and utility - Kumpulan Perangsang Selangor Berhad

Transcription

Contents
kandungan
1
Vision and Mission Visi dan Misi
1
2
Corporate Profile Profil Korporat
3
4
Notice of Annual General Meeting Notis Mesyuarat Agung Tahunan
6
5
Statement Accompanying Notice Penyata Bersama
of Annual General Meeting Notis Mesyuarat Agung Tahunan
7
8
Group’s Financial Highlights Ringkasan Kewangan Kumpulan
8
Corporate Information Maklumat Korporat
11
13
Corporate Structure Struktur Korporat
13
14
Profile of Board of Directors Profil Lembaga Pengarah
14
11
24
34
42
48
58
62
68
Executive Chairman’s Statement Perutusan Pengerusi Eksekutif
24
Managing Director’s Operations Review Tinjauan Operasi Pengarah Urusan
34
Profile of Senior Management Profil Pengurusan Kanan
42
Statement of Corporate Governance Penyata Tadbir Urus Korporat
Statement on Internal Controls Penyata Kawalan Dalaman
Audit Committee Report Laporan Jawatankuasa Audit
Corporate Social Responsibility Tanggungjawab Sosial Korporat
48
58
62
69
70
Corporate Calendar Kalendar Korporat
70
76
Human Resources Review Laporan Sumber Manusia
76
82
Financial Statements Penyata Kewangan
82
180
Analysis of Shareholdings Analisa Pegangan Saham
180
182
186
List of Group Properties Senarai Hartanah Kumpulan
Corporate Directory Direktori Korporat
182
186
Proxy Form Borang Proksi
Cover Rationale
rasional muka depan
With the acquisition of ABASS, the concessionaire for the Sungai Semenyih Water Supply Scheme, Kumpulan
Perangsang Selangor Berhad (KPS) is now strategically positioned to be a full-fledged water services provider. The
Sungai Semenyih Water Treatment Plant, a component of the Scheme has a design output capacity of 545 Million litres
per day. Hence KPS is indeed equipped to expand its activities both upstream and downstream.
Dengan pengambilalihan ABASS, pemegang konsesi Skim Bekalan Air Sungai Semenyih, Kumpulan Perangsang
Selangor Berhad (KPS) kini berada dalam kedudukan yang strategik untuk menjadi pembekal perkhidmatan air yang
mantap. Loji Pembersihan Air Sungai Semenyih, salah satu komponen Skim berkenaan berkeupayaan membekalkan
air bersih yang berkualiti mengikut kapasiti rekabentuk sebanyak 545 Juta liter sehari. Oleh itu KPS sesungguhnya
mampu untuk menceburi aktiviti-aktiviti huluan dan hiliran.
Our Vision
visi kami
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.
Our Mission
misi kami
• 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.
Our Profile...
Finger Weir Sungai Semenyih Water Treatment Plant
Kumpulan Perangsang Selangor
Berhad (KPS) is leveraging its
experience in infrastructure and
utility to capitalise on both local
and global opportunities in
efforts to strengthen its earnings
base and overall shareholder
value.
K
PS’s participation in the infrastructure sector is through its interest
in Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (“SPRINT”)
(20%), the concessionaire for Sprint Highway.
Our experience in this sector
has also allowed us to exploit
opportunities regionally. Realising
the business potential offered by
our neighbouring countries, we
have been actively conducting
viability assessments of toll road
projects in Indonesia.
Syarikat Pengeluar Air Selangor
Holdings Berhad (30%) and
Taliworks Corporation Berhad
(20%). Building on this strong
foundation, KPS is well positioned
to be a full-fledged water utility
service provider in both upstream
and downstream activities.
KPS is poised to be a major water
player in Malaysia with the
acquisition of full control of
Konsortium ABASS Sdn Bhd in
2006 via its 55% owned
subsidiary Titisan Modal (M) Sdn
Bhd. Included in its stable are
strategic stakes in other major
water supply companies namely
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). The acquisition is
indication of KPS’s commitment to
be a premier water player both
nationally and regionally.
Profil Kami...
Berhad (KPS) kini menggunakan
kepakarannya dalam bidang
infrastruktur dan utiliti untuk
merebut peluang-peluang di dalam
dan luar negara dalam usahanya
memperkukuhkan punca
pendapatan dan nilai pemegang
saham Syarikat.
P
Intermediate Canal Sungai Semenyih Water Treatment Plant
englibatan KPS dalam sektor infrastruktur adalah melalui
kepentingannya dalam Sistem Penyuraian Trafik KL Barat Holdings
Sdn Bhd (“SPRINT”) (20%), syarikat konsesi bagi Lebuhraya Sprint.
Pengalaman Syarikat di dalam
sektor infrastruktur ini juga
membolehkannya
menerokai
peluang-peluang di rantau ini.
Menyedari peluang perniagaan
yang ditawarkan oleh negaranegara jiran, Syarikat secara aktif
sedang
menjalankan
kajian
penilaian daya maju di dalam
projek
lebuhraya
bertol
di
Indonesia.
di dalam syarikat-syarikat bekalan
air utama, dikenali sebagai Syarikat
Pengeluar Air Selangor Holdings
Berhad (30%) dan Taliworks
Corporation
Berhad
(20%).
Melalui asas yang kukuh ini, KPS
berada
di
kedudukan
yang
baik untuk menjadi peneraju
pembekal perkhidmatan dalam
aktiviti-aktiviti huluan dan hiliran
yang berkaitan industri air.
KPS mensasarkan untuk menjadi
syarikat utama dalam industri
pengurusan air di Malaysia
dengan
pengambilalihan
kepentingan penuh Konsortium
ABASS
Sdn
Bhd
melalui
Titisan Modal (M) Sdn Bhd,
anak
syarikat
KPS
dengan
kepentingan 55% ekuiti. KPS juga
mempunyai
kepentingan
strategik
ABASS memegang hak konsesi
selama 30 tahun dalam projek
penswastaan
Skim
Bekalan
Air Sungai Semenyih yang
berkapasiti 545 Juta liter sehari.
Pengambilalihan ini membuktikan
komitmen KPS untuk menjadi
syarikat utama dalam industri
pengurusan air di peringkat
nasional dan juga rantau ini.
Artist Impression - Templer Lagenda
SPRINT Highway
KUMPULAN PERANGSANG SELANGOR BERHAD 23737-K
Notice of
Annual General Meeting
NOTICE IS HEREBY GIVEN THAT the Thirtieth 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 Friday, 15 June 2007 at 3.00 p.m. for the following purposes:
AGENDA
1.
To receive and adopt the Audited Financial Statements for the financial year ended 31 December 2006 and the Reports
of the Directors and Auditors thereon.
(Resolution 1)
2.
To approve a final dividend of 4% less 27% income tax for the year ended 31 December 2006.
3.
To re-elect the following Directors who retire in accordance with Article 84 of the Company’s Articles of Association, and
being eligible, have offered themselves for re-election:
i.
ii.
iii.
YBhg Dato’ Azlan bin Hashim
YBhg Dato’ Haji Sumadi bin Haji Ismail
YBhg Dato’ Haji Ab. Halim bin Mohyiddin
(Resolution 2)
(Resolution 3)
(Resolution 4)
(Resolution 5)
4.
To approve the Directors’ fees of RM370,000.00 for the financial year ended 31 December 2006
5.
To re-appoint Messrs. Ernst & Young as Auditors of the Company and to authorise the Directors to fix their remuneration.
(Resolution 6)
(Resolution 7)
AS SPECIAL BUSINESS:
To consider and, if thought fit, pass with or without any modifications, the following resolutions:
Ordinary Resolution
6.
Authority for Allotment of Shares
“THAT pursuant to Section 132D of the Companies Act, 1965, the Board of Directors be and are hereby empowered to
issue shares in the Company at any time until the conclusion of the next Annual General Meeting and upon such terms
and conditions and for such purposes as the Board of Directors may, in its absolute discretion, deem fit provided that the
aggregate number of shares to be issued does not exceed 10% of the issued share capital of the Company for the time
being.“
(Resolution 8)
Special Resolution
7.
Proposed Amendments to the Articles of Association of the Company
“THAT the amendments to the Articles of Association of the Company as set out in Appendix A of the Circular to
Shareholders dated 25 May 2007 be and is hereby approved and adopted.
THAT the Directors and Secretary of the Company be and are hereby authorised to carry out all the necessary formalities
in effecting the amendments as set out in Appendix A of the Circular to Shareholders dated 25 May 2007
AND THAT the Directors of the Company, be and are hereby authorised to assent to any condition, modification,
variation and/or amendments as may be required by Bursa Malaysia Securities Berhad”.
(Special Resolution 1)
8.
To transact any other ordinary business for which due notice has been given.
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT
NOTICE IS ALSO HEREBY GIVEN that a final dividend of 4% less 27% income tax, if approved by shareholders, will be payable
on 17 August 2007 to shareholders registered in the Records of Depositors at the close of business on 31 July 2007.
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 31 July 2007 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.
004
annual repor t 2006 laporan tahunan
By Order of the Board
HASHIMAH BINTI MOHD ISA (MACS 01269)
Company Secretary
Shah Alam
25 May 2007
Notes:
1.
2.
3.
4.
5.
Every member is entitled to appoint at least one (1) proxy or in the case of a corporation, to appoint a representative to attend and vote in his place.
A proxy need not be a member of the Company.
The Proxy Form must be signed by the appointer or his attorney duly authorised in writing or if the appointer is a corporation, either under seal or under the
hand of an officer or attorney duly authorised. In the case of joint holdings, the signature of the first named holder is sufficient.
If the Proxy Form is returned without indication as to how the proxy shall vote, the proxy will vote or abstain, as he thinks fit.
If the name is not inserted in the space for the name of your proxy, the Chairman of the AGM will act as your proxy.
The Proxy Form must be deposited at the Registered Office of KPS at 16th Floor Plaza Perangsang, Persiaran Perbandaran, 40000 Shah Alam,
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.
EXPLANATORY NOTES
Ordinary Resolution 8, if passed, will give the Directors of the Company authority to issue ordinary shares in the Company at
any time at their absolute discretion without convening a General Meeting. This authorisation will, unless revoked or varied
by the Company at a General Meeting, expire at the next Annual General Meeting.
Special Resolution 1 proposed, if passed, will render the Articles of Association of the Company to be consistent with the
new provisions under Chapter 7 of the Listing Requirements of Bursa Malaysia Securities Berhad and any prevailing laws,
rules, regulations, orders, guidelines or requirements of the relevant authorities.
For further information on the Proposed Amendments to the Articles of Association, please refer to the Circular to
Shareholders dated 25 May 2007 enclosed together with the Company’s Annual Report 2006.
STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING
1.
Directors who are standing for re-election at the Thirtieth Annual General Meeting of the Company are:
i.
ii.
iii.
(Resolution 3)
(Resolution 4)
(Resolution 5)
The profiles of the Directors standing for re-election are on pages 17 to 19.
2.
Details of Attendance of Directors at Board Meetings.
Six (6) Board of Directors Meetings were held during the financial year ended 31 December 2006. Details of attendance
of Directors at the Board Meetings are set out on page 50.
3.
Place, date and time of the Board of Directors Meetings.
Six (6) of the Board Meetings were held at the Board Room, 17th Floor, Plaza Perangsang, Persiaran Perbandaran, 40000
Shah Alam, Selangor Darul Ehsan.
Date
Time
28 February 2006
8 March 2006
27 April 2006
29 May 2006
29 August 2006
28 November 2006
2.30 p.m
11.00 a.m
10.00 a.m
10.00 a.m
2.30 p.m
8.00 p.m
005
Notis
Mesyuarat Agung Tahunan
DENGAN INI DIMAKLUMKAN BAHAWA Mesyuarat Agung Tahunan Kumpulan Perangsang Selangor Berhad yang ke Tiga
Puluh akan diadakan di Kayangan Ballroom, Quality Hotel Shah Alam, Persiaran Perbandaran, 40000 Shah Alam, Selangor
Darul Ehsan, pada hari Jumaat, 15 Jun 2007, jam 3.00 petang untuk membincangkan perkara-perkara berikut:
AGENDA
1.
Menerima dan meluluskan Penyata Kewangan yang telah diaudit bagi tahun kewangan berakhir 31 Disember 2006 dan
Laporan Pengarah dan Juruaudit mengenainya.
(Resolusi 1)
2.
Meluluskan dividen akhir sebanyak 4% tolak 27% cukai pendapatan bagi tahun berakhir 31 Disember 2006.
(Resolusi 2)
3.
Melantik semula Pengarah-pengarah berikut yang akan bersara menurut Artikel 84 Tataurusan Syarikat, dan oleh kerana
layak, telah menawarkan diri mereka untuk pelantikan semula:
i.
ii.
iii.
(Resolusi 3)
(Resolusi 4)
(Resolusi 5)
4.
Meluluskan yuran Pengarah sebanyak RM370,000.00 bagi tahun kewangan berakhir 31 Disember 2006.
5.
Melantik semula Tetuan Ernst & Young sebagai Juruaudit Syarikat dan memberi kuasa kepada Lembaga Pengarah untuk
menetapkan ganjaran mereka.
(Resolusi 7)
(Resolusi 6)
SEBAGAI URUSAN KHAS:
Menimbang dan sekiranya difikirkan wajar, meluluskan dengan atau tanpa sebarang pindaan, Resolusi Biasa berikut:
Resolusi Biasa
6.
Kuasa untuk Penerbitan Saham
“BAHAWA dengan ini, Lembaga Pengarah diberi kuasa menurut Seksyen 132D Akta Syarikat, 1965, untuk menerbitkan saham
Syarikat ini pada bila-bila masa sehingga tamatnya Mesyuarat Agung Tahunan Syarikat ini yang akan datang, tertakluk kepada
terma dan syarat yang telah ditentukan dan untuk tujuan-tujuan yang difikirkan wajar oleh Lembaga Pengarah, dengan syarat
jumlah saham yang diterbitkan tidak melebihi 10% dari modal saham terbitan Syarikat pada masa ini.”
(Resolusi 8)
Resolusi Khas
7.
Cadangan Pindaan kepada Artikel Tataurusan Syarikat.
“BAHAWA pindaan kepada Artikel Tataurusan Syarikat seperti yang digariskan di Lampiran A Pekeliling kepada Pemegang
Saham bertarik 25 Mei 2007, adalah dengan ini diluluskan dan diterima pakai.
BAHAWA Pengarah-pengarah dan Setiausaha Syarikat adalah dengan ini diberi kuasa untuk menguruskan segala formaliti
bagi memastikan pindaan-pindaan seperti dinyatakan di Lampiran A Pekeliling kepada Pemegang Saham bertarikh
25 Mei 2007 dikuatkuasakan.
DAN BAHAWA Pengarah-pengarah Syarikat, adalah dan dengan ini diberi kuasa untuk bersetuju dengan sebarang syarat,
perubahan, variasi dan/atau pindaan yang mungkin diperlukan oleh Bursa Malaysia Securities Berhad.”
(Resolusi Khas 1)
8.
Melaksanakan sebarang urusan biasa yang lain di mana notis secukupnya telah diberikan.
NOTIS KELAYAKAN MENERIMA DAN PEMBAYARAN DIVIDEN
NOTIS ADALAH JUGA DENGAN INI DIBERIKAN bahawa dividen akhir sebanyak 4% tolak 27% cukai pendapatan, sekiranya
diluluskan oleh pemegang-pemegang saham, akan dibayar pada 17 Ogos 2007 kepada pemegang-pemegang saham yang
berdaftar dalam Rekod Pendeposit pada penutupan perniagaan pada 31 Julai 2007.
Seseorang pendeposit akan layak untuk haknya hanya berhubung dengan:
a)
Saham-saham yang dipindahkan kepada Akaun Sekuriti Pendeposit sebelum jam 4.00 petang pada 31 Julai 2007
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.
006
Dengan Perintah Lembaga Pengarah
HASHIMAH BINTI MOHD ISA (MACS 01269)
Setiausaha Syarikat
Shah Alam
25 Mei 2007
Nota-Nota:
1.
2.
3.
4.
5.
Setiap pemegang saham berhak melantik seorang (1) proksi atau jika sebuah syarikat, berhak melantik wakil untuk menghadiri dan mengundi bagi
pihaknya. Proksi tersebut tidak semestinya pemegang saham syarikat.
Borang Proksi mesti ditandatangani oleh pelantik atau peguam yang telah diberi kuasa secara bertulis atau sekiranya pelantik adalah sebuah
syarikat, mestilah dengan memeterai atau ditandatangani oleh pegawai atau peguam yang diberi kuasa. Di dalam hal pegangan bersama,
tandatangan pemegang pertama adalah mencukupi.
Sekiranya Borang Proksi dikembalikan tanpa menjelaskan bagaimana proksi harus mengundi, proksi akan mengundi atau tidak seperti mana yang difikirkan sesuai.
Jika tiada nama terdapat di dalam ruang bagi proksi anda, Pengerusi Mesyuarat akan bertindak sebagai proksi anda.
Borang Proksi mestilah dihantar ke Kumpulan Perangsang Selangor Berhad, Tingkat 16, Plaza Perangsang, Persiaran Perbandaran, 40000 Shah
Alam, 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.
PENJELASAN
Resolusi Biasa 8, jika diluluskan, akan memberi Pengarah-pengarah Syarikat kuasa untuk menerbitkan saham-saham Syarikat
atas budi bicara mereka pada bila-bila masa tanpa mengadakan Mesyuarat Agung. Kuasa ini, kecuali dimansuhkan atau diubah
oleh Syarikat dalam Mesyuarat Agung, akan luput pada Mesyuarat Agung Tahunan yang akan datang.
Resolusi Khas 1 yang dicadangkan, jika diluluskan, akan memastikan Artikel Tataurusan Syarikat konsisten dengan peruntukanperuntukan baru di bawah Bab 7 Syarat-syarat Penyenaraian Bursa Malaysia Securities Berhad dan juga sejajar dengan
undang-undang sedia ada, peraturan perintah, arahan, garis panduan atau sebarang keperluan pihak berkuasa yang relevan.
Bagi mendapatkan maklumat lanjut berkaitan Cadangan Pindaan Artikel Tataurusan Syarikat, sila rujuk kepada Pekeliling
kepada Pemegang Saham bertarikh 25 Mei 2007 yang disertakan bersama Laporan Tahunan 2006.
PENYATA BERSAMA NOTIS MESYUARAT AGUNG TAHUNAN
1.
Pengarah-pengarah yang menawarkan diri untuk dipilih semula di Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh
adalah seperti berikut:
i. YBhg Dato’ Azlan bin Hashim
(Resolusi 3)
ii. YBhg Dato’ Haji Sumadi bin Haji Ismail
(Resolusi 4)
iii. YBhg Dato’ Haji Ab. Halim bin Mohyiddin
(Resolusi 5)
Profil Pengarah-pengarah yang akan dipilih semula terdapat di muka surat 17 hingga 19
2.
Butir-butir mengenai kehadiran Pengarah-pengarah di Mesyuarat Lembaga Pengarah.
Enam (6) Mesyuarat Lembaga Pengarah telah diadakan sepanjang tahun kewangan berakhir 31 Disember 2006. Butirbutir kehadiran Pengarah-pengarah di Mesyuarat Lembaga Pengarah dikemukakan pada muka surat 50.
3.
Tempat, tarikh dan waktu Mesyuarat Lembaga Pengarah.
Enam (6) Mesyuarat Lembaga Pengarah telah diadakan di Bilik Mesyuarat Lembaga, Tingkat 17, Plaza Perangsang,
Persiaran Perbandaran, 40000 Shah Alam, Selangor Darul Ehsan.
Tarikh
Waktu
28 Februari 2006
8 Mac 2006
27 April 2006
29 Mei 2006
29 Ogos 2006
28 November 2006
2.30 petang
11.00 pagi
10.00 pagi
10.00 pagi
2.30 petang
8.00 malam
007
Group’s Financial Highlights
for the year ended 31 December
ringkasan kewangan kumpulan untuk tahun berakhir 31 Disember
2002
RM’000
2003
RM’000
2004
RM’000
2005
RM’000
2006
RM’000
Revenue
Perolehan
175,822
237,634
236,227
308,887
378,649
Profit/(Loss) Before Tax
Keuntungan/(Kerugian)
Sebelum Cukai
45,922
30,584
(13,133)
(123,802)
28,295
Profit/(Loss) After Tax
Selepas Cukai
36,427
55,679
(20,111)
(123,175)
18,222
Profit/(Loss) Attributable To
Equity Shareholders
Keuntungan/(Kerugian) Yang Diagihkan
Kepada Pemegang-pemegang Saham
31,773
49,335
23,479
(48,761)
18,807
Gross Dividend
Dividen Kasar
7,058
8,628
8,628
12,942
17,256
Paid-up Capital
Modal Berbayar
100,827
431,404
431,404
431,404
431,404
Shareholders’ Equity
Ekuiti Pemegang Saham
613,273
753,260
770,527
715,554
839,053
Total Assets Employed
Jumlah Aset Digunakan
1,648,882
2,341,824
2,316,113
2,193,674
3,156,129
272,206
371,322
429,004
482,262
1,378,346
Total Borrowings
Jumlah Pinjaman
Revenue/Perolehan
(RM’000)
Profit/(Loss) Before Tax
Sebelum Cukai
(RM’000)
Shareholders’ Equity
Ekuiti Pemegang Saham
(RM’000)
378,649
839,053
308,887
237,634
236,227
753,260
45,922
30,584
175,822
770,527
715,554
28,295
613,273
06
02
(13,133)
02
008
03
04
05
06
02
03
04
(123,802)
05
03
04
05
06
Financial Ratios
Nisbah-nisbah Kewangan
2002
2003
2004
2005
2006
(11.60)
35.16
(0.59)
30.76
22.58
Gross Dividend Per Share (%)
Dividen Kasar Sesaham (%)
7.00
2.00
2.00
3.00
4.00
Debt/Equity (Times)
Hutang/Ekuiti (Kali)
0.44
0.49
0.56
0.67
1.64
Net Earnings/(Loss) Per Share (Sen)
Pendapatan/(Kerugian) Bersih Sesaham (Sen)
31.51
12.00
5.44
(11.30)
4.36
Net Assets Per Share (RM)
Aset Bersih Sesaham (RM)
6.60
2.32
2.25
1.94
2.20
Turnover Growth (%)
Pertumbuhan Perolehan (%)
Net Earnings/(Loss) Per Share
Pendapatan/(Kerugian)
Bersih Sesaham
Gross Dividend Per Share
Dividen Kasar Sesaham
Net Assets Per Share
Aset Bersih Sesaham
(%)
(RM)
(Sen)
6.60
7,00
31.51
4.00
5.44
02
03
2.32
3.00
12.00
04
4.36
(11.30)
05
06
02
2.00
2.00
03
04
2.25
2.20
1.94
05
06
02
03
04
05
06
009
S u n g a i S e m e ny i h Wa t e r Tr e a t m e n t P l a n t
Corporate Information
maklumat korporat
Board of Directors
Lembaga Pengarah
YBHG. DATO’ HAJI ABD. KARIM
BIN MUNISAR
DSSA, SSA, KMN, ASA
Executive Chairman
Pengerusi Eksekutif
YBHG. DATIN PADUKA JUMA’AH
BINTI MOKTAR
DSSA, ASA, PJK
Managing Director
Pengarah Urusan
YBHG. DATO’ HAJI AZLAN
BIN HASHIM
DSSA, DSNS
Independent Non-Executive Director
Pengarah Bukan Eksekutif Bebas
YBHG. DATO’ HAJI AB. HALIM
BIN MOHYIDDIN
DPMS
YBHG. DATO’ HAJI SUMADI
BIN HAJI ISMAIL
DSIS, DPTJ, JP
Audit Committee Members
Ahli-ahli Jawatankuasa Audit
BIN MOHYIDDIN
DPMS
Chairman – Independent Non-Executive Director
Pengerusi – Pengarah Bukan Eksekutif Bebas
BINTI MOKTAR
DSSA, ASA, PJK
Member – Managing Director
Ahli – Pengarah Urusan
YB SENATOR DATO’ HAJI IKHWAN
SALIM BIN DATO’ SUJAK
DSIS, KMN, PJK
YB DATO’ DR. HAJI KARIM
BIN HAJI MANSOR
DPMS, ASA, PJK
Non-Independent Non-Executive Director
Pengarah Bukan Eksekutif Bukan Bebas
YBHG. DATO’ YIP KAM CHONG
DSSA, AMS
YB DATO’ DR. AMRAN
BIN KASIMIN
DPMS
Member – General Manager, Finance
Ahli – Pengurus Besar, Kewangan
Nomination Committee Members
Ahli-ahli Jawatankuasa Pencalonan
YBHG. DATO' HAJI AZLAN
BIN HASHIM
DSSA, DSNS
Member – Independent Non-Executive Director
Ahli – Pengarah Bukan Eksekutif Bebas
BIN MUNISAR
DSSA, SSA, KMN, ASA
DSSA, AMS
Member – Executive Chairman
Ahli – Pengerusi Eksekutif
Member – Non-Independent
Non-Executive Director
Ahli – Pengarah Bukan Eksekutif Bukan Bebas
BIN HAJI ISMAIL
DSIS, DPTJ, JP
BIN HAJI ISMAIL
DSIS, DPTJ, JP
Remuneration Committee Members
Ahli-ahli Jawatankuasa Imbuhan
Employee Share Option Scheme
(ESOS) Committee Members
Ahli-ahli Jawatankuasa Skim
Opsyen Saham Kakitangan
(“ESOS”)
YBHG. DATO' HAJI AZLAN
BIN HASHIM
DSSA, DSNS
YB SENATOR DATO’ HAJI IKHWAN
SALIM BIN DATO’ SUJAK
DSIS, KMN, PJK
ENCIK ARTHUR WONG YIEN KIM
SIS, PPT
DSSA, AMS
Chairman
BIN MUNISAR
DSSA, SSA, KMN, ASA
Member – Executive Chairman
Ahli – Pengerusi Eksekutif
BIN MOHYIDDIN
DPMS
YBHG. DATIN PADUKA JUMA'AH
BINTI MOKTAR
DSSA, ASA, PJK
BINTI MOKTAR
DSSA, ASA, PJK
011
Corporate Information
maklumat korporat
Company Secretary
Setiausaha Syarikat
Auditors and Reporting Accountant
Juruaudit & Akauntan Berlapor
PUAN HASHIMAH BINTI MOHD ISA
PPT
No. 48, Jalan SS19/5B
47500 Subang Jaya
Selangor Darul Ehsan
RHB Bank Berhad
No. 16 & 18
Jalan Tengku Ampuan Zabedah D9/D
40100 Shah Alam
Messrs Ernst & Young
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
Registered Office
Pejabat Berdaftar
OCBC Bank Berhad
15th Floor, Menara OCBC
18, Jalan Tun Perak
50050 Kuala Lumpur
Listing/Penyenaraian
Tingkat 16, Plaza Perangsang
Persiaran Perbandaran
40000 Shah Alam
Tel: 03-5510 3999 Fax: 03-5510 9977
Bursa Malaysia Securities Berhad
Main Board
Papan Utama Bursa Malaysia
Securities Berhad
(22 July/Julai 2003)
Principal Bankers/Bank-bank Utama
EON Bank Berhad
No. 34, Jalan Perbahan Satu
Seksyen 26/2A
40000 Shah Alam
CIMB Bank Berhad
Lot P5.5, Bangunan UMNO
Seksyen 14, 40000 Shah Alam
Maybank Berhad
Seksyen 14
Pusat Bandar Shah Alam
40000 Shah Alam
Symphony Share Registrars Sdn Bhd
(formerly known as Malaysian Share
Registration Services Sdn Bhd)
Level 26, Menara Multi-Purpose
Capital Square No. 8
Jalan Munshi Abdullah
50100 Kuala Lumpur
Office of Executive Chairman
Pejabat Pengerusi Eksekutif
Corporate Planning Division
Bahagian Perancang Korporat
Water Management Division
Bahagian Pengurusan Air
BIN MUNISAR
DSSA, SSA, KMN, ASA
ENCIK MOHD NOOR BIN ISMAIL
PPT
ENCIK ABDUL KARIM BIN ENDUT
Share Registrar
Pendaftar Saham
Management / Pengurusan
Executive Chairman/Pengerusi Eksekutif
Office of Managing Director
Pejabat Pengarah Urusan
BINTI MOKTAR
DSSA, ASA, PJK
Managing Director/Pengarah Urusan
Finance Division
Bahagian Kewangan
SIS, PPT
Management Audit Division
Bahagian Audit Pengurusan
ENCIK REVI PILLAI
ASA
General Manager/Pengurus Besar
Infrastructure & Utility Division
Bahagian Infrastruktur & Utiliti
TUAN HAJI ZULKIFLI BIN HUSSAIN
PPT
012
Secretarial Division
Bahagian Kesetiausahaan
PPT
Company Secretary/Setiausaha Syarikat
Corporate Structure
struktur korporat
Kumpulan Perangsang Selangor Berhad
56.57%
40%
Kumpulan Hartanah
Selangor Berhad
Perangsang Water
Management
Sdn Bhd
60%
Hydrovest Sdn Bhd
Subsidiary Companies
Anak-anak Syarikat
Aqua-Flo Sdn Bhd
Syarikat Pengeluar
Air Selangor
Holdings Berhad
55%
Titisan Modal
(M) Sdn Bhd
20%
100%
Konsortium
ABASS Sdn Bhd
100%
Rangkai Aman Sdn Bhd
100%
Taliworks
Corporation
Berhad
20%
Associated Companies
Syarikat-syarikat Bersekutu
30%
60%
Sistem
Penyuraian Trafik
KL Barat Holdings
Sdn Bhd
Viable Chip
(M) Sdn Bhd
013
Profile of
Board
of Directors
profil lembaga pengarah
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 56, was appointed Executive
Chairman of Kumpulan Perangsang Selangor Berhad (KPS)
on 6 September 2004. 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, 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
Executive Chairman of Kumpulan Hartanah Selangor Berhad
and Chairman of Taliworks Corporation Berhad.
YBhg Dato’ Haji Abd Karim bin Munisar, DSSA, SSA,
KMN, ASA, warganegara Malaysia, berusia 56 tahun dilantik
sebagai Pengerusi Eksekutif Kumpulan Perangsang
Selangor Behad (KPS) pada 6 September 2004. 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 hingga 2004.
Sebelum itu, beliau adalah Pegawai Daerah dan Pemangku
Yang Dipertua Majlis Daerah Sepang daripada 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 Eksekutif Kumpulan Hartanah
Selangor Berhad dan Pengerusi Taliworks Corporation
Berhad.
015
Profile of
Board of Directors
YBhg. Datin Paduka Juma’ah binti
Moktar, DSSA, ASA, PJK, a Malaysian,
aged 55 was appointed to the Board of
Kumpulan
Perangsang
Selangor
Berhad (KPS) as Director on 15 August
1997.
Datin
Paduka
Juma’ah
graduated with a Bachelor of Laws
(Hons) from University of London,
UK in 1981. She obtained her Master
in Business Administration (with
Distinction) from the International
Management Centre, Buckingham,
UK in 1989. She has attended the
‘Applied International Management
Programme’ at the Institute of
Foretagledning, Sigtuna in Sweden in
1992.
BINTI MOKTAR
DSSA, ASA, PJK
She has vast experience in
company administration and business
management. She began her career as
Credit Officer in 1975 with KPS and
was subsequently appointed as
Company Secretary and Group Legal
Adviser to the KPS Group from 1981
to 1996. Datin Paduka Juma’ah
was Chief Operating Officer of
Permodalan Negeri Selangor Berhad
from June 1996 to February 1997.
On 1 March 1997, she was appointed
the Vice President of Kumpulan
Darul Ehsan Berhad (KDEB) and also
the Executive Director of Brisdale
Holdings Berhad respectively. She was
appointed as Chief Executive Officer
of KPS in July 1997 and in April
2003 was redesignated as Managing
Director of KPS, a position she holds to
date. Datin Paduka Juma’ah became a
Board Member of KDEB on 15 August
1997 and presently holds a position as
Deputy President of KDEB.
Datin Paduka Juma’ah also sits on
the Boards of Kumpulan Hartanah
Selangor Berhad, and Taliworks
Corporation Berhad.
YBhg.
Datin
Paduka
Juma’ah
binti Moktar, DSSA, ASA, PJK,
warganegara
Malaysia,
berusia
55 tahun telah dilantik ke Lembaga
Berhad (KPS) sebagai Pengarah pada
15 Ogos 1997. Berkelulusan Sarjana
Muda Undang-undang (Kepujian) dari
University of London, UK pada tahun
1981, beliau juga memperolehi
Ijazah Sarjana Pentadbiran Perniagaan
(dengan Cemerlang) dari International
Management Centre, Buckingham, UK
dalam tahun 1989. Selain dari
mengikuti beberapa kursus di
dalam negeri, beliau juga telah
menghadiri satu kursus dalam
“Applied International Management
Programme” di Institut Foretagledning,
Sigtuna di Sweden dalam tahun 1992.
Datin Paduka Juma’ah mempunyai
pengalaman luas dalam pentadbiran
syarikat dan pengurusan perniagaan.
Beliau memulakan kerjaya pada tahun
1975 sebagai Pegawai Kredit di
KPS dan seterusnya memegang
jawatan Setiausaha Syarikat/Penasihat
Undang-undang Kumpulan KPS dari
tahun 1981 hingga tahun 1996. Datin
Paduka Juma’ah menyandang jawatan
sebagai Ketua Pegawai Operasi
Permodalan Negeri Selangor Berhad
dari bulan Jun 1996 hingga Februari
1997. Pada 1 Mac 1997, beliau dilantik
sebagai Naib Presiden Kumpulan Darul
Ehsan Berhad (KDEB) dan juga
Pengarah Eksekutif Bridale Holdings
Berhad. Beliau dilantik sebagai Ketua
Pegawai Eksekutif KPS pada bulan
Julai 1997 dan telah ditukar ke jawatan
Pengarah Urusan KPS pada bulan
April 2003, jawatan yang disandang
sehingga kini. Datin Paduka Juma’ah
menganggotai Lembaga KDEB pada
15 Ogos 1997 dan ketika ini
turut menyandang jawatan Timbalan
Presiden KDEB.
Ketika ini Datin Paduka Juma’ah turut
menganggotai Lembaga Pengarah
Kumpulan Hartanah Selangor Berhad,
dan Taliworks Corporation Berhad.
016
YBhg. Dato’ Haji Azlan bin Hashim,
DSSA, DSNS, a Malaysian, aged 65
was appointed to the Board of
Kumpulan
Perangsang
Selangor
Berhad (KPS) as 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.
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
AMDB in 1982.
Presently, Dato’ Haji Azlan is the
Deputy Chairman of AMDB Berhad,
AMMB Holdings Berhad, AmProperty
Trust Management Berhad and
AmInternational (L) Limited. He also
sits on the Boards of Metrod (M)
Berhad,
Paramount
Corporation
Berhad, Sapura Industrial Berhad,
Kesas Holdings Berhad, Global
Carriers
Berhad
and
Syarikat
Permodalan & Perusahaan Selangor
Berhad.
YBhg. Dato’ Haji Azlan bin Hashim,
DSSA, DSNS, warganegara Malaysia,
berusia 65 tahun, telah dilantik ke
Lembaga
Pengarah
Kumpulan
Perangsang Selangor Berhad (KPS)
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 Messrs.
Azman Wong Salleh & Co., sebuah
firma akauntan awam, sebelum
menjadi Pengarah Urusan AMDB pada
tahun 1982.
Ketika ini Dato’ Haji Azlan adalah
Timbalan Pengerusi AMDB Berhad,
AMMB Holdings Berhad, AmProperty
Trust Management Berhad dan
AmInternational (L) Limited. Beliau
juga merupakan Pengarah bagi Metrod
(M) Berhad, Paramount Corporation
Berhad, Sapura Industrial Berhad,
Kesas Holdings Berhad, Global
Carriers
Berhad
dan
Syarikat
Permodalan & Perusahaan Selangor
Berhad.
YBHG. DATO’HAJI AZLAN
BIN HASHIM
DSSA, DSNS
017
Profile of
Board of Directors
YBhg. Dato’ Haji Ab. Halim bin
Mohyiddin, DPMS, a Malaysian, aged
61, was appointed to the Board of
Kumpulan
Perangsang
Selangor
Berhad (KPS) as 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
Diploma in Accountancy (post-grad)
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.
BIN MOHYIDDIN
DPMS
He is currently President of the
Malaysian Institute of Certified
Public Accountants (MICPA) and the
Chairman of the Education and
Training Committee of the Institute.
He also sits on the International
Federation of Accountants (IFAC),
Education Committee. He is also a
Council Member of Malaysia Institute
of Accountants (MIA) and Chairman of
its Qualifying Examination Committee.
Dato’ Haji Ab. Halim also sits on the
Boards of Digi.Com Berhad, Hei-Tech
Padu
Berhad,
Arab
Malaysia
Corporation Berhad, Utusan Melayu
(Malaysia) Berhad, MCM Technologies
Berhad, Idris Hydraulic (Malaysia)
Berhad, Amway (Malaysia) Holdings
Berhad, Idaman Unggul Berhad, KNM
Group Berhad and Bank Pembangunan
Malaysia Berhad.
018
YBhg.
Dato’
Haji
Ab.
Halim
bin Mohyiddin, DPMS, warganegara
Malaysia, berusia 61 tahun, telah dilantik
ke Lembaga Pengarah Kumpulan
Perangsang Selangor Berhad (KPS)
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 Presiden
Malaysian Institute of Certified Public
Accountants (MICPA) dan juga
Pengerusi Jawatankuasa Pendidikan
dan
Latihan
Institut
tersebut.
Beliau menganggotai Jawatankuasa
Pendidikan di International Federation
of Accountants (IFAC). Beliau juga
adalah Ahli Majlis dan Pengerusi
Jawatankuasa Peperiksaan Kelayakan
bagi Malaysia Institute of Accountants
(MIA).
Dato’ Haji Ab. Halim juga adalah Ahli
Lembaga Pengarah Digi.Com Berhad,
Hei-Tech Padu Berhad, Arab Malaysia
Corporation Berhad, Utusan Melayu
(Malaysia) Berhad, MCM Technologies
Berhad, Idris Hydraulic (Malaysia)
Berhad, Amway (Malaysia) Holdings
Berhad, Idaman Unggul Berhad,
Kumpulan KNM Berhad dan Bank
Pembangunan Malaysia Berhad.
YBhg. Dato’ Haji Sumadi bin Haji
Ismail, DSIS, DPTJ, JP, a Malaysian,
aged 53, was appointed to the Board
of Kumpulan Perangsang Selangor
Berhad (KPS) as Director on 1
September 2001. He graduated with a
Bachelor of Arts (Hons.) in Industrial
Relations in 1977.
Dato’ Haji Sumadi was a member of
Kuala Selangor District Council in 1995
and ran his own private business from
1985 - 1994. He was the Assistant
Secretary of Petaling Jaya Municipal
Council in 1978 followed by the Head
of Department of Urban Services in
1980.
YBhg. Dato’ Haji Sumadi bin Haji
Ismail, DSIS, DPTJ, JP, warganegara
Malaysia, berusia 53 tahun, telah
dilantik ke Lembaga Pengarah
Berhad (KPS) sebagai Pengarah pada 1
September 2001. Beliau memperolehi
Ijazah Sarjana Muda Kesusasteraan
(Kepujian) dalam jurusan Perhubungan
Industri pada tahun 1977.
Dato’ Haji Sumadi adalah Ahli Majlis
Daerah Kuala Selangor pada tahun
1995 dan menjalankan perniagaan
persendiriannya
daripada
tahun
1985-1994. Beliau adalah Penolong
Setiausaha Majlis Daerah Petaling Jaya
pada tahun 1978 dan Ketua Jabatan
Perkhidmatan Bandar pada tahun
1980.
BIN HAJI ISMAIL
DSIS, DPTJ, JP
019
Profile of
Board of Directors
YB Senator Dato’ Haji Ikhwan Salim
bin Dato’ Sujak, DSIS, KMN, PJK, a
Malaysian, aged 50, was appointed to
the Board of Kumpulan Perangsang
Selangor Berhad (KPS) as Director on 1
September 2001. He graduated with a
Degree in Economics/Accounting from
Queen’s University in Belfast, United
Kingdom in 1977.
presently runs his own private
business,
Konsortium
Jaringan
Selangor Sdn Bhd. He was the Group
Financial Planning Manager at General
Corporation Berhad and served as an
Accountant at Nestle Berhad from
1979 - 1980.
also sits on the Boards of Glomac
Berhad, Ayer Hitam Tin Dredging
Malaysia Berhad and Malaysia Steel
Works (KL) Berhad.
YB SENATOR
DATO’ HAJI IKHWAN SALIM
BIN DATO’ SUJAK
DSIS, KMN, PJK
020
bin Dato’ Sujak, DSIS, KMN, PJK,
warganegara Malaysia, berusia 50
tahun, telah dilantik ke Lembaga
Pengarah Kumpulan Perangsang
Selangor Berhad (KPS) sebagai
Pengarah pada 1 September 2001.
Beliau memperolehi Ijazah dalam
bidang Ekonomi/Perakaunan dari
Queen’s University, di Belfast, United
Kingdom pada tahun 1977.
kini
menguruskan
perniagaan
persendiriannya, Konsortium Jaringan
Selangor Sdn Bhd. Beliau pernah
menjadi
Pengurus
Perancangan
Kewangan Kumpulan di General
Corporation Berhad dan Akauntan di
Nestle Berhad pada tahun 1979 - 1980.
turut menganggotai Lembaga
Pengarah Glomac Berhad, Ayer Hitam
Tin Dredging Malaysia Berhad dan
Malaysia Steel Works (KL) Berhad.
YB Dato’ Dr. Haji Karim bin Haji
Mansor, DPMS, ASA, PJK, a
Malaysian, aged 49, was appointed to
the Board of Kumpulan Perangsang
Selangor Berhad (KPS) as Director on
15 April 2003. He graduated with
a Medical Degree from Universiti
Kebangsaan Malaysia in 1983 and a
Master of Public Health from
University of Malaya in 1990.
Dato’ Dr. Haji Karim began his career in
1984 as Trainee Medical Officer in
Taiping District Hospital prior to his
appointment as Medical Officer in
the hospital’s Outpatient Department
in 1985. In the same year, he
was transferred to the Psychology
Department in University Hospital.
Amongst the positions he held were
Assistant Director in Development and
Planning Division, Ministry of Health
Malaysia in 1986, Health and Medical
Officer for the Medical Centre, Sungai
Pelek in 1987.
He served as Senior Health Officer in
various districts in Selangor State such
as District of Hulu Langat in 1988
prior to his appointment as Senior
Health Officer of Rancangan Kawalan
Penyakit Bawaan Vektor Negeri in
1990. He then continued his service as
District Senior Health Officer in District
of Sepang from 1992 until 1994. He
also served as Member of Sepang
District Council in 1998.
Dato’ Dr. Haji Karim sits on the Board
of Statutory Bodies and Government
Link Companies namely Kumpulan
Darul Ehsan Berhad, Perbadanan
Kemajuan Negeri Selangor, Syarikat
Pengeluar Air Selangor Holdings
Berhad and Institut Perkembangan
Minda (Inmind).
YB Dato’ Dr. Haji Karim bin
Haji Mansor, DPMS, ASA, PJK,
warganegara
Malaysia,
berusia
49 tahun, telah dilantik ke Lembaga
Pengarah pada 15 April 2003. Beliau
memperolehi Ijazah Doktor Perubatan
(“MD”) dari Universiti Kebangsaan
Malaysia pada tahun 1983 dan Ijazah
Sarjana Kesihatan Awam (“MPH”) dari
Universiti Malaya pada tahun 1990.
Dato’ Dr. Haji Karim memulakan
kerjayanya pada tahun 1984 sebagai
Pegawai Perubatan Pelatih di Hospital
Daerah Taiping sebelum dilantik
sebagai Pegawai Perubatan di Jabatan
Pesakit Luar Hospital tersebut pada
tahun 1985. Di antara jawatan yang pernah
disandangnya adalah sebagai Penolong
Pengarah di Bahagian Perancang &
Pembangunan, Kementerian Kesihatan
Malaysia pada tahun 1986 dan Pegawai
Perubatan & Kesihatan, Pusat Kesihatan
Sungai Pelek pada tahun 1987.
Beliau seterusnya berkhidmat sebagai
Pegawai Kesihatan Kanan di beberapa
Daerah di negeri Selangor di antaranya
Daerah Hulu Langat pada tahun 1988
sebelum dilantik sebagai Pegawai
Kesihatan Kanan Rancangan Kawalan
Penyakit Bawaan Vektor Negeri pada
tahun 1990. Dato’ Dr. Haji Karim
kemudiannya meneruskan tugasnya
sebagai Pegawai Kesihatan Kanan
Daerah di Daerah Kuala Selangor pada
tahun 1991 dan terakhir sekali di
Daerah Sepang dari tahun 1992 hingga
1994. Beliau juga pernah berkhidmat
sebagai Ahli Majlis Daerah Sepang
pada tahun 1998.
YB DATO’ DR. HAJI KARIM
BIN HAJI MANSOR
DPMS, ASA, PJK
Dato’ Dr. Haji Karim juga telah dilantik
menganggotai Lembaga Pengarah
Badan Berkanun dan Syarikat Berkaitan
Kerajaan Negeri (“GLC”) seperti
Kumpulan Darul Ehsan Berhad,
Perbadanan Kemajuan Negeri Selangor,
Holdings
Berhad
dan
Institut
Perkembangan Minda (Inmind).
021
Profile of
Board of Directors
YBhg. Dato’ Yip Kam Chong, DSSA,
AMS, a Malaysian, aged 54, was
appointed to the Board of Kumpulan
Perangsang Selangor Berhad (KPS) as
Director on 15 April 2003.
Dato’ Yip began his career in the 1980s
managing a trading company in Klang.
Under his leadership, the company has
transformed into a diversified group of
companies involved in construction
and property development. With
vast experience in the property
development industry over a period of
ten (10) years, he has spearheaded
several projects in Klang and Rawang.
DSSA, AMS
022
YBhg. Dato’ Yip Kam Chong, DSSA,
AMS, warganegara Malaysia, berusia
Pengarah pada 15 April 2003.
Dato’ Yip memulakan kerjayanya
dalam tahun 1980 menguruskan
sebuah syarikat perdagangan di Klang.
Di bawah kepimpinan beliau, syarikat
tersebut telah berkembang menjadi
sekumpulan syarikat yang terlibat
dengan pembinaan dan pembangunan
hartanah. Dengan pengalaman yang
luas dalam pembangunan hartanah
selama sepuluh (10) tahun, beliau
telah menerajui beberapa projek di
Klang dan Rawang.
YB Dato’ Dr. Amran bin Kasimin,
DPMS, a Malaysian, aged 59 was
appointed to the Board of Kumpulan
Perangsang Selangor Berhad (KPS) as
Director on 16 September 2005.
He holds a Bachelor of Islamic Studies,
Diploma in Education (Hons.) and
Master of Literature from Universiti
Kebangsaan Malaysia (UKM). He also
holds a Diploma in Homeopathy
Medicine from Dewan Kesihatan
Melayu Singapura and Doctor of
Philosophy from University of
Aberdeen, Scotland.
Dato’ Dr. Amran began his career in
1966 as an Islamic Teacher for Johor
Government and in 1969, he became
Johor Islamic Information Officer. In
1976, Dato’ Dr. Amran was appointed
as Lecturer at Malay Literature
Department, UKM until year 2000 prior
to his appointment as Karyawan Tamu
at Institut Alam dan Tamadun Melayu,
UKM in year 2003.
YB Dato’ Dr. Amran bin Kasimin,
DPMS, warganegara Malaysia, berusia
Pengarah pada 16 September 2005.
Beliau memiliki Ijazah Sarjana Muda
Pengajian Islam, Diploma Pendidikan
(Kepujian) dan Sarjana Persuratan
dari Universiti Kebangsaan Malaysia
(UKM). Beliau juga memiliki Diploma
Perubatan Homeopathy dari Dewan
Kesihatan Melayu Singapura dan
Doktor Falsafah dari University of
Aberdeen, Scotland.
Dato’ Dr. Amran memulakan kerjaya
sebagai Guru Agama Kerajaan Johor
pada 1966 dan pada tahun 1969 beliau
dilantik menjadi Pegawai Penerangan
Agama Johor. Pada tahun 1976, Dato’
Dr. Amran telah dilantik menjadi
Pensyarah di Jabatan Persuratan
Melayu, UKM sehingga tahun 2000
sebelum dilantik menjadi Karyawan
Tamu di Institut Alam dan Tamadun
Melayu, UKM pada tahun 2003.
YB DATO’ DR. AMRAN
BIN KASIMIN
DPMS
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 had
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.
023
Executive
Chairman’s Statement
perutusan
pengerusi eksekutif
DSSA, SSA, KMN, ASA
Dear Valued Shareholders,
On behalf of the Board of Directors of Kumpulan
Perangsang Selangor Berhad (KPS), I am very
pleased to present the Annual Report and Audited
Financial Statements of the Group for the financial
year ended 31 December 2006.
Pemegang Saham Yang Saya Hormati,
ECONOMIC ENVIRONMENT
PERKEMBANGAN EKONOMI
The Malaysian economy registered a
steady growth path in 2006 with
Gross Domestic Product (GDP),
expanding to 5.9% from 5.2% in
2005. The growth was primarily led by
the services, manufacturing and
agriculture sectors on the back of
strong private sector activities.
Ekonomi Malaysia telah berkembang
pada kadar baik pada tahun 2006
dengan pertumbuhan Keluaran Dalam
Negara Kasar (KDNK) mencatatkan
kenaikan sebanyak 5.9% daripada
5.2% pada tahun 2005. Secara amnya,
pertumbuhan ini terus disumbangkan
oleh sektor perkhidmatan, pembuatan dan
pertanian berlandaskan perkembangan
pesat aktiviti sektor swasta.
KPS’s audacious move
to acquire Konsortium
ABASS puts the company
on a strategically higher
plateau to enhance its
involvement in the water
industry in addition to
penetrating into the
operation and
maintenance of new
and existing water
treatment facilities.
“
“
Bagi pihak Ahli Lembaga Pengarah Kumpulan
Perangsang Selangor Berhad (KPS), saya dengan
sukacitanya membentangkan Laporan Tahunan dan
Penyata Kewangan Diaudit bagi tahun kewangan
berakhir 31 Disember 2006.
025
Executive
perutusan pengerusi eksekutif
The inflation rate for the year under
review, as measured by the Consumer
Price Index (CPI), however, grew to
3.6% from 3.0% in 2005 as a result
of price hikes in petrol and diesel,
water and electricity rates. Sentiment
in the property market was generally
lukewarm due to an oversupply
scenario and declining take-up rates.
On the other hand, the local stock
market rebounded strongly in the last
quarter of 2006 with the Kuala Lumpur
Composite Index rising to close at
1,096.24 points.
“
he significant
turnaround was the
result of the increased
revenue contribution
from the Group’s property
arm, Kumpulan Hartanah
Selangor Berhad
(KHSB), and from the
infrastructure and utility
sector arising from the
acquisition of Konsortium
ABASS Sdn Bhd (ABASS)
in 2006 by Titisan
Modal (M) Sdn Bhd,
a 55% owned
subsidiary of KPS.
T
Moving forward, the announcement of
the Ninth Malaysia Plan (9MP) in 2006
with a total development expenditure
budget of RM200.0 billion will spur
economic activities. Among the
infrastructure projects to be rolled out
will include the construction of water
intakes, water treatment plants and
distribution systems as well as waste
water projects. This bodes well for
KPS as it means more opportunities
for the Group to secure additional
projects and to consolidate its position
as an integrated premier water player
in Malaysia. The Group will also benefit
from the Federal Government’s policy
to reduce corporate tax to 27% and
26% for 2007 and 2008 respectively.
FINANCIAL PERFORMANCE
I am pleased the KPS group has
posted a record-achieving feat for the
year ended 31 December 2006,
registering a pre-tax profit of RM28.3
million from a turnover of RM378.6
million compared with 2005’s pre-tax
loss of RM123.8 million from a
turnover of RM308.9 million.
“
Operation Control Room Sungai Semenyih Water Treatment Plant
026
Dalam tahun kajian, kadar inflasi diukur
oleh Indeks Harga Pengguna telah
meningkat kepada 3.6% berbanding
3.0% pada tahun 2005. Peningkatan
ini adalah hasil dari kenaikan harga
minyak dan juga kenaikan tarif elektrik
dan air. Sektor hartanah berkembang
dengan agak perlahan dalam keadaan
lebihan penawaran di pasaran dan
sentimen pembeli yang lebih berhatihati di dalam membuat pilihan dan
pelaburan di dalam sektor ini. Di
samping itu, pasaran saham tempatan
telah melonjak pada suku tahun
terakhir 2006 dengan Indeks Komposit
Kuala Lumpur mencatatkan 1,096.24
mata.
Pengumuman mengenai Rancangan
Malaysia
Ke-9
(RM9)
pada
tahun 2006 dengan peruntukan
pembangunan berjumlah RM200.0
bilion akan terus menyemarakkan lagi
perkembangan ekonomi. Antara
projek-projek
infrastruktur
yang
diumumkan termasuk pembinaan
takungan air mentah, loji rawatan air
serta pengagihan air dan projek
rawatan air kumbahan. Projek-projek
ini dijangka menyediakan peluang
kepada KPS menerokai peluangpeluang baru bagi mencapai matlamat
untuk menjadi peneraju utama
di dalam industri air Malaysia.
Polisi Kerajaan Persekutuan untuk
menurunkan kadar cukai korporat
kepada 27% pada tahun 2007 dan
26% pada tahun 2008 juga akan
memberi manfaat kepada Kumpulan.
PRESTASI KEWANGAN
Saya berpuas hati Kumpulan KPS
telah mencatat pencapaian yang
mengagumkan pada tahun berakhir 31
Disember 2006 dengan mencatat
keuntungan sebelum cukai sebanyak
RM28.3 juta daripada perolehan
sebanyak RM378.6 juta, berbanding
dengan kerugian sebelum cukai
sebanyak RM123.8 juta daripada
perolehan sebanyak RM308.9 juta
pada tahun 2005.
Pencapaian ini adalah hasil daripada
keuntungan yang meningkat dari anak
syarikat di sektor hartanah Kumpulan,
Kumpulan Hartanah Selangor Berhad
(KHSB) serta dari sektor infrastruktur
dan utiliti, hasil dari pengambilalihan
Konsortium ABASS Sdn Bhd (ABASS)
pada tahun 2006 oleh Titisan Modal
(M) Sdn Bhd (Titisan), syarikat yang
55% sahamnya dimiliki oleh KPS.
At the Company level, the pre-tax
profit surged by 724% to RM168.1
million compared with RM20.4 million
in the preceding financial year. The
extraordinary gain was mainly
attributed to the gain on the disposal
of KPS’s equity interest in associated
companies namely ABASS and
Holdings Bhd (SPLASH).
Di peringkat Syarikat, keuntungan
sebelum cukai meningkat sebanyak
724% kepada RM168.1 juta
berbanding RM20.4 juta pada tahun
kewangan sebelumnya. Keuntungan
yang luar biasa ini berpunca daripada
pelupusan pelaburan KPS di dalam
syarikat-syarikat bersekutu khususnya
ABASS dan Syarikat Pengeluar Air
Selangor Holdings Bhd (SPLASH).
DIVIDEN
The
Board
of
Directors
is
recommending a final dividend of 4
sen per share less 27% tax, subject
to shareholders’ approval at the
forthcoming Annual General Meeting.
Lembaga Pengarah, tertakluk kepada
persetujuan pemegang-pemegang
saham di Mesyuarat Agung Tahunan
yang akan datang, mencadangkan
bayaran dividen akhir sebanyak 4 sen
sesaham ditolak cukai 27%.
“
The Company had also
completed the rehabilitation
of four (4) ground water wells
which are now available to
provide additional water
supply of 25 Million litres per
day (Mld).
“
DIVIDEND
“
At the Company level, the
pre-tax profit surged by
724% to RM168.1 million
compared with RM20.4
million in the preceding
financial year. The
extraordinary gain was
mainly attributed to the
gain on the disposal of
KPS’s equity interest in
associated companies
namely ABASS and
Syarikat Pengeluar
Air Selangor Holdings
Bhd (SPLASH).
“
The significant turnaround was the
result of the increased revenue
contribution from the Group’s property
arm, Kumpulan Hartanah Selangor
Berhad (KHSB), and from the
infrastructure and utility sector arising
from the acquisition of Konsortium
ABASS Sdn Bhd (ABASS) in 2006 by
Titisan Modal (M) Sdn Bhd (Titisan), a
55% owned subsidiary of KPS.
Sungai Semenyih Water Treatment Plant
Weir Gate Semenyih Intake Plant
027
Executive
Centrifugal Decanter Sungai Semenyih Water Treatment Plant
OPERATIONS
OPERASI
As reported in the 2005 Annual
Report, KPS has completed the
acquisition of ABASS via its 55%
owned subsidiary Titisan. This
strategic move coupled with existing
interest in SPLASH (30%) and
Taliworks Corporation Berhad (20%)
have positioned KPS as a major water
player in Selangor. The Company will
continue to leverage on opportunities
in the water industry in order to
provide sustainable returns and in
turn to create shareholder value for
our valued investors.
Seperti yang telah dilaporkan di
dalam Laporan Tahunan 2005, KPS
telah
menyelesaikan
proses
pengambilalihan ABASS melalui
Titisan, anak syarikat di mana KPS
mempunyai kepentingan 55% ekuiti.
Langkah strategik ini berserta
kepentingan sedia ada KPS sebanyak
30% di dalam SPLASH dan 20%
di dalam Taliworks Corporation Berhad
telah meletakkan KPS sebagai sebuah
syarikat pengurusan air yang utama
khususnya di negeri Selangor.
Syarikat akan terus berusaha untuk
meneroka peluang-peluang yang
wujud dalam industri air negara
untuk terus mengekalkan pulangan
yang munasabah kepada pemegangpemegang saham di samping
meningkatkan nilai pegangan saham
masing-masing.
“T
he exercise will reduce the gearing level of the
KHSB group and result in interest savings which is
expected to contribute positively to the future earnings
of the KHSB group. This bodes well for KPS since, given
its significant exposure via a 56% controlling stake in
KHSB, KPS will benefit from any improvement in the
financial performance of KHSB.
“
During the financial year 2006, the
Company had completed feasibility
reviews for the Ground Water Supply
Scheme in Kuala Langat and the Sg.
Langat - Tg. Dua Belas Ex-Mining
Ponds Water Supply Scheme. The
Company had also completed the
rehabilitation of four (4) ground water
wells which are now available to
provide additional water supply of 15
Million litres per day (Mld). Final
design works for the Dengkil Ponds
Water Supply Scheme are in progress
and upon implementation, the
scheme would be able to supply an
additional 150 Mld of water.
Finger Weir Sungai Semenyih Water Treatment Plant
028
To reinforce the Company’s financial
position, thus enabling it to undertake
major water projects and venture into
other profitable business sectors to
sustain its growth, the Company
during the financial year implemented
a corporate exercise via securitisation
Pada tahun kewangan 2006, Syarikat
telah
menyiapkan
kajian-kajian
feasibiliti Skim Bekalan Air Bumi/Air
Tanah di Kuala Langat dan Skim
Bekalan Air Tasik Bekas Lombong Tg.
Dua Belas - Sg. Langat. Syarikat juga
telah selesai memulih semula empat
(4) telaga air bawah tanah yang kini
mampu mengeluarkan tambahan
bekalan air sebanyak 15 Juta liter
sehari. Kerja-kerja reka bentuk terakhir
bagi Skim Bekalan Air Tasik Bekas
Lombong Tg. Dua Belas - Sg. Langat
sedang berjalan dan apabila siap, skim
ini akan mampu membekalkan air
terawat sebanyak 150 Juta liter sehari.
Untuk mengukuhkan kedudukan kewangan
Syarikat bagi membolehkannya
membangunkan projek-projek bekalan
air yang lebih besar serta menceburi
lain-lain sektor perniagaan, Syarikat,
dalam
tahun
kewangan
telah
melaksanakan inisiatif penstrukturan
korporat secara terbitan sekuriti
(“securitisation”) aliran dividen masa
depan pelaburan Syarikat dalam
SPLASH. Penstrukturan ini telah
membabitkan terbitan Bon Islam yang
berjumlah RM200.0 juta melalui anak
During the year under review, KPS
also implemented a Rationalisation
cum Merger and Acquisition exercise
with KHSB and its various subsidiaries
aimed at addressing outstanding intercompany debts owing to KPS
amounting to RM185.7 million. In the
corporate exercise, Cash Band (M)
Sdn Bhd (CBSB), a KHSB subsidiary,
will assume the debt owing to KPS in
return for certain KHSB assets. Upon
KPS capitalising the debt in CBSB,
KPS will have 100% ownership of
CBSB thereby having full control of
assets involved in hospitality and
recreation, namely the Quality Hotel
City Centre, Quality Hotel Shah Alam
and Perangsang Templer Golf Club.
The exercise will reduce the gearing
level of the KHSB group and result in
interest savings which is expected to
contribute positively to the future
earnings of the KHSB group. This
bodes well for KPS since, given its
significant exposure via a 56%
controlling stake in KHSB, KPS will
benefit from any improvement in the
financial performance of KHSB.
Approval for the Rationalisation cum
Merger and Acquisition exercise is
expected in early 2007.
syarikat milik penuh iaitu Viable Chip
(M)
Sdn
Bhd
(VCSB).
Bagi
melaksanakan terbitan bon tersebut,
kepentingan KPS dalam SPLASH
sebanyak 30% telah dipindahkan ke
VCSB. Penerimaan tunai bersih
daripada penstrukturan ini yang
berjumlah sebanyak RM185.6 juta
telah membolehkan KPS untuk
membayar balik sebahagian besar
pinjaman bank.
Dalam tahun kajian, KPS juga telah
melaksanakan skim Rasionalisasi,
Penggabungan dan Pengambilalihan
dengan KHSB dan anak-anak syarikat
KHSB, bagi menjana sumber untuk
melunaskan pinjaman KHSB dengan
KPS, yang berjumlah RM185.7 juta.
Dengan langkah korporat ini, Cash
Band (M) Sdn Bhd (CBSB), anak
syarikat milik penuh KHSB, akan
mengambilalih hutang-hutang KHSB
dengan KPS, dan sebagai balasan,
KHSB akan memindah sebahagian
asetnya kepada CBSB. Di akhir proses
ini, CBSB akan menjadi anak syarikat
milik penuh KPS dan akan menguasai
aset-aset dalam sektor hotel dan
rekreasi iaitu Quality Hotel City Centre,
Quality Hotel Shah Alam dan
Perangsang Templer Golf Club. Usaha
ini akan mengurangkan jumlah
pinjaman KHSB dan seterusnya
menghasilkan
penjimatan
kos
kewangan serta menyumbang secara
positif kepada keuntungannya pada
masa akan datang. Pelaksanaan skim
ini akan memberikan impak yang
positif kepada KPS yang memiliki
kepentingan sebanyak 56% di dalam
KHSB kerana sebarang pengukuhan
dari segi kewangan di peringkat KHSB
akan memberikan faedah terus
kepada KPS. Kelulusan untuk skim
Rasionalisasi, Penggabungan dan
Pengambilalihan ini dijangka diperolehi
pada awal tahun 2007.
Astaka Heights Completed and delivered ahead of schedule
“
he two launches held
in 2006 for our Cyber
Valley single and doublestorey commercial units in
Dengkil, with a total Gross
Development Value of
RM36.0 million, were fully
taken up within just 3 days
of its launch. The 160 units
Astaka Heights
condominium in Pandan
Jaya, with a Gross
Development Value of
RM30.0 million was
completed a few months
ahead of schedule. 95% of
the units were sold. With
such positive
development, KHSB is
poised to create a new
name in property
market.
T
“
of future dividend stream from its
investment in SPLASH. The exercise
involved the issuance of Islamic
Bonds amounting to RM200.0 million
undertaken by Viable Chip (M) Sdn
Bhd (VCSB), a special purpose company
and wholly-owned subsidiary of KPS. To
facilitate the bond issuance, the
30% interest in SPLASH held by KPS
was transferred to VCSB. The
net proceeds of RM185.6 million
generated from the exercise had
enabled KPS to retire a sizeable
portion of its bank borrowings.
Phase 1 : Cyber Valley Commercial Centre Another project to be completed ahead
of schedule
029
Executive
Bowling Alley Perangsang Templer Golf Club
“
Raw Water Inlet Chamber Sungai Semenyih Water Treatment Plant
030
Tahun 2006 juga adalah tahun yang
mencabar bagi sektor hartanah dengan
petunjuk-petunjuk yang memberikan
gambaran bahawa sektor hartanah
sedang mengalami situasi lebihan
penawaran dan permintaan yang
lembab. Walau bagaimanapun, projek
KHSB iaitu Pusat Komersil Cyber
Valley telah mendapat sambutan yang
baik dengan kesemua 39 unit kedai
pejabat Fasa 1 berjaya dijual pada
hari
pelancaran
dengan
hasil
jualan berjumlah RM15.8 juta.
KHSB juga telah berjaya menyiap dan
menyerahkan 324 unit “townhouse”
di Templer Suasana, Templer Park.
Dengan strategi dan usaha pemasaran
yang lebih berkesan, KHSB telah
berjaya menjual hartanah yang
telah siap serta tanah industri
lengkap dengan infrastruktur, yang
mana sebahagian besarnya adalah
daripada pembangunan Pulau Indah,
khususnya, “Selangor Halal Hub”
dengan nilai lebih daripada RM195.0
juta. Fasa 1 “Selangor Halal Hub”
merangkumi lebih kurang 175.78 ekar
telah dijual kepada tujuh (7) pelabur
yang akan memulakan operasi dengan
jumlah pelaburan sebanyak US$132.0
juta. Sebagai sebuah pusat sehenti
bagi
proses
pengeluaran
dan
pengagihan produk halal ke seluruh
dunia, kejayaan “Selangor Halal Hub”
telah mendorong permintaan yang
menggalakkan bagi pembangunan
Fasa 2 dilaksanakan.
With strategic product planning
and strong monitoring, KHSB has
managed to produce not only sellout products, but delivering them
ahead of schedule without
compromising on quality.
“
Swimming Pool Perangsang Templer Golf Club
The property sector encountered a
challenging year in 2006 with
indicators pointing to an oversupply
situation and slow take-up rates.
Notwithstanding, KHSB’s Cyber Valley
Commercial Centre project was well
received as all 39 units of shop offices
in Phase 1 were sold on the launch
day and generated sales of RM15.8
million. In addition, KHSB completed
and handed over 324 units of
townhouses in Templer Suasana
in Templer Park. With improved
marketing strategy and efforts, KHSB
successfully sold more than RM195.0
million worth of completed properties
and industrial lands complete with
infrastructure, the bulk of which
was contributed by Pulau Indah
development, in particular, the
Selangor Halal Hub. Phase 1 of the
Selangor Halal Hub encompassing
approximately 175.78 acres had
been fully sold to seven (7) major
investors who would soon be
commencing operations with a total
investment of US$132.0 million. As a
one-stop upstream and downstream
manufacturing and distribution centre
for halal products globally, the success
story of the Selangor Halal Hub is an
affirmation of our marketing strategies
and efforts as Phase 2 is evidently
receiving encouraging response.
PROSPECTS
PROSPEK
With the Government’s accommodative
monetary policy and measures to promote
a business and investment friendly
environment coupled with the roll-out
of projects under the 9MP, we
believe that, barring unforeseen
circumstances, the prospects for the
KPS Group are positive in the year
ahead.
Dengan dasar kewangan Negara yang
kukuh dan langkah-langkah Kerajaan
meningkatkan suasana mesra pelabur
serta projek-projek yang tersenarai di
bawah RM9, kami percaya prospek
bagi Kumpulan KPS pada tahun
hadapan adalah positif.
On the domestic front, our pursuits
have yielded positive results with the
acquisition of statutory control
of ABASS. Moving ahead, we are
relentlessly working on several major
projects and are confident that our
efforts will bear fruit in due course. In
our foray into regional markets we will
continue to overcome challenges
to expand our presence in these
markets.
Bagi penglibatan di dalam Negara,
kami telah menunjukkan kejayaan
dengan pengambilalihan kawalan
kepentingan di dalam ABASS. Sebagai
langkah
untuk
mengukuhkan
kedudukan, kami juga sedang
berusaha keras untuk mendapatkan
projek-projek utama dan kami yakin
usaha-usaha ini akan berjaya. Di
pasaran serantau, kami akan terus
berusaha mengatasi cabaran-cabaran
untuk mengembangkan kedudukan
kami di rantau tersebut.
GOVERNANCE
TADBIR URUS
The Group is committed to practising
good corporate governance in our
business management 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
of the Group to ensure that the
interests of all shareholders are
protected.
Kumpulan
komited
kepada
mengamalkan tadbir urus korporat
yang memuaskan dalam pengurusan
perniagaan
dengan
mematuhi
sepenuhnya
prinsip-prinsip
dan
amalan-amalan terbaik seperti yang
terkandung dalam Kod Tadbir Urus
Korporat Malaysia. Tambahan lagi,
Lembaga Pengarah terus memainkan
peranan dalam meningkatkan integriti
perniagaan dan tadbir urus Kumpulan bagi
memastikan kepentingan pemegangpemegang saham dilindungi.
Centrifugal Decanter Sungai Semenyih Water Treatment Plant
Acquisition of Konsortium ABASS Sdn Bhd
by Titisan Modal (M) Sdn Bhd
Quality Hotel Shah Alam
031
Executive
COMMITMENT
KOMITMEN
I would like to emphasise to our valued
shareholders that KPS is unrelenting in
its quest to achieve excellence in
every aspect of its businesses. This
shall be our primary objective on yearly
commitment basis. Further, the Board
believes in fostering and maintaining
good investor relations and the latest
corporate developments that may
have an impact on shareholder value
would be widely disseminated.
Furthermore, KPS prides itself of being
a good corporate citizen to our
employees and the community in
which we serve via our participation
and involvement in various charitable
events, sports and social activities.
Saya ingin memaklumkan kepada
pemegang-pemegang saham yang
dihormati
bahawa
KPS
akan
terus berusaha gigih untuk mencapai
kecemerlangan di dalam setiap
aspek perniagaannya. Ini akan menjadi
objektif utama kami dari tahun
ke tahun. Tambahan lagi, Lembaga
Pengarah percaya dalam mengekalkan
hubungan baik dengan pelabur dan
sentiasa mengikuti perkembangan
korporat terkini yang akan memberi
kesan kepada nilai pemegang saham.
KPS bangga menjadi warga korporat
yang prihatin kepada kakitangan kami
dan komuniti di mana kami berkhidmat
melalui penyertaan dan penglibatan di
dalam pelbagai acara kebajikan, sukan
dan aktiviti-aktiviti sosial.
ACKNOWLEDGEMENT
“
The significant strategies
of putting the house in
order and realigning our
corporation with more
forward-looking
objectives have yielded
positive results.
I would like to take this opportunity to
offer my heartiest appreciation to my
fellow Board Members for their
priceless contribution, guidance and
assistance. May I also express
my sincere appreciation to the
management and employees of KPS
for their untiring efforts and steadfast
commitment throughout the year.
I also wish to express my gratitude
and a heartfelt thank you to all
our loyal customers, business
associates, financial institutions,
relevant government authorities and
agencies for their continued support.
“
Last but certainly not the least, to our
shareholders, we thank you for your
belief and faith in us and look forward
to your continued support.
DATO’ HJ ABD KARIM MUNISAR
DSSA, SSA, KMN, ASA
Executive Chairman/Pengerusi Eksekutif
032
PENGHARGAAN
Saya ingin mengambil kesempatan ini
untuk mengucapkan penghargaan yang
tidak terhingga kepada Ahli-ahli Lembaga
Pengarah di atas sumbangan mereka
yang tidak ternilai, panduan serta tunjuk
ajar. Izinkan juga saya merakamkan
penghargaan yang ikhlas kepada
pengurusan dan kakitangan-kakitangan
KPS di atas usaha-usaha dan komitmen
mereka yang jitu sepanjang tahun.
Saya juga ingin mengucapkan
penghargaan dan terima kasih kepada
pelanggan-pelanggan setia, rakanrakan perniagaan, institusi-institusi
kewangan, jabatan-jabatan dan agensiagensi kerajaan yang relevan di atas
sokongan mereka yang berterusan.
Tidak lupa juga, kepada pemegangpemegang saham, kami mengucapkan
terima kasih di atas kepercayaan yang
diberikan kepada kami dan kami
mengharapkan sokongan anda yang
berterusan.
SPRINT Highway
YBHG. DATIN PADUKA JUMA’AH BINTI MOKTAR
DSSA, ASA, PJK
Managing Director’s
Operations Review
tinjauan operasi pengarah urusan
INFRASTRUCTURE
AND UTILITY
infrastruktur dan utiliti
PERFORMANCE REVIEW
TINJAUAN PRESTASI
Kumpulan
Perangsang
Selangor
Berhad (KPS) is a dynamic and
expanding public listed company
involved in diverse sectors with
core businesses in water and
infrastructure while its subsidiaries are
involved in property development, hotel
management and club recreation.
Operating in diversified business sectors,
the Group has carried out a review of
its operations to ensure that each
sector has a competitive edge through
efficient and effective management.
Kumpulan Perangsang Selangor Berhad
(KPS) adalah sebuah syarikat yang
dinamik dan sebuah syarikat tersenarai
yang sedang berkembang dalam
pelbagai
sektor,
dengan
teras
perniagaan dalam sektor air dan
infrastruktur, manakala anak-anak
syarikatnya terlibat dalam sektor
pembangunan hartanah, pengurusan
hotel dan kelab rekreasi. Dengan bidang
niaga yang pelbagai, KPS sentiasa
menilai semula operasi perniagaannya
untuk mempastikan setiap sektor yang
diceburi mempunyai kelebihan daya
saing melalui pengurusan yang efisien
dan efektif.
The financial year ended 31 December
2006 saw the completion of the
acquisition of Konsortium ABASS Sdn
Bhd (ABASS). As a result of which, the
infrastructure and utility business
contributed RM62.1 million in revenue
representing 16% of total Group
revenue of RM378.6 million. The
sector contributed a segment profit of
RM69.0 million compared to a
segment profit of RM52.1 million in
2005. Included in the segment profit
of RM69.0 million is the share of
profits of associates (net of tax)
amounting to RM35.2 million and
share of profits of a joint venture
totalling RM7.5 million.
We are pleased to report that in line
with our aspiration to be a premier
regional water player, KPS via Titisan
Modal (M) Sdn Bhd has successfully
acquired statutory control in ABASS.
The acquisition is expected to
contribute positively to the future
earnings of the Group in years to
come.
Pada tahun kewangan berakhir
31 Disember 2006, syarikat telah
berjaya menyelesaikan pengambilalihan
kepentingan majoriti dalam Konsortium
ABASS Sdn Bhd (ABASS). Hasil dari
pengambilalihan ini, sektor utiliti dan
infrastruktur telah mencatat perolehan
sebanyak RM62.1 juta, iaitu bersamaan
16% daripada perolehan Kumpulan
berjumlah RM378.6 juta. Sektor ini
mencatat
keuntungan
sebanyak
RM69.0 juta, berbanding keuntungan
sebanyak RM52.1 juta dalam tahun
2005. Jumlah keuntungan ini termasuk
bahagian keuntungan daripada syarikat
bersekutu dan entiti usahasama
masing-masing mencatat sebanyak
RM35.2 juta dan RM7.5 juta.
Raw Water Pump Sump Semenyih Intake Plant
Sungai Semenyih Dam
Selaras dengan aspirasi syarikat untuk
menjadi syarikat pengurusan air unggul di
rantau ini, KPS melalui anak syarikatnya
Titisan Modal (M) Sdn Bhd telah berjaya
mengambilalih sepenuhnya kepentingan di
dalam ABASS. Pengambilalihan ini
dijangka dapat menyumbang secara positif
kepada pendapatan masa hadapan
Kumpulan.
035
Operations Review
Pre-Chemical Plant Sungai Semenyih Water Treatment Plant
Furthermore, KPS is still very much
dedicated to and remains a forerunner
in securing participation in the much
anticipated Langat II project which
complements the Pahang – Selangor
Interstate Raw Water Transfer
Scheme (IRWT). The Government has
indicated that the IRWT would
commence development soon in the
immediate future and this bodes well
for KPS as the Langat II project would
have to be implemented concurrently,
thereby allowing KPS to reap positive
earnings and in turn enhance its
shareholder value. The people of
Selangor and the Klang Valley would
also stand to benefit as the projects
are expected to avert a water shortage
in the future. In the meantime, the
construction of the West Coast
Expressway which has recently been
approved by the Government would
provide participation opportunities for
KPS which in turn translate into an
additional source of income for the
Group.
Sebagai langkah memantapkan lagi
perniagaan
syarikat,
KPS
akan
terus berusaha dengan lebih gigih
lagi untuk menerajui kepentingan ekuiti di
dalam projek Skim Langat II,
iaitu komponen kepada projek Skim
Pemindahan Air Mentah Dari Negeri
Pahang ke Selangor. Pengumuman
oleh Kerajaan Persekutuan untuk
memulakan kerja-kerja pembangunan
dalam masa terdekat amatlah dialu-alukan
kerana kedua-dua projek akan dilaksanakan
secara serentak, dengan itu membolehkan
KPS memperolehi pendapatan yang positif
dan meningkatkan nilai pemegang
sahamnya. Penduduk di Selangor dan
Lembah Klang secara keseluruhannya
akan juga mendapat manfaat melalui
perlaksanaan projek ini kerana ia akan
menyelesaikan isu kekurangan bekalan air
pada masa hadapan. Dalam masa yang
sama, pengumuman kelulusan pembinaan
projek Lebuhraya Pantai Barat oleh
Kerajaan Persekutuan baru-baru ini akan
turut memberikan peluang kepada KPS
untuk meningkatkan sumber pendapatan
tambahan Kumpulan melalui penyertaan
dalam kerja-kerja kontrak pembinaan.
PROSPEK
PROSPECTS
Sludge Treatment Plant Sungai Semenyih Water Treatment Plant
The medium term prospect of the
Malaysian economy is anticipated to
be exciting and challenging. The
Government’s allocation under the 9th
Malaysia Plan together with the
Private Finance Initiatives’ projects
planned for the period are expected to
propel business activities and enhance
sustainable economic growth. These
provide ample opportunities for the
private sector to take advantage of and
KPS is geared and prepared to actively
pursue these opportunities.
The acquisition of ABASS has further
equipped the KPS Group to expand its
activities along the water services
value chain. The Group is now
undertaking feasibilities to develop
alternative water resources involving a
ground water supply scheme which is
expected to generate additional
revenue streams to the Group. The
implementation of the scheme is,
however, still at the preliminary stage.
036
Dalam jangkamasa sederhana, prospek
ekonomi Malaysia diramalkan mencabar
dan memberangsangkan. Peruntukan
pembangunan Kerajaan dalam Rancangan
Malaysia Ke-9 dan projek-projek yang
dikenal pasti dilaksanakan secara Inisiatif
Pembiayaan Swasta dijangka dapat
merangsang aktiviti perniagaan dan
meningkatkan pertumbuhan ekonomi
yang mampan. Ini akan menyediakan
peluang yang luas kepada pihak swasta,
termasuk KPS untuk sama-sama terbabit
di dalam peluang ekonomi ini.
Kejayaan pengambilalihan ABASS telah
memantapkan Kumpulan KPS untuk
mengembangkan aktiviti berkaitan dalam
rantaian industri perkhidmatan air.
Kumpulan ketika ini sedang menjalankan
kajian daya maju bagi membangunkan
sumber alternatif skim bekalan air bawah
tanah yang mampu menjana pendapatan
tambahan kepada Kumpulan. Walau
bagaimanapun, ketika ini perlaksanaan
projek masih di peringkat awal
pembangunan.
As part of efforts to establish KPS in
the regional and global market,
Management
has been actively
considering opportunities in the
ASEAN region to expand its business.
We are currently finalising discussions
with the local authorities in Indonesia
to undertake a number of energy
based and road infrastructure projects.
We anticipate that several of these
projects could reach implementation
stage by the third quarter of 2007.
Pengurusan juga secara aktif telah
mengenal pasti peluang-peluang untuk
mengembangkan perniagaan ke negaranegara rantau ASEAN lain sebagai
usaha memantapkan perniagaan KPS di
peringkat antarabangsa. Ketika ini,
perbincangan dengan pihak berkuasa
di Indonesia bagi menerajui projek
pembangunan bekalan tenaga elektrik
dan pembinaan infrastruktur jalan
raya sedang berjalan lancar. Syarikat
menjangkakan perlaksanaan sebahagian
dari projek ini dapat dimulakan pada
penggal ketiga tahun 2007.
SPRINT Highway
PROPERTY DEVELOPMENT AND MANAGEMENT
pembangunan hartanah dan pengurusan
PERFORMANCE REVIEW
TINJAUAN PRESTASI
(KHSB) a subsidiary of KPS and
a public-listed company on the
Main Board of Bursa Malaysia
Securities Berhad is the property
development arm of the Group. The
property sector contributed RM245.2
million in revenue, an increase of
approximately 20% when compared to
RM204.9 million recorded in the previous
year accounting for approximately
65% of total Group revenue in the
financial year 2006. This sector posted
a segment profit of RM41.4 million
compared to a segment loss of
RM108.4 million in the previous year.
The significant turn around attests to
the success of KHSB’s ‘bullet biting’
exercise undertaken in the previous
year and as a result, the subsidiary is
now poised on the growth trajectory.
(KHSB), merupakan anak syarikat
KPS yang terlibat dalam aktiviti
pembangunan
hartanah
dan
disenaraikan
di
Papan
Utama,
Bursa Malaysia Securities Berhad.
Sektor pembangunan hartanah telah
menyumbang perolehan sebanyak
RM245.2 juta, meningkat 20%,
berbanding RM204.9 juta pada tahun
sebelumnya. Perolehan dari sektor ini
telah menyumbang 65% kepada jumlah
perolehan Kumpulan dalam tahun 2006.
Sektor ini telah mencatat keuntungan
kerugian sebanyak RM108.4 juta pada
tahun sebelumnya. Pemulihan prestasi
kewangan yang ketara bagi KHSB adalah
disebabkan usaha-usaha penyelesaian
berterusan ke atas isu-isu penting
syarikat pada tahun sebelumnya.
During the year under review, KHSB
had successfully launched the Cyber
Valley Commercial Centre which
received strong public support due to
its strategic location within the prime
vicinity of Cyberjaya and Putrajaya. All
the shop offices were sold and new
phases are slated for launching in the
near future in response to the
favourable market demand.
Dalam tahun kajian, KHSB telah berjaya
melancarkan projek Pusat Komersil Cyber
Valley, di mana syarikat telah mendapat
sambutan yang baik dari pembeli-pembeli
yang tertarik dengan lokasi projek yang
bersempadan dengan kawasan Cyberjaya
dan Putrajaya. Semua lot kedai pejabat
telah terjual dan pelancaran fasa baru
akan dilaksanakan dalam masa terdekat
bagi memenuhi permintaan pasaran yang
memberangsangkan.
Cyber Valley Commercial Centre
037
Operations Review
The management will continue to
aggressively promote the Selangor
Halal Hub in Pulau Indah which is
being developed by Central Spectrum
(M) Sdn Bhd (CSSB), a subsidiary of
KHSB. Phase 1 of the Selangor Halal
Hub has been fully sold to seven (7)
major investors occupying 175.8
acres. These investors are expected
to commence development soon with
a total investment of approximately
RM482.0 million. Riding on the
success of Phase 1, Phase 2 is
receiving encouraging response.
Most of KHSB’s other projects have
been completed and during the year
more than RM195.0 million worth of
completed properties were sold.
PROSPECTS
In a highly competitive property
market environment, demand was
generally slow with indications of an
oversupply scenario and a property
sector that has reached its peak. It
had been a challenging year indeed
for our property business even though
efforts had been made to review our
strategies and improve our performance.
Nevertheless, with the Government’s
relaxation of Foreign Investment
Committee’s ruling for foreign buyers to
promote the Malaysia My Second Home
Programme, we believe there is a vibrant
potential across all segments of the
property market which augurs well for
KHSB.
New projects are already being
planned for 2007 namely high-end
residential projects in Templer Park
Resort, Rawang; Phase 2 of the Cyber
Valley Commercial Centre project in
Dengkil and a 150-unit condominium
project in Bangi known as ‘Bangi One’.
These projects, complemented by
other property development jointventure exercises, and the proposed
disposal of non-core assets are
anticipated to augment the company’s
financial position.
038
Pengurusan akan terus melaksanakan
promosi secara agresif terhadap projek
pembangunan Selangor Halal Hub di
Pulau Indah, yang dibangunkan oleh
Central Spectrum (M) Sdn Bhd (CSSB)
iaitu anak syarikat KHSB. Sehingga kini
projek telah berjaya menarik tujuh (7)
pelabur utama yang telah membeli lotlot industri seluas 175.8 ekar bagi Fasa 1
di Selangor Halal Hub. Pelaburpelabur ini dijangka memulakan projek
pembangunan dalam masa terdekat
dengan anggaran pelaburan tambahan
sebanyak RM482.0 juta. Minat pelabur
yang positif juga terbukti apabila
syarikat menerima permintaan yang
menggalakkan bagi pembangunan di
Fasa 2.
Hampir semua projek-projek lain KHSB
telah disiapkan dan bagi tahun 2006, di
mana syarikat telah berjaya mencatat
jualan bernilai lebih daripada RM195.0
juta.
PROSPEK
Dalam
suasana
pasaran
yang
mengalami persaingan yang sengit,
permintaan keseluruhannya adalah
Office of Central Spectrum (M) Sdn Bhd
perlahan di dalam senario lebihan
penawaran dan permintaan yang telah
mencapai tahap puncak. Sektor
hartanah menghadapi tahun yang
mencabar walaupun usaha-usaha
berterusan telah diambil, mengkaji
semula strategi-strategi baru bagi
meningkatkan
prestasi
syarikat.
Namun begitu, pengumuman Kerajaan
Persekutuan melalui Jawatankuasa
Pelaburan Asing membenarkan warga
asing memiliki hartanah di Malaysia dan
juga program menjadikan “Malaysia
sebagai Tempat Tinggal Kedua”,
pengurusan yakin bahawa masih
terdapat potensi bagi menjana
pendapatan tambahan dalam sektor ini.
Beberapa projek baru telah dirancang
pada tahun 2007, antaranya ialah projek
kediaman eksklusif di Templer Park
Resort, Rawang; Fasa 2 di Pusat
Komersil Cyber Valley di Dengkil dan
projek Bangi One yang melibatkan
pembinaan 150 unit kondominium di
Bangi. Projek-projek ini, serta projekprojek usahasama lain dan skim
cadangan pelupusan aset bukan teras,
dijangka
mampu
mengukuhkan
kedudukan kewangan Syarikat.
Arising from the above factors, and
coupled with the recent initiatives
announced by the Government to boost
the property sector namely the exemption
of real property gains tax and the
improvement in the delivery system of the
sector, we are confident of seeing
continued improvement in contribution
from property development in the future.
Berdasarkan faktor-faktor tersebut dan
pengumuman pengecualian cukai
keuntungan hartanah dan peningkatan
sistem penyampaian awam oleh
Kerajaan, Syarikat yakin sektor hartanah
akan terus dapat menyumbang kepada
pertumbuhan Kumpulan pada masa
hadapan.
HOTEL AND RECREATION
hotel dan rekreasi
PERFORMANCE REVIEW
TINJAUAN PRESTASI
The hotel and recreation businesses
being undertaken via KHSB comprise
three (3) hotels namely Quality Hotel
City Centre (QHCC), Quality Hotel
Shah Alam (QHSA) and Brisdale Hotel,
and three (3) recreation clubs namely
the Perangsang Templer Golf Club
(PTGC), Kelab OUG and an associated
club known as Kelab Darul Ehsan. The
hotel business posted RM27.0 million
in revenue in 2006 accounting for
approximately 7% of total Group
revenue and a marginal increase of 5%
when compared to RM25.8 million in
the previous year. A segment profit of
RM1.7 million was recorded for the
year 2006 against a segment loss of
RM15.1 million in the previous year.
Operasi sektor perhotelan dan rekreasi
oleh KHSB adalah melalui tiga (3) hotel,
iaitu Quality Hotel City Centre (QHCC),
Quality Hotel Shah Alam (QHSA) dan
Brisdale Hotel. Manakala kelab rekreasi,
adalah melalui Perangsang Templer Golf
Club (PTGC), Kelab OUG dan kelab
bersekutu dikenali sebagai Kelab Darul
Ehsan. Pada tahun 2006, sektor hotel dan
rekreasi telah menyumbang perolehan
sebanyak RM27.0 juta, bersamaan 7%
daripada jumlah perolehan Kumpulan,
meningkat sebanyak 5%, berbanding
perolehan sebanyak RM25.8 juta pada
tahun sebelumnya. Keuntungan yang
dicatatkan sebanyak RM1.7 juta pada
tahun 2006, berbanding kerugian
sebanyak RM15.1 juta pada tahun
sebelumnya.
The recreation business posted RM9.4
million in revenue in 2006, accounting for
approximately 2% of total Group
revenue, and represents a 15% decline
when compared to RM11.1 million
generated in the previous year. The
decline was attributed mainly to lower
revenue from the PTGC golf course due
to its below par condition and
subsequently the temporary closure of
the golf course and the club house
towards the end of year for rectification
and refurbishment works to improve our
product offerings. The recreation sector
posted a segment loss of RM1.2 million
when compared to a segment loss of
RM6.2 million in 2005. The segment loss
in 2006 was attributed to losses incurred
by our associated club amounting to
RM0.7 million.
Sektor perniagaan rekreasi mencatatkan
tahun 2006, bersamaan 2% daripada
jumlah perolehan Kumpulan, merosot
sebanyak 15% berbanding RM11.1 juta
pada tahun sebelumnya. Kemerosotan
perolehan yang dialami oleh PTGC
adalah disebabkan keadaan padang golf
yang kurang baik menjurus kepada
penutupan sementara padang golf dan
rumah kelab pada akhir tahun 2006
bagi kerja-kerja menaiktaraf dan
penyelenggaraan kemudahan-kemudahan
lain dilaksanakan. Sektor ini mencatat
kerugian sebanyak RM1.2 juta,
berbanding kerugian sebanyak RM6.2
juta pada tahun 2005. Kerugian pada
tahun 2006 ini juga adalah disebabkan
kerugian dicatatkan oleh kelab
bersekutu sebanyak RM0.7 juta.
Quality Hotel Shah Alam
Gardenia Coffee House Quality Hotel Shah Alam
039
Operations Review
PROSPECTS
This year has been designated Visit
Malaysia Year (VMY) as the country
celebrates 50 years of independence
and nationhood. A celebration marked
by year-round festivities involving not
just Malaysians but foreigners alike,
the VMY campaign is projected to
generate 24 million of tourist arrivals.
Our hotel and recreation sector has
put in place plans to capitalise and
exploit this positive trend to increase
our income via strengthening our
promotional activities and improving
service excellence to raise customer
satisfaction.
Reception Quality Hotel Shah Alam
We will continuously channel efforts
to strengthen our market position
by investing in product upgrading,
human capital development and
intensification of marketing activities
while consciously managing our costs
to improve the financial performance
in this sector.
PROSPEK
Tahun 2007 telah diisytiharkan sebagai
Tahun Melawat Malaysia (TMM)
sempena ulangtahun ke-50 tahun
kemerdekaan
negara.
Beberapa
perayaan yang telah dirancang dan akan
dijalankan bukan sahaja membabitkan
rakyat tempatan malah juga melibatkan
pelancong asing. Kempen TMM ini
dijangka mampu menarik kedatangan
24 juta pelancong asing. Hotel dan kelab
rekreasi Kumpulan akan bekerja keras
memanfaatkan peluang yang ada ini
untuk
meningkatkan
pendapatan
dengan mempergiatkan aktiviti promosi
dan meningkatkan tahap perkhidmatan
dan kepuasan pelanggan.
Syarikat akan terus berusaha untuk
mengukuhkan kedudukan di pasaran
perhotelan, melalui usaha mempertingkatkan
mutu produk, membangun modal insan,
meningkatkan aktiviti pemasaran dan usaha
penjimatan kos bagi meningkatkan prestasi
kewangan sektor ini.
TRADING AND GENERAL CONTRACT WORKS
perdagangan dan kontrak awam
Water analysis using Jar Tester to
measure optimum dosing of alum Sungai Semenyih Water Treatment Plant
040
PERFORMANCE REVIEW
TINJAUAN PRESTASI
In January 2006, in line with its
ongoing strategy of divesting nonstrategic assets and realising the value
of its investments, KPS had disposed
off its 70% equity stake in
construction arm, Darul Ehsan Bina
Sdn Bhd. Income from trading
activities was contributed by 60%owned subsidiary, Hydrovest Sdn Bhd
(Hydrovest), which in turn owns 60%
equity interest in Aqua-Flo Sdn Bhd
(Aqua-Flo) which is involved in the
trading of potable water and
wastewater treatment chemicals,
provision of technical services and
sales of equipment for the water and
wastewater industry. In the financial
year 2006, the trading sector recorded
a revenue of RM24.8 million
accounting for approximately 7% of
Selaras dengan usaha syarikat untuk
mengukuhkan struktur organisasi dan
pelupusan pelaburan yang tidak
strategik, syarikat telah melupuskan
70% kepentingan ekuiti di dalam Darul
Ehsan Bina Sdn Bhd. Pendapatan
daripada aktiviti perdagangan adalah
disumbangkan oleh Hydrovest Sdn Bhd
(Hydrovest), anak syarikat di mana KPS
memegang 60% ekuiti. Hydrovest pula
memegang 60% ekuiti di dalam
Aqua-Flo Sdn Bhd (Aqua-Flo), syarikat
yang terlibat dalam perniagaan bahan
kimia dan peralatan serta khidmat
nasihat bagi industri rawatan air dan air
kumbahan. Pada tahun 2006, sektor ini
mencatat perolehan sebanyak RM24.8
juta, bersamaan 7% daripada jumlah
perolehan Kumpulan. Jumlah perolehan
ini merosot sebanyak RM25.2 juta atau
total Group revenue. The revenue
declined by RM25.2 million or
approximately 50% when compared to
the RM50.0 million achieved in 2005.
The significant decline in revenue in
2006 was attributed to a reduction in
income source arising from the
divestment of Perangsang Dagang
Sdn Bhd which disposal was
completed on 15 December 2005.
However, the trading sector posted a
segment profit of RM1.9 million
representing a 25% increase when
compared to RM1.5 million registered
in 2005.
PROSPECTS
As part of its growth strategy,
Hydrovest via Aqua-Flo is continuously
identifying opportunities in the water
and wastewater industry. Besides
expanding its product range in the
trading business, Aqua-Flo is also
geared to venture into projects
involved in the treatment of leachate,
sludge and other industrial wastes.
As a complement to its organic
growth, Hydrovest will capitalise on
opportunities to acquire equity stakes
in companies in the chemical and
biotechnology industries.
50%, berbanding perolehan sebanyak
RM50.0 juta yang dicatat pada tahun
2005. Kemerosotan yang ketara ini
disebabkan pengurangan perolehan selepas
pelupusan ekuiti dalam Perangsang
Dagang Sdn Bhd pada 15 Disember 2005.
Walaubagaimanapun, sektor perdagangan
ini mencatat keuntungan sebanyak
RM1.9 juta, meningkat 25% berbanding
keuntungan sebanyak RM1.5 juta pada
tahun 2005.
“
PROSPEK
Sebagai sebahagian daripada strategi
pertumbuhan syarikat, Hydrovest melalui
Aqua-Flo akan terus mengenalpasti
peluang-peluang
mengembangkan
perniagaan dalam industri rawatan air
bersih dan air kumbahan. Selain dari
perniagaan produk bahan kimia,
Aqua-Flo juga berusaha meneroka
peluang-peluang perniagaan dalam
sektor rawatan bahan kumbahan dan
sisa kilang. Hydrovest akan merebut
peluang
untuk
mengambilalih
kepentingan ekuiti dalam syarikatsyarikat kimia dan bioteknologi yang
telah terbukti kejayaannya.
INVESTMENT HOLDING AND OTHERS
pegangan pelaburan dan lain-lain
PERFORMANCE REVIEW
TINJAUAN PRESTASI
In the year 2006, the Group’s
investment
holding
activities
generated RM5.3 million in revenue,
compared to RM5.6 million in 2005.
However, investment holding activities
posted a segment loss of RM4.3
million in 2006, an improvement
compared to a segment loss RM12.7
million in 2005.
Pada tahun 2006, aktiviti pegangan
pelaburan Kumpulan mencatat perolehan
tahun 2005. Walaubagaimanapun, aktiviti
pegangan pelaburan mencatat kerugian
sebanyak RM4.3 juta pada tahun 2006,
berbanding kerugian sebanyak RM12.7
juta pada tahun 2005.
SPRINT Highway
DATIN PADUKA JUMA’AH BINTI MOKTAR
DSSA, ASA, PJK
Managing Director/Pengarah Urusan
041
Profile of Senior Management
profil pengurusan kanan
Being the first President of Ampang Jaya Municipal Council
then in 1992, he maintained and improved Ampang as a
preferred residential development for expatriates.
His qualification and vast experience as a government officer
between the years of 1974 - 2004 enhances his capabilities
in leading Kumpulan Darul Ehsan Berhad as the President
and Kumpulan Hartanah Selangor Berhad as Executive
Chairman.
YBhg. Dato’ Haji Abd. Karim bin Munisar, DSSA, SSA, KMN,
ASA, berusia 56 tahun, dilantik sebagai Pengerusi Eksekutif
Kumpulan Perangsang Selangor Berhad (KPS) pada 6
September 2004. 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 telah diberi kepercayaan untuk
menerajui bandar-bandar dan daerah ternama iaitu Majlis
Perbandaran Petaling Jaya, Majlis Daerah Sepang dan Majlis
Perbandaran Ampang Jaya masing-masing antara tahun
1992 - 2004.
DSSA, SSA, KMN, ASA
YBhg. Dato’ Haji Abd. Karim bin Munisar, DSSA, SSA, KMN,
ASA, aged 56, was appointed Executive Chairman of
Kumpulan Perangsang Selangor Berhad (KPS) on 6
September 2004. He holds a Bachelor of Economics (Hons.)
from University of Malaya, an Advanced Diploma in
Economic Development (with Distinction) from University of
Manchester, United Kingdom and Master in Business
Administration from University of Edinburgh, Scotland. He
also attended an Advance Course in Urban Planning JICA at
Tokyo, Japan.
Semasa menjadi Yang Dipertua Majlis Perbandaran Petaling
Jaya, beliau berjaya mengemukakan idea-idea pentadbiran
dalam memberi sistem perkhidmatan yang cekap dan mesra
untuk kepentingan komuniti Petaling Jaya dan
menambahkan perolehan untuk Bandar tersebut.
Kebolehan dan pengalaman yang dimiliki oleh Dato’ Haji
Abd. Karim telah membina kepercayaan Kerajaan Negeri
Selangor untuk melantik beliau menjadi Pegawai Daerah dan
Pemangku Yang Dipertua Majlis Daerah Sepang. Beliau
berjaya menjadikan Daerah Sepang terkenal di pandangan
tempatan dan dunia.
Dato’ Haji Abd. Karim was entrusted to spearhead among
the most prominent city, district and council namely Petaling
Jaya Municipal Council, Sepang District and Ampang Jaya
Municipal Council respectively between the years of 1992 2004.
Sebagai Yang Dipertua Majlis Perbandaran Ampang Jaya
yang pertama pada tahun 1992, beliau berjaya mengekalkan
dan menaik taraf Ampang sebagai penempatan
pembangunan pilihan bagi ekspatriat.
During his tenure as President of Petaling Jaya Municipal
Council, he managed to surface new ideas in providing efficient
administrative systems for the benefit of the Petaling Jaya
community whilst generating revenue for the city.
Kelayakan dan pengalaman beliau yang luas sebagai
Pegawai Kerajaan antara tahun 1974 - 2004 telah
mempertingkatkan kebolehannya dalam memimpin
Kumpulan Darul Ehsan Berhad sebagai Presiden dan
Kumpulan Hartanah Selangor Berhad sebagai Pengerusi
Eksekutif.
The capabilities and experience acquired by Dato’ Haji Abd.
Karim has built the trust of the Selangor State Government
to make him the District Officer cum Acting President of the
Council. He successfully managed to turn Sepang into a
renowned district locally and abroad.
042
YBhg. Datin Paduka Juma’ah binti Moktar, DSSA, ASA, PJK,
aged 55, was appointed Managing Director of Kumpulan
Perangsang Selangor Berhad (KPS) in July 1997. Datin
Paduka Juma’ah graduated with a Bachelor of Laws (Hons.)
from University of London, United Kingdom in 1981 and
obtained her Master in Business Administration (with
Distinction) in 1989. In 1992, she attended the ‘Applied
International Management Programme’ at the Institute of
Foretagledning, Sigtuna in Sweden.
Datin Paduka Juma’ah began her career in 1975 as Credit Officer
KPS and held the position of Company Secretary/Group Legal
Adviser to the KPS Group from 1981 to 1996. In June 1996, Datin
Paduka Juma’ah assumed the position of Vice President Kumpulan
Darul Ehsan Berhad (KDEB) and Executive Director of Brisdale
Holdings Berhad, respectively. Datin Paduka Juma’ah was
appointed to the Board of KDEB as Director on 15 August 1997
and currently also holds the position of Deputy President KDEB.
YBHG. DATIN PADUKA JUMA’AH BINTI MOKTAR
YBhg. Datin Paduka Juma’ah binti Moktar, DSSA, ASA, PJK,
berusia 55 tahun, telah dilantik sebagai Pengarah Urusan
Kumpulan Perangsang Selangor Berhad (KPS) pada Julai
1997. Datin Paduka Juma’ah memiliki Ijazah Sarjana Muda
Undang-undang (Kepujian) dari University of London, United
Kingdom pada tahun 1981 dan Ijazah Sarjana Pentadbiran
Perniagaan (dengan Cemerlang) dalam tahun 1989. Beliau
menghadiri kursus “Applied International Management
Programme” di Institut Foretagledning, Sigtuna di Sweden
dalam tahun 1992.
Datin Paduka Juma’ah memulakan kerjaya pada tahun 1975
sebagai Pegawai Kredit di KPS dan seterusnya memegang
jawatan Setiausaha Syarikat/Penasihat Undang-undang
Kumpulan KPS dari tahun 1981 hingga tahun 1996. Datin
Paduka Juma’ah menyandang jawatan Naib Presiden,
Kumpulan Darul Ehsan Berhad (KDEB) dan Pengarah
Eksekutif, Brisdale Holdings Berhad pada Jun 1996. Datin
Paduka Juma’ah menganggotai Lembaga KDEB pada 15
Ogos 1997 dan ketika ini turut menyandang jawatan
Timbalan Presiden KDEB.
DSSA, ASA, PJK
Encik Arthur Wong is a member of the Malaysian Institute
of Accountants and the Institute of Chartered Accountants,
England and Wales.
SIS, PPT
Encik Arthur Wong Yien Kim, SIS, PPT, aged 53, is the
General Manager Finance at Kumpulan Perangsang Selangor
Berhad (KPS), a position held since 2000. Encik Arthur 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 Arthur Wong is also the Vice President Finance
at Kumpulan Darul Ehsan Berhad, a position held since 2000.
Encik Arthur Wong Yien Kim, SIS, PPT, berusia 53 tahun,
telah dilantik sebagai Pengurus Besar Kewangan Kumpulan
Perangsang Selangor Berhad (KPS) pada tahun 2000. Encik
Arthur 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 Arthur Wong telah berkhidmat selama
tujuh (7) tahun dengan SAP sebagai Ketua Bahagian
Kewangan sebelum dipindahkan perkhidmatan ke KPS.
Encik Arthur Wong turut menyandang jawatan Naib
Presiden Kewangan di Kumpulan Darul Ehsan Berhad sejak
tahun 2000.
Encik Arthur Wong merupakan ahli Institut Akauntan
Malaysia dan Institute of Chartered Accountants, England
dan Wales.
043
Profile of
Senior Management
to 1984 and subsequently, as Assistant Manager at ArabMalaysian 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 57 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.
ENCIK MOHD NOOR BIN ISMAIL
PPT
Encik Mohd Noor bin Ismail, PPT, aged 57, 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
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.
Encik Revi Pillai, ASA, aged 57, 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 (ACMA) 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 57 tahun, mula berkhidmat di
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 (ACMA) United Kingdom, beliau telah
berkhidmat di beberapa buah organisasi terkemuka di
Malaysia sebelum menganggotai KPS.
Encik Revi merupakan ahli
Management Accountants.
044
Chartered
Institute
of
ENCIK REVI PILLAI
ASA
Encik Abdul Karim bin Endut, aged 35 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, 35 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.
ENCIK ABDUL KARIM BIN ENDUT
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.
Tuan Haji Zulkifli has more than 18 years’ working
experience in property and infrastructure development.
Prior to joining KPS, he served as Chief Operating Officer at
SAP Air Hitam Properties from 1988 to 2001.
TUAN HAJI ZULKIFLI BIN HUSSAIN
PPT
Tuan Haji Zulkifli bin Hussain, PPT, aged 54 was appointed
General Manager, Infrastructure & Utility Kumpulan
Perangsang Selangor Berhad (KPS) in 2001. He obtained a
Bachelor of Science Degree in Civil Engineering from
Universiti Teknologi MARA (UiTM) in 1979 and Master of
Science in Construction Management from University of
Birmingham, United Kingdom in 1986.
Tuan Haji Zulkifli bin Hussain, PPT, berusia 54 tahun, dilantik
ke jawatan Pengurus Besar, Infrastruktur dan Utiliti
2001. Beliau memperolehi Ijazah Sarjana Muda Sains dalam
bidang Kejuruteraan Awam dari Universiti Teknologi MARA
(UiTM) pada tahun 1979 dan Ijazah Sarjana Sains dalam
bidang Pengurusan Pembinaan dari University of
Birmingham, United Kingdom pada tahun 1986.
Tuan Haji Zulkifli mempunyai pengalaman kerja lebih
daripada 18 tahun dalam pembangunan hartanah dan
infrastruktur.
Sebelum menyertai KPS, beliau berkhidmat sebagai Ketua
Pegawai Operasi di SAP Air Hitam Properties dari tahun
1988 hingga 2001.
045
Profile of
Senior Management
Puan Hashimah binti Mohd Isa, PPT, aged 46, 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 46 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 Sarjana Pentadbiran Perniagaan.
PPT
046
Puan Hashimah telah berkhidmat di KPS sejak tahun 1990.
Quality Hotel
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.
The Board is, therefore, committed to supporting the
recommendations of the Malaysia Code on Corporate
Governance (“the Code”) and steps are currently being
undertaken to prepare the Group to adopt, implement and
fulfill the principles and best policies of the Code.
A.
Lembaga Pengarah (“Lembaga”) Kumpulan Perangsang
Selangor Berhad (“Syarikat”) mengiktiraf bahawa langkah
tadbir urus korporat yang memuaskan semasa
mengendalikan urusan perniagaan dan hal ehwal Syarikat
dengan tahap kewibawaan, ketelusan dan profesionalisme
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 pemegangpemegang saham lain turut dilindungi.
Justeru itu, Lembaga adalah komited untuk menyokong syorsyor yang terkandung dalam Kod Tadbir Urus Korporat Malaysia
(“Kod”) dan kini, langkah-langkah sedang diambil untuk
menyediakan Kumpulan supaya menerima pakai, melaksanakan
dan memenuhi prinsip-prinsip amalan terbaik Kod ini.
BOARD OF DIRECTORS
1.
Duties of Board of Directors
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.
1.
Tanggungjawab Lembaga Pengarah
The Board’s most important functions include:
Lembaga Syarikat bertanggungjawab sepenuhnya ke
atas prestasi Kumpulan. Lembaga 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.
•
setting the objectives, goals and corporate
direction for the Company;
Bidang tugas paling penting Lembaga termasuk:
•
adopting and monitoring progress of the
Company’s strategic plan;
•
overseeing the conduct of the Company’s
business to evaluate whether the business is
being properly managed;
•
•
•
•
048
A. LEMBAGA PENGARAH
•
menetapkan objektif, matlamat dan haluan
korporat bagi Syarikat;
•
mengamalkan dan mengawal perkembangan
rancangan strategik Syarikat;
•
menyelia perjalanan perniagaan Syarikat untuk
menilai sama ada perniagaan telah diuruskan
dengan teratur;
•
succession planning including appointing,
training, fixing the compensation of and where
appropriate, reviewing senior management
composition;
mengenalpasti risiko-risiko utama dan
memastikan pelaksanaan sistem sewajarnya
untuk menguruskan risiko-risiko ini;
•
developing and implementing an investor
relations
programme
or
shareholder
communications policy for the Company; and
perancangan berterusan termasuk melantik,
melatih, menetapkan pampasan bila dan di
mana
sesuai,
menyemak
komposisi
pengurusan kanan;
•
mewujudkan dan melaksanakan program
berkaitan
perhubungan
pelabur
atau
pemegang saham Syarikat; dan
•
menyemak kecukupan dan ketelusan sistem
kawalan dalaman Syarikat dan pengurusan
sistem maklumat, termasuk sistem bagi
pematuhan undang-undang, peraturan, arahan
dan garis panduan.
identifying principal risks and ensuring the
implementation of appropriate systems to
manage these risks;
reviewing the adequacy and the integrity of the
Company’s internal control systems and
management information systems, including
systems for compliance with applicable laws,
regulations, rules, directives and guidelines.
Dalam melaksanakan kewajipan fudisiarinya,
Lembaga telah mengamanahkan tugas-tugas
khusus kepada empat (4) Jawatankuasa Lembaga
yang
merupakan
Jawatankuasa
Audit,
Jawatankuasa Imbuhan, Jawatankuasa Pencalonan
dan Jawatankuasa ESOS. Laporan Jawatankuasa
masing-masing adalah sebagaimana dikemukakan
dalam Laporan Tahunan pada muka surat 55 hingga
57 dan muka surat 62 hingga 77.
In discharging its fiduciary duties, the Board has
delegated specific tasks to four (4) Board
Committees, which are the Audit Committee,
Remuneration Committee, Nomination Committee
and ESOS Committee. The respective committee
reports are disclosed on pages 55 to 57 and pages
62 to 67 of this Annual Report.
2.
Composition of the Board
The Board of KPS consists of nine (9) members:
i.
ii.
iii.
iv.
Executive Chairman
Managing Director
Two (2) Non-Independent Non-Executive Directors
Five (5) Independent Non-Executive Directors
The Directors include professionals in the fields of
engineering, economics, finance and accounting;
and senior civil administrators. The information of
all the directors is set out from page 14 to 23 of this
Annual Report.
The composition of the Board is determined using
the following principles:
i.
ii.
at least two (2) persons or one third of the
Board, whichever is higher, must be
independent non-executive directors; and
2.
Komposisi Lembaga
Lembaga KPS pada masa ini mempunyai sembilan
(9) ahli terdiri daripada:
i.
ii.
iii.
iv.
Pengarah-pengarah adalah profesional dalam
bidang kejuruteraan, ekonomi, kewangan,
perakaunan dan pentadbir-pentadbir awam
kanan yang berpengalaman. Maklumat mengenai
kesemua pengarah dikemukakan pada muka surat
14 hingga 23 dalam Laporan Tahunan ini.
Komposisi Lembaga ditentukan berpegangkan
prinsip-prinsip berikut:
i.
sekurang-kurangnya dua (2) orang atau satu
pertiga daripada Lembaga yang mana lebih
tinggi, hendaklah pengarah bukan eksekutif
bebas; dan
ii.
sekurang-kurangnya seorang (1) pengarah
adalah ahli Institut Akauntan Malaysia.
at least one (1) director is a member of the
Malaysian Institute of Accountants.
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.
There is a clear division of responsibility between
the Executive Chairman and the Managing Director
to ensure that there is a balance of power and
authority. The presence of Independent NonExecutive Directors who are independent of the
management, fulfill a pivotal role in corporate
accountability as they are free from any business
and other relationships that could interfere with
their exercise of independent judgement or the
ability to act in the best interests of the Company.
Pengerusi Eksekutif
Pengarah Urusan
Dua (2) Pengarah Bukan Eksekutif Bukan Bebas
Lima (5) Pengarah Bukan Eksekutif Bebas
Komposisi Lembaga akan dikaji mengikut
keperluan oleh Jawatankuasa Pencalonan untuk
memastikan bahawa Lembaga mempunyai kriteria
kemahiran, pengalaman, sifat dan kekompetenan
teras untuk melaksanakan tugasnya secara berkesan.
Terdapat pembahagian tanggungjawab yang jelas
diantara Pengerusi Eksekutif dan Pengarah Urusan
bagi
memastikan
terdapat
keseimbangan
didalam bidang kuasa. Kehadiran Pengarah Bukan
Eksekutif
Bebas
yang
bebas
daripada
pengurusan, memenuhi peranan utama dalam
kebertanggungjawaban korporat memandangkan
mereka adalah bebas daripada mana-mana
hubungan perniagaan dan lain-lain hubungan yang
boleh mengganggu pelaksanaan pertimbangan
bebas atau keupayaan mereka untuk bertindak
demi kepentingan terbaik Syarikat.
049
3.
Board Meetings and Supply of Information
3.
Lembaga mempunyai lima (5) mesyuarat terjadual
tetap setiap tahun, dengan mesyuarat tambahan
diadakan apabila perlu. Dalam tahun kewangan
berakhir 31 Disember 2006, enam (6) Mesyuarat
Lembaga telah diadakan dan kehadiran pengarah
masing-masing adalah seperti berikut:
The Board has five (5) regularly scheduled
meetings annually with additional meetings
convened when necessary. During the financial
year ended 31 December 2006, six (6) Board
Meetings were held and the respective directors
attendance are as follows:
Name of Directors/Nama Pengarah-pengarah
Attendance/Kehadiran
Dato’ Haji Abd. Karim bin Munisar
Dato’ Haji Azlan bin Hashim
Dato’ Haji Ab. Halim bin Mohyiddin
Datin Paduka Juma’ah binti Moktar
Dato’ Haji Sumadi bin Haji Ismail
Senator Dato’ Haji Ikhwan Salim bin Dato’ Sujak
Dato’ Dr. Haji Karim bin Haji Mansor
Dato’ Yip Kam Chong
Dato’ Dr. Amran bin Kasimin
6/6
6/6
6/6
6/6
5/6
6/6
5/6
6/6
6/6
Lembaga disediakan dengan agenda-agenda dan
kertas-kertas Lembaga sebelum mesyuarat
Lembaga termasuk minit mesyuarat terdahulu,
laporan prestasi suku tahunan Kumpulan, cadangan
korporat dan strategik bagi semakan dan kelulusan
Lembaga. Dokumen-dokumen ini dikeluarkan lebih
awal untuk membolehkan Lembaga mendapat
penjelasan daripada pengurusan sebelum
mesyuarat Lembaga bagi melaksanakan tugastugasnya dengan berkesan.
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.
050
Ahli-ahli Lembaga mempunyai akses kepada
nasihat dan khidmat Setiausaha Syarikat dan ahliahli profesional bagi semua maklumat berhubung
dengan Kumpulan sama ada dalam keupayaan
Lembaga penuh atau secara individu untuk
membantu mereka dalam menjalankan tugas-tugas
mereka.
Directors’ Training
The Group acknowledges the fact that continuous
education and training are vital for the Board
members to gain insight into the state of economy,
technological
advances,
latest
regulatory
developments and management strategies. All
members of the Board have attended the Directors
Mandatory Accreditation Programme (MAP) and
have met the requirements of the Continuous
Education Programme (CEP). The training attended
by the Directors during the year other than the
training attended for purpose of fulfilling the CEP
requirements are summarised as follows:
Mesyuarat Lembaga dan Bekalan Maklumat
4.
Latihan Pengarah-pengarah
Kumpulan
menyedari
bahawa
pendidikan
berterusan adalah penting bagi ahli-ahli Lembaga
untuk mengetahui dengan lebih mendalam
mengenai keadaan ekonomi, perkembangan
teknologi, perkembangan berperaturan terkini dan
strategi pengurusan. Semua ahli Lembaga telah
menghadiri Program Akreditasi Mandatori
(“MAP”) dan memenuhi kehendak Program
Pendidikan Berterusan (“CEP”). Latihan yang telah
dihadiri oleh Pengarah-pengarah selain daripada
latihan bagi memenuhi kehendak “CEP” adalah
seperti berikut:
Name of Directors
Nama Pengarah-pengarah
Programmes
Program-program
YBhg. Dato’ Haji Abd. Karim bin Munisar
• Key Performance Indicators as a Management Tool
• Accounting and Financial Management Modular Program:
Module 1 - Understanding and Making Effective Use of the
Basic Financial Statements
YBhg. Datin Paduka Juma’ah binti Moktar
• Improving Board of Directors’ Performance, Leadership & Governance
• Key Performance Indicators as a Management Tool
YBhg. Dato’ Haji Azlan bin Hashim
• Financial Reporting Standards (FRS) Briefing for Directors and CEOs
• Executive Workshop on Anti-Money Laundering (AML) and
Counter-Financing of Terrorism (CFT) for Directors
• Executive Workshop on Islamic Banking for Directors
• Corporate Financial Strategy in a Global Market
• Capturing Organisational Learning with Knowledge Management
• Blue Ocean Strategy Workshop III - Visual Strategy Fair
YBhg. Dato’ Haji Ab. Halim bin Mohyiddin
• Induction Program for the BOD of Bank Pembangunan,
SME Bank, PLC and GMV
• Ship Finance
• Bio Diesel Technology
• MIA Regional Conference 2006
• MICPA - Bursa Malaysia Business Forum 2006
YBhg. Dato’ Haji Sumadi bin Haji Ismail
Module 1 - Understanding and Making Effective Use of the Basic
Financial Statements
• An Understanding of Business Failure and Corporate Recovery:
A Director’s Perspective
• On Going Business Improvement
bin Dato’ Sujak
• An Understanding of Business Failure and Corporate Recovery:
A Director’s Perspective
YB Dato’ Dr. Haji Karim bin Haji Mansor
Module 1 - Understanding
and Making Effective Use of the Basic
Financial Statements
YBhg. Dato’ Yip Kam Chong
Module 1 - Understanding and Making Effective Use of the
YB Dato’ Dr. Amran bin Kasimin
Module 1- Understanding and Making Effective Use of the
The Directors will continue to attend other relevant training programmes as appropriate to enhance their skills and knowledge.
Pengarah-pengarah akan terus menghadiri program-program latihan berkaitan yang sesuai untuk mempertingkatkan kemahiran
dan pengetahuan mereka.
051
5.
5.
Re-election of Directors
Selaras dengan Tataurusan Pertubuhan Syarikat,
semua Pengarah yang dilantik oleh Lembaga
adalah tertakluk kepada pemilihan oleh
pemegang-pemegang saham pada peluang
pertama selepas pelantikan mereka. Tataurusan
juga memperuntukkan bahawa sekurangkurangnya satu pertiga daripada Pengarah
selebihnya adalah tertakluk kepada pemilihan
semula mengikut pusingan pada setiap
Mesyuarat Agung Tahunan dengan syarat
kesemua Pengarah termasuk Pengarah Urusan
hendaklah bersara dari pejabat sekurangkurangnya satu kali setiap tiga tahun tetapi
adalah layak untuk pemilihan semula.
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 re-election by
rotation at each Annual General Meeting provided
always that all Directors including the Managing
Director shall retire from office at least once every
three years but shall be eligible for re-election.
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.
Lembaga
memberi
kuasa
kepada
Jawatankuasa
Pencalonan
untuk
menimbangkan dan membuat pengesyoran
mereka kepada Lembaga bagi penerusan
dalam perkhidmatan Pengarah-pengarah yang
telah sampai masa untuk bersara.
At the forthcoming Annual General Meeting, the
following Directors who retire in accordance with
Article 84 of the Company’s Articles of Association,
and being eligible, have offered themselves for reelection:
Pada Mesyuarat Agung Tahunan akan datang,
Pengarah-pengarah berikut yang akan bersara
menurut Artikel 84 Tataurusan Syarikat, dan
oleh kerana layak, telah menawarkan diri
mereka untuk pelantikan semula:
Article 84:
i.
ii.
iii.
Pemilihan Semula Pengarah
YBhg. Dato’ Haji Azlan bin Hashim
Artikel 84:
B.
i.
ii.
iii.
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:
i.
ii.
The Annual Report and relevant circulars
despatched to shareholders and published in the
Company’s website; and
Issuance
of
various
disclosures
and
announcements inclusive of the quarterly financial
performance of the Group to Bursa Securities.
B.
PERHUBUNGAN DENGAN PEMEGANG
-PEMEGANG SAHAM
Syarikat menyedari kepentingan ketelusan dan
kebertanggungjawaban
dalam
pendedahan
kegiatan perniagaan Kumpulan kepada pemegangpemegang saham dan pelabur-pelaburnya.
Lembaga telah mengekalkan polisi komunikasi
yang berkesan yang membolehkan kedua-dua
Lembaga dan Pengurusan untuk berkomunikasi
secara berkesan dengan pemegang-pemegang
saham, pelabur-pelabur malah orang awam juga
melalui kaedah berikut:
i.
ii.
052
YBhg. Dato’ Azlan bin Hashim
Laporan Tahunan dan pekeliling-pekeliling yang
relevan yang dihantar kepada pemegangpemegang saham; dan
Pelbagai pemberitahuan dan pengumuman yang
dibuat kepada Bursa Securities termasuk
keputusan kewangan suku tahunan Kumpulan
Di samping itu, Kumpulan turut mewujudkan sebuah
laman web yang beralamat di http://www.kps.com.my
di mana para pelabur boleh mengakses dan
mendapatkan penjelasan mengenai berbagai perkara
yang berkaitan dengan Kumpulan.
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.
Alternatively, they may obtain the Group’s latest
announcements via the Bursa Securities website at
http://announcements.bursamalaysia.com
Alternatifnya, penghebahan-penghebahan terkini
Kumpulan boleh dilihat melalui laman web Bursa Securities
di http://announcements.bursamalaysia.com
Annual General Meeting (AGM)
Mesyuarat Agung Tahunan (MAT)
The AGM is the principal forum for dialogue with
shareholders.
MAT merupakan forum dialog
pemegang-pemegang saham.
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.
ACCOUNTABILITY AND AUDIT
1.
Internal Control and Risk Management
The Board acknowledges its responsibility for
establishing a sound system of internal control 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 control of its business
management and operational techniques.
While the internal control 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 mis-statement or loss.
A financial statement of internal control is set out
on pages 58 to 61 of this Annual Report.
dengan
Laporan Tahunan bersama-sama dengan Notis MAT
dihantar kepada pemegang-pemegang saham dalam kadar
masa tertentu seperti yang dibenarkan di bawah Artikel dan
Memorandum Pertubuhan Syarikat, atau pun dalam kes
tertentu keperluan penyenaraian Bursa Securities.
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.
C.
utama
Semasa prosiding MAT, pemegang-pemegang saham
diberi peluang untuk mendapatkan penjelasan
berhubung pelbagai aspek berkaitan aktiviti dan prestasi
kewangan Syarikat dan Kumpulan. Disamping itu juga,
satu sidang media boleh diadakan sebaik sahaja selepas
MAT, bagi memaklumkan kepada media berkenaan
prestasi kewangan Kumpulan bagi tahun yang ditinjau
dan prospek masa hadapan.
C.
KEBERTANGGUNGJAWABAN DAN AUDIT
1.
Kawalan Dalaman dan Pengurusan Risiko
Lembaga 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 sama rata
diberikan kepada kawalan dalaman daripada
pengurusan perniagaan dan teknik operasi.
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 pada muka surat 58 hingga 61 dalam
Laporan Tahunan ini.
053
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.
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.
3.
2.
3.
1.
Share Buy Back
The Company has not implemented any share buy
back scheme.
2.
Date
of Offer
Option Price
Selaras dengan Peraturan Penyenaraian Bursa
Securities
maklumat-maklumat
berikut
turut
disenaraikan bagi tahun kewangan yang berakhir pada
31 Disember 2006:
1.
Granted
Terminated
12.08.2003
1.62
37,414,500
9,875,300
27.02.2007
1.00
4,250,000
-
29.03.2007
1.00
1,886,000
-
Pembelian Semula Saham
Tiada pelaksanaan pembelian semula saham
oleh Syarikat.
2.
Opsyen yang Ditawarkan dan Ditamatkan
pada Tarikh Akaun Beraudit
Skim Opsyen Saham Kakitangan KPS telah
berkuatkuasa pada 30 Julai 2003. Tiada sebarang
opsyen dilaksanakan dalam tahun kewangan 2006.
Bilangan opsyen yang ditawarkan dan ditamatkan
pada tarikh akaun beraudit adalah seperti berikut:
(RM)
There were 10,336,000 ESOS options granted to
eligible Directors of which 4,200,000 at an option price
of RM1.62 per share and 6,136,000 at an option price
of RM1.00 per share in accordance with the
ESOS Bye-Laws.
054
D. MAKLUMAT PEMATUHAN TAMBAHAN
Options Granted and Terminated as at the
Date of the Audited Account
The KPS Employee Share Option Scheme came
into effect on 30 July 2003. There were no options
exercised in the financial year 2006. The number of
options granted and terminated as at the date of
the audited account is as follows:
Perhubungan dengan Juruaudit
Peranan Jawatankuasa Audit dalam hubungannya
dengan juruaudit luar adalah seperti yang
dinyatakan di dalam Laporan Tahunan ini. Syarikat
dan pengurusannya akan terus memastikan
wujudnya hubungan yang telus dan rapat dengan
juruaudit-juruauditnya dalam usaha mendapatkan
nasihat profesional dan pematuhan kepada
piawaian-piawaian perakaunan di Malaysia.
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 2006
is provided:
Laporan Kewangan
Dalam membentangkan penyata-penyata kewangan
tahunan dan pengumuman keputusan-keputusan
suku tahunan, Lembaga telah memastikan bahawa
penyata-penyata kewangan menunjukkan penilaian
sebenar dan adil tentang kedudukan kewangan
Syarikat dan Kumpulan.
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.
D.
Penyediaan Polisi Pengurusan Risiko bertujuan untuk
mengenalpasti, menilai dan mengurus profil risiko
korporat Kumpulan dan membangunkan rancangan
kontingensi untuk mengurangkan sebarang kesan tidak
memuaskan ke atas Kumpulan.
Tarikh
Harga Opsyen Ditawar Ditamatkan
Tawaran
(RM)
12.08.2003
1.62
37,414,500 9,875,300
27.02.2007
1.00
4,250,000
29.03.2007
1.00
1,886,000
Sebanyak 10,336,000 opsyen “ESOS” telah diberi kepada
Pengarah-pengarah yang layak di mana sebanyak
4,200,000 pada harga opsyen RM1.62 sesaham dan
6,136,000 pada harga opsyen RM1.00 sesaham selaras
dengan Undang-undang Tubuh “ESOS”.
3.
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 2006.
4.
Tidak ada sanksi atau penalti material yang
dikenakan ke atas Syarikat dan anak-anak
syarikatnya, pengarah-pengarah atau pengurusan
oleh badan-badan berperaturan berkaitan dalam
tahun kewangan 2006.
Profit Guarantees
During the financial year 2006, there were no profit
guarantees given by the Company.
5.
4.
5.
Kontrak Penting
Selain daripada yang dimaklumkan di dalam Nota
50 Penyata Kewangan, Syarikat dan anakanak syarikatnya tidak menandatangani apa-apa
kontrak penting yang melibatkan Pengarahpengarah dan pemegang-pemegang saham utama.
Variance in Results
There were no variances of 10% or more between
the results for the financial year ended 31
December 2006 and the unaudited results
previously announced.
E.
Jaminan Keuntungan
Dalam tahun kewangan 2006, tidak ada jaminan
keuntungan diberikan oleh Syarikat.
Material Contract
Other than as disclosed in Note 50 to the
Financial Statements, there were no material
contracts entered into by the Company and its
subsidiaries involving Directors and major
shareholders.
6.
Sanksi san/atau Penalti Dikenakan ke atas
Syarikat dan Anak-anak Syarikat, Pengarahpengarah atau Pengurusannya oleh Badan
Peraturan Berkaitan
6.
Perbezaan Hasil Pencapaian
Tiada perbezaan sebanyak 10% atau pun lebih bagi
hasil pencapaian bagi tahun kewangan yang
berakhir pada 31 Disember 2006 dan keputusankeputusan belum audit yang diumumkan.
BOARD COMMITTEES
1.
Audit Committee
The composition and functions of the Audit
Committee are laid down on pages 62 to 67 of this
Annual Report.
2.
E.
JAWATANKUASA-JAWATANKUASA LEMBAGA
1.
Jawatankuasa Audit
Komposisi dan fungsi Jawatankuasa Audit adalah
seperti dimaklumkan dimuka surat 62 hingga 67
dalam Laporan Tahunan ini.
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.
2.
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 perkara-perkara lain sebagaimana
mungkin diperlukan.
055
Ahli-ahli Jawatankuasa “ESOS” adalah seperti
berikut:
The members of the ESOS Committee are as follows:
Chairman - YBhg. Dato’ Yip Kam Chong
Pengerusi - YBhg. Dato’ Yip Kam Chong
Members - YBhg. Dato’ Haji Abd. Karim bin Munisar
Ahli-ahli
Executive Chairman
Pengerusi Eksekutif
- YBhg. Datin Paduka Juma’ah binti Moktar
Managing Director
- YBhg. Datin Paduka Juma’ah
binti Moktar
- Encik Arthur Wong Yien Kim
Pengarah Urusan
General Manager, Finance
- Encik Arthur Wong Yien Kim
Meetings of the ESOS Committee are held when
necessary.
3.
Pengurus Besar Kewangan
Nomination Committee
The members of the Nomination Committee are as
follows:
Chairman - YBhg. Dato’ Haji Azlan bin Hashim
- YBhg. Dato’ Haji Abd. Karim
bin Munisar
Mesyuarat Jawatankuasa “ESOS” diadakan apabila perlu.
3.
Jawatankuasa Pencalonan
Ahli-ahli Jawatankuasa Pencalonan adalah seperti
berikut:
Pengerusi - YBhg. Dato’ Haji Azlan bin Hashim
Members - YBhg. Dato’ Haji Abd. Karim
bin Munisar
Executive Chairman
- YBhg. Dato’ Haji Sumadi bin
Haji Ismail
The Nomination Committee is responsible for
making recommendations to the Board on new
Board and Board Committee appointments. The
Nomination Committee considers the qualification,
experience, attributes and core competencies of
the candidate before recommending for the
Board’s assessment and approval.
The Board is entitled to the services of the
Company Secretary who ensures that all
appointments are properly made, that all necessary
information is obtained from Directors, both for the
Company’s own records and for the purposes of
meeting statutory obligations, as well as
obligations arising from the Bursa Securities Listing
Requirements and other regulatory requirements.
056
Ahli-ahli
- YBhg. Dato’ Haji Abd. Karim
bin Munisar
Pengerusi Eksekutif
- YBhg. Dato’ Haji Sumadi bin
Haji Ismail
Jawatankuasa Pencalonan bertanggungjawab
membuat pengesyoran kepada Lembaga mengenai
pelantikan baru Lembaga dan Jawatankuasa
Lembaga. Jawatankuasa Pencalonan menimbangkan
kelayakan, pengalaman, sifat dan kekompetenan
teras calon bagi penilaian dan kelulusan Lembaga.
Lembaga berhak kepada perkhidmatan Setiausaha
Syarikat yang memastikan bahawa kesemua
pelantikan dibuat sewajarnya, bahawa kesemua
maklumat yang perlu diperolehi daripada Pengarahpengarah, untuk rekod Syarikat dan untuk tujuan
memenuhi obligasi berperaturan, serta juga obligasi
yang timbul daripada Peraturan Penyenaraian Bursa
Securities dan lain-lain syarat berperaturan.
4.
4.
Remuneration Committee
Jawatankuasa Imbuhan
Syarikat menerima pakai objektif sebagaimana
yang disyorkan oleh Kod Tadbir Urus Korporat
untuk menentukan imbuhan Pengarah-pengarah
bagi memastikan bahawa Syarikat menarik
dan mengekalkan Pengarah-pengarah yang
diperlukan untuk mengendalikan Syarikat dengan
jayanya. Bahagian komponen dibentuk untuk
memastikan agar imbuhan pengarah-pengarah
menunjukkan dengan jelas akan tanggungjawab
dan komitmen yang dipikul oleh ahli Lembaga.
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 ensure that the remuneration of the
Directors reflects the responsibility and
commitment undertaken by the Board members.
Presently the Remuneration Committee comprises
the following members:
Pada masa ini Jawatankuasa Imbuhan terdiri
daripada ahli-ahli berikut:
Pengerusi - YBhg. Dato’ Haji Azlan bin Hashim
Chairman - YBhg. Dato’ Haji Azlan bin Hashim
Ahli-ahli
Members - YBhg. Dato’ Haji Ab. Halim
bin Mohyiddin
- YBhg. Dato’ Haji Ab. Halim
bin Mohyiddin
binti Moktar
binti Moktar
Pengarah Urusan
Managing Director
Dalam tahun kewangan, dua (2) mesyuarat telah
diadakan, satu untuk menyemak dan mengesyorkan
kepada Lembaga bonus tahunan dan kenaikan gaji
kakitangan Syarikat. Satu mesyuarat lagi untuk
menentukan imbuhan bagi Pengarah-pengarah.
During the financial year, two (2) meetings were
held, one to review and recommend to the Board
the annual bonus and salary increment of the
Company’s employees. Another meeting was to
determine the remuneration of Directors.
Satu ringkasan mengenai imbuhan kepada
Pengarah-pengarah bagi tahun kewangan berakhir
31 Disember 2006 dengan perbezaan di antara
Pengarah-pengarah Eksekutif dan Pengarahpengarah Bukan Eksekutif, dengan mengkategori
ke dalam komponen yang sesuai dinyatakan seperti
di bawah:
A summary of the remuneration of the Directors for
the financial year ended 31 December 2006,
distinguishing between Executive Directors and
Non-Executive Directors in aggregate, with
categorisation into appropriate components is set
out below:
Fees/Yuran (RM)
Salary/Gaji (RM)
Bonus/Bonus (RM)
Benefit-in-kind/Manfaat (RM)
Others/Lain-lain (RM)
Remuneration Band (RM)
Tahap Ganjaran (RM)
50,001 - 100,000
100,001 - 150,000
450,001 - 500,000
950,001 - 1,000,000
Executive Director
Pengarah Eksekutif
Pengarah Bukan Eksekutif
Total
Jumlah
246,500
979,422
131,246
71,200
58,300
305,000
175,000
100,00
551,500
979,422
131,246
246,200
158,300
Executive Director
Pengarah Eksekutif
Pengarah Bukan Eksekutif
1
1
6
1
-
057
Statement on Internal Controls
penyata kawalan dalaman
1.
INTRODUCTION
1.
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 2006.
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
2006.
2.
RESPONSIBILITY OF THE BOARD
The Board recognises the importance of sound internal
controls and risk management practices to 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
system covers not only financial controls but also
controls relating to operational, risk management and
compliance with applicable laws, regulations, rules and
guidelines.
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 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.
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.
058
PENDAHULUAN
2.
TANGGUNGJAWAB LEMBAGA PENGARAH
Lembaga Pengarah mengakui kepentingan sistem
kawalan dalaman yang baik dan pengurusan risiko
dalam tadbir urus korporat. Lembaga Pengarah
mengesahkan tanggunggjawab 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 kepatuhan kepada undangundang, peraturan serta garis panduan.
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 proses
berterusan untuk tujuan mengenal pasti, menilai,
memantau dan mengurus risiko utama yang dihadapi
oleh Kumpulan. Pihak pengurusan bertanggungjawab
mengenalpasti dan menilai risiko utama yang berkaitan
dengan perniagaan dan untuk melaksanakan sistem
kawalan dalaman yang sesuai. Proses ini seterusnya
dikaji oleh Lembaga Pengarah semasa mesyuarat
Lembaga Pengarah.
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 FRAMEWORK
3.
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
kebertanggungjawaban dan delegasi kuasa yang ditakrif
dengan jelas. 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.
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. Risiko-risiko dikenal pasti dan
dikelaskan kepada sepuluh (10) komponen iaitu luaran,
bersabit peraturan, undang-undang, tadbir urus
korporat, kewangan, pelanggan, pembekal produk dan
perkhidmatan, sumber manusia dan risiko operasi.
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 to ten (10)
components namely, external, regulatory, legal,
corporate governance, finance, customers, products
and services suppliers, human capital and operational
risks.
Jawatankuasa Pengurusan Risiko, yang dipengerusikan
oleh Pengarah Urusan dan dianggotai oleh semua Ketua
Bahagian, Setiausaha Syarikat dan kakitangan
pengurusan kanan, sentiasa menilai Kad Risiko Korporat
Syarikat. Jawatankuasa Pengurusan Risiko akan
memaklumkan
Jawatankuasa
Audit
sebarang
perubahan penting dari semasa ke semasa. Rangka
kerja yang serupa telah juga dilaksanakan dalam
sebahagian anak-anak syarikat dalam Kumpulan.
A Risk Management Committee (RMC) chaired by the
Managing Director and comprises of all Heads of
Division, Company Secretary and key managerial staffs
will review the Company’s Corporate Risk Scorecard on
a regular basis. The RMC will inform the Audit
Committee on significant changes on a periodic basis. A
similar framework has also been implemented in certain
subsidiaries within the Group.
4.
CONTROL STRUCTURE AND ENVIRONMENT
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
systems are described below:
4.1 Organisation Structure with Clearly Defined
Roles and Responsibilities
The organisation structure includes clear definition
to the terms of reference - functions, authorities
and responsibilities of the various committees
of the Board. The management of the various
companies in the Group is delegated to the
respective chief executive officer, whose role
and responsibilities and 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 in-depth
analysis. The respective Boards receive regular
and
comprehensive
information
covering
all Divisions/Departments in the respective
companies within the Group.
RANGKA KERJA PENGURUSAN RISIKO
4.
STRUKTUR KAWALAN DAN PERSEKITARAN
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 Struktur Organisasi yang Mentakrifkan dengan
Jelas Peranan dan Tanggungjawab
Struktur organisasi mentakrifkan dengan jelas
terma-terma rujukan - fungsi, kuasa dan
tanggungjawab jawatan kuasa-jawatankuasa
Lembaga Pengarah. Perihal pengurusan syarikatsyarikat di dalam Kumpulan diamanahkan kepada
Ketua Pegawai Eksekutif masing-masing di mana
peranan dan tanggungjawab serta had bidang
kuasa ditetapkan oleh Lembaga Pengarah masingmasing. 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.
059
Statement on Internal Controls
penyata kawalan dalaman
4.2 Independence of the Audit Committee
The Audit Committee comprises executive and
non-executive members of the Board and
provides direction and oversight the internal audit
function to enhance its independence from
management.
4.3 Documented Internal Policies and Procedures
4.2 Jawatankuasa Audit sebagai Entiti Bebas
Jawatankuasa Audit terdiri daripada ahli Lembaga
Pengarah Eksekutif dan Bukan Eksekutif.
Jawatankuasa ini menentukan arah dan penyeliaan
terhadap fungsi audit dalaman bagi memastikan ia
bebas dari pihak pengurusan.
4.3 Dokumentasi Polisi dan Prosedur Dalaman
The Group continues to update the Standing
Operating Manuals for improvement to reflect
changes in the business structure and processes
as and when necessary.
Kumpulan berterusan mengemaskini Buku
Panduan Operasi bagi mengambilkira sebarang
perubahan dalam proses dan struktur perniagaan
apabila perlu.
New investments and projects are subject
to the evaluation and appraisal by the
Investment Evaluation Committee, before making
recommendations to the Board for review,
consideration and approval.
Projek dan pelaburan baru adalah tertakluk kepada
kajian dan penilaian Jawatankuasa Penilaian
Pelaburan, sebelum mengesyorkannya kepada
Lembaga Pengarah untuk kajian, pertimbangan dan
kelulusan.
The Board has also established a Tender
Committee to ensure transparency, integrity and
competitive pricing of the award process.
Lembaga telah juga menubuhkan Jawatankuasa
Tender bagi memastikan ketelusan dan
kewibawaan proses penganugerahan tender.
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.
Effective reporting system on actual performance
against approved budgets is in place and
significant variances being followed up, is done on
a quarterly basis and management action is taken
to tighten or to rectify any shortcomings, where
necessary.
4.4 Proses Bajet Terperinci
Proses bajet terperinci memerlukan kesemua
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 variasi yang ketara akan
disusuli oleh pihak pengurusan dan dilaporkan
kepada Lembaga Pengarah semasa Mesyuarat
Suku Tahun Lembaga.
4.5 Human Resource Policies
4.5 Polisi Sumber Manusia
Human Resource policies are established to
provide support to the Group’s Vision and Mission.
These policies provide guidance to staff on areas
such as code of conduct and discipline, health and
safety, equality of opportunity, employee
performance and related matters. On-going internal
and external trainings are provided to all staff to
improve their competencies and skills.
060
Polisi Sumber Manusia diwujudkan untuk memberi
sokongan kepada Visi dan Misi Kumpulan. Polisipolisi ini menyediakan garis panduan seperti kod
kelakuan dan disiplin, kesihatan dan keselamatan,
kesetaraan peluang, prestasi pekerja dan lain-lain
perkara yang berkaitan. Latihan-latihan dalaman dan
luaran disediakan kepada semua kakitangan untuk
mempertingkatkan kecekapan dan kemahiran.
5.
MONITORING AND REVIEW
5.
PEMANTAUAN DAN KAJIAN SEMULA
The processes adopted to monitor and review the
effectiveness of the system of internal control are:
Proses pemantauan dan kajian semula yang diguna untuk
memastikan keberkesanan sistem kawalan dalaman adalah:
•
President Council meeting which acts as the key
decision-making forum. On a regular basis the
Executive Chairman meets with the senior
management to discuss, decide and resolve critical
strategic and operational issues for the Group; as
well as allocate and plan resources for the Group.
•
Mesyuarat Majlis Presiden bertindak sebagai satu
badan pembuat keputusan. Pada bila-bila masa
yang ditetapkan, Pengerusi Eksekutif akan bertemu
dengan pengurusan kanan untuk berbincang,
membuat keputusan dan menyelesaikan isu-isu
strategik dan operasi yang kritikal, serta mengurus
dan merancang sumber-sumber bagi Kumpulan.
•
On a monthly basis, the Managing Director
meets with the senior management of the various
companies in the Group in a Management
Committee meeting to review business
performance of all the business units. This includes
review of actual results against budget, with
significant variance explained and appropriate
action taken.
•
Pada setiap bulan, Pengarah Urusan akan
berbincang dengan pengurusan kanan syarikatsyarikat dalam Kumpulan bagi mengkaji semula
prestasi perniagaan bagi semua sektor perniagaan.
Ini termasuk mengkaji semula dan memantau
keputusan kewangan sebenar berbanding bajet,
dimana perbezaan ketara akan dijelaskan dan
langkah-langkah sewajarnya akan diambil.
•
The Board receives and reviews quarterly
performance reports from management of various
lines of business with financial performance and
progress reports.
•
Lembaga Pengarah menerima dan mengkaji
laporan prestasi suku tahunan daripada pengurusan
pelbagai sektor perniagaan yang merangkumi
prestasi kewangan dan laporan kemajuan.
•
The Group’s Internal Audit, which reports
to the Executive Chairman and 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 quarterly to review
internal audit findings, discuss risk management
plans and ensure that weaknesses in controls
highlighted are appropriately addressed by
management.
Bahagian Audit Dalaman yang bertanggungjawab
melapor kepada Pengerusi Eksekutif dan
Jawatankuasa Audit sentiasa mengkaji prosedur
sistem kawalan dalaman dan menerangkan risikorisiko 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 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.
The system of internal control must continuously evolve to
support the growth and dynamics of the Group. The Board
recognises this and strives for continuous improvement to
put in place appropriate action plans where necessary to
further enhance the Group’s internal control system.
The Board seeks regular assurance on the continuity and
effectiveness of the system of internal control through
independent appraisals by the Internal Auditors and External
Auditors. The Board is of the view that the current system
of internal control in place throughout the Group is sufficient
to safeguard the Group’s interest.
Sistem kawalan dalaman seharusnya menjadi pemangkin
kepada pembangunan dan dinamik Kumpulan. Lembaga
Pengarah mengiktirafkan hal ini dan berusaha sedaya upaya
untuk memperbaiki serta mengambil pelan tindakan yang perlu,
bagi mempertingkatkan sistem kawalan dalaman Kumpulan.
Lembaga Pengarah akan terus mendapatkan kepastian
tentang kesinambungan dan keberkesanan sistem kawalan
dalaman melalui penilaian bebas oleh Juruaudit Dalaman
dan Luaran. Lembaga Pengarah berpendapat bahawa
sistem kawalan dalaman semasa yang sedia ada dalam
Kumpulan adalah mencukupi untuk mengawalselia
kepentingan Kumpulan.
061
Audit Committee Report
laporan jawatankuasa audit
INTRODUCTION
PENDAHULUAN
The Audit 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.
Jawatankuasa Audit 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
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 hendaklah membantu Lembaga dalam
menunaikan tugas-tugas seperti:
a.
Ensure that the implementation of a Risk Management
Framework is in place to manage Materials Risks; and
a.
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 manamana undang-undang, peraturan, arahan dan garis
panduan.
COMPOSITION
The members of the Committee comprise three (3)
Independent Non-Executive Directors, one (1) NonIndependent Non-Executive Director and one (1) Executive
Director as follows:
*
*
*
*
*
YBhg. Dato Haji Ab. Halim bin Mohyiddin
(Chairman - Independent Non-Executive Director)
(Managing Director)
YB Senator Dato’ Haji Ikhwan Salim bin Dato’ Sujak
(Independent Non-Executive Director)
(Independent Non-Executive Director)
(Non-Independent Non-Executive Director)
YBhg. Dato’ Haji Ab. Halim bin Mohyiddin is a council
member of the Malaysian Institute of Accountants (MIA).
TERMS OF REFERENCE
a.
Objectives
The primary function of the Audit Committee is to assist
the Board in fulfilling the following oversight objectives
on the Group activities:
062
KOMPOSISI
Ahli Jawatankuasa terdiri daripada tiga (3) Pengarah Bukan
Eksekutif Bebas, seorang (1) Pengarah Bukan Eksekutif
Bukan Bebas dan seorang (1) Pengarah Eksekutif seperti
berikut:
*
*
*
*
*
YBhg. Dato Haji Ab. Halim bin Mohyiddin
(Pengerusi - Pengarah Bukan Eksekutif Bebas)
(Pengarah Urusan)
YB Senator Dato’ Haji Ikhwan Salim bin Dato’ Sujak
(Pengarah Bukan Eksekutif Bebas)
(Pengarah Bukan Eksekutif Bebas)
(Pengarah Bukan Eksekutif Bukan Bebas)
YBhg. Dato’ Haji Ab. Halim bin Mohyiddin adalah ahli Institut
Akauntan Malaysia (“MIA”).
BIDANG-BIDANG TUGAS
a.
Objektif
Tugas utama Jawatankuasa Audit adalah untuk
membantu Lembaga dalam memenuhi objektif
pengawasan dalam aktiviti Kumpulan seperti berikut:
•
•
•
b.
•
Assess the Group’s processes relating to its risks
and control environment;
Oversee financial reporting; and
Evaluate the internal and external audit processes.
Composition
•
•
b.
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.
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.
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.
Pengerusi Jawatankuasa mestilah seorang Pengarah
Bukan Eksekutif Bebas. Tiada Pengarah gantian kepada
Lembaga boleh dilantik sebagai ahli Jawatankuasa Audit.
The Board shall review the terms of office of each of its
members at least once (1) every three (3) years.
Lembaga harus mengkaji tempoh memegang jawatan
setiap ahli sekurang-kurangnya sekali (1) setiap tiga (3)
tahun.
Quorum and Committee’s Procedures
Meetings shall be conducted at least four (4) times
annually, or more frequently as circumstances dictate.
In order to form a quorum for the meeting, the majority
of the members present must be Independent NonExecutive Directors. In the absence of the Chairman,
the members present shall elect a Chairman for
meeting from amongst the members present.
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.
The Committee may, as and when deemed necessary,
invite other Board members and Senior Management
members to attend the meetings.
Komposisi
Lembaga harus memilih dan melantik ahli
Jawatankuasa dari kalangan mereka yang terdiri tidak
kurang daripada tiga (3) orang Pengarah, dimana majoriti
daripada mereka hendaklah terdiri daripada Pengarah
Bukan Eksekutif Bebas di mana sekurang-kurangnya
seorang (1) ahli mestilah 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.
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.
c.
Menilai proses Kumpulan berkaitan dengan risiko
dan kawalan persekitaran;
Mengawasi laporan kewangan; dan
Menilai proses audit dalaman dan luaran.
c.
Korum dan Prosedur Jawatankuasa
Mesyuarat hendaklah diadakan sekurang-kurangnya
empat (4) kali setahun, atau lebih kerap jika perlu.
Bagi mewujudkan korum mesyuarat, majoriti ahli yang
hadir mestilah Pengarah Bukan Eksekutif Bebas.
Semasa ketiadaan Pengerusi, ahli yang hadir hendaklah
melantik seorang Pengerusi bagi mesyuarat tersebut di
kalangan ahli yang hadir.
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.
Jawatankuasa ini boleh, apabila dianggap perlu,
menjemput ahli-ahli Lembaga yang lain dan meminta
ahli-ahli Pengurusan Kanan untuk menghadiri
mesyuarat.
063
Jawatankuasa ini akan bermesyuarat sekurangkurangnya sekali setahun dengan juruaudit luaran untuk
membincangkan apa-apa perkara dengan Jawatankuasa
tanpa kehadiran Lembaga Pengarah Eksekutif dan
Pengurusan.
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.
The Committee shall regulate the manner of
proceedings of its meetings, having regard to normal
conventions on such matter.
d.
Jawatankuasa
hendaklah
mengatur
prosiding
mesyuarat menurut konvensyen biasa mengenai
perkara tersebut.
Authority
The Committee is authorised to investigate any matter
within its terms of reference.
d.
Jawatankuasa ini diberi kuasa untuk menyiasat
sebarang perkara dalam bidang tugasnya.
The Committee is authorised to seek any information it
requires from employees, who are required to
cooperate with any request made by the Committee.
Jawatankuasa ini diberi kuasa untuk mencari sebarang
maklumat yang diperlukan dari kakitangan, di mana
mereka haruslah memberi kerjasama dengan
permintaan Jawatankuasa.
The Committee shall have full and unlimited access to
any information pertaining to the Group.
Jawatankuasa ini akan mempunyai akses penuh dan tanpa
batasan kepada sebarang maklumat berkaitan Kumpulan.
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.
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.
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.
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.
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.
e.
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.
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.
•
064
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.
Kuasa
e.
Tugas dan Tanggungjawab
Dalam memenuhi objektif 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 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
•
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.
•
Mengkaji penemuan audit utama dan maklumbalas
pihak Pengurusan sepanjang tahun dengan
Pengurusan, juruaudit luaran dan juruaudit
dalaman, termasuk status cadangan audit yang
terdahulu.
•
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.
•
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
akses kepada maklumat yang diperlukan.
•
Review the appointment and performance of
external auditors, the audit fees and any question
of resignation or dismissal before making
recommendations to the Board.
•
Mengkaji pelantikan dan prestasi juruaudit luaran,
yuran audit dan sebarang persoalan perletakan
jawatan atau pemecatan juruaudit luaran sebelum
memberi 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.
•
•
Review the quarterly results and the year-end
financial statements, prior to the approval by the
Board focusing particularly on:
Menyemak keputusan suku tahunan dan penyata
kewangan akhir tahun, sebelum kelulusan
Lembaga dengan penumpuan kepada:
-
changes in or implementation of major
accounting policy;
significant or unusual events; and
compliance with accounting standards and
other legal requirements.
•
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.
•
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.
•
Any other activities, as authorised by the Board.
-
perubahan dalam atau pelaksanaan perubahan
polisi perakaunan utama;
peristiwa penting atau luar biasa; dan
pematuhan terhadap piawaian perakaunan dan
undang-undang lain;
•
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.
•
Memeriksa pembahagian “ESOS” agar mematuhi
kriteria yang ditetapkan oleh Jawatankuasa
“ESOS” pada setiap penghujung tahun kewangan.
•
Sebarang aktiviti
oleh Lembaga.
lain
yang
diberi
kuasa
065
MEETING
MESYUARAT
The Audit Committee convened five (5) 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 lima (5) mesyuarat. Mesyuarat telah
dilaksanakan dengan sewajarnya melalui penggunaan
agenda dimana ianya diedarkan kepada ahli-ahli dalam
tempoh yang bersesuaian.
Name of Directors
Attendance
YBhg. Dato Haji Ab Halim bin Mohyiddin
bin Dato’ Sujak
5/5
5/5
5/5
5/5
4/5
The General Manager of Finance Division 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.
Nama Pengarah-pengarah
YBhg. Dato Haji Ab Halim bin Mohyiddin
bin Dato’ Sujak
Kehadiran
5/5
5/5
5/5
5/5
4/5
Pengurus Besar Jabatan Kewangan dan Pengurus Besar
Jabatan Audit Pengurusan telah hadir dengan jemputan ke
mesyuarat tersebut. Wakil juruaudit luaran juga telah hadir
ke mesyuarat tersebut dengan jemputan.
SUMMARY OF ACTIVITIES
The main activities undertaken by the Committee during the
year were as follows:
•
•
Reviewed the external auditors’
audit plans for the year 2006.
representatives
from
the
presented their audit strategy and
scope of work and
Prior to the audit,
external
auditors,
plan.
Reviewed with the external auditors, the results of
the audit, the audit report and the Internal Control
Memorandum, including Management’s response
thereto.
RINGKASAN AKTIVITI
Aktiviti-aktiviti utama yang telah dijalankan oleh
Jawatankuasa sepanjang tahun ini adalah seperti berikut:
•
Mengkaji skop kerja juruaudit luaran dan rancangan
audit tahun 2006. Sebelum audit, wakil juruaudit
luaran telah membentangkan rancangan dan
strategi audit mereka.
•
Mengkaji dengan juruaudit luaran, keputusan audit,
laporan audit dan Memoranda Kawalan Dalaman,
termasuk maklumbalas dari pihak Pengurusan.
•
Considered and recommended to the Board for
approval the audit fees payable to the external
auditors.
•
Mempertimbangkan dan mencadangkan bayaran
yuran audit kepada juruaudit luaran untuk kelulusan
Lembaga Pengarah.
•
Reviewed the Management Audit Division’s
programmes and plan for the financial year 2006
under review.
•
Mengkaji program dan rancangan Jabatan Audit
Pengurusan untuk tahun kewangan 2006.
•
•
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.
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.
066
*
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.
*
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).
*
*
Reviewed the Company’s compliance, in particular,
the quarterly and the year-end financial statements
with MASB and other relevant legal and regulatory
requirements.
Reviewed the quarterly unaudited financial results
before recommending them for the Board’s approval.
*
Reviewed the related party transactions entered
into by the Group.
*
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.
*
Mengkaji
kaedah
pengkadaran
audit
oleh
Jabatan Audit Pengurusan dalam penilaian dan
pengkadaran peringkat risiko dari pelbagai sudut
yang diaudit dan memastikan keutamaan audit diberikan
kepada bahagian yang mempunyai risiko tinggi serta
kritikal.
*
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”).
*
Menyemak pematuhan Syarikat, khususnya, penyata
kewangan suku tahunan dan akhir tahun agar mematuhi
piawaian perakaunan “MASB” dan lain-lain keperluan
undang-undang yang berkaitan.
*
Menyemak keputusan kewangan suku tahunan yang
tidak diaudit sebelum dicadangkan kepada Lembaga
Pengarah untuk kelulusan.
*
Memeriksa urusniaga pihak berkaitan yang dilaksanakan
dalam Kumpulan.
*
Memeriksa pembahagian “ESOS” agar mematuhi
kriteria yang ditetapkan oleh Jawatankuasa “ESOS”
pada setiap penghujung tahun kewangan.
MANAGEMENT AUDIT FUNCTION AND ACTIVITIES
The Management Audit Division is independent of the
activities or operations of other operating units. The principal
role of the Division is to undertake independent regular and
systematic reviews of the systems of internal controls so as
to provide reasonable assurance that such systems continue
to operate satisfactorily and effectively. The management
audit practices a risk-based approach in its audit plan and
examination. It is the responsibility of the Management
Audit Division to provide the Audit Committee with
independent and objective reports on the state of internal
controls of the various operating units within the Group and
the extent of compliance of the units with the Group’s
established policies and procedures as well as relevant
statutory requirements.
FUNGSI DAN AKTIVITI JURUAUDIT DALAMAN
Jabatan Audit Pengurusan adalah bebas dari operasi unit-unit
yang lain dalam menjalankan operasi dan aktivitinya. Tugas
utama Jabatan adalah untuk menjalankan kajian bebas dan
sistematik terhadap sistem kawalan dalaman supaya dapat
memberi jaminan sewajarnya agar sistem tersebut terus
beroperasi dengan berkesan dan memuaskan. Audit
Pengurusan mengguna pakai kaedah berasaskan risiko di
dalam rancangan audit dan pemeriksaannya. Ia menjadi
tanggungjawab Jabatan Audit Pengurusan untuk
menyediakan kepada Jawatankuasa Audit laporan kawalan
dalaman yang objektif dan bebas mengenai keadaan
kawalan dalaman bagi semua unit operasi di dalam
Kumpulan dan tahap pematuhan unit operasi terhadap polisi
dan prosedur Kumpulan yang sedia ada dan juga peraturan
perundangan yang berkaitan.
067
Corporate Social Responsibility
Appreciating the importance of Corporate Social Responsibility (CSR) to
economic development and improving the quality of life of the workforce
and their families as well as of the society at large, Kumpulan Perangsang
Selangor Berhad (KPS) has embarked on several projects focusing on
community welfare, community building and employee welfare and
development.
KPS contributes annually to the Selangor State Government under the
Caring Government Project or “Projek Kerajaan Prihatin” whereby new
houses are built for the poor in an effort to eradicate poverty in the state
of Selangor. For the year 2006, an allocation of RM300,000.00 was
given where 18 units of houses were built in fulfilling the effort for this
project.
Education is crucial for the development of the
Nation’s future generation and in turn the
country’s
development.
Nurturing
and
developing sports talents is also important in
order to position the Nation at a higher level in
the sports arena. As such in the year 2006 a
combined total of RM1.0 million from both KPS
and its holding company Kumpulan Darul Ehsan
Berhad (KDEB) was allocated for educational
and sports activities.
Employees are a valuable asset to a company.
KPS’s employees are sent for trainings and
seminars to groom them into better and more
knowledgeable employees. Cash awards are
also given to children of employees who excel in
their UPSR, PMR, SPM and STPM examinations.
The Company also organises birthday
gatherings and trips to create a sense of
belonging and to foster teamwork.
Caring Government Project - Before
Caring Government Project - After
068
Tanggungjawab Sosial Korporat
Menghargai kepentingan Tanggungjawab Sosial Korporat (“CSR”) kepada
pembangunan ekonomi serta bagi meningkatkan kualiti hidup wargakerja
dan keluarga mereka serta masyarakat amnya, Kumpulan Perangsang
Selangor Berhad (KPS) telah melaksanakan beberapa projek dengan
tumpuan kepada kebajikan masyarakat, pembangunan masyarakat dan
kebajikan serta pembangunan kakitangan.
Setiap tahun KPS menyumbang kepada Kerajaan Negeri
Selangor bagi Projek Kerajaan Prihatin di mana rumah-rumah
baru dibina bagi rakyat miskin dalam usaha membasmi
kemiskinan di negeri Selangor. Bagi tahun 2006, KPS
memberi peruntukan sebanyak RM300,000.00 bagi projek
ini di mana sebanyak 18 buah rumah telah dapat dibina.
Pendidikan amat penting bagi generasi akan datang dan
seterusnya bagi pembangunan Negara. Memupuk dan
membina bakat-bakat sukan juga penting agar Negara
berada di kedudukan teratas di arena sukan. Dengan
demikian pada tahun 2006 KPS dan syarikat pemegangannya
Kumpulan Darul Ehsan Berhad (KDEB) telah menyediakan
peruntukan berjumlah RM1.0 juta bagi aktiviti-aktiviti
pendidikan dan sukan.
Kakitangan merupakan aset sesebuah syarikat. Kakitangankakitangan KPS dihantar untuk menghadiri latihan dan
seminar bagi menjadikan mereka kakitangan yang lebih baik
dan lebih berpengetahuan. Anugerah wang tunai diberi
kepada anak-anak kakitangan yang berjaya dengan
cemerlang di dalam peperiksaan-peperiksaan UPSR, PMR,
SPM dan STPM. Syarikat juga mengadakan jamuan
sambutan hari lahir dan lawatan-lawatan bagi mengeratkan
silaturrahim dan memupuk semangat kerja berpasukan.
069
Corporate
Calendar
kalendar korporat
January / Januari 2006
Felda Signs Agreement for
Facilities in Pulau Indah
Central Spectrum (M) Sdn Bhd (CSSB), a
subsidiary of Kumpulan Hartanah Selangor
Berhad, signed an agreement with the Federal
Land Development Authority (Felda) to
develop 51.8ha of land at the Selangor Halal
Hub, Pulau Indah. The agreement was signed
by CSSB Chairman, Dato’ Haji Abd. Karim Bin
Munisar and Felda Chairman, Tan Sri Dr Mohd
Yusof Noor, witnessed by Selangor Menteri
Besar, Dato’ Seri Dr Mohamad Khir Bin Toyo.
Felda Tandatangani Perjanjian
Pembangunan Infrastruktur
di Pulau Indah
Central Spectrum (M) Sdn Bhd (CSSB), anak
syarikat Kumpulan Hartanah Selangor
Berhad, telah menandatangani perjanjian
membangunkan tanah industri seluas 51.8
hektar di “Halal Hub” Selangor, Pulau Indah
dengan Lembaga Kemajuan Tanah Persekutuan
(Felda). Perjanjian ini ditandatangani oleh
Pengerusi CSSB, Dato’ Haji Abd. Karim Bin
Munisar dan Pengerusi Felda, Tan Sri Dr Mohd
Yusof Noor disaksikan oleh Menteri Besar
Selangor, Dato’ Seri Dr Mohamad Khir Bin Toyo.
070
April / April 2006
KPS Acquires 100%
Stake in ABASS
Kumpulan Perangsang Selangor Berhad (KPS) via its 55% owned subsidiary
Titisan Modal (M) Sdn Bhd has acquired 100% controlling stake in Konsortium
ABASS, the water concessionaire for the Sungai Semenyih Water Supply
Scheme, supplying treated water to Syarikat Bekalan Air Selangor (SYABAS)
for distribution to Selangor, Kuala Lumpur and Putrajaya.
KPS Pegang 100% Kepentingan ABASS
Kumpulan Perangsang Selangor Berhad (KPS) melaui anak syarikatnya, Titisan
Modal (M) Sdn Bhd (55%) menguasai 100% kepentingan di dalam
Konsortium ABASS, pemegang konsesi Skim Bekalan Air Sungai Semenyih
yang membekalkan air terawat kepada Syarikat Bekalan Air Selangor
(SYABAS) untuk agihan ke Selangor, Kuala Lumpur dan Putrajaya.
Secretaries Week Luncheon
Quality Hotel City Centre, Quality Hotel Shah Alam and Brisdale Hotel organised
Secretaries Week luncheon show from 11 to 19 April 2006 featuring Anuar Zain
and Pop Diva, Datuk Siti Nurhaliza at Sime Darby Convention Centre, Bukit Kiara.
Sponsors included Garuda Airline, Emirates, Berita Publishing, Nivea, Bonia and
Sacha.
Jamuan Makan Tengahari Minggu Setiausaha
Quality Hotel City Centre, Quality Hotel Shah Alam dan Brisdale Hotel telah
mengadakan Minggu Setiausaha dari 11 hingg 19 April 2006, dengan
menampilkan Anuar Zain dan Diva Pop, Datuk Siti Nurhaliza di Pusat Konvensyen
Sime Darby, Bukit Kiara. Hadirin-hadirin yang bertuah turut menerima pelbagai
hadiah sumbangan Garuda Airline, Emirates, Berita Publishing, Nivea, Bonia dan
Sacha.
071
Corporate Calendar
kalendar korporat
May / Mei 2006
Malaysia International
Halal Showcase 2006
Central Spectrum (M) Sdn Bhd (CSSB) particpated
in the Malaysia International Halal Showcase
2006 (MIHAS 2006) from 10 to 14 May 2006 at
Mines International Exhibition and Convention
Centre (MIECC), MINES Resort City, Seri
Kembangan, Selangor to promote Selangor Halal
Hub Pulau Indah.
“Malaysia International Halal Showcase
2006”
Central Spectrum (M) Sdn Bhd (CSSB) telah
mengambil bahagian dalam pameran Malaysia
International Halal Showcase 2006 (MIHAS 2006)
pada 10 hingga 14 Mei 2006 di Mines International
Exhibition and Convention Centre (MIECC), MINES
Resort City, Seri Kembangan, Selangor. Pameran ini
membuka peluang mengenengahkan Selangor
Halal Hub Pulau Indah.
Quality Hotels Raise Funds for
Yogyakarta Earthquake Victims
Quality Hotel City Centre, Quality Hotel Shah Alam and Brisdale Hotel set up
donation boxes at the respective hotel lobbies to raise funds for the Yogyakarta
earthquake victims, especially the staffs of its counterpart hotel in Yogyakarta.
Quality Hotel Kumpul Sumbangan untuk Mangsa
Gempa Bumi Yogyakarta
Quality Hotel City Centre, Quality Hotel Shah Alam dan Brisdale Hotel telah
menyediakan tabung derma di lobi hotel masing-masing bagi mengumpul
sumbangan untuk mangsa gempa bumi Yogyakarta, terutama kakitangan Quality
Hotel di sana.
072
Visit to Sungai Semenyih Water Treatment Plant
Kumpulan Perangsang Selangor Berhad (KPS) had its first official visit to the
Sungai Semenyih Water Treatment Plant, led by KPS’s Managing Director,
Datin Paduka Juma’ah Binti Moktar. KPS’s staff had the opportunity to acquire
knowledge and the latest information on the operation of the water treatment
plant.
Lawatan ke Loji Rawatan Air Sungai Semenyih
Kumpulan Perangsang Selangor Berhad (KPS) mengadakan lawatan rasmi
pertama ke Loji Rawatan Air Sungai Semenyih diketuai oleh Datin Paduka
Juma’ah Binti Moktar, Pengarah Urusan KPS. Kakitangan KPS telah berpeluang
menimba pengetahuan dan maklumat terkini berkenaan operasi loji
rawatan air.
June / Jun 2006
KPS Annual General Meeting
On 15th June 2006, Kumpulan Perangsang Selangor Berhad
(KPS) held its Twenty Ninth (29th) Annual General Meeting at
Quality Hotel Shah Alam, in line with the standard procedure
of public listed companies by the Bursa Malaysia Securities
Berhad.
Mesyuarat Agung Tahunan KPS
Kumpulan Perangsang Selangor Berhad (KPS) telah
mengadakan Mesyuarat Agung Tahunan ke Dua Puluh
Sembilan (29) pada 15 Jun 2006 di Quality Hotel Shah Alam
selaras dengan ketetapan Bursa Malaysia Securities Berhad
kepada syarikat terbitan awam.
QHSA Celebrates “Father’s Day”
Quality Hotel Shah Alam (QHSA) celebrated “Father’s Day” with hotel guests and
specially invited fathers from Rumah Seri Kenangan Cheras with activities such as
Father’s Makeover, Know Your Partner and a fun session of cooking “Nasi
Goreng”.
QHSA Raikan Sambutan “Hari Bapa”
Quality Hotel Shah Alam (QHSA) menyambut “Hari Bapa” dengan meraikan
tetamu-tetamu hotel dan jemputan istimewa terdiri daripada bapa-bapa dari
Rumah Seri Kenangan Cheras. Antara aktiviti-aktiviti yang dijalankan ialah “Father’s
Makeover”, Kenali Pasangan Anda dan sesi menggoreng Nasi Goreng.
073
Corporate Calendar
kalendar korporat
August / Ogos 2006
KPS Participates in IMT-GT 2006
Kumpulan Perangsang Selangor Berhad (KPS) and Konsortium ABASS Sdn Bhd
(ABASS) participated in Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT)
Meeting and Exhibition at Sunway Lagoon Resort Hotel, focusing on KPS’s and
ABASS’s participation in the infrastructure and utility sector.
KPS Sertai IMT-GT 2006
Kumpulan Perangsang Selangor Berhad (KPS) dan Konsortium ABASS Sdn Bhd
(ABASS) menyertai Mesyuarat dan Pameran Indonesia-Malaysia-Thailand Growth
Triangle (IMT-GT) di Hotel Sunway Lagoon Resort. Fokus penyertaan ialah
penglibatan KPS dan ABASS dalam sektor infrastruktur dan utiliti.
ABASS Safety and Health Week
Konsortium ABASS Sdn Bhd (ABASS) organised
Sungai Semenyih Water Treatment Plant Safety and
Health Week 2006 from 15 to 18 August 2006.
Among the activities were Chlorine Leak
Emergency Training, Safety and Health Talk, Fire
Drill Exercise and Group First Aid Competition.
Minggu Keselamatan dan Kesihatan
ABASS
Konsortium ABASS Sdn Bhd (ABASS) telah
menganjurkan Minggu Keselamatan dan Kesihatan
Loji Rawatan Air Sungai Semenyih 2006 bermula
dari 15 hingga 18 Ogos 2006. Antara aktiviti yang
dijalankan ialah Latihan Kecemasan Kebocoran
Klorin, Ceramah Keselamatan dan Kesihatan
Pekerja, Latihan Kecemasan Kebakaran dan
Pertandingan Pertolongan Cemas Berkumpulan.
074
49th Merdeka Celebration
Kumpulan Darul Ehsan Berhad and its subsidiaries, including Kumpulan
Perangsang Selangor Berhad, participated in the 49th Merdeka Celebration
at Dataran Kemerdekaan Shah Alam, by sending a contingent consisting of
45 employees to portray the Group’s spirit of patriotism.
Sambutan Kemerdekaan Ke-49
Kumpulan Darul Ehsan Berhad dan anak-anak syarikatnya, termasuk
Kumpulan Perangsang Selangor Berhad, telah menghantar kontinjen
seramai 45 orang untuk menjayakan sambutan Kemerdekaan Malaysia di
Dataran Kemerdekaan Shah Alam sebagai lambang semangat patriotik
Kumpulan.
October / Oktober 2006
Breaking of Fast with
HIV Children
Kumpulan Darul Ehsan Berhad (KDEB) and Kumpulan
Perangsang Selangor Berhad (KPS) had breaking of fast with 22
HIV Positive children from Rumah Solehah at Quality Hotel Shah
Alam as part of its caring corporate citizen programme.
Berbuka Puasa bersama Anak-anak HIV
Kumpulan Darul Ehsan Berhad (KDEB) dan Kumpulan
Perangsang Selangor Berhad (KPS) telah berbuka puasa bersama
22 orang anak-anak HIV Positif dari Rumah Solehah di Quality
Hotel Shah Alam, sebagai salah satu inisiatif program
tanggungjawab korporat.
November/ November 2006
“Hari Raya Aidilfitri” Open House
The Group held its Hari Raya Open House on 20 November 2006 at
Quality Hotel Shah Alam. 45 special children from “Pusat Pemulihan
Dalam Komuniti (PDK) Sungai Choh” and “Rumah Anak-anak Insan
Istimewa”, Sungai Buaya were invited to the Open House and received
“duit raya” and hampers.
Rumah Terbuka Hari Raya Aidilfitri
Kumpulan telah mengadakan Rumah Terbuka Hari Raya Aidilfitri pada 20
November 2006 di Quality Hotel Shah Alam. Turut diraikan di majlis ini
ialah 45 orang anak-anak istimewa dari Pusat Pemulihan Dalam Komuniti
(PDK) Sungai Choh dan Rumah Anak-anak Insan Istimewa, Sungai Buaya.
Mereka menerima duit raya dan ‘hamper’.
075
Human
Resources
Review
laporan sumber manusia
Strategic performance management and human capital
development remained the strategic thrusts for 2006 as
Kumpulan Perangsang Selangor Berhad (KPS) moved
forward to leverage on a high performance culture to
enhance Group business performance.
Pengurusan prestasi kerja dan pembangunan modal insan
kekal sebagai teras strategik bagi tahun 2006 di mana
Kumpulan Perangsang Selangor Berhad (KPS) mengorak
langkah ke hadapan menjana budaya kerja cemerlang bagi
meningkatkan prestasi perniagaan Kumpulan.
During the year, the Group moved into the next phase of the
Strategic Management Initiative through the development of
KPI scorecards for all CEOs and Business Unit Heads of its
Property, Hotel & Recreation sectors. In house seminars on
change management and performance excellence were
also conducted to ensure that the new performance
management system was well received and institutionalised
across the Group.
Pada tahun 2006, Kumpulan terus maju ke hadapan
melaksanakan Inisiatif Pengurusan Strategik menerusi
pembangunan Petunjuk Prestasi Utama (KPI Scorecard)
untuk semua Ketua-ketua Pegawai Eksekutif dan Ketuaketua Unit Perniagaan di sektor-sektor Hartanah dan Hotel &
Rekreasi. Seminar-seminar dalaman berkenaan pengurusan
perubahan dan prestasi kerja cemerlang turut diadakan bagi
memastikan sistem pengurusan prestasi baru ini diterima
sepenuhnya dan dibudayakan dalam Kumpulan dengan
jayanya.
During 2006, the Group embarked on a manpower
recruitment drive, primarily to support KPS’s business
expansion programme and to inject new blood into the
Group. Compared to a total of 739 employees the previous
year, KPS Group manpower increased to 983 employees in
December 2006.
While Group HR policies remained firmly in place, employee
compensation and rewards were also streamlined to
promote and strengthen employee loyalty and sense of
belonging to the Group.
PERFORMANCE MANAGEMENT SYSTEM
The Performance Management System forms an integral
part in the delivery of HR services and supports
the establishment of a pro-active results-oriented culture,
one which promotes continuous improvement, high
performance managerial excellence and accountability.
During the year, the HR Division in joint collaboration with
Corporate Planning Division spearheaded the development
of KPI scorecards for CEOs and Business Unit Heads of all
subsidiary companies of KPS, encompassing the Property
and Hotel & Recreational sectors.
With HR as Facilitator, a series of inhouse workshops were
conducted to educate CEOs and Managers on the
conceptual framework of the Balanced Scorecard,
techniques for designing robust KPIs and how to
strategically align them to business goals and objectives.
KPIs shall be used as the main reference in establishing the
annual performance appraisal which is linked to the
performance-based reward system.
Pada tahun 2006, Kumpulan telah mempertingkatkan
pengambilan kakitangan, selaras dengan perkembangan
perniagaan KPS dan juga bagi memenuhi keperluan guna
tenaga penuh terhadap operasi Syarikat. Berbanding dengan
jumlah seramai 739 orang kakitangan pada tahun
sebelumnya, tenaga kerja Kumpulan KPS telah meningkat
kepada 983 orang pada Disember 2006.
Di kala Polisi Sumber Manusia Kumpulan dipraktikkan, halhal berkaitan kemudahan serta kebajikan kakitangan turut
diselaraskan bagi meningkat dan mengukuhkan kesetiaan
pekerja serta semangat kekitaan terhadap Kumpulan.
SISTEM PENGURUSAN PRESTASI
Sistem Pengurusan Prestasi merupakan sebahagian
daripada sistem penyampaian perkhidmatan Sumber
Manusia dan pemangkin kepada pengukuhan budaya proaktif bekerja yang berorientasikan prestasi cemerlang. Ianya
juga menggalakkan peningkatan kecemerlangan prestasi
dan akauntabiliti pengurus-pengurus secara berterusan.
Pada tahun 2006, Bahagian Sumber Manusia dengan
kerjasama
Bahagian
Perancang
Korporat
telah
membangunkan Sistem Petunjuk Prestasi Utama
(“KPIs”) untuk Ketua-ketua Pegawai Eksekutif dan Ketuaketua Unit Perniagaan di semua syarikat subsidiari KPS,
merangkumi sektor Hartanah dan Hotel & Rekreasi.
Berperanan sebagai fasilitator, Bahagian Sumber Manusia
telah menganjurkan beberapa siri bengkel dalaman bertujuan
untuk memberi pendedahan dan melatih Ketua-ketua
Pegawai Eksekutif dan Pengurus-pengurus berkaitan konsep
rangka kerja ‘Balanced Scorecard’, teknik-teknik
menghasilkan “KPI” yang bersepadu selaras dengan objektif
dan halatuju perniagaan. “KPI” akan digunakan sebagai
pengukur utama dalam penilaian prestasi kerja tahunan bagi
menentukan kenaikan gaji.
077
Human Resources Review
The scorecards for respective KPI holders were completed
and fully implemented in June 2006. Tracking and
monitoring of the business scorecards for KPS and its
subsidiary companies were carried out at the 2nd Quarter
Business Review in August 2006.
A Help-Desk comprising representatives of HR and
Corporate Planning has been set up to guide and assist end
users as well as to continuously review and improve the KPI
design and with that, marked the successful implementation
of Phase 2 of the Performance Management System.
“CHALLENGE OF PERFORMANCE EXCELLENCE”
In line with the Group’s aspiration to promote a culture of
teamwork and excellence at the workplace, a series of
inhouse workshops, entitled “Challenge of Performance
Excellence” were conducted for all levels of staff within the
Group. Adopting a top-down approach in this change
initiative, top management also attended this one day
induction on the principles of self-improvement and personal
excellence.
The corporate programme was aimed at achieving the
following objectives:•
To ignite the spirit of self-realisation for embracing
change and excellence.
•
To promote a sense of ownership, commitment
and accountability in realising the Company’s
objectives.
•
To promote teamwork and productivity.
•
To increase employees’ personal fulfillment both at
home and at work.
Through group activities and interactive learning, employees
were exposed to valuable concepts and practical insights on
Change and Self-Improvement.
The programmes were facilitated by Mr R Gopinathan, a
renowned Trainer on Behavioural Change and Performance
Excellence, who is also principal partner of Performance
Solution Sdn. Bhd.
Fasa 1 pelaksanaan “KPI” telah diimplementasikan dengan
sepenuhnya pada bulan Jun 2006. Pencapaian dan
pemantauan “KPI” ini seterusnya dibuat di mesyuarat Kajian
Perniagaan Penggal Kedua pada bulan Ogos 2006.
“Help Desk” yang dianggotai oleh wakil-wakil dari Bahagian
Sumber Manusia dan Bahagian Perancang Korporat telah
ditubuhkan bagi membantu dan memberi garis panduan kepada
kakitangan di samping terus mengkaji dan memperbaiki kaedah
penggunaan “KPI” dan dengan itu Fasa 2 Sistem Pengurusan
Prestasi telah dilaksanakan dengan jayanya.
“CABARAN TERHADAP KECEMERLANGAN PRESTASI”
(“CHALLENGE OF PERFORMANCE EXCELLENCE”)
Selaras dengan aspirasi Kumpulan untuk menggalakkan
budaya kerja cemerlang dan semangat bekerja secara
berpasukan, beberapa siri latihan dalaman telah diadakan.
Bengkel bertajuk “Cabaran Terhadap Kecemerlangan Prestasi”
(“Challenge of Performance Excellence”) telah dikendalikan
di semua peringkat kakitangan. Melalui inisiatif perubahan
yang mengamalkan pendekatan dari atas ke bawah, pihak
pengurusan juga turut menghadiri induksi sehari ini mengenai
prinsip kecemerlangan diri.
Program korporat ini juga bertujuan untuk mencapai objektifobjektif seperti berikut:•
Menyemarakkan semangat kesedaran diri untuk
menerima
perubahan
dan
meningkatkan
kecemerlangan diri.
•
Memberi penekanan terhadap pentingnya
kebertanggungjawaban, komitmen dan akauntabiliti
di dalam merealisasikan objektif Syarikat.
•
Menggalakkan
semangat
bekerja
secara
berpasukan dan memberi penekanan terhadap
peningkatan produktiviti.
•
Meningkatkan tahap keyakinan dan kepuasan kerja
supaya lebih positif di dalam kehidupan seharian,
sama ada di rumah atau di tempat kerja.
Melalui aktiviti berkumpulan dan pembelajaran secara interaktif,
para peserta telah diberi pendedahan terhadap konsep anjakan
paradigma dan pemahaman praktikal, mengenai perubahan dan
peningkatan diri.
A total of 103 employees were trained in 2006.
Program ini dibimbing oleh fasilitator Encik R. Gopinathan,
seorang pelatih ternama dalam bidang Pengurusan
Tingkahlaku dan Kecemerlangan Prestasi.
Seramai 103 orang kakitangan telah dilatih pada tahun 2006.
078
EMPLOYEE RELATIONS
HUBUNGAN KAKITANGAN
The focus on staff well-being and worklife continued to be
an integral part of the Group’s HR Plan for 2006. KPS’s
commitment to maintaining best HR practices and
enhancing employee relations is manifested in our HR
philosophy:-
Hal-hal berkaitan kebajikan dan budaya kerja kakitangan
terus menjadi komponen utama Perancangan Sumber
Manusia Kumpulan bagi tahun 2006. Komitmen KPS
untuk mengekalkan amalan-amalan terbaik Sumber Manusia
dan mengukuhkan perhubungan kakitangan ternyata di
dalam falsafah Sumber Manusia iaitu:
“To manage effectively and fairly and to ensure uniformity
and consistency in dealing with the Company’s most
important resources i.e. the men and women who make up
the workforce”
“Mengurus secara efektif dan saksama bagi memastikan
keseragaman dan konsistensi ketika berurusan dengan sumber
terpenting Syarikat iaitu warga kerja lelaki dan wanita “
Nurturing a performance-driven culture and strengthening
employee relations remain the cornerstone in our human
capital management. Effective communication and
information flow, continuous training and a harmonious and
conducive working environment ensure our employees
remain inspired and committed to their jobs.
Memelihara budaya kerja berprestasi tinggi dan
memperkasakan perhubungan kakitangan akan kekal
sebagai teras di dalam pengurusan sumber manusia.
Komunikasi efektif dan penyampaian maklumat, latihan
berterusan serta suasana kerja yang kondusif dan harmoni,
akan dapat memastikan kakitangan terus bermotivasi dan
komited terhadap kerja mereka.
The KPS Group will continually aim to elevate human capital
performance as it believes that through its people, the
Group will scale to new heights and corporate excellence.
STAFF ACTIVITIES
Staff Dialogues
Staff Dialogues between HR and employees are held every
4 months. The dialogues are aimed at giving employees the
opportunity to contribute and share ideas on employee
relations and also provides a platform for them to channel
their views towards improving staff well being and worklife.
Staff Dialogues also highlights the importance of keeping
staff adequately informed on matters concerning the
Scheme and Conditions of Service, employees welfare and
the delivery of HR services.
Kumpulan KPS juga akan terus berusaha untuk
meningkatkan prestasi sumber manusia kerana mereka
adalah aset yang akan menjadi pemangkin untuk membawa
Kumpulan menuju ke arah kecemerlangan korporat di masa
akan datang.
AKITIVITI KAKITANGAN
Dialog Kakitangan
Dialog Kakitangan di antara Bahagian Sumber Manusia dan
kakitangan diadakan setiap empat bulan. Dialog tersebut
bertujuan memberi peluang kepada kakitangan menyumbang
dan berkongsi idea berkaitan perhubungan kakitangan selain
memberi ruang untuk mereka mengutarakan pandangan
bagaimana untuk memperbaiki sistem kerja dan kemudahan
kebajikan kakitangan yang sedia ada.
The open dialogues have generated positive results where
conditions of service have been improved, particularly in
enriching staff well-being and enhancing the infrastructure
for a supportive work environment.
Dialog Kakitangan ini juga memberi peluang kepada
kakitangan untuk memperolehi maklumat yang terkini
berkaitan perkara-perkara seperti Skim dan Syarat-syarat
Perkhidmatan, kebajikan kakitangan dan penyampaian
perkhidmatan Sumber Manusia.
Subsidiary companies have also established their own
committees and are considering what can be done to
improve their working environments and employees’ wellbeing.
Dialog secara terbuka ini telah menghasilkan kesan yang
positif di tempat kerja, terutama di dalam mempertingkatkan
perihal kebajikan dan suasana kerja yang lebih kondusif dan
harmoni.
Syarikat-syarikat subsidiari juga turut menubuhkan
jawatankuasa yang serupa bagi mempertimbang inisiatifinisiatif yang dapat dilaksanakan untuk memperbaiki suasana
kerja dan keselesaan kakitangan.
079
Human Resources Review
Academic Achievement Award
Anugerah Kecemerlangan Akademik
The commitment of KPS as a caring employer is further
reflected through the Academic Achievement Award where
the Company accords cash rewards to employees whose
children excel in the UPSR, PMR, SPM and STPM
Examinations. The rewards are given as an incentive for the
children to strive harder and are presented personally by the
Executive Chairman and Managing Director to the
employees, on behalf of their deserving children.
Anugerah Kecemerlangan Akademik mencerminkan
komitmen KPS sebagai majikan yang prihatin. Anugerah
berupa wang tunai diberi kepada anak-anak kakitangan yang
berjaya dengan cemerlang dalam peperiksaan UPSR, PMR,
SPM dan STPM. Insentif ini diharap dapat memberi
dorongan kepada anak-anak kakitangan untuk terus
berusaha dengan lebih gigih dan tekun. Anugerah
disampaikan oleh Pengerusi Eksekutif dan Pengarah Urusan
KPS kepada ibu bapa anak-anak yang berjaya.
The award is one of the many ways the Group recognises
the importance of the well being of employees and that of
their families.
Long Service Award
The Group recognises and values the services of employees
and takes pride in rewarding employees for their loyalty and
unwavering dedication.
Long Service Awards are accorded to employees who have
served 10, 15, 20, 25 and 30 years and is one of the many
incentives which help foster close camaraderie between
management and staff.
“Majlis Tazkirah”
In line with the Group’s objective to instill positive values and
moral ethics at the workplace, “Majlis Tazkirah” are held on
weekly basis, conducted by Guest speakers from Masjid
Negeri Shah Alam.
The regular forums provide an effective platform for staff of
the KPS Group to get together and enhance their Islamic
Knowledge.
Staff Birthdays
Staff get together for birthday celebrations every 3 months
and on every employee’s birthday, the Company presents
them with a cake. Although it is a small token, the cake goes
a long way to show our employees that they are special.
080
Anugerah Perkhidmatan Lama
Syarikat sentiasa mengenang dan menghargai jasa
kakitangan yang telah lama berkhidmat dengan penuh
dedikasi dan kesetiaan yang tidak berbelah bagi.
Anugerah Khidmat Lama diberikan kepada kakitangan yang
telah berkhidmat selama 10, 15, 20, 25 dan 30 tahun.
Anugerah ini merupakan salah satu daripada pelbagai
insentif yang dapat membantu mengeratkan silaturrahim di
antara pengurusan dan kakitangan.
Majlis Tazkirah
Selaras dengan objektif Kumpulan untuk menerapkan nilainilai positif dan akhlak mulia di tempat kerja, Majlis Tazkirah
yang disampaikan oleh penceramah undangan dari Masjid
Negeri Shah Alam, diadakan pada setiap minggu.
Forum secara berkala ini menyediakan ruang yang efektif
kepada kakitangan Kumpulan KPS untuk bersama-sama
memantapkan diri mengenai ilmu dan pendekatan Islam.
Hari Lahir Kakitangan
Sambutan hari lahir kakitangan diraikan pada setiap tiga
bulan dan Syarikat akan menghadiahkan kek hari lahir kepada
setiap kakitangan yang menyambut hari jadi. Meskipun
sekadar kek, namun ia merupakan tanda yang besar bahawa
setiap kakitangan adalah istimewa.
“Kelab Sukan dan Rekreasi Perangsang Selangor”
Kelab Sukan dan Rekreasi Perangsang Selangor (KELAB)
Maintaining employee wellness and harmony is
fundamental
towards
attaining
better
business
performance. Recognising the need to create a social
balance, the Group has diligently supported the activities of
its sports and recreation club.
Mengekalkan keharmonian dan kesihatan setiap kakitangan
adalah asas kepada pencapaian prestasi Syarikat yang lebih
baik. Menyedari keperluan terhadap keseimbangan sosial,
Syarikat telah memberi sokongan sepenuhnya terhadap
akitiviti-aktiviti yang dianjurkan oleh KELAB.
Last year’s sports calendar kicked off with the KPS Sports
Carnival in January and gave staff a great opportunity to
exhibit their sporting skills. The Green team, appropriately
named ‘Efficient’ emerged as overall winners with the Blue
team ‘Charisma’ as runner-up.
Kalender sukan tahun 2006 bermula pada bulan Januari
dengan berlangsungnya Karnival Sukan KPS di mana
kakitangan berpeluang menunjukkan kebolehan mereka
dalam aktiviti sukan. Pasukan Hijau, bersesuaian dengan
namanya, ‘Efisyen’, muncul sebagai juara keseluruhan,
manakala pasukan Biru atau ‘Karisma’ berjaya sebagai naib
juara.
The social highlight of 2006 was marked by the Family Day
at Swiss Garden Resort & Spa at Kuantan, Pahang in April
2006. The evening performance revealed many hidden
talents and forged stronger ties among participating
Divisions.
Last year’s calendar of events also included a family outing
to Sungai Nibong, Sekinchan, a Blood donation Drive, a
jungle trek expedition to Air Terjun Lepoh, Hulu Langat and a
snorkeling trip to Pulau Tioman. The traditional ‘ibadat
korban’ was also held in conjunction with “Hari Raya Aidil
Adha”.
All employees are members of the Sports and Recreation
Club. Activities are funded by staff monthly subscriptions
and annual contribution from the Company.
Aktiviti sosial pada tahun 2006 dimeriahkan lagi dengan Hari
Keluarga yang berlangsung di Swiss Garden Resort & Spa,
Kuantan, Pahang pada bulan April 2006. Persembahan pada
malam kemuncak Hari Keluarga telah dapat mencungkil
bakat-bakat tersembunyi kakitangan dan memupuk
hubungan erat sesama kakitangan dari setiap Bahagian.
Aktiviti-aktiviti lain yang telah diadakan pada tahun 2006
termasuklah beriadah bersama keluarga di Sungai Nibong,
Sekinchan, Kempen Derma Darah, ekspedisi merentas
hutan di Air Terjun Lepoh, Hulu Langat dan melancong
sambil menyelam di Pulau Tioman. Selain itu, aktiviti yang
menjadi tradisi KELAB iaitu ibadat korban turut dijalankan
bersempena dengan sambutan Hari Raya Aidiladha.
Semua kakitangan merupakan ahli KELAB. Aktiviti-aktiviti
yang dijayakan adalah hasil kutipan yuran bulanan daripada
kakitangan serta sumbangan tahunan daripada Syarikat.
081
Financial
Statements
002
Directors’ Report
84
Statement By Directors
88
Statutory Declaration
88
Report of the Auditors
89
Income Statements
90
Balance Sheets
91
Consolidated Statement of Changes in Equity
93
Company Statement of Changes in Equity
94
Cash Flows Statements
95
Notes to the Financials Statements
98
002
Directors’ Report
The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the
Company for the financial year ended 31 December 2006.
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 19 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 for the year
18,222
160,080
Attributable to:
Equity holders of the Company
Minority interests
18,807
(585)
160,080
-
18,222
160,080
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:
(a) the effects arising from the changes in accounting policies due to the adoption of the new and revised Financial Reporting
Standards which has resulted to an increase to the Group's profit for the year by RM4,320,976 as disclosed in Note
2.3(e)(ii) to the financial statements; and
(b) the effects arising from the changes in estimates where the useful lives of certain components of the buildings were
revised resulting in a decrease to the Group's and the Company's profit for the year by RM949,965 as disclosed in Note
2.4(i) to the financial statements.
(c) the effects arising from the changes in estimates where the method of determining percentage of completion was
refined from the total cost method to the variable cost method which has resulted to an increase to the Group's profit
before tax for the current year by RM12.68 million as disclosed in Note 2.4(ii) to the financial statements.
DIVIDENDS
The amount of dividends paid by the Company since 31 December 2005 were as follows:
RM’000
In respect of the financial year ended 31 December 2005 as reported in the
directors' report of that year:
Final dividend of 3 sen per share less 28% taxation, on 431,403,960 ordinary
shares, declared on 15 June 2006 and paid on 18 August 2006.
084
9,318
DIVIDENDS (CONTD.)
At the forthcoming Annual General Meeting ("AGM"), a final dividend in respect of the financial year ended 31 December 2006,
of 4 sen less 27% taxation per share on 431,403,960 ordinary shares, amounting to a dividend payable of RM12,596,996 (2.92
sen net per share) will be proposed for shareholders' approval. 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 2007.
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
YBhg Dato' Hj. Sumadi bin Hj. Ismail, DSIS, DPTJ, JP
YB Senator Dato' Hj. Ikhwan Salim bin Dato' Sujak, DSIS, KMN, PJK
YB Dato' Dr. Hj. Karim bin Hj. Mansor, DPMS, ASA, PJK
YBhg Dato' Yip Kam Chong, DSSA, AMS
YBhg Datin Paduka Juma'ah binti Moktar, DSSA, ASA, PJK
YB Dato' Dr Amran bin Kasimin, DPMS
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 Company's
and a subsidiary of the Company's Employee Share Options Scheme.
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.
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 shares in the Company and its related corporations during the financial year were as follows:
1.1.2006
Number of Ordinary Shares of RM1 Each
Acquired
Sold
31.12.2006
The Company
YBhg Datin Paduka Juma'ah binti Moktar
YBhg Dato' Hj. Ab. Halim bin Mohyiddin
YBhg Dato' Hj. Azlan bin Hashim
20,600
15,999
144,000*
-
-
20,600
15,999
144,000
15,301
7,999
12,000*
-
-
15,301
7,999
12,000
Subsidiary - Kumpulan Hartanah Selangor Berhad
YBhg Dato' Hj. Ab. Halim bin Mohyiddin
YBhg Dato' Hj. Azlan bin Hashim
* Shares held under Bumiputra- Commerce Nominees (Tempatan) Sdn. Bhd.
085
Directors’ Report (contd.)
DIRECTORS' INTEREST (CONTD.)
The Company
Number Of Options Over Ordinary Shares of RM1 Each
1.1.2006
Granted
Exercised
31.12.2006
4,200,000
4,200,000
Subsidiary - Kumpulan Hartanah Selangor Berhad
Number Of Options Over Ordinary Shares of RM1 Each
1.1.2006
Granted
Exercised
31.12.2006
YBhg Dato' Hj. Abd. Karim bin Munisar
4,500,000
1,000,000
-
-
4,500,000
1,000,000
None of the other directors in office at the end of the financial year had any interest in shares and options over shares in the
Company or its related corporations during the financial year.
EMPLOYEE SHARE OPTIONS SCHEME
The Kumpulan Perangsang Selangor Berhad Employee Share Options Scheme ("ESOS") is governed by the amended by-laws
approved by the shareholders at an Extraordinary General Meeting held on 15 June 2004. The 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.
The salient features and other terms of the ESOS are disclosed in Note 44 to the financial statements.
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 values 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.
086
OTHER STATUTORY INFORMATION (CONTD.)
(e) As at the date of this report, there does not exist:
(f)
(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.
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 as and 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 statements.
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 30 April 2007.
Dato' Hj. Abd. Karim bin Munisar
Executive Chairman
Datin Paduka Juma'ah binti Moktar
Managing Director
087
Statement By Directors
pursuant to Section 169(15) of the Companies Act, 1965
We, Abd. Karim bin Munisar and Juma’ah binti Moktar, 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 90 to 179 are
drawn up in accordance with the provisions of the Companies Act, 1965 and applicable MASB Approved Accounting
Standards in Malaysia for Entities Other Than Private Entities so as to give a true and fair view of the financial position of the
Group and of the Company as at 31 December 2006 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 30 April 2007.
Dato' Hj. Abd. Karim bin Munisar
Executive Chairman
Datin Paduka Juma'ah binti Moktar
Managing Director
Statutory Declaration
pursuant to Section 169(16) of the Companies Act, 1965
I, Wong Yien Kim, being the officer 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 90 to 179 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
on 30 April 2007.
)
)
)
)
)
Before me,
088
Wong Yien Kim
Report of the Auditors
to the members of Kumpulan Perangsang Selangor Berhad
We have audited the financial statements set out on pages 90 to 179. These financial statements are the responsibility of the
Company's directors.
It is our responsibility to form an independent opinion, based on our audit, on the financial statements and to report our
opinion to you, as a body, in accordance with Section 174 of the Companies Act, 1965 and for no other purpose. We do not
assume responsibility to any other person for the content of this report.
We conducted our audit in accordance with applicable Approved Standards on Auditing in Malaysia. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by the directors,
as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion:
(a) the financial statements have been properly drawn up in accordance with the provisions of the Companies Act, 1965 and
applicable MASB Approved Accounting Standards in Malaysia for Entities Other Than Private Entities so as to give a true
and fair view of:
(i)
the financial position of the Group and of the Company as at 31 December 2006 and of the results and the cash
flows of the Group and of the Company for the year then ended; and
(ii)
the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and
(b) the accounting and other records and the registers required by the Act to be kept by the Company and by its subsidiaries
of which we have acted as auditors have been properly kept in accordance with the provisions of the Act.
We have considered the financial statements and auditors' reports thereon of the subsidiaries of which we have not acted as
auditors, as indicated in Note 19 to the financial statements, being financial statements that have been included in the
consolidated financial statements.
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.
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.
Ernst & Young
AF: 0039
Chartered Accountants
Nik Rahmat Kamarulzaman bin Nik Ab. Rahman
No. 1759/02/08(J)
Partner
Kuala Lumpur, Malaysia
30 April 2007
089
Income Statements
for the year ended 31 December 2006
Note
Revenue
Cost of sales
3
4
Group
2006
2005
RM’000
RM’000
(restated)
Company
2006
2005
RM’000
RM’000
378,649
(260,397)
308,887
(241,828)
36,318
(1,205)
36,196
(3,402)
118,252
62,356
(72,734)
(1,080)
(35,471)
67,059
28,414
(60,508)
(2,195)
(170,099)
35,113
162,585
(17,627)
(2,679)
32,794
46,395
(15,703)
(21,858)
71,323
( 84,931)
34,451
7,452
(137,329)
(37,719)
42,246
9,000
177,392
( 9,259)
-
41,628
(21,256)
-
28,295
(10,073)
(123,802)
627
168,133
( 8,053)
20,372
(7,365)
Profit/(loss) for the year
18,222
(123,175)
160,080
13,007
Attributable to:
Equity holders of the Company
Minority interests
18,807
(585)
(48,761)
(74,414)
160,080
-
13,007
-
18,222
(123,175)
160,080
13,007
2.16
1.44
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
Income tax
5
6
7
10
Earnings/(loss) per share attributable to
equity holders of the Company (sen)
Basic
Diluted
11
11
4
N/A
(11)
N/A
Dividend per share (sen)
12
2.16
1.44
The accompanying notes form an integral part of the financial statements.
090
Balance Sheets
as at 31 December 2006
Note
Group
2006
2005
RM’000
RM’000
(restated)
Company
2006
2005
RM’000
RM’000
(restated)
NON-CURRENT ASSETS
Property, plant and equipment
Concession assets
Prepaid land lease payments
Land held for property
development
Investment properties
Land use rights
Investments in subsidiaries
Investments in associates
Other investments
Intangible asset
Goodwill
Amount due from holding
company
Amounts due from subsidiaries
Long term receivables
13
14
15
218,474
97,082
40,122
220,325
42,050
5,707
14,085
6,584
14,264
16(a)
17
18
19
20
21
22
23
354,510
8,080
481,888
39,088
369,549
161,017
409,869
6,047
753
504,271
44,460
55,623
68,015
417,599
163,344
34,656
-
70,570
753
408,513
308,089
32,610
-
24(a)
24(c)
25
5,500
113,025
9,500
66,478
126,760
-
126,760
-
1,888,335
1,359,376
830,166
968,143
26
16(b)
28
29
101,510
352,934
434,291
43,741
55,414
490,049
143,883
58,963
3,385
25,443
4,134
24,430
30(a)
30(b)
43,070
-
35,289
-
8,634
47,385
42,102
30(c)
30(d)
7,103
13,198
271,947
8,807
502
6,550
34,841
33
1,555
91,478
280
502
267
651
1,267,794
834,298
177,913
72,366
32
33
34(a)
34(b)
378,976
157,859
100
-
506,513
118,820
3,416
-
6,523
2,894
49,372
16,707
1,956
2,616
4,065
34(c)
35
36
1,064
75,619
133,383
7,697
926
85,185
187,921
14,473
44
109
-
44
101,538
-
754,698
917,254
58,942
126,926
CURRENT ASSETS
Inventories
Property development costs
Trade receivables
Other receivables
Amount due from holding
company
Amounts due from related
companies
Amount due from associates
Tax recoverable
Cash and bank balances
31
CURRENT LIABILITIES
Trade payables
Other payables
Amount due to holding company
Amounts due to subsidiaries
Amounts due to related
companies
Provisions
Borrowings
Tax payable
091
Balance Sheets
as at 31 December 2006 (contd.)
Note
NET CURRENT ASSETS/(LIABILITIES)
Group
2006
2005
RM’000
RM’000
(restated)
Company
2006
2005
RM’000
RM’000
(restated)
513,096
(82,956)
118,971
(54,560)
2,401,431
1,276,420
949,137
913,583
431,404
176,703
230,946
431,404
74,623
209,527
431,404
8,000
509,199
431,404
8,000
358,437
839,053
109,206
715,554
123,176
948,603
-
797,841
-
948,259
838,730
948,603
797,841
1,244,963
38,069
4,314
9,962
155,864
294,341
71,857
8,777
5,252
13,466
43,997
534
-
110,490
5 ,252
-
1,453,172
437,690
534
115,742
2,401,431
1,276,420
949,137
913,583
FINANCED BY:
Share capital
Other reserves
Retained earnings
40
41
42
Shareholders' equity
Minority interests
LONG TERM LIABILITIES
Borrowings
Long term payables
Retirement benefit obligations
Deferred membership income
Deferred tax liabilities
36
43
24(b)
44
45
46
092
Consolidated Statement of Changes in Equity
Attributable to Equity Holders of the Company
Non-Distributable
Distributable
Group
Share
Capital Revaluation General
Capital Reserves
Reserves Reserves
RM’000
RM’000
RM’000 RM’000
Note (Note 40) (Note 41)
(Note 41) (Note 41)
At 1 January 2005
Loss for the year
Disposal of a
subsidiary company
Additional paid-up
capital of a
subsidiary company
Dividend of a
subsidiary
Retained
Earnings
Total
RM’000 RM’000
(Note 42)
Minority
Interest
Total
Equity
RM’000
RM’000
431,404
-
41,336
-
25,287
-
8,000
-
-
-
-
-
-
-
(1,822)
(1,822)
-
-
-
-
-
-
5
5
-
-
-
-
-
-
(127)
(127)
431,404
-
41,336
-
25,287
-
8,000
-
215,739 721,766 123,176
(6,212)
(6,212)
-
844,942
(6,212)
431,404
41,336
25,287
8,000
209,527
715,554
123,176
838,730
At 1 January 2006
431,404
Effects of adopting:
FRS 3
2.3(a)
Revaluation surplus
net of tax
- fair value adjustment
on an earlier
piecemeal acquisition
Disposal of subsidiaries
Additional paid-up capital
of a subsidiary company
Dilution of interest in
a subsidiary
Dividends of subsidiaries
Profit for the year
-
41,336
25,287
8,000
209,527
715,554
123,176
838,730
-
-
-
11,930
11,930
-
11,930
-
102,080
-
-
-
102,080
-
-
-
-
-
-
4,496
4,496
-
-
-
18,807
18,807
(9,562)
(1,147)
(585)
(9,562)
(1,147)
18,222
431,404
-
41,336
-
127,367
-
8,000
-
240,264 848,371 109,206
(9,318)
(9,318)
-
957,577
(9,318)
431,404
41,336
127,367
8,000
230,946
948,259
Dividends
12
At 31 December 2005
Dividends
At 31 December 2006
12
264,500 770,527 199,534 970,061
(48,761) (48,761) (74,414) (123,175)
839,053
- 102,080
(7,172)
(7,172)
109,206
093
Company Statement of Changes in Equity
Non-Distributable
Note
At 1 January 2005
Profit for the year, representing total
recognised income and expense
for the year
Dividends
Share
Capital
RM’000
(Note 40)
Distributable
General
Reserves
RM’000
(Note 41)
Retained
Earnings
RM’000
(Note 42)
Total
Equity
RM’000
431,404
8,000
351,642
791,046
-
-
13,007
(6,212)
13,007
(6,212)
At 31 December 2005
431,404
8,000
358,437
797,841
At 1 January 2006
Profit for the year, representing total
recognised income and expense
for the year
Dividends
431,404
8,000
358,437
797,841
-
-
160,080
(9,318)
160,080
(9,318)
431,404
8,000
509,199
948,603
At 31 December 2006
12
12
094
Cash Flow Statements
Group
Company
2006
RM’000
2005
RM’000
2006
RM’000
2005
RM’000
28,295
(123,802)
168,133
20,372
84,931
(21,986)
37,719
(647)
9,259
(13,008)
21,256
(15,793)
10,891
366
-
10,922
2,708
21,549
1,138
-
2,969
1,269
-
194
-
997
194
-
(521)
3,870
461
11,577
(9,352)
3,632
(987)
633
(12,861)
40
-
20,000
-
-
(3,547)
(3,933)
-
-
900
-
22,000
-
-
(24,186)
753
-
753
-
(1,632)
6,857
(1,004)
-
(24,611)
(1,632)
-
(23,875)
(1,004)
-
585
98
-
179
2,555
-
(97)
(631)
(13,421)
(8,066)
(740)
(12,237)
-
(138,936)
(1,983)
(107)
(2,465)
-
7,912
421
9,726
-
-
-
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments for:
Interest expense
Interest income
Property, plant and equipment:
- depreciation
- written off
- impairment loss
Bad debts written off
- subsidiaries
- other receivables
Write back of provision
for doubtful debts
- subsidiaries
- other receivables
Write-down of inventories
Inventories written off
Provision for doubtful debts
Provision for outstanding
commitments
Amortisation of deferred
membership income
Impairment of:
- associates
- land held for property development
Reversal of impairment on land held
for property development
Land use rights written off
Dividend income from:
- associates
- other investments
Amortisation of intangible assets
Amortisation of prepaid land
lease payments
Depreciation of investment properties
Gain on disposal of:
- property, plant and equipment
- prepaid land lease payments
- subsidiaries
- an associate
- other investments
Concession assets:
- depreciation
- written off
- expensed off
095
Cash Flow Statements
for the year ended 31 December 2006 (contd.)
Group
2006
RM’000
Loss on disposal of:
- subsidiaries
- an associate
- other investments
Provision for liquidated damages
Impairment in value
of other investments
Write back of provision for
diminution in value of:
- other investments
- subsidiaries
Provision for retirement benefits
Accrual for late payment of interest
Accrual for damages cum interest
Share of profit of a joint venture
Company
2005
RM’000
2006
RM’000
2005
RM’000
27
4,835
2,488
55,729
27
-
6,134
-
73
7,983
73
1,548
(10)
466
1,559
(34,451)
(7,452)
482
7,700
2,999
(42,246)
(9,000)
(10)
466
-
(4,916)
482
-
Operating profit/(loss) before working
capital changes
58,797
(7,050)
3,240
(6,951)
(Increase)/decrease in inventories
Decrease in development properties
Decrease/(increase) in receivables
Decrease in payables
Intercompany balances
(50,130)
185,133
69,684
(110,235)
(9,216)
6,058
118,307
(2,727)
(86,974)
(30,018)
(1,054)
(18,234)
25,786
37,888
(19,085)
(6,218)
Cash generated from/(used in)
operations
Tax paid, net of refunds received
Retirement benefits paid
Liquidated damages paid
144,033
(25,651)
(5,718)
(10,159)
(2,404)
(8,211)
(294)
(11,321)
9,738
(2,152)
(5,718)
-
5,634
(2,298)
(294)
-
Net cash generated from/(used in)
operating activities
102,505
(22,230)
1,868
3,042
096
Group
2006
RM’000
Company
2005
RM’000
2006
RM’000
2005
RM’000
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of incorporating a subsidiary
Acquisition of subsidiary
Net dividends received from:
- associates
- other investments
Interest received
Purchase of:
- concession assets
- other investments
Proceeds from disposal of:
- other investments
- associates
- subsidiaries
Additional investment in associates
Income received from joint venture
(330,769)
-
(100)
-
(5)
-
17,753
1,224
4,232
17,190
723
647
17,753
1,224
13,008
17,190
723
15,793
(4,238)
(6,973)
(78,570)
(6,538)
(1,409)
(60)
(78,570)
(2,826)
(1,409)
314
92,169
(1,457)
(6,379)
9,000
1,878
4,900
790
(20,000)
9,000
78,458
288,570
5
(4,890)
9,000
107
4,900
892
(20,000)
9,000
(303,694)
7,181
324,398
24,365
Interest paid
Dividend paid
Drawdown of borrowings
Advances to subsidiaries
Repayment of borrowings
Repayment of hire purchase
Repayment from subsidiaries
Placement of restricted fixed deposits
Upliftment of fixed deposits pledged
(74,430)
(9,318)
762,616
(215,764)
(3,098)
(4,373)
1,090
(37,719)
(6,212)
182,200
(104,243)
(1,302)
369
(9,259)
(9,318)
(5,268)
(180,000)
(138)
500
(21,256)
(6,212)
(12,710)
(80,000)
(285)
80,000
-
Net cash generated from/(used in)
financing activities
456,723
33,093
(203,483)
(40,463)
255,534
18,044
122,783
(13,056)
(44,497)
(62,541)
(31,305)
(18,249)
211,037
(44,497)
91,478
(31,305)
Net cash (used in)/generated from
investing activities
CASH FLOWS 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 31)
097
Notes to the Financial Statements
31 December 2006
1.
CORPORATE INFORMATION
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Board
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 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 19 to the financial
statements. 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 30 April 2007.
2.
SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Preparation
The financial statements comply with the provisions of the Companies Act, 1965 and applicable MASB Approved
Accounting Standards in Malaysia for Entities Other Than Private Entities. At the beginning of the current financial
year, the Group and the Company had adopted new and revised Financial Reporting Standards (FRSs) which are
mandatory for financial periods beginning on or after 1 January 2006 as described fully in Note 2.3.
The financial statements of the Group and of the Company have been prepared under historical cost convention
except for certain long term receivables that have been measured at their fair values.
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.
(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.
098
2.
SIGNIFICANT ACCOUNTING POLICIES (CONTD.)
2.2 Summary of Significant Accounting Policies (contd.)
(a) Subsidiaries and Basis of Consolidation (contd.)
(ii) Basis of Consolidation (contd.)
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.
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.
099
31 December 2006 (contd.)
2.
(b) Associates (contd.)
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 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 a joint venture is accounted for in the consolidated
financial statements using the equity method of accounting as described in Note 2.2(b).
(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) Other Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible
assets acquired in a business combination is their fair values as at the date of acquisition. Following initial
recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated
impairment losses. Intangible assets with finite 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
intangible assets may be impaired. The amortisation period and the amortisation method for an intangible
assets 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.
100
2.
(e) Property, Plant and Equipment and Depreciation (contd.)
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. Golf course is depreciated over the
remaining period of the lease of 99 years. 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
Plant and machinery
Office renovation
2% - 10%
20%
10% - 50%
10% - 33.33%
10%
10%
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 depreciation and
accumulated impairment loss, consistent with the accounting policy of property, plant and equipment as
described in Note 2.2(e).
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.
101
2.
(f)
Concession Assets (contd.)
(ii) Depreciation
Capital work-in-progress is not depreciated. Depreciation 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
10%
5% - 10%
Capital work-in-progress will be depreciated when the assets are ready for their intended use.
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 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.
102
2.
(h) Land Held for Property Development and Property Development Costs (contd.)
(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)
Land Use Rights
Land use rights consists of land premium and other land related costs.
(j)
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.
103
2.
(k) Impairment of Non-Financial Assets
The carrying amounts of assets, other than investment property, construction contract assets, property
development costs, inventories, deferred tax assets and non-current assets (or disposal groups) held for sale,
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.
(l)
Inventories
Inventories are stated at lower of cost and net realisable value.
The cost of unsold 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.
104
2.
(l)
Inventories (contd.)
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.
(m) 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.
(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.
105
2.
(m) Financial Instruments (contd.)
(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.
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.
(n) 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).
106
2.
(n) Leases (contd.)
(iii) Operating Leases - the Group as Lessee
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 on a straight line basis.
In the 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 the 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 lease payments and are amortised on a straight line
basis over the lease term.
(o) 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.
(p) 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 negative 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.
107
2.
(q) 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.
(r) 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.
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.
108
2.
(r) Employee Benefits (contd.)
(iv) Equity Compensation Benefits
The Kumpulan Perangsang Selangor Berhad Employee Share Options Scheme (“ESOS”), an equity-settled,
share-based compensation plan, allows the Group’s employees to acquire ordinary shares of the Company.
No compensation cost or obligation is recognised as the ESOS were granted before 31 December 2004.
When the options are exercised, equity is increased by the amount of the proceeds received, net of any
directly attributable transaction costs.
(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.
(s) Foreign Currencies
In preparing the financial statements of the individual entries, 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. Nonmonetary 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.
(t) 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(j).
109
2.
(t) Revenue Recognition (contd.)
(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, food, beverages, sports and recreation are recognised when the
services are rendered.
(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.
(u) Fixed Rate Serial Bonds ("FRSB")
The FRSB are bonds issued at discount to its nominal value of RM738 million. The FRSB are issued in series of
up to 15 years from the date of issue.
110
2.
(u) Fixed Rate Serial Bonds ("FRSB") (contd.)
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.
(v) 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 New and Revised Financial Reporting
Standards (FRSs)
On 1 January 2006, the Group and the Company adopted the following new and revised FRSs mandatory
for financial periods beginning on or after 1 January 2006:
FRS
FRS
FRS
FRS
FRS
FRS
FRS
FRS
FRS
FRS
FRS
FRS
FRS
FRS
FRS
FRS
FRS
2
3
5
101
102
108
110
116
121
127
128
131
132
133
136
138
140
Share-based Payment
Business Combinations
Non-current Assets Held for Sale and Discontinued Operations
Presentation of Financial Statements
Inventories
Accounting Policies, Changes in Estimates and Errors
Events after the Balance Sheet Date
Property, Plant and Equipment
The Effects of Changes in Foreign Exchange Rates
Consolidated and Separate Financial Statements
Investments in Associates
Interests in Joint Ventures
Financial Instruments: Disclosure and Presentation
Earnings Per Share
Impairment of Assets
Intangible Assets
Investment Property
In addition to the above, the Group has also taken the option of early adoption of the FRS 117-Leases, for the
financial period beginning 1 January 2006.
The adoption of revised FRS 2, 5, 102, 108, 110, 121, 127, 128, 131, 132, 133, 136 and 138 does not result in
significant changes in accounting policies of the Group.
111
2.
Standards (FRSs) (contd.)
The Group and the Company have not early adopted the following FRSs or amendments which are mandatory for
application for annual financial period on or after 1 January 2007:
FRS 6
Exploration for and Evaluation of Mineral Resources (effective date: annual periods beginning on or after
1 January 2007)
FRS 1192004 Employee Benefits (Amendment) - Actuarial Gain and Loss, Group Plans and Disclosures (effective date:
annual periods beginning on or after 1 January 2007)
FRS 124
Related Party Disclosures (effective date: annual periods beginning on or after 1 October 2006)
FRS 139
Financial Instrument: Recognition and Measurement (effective date yet to be announced)
Standards and Interpretations Issued but Not Yet Effective:
Amendment to FRS 121
IC Interpretation 1
IC Interpretation 2
IC Interpretation 5
:
:
:
:
IC Interpretation 6
:
IC Interpretation 7
:
IC Interpretation 8
:
The Effects of Changes in Foreign Exchange Rates - Net Investment in a Foreign Operations
Changes in Existing Decommissioning, Restoration and Similar Liabilities
Members' Shares in Co-operative Entities and Similar Instruments
Rights to Interests arising from Decommissioning, Restoration and Environmental
Rehabilitation Funds
Liabilities arising from Participating in a specific Market - Waste Electrical and
Electronic Equipment
Applying the Restatement Approach under FRS 129 2004: Financing Reporting in
Hyperinflationary Economies
Scope of FRS 2
The above FRS, amendments to FRS and IC Interpretations are expected to have no significant impact on the
financial statements of the Group and the Company upon their initial application except for the following :
(i)
Amendment to FRS 1192004 : Employee Benefits – Actuarial Gains and Losses, Company Plans and
Disclosures
This amendment introduces the option of an alternative recognition approach for actuarial gains and losses
arising from post-employment defined benefit plans. It may impose additional recognition requirements for
multi-employer plans where insufficient information is available to apply defined benefit accounting. It also adds
new disclosure requirements. As the Company does not participate in any multi-employer plans, adoption of this
amendment will only affect the format and extent of disclosures presented in the financial statements.
The Group and the Company are exempted from disclosing the possible impact, if any, to the financial statements
upon the initial application of FRS 124 and FRS 139.
The principal changes in accounting policies and their effects resulting from the adoption of the other new and
revised FRSs are discussed below:
(a) FRS 3 : Business Combinations
Excess of Group’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent
liabilities over cost (previously known as negative goodwill)
Prior to 1 January 2006, negative goodwill was amortised over the weighted average useful life of the nonmonetary assets acquired, except to the extent it relates to identified expected future losses as at the date of
acquisition. In such cases, it was recognised in profit or loss as those expected losses were incurred. Under
FRS 3, any excess of the Group’s interest in the net fair value of acquiree’s identifiable assets, liabilities and
contingent liabilities over cost of acquisitions, after reassessment, is now recognised immediately in profit or loss.
112
2.
(a) FRS 3 : Business Combinations (contd.)
Excess of Group’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent
liabilities over cost (previously known as negative goodwill) (contd.)
The recognition of negative goodwill has increased the Group's profit for the year by RM4,320,796.
In accordance with transitional provisions of FRS 3, the Group has also derecognised the remaining unamortised
negative goodwill included in the carrying amount of investments in associates at 1 January 2006 amounting to
RM11,930,000 with a corresponding increase in retained earnings.
The effects on the consolidated balance sheet as at 31 December 2006 and consolidated income statement for
the year ended 31 December 2006 are set out on Note 2.3(e)(i) and 2.3(e)(ii) respectively. There were no effects
on the Company's financial statements.
(b) FRS 101: Presentation of Financial Statements
Other Presentation
Prior to 1 January 2006, minority interests at the balance sheet date were presented in the consolidated balance
sheet separately from liabilities and equity. Upon the adoption of the revised FRS 101, minority interests are
now presented within total equity. In the consolidated income statement, minority interests are presented as
an allocation of the total profit or loss for the year. A similar requirement is also applicable to the statement of
changes in equity. The revised FRS 101 also requires disclosure, on the face of the statement of changes in
equity, total recognised income and expenses for the year, showing separately the amounts attributable to
equity holders of the Company and to minority interests.
Prior to 1 January 2006, the Group’s share of taxation of associates accounted for using the equity method was
included as part of the Group’s income tax expense in the consolidated income statement. Upon the adoption
of the revised FRS 101, the share of taxation of associates accounted for using the equity method are now
included in the respective shares of profit or loss reported in the consolidated income statement before arriving
at the Group’s profit or loss before tax.
These changes in presentation have been applied retrospectively and as disclosed in Note 2.3(f)(ii), certain
comparatives have been restated. These changes in presentation has no impact on the Company's financial
statements.
(c) FRS 117: Leases
(i)
Leasehold Land Held for Own Use
Prior to 1 January 2006, leasehold land held for own use was classified as property, plant and equipment
and was stated at cost less accumulated depreciation and impairment losses. The adoption of the revised
FRS 117 has resulted in a change in the accounting policy relating to the classification of leases of land and
buildings. 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 element of a lease of land and buildings are considered
separately for the purposes of lease classification.
113
2.
(c) FRS 117: Leases (contd.)
(i)
Leasehold Land Held for Own Use (contd.)
Leasehold land held for own use is now classified as operating lease and where necessary, the minimum
lease payments or the up-front payments made are allocated between the land and the 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 lease payments and are
amortised on a straight line basis over the lease term.
The Group has applied the change in accounting policy in respect of leasehold land in accordance with the
transitional provisions of FRS 117. At 1 January 2006, the unamortised amount of leasehold land is retained
as the surrogate carrying amount of prepaid land lease payments as allowed by the transitional provisions.
The reclassification of leasehold land as prepaid land lease payments has been accounted for
retrospectively and as disclosed in Note 2.3(f)(i), certain comparatives have been restated. The effects on
the balance sheets as at 31 December 2006 are set out in Note 2.3(e)(i). There were no effects on the
consolidated income statement and the Company’s income statement for the year ended 31 December 2006.
(ii) Initial Direct Costs
Prior to 1 January 2006, the Group, as a lessee in operating lease arrangements, had recognised initial direct
costs incurred in negotiating and arranging leases as an expense in the profit or loss in the period in which
they were incurred. The revised FRS 117 requires such costs to be added to the carrying amount of the
leased asset and recognised as an expense over the lease term on the same basis as the lease income.
According to the revised FRS 117, this change in accounting policy should be applied retrospectively. In
general, the Group does not incur significant initial direct costs on negotiating and arranging leases and as
a result, this change in accounting policy did not materially affect the financial statements of the Group and
the Company.
(d) FRS 140: Investment Properties
In the previous years, all investment properties were included in property, plant and equipment. Upon the
adoption of FRS 140, these investment properties are now classified separately on the face of the balance sheet.
The effects on the balance sheets as at 31 December 2006 are set out in Note 2.3(e)(i). There were no effects
on the consolidated income statement and the Company’s income statement for the year ended 31 December 2006.
(e) Summary of effects and changes arising from adoption of new and revised FRSs
The following tables provide estimates of the extent to which each of the line items in the balance sheets and
income statements for the year ended 31 December 2006 is higher or lower than it would have been had the
previous policies been applied in the current year:
114
2.
(e) Summary of effects and changes arising from adoption of new and revised FRSs (contd.)
(i)
Effects on balance sheets as at 31 December 2006
Group
FRS 3
Note
2.3(a)
RM’000
Increase/(Decrease)
FRS 117
FRS 140
Note
Note
2.3(c)(i)
2.3(d)
RM’000
RM’000
Total
RM’000
Retained earnings
11,930
(11,930)
( 40,122)
40,122
-
(8,080)
8,080
-
(48,202)
40,122
8,080
11,930
(11,930)
-
(14,085)
14,085
-
(68,015)
68,015
(82,100)
14,085
68,015
FRS 3
Note
2.3(a)
RM’000
Total
RM’000
Description of change
Company
(ii) Effects on income statements for the year ended 31 December 2006
Group
Other income
Operating profit
Profit before tax
Profit for the year
Earnings per share (sen):
- basic, for profit for the year
- diluted, for profit for the year
4
4
4
4
,321
,321
,321
,321
4,321
4,321
4,321
4,321
1
N/A
1
N/A
115
2.
(f)
Restatement of comparatives
(i)
Balance sheet
Previously
stated
RM’000
FRS 117
Note
2.3(c)(i)
RM’000
FRS 140
Note
2.3(d)
RM’000
Total
RM’000
268,422
-
(42,050)
42,050
-
(6,047)
6,047
220,325
42,050
6,047
91,418
-
(14,264)
14,264
-
(70,570)
70,570
6,584
14,264
70,570
Previously
stated
RM’000
FRS 101
Note
2.3(b)
RM’000
Total
RM’000
63,223
(102,825)
(20,350)
(123,175)
(20,977)
(20,977)
20,977
-
42,246
(123,802)
627
(123,175)
At 31 December 2005
Group
Company
(ii) Income Statement
For the year ended 31 December 2005
Group
Loss before tax
Income tax expense
Loss for the year
116
2.
2.4 Changes in Estimates
(i)
Review of residual values and useful lives
The revised FRS 116: Property, Plant and Equipment requires the review of the residual value and remaining
useful life of an item of property, plant and equipment at least at each financial year end. The Company revised
the estimated useful lives of certain components of buildings from ninety nine to fifteen years with effect from
1 January 2006. The revisions were accounted for prospectively as a change in accounting estimates and as a
result, the Group's and the Company's profit for the year had reduced by RM949,965. The review of residual
value of the property, plant and equipment has no material impact over the financial results of the Group and of
the Company.
(ii) Refining of method to determine percentage of completion
During the year, a subsidiary company refined the method of determining percentage ("%") of completion from
the total cost method to the variable cost method. Variable cost is cost attributable directly to a particular phase.
The management is of the view that the variable cost method gives a better reflection of the % of completion.
The revision was accounted for prospectively as a change in accounting estimates and as a result, the profit
before tax of the Group for the current year has been increased by RM12.68 million.
2.5 Significant Accounting Estimates and Judgements
(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:
(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-inuse 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 2006 were RM161,017,000 (2005: RM55,623,000).
Further details are disclosed in Note 23 to the financial statements.
(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.
117
2.
2.5 Significant Accounting Estimates and Judgements (contd.)
(a) Key Sources of Estimation Uncertainty (contd.)
(iii) 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.
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.
(iv) 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.
(v) Deferred tax assets
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.
(vi) Income tax
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 recognises 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.
118
3.
REVENUE
Group
2006
2005
RM’000
RM’000
Rental income:
Subsidiaries
Others
Gross dividends from:
Associates
Other investment,
quoted in Malaysia
unquoted in Malaysia
Sales of development properties and land
Sale of treated water
Sale of goods
Hotel operations
License and membership fees
and club services rendered
Contract revenue
Fees from property management
Management fees
Others
4.
Company
2006
2005
RM’000
RM’000
5,283
5,562
1,387
5,283
1,271
5,562
-
-
24,611
23,875
1,560
72
243,238
62,128
24,776
27,021
1,000
4
204,056
49,982
25,775
1,560
72
-
1,000
4
-
9,414
3,129
1,944
84
11,083
10,356
852
217
3,129
276
-
4,202
282
-
378,649
308,887
36,318
36,196
COST OF SALES
Group
2006
2005
RM’000
RM’000
Sales of development properties and land
Cost of treated water sold
Costs of trading inventories sold
Food, beverage and room services
Contract costs
Company
2006
2005
RM’000
RM’000
180,970
40,232
22,449
15,541
1,205
171,040
45,005
16,822
8,961
1,205
3,402
260,397
241,828
1,205
3,402
119
5.
OTHER INCOME
Group
2006
2005
RM’000
RM’000
Interest income:
Subsidiaries
Fixed deposits
Others
Gain on disposal of:
Subsidiaries
An associate
Other investments
diminution in value of:
Other investments
Subsidiaries
Write back of provision for doubtful debts:
Subsidiaries
Income from a joint venture
Negative goodwill
Rental income
Interest accrued on late payment
of tax no longer required
Others
6.
Company
2006
2005
RM’000
RM’000
4,232
17,754
645
2
10,408
872
1,728
15,772
19
2
97
13,421
631
8,066
740
12,237
-
138,936
1,983
107
2,465
-
10
-
-
10
-
4,916
4,321
7,289
4,218
987
7,452
-
12,861
9,000
-
4,699
1,836
10,572
209
1,253
62,356
28,414
162,585
46,395
FINANCE COSTS
Group
2006
2005
RM’000
RM’000
Interest expense on:
Term loan
Bank overdraft and short
term borrowings
Fixed Rate Serial Bond ("FRSB")
Discount on FRSB
Bai' Bithaman Ajil Islamic Debt
Securities ("BaIDS")
Discount on BaIDS
Hire purchase
Others
120
Company
2006
2005
RM’000
RM’000
42,153
21,771
8,229
18,977
6,374
19,101
11,104
8,024
-
952
-
2,115
-
3,737
869
232
1,361
152
7,772
38
40
42
122
84,931
37,719
9,259
21,256
7.
PROFIT/(LOSS) BEFORE TAX
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
Profit/(loss) before tax is stated
after charging/(crediting):
Employee benefits expense (Note 8)
Non-executive directors' remuneration (Note 9)
Auditors' remuneration
Statutory audit
Others
Underprovision of audit fees
in prior year
Property, plant and equipment (Note 13) :
Depreciation
Written off
Impairment loss
Provision for doubtful debt
Bad debts written off:
Subsidiaries
Other receivables
Provision for outstanding
commitments
Provision for liquidated damages
Loss on disposal of:
Subsidiaries
An associate
Other investments
Hire of plant and machinery
Impairment in value of other
investments
doubtful debts of other receivables
Rental expenses:
Land and buildings
Rental expenses:
State land
Equipment
Management fees:
Paid to holding company
Concession assets:
Depreciation
Written off
Expensed off
39,817
926
34,501
1,005
7,731
378
7,056
395
555
173
508
65
80
32
75
-
2
-
-
-
10,891
366
11,577
10,922
2,708
21,549
3 ,632
1,138
633
2,969
1,269
40
194
-
997
194
-
4,835
20,000
55,729
-
-
27
103
2,488
26
27
34
6,134
26
73
7,983
73
1,548
(521)
(9,352)
-
-
2
88
-
-
2,000
20
-
-
-
24
24
24
24
7,912
421
9,726
-
-
-
121
7.
PROFIT/(LOSS) BEFORE TAX (CONTD.)
Group
2006
2005
RM’000
RM’000
Impairment of:
Land held for property development
Associates
Amortisation of intangible assets
Amortisation of prepaid
land lease payments
Depreciation of investment
properties
Quit rent expense
Write-down of inventories
Inventories written off
Land use rights written off
Accrual for damages cum interest
Accrual for late payment of interest
Reversal of impairment on land held
for property development
Provision for retirement benefits
8.
Company
2006
2005
RM’000
RM’000
900
6,857
22,000
-
-
-
585
-
179
-
98
17,334
3,870
461
753
1,559
-
19,108
2,999
7,700
2,555
753
-
-
(24,186)
466
482
466
482
EMPLOYEE BENEFITS EXPENSE
Group
2006
2005
RM’000
RM’000
Wages, salaries and bonus
Social security contributions
Pension costs
Defined benefit plan (Note 44)
Short term accumulating
compensated absences
Other benefits
Company
2006
2005
RM’000
RM’000
27,474
211
3,473
466
23,995
116
2,149
482
5,677
24
735
466
5,297
19
724
482
98
8,095
168
7,591
3
826
20
514
39,817
34,501
7,731
7,056
Included in employee benefits expense of the Group and of the Company are executive directors' remuneration
amounting to RM2,437,000 (2005: RM2,105,000) and RM835,000 (2005: RM805,000) respectively as further disclosed
in Note 9.
122
9.
DIRECTORS’ REMUNERATION
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
Directors of the Company
Executive:
Salaries
Fees
Allowance
Benefits-in-kind
Non-Executive:
Allowance
Fees
Benefits-in-kind
1,111
247
58
71
974
208
71
26
711
90
34
71
671
90
44
26
1,487
1,279
906
831
100
305
175
117
305
-
98
280
175
115
280
-
580
422
553
395
2,067
1,701
1,459
1,226
1,015
6
-
809
37
6
-
-
1,021
852
-
-
66
455
107
476
-
-
521
583
-
-
1,542
1,435
-
-
Directors of Subsidiaries
Executive:
Salaries
Fees
Allowance
Non-Executive:
Allowance
Fees
123
9.
DIRECTORS’ REMUNERATION (CONTD.)
Group
2006
2005
RM’000
RM’000
Analysis excluding benefits-in-kind:
Total executive directors'
remuneration (Note 8)
Total non-executive directors'
remuneration (Note 7)
Company
2006
2005
RM’000
RM’000
2,437
2,105
835
805
926
1,005
378
395
3,363
3,110
1,213
1,200
The number of directors of the Company whose total remuneration during the year fell within the following bands is
analysed below:
Number of Directors
2006
2005
Executive directors:
RM450,001 - RM500,000
RM800,001 - RM850,000
RM950,001 - RM1,000,000
Non-executive directors:
Below RM50,000
RM50,001 - RM100,000
RM100,001 - RM150,000
1
1
1
1
-
6
1
3
5
-
10. INCOME TAX
Group
2006
2005
RM’000
RM’000
Current income tax:
Malaysian income tax
Real property gains tax ("RPGT")
(Over)/underprovision in prior years:
Malaysian income tax
Deferred tax (Note 46):
Relating to origination and reversal
of temporary differences
Overprovision in prior years
124
Company
2006
2005
RM’000
RM’000
11,977
29
6,346
-
8,047
-
5,044
-
(2,366)
(663)
6
2,321
9,640
5,683
8,053
7,365
446
(13)
(6,310)
-
-
-
433
(6,310)
-
-
10,073
(627)
8,053
7,365
10. INCOME TAX (CONTD.)
Domestic current income tax is calculated at the Malaysian statutory tax rate of 28% (2005: 28%) of the estimated
assessable profit/(loss) for the year. The domestic statutory tax rate will be reduced to 27% from the current year's rate
of 28%, effective year of assessment 2007 and to 26% effective year of assessment 2008.
A reconciliation of income tax expense applicable to profit/(loss) before tax 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:
2006
RM’000
2005
RM’000
28,295
(123,802)
Taxation at Malaysian statutory tax rate of 28% (2005: 28%)
Effect of income subject to tax rate of 20%
Effect of income subject to RPGT rate of 5%
Income not subject to tax
Expenses not deductible for tax purposes
Utilisation of previously unrecognised tax losses
Deferred tax not recognised
Overprovision of deferred tax in prior years
Overprovision of tax expenses in prior years
7,923
(120)
29
(6,994)
16,452
(15,873)
11,035
(13)
(2,366)
(34,665)
(120)
177
(4,745)
20,516
(13,456)
32,329
(663)
Tax for the year
10,073
(627)
Profit before tax
168,133
20,372
Taxation at Malaysian statutory tax rate of 28% (2005: 28%)
Income not subject to tax
Expenses not deductible for tax purposes
Utilisation of previously unrecognised deferred tax assets
Deferred tax not recognised in respect of current year's tax losses
Underprovision of tax expenses in prior years
47,077
(39,460)
995
(565)
6
5,704
(2,097)
1,314
123
2,321
8,053
7,365
Group
Company
Tax expense for the year
125
10. INCOME TAX (CONTD.)
Tax savings during the financial year arising from:
Group
2006
2005
RM’000
RM’000
Utilisation of unabsorbed capital allowance
Utilisation of current year tax losses
Utilisation of previously unrecognised tax losses
710
21,933
15,375
2,191
5,764
Company
2006
2005
RM’000
RM’000
710
9,656
-
6,057
-
11. EARNINGS/(LOSS) PER SHARE
Basic earnings/(loss) per share are 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.
Net profit/(loss) for the year (RM'000)
Weighted average number of ordinary shares in issue ('000)
Basic earnings/(loss) per share (sen)
2006
2005
18,807
431,404
4
(48,761)
431,404
(11)
As stated in Note 44, the Company has outstanding options granted during the financial year pursuant to the Kumpulan
Perangsang Selangor Berhad Employee Share Option Scheme, to subscribe for 30,060,000 ordinary shares at RM1.62
each. In accordance with the provisions laid down by FRS 133, Earnings Per Share, share options are dilutive when they
are issued for no consideration or where a portion of the outstanding share options are deemed dilutive in situations
where the exercisable price of the options is below its fair value.
Since the exercisable price of the options is above the fair value of the Company’s shares for the current financial year,
the option is deemed non-dilutive. As such, the options have no dilution effect on the earnings per share of the Group
for the current financial year.
126
12. DIVIDENDS
Dividend in respect of Year
2006
2005
2004
RM’000
RM’000
RM’000
Dividends
Recognised in Year
2006
2005
RM’000
RM’000
Final
Recognised during the year:
Final dividend for 2005: 3% less 28%
taxation, on 431,403,960 ordinary
shares (2.16 sen per ordinary share)
-
9,318
-
9,318
-
-
-
6,212
-
6,212
Proposed for approval at AGM
(not recognised as at 31 December):
12,597
-
-
-
-
12,597
9,318
6,212
9,318
6,212
At the forthcoming Annual General Meeting ("AGM"), a final dividend in respect of the financial year ended 31 December
2006, of 4 sen less 27% taxation per share on 431,403,960 ordinary shares, amounting to a dividend payable of
RM12,596,996 (2.92 sen net per share) will be proposed for shareholders' approval. 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 2007.
13. PROPERTY, PLANT AND EQUIPMENT
Group
Long
Freehold leasehold
land
land
RM’000
RM’000
Buildings
and
clubhouse
RM’000
Golf
course
RM’000
Office
and hotel
furniture,
Motor fittings and
vehicles equipment
RM’000
RM’000
Total
RM’000
At 31 December 2006
Cost
At 1 January 2006
Additions
Write off
Disposals
Disposal of subsidiaries (Note 19(b))
Acquisition of subsidiaries
(Note 19(a))
4,794
-
-
236,802
107
(482)
(91)
(49)
15,547
283
-
6,341
656
(1,326)
(185)
64,891 328,375
3,677
4,723
(87)
(569)
(137)
(1,554)
(261)
(495)
-
-
1,807
-
5,373
4,073
11,253
At 31 December 2006
4,794
-
238,094
15,830
10,859
72,156
341,733
127
13. PROPERTY, PLANT AND EQUIPMENT (CONTD.)
Group (contd.)
Long
Freehold leasehold
land
land
RM’000
RM’000
Buildings
and
clubhouse
RM’000
Golf
course
RM’000
Office
and hotel
furniture,
Motor fittings and
vehicles equipment
RM’000
RM’000
Total
RM’000
Accumulated Depreciation
and Impairment
At 1 January 2006
Depreciation charge
for the year (Note 7)
Written off
Disposals
Disposal of subsidiaries (Note 19(b))
Acquisition of subsidiaries
(Note 19(a))
-
-
53,228
1,862
5,331
47,629
108,050
-
-
5,660
(116)
(84)
(20)
157
-
917
(1,182)
(185)
4,157
(87)
(71)
(212)
10,891
(203)
(1,337)
(417)
-
-
328
-
3,651
2,296
6,275
At 31 December 2006
-
-
58,996
2,019
8,532
53,712
123,259
4,794
-
179,098
13,811
2,327
18,444
218,474
At 1 January 2005
Additions
Written off
Disposals
6,614
(1,820)
50,746
(3,747)
250,931
36
(265)
(1,285)
(5,246)
15,547
-
7,410
286
(724)
(631)
59,329 390,577
9,069
9,391
(2,461)
(2,726)
(720)
(2,729)
(326) (11,770)
As previously stated
Effects of adopting FRS 117
4,794
-
46,999
(46,999)
-
244,171
(7,369)
15,547
-
6,341
-
64,891
-
382,743
(46,999)
(7,369)
As at 31 December 2005
4,794
-
236,802
15,547
6,341
64,891
328,375
Net Carrying Amount
At 31 December 2006
At 31 December 2005
Cost
128
Group (contd.)
Long
Freehold leasehold
land
land
RM’000
RM’000
Buildings
and
clubhouse
RM’000
Golf
course
RM’000
Office
and hotel
furniture,
Motor fittings and
vehicles equipment
RM’000
RM’000
Total
RM’000
and Impairment
At 1 January 2005
Depreciation charge
Impairment losses
Written off
Disposals
-
4,880
28,774
1,705
5,937
44,167
85,463
-
466
5,395
157
590
4,314
10,922
-
(397)
21,549
(295)
(873)
-
(578)
(618)
(18)
(718)
(116)
21,549
(18)
(1,591)
(2,004)
-
4,949
(4,949)
-
54,550
(1,322)
1,862
-
5,331
-
47,629
-
114,321
(4,949)
(1,322)
-
-
53,228
1,862
5,331
47,629
108,050
4,794
-
183,574
13,685
1,010
17,262
220,325
Net Carrying Amount
At 31 December 2005
Buildings
RM’000
Office
equipment,
furniture
and fittings
RM’000
Motor
vehicles
RM’000
Total
RM’000
-
550
-
14,038
60
2,063
201
16,651
261
-
550
14,098
2,264
16,912
Long
leasehold
land
RM’000
At 1 January 2006
Additions
At 31 December 2006
Company
At 31 December 2006
Cost
129
Buildings
RM’000
Office
equipment,
furniture
and fittings
RM’000
Motor
vehicles
RM’000
-
142
8,286
1,639
-
11
946
181
10,067
1,138
At 31 December 2006
-
153
9,232
1,820
11,205
Net Carrying Amount
At 31 December 2006
-
397
4,866
444
5,707
At 1 January 2005
Additions
Written off
Disposal
15,640
-
80,762
-
12,499
2,826
(1,287)
-
2,424
( 361)
111,325
2,826
(1,287)
(361)
15,640
(15,640)
-
80,762
(80,212)
14,038
-
2,063
-
112,503
(15,640)
(80,212)
-
550
14,038
2,063
16,651
At 1 January 2005
Depreciation charge
Written off
Disposal
1,202
8,169
7,265
1,859
18,495
174
-
1,615
-
1,039
(18)
-
141
(361)
2,969
(18)
(361)
1,376
(1,376)
-
9 ,784
(9,642)
8,286
-
1,639
-
21,085
(1,376)
(9,642)
-
142
8,286
1,639
10,067
Net Carrying Amount
At 31 December 2005 (restated)
-
408
5,752
424
6,584
Long
leasehold
land
RM’000
At 1 January 2006
Depreciation charge
Total
RM’000
Company (contd.)
At 31 December 2005
Cost
130
(a) During the financial year, the Group acquired property, plant and equipment at cost of RM485,007
(2005: RM2,853,402) by means of finance lease arrangements.
(b) Included in property, plant and equipment of the Group and of the Company are motor vehicles with net carrying
amount of RM2,955,006 (2005: RM3,770,248) and RM442,772 (2005: RM422,960) respectively held under hire
purchase and finance lease arrangements. Details of the terms and conditions of the hire purchase and finance lease
arrangements are disclosed in Note 39.
14. CONCESSION ASSETS
Asset
replacement
works
RM’000
Installation
work
RM’000
Capital
work-in
progress
RM’000
Total
RM’000
Group - At 31 December 2006
Cost
At 1 January 2006
(Note 19(a))
Additions
Written off
Expensed off
Transfer
-
-
-
-
53,779
555
17,429
51,465
177
(755)
788
23,798
6,241
(9,726)
(18,217)
129,042
6,973
(755)
(9,726)
-
At 31 December 2006
71,763
51,675
2,096
125,534
-
-
-
-
10,607
10,267
-
20,874
5,325
-
2,587
(334)
-
7,912
(334)
At 31 December 2006
15,932
12,520
-
28,452
Net Carrying Amount
At 31 December 2006
55,831
39,155
2,096
97,082
At 1 January 2006
(Note 19(a))
Depreciation charge
Written off
131
15. PREPAID LAND LEASE PAYMENTS
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
At 1 January
Disposal
Amortisation for the year (Note 7)
42,050
(1,343)
(585)
42,050
-
14,264
(179)
14,264
-
At 31 December
40,122
42,050
14,085
14,264
Analysed as:
Long term leasehold land
40,122
42,050
14,085
14,264
The leasehold land of the Group and of the Company with carrying values of RMNil (2005: RM11,820,000) is pledged as
securities for borrowings (Note 36).
16. LAND HELD FOR PROPERTY DEVELOPMENT AND PROPERTY DEVELOPMENT COSTS
(a) Land Held for Property Development
Land
RM’000
Development
Cost
RM’000
Total
RM’000
348,301
(11,026)
(6,122)
(22,000)
85,754
1,012
(30,349)
(5,094)
-
434,055
1,012
(41,375)
(11,216)
(22,000)
(1,807)
(4,159)
(5,966)
At 31 December 2006
307,346
47,164
354,510
Accumulated impairment losses:
At 1 January 2006
Reversal of impairment losses
(24,186)
24,186
-
(24,186)
24,186
-
-
-
307,346
47,164
354,510
Group
At 31 December 2006:
Cost:
At 1 January 2006
Additions
Disposal of a subsidiary
Charged directly to the income statement
Revision in original cost
Transfer to property
development costs (Note 16(b))
At 31 December 2006
Carrying amount at 31 December 2006
132
16. LAND HELD FOR PROPERTY DEVELOPMENT AND PROPERTY DEVELOPMENT COSTS (CONTD.)
(a) Land Held for Property Development (contd.)
Land
RM’000
Development
Cost
RM’000
Total
RM’000
357,848
(11,354)
82,439
150
(2,340)
440,287
150
(13,694)
1,807
5,505
7,312
348,301
85,754
434,055
At 1 January 2005
Impairment losses for the year
(2,186)
(22,000)
-
(2,186)
(22,000)
At 31 December 2005
(24,186)
-
(24,186)
Carrying amount at 31 December 2005
324,115
85,754
409,869
Group (contd.)
At 31 December 2005:
Cost:
At 1 January 2005
Additions
Disposals
Transfer from property
development costs
At 31 December 2005
2006
RM’000
2005
RM’000
312,220
1,441,620
317,946
1,570,949
1,753,840
1,888,895
7,526
66,375
3,628
49,093
73,901
52,721
Group
(b) Property Development Costs
Cumulative property development costs
At 1 January:
Land costs
Development costs
Costs incurred during the year:
Land costs
Development costs
133
2006
RM’000
2005
RM’000
(13,203)
(156,740)
-
(169,943)
-
(38,117)
(377,250)
(7,529)
(172,500)
(415,367)
(180,029)
1,807
4,159
(1,807)
(5,505)
5,966
(7,312)
(11,114)
-
(4,264)
-
(4,264)
(4,264)
(4,264)
(10,054)
-
(10,065)
11
(10,054)
(10,054)
Group (contd.)
(b) Property Development Costs (contd.)
Cumulative property development costs (contd.)
Disposal of a subsidiary:
Land costs
Development costs
Reversal of completed projects:
Land costs
Development costs
Transfer from/(to) land held for
property development
(Note 16(a)):
Land costs
Development costs
Disposal of land
At 1 January
Recognised during the year
At 31 December
Accumulated foreseeable losses:
At 1 January
At 31 December
134
2006
RM’000
2005
RM’000
(4,054)
(47,226)
(18)
(417)
(51,280)
(435)
(15)
(2,116)
-
(2,131)
-
1,169,554
1,739,522
(1,249,473)
(136,991)
409,220
160,624
(1,272,442)
(148,889)
171,858
-
At 31 December
(816,620)
(1,249,473)
Property development costs
at 31 December
352,934
490,049
Group (contd.)
(b) Property Development Costs (contd.)
Cumulative property development costs (contd.)
Unsold units transferred to inventories:
Land costs
Development costs
Unsold units transferred to
investment properties (Note 17):
Land costs
Development costs
At 31 December
Cumulative costs recognised
in income statement
At 1 January
Reversal of completed projects
(a) Titles to certain leasehold land amounting to RM20,000,800 (2005: RM20,000,800) of the Group have yet to be
transferred to certain subsidiaries by the State Secretary Selangor (Incorporated) and Yayasan Selangor.
(b) Certain development properties of the Group amounting to RM6,174,419 (2005: RM6,174,419) have been pledged
for banking facilities granted to the subsidiaries.
(c) Certain property development costs of the Group amounting to RMNil (2005: RM17,078,121) have been pledged for
banking facilities granted to a subsidiary of the Company.
(d) Certain land held for property development of the Group amounting to RM45,034,931 (2005: RM44,277,770) have
been pledged for a banking facility granted to a subsidiary of the Company.
(e) Certain land held for development of the Group amounting to RM12,550,000 (2005: RM12,550,000) have been
pledged for a banking facility granted to a subsidiary.
(f)
A charge has been created over development properties amounting to RM5,356,881 (2005: RM5,356,881) in favour
of a third party by a subsidiary company.
135
17. INVESTMENT PROPERTIES
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
At 1 January
Transfers from property
development costs (Note 16 (b))
Depreciation charge for the year
(Note 7)
6,047
-
6,047
70,570
-
70,570
2,131
-
-
-
(98)
-
(2,555)
-
At 31 December
8,080
6,047
68,015
70,570
Fair value at 31 December
9,100
6,362
112,000
112,000
At Group level, the leasehold building with a carrying value of RM64,523,000 was reclassified to property, plant and
equipment as certain parts of the building were rented out to the subsidiaries. The leasehold building of the Group and of the
Company with carrying value of RM5,546,000 (2005: RM5,651,000) and RMNil (2005: RM67,936,000) respectively, are
pledged as securities for borrowings (Note 36).
18. LAND USE RIGHTS
Group and Company
2006
2005
RM’000
RM’000
Land premium
-
753
Land use rights comprise land premium and other land related costs.
19. INVESTMENTS IN SUBSIDIARIES
Company
2006
2005
RM’000
RM’000
Quoted shares at cost:
In Malaysia
402,164
396,923
Unquoted shares at cost:
Less: Accumulated impairment losses
75,750
(60,315)
71,905
(60,315)
15,435
11,590
417,599
408,513
45,821
51,546
Market value of quoted shares:
In Malaysia
136
19. INVESTMENTS IN SUBSIDIARIES (CONTD.)
The directors are of the view that no impairment is required for the investment in subsidiaries as the recoverable amount
is in excess of the carrying amount of the investments.
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 23.
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.
Details of the subsidiaries which are incorporated in Malaysia are as follows:
Name of Subsidiaries
Equity Interest
Held (%)
2006
2005
Principal Activities
Held by the Company:
57
52
Property development
Hydrovest Sdn. Bhd.
60
60
Management and consultancy services
Titisan Modal (M) Sdn. Bhd.
55
55
Investment holding
Viable Chip (M) Sdn. Bhd.
100
-
Investment holding
Perangsang Consultancy
& Engineering Sdn. Bhd.
100
100
Dormant
Kuala Langat Mining Sdn. Bhd.
100
100
Dormant
Perangsang Metal
Selangor Sdn. Bhd.
70
70
In liquidation
Permatech Industries Sdn. Bhd.
58
58
Dormant
100
100
Construction works and
granite quarrying (under
official assignee)
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
Selangor Construction
Sdn. Bhd.
Selangor Frits & Glazes Sdn. Bhd.
137
*
Darul Ehsan Bina Sdn. Bhd.
+
Selangor Amal Holdings Sdn. Bhd.
Equity Interest
Held (%)
2006
2005
-
70
Construction and general
civil engineering work
100
100
Dormant
Perangsang Hotel and
Properties Sdn. Bhd.
57
52
Hotelier
Central Spectrum (M) Sdn. Bhd.
44
40
SAP Holdings Berhad
57
52
Brisdale Holdings Berhad
57
52
and investment holding
SAP Urus Harta Sdn. Bhd.
57
52
Property management
SAP Project Consultant
Sdn. Bhd.
39
36
Project management and
consultancy services
SAP Ulu Yam Sdn. Bhd.
57
52
Property development and
property management
SAP Leisure and Resort
Sdn. Bhd.
57
52
Development of tourist
resort and property
Templer Park Golf & Resort
Berhad
54
49
Development and
management of golf club
and tourist resorts
Perangsang Templer
Landscape Sdn. Bhd.
54
49
Property development,
landscaping and golf
maintenance work
Templer Park Development
Sdn. Bhd.
29
27
property management
Templer Park Equestrian
Centre Sdn. Bhd.
57
52
SAP Langkawi
Development Sdn. Bhd.
57
52
Development and
management of a holiday resort
Held by Kumpulan Hartanah Selangor Berhad:
138
Equity Interest
Held (%)
2006
2005
SAP Heritage Hotels &
Properties Sdn. Bhd.
57
52
Property and hotel
development
KHSB Properties Sdn. Bhd.
(formerly known as SAP (Johor)
Development Sdn. Bhd.)
57
52
Dormant
SAP Rawang
57
52
Dormant
SAP Air Hitam Properties
Sdn. Bhd.
57
52
Dormant
SAP Sepang Development
Sdn. Bhd.
57
52
Dormant
Air Terentang Corporation
Sdn. Bhd.
57
52
Dormant
Megatown Corporation Sdn. Bhd.
57
52
Dormant
SAP Sungai Pusu
57
52
Dormant
SAP Bengkulen Plantation
Sdn. Bhd.
57
52
Dormant
Central Holdings Management
Services Sdn. Bhd.
57
52
Dormant
Akademi Kecemerlangan
SAP Sdn. Bhd.
46
42
Provision of educational
and training services
SUH-Imej Parking Sdn. Bhd.
29
27
Provision of parking services
SAP Education Sdn. Bhd.
57
52
Dormant
PISB Trading Sdn. Bhd.
57
52
Dormant
Pembangunan Brisdale Sdn. Bhd.
57
52
project management
Brisdale Resources Sdn. Bhd.
57
52
Konsortium Lebuhraya
Beruntung Genting Sdn. Bhd.
57
52
Dormant
Brisdale Assets Sdn. Bhd.
57
52
Hotel management services
139
Equity Interest
Held (%)
2006
2005
Brisdale Technology Sdn. Bhd.
57
52
Dormant
Brisdale International Hotel
Sdn. Bhd.
57
52
Property investment and
hotel operator
Kelab Rekreasi Brisdale Berhad
57
52
Recreational club
management
-
34
Brisdale Brooklands
Development Sdn. Bhd
57
52
Brisdale Housing Sdn. Bhd.
57
52
Brisdale Projects Management
Sdn. Bhd.
57
52
Project management
Brisdale Property Management
Sdn. Bhd.
57
52
Property management
Brisdale Rasa Development
Sdn. Bhd.
57
52
Lindung Malam Sdn. Bhd.
57
52
Dormant
36
36
Trading in chemical products
+ ^ Konsortium Abass Sdn. Bhd.
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
-
Investment holding
*
Brisdale Development Sdn. Bhd.
Held under Hydrovest Sdn. Bhd.:
Aqua-Flo Sdn. Bhd.
Held under Titisan Modal (M) Sdn. Bhd.:
+
*
^
140
Audited by firms of auditors other than Ernst & Young
Disposed of during the financial year
Acquired during the financial year
(a) Acquisition of subsidiaries
On 28 April 2006, Titisan Modal (M) Sdn. Bhd., a subsidiary of the Company, acquired 100% equity interest in
Konsortium Abass Sdn. Bhd. ("Abass") for a purchase consideration of RM535.44 million. Further details on the
acquisition are disclosed in Note 50 to the financial statements.
Abass is an unlisted company incorporated in Malaysia, involved in the operating, maintenance, construction and
commissioning of water treatment plant and facilities ("existing facilities").
The existing facilities of the Sungai Semenyih Water Supply Scheme consist of the Sungai Semenyih Dam, Intakes,
Water Treatment Plant and Water Transfer Facilities.
By the Privatisation Cum Concession Agreement ("PCCA") dated 9 December 2000 and the Supplemental
Agreement ("SA") dated 10 February 2001, the Selangor State Government has granted Abass a concession for 30
years commencing 2 January 2001 to undertake the following:(i)
(ii)
the operation and maintenance of the existing facilities;
the design, construction, completion, testing and commissioning of the installation works and their operation
and maintenance thereafter; and
(iii) the design, finance, construction and the commissioning of the Bukit Badong Distribution Works of Sungai
Selangor Phase 3 on a full turnkey basis.
The cost of acquisition comprised the following:
RM’000
Purchase consideration satisfied by cash
Costs attributable to the acquisition, paid in cash
528,570
6,871
Total cost of acquisition
535,441
The acquired subsidiary has contributed the following results to the Group:
RM’000
Revenue
Profit for the period
62,128
10,623
If the acquisition had occurred on 1 January 2006, the Group’s revenue and profit for the year would have been
RM423,481,000 and RM25,757,000 respectively.
141
(a) Acquisition of subsidiaries (contd.)
The assets and liabilities arising from the acquisition are as follows:
Fair value
recognised on
acquisition
RM’000
Acquiree's
carrying
amount
RM’000
4,978
108,168
210
46,547
297
123,332
227,216
46,102
4,978
108,168
210
74,197
297
123,647
227,216
46,102
556,850
584,815
(29,456)
(31,000)
(2,314)
(329,000)
(111,439)
(29,456)
(31,000)
(2,314)
(329,000)
(6,045)
(503,209)
(397,815)
Net assets
Intangible asset on acquisition (Note 22)
Goodwill on acquisition (Note 23)
53,641
376,406
105,394
187,000
Total cost of acquisition
535,441
Concession assets
Investments
Inventories
Trade and other receivables
Amount due from customer
Trade and other payables
Current portion of long term loan
Taxation
Long term loan
Deferred tax liability (Note 46)
The cash outflow on acquisition is as follows:
2006
RM’000
Purchase consideration satisfied by cash
Costs attributable to the acquisition, paid in cash
528,570
6,871
Total cash outflow of the Company
Less: Intra-group disposal
535,441
(158,570)
376,871
142
Cash and cash equivalents of subsidiary acquired
(46,102)
Net cash outflow of the Group
330,769
(b) Disposal of Subsidiaries
On 20 January 2006, the Company disposed of its 60% equity interest in Darul Ehsan Bina Sdn. Bhd. for a total
consideration of RM1,750,000.
The Group also disposed of its 34% equity interest in Brisdale Development Sdn. Bhd. on 15 June 2006 for a total
consideration of RM24,000.
The disposals had the following effects on the Group's financial results for the year:
2006
RM’000
Revenue
Operating expenses
9,987
(3,666)
Profit for the year
6,321
The disposals had the following effect on the financial position of the Group as at the end of the year:
2006
RM’000
Other assets
Current liabilities
Deferred tax
78
48,332
(60,052)
(5)
Net liabilities
Total disposal consideration
(11,647)
(1,774)
Gain on disposal
(13,421)
Disposal consideration
Less: Contra of intercompany balances
1,774
(1,745)
Disposal proceeds satisfied by cash
29
Total cash flow on disposal is as follows:
Cash consideration, representing cash inflow of the Group
Cash and cash equivalents of subsidiaries disposed
29
(1,486)
Net cash outflow of the Group
(1,457)
143
(b) Disposal of Subsidiaries (contd.)
Disposal by the Company
2006
RM’000
Cost of investments in a subsidiary
Less: Disposal consideration
1,750
(1,750)
Loss on disposal of subsidiary
-
(c) Assets Pledged as Security
The carrying amount of subsidiaries pledged for borrowings are as follows:
Company
2006
2005
RM’000
RM’000
Quoted shares
83,000
84,500
20. INVESTMENTS IN ASSOCIATES
In Malaysia:
Quoted shares at cost
Unquoted shares
Impairment losses recognised
during the year (Note 7)
Share of post acquisition reserves
Market value of quoted shares
144
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
46,236
250,324
41,346
278,470
46,236
117,108
41,346
266,743
296,560
319,816
163,344
308,089
(900)
186,228
184,455
-
-
481,888
504,271
163,344
308,089
119,040
92,978
119,040
92,978
20. INVESTMENTS IN ASSOCIATES (CONTD.)
Details of the associates which are incorporated in Malaysia are as follows:
Name of Associates
Equity Interest
Held (%)
2006
2005
Held by the Company:
+
Intan Perangsang Sdn. Bhd.
30
30
Dormant
+
Perangsang Water
Management Sdn. Bhd.
40
40
Water project operation
and management
+
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
-
30
Investment holding
-
30
Operating, maintenance,
construction and
commissioning of water
treatment plant and
facilities and undertake
contract works relating to
the water industry activities
28
26
Club management
Ulu Yam Golf and Country
Club Sdn. Bhd.
23
21
Development and
management of a golf
and country club
Beruntung Transport
City Sdn. Bhd.
11
10
Development of logistic
park
Waste Water Management
Sdn. Bhd.
11
10
Consultancy services and
construction works for
water supply, reticulation
and central coverage system
*
Holdings Berhad
* + Konsortium Abass Sdn. Bhd.
Held by Kumpulan Hartanah Selangor Berhad:
KDE Recreation Berhad
Held by SAP Holdings Berhad:
145
Name of Associates
Equity Interest
Held (%)
2006
2005
Held by Brisdale Holdings Berhad:
Gemapantas Sdn. Bhd.
28
26
Investment holding
Kelina Sdn. Bhd.
23
21
Investment holding
Awan Putih Sdn. Bhd.
14
13
Teamcoat Brisdale JV Sdn. Bhd.
17
16
Construction and building
maintenance
17
16
Provision of common waste
water treatment plant
facilities and other
development projects
30
-
Held by Central Spectrum (M) Sdn. Bhd.:
PMB Spectrum Sdn. Bhd.
Held by Viable Chip (M) Sdn. Bhd.:
^
Holdings Berhad
+
*
^
Investment holding
Audited by firms of auditors other than Ernst & Young
Disposed of during the financial year
Acquired during the financial year
The summarised financial statements of the associates are as follows:
2006
RM’000
2005
RM’000
Current assets
Non-current assets
999,475
5,843,251
1,222,580
2,226,605
Total assets
6,842,726
3,449,185
Current liabilities
Non-current liabilities
447,162
4,673,846
494,425
3,459,603
Total liabilities
5,121,008
3,954,028
Assets and liabilities
146
2006
RM’000
2005
RM’000
679,215
90,936
840,555
124,496
Results
Revenue
Profit for the year
The details of goodwill and negative goodwill included within the Group’s carrying amount of investment in associates
are as follows:
Goodwill
RM’000
Negative
Goodwill
RM’000
Total
RM’000
Cost
At 1 January 2005
Disposal of associate
11,390
-
(17,679)
634
(6,289)
634
At 31 December 2005 and 1 January 2006
11,390
(447)
(17,045)
17,045
-
(5,655)
17,045
(447)
At 31 December 2006
10,943
-
10,943
Accumulated amortisation
At 1 January 2005
3,099
-
(5,305)
190
(2,206)
190
At 31 December 2005 and 1 January 2006
3,099
(59)
(5,115)
5,115
-
(2,016)
5,115
(59)
At 31 December 2006
3,040
-
3,040
Net carrying amount
At 31 December 2005
8,291
(11,930)
(3,639)
At 31 December 2006
7,903
-
7,903
147
The carrying amount of associates of the Group and Company pledged for borrowings are as follows:
Group
2006
2005
RM’000
RM’000
Quoted shares
Unquoted shares
Company
2006
2005
RM’000
RM’000
22,680
131,487
39,622
215,500
22,680
-
39,622
215,500
154,167
255,122
22,680
255,122
21. OTHER INVESTMENTS
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
At cost:
Quoted shares:
Shares, in Malaysia
Unit trusts, in Malaysia
35,976
215
36,034
200
34,737
115
34,737
100
Less: Impairment in value
36,191
(3,437)
36,234
(3,427)
34,852
(2,800)
34,837
(2,727)
32,754
32,807
32,052
32,110
5,549
(3,653)
17,484
(7,956)
-
10
(10)
1,896
9,528
-
-
At cost:
Fixed Rate Serial Bonds
2,104
-
2,104
-
At cost:
Club memberships
4,078
(1,744)
3,869
(1,744)
500
-
500
-
2,334
2,125
500
500
39,088
44,460
34,656
32,610
41,491
302
24,003
150
39,954
151
22,771
124
41,793
24,153
40,105
22,895
At cost:
Unquoted shares
Market values:
Quoted shares, in Malaysia
Unit trusts, in Malaysia
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.
148
21. OTHER INVESTMENTS (CONTD.)
The carrying amount of other investments pledged for borrowings are as follows:
Group and Company
2006
2005
RM’000
RM’000
Quoted shares, in Malaysia
29,774
30,404
22. INTANGIBLE ASSET
Concession
Rights
RM’000
Group
Cost
At 1 January 2006
Acquisition of subsidiary (Note 19(a))
376,406
At 31 December 2006
376,406
Amortisation during the year (Note 7)
(6,857)
Net carrying amount
At 31 December 2006
369,549
23. GOODWILL
Group
2006
2005
RM’000
RM’000
At 1 January
55,623
105,394
55,095
528
At 31 December
161,017
55,623
Cost
186,975
(24,574)
81,581
-
162,401
81,581
(24,574)
24,574
(1,384)
(24,574)
(1,384)
(1,384)
(25,958)
161,017
55,623
Less: Accumulated amortisation
Accumulated impairment
149
23. GOODWILL (CONTD.)
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
2006
2005
RM’000
RM’000
Property development and management
Hospitality
Infrastructure and utilities
Trading
54,328
985
105,394
310
54,328
985
310
161,017
55,623
The recoverable amount of cash-generating units ("CGU") of the infrastructure and utilities, property development and
management and trading segment is determined based on value-in-use calculation. For infrastructure and utilities
segment, a twenty five year period cash flow projections were used in the value-in-use calculation whereas a five to ten
year period cash flow projections were used in the value-in-use calculation in property development and management
and trading segment. 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.
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.
Discount rate
Trading
(ii)
6% & 8.3%
7.2%
7.5%
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 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, property development and management 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 (k).
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.
150
24. AMOUNT DUE FROM/(TO) HOLDING COMPANY AND SUBSIDIARIES
(a) Amount due from holding company is analysed as follows:
Group
2006
2005
RM’000
RM’000
Non-current
Current (Note 30 (a))
Company
2006
2005
RM’000
RM’000
5,500
43,070
9,500
35,289
8,634
-
48,570
44,789
8,634
-
The non-current amount due from holding company is unsecured and interest free.
(b) Amount due to holding company is analysed as follows:
Group
2006
2005
RM’000
RM’000
Non-current
Current (Note 34 (a))
Company
2006
2005
RM’000
RM’000
4,314
100
8,777
3,416
-
2,616
4,414
12,193
-
2,616
The non-current amount due to holding company is unsecured and interest free.
(c) Amounts due from subsidiaries are analysed as follows:
Company
2006
2005
RM’000
RM’000
Non-current
126,760
126,760
The amounts due from subsidiaries are unsecured and bear interest of 8% (2005: 8%) per annum.
25. LONG TERM RECEIVABLES
Group
2006
2005
RM’000
RM’000
Less: Provision for doubtful debts
Company
2006
2005
RM’000
RM’000
121,520
(8,495)
74,973
(8,495)
-
-
113,025
66,478
-
-
(i)
Included in long term receivables is an amount of RM74,973,534 due from a group of companies. Agreement has
been reached to recover the amounts due above via land swap. The amounts owing are unsecured, non-interest
bearing and have a maturity of more than 12 months. The directors do not foresee any recoverability issue on these
balances.
(ii)
Also included in long term receivables is an amount receivable from progress billings on contract works performed
and sale of treated water due from Syarikat Bekalan Air Selangor Sdn. Bhd. ("SYABAS"). The amount due from
SYABAS of RM46,547,330 is stated at fair value.
151
26. INVENTORIES
Group
2006
2005
RM’000
RM’000
Cost
Completed properties
Trading inventories
Consumables
Food and beverage
83,874
695
639
204
37,892
782
319
136
85,412
39,129
16,098
16,285
101,510
55,414
Net realisable value
Completed properties
The cost of inventories recognised as expense during the year amounted to RM1,130,179 (2005: RM7,331,757).
Inventories of the Group amounting to approximately RM43,921,056 (2005: RM24,660,150) have been pledged for credit
facilities granted to subsidiaries (Note 36).
27. DUE FROM/(TO) CUSTOMERS ON CONTRACT
Group
2006
2005
RM’000
RM’000
Construction costs incurred to date
Attributable profits
400,517
28,323
19,616
2,755
Less: Progress billings
428,840
(160,106)
22,371
(22,818)
268,734
(447)
268,734
-
11
(458)
268,734
(447)
Due from customers on contracts (Note 28)
Due to customers on contracts (Note 32)
152
28. TRADE RECEIVABLES
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
Trade receivables
197,223
(31,666)
163,961
(20,089)
4,421
(1,036)
4,639
(505)
Due from customers on contract (Note 27)
165,557
268,734
143,872
11
3,385
-
4,134
-
434,291
143,883
3,385
4,134
The Group’s normal trade credit term ranges from 30 to 120 days (2005: 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 arise from exposure to a single debtor, Syarikat Bekalan Air
Selangor Sdn. Bhd. ("SYABAS"), which makes up 62% of total receivables outstanding.
29. OTHER RECEIVABLES
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
Advances
Prepayments
Deposits
Sundry receivables
314
608
4,951
39,022
208
2,038
4,794
53,598
106
424
25,015
75
443
23,912
44,895
(1,154)
60,638
(1,675)
25,545
(102)
24,430
-
43,741
58,963
25,443
24,430
The Group and the Company has significant concentration of credit risk that arise from exposure to a single debtor,
Perbadanan Kemajuan Negeri Selangor ("PKNS"), which makes up 48% and 83% of total receivables outstanding in the
Group and in the Company respectively.
30. AMOUNT DUE FROM HOLDING COMPANY, SUBSIDIARIES, RELATED COMPANIES AND ASSOCIATES
(a) Amount due from holding company
Group
2006
2005
RM’000
RM’000
Amount due from holding company (Note 24(a))
43,070
35,289
Company
2006
2005
RM’000
RM’000
8,634
-
Included in amount due from holding company at Group is deposits amounting to RM21,111,920 (2005:
RM27,871,920) paid for purchase of land banks.
The amount due from holding company is unsecured, interest free and has no fixed terms of repayment.
153
30. AMOUNT DUE FROM HOLDING COMPANY, SUBSIDIARIES, RELATED COMPANIES AND ASSOCIATES (CONTD.)
(b) Amounts due from subsidiaries
Company
2006
2005
RM’000
RM’000
57,932
(10,547)
53,636
(11,534)
47,385
42,102
The amounts due from subsidiaries are unsecured, bear interest of 7% - 8% (2005: 7% - 8%) per annum and have
no fixed terms of repayment.
(c) Amounts due from related companies
Group
2006
2005
RM’000
RM’000
Amounts due from related companies
7,103
8,807
Company
2006
2005
RM’000
RM’000
33
280
The amounts due from related companies are unsecured, interest free and have no fixed terms of repayment.
(d) Amounts due from associates
Group
2006
2005
RM’000
RM’000
Amounts due from associates
-
502
Company
2006
2005
RM’000
RM’000
-
502
The amounts due from associates are unsecured, interest free and have no fixed terms of repayment.
31. CASH AND CASH EQUIVALENTS
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
Housing Development Accounts
Sinking Fund Trust Account
Cash on hand and at banks
Deposits with:
Licensed banks
Licensed finance companies
9,433
178
44,639
7,185
178
16,753
2,478
151
206,076
11,621
9,947
778
89,000
-
500
-
Bank overdrafts (Note 36)
Less: Fixed deposits pledged
271,947
(54,982)
(5,928)
34,841
(76,693)
(2,645)
91,478
-
651
(31,456)
(500)
Cash and cash equivalents
211,037
(44,497)
91,478
(31,305)
154
31. CASH AND CASH EQUIVALENTS (CONTD.)
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. This account, which consists of membership fees received from members, will be released
to the subsidiary company upon expiry of the cooling-off period and confirmation by the subsidiary company of its
acceptance of the application by the members.
Deposits with licensed banks of the Group have been pledged as securities for bank guarantee facilities as follows:
(i)
Certain deposits with licensed banks and licensed finance companies of the Group and of the Company amounting
to RM5,928,161 (2005: RM2,337,072) and RMNil (2005: RM500,000) respectively, have been pledged for bank
guarantee facilities granted to the Company and certain subsidiaries (Note 36).
(ii)
An amount of RMNil (2005: RM73,522) was maintained with a licensed finance company for the purpose of a Debt
Service Reserve Account in accordance with the Murabahah Notes Issuance Facility granted to a subsidiary
company. The amount deposited will be utilised to settle the rollover interest.
(iii) An amount of RMNil (2005: RM234,772), was maintained with a licensed financial institution for the purpose of
maintaining a sinking fund of a subsidiary company in accordance with the Murabahah Notes Issuance Facility. The
amount deposited will be utilised for the redemption of maturity notes.
The weighted average interest rates of deposits at the balance sheet date were as follows:
Licensed banks
Group
2006
%
2005
%
Company
2006
2005
%
%
3.29
3.62
3.16
3.10
3.59
-
3.70
-
The average maturities of deposits at the end of the financial year were as follows:
Group
2006
Days
Licensed banks
47
117
2005
Days
51
31
Company
2006
2005
Days
Days
86
-
365
-
155
32. TRADE PAYABLES
Group
2006
2005
RM’000
RM’000
Trade payables
Progress billings in respect of property
development costs
Due to customers on contracts (Note 27)
Company
2006
2005
RM’000
RM’000
240,983
265,966
6,523
16,707
137,993
-
240,089
458
-
-
378,976
506,513
6,523
16,707
The normal trade credit terms granted to the Group range from 30 to 120 days (2005: 30 to 120 days).
33. OTHER PAYABLES
Group
2006
2005
RM’000
RM’000
Accruals
Advances
Sundry payables
Company
2006
2005
RM’000
RM’000
52,135
13,223
92,501
40,855
10,585
67,380
1,347
1,547
1,935
21
157,859
118,820
2,894
1,956
Included in other payables of the Group is compensation received in respect of the land acquisition made by Keretapi
Tanah Melayu Berhad ("KTMB") of RM9,584,496 (2005: RM9,584,496) and Lembaga Pelabuhan Klang ("LPK") of
RM9,537,997 (2005: RMNil) which have not been finalised and agreed to date. In view of the uncertainies as to the
amount of the final compensation, the amount received to date has not been recognised in the income statement.
34. AMOUNTS DUE TO HOLDING COMPANY, SUBSIDIARIES AND RELATED COMPANIES
Group
2006
2005
RM’000
RM’000
(a) Amount due to holding company (Note 24(b))
(b) Amounts due to subsidiaries
(c) Amounts due to related companies
Company
2006
2005
RM’000
RM’000
100
1,064
3,416
926
49,372
44
2,616
4,065
44
1,164
4,342
49,416
6,725
Amount due to holding company and related companies are unsecured, interest free and have no fixed terms of
repayment.
Amounts due to subsidiaries are unsecured and bears interest at Nil (2005: 5%) per annum and have no fixed terms of
repayment.
156
35. PROVISIONS
Group
2006
2005
RM’000
RM’000
At 1 January
Additional provision (Note 7)
Utilised during the year
85,185
4,835
(10,159)
(4,242)
40,777
55,729
(11,321)
-
At 31 December
75,619
85,185
Provision of the Group represents provision for liquidated damages in respect of projects undertaken by certain
subsidiaries. The provision is recognised for expected liquidated damages claims based on the terms of the applicable
sale and purchase agreements.
36. BORROWINGS
Group
2006
2005
RM’000
RM’000
Short Term Borrowings
Secured:
Revolving credits
Term loans
Hire purchase payables (Note 39)
Guaranteed Fixed Rate Term Loan
Bai' Bithaman Ajil Facility
Unsecured:
Revolving credits
Long Term Borrowings
Secured:
Term loans
Bai' Bithaman Ajil Islamic Debt Securities ("BaIDS")
Company
2006
2005
RM’000
RM’000
13,782
20,000
13,500
901
28,000
16,000
43,917
20,000
77,876
1,152
-
109
-
31,456
70,000
82
-
92,183
142,945
109
101,538
41,200
-
32,776
12,200
-
-
41,200
44,976
-
-
133,383
187,921
109
101,538
218,672
1,916
149,000
151,000
542,751
181,624
291,860
2,481
-
534
-
110,000
490
-
1,244,963
294,341
534
110,490
157
36. BORROWINGS (CONTD.)
Group
2006
2005
RM’000
RM’000
Total Borrowings
Revolving credits
Term loans
Company
2006
2005
RM’000
RM’000
54,982
20,000
232,172
2,817
177,000
167,000
542,751
181,624
76,693
32,200
369,736
3,633
-
643
-
31,456
180,000
572
-
1,378,346
482,262
643
212,028
132,482
110,753
355,173
777,121
187,203
74,234
217,052
140
-
101,456
110,000
-
1,375,529
478,629
-
211,456
Maturity of Borrowings (excluding hire purchase)
Within one year
More than 1 year and less than 2 years
More than 2 year and less than 5 years
5 years or more
The weighted average effective interest rates per annum at the balance sheet date for borrowings excluding hire
purchase payables, were as follows:
Bank overdrafts
Revolving credits
Term loans
(i)
2005
%
7.27
5.25
7.65
7.73
6.94
8.75
7.23
7.26
5.82
7.49
-
Company
2006
2005
%
%
The bank overdraft facilities are secured by way of:
(a)
(b)
(c)
(d)
(e)
158
Group
2006
%
certain quoted shares of the Company (Note 19, Note 20 and Note 21),
certain buildings (Note 13) and development properties (Note 16) of the Group,
certain inventories of the Group (Note 26),
corporate guarantees from the Group, the Company and holding company; and
a negative pledge over a subsidiary company's present and future fixed and floating assets.
-
7.16
7.75
-
36. BORROWINGS (CONTD.)
(ii)
Revolving credits are secured by way of first legal charge over certain inventories of the Group (Note 26).
(iii) Included in term loans are the following:
(a) RM250 million term loan facility raised by the subsidiary of the Company from a licensed bank.
The term loan is secured over the following:
(i)
First legal charge over certain land of the subsidiary of the Company.
(ii)
Debenture charge over certain assets of the subsidiary of the Company.
(iii) Third party debenture on certain of the subsidiaries' assets and undertaking, both present and future.
(iv) Charge on the subsidiary company's Escrow Account and Debt Service Reserve Account.
(v) Assignment of all rights, benefits, contracts, insurances and undertaking of the subsidiaries.
(b) The other term loans are secured by certain buildings (Note 13), long leasehold land (Note 15) and inventories
(Note 26) of the Group.
(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
commenced in August 2005, 36 months after the first drawdown.
37. 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
(d) fourth series on 28 April 2006 giving proceeds of RM72,219,000 and maturing on 28 April 2015 with a redemption
(e) fifth series on 28 April 2006 giving proceeds of RM62,135,000 and maturing on 28 April 2016 with a redemption
(f)
sixth series on 28 April 2006 giving proceeds of RM63,207,000 and maturing on 28 April 2017 with a redemption
(g) seventh series on 28 April 2006 giving proceeds of RM67,410,000 and maturing on 28 April 2018 with a redemption
159
37. FIXED RATE SERIAL BONDS ("FRSB") (CONTD.)
(h) eighth series on 28 April 2006 giving proceeds of RM71,170,000 and maturing on 28 April 2019 with a redemption
(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 proceeds arising from the issue of the FRSB to the primary subscriber amounting to RM453,077,000 have
been utilised by Titisan towards the following purposes:
(a) the sum of up to RM12.2 million for repayment of short term loan facility granted by Affin Investment Bank Berhad
for the deposit payment for the 25% acquisition of equity interest in Konsortium Abass Sdn. Bhd. ("Abass") from
Chemical Waste Management Sdn. Bhd. ("CWM") by Titisan;
(b) the sum of RM233 million to finance the balance purchase consideration for the acquisition of 100% equity interest
in Rangkai Aman Sdn. Bhd. ("RA") by Titisan;
(c) the sum of RM118.8 million to finance the balance purchase consideration for the acquisition of 25% equity interest
in Abass from CWM by Titisan;
(d) the sum of RM80 million for part payment of the purchase consideration for the acquisition of 30% equity interest
in Abass by Titisan from the Company;
(e) the sum of up to RM3 million for payment of cost and expenses of the FRSB; and
(f)
the remaining balance for working capital requirements of Titisan and/or Abass.
The remaining balance amounting to nominal value of up to RM113 million under the FRSB has been privately placed to
the Company, being satisfaction of the purchase consideration balance of RM78.57 million for the acquisition of 30%
equity interest in Abass by Titisan from the Company.
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 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 RA;
(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 ended 31 December 2005 pursuant to the terms and conditions of
the following agreements:
(i)
160
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;
37. FIXED RATE SERIAL BONDS ("FRSB") (CONTD.)
(ii)
An Agreement for the Sale and Purchase of 25% equity interest in Abass between CWM 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 right 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 agreements 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 agreements 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.
38. BAI’ BITHAMAN AJIL ISLAMIC DEBTS SECURITIES ("BaIDS")
Pursuant to the Trust Deed dated 15 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 RM46,510,000 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.
(ii)
The BaIDS B comprised 2 tranches, with total proceeds of RM134,240,000 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.
Proceeds from the issue have been utilised as follows:
(a) RM130,000,000 to part refinance the Company's bank borrowing from CIMB Bank (previously known as Bumiputra
Commerce Bank Berhad);
(b) RM11,000,000 to pre-fund the Finance Service Reserve Account equivalent to 12 months profits payments under
the BaIDS Issuance;
(c) approximately RM1,466,424 to pay expenses (including payment of fees), cost and any other amounts payable under
the BaIDS Issuance and the Kafalah Facility; and
161
38. BAI’ BITHAMAN AJIL ISLAMIC DEBTS SECURITIES ("BaIDS") (CONTD.)
(d) the remaining amount, to finance the Company's and/or its subsidiaries' working capital requirements which shall be
Syariah compliant.
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) an interim third party charge over the SPLASH shares by Kumpulan Darul Ehsan Berhad for the period pending the
registration of VCSB in the Register of Members of SPLASH;
(c) 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;
(d) A first ranking fixed and floating charge by way of debenture over all the present and future assets and undertakings
of VCSB; and
(e) Third party charge of the entire issued and paid-up share capital of VCSB by the Company.
The security arrangements from (a) to (e) above for the BaIDS B are shared on a pari passu basis as security for the
Kafalah Facility.
39. HIRE PURCHASE PAYABLES
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
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
Later than 5 years
938
840
1,404
33
1,361
865
1,872
112
141
141
422
33
111
111
334
112
Less: Future finance charges
3,215
(398)
4,210
(577)
737
(94)
668
(96)
Present value of hire purchase liabilities
2,817
3,633
643
572
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
Later than 5 years
901
746
1,137
33
1,153
668
1,704
108
109
115
387
32
82
88
294
108
2,817
3,633
643
572
(901)
(1,152)
(109)
(82)
1,916
2,481
534
490
Less: Due within 12 months (Note 36)
Due after 12 months (Note 36)
The hire purchase liabilities were charged interest between 2.85% to 5.35% (2005: 2.85% to 5.25%) per annum.
162
40. SHARE CAPITAL
Number of Ordinary
Shares of RM1 each
2006
2005
’000
’000
Amount
2006
2005
RM’000
RM’000
Authorised:
At 1 January/31 December
1,000,000
1,000,000
1,000,000
1,000,000
Issued and fully paid:
At 1 January/31 December
431,404
431,404
431,404
431,404
General
reserve
Revaluation
reserve
Capital
reserve
Fair value
adjustments
on an earlier
piecemeal
acquisition
RM’000
RM’000
Fair value
adjustments
on
previously
held
interest in
subsidiaries
RM’000
Total
RM’000
41. OTHER RESERVES
Group
At 1 January 2006
8,000
-
25,287
102,080
41,336
-
74,623
102,080
At 31 December 2006
8,000
127,367
41,336
176,703
At 1 January 2005/ 31 December 2005
8,000
25,287
41,336
74,623
8,000
-
-
8,000
8,000
-
-
8,000
Company
42. RETAINED EARNINGS
As at 31 December 2006, the Company has tax exempt profits available for distribution of approximately RM69,000,000
(2005: RM69,000,000), subject to the agreement of the Inland Revenue Board.
The Company has sufficient tax credit under Section 108 of the Income Tax Act, 1967 and the balance in the tax-exempt
income account to frank the payment of dividends amounting to approximately RM223,609,000 (2005: RM212,466,000)
out of its retained profits. If the balance of the retained profits of RM285,590,000 (2005: RM145,971,000) were to be
distributed as dividend prior to being sufficient tax credit, the Company would have a Section 108 shortfall of
approximately RM79,965,000 (2005: RM40,872,000).
163
43. LONG TERM PAYABLES
Group
2006
2005
RM’000
RM’000
Long term payables
38,069
71,857
The long term payables are unsecured, interest free and are repayable after 12 months.
44. 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.
The amounts recognised in the balance sheet are determined as follows:
Group and Company
2006
2005
RM’000
RM’000
Present value of funded obligations
Fair value of plan assets
4,436
(5,990)
4,348
(661)
Unrecognised actuarial gain
Adjustment for limit on net asset
(1,554)
1,418
136
3,687
1,565
-
-
5,252
Analysed as:
Current
-
-
Non-current:
Later than 1 year but not later than 2 years
Later than 2 years but not later than 5 years
Later than 5 years
-
2,116
613
2,523
-
5,252
164
44. EMPLOYEE BENEFITS (CONTD.)
The amounts recognised in the income statement are as follows:
Group and Company
2006
2005
RM’000
RM’000
Current service cost
Interest cost
Expected return on plan assets
Actuarial gain recognised
Adjustment for limit on net asset
194
261
(23)
(102)
136
165
339
(22)
-
Total included in employee benefits expense (Note 8)
466
482
Movements in the net liability in the current year were as follows:
Group and Company
2006
2005
RM’000
RM’000
At 1 January
Recognised in income statement
Contributions paid
At 31 December
5,252
466
(5,718)
5,064
482
(294)
-
5,252
The principal actuarial assumptions used:
Group and Company
2006
2005
%
%
Discount rate
Expected return on plan assets
Expected rate of salary increases
6.00
3.50
5.00
7.00
3.50
5.00
(b) Employee Share Options Scheme ("ESOS")
The Kumpulan Perangsang Selangor Berhad Employee Share Options Scheme ("ESOS") is governed by the amended
by-laws approved by the shareholders at an Extraordinary General Meeting held on 15 June 2004. The 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.
The salient features of the ESOS are as follows:
(i)
The total number of ordinary shares to be issued by the Company under the ESOS shall not exceed 10% of the
total issued and paid-up ordinary shares of the Company, such that not more than 50% of the shares available
under the ESOS is allocated, in aggregate, to directors and senior management.
165
44. EMPLOYEE BENEFITS (CONTD.)
(b) Employee Share Options Scheme ("ESOS") (contd.)
(ii)
Not more than 10% of the shares available under the 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 executive directors of the Company and Hydrovest 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 option price under the ESOS is the average of the mean market quotation of the shares of the Company as
quoted in the Daily Official List issued by Malaysia Security Exchange Berhad ("MSEB") (formerly known as Kuala
Lumpur Stock Exchange), 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) The options granted are exercisable from the date of grant and have a contractual option term of five years.
(vi) Options granted under the 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 the Company.
The terms of share options outstanding as at end of the financial year are as follows:
Number of share options
Grant
date
Expiry
date
Exercise
price
RM
As at
1.1.2006
’000
12 August 2003
29 July 2008
1.62
30,060
As at
Granted Terminated Exercised 31.12.2006
’000
’000
’000
’000
-
-
-
30,060
No options were exercised during the financial year.
45. DEFERRED MEMBERSHIP INCOME
Group
2006
2005
RM’000
RM’000
At 1 January
New memberships obtained during the year
Termination of memberships
Amortisation recognised
At 31 December
13,466
43
(3,547)
17,424
214
(239)
(3,933)
9,962
13,466
Membership fees received are in respect of golfing licence fees and non-golfing membership fees.
166
46. DEFERRED TAXATION
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
At 1 January
Recognised in income statement (Note 10)
Disposal of subsidiary
(43,997)
(433)
(111,439)
5
(50,307)
6,310
-
-
-
At 31 December
(155,864)
(43,997)
-
-
2,510
(158,374)
1,441
(45,438)
-
552
(552)
(155,864)
(43,997)
-
-
Presented after appropriate offsetting as follows:
Deferred tax assets
Deferred tax liabilities
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
Properties
RM’000
Intangible
Asset
RM’000
Property,
Plant &
Equipment
RM’000
Others
RM’000
Total
RM’000
At 1 January 2006
Disposal of subsidiary
40,150
(1,772)
-
(1,920)
113,765
-
3,941
2,868
(5)
1,347
-
45,438
(824)
113,765
(5)
At 31 December 2006
38,378
111,845
6,804
1,347
158,374
At 1 January 2005
40,460
(310)
-
10,455
(6,514)
1,385
(38)
52,300
(6,862)
At 31 December 2005
40,150
-
3,941
1,347
45,438
167
46. DEFERRED TAXATION (CONTD.)
Deferred Tax Assets of the Group:
Property,
Plant &
Equipment
RM’000
Tax losses
and
Unabsorbed
Capital
Allowances
RM’000
Others
RM’000
Total
RM’000
At 1 January 2006
313
-
384
(1,257)
2,326
744
-
1,441
(1,257)
2,326
At 31 December 2006
313
1,453
744
2,510
At 1 January 2005
313
-
384
-
1,296
(552)
1,993
(552)
At 31 December 2005
313
384
744
1,441
Deferred tax assets have not been recognised in respect of the following items:
Group
2006
2005
RM’000
RM’000
Unabsorbed tax losses
Unabsorbed capital allowances
Other deductible temporary differences
175,530
5,394
114,370
205,468
5,483
101,623
Company
2006
2005
RM’000
RM’000
1,596
4,053
1,335
6,330
The unabsorbed tax losses and unabsorbed capital allowances for offsetting against future taxable profits of the Company
and subsidiaries in which those items arose are subject to no substantial changes in shareholdings of the Company and
subsidiaries under Section 44(5A) & (5B) of Income Tax Act, 1967.
47. CAPITAL COMMITMENTS
Capital expenditure
Approved but not contracted for:
Purchase of land
Concession assets
168
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
2,588
14,140
20,325
3,247
14,140
-
2,000
-
1,300
-
37,053
17,387
2,000
1,300
47. CAPITAL COMMITMENTS (CONTD.)
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
Group
2006
2005
RM’000
RM’000
Company
2006
2005
RM’000
RM’000
3,000
19,000
310,000
-
-
-
332,000
-
-
-
369,053
17,387
2,000
1,300
48. CONTINGENT LIABILITIES
Group
2006
2005
RM’000
RM’000
(i)
Company
2006
2005
RM’000
RM’000
Secured:
Guarantees to secure banking and other
credit facilities of an associate amounting
to RM19,700,000 (2005: RM19,700,000)
Foreclosure proceedings taken by
a financial institution in respect
of a third party charge granted
by subsidiary on a piece
of land
5,860
5,860
5,860
5,860
29,492
26,574
-
-
773
772
773
772
5,447
5,447
-
-
12,359
26,414
-
-
(ii) Unsecured:
Performance guarantees to third parties
Guarantees issued to banks
for end financing loans given
to house buyers (Note (a))
Other claims filed against the Group
(a) In consideration of a bank extending end-financing loan to certain house buyers of certain subsidiary companies,
these subsidiary companies in turn agreed to indemnify the said bank in the event the purchasers fail to make
repayment of all sums due under the Loan Agreements. Consequently, the subsidiary companies are
contingently liable to the extent of the principle balance due to the said bank.
169
48. CONTINGENT LIABILITIES (CONTD.)
(iii) A third party 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 defense 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 totaling to
approximately RM399 million and an indemnity against all claims in the foreclosure proceedings as stated in (a)
above. The subsidiary is appealing to the Judge in chambers against the decision of the Senior Assistant Registrar
who had dismissed the case to strike out the third party's claim and legal proceedings are on going.
49. SIGNIFICANT RELATED PARTY DISCLOSURES
In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other
significant related party transactions. The significant related party transactions were undertaken in the normal course of
business and are on terms and conditions agreed with the respective related parties.
The related parties and their relationship with the Group are as follows:
Related companies
Relationship
Konsortium Abass Sdn. Bhd.
Subsidiary company
Associated company
Group
2006
2005
RM’000
RM’000
Sale of goods to:
- Taliworks Corporation Berhad
Sale of services to:
- Konsortium Abass Sdn. Bhd.
10,412
2,157
-
3,344
50. SIGNIFICANT EVENTS
(a) Sale of Halal Hub Land to Lembaga Kemajuan Tanah Persekutuan ("FELDA")
On 26 January 2006, Central Spectrum (M) Sdn. Bhd. ("CSSB") had entered into a Sale & Purchase Agreement ("SPA")
with FELDA to sell the industrial lots at Lot No.1 Phase 2D, Section 5 Pulau Indah measuring approximately 128.13
acres.
The SPA is conditional upon FELDA obtaining the approval of the Foreign Investment Committee of the Prime
Minister’s Department (“FIC”). The approval from FIC was obtained by the subsidiary on 24 March 2006.
The sale and the development of the industrial land is in line with the concept of Selangor Halal Hub, Pulau Indah.
170
50. SIGNIFICANT EVENTS (CONTD.)
(b) Sale of land to Anjur Vista Sdn. Bhd. ("AVSB")
On 29 May 2006, CSSB had entered into a Sale & Purchase Agreement ("SPA") with AVSB to sell the leasehold land
at Section 3, Pulau Indah measuring approximately 305.29 acres.
The SPA of the Said Land is conditional upon the following conditions (conditions precedent) being fulfilled:(i)
The approval of the FIC under the Economic Planning Unit of the Prime Minister Department.
(ii)
The conversion of the category of land use from "Industrial" to "Building" for the purpose of mixed residential and
commercial development of the Said Land.
(c) Sale of land to Perbadanan Kemajuan Pertanian Selangor ("PKPS")
On 29 September 2006, Pembangunan Brisdale Sdn. Bhd. ("PBSB") entered into a Sale & Purchase Agreement
("SPA") with PKPS for the sale of land measuring to approximately 285.16 acres in Mukim Ulu Tinggi, Kuala Selangor
for a total consideration of RM9,980,600 which will be settled by PKPS subject to the terms and conditions of the
SPA in staggered payments in the following manner:
(i)
RM50,000 upon signing the SPA.
(ii)
RM450,000 within 3 months from the date of SPA.
(iii) RM450,000 within 6 months from the date of SPA.
(iv) RM9,030,600 within 12 months from the parties fulfillment of the conditions of the SPA.
(d) Disposal of subsidiaries:
(i)
The Company had on 20 January 2006 entered into Share Sale Agreement with Alami Berkat Sdn Bhd for the
disposal of 1,750,000 ordinary shares of RM1.00 each representing 70% equity interest in Darul Ehsan Bina Sdn
Bhd for a consideration of RM1,750,000. The disposal was completed on 27 January 2006.
(ii)
On 15 June 2006, Pembangunan Brisdale Sdn. Bhd. ("PBSB"), an indirect subsidiary of the Company entered
into a Share Sale Agreement ("Sale of Shares") with a third party for the sale of 250,000 ordinary shares ("Sale
Shares") of RM1.00 each representing the entire issued and paid-up share capital held in Brisdale Development
Sdn. Bhd. ("BDSB") for a consideration of RM24,000.
The Sale of Shares by PBSB to the third party shall be on a "lock, stock and barrel" basis. The third party assumes
all the rights, title, benefits, obligations, liabilities and undertakings of BDSB derived from the acquisition
excluding inter company balances save for an amount of RM5.5 million.
The disposal was completed on 15 June 2006.
(e) Disposal of associate
On 17 April 2006, the Company executed a share transfer agreement with Viable Chip (M) Sdn. Bhd. ("VCSB"), a
wholly-owned subsidiary of the Company and Kumpulan Darul Ehsan Berhad ("KDEB"), the holding company of the
Company for the disposal of 30% issued and paid-up share capital of Syarikat Pengeluar Air Selangor Holdings
Berhad representing 51,000,000 ordinary shares of RM1.00 each and 690,000 redeemable preference shares of
RM1.00 each from KDEB as the registered owner and the Company as the beneficial owner ("Share Transfer
Agreement") to VCSB for a consideration of RM130 million.
The above Share Transfer Agreement was duly completed on 30 August 2006.
171
(f)
Memorandum of Understanding and Proposed Rationalisation Cum Merger and Acquisition Exercise
On 30 August 2006, the subsidiary, Kumpulan Hartanah Selangor Berhad ("KHSB") entered into Memorandum of
Understanding with the Company for the purpose of the Proposed Rationalisation Cum Merger & Acquisition.
Subsequently, on 26 September 2006, the Company entered into a Rationalisation Cum Merger and Acquisition
Frame Agreement ("Rationalisation cum M&A Frame Agreement") with its subsidiaries namely KHSB, Templer Park
Golf & Resort Berhad ("TPGR") and a newly incorporated subsidiary, Cash Band (M) Berhad ("CBB"),
which sets out the details of the Proposed Rationalisation Cum Merger and Acquisition, as follows, as well as the
respective rights and obligations of the parties thereto for the purposes of, inter-alia, giving effect to and
implementing the Proposed Rationalisation Cum Merger & Acquisition:(i)
Proposed acquisition of the following assets by CBB, a special purpose vehicle which is a wholly-owned
subsidiary of KHSB:(a) A 99 year leasehold land located in the District of Gombak, State of Selangor Darul Ehsan together with the
Clubhouse erected thereon ("PTGC Land") and the division within TPGR that manages and operates
Perangsang Templer Golf Club ("PTGC") ("PTGC Division"), a proprietary club located on the PTGC land, from
TPGR, a 95% indirect subsidiary of KHSB ("Proposed PTGC Assets Acquisition");
(b) 100% equity interest in Perangsang Hotel and Properties Sdn Bhd ("PHP") from KHSB ("Proposed PHP
Acquisition"); and
(c) 49% equity interest in KDE Recreation Berhad ("KDERB") from KHSB ("Proposed KDERB Acquisition"), for
a total purchase consideration of approximately RM185.7 million to be satisfied by setting-off the
consideration against the total debt to be transferred to CBB pursuant to item (ii) below.
(Items (a) to (c) are to be collectively referred to as "Proposed Asset Acquisition").
(ii)
Proposed transfer to CBB of the entire debt owing by KHSB and TPGR (collectively to be referred to as "the
Company's Debtors") to the Company of approximately RM185.7 million ("Proposed Asset Acquisition") which
was determined based on cut-off date of 30 June 2006, as agreed between the debtors and the Company; and
(iii) Proposed subscription by the Company of up to 5,629,592 new ordinary shares of RM1 each per share and up
to 180 million new Redeemable Convertible Preference Shares ("RCPS") of RM0.01 per RCPS in cash by
capitalising the total debt owing by CBB to the Company pursuant to the Proposed Debt Transfer ("Proposed
Debt Capitalisation").
The Proposed Asset Acquisition, the Proposed Debt Transfer and the Proposed Debt Capitalisation are interconditional upon each other.
The Proposed Rationalisation Cum Merger & Acquisition is conditional upon the following:(a) the approval of the Securities Commission ("SC") which was obtained on 20 March 2007;
(b) the approval of the Foreign Investment Committee and/or Equity Compliance Unit of the SC which was
obtained on 20 March 2007;
(c) the approval of the shareholders of KHSB and KPS at an extraordinary general meeting to be convened in
June 2007; and
(d) the approval and/or consents from any other relevant authorities and/or person, (if required).
Baring unforeseen circumstances, the Proposed Rationalisation Cum Merger & Acquisition is expected to be
completed in the second quarter of 2007.
172
(g) Judgement on legal proceedings against a subsidiary
Included in the provision for doubtful debts of other receivables and deposits of KHSB Group in 2004 is an amount
of RM22,546,800 representing the balance of deposit of RM25,468,000 paid by a subsidiary of KHSB Group to a
third party for the purchase of a piece of land. The purchase of this land was not approved by the shareholders of
the subsidiary’s intermediate holding company at an Extraordinary General Meeting held in December 1997.
Accordingly, the subsidiary filed a legal suit against the said third party, pursuant to the terms of the Sale & Purchase
Agreement, to recover the full amount of RM25,468,000.
In 2000, the High Court dismissed the subsidiary's claims for full refund of RM25,468,000 and ordered an amount
of RM7,546,800 to be forfeited to the said third party together with interest payment of RM415,147. However, the
said third party disputed the said judgement and appealed for the full amount of RM25,468,000 to be forfeited. The
subsidiary has cross-appealed to the Court of Appeal for the reversal of the said judgement and seek full recovery
of the amount paid of RM25,468,000.
However on further application by the subsidiary, the High Court has on 15 May 2002 ordered, inter-alia, that
RM15,000,000 shall be retained in a joint interest bearing account jointly with the solicitors for third party and balance
released unconditionally to the subsidiary company.
In May 2005, the Court of Appeal rejected the subsidiary's application to recover the said amount paid. In addition,
the Court of Appeal awarded damages of RM14,001,071 with 8% interest per annum until full settlement.
The subsidiary subsequently filed an application for leave to appeal to the Federal Court which was dismissed by the
Federal Court on 1 March 2006.
(h) Acquisition of subsidiaries
On 28 October 2005 and 31 October 2005, Titisan Modal (M) Sdn. Bhd. ("Titisan"), subsidiary of the Company had
entered into the following agreements:
(i)
Conditional Share Sale Agreement between Titisan and Rangkai Aman Sdn. Bhd. ("RA") Vendors for the
proposed acquisition of 100,000 ordinary shares of RM1.00 each representing the entire equity interests in RA
from RA Vendors for a cash consideration of RM238,000,000 pursuant to RA acquiring the 4,500,000 ordinary
shares of RM1.00 each representing 45% interest in Konsortium Abass Sdn. Bhd.("Abass") and 39,375,000
redeemable cumulative preference shares of RM0.01 each ("Abass RCPS") in Abass from Zufar Water Services
Sdn. Bhd. ("Zufar") ("Proposed RA Acquisition");
(ii)
Conditional Share Sale Agreement between Titisan and Chemical Waste Management Sdn. Bhd. (“CWM”) for
the proposed acquisition of 2,500,000 ordinary shares of RM1.00 each representing 25% equity interests in
Abass and 21,875,000 Abass RCPS from CWM for a cash consideration of RM132,000,000 (“Proposed 25%
Abass Acquisition”); and
(iii) Conditional Share Sale Agreement between Titisan and the Company for the proposed transfer by KPS of
3,000,000 ordinary shares of RM1.00 each representing 30% equity interests in Abass and 26,250,000 Abass
RCPS to Titisan for a consideration of RM158,570,000 (“Proposed Transfer”).
The Proposed RA Acquisition, the Proposed 25% Abass Acquisition and the Proposed Transfer are collectively
referred to as the “Proposals”.
On 25 January 2006, the Company and Titisan had entered into the Supplemental Agreement to determine the terms
of payment for the Proposed Transfer. The purchase consideration of RM158,570,000 was settled by cash in the
sum of RM80,000,000 and the balance by the issuance of up to RM113,000,000 nominal value of Fixed
Rate Serial Bonds (“FRSB”) by Titisan to the Company. The Company has received the proceeds in May 2006.
The consideration for the Proposals was funded by Titisan through internal funds, bank borrowings and the
issuance of up to RM738,000,000 nominal value of FRSB.
173
(h) Acquisition of subsidiaries (contd.)
The relevant approvals for the Proposals have been obtained from the following parties:
(i)
the Foreign Investment Committee, the approval of which was obtained vide its letter dated 10 February 2006;
(ii)
the shareholders of the Company, Titisan and CWM in Extraordinary General Meetings for the Proposals which
were held on 21 April 2006;
(iii) the State Government for the transfer of the ordinary shares and Redeemable Cumulative Preference Shares
(“RCPS”) to Titisan and RA pursuant to the Proposals. The approval from the State Government was obtained
on 17 April 2006; and
(iv) The lenders and financiers for the transfer of the ordinary shares and RCPS to Titisan and RA pursuant to the
Proposals, the approvals which were given via letters dated 10 March 2006 and 28 March 2006 respectively.
The Proposals were duly completed on 28 April 2006.
On 30 June 2006, Titisan acquired the remaining 45% of Abass from RA for purchase consideration of RM45 million.
The transfer was completed on 7 November 2006 upon fulfillment of condition precedent.
(i)
(j)
(i)
Hydrovest Sdn. Bhd., a subsidiary of the Company had entered into an agreement on 15 December 2006 to
acquire 475,000 ordinary shares of RM1 each, representing 25% equity interest in Chemindus Sdn. Bhd. for a
purchase of consideration of RM2,250,000. The acquisition is expected to be completed in May 2007.
(ii)
Hydrovest Sdn. Bhd. has also entered into Sale & Purchase Agreement on 29 December 2006 with Batam
Heights Sdn Bhd to sell a piece of an industrial land for a consideration of RM2,029,409.
On 26 December 2006, the Company acquired 19,820,606 ordinary shares of RM1.00 each representing
approximately 4.4% equity interest in Kumpulan Hartanah Selangor Berhad ("KHSB") from Kumpulan Darul Ehsan
Berhad ("KDEB") the holding company of the Company, for a cash consideration of RM5.153 million.
The above acquisition was duly completed on 29 December 2006.
51. 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 interest rate risk, foreign exchange risk, liquidity risk and
credit risks. 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.
(b) Foreign Exchange Risk
The Group transacts predominantly in Ringgit Malaysia and as such, is not exposed to foreign exchange risk.
174
51. FINANCIAL INSTRUMENTS (CONTD.)
(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's interest rate risk arises primarily from interest-bearing borrowings. The Group manages 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 and the Company’s financial instruments are as
follows:
Note WAEIR Within 1
%
Year
RM’000
1-2
2-3
Years
Years
RM’000 RM’000
More
3-4
4-5
than
Years
Years 5 Years
RM’000 RM’000 RM’000
Total
RM’000
At 31 December 2006
Group
Fixed rate
Guaranteed Fixed Rate
Term Loan
Bai’ Bithaman Ajil Facility
Bai' Bithaman Ajil Islamic
Debt Securities ("BaIDS")
36
36
36
7.73
8.75
7.23
22,000
22,000
-
28,000
28,000
-
28,000
28,000
-
28,000
28,000
-
28,000 43,000
28,000 33,000
- 542,751
177,000
167,000
542,751
36
6.94
-
-
-
-
23,255 158,369
181,624
(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's credit risk exposure is significantly concentrated on its trade receivable owing Syarikat Bekalan Air
Selangor Sdn. Bhd. ("SYABAS"). The Group maintains a good business relationship with SYABAS and this has enabled
the Group to manage its credit risk more effectively.
175
51. FINANCIAL INSTRUMENTS (CONTD.)
(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:
Note
Group
Carrying
Amount
Fair Value
RM’000
RM’000
Company
Carrying
Amount
Fair Value
RM’000
RM’000
Financial Assets
At 31 December 2006
Amount due from holding company
Amount due from subsidiaries
24 (a)
24 (c)
25
48,570
113,025
48,174
104,653
8,634
126,760
-
8,634
118,191
-
24 (a)
24 (c)
25
44,789
66,478
43,800
61,955
126,760
-
118,191
-
24 (b)
39
43
4,414
2,817
38,069
4,104
2,563
39,512
643
-
585
-
24 (b)
39
43
12,193
3,633
71,857
11,600
3,296
67,028
2,616
572
-
2,616
516
-
At 31 December 2005
Amount due from holding company
Amount due from subsidiaries
Financial Liabilities
At 31 December 2006
Hire purchase payables
Long term payables
At 31 December 2005
Hire purchase payables
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.
176
52. 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, development properties, real property
assets, 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 seven main business segments:
•
•
•
•
•
•
•
Investment holding
General contract work
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.
Property
development
Investment
2006
Golf club
General
and
and contract
holding management
recreational Infrastructure
work Trading Hospitality
RM’000
RM’000
RM’000 RM’000
External revenue
5,283
245,182
3,129
(Loss)/profit from operations
(4,270)
41,400
-
facilities
and utilities
Others Consolidated
RM’000
RM’000
RM’000 RM’000
24,776
27,021
9,414
62,128
1,716
1,853
1,689
(497)
26,316
4,832
RM’000
Revenue
378,649
71,323
34,451
Share of profit of joint venture
Finance cost
7,452
(84,931)
Profit before tax
28,295
Income tax
(10,073)
Profit after tax
18,222
Minority interest
585
Profit for the year attributable
to equity holders of the Company
18,807
177
52. SEGMENTAL INFORMATION (CONTD.)
Property
development
Investment
2006
Segment assets
Golf club
General
and
and contract
holding management
RM’000
RM’000
248,195
1,157,838
recreational Infrastructure
work Trading Hospitality
RM’000 RM’000
-
18,831
facilities
RM’000
RM’000
118,854
89,635
and utilities
Others Consolidated
RM’000 RM’000
1,027,256
434
2,661,043
481,888
Unallocated assets
13,198
Total assets
Segment liabilities
RM’000
3,156,129
(28,596)
(509,876)
-
(6,613)
(57,534)
(21,745)
(41,588)
(12)
(665,964)
Unallocated liabilities
(1,541,906)
Total liabilities
(2,207,870)
Capital expenditure
Depreciation
281
2,415
-
77
1,157
543
250
-
4,723
3,871
1,151
-
139
3,278
1,530
922
-
10,891
Property
General
and
and
contract
recreational
Investment
2005
Golf club
development
holding management
facilities
Others
Consolidated
RM’000
RM’000
RM’000
work
Trading Hospitality
RM’000
RM’000
RM’000
RM’000
RM’000
5,562
204,908
10,356
49,982
25,775
11,083
1,221
308,887
(12,717)
(108,388)
45
1,485
(15,127)
(5,389)
2,762
(137,329)
Revenue
External revenue
Profit/(loss) from operations
Share of profit of joint venture
Finance cost
Loss before tax
Income tax
Loss after tax
Minority interest
42,246
9,000
(37,719)
(123,802)
627
(123,175)
74,414
Loss for the year attributable
to equity holders
of the Company
178
(48,761)
52. SEGMENTAL INFORMATION (CONTD.)
Property
Investment
2005
Segment assets
Golf club
development
General
and
and
contract
recreational
holding management
facilities
Others
Consolidated
RM’000
RM’000
RM’000
work
Trading Hospitality
RM’000
RM’000
RM’000
RM’000
RM’000
170,536
1,221,542
3,451
27,129
133,322
122,842
4,031
1,682,853
504,271
Unallocated assets
6,550
Total assets
Segment liabilities
2,193,674
45,705
611,357
1,558
5,659
57,356
90,230
2,347
Unallocated liabilities
814,212
540,732
Total liabilities
1,354,944
Capital expenditure
2,827
209
1
194
3,426
2,734
-
9,391
Depreciation
2,969
1,218
6
446
4,136
2,147
-
10,922
179
Analysis of Shareholdings
as at 30 April 2007
Analisa Pegangan Saham pada 30 April 2007
A.
Authorised share capital
Modal saham dibenar
:
RM1,000,000,000.00
Issued and paid-up share capital
Modal saham diterbitkan dan dibayar
:
RM431,403,960.00
:
Ordinary Shares of RM1.00 each
Saham Biasa RM1.00 sesaham
Class of shares
Kelas saham
B.
ANALYSIS BY SIZE OF SHAREHOLDINGS
ANALISA MENURUT SAIZ PEGANGAN
SIZE OF
SHAREHOLDINGS
SAIZ
PEGANGAN
C.
NO. OF
SHAREHOLDERS
BILANGAN
PEMEGANG
SAHAM
% OF
SHAREHOLDERS
% PEMEGANG
SAHAM
NO. OF
SHARES HELD
BILANGAN
SAHAM YANG
DIPEGANG
% OF
SHAREHOLDINGS
% PEGANGAN
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
393
3,308
3,075
1,093
4.89
41.20
38.29
13.61
25,318
2,078,925
13,695,561
36,774,903
0.01
0.48
3.17
8.52
158
3
1.97
0.04
67,151,765
311,677,488
15.57
72.25
TOTAL/JUMLAH
8,030
100.00
431,403,960
100.00
SHAREHOLDINGS
PEGANGAN SAHAM
%
235,511,694
54.59
48,606,000
27,559,794
11.27
6.39
SHAREHOLDINGS
PEGANGAN SAHAM
%
133,291,694
100,000,000
30.90
23.18
48,606,000
11.27
27,473,394
4,638,200
6.37
1.08
4,412,000
1.02
LIST OF SUBSTANTIAL SHAREHOLDERS (5% AND ABOVE)
SENARAI PEMEGANG SAHAM UTAMA (5% DAN KE ATAS)
NO.
NAME
NAMA
1.
2.
Kumpulan Darul Ehsan Berhad
Amanah Raya Nominees (Tempatan) Sdn Bhd
3.
Perbadanan Kemajuan Negeri Selangor
A/C for Skim Amanah Saham Bumiputera
D.
LIST OF THIRTY (30) LARGEST SHAREHOLDERS
SENARAI TIGA PULUH (30) PEMEGANG SAHAM TERBESAR
NO.
NAME
NAMA
1.
2.
Kumpulan Darul Ehsan Berhad
ABB Nominees (Tempatan) Sdn Bhd
3.
Amanah Raya Nominees (Tempatan) Sdn Bhd
A/C Kumpulan Darul Ehsan Berhad
A/C Skim Amanah Saham Bumiputera
4.
5.
Perbadanan Kemajuan Negeri Selangor
RHB Capital Nominees (Tempatan) Sdn Bhd
6.
Tabung Warisan Negeri Selangor
A/C Noor Azman @ Noor Hizam b Mohd Nurdin (CEB)
180
NO.
NAME
NAMA
7
8
Employees Provident Fund Board
CitiGroup Nominees (Asing) Sdn Bhd
9
10
LGB Holdings Sdn Bhd
CIMB Nominees (Tempatan) Sdn Bhd
11
Mayban Nominees (Tempatan) Sdn Bhd
SHAREHOLDINGS
PEGANGAN SAHAM
%
3,845,845
2,500,000
0.89
0.58
2,250,000
2,220,000
0.52
0.51
2,000,000
0.46
1,866,900
1,734,237
0.43
0.40
1,700,000
1,700,000
1,530,733
1,022,701
0.39
0.39
0.35
0.24
1,010,000
900,000
800,000
790,000
747,000
0.23
0.21
0.19
0.18
0.17
720,000
700,000
700,000
600,000
600,000
0.17
0.16
0.16
0.14
0.14
600,000
0.14
598,400
550,000
0.14
0.13
SHAREHOLDINGS
PEGANGAN SAHAM
%
15,999
200,000
-
0.00
0.05
-
A/C LongView Investment Associates LLC
A/C Kumpulan Darul Ehsan Berhad
A/C Kumpulan Wang Simpanan Pekerja (N14011980810)
12
13
Lebar Daun Construction Sdn Bhd
AIBB Nominees (Tempatan) Sdn Bhd
14
15
16
17
Neoh Choo Ee & Company Sdn Bhd
Quarry Lane Sdn Bhd
Permodalan Nasional Berhad
SJ SEC Nominees (Tempatan) Sdn Bhd
18
19
20
21
22
Mal Monte Sdn Bhd
Si Tho Yoke Meng
Tengku Idris Shah Ibni Sultan Salahuddin Abdul Aziz Shah
Liew Yew Chin
TA Nominees (Tempatan) Sdn Bhd
23
24
25
26
27
Teo Keng Chiong
Yeoh Mei Mei
Mhd Omar bin Abdul Hamid
Si Tho Yoke Meng
Public Nominees (Tempatan) Sdn Bhd
28
SBB Nominees (Tempatan) Sdn Bhd
A/C Rampai Baiduri-Jaya Sdn Bhd (Vibrant Omega)
A/C Zabir bin Bajuri (SJ8)
A/C Chan Ah Chye @ Chan Chong Yoon
A/C Teh Swee Heng (E-SS2)
A/C Kumpulan Wang Amanah Pencen
29
30
E.
Young Pey Feei
Thomas Cham Hock Yan
LIST OF DIRECTOR’S SHAREHOLDINGS
SENARAI PEGANGAN SAHAM PENGARAH-PENGARAH
NO.
1.
2.
3.
4.
5.
6.
7.
8.
9.
NAME
NAMA
Dato’ Haji Abd. Karim bin Munisar
Dato’ Haji Azlan bin Hashim
Datin Paduka Juma’ah binti Moktar
Dato’ Haji Ab. Halim bin Mohyiddin
Dato’ Haji Sumadi bin Haji Ismail
Dato’ Haji Ikhwan Salim bin Dato’ Sujak
Dato’ Dr. Haji Karim bin Haji Mansor
Dato’ Yip Kam Chong
Dato’ Dr. Amran bin Kasimin
181
List of Group Properties
senarai hartanah kumpulan
1.
KUMPULAN PERANGSANG SELANGOR BERHAD
Location/
Lokasi
Title/
Hakmilik
Land Area/
Keluasan
Tanah
(Acres/Ekar)
Tenure/
Lease expiry/
Tempoh
Pegangan/
Tamat
Pegangan
(Years/Tahun)
Existing
Use/
Kegunaan
Semasa
Net Book Value/
Land Cost as at
31/12/06/
Nilai Buku Bersih/
Kos Tanah pada
31/12/06
(RM’000)
Approximate
Age
of Building/
Anggaran Usia
Bangunan
(Years/Tahun)
Bandar Banting
Tambahan,
Kuala Langat
H.S (D) 8187/
PT 7980
2.6
Leasehold/
Pajakan
99/2099
Factory being
rented out/
Kilang
disewakan
3,171
18
Hulu Kelang,
Gombak
H.S (M) 2615/
PT 7680
40,530 sq ft/kp
Leasehold/
Pajakan
99/2086
Factory being
rented out/
Kilang
disewakan
1,818
23
LOT 3277
UNDER GRANT
24222 PH 22/B6
1,763 sq ft/kp
Freehold/
Pegangan
Bebas
Apartment/
Apartmen
178
22
H.S (D) 92260/
PT 0006
108,360 sq ft/kp
Leasehold/
Pajakan
99/2086
Office
& Hotel/
Pejabat
& Hotel
77,112
19
LOT 5627
1,099 sq ft/kp
Leasehold/
Pajakan
99/2081
Apartment/
Apartmen
217
21
Net Book Value/
Land Cost as at
31/12/06/
Nilai Buku Bersih/
Kos Tanah pada
31/12/06
(RM’000)
Approximate
Age
of Building/
Anggaran Usia
Bangunan
(Years/Tahun)
Batang Kali,
Hulu Selangor
Shah Alam,
Selangor
Tanjong Tuan,
Port Dickson
2.
KUMPULAN HARTANAH SELANGOR BERHAD
Location/
Lokasi
Title/
Hakmilik
Land Area/
Keluasan
Tanah
(Acres/Ekar)
Tenure/
Lease expiry/
Tempoh
Pegangan/
Tamat
Pegangan
(Years/Tahun)
Existing
Use/
Kegunaan
Semasa
Mukim Batu,
Daerah Gombak
PT 28955-28958,
28953-28954
0.30
Leasehold/
Pajakan
99/2091
4 units
3 1/2 storey
office & 2 units
of 3 storey
office
5,546
11
Mukim Batu,
Daerah Gombak
Lot 46696
0.43
Leasehold/
Pajakan
99/2086
Kindergarden Land/
Tanah Tadika
65
N/A
Mukim Rawang,
Daerah Gombak
Lot 11, Lot 614
PT11444
194.65
Leasehold/
Pajakan
99/2094
Golf Course
& Club House/
Padang Golf dan
Rumah Kelab
85,570
13
Mukim Rawang,
Daerah Gombak
Lot 16
4.71
Leasehold/
Pajakan
99/2094
Equestrian Land/
Tanah Ekuestrian
676
N/A
Mukim Rawang,
Daerah Gombak
Lot 17
11.35
Leasehold/
Pajakan
99/2094
Equestrian Land/
Tanah Ekuestrian
1,629
N/A
182
Tenure/
Lease expiry/
Tempoh
Pegangan/
Tamat
Pegangan
(Years/Tahun)
Existing
Use/
Kegunaan
Semasa
Net Book Value/
Land Cost as at
31/12/06/
Nilai Buku Bersih/
Kos Tanah pada
31/12/06
(RM’000)
Approximate
Age
of Building/
Anggaran Usia
Bangunan
(Years/Tahun)
Title/
Hakmilik
Land Area/
Keluasan
Tanah
(Acres/Ekar)
Mukim Rawang,
Daerah Gombak
PT 64
30.65
Leasehold/
Pajakan
99/ 2094
Building Land/
Tanah
Untuk Bangunan
5,120
N/A
Mukim Rawang,
Daerah Gombak
Lot 148
2.69
Leasehold/
Pajakan
99/2092
Building Land/
Tanah
Untuk Bangunan
3,580
N/A
Mukim Labu,
Daerah Sepang
Lot 1384-1465 &
Lot 1466-1485
3.50
Leasehold/
Pajakan
99/2096
Commercial Land/
Tanah
Komersil
4,760
N/A
Mukim Labu,
Daerah Sepang
Lot 1490
2.15
Leasehold/
Pajakan
99/2096
Building Land/
Tanah
Untuk Bangunan
3,105
N/A
Mukim Serendah,
Daerah
Hulu Selangor
PT 10450
(Part/Sebahagian)
122.00
Leasehold/
Pajakan
99/2096
Building Land/
Tanah
Untuk Bangunan
16,785
N/A
Mukim Ulu Yam,
Daerah
Ulu Selangor
PT 8257
282.00
Leasehold/
Pajakan
99/2100
Agriculture Land/
Tanah Pertanian
7,050
N/A
Mukim Hulu Yam,
Daerah
Hulu Selangor
PT 2721-2723
302.49
Leasehold/
Pajakan
99/2093
Agriculture Land/
Tanah Pertanian
6,005
N/A
287.68
Leasehold/
Pajakan
99/2093
Building Land/
Tanah
Untuk Bangunan
7,770
N/A
PT 2377 & 2531
0.58
Leasehold/
Pajakan
99/2095
Building Land/
Tanah
Untuk Bangunan
438
N/A
PN 2477 / M2/2/148 &
PN 2477 / M1/1/8/89
0.03
0.02
99/2087
99/2087
Apartment/
Apartmen
463
11
PT 171000-171002
332.69
Freehold/
Pegangan Bebas
Agriculture Land/
Tanah Pertanian
48,883
N/A
Mukim Dengkil,
Daerah Sepang
PT 32542-32546
625.87
Leasehold/
Pajakan
99 / 2104
Agriculture Land/
Tanah Pertanian
4,331
N/A
Mukim Dengkil,
Daerah Sepang
PT 32611 - 32614
46.63
Leasehold/
Pajakan
99/2104
Building Land/
Tanah
Untuk Bangunan
466
N/A
Mukim Petaling,
Kuala Lumpur
Lot 36260-36262
1.83
Freehold/
Pegangan Bebas
Clubhouse/
Rumah Kelab
7,827
10.5
Lot 1738
0.45
Freehold/
Pegangan Bebas
Hotel
38,701
10
Location/
Lokasi
Mukim Hulu Yam, PT 2719, 2725, 2726
Daerah
2727, 2728 & 2731
Ulu Selangor
Mukim Ijok,
Daerah
Kuala Selangor
Bandar
Port Dickson,
Daerah
Port Dickson
Mukim Plentong,
Daerah
Johor Bharu
Section 41,
Kuala Lumpur
183
List of Group Properties (contd.)
senarai hartanah kumpulan (samb.)
Tenure/
Lease expiry/
Tempoh
Pegangan/
Tamat
Pegangan
(Years/Tahun)
Approximate
Age
of Building/
Anggaran Usia
Bangunan
(Years/Tahun)
Title/
Hakmilik
Land Area/
Keluasan
Tanah
(Acres/Ekar)
Mukim Ampang,
Daerah Hulu Langat
PM304/M1/4/4
0.044
Leasehold/
Pajakan
99/2087
Shop Office/
Rumah Kedai
165
18
Mukim Ampang,
Daerah Hulu Langat
PM253/M1/4/4
0.044
Leasehold/
Pajakan
99/2087
Shop Office/
Rumah Kedai
157
18
Mukim Tanjung
Dua Belas,
Daerah Kuala Langat
PT 6340
400.00
Freehold/
Pegangan Bebas
Building Land/
Tanah
Untuk Bangunan
32,000
N/A
Mukim Sepang,
Daerah Sepang
Lot 5722
22.75
Leasehold/
Pajakan
99/2093
Building Land/
Tanah
Untuk Bangunan
5,000
N/A
Mukim Tanjung
Dua Belas,
Daerah Kuala Langat
Lot 32889
156.66
Freehold/
Pegangan Bebas
Agriculture Land/
Tanah Pertanian
12,550
N/A
Phase 1A,
Section 8,
Pulau Indah
Industrial Park,
Pulau Indah
PT 64352 HS(D)67630
PT 64165 HS(D)67448
1.38
Leasehold/
Pajakan
99/2097
Vacant Commercial
Land for
Menara Indah Point/
Tanah Kosong
Komersil untuk
Menara Indah Point
59
N/A
Phase 1A,
Section 8,
Pulau Indah
Industrial Park,
Pulau Indah
PT 64359 HS(D)67632
PT 64360 HS(D)67633
0.50
1.25
Leasehold/
Pajakan
99/2097
Surau
Service Centre/
Pusat Servis
2,474
N/A
Phase 2C,
Section 4,
Pulau Indah
Industrial Park,
Pulau Indah
PT 7937 HS(D)74076
PT 7936 HS(D)74077
411.75
Leasehold/
Pajakan
99/2097
Vacant Industrial
Land For Development/
Tanah Industri Kosong
untuk Pembangunan
57,323
N/A
Section 1,
Pulau Indah
Industrial Park,
Pulau Indah
PT 90870 HS(D)70913
PT 90871 HS(D)70914
75.56
216.07
Leasehold/
Pajakan
99/2097
Vacant Industrial
untuk Pembangunan
10,522
N/A
Section 2,
Pulau Indah
Industrial Park,
Pulau Indah
PN 7935 HS(D)74078
PN 7934 HS(D)74079
281.14
295.51
Leasehold/
Pajakan
99/2097
Vacant Industrial Land
For Development/
untuk Pembangunan
41,499
N/A
Section 3,
Pulau Indah
Industrial Park,
Pulau Indah
PN 7931 Lot 74083
217.35
Leasehold/
Pajakan
99/2097
Vacant Industrial
untuk Pembangunan
11,403
N/A
Location/
Lokasi
184
Existing
Use/
Kegunaan
Semasa
Net Book Value/
Land Cost as at
31/12/06/
Nilai Buku Bersih/
Kos Tanah pada
31/12/06
(RM’000)
Location/
Lokasi
Section 9,
Pulau Indah
Industrial Park,
Pulau Indah
Commercial
Land, Bangi
Daerah Ulu
Langat
Section 11,
Pulau Indah
Industrial Park,
Pulau Indah
3.
PN 7928 Lot 74086
PN 7929 Lot 74085
PN 7930 Lot 74084
32.66
85.13
105.77
Leasehold/
Pajakan
99/2097
For Development/
untuk Pembangunan
16,092
N/A
HS(D)36951 PT 29336
HS(D)36952 PT 29337
1.35
1.74
Leasehold/
Pajakan
99/2093
For Development/
untuk Pembangunan
5,594
N/A
PN 7942 Lot 74082
PN 7926 Lot 74087
PN 7925 Lot 74988
301.25
218.85
380.52
Leasehold/
Pajakan
99/2097
Vacant Land For
Development
(Residential)/
Tanah Kosong
untuk Pembangunan
( Perumahan)
64,652
N/A
Land Area/
Keluasan
Tanah
(Acres/Ekar)
Tenure/
Lease expiry/
Tempoh
Pegangan/
Tamat
Pegangan
(Years/Tahun)
Existing
Use/
Kegunaan
Semasa
Net Book Value/
Land Cost as at
31/12/06/
Nilai Buku Bersih/
Kos Tanah pada
31/12/06
(RM’000)
Approximate
Age
of Building/
Anggaran Usia
Bangunan
(Years/Tahun)
Freehold/
Pegangan bebas
Bungalow/
Banglo
1,481
20
Net Book Value/
Land Cost as at
31/12/06/
Nilai Buku Bersih/
Kos Tanah pada
31/12/06
(RM’000)
Approximate
Age
of Building/
Anggaran Usia
Bangunan
(Years/Tahun)
Existing
Use/
Kegunaan
Semasa
Net Book Value/
Land Cost as at
31/12/06/
Nilai Buku Bersih/
Kos Tanah pada
31/12/06
(RM’000)
Approximate
Age
of Building/
Anggaran Usia
Bangunan
(Years/Tahun)
KONSORTIUM ABASS SDN BHD
Location/
Lokasi
8822,
Tanjung Tuan,
Port Dickson,
Kuala Linggi
4.
Title/
Hakmilik
Land Area/
Keluasan
Tanah
(Acres/Ekar)
Tenure/
Lease expiry/
Tempoh
Pegangan/
Tamat
Pegangan
(Years/Tahun)
Title/
Hakmilik
GM 0000180/
LOT 001202
10,593 sq ft/kp
HYDROVEST SDN. BHD. GROUP
Location/
Lokasi
Sg Buluh,
Daerah
Kuala Selangor
Damansara Intan,
Petaling Jaya
Title/
Hakmilik
Land Area/
Keluasan
Tanah
(Acres/Ekar)
Tenure/
Lease expiry/
Tempoh
Pegangan/
Tamat
Pegangan
(Years/Tahun)
Lot PT 19975
3,000 sq ft/kp
98 / 2091
Warehouse/Store/
Stor/Gudang
344
15
Lot 827
1,130 sq ft/kp
Freehold/
Pegangan bebas
Office/
Pejabat
248
7
Lot 836
1,249 sq ft/kp
Freehold/
Pegangan bebas
Office/
Pejabat
258
4
Existing
Use/
Kegunaan
Semasa
185
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
ANAK-ANAK SYARIKAT
Name of Company
Nama Syarikat
Registered Address
Alamat Berdaftar
Business Address
Alamat Perniagaan
KUMPULAN PERANGSANG
SELANGOR BERHAD
(Company No. 23737-K)
16th Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
16th Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
KUMPULAN HARTANAH
SELANGOR BERHAD
(Company No. 559747-W)
Lot 1A, Level 1A
Plaza Perangsang
40000 Shah Alam
Tel: 03-5522 3888
Fax: 03-5510 5188
Lot 1A, Level 1A
Plaza Perangsang
40000 Shah Alam
Tel: 03-5522 3888
Fax: 03-5510 5188
HYDROVEST SDN BHD
(Company No. 482724-D)
16th Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
15th Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5512 2973
TITISAN MODAL (M) SDN BHD
(Company No. 700156-U)
17th Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
17th Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
VIABLE CHIP (M) SDN BHD
(Company No. 720808-W)
17th Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
17th Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
186
Proxy Form
(23737-K) (Incorporated in Malaysia/Diperbadankan di Malaysia)
borang proksi
Proxy Form for the 30th Annual General Meeting/Borang Proksi untuk Mesyuarat Agung Tahunan ke 30
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
of/yang beralamat di.....................................................................................................................................................................
ADDRESS/ALAMAT
or failing whom/atau sebagai penggantinya.................................................................................................................................
FULL NAME/NAMA PENUH
of/yang beralamat di.....................................................................................................................................................................
ADDRESS/ALAMAT
as my/our proxy to attend and vote for me/us and on my/our behalf at the Thirtieth 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 Friday, 15 June 2007 at 3.00 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
yang akan diadakan di Bilik Kayangan, Quality Hotel Shah Alam, Persiaran Perbandaran, 40000 Shah Alam, Selangor Darul
Ehsan, pada hari Jumaat, 15 Jun 2007, jam 3.00 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
1
2
3
4
5
6
7
8
Special Resolution 1/
Resolusi Khas 1
For/Menyokong
Against/Menentang
(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.......................................2007
NOTES:/NOTA-NOTA:
1.
2.
3.
4.
5.
Every member is entitled to appoint at least one (1) proxy or in the case of a corporation, to appoint a representative to attend and vote in his place. A proxy
need not be a member of the Company.
Setiap pemegang saham berhak melantik seorang proksi atau jika sebuah syarikat, berhak melantik wakil untuk menghadiri dan mengundi bagi pihaknya. Proksi
tersebut tidak semestinya pemegang saham syarikat.
The Proxy Form must be signed by the appointer or his attorney duly authorised in writing or if the appointer is a corporation, either under seal or under the
hand of an officer or attorney duly authorised. In the case of joint holdings, the signature of the first named holder is sufficient.
Borang Proksi mesti ditandatangani oleh pelantik atau peguam yang telah diberi kuasa secara bertulis atau sekiranya pelantik adalah sebuah syarikat, mestilah
dengan memeterai atau ditandatangani oleh pegawai atau peguam yang diberi kuasa. Di dalam hal pegangan bersama, tandatangan pemegang pertama adalah
mencukupi.
If the Proxy Form is returned without indication as to how the proxy shall vote, the proxy will vote or abstain, as he thinks fit.
Sekiranya Borang Proksi dikembalikan tanpa menjelaskan bagaimana proksi harus mengundi, proksi akan mengundi atau tidak seperti mana yang difikirkan sesuai.
If the name is not inserted in the space for the name of your proxy, the Chairman of the AGM will act as your proxy.
Jika tiada nama terdapat di dalam ruang pada borang proksi anda, Pengerusi Mesyuarat akan bertindak sebagai proksi anda.
The Proxy Form must be deposited at the Registered Office of KPS at 16th Floor Plaza Perangsang, Persiaran Perbandaran, 40000 Shah Alam, 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 Kumpulan Perangsang Selangor Berhad, Tingkat 16, Plaza Perangsang, Persiaran Perbandaran, 40000 Shah Alam, 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
Tingkat 16, Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999 Fax: 03-5510 9977
fold here along dotted line/lipat di sini

and utility - Kumpulan Perangsang Selangor Berhad

Transcription

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