated to

help soothe the soul and mind. Residents of Suasana

Sentral Loft can look forward to come home to an urban

oasis with a resort ambience.

A 70:30 joint venture development between UM Land

Bhd and Malaysian Resources Corporation Berhad,

Suasana Sentral Loft comprises two towers of 600 units,

targeted mainly at expatriates and young urbanites looking

for homes that offer a combination of luxury and tranquility

within the city. It is scheduled to be completed in early 2008.

SERI AUSTIN

The latest addition to UM Land stable of developments is

Seri Austin. Located in the new and active growth corridor

of Johor Bahru, this 500-acre freehold agriculture land

has been approved for mixed development comprising 5,910

units of commercial and residential properties. The project

will take off in the third quarter of 2005.

Within Seri Austin and future projects, UM Land plans to

build more quality homes amidst healthy environments that

enhance the people’s living standards and promote quality

lifestyles. It is a mission that drives us to constantly seek new

opportunities for development and carve an influence in the

industry.

To achieve this vision, UM Land is dedicated to deliver value

through projects that showcase our commitment to be a

responsible developer that cares for the social progress,

welfare and living aspirations of Malaysians.

Duplex Business Suite in Seri Bukit Ceylon


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UM Land telah membuktikan kehandalannya dalam

penyediaan pelbagai jenis hartanah yang memenuhi

kehendak pasaran sasaran yang berbeza. Dari pembangunan

bercampur di bandar-bandar hingga ke pangsapuri khidmat

mewah, kesemuanya disediakan bagi memenuhi permintaan

kehidupan di bandar yang kian meningkat.

Buat masa ini, senarai kejayaan UM Land termasuk dua

buah bandar. Bandar Seri Alam di Johor dan Bandar Seri

Putra di Lembah Klang menjadi kebanggaan penghuninya

yang menghargai persekitaran indah dan nilai tinggi yang

tersedia bersama kediaman-kediaman yang telah dibeli.

Bandar-bandar ini menandakan keunggulan kami dari segi

kualiti produk, akses, keselamatan dan kejiranan yang

berlanskap indah. Rangkaian jalan yang terancang rapi

menyediakan akses mudah ke lebuh raya, sekolah, pusat

membeli belah, tempat ibadat dan taman-taman rekreasi.

Kami membina kediaman yang inovatif, artistik dan lengkap

dengan pelbagai ciri tambahan yang meningkatkan gaya

hidup penghuninya.

Kami telah mengambil kesempatan strategik daripada

trend baru yang menggemari kehidupan bandar melalui

pembangunan Seri Bukit Ceylon dan Suasana Sentral Loft,

di Kuala Lumpur. Projek-projek ini telah mendapat sambutan

hebat daripada golongan khas, yang menggemari kehidupan

mewah di dalam bandar. Selain itu, seni taman yang indah,

pengurusan rumah dan khidmat penyelenggaraan yang

inovatif, ciri dalaman dan seni bina yang menawan, yang

bertemankan lokasi-lokasi unggul telah berjaya meletakkan

pembangunan ini di dalam kelasnya yang tersendiri.

Kumpulan UM Land berada di tahap pencapaiannya hari

ini kerana komitmennya untuk memperkayakan hidup

penghuni dan menyediakan rumah-rumah yang bernilai

tinggi demi pelaburan masa depan.

BANDAR SERI AL AM

UM Land memasuki adegan hartanah melalui pembukaan

bandar bercampur yang strategik di Bandar Seri Alam.

Projek ini dimajukan oleh syarikat subsidiarinya, Seri

Alam Properties Sdn Bhd.

Bandar Seri Alam terletak di sepanjang lebuh raya Pasir

Gudang, iaitu 18 km di luar Johor Bahru. Ia didiami oleh

40,000 orang penghuni, yang menduduki lebih daripada

9,000 unit perniagaan dan perumahan. Keseluruhan

Bandar Seri Alam dijangka siap menjelang tahun 2012

dan akan menyediakan 24,000 unit perniagaan

dan perumahan untuk menampung lebih daripada

150,000 penghuni.

Bandar Seri Alam kini sedang berkembang maju dan

memiliki beberapa buah sekolah kebangsaan serta sebuah

sekolah antarabangsa Jepun, taman-taman rekreasi,

pusat perniagaan, sebuah pasar basah bernama

“Today’s Market”, medan selera, dewan komuniti, kedai

dan lain-lain.

Untuk menyeronokkan suasana di bandar ini, satu taman

tema “adventure” yang lengkap dengan balapan go-kart

dan padang futsal sedang dibangunkan.

Lebih daripada 400 unit hartanah perumahan dan

perniagaan telah dilancarkan dalam tahun 2004 sementara

740 unit lain berada di dalam perancangan bagi tahun 2005.

Bandar Seri Alam yang direka sebagai sebuah bandar

taman, telah berkembang pesat dan telah menerima

penghargaan tertinggi daripada Kerajaan Negeri Johor

dan Majlis Perbandaran Johor Bahru di atas usahanya

mencantikkan seni bina dan taman-taman di sini.

Terdapat sebuah taman tasik berpemandangan indah

di Bandar Seri Alam, yang kini menjadi pusat

berjoging, memancing dan berkelah di hujung minggu

bagi penghuninya.

BANDAR SERI PUTRA

Bandar Seri Putra adalah sebuah lagi pembangunan yang

bereputasi sebagai sebuah bandar berkualiti dan

terancang rapi yang mencontohi pembangunan bandar

kembarnya, iaitu Bandar Seri Alam di selatan.

Menjangkau 848 ekar, Bandar Seri Putra terletak

di sisi Lebuhraya Utara-Selatan, berhampiran dengan

Putrajaya, Cyberjaya dan Koridor Raya Multimedia

(MSC). Ia menikmati akses cepat dan mudah ke

Lapangan Terbang Antarabangsa Kuala Lumpur.

Bandar Seri Putra adalah lokasi yang memang

dikehendaki oleh kalangan pegawai awam, golongan

profesional dan komuniti intelek yang bekerja di rantau

selatan Lembah Klang. Ini kerana ia dikelilingi oleh

syarikat-syarikat multinasional di kawasan perindustrian

berhampiran di Nilai serta pusat pengajian tinggi

I N S P I R A S I R UA N G K E H I D U PA NYA N G M E M E N U H I A S P I R A S I G AYA H I D U P

Pangsapuri indah di Bandar Seri Putra


26

di Bangi seperti Universiti Kebangsaan Malaysia dan

UNITEN (Universiti Tenaga Nasional Malaysia).

Bandar ini menyediakan pelbagai jenis hartanah yang

merangkumi pangsapuri, rumah bandar, rumah teres dua

tingkat, rumah berkembar dan banglo yang mampu

dimiliki. Buat masa ini, ia menempatkan seramai

8,500 penghuni dan bilangan ini dijangka naik kepada

30,000 dalam masa 7 tahun apabila bandar ini

lengkap sepenuhnya.

Bagi mempercepatkan pembangunan di Bandar Seri

Alam dan Bandar Seri Putra, usaha sedang dijalankan

untuk menukar kegunaan tanah dan menjual

Perkongsian UM Land bersama Ascott International

Management, iaitu salah satu penyedia pangsapuri

khidmat terkemuka di dunia, akan mengendalikan 96 unit

pangsapuri khidmat atas nama Somerset, lengkap dengan

kemudahan membersih, kawalan 24 jam, kolam renang,

sauna, gimnasium dan pusat makanan & minuman.

Seri Bukit Ceylon direka sebagai rumah moden dan indah

yang menggabungkan konsep rumah pejabat dengan

pejabat kecil (SOHO) di mana tingkat bawah suit

perniagaan dijadikan pejabat sementara dek atasnya

dijadikan tempat penginapan.

Pembinaan projek pangsapuri khidmat setinggi 25 tingkat

ini dijadualkan siap dalam suku tahun ketiga tahun 2005.

pusingan lebih singkat. UM Land memasuki projek-projek

gaya hidup seperti ini untuk memenuhi permintaan

penduduk yang menggemari kehidupan di dalam bandar.

Seri Bukit Ceylon terletak di tengah pusat perniagaan

Bandaraya Kuala Lumpur. Ia juga berhampiran dengan

pusat-pusat membeli belah utama dan dikelilingi pelbagai

pusat makanan dan pusat hiburan popular.

Projek ini telah dilancarkan pada Mac 2003 dan

merangkumi 119 unit pangsapuri khidmat pegangan bebas,

96 unit pangsapuri khidmat pajak balik yang diuruskan

oleh Ascott International Management, 26 suit perniagaan

dupleks dan 5 penthouse.

tanah berstrategik bagi usaha komersil yang dapat

dilaksanakan. Aktiviti-aktiviti perniagaan semakin

meningkat dengan pembukaan kedai, klinik, sebuah

pejabat pos dan sebuah balai polis baru-baru ini.

Pada tahun 2004, 308 unit perumahan dan perniagaan

bernilai RM82 juta telah dilancarkan. Lebih daripada

700 unit perniagaan dan perumahan dengan nilai

anggaran RM173 juta berada dalam perancangan bagi

tahun 2005.

SERI BUKIT CEYLON

Seri Bukit Ceylon menandakan kemunculan Kumpulan

di dalam pembangunan terpilih, selaras dengan strategi

perniagaannya dalam tahun 2003. Tindakan ini diambil

untuk memantapkan perniagaan terasnya dalam

pembangunan bandar melalui penyediaan projek-projek

yang memberi pulangan lebih cepat dalam tempoh

Gaya hidup sihat dan lanskap indah di Bandar Seri Alam Salah satu daripada sekolah-sekolah di Bandar Seri Alam


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Satu lagi kisah kejayaan UM Land adalah Suasana

Sentral Loft yang baru dilancarkan. Ia merupakan

projek kondominium mewah yang terletak di pusat

pengangkutan terutama negara iaitu Kuala Lumpur

Sentral.

Suasana Sentral Loft telah terbukti sebagai satu

permintaan pelaburan yang tinggi apabila projek ini

dilancarkan dalam suku tahun pertama tahun 2005. Ia

berjaya mencatatkan kadar jual cemerlang yang melebihi

85% dalam tempoh empat bulan pertama ia dilancarkan.

Di antara ciri-ciri unik di Suasana Sentral Loft adalah

penyediaan tempat mandi tenggelam dan penggunaan

dinding kaca luas di bilik mandi; sebuah kolam infinit

yang lengkap dengan saluran muzik di bawah paras air

serta “sky club” di tingkat 38. Kehijauan eksotik yang

mengelilingi dan penggunaan hiasan air yang menarik

menambahkan ketenteraman. Kembalinya penghuni

ke Suasana Sentral Loft adalah seumpama kembali

ke sebuah oasis moden di pusat peranginan.

Suasana Sentral Loft adalah pembangunan usaha

sama 70:30 di antara UM Land dan Malaysian

Resources Corporation Berhad. Ia merangkumi

dua menara yang menampung 600 unit, disasarkan

terutamanya kepada golongan ekspatriat dan

muda-mudi yang menggemari rumah yang menawarkan

ciri-ciri kemewahan dan kedamaian di dalam bandar.

Ia dijadualkan siap pada awal tahun 2008.

SERI AUSTIN

Penambahan terbaru kepada pembangunan UM Land

adalah Seri Austin. Ia terletak di koridor baru

pembangunan aktif di Johor Bahru. Tanah pertanian

pegangan bebas ini menjangkau keluasan 500 ekar dan

telah diluluskan untuk pembangunan bercampur yang

terdiri daripada 5,910 unit perniagaan dan perumahan.

Projek ini akan dimulakan dalam suku ketiga tahun 2005.

Selain dari Seri Austin dan projek lain di masa depan,

UM Land merancang untuk membina lebih banyak rumah

berkualiti di dalam persekitaran sihat yang boleh

meningkatkan taraf kehidupan dan mengalakkan gaya

hidup berkualiti. Misi ini terus mendorong kami untuk

merebut peluang-peluang pembangunan baru yang ada

sambil memahat pengaruh kami di dalam industri.

Untuk mencapai misi ini, UM Land berdedikasi

untuk memberi nilai melalui projek-projeknya yang

mempamerkan komitmen kami untuk menjadi pemaju

yang bertanggungjawab dan mengambil berat tentang

perkembangan sosial, kebajikan dan aspirasi kehidupan

rakyat Malaysia.

Hiasan dalaman indah rumah contoh di Bandar Seri Alam


28

Enriching lives...Through Sharing AndCaring Remember the good old days of running

outside to play with your kampung buddies...

or when all the neighbours got together

to help out for a wedding? The true

Malaysian muhibbah and gotong-royong

spirit elevates society into caring

communities you love to call home. And UM

Land is actively involved in going beyond

commercial ventures to include in our

townships a spirit of zestful living to enrich

the lives of residents especially during

periods of festivity.

For instance in Bandar Seri Alam, each new lunar year

celebration kicks off with a bang, complete with cymbals and

drums followed by a mesmerising performance by the lion or

dragon dance troupe. Similarly, our Hindu friends celebrate

their colourful harvest festival (ponggal) with cultural dance

performances and a feast consisting of delicious Indian

cuisines. At the end of ramadhan, our Muslim friends get

together for a “gotong-royong” to make lemang and rendang

to treat their non-muslim guests as part of the Hari Raya

celebration.

Meanwhile over in Bandar Seri Putra, residents and their

children are treated to the Merdeka Carnival each year.

Squeals of delight echo through the township from children

bouncing off inflatable playthings while peals of laughter

came from adults enjoying themselves with games

and special entertainment programmes brought in for

the occasion.

In 2004, a special competition was held to mark the event.

Two very lucky new home purchasers each won a

fully-furnished Vista Seri Putra high-rise apartment

worth RM150,000 and a Proton Perdana V-6 worth

RM96,000 respectively.


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And to add more value to community life here, recently night

market or pasar malam and pasar tani have become a

regular feature at the township

These initiatives that have become “tradition” rekindles the

old spirit of “muhibbah” so much so that visitors to a

UM Land township will find it to be a cultural melting pot

where the community events are celebrated with zest and

enjoyed by everyone.

The extent to which we have succeeded in building a strong

community spirit was evident last year when residents of

Bandar Seri Alam gathered for a more sombre occasion.

It was to pay tribute to many lives lost in the December 2004

tsunami disaster and to seek solace and strength over

the emotional shock that all suffered. By reaching out to

fellow residents, a very positive sense of strength and

support emerged.

It is events such as these that UM Land take pride as it takes

us beyond our work on mere development as it brings us

nearer to our dream of creating a warm, caring and fun

place to live.

Likewise, we take great pride in building fun and stimulating

work environment that ensures a healthy balance between

work and play. Occasionally, management and staff are

encouraged to take some time off their busy work schedules

for a tete-a-tete to foster better relations. We also make time

to host small gatherings for birthday and to celebrate

personal achievements. A favourite event that reveals the

hidden “songbird” talents within UM Land is the karaoke.

It marks a night where employees can let out pent-up

emotions via song or relax to tuneful serenades.

Memperkayakan KehidupanMelalui Perkongsian danSifat PenyayangIngat lagi pada zaman dulu bila anda bebas bermain di luar

bersama rakan-rakan di kampung atau bergotong-royong

bersama jiran bagi kenduri kahwin? Semangat muhibbah

dan gotong-royong yang sebenar membantu masyarakat

Malaysia menjadi satu komuniti yang damai. Selain dari

usaha komersil di dalam bandar-bandarnya, UM Land turut

mementingkan kehidupan yang penuh semangat bagi

memperkayakan kehidupan penghuninya, terutama semasa

musim perayaan.

Bandar Seri Alam misalnya, menyambut setiap Tahun Baru

Cina dengan meriah, lengkap dengan pukulan simbal dan

gendang diikuti oleh persembahan tarian naga yang

mengasyikkan. Penghuni beragama Hindu pula meraikan

perayaan menuai (ponggal) dengan persembahan tarian

budaya serta dijamu masakan-masakan India yang lazat.

Pada penghujung bulan Ramadhan, penghuni beragama

Islam pula berkumpul dan bergotong-royong memasak

lemang dan rendang untuk menjamu tetamu bukan Islam

sempena meraikan Hari Raya Aidil Fitri.

Di Bandar Seri Putra pula, penghuni-penghuninya

dihiburkan dengan Karnival Merdeka setiap tahun. Bandar

ini menjadi riuh-rendah dengan suara girang kanak-kanak

sedang bermain dan gelak ketawa golongan dewasa yang

terhibur dengan pelbagai permainan dan program istimewa

yang dibawa masuk khas untuk karnival ini.

Pada tahun 2004, satu pertandingan khas telah diadakan

sempena karnival ini. Dua orang pembeli rumah bertuah

masing-masing telah memenangi sebuah pangsapuri Vista

Seri Putra berkelengkapan penuh bernilai RM150,000

serta kereta Proton Perdana V-6 bernilai RM96,000.


30

Untuk meningkatkan nilai kehidupan komuniti di bandar ini,

pasar malam dan pasar tani sudah mula muncul sebagai satu

kebiasaan.

Inisiatif sebegini yang mengembalikan semula semangat

muhibbah, sudah menjadi satu tradisi bagi masyarakat di

sesebuah bandar UM Land. Para pengunjung pasti kagum

dengan semangat muhibbah di sini di mana segala perayaan

masyarakat disambut dengan penuh kemeriahan untuk

dinikmati oleh semua.

Semangat muhibbah dan sikap penyayang di Bandar Seri

Alam jelas kelihatan apabila penghuninya telah berkumpul

untuk memperingati mangsa-mangsa bencana tsunami pada

Disember 2004 bagi memberi kekuatan semangat kepada

mangsa dan semua yang masih terkejut dengan berita ini.

Peristiwa ini telah merapatkan masyarakat dan memberi

kekuatan baru di dalam diri masing-masing.

Acara-acara sebegini menjadi kebanggaan UM Land kerana

ia mencerminkan kesungguhan kami untuk merealisasikan

impian mencipta persekitaran komuniti yang mesra,

penyayang dan seronok untuk didiami.

Selain dari membina komuniti, kami juga komited untuk

memupuk persekitaran kerja yang seronok dan merangsang

bagi memastikan keseimbangan sihat di antara kerja

dan rehat. Pihak pengurusan dan kakitangan digalak

meluangkan masa dan bersua muka bagi menjalinkan

hubungan yang lebih rapat dengan penghuni bandar kami.

Kami juga mengadakan majlis kecil untuk meraikan ulang

tahun atau pencapaian peribadi seseorang penghuni.

Satu acara kegemaran adalah sesi karaoke di kalangan

kakitangan UM Land yang suka menyanyi atau sekadar

mahu menenangkan fikiran dengan mendengar lagu sahaja.


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31F i v e -Ye a r G r o u p F i n a n c i a l H i g h l i g h t s

P r e s t a s i K e w a n g a n K u m p u l a n B a g i L i m a Ta h u n

2000 2001 2002 2003 2004RM million RM million RM million RM million RM million

RM Juta RM Juta RM Juta RM Juta RM Juta

Revenue 123.20 150.97 135.82 108.79 164.85HasilHasil

Profit before tax 18.22 14.66 18.07 23.66 35.02Keuntungan sebelum cukai

Shareholders’ equity 709.49 711.21 713.08 719.57 733.97Ekuiti pemegang saham

Total assets 983.35 1,066.19 1,004.13 978.48 1,143.54Jumlah aset

Issued and paid-up capital 231.63 231.63 231.63 232.35 232.35Modal diterbitkan dan berbayar

Gross dividend rate (%) 7.5 5.0 5.0 5.0 7.5Kadar dividen kasar (%)Kadar dividen kasar (%)

Net earnings per share (sen) 3.8 4.3 4.4 6.1 8.9*Pendapatan bersih sesaham (sen)

Net tangible assets per share (RM) 3.06 3.07 3.08 3.10 3.16**Aset ketara bersih sesaham (RM)

* Net earnings per share (EPS) is calculated based on the weighted average number of shares of232,046,454 in issue during the year. Pendapatan bersih sesaham (EPS) dikira berdasarkan purata bilangan saham berwajaran sebanyak

232,046,454 yang diterbitkan sepanjang tahun.

**Net tangible assets (NTA) per share is calculated based on the reduced number of shares of 232,034,733 in issue net of treasury shares.Aset ketara bersih (NTA) sesaham dikira berdasarkan bilangan saham yang dikurangkan iaitu sebanyak

232,034,733 yang diterbitkan selepas saham perbendaharaan.

A/Report 2col 28/05/2005 2:22 AM Page 31

32

C O R P O R AT E G O V E R N A N C E S TAT E M E N T

The Board of Directors of United Malayan Land Bhd (UMLand or the Company) reaffirms its commitment that the highest standards

of corporate governance are being applied throughout the UMLand Group of Companies (the Group). Thus the Board and Group have

practise good corporate governance in directing and managing their corporate affairs and discharge their duties and responsibilities

consistent with the recommendations of the Malaysian Code on Corporate Governance (Code).

The Board is pleased to report to the shareholders the manner in which the Company has applied the principles and complied with the

best practices of the Code and other recognized standards throughout the financial year ended 31 December 2004.

BOARD OF DIRECTORS

Composition of the Board

The Board comprises members from diverse professional backgrounds with wide range of business and financial experiences.

The Board currently has eight (8) members comprising one (1) executive Director and seven (7) non-executive Directors, of whom three

are independent. Two of the non-executive Directors have appointed alternate directors. The current composition of the Board is in

compliance with the Listing Requirements of Bursa Malaysia Securities Berhad (Bursa Securities). A brief profile of each member of

the Board is presented on pages 4 to 11 of this Annual Report.

Appointments to the Board

The Board through the Nomination Committee’s recommendations ensure that the level and make-up of its members are of the necessary

calibre, experience and qualification needed to manage the Company and Group successfully.

Board Balance

The Board recognizes that all Directors have equal responsibilities for the Group’s operations. The presence of the independent

non-executive Directors is particularly important in ensuring that the strategies proposed by Management are fully disclosed and

examined in order to protect the interest of shareholders and other minority interested parties and the community in which the Group

conducts business.

The Chairman has separate and distinct duties and responsibilities from that of the Group Chief Executive Officer. There is clear division

of responsibilites between the Chairman and the Group Chief Executive Officer to ensure proper balance of power and authority.

Roles and responsibilities

The Board takes full responsibility for the overall direction of the Company and Group and focuses on business strategies, financial and

organizational performance.

The following primary responsibilities have been assumed by the Board in accordance with the Best Practices of the Code:

• Determine the strategic plan for the Company and Group;

• Overseeing the conduct of the Group’s businesses;

• Identifying and managing principal risks affecting the Group;

• Reviewing the adequacy and integrity of the Group’s internal control system;

• Implementing succession planning for timely succession of Management within the Group; and

• Maintaining an effective investor relations programme and shareholder communications policy for the Group.


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BOARD OF DIRECTORS (cont’d)

Meetings

The Board ordinarily meets at least four times a year with additional meetings convened as and when urgent issues and important

decisions are required to be taken between the scheduled meetings. During the financial year ended 31 December 2004, the Board met

five (5) times to deliberate and consider a variety of significant matters including review on quarterly financial statements, several

corporate proposals as well as other related businesses that requires due approval.

Details of attendance of each Director who were in office during the year under review are set out below:

%Directors Attendance of attendance

Tham Kui Seng 3/5 60

Dato’ Ng Eng Tee 5/5 100

Datuk Mohd Khamil Bin Jamil 4/5 80

Datuk Syed Ahmad Khalid Bin Syed Mohammed 5/5 100

Datuk Nur Jazlan Bin Tan Sri Mohamed 4/5 80

Dr Choo Kian Koon 4/5 80

Ng Eng Soon 5/5 100

Dato’ Mohd Hanafiah Bin Omar (Appointed on 10 January 2005) - Not applicable-

Mohamed Ali Rashed Alabbar (Resigned on 4 April 2005) 2/5 40

Dato’ Syed Hamid Alhabshee (Resigned on 1 November 2004) 4/4 100

Pee Tong Lim (Resigned on 21 March 2005) 5/5 100

Supply of Information

The Board has full and unrestricted access to all information pertaining to the Group’s businesses and affairs to enable it to discharge

its duties effectively.

Prior to each Board meeting, an agenda together with comprehensive reports for each agenda item to be discussed will be forwarded

to each director in a timely manner well before the scheduled meeting to enable the Directors to obtain further clarification or

explanation, where necessary, in order to be adequately briefed before the meeting.

The Board may also seek independent professional advice at the Company’s expense where necessary, in the furtherance of their duties.

All Directors have access to the advice and services of the Company Secretary.

Directors’ Training

All Directors have attended and successfully completed the Mandatory Accreditation Programme conducted by Bursatra Sdn Bhd

(formerly known as Bursa Malaysia Training Sdn Bhd), an affiliate of Bursa Securities.

In addition, the members of the Board have also been attending the Continuing Education Programmes to further enhance their skills

and knowledge on relevant new laws and regulations and changing commercial risks to keep abreast with developments in the industry.

Re-election

In accordance with the Company’s Articles of Association, one-third of the Directors shall retire from office at each Annual General

Meeting, subject to the retirement of all Directors at least once in every three years. Retiring Directors can offer themselves for

re-election.

Directors who are appointed as additional directors or to fill casual vacancies during the year are subject to re-election by the

shareholders at the next Annual General Meeting following their appointments.

Directorships in other Companies

Pursuant to the Listing Requirements of Bursa Securities, each member of the Board hold not more than ten (10) directorships in public

listed companies and not more than fifteen (15) directorships in non-public listed companies. This ensures that their commitment,

resources and time are focused for an effective input to the Board and the Company.


34

C O R P O R AT E G O V E R N A N C E S TAT E M E N T ( c o n t ’ d )


Directors’ Remuneration

Directors’ remuneration is determined at levels which enable the Company to attract and retain Directors with the relevant experience

and expertise needed to manage the Group effectively. For executive directors, the component parts of remuneration are structured so

as to link rewards to corporate and individual performance. For non-executive Directors, the level of remuneration reflects the

experience and level of responsibilities undertaken by these directors.

The determination of remuneration packages for non-executive Directors, including the non-executive Chairman, is a matter for the

Board as a whole. The Directors concerned are required to abstain from deliberations and voting on decisions in respect of their

individual remuneration.

The remuneration package of the Directors is as follows:-

i. Basic salary - Basic salary for executive Directors is recommended upon consideration of individual performance and rates of salary

for similar positions in comparable companies.

ii. Fees - Directors’ fees are based on fixed sum as determined by the Board after considering comparable organisations and Directors’

participation in various sub-committee of the Board. The fees are approved by the shareholders at the Annual General Meeting of

the Company.

iii. Bonus Scheme - The Group operates a non-contractual bonus scheme for its employees and executive Directors, which is determined

based on the Group’s level of profit and individual’s performance during the period. Bonuses payable to executive Directors are

reviewed by the Remuneration Committee and approved by the Board.

iv. Benefits-in-kind - Other customary benefits such as medical care, car, driver, etc are made available as appropriate.

v. Directors’ Share Options - The executive Directors are eligible to participate in the Company’s Employees Share Options Scheme

on the same terms and conditions as those offered to employees. The executive Directors’ movement in share options during the year

under review are reflected in the audited financial statements.

A summary of the total remuneration of the Directors in office for the financial year ended 31 December 2004, distinguishing between

executive and non-executive Directors, in aggregate with categorisation into appropriate components and the number of directors whose

remuneration falls into each successive bands of RM50,000 are disclosed below:

Executive Non-ExecutiveDirectors Directors Total

(RM) (RM) (RM)

Basic salaries and bonus 868,250 – 868,250

Fees 38,400 182,500 220,900

Meeting allowance 17,000 68,000 85,000

Benefits-in-kind 30,625 – 30,625–––––––––––––––––––––– –––––––––––––––––––––– ––––––––––––––––––––––

Total 954,275 250,500 1,204,775====================== ====================== ======================

Executive Non-ExecutiveDirectors Directors Total

RM 0 - RM50,000 – 10 10

RM50,001 -RM100,000 – – –

RM450,001 - RM500,000 1 – 1

RM500,001 - RM550,000 1 – 1–––––––––––––––––––––– –––––––––––––––––––––– ––––––––––––––––––––––

Total 2 10 12====================== ====================== ======================


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Board Committees

The Board has delegated certain specific responsibilities to Board Committees, which operates within clearly defined terms of references

primarily to assist the Board in the execution of its duties and responsibilities. With the exception of the Executive Committee to which

the Board has granted discretionary authority to deliberate and decide certain operational matters, the ultimate responsibility for final

decision on all matters lies with the entire Board.

The following Board Committees were established by the Board with clearly defined terms of references:

Audit Committee

The Audit Committee is authorised by the Board to investigate any activities within its terms of reference and shall have unrestricted

access to both the internal and external auditors and members of Management of the Group. The activities carried out by the Audit

Committee during the year under review are summarised in the Audit Committee Report and its Terms of Reference appearing in the

ensuing pages of this Annual Report.

Executive Committee (EXCO)

The role of the EXCO is to assist the Board in reviewing major operational and financial issues, monitoring progress and performance

of business units in addition to ensuring the achievement of the Group’s targets and objectives.

The functions of the EXCO include but are not limited to:-

• the evaluation of the Group’s strategic plans;

• approving all major investments and business deals;

• approving authority and financial limits;

• advising on the overall Management policies of the Company and the Group;

• reviewing the performance evaluation and reward system to be used as a basis of measurement of Management’s effectiveness;

• ensuring the development and implementation of an investor relation programme; and

• such other functions as may be delegated by the Board from time to time to assist the Board in discharging its fiduciary duties.

BOARD OFDIRECTORS

Audit Committee

Executive Committee

Tender Board Committee

Remuneration Committee

Nomination Committee

Risk Committee

BoardCommittees


36

C O R P O R AT E G O V E R N A N C E S TAT E M E N T ( c o n t ’ d )


Tender Board Committee

The Tender Board Committee is tasked by the Board in general to assist in overseeing the Group’s tender and contract procurement

processes in compliance with the Group’s relevant policies and requirements.

Its duties and responsibilities amongst others is to ensure that the procurement process is in compliance with relevant policies and

requirements by undertaking verification relating to technical and financial strength of the bidders and their certification with relevant

bodies. In addition, the Tender Board Committee also considers, evaluates and approves tender awards, taking into consideration various

factors such as price, usage of products and services and duration of service.

Remuneration Committee

The responsibilities of the Remuneration Committee are to recommend a remuneration framework for all executive Directors and the

remuneration arrangements for individual executive Directors, ensure that the remuneration framework recommended reflects the

Group’s performance. Additionally, the Remuneration Committee also reviews and approves annual salaries, incentive arrangements,

service agreements and employment conditions for executive Directors and key senior management as well as performing regular review

of the competitiveness of the Group’s remuneration structure and policy.

Nomination Committee

The responsibilities of the Nomination Committee are to recommend to the Board, candidates for all directorships of the Company and

its subsidiaries and to review the structure and balance of appointments between executives and non-executives, to review adequacy of

structure of Board Committees and to review annually, the required mix of skills and experience and other qualities of all directorships.

Risk Committee

The Risk Committee was recently established to assist the Board to actively focus and deliberate on all risk oversight responsibilities of

the Group. The Risk Committee reports to the Board and is tasked with maintaining an effective risk management system towards the

achievement of its strategic, financial, operational and other business objectives. Ultimately, the Board is responsible for the Group’s

overall responsibility for risk oversight within the Group.

The principal function of the Risk Committee are amongst others to determine risk management policy, approve risk management

philosophy and strategies, overall risk management oversight, communication with external shareholders and to review risk profile of

the Group.

INVESTOR RELATIONS AND SHAREHOLDER COMMUNICATION

In line with good corporate governance, the Group adopts an open and transparent policy in respect of its relationship with its

shareholders and investors. Consequently, when the Group embarks on new business and strategic ventures, press conferences are held

to keep the shareholders, investors and public informed of significant developments.

The Company communicates with its shareholders and investors through the Annual Report, Annual General Meeting (AGM) and its

website (www.umland.com.my) . At every AGM, a question and answer session will be held to provide a forum for dialogue and

interaction with shareholders. The Board encourages shareholders to enquire, amongst others, on the proposed resolutions at the AGM,

business operations of the Group, the Group’s results and future business prospects. In addition, the timely releases of the quarterly

financial results and public announcements made by the Company through Bursa Securities provides shareholders and investors with an

overview of the Group’s performance and operations.


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ACCOUNTABILITY AND AUDIT

Financial Reporting

The Directors ensure that the financial statements are prepared in accordance with Companies Act, 1965 and the applicable approved

accounting standards set by the Malaysian Accounting Standards Board so as to present a balanced and understandable assessment of

the Group’s financial position and prospects.

Directors’ Responsibility Statement in respect of the preparation of the Annual Financial Statements

The Board is responsible for ensuring that the financial statements of the Group gives a true and fair view of the state of affairs of the

Group and of the Company as at the end of the accounting period and of the profit and loss and cashflow for the period then ended.

In preparing the financial statements, the Directors have applied suitable accounting policies and applied them consistently and made

judgements and estimates that are reasonable and prudent. The Directors have also ensured that all applicable accounting standards

have been followed and prepared financial statements on the going concern basis as the Directors have a reasonable expectation,

having made enquiries, that the Group and of the Company have adequate resources to continue in operational existence for the

foreseeable future.

The Directors also have responsibility for ensuring that the Company keeps accounting records which disclose with reasonable accuracy

the financial position of the Group and of the Company and which enable them to ensure that the financial statements comply with the

provisions of Companies Act, 1965.

The Directors have overall responsibilities for taking such steps as are reasonably open to them to safeguard the assets of the Group to

prevent and detect fraud and other irregularities.

Internal Controls

The Board acknowledge their responsibility for the Group’s system of internal controls not only financial controls but also operational

and compliance controls as well as risk management.

The Directors’ Statement on Internal Control set out on pages 44 and 45 of this Annual Report provides an overview of the state of

internal control within the Group.

Relationship With The Auditors

The Board, through the Audit Committee maintains a transparent and professional relationship with the Company’s Auditors, both

external and internal. A full report of the Audit Committee enumerating its role in relation to the internal and external auditors is set

out on pages 48 to 50 of this Annual Report.

This statement is made in accordance with the Board’s resolution dated 22 April 2005.


38

P E N YATA U R U S A N TA D B I R KO R P O R AT

Lembaga Pengarah United Malayan Land Bhd (UMLand atau Syarikat) berkomited sepenuhnya dalam memastikan piawaian tertinggi

diamalkan dalam urusan tadbir korporat Kumpulan Syarikat UM Land (Kumpulan). Dengan itu, Lembaga Pengarah dan Kumpulan

telah mempraktikkan urusan tadbir korporat yang kukuh dalam pengurusan hal ehwal korporat dan telah melaksanakan tugas dan

tanggungjawab mereka selaras dengan saranan Kod Urusan Tadbir Korporat Malaysia (Kod).

Lembaga Pengarah dengan sukacitanya melaporkan kepada para pemegang saham bahawa Syarikat telah menerapkan prinsip-prinsip

tersebut dan mematuhi amalan terbaik Kod dan sebarang piawaian yang diiktiraf, sepanjang tahun kewangan berakhir 31 Disember

2004.

LEMBAGA PENGARAH

Komposisi Lembaga Pengarah

Lembaga Pengarah terdiri daripada ahli-ahli profesional yang berpengalaman luas dalam bidang perniagaan dan kewangan.

Lembaga Pengarah terdiri daripada lapan (8) orang ahli, yang merangkumi seorang (1) Pengarah eksekutif dan tujuh (7) orang

Pengarah bukan eksekutif, di mana tiga daripadanya adalah pengarah bebas. Dua daripada Pengarah bukan eksekutif telah melantik

pengarah gilir. Komposisi Lembaga Pengarah sekarang ini mematuhi Keperluan Penyenaraian Bursa Malaysia Securities Berhad (Bursa

Sekuriti). Profil ringkas bagi setiap orang ahli Lembaga dibentangkan di muka surat 4 hingga 11 Laporan Tahunan ini.

Pelantikan ke Lembaga Pengarah

Menerusi saranan Jawatankuasa Pencalonan, Lembaga Pengarah memastikan bahawa tahap serta komposisi ahli-ahlinya terdiri

daripada mereka yang berkebolehan, berpengalaman dan berkelayakan untuk mengurus Syarikat serta Kumpulan dengan baik.

Keseimbangan Lembaga Pengarah

Lembaga Pengarah mengiktiraf bahawa semua Pengarah mempunyai tanggungjawab yang sama dalam menguruskan operasi Kumpulan.

Kehadiran Pengarah bebas bukan eksekutif terutamanya, adalah penting untuk memastikan strategi-strategi yang dicadangkan oleh

Pengurusan didedah dan dikaji sepenuhnya untuk melindungi kepentingan para pemegang saham dan pihak minoriti lain serta komuniti

di mana Kumpulan mengendalikan perniagaannya.

Pengerusi mempunyai tugas dan tanggungjawab yang berasingan dan jelas, berbanding dengan Ketua Pegawai Eksekutif Kumpulan.

Terdapat pembahagian tanggungjawab yang nyata di antara Pengerusi dan Ketua Pegawai Eksekutif Kumpulan bagi memastikan

keseimbangan kuasa yang wajar.

Peranan dan tanggungjawab

Lembaga Pengarah bertanggungjawab sepenuhnya ke atas hala tuju keseluruhan Syarikat dan Kumpulan dan memfokus kepada strategi

perniagaan serta prestasi kewangan dan organisasi.

Tanggungjawab utama berikut telah dipikul oleh Lembaga Pengarah selaras dengan Amalan Terbaik Kod:

• Menentukan perancangan strategik Syarikat dan Kumpulan;

• Mengawal selia pengendalian perniagaan Kumpulan;

• Mengenal pasti dan menguruskan risiko-risiko utama yang mempengaruhi Kumpulan;

• Mengkaji kecukupan dan keutuhan sistem kawalan dalaman Kumpulan;

• Melaksanakan perancangan turutan untuk memastikan penggantian Pengurusan dalam Kumpulan dilakukan tepat pada waktunya;

dan

• Mengekalkan program perhubungan dengan pelabur dan polisi komunikasi dengan pemegang saham yang berkesan untuk Kumpulan.


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LEMBAGA PENGARAH (samb.)

Mesyuarat

Lembaga Pengarah bertemu sekurang-kurangnya empat kali setahun. Mesyuarat tambahan diadakan apabila perkara-perkara mustahak

serta keputusan penting perlu dibuat di antara tempoh mesyuarat yang telah dijadualkan. Sepanjang tahun kewangan berakhir 31

Disember 2004, Lembaga Pengarah telah bermesyuarat sebanyak lima (5) kali untuk berbincang dan menimbangkan pelbagai perkara

penting, termasuk mengkaji penyata kewangan suku tahunan, beberapa cadangan korporat serta lain-lain urusan perniagaan berkaitan

yang memerlukan kelulusan sewajarnya.

Butiran kehadiran setiap Para Pengarah yang berkhidmat pada tahun yang ditinjau dibentangkan di bawah:

%Pengarah Kehadiran Kehadiran

Tham Kui Seng 3/5 60

Dato’ Ng Eng Tee 5/5 100

Datuk Mohd Khamil Bin Jamil 4/5 80

Datuk Syed Ahmad Khalid Bin Syed Mohammed 5/5 100

Datuk Nur Jazlan Bin Tan Sri Mohamed 4/5 80

Dr Choo Kian Koon 4/5 80

Ng Eng Soon 5/5 100

Dato’ Mohd Hanafiah Bin Omar (Dilantik pada 10 Januari 2005) - Tidak berkenaan -

Mohamed Ali Rashed Alabbar (Meletak jawatan pada 4 April 2005) 2/5 40

Dato’ Syed Hamid Alhabshee (Meletak jawatan pada 1 November 2004) 4/4 100

Pee Tong Lim (Meletak jawatan pada 21 Mac 2005) 5/5 100

Bekalan Maklumat

Lembaga Pengarah mempunyai akses penuh tanpa batasan, kepada semua maklumat perniagaan dan hal ehwal Kumpulan untuk

membolehkannya melaksanakan tugas dengan berkesan.

Sebelum setiap mesyuarat Lembaga, agenda serta laporan komprehensif bagi setiap perkara agenda yang akan dibincangkan akan

diserahkan kepada setiap Para Pengarah untuk membolehkan Para Pengarah mendapatkan huraian atau penjelasan lanjut, jika perlu,

agar mereka cukup bersedia sebelum mesyuarat berlangsung.

Dalam melaksanakan tugas mereka, Lembaga Pengarah juga boleh mendapatkan nasihat profesional bebas di bawah tanggungan

Syarikat, jika perlu. Kesemua Pengarah boleh mendapatkan nasihat serta khidmat Setiausaha Syarikat.

Latihan Para Pengarah

Semua Pengarah telah menyertai dan melengkapkan Program Akreditasi Mandatori yang dikelolakan oleh Bursatra Sdn Bhd

(dahulunya dikenali sebagai Bursa Malaysia Training Sdn Bhd), iaitu sebuah gabungan Bursa Sekuriti.

Di samping itu, ahli-ahli Lembaga telah menghadiri Program Pendidikan Berterusan untuk mempertingkatkan kemahiran dan

pengetahuan mereka mengenai peraturan baru yang relevan serta risiko-risiko perniagaan agar sejajar dengan perkembangan industri.

Pemilihan Semula

Selaras dengan Tataurusan Syarikat, satu pertiga daripada Para Pengarah hendaklah bersara daripada jawatan pada setiap Mesyuarat

Agung Tahunan, tertakluk kepada persaraan semua Pengarah sekurang-kurangnya sekali setiap tiga tahun. Pengarah yang bersara boleh

menawarkan diri untuk pemilihan semula.

Pengarah yang dilantik sebagai pengarah tambahan atau untuk mengisi kekosongan biasa dalam tahun ini adalah tertakluk kepada

pemilihan semula oleh para pemegang saham di Mesyuarat Agung Tahunan yang akan datang.

Jawatan Pengarah dalam Syarikat lain

Selaras dengan Keperluan Penyenaraian Bursa Sekuriti, setiap orang ahli Lembaga boleh menjadi pengarah bagi tidak lebih daripada

sepuluh (10) syarikat awam tersenarai dan tidak melebihi lima belas (15) syarikat bukan awam tersenarai, untuk memastikan bahawa

komitmen, sumber dan masa mereka adalah tertumpu terhadap pemberian input yang berkesan kepada Lembaga Pengarah dan

Syarikat.


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P E N YATA U R U S A N TA D B I R KO R P O R AT ( s a m b . )


Imbuhan Para Pengarah

Imbuhan Para Pengarah ditentukan atas tahap yang membolehkan Syarikat menarik serta mengekalkan Pengarah yang berpengalaman

dengan kemahiran yang relevan bagi menguruskan Kumpulan dengan berkesan. Komponen imbuhan pengarah eksekutif disusun agar ia

sejajar dengan prestasi korporat serta individu. Bagi Pengarah bukan eksekutif pula, tahap imbuhan mereka disesuaikan dengan

pengalaman dan tahap tanggungjawab yang dipikul.

Pakej imbuhan bagi Pengarah bukan eksekutif termasuk Pengerusi bukan eksekutif, ditentukan oleh Lembaga Pengarah. Pengarah yang

terbabit dikecualikan dalam perbincangan dan pengundian berhubung imbuhan individu mereka.

Pakej imbuhan Para Pengarah adalah seperti berikut:-

i. Gaji pokok - Gaji pokok bagi Pengarah eksekutif dicadangkan setelah menimbangkan prestasi individu dan kadar gaji untuk jawatan

serupa di dalam syarikat yang setanding.

ii. Yuran - Yuran Pengarah adalah berdasarkan jumlah tetap yang ditentukan oleh Lembaga setelah menimbangkan organisasi

setanding dan penyertaan Pengarah dalam pelbagai jawatankuasa Lembaga. Yuran diluluskan oleh para pemegang saham di

Mesyuarat Agung Tahunan Syarikat.

iii. Skim Bonus - Kumpulan mengamalkan skim bonus tidak berkontrak, bagi kakitangannya dan Para Pengarah eksekutif, yang

ditentukan mengikut tahap keuntungan Kumpulan dan prestasi individu dalam tempoh tersebut. Bonus yang harus dibayar kepada

Para Pengarah eksekutif dikaji oleh Jawatankuasa Imbuhan dan diluluskan oleh Lembaga.

iv. Manfaat barangan - Manfaat biasa lain seperti penjagaan perubatan, kereta, pemandu, dll disediakan sewajarnya.

v. Opsyen Saham Pengarah - Para Pengarah eksekutif layak menyertai Skim Opsyen Saham Kakitangan Syarikat menurut syarat dan

peraturan sama seperti yang ditawarkan kepada kakitangan. Pergerakan opsyen saham Para Pengarah eksekutif ditunjukkan di

dalam penyata kewangan beraudit.

Ringkasan jumlah imbuhan Para Pengarah, yang membezakan antara Pengarah eksekutif dan Pengarah bukan eksekutif, dalam agregat

mengikut kategori komponen yang bersesuaian serta bilangan pengarah, yang mana imbuhannya termasuk dalam setiap kelompok

urutan RM50,000, bagi tahun kewangan berakhir 31 Disember 2004, dibentangkan di bawah:

Pengarah Pengarah BukanEksekutif Eksekutif Jumlah

(RM) (RM) (RM)

Gaji pokok dan bonus 868,250 – 868,250

Yuran 38,400 182,500 220,900

Elaun mesyuarat 17,000 68,000 85,000

Manfaat barangan 30,625 – 30,625–––––––––––––––––––––– –––––––––––––––––––––– ––––––––––––––––––––––

Jumlah 954,275 250,500 1,204,775====================== ====================== ======================

Pengarah Pengarah BukanEksekutif Eksekutif Jumlah

RM 0 - RM50,000 – 10 10

RM50,001 -RM100,000 – – –

RM450,001 - RM500,000 1 – 1

RM500,001 - RM550,000 1 – 1–––––––––––––––––––––– –––––––––––––––––––––– ––––––––––––––––––––––

Jumlah 2 10 12====================== ====================== ======================


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Jawatankuasa Lembaga Pengarah

Lembaga Pengarah telah menyerahkan tanggungjawab tertentu kepada Jawatankuasa Lembaga, yang beroperasi mengikut had bidang

rujukan yang jelas, terutamanya untuk membantu Lembaga melaksanakan tugas dan tanggungjawabnya. Dengan pengecualian

terhadap Jawatankuasa Eksekutif, yang telah diberi kuasa oleh Lembaga Pengarah untuk menimbang dan memutuskan perkara-perkara

operasi tertentu mengikut budi bicaranya, tanggungjawab muktamad untuk membuat keputusan akhir bagi semua perkara adalah hak

Lembaga Pengarah.

Jawatankuasa Lembaga berikut telah ditubuhkan oleh Lembaga Pengarah dengan had bidang rujukan yang jelas:

Jawatankuasa Audit

Lembaga Pengarah memberi kuasa kepada Jawatankuasa Audit untuk menyiasat sebarang aktiviti di bawah bidang rujukannya dan

turut mempunyai akses tanpa batasan kepada kedua-dua juruaudit dalaman dan luaran serta anggota Pengurusan Kumpulan. Ringkasan

aktiviti-aktiviti Jawatankuasa Audit dalam tahun yang ditinjau terdapat di dalam Laporan Jawatankuasa Audit dan Bidang Rujukannya

yang dibentangkan di muka surat berikutan di dalam Laporan Tahunan ini.

Jawatankuasa Eksekutif (EXCO)

EXCO berperanan untuk membantu Lembaga mengkaji isu-isu operasi dan kewangan utama, memantau perkembangan dan prestasi

unit-unit perniagaan dan memastikan pencapaian sasaran dan objektif Kumpulan.

Fungsi-fungsi EXCO merangkumi tetapi tidak terbatas kepada:-

• menilai pelan strategik Kumpulan;

• meluluskan semua pelaburan dan urusan perniagaan penting;

• meluluskan kuasa dan had kewangan;

• menasihat mengenai dasar Pengurusan keseluruhan bagi Syarikat dan Kumpulan;

• mengkaji semula penilaian prestasi dan sistem imbuhan untuk digunakan sebagai asas mengukur keberkesanan Pengurusan;

• memastikan pembangunan dan pelaksanaan program perhubungan pelabur; dan

• fungsi lain yang mungkin diserahkan oleh Lembaga dari masa ke masa untuk membantu Lembaga melaksanakan tugas fidusiarinya.

LEMBAGAPENGARAH

Jawatankuasa Audit

Jawatankuasa Eksekutif

Jawatankuasa Lembaga Tender

Jawatankuasa Imbuhan

Jawatankuasa Pencalonan

Jawatankuasa Risiko

JawatankuasaLembagaPengarah


42

P E N YATA U R U S A N TA D B I R KO R P O R AT ( s a m b . )


Jawatankuasa Lembaga Tender

Secara amnya, Jawatankuasa Lembaga Tender dipertanggungjawabkan oleh Lembaga untuk membantu mengawal selia proses

pemerolehan tender dan kontrak Kumpulan menurut dasar serta keperluan Kumpulan.

Di antara tugas serta tanggungjawabnya adalah memastikan bahawa proses pemerolehan mematuhi dasar serta keperluan dengan

membuat pengesahan berkaitan kekuatan teknikal dan kewangan para pembida serta pensijilan mereka dengan badan-badan yang

berkenaan. Jawatankuasa Lembaga Tender turut menimbang, menilai dan meluluskan tender dengan mengambil kira pelbagai faktor

seperti harga, penggunaan produk dan perkhidmatan serta tempoh perkhidmatan.

Jawatankuasa Imbuhan

Jawatankuasa Imbuhan bertanggungjawab untuk mencadangkan rangka kerja imbuhan untuk semua Pengarah eksekutif serta

mengaturkan imbuhan bagi setiap Pengarah eksekutif dan memastikan bahawa rangka kerja tersebut mencerminkan prestasi Kumpulan.

Ia turut mengkaji semula dan meluluskan gaji tahunan, insentif, perjanjian khidmat dan syarat-syarat pekerjaan bagi Pengarah eksekutif

dan pengurusan kanan utama di samping mengkaji semula tahap kompetitif bagi struktur dan dasar imbuhan Kumpulan.

Jawatankuasa Pencalonan

Jawatankuasa Pencalonan bertanggungjawab untuk mencadangkan kepada Lembaga Pengarah, calon-calon Pengarah bagi Syarikat dan

syarikat-syarikat subsidiarinya, mengkaji semula struktur dan keseimbangan pelantikan di antara eksekutif dan bukan eksekutif,

mengkaji semula kecukupan struktur Jawatankuasa Lembaga dan mengkaji secara tahunan, kepelbagaian kemahiran dan pengalaman

serta kualiti-kualiti lain yang diperlukan.

Jawatankuasa Risiko

Jawatankuasa Risiko yang baru ditubuhkan untuk membantu Lembaga memfokus dan membincangkan tanggungjawab terhadap semua

kekhilafan risiko Kumpulan. Jawatankuasa Risiko melapor kepada Lembaga Pengarah dan bertanggungjawab untuk mengekalkan

sistem pengurusan risiko yang berkesan untuk mencapai objektif-objektif strategik, kewangan, operasi dan perniagaan. Secara

muktamadnya, Lembaga bertanggungjawab ke atas kewajipan keseluruhan Kumpulan terhadap kekhilafan risiko di dalam Kumpulan.

Fungsi utama Jawatankuasa Risiko termasuk menentukan dasar pengurusan risiko, meluluskan falsafah dan strategi pengurusan risiko,

kekhilafan pengurusan risiko, komunikasi dengan para pemegang saham luaran dan mengkaji semula profil risiko Kumpulan.

PERHUBUNGAN DENGAN PARA PELABUR DAN KOMUNIKASI DENGAN PARA PEMEGANG SAHAM

Sejajar dengan urusan tadbir korporat yang baik, Kumpulan menerima pakai dasar yang terbuka serta telus berkaitan perhubungannya

dengan para pemegang saham dan pelabur. Oleh itu, apabila Kumpulan memasuki usaha niaga perniagaan baru yang strategik, sidang

akhbar akan diadakan untuk memaklumkan para pemegang saham, pelabur serta masyarakat umum tentang perkembangan-

perkembangan penting tersebut.

Syarikat berkomunikasi dengan para pemegang saham dan pelaburnya melalui Laporan Tahunan, Mesyuarat Agung Tahunan (AGM)

serta laman webnya (www.umland.com.my). Di setiap AGM, sesi soal jawab akan diadakan bagi menyediakan forum untuk berdialog

dan berinteraksi dengan para pemegang saham. Lembaga menggalakkan para pemegang saham untuk bertanya mengenai resolusi-

resolusi yang dicadangkan di AGM, operasi perniagaan Kumpulan, keputusan serta prospek perniagaan di masa depan. Di samping itu,

keputusan kewangan suku tahunan yang dikeluarkan tepat pada masanya serta pengumuman awam yang dibuat oleh Syarikat melalui

Bursa Sekuriti, memberi gambaran keseluruhan kepada para pemegang saham serta pelabur tentang prestasi dan operasi Kumpulan.


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AKAUNTABILITI DAN AUDIT

Laporan Kewangan

Para Pengarah memastikan bahawa penyata kewangan telah disediakan selaras dengan Akta Syarikat, 1965 dan piawaian perakaunan

berpatutan yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia agar dapat memberikan penilaian yang seimbang dan boleh

difahami terhadap kedudukan serta prospek kewangan Kumpulan.

Penyata Tanggungjawab Para Pengarah Berhubung Penyediaan Penyata Kewangan Tahunan

Lembaga Pengarah bertanggungjawab untuk memastikan penyata kewangan Kumpulan memberikan gambaran yang benar dan saksama

mengenai hal ehwal Kumpulan dan Syarikat pada akhir tempoh perakaunan dan untung rugi serta aliran tunai bagi tempoh tersebut.

Dalam menyediakan penyata kewangan, Para Pengarah telah mematuhi dasar perakaunan yang bersesuaian secara konsisten dan telah

membuat keputusan serta anggaran yang munasabah dan berhemat. Para Pengarah turut memastikan bahawa semua piawaian

perakaunan yang diterima pakai telah dipatuhi dan telah menyediakan penyata kewangan ini berdasarkan andaian bahawa perniagaan

akan berterusan memandangkan Para Pengarah mempunyai jangkaan yang munasabah, setelah membuat siasatan, bahawa Kumpulan

dan Syarikat mempunyai sumber yang mencukupi untuk meneruskan operasi sejauh yang nampak pada masa depan.

Para Pengarah juga bertanggungjawab untuk memastikan Syarikat menyimpan rekod-rekod perakaunan yang mendedahkan kedudukan

kewangan Kumpulan dan Syarikat dengan ketepatan munasabah, yang membolehkan mereka memastikan bahawa penyata kewangan

tersebut mematuhi peruntukan Akta Syarikat, 1965.

Para Pengarah bertanggungjawab untuk mengambil langkah-langkah yang sewajarnya untuk melindungi aset Kumpulan dan mencegah

serta mengesan penipuan dan sebarang perkara lain yang menyimpang dari kebiasaan.

Kawalan Dalaman

Lembaga Pengarah mengakui tanggungjawab mereka terhadap sistem kawalan dalaman Kumpulan yang merangkumi kawalan

kewangan, operasi dan pematuhan di samping pengurusan risiko.

Penyata Kawalan Dalaman Para Pengarah yang dibentangkan di muka surat 46 dan 47 Laporan Tahunan ini, memberi gambaran

mengenai keadaan kawalan dalaman Kumpulan.

Hubungan dengan Juruaudit

Lembaga Pengarah mengekalkan hubungan yang profesional dan telus dengan Juruaudit luaran dan dalaman Syarikat, melalui

Jawatankuasa Audit. Laporan lengkap Jawatankuasa Audit yang menjelaskan peranannya berhubung juruaudit dalaman dan luaran

dibentangkan di muka surat 51 hingga 53 Laporan Tahunan ini.

Penyata ini dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 22 April 2005.


44

S TAT E M E N T O N I N T E R N A L C O N T R O L

INTRODUCTION

Paragraph 15.27(b) of the Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) requires the board of

directors of public listed companies to include in its annual report a “statement about the state of internal control of the listed issuer

as a group”. The Board of Directors (“Board”) of the Company is committed to maintaining a sound system of internal control in the

Group and is pleased to provide the following statement, which outlines the nature and scope of internal control of the Group during the

financial year.

BOARD’S RESPONSIBILITY

The Board is ultimately responsible for the Group’s system of internal controls which includes the establishment of an appropriate

control environment and framework as well as reviewing its adequacy and integrity. Because of the limitations that are inherent in any

system of internal controls, it can only provide reasonable but not absolute assurance against material misstatement or loss, as it is

designed to manage rather than eliminate the risk of failure to achieve business objectives. The system of internal controls covers, inter

alia, risk management procedures and financial, operational and compliance controls.

The Board has established an ongoing process for identifying, evaluating and managing significant risks faced by the Group. This process

has been in place throughout the year and up to the date of approval of the annual report and financial statements. It has been regularly

reviewed by the Board and accords with the Statement on Internal Control: Guidance for Directors of Public Listed Companies

(“Internal Control Guidance”) issued by the Task Force on Internal Control with the support and endorsement of the Bursa Securities.

Whilst the Board maintains ultimate control over risk and control issues, it has delegated to the executive management the

implementation of the system of risk management and internal control within an established framework. The Board has established key

policies and has carried out a specific assessment of the Group’s risk management and internal control systems.

ENTERPRISE RISK MANAGEMENT FRAMEWORK

The Board fully supports the contents of the Internal Control Guidance and through the Audit Committee, continually reviews the

adequacy and effectiveness of the risk management processes in place within the various business units of the Group. As such, the Board

has formalised the process for identifying, evaluating and managing significant risks faced by the Group through the establishment of

an enterprise risk management framework.

Management is responsible for the management of risk, for developing, operating and monitoring the system of internal control and for

providing assurance to the Board that it has done so in accordance with the policies adopted by the Board. Further independent

assurance is provided by the outsourced internal audit function, which performs its internal audit work on the Group’s operations in

accordance with the internal audit plan.

The Board believes that maintaining a sound system of internal controls is premised on a clear understanding and appreciation of the

following key elements of the Group’s enterprise risk management framework:

• A risk policy and procedures manual is in place and it outlines mainly the risk management strategies and policies, risk

communication structure and monitoring of the Group’s risk management framework.

• A Risk Management Committee, headed by the Group Chief Executive Officer, is placed with the responsibility to identify and

communicate to the Board the present and potential critical risks the Group faces, their changes and the management’s action plans

to manage these risks.

• The appointment of the Group Risk Coordinator at the Group level as well as Risk Coordinators at business unit level ensures that

there is clear leadership, direction and coordination of the group-wide application of risk management.

• The management teams of the respective business units, on an ongoing basis, formulate action plans with implementation timescales

to address key risks and control issues in line with their risk profiles.

• The risk profiles of the respective business units are re-assessed regularly and were updated three times during the financial year in

line with the risk management programme. Periodic updates on the risk profiles of business units are communicated to the Risk

Management Committee and the Board.

The Board considers that the enterprise risk management framework is robust, but will still subject the framework to continuous

improvement, taking into consideration better practices and the changing business environment.


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ENTERPRISE RISK MANAGEMENT FRAMEWORK (cont’d)

In line with this, the Group has engaged the assistance of external consultants to undertake a post-implementation review of the

framework in the current financial year. Improvement opportunities have been identified in the areas of strategy and policy, risk

assessment process, risk communication and risk structure, and risk monitoring and learning. Subsequent to the financial year, the

Board approved the formation of a board committee known as the Risk Committee to oversee the Group’s implementation of the risk

management system. The Group is in the process of implementing the other improvement opportunities identified.

INTERNAL AUDIT FUNCTION

The internal audit function of the Group is outsourced to external consultants who report directly to the Audit Committee.

Internal audit evaluates the internal controls within the key activities of the Group’s businesses on the basis of a three-year internal

audit strategy and a detailed annual internal audit plan presented to the Audit Committee for approval. The internal audit function

adopts a risk-based approach and prepares its internal audit strategy and plan based on the risk profiles of the major business units of

the Group.

The internal audit reports, including management’s action plans to improve the internal control system, are reviewed by the Audit

Committee. The Audit Committee presents its findings to the Board based on the frequency of internal audit cycles set out in the internal

audit strategic plan.

For further details, please refer to the Audit Committee Report.

OTHER RISK AND CONTROL PROCESSES

The current system of internal control and risk management in the Group has within it, the following elements:

• There is in place an organisational structure with formally defined lines of responsibility and delegation of authority.

• A 5-year business plan outlining strategies towards achievement of corporate and business objectives of the Group, which provides

a basis for monitoring the Group’s business performance.

• Established financial limits of authority, which have been approved by the Executive Committee of the Board, are in place to ensure

proper accountability and delegation of authority.

• A budgetary control system is in place whereby annual budgets are prepared by business units and approved by the Board. Review

of actual performance against budget is regularly carried out, and this review encompasses both financial and non-financial key

performance indicators. All major variances are reported to the Board. Appropriate remedial and corrective actions will be taken

by the management to minimise the adverse effect of such variances, where necessary.

• Standard operating procedures in respect of certain operational areas have been established to regulate the day-to-day

operations within the Group. Such standard operating procedures are reviewed from time to time to address changes in business

operating environment.

WEAKNESSES IN INTERNAL CONTROLS THAT RESULT IN MATERIAL LOSSES

There were no material losses incurred during the current financial year as a result of weaknesses in internal control. Management

continues to take measures to strengthen the control environment.

This statement is made in accordance with the resolution of the Board dated 22 April 2005.


46

P E N YATA K A WA L A N D A L A M A N

PENGENALAN

Perenggan 15.27(b) Keperluan Penyenaraian Bursa Malaysia Securities Berhad (“Bursa Sekuriti”) memerlukan pihak lembaga

pengarah syarikat yang disenarai awam untuk mengemukakan dalam laporan tahunannya suatu “penyata tentang keadaan kawalan

dalaman syarikat tersebut sebagai sebuah kumpulan”. Lembaga Pengarah (“Lembaga”) Syarikat adalah komited untuk mengekalkan

keadaan sistem kawalan dalaman Kumpulan yang kukuh dan dengan sukacitanya membentangkan penyata berikut, yang menggariskan

ciri-ciri dan skop kawalan dalaman Kumpulan sepanjang tahun kewangan.

TANGGUNGJAWAB LEMBAGA

Lembaga mempunyai tanggungjawab muktamad terhadap sistem kawalan dalaman Kumpulan termasuk mewujudkan kawalan

persekitaran dan rangka kerja yang bersesuaian serta mengkaji semula kecukupan dan keutuhannya. Memandangkan terdapatnya had-

had yang tidak dapat dielakkan di dalam mana-mana sistem kawalan dalaman, sistem ini direka untuk menguruskan, berbanding

menghapuskan risiko yang boleh mengelakkan pencapaian objektif perniagaan Kumpulan. Dengan cara ini ia hanya mampu memberi

keyakinan tetapi bukan jaminan sepenuhnya ke atas kerugian atau penjelasan yang disalah nyatakan. Antara lain, sistem kawalan

dalaman merangkumi prosedur pengurusan risiko serta kawalan kewangan, operasi dan pematuhan.

Lembaga telah menetapkan suatu proses yang berterusan bagi mengenal pasti, menilai dan menguruskan risiko-risiko penting yang

dihadapi oleh Kumpulan. Proses ini telah pun dijalankan sepanjang tahun sehingga ke tarikh kelulusan laporan tahunan dan penyata

kewangan. Ia telah dikaji semula dengan kerap oleh Lembaga dan adalah selaras dengan Penyata Kawalan Dalaman: Panduan untuk

Para Pengarah Syarikat Senarai Awam (“Panduan Kawalan Dalaman”) yang dikeluarkan oleh Pasukan Petugas Kawalan Dalaman

dengan sokongan dan pengesahan daripada Bursa Sekuriti.

Sungguhpun Lembaga mengekalkan kawalan muktamad terhadap isu-isu risiko dan kawalan, ia telah membahagikan pelaksanaan

sistem pengurusan risiko dan kawalan dalaman mengikut rangka kerja yang telah ditetapkan kepada pihak pengurusan eksekutif.

Lembaga telah menetapkan polisi-polisi utama dan telah melaksanakan penilaian khusus berkaitan sistem pengurusan risiko dan

kawalan dalaman Kumpulan.

RANGKA KERJA PENGURUSAN RISIKO ORGANISASI

Lembaga menyokong sepenuhnya isi kandungan Panduan Kawalan Dalaman dan melalui Jawatankuasa Audit, ia berterusan mengkaji

semula kecukupan dan keberkesanan proses pengurusan risiko yang dijalankan di dalam pelbagai unit perniagaan Kumpulan. Dengan

itu, Lembaga telah memformalkan proses mengenal pasti, menilai dan menguruskan risiko-risiko penting yang dihadapi oleh Kumpulan

menerusi penubuhan rangka kerja pengurusan risiko organisasi.

Pihak pengurusan bertanggungjawab terhadap pengurusan risiko, membangun, mengendali dan memantau sistem kawalan dalaman

serta memberi jaminan kepada Lembaga bahawa ia telah dilaksanakan menurut dasar-dasar yang diterima oleh Lembaga. Jaminan

bebas yang selanjutnya diberikan melalui fungsi juruaudit dalaman yang didapati daripada sumber luar untuk menjalankan audit

dalaman ke atas operasi Kumpulan selaras dengan perancangan audit dalaman.

Lembaga percaya bahawa sistem kawalan dalaman yang kukuh harus dikekalkan berdasarkan pemahaman yang jelas serta penghargaan

ke atas unsur-unsur utama rangka kerja pengurusan risiko organisasi Kumpulan seperti yang berikut:

• Melaksanakan satu buku panduan polisi dan prosedur risiko yang menggariskan strategi serta polisi pengurusan risiko, struktur

komunikasi risiko dan pemantauan rangka kerja pengurusan risiko Kumpulan.

• Sebuah Jawatankuasa Pengurusan Risiko, diketuai oleh Ketua Pegawai Eksekutif Kumpulan, disandang dengan rasa

bertanggungjawab untuk mengenal pasti dan melaporkan kepada Lembaga tentang risiko kritikal yang wujud dan berkemungkinan

dihadapi oleh Kumpulan, perubahan risiko serta pelan tindakan pihak pengurusan untuk menguruskan risiko-risiko tersebut.

• Pelantikan Penyelaras Risiko Kumpulan di peringkat Kumpulan serta Penyelaras Risiko di peringkat unit perniagaan dapat

memastikan adanya kepimpinan, arah tuju serta penyelarasan yang jelas bagi penerapan pengurusan risiko di seluruh Kumpulan.

• Kumpulan pengurusan bagi unit perniagaan masing-masing, telah menghasilkan pelan tindakan berserta skala masa pelaksanaannya

bagi mengatasi isu-isu risiko dan kawalan yang penting menurut profil risiko mereka.

• Profil risiko bagi setiap unit perniagaan akan dinilai semula secara kerap dan telah dikemaskinikan sebanyak tiga kali sepanjang

tahun kewangan, selaras dengan program pengurusan risiko. Pengemaskinian berkala ke atas profil unit perniagaan akan dilaporkan

kepada Jawatankuasa Pengurusan Risiko dan Lembaga.

Lembaga beranggapan bahawa rangka kerja pengurusan risiko organisasi adalah kukuh, tetapi masih tertakluk kepada penambahbaikan

yang berterusan, dengan mengambil kira amalan kerja terbaik serta persekitaran perniagaan yang berubah-ubah.


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RANGKA KERJA PENGURUSAN RISIKO ORGANISASI (samb.)

Selaras dengan ini, Kumpulan telah mendapatkan bantuan perunding luar untuk menjalankan kajian semula ke atas pelaksanaan rangka

kerja di dalam tahun kewangan. Peluang-peluang penambahbaikan telah dikenal pasti dari segi strategi dan polisi, proses penilaian

risiko, komunikasi risiko dan struktur risiko serta pemantauan dan pembelajaran risiko. Selepas tahun kewangan ini, Lembaga telah

meluluskan pembentukan satu jawatankuasa lembaga yang dikenali sebagai Jawatankuasa Risiko untuk mengawal pelaksanaan sistem

pengurusan risiko Kumpulan. Kumpulan kini sedang melaksanakan penambahbaikan ke atas perkara-perkara lain yang telah dikenal

pasti.

FUNGSI AUDIT DALAMAN

Fungsi audit dalaman Kumpulan diserahkan kepada perunding luar yang melapor terus kepada Jawatankuasa Audit.

Audit dalaman akan menaksir kawalan dalaman berkaitan aktiviti utama perniagaan Kumpulan berdasarkan strategi audit dalaman

tiga-tahun serta perancangan audit dalaman tahunan yang terperinci yang dikemukakan kepada Jawatankuasa Audit untuk diluluskan.

Fungsi audit dalaman mengguna pakai pendekatan berasaskan risiko dan menyediakan strategi serta perancangan auditnya berdasarkan

profil risiko unit-unit perniagaan utama Kumpulan.

Laporan audit dalaman, termasuk tindakan penambahbaikan yang disarankan oleh pihak pengurusan, akan dikaji semula oleh

Jawatankuasa Audit. Jawatankuasa ini akan membentangkan penemuannya kepada Lembaga berdasarkan kekerapan kitaran audit

dalaman yang ditetapkan di dalam perancangan strategik audit dalaman.

Untuk maklumat lanjut, sila rujuk kepada Laporan Jawatankuasa Audit.

RISIKO LAIN DAN PROSES KAWALAN

Sistem kawalan dalaman dan pengurusan risiko semasa Kumpulan mempunyai elemen-elemen berikut:

• Terdapatnya struktur organisasi yang secara formal menggariskan dengan jelas tanggungjawab serta pembahagian kuasa.

• Perancangan perniagaan 5-tahun yang menggariskan strategi pencapaian objektif korporat dan perniagaan Kumpulan, berdasarkan

pemantauan prestasi perniagaan Kumpulan.

• Terdapatnya had kuasa kewangan yang diluluskan oleh Jawatankuasa Eksekutif bagi memastikan kebertanggungjawapan dan

pembahagian kuasa yang sewajarnya.

• Terdapatnya sistem kawalan belanjawan di mana belanjawan tahunan disediakan oleh unit-unit perniagaan dan diluluskan oleh

Lembaga. Kajian semula prestasi sebenar berbanding belanjawan kerap dijalankan dan merangkumi kedua-dua penunjuk utama

prestasi kewangan dan bukan kewangan. Semua perubahan penting akan dilaporkan kepada Lembaga. Tindakan pemulihan yang

sewajarnya akan diambil oleh pihak pengurusan, di mana perlu, bagi mengurangkan kesan buruk daripada perubahan tersebut.

• Prosedur kendalian standard berkaitan bidang pengendalian tertentu telah diwujudkan bagi mengawal selia operasi harian

Kumpulan. Proses kendalian standard ini akan kerap dikaji semula dari masa ke masa untuk mengatasi perubahan-perubahan dalam

persekitaran kendalian perniagaan.

KELEMAHAN KAWALAN DALAMAN YANG MENGAKIBATKAN KERUGIAN PENTING

Tiada sebarang kerugian ketara yang berlaku dalam tahun kewangan semasa akibat daripada kelemahan di dalam kawalan dalaman.

Pihak Pengurusan akan terus mengambil langkah-langkah untuk memperkukuhkan persekitaran kawalan dalaman.

Penyata ini disediakan selaras dengan resolusi Lembaga Pengarah bertarikh 22 April 2005.


48

AU D I T C O M M I T T E E R E P O RT

TERMS OF REFERENCE

The Audit Committee was established to assist the Board in accordance with its Terms of Reference as stipulated on the ensuing pages.

MEMBERSHIP AND MEETINGS

The Audit Committee currently comprise of three (3) members out of which two (2) are independent non-executive Directors namely:

• YBhg Datuk Syed Ahmad Khalid Bin Syed Mohammed

- Chairman /Independent Non-Executive Director

• YB Datuk Nur Jazlan Bin Tan Sri Mohamed

- Member /Independent Non-Executive Director

• Dr Choo Kian Koon

- Member /Non-Independent Non-Executive Director

• Mr Pee Tong Lim

- Member /Independent Non-Executive Director

(Appointed on 26 July 2004 and resigned on 21 March 2005)

During the financial year ended 31 December 2004, the Audit Committee held a total of seven (7) meetings. Details of attendance by

the members who were in office during the year under review are set out below:

Attendance

YBhg Datuk Syed Ahmad Khalid Bin Syed Mohammed 7/7

YB Datuk Nur Jazlan Bin Tan Sri Mohamed 6/7

Dr Choo Kian Koon 7/7

Encik Pee Tong Lim 3/4

The meetings were also attended by the senior management of the Group and the Group’s external auditors upon invitation by the

Chairman of the Audit Committee to provide input during deliberations on issues raised.

SUMMARY OF ACTIVITIES DURING THE YEAR

The Audit Committee performed the following activities during the financial year in the discharge of their duties and responsibilities in

accordance with its Terms of Reference:

• Reviewed and approved quarterly and year end financial results, external audit plans and related fees for the Group;

• Reviewed findings of audit examination conducted by the external auditors during the financial year;

• Quarterly review of recurrent related party transactions of the Group covered by the shareholders’ mandate and where relevant,

additional related party transactions and their appropriate disclosure requirements.

Other main issues discussed by the Audit Committee are as follows:

• Reviewed and approved the Statement on Internal Control for inclusion in the annual report and consider compliance with regulatory

requirements.

INTERNAL AUDIT FUNCTION

The internal audit function of the Group is outsourced to external consultants who report directly to the Audit Committee.

The Group’s internal audit strategic plan for a three-year period from 2002 to 2004 was developed from a combination of

considerations, which included risk profiles of the Group, operating environment and discussions with management. The Audit

Committee has adopted and approved the Group’s internal audit strategic plan and the detailed annual internal audit plan for the year

2004. Internal audit activities of the Group will be undertaken within the broad framework of the internal audit strategic plan, subject

to assessment of risk and management priorities from time to time.


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INTERNAL AUDIT FUNCTION (cont’d)

The internal audit reviews for the year 2004 covered Seri Alam Properties Sdn Bhd, Bangi Heights Development Sdn Bhd and

UM Residences Sdn Bhd with the overall scope and emphasis areas concentrated on high and significant risk areas of the following

business processes:

Seri Alam Properties Sdn Bhd Bangi Heights Development Sdn Bhd UM Residences Sdn Bhd

• Sales and marketing; and, • Project management; • Project management;

• Project management. • Project completion; • Human resource management; and

• Human resource management; and • Financial management.

• Financial management.

The Audit Committee reviewed results of the internal audit exercise and considered the major findings of the exercise, including the

recommendations by the internal auditors in key areas with improvement opportunities as well as management’s proposed remedial

action plans. A follow-up review to determine the status of implementation of action plans in respect of the highlighted observations

will be carried out by the internal auditors in their subsequent review cycle.

TERMS OF REFERENCE OF THE AUDIT COMMITTEE

COMPOSITION

The Audit Committee shall be appointed by the Board from amongst their number and shall consist of not less than 3 members,

a majority of whom shall be independent directors of the Company. The Chairman of the Audit Committee shall be an independent director.

MEETINGS

Meetings shall be held not less than four times a year. A quorum shall be formed when a majority of the Audit Committee members are

independent directors. The Chairman of the Audit Committee may call for a meeting upon the request of any Audit Committee member,

the Managing Director and the internal and external auditors. The attendance of employees, other directors, representatives of the

internal and external auditors at such meetings will be at the Audit Committee’s invitation.

The Secretary to the Audit Committee shall be the Company Secretary or Assistant Company Secretary or any other person appointed

by the Audit Committee. The Secretary will be responsible for keeping the minutes of meetings of the Audit Committee and circulating

them to Audit Committee members and other members of the Board of Directors.

AUTHORITY

The Audit Committee is authorised by the Board to investigate any activities within its terms of reference and shall have unrestricted

access to both the internal and external auditors and members of management of the Group. The Audit Committee is also authorised

by the Board to obtain independent professional advice and to secure the attendance of outsiders with relevant experience and expertise

if it considers this necessary in the performance of their duties.

DUTIES

The duties of the Audit Committee shall be:-

• To consider the appointment of the external auditors, the audit fee and any questions of resignation and dismissal;

• To discuss with the external auditors:

- The audit plan

- Their evaluation of the system of internal controls

- The audit report on the financial statements

• To ensure co-ordination of the external audit process where more than one audit firm is involved;

• To review the assistance given by employees of the Group to the external and internal auditors;


50

AU D I T C O M M I T T E E R E P O RT ( c o n t ’ d )

TERMS OF REFERENCE OF THE AUDIT COMMITTEE (cont’d)

DUTIES (cont’d)

• To review the quarterly and year-end financial statements of the Company, focusing particularly on:

- Changes in accounting policies and practices;

- Significant and unusual events;

- Significant adjustments arising from the audit;

- The going concern assumption;

- Compliance with accounting standards and other legal requirements;

• To discuss findings and matters arising from the interim and final audits, and any matters the auditors may wish to discuss;

• To review the internal and external auditors’ management letter and management’s response;

• To do the following where an internal audit function exists:

- Review the adequacy of the scope, functions and resources of the internal audit function, and that it has the necessary authority

to carry out its work;

- Review the internal audit programme and results of the internal audit process and where necessary, ensure that appropriate

action is taken on the recommendations of the internal audit function;

- Review any appraisal or assessment of the performance of members of the internal audit function;

• To review any related party transactions and conflict of interest situation that may arise within the Company or the Group;

• To consider the major findings of internal and special investigations and management’s response; and

• To consider other matters as defined by the Board.


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BIDANG TUGAS

Jawatankuasa Audit telah ditubuhkan untuk membantu Lembaga Pengarah menurut Bidang Tugas yang dinyatakan di muka surat

berikutan.

KEAHLIAN DAN MESYUARAT

Jawatankuasa Audit kini terdiri daripada tiga orang ahli, yang mana dua daripadanya adalah Pengarah bebas bukan eksekutif.

• YBhg Datuk Syed Ahmad Khalid Bin Syed Mohammed

- Pengerusi/ Pengarah Bebas Bukan Eksekutif

• YB Datuk Nur Jazlan Bin Tan Sri Mohamed

- Ahli/ Pengarah Bebas Bukan Eksekutif


- Ahli/ Pengarah Bukan Bebas Bukan Eksekutif

• Encik Pee Tong Lim

- Ahli/ Pengarah Bebas Bukan Eksekutif

( Dilantik pada 26 Julai 2004 dan meletak jawatan pada 21 Mac 2005)

Sepanjang tahun kewangan berakhir 31 Disember 2004, Jawatankuasa Audit telah mengadakan sebanyak tujuh (7) mesyuarat. Butiran

tentang kehadiran ahli yang memegang jawatan di sepanjang tahun yang ditinjau dibentangkan seperti di bawah:

Kehadiran

YBhg Datuk Syed Ahmad Khalid Bin Syed Mohammed 7/7

YB Datuk Nur Jazlan Bin Tan Sri Mohamed 6/7

Dr Choo Kian Koon 7/7

Encik Pee Tong Lim 3/4

Mesyuarat-mesyuarat tersebut turut dihadiri pengurusan kanan Kumpulan serta juruaudit luaran Kumpulan atas jemputan Pengerusi

Jawatankuasa Audit untuk memberi pandangan mereka semasa menimbangkan perkara-perkara yang dibangkitkan.

RINGKASAN AKTIVITI SEPANJANG TAHUN

Jawatankuasa Audit telah menjalankan aktiviti-aktiviti berikut sepanjang tahun kewangan dalam melaksanakan tugas serta

tanggungjawab menurut Bidang Tugas mereka.

• Mengkaji semula dan meluluskan keputusan kewangan suku tahunan serta akhir tahun, rancangan audit luaran dan yuran yang

berkaitan bagi Kumpulan;

• Mengkaji semula hasil penemuan pemeriksaan audit yang dikendalikan oleh juruaudit luaran sepanjang tahun kewangan;

• Kajian suku tahunan Kumpulan terhadap urusniaga pihak berkaitan yang berulangan dan termaktub di bawah mandat yang

diberikan para pemegang saham dan di mana berkaitan, urusniaga tambahan pihak berkaitan serta keperluan pendedahan yang

sewajarnya.

Isu-isu penting lain yang dibincangkan oleh Jawatankuasa Audit adalah seperti berikut:

• Meneliti semula dan meluluskan Penyata Kawalan Dalaman untuk dimasukkan ke dalam laporan tahunan dan menimbangkan

pematuhan terhadap keperluan peraturan.

PERANAN AUDIT DALAMAN

Peranan audit dalaman Kumpulan diperolehi dari sumber luar, iaitu perunding luar yang membuat laporan terus kepada

Jawatankuasa Audit.

Rancangan strategik audit dalaman Kumpulan bertempoh tiga tahun dari tahun 2002 hingga 2004 telah dihasilkan dengan mengambil

kira beberapa perkara yang merangkumi profil risiko Kumpulan, persekitaran kendalian dan perbincangan bersama pengurusan.

Jawatankuasa Audit telah menerima pakai dan meluluskan rancangan strategik audit dalaman Kumpulan serta rancangan audit

dalaman tahunan yang terperinci bagi tahun 2004. Aktiviti-aktiviti audit dalaman Kumpulan akan dilaksanakan mengikut kerangka

rancangan strategiknya yang meluas, tertakluk kepada penilaian risiko dan keutamaan pengurusan dari masa ke masa.

L A P O R A N J A WATA N K UA S A AU D I T


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L A P O R A N J A WATA N K UA S A AU D I T ( s a m b . )

PERANAN AUDIT DALAMAN (samb.)

Kajian semula audit dalaman bagi tahun 2004 meliputi Seri Alam Properties Sdn Bhd, Bangi Heights Development Sdn Bhd dan UM

Residences Sdn Bhd dengan skop keseluruhan dan bahagian yang menitikberatkan bidang yang berisiko tinggi dan ketara bagi proses

perniagaan berikut:

Seri Alam Properties Sdn Bhd Bangi Heights Development Sdn Bhd UM Residences Sdn Bhd

• Jualan dan pemasaran; dan • Pengurusan projek; • Pengurusan projek;

• Pengurusan projek • Penyempurnaan projek; • Pengurusan sumber manusia; dan

• Pengurusan sumber manusia; dan • Pengurusan kewangan

• Pengurusan kewangan

Jawatankuasa Audit telah mengkaji semula keputusan audit dalaman yang dijalankan dan telah menimbangkan hasil penemuan

pentingnya, termasuk cadangan oleh juruaudit dalaman dalam bidang utama dan peluang peningkatan yang ada serta pelan tindakan

pemulihan yang disarankan oleh pihak pengurusan. Suatu susulan kajian semula untuk menentukan status pelaksanaan pelan tindakan

berhubung pemerhatian penting akan dilaksanakan oleh juruaudit dalaman pada kitaran kajian semula yang berikutnya.

BIDANG RUJUKAN JAWATANKUASA AUDIT

KOMPOSISI

Jawatankuasa Audit ini hendaklah dilantik oleh Lembaga Pengarah dari kalangan ahli mereka dan hendaklah terdiri tidak kurang

daripada 3 orang ahli, majoriti hendaklah merupakan pengarah bebas Syarikat. Pengerusi Jawatankuasa Audit hendaklah merupakan

pengarah bebas.

MESYUARAT

Mesyuarat perlu diadakan tidak kurang dari empat kali setahun. Satu kuorum akan dibentuk apabila sebahagian besar daripada ahli

Jawatankuasa Audit merupakan pengarah bebas. Pengerusi Jawatankuasa Audit boleh memanggil untuk bermesyuarat mengikut

permintaan dari mana-mana ahli Jawatankuasa Audit, Pengarah Urusan dan juruaudit dalaman serta luaran. Kehadiran kakitangan,

pengarah lain, wakil juruaudit dalaman serta luaran di mesyuarat tersebut bergantung kepada jemputan daripada pihak

Jawatankuasa Audit.

Setiausaha Syarikat atau Penolong Setiausaha Syarikat atau mana-mana individu yang dilantik oleh Jawatankuasa Audit hendaklah

menjadi Setiausaha Jawatankuasa Audit. Setiausaha bertanggungjawab mengambil minit mesyuarat Jawatankuasa Audit dan

mengedarkannya kepada ahli-ahli Jawatankuasa Audit serta ahli-ahli Lembaga Pengarah yang lain.

BIDANG KUASA

Jawatankuasa Audit telah diberi kuasa oleh Lembaga Pengarah untuk menyiasat sebarang aktiviti mengikut bidang rujukannya dan

mempunyai akses tanpa batasan kepada juruaudit dalaman dan juruaudit luaran serta ahli pengurusan Kumpulan. Jawatankuasa Audit

turut diberi kuasa oleh Lembaga Pengarah untuk mendapatkan nasihat profesional bebas serta mendapatkan sumber-sumber luar yang

berpengalaman serta berkemahiran yang relevan sekiranya ia dianggap perlu dalam melaksanakan tugas mereka.

TUGAS

Tugas-tugas Jawatankuasa Audit adalah:-

• Untuk mempertimbangkan pelantikan juruaudit luaran, yuran audit dan sebarang persoalan tentang peletakan jawatan serta

penyingkiran.

• Untuk membincangkan dengan juruaudit luaran:

- Perancangan audit

- Penilaian mereka terhadap sistem kawalan dalaman; dan

- Laporan audit berkaitan penyata kewangan

• Untuk memastikan penyelarasan proses audit luaran di mana lebih daripada satu firma juruaudit terlibat;

• Untuk mengkaji bantuan yang diberikan oleh kakitangan Kumpulan kepada juruaudit dalaman dan luaran.


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BIDANG RUJUKAN JAWATANKUASA AUDIT (samb.)

TUGAS (samb.)

• Untuk mengkaji semula penyata kewangan suku tahunan dan akhir tahun Syarikat, dengan tumpuan khusus kepada:

- Perubahan dalam dasar dan amalan perakaunan;

- Peristiwa penting dan luar biasa;

- Pelarasan penting yang timbul dari audit;

- Andaian bahawa perniagaan akan berterusan;

- Pematuhan kepada piawaian perakaunan serta keperluan perundangan yang lain.

• Untuk membincangkan hasil penemuan serta perkara-perkara yang dibangkitkan daripada audit interim dan akhir, dan sebarang

perkara yang ingin dibincangkan oleh juruaudit;

• Untuk mengkaji semula surat pengurusan daripada juruaudit dalaman dan luaran serta jawapan balas pihak pengurusan;

• Untuk melakukan yang berikut, di mana fungsi audit wujud:

- Mengkaji semula kecukupan skop, peranan dan sumber jabatan audit dalaman dan memastikan ia memiliki kuasa yang

diperlukan untuk melaksanakan tugasnya.;

- Mengkaji semula program audit dalaman serta keputusan proses audit dalaman dan di mana perlu, memastikan tindakan yang

sewajarnya diambil berkaitan cadangan juruaudit dalaman;

- Mengkaji semula sebarang penilaian atau taksiran tentang prestasi anggota juruaudit dalaman;

• Untuk mengkaji semula sebarang urusniaga pihak berkaitan serta kemungkinan timbulnya percanggahan kepentingan di dalam

Syarikat atau Kumpulan;

• Untuk menimbangkan penemuan penting dari penyiasatan dalaman serta penyiasatan khas dan tindak balas pihak pengurusan; dan

• Untuk menimbangkan perkara-perkara lain sebagaimana yang ditetapkan oleh Lembaga Pengarah.


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A D D I T I O N A L C O M P L I A N C E I N F O R M AT I O N

1. SHARE BUY BACK

During the financial year, the Company repurchased 21,900 of its own shares from the open market of Bursa Securities for a total

consideration of RM25,196. Details of the shares repurchased are as follows:

No. of Highest Lowest AverageOrdinary Gross Gross Gross

Shares of Total Purchase Price Paid Price Paid Price Paid Month RM1 Each Consideration* Per Share Per Share Per Share

RM RM RM RM

May 10,000 11,374 1.150 1.100 1.124

June 4,000 4,596 1.140 1.080 1.113

July 1,300 1,584 1.150 1.110 1.128

August 800 991 1.140 1.090 1.109

September 900 1,100 1.130 1.080 1.107

October 2,000 2,210 1.090 0.990 1.027

November 1,400 1,587 1.100 0.990 1.041

December 1,500 1,754 1.130 1.050 1.073––––––––––––––––––––––––––––––––––––––––––––––––––––––––

21,900 25,196––––––––––––––––––––––––––––––––––––––––––––––––––––––––

*Includes incidental cost such as commission, clearing fee and stamp duty.

Since the implementation of the share buy back scheme, the Company has purchased 311,900 of its own shares at a total purchase

consideration, including incidental cost, of RM374,451 or at an average gross price of RM1.187 per share. These shares are now

being held as treasury shares.

2. MATERIAL CONTRACTS

Save as disclosed below, there are no material contracts of the Company and /or its subsidiaries, involving directors’ and major

shareholders’ interest, either still subsisting at the end of the financial year or, if not then subsisting, entered into since the end of

the previous financial year:

(i) Management agreement dated 9 May 2002 between the Company and CapitaLand Residential Limited, a major shareholder of

the Company. The management agreement is for the procurement of management and technical assistance at Singapore Dollar

8,380 per month for a duration of 3 years from 1 January 2001 to 31 December 2003. The management agreement has now

been extended to 30 June 2005 based on similar terms and conditions.

(ii) On 7 March 2003, UM Residences Sdn Bhd (“UMR”), a wholly-owned subsidiary of the Company, entered into a joint venture

agreement with Liang Court (Malaysia) Sdn Bhd (“LCSB”), a subsidiary of CapitaLand Limited which in turn is a major

shareholder of the Company, to establish a joint venture partnership (“Partnership”) to govern the material aspects and conduct

of the business of operation and management of the following:

(a) 48 units of the Seri Bukit Ceylon serviced residences located between the 5th and 8th floor which had been purchased by

LCSB for purposes of the leasing agreements to be entered into between LCSB and the Partnership;

(b) another 48 units of the Seri Bukit Ceylon serviced residences located between the 9th and 12th floor for purposes of the

leasing agreements to be entered into between UMR and the Partnership; and

(a) and (b) collectively referred to as “Somerset Serviced Residences” and

(c) other units of the Seri Bukit Ceylon serviced residences owned by individual owners (other than LCSB and UMR)

(“Corporate Serviced Residences”) which are leased to UMR or its nominee pursuant to leasing agreements for subsequent

re-letting to third parties,

(a), (b) and (c) collectively referred to as the “Business”, by the Partnership.


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2. MATERIAL CONTRACTS (cont’d)

The Partnership also entered into a management agreement dated 7 March 2003 with Ascott International Management

(Malaysia) Sdn Bhd (“AIM”), a subsidiary of CapitaLand Limited which in turn is a major shareholder of the Company,

for purposes of engagement and appointment of AIM to operate, maintain, manage and market the Business for and on

behalf of the Partnership. As consideration for the management services to be rendered by AIM, the Partnership has agreed

to pay, inter alia, the following fees to AIM for each operating year during the initial 5-year period from the date of

commencement:

• 3% of the total revenue of the Somerset Serviced Residences for that operating year;

• 10% of the gross operating profit of the Somerset Serviced Residences for that operating year; and

• 5% of the total revenue of the Corporate Serviced Residences for that operating year.

(iii)Sale and purchase agreement dated 7 April 2004 and supplemental sale and purchase agreement dated 5 November 2004

between Dynasty View Sdn Bhd, a wholly-owned subsidiary of the Company, and Kelana Ventures Sdn Bhd to acquire three (3)

subdivided parcels of freehold land measuring approximately 500 acres located in Mukim of Tebrau, District of Johor Bahru,

Johor for a cash consideration of RM128 million, payable on deferred basis. Tan Sri Syed Mokhtar Shah bin Syed Nor, a major

shareholder in the Company, has beneficial interest in Kelana Ventures Sdn Bhd.

(iv) Sale and purchase agreement dated 28 April 2004 and supplemental agreement dated 1 October 2004 between Suasana

Sentral Two Sdn Bhd (“SSTwo”) (formerly known as Panaroma Prominent Sdn Bhd), a subsidiary of the Company, and Kuala

Lumpur Sentral Sdn Bhd to acquire a piece of freehold land measuring approximately 8,250 square metres located in Kuala

Lumpur Sentral for a cash consideration of RM38 million. Kuala Lumpur Sentral Sdn Bhd is a subsidiary of Malaysian

Resources Corporation Berhad (“MRCB”) which in turn is a major shareholder of SSTwo.

(v) Joint venture and shareholders agreement dated 28 April 2004 between the Company and MRCB to govern a joint venture

company, namely SSTwo, for the development of the Suasana Sentral Loft condominium project in Kuala Lumpur Sentral.

(vi) Tenancy agreement dated 6 October 2004 between the Company and Tradewinds Corporation Berhad (formerly known as

PERNAS International Holdings Berhad), a major shareholder of the Company. The tenancy agreement is for the rental of

office space at RM34,326.60 per month for a duration of 3 years from 1 August 2004 to 31 July 2007.

3. NON-AUDIT FEES

Non-audit fees paid to external auditors for the financial year ended 31 December 2004 amounted to RM52,831.

4. RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

At an extraordinary general meeting held on 22 June 2004, the Company had obtained shareholders’ mandate to allow the Company

and/or its subsidiaries to enter into recurrent related party transactions of a revenue or trading nature. Pursuant to Paragraph

10.09(1)(b) of the Listing Requirements of Bursa Securities, the details of the recurrent related party transactions conducted during

the current financial year are disclosed as follows:

Mandated Related Parties Nature of Transactions Value Interested Parties

RM

Abdullah & Zainuddin Procurement of legal services 9,563 Interested Former Director• Dato’ Abdullah bin Mohd Yusof

Ascott International Procurement of technical Nil Interested Major ShareholderManagement (Malaysia) consultancy and management • CapitaLand Limited

Sdn Bhd servicesInterested Directors• Tham Kui Seng


• Rita Lau Chen Chen


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A D D I T I O N A L C O M P L I A N C E I N F O R M AT I O N ( c o n t ’ d )

4. RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE (cont’d)

Mandated Related Parties Nature of Transactions Value Interested Parties

RM

Bangi Heights Provision of management 1,920,000 Interested Major ShareholdersDevelopment Sdn Bhd services • CapitaLand Limited

• Chee Tat Holdings (S) Pte Ltd

• Dato’ Ng Eng Tee

• Ng Eng Soon

• Ng Eng Ghee

Interested Directors• Tham Kui Seng



• Ng Eng Soon


CapitaLand Residential Procurement of management 236,119 Interested Major ShareholderLimited services • CapitaLand Limited




OneSentral Park Sdn Bhd Rental of condominium 54,000 Interested Major Shareholder• CapitaLand Limited




Tradewinds Corporation Rental of office premise 609,050 Interested Major ShareholdersBerhad • Tradewinds Corporation Berhad

• Perspective Lane (M) Sdn Bhd

• Restu Jernih Sdn Bhd

• Tan Sri Syed Mokhtar Shah

bin Syed Nor

• Wawasan Perangsang

Mewah Sdn Bhd

• Mohamed Ali Rashed Alabbar

Interested Directors• Datuk Mohd Khamil bin Jamil

• Ahmad Shaifuldin bin

Mahamad Sharudi

Interested Former Director• Mohamed Ali Rashed Alabbar


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5. FINANCIAL ASSISTANCE

At an extraordinary general meeting held on 22 June 2004, the Company had obtained shareholders’ mandate to allow the Company

and/or its subsidiaries to provide/procure financial assistance to/from related parties. Pursuant to Paragraph 10.09(1)(b) of the

Listing Requirements of Bursa Securities, the details of financial assistance provided to/procured from related parties during the

current financial year are disclosed as follows:

Type of Financial Balance as atMandated Related Parties Assistance 31 December 2004 Interested Parties

RM

Bangi Heights Development Pooling of funds from 44,354 Interested Major ShareholdersSdn Bhd the Company and/or • CapitaLand Limited

subsidiaries to • Chee Tat Holdings (S) Pte Ltd

Bangi Heights Development • Dato’ Ng Eng Tee

Sdn Bhd via centralised • Ng Eng Soon

treasury management for a • Ng Eng Ghee

duration not exceeding 3 years Interested Directors• Tham Kui Seng



• Ng Eng Soon


Bangi Heights Development Pooling of funds from 33,556,965 Interested Major ShareholdersSdn Bhd Bangi Heights Development • CapitaLand Limited

Sdn Bhd to the Company and/or • Chee Tat Holdings (S) Pte Ltd

subsidiaries via centralised • Dato’ Ng Eng Tee

treasury management for a • Ng Eng Soon

duration not exceeding 3 years • Ng Eng Ghee




• Ng Eng Soon


Suasana Sentral Two Pooling of funds from 7,294,096 Interested Major ShareholdersSdn Bhd the Company and/or • CapitaLand Limited

subsidiaries to • Chee Tat Holdings (S) Pte Ltd

Suasana Sentral Two Sdn Bhd • Dato’ Ng Eng Tee

via centralised treasury • Ng Eng Soon

management for a duration • Ng Eng Ghee

not exceeding 3 yearsInterested Directors• Tham Kui Seng



• Ng Eng Soon



58

M A K L U M AT P E M AT U H A N TA M B A H A N

1. BELIAN BALIK SAHAM

Sepanjang tahun kewangan, Syarikat telah membeli balik 21,900 sahamnya daripada pasaran terbuka Bursa Sekuriti dengan

jumlah balasan pembelian sebanyak RM25,196. Butiran belian balik saham adalah seperti berikut:

Harga Kasar Harga Kasar Harga Kasar Saham Jumlah Tertinggi Terendah Purata

Biasa Bernilai Balasan Sesaham Sesaham SesahamBulan RM1 Sesaham Pembelian* Dibayar Dibayar Dibayar

RM RM RM RM

Mei 10,000 11,374 1.150 1.100 1.124

Jun 4,000 4,596 1.140 1.080 1.113

Julai 1,300 1,584 1.150 1.110 1.128

Ogos 800 991 1.140 1.090 1.109

September 900 1,100 1.130 1.080 1.107

Oktober 2,000 2,210 1.090 0.990 1.027

November 1,400 1,587 1.100 0.990 1.041

Disember 1,500 1,754 1.130 1.050 1.073––––––––––––––––––––––––––––––––––––––––––––––––––––––––

21,900 25,196––––––––––––––––––––––––––––––––––––––––––––––––––––––––

*Termasuk kos sampingan seperti komisyen, yuran penjelasan dan duti setem.

Sejak pelaksanaan skim belian balik saham, Syarikat telah membeli balik 311,900 sahamnya pada balasan pembelian, termasuk

kos sampingan, berjumlah RM374,451 atau pada harga kasar purata RM1.187 sesaham. Saham tersebut kini disimpan sebagai

saham perbendaharaan.

2. KONTRAK-KONTRAK PENTING

Kecuali dinyatakan di bawah, Syarikat dan/atau anak syarikatnya tiada sebarang kontrak penting yang melibatkan kepentingan para

pengarah dan pemegang saham utama, sama ada ia masih wujud pada penghujung tahun kewangan, atau jika ia tidak wujud, dibuat

sejak penghujung tahun kewangan sebelumnya:

(i) Perjanjian pengurusan bertarikh 9 Mei 2002 di antara Syarikat dan CapitaLand Residential Limited, iaitu pemegang saham

utama Syarikat. Perjanjian pengurusan ini adalah untuk memperolehi bantuan pengurusan dan teknikal pada nilai Dolar

Singapura 8,380 sebulan selama 3 tahun, bermula dari 1 Januari 2001 sehingga 31 Disember 2003. Perjanjian pengurusan

ini telah dilanjutkan sehingga 30 Jun 2005 berdasarkan syarat-syarat dan peraturan yang sama.

(ii) Pada 7 Mac 2003, UM Residences Sdn Bhd (“UMR”), sebuah anak syarikat milik penuh Syarikat, telah membuat perjanjian

usaha sama dengan Liang Court (Malaysia) Sdn Bhd (“LCSB”), sebuah anak syarikat CapitaLand Limited, yang merupakan

pemegang saham utama Syarikat, bagi menubuhkan sebuah perkongsian usaha sama (“Perkongsian”) untuk mentadbir aspek

aspek penting serta perjalanan perniagaan berhubung pengendalian dan pengurusan yang berikut:

(a) 48 unit pangsapuri khidmat Seri Bukit Ceylon yang terletak di antara tingkat 5 dan 8, yang telah dibeli oleh LCSB bagi

tujuan perjanjian penyewaan yang akan dibuat di antara LCSB dan Perkongsian:

(b) 48 unit pangsapuri khidmat Seri Bukit Ceylon lain yang terletak di antara tingkat 9 dan 12, bagi tujuan perjanjian

penyewaan yang akan dibuat di antara UMR dan Perkongsian; dan

(a) dan (b) secara kolektif dirujuk sebagai “Pangsapuri Khidmat Somerset” dan

(c) unit-unit lain pangsapuri khidmat Seri Bukit Ceylon yang dimiliki oleh pemilik-pemilik individu (selain daripada LCSB dan

UMR) (“Pangsapuri Khidmat Korporat”) yang disewakan kepada UMR atau penamanya selaras dengan perjanjian

penyewaan untuk penyewaan semula kepada pihak ketiga yang berikutnya.

(a), (b) dan (c) secara kolektif dirujuk sebagai “Perniagaan”, oleh Perkongsian.


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2. KONTRAK-KONTRAK PENTING (samb.)

Perkongsian juga telah membuat perjanjian pengurusan bertarikh 7 Mac 2003 dengan Ascott International Management

(Malaysia) Sdn Bhd (“AIM”), sebuah anak syarikat CapitaLand Limited, yang merupakan pemegang saham utama Syarikat,

bagi tujuan mengambil dan melantik AIM untuk mengendali, menyelenggara, mengurus dan memasarkan Perniagaan untuk dan

bagi pihak Perkongsian. Sebagai balasan kepada perkhidmatan pengurusan yang akan diberikan oleh AIM, Perkongsian telah

bersetuju untuk membayar, antara lain, yuran-yuran berikut kepada AIM bagi setiap tahun operasinya di sepanjang tempoh 5

tahun terawal dari tarikh permulaannya:

• 3% daripada jumlah hasil Pangsapuri Khidmat Somerset bagi tahun operasi tersebut;

• 10% daripada untung kasar operasi Pangsapuri Khidmat Somerset bagi tahun operasi tersebut; dan

• 5% daripada jumlah hasil Pangsapuri Khidmat Korporat bagi tahun operasi tersebut.

(iii) Perjanjian jual beli bertarikh 7 April 2004 dan perjanjian jual beli tambahan bertarikh 5 November 2004 di antara Dynasty

View Sdn Bhd, sebuah anak syarikat milik penuh Syarikat, dan Kelana Ventures Sdn Bhd, untuk memperolehi tiga (3) bidang

tanah yang telah disubdivisikan, yang berkeluasan lebih kurang 500 ekar dan terletak di Mukim Tebrau, Daerah Johor Bahru,

Johor untuk balasan tunai sebanyak RM128 juta, dimana bayarannya ditangguhkan. Tan Sri Syed Mokhtar Shah bin Syed Nor,

pemegang saham utama Syarikat, mempunyai kepentingan bermanfaat di dalam Kelana Ventures Sdn Bhd.

(iv) Perjanjian jual beli bertarikh 28 April 2004 dan perjanjian tambahan bertarikh 1 Oktober 2004 di antara Suasana Sentral

Two Sdn Bhd (“SSTwo”) (dahulunya dikenali sebagai Panorama Prominent Sdn Bhd), sebuah anak syarikat UMLand, dan

Kuala Lumpur Sentral Sdn Bhd untuk memperolehi sebidang tanah pegangan bebas berkeluasan lebih kurang 8,250 meter

persegi yang terletak di Kuala Lumpur Sentral untuk balasan tunai sebanyak RM38 juta. Kuala Lumpur Sentral Sdn Bhd

adalah sebuah anak syarikat Malaysian Resources Corporation Berhad (“MRCB”), yang merupakan pemegang saham utama

SSTwo.

(v) Perjanjian usaha sama dan pemegang-pemegang saham bertarikh 28 April 2004 di antara Syarikat dan MRCB untuk

mentadbir sebuah syarikat usaha sama, iaitu SSTwo, untuk projek pembangunan kondominium Suasana Sentral Loft di Kuala

Lumpur Sentral.

(vi) Perjanjian penyewaan bertarikh 6 Oktober 2004 di antara Syarikat dan Tradewinds Corporation Berhad (dahulunya dikenali

sebagai PERNAS International Holdings Berhad), pemegang saham utama Syarikat. Perjanjian ini adalah untuk penyewaan

ruang pejabat pada harga RM34,326.60 sebulan untuk tempoh selama 3 tahun mulai 1 Ogos 2004 sehingga 31 Julai 2007.

3. YURAN-YURAN BUKAN AUDIT

Yuran-yuran bukan audit yang dibayar kepada juruaudit luaran bagi tahun kewangan berakhir 31 Disember 2004 adalah berjumlah

RM52,831.

4. URUSNIAGA PIHAK BERKAITAN YANG BERULANG DAN BERBENTUK PENGHASILAN ATAU PERNIAGAAN

Pada mesyuarat agung luar biasa yang diadakan pada 22 Jun 2004, Syarikat telah memperolehi mandat daripada para pemegang

saham untuk membenarkan Syarikat dan/atau anak-anak syarikatnya menjalankan urusniaga pihak berkaitan yang berulang

dan berbentuk penghasilan atau perniagaan. Menurut Perenggan 10.09 (1)(b) Keperluan Penyenaraian Bursa Sekuriti, butiran

urusniaga pihak berkaitan yang berulang yang dilaksanakan dalam tahun kewangan semasa adalah seperti berikut:

Pihak Berkaitan yang Diberi Mandat Jenis Urusniaga Nilai Pihak yang Berkepentingan

RM

Abdullah & Zainuddin Pemerolehan khidmat guaman 9,563 Bekas Pengarah yangBerkepentingan• Dato’ Abdullah bin Mohd Yusof

Ascott International Pemerolehan khidmat nasihat Tiada Pemegang Saham Utama yang Management (Malaysia) teknikal dan pengurusan BerkepentinganSdn Bhd • CapitaLand Limited

Pengarah yang Berkepentingan• Tham Kui Seng




60

M A K L U M AT P E M AT U H A N TA M B A H A N ( s a m b . )

4. URUSNIAGA PIHAK BERKAITAN YANG BERULANG DAN BERBENTUK PENGHASILAN ATAU PERNIAGAAN(samb.)

Pihak Berkaitan yang Diberi Mandat Jenis Urusniaga Nilai Pihak yang Berkepentingan

RM

Bangi Heights Peruntukan khidmat pengurusan 1,920,000 Pemegang Saham Utama yang Development Sdn Bhd Berkepentingan

• CapitaLand Limited

• Chee Tat Holdings (S) Pte Ltd


• Ng Eng Soon

• Ng Eng Ghee




• Ng Eng Soon


CapitaLand Residential Pemerolehan khidmat pengurusan 236,119 Pemegang Saham Utama yang Limited Berkepentingan

• CapitaLand Limited




OneSentral Park Sdn Bhd Penyewaan kondominium 54,000 Pemegang Saham Utama yang Berkepentingan• CapitaLand Limited




Tradewinds Corporation Berhad Penyewaan premis pejabat 609,050 Pemegang Saham Utama yang Berkepentingan• Tradewinds Corporation Berhad

• Perspective Lane (M) Sdn Bhd

• Restu Jernih Sdn Bhd

• Tan Sri Syed Mokhtar Shah

bin Syed Nor

• Wawasan Perangsang

Mewah Sdn Bhd

• Mohamed Ali Rashed Alabbar

Pengarah yang Berkepentingan• Datuk Mohd Kamil bin Jamil

• Ahmad Shaifuldin bin

Mahamad Sharudi

Bekas Pengarah yangBerkepentingan• Mohamed Ali Rashed Alabbar


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5. BANTUAN KEWANGAN

Pada mesyuarat agung luar biasa yang diadakan pada 22 Jun 2004, Syarikat telah memperolehi mandat daripada para pemegang

saham untuk membenarkan Syarikat dan/atau anak-anak syarikatnya memberi/menerima bantuan kewangan kepada/daripada pihak

yang berkaitan. Menurut Perenggan 10.09 (1)(b) Keperluan Penyenaraian Bursa Sekuriti, butiran bantuan kewangan yang diberi

kepada/diterima daripada pihak berkaitan dalam tahun kewangan semasa adalah seperti berikut:

Pihak Berkaitan yang Jenis Bantuan Baki PadaDiberi Mandat Kewangan 31 Disember 2004 Pihak yang Berkepentingan

RM

Bangi Heights Development Pengumpulan dana daripada 44,354 Pemegang Saham Utama yangSdn Bhd Syarikat dan/atau Berkepentingan

anak-anak syarikat kepada • CapitaLand Limited

Bangi Heights Development • Chee Tat Holdings (S) Pte Ltd

Sdn Bhd melalui pengurusan • Dato’ Ng Eng Tee

perbendaharaan berpusat untuk • Ng Eng Soon

tempoh tidak melebihi 3 tahun • Ng Eng Ghee




• Ng Eng Soon


Bangi Heights Development Pengumpulan dana daripada 33,556,965 Pemegang Saham Utama yangSdn Bhd Bangi Heights Development Berkepentingan

Sdn Bhd kepada Syarikat • CapitaLand Limited

dan/atau anak-anak syarikat • Chee Tat Holdings (S) Pte Ltd

melalui pengurusan • Dato’ Ng Eng Tee






• Ng Eng Soon


Suasana Sentral Two Pengumpulan dana daripada 7,294,096 Pemegang Saham Utama yangSdn Bhd Syarikat dan/atau Berkepentingan

anak-anak syarikat kepada • CapitaLand Limited

Suasana Sentral Two Sdn Bhd • Chee Tat Holdings (S) Pte Ltd

melalui pengurusan • Dato’ Ng Eng Tee






• Ng Eng Soon



62

L I S T O F P R O P E RT I E S A s a t 3 1 D e c e m b e r 2 0 0 4

Description & Age of Net Book Date of LastLocation Existing Use Tenure Buildings Land Area Value Revaluation

Year Acre RM’000

BANDAR SERI ALAM

Mukim of Plentong Vacant land - Freehold – 733.21 –

District of Johor Bahru Government reserve

6 Jalan Lembah Corporate office Freehold 8 7.95 16,415

Bandar Seri Alam

81750 Johor Darul Takzim

1 Jalan Purnama Equestrian clubhouse Freehold 7 59.16 11,217

Bandar Seri Alam


3 Jalan Persiaran Japanese school Freehold 7 5.01 8,034

Bandar Seri Alam


Mukim of Plentong Vacant Freehold – 688.43 299,338

District of Johor Bahru development land

- Residential 287.80 224,111

- Commercial 2.96 3,850

- Recreational & others 372.28 45,144

- School & hostel 0.72 744

- Agriculture reserve 24.67 25,489

Mukim of Plentong Vacant Freehold – 991.14 219,970

District of Johor Bahru development land

- Residential 536.12 136,990

- Commercial 123.96 47,498

- Industrial 54.37 7,886

- Recreational & others 254.78 21,314

- School & hostel 21.91 6,282

Mukim of Plentong On-going development Freehold – 116.69 30,624

District of Johor Bahru - Residential 114.93 30,001

- Commercial 1.76 623

Mukim of Plentong Completed properties Freehold – 93.44 51,566



Sub-total 2,695.03 637,164

Oct ‘96

May ‘90


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Description & Age of Net Book Date of LastLocation Existing Use Tenure Buildings Land Area Value Revaluation

Year Acre RM’000

BANDAR SERI PUTRA

Mukim of Kajang Vacant Freehold – 200.20 148,988

District of Ulu Langat development land

Selangor - Residential 75.28 43,520

- Commercial 103.92 96,250

- Private medical centre 6.00 2,612

- Private college 15.00 6,606

Mukim of Dengkil Vacant Freehold – 25.75 11,699

District of Sepang development land

Selangor - Industrial

Mukim of Kajang On-going development Freehold – 19.87 12,311

District of Ulu Langat - Residential

Selangor

Mukim of Kajang Completed properties Freehold – 4.75 8,327

District of Ulu Langat - Bungalow lots 4.09 2,936

Selangor - Residential 0.37 2,428


Bangi Old Town Completed properties Freehold – 28.40 23,456

District of Ulu Langat - Bungalow lots 28.34 23,090

Selangor - Residential 0.06 366

Sub-total 278.97 204,781

SERI AUSTIN

Mukim of Tebrau Vacant land Freehold – 159.93 –

District of Johor Bahru - Government reserve

Mukim of Tebrau Vacant development land Freehold – 329.04 129,323



Mukim of Tebrau On-going development Freehold – 11.03 4,593

District of Johor Bahru - Residential

Sub-total 500.00 133,916

SERI BUKIT CEYLON

Lot 1253, Seksyen 57 On-going development Freehold – 0.62 7,660

Kuala Lumpur - Serviced residences

and condominium


Lot 80, Seksyen 70 On-going development Freehold – 2.04 41,581

Kuala Lumpur - Residential

Grand total 3,476.66 1,025,102

Note : There has been no revaluation since the date of acquisition.

Note

Note

Note

Note


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S E N A R A I H A RTA N A H Pa d a 3 1 D i s e m b e r 2 0 0 4

Tarikh AkhirKeterangan & Usia Keluasan Nilai Buku Penilaian

Lokasi Kegunaan Semasa Hak Milik Bangunan Tanah Bersih Semula

Tahun Ekar RM’000

BANDAR SERI ALAM

Mukim Plentong Tanah kosong - Pegangan – 733.21 –

Daerah Johor Bahru Simpanan kerajaan bebas

6 Jalan Lembah Pejabat korporat Pegangan 8 7.95 16,415

Bandar Seri Alam bebas


1 Jalan Purnama Rumah kelab Pegangan 7 59.16 11,217

Bandar Seri Alam ekuestrian bebas


3 Jalan Persiaran Sekolah Jepun Pegangan 7 5.01 8,034

Bandar Seri Alam bebas


Mukim Plentong Tanah pembangunan Pegangan – 688.43 299,338

Daerah Johor Bahru kosong bebas

- Perumahan 287.80 224,111

- Komersil 2.96 3,850

- Rekreasi & lain-lain 372.28 45,144

- Sekolah & asrama 0.72 744

- Simpanan pertanian 24.67 25,489

Mukim Plentong Tanah pembangunan Pegangan – 991.14 219,970


- Perumahan 536.12 136,990

- Komersil 123.96 47,498

- Perindustrian 54.37 7,886

- Rekreasi & lain-lain 254.78 21,314

- Sekolah & asrama 21.91 6,282

Mukim Plentong Pembangunan sedang Pegangan – 116.69 30,624

Daerah Johor Bahru dijalankan bebas

- Perumahan 114.93 30,001

- Komersil 1.76 623

Mukim Plentong Hartanah siap dibina Pegangan – 93.44 51,566

Daerah Johor Bahru - Perumahan bebas 90.44 45,336

- Komersil 3.00 6,230

Jumlah kecil 2,695.03 637,164

Okt ‘96

Mei ‘90


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Tarikh AkhirKeterangan & Usia Keluasan Nilai Buku Penilaian

Lokasi Kegunaan Semasa Hak Milik Bangunan Tanah Bersih Semula

Tahun Ekar RM’000BANDAR SERI PUTRA

Mukim Kajang Tanah pembangunan Pegangan – 200.20 148,988

Daerah Ulu Langat kosong bebas

Selangor - Perumahan 75.28 43,520

- Komersil 103.92 96,250

- Pusat perubatan swasta 6.00 2,612

- Kolej swasta 15.00 6,606

Mukim Dengkil Tanah pembangunan Pegangan – 25.75 11,699

Daerah Sepang kosong bebas

Selangor - Perindustrian

Mukim Kajang Pembangunan sedang Pegangan – 19.87 12,311

Daerah Ulu Langat dijalankan bebas

Selangor - Perumahan

Mukim Kajang Hartanah siap dibina Pegangan – 4.75 8,327

Daerah Ulu Langat - Lot banglo bebas 4.09 2,936

Selangor - Perumahan 0.37 2,428

- Komersil 0.29 2,963

Pekan Lama Bangi Hartanah siap dibina Pegangan – 28.40 23,456

Daerah Ulu Langat - Lot banglo bebas 28.34 23,090

Selangor - Perumahan 0.06 366

Jumlah kecil 278.97 204,781

SERI AUSTIN

Mukim Tebrau Tanah kosong Pegangan – 159.93 –

Daerah Johor Bahru - Simpanan kerajaan bebas

Mukim Tebrau Tanah pembangunan Pegangan – 329.04 129,323


- Perumahan 326.47 127,384

- Komersil 2.57 1,939

Mukim Tebrau Pembangunan sedang Pegangan – 11.03 4,593

Daerah Johor Bahru dijalankan bebas

- Perumahan

Jumlah kecil 500.00 133,916

SERI BUKIT CEYLONLot 1253, Seksyen 57 Pembangunan sedang Pegangan – 0.62 7,660Kuala Lumpur dijalankan bebas

- Pangsapuri khidmatdan kondominium

SUASANA SENTRAL LOFTLot 80, Seksyen 70 Pembangunan sedang Pegangan – 2.04 41,581Kuala Lumpur dijalankan bebas

- Perumahan

Jumlah besar 3,476.66 1,025,102

Nota : Tiada penilaian semula semenjak tarikh pemerolehan.

Nota

Nota

Nota

Nota


66

A N A LY S I S O F S H A R E H O L D I N G S A s a t 11 M AY 2 0 0 5A n a l i s a Pe g a n g a n S a h a m Pa d a 11 M e i 2 0 0 5

AUTHORISED SHARE CAPITAL : 500,000,000Modal Saham Dibenarkan

ISSUED AND PAID-UP SHARE CAPITAL : 232,346,633Modal Saham Diterbit dan Berbayar

CLASS OF SHARES : ORDINARY SHARES OF RM1.00 EACHJenis Saham Saham Biasa bernilai RM1.00 sesaham

SUBSTANTIAL SHAREHOLDERS Pemegang Saham Utama

DIRECT INTEREST INDIRECT INTERESTKepentingan Langsung Kepentingan Tidak Langsung

LIST OF SUBSTANTIAL SHAREHOLDERS No. of Shares No. of SharesSenarai Pemegang Saham Utama Bil Saham % Bil Saham %

Opal Holdings Pte Ltd 48,084,500 20.72 – –

Tradewinds Corporation Berhad 28,892,630 12.45 17,826,000 7.68(formerly known as(dahulunya dikenali sebagaiPERNAS International Holdings Berhad)

Wawasan Perangsang Mewah Sdn Bhd 28,260,870 12.18 – –

Chee Tat Holdings (S) Pte Ltd 17,828,634 7.68 – –

Tradewinds Resources Sdn Bhd 17,826,000 7.68 – –(formerly known asdahulunya dikenali sebagai PERNAS Securities Sdn Bhd)

Perspective Lane (M) Sdn Bhd – – 46,718,630 20.13

Restu Jernih Sdn Bhd – – 46,718,630 20.13

Tan Sri Syed Mokhtar Shah bin Syed Nor – – 46,718,630 20.13

Mohamed Ali Rashed Alabbar – – 28,260,870 12.18

Nor Azman bin Abd Halim – – 28,260,870 12.18

Vanda Holdings Pte Ltd – – 48,084,500 20.72

CapitaLand Residential Limited – – 50,064,500 21.58

CapitaLand Limited – – 50,064,500 21.58

Temasek Holdings (Private) Limited – – 50,064,500 21.58

Dato' Ng Eng Tee 7,888,441 3.40 21,828,634 9.41

Ng Eng Soon 7,151,032 3.08 17,828,634 7.68

Ng Eng Ghee 6,560,864 2.83 17,826,634 7.68

DIRECTORS' SHAREHOLDINGS Pegangan Saham Para Pengarah

DIRECT INTEREST INDIRECT INTERESTKepentingan Langsung Kepentingan Tidak Langsung

NAME No. of Shares No. of SharesNama Bil Saham % Bil Saham %

Dato' Ng Eng Tee 7,888,441 3.40 21,828,634 9.41

Ng Eng Soon 7,151,032 3.08 17,828,634 7.68


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SIZE OF SHAREHOLDINGS Saiz Pegangan Saham

SIZE OF SHAREHOLDINGS NO. OF SHAREHOLDERS % OF SHAREHOLDERS NO. OF SHARES % OF SHARE CAPITALSaiz Pegangan Saham Bil. Pemegang Saham % Pemegang Saham Bil. Saham % Modal Saham

1-99 52 2.84 1,191 0.00

100-1,000 377 20.61 339,675 0.15

1,001-10,000 1,054 57.63 4,588,023 1.97

10,001-100,000 276 15.09 8,231,023 3.54

100,001 to less than 65 3.55 78,293,985 33.705% of issued shares

100,001 hingga kurang dari5% saham diterbitkan

5% and above of 5 0.27 140,892,634 60.64issued shares

5% dan ke atas saham diterbitkan

TOTAL Jumlah 1,780 100.00 232,346,636 100.00

LIST OF THIRTY LARGEST SHAREHOLDERS AS AT 11 May 2005Senarai Tiga Puluh Pemegang Saham Terbesar Pada 11 Mei 2005

NAME NO. OF SHARES % OF SHARE CAPITALNama Bil. Saham % Modal Saham

1. Opal Holdings Pte Ltd 48,084,500 20.72

2. Cimsec Nominees (Tempatan) Sdn Bhd 28,892,630 12.45

CIMB for Tradewinds Corporation Berhad

3. Kenanga Nominees (Tempatan) Sdn Bhd 28,260,870 12.18

Kenanga Capital Sdn Bhd for Wawasan Perangsang Mewah Sdn Bhd

4. Chee Tat Holdings (S) Pte Ltd 17,828,634 7.68

5. Mayban Trustees Berhad 17,826,000 7.68

Pledge securities account for PERNAS Securities Sdn Bhd

6. Khong Guan Flour Milling Limited 11,400,000 4.91

7. TCL Nominees (Asing) Sdn Bhd 7,151,032 3.08

OCBC Securities Private Limited for Ng Eng Soon

8. HDM Nominees (Asing) Sdn Bhd 6,560,864 2.83

UOB Kay Hian Pte Ltd for Ng Eng Ghee

9. Amsec Nominees (Asing) Sdn Bhd 3,939,618 1.70

Fraser Securities Pte Ltd for Ng Yew Hui


Fraser Securities Pte Ltd for Ng Yew Tong


Fraser Securities Pte Ltd for Ng Yew Chuan


Fraser Securities Pte Ltd for Ng Suat Paik Alice

SUB-TOTAL Jumlah kecil 181,761,592 78.33


68

A N A LY S I S O F S H A R E H O L D I N G S A s a t 1 1 M a y 2 0 0 5 ( c o n t ’ d )A n a l i s a Pe g a n g a n S a h a m Pa d a 1 1 M e i 2 0 0 5 ( s a m b . )

LIST OF THIRTY LARGEST SECURITIES ACCOUNTS HOLDERSSenarai Tiga Puluh Pemegang Akaun Sekuriti Terbesar

NAME NO. OF SHARES % OF SHARE CAPITALNama Bil. Saham % Modal Saham

Brought forward/Di bawa kehadapan 186,761,592 78.33

13. Mayban Nominees (Tempatan) Sdn Bhd 3,496,800 1.51

Pledged securities account for Musa Michael Lee Abdullah

14. EB Nominees (Tempatan) Sdn Bhd 3,180,000 1.37

Pledged securities account for Ng Eng Tee

15. Khong Guan Group Pte Ltd 2,830,875 1.22

16. Ng Yew Khim Dennis 2,000,000 0.86

17. HDM Nominees (Asing) Sdn Bhd 1,980,000 0.85

DBS Vickers Secs (S) Pte Ltd for Prime Equities Pte Ltd




Pledged securities account for Tan Kiat How

20. Westlodge Sdn Bhd 1,715,000 0.74



22. Hup Hock Trading Sendirian Berhad 1,406,250 0.61

23. Lembaga Tabung Haji 1,062,000 0.46

24. Ng Suet Ning Tammy 1,000,000 0.43

25. Wong Winifred 1,000,000 0.43

26. Mayban Nominees (Asing) Sdn Bhd 930,000 0.40

DBS Bank for Kah Hong Pte Ltd

27. Taisho Company Sdn Berhad 927,000 0.40

28. Mayban Securities Nominees (Tempatan) Sdn Bhd 828,200 0.36

Malayan Banking Berhad for Musa Michael Lee Abdullah

29. RHB Capital Nominees (Tempatan) Sdn Bhd 800,000 0.34

Pledged securities account for Dato’ Ng Eng Tee

30. Khong Guan Biscuit Factory Sdn Berhad 574,500 0.25

TOTAL Jumlah 210,842,217 90.87


AS ORDINARY BUSINESS:

1. To receive the Audited Accounts for the financial year ended 31 December 2004 together with the Reports of the

Directors and Auditors thereon.

2. To declare a First and Final Dividend of 7.5 sen per share, less tax, for the financial year ended 31 December 2004.

3. To re-elect the following Directors, each of whom retires by rotation in accordance with Article 94 of the Company’s

Articles of Association:-

i) YBhg Dato’ Ng Eng Tee

ii) YBhg Datuk Mohd Khamil bin Jamil

iii) YB Datuk Nur Jazlan bin Tan Sri Mohamed

4. To re-elect YBhg Dato’ Mohd Hanafiah bin Omar, who retires in accordance with Article 99 of the Company’s

Articles of Association.

5. To approve the payment of Directors’ fees for the financial year ended 31 December 2004.

6. To re-appoint Messrs PricewaterhouseCoopers as Auditors of the Company for the ensuing year and to authorise the

Directors to fix their remuneration.

AS SPECIAL BUSINESS:

7. To consider, and if thought fit, to pass the following ordinary resolution:-

AUTHORITY TO DIRECTORS TO ISSUE SHARES

“THAT subject always to the Companies Act, 1965, the Company’s Articles of Association and approval of the

relevant government/regulatory authorities, the Directors be and are hereby authorised pursuant to Section 132D

of the Companies Act, 1965, to issue shares in the Company at any time until the conclusion of the next

Annual General Meeting and upon such terms and conditions and for such purposes as the Directors may, in

their absolute discretion deem fit, provided that the aggregate number of shares to be issued does not exceed

10% of the issued share capital of the Company for the time being.”

8. To transact any other business of the Company for which due notice shall have been received in accordance with the

Companies Act, 1965.

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69NOTICE IS HEREBY GIVEN THATthe 44th Annual General Meeting of United Malayan Land Bhd willbe held to transact the following businesses:-

Venue : Nirwana Ballroom 2, Lower Lobby, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur

Date : Tuesday, 28 June 2005

Time : 11.30 a.m.

Resolution 1

Resolution 2

Resolution 3

Resolution 4

Resolution 5

Resolution 6

Resolution 7

Resolution 8

Resolution 9

N O T I C E O F A N N UA L G E N E R A L M E E T I N G


70

N O T I C E O F A N N UA L G E N E R A L M E E T I N G ( c o n t ’ d )

NOTICE OF DIVIDEND ENTITLEMENT

NOTICE IS HEREBY GIVEN THAT the First and Final Dividend of 7.5 sen per share, less tax, for the financial year ended

31 December 2004, if approved at the 44th Annual General Meeting, will be paid on 27 September 2005 to all shareholders registered

in the Record of Depositors at the close of business on 16 September 2005.

A Depositor with the Bursa Malaysia Depository Sdn Bhd shall qualify for entitlement to the dividend only in respect of:-

A) Shares transferred into the Depositor’s Securities Account before 12.30 p.m. on 16 September 2005 in respect of ordinary transfers;

and

B) Shares bought on Bursa Securities on a cum entitlement basis according to the Rules of Bursa Malaysia Securities Berhad.

BY ORDER OF THE BOARD

ZURAIDAH MOHD YUSOFFMAICSA 7001552

Company Secretary

Kuala Lumpur

6 June 2005

NOTES:

1. Proxy• A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need

not be a member of the Company. The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly

authorised in writing, or if the appointor is a corporation, under its common seal or in some other manner approved by its directors.

• The Proxy Form must be deposited at the Company’s Share Registrar, Securities Services (Holdings) Sdn Bhd at Level 7, Menara Milenium, Jalan

Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur not less than forty-eight (48) hours before the time set for the

meeting or any adjournment thereof.

2. Authority to Directors to Issue SharesThis resolution, if passed, will give powers to the Directors to issue ordinary shares in the capital of the Company up to an aggregate amount not

exceeding 10% of the issued and paid-up share capital of the Company for the time being without having to convene a general meeting.

This authority, unless revoked or varied at a general meeting, will expire at the next Annual General Meeting.

3. Statement Accompanying the Notice of Annual General MeetingAdditional information pursuant to Paragraph 8.28(2) of the Listing Requirements of Bursa Malaysia Securities Berhad is set out in Annexure

A in the Company’s 2004 Annual Report.


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71

ANNEXURE A

STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING(Pursuant to Paragraph 8.28(2) of the Listing Requirements of Bursa Malaysia Securities Berhad)

Directors who are standing for re-election at the 44th Annual General Meeting of the Company scheduled to be held on Tuesday,

28 June 2005 at 11.30 a.m. at Nirwana Ballroom 2, Lower Lobby, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail,

50250 Kuala Lumpur are:-

1. RE-ELECTION PURSUANT TO ARTICLE 94 OF THE COMPANY’S ARTICLES OF ASSOCIATION:-

a) YBhg Dato’ Ng Eng Tee (Resolution 3)

b) YBhg Datuk Mohd Khamil bin Jamil (Resolution 4)

c) YB Datuk Nur Jazlan bin Tan Sri Mohamed (Resolution 5)

2. RE-ELECTION PURSUANT TO ARTICLE 99 OF THE COMPANY’S ARTICLES OF ASSOCIATION:-

a) YBhg Dato’ Mohd Hanafiah bin Omar (Appointed on 10 January 2005) (Resolution 6)

Please refer to the Profile of the Board of Directors on pages 4 to 11 of the Annual Report 2004 for further information on the

abovenamed Directors who are standing for re-election.

A total of five (5) Board Meetings were held in the financial year ended 31 December 2004. Details of attendance of Directors standing

for re-election, at the Board Meetings are as follows:-

Name of Directors No. of Meetings Attended

1. YBhg Dato’ Ng Eng Tee 5/5

2. YBhg Datuk Mohd Khamil bin Jamil 4/5

3. YB Datuk Nur Jazlan bin Tan Sri Mohamed 4/5

4. YBhg Dato’ Mohd Hanafiah bin Omar (Appointed on 10 January 2005) N/A


72

SEBAGAI URUSAN BIASA:

1. Untuk menerima Akaun Beraudit bagi tahun kewangan berakhir 31 Disember 2004 beserta Laporan-Laporan Para

Pengarah dan Juruaudit yang berkenaan.

2. Untuk mengisytiharkan Dividen Pertama dan Akhir sebanyak 7.5 sen sesaham, tolak cukai, bagi tahun kewangan

berakhir 31 Disember 2004.

3. Untuk melantik semula Para Pengarah berikut, di mana setiap dari mereka bersara mengikut giliran menurut

Artikel 94 Tataurusan Syarikat:-

i) YBhg Dato’ Ng Eng Tee

ii) YBhg Datuk Mohd Khamil bin Jamil

iii) YB Datuk Nur Jazlan bin Tan Sri Mohamed

4. Untuk melantik semula YBhg Dato’ Mohd Hanafiah bin Omar, di mana beliau bersara menurut Artikel

99 Tataurusan Syarikat.

5. Untuk meluluskan bayaran yuran Para Pengarah bagi tahun kewangan berakhir 31 Disember 2004.

6. Untuk melantik semula Tetuan PricewaterhouseCoopers sebagai Juruaudit Syarikat bagi tahun berikutnya dan

memberi kuasa kepada Para Pengarah untuk menetapkan bayaran khidmat mereka.

SEBAGAI URUSAN KHAS:

7. Untuk mempertimbangkan, dan sekiranya difikirkan wajar, meluluskan resolusi biasa berikut:-

KUASA KEPADA PARA PENGARAH UNTUK MENERBITKAN SAHAM

“BAHAWA tertakluk sentiasa kepada Akta Syarikat, 1965, Tataurusan Syarikat dan kelulusan daripada badan

kerajaan/penguatkuasa yang berkenaan, Para Pengarah dengan ini diberi kuasa menurut Seksyen 132D Akta

Syarikat, 1965 untuk menerbitkan saham-saham Syarikat dari masa ke semasa sehingga tamatnya Mesyuarat

Agung Tahunan yang berikutnya berdasarkan terma-terma dan syarat-syarat dan bagi tujuan-tujuan yang difikirkan

wajar dan bersesuaian oleh Para Pengarah, tertakluk kepada jumlah agregat saham yang akan diterbitkan tidak

melebihi 10% daripada jumlah semasa modal saham diterbit Syarikat.”

8. Untuk membincangkan sebarang urusan lain Syarikat di mana notis yang sewajarnya telah diterima menurut

Akta Syarikat, 1965.

N O T I S M E S Y UA R AT A G U N G TA H U N A N

DENGAN INI ADALAH DIMAKLUMKAN BAHAWAMesyuarat Agung Tahunan United Malayan Land Bhd yang ke-44 akan diadakan untuk urusan-urusan berikut:-

Tempat : Nirwana Ballroom 2, Lobi Bawah, Crowne Plaza Mutiara

Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur

Tarikh : Selasa, 28 Jun 2005

Masa : 11.30 pagi

Resolusi 1

Resolusi 2

Resolusi 3

Resolusi 4

Resolusi 5

Resolusi 6

Resolusi 7

Resolusi 8

Resolusi 9


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NOTIS PENERIMAAN HAK DIVIDEN

DENGAN INI ADALAH DIMAKLUMKAN BAHAWA Dividen Pertama dan Akhir sebanyak 7.5 sen sesaham, tolak cukai, bagi tahun

kewangan berakhir 31 Disember 2004, sekiranya diluluskan di Mesyuarat Agung Tahunan ke-44, akan dibayar pada 27 September

2005 kepada semua para pemegang saham yang didaftarkan dalam Rekod Pendeposit pada tarikh penutupan urusniaga pada 16

September 2005.

Pendeposit yang berdaftar dengan Malaysian Central Depository Sdn Bhd adalah layak untuk menerima dividen hanya bagi:-

A) Saham-saham yang dipindahkan kedalam Akaun Sekuriti Pendeposit sebelum 12.30 tengahari pada 16 September 2005 bagi

pemindahan biasa; dan

B) Saham-saham yang dibeli di Bursa Sekuriti atas dasar kelayakan menurut Peraturan-Peraturan Bursa Malaysia Securities Berhad.

DENGAN PERINTAH LEMBAGA PENGARAH

ZURAIDAH MOHD YUSOFFMAICSA 7001552

Setiausaha Syarikat

Kuala Lumpur

6 Jun 2005

NOTA-NOTA:

1. Proksi• Seorang ahli yang berhak hadir dan mengundi di Mesyuarat Agung Tahunan adalah berhak untuk melantik proksi untuk hadir dan mengundi

bagi pihaknya. Seorang proksi itu tidak semestinya ahli Syarikat. Borang Proksi mestilah di isi oleh sipelantik atau ahli guaman yang diperakukan

atau jika sipelantik itu sebuah perbadanan, ianya hendaklah di bawah meterinya atau dikuatkuasakan dalam cara lain yang diluluskan oleh para

pengarahnya.

• Borang Proksi hendaklah diserahkan kepada Pendaftar Saham Syarikat, Securities Services (Holdings) Sdn Bhd di Aras 7, Menara Milenium,

Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur tidak lewat daripada 48 jam sebelum masa yang

ditetapkan bagi mesyuarat tersebut atau sebarang penangguhannya.

2. Kuasa kepada Para Pengarah untuk Menerbitkan SahamResolusi ini, sekiranya diluluskan, akan memberi kuasa kepada Para Pengarah untuk menerbitkan saham-saham biasa dalam modal Syarikat

sehingga jumlah agregat yang tidak melebihi 10% daripada modal saham diterbitkan dan berbayar semasa Syarikat tanpa mengadakan mesyuarat

agung. Kuasa ini, melainkan dibatalkan atau dipinda di mesyuarat agung, akan tamat pada Mesyuarat Agung Tahunan yang berikutnya.

3. Penyata Iringan Notis Mesyuarat Agung TahunanMaklumat tambahan menurut Perenggan 8.28(2) Keperluan Penyenaraian Bursa Malaysia Securities Berhad adalah dinyatakan di Lampiran A

kepada Laporan Tahunan Syarikat 2004.


74

LAMPIRAN A

PENYATA IRINGAN NOTIS MESYUARAT AGUNG TAHUNAN (Menurut Perenggan 8.28(2) Keperluan Penyenaraian Bursa Malaysia Securities Berhad)

Para Pengarah yang menawarkan diri untuk dilantik semula di Mesyuarat Agung Tahunan ke-44 Syarikat yang akan diadakan pada

hari Selasa, 28 Jun 2005 jam 11.30 pagi di Dewan Nirwana 2, Lobi Bawah, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail,

50250 Kuala Lumpur adalah:-

1. PEMILIHAN SEMULA MENURUT ARTIKEL 94 TATAURUSAN PERTUBUHAN SYARIKAT:-

a) YBhg Dato’ Ng Eng Tee (Resolusi 3)

b) YBhg Datuk Mohd Khamil bin Jamil (Resolusi 4)

c) YB Datuk Nur Jazlan bin Tan Sri Mohamed (Resolusi 5)

2. PEMILIHAN SEMULA MENURUT ARTIKEL 99 TATAURUSAN PERTUBUHAN SYARIKAT:-

a) YBhg Dato’ Mohd Hanafiah bin Omar (Dilantik pada 10 Januari 2005) (Resolusi 6)

Sila rujuk kepada Profil Lembaga Pengarah pada muka surat 4 hingga 11 Laporan Tahunan 2004 untuk maklumat lanjut

mengenai Para Pengarah yang menawarkan diri untuk dilantik semula.

Pada tahun kewangan berakhir 31 Disember 2004, lima (5) Mesyuarat Lembaga Pengarah telah diadakan. Butir-butir mengenai

kehadiran para Pengarah yang menawarkan diri untuk dilantik semula adalah seperti berikut:-

Nama Para Pengarah Bil. Mesyuarat yang dihadiri

1. YBhg Dato’ Ng Eng Tee 5/5

2. YBhg Datuk Mohd Khamil bin Jamil 4/5

3. YB Datuk Nur Jazlan bin Tan Sri Mohamed 4/5

4. YBhg Dato’ Mohd Hanafiah bin Omar (Dilantik pada 10 Januari 2005) Tidak Berkenaan


76 Directors’ Report 80 Income Statements 81 Balance Sheets

82 Consolidated Statement Of Changes In Equity 83 Company Statement Of Changes In Equity

84 Cash Flow Statements 86 Notes To The Financial Statements

117 Statement By Directors / Statutory Declaration 118 Report Of The Auditors

F i n a n c i a l S t a t e m e n t s

Financial Eng. - 0013 30/05/2005 10:21 PM Page 75

76

The Directors are pleased to submit to the members their annual report and the audited financial statements of the Group and Company

for the financial year ended 31 December 2004.

PRINCIPAL ACTIVITIESThe principal activities of the Company are investment holding and the provision of management services.

The principal activities of the subsidiary companies of the Group are as stated in Note 13 to the financial statements.

There were no significant changes in the nature of these activities during the financial year.

FINANCIAL RESULTSThe financial results of the Group and Company for the financial year ended 31 December 2004 are as follows:

Group Company

RM’000 RM’000

Profit from ordinary activities after tax 25,705 10,148

Minority interests (5,140) –––––––––––––––––––– –––––––––––––––––––

Net profit for the financial year 20,565 10,148================= =================

DIVIDENDS

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

RM’000

In respect of the financial year ended 31 December 2003:

- final dividend of 5.0 sen gross per ordinary share,

less income tax of 28%, paid on 21 September 2004 8,354=================

The Directors now recommend the payment of a final dividend of 7.5 sen gross per ordinary share on 232,034,733 ordinary shares (which

is net of 311,900 treasury shares), less income tax of 28%, in respect of the financial year ended 31 December 2004. This final net

dividend amounting to RM12,529,876 is subject to the approval of the members at the forthcoming Annual General Meeting of

the Company.

RESERVES AND PROVISIONS

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

ISSUANCE OF SHARES

During the financial year, 1,000 new ordinary shares of RM1.00 each were issued by the Company at the exercise price of RM1.31

per share for cash by virtue of the exercise of options over ordinary shares pursuant to the Company’s Employees’ Share Option

Scheme (“ESOS”).

The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of

the Company.

EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”)

The Company has implemented a new Employees’ Share Option Scheme (“ESOS”) for its eligible employees and Executive Directors of

the Group.

The new ESOS was approved by the shareholders at an Extraordinary General Meeting held on 25 June 2003.

Details of the new ESOS are as set out in Note 26 to the financial statements.

The Company has been granted exemption by Companies Commission of Malaysia pursuant to Section 169(11) of Companies Act, 1965

from having to disclose the list of options holders and details of their holdings other than options holders who hold options over 200,000

ordinary shares and above. The Company has also been granted exemption from having to disclose the list of Directors and details of their

holdings of options over ordinary shares.

DIRECTORS’ REPORTfor the financial year ended 31 December 2004


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77

EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”) (cont’d)

The movements during the financial year in the number of options over ordinary shares of the Company granted to the options holders

(excluding Directors) who hold options over 200,000 ordinary shares and above are as follows:

Number of options over ordinary shares of RM1.00 each

Exercise As at As atName of employee price/share 1.1.2004 Granted Exercised Lapsed 31.12.2004

RM ‘000 ‘000 ‘000 ‘000 ‘000

Chia Lui Meng 1.31 206 – – – 206

Chong Sumi Leong @ 1.31 206 – – (206) –

Cheong Sumi Leong

Henry Leong Hock Seng 1.31 287 – – – 287

Lau Boon Ann 1.31 216 – – – 216

Lee Ah Choy 1.31 216 – – (216) –

Lee Kar Fook 1.31 208 – – – 208

Ng Tay Guan 1.31 216 – – – 216

TREASURY SHARES

During the financial year, the Company repurchased its own shares amounting to 21,900 ordinary shares at an average price of

approximately RM1.10 per share from the open market on Bursa Malaysia.

Details of the treasury shares are as set out in Note 26 to the financial statements.

DIRECTORS

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

Alternate Director

Tham Kui Seng –

Dato’ Ng Eng Tee –

Datuk Mohd Khamil bin Jamil Ahmad Shaifuldin bin Mahamad Sharudi

(Appointed on 25 February 2005)

Datuk Syed Ahmad Khalid bin Syed Mohammed –

Datuk Nur Jazlan bin Tan Sri Mohamed –

Dr Choo Kian Koon Jennifer Loh, née Seah Bee Eng

(Resigned on 21 July 2004)

Rita Lau Chen Chen (Appointed on 21 July 2004)

Ng Eng Soon –

Dato’ Mohd Hanafiah bin Omar (Appointed on 10 January 2005) –

Mohamed Ali Rashed Alabbar (Resigned on 4 April 2005) –

Dato’ Syed Hamid bin Syed Hussain Alhabshee (Resigned on 1 November 2004) –

Pee Tong Lim (Resigned on 21 March 2005) –

In accordance with Article 94 of the Company’s Articles of Association, Dato’ Ng Eng Tee, Datuk Mohd Khamil bin Jamil and Datuk

Nur Jazlan bin Tan Sri Mohamed retire by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for

re-election.

In accordance with Article 99 of the Company’s Articles of Association, Dato’ Mohd Hanafiah bin Omar, who was appointed during the

period, retires at the forthcoming Annual General Meeting and, being eligible, offers himself for election.


78

DIRECTORS’ BENEFITS

During and at the end of the financial year, no arrangements subsisted to which the Company is a party, being arrangements with the

object or objects of enabling Directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of,

the Company or any other body corporate, other than the options over ordinary shares granted by the Company (see Note 7 to the

financial statements).

Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other than the Directors’

remuneration as disclosed in Note 7 to the financial statements) by reason of a contract made by the Company or a related corporation

with the Director or with a firm of which he is a member, or with a company in which he has a substantial financial interest except as

disclosed in Note 29 to the financial statements.

DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES

According to the Register of Directors’ Shareholdings, particulars of interests of Directors who held office at the end of the financial year

in the shares and options over ordinary shares in the Company are as follows:

Number of ordinary shares of RM1.00 each

As at As at1.1.2004 Acquired Disposed 31.12.2004

‘000 ‘000 ‘000 ‘000

Shareholdings in the name of the Director

Dato’ Ng Eng Tee 7,888 – – 7,888

Pee Tong Lim 48 – – 48

Ng Eng Soon 7,151 – – 7,151

Shareholdings in which the Director is deemed to have an interest

Dato’ Ng Eng Tee 21,829 – – 21,829

Ng Eng Soon 17,829 – – 17,829

Number of options over ordinary shares of RM1.00 each

As at As at1.1.2004 Granted Exercised Lapsed 31.12.2004

‘000 ‘000 ‘000 ‘000 ‘000

Dato’ Ng Eng Tee 500 – – – 500

Dato’ Ng Eng Tee, Ng Eng Soon and Pee Tong Lim by virtue of their direct and indirect interests in the Company, are deemed to have an

interest in the shares of the subsidiary companies to the extent the Company has an interest.

Other than as disclosed above, according to the Register of Directors’ Shareholdings, the Directors in office at the end of the financial

year did not hold any interest in shares, options over ordinary shares or debentures in the Company and 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 allowance for doubtful

debts and satisfied themselves that all known bad debts had been written off and that adequate allowance had 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 business their values as

shown in the accounting records of the Group and Company had been written down to an amount which they might be expected so

to realise.

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

(a) which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in the financial

statements of the Group and Company inadequate to any substantial extent; or

DIRECTORS’ REPORT (cont’d)

for the financial year ended 31 December 2004


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STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (cont’d)

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

(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and

Company misleading or inappropriate.

No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the

end of the financial year which, in the opinion of the Directors, will or may affect the ability of the Group or 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 secures the 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 the financial

statements which would render any amount stated in the financial statements misleading.

In the opinion of the Directors:

(a) the results of the operations of the Group and Company during the financial year were not substantially affected by any item,

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 the Group and Company for the

financial year in which this report is made.

CORPORATE INFORMATION

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Board of

Bursa Malaysia.

The address of the registered office and the principal place of business of the Company is as follows:

Suite 1.1, 1st Floor


Jalan Sultan Ismail

50250 Kuala Lumpur

Malaysia

Telephone : (603) 2142 1611

Fax : (603) 2142 1826

Website : http: //www.umland.com.my

AUDITORS

The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.

Signed on behalf of the Board of Directors in accordance with their resolution dated 22 April 2005.

DATO’ NG ENG TEE DATUK SYED AHMAD KHALID BIN SYED MOHAMMEDDIRECTOR DIRECTOR


80

Group CompanyNote 2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Revenue 4 164,845 108,788 21,213 21,280

Interest income 1,446 2,993 – –

Other operating income 1,258 2,262 205 –

Development costs recognised as expenses (101,688) (69,392) – –

Construction costs recognised as expenses 40 – – –

Staff costs 5 (12,547) (15,237) (4,771) (5,641)

Depreciation of property, plant and equipment (1,539) (1,773) (158) (246)

Property, plant and equipment written off (29) – – –

Advertising and promotion expenses (2,739) (2,778) (91) (17)

Upkeep, repairs and maintenance of assets (1,303) (1,058) (195) (140)

Rental of premises (663) (1,040) (532) (589)

Allowance for doubtful debts (3,391) (792) – –

Write-back of allowance for doubtful debts 5,084 9,894 – –

Professional consultancy fees (2,776) (1,690) (261) (231)

Management fees (266) (247) (266) (247)

Other operating expenses (7,589) (4,781) (796) (877)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Profit from operations 6 38,143 25,149 14,348 13,292

Finance cost 8 (1,240) (1,100) (11) –

Share of results of an associated company (1,885) (394) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Profit from ordinary activities before tax 35,018 23,655 14,337 13,292

Tax

- Company and subsidiary companies 9 (9,313) (6,341) (4,189) (3,896)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Profit from ordinary activities after tax 25,705 17,314 10,148 9,396

Minority interests (5,140) (3,113) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Net profit for the financial year 20,565 14,201 10,148 9,396================= ================= ================= =================

Earnings per share (sen)

- basic 10 8.9 6.1================= =================

Not Not

- diluted 10 applicable applicable================= =================

Dividend per share (sen) 11 7.5 5.0 7.5 5.0================= ================= ================= =================

INCOME STATEMENTSfor the financial year ended 31 December 2004


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Group CompanyNote 2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

NON-CURRENT ASSETS

Property, plant and equipment 12 344,163 391,222 312 534

Investments in subsidiary companies 13 – – 597,041 584,541

Investment in an associated company 14 2,740 4,625 – –

Other investments 15 9 9 – –

Land held for property development 16 206,985 111,860 – –

Long term trade receivables 17 3,774 4,246 – –

Deferred tax assets 18 14,658 15,466 – 491––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

572,329 527,428 597,353 585,566––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

CURRENT ASSETS

Completed properties 19 83,419 92,131 – –

Property development costs 20 391,284 263,549 – –

Tax recoverable 6,258 3,161 291 396

Trade and other receivables 21 72,161 74,056 155,791 166,288

Deposits, bank and cash balances 22 18,089 18,155 881 401––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

571,211 451,052 156,963 167,085––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

LESS: CURRENT LIABILITIES

Trade and other payables 23 61,068 55,090 1,478 1,470

Provision 24 20,777 21,459 – –

Borrowings (secured)

- bank overdraft 25 8,060 108 – –

- revolving credit 25 100,675 89,400 – –

- term loan 25 30,400 – – –

Current tax liabilities 8,089 6,038 3,322 3,456––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

229,069 172,095 4,800 4,926––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

NET CURRENT ASSETS 342,142 278,957 152,163 162,159

LESS : NON-CURRENT LIABILITIES

Deferred tax liabilities 18 36,506 39,065 22 –

Borrowings 25 89,600 – – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

788,365 767,320 749,494 747,725================= ================= ================= =================

CAPITAL AND RESERVES

Share capital 26 232,347 232,346 232,347 232,346

Reserves 27 501,623 487,219 517,147 515,379––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Shareholders’ equity 733,970 719,565 749,494 747,725

Minority interests 54,395 47,755 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

788,365 767,320 749,494 747,725================= ================= ================= =================

Net tangible assets per share 10 RM3.16 RM3.10================= =================

BAL ANCE SHEETSas at 31 December 2004


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Share Share Revaluation Capital Treasury Retained RevaluationNote capital premium reserves reserves shares earnings reserves* Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

As at 1 January 2004 232,346 60,429 243,527 (41,300) (349) 171,123 53,789 719,565

Share issue expenses – (1) – – – – – (1)

Treasury shares

acquired (21,900

ordinary shares) 26 – – – – (25) – – (25)

Issuance of ordinary

shares on exercise

of ESOS 1 – – – – – – 1

Realisation of

revaluation reserves – – (777) – – – 777 –

Reversal of

deferred tax liabilities – – 2,219 – – – – 2,219

Net profit for the

financial year – – – – – 20,565 – 20,565

Dividends paid for the

financial year

ended 31.12.2003 11 – – – – – (8,354) – (8,354)––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

As at 31 December 2004 232,347 60,428 244,969 (41,300) (374) 183,334 54,566 733,970============================================================================================================================

As at 1 January 2003 231,634 60,304 244,150 (41,300) (121) 165,250 53,166 713,083

Share issue expenses – (95) – – – – – (95)

Treasury shares

acquired (245,000

ordinary shares) 26 – – – – (228) – – (228)

Issuance of

ordinary shares

on exercise of ESOS 712 220 – – – – – 932

Realisation of

revaluation reserves – – (623) – – – 623 –

Net profit for the

financial year – – – – – 14,201 – 14,201


financial year

ended 31.12.2002 11 – – – – – (8,328) – (8,328)––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

As at 31 December 2003 232,346 60,429 243,527 (41,300) (349) 171,123 53,789 719,565============================================================================================================================

*This represents the accumulated revaluation reserves which have already been realised.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITYfor the financial year ended 31 December 2004


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83COMPANY STATEMENT OF CHANGES IN EQUITYfor the financial year ended 31 December 2004

Non-distributable DistributableShare Share Revaluation Treasury Retained Revaluation

Note capital premium reserves shares earnings reserves* TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

As at 1 January 2004 232,346 60,429 385,808 (349) 54,235 15,256 747,725

Share issue expenses – (1) – – – – (1)

Treasury shares acquired

(21,900 ordinary shares) 26 – – – (25) – – (25)

Issuance of ordinary shares

on exercise of ESOS 1 – – – – – 1

Net profit for the financial year – – – – 10,148 – 10,148


financial year

ended 31.12.2003 11 – – – – (8,354) – (8,354)––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

As at 31 December 2004 232,347 60,428 385,808 (374) 56,029 15,256 749,494=============================================================================================================

As at 1 January 2003 231,634 60,304 385,808 (121) 53,167 15,256 746,048

Share issue expenses – (95) – – – – (95)

Treasury shares acquired

(245,000 ordinary shares) 26 – – – (228) – – (228)

Issuance of ordinary shares

on exercise of ESOS 712 220 – – – – 932

Net profit for the financial year – – – – 9,396 – 9,396


financial year

ended 31.12.2002 11 – – – – (8,328) – (8,328)––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

As at 31 December 2003 232,346 60,429 385,808 (349) 54,235 15,256 747,725=============================================================================================================



84

Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

CASH FLOW FROM OPERATING ACTIVITIES

Net profit for the financial year 20,565 14,201 10,148 9,396

Adjustments for:

Allowance for doubtful debts 3,391 792 – –

Write-back of allowance for doubtful debts (5,084) (9,894) – –

Depreciation of property, plant and equipment 1,539 1,773 158 246

Property, plant and equipment written off 29 – – –

Gain on disposal of property, plant and equipment (467) (2) (205) –

Gross dividend income from a subsidiary company – – (11,620) (11,585)

Interest expense 1,240 1,100 11 –

Interest income (1,467) (3,000) (5,333) (5,435)

Loss on disposal of property, plant and equipment 52 329 – 328

Minority interests 5,140 3,113 – –

Share of results of an associated company 1,885 394 – –

Tax 9,313 6,341 4,189 3,896––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

36,136 15,147 (2,652) (3,154)

(Increase)/decrease in land held for property development,

completed properties and property development costs (147,639) 12,721 – –

Decrease/(increase) in receivables 4,335 34,917 12,146 (4,281)

(Decrease)/increase in payables (12,756) 2,920 8 213––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Net cash flow from operations (119,924) 65,705 9,502 (7,222)

Interest paid (4,471) (5,471) (11) –

Interest received 1,192 1,897 3,684 7,127

Tax paid (9,891) (8,092) (451) (1,129)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Net cash flow from operating activities (133,094) 54,039 12,724 (1,224)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

CASH FLOW STATEMENTSfor the financial year ended 31 December 2004


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Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

CASH FLOW FROM INVESTING ACTIVITIES

Investment in subsidiary companies – – (12,500) –

Net dividend income from a subsidiary company – – 8,366 8,341

Proceeds from disposal of property, plant and equipment 906 1 300 –

Purchase of property, plant and equipment (226) (729) (31) (460)

Treasury shares acquired (25) (228) (25) (228)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Net cash flow from investing activities 655 (956) (3,890) 7,653––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

CASH FLOW FROM FINANCING ACTIVITIES

Dividends paid (8,354) (8,328) (8,354) (8,328)

Net drawdown/(repayment) of borrowings 131,275 (42,750) – –

Proceeds from issuance of shares in a subsidiary company

to a minority interest 1,500 – – –

Proceeds from issuance of ordinary

shares on exercise of ESOS 1 932 1 932

Share issue expenses (1) (95) (1) (95)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Net cash flow from financing activities 124,421 (50,241) (8,354) (7,491)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (8,018) 2,842 480 (1,062)

CASH AND CASH EQUIVALENTSAT BEGINNING OF THE FINANCIAL YEAR 18,047 15,205 401 1,463

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––CASH AND CASH EQUIVALENTS

AT END OF THE FINANCIAL YEAR 10,029 18,047 881 401================= ================= ================= =================

Cash and cash equivalents comprise:

Bank and cash balances (Note 22) 3,894 2,703 881 401

Bank balances under Housing

Development Accounts (“HDA”) (Note 22) 14,195 15,452 – –

Bank overdraft (Note 25) (8,060) (108) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

10,029 18,047 881 401================= ================= ================= =================


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1 PRINCIPAL ACTIVITIES

The principal activities of the Company are investment holding and the provision of management services.

The principal activities of the subsidiary companies of the Group are as stated in Note 13 to the financial statements.

There were no significant changes in the nature of these activities during the financial year.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the

financial statements.

(a) Basis of preparation

The financial statements of the Group and Company have been prepared under the historical cost convention (as modified to

include the revaluation of certain property, plant and equipment and investment in subsidiary companies), unless otherwise

indicated in this summary of significant accounting policies.

The financial statements comply with Malaysian Accounting Standards Board (“MASB”) approved accounting standards in

Malaysia and the provisions of Companies Act, 1965. The new MASB approved accounting standard adopted in these

financial statements is as follows:

• MASB Standard 32 “Property Development Activities”

The impact on the financial statements as a result of the adoption of the above standard is disclosed in Note 28 to the

financial statements.

The preparation of the financial statements in conformity with MASB approved accounting standards in Malaysia and the

provisions of Companies Act, 1965 requires the Directors to make estimates and assumptions that affect the reported amounts

of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the

reported amounts of revenues and expenses during the reported financial year. Although these estimates are based on the

Directors’ best knowledge of current events and actions, actual results may differ from these estimates.

(b) Basis of consolidation

The consolidated financial statements include the financial statements of the Company and all its subsidiary companies made

up to the end of the financial year. Subsidiary companies are those companies in which the Group has power to exercise

control over the financial and operating policies so as to obtain benefits from their activities.

Subsidiary companies are consolidated using the acquisition method of accounting except for a subsidiary company

(as disclosed in Note 13 to the financial statements) which was accounted for using the merger method of accounting.

The subsidiary was consolidated prior to 1 January 2002 in accordance with Malaysian Accounting Standard No. 2

“Accounting for Acquisitions and Mergers”, the generally accepted accounting principle prevailing at that time.

The Group has used the exemption provided by MASB Standard 21 “Business Combinations” to apply this Standard

prospectively. Accordingly, business combinations entered into prior to 1 January 2002 have not been restated to comply with

this Standard.

Under the acquisition method of accounting, subsidiary companies are consolidated from the date control is transferred to the

Group and are no longer consolidated from the date that control ceases. The results of subsidiary companies acquired or

disposed of during the financial year are included from the date of acquisition up to the date of disposal. At the date of

acquisition, the fair values of the subsidiary companies’ net assets are determined and these values are reflected in the

consolidated financial statements. The difference between the cost of acquisition over the fair values of the Group’s

share of the subsidiary companies’ identifiable net assets at the date of acquisition is reflected as goodwill or negative

goodwill. See accounting policy Note 2(d) on goodwill on consolidation. The cost of acquisition is the amount of cash paid and

the fair value at the date of acquisition of other purchase consideration together with directly attributable expenses of

the acquisition.

NOTES TO THE FINANCIAL STATEMENTSfor the financial year ended 31 December 2004


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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont’d)

(b) Basis of consolidation (cont’d)

Under the merger method of accounting, the results of the subsidiary companies are presented as if the merger had been

effected throughout the current and previous financial years. The cost of investment in a merger is recorded at the aggregate

of the nominal value of equity shares issued, cash and cash equivalents and fair values of other considerations. Expenditure

incurred in connection with the merger is recognised as an expense in the income statement. On consolidation, the cost of the

merger is cancelled with the nominal values of the shares received. The excess of the carrying value of the investment over

the nominal value of the shares acquired is treated as a reduction of reserves, whereas an excess of the nominal value of the

shares acquired over the carrying value of the investment is treated as reserve arising on merger and included as part of

shareholders’ equity.

All inter-company transactions, balances and unrealised gains on transactions are eliminated; unrealised losses are also

eliminated unless costs cannot be recovered in which case such costs are charged to the income statement immediately.

Where necessary, accounting policies for subsidiary companies have been changed to ensure consistency with the policies

adopted by the Group.

Minority interests are measured at the minority shareholders’ share of the post acquisition fair values of the identifiable

assets and liabilities of the acquiree. Separate disclosure is made of minority interests.

(c) Accounting for associated companies

Associated companies are companies in which the Group exercises significant influence and which are neither subsidiary

companies nor joint ventures of the Group. Significant influence is the power to participate in the financial and operating

policy decisions of the associated companies but not control over those policies. Investments in associated companies are

accounted for in the consolidated financial statements using the equity method of accounting.

Equity accounting involves recognising in the income statement the Group’s share of the results of associated companies for

the financial year. The Group’s investments in associated companies are carried in the balance sheet at an amount that reflects

its share of the net assets of the associated companies. Equity accounting is discontinued when the carrying amount of the

investment in an associated company reaches zero, unless the Group has incurred obligations or guaranteed obligations in

respect of the associated company.

Unrealised gains on transactions between the Group and its associated companies are eliminated to the extent of the Group’s

interest in the associated companies; unrealised losses are also eliminated unless the transaction provides evidence of

impairment of the asset transferred in which case such impairment is charged to the income statement immediately. Where

necessary, in applying the equity method of accounting, adjustments are made to the financial statements of associated

companies to ensure consistency of accounting policies with those of the Group.

(d) Goodwill on consolidation

Goodwill arising on consolidation represents the excess of the cost of acquisition over the fair values of the Group’s share of

the subsidiary and associated companies’ identifiable net assets at the date of acquisition.

Goodwill arising on consolidation is firstly written off against capital reserve arising on consolidation to the extent of the

amount maintained in the balance sheet. In all other cases, goodwill arising on consolidation is charged to the income

statement immediately.

Negative goodwill represents the excess of the fair values of the Group’s share of the subsidiary and associated companies’

identifiable net assets over the cost of acquisition at the date of acquisition.

Negative goodwill is credited to capital reserve arising on consolidation.

(e) Revenue recognition

Revenue from sale of development properties is recognised net of discounts, based on the percentage of completion method.

The stage of completion is measured by reference to the physical proportion of work completed as a percentage of total

physical work of the project as certified by duly appointed consultants.


88


(e) Revenue recognition (cont’d)

Revenue from sale of completed properties is recognised net of discounts, in accordance with the terms of the sale and

purchase agreements. The sales consideration of completed properties under instalment schemes are recorded at their fair

value, which is determined by discounting all future receipts using an imputed rate of interest. The difference between the

fair value and the nominal value of the sales consideration is recognised as interest income and taken to the income statement

on a time proportion basis that takes into account the effective yield on the receivables arising from the sale of completed

properties under the instalment schemes over the term of the instalment period.

Revenue from construction contracts is recognised based on the percentage of completion method. The stage of completion is

measured by reference to the proportion that the contract costs incurred for work performed to date bears to the estimated

total costs for the contract as certified by duly appointed consultants.

Gross dividends from investments are taken up in the financial statements when the Company’s right to receive payment

is established.

The following income is recognised on a receivable basis:

- quarry lease rental, land lease rental and rental from properties.

- management fees and project management fees.

- interest income.

Interest on overdue amounts receivable from house buyers is recognised in the income statement as it accrues. An allowance

for doubtful debts is made when the collectibility of this interest is in doubt.

(f) Construction contracts

When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised

over the period of the contract as revenue and expenses respectively. The Group uses the percentage of completion method to

determine the appropriate amount of revenue and costs to recognise in a given period; the stage of completion is measured by

reference to the proportion that the contract costs incurred for work performed to date bears to the estimated total costs for

the contract.

When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised only to the extent

of contract costs incurred that is probable will be recoverable; contract costs are recognised as expenses in the financial year

in which they are incurred.

Irrespective of whether the outcome of a construction contract can or cannot be estimated reliably, when it is probable that

total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against the progress billings

up to the end of the financial year. Where costs incurred and recognised profits (less recognised losses) exceed progress

billings, the balance is shown as an amount due from customer on construction contracts under trade and other receivables.

Where progress billings exceed costs incurred plus recognised profits (less recognised losses), the balance is shown as an

amount due to customer on construction contracts under trade and other payables.

(g) Property, plant and equipment

Freehold land is stated at cost or valuation.

Freehold land is not depreciated as it has an infinite life.

The freehold land was revalued by the Directors based on professional valuations carried out by independent professional

valuers. The Directors have applied the transitional provision issued by Malaysian Accounting Standards Board on adoption

of MASB Standard 15 “Property, Plant and Equipment”, which allows these assets to be stated at their 1990 and 1996

valuations. Accordingly, the valuations have not been updated.

NOTES TO THE FINANCIAL STATEMENTS (cont’d)



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(g) Property, plant and equipment (cont’d)

Surpluses arising on revaluation are credited to non-distributable revaluation reserves. Deficits arising on revaluation are

charged against non-distributable revaluation reserves to the extent of previous surpluses credited to non-distributable

revaluation reserves of the same asset. In all other cases, a decrease in carrying amount is charged to the income statement.

All other property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

All other property, plant and equipment are depreciated on a straight line basis over their estimated useful lives, summarised

as follows:

Buildings 5%

Furniture, fittings and equipment 20% - 33.33%

Motor vehicles 20%

Plant and machinery 20%

Stable and equestrian equipment 20%

Depreciation on assets under construction commences when the assets are ready for their intended use.

Where an indication of impairment exists at the balance sheet date, an analysis is performed to assess whether the carrying

amount of the asset is fully recoverable. A write-down is made if the carrying amount exceeds the recoverable amount.

See accounting policy Note 2(j) on impairment of assets.

On disposal of an asset, the difference between the net disposal proceeds and its carrying amount is charged or credited to the

income statement. In the case of revalued land, the amount in non-distributable revaluation reserve relating to these revalued

land which had been disposed is transferred to distributable reserves.

Interest costs on borrowings to finance the construction of property, plant and equipment are capitalised as part of the cost

of the asset during the period of time that is required to complete and prepare the asset for its intended use.

(h) Subsidiary companies

Investments in subsidiary companies are stated at valuation based on the net tangible assets value of the subsidiary companies,

less accumulated impairment losses. Acquisitions subsequent to valuation date are stated at cost until the next revaluation.

A valuation is conducted at least once in every five years.

An increase in carrying amount arising from revaluation of investments in subsidiary companies is credited directly to

shareholders’ equity as non-distributable revaluation reserves. To the extent that a decrease in carrying amount offsets a

previous increase, for the same investment, that has been credited to non-distributable revaluation reserves and not

subsequently reversed or utilised, it is charged against that non-distributable revaluation reserves. In all other cases, a

decrease in carrying amount is charged to the income statement. An increase on revaluation which is directly related to a

previous decrease in carrying amount for the same investment that was charged to the income statement is credited to the

income statement to the extent that it offsets the previously recorded decrease.

On disposal of a subsidiary company, the difference between the net disposal proceeds and the Group’s share of the subsidiary

company’s net assets is charged or credited to the income statement. The amount in non-distributable revaluation reserves

relating to these subsidiary companies will be transferred to distributable reserves. Goodwill on acquisition which has been

credited or charged to capital reserve arising on consolidation and retained earnings will be deducted when determining the

gain or loss on disposal of a subsidiary company.

Where an indication of impairment exists, the carrying amount of the investments in subsidiary companies is assessed and

written down immediately to its recoverable amount. See accounting policy Note 2(j) on impairment of assets.


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(i) Investments

Investments in associated companies are shown at cost less accumulated impairment losses. Where an indication of

impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount.

Investments in other non-current investments are shown at cost and an allowance for diminution in value is made where, in

the opinion of the Directors, there is a decline other than temporary in the value of such investments. Where there has been

a decline other than temporary in the value of an investment, such a decline is recognised as an expense in the period in which

the decline is identified.

On disposal of an investment, the difference between the net disposal proceeds and its carrying amount is charged or credited

to the income statement.

(j) Impairment of assets

Property, plant and equipment and other non-current assets, including intangible assets, are reviewed for impairment losses

whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment loss is

recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount. Recoverable amount is

the higher of an asset’s net selling price and value in use. For the purposes of assessing impairment, assets are grouped at the

lowest level for which there are separately identifiable cash flows.

The impairment loss is charged to the income statement unless it reverses a previous revaluation in which case it is charged

to the revaluation reserves. Any subsequent increase in recoverable amount is recognised in the income statement unless it

reverses an impairment loss on a revalued asset in which case it is credited to revaluation reserves.

(k) Trade receivables

Trade receivables are carried at invoiced amount less an allowance for doubtful debts. The allowance is established when there

is objective evidence that the Group will not be able to collect all amounts due according to the original terms of

the receivables.

Trade receivables arising from the sale of completed properties under instalment schemes are recorded at their fair value,

which is determined by discounting all future receipts using an imputed rate of interest.

(l) Income taxes

Current tax expense is determined according to the tax law of the jurisdiction in which the Group operates. It includes all

taxes chargeable upon the taxable profits, and real property gains tax payable on disposal of properties.

Deferred tax is recognised in full, using the liability method, on temporary differences arising between the amounts attributed

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 taxable profits will be available against which the

deductible temporary differences or unused tax losses can be utilised.

Deferred tax is recognised on temporary differences arising on investments in subsidiary companies and associated companies

except where the timing of reversal of the temporary difference can be controlled and it is probable that the temporary

difference will not reverse in the foreseeable future.

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




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(m) Land held for property development

Land held for property development consists of land upon which no significant development work has been undertaken or

where development activities are not expected to be completed within the normal operating cycle. Such land is classified as

non-current asset and is stated at cost less accumulated impairment losses.

Cost of land includes the purchase price of the land, professional fees, stamp duties, commissions, conversion fees and other

relevant levies. Where the Group had previously recorded the land at revalued amount, it continues to retain this amount as

its surrogate cost as allowed by MASB Standard 32. Where an indication of impairment exists, the carrying amount of the

asset is assessed and written down immediately to its recoverable amount. See accounting policy Note 2(j) on impairment

of assets.

Land held for property development is transferred to “Property development costs” (under current assets) upon

commencement of development activities and where the development activities can be completed within the Group’s normal

operating cycle.

(n) Completed properties

Properties which have been completed but not sold are classified as “Completed properties” and are stated at the lower of

cost and net realisable value.

Net realisable value is the estimate of the selling price in the ordinary course of business, less the cost of completion and

selling expenses.

(o) Property development costs

Property development costs comprise cost of land and all costs directly attributable to development activities or that can be

allocated on a reasonable basis to those activities. It includes borrowing costs related to the financing of development

activities of the land, related development costs common to the development project and direct construction costs. Borrowing

costs are included in the property development costs until the completion of the development projects.

When the outcome of the development activities can be estimated reliably, property development revenue and expenses are

recognised by using the stage of completion method as mentioned in Note 2(e) on revenue recognition.

When the outcome of the development activities cannot be estimated reliably, property development revenue is recognised only

to the extent of property development costs incurred that is probable will be recoverable; property development costs on the

development units sold are recognised when incurred.

Irrespective of whether the outcome of property development activities can or cannot be estimated reliably, when it is probable

that total property development costs will exceed total property development revenue, the expected loss is recognised as an

expense immediately.

Property development costs not recognised as an expense is recognised as an asset and is stated at the lower of cost and net

realisable value.

Where revenue recognised in the income statement exceeds billings to purchasers, the balance is presented as accrued

billings under “Trade and other receivables” (within current assets). Where billings to purchasers exceed revenue recognised

in the income statement, the balance is presented as progress billings under “Trade and other payables” (within

current liabilities).

(p) Provisions

Provision are recognised when the Group has a present legal or constructive obligation as a result of past events, when it is

probable that an outflow of resources will be required to settle the obligation, and when a reliable estimate of the amount can

be made.


92


(q) Share capital

(i) Classification

Ordinary shares are classified as equity. Distributions to holders of a financial instrument classified as an equity

instrument are charged directly to equity.

(ii) Share issue costs

Incremental external costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax,

from the proceeds.

(iii) Dividends to shareholders of the Company

Interim dividends on ordinary shares are recognised as liabilities when proposed.

Final dividend proposed after the balance sheet date is not recognised as a liability at the balance sheet date until its

approval by the shareholders at the Annual General Meeting.

(r) Treasury shares

Where the Company or its subsidiary companies purchase the Company’s equity share capital, the consideration paid,

including any attributable transaction costs is deducted from total shareholders’ equity as treasury shares until they are

cancelled. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders’ equity.

(s) Employee benefits

(i) Short term employee benefits

Wages, salaries, paid annual leave, sick leave, bonuses, and non-monetary benefits are accrued in the period in which

the associated services are rendered by the employees (including Executive Directors) of the Group.

(ii) Post-employment benefits

The Group has a post-employment benefit scheme whereby contributions are made to Employees’ Provident Fund

(“EPF”), the national defined contribution plan. The Group’s contributions to EPF are charged to the income statement

in the financial period to which they relate. Once the contributions have been paid, the Group has no further

payment obligations.

(iii) Equity compensation benefits

Details of the Group’s Employees’ Share Option Scheme (“ESOS”) are set out in Note 26 to the financial statements.

The Group does not make a charge to the income statement in connection with options over ordinary shares granted.

When the options over ordinary shares are exercised, the proceeds received, net of any transaction costs, are credited to

share capital and share premium.

(t) Contingent liabilities and contingent assets

The Group does not recognise a contingent liability but discloses its existence in the financial statements. A contingent liability

is a possible obligation that arises from past events whose existence will be confirmed by uncertain future events beyond

the control of the Group or a present obligation that is not recognised because it is not probable that an outflow of resources

will be required to settle the obligation. A contingent liability also arises in the extremely rare circumstance where there is a

liability that cannot be recognised because it cannot be measured reliably.

A contingent asset is a possible asset that arises from past events whose existence will be confirmed by uncertain future events

beyond the control of the Group. The Group does not recognise a contingent asset but discloses its existence where inflows of

economic benefits are probable, but not virtually certain.




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(u) Cash and cash equivalents

For the purposes of the cash flow statements, cash and cash equivalents comprise cash in hand, bank balances, deposits held

at call with banks, bank overdrafts and short-term, highly liquid investments that are readily convertible to known amounts

of cash and which are subject to an insignificant risk of changes in value.

Bank overdrafts are included within “Borrowings” in current liabilities in the balance sheet.

(v) Reporting currency

The financial statements are presented in Ringgit Malaysia.

(w) Financial instruments

Description

A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or

equity instrument of another enterprise.

A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from another

enterprise, a contractual right to exchange financial instruments with another enterprise under conditions that are potentially

favourable, or an equity instrument of another enterprise.

A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another

enterprise, or to exchange financial instruments with another enterprise under conditions that are potentially unfavourable.

Financial instruments recognised in the balance sheet

Financial instruments recognised in the balance sheet include deposits, cash and bank balances, investments, receivables,

payables and borrowings. The recognition method adopted for financial instruments recognised in the balance sheet is

disclosed in the individual accounting policy statements associated with each item.

The financial assets and liabilities of the Group and Company are denominated in Ringgit Malaysia.

Fair value estimation for disclosure purposes

In assessing the fair value of financial instruments, the Group uses a variety of methods and makes assumptions that are based

on market conditions existing at each balance sheet date. In particular, the fair value of financial assets and financial

liabilities is estimated by discounting the future contractual cash flows at the current market interest rate available to the

Group for similar financial instruments. Fair value of other investments is determined based on the market value at the

balance sheet date.

The face values of financial assets (less any estimated credit adjustments) and financial liabilities with a maturity period of

less than one year are assumed to approximate their fair values.

3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group is exposed to various financial risks including foreign currency exchange risk, interest rate risk, credit risk, liquidity risk

and cash flow risk in the normal course of business. The Group’s overall financial risk management objective is to ensure that the

Group creates value for its shareholders. The Group focuses on the unpredictability of financial markets and seeks to minimise

potential adverse effects on the financial performance of the Group. Financial risk management is carried out through risks review

and internal control systems. The Board of Directors regularly reviews these risks to ensure that the Group’s financial risk

management policies are adhered to.

Foreign currency exchange risk

The Group is not exposed to currency risk as foreign currency transactions entered into within the Group are minimal.

Interest rate risk

The Group’s income and operating cash flows are substantially independent of changes in market rates. Interest rate exposure arises

from the Group’s borrowings. Currently all borrowings are through floating rate bank loans which are continually monitored to

ensure that the Group will benefit most from the operating environment.


94

3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d)

Credit risk

Concentration of credit risk with respect to trade receivables is limited as the ownership and rights to the properties revert to the

Group in the event of default. The Group’s historical experience in collection of trade receivables falls within the recorded

allowances. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses

is inherent in the Group’s trade receivables.

Liquidity and cash flow risk

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount

of committed credit facilities. The Group aims at maintaining flexibility in funding by keeping committed credit lines available.

4 REVENUE2004 2003

RM’000 RM’000

Group

Revenue from property development 168,773 128,625

Less: Revocation of sales (4,988) (20,729)––––––––––––––––––– –––––––––––––––––––

163,785 107,896

Quarry lease rental 559 406

Land lease rental 30 29

Rental from properties 450 450

Interest income from short term deposits 21 7––––––––––––––––––– –––––––––––––––––––

164,845 108,788================= =================

Company

Dividend income from a subsidiary company 11,620 11,585

Interest income from short term deposits and advances to subsidiary companies 5,333 5,435

Provision of management services 4,260 4,260––––––––––––––––––– –––––––––––––––––––

21,213 21,280================= =================

5 STAFF COSTSGroup Company

2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Wages, salaries and bonus 10,066 12,517 3,767 4,685

Defined contribution retirement plan 1,435 1,868 518 718

Other employee benefits 1,046 852 486 238

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––12,547 15,237 4,771 5,641

================= ================= ================= =================

Staff costs include the remuneration of Executive Directors.

At the end of the financial year, there were 193 (2003: 214) employees in the Group and 40 (2003: 46) employees in the Company.




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6 PROFIT FROM OPERATIONS

The following items have been (credited)/charged in arriving at profit from operations:

Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Interest income from

- short term deposits (21) (7) (21) (7)

- advances to subsidiary companies – – (5,312) (5,428)

- sale of completed properties under instalment schemes (1,072) (2,868) – –

- others (374) (125) – –

Gain on disposal of property, plant and equipment (467) (2) (205) –

Rental income from completed and development properties (481) (687) – –

Auditors’ remuneration

- statutory audit 118 90 35 28

- tax advisory and compliance work 34 57 7 8

- other regulatory work 14 7 8 –

Loss on disposal of property, plant and equipment 52 329 – 328

Management fees paid and payable to related parties 236 221 236 221================= ================= ================= =================

7 DIRECTORS’ REMUNERATION

The aggregate amount of emoluments (excluding the estimated monetary value of benefits-in-kind) received and receivable by the

Directors of the Company during the financial year are as follows:

Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Executive Directors:- fees 25 32 25 32

- basic salaries and bonus 755 563 755 563

- defined contribution retirement plan 113 86 113 86

- other emoluments 17 18 17 15

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––910 699 910 696

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Non-Executive Directors:- fees 150 185 150 185

- other emoluments 66 78 66 77

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––216 263 216 262

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––1,126 962 1,126 958

================= ================= ================= =================

The estimated monetary value of benefits-in-kind provided to the Executive Directors and Non-Executive Directors of the Company

during the financial year by way of usage of the Company’s assets and provision of other benefits amounted to RM34,425 (2003:

RM20,131) and RM10,100 (2003: RM10,100) respectively.


96

7 DIRECTORS’ REMUNERATION (cont’d)

Executive Directors of the Company have been granted options over ordinary shares under the Employees’ Share Option Scheme

(“ESOS”) on the same terms and conditions as those offered to other employees of the Group (Note 26). Details of these options

over ordinary shares granted to an Executive Director are as follows:

Number of options over ordinary shares of RM1.00 each– –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Grant Expiry Exercise As at As atdate date price/share 1.1.2004 Granted Exercised Lapsed 31.12.2004

RM ‘000 ‘000 ‘000 ‘000 ‘000

2004

05.09.2003 04.09.2008 1.31# 500 – – – 500– –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

500 – – – 500===========================================================================================

2003

19.03.1998 18.03.2003 3.37* 500 – – (500) –

05.09.2003 04.09.2008 1.31# – 500 – – 500– –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

500 500 – (500) 500===========================================================================================

* Options over ordinary shares pursuant to ESOS 1998/2003 implemented on 19 March 1998.

# Options over ordinary shares pursuant to ESOS 2003/2008 implemented on 5 September 2003.

2004 2003

‘000 ‘000

Number of options over ordinary shares vested at balance sheet date 500 500================= =================

8 FINANCE COSTGroup Company

2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Interest expense on:

- revolving credit 731 1,100 – –

- bank overdraft 122 – – –

- term loan 387 – – –

- advances from a subsidiary company – – 11 –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

1,240 1,100 11 –================= ================= ================= =================

9 TAXGroup Company

2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Current tax:

- Malaysian tax 8,845 4,948 3,676 4,505

Deferred tax (Note 18) 468 1,393 513 (609)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

9,313 6,341 4,189 3,896================= ================= ================= =================

Current taxCurrent financial year 9,182 4,863 3,569 4,500

(Over)/underaccrual in prior financial years (net) (337) 85 107 5––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

8,845 4,948 3,676 4,505––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––




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9 TAX (cont’d)

Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Deferred taxOrigination and reversal of temporary differences 119 1,330 509 (609)

Underaccrual in prior financial years (net) 349 63 4 –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

468 1,393 513 (609)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

9,313 6,341 4,189 3,896================= ================= ================= =================

The numerical reconciliation between the average effective tax rate of the Group and Company and the Malaysian tax rate is

as follows:

Group Company2004 2003 2004 2003

% % % %

Malaysian tax rate 28 28 28 28

Tax effects of:

- expenses not deductible for tax purposes 2 1 – 1

- income not subject to tax (1) (3) – –

- current financial year’s tax loss not recognised 5 13 – –

- lower tax rate resulting from restatement

of land costs for tax purposes (8) (13) – –

- utilisation of previously unrecognised tax losses (3) (5) – –

- underaccrual of deferred tax in prior financial years 1 – – –

- (over)/underaccrual of tax in prior financial years (1) – 1 –

- others 4 6 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Average effective tax rate 27 27 29 29================= ================= ================= =================

Included in income tax expense of the Group and Company are tax savings from utilisation of current financial year’s tax losses

amounting to RM2,536,000 (2003: RM1,558,000) and RM2,536,000 (2003: RM737,000) respectively.

These tax savings arose from the utilisation of tax losses, from one business source or investment income against taxable profit from

a different business source within the same company in the same financial year.

10 EARNINGS AND NET TANGIBLE ASSETS PER SHARE

(a) Earnings per share

Basic earnings per share

Basic earnings per share of the Group is calculated by dividing the net profit for the financial year by the weighted average

number of ordinary shares in issue during the financial year, excluding ordinary shares acquired by the Company and held as

treasury shares.

2004 2003

Net profit for the financial year (RM’000) 20,565 14,201

Weighted average number of ordinary shares in issue (‘000) 232,046 231,524

Basic earnings per share (sen) 8.9 6.1================= =================


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10 EARNINGS AND NET TANGIBLE ASSETS PER SHARE (cont’d)

Diluted earnings per share

As at 31 December 2004, the Company has 9,647,500 (2003: 12,363,800) unissued ordinary shares outstanding under the

Employees’ Share Option Scheme (“ESOS”) for eligible employees and Executive Directors of the Group. In accordance with

the provisions laid down by MASB Standard 13 “Earnings Per Share”, options over ordinary shares are dilutive when they

would result in the issue of ordinary shares for less than fair value (determined based on the market price of the ordinary

shares). Since the exercise prices of options over ordinary shares are above the fair value of the Company’s ordinary shares for

the financial years 2004 and 2003, the options over ordinary shares are non-dilutive. Accordingly, diluted earnings per share

information is not presented in the financial statements.

(b) Net tangible assets per share

The net tangible assets per share is calculated by dividing the net tangible assets of RM733,970,164 (2003: RM719,565,119)

by the issued share capital of 232,034,733 shares, (which is net of 311,900 treasury shares) (2003: 232,055,633 shares,

[which is net of 290,000 treasury shares]), of the Company at the end of the financial year.

11 DIVIDENDS PER SHARE

Dividends proposed in respect of ordinary shares for the financial year are as follows:

2004 2003

Gross Amount of Gross Amount of

dividend dividend,net dividend dividend,net

per share of 28% tax per share of 28% tax

Sen RM’000 Sen RM’000

Proposed final dividends 7.5 12,530 5.0 8,354================= ================= ================= =================

At the forthcoming Annual General Meeting (“AGM”) on 28 June 2005, a final dividend of 7.5 sen (2003: 5.0 sen) gross per

ordinary share, less income tax of 28%, in respect of the financial year ended 31 December 2004 will be proposed for shareholders’

approval. This final net dividend amounts to RM12,529,876.

These financial statements do not reflect this final dividend as a liability. The final dividend will be accrued as a liability only after

it has been approved by the shareholders at the forthcoming AGM.

12 PROPERTY, PLANT AND EQUIPMENTAs at Disposals/ As at

1.1.2004 Additions Write-off Transfers* 31.12.2004RM’000 RM’000 RM’000 RM’000 RM’000

Group

2004

Cost/Valuation

Freehold land 377,534 – – (45,226) 332,308Buildings 17,041 35 (34) – 17,042Furniture, fittings and equipment 6,539 191 (3) – 6,727Motor vehicles 4,642 – (3,021) – 1,621Plant and machinery 20 – – – 20Stable and equestrian equipment 100 – – – 100

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––405,876 226 (3,058) (45,226) 357,818

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

*Transfers to “Land held for property development” and “Property development costs”.




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12 PROPERTY, PLANT AND EQUIPMENT (cont’d)

Charge forAs at the financial Disposals/ As at

1.1.2004 year write-off 31.12.2004RM’000 RM’000 RM’000 RM’000

Accumulated depreciation

Freehold land – – – –Buildings 5,094 837 (5) 5,926Furniture, fittings and equipment 5,615 596 (3) 6,208Motor vehicles 3,825 106 (2,530) 1,401Plant and machinery 20 – – 20Stable and equestrian equipment 100 – – 100

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––14,654 1,539 (2,538) 13,655

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

As at As at

1.1.2003 Additions Disposals 31.12.2003

RM’000 RM’000 RM’000 RM’000

Group

2003

Cost/Valuation

Freehold land 377,534 – – 377,534

Buildings 17,041 – – 17,041

Furniture, fittings and equipment 6,222 322 (5) 6,539

Motor vehicles 4,820 407 (585) 4,642

Plant and machinery 20 – – 20

Stable and equestrian equipment 100 – – 100––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

405,737 729 (590) 405,876––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Charge for

As at the financial As at

1.1.2003 year Disposals 31.12.2003

RM’000 RM’000 RM’000 RM’000


Freehold land – – – –

Buildings 4,257 837 – 5,094


Motor vehicles 3,745 338 (258) 3,825

Plant and machinery 20 – – 20

Stable and equestrian equipment 100 – – 100––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

13,143 1,773 (262) 14,654––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––


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As at As at

31.12.2004 31.12.2003

RM’000 RM’000

Group

Net book value

Freehold land 332,308 377,534

Buildings 11,116 11,947

Furniture, fittings and equipment 519 924

Motor vehicles 220 817

Plant and machinery – –

Stable and equestrian equipment – –––––––––––––––––––– –––––––––––––––––––

344,163 391,222================= =================

As at As at1.1.2004 Additions Disposals 31.12.2004RM’000 RM’000 RM’000 RM’000

Company

2004

Cost

Furniture, fittings and equipment 1,623 31 – 1,654Motor vehicles 2,321 – (1,286) 1,035

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––3,944 31 (1,286) 2,689

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Charge forAs at the financial As at

1.1.2004 year Disposals 31.12.2004RM’000 RM’000 RM’000 RM’000


Furniture, fittings and equipment 1,465 88 – 1,553Motor vehicles 1,945 70 (1,191) 824

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––3,410 158 (1,191) 2,377

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

As at As at

1.1.2003 Additions Disposals 31.12.2003

RM’000 RM’000 RM’000 RM’000

Company

2003

Cost


Motor vehicles 2,515 351 (545) 2,321––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

4,030 460 (546) 3,944––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––




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Charge for

As at the financial As at

1.1.2003 year Disposals 31.12.2003

RM’000 RM’000 RM’000 RM’000


Furniture, fittings and equipment 1,362 103 – 1,465

Motor vehicles 2,020 143 (218) 1,945––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

3,382 246 (218) 3,410––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

As at As at

31.12.2004 31.12.2003

RM’000 RM’000

Company

Net book value

Furniture, fittings and equipment 101 158

Motor vehicles 211 376––––––––––––––––––– –––––––––––––––––––

312 534================= =================

The freehold land of the Group was revalued by the Directors in 1990 based on a valuation carried out by an independent firm of

professional valuers using the comparison method basis. The book value of freehold land was adjusted to reflect the revaluation and

the revaluation surplus arising thereof was credited to revaluation reserves.

A certain portion of the freehold land of the Group was revalued again by the Directors in 1996 based on a valuation carried out

by an independent firm of professional valuers using the open market valuation basis and as approved by Securities Commission.

The book value of freehold land was adjusted to reflect the revaluation and the revaluation surplus arising thereof was credited to

revaluation reserves.

Group2004 2003

RM’000 RM’000

The freehold land consists of the following:

At cost or valuation

Land, at 1990 valuation 20,545 43,641

Land, at 1996 valuation 304,858 323,131

Development expenditure, at cost 6,905 10,762––––––––––––––––––– –––––––––––––––––––

332,308 377,534================= =================

If the freehold land had been determined in accordance with the historical cost convention, the cost of the freehold land for the

Group is RM19,051,183 (2003: RM26,049,513).

There were no property, plant and equipment of the Group pledged as security for borrowings (2003: RM2,363,554).


102

13 INVESTMENTS IN SUBSIDIARY COMPANIES

Company2004 2003

RM’000 RM’000

Unquoted shares, at Directors’ valuation 597,041 584,541================= =================

The Company’s investments in subsidiary companies are stated at valuation based on the net tangible assets value of the subsidiary

companies as at 31 December 2001.

Details of the subsidiary companies, all of which were incorporated in Malaysia, are as follows:

Group’s effective interestName of company Principal activities 2004 2003

% %

@ Seri Alam Properties Sdn Bhd Property development 100 100

* UM Leisure Sdn Bhd General trading 100 100

UM Land Assets Sdn Bhd Property investment 100 100

UM Land Bena Sdn Bhd Property development 100 100

and related activities

Country Equity Sdn Bhd Investment holding 100 100

* UM Development Sdn Bhd General trading 100 100

UM Residences Sdn Bhd Development of 100 100

serviced apartments

** Suasana Sentral Two Sdn Bhd Property development 70 –


** Dynasty View Sdn Bhd Property development 100 –


** Alpine Return Sdn Bhd Property development 100 –


Subsidiary companies of Seri Alam Properties Sdn Bhd

* PMS Services Sdn Bhd Project management 100 100

* Seri Alam Hotel Resort Sdn Bhd General trading 100 100

Seri Alam Leisure Sdn Bhd Investment holding 100 100

Subsidiary company of Seri Alam Leisure Sdn Bhd

Seri Alam Golf & Equestrian Club Operation of a recreational 100 100

Sdn Bhd club and related activities

Subsidiary company of Country Equity Sdn Bhd

Bangi Heights Development Sdn Bhd Property development and 70 70

property investment ================= =================

@ Subsidiary company consolidated using the merger method of accounting.

* These subsidiary companies have not commenced operations.

** These subsidiary companies were acquired during the financial year for a cash consideration of RM2.00 each, representing their entire issued

and paid-up share capital of 2 ordinary shares of RM1.00 each. Subsequently, their paid-up share capital have been increased during the financial

year as follows:

Suasana Sentral Two Sdn Bhd RM5,000,000

Dynasty View Sdn Bhd RM9,000,000




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14 INVESTMENT IN AN ASSOCIATED COMPANY

Group 2004 2003

RM’000 RM’000

Unquoted shares, at cost 6,240 6,240

Share of post-acquisition losses (3,493) (1,608)

Goodwill on acquisition written off against capital reserve (7) (7)––––––––––––––––––– –––––––––––––––––––

2,740 4,625================= =================

Represented by:

Share of net tangible assets 2,740 4,625================= =================

Details of the associated company, which was incorporated in Malaysia, are as follows:

Group’s effective interestName of company Principal activities 2004 2003

% %

Ipjora Holdings Sdn Bhd Developing, building, 40 40

owning and operating ================= =================serviced apartments

15 OTHER INVESTMENTS

Group 2004 2003

RM’000 RM’000

Unquoted shares, at cost 9 9================= =================

The fair values of these investments were estimated based on the investees’ net tangible assets value. The Directors are of the view

that the fair values of these investments are not significantly different from the cost shown in the financial statements at the balance

sheet date.

16 LAND HELD FOR PROPERTY DEVELOPMENT

Group 2004 2003

RM’000 RM’000

At beginning of the financial year 111,860 90,626

Transfer from property, plant and equipment 12,411 –

Net transfer (to)/from property development costs (46,608) 21,234

Acquisition of land 129,322 –––––––––––––––––––– –––––––––––––––––––

At end of the financial year 206,985 111,860================= =================

Land held for property development with book value of RM189,360,942 (2003 : RM65,665,272) have been pledged as security for

borrowings (Note 25).


104NOTES TO THE FINANCIAL STATEMENTS (cont’d)


17 LONG TERM TRADE RECEIVABLES

Group 2004 2003

RM’000 RM’000

Current 15,767 28,500

Later than 1 year but not later than 2 years 3,603 338

Later than 2 years but not later than 5 years 171 3,908

Non-current 3,774 4,246––––––––––––––––––– –––––––––––––––––––

19,541 32,746================= =================

Long term trade receivables are the discounted future receipts arising from the sale of completed properties under instalment

schemes for which the sales proceeds are receivable over four to seven years. The instalments receivable within twelve months

amounting to RM15,766,946 (2003: RM28,499,842) are included in “Trade and other receivables” in current assets.

There were no balances due from Directors and related parties included in the long term trade receivables of the Group at the

financial year end.

18 DEFERRED TAX

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current

tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriate

offsetting, are shown in the balance sheet:

Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Deferred tax assets:

- subject to income tax 370 491 – 491

- subject to real property gains tax (“RPGT”) 14,288 14,975 – –

14,658 15,466 – 491

Deferred tax liabilities:

- subject to income tax (20,322) (20,661) (22) –

- subject to real property gains tax (“RPGT”) (16,184) (18,404) – –

(36,506) (39,065) (22) –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(21,848) (23,599) (22) 491================= ================= ================= =================

At beginning of the financial year: (23,599) (22,220) 491 (118)

(Charged)/credited to income statement (Note 9):

- property, plant and equipment 40 52 (13) 34

- land held for property development 2,625 (3,783) – –

- property development costs (2,618) 3,219 – –

- interest capitalised 93 (1,204) – –

- receivables (412) (366) – –

- payables (64) 147 (38) 98

- interest receivable (515) 470 (462) 477

- tax losses 383 192 – –

- underaccrual in prior financial years (net) – (120) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(468) (1,393) (513) 609

Adjustment of RPGT to trade and other payables – 14 – –

Reversal of deferred tax to revaluation reserves 2,219 – – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

At end of the financial year (21,848) (23,599) (22) 491================= ================= ================= =================


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18 DEFERRED TAX (cont’d)

Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Subject to income tax:

Deferred tax assets (before offsetting):

- property, plant and equipment 722 680 599 612

- tax losses 574 192 – –

- receivables 532 944 83 83

- payables 503 567 182 220––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

2,331 2,383 864 915

Offsetting (1,961) (1,892) (864) (424)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Deferred tax assets (after offsetting) 370 491 – 491================= ================= ================= =================

Deferred tax liabilities (before offsetting):

- property, plant and equipment (4) (2) – –

- land held for property development (11,103) (13,728) – –

- property development costs (5,653) (3,722) – –

- interest capitalised (4,577) (4,670) – –

- interest receivable (946) (431) (886) (424)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(22,283) (22,553) (886) (424)

Offsetting 1,961 1,892 864 424––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Deferred tax liabilities (after offsetting) (20,322) (20,661) (22) –================= ================= ================= =================

Subject to real property gains tax:

Deferred tax assets:

- property development costs 14,288 14,975 – –================= ================= ================= =================

Deferred tax liabilities:

- property, plant and equipment (16,184) (18,404) – –================= ================= ================= =================

The amount of unused tax losses (with no expiry date) for which no deferred tax asset is recognised in the balance sheet is as follows:

Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Tax losses 29,563 27,701 – –================= ================= ================= =================

19 COMPLETED PROPERTIES

Completed properties with book value of RM16,807,043 (2003: RM16,807,043) have been pledged as security for borrowings

(Note 25).

Included in the completed properties is interest capitalised during the financial year amounting to RM212,083 (2003: RM45,881).


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20 PROPERTY DEVELOPMENT COSTS

Group 2004 2003

RM’000 RM’000

At beginning of the financial year

Freehold land - at cost 30,084 56,950

- at valuation 17,026 14,512

Development costs incurred 271,926 256,143

Accumulated cost charged to income statement (55,487) (35,438)––––––––––––––––––– –––––––––––––––––––

263,549 292,167================= =================

Costs incurred during the financial year

Land acquired 41,085 –


Transfer from property, plant and equipment 32,815 –

Net transfer from/(to) land held for property development 46,608 (21,234)

Transfer to completed properties (13,117) (1,316)


127,735 (28,618)================= =================

At end of the financial year

Freehold land - at cost 85,777 30,084

- at valuation 78,393 17,026



391,284 263,549================= =================

The freehold land at valuation was transferred from “Property, plant and equipment” to “Property development costs” at its

carrying amounts. The Directors have applied the transitional provision issued by Malaysian Accounting Standards Board on

adoption of MASB Standard 15, “Property, Plant and Equipment”, which allows these assets to be stated at their 1990 and 1996

valuations. Accordingly, the carrying amounts have not been updated.

Included in the development costs is interest capitalised during the financial year amounting to RM3,548,130 (2003:

RM4,249,442).

Property development costs with book value of RM85,549,303 (2003: RM29,112,975) have been pledged as security for

borrowings (Note 25).




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21 TRADE AND OTHER RECEIVABLES

Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Trade receivables 68,340 77,201 297 297

Less: Allowance for doubtful debts (11,718) (13,601) (297) (297)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

56,622 63,600 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Other receivables 5,716 3,083 56 27

Less: Allowance for doubtful debts (1,282) (1,092) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

4,434 1,991 56 27––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Amounts due from subsidiary companies – – 155,100 165,988

Amounts due from related companies 4 2 – –

Deposits 3,528 2,071 591 230

Prepayments 138 71 44 43

Accrued billings in respect of property development 7,435 6,321 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

11,105 8,465 155,735 166,261––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

72,161 74,056 155,791 166,288================= ================= ================= =================

Included in the trade receivables of the Group are balances due from Directors amounting to RM101,439 (2003: RM75,528).

Credit terms of trade receivables range from 7 days to 90 days.

22 DEPOSITS, BANK AND CASH BALANCES

Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Bank and cash balances 3,894 2,703 881 401

Bank balances under Housing

Development Accounts (“HDA”) 14,195 15,452 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

18,089 18,155 881 401================= ================= ================= =================

The effective weighted average interest rates of deposits, bank and cash balances as at the balance sheet dates were as follows:

Group Company2004 2003 2004 2003

% % % %

Bank balances 0.30 0.13 1.34 0.89

Bank balances under

Housing Development Accounts (“HDA”) 1.97 2.10 – –================= ================= ================= =================

Bank balances are deposits held at call with banks.

The subsidiary companies’ bank balances under Housing Development Accounts are not freely remissible to the Company until the

issuance of the Certificate of Fitness for the respective housing development and with the approval of the Controller of Housing after

deducting certain sums of monies as specified in Housing Development (Control and Licensing) Act 1966, Housing Developers

(Housing Development Account)(Amendment) Regulations 2002, Regulation 9.


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23 TRADE AND OTHER PAYABLESGroup Company

2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Trade payables 19,162 20,027 – –

Trade accruals 19,271 18,572 – 1

Amounts due to related parties 236 70 236 57

Payroll liabilities 2,108 2,855 780 907

Real property gains tax payable 6,466 7,849 – –

Progress billings in respect of property development 5,363 2,244 – –

Other payables and accruals 8,462 3,473 462 505––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

61,068 55,090 1,478 1,470================= ================= ================= =================

Credit terms of trade payables granted to the Group vary from no credit terms to 60 days.

The amounts due to related parties, CapitaLand Residential Ltd , Tradewinds Corporation Berhad (formerly known as PERNAS

International Holdings Berhad), Tradewinds Travel & Tours Sdn Bhd (formerly known as PERNAS Travel & Tours Sdn Bhd) and

Chee Tat Holdings (S) Pte Ltd are unsecured, interest-free and have no fixed term of repayment.

24 PROVISIONGroup

2004 2003

RM’000 RM’000

Property development costs


Provision for property development costs 3,483 2,293

Utilised during the financial year (2,512) –

Reversal of unutilised amount (1,653) –––––––––––––––––––– –––––––––––––––––––


This represents the development costs expenditure estimated to be incurred. This provision will be utilised when the designated

development activities take place.

25 BORROWINGS Group

2004 2003

RM’000 RM’000

Secured

CurrentBank overdraft 8,060 108

Revolving credit 100,675 89,400

Term loan 30,400 –––––––––––––––––––– –––––––––––––––––––

139,135 89,508================= =================

Non-currentTerm loan 89,600 –

================= =================Total

Bank overdraft 8,060 108

Revolving credit 100,675 89,400

Term loans 120,000 –––––––––––––––––––– –––––––––––––––––––

228,735 89,508================= =================




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25 BORROWINGS (cont’d)

The borrowings are secured by the following:

Group2004 2003

RM’000 RM’000

Property, plant and equipment (Note 12) – 2,364

Land held for property development (Note 16) 189,361 65,665

Completed properties (Note 19) 16,807 16,807

Property development costs (Note 20) 85,549 29,113––––––––––––––––––– –––––––––––––––––––

291,717 113,949================= =================

Weighted average interest Total carrying Maturity profileGroup rate at balance sheet date amount < 1 year 1 - 5 years > 5 years

% RM’000 RM’000 RM’000 RM’000

2004

Bank overdraft 7.25 8,060 8,060 – –Revolving credit 4.41 100,675 100,675 – –Term loan 7.00 30,400 30,400 – –Term loan 5.30 89,600 – 67,200 22,400

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––228,735 139,135 67,200 22,400

================= ================= ================= =================

2003

Bank overdraft 7.25 108 108 – –

Revolving credit 4.41 89,400 89,400 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

89,508 89,508 – –================= ================= ================= =================

The net exposure of borrowings of the Group to interest rate changes and the periods in which the borrowings reprice are as follows:

Total FloatingWeighted average interest carrying interest rate

Group rate at balance sheet date amount < 1 year% RM’000 RM’000

2004

Bank overdraft 7.25 8,060 8,060Revolving credit 4.41 100,675 100,675Term loan 7.00 30,400 30,400Term loan 5.30 89,600 89,600

––––––––––––––––––– –––––––––––––––––––228,735 228,735

================= =================

2003

Bank overdraft 7.25 108 108

Revolving credit 4.41 89,400 89,400––––––––––––––––––– –––––––––––––––––––

89,508 89,508================= =================

The carrying amount of borrowings of the Group at the balance sheet dates approximate their fair values.




26 SHARE CAPITALGroup and Company

2004 2003

RM’000 RM’000

Authorised:

Ordinary shares of RM1.00 each, at beginning and end of the financial year 500,000 500,000================= =================

Issued and fully paid:

Ordinary shares of RM1.00 each


Issued during the financial year 1 712––––––––––––––––––– –––––––––––––––––––


EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”)

The Company had, on 19 March 1998, implemented an Employees’ Share Option Scheme (“ESOS”) for its eligible employees and

Executive Directors of the Group. This ESOS had been in force for a period of five years from the date of its implementation until

its expiry on 18 March 2003.

A new ESOS was approved by the shareholders at an Extraordinary General Meeting held on 25 June 2003.

The main features of the new ESOS are as follows:

(a) The maximum number of new ordinary shares of the Company which may be available under the scheme shall not in aggregate

exceed 10% of the issued and paid-up share capital of the Company at any one time;

(b) Subject to the eligibility criteria as may be set by the Option Committee, an eligible employee shall be eligible to participate in

the scheme;

(c) No option shall be granted to any Executive Director of the Company unless specific grant of options over ordinary shares to

that Executive Director shall have been previously approved by the shareholders of the Company in a general meeting;

(d) The maximum number of new ordinary shares of the Company that may be offered and allotted to an eligible employee shall be

determined at the discretion of the Option Committee taking into consideration the performances, seniority and years of service

of the eligible employee. The allocation to the eligible Executive Directors and senior management shall not in aggregate exceed

50% of the new ordinary shares of the Company available under the scheme. Not more than 10% of the new ordinary shares of

the Company available under the scheme should be allocated to any eligible employee who, either singly or collectively, through

his associates (as defined in the Companies Act, 1965), holds 20% or more of the issued and paid-up capital of the Company;

(e) The price at which an eligible employee is entitled to subscribe for each new ordinary share of the Company shall be determined

by the Option Committee based on the 5-day weighted average market price of the ordinary shares of the Company immediately

preceding the Offer Date of the options over ordinary shares, with a discount of not more than 10%, or at the par value of the

ordinary shares of the Company, whichever is higher;

(f) The options over ordinary shares granted must be exercised within a period of five years from the Date of Offer of the options

over ordinary shares to the respective employees or before the expiry of the ESOS, which shall continue to be in force for a

period of five years from 5 September 2003 (the date the options over ordinary shares were first granted to the eligible

employees) subject to the ESOS not being extended for an additional five years;

(g) The new ordinary shares of the Company to be allotted upon exercise of any options over ordinary shares granted shall upon

allotment and issue, rank pari passu in all respects with the existing Company’s ordinary shares. The new ordinary shares of the

Company so allotted will not be entitled to any dividends, rights, allotments and/or other distributions unless such new ordinary

shares of the Company meet the conditions as specified in the By-Laws of the ESOS.


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26 SHARE CAPITAL (cont’d)

The movements during the financial year in the number of options over ordinary shares of the Company were as follows:

2004 2003

New ESOS Old ESOS

Option price Option price Option price Option price

at RM1.31# at RM1.31# at RM3.52* at RM3.37*

per share per share per share per share

’000 ’000 ’000 ’000

At beginning of the financial year 12,364 – 3,746 3,463

Granted – 13,405 – –

Exercised (1) (712) – –

Lapsed (2,715) (329) (3,746) (3,463)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

At end of the financial year 9,648 12,364 – –================= ================= ================= =================

2004 2003

’000 ’000

Number of options over ordinary shares vested as at end of the financial year 9,648 12,364================= =================

* Options over ordinary shares pursuant to ESOS 1998/2003 implemented on 19 March 1998.

# Options over ordinary shares pursuant to ESOS 2003/2008 implemented on 5 September 2003.

Details of the options over ordinary shares exercised during the financial year are as follows:

Fair value of ordinary Number ofshares at share Exercise ordinary shares issued

Exercise date issue date price 2004 2003

RM/share RM/share ’000 ’000

November 2003 1.65 1.31 – 651

December 2003 1.39 1.31 – 61

January 2004 1.30 1.31 1 –––––––––––––––––––– –––––––––––––––––––

1 712================= =================

2004 2003

RM’000 RM’000

Ordinary share capital - at par 1 712

Share premium – 220––––––––––––––––––– –––––––––––––––––––

Proceeds received on exercise of options over ordinary shares 1 932================= =================

Fair value at exercise date of ordinary shares issued 1 1,158================= =================

TREASURY SHARES

During the financial year, the Company repurchased its own shares amounting to 21,900 ordinary shares at the average price of

approximately RM1.10 per share from the open market on Bursa Malaysia. These repurchases were financed by internally generated

funds. These shares repurchased are being held as treasury shares as allowed under Section 67A of Companies Act, 1965. None

of these treasury shares has been sold.

As at 31 December 2004, the number of outstanding shares in issue and which are all fully paid is 232,034,733 (net of 311,900

treasury shares) (2003: 232,055,633 [net of 290,000 treasury shares]) ordinary shares of RM1.00 each.


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27 RESERVES

Group Company2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Non-distributable

Share premium 60,428 60,429 60,428 60,429

Revaluation reserves 244,969 243,527 385,808 385,808––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

305,397 303,956 446,236 446,237––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Capital reserves:

- Capital reserves arising on consolidation 325 325 – –

- Merger deficit (41,625) (41,625) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(41,300) (41,300) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Treasury shares (Note 26) (374) (349) (374) (349)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

263,723 262,307 445,862 445,888––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Distributable

Retained earnings 183,334 171,123 56,029 54,235

Revaluation reserves* 54,566 53,789 15,256 15,256––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

237,900 224,912 71,285 69,491––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

501,623 487,219 517,147 515,379================= ================= ================= =================

The Company has sufficient Section 108 tax credits and tax-exempt income under Malaysian Income Tax Act, 1967 to frank all of

its retained earnings as at 31 December 2004, if paid out as dividends, without incurring additional tax liabilities.


28 CHANGE OF ACCOUNTING POLICY

During the financial year, the Group changed its accounting policy in respect of accounting for property development activities in

compliance with MASB Standard 32 “Property Development Activities”.

In accordance with MASB Standard 32, land where no significant development work has been undertaken or where development

activities are not expected to be completed within the normal operating cycle, is classified as land held for property development

under non-current assets.

Where revenue recognised in the income statement exceeds billings to purchasers, the balance is presented as accrued billings under

“Trade and other receivables” (within current assets). Where billings to purchasers exceed revenue recognised in the income

statement, the balance is presented as progress billings under “Trade and other payables” (within current liabilities).

This change in accounting policy has been accounted for retrospectively.

This new accounting policy has no effect on the net profit for the financial year of the Group and Company for the financial year

ended 31 December 2004.




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28 CHANGE OF ACCOUNTING POLICY (cont’d)

The effects of this change of accounting policy on the Group’s financial statements for the financial year ended 31 December 2003

are as follows:

As Effect

previously of change As

reported in policy restated

RM’000 RM’000 RM’000

Group

At 31 December 2003

Land held for property development – 111,860 111,860

Property development costs 379,486 (115,937) 263,549

Accrued billings – 6,321 6,321

Progress billings – 2,244 2,244================= ================= =================

“Property development costs” was previously disclosed as “Development properties” in the balance sheet.

29 SIGNIFICANT RELATED PARTY TRANSACTIONS

In addition to the related party disclosures mentioned elsewhere in the financial statements, set out below are other significant

related party transactions.

The transactions set out below have been entered into in the normal course of business and have been established under terms mutually

agreed upon by the parties and which are not materially different from those obtainable in transactions with non-related parties.

GroupTransactions Company/Director 2004 2003

RM’000 RM’000

Transactions with a corporate shareholder

Rental of premises paid and payable Tradewinds Corporation Berhad

(formerly known as PERNAS

International Holdings Berhad) 609 749

Procurement of hotel accommodation Tradewinds Corporation Berhad

and meals paid and payable (formerly known as PERNAS


Transactions with a subsidiary company of a corporate shareholder, Chee Tat Holdings (S) Pte Ltd

Rental income received Chee Tat Holdings (M) Sdn Bhd 12 12

Transactions with subsidiary companies of a corporate shareholder, Tradewinds Corporation Berhad

Rental income received Prism Security Management Sdn Bhd


International Security Management

Sdn Bhd) – 10

Procurement of burglar alarm Prism Security Management Sdn Bhd

security system paid and payable (formerly known as PERNAS


Sdn Bhd) – 10




29 SIGNIFICANT RELATED PARTY TRANSACTIONS (cont’d)

GroupTransactions Company/Director 2004 2003

RM’000 RM’000

Procurement of security services PRISM Protection Services

paid and payable Sdn Bhd – 99

Procurement of airticket paid and payable Tradewinds Travel & Tours Sdn Bhd


Travel & Tours Sdn Bhd) 29 36

Procurement of insurance Tradewinds International Insurance

brokerage services paid and payable Brokers Sdn Bhd (formerly known

as PERNAS International

Insurance Brokers Sdn Bhd) 61 52

Transactions with a subsidiary company of a corporate shareholder,CapitaLand Limited

Procurement of management services CapitaLand Residential Ltd 236 221

paid and payable

Procurement of technical consultancy Ascott International Management

and management services paid and payable (Malaysia) Sdn Bhd – 50

Progress billings for sale of serviced Liang Court (Malaysia) Sdn Bhd 9,724 1,144

apartments received and receivable

Transactions with an associated company of a corporate shareholder, CapitaLand Limited

Rental of premises paid and payable OneSentral Park Sdn Bhd 54 60

Transactions with Directors of the Company

Progress billings for sale of serviced Pee Tong Lim 123 76

apartments received and receivable

Progress billings for sale of serviced Datuk Nur Jazlan

apartments received and receivable bin Tan Sri Mohamed 118 74

Transactions with a company in which a Director has interest

Procurement of research and market Research Inc. (Asia) Sdn Bhd* 73 70

study paid and payable

* Dato’ Syed Hamid bin Syed Hussain Alhabshee, who was an Executive Director/Chief Executive Officer of the Company, is a major shareholder

and director of Research Inc. (Asia) Sdn Bhd.

The amounts that remained outstanding as at 31 December 2004 in respect of the above transactions with corporate shareholders

and related parties are shown in Notes 21 and 23 to the financial statements.


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30 CONTINGENT LIABILITIES (UNSECURED)

(a) On 7 October 1996, UM Leisure Sdn Bhd (“UM Leisure”), a wholly-owned subsidiary of the Company, entered into a Joint

Venture Agreement (“JVA”) with Ultrapolis 3000 Holding Bermuda Ltd (“UPH”), with respect to the organisation,

management and operation of Agarta Universe Sdn Bhd (“Agarta Universe”) which was to undertake the development and

management of Agarta Universe Theme Park Resort together with theme-based hotels and shopping centre in Bandar Seri Alam,

Johor, a township currently being developed by Seri Alam Properties Sdn Bhd (“Seri Alam”), a wholly-owned subsidiary of the

Company.

Pursuant to Clause 10.1(c) of the JVA, the Company issued a letter of guarantee of payment dated 3 January 1997 (“Letter of

Guarantee”) to Trans Resources Corporation Sdn Bhd (“TRC”) which was to undertake earthworks on a piece of land, upon

which Agarta Universe Theme Park Resort will be built, under a contract with Sanwell Corporation (“Sanwell”), whose principal

is Agarta Universe.

Thereafter, Seri Alam signed an Agreement for Lease dated 9 December 1997 with Agarta Universe.

There is at present a writ action in the Kuala Lumpur High Court commenced by TRC against Sanwell for RM17,459,445.69

being the amount due in respect of earthworks allegedly carried out. TRC has also claimed against the Company, for

RM15,500,000.00 being the sum allegedly payable by the Company under the abovesaid Letter of Guarantee.

In the Kuala Lumpur High Court action, the Company filed a counterclaim (“Counterclaim”) against TRC, Sanwell, UPH and

Agarta Universe, seeking inter alia, a declaration that it stands discharged from any liability to TRC under the said Letter of

Guarantee and an order that Agarta Universe is to indemnify the Company for all consequences of the Letter of Guarantee.

Sanwell applied to stay the action on the basis that TRC’s claim against it ought to be resolved through arbitration.

The Company and TRC opposed Sanwell’s stay application. On 19 May 1999, a stay (“Stay Order”) was granted by the Kuala

Lumpur High Court. However, the Company and TRC appealed to the Court of Appeal against the grant of the Stay Order.

On 29 June 2000, the Court of Appeal allowed TRC’s appeal against Sanwell on a preliminary point of law and set aside the

Stay Order. Upon further appeal by Sanwell, the Federal Court reinstated the Stay Order on 20 May 2002. Meanwhile, the

Company’s appeal in the Court of Appeal is to be fixed for hearing on a date to be notified.

In light of the Federal Court’s order, the proceedings in the Kuala Lumpur High Court were adjourned sine die for the position

between TRC and Sanwell to be referred to arbitration.

Subsequently, TRC applied to the Kuala Lumpur High Court to remove the Stay Order (“Removal Application”). The Removal

Application was allowed by the High Court on 2 April 2004 with costs to be borne by Sanwell.

With the removal of the Stay Order, parties to the Kuala Lumpur High Court suit will now proceed to trial on TRC’s claim and

the Company’s Counterclaim. At the case management held on 20 August 2004, the Kuala Lumpur High Court has fixed the

trial on 25 May 2005 and 26 May 2005.

The Company’s pending appeal to the Court of Appeal which is now academic was withdrawn on 6 December 2004.

The Directors are of the opinion, after taking appropriate legal advice, that no provision for this claim is necessary.


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30 CONTINGENT LIABILITIES (UNSECURED) (cont’d)

(b) The Inland Revenue Board has raised notices of assessment and additional assessments in respect of prior years’ income tax of

certain subsidiary companies. The assessments are mainly due to a different tax treatment on certain property transactions.

Included in these notices is also a sum of taxes arising from the tax treatment accorded by Inland Revenue Board on the

deduction of capitalised interest expense.

The Group does not agree with the assessments and additional assessments and has filed appeals to the Special Commissioner

of Income Tax. Discussions were also held with Inland Revenue Board with a view to resolving the tax issues affecting these

assessments. The Group will continue to defend its position against these assessments and additional assessments.

Inland Revenue Board has since agreed to the tax treatment adopted by one of the subsidiary companies and has discharged part

of the additional taxes. Further discharge of taxes will be subject to finalisation of Government valuations in respect of the

said property transactions.

Pending resolution of the above matters, the Group has provisionally paid to-date an amount of RM5.75 million as at

31 December 2004 and has accounted for it as tax recoverable in the balance sheet, as the Directors are of the opinion that

these amounts are virtually certain to be recoverable.

31 SEGMENTAL INFORMATION

The Group is primarily engaged in the property development industry (Primary segment). All activities of the Group are conducted

within Malaysia (Secondary segment).

32 APPROVAL OF FINANCIAL STATEMENTS

The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on 22 April 2005.




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We, Dato’ Ng Eng Tee and Datuk Syed Ahmad Khalid bin Syed Mohammed, two of the Directors of United Malayan Land Bhd, state

that, in the opinion of the Directors, the financial statements set out on pages 80 to 116 are drawn up so as to give a true and fair view

of the state of affairs of the Group and Company as at 31 December 2004 and of the results and cash flows of the Group and Company

for the financial year ended on that date in accordance with MASB approved accounting standards in Malaysia and the provisions of the

Companies Act, 1965.

Signed on behalf of the Board of Directors in accordance with their resolution dated 22 April 2005.

DATO’ NG ENG TEE DATUK SYED AHMAD KHALID BIN SYED MOHAMMEDDIRECTOR DIRECTOR

Kuala Lumpur

STATEMENT BY DIRECTORS PURSUANT TO SECTION 169 (15) OF THE COMPANIES ACT, 1965

I, Lee Kar Fook, the Officer primarily responsible for the financial management of United Malayan Land Bhd, do solemnly and sincerely

declare that the financial statements set out on pages 80 to 116 are, to the best of my knowledge and belief, correct and I make this

solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.

LEE KAR FOOK

Subscribed and solemnly declared by the abovenamed Lee Kar Fook at Kuala Lumpur, Malaysia on 22 April 2005.

Before me,

COMMISSIONER FOR OATHS

ABAS BIN HASAN (W392),

1st Floor Putra Flatlet

101, Jalan Putra

50350 Kuala Lumpur

STATUTORY DECL ARATION PURSUANT TO SECTION 169(16) OF THE COMPANIES ACT, 1965


118REPORT OF THE AUDITORSTO THE MEMBERS OF UNITED MALAYAN LAND BHD (Company No. 4131 M)

(Incorporated in Malaysia)

We have audited the financial statements set out on pages 80 to 116. These financial statements are the responsibility of the Company’s

Directors. It is our responsibility to form an independent opinion, based on our audit, on these financial statements and to report our

opinion to you, as a body, in accordance with Section 174 of the Companies Act, 1965 and for 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 plan and perform

the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes

examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing

the accounting principles used and significant estimates made by the Directors, as well as evaluating the overall financial statement

presentation. We believe that our audit provides a reasonable 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 MASB 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 of the 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 the subsidiary companies

have been properly kept in accordance with the provisions of the Act.

We are satisfied that the financial statements of the subsidiary companies that have been consolidated with the Company’s financial

statements are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements

and we have received satisfactory information and explanations required by us for those purposes.

Our audit reports on the financial statements of the subsidiary companies were not subject to any qualification and did not include any

comment made under subsection (3) of Section 174 of the Act.

PRICEWATERHOUSECOOPERS DATO’ AHMAD JOHAN BIN MOHAMMAD RASLAN(No. AF: 1146) (No. 1867/09/06 (J))

Chartered Accountants Partner of the firm

Kuala Lumpur

22 April 2005


120 Laporan Para Pengarah 124 Penyata Pendapatan 125 Lembaran Imbangan

126 Penyata Perubahan Dalam Ekuiti Yang Disatukan 127 Penyata Perubahan Dalam

Ekuiti Syarikat 128 Penyata Aliran Tunai 130 Nota-Nota Kepada Penyata Kewangan

161 Penyata Oleh Para Pengarah / Akuan Berkanun 162 Laporan Juruaudit

P e n y a t a K e w a n g a n

Financial BM - 0013 30/05/2005 10:21 PM Page 119

120

Para Pengarah dengan sukacitanya membentangkan kepada ahli-ahli, laporan tahunan dan penyata kewangan beraudit Kumpulan dan

Syarikat bagi tahun kewangan berakhir 31 Disember 2004.

AKTIVITI UTAMAAktiviti utama Syarikat ialah pegangan pelaburan dan peruntukan perkhidmatan pengurusan.

Aktiviti utama syarikat subsidiari Kumpulan adalah sebagaimana yang dinyatakan dalam Nota 13 penyata kewangan.

Tiada perubahan ketara dalam aktiviti-aktiviti tersebut sepanjang tahun kewangan.

KEPUTUSAN KEWANGAN

Keputusan kewangan Kumpulan dan Syarikat bagi tahun kewangan berakhir 31 Disember 2004 adalah seperti berikut:

Kumpulan Syarikat

RM’000 RM’000

Keuntungan daripada aktiviti biasa selepas cukai 25,705 10,148

Kepentingan minoriti (5,140) –––––––––––––––––––– –––––––––––––––––––

Keuntungan bersih bagi tahun kewangan 20,565 10,148================= =================

DIVIDEN

Dividen yang dibayar oleh Syarikat sejak 31 Disember 2003 adalah seperti berikut:

RM’000

Bagi tahun kewangan berakhir 31 Disember 2003:

- dividen akhir sebanyak 5.0 sen kasar sesaham biasa,

tolak 28% cukai pendapatan, dibayar pada 21 September 2004 8,354=================

Para Pengarah mencadangkan pembayaran dividen akhir sebanyak 7.5 sen kasar sesaham biasa ke atas 232,034,733 saham biasa (iaitu

bersih daripada 311,900 saham perbendaharaan), tolak 28% cukai pendapatan bagi tahun kewangan berakhir 31 Disember 2004.

Dividen akhir bersih berjumlah RM12,529,876 adalah tertakluk kepada kelulusan ahli-ahli di Mesyuarat Agung Tahunan Syarikat yang

akan datang.

RIZAB DAN PERUNTUKAN

Kesemua pindahan ketara kepada ataupun daripada rizab dan peruntukan sepanjang tahun kewangan adalah seperti yang didedahkan

di dalam penyata kewangan.

PENERBITAN SAHAM

Sepanjang tahun kewangan, 1,000 saham biasa baru bernilai RM1.00 sesaham telah diterbitkan oleh Syarikat pada harga

langganan RM1.31 sesaham tunai hasil pelaksanaan opsyen ke atas saham biasa selaras dengan Skim Opsyen Saham Kakitangan

(“ESOS”) Syarikat.

Saham biasa baru yang diterbitkan sepanjang tahun kewangan bertaraf pari passu dari segala aspek dengan saham biasa Syarikat yang

sedia ada.

SKIM OPSYEN SAHAM KAKITANGAN (“ESOS”)

Syarikat telah melaksanakan Skim Opsyen Saham Kakitangan (“ESOS”) bagi kakitangan serta Pengarah Eksekutif Kumpulan yang

berkelayakan.

ESOS baru telah diluluskan oleh para pemegang saham di Mesyuarat Agung Luar Biasa yang diadakan pada 25 Jun 2003.

Butiran berkaitan ESOS baru ini adalah seperti yang dibentangkan dalam Nota 26 penyata kewangan.

Syarikat telah diberi pelepasan oleh Suruhanjaya Syarikat Malaysia selaras dengan Seksyen 169(11) Akta Syarikat, 1965 daripada

mendedahkan senarai pemegang opsyen dan butiran pemegangan mereka kecuali bagi pemegang opsyen yang memegang opsyen 200,000

saham biasa dan ke atas. Syarikat juga telah diberi pelepasan daripada mendedahkan senarai Pengarah dan butiran pemegangan opsyen

mereka ke atas saham biasa.

L APORAN PARA PENGARAHBagi tahun kewangan berakhir 31 Disember 2004


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SKIM OPSYEN SAHAM KAKITANGAN (“ESOS”) (samb.)

Di sepanjang tahun kewangan, pergerakan dalam bilangan opsyen ke atas saham biasa Syarikat yang diberi kepada pemegang opsyen

(kecuali Para Pengarah) yang memegang opsyen 200,000 saham biasa dan ke atas adalah seperti berikut:

Opsyen ke atas saham biasa bernilai RM1.00 sesaham

Harga Pada PadaNama kakitangan langganan/saham 1.1.2004 Ditawarkan Langganan Luput 31.12.2004

RM ‘000 ‘000 ‘000 ‘000 ‘000

Chia Lui Meng 1.31 206 – – – 206

Chong Sumi Leong @ 1.31 206 – – (206) –

Cheong Sumi Leong

Henry Leong Hock Seng 1.31 287 – – – 287

Lau Boon Ann 1.31 216 – – – 216

Lee Ah Choy 1.31 216 – – (216) –

Lee Kar Fook 1.31 208 – – – 208

Ng Tay Guan 1.31 216 – – – 216

SAHAM PERBENDAHARAAN

Sepanjang tahun kewangan, Syarikat telah membeli semula sahamnya sebanyak 21,900 saham biasa pada harga purata lebih kurang

RM1.10 sesaham daripada pasaran terbuka Bursa Malaysia.

Butiran tentang saham perbendaharaan adalah seperti yang dibentangkan dalam Nota 26 penyata kewangan.

PARA PENGARAH

Para Pengarah yang berkhidmat sepanjang tempoh bermula dari tarikh laporan yang lepas adalah seperti berikut:

Pengarah Gilir

Tham Kui Seng –

Dato’ Ng Eng Tee –

Datuk Mohd Khamil bin Jamil Ahmad Shaifuldin bin Mahamad Sharudi

(Dilantik pada 25 Februari 2005)

Datuk Syed Ahmad Khalid bin Syed Mohammed –

Datuk Nur Jazlan bin Tan Sri Mohamed –

Dr Choo Kian Koon Jennifer Loh, née Seah Bee Eng

(Meletak jawatan pada 21 Julai 2004)

Rita Lau Chen Chen

(Dilantik pada 21 Julai 2004)

Ng Eng Soon –

Dato’ Mohd Hanafiah bin Omar (Dilantik pada 10 Januari 2005) –

Mohamed Ali Rashed Alabbar (Meletak jawatan pada 4 April 2005) –

Dato’ Syed Hamid bin Syed Hussain Alhabshee (Meletak jawatan pada 1 November 2004) –

Pee Tong Lim (Meletak jawatan pada 21 Mac 2005) –

Selaras dengan Artikel 94 Tataurusan Syarikat, Dato’ Ng Eng Tee, Datuk Mohd Khamil bin Jamil dan Datuk Nur Jazlan bin Tan Sri

Mohamed bersara mengikut giliran pada Mesyuarat Agung Tahunan yang akan datang dan, kerana layak, menawarkan diri mereka untuk

pemilihan semula.

Selaras dengan Artikel 99 Tataurusan Syarikat, Dato’ Mohd Hanafiah bin Omar, yang telah dilantik dalam tempoh tersebut, bersara pada

Mesyuarat Agung Tahunan yang akan datang dan, kerana layak, menawarkan dirinya untuk pemilihan semula.


122

MANFAAT PARA PENGARAH

Di sepanjang dan di akhir tahun kewangan, tidak wujud sebarang urusan yang melibatkan Syarikat, yang bertujuan atau mempunyai

tujuan untuk membolehkan Para Pengarah Syarikat mendapat manfaat melalui perolehan saham atau debentur Syarikat atau mana-

mana badan korporat lain, kecuali opsyen ke atas saham yang diberikan oleh Syarikat (lihat Nota 7 penyata kewangan).

Sejak akhir tahun kewangan yang lalu, tiada Pengarah yang telah menerima atau menjadi layak untuk menerima manfaat (selain

daripada ganjaran Pengarah yang didedahkan dalam Nota 7 penyata kewangan) menerusi kontrak yang dibuat oleh Syarikat atau

syarikat yang berkaitan dengan Pengarah atau dengan firma di mana Pengarah adalah ahli, atau dengan sebuah syarikat di mana

Pengarah mempunyai kepentingan kewangan yang besar, kecuali seperti yang didedahkan dalam Nota 29 penyata kewangan.

KEPENTINGAN PARA PENGARAH DALAM SAHAM DAN DEBENTUR

Menurut Daftar Pegangan Saham Para Pengarah, butiran kepentingan Para Pengarah yang berkhidmat pada akhir tahun kewangan

dalam saham dan opsyen ke atas saham biasa Syarikat adalah seperti berikut:

Bilangan saham biasa bernilai RM1.00 sesaham

Pada Pada1.1.2004 Dibeli Dijual 31.12.2004

‘000 ‘000 ‘000 ‘000

Pegangan saham di atas nama Pengarah

Dato’ Ng Eng Tee 7,888 – – 7,888

Pee Tong Lim 48 – – 48

Ng Eng Soon 7,151 – – 7,151

Pegangan saham di mana Pengarah mempunyai kepentingan

Dato’ Ng Eng Tee 21,829 – – 21,829

Ng Eng Soon 17,829 – – 17,829

Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesaham

Pada Pada1.1.2004 Tawaran Langganan Luput 31.12.2004

‘000 ‘000 ‘000 ‘000 ‘000

Dato’ Ng Eng Tee 500 – – – 500

Disebabkan kepentingan langsung dan tidak langsung Dato’ Ng Eng Tee, Ng Eng Soon dan Pee Tong Lim dalam Syarikat, mereka

dianggap mempunyai kepentingan di dalam saham syarikat subsidiari setakat mana Syarikat mempunyai kepentingan.

Selain daripada apa yang didedahkan di atas, menurut Daftar Pegangan Saham Para Pengarah, Para Pengarah yang berkhidmat pada

akhir tahun kewangan tidak memegang sebarang kepentingan dalam saham, opsyen ke atas saham biasa atau debentur Syarikat dan

syarikat berkaitan sepanjang tahun kewangan.

MAKLUMAT BERKANUN BERKAITAN PENYATA KEWANGAN

Sebelum penyata pendapatan dan lembaran imbangan disediakan, Para Pengarah telah mengambil langkah-langkah sewajarnya:

(a) untuk memastikan bahawa tindakan sewajarnya telah diambil berhubung dengan menghapus kira hutang lapuk dan penyediaan

elaun bagi hutang ragu dan mereka telah berpuas hati bahawa semua hutang lapuk yang diketahui telah dihapus kira dan

elaun secukupnya telah dibuat untuk hutang ragu; dan

(b) untuk memastikan bahawa sebarang aset semasa, kecuali hutang, yang tidak mungkin diperolehi nilainya dalam perjalanan biasa

perniagaan seperti yang ditunjukkan dalam rekod perakaunan Kumpulan dan Syarikat telah dikurangkan nilainya kepada satu

jumlah yang dijangka boleh diperolehi.

Pada tarikh laporan ini, Para Pengarah tidak menyedari akan sebarang keadaan:

(a) yang boleh menyebabkan jumlah yang dihapus kira bagi hutang lapuk atau jumlah yang diperuntukkan bagi hutang ragu dalam

penyata kewangan Kumpulan dan Syarikat menjadi tidak mencukupi ke sebarang tahap yang ketara; atau

L APORAN PARA PENGARAH (samb.)

Bagi tahun kewangan berakhir 31 Disember 2004


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MAKLUMAT BERKANUN BERKAITAN PENYATA KEWANGAN (samb.)

(b) yang boleh menyebabkan nilai yang diletakkan ke atas aset semasa dalam penyata kewangan Kumpulan dan Syarikat sebagai

mengelirukan; atau

(c) yang telah timbul dan menyebabkan pematuhan kepada kaedah penilaian aset atau liabiliti Kumpulan dan Syarikat yang sedia ada

sebagai mengelirukan atau tidak sesuai.

Tiada liabiliti luar jangka atau liabiliti lain yang telah berkuatkuasa atau berkemungkinan akan dikuatkuasakan dalam tempoh dua belas

bulan selepas akhir tahun kewangan, yang mana mengikut pendapat Para Pengarah, akan atau mungkin menjejaskan keupayaan

Kumpulan atau Syarikat untuk memenuhi tanggungjawab mereka apabila tiba masanya.

Pada tarikh laporan ini, tidak wujud:

(a) sebarang caj ke atas aset Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan yang menjamin liabiliti

mana-mana pihak lain; atau

(b) sebarang liabiliti luar jangka Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan.

Pada tarikh laporan ini, Para Pengarah tidak menyedari akan adanya sebarang keadaan melainkan ia telah diuruskan dalam laporan

atau penyata kewangan ini, yang mana akan menyebabkan sebarang jumlah yang dinyatakan dalam penyata kewangan ini mengelirukan.

Pada pendapat Para Pengarah:

(a) keputusan operasi Kumpulan dan Syarikat sepanjang tahun kewangan tidak terjejas dengan ketara oleh sebarang perkara,

urusniaga atau peristiwa penting dan bersifat luar biasa; dan

(b) dalam tempoh di antara akhir tahun kewangan dan tarikh laporan ini, tidak timbul sebarang perkara, urusniaga atau peristiwa

penting dan bersifat luar biasa yang berkemungkinan menjejaskan keputusan operasi Kumpulan dan Syarikat dengan ketara bagi

tahun kewangan di mana laporan ini dibuat.

MAKLUMAT KORPORAT

Syarikat merupakan sebuah syarikat awam dengan liabiliti terhad, yang diperbadankan dan bermastautin di Malaysia, dan tersenarai di

Papan Utama Bursa Malaysia.

Alamat pejabat berdaftar dan tempat kegiatan utama Syarikat adalah seperti berikut:

Suit 1.1, Tingkat 1


Jalan Sultan Ismail

50250 Kuala Lumpur

Malaysia

Telefon : (603) 2142 1611

Faks : (603) 2142 1826

Laman web : http: //www.umland.com.my

JURUAUDIT

Juruaudit, PricewaterhouseCoopers, telah menyatakan kesanggupan mereka untuk terus berkhidmat.

Ditandatangani bagi pihak Lembaga Pengarah, menurut resolusi mereka bertarikh 22 April 2005.

DATO’ NG ENG TEE DATUK SYED AHMAD KHALID BIN SYED MOHAMMEDPENGARAH PENGARAH


124

Kumpulan SyarikatNota 2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Hasil 4 164,845 108,788 21,213 21,280

Pendapatan faedah 1,446 2,993 – –

Pendapatan operasi lain 1,258 2,262 205 –

Kos pembangunan yang diiktiraf sebagai perbelanjaan (101,688) (69,392) – –

Kos pembinaan yang diiktiraf sebagai perbelanjaan 40 – – –

Kos kakitangan 5 (12,547) (15,237) (4,771) (5,641)

Susutnilai hartanah, loji dan peralatan (1,539) (1,773) (158) (246)

Hartanah, loji dan peralatan dihapus kira (29) – – –

Perbelanjaan pengiklanan dan promosi (2,739) (2,778) (91) (17)

Pemeliharaan, pembaikan dan penyelenggaraan aset (1,303) (1,058) (195) (140)

Penyewaan premis (663) (1,040) (532) (589)

Elaun hutang ragu (3,391) (792) – –

Masuk kira semula elaun hutang ragu 5,084 9,894 – –

Yuran perunding profesional (2,776) (1,690) (261) (231)

Yuran pengurusan (266) (247) (266) (247)

Perbelanjaan operasi lain (7,589) (4,781) (796) (877)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Untung daripada operasi 6 38,143 25,149 14,348 13,292

Kos kewangan 8 (1,240) (1,100) (11) –

Keputusan perkongsian syarikat bersekutu (1,885) (394) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Untung daripada aktiviti biasa sebelum cukai 35,018 23,655 14,337 13,292

Cukai

- Syarikat dan syarikat subsidiari 9 (9,313) (6,341) (4,189) (3,896)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Untung daripada aktiviti biasa selepas cukai 25,705 17,314 10,148 9,396

Kepentingan minoriti (5,140) (3,113) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Untung bersih bagi tahun kewangan 20,565 14,201 10,148 9,396================= ================= ================= =================

Pendapatan sesaham (sen)

- asas 10 8.9 6.1================= =================

Tidak Tidak

- cair 10 berkaitan berkaitan================= =================

Dividen sesaham (sen) 11 7.5 5.0 7.5 5.0================= ================= ================= =================

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Kumpulan SyarikatNota 2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

ASET BUKAN SEMASA

Hartanah, loji dan peralatan 12 344,163 391,222 312 534

Pelaburan dalam syarikat subsidiari 13 – – 597,041 584,541

Pelaburan dalam syarikat bersekutu 14 2,740 4,625 – –

Pelaburan lain 15 9 9 – –

Tanah dipegang untuk pembangunan hartanah 16 206,985 111,860 – –

Penghutang dagangan jangka panjang 17 3,774 4,246 – –

Aset cukai tertunda 18 14,658 15,466 – 491––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

572,329 527,428 597,353 585,566––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

ASET SEMASA

Hartanah siap 19 83,419 92,131 – –

Kos pembangunan hartanah 20 391,284 263,549 – –

Cukai boleh pulih 6,258 3,161 291 396

Penghutang dagangan dan lain-lain 21 72,161 74,056 155,791 166,288

Deposit, baki bank dan tunai 22 18,089 18,155 881 401––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

571,211 451,052 156,963 167,085––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

TOLAK: LIABILITI SEMASA

Pemiutang dagangan dan lain-lain 23 61,068 55,090 1,478 1,470

Peruntukan 24 20,777 21,459 – –

Pinjaman (bercagar)

- overdraf bank 25 8,060 108 – –

- kredit pusingan 25 100,675 89,400 – –

- pinjaman bertempoh 25 30,400 – – –

Liabiliti cukai semasa 8,089 6,038 3,322 3,456––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

229,069 172,095 4,800 4,926––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

ASET SEMASA BERSIH 342,142 278,957 152,163 162,159

TOLAK : LIABILITI BUKAN SEMASA

Liabiliti cukai tertunda 18 36,506 39,065 22 –

Pinjaman 25 89,600 – – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

788,365 767,320 749,494 747,725================= ================= ================= =================

MODAL DAN RIZAB

Modal saham 26 232,347 232,346 232,347 232,346

Rizab 27 501,623 487,219 517,147 515,379––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Ekuiti pemegang saham 733,970 719,565 749,494 747,725

Kepentingan Minoriti 54,395 47,755 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

788,365 767,320 749,494 747,725================= ================= ================= =================

Aset ketara bersih sesaham 10 RM3.16 RM3.10================= =================

LEMBARAN IMBANGANPada 31 Disember 2004


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Saham Pen-Modal Premium Rizab nilai Rizab Perben- dapatan Rizab nilai

Nota saham saham semula Modal daharaan tertahan semula* JumlahRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Pada 1 Januari 2004 232,346 60,429 243,527 (41,300) (349) 171,123 53,789 719,565

Perbelanjaan

penerbitan saham – (1) – – – – – (1)

Pembelian saham

perbendaharaan

(21,900 saham biasa) 26 – – – – (25) – – (25)

Penerbitan saham biasa

bagi pelaksanaan

ESOS 1 – – – – – – 1

Realisasi rizab

nilai semula – – (777) – – – 777 –

Pembalikan liabiliti

cukai tertunda – – 2,219 – – – – 2,219

Untung bersih bagi

tahun kewangan – – – – – 20,565 – 20,565

Dividen yang dibayar

bagi tahun kewangan

berakhir 31.12.2003 11 – – – – – (8,354) – (8,354)––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Pada 31 Disember 2004 232,347 60,428 244,969 (41,300) (374) 183,334 54,566 733,970============================================================================================================================

Pada 1 Januari 2003 231,634 60,304 244,150 (41,300) (121) 165,250 53,166 713,083

Perbelanjaan

penerbitan saham – (95) – – – – – (95)

Pembelian saham

perbendaharaan

(245,000 saham biasa) 26 – – – – (228) – – (228)


bagi pelaksanaan

ESOS 712 220 – – – – – 932

Realisasi rizab

nilai semula – – (623) – – – 623 –

Untung bersih bagi

tahun kewangan – – – – – 14,201 – 14,201


bagi tahun kewangan

berakhir 31.12.2002 11 – – – – – (8,328) – (8,328)––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Pada 31 Disember 2003 232,346 60,429 243,527 (41,300) (349) 171,123 53,789 719,565============================================================================================================================

*Ini mewakili rizab nilai semula terkumpul yang telah direalisasikan.

PENYATA PERUBAHAN DALAM EKUITI YANG DISATUKANBagi tahun kewangan berakhir 31 Disember 2004


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127PENYATA PERUBAHAN DAL AM EKUITI SYARIKATBagi tahun kewangan berakhir 31 Disember 2004

Tidak boleh diagihkan Boleh diagihkanSaham Pen-

Modal Premium Rizab nilai Perben- dapatan Rizab nilaiNota saham saham semula daharaan tertahan semula* Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Pada 1 January 2004 232,346 60,429 385,808 (349) 54,235 15,256 747,725

Perbelanjaan penerbitan saham – (1) – – – – (1)

Pembelian saham perbendaharaan

(21,900 saham biasa) 26 – – – (25) – – (25)


bagi pelaksanaan ESOS 1 – – – – – 1

Untung bersih bagi tahun kewangan – – – – 10,148 – 10,148


bagi tahun kewangan

berakhir 31.12.2003 11 – – – – (8,354) – (8,354)––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Pada 31 Disember 2004 232,347 60,428 385,808 (374) 56,029 15,256 749,494=============================================================================================================

Pada 1 Januari 2003 231,634 60,304 385,808 (121) 53,167 15,256 746,048

Perbelanjaan penerbitan saham – (95) – – – – (95)

Pembelian saham perbendaharaan

(245,000 saham biasa) 26 – – – (228) – – (228)


bagi pelaksanaan ESOS 712 220 – – – – 932

Untung bersih bagi tahun kewangan – – – – 9,396 – 9,396


bagi tahun kewangan

berakhir 31.12.2002 11 – – – – (8,328) – (8,328)––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Pada 31 Disember 2003 232,346 60,429 385,808 (349) 54,235 15,256 747,725=============================================================================================================



128

Kumpulan Syarikat2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI

Untung bersih bagi tahun kewangan 20,565 14,201 10,148 9,396

Pelarasan untuk:

Elaun hutang ragu 3,391 792 – –

Masuk kira semula elaun hutang ragu (5,084) (9,894) – –

Susutnilai hartanah, loji dan peralatan 1,539 1,773 158 246

Hartanah, loji dan peralatan dihapus kira 29 – – –

Laba atas pelupusan hartanah, loji dan peralatan (467) (2) (205) –

Pendapatan dividen kasar daripada syarikat subsidiari – – (11,620) (11,585)

Perbelanjaan faedah 1,240 1,100 11 –

Pendapatan faedah (1,467) (3,000) (5,333) (5,435)

Kerugian atas pelupusan hartanah, loji dan peralatan 52 329 – 328

Kepentingan minoriti 5,140 3,113 – –

Perkongsian keputusan syarikat bersekutu 1,885 394 – –

Cukai 9,313 6,341 4,189 3,896––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

36,136 15,147 (2,652) (3,154)

(Peningkatan)/pengurangan dalam tanah yang dipegang untuk

pembangunan hartanah, hartanah siap dan kos

pembangunan hartanah (147,639) 12,721 – –

(Pengurangan)/peningkatan dalam penghutang 4,335 34,917 12,146 (4,281)

(Pengurangan)/peningkatan dalam pemiutang (12,756) 2,920 8 213––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Aliran tunai bersih daripada operasi (119,924) 65,705 9,502 (7,222)

Faedah dibayar (4,471) (5,471) (11) –

Faedah diterima 1,192 1,897 3,684 7,127

Cukai dibayar (9,891) (8,092) (451) (1,129)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Aliran tunai bersih daripada aktiviti operasi (133,094) 54,039 12,724 (1,224)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

PENYATA ALIRAN TUNAIBagi tahun kewangan berakhir 31 Disember 2004


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RM’000 RM’000 RM’000 RM’000

ALIRAN TUNAI DARIPADA AKTIVITI PELABURAN

Pelaburan dalam syarikat subsidiari – – (12,500) –

Pendapatan dividen bersih daripada syarikat subsidiari – – 8,366 8,341

Hasil daripada pelupusan hartanah, loji dan peralatan 906 1 300 –

Pembelian hartanah, loji dan peralatan (226) (729) (31) (460)

Pembelian saham perbendaharaan (25) (228) (25) (228)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Aliran tunai bersih daripada aktiviti pelaburan 655 (956) (3,890) 7,653––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAAN

Dividen dibayar (8,354) (8,328) (8,354) (8,328)

Surutan/(pembayaran balik) bersih bagi pinjaman 131,275 (42,750) – –

Hasil daripada penerbitan saham dalam

syarikat subsidiari kepada kepentingan minoriti 1,500 – – –

Hasil daripada penerbitan saham biasa

bagi pelaksanaan ESOS 1 932 1 932

Perbelanjaan penerbitan saham (1) (95) (1) (95)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Aliran tunai bersih daripada aktiviti pembiayaan 124,421 (50,241) (8,354) (7,491)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(PENGURANGAN)/PENINGKATAN BERSIHDALAM TUNAI DAN SETARA TUNAI (8,018) 2,842 480 (1,062)

TUNAI DAN SETARA TUNAI PADA AWAL TAHUN KEWANGAN 18,047 15,205 401 1,463

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––TUNAI DAN SETARA TUNAI

PADA AKHIR TAHUN KEWANGAN 10,029 18,047 881 401================= ================= ================= =================

Tunai dan setara tunai merangkumi:

Baki bank dan tunai (Nota 22) 3,894 2,703 881 401

Baki bank di bawah Akaun Pembangunan

Perumahan (“HDA”) (Nota 22) 14,195 15,452 – –

Overdraf bank (Nota 25) (8,060) (108) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

10,029 18,047 881 401================= ================= ================= =================


130

1 AKTIVITI UTAMA

Aktiviti utama Syarikat ialah pegangan pelaburan dan peruntukan perkhidmatan pengurusan.

Aktiviti utama syarikat subsidiari Kumpulan adalah seperti yang dinyatakan dalam Nota 13 penyata kewangan.

Tiada sebarang perubahan penting dalam bentuk aktiviti-aktiviti ini sepanjang tahun kewangan.

2 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING

Dasar-dasar perakaunan berikut telah digunakan secara konsisten dalam pengurusan perkara-perkara yang dianggap penting

berhubung dengan penyata kewangan.

(a) Asas penyediaan

Penyata kewangan Kumpulan dan Syarikat telah disediakan berdasarkan kaedah kos sejarah (yang telah diubahsuai untuk

mengambil kira penilaian semula hartanah, loji dan peralatan tertentu serta pelaburan dalam syarikat subsidiari), kecuali

dinyatakan sebaliknya dalam ringkasan dasar-dasar perakaunan penting ini.

Penyata kewangan ini mematuhi piawaian perakaunan yang diluluskan di Malaysia oleh Badan Piawaian Perakaunan

Malaysia (“MASB”) dan peruntukan Akta Syarikat, 1965. Piawaian perakaunan terbaru MASB yang diterima pakai di

dalam penyata kewangan ini adalah seperti berikut:

• Piawaian MASB 32 “Aktiviti Pembangunan Hartanah”

Kesan ke atas penyata kewangan akibat penerimapakaian piawaian di atas didedahkan dalam Nota 28 penyata kewangan.

Penyediaan penyata kewangan ini menurut piawaian perakaunan MASB yang diluluskan di Malaysia dan peruntukan Akta

Syarikat, 1965, memerlukan Para Pengarah membuat anggaran serta andaian yang memberi kesan kepada jumlah aset dan

liabiliti yang dilaporkan serta pendedahan aset dan liabiliti luar jangka pada tarikh penyata kewangan serta jumlah hasil dan

perbelanjaan di sepanjang tahun kewangan yang dilaporkan. Walaupun anggaran ini dibuat berdasarkan pengetahuan

Para Pengarah sebaiknya berkaitan peristiwa dan tindakan semasa, keputusan sebenar mungkin berbeza daripada

anggaran tersebut.

(b) Asas penyatuan

Penyata kewangan yang disatukan merangkumi penyata kewangan Syarikat dan semua syarikat subsidiarinya sehingga akhir

tahun kewangan. Syarikat subsidiari adalah syarikat di mana Kumpulan mempunyai kuasa untuk melaksanakan kawalan ke

atas dasar-dasar kewangan dan kendalian bagi memperolehi manfaat daripada aktiviti-aktivitinya.

Syarikat subsidiari disatukan menggunakan kaedah perakaunan pengambilalihan kecuali bagi syarikat subsidiari (seperti

dinyatakan dalam Nota 13 penyata kewangan) yang telah disatukan menggunakan kaedah perakaunan percantuman. Syarikat

subsidiari tersebut telah disatukan sebelum 1 Januari 2002 selaras dengan Piawaian Perakaunan Malaysia No. 2

“Perakaunan bagi Pengambilalihan dan Penyatuan”, yang merupakan dasar perakaunan yang diterima secara umum pada

masa tersebut.

Kumpulan telah menggunakan pengecualian di bawah Piawaian MASB 21 “Gabungan Perniagaan” untuk menerapkan

Piawaian ini secara prospektif. Selaras dengan ini, gabungan perniagaan yang dimasuki sebelum 1 Januari 2002 tidak

dinyatakan semula bagi mematuhi Piawaian tersebut.

Di bawah kaedah perakaunan pengambilalihan, syarikat subsidiari disatukan dari tarikh kawalan dipindahkan kepada

Kumpulan dan tidak lagi disatukan dari tarikh tamatnya kawalan tersebut. Keputusan syarikat subsidiari yang diambilalih

atau dilupuskan sepanjang tahun kewangan dimasukkan dari tarikh pengambilalihannya sehingga ke tarikh pelupusannya.

Pada tarikh pengambilalihan, nilai saksama aset bersih syarikat subsidiari ditentukan dan nilai ini digambarkan dalam

penyata kewangan yang disatukan. Perbezaan antara kos pengambilalihan berbanding nilai saksama saham Kumpulan bagi

aset bersih yang boleh dikenal pasti milik syarikat subsidiari pada tarikh pengambilalihan digambarkan sebagai muhibah atau

muhibah negatif. Lihat dasar perakaunan Nota 2 (d) mengenai muhibah atas penyatuan. Kos pengambilalihan adalah jumlah

tunai yang dibayar dan nilai saksama pada tarikh pengambilalihan bagi pertimbangan pembelian lain berserta dengan

perbelanjaan yang berpunca terus dari pengambilalihan tersebut.

NOTA-NOTA KEPADA PENYATA KEWANGANBagi tahun kewangan berakhir 31 Disember 2004


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2 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)

(b) Asas penyatuan (samb.)

Di bawah kaedah perakaunan percantuman, keputusan syarikat subsidiari dibentangkan seolah-olah percantuman telah

dilaksanakan di sepanjang tahun kewangan semasa dan sebelumnya. Kos pelaburan dalam percantuman ini dicatatkan pada

agregat nilai nominal saham ekuiti diterbitkan, tunai dan setara tunai serta nilai saksama bagi pertimbangan lain.

Perbelanjaan yang ditanggung berhubung percantuman ini diiktiraf sebagai perbelanjaan di dalam penyata pendapatan.

Dengan penyatuan, kos percantuman dibatalkan dengan penerimaan nilai nominal saham. Lebihan nilai bawaan pelaburan

berbanding nilai nominal saham yang diperoleh dianggap sebagai pengurangan rizab, manakala lebihan nilai nominal saham

yang diperoleh ke atas nilai bawaan pelaburan dianggap sebagai rizab yang timbul daripada percantuman dan dimasukkan

sebagai sebahagian daripada ekuiti pemegang saham.

Semua urusniaga antara syarikat, baki dan laba atas urusniaga yang belum direalisasi dihapuskan; kerugian belum direalisasi

turut dihapuskan kecuali kos tidak dapat dipulihkan, yang mana dalam keadaan ini kos tersebut dicajkan kepada penyata

pendapatan dengan segera. Dasar perakaunan bagi syarikat subsidiari telah ditukar di mana perlu, bagi memastikan

ketekalan dengan dasar-dasar yang diterima pakai oleh Kumpulan.

Kepentingan minoriti ditentukan mengikut bahagian perkongsian minoriti bagi nilai saksama aset dan liabiliti yang dikenal

pasti ke atas pengambilalihan. Pendedahan berasingan dibuat bagi kepentingan minoriti.

(c) Perakaunan bagi syarikat bersekutu

Syarikat bersekutu adalah syarikat di mana Kumpulan menggunakan sebahagian besar pengaruhnya dan di mana ia bukannya

syarikat subsidiari mahupun usaha sama Kumpulan. Pengaruh besar bermaksud kuasa untuk menyertai dalam keputusan

berkaitan dasar kewangan serta pengendalian syarikat bersekutu tetapi tidak mempunyai kawalan ke atas dasar-dasar

tersebut. Pelaburan dalam syarikat bersekutu diambil kira di dalam penyata kewangan disatukan menggunakan kaedah

perakaunan ekuiti.

Perakaunan ekuiti melibatkan pengiktirafan bahagian perkongsian yang diperolehi Kumpulan hasil keputusan syarikat

bersekutu bagi tahun kewangan, di dalam penyata pendapatan. Pelaburan Kumpulan dalam syarikat bersekutu dinyatakan di

dalam lembaran imbangan pada jumlah yang menggambarkan bahagian perkongsiannya dalam aset bersih syarikat

bersekutu. Perakaunan ekuiti ditamatkan apabila jumlah bawaan pelaburan di dalam syarikat bersekutu mencapai sifar,

kecuali jika Kumpulan menanggung atau menjamin kewajipan terhadap syarikat bersekutu tersebut.

Laba belum direalisasi ke atas urusniaga di antara Kumpulan dan syarikat bersekutunya dihapuskan sehingga tahap

kepentingan Kumpulan dalam syarikat bersekutu; kerugian belum direalisasi juga dihapuskan kecuali urusniaga tersebut

mengemukakan bukti tentang kerosakan aset yang dipindahkan, yang mana dalam hal ini kerosakan tersebut dicajkan ke

penyata pendapatan dengan segera. Dalam menerapkan kaedah perakaunan ekuiti, pelarasan dibuat kepada penyata

kewangan syarikat bersekutu, di mana sesuai, bagi memastikan ketekalan dasar perakaunannya dengan dasar Kumpulan.

(d) Muhibah atas penyatuan

Muhibah yang timbul dari penyatuan mewakili lebihan kos pengambilalihan berbanding nilai saksama bahagian perkongsian

Kumpulan terhadap aset bersih yang dikenal pasti di dalam syarikat subsidiari dan syarikat bersekutu pada tarikh

pengambilalihan.

Muhibah yang timbul dari penyatuan dihapus kira terhadap rizab modal yang timbul dari penyatuan setakat jumlah yang

dikekalkan dalam lembaran imbangan. Bagi perkara-perkara lain, muhibah yang timbul dari penyatuan dicajkan ke penyata

pendapatan dengan segera.

Muhibah negatif mewakili lebihan nilai saksama bahagian perkongsian Kumpulan terhadap aset bersih yang dikenal pasti di

dalam syarikat subsidiari dan syarikat bersekutu berbanding kos pengambilalihan pada tarikh pengambilalihan.

Muhibah negatif dikreditkan ke rizab modal yang timbul dari penyatuan.

(e) Pengiktirafan hasil

Hasil daripada penjualan hartanah pembangunan diiktiraf bersih selepas diskaun, berdasarkan kaedah peratusan siap. Tahap

penyiapan diukur dengan merujuk kepada perkadaran fizikal kerja yang telah siap sebagai peratusan keseluruhan kerja fizikal

bagi projek tersebut, seperti yang disahkan oleh pakar runding yang dilantik.


132


(e) Pengiktirafan hasil (samb.)

Hasil daripada penjualan hartanah yang telah siap diiktiraf bersih selepas diskaun, selaras dengan syarat-syarat perjanjian

jual beli. Balasan penjualan hartanah yang telah siap di bawah skim ansuran direkodkan pada nilai saksama, yang ditentukan

dengan mendiskaunkan semua penerimaan di masa depan menggunakan kadar faedah imput. Perbezaan di antara nilai

saksama dan nilai nominal balasan penjualan diiktiraf sebagai pendapatan faedah dan dimasukkan ke dalam penyata

pendapatan berdasarkan pembahagian masa yang mengambil kira kesan penerimaan yang terbit daripada penjualan hartanah

yang telah siap di bawah skim ansuran berbanding tempoh ansuran.

Hasil daripada kontrak pembinaan diiktiraf berdasarkan kaedah peratusan siap. Tahap penyiapan diukur dengan merujuk

kepada bahagian di mana kos kontrak ditanggung untuk kerja terkini yang dilakukan berbanding dengan anggaran

keseluruhan kos kontrak seperti mana disahkan oleh pakar runding yang dilantik.

Dividen kasar daripada pelaburan dimasukkan ke dalam penyata kewangan apabila hak Syarikat untuk menerima

bayaran ditetapkan.

Pendapatan berikut diiktiraf atas dasar penerimaan:

- penyewaan pajakan kuari, penyewaan tanah pajakan dan penyewaan hartanah.

- yuran pengurusan dan yuran pengurusan projek.

- pendapatan faedah.

Faedah atas jumlah belum diterima daripada pembeli rumah diiktiraf dalam penyata pendapatan sebagai terakru. Peruntukan

dibuat untuk hutang ragu apabila kebolehpungutan faedah ini diragui.

(f) Kontrak pembinaan

Apabila kesudahan kontrak pembinaan dapat dianggarkan secara andal, hasil kontrak serta kos kontrak diiktiraf sepanjang

tempoh kontrak masing-masing sebagai hasil dan perbelanjaan. Kumpulan menggunakan kaedah peratusan siap untuk

menentukan jumlah hasil serta kos yang berpatutan untuk diiktiraf dalam tempoh tertentu; tahap penyiapan diukur dengan

merujuk kepada bahagian di mana kos kontrak ditanggung untuk kerja terkini yang dilakukan berbanding anggaran

keseluruhan kos kontrak.

Apabila kesudahan kontrak pembinaan tidak boleh dianggarkan secara andal, hasil kontrak diiktiraf hanya setakat kos

kontrak yang ditanggung yang mana ia berkemungkinan boleh dipungut; kos kontrak diiktiraf sebagai perbelanjaan dalam

tahun kewangan ia ditanggung.

Sama ada kesudahan kontrak pembinaan boleh atau tidak boleh dianggarkan secara andal, apabila terdapatnya kemungkinan

jumlah kos kontrak akan melebihi jumlah hasil kontrak, kerugian yang dijangkakan akan diiktiraf sebagai perbelanjaan

dengan segera.

Agregat kos ditanggung dan untung/rugi yang diiktiraf bagi setiap kontrak dibandingkan dengan bil berperingkat sehingga ke

akhir tahun kewangan. Bila mana kos ditanggung dan keuntungan yang diiktiraf (tolak kerugian yang diiktiraf) melebihi bil

berperingkat, baki akan ditunjukkan sebagai amaun dihutang oleh pelanggan bagi kontrak pembinaan di bawah perdagangan

dan lain-lain belum terima. Bila mana bil berperingkat melebihi kos ditanggung serta keuntungan yang diiktiraf (tolak

kerugian yang diiktiraf), baki akan ditunjukkan sebagai amaun terhutang kepada pelanggan bagi kontrak pembinaan di

bawah perdagangan dan lain-lain belum bayar.

(g) Hartanah, loji dan peralatan

Tanah pegangan bebas dinyatakan pada kos atau penilaian.

Tanah pegangan bebas tidak disusut nilai memandangkan ia mempunyai tempoh hayat infinit.

Tanah pegangan bebas telah dinilai semula oleh para Pengarah berdasarkan penilaian profesional yang dilaksanakan oleh

penilai profesional bebas. Para Pengarah telah menerapkan peruntukan peralihan Piawaian MASB 15 “Hartanah, Loji dan

Peralatan”, yang dikeluarkan oleh Badan Piawaian Perakaunan Malaysia yang membenarkan aset-aset tersebut dicatat pada

penilaian mereka dalam tahun 1990 dan 1996. Selaras dengan itu, penilaian belum lagi dikemaskini.

NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.)



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(g) Hartanah, loji dan peralatan (samb.)

Lebihan yang timbul dari penilaian semula dikreditkan ke rizab penilaian semula tidak boleh diagih. Defisit yang timbul dari

penilaian semula dicajkan kepada rizab penilaian semula tidak boleh diagih setakat lebihan sebelumnya yang dikreditkan ke

rizab penilaian semula tidak boleh diagih bagi aset yang sama. Bagi kes-kes lain, pengurangan dalam jumlah bawaan dicajkan

ke penyata pendapatan.

Semua hartanah, loji dan peralatan lain dinyatakan pada kos tolak susut nilai terkumpul dan kerugian terjejas terkumpul.

Semua hartanah, loji dan peralatan lain disusut nilai mengikut dasar garis lurus sepanjang anggaran hayat berguna mereka,

yang diringkaskan seperti berikut:

Bangunan 5%

Perabot, kelengkapan dan peralatan 20% - 33.33%

Kenderaan bermotor 20%

Loji dan jentera 20%

Bangsal kuda dan peralatan ekuestrian 20%

Susut nilai ke atas aset yang sedang dibina bermula apabila aset tersebut telah siap mengikut tujuan penggunaannya.

Bila mana wujudnya tanda kemerosotan pada tarikh lembaran imbangan, suatu analisis akan dilakukan untuk menaksir sama

ada nilai bawaan aset tersebut boleh diperolehi sepenuhnya. Penurunan nilai dibuat jika nilai bawaan melebihi nilai yang

boleh diperolehi. Lihat dasar perakaunan Nota 2(j) mengenai kemerosotan aset.

Dengan pelupusan sesuatu aset, perbezaan di antara hasil pelupusan bersih dan jumlah bawaannya dicajkan atau dikreditkan

ke penyata pendapatan. Dalam kes di mana tanah dinilai semula, nilai dalam rizab penilaian semula tidak boleh diagih yang

berkaitan dengan tanah dinilai semula yang telah dilupuskan ini, akan dipindahkan ke rizab boleh diagih.

Kos faedah atas pinjaman untuk membiayai pembinaan hartanah, loji dan peralatan dipermodalkan sebagai sebahagian kos

aset dalam tempoh masa yang diperlukan untuk menyiapkan dan menyediakan aset bagi tujuan kegunaannya.

(h) Syarikat subsidiari

Pelaburan dalam syarikat subsidiari dinyatakan pada penilaian berdasarkan nilai aset ketara bersih syarikat subsidiari, tolak

kerugian terjejas terkumpul. Pengambilalihan syarikat subsidiari berikutan tarikh penilaian dinyatakan pada kos sehingga

penilaian semula yang akan datang. Penilaian akan dilakukan sekurang-kurangnya sekali setiap lima tahun.

Peningkatan dalam nilai bawaan yang timbul dari penilaian semula pelaburan dalam syarikat subsidiari dikreditkan terus ke

ekuiti para pemegang saham sebagai rizab penilaian semula tidak boleh diagih. Ke tahap di mana pengurangan dalam amaun

bawaan mengimbangi peningkatan sebelumnya, bagi pelaburan yang sama, yang telah dikreditkan ke rizab penilaian semula

tidak boleh diagih dan berikutan itu tidak dibalikkan atau digunakan, ia dicajkan ke rizab penilaian semula tidak boleh diagih

tersebut. Bagi semua perkara lain, pengurangan dalam nilai bawaan dicajkan ke penyata pendapatan. Peningkatan dalam

penilaian semula di mana ianya berkait terus dengan pengurangan dalam nilai bawaan sebelumnya, bagi pelaburan yang

sama, yang dicajkan ke penyata pendapatan akan dikreditkan ke penyata pendapatan setakat mana ia mengimbangi

pengurangan yang dicatatkan sebelumnya.

Bagi pelupusan syarikat subsidiari, perbezaan di antara hasil pelupusan bersih dan bahagian perkongsian Kumpulan bagi aset

bersih syarikat subsidiari akan dicajkan atau dikreditkan ke penyata pendapatan. Nilai di dalam rizab penilaian semula tidak

boleh diagih yang berkaitan dengan syarikat subsidiari ini akan dipindahkan ke rizab boleh diagih. Muhibah atas

pengambilalihan yang telah dikreditkan atau dicajkan ke rizab modal yang timbul dari penyatuan dan pendapatan tertahan

akan ditolak sewaktu menentukan laba atau kerugian atas pelupusan syarikat subsidiari.

Bila mana wujudnya tanda kemerosotan, nilai bawaan pelaburan dalam syarikat subsidiari akan ditaksir dan segera

dikurangkan nilainya ke nilai yang dapat diperolehi. Lihat dasar perakaunan Nota 2(j) mengenai kemerosotan aset.


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(i) Pelaburan

Pelaburan dalam syarikat bersekutu dinyatakan pada kos tolak kerugian terjejas terkumpul. Bila wujudnya tanda

kemerosotan, nilai bawaan pelaburan tersebut ditaksir dan diturun nilai ke nilai yang dapat diperolehi dengan segera.

Pelaburan dalam pelaburan bukan semasa lain dinyatakan pada kos dan peruntukan untuk pengurangan nilai akan dibuat,

di mana mengikut pendapat Para Pengarah, terdapatnya penurunan selain daripada sementara di dalam nilai pelaburan

tersebut, penurunan sebegini diiktiraf sebagai perbelanjaan di dalam tempoh di mana penurunan ini dikenal pasti.

Bagi pelupusan pelaburan, perbezaan di antara hasil pelupusan bersih dan nilai bawaannya akan dicajkan atau dikreditkan

ke penyata pendapatan.

(j) Kemerosotan Aset

Hartanah, loji dan peralatan serta aset bukan semasa lain, termasuk aset tak ketara, akan diteliti semula untuk kerugian

terjejas bila mana terdapat peristiwa atau perubahan keadaan yang menandakan bahawa nilai bawaan mungkin tidak dapat

diperolehi. Kerugian terjejas diiktiraf bagi nilai di mana nilai bawaan aset melebihi nilai yang dapat diperolehi. Nilai yang

dapat diperolehi adalah lebih tinggi bagi harga jualan bersih dan nilai guna aset. Bagi tujuan menaksir kemerosotan, aset

dikumpulkan pada tahap terendah yang mana terdapatnya aliran tunai yang boleh dikenal pasti secara berasingan.

Kerugian terjejas dicajkan ke penyata pendapatan kecuali jika ia membalikkan penilaian semula yang sebelumnya, di mana

dalam keadaan ini ia dicajkan ke rizab penilaian semula. Sebarang peningkatan dalam nilai yang boleh diperolehi

berikutannya diiktiraf dalam penyata pendapatan kecuali jika ia membalikkan kerugian terjejas pada aset yang dinilai semula

di mana dalam keadaan ini ia dikreditkan ke rizab penilaian semula.

(k) Penghutang dagangan

Penghutang dagangan dinyatakan pada nilai invois tolak elaun hutang ragu. Elaun diwujudkan apabila terdapat bukti objektif

bahawa Kumpulan tidak dapat memungut kesemua nilai yang terhutang mengikut syarat-syarat asal penghutang tersebut.

Penghutang dagangan yang timbul dari penjualan hartanah siap di bawah skim ansuran dicatatkan pada nilai saksamanya,

yang ditentukan dengan mendiskaun kesemua penerimaan masa depan menggunakan kadar faedah imput.

(l) Cukai pendapatan

Perbelanjaan cukai semasa ditentukan mengikut undang-undang cukai di bawah bidang kuasa di mana Kumpulan beroperasi.

Ia termasuk semua cukai yang boleh dicajkan ke atas untung boleh cukai, dan cukai belum bayar bagi laba hartanah di atas

pelupusan hartanah.

Cukai tertunda diiktiraf sepenuhnya menggunakan kaedah liabiliti berdasarkan perbezaan sementara yang timbul di antara

nilai yang berpunca dari aset dan liabiliti untuk tujuan cukai dan nilai bawaannya di dalam penyata kewangan.

Aset cukai tertunda diiktiraf ke tahap di mana ada kemungkinan bahawa untung boleh cukai akan tersedia berbanding dengan

perbezaan sementara yang boleh ditolak atau kerugian cukai yang tidak diguna, boleh digunakan.

Cukai tertunda diiktiraf berdasarkan perbezaan sementara yang timbul dari pelaburan dalam syarikat subsidiari dan syarikat

bersekutu kecuali di mana penentuan masa pembalikan bagi perbezaan sementara boleh dikawal dan ada kemungkinan

perbezaan sementara ini tidak akan berbalik sejauh yang nampak pada masa depan.

Kadar cukai yang dikenakan atau sebahagian besar cukai yang dikenakan menjelang tarikh lembaran imbangan diguna untuk

menentukan cukai tertunda.




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(m) Tanah dipegang untuk pembangunan hartanah

Tanah dipegang untuk pembangunan hartanah terdiri daripada tanah yang tiada kerja pembangunan ketara atau di mana

kerja pembangunan tidak dijangka siap dalam kitaran operasi biasa. Tanah seperti ini dikelaskan sebagai aset bukan semasa

dan dinyatakan pada kos tolak kerugian terjejas terkumpul.

Kos tanah merangkumi harga pembelian tanah, yuran profesional, duti setem, komisyen, yuran pertukaran dan levi lain yang

relevan. Bila mana Kumpulan telah mencatatkan tanah tersebut di nilai penilaian semula sebelum ini, ia terus mengekalkan

nilai ini sebagai kos pengganti seperti yang dibenarkan oleh Piawaian MASB 32. Di mana terdapat petunjuk bahawa

wujudnya kemerosotan, nilai bawaan aset tersebut ditaksir dan diturunkan nilai ke nilai yang boleh diperolehi dengan segera.

Lihat dasar perakaunan Nota 2(j) mengenai aset terjejas.

Tanah yang dipegang untuk pembangunan hartanah dipindahkan ke “Kos pembangunan hartanah” (di bawah aset semasa)

apabila kerja pembangunan telah bermula dan hartanah tersebut dijangka siap dalam tempoh pusingan operasi

biasa Kumpulan.

(n) Hartanah siap

Hartanah yang telah siap tetapi tidak dijual dikelas sebagai “Hartanah Siap” dan dinyatakan pada nilai yang lebih rendah

di antara kos dan nilai boleh direalisasi bersih.

Nilai boleh direalisasi bersih ialah anggaran harga jualan dalam urusan biasa perniagaan, tolak kos penyiapan dan

perbelanjaan penjualan.

(o) Kos pembangunan hartanah

Kos pembangunan hartanah merangkumi kos tanah dan semua kos yang berkaitan secara langsung dengan kerja

pembangunan atau boleh diperuntukan secara munasabah kepada kerja-kerja tersebut. Ia termasuk kos pinjaman yang

berkaitan dengan pembiayaan kerja pembinaan tanah tersebut, kos berkaitan pembangunan yang biasa bagi projek

pembangunan serta kos pembinaan langsung. Kos pinjaman dimasukkan ke dalam kos pembangunan hartanah sehingga projek

pembangunan tersebut siap.

Apabila kesudahan kerja pembinaan boleh dianggarkan secara andal, hasil dan perbelanjaan pembangunan hartanah diiktiraf

menggunakan kaedah peratusan siap seperti yang disebut dalam Nota 2(e) mengenai pengiktirafan hasil.

Apabila kesudahan kerja pembinaan tidak boleh dianggarkan secara andal, hasil pembangunan hartanah diiktiraf hanya

setakat kos pembangunan hartanah yang ditanggung yang mana ia berkemungkinan boleh dipungut; kos pembangunan

hartanah bagi unit pembangunan yang dijual diiktiraf bila ia ditanggung.

Sama ada kesudahan bagi kerja pembangunan hartanah boleh atau tidak boleh dianggarkan secara andal, apabila

terdapatnya kemungkinan jumlah kos pembangunan hartanah akan melebihi keseluruhan hasil pembangunan hartanah,

kerugian yang dijangkakan ini akan diiktiraf sebagai perbelanjaan dengan segera.

Kos pembangunan hartanah yang tidak diiktiraf sebagai perbelanjaan akan diiktiraf sebagai aset dan dinyatakan pada nilai

yang lebih rendah di antara kos dan nilai boleh direalisasi.

Bila mana hasil diiktiraf di dalam penyata pendapatan melebihi bil kepada pembeli, baki akan ditunjukkan sebagai pembilan

terakru di bawah “Penghutang dagangan dan lain-lain” (dalam aset semasa). Bila mana bil kepada pembeli melebihi

hasil yang diiktiraf dalam penyata pendapatan, baki akan ditunjukkan sebagai bil berperingkat di bawah “Pemiutang

dagangan dan lain-lain” (dalam liabiliti semasa).

(p) Peruntukan

Peruntukan diiktiraf apabila Kumpulan mempunyai kewajipan perundangan atau konstruktif pada waktu kini akibat peristiwa

lampau, bila mana terdapat kemungkinan bahawa aliran keluar sumber akan diperlukan untuk menyelesaikan kewajipan

tersebut, dan apabila anggaran yang andal bagi nilai itu boleh dibuat.


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(q) Modal saham

(i) Klasifikasi

Saham biasa diklasifikasikan sebagai ekuiti. Pengagihan kepada para pemegang instrumen kewangan yang dikelaskan

sebagai instrumen ekuiti akan dicajkan terus ke ekuiti.

(ii) Kos penerbitan saham

Kos luaran tambahan yang berpunca secara langsung dari penerbitan saham-saham baru, dinyatakan dalam ekuiti

sebagai potongan bersih cukai, daripada hasil.

(iii) Dividen kepada para pemegang saham Syarikat

Dividen interim bagi saham biasa diiktiraf sebagai liabiliti sewaktu dicadangkan.

Dividen akhir yang dicadangkan selepas tarikh lembaran imbangan tidak diiktiraf sebagai liabiliti pada tarikh

lembaran imbangan sehingga ia diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunan.

(r) Saham perbendaharaan

Bila mana Syarikat atau syarikat subsidiari membeli ekuiti modal saham Syarikat, balasan yang dibayar, termasuk sebarang

kos urusniaga yang berpunca darinya dipotong daripada keseluruhan ekuiti para pemegang saham sebagai saham

perbendaharaan sehingga ia dibatalkan. Bila mana saham-saham ini dijual atau diterbitkan semula kemudiannya, sebarang

balasan yang diterima akan dimasukkan ke dalam ekuiti para pemegang saham.

(s) Manfaat pekerja

(i) Manfaat pekerja jangka pendek

Upah, gaji, cuti tahunan berbayar, cuti sakit, bonus dan faedah bukan wang adalah terakru dalam tempoh di mana

khidmat yang bersangkutan diberikan oleh kakitangan (termasuk Pengarah Eksekutif) Kumpulan.

(ii) Manfaat selepas pekerjaan

Kumpulan mempunyai skim faedah selepas pekerjaan di mana sumbangan dibuat ke Kumpulan Wang Simpanan Pekerja

(“KWSP”), sebuah pelan sumbangan negara yang wajib. Sumbangan Kumpulan kepada KWSP dicajkan ke penyata

pendapatan dalam tahun kewangan yang berkaitan. Sebaik sahaja sumbangan tersebut dibayar, Kumpulan tidak

mempunyai sebarang obligasi pembayaran selanjutnya.

(iii) Manfaat pampasan ekuiti

Butiran bagi Skim Opsyen Saham Kakitangan (“ESOS”) dibentangkan dalam Nota 26 penyata kewangan. Kumpulan

tidak mengenakan caj kepada penyata pendapatan berhubung dengan opsyen ke atas saham biasa yang diberikan.

Apabila opsyen ke atas saham biasa dilaksanakan, hasil yang diterima, bersih dari sebarang kos urusniaga, dikreditkan

ke modal saham dan saham premium.

(t) Liabiliti dan aset luar jangka

Kumpulan tidak mengiktiraf liabiliti luar jangka tetapi mendedahkan kewujudannya dalam penyata kewangan. Liabiliti luar

jangka adalah suatu obligasi yang berkemungkinan timbul dari peristiwa lampau dan yang mana kewujudannya akan disahkan

oleh peristiwa di masa depan yang belum pasti dan di luar kawalan Kumpulan atau obligasi semasa yang tidak diiktiraf kerana

tidak berkemungkinan suatu aliran keluar sumber akan diperlukan untuk menyelesaikan obligasi tersebut. Liabiliti luar

jangka juga timbul dalam keadaan yang amat jarang sekali di mana terdapatnya liabiliti yang tidak boleh diiktiraf kerana ia

tidak dapat diukur secara andal.

Aset luar jangka adalah aset yang berkemungkinan di mana ia timbul dari peristiwa lalu dan kewujudannya akan disahkan

oleh peristiwa di masa depan yang belum pasti dan di luar kawalan Kumpulan. Kumpulan tidak mengiktiraf aset luar jangka

tetapi mendedahkan kewujudannya di mana aliran masuk faedah ekonomi adalah mungkin, tetapi hakikatnya tidak

dapat dipastikan.




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(u) Tunai dan setara tunai

Bagi tujuan penyata aliran tunai, tunai dan setara tunai merangkumi tunai di tangan, baki bank, deposit panggilan yang

dipegang dengan bank, overdraf bank dan pelaburan berkecairan tinggi jangka pendek yang sedia untuk ditukarkan ke amaun

tunai yang diketahui dan tertakluk kepada risiko perubahan nilai yang tidak ketara.

Overdraf bank dimasukkan ke dalam “Pinjaman” dalam liabiliti semasa di dalam lembaran imbangan.

(v) Mata wang pelapor

Penyata kewangan dibentangkan dalam Ringgit Malaysia.

(w) Instrumen kewangan

Keterangan

Instrumen kewangan adalah sebarang kontrak yang menghasilkan kedua-dua aset kewangan satu perusahaan dan liabiliti

kewangan atau instrumen ekuiti kewangan satu perusahaan lain.

Aset kewangan ialah sebarang aset yang merupakan tunai, hak berkontrak untuk menerima tunai atau aset kewangan lain

daripada perusahaan lain, hak berkontrak untuk menukar instrumen kewangan dengan perusahaan lain mengikut syarat yang

berpotensi baik, ataupun instrumen ekuiti perusahaan yang lain.

Liabiliti kewangan ialah sebarang liabiliti yang merupakan obligasi berkontrak untuk menghasilkan tunai atau aset kewangan

lain kepada perusahaan lain, atau untuk menukar instrumen kewangan dengan perusahaan lain mengikut syarat yang tidak

berpotensi baik.

Instrumen kewangan yang diiktiraf dalam lembaran imbangan

Instrumen kewangan yang diiktiraf dalam lembaran imbangan merangkumi deposit, tunai dan baki bank, pelaburan, hutang

belum terima, hutang belum bayar serta pinjaman. Kaedah pengiktirafan yang diterima pakai untuk instrumen kewangan

yang diiktiraf dalam lembaran imbangan didedahkan di dalam penyata dasar perakaunan individu yang berkaitan dengan

setiap perkara.

Aset dan liabiliti kewangan Kumpulan dan Syarikat adalah dalam mata wang Ringgit Malaysia.

Anggaran nilai saksama bagi tujuan pendedahan

Dalam mentaksir nilai saksama instrumen kewangan, Kumpulan menggunakan pelbagai kaedah dan membuat andaian

berdasarkan keadaan pasaran yang wujud pada setiap tarikh lembaran imbangan. Secara khususnya, nilai saksama aset dan

liabiliti kewangan dianggar dengan mendiskaunkan aliran tunai berkontrak masa depan pada kadar faedah pasaran semasa

yang tersedia bagi Kumpulan untuk instrumen kewangan yang serupa. Nilai saksama instrumen lain ditetapkan mengikut nilai

pasaran pada tarikh lembaran imbangan.

Nilai muka aset kewangan (tolak sebarang anggaran pelarasan kredit) dan liabiliti kewangan dengan tempoh matang kurang

dari satu tahun adalah diandaikan hampir kepada nilai saksamanya.

3 OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGANKumpulan terdedah kepada pelbagai risiko kewangan termasuk risiko pertukaran mata wang asing, risiko kadar faedah, risiko

kredit, risiko kecairan dan risiko aliran tunai dalam urusan biasa perniagaan. Objektif keseluruhan pengurusan risiko kewangan

Kumpulan adalah untuk memastikan bahawa Kumpulan dapat mencipta nilai buat para pemegang sahamnya. Kumpulan memfokus

kepada pasaran kewangan yang tidak teramal dan berusaha untuk meminimumkan potensi kesan buruk kepada prestasi kewangan

Kumpulan. Pengurusan risiko kewangan dijalankan melalui kajian risiko dan sistem kawalan dalaman. Lembaga Pengarah kerap

mengkaji semula risiko-risiko ini bagi memastikan dasar pengurusan risiko kewangan Kumpulan dipatuhi.

Risiko pertukaran mata wang asing

Kumpulan tidak terdedah kepada risiko mata wang memandangkan penglibatan Kumpulan dalam urusniaga mata wang asing

adalah minima.

Risiko kadar faedah

Pendapatan dan aliran tunai kendalian Kumpulan adalah bebas dari perubahan dalam kadar pasaran. Pendedahan kadar faedah

timbul daripada pinjaman Kumpulan. Buat masa ini, semua pinjaman adalah melalui pinjaman bank pada kadar terapung, yang

terus dipantau bagi memastikan Kumpulan menerima manfaat sepenuhnya daripada persekitaran kendalian.


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3 OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN (samb.)

Risiko kredit

Tumpuan ke atas risiko kredit yang berhubung dengan perdagangan belum terima adalah terhad memandangkan pemilikan dan hak

terhadap hartanah akan berbalik kepada Kumpulan dalam keadaan berlakunya kemungkiran. Sejarah pengalaman Kumpulan bagi

kutipan perdagangan belum terima jatuh dalam peruntukan yang dicatatkan. Disebabkan faktor-faktor ini, pihak pengurusan

percaya tiada risiko kredit tambahan yang melebihi nilai yang disediakan untuk kerugian kutipan yang sedia wujud dalam

perdagangan belum terima Kumpulan.

Risiko kecairan dan aliran tunai

Pengurusan risiko kecairan yang berhemat bermaksud menjaga kecukupan tunai serta ketersediaan dana melalui jumlah

kemudahan kredit yang komited dengan secukupnya. Matlamat Kumpulan ialah untuk mengekalkan fleksibiliti dalam membiayai

dengan menyediakan barisan kredit yang komited.

4 HASIL2004 2003

RM’000 RM’000

Kumpulan

Hasil daripada pembangunan hartanah 168,773 128,625

Tolak: Pembatalan jualan (4,988) (20,729)––––––––––––––––––– –––––––––––––––––––

163,785 107,896

Sewaan pajakan kuari 559 406

Sewaan pajakan tanah 30 29

Sewaan dari hartanah 450 450

Pendapatan faedah daripada deposit jangka pendek 21 7––––––––––––––––––– –––––––––––––––––––

164,845 108,788================= =================

Syarikat

Pendapatan dividen daripada syarikat subsidiari 11,620 11,585

Pendapatan faedah daripada deposit jangka pendek dan pendahuluan

kepada syarikat subsidiari 5,333 5,435

Peruntukan bagi khidmat pengurusan 4,260 4,260––––––––––––––––––– –––––––––––––––––––

21,213 21,280================= =================

5 KOS KAKITANGANKumpulan Syarikat

2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Upah, gaji dan bonus 10,066 12,517 3,767 4,685

Pelan sumbangan persaraan wajib 1,435 1,868 518 718

Manfaat pekerja yang lain 1,046 852 486 238

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––12,547 15,237 4,771 5,641

================= ================= ================= =================

Kos kakitangan termasuk ganjaran para Pengarah Eksekutif.

Pada akhir tahun kewangan, terdapat seramai 193 (2003: 214) pekerja di dalam Kumpulan dan 40 (2003: 46) pekerja

di dalam Syarikat.




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6 UNTUNG DARIPADA OPERASI

Perkara di bawah telah (dikredit)/dicaj bagi mendapatkan untung daripada operasi:


RM’000 RM’000 RM’000 RM’000

Pendapatan faedah daripada

- deposit jangka pendek (21) (7) (21) (7)

- pendahuluan kepada syarikat subsidiari – – (5,312) (5,428)

- penjualan hartanah siap di bawah skim ansuran (1,072) (2,868) – –

- lain-lain (374) (125) – –

Laba atas pelupusan hartanah, loji dan peralatan (467) (2) (205) –

Pendapatan sewa daripada hartanah siap dan

hartanah pembangunan (481) (687) – –

Ganjaran juruaudit

- audit berkanun 118 90 35 28

- penasihat cukai dan kerja pematuhan 34 57 7 8

- kerja kawal selia yang lain 14 7 8 –

Kerugian atas pelupusan hartanah, loji dan peralatan 52 329 – 328

Yuran pengurusan yang telah dibayar dan belum

berbayar kepada pihak berkaitan 236 221 236 221================= ================= ================= =================

7 GANJARAN PARA PENGARAH

Jumlah agregat emolumen (tidak termasuk anggaran nilai monetari bagi manfaat barangan) yang diterima dan belum diterima oleh

Para Pengarah Syarikat sepanjang tahun kewangan adalah seperti berikut:


RM’000 RM’000 RM’000 RM’000

Pengarah Eksekutif:

- yuran 25 32 25 32

- gaji pokok dan bonus 755 563 755 563

- pelan sumbangan persaraan wajib 113 86 113 86

- emolumen lain 17 18 17 15

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––910 699 910 696

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Pengarah Bukan Eksekutif:

- yuran 150 185 150 185

- emolumen lain 66 78 66 77

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––216 263 216 262

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––1,126 962 1,126 958

================= ================= ================= =================

Anggaran nilai monetari bagi manfaat barangan yang diberikan kepada Pengarah Eksekutif dan Pengarah Bukan Eksekutif

Syarikat sepanjang tahun kewangan melalui penggunaan aset Syarikat dan pemberian manfaat lain masing-masing berjumlah

RM34,425 (2003: RM20,131) dan RM10,100 (2003: RM10,100).


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7 GANJARAN PARA PENGARAH (samb.)

Pengarah Eksekutif Syarikat telah diberikan opsyen ke atas saham biasa di bawah Skim Opsyen Saham Kakitangan (“ESOS”)

mengikut syarat dan peraturan yang sama seperti yang ditawarkan kepada kakitangan lain di dalam Kumpulan (Nota 26). Butiran

tentang opsyen ini ke atas saham biasa yang diberikan kepada Pengarah Eksekutif adalah seperti berikut:

Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesaham– –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

HargaTarikh Tarikh langganan Pada Padaditawarkan luput RM/saham 1.1.2004 Ditawarkan Dilaksana Luput 31.12.2004

‘000 ‘000 ‘000 ‘000 ‘000

2004

05.09.2003 04.09.2008 1.31# 500 – – – 500– –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

500 – – – 500===========================================================================================

2003

19.03.1998 18.03.2003 3.37* 500 – – (500) –

05.09.2003 04.09.2008 1.31# – 500 – – 500– –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

500 500 – (500) 500===========================================================================================

* Opsyen ke atas saham biasa selaras dengan ESOS 1998/2003 yang dilaksanakan pada 19 Mac 1998.# Opsyen ke atas saham biasa selaras dengan ESOS 2003/2008 yang dilaksanakan pada 5 September 2003.

2004 2003

‘000 ‘000

Bilangan opsyen ke atas saham biasa yang diletak hak pada tarikh lembaran imbangan 500 500================= =================

8 KOS KEWANGANKumpulan Syarikat

2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Perbelanjaan faedah ke atas:

- kredit pusingan 731 1,100 – –

- overdraf bank 122 – – –

- pinjaman bertempoh 387 – – –

- pendahuluan daripada syarikat subsidiari – – 11 –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

1,240 1,100 11 –================= ================= ================= =================

9 CUKAIKumpulan Syarikat

2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Cukai semasa:

- Cukai Malaysia 8,845 4,948 3,676 4,505

Cukai tertunda (Nota 18) 468 1,393 513 (609)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

9,313 6,341 4,189 3,896================= ================= ================= =================

Cukai semasaTahun kewangan semasa 9,182 4,863 3,569 4,500

(Terlebih)/terkurang akru dalam tahun kewangan

sebelumnya (bersih) (337) 85 107 5––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

8,845 4,948 3,676 4,505––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––




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9 CUKAI (samb.)


RM’000 RM’000 RM’000 RM’000

Cukai tertundaAsal dan penarikbalikan perbezaan sementara 119 1,330 509 (609)

Terkurang akru dalam tahun kewangan sebelumnya (bersih) 349 63 4 –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

468 1,393 513 (609)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

9,313 6,341 4,189 3,896================= ================= ================= =================

Penyesuaian berangka antara purata kadar cukai berkesan Kumpulan dan Syarikat dengan kadar cukai Malaysia adalah seperti

berikut:


% % % %

Kadar cukai Malaysia 28 28 28 28

Kesan cukai bagi:

- perbelanjaan tidak boleh ditolak untuk tujuan cukai 2 1 – 1

- pendapatan tidak tertakluk kepada cukai (1) (3) – –

- kerugian cukai tahun kewangan semasa yang tidak diiktiraf 5 13 – –

- kadar cukai lebih rendah akibat penyataan semula

kos tanah untuk tujuan cukai (8) (13) – –

- penggunaan kerugian cukai yang tidak diiktiraf sebelumnya (3) (5) – –

- cukai tertunda terkurang akru dalam

tahun kewangan sebelumnya 1 – – –

- cukai (terlebih)/terkurang akru dalam

tahun kewangan sebelumnya (1) – 1 –

- lain-lain 4 6 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Purata kadar cukai berkesan 27 27 29 29================= ================= ================= =================

Termasuk dalam perbelanjaan cukai pendapatan Kumpulan dan Syarikat ialah penjimatan cukai daripada penggunaan kerugian

cukai tahun semasa, masing-masing berjumlah RM2,536,000 (2003: RM1,558,000) dan RM2,536,000 (2003: RM737,000).

Penjimatan cukai ini terbit daripada penggunaan kerugian cukai, daripada satu sumber perniagaan atau pendapatan pelaburan

terhadap untung boleh cukai daripada sumber perniagaan yang lain di dalam syarikat yang sama dalam tahun kewangan yang sama.

10 PENDAPATAN DAN ASET KETARA BERSIH SESAHAM

(a) Pendapatan sesaham

Pendapatan asas sesaham

Pendapatan asas sesaham Kumpulan dikira dengan membahagikan untung bersih dalam tahun kewangan dengan purata

berwajaran bilangan saham biasa yang diterbitkan sepanjang tahun kewangan, tidak termasuk saham biasa yang diperolehi

oleh Syarikat dan disimpan sebagai saham perbendaharaan.

2004 2003

Untung bersih bagi tahun kewangan (RM’000) 20,565 14,201

Purata berwajaran bilangan saham biasa yang diterbitkan (‘000) 232,046 231,524

Pendapatan asas sesaham (sen) 8.9 6.1================= =================


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10 PENDAPATAN DAN ASET KETARA BERSIH SESAHAM (samb.)

(a) Pendapatan sesaham (samb.)

Pendapatan cair sesaham

Pada 31 Disember 2004, Syarikat mempunyai 9,647,500 (2003: 12,363,800) saham biasa belum terbit yang tertunggak

di bawah Skim Opsyen Saham Kakitangan (“ESOS”) untuk kakitangan dan Para Pengarah Eksekutif Kumpulan yang

berkelayakan. Selaras dengan peruntukan yang dibuat di bawah Piawaian MASB 13 “Pendapatan Sesaham”, opsyen ke atas

saham biasa boleh dicairkan apabila ia akan mengakibatkan penerbitan saham biasa yang kurang daripada nilai saksama

(ditentukan mengikut harga pasaran saham biasa). Memandangkan harga laksana opsyen ke atas saham biasa adalah lebih

tinggi daripada nilai saksama saham biasa Syarikat bagi tahun kewangan 2004 dan 2003, opsyen ke atas saham biasa

tidak boleh dicairkan. Selaras dengan itu, maklumat tentang pendapatan cair sesaham tidak dibentangkan di dalam

penyata kewangan.

(b) Aset ketara bersih sesaham

Aset ketara bersih sesaham dikira dengan membahagikan aset ketara bersih berjumlah RM733,970,164 (2003:

RM719,565,119) dengan modal saham terbitan sebanyak 232,034,733 saham (yang mana adalah bersih dari 311,900 saham

perbendaharaan) (2003: 232,055,633 saham, [yang mana adalah bersih dari 290,000 saham perbendaharaan]), Syarikat pada

akhir tahun kewangan.

11 DIVIDEN SESAHAM

Dividen yang dicadangkan berhubung saham biasa bagi tahun kewangan adalah seperti berikut:

2004 2003

Dividen Jumlah Dividen Jumlah

kasar dividen, bersih kasar dividen, bersih

sesaham 28% cukai sesaham 28% cukai

Sen RM’000 Sen RM’000

Dividen akhir dicadangkan 7.5 12,530 5.0 8,354================= ================= ================= =================

Pada Mesyuarat Agung Tahunan (“AGM”) yang akan datang pada 28 Jun 2005, dividen akhir sebanyak 7.5 sen (2003: 5.0 sen)

kasar sesaham biasa, tolak 28% cukai pendapatan, bagi tahun kewangan berakhir 31 Disember 2004 akan dicadangkan untuk

kelulusan para pemegang saham. Dividen akhir bersih ini berjumlah RM12,529,876.

Penyata kewangan ini tidak mencerminkan dividen akhir ini sebagai liabiliti. Dividen akhir akan terakru sebagai liabiliti hanya

selepas diluluskan oleh para pemegang saham pada AGM akan datang.

12 HARTANAH, LOJI DAN PERALATANPada Pelupusan/ Pada

1.1.2004 Penambahan Hapus kira Pemindahan* 31.12.2004RM’000 RM’000 RM’000 RM’000 RM’000

Kumpulan

2004

Kos/Penilaian

Tanah pegangan bebas 377,534 – – (45,226) 332,308Bangunan 17,041 35 (34) – 17,042Perabot, kelengkapan dan peralatan 6,539 191 (3) – 6,727Kenderaan bermotor 4,642 – (3,021) – 1,621Loji dan jentera 20 – – – 20Bangsal kuda dan peralatan ekuestrian 100 – – – 100

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––405,876 226 (3,058) (45,226) 357,818

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

*Pemindahan kepada “Tanah dipegang untuk pembangunan hartanah” dan “Kos pembangunan hartanah”.




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12 HARTANAH, LOJI DAN PERALATAN (samb.)

Caj bagiPada tahun Pelupusan/ Pada

1.1.2004 kewangan hapus kira 31.12.2004RM’000 RM’000 RM’000 RM’000

Susut nilai Terkumpul

Tanah pegangan bebas – – – –Bangunan 5,094 837 (5) 5,926Perabot, kelengkapan dan peralatan 5,615 596 (3) 6,208Kenderaan bermotor 3,825 106 (2,530) 1,401Loji dan jentera 20 – – 20Bangsal kuda dan peralatan ekuestrian 100 – – 100

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––14,654 1,539 (2,538) 13,655

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Pada Pada

1.1.2003 Penambahan Pelupusan 31.12.2003

RM’000 RM’000 RM’000 RM’000

Kumpulan

2003

Kos/Penilaian

Tanah pegangan bebas 377,534 – – 377,534

Bangunan 17,041 – – 17,041

Perabot, kelengkapan dan peralatan 6,222 322 (5) 6,539

Kenderaan bermotor 4,820 407 (585) 4,642

Loji dan jentera 20 – – 20

Bangsal kuda dan peralatan ekuestrian 100 – – 100––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

405,737 729 (590) 405,876––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Caj bagi

Pada tahun Pada

1.1.2003 kewangan Pelupusan 31.12.2003

RM’000 RM’000 RM’000 RM’000

Susut nilai Terkumpul

Tanah pegangan bebas – – – –

Bangunan 4,257 837 – 5,094


Kenderaan bermotor 3,745 338 (258) 3,825

Loji dan jentera 20 – – 20

Bangsal kuda dan peralatan ekuestrian 100 – – 100––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

13,143 1,773 (262) 14,654––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––


144


Pada Pada

31.12.2004 31.12.2003

RM’000 RM’000

Kumpulan

Nilai buku bersih

Tanah pegangan bebas 332,308 377,534

Bangunan 11,116 11,947

Perabot, kelengkapan dan peralatan 519 924

Kenderaan bermotor 220 817

Loji dan jentera – –

Bangsal kuda dan peralatan ekuestrian – –––––––––––––––––––– –––––––––––––––––––

344,163 391,222================= =================

Pada Pada1.1.2004 Penambahan Pelupusan 31.12.2004RM’000 RM’000 RM’000 RM’000

Syarikat

2004

Kos

Perabot, kelengkapan dan peralatan 1,623 31 – 1,654Kenderaan bermotor 2,321 – (1,286) 1,035

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––3,944 31 (1,286) 2,689

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Caj bagiPada tahun Pada

1.1.2004 kewangan Pelupusan 31.12.2004RM’000 RM’000 RM’000 RM’000

Susut nilai terkumpul

Perabot, kelengkapan dan peralatan 1,465 88 – 1,553Kenderaan bermotor 1,945 70 (1,191) 824

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––3,410 158 (1,191) 2,377

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Pada Pada

1.1.2003 Penambahan Pelupusan 31.12.2003

RM’000 RM’000 RM’000 RM’000

Syarikat

2003

Kos


Kenderaan bermotor 2,515 351 (545) 2,321––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

4,030 460 (546) 3,944––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––




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Caj bagi

Pada tahun Pada

1.1.2003 kewangan Pelupusan 31.12.2003

RM’000 RM’000 RM’000 RM’000

Susut nilai terkumpul

Perabot, kelengkapan dan peralatan 1,362 103 – 1,465

Kenderaan bermotor 2,020 143 (218) 1,945––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

3,382 246 (218) 3,410––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Pada Pada

31.12.2004 31.12.2003

RM’000 RM’000

Syarikat

Nilai buku bersih

Perabot, kelengkapan dan peralatan 101 158

Kenderaan bermotor 211 376––––––––––––––––––– –––––––––––––––––––

312 534================= =================

Tanah pegangan bebas Kumpulan telah dinilai semula oleh Para Pengarah dalam tahun 1990 berdasarkan penilaian yang dibuat

oleh sebuah firma penilai profesional bebas menggunakan kaedah perbandingan. Nilai buku bagi tanah pegangan bebas telah

dilaraskan untuk mencerminkan penilaian semula dan lebihan penilaian semula yang terbit darinya telah dikreditkan ke rizab

penilaian semula.

Bahagian tertentu tanah pegangan bebas Kumpulan telah dinilai semula sekali lagi oleh Para Pengarah dalam tahun 1996

berdasarkan penilaian yang telah dibuat oleh firma penilai profesional bebas menggunakan asas penilaian pasaran terbuka dan

sebagaimana yang diluluskan oleh Suruhanjaya Sekuriti. Nilai buku tanah pegangan bebas telah dilaraskan untuk mencerminkan

penilaian semula serta lebihan penilaian semula yang terbit darinya telah dikreditkan ke rizab penilaian semula.

Kumpulan2004 2003

RM’000 RM’000

Tanah pegangan bebas terdiri daripada yang berikut:

Pada kos atau penilaian

Tanah, pada penilaian 1990 20,545 43,641

Tanah, pada penilaian 1996 304,858 323,131

Perbelanjaan pembangunan, pada kos 6,905 10,762––––––––––––––––––– –––––––––––––––––––

332,308 377,534================= =================

Sekiranya tanah pegangan bebas telah ditetapkan selaras dengan kaedah kos sejarah, kos tanah pegangan bebas Kumpulan adalah

RM19,051,183 (2003: RM26,049,513).

Tiada hartanah, loji dan peralatan Kumpulan telah dicagarkan sebagai sekuriti untuk pinjaman (2003: RM2,363,554).


146

13 PELABURAN DALAM SYARIKAT SUBSIDIARI

Syarikat2004 2003

RM’000 RM’000

Saham tidak disebut harga, pada penilaian Para Pengarah 597,041 584,541================= =================

Pelaburan Syarikat dalam syarikat subsidiari dinyatakan pada penilaian berdasarkan nilai aset ketara bersih syarikat subsidiari

pada 31 Disember 2001.

Butiran syarikat subsidiari, yang kesemuanya diperbadankan di Malaysia adalah seperti berikut:

Kepentingan berkesan KumpulanNama Syarikat Aktiviti utama 2004 2003

% %

@ Seri Alam Properties Sdn Bhd Pembangunan hartanah 100 100

* UM Leisure Sdn Bhd Perniagaan am 100 100

UM Land Assets Sdn Bhd Pelaburan hartanah 100 100

UM Land Bena Sdn Bhd Pembangunan hartanah 100 100

dan aktiviti berkaitan

Country Equity Sdn Bhd Pemegangan pelaburan 100 100

* UM Development Sdn Bhd Perniagaan am 100 100

UM Residences Sdn Bhd Pembangunan pangsapuri 100 100

khidmat

** Suasana Sentral Two Sdn Bhd Pembangunan hartanah 70 –


** Dynasty View Sdn Bhd Pembangunan hartanah 100 –


** Alpine Return Sdn Bhd Pembangunan hartanah 100 –


Syarikat subsidiari Seri Alam Properties Sdn Bhd

* PMS Services Sdn Bhd Pengurusan projek 100 100

* Seri Alam Hotel Resort Sdn Bhd Perniagaan am 100 100

Seri Alam Leisure Sdn Bhd Pemegangan pelaburan 100 100

Syarikat subsidiari Seri Alam Leisure Sdn Bhd

Seri Alam Golf & Equestrian Club Pengendalian kelab rekreasi 100 100

Sdn Bhd dan aktiviti berkaitan

Syarikat subsidiari Country Equity Sdn Bhd

Bangi Heights Development Sdn Bhd Pembangunan hartanah dan 70 70

pelaburan hartanah ================= =================

@ Syarikat subsidiari yang disatukan menggunakan kaedah percantuman perakaunan.

* Syarikat subsidiari yang belum memulakan operasi.

** Syarikat-syarikat subsidiari ini telah diambilalih dalam tahun kewangan untuk pertimbangan tunai RM2.00 setiap satu, yang mewakili

keseluruhan modal saham diterbit dan berbayar bagi 2 saham biasa bernilai RM1.00 sesaham. Oleh itu, modal saham berbayarnya telah

bertambah dalam tahun kewangan seperti berikut:

Suasana Sentral Two Sdn Bhd RM5,000,000

Dynasty View Sdn Bhd RM9,000,000




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14 PELABURAN DALAM SYARIKAT BERSEKUTU

Kumpulan 2004 2003

RM’000 RM’000

Saham tak disebut harga, pada kos 6,240 6,240

Bahagian perkongsian kerugian selepas pengambilalihan (3,493) (1,608)

Muhibah atas pengambilalihan dihapus kira terhadap rizab modal (7) (7)––––––––––––––––––– –––––––––––––––––––

2,740 4,625================= =================

Diwakili oleh:

Bahagian perkongsian aset ketara bersih 2,740 4,625================= =================

Butiran tentang syarikat bersekutu, yang diperbadankan di Malaysia, adalah seperti berikut:

Kepentingan berkesan KumpulanNama Syarikat Aktiviti utama 2004 2003

% %

Ipjora Holdings Sdn Bhd Pembangunan, pembinaan, 40 40

pemilikan dan pengendalian ================= =================pangsapuri khidmat

15 PELABURAN LAIN

Kumpulan 2004 2003

RM’000 RM’000

Saham tak disebut harga, pada kos 9 9================= =================

Nilai saksama bagi pelaburan ini telah dianggar berdasarkan nilai aset ketara bersih penerima pelaburan. Para Pengarah

berpendapat nilai saksama pelaburan ini tidak berbeza secara ketara daripada kos yang dinyatakan dalam penyata kewangan pada

tarikh lembaran imbangan.

16 TANAH DIPEGANG UNTUK PEMBANGUNAN HARTANAH

Kumpulan 2004 2003

RM’000 RM’000

Pada awal tahun kewangan 111,860 90,626

Pindahan daripada hartanah, loji dan peralatan 12,411 –

Pindahan bersih (kepada)/daripada kos pembangunan hartanah (46,608) 21,234

Pengambilalihan tanah 129,322 –––––––––––––––––––– –––––––––––––––––––

Pada akhir tahun kewangan 206,985 111,860================= =================

Tanah dipegang untuk pembangunan hartanah dengan nilai buku RM189,360,942 (2003 : RM65,665,272) telah dicagarkan

sebagai sekuriti untuk pinjaman (Nota 25).


148NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.)


17 PENGHUTANG DAGANGAN JANGKA PANJANG

Kumpulan2004 2003

RM’000 RM’000

Semasa 15,767 28,500

Lebih dari 1 tahun tapi tidak melebihi 2 tahun 3,603 338

Lebih dari 2 tahun tapi tidak melebihi 5 tahun 171 3,908

Bukan semasa 3,774 4,246––––––––––––––––––– –––––––––––––––––––

19,541 32,746================= =================

Penghutang dagangan jangka panjang ialah penerimaan masa depan yang didiskaunkan dan terbit daripada penjualan hartanah siap

di bawah skim ansuran, di mana hasil jualan akan diterima dalam tempoh empat hingga tujuh tahun. Ansuran yang akan diterima

dalam tempoh dua belas bulan berjumlah RM15,766,946 (2003: RM28,499,842) telah dimasukkan ke dalam “Penghutang

dagangan dan lain-lain” di dalam aset semasa.

Tiada baki yang terhutang daripada Para Pengarah serta pihak berkaitan yang dimasukkan ke dalam penghutang dagangan jangka

panjang Kumpulan pada akhir tahun kewangan.

18 CUKAI TERTUNDA

Aset dan liabiliti cukai tertunda diimbangi apabila terdapat hak perundangan yang boleh dikuatkuasakan untuk menolak aset cukai

semasa terhadap liabiliti cukai semasa dan apabila cukai tertunda ini berkait dengan pihak berkuasa cukai yang sama. Nilai berikut,

yang ditetapkan selepas imbangan sesuai, dinyatakan di dalam lembaran imbangan:


RM’000 RM’000 RM’000 RM’000

Aset cukai tertunda:

- tertakluk kepada cukai pendapatan 370 491 – 491

- tertakluk kepada cukai keuntungan hartanah (“RPGT”) 14,288 14,975 – –

14,658 15,466 – 491

Liabiliti cukai tertunda:

- tertakluk kepada cukai pendapatan (20,322) (20,661) (22) –

- tertakluk kepada cukai keuntungan hartanah (“RPGT”) (16,184) (18,404) – –

(36,506) (39,065) (22) –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(21,848) (23,599) (22) 491================= ================= ================= =================

Pada awal tahun kewangan: (23,599) (22,220) 491 (118)

(Caj)/dikreditkan ke penyata pendapatan (Nota 9):

- hartanah, loji dan peralatan 40 52 (13) 34

- tanah dipegang untuk pembangunan hartanah 2,625 (3,783) – –

- kos pembangunan hartanah (2,618) 3,219 – –

- permodalan faedah 93 (1,204) – –

- penghutang (412) (366) – –

- pemiutang (64) 147 (38) 98

- faedah belum terima (515) 470 (462) 477

- kerugian cukai 383 192 – –

- terkurang akru dalam tahun kewangan sebelumnya (bersih) – (120) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(468) (1,393) (513) 609

Pelarasan RPGT kepada dagangan dan lain-lain belum bayar – 14 – –

Pembalikan cukai tertunda kepada rizab nilai semula 2,219 – – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Pada akhir tahun kewangan (21,848) (23,599) (22) 491================= ================= ================= =================


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18 CUKAI TERTUNDA (samb.)


RM’000 RM’000 RM’000 RM’000

Tertakluk kepada cukai pendapatan:

Aset cukai tertunda (sebelum imbangan):

- hartanah, loji dan peralatan 722 680 599 612

- kerugian cukai 574 192 – –

- penghutang 532 944 83 83

- pemiutang 503 567 182 220––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

2,331 2,383 864 915

Imbangan (1,961) (1,892) (864) (424)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Aset cukai tertunda (selepas imbangan) 370 491 – 491================= ================= ================= =================

Liabiliti cukai tertunda (sebelum imbangan):

- hartanah, loji dan peralatan (4) (2) – –

- tanah dipegang untuk pembangunan hartanah (11,103) (13,728) – –

- kos pembangunan hartanah (5,653) (3,722) – –

- permodalan faedah (4,577) (4,670) – –

- faedah belum terima (946) (431) (886) (424)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(22,283) (22,553) (886) (424)

Imbangan 1,961 1,892 864 424––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Liabiliti cukai tertunda (selepas imbangan) (20,322) (20,661) (22) –================= ================= ================= =================

Tertakluk kepada cukai keuntungan hartanah:

Aset cukai tertunda:

- kos pembangunan hartanah 14,288 14,975 – –================= ================= ================= =================

Liabiliti cukai tertunda:

- hartanah, loji dan peralatan (16,184) (18,404) – –================= ================= ================= =================

Jumlah kerugian cukai belum guna (tanpa tarikh luput) yang mana tiada aset cukai tertunda diiktiraf dalam lembaran imbangan

adalah seperti berikut:


RM’000 RM’000 RM’000 RM’000

Kerugian cukai 29,563 27,701 – –================= ================= ================= =================

19 HARTANAH SIAP

Hartanah yang telah siap dengan nilai buku RM16,807,043 (2003: RM16,807,043) telah dicagar sebagai sekuriti untuk pinjaman

(Nota 25).

Termasuk di dalam hartanah yang telah siap ialah permodalan faedah sepanjang tahun kewangan berjumlah RM212,083

(2003: RM45,881).


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20 KOS PEMBANGUNAN HARTANAH

Kumpulan 2004 2003

RM’000 RM’000

Pada awal tahun kewangan

Tanah pegangan bebas - pada kos 30,084 56,950

- pada penilaian 17,026 14,512

Kos pembangunan ditanggung 271,926 256,143

Kos terkumpul dicaj ke penyata pendapatan (55,487) (35,438)––––––––––––––––––– –––––––––––––––––––

263,549 292,167================= =================

Kos ditanggung dalam tahun kewangan

Tanah diperolehi 41,085 –


Pindahan dari hartanah, loji dan peralatan 32,815 –

Pindahan bersih dari/(ke) tanah dipegang untuk pembangunan hartanah 46,608 (21,234)

Pindahan ke hartanah siap (13,117) (1,316)


127,735 (28,618)================= =================

Pada akhir tahun kewangan

Tanah pegangan bebas - pada kos 85,777 30,084

- pada penilaian 78,393 17,026



391,284 263,549================= =================

Tanah pegangan bebas pada penilaian telah dipindahkan dari “Hartanah, loji dan peralatan” ke “Kos pembangunan hartanah” pada

nilai bawaannya. Para Pengarah telah menggunakan peruntukan peralihan yang dikeluarkan oleh Lembaga Piawaian Perakaunan

Malaysia melalui penerimapakaian Piawaian MASB 15, “Hartanah, Loji dan Peralatan”, yang membolehkan aset-aset ini

dinyatakan mengikut penilaian mereka dalam tahun 1990 dan 1996. Selaras dengan ini, nilai bawaan belum dikemaskini.

Termasuk di dalam kos pembangunan ialah permodalan faedah di sepanjang tahun kewangan yang berjumlah RM3,548,130

(2003: RM4,249,442).

Kos pembangunan hartanah dengan nilai buku RM85,549,303 (2003: RM29,112,975) telah dicagarkan sebagai sekuriti untuk

pinjaman (Nota 25).




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21 PENGHUTANG DAGANGAN DAN LAIN-LAINKumpulan Syarikat

2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Penghutang dagangan 68,340 77,201 297 297

Tolak: Elaun hutang ragu (11,718) (13,601) (297) (297)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

56,622 63,600 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Lain-lain belum terima 5,716 3,083 56 27

Tolak: Elaun hutang ragu (1,282) (1,092) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

4,434 1,991 56 27––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Jumlah dihutang oleh syarikat subsidiari – – 155,100 165,988

Jumlah dihutang oleh syarikat berkaitan 4 2 – –

Deposit 3,528 2,071 591 230

Prabayaran 138 71 44 43

Bil terakru berhubung pembangunan hartanah 7,435 6,321 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

11,105 8,465 155,735 166,261––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

72,161 74,056 155,791 166,288================= ================= ================= =================

Termasuk di dalam penghutang dagangan Kumpulan ialah baki dihutang oleh Para Pengarah berjumlah RM101,439

(2003: RM75,528).

Syarat kredit bagi penghutang dagangan menjangkau antara 7 hingga 90 hari.

22 DEPOSIT, BAKI BANK DAN TUNAI


RM’000 RM’000 RM’000 RM’000

Baki bank dan tunai 3,894 2,703 881 401


Perumahan (“HDA”) 14,195 15,452 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

18,089 18,155 881 401================= ================= ================= =================

Kadar faedah purata berwajaran berkesan bagi deposit, baki bank dan tunai pada tarikh lembaran imbangan adalah seperti berikut:


% % % %

Baki bank 0.30 0.13 1.34 0.89


Perumahan (“HDA”) 1.97 2.10 – –================= ================= ================= =================

Baki bank ialah pegangan deposit panggilan dengan bank.

Baki bank syarikat subsidiari di bawah Akaun Pembangunan Perumahan tidak bebas diremitkan kepada Syarikat sehingga Sijil

Layak Menduduki dikeluarkan bagi setiap pembangunan perumahan serta dengan kelulusan Pegawai Perumahan selepas menolak

jumlah wang tertentu seperti yang ditetapkan di dalam Akta Pembangunan Perumahan (Kawalan dan Perlesenan) 1966, Peraturan

Pemaju Perumahan (Akaun Pembangunan Perumahan) (Pindaan) 2002, Peraturan 9.


152

23 PEMIUTANG DAGANGAN DAN LAIN-LAIN Kumpulan Syarikat

2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Pemiutang dagangan 19,162 20,027 – –

Dagangan terkaru 19,271 18,572 – 1

Jumlah dihutang kepada pihak berkaitan 236 70 236 57

Liabiliti senarai gaji 2,108 2,855 780 907

Cukai laba hartanah belum bayar 6,466 7,849 – –

Bil berperingkat berhubung pembangunan hartanah 5,363 2,244 – –

Pemiutang dan terakru yang lain 8,462 3,473 462 505––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

61,068 55,090 1,478 1,470================= ================= ================= =================

Syarat kredit pemiutang dagangan yang diberikan kepada Kumpulan adalah berbeza-beza dari tiada kredit sehingga ke 60 hari.

Jumlah yang dihutang kepada pihak-pihak berkaitan, CapitaLand Residential Ltd , Tradewinds Corporation Berhad (dahulunya

dikenali sebagai PERNAS International Holdings Berhad), Tradewinds Travel & Tours Sdn Bhd (dahulunya dikenali sebagai

PERNAS Travel & Tours Sdn Bhd) dan Chee Tat Holdings (S) Pte Ltd, adalah tanpa cagaran, tanpa faedah dan tidak mempunyai

tempoh pembayaran balik yang tetap.

24 PERUNTUKANKumpulan

2004 2003

RM’000 RM’000

Kos pembangunan hartanah


Peruntukan bagi kos pembangunan hartanah 3,483 2,293

Digunakan dalam tahun kewangan (2,512) –

Penarikbalikan jumlah yang tidak digunakan (1,653) –––––––––––––––––––– –––––––––––––––––––


Ini mewakili kos pembangunan yang dianggar akan ditanggung. Peruntukan ini akan digunakan apabila aktiviti pembangunan yang

ditetapkan bermula.

25 PINJAMANKumpulan

2004 2003

RM’000 RM’000

Dicagar

SemasaOverdraf bank 8,060 108

Kredit pusingan 100,675 89,400

Pinjaman bertempoh 30,400 –––––––––––––––––––– –––––––––––––––––––

139,135 89,508================= =================

Bukan semasaPinjaman bertempoh 89,600 –

================= =================Jumlah

Overdraf bank 8,060 108

Kredit pusingan 100,675 89,400

Pinjaman-pinjaman bertempoh 120,000 –––––––––––––––––––– –––––––––––––––––––

228,735 89,508================= =================




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25 PINJAMAN (samb.)

Pinjaman dicagar oleh yang berikut:

Kumpulan2004 2003

RM’000 RM’000

Hartanah, loji dan peralatan (Nota 12) – 2,364

Tanah dipegang untuk pembangunan hartanah (Nota 16) 189,361 65,665

Hartanah siap (Nota 19) 16,807 16,807

Kos pembangunan hartanah (Nota 20) 85,549 29,113––––––––––––––––––– –––––––––––––––––––

291,717 113,949================= =================

Kadar faedah purata berwajaran Jumlah nilai Profil matangKumpulan pada tarikh lembaran imbangan bawaan < 1 tahun 1 - 5 tahun > 5 tahun

% RM’000 RM’000 RM’000 RM’000

2004

Overdraf bank 7.25 8,060 8,060 – –Kredit pusingan 4.41 100,675 100,675 – –Pinjaman bertempoh 7.00 30,400 30,400 – –Pinjaman bertempoh 5.30 89,600 – 67,200 22,400

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––228,735 139,135 67,200 22,400

================= ================= ================= =================

2003

Overdraf bank 7.25 108 108 – –

Kredit pusingan 4.41 89,400 89,400 – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

89,508 89,508 – –================= ================= ================= =================

Pendedahan bersih pinjaman Kumpulan kepada perubahan kadar faedah dan tempoh di mana pinjaman diletakkan harga semula,

adalah seperti berikut:

Kadar faedahKadar faedah purata berwajaran Jumlah nilai terapung

Kumpulan pada tarikh lembaran imbangan bawaan < 1 tahun% RM’000 RM’000

2004

Overdraf bank 7.25 8,060 8,060Kredit pusingan 4.41 100,675 100,675Pinjaman bertempoh 7.00 30,400 30,400Pinjaman bertempoh 5.30 89,600 89,600

––––––––––––––––––– –––––––––––––––––––228,735 228,735

================= =================

2003

Overdraf bank 7.25 108 108

Kredit pusingan 4.41 89,400 89,400––––––––––––––––––– –––––––––––––––––––

89,508 89,508================= =================

Nilai bawaan bagi pinjaman Kumpulan pada tarikh lembaran imbangan menganggarkan nilai saksama mereka.




26 MODAL SAHAMKumpulan dan Syarikat2004 2003

RM’000 RM’000

Dibenarkan:

Saham biasa bernilai RM1.00 sesaham, pada awal dan akhir tahun kewangan 500,000 500,000================= =================

Diterbitkan dan dibayar penuh:

Saham biasa bernilai RM1.00 sesaham


Diterbitkan sepanjang tahun kewangan 1 712––––––––––––––––––– –––––––––––––––––––


SKIM OPSYEN SAHAM KAKITANGAN (“ESOS”)

Pada 19 Mac 1998, Syarikat telah melaksanakan Skim Opsyen Saham Kakitangan (“ESOS”) untuk kakitangan serta Pengarah

Eksekutif Kumpulan yang berkelayakan. ESOS ini telah berkuatkuasa selama tempoh 5 tahun dari tarikh pelaksanaannya sehingga

tamat tempoh pada 18 Mac 2003.

Satu ESOS baru telah diluluskan oleh para pemegang saham di Mesyuarat Agung Luar Biasa yang telah diadakan pada

25 Jun 2003.

Ciri-ciri utama ESOS baru ini adalah seperti berikut:

(a) Jumlah maksima saham biasa baru Syarikat yang tersedia di bawah skim tersebut tidak boleh melebihi 10% dalam agregat

modal saham diterbitkan dan berbayar Syarikat pada satu-satu masa;

(b) Tertakluk kepada kriteria kelayakan yang ditetapkan oleh Jawatankuasa Opsyen, kakitangan yang berkelayakan adalah layak

menyertai skim tersebut;

(c) Opsyen tidak akan diberikan kepada mana-mana Pengarah Eksekutif Syarikat kecuali pemberian khusus opsyen ke atas saham

biasa kepada Pengarah Eksekutif itu telahpun diluluskan sebelumnya oleh para pemegang saham Syarikat di dalam

mesyuarat agung;

(d) Jumlah maksima saham biasa baru Syarikat yang mungkin ditawarkan dan diperuntukan kepada kakitangan yang layak akan

ditentukan mengikut budi bicara Jawatankuasa Opsyen dengan menimbangkan prestasi, kekananan dan tempoh khidmat

kakitangan yang layak itu. Peruntukan kepada Pengarah Eksekutif yang layak serta pihak pengurusan kanan tidak boleh

melebihi 50% dalam agregat saham biasa baru Syarikat yang tersedia di bawah skim. Tidak lebih daripada 10% saham biasa

baru Syarikat yang tersedia di bawah skim ini akan diperuntukkan kepada mana-mana kakitangan yang layak, yang mana, sama

ada secara berseorangan atau secara kolektif, melalui rakan sekerjanya (seperti yang ditetapkan dalam Akta Syarikat, 1965),

memegang 20% atau lebih modal diterbitkan dan berbayar Syarikat;

(e) Harga yang berhak dilanggan oleh kakitangan yang layak bagi setiap saham biasa baru Syarikat akan ditentukan oleh

Jawatankuasa Opsyen berdasarkan harga pasaran purata berwajaran saham biasa Syarikat bagi 5 hari sejurus sebelum Tarikh

Tawaran opsyen ke atas saham biasa, dengan diskaun tidak melebihi 10%, atau pada nilai tara saham biasa Syarikat, yang

mana lebih tinggi;

(f) Opsyen ke atas saham biasa yang ditawarkan mesti dilaksanakan dalam tempoh lima tahun dari Tarikh Tawaran opsyen ke atas

saham biasa kepada setiap kakitangan atau sebelum tarikh tamat ESOS, yang akan terus berkuatkuasa dalam tempoh lima

tahun dari 5 September 2003 (tarikh opsyen ke atas saham biasa pertama kali ditawarkan kepada kakitangan yang layak)

tertakluk kepada ESOS tersebut tidak dilanjutkan untuk tambahan 5 tahun;

(g) Saham biasa baru Syarikat yang akan diperuntukan dengan langganan sebarang opsyen ke atas saham biasa yang ditawarkan

semasa peruntukan dan terbitan, bertaraf pari passu dalam semua aspek dengan saham biasa Syarikat yang sedia ada.

Saham biasa baru Syarikat yang diperuntukan tidak berhak ke atas sebarang dividen, hak, peruntukan dan/atau pengagihan

lain kecuali saham biasa baru Syarikat tersebut memenuhi syarat-syarat yang ditetapkan dalam Peraturan Kecil ESOS.


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26 MODAL SAHAM (samb.)

Pergerakan di sepanjang tahun kewangan dalam bilangan opsyen ke atas saham biasa Syarikat adalah seperti berikut:

2004 2003

ESOS Baru ESOS Lama

Harga opsyen Harga opsyen Harga opsyen Harga opsyen

pada RM1.31# pada RM1.31# pada RM3.52* pada RM3.37*

sesaham sesaham sesaham sesaham

’000 ’000 ’000 ’000

Pada awal tahun kewangan 12,364 – 3,746 3,463

Ditawarkan – 13,405 – –

Langganan (1) (712) – –

Luput (2,715) (329) (3,746) (3,463)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Pada akhir tahun kewangan 9,648 12,364 – –================= ================= ================= =================

2004 2003

’000 ’000

Bilangan opsyen ke atas saham biasa yang diberi hak pada akhir tahun kewangan 9,648 12,364================= =================

* Opsyen ke atas saham biasa selaras dengan ESOS 1998/2003 yang dilaksanakan pada 19 Mac 1998.

# Opsyen ke atas saham biasa selaras dengan ESOS 2003/2008 yang dilaksanakan pada 5 September 2003.

Butiran tentang opsyen ke atas saham biasa yang dilanggan sepanjang tahun kewangan adalah seperti berikut:

Nilai saksama saham Bilangan sahambiasa pada tarikh Harga biasa yang diterbitkan

Tarikh langganan terbitan saham langganan 2004 2003

RM/saham RM/saham ’000 ’000

November 2003 1.65 1.31 – 651

Disember 2003 1.39 1.31 – 61

Januari 2004 1.30 1.31 1 –––––––––––––––––––– –––––––––––––––––––

1 712================= =================

2004 2003

RM’000 RM’000

Modal saham biasa - pada tara 1 712

Premium saham – 220––––––––––––––––––– –––––––––––––––––––

Hasil yang diterima dari langganan opsyen ke atas saham biasa 1 932================= =================

Nilai saksama pada tarikh langganan ke atas penerbitan saham biasa 1 1,158================= =================

SAHAM PERBENDAHARAAN

Sepanjang tahun kewangan, Syarikat telah membeli balik sahamnya sebanyak 21,900 saham biasa pada harga purata lebih kurang

RM1.10 sesaham dari pasaran terbuka Bursa Malaysia. Belian balik ini telah dibiayai melalui dana dalaman. Saham yang dibeli

balik ini disimpan sebagai saham perbendaharaan seperti yang dibenarkan di bawah Seksyen 67A Akta Syarikat, 1965. Tiada

satupun dari saham perbendaharaan ini yang telah dijual.

Pada 31 Disember 2004, bilangan saham tertunggak dalam terbitan dan berbayar penuh ialah 232,034,733 (bersih dari

311,900 saham perbendaharaan) (2003: 232,055,633 [bersih dari 290,000 saham perbendaharaan]) saham biasa bernilai

RM1.00 sesaham.


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27 RIZABKumpulan Syarikat

2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Tidak boleh diagihkan

Premium saham 60,428 60,429 60,428 60,429

Rizab nilai semula 244,969 243,527 385,808 385,808––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

305,397 303,956 446,236 446,237––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Rizab modal:

- Rizab modal yang timbul dari penyatuan 325 325 – –

- Defisit penggabungan (41,625) (41,625) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(41,300) (41,300) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Saham perbendaharaan (Nota 26) (374) (349) (374) (349)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

263,723 262,307 445,862 445,888––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Boleh diagihkan

Pendapatan tertahan 183,334 171,123 56,029 54,235

Rizab nilai semula* 54,566 53,789 15,256 15,256––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

237,900 224,912 71,285 69,491––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

501,623 487,219 517,147 515,379================= ================= ================= =================

Syarikat mempunyai kredit cukai Seksyen 108 yang mencukupi dan pendapatan dikecualikan cukai di bawah Akta Cukai

Pendapatan Malaysia, 1967 untuk membayar kesemua pendapatan tertahannya pada 31 Disember 2004, jika dibayar sebagai

dividen, tanpa menanggung liabiliti cukai tambahan.


28 PERUBAHAN DALAM DASAR PERAKAUNAN

Sepanjang tahun kewangan, Kumpulan telah menukar dasar perakaunannya berkaitan perakaunan bagi aktiviti pembangunan

hartanah yang mematuhi Piawaian MASB 32 “Aktiviti Pembangunan Hartanah”.

Selaras dengan Piawaian MASB 32, tanah yang tiada kerja pembinaan ketara atau di mana aktiviti pembinaan tidak dijangka siap

dalam kitaran operasi biasa, dikelaskan sebagai tanah yang dipegang untuk pembangunan di bawah aset bukan semasa.

Di mana hasil yang diiktiraf di dalam penyata pendapatan melebihi bil kepada pembeli, bakinya akan dinyatakan sebagai bil terakru

di bawah “Dagangan dan lain-lain belum terima” (dalam aset semasa). Di mana bil kepada pembeli melebihi hasil yang diiktiraf

di dalam penyata pendapatan, bakinya dinyatakan sebagai bil berperingkat di bawah “Dagangan dan lain-lain belum bayar” (dalam

liabiliti semasa).

Perubahan dalam dasar perakaunan ini telah diambil kira secara retrospektif.

Dasar perakaunan baru ini tidak memberi kesan ke atas untung bersih tahun kewangan Kumpulan dan Syarikat bagi tahun

kewangan berakhir 31 Disember 2004.




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28 PERUBAHAN DALAM DASAR PERAKAUNAN (samb.)

Kesan daripada perubahan dasar perakaunan ke atas penyata kewangan Kumpulan bagi tahun kewangan berakhir 31 Disember

2003 adalah seperti berikut:

Seperti Kesan Seperti

dilaporkan perubahan dinyatakan

sebelumnya dasar semula

RM’000 RM’000 RM’000

Kumpulan

Pada 31 Disember 2003

Tanah dipegang untuk pembangunan hartanah – 111,860 111,860

Kos pembangunan hartanah 379,486 (115,937) 263,549

Bil terakru – 6,321 6,321

Bil berperingkat – 2,244 2,244================= ================= =================

“Kos pembangunan hartanah” sebelum ini dinyatakan sebagai “Hartanah Pembangunan” di dalam lembaran imbangan.

29 URUSNIAGA PENTING PIHAK BERKAITAN

Di samping pendedahan tentang pihak berkaitan yang dinyatakan di bahagian lain dalam penyata kewangan ini, berikut adalah

urusniaga penting yang lain oleh pihak berkaitan.

Urusniaga yang dinyatakan di bawah telah dijalankan dalam urusan biasa perniagaan dan telah ditetapkan di bawah syarat-syarat

yang dipersetujui oleh pihak-pihak yang terbabit dan tiada perbezaan ketara dari apa yang terdapat dalam urusniaga dengan pihak-

pihak yang tidak berkaitan.

KumpulanUrusniaga Syarikat/Para Pengarah 2004 2003

RM’000 RM’000

Urusniaga dengan pemegang saham korporat

Penyewaan premis yang telah Tradewinds Corporation Berhad

dibayar dan akan dibayar (dahulunya dikenali sebagai PERNAS


Perolehan bagi penginapan hotel Tradewinds Corporation Berhad

serta makanan yang telah dibayar (dahulunya dikenali sebagai PERNAS

dan akan dibayar International Holdings Berhad) 32 46

Urusniaga dengan syarikat subsidiari pemegang saham korporat, Chee Tat Holdings (S) Pte Ltd

Pendapatan sewa diterima Chee Tat Holdings (M) Sdn Bhd 12 12

Urusniaga dengan syarikat subsidiaripemegang saham korporat, Tradewinds Corporation Berhad

Pendapatan sewa diterima Prism Security Management Sdn Bhd

(dahulunya dikenali sebagai PERNAS


Sdn Bhd) – 10

Perolehan sistem keselamatan Prism Security Management Sdn Bhd

penggera kecurian yang telah (dahulunya dikenali sebagai PERNAS

dibayar dan akan dibayar International Security Management

Sdn Bhd) – 10




29 URUSNIAGA PENTING PIHAK BERKAITAN (samb.)

KumpulanUrusniaga Syarikat/Para Pengarah 2004 2003

RM’000 RM’000

Perolehan perkhidmatan keselamatan PRISM Protection Services

yang telah dibayar dan akan dibayar Sdn Bhd – 99

Perolehan tiket penerbangan Tradewinds Travel & Tours Sdn Bhd

yang telah dibayar dan akan dibayar (dahulunya dikenali sebagai PERNAS

Travel & Tours Sdn Bhd) 29 36

Perolehan pekhidmatan pembrokeran insurans Tradewinds International Insurance

yang telah dibayar dan akan dibayar Brokers Sdn Bhd (dahulunya dikenali

sebagai PERNAS International

Insurance Brokers Sdn Bhd) 61 52

Urusniaga dengan syarikat subsidiari pemegang saham korporat,CapitaLand Limited

Perolehan perkhidmatan pengurusan CapitaLand Residential Ltd 236 221

yang telah dibayar dan akan dibayar

Perolehan perundingan teknikal dan Ascott International Management

perkhidmatan pengurusan yang telah (Malaysia) Sdn Bhd – 50

dibayar dan akan dibayar

Bil berperingkat bagi penjualan Liang Court (Malaysia) Sdn Bhd 9,724 1,144

pangsapuri khidmat yang telah

diterima dan akan diterima

Urusniaga dengan syarikat bersekutuPemegang saham korporat,CapitaLand Limited

Penyewaan premis yang telah OneSentral Park Sdn Bhd 54 60

dibayar dan akan dibayar

Urusniaga dengan Para Pengarah Syarikat

Bil berperingkat bagi penjualan Pee Tong Lim 123 76

pangsapuri khidmat yang telah


Bil berperingkat bagi penjualan Datuk Nur Jazlan

pangsapuri khidmat yang telah bin Tan Sri Mohamed 118 74


Urusniaga dengan syarikat dimana Para Pengarah mempunyai kepentingan

Perolehan penyelidikan dan kajian pasaran Research Inc. (Asia) Sdn Bhd* 73 70

yang telah dibayar dan akan dibayar

* Dato’ Syed Hamid bin Syed Hussain Alhabshee, yang merupakan Pengarah Eksekutif/Ketua Pegawai Eksekutif Syarikat, adalah pemegang

saham utama dan pengarah Research Inc. (Asia) Sdn Bhd.

Jumlah yang masih tertunggak pada 31 Disember 2004 berhubung dengan urusniaga di atas dengan para pemegang saham

korporat dan pihak berkaitan dibentangkan dalam Nota 21 dan 23 penyata kewangan.


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30 LIABILITI LUAR JANGKA (TIDAK BERCAGAR)

(a) Pada 7 Oktober 1996, UM Leisure Sdn Bhd (“UM Leisure”), sebuah subsidiari milik penuh Syarikat telah menandatangani

Perjanjian Usaha Sama (“JVA”) dengan Ultrapolis 3000 Holding Bermuda Ltd (“UPH”), berkaitan dengan organisasi,

pengurusan dan pengendalian Agarta Universe Sdn Bhd (“Agarta Universe”) yang akan membangun dan menguruskan Pusat

Peranginan Taman Tema Agarta Universe berserta hotel dan pusat membeli-belah bertema di Bandar Seri Alam, Johor, sebuah

bandar yang sedang dibangunkan oleh Seri Alam Properties Sdn Bhd (“Seri Alam”), iaitu sebuah syarikat subsidiari milik

penuh Syarikat.

Selaras dengan Perenggan 10.1(c) JVA, Syarikat telah mengeluarkan surat jaminan pembayaran bertarikh 3 Januari 1997

(“Surat Jaminan”) kepada Trans Resources Corporation Sdn Bhd (“TRC”) untuk menjalankan kerja-kerja tanah di atas

sebidang tanah, yang mana Pusat Peranginan Taman Tema Agarta Universe akan dibina, di bawah kontrak dengan Sanwell

Corporation (“Sanwell”), yang mana prinsipalnya ialah Agarta Universe.

Sejurus itu, Seri Alam telah menandatangani Perjanjian Pajakan bertarikh 9 Disember 1997 dengan Agarta Universe.

Buat masa ini, suatu tindakan writ telah dimulakan oleh TRC di Mahkamah Tinggi Kuala Lumpur terhadap Sanwell sebanyak

RM17,459,445.69 yang merupakan jumlah terhutang bagi kerja-kerja tanah yang dikatakan telah dijalankan. TRC juga

membuat tuntutan terhadap Syarikat, sebanyak RM15,500,000.00 sebagai jumlah yang dikatakan belum dibayar oleh

Syarikat di bawah Surat Jaminan yang dinyatakan di atas.

Dalam tindakan Mahkamah Tinggi Kuala Lumpur, Syarikat telah memfailkan tuntutan balas (“Tuntutan Balas”) terhadap TRC,

Sanwell, UPH dan Agarta Universe, yang memohon antara lain, akuan bahawa ia dibebaskan dari sebarang liabiliti terhadap

TRC di bawah Surat Jaminan dan perintah bahawa Agarta Universe hendaklah membayar ganti rugi kepada Syarikat bagi

semua akibat Surat Jaminan tersebut.

Sanwell memohon untuk menggantung tindakan tersebut atas dasar bahawa tuntutan TRC terhadapnya seharusnya diselesaikan

melalui timbangtara. Syarikat dan TRC membantah permohonan penggantungan Sanwell. Pada 19 Mei 1999, suatu

penggantungan (“Perintah Penggantungan”) telah diberi oleh Mahkamah Tinggi Kuala Lumpur. Bagaimanapun, Syarikat dan

TRC membuat rayuan di Mahkamah Rayuan terhadap keputusan Perintah Penggantungan tersebut. Pada 29 Jun 2000,

Mahkamah Rayuan membenarkan permohonan TRC terhadap Sanwell berdasarkan pertimbangan permulaan undang-undang

dan mengenepikan Perintah Penggantungan tersebut. Melalui permohonan rayuan selanjutnya oleh Sanwell, Mahkamah

Persekutuan telah mengembalikan semula Perintah Penggantungan tersebut pada 20 Mei 2002. Sementara itu, pembicaraan

rayuan Syarikat di Mahkamah Rayuan akan ditetapkan pada tarikh yang akan dimaklumkan.

Berdasarkan perintah Mahkamah Persekutuan, prosiding di Mahkamah Tinggi Kuala Lumpur telah ditangguh tanpa tarikh dan

kedudukan antara TRC dan Sanwell akan dirujuk kepada timbangtara.

Berikutnya, TRC memohon kepada Mahkamah Tinggi Kuala Lumpur untuk membatalkan Perintah Penggantungan

(“Permohonan Pembatalan”). Permohonan Pembatalan telah dibenarkan oleh Mahkamah Tinggi pada 2 April 2004 dengan kos

ditanggung oleh Sanwell.

Dengan pembatalan Perintah Penggantungan, pihak kepada guaman Mahkamah Tinggi Kuala Lumpur kini akan memulakan

perbicaraan ke atas tuntutan TRC serta Tuntutan Balas Syarikat. Di pengurusan kes yang diadakan pada 20 Ogos 2004,

Mahkamah Tinggi Kuala Lumpur telah menetapkan perbicaraan pada 25 Mei 2005 dan 26 Mei 2005.

Permohonan rayuan Syarikat kepada Mahkamah Rayuan yang belum selesai, yang kini adalah akademik, telah ditarik balik

pada 6 Disember 2004.

Selepas mendapat nasihat perundangan yang sewajarnya, Para Pengarah berpendapat, tiada peruntukan diperlukan untuk

tuntutan tersebut.


160

30 LIABILITI LUAR JANGKA (TIDAK BERCAGAR) (samb.)

(b) Lembaga Hasil Dalam Negeri telah mengeluarkan notis taksiran serta taksiran tambahan berkaitan cukai pendapatan tahun

terdahulu bagi syarikat subsidiari tertentu. Taksiran ini sebahagian besarnya adalah disebabkan oleh pengolahan cukai yang

berbeza bagi urusniaga hartanah tertentu dalam sesebuah syarikat subsidiari. Termasuk di dalam notis ini ialah sejumlah cukai

yang timbul dari pengolahan cukai yang dikenakan oleh Lembaga Hasil Dalam Negeri berdasarkan potongan perbelanjaan

permodalan faedah.

Kumpulan tidak bersetuju dengan taksiran serta taksiran tambahan dan telah memfailkan rayuan kepada Pesuruhjaya Khas

Cukai Pendapatan. Perbincangan turut diadakan dengan Lembaga Hasil Dalam Negeri untuk menyelesaikan isu cukai yang

memberi kesan kepada taksiran. Kumpulan akan terus mempertahankan kedudukannya terhadap taksiran serta taksiran

tambahan tersebut.

Semenjak itu, Lembaga Hasil Dalam Negeri telah menerima pengolahan cukai yang diterimapakai oleh syarikat subsidiari

tersebut dan telah melepaskan sebahagian daripada cukai tambahan. Pelepasan cukai yang lanjut akan tertakluk kepada

penilaian muktamad Kerajaan berhubung urusniaga hartanah tersebut.

Sementara menunggu resolusi bagi perkara-perkara di atas, buat masa ini, Kumpulan telah membayar RM5.75 juta setakat

31 Disember 2004 dan telah mengambil kiranya sebagai cukai boleh diperolehi semula di dalam lembaran imbangan,

memandangkan Para Pengarah berpendapat bahawa jumlah ini boleh diperolehi semula.

31 MAKLUMAT BERSEGMEN

Penglibatan utama Kumpulan ialah di dalam industri pembangunan hartanah (Segmen utama). Semua aktiviti Kumpulan dijalankan

di Malaysia (Segmen kedua).

32 KELULUSAN PENYATA KEWANGAN

Penyata kewangan telah diluluskan untuk penerbitan selaras dengan resolusi Lembaga Pengarah pada 22 April 2005.




UN

IT

ED

M

AL

AY

AN

L

AN

D B

HD

161

Kami, Dato’ Ng Eng Tee dan Datuk Syed Ahmad Khalid bin Syed Mohammed, dua daripada Pengarah United Malayan Land Bhd,

menyatakan bahawa, pada pendapat Para Pengarah, penyata kewangan yang dibentangkan dari muka surat 124 hingga 160 telah

disediakan bagi memberi gambaran yang benar serta saksama berkenaan kedudukan Kumpulan dan Syarikat pada 31 Disember 2004

serta keputusan dan aliran tunai Kumpulan dan Syarikat bagi tahun kewangan yang berakhir pada tarikh tersebut, sejajar dengan

piawaian perakaunan yang diluluskan oleh MASB dan diguna pakai di Malaysia serta peruntukan Akta Syarikat, 1965.

Ditandatangani bagi pihak Lembaga Pengarah selaras dengan resolusi mereka bertarikh 22 April 2005.

DATO’ NG ENG TEE DATUK SYED AHMAD KHALID BIN SYED MOHAMMEDPENGARAH PENGARAH

Kuala Lumpur

PENYATA OLEH PARA PENGARAH SELARAS DENGAN SEKSYEN 169 (15) AKTA SYARIKAT, 1965

Saya, Lee Kar Fook, Pegawai utama yang bertanggungjawab ke atas pengurusan kewangan United Malayan Land Bhd, dengan sesungguh

dan seikhlasnya mengaku bahawa penyata kewangan yang dibentang dari muka surat 124 hingga 160 adalah, sebaik-baik pengetahuan

dan kepercayaan saya, adalah betul dan saya membuat ikrar ini dengan sepenuh kepercayaan bahawa ia adalah benar, dan menurut

peruntukan Akta Akuan Berkanun, 1960.

LEE KAR FOOK

Ditandatangani dan diikrarkan oleh penama di atas, Lee Kar Fook di Kuala Lumpur, Malaysia pada 22 April 2005.

Di hadapan saya,

Pesuruhjaya Sumpah

Abas Bin Hasan (W392),

Tingkat 1 Putra Flatlet

101, Jalan Putra

50350 Kuala Lumpur

AKUAN BERKANUNSELARAS DENGAN SEKSYEN 169 (16) AKTA SYARIKAT, 1965


162L APORAN JURUAUDITKEPADA AHLI-AHLI UNITED MALAYAN LAND BHD(No. Syarikat 4131 M)

(Diperbadankan di Malaysia)

Kami telah mengaudit penyata kewangan yang dibentangkan di mukasurat 124 hingga 160. Penyata kewangan tersebut adalah

tanggungjawab Para Pengarah Syarikat. Adalah menjadi tanggungjawab kami untuk membentuk satu pandangan bebas, berdasarkan

audit kami, bagi penyata kewangan dan untuk melaporkan kepada anda, sebagai satu badan, selaras dengan Seksyen 174 Akta Syarikat,

1965 dan bukan untuk sebarang tujuan lain. Kami tidak bertanggungjawab kepada sesiapa pun di atas kandungan laporan ini.

Kami menjalankan audit berdasarkan piawaian-piawaian audit yang diluluskan di Malaysia. Piawaian-piawaian ini memerlukan kami

merancang dan menjalankan audit bagi mendapatkan jaminan munasabah bahawa penyata kewangan tersebut bebas daripada salahnyata

yang penting. Sesuatu audit merangkumi pemeriksaan, berdasarkan ujian, bukti yang relevan kepada jumlah dan pendedahan dalam

penyata kewangan. Sesuatu audit juga merangkumi penilaian prinsip perakaunan yang digunakan dan anggaran ketara yang dibuat oleh

Para Pengarah serta penilaian tahap kecukupan keseluruhan pembentangan maklumat dalam penyata kewangan. Kami percaya kerja

pengauditan kami telah memberi asas yang wajar untuk kami memberikan pendapat.

Pada pendapat kami:

(a) penyata kewangan ini telah disediakan selaras dengan peruntukan Akta Syarikat, 1965 dan piawaian perakaunan MASB yang

diluluskan di Malaysia untuk memberi gambaran yang benar dan saksama mengenai:

(i) perkara-perkara yang dikehendaki oleh Seksyen 169 Akta Syarikat, 1965 untuk diuruskan di dalam penyata kewangan; dan

(ii) kedudukan urusan Kumpulan dan Syarikat pada 31 Disember 2004 dan keputusan operasi serta aliran tunai Kumpulan dan

Syarikat bagi tahun kewangan berakhir pada tarikh tersebut;

dan

(b) rekod perakaunan dan rekod-rekod lain serta daftar-daftar yang dikehendaki oleh Akta untuk disimpan oleh Syarikat dan

syarikat-syarikat subsidiarinya, telah disimpan dengan sempurna selaras dengan peruntukan Akta tersebut.

Kami berpuas hati bahawa penyata kewangan syarikat-syarikat subsidiari yang telah disatukan dengan penyata kewangan Syarikat

adalah dalam bentuk dan kandungan yang sesuai dan wajar untuk tujuan penyediaan penyata kewangan yang disatukan dan kami telah

menerima maklumat dan penjelasan memuaskan yang diperlukan bagi tujuan tersebut.

Laporan audit bagi penyata kewangan syarikat-syarikat subsidiari tidak tertakluk kepada sebarang syarat dan tidak merangkumi

sebarang ulasan di bawah sub-seksyen (3) Seksyen 174 Akta tersebut.

PRICEWATERHOUSECOOPERS DATO’ AHMAD JOHAN BIN MOHAMMAD RASLAN(No. AF: 1146) (No. 1867/09/06 (J))

Akauntan Bertauliah Rakan Firma

Kuala Lumpur

22 April 2005



PROXY FORM / BORANG PROKSI

I/WeSaya/Kami

ofberalamat

being a member of UNITED MALAYAN LAND BHD hereby appointsebagai ahli UNITED MALAYAN LAND BHD dengan ini melantik

or failing him, the Chairman of the meeting as my/our proxy to attend and vote for me/us and on my/our behalf at the 44th Annual GeneralMeeting of the Company to be held on Tuesday, 28 June 2005 in Kuala Lumpur and at any adjournment thereof on the followingresolutions referred to in the Notice of the Annual General Meeting:-

atau, jika beliau tidak dapat hadir, Pengerusi Mesyuarat sebagai proksi saya/kami untuk mengundi bagi pihak saya/kami di Mesyuarat

Agung Tahunan Syarikat yang ke-44 yang akan di adakan pada hari Selasa, 28 Jun 2005 di Kuala Lumpur dan pada sebarang

penangguhannya atas resolusi-resolusi berikut yang dinyatakan di dalam Notis Mesyuarat Agung Tahunan:-

ORDINARY RESOLUTIONRESOLUSI BIASA

FOR / MENYOKONG

AGAINST / MENENTANG

ABSTAIN / BERKECUALI

(Please indicate with a “!” in the spaces provided how you wish your vote to be cast. If you do not do so, the proxy will vote or abstain from voting at his discretion.)

(Sila tanda dengan “!” di tempat yang disediakan sebagaimana tuan/puan ingin mengundi. Jika tidak berbuat demikian, proksi akan mengundi atau tidak

mengundi mengikut pilihannya.)

Signature / Common Seal Date / Tarikh

Tandatangan / Meteri Syarikat

NOTE:a) A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the Company. The instrument

appointing a proxy shall be in writing under the hand of the appointor or his attorney duly authorised in writing, or if the appointor is a corporation, either, under its common seal or in some other mannerapproved by its directors.

b) The Proxy Form must be deposited at the Company’s Share Registrar, Securities Services (Holdings) Sdn Bhd at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, DamansaraHeights, 50490 Kuala Lumpur not less than forty-eight (48) hours before the time set for the meeting or any adjournment thereof.

NOTA:

a) Seseorang ahli yang berhak hadir and mengundi di Mesyuarat Agung Tahunan adalah berhak melantik proksi untuk hadir dan mengundi bagi pihaknya. Seorang proksi itu tidak semestinya ahli Syarikat.

Borang Proksi mestilah di isi oleh sipelantik atau ahli guaman yang diperakukan atau jika sipelantik itu sebuah perbadanan, ianya hendaklah di bawah meterinya atau dikuatkuasakan dalam cara lain

yang diluluskan oleh para pengarahnya.

b) Borang Proksi hendaklah diserahkan kepada Pendaftar Saham Syarikat, Securities Services (Holdings) Sdn Bhd di Aras 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara

Heights, 50490 Kuala Lumpur tidak lewat daripada empat puluh lapan (48) jam sebelum masa yang ditetapkan bagi mesyuarat atau sebarang penangguhannya.

1 2 3 4 5 6 7 8 9

No. of SharesBil. Saham

Proxy Form-0013 30/05/2005 10:22 PM Page 163

Fold Here / Lipat Sini

Fold Here / Lipat Sini

Share Registrar / Pendaftar Saham

UNITED MALAYAN LAND BHDC/O SECURITIES SERVICES (HOLDINGS) SDN BHD

Level 7, Menara Milenium, Jalan Damanlela

Pusat Bandar Damansara, Damansara Heights

50490 Kuala Lumpur

Stamp / Setem

Proxy Form-0013 30/05/2005 10:22 PM Page 164

Documents

A/Report 4col- 0013ir.chartnexus.com/umland/misc/AR_2004.pdf · 2009-11-24 · Superior Products, Superior Quality, Superior Service Keunggulan Produk, Keunggulan Kualiti, Keunggulan