Building Communities Enriching Lives - Johor Land Berhad

JohorLandBERHAD 12379-K

Building CommunitiesEnriching Lives

Laporan Tahunan 2006 Annual Report

Lapo

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www.jland.com.my

10th Floor, KOMTAR, Jalan Wong Ah Fook, 80000 Johor Bahru, Johor, Malaysia.Tel: 07-227 2692 Fax: 07-226 2962

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JOHOR LAND BERHAD(12379-K)

J Land, with over three decades of

experience has grown to be a dominant

player in the property sector. Through

the creation of careful ly planned

neighbourhoods and communit ies

complemented with complete infrastructure

and modern amenities, JLand has elevated

the quality of living for many, besides

raising the investment values for both

homeowners and shareholders alike.

J Land is not just about building

communities, it’s about enriching lives.

buildingcommunities,enriching lives

2 Johor Land Berhadlaporan tahunan 2006 annual report

v i s i k o r p o r a tcorporate vision

p r o f i l k o r p o r a t

corporate profile

to be the leading property companymenjadi syarikat peneraju di sektor hartanah

Johor Land Berhad (JLand) is a successful property developer listed on the Main Board ofBursa Malaysia Securities Berhad with a strong track record of building thriving communitiesin Johor going back to 1972. One of its key achievements is the development of residentialneighbourhoods in the Township of Pasir Gudang.

JLand’s long term commitment to sustainable development and its ability to respond to theneeds of the local market has made JLand a dominant property developer in Johor. Thiscommitment and this ability is made possible through understanding homeowners’ need forquality and functionality. Our success is in giving our customers value for their money andassets with potential for appreciation.

The company currently has a prime land bank of over 3,000 acres in Johor. In its endeavourto be a premier property company in the country, it intends to expand its presence throughoutMalaysia and the region and to widen its involvement in other sectors of the property industry.JLand is prepared to develop viable parcels of land in areas outside its present area ofoperation and to participate in acquiring, developing and owning investment properties.

Johor Land Berhad (JLand) merupakan pemaju hartanah berjaya yang disenaraikan di PapanUtama Bursa Malaysia Securities Berhad dan mempunyai rekod pencapaian yang kukuh dalammembangunkan komuniti yang berkembang di Johor sejak tahun 1972. Salah satu pencapaianutamanya adalah pembangunan kediaman perjiranan di Perbandaran Pasir Gudang.

Komitmen jangka panjang JLand untuk pembangunan yang berterusan dan keupayaannyabertindak balas terhadap keperluan pasaran tempatan menjadikan JLand sebuah pemajuhartanah yang terutama di Johor. Komitmen dan keupayaan ini tercapai melalui kefahamanterhadap kehendak pemilik kediaman untuk kualiti dan fungsi kediaman. Kejayaan kami adalahdalam memberi pulangan nilai wang dan potensi peningkatan nilai aset kepada pelanggan-pelanggan kami.

Syarikat kini mempunyai lebih dari 3,000 ekar simpanan tanah utama di Johor. Dalam usahanyauntuk menjadi syarikat hartanah yang unggul di negara ini, JLand berhasrat untukmemperluaskan aktivitinya ke seluruh Malaysia dan rantau ini serta memperluaskanpenglibatannya dalam sektor-sektor lain dalam industri hartanah. JLand bersedia untukmembangunkan tanah-tanah yang berdaya maju di luar kawasan operasi sedia ada dan untukmelibatkan diri dalam mengambil alih, membangun dan memiliki pelaburan hartanahnya sendiri.

3Johor Land Berhadlaporan tahunan 2006 annual report

2006 financialcalendar

2 Corporate VisionVisi Korporat

2 Corporate ProfileProfil Korporat

3 2006 Financial CalendarKalendar Kewangan 2006

4 Corporate InformationMaklumat Korporat

6 Board of DirectorsLembaga Pengarah

8 Profile of the Board of DirectorsProfil Lembaga Pengarah

18 Corporate StructureStruktur Korporat

19 Teraju CommitteeJawatankuasa Teraju

20 STATEMENT TO SHAREHOLDERSPENYATA KEPADA PARA PEMEGANG SAHAM

34 2006 Corporate DiaryDiari Korporat 2006

36 Audit Committee Report

39 Statement on Corporate Governance

44 Statement on Internal Control

47 Statement on Directors’ Responsibility

48 Additional Disclosure Information

50 FINANCIAL STATEMENTS

93 Location of Land Bank and Projects

94 List of Properties

99 Shareholdings Statistics

101 Notice of Annual General Meeting103 Notis Mesyuarat Agung Tahunan

105 Statement AccompanyingThe Notice of Annual General Meeting

106 Penyata BersamaNotis Mesyuarat Agung Tahunan

107 Corporate Directory

Proxy FormBorang Proksi

kalendar kewangan 2006

27/02/2006 Declaration of interim dividend for financial year2005Pengisytiharan dividen interim bag i tahunkewangan 2005

28/02/2006 Quarterly report on consolidated results for thefinancial period ended 31/12/2005Laporan suku tahun kewangan yang disatukanbagi tempoh berakhir 31/12/2005

31/03/2006 Date of entitlement for interim dividend 2005Tarikh kelayakan menerima dividen interim 2005

12/04/2006 Declaration of final dividend for financial year2005Pengisytiharan dividen akhir bagi tahun kewangan2005

21/04/2006 Date of payment of interim dividend for financialyear 2005Tarikh bayaran dividen interim bagi tahunkewangan 2005

24/04/2006 Notice of 31st Annual General Meeting andExtraordinary General MeetingNotis Mesyuarat Agung Tahunan kali ke-31 danMesyuarat Agung Luarbiasa

24/05/2006 31st Annual General Meeting & ExtraordinaryGeneral MeetingMesyuarat Agung Tahunan kali ke-31 & MesyuaratAgung Luarbiasa


02/06/2006 Date of entitlement for final dividend 2005Tarikh kelayakan menerima dividen akhir 2005

30/06/2006 Date of payment of final dividend for financialyear 2005Tarikh bayaran dividen akhir bagi tahun kewangan2005


03/11/2006 Declaration of interim dividend for financial year2006Pengisytiharan dividen interim bag i tahunkewangan 2006


07/12/2006 Date of entitlement for interim dividend 2006Tarikh kelayakan menerima dividen interim 2006

21/12/2006 Date of payment of interim dividend for financialyear 2006Tarikh bayaran dividen interim bagi tahunkewangan 2006

contentskandungan mukasurat


TAN SRI DATO’ MUHAMMAD ALI HASHIMChairman / PengerusiNon Independent Non Executive ChairmanPengerusi Bukan Bebas Bukan Eksekutif

MOHD TALHAR BIN ABDUL RAHMANDeputy Chairman / Timbalan PengerusiNon Independent Non Executive Deputy ChairmanTimbalan Pengerusi Bukan Bebas Bukan Eksekutif

A.F.M SHAFIQUL HAFIZManaging Director / Pengarah Urusan

KUA HWEE SIM ■

Independent Non Executive DirectorPengarah Bebas Bukan Eksekutif

DATO HJ HASSAN BIN HJ MOHD YUNOSIndependent Non Executive DirectorPengarah Bebas Bukan Eksekutif

MAHLIL BIN OMAR ■

Independent Non Executive DirectorPengarah Bebas Bukan Eksekutif

LUKMAN BIN HJ ABU BAKAR ■

Non Independent Non Executive DirectorPengarah Bukan Bebas Bukan Eksekutif

ABDUL MALEK BIN TALIBNon Independent Executive DirectorPengarah Bukan Bebas Eksekutif

YUSOF BIN RAHMATNon Independent Non Executive DirectorPengarah Bukan Bebas Bukan Eksekutif

■ Audit CommitteeJawatankuasa Audit

Board of Directors / Lembaga Pengarah

corporate informationm a k l u m a t k o r p o r a t

Jamalludin Bin KalamLS 02710

Idham Jihadi Bin Abu BakarACIS (MAICSA 7007381)

Company Secretaries / Setiausaha-setiausaha Syarikat

maklumat korporat

5Johor Land Berhadlaporan tahunan 2006 annual report 5Johor Land Berhadlaporan tahunan 2006 annual report

REGISTERED OFFICEPEJABAT BERDAFTAR

13th FloorMenara Johor Corporation

KOTARAYA, 80000 Johor BahruJohor, Malaysia

Tel : 07-223 2692Fax / Faks : 07-223 3175

SHARE REGISTRARPENDAFTAR SAHAM

Pro-Corporate Management Services Sdn. Bhd.(Company No. 349501-M)

Suite 2, 17th FloorKompleks Tun Abdul Razak

Jalan Wong Ah Fook80000 Johor Bahru, Johor

Tel : 07-222 5044Fax / Faks : 07-222 3044

E-mail : [email protected]

STOCK EXCHANGE LISTINGPENYENARAIAN BURSA SAHAM

Main Board of Bursa Malaysia Securities BerhadPapan Utama Bursa Malaysia Securities Berhad

AUDITORSJURUAUDIT

KPMG

PRINCIPAL BANKERSBANK-BANK UTAMAMalayan Banking Berhad

Bank Muamalat Malaysia Berhad


directorsL E M B A G A P E N G A R A Hboard of

lembaga pengarah


Yusof Bin Rahmat

Mahlil Bin Omar

Dato Hj Hassan Bin Hj Mohd Yunos

Standing from left to right / Berdiri dari kiri ke kanan:

A.F.M Shafiqul HafizManaging Director/Pengarah Urusan

Tan Sri Dato’ Muhammad Ali HashimChairman / Pengerusi

Mohd Talhar Bin Abdul RahmanDeputy Chairman/Timbalan Pengerusi

Kua Hwee Sim

Lukman Bin Hj Abu Bakar

Abdul Malek Bin Talib


Tan Sri Dato’ Muhammad Ali Hashim, aged 60, aMalaysian, is a Non Independent Non ExecutiveDirector and the Chairman of JLand. Tan Sri wasappointed to the Board on 1 January 2006.

Tan Sri is the Group Chief Executive of Johor Corporation(JCorp), the ultimate holding corporation of JLand, sinceJanuary 1982. He graduated from the University ofMalaya with a Bachelor of Economics (Honours) degreein 1969 and participated in the Senior ExecutiveProgramme, Stanford University USA, in 1985. Tan Sriwas conferred the Honorary Doctor of Management byUniversiti Teknologi Malaysia on 19 August 2000.

Tan Sri’s tenacity, entrepreneurial verve and visionaryleadership has built JCorp into a leading Malaysianconglomerate involved in several business sectors suchas Palm Oils and Oleochemicals, Quick ServiceRestaurants, Healthcare, Property and Hotels andIntrapreneur Venture.

JCorp has successfully managed Malaysia’s first‘privatised’ local authority, namely the Pasir Gudang LocalAuthority (PGLA), with Tan Sri as President since January1982. JCorp was the single most important agencyresponsible for Pasir Gudang’s development into one ofMalaysia’s most vibrant industrial townships. PGLA madehistory by becoming the first business-driven LocalAuthority in Malaysia to issue a Mudharabah Bond ratedtriple ‘A’ by Ratings Agency Malaysia (RAM).

JCorp, under the leadership of Tan Sri, has won manyawards, including the prestigious Inaugural PrimeMinister’s Quality Awards for Public Sector in 1990. Tan Sri was recognised as Entrepreneur of the Year byRotary Club of Johor Bahru in 1994 and Director of theYear for 1995 by the Malaysian Institute of Directors forhis commitment towards quality, entrepreneurial effortand corporate professionalism. He was also named asProperty CEO of the Year 2005 by the International RealEstate Federation (FIABCI – Malaysia) and awarded theWorld Halal Forum Best Corporate Social ResponsibilityProgram Award 2006 from YAB Dato’ Seri Abdullah Hj Ahmad Badawi, Prime Minister of Malaysia on 8 May2006. Recently he was awarded the prestigious MaalHijrah 1428H Appreciation Award by Duli Yang MahaMulia Seri Paduka Baginda Yang DiPertuan Agong on 20 January 2007.

Tan Sri Dato’Muhammad Ali Hashim

Chairman / Pengerusi

of theboard ofdirectors

prof

ile

profil lembagapengarah

profil lembaga pengarah


Tan Sri also sits as Chairman of QSRBrands Bhd, KFC Holdings (Malaysia) Bhd,KPJ Healthcare Berhad, Kulim (Malaysia)Berhad and Sindora Berhad, which areJCorp’s subsidiaries listed on the MainBoard of the Bursa Malaysia SecuritiesBerhad. Tan Sri also sits as Chairman ofDamansara Realty Berhad, an Associate ofJCorp listed on the Main Board of the BursaMalaysia Securities Berhad. Tan Sri is alsoactive as Council Member of MalaysianIndustrial Development Authority (MIDA),President of Johor Football Association,President of Malaysian Kite Council, VicePresident of Malaysian Islamic Chamber ofCommerce (MICC), Chairman of CorporateBureau of MICC and Chairman of KumpulanWaqaf An-Nur Berhad, a charitableinstitution extending healthcare services tothe poor and the needy. He is alsoChairman and/or Director of several othercompanies.

Tan Sri Dato’ Muhammad Ali has writtenseveral books on business and managemententitled ‘Membujur Lalu ...’ in 1996, ‘BisnesSatu Cabang Jihad’ in 2003 and ‘PengisianAgenda Ekonomi Di Bawah Konsep IslamHadhari: Menjadikan Bisnes Satu CabangJihad’ in 2004. The book ‘Bisnes SatuCabang Jihad’ has been translated intoBahasa Indonesia.

Other than as disclosed, he does not haveany family relationship with any directorand/or major shareholder of JLand. He hasno personal interest in any businessarrangement involving JLand. He has notbeen convicted for any offence and hasattended all four (4) Board of Directors’Meetings of the Company in the financialyear ended 31 December 2006.

Real Estate Federation (FIABCI-Malaysia) danAnugerah Korporat Terbaik ProgramKemasyarakatan (CSR) di Majlis Forum HalalSedunia 2006 yang disampaikan oleh YABDato’ Seri Abdullah Hj Ahmad Badawi, PerdanaMenteri Malaysia pada 8 Mei 2006. Baru-baruini, bel iau telah dikurniakan AnugerahPenghargaan Maal Hijrah 1428H oleh DuliYang Maha Mulia Seri Paduka Baginda YangDiPertuan Agong pada 20 Januari 2007.

Tan Sri juga adalah Pengerusi QSR BrandsBhd, KFC Holdings (Malaysia) Bhd, KPJHealthcare Berhad, Kulim (Malaysia) Berhaddan Sindora Berhad, kesemuanya syarikat-syarikat di dalam Kumpulan JCorp yangtersenarai di Papan Utama Bursa MalaysiaSecurit ies Berhad. Tan Sri juga adalahPengerusi Damansara Realty Berhad, SyarikatBersekutu JCorp yang tersenarai di PapanUtama Bursa Malaysia Securities Berhad. TanSri juga aktif sebagai Ahli Majlis LembagaPembangunan Industri Malaysia (MIDA),Presiden Persatuan Bolasepak Johor, PresidenMajlis Pelayang Malaysia, Naib Presiden DewanPerdagangan Islam Malaysia (DPIM), PengerusiBiro Korporat DPIM dan Pengerusi KumpulanWaqaf An-Nur Berhad, sebuah institusikebajikan yang menyediakan rawatan perubatankepada mereka yang kurang berkemampuandan yang memerlukan. Beliau juga menjadiPengerusi dan/atau Pengarah di dalambeberapa buah syarikat lain.

Tan Sri Dato’ Muhammad Ali juga telahmenulis beberapa buah buku bisnes danpengurusan bertajuk ‘Membujur Lalu …’ padatahun 1996, ‘Bisnes Satu Cabang Jihad’ padatahun 2003 dan ‘Pengisian Agenda Ekonomi DiBawah Konsep Islam Hadhari: MenjadikanBisnes Satu Cabang Jihad’ pada tahun 2004.Buku ‘Bisnes Satu Cabang J ihad’ telahditerjemahkan ke dalam Bahasa Indonesia.

Selain daripada yang telah dimaklumkan, beliautidak mempunyai sebarang hubungankekeluargaan dengan mana-mana pengarahdan/atau pemegang saham utama JLand Beliaujuga tidak mempunyai sebarang kepentinganperibadi di dalam sebarang urusan perniagaanyang melibatkan JLand. Beliau tidak pernahdijatuhkan hukuman atas sebarang kesalahandan telah menghadiri kesemua empat (4)Mesyuarat Lembaga Pengarah Syarikat bagitahun kewangan berakhir 31 Disember 2006.

Tan Sri Dato’ Muhammad Ali Hashim, berusia60 tahun, warganegara Malaysia, merupakanPengarah Bukan Bebas Bukan Eksekutif danPengerusi JLand. Tan Sri telah dilantik keLembaga Pengarah pada 1 Januari 2006.

Tan Sri adalah Ketua Eksekutif Kumpulan JohorCorporation (JCorp), perbadanan induk JLand,sejak Januari 1982. Beliau memperolehi IjazahSarjana Muda Ekonomi (Kepujian) daripadaUniversit i Malaya pada 1969 dan telahmenyertai Program Eksekutif Kanan, StanfordUniversity, USA pada tahun 1985. Tan Sri telahdianugerahkan Doktor Kehormat Pengurusanoleh Universiti Teknologi Malaysia pada 19Ogos 2000.

Berkeperibadian gigih dan cekal, t inggisemangat keusahawanan serta berdayakepimpinan berwawasan, Tan Sri telahmembina JCorp sehingga menjadi sebuahkonglomerat Malaysia yang unggul yang terlibatdi dalam pelbagai sektor bisnes seperti MinyakSawit dan Oleokimia, Restoran MakananSegera, Prisihatin, Hartanah dan Hotel dan‘Intrapreneur Venture’.

JCorp telah berjaya menguruskan pihakberkuasa tempatan yang pertama di Malaysiayang diurus berteraskan prinsip swasta iaituPihak Berkuasa Tempatan Pasir Gudang (PBTPasir Gudang). Tan Sri bertanggungjawabselaku Presiden PBT Pasir Gudang sejak Januari1982. JCorp merupakan agensi utama yangbertanggungjawab ke atas pembangunan PasirGudang sehingga berjaya dimajukan menjadisebuah bandar perindustrian yang unggul. PBTPasir Gudang telah menempa sejarah denganmenjadi Pihak Berkuasa Tempatan di Malaysiayang pertama menerbitkan Bon Mudharabahdengan penarafan tiga ‘A’ oleh Ratings AgencyMalaysia (RAM).

JCorp, di bawah kepimpinan Tan Sri telahberjaya merangkul banyak anugerah termasukAnugerah Kualiti Perdana Menteri untuk SektorAwam pada tahun 1990. Tan Sri telahmenerima Anugerah Usahawan TahunanTerbaik oleh Kelab Rotary, Johor Bahru padatahun 1994 dan Pengarah Tahunan Terbaikpada tahun 1995 oleh Institut PengarahMalaysia bagi menghargai komitmen sertaprofesional isma beliau terhadap kual i t ipengurusan dan keusahawanan. Beliau jugatelah menerima Anugerah Ketua EksekutifHartanah bagi tahun 2005 oleh International

profile of the board of directors


Mohd Talhar Bin Abdul Rahman, aged 67, a Malaysian, is a NonIndependent Non Executive Director and also the DeputyChairman of JLand. He was appointed as a Director of JLand on15 April 1996. On 1 February 2001, he was appointed as theChairman and with effect from 1 January 2006, he resigned asthe Chairman and was re-appointed as the Deputy Chairman on6 January 2006. He is a Chartered Surveyor by profession andwas made a Fellow of the Royal Institution of CharteredSurveyors in 1973. He is also a Fellow of the Institution ofSurveyors (Malaysia) in 1985.

He served in both the State and Malaysian Civil Services; in theLocal Government and Housing Department, Johor from 1964 to1967, and as Director of Valuation in the Ministry of Financefrom 1968 to 1972. In 1974, he co-founded C H Williams Talhar& Wong (WTW), a Valuation and Property Consultancy Firm and

became the Group Chairman of WTW since 1982. He sits on theBoard of Courts Mammoth Berhad, a company listed on theBursa Malaysia Securities Berhad and also a Director ofPelaburan Johor Berhad, a public company.

Other than as disclosed, he does not have any familyrelationship with any director and/or major shareholder of JLand.He has no personal interest in any business arrangementinvolving JLand. He has not been convicted for any offence andhas attended two (2) Board of Directors’ Meetings of theCompany in the financial year ended 31 December 2006.Currently, he owns 7,920 units of ordinary shares of JLand.

Mohd Talhar Bin Abdul Rahman, berusia 67 tahun, warganegaraMalaysia, merupakan Pengarah Bukan Bebas Bukan Eksekutif danjuga sebagai Timbalan Pengerusi JLand. Beliau telah dilantiksebagai Pengarah JLand pada 15 April 1996. Pada 1 Februari2001, beliau telah dilantik sebagai Pengerusi dan berkuatkuasadaripada 1 Januari 2006, beliau meletakkan jawatan sebagaiPengerusi dan dilantik semula sebagai Timbalan Pengerusi pada 6 Januari 2006. Beliau ialah seorang “Chartered Surveyor” dantelah menjadi “Fellow of the Royal Institution of CharteredSurveyor” pada tahun 1973. Beliau juga merupakan “Fellow ofthe Institution of Surveyors” (Malaysia) pada tahun 1985.

Beliau telah berkhidmat di Perkhidmatan Awam Peringkat Negeridan Malaysia; di Jabatan Perumahan dan Kerajaan Tempatan,Johor dari tahun 1964 hingga 1967 dan sebagai PengarahPenilaian di Kementerian Kewangan dari tahun 1968 hingga1972. Pada tahun 1974, beliau telah bersama-sama menubuhkanC H Williams Talhar & Wong (WTW), sebuah Firma Penilaian danPerunding Hartanah dan menjadi Pengerusi Kumpulan WTWsejak tahun 1982. Beliau adalah Ahli Lembaga Pengarah CourtsMammoth Berhad, sebuah syarikat yang tersenarai di BursaMalaysia Securities Berhad dan juga Pengarah Pelaburan JohorBerhad, sebuah syarikat awam.

Selain daripada yang dimaklumkan, beliau tidak mempunyaisebarang hubungan kekeluargaan dengan mana-mana pengarahdan/atau pemegang saham utama JLand. Beliau juga tidakmempunyai kepentingan peribadi dalam sebarang urusanperniagaan yang melibatkan JLand. Beliau juga tidak pernahdijatuhkan hukuman atas sebarang kesalahan dan telahmenghadiri dua (2) Mesyuarat Lembaga Pengarah Syarikat bagitahun kewangan berakhir pada 31 Disember 2006. Pada masaini, beliau memegang sebanyak 7,920 unit saham JLand.

Mohd Talhar Bin Abdul RahmanDeputy Chairman / Timbalan Pengerusi



A.F.M Shafiqul Hafiz, aged 60, a Bangladeshi and MalaysianPermanent Resident, was appointed to the Board and asManaging Director of JLand since 1 May 1988. Mr Shafiqulgraduated with a Bachelor of Science Degree majoring in CivilEngineering from East Pakistan University of Engineering andTechnology, Dhaka in 1967. He also holds a Master of ScienceDegree in Civil Engineering from Middle East Technical Universityof Ankara, Turkey which he obtained in 1971. He is alsoregistered with the Institute of Engineers, Australia, as aChartered Professional Engineer. In 1992, he attended a SeniorManagement Program on Public Enterprise at Harvard, USA.

He has been a National Council Member of International RealEstate Federation (FIABCI) Malaysian Chapter since 2000. He hasalso been elected as Vice President by FIABCI International forits Asia Pacific Regional Committee for the term 2007 till 2009.

He began his career as an Engineer in Dhaka, East Pakistan in1968. His career in Malaysia dates back to 1974 when he joinedPublic Works Department of Malaysia as a Project Engineer. Laterhe joined Johor Corporation in 1983 and has held variouspositions within the Group before being appointed as theManaging Director of JLand in 1988 and as the Chief Executiveof the Property Development Division of Johor Corporation since1991. He is Chairman of Puteri Hotels Sdn. Bhd. and its Groupof hotels as well as Chairman of TPM Technopark Sdn. Bhd. Heis also Chairman and Director of several other companies withinthe Johor Corporation Group.

Other than as disclosed, he does not have any familyrelationship with any director and/or major shareholder of JLand.He has no personal interest in any business arrangementinvolving JLand. He has not been convicted for any offence andhas attended all four (4) Board of Directors’ Meetings of theCompany in the financial year ended 31 December 2006.

A.F.M Shafiqul Hafiz, berusia 60 tahun, warganegara Bangladeshdengan taraf Penduduk Tetap Malaysia, telah dilantik ke LembagaPengarah dan sebagai Pengarah Urusan JLand sejak 1 Mei 1988.En. Shafiqul memiliki I jazah Sarjana Muda Sains denganpengkhususan dalam Kejuruteraan Awam dari East PakistanUniversity of Engineering and Technology, Dhaka pada tahun1967. Beliau juga memegang Ijazah Sarjana Sains denganpengkhususan dalam Kejuruteraan Awam dari Middle EastTechnical University of Ankara, Turki yang telah diperolehinyapada tahun 1971. Beliau juga berdaftar dengan “Institute ofEngineers” Australia sebagai “Chartered Professional Engineer”.Pada tahun 1992, beliau telah menghadiri Program PengurusanAtasan mengenai Perusahaan Awam di Harvard, AS.

Beliau adalah Ahli Majlis Kebangsaan “International Real EstateFederation” (FIABCI ) Bahagian Malaysia sejak tahun 2000. Beliaujuga telah dipilih sebagai Timbalan Presiden oleh FIABCIAntarabangsa untuk Jawatankuasa Rantau Asia Pacific bagitempoh 2007 hingga tahun 2009.

Beliau memulakan kerjayanya sebagai Jurutera di Dhaka, PakistanTimur pada tahun 1968. Kerjaya beliau di Malaysia bermula sejaktahun 1974 apabila beliau menyertai Jabatan Kerja Raya Malaysiasebagai Jurutera Projek. Beliau kemudian telah berkhidmat denganJohor Corporation pada tahun 1983 dan telah memegang pelbagaijawatan di dalam Kumpulan sebelum dilantik sebagai PengarahUrusan JLand pada tahun 1988 dan sebagai Ketua EksekutifBahagian Pembangunan Hartanah, Johor Corporation sejak tahun1991. Beliau adalah Pengerusi Puteri Hotels Sdn. Bhd. dan hotel-hotel dalam Kumpulannya serta Pengerusi TPM Technopark Sdn.Bhd. Beliau juga adalah Pengerusi dan Pengarah di beberapa buahsyarikat dalam Kumpulan Johor Corporation.

Selain dari yang dimaklumkan, beliau tidak mempunyai sebaranghubungan kekeluargaan dengan mana-mana pengarah dan/ataupemegang saham utama JLand. Beliau juga tidak mempunyaikepentingan peribadi dalam sebarang urusan perniagaan yangmelibatkan JLand. Beliau juga tidak pernah dijatuhkan hukumanatas sebarang kesalahan dan telah menghadiri kesemua (4)Mesyuarat Lembaga Pengarah Syarikat bagi tahun kewanganberakhir pada 31 Disember 2006.

A.F.M Shafiqul HafizManaging Director / Pengarah Urusan



Other than as disclosed, she does not have any familyrelationship with any director and/or major shareholder of JLand.She has no personal interest in any business arrangementinvolving JLand. She has not been convicted for any offence andhas attended all four (4) Board of Directors’ Meetings of theCompany in the financial year ended 31 December 2006.

Kua Hwee Sim, berusia 54 tahun, warganegara Malaysia,merupakan Pengarah Bebas Bukan Eksekutif. Beliau telah dilantikke dalam Lembaga Pengarah JLand pada 1 Mei 1996. Beliau jugaadalah Pengerusi Jawatankuasa Audit. Beliau menjadi “Fellow ofthe Association of Chartered Certified Accountant”, UnitedKingdom dan merupakan seorang Akauntan Berdaftar di Malaysiadan Singapura. Beliau memiliki pengalaman melebihi 30 tahun dibidang korporat dan kewangan di dalam pelbagai industri diMalaysia dan luar negara.

Beliau kini adalah Pengarah QSR Brands Bhd dan KFC Holdings(Malaysia) Bhd, juga Pengarah Kulim (Malaysia) Berhad danSindora Berhad yang merupakan syarikat-syarikat anak JohorCorporation yang tersenarai di Papan Utama Bursa MalaysiaSecurities Berhad. Beliau juga adalah Pengerusi JawatankuasaAudit QSR Brands Bhd dan KFC Holdings (Malaysia) Bhd danAhli Jawatankuasa Audit Kulim (Malaysia) Berhad dan SindoraBerhad. Sebagai Akauntan profesional, beliau juga memberikanlatihan kewangan kepada syarikat-syarikat di Malaysia.

Selain daripada yang dimaklumkan, beliau tidak mempunyaisebarang hubungan kekeluargaan dengan mana-mana pengarahdan/atau pemegang saham utama JLand. Beliau juga tidakmempunyai kepentingan peribadi dalam sebarang urusanperniagaan yang melibatkan JLand. Beliau juga tidak pernahdijatuhkan hukuman atas sebarang kesalahan dan telahmenghadiri kesemua empat (4) Mesyuarat Lembaga PengarahSyarikat bagi tahun kewangan berakhir pada 31 Disember 2006.

Kua Hwee SimDirector / Pengarah

Kua Hwee Sim, aged 54, a Malaysian, is an Independent NonExecutive Director. She was first appointed to the Board of JLandon 1 May 1996. She is also the Chairman of the AuditCommittee. She is a Fellow of the Association of CharteredCertif ied Accountant, United Kingdom and a RegisteredAccountant of Malaysia and Singapore. She has more than thirtyyears of corporate and financial experience in several industrieswithin Malaysia and overseas.

She is currently a Director of QSR Brands Bhd and KFC Holdings(Malaysia) Bhd, as well as a Director of Kulim (Malaysia) Berhadand Sindora Berhad which are Johor Corporation’s subsidiarieslisted on the Main Board of the Bursa Malaysia SecuritiesBerhad. She is also the Chairman of Audit Committee of QSRBrands Bhd and KFC Holdings (Malaysia) Bhd and a member ofthe Audit Committee of Kulim (Malaysia) Berhad and SindoraBerhad. As a professional Accountant, she also provides financialtraining for companies within Malaysia.



Dato Hj Hassan Bin Hj Mohd Yunos, aged 71, a Malaysian, is anIndependent Non Executive Director. He was appointed to theBoard of JLand on 1 August 2005. Dato Hj Hassan is a Barrister-at-Law from Lincoln’s Inn and was called to the Malaysian Bar in1965. He had served in the Malaysian Judicial and Legal Servicesfor several years. Currently he is in legal practice, a seniorpartner of the firm of Hassan Yunos & Co. He is principally incorporate and real property and was involved at inception and inthe early stages of the development of Johor Corporation.

Other than as disclosed, he does not have any familyrelationship with any director and/or major shareholder of JLand.He has no personal interest in any business arrangementinvolving JLand. He has not been convicted for any offence andhas attended three (3) Board of Directors’ Meetings of theCompany in the financial year ended 31 December 2006.Currently, he does not own any shares of JLand.

Dato Hj Hassan Bin Hj Mohd Yunos, berusia 71 tahun,warganegara Malaysia, merupakan Pengarah Bebas BukanEksekutif. Beliau telah dilantik ke dalam Lembaga Pengarah JLandpada 1 Ogos 2005. Dato Hj Hassan merupakan Barrister-at-Lawdaripada Lincoln’s Inn dan diterima serta diperakui sebagaiPeguambela dan Peguamcara Malaysia pada tahun 1965. Beliaupernah berkhidmat di Badan Kehakiman dan PerkhidmatanPerundangan selama beberapa tahun. Kini, beliau terlibat dalambidang guaman dan merupakan Rakan Kongsi Kanan di firmaHassan Yunos & Co. Beliau terlibat dalam bidang korporat danhartanah dan turut terl ibat dalam pembangunan JohorCorporation di awal penubuhannya.

Selain daripada yang dimaklumkan, beliau tidak mempunyaisebarang hubungan kekeluargaan dengan mana-mana pengarahdan/atau pemegang saham utama JLand. Beliau juga tidakmempunyai kepentingan peribadi dalam sebarang urusanperniagaan yang melibatkan JLand. Beliau juga tidak pernahdijatuhkan hukuman atas sebarang kesalahan dan telahmenghadiri tiga (3) Mesyuarat Lembaga Pengarah Syarikat bagitahun kewangan berakhir pada 31 Disember 2006. Pada masaini, beliau tidak memegang apa-apa saham JLand.

Dato Hj Hassan Bin Hj Mohd YunosDirector / Pengarah



Mahlil Bin OmarDirector / Pengarah

Managing Director of Petronas Hartabina Sdn. Bhd. From 1997to 2000, he was the Managing Director of KLCC Urusharta Sdn.Bhd. In 2003, he was appointed as a Director and the Chairmanof Harta Consult Sdn. Bhd. as well as a Director and theChairman of Damansara Harta Management Sdn. Bhd.

From October 2001 to December 2006, he was an IndependentNon Executive Director of AmProperty Trust ManagementBerhad, the Managers of AmFirst Property Trust. AmFirstProperty Trust is no longer listed on the Main Board of the BursaMalaysia Securities Berhad. It is now replaced by AmFIRST REIT.

Other than as disclosed, he does not have any family relationshipwith any director and/or major shareholder of JLand. He has nopersonal interest in any business arrangement involving JLand.He has not been convicted for any offence and has attended allfour (4) Board of Directors’ Meetings of the Company in thefinancial year ended 31 December 2006.

Mahlil Bin Omar, berusia 61 tahun, warganegara Malaysia,merupakan Pengarah Bebas Bukan Eksekutif. Beliau telah dilantikke dalam Lembaga Pengarah JLand pada 3 Julai 2001. Beliau jugaadalah Ahli Jawatankuasa Audit. Beliau memiliki DiplomaPengurusan Hartanah dari Willesden College of Technology,London. Beliau merupakan seorang “Fellow of The Institution ofSurveyors” Malaysia dan juga seorang Penilai Berdaftar dan EjenHartanah dengan “Board of Valuers, Appraisers and EstateAgents” Malaysia. Beliau memulakan kerjayanya pada tahun 1973sebagai Penilai/Pengurus Hartanah di Urban DevelopmentAuthority (UDA). Bermula dari tahun 1975 hingga 1977, beliaumerupakan Pengurus Besar Tampoi New Town Development,Johor Bahru. Beliau kemudian telah dilantik sebagai PengarahBahagian Hartanah UDA dari tahun 1977 hingga 1981.

Dari tahun 1982 hingga 1988, beliau merupakan Pengarah/Rakan Kongsi Rahim & Co. Chartered Surveyors Sdn. Bhd. Beliaudilantik sebagai Pengarah Urusan Harta Consult Sdn. Bhd. padatahun 1988. Dari tahun 1989 hingga 1997, beliau adalahPengurus Besar dan kemudiannya Pengarah Urusan PetronasHartabina Sdn. Bhd. Dari tahun 1997 hingga 2000, beliaumerupakan Pengarah Urusan KLCC Urusharta Sdn. Bhd. Padatahun 2003, beliau telah dilantik sebagai Pengarah dan PengerusiHarta Consult Sdn. Bhd. dan juga sebagai Pengarah danPengerusi Damansara Harta Management Sdn. Bhd.

Dari Oktober 2001 hingga Disember 2006, beliau adalah PengarahBebas Bukan Eksekutif di AmProperty Trust Management Berhad,Syarikat Pengurus AmFirst Property Trust. AmFirst Property Trusttidak lagi tersenarai di Papan Utama Bursa Malaysia SecuritiesBerhad. Ianya kini digantikan oleh AmFIRST REIT.

Selain daripada yang dimaklumkan, beliau tidak mempunyaisebarang hubungan kekeluargaan dengan mana-mana pengarahdan/atau pemegang saham utama JLand. Beliau juga tidakmempunyai kepentingan peribadi dalam sebarang urusanperniagaan yang melibatkan JLand. Beliau juga tidak pernahdijatuhkan hukuman atas sebarang kesalahan dan telahmenghadiri kesemua empat (4) Mesyuarat Lembaga PengarahSyarikat bagi tahun kewangan berakhir pada 31 Disember 2006.

Mahlil Bin Omar, aged 61, a Malaysian, is an Independent NonExecutive Director. He was appointed to the Board of JLand on3 July 2001. He is also a member of the Audit Committee. Heholds a Diploma in Estate Management from the WillesdenCollege of Technology, London. He is a Fellow of The Institutionof Surveyors, Malaysia and also a Registered Valuer & EstateAgent with the Board of Valuers, Appraisers and Estate Agents,Malaysia. He commenced his career in 1973 as a Valuer/Property Manager at The Urban Development Authority (UDA).From 1975 to 1977, he was the General Manager of TampoiNew Town Development, Johor Bahru. He was then appointed asa Director of the Property Division, UDA from 1977 to 1981.

From 1982 to 1988, he was a Director/Partner of Rahim & Co.Chartered Surveyors Sdn. Bhd. He was appointed as theManaging Director of Harta Consult Sdn. Bhd. in 1988. From1989 to 1997, he was the General Manager and later the



JCorp yang tersenarai di Papan Utama Bursa Malaysia SecuritiesBerhad dan sebagai Pengarah Syarikat Pengangkutan MajuBerhad dan Penawar Ekspress Line Berhad, syarikat-syarikatawam dalam Kumpulan Johor Corporation. Beliau juga kinimerupakan Pengarah dalam beberapa syarikat lain dalamKumpulan Johor Corporation.

Selain daripada yang dimaklumkan, beliau tidak mempunyaisebarang hubungan kekeluargaan dengan mana-mana pengarahdan/atau pemegang saham utama JLand. Beliau juga tidakmempunyai kepentingan peribadi dalam sebarang urusanperniagaan yang melibatkan JLand. Beliau juga tidak pernahdijatuhkan hukuman atas sebarang kesalahan dan telahmenghadiri dua (2) Mesyuarat Lembaga Pengarah Syarikat bagitahun kewangan berakhir pada 31 Disember 2006. Pada masaini, beliau tidak memegang apa-apa saham JLand.

Lukman Bin Hj Abu BakarDirector / Pengarah

Lukman Bin Hj Abu Bakar, aged 47, a Malaysian, is a NonIndependent Non Executive Director. He was appointed to theBoard of JLand on 1 August 2006. He is also a member of theAudit Committee. He graduated with a Bachelor of Urban andRegional Planning from the University of Technology Malaysia in1982. He also holds a Post Graduate Diploma (Housing, Building and Planning) from Institute for Housing Studies,Rotterdam Holland.

He commenced his career in 1982 as a Town Planning Officerof Johor Corporation. In 1988, he served as the same positionat Pasir Gudang Local Authority. He was the Deputy Manager ofJohor Corporation in the year of 1989. Then, he was appointedas a Manager as well as the Deputy Secretary of Pasir GudangLocal Authority in 1992. Later he served Sindora Berhad, asubsidiary company of Johor Corporation as General Manager in1995. Currently he is the Secretary of Pasir Gudang LocalAuthority and also a Senior General Manager at Johor Corporation.He also sits as a Director of Damansara Realty Berhad, which isa JCorp’s subsidiary listed on the Main Board of Bursa MalaysiaSecurities Berhad and as a Director of Syarikat PengangkutanMaju Berhad and Penawar Ekspress Line Berhad, other publiccompanies within the Johor Corporation Group. He also currentlysits on the board of several other companies within the JohorCorporation Group.

Other than as disclosed, he does not have any family relationshipwith any director and/or major shareholder of JLand. He has nopersonal interest in any business arrangement involving JLand.He has not been convicted for any offence and has attended two(2) Board of Directors’ Meetings of the Company in the financialyear ended 31 December 2006. Currently, he does not own anyshares of JLand.

Lukman Bin Hj Abu Bakar, berusia 47 tahun, warganegaraMalaysia, merupakan Pengarah Bukan Bebas Bukan Eksekutif.Beliau telah dilantik ke dalam Lembaga Pengarah JLand pada 1 Ogos 2006. Beliau juga merupakan Ahli Jawatankuasa Audit.Beliau berkelulusan Ijazah Sarjana Muda Perancang Bandar danWilayah dari Universiti Teknologi Malaysia pada tahun 1982.Beliau juga memiliki Diploma Lepasan Ijazah (Perancang danPembinaan, Perumahan) daripada Institute for Housing Studies,Rotterdam Holland.

Beliau memulakan kerjayanya pada tahun 1982 sebagai PegawaiPerancang Bandar, Johor Corporation. Pada tahun 1988, beliaumemegang jawatan yang sama di Pihak Berkuasa Tempatan PasirGudang. Beliau merupakan Timbalan Pengurus di JohorCorporation pada tahun 1989. Beliau kemudiannya dilantiksebagai Pengurus dan juga sebagai Timbalan Setiausaha, PihakBerkuasa Tempatan Pasir Gudang pada tahun 1992. Beliau turutberkhidmat di Sindora Berhad, sebuah syarikat dalam KumpulanJohor Corporation sebagai Pengurus Besar pada tahun 1995. Kinibeliau adalah Setiausaha Pihak Berkuasa Tempatan Pasir Gudangdan Pengurus Besar Kanan di Johor Corporation. Beliau jugaadalah Pengarah Damansara Realty Berhad, sebuah syarikat anak



he was promoted to his current position as the Chief OperatingOfficer. He is also the Chairman and Director of several othercompanies within the Johor Corporation Group.

Other than as disclosed, he does not have any familyrelationship with any director and/or major shareholder of JLand.He has no personal interest in any business arrangementinvolving JLand. He has not been convicted for any offence.Currently, he does not own any shares of JLand.

Abdul Malek Bin Talib, berusia 44 tahun, warganegara Malaysia,merupakan Pengarah Eksekutif JLand. Beliau telah dilantik kedalam Lembaga Pengarah JLand pada 1 Januari 2007. Beliaumerupakan “engineer by profession” dan memperolehi IjazahSarjana Muda Sains dengan pengkhususan dalam KejuruteraanAwam daripada Michigan State University, USA. Beliau jugamemiliki Sarjana dalam Pengurusan Perniagaan daripada HenleyManagement College, London.

Beliau memulakan kerjayanya sebagai Jurutera Awam di JabatanTeknikal sebelum dilantik sebagai Setiausaha JawatankuasaEksekutif Johor Corporation. Beliau kemudiannya ditempatkan kesyarikat anak JCorp dan memegang jawatan-jawatan pengurusandi Pembinaan Prefab Sdn. Bhd dan di JLand. Pada 2004, beliaudilantik ke jawatan terkini sebagai Ketua Pegawai Operasi. Beliaujuga adalah Pengerusi dan Pengarah di beberapa buah syarikatdalam Kumpulan Johor Corporation.

Selain daripada yang dimaklumkan, beliau tidak mempunyaisebarang hubungan kekeluargaan dengan mana-mana pengarahdan/atau pemegang saham utama JLand. Beliau juga tidakmempunyai kepentingan peribadi dalam sebarang urusanperniagaan yang melibatkan JLand. Beliau tidak pernah dijatuhkanhukuman atas sebarang kesalahan. Pada masa ini, beliau tidakmemegang apa-apa saham JLand.

Abdul Malek Bin TalibDirector / Pengarah

Abdul Malek Bin Talib, aged 44, a Malaysian, is an ExecutiveDirector of JLand. He was appointed to the Board of JLand on 1 January 2007. He is an engineer by profession and obtainedhis Bachelor of Science majoring in Civil Engineering from the Michigan State University, USA. He also holds a Master in Business Administration from Henley Management College,London.

He commenced his career as a Civil Engineer in the TechnicalDepartment prior to his appointment as the Secretary of theExecutive Committee of Johor Corporation. Later, he wastransferred to JCorp subsidiary companies and held managerialpositions in Pembinaan Prefab Sdn. Bhd. and in JLand. In 2004,



Selain daripada yang dimaklumkan, beliau tidak mempunyaisebarang hubungan kekeluargaan dengan mana-mana pengarahdan/atau pemegang saham utama JLand. Beliau juga tidakmempunyai kepentingan peribadi dalam sebarang urusanperniagaan yang melibatkan JLand. Beliau juga tidak pernahdijatuhkan hukuman atas sebarang kesalahan. Pada masa ini,beliau tidak memegang apa-apa saham JLand.

Yusof Bin Rahmat, aged 49, a Malaysian, is a Non IndependentNon Executive Director. He was appointed to the Board of JLandon 1 January 2007. He graduated with Bachelor of CivilEngineering (Honours) from the University of Sheffielld, UnitedKingdom in 1980 before joining Johor Corporation in the sameyear. He has held various positions in subsidiary companieswithin the Corporation. In January 1997, he was appointed as theChief Executive of the Project Development Divison, JohorCorporation. He was appointed as the Managing Director of TPMTechnopark Sdn. Bhd., a company within the Johor CorporationGroup since January 2002.

Other than as disclosed, he does not have any familyrelationship with any director and/or major shareholder of JLand.He has no personal interest in any business arrangementinvolving JLand. He has not been convicted for any offence.Currently, he does not own any shares of JLand.

Yusof Bin Rahmat, berusia 49 tahun, warganegara Malaysia,merupakan Pengarah Bukan Bebas Bukan Eksekutif. Beliau telahdilantik ke dalam Lembaga Pengarah JLand pada 1 Januari 2007.Beliau memiliki Ijazah Sarjana Muda Kepujian dalam KejuruteraanAwam daripada University of Sheffielld, United Kingdom padatahun 1980 sebelum berkhidmat dengan Johor Corporation padatahun yang sama. Beliau memegang pelbagai jawatan dalamsyarikat-syarikat anak dalam Perbadanan. Pada Januari 1997,beliau dilantik sebagai Ketua Eksekutif, Bahagian PembangunanProjek, Johor Corporation. Beliau dilantik sebagai PengarahUrusan TPM Technopark Sdn. Bhd., sebuah syarikat dalamKumpulan Johor Corporation sejak Januari 2002.

Yusof Bin RahmatDirector / Pengarah

Property Development, Construction, Property Investment and Investment Holding

Pembangunan Hartanah, Pembinaan, Pelaburan Hartanah dan Pegangan Pelaburan

JOHOR LAND BERHAD(12379-K)

Property DevelopmentPembangunan Hartanah

100% 100%Advance Development

Sdn Bhd (13974-A)

Manufacturer of Metal Doorand Window Frames

Pengeluar Kerangka Pintudan Tingkap Besi

Johor Land ManufacturingSdn Bhd (301430-D)

Manufacturer of Specialty Latex Concentrate and Industrial Chemicals

Pengeluar Pati Susu Getah Aslidan Bahan Kimia Industri

Revertex (Malaysia)Sdn Bhd (13437-V)

ConstructionPembinaan

Pembinaan PrefabSdn Bhd (30936-A)

75% 30.07%


corporate structures t r u k t u r k o r p o r a t


1

4

7

1 A.F.M SHAFIQUL HAFIZManaging Director/Pengarah Urusan

2 ABDUL MALEK BIN TALIBChief Operating Officer/Ketua Pegawai Operasi

3 MARIANA BINTI SIDISenior General Manager (Finance)Pengurus Besar Kanan (Kewangan)

4 MOHD RAZIF BIN AB. RAHIMGeneral Manager, Tebrau DivisionPengurus Besar, Bahagian Tebrau

teraju committeej a w a t a n k u a s a t e r a j u

2

4

6

3

5

7

8

5 SHEIKH BAHNAN BIN SHEIKH BAKIRDeputy General Manager, Contract DepartmentTimbalan Pengurus Besar, Jabatan Kontrak

6 SETH BIN JAMALUDDINDeputy General Manager, Marketing DivisionTimbalan Pengurus Besar, Bahagian Pemasaran

7 NORFAZAHAH BINTI AHMADDeputy General Manager, Managing Director’s OfficeTimbalan Pengurus Besar, Pejabat Pengarah Urusan

8 FADZILAH BINTI MOHD OTHMANManager, Administration and Human Resource DepartmentPengurus, Jabatan Pentadbiran dan Sumber Manusia

1



shareholdersstatement to

penyata kepada parapemegang saham

Dear Shareholders,Dear Shareholders,On behalf of the Board ofOn behalf of the Board ofDirectors, it is our greatDirectors, it is our greatpleasure to present thepleasure to present theAnnual RAnnual Report and eport and Financial StFinancial St atements ofatements ofJohor Land Berhad (JJohor Land Berhad (J Land)Land)for the financial year ended for the financial year ended 31 December 200631 December 2006(F(FY 2006).Y 2006).

PPara Para Pemegang Saham,emegang Saham,BagBag i pihak Lembaga Pi pihak Lembaga Pengarah,engarah,kkami dengan sukami dengan sukacitacit anyaanyamembentmembentangkangkan Laporanan LaporanTTahunan dan Pahunan dan Penyatenyat aaKKewangan Johor Land Berhadewangan Johor Land Berhad(J(J Land) bagLand) bag i ti t ahun kewanganahun kewanganberakhir 31 Disember 2006berakhir 31 Disember 2006(TK 2006).(TK 2006).

statement to shareholders


BUSINESS OVERVIEWThe year under review was a challenging one for JLand. Reflecting thenationwide trend, the property market in Johor was less robust in 2006compared with the previous year. Intense competition with the entry of newplayers and property overhang in certain areas proved formidable challenges.Mother nature also dealt a heavy hand, inundating parts of Johor with the proverbial 100-year floods towards the end of the year. We wish to point out, however, that the floods had no major direct impact on Johor’sproperty market. All of JLand’s current property development projectsremained unscathed, although our hearts go out to the many thousandsaffected by the floods.

Amidst this slew of unwelcome news, JLand continued to demonstrate itsresilience, thanks largely to proactive and innovative strategies put in place.In a year that saw a general easing of the Johor property market, JLand hasendeavoured to ride out the cyclical downturn with a multi-pronged strategy.

We focus to adopt the right property mix and competitive pricing in all our projects.Our sales promotion teams continue to participate aggressively in marketing andpromotional activities. JLand also continue to pursue intensifying research to gainbetter understanding of the market needs. This will also ensure that we meet not onlyproperty needs but also achieve customer satisfaction and prevent mismatch ofsupply and demand.

FINANCIAL PERFORMANCEIn 2006, the growth in the Malaysian economy strengthened to 5.9% compared with5.2% recorded in 2005. Based on the report on Malaysian Economy 2006 by BankNegara, the construction sector registered a contraction of 0.5% in 2006 comparedwith 1.6% in 2005. However, activities in the residential sub-sector moderated amidstrising costs of building materials and transportation. In Johor, the year also witnesseda general slowdown in the primary housing market with a fewer number of new unitslaunched and a moderation in sales performance.

Having anticipated and factored in the general slowdown in the property market, theGroup’s financial performance for the period ended 31 December 2006 has largelymet expectations. For the year, revenue dipped by 15.9% to RM74.66 million fromRM88.78 million achieved previously, due largely to a reduction in property sales.Accordingly, profit before tax decreased marginally to RM22.10 million compared toRM22.26 million posted in 2005. Notwithstanding reduced sales, propertydevelopment remained by far the biggest contributor to Group turnover with ongoingprojects in Taman Bukit Dahlia and Taman Bukit Tiram providing a steady stream ofrecurring revenue.

The quality of JLand’s balance sheet remains fundamentally strong. Among keyfinancial performance indicators, net tangible assets grew to RM639.96 million in2006, against RM631.98 million recorded the previous year. Basic earnings per sharealso increased to RM14.66, up 7.24% from RM13.67 a year ago.

DIVIDENDSJLand’s rise to prominence as the leading property company in the south is due inlarge part to the support and loyalty of shareholders. As a show of appreciation, theBoard of Directors is pleased to recommend a final dividend of 3% gross (lessMalaysian income tax at 27%) in respect of the financial year ended 31 December2006, subject to the approval of shareholders at the forthcoming Annual GeneralMeeting, in addition to the 4% interim dividend for the same year which was paidon 21 December 2006.

111.

3

97 98 99 00 01 02 03 04 05 06

38.3

51.9

45.9

40.0

62.4 72

.4

108.

4

88.8

74.7

Group RevenueRM million

Perolehan KumpulanRM juta

penyata kepada para pemegang saham


TINJAUAN PERNIAGAANTahun di bawah kajian merupakan satu tahun yang mencabar bagi JLand. Seperti arah aliran pasaran hartanah seluruh negara, pasaranhartanah di Johor menunjukkan prestasi yang kurang memberangsangkan pada tahun 2006 berbanding pada tahun sebelumnya.Persaingan hebat berikutan kemasukan syarikat-syarikat baru ke dalam pasaran dan lebihan bekalan hartanah di beberapa kawasan nyatamemberi cabaran yang besar. Bencana alam juga merupakan dugaan yang mencabar apabila Johor dilanda banjir terburuk dalam tempoh100 tahun menjelang penghujung tahun. Walau bagaimanapun, kami ingin memaklumkan bahawa banjir tersebut tidak memberikan kesanyang besar kepada pasaran hartanah Johor. Walaupun semua projek pembangunan hartanah semasa JLand tidak terjejas, namun kamibersimpati dengan nasib beribu-ribu mangsa yang ditimpa bencana tersebut.

Sungguhpun berhadapan dengan bencana yang tidak diduga ini, JLand terus memperlihatkan keteguhannya, sebahagian besarnya hasildaripada strategi proaktif dan inovatif yang telah diatur. Dalam tempoh satu tahun yang menyaksikan kelembapan pasaran hartanah diJohor, JLand telah berusaha gigih mengatasi kemerosotan untuk keluar daripada kitaran menurun tersebut dengan merangka pelbagaistrategi. Kami memberi tumpuan untuk menyediakan hartanah bercampur yang tepat dan menawarkan harga yang kompetitif untuk semuaprojek kami. Pasukan promosi jualan kami meneruskan penglibatan secara agresif dalam aktiviti-aktiviti pemasaran dan promosi yangdijalankan. JLand juga terus melaksanakan penyelidikan terperinci untuk mendapatkan pemahaman yang lebih tepat tentang keperluanpasaran. Langkah ini bukan sahaja memastikan kami memenuhi keperluan hartanah tetapi juga mencapai kepuasan pelanggan danmengelakkan ketidakseimbangan antara penawaran dan permintaan.

PRESTASI KEWANGANPada tahun 2006, perkembangan ekonomi Malaysia mencatat pertumbuhan sebanyak 5.9% berbanding 5.2% yang dicatatkan pada tahun2005. Berdasarkan laporan Ekonomi Malaysia 2006 oleh Bank Negara, sektor pembinaan mencatatkan penguncupan sebanyak 0.5% padatahun 2006 berbanding 1.6% pada tahun 2005. Walau bagaimanapun, aktiviti-aktiviti sub-sektor kediaman mencatat pertumbuhansederhana walaupun berhadapan dengan kenaikan kos bahan binaan dan pengangkutan. Di Johor, pada tahun di bawah kajian jugamenyaksikan kelembapan dalam pasaran perumahan utama dengan pengurangan bilangan unit-unit baru yang dilancarkan dan mencatatprestasi jualan yang sederhana.

Setelah mengambilkira kelembapan di pasaran hartanah, prestasi kewangan Kumpulan bagi tempoh berakhir 31 Disember 2006 telahberjaya memenuhi jangkaan. Pada tahun di bawah kajian, perolehan menurun sebanyak 15.9% kepada RM74.66 juta daripada RM88.78juta yang dicapai sebelumnya, sebahagian besarnya akibat pengurangan jualan hartanah. Sehubungan itu, keuntungan sebelum cukaimencatat penurunan kecil kepada RM22.10 juta berbanding RM22.26 juta yang diperolehi pada tahun 2005. Walaupun jualanberkurangan, pembangunan hartanah kekal sebagai penyumbang terbesar kepada perolehan Kumpulan di mana beberapa projek-projekyang sedang dijalankan di Taman Bukit Dahlia dan Taman Bukit Tiram berupaya menyediakan aliran perolehan yang mantap.

Pada dasarnya, kualiti lembaran imbangan JLand kekal kukuh. Antara petunjuk prestasi kewangan yang penting adalah peningkatan asetketara bersih kepada RM639.96 juta pada tahun 2006, berbanding RM631.98 juta yang dicatatkan pada tahun sebelumnya. Pendapatanasas sesaham juga meningkat kepada RM14.66, sebanyak 7.24% berbanding RM13.67 setahun yang lalu.

DIVIDENKebangkitan JLand sebagai peneraju syarikat hartanah yang terkemuka di selatan sebahagian besarnya adalah disebabkan oleh sokongandan kesetiaan padu yang ditunjukkan oleh para pemegang saham. Sebagai penghargaan, Lembaga Pengarah dengan berbesar hatimencadangkan dividen akhir sebanyak 3% kasar (ditolak 27% cukai pendapatan Malaysia) bagi tahun kewangan berakhir 31 Disember2006, tertakluk kepada kelulusan para pemegang saham di Mesyuarat Agung Tahunan yang akan datang, sebagai tambahan kepada divideninterim sebanyak 4% bagi tahun yang sama dibayar pada 21 Disember 2006.



Starting out with unbeatable prime locations, we proceed to build attractive, lively and thriving neighbourhoods. Architecturally distinctiveand designed with a theme concept, our properties are well known for their quality finishes. Tasteful landscaping exploiting to the fullestnatural contours of the environment creates the right ambience and conditions for conducive living. As the final touch, we provide anarray of amenities such as mosques, playgrounds, schools, sports and other recreational facilities. All these come together seamlesslytowards building a sense of community, and ultimately enrich the lives of our many customers who call a JLand property home.

PASIR GUDANG DIVISIONTaman Bukit DahliaLocated on a 417-acre parcel of land, Taman Bukit Dahlia is strategically located between Masai and Pasir Gudang, one of Johor’s growthcorridors. When completed by the end of 2009, the mixed development project will consist of 4,200 units of terraced and semi-detachedhouses, bungalows and commercial complexes. Taman Bukit Dahlia is in the vicinity of a multitude of amenities that include the scenicTasik Perdana, schools, polytechnic, police station, hospitals, banks, hypermarkets, racing tracks, sports stadium and Bukit Layang-Layang,the venue for the Annual International Kite Festival. All these amenities will no doubt add value and quality to the lives of the residentsof this prime development.

In March 2006, Certificates of Fitness (CFO) were issued for 126 units of double storey Pristine Dahlia (Phase 1) terraced houses, 120units of double storey Serene Dahlia (Phase 1) terraced houses and 60 units of double storey Perdana Dahlia (Phase 1) semi-detachedhouses. Given the softening market conditions, the take-up rate for these properties particularly the semi-detached units, has been veryimpressive. To date, only five Perdana Dahlia units have remained unsold.

26.1

97 98 99 00 01 02 03 04 05 06

3.2

10.1

9.2

9.6

17.4 18

.6

36.2

22.3

22.1

Group Profit Before TaxationRM million

Keuntungan Sebelum Cukai KumpulanRM juta

CORPORATE DEVELOPMENTSDuring the year under review, on 28 December 2006 JLand entered into a Development Agreement with Johor Corporation to acquireNusa Mutiara Complex with land area of 24.70 acres and 2 vacant freehold land with total area of 15.59 acres located adjacent to BandarDato’ Onn. JLand will pay JCorp a total cash consideration of RM33.0 million for the rights to develop the three parcels, the largest ofwhich will include the Nusa Mutiara Complex. The future development of these lands are expected to provide JLand with an added incomestream while Nusa Mutiara Complex is expected to provide synergistic benefits and complement the development of Bandar Dato’ Onn.The decision to go ahead with this project will be subject to the approval of shareholders at the upcoming Extraordinary General Meeting.

OPERATIONAL HIGHLIGHTSCORE BUSINESS – PROPERTY DEVELOPMENTIn our core property development business, what distinguishes us from the competition stems from a basic tenet of our operatingphilosophy. We go the extra mile for our customers. Thus, whereas many others build houses, we build homes. Now that others areemulating us in building communities, we go one step further by enriching lives.



PERKEMBANGAN KORPORATPada tahun di bawah kajian, 28 Disember 2006, JLand telahmenandatangani Perjanj ian Pembangunan dengan JohorCorporation untuk mengambilalih Kompleks Nusa Mutiara dengankeluasan 24.70 ekar dan 2 bidang tanah kosong berpeganganbebas dengan keluasan 15.59 ekar yang terletak bersebelahandengan Bandar Dato’ Onn. JLand akan membuat pembayaran tunaiberjumlah RM33.0 juta kepada JCorp berhubung kebenaran untukmembangunkan tiga bidang tanah di mana pembangunan terbesarakan meliputi Kompleks Nusa Mutiara. Pembangunan tanah-tanahini pada masa depan dijangka memberikan aliran pendapatantambahan kepada JLand sementara Kompleks Nusa Mutiaradijangka memberikan manfaat sinergi dan pelengkap kepadapembangunan Bandar Dato’ Onn. Keputusan untuk meneruskanprojek ini tertakluk kepada kelulusan para pemegang saham padaMesyuarat Agung Luar Biasa akan datang.

TINJAUAN OPERASIBISNES TERAS - PEMBANGUNAN HARTANAHDalam bisnes teras pembangunan hartanah kami, apa yangmembezakan kami dengan para pesaing adalah prinsip asasfalsafah operasi kami. Kami menyediakan perkhidmatan melebihijangkaan pelanggan. Para pesaing kami mendirikan rumah, tetapikami membina kediaman. Kini, mereka mencontohi kami dalammembina komuniti tetapi kami telah melangkah lebih jauh denganmemperkayakan kehidupan.

Bermula dengan lokasi bertaraf perdana yang tiada tandingnya,kami terus gigih membina kawasan perjiranan yang menarik, segardan berkembang maju. Senibina tersendiri dan direkabentukdengan konsep bertema, hartanah kami dikenal i keranakemasannya yang berkualiti. Seni taman yang indah disesuaikandengan kontor semulajadi sepenuhnya mewujudkan suasanadamai, sesuai untuk kehidupan yang menceriakan. Bag imelengkapkan kehidupan di sini, kami menyediakan beberapakemudahan seperti masjid-masjid, taman-taman permainan,sekolah-sekolah, kemudahan sukan dan rekreasi. Semuanya inidigabungkan dengan sempurna untuk membina sebuah komunitiyang unggul dan akhirnya menyumbang ke arah memperkayakankehidupan para pelanggan kami yang menamakan hartanah JLandsebagai kediaman mereka.

BAHAGIAN PASIR GUDANGTaman Bukit DahliaDibina di atas tanah seluas 417 ekar, Taman Bukit Dahlia terletakdi lokasi strategik antara Masai dan Pasir Gudang, salah sebuahkoridor pertumbuhan Johor. Apabila siap pada penghujung tahun2009, projek pembangunan bercampur ini akan mengandungi4,200 unit rumah teres dan berkembar, banglo serta komplekskomersil. Taman Bukit Dahlia terletak di persekitaran yangdilengkapi dengan pelbagai kemudahan yang merangkumi TasikPerdana yang berpemandangan indah, sekolah-sekolah, politeknik,balai polis, hospital, bank, pasaraya besar, litar perlumbaan,stadium sukan dan Bukit Layang-Layang, iaitu lokasi tapak FestivalLayang-layang Antarabangsa Tahunan. Semua kemudahan ini pastimenambah nilai dan kualiti kehidupan penduduk di kawasanpembangunan bertaraf perdana ini.

Pada bulan Mac 2006, Sijil Kelayakan Menduduki (CFO) telahdikeluarkan untuk 126 unit rumah teres dua tingkat Pristine Dahlia(Fasa 1), 120 unit rumah teres dua tingkat Serene Dahlia (Fasa 1)dan 60 unit rumah berkembar dua tingkat Perdana Dahlia (Fasa 1).Walaupun pasaran lembab, kadar pembelian hartanah initerutamanya rumah berkembar amat menggalakkan. Sehingga kini,hanya lima unit Perdana Dahlia yang masih belum terjual.

BAHAGIAN TIRAMTaman Bukit TiramSyarikat subsidiari milik penuh kami, Advance Development Sdn.Bhd., kini sedang membangunkan Taman Bukit Tiram (Fasa 3),sebuah pembangunan bercampur yang mengandungi 511 unithartanah, dibangunkan di atas tanah seluas 48 ekar. Denganmemanfaatkan reputasi hartanah JLand yang cemerlang, TamanBukit Tiram kini semakin menjadi pilihan utama di kalanganpembeli. Di bawah Fasa 2, sejumlah 51 unit rumah teres duatingkat Lily telah mendapat sambutan yang sangat baik.

Di bawah Fasa 3, kami telah menyiapkan sebanyak 195 unit rumahteres dua tingkat Tulip dan 18 unit rumah teres dua tingkatLavender yang dilancarkan pada bulan September 2005. Sepertikebiasaannya, jualan rumah-rumah tersebut di jangkamemberangsangkan apabila unit-unit rumah tersebut hampir siap.



TIRAM DIVISIONTaman Bukit TiramOur wholly-owned subsidiary, Advance Development Sdn. Bhd., iscurrently developing Taman Bukit Tiram (Phase 3), a mixeddevelopment consisting of 511 units of properties spread over 48acres. Bearing all the hallmarks of a JLand property, Taman BukitTiram is rapidly becoming an address of choice among discerningbuyers. Under Phase 2, 51 units of double storey Lily terracedhouses were very well received.

Under Phase 3, we have completed 195 units of double storeyTulip terraced houses and 18 units of double storey Lavenderterraced houses that were launched in September 2005. As is thenorm, sales of these houses are expected to pick up when theyare closer to full completion.

Bandar TiramJLand’s other ongoing project in Ulu Tiram is Bandar Tiram, plannedas a self-contained township on 1,200 acres of what was previouslyestate land. The master plan envisages a development of 12,300units of residential and shop units clustered around a town-cum-shopping centre. The entire project has a gross development value(GDV) of RM2.60 billion and a projected gross profit of RM800million. This mammoth undertaking is being developed in stages,with final completion earmarked for the year 2020.

The first phase of Bandar Tiram will see the development of 1,574residential and commercial units and generate a GDV of RM200million. It is expected to kick off in the fourth quarter of 2007 withthe launch of 693 units of single storey terraced houses pricedfrom RM138,000 upwards.

TEBRAU DIVISIONBandar Dato’ OnnBandar Dato’ Onn is set to be the premier address in Johor Bahru,where the growing demand for prime properties in choicelocations has remained strong. Planned for development over thenext 10 to 15 years on 1,474 acres of freehold land, the newtownship is only 12 km away from the Johor Bahru City Centre. Itis expected to generate gross sales and a gross profit of RM4.0billion and RM1.20 billion respectively. In line with JLand’sphilosophy of building communities and enriching lives, thetownship will be built based on a neighbourhood concept. A total

of 19 exclusive neighbourhoods have been planned amidst lushgreen surroundings and replete with an array of recreationalfacilities. Serving the township is a regional commercial hub andnerve centre covering 118 acres.

The first phase development will consist of 652 double storeyterraced and semi-detached houses with a GDV estimated at RM170million. Some 181 units of double storey terraced houses with anestimated worth of RM40 million were offered for sale from 16February 2007. Buyers have a choice of four types, with differentbuilt-up areas and land sizes. As a preview of things to come, theshow houses have been completed and opened for public viewing.One of the most distinctive features of the township is the emphasison green areas, with linear and recreational parks plannedthroughout. The renowned landscape designer Made Wijaya hasbeen engaged to transform Bandar Dato’ Onn into a garden city.

Befitting a premier development, Bandar Dato’ Onn will have amyriad of amenities second to none. To this end, JLand has fullyfinanced the construction of a RM25 million interchange dedicatedto the township. Now opened for public use, residents have directaccess to the North-South Expressway travelling to Johor Bahru ornorth to Kuala Lumpur without going through the congestion oflocal roads.

Particularly with the proposed acquisition of the Nusa MutiaraComplex, JLand will be in a position to provide top notchrecreational facilities with Olympic standard swimming pool andother facilities for the immediate use of future residents of BandarDato’ Onn. The other two parcels of vacant land could bedeveloped into residential and commercial properties, furtherboosting property sales in Bandar Dato’ Onn.

Other ProjectsUndeniably, JLand’s strength as a property developer lies in itsmega housing projects. However, we have also tested the marketfor other properties with projects such as the Teratai and TamanSelasih apartments and a retail bazaar complex, all of which werecompletely sold out. In responding to market demand foraffordable housing, we will be launching towards the end of 2007,some 320 units of medium cost apartments at Taman Serojalocated just 8 km away from Johor Bahru.



Bandar TiramProjek lain yang sedang dijalankan oleh JLand di Ulu Tiram adalahBandar Tiram, ianya dirancang sebagai perbandaran lengkap di atastanah seluas 1,200 ekar yang dahulunya merupakan tanah ladang.Pelan induknya mensasarkan pembangunan 12,300 unit kediamandan kedai dirangkumkan dalam bandar – merangkap pusat membelibelah. Keseluruhan projek mempunyai nilai pembangunan kasar(GDV) berjumlah RM2.6 bilion dan keuntungan kasar yangdiramalkan berjumlah RM800 juta. Pelaksanaan projek besar inidilakukan secara berperingkat, dengan penyiapan akhir menjelangtahun 2020.

Fasa pertama Bandar Tiram melibatkan pembangunan sebanyak1,574 unit kediaman dan komersil serta menjana GDV berjumlahRM200 juta. Ia dijangka akan dimulakan pada suku keempat tahun2007 dengan pelancaran 693 unit rumah teres satu tingkat denganharga daripada RM138,000 ke atas.

BAHAGIAN TEBRAUBandar Dato’ OnnBandar Dato’ Onn dijangka akan menjadi lokasi bertaraf perdanadi Johor Bahru, di mana permintaan yang semakin meningkatterhadap hartanah utama di lokasi pilihan kekal kukuh. Dirancanguntuk dibangunkan dalam tempoh 10 hingga 15 tahun di atastanah berpegangan bebas seluas 1,474 ekar, perbandaran baru initerletak hanya 12 km sahaja dari Bandaraya Johor Bahru. Iadijangka akan menjana RM4.0 bilion jualan kasar dan RM1.2 jutakeuntungan kasar. Selari dengan falsafah JLand untuk membinakomuniti dan memperkayakan kehidupan, perbandaran tersebutakan dibina berdasarkan konsep perjiranan. Sejumlah 19perjiranan eksklusif telah dirancang di persekitaran hijau yangsubur dan dilengkapkan dengan pelbagai kemudahan rekreasi.Sebuah hub komersil wilayah dan nadi pertumbuhan seluas 118ekar akan menyediakan kemudahan kepada perbandaran ini.

Fasa pertama pembangunan merangkumi 652 unit rumah teres duatingkat dan rumah berkembar dengan jangkaan GDV berjumlahRM170 juta. Sebanyak 181 unit rumah teres dua tingkat bernilailebih kurang RM40 juta telah ditawarkan untuk jualan bermula 16Februari 2007. Pembeli mempunyai pilihan empat jenis rumah,dengan keluasan binaan dan saiz tanah yang berbeza. Sebagairujukan awal terhadap corak kehidupan yang bakal dibangunkanpada masa depan kepada bakal pembeli, rumah-rumah contoh telah

disiapkan dan dibuka untuk dilihat oleh orang ramai. Salah satu ciriyang sangat berbeza di perbandaran ini adalah penekanan yangdiberikan terhadap kawasan hijau, dengan taman-taman linear danrekreasi yang dirancang di seluruh kawasan perbandaran. Perekaseni taman terkenal, Made Wijaya telah ditugaskan untuk menukarBandar Dato’ Onn menjadi sebuah bandar dalam taman.

Bersesuaian dengan statusnya sebagai pembangunan bertarafperdana, Bandar Dato’ Onn akan mengandungi pelbagaikemudahan yang sukar ditandingi. Sehingga kini, JLand telahmembiayai sepenuhnya pembinaan sebuah persimpanganbertingkat dengan kos berjumlah RM25 juta yang disediakankhusus untuk perbandaran tersebut. Kini ia telah dibuka untukkegunaan awam bagi memudahkan akses kepada penduduk untukterus ke Lebuhraya Utara-Selatan, sama ada untuk menuju ke JohorBahru atau Kuala Lumpur di sebelah utara tanpa melalui kesesakanjalan-jalan biasa.

Cadangan pengambilalihan Kompleks Nusa Mutiara khususnya, akanmembolehkan JLand menyediakan kemudahan rekreasi bertarafunggul kerana ia meliputi sebuah kolam renang bertaraf Olimpik danpelbagai kemudahan lain bagi kegunaan penduduk Bandar Dato’Onn di masa hadapan. Dua bidang tanah kosong lain akan turutdibangunkan menjadi hartanah kediaman dan komersil bagimelonjakkan lagi jualan hartanah di Bandar Dato’ Onn.

Projek-Projek LainTidak dinafikan, kekuatan JLand sebagai pemaju hartanah terletakpada kemampuannya melaksanakan projek perumahan bertarafmega. Walau bagaimanapun, kami juga telah mencuba pasaran inidengan hartanah lain melalui projek-projek seperti pangsapuriTeratai dan Taman Selasih serta kompleks bazar runcit, yangkesemuanya telah habis dijual. Sebagai tindak balas terhadappermintaan pasaran untuk rumah mampu milik, pada penghujungtahun 2007, kami akan melancarkan sebanyak 320 unit pangsapurikos sederhana di Taman Seroja yang terletak hanya 8 km dariJohor Bahru.

Pada tahun yang dit injau, J Land memperolehi sejumlahRM655,269 daripada pendapatan sewa untuk unit-unit rumahpangsa yang dimilikinya di Taman Cendana dan Taman Kenangaserta unit-unit kedai pejabat di Taman Mawar, Cenderawasih,Tebrau Business Park dan Senai Commercial Park.

19.1

1.2

10.3

5.6 6.

9

11.5

14.9

5

26.3

13.7 14.7

97 98 99 00 01 02 03 04 05 06

Group Basic Earning Per Sharesen

Pendapatan Asas Sesaham Kumpulansen



For the year in review, JLand derived a total of RM655,269 inrental income from flats it owns in Taman Cendana and TamanKenanga and shop offices at Taman Mawar, Cenderawasih, TebrauBusiness Park and Senai Commercial Park.

OTHER BUSINESSESJLand holds a 30.7% stake in Revertex (Malaysia) Sdn. Bhd., oneof the world’s largest producers of speciality natural rubber latexconcentrates and industrial chemicals. For 2006, both revenue andprofit before tax derived from the company’s operations improvedto RM470.20 million and RM38.37 million respectively.

We are also in the business of manufacturing metal door andwindow frames through our subsidiary, Johor Land ManufacturingSdn. Bhd.

DEVELOPING OUR HUMAN CAPITALWe depend on the knowledge, skills, expertise and experience ofour human capital to achieve even more. At the same time,employees expect to be developed by employers and given theopportunity to rise to their fullest potential. This meeting ofcorporate and individual goals is a challenge that JLand takes veryseriously and we have achieved this over the years through thecreation of a dynamic corporate climate that releases people’senergies, through inculcating a robust intrapreneurial spirit amongtop managers and executives, as well as through continuous, life-long training effort.

In 2006, JLand invested RM241,500 on manpower training, afigure that represents 5.11% of total emoluments. We take pridein the fact that every employee received an average of 24 traininghours during the year. Our training programmes are tailoredtowards the development of the employees’ hard and soft skills.Hard skills revolve around the operational and technical knowledgerequired to perform a job competently. On the other hand, softskills address aspects of how individuals relate to others. Refreshercourses, especially those pertaining to building specifications, wereincluded in the training calendar to keep staff abreast of the latestdevelopments in the industry.

As a Group built on results, we reward high-achievers. While weset minimum entry requirements for the various levels, staff,especially those at the managerial group, are encouraged topursue higher academic qual i f icat ions. Nonetheless, foroutstanding performers who lack the paper qualifications, there arestill opportunities for them to ascend the career ladder.

Training is but one aspect of developing our human capital. Sportsand recreation activities have become regular fixtures on ourcalendar of events. Away from the pressures of work, social eventslike these infuse a spirit of teamwork and camaraderie.



BISNES-BISNES LAINJLand memiliki 30.7% kepentingan dalam Revertex (Malaysia) Sdn. Bhd., salahsebuah pengeluar pati susu getah asli dan bahan kimia industri terbesar di dunia.Bagi tahun 2006, perolehan daripada operasi syarikat tersebut meningkat kepadaRM470.20 juta, manakala keuntungan sebelum cukainya pula meningkat kepadaRM38.37 juta.

Kami juga menjalankan perniagaan pengeluaran kerangka pintu dan tingkap besimelalui syarikat subsidiari kami, Johor Land Manufacturing Sdn. Bhd.

PEMBANGUNAN TENAGA INSANKami bergantung kepada tahap pengetahuan, kemahiran, kepakaran danpengalaman modal insan kami untuk mencapai matlamat yang lebih tinggi. Padamasa yang sama, anggota pekerja berharap untuk dibangunkan oleh majikan dandiberikan peluang bagi meningkatkan potensi mereka ke peringkat yang lebih baik.Pertembungan antara matlamat korporat dan individu merupakan cabaran yangdiambil secara serius oleh JLand dan kami telah mencapai matlamat ini sepanjangbeberapa tahun dengan mewujudkan suasana korporat dinamik yang mampumenjana keupayaan tenaga insan. Ini dicapai melalui pemupukan semangatkeusahawanan yang mantap di kalangan pengurus atasan dan eksekutif serta melaluilatihan berterusan sepanjang tempoh kerjaya anggota pekerja.

Pada tahun 2006, JLand telah melaburkan sejumlah RM241,500 untuk latihansumber manusia iaitu 5.11% daripada jumlah keseluruhan gaji. Kami berbanggakerana setiap anggota pekerja kami secara purata telah menerima sebanyak 24 jamlatihan sepanjang tahun ini. Program latihan kami direka khusus ke arahpembangunan kemahiran pekerjaan dan kemahiran diri anggota pekerja. Kemahiranpekerjaan melibatkan pengetahuan operasi dan teknikal yang diperlukan untukmelaksanakan tugasan dengan cekap. Kemahiran diri pula mementingkan aspekbagaimana seseorang individu berhubung-kait dengan individu yang lain. Kursus-kursus peningkatan kefahaman terutamanya yang berkaitan dengan spesifikasibangunan, dimasukkan ke dalam kalendar latihan untuk memaklumkan anggotapekerja berhubung perkembangan terkini dalam industri.

Sebagai sebuah Kumpulan yang dibina berasaskan kepada penghasilan prestasi,anggota pekerja yang menghasilkan kualiti kerja cemerlang akan diberi penghargaan.Di samping menetapkan keperluan kemasukan minimum bagi pelbagai peringkatjawatan, anggota pekerja terutamanya di peringkat pengurusan, digalakkan agarmeningkatkan kelayakan akademik ke peringkat yang lebih tinggi. Pada masa yangsama, anggota pekerja yang cemerlang tetapi kurang kelayakan akademik, merekatetap disediakan peluang untuk meningkatkan tahap kerjaya masing-masing.

Latihan merupakan salah satu aspek yang dapatmembangunkan modal insan. Namun, aktivitisukan dan rekreasi juga merupakan aktiviti yangturut dirangka dalam kalendar acara kami.Bertujuan untuk meredakan tekanan kerja, acara-acara sosial seperti ini berupaya menyemaisemangat kerja berpasukan dan saling membantuantara satu sama lain.



IN PURSUIT OF QUALITY EXCELLENCEJ Land’s pursuit of quality excellence andintegrating quality into its corporate culture ismanifested in many forms. One means at ourdisposal has been reg istrat ion to theinternationally recognized ISO quality system.This has been supplemented by various otherquality improvement initiatives such as theInnovative Creative Circle (ICC) and Employees’Suggestion Scheme (ESS).

The ICC and ESS serve as important platformsfor empowering our employees and the greatmajority enthusiastical ly part icipates ingenerating new ideas and suggestions. Themost compelling suggestions are reviewed byTERAJU Committee establ ished at JohorCorporation (JCorp), the ultimate holdingcorporation for Group-wide benchmarking andpossible implementation.

Our ICC teams have gone on to prove themselves on so many occasions at the Group-wide and national levels. For the seventh consecutive year, JLand floored thecompetition at JCorp’s annual Group-wide Quality Convention, retaining the coveted‘Anugerah Mekar’ trophy as overall champion. Our top teams then moved on to reprisetheir success, clinching Three Gold Star Awards at the 2006 National ICC Convention.

JLand’s pursuit of quality excellence has been extended to cover the performance ofthird party contractors and suppliers. Stringent evaluations are carried out internally toensure that the contractors and consultants are up to par. In addition, all ourcontractors must be registered with the Construction Industry Development Board(CIDB) and their personnel issued with the CIDB Green Card.

SHARING OUR SUCCESSEven as JLand has grown and prospered, we have always taken care to ensure thatour success is inclusive. From early days, we have put in place a corporate socialresponsibility (CSR) programme sharing our success with the needy and supportingmany charitable organisations and worthy causes.

In 2006, JLand expended close to RM0.5 million in its CSR programme, which includeda sizeable donation to various orphanages. We also contributed towards various causessuch as ‘Tijarah Ramadhan’ and the Pasir Gudang Community Charity Fund, which inturn, has used the money to help the poor and needy. To ease the plight of the floodvictims, we also lent our support to the Flood Relief Fund under the banner of JCorp.As in previous years, we were one of the main sponsors for the International KiteFestival, an annual event that has become one of Johor’s landmark tourist attractions.

The lasting testimony of our CSR efforts must certainly be ‘Tunas Bistari’, anEntrepreneurs Development Programme organised by JCorp in collaboration with theEducation Department of Johor. Launched in 1992 and opened to secondary schoolstudents throughout Johor, the programme’s objective is to nurture an entrepreneurialspirit among students by providing them an opportunity to gain first-hand experiencein the real business world. Over the years, 11,148 students from 143 schools havebenefited from the programme.

LOOKING AHEAD – THE ISKANDAR DEVELOPMENT REGIONFor the coming FY 2007, the Malaysian economy is expected to sustain economicgrowth at a slightly higher pace of 6%, underpinned by an expansion of private sectoractivities. Analysts remain neutral about the state of the property market in Johor.However, we are optimistic that the abolishment of the real property gains tax andrelaxation of the ruling on property purchases by foreigners will inject greater interestin the property sector. Demand would also be sustained by the attractive credit termsoffered by banks, growing number and affluence of young working population, andincreasing urban migration.

One of the most important initiatives outlined in the Ninth Malaysia Plan (9MP) thathas a bearing on JLand’s operations is the identification of the Iskandar DevelopmentRegion (IDR) as the focus area for development in the southern region. Majordevelopment projects identified under the IDR master plan are expected to transformSouth Johor into a mega-hub. The IDR area covers JLand’s three major land bankslocated at Pasir Gudang, Ulu Tiram and Johor Bahru. When the infrastructural projectsin the IDR take off as planned, they will no doubt have a positive impact on ourproperties, strengthened by the flow of investments from across the causeway.



Tabung Bantuan Banjir. Seperti tahun-tahun lalu, kami merupakansalah satu penaja utama bagi Festival Layang-layang Antarabangsa,acara tahunan yang telah menjadi lambang daya tarikan pelancongbagi negeri Johor.

Tunas Bistari, Program Pembangunan Usahawan yang dianjurkanJCorp melalui kerjasama dengan Jabatan Pelajaran Johor merupakanbukti kesinambungan usaha-usaha CSR yang kami laksanakan.Dilancarkan pada tahun 1992 dan dibuka kepada para pelajarsekolah menengah seluruh Johor, objektif program ini adalah untukmemupuk semangat keusahawanan di kalangan para pelajardengan menyediakan peluang kepada mereka untuk mendapatkanpengalaman dalam dunia perniagaan sebenar. Sepanjang beberapatahun lepas, seramai 11,148 pelajar daripada 143 sekolah telahmendapat manfaat daripada program tersebut.

MELANGKAH KE HADAPAN – WILAYAHPEMBANGUNAN ISKANDARBagi TK 2007 yang akan datang, ekonomi Malaysia dijangka akanmencatat pertumbuhan pada kadar yang lebih tinggi sedikitdaripada 6%, didorong oleh pengembangan aktiviti sektor swasta.Para penganalisis mengekalkan pandangan berkecuali terhadappasaran hartanah di Johor. Walau bagaimanapun, kami amatoptimis bahawa dengan penghapusan cukai keuntungan hartanahsebenar dan pengurangan peraturan terhadap pembelian hartanaholeh orang asing akan menyuntik minat yang lebih besar terhadapsektor hartanah. Permintaan mampu dikekalkan berikutan syaratpinjaman menarik yang ditawarkan oleh pihak bank, peningkatantahap kemewahan di kalangan penduduk muda dan pertambahanbilangan penghijrahan ke bandar.

Salah satu inisiatif penting digariskan di bawah Rancangan Malaysiake-9 (9MP) yang berkaitan dengan operasi JLand ialah pengenalanWilayah Pembangunan Iskandar (WPI) sebagai kawasan yangdiberikan tumpuan untuk pembangunan di kawasan selatan. Projekpembangunan utama yang dikenalpasti di bawah pelan induk WPI

MENCIPTA KECEMERLANGAN KUALITIUsaha mencipta kecemerlangan dan memasukkankualit i ke dalam budaya korporat J Landdilaksanakan dalam pelbagai bentuk. Salah satucara untuk mencapainya direalisasikan melaluipendaftaran sistem kualiti ISO yang diiktiraf diperingkat antarabangsa. Usaha ini dilengkapkanlag i dengan pelbagai inisiat i f lain bag imempertingkatkan kualiti seperti ‘InnovativeCreative Circle’ (ICC) dan Skim Cadangan AnggotaPekerja.

ICC dan Skim Cadangan bertindak sebagailandasan untuk memberi kuasa kepada anggotapekerja dan sebilangan besar daripada merekatelah menunjukkan minat untuk mengambilbahagian dalam menjana idea-idea dan cadangan-cadangan baru. Cadangan yang bernas akan dikajioleh Ahli Jawatankuasa TERAJU yang telahditubuhkan di Johor Corporation (JCorp), perbadanan indukmuktamad, sebagai pengukur dan kemungkinan pelaksanaan bagiseluruh Kumpulan.

Kumpulan ICC kami telah membuktikan keupayaan mereka dalambanyak acara di peingkat Kumpulan dan di peringkat kebangsaan.Bagi tujuh tahun berturut-turut, JLand telah mengatasi persaingan diKonvensyen Kualiti yang diadakan setiap tahun di peringkatKumpulan dengan mengekalkan piala Anugerah Mekar sebagai JuaraKeseluruhan. Kumpulan ICC kami ini juga telah melonjakkan lagipencapaian mereka dengan berjaya meraih Anugerah Emas TigaBintang di Konvensyen ICC Kebangsaan 2006.

Kecemerlangan kualiti yang dicapai oleh JLand juga meliputiprestasi kontraktor dan pembekal pihak ketiga. Penilaian yang ketattelah dijalankan secara dalaman untuk memastikan supayakontraktor dan konsultan mencapai taraf yang setara. Selain itu,semua kontraktor diwaj ibkan berdaftar dengan LembagaPembangunan Industri Pembinaan Malaysia (CIDB) dan personelmereka perlu memiliki Kad Hijau CIDB.

BERKONGSI KEJAYAANWalaupun JLand telah berkembang dan mencatat pencapaian yangmembanggakan, kami sentiasa memastikan agar kejayaan kamiadalah menyeluruh. Sejak dahulu lagi, kami telah meletakkantanggungjawab sosial korporat (CSR) kami sebagai programperkongsian kejayaan kami dengan menghulur bantuan kepadamereka yang memerlukan dan memberi sokongan kepada pelbagaiorganisasi kebajikan serta badan-badan kebajikan yang lain.

Pada tahun 2006, JLand telah membelanjakan hampir RM0.5 jutauntuk program-program CSR, yang meliputi sejumlah besar dermakepada beberapa rumah anak-anak yatim. Kami juga menyumbanguntuk pelbagai tujuan kebajikan seperti Tijarah Ramadhan danTabung Kebajikan Masyarakat Pasir Gudang, yang telahmenggunakan wang tersebut untuk membantu orang miskin danmereka yang memerlukan. Untuk meringankan beban mangsa-mangsa banjir, melalui JCorp kami juga telah menyumbang kepada



The FY 2007 is already shaping up to be a busy and eventful one for JLand, with the launch of residential and commercial propertiesvalued at around RM200 million. At Pasir Gudang, we are set to launch another 310 units of Serene (Phase 2) and Damai double storeyterraced houses. Moving into the Phase 2 development of Taman Bukit Tiram, 378 units of single storey Daisy terraced houses will belaunched in the second quarter of 2007. We will also kick-off the development of Bandar Tiram with the launch of 693 units of singlestorey terraced houses towards the end of 2007. The coming year will also see the launch of double storey terraced and semi-detachedresidential units designed for a niche high-end market, under the Phase 1 development of Bandar Dato’ Onn.

Even with all these projects underway, JLand has a substantial land bank in Johor that would keep the Group busy for the next 10 to 15years. There is significant potential from our land parcels as they were acquired at competitive prices and are strategically located alongthe main growth corridors of Johor Bahru and the Iskandar Development Region. When eventually developed, our land reserves have apotential GDV of over RM7.0 billion. Having firmly established ourselves as one of the largest property developers in Johor, we are readyto move up the value chain and venture into more lucrative markets.

APPRECIATIONProfessionalism, commitment and hard work are bedrock elements of our success all these years and we attribute this to the superb teamunder very able leadership that we have on board. Much is expected of our management and staff, and they have never failed to deliver.JLand also considers itself fortunate in having a great support group comprising our business associates, financiers, consultants, relevantauthorities and various government departments. Our shareholders and customers deserve special mention, for their continued supportand loyalty have built this Company.

Tuan Hj Md Tamyes Bin A Rahim, Tuan Hj Ahamad Bin Mohamad and Puan Azizah Bte Abdul Rahman left the Board during the year. We are very appreciative of their tremendous contributions and wish them every success in their future undertakings. The three newappointees to the Board were Tuan Hj Lukman Bin Abu Bakar, Tuan Hj Abdul Malek Bin Talib and Tuan Hj Yusof Bin Rahmat. They bringwith them a wealth of knowledge and experience and JLand will no doubt benefit from their fresh insights.

To all of you, we express our sincere thanks and gratitude.



dijangka berupaya menukarkan Johor Selatan sebagai hab mega. Kawasan WPI meliputi tiga tanah simpanan utama JLand yang terletak diPasir Gudang, Ulu Tiram dan Johor Bahru. Apabila projek infrastruktur di WPI dimulakan seperti yang dirancang, ia dijangka akan memberikesan positif terhadap hartanah kami, diperkukuhkan lagi dengan aliran pelaburan dari negara jiran.

TK 2007 telah mula menunjukkan tanda-tanda ia merupakan satu tahun yang sibuk dan penuh peristiwa bagi JLand apabila hartanahkediaman dan komersil bernilai RM200 juta dilancarkan. Di Pasir Gudang, kami akan melancarkan sebanyak 310 unit rumah teres duatingkat jenis Serene (Fasa 2) dan Damai. Di Taman Bukit Tiram, pembangunan Fasa 2 yang meliputi 378 unit rumah teres satu tingkat jenisDaisy akan dilancarkan pada suku kedua tahun 2007. Kami juga akan memulakan pembangunan Bandar Tiram dengan pelancaran sebanyak693 unit rumah teres satu tingkat menjelang akhir tahun 2007. Pada tahun depan juga akan menyaksikan pelancaran kediaman teres duatingkat dan rumah berkembar yang direka khusus untuk pasaran golongan mewah di bawah pembangunan Fasa 1 Bandar Dato’ Onn.

Walaupun semua projek sedang dilaksanakan, JLand masih mempunyai tanah simpanan yang besar di Johor yang akan memenuhi aktivitiperniagaan Kumpulan untuk tempoh 10 hingga 15 tahun akan datang. Beberapa tanah yang kami miliki mempunyai potensi yang besarkerana kami memperolehinya dengan harga yang kompetitif dan terletak di lokasi strategik sepanjang koridor pertumbuhan utama JohorBahru dan Wilayah Pembangunan Iskandar. Apabila dilaksanakan, tanah simpanan kami berpotensi menghasilkan GDV melebihi RM7.0bilion. Setelah berjaya menempa nama sebagai salah sebuah pemaju hartanah terbesar di Johor, kini kami telah bersedia untuk beralih kedalam rantaian nilai yang lebih tinggi dan memasuki ke dalam pasaran yang lebih menguntungkan.

PENGHARGAANTahap profesionalisma, komitmen dan kegigihan merupakan elemen utama kejayaan kami selama ini dan dengan demikian penghargaanini ditujukan kepada barisan lembaga pengarah yang telah menyediakan kepimpinan yang hebat. Kami telah meletakkan harapan yangtinggi kepada pengurusan dan anggota pekerja dan mereka telah berjaya melaksanakan tanggungjawab yang diberikan dengan sempurna.JLand juga menghargai kerjasama padu yang diterima daripada pelbagai pihak termasuk rakan-rakan dalam perniagaan, pembiaya,konsultan, pihak berkuasa berkaitan dan pelbagai jabatan kerajaan. Ucapan penghargaan ini juga ditujukan kepada para pemegang sahamdan pelanggan kami atas sokongan dan kesetiaan berkekalan mereka yang telah membina kemantapan Syarikat ini.

Tuan Hj Md Tamyes Bin A Rahim, Tn Hj Ahamad Bin Mohamad dan Pn Azizah Bte Abdul Rahman telah menamatkan perkhidmatan dalamLembaga Pengarah pada tahun ini. Kami amat menghargai sumbangan besar mereka dan mengucapkan selamat maju jaya dalam setiapbidang yang mereka ceburi pada masa depan. Tiga orang ahli baru telah dilantik ke dalam Lembaga dan mereka terdiri daripada Tn HjLukman Bin Abu Bakar, Tn Hj Abdul Malek Bin Talib dan Tn Hj Yusof Bin Rahmat. Mereka membawa bersama mereka pengetahuan danpengalaman yang luas dan ini pasti akan memberi manfaat kepada JLand pada masa depan.

Kepada anda semua, kami ingin menyampaikanucapan setinggi-tinggi terima kasih dan penghargaansetulus hati.

TAN SRI DATO’ MUHAMMAD ALI HASHIMChairman/Pengerusi

A.F.M SHAFIQUL HAFIZManaging Director/Pengarah Urusan

2006 corporate diary


2 0corporate

4 Jan/Jan

11 Apr/Apr

22 Feb/Feb

14 Apr/Apr

16 Mar/Mac

24 May/Mei

25 Mar/Mac

17 Jul/Jul

januaryj a n u a r i

4 January/JanuariPedoman Meeting was held at Permata

Ballroom, The Puteri Pacific Hotel, 80000

Johor Bahru.

Majlis Pedoman diadakan di Dewan Permata,

Hotel Puteri Pacific, 80000 Johor Bahru.

februaryf e b r u a r i

22 February/FebruariOfficial Launching & Orientation Program of

Tunas Bistari 2006. J Land contributed

RM150,000 to the program.

Majlis Pelancaran & Perasmian Program

Orientasi Tunas Bistari 2006. J Land

menyumbang sejumlah RM150,000 untuk

program berkenaan.

marchm a c

16 March/MacJLand contributed a van, costs RM90,000 to

Darul Hanan, an orphanage home in Pasir

Gudang.

JLand menyumbang sebuah van berharga

RM90,000 kepada Darul Hanan, rumah

anak-anak yatim di Pasir Gudang.

25 March/MacBandar Dato’ Onn Merdeka Carnival Prize

Giving Ceremony.

Majlis Penyampaian Hadiah Karnival Merdeka

Bandar Dato’ Onn.

aprila p r i l

11 April/AprilJLand participated in “Maulidur Rasul 2006”

at Masjid Jamek, Pasir Gudang.

JLand menyertai Majlis Sambutan Maulidur

Rasul 2006 di Masjid Jamek, Pasir Gudang.

14 April/AprilAsia Pacific Real Estate Exhibition organised

by FIABCI at Sun Tec Singapore.

Pameran Perumahan Asia Pacific dikendalikan

oleh FIABCI di Sun Tec Singapura.

maym e i

24 May/MeiThe 31st Annual General Meeting and

Extraordinary General Meeting of JLand was

held at Delima Room, The Puteri Pacific

Hotel, 80000 Johor Bahru.

Mesyuarat Agung Tahunan kali ke 31 dan

Mesyuarat Agung Luarbiasa JLand diadakan

di Bilik Delima, Hotel Puteri Pacific, 80000

Johor Bahru.

julyj u l a i

17 July/JulaiStudent visit from Sek. Men. Teknik, Pontian

Johor at Sales Office, Pasir Gudang.

Lawatan pelajar dari Sek. Men. Teknik,

Pontian Johor di Pejabat Jualan, Pasir Gudang.

d i a r i

diari korporat 2006


0 6diary

25 Jul/Jul

18 Nov/Nov 25 Nov/Nov 26 Nov/Nov 19-22 Dec/Dis

19-21 Sept/Sept 27 Sept/Sept 15-16 Nov/Nov

25 July/JulaiJ Land organized an Analyst Briefing to

Netresearch – Asia Sdn Bhd.

JLand mengadakan “Analyst Briefing” untuk

Netresearch – Asia Sdn Bhd.

septembers e p t e m b e r

19-21 September/SeptemberNational ICC Convention was held at

Genting International Convention Centre,

First World Hotel, Genting Higlands. Top Q

Group, Merger Dot Com Group and Get

Max Group won 3 Gold Star Award.

Konvensyen ICC Kebangsaan diadakan di

Genting International Convention Centre,

First World Hotel, Genting Highlands.

Kumpulan Top Q, Kumpulan Merger Dot

Com dan Kumpulan Get Max memperolehi

Anugerah Emas 3 Bintang.

27 September/SeptemberOfficial Launching of Tijarah Ramadhan 2006

at Hall 10, Putrajaya International Convention

Centre. JLand contributed RM30,000 to the

program.

Pelancaran Ti jarah Ramadhan 2006 di

Dewan 10, Pusat Konvensyen Antarabangsa

Putrajaya. JLand menyumbang sejumlah

RM30,000 untuk program berkenaan.

novembern o v e m b e r

15-16 November/NovemberThe ICC Convention JLand 2006 was held at

Dewan Menara, Komtar, 80000 Johor Bahru.

Konvensyen ICC JLand 2006 diadakan di

Dewan Menara, Komtar, 80000 Johor Bahru.

18 November/November“Riang Ria Aidilfitri” Carnival with customers

at Taman Bukit Dahlia, Pasir Gudang.

Karnival Riang Ria Aidilfitri bersama pelanggan

di Taman Bukit Dahlia, Pasir Gudang.

25 November/NovemberPrize Giving Ceremony of Landscape

Competition, Johor State Level by Chief

Minister of Johor. JLand was declared as the

Second Winner.

Penyampaian Hadiah Pertandingan Lanskap

Peringkat Negeri Johor oleh Menteri Besar

Johor. J Land telah diumumkan sebagai

pemenang Tempat Kedua.

26 November/November“Mesra Ria Aidilfitri 2006” for staff and

family was held at The Managing Director’s

residence at Green Plains, Taman Bukit

Tiram, Tiram, Johor.

Mesra Ria Aidilfitri 2006 untuk anggota

pekerja dan keluarga diadakan di kediaman

Pengarah Urusan di Green Plains, Taman

Bukit Tiram, Tiram, Johor.

decemberd i s e m b e r

19-22 December/Disember“Hari Mekar” Johor Corporation Group was

held at Persada Johor International

Convention Centre. JLand was declared as

the Overall Winner in 2006, for the seventh

consecutive year.

Hari Mekar, Kumpulan Johor Corporation

diadakan di Persada Johor Pusat Konvensyen

Antarabangsa. J Land telah diumumkan

sebagai Pemenang Keseluruhan bagi tahun

2006, untuk tahun ke tujuh berturut-turut.

k o r p o r a t


auditcommitteereport

OBJECTIVESThe objectives of the Audit Committee are:-

1. To ensure compliance with Paragraph 15, Part C of the BursaMalaysia Securities Berhad’s Listing Requirements.

2. To ensure the independence of the External Auditors, theintegrity of management, and the adequacy of disclosures toshareholders.

3. To assist the Board of Directors in fulfilling its fiduciaryresponsibilities by ensuring that the results of internal and external audit findings are fully considered and properly resolved.

COMPOSITIONThe Board shall elect an Audit Committee, comprising not fewerthan three members of whom the majority must be IndependentDirectors. The Chairman of the Audit Committee shall beappointed by the Board.

MEETINGS OF THE AUDIT COMMITTEE1. The Audit Committee is to meet not less than four (4) times

a year.

2. The quorum for each meeting shall be two (2) members of theAudit Committee both of whom shall be Independent Directors.

3. The Audit Committee may regulate its own procedures inrespect of the convening of meetings, the notice to be givenof such meetings, the voting and proceedings thereof, thekeeping of minutes and the custody, production andinspection of such minutes.

4. The Chairman of the Audit Committee shall submit a reportof each meeting to the Board.

5. The Managing Director, the Group Financial Controller andthe Head of Internal Audit attended all meetings. Othermembers of senior management attended some of themeetings upon invitation by the Audit Committee. TheCompany Secretary is the Secretary to the Audit Committee.

6. During the financial year ended 31 December 2006 theAudit Committee held a total of four (4) meetings. Thedetails of attendance of the Audit Committee Members areas per table above.

TERMS OF REFERENCEThe Audit Committee was established on 2 September 1996 to act as a Committee for the Board of Directors.

COMPOSITION OF MEMBERS

Members No. of meetings attended Percentage

Kua Hwee Sim (Chairman) 4 out of 4 100%Independent Non Executive Director(appointed as Chairman w.e.f 15 February 2007)

Mahlil Bin Omar 4 out of 4 100%Independent Non Executive Director(resigned as Chairman w.e.f 15 February 2007)

Lukman Bin Hj Abu Bakar 1 out of 2 50%Non Independent Non Executive Director(appointed as Member w.e.f 15 August 2006)

Azizah Binti Abdul Rahman 2 out of 2 100%Non Independent Non Executive Director(resigned as Member w.e.f 15 August 2006)

audit committee report


AUTHORITYThe Audit Committee is authorised by the Board:-

1. To investigate any matters within its terms of reference;

2. To have the resources which are required to perform its duties;

3. To have full and unrestricted access to any informationpertaining to the listed issuer;

4. To have direct communication channels with the externalauditors and person(s) carrying out the internal auditfunction or activity (if any);

5. To be able to obtain independent professional or other advice;

6. To be able to convene meetings with the External Auditors,excluding the attendance of the Executive Members of theBoard, whenever deemed necessary.

FUNCTIONSPursuant to Para 15.13 of the Bursa Malaysia Securities BerhadListing Requirements, the Audit Committee amongst others, shallreview, appraise and report to the Board on:-

1. The appointment of the External Auditors, their audit feesand in the event of their resignation or dismissal with fullexplanatory statements.

2. The adequacy of the scope, functions and resources of theinternal audit function and results of the internal auditprocedures.

3. The quality and effectiveness of the entire accounting andinternal control system of the Group.

4. The adequacy of the audit effort by both the External andInternal Auditors.

5. The adequacy of the disclosures of information essential to givea true and fair presentation of the financial affairs of the Group.

6. Any material discoveries of adjustments made by the Externalor Internal Auditors.

7. The quarterly results and yearly financial statements, prior tothe approval by the Board, focusing particularly on:-

i. Changes in major accounting policies and theirimplementation and the effects of such changes;

ii. Significant and unusual events; and

iii. Compliance with stated accounting standards and otherlegal requirements.

8. Any related party transactions and conflict of interestsituation that may arise, including any transactions,procedures or course of conduct that raise question ofmanagement integrity.

9. The assistance given by the employees to the ExternalAuditors.

10. Any such other functions as may be agreed to by the AuditCommittee and the Board.

SUMMARY OF ACTIVITIESThe Audit Committee has during the financial year ended 31 December 2006 discharged the following functions:-

1. Reviewed the unaudited quarterly results and financialstatements of the Company and its subsidiaries.

2. Reviewed the financial statements of the Group andCompany for the financial year ended 31 December 2006with the External Auditors and discussed before it wasapproved by the Board.

3. Reviewed and endorsed the Audit Plan of the Group for thefinancial year ended 31 December 2006.

4. Deliberated Audit Report on audit assignments.

5. Reviewed and discussed recent developments on accountingand auditing standards issued by the Malaysian AccountingStandards Board.

6. Reviewed the related party transactions entered into by theCompany and JCorp Group of Companies.

7. Met with the External Auditors without the presence of theManagement, pursuant to the Best Practices of MalaysianCode of Corporate Governance.

INTERNAL AUDIT FUNCTIONThe Internal Audit Function of the Company is to independentlyperform all the planned activities with impartiality, proficiency anddue professional care. The Internal Audit Function providesindependent assurance on the efficiency and effectiveness of theinternal control implemented by Management. In this context, theInternal Audit Function forms an integral part of the managementprocess. The Head of the Internal Audit will report directly to theAudit Committee and administratively to the Managing Director.

In carrying out the scope of their duties, the Audit Committeeupdates the Board from time to time on the issues and concernsdiscussed during the Audit Committee Meetings including thoseadvised by the External Auditors and where appropriate, made thenecessary recommendations to the Board.


corporategovernance

39 • Statement on Corporate Governance

44 • Statement on Internal Control

47 • Statement on Directors’ Responsibility

48 • Additional Disclosure Information


corporate governances t a t e m e n t o n

THE BOARD OF DIRECTORS1. Board Composition

The Board composition is continuously reviewed. During thefinancial year under review, the Board continued to be wellbalanced, in which the substantial shareholders areadequately represented, whilst the interest of the minorityshareholders are represented by the Independent Directors.

The Board’s diverse professional expertise has provided arequisite depth and quality in its deliberation and decisionmaking. The Board is equipped with sufficient skills andcompetency to control the direction of the Company.

During the financial year under review, the Board conducted four (4) meetings and the details of attendance of each Director areas follows:-

2. Board MeetingAt every Board Meeting, Board papers were delivered inadvance to facilitate informed decision making. During themeeting, various business issues were deliberated inclusiveof discussion on the strategic business planning of theGroup, review of quarterly financial reporting, evaluation oftenders and progress of the development projects.Presentations to the Board were made at appropriate timesby the Management on business development and proposalsfor Board’s approval. Reports from the Audit Committeewere also discussed during the Board Meetings.

THE BOARD OF DIRECTORS (“THE BOARD”) OF JOHOR LAND BERHAD (“JLAND” OR “THE COMPANY”)CONFIRMS THAT DURING THE FINANCIAL YEAR ENDED 31 DECEMBER 2006, IT HAS CONTINUED TOINCORPORATE EFFECTIVE GOVERNANCE PRACTICES IN THE OVERALL BUSINESS OF THE COMPANY AND ITSSUBSIDIARIES IN COMPLIANCE WITH THE PRINCIPLES AND BEST PRACTICES OF THE MALAYSIAN CODE ONCORPORATE GOVERNANCE (“THE CODE”).

THE BOARD IS DETERMINED AND COMMITTED TOWARDS ENSURING MAXIMUM SHAREHOLDERS’ VALUE ANDENHANCING INVESTORS’ INTEREST WITH THE APPLICATION OF THE PRINCIPLES OF THE CODE.

Directors No. of Meetings attended Percentage

Tan Sri Dato’ Muhammad Ali Hashim 4 out of 4 100%(Non Independent Non Executive – Chairman)

Mohd Talhar Bin Abdul Rahman 2 out of 4 50%(Non Independent Non Executive – Deputy Chairman)

A.F.M Shafiqul Hafiz 4 out of 4 100%(Managing Director)

Abdul Malek Bin Talib — —(Executive Director) (appointed w.e.f 1 January 2007)

Lukman Bin Hj Abu Bakar 2 out of 2 100%(Non Independent Non Executive)(appointed w.e.f 1 August 2006)

Yusof Bin Rahmat – –(Non Independent Non Executive)(appointed w.e.f 1 January 2007)

statement on corporate governance


3. Board BalanceThe Board consists of nine (9) members. Three (3) of theDirectors are Independent Non Executive Directors, asrequired by the Listing Requirements of Bursa MalaysiaSecurities Berhad. Independent Directors will facilitate thedecision making process by providing unbiased andindependent opinion.

The Managing Director has the principal responsibility ofreporting, clarifying and communicating matters to theBoard. The Board has also appointed Dato Hj Hassan Bin HjMohd Yunos as the Senior Independent Non ExecutiveDirector, to whom concerns may be conveyed.

4. Supply of InformationAll Directors are regularly informed on timely basis on allrelevant information pertaining to the Company’s operationthat warrants the Board’s attention. Further, the Board hasfull and unrestricted access to all information within theCompany as a full Board or in their individual capacity, infurtherance of their duties.

5. Directors’ TrainingThe Board took note of the amendments to the ListingRequirement, which stated that the board of directors oflisted companies will assume the onus of determining oroverseeing the training needs of their directors. Save forAbdul Malek Bin Talib and Yusof Bin Rahmat who wereappointed on 1 January 2007, all Directors had attended the Mandatory Accreditation Programme as prescribed byBursa Malaysia.

6. Appointments to the BoardThe actual decision as to who shall be nominated is theresponsibility of the full Board after considering therecommendations by the Nomination and RemunerationCommittee (“NRC”) of Johor Corporation (“JCorp”). The NRCis responsible for proposing respective new nominees forthe Board and for assessing Directors on an on-going basis.

7. Re-ElectionIn accordance with the Company’s Articles of Associationany Director so appointed shall hold office only until thenext following Annual General Meeting, and shall then beeligible for re-election.

In addition at every succeeding Annual General Meeting,one-third (1/3) of the Directors, or, if their number is not amultiple of three (3), the number nearest to, but notexceeding one-third (1/3), shall retire from office. AllDirectors shall retire from office once at least in each three(3) years but shall be eligible for re-election.

The Managing Director shall subject to provisions of anycontract between him and the Company be subject to thesame provisions as to resignation and removal as the otherDirectors of the Company and if he ceases to hold the officeof Director for any cause he shall ipso facto and immediatelycease to be a Managing Director.

As for Directors who are over 70 years of age, they arerequired to submit themselves for re-appointment annuallyas required by Section 129(6) of the Companies Act, 1965.

During the financial year under review, the Board conducted four (4) meetings and the details of attendance of each Director areas follows (cont’d.):-

Directors No. of Meetings attended Percentage

Dato Haji Hassan Bin Haji Mohd Yunos 3 out of 4 75%(Senior Independent Director)

Mahlil Bin Omar 4 out of 4 100%(Independent Director)

Kua Hwee Sim 4 out of 4 100%(Independent Director)

Azizah Binti Abdul Rahman 2 out of 2 100%(Non Independent Non Executive)(resigned w.e.f 15 August 2006)

Ahamad Bin Mohamad 2 out of 2 100%(Non Independent Non Executive)(resigned w.e.f 1 August 2006)

Mohd Tamyes Bin A Rahim 1 out of 1 100%(Non Independent Non Executive)(resigned w.e.f 2 May 2006)



8. Directorship in Other CompaniesAs required by the Listing Requirements, none of theDirectors of the Company holds more than 10 directorshipsin public listed companies and more than 15 in non-publiclisted companies. This ensures that their commitment,resources and time are focused to enable them to dischargetheir duty effectively.

9. Board CommitteesThe Board has delegated certain specific responsibilities totwo (2) committees which operate within clearly defined termof references, with the main objective to assist the Board indischarging its duties and responsibilities.

The Tender Board Committee is chaired by Dato Hj HassanBin Hj Mohd Yunos. Its deliberation includes scope of work,tender estimate, period of completion and recommendationsby Tender Evaluation Committee.

The Audit Committee (“AC”) is currently chaired by Kua HweeSim and comprises three (3) members, of which two (2)members are Independent Directors. AC meets routinely four(4) times a year. The Managing Director, Chief OperatingOfficer, Chief Finance Officer, Head of Internal Audit andExternal Auditors attend such meetings by invitation. Thefunction and activities carried out by AC during the yearunder review are contained in the Audit Committee Report aspresented on page 36 to 37 of this Annual Report.

Considering its important roles under the governanceregime, AC has also conducted self-assessment of itseffectiveness. The evaluation summarises key principles andbest practices that were aligned to Chapter 15 of ListingRequirements, the Code and the Guidance and is providedfor AC Members’ use in assessing AC’s performance. It wasextracted from “Audit Committee Effectiveness – What WorksBest (3rd Edition)” published by PricewaterhouseCoopers(“PwC”) and sponsored by the Institute of Internal Auditors(“IIA”) Research Foundation, USA. The evaluation coversareas on Financial Statements; Risk Management and InternalControl; Compliance and Ethics; Oversight of Managementand Internal Audit; Relationship with External Auditors;Committee Composition; Training; Resources and SpecialInvestigations; Charter and Evaluation; and Meetings.

In line with JCorp’s Group-wide corporate practice, JLand’sNomination and Remuneration Committees (“NRC”) weredissolved and the functions and responsibilities are nowvested with the Group Nomination and RemunerationCommittees of JCorp. JLand is directly represented at theJCorp Group NRC by its Chairman and Managing Directorwho are respectively the Chairman and official member ofthe JCorp Group NRC.

This approach in centralising NRC functions at the Group’scentre is not an uncommon practice among top globalcompanies and leading Multi National Corporations. Theprime consideration is the strategic advantage that theCentre provides by allowing wider access and greater reachto a much larger pool of talent, skills and expertise as wellas to benchmark remunerations on a Group-wide basis.

10. Board’s EffectivenessThe Board forms an important structure/platform of theoverall sound internal control system. Starting 2007, theNomination and Remuneration Committee of JCorp hasagreed to adopt a streamlined format for the Board ofDirectors’ evaluation forms. One of the evaluations isextracted from “Corporate Governance and the Board –What Works Best” published by PwC and sponsored by IIAResearch Foundation, USA. The evaluation covers areas onStrategy and Planning; Risk Management; Tone at the Top;Measuring and Monitoring Performance; TransformationalTransactions; Management Evaluation; Compensation andSuccession Planning; Transparency; and Board Dynamics.



DIRECTORS’ REMUNERATIONAs indicated in Paragraph 9 above, the Nomination and Remuneration Committee of JCorp is also responsible for makingrecommendations on the framework, policy and procedures in reviewing and determining the specific remuneration package of theDirectors in JLand.

The objectives of the remuneration policy are:

• to ensure that individual rewards and incentives fairly relate to the performance of the individual, the Company and the interests ofshareholders; and

• to attract and retain the most qualified and experienced senior executives.

The Committee, where appropriate, seeks independent advice and also has access to pooled information on the latest remuneration andcompensation packages practised in the market.

Details of the remuneration paid/payable to each Director for the financial year are as below:-

Basic Fees & Bonuses Benefits-Salary Allowances & Others in-kind Total

Directors (RM) (RM) (RM) (RM) (RM)

Tan Sri Dato’ Muhammad Ali Hashim — 48,000 — — 48,000(Non Independent Non Executive Chairman)

Mohd Talhar Bin Abdul Rahman — 24,000 — — 24,000(Non Independent Non Executive Deputy Chairman)

A.F.M Shafiqul Hafiz 211,800 138,000 156,141 51,044 556,985(Managing Director)

Abdul Malek Bin Talib — — — — —(Executive Director)(appointed w.e.f 1 January 2007)

Lukman Bin Hj Abu Bakar — 10,000 — — 10,000(Non Independent Non Executive) (appointed w.e.f 1 August 2006)

Yusof Bin Rahmat — — — — —(Non Independent Non Executive) (appointed w.e.f 1 January 2007)

Dato Haji Hassan Bin Haji Mohd Yunos — 24,000 — — 24,000(Senior Independent Director)

Mahlil Bin Omar — 24,000 — — 24,000(Independent Director)

Kua Hwee Sim — 24,000 — — 24,000(Independent Director)

Azizah Binti Abdul Rahman — 15,000 — — 15,000(Non Independent Non Executive)(resigned w.e.f 15 August 2006)

Ahamad Bin Mohamad — 12,000 — — 12,000(Non Independent Non Executive)(resigned w.e.f 1 August 2006)

Mohd Tamyes Bin A Rahim — 6,000* — — 6,000(Non Independent Non Executive)(resigned w.e.f 2 May 2006)

* Directors’ fees paid to pool fund of JCorp.



SHAREHOLDERS(a) Relationship with Shareholders and Investors

The Annual General Meeting (“AGM”) is the principal forumfor dialogue with shareholders. To ensure that shareholdersand investors are well informed of major developments ofthe Group, information is disseminated to shareholders andinvestors through various disclosures and announcements toBursa Malaysia which include quarterly financial results, aswell as through the annual report and where appropriate,circulars and press releases. However, any information thatmay be regarded as undisclosed material information aboutthe Group will be safeguarded.

The Group also maintains a website www.jland.com.my forshareholders and public to access corporate information andnew events related to the group.

(b) Annual General MeetingAt each AGM, the Chairman presents the progress andperformance of the business and encourages shareholdersto participate in the question and answer session. Membersof the Board and Senior Management are present andavailable to respond to shareholders’ questions during themeeting. Item of special business included in the notice ofthe meeting will be accompanied by a full explanation of theeffects of a proposed resolution.

ACCOUNTABILITY AND AUDIT(a) Financial Reporting

In presenting the annual financial statements and quarterlyannouncement to shareholders, the Board aims to present abalanced and an understandable assessment of the Group’sposition and prospects.

(b) Internal ControlThe Statement on Internal Control is set out in page 44 to 46of this Annual Report provides an overview of the Group’sapproach in maintaining a sound system of internal control tosafeguard shareholders’ investment and the Group’s assets.

(c) Relationship with the AuditorsThe Board through the Audit Committee has maintained anappropriate relationship with the External Auditors and thereis a formal and transparent arrangement in the review of theExternal Auditors’ audit plan, report, internal control issuesand procedures. Representatives from the External Auditorswere also invited to attend every Audit Committee Meeting.The Audit Committee also met with the External Auditorswithout the presence of the Management and the ExecutiveBoard Members.

(d) Audit CommitteeThe Audit Committee Report for the financial year isprovided in page 36 to 37 of this Annual Report.

COMPLIANCE TO THE CODEExcept for matters specifically identified, JLand Group wassubstantially in compliance with the Principles and Best Practicesin Corporate Governance throughout the financial year ended 31 December 2006.

Signed on behalf of the Board of Directors in accordance withtheir resolution dated 27 February 2007.

TAN SRI DATO’ MUHAMMAD ALI HASHIMChairman

A.F.M SHAFIQUL HAFIZManaging Director


internal controls t a t e m e n t o n

In discharging the stewardship responsibilities, the Boardrecognises its responsibilities in reviewing the adequacy and theintegrity of internal control systems and management informationsystems of JLand Group, including systems for compliance withapplicable laws, regulations, rules, directives and guidelines as wellas identifying principal risks and ensures the implementation ofappropriate systems to manage the risks. The Group’s internalcontrol system is designed to manage rather than eliminate risk offailure to achieve business objectives and can only providereasonable assurance and not absolute assurance against materialmisstatement or loss.

For the financial year under review, the Board is satisfied thatthere is an ongoing process of identifying, evaluating andmanaging the significant risks faced by the Company.

In providing the Statement on Internal Control for the Group,pursuant to Para 46 of the “Statement on Internal Control -

Guidance for Directors of Public Listed Companies” (“theGuidance”), the Board wishes to inform that it has excluded theassessment of controls on associated company i.e. Revertex (M)Sdn Bhd (“Revertex”), where the assurance on internal control ofthe company is obtained through JLand’s representation on theboard of Revertex.

JLand has adopted COSO Internal Control Framework since 2001.This is in line with the Guidance. Internal control is defined as aprocess, effected by JLand’s Board of Directors and Management,designed to provide reasonable assurance regarding theachievement of the company’s objectives. In this regard, JLand hasconducted annual survey based on the five COSO elementsamong the employees.

The key elements of the Group’s internal control systems aredescribed below:

THE BOARD OF DIRECTORS (“THE BOARD”) OF JOHOR LAND BERHAD (“THE COMPANY” OR “JLAND”) IS

PLEASED TO PROVIDE THE STATEMENT ON INTERNAL CONTROL PURSUANT TO PARAGRAPH 15.27 (B) OF THE

LISTING REQUIREMENTS.

THE BOARD ACKNOWLEDGES ITS RESPONSIBILITY IN MAINTAINING A SOUND SYSTEM OF INTERNAL

CONTROL TO SAFEGUARD SHAREHOLDERS’ INVESTMENT AND THE COMPANY’S ASSETS.

MONITORING RISKASSESSMENT

INFORMATION &COMMUNICATION

CONTROLASSESSMENT

CONTROLENVIRONMENT

statement on internal control


CONTROL ENVIRONMENTThe Board has clear strategies for dealing with the significant risks that have been identified. The Board and the SeniorManagement set the tone of the organisation by demonstrating tostaff and stakeholders, through words and actions, that integrityand ethical values cannot be compromised. Factors influencing thecontrol environment include the management’s philosophy andoperating style, the manner in which management assignsauthority and responsibility, and the attention and directionprovided by the Board.

RISK ASSESSMENTThe Board acknowledges its responsibilities in identifying principalrisks and ensuring the implementation of appropriate systems tomanage these risks. For the financial year under review, the Boardis satisfied that the Group’s objectives are adequately supported bystrategic planning, business plan and budgets. The Group has inplace, an effective risk management policy together withmechanisms effective enough to anticipate and respond to changes.

The Group adopted AS/NZS 4360:2004 Risk ManagementFramework. The Risk Management Framework is as follows:

ESTABLISHTHE CONTEXT

IDENTIFYRISKS

ANALYSERISKS

EVALUATERISKS

TREATRISKS

MONITORING& REVIEW

COMMUNICATE& CONSULT

CHIEF RISK OFFICER

RISK OFFICER

JOHOR BAHRU PASIR GUDANG TIRAM TEBRAU

During the financial year, four (4) Risk Management Reports havebeen deliberated to the Board. Amongst the reports are thehighlights on risk assessments within the context of JLand’sStrategic Planning 2006 – 2010 and business opportunities andthreats in terms of the property market.

The Risk Management function is led by the Chief Risk Officer whooversees the overall risk management activities of the Company.

statement on internal control


CONTROL ACTIVITIESThe Group has established procedures for reporting immediatelyto appropriate levels of management any significant control failingsor weaknesses that are identified together with details of correctiveactions being undertaken.

There has been adequate processes for authorizations (limits ofauthorities), reviewing and approving reconciliations within theGroup. Controls are in place through policies and procedures andconsidered sufficient to meet the Company’s objectives.

INFORMATION AND COMMUNICATIONThe entity-wide strategic plan developed by Management identifiesthe internally and externally generated information. Informationmust be identified, captured and communicated in a form and timeframe which enables people to carry out their responsibilities.Personnel must receive a clear message from top managementthat control responsibilities must be taken seriously. Employeesmust understand their own role in the internal control system andhow individual activities relate to the work of others. Also theremust be means of communicating significant information upstream.There must also be an effective communication with outsiderssuch as customers, suppliers, regulators and shareholders.

MONITORINGSenior Management is actively involved in all operations of theCompany, and has direct contact with customers, suppliers,production activities, bankers, etc. Management frequentlychallenges financial and management reports that are inconsistentwithin its knowledge. The Board regularly receives and reviewreports on internal control. The internal control considered by theBoard includes all types of controls including those of operationaland compliance in nature, as well as internal financial controls.Reports on the state on internal control i.e. the adequacy andintegrity of the internal controls of the company is provided by anindependent Internal Audit Function which possess the necessaryexpertise to perform their duties.

Other monitoring functions:

1. AUDIT DEPARTMENTOther oversight function within the Company is the InternalAudit Function which is independent of the activities theyaudit and has performed their duties with impartiality,proficiency and due professional care. As part of goodcorporate governance, the internal audit services addsubstantive value to JLand by providing assurance that itsexposures are understood and managed appropriately.

2. GOVERNANCE COMMITTEESAt the management level, various committees have beenformed to ensure that decisions are made collectively andafter thorough discussion. JLand has established fifteen (15)Governance Committees to facilitate the operations.

3. INTERNAL QUALITY AUDIT (IQA) ANDSURVEILLANCEInternal Quality Audit and followed by SIRIM QAS’sSurveillance Audit is to ensure that JLand is in compliancewith the ISO Standards. The surveillance audit which washeld in mid-2006 has concluded satisfactorily.

JLand’s accreditation to the stringent requirements of the MS ISO 9001:2000 Standard is a manifestation of itscommitment to ensure the Quality Management System iseffectively implemented and continuously improved.

REVIEW BY THE EXTERNAL AUDITORSThe External Auditors have reviewed this Statement pursuant toParagraph 15.24 of the Listing Requirements and in accordancewith Recommended Practice Guide (“RPG”) 5, Guidance forAuditors on the Review of Directors’ Statement on Internal Control.

THE BOARD’S CONCLUSIONThe Board is pleased to report that the Group has maintained asound internal control system for the financial year under reviewwhich provides reasonable but not absolute assurance that theGroup will not be hindered in achieving their business or beaffected by any circumstances which may reasonably foreseen.

Signed on behalf of the Board of Directors in accordance withtheir resolution dated 27 February 2007.

TAN SRI DATO’ MUHAMMAD ALI HASHIMChairman

A.F.M SHAFIQUL HAFIZManaging Director


directors’ responsibilitys t a t e m e n t o n

The Directors consider that, in preparing the financial statements of the Group and of the Company for the financial year ended

31 December 2006, the Group and the Company have used appropriate accounting policies, consistently applied and supported by

reasonable and prudent judgements and estimates. The Directors also consider that all applicable approved accounting standards for

entities other than private entities issued by MASB in Malaysia have been followed and confirm that the financial statements have been

prepared on a going concern basis.

The Directors are responsible for ensuring that the Company and its subsidiaries keep accounting records which disclose with reasonable

accuracy at any time 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 the Companies Act, 1965. The Directors are also responsible for taking such steps as are

reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Signed on behalf of the Board of Directors in accordance with their resolution dated 27 February 2007.

TAN SRI DATO’ MUHAMMAD ALI HASHIM A.F.M SHAFIQUL HAFIZChairman Managing Director


UTILIZATION OF PROCEEDSThe Company did not implement any fund raising exercise during the financial year.

SHARE BUY-BACKDuring the financial year, the Company repurchased in the open market 118,800 of its issued ordinary shares as per table below. As at 31 December 2006, the Company repurchased 951,800 units of its issued shares from the open market.

The total shares repurchased are being held as treasury shares and carried out as cost in accordance with the requirement of Section67A of Companies Act 1965. None of the treasury shares has been resold, cancelled or distributed as share dividends as at the date ofthis report.

No. of shares Lowest Highest Average Total purchaseMonth 2006 purchased purchase price purchase price purchase price consideration

(RM) (RM) (RM) (RM)

Jan – Feb — — — — —March 19,900 0.805 0.830 0.822 16,349April 56,100 0.775 0.783 0.779 43,758May — — — — —June 42,800 0.790 0.790 0.790 33,812July – Dec — — — — —

OPTION, WARRANTS OR CONVERTIBLE SECURITIESNo options, warrants or Convertible Securities were exercised during the financial year.

AMERICAN DEPOSITORY RECEIPT (“ADR”) OR GLOBAL DEPOSITORY RECEIPT (“GDR”)The Company did not sponsor any ADR or GDR programme during the financial year.

SANCTIONS AND/OR PENALTIESThere were no public sanctions and/or penalties imposed on the Company and its subsidiaries, Directors or management by anyregulatory bodies during the financial year.

NON-AUDIT FEESThe amount of non-audit fees payable to the External Auditors by the Group for the financial year ended 31 December 2006 is as follows:

Auditors Services RMKPMG Professional fee for services rendered in relation with the review of

Statement on Internal Control 1,000

VARIATION IN RESULTSThere was no material variation between the audited results for the financial year ended 31 December 2006 and the unaudited resultspreviously released for the financial quarter ended 31 December 2006.

PROFIT GUARANTEEThe Company did not make any arrangement during the financial year which requires profit guarantee.

disclosure informationa d d i t i o n a l

additional disclosure information


MATERIAL CONTRACTSThere was no other material contracts entered into by the Company and/or its subsidiaries involving Directors and major shareholders’interests subsisting at 31 December 2006 or entered into since the end of the previous financial year ended 31 December 2005 exceptas disclosed under Note 23 of the financial statements on page 86.

At an Extraordinary General Meeting held on Tuesday, 24 May 2006, the Company obtained a Shareholders’ mandate to allow the Groupto enter into recurrent related party transactions of a revenue or trading nature with the following parties:-

Actual Value ofTransaction from1 January to 31

Relationship of December 2006Company Transacting Party Nature of Transaction transacting party (RM’000)

JLand and/or KMB 1. Sale of fresh fruit bunches through KMB: A subsidiary of JCorp, aSubsidiaries – sales value major shareholder of JLand, 2,824

– commission payable to KMB by virtue of Section *562. Management of oil palm estate by KMB 6A of the Act^ *293

3,173

JLand and/or Damansara Assets Rental of office space to JLand and A wholly-owned subsidiary of JCorp, *527subsidiaries Sdn Bhd related expenses a major shareholder of JLand,

by virtue of Section 6A of the Act^

JLand and/or Pro Communication Advertising and promotion services A subsidiary of JCorp via *39subsidiaries Services Sdn. Bhd. provided to JLand Group Tajasukan Sdn Bhd^

JLand and/or Teraju Fokus Security services provided to JLand Group An associate company of JCorp, *1,027subsidiaries Sdn Bhd a major shareholder of JLand, by

virtue of Section 6A of the Act^

JLand and/or JCorp Miscellaneous services rendered by JCorp JCorp is a major shareholder of JLand *110subsidiaries (for example secretarial services, staff by virtue of Section 6A of the Act^

training, legal advisory, rental, internalaudit services)

JLand and/or JCorp Group Sale of houses, shops, shop offices and other JCorp is a major shareholder of JLand 88subsidiaries types of development on land registered in the by virtue of Section 6A of the Act^

name of JCorp Group for which JLand hasacquired from JCorp Group the said land. Theentire proceeds of the sale accrue to JLand

* Denotes amounts payable by JLand to transacting parties^ Interested directors, Major shareholders and persons connected are as follows:-

(i) Tan Sri Dato’ Muhammad Ali bin Hashim is the Chairman of JLand and Chief Executive of JCorp. He is also the Chairman of various other companies within the JCorp Group.(ii) Mohd Talhar bin Abdul Rahman is a Non Independent Non Executive Deputy Chairman of JLand and the Group Chairman of Messrs C H Williams Talhar & Wong Sdn. Bhd. that

provides professional services to JLand via the JCorp Group.(iii) A.F.M Shafiqul Hafiz is the Managing Director of JLand and also holds directorships in various other companies within the JCorp Group.(iv) Lukman Bin Hj Abu Bakar is a Non Independent Non Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group.(v) Abdul Malek Bin Talib is an Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group(vi) Yusof Bin Rahmat is a Non Independent Non Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group.

financialstatements

Directors’ Report 51

Statement by Directors 55

Statutory Declaration 55

Report of The Auditors 56

Balance Sheets 57

Income Statements 58

Consolidated Statement of Changes in Equity 59

Statement of Changes in Equity 60

Cash Flow Statements 61

Notes to the Financial Statements 63


directors’ report for the year ended 31 December 2006


The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the yearended 31 December 2006.

PRINCIPAL ACTIVITIESThe principal activities of the Company consist of the housing development and investment holdings. The principal activities of itssubsidiaries are disclosed in Note 5 to the financial statements. There has been no significant change in the nature of these activitiesduring the financial year.

RESULTSGroup Company

RM RM

Profit for the year 17,747,702 17,132,415

RESERVES AND PROVISIONSThere were no material transfers to or from reserves and provisions during the financial year under review except as disclosed in thefinancial statements.

DIVIDENDSSince the end of the previous financial year, the Company paid:

(i) an interim dividend of 4% less tax per ordinary share totalling RM3,489,610 in respect of the year ended 31 December 2005 on21 April 2006;

(ii) a final dividend of 3% less tax per ordinary share totalling RM2,618,685 in respect of the year ended 31 December 2005 on 30 June 2006; and

(iii) an interim dividend of 4% less tax per ordinary share totalling RM3,486,186 in respect of the year ended 31 December 2006 on21 December 2006.

The Directors do not recommend the payment of any final dividend in respect of the current financial year.

DIRECTORS OF THE COMPANYDirectors who served since the date of the last report are:

Tan Sri Dato’ Muhammad Ali HashimMohd Talhar bin Abd. RahmanA.F.M. Shafiqul HafizKua Hwee SimMahlil bin OmarDato’ Hj. Hassan bin Hj. Mohd. YunosLukman bin Hj. Abu Bakar (appointed on 1 August 2006)Yusof bin Rahmat (appointed on 1 January 2007)Abdul Malek bin Talib (appointed on 1 January 2007)Md. Tamyes bin A. Rahim (resigned on 2 May 2006)Ahamad bin Mohamad (resigned on 1 August 2006)Azizah binti Abdul Rahman (resigned on 15 August 2006)



DIRECTORS’ INTERESTSThe holdings and deemed holdings in the ordinary shares of the Company and of its related corporations of those who were Directorsat year end as recorded in the Register of Directors’ Shareholdings are as follows:

Number of ordinary shares of RM1.00 eachAt At

1 January 31 DecemberName of Directors Interest 2006 Bought Sold 2006

COMPANYTan Sri Dato’ Muhammad Ali Hashim Direct 46,000 54,360 — 100,360A.F.M. Shafiqul Hafiz Direct 251,000 70,500 (253,700) 67,800Kua Hwee Sim Direct 9,000 — — 9,000Mohd Talhar bin Abd. Rahman Direct — 7,920 — 7,920



RELATED COMPANIES– Kulim (Malaysia) BerhadTan Sri Dato’ Muhammad Ali Hashim Direct 284,000 — — 284,000

Deemed 16,400 6,000 — 22,400

Mohd Talhar bin Abd. Rahman Direct 41,370 — (41,370) —

A.F.M. Shafiqul Hafiz Direct 1,000 9,000 (9,000) 1,000



– Sergam BerhadA.F.M. Shafiqul Hafiz Direct 1 — — 1

– Sindora BerhadTan Sri Dato’ Muhammad Ali Hashim Direct 69,300 3,465 — 72,765

A.F.M. Shafiqul Hafiz Direct — 14,700 (14,700) —

– KPJ Healthcare BerhadTan Sri Dato’ Muhammad Ali Hashim Direct 81,100 — — 81,100

Deemed 12,000 — — 12,000

A.F.M. Shafiqul Hafiz Direct — 16,600 (16,600) —

– QSR Brands BhdA.F.M. Shafiqul Hafiz Direct — 1,000 — 1,000

None of the other Directors holding office at 31 December 2006 had any interest in the ordinary shares of the Company and of itsrelated corporations during the year.



DIRECTORS’ BENEFITSSince the end of the previous financial year, no Director of the Company has received nor become entitled to receive any benefit (otherthan a benefit included in the aggregate amount of emoluments received or due and receivable by Directors as shown in the financialstatements) by reason of a contract made by the Company or a related corporation with the Director or with a firm of which the Directoris a member, or with a company in which the Director has a substantial financial interest.

There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the Company toacquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.

ISSUE OF SHARESThere were no changes in the authorised, issued and paid-up capital of the Company during the financial year.

OPTIONS GRANTED OVER UNISSUED SHARESNo options were granted to any person to take up unissued shares of the Company during the financial year.

OTHER STATUTORY INFORMATIONBefore the balance sheets and income statements of the Group and of the Company were made out, the Directors took reasonable stepsto ascertain that:

(i) all known bad debts have been written off and adequate provision has been made for doubtful debts, and

(ii) all current assets have been stated at the lower of cost and net realisable value.

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

(i) that would render the amount written off for bad debts, or the amount of the provision for doubtful debts in the Group and in theCompany inadequate to any substantial extent, or

(ii) that would render the value attributed to the current assets in the financial statements of the Group and of the Company misleading,or

(iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of theCompany misleading or inappropriate, or

(iv) not otherwise dealt with in this report or the financial statements, that would render any amount stated in the financial statementsof the Group and of the Company misleading.

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

(i) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and which securesthe liabilities of any other person, or

(ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.

No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become enforceable withinthe period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect theability of the Group and of the Company to meet their obligations as and when they fall due.

In the opinion of the Directors, except for the effect of adoption of new Financial Reporting Standards as disclosed in Note 27 to thefinancial statements, the results of the operations of the Group and of the Company for the year ended 31 December 2006 have notbeen substantially affected by any item, transaction or event of a material and unusual nature nor has any such item, transaction or eventoccurred in the interval between the end of that financial year and the date of this report.



AUDITORSThe auditors, Messrs KPMG, have indicated their willingness to accept re-appointment.

Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:

Tan Sri Dato’ Muhammad Ali Hashim

A.F.M. Shafiqul Hafiz

Johor Bahru,Date: 5 March 2007

statement by directors pursuant to Section 169(15) of the Companies Act, 1965


In the opinion of the Directors, the financial statements set out on pages 57 to 92, are drawn up in accordance with the provisions ofthe Companies Act, 1965 and applicable approved accounting standards for entities other than private entities issued by the MalaysianAccounting Standards Board so as to give a true and fair view of the state of affairs of the Group and of the Company at 31 December2006 and of the results of their operations and cash flows for the financial year ended on that date.

Signed in accordance with a resolution of the Directors:

Tan Sri Dato’ Muhammad Ali Hashim

A.F.M. Shafiqul Hafiz


statutory declaration pursuant to Section 169(16) of the Companies Act, 1965

I, Mariana binti Sidi, the officer primarily responsible for the financial management of JOHOR LAND BERHAD, do solemnly and sincerelydeclare that the financial statements set out on pages 57 to 92 are, to the best of my knowledge and belief, correct and I make thissolemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by the abovenamed in Johor Bahru in the State of Johor on 5 March 2007.

Mariana binti Sidi

Before me:

R. RAMASAMYP.I.S.Commissioner for OathsJ058

report of the auditors to members of Johor Land Berhad


We have audited the financial statements set out on pages 57 to 92. The preparation of the financial statements is the responsibility ofthe Company’s Directors.

It is our responsibility to form an independent opinion, based on our audit, on the 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 toany other person for the content of this report.

We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by the Directors, as well as evaluating the overall financialstatements presentation. We believe our audit provides a reasonable basis for our opinion.

In our opinion:

(a) the financial statements are properly drawn up in accordance with the provisions of the Companies Act, 1965 and applicableapproved accounting standards for entities other than private entities issued by the Malaysian Accounting Standards Board so as togive a true and fair view of:

(i) the state of affairs of the Group and of the Company as at 31 December 2006 and of the results of their operations andcash flows for the financial year ended on that date; and

(ii) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements of the Groupand of the Company; and

(b) the accounting and other records and the registers required by the Companies Act, 1965 to be kept by the Company and itssubsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the said Act.

We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s financial statements arein form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we havereceived satisfactory information and explanations required by us for those purposes.

The audit reports on the financial statements of the subsidiaries were not subject to any qualification and did not include any commentmade under sub-section (3) of Section 174 of the Act.

The previous years’ financial statements of the Group and of the Company were audited by another firm of accountants.

KPMG Ang Ah LeckFirm Number: AF 0758 PartnerChartered Accountants Approval Number: 1991/09/07 (J)


balance sheets as at 31 December 2006


Group CompanyNote 2006 2005 2006 2005

RM RM RM RM

AssetsProperty, plant and equipment 3 3,782,524 5,210,841 2,269,524 2,707,126Investment properties 4 3,184,538 2,534,538 — —Investments in subsidiaries 5 — — 19,548,000 19,548,000Investments in associates 6 40,463,832 42,281,112 37,188,721 37,188,721Land held for future development 7 500,009,076 498,918,665 487,977,226 486,886,815Deferred tax assets 8 15,786,251 15,506,251 15,787,251 15,507,251

Total non-current assets 563,226,221 564,451,407 562,770,722 561,837,913

Property development projects 9 102,060,655 82,352,483 63,513,070 58,115,107Inventories 10 48,231,686 47,297,106 44,940,628 45,752,395Trade and other receivables 11 38,338,015 40,682,314 46,209,770 50,831,839Short term investments 12 176,462 114,618 176,462 114,618Cash and cash equivalents 13 5,332,139 20,879,336 2,540,653 1,171,498

Total current assets 194,138,957 191,325,857 157,380,583 155,985,457

Total assets 757,365,178 755,777,264 720,151,305 717,823,370

EquityShare capital 122,000,000 122,000,000 122,000,000 122,000,000Reserves 369,115,511 369,210,127 369,115,511 369,210,127Retained earnings 148,846,545 140,693,324 116,250,987 108,713,053

Total equity attributable to shareholdersof the Company 639,962,056 631,903,451 607,366,498 599,923,180

Minority interests — 72,413 — —

Total equity 14 639,962,056 631,975,864 607,366,498 599,923,180

LiabilitiesLoans and borrowings/Total non-current liabilities 15 61,142,084 53,486,282 52,462,084 53,477,067

Trade and other payables 16 15,380,467 22,269,906 23,665,157 21,216,863Loans and borrowings 15 40,573,684 46,735,513 36,573,684 42,719,713Taxation 306,887 1,309,699 83,882 486,547

Total current liabilities 56,261,038 70,315,118 60,322,723 64,423,123

Total liabilities 117,403,122 123,801,400 112,784,807 117,900,190

Total equity and liabilities 757,365,178 755,777,264 720,151,305 717,823,370

The accompanying notes form an integral part of the financial statements.

income statements for the year ended 31 December 2006


Group CompanyNote 2006 2005 2006 2005

RM RM RM RM

Revenue 17 74,660,253 88,783,157 78,689,709 88,511,676Cost of sales (43,354,848) (54,788,252) (37,698,051) (47,647,791)

Gross profit 31,305,405 33,994,905 40,991,658 40,863,885Other income 1,901,947 1,683,436 1,645,512 381,288Distribution expenses (2,655,941) (3,800,726) (2,628,775) (3,774,011)Administration expenses (11,183,645) (9,589,087) (9,701,152) (7,954,644)Other expenses (358,423) (1,628,656) (1,110) (1,503,823)

Results from operating activities 19,009,343 20,659,872 30,306,133 28,012,695Interest income 281,807 413,316 38,678 22,721Finance costs 18 (6,068,490) (5,616,097) (5,858,784) (5,450,969)

Operating profit 19 13,222,660 15,457,091 24,486,027 22,584,447Share of profit after tax and minority interest

of equity accounted associates 8,876,148 7,822,721 — —Amortisation of premium on acquisition of associates — (1,019,100) — —

Profit before tax 22,098,808 22,260,712 24,486,027 22,584,447Tax expense 20 (4,423,519) (5,805,172) (7,353,612) (7,861,574)

Profit for the year 17,675,289 16,455,540 17,132,415 14,722,873

Attributable to:Shareholders of the Company 17,747,702 16,567,113 17,132,415 14,722,873Minority interest (72,413) (111,573) — —

Profit for the year 17,675,289 16,455,540 17,132,415 14,722,873

Basic earnings per ordinary share (sen) 21 14.66 13.67

Diluted earnings per ordinary share (sen) 21 4.42 4.16


consolidated statement of changes in equity for the year ended 31 December 2006


Attributable to shareholders of the Company Non-distributable

Convertibleunsecured

Share loan stocks DistributableShare premium -equity Treasury Retained Minority Total

Note capital reserve portion shares earnings Total interest equityRM RM RM RM RM RM RM RM

GroupAt 1 January 2005– As previously reported 122,000,000 78,581,839 19,288,797 (760,158) 127,615,821 346,726,299 183,986 346,910,285– Effect of adopting FRS 132 27 — — 272,099,649 — — 272,099,649 — 272,099,649

At 1 January 2005,restated 122,000,000 78,581,839 291,388,446 (760,158) 127,615,821 618,825,948 183,986 619,009,934

Profit for the year — — — — 16,567,113 16,567,113 (111,573) 16,455,540Dividends to shareholders 22 — — — — (3,489,610) (3,489,610) — (3,489,610)

At 31 December 2005,restated 122,000,000 78,581,839 291,388,446 (760,158) 140,693,324 631,903,451 72,413 631,975,864

At 31 December 2005– As previously reported 122,000,000 78,581,839 19,288,797 (760,158) 135,805,760 354,916,238 72,413 354,988,651– Effect of adopting FRS 132 27 — — 272,099,649 — 4,887,564 276,987,213 — 276,987,213

At 31 December 2005,restated 122,000,000 78,581,839 291,388,446 (760,158) 140,693,324 631,903,451 72,413 631,975,864

Profit for the year — — — — 17,747,702 17,747,702 (72,413) 17,675,289Treasury shares acquired — — — (94,616) — (94,616) — (94,616)Dividends to shareholders 22 — — — — (9,594,481) (9,594,481) — (9,594,481)

At 31 December 2006 122,000,000 78,581,839 291,388,446 (854,774) 148,846,545 639,962,056 — 639,962,056


statement of changes in equity for the year ended 31 December 2006


Non-distributable Convertibleunsecured

Share loan stocks- DistributableShare premium equity Treasury Revaluation Retained Total

Note capital reserve portion shares reserve earnings equityRM RM RM RM RM RM RM

CompanyAt 1 January 2005– As previously reported 122,000,000 78,581,839 19,288,797 (760,158) 2,530,027 102,479,790 324,120,295– Effect of adopting FRS 127 27 — — — — (2,530,027) (5,000,000) (7,530,027)— Effect of adopting FRS 132 27 — — 272,099,649 — — — 272,099,649

At 1 January 2005, restated 122,000,000 78,581,839 291,388,446 (760,158) — 97,479,790 588,689,917Profit for the year — — — — — 14,722,873 14,722,873Dividends to shareholders 22 — — — — — (3,489,610) (3,489,610)

At 31 December 2005,restated 122,000,000 78,581,839 291,388,446 (760,158) — 108,713,053 599,923,180

At 31 December 2005– As previously reported 122,000,000 78,581,839 19,288,797 (760,158) 2,530,027 108,825,489 330,465,994– Effect of adopting FRS 127 27 — — — — (2,530,027) (5,000,000) (7,530,027)– Effect of adopting FRS 132 27 — — 272,099,649 — — 4,887,564 276,987,213

At 31 December 2005,restated 122,000,000 78,581,839 291,388,446 (760,158) — 108,713,053 599,923,180

Profit for the year — — — — — 17,132,415 17,132,415Treasury shares acquired — — — (94,616) — — (94,616)Dividends to shareholders 22 — — — — — (9,594,481) (9,594,481)

At 31 December 2006 122,000,000 78,581,839 291,388,446 (854,774) — 116,250,987 607,366,498


cash flow statements for the year ended 31 December 2006


Group Company2006 2005 2006 2005

RM RM RM RM

CASH FLOWS FROM OPERATING ACTIVITIESProfit before tax 22,098,808 22,260,712 24,486,027 22,584,447

Adjustments for:-

Amortisation of premium on acquisition of an associate — 1,019,100 — —Change in fair value on investment property 276,920 — — —Depreciation 565,037 805,610 463,295 499,493Finance costs 6,068,490 5,616,097 5,858,784 5,450,969Impairment loss in investment in a subsidiary — — — 1,500,000Loss on disposal of investment in an associate — 1,623,786 — —Loss on disposal of property, plant and equipment 14,159 — — —Property, plant and equipment written off 8,844 4,869 1,109 3,823Gross dividends from quoted shares (2,371) (5,641) (2,371) (5,641)Gain on disposal of quoted investments (3,018) (12,612) (3,018) (12,612)Impairment loss on property, plant and equipment — (1,065,754) — —Interest income (281,807) (413,316) (38,678) (22,721)Share in results of associate (8,876,148) (7,822,721) — —

Operating profit before changes in working capital 19,868,914 22,010,130 30,765,148 29,997,758Change in inventories (934,580) (2,792,119) 811,767 (8,869,753)Change in trade and other receivables 2,349,208 1,960,206 4,622,069 (15,894,637)Change in trade and other payables (6,889,439) (12,641,916) 2,448,294 2,015,583Change in property development projects (19,708,172) (6,026,487) (5,397,963) 3,531,651

Cash (used in)/generated from operations (5,314,069) 2,509,814 33,249,315 10,780,602Interest received 281,807 413,316 38,678 22,721Dividend received 10,825,175 9,020,979 — —Interest paid (3,000,198) (2,688,915) (2,790,492) (2,523,787)Tax paid (5,711,238) (6,013,889) (8,036,277) (9,006,407)

Net cash (used in)/from operating activities (2,918,523) 3,241,305 22,461,224 (726,871)

CASH FLOWS FROM INVESTING ACTIVITIESAcquisition of property, plant and equipment (146,081) (490,168) (26,802) (259,146)Acquisition of investment in associate (131,750) — — —Acquisition of quoted investment (422,353) (145,095) (422,353) (145,095)Land held for future developments (1,090,411) 2,091,050 (1,090,411) 2,091,050Proceeds from disposal of property, plant and equipment 59,438 — — —Proceeds from disposal of investment in an associate — 1,837,500 — —Proceeds from disposal of quoted investments 363,528 143,024 363,527 1,980,524Dividends received 2,371 4,341 2,371 4,341

Net cash (used in)/from investing activities (1,365,258) 3,440,652 (1,173,668) 3,671,674

cash flow statements for the year ended 31 December 2006


Group Company2006 2005 2006 2005

RM RM RM RM

CASH FLOWS FROM FINANCING ACTIVITIESPayment of finance lease liabilities (284,465) (272,439) (259,450) (256,639)Net proceeds/(repayment) of borrowings 16,414 (4,093,817) 16,414 (4,093,817)Drawdown of bridging loan 8,680,000 — — —Dividends paid to shareholders of the Company (9,594,481) (5,631,617) (9,594,481) (5,631,617)Interest paid on convertible unsecured loan stocks (4,023,288) (3,290,959) (4,023,288) (3,290,959)Treasury shares (94,616) — (94,616) —

Net cash used in financing activities (5,300,436) (13,288,832) (13,955,421) (13,273,032)

Net (decrease)/increase in cash and cash equivalents (9,584,217) (6,606,875) 7,332,135 (10,328,229)Cash and cash equivalents at 1 January (16,536,147) (9,929,272) (36,243,985) (25,915,756)

Cash and cash equivalents at 31 December (26,120,364) (16,536,147) (28,911,850) (36,243,985)

Cash and cash equivalents included in the cash flow statementscomprise the following balance sheet amounts:

Cash and bank balances 3,611,550 8,249,276 2,540,653 1,171,498Fixed deposits with a licensed banks 1,720,589 12,630,060 — —Bank overdrafts (31,452,503) (37,415,483) (31,452,503) (37,415,483)

(26,120,364) (16,536,147) (28,911,850) (36,243,985)


notes to the financial statements


Johor Land Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Board of BursaMalaysia Securities Berhad. The addresses of its registered office and principal place of business are as follows:

Registered office13th Floor, Menara Johor CorporationKOTARAYA80000 Johor BahruJohor Darul Takzim

Principal place of business10th FloorKOMTARJalan Wong Ah Fook80000 Johor BahruJohor Darul Takzim

The consolidated financial statements as at and for the year ended 31 December 2006 comprise the Company and its subsidiaries(together referred to as the Group) and the Group’s interest in associates.

The principal activities of the Company consist of the housing development and investment holdings. The principal activities of itssubsidiaries are disclosed in Note 5.

The holding and ultimate holding corporation during the financial year is Johor Corporation, a body corporate established under the JohorCorporation Enactment (No. 4 of 1968) (as amended by Enactment No. 5 of 1995).

1. BASIS OF PREPARATION(a) Statement of compliance

The financial statements of the Group and of the Company have been prepared in accordance with applicable approvedaccounting standards for entities other than private entities issued by the Malaysian Accounting Standards Board (MASB),accounting principles generally accepted in Malaysia and the provisions of the Companies Act, 1965.

The MASB has issued a number of new and revised Financial Reporting Standards (FRSs) or Interpretation that are effectivefor annual periods beginning on or after 1 January 2006 or available for early adoption. The following new FRSs have notbeen applied in preparing these financial statements:

(i) FRS 117, Leases – This FRS is effective for annual periods beginning on or after 1 October 2006. By virtue of theexemption in paragraph 67B of FRS 117, the impact of applying FRS 117 on the financial statements upon first adoptionof this standard as required by paragraph 30(b) of FRS 108, Accounting Policies, Changes in Accounting Estimates andErrors is not disclosed;

(ii) FRS 124, Related Party Disclosures – This FRS is effective for annual periods beginning on or after 1 October 2006. Byvirtue of the exemption in paragraph 22A of FRS 124, the impact of applying FRS 124 on the financial statements uponfirst adoption of this standard as required by paragraph 30(b) of FRS 108 is not disclosed;

(iii) FRS 139, Financial Instruments: Recognition and Measurement – This FRS has been issued by the MASB but the MASBhas yet to announce the effective date of this standard. By virtue of the exemption in paragraph 103AB of FRS 139,the impact of applying FRS 139 on the financial statements upon first adoption of this standard as required by paragraph30(b) of FRS 108 is not disclosed;

(iv) Amendment to FRS 1192004, Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures – Certainamendments made to FRS 1192004 are effective for annual periods beginning on or after 1 January 2007. The adoptionof these amendments does not have any significant impact on the financial statements of the Group and of the Companyin the period of initial application; and

(v) FRS 6, Exploration for and Evaluation of Mineral Resources – This FRS is effective for annual periods beginning on orafter 1 January 2007. This standard is not applicable to the Group and the Company.



1. BASIS OF PREPARATION (continued)(a) Statement of compliance (continued)

The Group plans to apply FRS 117, FRS 124, and the Amendment to FRS 1192004 initially for the annual period beginning 1 January 2007.

The effects of adopting the new/revised FRSs in 2006 are set out in Note 27.

The financial statements were approved by the Board of Directors on 5 March 2007.

(b) Basis of measurementThe financial statements have been prepared on the historical cost basis except for investment properties as explained in theaccounting policy note.

(c) Functional and presentation currencyThese financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functional currency. All financialinformation are presented in RM, unless otherwise stated.

(d) Use of estimates and judgementsThe preparation of financial statements requires management to make judgements, estimates and assumptions that affect theapplication of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results maydiffer from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised inthe period in which the estimate is revised and in any future periods affected.

In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policiesthat have the most significant effect on the amounts recognised in the financial statements are described in the following notes:

Note 2r(iii) – revenue recognition on property developmentNote 4 – valuation of investment properties

2. SIGNIFICANT ACCOUNTING POLICIESThe accounting policies set out below have been applied consistently to all periods presented in these financial statements, andhave been applied consistently by Group entities, unless otherwise stated. Certain comparative amounts have been reclassified orre-presented to conform to the current year’s presentation (see Note 28). In addition, the comparative financial statements havebeen restated to take into account the effect of adopting FRS 132, Financial Instrument: Disclosure and Presentation.

(a) Basis of consolidation(i) Subsidiaries

Subsidiaries are entities, including unincorporated entities, controlled by the Group. Control exists when the Group hasthe ability to exercise its power to govern the financial and operating policies of an entity so as to obtain benefits fromits activities. In assessing control, potential voting rights that presently are exercisable are taken into account.

The financial statements of subsidiaries are included in the consolidated financial statements from the date that controlcommences until the date that control ceases.

Investments in subsidiaries are stated in the Company’s balance sheet at cost less impairment losses, unless theinvestment is classified as held for sale.

(ii) AssociatesAssociates are entities, including unincorporated entities, in which the Group has significant influence, but not control,over the financial and operating policies.

Associates are accounted for in the consolidated financial statements using the equity method unless it is classified asheld for sale (or included in a disposal group that is classified as held for sale). The consolidated financial statementsinclude the Group’s share of the income and expenses of the equity accounted associates, after adjustments to align theaccounting policies with those of the Group, from the date that significant influence commences until the date thatsignificant influence ceases.



2. SIGNIFICANT ACCOUNTING POLICIES (continued)(a) Basis of consolidation (continued)

(ii) Associates (continued)When the Group’s share of losses exceeds its interest in an equity accounted associate, the carrying amount of thatinterest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinuedexcept to the extent that the Group has an obligation or has made payments on behalf of the investee.

Investments in associates are stated in the Company’s balance sheet at cost less impairment losses.

(iii) Minority interestMinority interests at the balance sheet date, being the portion of the net assets of subsidiaries attributable to equityinterests that are not owned by the Company, whether directly or indirectly through subsidiaries, are presented in theconsolidated balance sheet and statement of changes in equity within equity, separately from equity attributable to theequity shareholders of the Company. Minority interests in the results of the Group are presented on the face of theconsolidated income statement as an allocation of the total profit or loss for the year between minority interests and theequity shareholders of the Company.

Where losses applicable to the minority exceed the minority’s interest in the equity of a subsidiary, the excess, and anyfurther losses applicable to the minority, are charged against the Group’s interest except to the extent that the minorityhas a binding obligation to, and is able to, make additional investment to cover the losses. If the subsidiary subsequentlyreports profits, the Group’s interest is allocated all such profits until the minority’s share of losses previously absorbedby the Group has been recovered.

(b) Foreign currency(i) Foreign currency transactions

Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchangerates at the dates of the transaction.

Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to thefunctional currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currenciesthat are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fairvalue was determined. Foreign currency differences arising on retranslation are recognised in the income statement.

(ii) Operations denominated in functional currencies other than Ringgit MalaysiaThe assets and liabilities of operations in functional currencies other than RM, including goodwill and fair valueadjustments arising on acquisition, are translated to RM at exchange rates at the balance sheet date. The income andexpenses of foreign operations are translated to RM at exchange rates at the dates of the transactions.

On disposal, accumulated translation differences are recognised in the consolidated income statement as part of the gainor loss on sale.

(c) Property, plant and equipment(i) Recognition and measurement

Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.

Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assetsincludes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to workingcondition for its intended use, and the costs of dismantling and removing the items and restoring the site on which theyare located.

When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for asseparate items (major components) of property, plant and equipment.

(ii) Reclassification to investment propertyProperty that is being constructed for future use as investment property is accounted for as property, plant andequipment until construction or development is complete, at which time it is remeasured to fair value and reclassified asinvestment property. Any gain or loss arising on remeasurement is recognised in the income statement.

When the use of a property changes from owner-occupied to investment property, the property is remeasured to fairvalue and reclassified as investment property. Any gain arising on remeasurement is recognised directly in equity. Anyloss is recognised immediately in the income statement.



2. SIGNIFICANT ACCOUNTING POLICIES (continued)(c) Property, plant and equipment (continued)

(iii) Subsequent costsThe cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the itemif it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can bemeasured reliably. The carrying amount of those parts that are replaced is derecognised. The costs of the day-to-dayservicing of property, plant and equipment are recognised in the income statement as incurred.

(iv) DepreciationDepreciation is recognised in the income statement on a straight-line basis over the estimated useful lives of each partof an item of property, plant and equipment. Long and short leasehold land is amortised based on straight-line basisover the leasehold periods of 30 to 90 years respectively. Freehold land is not depreciated.

The estimated useful lives for the current and comparative periods are as follows:

Buildings 2% – 12%Plant and machinery 12% – 20%Furniture, fittings and equipment 20% – 25% and replacement basisMotor vehicles 20%

The plant and machinery belonging to a subsidiary company is depreciated based on the proportion of production unitsfor the financial year to the units of production expected over the life of the plant and machinery.

The depreciable amount is determined after deducting the residual value.

Depreciation methods, useful lives and residual values are reassessed at the reporting date.

(d) Leased assetsLeases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as financeleases. Upon initial recognition the leased asset is measured at an amount equal to the lower of its fair value and the presentvalue of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with theaccounting policy applicable to that asset.

Other leases are operating leases and, except for leasehold land classified as investment property, the leased assets are notrecognised on the Group’s balance sheet. Property interest held under an operating lease, which is held to earn rental incomeor for capital appreciation or both, is classified as investment property.

(e) Intangible assetsGoodwillGoodwill (negative goodwill) arises on the acquisition of subsidiaries and associates. For acquisitions prior to 1 January 2006,goodwill represents the excess of the cost of the acquisition over the Group’s interest in the fair values of the net identifiableassets and liabilities.

With the adoption of FRS 3 beginning 1 January 2006, goodwill represents the excess of the cost of the acquisition over theGroup’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree.

Goodwill is allocated to cash-generating units and is tested annually for impairment or more frequently if events or changesin circumstances indicate that it might be impaired.

In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment.The entire carrying amount of the investment is tested for impairment when there is objective evidence of impairment.

Before adoption of FRS 3, goodwill was measured at cost less accumulated amortisation and impairment losses. Goodwill waseither written off in the year of acquisition or capitalised and amortised from the date of initial recognition over its estimateduseful life of not more than 20 years or the expected useful life, whichever is shorter. Impairment tests on goodwill wereperformed when there were indications of impairment. Negative goodwill represents the excess of the fair values of theGroup’s share of identifiable net assets acquired over the acquisition cost. It was either capitalised in the year of acquisitionor capitalised and amortised to income statements evenly through the income statements over a period of five (5) years orestimated useful life, whichever is shorter.



2. SIGNIFICANT ACCOUNTING POLICIES (continued)(e) Intangible assets (continued)

Goodwill (continued)Following the adoption of FRS 3, goodwill is measured at cost and is no longer amortised but tested for impairment at leastannually or more frequently when there is objective evidence of impairment. When the excess is negative (negative goodwill),it is recognised immediately in the income statement. The effects of adopting FRS 3 are set out in Note 27.

(f) Investments in debt and equity securitiesAll current investments are carried at the lower of cost and market value, determined on an aggregate portfolio basis bycategory of investments.

(g) Investment propertiesInvestment properties are properties which are owned or held under a leasehold interest to earn rental income or for capitalappreciation or for both. These include land held for a currently undetermined future use. Properties that are occupied by thecompanies in the Group are accounted for as owner-occupied rather than as investment properties.

In the previous years, all investment property were included in property, plant and equipment stated at cost. Following theadoption of FRS 140, Investment Property, all investment property are measured initially at cost and subsequently at fair valuewith any change therein recognised in the income statement.

When an item of property, plant and equipment is transferred to investment property following a change in its use, anydifference arising at the date of transfer between the carrying amount of the item immediately prior to transfer and its fair valueis recognised directly in equity as a revaluation of property, plant and equipment. However, if a fair value gain reverses aprevious impairment loss, the gain is recognised in the income statements. Upon disposal of an investment property, any surpluspreviously recorded in equity is transferred to retained earnings; the transfer is not made through the income statement.

When an item of inventory or property development is transferred to investment property following a change in its use, anydifference arising at the date of transfer between the carrying amount of the item immediately prior to the transfer and its fairvalue is recognised in the income statement.

When the use of a property changes such that it is reclassified as property, plant and equipment or inventories, its fair valueat the date of reclassification becomes its cost for subsequent accounting.

An external, independent valuation company, having appropriate recognised professional qualifications and recent experiencein the location and category of property being valued, values the Group’s investment property portfolio every year. The fairvalues are based on market values, being the estimated amount for which a property could be exchanged on the date of thevaluation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the partieshad each acted knowledgeably, prudently and without compulsion.

In the absence of current prices in an active market, the valuations are prepared by considering the aggregate of the estimatedcash flows expected to be received from renting out the property. A yield that reflects the specific risks inherent in the netcash flows then is applied to the net annual cash flows to arrive at the property valuation.

Valuations reflect, where appropriate: the type of tenants actually in occupation or responsible for meeting lease commitmentsor likely to be in occupation after letting vacant accommodation, and the market’s general perception of their creditworthiness;the allocation of maintenance and insurance responsibilities between the Group and the lessee; and the remaining economiclife of the property. When rent reviews or lease renewals are pending with anticipated reversionary increases, it is assumedthat all notices and where appropriate counter-notices have been served validly and within the appropriate time.

(h) InventoriesInventories of completed houses are stated at the lower of cost and net realisable value. Cost is mainly determined on specificidentification basis and includes the cost of freehold/leasehold land and construction, and the appropriate development overheads.

Inventories, other than completed houses, are stated at the lower of cost (determined on the ‘first-in, first-out’ basis and theweighted-average method) and net realisable value. The cost of raw materials, consumables and other inventories comprisethe original cost of purchase plus the cost of bringing the inventories to their present location. The costs of work-in-progressand finished goods consist of cost of raw materials, direct labour and an appropriate proportion of the manufacturingoverheads. Net realisable value represents the estimated selling price in the ordinary course of business less selling anddistribution costs and all other estimated costs of completion and selling expenses.



2. SIGNIFICANT ACCOUNTING POLICIES (continued)(i) Property development projects

Property development projects consist of land held for future development and current development expenditure whichcomprise construction and other related development costs including borrowings costs, is stated at cost less accumulatedimpairment losses.

The Group and the Company consider as current asset that proportion of property development projects on which sales havebeen launched and/or the project is expected to be completed within the normal operating cycle of two to three years. Costof property development projects classified as current assets are stated at the lower of cost and net realisable value.

When the outcome of a property development project cannot be estimated reliably, property development revenue isrecognised to the extent of property development costs incurred that is probable of recovery.

Any anticipated loss on a property development project (including costs to be incurred over the defects liability period), isrecognised as an expense immediately.

Accrued billings represent the excess of property development revenue recognised in the income statements over billings topurchasers while progress billings represent the excess of billings to purchasers over property development revenuerecognised in the income statements.

(j) ReceivablesReceivables are initially recognised at their cost when the contractual right to receive cash or another financial asset fromanother entity is established.

Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.

Receivables are not held for the purpose of trading.

(k) Cash and cash equivalentsCash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments whichhave an insignificant risk of changes in value. For the purpose of the cash flow statement, cash and cash equivalents arepresented net of bank overdrafts and pledged deposits.

(l) Impairment of assetsThe carrying amount of assets, other than inventories, deferred tax assets, investment properties that is measured at fair valueand financial assets (other than investments in subsidiaries and associates), are reviewed at each reporting date to determinewhether there is any indication of impairment.

If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill and intangible assets that haveindefinite useful lives or that are not yet available for use, recoverable amount is estimated at each reporting date.

An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amountunless the asset is carried at a revalued amount, in which case the impairment loss is recognised directly against anyrevaluation surplus for the asset to the extent that the impairment loss does not exceed the amount in the revaluation surplusfor that same asset. A cash-generating unit is the smallest identifiable asset group that generates cash flows that largely areindependent from other assets and groups. Impairment losses are recognised in the income statement. Impairment lossesrecognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated tothe units and then to reduce the carrying amount of the other assets in the unit (groups of units) on a pro rata basis.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs tosell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discountrate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in priorperiods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairmentloss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss isreversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have beendetermined, net of depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses arecredited to the income statement in the year in which the reversals are recognised, unless it reverses an impairment loss on arevalued asset, in which case it is credited directly to revaluation surplus. Where an impairment loss on the same revalued assetwas previously recognised in the income statement, a reversal of that impairment loss is also recognised in the income statement.



2. SIGNIFICANT ACCOUNTING POLICIES (continued)(m) Share capital

(i) Shares issue expensesIncremental costs directly attributable to issue of shares and share options classified as equity are recognised as adeduction from equity.

(ii) Repurchase of share capitalWhen share capital recognised as equity is repurchased, the amount of the consideration paid, including directlyattributable costs, is recognised as a deduction from equity. Repurchased shares that are not subsequently cancelled areclassified as treasury shares and are presented as a deduction from total equity.

(n) Compound financial instrumentsCompound financial instruments issued by the Group comprise convertible notes that can be converted to share capital at theoption of the holder and the number of shares to be issued does not vary with changes in their fair value.

The liability component of a compound financial instrument is recognised initially at the fair value of a similar liability that doesnot have an equity conversion option. The equity component is recognised initially at the difference between the fair value ofthe compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transactioncosts are allocated to the liability and equity components in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instruments is measured at amortised costusing the effective interest method. The equity component of a compound financial instruments is not remeasured subsequentto initial recognition.

In the International Accounting Standards Board (“IASB”) meeting in June 2006, the IASB stressed that IAS 32 requires anassessment of the substance of the contractual agreement. It does not, however, require or permit factors not within thecontractual arrangement to be taken into consideration in classifying a financial instrument. The IASB further confirmed that acontractual obligation could be established explicitly or indirectly, but it must be established through the terms and conditionsof the instrument.

In view of the clarifications provided by IASB, the Company reassessed the liability component of the Convertible UnsecuredLoan Stocks (“CULS”) which resulted in a restatement as described in Note 27 to the financial statements.

(o) Loans and borrowingsLoans and borrowings are stated at amortised cost with any difference between cost and redemption value being recognisedin the income statement over the period of the loans and borrowings using the effective interest method.

(p) Employee benefitsShort term employee benefitsShort-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are measuredon an undiscounted basis and are expensed as the related service is provided.

A provision is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Grouphas a present legal or constructive obligation to pay this amount as a result of past service provided by the employee andthe obligation can be estimated reliably.

The Group’s contribution to the Employee’s Provident Fund are charged to the income statements in the year to which theyrelate. Once the contributions have been paid, the Group has no further payment obligations.

(q) PayablesPayables are measured initially and subsequently at cost. Payables are recognised when there is a contractual obligation todeliver cash or another financial asset to another entity.



2. SIGNIFICANT ACCOUNTING POLICIES (continued)(r) Revenue

(i) Goods soldRevenue from the sale of goods is measured at fair value of the consideration received or receivable, net of returns andallowances, trade discounts and volume rebates. Revenue is recognised when the significant risks and rewards ofownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs andpossible return of goods can be estimated reliably, and there is no continuing management involvement with the goods.

(ii) Rental incomeRental income from investment property is recognised in the income statement on a straight-line basis over the term ofthe lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease.

(iii) Revenue from property developmentRevenue from property development activities is recognised based on the stage of completion measured by referenceto surveys of work performed.

Where the financial outcome of a property development activity cannot be reliably estimated, property developmentrevenue is recognised only to the extent of property development costs incurred that is probable will be recoverable,and property development costs on the development units sold are recognised as an expense in the period in whichthey are incurred.

Any expected loss on a development project, including costs to be incurred over the defects liability period, isrecognised immediately in the income statement.

(iv) Dividend incomeDividend income is recognised when the right to receive payment is established.

(s) Lease paymentsPayments made under operating leases are recognised in the income statement on a straight-line basis over the term of thelease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.

Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of theoutstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodicrate of interest on the remaining balance of the liability. Contingent lease payments are accounted for by revising the minimumlease payments over the remaining term of the lease when the lease adjustment is confirmed.

(t) Interest income and borrowing costsInterest income is recognised as it accrues, using the effective interest method.

All borrowing costs are recognised in the income statement using the effective interest method, in the period in which theyare incurred except to the extent that they are capitalised as being directly attributable to the property development projectswhich necessarily takes a substantial period of time to be prepared for its intended use or sale.

The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset isbeing incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended useor sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessaryto prepare the qualifying asset for its intended use or sale are interrupted or completed.

(u) Tax expenseTax expense comprises current and deferred tax. Tax expense is recognised in the income statement except to the extent thatit relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enactedat the balance sheet date, and any adjustment to tax payable in respect of previous years.



2. SIGNIFICANT ACCOUNTING POLICIES (continued)(u) Tax expense (continued)

Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amountsof assets and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised forthe following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in atransaction that is not a business combination and that affects neither accounting nor taxable profit (tax loss). Deferred tax ismeasured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the lawsthat have been enacted or substantively enacted by the balance sheet date.

Deferred tax liability is recognised for all taxable temporary differences.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against whichtemporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extentthat it is no longer probable that the related tax benefit will be realised.

Additional taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the relateddividend is recognised.

(v) Earnings per shareThe Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividingthe profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary sharesoutstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholdersand the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, whichcomprise convertible notes.

(w) Segment reportingA segment is a distinguishable component of the Group that is engaged either in providing products or services (businesssegment), or in providing products or services within a particular economic environment (geographical segment), which issubject to risks and rewards that are different from those of other segments.

3. PROPERTY, PLANT AND EQUIPMENTOffice

equipment,Land and Plant and furniture Motorbuildings machinery and fittings vehicles Total

RM RM RM RM RM

GroupCostAt 1 January 2005 7,070,569 1,047,289 1,112,132 1,848,977 11,078,967Additions 139,286 — 205,581 145,301 490,168Written off — — (57,469) — (57,469)

At 31 December 2005 7,209,855 1,047,289 1,260,244 1,994,278 11,511,666Effect of adopting FRS 140 (3,391,780) — — — (3,391,780)

At 31 December 2005, restated 3,818,075 1,047,289 1,260,244 1,994,278 8,119,886Additions — — 103,081 43,000 146,081Disposals — (62,000) (28,641) (101,813) (192,454)Transfer to investment properties (1,256,466) — — — (1,256,466)Written off — — (54,929) — (54,929)

At 31 December 2006 2,561,609 985,289 1,279,755 1,935,465 6,762,118



3. PROPERTY, PLANT AND EQUIPMENT (continued)Office

equipment,Land and Plant and furniture Motorbuildings machinery and fittings vehicles Total

RM RM RM RM RM

Group (continued)DepreciationAt 1 January 2005 1,125,432 318,920 713,862 855,063 3,013,277Depreciation charge 271,822 3,324 191,997 338,467 805,610Written off — — (52,600) — (52,600)

At 31 December 2005 1,397,254 322,244 853,259 1,193,530 3,766,287Effect of adopting FRS 140 (857,242) — — — (857,242)

At 31 December 2005, restated 540,012 322,244 853,259 1,193,530 2,909,045Depreciation charge 80,642 — 188,187 296,208 565,037Disposals — (19,080) (25,112) (74,665) (118,857)Transfer to investment properties (329,546) — — — (329,546)Written off — — (46,085) — (46,085)

At 31 December 2006 291,108 303,164 970,249 1,415,073 2,979,594

Carrying amountsAt 31 December 2006 2,270,501 682,125 309,506 520,392 3,782,524

At 31 December 2005 3,278,063 725,045 406,985 800,748 5,210,841

Officeequipment,

Land and furniture Motorbuildings and fittings vehicles Total

RM RM RM RM

CompanyCostAt 1 January 2005 1,763,280 994,306 1,726,905 4,484,491Additions 3,510 110,335 145,301 259,146Written off — (47,711) — (47,711)

At 31 December 2005/1 January 2006 1,766,790 1,056,930 1,872,206 4,695,926Additions — 26,802 — 26,802Written off — (9,600) — (9,600)

At 31 December 2006 1,766,790 1,074,132 1,872,206 4,713,128



3. PROPERTY, PLANT AND EQUIPMENT (continued)Office

equipment,Land and furniture Motorbuildings and fittings vehicles Total

RM RM RM RM

Company (continued)DepreciationAt 1 January 2005 129,672 621,029 782,494 1,533,195Depreciation charge 15,444 164,745 319,304 499,493Written off — (43,888) — (43,888)

At 31 December 2005/1 January 2006 145,116 741,886 1,101,798 1,988,800Depreciation charge 15,444 161,286 286,565 463,295Written off — (8,491) — (8,491)

At 31 December 2006 160,560 894,681 1,388,363 2,443,604

Carrying amountsAt 31 December 2006 1,606,230 179,451 483,843 2,269,524

At 31 December 2005 1,621,674 315,044 770,408 2,707,126

Group Company2006 2005 2006 2005

RM RM RM RM

Carrying amounts of land and buildings

At costFreehold land 1,380,027 1,380,027 984,677 984,677Short term leasehold land — 108,389 — —Buildings 890,474 1,789,647 621,553 636,997

2,270,501 3,278,063 1,606,230 1,621,674

4. INVESTMENT PROPERTIESGroup

2006 2005RM RM

At 1 January 2,534,538 2,534,538Transfer from property, plant and equipment 926,920 —Change in fair value (276,920) —

At 31 December 3,184,538 2,534,538

Included in the above are:

Leasehold land with unexpired lease period of:– less than 50 years 93,600 —– more than 50 years 2,021,261 2,021,261Factory buildings 1,069,677 513,277

3,184,538 2,534,538



4. INVESTMENT PROPERTIES (continued)The Group’s investment properties were revalued in May 2006 and January 2007 respectively by independent professional qualifiedvaluers using an open market value method.

Investment properties comprise two pieces of leasehold land and factory buildings. One of the leasehold land and factory buildingis leased to a third party, while the other piece is currently vacant. No contingent rents are charged.

5. INVESTMENTS IN SUBSIDIARIESCompany

2006 2005RM RM

Unquoted investment – at cost 21,048,000 21,048,000Less: Impairment loss (1,500,000) (1,500,000)

19,548,000 19,548,000

The subsidiaries, all incorporated in Malaysia are as follows:

Effectiveownership

interest2006 2005

Name of Company Principal activities % %

Advance Development Sdn. Bhd. Property developer 100 100

Pembinaan Prefab Sdn. Bhd. Intended to be a property developer 100 100

Johor Land Manufacturing Sdn. Bhd. Manufacturer of metal door frames and trading 75 75of building materials

6. INVESTMENTS IN ASSOCIATESGroup Company

2006 2005 2006 2005RM RM RM RM

Unquoted shares in associatesAt cost 45,712,420 45,712,420 45,712,420 45,712,420Dividend received out of pre-acquisition profits (8,523,699) (8,523,699) (8,523,699) (8,523,699)Share of post-acquisition results of associates 3,275,111 5,092,391 — —

40,463,832 42,281,112 37,188,721 37,188,721

Summary financial information on the associates:Effective

Country ownership Profit/ Total TotalName of company incorporation interest Revenue (Loss) assets liabilities

(%) (100%) (100%) (100%) (100%)RM’000 RM’000 RM’000 RM’000

2006Revertex (Malaysia) Sdn. Bhd. Malaysia 30.07 470,200 29,904 254,529 (166,695)

Malaya Bangla Metal Fabricators Bangladesh 50.00 — (232) 166 (123)Joint Venture Company Limited

2005Revertex (Malaysia) Sdn. Bhd. Malaysia 30.07 433,181 25,568 238,349 (144,530)



6. INVESTMENTS IN ASSOCIATES (continued)Contingent liabilities

Group2006 2005

RM’000 RM’000

Share of associates’ contingent liabilities incurred jointly with other investors– Bank guarantees for trade financing to suppliers (unsecured) 1,122 1,138

7. LAND HELD FOR FUTURE DEVELOPMENTGroup Company

2006 2005 2006 2005RM RM RM RM

At costFreehold land 466,442,798 460,618,208 454,410,948 447,361,653Long leasehold land 32,475,867 42,210,730 32,475,867 42,210,730

At 1 January 498,918,665 502,828,938 486,886,815 489,572,383Additions 2,068,027 — 2,068,027 —Disposal (977,616) (2,091,050) (977,616) (2,091,050)

500,009,076 500,737,888 487,977,226 487,481,333Transfer to land and development expenditure– Freehold land — (1,224,705) — —– Leasehold land — (594,518) — (594,518)At 31 December– Freehold land 468,077,902 466,442,798 456,046,052 454,410,948– Leasehold land 31,931,174 32,475,867 31,931,174 32,475,867

500,009,076 498,918,665 487,977,226 486,886,815

Certain land titles of the Group and of the Company with carrying amount of RM19,305,914 (2005: RM18,514,391) are registeredunder the name of the holding corporation. Land titles of the Group and of the Company with carrying amount of RM351,655,144(2005: RM365,719,175) and RM350,226,969 (2005: RM364,291,000) are in the process of being transferred to the name of theCompany. Land title of the Group and of the Company with carrying amount of RM20,026,457 (2005: RM21,010,770) are in theprocess of being issued.

SecurityDevelopment lands of the Company with carrying amount of RM22,595,412 (2005: RM69,980,554) are charged to the bank assecurity for borrowings as disclosed in Note 15.

Freehold land of a subsidiary consisting of 731 pieces of land with carrying value of RM2,825,961 are charged to the bank forbridging loan facilities granted to that subsidiary as disclosed in Note 15.

8. DEFERRED TAX ASSETSRecognised deferred tax assets and liabilitiesDeferred tax assets and liabilities attributable to the following:

Group Company2006 2005 2006 2005

RM RM RM RM

Property, plant and equipment (74,000) (82,000) (73,000) (81,000)Convertible unsecured loan stocks 15,860,251 15,588,251 15,860,251 15,588,251

15,786,251 15,506,251 15,787,251 15,507,251



8. DEFERRED TAX ASSETS (continued)Recognised deferred tax assets and liabilities (continued)Movement in temporary differences during the year.

AtAt Effect of 1 January Recognised At 31 Recognised At 31

1 January adoption of 2005 in income December in income DecemberGroup 2005 FRS 132 Restated statement 2005 statement 2006

RM RM RM RM RM RM RM

Property, plant and equipment (21,000) — (21,000) (61,000) (82,000) 8,000 (74,000)Convertible unsecured

loan stocks (7,501,199) 22,516,804 15,015,605 572,646 15,588,251 272,000 15,860,251

(7,522,199) 22,516,804 14,994,605 511,646 15,506,251 280,000 15,786,251

CompanyProperty, plant and equipment — — — (81,000) (81,000) 8,000 (73,000)Convertible unsecured

loan stocks (7,501,199) 22,516,804 15,015,605 572,646 15,588,251 272,000 15,860,251

(7,501,199) 22,516,804 15,015,605 491,646 15,507,251 280,000 15,787,251

9. PROPERTY DEVELOPMENT PROJECTSProperty development projects comprise the following:

Group Company2006 2005 2006 2005

RM RM RM RM

Land– Freehold land 2,401,040 1,176,335 — —– Long leasehold land 8,586,316 12,649,966 8,586,316 12,649,966Development cost 111,741,677 97,886,514 62,465,197 64,656,437

122,729,033 111,712,815 71,051,513 77,306,403Add: Costs incurred during the year

– Development costs 60,189,936 61,142,369 38,011,638 45,095,967Transfer from land held for property development — 1,819,223 — 594,518

182,918,969 174,674,407 109,063,151 122,996,888Less: Costs recognised as an expense in income statement

– Previous year (40,376,550) (37,206,042) (12,936,406) (16,254,163)– Current year (21,633,793) (34,309,347) (16,171,947) (27,821,083)

Sub-total 120,908,626 103,159,018 79,954,798 78,921,642Transfer to inventories (18,847,971) (20,806,535) (16,441,728) (20,806,535)

102,060,655 82,352,483 63,513,070 58,115,107

The title to the long leasehold land is held in escrow by the holding corporation.

In addition, 75 pieces of freehold land in a subsidiary with carrying value of RM1,441,429 are charged to the bank for bridgingloan facilities granted to that subsidiary as disclosed in Note 15.

Included in the development cost of the Group is interest expenses capitalised during the financial year of RM269,000 (2005: NIL).



10. INVENTORIESGroup Company

2006 2005 2006 2005RM RM RM RM

At costCompleted houses 48,224,834 47,103,605 44,933,776 45,737,417Other inventories 6,852 14,978 6,852 14,978Raw materials and consumables — 115,340 — —Work-in-progress — 60,362 — —Finished goods — 2,821 — —

48,231,686 47,297,106 44,940,628 45,752,395

Certain titles of the completed houses of the Group and of the Company with carrying value amounting to RM40,493,020 (2005:RM42,891,009) are held in escrow by the holding corporation.

11. TRADE AND OTHER RECEIVABLESGroup Company

2006 2005 2006 2005RM RM RM RM

Trade receivables 30,981,218 38,347,600 26,012,901 31,645,714Progress billings receivable 1,551,335 — — —Other receivables, deposits and prepayments 4,943,486 1,018,692 4,715,732 788,750Due from holding corporation 563,992 872,930 563,992 872,930Due from subsidiaries — — 14,687,372 17,081,353Due from related companies 229,773 443,092 229,773 443,092Due from associates 68,211 — — —

38,338,015 40,682,314 46,209,770 50,831,839

Included in deposits of the Group is an amount of RM85,608 (2005: RM85,608) paid to a related company to acquire a piece ofland held for property development for a total consideration of RM865,079 (2005: RM865,079). The balance of the considerationwill be payable upon delivery of the land title to the subsidiary and after obtaining approval from the relevant authorities.

12. SHORT TERM INVESTMENTSGroup/Company

2006 2005RM RM

Quoted shares in MalaysiaAt cost 176,462 114,618

Market value 210,475 110,850



13. CASH AND CASH EQUIVALENTSGroup Company

2006 2005 2006 2005RM RM RM RM

Fixed deposits placed with licensed banks 1,720,589 12,630,060 — —Cash and bank balances 3,611,550 8,249,276 2,540,653 1,171,498

5,332,139 20,879,336 2,540,653 1,171,498

Included in cash and bank balances of the Group and of the Company is an amount of RM2,913,405 (2005: RM7,741,132) andRM2,453,573 (2005: RM1,095,500), of which the utilisation is subject to the Housing Developers (Housing Development Account)Regulations 2002.

14. CAPITAL AND RESERVESGroup/Company

2006 2005RM RM

Share capitalOrdinary shares of RM1.00 each:

Authorised 500,000,000 500,000,000

Issued and fully paid 122,000,000 122,000,000

Group Company2006 2005 2006 2005

RM RM RM RM

ReservesNon-distributableShare premium reserve 78,581,839 78,581,839 78,581,839 78,581,839Convertible unsecured loan stocks-equity portion (Note 15) 291,388,446 291,388,446 291,388,446 291,388,446Treasury shares (854,774) (760,158) (854,774) (760,158)

369,115,511 369,210,127 369,115,511 369,210,127DistributableRetained earnings 148,846,545 140,693,324 116,250,987 108,713,053

517,962,056 509,903,451 485,366,498 477,923,180



14. CAPITAL AND RESERVES (Continued)Share premiumShare premium arose in 1996 from the following:

Group/CompanyRM

Special issue of 42,952,000 ordinary shares of RM1.00 each at RM2.20 per sharefor acquisition of land and landed properties 51,542,400

Restricted public issue of 10,000,000 new ordinary shares of RM1.00 each at RM2.20 per shareto the entitled shareholders of Kulim (Malaysia) Berhad 12,000,000

Public issue of 15,000,000 new ordinary shares of RM1.00 each at RM2.20 per share 18,000,000Less: Listing expenses (2,960,561)

78,581,839

Treasury sharesAt the Extraordinary General Meeting held on 24 May 2006, the Company’s shareholders renewed the scheme to repurchase itsown shares. The Directors of the Company are committed to enhance the value of the Company to its shareholders and believethat the repurchase scheme can be applied in the best interest of the Company and its shareholders.

During the financial year, the Company repurchase in the open market a total of 118,800 (2005: NIL) of its issued ordinary shares.The average repurchase price was RM0.79 (2005: NIL) per ordinary share.

The number of outstanding shares in issue after deducting treasury shares held at the financial year end is 121,048,200 (2005:121,167,000) ordinary shares of RM1.00 each.

Treasury shares have no rights to voting, dividends and participation in any other distribution. Treasury shares shall not be takeninto account in calculating the number of percentage of shares or of a class of shares in the Company for any purposes includingsubstantial shareholding, take-overs, notices, the requisitioning of meetings, the quorum for a meeting and the result of a vote ona resolution at a meeting.

None of the treasury shares has been resold or distributed as share dividends during the financial year.

Section 108 tax credit and tax exempt accountSubject to agreement by the Inland Revenue Board, the Company has sufficient Section 108 tax credit and tax exempt account tofrank the payment of dividends out of its entire distributable reserves at 31 December 2006.

15. LOANS AND BORROWINGSThis note provides information about the contractual terms of the Group’s and the Company’s interest-bearing loans and borrowings.For more information about the Group’s and the Company’s exposure to interest rate risk, see Note 24.

Group Company2006 2005 2006 2005

RM RM RM RM

Non-currentSecuredFinance lease liabilities — 69,202 — 59,987Bridging loan 8,680,000 — — —

8,680,000 69,202 — 59,987UnsecuredConvertible Unsecured Loan Stocks (“CULS”) 52,462,084 53,417,080 52,462,084 53,417,080

61,142,084 53,486,282 52,462,084 53,477,067



15. LOANS AND BORROWINGS (continued)Group Company

2006 2005 2006 2005RM RM RM RM

CurrentSecuredBank overdraft 11,457,117 — 11,457,117 —Finance lease liabilities 59,737 275,000 59,737 259,200

11,516,854 275,000 11,516,854 259,200UnsecuredBank overdrafts 19,995,386 37,415,483 19,995,386 37,415,483Revolving credit 9,061,444 9,045,030 5,061,444 5,045,030

29,056,830 46,460,513 25,056,830 42,460,513

40,573,684 46,735,513 36,573,684 42,719,713

101,715,768 100,221,795 89,035,768 96,196,780

SecurityThe bridging loan of a subsidiary is secured over 806 pieces of freehold land of that subsidiary with carrying amount of RM4,267,390.

Certain bank overdrafts facilities of the Company are secured by way of fixed charge on a freehold land of the Company and acorporate guarantee by the holding corporation.

Terms and debt repayment schedule

Year of Carrying Under 1 1 – 2 2 – 5Group maturity amount year years years

RM’000 RM’000 RM’000 RM’000

2006Revolving credits 9,061 9,061 — —Bank overdrafts 31,453 31,453 — —Finance lease liabilities 2007 60 60 — —CULS 2009 52,462 — — 52,462Bridging loan 2010 8,680 — — 8,680

101,716 40,574 — 61,142

2005Revolving credits 9,045 9,045 — —Bank overdrafts 37,415 37,415 — —Finance lease liabilities 2007 344 275 69 —CULS 2009 53,417 — — 53,417

100,221 46,735 69 53,417



15. LOANS AND BORROWINGS (continued)Terms and debt repayment schedule

Year of Carrying Under 1 1 – 2 2 – 5Company maturity amount year years years

RM’000 RM’000 RM’000 RM’000

2006Revolving credits 5,061 5,061 — —Bank overdrafts 31,453 31,453 — —Finance lease liabilities 2007 60 60 — —CULS 2009 52,462 — — 52,462

89,036 36,574 — 52,462

2005Revolving credits 5,045 5,045 — —Bank overdrafts 37,415 37,415 — —Finance lease liabilities 2007 319 259 60 —CULS 2009 53,417 — — 53,417

96,196 42,719 60 53,417

Convertible unsecured loan stocksGroup/Company

2006 2005RM RM

At 1 January/31 December 330,000,000 330,000,000

The movement of the liability component of the CULS during the year is as follows:Group/Company

2006 2005RM RM

At 1 January 53,417,080 53,627,159Interest accrued 3,068,292 3,080,880Interest charged (4,023,288) (3,290,959)

At 31 December 52,462,084 53,417,080

On 15 December 2004, the Company issued 330,000,000 five (5) years Convertible Unsecured Loan Stocks (“CULS”) at nominalvalue RM1.00 each as part of purchase consideration for the acquisition of freehold agricultural land zoned for development locatedat Mukim of Tebrau, Johor Bahru from its holding corporation.



15. LOANS AND BORROWINGS (continued)Convertible unsecured loan stocks (continued)The salient features of the CULS are as follows:

(a) The total issuance is RM330 million.

(b) The interest rate of CULS is as follows (less any Malaysian income or with holding tax applicable thereto which is required tobe deducted):

Period (from issue date) Interest rate per annum

First 24 months (Year 1 and 2) 1%Next 36 months (Year 3, 4 and 5) 6%

The interest rate is payable annually in arrears on the last day of every 12 months period commencing from the issue date,15 December 2004 until the maturity date, 15 December 2009 (‘Interest Payment Date’), calculated on the basis of a yearof 365 days and on the actual number of days elapsed and accrues daily from and including the issue date or the previousInterest Payment Date.

(c) The CULS are redeemable in full or in part at their nominal value, at the option of the Company which will be determined bythe independent Directors of the Company. The redemption will be dependent on inter-alia, the availability of profits and cashflows of the Company.

(d) The conversion of the CULS into new ordinary shares of RM1.00 each of the Company at a conversion price of RM1.00 pershare is at the option of the CULS holder and may take place at any time after the second anniversary from the date of issueof the CULS until the maturity date.

(e) The remaining CULS not redeemed or converted on maturity date will be automatically converted into ordinary shares.

(f) The CULS will not be listed on the Bursa Malaysia Securities Berhad or any other stock exchange.

The CULS have been classified separately into their components parts as liability or as equity on the balance sheet in accordancewith FRS 1322004, Financial Instruments: Disclosure and Presentation. The fair value of the liability component calculated using aprevailing market interest rate at the date of issuance for a similar non-convertible loan stock. The residual amount, representingthe fair value of the equity component, including deferred tax asset, is included in shareholders’ equity.

16. TRADE AND OTHER PAYABLESGroup Company

2006 2005 2006 2005RM RM RM RM

Trade payables 9,147,642 8,066,005 9,143,814 8,628,622Other payables and accrued expenses 5,837,852 13,409,145 5,634,970 12,294,065Due to holding corporation 185,596 683,882 175,896 166,802Due to a subsidiaries — — 8,501,100 16,500Due to related companies 209,377 110,874 209,377 110,874

15,380,467 22,269,906 23,665,157 21,216,863



17. REVENUEGroup Company

2006 2005 2006 2005RM RM RM RM

Property development 55,390,063 69,404,689 44,053,698 56,041,347Sales of land 14,830,531 14,916,630 14,830,531 14,916,630Sales of goods 3,049,805 3,412,479 2,824,033 2,613,136Management fee 180,849 277,186 737,477 531,222Rental income 1,209,005 772,173 1,209,005 772,173Dividend income — — 15,034,965 13,637,168

74,660,253 88,783,157 78,689,709 88,511,676

18. FINANCE COSTSGroup Company

2006 2005 2006 2005RM RM RM RM

CULS 3,068,292 3,080,880 3,068,292 3,080,880Bank overdrafts 2,498,995 1,996,394 2,498,995 1,996,394Other borrowings 501,203 538,823 291,497 373,695

6,068,490 5,616,097 5,858,784 5,450,969

19. OPERATING PROFITGroup Company

2006 2005 2006 2005RM RM RM RM

Operating profit is arrived at after charging/(crediting)Audit fees 89,000 89,000 70,000 70,000Allowance for doubtful debts 27,538 — — —Bad debts written off 30,961 — — —Change in fair value on investments properties 276,920 — — —Depreciation 565,037 805,610 463,295 499,493Directors’

– Fees 217,000 189,400 217,000 189,400– Contributions to Employee Provident Fund 38,297 41,472 38,297 41,472– Other remuneration 431,645 450,232 431,645 450,232

Property, plant and equipment written off 8,844 4,869 1,109 3,823Personnel expenses (excluding Directors’ remuneration):

– Contributions to Employee Provident Fund 638,223 603,432 633,480 585,050– Wages, salaries and others 5,397,867 4,601,253 5,357,514 4,410,544

Rental expenses 558,732 517,685 558,732 517,685(Gain)/Loss on disposal:

– Property, plant and equipment 14,159 — — —– Quoted shares in Malaysia (3,018) (12,612) (3,018) (12,612)– Associate — 1,623,786 — —

Impairment losses:– Property, plant and equipment — (1,065,754) — —– Subsidiary — — — 1,500,000

Gross dividends from quoted shares in Malaysia (2,371) (5,641) (2,371) (5,641)Rental income (1,401,005) (913,173) (1,209,005) (772,173)

The estimated monetary value of Directors’ benefits-in-kind of the Group and of the Company are RM51,044 (2005: RM52,430).



20. TAX EXPENSEGroup Company

2006 2005 2006 2005RM RM RM RM

Tax expense– Current year 5,024,951 6,259,075 7,960,000 8,304,618– (Over)/Underprovision in prior years (321,432) 57,743 (326,388) 48,602

4,703,519 6,316,818 7,633,612 8,353,220Deferred tax income– Reversal of temporary differences (280,000) (511,646) (280,000) (491,646)

4,423,519 5,805,172 7,353,612 7,861,574Share of tax of equity accounted associates 2,335,537 3,042,170 — —

6,759,056 8,847,342 7,353,612 7,861,574

Group CompanyRM’000 RM’000 RM’000 RM’000

Reconciliation of effective tax expenseProfit for the year 17,675 16,455 17,132 14,722Total tax expense 6,759 8,847 7,354 7,862

Profit excluding tax 24,434 25,302 24,486 22,584

Tax calculated using Malaysian tax rate of 28% (2005: 28%) 6,842 7,085 6,856 6,324Non deductible expenses 338 1,704 292 1,489Effect of change in tax rate* 532 — 532 —Difference in effective tax rate of equity accounted associates (830) — — —Effect of unrecognised deferred tax 225 — — —Others (27) — — —

7,080 8,789 7,680 7,813(Over)/Under provision in prior years (321) 58 (326) 49

Tax expense 6,759 8,847 7,354 7,862

* In the Malaysian Budget 2007, it was announced that the corporate income tax rate will be reduced to 27% in 2007 and to 26%in 2008. Consequently deferred tax assets and liabilities are measured using these tax rates.



21. EARNINGS PER SHAREBasic earnings per shareThe calculation of basic earnings per share at 31 December 2006 was based on the profit attributable to ordinary shareholdersand a weighted average number of ordinary shares outstanding calculated as follows:

Group2006 2005

RM RM

Profit attributable to ordinary shareholders 17,747,702 16,567,113

Numbers Numbers

Weighted average number of ordinary sharesNumber of shares in issue at beginning of year 122,000,000 122,000,000Effect of treasury shares held (908,634) (833,000)

Weighted average number of ordinary shares in issue 121,091,366 121,167,000

Basis earnings per share (sen) 14.66 13.67

Diluted earnings per shareThe calculation of diluted earnings per share at 31 December 2006 was based on profit attributable to ordinary shareholders anda weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares,calculated as follows:

Group2006 2005

RM RM

Profit attributable to ordinary shareholders 17,747,702 16,567,113Add: Assuming savings in interest expense on CULS, net of tax 2,209,170 2,218,234

Adjusted net profit for calculating diluted earnings per ordinary share 19,956,872 18,785,347

Numbers Numbers

Weighted average number of ordinary shares 121,091,366 121,167,000Assuming full conversion of CULS as at the date of issue

(which are convertible only on or after 16 December 2006) 330,000,000 330,000,000

Weighted average number of ordinary shares (diluted) at 31 December 451,091,366 451,167,000

Diluted earnings per share (sen) 4.42 4.16



22. DIVIDENDSDividends recognised in the current year by the Company are:

Sen Totalper share amount Date of payment

RM

20062005 – Interim 4 3,489,610 21 April 20062005 – Final 3 2,618,685 30 June 20062006 – Interim 4 3,486,186 21 December 2006

Total amount 9,594,481

20052004 – Final 4 3,489,610 17 June 2005

23. CAPITAL AND OTHER COMMITMENTSGroup

2006 2005RM RM

Lease rental commitmentContracted but not provided for – One year or later and no later than 5 years — 509,568

On 28 December 2006, the Company entered into a development agreement with its holding corporation, Johor Corporation, toacquire the development rights to develop on 3 parcels of lands of 40.29 acres with an existing sports complex erected thereonfor a consideration of RM33 million. The Company had paid RM3.3 million upon execution of the development agreement.

24. FINANCIAL INSTRUMENTSFinancial risk management objectives and policiesExposure to credit, interest rate, liquidity and cash flow risks arise in the normal course of the Group’s and of the Company’sbusiness. The Group and the Company have formulated a financial risk management framework whose principal objective is tominimise the Group’s and the Company’s exposure to risks and/or costs associated with the financing, investing and operatingactivities of the Group and of the Company.

Credit risksAt balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is representedby the carrying amount of each financial asset in the balance sheet.

Liquidity riskThe Group and the Company monitors and maintains a level of cash and cash equivalents deemed adequate by management tofinance the operations and to mitigate the effects of fluctuation in cash flow.

Cash flow riskThe Group and the Company review their cash flow position regularly to manage their exposure to fluctuations in future cash flowsassociated with their monetary financial instruments.



24. FINANCIAL INSTRUMENTS (continued)Interest rate riskThe Group’s and the Company’s investment in fixed-rate debt securities and its fixed rate borrowings are exposed to a risk of changein their fair value due to changes in interest rates. The Group’s and Company’s investments in variable-rate borrowings are exposedto a risk of change in cash flows due to changes in interest rates. Investments in equity securities and short term receivables andpayables are not exposed to interest rate risk.

There is no formal hedging policy with respect to interest rate exposure. Exposure to interest rate risk is monitored on an ongoingbasis and the Group and the Company endeavour to keep the exposure at an acceptable level.

Interest expense on the CULS is calculated on the effective yield basis by applying the effective interest rate 5.745% (2005: 5.745%)for an equivalent non-convertible loan stock to liability component of the CULS.

Effective interest rate and repricing analysisIn respect of interest-earning financial assets and interest-bearing financial liabilities, the following table indicates their averageeffective interest rates at the balance sheet date and the periods in which they mature, or if earlier, reprice.

Average effective Less than 1 – 2 2 – 3 4 – 5Group interest rate Total 1 year years years years

% RM’000 RM’000 RM’000 RM’000 RM’000

2006Fixed rate instrumentsCULS – liability 5.7 (52,462) — — (52,462) —Bridging loan 7.3 (8,680) — — — (8,680)Deposits with a licensed bank 2.6 1,721 1,721 — — —

(59,421) 1,721 — (52,462) (8,680)

Floating rate instrumentsBank overdrafts 7.8 (31,452) (31,452) — — —Revolving credits 4.0-5.9 (9,061) (9,061) — — —

(40,513) (40,513) — — —

2005Fixed rate instrumentsCULS – liability 5.7 (53,417) — — (53,417) —Deposits with a licensed bank 3.8 12,630 12,630 — — —

(40,787) 12,630 — (53,417) —

Floating rate instrumentsBank overdrafts 6.7 (37,415) (37,415) — — —Revolving credits 4.0-4.6 (9,045) (9,045) — — —

(46,460) (46,460) — — —



24. FINANCIAL INSTRUMENTS (continued)Effective interest rate and repricing analysis (continued)

Average effective Less than 1 – 2 2 – 3 4 – 5Company interest rate Total 1 year years years years

% RM’000 RM’000 RM’000 RM’000 RM’000

2006Fixed rate instrumentsCULS – liability 5.7 (52,462) — — (52,462) —

Floating rate instrumentsBank overdrafts 7.8 (31,453) (31,453) — —Revolving credits 5.7-5.9 (5,061) (5,061) — —

(36,514) (36,514)

2005Fixed rate instrumentsCULS – liability 5.7 (53,417) — — (53,417) —

Floating rate instrumentsBank overdrafts 6.9 (37,415) (37,415) — — —Revolving credits 4.6 (5,045) (5,045) — — —

(42,460) (42,460) — — —

Fair valuesRecognised financial instrumentsThe carrying amounts of current financial assets and liabilities approximate their fair values due to the relatively short term natureof these financial instruments.

The Company provides financial guarantees to bank for credit facility extended to a subsidiary. The fair value of such financialguarantee is not expected to be material as the probability of the subsidiary defaulting on the credit line is remote.

The fair value of other financial assets and liabilities, together with the carrying amounts shown in the balance sheets, are as follows:

2006 2005Carrying Fair Carrying Fairamount value amount valueRM’000 RM’000 RM’000 RM’000

Short term investment in quoted shares 176 210 115 111Bridging loan (8,680) (8,680) — —CULS – liability (52,462) (52,462) (53,417) (53,417)

Estimation of fair valuesThe following summarises the methods used in determining the fair values of financial instruments reflected in the table.

Fair value of quoted shares is based on quoted market prices at the balance sheet date without any deduction for transaction costs.

The carrying amount of the bridging loan approximates its fair values as the effective interest rate is comparable to the movementsin the market interest rate and there is no material change in the interest charged on similar kind of borrowings in the market.

The carrying amount of convertible unsecured loan stocks approximates its fair value as the instrument is calculated using aprevailing market rate at the date of issuance for a similar convertible loan stocks.



25. RELATED PARTIESControlling related party relationships are as follows:

(i) Subsidiaries as disclosed in Note 5.Significant related party transactions of the Group and of the Company other than those disclosed elsewhere in the financialstatements are as follows:

Group Company2006 2005 2006 2005

RM’000 RM’000 RM’000 RM’000

OTHER RELATED PARTY TRANSACTIONS

Holding corporationInterest expense on CULS 4,023 3,291 4,023 3,291Services acquired 110 93 100 80Services rendered 30 67 30 67

SubsidiariesServices rendered — — 638 306Sales commission income — — 22 —Purchase of building materials — — 89 180

RELATED COMPANIES

– Kulim (Malaysia) BerhadSales of finished goods 2,824 2,613 2,824 2,613Services acquired 349 332 349 332

Johor Land (H) Sdn. Bhd.Services rendered 24 12 24 12

Damansara Asset Sdn. Bhd.(formerly known as Harta Consult Sdn. Bhd.)

Rental expenses 517 492 517 492Services acquired 10 2 10 2

Willis (Malaysia) Sdn. Bhd.Agency fees expenses 15 16 15 15

Teraju Fokus Sdn. Bhd.Security service acquired 1,027 683 1,027 683

Pro Communication Sdn. Bhd.Services acquired 39 171 39 171

Johor Silica Industries Sdn. Bhd.Services rendered 24 24 24 24

Pro Office Solution Sdn. Bhd.Annual report expenses 51 — 51 —



25. RELATED PARTIES (continued)(i) Subsidiaries as disclosed in Note 5.

Significant related party transactions of the Group and of the Company other than those disclosed elsewhere in the financialstatements are as follows (continued):

Group Company2006 2005 2006 2005

RM’000 RM’000 RM’000 RM’000

RELATED COMPANIES (continued)

Pro Corporate Management Services Sdn. Bhd.Registrar fees expenses 98 — 98 —

Associate– Malaya Bangla Metal Fabricators

Joint Venture Company LimitedSale of materials 112 — — —

Dato’ Hj. Hassan bin Hj. Mohd. Yunos, a DirectorProfessional fees paid to a firm in which he is a partner 13 — 13 —

These transactions have been entered into in the normal course of business and have been established under negotiated terms.

26. SEGMENT REPORTINGThere is no segment information presented as the Group is primarily engaged in housing development activities and operatesprincipally in Malaysia.

27. EFFECT OF ADOPTION OF NEW FINANCIAL REPORTING STANDARDSThe accounting policies set out in note 2 have been applied in preparing the financial statements for the year ended 31 December 2006.

The effect of the adoption of FRS 3 Business Combinations, FRS 136 Impairment of Assets, FRS 138 Intangible Assets, FRS 140Investment Property, FRS 127 Consolidated and Separate Financial Statements and FRS 132 Financial Instruments: Disclosures andPresentation are summarised as follows:-

FRS 3 Business Combinations, FRS 136 Impairment of Assets, FRS 138 Intangible AssetsThe adoption of FRS 3, FRS 136 and FRS 138 has resulted in a change in the accounting policy for goodwill. The change inaccounting policy is made in accordance with their transitional provisions.

Goodwill is stated at cost less accumulated impairment losses and is no longer amortised. Instead, goodwill impairment is testedannually, or when circumstances change, indicating that goodwill might be impaired. This has resulted in the cessation ofamortisation of goodwill with effect from 1 January 2006.

Had there not been a change in accounting policy, the net profit attributable to shareholders for the financial year ended 31 December 2006 would reduce by RM1,019,100.

This change in accounting policy has no material impact on earnings per share.

FRS 140, Investment PropertiesThe Group now measures all investment properties at fair value with any change therein recognised in the income statement. In accordance with the transitional provisions, FRS 140 has been applied retrospectively and the comparatives have been restated. The adoption of this accounting policy is made in accordance with their transitional provisions.

The change in accounting policy has no material impact on the earnings per share.



27. EFFECT OF ADOPTION OF NEW FINANCIAL REPORTING STANDARDS (continued)FRS 127, Consolidated and Separate Financial StatementsThe adoption of FRS 127 has resulted in a change in the accounting policy for investment in subsidiaries.

Investment in subsidiaries is stated at cost instead of at valuation. This has resulted in the reversal of revaluation surplus arisingfrom revaluation of investment in subsidiaries retrospectively and the comparative have been restated.

This change in accounting policy has no material impact on the earnings per share.

Balance sheet at 31 December2006 2005

RM’000 RM’000Restated

Investment in subsidiaries 19,548 19,548Cumulative decrease in retained earnings 5,000 5,000

This change in accounting policy has no impact on earnings per share.

FRS 132, Financial Instruments: Disclosure and PresentationIn the International Accounting Standards Board (“IASB”) meeting in June 2006, the IASB stressed that IAS 32 required anassessment of the substance of the contractual agreement. It does not, however, require or permit factors not within the contractualarrangement to be taken into consideration in classifying a financial instrument. The IASB further confirmed that a contractualobligation could be established explicitly or indirectly, but it must be established through the terms and conditions of the instrument.

In view of the clarifications provided by IASB, the Company reassessed the liability component of the CULS which resulted in arestatement of financial statements.

The restatement had the following impact on these consolidated financial statements:

Income statement for the year ended 31 December2006 2005

RM’000 RM’000

Decrease in interest expense 15,163 8,902*Increase in tax expense (4,246) (4,014)Increase in profit attributable to shareholders 10,917 4,887

* Total interest expense for the year was RM14.338 million, out of which RM5.436 million was capitalised to property developmentprojects.

Balance sheet at 31 December2006 2005

RM’000 RM’000

Cumulative decrease in CULS liability (264,876) (263,921)Cumulative increase in CULS equity 272,100 272,100

Cumulative increase in deferred tax assets 15,441 15,507Cumulative decrease in deferred tax liabilities (2,996) (2,996)Cumulative increase in property development projects (5,436) (5,436)

Earnings per share2006 2005

RM RM

Increase in basic earning per share 9.02 4.03Decrease in diluted earning per share 0.00 0.07



28. COMPARATIVE FIGURESCertain comparative figures have been reclassified as a result of adoption of new Financial Reporting Standards as stated in note27 and to conform with the presentation requirements of FRS 101.

Group CompanyAs As

As previously As previouslyrestated stated restated stated

RM RM RM RM

Balance sheetsInvestments in subsidiaries — — 19,548,000 27,078,027Property development projects 82,352,483 87,788,664 58,115,107 63,551,288CULS – liability 53,417,080 317,338,460 53,417,080 317,338,460CULS – equity 291,388,446 19,288,797 291,388,446 19,288,797Revaluation reserve — — — 2,530,027Retained earnings 140,693,324 135,805,760 108,713,053 108,825,489Deferred tax assets 15,506,251 — 15,507,251 —Deferred tax liabilities — 2,995,763 — 2,994,763

Income statementsFinance costs 5,616,097 14,518,451 5,450,969 14,353,323Tax expense 5,805,172 4,832,554 7,861,574 3,846,784Profit before tax 22,260,712 16,400,528 22,584,447 13,682,093Profit after tax 16,455,540 11,567,974 14,722,873 9,835,309

Statement of changes in equityRetained earnings at 1 January 2005 — — 97,479,790 102,479,790Retained earnings at 31 December 2005 140,693,324 135,805,760 108,713,053 108,825,489Revaluation reserve at 1 January 2005 — — — 2,530,027Revaluation reserve at 31 December 2005 — — — 2,530,027

Earnings per share– Basic 13.67 9.64 — —– Diluted 4.16 4.23 — —

Following the adoption of FRS 3, Business Combinations, minority interest was reclassified into equity, likewise in arriving at profitfor the year minority interest was not deducted.

Properties amounting to RM2,534,538 in 2005 that are owned or held under a leasehold interest to earn rental income or forcapital appreciation or for both were reclassified from property, plant and equipment to investment properties.

location of land bank and projects


SEGAMAT

MUAR

KLUANG

PONTIAN

MERSING

BATU PAHAT

KOTA TINGGI

JOHORBAHRU

PASIRGUDANG

Tangkak

PAGOH LAND55.65 acres

LAND BANK

PROJECT

BANDAR TIRAM1,141.69 acres

BANDAR DATO’ ONN1,434.76 acres

TAMAN KOMERSILSENAI

Yong Peng

Air Hitam

SimpangRenggam

Kulai

Ulu Tiram

Benut

Endau

Jemaluang

Sedili

Desaru

PEKAN RABUMEDAN KOTA

TAMAN CENDANA

VACANTFACTORY LAND

1.89 acres

GREENPLAINS

TEBRAUBUSINESSPARK

TAMANMAWAR

INDERAPUTRALAND0.84 acres

TAMAN BUKITDAHLIA206.86 acres

TAMAN BUKITTIRAM

TAMANSEROJA

list of properties


Revaluation of land and buildings will be carried out only if there intended for sales or when market value have change materially. Detailsof the landed properties owned by the JLand Group as at 31 December 2006 are as follows:-

Net bookvalue as at

Tenure/Approx. Land area/ 31.12.2006 AcquisitionTitle/Location age of building Existing use Built-up area RM’000 Date

A. FIXED ASSETSPPSB Factory BuildingPTD 148262 HS(D) 303855 60 years lease Factory building 12,140.47 sq metres 2,535 1999Mukim of Plentong Expiring on 1,268.50 sq metresDistrict of Johor Bahru 18.5.2060/8 years(Owned by PPSB)

PTD 110891 HS(D) 212054 60 years lease Factory building 2,559.00 sq metres 650 2006Mukim of Plentong Expiring on 1,004.00 sq metresDistrict of Johor Bahru 27.6.2053/12 years(Owned by PPSB)

Bungalow lot at Green PlainsPTD 57050 HS(D) 187333 Freehold/12 years Double storey 4,411.07 sq metres 904 1998Mukim of Tebrau bungalow 400.00 sq metresDistrict of Johor Bahru

PTD 57049 HS(D) 187332 Freehold/12 years Double storey 4,822.60 sq metres 665 2003Mukim of Tebrau bungalow 357.24 sq metresDistrict of Johor Bahru(Owned by ADSB)

Bungalow lot at Taman BertamLot 4429 – 4431 Freehold 3 vacant 2,222.00 sq metres 294 1995HS(D)1664 – 1666 bungalow lotsMukim 6, Seberang Prai UtaraPenang

Lot 4453 – 4454 Freehold 2 vacant 1,482.00 sq metres 202 2004HS(D) 5824 – 5825 bungalow lotsMukim 6, Seberang Prai UtaraPenang

Shophouse at Taman BintangPTD 22925 HS(D) 13369 Freehold/10 years Double storey 143.00 sq metres 206 1995Mukim of Senai-Kulai shophouse 272.00 sq metresDistrict of Johor Bahru

B. FUTURE DEVELOPMENTBandar Tiram (Phase 1)Lot 169 G 15799 Freehold Oil palm estate 106.97 acres 13,973 2001Mukim of TebrauLot 825 – 831 EMR 412 – 418Mukim of PlentongDistrict of Johor Bahru

Bandar Tiram (Phase 2)PTD 113308 – 113435 Freehold Oil palm estate 76.64 acres 6,128 1995HS(D) 375296 – 375423Mukim of TebrauDistrict of Johor Bahru

list of properties


Net bookvalue as at


B. FUTURE DEVELOPMENT (cont’d.)Bandar Tiram (Phase 3)PTD 105766 HS(D) 354246 & Freehold Oil palm estate 572.49 acres 45,778 1995PTD 105767 HS(D) 354247Mukim of TebrauDistrict of Johor Bahru

PTD 105769 HS(D) 354249 & Freehold Oil palm estate 71.05 acres 3,150 1995PTD 105770 HS(D) 354250Mukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

PTD 14616 – 14618 Freehold Oil palm estate 99.58 acres 4,615 1995HS(D) 62950 – 62952Mukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

Bandar Tiram (Phase 4)PTD 105768 HS(D) 354248 Freehold Oil palm estate 97.31 acres 7,782 1995Mukim of TebrauDistrict of Johor Bahru

Bandar Tiram (Phase 5)Lot 12 CT 556, Lot 14 CT 557 Freehold Oil palm estate 117.65 acres 9,408 1995Lot 18 CT 561Lot 860 CT 562Lot 2016 CT 567Part of Lot 1176 CT 565 &Part of Lot 1182 CT 566Mukim of Kota TinggiDistrict of Kota Tinggi

Taman Bukit Tiram (Phase 2)PTD 84650 – 84680 Freehold Mixed housing 27.43 acres 2,434 1995HS(D) 307056 – 307086, developmentPTD 84697 – 84741HS(D) 307103 – 307147,PTD 84744 – 84821HS(D) 307148 – 307225,PTD 84824 – 84933HS(D) 307226 – 307335,PTD 84935 – 85077HS(D) 307336 – 307478,PTD 85080 – 85139HS(D) 307479 – 307538,PTD 85141 HS(D) 307539PTD 85274 – 85442HS(D) 307672 – 307840,PTD 85444 – 85453HS(D) 307841 – 307850 &PTD 85455 – 85533HS(D) 307851 – 307929,Mukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

list of properties


Net bookvalue as at


B. FUTURE DEVELOPMENT (cont’d.)Taman Bukit Tiram (Phase 3)PTD 88267 – 88273 Freehold 7 vacant 3.37 acres 405 1995HS(D) 302582 – 302588 bungalow lotsMukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

PTD 130271 – 130297 Freehold Mixed housing 4.30 acres 443 1995HS(D) 401455 – 401481 developmentMukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

PTD 138183 – 138387 Freehold Mixed housing 5.04 acres 520 1995HS(D) 427149 – 427350 developmentPTD 138421 – 238443HS(D) 427379 – 427401Mukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

Development land Freehold Commercial 4.51 acres 465 1995Mukim of Tebrau (Land title is developmentDistrict of Johor Bahru yet to be issued)(Owned by ADSB)

Taman Bukit Dahlia (Block A)PTD 155670 – 155715 99 years lease Mixed housing 19.50 acres 4,451 1995HS(D) 317563 – 317609, Expiring on developmentPTD 156278 – 156289 2.6.2100HS(D) 318171 – 318182PTD 156312 – 156335HS(D) 318205 – 318228PTD 156358 – 156381HS(D) 318251 – 318273PTD 156404 – 156415HS(D) 318296 – 318307PTD 156290 – 156311HS(D) 318183 – 318204,PTD 156336 – 156357HS(D) 318229 – 318250,PTD 156382 – 156403HS(D) 318274 – 318295,PTD 156446 – 156473HS(D) 318337 – 318364,PTD 156532 – 156559HS(D) 318935 – 318962,PTD 156417 – 156445HS(D) 318308 – 318336,PTD 156474 – 156500HS(D) 318365 – 318391,PTD 156501 – 156531HS(D) 318904 – 318934 PTD 156560 – 156588

list of properties


Net bookvalue as at


B. FUTURE DEVELOPMENT (cont’d.)Taman Bukit Dahlia (Block A)(cont’d.)HS(D) 318963 – 318991PTD 190546 – 190639HS(D) 436699 – 436792PTD 190641 – 190652HS(D) 436793 – 436804PTD 190654 – 190703HS(D) 436805 – 436854Mukim of PlentongDistrict of Johor Bahru

Taman Bukit Dahlia (Block C)Development land 99 years lease Mixed housing 55.89 acres 5,800 1995Mukim of Plentong (Land titles is developmentDistrict of Johor Bahru yet to be issued)

Taman Bukit Dahlia (Block D)Development land 99 years lease Mixed housing 60.72 acres 7,096 1995Mukim of Plentong (Land titles is developmentDistrict of Johor Bahru yet to be issued)

Taman Bukit Dahlia (Block E)PTD 179241 – 179336 99 years lease Mixed housing 21.92 acres 4,977 1995HS(D) 371069 – 371164 Expiring on developmentPTD 179337 – 179348 30.6.2103HS(D) 371165 – 371176,PTD 179350 – 179451HS(D) 371177 – 371278,PTD 179758 – 179877HS(D) 371585 – 371704 &PTD 179878 – 180230HS(D) 371705 – 372057Mukim of PlentongDistrict of Johor Bahru

Taman Bukit Dahlia (Block F)PTD 155634 – 155669 99 years lease Mixed housing 3.95 acres 915 1995HS(D) 317527 – 317562 Expiring on developmentMukim of Plentong 2.7.2100District of Johor Bahru

PTD 179207 – 179208 Freehold Mixed housing 1.52 acres 352 1995HS(D) 391369 – 391370 & developmentPTD 179223 – 179240HS(D) 391385 – 391402Mukim of PlentongDistrict of Johor Bahru

Development land 99 years lease Mixed housing 43.36 acres 4,219 1995Mukim of Plentong (Land title is developmentDistrict of Johor Bahru yet to be issued)

list of properties


Net bookvalue as at


B. FUTURE DEVELOPMENT (cont’d.)Bandar Dato’ OnnPTD 138799 – 139442 Freehold Mixed housing 69.85 acres 17,199 2004HS(D) 424475 – 425098 developmentMukim of TebrauDistrict of Johor Bahru

Development land Freehold Mixed housing 1,404.40 acres 348,377 2004Mukim of Tebrau (Land titles is development/District of Johor Bahru yet to be issued) Oil palm estate

Inderaputra LandPTB 21108 HS(D) 380523 Freehold Vacant land 3,409.22 sq metres 7,049 2000Mukim of Bandar Johor BahruDistrict of Johor Bahru

Pagoh LandDevelopment Land Leasehold Mixed housing 55.65 acres 3,896 1998Mukim of Jorak (Land title is developmentDistrict of Muar yet to be issued)

Vacant Factory Land atPasir GudangPTD 110889 – 110890 60 years lease 3 vacant 7,661.521 sq metres 577 1995HS(D) 212052 – 212053 & Expiring on factory lotsPTD 110895 27.6.2053HS(D) 212058 Mukim of PlentongDistrict of Johor Bahru

shareholdings statistics as at 26 March 2007


Authorised Share Capital : RM500,000,000Issued & Fully Paid-Up Capital : RM122,000,000 less 951,800 Treasury Shares = 121,048,200Class of Shares : Ordinary Share of RM1/= each

VOTING RIGHT OF SHAREHOLDERSEvery member of the Company present in person or by proxy shall have one vote on a show of hand and in the case of a poll shallhave one vote for every share of which he/she is the holder.

BREAK DOWN OF SHAREHOLDINGS

Size of Shareholdings No. of Shareholders % No. of Shares %

Less than 100 696 7.29 23,616 0.02100 – 1,000 4,960 51.97 2,755,421 2.281,001 – 10,000 3,274 34.30 11,529,845 9.5210,001 – 100,000 556 5.83 15,984,070 13.20100,001 to less than 5% of Issued Capital 56 0.59 43,392,475 35.855% and above of Issued Capital 2 0.02 47,362,773 39.13

TOTAL 9,544 100.00 121,048,200 100.00

TOP THIRTY SECURITIES ACCOUNT HOLDERS(Without aggregating the securities from different securities accounts belonging to the same depositor)

Name No. of Shares %

1. Johor Corporation 28,606,390 23.632. Johor Corporation 18,756,383 15.503. Johor Capital Holdings Sdn Bhd 5,571,000 4.604. Johor Ventures Sdn Bhd 5,017,670 4.155. Kumpulan Waqaf An-Nur Berhad 4,318,937 3.576. HSBC Noms (A) Sdn Bhd

– A/C Exempt An for Morgan Stanley & Co. Incorporated 3,500,000 2.897. Johor Corporation 2,892,270 2.398. OSK Noms (T) Sdn Bhd

– A/C Lee Cheng Hock 2,667,100 2.209. Permodalan Nasional Berhad 1,794,580 1.4810. Employees Provident Fund Board 1,756,488 1.4511. Amanah Raya Noms (T) Sdn Bhd

– A/C Skim Amanah Saham Bumiputera 1,500,000 1.2412. ECM Libra Avenue Noms (A) Sdn Bhd

– A/C DBS Vickers Secs (S) Pte Ltd for Optimus Capital International Limited 1,414,000 1.1713. Lembaga Tabung Amanah Warisan Negeri Terengganu 1,003,260 0.8314. Shoptra Jaya (M) Sdn Bhd 969,000 0.8015. Citigroup Noms (A) Sdn Bhd

– A/C UBS AG for NPJ Global Opportunities Master Fund (Pledged) 770,000 0.6416. Quah Wee Lai 630,000 0.5217. PRB Noms (T) Sdn Bhd

– A/C Rubber Industry Smallholders Development Authority 578,510 0.4818. Zalaraz Sdn Bhd 537,690 0.4419. PRB Noms (T) Sdn Bhd

– A/C Rubber Industry Smallholders Development Authority 494,400 0.4120. Tabung Amanah Warisan Negeri Johor 402,950 0.33

shareholdings statistics as at 26 March 2007


TOP THIRTY SECURITIES ACCOUNT HOLDERS (continued)(Without aggregating the securities from different securities accounts belonging to the same depositor)


21. PRB Noms (T) Sdn Bhd– A/C Rubber Industry Smallholders Development Authority 394,000 0.33

22. OSK Noms (T) Sdn Bhd– A/C DMG & Partners Securities Pte Ltd for Tan Hian-Tsin (31-12122) 380,000 0.31

23. Lee Siew Hoon 360,400 0.3024. Johor Corporation 350,980 0.2925. PRB Noms (T) Sdn Bhd

– A/C Rubber Industry Smallholders Development Authority 350,160 0.2926. OSK Noms (T) Sdn Bhd

– A/C Seah Kiat Leong @ Sia Kiat Leong 325,600 0.2727. Lim Kian Huat 315,400 0.2628. OSK Noms (T) Sdn Bhd

– A/C DMG & Partners Securities Pte Ltd for Crocodile Int’l Sdn Bhd (3D-75749) 270,000 0.2229. Lim Poh Teen 262,400 0.2230. Citigroup Noms (A) Sdn Bhd

– A/C CBNY for DFA Emerging Markets Fund 247,940 0.20

SUBSTANTIAL SHAREHOLDERS


1. Johor Corporation – 5 a/cs 50,608,053 41.81Johor Corporation Group – Johor Capital Holdings Sdn Bhd – 3 a/cs 5,763,810

– Johor Ventures Sdn Bhd – 2 a/cs 5,043,820 10,807,630 8.93

ANALYSIS OF SHAREHOLDERS

No. of Shareholders % No. of Shares %

Malaysian – Bumiputra 1,017 10.65 80,781,937 66.74– Others 7,279 76.27 26,355,604 21.77

Foreigners 1,248 13.08 13,910,659 11.49

TOTAL 9,544 100.00 121,048,200 100.00

notice of annual general meeting


NOTICE IS HEREBY GIVEN THAT the Thirty Second (32nd) Annual General Meeting of Johor Land Berhad

will be held at Tanjung Puteri 305, Persada Johor International Convention Centre, Jalan Abdullah Ibrahim,

80000 Johor Bahru, Johor on Monday, 21 May 2007 at 12.00 noon for the following purposes:-

AS ORDINARY BUSINESSES:-1. To receive and adopt the Report and the Audited Financial Statements for the financial

year ended 31 December 2006 and the reports of the Directors and Auditors thereon; Resolution 1

2. To approve final dividend of 3% gross (less Malaysian income tax at 27%) in respectof the financial year ended 31 December 2006; Resolution 2

3. To re-elect the following Directors who retire in accordance with the Company’s Articlesof Association:-

(i) Lukman Bin Hj Abu Bakar (Article 81) Resolution 3(ii) Abdul Malek Bin Talib (Article 81) Resolution 4(iii) Yusof Bin Rahmat (Article 81) Resolution 5(iv) Mohd Talhar Bin Abdul Rahman (Article 87) Resolution 6

4. To re-elect Dato Hj Hassan Bin Hj Mohd Yunos, who is over the age of seventy (70)years who retires in accordance with Section 129(6) of the Companies Act, 1965; Resolution 7

5. To approve the payment of Directors’ fees in respect of the financial year ended 31 December 2006; Resolution 8

6. To re-appoint Messrs KPMG as Auditors of the Company and to authorise the Directorsto fix their remuneration; Resolution 9

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

AS SPECIAL BUSINESS:-8. To consider, and if thought fit, to pass the following Resolution as Ordinary Resolution:-

“That pursuant to Section 132(D) of the Companies Act, 1965, the Directors be andare hereby authorised to allot and issue shares of the Company at any time until theconclusion of the next Annual General Meeting, upon such terms and conditions andfor such purposes as the Directors may, in their absolute discretion shall deem fitprovided always that the aggregate number of shares to be allotted and issued shall notexceed ten percent (10%) of the issued share capital of the Company for the timebeing, subject always to the approval of all relevant regulatory bodies being obtainedfor such allotment and issue.” (See note) Resolution 10

notice of annual general meeting


NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT NO. 13Subject to approval of Resolution 2, a final dividend of 3% gross (less Malaysian income taxat 27%) in respect of the financial year ended 31 December 2006 on the entitled issuedordinary share capital of the Company payable on 29 June 2007 to shareholders registeredin the Register of Members of the Company with the Registrars, Pro-Corporate ManagementServices Sdn Bhd, Suite 2, 17th Floor, Kompleks Tun Abdul Razak, Jalan Wong Ah Fook,80000 Johor Bahru, Johor at the close of business at 5.00 pm on 25 May 2007.

Further NOTICE IS ALSO HEREBY GIVEN THAT a depositor shall qualify for entitlement onlyin respect of:-

a. Shares transferred into the depositor’s securities accounts before 4.00 pm on 25 May2007 in respect of ordinary transfers;

b. Shares bought on the Bursa Malaysia Securities Berhad on a cum entitlement basisaccording to the Rules of the Bursa Malaysia Securities Berhad.

By Order of the BoardJOHOR LAND BERHAD

JAMALLUDIN BIN KALAM (LS 02710)IDHAM JIHADI BIN ABU BAKAR ACIS (MAICSA 7007381)Secretaries

Venue : JOHOR BAHRUDated : 25 APRIL 2007

EXPLANATORY NOTE ON SPECIAL BUSINESS:-Resolution 10Your Board would like to act expeditiously to expand your Group’s core business, if and whenthey arise. Although the investment sum involved may not be too substantial to requireshareholders’ approval at an Extraordinary General Meeting, the Directors may consider itappropriate to finance such potential business opportunities by the issue of a limited numberof new shares. In order to facilitate the process, it is thus appropriate that the Directors beauthorised to issue shares in the Company up to an amount not exceeding in total 10% ofthe existing issued capital of the Company for such purpose during the period. This authority,unless revoked or varied at a general meeting, will take effect until the next Annual GeneralMeeting of the Company pursuant to Section 132(D) of the Companies Act, 1965.

Notes:-1. A member entitled to attend and vote

at this meeting is entitled to appoint aproxy and vote instead of him. Aproxy may but need not be a memberof the Company.

2. The instrument appointing a proxy shallbe in writing under the hand of theappointer or his attorney dulyauthorised in writing or if the appointeris a corporation/company either underits common seal or under the hand ofits attorney duly authorised.

3. If a member appoints two proxies toattend at the same meeting, theinstrument of proxy must specify theproportion of his shareholdings to berepresented by each proxy.

4. The instrument appointing a proxymust be deposited at the RegisteredOffice of the Company, at 13th Floor,Menara Johor Corporation, KOTARAYA80000 Johor Bahru, Johor not lessthan forty eight (48) hours before thetime appointed for holding the meetingor any adjournment thereof.

notis mesyuarat agung tahunan


DENGAN INI DIBERITAHU BAHAWA Mesyuarat Agung Tahunan Johor Land Berhad kali ke Tiga Puluh Dua

(32) akan diadakan di Tanjung Puteri 305, Persada Johor Pusat Konvensyen Antarabangsa, Jalan Abdullah

Ibrahim, 80000 Johor Bahru, Johor pada hari Isnin, 21 Mei 2007 pada jam 12.00 tengahari bagi tujuan-

tujuan berikut:-

SEBAGAI URUSAN-URUSAN BIASA:-1. Menerima dan meluluskan Laporan dan Penyata Kewangan Beraudit bagi tahun

kewangan berakhir 31 Disember 2006 serta Laporan Pengarah-Pengarah dan Juruauditberkaitan dengannya; Resolusi 1

2. Meluluskan dividen akhir sebanyak 3% kasar (ditolak 27% cukai pendapatan Malaysia)bagi tahun kewangan berakhir 31 Disember 2006; Resolusi 2

3. Melantik semula Pengarah-Pengarah berikut yang bersara mengikut Tataurusan Syarikat:-

(i) Lukman Bin Hj Abu Bakar (Artikel 81) Resolusi 3(ii) Abdul Malek Bin Talib (Artikel 81) Resolusi 4(iii) Yusof Bin Rahmat (Artikel 81) Resolusi 5(iv) Mohd Talhar Bin Abdul Rahman (Artikel 87) Resolusi 6

4. Melantik semula Dato Hj Hassan Bin Hj Mohd Yunos yang berumur melebihi tujuh puluhtahun (70) yang bersara mengikut Seksyen 129(6) Akta Syarikat, 1965; Resolusi 7

5. Meluluskan pembayaran yuran Pengarah bagi tahun kewangan berakhir 31 Disember2006; Resolusi 8

6. Melantik semula Tetuan KPMG sebagai Juruaudit Syarikat dan memberi kuasa kepadaPengarah-pengarah untuk menetapkan bayaran mereka; Resolusi 9

7. Menjalankan sebarang urusan Syarikat yang lain di mana notis yang sewajarnya telahdiberi;

SEBAGAI URUSAN KHAS:-8. Untuk mempertimbangkan dan sekiranya didapati wajar, meluluskan Resolusi Biasa

berikut:-

“Bahawa selaras dengan peruntukan Seksyen 132(D) Akta Syarikat 1965, adalah dandengan ini para Pengarah diberi kuasa untuk memperuntukkan dan menerbitkan saham-saham Syarikat pada bila-bila masa sehingga penutup Mesyuarat Agung Tahunan yangakan datang, mengikut terma-terma dan syarat-syarat tertentu dan untuk tujuan-tujuantertentu sebagaimana para Pengarah mungkin, mengikut budibicara mutlak mereka,fikirkan wajar dengan syarat bahawa agregat bilangan saham yang akan diperuntukkandan diterbitkan tidak melebihi sepuluh peratus (10%) daripada modal saham Syarikatyang diterbitkan buat ketika ini, tertakluk sentiasa kepada kelulusan pihak-pihak berkuasayang berkaitan diperolehi bagi peruntukkan dan terbitan saham demikian” (Lihat nota) Resolusi 10

notis mesyuarat agung tahunan


NOTIS KELAYAKAN DAN PEMBAYARAN DIVIDEN NO. 13Tertakluk kepada kelulusan Resolusi 2, dividen akhir sebanyak 3% kasar (ditolak 27% cukaipendapatan Malaysia) bagi tahun berakhir 31 Disember 2006 ke atas saham-saham biasaSyarikat yang berkelayakan akan dibayar pada 29 Jun 2007 kepada pemegang-pemegangsaham berdaftar di Daftar Pemegang Saham Syarikat dengan Pendaftar Saham Syarikat, Pro-Corporate Management Services Sdn Bhd, Suite 2, Tingkat 17, Kompleks Tun AbdulRazak, Jalan Wong Ah Fook, 80000 Johor Bahru, Johor pada penutupan urusniaga pada jam5.00 petang pada 25 Mei 2007.

DENGAN INI SELANJUTNYA DIBERITAHU BAHAWA pendeposit adalah berkelayakan untukhak dividen hanya dalam keadaan-keadaan berikut:

a. Saham-saham yang dipindah milik kepada akaun sekuriti pendeposit sebelum jam 4.00 petang pada 25 Mei 2007 berkaitan dengan pindah milik-pindah milik biasa;

b. Saham-saham yang dibeli di Bursa Malaysia Securities Berhad yang berkelayakanberdasarkan kepada peraturan yang ditetapkan oleh Bursa Malaysia Securities Berhad.

Dengan Perintah Lembaga PengarahJOHOR LAND BERHAD

JAMALLUDIN BIN KALAM (LS 02710)IDHAM JIHADI BIN ABU BAKAR ACIS (MAICSA 7007381)Setiausaha-Setiausaha

Tempat : JOHOR BAHRUTarikh : 25 APRIL 2007

NOTA KETERANGAN BAGI URUSAN KHAS:-Resolusi 10Lembaga Pengarah perlu bertindak merebut peluang-peluang memperbesarkan perniagaanutama Kumpulan dengan segera, apabila dan jika peluang-peluang itu muncul. Biarpun jumlahpelaburannya mungkin tidak terlalu besar sehingga perlu mendapatkan kelulusan parapemegang saham menerusi Mesyuarat Agung Luarbiasa, para Pengarah mungkin perlu untukmembiayai peluang perniagaan yang berpotensi itu dengan menerbitkan sebilangan saham-saham baru. Bagi memenuhi proses ini, adalah wajar para Pengarah diberikan kuasamenerbitkan saham-saham dalam Syarikat dengan jumlahnya tidak melebihi sepuluh peratus(10%) daripada terbitan modal saham Syarikat sedia ada untuk tujuan itu dalam tempohberkenaan. Kuasa ini kecuali dibatalkan atau diubahsuai dalam mesyuarat agung, akanberkuatkuasa sehingga tamat Mesyuarat Agung Tahunan Syarikat berikutnya menurut Seksyen132(D) Akta Syarikat, 1965.

Nota:-1. Seorang ahli yang berhak menghadiri

dan mengundi dalam Mesyuarat iniberhak melantik seorang proksi untukmenghadiri bagi pihak dirinya. Seorangproksi tidak semestinya seorang ahlisyarikat.

2. Suratcara perlantikan proksi hendaklahdibuat secara bertulis oleh pelantikatau wakil mutlak yang berkuasa atau j ika pelantik adalah sebuahperbadanan/syarikat suratcara mestilahdisempurnakan di bawah meteraiperbadanan/syarikat atau di dalambidang kuasa wakil mutlak.

3. Apabila seorang Ahli melantik duaorang proksi dalam mesyuarat yangsama, perlantikan tersebut hendaklahmenyatakan bilangan saham yang akandiwakili oleh proksi masing-masing.

4. Suratcara perlantikan proksi hendaklahsampai di Pejabat Berdaftar Syarikat, diTingkat 13, Menara Johor Corporation,KOTARAYA 80000 Johor Bahru, Johortidak lewat dari empat puluh lapan (48)jam sebelum mesyuarat ditetapkanatau sebarang mesyuaratpenangguhannya.

statement accompanying the notice of annual general meeting


1. Directors who are standing for re-election at the Thirty Second (32nd) Annual General Meeting of the Company scheduled to beheld at Tanjung Puteri 305, Persada Johor International Convention Centre, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor onMonday, 21 May 2007 at 12.00 noon are as follows:-

(i) Lukman Bin Hj Abu Bakar (Article 81) Resolution 3(ii) Abdul Malek Bin Talib (Article 81) Resolution 4(iii) Yusof Bin Rahmat (Article 81) Resolution 5(iv) Mohd Talhar Bin Abdul Rahman (Article 87) Resolution 6(v) Dato Hj Hassan Bin Hj Mohd Yunos (Section 129(6) of the Company Act, 1965) Resolution 7

The profiles of the Directors standing for re-election are on pages 10, 13, 15, 16 and 17.

2. The Thirty First (31st) Annual General Meeting of the Company was held at Delima Room, The Puteri Pacific Hotel, Jalan AbdullahIbrahim, 80000 Johor Bahru, Johor on Wednesday, 24 May 2006 at 12.00 noon.

3. Details of the Board of Directors’ Meetings.

Four (4) Board of Directors’ Meetings were held during the financial year ended 31 December 2006. Details of the Board ofDirectors’ Meetings are as follows:-

Date Time Venue

27 February 2006 2.30 pm Meeting Room, 14th Floor, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru

24 May 2006 9.00 am Nilam Room, Level 2, The Puteri Pacific Hotel, 80000 Johor Bahru

28 August 2006 9.00 am Meeting Room, 14th Floor, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru

27 November 2006 10.00 am Conference Room, Nusa Mutiara Complex, 81100 Johor Bahru

4. Details of attendance of Directors at Board Meetings are as follows:-

Date ofName Appointment 27/2/06 24/5/06 28/8/06 27/11/06

Tan Sri Dato’ Muhammad Ali Hashim 1 January 2006 / / / /

Mohd Talhar Bin Abdul Rahman 15 April 1996 / OS OS /

A.F.M Shafiqul Hafiz 1 May 1988 / / / /

Ahamad Bin Mohamad 1 January 1996 / / — —(resigned with effect from 1 August 2006)

Kua Hwee Sim 1 May 1996 / / / /

Dato Hj Hassan Bin Hj Mohd Yunos 1 August 2005 / / OS /

Mahlil Bin Omar 3 July 2001 / / / /

Md Tamyes Bin A. Rahim(resigned with effect from 2 May 2006) 15 March 1995 / — — —

Azizah Binti Abdul Rahman(resigned with effect from 15 August 2006) 10 January 2005 / / — —

Lukman Bin Hj Abu Bakar 1 August 2006 — — / /

Abdul Malek Bin Talib 1 January 2007 — — — —

Yusof Bin Rahmat 1 January 2007 — — — —

OS – Overseas

penyata bersama notis mesyuarat agung tahunan


1. Para Pengarah yang menawarkan diri untuk dipilih semula pada Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh Dua (32)yang dijadualkan akan diadakan di Tanjung Puteri 305, Persada Johor Pusat Konvensyen Antarabangsa, Jalan Abdullah Ibrahim, 80000Johor Bahru, Johor pada hari Isnin, 21 Mei 2007 pada jam 12.00 tengahari adalah seperti berikut:-

(i) Lukman Bin Hj Abu Bakar (Artikel 81) Resolusi 3(ii) Abdul Malek Bin Talib (Artikel 81) Resolusi 4(iii) Yusof Bin Rahmat (Artikel 81) Resolusi 5(iv) Mohd Talhar Bin Abdul Rahman (Artikel 87) Resolusi 6(v) Dato Hj Hassan Bin Hj Mohd Yunos (Seksyen 129(6) Akta Syarikat, 1965) Resolusi 7

Profil para Pengarah yang menawarkan diri untuk dipilih semula adalah seperti di muka surat 10, 13, 15, 16 dan 17.

2. Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh Satu (31) telah diadakan di Bilik Delima, Hotel Puteri Pacific, Jalan AbdullahIbrahim, 80000 Johor Bahru, Johor pada hari Rabu, 24 Mei 2006 pada jam 12.00 tengahari.

3. Butiran Mesyuarat Ahli Lembaga Pengarah.

Empat (4) Mesyuarat Ahli Lembaga Pengarah telah diadakan pada tahun kewangan berakhir 31 Disember 2006. Butiran MesyuaratAhli Lembaga Pengarah adalah seperti berikut:-

Tarikh Masa Tempat

27 Februari 2006 2.30 petang Bilik Mesyuarat, Tingkat 14, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru

24 Mei 2006 9.00 pagi Bilik Nilam, Tingkat 2, Hotel Puteri Pacific, 80000 Johor Bahru

28 Ogos 2006 9.00 pagi Bilik Mesyuarat, Tingkat 14, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru

27 November 2006 10.00 pagi Bilik Persidangan, Kompleks Nusa Mutiara, 81100 Johor Bahru

4. Butiran mengenai kehadiran para Pengarah di Mesyuarat Ahli Lembaga Pengarah adalah seperti berikut:-

TarikhNama Perlantikan 27/2/06 24/5/06 28/8/06 27/11/06

Tan Sri Dato’ Muhammad Ali Hashim 1 Januari 2006 / / / /

Mohd Talhar Bin Abdul Rahman 15 April 1996 / LN LN /

A.F.M Shafiqul Hafiz 1 Mei 1988 / / / /

Ahamad Bin Mohamad 1 Januari 1996 / / — —(meletak jawatan berkuatkuasa mulai 1 Ogos 2006)

Kua Hwee Sim 1 Mei 1996 / / / /

Dato Hj Hassan Bin Hj Mohd Yunos 1 Ogos 2005 / / LN /

Mahlil Bin Omar 3 Julai 2001 / / / /

Md Tamyes Bin A. Rahim(meletak jawatan berkuatkuasa mulai 2 Mei 2006) 15 Mac 1995 / — — —

Azizah Binti Abdul Rahman(meletak jawatan berkuatkuasa mulai 15 Ogos 2006) 10 Januari 2005 / / — —

Lukman Bin Hj Abu Bakar 1 Ogos 2006 — — / /

Abdul Malek Bin Talib 1 Januari 2007 — — — —

Yusof Bin Rahmat 1 Januari 2007 — — — —

LN – Luar Negara

corporate directory


JOHOR LAND BERHAD (Company No: 12379-K)

Main Office10th Floor, KOMTARJalan Wong Ah Fook80000 Johor BahruJohor Darul Ta’zimMalaysiaTel : 07-227 2692Fax : 07-226 2962

Johor Bahru Division10th Floor, KOMTARJalan Wong Ah Fook80000 Johor BahruJohor Darul Ta’zimMalaysiaTel : 07-227 2692Fax : 07-226 2962

Pasir Gudang DivisionNo. 58-58AJalan Mawar 46Taman Mawar81700 Pasir GudangJohor Darul Ta’zimMalaysiaTel : 07-251 5692Fax : 07-256 4611

Pasir Gudang Sales OfficeMini Dahlia, Persiaran Dahlia 1Taman Bukit Dahlia81700 Pasir GudangJohor Darul Ta’zimMalaysiaTel : 07-252 2692Fax : 07-252 8108

Tebrau Divison/Sales OfficeKompleks Nusa MutiaraJalan Bukit Mutiara81100 Johor BahruJohor Darul Ta’zimMalaysiaTel : 07-358 2692Fax : 07-353 2692

Tiram Division/Sales OfficeTaman Bukit Tiram81800 Ulu TiramJohor Darul Ta’zimMalaysiaTel : 07-358 3692Fax : 07-353 2692

ADVANCE DEVELOPMENT SDN.BHD.(Company No: 13974-A)10th Floor, KOMTARJalan Wong Ah Fook80000 Johor BahruJohor Darul Ta’zimMalaysiaTel : 07-227 2692Fax : 07-226 2962

JOHOR LAND MANUFACTURINGSDN. BHD.(Company No: 301430-D)10th Floor, KOMTARJalan Wong Ah Fook80000 Johor BahruJohor Darul Ta’zimMalaysiaTel : 07-227 2692Fax : 07-226 2962

PEMBINAAN PREFAB SDN. BHD.(Company No: 30936-A)10th Floor, KOMTARJalan Wong Ah Fook80000 Johor BahruJohor Darul Ta’zimMalaysiaTel : 07-227 2692Fax : 07-226 2962

REVERTEX (MALAYSIA) SDN. BHD.(Company No: 13437-V)11⁄2 Miles, Jalan Batu Pahat86000 KluangJohor Darul Ta’zimMalaysiaTel : 07-773 1000Fax : 07-772 4669

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Muka surat ini sengaja dibiarkan kosong.

proxy form

*I/We (BLOCK LETTERS)

of

being *a member/members of JOHOR LAND BERHAD hereby *appoints/appoint the *Chairman of the Meeting or

as *my/our Proxy to vote for *me/us on *my/our behalf at the Thirty Second (32nd) Annual General Meeting of the Company to be heldon Monday, 21 May 2007 at 12.00 noon or at any adjournment of such meeting.

Should you desire to direct your Proxy how to vote on the Resolutions set out in the Notice of Meeting and as summarised below, pleaseindicate with an “X” in the appropriate space. If no direction as to voting is given, the Proxy will vote or abstain at his/her discretion.

Signed this day of 2007.

Signature of Member(s)

Notes:-1. A member entitled to attend and vote at this meeting is entitled to appoint a proxy and vote instead of him. A proxy may but need

not be a member of the Company.

2. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or ifthe appointer is a Corporation/Company either under its common seal or under the hand of its attorney duly authorised.

3. If a member appoints two proxies to attend at the same meeting, the instrument of proxy must specify the proportion of hisshareholdings to be represented by each proxy.

4. The instrument appointing a proxy must be deposited at the Registered Office of the Company, at 13th Floor, Menara JohorCorporation, KOTARAYA 80000 Johor Bahru, Johor not less than forty eight (48) hours before the time appointed for holding themeeting or any adjournment thereof.

(*) Please strike out whichever inapplicable.

Number of Shares

RESOLUTION DESCRIPTION FOR AGAINST

1 To receive the report and the Audited Financial Statements

2 To approve final dividend

3 To re-elect Lukman Bin Hj Abu Bakar as Director (Article 81)

4 To re-elect Abdul Malek Bin Talib as Director (Article 81)

5 To re-elect Yusof Bin Rahmat as Director (Article 81)

6 To re-elect Mohd Talhar Bin Abdul Rahman as Director (Article 87)

7 To re-elect Dato Hj Hassan Bin Hj Mohd Yunos as Director(Section 129(6) of the Companies Act, 1965)

8 To approve Directors’ fees

9 To re-appoint Auditors

10 To approve issuance of shares

THE COMPANY SECRETARY

JOHOR LAND BERHAD (12379-K)

13th Floor, Menara Johor Corporation

KOTARAYA, 80000 Johor Bahru, Johor

MALAYSIA

FOLD HERE

STAMP

FOLD HERE

borang proksi

*Saya/Kami (HURUF BESAR)

beralamat

sebagai *ahli/ahli-ahli JOHOR LAND BERHAD dengan ini melantik *Pengerusi Mesyuarat atau

sebagai Proksi *saya/kami untuk mengundi bagi pihak *saya/kami dalam Mesyuarat Agung Tahunan Syarikat kali Ke Tiga Puluh Dua (32)yang akan diadakan pada hari Isnin, 21 Mei 2007, jam 12.00 tengahari atau di sebarang penangguhannya.

Jika anda ingin mengarahkan Proksi anda mengundi ke atas resolusi-resolusi yang dinyatakan di dalam Notis Mesyuarat dan sepertiringkasan di bawah, tandakan dengan “X” dalam ruang yang disediakan. Jika tiada arahan tertentu diberi, Proksi anda akan mengundi atauberkecuali mengikut budi bicaranya sendiri.

RESOLUSI KETERANGAN MENYOKONG MENENTANG

1 Menerima laporan dan Penyata Kewangan Beraudit

2 Meluluskan dividen akhir

3 Melantik semula Lukman Bin Hj Abu Bakar sebagai Pengarah (Artikel 81)

4 Melantik semula Abdul Malek Bin Talib sebagai Pengarah (Artikel 81)

5 Melantik semula Yusof Bin Rahmat sebagai Pengarah (Artikel 81)

6 Melantik semula Mohd Talhar Bin Abdul Rahman sebagai Pengarah (Artikel 87)

7 Melantik semula Dato Hj Hassan Bin Hj Mohd Yunos sebagai Pengarah (Seksyen 129(6) Akta Syarikat 1965)

8 Meluluskan bayaran Yuran Pengarah

9 Melantik semula Juruaudit

10 Meluluskan penerbitan saham-saham

Ditandatangani pada haribulan 2007.

Tandatangan Ahli/Ahli-ahli

Nota:-1. Seorang ahli yang berhak menghadiri dan mengundi dalam Mesyuarat ini berhak melantik seorang proksi untuk menghadiri bagi pihak

dirinya. Seorang proksi tidak semestinya seorang ahli Syarikat.

2. Suratcara perlantikan proksi hendaklah dibuat secara bertulis oleh pelantik atau wakil mutlak yang berkuasa atau jika pelantik adalahsebuah perbadanan/syarikat, suratcara mestilah disempurnakan di bawah meterai perbadanan/syarikat atau di dalam bidang kuasa wakilmutlak.

3. Apabila seorang Ahli melantik dua orang proksi dalam mesyuarat yang sama, perlantikan tersebut hendaklah menyatakan bilangansaham yang akan diwakili oleh proksi masing-masing.

4. Suratcara perlantikan proksi hendaklah sampai di Pejabat Berdaftar Syarikat, di Tingkat 13, Menara Johor Corporation, KOTARAYA80000 Johor Bahru, Johor tidak lewat dari empat puluh lapan (48) jam sebelum mesyuarat ditetapkan atau sebarang mesyuaratpenangguhannya.

(*) Sila potong mana-mana yang tidak berkenaan.

Bilangan Saham

SETIAUSAHA SYARIKAT

JOHOR LAND BERHAD (12379-K)

Tingkat 13, Menara Johor Corporation

KOTARAYA, 80000 Johor Bahru, Johor

MALAYSIA

LIPAT DI SINI

SETEM

LIPAT DI SINI

JohorLandBERHAD 12379-K

Building CommunitiesEnriching Lives

Laporan Tahunan 2006 Annual Report

Lapo

ran Tahunan 2006 Annual R

epo

rt

www.jland.com.my

10th Floor, KOMTAR, Jalan Wong Ah Fook, 80000 Johor Bahru, Johor, Malaysia.Tel: 07-227 2692 Fax: 07-226 2962

JOH

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LAN

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D(12379-K

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Documents

Building Communities Enriching Lives - Johor Land Berhad