notes to the financial statements - Kumpulan Perangsang Selangor

Transcription

KUMPULAN PERANGSANG SELANGOR BERHAD (23737-K)
Tingkat 16-17, Plaza Perangsang
Persiaran Perbandaran, 40000 Shah Alam
Selangor Darul Ehsan, Malaysia
Tel : +603 5510 3999
Fax: +603 5510 9977
www.kps.com.my
Annual Report • Laporan Tahunan 2009
for All
Annual Report • Laporan Tahunan 2009
COVER RATIONALE : WATER FOR ALL
RASIONAL MUKA DEPAN : AIR UNTUK SEMUA
Water being our basic need should be efficiently and
effectively managed on a holistic manner in the hand of
the Government-controlled entity for the benefit of all.
Air merupakan keperluan asas kita, seharusnya diuruskan
dengan efisyen dan efektif secara bersepadu oleh entiti
milik Kerajaan untuk kepentingan semua.
Mission misi
• Lead and achieve a global presence in the industries we operate.
• Venture and participate in viable businesses with linkages to the
Infrastructure and Utility industries.
• Ensure a quality working environment, which inspires our employees to
superior standards of performance.
• Ensure sustainable financial performance with optimum returns to
shareholders.
• Maintain quality Infrastructure and Utility services which surpass
customers’ expectations.
• Always recognised as a caring, community oriented and environmental friendly organisation.
• Menerajui dan mencapai kecemerlangan global dalam industri-industri yang kami
ceburi.
• Menerokai dan menyertai peluang-peluang perniagaan berdaya maju yang melibatkan
bidang Infrastruktur dan Utiliti.
• Memastikan persekitaran kerja berkualiti yang memberi inspirasi kepada warga kerja
kami untuk mencapai prestasi tinggi.
• Memastikan prestasi kewangan yang mampan dengan pulangan optimum kepada para
pemegang saham.
• Mengekalkan perkhidmatan Infrastruktur dan Utiliti berkualiti yang melebihi jangkaan
para pelanggan.
• Sentiasa dikenali sebagai organisasi yang prihatin, berorientasikan masyarakat dan
mesra alam.
2009
Annual Report / laporan tahunan
Visionvisi
The leading integrated
provider of
Infrastructure and
Utility services, leaving
a legacy of pride and
accomplishment for the
people.
Peneraju pembekal
perkhidmatan Infrastruktur
dan Utiliti yang
bersepadu, mencipta
warisan kemegahan dan
kecemerlangan untuk
rakyat.
Contents kandungan
Vision And Mission
Visi Dan Misi
4
Our Profile
5
Profil Kami
6Notice Of Annual General
Meeting
8Notis Mesyuarat Agung Tahunan
10Group’s Financial Highlights
12 Maklumat Korporat
12 Corporate Information
14 Struktur Korporat
14 Corporate Structure
16 Profil Lembaga Pengarah
16Profile Of Board Of Directors
22 Profil Pengurusan Kanan
22Profile Of Senior Management
28Perutusan Pengerusi
28 Chairman’s Statement
40Penyata Tadbir Urus Korporat
40Statement Of Corporate
Governance
50 Penyata Kawalan Dalaman
50Statement On Internal Controls
56 Audit Committee Report
66Corporate Social Responsibility
70 Corporate Calendar
74 Human Resource Review
80 Financial Statements
191 Analysis Of Shareholdings
194 List Of Group Properties
198 Corporate Directory
Proxy Form
10 Ringkasan Kewangan Kumpulan
56Laporan Jawatankuasa Audit
66Tanggungjawab Sosial Korporat
70 Kalendar Korporat
74 Laporan Sumber Manusia
80 Penyata Kewangan
191 Analisa Pegangan Saham
194Senarai Hartanah Kumpulan
198 Direktori Korporat
Borang Proksi
Facilitating resources through efficient technology
Pengurusan sumber melalui teknologi yang efisyen
As a leading integrated water utilities and facilities operator, KPS constantly innovates and
develops enhancements to better utilise water. Our commitment to serve the community and
the public is paramount, by applying the latest technology and R&D we have successfully
delivered a quality resource for long term sustainability.
Sebagai syarikat utiliti air bersepadu dan pengendali kemudahan terkemuka, KPS secara
berterusan melakukan inovasi dan peningkatan supaya lebih memanfaatkan penggunaan air.
Komitmen kami adalah memberi perkhidmatan dan keutamaan kepada masyarakat, melalui
teknologi terkini dan “R&D”, supaya dapat membekalkan sumber berkualiti untuk
jangka panjang.
Our
Profile
4
profil kami
Overflow Spillway Sungai Semenyih Dam
Established on 11 August 1975, Kumpulan Perangsang Selangor Berhad (KPS) was listed on
the Main Board of Bursa Malaysia Securities Berhad on 22 July 2003 with an authorised capital
of RM1.0 billion and a paid-up capital of RM431.4 million. The current paid-up capital is RM475.8
million. The major shareholder of KPS is Kumpulan Darul Ehsan Berhad (KDEB), which holds
60.7% equity interest. KPS is geared to become a global infrastructure and water utility player
in an endeavour to strengthen its earnings base and enhance shareholder value.
KPS holds strategic stakes in major
water supply and water related
companies namely, Konsortium ABASS
Sdn Bhd (ABASS) 100% via Titisan
Modal (M) Sdn Bhd, a 55% owned
subsidiary of KPS, Syarikat Pengeluar
Air Selangor Holdings Berhad (SPLASH)
30% via Viable Chip (M) Sdn Bhd, a
100% owned subsidiary of KPS,
Taliworks Corporation Berhad (Taliworks)
20% and a 15% stake in Syarikat
Bekalan Air Selangor Sdn Bhd (SYABAS),
which distributes water to households in
Selangor, Kuala Lumpur and Putrajaya.
ABASS has a 30-year concession in the
privatisation of the Sungai Semenyih
Water Supply Scheme which has a
design output capacity of 545 million
litres per day (MLD). ABASS produces
and supplies treated water to SYABAS,
which in turn distributes the water to
households in the southern part of
Selangor, Kuala Lumpur, Putrajaya,
Cyberjaya and the new development
areas in Sepang.
SPLASH holds a 30-year concession to
undertake the operations and
maintenance of the Sungai Selangor
Water Supply Scheme Phase 1 (SSP1)
water treatment plant (950 MLD) as well
as to design, construct, operate and
maintain the respective water treatment
plants and a dam under the Sungai
Selangor Water Supply Scheme Phase
3 (SSP3) - (1,050 MLD). SPLASH
produces and supplies treated water to
SYABAS which in turn distributes the
water to households in the northern
regions of Selangor and Kuala Lumpur.
Taliworks is involved in the management,
operation and maintenance of the SSP1
water treatment plant that currently
supplies to large areas of Kuala Lumpur
and central Selangor. Taliworks also
operates and maintains the entire water
supply and distribution facilities in Pulau
Langkawi, Kedah and the Sungai Baru
water treatment plant in Perlis under a
25-year contract.
In line with its vision to be an integrated
regional water player, KPS will pursue a
range of business activities in the water
value chain to build its inter nal
competencies in the water sector.
5
Sungai Selangor
Phase 3 Dam
Sungai Semenyih Water
Treatment Plant
Kumpulan Perangsang Selangor Berhad (KPS) ditubuhkan pada 11 Ogos 1975 dan disenaraikan
di Papan Utama Bursa Malaysia Securities Berhad pada 22 Julai 2003 dengan modal
dibenarkan sebanyak RM1.0 bilion dan modal berbayar sebanyak RM431.4 juta. Modal
berbayar masa kini adalah sebanyak RM475.8 juta. Pemegang saham utama KPS ialah
Kumpulan Darul Ehsan Berhad (KDEB), yang memegang 60.7% kepentingan ekuiti. KPS
sedang bergerak sebagai peneraju utama dalam industri utiliti air dan infrastruktur di peringkat
global bagi mengukuhkan sumber pendapatan dan meningkatkan nilai pemegang saham.
KPS memegang kepentingan strategik
di dalam beberapa syarikat pembekal
air utama dan syarikat yang berkaitan
pengurusan air seperti Konsortium
ABASS Sdn Bhd (ABASS) 100%
melalui Titisan Modal (M) Sdn Bhd, di
mana KPS memegang 55% saham,
Syarikat Pengeluar Air Selangor
Holdings Berhad (SPLASH) 30%
melalui Viable Chip (M) Sdn Bhd, di
mana KPS memegang 100%
kepentingan, Taliworks Corporation
Berhad (Taliworks) 20% dan memegang
15% kepentingan di dalam Syarikat
Bekalan Air Selangor Sdn Bhd
(SYABAS), sebuah syarikat yang
membekalkan air bersih kepada
pengguna-pengguna di Selangor,
Kuala Lumpur dan Putrajaya.
ABASS memegang konsesi selama
30 tahun di dalam Skim Bekalan Air
Sungai Semenyih dengan kapasiti
pengeluaran air terawat sebanyak 545
juta liter sehari (JLH) yang disalurkan
kepada SYABAS bagi bekalan air
bersih kepada pengguna-pengguna
di kawasan selatan Selangor, Kuala
Lumpur, Putrajaya, Cyberjaya dan
kawasan pembangunan baru di
Sepang.
SPLASH memegang konsesi selama
30 tahun untuk menjalankan operasi
dan penyelenggaraan loji rawatan air
Skim Bekalan Air Sungai Selangor
Fasa 1 (SSP1) - (950 JLH) - serta
merekabentuk, membina, menjalankan
operasi dan menyelenggara loji-loji
rawatan air yang berkenaan serta
empangan di bawah Skim Bekalan Air
Sungai Selangor Fasa 3 (SSP3) (1,050 JLH). SPLASH menghasil dan
membekalkan air terawat kepada
SYABAS untuk disalurkan kepada
pengguna-pengguna di bahagian
utara Selangor dan Kuala Lumpur.
Taliworks terlibat di dalam pengurusan,
operasi dan penyelenggaraan loji
rawatan SSP1 yang membekalkan air
terawat ke sebahagian besar kawasan
Kuala Lumpur dan bahagian tengah
Selangor. Taliworks juga terlibat dalam
operasi dan penyelenggaraan
kemudahan-kemudahan bekalan dan
agihan air di Pulau Langkawi, Kedah
serta loji rawatan air Sungai Baru,
Perlis bagi tempoh kontrak selama
25 tahun.
Selaras dengan visi untuk
menjadi syarikat pengurusan air
bersepadu unggul di rantau ini, KPS
akan mengembangkan aktiviti
perniagaannya di dalam rantaian nilai
industri air bagi mengukuhkan
keupayaan syarikat di dalam sektor
pengurusan air.
33
6
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN
THAT the Thirty Third
Annual General Meeting of
Kumpulan Perangsang
Selangor Berhad will be
held at the Kayangan
Ballroom, Quality Hotel
Shah Alam, Persiaran
Perbandaran, 40000 Shah
Alam, Selangor Darul
Ehsan, on Thursday,
17 June 2010 at 2.30 p.m.
for the following purposes:
Ordinary Resolutions
7. Proposed Grant of Options to Encik
Mustaffa Kamil bin Ayub.
AGENDA
ORDINARY BUSINESS:
1. To receive and adopt the Audited
Financial Statements for the financial
year ended 31 December 2009 and
the Reports of the Directors and
Auditors thereon.
(Resolution 1)
2. To approve a final dividend of 4%
less 25% income tax for the year
ended 31 December 2009.
(Resolution 2)
3. To re-elect Encik Wong Yien Kim
who retires by rotation pursuant to
Article 84 of the Company’s Articles
of Association.
(Resolution 3)
4. To re-elect Encik Mustaffa Kamil bin
Ayub who retires by rotation pursuant
to Article 90 of the Company’s
Articles of Association.
(Resolution 4)
5. To approve the Directors’ fees of
RM293,617.00 for the financial year
ended 31 December 2009.
(Resolution 5)
6. To re-appoint Messrs. Ernst & Young
as Auditors of the Company and to
authorise the Directors to fix their
remuneration.
(Resolution 6)
SPECIAL BUSINESS:
To consider and, if thought fit, pass with
or without any modifications, the
following Ordinary Resolutions:
“THAT the Board of Directors of the
C o m p a n y b e a n d i s h e re b y
authorised at any time, and from
time to time, to offer and grant, a
Non-Executive director of the
Company, Options (as defined by
the ESOS Bye-Laws) to subscribe
for such number of new ordinary
shares of RM1.00 each in the
Company available under the
Employees’ Share Options Scheme
of the Company (“ESOS Scheme”)
provided that:
(i) the transactions are in the
ordinary course of business and
are on terms not more favourable
to the related parties than those
generally available to the public
and are not to the detriment of
the minority shareholders; and
a. The number of KPS Shares
allocated, in aggregate, to the
Directors and senior management
of the KPS Group shall not
exceed fifty per centum (50%) of
the total KPS Shares available
under the Scheme; and
b. The number of KPS Shares
allocated to any Eligible
Employee who, either singly or
collectively through person
connected with the Eligible
Employee (as defined by the
ESOS Bye-Laws), holds twenty
per centum (20%) or more in
the issued and paid-up share
capital of the Company, shall
not exceed ten per centum
(10%) of the total KPS Shares
available under the Scheme.
(ii) the aggregate value of such
transactions conducted pursuant
to the shareholders’ mandate
during the financial year will be
disclosed in the Annual Report
for the said financial year;
8. Proposed of the Shareholders’
Mandate for Recurrent Related
Party Transactions (“RRPT”) of a
Revenue or Trading Nature.
(Resolution 8)
AND THAT, such authority shall
commence immediately upon the
passing of this ordinary resolution and
shall continue to be in force until:
a. the conclusion of the next
Annual General Meeting (“AGM”)
of the Company at which time it
will lapse, unless by a resolution
passed at the next AGM the
authority is renewed; or
b. the expiration of the period
within which the next AGM of
the Company after the date it is
required to be held pursuant to
Companies Act, 1965 (“the
Act”); or
And subject always to such terms
and conditions and/or adjustments
which may be made in accordance
with provisions of the ESOS ByeLaws of the Company;
AND THAT the Board of Directors
of the Company be and is hereby
authorised to allot and issue from
time to time new ordinary shares in
the Company to him pursuant to
the exercise of such options.“
(Resolution 7)
“THAT authority be and is hereby
given to the Company and/or its
subsidiaries (“the Group”) to enter
into and to give effect to specified
recurrent related party transactions of
a revenue or trading nature as set out
in Section 2.5 with specified classes
of related parties as stated in Section
2.4 of the Circular to Shareholders
dated 26 May 2010 which are
necessary for the Group’s day-to-day
operations subject to the following:
c. revoked or varied by resolution
passed by the shareholders of
the Company in a general
meeting;
whichever occurs earlier,
AND THAT the Directors of the
Company be and are hereby
authorised to complete and do all
such acts and things as they may
consider expedient or necessary in
the best interest of the Company
(including executing all such
documents as may be required) to
give effect to the transactions
contemplated and/or authorised by
this ordinary resolution.”
7
OTHER BUSINESS:
Explanatory Note on Special Business
9. To transact any other business for which due notice has
been given in accordance with the Company’s Articles of
Association and the Companies Act, 1965.
Ordinary Resolution 7
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT
DATE
• Proposed Grant of Options to Encik Mustaffa Kamil
bin Ayub
The Company’s Employees’ Share Option Scheme (“ESOS
Scheme”) was implemented on 30 July 2003 and is to be
in force for a period of 5 years, subject however, to an
extension at the discretion of the Option Committee for a
period up to 5 years commencing from the date of
expiration of the first 5 years period. Subsequently, on 16
July 2008, the Option Committee has approved the
extension of KPS ESOS Scheme tenure for another 3
years commencing from 29 July 2008 until 29 July 2011.
The proposed grant of options under Ordinary Resolution
7 is to allow for the participation of Encik Mustaffa Kamil
bin Ayub (who meets the criteria of eligibility set out in the
ESOS Bye-Laws of the Company) in the ESOS Scheme.
Pursuant to Bye-Laws of the ESOS Scheme, prior approval
has to be obtained from the shareholders in order for the
Directors to offer and to grant to the Director of KPS,
options to be subscribe for new shares pursuant to the
ESOS Scheme. The Director who will benefit from the
ESOS Scheme must abstain from exercising his voting
rights for this resolution.
NOTICE IS ALSO HEREBY GIVEN that a final dividend of 4%
less 25% income tax, if approved by shareholders, will be
payable on 17 August 2010 to shareholders registered in the
Records of Depositors at the close of business on 30 July
2010.
A depositor shall qualify for entitlement only in respect of:
a) Shares transferred to the Depositor’s Securities Account
before 4.00 p.m. on 30 July 2010 in respect of ordinary
shares.
b) Shares bought on the Bursa Malaysia Securities Berhad
on a cum entitlement basis according to the Rules of the
Bursa Malaysia Securities Berhad.
By Order of the Board
HASHIMAH BINTI MOHD ISA
(MACS 01269)
Ordinary Resolution 8
MAZIYAH BINTI MOHD ZIN
(MACS 01276)
Joint Company Secretaries
• Proposed of the Shareholders’ Mandate for Recurrent
Related Party Transactions (“RRPT”) of a Revenue or
Trading Nature
Shah Alam
26 May 2010
The proposed Ordinary Resolution 8 if passed is primarily
to authorise the Company and/or subsidiaries to enter
into transactions with the related parties which are
necessary for the day-to-day operations of the Group
and are based on normal commercial terms that are not
more favourable to the related parties than those generally
made available to the public.
For more details, please refer to Circular to Shareholders
dated 26 May 2010.
Notes:
1. A proxy may but need not be a member of the Company and the provisions
of Section 149(1)(b) of the Companies Act, 1965 shall not apply to the
Company.
2. A member who is an authorised nominee may appoint at least one (1) proxy
in respect of each securities account it holds with ordinary shares of the
Company standing to the credit of the said securities account.
3. A member other than an authorised nominee shall be entitled to appoint not
more than two (2) proxies to attend and vote at the same meeting. Where a
member appoints more than one (1) proxy, the appointment shall be invalid
unless he specifies the proportions of his/her holdings to be represented by
each proxy.
4. If the appointer is a corporation, the proxy form must be executed under its
Common Seal or under the hand of an officer or attorney duly authorised.
5. If the name is not inserted in the space for the name of your proxy, the
Chairman of the meeting will act as your proxy.
6. The proxy form must be deposited at the Registrar’s Office of Symphony
Share Registrars Sdn Bhd, Symphony House, Pusat Dagangan Dana 1, Jalan
PJU 1A/46, 47301 Petaling Jaya, Selangor Darul Ehsan, not less than fortyeight (48) hours before the time of holding the AGM or any adjournment
thereof, or in the case of a poll, not less than twenty-four (24) hours before
the time appointed for the taking of the poll.
STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING
Directors who are standing for re-election at the Thirty Third Annual General Meeting of the Company are:
i. Encik Wong Yien Kim
(Resolution 3)
ii. Encik Mustaffa Kamil bin Ayub
(Resolution 4)
The profiles of the Directors standing for re-election are on pages 16 to 21 of the Annual Report.
33
8
Notis Mesyuarat Agung Tahunan
DENGAN INI
DIMAKLUMKAN BAHAWA
Mesyuarat Agung
Tahunan Kumpulan
Perangsang Selangor
Berhad yang ke Tiga
Puluh Tiga akan diadakan
di Kayangan Ballroom,
Quality Hotel Shah Alam,
Persiaran Perbandaran,
40000 Shah Alam,
Selangor Darul Ehsan,
pada hari Khamis, 17 Jun
2010, jam 2.30 petang
untuk membincangkan
perkara-perkara berikut:
URUSAN KHAS:
Menimbang dan sekiranya difikirkan wajar,
meluluskan dengan atau tanpa sebarang
pindaan, Resolusi Biasa berikut:
Resolusi Biasa
7. Cadangan Pemberian Opsyen kepada
Encik Mustaffa Kamil bin Ayub
1. Menerima dan meluluskan Penyata
Kewangan yang telah diaudit bagi
tahun kewangan berakhir 31 Disember
2009 dan Laporan Pengarah dan
Juruaudit mengenainya. (Resolusi 1)
a. A g r e g a t S a h a m K P S y a n g
diperuntukkan, kepada PengarahPengarah dan Pengurusan Kanan
Kumpulan KPS tidak melebihi lima
puluh peratus (50%) dari jumlah
keseluruhan saham KPS yang
sedia ada di bawah Skim; dan
b. J u m l a h s a h a m K P S y a n g
diperuntukkan kepada mana-mana
Kakitangan yang layak, sama ada
secara perseorangan atau kolektif
melalui individu yang mempunyai
hubungan dengan Kakitangan yang
layak (seperti definasi ESOS
Bye-Laws), memegang dua puluh
peratus (20%) atau lebih di dalam
modal saham diterbitkan dan
berbayar Syarikat, hendaklah tidak
melebihi sepuluh peratus (10%) dari
jumlah keseluruhan saham KPS
yang sedia ada di bawah Skim.
2. Meluluskan dividen akhir sebanyak 4%
tolak 25% cukai pendapatan bagi
tahun berakhir 31 Disember 2009.
(Resolusi 2)
3. Untuk memilih semula Encik Wong
Yien Kim, Pengarah yang bersara
mengikut pusingan menurut
peruntukan Artikel 84 Tataurusan
Syarikat.
(Resolusi 3)
4. Untuk memilih semula Encik Mustaffa
Kamil bin Ayub, Pengarah yang
bersara mengikut pusingan menurut
peruntukan Artikel 90 Tataurusan
Syarikat.
(Resolusi 4)
5. Meluluskan yuran Pengarah sebanyak
RM293,617.00 bagi tahun kewangan
berakhir 31 Disember 2009.
(Resolusi 5)
6. Melantik semula Tetuan Ernst & Young
sebagai Juruaudit Syarikat dan
memberi kuasa kepada Lembaga
Pengarah untuk menetapkan ganjaran
mereka.
(Resolusi 6)
“BAHAWA dengan ini, Lembaga
Pengarah diberi kuasa pada bila-bila
masa, dari masa ke semasa,
menawarkan dan memberikan,
Pengarah Bebas Bukan Eksekutif
Syarikat, Opsyen (seperti definasi ESOS
Bye-Laws) untuk melanggan saham
biasa Syarikat yang baru pada harga
RM1.00 setiap satu yang tersedia di
bawah Skim Saham Opsyen Kakitangan
(“ESOS Scheme”) di mana:
AGENDA
URUSAN BIASA:
i. transaksi adalah urusan bisnes
lazim dan dibuat berasaskan
kesaksamaan dan menurut termaterma komersial yang kebiasaannya
disediakan kepada awam dan tidak
merugikan pemegang saham
minoriti Syarikat;
ii. nilai aggregat transaksi tersebut
menurut mandat para pemegang
saham semasa tahun kewangan
dan akan dinyatakan di dalam
Laporan Tahunan untuk tahun
kewangan tersebut;
8. Cadangan Mandat Pemegang Saham
untuk Transaksi Berulang dengan Pihak
Berkaitan yang Berunsurkan
Pendapatan dan/atau Dagangan.
(Resolusi 8)
DAN BAHAWA kuasa yang diberikan ini
akan berkuatkuasa dengan serta-merta
dengan kelulusan resolusi biasa ini
sehingga:
a. selesai Mesyuarat Agung Tahunan
Syarikat berikutnya di mana masa
kuasa tersebut akan luput kecuali
dengan satu resolusi yang diluluskan
pada satu mesyuarat agung, kuasa
tersebut akan diperbaharui; atau
b. tamat tempoh di mana Mesyuarat
Agung Tahunan berikutnya selepas
tarikh yang disyaratkan menurut
Akta Syarikat 1965; atau
Dan sentiasa merujuk kepada termaterma dan syarat-syarat dan/atau
pindaan yang akan dibuat menurut
peruntukan ESOS Bye-Laws Syarikat;
DAN BAHAWA Lembaga Pengarah
Syarikat diberi kuasa untuk
memperuntukkan dan menerbitkan
dari masa ke semasa saham biasa
Syarikat yang baru kepada beliau
menurut penjualan opsyen tersebut.
(Resolusi 7)
“BAHAWA dengan ini kuasa diberi
kepada Syarikat, subsidiari-subsidiarinya
atau mana-mana di kalangan mereka
untuk berurus niaga menurut jenis-jenis
urus niaga transaksi berulang seperti
yang dinyatakan di Seksyen 2.5 dan
Kelas pihak-pihak berkaitan di Seksyen
2.4 di dalam Pekeliling kepada Para
Pemegang Saham bertarikh 26 Mei 2010
(“Pekeliling tersebut”), di mana transaksi
tersebut diperlukan untuk operasi harian
Syarikat bergantung kepada:
c. dibatalkan atau diubah melalui
resolusi yang diluluskan oleh
pemegang saham Syarikat dalam
mesyuarat agung Syarikat;
yang mana lebih awal,
DAN BAHAWA pengarah Syarikat diberi
kuasa untuk menyempurnakan dan
melakukan semua tindakan dan perkara
(termasuk melaksanakan semua
dokumen sebagaimana yang diperlukan)
sebagaimana mereka fikirkan sesuai
atau perlu untuk memberi kesan kepada
Cadangan Mandat Para Pemegang
Saham untuk Transaksi Berulang
dengan Pihak Berkaitan.”
9
URUSAN LAIN:
9. Melaksanakan sebarang urusan lain di mana notis
secukupnya telah diberikan mengikut Tataurusan Syarikat
dan Akta Syarikat, 1965.
N O T I S K E L AYA K A N M E N E R I M A D A N TA R I K H
PEMBAYARAN DIVIDEN
Nota Penjelasan mengenai Urusan Khas
Resolusi Biasa 7
• Cadangan Pemberian Opsyen kepada Encik Mustaffa
Kamil bin Ayub
Skim Saham Opsyen Kakitangan Syarikat (“Skim ESOS”)
telah dilaksanakan pada 30 Julai 2003 dan berkuatkuasa
untuk tempoh 5 tahun, walau bagaimanapun, tertakluk
kepada budi bicara Jawatankuasa ESOS untuk melanjutkan
tempoh sehingga 5 tahun bermula dari tarikh luput 5 tahun
pertama. Berikutnya, pada 16 Julai 2008, Jawatankuasa
ESOS telah meluluskan tempoh lanjutan Skim ESOS KPS
untuk 3 tahun bermula dari 29 Julai 2008 sehingga
29 Julai 2011.
Cadangan pemberian opsyen di bawah Resolusi Biasa 7
adalah bagi membenarkan penyertaan Encik Mustaffa
Kamil bin Ayub (beliau memenuhi kriteria kelayakan yang
telah ditetapkan di dalam ESOS Bye-Laws Syarikat) di
dalam Skim ESOS.
Menurut Bye-Laws Skim Opsyen, kelulusan pemegangpemegang saham perlu diperolehi terlebih dahulu bagi
membolehkan Lembaga Pengarah menawarkan dan
memberikan, opsyen yang akan diterbitkan untuk saham
baru menurut Skim ESOS. Pengarah yang akan
memperolehi faedah dari Skim ESOS tersebut mestilah
berkecuali dari menggunakan haknya untuk mengundi
resolusi Ini.
NOTIS ADALAH JUGA DENGAN INI DIBERIKAN bahawa
dividen akhir sebanyak 4% tolak 25% cukai pendapatan,
sekiranya diluluskan oleh pemegang-pemegang saham, akan
dibayar pada 17 Ogos 2010 kepada pemegang-pemegang
saham yang berdaftar dalam Rekod Pendeposit pada
penutupan perniagaan pada 30 Julai 2010.
Seseorang pendeposit akan layak untuk haknya hanya
berhubung dengan:
a) Saham-saham yang dipindahkan kepada Akaun Sekuriti
Pendeposit sebelum jam 4.00 petang pada 30 Julai 2010
berhubung dengan saham biasa.
b) Saham-saham yang dibeli pada Bursa Malaysia Securities
Berhad atas dasar keberhakan bersama selaras dengan
peraturan-peraturan Bursa Malaysia Securities Berhad.
Dengan Perintah Lembaga Pengarah
HASHIMAH BINTI MOHD ISA
(MACS 01269)
MAZIYAH BINTI MOHD ZIN
(MACS 01276)
Setiausaha Syarikat Bersama
Resolusi Biasa 8
• Cadangan Mandat Pemegang Saham untuk Transaksi
Berulang dengan Pihak Berkaitan yang Berunsurkan
Pendapatan dan/atau Dagangan (“Cadangan Mandat
Para Pemegang Saham untuk Transaksi Berulang
dengan Pihak Berkaitan”)
Shah Alam
26 Mei 2010
Nota-Nota:
1. Proksi tidak semestinya pemegang saham Syarikat dan peruntukan Seksyen
149(1)(b) Akta Syarikat, 1965 tidak diguna pakai.
Cadangan Resolusi Biasa 8 jika diluluskan adalah secara
dasarnya untuk memberi kuasa kepada Syarikat dan/atau
anak-anak syarikatnya untuk membuat transaksi-transaksi
atau penentuan-penentuan dengan pihak-pihak berkaitan,
di mana perlu untuk operasi harian Kumpulan dan
berdasarkan terma-terma komersial yang lazim yang tidak
lebih memihak kepada pihak-pihak berkaitan yang umumnya
disediakan untuk awam.
Butiran lanjut diterangkan di dalam Pekeliling kepada Para
Pemegang Saham bertarikh 26 Mei 2010 yang diedarkan
bersama-sama Laporan Tahunan ini.
2. Pemegang saham selaku pelantik yang sah di mana memegang saham biasa
Syarikat boleh melantik sekurang-kurangnya seorang (1) proksi.
3. Pemegang saham selain dari pelantik yang sah berhak melantik tidak lebih dari
dua (2) orang proksi menghadiri dan mengundi di mesyuarat yang sama.
Di mana pemegang saham melantik lebih dari seorang (1) proksi, perlantikan
tersebut dianggap tidak sah kecuali secara spesifik beliau menjelaskan
pembahagian pegangan saham tersebut.
4. Sekiranya pelantik adalah sebuah syarikat, borang proksi mestilah dimeterai di
bawah mohor rasmi atau ditandatangani oleh pegawai atau peguam yang
diberi kuasa.
5. Jika tiada nama terdapat di dalam ruang bagi proksi anda, Pengerusi mesyuarat
akan bertindak sebagai proksi anda.
6. Borang proksi mestilah dihantar ke Pejabat Pendaftar, Symphony Share
Registrars Sdn Bhd, Symphony House, Pusat Dagangan Dana 1, Jalan PJU
1A/46, 47301 Petaling Jaya, Selangor Darul Ehsan, tidak kurang dari empat
puluh lapan (48) jam sebelum Mesyuarat ditetapkan atau pada sebarang
penangguhannya, atau dalam hal pengundian, tidak kurang dari dua puluh
empat (24) jam sebelum masa yang ditetapkan untuk mengundi.
PENYATA BERSAMA NOTIS MESYUARAT AGUNG TAHUNAN
engarah-pengarah yang menawarkan diri untuk dipilih semula di Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh Tiga
P
adalah seperti berikut:
i. Encik Wong Yien Kim
(Resolusi 3)
ii. Encik Mustaffa Kamil bin Ayub
(Resolusi 4)
Profil Pengarah-pengarah yang akan dipilih semula terdapat di muka surat 16 hingga 21 di dalam Laporan Tahunan.
10
Group’s Financial
Highlights
ringkasan kewangan kumpulan
2005
RM’000
2006
RM’000
2007
RM’000
2008
RM’000
2009
RM’000
308,887
378,649
425,602
305,827
345,069
(Loss)/Profit Before Tax and Zakat/
(Kerugian)/Keuntungan Sebelum
Cukai dan Zakat
(123,802)
28,295
56,853
(4,147)
116,810
(Loss)/Profit After Tax and Zakat/
(Kerugian)/Keuntungan Selepas
Cukai dan Zakat
(123,175)
17,157
32,721
(14,444)
127,955
(Loss)/Profit Attributable to Equity
Holders of the Company/
(Kerugian)/Keuntungan yang boleh
diagihkan kepada PemegangPemegang Saham Ekuiti Syarikat
(48,761)
18,221
30,162
(171)
72,224
Paid-up Capital/Modal Berbayar
431,404
431,404
470,812
475,664
475,824
Shareholders’ Fund/
Dana Pemegang Saham
715,554
838,467
916,711
909,806
969,804
2,193,674
3,159,677
3,139,568
3,184,567
3,287,763
482,262
1,378,346
1,350,112
1,378,122
1,308,351
Financial performance/Prestasi kewangan
Revenue/Perolehan
Total Assets Employed/
Jumlah Aset Digunakan
Total Borrowings/Jumlah Pinjaman
Financial Ratios/Nisbah-nisbah Kewangan
Gross Dividend Per Share (%)/
Dividen Kasar Sesaham (%)
3.00
4.00
4.00
4.00
4.00
Debt/Equity (Times)/
Hutang/Ekuiti (Kali)
0.57
1.46
1.26
1.32
1.13
(11.30)
4.22
6.41
(0.04)
15.20
1.94
2.20
2.27
2.20
2.43
(Loss)/Earnings Per Share
Attributable to Equity Holders
of the Company (Sen)/
(Kerugian)/Pendapatan Sesaham
yang boleh diagihkan kepada
Pemegang-Pemegang Saham
Ekuiti Syarikat (Sen)
Net Assets Per Share (RM)/
Aset Bersih Sesaham (RM)
11
(Loss)/Profit Before Tax and
Zakat (RM’000)
(Kerugian)/Keuntungan Sebelum
Profit
ProfitBefore
Before
Before
Tax
Tax (RM’000)
Profit
Cukai
dan Tax
Zakat
Revenue (RM’000)
Revenue
Revenue
Revenue (RM’000)
Perolehan
(Loss)/Profit Attributable to Equity
Holders of the Company (RM’000)
(Kerugian)/Keuntungan yang boleh
diagihkan kepada PemegangPemegang Saham Ekuiti Syarikat
Profit
ProfitAttributable
Attributable
Attributable
Profit
(RM’000)
116,810
116,810
116,810
425,602
425,602
425,602
378,649
378,649
378,649
345,069
345,069
345,069
305,827
305,827
305,827
308,887
308,887
308,887
72,224
72,224
72,224
56,853
56,853
56,853
28,295
28,295
28,295
(123,802)
(123,802)
(123,802)
05
05
05
06
06
06
30,162
30,162
30,162
18,221
18,221
18,221
(4,147)
(4,147)
(4,147)
07
07
07
08
08
08
09
09
09
05
05
05
05
05
05
06
06
06
07
07
07
08
08
08
(171)
(171)
(171)
(48,761)
(48,761)
(48,761)
06
06
06
07
07
07
08
08
08
09
09
09
(Loss)/Earnings Per Share
Attributable to Equity Holders of
the Company (Sen)
(Kerugian)/Pendapatan Sesaham
yang boleh diagihkan kepada
Net
NetEarnings
Earnings
Earnings
per
pershare
share
share
Net
per
Ekuiti
Syarikat
(Sen)
Gross Dividend Per Share (%)
Net Assets Per Share (RM)
Net
Assets
per
share
Net
NetAssets
Assets
per
per
share
share
Aset
Bersih
Sesaham
(RM)
Gross
Dividend
Gross
GrossDividend
Dividend
Dividen
Kasar Sesaham (%)
4.00
4.00
4.00 4.00
4.00
4.00 4.00
4.00
4.00
4.00
4.00 4.00
2.27
2.27 2.20
2.20
2.20
2.20
2.20
2.20 2.27
15.20
15.20
15.20
6.41
6.41
6.41
(11.30)
(11.30)
(11.30)
05
05
05
2.43
2.43
2.43
1.94
1.94
1.94
3.00
3.00
3.00
4.22
4.22
4.22
09
09
09
(0.04)
(0.04)
(0.04)
06
06
06
07
07
07
08
08
08
09
09
09
05
05
05
06
06
06
07
07
07
08
08
08
09
09
09
05
05
05
06
06
06
07
07
07
08
08
08
09
09
09
12
Corporate Information
maklumat korporat
BOARD OF DIRECTORS/
LEMBAGA PENGARAH
AUDIT COMMITTEE/
JAWATANKUASA AUDIT
YBhg Dato’ Haji Abd Karim bin Munisar
DSSA, SSA, KMN, ASA
Chairman/Pengerusi
Chairman/Pengerusi
Encik Wong Yien Kim
SIS, PPT
Acting Chief Executive
Officer/Executive Director/
Pemangku Ketua Pegawai
Eksekutif/Pengarah Eksekutif
YBhg Dato’ Haji Ab Halim bin Mohyiddin
Members/Ahli-Ahli
YBhg Dato’ Haji Azlan
bin Hashim
Encik Mustaffa Kamil
bin Ayub
REMUNERATION
COMMITTEE/
JAWATANKUASA
IMBUHAN
JOINT COMPANY
SECRETARIES/
SETIAUSAHA SYARIKAT
BERSAMA
Chairman/Pengerusi
Puan Hashimah binti
Mohd Isa
PPT (MACS 01269)
bin Hashim
Members/Ahli-Ahli
Puan Maziyah binti
Mohd Zin
(MACS 01276)
Encik Wong Yien Kim
REGISTERED OFFICE/
PEJABAT BERDAFTAR
Chairman/Pengerusi
EMPLOYEE SHARE
OPTION SCHEME
(ESOS) COMMITTEE/
JAWATANKUASA SKIM
OPSYEN SAHAM
KAKITANGAN (“ESOS”)
DPMS
Independent Non-Executive
Director/Pengarah Bebas
Bukan Eksekutif
bin Hashim
Chairman/Pengerusi
Members/Ahli-Ahli
bin Hashim
16 Floor
Plaza Perangsang
Persiaran Perbandaran
40000 Shah Alam
Selangor Darul Ehsan
Tel : 03-5510 3999
Fax : 03-5510 9977
E-mail: c
ommunications@
kdeb.com
Web : www.kps.com.my
Members/Ahli-Ahli
bin Ayub
Bukan Eksekutif
bin Ayub
bin Hashim
DSSA, DSNS
Bukan Eksekutif
NOMINATION
COMMITTEE/
JAWATANKUASA
PENCALONAN
Encik Wong Yien Kim
YM Raja Ahmad Hidzir
bin Raja Muhamad
13
PRINCIPAL BANKERS/
BANK-BANK UTAMA
SHARE REGISTRAR/
PENDAFTAR SAHAM
RHB Bank Berhad
No. 16 & 18
Jalan Tengku Ampuan
Zabedah D9/D
40100 Shah Alam
Symphony Share
Registrars Sdn Bhd
Symphony House
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya
OCBC Bank Berhad
15 Floor, Menara OCBC
18, Jalan Tun Perak
50050 Kuala Lumpur
EON Bank Berhad
No. 34
Jalan Perbahan Satu
Seksyen 26/2A
40000 Shah Alam
Affin Bank Berhad
Lot G17-20
Tingkat Bawah
Kompleks PKNS
40000 Shah Alam
AUDITOR/JURUAUDIT
Messrs Ernst & Young
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
LISTING/PENYENARAIAN
Bursa Malaysia Securities
Berhad Main Board
(22 July 2003)/Papan Utama
Bursa Malaysia Securities
Berhad (22 Julai 2003)
MANAGEMENT/
PENGURUSAN
Office of Chairman/
Pejabat Pengerusi
Office of Acting Chief
Executive Officer/
Executive Director/Pejabat
Pemangku Ketua Pegawai
Eksekutif/Pengarah
Eksekutif
Management Audit
Division/Bahagian Audit
Pengurusan
Encik Revi Pillai
ASA
General Manager/
Pengurus Besar
Human Resource &
Administration Division/
Bahagian Sumber
Manusia & Pentadbiran
bin Raja Muhamad
Group General Manager/
Pengurus Besar Kumpulan
Water Management
Division/Bahagian
Pengurusan Air
Encik Abdul Karim bin
Endut
General Manager/
Pengurus Besar
Encik Wong Yien Kim
Secretarial Division/
Bahagian Kesetiausahaan
Finance Division/
Bahagian Kewangan
Puan Hashimah binti
Mohd Isa
PPT
Company Secretary/
Setiausaha Syarikat
Encik Wong Yien Kim
Corporate Planning
Division/Bahagian
Perancangan Korporat
Encik Mohd Noor
bin Ismail
PPT
General Manager/
Pengurus Besar
14
Corporate Structure
struktur korporat
KUMPULAN PERANGSANG SELANGOR BERHAD
Subsidiary Companies
Anak-Anak Syarikat
Kumpulan Hartanah
Selangor Berhad
56.57%
SAP Holdings
Berhad
Central Spectrum
(M) Sdn Bhd
Cash Band (M) Berhad
Brisdale International
Hotel Sdn Bhd
KDE Recreation
Berhad
100%
49%
30%
60%
Aqua-Flo Sdn Bhd
Chemindus Sdn Bhd
Titisan Modal (M)
Sdn Bhd
100%
100%
Syarikat Pengeluar
Air Selangor
Holdings Berhad
Hydrovest Sdn Bhd
76.67%
99.98%
Perangsang Hotel &
Properties Sdn Bhd
Viable Chip (M)
Sdn Bhd
100%
60%
25%
55%
Konsortium
ABASS Sdn Bhd
100%
15
Associated Companies
Syarikat-Syarikat Bersekutu
41%
Kuala Langat Mining
Sdn Bhd
40%
Perangsang Water
Management Sdn Bhd
30%
KPS-HCM Sdn Bhd
20%
Taliworks Corporation
Berhad
20%
Sistem Penyuraian
Trafik KL Barat
Holdings Sdn Bhd
16
PROFILE OF
BOARD OF
DIRECTORS
Profil Lembaga Pengarah
17
YBhg Dato’ Haji Abd Karim bin Munisar, DSSA, SSA,
KMN, ASA, a Malaysian, aged 59, was appointed Executive
Chairman of Kumpulan Perangsang Selangor Berhad on 6
September 2004. He was redesignated to Chairman position
on 6 September 2009. He holds a Bachelor of Economics
(Hons) from University of Malaya, Advanced Diploma in
Economic Development (with Distinction) from University of
Manchester, UK and Master in Business Administration from
University of Edinburgh, Scotland. He also attended an
Advance Course in Urban Planning JICA at Tokyo, Japan.
Dato’ Haji Abd Karim was the President of Petaling Jaya
Municipal Council in 2003 and 2004. Prior to that, he was
the District Officer cum Acting President of Sepang District
Council from 1998 – 2003. Dato’ Haji Abd Karim also served
as the President of Ampang Jaya Municipal Council in
1992 – 1996.
He was the Chief Assistant State Secretary of Selangor
(Local Authority Division) in 1987; Deputy Director of Klang
Valley Planning Secretariat, Prime Minister Department in
1982; Chief Assistant District Officer 1 (Land) of Kuantan
District Office and Chief Assistant State Secretary of Pahang
(Housing Division) in 1980.
Between 1975 – 1980, Dato’ Haji Abd Karim held different
positions in various districts in the State of Perak as Assistant
District Officer, Kinta; Chairman of Kinta District Council;
Assistant District Officer 1, Kampar; Chairman of Kampar/
Gopeng Municipal Council and also Assistant State Secretary
of Perak (UPEN). In 1974, he was the Assistant Director at
the Ministry of Finance, Malaysia.
Dato’ Haji Abd Karim currently sits on the Board of Kumpulan
Darul Ehsan Berhad as President, a position held since 6
September 2004. Dato’ Haji Abd Karim is also the Chairman
of Kumpulan Hartanah Selangor Berhad and Taliworks
Corporation Berhad.
>>
KMN, ASA, warganegara Malaysia, berusia 59 tahun dilantik
sebagai Pengerusi Eksekutif Kumpulan Perangsang Selangor
Berhad pada 6 September 2004. Jawatan beliau telah
ditukarkan kepada Pengerusi pada 6 September 2009.
Beliau memiliki Ijazah Sarjana Muda Ekonomi (Kepujian) dari
Universiti Malaya, Diploma Lanjutan dalam bidang
Pembangunan Ekonomi (dengan Cemerlang) dari University
of Manchester, UK dan Ijazah Sarjana Pentadbiran Perniagaan
dari University of Edinburgh, Scotland. Beliau juga telah
menghadiri Advance Course in Urban Planning JICA di
Tokyo, Jepun.
Dato’ Haji Abd Karim adalah Yang Dipertua Majlis Perbandaran
Petaling Jaya pada tahun 2003 dan 2004. Sebelum itu,
beliau adalah Pegawai Daerah dan Pemangku Yang Dipertua
Majlis Daerah Sepang dari 1998 – 2003. Dato’ Haji Abd
Karim pernah menjadi Yang Dipertua Majlis Perbandaran
Ampang Jaya pada tahun 1992 – 1996.
Beliau pernah berkhidmat sebagai Ketua Penolong
Setiausaha Kerajaan Negeri Selangor (Bahagian Kerajaan
Tempatan) pada tahun 1987; Timbalan Pengarah, Urusetia
Perancangan Lembah Klang, Jabatan Perdana Menteri pada
tahun 1982; Ketua Penolong Pegawai Daerah 1 (Tanah)
Pejabat Daerah Kuantan dan Ketua Penolong Setiausaha
Kerajaan Negeri Pahang (Bahagian Perumahan).
Di antara 1975 – 1980, Dato’ Haji Abd Karim telah memegang
beberapa jawatan di beberapa daerah dalam negeri Perak
sebagai Penolong Pegawai Daerah, Kinta; Pengerusi Majlis
Daerah Kinta; Penolong Pegawai Daerah 1, Kampar;
Pengerusi Majlis Daerah Kampar dan Penolong Setiausaha
Kerajaan Negeri Perak (UPEN). Pada tahun 1974, beliau
menjawat jawatan Penolong Pengarah di Kementerian
Kewangan, Malaysia.
Dato’ Haji Abd Karim menganggotai Lembaga Kumpulan
Darul Ehsan Berhad sebagai Presiden, jawatan yang
disandang sejak 6 September 2004. Dato’ Haji Abd Karim
juga adalah Pengerusi Kumpulan Hartanah Selangor Berhad
dan Pengerusi Taliworks Corporation Berhad.
18
Encik Wong Yien Kim
YBhg Dato’ Haji Azlan Bin Hashim
Encik Wong Yien Kim, SIS, PPT, a Malaysian, aged 56,
was appointed to the Board of Kumpulan Perangsang
Selangor Berhad (KPS) as an Executive Director on
18 September 2007. On 25 November 2009, he was
appointed as the Acting Chief Executive Officer of KPS. He
obtained his professional qualification from the Institute of
Chartered Accountants, England and Wales in 1982.
YBhg Dato’ Haji Azlan bin Hashim, DSSA, DSNS,
a Malaysian, aged 68 was appointed to the Board of
Kumpulan Perangsang Selangor Berhad as an Independent
Non-Executive Director on 24 July 1989. He obtained his
professional qualification from the Institute of Chartered
Accountants in Dublin in 1966. Dato’ Haji Azlan is a Fellow
of the Institute of Chartered Accountants (Ireland), Economic
Development Institute (World Bank, Washington) and Institute
of Bankers, Malaysia.
SIS, PPT
Encik Wong joined KPS, a subsidiary company of Kumpulan
Darul Ehsan Berhad in 1983 as Accountant and was appointed
as Chief Accountant for several of KPS’s subsidiaries. He
served SAP Holdings Berhad for seven (7) years and held the
position of Head of Division Finance prior to his present
appointment. Encik Wong was also the General Manager
Finance at KPS, a position held since 2000.
Encik Wong is a member of the Malaysian Institute of
Accountants and the Institute of Chartered Accountants,
England and Wales.
Presently, Encik Wong also sits on the Board of Kumpulan
Hartanah Selangor Berhad and Taliworks Corporation
Berhad.
Encik Wong Yien Kim, SIS, PPT, warganegara Malaysia,
berusia 56 tahun telah dilantik ke Lembaga Pengarah
Kumpulan Perangsang Selangor Berhad (KPS) sebagai
Pengarah Eksekutif pada 18 September 2007. Pada 25
November 2009, beliau telah dilantik sebagai Pemangku
Ketua Pegawai Eksekutif KPS. Beliau mendapat pendidikan
profesional dari Institute of Chartered Accountants, England
dan Wales pada tahun 1982.
Encik Wong mula berkhidmat dengan KPS, anak syarikat
Kumpulan Darul Ehsan Berhad pada tahun 1983 sebagai
Akauntan dan dilantik sebagai Ketua Akauntan di beberapa
anak-anak syarikat KPS. Beliau berkhidmat di SAP Holdings
Berhad selama tujuh (7) tahun dan memegang jawatan
Ketua Bahagian Kewangan sebelum dilantik ke jawatan yang
disandang sekarang. Encik Wong juga memegang jawatan
Pengurus Besar Kewangan di KPS sejak tahun 2000.
Encik Wong ialah ahli Institut Akauntan Malaysia dan Institute
of Chartered Accountants, England dan Wales.
Ketika ini, Encik Wong juga merupakan Pengarah Kumpulan
Hartanah Selangor Berhad dan Taliworks Corporation
Berhad.
DSSA, DSNS
Upon graduation, he joined Malayan Railways in 1966 and
served till 1971. He was its Chief Accountant for two (2)
years. In 1972, he became a partner of Messrs Azman
Wong Salleh & Co., a public accounting firm, prior to
becoming the Managing Director of Arab-Malaysian
Development Berhad in 1982.
Presently, Dato’ Haji Azlan is the Deputy Chairman of AMMB
Holdings Berhad and Chairman of AmInternational (L) Limited
and PT AmCapital Indonesia. He is currently the NonExecutive Director of AmFraser Securities Pte Ltd and
AmFraser International Pte Ltd. He also sits on the Boards
of Metrod (M) Berhad, Paramount Corporation Berhad,
Sapura Industrial Berhad, Kesas Holdings Berhad, Syarikat
Permodalan & Perusahaan Selangor Berhad and Kumpulan
Hartanah Selangor Berhad. He is also Executive Chairman
of Global Carriers Berhad.
YBhg Dato’ Haji Azlan bin Hashim, DSSA, DSNS,
warganegara Malaysia, berusia 68 tahun, telah dilantik sebagai
Pengarah Bebas Bukan Eksekutif Kumpulan Perangsang
Selangor Berhad sebagai Pengarah pada 24 Julai 1989.
Dato’ Haji Azlan mendapat pendidikan profesional dari Institute
of Chartered Accountants di Dublin pada tahun 1966. Dato’
Haji Azlan adalah merupakan lulusan dari Institute of Chartered
Accountants (Ireland), Economic Development Institute (World
Bank, Washington) dan Institute of Bankers, Malaysia.
Selepas tamat pengajian, beliau memulakan kerjaya dengan
Malayan Railways dari tahun 1966 hingga 1971 di mana
beliau menyandang jawatan sebagai Ketua Akauntan selama
dua (2) tahun. Pada tahun 1972, beliau menjadi rakan kongsi
di Tetuan Azman Wong Salleh & Co., sebuah firma akauntan
awam, sebelum menjadi Pengarah Urusan Arab-Malaysian
Development Berhad pada tahun 1982.
Ketika ini Dato’ Haji Azlan adalah Timbalan Pengerusi AMMB
Holdings Berhad, Pengerusi AmInternational (L) Limited dan
PT AmCapital Indonesia. Beliau adalah Pengarah Bukan
Eksekutif bagi AmFraser Securities Pte Ltd dan AmFraser
International Pte Ltd. Beliau juga merupakan Pengarah bagi
Metrod (M) Berhad, Paramount Corporation Berhad, Sapura
Industrial Berhad, Kesas Holdings Berhad, Syarikat
Permodalan & Perusahaan Selangor Berhad dan Kumpulan
Hartanah Selangor Berhad. Beliau juga Pengerusi Eksekutif
untuk Global Carriers Berhad.
19
left to right
Encik Wong Yien Kim
bin Hashim
20
YBhg Dato’ Haji Ab Halim Bin Mohyiddin
Encik Mustaffa Kamil Bin Ayub
YBhg Dato’ Haji Ab Halim bin Mohyiddin, DPMS, a
Malaysian, aged 64, was appointed to the Board of Kumpulan
Perangsang Selangor Berhad as an Independent NonExecutive Director on 2 July 1987. He graduated with a
Bachelor of Economics (Accounting) from University of
Malaya in 1971. Upon graduation, he joined Universiti
Kebangsaan Malaysia as a Faculty Member of the Faculty of
Economics. In 1973 he obtained his Master in Business
Administration from University of Alberta, Edmonton, Canada
and in 1975, he obtained a Diploma in Accountancy (postgrad) from University of Malaya. In 1977, he joined KPMG/
KPMG Desa Megat & Co and was made partner of the firm
in 1985. He retired from the firm in 2001.
Encik Mustaffa Kamil bin Ayub, a Malaysian, aged 47, was
appointed to the Board of Kumpulan Perangsang Selangor
Berhad as an Independent Non-Executive Director on 1
November 2009. He graduated with a Bachelor in Biology,
Genetics (Hons) from Universiti Kebangsaan Malaysia in
1987. He obtained an Advanced Diploma in Education
(Hons) from International Islamic University in 1989. In
1994, he graduated with an Advanced Diploma in Islamic
Finance (Hons) from Institut Pengajian Ilmu-Ilmu Islam. He
later obtained a Master in Political Science from Universiti
Kebangsaan Malaysia in 2003.
DPMS
He is currently the Immediate Past President and Council
Member of the Malaysian Institute of Certified Public
Accountants (MICPA) and Chairman of the Education and
Training Committee of the Institute. He is also a Member of
Malaysian Institute of Accountants (MIA).
Dato’ Haji Ab Halim also sits on the Boards of Digi.Com
Berhad, Hei-Tech Padu Berhad, Utusan Melayu (Malaysia)
Berhad, RCE Capital Berhad, Amway (Malaysia) Holdings
Berhad, KNM Group Berhad, ECM Libra Financial Group
Berhad, AMDB Berhad, Idaman Unggul Berhad, Idris
Hydraulic (Malaysia) Berhad, Bank Pembangunan Malaysia
Berhad, Pembangunan Leasing Corporation Malaysia Berhad
and BI Credit & Leasing Berhad.
YBhg Dato’ Haji Ab Halim bin Mohyiddin, DPMS,
warganegara Malaysia, berusia 64 tahun, telah dilantik Pengarah
Bebas Bukan Eksekutif Kumpulan Perangsang Selangor Berhad
sebagai Pengarah pada 2 Julai 1987. Beliau memperolehi
Ijazah Sarjana Muda Ekonomi (Perakaunan) dari Universiti
Malaya pada 1971. Selepas tamat pengajian, beliau menyertai
Universiti Kebangsaan Malaysia sebagai Ahli Fakulti Ekonomi.
Pada 1973, beliau memperolehi Ijazah Sarjana Pentadbiran
Perniagaan dari University of Alberta, Edmonton, Kanada dan
pada 1975, beliau memperolehi Diploma Perakaunan (Lanjutan)
dari Universiti Malaya. Pada 1977, beliau menyertai KPMG/
KPMG Desa Megat & Co. dan menjadi rakan kongsi firma
tersebut pada 1985 sehingga bersara pada 2001.
Ketika ini, beliau adalah “Immediate Past President” dan Ahli
Majlis Malaysian Institute of Certified Public Accountants
(MICPA) dan Pengerusi Jawatankuasa Pendidikan dan
Latihan Institut tersebut. Beliau juga adalah Ahli Malaysian
Institute of Accountants (MIA).
Dato’ Haji Ab Halim juga adalah Ahli Lembaga Pengarah
Digi.Com Berhad, Hei-Tech Padu Berhad, Utusan Melayu
(Malaysia) Berhad, RCE Capital Berhad, Amway (Malaysia)
Holdings Berhad, KNM Group Berhad, ECM Libra Financial
Group Berhad, AMDB Berhad, Idaman Unggul Berhad, Idris
Hydraulic (Malaysia) Berhad, Bank Pembangunan Malaysia
Berhad, Pembangunan Leasing Corporation Malaysia Berhad
dan BI Credit & Leasing Berhad.
In 1998, he began his career at Yayasan Anda Akademik
and SM Sultan Abdul Samad as a teacher for two years. He
was an Assistant Registrar for International Islamic University
from 1989 to 1993 and appointed as Head of Leadership
Training Department from 1993 to 1995. Between 1995 to
1998, he was a Political Secretary to the Minister of Youth
and Sports and as a businessman in 1998 to 2005.
Encik Mustaffa Kamil bin Ayub, warganegara Malaysia,
berusia 47 tahun, telah dilantik sebagai Pengarah Bebas
Bukan Eksekutif Kumpulan Perangsang Selangor Berhad
pada 1 November 2009. Beliau merupakan graduan Ijazah
Sarjana Muda Biologi, Genetik (Kepujian) dari Universiti
Kebangsaan Malaysia pada tahun 1987. Beliau memperolehi
Diploma Lanjutan di dalam bidang Pendidikan (Kepujian) dari
Universiti Islam Antarabangsa pada tahun 1989. Pada tahun
1994, beliau juga merupakan graduan Diploma Lanjutan
di dalam bidang Kewangan Islam (Kepujian) dari Institut
Pengajian Ilmu-Ilmu Islam. Beliau kemudiannya memperolehi
Ijazah di dalam bidang Sains Politik dari Universiti Kebangsaan
Malaysia pada tahun 2003.
Pada tahun 1998, beliau memulakan kerjaya di Yayasan Anda
Akademik dan SM Sultan Abdul Samad sebagai guru untuk
dua tahun. Beliau merupakan Penolong Pendaftar di Universiti
Islam Antarabangsa dari tahun 1989 hingga 1993 dan dilantik
sebagai Ketua Jabatan Kepimpinan dari tahun 1993 hingga
1995. Antara tahun 1995 hingga 1998, beliau merupakan
Setiausaha Politik kepada Menteri Belia dan Sukan dan
sebagai ahli perniagaan dari tahun 1998 hingga 2005.
Note:
Other than disclosed in the profile of Board of Directors, all the Directors do
not have any family relationship with any Director and/or major shareholder of
the Company. They have no personal interest in any business arrangement
involving the Company. They have no convictions for any offences within the
past ten (10) years.
Nota:
Selain daripada yang dimaklumkan di dalam profil Lembaga Pengarah,
kesemua ahli Lembaga Pengarah tidak mempunyai sebarang hubungan
kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham
utama Syarikat. Mereka tidak mempunyai kepentingan peribadi dalam
sebarang urusan perniagaan yang melibatkan Syarikat. Mereka juga tidak
pernah disabitkan dengan sebarang kesalahan dalam tempoh sepuluh (10)
tahun yang lepas.
21
left to right
YBhg Dato’ Haji Ab
Halim bin Mohyiddin
bin Ayub
22
Profile of
Senior
Management
profil pengurusan kanan
YBhg Dato’ Haji Abd Karim Bin Munisar
DSSA, SSA, KMN, ASA
YBhg Dato’ Haji Abd Karim bin Munisar, DSSA, SSA, KMN,
ASA, a Malaysian, aged 59, was appointed Executive
Chairman of Kumpulan Perangsang Selangor Berhad on 6
September 2004. He was redesignated to Chairman position
on 6 September 2009. He holds a Bachelor of Economics
(Hons) from University of Malaya, Advanced Diploma in
Economic Development (with Distinction) from University
of Manchester, UK and Master in Business Administration
from University of Edinburgh, Scotland. He also attended an
Advance Course in Urban Planning JICA at Tokyo, Japan.
Dato’ Haji Abd Karim was the President of Petaling Jaya
Municipal Council in 2003 and 2004. Prior to that, he was the
District Officer cum Acting President of Sepang District Council
from 1998 – 2003. Dato’ Haji Abd Karim also served as the
President of Ampang Jaya Municipal Council in 1992-1996.
He was the Chief Assistant State Secretary of Selangor (Local
Authority Division) in 1987; Deputy Director of Klang Valley
Planning Secretariat, Prime Minister Department in 1982;
sitting in front
YBhg Dato’ Haji Abd
Karim bin Munisar
standing from left to right
Encik Wong Yien Kim
bin Raja Muhamad
Chief Assistant District Officer 1 (Land) of Kuantan District
Office and Chief Assistant State Secretary of Pahang (Housing
Division) in 1980.
Between 1975-1980, Dato’ Haji Abd Karim held different
positions in various districts in the State of Perak as Assistant
District Officer, South Kinta; Chairman of South Kinta District
Council; Assistant District Officer 1, Kampar; Chairman of
Kampar/Gopeng Municipal Council and also Assistant State
Secretary of Perak. In 1974, he was the Assistant Director at
the Ministry of Finance, Malaysia.
Dato’ Haji Abd Karim currently sits on the Board of Kumpulan
Darul Ehsan Berhad as President, a position held since
6 September 2004. Dato’ Haji Abd Karim is also the Chairman
of Kumpulan Hartanah Selangor Berhad and Taliworks
Corporation Berhad.
KMN, ASA, warganegara Malaysia, berusia 59 tahun
dilantik sebagai Pengerusi Eksekutif Kumpulan Perangsang
Selangor Behad pada 6 September 2004. Jawatan beliau
23
telah ditukarkan kepada Pengerusi pada 6 September
2009. Beliau memiliki Ijazah Sarjana Muda Ekonomi
(Kepujian) dari Universiti Malaya, Diploma Lanjutan dalam
bidang Pembangunan Ekonomi (dengan Cemerlang) dari
University of Manchester, UK dan Ijazah Sarjana Pentadbiran
Perniagaan dari University of Edinburgh, Scotland. Beliau
juga telah menghadiri Advance Course in Urban Planning
JICA di Tokyo, Jepun.
Dato’ Haji Abd Karim adalah Yang Dipertua Majlis
Perbandaran Petaling Jaya pada tahun 2003 dan 2004.
Sebelum itu, beliau adalah Pegawai Daerah dan Pemangku
Yang Dipertua Majlis Daerah Sepang dari 1998-2003.
Dato’ Haji Abd Karim pernah menjadi Yang Dipertua Majlis
Perbandaran Ampang Jaya pada tahun 1992-1996.
Beliau pernah berkhidmat sebagai Ketua Penolong
Setiausaha Kerajaan Negeri Selangor (Bahagian Kerajaan
Tempatan) pada tahun 1987; Timbalan Pengarah, Urusetia
Perancangan Lembah Klang, Jabatan Perdana Menteri pada
tahun 1982; Ketua Penolong Pegawai Daerah 1 (Tanah)
Pejabat Daerah Kuantan dan Ketua Penolong Setiausaha
Kerajaan Negeri Pahang (Bahagian Perumahan).
Di antara 1975 – 1980, Dato’ Haji Abd Karim telah memegang
beberapa jawatan di beberapa daerah dalam negeri Perak
sebagai Penolong Pegawai Daerah, Kinta Selatan; Pengerusi
Majlis Daerah Kinta Selatan; Penolong Pegawai Daerah 1,
Kampar; Pengerusi Majlis Daerah Kampar dan Penolong
Setiausaha Kerajaan Negeri Perak. Pada tahun 1974, beliau
menjawat jawatan Penolong Pengarah di Kementerian
Kewangan, Malaysia.
Dato’ Haji Abd Karim menganggotai Lembaga Kumpulan
Darul Ehsan Berhad sebagai Presiden, jawatan yang
disandang sejak 6 September 2004. Dato’ Haji Abd Karim
juga adalah Pengerusi Kumpulan Hartanah Selangor Berhad
dan Pengerusi Taliworks Corporation Berhad.
Encik Wong Yien Kim
SIS, PPT
Encik Wong Yien Kim, SIS, PPT, aged 56, is the Acting CEO
of Kumpulan Perangsang Selangor Berhad (KPS) since 25
November 2009. He is also the Executive Director, a position
he held since 2007. Encik Wong joined KPS in 1983 as an
Accountant and was the Chief Accountant for several of
KPS’s subsidiaries, namely Perangsang International Sdn
Bhd, Perangsang Delima Sdn Bhd, Perangsang Sport
Industries Sdn Bhd and SAP Holdings Berhad (SAP). He
served SAP for seven (7) years as Head of Division Finance,
before being transferred to KPS. Encik Wong is also the Vice
President Finance at Kumpulan Darul Ehsan Berhad, a
position held since 2000.
Encik Wong is a member of the Malaysian Institute of
Accountants and the Institute of Chartered Accountants,
England and Wales.
Encik Wong Yien Kim, SIS, PPT, berusia 56 tahun dilantik
sebagai Pemangku Ketua Pegawai Eksekutif Kumpulan
Perangsang Selangor Berhad (KPS) pada 25 November
2009. Dalam masa yang sama, beliau juga menyandang
jawatan Pengarah Eksekutif sejak tahun 2007. Encik Wong
telah berkhidmat dengan KPS semenjak tahun 1983 dan
telah menerajui Bahagian Kewangan di beberapa anak syarikat
sebagai Ketua Akauntan iaitu Perangsang International Sdn
Bhd, Perangsang Delima Sdn Bhd, Perangsang Sports
Industries Sdn Bhd dan SAP Holdings Berhad (SAP). Encik
Wong telah berkhidmat selama tujuh (7) tahun dengan SAP
sebagai Ketua Bahagian Kewangan sebelum dipindahkan
perkhidmatan ke KPS. Encik Wong turut menyandang jawatan
Naib Presiden Kewangan di Kumpulan Darul Ehsan Berhad
sejak tahun 2000.
Encik Wong merupakan ahli Institut Akauntan Malaysia dan
Institute of Chartered Accountants, England dan Wales.
YM Raja Ahmad Hidzir Bin Raja Muhamad
YM Raja Ahmad Hidzir bin Raja Muhamad, aged 38 was
appointed as Group General Manager Human Resource &
Administration of Kumpulan Perangsang Selangor Berhad
(KPS) in May 2008. He graduated with Bachelor of
Management (Finance & Accounting) from Universiti Sains
Malaysia, Penang in 1995.
YM Raja Ahmad Hidzir was attached to Maybank Berhad
as Head, Talent Management, Corporate Human Resource
in 2007. Prior to Maybank, he was Senior Manager,
Human Resources & Administration in Adidas (Malaysia)
Sdn Bhd from 2001 to 2007 and was appointed as one
of Adidas Board of Directors in 2004. In 1999, he was
Senior Consultant of Deloitte Touche Tohmatsu after
serving Edaran Otomobil Nasional Berhad (EON) for five (5)
years as Accounts Executive since 1995.
YM Raja Ahmad Hidzir bin Raja Muhamad, berusia 38
tahun dilantik sebagai Pengurus Besar Sumber Manusia &
Pentadbiran Kumpulan, Kumpulan Perangsang Selangor
Berhad (KPS) pada Mei 2008. Beliau berkelulusan Ijazah
Sarjana Muda Pengurusan (Kewangan & Perakaunan) dari
Universiti Sains Malaysia, Pulau Pinang pada tahun 1995.
YM Raja Ahmad Hidzir berkhidmat sebagai Ketua
Pengurusan Bakat, Sumber Manusia Korporat di Kumpulan
Maybank pada 2007. Beliau juga pernah berkhidmat di
Adidas (Malaysia) Sdn Bhd sebagai Pengurus Kanan
Sumber Manusia dan Pentadbiran dari 2001 hingga 2007
dan telah dilantik sebagai salah seorang Ahli Lembaga
Pengarah Adidas pada 2004. Pada tahun 1999, beliau
bertugas sebagai Perunding Kanan di Deloitte Touche
Tohmatsu setelah lima (5) tahun berkhidmat di Edaran
Otomobil Nasional Berhad (EON) sebagai Eksekutif Akaun
sejak 1995.
24
Encik Revi Pillai
ASA
Encik Revi Pillai, ASA, aged 59, joined Kumpulan Perangsang
Selangor Berhad (KPS) in 1984 as Management Accountant
and was appointed General Manager Management Audit
in 1997.
A graduate in Bachelor of Science from Universiti Sains
Malaysia and the Association of Chartered Management
Accountants United Kingdom, he had previously worked
with several leading organisations in Malaysia.
Encik Revi is a member of the Chartered Institute of
Management Accountants.
Encik Revi Pillai, ASA, berusia 59 tahun, mula berkhidmat
di Kumpulan Perangsang Selangor Berhad (KPS) pada
tahun 1984 sebagai Akauntan Pengurusan dan dilantik
sebagai Pengurus Besar Audit Pengurusan pada tahun
1997.
Berkelulusan Ijazah Sarjana Muda Sains dari Universiti
Sains Malaysia dan Association of Chartered Management
Accountants United Kingdom, beliau telah berkhidmat di
beberapa buah organisasi terkemuka di Malaysia sebelum
menganggotai KPS.
Encik Revi merupakan ahli Chartered Institute of
Management Accountants.
Encik Abdul Karim Bin Endut
Encik Abdul Karim bin Endut, aged 39 was appointed
General Manager Water Management of Kumpulan
Perangsang Selangor Berhad (KPS) in December 2005. He
holds a Master in Chemical Engineering and a Bachelor
Degree in Chemical Engineering from Université dé Nancy 1,
France.
Prior to joining KPS, Encik Abdul Karim held the position
of Assistant Project Director of WWE Holding where he
served at the Jeddah office from May to December 2005.
Encik Abdul Karim worked with British American Tobacco
Malaysia as Consultant from January 2004 to May 2005
and prior to that, was employed at Ondeo Services
(Lyonnaise des Eaux) as Operational Manager from 1994
to 2003.
Encik Abdul Karim also holds a certificate in Prince 2
Project Management from United Kingdom and is a
member of the Malaysian Water Association since 2000.
Encik Abdul Karim bin Endut, 39 tahun, telah dilantik
sebagai Pengurus Besar Pengurusan Air, Kumpulan
Perangsang Selangor Berhad (KPS) pada Disember 2005.
Beliau berkelulusan Ijazah Sarjana Kejuruteraan Kimia
dan Ijazah Sarjana Muda Kejuruteraan Kimia dari
Université dé Nancy 1, Perancis.
Sebelum menganggotai KPS, Encik Abdul Karim
memegang jawatan sebagai Penolong Pengarah Projek di
WWE Holding di mana beliau telah ditugaskan di Jeddah
dari Mei hingga Disember 2005. Encik Abdul Karim telah
berkhidmat dengan British American Tobacco Malaysia
sebagai Konsultan dari Januari 2004 hingga Mei 2005 dan
sebelumnya telah bekerja sebagai Pengurus Operasi di
Ondeo Services (Lyonnaise des Eaux) dari 1994 hingga
2003.
Encik Abdul Karim juga mempunyai sijil dalam Prince 2
Project Management dari United Kingdom dan merupakan
ahli Persatuan Air Malaysia semenjak 2000.
Encik Mohd Noor Bin Ismail
PPT
Encik Mohd Noor bin Ismail, PPT, aged 60, is the General
Manager Corporate Planning at Kumpulan Perangsang
Selangor Berhad (KPS), a position held since 1999. He
holds a Diploma in Accountancy from UiTM, a Bachelor
Degree in Business Administration (Corporate Finance) from
Western Michigan University, USA and Master in Business
Administration from Morehead State University, USA.
Encik Mohd Noor joined KPS in 1991. Prior to that, he
served as an Examiner of Account with FELCRA Berhad
from 1974 to 1979, Accountant at Kwong Yik Bank
Berhad from 1983 to 1984 and subsequently, as Assistant
Manager at Arab-Malaysian Finance Berhad till 1990. Encik
Mohd Noor was the Manager Corporate Planning at KPS
from 1991 to 1998 before being appointed General
Manager. He also holds the position of Vice President
Corporate Planning at Kumpulan Darul Ehsan Berhad.
Encik Mohd Noor bin Ismail, PPT, berusia 60 tahun, telah
dilantik sebagai Pengurus Besar Perancang Korporat
Kumpulan Perangsang Selangor Berhad (KPS) pada
tahun 1999. Berkelulusan Diploma Perakaunan dari UiTM
dan Ijazah Pentadbiran Perniagaan (Kewangan Korporat)
dari Western Michigan University, USA, beliau juga
memperolehi Ijazah Sarjana Pentadbiran Perniagaan dari
Morehead State University, USA.
25
Encik Mohd Noor mula berkhidmat dengan KPS pada
tahun 1991. Sebelum itu, beliau telah berkhidmat dengan
FELCRA Berhad sebagai Pemeriksa Akaun dari tahun
1974 hingga 1979. Beliau juga telah berkhidmat dengan
Kwong Yik Bank Berhad sebagai Akauntan bermula dari
1983 hingga 1984 dan seterusnya bertugas di Arab
Malaysian Finance Berhad sebagai Penolong Pengurus
sehingga tahun 1990. Encik Mohd Noor memegang
jawatan Pengurus Perancang Korporat di KPS dari tahun
1991 hingga tahun 1998 sebelum dilantik sebagai
Pengurus Besar. Beliau juga menyandang jawatan Naib
Presiden Perancang Korporat di Kumpulan Darul Ehsan
Berhad.
Puan Hashimah Binti Mohd Isa
PPT
Puan Hashimah binti Mohd Isa, PPT, aged 48, was
appointed Company Secretary of Kumpulan Perangsang
Selangor Berhad (KPS) in 1996. A graduate of Indiana
State University, Puan Hashimah holds a Master in Business
Administration.
She has been with the KPS Group since 1990.
Puan Hashimah binti Mohd Isa, PPT, berusia 48 tahun,
telah dilantik sebagai Setiausaha Syarikat di Kumpulan
Perangsang Selangor Berhad (KPS) pada tahun 1996.
Puan Hashimah mendapat pendidikan dari Indiana State
University dan berkelulusan Ijazah Sarjana Pentadbiran
Perniagaan.
Puan Hashimah telah berkhidmat di KPS sejak tahun
1990.
from left to right
Puan Hashimah binti Mohd Isa
Encik Mohd Noor bin Ismail
Encik Abdul Karim bin Endut
Encik Revi Pillai
Going deeper to bring you higher
Bergerak lebih jauh untuk membawa anda lebih tinggi
Combining water reform efficiency and effectiveness, KPS is truly capable of being better
positioned to lower tariffs and keep the ultimate benefits of affordable access to this
precious utility back to the communities and ultimately to the “rakyat”.
Menggabungkan kecekapan dan keberkesanan reformasi industri air, KPS benar-benar
mampu berada pada kedudukan lebih baik untuk mengurangkan tarif dan menyalurkan
manfaat penggunaan utiliti air yang mampu dimiliki dan berharga kepada masyarakat dan
rakyat keseluruhannya.
28
CHAIRMAN’S
STATEMENT
Perutusan Pengerusi
29
Dear Valued Shareholders,
On behalf of the Board of Directors of
Kumpulan Perangsang Selangor Berhad
(KPS), I am pleased to present the
Annual Report and Audited Financial
Statements for the financial year ended
31 December 2009.
Yang Saya Hormati,
Bagi pihak Ahli Lembaga Pengarah
Kumpulan Perangsang Selangor
Berhad (KPS), saya dengan
sukacitanya membentangkan Laporan
Tahunan dan Penyata Kewangan
Diaudit bagi tahun kewangan berakhir
pada 31 Disember 2009.
>>
YBHG DATO’ HAJI ABD KARIM BIN MUNISAR
DSSA, SSA, KMN, ASA
30
>>
>>
Raw Water Pump Sump
– Semenyih Intake Plant
Raw Water Pumping Station
– Semenyih Intake Plant
>>
>>
GROUP’S FINANCIAL
PERFORMANCE
PRESTASI KEWANGAN
KUMPULAN
In the year 2009, KPS Group posted
a higher consolidated revenue of
RM345.069 million, a significant
increase of RM39.242 million or 13%
compared to RM305.827 million
registered in 2008. The significant
increase in revenue contribution is
mainly from infrastructure and utilities
sector totaling RM139.616 million
(2008: RM136.065 million), property
development and management sector
totaling RM125.123 million (2008:
RM92.358 million), trading sector
RM33.271 million), hospitality sector
RM30.176 million), golf club and
recreational sector totaling RM8.814
million (2008: RM8.187 million) and
investment holding and others totaling
RM6.045 million (2008: RM5.770
million).
Dalam tahun 2009, Kumpulan KPS
mencatat perolehan disatukan lebih
tinggi sebanyak RM345.069 juta,
peningkatan ketara sebanyak RM39.242
juta atau 13% berbanding RM305.827
juta yang dicatat pada tahun 2008.
Peningkatan perolehan yang ketara ini
adalah sumbangan daripada sektor
infrastruktur dan utiliti sebanyak
RM139.616 juta (2008: RM136.065
juta), sektor pembangunan dan
pengurusan hartanah sebanyak
RM125.123 juta (2008: RM92.358
juta), sektor perdagangan sebanyak
RM35.094 juta (2008: RM33.271 juta),
sektor hospitaliti sebanyak RM30.377
juta (2008: RM30.176 juta), sektor
kelab golf dan rekreasi sebanyak
RM8.814 juta (2008: RM8.187 juta)
dan sektor pegangan pelaburan
dan lain-lain sebanyak RM6.045 juta
(2008: RM5.770 juta).
K P S G ro u p re c o rd e d a h i g h e r
consolidated operating profit of
RM154.510 million, a significant
increase of RM109.205 million,
compared to an operating profit of
RM45.305 million in 2008. The
significant increase was the result
of the increased in operating profit
c o n t r i b u t i o n f ro m t h e p ro p e r t y
development and management
sector amounting to RM90.944 million,
c o m p a re d t o o p e r a t i n g l o s s o f
RM26.561 million in 2008. Other
operating profit contribution are from
i n f ra structure and utility secto r
amounting RM77.143 million (2008:
RM82.187 million) and RM2.337
million from trading sector (2008:
RM1.351 million).
Kumpulan KPS mencatat keuntungan
operasi yang disatukan sebanyak
RM154.510 juta, peningkatan ketara
sebanyak RM109.205 juta, berbanding
keuntungan operasi sebanyak
RM45.305 juta pada tahun 2008.
Peningkatan yang ketara ini adalah
disumbangkan oleh peningkatan
keuntungan operasi dalam sektor
pembangunan dan pengurusan
hartanah sebanyak RM90.944 juta,
berbanding kerugian operasi sebanyak
RM26.561 juta dalam tahun 2008.
Manakala sumbangan keuntungan
operasi daripada sektor infrastruktur
dan utiliti adalah sebanyak RM77.143
juta (2008: RM82.187 juta) dan sektor
perdagangan adalah sebanyak
RM2.337 juta (2008: RM1.351 juta).
31
Draw-off Tower Sungai Semenyih Dam
“Although it is realized that fast solution is easier said
than done, in view of the complexity and challenging
negotiation, no one could support the fact that further
delay is acceptable as it will post greater risk to all
parties involved and it is the people on the street that
will be effected”
SHARE PRICE PERFORMANCE
The recovery of the local bourse has helped to bolster KPS’
share price to reach the year’s high of RM2.48. Nevertheless,
the gains were unsustainable as the share price succumbed
to profit taking while the water consolidation in Selangor then
remained at deadlock. The stock ended the year at RM1.38
per share.
PRESTASI HARGA SAHAM
Pemulihan pasaran saham tempatan telah melonjakkan harga
saham KPS kepada nilai tertinggi tahunan RM2.48 sesaham.
Walau bagaimanapun, nilai keuntungan tidak dapat dikekalkan
dan menurun akibat aktiviti pengambilan untung dan pada
masa yang sama proses penggabungan aset-aset air di
Selangor masih berada dalam kebuntuan. Pada penghujung
tahun harga saham diniaga pada harga penutup RM1.38
sesaham.
DIVIDEND
The Board of Directors is recommending a final dividend of
4 sen per share less 25% tax, subject to shareholders’
approval at the forthcoming Annual General Meeting.
CORPORATE DEVELOPMENT
Utility and Infrastructure Sector
Over the years, the fragmented landscape of the Selangor’s
water sector has shown that it is not conducive to promote
efficiency resulting in higher tariff to consumers. It is for this
reason the water reform is being introduced to address the
legality issue by transferring water assets from the State list
to Concurrent list of the Constitution. Two acts have been
established to support the restructuring including the Water
Services Industry Act 2006 (WSIA), which purpose is to
reform and consolidate the water industry, and the
Suruhanjaya Perkhidmatan Air Negara (SPAN) Act 2006 as
the regulator of the industry. Pengurusan Aset Air Berhad
(PAAB) was set up via Ministry of Finance Incorporated to
take over existing water assets and be responsible for
financing of future water infrastructures; therefore minimising
the risk for service providers to incur heavy capital outlays.
DIVIDEN
Lembaga Pengarah mencadangkan bayaran dividen akhir
sebanyak 4 sen sesaham ditolak cukai sebanyak 25%,
tertakluk kepada kelulusan pemegang-pemegang saham di
Mesyuarat Agung Tahunan yang akan datang.
PEMBANGUNAN KORPORAT
Sektor Utiliti dan Infrastruktur
Selama bertahun-tahun, lanskap sektor pengurusan air yang
berasing-asingan di Selangor adalah tidak kondusif untuk
meningkatkan kecekapan sehingga menyebabkan tarif air
yang lebih tinggi untuk pelanggan. Perkara ini menyebabkan
reformasi sektor air sedang diperkenalkan untuk mengatasi
isu perundangan berkaitan pemindahan aset-aset air
daripada Senarai Negeri kepada Senarai Bersama di dalam
Perlembagaan. Dua akta telah digubal untuk menyokong
penstrukturan ini, iaitu Akta Industri Perkhidmatan Air 2006,
yang bertujuan untuk menstruktur dan menggabungkan
industri air, dan Akta Suruhanjaya Perkhidmatan Air Negara
(SPAN) 2006 bertujuan untuk mengawal selia industri air.
Pengurusan Aset Air Berhad (PAAB) ditubuhkan melalui
Menteri Kewangan Diperbadankan untuk mengambil alih
aset air yang ada dan bertanggungjawab untuk menguruskan
pembiayaan infrastruktur air pada masa hadapan, sehingga
dapat meminimakan risiko bagi penyedia perkhidmatan
untuk menanggung modal perbelanjaan yang tinggi.
32
“As water is a basic need for
living beings, it is vital for this
natural resource to be controlled
by a government entity as only it
is in the best position to balance
between social obligations and
commercial considerations”
This is important because at the current
revenue level, water operators could
only meet their operating expenditures
and not the capital expenses, and future
capital outlays are crucial to ensure
water infrastructures remained effective
for use to deliver water to every
household. In the past, the State had
spent almost RM15 billion for the water
treatment plants, dams and distribution
works and other immovable assets,
compared to RM5 billion by private
operators, out of which the State
through Kumpulan Darul Ehsan Berhad
(KDEB) owned 22.5% of the total private
investment. All these efforts are aimed
solely to reform the heavily fragmented
water industry so that water operator
can focus on providing sufficient and
quality water to consumers.
It is always said that water being the
basic need of all humanity should not
be allowed to be perceived as the
lucrative venture to make profit at the
expense of the people. It should be put
back to where it belong i.e.- in the
hands of the Government-controlled
entity for the benefit of all future
generation. This is clearly presented in
Sungai Semenyih Water
Treatment Plant
>>
33
the Parliament on June 30, 2008 by the
then Deputy Minister of Energy, Water
and Communications now known as
Energy, Green Technology and Water,
that water consolidation should consist
of three main aspects as follows:
i. a c o m p a n y t h a t i s o w n e d
o r c o n t ro l l e d b y t h e S t a t e
government;
ii. a water service operator licensed
under the SPAN Act; and
iii. a company operating on assetlight model focusing on improving
efficiency and effectiveness of
service based on license
agreement and KPIs monitored by
SPAN.
It is in line with this policy that Cabinet’s
decision on 16 January 2008 has
approved the consolidation of the water
industry on a holistic manner in Selangor,
Wilayah Persekutuan Kuala Lumpur and
Putrajaya to the State Government of
Selangor to be led by KDEB.
However the restructuring of water
industry had procrastinated for more
than 2 years. As time goes by new
variables seem to change according to
changing environment. Whatever the
situation any delay in water consolidation
will definitely be in the expense of the
“rakyat” and benefits no one.
Perkara ini penting kerana pada tahap
pendapatan ketika ini, operatoroperator air hanya dapat memenuhi
perbelanjaan operasi mereka dan
bukan perbelanjaan modal. Perbelanjaan
modal di masa depan sangat penting
untuk memastikan infrastruktur air
dapat beroperasi secara efektif agar
dapat menyalurkan air kepada setiap
rumah. Pada masa lalu, Kerajaan
Negeri telah membelanjakan hampir
RM15 bilion untuk pembinaan loji
rawatan air, empangan dan kerja-kerja
pengagihan serta lain-lain aset tidak
alih, berbanding dengan RM5 bilion
oleh syarikat operator swasta, di mana
daripada jumlah ini, Kerajaan Negeri
melalui Kumpulan Darul Ehsan Berhad
(KDEB) memiliki 22.5% di dalam
pelaburan swasta. Semua usaha ini
bertujuan semata-mata untuk menyusun
semula industri air yang berasingasingan supaya syarikat operator air
dapat menumpukan usaha penyediaan
air yang cukup dan berkualiti kepada
pengguna-pengguna.
Sumber air sentiasa dikatakan menjadi
keperluan asas seluruh kehidupan
sejagat, seharusnya tidak dibenarkan
untuk dianggap sebagai usaha niaga
yang menguntungkan sehingga
menjejaskan rakyat. Ia harus diserahkan
kembali untuk diuruskan oleh entiti milik
Kerajaan untuk kepentingan semua
generasi masa depan. Cadangan
penstrukturan ini telah dibentangkan di
Parlimen pada 30 Jun 2008 oleh
Timbalan Menteri Tenaga, Air dan
Komunikasi ketika itu, yang sekarang
dikenali sebagai Kementerian Tenaga,
Teknologi Hijau dan Air, di mana
penggabungan industri air harus
meliputi tiga aspek utama seperti
berikut:
i. syarikat tersebut dimiliki atau
dikuasai oleh Kerajaan Negeri
Selangor;
ii. operator perkhidmatan air akan
dilesenkan di bawah Akta SPAN;
dan
iii. s y a r i k a t y a n g b e r o p e r a s i
berasaskan “asset-light model”
akan memfokuskan terhadap
peningkatan perkhidmatan yang
efisien dan efektif selaras dengan
perjanjian lesen dan indeks
prestasi utama yang dipantau oleh
SPAN.
Perkara ini adalah selari dengan
keputusan Kabinet pada 16 Januari
2008 yang meluluskan penggabungan
industri air secara holistik di Selangor,
Wilayah Persekutuan Kuala Lumpur
dan Putrajaya kepada Kerajaan Negeri
Selangor untuk diterajui oleh KDEB.
Walau bagaimanapun, penstrukturan
industri air telah tertangguh melebihi
2 tahun. Seiring dengan berlalunya
masa, beberapa pemboleh ubah baru
turut berubah sesuai dengan perubahan
persekitaran. Walau apa pun situasi
kelewatan dalam penggabungan
industri air ini, ia pasti akan terus
menjejaskan rakyat dan tidak ada
sesiapapun mendapat faedah.
34
>>
“The Group is also pleased to
announce that it has successfully
acquired the last piece of “golden
land” in the highly attractive area
of Section 14, Petaling Jaya”
Pulau Indah Industrial Park
>>
>
35
On the positive side, the Federal and State Governments are
seriously considering the many variables and mechanism to
arrive at an acceptable formula. Since the beginning, KDEB is
committed to complete the task at hand and is highly equipped
to do so. Through the expertise of its subsidiaries, KDEB is a
well-established player with a strong track record. Its 55%
owned subsidiary, Konsortium ABASS Sdn Bhd produces
545mld covering supplying areas of Putrajaya, Cyberjaya,
Sepang, Kuala Langat and Puchong. KDEB, together with its
subsidiaries, also holds investments in water treatment and
distribution with a 30% equity in Splash, 30% Syabas and
20% Taliworks Corporation. It has shown its ability to perform
and commitment to carry out its duties as a corporate citizen
in the community that it is in. KDEB will continue to pursue
every option available to ensure the success and lead the
consolidation of the water industry in Selangor.
As water is a basic need for living beings, it is vital for this
natural resource to be controlled by a government entity as
only it is in the best position to balance between social
obligations and commercial considerations. Although it is
realised that fast solution is easier said than done, in view of
the complexity and challenging negotiation, no one could
support the fact that further delay is acceptable as it will post
greater risk to all parties involved and it is the people on the
street that will be effected.
Property Development Sector
The Group’s property development arm via Kumpulan
Hartanah Selangor Berhad (KHSB) recorded a operating
profit of RM90.944 million on revenue of RM125.123 million
versus a operating loss of RM26.561 million in the preceding
year, which took a full provision for long-term receivables of
RM65.43 million.
>>
Cyber Valley Commercial Centre
Satu perkara positif adalah Kerajaan Persekutuan dan Kerajaan
Negeri secara serius telah mempertimbangkan beberapa
pemboleh ubah dan mekanisma untuk mencapai kata sepakat
ke atas formula yang boleh diterima pakai. Sejak awal lagi,
KDEB telah menunjukkan komitmen untuk melaksanakan
tugas yang ada melalui kepakaran tinggi yang dimiliki. Menerusi
kepakaran yang dimiliki oleh anak-anak syarikatnya, KDEB
adalah sebuah syarikat terkemuka dengan rekod prestasi
yang mantap. Konsortium ABASS Sdn Bhd, sebuah anak
syarikat dengan pegangan 55% miliknya, mengeluarkan 545
juta liter air sehari untuk dibekalkan ke kawasan Putrajaya,
Cyberjaya, Sepang, Kuala Langat dan Puchong. KDEB
bersama anak-anak syarikatnya juga mempunyai pegangan
pelaburan di dalam syarikat yang terlibat dalam rawatan dan
pembekalan air, iaitu SPLASH (30%), SYABAS (30%) dan
Taliworks Corporation (20%). Pegangan pelaburan ini telah
menunjukkan kemampuan untuk berjaya dan komited untuk
menjalankan tugas-tugas sebagai masyarakat korporat di
dalam komuniti. KDEB akan terus mengambil setiap peluang
yang ada untuk memastikan kejayaan dan meneraju
penstrukturan semula industri air di Selangor.
Sumber air sebagai keperluan asas untuk kehidupan penting
dikawal oleh entiti kerajaan kerana ia adalah cara terbaik untuk
menyeimbangkan antara tanggungjawab sosial dan
pertimbangan komersial. Walaupun ianya lebih mudah untuk
diutarakan daripada dilaksanakan dan diakui sangat kompleks
dan mencabar. Semua pihak menyokong bahawa dengan
penangguhan ini akan memberi risiko lebih besar kepada
semua pihak yang terlibat, terutamanya orang ramai.
Sektor Pembangunan Hartanah
Syarikat pembangunan hartanah Kumpulan menerusi
Kumpulan Hartanah Selangor Berhad (KHSB) mencatat
keuntungan operasi sebanyak RM90.944 juta dengan
perolehan sebanyak RM125.123 juta berbanding kerugian
operasi sebanyak RM26.561 juta pada tahun sebelumnya,
yang disebabkan peruntukkan penuh ke atas penerimaan
jangka panjang sebanyak RM65.43 juta.
36
KHSB through its subsidiary, Central Spectrum (M) Sdn Bhd
continued to promote Pulau Indah, Klang as an investment
and tourism destination, especially the development of
industrial land in the Selangor Halal Hub (SHH) area.
Infrastructure development of Phase 2 of SHH, involving
244.44 acres, is underway and expected to be completed
by end of this year. The SHH is a strategic development that
will benefit both importers and exporters as halal status is
fast becoming the buzz word of the region.
The Group is also pleased to announce that it has successfully
acquired the last piece of “golden land” in the highly attractive
area of Section 14, Petaling Jaya. The 2009 was spent
vigorously to make the winning bid through a fair and
competitive playing field. The property, planned for a high-end
mixed development, is expected to be launched this year.
Hospitality, Golf Club and Recreation Sector
The hospitality business registered revenue and operating
profit of RM30.377 million (2008: RM30.176 million) and
RM138,000 (2008: RM2.033 million) respectively. Golf club
and recreation segment, meanwhile, posted revenue of
RM8.814 million (2008: RM8.187 million) and operating
profit of RM114,000 (2008: RM387,000). The Group
continued to benefit from the corporate restructuring of
investment holding in four (4) entities mainly Perangsang
Templer Golf Club – 100%, Perangsang Hotels & Properties
Sdn Bhd – 100% (manages Quality Hotel Shah Alam and
Quality Hotel City Centre), Brisdale International Hotel Sdn
Bhd – 100% (manages Brisdale Hotel) and KDE Recreation
Berhad – 49% (manages Kelab Darul Ehsan, Ampang) and
positioned under Cash Band (M) Berhad (CBB), a subsidiary
company of KPS.
KHSB menerusi anak syarikatnya, Central Spectrum (M) Sdn
Bhd terus mempromosi Pulau Indah, Klang sebagai sebuah
destinasi pelaburan dan pelancongan, terutamanya
pembangunan tanah perindustrian di dalam kawasan
Selangor Halal Hub (SHH). Pembangunan infrastruktur Fasa
2 di dalam SHH melibatkan kawasan seluas 244.44 ekar,
sedang berjalan lancar dan dijangka siap pada penghujung
tahun ini. SHH merupakan pembangunan strategik yang
akan memberi pulangan kepada pengimpot dan pengekspot
oleh kerana status halal yang semakin dikenali di rantau ini.
Kumpulan juga dengan sukacita mengumumkan bahawa
syarikat telah berjaya memiliki sebidang tanah yang terdapat
di kawasan yang strategik di Seksyen 14, Petaling Jaya.
Pada tahun 2009, Kumpulan telah memperuntukkan
perbelanjaan yang besar bagi membeli tanah tersebut di
dalam pasaran hartanah yang kompetitif dan persaingan
yang sama rata. Projek pembangunan hartanah yang
dirancang adalah jenis pembangunan bercampur berkos
tinggi dan dijangka akan dilancarkan tahun ini.
Sektor Hospitaliti, Kelab Golf dan Rekreasi
Sektor hospitaliti mencatat perolehan dan keuntungan
operasi masing-masing sebanyak RM30.377 juta (2008:
RM30.176 juta) dan RM138,000 (2008: RM2.033 juta).
Manakala sektor kelab golf dan rekreasi mencatat perolehan
sebanyak RM8.814 juta (2008: RM8.187 juta) dan keuntungan
operasi sebanyak RM114,000 (2008: RM387,000). Prestasi
yang lebih baik daripada sektor-sektor ini dilihat selepas
penstrukturan korporat bagi pegangan pelaburan bagi
empat (4) entiti merangkumi Perangsang Templer Golf Club
– 100%, Perangsang Hotels & Properties Sdn Bhd – 100%
(yang menguruskan Quality Hotel Shah Alam dan Quality
Hotel City Centre), Brisdale International Hotel Sdn Bhd 100% (menguruskan Brisdale Hotel) dan KDE Recreation
Berhad – 49% (yang menguruskan Kelab Darul Ehsan,
Ampang) yang telah diletakkan di bawah Cash Band (M)
Berhad (CBB), anak syarikat KPS.
Perangsang Templer Golf Club
37
>>
Trading Sector
The Group’s trading business recorded an improved revenue
of RM35.094 million compared to RM33.271 million in the
previous year thanks to increased demand for equipment
used in water treatment plants and wastewater treatment.
The Group owned 60% of Hydrovest Sdn Bhd, which in turn
held 60% stake in Aqua-Flo Sdn Bhd that is involved in the
trading of chemicals used in water treatment plants and
wastewater treatment, technical services and sales of
equipments for the water distribution and wastewater
industry.
Sektor Perdagangan
Sektor perdagangan mencatat jumlah perolehan yang lebih
tinggi sebanyak RM35.094 juta, berbanding RM33.271 juta
pada tahun sebelumnya, berikutan permintaan yang
meningkat untuk bahan-bahan kimia di loji rawatan air dan
rawatan air kumbahan. Kumpulan memiliki 60% ekuiti di
dalam Hydrovest Sdn Bhd, dan pada masa yang sama
memiliki 60% pegangan di dalam Aqua-Flo Sdn Bhd yang
terlibat dalam perdagangan bahan kimia untuk kegunaan loji
rawatan air bersih dan rawatan air kumbahan, perkhidmatan
teknikal dan penjualan peralatan kepada industri bekalan air
dan air kumbahan.
Intermediate Canal Sungai Semenyih Water Treatment Plant
38
>>
Finger Weir Sungai Semenyih Water Treatment Plant
ECONOMIC ENVIRONMENT
– WATER INDUSTRY
PERSEKITARAN EKONOMI
– INDUSTRI AIR
The national water restructuring plan involving
Peninsular Malaysia and Labuan is on-going.
PAAB has completed acquisition of water assets
from three states - Negeri Sembilan, Malacca
and Johor - for a combined value of RM6.12
billion. Upon the completion of the restructuring,
the states and water concessionaires would be
relieved of their burden of funding future water
infrastructure development as this responsibility
would fall on the shoulders of PAAB, hence
allowing the players to be asset-light and
focused on operations and maintenance. In the
case of Selangor, fresh rounds of negotiations
have emerged with the aim of completing the
consolidation as soon as possible to translate
the benefits to the “rakyat.”
Pelan penstrukturan semula industri air negara
yang melibatkan Semenanjung Malaysia dan
Labuan masih berjalan lancar. PAAB telah
melengkapkan pengambilalihan aset-aset air
dari tiga buah negeri, iaitu Negeri Sembilan,
Melaka dan Johor dengan jumlah keseluruhan
sebanyak RM6.12 bilion. Selepas proses
penstrukturan diselesaikan, Kerajaan-Kerajaan
Negeri dan syarikat-syarikat konsesi akan
terlepas dari tanggungan perbelanjaan bagi
infrastruktur air pada masa hadapan kerana
tanggungjawab ini akan dipikul oleh PAAB,
justeru menjadikan syarikat-syarikat air ini
sebagai “asset-light” dan dapat memfokus
kepada kerja-kerja operasi dan penyelenggaraan.
Di dalam kes di Selangor, rundingan-rundingan
baru telah dilaksanakan bertujuan untuk
menyelesaikan penstrukturan dengan secepat
mungkin demi kepentingan rakyat.
39
>>
CORPORATE GOVERNANCE
TADBIR URUS KORPORAT
KPS affirms to the commitment in observing and maintaining
the standards in corporate governance. We do so by fully
subscribing to the principles and best practices as contained
in the Malaysian Code of Corporate Governance. Additionally,
the Board judiciously plays its role in enhancing the business
integrity and governance to ensure that the interests of all
shareholders are protected.
KPS akan terus memberikan komitmen tinggi bagi memantau
dan mengekalkan piawaian yang ketat terhadap tadbir urus
korporat. Kami sepenuhnya akan mempraktikkan prinsip dan
amalan terbaik seperti yang terkandung dalam Kod Tadbir
Urus Korporat Malaysia. Tambahan pula, Lembaga Pengarah
berperanan penting dalam mempertingkatkan integriti
perniagaan dan tadbir urus korporat untuk memastikan
kepentingan pemegang-pemegang saham dilindungi.
COMMITMENT AND ACKNOWLEDGEMENT
On behalf of the Board, I would like to express my appreciation
to the Management and staff for their dedication and support
shown during the difficult and challenging economic
backdrop. With their unnerving support, the Group has
remained a valuable investment to investors, as well as a
trusted water player in the country, providing high quality of
service to consumers.
We are committed to our utmost priority that is apart from
fueling future revenues, to serve the interests of our
shareholders, clients, employees and the communities in
which we operate.
DATO’ HAJI ABD KARIM BIN MUNISAR
DSSA, SSA, KMN, ASA
Chairman/Pengerusi
KOMITMEN DAN PENGHARGAAN
Bagi pihak Lembaga Pengarah, saya ingin mengucapkan
penghargaan kepada Pengurusan dan warga kerja di atas
sokongan yang diberi sewaktu menghadapi kesukaran dan
cabaran kemelesetan ekonomi. Dengan adanya sokongan
padu, Kumpulan kami kekal sebagai satu pelaburan yang
bernilai kepada pelabur-pelabur, menjadikan kami sebagai
sebuah syarikat pengurusan air yang dipercayai di dalam
negara dan berupaya memberikan perkhidmatan berkualiti
tinggi kepada pengguna-pengguna.
Selain daripada menjana pendapatan masa depan, kami
juga memberi keutamaan dan komited untuk memenuhi
kepentingan pemegang-pemegang saham, pelangganpelanggan, kakitangan-kakitangan dan masyarakat, di mana
kami beroperasi.
40
Statement
of
Corporate
Governance
penyata tadbir urus korporat
The Board of Directors (the Board) of Kumpulan Perangsang
Selangor Berhad (the Company) recognises the exercise of
good corporate governance in conducting the business and
affairs of the Company with integrity, transparency and
professionalism as a key component for the Company’s
continued progress and success. These will not only
safeguard and enhance shareholders’ investments and value
but will at the same time ensure that the interests of other
shareholders are protected.
Lembaga Pengarah Kumpulan Perangsang Selangor Berhad
(Syarikat) mengiktiraf bahawa amalan tadbir urus korporat
yang baik semasa mengendalikan urusan perniagaan dan hal
ehwal Syarikat secara berintegriti, telus dan profesional
merupakan komponen penting bagi memastikan Syarikat
mencapai kemajuan dan kejayaan berterusan. Ia bukan sahaja
akan melindungi dan mempertingkatkan pelaburan dan nilai
pemegang saham, malah pada masa yang sama akan
memastikan supaya kepentingan pemegang-pemegang
saham lain turut dilindungi.
The Board places importance in adopting the Principles and
Best Practices set out in the Malaysian Code on Corporate
Governance (the Code) and is committed in ensuring that
good corporate governance is observed and practiced
throughout the Group to safeguard and enhance long term
shareholders’ value.
Lembaga Pengarah memberi kepentingan kepada
mempraktikkan Prinsip-prinsip dan Amalan-amalan Terbaik
yang digariskan di dalam Kod Tadbir Urus Korporat Malaysia
(Kod) dan komited dalam memastikan agar tadbir urus
korporat yang baik diserap serta dipraktiskan di dalam
Kumpulan untuk melindungi dan meningkatkan lagi nilai
pemegang-pemegang saham.
The Board is pleased to report to the shareholders of the
Company on the manner in which the Group has applied the
Principles of Good Governance and the extent to which it
has complied with the Best Practices set out in the Code.
Lembaga Pengarah amat berbesar hati untuk melaporkan
kepada pemegang-pemegang saham Syarikat berkenaan
penggunaan prinsip-prinsip Kod dan sejauh mana ia telah
mematuhi amalan-amalan terbaik Kod tersebut.
A. LEMBAGA PENGARAH
A. BOARD OF DIRECTORS
1. Duties of Board of Directors
1. Tanggungjawab Lembaga Pengarah
Lembaga Pengarah Syarikat bertanggungjawab
sepenuhnya ke atas prestasi Kumpulan. Lembaga
Pengarah memberi panduan kepada Syarikat untuk
mencapai matlamat jangka pendek dan jangka
panjangnya, menyediakan khidmat nasihat dan
merangka strategi ke atas isu-isu pengurusan dan
pembangunan perniagaan di samping memastikan
keseimbangan kepada pengurusan Syarikat.
Lembaga Pengarah mempunyai kuasa mutlak untuk
membuat keputusan berkaitan dengan perkara-perkara
yang melibatkan perniagaan Kumpulan termasuk
kelulusan bagi rancangan korporat dan bajet tahunan,
pengumuman keputusan suku tahunan, pengambilalihan/
penjualan pelaburan dan/atau aset-aset, keputusan
bagi projek-projek yang melibatkan perbelanjaan modal
yang besar, pertimbangan untuk urusan kewangan
yang ketara, perlantikan Lembaga Pengarah dan
perubahan pengurusan utama serta struktur kawalan di
dalam Kumpulan.
The Board of the Company takes full responsibility for
the performance of the Group. The Board guides the
Company on its short and long term goals, providing
advice and devising strategies on management and
business development issues while providing balance
to the management of the Company.
The Board reserves the right to make decisions with
respect to area significant to the Group’s business,
which include the approval of corporate plans and
annual budgets, announcements of interim results,
material acquisitions/disposals of business and/or
assets, approval of major capital expenditure projects,
consideration of significant financial matters,
appointments to the Board and changes to the key
management and control structure within the Group.
The Board has also delegated certain of its responsibilities
to other board committees, which operates under
approved terms of reference.
Lembaga Pengarah juga telah memberi tanggungjawab
tertentu kepada jawatankuasa-jawatankuasa Lembaga
Pengarah yang lain yang berfungsi mengikut garis
panduan dan terma-terma rujukan yang diluluskan.
The respective committee reports are disclosed from
pages 47 to 48 of this Annual Report.
Laporan-laporan Jawatankuasa adalah sebagaimana
dikemukakan di dalam Laporan Tahunan ini dari muka
surat 47 hingga 48.
41
The Board of Directors (the Board) of Kumpulan Perangsang Selangor Berhad (the Company) recognises the
exercise of good corporate governance in conducting the business and affairs of the Company with integrity,
transparency and professionalism as a key component for the Company’s continued progress and success.
These will not only safeguard and enhance shareholders’ investments and value but will at the same time ensure
that the interests of other shareholders are protected.
Lembaga Pengarah Kumpulan Perangsang Selangor Berhad (Syarikat) mengiktiraf bahawa amalan tadbir urus
korporat yang baik semasa mengendalikan urusan perniagaan dan hal ehwal Syarikat secara berintegriti, telus
dan profesional merupakan komponen penting bagi memastikan Syarikat mencapai kemajuan dan kejayaan
berterusan. Ia bukan sahaja akan melindungi dan mempertingkatkan pelaburan dan nilai pemegang saham, malah
pada masa yang sama akan memastikan supaya kepentingan pemegang-pemegang saham lain turut dilindungi.
2. Composition of the Board
2. Komposisi Lembaga Pengarah
The Board of KPS consists of five (5) members:
Lembaga Pengarah KPS pada masa ini mempunyai
lima (5) ahli terdiri daripada:
i. Chairman
ii. Executive Director
iii. Three (3) Independent Non-Executive Directors
i. Pengerusi
ii. Pengarah Eksekutif
iii. Tiga (3) Pengarah Bebas Bukan Eksekutif
The Directors include professionals in the fields of
economics, finance, accounting and senior civil
administrators. The information of all the directors is set
out from pages 16 to 21 of this Annual Report.
Pengarah-pengarah terdiri daripada golongan profesional
dalam bidang ekonomi, kewangan, perakaunan serta
pentadbir-pentadbir awam kanan. Maklumat mengenai
kesemua pengarah dikemukakan dari muka surat
16 hingga 21 Laporan Tahunan ini.
The current composition of the Board complies with the
listing requirements of the Bursa Malaysia Securities
Berhad (Bursa Securities). The composition of the
Board shall be reviewed on a need basis by the
Nomination Committee to ensure that the Board has
the required mix of skills, expertise, attributes and core
competencies to discharge its duties effectively.
The Board having reviewed the size and complexity of
the Group’s operations is of the opinion that the number
of members in the Board is appropriate. The Chairman
presides over the meetings of the Board. His role and
function are clearly separated and distinct from the
Executive Director whom is specifically responsible for
managing the strategic and operational agenda of the
Group and for the execution of the directives and
policies of the Board, as well as directing the business
operations of the Group on a day-to-day basis. The
Executive Director is to develop, in conjunction with the
Board, the Group’s strategic plans and is responsible
for its implementation. In connection therewith, the
Executive Director keeps the Board informed of overall
operations of the Group and the major issues faced by
the Group, together with bringing forward to the Board
significant matters for its consideration and approval,
where required.
Komposisi semasa Lembaga Pengarah mematuhi
syarat-syarat penyenaraian Bursa Malaysia Securities
Berhad (Bursa Securities). Komposisi Lembaga
Pengarah akan dikaji mengikut keperluan oleh
Jawatankuasa Pencalonan untuk memastikan bahawa
Lembaga Pengarah mempunyai kriteria kemahiran,
kepakaran, sifat dan kekompetenan teras untuk
melaksanakan tugasnya secara berkesan.
Setelah meneliti saiz dan operasi Kumpulan yang
kompleks, Lembaga Pengarah berpendapat bilangan
keahlian Lembaga Pengarah adalah bersesuaian.
Pengerusi mempengerusikan mesyuarat-mesyuarat
Lembaga Pengarah. Peranan dan fungsi beliau jelas
berbeza dan berlainan dari Pengarah Eksekutif yang
mana secara khusus bertanggungjawab menguruskan
agenda strategik serta operasi Kumpulan dan
melaksanakan arahan serta polisi Lembaga Pengarah,
dan mengemudi operasi bisnes Kumpulan seharian.
Pengarah Eksekutif juga merangka polisi bersama
Lembaga Pengarah, pelan strategik Kumpulan dan
bertanggungjawab melaksanakannya. Sehubungan itu,
Pengarah Eksekutif sentiasa memaklumkan Lembaga
Pengarah keseluruhan operasi Kumpulan dan isu-isu
besar yang dihadapi oleh Kumpulan, dan memajukan
urusan-urusan penting untuk pertimbangan dan
kelulusan Lembaga Pengarah, jika diperlukan.
42
The non-executive directors do not participate in the
day-to-day dealings. However, they contribute in areas
such as policy and strategy, performance monitoring, as
well as improving governance and controls. The
independent non-executive directors have declared
themselves to be independent from management and
free of any relationship which could materially interfere
with the exercise of their independent judgment and
objective participation and decision making process of
the Board.
3. Board Meetings and Supply of Information
The Board meets regularly to review the business
operations, financial performance and other significant
matters of the Group requiring its attention. Besides
board meetings, the Board also exercises control on
matters that require Board’s approval through circulation
of resolutions. During the financial year ended 31
December 2009, ten (10) board meetings were held
and the respective directors’ attendances are as
follows:
Name of Directors
Attendance
10/10
YBhg Dato’ Haji Azlan bin Hashim
10/10
10/10
Encik Wong Yien Kim
10/10
2/2
(appointed wef. 1/11/2009)
The Board is provided with agendas and board papers
prior to board meetings. The board papers include
minutes of the previous meeting, quarterly performance
report of the Group, corporate and strategic proposals
for the Board’s review and approval. These documents
are issued in advance to enable the Board to seek
clarifications from the management before the board
meetings to enable effective discharge of its duties.
The Board members have access to the advice and
services of the Company Secretary and other
professionals on all information in relation to the Group
whether as a full Board or in their individual capacity to
assist them in the furtherance of their duties.
4. Directors’ Training
All the Directors have completed the Mandatory
Accreditation Programme and have met the requirements
of the Continuous Education Programme as prescribed
by the Bursa Securities previously.
Pengarah bukan eksekutif tidak terlibat di dalam urusan
seharian Syarikat. Namun begitu, mereka menyumbang
idea dari sudut polisi dan strategi, pemantauan prestasi,
serta penambahbaikan tadbir urus korporat dan sistem
kawalan dalaman. Pengarah bebas bukan eksekutif
mengisytiharkan diri mereka bebas dari pengurusan
dan sebarang hubungan yang mana secara material
menjejaskan penilaian bebas serta penyertaan objektif
di dalam proses membuat keputusan Lembaga
Pengarah.
3. Mesyuarat-mesyuarat Lembaga Pengarah dan
Bekalan Maklumat
Mesyuarat Lembaga Pengarah dilaksanakan secara
konsisten untuk menilai semula operasi perniagaan,
prestasi kewangan dan hal-hal penting yang memerlukan
perhatian Lembaga Pengarah. Selain daripada
mesyuarat-mesyuarat Lembaga Pengarah, Lembaga
Pengarah turut melaksanakan kawalan ke atas perkaraperkara yang memerlukan persetujuan Lembaga
Pengarah melalui pengedaran resolusi-resolusi. Dalam
tahun kewangan berakhir 31 Disember 2009, sepuluh
(10) Mesyuarat Lembaga Pengarah telah diadakan dan
kehadiran pengarah-pengarah adalah seperti berikut:
Nama Pengarah
Kehadiran
10/10
YBhg Dato’ Haji Azlan bin Hashim
10/10
10/10
Encik Wong Yien Kim
10/10
2/2
(Dilantik pada 1/11/2009)
Lembaga Pengarah disediakan dengan agenda-agenda
dan kertas-kertas Lembaga Pengarah sebelum
mesyuarat Lembaga Pengarah. Kertas-kertas Lembaga
Pengarah termasuk minit mesyuarat terdahulu, laporan
prestasi suku tahunan Kumpulan, cadangan korporat
dan strategik bagi semakan dan kelulusan Lembaga
Pengarah. Dokumen-dokumen ini dikeluarkan lebih awal
untuk membolehkan Lembaga Pengarah mendapat
penjelasan daripada pengurusan sebelum mesyuarat
Lembaga Pengarah bagi membolehkan tugas-tugasan
dilaksanakan dengan berkesan.
Ahli-ahli Lembaga Pengarah boleh menggunakan
nasihat dan khidmat Setiausaha Syarikat dan ahli-ahli
profesional bagi semua maklumat berhubung dengan
Kumpulan sama ada dalam keupayaan Lembaga
Pengarah penuh atau secara individu untuk membantu
mereka dalam menjalankan tugas-tugas.
4. Latihan Pengarah-pengarah
Semua Pengarah telah menamatkan Program Akreditasi
Mandatori dan memenuhi keperluan Program Pendidikan
Berterusan seperti yang dikehendaki oleh Bursa
Securities sebelum ini.
>>
43
In addition, the Directors have also attended the relevant
training programme pursuant to the requirements of the
Bursa Securities to broaden their perspectives and to
keep abreast with the development in the business
environment as well as relevant new regulatory
requirements.
Semua Pengarah turut menyertai program latihan yang
berkaitan selaras dengan syarat-syarat Bursa Securities
bagi meluaskan perspektif dan mendapatkan maklumat
terkini berkenaan perkembangan di dalam persekitaran
perniagaan, serta syarat-syarat terkini kawal selia yang
berkaitan.
Training programmes and seminars attended by the
Directors during the year were as follows:
Program-program latihan dan seminar-seminar yang
dihadiri oleh Pengarah-pengarah dalam tahun ini adalah
seperti berikut:
Name of Directors
Programmes
Karim bin Munisar
• Water Congress APAC
Series
bin Hashim
• Bank Negara Malaysia:
Financial Institutions
Directors Education
Program
• Musharakah & Its
Application in Islamic
Finance
Nama Pengarah-Pengarah Program-Program
Karim bin Munisar
bin Hashim
YBhg Dato’ Haji Ab Halim • Corporate Governance
bin Mohyiddin
Guide – Towards
Boardroom Excellence
Encik Wong Yien Kim
• Overseas Business
Expansion “Corporate
Structure, International
Tax Planning and Financial
Management”
• A Strategy for
Sustainability: The
Challenge and the
Response
• Mandatory Accreditation
bin Ayub
Programme
The Directors will continue to attend other relevant
training programmes as appropriate to enhance their
skills and knowledge.
5. Re-election of Directors
In accordance with the Company’s Articles of Association,
all directors who are appointed by the Board are subject
to election by shareholders at the first opportunity after
their appointment. The Articles also provide that at least
one third of the remaining Directors be subject to reelection by rotation at each Annual General Meeting
provided always that all Directors including the Executive
Director shall retire from office at least once every three
years but shall be eligible for re-election.
• Water Congress APAC
Series
• Bank Negara Malaysia:
Financial Institutions
Directors Education
Program
• Musharakah & Its
Application in Islamic
Finance
YBhg Dato’ Haji Ab Halim • Corporate Governance
bin Mohyiddin
Guide – Towards
Boardroom Excellence
Encik Wong Yien Kim
• Overseas Business
Expansion “Corporate
Structure, International
Tax Planning and Financial
Management”
• A Strategy for
Sustainability: The
Challenge and the
Response
• Mandatory Accreditation
bin Ayub
Programme
Pengarah-pengarah akan terus menghadiri programprogram latihan berkaitan yang sesuai untuk
mempertingkatkan kemahiran dan pengetahuan mereka.
5. Pemilihan Semula Pengarah-pengarah
Selaras dengan Tataurusan Penubuhan Syarikat, semua
Pengarah yang dilantik oleh Lembaga Pengarah adalah
tertakluk kepada pemilihan oleh pemegang-pemegang
saham pada peluang pertama selepas perlantikan
mereka. Tataurusan juga memperuntukkan bahawa
sekurang-kurangnya satu pertiga daripada Pengarah
selebihnya adalah tertakluk kepada pemilihan semula
mengikut pusingan pada setiap Mesyuarat Agung
Tahunan dengan syarat kesemua Pengarah termasuk
Pengarah Eksekutif hendaklah bersara dari pejabat
sekurang-kurangnya satu kali setiap tiga tahun tetapi
adalah layak untuk pemilihan semula.
44
The Board has empowered the Nomination Committee
to consider and make their recommendation to the
Board for the continuation in service of those Directors
who are due for retirement.
B. RELATIONSHIP WITH SHAREHOLDERS
The Company recognises the importance of transparency
and accountability in disclosures of the Group’s business
activities to its shareholders and investors. The Board
has maintained an effective communications policy that
enables both the Board and Management to
communicate effectively with its shareholders, investors
and even the public vide the following:
B. HUBUNGAN DENGAN PEMEGANG-PEMEGANG
SAHAM
The Annual Report and relevant circulars
despatched to shareholders and published in the
Company’s website; and
Syarikat menyedari kepentingan ketelusan dan
kebertanggungjawaban dalam pendedahan aktiviti
perniagaan Kumpulan kepada pemegang-pemegang
saham dan pelabur-pelaburnya. Lembaga Pengarah
telah mengekalkan polisi komunikasi yang berkesan
yang membolehkan kedua-dua Lembaga Pengarah dan
Pengurusan berkomunikasi secara efektif dengan
pemegang-pemegang saham, pelabur-pelabur malah
orang awam juga melalui kaedah berikut:
i.
Issuance of various disclosures and announcements
inclusive of the quarterly financial performance of
the Group to Bursa Securities.
Laporan Tahunan dan pekeliling-pekeliling yang
berkaitan yang dihantar kepada pemegang-pemegang
saham dan diterbitkan di laman web Syarikat; dan ii.
In addition, the Group has established a website at
http://www.kps.com.my which shareholders can access
for information and seek clarification on the Group’s
matters.
Terbitan pelbagai pemberitahuan dan pengumuman
termasuk keputusan kewangan suku tahunan
Kumpulan yang dibuat kepada Bursa Securities
Alternatively, they may obtain the Group’s latest
announcements via the Bursa Securities website at
http://announcements.bursamalaysia.com.
Di samping itu, Kumpulan turut mewujudkan sebuah
laman web yang beralamat di http://www.kps.com.my
di mana pelabur-pelabur boleh mendapatkan maklumat
dan penjelasan lanjut mengenai Kumpulan.
Sebagai alternatif, pelabur-pelabur boleh mendapatkan
pengumuman-pengumuman terkini mengenai
Kumpulan melalui laman web Bursa Securities di
http://announcements.bursamalaysia.com.
Mesyuarat Agung Tahunan (MAT)
MAT merupakan forum dialog utama dengan pemegangpemegang saham.
Laporan Tahunan bersama-sama dengan Notis MAT
dihantar kepada pemegang-pemegang saham dalam
kadar masa tertentu seperti yang dibenarkan di bawah
Tataurusan dan Tataujud Syarikat, ataupun dalam kes
tertentu keperluan penyenaraian Bursa Securities.
Semasa prosiding MAT, pemegang-pemegang saham
diberi peluang untuk mendapatkan penjelasan
berhubung pelbagai aspek berkaitan aktiviti dan prestasi
kewangan Syarikat dan Kumpulan. Di samping itu juga,
satu sidang media boleh diadakan sebaik sahaja selepas
MAT, bagi memaklumkan kepada media berkenaan
prestasi Kumpulan bagi tahun kewangan yang berkenaan
dan prospek masa hadapan.
i.
ii.
Annual General Meeting (AGM)
The AGM is the principal forum for dialogue with
shareholders.
Lembaga Pengarah memberi kuasa kepada
Jawatankuasa Pencalonan untuk menimbang dan
memberi cadangan mereka kepada Lembaga Pengarah
bagi meneruskan khidmat Pengarah-pengarah yang
telah sampai masa untuk bersara.
The Annual Report together with the Notice of AGM are
sent to shareholders within the prescribed period as
allowed under the Company’s Memorandum and
Articles of Association, listing requirements of Bursa
Securities as the case maybe.
At the AGM, the shareholders are given the opportunity
to seek clarification on any matter pertaining to the
business activities and financial performance of the
Company and of the Group. Additionally, a press
conference may be held after the AGM to brief the
media on the Group’s performance for the financial year
and future prospect.
>>
45
C. ACCOUNTABILITY AND AUDIT
C. KEBERTANGGUNGJAWABAN DAN AUDIT
1. Internal Controls and Risk Management
1. Kawalan Dalaman Dan Pengurusan Risiko
The Board acknowledges its responsibility for establishing
a sound system of internal controls to safeguard
shareholders’ investments and Group’s assets, and to
provide assurance on the reliability of the financial
statements. In addition, equal priority is given to internal
controls of its business management and operational
techniques.
Lembaga Pengarah mengesahkan tanggungjawabnya
bagi menubuhkan sistem kawalan dalaman yang baik
untuk mengawal pelaburan pemegang-pemegang saham
dan aset-aset Kumpulan, dan untuk memastikan kesahihan
penyediaan penyata kewangan. Selain itu, keutamaan
yang saksama diberikan kepada kawalan dalaman
daripada pengurusan perniagaan dan teknik operasi.
While the internal controls system is devised to cater for
particular needs of the Group as well as risk management,
such controls by their nature can only provide reasonable
assurance but not absolute assurance against material
misstatement or loss. A statement of internal controls is
set out from pages 50 to 55 of this Annual Report.
Establishment of the Risk Management Policy is to
identify, evaluate and manage the Group’s corporate
risk profile and develop contingency plans to mitigate
any possible adverse effects on the Group.
Walaupun sistem kawalan dalaman dirangka untuk
memenuhi keperluan khusus Kumpulan dan juga
pengurusan risiko, kawalan sedemikian mengikut
sifatnya hanya boleh memberikan kepastian yang
berpatutan dan bukan mutlak terhadap salah nyata
ketara atau kerugian. Penyata kawalan dalaman
dikemukakan dari muka surat 50 hingga 55 di dalam
Laporan Tahunan ini.
Penubuhan Polisi Pengurusan Risiko bertujuan untuk
mengenalpasti, menilai dan mengurus profil risiko
korporat Kumpulan dan membangunkan rancangan
kontingensi untuk mengurangkan sebarang kesan yang
buruk ke atas Kumpulan.
2. Financial Reporting
In presenting the annual financial statements and
quarterly announcements of its results, the Board has
ensured that the financial statements represent a true
and fair assessment of the Company’s and Group’s
financial position.
2. Laporan Kewangan
3. Relationship with Auditors
The role of the Audit Committee in relation to the
external auditors may be found in the Audit Committee
Report included in this Annual Report. The Company
and its management have always maintained a close
and transparent relationship with its auditors in seeking
professional advice and ensuring compliance with the
accounting standards in Malaysia.
3. Hubungan Dengan Juruaudit
D. ADDITIONAL COMPLIANCE INFORMATION
In compliance with the Listing Requirements of Bursa
Securities the following additional information in respect
of the financial year ended 31 December 2009 are
provided:
1. Share Buy Back
The Company does not have any share buy back
scheme.
Dalam membentangkan penyata-penyata kewangan
tahunan dan pengumuman keputusan-keputusan suku
tahunan, Lembaga Pengarah telah memastikan bahawa
penyata-penyata kewangan menunjukkan penilaian
sebenar dan adil tentang kedudukan kewangan Syarikat
dan Kumpulan.
Peranan Jawatankuasa Audit dalam hubungannya
dengan juruaudit luar adalah seperti yang dinyatakan di
dalam Laporan Jawatankuasa Audit, Laporan Tahunan
ini. Syarikat dan pengurusannya sentiasa memastikan
wujudnya hubungan yang telus dan rapat dengan
juruaudit-juruauditnya dalam usaha mendapatkan
nasihat profesional dan pematuhan kepada piawaianpiawaian perakaunan di Malaysia.
D. MAKLUMAT PEMATUHAN TAMBAHAN
Selaras dengan Keperluan Penyenaraian Bursa Securities
maklumat-maklumat berikut turut disenaraikan bagi tahun
kewangan yang berakhir pada 31 Disember 2009.
1. Pembelian Semula Saham
Syarikat tidak mempunyai skim pembelian balik saham.
46
2. Options Granted And Terminated In The
Financial Year 2009
2. Opsyen Yang Ditawarkan Dan Ditamatkan
Dalam Tahun Kewangan 2009
During the financial year under review, the number of
Options granted and terminated are as follows:
Grant Date/
Tarikh
Tawaran
Expiry Date/
Tarikh Tamat
Tempoh
Exercised
Price/Harga
Perlaksanaan
RM
As At/Pada
1/1/2009
‘000
Granted/
Ditawar
‘000
Terminated/
Ditamatkan
‘000
12/8/2003
27/2/2007
23/7/2007
26/7/2007
3/8/2007
17/7/2008
10/11/2008
5/5/2009
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
1.62
1.00
1.62
1.62
1.98
1.93
1.37
1.62
3,930
3,250
755
92
25
550
200
–
–
–
–
–
–
–
–
–
2,974
–
–
–
–
–
(200)
(223)
(150)
–
–
(10)
–
–
–
–
3,780
3,250
755
82
25
550
–
2,751
8,802
2,974
(423)
(160)
11,193
3.Sanctions And/Or Penalties Imposed On The
Company And Its Subsidiaries, Directors Or
Management By The Relevant Regulatory Bodies
There were no material sanctions or penalties imposed
on the Company and its subsidiaries, directors or
management by the relevant regulatory bodies during
the financial year 2009.
4. Profit Guarantees
Dalam tahun kewangan yang dikaji, bilangan opsyen
yang ditawarkan dan ditamatkan adalah seperti berikut:
During the financial year 2009, there were no profit
guarantees given by the Company.
3. Sanksi Dan/Atau Penalti Dikenakan Ke Atas
Syarikat & Anak-Anak Syarikat, Pengarahpengarah Atau Pengurusannya Oleh Badan
Peraturan Berkaitan
Tidak ada sanksi atau penalti material yang dikenakan
ke atas Syarikat dan anak-anak syarikatnya, pengarahpengarah atau pengurusan oleh badan-badan
berperaturan berkaitan dalam tahun kewangan 2009.
4. Jaminan Keuntungan
Dalam tahun kewangan 2009, tidak ada jaminan
keuntungan diberikan oleh Syarikat.
5. Material Contract
5. Kontrak Penting
Other than as disclosed in Notes 47, 50 and 51 the
Financial Statements, there were no material contracts
entered into by the Company and its subsidiaries
involving Directors and major shareholders.
6. Variance in Results
There were no variances of 10% or more between the
results for the financial year ended 31 December 2009
and the unaudited results previously announced.
Exercised/Jumlah
Dilaksanakan
As At/Pada
‘000
31/12/2009
‘000
Selain daripada yang dimaklumkan di dalam Nota 47,
50 dan 51. Penyata Kewangan, Syarikat dan anak-anak
syarikatnya tidak menandatangani apa-apa kontrak
penting yang melibatkan Pengarah-pengarah dan
pemegang saham utama.
6. Perbezaan Hasil Pencapaian
Tiada perbezaan sebanyak 10% ataupun lebih bagi
hasil pencapaian tahun kewangan yang berakhir pada
31 Disember 2009 dan keputusan-keputusan belum
diaudit yang diumumkan.
>>
7. Utilisation of Proceeds
7. Penggunaan Pendapatan
The Company did not call or raise any capital for the
financial year ended 31 December 2009.
8. Non-Audit Fees
The amount of non-audit fees paid to external auditors
by the Company and its subsidiaries for the financial
year 2009 was RM112,000.00.
Syarikat tidak membuat sebarang panggilan atau
penambahan modal untuk tahun kewangan berakhir
31 Disember 2009.
8. Yuran Bukan Audit
Jumlah yuran bukan audit yang dibayar kepada juruaudit
luaran oleh Syarikat dan anak-anak syarikatnya bagi
tahun kewangan 2009 ialah RM112,000.00.
9. Revaluation Policy on Landed Properties
9. Polisi Penilaian Semula Hartanah
The Company does not have a policy of regular
revaluation of landed properties.
10. American Depository Receipt (ADR) or Global
Depository Receipt (GDR) Programme
The Company did not sponsor any ADR or GDR
programme during the financial year under review.
11. List of Properties
1. Audit Committee
The composition and functions of the Audit Committee
are laid down from pages 56 to 63 of this Annual
Report.
Syarikat tidak menaja sebarang program “ADR” atau
“GDR” bagi tahun kewangan yang ditinjau.
11. Senarai Hartanah
The Company’s list of properties is set out from page
194 to 197 of this Annual Report.
E. BOARD COMMITTEES
Syarikat tidak mempunyai polisi bagi penilaian berkala
hartanahnya.
10. Program Resit Depositori Amerika (“ADR”) atau
Resit Depositori Global (“GDR”)
47
Senarai hartanah Syarikat dinyatakan dari muka surat
194 hingga 197 Laporan Tahunan ini.
E. JAWATANKUASA-JAWATANKUASA LEMBAGA
PENGARAH
1. Jawatankuasa Audit
Komposisi dan fungsi-fungsi Jawatankuasa Audit adalah
seperti dimaklumkan dari muka surat 56 hingga 63
dalam Laporan Tahunan ini.
2. Jawatankuasa Pencalonan
2. Nomination Committee
The Nomination Committee is responsible for
recommending suitable candidate with the necessary
skills, experience and competencies to be appointed to
the Board and also assessing the effectiveness of the
Board and the contribution of each director. The Board,
through this Committee, review the required mix of skills
and experience and other qualities the Board requires,
in order for it to discharge its duties effectively.
Jawatankuasa Pencalonan bertanggungjawab
mengesyorkan calon-calon yang bersesuaian dari segi
kemahiran, pengalaman dan kelayakan untuk dilantik
sebagai ahli Lembaga Pengarah dan juga menilai tahap
keberkesanan Lembaga Pengarah serta sumbangan
setiap Pengarah. Lembaga Pengarah, melalui
Jawatankuasa ini, mengkaji kepakaran dan pengalaman
serta kualiti-kualiti lain yang diperlukan, bagi
membolehkan Lembaga Pengarah melaksanakan
tugasnya dengan berkesan.
48
During the financial year, the Board accepted the
recommendations by the Nomination Committee for the
re-election of directors, renewal of YBhg. Dato’ Haji
Abd. Karim bin Munisar contract of service as a
Chairman of KPS, interview for prospect candidate of
Chief Executive Officer of KPS, appointment of Encik
Mustaffa Kamil bin Ayub as a new Board Member and
Audit Committee. The Nomination Committee met five
(5) times during the year.
Dalam tahun kewangan, Lembaga Pengarah telah
menerima cadangan-cadangan Jawatankuasa
Pencalonan bagi perlantikan semula Pengarah,
pembaharuan kontrak perkhidmatan YBhg. Dato’ Haji
Abd. Karim bin Munisar sebagai Pengerusi KPS, hasil
proses temuduga calon prospek Ketua Pegawai
Eksekutif KPS, perlantikan Encik Mustaffa Kamil bin
Ayub sebagai Ahli Lembaga Pengarah dan Jawatankuasa
Audit yang baru. Jawatankuasa Pencalonan telah
bermesyuarat lima (5) kali dalam tahun ini.
3. Remuneration Committee
3. Jawatankuasa Imbuhan
The Company has adopted the objective as
recommended by the Code on Corporate Governance
to determine the remuneration of the Directors so as to
ensure that the Company attracts and retains the
Directors needed to run the Company successfully. The
component parts are designed to link rewards to
corporate and individual performance in the case of
Executive Director.
The Remuneration Committee met once (1) during the
year to recommend the proposed remuneration package
for Chairman of KPS. The Remuneration Committee
also reviewed and recommended to the Board the
annual bonus and salary increment of the Company’s
employees.
Syarikat menerima pakai objektif sebagaimana yang
disyorkan oleh Kod Tadbir Urus Korporat untuk
menentukan imbuhan Pengarah-pengarah bagi
memastikan Syarikat menarik dan mengekalkan
Pengarah-pengarah yang diperlukan untuk
mengendalikan Syarikat dengan jayanya. Bahagianbahagian komponen dibentuk untuk menghubungkan
ganjaran kepada prestasi korporat dan individu bagi
Pengarah Eksekutif.
Jawatankuasa Imbuhan telah bermesyuarat satu (1) kali
dalam tahun ini bagi mencadangkan pakej ganjaran
untuk Pengerusi KPS. Jawatankuasa Imbuhan juga
mengkaji dan mengesyorkan kepada Lembaga Pengarah
bonus tahunan dan kenaikan gaji kakitangan-kakitangan
Syarikat.
4. Employee Share Option Scheme (ESOS)
Committee
The ESOS Committee was established to administer
the implementation of KPS Employee Share Option
Scheme in accordance with the approved bye-laws; to
determine participation eligibility, option offers, share
allocations; and to attend to such other matters as may
be required.
The members of the Committee met once during the
year to deliberate on issues relating to the Scheme.
4. Jawatankuasa Skim Opsyen Saham Kakitangan
(“ESOS”)
Jawatankuasa “ESOS” telah ditubuhkan untuk
menguruskan pelaksanaan Skim Opsyen Saham
Kakitangan KPS selaras dengan undang-undang kecil,
untuk menentukan kelayakan penyertaan, tawaran
opsyen, peruntukan saham dan menangani perkaraperkara lain sebagaimana mungkin diperlukan.
Ahli-ahli Jawatankuasa telah bermesyuarat satu (1) kali
dalam tahun ini bagi membincangkan isu-isu berkaitan
Skim.
>>
49
F. DIRECTORS’ REMUNERATION
F. GANJARAN PENGARAH
A summary of the remuneration of the Directors for the
financial year ended 31 December 2009, distinguishing
between Executive Directors and Non-Executive Directors
in aggregate, with categorisation into appropriate
components is set out below:
Executive Directors/
Pengarah-Pengarah
Eksekutif (RM)
Fees/Yuran
Salary/Gaji
Bonus/Bonus
Benefit-in-kind/Manfaat
Others/Lain-lain
Remuneration Band/
Tahap Ganjaran (RM)
Less than/kurang dari 50,000
100,001 – 150,000
250,001 – 300,000
1,050,001 – 1,100,000
1,150,001 – 1,200,000
Ringkasan mengenai imbuhan kepada Pengarahpengarah bagi tahun kewangan berakhir 31 Disember
2009 dengan perbezaan di antara Pengarah-pengarah
Eksekutif dan Pengarah-pengarah Bebas Bukan
Eksekutif, dalam agregat, dikategorikan ke dalam
komponen yang sesuai seperti dinyatakan di bawah:
Non-Executive Directors/
Pengarah-Pengarah Bebas
Bukan Eksekutif (RM)
409,500
1,176,205
270,000
253,500
118,400
Total/
Jumlah (RM)
258,617
–
–
135,000
144,000
668,117
1,176,205
270,000
388,500
262,400
Executive Directors/
Pengarah-Pengarah Eksekutif
Non-Executive Directors/
Pengarah-Pengarah Bebas
Bukan Eksekutif
–
–
–
1
1
1
2
1
–
–
50
Statementpenyata
of Internal
Controls
kawalan dalaman
1. Introduction
>>
The Bursa Malaysia Securities Berhad Listing Requirements requires directors of listed companies
to include a statement in their annual reports on the state of their internal controls. The Board of
Directors is pleased to provide the following statement, which outlines the nature and scope of
internal control of the Group during the financial year ended 31 December 2009.
1. Pendahuluan
Peraturan Penyenaraian Bursa Malaysia menghendaki Lembaga Pengarah syarikat-syarikat tersenarai
menyediakan satu penyata di dalam laporan tahunan berkenaan kedudukan kawalan dalaman
mereka. Lembaga Pengarah dengan sukacita menyediakan laporan yang menggariskan jenis dan
skop kawalan dalaman Kumpulan bagi tahun kewangan yang berakhir pada 31 Disember 2009.
2.
Responsibility of the Board
2.
Tanggungjawab Lembaga Pengarah
The Board recognises the importance of sound internal
controls and risk management practices for good
corporate governance. The Board affirms its overall
responsibility for the Group’s system of internal controls
and for reviewing its adequacy and integrity. Such a
system covers not only financial controls but also
controls relating to operational, risk management and
compliance with applicable laws, regulations, rules,
and guidelines.
Lembaga Pengarah mengakui kepentingan sistem
kawalan dalaman dan pengurusan risiko yang baik
dalam tadbir urus korporat. Lembaga Pengarah
mengesahkan tanggungjawab sepenuhnya ke atas
sistem kawalan dalaman Kumpulan dan mengkaji
kecukupan serta ketelusannya. Sistem yang
dimaksudkan tidak hanya merangkumi kawalan
kewangan tetapi juga kawalan berkaitan operasi,
pengurusan risiko dan pematuhan kepada undangundang, peraturan-peraturan serta garis-garis
panduan.
In view of the inherent limitations in any system of
internal control, this system is designed to identify
and manage risk, rather than eliminate the risk of
failure to achieve the Group’s business objectives.
Accordingly, the system can only provide reasonable
and not absolute assurance against material
misstatement or loss.
The Group has in place ongoing processes for
identifying, evaluating, monitoring and managing
significant risks faced by the Group during the year.
The management is responsible for the identification
and evaluation of significant risks applicable to their
respective areas of business and to formulate suitable
internal controls. This process is reviewed by the
Board via a specific Board Committee which dedicates
its time at periodic intervals throughout the year for
discussion on this matter.
Memandangkan wujudnya batasan yang sedia ada
dalam mana-mana sistem kawalan dalaman, sistem ini
telah direka untuk mengurus risiko-risiko yang akan
menghalang pencapaian objektif-objektif perniagaan
Kumpulan dan bukan untuk mengenepikannya. Oleh
itu, sistem ini hanya menyediakan kepastian yang
berpatutan dan bukan mutlak terhadap salah nyata
yang ketara atau kerugian.
Kumpulan mengesahkan bahawa terdapat prosesproses berterusan untuk tujuan mengenal pasti, menilai,
memantau dan mengurus risiko-risiko utama yang
dihadapi oleh Kumpulan. Pihak pen g u r u s a n
bertanggungjawab mengenalpasti dan menilai risikorisiko utama yang berkaitan dengan perniagaan dan
untuk melaksanakan sistem kawalan dalaman yang
sesuai. Proses ini seterusnya dikaji oleh Lembaga
Pengarah melalui satu Jawatankuasa Lembaga khas
yang bermesyuarat dari masa ke semasa untuk
membincangkan perkara ini.
51
>>
Material associated companies have not been dealt
with as part of the Group for the purpose of this
internal control statement. However, the Board is of the
view that the management of these material associated
companies has an existing monitoring function to
assist them in ensuring the system of internal controls
is functioning as intended.
Syarikat-syarikat bersekutu yang ketara tidak terlibat
sebagai sebahagian daripada Kumpulan bagi tujuan
penyata kawalan dalaman ini. Walau bagaimanapun,
Lembaga Pengarah berpendapat bahawa pihak
pengurusan syarikat-syarikat bersekutu tersebut
mempunyai fungsi pemantauan sedia ada bagi
membantu mereka memastikan sistem kawalan
dalaman berfungsi seperti yang dikehendaki.
3.
Risk Management
3.
Pengurusan Risiko
The Board has established an organisational structure
with clearly defined lines of accountability and delegated
authority. The monitoring and review of system of
internal control was under the ambit of the Audit
Committee since its formation in the year 1998. In the
year 2002, the implementation of a risk management
framework within the Group was also included under
the purview of the Audit Committee.
Lembaga Pengarah telah mewujudkan satu struktur
organisasi yang mentakrif dengan jelas
kebertanggungjawaban dan delegasi kuasa. Urusan
pemantauan dan kajian tentang kawalan dalaman
adalah di bawah had kuasa Jawatankuasa Audit sejak
penubuhannya pada tahun 1998. Dalam tahun 2002,
pelaksanaan rangka kerja pengurusan risiko di dalam
Kumpulan turut dimasukkan dalam bidang kuasa
Jawatankuasa Audit.
The Group has in place an on-going process for
identifying, evaluating, monitoring and managing
significant risks, and this process is regularly reviewed
by the Audit Committee, who presents its findings to the
Board. Risks are identified and classified into ten (10)
components namely, external, regulatory, legal, corporate
governance, finance, customers, products and services
suppliers, human capital and operational risks.
A Risk Management Framework has been
implemented in the Company and certain subsidiaries
of the Group. The respective Management will review
their Corporate Risk Scorecard on a regular basis.
Significant changes in the risk profiles of the
companies will be presented to the Audit Committee
on a periodic basis.
Kumpulan mempunyai proses yang berterusan untuk
mengenalpasti, menilai, memantau dan mengurus
risiko utama dan proses ini sentiasa dikaji semula oleh
Jawatankuasa Audit yang akan membentangkan hasil
kajian kepada Lembaga Pengarah. Risiko-risiko dikenal
pasti dan dikelaskan kepada sepuluh (10) komponen
iaitu luaran, bersabit peraturan, undang-undang, tadbir
urus korporat, kewangan, pelanggan-pelanggan,
pembekal-pembekal produk dan perkhidmatan, sumber
manusia dan risiko-risiko operasi.
Jawatankuasa Pengurusan Risiko telah ditubuhkan di
peringkat Syarikat dan di beberapa anak syarikat di
dalam Kumpulan. Pihak Pengurusan akan mengkaji
Kad Risiko Korporat dalam jangkamasa yang ditetapkan.
Sebarang perubahan besar di dalam profil risiko syarikat
akan dibentangkan kepada Jawatankuasa Audit pada
jangkamasa yang tertentu.
52
4.
Control Structure and Environment
4.
Struktur Kawalan dan Persekitaran
The Board is fully committed to ensuring that a proper
control environment is maintained within the Group.
The key elements of the Group’s internal control system
are described below:
Lembaga Pengarah memberikan sepenuh komitmen
bagi memastikan kawalan persekitaran yang betul dan
sesuai dikekalkan dalam Kumpulan. Elemen-elemen
utama dalam sistem-sistem kawalan dalaman Kumpulan
adalah seperti berikut:
4.1 Board Committees have clearly defined
roles and Terms of Reference
4.1 Struktur organisasi yang mentakrifkan
dengan jelas peranan-peranan dan
tanggungjawab-tanggungjawab
Respective Board Committees have individual
roles and Terms of Reference, with clearly defined
functions, authority and responsibilities. The
management of the various companies in the
Group is entrusted to the respective Chief
Executive Officers or Chief Operating Officers,
whose role and responsibilities are defined in the
Job Description and whose authority limits are
set by the respective Boards. All major decisions
require the final approval of the Boards within the
Group and are only made after appropriate indepth analysis. The respective Boards receive
regular and comprehensive information covering
all divisions in the respective companies within
the Group.
4.2 Independence of the Audit Committee
The Audit Committee comprises non-executive
members of the Board who bringing with them a
wide range of in-depth experience, knowledge
and expertise. They continue to meet and have
full and unimpeded access to both the internal
and external auditors during the financial year.
The Audit Committee provides direction and
oversight to the internal audit function to enhance
its independence from management.
4.2 Jawatankuasa Audit sebagai entiti bebas
Jawatankuasa Lembaga mempunyai peranan
dan terma rujukan yang secara jelas mendefinisikan
fungsi, bidang kuasa dan tanggungjawab masingmasing. Pengurusan Syarikat-Syarikat di dalam
Kumpulan dipertanggungjawabkan kepada Ketua
Pegawai Eksekutif atau Ketua Pegawai Operasi,
di mana peranan dan tanggungjawab mereka
diperjelaskan di dalam deskripsi tugas dan had
kuasa mereka ditetapkan oleh Lembaga Pengarah
masing-masing. Semua keputusan penting yang
diambil oleh pihak pengurusan memerlukan
kelulusan Lembaga Pengarah di dalam Kumpulan
dan hanya akan diputuskan selepas kajian yang
mendalam dijalankan. Lembaga Pengarah bagi
setiap syarikat di dalam Kumpulan turut menerima
laporan lengkap yang meliputi semua bahagian di
dalam syarikat masing-masing.
Jawatankuasa Audit terdiri daripada ahli-ahli
Lembaga Pengarah Bukan Eksekutif yang
mempunyai pengalaman, pengetahuan dan
kepakaran yang luas. Jawatankuasa Audit
bermesyuarat dan mengadakan perjumpaan
dengan juruaudit-juruaudit dalaman dan luaran
tanpa sebarang sekatan sepanjang tahun
kewangan. Jawatankuasa ini menentukan arah
dan penyeliaan terhadap fungsi audit dalaman
bagi memastikan ia bebas dari pihak pengurusan.
53
>>
4.3 Documented internal policies and procedures
4.3 Dokumentasi polisi dan prosedur dalaman
The Group continues to update the Standard
Operating Manuals for improvement and to reflect
changes in the business structure and processes
as and when necessary.
Kumpulan sentiasa mengemaskini Buku Panduan
Operasi dengan mengambilkira sebarang
perubahan dalam proses-proses dan struktur
perniagaan apabila perlu.
In 2009, the Group formulated the Delegation
of Authority Policy (DoA) and reviewed the
existing Limit of Authority/Financial Limit
(LOA/FAL) to enhance its internal control
system and to align the subsidiaries LOA/FAL
to the Group’s LOA/FAL. The revised policies
for KPS and the subsidiaries were approved
by the respective Boards in February and April
2010 respectively.
The Group also formulated and implemented the
ICT Policy and Guidelines to ensure proper
protection of ICT resources, data integrity and
security. The ICT Policy and Guidelines were
approved by the Board and enforced in April
2008. Each employee had been given a hard
copy of the said policy. To enhance the policy
awareness of the employee, the policy has a
direct link (in a form of soft copy) to the new HRA
Website which was launched in April 2010. All
employees have a direct access to this link.
Pada tahun 2009, KPS telah memformulasi Polisi
Pengagihan Kuasa dan mengkaji semula Had
Kuasa/Had Kuasa Kewangan untuk
mempertingkatkan sistem kawalan dalaman dan
menyelaraskan Had Kuasa/Had Kuasa Kewangan
anak-anak syarikat mengikut Had Kuasa/Had
Kuasa Kewangan Kumpulan. Polisi-polisi yang
telah dikemaskinikan bagi KPS dan anak-anak
syarikatnya telah diluluskan oleh Lembaga
Pengarah masing-masing pada bulan Februari
dan April 2010.
KPS juga telah memformulasi dan melaksanakan
polisi dan garis panduan ICT bagi memastikan
semua peranti ICT, keselamatan dan integriti data
terpelihara dengan baik. Polisi dan garis panduan
ICT telahpun diluluskan oleh Lembaga Pengarah
dan dikuatkuasakan pada bulan April 2008. Setiap
kakitangan diberi satu salinan polisi untuk rujukan.
Bagi meningkatkan kesedaran kewujudan polisi
tersebut, Bahagian Sumber Manusia melalui
laman webnya yang telah dilancarkan pada April
2010 telah meletakkan polisi tersebut untuk
rujukan semua pekerja. Setiap kakitangan
mendapat akses kepada laman web tersebut.
Pada bulan Disember 2008, KPS telah
melancarkan inisiatif pensijilan Sistem Pengurusan
Kualiti ISO 9001:2008 untuk Unit Pengurusan
Bangunan sebagai salah satu langkah strategik
KPS. Pendaftaran ISO 9001:2008 oleh badan
akreditasi bertauliah telah menunjukkan komitmen
KPS terhadap kualiti standard operasi, pelangganpelanggan dan usaha berterusan memperbaiki
kecekapan operasi. Pensijilan ISO ini telah dicapai
pada 1 April 2009.
Lembaga Pengarah telah juga menubuhkan
Jawatankuasa Tender bagi memastikan ketelusan
dan kewibawaan proses penganugerahan tender.
In December 2008, KPS had launched the ISO
9001:2008 Quality Management System
certification program for its Building Maintenance
Unit as part of KPS’ strategic initiatives. The
registration to ISO 9001:2008 by an accredited
certification body shows KPS’ commitment to
quality operating standards, its customers, and a
willingness to work continuously towards
improving operational efficiency. The ISO
Certification was obtained on 1 April 2009.
The Board has also established a Tender
Committee to ensure transparency, integrity and
competitive pricing of the award process.
54
4.4 Detailed budgeting process
A detailed budgeting process is established
requiring all key operating companies in the
Group to prepare budgets annually which are
discussed at management level and approved by
the respective Audit Committee and Boards.
An effective reporting system on actual
performance against approved budgets is in
place whereby significant variances are followed
up on a quarterly basis and management action
is taken to tighten or to rectify any shortcomings,
where necessary.
4.4 Proses Bajet Terperinci
Proses penyediaan bajet terperinci memerlukan
semua syarikat utama di dalam Kumpulan
menyediakan bajet tahunan, di mana ia akan
dibincangkan dengan pihak pengurusan dan
dibentangkan untuk kelulusan oleh Jawatankuasa
Audit dan Lembaga Pengarah masing-masing.
Satu sistem laporan yang efektif wujud bagi
melaporkan prestasi sebenar berbanding bajet
yang diluluskan dan sebarang perbezaan yang
ketara akan disusuli oleh pihak pengurusan setiap
suku tahun dan tindakan akan diambil untuk
memperketat atau memperbetulkan sebarang
kekurangan, di mana perlu.
4.5 Human Resource Policies
Human Resources policies help the organisation
to meet the requirements of its employees in
various aspects of human resources practices.
The policies also serve as a control procedure or
guideline to better regulation and corporate
governance. HR Policies are reviewed on regular
basis to stay up to date with current market
trends in employment standards and statutory
requirements. The revised policies are in line with
the Group Human Resource Objectives and
concurrently are not deviated from the Group’s
Vision and Mission.
4.5 Polisi Sumber Manusia
Polisi Sumber Manusia membantu organisasi
untuk memenuhi keperluan kakitangan dalam
pelbagai aspek sumber manusia. Polisi ini juga
bertindak sebagai prosedur kawalan atau garis
panduan ke arah tadbir urus korporat dan
pengawalan yang lebih baik. Polisi Sumber
Manusia dikemaskini dari semasa ke semasa
agar piawaian perkhidmatan setimpal dengan
undang-undang dan aliran pasaran semasa.
Polisi yang telah diperkemaskan ini adalah selaras
dengan objektif Bahagian Sumber Manusia
Kumpulan dan ianya tidak menyimpang, malah
sealiran dengan Misi dan Visi Kumpulan.
55
>>
5.Monitoring and Review
5.
Pemantauan dan Kajian
The processes adopted to monitor and review the
effectiveness of the system of internal control are:
Proses-proses yang digunakan untuk memantau dan
mengkaji keberkesanan sistem kawalan dalaman
adalah:
• All subsidiaries submit monthly Management
Reports to the Acting Chief Executive Officer. The
report includes review of actual results against
budget, with significant variance being explained
and necessary actions taken.
•
Pada setiap bulan, anak-anak syarikat dalam
Kumpulan menghantar Laporan Pengurusan
kepada Pemangku Ketua Pegawai Eksekutif.
Laporan tersebut mengandungi keputusan
kewangan sebenar berbanding bajet, di mana
perbezaan ketara akan dijelaskan dan langkahlangkah sewajarnya akan diambil.
•
Lembaga Pengarah menerima dan mengkaji
laporan prestasi suku tahunan daripada pengurusan
pelbagai sektor perniagaan yang merangkumi
prestasi kewangan dan laporan kemajuan.
•
Fungsi Audit Dalaman Kumpulan
yang bertanggungjawab melapor kepada
Jawatankuasa Audit sentiasa mengkaji prosedur
sistem kawalan dalaman dan menerangkan
risiko-risiko utama yang mempunyai kesan ke
atas Kumpulan. Bahagian Audit Dalaman akan
memantau tindakan-tindakan yang diambil ke
atas cadangan-cadangan yang diberikan kepada
pihak pengurusan. Jawatankuasa Audit mengkaji
dan meluluskan pelan pengurusan audit dalaman
tahunan sebelum ianya dilaksanakan.
•
Jawatankuasa Audit bermesyuarat sekurangkurangnya pada setiap suku tahun bagi
menganalisa hasil kajian audit dalaman,
membincangkan perancangan pengurusan risiko
dan memastikan kelemahan yang dikenalpasti
pada sistem kawalan dalaman ditangani oleh
pihak pengurusan.
Usaha-usaha yang berterusan diambil untuk memastikan
prosedur kawalan dalaman utama yang standard
menepati masa dan komprehensif. Sistem kawalan
dalaman mendapat sokongan yang sewajarnya dari
pihak pengurusan dan juga Lembaga Pengarah bagi
membantu Syarikat yang sentiasa terdedah kepada
risiko-risiko yang sedia ada. Lembaga Pengarah
berpuas hati dengan mutu kawalan dalaman dan
berpendapat bahawa sistem yang telah beroperasi
bagi tahun semasa adalah kukuh dan mencukupi untuk
menjaga kepentingan pelaburan-pelaburan pemegang
saham dan juga aset-aset Kumpulan.
• The Board receives and reviews quarterly
performance reports from the management of the
various lines of business with financial performance
and progress reports.
• The Group’s Internal Audit Function, which reports
to Audit Committee performs regular reviews on
the internal control procedures and highlights
significant risks affecting the Group. The Internal
Audit will follow up with the management in
respect of the corrective actions taken on those
recommendations. The Audit Committee reviews
and approves the annual internal audit plan for
the year prior to their execution.
• The Audit Committee meets at least quarterly to
review internal audit findings, discuss risk
management plans and ensure that weaknesses in
controls highlighted are appropriately addressed by
management.
Continuous efforts are undertaken to ensure
standardisation, timeliness and comprehensiveness of
key internal control procedures. The internal control
system has a clear management support, including the
involvement of the Board and is designed to address
the risks to which the Company is exposed. The Board
is satisfied with the design of the control system and is
of the view that the system which is in place for the
year under review is sound and sufficient to safeguard
shareholders’ investments and the Group’s assets.
56
Audit Committee Report
laporan jawatankuasa audit
INTRODUCTION
The Audit Committee (Committee) of the Company was established on 2 June 1998 to evaluate
the Company’s financial management, internal control systems and planning to propose applicable
decisions.
PENDAHULUAN
Jawatankuasa Audit (Jawatankuasa) Syarikat telah ditubuhkan pada 2 Jun 1998 untuk menilai
pengurusan kewangan Syarikat, sistem kawalan dalaman dan perancangan bagi mengemukakan
cadangan-cadangan yang bersesuaian.
OBJECTIVES
OBJEKTIF-OBJEKTIF
The principal objective of the Committee is to assist the
Board in discharging its statutory duties and responsibilities
relating to accounting and reporting practices of the holding
company and each of its subsidiaries.
Objektif utama Jawatankuasa Audit adalah untuk membantu
Lembaga dalam melaksanakan tugas dan tanggungjawab
yang berkaitan dengan perakaunan dan amalan laporan
oleh syarikat induk dan anak-anak syarikatnya.
The Committee shall assist the Board in discharging its
duties on the following:
Jawatankuasa Audit akan membantu Lembaga dalam
menunaikan tugas-tugas seperti:
a.
a.
Ensure that the implementation of a Risk Management
Framework is in place to manage Materials Risks; and
Memastikan pelaksanaan yang baik dalam Rangka
Kerja Pengurusan Risiko untuk mengurus risiko-risiko
utama; dan
b. Review the adequacy and the integrity of the
Company’s Internal Control Systems, Management
Information Systems, including systems for compliance
with applicable laws, regulations, rules, directives and
guidelines.
b. Menyemak kecukupan dan integriti Sistem Kawalan
Dalaman Syarikat, Sistem Pengurusan Maklumat
termasuk sistem-sistem pematuhan kepada mana-mana
undang-undang, peraturan, arahan dan garis panduan.
COMPOSITION
KOMPOSISI
The members of the Committee during the financial year
comprise of three (3) Independent Non-Executive Directors
as follows:
Sepanjang tahun kewangan, Jawatankuasa terdiri
daripada tiga (3) Pengarah Bukan Eksekutif Bebas seperti
berikut:
(Chairman - Independent Non-Executive Director)
(Pengerusi - Pengarah Bukan Eksekutif Bebas)
YBhg Dato’ Azlan bin Hashim
(Independent Non-Executive Director)
(Pengarah Bukan Eksekutif Bebas)
(Independent Non-Executive Director - appointed on
1/11/2009)
(Pengarah Bukan Eksekutif Bebas - dilantik pada
1/11/2009)
Tuan Haji Zain Azahari bin Zainal Abidin
(Independent Non-Executive Director - resigned on
25/11/2009)
(Pengarah Bukan Eksekutif Bebas - meletak jawatan pada
25/11/2009)
YBhg Dato’ Haji Ab Halim bin Mohyiddin is a member of
the Malaysian Institute of Accountants (MIA).
YBhg Dato’ Haji Ab Halim bin Mohyiddin adalah ahli Institut
Akauntan Malaysia (“MIA”).
57
TERMS OF REFERENCE
TERMA-TERMA RUJUKAN
a. Objectives
The primary function of the Audit Committee is to
assist the Board in fulfilling the following oversight
objectives on the Group activities:
a. Matlamat
Tugas utama Jawatankuasa Audit adalah untuk
membantu Lembaga dalam memenuhi objektif-objektif
pengawasan dalam aktiviti-aktiviti Kumpulan seperti
berikut:
• Assess the Group’s processes relating to its risks
and control environment;
• Oversee financial reporting; and
• Evaluate the internal and external audit processes.
b. Composition
The Board shall elect and appoint Committee members
from amongst their numbers comprising no fewer than
three (3) Directors, the majority of whom shall be
Independent Non-Executive Directors of the Company
with at least one (1) member must be a member of
MIA or has at least three (3) years working experience
and passed the examination specified in Part I of the
1st Schedule of the Accountants Act, 1967; or is a
member of one (1) of the associations of accountants
specified in Part II of the 1st Schedule of the
Accountants Act, 1967.
The Board shall, within three (3) months after a member
of the Committee resigns, dies or for any reason
ceases to be a member with the result that the member
is reduced to below three (3), fill the vacancy.
The Chairman of the Committee shall be an
Independent Non-Executive Director. No alternate
Directors of the Board shall be appointed as a member
of the Committee.
b. Komposisi
Lembaga harus memilih dan melantik ahli Jawatankuasa
dari kalangan mereka yang terdiri tidak kurang daripada
tiga (3) orang Pengarah, di mana majoriti daripada
mereka harus terdiri daripada Pengarah Bukan
Eksekutif Bebas di mana sekurang-kurangnya seorang
(1) ahli mesti menjadi ahli Institut Akauntan Malaysia
atau mempunyai sekurang-kurangnya tiga (3) tahun
pengalaman bekerja dan lulus peperiksaan seperti
yang ditetapkan dalam Bahagian I Jadual 1 Akta
Akauntan, 1967; atau merupakan ahli salah sebuah
persatuan akauntan seperti yang ditetapkan dalam
Bahagian II Jadual 1 Akta Akauntan, 1967.
Lembaga harus memenuhi kekosongan dalam tempoh
tiga (3) bulan selepas ahli Jawatankuasa meletak
jawatan, meninggal dunia atau atas apa-apa sebab
tidak menjadi ahli yang menyebabkan jumlah ahli
kurang daripada tiga (3) orang.
Pengerusi Jawatankuasa harus terdiri daripada seorang
Pengarah Bukan Eksekutif Bebas. Tiada Pengarah
gantian kepada Lembaga akan dilantik sebagai ahli
Jawatankuasa Audit.
Lembaga harus mengkaji tempoh memegang jawatan
setiap ahli sekurang-kurangnya sekali (1) setiap tiga
(3) tahun.
The Board shall review the terms of office of each of
its members at least once (1) every three (3) years.
c. Quorum and Committee’s Procedures
Meetings shall be conducted at least four (4) times
annually, or more frequently as circumstances
dictate.
• Menilai proses-proses Kumpulan yang berkaitan
dengan risiko dan kawalan persekitaran;
• Mengawasi laporan kewangan; dan
• Menilai proses-proses audit dalaman dan luaran.
In order to form a quorum for the meeting, the
majority of the members present must be Independent
Non-Executive Directors. In the absence of the
Chairman, the members present shall elect a Chairman
for meeting from amongst the members present.
c. Korum dan Prosedur Jawatankuasa
Mesyuarat-mesyuarat harus diadakan sekurang-kurangnya
empat (4) kali setahun, atau lebih kerap jika perlu.
Bagi mewujudkan korum mesyuarat, majoriti ahli-ahli
yang hadir mestilah Pengarah Bukan Eksekutif Bebas.
Semasa ketiadaan Pengerusi, ahli-ahli yang hadir
hendaklah melantik seorang Pengerusi bagi mesyuarat
tersebut di kalangan ahli-ahli yang hadir.
58
The Company Secretary shall be appointed as
Secretary of the Committee. The Secretary, in
conjunction, with the Chairman, shall draw up an
agenda, which shall be circulated together with relevant
support papers, within reasonable time prior to each
meeting to the members of the Committee.
Setiausaha Syarikat akan dilantik sebagai Setiausaha
Jawatankuasa. Setiausaha, bersama Pengerusi, akan
menyediakan agenda yang akan diedarkan bersama
kertas sokongan berkaitan, dalam tempoh yang
sewajarnya kepada ahli Jawatankuasa sebelum setiap
mesyuarat.
The Committee may, as and when deemed necessary,
invite other Board members and Senior Management
members to attend the meetings.
Jawatankuasa ini boleh, apabila dianggap perlu,
menjemput ahli-ahli Lembaga yang lain dan meminta
ahli-ahli Pengurusan Kanan untuk menghadiri
mesyuarat.
The Committee shall meet at least once a year with
the external auditors to discuss any matter with the
Committee without the presence of any Executive
member of the Board and Management.
Jawatankuasa ini akan bermesyuarat sekurang-kurangnya
sekali setahun dengan juruaudit luaran untuk
membincangkan apa-apa perkara dengan Jawatankuasa
tanpa kehadiran Lembaga Pengarah Eksekutif dan
Pengurusan.
Jawatankuasa hendaklah mengatur prosiding mesyuarat
menurut konvensyen biasa mengenai perkara tersebut.
The Committee shall regulate the manner of
proceedings of its meetings, having regard to normal
conventions on such matter.
d. Authority
The Committee is authorised to investigate any matter
within its terms of reference.
The Committee is authorised to seek any information
it requires from employees, who are required to
cooperate with any request made by the Committee.
The Committee shall have full and unlimited access to
any information pertaining to the Group.
The Committee shall have communication channel
with the internal and external auditors and with senior
management of the Group and shall be able to
convene meetings with the external auditors whenever
deemed necessary.
The Committee shall have the resources that are
required to perform its duties. The Committee can
obtain, at the expense of the Company, outside legal
or other independent professional advice it considers
necessary.
Where the Committee is of the view that a matter
reported by it to the Board has not been satisfactorily
resolved resulting in a breach of any regulatory
requirements, the Committee shall promptly report
such matter to the relevant authorities.
d. Kuasa
Jawatankuasa ini diberi kuasa untuk menyiasat
sebarang perkara dalam bidang tugasnya.
Jawatankuasa ini diberi kuasa untuk mencari sebarang
maklumat yang diperlukan dari kakitangan, di mana
mereka haruslah memberi kerjasama dengan
permintaan Jawatankuasa.
Jawatankuasa ini akan mempunyai akses penuh dan
tanpa batasan kepada sebarang maklumat berkaitan
Kumpulan.
Jawatankuasa ini akan mempunyai saluran komunikasi
dengan juruaudit dalaman serta juruaudit luaran dan
dengan pengurusan kanan Kumpulan dan boleh
mengadakan mesyuarat dengan juruaudit luaran
sekiranya perlu.
Jawatankuasa ini akan mempunyai akses kepada
sebarang sumber yang diperlukan untuk menjalankan
tugasnya. Jawatankuasa ini boleh mendapatkan
sebarang nasihat perundangan atau nasihat profesional
lain yang dianggap perlu atas perbelanjaan Syarikat.
Sekiranya Jawatankuasa mendapati terdapat perkara
yang dilaporkan oleh Jawatankuasa kepada Lembaga
yang masih belum diselesaikan dengan memuaskan
sehingga menyebabkan ia melanggar keperluan
perundangan, Jawatankuasa harus melaporkan dengan
segera perkara tersebut kepada pihak berkuasa yang
berkaitan.
59
e. Duties and Responsibilities
In fulfilling its primary objectives, the Committee shall
undertake the following duties and responsibilities:
• Review with the external auditor, the audit scope
and plan, including any changes to the planned
scope of the audit plan.
• Review the adequacy of the internal audit scope
and plan, functions and resources of the internal
audit function and that it has the necessary
authority to carry out its work.
• Review the external and internal audit reports to
ensure that appropriate and prompt remedial action
is taken by Management on major deficiencies in
controls or procedures that are identified.
• Review the major audit findings and the
Management’s response during the year with
Management, external auditors and internal
auditors, including the status of previous audit
recommendations.
• Review the assistance given by the Group’s
employees to the auditors, and any difficulties
encountered in the course of the audit work,
including any restrictions on the scope of activities
or access to required information.
• Review the appointment and performance of
external auditors, the audit fees and any question
of resignation or dismissal before making
recommendations to the Board.
e.Bidang Tugas dan Tanggungjawab
Dalam memenuhi matlamat utamanya, Jawatankuasa
ini akan menjalankan tugas-tugas dan tanggungjawab
berikut:
• Mengkaji dengan juruaudit luaran, skop dan
rancangan audit, termasuk sebarang perubahan
kepada skop rancangan audit yang dirancang.
• Mengkaji kecukupan skop dan rancangan audit
dalaman, fungsi-fungsi dan sumber-sumber audit
dalaman dan memastikan ianya mempunyai kuasa
yang sepatutnya bagi menjalankan tugas.
• Mengkaji laporan audit dalaman dan
memastikan tindakan segera dan
diambil oleh pihak Pengurusan bagi
utama pengawalan atau prosedur
dikenal pasti.
luaran bagi
sepatutnya
kekurangan
yang telah
• Mengkaji penemuan audit utama dan maklumbalas
pihak Pengurusan sepanjang tahun dengan
Pengurusan, juruaudit luaran dan juruaudit dalaman,
termasuk status cadangan audit yang terdahulu.
• Mengkaji bantuan yang diberi oleh kakitangan
Kumpulan kepada juruaudit dan sebarang masalah
yang dihadapi dalam menjalankan kerja audit,
termasuk sebarang sekatan dalam skop aktiviti
atau saluran kepada maklumat yang diperlukan.
• Mengkaji pelantikan dan prestasi juruaudit luaran,
yuran audit dan sebarang persoalan perletakan
jawatan atau pemecatan juruaudit luaran sebelum
mengemukakan cadangan kepada Lembaga.
• Review the adequacy and integrity of internal
control system, including corporate risk
management, management information system,
and the internal auditors’ evaluation of the said
systems.
• Mengkaji kecukupan dan ketelusan sistem kawalan
dalaman, termasuk pengurusan risiko korporat,
sistem pengurusan maklumat dan penilaian
juruaudit dalaman berkenaan sistem tersebut.
• Direct and where appropriate monitor any special
projects or investigation considered necessary, and
review investigation report on any major defalcation,
fraud and theft.
• Mengarah dan sekiranya perlu, memantau sebarang
projek khas atau menyiasat dan mengkaji laporan
siasatan berkaitan dengan penyalahgunaan,
penipuan dan kecurian.
60
• Review the quarterly results and the year-end
financial statements, prior to the approval by the
Board focusing particularly on:
– changes in or implementation of major
accounting policy;
– significant or unusual events; and
– compliance with accounting standards and
other legal requirements.
• Menyemak keputusan suku tahunan dan penyata
kewangan akhir tahun, sebelum kelulusan Lembaga
dengan penumpuan kepada:
– perubahan atau pelaksanaan perubahan polisi
perakaunan utama;
– peristiwa penting atau luar biasa; dan
– pematuhan terhadap piawaian perakaunan dan
undang-undang lain.
• Review annual budget and five years Business
Plan.
• Menyemak bajet tahunan dan Pelan Perniagaan
untuk lima tahun.
• Review any related party transaction and conflict of
interest situation that may arise within the Company
or the Group, including any transaction, procedure
or course of conduct that raises questions on
Management integrity.
• Memeriksa sebarang urusniaga pihak berkaitan
dan situasi konflik kepentingan yang mungkin timbul
dalam Syarikat atau Kumpulan, termasuk sebarang
urusniaga, prosedur atau persoalan yang timbul
berkenaan kewibawaan pihak Pengurusan.
• Verify the allocation of the ESOS as being in
compliance with the criteria set by the ESOS
Committee at the end of each financial year.
• Memeriksa pembahagian “ESOS” agar mematuhi
kriteria yang ditetapkan oleh Jawatankuasa “ESOS”
pada setiap penghujung tahun kewangan.
• Any other activities, as authorised by the Board.
• Sebarang aktiviti lain yang diberi kuasa oleh
Lembaga.
MEETING
MESYUARAT
The Audit Committee convened seven (7) meetings during
the financial year. The meetings were appropriately
structured through the use of agenda, which was distributed
to members with sufficient notification.
Sepanjang tahun kewangan, Jawatankuasa Audit telah
mengadakan tujuh (7) mesyuarat. Mesyuarat telah
dilaksanakan dengan sewajarnya melalui penggunaan
agenda di mana ianya diedarkan kepada ahli-ahli dalam
tempoh yang bersesuaian.
Name of Directors
Attendance
Nama Pengarah-pengarah
7/7
7/7
1/1
6/6
The Executive Director of the Company and the General
Manager of Management Audit Division were present by
invitation at the meetings. Representatives of the external
auditors also attended the meetings upon invitation.
Kehadiran
7/7
7/7
1/1
6/6
Pengarah Eksekutif Syarikat dan Pengurus Besar Jabatan
Audit Pengurusan telah hadir dengan jemputan ke
mesyuarat tersebut. Wakil juruaudit luaran juga telah hadir
ke mesyuarat tersebut dengan jemputan.
61
SUMMARY OF ACTIVITIES
RINGKASAN AKTIVITI
The main activities undertaken by the Committee during
the year were as follows:
Aktiviti-aktiviti utama yang telah dijalankan oleh Jawatankuasa
sepanjang tahun ini adalah seperti berikut:
• Reviewed the external auditors’ scope of work and
audit plans for the year 2009. Prior to the audit,
representatives from the external auditors, presented
their audit strategy and plan.
• Mengkaji skop kerja juruaudit luaran dan rancangan
audit tahun 2009. Sebelum audit, wakil juruaudit luaran
telah membentangkan rancangan dan strategi audit
mereka.
• Reviewed with the external auditors, the results of the
audit, the audit report and the Internal Control
Memorandum, including Management’s response
thereto.
• Mengkaji dengan juruaudit luaran, keputusan audit,
laporan audit dan Memoranda Kawalan Dalaman,
termasuk maklumbalas dari pihak Pengurusan.
• Meeting with the external auditors without the presence
of management.
• Considered and recommended to the Board for approval
the audit fees payable to the external auditors.
• Reviewed the Management Audit Division’s programmes
and plan for the financial year 2009 under review.
• Reviewed the Management Audit reports, which
highlighted the audit issues, recommendations and
Management response thereto. Discussed with
Management, actions taken to improve the system of
internal control based on improvement opportunities
identified in the internal audit reports.
• Mengadakan mesyuarat bersama juruaudit luaran tanpa
kehadiran pihak Pengurusan.
• Mempertimbangkan dan mencadangkan bayaran yuran
audit kepada juruaudit luaran untuk kelulusan Lembaga
Pengarah.
• Mengkaji program dan rancangan Jabatan Audit
Pengurusan untuk tahun kewangan 2009.
• Mengkaji laporan Jabatan Audit Pengurusan, yang
menekankan isu-isu audit, cadangan dan maklumbalas
pihak Pengurusan. Berbincang dengan pihak Pengurusan
mengenai tindakan yang diambil untuk memperbaiki
sistem kawalan dalaman berdasarkan peluang pembaikan
yang dikenal pasti di dalam laporan audit dalaman.
• Reviewed follow-up reports by the internal auditors on
the status of actions taken by the Management on
recommendations suggested in the audit findings.
• Mengkaji laporan tindakan susulan oleh juruaudit
dalaman mengenai status tindakan yang diambil oleh
pihak Pengurusan berkenaan cadangan yang
dicadangkan di dalam penemuan audit.
• Reviewed Management Audit Division’s audit rating
methodology in assessing and rating the risk levels of
the various auditable areas and ensured that the audit
emphasis was given on high and critical risk areas.
• Mengkaji kaedah pengkadaran audit oleh Jabatan Audit
Pengurusan dalam penilaian dan pengkadaran peringkatperingkat risiko dari pelbagai sudut yang diaudit dan
memastikan keutamaan audit diberikan kepada bahagian
yang mempunyai risiko tinggi dan kritikal.
• Reviewed the audited financial statements of the
Company prior to submission to the Board for their
consideration and approval. The review was to ensure
that the audited financial statements were drawn up in
accordance with the provisions of the Companies Act
1965 and the applicable approved accounting standards
approved by the Malaysian Accounting Standard Board
(MASB).
• Menyemak penyata kewangan Syarikat yang diaudit
sebelum dibentangkan kepada Lembaga Pengarah
untuk pertimbangan dan kelulusan. Kajian adalah untuk
memastikan penyata kewangan yang diaudit dibuat
berdasarkan peruntukan-peruntukan yang terdapat di
dalam Akta Syarikat, 1965 dan piawaian perakaunan
berkaitan yang diluluskan oleh Lembaga Piawaian
Perakaunan Malaysia (“MASB”).
• Reviewed the Company’s compliance, in particular, the
quarterly and the year-end financial statements with
MASB and other relevant legal and regulatory
requirements.
• Menyemak pematuhan Syarikat, khususnya, penyata
kewangan suku tahunan dan akhir tahun agar mematuhi
piawaian perakaunan “MASB” dan lain-lain keperluan
undang-undang yang berkaitan.
62
• Reviewed the quarterly unaudited financial results before
recommending them for the Board’s approval.
• Menyemak keputusan kewangan suku tahunan yang
tidak diaudit sebelum dicadangkan kepada Lembaga
Pengarah untuk kelulusan.
• Reviewed annual budget and five years Business Plan.
• Reviewed the related party transactions entered into by
the Company or the Group to ensure that they are:
i) at arm’s length;
ii) on normal commercial terms;
iii) on terms not more favourable to the related party
than those generally available to the public;
iv) in its opinion, are not detrimental to the minority
shareholders; and
v) in the best interest of the Group.
• Menyemak bajet tahunan dan Pelan Perniagaan untuk
lima tahun.
• Reviewed the circular to shareholders in relation to the
procurement of shareholders’ mandate for recurrent
related party transactions.
• Membuat semakan terhadap urusniaga antara pihak
berkaitan yang dilaksanakan di dalam Syarikat atau
Kumpulan dan memastikan ianya:
i)
berdasarkan prinsip urusniaga tulus;
ii) mengikut terma-terma komersial yang lazim;
iii) terma-terma yang tidak lebih memihak kepada
pihak-pihak berkaitan daripada yang umumnya
disediakan untuk awam;
iv) tidak menjejaskan kepentingan para pemegang
saham minoriti; dan
v) demi kepentingan terbaik untuk Kumpulan.
• Verified the allocation of the ESOS as being in
compliance with the criteria set by the ESOS Committee
at the end of each financial year.
• Memeriksa Pekeliling kepada para pemegang saham
berkaitan perolehan mandat para pemegang saham
bagi urusniaga Pihak Berkaitan yang berulangan.
• Memeriksa pembahagian “ESOS” agar mematuhi kriteria
yang ditetapkan oleh Jawatankuasa “ESOS” pada setiap
penghujung tahun kewangan.
63
INTERNAL AUDIT FUNCTION
FUNGSI AUDIT DALAMAN
The principal role of the internal audit function is to
undertake an independent, regular and systematic review
of the system of internal controls so as to provide
reasonable assurance that such system continue to operate
satisfactorily and effectively. It is the responsibility of the
internal audit function to provide the Audit Committee with
independent and objective reports on the state of internal
controls of key operating companies within the Group and
the extent of compliance of these companies with the
Group’s policies and procedures as well as relevant
statutory requirements.
Peranan utama fungsi audit dalaman ialah untuk menjalankan
tugas secara bebas, tetap dan sistematik supaya dapat
memberi jaminan sewajarnya agar sistem kawalan dalaman
terus beroperasi dengan berkesan dan memuaskan. Ia
menjadi tanggungjawab fungsi audit dalaman untuk
menyediakan kepada Jawatankuasa Audit laporan kawalan
dalaman yang objektif dan bebas mengenai keadaan
kawalan dalaman bagi syarikat operasi utama di dalam
Kumpulan dan tahap pematuhan syarikat terhadap polisi
dan prosedur Kumpulan yang sedia ada dan juga peraturan
perundangan yang berkaitan.
To enhance the internal control function, the Company has
engaged the services of a professional audit firm, Messrs.
KPMG.
Bagi mempertingkatkan fungsi audit dalaman, Syarikat
telah menggunakan khidmat profesional firma audit, Tetuan
KPMG.
AUTHORISATION FOR ISSUANCE
PENGESAHAN UNTUK PENERBITAN
This Report has been reviewed and approved for inclusion
in this Annual Report by the Audit Committee.
Laporan ini telah disemak dan diluluskan untuk dimasukkan
ke dalam Laporan Tahunan oleh Jawatankuasa Audit.
Chairman of Audit Committee
Pengerusi Jawatankuasa Audit
Enriching lives through services
Memperkayakan hidup melalui perkhidmatan
Possessing and investing through divested interests in global standards of water
treatment and facilities, KPS goes the distance to bring each customer higher quality
and affordable water within their reach.
Pemilikan dan pelaburan melalui pelupusan kepentingan sedia ada di dalam
industri rawatan dan kemudahan air berdasarkan piawaian global, KPS maju
ke hadapan untuk memberikan air berkualiti dan mampu milik kepada pelanggan.
66
Corporate Social
Responsibility
tanggungjawab sosial korporat
As a subsidiary of Kumpulan Darul Ehsan Berhad (KDEB), Selangor State’s leading
Government-Linked Company (GLC), Kumpulan Perangsang Selangor Berhad
(KPS), always believe in making Corporate Social Responsibility (CSR) a main
agenda in its business decisions, having an edge over the private sector as we
are able to balance between corporate needs for profitability and social needs for
community development.
KPS sebagai syarikat subsidiari Kumpulan Darul Ehsan Berhad (KDEB), yang juga
adalah syarikat berkaitan Kerajaan Negeri Selangor sentiasa percaya bahawa
amalan Tanggungjawab Sosial Korporat sebagai agenda utama seiring dengan
keputusan-keputusan perniagaan berbanding di sektor swasta lain kerana ia
berupaya mengimbangkan matlamat keuntungan korporat dan keperluan sosial
untuk pembangunan komuniti.
Since 2008 until 2009, a whopping RM210.0
million has been spent for the first 20 cubic
metres (20m3) of free water to consumers in
Selangor, community development programmes
including “Program Kerajaan Prihatin”, sports
development sponsorships and other social
contributions.
Sejak tahun 2008 hingga 2009, sebanyak RM210.0
juta telah dibelanjakan bagi pembayaran 20 meter
padu pertama air percuma kepada pengguna di
Selangor, program pembangunan komuniti
termasuk Program Kerajaan Prihatin, penajaan
pembangunan sukan dan lain-lain sumbangan
sosial.
67
>>
First 20 Cubic Metres (20m3) of Free Water
Programme in Selangor
Program 20 Meter Padu (20m3) Pertama Air
Percuma di Selangor
Since June 2008 until December 2009, KDEB
Group paid the monthly cost rebate for the first
20m3 of free water of approximately RM11.0
million, totaling RM200.143 million for
approximately 1.16 million individual meters of
domestic consumers in Selangor. The purpose
of this initiative is to reduce the financial burden
of consumers in Selangor, in line with the
proposed consolidation of the water industry on
a holistic manner in Selangor, W ilayah
Persekutuan Kuala Lumpur and Putrajaya to be
led by KDEB Group.
Sejak Jun 2008 sehingga Disember 2009,
Kumpulan KDEB telah membayar rebat bulanan
bagi 20m3 air percuma kira-kira RM11.0 juta
sebulan, berjumlah RM200.143 juta bagi pihak
seramai 1.16 juta pengguna domestik bermeter
individu di Selangor. Inisiatif pemberian 20m3 air
percuma adalah untuk mengurangkan beban
kewangan pengguna-pengguna air di Selangor,
di mana ia juga adalah sebahagian inisiatif di
dalam cadangan penggabungan industri air
secara bersepadu di Selangor, Wilayah
Persekutuan Kuala Lumpur dan Putrajaya yang
akan diterajui oleh Kumpulan KDEB.
Statistic of Payment on Free Water by Location
Statistik Pembayaran Air Percuma Mengikut Kawasan
LOCATION/
LOKASI
2008
JUNE – DEC/JUN – DIS
(RM)
2009
JAN – DEC/JAN – DIS
(RM)
Total/Jumlah
(RM)
PERCENTAGE/
PERATUSAN
%
Kuala Lumpur
3,839,570
6,991,342
10,830,912
5%
Gombak
8,009,825
15,244,321
23,254,146
12%
Petaling Jaya
16,979,283
32,488,137
49,467,420
25%
Klang
15,251,313
29,020,041
44,271,354
22%
Hulu Langat
9,633,985
18,826,488
28,460,473
14%
Kuala Langat
3,160,932
6,139,557
9,300,489
5%
Hulu Selangor
5,279,709
10,232,546
15,512,255
8%
Kuala Selangor
2,514,591
4,811,416
7,326,007
4%
Sabak Bernam
1,664,022
3,150,005
4,814,027
2%
Sepang
2,341,502
4,564,488
6,905,990
3%
68,674,732
131,468,341
200,143,073
TOTAL/JUMLAH
100%
68
Sports Development Sponsorship in Selangor
Penajaan Pembangunan Sukan di Selangor
In 2008 and 2009, KDEB Group spent approximately RM5.3
million for sports development sponsorship in Selangor. The
focus of sports sponsorship is contributing towards developing
sporting talent at grassroots level, especially in the preparation
of Sukan Malaysia (SUKMA) Selangor contingent, Selangor
Golf Masters and Selangor Football Team in the Malaysian
Super League. KDEB Group is proud to accomplish its
Corporate Social Responsibility efforts by becoming the main
sponsor for Selangor Football Team in the Malaysian football
league season 2009. We believe our sponsorship of RM4.106
million to FAS has played a major role in helping the Selangor
Football Team to become champions of the Charity Shield, FA
Cup, Super League Cup as well as entering the semi-finals of
the Malaysia Cup in 2009. A healthy body generates a healthy
community physically and mentally. Being active in sports
activities is one way to acquire this. Sports help to develop
harmonious community and provide a balance between
recreation and work.
Dalam tahun 2008 dan 2009, Kumpulan KDEB telah
membelanjakan kira-kira RM5.3 juta bagi penajaan
pembangunan sukan di Selangor. Fokus penajaan adalah
sumbangan kepada pembangunan sukan di peringkat akar
umbi, terutamanya persediaan Kontinjen Sukan Malaysia
(SUKMA) Selangor, Kejohanan Golf Selangor Master dan
Pasukan Bolasepak Selangor di dalam Liga Super Malaysia.
Kumpulan KDEB berbangga kerana telah berjaya
melaksanakan Tanggungjawab Sosial Korporat sebagai
penaja utama Pasukan Bolasepak Selangor bagi musim liga
bolasepak Malaysia pada tahun 2009. Kami percaya
penajaan sebanyak RM4.106 juta kepada FAS ini telah
banyak membantu pencapaian memberangsangkan Pasukan
Bolasepak Selangor dengan menjuarai Piala Sumbangsih,
Piala FA, Piala Liga Super serta memasuki separuh akhir
Piala Malaysia pada tahun 2009. Tubuh badan yang sihat
melahirkan masyarakat yang sihat dari segi fizikal dan mental.
Bersukan adalah satu cara untuk mendapatkan tubuh badan
yang sihat. Sukan membantu melahirkan masyarakat yang
harmoni dan memberi keseimbangan di antara kerja harian
dan aktiviti rekreasi.
69
“Program Kerajaan Prihatin”
Program Kerajaan Prihatin
“Program Kerajaan Prihatin” is a programme aimed at building
decent homes for the hard core poor and improving their
standard of living, giving them a sense of belonging to the
community. In 2008 and 2009, KDEB Group spent
approximately RM0.54 million for this programme and since
its implementation, about 100 families have benefited from the
programme.
Program Kerajaan Prihatin adalah satu program bermatlamat
membina rumah-rumah yang selesa bagi golongan miskin
dan meningkatkan taraf hidup supaya mereka mendapat
tempat di kalangan masyarakat. Pada tahun 2008 dan 2009,
Kumpulan KDEB telah membelanjakan kira-kira RM0.54 juta
bagi program ini dan pelaksanaannya telah memberikan
manfaat kepada kira-kira 100 ahli keluarga.
Other Social Contributions
Lain-lain Sumbangan Sosial
The less fortunate group of people are always remembered
especially during festive seasons where the spirit of
togetherness is shared. Thirty five (35) less fortunate old
folks under the Social Welfare Department, from District of
Sabak Bernam were invited to the KDEB Group “Hari Raya
Aidilfitri” Open House 2009 at Quality Hotel Shah Alam. They
were treated to a sumptuous array of Malaysian cuisines and
each member received “duit raya” and a hamper as a “Hari
Raya” gift from the KDEB Group.
Golongan orang kurang berkemampuan sentiasa diberi
perhatian terutamanya ketika meraikan musim perayaan
secara bersama. Seramai tiga puluh lima (35) orang warga
emas di bawah kendalian Jabatan Kebajikan Masyarakat,
Sabak Bernam telah dijemput meraikan Hari Terbuka Aidilfitri
Kumpulan KDEB 2009 di Quality Hotel Shah Alam. Mereka
telah dihidangkan dengan sajian makanan tempatan dan
menerima sumbangan duit raya serta hamper Hari Raya
daripada Kumpulan KDEB.
– Sabak Bernam
– Kuala Selangor
Before
After
Before
After
70
Corporate Calendar
kalendar korporat
JANUARi
JANUARY /
JANUARY / JANUARI
Blood Donation Drive
Kempen Derma Darah
KPS along with Tengku Ampuan Rahimah Hospital,
Klang organised a blood donation drive located at the
Lobby, Plaza Perangsang on 29 January 2009. The
campaign served as a back up for the soaring blood
demand and to supplement the hospital’s declining
blood bank. 43 units of pain from various types of blood
groups managed to be collected.
KPS dengan kerjasama Hospital Tengku Ampuan
Rahimah, Klang menganjurkan kempen derma darah
bertempat di Lobi, Plaza Perangsang pada 29 Januari
2009. Kempen tersebut bertujuan untuk menampung
permintaan darah yang tinggi di samping menambah
bekalan tabung darah hospital yang semakin
berkurangan. Sebanyak 43 unit pain darah telah
berjaya dikumpul daripada pelbagai jenis kumpulan
darah.
FEBRUARY
/ FEBRUARi
FEBRUARY / FEBRUARi
Education Tour to ABASS
Lawatan Sambil Belajar ke ABASS
Konsortium ABASS Sdn Bhd entertained 17 students
from the Business Management Faculty, Universiti
Teknologi Mara and 20 students from the Ministry of
Health Malaysia throughout the month of February and
March 2009. The students were given a tour, security
briefings and operations presentation of the Sungai
Semenyih Water Treatment Plant. They also visited the
main control room, operations lab and sedimentation
tank area.
Konsortium ABASS telah menerima lawatan 17 orang
pelajar daripada Fakulti Pengurusan Perniagaan,
Universiti Teknologi Mara dan 20 orang pelajar daripada
Kementerian Kesihatan Malaysia sepanjang bulan
Februari hingga Mac 2009. Para pelajar telah dibawa
melawat, diberi taklimat keselamatan dan pendedahan
mengenai operasi Loji Rawatan Air Sungai Semenyih.
Mereka juga dibawa melawat ke bilik kawalan utama,
makmal operasi dan kawasan tangki enapan.
71
APRIL / APR
IL
MAY / MEI
APRIL / APRIL
Secretaries Week Luncheon
Jamuan Makan Tengahari Minggu Setiausaha
Quality Hotel City Centre organised a grand luncheon to
celebrate Secretaries Week on 21 and 22 April 2009
featuring Indonesia’s popular singer, Kris Dayanti and
Malaysia’s number one singer; Dato’ Siti Nurhaliza. The
luncheons were held at MATRADE Exhibition and
Convention Centre (MECC). Dee from the popular TV show
“Jangan Ketawa” hosted the event. The lucky draw winner
took home a free return air ticket to Dubai sponsored by
Emirates Airlines. Other sponsors include Jakel, Innershine,
Body Natur, Sachs, F&N and King Koil.
Quality Hotel City Centre telah mengadakan jamuan
tengahari sempena Minggu Setiausaha pada 21 dan 22
April 2009 menampilkan penyanyi popular dari
Indonesia, Kris Dayanti dan penyanyi nombor satu
Malaysia, Dato’ Siti Nurhaliza. Jamuan makan
tengahari tersebut telah diadakan di Pusat Pameran dan
Konvensyen MATRADE (“MECC”). Majlis dihoskan oleh
Dee dari rancangan TV popular Jangan Ketawa. Pemenang
hadiah cabutan bertuah berjaya membawa pulang tiket
penerbangan pergi-balik ke Dubai tajaan Emirates
Airlines. Penaja-penaja lain termasuk Jakel, Innershine,
Body Natur, Sachs, F&N dan King Koil.
ISO 9001:2008 Certification for Building Management
Unit
Pensijilan ISO 9001:2008 bagi Unit Pengurusan
Bangunan
A significant achievement by the Building Management
Unit in 2009 is securing ISO 9001:2008 Certification
on 1 April 2009. The ISO initiative was started on
3 December 2008. The certification was presented by Mr
Ting Kai Sin, QMS/EMS/Lead Auditor and Tutor
from NQA Certification Services (M) Sdn Bhd to YBhg
Dato’ Haji Abd Karim Munisar on 23 April 2009 in a
special ceremony held at Plaza Perangsang.
Pencapaian bermakna bagi Unit Pengurusan Bangunan
pada tahun 2009 ialah kejayaan memperoleh pensijilan
ISO 9001:2008 pada 1 April 2009. Inisiatif pensijilan
ISO ini telah dimulakan pada 3 Disember 2008. Sijil
ISO tersebut telah disampaikan oleh Encik Ting Kai
Sin, Ketua Juruaudit dan Tutor QMS/EMS dari NQA
Certification Services (M) Sdn Bhd kepada YBhg Dato’
Haji Abd Karim Munisar pada 23 April 2009 di majlis
khas yang diadakan di Plaza Perangsang.
MAY / MEI
Mother’s Day Celebration
Sambutan Hari Ibu
Quality Hotel Shah Alam celebrated Mother’s Day with
a special Hi-Tea buffet on 10 May 2009 at Kayangan
Ballroom. A host of activities were lined-up that includes
lucky draw, games for mothers, games for adults and
children and a cake cutting ceremony. Families savoured
fantastic dishes from the extensive buffet spread
comprising of international and local delicacies. The
event was hosted by the hilarious Din Beramboi.
Quality Hotel Shah Alam menyambut Hari Ibu dengan
mengadakan jamuan “Hi-Tea” secara bufet pada 10 Mei
2009 bertempat di Kayangan Ballroom. Terdapat
banyak aktiviti yang dijalankan antaranya adalah
cabutan bertuah, pertandingan untuk ibu-ibu,
pertandingan untuk orang dewasa dan kanak-kanak
serta upacara memotong kek. Ahli keluarga yang hadir
dapat menikmati sajian-sajian hebat daripada pilihan
hidangan bufet antarabangsa dan juga masakan
tempatan. Sambutan dimeriahkan lagi dengan lawak
jenaka oleh pengacara Din Beramboi.
72
July / julai
JUNE / JUN
JUNE / JUN
Annual General Meeting
Mesyuarat Agung Tahunan
On 18 June 2009, Kumpulan Perangsang Selangor
Berhad held its Thirty Second (32) Annual General
Meeting at Quality Hotel Shah Alam, in line with the
standard procedure of public listed companies by Bursa
Malaysia Securities Berhad.
Pada 18 Jun 2009, Kumpulan Perangsang Selangor
Berhad telah mengadakan Mesyuarat Agung Tahunan
ke Tiga Puluh Dua (32) di Quality Hotel Shah Alam
selaras dengan ketetapan Bursa Malaysia Securities
Berhad kepada syarikat tersenarai awam.
JULY / JULAI
Plaza Perangsang Safety and Health Exhibition
Pameran Keselamatan dan Kesihatan Pekerjaan
Plaza Perangsang
OS
T / OG
S
AUGU
keselamatan dan kesihatan pekerjaan. Antara aktivitiaktiviti yang dijalankan adalah pameran oleh Institut
Keselamatan dan Kesihatan Pekerjaan Negara
(“NIOSH”), Jabatan Keselamatan dan Kesihatan
Pekerjaan Selangor (JKKP), Pertubuhan Keselamatan
Sosial (PERKESO), kuiz berkaitan Kesedaran
Keselamatan dan Kesihatan Pekerjaan dan kempen
derma darah.
AUGUST / OGOS
Breaking of Fast with Orphans from Sungai Pinang,
Klang
Majlis Berbuka Puasa bersama Anak-anak Yatim dari
Sungai Pinang, Klang
KPS organised a Safety and Health Exhibition on 22
July 2009 at the Foyer, Plaza Perangsang. The objective
of this inaugural exhibition is to enhance the awareness
and knowledge of KPS staff and tenants on occupational
safety and health. Among the activities are exhibitions
by National Institute of Occupational Safety and
Health (NIOSH), “Jabatan Keselamatan dan Kesihatan
Pekerjaan Selangor (JKKP)”, “Pertubuhan Keselamatan
Sosial (PERKESO)”, quiz related to Occupational
Safety and Health and blood donation campaign.
In conjunction with the holy month of Ramadhan,
Quality Hotel City Centre, Quality Hotel Shah Alam,
Brisdale Hotel and Perangsang Templer Golf Club
organised a special breaking of fast ceremony with the
less fortunate children from “Pertubuhan Kebajikan
Anak-anak Yatim dan Miskin” Sungai Pinang,
Klang. Approximately 56 children from the home were
treated to a sumptuous array of traditional local cuisines.
YBhg Dato’ Haji Abd Karim Munisar presented a mock
cheque to the home and the children received “duit raya”
and a souvenir each.
KPS telah menganjurkan Pameran Minggu
Keselamatan dan Kesihatan Pekerjaan pada 22 Julai
2009 di Ruang Legar, Plaza Perangsang. Pameran
yang julung-julung kali diadakan ini bertujuan
untuk meningkatkan kesedaran dan pengetahuan
kakitangan KPS dan para penyewa berkaitan
Sempena dengan bulan Ramadhan yang mulia,
Quality Hotel Shah Alam, Quality Hotel City Centre,
Brisdale Hotel dan Perangsang Templer Golf Club telah
mengadakan Majlis Berbuka Puasa istimewa untuk
kanak-kanak yang kurang bernasib baik dari
Pertubuhan Kebajikan Anak-anak Yatim dan Miskin
73
AUGUST / OGO
S
Sungai Pinang, Klang. Lebih kurang 56 orang kanakkanak dari rumah tersebut dihidangkan dengan
pelbagai pilihan makanan tradisional tempatan. YBhg
Dato’ Haji Abd Karim Munisar turut menyerahkan
sekeping cek contoh kepada rumah kebajikan dan
kanak-kanak menerima duit raya berserta cenderamata
setiap seorang.
Ramadhan Bazaar Plaza Perangsang
Bazar Ramadhan Plaza Perangsang
In conjuction with “Hari Raya Aidilfitri” celebration,
KPS organised a Ramadhan Bazaar along Plaza
Perangsang walkway from 20 August to 19 September
2009. The Ramadhan Bazaar is an alternative for the
staffs, tenants and the local community to shop for
festival goods at a reasonable price. Besides enhancing
the building’s image, the bazaar promotes KPS’ presence
within the local community and helps stimulate the
socio-economy by providing business opportunities for
the local SMEs and small traders.
Sempena menyambut Hari Raya Aidilfitri, KPS
mengadakan jualan Bazar Ramadhan di sepanjang
laluan pejalan kaki Plaza Perangsang pada 20 Ogos
sehingga 19 September 2009. Bazar Ramadhan ini
merupakan alternatif kepada kakitangan, penyewa dan
komuniti setempat untuk mendapatkan barangan
keperluan perayaan dengan harga yang berpatutan.
Selain menaikkan imej bangunan, bazar ini juga
meningkatkan kehadiran KPS di kalangan komuniti
setempat dan menyediakan peluang perniagaan bagi
menjana sosio-ekonomi para peniaga kecil dan
sederhana.
ER
TOB
R / OK
CTOBE
O
OCTOBER / OKTOBER
“Hari Raya Aidilfitri” Open House
Rumah Terbuka Hari Raya Aidilfitri
The Group held its “Hari Raya Aidilfitri” Open House
on 13 October 2009 at Quality Hotel Shah Alam. 35
less fortunate old folks from Sabak Bernam, Selangor
were invited to the Open House. They were treated to a
sumptuous array of Malaysian cuisines and each
family received “duit raya” and a hamper as a “Hari
Raya” gift from the Group.
Kumpulan telah mengadakan Rumah Terbuka Hari
Raya Aidilfitri pada 13 Oktober 2009 di Quality Hotel
Shah Alam. Seramai 35 warga emas miskin dari
Sabak Bernam, Selangor telah dijemput ke majlis ini.
Mereka telah dijamu dengan pelbagai pilihan masakan
Malaysia dan setiap keluarga telah menerima duit
raya dan hamper sebagai sumbangan Hari Raya dari
Kumpulan.
74
Human Resource
Review
laporan sumber manusia
>>
Year 2009 saw a significant progress in the Kumpulan
Perangsang Selangor Berhad (KPS) Human Resource
(HR) transformation process which commenced in
year 2008.
Tahun 2009 menyaksikan kemajuan yang signifikan
di dalam proses transformasi Sumber Manusia
Kumpulan Perangsang Selangor Berhad (KPS) yang
telah dimulakan pada tahun 2008.
The transformation process has successfully elevated
Group HR Division’s role as a strategic business
partner and paved the way for a more holistic and
effective management of the HR functions.
Proses transformasi ini telah berjaya mengangkat
peranan Bahagian Sumber Manusia Kumpulan
sebagai rakan perniagaan strategik dan merintis
laluan kepada pengurusan dan fungsi Sumber
Manusia yang lebih efektif dan holistik.
Three (3) focus areas of Group HR Division for year
2009 are as follows:
Tiga (3) fokus utama Bahagian Sumber Manusia
Kumpulan bagi tahun 2009 adalah seperti berikut:
HUMAN RESOURCE TRANSFORMATION
TRANSFORMASI SUMBER MANUSIA
Strengthening
Business Process
Memperkasa
Proses Perniagaan
HR Re-Branding
Penjenamaan Semula
Sumber Manusia
Nurturing
Organisational
High Performance Culture
Menyemai Budaya
Organisasi Berprestasi
Tinggi
75
STRENGTHENING BUSINESS PROCESS
MEMPERKASA PROSES PERNIAGAAN
Group HR Division views the need to strengthen the
business process as an essential and integral part of the
HR transformation process. A number of initiatives have
been executed in 2009 to strengthen the HR business
process. They are as follows:
Bahagian Sumber Manusia Kumpulan berpandangan
bahawa memperkasakan proses perniagaan adalah suatu
keperluan yang amat penting di dalam transformasi Sumber
Manusia. Beberapa inisiatif telah dilaksanakan pada tahun
2009 untuk memperkukuhkan proses perniagaan Sumber
Manusia seperti berikut:
i.
HR Website
Realising the benefits of leveraging and optimising the
use of IT to strengthen the business processes,
Group HR Division had developed the HR Website, an
intranet portal providing online connectivity throughout
the organisation. The HR Website acts as a central
gateway for staff to gain access to the full spectrum
of HR services and information, and HR sub-systems,
whilst promoting knowledge sharing and exchange of
ideas. Development of the website has been completed
and is expected to be launched in April 2010.
ii.
ISO 9001:2008 Certification
A significant milestone in the Group HR Division
transformation process was our Building Management
Unit securing ISO 9001:2008 Certification on
1 April 2009. The ISO initiative is aligned to Group
HR Division objective to focus on continuous business
process improvement and is a strategic move to
enhance the quality and delivery of services to existing
and prospective tenants at Bangunan Plaza
Perangsang.
i.
Laman Web Sumber Manusia
Menyedari manfaat penggunaan IT yang mampu
mempengaruhi serta memperkasakan proses operasi
perniagaan, Bahagian Sumber Manusia Kumpulan telah
membangunkan laman web Sumber Manusia, sebuah
portal intranet yang menyediakan perhubungan secara
maya bagi keseluruhan organisasi. Laman web Sumber
Manusia ini berperanan sebagai pintu masuk utama
bagi kakitangan mendapatkan akses kepada keseluruhan
perkhidmatan, maklumat dan sub-sistem Sumber
Manusia dan dalam masa yang sama mempromosikan
perkongsian dan pertukaran idea serta pengetahuan.
Pembangunan laman web ini telah pun disiapkan dan
bakal dilancarkan pada bulan April 2010.
ii.
Pensijilan ISO 9001:2008
Kejayaan signifikan di dalam proses transformasi
Bahagian Sumber Manusia Kumpulan adalah kejayaan
Unit Pengurusan Bangunan mendapatkan pensijilan
ISO 9001:2008 pada 1 April 2009. Inisiatif pensijilan
ISO ini adalah selari dengan objektif Bahagian Sumber
Manusia Kumpulan untuk memberikan fokus terhadap
penambahbaikan proses perniagaan secara berterusan
dan merupakan langkah strategik bagi memperbaiki
kualiti dan penyampaian perkhidmatan kepada para
penyewa berpotensi dan sedia ada di Bangunan Plaza
Perangsang.
76
The transformation process has
successfully elevated Group HR Division’s
role as a strategic business partner
and paved the way for a more holistic
and effective management of the HR functions.
77
iii. Automating Administrative Processes
Leveraging on IT at the workplace, Group HR Division
had developed a number of automated systems,
namely ‘e-cuti’, ‘e-medical’ and ‘e-stationery’ to
enhance the HR Division efficiency as well as improve
the accuracy and integrity of information.
iv. Training Policy and Guidelines
In year 2009, Group HR Division had established a
new Group Training Policy and Guidelines as a
reference tool to provide clear understanding for the
staff on the training process and procedures. The
revised guidelines are part of the Group initiatives to
have effective management of training and development
for staff. The Training Policy and Guidelines ensure all
employees are given an equal opportunity to enhance
their knowledge, skills and competencies and effectively
supports future career transition and succession
planning.
v.
Replacement of Cooling Tower
The three (3) nos. new Cooling Towers which were
replaced for Bangunan Plaza Perangsang in year
2009 is testimony of Group HR Division’s commitment
to continuously improve the quality and delivery of
services to its customers and the people we serve. It
also reaffirms Group HR Division objective to provide
a safe and conducive working environment for
employees, whilst improving operational efficiency by
capitalising on the latest technology.
iii. Pengautomasian Proses Pentadbiran
Menggalakkan penggunaan IT di tempat kerja,
Bahagian Sumber Manusia Kumpulan telah
membangunkan beberapa sistem automasi seperti
‘e-cuti’, ‘e-medical’ dan ‘e-stationery’ bagi meningkatkan
lagi efisiensi Sumber Manusia di samping memperbaiki
ketepatan dan integriti maklumat.
iv. Polisi dan Garis Panduan Latihan
Pada tahun 2009, Bahagian Sumber Manusia
Kumpulan telah mewujudkan Polisi dan Garis Panduan
Latihan yang baru sebagai rujukan kepada kakitangan
bagi mendapatkan pemahaman yang lebih jelas
berhubung proses dan prosedur latihan. Garis Panduan
yang telah diperkemaskan ini adalah sebahagian
daripada inisiatif Kumpulan untuk mempromosikan
pengurusan latihan dan program pembangunan
kakitangan yang efektif. Polisi dan Garis Panduan
Latihan ini juga memastikan semua kakitangan
diberikan peluang yang saksama untuk
mempertingkatkan lagi pengetahuan, kemahiran dan
kompetensi serta menyokong transisi kerjaya dan
perancangan penggantian yang efektif.
v.
HR RE-BRANDING
Various initiatives were implemented in year 2009 to help
re-brand and elevate Group HR Division to a higher level:
i.
Career Fair
As a strategic move to promote KPS to the local
community and to attract new talent to join KPS,
Group HR Division participated in two (2) career fairs
organised by Universiti Teknologi MARA (UiTM) and
Universiti Industri Selangor (UNISEL), respectively. The
response was most encouraging and gave prospective
graduates the opportunity to know more about KPS
and register their future interest with KPS. This initiative
will also serve as a medium to spot new talents from
outside.
>>
Penggantian Menara Penyejuk
Penggantian tiga (3) unit menara penyejuk untuk
Bangunan Plaza Perangsang pada tahun 2009 merupakan
testimoni kepada komitmen Bahagian Sumber Manusia
Kumpulan untuk memperbaiki kualiti dan penyampaian
perkhidmatan secara berterusan kepada pelanggan dan
pihak yang terlibat. Langkah ini juga mengesahkan lagi
objektif Bahagian Sumber Manusia Kumpulan untuk
memberikan suasana kerja yang selamat dan kondusif
kepada kakitangan serta dalam masa yang sama
meningkatkan lagi efisiensi operasi dengan penggunaan
teknologi terkini.
PENJENAMAAN SEMULA SUMBER MANUSIA
Pelbagai inisiatif telah dilaksanakan pada tahun 2009 bagi
membantu menjenamakan semula serta mengangkat Bahagian
Sumber Manusia Kumpulan ke tahap yang lebih tinggi.
i.
Karnival Kerjaya
Sebagai langkah strategik bagi mempromosikan KPS
kepada komuniti setempat dan menarik bakat baru
bagi menyertai KPS, Bahagian Sumber Manusia
Kumpulan telah menyertai dua (2) karnival kerjaya
anjuran Universiti Teknologi MARA (UiTM) dan Universiti
Industri Selangor (UNISEL). Sambutan yang diterima
amat menggalakkan dan para graduan berpeluang
untuk mengetahui lebih mendalam tentang KPS
seterusnya mendaftar untuk dipertimbangkan bagi
menyertai KPS sekiranya terdapat keperluan di masa
hadapan. Inisiatif ini juga berperanan sebagai medium
untuk mengenalpasti bakat baru dari luar.
78
ii.
HR Talk
This initiative was introduced in year 2009 to support
Group HR aspiration to develop a knowledge
workforce. Six (6) HR Talks were conducted
altogether, on various topics relating to safety &
health, personal finance management and income
tax computation.
iii. Bazaar Ramadhan
The Bazaar Ramadhan was an inaugural event and
brought many positive benefits to staff, tenants and
the local community. To name a few, the Bazaar
had enhanced the image of Plaza Perangsang,
created KPS’ presence in the local community and
socio-economically provided business opportunities
for the local SMEs and small traders.
iv. “Majlis Tazkirah”
In line with the Company’s objective to instill positive
shared-values and moral ethics at the workplace,
“Majlis Tazkirah” (an organised religious lectures) are
held every Friday, conducted by guest speakers.
The weekly forums are not only to enhance the staff
Islamic knowledge but it is part of the organisation
effort to strengthen the “Ukhuwah” (relationship)
among the staff.
v.
These programs are also an effective platform to
develop future well rounded leaders of tomorrow
who uphold high ethical standards and moral
integrity.
Formation of HR Working Committees
A distinct feature of HR projects and initiatives for
2009 was the establishment of Working Committees
at the Group level, comprising members from all
subsidiaries. The total involvement of all companies
was an important success factor in generating buyin from all end users and also helped strengthen
teamwork and esprit de corp between HR
practitioners of KPS Group.
ii.
“HR Talk”
Inisiatif ini diperkenalkan pada tahun 2009 bagi
menyokong aspirasi Bahagian Sumber Manusia untuk
membangunkan golongan pekerja yang
berpengetahuan. Enam (6) siri “HR Talk” telah diadakan
merangkumi pelbagai topik seperti keselamatan dan
kesihatan, pengurusan kewangan peribadi dan
pengiraan cukai pendapatan.
iii. Bazar Ramadhan
Bazar Ramadhan yang julung-julung kalinya diadakan
telah membawa banyak manfaat positif kepada
kakitangan, penyewa dan komuniti setempat. Sekadar
menyenaraikan beberapa manfaat yang diperolehi,
bazar ini telah menaikkan imej Plaza Perangsang,
mewar-warkan kehadiran KPS kepada komuniti
setempat dan menyediakan peluang perniagaan bagi
menjana sosio ekonomi para peniaga kecil dan
sederhana.
iv. Majlis Tazkirah
Selaras dengan objektif Syarikat untuk menyuburkan
etika moral dan nilai-nilai positif di tempat kerja, Majlis
Tazkirah yang disampaikan oleh penceramah jemputan
telah diadakan setiap hari Jumaat. Forum mingguan
ini bukan sahaja menambahkan lagi pengetahuan
agama malah merupakan usaha organisasi untuk
memperkukuhkan ukhwah di kalangan kakitangan.
Program ini juga merupakan platform yang efektif bagi
melahirkan pemimpin masa hadapan yang serba boleh
dan berpegang kepada nilai moral, etika serta integriti
yang tinggi.
v.
Pembentukan Jawatankuasa Kerja Sumber Manusia
Kelainan di dalam pelaksanaan projek dan inisiatif
Sumber Manusia pada tahun 2009 ialah penubuhan
Jawatankuasa Kerja di peringkat Kumpulan yang turut
melibatkan wakil dari setiap anak Syarikat. Penglibatan
semua anak Syarikat merupakan faktor kejayaan yang
penting bagi membina keyakinan para kakitangan dan
seterusnya memperkasakan lagi semangat kerjasama
di antara pengamal Sumber Manusia Kumpulan KPS.
79
NURTURING ORGANIsATIONAL HIGH
PERFORMANCE CULTURE
One of the integral components of the Group HR Division
Strategy 2009 is the new Performance Management
System (PMS) which introduces new performance metrics
and a new Competency Model.
The key features of the new PMS are a clear linkage
between individual and corporate goals. A more rigorous
approach was also introduced for individual target setting
where five (5) levels of target ratings have to be defined for
each Key Performance Indicator (KPI).
Besides looking at achieving business results, the
demonstration of the Group’s Competencies is also critical.
These competencies reflect the capacity to act as a leader
or valued behaviours as defined in the Competency Model.
In order to ensure consistency and ease of implementation
of the new PMS, a PMS User Guide had been introduced.
It helps to explain the mechanism and concepts of the
new PMS.
Commencing year 2010 all subsidiaries companies will
adopt a standard PMS, use standard Performance
Appraisal Forms and abide by a common Assessment/
Rating System.
Group HR Division will remain committed in its endeavours
to continuously improve the PMS, a key lever to driving
high performance and delivering results through people.
Kelab Sukan Dan Rekreasi Perangsang
Selangor (“KELAB”)
Kelab Sukan dan Rekreasi Perangsang Selangor (“Kelab”)
is an important platform for staff to maintain a healthy
lifestyle and social balance. A number of activities were
organised during the year, the highlight being the Family
Day at Bayview Beach Resort, Penang attended by
Executive Chairman, Management, staff and their families.
Other activities organised by “Kelab” were an expedition to
National Park at Kuala Tahan, Pahang, fishing, snorkeling
and scuba trip at Pulau Pemanggil, Johor. The “Kelab”
also hosted inter departmental games as such as dart,
carom, futsal, ping pong and badminton and friendly
matches in football and badminton.
MENYEMAI BUDAYA ORGANISASI BERPRESTASI
TINGGI
Salah satu daripada komponen penting di dalam strategi
Bahagian Sumber Manusia Kumpulan pada tahun 2009
ialah Sistem Pengurusan Prestasi yang memperkenalkan
matrik prestasi dan model kompetensi baru.
Ciri utama Sistem Pengurusan Prestasi baru adalah
perhubungan yang lebih jelas di antara objektif individu dan
korporat. Pendekatan yang lebih teliti turut diperkenalkan
kepada perancangan sasaran individu di mana lima (5)
kadar sasaran telah diperincikan di dalam setiap Indikator
Prestasi Utama (“KPI”).
Selain melihat kepada kejayaan mencapai sasaran perniagaan,
pengenalan kompetensi Kumpulan juga merupakan sesuatu
yang kritikal. Kompetensi ini mencerminkan kapasiti, peranan
dan tingkah laku sebagai seorang ketua seperti yang
diperincikan di dalam model kompetensi.
Bagi memastikan konsistensi serta kelicinan pelaksanaan Sistem
Pengurusan Prestasi yang baru ini, satu panduan pengguna
telah diperkenalkan. Ia membantu menerangkan mekanisme
dan konsep Sistem Pengurusan Prestasi yang baru.
Berkuatkuasa pada tahun 2010, semua anak-anak
Syarikat akan menggunapakai Sistem Pengurusan
Prestasi dan borang penilaian prestasi yang seragam
berpandukan kepada sistem penilaian yang baru.
Bahagian Sumber Manusia Kumpulan akan kekal komited
di dalam setiap tindakannya bagi memperbaiki Sistem
Pengurusan Prestasi secara berterusan yang merupakan
faktor utama bagi memacu budaya kerja berprestasi tinggi
menerusi pencapaian setiap kakitangan.
Kelab Sukan Dan Rekreasi Perangsang
Selangor (KELAB)
Kelab Sukan dan Rekreasi Perangsang Selangor (Kelab)
merupakan platform penting untuk kakitangan mengekalkan
gaya hidup sihat dan keseimbangan sosial. Beberapa aktiviti
telah dianjurkan sepanjang tahun dan kemuncaknya adalah
penganjuran Hari Keluarga di Bayview Beach Resort, Pulau
Pinang yang dihadiri oleh Pengerusi Eksekutif, Pengurusan,
Kakitangan serta ahli keluarga mereka.
Antara aktiviti yang dianjurkan oleh Kelab ialah ekspedisi ke
Taman Negara di Kuala Tahan, Pahang, memancing,
“snorkeling” dan skuba di Pulau Pemanggil, Johor. Kelab juga
turut menganjurkan pertandingan sukan dalaman seperti “dart”,
karom, futsal, ping pong dan badminton serta perlawanan
persahabatan bagi sukan bola sepak dan badminton.
80
FINANCIAL
STATEMENTS
81 Directors’ Report
86 Statement By Directors
86 Statutory Declaration
87 Independent Auditor’s Report
89 Income Statements
90 Balance Sheets
92 Consolidated Statement Of Changes In Equity
93 Company Statement Of Changes In Equity
94 Cash Flow Statements
97 Notes To The Financial Statements
81
DIRECTORS’ REPORT
DIRECTORS’ REPORT
The directors hereby present their report together with the audited financial statements of the Group and of the Company for the
financial year ended 31 December 2009.
Principal activities
The principal activities of the Company are investment holding, contracting in the works related to infrastructure and utilities
and provision of management services. The principal activities of the subsidiaries are described in Note 18 to the financial
statements.
There have been no significant changes in the nature of principal activities during the financial year.
Results
Group
RM’000
Company
RM’000
Profit/(loss) for the year
127,955
(139,277)
Attributable to:
Equity holders of the Company
Minority interests
72,224
55,731
(139,277)
–
127,955
(139,277)
There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial
statements.
In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were not
substantially affected by any item, transaction or event of a material and unusual nature other than the effects arising from:
(a) the effects of prior year adjustment on the under accrual of state lease rental expense which has resulted in a reduction in
the Group’s profit for the year by RM3,568,000 as disclosed in Note 53 to the financial statements;
(b) the impairment of investment in a subsidiary which has resulted in a reduction in the Company’s profit for the year by
RM142,700,000 as disclosed in Note 7 to the financial statements; and
(c) the bad debts recovered arising from debt assignment and recognition of specific grant from ultimate holding corporation
which has resulted in an increase in the Group’s profit for the year by RM115,101,407 as disclosed in Note 5 and Note 50(b)
to the financial statements respectively.
82
DIRECTORS’ REPORT
Dividends
The amount of dividends paid by the Company since 31 December 2008 were as follows:
RM’000
In respect of the financial year ended 31 December 2008 as reported in the directors’
report of that year:
Final dividend of 4 sen less 25% taxation per ordinary share, on 475,823,760
ordinary shares, declared on 18 June 2009 and paid on 14 August 2009
14,275
At the forthcoming Annual General Meeting, a final dividend in respect of the financial year ended 31 December 2009, of 4 sen
less 25% taxation, will be proposed for shareholders’ approval and be paid on 17 August 2010 to the shareholders registered on
the Company’s Register of Members at the close of business on 30 July 2010. The financial statements for the current financial
year do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be accounted for in equity as an
appropriation of retained earnings in the financial year ending 31 December 2010.
Directors
The names of the directors of the Company in office since the date of the last report and at the date of this report are:
YBhg Dato’ Hj. Abd. Karim bin Munisar, DSSA, SSA, KMN, ASA
YBhg Dato’ Hj. Azlan bin Hashim, DSSA, DSNS
YBhg Dato’ Hj. Ab. Halim bin Mohyiddin, DPMS
Wong Yien Kim, SIS, PPT
Mustaffa Kamil bin Ayub (appointed on 1 November 2009)
Tuan Haji Zain Azahari bin Zainal Abidin (resigned on 25 November 2009)
Directors’ benefits
Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company
was a party, whereby the directors might acquire benefits by means of the acquisition of shares in or debentures of the Company
or any other body corporate, other than those arising from the share options granted under the Kumpulan Perangsang Selangor
Berhad’s Employee Share Option Scheme (“KPS ESOS”) and Kumpulan Hartanah Selangor Berhad’s Employee Share Option
Scheme (“KHSB ESOS”).
Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits
included in the aggregate amount of emoluments received or due and receivable by the directors or the fixed salary of a full–time
employee of the Company as shown in Note 9 to the financial statements) by reason of a contract made by the Company or a
related corporation with any director or with a firm of which he is a member, or with a company in which he has a substantial
financial interest.
83
Directors’ interest
According to the register of directors’ shareholdings, the interests of directors in office at the end of the financial year in shares
and options over ordinary shares in the Company and its related corporations during the financial year were as follows:
Number of Ordinary Shares of RM1 Each
1.1.2009
Acquired
Sold
31.12.2009
The Company
YBhg Dato’ Hj. Abd. Karim bin Munisar
YBhg Dato’ Hj. Ab. Halim bin Mohyiddin
YBhg Dato’ Hj. Azlan bin Hashim
1,000,000
339,999
370,000
–
–
–
–
–
–
1,000,000
339,999
370,000
99
–
–
99
Subsidiary –
Kumpulan Hartanah Selangor Berhad
Number Of Options Over Ordinary Shares of RM1 Each
1.1.2009
Granted
Exercised/
31.12.2009
Terminated
The Company
YBhg Dato’ Hj. Azlan bin Hashim
Wong Yien Kim
3,250,000
300,000
250,000
1,000,000
–
–
–
–
–
–
–
–
3,250,000
300,000
250,000
1,000,000
4,500,000
–
–
4,500,000
Subsidiary –
Mustaffa Kamil bin Ayub had no interest in shares and options over ordinary shares in the Company or its related corporations
during the financial year.
Issue of shares
During the financial year, the Company increased its issued and paid–up ordinary share capital from RM475,663,760 to
RM475,823,760 by way of the issuance of 160,000 ordinary shares of RM1 each for cash pursuant to the KPS ESOS at a weighted
average exercise price of RM1.62 per ordinary shares.
The new ordinary share issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the
Company.
84
DIRECTORS’ REPORT
Employee Share Options Scheme
The Kumpulan Perangsang Selangor Berhad’s Employee Share Options Scheme (“KPS ESOS”) is governed by the amended by–
laws approved by the shareholders at an Extraordinary General Meeting held on 15 June 2004. The KPS ESOS was implemented
on 30 July 2003 and is to be in force for a period of 5 years, subject however, to an extension at the discretion of the option
committee for a period up to 5 years commencing from the date of expiration of the original 5 year period. Subsequently, on 16
July 2008, the Option Committee has approved the extension of KPS ESOS Scheme tenure for another 3 years commencing
from 29 July 2008 until 29 July 2011.
The salient features and other terms of the KPS ESOS are disclosed in Note 35(b) to the financial statements.
Details of options granted to directors are disclosed in the section on Directors’ interest in this report.
Other statutory information
(a) Before the income statements and balance sheets of the Group and of the Company were made out, the directors took
reasonable steps:
(i)
to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for
doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had
been made for doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the
ordinary course of business had been written down to an amount which they might be expected so to realise.
(b) At the date of this report, the directors are not aware of any circumstances which would render:
(i)
the amount written off for bad debts or the amount of the provision for doubtful debts in the financial statements of the
Group and of the Company inadequate to any substantial extent; and
(ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading.
(c) At the date of this report, the directors are not aware of any circumstances which have arisen which would render adherence
to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.
(d) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or
financial statements of the Group and of the Company which would render any amount stated in the financial statements
misleading.
(e) As at the date of this report, there does not exist:
(i)
any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which
secures the liabilities of any other person; or
(ii) any contingent liability of the Group or of the Company which has arisen since the end of the financial year.
85
Other statutory information (cont’d.)
(f)
In the opinion of the directors:
(i)
no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve
months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet
their obligations when they fall due; and
(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial
year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the
Company for the financial year in which this report is made.
Significant events
The significant events are disclosed in Note 50 to the financial statement.
Subsequent event
The subsequent event is disclosed in Note 51 to the financial statement.
Auditors
The auditors, Ernst & Young, have expressed their willingness to continue in office.
Signed on behalf of the Board in accordance with a resolution of the directors dated 29 April 2010.
DATO’ HJ ABD. KARIM BIN MUNISAR
WONG YIEN KIM
86
Statement by Directors
Pursuant to Section 169(15) of the Companies Act, 1965
We, Dato Hj Abd. Karim bin Munisar and Wong Yien Kim, being two of the directors of Kumpulan Perangsang Selangor Berhad,
do hereby state that, in the opinion of the directors, the accompanying financial statements set out on pages 89 to 190 are drawn
up in accordance with the provisions of the Companies Act, 1965 and applicable Financial Reporting Standards in Malaysia so as
to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2009 and of the results
and the cash flows of the Group and of the Company for the year then ended.
Signed on behalf of the Board in accordance with a resolution of the directors dated 29 April 2010.
DATO’ HJ ABD. KARIM BIN MUNISAR
WONG YIEN KIM
Statutory Declaration
Pursuant to Section 169(16) of the Companies Act, 1965
I, Wong Yien Kim, being the director primarily responsible for the financial management of Kumpulan Perangsang Selangor
Berhad, do solemnly and sincerely declare that the accompanying financial statements set out on pages 89 to 190 are in my
opinion correct, and I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions
of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by
the abovenamed Wong Yien Kim
at Shah Alam in Selangor Darul Ehsan
on 29 April 2010
Before me,
WONG YIEN KIM
87
Independent Auditors’
Report to the members of Kumpulan Perangsang Selangor Berhad
Report on the financial statements
We have audited the financial statements of Kumpulan Perangsang Selangor Berhad, which comprise the balance sheets as at 31
December 2009 of the Group and of the Company, and the income statements, statements of changes in equity and cash flow
statements of the Group and of the Company for the year then ended, and a summary of significant accounting policies and other
explanatory notes, as set out on pages 89 to 190.
Directors’ responsibility for the financial statements
The directors of the Company are responsible for the preparation and fair presentation of these financial statements in accordance
with Financial Reporting Standards in Malaysia and the Companies Act, 1965 in Malaysia. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are
free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and
making accounting estimates that are reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s
preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made
by the directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards in Malaysia
and the Companies Act, 1965 in Malaysia so as to give a true and fair view of the financial position of the Group and of the
Company as at 31 December 2009 and of their financial performance and cash flows of the Group and of the Company for the
year then ended.
Report on other legal and regulatory requirements
In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:
(a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its
subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the Act.
88
Independent Auditors’
Report
to the members of Kumpulan Perangsang Selangor Berhad (cont’d.) (Incorporated in Malaysia)
Report on other legal and regulatory requirements (cont’d.)
(b) We have considered the financial statements and the auditors’ reports of all subsidiaries of which we have not acted as
auditors, which are indicated in Note 18 to the financial statements, being financial statements that have been included in
the consolidated financial statements.
(c) We are satisfied that the financial statements of the subsidiaries that have been consolidated with the financial statements
of the Company are in form and content appropriate and proper for the purposes of the preparation of the consolidated
financial statements and we have received satisfactory information and explanations required by us for those purposes.
(d) The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification and did not include
any comment required to be made under Section 174(3) of the Act.
Other matters
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965
in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
Ernst & Young
AF: 0039
Chartered Accountants
Kuala Lumpur, Malaysia
29 April 2010
Nik Rahmat Kamarulzaman bin Nik Ab. Rahman
No. 1759/02/12(J)
Chartered Accountant
89
Income Statements
for the year ended 31 December 2009
Group
2008
RM’000
(Restated)
2009
RM’000
2008
RM’000
345,069
(178,379)
305,827
(151,822)
31,981
–
47,878
–
166,690
193,372
(69,806)
(1,403)
(134,343)
154,005
105,376
(74,292)
(1,081)
(138,703)
31,981
1,120
(21,949)
–
(143,599)
47,878
9,360
(19,833)
–
(49,445)
154,510
(99,314)
61,614
–
45,305
(106,277)
56,279
546
(132,447)
(6,067)
–
–
(12,040)
(1,283)
–
–
116,810
11,145
(4,147)
(10,297)
(138,514)
(763)
(13,323)
(12,436)
127,955
(14,444)
(139,277)
(25,759)
72,224
55,731
(171)
(14,273)
(139,277)
–
(25,759)
–
127,955
(14,444)
(139,277)
(25,759)
11(a)
11(b)
15.2
15.1
(0.04)
(0.04)
12
3.00
2.96
Note
Revenue
Cost of sales
Gross profit
Other income
Administrative expenses
Selling and marketing expenses
Other expenses
Operating profit/(loss)
Finance costs
Share of profit of associates
Share of profit of a joint venture
Profit/(loss) before tax and zakat
Income tax and zakat
3
4
5
6
7
10
Attributable to:
Equity holders of the Company
Minority interests
Earnings/(loss) per share attributable to
equity holders of the Company (sen)
Basic
Diluted
Dividend per share (sen)
Company
2009
RM’000
The accompanying notes form an integral part of the financial statements.
3.00
2.96
90
BALANCE SHEETS
as at 31 December 2009
Group
Company
Note
2009
RM’000
2008
RM’000
(Restated)
2009
RM’000
2008
RM’000
13
14
15
16(a)
17
18
19
20
21
22
23
177,817
86,648
52,523
255,508
7,396
–
448,285
269,406
346,459
127,300
27,872
184,310
97,691
52,829
298,942
7,604
–
434,446
269,680
356,578
133,636
34,097
3,639
–
13,960
–
61,040
424,844
174,244
267,731
–
–
–
4,743
–
13,723
–
62,775
566,428
163,269
267,731
–
–
–
1,799,214
1,869,813
945,458
1,078,669
24
16(b)
26
27
76,517
512,185
436,732
14,775
61,041
458,707
438,054
43,090
–
–
412
4,124
–
–
296
6,787
28(a)
115,101
–
–
–
28(b)
28(c)
179,415
–
193,167
–
87,470
64,047
96,909
62,235
28(d)
28(e)
1
240
13,812
139,771
4
240
3,834
116,617
–
239
1,633
19
–
239
–
144
1,488,549
1,314,754
157,944
166,610
3,287,763
3,184,567
1,103,402
1,245,279
ASSETS
Non–current assets
Property, plant and equipment
Concession assets
Prepaid land lease payments
Land held for property development
Investment properties
Investments in subsidiaries
Investments in associates
Other investments
Concession rights
Goodwill on consolidation
Long term receivables
Current assets
Inventories
Property development costs
Trade receivables
Other receivables
Amount due from ultimate
holding corporation
Amount due from immediate
holding company
Amount due from subsidiaries
Amount due from related
companies
Amount due from associates
Tax recoverable
Cash and bank balances
TOTAL ASSETS
29
91
Group
Company
Note
2009
RM’000
2008
RM’000
(Restated)
2009
RM’000
2008
RM’000
43
44
45
46
475,824
34,228
168,123
291,629
475,664
34,129
166,333
233,680
475,824
34,228
10,160
320,454
475,664
34,129
8,370
474,006
969,804
185,874
909,806
134,932
840,666
–
992,169
–
1,155,678
1,044,738
840,666
992,169
1,100,408
26,245
–
24,905
2,129
143,308
1,156,248
36,547
–
20,148
3,910
149,611
30,168
–
–
–
–
–
80,297
–
–
–
–
–
1,296,995
1,366,464
30,168
80,297
39
40
500,835
83,049
422,140
93,929
3,169
1,961
5,316
2,264
41(a)
41(b)
6,040
–
520
–
4,854
139,618
–
117,334
41(c)
41(d)
42
30
147
1,495
13,476
207,943
22,105
147
1,276
13,526
221,874
19,953
44
–
–
82,922
–
44
–
–
43,730
4,125
835,090
773,365
232,568
172,813
Total liabilities
2,132,085
2,139,829
262,736
253,110
TOTAL EQUITY AND LIABILITIES
3,287,763
3,184,567
1,103,402
1,245,279
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the Company
Share capital
Share premium
Other reserves
Retained earnings
Shareholders’ equity
Minority interests
Total Equity
Non–current liabilities
Borrowings
Long term payables
Retirement benefit obligations
Accrued lease rental
Deferred membership income
Deferred tax
Current liabilities
Trade payables
Other payables
Amount due to immediate
holding company
Amount due to subsidiaries
Amount due to related
companies
Amount due to an associate
Provision
Borrowings
Tax payable
30
34
35(a)
36
37
38
92
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Attribute to Equity Holders of the Company
Group
At 1 January 2008
Prior year adjustment
(Note 53)
At 1 January 2008
(restated)
Issue of ordinary shares
pursuant to exercise of
KPS ESOS
Share options granted
under KPS ESOS
under KHSB ESOS
Share options exercised
under KPS ESOS
Dividends of subsidiaries
Loss for the year
Non–Distributable
Distributable
Share
Share
Capital Revaluation General
Capital Premium Reserve Reserve Reserve
RM’000 RM’000 RM’000 RM’000 RM’000
(Note 43) (Note 44) (Note 45) (Note 45) (Note 45)
Share Retained
Option Earnings
Reserve RM’000
RM’000 (Note 46)
(Note 45)
Total
RM’000
Minority
Interest
RM’000
Total
Equity
RM’000
470,812
–
31,054
–
30,243
–
127,367
–
8,000
–
1,310
–
250,347
(2,422)
919,133
(2,422)
153,031 1,072,164
(1,982)
(4,404)
470,812
31,054
30,243
127,367
8,000
1,310
247,925
916,711
151,049
1,067,760
4,852
1,939
–
–
–
–
–
6,791
–
6,791
–
–
–
–
–
196
–
196
–
196
–
–
–
–
–
353
–
353
272
625
–
1,136
–
–
–
(1,136)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(171)
–
(171)
(2,116)
(14,273)
(2,116)
(14,444)
Dividends (Note 12)
475,664
–
34,129
–
30,243
–
127,367
–
8,000
–
723
–
247,754
(14,074)
923,880
(14,074)
134,932
–
1,058,812
(14,074)
At 31 December 2008
475,664
34,129
30,243
127,367
8,000
723
233,680
909,806
134,932
1,044,738
At 1 January 2009
Prior year adjustment
(Note 53)
At 1 January 2009
(restated)
pursuant to exercise of
KPS ESOS
under KPS ESOS
Disposal of interest in a
subsidiary
Profit for the year
475,664
–
34,129
–
30,243
–
127,367
–
8,000
–
723
–
237,982
(4,302)
914,108
(4,302)
138,453 1,052,561
(3,521)
(7,823)
475,664
34,129
30,243
127,367
8,000
723
233,680
909,806
134,932
1,044,738
160
99
–
–
–
–
–
259
–
259
–
–
–
–
–
1,790
–
1,790
–
1,790
–
–
–
–
–
–
–
–
200
200
–
–
–
–
–
–
–
–
–
–
–
–
–
72,224
–
72,224
(4,989)
55,731
(4,989)
127,955
Dividends (Note 12)
475,824
–
34,228
–
30,243
–
127,367
–
8,000
–
2,513
–
305,904
(14,275)
984,079
(14,275)
185,874
–
1,169,953
(14,275)
At 31 December 2009
475,824
34,228
30,243
127,367
8,000
2,513
291,629
969,804
185,874
1,155,678
93
Company statement of
changes in equity
Non–Distributable
Share
Capital
RM’000
(Note 43)
At 1 January 2008
Share
Premium
RM’000
(Note 44)
Distributable
General
Reserve
RM’000
(Note 45)
Share
Options
Reserve
RM’000
(Note 45)
Retained
Earnings
RM’000
(Note 46)
Total
Equity
RM’000
470,812
31,054
8,000
1,310
513,839
1,025,015
4,852
1,939
–
–
–
6,791
–
–
–
196
–
196
–
1,136
–
(1,136)
–
–
–
–
–
–
(25,759)
(25,759)
Dividends (Note 12)
475,664
–
34,129
–
8,000
–
370
–
488,080
(14,074)
1,006,243
(14,074)
At 31 December 2008
475,664
34,129
8,000
370
474,006
992,169
At 1 January 2009
475,664
34,129
8,000
370
474,006
992,169
160
99
–
–
–
259
–
–
–
674
–
674
–
–
–
1,116
–
1,116
–
–
–
–
475,824
34,228
8,000
2,160
–
–
–
–
475,824
34,228
8,000
2,160
pursuant to exercise
of KPS ESOS
Share options granted under
KPS ESOS
– Recognised in income
statement
Share options exercised under
KPS ESOS
Loss for the year
pursuant to exercise
of KPS ESOS
KPS ESOS
– Recognised in income
statement
– Included in investment in
subsidiary
Loss for the year
Dividends (Note 12)
At 31 December 2009
(139,277)
(139,277)
334,729
854,941
(14,275)
(14,275)
320,454
840,666
94
Cash flow statements
Group
Company
2009
RM’000
2008
RM’000
(4,147)
(138,514)
(13,323)
99,314
(26,597)
106,277
(29,555)
6,067
(160)
1,283
(828)
11,607
439
84
(1,620)
9,415
57,968
12,029
18
–
(3,688)
82
65,883
996
427
–
–
–
–
1,109
–
–
–
–
47
(1,781)
(2,649)
–
–
23,239
–
–
–
–
6,336
–
27,736
–
78
59
–
–
–
142,700
–
–
–
–
–
43,700
–
–
–
–
–
(50)
10,119
–
–
(1)
10,130
(20,000)
(4,238)
–
–
(31,815)
(8,537)
(1)
–
743
(234)
737
–
186
–
181
–
7,559
–
–
2009
RM’000
2008
RM’000
(Restated)
116,810
Cash flows from operating activities
Adjustments for:
Interest expense
Interest income
Property, plant and equipment:
– depreciation
– written off
Bad debts written off
Write back of provision for doubtful debts
Write–down of inventories
Provision for doubtful debts
Amortisation of deferred
membership income
Impairment of:
– land held for property development
– property development costs
– investment in a subsidiary
– other investments
– investment properties
– goodwill on consolidation
Dividend income from:
– a subsidiary
– associates
Amortisation of concession rights
Amortisation of prepaid land
lease payments
Discount received from creditors
Accrued lease rental payable
to State Government
7,757
95
Group
2009
RM’000
Company
2008
RM’000
(Restated)
2009
RM’000
2008
RM’000
2,830
2,756
Cash flows from operating activities (cont'd.)
Depreciation of investment properties
Net loss/(gain) on disposal of:
– property, plant and equipment
Concession assets:
– amortisation
– transfer to income statement
Penalty on taxation
Reversal of provision no longer required
Provision for retirement benefit obligations
Share options granted under KPS and
KHSB ESOS
Share of profit of associates
Share of profit of a joint venture
Operating profit/(loss) before working
capital changes
Increase in inventories
Increase in property development costs
(Increase)/decrease in receivables
Increase/(decrease) in payables
Net movement in intercompany balances
Cash generated from/(used in) operations
Zakat paid
Real property gain tax paid
(Tax paid, net of refunds received)/
tax refunds received, net of tax paid
Retirement benefits paid
Liquidated damages paid
Net cash generated from/(used in)
operating activities
208
284
89
46
(511)
–
(11)
(14)
14,339
4,430
–
(2,014)
–
13,441
7,747
2,224
(5,055)
75
–
–
–
(148)
–
1,790
(61,614)
–
821
(56,279)
(546)
674
–
–
270,823
(24,491)
(33,283)
(20,570)
51,983
(95,539)
152,749
(612)
(23,132)
(28,859)
35,727
(113,760)
148,923
(430)
–
(2,544)
–
(50)
145,899
(144)
–
–
–
2,221
–
75
196
–
–
(9,205)
–
–
2,547
(2,303)
34,483
(3,080)
–
–
(69,519)
(3,597)
51,780
22,113
(3,835)
(425)
25,522
–
–
(24,416)
(2,322)
–
4,502
(575)
(1,329)
(5,551)
–
–
(1,565)
(575)
–
20,451
19,971
(28,878)
96
Cash flow statements
for the year ended 31 December 2009 (cont’d.)
Group
2009
RM’000
Company
2008
RM’000
(Restated)
2009
RM’000
2008
RM’000
Cash flows from investing activities
Net dividends received from:
– subsidiary
– associates
Interest received
Purchase of:
– concession assets
– prepaid land lease payments
– investment properties
Proceeds from disposal of:
Additional investment in associates
Income received from joint ventures
Net cash generated from/(used in)
investing activities
60,419
(120,693)
10,642
(214,013)
(78,878)
(14,275)
15,000
–
(95,458)
(770)
259
(1,667)
(86,416)
(14,074)
110,000
–
(109,767)
(775)
6,791
(2,119)
(5,786)
(14,275)
15,000
–
(30,000)
(122)
259
–
(1,263)
(14,074)
110,000
(29,000)
–
(132)
6,791
–
(175,789)
(96,360)
(34,924)
72,322
30,529
(196,602)
(4,311)
(170,569)
44,748
241,350
(13,464)
157,105
75,277
44,748
(17,775)
(13,464)
Cash flows from financing activities
Interest paid
Dividend paid
Drawdown of borrowings
Advances to a subsidiary
Repayment of borrowings
Repayment of hire purchase
Issuance of ordinary shares
Placement of fixed deposits
Net cash (used in)/generated from
financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at
beginning of year
Cash and cash equivalents at
end of year (Note 29)
–
58,782
50
26,529
–
120,318
1
29,555
20,000
3,269
–
160
31,343
6,318
1
828
(5,900)
(8,155)
(437)
–
–
(6,014)
(11,562)
(63)
–
(257,092)
(325)
–
(423)
(1,095)
–
(754)
–
–
–
(257,092)
329
228
(11,007)
–
1,256
–
(225)
3,133
17
14
(10,975)
–
146
–
(225)
5,422
97
Notes to the financial
statements
31 December 2009
1. Corporate information
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of
Bursa Malaysia Securities Berhad. The registered office of the Company is located at 16th Floor, Plaza Perangsang, Persiaran
Perbandaran, 40000 Shah Alam, Selangor Darul Ehsan.
The immediate holding company of the Company is Kumpulan Darul Ehsan Berhad (“KDEB”), a company incorporated in
Malaysia, and the ultimate holding corporation is Menteri Besar Selangor (Pemerbadanan), a corporate body formed under
Enactment No.3 of the Menteri Besar Selangor (Incorporation), Enactment 1994.
The principal activities of the Company are investment holding, contracting in the works related to infrastructure and utilities
and provision of management services. The principal activities of the subsidiaries are described in Note 18. There have been
no significant changes in the nature of the principal activities during the financial year.
Related companies refer to companies within the KDEB group.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors
on 29 April 2010.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1Basis of preparation
The financial statements comply with the provisions of the Companies Act, 1965 and applicable Financial Reporting
Standards in Malaysia.
The financial statements of the Group and of the Company have also been prepared on a historical cost basis.
The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand
(RM’000) except when otherwise indicated.
2.2 Summary of significant accounting policies
(a) Subsidiaries and basis of consolidation
(i) Subsidiaries
Subsidiaries are entities over which the Group has the ability to control the financial and operating policies so
as to obtain benefits from their activities. The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether the Group has such power over another
entity.
In the Company’s separate financial statements, investments in subsidiaries are stated at cost less impairment
losses. On disposal of such investments, the difference between net disposal proceeds and their carrying
amounts is included in profit or loss.
98
statements
31 December 2009 (cont’d.)
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.2 Summary of significant accounting policies (cont’d.)
(a) Subsidiaries and basis of consolidation (cont’d.)
(ii)Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries
as at the balance sheet date. The financial statements of the subsidiaries are prepared for the same reporting
date as the Company.
Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control,
and continue to be consolidated until the date that such control ceases. In preparing the consolidated financial
statements, intragroup balances, transactions and unrealised gains or losses are eliminated in full. Uniform
accounting policies are adopted in the consolidated financial statements for like transactions and events in
similar circumstances.
Acquisitions of subsidiaries are accounted for using the purchase method. The purchase method of
accounting involves allocating the cost of the acquisition to the fair value of the assets acquired and liabilities
and contingent liabilities assumed at the date of acquisition. The cost of an acquisition is measured as the
aggregate of the fair values, at the date of exchange, of the assets given, liabilities incurred or assumed, and
equity instruments issued, plus any costs directly attributable to the acquisition.
Any excess of the cost of the acquisition over the Group’s interest in the net fair value of the identifiable
assets, liabilities and contingent liabilities represents goodwill. Any excess of the Group’s interest in the net
fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition is recognised
immediately in profit or loss.
Minority interests represent the portion of profit or loss and net assets in subsidiaries not held by the Group.
It is measured at the minorities’ share of the fair value of the subsidiaries’ identifiable assets and liabilities at
the acquisition date and the minorities’ share of changes in the subsidiaries’ equity since then.
(b)Associates
Associates are entities in which the Group has significant influence and that is neither a subsidiary nor an interest
in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of
the investee but not in control or joint control over those policies.
Investments in associates are accounted for in the consolidated financial statements using the equity method of
accounting. Under the equity method, the investment in associate is carried in the consolidated balance sheet at
cost adjusted for post–acquisition changes in the Group’s share of net assets of the associate. The Group’s share
of the net profit or loss of the associate is recognised in the consolidated profit or loss. Where there has been a
change recognised directly in the equity of the associate, the Group recognises its share of such changes.
99
(b)Associates (cont’d.)
In applying the equity method, unrealised gains and losses on transactions between the Group and the associate
are eliminated to the extent of the Group’s interest in the associate. After application of the equity method, the
Group determines whether it is necessary to recognise any additional impairment loss with respect to the Group’s
net investment in the associate. The associate is equity accounted for from the date the Group obtains significant
influence until the date the Group ceases to have significant influence over the associate.
Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised. Any
excess of the Group’s share of the net fair value of the associate’s identifiable assets, liabilities and contingent
liabilities over the cost of the investment is excluded from the carrying amount of the investment and is instead
included as income in the determination of the Group’s share of the associate’s profit or loss in the period in which
the investment is acquired.
When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any
long–term interests that, in substance, form part of the Group’s net investment in the associates, the Group does
not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.
The most recent available audited financial statements and/or management financial statements of the associates
are used by the Group in applying the equity method. Where the dates of the audited financial statements used are
not coterminous with those of the Group, the share of results is arrived at from the last audited financial statements
available and management financial statements to the end of the accounting period. Uniform accounting polices
are adopted for like transactions and events in similar circumstances.
In the Company’s separate financial statements, investments in associates are stated at cost less impairment
losses.
On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is
included in profit or loss.
(c) Joint venture
The Group has an interest in a joint venture. Investments in joint venture is accounted for in the consolidated
financial statements using the equity method of accounting as described in Note 2.2(b). The joint venture was
dissolved during the year.
100
statements
(d) Intangible assets
(i) Goodwill
Goodwill acquired in a business combination is initially measured at cost being the excess of the cost of
business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and
contingent liabilities. Following the initial recognition, goodwill is measured at cost less any accumulated
impairment losses. Goodwill is not amortised but instead, it is reviewed for impairment, annually or more
frequently if events or changes in circumstances indicate that the carrying value may be impaired. Gains and
losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
(ii) Concession rights
Concession rights acquired separately are measured on initial recognition at cost. The cost of concession
rights acquired in a business combination is their fair values as at the date of acquisition. Following initial
recognition, concession rights are carried at cost less any accumulated amortisation and any accumulated
impairment losses. Concession rights with a finite useful life are amortised on the unit of production method
over the estimated economic useful lives and assessed for impairment whenever there is an indication that
the concession rights may be impaired. The amortisation period and the amortisation method for concession
rights with a finite useful life are reviewed at least at each balance sheet date.
(e) Property, plant and equipment and depreciation
All items of property, plant and equipment are initially recorded at cost. Subsequent costs are included in the
asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged
to the income statement during the financial period in which they are incurred.
Subsequent to recognition, property, plant and equipment except for freehold land are stated at cost less
accumulated depreciation and any accumulated impairment losses.
Freehold land has an unlimited useful life and therefore is not depreciated. Depreciation of other property, plant
and equipment is provided for on a straight line basis to write off the cost of each asset to its residual value over
the estimated useful life, at the following annual rates:
Buildings and clubhouse
Motor vehicles Office and hotel furniture, fittings and equipment
Computer and office equipment
Office renovation
2% – 10%
20%
10% – 50%
10% – 33.33%
10%
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(e) Property, plant and equipment and depreciation (cont’d.)
The residual values, useful lives and depreciation method are reviewed at each financial year end to ensure that
the amount, method and period of depreciation are consistent with previous estimates and the expected pattern
of consumption of the future economic benefits embodied in the items of property, plant and equipment.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are
expected from its use or disposal. The difference between the net disposal proceeds, if any and the net carrying
amount is recognised in profit or loss and the unutilised portion of the revaluation surplus on that item is taken
directly to retained earnings.
(f) Concession assets
Concession assets relate to expenditure for installation works and assets replacement works incurred in connection
with the concession.
(i) Measurement basis
Concession assets are initially recorded at cost. Subsequent costs are included in the asset’s carrying amount
or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying
amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income
statement during the financial year in which they are incurred.
Subsequent to recognition, concession assets are stated at cost less accumulated amortisation and
accumulated impairment loss.
All item of concession asset is derecognised upon disposal or when no future economic benefits are expected
from its use or disposal. The difference between the net disposal proceeds, if any, and the net carrying
amount is recognised in profit or loss.
(ii)Amortisation
Capital work-in-progress is not amortised. Amortisation is calculated to write off the cost of other concession
assets on the straight line basis to their residual values over their expected useful lives at the following annual
rates:
Assets replacement works
Installation works
Capital work-in-progress will be amortised when the assets are ready for their intended use.
10%
5% – 10%
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statements
(f) Concession assets (cont’d.)
(ii)Amortisation (cont’d.)
The residual values, useful lives and amortisation method are reviewed at each financial year end to ensure
that the amount, method and period of amortisation are consistent with previous estimates and the expected
pattern of consumption of the future economic benefits embodies in the items of concession assets.
(g) Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for
both. Such properties are measured initially at cost, including transaction costs. Subsequent to initial recognition,
investment properties are stated at its costs less accumulated depreciation and impairment losses, consistent
with the accounting policy of property, plant and equipment as described in Note 2.2 (e).
Depreciation of investment properties is provided for on straight line basis to write off the cost of each asset to its
residual value over the estimated useful lives, at the annual rate between 2% to 6.67% per annum for buildings.
A property interest under an operating lease is classified and accounted for as an investment property on a
property–by–property basis when the Group holds it to earn rentals or for capital appreciation or both. Any such
property interest under an operating lease classified as an investment property is carried at cost.
Investment properties are derecognised when either they have been disposed of or when the investment property
is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or
losses on the retirement or disposal of an investment property are recognised in profit or loss in the year in which
they arise.
(h)Land held for property development and property development costs
(i)Land held for property development
Land held for property development consists of land where no development activities have been carried out
or where development activities are not expected to be completed within the normal operating cycle. Such
land is classified within non–current assets and is stated at cost less any accumulated impairment losses.
Land held for property development is reclassified as property development costs at the point when
development activities have commenced and where it can be demonstrated that the development activities
can be completed within the normal operating cycle.
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(h)Land held for property development and property development costs (cont’d.)
(ii) Property development costs
Property development costs comprise all costs that are directly attributable to development activities or that
can be allocated on a reasonable basis to such activities.
When the financial outcome of a development activity can be reliably estimated, property development
revenue and expenses are recognised in the income statement by using the stage of completion method.
The stage of completion is determined by the proportion that property development costs incurred for work
performed to date bear to the estimated total property development costs or surveys of work performed.
Where the financial outcome of a development activity cannot be reliably estimated, property development
revenue is recognised only to the extent of property development costs incurred that is probable will be
recoverable, and property development costs on properties sold are recognised as an expense in the period
in which they are incurred.
Any expected loss on a development project, including costs to be incurred over the defects liability period,
is recognised as an expense immediately.
Property development costs not recognised as an expense are recognised as an asset, which is measured at
the lower of cost and net realisable value.
The excess of revenue recognised in the income statement over billings to purchasers is classified as accrued
billings within trade receivables and the excess of billings to purchasers over revenue recognised in the
income statement is classified as progress billings within trade payables.
(i) Construction contracts
Where the outcome of a construction contract can be reliably estimated, contract revenue and contract costs
are recognised as revenue and expenses respectively by using the stage of completion method. The stage of
completion is measured by reference to the proportion of contract costs incurred for work performed to date to
the estimated total contract costs.
Where the outcome of a construction contract cannot be reliably estimated, contract revenue is recognised to the
extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses
in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as
an expense immediately.
When the total of costs incurred on construction contracts plus, recognised profits (less recognised losses),
exceeds progress billings, the balance is classified as amount due from customers on contracts. When progress
billings exceed costs incurred plus recognised profits (less recognised losses), the balance is classified as amount
due to customers on contracts.
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statements
(j) Impairment of non–financial assets
The carrying amounts of assets, other than investment property, construction contract assets, property development
costs, inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there
is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated to
determine the amount of impairment loss.
For goodwill, intangible assets that have an indefinite useful life and intangible assets that are not yet available
for use, the recoverable amount is estimated at each balance sheet date or more frequently when indicators of
impairment are identified.
For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset
basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this
is the case, recoverable amount is determined for the cash–generating unit (CGU) to which the asset belongs to.
Goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s CGUs,
or groups of CGUs, that are expected to benefit from the synergies of the combination, irrespective of whether
other assets or liabilities of the Group are assigned to those units or groups of units.
An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs to sell and its value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre–tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired
and is written down to its recoverable amount. Impairment losses recognised in respect of a CGU or groups of
CGUs are allocated first to reduce the carrying amount of any goodwill allocated to those units or groups of units
and then, to reduce the carrying amount of the other assets in the unit or groups of units on a pro–rata basis.
An impairment loss is recognised in profit or loss in the period in which it arises, unless the asset is carried at a
revalued amount, in which case the impairment loss is accounted for as a revaluation decrease to the extent that
the impairment loss does not exceed the amount held in the asset revaluation reserve for the same asset.
Impairment loss on goodwill is not reversed in a subsequent period. An impairment loss for an asset other than
goodwill is reversed if, and only if, there has been a change in the estimates used to determine the asset’s
recoverable amount since the last impairment loss was recognised. The carrying amount of an asset other than
goodwill is increased to its revised recoverable amount, provided that this amount does not exceed the carrying
amount that would have been determined (net of amortisation or depreciation) had no impairment loss been
recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised
in profit or loss, unless the asset is carried at revalued amount, in which case, such reversal is treated as a
revaluation increase.
105
(k) Inventories
Inventories are stated at lower of cost and net realisable value.
The cost of unsold completed properties is determined using the first in, first out method and comprises cost
associated with the acquisition of land, direct costs and appropriate proportions of common costs.
Cost of inventories for food, beverages and trading goods are determined on a weighted average basis and
comprises costs of purchase.
Cost of inventories for spare parts and consumables are determined using the first–in first–out basis and represents
the landed costs of goods purchased.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of
completion and the estimated costs necessary to make the sale.
(l)Financial instruments
Financial instruments are recognised in the balance sheet when the Group has become a party to the contractual
provisions of the instrument.
Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual
arrangement. Interest, dividends, gains and losses relating to a financial instrument classified as a liability, are
reported as expense or income. Distributions to holders of financial instruments classified as equity are charged
directly to equity. Financial instruments are offset when the Group has a legally enforceable right to offset and
intends to settle either on a net basis or to realise the asset and settle the liability simultaneously.
(i) Cash and cash equivalents
For the purposes of the cash flow statements, cash and cash equivalents include cash on hand and at bank
and deposits with licensed financial institutions which have an insignificant risk of changes in value, net of
outstanding bank overdrafts.
(ii) Other non–current investments
Non–current investments other than investments in subsidiaries, associates and investment properties are
stated at cost less impairment losses. On disposal of an investment, the difference between net disposal
proceeds and its carrying amount is recognised in profit or loss.
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statements
(l)Financial instruments (cont’d.)
(iii) Marketable securities
Marketable securities are carried at the lower of cost and market value, determined on an individual basis.
Cost is determined on the weighted average basis while market value is determined based on quoted market
values. Increases or decreases in the carrying amount of marketable securities are recognised in profit and
loss. On disposal of marketable securities, the difference between net disposal proceeds and the carrying
amount is recognised in profit or loss.
(iv) Receivables
Receivables are carried at anticipated realisable values. Bad debts are written off when identified. An estimate
is made for doubtful debt based on a review of all outstanding amounts as at the balance sheet date.
(v) Payables
Payables are stated at fair value of the consideration to be paid in the future for goods and services received.
(vi) Interest bearing loans and borrowings
All loans and borrowings are initially recognised at the fair value of the consideration received less directly
attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently
measured at amortised cost using the effective interest method.
(vii) Equity instruments
Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period
in which they are declared.
The transaction costs of an equity transaction are accounted for as a deduction from equity, net of tax.
Equity transaction costs comprise only those incremental external costs directly attributable to the equity
transaction which would otherwise have been avoided.
107
(m)Leases
(i) Classification
A lease is recognised as a finance lease if it transfers substantially to the Group all the risks and rewards
incidental to ownership. Leases of land and buildings are classified as operating or finance leases in the
same way as leases of other assets and the land and buildings elements of a lease of land and buildings are
considered separately for the purposes of lease classification. All leases that do not transfer substantially all
the risks and rewards are classified as operating leases, with the following exceptions:
– Property held under operating leases that would otherwise meet the definition of an investment property
is classified as an investment property on a property–by–property basis and, if classified as investment
property, is accounted for as if held under a finance lease (Note 2.2(g)); and
– Land held for own use under an operating lease, the fair value of which cannot be measured separately
from the fair value of a building situated thereon at the inception of the lease, is accounted for as being
held under a finance lease, unless the building is also clearly held under an operating lease.
(ii)Finance leases – the Group as lessee
Assets acquired by way of hire purchase or finance leases are stated at an amount equal to the lower of
their fair values and the present value of the minimum lease payments at the inception of the leases, less
accumulated depreciation and impairment losses. The corresponding liability is included in the balance sheet
as borrowings. In calculating the present value of the minimum lease payments, the discount factor used is the
interest rate implicit in the lease, when it is practicable to determine; otherwise, the Company’s incremental
borrowing rate is used. Any initial direct costs are also added to the carrying amount of such assets.
Lease payments are apportioned between the finance costs and the reduction of the outstanding liability.
Finance costs, which represent the difference between the total leasing commitments and the fair value of
the assets acquired, are recognised in the profit or loss over the term of the relevant lease so as to produce
a constant periodic rate of charge on the remaining balance of the obligations for each accounting period.
The depreciation policy for leased assets is in accordance with that for depreciable property, plant and
equipment as described in Note 2.2(e).
(iii) Operating lease
Operating lease payments are recognised as an expense on a straight-line basis over the term of the relevant
lease. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense
over the lease term using the sales of treated water method. The rental expense has been recognised over
the concession period using the sales of treated water method as follows:
Cumulative actual sales of water
(Cumulative actual sales of water + projected sales of water)
X
Total rental expense
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statements
(m)Leases (cont’d.)
(iii) Operating lease (cont’d.)
The rationale for using the sales of water method is in line with the pattern in which the State land rental is
charged to the income statement.
In case of a lease of land and buildings, the minimum lease payments or the up–front payments made are
allocated, whenever necessary, between the land and buildings element in proportion to the relative fair
values for leasehold interests in the land element and buildings element of the lease at the inception of the
lease. The up–front payment represents prepaid land lease payments and are amortised on a straight line
basis over the lease term.
(n)Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are
assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the
cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment
income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets
is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
(o) Income tax
Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the expected
amount of income taxes payable in respect of the taxable profit for the year and is measured using the tax rates
that have been enacted at the balance sheet date.
Deferred tax is provided for, using the liability method. In principle, deferred tax liabilities are recognised for all
taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences,
unused tax losses and unused tax credits to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, unused tax losses and unused tax credits can be utilised. Deferred
tax is not recognised if the temporary difference arises from goodwill or from the initial recognition of an asset
or liability in a transaction which is not a business combination and at the time of the transaction, affects neither
accounting profit nor taxable profit.
Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the
liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date.
Deferred tax is recognised as income or an expense and included in the profit or loss for the period, except when
it arises from a transaction which is recognised directly in equity, in which case the deferred tax is also recognised
directly in equity, or when it arises from a business combination that is an acquisition, in which case the deferred
tax is included in the resulting goodwill or the amount of any excess of the acquirer’s interest is the net fair value
of the acquiree’s identifiable assets, liabilities and contingent liabilities over the cost of the combination.
109
(p) Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable
estimate of the amount can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect
the current best estimate. Where the effect of the time value of money is material, provisions are discounted using
a current pre–tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used,
the increase in the provision due to the passage of time is recognised as finance cost.
(q) Employee benefits
(i) Short term benefits
Wages, salaries, bonuses and social security contributions are recognised as an expense in the year in which
the associated services are rendered by employees. Short term accumulating compensated absences such
as paid annual leave are recognised when services are rendered by employees that increase their entitlement
to future compensated absences. Short term non-accumulating compensated absences such as sick leave
are recognised when the absences occur.
(ii) Defined contribution plans
Defined contribution plans are post–employment benefit plans under which the Group pays fixed contributions
into separate entities or funds and will have no legal or constructive obligation to pay further contributions if
any of the funds do not hold sufficient assets to pay all employee benefits relating to employee services in the
current and preceding financial years. Such contributions are recognised as an expense in the profit or loss
as incurred. As required by law, companies in Malaysia make such contributions to the Employees Provident
Fund (“EPF”).
(iii) Defined benefit plan
The Company operates a funded, defined benefit retirement scheme, the “Kumpulan Perangsang Selangor
Berhad Retirement Scheme” (“the Scheme”), which is an approved defined benefits scheme under Section
150 of the Income Tax Act, 1967 for its eligible employees. The Company’s obligation under the Scheme,
calculated using the Projected Unit Credit Method, is determined based on actuarial computations by
independent actuaries, through which the amount of benefit that employees have earned in return for their
service in the current and prior years is estimated. That benefit is discounted in order to determine its present
value.
Actuarial gains and losses are recognised as income or expense over the expected average remaining working
lives of the participating employees when the cumulative unrecognised actuarial gains or losses for the
Scheme exceed 10% of the higher of the present value of the defined benefit obligation and the fair value of
plan assets. Past service costs are recognised immediately to the extent that the benefits are already vested,
and otherwise are amortised on a straight line basis over the average period until the amended benefits
become vested.
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statements
(q) Employee benefits (cont’d.)
(iii) Defined benefit plan (cont’d.)
The amount recognised in the balance sheet represents the present value of the defined benefit obligations
adjusted for unrecognised actuarial gains and losses and unrecognised past service costs, and reduced by the
fair value of plan assets. Any asset resulting from this calculation is limited to the net total of any unrecognised
actuarial losses and past service costs, and the present value of any economic benefits in the form of refunds
or reductions in future contributions to the plan.
During the previous financial year, the Company has replaced its defined benefit plan for eligible employees
with a four percent (4%) increase in its EPF contribution to all eligible employees with effect from 1 January
2008.
(iv) Share–based compensation
The Kumpulan Perangsang Selangor Berhad’s Employee Share Options Scheme (“KPS ESOS”) and the
Kumpulan Hartanah Selangor Berhad’s Employee Share Options Scheme (“KHSB ESOS”), equity-settled,
share-based compensation plans, allows the Group’s employees to acquire ordinary shares of the Company
and its subsidiary. The total fair value of share options granted to employees is recognised as an employee
cost with a corresponding increase in the share option reserve within equity over the vesting period and
taking into account the probability that the options will vest. The fair value of share options is measured at
grant date, taking into account, if any, the market vesting conditions upon which the options were granted
but excluding the impact of any non–market vesting conditions. Non–market vesting conditions are included
in the assumptions about the number of options that are expected to become exercisable on vesting date.
(v) Termination benefits
Termination benefits are payable when employment is terminated before the normal retirement date or
whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises
termination benefits as a liability and an expense when it is demonstrably committed to either terminate the
employment of current employees according to a detailed plan without possibility of withdrawal or providing
termination benefits as a result of an offer made to encourage voluntary redundancy. In the case of an offer
made to encourage voluntary redundancy, the measurement of termination benefits is based on the number
of employees expected to accept the offer. Benefits falling due more than twelve months after balance sheet
date are discounted to present value.
111
(r)Foreign currencies
In preparing the financial statements of the individual entities, transactions in currencies other than the Group’s
functional currency are recorded in the functional currencies using the exchange rates prevailing at the dates of the
transactions. At each balance sheet date, monetary items denominated in foreign currencies are translated at the
rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign
currencies are translated at the rates prevailing on the date when the fair value was determined. Non–monetary
items that are measured in terms of historical cost in a foreign currency are not translated.
Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are
included in profit and loss for the period.
(s) Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is
recognised:
(i) Sale of properties
Revenue from sale of properties is accounted for by the stage of completion method as described in Note
2.2(h)(ii) and is recognised net of discount.
(ii) Construction contracts
Revenue from construction contracts is accounted for by the stage of completion method as described in
Note 2.2(i).
(iii)Licence and membership fees
A fixed quantum of the golfing license fees and the non-golfing membership fees which approximates 11%
of the total fees is recognised as initial annual fee in the year the membership is accepted. The balance is
recognised on a fixed annualised amount on a straight-line basis over the term of 15 years.
(iv) Sale of goods
Revenue is recognised net of sales taxes and upon transfer of significant risks and rewards of ownership
to the buyer. Revenue is not recognised to the extent where there are significant uncertainties regarding
recovery of the consideration due, associated costs or the possible return of goods.
(v) Revenue from hotel operations, golf club and recreational facilities
Revenue from rental of hotel rooms, sale of food and beverage, sports and recreation and other related
income is recognised on an accrual basis.
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statements
(s) Revenue recognition (cont’d.)
(vi) Interest income
Interest income is recognised on an accrual basis.
(vii) Dividend income
Dividend income is recognised when the Group’s right to receive payment is established.
(viii)Management fees
Management fees are recognised when services are rendered.
(ix) Rental income
Rental income from investment property is recognised on a straight line basis over the term of lease. The
aggregate cost of incentives provided to lessee is recognised as a reduction of rental income over the lease
term on a straight line basis.
(x) Sale of treated water
Sale of treated water represents invoiced value of bulk quantity of water supplied to the Syarikat Bekalan Air
Selangor Sdn. Bhd. (‘’SYABAS”).
(xi) Imputed interest income
Imputed interest income is accrued on a time proportion basis taking into consideration the outstanding
receivables and the effective applicable interest rate. The amount is derived from the difference of the present
value of future revenue and the total revenue recognised over the concession period.
(t)Fixed Rate Serial Bonds (“FRSB”)
The FRSB are bonds issued at a discount to its nominal value of RM738 million. The FRSB are issued in series of
up to 15 years from the date of issue.
FRSB are initially recognised at cost, being the fair value of the consideration received. After initial recognition, the
FRSB is subsequently measured at amortised cost using the effective interest method.
113
(u)Bai’ Bithaman Ajil Islamic Debts Securities (“BaIDS”)
The BaIDS are bonds issued in accordance with the Islamic financing concept of Bai’ Bithaman Ajil. In accordance
with such concept, the Group sold certain assets to primary subscriber (a financial institution), and repurchased
them back at the same price together with an agreed profit margin. The payment of the purchase price is deferred
in accordance with the maturities of the BaIDS, whilst the profit element is paid half yearly.
BaIDS are initially recognised at cost, being the fair value of the consideration received. After initial recognition,
the profit element attributable to the BaIDS for assets in operation in each period is recognised as an expense at
a constant rate to the maturity of each series respectively.
2.3 Changes in accounting policies and effects arising from adoption of the new FRSs, revised FRSs, amendments
to FRSs and IC Interpretations
At the date of authorisation of these financial statements, the following new FRSs, revised FRSs, Amendments to FRSs
and Issue Committee Interpretations (“IC Interpretations”) were issued but not yet effective and have not been applied
by the Group and by the Company which are:
FRSs, Revised FRSs, Amendments to FRSs and IC Interpretations
Effective for financial periods beginning on or after 1 July 2009:
FRS 8
Operating Segments
Effective for financial periods beginning on or after 1 January 2010:
FRS 4
Insurance Contracts
FRS 7
Financial Instruments: Disclosures
FRS 101
Presentation of Financial Statements (revised)
FRS 123
Borrowing Costs
FRS 139
Financial Instruments: Recognition and Measurement
Amendments to FRS 1First–time Adoption of Financial Reporting Standards and FRS 127:
Consolidated and Separate Financial Statements: Cost of an Investment
in a Subsidiary, Jointly Controlled Entity or Associate
Amendments to FRS 2
Share–based Payment: Vesting Conditions and Cancellations
Amendments to FRS 132
Financial Instruments: Presentation
Amendments to FRS 139Financial Instruments: Recognition and Measurement, FRS 7: Financial
Instruments: Disclosure and IC Interpretation 9; Reassessment of
Embedded Derivatives
Amendments to FRSs
Improvement to FRSs (2009)
IC Interpretation 9
Reassessment of Embedded Derivatives
IC Interpretation 10
Interim Financial Reporting and Impairment
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statements
to FRSs and IC Interpretations (cont’d.)
FRSs, Revised FRSs, Amendments to FRSs and IC Interpretations (cont’d.)
Effective for financial periods beginning on or after 1 January 2010:
FRS 2 - Group and Treasury Share Transactions
IC Interpretation 13 Customer Loyalty Programmes
IC Interpretation 14FRS 119 - The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction
TR i - 3
Presentation of Financial Statement of Islamic Financial Institutions
Effective for financial periods beginning on or after 1 July 2010:
FRS 1
FRS 3
FRS 127
Amendments to FRS 2
Amendments to FRS 5
Amendments to FRS 138
Amendments to IC Interpretation 9
First–time Adoption of Financial Reporting Standards
Business Combinations (revised)
Consolidated and Separate Financial Statements (amended)
Service Concession Arrangements
Agreements for the Construction of Real Estate
Hedges of a Net Investment in a Foreign Operation
Distributions of Non-cash Assets to Owners
Share-based Payment
Non–current Assets Held for Sale and Discontinued Operations
Intangible Assets
Reassessment of Embedded Derivatives
The Group and the Company plan to adopt the above pronouncements when they became effective in the respective
financial period. Unless otherwise described below, these pronouncements are expected to have no significant impact
to the financial statements of the Group and the Company upon their initial application.
FRS 3: Business Combinations (revised) and FRS 127: Consolidated and Separate Financial Statements
(amended)
FRS 3 (revised) introduces a number of changes to the accounting for business combinations occuring on or after 1 July
2010. These include changes that affect the valuation of non-controlling interest, the accounting for transaction costs,
the initial recognition and subsequent measurement of a contingent consideration and business combinations achieved
in stages. These changes will impact the amount of goodwill recognised, the reported results in the period that an
acquisition occurs and future reported results.
FRS 127 (amended) requires that a change in the ownership interest of a subsidiary (withount loss of control) is
accounted for as a transaction with owners in their capacity as owners and to be recorded in equity. Therefore, such
transaction will no longer give rise to goodwill, nor will it give rise to a gain or loss. Furthermore, the amended Standard
changes the accounting for losses incurred by the subsidiary as well as loss of control of a subsidiary.
The changes by FRS 3 (revised) and FRS 127 (amended) will be applied prospectively and only affect future acquisition
or loss of control of subsidiaries and transactions with non–controlling interests.
115
FRS 8: Operating Segments
FRS 8 replaces FRS 1142004: Segment Reporting and requires a ‘management approach’, under which segment information
is presented on a similar basis to that used for internal reporting purposes. As a result, the Group’s external segmental
reporting will be based on the internal reporting to the “chief operating decision maker”, who makes decisions on the
allocation of resources and assesses the performance of the reportable segments. As this is a disclosure standard,
there will be no impact on the financial position or results of the Group.
FRS 101: Presentation of Financial Statements (revised)
The revised FRS 101 separates owner and non-owner changes in equity. Therefore, the consolidated statement of
changes in equity will now include only details of transactions with owners. All non-owner changes in equity are
presented as a single line labelled as total comprehensive income. The Standard also introduces the statement of
comprehensive income: presenting all items of income and expense recognised in the income statement, together
with all other items of recognised income and expense, either in one single statement, or in two linked statements.
The Group is currently evaluating the format to adopt. In addition, a statement of financial position is required at the
beginning of the earliest comparative period following a change in accounting policy, the correction of an error or the
reclassification of items in the financial statements. This revised FRS does not have any impact on the financial position
and results of the Group and the Company.
FRS 123: Borrowing Costs (revised)
The Group’s current accounting policy is consistent with the provision of FRS 123 Borrowing Costs (revised).
FRS 139: Financial Instruments: Recognition and Measurement, FRS 7: Financial Instruments: Disclosures and
Amendments to FRS 139: Financial Instruments: Recognition and Measurement, FRS 7: Financial Instruments:
Disclosures
The new Standard on FRS 139: Financial Instruments: Recognition and Measurement establishes principles for
recognising and measuring financial assets, financial liabilities and some contracts to buy and sell non–financial
items. Requirements for presenting information about financial instruments are in FRS 132: Financial Instruments:
Presentation and the requiremetns for disclosing information about financial instruments are in FRS 7: Financial
Instruments: Disclosures.
FRS 7: Financial Instruments: Disclosures is a new Standard that requires new disclosures in relation to financial
instruments. The Standard is considered to result in increased disclosures, both quantitative and qualitative of the
Group’s and Company’s exposure to risks, enhanced disclosure regarding components of the the Group’s and
Company’s financial position and performance, and possible changes to the way of presenting certain items in the
financial statements.
116
statements
FRS 139: Financial Instruments: Recognition and Measurement, FRS 7: Financial Instruments: Disclosures and
Amendments to FRS 139: Financial Instruments: Recognition and Measurement, FRS 7: Financial Instruments:
Disclosures (cont’d.)
In accordance with the respective transitional provisions, the Group and the Company are exempted from disclosing the
possible impact to the financial statements upon the initial application.
Amendments to FRSs ‘Improvements to FRSs (2009)’
FRS 140 Investment Property: Property under construction or development for future use as an investment property is
classified as investment property. Where the fair value model is applied, such property is measured at fair value. If fair
value cannot be realiably determined, the investment under construction will be measured at cost until such time as
fair value can be determined or construction is complete. The Group has previously accounted for such assets using the
cost model. The amendment also includes changes in terminology in the Standard to be consistent with FRS 108. The
change will be applied prospectively.
IC Interpretation 12: Service Concession Arrangements
This IC applies to service concession operators and explains how to account for the obligations undertaken and rights
received in service concession arrangements. The transitional provision exempts the disclosure of the possible impact
to the financial statements upon the initial application of the IC.
IC Interpretation 15: Agreements for the Construction of Real Estate
In applying IFRIC 15, the Group is required to recognise the revenue from property development activities on a
completion basis. The impact of IFRIC 15 cannot be reasonably estimated, due to the uncertainties surrounding the
expectation of future sales and fluctuation of development costs.
2.5 Significant accounting estimates and judgements
Estimates, assumptions concerning the future and judgements are made in the preparation of the financial statements.
They affect the application of the Group’s accounting policies, reported amounts of assets, liabilities, income and
expenses and disclosures made. They are assessed on an on-going basis and are based on historical experience and
relevant factors, including expectations of future events that are believed to be reasonable under the circumstances.
(a) Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are discussed below:
117
2.5 Significant accounting estimates and judgements (cont’d.)
(a) Key sources of estimation uncertainty (cont’d.)
(i) Impairment of goodwill
The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation
of the value–in–use of the cash–generating units (“CGU”) to which goodwill is allocated. Estimating value–
in–use amount requires management to make an estimate of the expected future cash flows from the CGU
and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The
carrying amounts of goodwill as at 31 December 2009 were RM127,300,000 (2008: RM133,636,000). Further
details are disclosed in Note 22.
(ii) Depreciation of property, plant and equipment
The cost of property, plant and equipment except for freehold land are depreciated on a straight line basis
over the assets’ useful lives up to its residual value. Management reviews the residual values, useful lives and
depreciation method at the end of each financial year end and ensures consistency with previous estimates
and patterns of consumptions of the economic benefits that embodies the items in these assets. Changes in
useful lives and residual values of these assets may result in revision of future depreciation charges.
(iii)Amortisation of intangible assets
The cost of concession rights is amortised based on the revenue over the concession period. The projected
treated water revenue used for the purpose of the amortisation calculation is based on the bulk supply rate
as set out in the concession agreement multiplied by the average water production.
Changes in the expected level of water production or any revision in the concession period could impact future
amortisation charges. Any difference in the projected total treated water revenue from the management’s
estimates would result in approximately a similar variance in profit before tax for the year.
(iv)Assessment of provision for doubtful receivables
The Group makes provision for doubtful receivables based on an assessment of the recoverability of trade
and other receivables. Provision are applied to trade and other receivables where events or changes in
circumstances indicate that the balances may not be collectible. The identification of doubtful receivables
requires use of judgement and estimates. Where the expectation is different from the original estimate, such
difference will impact the carrying value of the trade and other receivables and doubtful receivables expenses
in the period in which such estimate has been changed. As at 31 December 2009, provision for doubtful
receivables for long term receivables, trade and other receivables have been disclosed in Note 23, Note 26
and Note 27 respectively.
118
statements
(a) Key sources of estimation uncertainty (cont’d.)
(v) Share–based payments to employees
The share options schemes allow the Group’s employees to acquire shares of the Company and its subsidiary.
The cost of providing share-based payments to employees is charged to the income statement over the
vesting period of the related share options with the corresponding entry to share option reserve. The cost
is based on the fair value of the options and the number of options expected to vest. The fair value of each
option is determined using the Binomial option pricing model.
(vi) Income tax and deferred tax assets
Judgement is involved in determining the provision for income taxes. There are certain transactions and
computations for which the ultimate tax determination is uncertain during the ordinary course of business.
The Group and the Company recognise liabilities for expected tax issues based on estimates of whether
additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that
were initially recognised, such differences will impact the income tax and deferred tax provisions in the period
in which such determination is made.
Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilised. Significant
management judgement is required to determine the amount of deferred tax assets that can be recognised,
based upon the likely timing and level of future taxable profits together with future tax planning strategies.
The details of income taxes and deferred tax for the Group and the Company are disclosed in Note 10 and
Note 38 respectively.
(b) Critical judgement made in applying accounting policies
The following is the judgement made by management in the process of applying the Group’s accounting policies
that has the most significant effect on the amounts recognised in the financial statements.
(i) Property development
The Group recognises property development revenue and expenses in the income statement by using
the stage of completion method. The stage of completion is determined by the proportion that property
development costs incurred for work performed to date bear to the estimated total property development
costs or survey of work performed.
119
(b) Critical judgement made in applying accounting policies (cont’d.)
(i) Property development (cont’d.)
Significant judgement is required in determining the stage of completion, the extent of the property
development costs incurred, the estimated total property development revenue and costs, as well as the
recoverability of the development projects. In making the judgement, the Group evaluates based on past
experience and by relying on the work of specialists.
As the Group is involved in the sales of land and property development, certain land are sold as part of
development project. In such instances, where the Group has to undertake development obligations,
expressed or implied, the profit from the sale is recognised on a percentage of completion basis. Taking
into consideration terms and conditions as set out in sales and purchase agreements and overall project
development plans or intentions, the management has to exercise judgement as to whether certain sales
should be outright land sales or property development project sales.
120
statements
3. Revenue
Group
Rental income from investment properties:
Subsidiaries
Others
Gross dividends from:
A subsidiary
Associates
Other investments:
unquoted in Malaysia
Sales of development properties
Sales of land
Sales of completed properties
Sale of treated water
Sale of goods
Hotel operations
License and membership fees
and club services rendered
Fees from property management
Management fees
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
–
5,971
–
5,745
1,496
5,971
1,504
5,745
–
–
–
–
20,000
4,238
31,815
8,537
50
13,737
98,408
12,866
139,616
35,094
35,100
1
19,635
71,260
449
136,065
33,271
34,295
–
–
–
–
–
–
–
1
–
–
–
–
–
–
4,091
112
24
4,068
1,014
24
–
–
276
–
–
276
345,069
305,827
31,981
47,878
4. Cost of sales
Group
2009
RM’000
Property development costs (Note 16(b))
Cost of land sold
Cost of completed properties sold
Cost of treated water sold
Costs of goods sold
Hotel and golf club operations
Company
2008
RM’000
(Restated)
2009
RM’000
2008
RM’000
7,729
56,289
10,703
56,889
31,148
15,621
24,236
22,798
1,194
58,351
30,088
15,155
–
–
–
–
–
–
–
–
–
–
–
–
178,379
151,822
–
–
121
5. Other income
Group
Interest income:
Immediate holding company
Subsidiaries
Fixed deposits
Others
Discount received from creditors
Gain on disposal of:
Other investments
Write back of provision for doubtful
debts
Income from a joint venture
Reversal of:
Provision for obsolete inventories
Provision no longer required
Gain on:
Unrealised forex
Realised forex
Waiver of debts
Bad debts recovered
Rental income from operating
lease, other than those relating
to investment properties
Rental income from
investment properties
Compensation received from
authorities for land acquired
Bad debts recovered arising from
debt assignment and specific grant
from ultimate holding corporation
Others
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
68
–
2,327
24,202
234
243
–
4,212
25,100
–
–
150
6
4
–
–
150
673
5
–
81
14
513
–
11
14
144
–
1,620
–
3,688
4,908
–
–
–
5,454
4
2,014
–
5,055
–
148
–
–
8
183
–
74
–
41
45,000
29
–
–
–
–
–
–
–
–
3,266
2,965
–
–
739
357
–
–
39,427
11,951
–
–
115,101
4,010
–
1,314
–
787
–
2,934
193,372
105,376
1,120
9,360
122
statements
6.Finance costs
Group
Interest expense on:
Term loan
Bank overdrafts and short
term borrowings
Fixed Rate Serial Bonds (“FRSB”)
Discount on FRSB
Bai' Bithaman Ajil Islamic Debt
Securities (“BaIDS”)
Discount on BaIDS
Hire purchase
Others
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
30,945
38,537
3,658
347
6,232
30,500
17,747
5,770
30,503
17,213
2,109
–
–
891
–
–
11,000
2,689
69
132
11,000
2,648
105
501
–
–
18
282
–
–
25
20
99,314
106,277
6,067
1,283
7. Profit/(loss) before tax and zakat
Group
2009
RM’000
Company
2008
RM’000
(Restated)
2009
RM’000
2008
RM’000
Profit/(loss) before tax and zakat is stated
after charging:
Employee benefits expense (Note 8)
Non-executive directors’
remuneration (Note 9)
Auditors’ remuneration:
Statutory audit
Others
Property, plant and equipment (Note 13):
Depreciation
Written off
Loss on disposal
Provision for doubtful debts
44,621
47,322
8,496
8,721
840
1,013
287
303
468
112
458
107
80
7
80
7
11,607
439
170
57,968
12,029
18
2
65,883
996
427
–
–
1,109
–
–
47
123
7. Profit/(loss) before tax and zakat (CONT’D.)
Group
2009
RM’000
Direct operating expenses of
investment properties:
– revenue generating during
the year
– non-revenue generating during
the year
Bad debts written off
Loss on termination of sales
Loss on disposal of other investment
Hire of plant and machinery
Rental expenses:
Land and buildings
State land (Note 36)
Concession assets (Note 14)
Amortisation
Transfer to income statement
Depreciation of investment
properties (Note 17)
Impairment of:
Land held for property
development (Note 16(a))
(Note 16(b))
(Note 22)
Investment in a subsidiary
Other investments
Investment properties (Note 17)
Amortisation of concession rights
(Note 21)
Amortisation of prepaid
land lease payments (Note 15)
Royalty fees
Project expense written off
Penalty on taxation
Write-down of inventories
Company
2008
RM’000
(Restated)
2009
RM’000
2008
RM’000
178
110
4,550
4,130
–
84
–
60
114
2
–
679
–
151
–
–
–
–
16
–
–
–
–
37
10
7,757
73
7,559
–
–
–
–
14,339
4,430
13,441
7,747
–
–
–
–
208
284
2,830
2,756
23,239
–
–
–
–
27,736
–
–
6,336
–
–
–
–
–
78
59
–
142,700
–
–
–
43,700
–
–
10,119
10,130
–
–
743
283
15,027
–
9,415
737
289
13,219
2,224
82
186
–
–
–
–
181
–
–
2,221
–
124
statements
8. Employee benefits expense
Group
Wages, salaries and bonus
Social security contributions
Defined contribution plan
Retirement benefit obligations
(Note 35(a))
Short term accumulating
compensated absences
KPS ESOS (Note 45)
KHSB ESOS
Other benefits
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
31,872
303
4,264
32,145
333
4,330
6,834
28
960
6,718
27
846
–
75
–
75
–
(85)
–
(85)
1,790
196
674
196
–
6,392
625
9,703
–
–
–
944
44,621
47,322
8,496
8,721
Included in employee benefits expense of the Group and of the Company are executive directors’ remuneration amounting
to RM4,099,000 (2008: RM3,861,000) and RM1,352,000 (2008: RM1,641,000) respectively as further disclosed in Note 9.
9. Directors’ remuneration
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
1,446
410
119
254
1,982
433
73
158
1,177
125
50
139
1,478
125
38
128
2,229
2,646
1,491
1,769
144
259
135
100
287
159
118
169
105
86
217
159
538
546
392
462
2,767
3,192
1,883
2,231
Directors of the Company
Executive:
Salaries
Fees
Allowance
Benefits-in-kind
Non-executive:
Allowance
Fees
Benefits-in-kind
125
9. Directors’ remuneration (cont’d.)
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
2,007
94
23
60
1,331
–
42
–
–
–
–
–
–
–
–
–
2,184
1,373
–
–
113
324
146
64
562
–
–
–
–
–
583
626
–
–
2,767
1,999
–
–
4,099
3,861
1,352
1,641
840
1,013
287
303
4,939
4,874
1,639
1,944
Directors of Subsidiaries
Executive:
Salaries
Fees
Allowance
Benefits-in-kind
Non-executive:
Allowance
Fees
Benefits-in-kind
Analysis excluding benefits-in-kind:
Total executive directors’
Total non-executive directors’
The number of directors of the Company whose total remuneration during the year fell within the following bands is analysed
below:
Number of directors
2009
2008
Executive directors:
RM1,000,000 – RM1,050,000
RM1,050,001 – RM1,100,000
RM1,150,001 – RM1,200,000
RM1,600,000 – RM1,650,000
–
1
1
–
1
–
–
1
Non-executive directors:
Less than RM50,000
RM50,001 – RM100,000
RM100,001 – RM150,000
RM150,001 – RM200,000
RM250,001 – RM300,000
1
–
2
–
1
3
3
1
1
–
126
statements
10. Income tax and zakat
Group
2009
RM’000
Current income tax:
Malaysian income tax
Real property gains tax (“RPGT”)
(Over)/under provision in prior years:
Malaysian income tax
Deferred taxation (Note 38):
Relating to (reversal)/origination of
temporary differences
Effect of changes in tax rates on
opening balance of deferred tax
Under/(over) provision in prior years
Total income tax expense
Zakat
Company
2008
RM’000
(Restated)
2009
RM’000
2008
RM’000
17,016
–
3,841
1,520
758
–
2,619
–
(22,278)
5,336
5
7,495
(5,262)
10,697
763
10,114
(6,343)
2,059
–
–
(5,992)
(302)
–
–
–
–
(6,303)
(4,235)
–
–
(11,565)
420
6,462
3,835
763
–
10,114
2,322
(11,145)
10,297
763
12,436
–
40
Domestic current income tax is calculated at the statutory tax rate of 25% (2008: 26%) of the estimated assessable profit
for the year.
Prior to the year of assessment 2009, companies with paid up capital of RM2,500,000 or less at the beginning of the basis
period enjoy a concessionary tax rate of 20% on the first RM500,000 of chargeable income, while any balance of chargeable
income is taxed at the normal corporate tax rate. With effect from year of assessment 2009, a company that has a paid up
capital of RM2,500,000 or less but controls or is being controlled directly or indirectly by another company which has a paid
up capital of more than RM2,500,000 in respect of ordinary shares will not be eligible for the concessionary tax rate. As a
result, the companies in this Group are no longer entitled to claim the above preferential tax rates.
Zakat has been calculated at 2.5% of the adjusted net current assets multiplied by the estimated Muslim equity holding in
the Company.
127
10. Income tax and zakat (cont’d.)
A reconciliation of income tax expense applicable to profit/(loss) before tax and zakat at the statutory income tax rate to
income tax expense at the effective income tax rate of the Group and of the Company is as follows:
2009
RM’000
2008
RM’000
(Restated)
116,810
(4,147)
29,203
–
–
(1,078)
(60)
1,520
–
–
(16,773)
14,078
(5,992)
(128)
(18,740)
13,839
(22,714)
–
(591)
(3,863)
(8,069)
–
7,470
40
(22,278)
23,999
(302)
5,336
(11,565)
6,462
Group
Taxation at Malaysian statutory tax rate of 25% (2008: 26%)
Effect of income subject to tax rate of 20%
Effect of income subject to RPGT rate of 5%
Effect of changes in tax rates on opening balance of
deferred tax
Effect on deferred tax recognised at different tax rate
Income not subject to tax
Expenses not deductible for tax purposes
Utilisation of previously unrecognised tax losses and unabsorbed
capital allowances
Utilisation of previously unutilised reinvestment allowances
Utilisation of current year’s reinvestment allowances
Deferred tax assets not recognised in respect of unabsorbed
capital allowances and other deductible temporary differences
Under/(over) provision of deferred tax in prior years
(Over)/under provision of tax expense in prior years
Income tax for the year
Company
Loss before tax and zakat
Taxation at Malaysian statutory tax rate of 25% (2008: 26%)
Income not subject to tax
Expenses not deductible for tax purposes
Deferred tax assets not recognised in respect of unabsorbed
capital allowances and other deductible temporary differences
Under provision of tax expense in prior years
Income tax expense for the year
2009
RM’000
2008
RM’000
(138,514)
(13,323)
(34,629)
(5,090)
38,320
(3,464)
(7,826)
13,568
2,157
5
341
7,495
763
10,114
128
statements
10. Income tax and zakat (cont’d.)
Tax savings during the financial year arising from:
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
277
–
253
–
30,540
2,206
8,739
–
Utilisation of current year tax losses
Utilisation of previously
unrecognised tax losses
11. Earnings per share
(a)Basic
Basic earnings per share is calculated by dividing profit/(loss) for the year attributable to ordinary equity holders of the
Company by the weighted average number of ordinary shares in issue during the financial year.
Profit/(loss) attributable to ordinary equity holders
of the Company (RM’000)
Weighted average number of ordinary shares in issue (‘000)
Basic earnings/(loss) per share (sen)
2009
RM’000
2008
RM’000
72,224
475,744
15.2
(171)
474,582
(0.04)
(b) Diluted
For the purpose of calculating diluted earnings per share, the profit/(loss) for the year attributable to ordinary equity
holders of the Company and the weighted average number of ordinary shares in issue during the financial year have
been adjusted for the dilutive effects of share options granted to employees.
2009
RM’000
2008
RM’000
72,224
(171)
Weighted average number of ordinary shares in issue
Effects of dilution of share options
475,744
2,390
474,582
2,959
Adjusted weighted average number of ordinary shares in
issue and issuable
478,134
477,541
15.1
(0.04)
Profit/(loss) attributable to ordinary equity holders of the Company
Diluted earnings/(loss) per share (sen)
129
12. Dividends
Dividend in respect of Year
Dividends Recognised in Year
2009
RM’000
2008
RM’000
2007
RM’000
2009
RM’000
2008
RM’000
–
14,275
–
14,275
–
–
–
14,074
–
14,074
14,275
14,074
14,275
14,074
Final
Recognised during the year:
Final dividend for 2008: 4 sen
less 25% taxation per ordinary
shares, on 475,823,760
ordinary shares (3.00 sen
per ordinary share)
less 26% taxation per
ordinary shares, on
475,460,760 ordinary shares
(2.96 sen per ordinary share)
Proposed for approval at AGM
(not recognised as at
31 December 2009):
less 25% taxation per
ordinary shares, on
475,823,760 ordinary shares
(3.00 sen per ordinary share)
14,275
14,275
At the forthcoming Annual General Meeting, a final dividend in respect of the financial year ended 31 December 2009, of
4 sen less 25% taxation, will be proposed for shareholders’ approval and be paid on 17 August 2010 to the shareholders
registered on the Company’s Register of Members at the close of business on 30 July 2009. The financial statements for the
current financial year do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be accounted
for in equity as an appropriation of retained earnings in the financial year ending 31 December 2010.
130
statements
13. Property, plant and equipment
Group
Freehold
land
RM’000
Buildings
and
clubhouse
RM’000
Capital
work in
progress
RM’000
Motor
vehicles
RM’000
Office
and hotel
furniture,
fittings and
equipment
RM’000
Total
RM’000
At 31 December 2009
Cost
At 1 January 2009
Additions
Written off (Note 7)
Transfer
Transfer from concession
assets (Note 14)
Disposals
Adjustment
4,794
–
–
–
218,654
1,119
(27)
–
–
–
–
–
(159)
–
At 31 December 2009
4,794
219,587
282
10,331
78,226
313,220
–
61,105
–
7,256
57,707
126,068
–
–
–
1,033
(5)
(246)
5,063
(628)
(1,322)
30
304
–
(52)
–
–
–
9,992
593
(5)
–
76,908
3,947
(1,067)
52
310,378
5,963
(1,099)
–
–
(249)
–
29
(1,622)
(21)
29
(2,030)
(21)
Accumulated depreciation
At 1 January 2009
Depreciation charge
for the year (Note 7)
Disposals
–
–
–
At 31 December 2009
–
66,545
–
8,038
60,820
135,403
4,794
153,042
282
2,293
17,406
177,817
5,511
(27)
(44)
11,607
(660)
(1,612)
Net carrying amount
At 31 December 2009
131
13. Property, plant and equipment (cont’d.)
Freehold
land
RM’000
Buildings
and
clubhouse
RM’000
Capital
work in
progress
RM’000
Motor
vehicles
RM’000
Office
and hotel
furniture,
fittings and
equipment
RM’000
At 1 January 2008
Additions
Disposals
Transfer
Transfer to income statement
Transfer from concession
assets (Note 14)
4,794
–
–
–
–
–
219,532
39
–
(917)
–
–
–
378
–
–
(164)
(184)
9,620
1,811
–
(1,439)
–
–
73,052
4,024
(191)
(421)
164
–
306,998
6,252
(191)
(2,777)
–
(184)
–
–
–
280
280
At 31 December 2008
4,794
218,654
30
9,992
76,908
310,378
Group (Cont’d.)
Total
RM’000
At 31 December 2008
Cost
At 1 January 2008
Depreciation charge for the
year (Note 7)
Disposals
–
55,841
–
7,232
53,171
116,244
–
–
–
5,504
–
(240)
–
–
–
1,429
–
(1,405)
5,096
(173)
(387)
12,029
(173)
(2,032)
At 31 December 2008
–
61,105
–
7,256
57,707
126,068
4,794
157,549
30
2,736
19,201
184,310
Net carrying amount
At 31 December 2008
132
statements
Company
Buildings
RM’000
Office
equipment,
furniture
and fittings
RM’000
Motor
vehicles
RM’000
Total
RM’000
At 31 December 2009
Cost
At 1 January 2009
Additions
Writen off (Note 7)
Disposal
550
–
–
–
14,240
64
(709)
(5)
2,019
261
–
(56)
16,809
325
(709)
(61)
At 31 December 2009
550
13,590
2,224
16,364
At 1 January 2009
Depreciation charge for the year (Note 7)
Writen off (Note 7)
Disposal
175
11
–
–
10,691
693
(282)
(3)
1,200
292
–
(52)
12,066
996
(282)
(55)
At 31 December 2009
186
11,099
1,440
12,725
364
2,491
784
3,639
At 1 January 2008
Additions
Disposal
550
–
–
14,162
80
(2)
2,069
674
(724)
16,781
754
(726)
At 31 December 2008
550
14,240
2,019
16,809
At 1 January 2008
Disposal
164
11
–
9,975
716
–
1,542
382
(724)
11,681
1,109
(724)
At 31 December 2008
175
10,691
1,200
12,066
375
3,549
819
4,743
Net carrying amount
At 31 December 2009
At 31 December 2008
Cost
Net carrying amount
At 31 December 2008
133
(a) During the financial year, the Group acquired property, plant and equipment at cost of RM62,600 (2008: RM237,500) by
means of hire purchase arrangements.
(b) Net carrying amounts of property, plant and equipment held under hire purchase are as follows:
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
394
200
621
702
38
–
76
–
594
1,323
38
76
Asset
replacement
works
RM’000
Installation
work
RM’000
Capitalwork-inprogress
RM’000
Total
RM’000
96,508
–
3,937
–
52,715
–
–
–
3,150
8,155
(3,937)
(29)
152,373
8,155
–
(29)
–
–
–
–
(400)
(4,430)
(400)
(4,430)
100,445
52,715
2,509
155,669
At 1 January 2009
Amortisation charge for the year (Note 7)
34,013
10,394
20,669
3,945
–
–
54,682
14,339
At 31 December 2009
44,407
24,614
–
69,021
Motor vehicles
Equipment
14. Concession assets
Group - At 31 December 2009
Cost
At 1 January 2009
Additions
Transfer
Transfer to property, plant and equipment
(Note 13)
Transfer to inventories
Transfer to income statement (Note 7)
At 31 December 2009
Accumulated amortisation
134
statements
14. Concession assets (cont’d.)
Asset
replacement
works
RM’000
Installation
work
RM’000
Capitalwork-inprogress
RM’000
Total
RM’000
56,038
28,101
2,509
86,648
At 1 January 2008
Additions
Transfer
Transfer to property, plant and equipment
(Note 13)
Transfer to income statement (Note 7)
86,966
–
9,542
–
52,715
–
–
–
9,157
11,562
(9,542)
(280)
148,838
11,562
–
(280)
–
–
(7,747)
(7,747)
At 31 December 2008
96,508
52,715
3,150
152,373
At 1 January 2008
Amortisation charge for the year (Note 7)
24,709
9,304
16,532
4,137
–
–
41,241
13,441
At 31 December 2008
34,013
20,669
–
54,682
62,495
32,046
3,150
97,691
Net carrying amount
At 31 December 2009
Group – At 31 December 2008
Cost
Net carrying amount
At 31 December 2008
15. Prepaid land lease payments
Group
2009
RM’000
Company
2008
RM’000
2009
RM’000
2008
RM’000
At 1 January
Addition
Amortisation for the year (Note 7)
52,829
437
(743)
53,503
63
(737)
13,723
423
(186)
13,904
–
(181)
At 31 December
52,523
52,829
13,960
13,723
52,523
52,829
13,960
13,723
Analysed as:
Long term leasehold land
135
16.Land held for property development and property development costs
(a)Land held for property development
Development
Group
Land
RM’000
Cost
RM’000
Total
RM’000
At 31 December 2009:
Cost:
At 1 January 2009
Additions
Disposals
Transfer to property development costs (Note 16(b))
293,060
24,226
(32,609)
(10,104)
8,285
603
(2,311)
–
301,345
24,829
(34,920)
(10,104)
At 31 December 2009
274,573
6,577
281,150
Accumulated impairment losses:
At 1 January 2009
Recognised during the year (Note 7)
(2,403)
(23,239)
–
–
(2,403)
(23,239)
At 31 December 2009
(25,642)
–
(25,642)
Carrying amount at 31 December 2009
248,931
6,577
255,508
Cost:
At 1 January 2008
Additions
Transfer to property development costs (Note 16(b))
289,659
8,633
(5,232)
12,951
167
(4,833)
302,610
8,800
(10,065)
At 31 December 2008
293,060
8,285
301,345
(2,403)
–
(2,403)
290,657
8,285
298,942
At 31 December 2008:
At 1 January/31 December 2008
Carrying amount at 31 December 2008
136
statements
16.Land held for property development and property development costs (cont’d.)
(b) Property development costs
Group
2009
RM’000
2008
RM’000
226,568
744,719
232,502
771,056
971,287
1,003,558
–
133,176
3,342
58,023
133,176
61,365
(5,955)
(337,317)
(1,617)
(79,287)
(343,272)
(80,904)
Cumulative property development costs
At 1 January:
Land costs
Development costs
Costs incurred during the year:
Land costs
Development costs
Reversal of completed projects:
Land costs
Development costs
Transfer from land held for property development (Note 16(a)):
Land costs
Development costs
Disposal of land
Land costs
Development costs
At 1 January
Reversal of completed projects
At 31 December
10,104
–
5,232
4,833
10,104
10,065
(6,650)
(40,007)
(12,891)
(9,906)
(46,657)
(22,797)
(31,095)
–
4,676
(3,359)
(27,736)
–
(26,419)
(31,095)
137
16.Land held for property development and property development costs (cont’d.)
(b) Property development costs (cont’d.)
Group
2009
RM’000
2008
RM’000
Cumulative property development costs (cont’d.)
Accumulated provision for foreseeable losses:
At 1 January/31 December
(10,054)
(10,054)
Unsold units transferred to inventories:
Land costs
Development costs
(633)
(34,783)
–
–
(35,416)
–
At 31 December
652,749
930,138
At 1 January:
Reversal of completed projects
(471,431)
(7,729)
338,596
(528,099)
(24,236)
80,904
At 31 December
(140,564)
(471,431)
512,185
458,707
Cumulative costs recognised in income statement
at 31 December
(i)
Titles to certain leasehold lands amounting to RM6,914,000 (2008: RM11,705,000) of the Group have yet to be
transferred to a subsidiary company by the State Secretary Selangor (Incorporated) and Yayasan Selangor.
(ii) A charge has been created over development properties amounting to RM5,350,000 (2008: RM5,350,000) in
favour of a third party by a subsidiary company.
(iii) During the year, development properties of a subsidiary amounting to approximately RM25,671,000 have been
pledged for credit facilities granted to the subsidiaries as disclosed in Note 30.
138
statements
17. Investment properties
Group
2009
RM’000
Company
2008
RM’000
2009
RM’000
2008
RM’000
At 1 January
Addition
Impairment during the year (Note 7)
7,604
–
–
(208)
7,947
–
(59)
(284)
62,775
1,095
–
(2,830)
65,531
–
–
(2,756)
At 31 December
7,396
7,604
61,040
62,775
Fair value at 31 December
9,470
8,583
106,500
106,500
At Group level, the leasehold building with a carrying value of RM58,645,912 (2008: RM60,320,356) was reclassified to
property, plant and equipment as certain parts of the building were rented out to the subsidiaries. The investment properties
of the Group with carrying value of RM7,196,000 (2008: RM7,337,000) have been pledged for credit facilities to a subsidiary
as disclosed in Note 30.
18. Investments in subsidiaries
Company
Quoted shares at cost
Less: Accumulated impairment losses
Unquoted shares at cost
Market value of quoted shares:
In Malaysia
2009
RM’000
2008
RM’000
402,164
(186,400)
402,164
(43,700)
215,764
358,464
229,378
(20,298)
228,262
(20,298)
209,080
207,964
424,844
566,428
112,007
81,460
The recoverable amount of the investment in subsidiaries has been determined by the directors based on value-in-use
calculation and net selling price. The period of cash flow projections and assumptions used are disclosed in Note 22.
The directors are of the view that it is not practicable within the constraints of timeliness and cost to estimate reliably the
fair values of investments in unquoted shares.
139
18. Investments in subsidiaries (cont’d.)
Details of the subsidiaries which are incorporated in Malaysia are as follows:
Name of subsidiaries
Proportion of ownership
interest (%)
2009
2008
57
57
Property development
Hydrovest Sdn. Bhd.
60
60
Management and consultancy
services
Titisan Modal (M) Sdn. Bhd.
55
55
Investment holding
100
100
Investment holding
99
99
100
100
70
70
100
100
Selangor Tiles Sdn. Bhd.
86
86
Under official assignee
Perangsang Segemal Sdn. Bhd.
51
51
In liquidation
Perangsang Alphasoft Sdn. Bhd.
100
100
In liquidation
51
51
In liquidation
100
100
Central Spectrum (M) Sdn. Bhd.
44
44
SAP Holdings Berhad
57
57
* KHSB Properties Sdn. Bhd.
34
–
Held by the Company:
Viable Chip (M) Sdn. Bhd.
Cash Band (M) Berhad
Perangsang Consultancy & Engineering Sdn. Bhd.
Perangsang Metal Selangor Sdn. Bhd.
Selangor Construction Sdn. Bhd.
Selangor Frits & Glazes Sdn. Bhd.
+ Selangor Amal Holdings Sdn. Bhd.
Investment holding and manages/
owns a golf club
Dormant
In liquidation
Construction works and granite
quarrying (under official assignee)
Dormant
Held by Kumpulan Hartanah Selangor Berhad:
Dormant
140
statements
Details of the subsidiaries which are incorporated in Malaysia are as follows (cont’d.):
interest (%)
2009
2008
SAP Urus Harta Sdn. Bhd.
57
57
Property management
SAP Project Consultant Sdn. Bhd.
57
57
Ceased operation
SAP Ulu Yam Sdn. Bhd.
57
57
Property development and
property management
SAP Leisure and Resort Sdn. Bhd.
57
57
Development of a tourist resort
and property investment
Templer Park Golf & Resort Berhad
54
54
Perangsang Templer Landscape Sdn. Bhd.
54
54
Property development,
landscaping and golf maintenance
work
Templer Park Development Sdn. Bhd.
29
29
Templer Park Equestrian Centre Sdn. Bhd.
57
57
SAP Langkawi Development Sdn. Bhd.
57
57
Dormant
@ SAP Heritage Hotels & Properties Sdn. Bhd.
57
57
Dormant
–
57
Dormant
@ SAP Rawang Development Sdn. Bhd.
57
57
Dormant
SAP Air Hitam Properties Sdn. Bhd.
57
57
@ SAP Sepang Development Sdn. Bhd.
57
57
Dormant
KHSB Titijaya Sdn. Bhd.
57
57
Dormant
@ Megatown Corporation Sdn. Bhd.
57
57
Dormant
@ SAP Sungai Pusu Development Sdn. Bhd.
57
57
Dormant
@ SAP Bengkulen Plantation Sdn. Bhd.
57
57
Dormant
Central Holdings Management Services Sdn. Bhd.
57
57
Dormant
@ Akademi Kecemerlangan SAP Sdn. Bhd.
46
46
Dormant
SUH-Imej Parking Sdn. Bhd.
29
29
Provision of parking services
Held by SAP Holdings Berhad
KHSB Properties Sdn. Bhd.
141
Details of the subsidiaries which are incorporated in Malaysia are as follows (cont’d.):
interest (%)
2009
2008
@ SAP Education Sdn. Bhd.
57
57
Dormant
@ PISB Trading Sdn. Bhd.
57
57
Ceased operation
36
36
Trading in chemical products
Konsortium Abass Sdn. Bhd.
55
55
Operating, maintenance,
construction and commissioning
of water treatment plant and
facilities and undertake contract
works relating to the water
industry activities
+ Rangkai Aman Sdn. Bhd.
55
55
Dormant
Perangsang Hotel and Properties Sdn. Bhd.
99
99
Hotelier
Brisdale International Hotel Sdn. Bhd.
99
99
Property investment and hotel
operator
Held by SAP Holdings Berhad (cont’d.)
Held under Hydrovest Sdn. Bhd.:
Aqua-Flo Sdn. Bhd.
Held under Titisan Modal (M) Sdn. Bhd.:
Held under Cash Band (M) Berhad:
+
@
*
Audited by firms of auditors other than Ernst & Young
The financial statements of these subsidiaries have been prepared on a break-up basis.
Subsidiary acquired during the year as disclosed in Note 50 (c).
The carrying amount of investments in subsidiaries pledged for borrowings are as follows:
Group
Quoted Shares
Unquoted Shares
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
118,662
535,441
354,010
535,441
118,662
–
35,4010
–
142
statements
19. Investments in associates
Group
In Malaysia:
Quoted shares at cost
Unquoted shares
Share of post acquisition reserves
Market value of quoted shares
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
46,236
279,561
46,236
268,554
46,236
143,998
46,236
133,023
325,797
314,790
190,234
179,259
140,530
137,698
–
–
466,327
452,488
190,234
179,259
(18,042)
(18,042)
(15,990)
(15,990)
448,285
434,446
174,244
163,269
122,619
144,040
122,619
144,040
Details of the associates which are incorporated in Malaysia are as follows:
Name of associates
interest (%)
2009
2008
Kuala Langat Mining Sdn Bhd.
41
41
Dormant
+ ∆ Intan Perangsang Sdn. Bhd.
30
30
Dormant
+ Perangsang Water Management Sdn. Bhd.
40
40
Water project operation and
management
+ Taliworks Corporation Berhad
20
20
Investment holding, provision
of contracting, project and
management services
Sistem Penyuraian Trafik KL Barat
Holdings Sdn. Bhd. ("SPRINT")
20
20
Investment holding and provision
of management services
+ KPS-HCM Sdn. Bhd.
30
30
Maintenance and upgrading of
roads
* KHSB Properties Sdn. Bhd.
40
–
49
49
Held by the Company:
Dormant
Held by Cash Band (M) Berhad:
KDE Recreation Berhad (“KDERB”)
Club management
143
19. Investments in associates (cont’d.)
Details of the associates which are incorporated in Malaysia are as follows: (cont’d.)
Name of associates
interest (%)
2009
2008
+ ∆ Ulu Yam Golf and Country Club Sdn. Bhd.
23
23
Development and management
of a golf and country club
+ ∆ Beruntung Transport City Sdn. Bhd.
11
11
Development of logistic park
+ ∆ Waste Water Management Sdn. Bhd.
11
11
Consultancy services and
construction works for water
supply, reticulation and central
coverage system
17
17
Provision of common waste
water treatment plan facilities and
other development projects
30
30
Investment holding
15
15
Manufacturing in chemical
products
Held by SAP Holdings Berhad:
Held by Central Spectrum (M) Sdn. Bhd.:
+ PMB Spectrum Sdn. Bhd.
Held by Viable Chip (M) Sdn. Bhd.:
Syarikat Pengeluar Air Selangor Holdings Berhad
(“SPLASH”)
Held by Hydrovest Sdn. Bhd.:
+ Chemindus Sdn. Bhd.
+
∆
*
Audited by firms of auditors other than Ernst & Young
The financial statements of the associates are not available. The said investments have been fully written down. In view of this, the
effect of not equity accounting for investment in associates is not material to the Group.
Associate acquired during the year as disclosed in Note 50 (d).
144
statements
The summarised financial statements of the associates are as follows:
2009
RM’000
2008
RM’000
Current assets
Non-current assets
1,405,626
5,158,590
1,232,702
5,420,954
Total assets
6,564,216
6,653,656
Current liabilities
Non-current liabilities
921,531
3,984,103
426,661
4,600,598
Total liabilities
4,905,634
5,027,259
1,061,699
204,062
989,956
192,900
Assets and liabilities
Results
Revenue
Profit for the year
The details of goodwill included within the Group’s carrying amount of investment in associates are as follows:
Goodwill
RM’000
Carrying amount
At 1 January 2008/31 December 2008
7,903
At 1 January 2009/31 December 2009
7,903
The financial statements of the associates of the Group are coterminous with those of the Group, except for SPRINT and
SPLASH which have a financial year end of 31 March and KDERB which have a financial year end of 30 April to conform with
its respective holding companies’ financial year end.
The share of results of SPRINT and SPLASH for the current financial year are for the twelve month period ended 31 December
2009, incorporating the three month period ended 31 March 2009 based on the latest audited financial statements and the
management financial statements for the nine month period ended 31 December 2009.
The share of results of KDERB for the current financial year are for the twelve month period ended 31 December 2009,
incorporating the four month period ended 30 April 2009 based on the latest audited financial statements and the management
financial statements for eight month period ended 31 December 2009.
145
The carrying amount of investments in associates of the Group and Company pledged for borrowings are as follows:
Group
Quoted shares
Unquoted shares
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
39,935
45,067
39,935
45,067
131,487
131,487
–
–
171,422
176,554
39,935
45,067
20. OTHER INVESTMENTS
Group
2009
RM’000
Company
2008
RM’000
2009
RM’000
2008
RM’000
69,423
165 69,432 165 68,220 115 68,220
115
69,588
(4,972) 69,597 (4,972) 68,335 (4,274) 68,335
(4,274)
64,616 64,625 64,061 64,061
201,066
201,066 201,066 201,066
At cost:
Fixed Rate Serial Bonds 2,104 2,104 2,104 2,104
At cost:
Club memberships Less: Impairment in value 1,740 (120)
2,005 (120)
500 –
500
–
1,620 1,885
500 500
269,406 269,680 267,731 267,731
Market values:
Quoted shares, in Malaysia Quoted unit trusts, in Malaysia
38,093 247 26,754 200 37,366 170 25,885
133
38,340 26,954 37,536 26,018
At cost:
Quoted shares, in Malaysia Quoted unit trusts, in Malaysia Less: Impairment in value At cost:
Unquoted shares The directors are of the view that it is not practicable within the constraints of timeliness and cost to estimate reliably the
fair values of investments in unquoted shares.
The directors are of the view that no impairment is required for the other investment as the recoverable amount is in excess
of the carrying amount of the investments.
146
statements
20. OTHER INVESTMENTS (cont’d.)
The carrying amount of other investments pledged for borrowings are as follows:
Group and Company
Quoted shares, in Malaysia 2009
RM’000
2008
RM’000
49,745 63,256
21. Concession rights
Group
2009
RM’000
2008
RM’000
(Restated)
At 1 January Prior year adjustment (Notes 53 and 54) 383,694 –
376,406
7,288
At 1 January (restated)/31 December
383,694 383,694
Cost
At 1 January Amortisation during the year (Note 7)
(27,116) (10,119) (16,986)
(10,130)
At 31 December (37,235)
(27,116)
346,459 356,578
Net carrying amount
At 31 December 147
22. Goodwill on consolidation
Group
2009
RM’000
2008
RM’000
(Restated)
At 1 January Prior year adjustment (Notes 53 and 54)
Impairment during the year (Note 7) 133,636 –
(6,336) 131,595
2,041
–
At 1 January (restated)/31 December
127,300 133,636
At 1 January Prior year adjustment (Notes 53 and 54) 134,663 –
132,622
2,041
At 1 January (restated)/31 December 134,663 134,663
Cost
Accumulated impairment
At 1 January Impairment during the year (Note 7) (1,027) (6,336) (1,027)
–
At 31 December (7,363) (1,027)
127,300 133,636
Impairment test for goodwill
Goodwill is allocated to the Group’s cash-generating units (“CGU”) identified accordingly to major business segments.
A segment-level summary of the goodwill allocation is presented below:
Group
2009
RM’000
2008
RM’000
(Restated)
Property development and management Hospitality Infrastructure and utilities Trading 17,535 2,020 107,435 310 23,871
2,020
107,435
310
127,300 133,636
148
statements
22. Goodwill on consolidation (cont’d.)
The recoverable amount of cash generating units (CGU) of the infrastructure and utilities, property development and
management segment is determined based on value-in-use calculation. For infrastructure and utilities segment, a twenty one
year period cash flow projections were used in the value-in-use calculation whereas a ten year period cash flow projections
were used in the value-in-use calculation in property development, management and trading segments. The cash flow
projections were based on financial budgets approved by the Board of Directors covering a five year period. Cash flow
projections for the period beyond the approved budget are extrapolated using zero growth rate.
The value-in-use calculation was approved by the Board of Directors.
Key assumptions used for value-in-use calculation:
(i)
The discount rate used is consistent with the respective segment’s weighted average cost of borrowings.
Property development and management Infrastructure and utilities Trading Discount Rate
6% and 8.3%
8.21%
7.5%
(ii) The projects will be launched on the assumed due dates and the project cash flow will occur as projected.
(iii) Proceeds from sale of land and concession rights will be received as projected.
(iv) The concession rights’ cash flow will occur as projected.
The above assumptions have been used for the analysis of each CGU. Management determined project launch dates based
on management’s operation plans and proceeds from sale of land based on agreements.
The recoverable amount of CGU of hospitality segment is determined based on net selling price valued by a valuer. The basis
of valuation is based on market value and the valuer had adopted the Comparison Method in valuing the property.
The recoverable amount of CGU of infrastructure and utilities and trading segment is determined based on present value of
future cash flows.
The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in
Note 2.2 (j).
If the estimated discount rate applied to the discounted cash flows had been 1% higher than management estimates, the
Group would not need to reduce the carrying value of goodwill.
149
23.Long term receivables
Group
2009
RM’000
2008
RM’000
Long term receivables Less: Provision for doubtful debts
27,872 –
108,022
(73,925)
27,872 34,097
Included in long term receivables is an amount receivable from sale of treated water. The amounts are receivable over 10
annual installments commencing December 2006.
The Group has significant concentration of credit risks that arise from exposure to a single debtor which is Syarikat Bekalan
Air Selangor Sdn. Bhd. (“SYABAS”), which makes up 100% of total receivables outstanding.
24. Inventories
Group
2009
RM’000
2008
RM’000
31,124 477 830 80 23,038
1,094
486
67
32,511 24,685
44,006 36,356
76,517
61,041
At cost
Completed properties Trading inventories Consumables Food and beverage Net realisable value
Completed properties Inventories of the Group amounting to approximately RM12,143,000 (2008: RM17,718,000) have been pledged for credit
facilities granted to certain subsidiaries (Note 30).
150
statements
25.Amount due from customer on contract
Group
2009
RM’000
2008
RM’000
Construction costs incurred to date Attributable profits 399,658 27,637 399,658
27,637
Less: Progress billings
427,295 (183,115) 427,295
(174,063)
Amount due from customer on contract (Note 26) 244,180 253,232
The gross amount due from customer relates to the construction of Bukit Badong Distribution Works which is billed through
adjusted water tariff over the concession period as stipulated in the Supplemental Agreement dated 10 February 2001.
26. Trade receivables
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
Trade receivables Less: Provision for doubtful debts 196,796 (30,545) 203,921 (19,772) 959 (547) Accrued billings in respect of
property development cost Amount due from customer on contract (Note 25) 166,251 184,149 412 296
26,301 244,180 673
253,232
–
–
–
–
436,732 438,054 412 296
1,316
(1,020)
The Group’s normal trade credit term ranges from 30 to 120 days (2008: 30 to 120 days). Other credit terms are assessed
and approved on a case-by-case basis.
The Group has significant concentration of credit risk that arose from exposure to a single debtor, Syarikat Bekalan Air
Selangor Sdn. Bhd. (“SYABAS”), which makes up 75% (2008: 70%) of total trade receivables of the Group.
151
27. Other receivables
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
1,116 563 9,897
5,309 167 554 10,080 34,297 32 –
425 3,769 25
2
424
6,438
Less: Provision for doubtful debts 16,885 (2,110) 45,098 (2,008) 4,226 (102) 6,889
(102)
14,775
43,090 4,124
6,787
Advances Prepayments Deposits Sundry receivables 28.Amount due from ultimate holding corporation, immediate holding company,
subsidiaries, related companies and associates
(a) Amount due from ultimate holding corporation
Group
Amount due from ultimate holding corporation 2009
RM’000
2008
RM’000
115,101 –
The amount due from ultimate holding corporation is unsecured, interest free and have no fixed terms of repayment.
(b) Amount due from immediate holding company
Group
Amount due from immediate
holding company Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
179,415 193,167 87,470 96,909
152
statements
28.Amount due from ultimate holding corporation, immediate holding company,
subsidiaries, related companies and associates (cont’d.)
(b) Amount due from immediate holding company (cont’d.)
Included in the amount due from immediate holding company of the Group and of the Company are:
Group
Deposits paid for the purchase of land banks Deposit paid for a project Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
21,112 87,470 21,112
87,470 –
87,470 –
87,470
108,582 108,582 87,470 87,470
The amount due from immediate holding company is unsecured, interest free and have no fixed terms of repayment.
(c) Amount due from subsidiaries
Group
2009
RM’000
2008
RM’000
Amount due from subsidiaries Less: Provision for doubtful debts
68,327 (4,280) 66,515
(4,280)
64,047 62,235
The amount due from subsidiaries are unsecured, interest free and have no fixed terms of repayment.
(d) Amount due from related companies
Group
2009
RM’000
2008
RM’000
1
4
Amount due from related companies The amount due from related companies are unsecured, interest free and have no fixed terms of repayment.
153
28.Amount due from ultimate holding corporation, immediate holding company,
subsidiaries, related companies and associates (cont’d.)
(e) Amount due from associates
Group
Amount due from associates Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
240 240 239 239
The amount due from associates are unsecured, interest free and have no fixed terms of repayment.
29. Cash and cash equivalents
Group
Housing Development Accounts Sinking Fund Trust Account Fixed Income Trust Funds Cash on hand and at banks
Deposits with:
Licensed banks Licensed finance companies Cash and bank balances Bank overdrafts (Note 30)
Less: Fixed deposits pledged Cash and cash equivalents Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
3,840 139 16,662 25,722 2,913
75 –
43,082 –
–
–
19 –
–
–
144
68,408 25,000 51,679 18,868
–
–
–
–
139,771 (54,637) (9,857) 116,617 (63,679) (8,190)
19 (17,794) –
144
(13,608)
–
75,277 44,748 (17,775) (13,464)
The Housing Development Accounts are held pursuant to Section 7A of the Housing Development (Control and Licensing)
Act, 1966 and are restricted from use in other operations.
The Sinking Fund Trust Account is maintained in accordance with the provisions of the Trust Deed entered between a
subsidiary and the trustee.
Certain deposits of the Group with licensed banks and licensed finance companies:
(i)
Amounting to RM7,344,000 (2008: RM2,053,000), are held for the purpose of a subsidiary’s term loan repayment and
therefore restricted from use in other operations. The said deposits have been pledged for credit facilities granted to a
subsidiary as disclosed in Note 30.
(ii) Deposits with licensed banks of the Group amounting to RM505,000 (2008: RM505,000) have been pledged for credit
facilities granted to certain subsidiaries.
154
statements
29. Cash and cash equivalents (cont’d.)
The weighted average interest rates of deposits at the balance sheet date were as follows:
Group
Licensed banks Licensed finance companies 2009
%
2008
%
2.06 2.00 3.37
3.19
The average maturities of deposits at the end of the financial year were as follows:
Group
Licensed banks Licensed finance companies 30.Borrowings
Group
2009
Days
2008
Days
82 30 30
116
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
23,517 20,000 55,800 506 31,000 31,000 22,382 5,000 81,434 761 28,000
28,000
17,794 15,000 50,000 128 –
–
13,608
30,000
122
–
–
161,823 165,577 82,922 43,730
Unsecured:
Bank overdrafts Revolving credits 31,120 15,000 41,297
15,000
–
–
–
–
46,120 56,297
–
–
207,943 221,874 82,922 43,730
Short term borrowings
Secured:
Bank overdrafts Revolving credits Term loans Hire purchase payables (Note 33) Guaranteed Fixed Rate Term Loan Bai’ Bithaman Ajil Facility
155
30.Borrowings (cont’d.)
Long term borrowings
Secured:
Term loans Hire purchase payables (Note 33) Guaranteed Fixed Rate Term Loan Bai’ Bithaman Ajil Facility
Fixed Rate Serial Bonds
Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) Total borrowings
Bank overdrafts (Note 29) Revolving credits
Term loans Hire purchase payables (Note 33) Guaranteed Fixed Rate Term Loan Bai’ Bithaman Ajil Facility
Fixed Rate Serial Bonds Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) Maturity of borrowings (excluding hire purchase)
Within one year More than 1 year and less than 2 years More than 2 years and less than 5 years 5 years or more
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
184,000 423 71,000 61,000 594,411
189,574 203,824 875 99,000
89,000
576,664
186,885 30,000 168 –
–
–
–
80,000
297
–
–
–
–
1,100,408 1,156,248 30,168 80,297
54,637 35,000 239,800 929 102,000 92,000 594,411
189,574 63,679 20,000 285,258 1,636 127,000
117,000
576,664
186,885
17,794 15,000 80,000 296 –
–
–
–
13,608
–
110,000
419
–
–
–
–
1,308,351 1,378,122 113,090 124,027
227,026 191,968 439,018
449,410 240,457 188,414 357,190 590,425
82,794 30,000 –
–
43,608
50,000
30,000
–
1,307,422 1,376,486 112,794 123,608
156
statements
The weighted average effective interest rates per annum at the balance sheet date for borrowings excluding hire purchase
payables, were as follows:
Group
Bank overdrafts Revolving credits Term loans Guaranteed Fixed Rate Term Loan Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) Bai’ Bithaman Ajil Facility
Fixed Rate Serial Bonds (i)
2009
%
2008
%
7.12 5.50 4.94
7.68 6.19 8.75 7.23 7.27
5.50
5.22
7.73
6.19
8.75
7.23
The bank overdraft facilities are secured by way of:
(a) certain quoted shares of a subsidiary (Note 18), an associate (Note 19) and other investments (Note 20);
(b) certain development properties of the Group as disclosed in Note 16;
(c) certain investment properties (Note 17) of the Group;
(d) certain inventories of the Group (Note 24);
(e) corporate guarantees from the Company and a subsidiaries;
(f)
a negative pledge over a subsidiary company’s present and future fixed and floating assets; and
(g) certain deposits with licensed banks and licensed finance companies of the Group (Note 29).
(ii) Revolving credits are secured by way of first legal charge over certain inventories of the Group (Note 24).
(iii) Included in term loans are the following:
(a) RM80 million term loan facility granted by a licensed bank, which is secured by way of:
–
pledge under Memorandum of Deposit over certain quoted shares (Notes 18 and 19) of the Company; and
–
a first party first fixed charge over leasehold land together with the building erected thereon known as Plaza
Perangsang.
157
(iii) Included in term loans are the following (cont’d.):
(b) RM159.8 million term loan facility granted by a licensed bank, which is secured by way of:
–
fixed deposit of RM7.344 million under lien to CIMB Bank Berhad as disclosed in Note 29 (i);
–charge over the subsidiary’s Escrow Account and Debt Service Reserve Account;
–
debenture over the subsidiary’s assets;
–
third party debenture on the subsidiaries’ assets and undertakings;
–
assignment of all rights, benefits, contracts, insurance and undertaking of the subsidiaries;
–
third party first legal charge over subsidiaries’ 13 pieces of land situated at Bandar Bestari Jaya,
Batang Berjuntai Kuala Selangor owned by a subsidiary;
–
assignment of proceeds from the sale of the following:
–
–
347 acres of land in Mukim Plentong, Johor Bahru;
–
1,359 acres of land in MC5 and MC6, Mukim Dengkil; and
corporate Guarantee from the Company.
(c)The other term loans in previous year were secured by certain inventories of the Group (Note 24).
(iv) The Guaranteed Fixed Rate Term Loan and Bai’ Bithaman Ajil Facility raised by a subsidiary company are secured by
fixed and floating charges over the assets of the subsidiary company.
The Guaranteed Fixed Rate Term Loan and Bai’ Bithaman Ajil Facility are repayable in 16 semi-annual installments which
commenced in August 2005, 36 months after the first drawdown date.
158
statements
31.Fixed Rate Serial Bonds (“FRSB”)
Pursuant to the Trust Deed dated 18 April 2006, Titisan Modal (M) Sdn. Bhd. (“Titisan”) had issued FRSB at nominal value
of up to RM738 million as follows:
(a) first series on 28 April 2006 giving proceeds of RM8,549,000 and maturing on 28 April 2012 with a redemption value of
RM10,000,000 (coupon rate: 4%);
(b) second series on 28 April 2006 giving proceeds of RM37,080,000 and maturing on 28 April 2013 with a redemption
value of RM45,000,000 (coupon rate: 4%);
(c) third series on 28 April 2006 giving proceeds of RM71,307,000 and maturing on 28 April 2014 with a redemption value
of RM90,000,000 (coupon rate: 4%);
(d) fourth series on 28 April 2006 giving proceeds of RM72,219,000 and maturing on 28 April 2015 with a redemption value
(e) fifth series on 28 April 2006 giving proceeds of RM62,135,000 and maturing on 28 April 2016 with a redemption value
(f)
sixth series on 28 April 2006 giving proceeds of RM63,207,000 and maturing on 28 April 2017 with a redemption value
(g) seventh series on 28 April 2006 giving proceeds of RM67,410,000 and maturing on 28 April 2018 with a redemption
value of RM100,000,000 (coupon rate: 4%);
(h) eighth series on 28 April 2006 giving proceeds of RM71,170,000 and maturing on 28 April 2019 with a redemption value
(i)
ninth series on 28 April 2006, maturing on 28 April 2020 with a redemption value of RM83,000,000 (coupon rate: 5%);
and
(j)tenth series on 28 April 2006, maturing on 28 April 2021 with a redemption value of RM30,000,000 (coupon rate:
5%).
The FRSB is secured against the following:
(a) first charge by Titisan under a Memorandum of Deposit in favour of the security trustee or its nominees over 10,000,000
paid-up ordinary shares in Konsortium Abass Sdn. Bhd. (“Abass”) and 87,500,000 Redeemable Cumulative Preference
Shares (“RCPS”) in Abass;
(b) first charge by Titisan under a Memorandum of Deposit in favour of the security trustee or its nominees over 100,000
ordinary shares in Rangkai Aman Sdn Bhd (“RA”);
159
31.Fixed Rate Serial Bonds (“FRSB”) (cont’d.)
The FRSB is secured against the following (cont’d.):
(c) assignment by Titisan over dividend entitlement under the ordinary shares and RCPS in Abass in favour of the security
trustee. The scope of assignment herein shall exclude the interim dividend of 1543.21% declared by Abass in respect
of the RCPS for the financial period ending 31 December 2005 pursuant to the terms and conditions of the following
agreements:
(i)
Share Sale Agreement (relating to 100% equity interest in RA) between Y. Bhg. Dato’ Sulaiman Abu Bakar and Abu
Bakar Fikri bin Dato’ Sulaiman and Titisan dated 28 October 2005;
(ii) An Agreement for the Sale and Purchase of 25% equity interest in Abass between Chemical Waste Management
Sdn. Bhd. and Titisan dated 31 October 2005; and
(iii) Sale and Purchase of Shares in Abass between the Company and Titisan dated 28 October 2005.
(collectively referred to as the “Sale and Purchase Agreements”);
(d) assignment by Titisan over dividend entitlement under the ordinary shares in RA in favour of the security trustee;
(e) fixed and floating charge by way of debenture over all the present and future assets, rights and interest and undertakings
of Titisan;
(f)
first charge in favour of the security trustee over the Revenue Account and the Sinking Fund Account of Titisan;
(g) a contingent rights granted by Titisan in favour of the Security Trustee for the consolidation of Titisan and Abass, subject
to consent of applicable authorities;
(h) assignment of rights of Titisan under the sale and purchase agreement in relation to the 55% direct interest in Abass in
favour of the Security Trustee;
(i)
assignment of rights of Titisan under the sale and purchase agreement in relation to the 100% direct interest in RA in
favour of the Security Trustee; and
(j)
assignment of rights of Titisan under the share transfer agreement for the transfer of 45% equity interest in Abass.
The discount on FRSB is recognised in profit and loss as borrowing costs over the tenure of the FRSB’s series.
160
statements
32.Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”)
Pursuant to the Trust Deed dated 17 August 2006, Viable Chip (M) Sdn. Bhd. (“VCSB”) had issued RM50 million BaIDS A and
RM150 million BaIDS B based on the Islamic financing principle of Murabahah as follows:
(i)
The BaIDS A comprised 2 tranches, with total proceeds of RM46,515,753 and maturing on August 2011 and August
2012, with a total redemption value of RM50,000,000. The difference between the proceeds and face value of the
BaIDS is recognised as discount on BaIDS; and
(ii) The BaIDS B comprised 2 tranches, with total proceeds of RM134,239,240 and maturing on August 2013 and August
2014, with a total redemption value of RM150,000,000. The difference between the proceeds and face value of the
BaIDS is recognised as discount on BaIDS.
The BaIDS A are secured by the Guarantee issued under the Kafalah Facility.
The BaIDS B are secured by the following security arrangements:
(a) charge over the Syarikat Pengeluar Air Selangor Holdings Berhad’s (“SPLASH”) shares by VCSB;
(b) A first ranking charge over the designated accounts and over the permitted investments out of such accounts including
all monies standing to the credit of VCSB;
(c) A first ranking fixed and floating charge by way of debenture over all the present and future assets and undertakings of
VCSB; and
(d) Third party charge of the entire issued and paid-up share capital of VCSB by the Company.
The security arrangements from (a) to (d) above for the BaIDS B are shared on a pari passu basis as security for the Kafalah
Facility.
161
33. Hire purchase payables
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
540 280 190 835 565 382 141 141 32 141
141
174
1,010
(81)
1,782 (146) 314 (18) 456
(37)
Present value of hire purchase liabilities
929 1,636 296 419
Analysis of present value of finance
lease liabilities:
Not later than 1 year
Later than 1 year and not later than 2 years
Later than 2 years and not later than 5 years 506 255 168 761 527 348 128 136 32 122
129
168
929 (506) 1,636 (761) 296 (128) 419
(122)
423 875
168 297
Future minimum lease payments:
Not later than 1 year Later than 1 year and not later than 2 years Later than 2 years and not later than 5 years Less: Future finance charges Less: Due within 12 months (Note 30) Due after 12 months (Note 30) The hire purchase liabilities were charged interest of between 2.85% to 5.25% (2008: 2.50% to 5.25%) per annum.
34.Long term payables
Group
Long term payables The long term payables are unsecured, interest free and are repayable after 12 months.
2009
RM’000
2008
RM’000
26,245 36,547
162
statements
35. Employee benefits
(a) Retirement benefit obligations
The Company operates a funded, defined benefit retirement scheme, the “Kumpulan Perangsang Selangor Berhad
Retirement Scheme” (“the Scheme”) for its eligible employees. Contributions to the Scheme are made to a separately
administered fund. Under the Scheme, eligible employees are entitled to retirement benefits calculated by reference to
their length of service and earnings. Provision for retirement benefits is calculated based on the predetermined rate of
basic salaries and length of service of the employees.
During the previous financial year, the Company replaced its defined benefit plan for eligible employees with a four
percent increase in its EPF contribution to all eligible employees with effect from 1 January 2008.
The amounts recognised in the income statement are as follows:
Group and Company
2009
RM’000
2008
RM’000
Interest cost Expected return on plan assets
–
–
131
(56)
Total included in employee benefits expense (Note 8)
–
75
Movements in the net liability in the current year were as follows:
Group and Company
2009
RM’000
2008
RM’000
At 1 January Recognised in income statement (Note 8)
Contributions paid
–
–
–
500
75
(575)
At 31 December –
–
The principal actuarial assumptions used:
Group and Company
Expected return on plan assets
2009
%
2008
%
–
3.00
163
35. Employee benefits (cont’d.)
(b) Kumpulan Perangsang Selangor Berhad’s Employee Share Options Scheme (“KPS ESOS”)
The Kumpulan Perangsang Selangor Berhad’s Employee Share Options Scheme (“KPS ESOS”) is governed by the
amended by-laws approved by the shareholders at an Extraordinary General Meeting held on 15 June 2004. The KPS
ESOS was implemented on 30 July 2003 and is for a period of 5 years from the date of implementation, subject
however, to an extension at the discretion of the Option Committee for a period up to 5 years commencing from the
date of expiration of the original 5 year period. Subsequently, on 16 July 2008, the Option Committee has approved the
extension of KPS ESOS Scheme tenure for another 3 years commencing from 29 July 2008 until 29 July 2011.
The salient features of the KPS ESOS are as follows:
(i)
The total number of ordinary shares to be issued by the Company under the KPS ESOS shall not exceed 15% of
the total issued and paid-up ordinary shares of the Company, such that not more than 50% of the shares available
under the KPS ESOS is allocated, in aggregate, to directors and senior management.
(ii) Not more than 10% of the shares available under the KPS ESOS is allocated to any individual director or employee
who, either singly or collectively through his/her associates, holds 20% or more in the issued and paid-up capital
of the Company.
(iii) Only staff and directors of the Company, Hydrovest Sdn. Bhd., Konsortium Abass Sdn. Bhd., Cash Band (M)
Berhad, Perangsang Hotel and Properties Sdn. Bhd. and Brisdale International Hotel Sdn. Bhd. are eligible to
participate in the scheme. Executive directors are those involved in the day-to-day management and on the payroll
of the Company.
(iv) The options price under the KPS ESOS is the average of the mean market quotation of the shares of the Company
as quoted in the Daily Official List issued by Bursa Malaysia Securities Berhad for the five market days preceding
the offer date, or the par value of the shares of the Company of RM1, whichever is the higher.
(v) All share options granted are exercisable from the date of grant and have a contractual option term between three
to five years.
(vi) Share options granted under the KPS ESOS carry no dividend or voting rights. Upon exercise of the options, shares
issued rank pari passu in all respects with existingordinary shares of the Company.
164
statements
(b) Kumpulan Perangsang Selangor Berhad’s Employee Share Options Scheme (“KPS ESOS”) (cont’d.)
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share
options during the year:
2009
Grant date Expiry date 12 August 2003 27 February 2007
23 July 2007 26 July 2007 3 August 2007 17 July 2008 10 November 2008 5 May 2009
29 July 2011
29 July 2011 29 July 2011 29 July 2011 29 July 2011 29 July 2011 29 July 2011 29 July 2011 <------------------------------- Number of share options --------------------------->
Exercise As at As at
price 1.1.2009 Granted Terminated Exercised 31.12.2009
RM ‘000
‘000 ‘000 ‘000 ‘000
1.62 1.00 1.62 1.62 1.98
1.93 1.37 1.62
3,930 3,250
755 92
25
550
200
–
–
–
–
–
–
–
–
2,974 –
–
–
–
–
–
(200)
(223)
(150) –
–
(10) –
–
–
–
3,780
3,250
755
82
25
550
–
2,751
8,802 2,974 (423) (160) 11,193
WAEP
1.41 1.62 1.50 1.62 1.46
2008
Grant date Expiry date 12 August 2003 27 February 2007 29 March 2007 23 July 2007 26 July 2007
3 August 2007
17 July 2008
10 November 2008 29 July 2011 29 July 2011 29 July 2011 29 July 2011 29 July 2011
29 July 2011 29 July 2011 29 July 2011
<------------------------------- Number of share options --------------------------->
price 1.1.2008
Granted Terminated Exercised 31.12.2008
RM ‘000
‘000 ‘000 ‘000 ‘000
1.62 1.00
1.00 1.62 1.62 1.98 1.93 1.37 6,175 3,250
1,733
1,269 437
40
–
–
–
–
–
–
–
–
550
200
–
–
–
–
–
–
–
–
(2,245) –
(1,733)
(514) (345) (15)
–
–
3,930
3,250
–
755
92
25
550
200
12,904 750
–
(4,852) 8,802
WAEP 1.38 1.78 –
1.40 1.41
165
(b) Kumpulan Perangsang Selangor Berhad’s Employee Share Options Scheme (“KPS ESOS”) (cont’d.)
(i)
Share options exercised during the year
As disclosed in Note 43, share options exercised during the financial year resulted in the issuance of 160,000
(2008: 4,851,600) ordinary shares at a weighted average exercise price of RM1.62 (2008: RM1.40) per ordinary
shares. The related weighted average share price at the date of exercise was RM2.22 (2008: RM2.82).
(ii) Fair value of share options granted during the year
The fair value of share options granted during the year was estimated by an external valuer using a binomial model,
taking into account the terms and conditions upon which the options were granted. The fair value of share options
measured at grant date and the assumptions are as follows:
Fair value of share options at the following grant date (RM):
17 July 2008 10 November 2008 5 May 2009
Weighted average share price (RM) Weighted average exercise price (RM) Expected volatility (%) Expected life (year) Risk free rate (%) Expected dividend yield (%) 2009
2008
–
–
0.49 2.22 1.62 60.00 2.00 2.16 2.00 0.70
0.70
–
2.82
1.40
60.00
3.00
3.67- 3.79
6.30
The expected life of the share options is based on historical data and is not necessarily indicative of exercise
patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of
future trends, which may also not necessarily be the actual outcome. No other features of the option grant were
incorporated into the measurement of fair value.
166
statements
(c) Kumpulan Hartanah Selangor Berhad’s Employee Share Options Scheme (“KHSB ESOS”)
Kumpulan Hartanah Selangor Berhad (KHSB), a subsidiary company, implemented a KHSB ESOS on
21 December 2005 for a period of 5 years. The KHSB ESOS is governed by the by-laws which were approved by the
shareholders at the Extraordinary General Meeting on 15 June 2004.
The salient features of the KHSB ESOS are as follows:
(i)
The total number of ordinary shares to be issued by the KHSB under the KHSB ESOS shall not exceed 15% of the
total issued and paid-up ordinary shares of KHSB, such that not more than 50% of the shares available under the
KHSB ESOS is allocated, in aggregate, to Directors and senior management.
(ii) Not more than 10% of the shares available under the KHSB ESOS is allocated to any individual Director or employee
who, either individually or collectively through his/her associates, holds 20% or more in the issued and paid-up
capital of KHSB.
(iii) Any Director (both executive and non-executive Directors) of the KHSB Group (other than a company within the
Group which is dormant) or an employee of the KHSB Group who is employed full time and is on the payroll of the
KHSB Group (other than a company within the Group which is dormant), but does not include employees under
probation, are eligible to participate in the scheme, subject to the final decision of the Options Committee.
(iv) The option price under the KHSB ESOS is the average of the mean market quotation of the shares of KHSB as
quoted in the Daily Official List issued by Bursa Malaysia Securities Berhad, for the five market days preceding the
offer date, or the par value of the shares of KHSB of RM1, whichever is the higher.
(v) The options granted are exercisable from the date of grant and have a contractual option term of five years.
(vi) Options granted under the KHSB ESOS carry no dividend or voting rights. Upon exercise of the options, shares
issued rank pari passu in all respects with existing ordinary shares of KHSB.
167
(c) Kumpulan Hartanah Selangor Berhad’s Employee Share Options Scheme (“KHSB ESOS”) (cont’d.)
(vi) Options granted under the KHSB ESOS carry no dividend or voting rights. Upon exercise of the options, shares
issued rank pari passu in all respects with existing ordinary shares of KHSB (cont’d.).
The terms of share options outstanding as at the end of the financial year are as follows:
2009
Expiry
Grant date date 28.12.05 05.01.08 28.12.10
28.12.10 <----------------- Number of share options --------------->
price 1.1.2009 Granted Terminated 31.12.2009
RM
‘000 ‘000 ‘000 ‘000
1.00 1.00 38,085
2,347
–
–
(5,117) (840) 32,968
1,507
40,432
–
(5,957) 34,475
2008
Expiry
Grant date date 28.12.05 05.01.08 28.12.10 28.12.10 <----------------- Number of share options --------------->
price 1.1.2008 Granted Terminated 31.12.2008
RM
‘000 ‘000 ‘000 ‘000
1.00 1.00
38,161
–
–
2,662 (76) (315) 38,085
2,347
38,161
2,662 (391) 40,432
Fair value of share options granted in the previous year
The fair value of share options granted in the previous year was estimated by an external valuer using a binomial model,
taking into account the terms and conditions upon which the options were granted. The fair value of share options measured
at grant date and the assumptions are as follows:
2008
Fair value of share options at 5 January 2008 (RM):
Expected volatility (%) Expected life (years) Risk free rate of interest (%) 0.24
60.00
2.18
3.58
The expected life of the share options is based on historical data and is not necessarily indicative of exercise patterns that
may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may
also not necessarily be the actual outcome. No other features of the option grant were incorporated into the measurement
of fair value.
168
statements
36.Accrued lease rental
Group
2009
RM’000
2008
RM’000
(Restated)
20,148
–
–
15,589
At 1 January (restated) Addition during the year (Note 7) Less:
Payment made
Transfer to other payables (Note 40) 20,148 7,757 15,589
7,559
–
(3,000) (3,000)
–
At 31 December 24,905 20,148
The amount relates to accrued lease rental payable to the State Government, as stipulated in the Privatisation cum Concession
Agreement (“PCCA”) dated 9 December 2000.
37. Deferred membership income
Group
2009
RM’000
At 1 January New membership obtained during the year Amortisation recognised At 31 December 2008
RM’000
(Restated)
3,910 –
(1,781)
6,488
71
(2,649)
2,129
3,910
Membership fees received are in respect of golfing licence fees and non-golfing membership fees.
169
38. Deferred taxation
Group
2009
RM’000
2008
RM’000
(Restated)
(149,611) –
(155,702)
1,856
At 1 January (restated) Recognised in income statement (Note 10) (149,611) 6,303 (153,846)
4,235
At 31 December (143,308) (149,611)
Presented after appropriate offsetting as follows:
Deferred tax assets
Deferred tax liabilities 6,342 (149,650) 5,147
(154,758)
(143,308) (149,611)
The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as
follows:
Deferred tax liabilities of the Group:
Development Intangible properties assets RM’000 RM’000 Property,
plant and
equipment RM’000 Others
RM’000
(10,014) Total
RM’000
At 1 January 2009 Recognised in income
statement (28,594) (99,842) (16,308) 3,069 2,833 (794) At 31 December 2009 (25,525) (97,009) (17,102) (10,014) (149,650)
At 1 January 2008 Prior year adjustment
(29,855) –
(100,638) (2,040)
(15,269) –
(10,047) –
(155,809)
(2,040)
At 1 January 2008 (restated) Recognised in income
statement (29,855) (102,678) (15,269)
(10,047) (157,849)
1,261 2,836 (1,039) 33 3,091
At 31 December 2008 (28,594) (99,842) (16,308) (10,014) (154,758)
–
(154,758)
5,108
170
statements
38. Deferred taxation (cont’d.)
The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as
follows (cont’d.):
Deferred tax liabilities of the Group:
Accrued
rental RM’000 Provisions RM’000 Total
RM’000
At 1 January 2009 Recognised in income statement
5,036 1,189 111 6
5,147
1,195
At 31 December 2009 6,225 117 6,342
At 1 January 2008
Prior year adjustment –
3,896 107 –
107
3,896
At 1 January 2008 (restated) Recognised in income statement 3,896 1,140 107 4
4,003
1,144
At 31 December 2008 5,036 111 5,147
Deferred tax assets have not been recognised in respect of the following items:
Group
Unutilised tax losses Unabsorbed capital allowances Other deductible temporary differences Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
25,149 84,784 16,213 22,700 150,943 13,478 8,739 3,323 8,355
2,779
2,108
6,901
126,146 187,121 20,417 11,788
The unutilised tax losses and unabsorbed capital allowances of the Group and of the Company are available for offsetting
against future taxable profits subject to no substantial changes in shareholdings under the Income Tax Act, 1967 and
guidelines issued by the tax authority.
171
39. Trade payables
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
Trade payables Progress billings in respect of
property development costs Provision for future costs to complete 185,889 200,325 3,169 5,316
94,258 220,688 87,188
134,627
–
–
–
–
500,835 422,140 3,169 5,316
The normal trade credit terms granted to the Group range from 30 to 120 days (2008: 30 to 120 days).
40. Other payables
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
Accruals Advances Accrued lease rental (Note 36)
Sundry payables 36,247 4,051 3,000
39,751
34,812 5,552
–
53,565
1,895 –
–
66 2,018
–
–
246
83,049
93,929 1,961 2,264
172
statements
41.Amounts due to immediate holding company, subsidiaries, related companies
and an associate
Group
(a)
(b)
(c)
(d)
Amount due to immediate holding company
Amount due to subsidiaries
Amount due to related companies
Amount due to an associate
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
6,040
–
147
1,495
520
–
147
1,276
4,854
139,618
44
–
–
117,334
44
–
7,682
1,943
144,516
117,378
Amount due to immediate holding company, subsidiaries, related companies and an associate are unsecured, interest free and
have no fixed terms of repayment except for advances from subsidiaries amounting to RM6,000,000 (2008: RM6,000,000),
which bears interest of 5% (2008: 5%) per annum.
42. Provision
Group
2009
RM’000
2008
RM’000
At 1 January
Utilised during the year
13,526
14,855
At 31 December
13,476
(50)
(1,329)
13,526
Provision of the Group represents provision for liquidated damages in respect of projects undertaken by certain subsidiaries.
The provision is recognised for expected liquidated and ascertained damages claims based on the terms of the applicable
sale and purchase agreements.
173
43. Share capital
Number of ordinary
shares of RM1 each
Authorised:
At 1 January/31 December
Issued and fully paid:
At 1 January
Ordinary shares issued pursuant to KPS ESOS
(Note 35(b))
At 31 December
Amount
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
1,000,000
1,000,000
1,000,000
1,000,000
475,664
470,812
475,664
470,812
160
4,852
160
4,852
475,824
475,664
475,824
475,664
During the financial year, the Company increased its issued and paid-up ordinary share capital from RM475,663,760 to
RM475,823,760 by way of the issuance of 160,000 ordinary shares of RM1 each for cash pursuant to the Company’s
Employee Share Options Scheme at a weighted average exercise price of RM1.62 per ordinary shares.
The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares
of the Company.
44. Share premium
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
At 1 January
Issue of ordinary shares pursuant to exercise of
KPS ESOS
Share options exercised under KPS ESOS
34,129
31,054
34,129
31,054
99
–
1,939
1,136
99
–
1,939
1,136
At 31 December
34,228
34,129
34,228
34,129
174
statements
45. Other reserves
General
reserve
Revaluation
reserve
Capital
reserve
RM’000
Fair value
adjustments
on an earlier
piecemeal
acquisition
RM’000
Fair value
adjustments
on
previously
held
interest in
subsidiaries
RM’000
RM’000
Total
RM’000
At 1 January 2009
Share options granted under KPS
ESOS (Note 8)
8,000
127,367
30,243
723
166,333
–
–
–
1,790
1,790
At 31 December 2009
8,000
127,367
30,243
2,513
168,123
At 1 January 2008
Share options granted under KPS
ESOS (Note 8)
Share options granted under KHSB
ESOS
Share options exercised under KPS
ESOS
8,000
127,367
30,243
1,310
166,920
–
–
–
196
196
–
–
–
353
353
–
–
–
At 31 December 2008
8,000
127,367
30,243
723
General
reserve
Share
options
reserve
RM’000
RM’000
RM’000
At 1 January 2009
Share options granted under KPS ESOS
– recognised in income statement (Note 8)
– included in investment in a subsidiary
8,000
370
8,370
–
–
674
1,116
674
1,116
At 31 December 2009
8,000
2,160
10,160
At 1 January 2008
Share options granted under KPS ESOS (Note 8)
Share options exercised under KPS ESOS
8,000
–
–
1,310
196
(1,136)
9,310
196
(1,136)
At 31 December 2008
8,000
370
8,370
Group
Company
Share
options
reserve
(1,136)
(1,136)
166,333
175
46. Retained earnings
Prior to the year of assessment 2008, Malaysian companies adopted the full imputation system. In accordance with the
Finance Act 2007 which was gazetted on 28 December 2007, companies shall not be entitled to deduct tax on dividend paid,
credited or distributed to its shareholders, and such dividends will be exempted from tax in the hands of the shareholders
(“single tier system”). However, there is a transitional period of six years, expiring on 31 December 2013, to allow companies
to pay franked dividends to their shareholders under limited circumstances. Companies also have an irrevocable option to
disregard the Section 108 of the Income Tax Act, 1967 balance (“S.108 balance”) and opt to pay dividends under the single
tier system. The change in the tax legislation also provides for the S.108 balance to be locked-in as at 31 December 2007 in
accordance with Section 39 of the Finance Act 2007.
The Company did not elect for the irrevocable option to disregard the S.108 balance. Accordingly, during the transitional
period, the Company may utilise the credit in the S.108 balance as at 31 December 2009 to distribute cash dividend payments
to ordinary shareholdings as defined under the Finance Act 2007. As at 31 December 2009, the Company has tax exempt
profits available for distribution of approximately RM69,540,000 (2008: RM69,540,000), subject to the agreement of the
Inland Revenue Board. The Company has sufficient tax credit in the S.108 balance and the balance in the tax exempt income
account to pay franked dividends amounting to RM222,804,000 (2008: RM228,670,000) out of its retained earnings. If the
balance of the retained earnings of RM97,650,000 (2008: RM245,336,000) were to be distributed as dividends, the Company
may distribute such dividends under the single tier system.
47. Capital commitments
Group
Capital expenditure
Approved but not contracted for:
Purchase of land
Concession assets
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
2,200
7,520
4,949
2,200
7,520
4,600
2,200
–
–
2,200
–
–
14,669
14,320
2,200
2,200
176
statements
47. Capital commitments (cont’d.)
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
3,000
3,000
–
–
40,000
280,000
33,000
290,000
–
–
–
–
323,000
326,000
–
–
337,669
340,320
2,200
2,200
Operating lease
Operating lease rental on the rights to use
the Existing Facilities payable
– not later than one year
– later than one year and not later than
five years
– later than five years
The existing facilities refer to the Sungai Semenyih Water Supply Scheme which consist of the Sungai Semenyih Dam,
Intakes, Water Treatment Plant and Water Transfer Facilities (“Existing Facilities”).
In consideration for the use of the Existing Facilities, Konsortium Abass Sdn. Bhd., a subsidiary company, shall pay to the
Selangor State Government an agreed annual rental fee over the duration of the concession period of 30 years.
48. Contingent liabilities
Group
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
5,860
5,860
5,860
5,860
39,676
35,857
–
–
513
7,852
415
18,338
513
–
415
–
(i) Secured:
(a) Guarantees to secure banking and
other credit facilities of an associate
amounting to RM11,960,000 (2008:
RM11,960,000)
(b) Foreclosure proceedings taken by a
financial institution in respect of a third
party charge granted by subsidiary on a
piece of land
(ii)Unsecured:
Performance guarantees to third parties
Other claims filed against the Group
177
48. Contingent liabilities (cont’d.)
(iii) A third party has filed an action alleging that a subsidiary’s termination of the joint venture agreement and the agreements
ancillary thereto (“JVA”) due to the third party’s breach of four (4) fundamental conditions of the JVA was wrongful and
claimed for the transfer of the ownership of the said land to the third party, damages to be assessed and the loss of
profits of approximately RM350 million. The subsidiary has filed its defence and made a counter claim against the third
party for the said four (4) fundamental breaches of the JVA by the third party and claiming amongst others, for the return
of vacant possession of the said land, damages in the sum totalling to approximately RM399 million and an indemnity
against all claims in the foreclosure proceedings as stated in Note 48(i)(b) above. A third party has filed an application
to set aside the Ad-Interim injunction obtained in favour of the subsidiary. The hearing of the cases for all interlocutory
application will be fixed by the court accordingly.
The directors are of the view that the likelihood of the crystallisation of liabilities arising from the above claims are remote
and therefore no provisions have been made in the financial statements.
49. Significant related party disclosures
(a) In addition to related party disclosures mentioned elsewhere in the financial statements, the Group and the Company
had the following transactions with related parties during the financial year:
2009
RM’000
2008
RM’000
8,876
8,660
1,808
1,700
5,353
4,577
24
24
9,071
38,968
36
243
Group
Sale of goods to a subsidiary company of a corporate shareholder:
– Sungai Harmoni Sdn Bhd
Management fees paid to immediate holding company:
– Kumpulan Darul Ehsan Berhad
Purchase of goods from an associated company
– Chemindus Sdn. Bhd.
Management fees charged to immediate holding company:
Construction cost incurred with Cekal Tulin Development
Sdn. Bhd.
Interest charged to immediate holding company
178
statements
49. Significant related party disclosures (cont’d.)
(a) In addition to related party disclosures mentioned elsewhere in the financial statements, the Group and the Company
had the following transactions with related parties during the financial year (cont’d.):
2009
RM’000
2008
RM’000
580
658
63
195
594
658
62
191
24
24
24
24
12
12
180
24
24
12
12
180
149
149
1,024
1,024
201
7
35
18
28
8
3
–
Company
Rental income
(i)
Subsidiaries
– Kumpulan Hartanah Selangor Berhad
– Perangsang Hotel and Properties Sdn. Bhd.
– Hydrovest Sdn. Bhd.
– Konsortium Abass Sdn. Bhd.
Management fees received
(i) Immediate holding company
(ii)
Subsidiaries
– Hydrovest Sdn. Bhd.
– SAP Holdings Berhad
– Central Spectrum (M) Sdn. Bhd.
– Konsortium Abass Sdn. Bhd.
Interest income received
– Titisan Modal (M) Sdn. Bhd.
Management fees paid to immediate holding company
Interest expenses paid to a subsidiary
– Titisan Modal (M) Sdn. Bhd.
Interest expenses charged by subsidiaries
– Brisdale International Hotel Sdn. Bhd.
– Central Spectrum Sdn. Bhd.
179
49. Significant related party disclosures (cont’d.)
(b) Compensation of key management personnel
The remuneration of directors and other members of key management during the year was as follows:
Group
Salaries, wages and bonuses
Fees
Defined contribution plan
Other employee benefits
Share options granted under KPS ESOS
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
5,369
1,032
733
800
329
6,186
1,282
794
652
196
1,006
294
171
244
329
1,263
342
215
411
196
8,263
9,110
2,044
2,427
Included in the total key management personnel are:
Group
Directors’ remuneration (Note 9)
Company
2009
RM’000
2008
RM’000
2009
RM’000
2008
RM’000
4,939
4,874
1,639
1,944
Directors of the Group and the Company and other members of key management have been granted the following
number of options under the Kumpulan Perangsang Selangor Berhad’s Employee Share Options Scheme (“KPS ESOS”):
Group
At 1 January
Granted
Terminated
Exercised
At 31 December
Company
2009
’000
2008
’000
2009
’000
2008
’000
5,800
7,183
5,000
5,983
–
(200)
–
5,600
750
–
(2,133)
5,800
–
(200)
–
4,800
750
–
(1,733)
5,000
The share options were granted on the same terms and conditions as those offered to other employees of the Group.
180
statements
50. Significant events
(a) Konsortium Abass Sdn Bhd (“Abass”), a wholly owned subsidiary of Titisan Modal (M) Sdn. Bhd. (“TMSB”), which is
in turn held 55% by the Company had received the Letter of Offer dated 13 February 2009 from the Selangor State
Government in respect of the taking over of the water assets and operations of Abass for RM525,666,000 (“Offer”).
The offer price is based on the valuation of the water assets of Abass (using Capitalised Value) as at 31 December 2007.
The offer price is based on cash value and payment to be made by taking over all water assets and operations without
any liabilities to be assumed by the Selangor State Government.
On 20 February 2009, Abass has replied to the Selangor State Government on the Offer that its Board of Directors and
the Board of Directors of the TMSB are unable to accept the Offer.
Abass has requested to negotiate with the Selangor State Government on a revised offer, on a willing buyer-willing
seller basis, after taking into consideration all stakeholders’ interest.
On 25 June 2009, Abass received a Second Letter Offer dated 25 June 2009 from the Selangor State Government in
respect of the taking over of the water assets and operations of Abass for RM946 million (“Second Offer”). The second
offer price comprise of equity value, asset value and water related liabilities of Abass as at 30 June 2009.
On 29 June 2009, Abass has replied to the Selangor State Government that its Board of Directors and the Board of
Directors of the Titisan in principle accept the Second Offer.
The acceptance of the Second Offer is subject to the approval of the relevant authorities, the consent of bondholders
and lenders of Abass and Titisan and the approval of the shareholders of Abass, Titisan and KPS, if required.
On 30 November 2009, the Selangor State Government vide its letter informed Abass that it was unable to proceed
with the Selangor State Government offer to Abass due to the inability of Syarikat Bekalan Air Selangor Sdn. Bhd. and
Puncak Niaga (M) Sdn. Bhd. to accept the Selangor State Government offer to them. As such, The Selangor State
Government had considered the offer to Abass dated 25 June 2009 deemed lapsed and of no effect.
The Company is 60% owned by Kumpulan Darul Ehsan Berhad (“KDEB”) which in turn is controlled by the Selangor
State Government via Menteri Besar Incorporated. Accordingly, KDEB/the Company’s nominated directors in TMSB and
Abass respectively have abstained from deliberation and making decision in respect of the Offer in view of the Selangor
State Government’s interest in KDEB.
(b) Transfer of a subsidiary, KHSB Properties Sdn. Bhd.
On 2 November 2009, 500,000 ordinary shares of RM1 each representing the entire issued and paid-up share capital of
KHSB Properties Sdn. Bhd. held by SAP Holdings Berhad, a subsidiary of the Company had been transferred to KHSB
for a cash consideration of RM1.
181
50. Significant events (cont’d.)
(c) Assignment of debt
On 3 November 2009, KHSB had entered into the Assignment of Debt Agreement (“ADA”) with State Government of
Selangor Darul Ehsan (“State”) and Talam Corporation Berhad (“Talam”) whereas:
(i) Talam is indebted to KHSB and/or its subsidiaries for the principal amount of RM115,101,407 (“Debt”) which is
evidenced by a confirmation of debt dated 3 November 2009,
(ii) KHSB wishes to grant, assign, transfer and set over unto the State its entire right, title and interest in and to the
Debt upon the terms and conditions contained in the ADA,
Therefore the ADA witnesses that in consideration of the premises and the mutual promises, covenants, conditions,
representations and warranties hereinafter contained and the sum of RM10 paid by the State to KHSB, the receipt of
which is acknowledged, and subject to the terms and conditions as set out in ADA.
(d) Proposed disposal, proposed arrangement and proposed joint venture
On 9 November 2009, KHSB had entered into the following agreements with the Company:
(i) a share sale agreement for the disposal of 40% equity interest in KHSB Properties Sdn. Bhd. (“KHSB Properties”),
comprising of 200,000 ordinary shares of RM1 each to the Company, for a consideration of RM1.
(ii) a sub-lease agreement whereby the Company has agreed to sub-lease all its rights to KHSB Properties to
undertake mining operations on the land held under Lot 8527, Mukim Tanjung Duabelas, Daerah Kuala Langat,
Negeri Selangor Darul Ehsan (“Mining Operation”).
(iii) a joint venture agreement for the purpose of KHSB Properties to undertake the Mining Operation.
(e) Memorandum of Agreement in relation to the distribution of a specific grant provided by the ultimate holding corporation,
Menteri Besar Incorporation to a subsidiary
On 30 December 2009, a subsidiary of the Company, Kumpulan Hartanah Selangor Berhad (“KHSB”) had entered
into the Memorandum of Agreement (“MOA”) with Menteri Besar Incorporated (“MBI”) on behalf of the State
Government of Selangor (“State”) whereby MBI has agreed to provide KHSB a specific grant for the principal amount
of RM115,101,407 (“Grant”).
The salient terms of the MOA are as follows:
(i) MBI shall distribute the Grant to KHSB on behalf of the State in order to ease KHSB’s burden. The Grant may
include the transfer and/or alienation of State owned lands at no cost to KHSB.
(ii) KHSB may forward all claims made by the State to MBI and MBI undertakes to immediately pay on behalf of KHSB
the applicable sums provided always the payments made forming the Grant collectively does not exceed the value
of the Grant.
182
statements
(e) Memorandum of Agreement in relation to the distribution of a specific grant provided by the ultimate holding corporation,
Menteri Besar Incorporation to a subsidiary (cont’d.)
(iii) For purposes of the MOA, a waiver by the State of:
–any land revenue, being sum due or which shall become due to the State, on account of any premium or
rent payable in respect of alienated land, or under any license or permit relating to land, and fees of any kind
chargeable under the National Land Code, 1965 (“Land Code”) (“Land Revenue”); or
–any rent, being annual sum payable to the State by way of rent, any other annual payment due to the State
which by any written law is to be collected as if it were rent or Land Revenue and any fee due to the State in
respect of arrears of rent by virtue of rules under the Land Code;
procured by MBI for the benefit of KHSB shall constitute as MBI discharging its obligations contained in the MOA
and shall form part of the Grant.
(iv) The Grant shall not constitute a loan by MBI to KHSB and there shall be no repayment obligations on the part of
KHSB.
(v) The MOA shall continue in full force and effect until the complete satisfaction of the Grant in favour of KHSB and/
or its subsidiaries.
(vi) The MOA is intended to have legal effect and bind the parties to the extent and in relation to the performance of
their respective responsibilities, obligations and undertakings as set out in the MOA.
(f)
Significant sales during the year
(i)
Sale of land to Vibrant Domain Sdn. Bhd. (“VDSB”)
On 7 July 2009, SAP Holdings Berhad (“SAP”), a subsidiary of KHSB had entered into a SPA with VDSB to sell a
piece of land held under on part of PN 24391, Lot No. 22527, Bandar Kundang, Daerah Gombak, Negeri Selangor
Darul Ehsan measuring 78.8 acres of land (Plot 1) for a total consideration of RM4,176,400.
The SPA is conditional upon SAP obtaining the consent to transfer and issuance of the Individual Subdivided
Documents of Title from the relevant State Authority.
(ii) Sale of land to Inai Kiara Sdn. Bhd. (“IKSB”)
On 22 July 2009, a subsidiary of KHSB, Central Spectrum (M) Sdn. Bhd. had entered into a Sale & Purchase
Agreement (“SPA”) with IKSB to sell the industrial lot, on part of PN7942, Lot No. 74082, Section 11, Pulau Indah,
Negeri Selangor Darul Ehsan measuring approximately net area of 78.55 acres of land for a total consideration of
RM18,819,983.
183
(f)
Significant sales during the year (cont’d.)
(iii) Sale of land to Summit Streams Sdn. Bhd. (“SSSB”)
On 31 July 2009, Yayasan Selangor had entered into a SPA on behalf of SAP Ulu Yam Sdn. Bhd., an indirect
subsidiary of KHSB with SSSB to sell a piece of leasehold land held under part of HS(D) 4104, PT No. 2731, Mukim
Hulu Yam, Daerah Kuala Selangor, Negeri Selangor Darul Ehsan, measuring approximately 72.366 hectares of land,
for a consideration of RM4,827,600.
(iv) Sale of land to Topaz Best Sdn. Bhd. (“TBSB”)
On 3 August 2009, SAP Holdings Berhad (“SAP”), a subsidiary of KHSB had entered into a SPA with TBSB to sell
a piece of land held under on part PN 24391, Lot No. 22527, Bandar Kundang, Daerah Gombak, Negeri Selangor
Darul Ehsan measuring 77.8 acres of land (Plot 2) for a total consideration of RM4,123,400.
The SPA is conditional upon SAP obtaining the consent to transfer and the issuance of Individual Subdivided
Documents of Title from the relevant State Authority.
(v) Sale of land to B&G Capital Resources Berhad (“B&G”)
On 10 November 2009, Templer Park Golf & Resort Berhad, an indirect subsidiary of KHSB had entered into a SPA
with B&G to sell a piece of land known as Phase 3D and 2C in Pekan Templer, Daerah Gombak, Negeri Selangor
Darul Ehsan measuring approximately 5.19 acres of land for a total consideration of RM4,628,000.
On 10 November 2009, Templer Park Equestrian Centre Sdn. Bhd., an indirect subsidiary of KHSB had entered into
a SPA with B&G to sell a piece of land known as Phase 4D in Pekan Templer, Daerah Gombak, Negeri Selangor
Darul Ehsan measuring approximately 4.66 acres of land for a total consideration of RM7,971,000.
51. Subsequent event
On 15 March 2010, SAP Holdings Berhad (“SAP”), a subsidiary of KHSB had entered into a SPA with the Company for the
disposal of a three storey office building with a basement car park known as Wisma SAP held under HSM 16799, 16800,
16801 & 16802 and PT 28955, 28956, 28957 & 28958 respectively, located in Tempat Bandar Baru Selayang, Mukim Batu,
Negeri Selangor Darul Ehsan on an “as is where is” basis for a total consideration of RM7 million.
52.Financial instruments
(a)Financial risk management objectives and policies
The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for the
development of the Group’s businesses whilst managing its foreign exchange risks, liquidity risk, interest rate risks and
credit risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. It
is, and has been throughout the year under review, the Group’s policy that no trading in derivative financial instruments
shall be undertaken.
184
statements
52.Financial instruments (cont’d.)
(b)Foreign exchange risk
The Group is exposed to transactional currency risk primarily through sales and purchases that are denominated in a
currency other than the functional currency of the operations to which they relate. The currencies giving rise to the risk
are primarily United States Dollar (USD) and Pound Sterling (£). Foreign exchange exposures in transactional currencies
other than functional currencies of the operating activities are kept to an acceptable level.
(c)Liquidity risk
The Group manages its debt maturity profile, operating cash flows and the availability of funding so as to ensure that
refinancing, repayment and funding needs are met. As part of its overall liquidity management, the Group maintains
sufficient levels of cash to meet its working capital requirements. In addition, the Group strives to maintain available
banking facilities at a reasonable level to its overall debt position. As far as possible, the Group raises committed funding
from both capital markets and financial institutions and balances its portfolio with some short term funding so as to
achieve overall cost effectiveness.
(d) Interest rate risk
The Group’s income and operating cash flows are substantially independent of changes in market interest rates.
Interest rate exposures arise from the Group’s borrowings and deposit. The Group managers its interest rate exposure
by maintaining a fixed rate borrowings.
It is the Group’s policy not to trade in interest rate swap agreements.
The following tables set out the carrying amounts, the weighted average effective interest rates (WAEIR) as at the
balance sheet date and the remaining maturities of the Group’s financial instruments are as follows:
Note
Within 1
WAEIR
Year
% RM’000
1-2
Years
RM’000
2-3
Years
RM’000
3-4
Years
RM’000
4-5
Years
RM’000
More
than
5 Years
RM’000
Total
RM’000
At 31 December 2009
Group
Fixed rate
Guaranteed Fixed Rate
Term Loan
Bai’ Bithaman Ajil Facility
Bai’ Bithaman Ajil Islamic
Debts Securities
(“BaIDS”)
30
30
7.68
8.75
31,000
31,000
28,000
28,000
29,000
28,500
14,000
4,500
–
–
–
–
102,000
92,000
30
30
6.19
7.23
–
–
19,588
–
28,968
10,000
71,194
45,000
69,824
90,000
–
449,411
189,574
594,411
185
(d) Interest rate risk (cont’d.)
Note
Within 1
WAEIR
Year
% RM’000
1-2
Years
RM’000
2-3
Years
RM’000
3-4
Years
RM’000
4-5
Years
RM’000
More
than
5 Years
RM’000
Total
RM’000
At 31 December 2008
Group (cont’d.)
Fixed rate
Guaranteed Fixed Rate
Term Loan
Bai’ Bithaman Ajil Facility
Bai’ Bithaman Ajil Islamic
Debts Securities
(“BaIDS”)
30
30
7.68
8.75
28,000
28,000
28,000
28,000
28,000
28,000
29,000
28,500
14,000
4,500
–
–
127,000
117,000
30
30
6.19
7.23
–
–
–
–
19,344
–
28,590
10,000
70,190
45,000
68,761
521,664
186,885
576,664
(e) Credit risk
Credit risks, or the risk of counterparties defaulting, is controlled by the application of credit approvals, limits and
monitoring procedures. Credit risks are minimised and monitored via strictly limiting the Group’s associations to business
partners with high creditworthiness. Trade receivables are monitored on an ongoing basis via Group management
reporting procedures.
The Group and the Company’s credit risk exposure is disclosed in Notes 23 and Note 26.
(f)Fair value
The carrying amounts of financial assets and liabilities of the Group and the Company at the balance sheet date
approximated their fair values except for the following:
Group
Note
Carrying
amount
RM’000
Fair value
RM’000
23
27,872
24,552
23
34,097
31,572
Financial assets
At 31 December 2009
At 31 December 2008
186
statements
(f)Fair value (cont’d.)
Group
Note
Carrying
amount
RM’000
Fair value
RM’000
34
26,245
20,662
34
36,547
33,746
Financial Liabilities
At 31 December 2009
Long term payables
At 31 December 2008
Long term payables
In assessing the fair value of financial instruments, the Group uses a variety of methods and makes assumptions that
are based on market conditions existing at each balance sheet date. The fair value of publicly traded securities is based
on quoted market prices at the balance sheet date. Quoted market prices of specific or similar instruments are used for
long term debt. The fair value of financial liabilities is estimated by discounting the future contractual cash flows at the
current market interest rate available to the Group for similar financial instruments.
The face values of financial assets and liabilities with a maturity period of less than one year are assumed to reflect their
fair values.
53. Prior year adjustment
During financial year ended 31 December 2009, there has been an under accrual of state lease rental expense in a subsidiary
company due to differences in the method applied to charge the lease rental as compared to the requirement of FRS 117:
Lease.
The following adjustments relating to the prior year financial statements of the Group were identified during the current year
and were accounted for retrospectively by way of prior year adjustment.
187
53. Prior year adjustment (cont’d.)
Group
2009
RM’000
2008
RM’000
Effect on retained earnings:
At 1 January, as previously stated
Effects of prior year adjustment
237,982
(4,302)
250,347
(2,422)
At 1 January, as restated
Profit/(loss) for the year (restated)
233,680
72,224
247,925
(171)
Dividends (Note 12)
305,904
(14,275)
247,754
(14,074)
At 31 December, as restated
291,629
233,680
Effect on minority interest:
At 1 January, as previously stated
138,453
(3,521)
153,031
(1,982)
At 1 January, as restated
Share options granted under KHSB ESOS
Disposal of interest in a subsidiary
Profit/(loss) for the year (restated)
134,932
–
200
(4,989)
55,731
151,049
272
–
(2,116)
(14,273)
At 31 December, as restated
185,874
134,932
Effect on profit for the year:
Profit/(loss) before the change in the method of lease rental charged
131,523
(3,568)
(11,025)
(3,419)
127,955
(14,444)
Comparative amounts for cost of sales, income tax expenses, concession rights, goodwill on consolidation, deferred tax
liabilities and accrued lease rental of the Group as at 31 December 2008 have been restated, as disclosed in Note 54 to
conform with the effect of the prior year adjustment which have been applied retrospectively.
188
statements
54. Comparatives
The presentation and classification of items in the current year financial statements have been consistent with the previous
year except that certain comparative amounts have been adjusted as a result of the prior year adjustment as disclosed in
Note 53.
As previously
stated
RM
Reclassification
RM
Adjustment
RM
Restated
RM
147,263
11,437
–
–
4,559
(1,140)
151,822
10,297
349,290
131,595
152,607
–
–
–
–
–
7,288
2,041
(2,996)
20,148
356,578
133,636
149,611
20,148
Group
Income statement
Cost of sales
Income tax expenses
Balance sheet
Concession rights
Deferred tax liabilities
Accrued lease rental
55. Segmental information
The primary segment reporting format is determined to be business segments as the Group’s risks and rates of return are
affected predominantly by differences in the products and services produced. The Group do not have a secondary reporting
format as the Group operates only in Malaysia.
Segment revenues and expenses are those directly attributable to the segments and include any joint revenue and expenses
where a reasonable basis of allocation exists. Segment assets include all assets used by a segment and consist principally of
property, plant and equipment, net of accumulated depreciation, land held for property development, property development
costs, receivables, inventories and deposits, cash and bank balances.
Segment assets and liabilities do not include income tax assets and liabilities.
The Group is organised into six main business segments:
•
•
•
•
•
•
Investment holding
Property development and management
Infrastructure and utilities
Trading
Hospitality
Golf club and recreation facilities
Other operations of the Group mainly comprise management and consultancy services which is not of a sufficient size to be
reported separately.
189
55. Segmental information (cont’d.)
Property
development
Investment
and Infrastructure
holding management
and utilities
RM’000
RM’000
RM’000
Trading
RM’000
Golf club
and
recreational
Hospitality
facilities
RM’000
RM’000
Others Consolidated
RM’000
RM’000
2009
Revenue
External revenue
Operating (loss)/
profit
Finance costs
Share of profit of
associates
6,021
(16,164)
125,123
139,616
35,094
30,377
8,814
90,944
77,143
2,337
138
114
24
345,069
(2)
154,510
(99,314)
61,614
Profit before tax
and zakat
Income tax and
zakat
116,810
11,145
Profit after tax and
zakat
Minority interests
127,955
(55,731)
Profit for the year
attributable
to equity holders
of the Company
72,224
Segment assets
435,153
1,187,931
972,140
19,977
23,458
177,358
9,649
Investment in
associates
Unallocated assets
448,285
13,812
Total assets
Segment liabilities
2,825,666
3,287,763
(10,028)
(576,352)
(50,155)
(8,412)
(8,139)
(5,226)
(9)
(658,321)
Unallocated
liabilities
(1,473,764)
Total liabilities
(2,132,085)
Capital expenditure
Depreciation and
amortisation
1,845
417
457
110
3,398
173
–
6,400
4,012
990
1,036
209
4,633
1,678
–
12,558
190
statements
55. Segmental information (cont’d.)
Property
development
Investment
and Infrastructure
holding management
and utilities
RM’000
RM’000
RM’000
Trading
RM’000
Golf club
and
recreational
Hospitality
facilities
RM’000
RM’000
Others Consolidated
RM’000
RM’000
2008
Revenue
External revenue
Operating (loss)/
profit
Finance costs
Share of profit of
associates
Share of profit of a
joint venture
5,745
92,358
136,065
33,271
30,176
8,187
25
305,827
(14,087)
(26,561)
82,187
1,351
2,033
387
(5)
45,305
(106,277)
56,279
546
Loss before tax and
zakat
Income tax and
zakat
(10,297)
Loss after tax and
zakat
Minority interest
(14,444)
14,273
Loss for the year
attributable
to equity holders
of the Company
(171)
Segment assets
(4,147)
449,893
1,084,882
980,508
21,942
20,492
178,915
9,655
Investment in
associates
Unallocated assets
434,446
3,834
Total assets
Segment liabilities
2,746,287
3,184,567
(7,624)
(513,694)
(45,772)
(10,163)
(7,983)
(6,903)
(4)
(592,143)
Unallocated
liabilities
(1,547,686)
Total liabilities
(2,139,829)
Capital expenditure
Depreciation and
amortisation
721
481
986
287
3,660
180
–
6,315
4,047
1,264
1,371
219
4,388
1,761
–
13,050
191
ANALYSIS OF SHAREHOLDINGS
ANALISA PEGANGAN SAHAM
as at 30 April 2010/pada 30 April 2010
A. Authorised share capital
Modal saham dibenar Issued and paid-up share capital
Modal saham diterbitkan dan dibayar
Class of shares
Kelas saham
: RM1,000,000,000.00
: RM475,823,760
: Ordinary shares of RM1.00 each
: Saham biasa RM1.00 sesaham
B. ANALYSIS BY SIZE OF SHAREHOLDINGS
ANALISA MENURUT SAIZ PEGANGAN
Size Of
No. Of
Shareholdings
Shareholders
Saiz
Bilangan
Pegangan
Pemegang Saham
% Of Shareholders
% Pemegang
Saham
No. Of
Shares Held
Bilangan Saham
Yang Dipegang
Less than 100 / Kurang dari 100
100 – 1,000
1,001 – 10,000
10,001 – 100,000
100,001 to less than 5% /
100,001 ke kurang dari 5%
5% and above / 5% dan ke atas
466
2,762
4,039
1,397
5.27
31.23
45.68
15.80
28,740
1,786,975
20,222,627
42,992,045
177
2
2.00
0.02
94,430,485
316,362,888
TOTAL/JUMLAH
8,843
100.00
475,823,760
% Of
Shareholdings
% Pegangan
Name
Nama
1. Kumpulan Darul Ehsan Berhad
2. Perbadanan Kemajuan Negeri Selangor
Shareholdings
Pegangan Saham
288,807,494
27,555,394
19.84
66.49
100.00
C. LIST OF SUBSTANTIAL SHAREHOLDERS (5% AND ABOVE)
SENARAI PEMEGANG SAHAM UTAMA (5% DAN KE ATAS)
No.
0.01
0.38
4.25
9.03
%
60.70
5.79
192
ANALYSIS OF SHAREHOLDINGS
ANALISA PEGANGAN SAHAM as at 30 April 2010/pada 30 April 2010
D. LIST OF THIRTY (30) LARGEST SHAREHOLDERS
SENARAI TIGA PULUH (30) PEMEGANG SAHAM TERBESAR
No.
Shareholdings/
Pegangan Saham
%
AMSEC Nominees (Tempatan) Sdn Bhd
A/C Kumpulan Darul Ehsan Berhad
180,000,000
37.83
2.
AMMB Nominees (Tempatan) Sdn Bhd
53,000,000
11.14
3.
ABB Nominee (Tempatan) Sdn Bhd
52,000,000
10.93
4.
Perbadanan Kemajuan Negeri Selangor
27,504,994
5.78
5.
Amanah Raya Trustee Berhad
A/C Skim Amanah Saham Bumiputera
17,211,500
3.62
6.
Tabung Warisan Negeri Selangor
5,000,000
1.05
7.
Alliance Group Nominees (Tempatan) Sdn Bhd
A/C Noor Azman @ Noor Hizam b Mohd Nurdin
4,872,300
1.02
8.
RHB Capital Nominees (Tempatan) Sdn Bhd
A/C Noor Azman @ Noor Hizam b Mohd Nurdin
4,591,600
0.96
9.
CIMB Nominees (Tempatan) Sdn Bhd
3,304,700
0.69
10.
A/C Nor Hayati binti Abd Malik
2,833,400
0.60
11.
Ng Chiew Eng @ Ng Chiew Ming
2,700,000
0.57
12.
ECML Nominees (Asing) Sdn Bhd
A/C United Forest Limited
2,494,000
0.52
13.
Amanah Raya Trustees Berhad
A/C Public Islamic Optimal Growth Fund
2,425,000
0.51
14.
Lebar Daun Construction Sdn Bhd
2,406,500
0.51
15.
Alliance Group Nominees (Tempatan) Sdn Bhd
A/C Norazmi bin Mohamed Nurdin
1,839,000
0.39
16.
AIIB Nominees (Tempatan) Sdn Bhd
A/C Rampai Baiduri-Jaya Sdn Bhd
1,734,237
0.36
17.
Juma’ah Binti Moktar
1,701,000
0.36
18.
HSBC Nominees (Asing) Sdn Bhd
A/C Credit Suisse
1,676,300
0.35
19.
Citi Group Nominees (Asing) Sdn Bhd
A/C Dimensional Emerging Markets Value Fund
1,128,400
0.24
20.
Mal Monte Sdn Bhd
1,010,000
0.21
21.
A/C Norazlan bin Mohamad Nordin
1,007,700
0.21
22.
Dato’ Haji Abd Karim bin Munisar
1,000,000
0.21
23.
Sultan Idris Shah
990,000
0.21
24.
Dato’ Zabir bin Bajuri
920,000
0.19
1.
Name /Nama
193
No.
Name /Nama
Shareholdings/
Pegangan Saham
%
25.
SJ SEC Nominees (Tempatan) Sdn Bhd
A/C Low Siew Moi
845,000
0.18
26.
A/C Norazmi bin Mohamed Nurdin
803,400
0.17
27.
Public Nominees (Tempatan) Sdn Bhd
A/C Loh Wok Seng @ Loh Wak Seng
603,500
0.13
28.
Dato’ Lim Chee Meng
569,200
0.12
29.
Amanah Raya Trustees Berhad
A/C Public Islamic Asia Balanced Fund
557,000
0.12
30.
Rosni binti Rahmat
553,700
0.12
E. LIST OF DIRECTOR’S SHAREHOLDINGS
SENARAI PEGANGAN SAHAM PARA PENGARAH
No.
Name/Nama
1.
2.
3.
4.
Shareholdings/
Pegangan Saham
Dato’ Haji Abd Karim bin Munisar
1,000,000
Dato’ Haji Azlan bin Hashim
370,000
Dato’ Haji Ab Halim bin Mohyiddin
339,999
Shares held in CDS account as follows :
a. Individual Account - 220,999
b. Tasec Nominees (Tempatan) Sdn Bhd - 119,000
Wong Yien Kim
–
Mustaffa Kamil bin Ayub
–
%
0.21
0.08
0.07
–
–
194
List of Group Properties
senarai hartanah kumpulan
1. KUMPULAN PERANGSANG SELANGOR BERHAD
Tenure/Lease expiry
Land Area
Tempoh Pegangan/
Keluasan Tanah Tamat Pegangan
(Acres/Ekar)
(Years/Tahun)
Approximate
Age of Building
Usia Bangunan
(Years/Tahun)
Location
Lokasi
Title
Hakmilik
Bandar Banting
Tambahan
Kuala Langat
H.S(D) 8187/
PT 7980
2.6
Leasehold/Pajakan
99/2099
Factory being
rented out
Kilang disewakan
3,404
21
Hulu Kelang
Gombak
H.S(M) 2615/
PT 7680
40,530 sq.
ft./kp
Leasehold/Pajakan
99/2086
Factory being
rented out
Kilang disewakan
1,733
26
Batang Kali
Hulu Selangor
LOT 3277
UNDER GRANT
24222 PH 22/B6
160
25
Shah Alam
Selangor
H.S(D) 92260/
PT 0006
69,862
22
Tanjong Tuan
Port Dickson
LOT 5627
203
24
1,763 sq. ft./kp Freehold/Pegangan
Bebas
108,360
sq. ft./kp
Leasehold/Pajakan
99/2086
1,099 sq. ft./kp Leasehold/Pajakan
99/2081
Existing Use
Kegunaan Semasa
Net Book Value/
Land Cost as at
31/12/09 (RM’000)
Nilai Buku Bersih/
Kos Tanah pada
31/12/09 (RM’000)
Apartment
Apartmen
Office & Hotel
Pejabat & Hotel
Apartment
Apartmen
2. KUMPULAN HARTANAH SELANGOR BERHAD GROUP
Tenure/Lease expiry
Land Area
Tempoh Pegangan/
(Acres/Ekar)
(Years/Tahun)
Location
Lokasi
Title
Hakmilik
Existing Use
Kegunaan Semasa
Mukim Batu
Daerah Gombak
PT 28955 – PT
28958,
PT 28953 – PT
28954
0.30
Leasehold/Pajakan
99/2091
4 units (31/2 storey
office & 2 units of
3 storey office)
4 unit (pejabat 31/2
tingkat & pejabat 3
tingkat
Mukim Rawang
Daerah Gombak
Lot 609 (Part)
1.52
Leasehold/Pajakan
99/2094
Mukim Batu
Daerah Gombak
PT 14406
26.62
Mukim Kundang
Daerah Gombak
PT 2106
Mukim Labu
Daerah Sepang
Mukim Labu
Daerah Sepang
Net Book Value/
Land Cost as at
31/12/09 (RM’000)
Nilai Buku Bersih/
Kos Tanah pada
31/12/09 (RM’000)
Approximate
Age of Building
Usia Bangunan
(Years/Tahun)
5,252
17
Building Land
Tanah Untuk
Bangunan
135
N/A
Leasehold/Pajakan
99/2081
Building Land
Tanah Untuk
Bangunan
591
N/A
77.00
Leasehold/Pajakan
99/2104
Agriculture Land
Tanah Pertanian
199
N/A
Lot 1384 – Lot 1465
&
Lot 1466 – Lot 1468
3.50
Leasehold/Pajakan
99/2096
Commercial Land
Tanah Komersial
4,667
N/A
Lot 1490
2.15
Leasehold/Pajakan
99/2096
Building Land
Tanah Untuk
Bangunan
3,114
N/A
195
2. KUMPULAN HARTANAH SELANGOR BERHAD GROUP (CONT’D/SAMB.)
Tenure/Lease expiry
Land Area
Tempoh Pegangan/
(Acres/Ekar)
(Years/Tahun)
Existing Use
Kegunaan Semasa
Net Book Value/
Land Cost as at
31/12/09 (RM’000)
Nilai Buku Bersih/
Kos Tanah pada
31/12/09 (RM’000)
Approximate
Age of Building
Usia Bangunan
(Years/Tahun)
Location
Lokasi
Title
Hakmilik
Mukim Serendah
Daerah Hulu
Selangor
PT 10450 (Part)
122.00
Leasehold/Pajakan
99/2096
Building Land
Tanah Untuk
Bangunan
16,785
N/A
Mukim Hulu Yam
Daerah Hulu
Selangor
PT 2721 – PT 2723
302.49
Leasehold/Pajakan
99/2093
Agriculture Land
Tanah Pertanian
6,005
N/A
Mukim Hulu Yam
Daerah Hulu
Selangor
PT 2727, PT 2728
33.68
Leasehold/Pajakan
99/2093
Building Land
Tanah Untuk
Bangunan
903
N/A
Mukim Ijok
Daerah Kuala
Selangor
PT 2377, PT 2531
0.58
Leasehold/Pajakan
99/2095
Building Land
Tanah Untuk
Bangunan
405
N/A
Mukim Kuala
Selangor
Daerah Kuala
Selangor
PT 620, PT 621,
PT 624, PT 626
5.43
Leasehold/Pajakan
99/2098
Building Land
Tanah Untuk
Bangunan
1,062
N/A
Mukim Klang
Daerah Klang
PT 51675, PT 51676,
PT 51679, PT 52159,
PT 52409, PT 52540,
PT 52807, PT 52963,
PT 53039, PT 53051,
PT 53158
PT 52162 – PT 52214
PT 52226 – PT 52232
PT 52233 – PT 52246
PT 52306 – PT 52313
PT 52330 – PT 52337
PT 52805
46.48
Leasehold/Pajakan
99/2102
Industrial Land
Building Land
Tanah Untuk
Industri
Tanah Untuk
Bangunan
30,765
N/A
Bandar Port
Dickson
Daerah Port
Dickson
PN 2477/M2/2/148 &
PN 2477/M1/1/8/89
0.05
99/2087
Apartment
Apartmen
447
20
Mukim Plentong
Daerah Johor
Bahru
PT 171000 – PT 171002
332.69
Freehold/Pegangan
Bebas
Agriculture Land
Tanah Pertanian
48,883
N/A
Mukim Dengkil
Daerah Sepang
PT 32546, PT 41836
100.00
Leasehold/Pajakan
99/2104
Agriculture Land
Tanah Pertanian
957
N/A
Mukim Dengkil
Daerah Sepang
PT 32611 – PT 32614
46.63
Leasehold/Pajakan
99/2104
Building Land
Tanah Untuk
Bangunan
446
N/A
Mukim Kuala
Kalumpang
Daerah Hulu
Selangor
PT 2687 (Part)
191.00
Leasehold/Pajakan
99/2107
Building Land
Tanah Untuk
Bangunan
24,714
N/A
196
List of Group Properties
senarai hartanah kumpulan
2. KUMPULAN HARTANAH SELANGOR BERHAD GROUP (CONT’D/SAMB.)
Location
Lokasi
Title
Hakmilik
Phase 1A
Section 8
Pulau Indah
Industrial Park
Pulau Indah
PT 64352
HS(D)67630
PT 64165
HS(D)67448
Phase 2C
Section 4
Pulau Indah
Industrial Park
Pulau Indah
Tenure/Lease expiry
Land Area
Tempoh Pegangan/
(Acres/Ekar)
(Years/Tahun)
Existing Use
Kegunaan Semasa
1.38
Leasehold/Pajakan
99/2097
Vacant Commercial
Land For Menara
Indah Point
Tanah Kosong
Komersial Untuk
Menara Indah Point
PT 7937 HS(D)74076
PT 7936 HS(D)74077
411.75
Leasehold/Pajakan
99/2097
Section 1
Pulau Indah
Industrial Park
Pulau Indah
PT90870
HS(D)70913
PT90871
HS(D)70914
35.70
216.07
Section 2
Pulau Indah
Industrial Park
Pulau Indah
PN 7935
HS(D)74078
PN7934 HS(D)74079
Section 3
Pulau Indah
Industrial Park
Pulau Indah
Net Book Value/
Land Cost as at
31/12/09 (RM’000)
Nilai Buku Bersih/
Kos Tanah pada
31/12/09 (RM’000)
Approximate
Age of Building
Usia Bangunan
(Years/Tahun)
213
N/A
Vacant Industrial Land
For Development
Tanah Industri Kosong
Untuk Pembangunan
82,625
N/A
Leasehold/Pajakan
99/2097
For Development
Untuk Pembangunan
33,983
N/A
281.14
295.51
Leasehold/Pajakan
99/2097
For Development
Untuk Pembangunan
71,082
N/A
PN 7931 Lot 74083
217.35
Leasehold/Pajakan
99/2097
For Development
Untuk Pembangunan
27,349
N/A
Section 9
Pulau Indah
Industrial Park
Pulau Indah
PN 7928 Lot 74086
PN 7929 Lot 74085
PN 7930 Lot 74084
32.66
85.14
105.77
Leasehold/Pajakan
99/2097
For Development
Untuk Pembangunan
28,442
N/A
Section 11
Pulau Indah
Industrial Park
Pulau Indah
PN7926 Lot 74087
PN7925 Lot 74988
187.91
233.02
Leasehold/Pajakan
99/2097
Vacant Land For
Development
(Residential)
Tanah Kosong Untuk
Pembangunan
(Perumahan)
58,172
N/A
197
3. HYDROVEST SDN. BHD. GROUP
Net Book Value/
Land Cost as at
31/12/09 (RM’000)
Nilai Buku Bersih/
Kos Tanah pada
31/12/09 (RM’000)
Location
Lokasi
Title
Hakmilik
Tenure/Lease expiry
Land Area
Tempoh Pegangan/
(Acres/Ekar)
(Years/Tahun)
Sg Buluh
Daerah Kuala
Selangor
Lot PT 19975
3,000 sq. ft./kp 99/2091
Store/Warehouse
Stor/Gudang
312
18
Damansara Intan
Petaling Jaya
Lot 827
1,130 sq. ft./kp Freehold
Pegangan Bebas
Office
Pejabat
230
10
Lot 836
Pegangan Bebas
Office
Pejabat
242
7
Existing Use
Kegunaan Semasa
Approximate
Age of Building
Usia Bangunan
(Years/Tahun)
4. TITISAN MODAL (M) SDN BHD GROUP
Location
Lokasi
Title
Hakmilik
Tenure/Lease expiry
Land Area
Tempoh Pegangan/
(Acres/Ekar)
(Years/Tahun)
8822
Tanjung Tuan
Port Dickson
Kuala Linggi
GM 0000180/LOT
001202
Pegangan Bebas
Existing Use
Kegunaan Semasa
Bungalow
Banglo
Net Book Value/
Land Cost as at
31/12/09 (RM’000)
Nilai Buku Bersih/
Kos Tanah pada
31/12/09 (RM’000)
1,023
Approximate
Age of Building
Usia Bangunan
(Years/Tahun)
23
5. CASH BAND (M) BERHAD GROUP
Location
Lokasi
Title
Hakmilik
Tenure/Lease expiry
Land Area
Tempoh Pegangan/
(Acres/Ekar)
(Years/Tahun)
1702 Section
46 Bandar Kuala
Lumpur
PN 2797
34,714 sq. ft./kp 99/2072
Mukim Rawang
Daerah Gombak
Lot 11, Lot 614
PT11444
Lot 1738 Seksyen GRN 36218
41 Bandar Kuala
Lumpur
194.65
1,806 square
metres/meter
persegi
Net Book Value/
Land Cost as at
31/12/09 (RM’000)
Nilai Buku Bersih/
Kos Tanah pada
31/12/09 (RM’000)
Approximate
Age of Building
Usia Bangunan
(Years/Tahun)
Existing Use
Kegunaan Semasa
Hotel
51,512
36
Leasehold/Pajakan
99/2094
Golf Course & Club
House
Padang Golf dan
Rumah Kelab
46,510
16
Freehold
Pegangan Bebas
Hotel
28,933
13
198
CORPORATE
DIRECTORY
DIREKTORI KORPORAT
REGISTERED AND BUSINESS ADDRESSES OF KUMPULAN PERANGSANG SELANGOR BERHAD AND SUBSIDIARY
COMPANIES
ALAMAT BERDAFTAR DAN ALAMAT PERNIAGAAN KUMPULAN PERANGSANG SELANGOR BERHAD SERTA ANAKANAK SYARIKAT
Name of Company
Nama Syarikat
Registered Address
Alamat Berdaftar
Business Address
Alamat Perniagaan
KUMPULAN PERANGSANG
SELANGOR BERHAD
16 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax/Faks: 03-5510 9977
16 & 17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax/faks: 03-5510 9977
Lot 1A, Level 1A
Plaza Perangsang
40000 Shah Alam
Tel: 03-5522 3888
Fax/Faks: 03-5510 5188
Lot 1A, Level 1A
Plaza Perangsang
40000 Shah Alam
Tel: 03-5522 3888
Fax/Faks: 03-5510 5188
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax/Faks: 03-5510 9977
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax/Faks: 03-5510 9977
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax/Faks: 03-5510 9977
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax/Faks: 03-5510 9977
16 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax/Faks: 03-5510 9977
15 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax/Faks: 03-5512 2973
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax/Faks: 03-5510 9977
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax/Faks: 03-5510 9977
(Company No./No. Syarikat 23737-K)
KUMPULAN HARTANAH
SELANGOR BERHAD
(Company No./No. Syarikat 559747-W)
CASH BAND (M) BERHAD
(Company No./No. Syarikat 735830-K)
VIABLE CHIP (M) SDN BHD
(Company No./No. Syarikat 720808-W)
HYDROVEST SDN BHD
(Company No./No. Syarikat 482724-D)
TITISAN MODAL (M) SDN BHD
(Company No./No. Syarikat 700156-U)
Proxy
Form
Borang Proksi
(Incorporated in Malaysia/Diperbadankan di Malaysia)
Proxy Form for the 33rd Annual General Meeting
Borang Proksi untuk Mesyuarat Agung Tahunan ke 33
No. of Ordinary Shares Held/Jumlah Saham Biasa Dipegang
I/We/Saya/Kami
FULL NAME IN CAPITAL LETTERS/NAMA PENUH DENGAN HURUF BESAR
of/yang beralamat di
ADDRESS/ALAMAT
being a member/members of Kumpulan Perangsang Selangor Berhad, hereby appoint the Chairman of the meeting/
sebagai ahli/ahli-ahli Kumpulan Perangsang Selangor Berhad, dengan ini melantik Pengerusi Mesyuarat
or/atau
FULL NAME/NAMA PENUH
ADDRESS/ALAMAT
or failing whom/atau sebagai penggantinya
FULL NAME/NAMA PENUH
ADDRESS/ALAMAT
as my/our proxy to attend and vote for me/us and on my/our behalf at the Thirty Third Annual General Meeting of the Company to be
held at Kayangan Ballroom, Quality Hotel Shah Alam, Persiaran Perbandaran, 40000 Shah Alam, Selangor Darul Ehsan on Thursday,
17 June 2010 at 2.30 p.m. and at any adjournment thereof/sebagai proksi saya/kami untuk menghadiri dan mengundi bagi pihak saya/
kami di Mesyuarat Agung Tahunan Ke Tiga Puluh Tiga yang akan diadakan di Bilik Kayangan, Quality Hotel Shah Alam, Persiaran Perbandaran,
40000 Shah Alam, Selangor Darul Ehsan, pada hari Khamis, 17 Jun 2010, jam 2.30 petang dan pada sebarang penangguhannya.
My/Our proxy is to vote as indicated below:/Proksi saya/kami akan mengundi sepertimana yang ditandakan di bawah:
Resolution/Resolusi
For/Menyokong
Against/Menentang
1
2
3
4
5
6
7
8
(Please indicate with an “X” in the spaces provided how you wish your vote to be casted. If you do not do so, the proxy will
vote or abstain voting at his discretion)/
(Sila tanda dengan “X” pada tempat yang disediakan cara tuan ingin mengundi, jika tidak, proksi akan mengundi atau tidak
mengundi mengikut budibicaranya)
Signature/Tandatangan
Dated this/Tarikh
day of/bulan
2010.
NOTES/NOTA-NOTA:
1. A proxy may but need not be a member of the Company and the provisions of Section 149(1)(b) of the Companies Act, 1965 shall not apply to the
Company. Proksi tidak semestinya pemegang saham Syarikat dan peruntukan Seksyen 149(1)(b) Akta Syarikat, 1965 tidak diguna pakai.
2. A member who is an authorised nominee may appoint at least one (1) proxy in respect of each securities account it holds with ordinary shares of the
Company standing to the credit of the said securities account. Pemegang saham selaku pelantik yang sah di mana memegang saham biasa Syarikat boleh
melantik sekurang-kurangnya seorang (1) proksi.
3. A member other than an authorised nominee shall be entitled to appoint not more than two (2) proxies to attend and vote at the same meeting. Where
a member appoints more than one (1) proxy, the appointment shall be invalid unless he specifies the proportions of his/her holdings to be represented
by each proxy. Pemegang saham selain dari pelantik yang sah berhak melantik tidak lebih dari dua (2) orang proksi menghadiri dan mengundi di mesyuarat
yang sama. Di mana pemegang saham melantik lebih dari seorang (1) proksi, perlantikan tersebut dianggap tidak sah kecuali secara spesifik beliau menjelaskan
pembahagian pegangan saham tersebut.
4. If the appointer is a corporation, the proxy form must be executed under its Common Seal or under the hand of an officer or attorney duly authorised.
Sekiranya pelantik adalah sebuah syarikat, borang proksi mestilah dimeterai di bawah mohor rasmi atau ditandatangani oleh pegawai atau peguam
yang diberi kuasa.
5. If the name is not inserted in the space for the name of your proxy, the Chairman of the meeting will act as your proxy. Jika tiada nama terdapat di dalam
ruang bagi proksi anda, Pengerusi mesyuarat akan bertindak sebagai proksi anda.
6. The proxy form must be deposited at the Registrar’s Office of Symphony Share Registrars Sdn Bhd, Symphony House, Pusat Dagangan Dana 1, Jalan
PJU 1A/46, 47301 Petaling Jaya, Selangor Darul Ehsan, not less than forty-eight (48) hours before the time of holding the AGM or any adjournment thereof,
or in the case of a poll, not less than twenty-four (24) hours before the time appointed for the taking of the poll. Borang proksi mestilah dihantar ke Pejabat
Pendaftar, Symphony Share Registrars Sdn Bhd, Symphony House, Pusat Dagangan Dana 1, Jalan PJU 1A/46, 47301 Petaling Jaya, Selangor Darul Ehsan,
tidak kurang dari empat puluh lapan (48) jam sebelum Mesyuarat ditetapkan atau pada sebarang penangguhannya, atau dalam hal pengundian, tidak kurang
dari dua puluh empat (24) jam sebelum masa yang ditetapkan untuk mengundi.
fold here along dotted line/lipat di sini
affix
Stamp
here
SYMPHONY SHARE REGISTRARS SDN BHD
Symphony House
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya
Tel: 03-7841 8000 Fax: 03-7841 8152
fold here along dotted line/lipat di sini

notes to the financial statements - Kumpulan Perangsang Selangor

Transcription

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