Ahli Lembaga Pengarah

Transcription

Contents / Isi Kandungan
02 ........................... Core Values / Nilai-Nilai Bersama
03 ........................... Vision & Mission Statement
Penyata Visi & Misi
04 ........................... Notice of the Adjourned
Tenth Annual General Meeting
Notis Mesyuarat Agung Tahunan
Tertangguh Kesepuluh
06 ........................... Corporate Information / Maklumat Korporat
07 ........................... Corporate Structure / Struktur Korporat
08 ........................... Milestones / Detik-Detik Kejayaan
13 ........................... Board of Directors / Ahli Lembaga Pengarah
23 ........................... Chairman’s Statement / Penyata Pengerusi
30 ........................... Review of Operations / Ulasan Operasi
37 ........................... Management Team / Pihak Pengurusan
44 ........................... Audit Committee Report
46 ........................... Statement of Corporate Governance
51 ........................... ARB’s Branch Network
52 ........................... Organisation Chart
53 ........................... Financial Highlights
55 ........................... Financial Statement
KNOWLEDGE
INTEGRITY
PRIDE
TEAMWORK
CUSTOMER
SERVICE
EXCELLENCE
VISION & MISSION STATEMENT / PENYATA VISI & MISI
CORE VALUES / NILAI - NILAI BERSAMA
Knowledge
Understand and be knowledgeable on Amanah Raya
Berhad’s products, services and other related fields in order
to achieve good results, effectively and efficiently.
Integrity
To uphold customers’ trust by discharging our duties fairly,
honestly and sincerely.
Vision
Visi
To be an institution of excellence in providing
Untuk
professional services in trust administration and legacy
menawarkan perkhidmatan profesional dalam bidang
management, meeting customers’ satisfaction with a
peramanahan dan pengurusan pewarisan yang
sense of social responsibility.
memenuhi kepuasan pelanggan dan tanggungjawab
terus
unggul
sebagai
institusi
yang
sosial.
Pride
Proud to be associated with Amanah Raya Berhad and its
products and services.
Teamwork
Collective effort to achieve Amanah Raya Berhad’s goals.
Mission
Misi
We at Amanah Raya Berhad endeavor towards the
Kami di Amanah Raya Berhad berusaha ke arah misi
following mission:
berikut:
•
•
other private trust companies.
Customer Service Excellence
To continuously deliver excellent customer service.
•
setanding dengan syarikat peramanahan swasta
To ensure the highest standards of service to all
our customers.
•
Memastikan tahap perkhidmatan terbaik dan
cemerlang kepada semua pelanggan.
•
To provide a cordial working environment for
efficient, well-trained, highly motivated and
Amanah
•
Mewujudkan suasana kerja yang mesra, warga
competent staff to carry out their duties in a timely
kerja yang cekap, terlatih, bersemangat tinggi dan
and professional manner.
berdaya
saing
semasa
melaksanakan
tanggungjawab secara profesional dan dalam
Menghargai kepercayaan pelanggan dengan menjalankan
tugas secara adil, jujur dan ikhlas.
•
Bangga
•
To strive to bring new products and services to suit
masa yang ditetapkan.
the ever-changing needs of our customers.
•
Berbangga bersama ARB dan produk serta perkhidmatannya.
Memastikan kecekapan dan keuntungan adalah
yang lain.
Ilmu
Mendalami ilmu berkaitan produk dan perkhidmatan dalam
bidang berkaitan untuk mendapatkan hasil yang cemerlang
secara cekap dan berkesan.
To ensure efficiency and profitability at par with
Berusaha untuk memperkenalkan produk dan
To strive towards strengthening the Company’s
perkhidmatan baru selaras dengan perubahan
capabilities and enhancing its image so as to
kehendak pelanggan kami.
maintain its position as the market leader in the
Kerja Berpasukan
Semua pihak menggembeling usaha untuk mencapai
matlamat Amanah Raya Berhad.
trust administration and legacy management
services.
•
Ke arah memantapkan keupayaan, meningkatkan
imej dan seterusnya mengekalkan kedudukan
sebagai
peneraju
dalam
pentadbiran
peramanahan dan pengurusan pewarisan.
Kecemerlangan Khidmat Pelanggan
Sentiasa menawarkan perkhidmatan yang berkualiti untuk
memenuhi kehendak pelanggan.
2
Annual Report Laporan Tahunan
2004
3
2004
NOTICE OF THE ADJOURNED TENTH ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Adjourned Tenth
DENGAN INI ADALAH DIBERITAHU bahawa Mesyuarat
Annual General Meeting of AMANAH RAYA BERHAD
Agung Tahunan Tertangguh Ke-Sepuluh AMANAH
will be held at the Board Room, Dewan Sri Mutiara, 5th
NOTIS MESYUARAT AGUNG TAHUNAN TERTANGGUH KESEPULUH
BY ORDER OF THE BOARD
DENGAN PERINTAH LEMBAGA PENGARAH
RAYA BERHAD akan diadakan di Bilik Mesyuarat
ZAINUL ABIDIN HAJI AHMAD (LS0008854)
ZAINUL ABIDIN HAJI AHMAD (LS0008854)
Floor, Wisma Amanah Raya Berhad, No. 15 Jalan Sri
Lembaga Pengarah Amanah Raya Berhad, Tingkat 5,
Company Secretary
Setiausaha Syarikat
Semantan 1, Off Jalan Semantan, 50508 Kuala Lumpur
Dewan Sri Mutiara, Wisma Amanah Raya Berhad, No.
on Tuesday, 26 July 2005 at 10.30am or any
15, Jalan Sri Semantan 1, Off Jalan Semantan, 50508
(8 July 2005)
(8 Julai 2005)
adjournment thereof to transact the following
Kuala Lumpur pada hari Selasa, 26 Julai 2005 jam 10.30
business:-
pagi
Note:
Perhatian:
1. A member of the Company entitled to attend and vote at this
1. Seorang ahli yang berhak menghadiri dan mengundi di Mesyuarat
Meeting is entitled to appoint a proxy to attend and vote in his stead.
adalah berhak melantik seorang proksi untuk hadir dan mengundi
dan
sebarang
penangguhannya
untuk
mempertimbangkan perkara-perkara berikut:
AGENDA
AGENDA
bagi pihaknya.
2. A proxy may but need not be a member of the Company, an
1. To receive and adopt the Statutory Financial
Statements of the Company and the Group for the
1. Menerima dan meluluskan Penyata Kewangan
financial year ended 31 December 2004 together
Berkanun Syarikat serta Kumpulan yang telah
with the Reports of the Directors and Auditors
diaudit bagi tahun kewangan berakhir 31 Disember
thereon.
2004
(Resolution 1)
serta
Laporan
Pengarah-Pengarah
dan
Laporan Juruaudit.
advocate, an approved Company auditor or a person approved by
the Registrar.
seorang yang diluluskan oleh Pendaftar Syarikat.
of the appointer or his/her attorney duly authorised in writing or, if
the appointor is a corporation, either under its common seal or under
the hand of an officer or attorney duly authorised.
2. Meluluskan kadar dividen akhir yang dikecualikan
cukai sebanyak 10% bagi tahun kewangan berakhir
(Resolution 2)
3. Suratcara pelantikan proksi mestilah ditandatangani oleh pelantik
atau wakilnya yang diberi kuasa secara bertulis. Sekiranya pelantik
adalah sebuah perbadanan, suratan pelantik proksi hendaklah
4. The instrument appointing a proxy must be deposited at the
2. To approve the declaration of a final tax exempt
December 2004.
Peguambela, seorang Juruaudit syarikat yang diluluskan mahupun
3. The instrument appointing a proxy shall be in writing under the hand
(Resolusi 1)
dividend of 10% for the financial year ended 31
2. Seorang proksi tidak semestinya seorang ahli Syarikat, seorang
registered office of the Company not less than 48 hours before the
disempurnakan di bawah meteri syarikat atau ditandatangani oleh
pegawai atau wakil yang diberi kuasa berbuat demikian.
time appointed for holding the Meeting.
4. Suratcara pelantikan proksi mestilah sampai kepada Setiausaha
Syarikat di Pejabat Berdaftar tidak kurang dari 48 jam sebelum masa
31 Disember 2004.
yang ditetapkan untuk mengadakan mesyuarat.
(Resolusi 2)
3. To approve the payment of Directors' fees and
remuneration for the financial year ended 31
December 2004.
3. Meluluskan bayaran yuran dan ganjaran PengarahPengarah bagi tahun kewangan berakhir 31
(Resolution 3)
Disember 2004.
(Resolusi 3)
4. To re-appoint Messrs. PricewaterhouseCoopers as
Auditors of the Company until the conclusion of the
4. Melantik semula Tetuan PricewaterhouseCoopers
next Annual General Meeting and to authorise the
sebagai
Board of Directors to fix their remuneration.
Mesyuarat Agung Tahunan yang akan datang dan
(Resolution 4)
Juruaudit
Syarikat
sehingga
tamat
memberi kuasa kepada Lembaga Pengarah untuk
menetapkan ganjaran mereka.
(Resolusi 4)
5. To transact any other ordinary business of which due
notice shall have been given in accordance with the
5. Membincangkan sebarang urusan biasa yang mana
notis yang sepatutnya telah diberikan menurut Akta
Companies Act, 1965.
(Resolution 5)
Syarikat, 1965.
(Resolusi 5)
4
2004
5
2004
CORPORATE INFORMATION / MAKLUMAT KORPORAT
CORPORATE STRUCTURE / STRUKTUR KORPORAT
ARB HARTANAH SDN BHD
(546094-U)
100%
Nature of Business:
Property Management
BOARD OF DIRECTORS
COMPANY SECRETARY
Y. Bhg. Dato' Haji Dusuki bin Haji Ahmad
Chairman
Independent Non-Executive Director
Encik Zainul Abidin bin Haji Ahmad
(LS0008854)
Encik Ahmad Rodzi bin Pawanteh
(Appointed w.e.f. 1 July 2004)
Managing Director
Independent Executive Director
Encik Mohamed Bazain bin Haji Idris
Non-Independent Non-Executive Director
Tuan Haji Ab Gani bin Haron
Y. Bhg. Datin Aminah binti Pit Abd Raman
Tuan Haji Ahmad Kamal bin Abdullah AI-Yafii
Tuan Haji Yaacob bin Hussin
(Resigned w.e.f. 10 June 2005)
Encik Shamsuddin bin Haji Tahir
(Appointed w.e.f. 13 July 2004)
Y. Bhg. Datuk Mohd Hashim Hassan
(Appointed w.e.f. 28 April 2005)
6
2004
AUDITORS
Messrs PricewaterhouseCoopers
Tingkat 11, Wisma Sime Darby
Jalan Raja Laut
50350 Kuala Lumpur
REGISTERED OFFICE
Amanah Raya Berhad
10th Floor, Wisma Amanah Raya Berhad
No. 15, Jalan Sri Semantan 1
Off Jalan Semantan
50508 Kuala Lumpur
Telephone No
Fax No
Website
: 603-2095 3232
: 603-2095 3311
: www.arb.com.my
Directors:
Hj Ab Gani Haron
Hj Ahmad Kamal Abdullah Al-Yafii
Ahmad Rodzi Pawanteh
Rafie Omar
AMANAH RAYA ASSET
MANAGEMENT SDN BHD
(532354-W)
100%
AMANAH RAYA NOMINEES
(TEMPATAN) SDN BHD
(434217-U)
100%
AMANAH RAYA
(LABUAN) LIMITED
(LL03749)
100%
Nature of Business:
Asset Management
(Shares, Bonds & Equities)
Nature of Business:
To act as nominee, agent or trustee
for Malaysian beneficial owners of
stocks, shares, bank debentures,
loan stocks and other securities
Nature of Business:
Custodian and Trust Services
(Offshore Company)
Directors:
Hj Ahmad Kamal Abdullah Al-Yafii
Dato’ Mohamed Adnan Ali
Sudirman Masduki
Dr Aziuddin Ahmad
Directors
Dato’ Hj Dusuki Hj Ahmad
Hj Ab Gani Haron
Hjh Habsah Bakar
Directors:
Datin Aminah Pit Abd Raman
Daud Tahir
AMANAH RAYA CAPITAL
SDN BHD
(540957-K)
100%
AMANAH RAYA NOMINEES
(ASING) SDN BHD
(634546-P)
100%
Nature of Business:
Corporate advisory /
finance services
Nature of Business:
To act as nominee, agent or trustee
for foreign beneficial owners of
stocks, shares, bank debentures,
loan stocks and other securities
Directors:
Dato’ Idrus Harun
Hj Ab Gani Haron
Datin Aminah Pit Abd Raman
Hjh Habsah Bakar
Directors:
Hj Ab Gani Haron
Hjh Habsah Bakar
PRINCIPAL BANKER
Malayan Banking Berhad
Ground Floor
Wisma PKNS
Jalan Raja Laut Tambahan
50350 Kuala Lumpur
7
2004
MILESTONES / DETIK-DETIK KEJAYAAN
MARKET DEVELOPMENT
1. Increase the level of cross-selling through re-branding
of selected branches as Estate Planning Centers (EPC)
10. Amanah Raya Labuan became the “custody” for
PEMBANGUNAN PASARAN
1. Peningkatan
penjualan
bersilang
melalui
agen penyelesaian dan pentadbir untuk 'Tabung
Warisan Mulia”.
11. Purchase of Wisma UEP building at a cost of RM35
Pusat Perancangan Harta Pusaka.
to a total of 69 funds against the 65 funds budgeted.
'Dana Afdaal Asia Pasifik' dan bertindak sebagai
agent and administrator for “Noble Heritage Fund”.
penjenamaan semula beberapa cawangan sebagai
million, with a projected return of 7% per year.
2. Aggressive marketing of the Corporate Trust
Department services securing 12 new funds in 2004
10. Amanah Raya Labuan menjadi 'pemegang' untuk
“Afdaal Asia Pacific Fund” and act as a settlement
11. Pembelian bangunan Wisma UEP dengan kos RM35
juta, dengan anggaran perolehan sebanyak 7%
2. Pemasaran agresif oleh Jabatan Perkhidmatan
Amanah Korporat yang memperolehi 12 dana baru
setahun.
ORGANISATIONAL
di tahun 2004, dengan jumlah keseluruhan 69 dana
3. Development of Waqf land in Kuala Lumpur as
berbanding 65 dana yang dibajetkan.
1. Increase the level of conversation and cross selling
approved by the Second Finance Minister via its letter
to the Minister in Prime Minister Department (Islamic
Affairs) dated 6 May 2004.
activities among all branches through the use of
3. Pembangunan tanah wakaf di Kuala Lumpur seperti
1. Peningkatan tahap interaksi dan aktiviti penjualan
appropriate systems and marketing materials.
yang diluluskan oleh Menteri Kewangan Kedua
melalui suratnya kepada Menteri di Jabatan Perdana
4. Collaboration in the promotion of ARB Wills Online
ORGANISASI
Menteri (Hal Ehwal Islam) bertarikh 6 Mei 2004.
with Maybank2U.
bersilang
2. Establishing and implementing a systematic work
process and appropriate measurement system
diantara
semua
cawangan
melalui
penggunaan sistem dan bahan-bahan pemasaran
yang bersesuaian.
through ISO 9001:2000.
4. Kerjasama
5. Strategic partnership between Amanah Raya Labuan
dengan
Maybank2U
dalam
mempromosikan ARB Wills Online.
3. Redevelopment of TIMS for effective executive
and Citigroup on custodial and trust services.
information dissemination, process automation and
5. Perkongsian strategik diantara Amanah Raya Labuan
6. Strategic partnership with Whitman Independent
Services Sdn Bhd on the distribution of ARB products
2. Mengadakan serta melaksana proses kerja yang
3. Pembangunan semula TIMS untuk penghebahan
4. Link with ALIS system used by Jabatan Pendaftaran
and services.
Negara
6. Perkongsian strategik dengan Whitman Independent
7. Strategic partnership with Takaful Ikhlas Sdn Bhd
(TISB), subsidiary of Malaysian National Reinsurance
(JPN)
for
speedy
information
and
EduCare, Wills and Estate Administration.
7. Perkongsian strategik dengan Takaful Ikhlas Sdn Bhd
8. Strategic partnership between Amanah Raya
Nominees and Citibank on cash management
(TISB), subsidiari Malaysian National Reinsurance
Berhad untuk Wasiat Ikhlas.
9. Strategic partnership with Malaysian Assurance
Alliance Berhad (MAA) on Amanah Trust.
strategik
diantara
Amanah
Raya
Nominees dan Citibank dalam Sistem Pengurusan
Tunai.
9. Perkongsian strategik dengan Malaysian Assurance
yang pantas dan dokumentasi bila berlakunya
kematian.
Executives (BDE).
8. Perkongsian
Jabatan Pendaftaran Negara (JPN) untuk maklumat
6. Specific initiatives by Sales Department to acquire at
least 10 partnership and 30 Business Development
system.
dan sentuhan elektronik.
4. Menghubungkan sistem ALIS, yang digunakan oleh
5. Focusing on the improvement of existing products i.e.
Berhad on Wasiat Ikhlas.
maklumat eksekutif yang efektif, proses automasi
documentation of dead occurrences.
Services Sdn Bhd dalam mengedarkan/ memasarkan
produk dan perkhidmatan ARB.
melalui ISO 9001:2000.
electronic touch points.
dan Citigroup dalam custodial dan perkhidmatan
amanah.
sistematik dan sistem penilaian yang bersesuaian
5. Memberi fokus untuk menambahbaikan produk
sediada seperti: EduCare, Wasiat dan Pentadbiran
Harta Pusaka.
7. Recognised as an approved financial institution for
the purpose of fund placement by government
6. Inisiatif khas oleh Jabatan Jualan untuk memperolehi
agencies through MOF’s approval letter dated 10 May
sekurang-kurangnya 10 rakan kongsi/ perkongsian
2004.
dan 30 Eksekutif Pembangunan Perniagaan.
Alliance Berhad (MAA) untuk Dana Amanah.
7. Diiktiraf sebagai Institusi Kewangan yang diluluskan
untuk Perletakan Dana oleh agensi kerajaan melalui
surat kelulusan Kementerian Kewangan bertarikh 10
Mei 2004.
8
2004
9
2004
MILESTONES / DETIK-DETIK KEJAYAAN
HUMAN CAPITAL
PEMBANGUNAN SUMBER MANUSIA
1. Improvement of customer satisfaction level through
1. Peningkatan tahap kepuasan pelanggan melalui
the introduction of Customer Service Unit (CSU) and
pengenalan/
penubuhan
Unit
Perkhidmatan
strengthening of market intelligence functions of
Pelanggan dan mengemaskini fungsi pasaran bijak
front-line department.
The Business Development
Jabatan Baris Depan. Unit Pembangunan Perniagaan
Unit has also been established at the Corporate Trust
juga telah ditubuhkan di Jabatan Amanah Korporat.
Department.
2. Melaksanakan inisiatif yang bersesuaian untuk
2. Implementation of appropriate initiatives to identify
mengenalpasti dan mengembangkan bakat.
and develop talent.
3. Hari Kakitangan ARB 2004 telah diadakan di Sunway
3. ARB Staff day 2004 held at Sunway Lagoon & Resort
Lagoon & Resort pada 21-23 Februari 2004.
from 21-23 February 2004.
KEWANGAN
FINANCIAL
1. Kelulusan untuk pengecualian cukai perkhidmatan
1. Approval for the service tax exemption for services
rendered by Amanah Raya Berhad related to Trust
activities.
implementation of cost benefit analysis (CBA)
framework.
aktiviti
amanah
yang
dilaksanakan oleh Amanah Raya Berhad.
rangkakerja Analisa Kelebihan Kos.
3. Penambahbaikan laporan kewangan dan analisa
fungsi.
3. Enhancement of the financial reporting and analysis
function.
perkhidmatan
2. Menyemai disiplin tinggi melalui pelaksanaan
2. Instilling greater financial discipline through the
10
untuk
2004
Batik History
Since the 16th century the art of batik has been documented in the
Malay Archipelago, and particularly in Java the art was developed
to a very high standard. (See Design traditions: the Javanese
heritage) When the Javanese invented the canting, a small utensil
for tracing lines with wax, they managed to create the finest
Board of Directors
Ahli Lembaga Pengarah
handdrawn textiles called tulis (tulis translates directly to write).
12
2004
13
2004
BOARD OF DIRECTORS / AHLI LEMBAGA PENGARAH
Y. Bhg. Dato' Haji Dusuki bin Haji Ahmad holds a Masters
Encik Ahmad Rodzi bin Pawanteh holds an MBA (General
of Arts in Syariah from AI-Azhar University of Cairo,
Management) from Southern Cross University, Australia, MBA
Egypt. He was a Director of Yayasan Dakwah Islamiah
Malaysia (YADIM) from June 1975 to May 1982 and
Member of the Advisory Council for Religious Education
(Banking & Finance) from University of Hull, United Kingdom. He
graduated from the University of Malaya with a Bachelor of
Economics-Accounting and also from the University of
Wolverhampton United Kingdom with a Bachelor of Laws.
Affairs to the Minister of Education from October 1974
to 1978. He was the Parliamentary Secretary of the
En. Ahmad Rodzi was a Director of KUB Malaysia Berhad
Regional and Land Development from July 1984 to
(KUBM) and Executive Director of its Food & Beverage sector,
August 1986 and Parliamentary Secretary of the Ministry
of Information from August 1986 to November 1990.
where his principal responsibility is to restructure and manage
the A&W Group in Malaysia and Thailand and Hotel
Singgahsana Petaling Jaya, which has since turned around under
From June 2000 to October 2003, he was the Political
his stewardship. He is also directly responsible for the
Secretary to the Prime Minister.
development of KUB Power Sdn. Bhd., a wholly owned
subsidiary of KUBM.
Bhg. Dato' Haji Dusuki bin Haji Ahmad is a Member of
the Syariah Advisory Council. He also acts as the
Chairman for Amanah Raya Nominees (Tempatan) Sdn
Bhd (ARN(T)) and Amanah Raya Capital Sdn Bhd (ARC).
Prior to joining KUBM, En. Ahmad Rodzi was an entrepreneur
who is highly familiar with the power, food service and
pharmaceutical industries. Earlier in his career, he had also
worked in international financial institutions such as Bank of
America and Amanah-Chase Merchant Bank and an attachment
Y. Bhg. Dato’ Haji Dusuki bin Haji Ahmad berkelulusan
Sarjana Sastera (Syariah) dari Universiti Al-Azhar,
Y. BHG. DATO' HAJI DUSUKI BIN HAJI AHMAD
Appointed as Chairman since 29 December 2003
with National Westminster Bank PLC, London.
He is the Chairman of the Quotation and Executive Committees
Kaherah, Mesir. Beliau menyandang jawatan Pengarah
and Member of the Investment, Tender and Law Review
Yayasan Dakwah Islamiah Malaysia (YADIM) dari Jun
Committees. He sits in the Board of ARB Hartanah Sdn Bhd
1975 hingga Mei 1982 dan menjadi Ahli Majlis Penasihat
(ARBH), Amanah Raya Capital Sdn Bhd (ARC) and Amanah Raya
bagi Hal-Ehwal Pendidikan Agama kepada Menteri
Nominees (Tempatan) Sdn Bhd (ARN(T)). He is a member of the
Pendidikan dari Oktober 1974 hingga 1978. Beliau juga
Chartered Institute of Marketing, UK and a Member of the
ENCIK AHMAD RODZI BIN PAWANTEH
Malaysian Institute of Management.
Appointed as Managing Director since 1 July 2004
berkhidmat
sebagai
Setiausaha
Parlimen
bagi
Kementerian Wilayah Pembangunan Tanah dari Julai
En. Ahmad Rodzi bin Pawanteh, berkelulusan Sarjana
Sebelum menganggotai KUBM, En. Ahmad Rodzi adalah
1984 hingga Ogos 1986 dan Setiausaha Parlimen bagi
Perniagaan (Pentadbiran Am) Southern Cross University,
seorang usahawan yang mempunyai pengalaman luas dalam
Australia, Sarjana Perniagaan (Perbankan dan Kewangan)
industri tenaga, perkhidmatan makanan dan farmaseutikal.
University of Hull, United Kingdom. Beliau telah memperoleh
Diawal kariernya, beliau telah berkhidmat dengan institusi
Sarjana Muda Ekonomi - Perakaunan dari Universiti Malaya serta
kewangan antarabangsa seperti Bank of America dan Amanah-
beliau menyandang jawatan Setiausaha Politik kepada
Ijazah Undang-undang dari University Wolverhampton United
Chase Merchant Bank serta di National Westminster Bank PLC,
Perdana Menteri.
Kingdom.
London.
Y. Bhg. Dato’ Haji Dusuki bin Haji Ahmad adalah Ahli
En. Ahmad Rodzi adalah bekas Pengarah KUB Malaysia Berhad
Beliau adalah Pengerusi Jawatankuasa Eksekutif dan Sebutharga
(KUBM) and Pengarah Eksekutif, Sektor Makanan & Minuman,
serta Ahli Jawatankuasa Pelaburan, Tender dan Kajian Undang-
Kementerian Penerangan dari Ogos 1986 hingga
November 1990. Dari Jun 2000 hingga Oktober 2003
Majlis Pengawasan Syariah. Beliau juga adalah Pengerusi
untuk Amanah Raya Nominees (Tempatan) Sdn Bhd
(ARN(T)) dan Amanah Raya Capital Sdn Bhd (ARC).
dengan tanggungjawab utamanya mengstrukturkan semula
Undang. Beliau juga adalah Ahli Lembaga ARB Hartanah Sdn
serta mengurus Kumpulan A&W di Malaysia dan Thailand serta
Bhd (ARBH), Amanah Raya Capital Sdn Bhd (ARC) dan Amanah
Hotel Singgahsana di Petaling Jaya, yang telah menampakkan
Raya Nominees (Tempatan) Sdn Bhd (ARN(T)). Beliau adalah Ahli
peningkatan
di
bawah
kepimpinannya.
Beliau
turut
bertanggungjawab secara langsung dalam pembangunan KUB
Chartered Institute of Marketing, UK dan Ahli Institut
Pengurusan Malaysia.
Power Sdn Bhd, anak syarikat milik penuh KUBM.
14
2004
15
2004
Encik Mohamed Bazain bin Haji Idris is the Chairman of Law
Review and Member of Tender Committees.
He is a Barrister-at-law from Inner Temple, London,
England. He has vast experience in legal matters and is
currently the State Attorney General for Sabah.
Tuan Haji Ab Gani bin Haron graduated from University of
Malaya with a Degree in Bachelor of Economics with
Honours. His first appointment in the Government service
was as an Accountant at the Unclaimed Moneys
Department in 1977. He has worked in various government
departments such as Accountant General, Sabah State
Treasury and he is currently the Deputy Accountant General
Encik Mohamed Bazain bin Haji Idris merupakan Pengerusi
(Corporate), Accountant General Department of Malaysia
bagi Jawatankuasa Pengawasan Undang-Undang dan Ahli
(JANM).
Jawatankuasa Tender.
He represents ARB's main shareholder i.e. The Ministry of
Beliau adalah seorang Barrister at Law dari Inner Temple,
Finance (Incorporated) (MOF). He is the Chairman for
London, England.
(ARBH) and sits as Board Members to (ARC) and (ARN(T)).
Beliau mempunyai pengalaman yang
luas dalam bidang undang-undang dan buat masa kini
beliau menyandang jawatan sebagai Peguam Besar Negeri
ENCIK MOHAMED BAZAIN BIN HAJI IDRIS
Tuan Haji Ab Gani bin Haron merupakan graduan Universiti
Sabah.
Malaya berkelulusan Ijazah Kepujian dalam Sarjana Muda
Appointed as Non-Independent Non-Executive
Director since 24 January 1996
He is an ardent politician and has held various duties in
UMNO including as the UMNO Youth Head for the district
of Pendang from 1993 until 1995. He is the Chairman of
various organizations including Majlis Belia Daerah
Pendang. Presently, he serves as Pendang’s UMNO Deputy
Ekonomi. Jawatan pertama beliau didalam perkhidmatan
TUAN HAJI AB GANI BIN HARON
kerajaan adalah sebagai Akauntan di Jabatan Wang Yang
Tak Dituntut pada tahun 1977. Beliau telah berkhidmat di
Director since 17 January 2002
beberapa buah Jabatan Kerajaan seperti Jabatan Akauntan
Negara, Perbendaharaan Negeri Sabah dan ketika ini beliau
menyandang jawatan sebagai Timbalan Akauntan Negara
(Korporat), Jabatan Akauntan Negara Malaysia.
Chief.
Beliau mewakili pemegang saham utama ARB iaitu
Encik Shamsuddin bin Haji Tahir merupakan ahli politik
yang aktif dan telah menyandang pelbagai jawatan di
dalam UMNO diantaranya sebagai Ketua Pemuda UMNO
Kementerian
Kewangan
(Diperbadankan)
sebagai
Pengerusi ARBH dan Ahli Lembaga Pengarah ARC dan
(ARN(T)).
bagi daerah Pendang dari tahun 1993 hingga 1995. Beliau
juga merupakan Pengerusi bagi pelbagai organisasi
termasuk Majlis Belia Daerah Pendang.
Pada masa ini,
beliau menjawat jawatan sebagai Pemangku Ketua UMNO
bahagian Pendang.
ENCIK SHAMSUDDIN BIN HAJI TAHIR
Appointed as an Independent Non-Executive
Director since 13 July 2004
16
2004
17
2004
He is member of ARB’s Investment and Audit
Committee. He is the Chairman for Amanah Raya Asset
Management Sdn Bhd (ARAM) and sits as Board
Member to (ARBH).
Haji Ahmad Kamal bin Abdullah Al-Yafii merupakan ahli
Jawatankuasa Pelaburan dan Audit. Beliau merupakan
Pengerusi bagi Amanah Raya Asset Management Sdn
Bhd (ARAM) dan Ahli Lembaga Pengarah ARBH.
Sebagai seorang Akauntan Bertauliah (Chartered
Accountant), beliau mempunyai pengalaman lebih dari
42 tahun dalam bidang perakaunan, perunding
pengurusan
dan
pernah
menyandang
jawatan
pengurusan kanan dalam syarikat awam tempatan dan
multi nasional yang tersenarai di Bursa Malaysia. Beliau
juga merupakan seorang Ahli Institut Akauntan
TUAN HAJI AHMAD KAMAL BIN
ABDULLAH AI-YAFII
Bertauliah (Fellow of the Institute of Chartered
Accountants).
Director since 1 August 2002
Haji Ahmad Kamal Abdullah AI-Yafii is a Chartered
Adjung (Adjunct Professor).
Accountant by training, with more than 42 years
merupakan rakan kongsi di firma Akauntan Hanafiah,
experience in accounting and management consulting.
Raslan & Mohamed dari tahun 1970 hingga 1999. Dari
He held senior managerial positions in local and
tahun 1968 hingga 1970 beliau memegang jawatan
multinational public listed companies. He is a Fellow of
Pegawai Kewangan di Malayawata Steel Berhad. Ketika
Upon retirement in 1999, he joined Northern University
of Malaysia as an Adjunct Professor. Previously, he was a
Partner of Hanafiah, Raslan & Mohamed, an accounting
firm from 1970 -1999 and was a Financial Controller
with Malayawata Steel Berhad from 1968 -1970.
Currently, he holds several directorships in public listed
companies amongst others at Chase Perdana Group, Sit
Tatt Group, and BSNC Corporation Berhad.
18
2004
In the government sector, she served as Director of the
Planning and Development Division for the Ministry of
Domestic Trade and Consumer Affairs in 1991, where
she was directly involved in corporate planning at the
ministerial level. She also served as the Deputy Director
of Administration at the University Hospital Kuala
Lumpur in 1986. She graduated with a Bachelor of
Economics with Honours from Monash University,
Melbourne, Australia in 1971, and completed her
Diploma in Business Studies from the London School of
Economics, London, UK in 1985.
Selepas bersara pada tahun 1999, beliau berkhidmat
dengan Universiti Utara Malaysia sebagai Professor
the Institute of Chartered Accountants.
Datin Aminah Pit Abd Raman has amassed diverse
experience in entrepreneurship as well as corporate and
government sectors, making her a valuable resource for
ARB. Presently, she is a businesswoman. Prior to that,
she was attached to Hong Leong Bank Berhad from
1995 to March 2002 as General Manager, Economics
and Islamic Banking Division. Apart from advising senior
management on regional and global issues, she worked
extensively in corporate banking and finance. She began
her career as Administrative and Diplomatic Officer in
1972 and served the government for 23 years.
Sebelum itu beliau
ini beliau merupakan Pengarah bagi Chase Perdana
Berhad, Sit Tatt Group, dan BSNC Corporation Berhad.
She is presently the Chairperson of ARB’s Investment
Committees and a Member of the Personnel and Audit
Committees. She is also the Chairperson for Amanah
Raya (Labuan) Limited (ARL Ltd) and sits as Board
Members of ARC.
Datin Aminah Pit Abd Raman merupakan merupakan
seorang ahli perniagaan yang memiliki pengalaman luas
yang ditimba melalui perkhidmatan beliau di dalam
sektor kerajaan dan korporat menjadikan beliau aset
yang amat berharga kepada ARB. Sebelum
menceburkan diri dalam dunia perniagaan, beliau
bekerja di Hong Leong Bank Berhad dari tahun 1995
hingga Mac 2002 sebagai Pengurus Besar, Bahagian
Ekonomi dan Perbankan Islam di mana beliau berkerja
keras memperluaskan bidang perbankan korporat dan
kewangan. Beliau memulakan kerjaya sebagai Pegawai
Pentadbir dan Diplomatik pada tahun 1972 dan
berkhidmat dengan Kerajaan selama 23 tahun.
Y. BHG. DATIN AMINAH BINTI
PIT ABD RAMAN
Director since 1 August 2002
Di dalam sektor Kerajaan, beliau telah berkhidmat
sebagai Pengarah di Bahagian Perancangan dan
Pembangunan, Kementerian Perdagangan Dalam
Negeri dan Hal Ehwal Pengguna pada tahun 1991
dimana beliau terlibat di Bahagian Perancangan
Korporat di peringkat Kementerian. Beliau juga telah
berkhidmat sebagai Timbalan Pengarah Pentadbiran di
Hospital Universiti Kuala Lumpur pada tahun 1986.
Datin Aminah berkelulusan Ijazah Ekonomi dengan
Kepujian dari Universiti Monash, Melbourne, Australia
pada tahun 1971 dan telah menamatkan Diploma
dalam bidang Pengajian Perniagaan (Business Studies) di
London School of Economics, London UK pada tahun
1985.
Beliau kini menjadi Pengerusi Jawatankuasa Pelaburan
dan Ahli Jawatankuasa Personel dan Audit. Beliau juga
merupakan Pengerusi bagi Amanah Raya (Labuan)
Limited (ARL Ltd) dan Ahli Lembaga Pengarah ARC.
19
2004
Tuan Haji Yaacob bin Hussin graduated from City University
Washington, USA with an MBA and holds a BA with
Honours from University of Malaya. He has served in
government departments for about 3 decades and has
amassed diverse experience from the various government
departments and statutory bodies. He began his career in
1974 as the Assistant Director for the Land and Mines
Department of Federal Territory at the Prime Ministers'
Department. Presently, he is the Director-General of the
Legal Affairs Division at the Prime Minister's Department.
He is presently Chairman of the Personnel and Member of
the Audit and Law Review Committees.
Tuan Haji Yaacob bin Hussin berkelulusan Sarjana
Perniagaan dan Pengurusan (MBA) dari Universiti City,
Washington, USA dan Ijazah Kepujian Sarjana Muda
TUAN HAJI YAACOB BIN HUSSIN
Director since 20 August 2003 and resigned on
10 June 2005
Datuk Mohd Hashim Hassan, obtained his MBA from Ohio
University USA, as well as an M.SC (Food Science) from
Michigan State University, USA and a B. Agri. Sci. from
University Malaya.
He has held various key positions throughout a career
spanning almost 33 years in the government, semigovernment and private sectors. He was Chief Executive
Officer, Kedah State Development Corporation from 1993
until 1996, Managing Director, Kulim Technology Park
Corporation from 1994 until 1996, Executive Chairman,
Bina Darulaman Berhad from 1994 until 1997 and
Director/Chief Executive Officer, Putrajaya Holdings Sdn
Bhd from 1996 until 2002 and Deputy Chairman, KUB
Malaysia Berhad.
He is presently the Chairman of Padiberas Nasional Berhad,
Director of Bank Kerjasama Rakyat (M) Berhad and Director
of Lebar Daun Berhad.
Y. BHG DATUK MOHD HASHIM HASSAN
Sastera dari Universiti Malaya. Beliau telah berkhidmat
dengan beberapa Jabatan Kerajaan selama lebih kurang 3
dekad dan telah menimba banyak pengalaman daripada
pelbagai Jabatan Kerajaan dan badan-badan berkanun.
Beliau memulakan kerjayanya pada tahun 1974 sebagai
Penolong Pengarah, Jabatan Tanah dan Galian, Wilayah
Persekutuan di Jabatan Perdana Menteri. Ketika ini beliau
menyandang jawatan sebagai Ketua Pengarah, Bahagian
Hal Ehwal Undang-Undang di Jabatan Perdana Menteri.
Beliau kini merupakan Pengerusi bagi Jawatankuasa
Personel dan Ahli Jawatankuasa Audit dan Pengawasan
Undang-Undang.
Datuk Mohd Hashim Hassan memperolehi Sarjana
Pengurusan Perniagaan daripada Ohio University USA, serta
Sarjana Sains (Sains Makanan) daripada Michingan State
University, USA and Sarjana Muda Sains Pertanian daripada
Universiti Malaya.
Director since 28 April 2005
Beliau telah memegang beberapa jawatan utama
sepanjang 33 tahun kerjayanya dalam Kerajaan, agensi
Kerajaan dan swasta. Antara jawatan utama yang
disandang beliau termasuklah Ketua Pegawai Eksekutif,
Perbadanan Kemajuan Negeri Kedah dari tahun 1993
hingga 1996, Pengarah Urusan, Perbadanan Taman
Teknologi Kulim dari tahun 1994 hingga 1997 dan
Pengarah/ Ketua Pegawai Eksekutif, Putrajaya Holdings dari
tahun 1996 hingga 2002 dan Timbalan Pengerusi KUB
Malaysia Berhad.
Beliau kini adalah Pengerusi Padiberas Nasional Berhad,
Pengarah Bank Kerjasama Rakyat (M) Berhad dan Pengarah
Lebar Daun Berhad.
20
2004
21
2004
Batik Word
The word batik is of Indonesian origin, and is related to a
Malay word for dot or point, "titik" and the Javanese
word "amba", meaning ”to write”.
22
2004
Chairman’s Statement
Penyata Pengerusi
23
2004
CHAIRMAN’S STATEMENT / PENYATA PENGERUSI
FINANCIAL PERFORMANCE
PRESTASI KEWANGAN
The Group recorded more than 36% growth in revenue
Kumpulan telah merekodkan lebih daripada 36%
for the year ended 31 December 2004. The revenue
pertumbuhan bagi tahun berakhir 31 Disember 2004.
stood at RM36.56 million compared to RM26.87 million
Keuntungan berjumlah RM36.56 juta berbanding
recorded in 2003. Profit before tax increased to RM3.09
kepada RM26.87 juta yang direkodkan pada tahun
million against RM1.92 million in 2003, representing an
2003. Keuntungan sebelum cukai meningkat kepada
increase of 61%.
RM3.09 juta berbanding RM1.92 juta di tahun 2003,
yang mewakili pertambahan sebanyak 61%.
This can be attributed to, amongst others, more
aggressive and cohesive marketing strategies and our
focus on reducing operational costs and strengthening
revenue lines.
Peningkatan ini direalisasikan berdasarkan kepada
strategi agresif pemasaran bersepadu serta fokus dalam
mengurangkan kos operasi serta memperkuatkan
sumber pendapatan.
Of the four revenue lines, Estate Administration
Diantara empat (4) sumber pendapatan, Pentadbiran
recorded the highest profit at RM11.04 million, a 16%
Harta mencatatkan untung yang paling tinggi iaitu
increase from the RM9.5 million recorded in 2003.
RM11.04 juta, peningkatan sebanyak 16% dari RM9.4
juta yang direkodkan pada tahun 2003.
The other three revenue lines also attained significant
growth with Trust Operation recording RM9.78 million,
Manakalan tiga (3) sumber pendapatan lain turut
Corporate Trust (unit trust), RM8.13 million and
mencapai peningkatan yang
Management Fee, RM6.37 million profit. A total of
dengan Operasi Amanah mencatatkan RM9.78 juta,
RM24.28 million were generated from these income
Amanah Korporat (Dana Amanah), RM8.13 juta dan
lines, representing an increase of 45.8% compared to
Yuran Pentadbiran, mencatat keuntungan RM6.37 juta.
RM16.65 million recorded in 2003.
Sejumlah RM24.28 juta telah dihasilkan melalui
memberangsangkan
pendapatan melalui sumber-sumber pendapatan ini
Reduction in operational expenditure and improvement
Dear Shareholders,
On behalf of the Board of
Directors, I am pleased to present
the Annual Report and Audited
Financial Statements of your
company, Amanah Raya Berhad
(ARB) for the financial year ended
31 December 2004.
Y.Bhg. Dato’ Haji Dusuki bin Haji Ahmad
Chairman of Amanah Raya Berhad
in risk management by way of mid-course financial
check strengthened revenue lines. This has mitigated
any likely occurrence of the revenue lines falling below
expected levels. It also resulted in change and
improvement in certain less-than-efficient processes.
yang mewakili peningkatan sebanyak RM45.8%
berbanding kepada RM16.65 juta yang direkodkan
pada tahun 2003.
Penurunan
dalam
penambahbaikan
pemeriksaan
perbelanjaan
pengurusan
mid-course
operasi
risiko
kewangan
dan
melalui
telah
mengukuhkan sumber-sumber pendapatan. Ini telah
mengurangkan
kemungkinan
sumber-sumber
pendapatan jatuh ke bawah aras yang dijangkakan.
Selaras
dengan
itu,
ianya
telah
menghasilkan
perubahan dan peningkatan dalam beberapa proses
yang tidak efisyien.
25
2004
Aggressive
marketing
strategies
and
cohesive
Strategi pemasaran yang agresif dan bersepadu di
garnering greater penetration in the domestic market,
mudah didatangi
marketing effort group wide saw ARB strengthening
peringkat kumpulan berjaya memperkuatkan serta
enhancing process efficiency as well as effective
dalam pasaran tempatan secara meluas, meningkatkan
and expanding both its retail and institutional market.
mengembangkan ARB di pasaran runcit dan institusi.
information management became the main focus for
proses secara efisyen serta pengurusan maklumat
In the retail sector, there are a total of 47,644 active
Dalam pasaran runcit, sejumlah 47,644 akaun amanah
the year.
secara efektif.
trust accounts under ARB’s administration and
yang aktif di bawah pentadbiran dan pengurusan ARB,
management, with a total value of RM1.7 billion
dengan jumlah nilai sebanyak RM1.7 bilion berbanding
In terms of accessibility, ARB is well supported by more
ARB disokong oleh 20 cawangan yang terletak di
compared to 44,401 accounts valued at RM1.2 billion
sebelumnya.
in the previous year.
In the institutional market, for the period under review,
net
asset
size
44,401 akaun bernilai RM1.2 bilion pada tahun
under
ARB’s
trusteeship
and
custodianship has recorded strong growth, from RM66
country. Additionally, we have gone one step ahead by
Dalam pasaran institusi pula, dalam tempoh yang dikaji,
saiz aset di bawah ARB trusteeship dan custodianship
telah
than 20 branches located in major towns around the
mencatakan
pertumbuhan
yang
amat
menggalakkan, dari RM66 bilion kepada RM81 bilion.
proposing for legislative changes with respect to Estate
Administration clauses in the state of Sabah and
Sarawak, the two markets which have relatively low
market penetration.
serta mendapatkan penerobosan
bandar-bandar utama seluruh negara. Disamping itu,
kita juga telah mencadangkan satu perubahan dalam
perundangan berkaitan dengan Klausa Pentadbiran
Harta Pusaka Sabah dan Sarawak, dimana penerobosan
pasaranya masih lagi rendah.
Unit Perkhidmatan Pelanggan telah ditubuhkan selaras
billion to RM81 billion. This is attributed by the increase
Peningkatan ini hasil dari peningkatan mandat dalam
of mandates in the custody and trustee work for 68 unit
kerja-kerja custody dan trustee untuk 68 dana amanah
Believing that customer service will provide ARB the
akan
trust funds with net asset value of RM59 billion and 16
dengan nilai aset berjumlah RM59 bilion dan 16 isu bon
competitive edge, the Customer Service Unit (CSU) has
ditubuhkan bagi meningkatkan keupayaan kecerdasan
bond issues worth RM22 billion.
berjumlah RM22 bilion.
been established to enhance our market intelligence
pasaran dan menambahbaikan perkhidmatan hadapan
capability and improve our front line services. A master
kita. Satu pelan utama untuk pengambilan kakitangan
plan for recruitment and training strategy was
dan strategi latihan telah diadakan bagi memastikan
formulated to ensure effective implementation of
perlaksanaan yang efektif untuk inisiatif perkhidmatan
corporate wide customer service initiatives. Moreover,
pelanggan korporat secara keseluruhan. Ini ditambah
DIVIDEND
DIVIDEN
dengan kepercayaan bahawa perkhidmatan pelanggan
memberi
kelebihan
kepada
ARB.
Ianya
The directors recommended a final dividend of 10% in
Pengarah mencadangkan dividen akhir sebanyak 10%
through
ISO9001-2000
dengan perlaksanaan inisiatif ISO9001-2000, proses
respect of the financial year ended 31 December 2004,
untuk tahun berakhir 31 Disember 2004, dengan
initiative, the existing work process and system will be
kerja yang ada sekarang dan sistem sediada akan
subject to the approval of members at the forthcoming
mendapat kelulusan ahli dalam Mesyuarat Agong
enhanced,
adjourned Annual General Meeting (AGM).
Tahunan yang akan datang.
integrated.
the
commencement
effectively
of
measured
and
seamlessly
To improve information management, we initiated the
CORPORATE DEVELOPMENT
PEMBANGUNAN KORPORAT
Trust Information Management System (TIMS). Once
implemented, TIMS will facilitate process automation
ditambahbaikkan, dinilai secara efektif dan amnya akan
diintegrasikan.
Bagi meningkatkan pengurusan maklumat, kita telah
memulakan inisiatif Trust Information Management
System (TIMS). Apabila dilaksanakan, TIMS akan
membantu proses automasi dan menghasilkan proses
Rising from challenges of 2003, and following from
Bangkit dari cabaran 2003 serta meneruskan inisiatif
and create electronic touch points for processes
past year’s initiatives to enhance the Group’s strategic
untuk menguatkan keupayaan strategi kumpulan, di
involved in the administration of deceased estates as
pusaka simati serta mengadakan dan mentadbir akaun
capabilities, in 2004, we implemented several key
dalam tahun 2004, kita telah melaksanakan beberapa
well as creation and administration of trust accounts.
amanah.
strategic projects in further expanding the Group’s
projek
strengths and potentials. Creating accessibility and
perkembangan keutuhan dan potensi kumpulan.
startegi
utama
dalam
secara elektronik yang terlibat seperti pentadbiran harta
mamastikan
Fokus utama tahunan adalah untuk mewujudkan
“ARB will continue to serve the needs our customers and remain ‘your
friend in trust’ and we will continue to add value to our shareholders
by expanding profitability and minimising operational costs”
26
2004
27
2004
CORPORATE GOVERNANCE
URUS TADBIR KORPORAT
The ARB Group will explore strategic partnerships to
Kumpulan ARB akan mencari perkongsian strategik
broaden access and distribution channels of our
bagi meluaskan akses dan saluran pengagihan produk
The Board continuously endeavour to enhance
Pihak Lembaga Pengarah sentiasa berusaha untuk
products and services as we continue to provide the
dan perkhidmatan disamping terus menyediakan
shareholder and stakeholder value creation and
meningkatkan
investing public with an alternative investment options
masyarakat pelabur dengan opysen pelaburan alternatif
maximise profitability. The Board recognizes the value of
memaksimunkan
through trust services.
melalui pekhidmatan amanah.
a healthy corporate governance environment and
Pengarah menghargai suasana nilai urus tadbir yang
believes in continuously raising the standard of
sihat dan percaya serta sentiasa berusaha untuk
transparency and disclosure.
meningkatkan standard ketulusan dan pendedahan.
nilai
pemegang
saham
keuntungan.
Pihak
dengan
Lembaga
I would like to take this opportunity to thank the Board
for their sound guidance and leadership in keeping the
Management and company on its course. To the
The Board remains committed in complying with the
codes and conduct prescribed under the Malaysian
Code of Corporate Governance 2000 whilst strictly
observing and adhering to the provisions set under the
relevant laws i.e. Public Trust Corporation Act 1995 and
Pihak Lembaga Pengarah akan terus komited dalam
mematuhi kod dan peraturan dalam Kod Urus Tadbir
Korporat Malaysia 2000, disamping mematuhi dan
mengikut peraturan yang telah ditetapkan di bawah
undang-undang berkaitan seperti Akta Syarikat
Amanah Awan 1995 dan Akta Amanah 1949.
management and staff of ARB, thank you for your
commitment, perseverance and hard work in achieving
the positive and progressive results chartered in 2004.
Saya
ingin
mengambil
kesempatan
ini
untuk
mengucapkan terima kasih kepada ahli lembaga
pengarah atas bimbingan dan kepimpinan mereka
dalam membawa pengurusan di landasan yang
sepatutnya. Kepada pengurusan dan kakitangan ARB,
terima kasih atas komitmen, kesungguhan dan kerja
kuat bagi mencapai keputusan yang positif dan
To all our shareholders, we invite you to grow and
progresif di tahun 2004.
progress with the ARB Group.
saham, kami menjemput anda semua untuk bersama
Trustee Act 1949.
Kepada semua pemegang
maju dan berkembang dengan Kumpulan ARB.
Sincerly,
ARAH TUJU DAN PROSPEK
PROSPECTS AND DIRECTION
Yang benar,
Dengan wujudnya cabaran di tahun 2005, kumpulan
With the prevailing challenges in 2005, the Group is
menjangkakan akan menghadapi cabaran daripada
expected to continue to face intense competition from
syarikat amanah yang mungkin boleh memberi kesan
private trustees which may cause negative impact on
negatif kepada jumlah pasaran kita.
Dato’ Haji Dusuki bin Haji Ahmad
Chairman
our market share.
Fokus kumpulan adalan untuk memperkukuhkan
The Group will focus on enhancing our customer
perkhidmatan pelanggan, membina penjenamaan yang
service, build a stronger brand and create a more
kuat
serta
memastikan
kehadiran
prominent presence for ARB in fending domestic
menghalang
persaingan
domestik,
competition and in expanding our interest in the
memperluaskan pasaran kita.
ARB
Pengerusi
bagi
disamping
market.
Dalam membina jenama yang kuat dan menjadi sebuah
In building a stronger brand and a more resilient
company, we will continue to focus on improving
operational efficiency, enhancing productivity, grow
profitability
through
business
expansion
and
diversification and improve customer service orientation
syarikat bersemangat, kita akan sentiasa focus dalam
menambahbaikan
operasi
secara
efisyen,
meningkatkan produktiviti, menghasilkan keuntungan
melalui perluasan perniagaan serta kepelbagaian dab
meningkatkan orientasi perkhidmatan pelanggan di
seluruh kumpulan.
throughout the Group.
28
2004
29
2004
REVIEW OF OPERATIONS / ULASAN OPERASI
OVERVIEW
PENDAHULUAN
Dear Shareholders,
Para Pemegang Saham,
The growth in revenue for ARB Group in 2004 is
encouraging. Our aggressive marketing strategies
have resulted in the increased number and value
of trust accounts under our administration.
However, maintaining ARB’s position as Malaysia’s
premier trust institution is becoming even more
challenging with the increased market
competition in product expansion and
diversification. To mitigate this and sustain market
share, ARB continued with its two-prong
approach – to reduce operational costs and
expand and enhance products and services.
Peningkatan perolehan kumpulan ARB di tahun
2004 amat menggalakkan. Strategi pemasaran
yang agresif telah meningkatkan jumlah dan nilai
akaun amanah di bawah pentadbiran kita.
Walaubagaimanapun, untuk mengekalkan posisi
ARB sebagai institusi amanah ulung Malaysia lebih
mencabar dengan peningkatan persaingan dalam
perluasan dan kepelbagaian produk.
Dalam
menengangi dan mengekalkan pasaran, ARB akan
terus dengan strategi serampang dua mata mengurangkan kos operasi dan menambahbaikkan
produk dan perkhidmatannya.
In living up to the Group promise to be ‘Your
friend in trust’, we strengthened our market
infrastructure, reorganised our human capital,
embarked on strategic partnerships and enhanced
our focus on customer service and customer
relationship management.
Bagi memastikan kumpulan seiring dengan janji
untuk "Kawan Amanah Anda", kita telah
memperkukuhkan
infrastruktur
pasaran,
menyusun semula sumber manusia, memulakan
perkongsian strategik serta menekankan fokus
kepada perkhidmatan pelanggan dan pengurusan
perhubungan pelanggan.
CORPORATE REORGANISATION
Internal restructuring and consolidation of functions
PENGORGANISASIAN SEMULA KORPORAT
was one of the key strategic initiatives undertaken by
“ With strengthened infrastructure and human capital, the Group focused on product
enhancement and customer service and through strategic partnerships, enhance
access and expand our reach.”
the Group in 2004. The Product Development Division
Pengstrukturan semula dalaman dan penggabungan
and Marketing Communications was reorganized to
fungsi adalah merupakan salah satu inisiatif strategi
streamline core functions as well as to enhance focus
utama yang telah dilaksanakan oleh kumpulan di tahun
on areas to be developed. The Group’s focus on market
2004. Bahagian Pembangunan Produk dan Komunikasi
development and marketing was intensified and
Pasaran telah disusun semula bagi memperkemaskan
consolidated with the creation of Market Development
fungsi utama disamping meningkatkan fokus terhadap
Division.
Managing Director / CEO
Encik Ahmad Rodzi Bin Pawanteh
31
2004
In streamlining customer support and front-line
peranan yang perlu dibangunkan.
services, we implemented Customer Relationship
dalam
Management (CRM) solutions. CRM will be rolled out
diperhebatkan serta digabungkan melalui penubuhan
Group wide, across all 22 branches of ARB. This is
Bahagian Pembangunan Pasaran.
pembangunan
pasaran
Fokus kumpulan
dan
pemasaran
monitoring and measuring customer satisfaction which
adalah satu pelaburan besar kepada kumpulan dalam
will facilitate effective implementation of CRM
merealisasi kepuasan pelanggan terhadap semua
strategies in a consistent and structured manner.
produk dan perkhidmatan.
CRM ialah pemantauan dan penilaian kepuasan
pelanggan yang akan membantu perlaksanaan secara
testimony to the Group’s commitment in establishing
and enforcing a service oriented environment within the
Group which we believe will provide the competitive
edge for ARB in strengthening our domination and
leading position in the market.
Dalam
mengemaskini
bantuan
pelanggan
dan
In expanding our reach and improving market access at
efektif strategi CRM secara konsisten dan kemas.
PRODUCT DEVELOPMENT
perkhidmatan hadapan, kita telah melaksanakan
penyelesaian Pengurusan Perhubungan Pelanggan
(CRM). CRM akan digunakan sepenuhnya di 22
cawangan ARB. Ini merupakan iltizam dan komitmen
kumpulan untuk menyedia dan melaksanakan orientasi
STRATEGIC PARTNERSHIPS
berasaskan perkhidmatan di dalam kumpulan, yang
mana kita percaya akan memberi kelebihan kepada
The development of a new product, EduTrust and the
launching of Wills Online is an example of initial efforts
PEMBANGUNAN PRODUK
to expand our product range and services. Besides
meeting sophisticated needs of our clients and
customers, product development will be pursued to
ARB untuk memperkukuhkan dominasi dan posisi
reduce dependency on Institutional Trust Account. In
dalam pasaran.
developing new products, we have undertaken a
a faster pace, the Group for the first time embarked on
comprehensive
strategic partnerships. We formed an alliance with
strategy and commercialization strategy for all new
Malaysia Assurance Alliance (MAA), AM Bank and
Perkara penting dalam
approach,
combining
marketing
Pembangunan produk baru, EduTrust dan pelancaran
Wills
Online
adalah
memperluaskan
contoh
usaha
kepelbagaian
kita
untuk
produk
dan
perkhidmatan kita. Disamping memenuhi permintaan
pelanggan yang sofistikated, pembangunan produk
akan
diteruskan
bagi
mengurangkan
tahap
kebergantungan kepada akaun amanah Institutional.
PERKONGSIAN STRATEGIK
products.
Dalam mempeluaskan jangkauan dan menambahbaikkan
We have also looked at reviewing existing products to
meliputi
partnerships will allow us the opportunity to pool
ekses pasaran dengan pantas, kumpulan buat pertama
enhance its value and competitiveness. For instance, we
mengkormesialkan semua produk baru.
resources, share and transfer expertise, embark on joint
kalinya telah memulakan perkongsian strategic.
are offering a 50% discount fee to client for Amanah
venture projects in a cost effective and efficient way.
telah mengadakan perikatan dengan Malaysia Assurance
The strategic partnerships will, in the longer term
Alliance (MAA), AM Bank dan Citigroup. Perikatan kita
menambah keberkesanan dan persaingannya, seperti
enhance our market presence and enlarge market
dengan bank pelaburan global menyediakan kita dengan
kita teleh menawarkan diskaun yuran sebanyak 50%
share.
pasaran baru.
Citigroup. Our alliance with a global investment banks
will provide access into untapped markets. The
mengambil pendekakatan yang komprehensif, yang
Kita
Perkongsian ini membolehkan kita
Hibah on limited period.
BRANDING AND POSITIONING
mengumpul sumber yang sediada, jumlah pasaran serta
pemindahan kepakaran, memulakan projek perkongsian
CUSTOMER SERVICE ORIENTATION
Customer service excellence has become one of ARB’s
core values. We believe that the company exists only to
serve its customers. The implementation of the CRM
perniagaan dengan lebih kos efektif dan efisyen. Melalui
perkongsian strategik ini, dalam jangka masa yang
panjang, kita berupaya untuk mempertingkatkan
kehadiran kita dalam pasaran serta meluaskan lagi jumlah
pasaran kita.
services. An important aspect of the CRM is in
ORIENTASI PERKHIDMATAN PELANGGAN
memenuhi tuntutan pelanggan.
2004
dan
strategi
Kita juga akan mengkaji produk yang sediada bagi
untuk pelanggan Amanah Hibab dalam tempoh yang
in both corporate and product advertising to build
positive perception and induce presence of the ARB
PENJENAMAAN
brand and enhance public awareness on the exciting
product range offered by the Group and explain their
Bagi menyokong strategi pemasaran, kumpulan telah
melabur dalam pengiklanan untuk korporat dan produk
bagi mewujudkan persepsi positif serta menyedarkan
satu nilai teras ARB. Kami percaya syarikat wujud untuk
pemasaran
To support our marketing strategies, the Group invested
functions and benefits.
Perkhidmatan pelanggan yang cemerlang telah menjadi
32
startegi
terhad.
solutions is a big investment for the Group towards
achieving customer satisfaction in all products and
Dalam membangunkan produk baru, kita akan
Corporate image and public perception of the Group
will be continuously monitored in building an image of
ARB as a reputable and established market leader in the
kehadiran jenama ARB dan meningkatkan kesedaran
awam mengenai pelbagai produk yang menarik yang
ditawarkan
oleh
kumpulan
serta
menerangkan
kelebihan dan fungsinya.
trustee industry.
Perlaksanaan CRM
33
2004
Imej korporat dan persepsi masyarakat terhadap
Amanah Raya Berhad Hartanah (ARBH) enhanced its
kumpulan akan sentiasa dipantau bagi memastikan
role as a property management service provider by
Whist the Board of Directors ensure that the Group
penjenamaan ARB sebagai pendahulu pasaran dan
rendering services to properties owned by ARB and
Di dalam tahun ini, Amanah Raya Asset Management
maintains and adheres to the standard of corporate
bereputasi dalam industri amanah.
those under the Common Fund. Next year, upon the
(ARAM) telah memperkukuhan dan mengemaskini
governance prescribed in the code of Corporate
relevant regulatory approval, their services may be
semua dana di bawah pentadbirannya, yang bernilai
Governance and Bursa Malaysia Securities Listing
rendered to external parties.
RM1.7 bilion. Dengan fokus untuk mengurangkan kos
CORPORATE GOVERNANCE
Requirements, the management and staff actively
URUS TADBIR KORPORAT
operasi dan meluaskan keupayaan operasi, ARAM telah
menjadi cabang pengurusan pelaburan untuk ARB.
pursues Corporate Social Responsibility (CSR) activities.
CSR will remain an important Group commitment as it
is an opportunity to establish social partnership
between the organization and the various groups of the
society. CSR is also an extension of what ARB stands for
– friendship, care and trust.
Di samping Ahli Lembaga Pengarah yang sentiasa
memastikan kumpulan mematuhi kepada standard
Sincerly,
Amanah
Raya
Hartahan
(ARBH)
juga
telah
urus tadbir korporat seperti yang terkandung dalam
mengetengahkan
Kod Urus Tadbir Korporat dan Keperluan Penyenaraian
perkhidmatan
dalam Bursa Sekuriti Malaysia, pihak pengurusan dan
menyalurkan perkhidmatan kepada hartanah yang
kakitangan
juga
secara
aktif
dalam
aktiviti
Tanggungjawab Sosial Korporat (CSR). CSR akan terus
memainkan peranan penting sebagai komitmen
HUMAN CAPITAL DEVELOPMENT
PEMBANGUNAN SUBSIDIARI
kumpulan kerana ianya adalah peluang kepada
peranannya
mengurus
sebagai
hartanah
pemberi
dengan
dimiliki oleh ARB serta di bawah dana umum yang lain.
Managing Director
Tahun hadapan, dengan kelulusan pihak berkuasa yang
berkaitan, perkhidmatan mereka mungkin akan
disalurkan kepada pihak luar.
kumpulan untuk mengadakan kerjasama sosial di
At ARB, we believe that our human capital is a key asset
antara organisasi dan pelbagai kumpulan masyarakat.
to the organization. Substantial investments and effort
CSR juga adalah sambungan kepada makna di sebalik
have been made on personnel development and skills
ARB – kawan, menyayangi dan percaya.
Yang benar,
training. All staff training, internal and external are
carefully planned and structured to equip employees
with the relevant skills sets, product and market
PEMBANGUNAN SUMBER MANUSIA
knowledge. Staffs are also encouraged to attend
external seminars and workshops related to their job
Di ARB, kita percaya sumber manusia merupakan aset
scope in assisting them keep abreast of industry
utama kepada organisasi. Pelaburan besar dan usaha
updates and developments.
telah diadakan bagi meningkatkan pembangunan
Pengarah Urusan
kakitangan dan latihan skil. Semua latihan kakitangan,
samada luaran dan dalaman telah dirancang secara
SUBSIDIARY DEVELOPMENT
In the year under review, Amanah Raya Asset
Management (ARAM) strengthened and streamlined all
funds under its management which is worth RM1.7
billion. With a focus on reducing operational costs and
teliti
dan disusun bagi membolehkan kakitangan
mendapat kemahiran kerja yang berkaitan seperti;
produk dan pengetahuan pasaran.
Kakitangan juga
digalakkan untuk menghadiri seminar di luar dan
workshops yang berkaitan dengan peranan dan tugas
bagi membantu mereka seiring dengan perkembangan
dan pembangunan pasaran.
expanding operational capabilities, ARAM became the
investment management arm of ARB.
34
2004
35
2004
The technique of covering or ’reserving’ parts of a textile with some
Batik Technique
paste or liquid material in order to create a pattern has been found in
many different parts of the world. Theories about the origin of the
technique are uncertain. It is known from India, Sri Lanka, China,
Japan, Southeast Asia, Turkestan, and West Africa.
36
2004
Management Team
Pihak Pengurusan
37
2004
INVESTMENT COMMITTEE / JAWATANKUASA PELABURAN
Datin Aminah
binti Pit Abd Raman
Investment Committee
Ahmad Rodzi bin Pawanteh
Hajjah Azian Mohd Nor
38
2004
Haji Ahmad Kamal
bin Abdullah Al-Yafii
Bakarudin Ishak
MANAGEMENT TEAM / PIHAK PENGURUSAN
Sudirman bin Masduki
General Manager,
Corporate Services
Hajjah Habsah binti Bakar
General Manager, Operations
Rafie bin Omar
General Manager,
Sales & Marketing
Sharizad Jumaat
Chief Executive Officer,
ARAM
Ir. Ahmad Fohad bin Hussein
COO, ARB Hartanah Sdn Bhd
Zainul Abidin bin Haji Ahmad
Company Secretary
39
2004
Hamidi bin Jamari
Manager,
Human Resource Department Alina binti Hashim
Manager,
Finance and Accounts
Department
Zanariah binti Jaafar
Manager,
Investment Department
Zaidi bin Shahrim
Manager, Sales Department
Mohd Ridzuan
bin Haji Taib
Manager, IT Department
Mohd Zamri Sharif
Manager, Corporate Planning
Department
Wong Yeng Fon
Manager,
Internal Audit Department
Arzlee Haji Abdul Rahman
Manager, Amanah Raya
Nominee (Tempatan)
Sdn Bhd
Mohd. Khairuddin Harun
Manager, MD / CEO’s Office
Nik Mariam Salina
binti Nik Idris
Manager,
Customer Relationship
Management Department
40
Wan Numzila
binti Wan Junuh
Manager, Legal Department
2004
Zainudin bin Suhaimi
Manager, Corporate Trust
Department
Mohd Nizam Othman
Manager, MD / CEO’s Office
Azliah binti Suhod
Manager,
Market Development
Department
41
2004
Haji Salehuddin bin Abu
Manager, Main Branch
Adam bin Mohamed
Manager, Johor Bharu
Branch
Noraini binti Wahab
Manager,
Negeri Sembilan Branch
42
2004
Rosnah binti Mohd Lazim
Manager, Melaka Branch
Abtar Singh
A/L Mana Singh
Manager, Muar Branch
Norzilah binti Ahmad
Manager, Selangor Branch
Amran bin Ahmad
Manager,
Pulau Pinang Branch
Ahmad Fushari
bin Ahmad Shafiei
Manager, Perak Branch
Hanisah binti Mamat
Manager,
Pahang & Temerloh Branch
Norlela binti Haji Atan
Manager,
Wilayah Persekutuan Branch
Mohammed Faiz
bin Che Ani
Head, Sungai Petani Branch
Abqary bin Abdul Aziz
Manager, Regional Branch
(Terengganu & Kuala Krai)
Oh Kwong Foi
Manager, Sarawak Branch
Martinah binti Marzuki
Manager,
Perlis & Kedah Branch
Nik Mohd Azmin
bin Nik Mahmud
Manager, Kelantan Branch
Rosmah binti Mansor
Manager, Sabah Branch
Mohamed Nazeri
bin Kamarudin
Head, Bangi Branch
43
2004
AUDIT COMMITTEEE REPORT
AUDIT COMMITTEEE REPORT
4. To undertake the role as the review and balance
MEMBERS
mechanism
(checks
and
balances)
of
the
management of the Company.
5. To study and monitor corporate planning for review
management.
The Audit Committee had a total of two (2) Meetings
during the financial year ended 31 December 2004 and
statutory
6. To review and supervise an effective accounting
Encik Othman bin Abdullah
requirements as required under the Companies Act
system by exercising control's in related areas so that
1965.
early warning systems about the Company's
MEETINGS
and internal control especially in the area of
5. To
ensure
compliance
with
the
the attendance of the Committee Members was as
follows:-
weakness can be put in place.
TERMS OF REFERENCE OF AUDIT
AND REVIEW COMMITTEE
Department.
7. To identify flaws in the management system, which
require improvement.
Meeting
Composition
8. To ensure that breach of policies and system
1. The quorum for the Committee shall comprise two
The Audit and Review Committee comprises five (5)
Members
(2) members (inclusive of an external member).
2/2
2/2
2/2
Encik Othman bin Abdullah
0/2
1/2
management procedures are identified quickly and
dealt with immediately.
members. Two (2) Independent Non-Executive Directors
of the Board, two (2) Non-Independent Non-Executive
Directors of the Board and one (1) Independent person.
2. The Committee shall meet not less than three (3)
9. To review direct expenditures such as annual
times within a period of three (3) months or a period
operation expenditures as well as direct expenses in
determined by the Committee Chairman.
order to ascertain that those costs are justifiable and
Objectives
related to the functions of the organizations.
Functions
The Audit and Review Committee is established in
accordance with the Treasury Circular Letter No. 9 Year
1993 - Guidelines on the Setting up of Audit and
Review Committees for Government Companies for the
10. To determine the proper measures for identifying
The Audit and Review Committee is primarily
and protecting assets.
reference are as follow:-
approval of the Board of Directors.
Management of the Company.
2. To assist the Board of Directors to monitor the
financial reporting and business ethics.
ensure that matters arising are given due attention
of the Company.
internal audit activities so that they run smoothly.
principles and accounting systems, internal controls,
13. To review the performance of the external auditor
3. To carry out audit inspections or special reviews as
achievements when needed.
and to propose to the Board of Directors on the re-
effectively in accordance with corporate and social
objectives.
2. Discussed and reviewed the year end financial
statements prior to the presentation to the Board of
Directors for approval.
3. Discussed and reviewed the internal audit findings
and recommendations.
appointment and annual fee of the firm.
4. Discussed and reviewed the Enterprise Risk
3. To determine the financial sources of the Company
are administered and managed efficiently and
1. Discussed and reviewed the audit plan for the
12. To observe the opinion of external auditors and
and that proper action is taken by the management
2. To provide support in ensuring the independence of
main activities during the financial year ended 31
financial year ended 31 December 2004.
1. To endorse the appointment and promotion of the
Audit Manager and Internal Auditors for the
The Audit Committee had carried out the following
11. To study and discuss the plan for the annual external
audit before it is carried out each year.
shareholder through control and monitoring of the
ACTIVITIES
December 2004:-
responsible to the Board of Directors. Their terms of
purpose of:1. Maintaining the interest of the Government as the
Attendance
6. To oversee all functions of the Internal Audit
4. To review the previous year's activities and
14. To review and examine the Parent Company's
achievements of the internal audit and to formulate
audited as well as unedited annual financial
plans for next year.
statements, including that of the Subsidiaries and
Management prior to the presentation to the Board
of Directors for approval.
Associate Companies, before their submission to the
Board of Directors for approval.
44
2004
45
2004
STATEMENT OF CORPORATE GOVERNANCE
The Directors of Amanah Raya Berhad at all time guided
expanding trust company. Biographical for each of
There is a clear division of responsibilities and powers
To assist the Board in discharging their duties in
by high standard of corporate governance and
Directors are set out on pages 14 to 21 of this Report.
between the Chairman and the Managing Director to
reviewing the operations and performance of the
continuously assessed and observed its frameworks,
The Board meets at least once every two (2) months
ensure that the necessary checks and balances are in
Company efficiently, the Board has delegated some of
policies and procedurals with the objective of enhancing
with the additional Meetings convened as and when
place as well as to provide a degree of certainty in the
its responsibilities to the following Committees:-
the long term shareholders’ value by adopting the Best
necessary.
exercise of their respective authorities.
Practices
comprehensive
of
the
Malaysia
Code
of
Corporate
Governance.
The Board of Directors
All
Board
members
information
on
have
the
access
to
Company's
operations, marketing strategies, performance and
The Chairman holds a Non-Executive position and is
financial status at the Board Meetings and on a regular
primarily responsible for the orderly conduct and
or ad-hoc basis.
working of the Board while the Managing Director is
Board
of
Directors
responsible for the day-to-day running of the business
The Board currently consists of eight (8) members,
During the financial year ended 31 December 2004, six
and implementation of Board policies and decisions
comprising seven (7) Non-Executive Directors (including
(6) Board Meetings were held and the attendance of the
with the support of the management team.
the Chairman) and one (1) Executive Director. The
Board Members were as follows:-
Directors bring a wide range of legal, business and
The presence of Independent Non-Executive Directors
financial experience relevant to the direction of an
provides an effective Board with a mix of industry
Audit
Committee
Personnel
Committee
Investment
Committee
Tender
Committee
Quotation
Committee
Law Review
Committee
Syariah
Advisory
Council
Executive
Committee
specific knowledge and broad business and commercial
experience. Directors are equally accountable and
Appointed
Non Executive
Independent
Attendance
Y. Bhg. Dato' Haji Dusuki bin Haji Ahmad
2003
Yes
Yes
6/6
Encik Ahmad Rodzi bin Pawanteh
(appointed w.e.f. 1 July 2004)
2004
No
Yes
3/3
Encik Mohamed Bazain bin Haji Idris
1996
Yes
No
6/6
2002
Yes
No
5/6
2002
Yes
Yes
6/6
2002
Yes
Yes
5/6
2003
Yes
No
5/6
Directors
responsible and the role of these Independent NonExecutive Directors is particularly important in ensuring
that the strategies proposed by the management are
fully discussed and examined, complied with the
Companies Act 1965 and Public Trust Corporation Act
1995 and/or any other regulations and also to take
account of the long term interests, not only of the
shareholders, but also of employees, customers, and
public at large in which the Company conducts
business. The Board may seek advice from independent
experts whenever necessary at the Company’s expense.
Pursuant to the Company’s Article of Association, unless
otherwise agreed by the general meeting, the number
of Directors of the Company shall be not less than two
(2) or more than nine (9).
Encik Shamsuddin bin Haji Tahir
(appointed w.e.f 13 July 2004)
2004
Yes
Yes
3/3
Encik Izham bin Yusoff
(resigned w.e.f. 1 July 2004)
2002
No
Yes
3/3
Y. Bhg. Dato’ Wan Ahmad Farid bin Wan Salleh
(resigned w.e.f. 31 May 2004)
2003
Yes
Yes
0/1
Y. Bhg. Datuk Mohd Hashim Hassan
(appointed w.e.f. 28 April 2005)
2005
Yes
No
-
46
2004
47
2004
Audit Committee
Tender Committee
The Audit Committee reviews the effectiveness of the
The
internal control system of the Company. The Chairman
of the Committee is Tuan Haji Ab Gani bin Haron. The
Executive Committee
Supply of Information
the
The Executive Committee is set up to facilitate and co-
Prior to each Board Meeting, all Directors received an
procurement for works/service/supply amounting to
ordinate activities between the ARB and its subsidiaries.
agenda and a full set of Board Papers for each agenda
RM200,000/- and above. The Committee comprises of
The Committee comprises of one (1) Independent
item to be discussed. These agenda are issued well in
Composition and Terms and Reference are stated on
two (2) Non-Independent Non-Executive Directors and
Executive Director of the Board and three (3) Members
advance to enable the Directors to obtain further
pages 44 to 45.
two (2) Independent Executive Director of the Board and
of the Management.
explanations, where necessary, in order to be briefed
Tender
Committee
is
responsible
for
properly before the Meeting. The Board is kept updated
two (2) Members of the Management.
Two (2) Meetings were held during the financial year
ended 31 December 2004.
The Chairman of the Committee is Encik Ahmad Rodzi
The Chairman of the Committee is Tuan Haji Ab Gani
bin Pawanteh. Four Meetings was held during the
bin Haron. Three (3) Meetings were held during the
Personnel Committee
The Personnel Committee comprises of one (1)
Law Review Committee
on the Company's financial performance and activities.
All Directors have access to the advice and services of
the Company Secretary who are responsible in advising
the Board on the procedures for the Meeting and the
Quotation Committee
implementation of governance procedures.
The Quotation Committee’s term of references amongst
Independent Non-Executive Directors and two (2) Non-
Appointments to the Board
The Law Review Committee is set up to study the
others are responsible for the procurement for
existing law that relates to the Company, which the
works/service/supply costing between RM50,000/- to
The Chairman of the Committee is Tuan Haji Yaacob bin
Management may find if necessary to amend for the
below RM200,000/- but any amount below RM50,000/-
The Minister of Finance (Inc) {MOF} nominated all
Hussin. Four (4) Meetings were held during the financial
benefits of Company. The Committee comprises of two
has
appointments to the Board.
year ended 31 December 2004.
(2) Non-Independent Non-Executive Directors and one
Perbendaharaan”. Sale by tender of assets under
(1) Independent Executive Director of the Board and
administration of ARB pursuant to order of court/land
three (3) Members of the Management.
office not with standing the amount of sale is also under
Independent Non-Executive Directors of the Board.
to
follow
the
latest
“Surat
Pekeliling
its jurisdiction.
The Investment Committee is responsible for reviewing
The Chairman of the Committee is Encik Mohamed
and monitoring the progress report for Corporate and
Bazain bin Haji Idris. One (1) Meeting was held during
The Committee comprises of one (1) Independent
Kumpulan Wang Am investments and also new
the financial year ended 31 December 2004.
Executive Director of the Board and four (4) Members of
Syariah Advisory Council
rotation in the Annual General Meeting.
Encik Ahmad Rodzi bin Pawanteh. There was no
Meeting was held during the financial year ended 31
Independent Executive Director of the Board and two (2)
The Syariah Advisory Council comprises of one (1)
Independent persons.
No Directors are subject to retirement and re-election by
the Management. The Chairman of the Committee is
investment proposals. The Committee comprises of two
(2) Independent Non-Executive Directors and one (1)
Re-election
December 2004.
Independent Non-Executive Director of the Board and
The Chairman of the Committee is Y. Bhg. Datin
seven (7) Independent persons.
Aminah binti Pit Abd Raman. Seven (7) Meetings were
held during the financial year ended 31 December
The Chairman of the Council is Y. Bhg. Dato’ Seri Haji
2004.
Harussani bin Haji Zakaria. One (1) Meeting was held
during the financial year ended 31 December 2004.
48
2004
49
2004
Directors' Remuneration
The details of the remuneration of Directors for the financial year ended 31 December 2004 are as follows:-
(RM)
Directors
Total Group Income (2004)
Executive
392,325
Non-Executive
112,500
Total
Financial Reporting
Enterprise Risk Management
The Directors ensured that the financial year end
statement is prepared in accordance with the applicable
approved standards as well as the Companies Act 1965.
The company / management has appointed a consultant
to undertake the Enterprise Risk Management Project
(ERM). The briefing session has been conducted with
the Management and Board of Directors. The
Management is continously taking steps to mitigate all
the risk factor.
The Directors acknowledge their responsibilities for the
Company’s system of internal control and the need to
review them regularly.
Relationship with the Auditors
The Directors has established formal and transparent
relationship with its Auditors for maintaining an
appropriate relationship with the Company’s Auditors.
The Audit Committee meets with the external without
the presence of management at least once a year to
discuss the year end financial statements prior to the
presentation to the Board of Directors for approval.
50
2004
HEADQUARTERS
Tingkat 10, Wisma Amanah Raya Berhad,
No. 15, Jalan Sri Semantan 1,
Off Jalan Semantan, Bukit Damansara,
50508 Kuala Lumpur, Wilayah Persekutuan.
Tel: 603-2095 3232
Fax: 603-2095 3311
E-mail: [email protected]
Website: www.arb.com.my
Hotline: 603-2096 1000
MAIN BRANCH
Tingkat LL, Wisma Amanah Raya Berhad,
No. 15, Jalan Sri Semantan 1,
Off Jalan Semantan, Bukit Damansara,
50508 Kuala Lumpur, Wilayah Persekutuan.
Tel: 603-2095 2778 / 603-2095 2794
/ 603-2095 3232
Fax: 603-2095 2770
WILAYAH PERSEKUTUAN
G2W, West Wing, Ground Floor,
Wisma Sime Darby, Jalan Raja Laut,
50350 Kuala Lumpur.
Tel: 603-2694 4052 / 603-2694 4054
/ 603-2694 3533
Fax: 603-2694 8700
504,825
Internal Control
ARB’S BRANCH NETWORK
SELANGOR
Lot 1, Tingkat 1,2 & 3,
Pusat Dagangan UMNO Shah Alam,
Persiaran Damai, Seksyen 11,
40100 Shah Alam, Selangor.
Tel: 603-5511 5733 / 603-5511 5727
Fax: 603-5511 5732
BANGI
Lot 802G, Tingkat Bawah,
Bangi Business Park, Jalan Medan Bangi,
Off Persiaran Bangi, Bandar Baru Bangi,
43650 Bangi, Selangor.
Tel: 603-8210 1346 / 603-8210 1347
Fax: 603-8210 1345
NEGERI SEMBILAN
Tingkat Bawah, No. 90 & 92,
Jalan Yam Tuan, 70000 Seremban,
Negeri Sembilan.
Tel: 606-763 8387 / 606-762 1071
Fax: 606-763 9234
MELAKA
Suite 3, Aras 13, Bangunan Yayasan Melaka,
Off Jalan Hang Tuah, 75300 Melaka.
Tel: 606-282 5564
Fax: 606-282 1443
JOHOR BAHRU
Suit M-01, Mezzanine Floor, Menara MAA,
No.15, Jalan Abdullah Tahir,
80300 Johor Bahru, Johor.
Tel: 607-333 5918 / 607-335 7526
Fax: 607-332 8428
MUAR
No.45, Tingkat 3,
Bangunan Hong Leong Finance,
Jalan Maharani, 84000 Muar, Johor.
Tel: 606-952 3218 / 606-954 9185
Fax: 606-951 4597
PAHANG
No.14 & 16, Tingkat Bawah,
Bangunan Majlis Agama Islam,
Jalan Bukit Ubi, 25200 Kuantan, Pahang.
Tel: 609-513 5318 / 609-513 9805
Fax: 609-514 6785
TEMERLOH
No. 23, Jalan Datuk Bahaman 3,
Pusat Komersial Temerloh,
Temerloh, 28000 Pahang.
Tel: 609-296 1296 / 609-296 4381
Fax: 609-296 4734
TERENGGANU
Tingkat 4, Ground & 1st Floor, Jalan Air Jernih,
20300 Kuala Terengganu, Terengganu.
Tel: 609-622 1201 / 609-623 2367
Fax: 609-622 8449
KELANTAN
Tingkat 9, Wisma Ilmu,Bangunan Tabung Haji,
Jalan Doktor, 15000 Kota Bharu, Kelantan.
Tel: 609-748 2112 / 609-747 6153
Fax: 609-747 8353
PERLIS
No. 56, Lot 434, Tingkat Bawah,
Bangunan Bernama, Medan Raja Syed Alwi,
01000 Kangar, Perlis.
Tel: 604-976 1485 / 604-977 4170
Fax: 604-976 8520
KEDAH
No. 237, Jalan Shahab 2,
Shahab Perdana, 05350 Alor Setar, Kedah.
Tel: 604-732 2080 / 604-733 0608
Fax: 604-730 4406
SUNGAI PETANI
No. 3A, Jalan Permatang Gadong,
Taman Sejati Indah, 08000 Sungai Petani, Kedah.
Tel: 604-431 0270 / 604-431 0421 / 604-431 0380
Fax: 604-431 0081
PULAU PINANG
Lot 50, Tingkat Bawah,
Bangunan Tabung Haji, Jalan Greenhall,
10508 Pulau Pinang.
Tel: 604-261 1144 / 604-261 6073
Fax: 604-263 4022
PERAK
Tingkat 4, Kompleks Islam Darul Ridzuan,
Jalan Panglima Bukit Gantang Wahab,
30000 Ipoh, Perak.
Tel: 605-254 8714 / 605-243 7545
Fax: 605-254 9454
SARAWAK
Lot 8.05, Tingkat 8, Wisma Saberkas,
Jalan Tun Abang Haji Openg,
Peti Surat 1364, 93728 Kuching, Sarawak.
Tel: 6082-254 170 / 6082-254 171
Fax: 6082-422 928
SABAH
Tingkat 2, Bangunan Bank Negara,
Jalan Tun Abdul Razak, Peti Surat 10127,
88801 Kota Kinabalu, Sabah.
Tel: 6088-211 970 / 6088-269 490 / 6088-211 026
Fax: 6088-246 178
KUALA KRAI
No. PT 4025, Jalan Panggung, Bandar Kuala Krai,
18000 Kuala Krai, Kelantan.
Tel: 609-960 5354 / 609-960 7187 / 609-960 6425
Fax: 609-960 7955
51
2004
ORGANISATION CHART
FINANCIAL HIGHLIGHTS
BOARD OF DIRECTORS
MANAGING
DIRECTOR
GENERAL
MANAGER,
CORPORATE
SERVICES
INTERNAL
AUDIT
DEPARTMENT
COMPANY
SECRETARY
FINANCE &
ACCOUNTS
DEPARTMENT
FINANCE &
ACCOUNTS
DEPARTMENT
MANAGER
MANAGER
MANAGER
MANAGER
LEGAL
DEPARTMENT
CORPORATE
PLANNING
DEPARTMENT
MANAGER
MANAGER
BRANCHES
52
2004
MANAGER
MAIN
BRANCH
SPECIAL UNIT
GENERAL
MANAGER,
SALES &
MARKETING
GENERAL
MANAGER,
OPERATION
HUMAN
INFORMATION
RESOURCE
TECHNOLOGY
DEPARTMENT DEPARTMENT
MARKET
DEVELOPMENT
DEPARTMENT
SALES
DEPARTMENT
MANAGER
MANAGER
MANAGER
CORPORATE
TRUST
DEPARTMENT
CUSTOMER
RELATIONSHIP
MANAGEMENT
DEPARTMENT
MANAGER
MANAGER
PRIVATE TRUST
UNIT
53
2004
Batik is a technique for decorating textiles, by which parts of the
What is Batik?
textile that are not to be coloured are covered in molten wax. The wax
prevents the textile from absorbing the dye during the decorating
process.
54
2004
Financial Statement
Laporan Kewangan
55
2004
DIRECTORS’ REPORT
The Directors have pleasure in submitting their report together with the audited financial statements of the Group and
of the Company for the financial year ended 31 December 2004.
PRINCIPAL ACTIVITIES
The principal activities of the Company consist of administrating estates of deceased persons, acting as trustee for
minors, public and unit trust schemes, and the management of trust funds.
The principal activities of the subsidiary companies are set out in Note 11 to the financial statements.
There have been no significant changes in the nature of these activities during the financial year.
FINANCIAL RESULTS
Group
RM
Net profit for the financial year
1,395,206
Company
RM
2,082,713
DIVIDENDS
The amount of dividends paid or declared by the Company since 1 January 2004 were as follows:
RM
In respect of the financial year ended 31 December 2003 as shown in the
Directors’ report for that year:
Final gross tax exempt dividend of 10 sen per share on 6,000,002 ordinary
shares, paid on 27 December 2004
600,000
The Directors recommend final tax exempt dividend of 10% per share in respect of the financial year ended
31 December 2004, subject to the approval of members at the forthcoming Annual General Meeting of the Company.
56
2004
DIRECTORS’ REPORT (cont’d)
RESERVES AND PROVISIONS
All material transfers to or from reserves and provisions during the financial year are shown in the financial statements.
DIRECTORS
The Directors who have held office during the financial year since the date of the last report are:
Ahmad Rodzi bin Pawanteh
Shamsuddin bin Haji Tahir
Mohamed Bazain bin Haji Idris
Haji Ab. Gani bin Haron
Datin Aminah binti Pit Abd Raman
Haji Ahmad Kamal bin Abdullah Al-Yafii
Yaacob bin Hussin
Dato’ Wan Ahmad Farid bin Wan Salleh
Izham bin Yusoff
(appointed on 1 July 2004)
(appointed on 13 July 2004)
(resigned on 31 May 2004)
(resigned on 1 July 2004)
DIRECTORS' BENEFITS
During and at the end of the financial year ended 31 December 2004, no arrangements subsisted to which the
Company is a party, with the object or objects of enabling Directors of the Company to acquire benefits by means of
acquisition of shares in, or debentures of the Company or any other body corporate.
Since the end of previous financial period, no Director has received or become entitled to receive a benefit (other than
benefits disclosed as Directors' emoluments in Note 7 to the financial statements) by reason of a contract made by the
Company or a related corporation with the Director or with a firm of which he is a member, or with a company in
which he has a substantial financial interest.
DIRECTORS' INTERESTS IN SHARES
According to the register of Directors' shareholdings, none of the Directors have direct or indirect interest in the
Company and its related corporations at the end of the financial year.
HOLDING CORPORATION
The Directors regard the Ministry of Finance (Incorporated) as the holding corporation.
57
2004
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (CONTINUED)
Before the income statements and balance sheets were made out, the Directors took reasonable steps:
At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or
the financial statements which would render any amount stated in the financial statements misleading.
(a)
(b)
to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of
allowance for doubtful debts and satisfied themselves that all known bad debts had been written off and that
adequate allowance had been made for doubtful debts; and
to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of
business their values as shown in the accounting records of the Group and the Company have been written down
to an amount which they might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances:
(a)
which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts
in the financial statements of the Group and the Company inadequate to any substantial extent; or
In the opinion of the Directors:
(a)
the results of the operations of the Group and the Company during the financial year were not substantially
affected by any item, transaction or event of a material and unusual nature; and
(b)
there has not arisen in the interval between the end of the financial year and the date of this report any item,
transaction or event of a material and unusual nature likely to affect substantially the results of the operations of
the Group and the Company for the financial year in which this report is made.
AUDITORS
(b)
which would render the values attributed to current assets in the financial statements of the Group and the
Company misleading; or
The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.
(c)
which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group
and the Company misleading or inappropriate.
Signed on behalf of the Board of Directors in accordance with their resolution dated 28 June 2005.
No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve
months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the
ability of the Group and the Company to meet its obligations when they fall due.
At the date of this report, there does not exist:
(a)
any charge on the assets of the Group and the Company which has arisen since the end of the financial year
which secures the liability of any other person; or
(b)
any contingent liability of the Group and the Company which has arisen since the end of the financial year.
DATO’ HAJI DUSUKI BIN HAJI AHMAD
CHAIRMAN
HAJI AB. GANI BIN HARON
DIRECTOR
Kuala Lumpur
28 June 2005
58
2004
59
2004
STATEMENT BY DIRECTORS
REPORT OF THE AUDITORS
STATEMENT BY DIRECTORS PURSUANT TO
SECTION 169(15) OF THE COMPANIES ACT, 1965
REPORT OF THE AUDITORS TO THE MEMBERS OF
AMANAH RAYA BERHAD
(Company No. 344986 V)
We, Dato’ Haji Dusuki bin Haji Ahmad and Haji Ab. Gani bin Haron, two of the Directors of Amanah Raya Berhad, state
that, in the opinion of the Directors, the financial statements set out on pages 63 to 100, are drawn up so as to give
a true and fair view of the state of affairs of the Group and Company as at 31 December 2004 and of the results and
cash flows of the Group and Company for the financial year ended on that date in accordance with the MASB approved
accounting standards in Malaysia and provisions of the Companies Act 1965.
We have audited the financial statements set out on pages 63 to 100. These financial statements are the responsibility
of the Company’s Directors. It is our responsibility to form an independent opinion, based on our audit, on these
financial statements and to report our opinion to you, as a body, in accordance with Section 174 of the Companies
Act, 1965 and for no other purpose. We do not assume responsibility to any other person for the content of this
report.
Signed on behalf of the Board of Directors in accordance with their resolution dated 28 June 2005.
DATO’ HAJI DUSUKI BIN HAJI AHMAD
CHAIRMAN
HAJI AB. GANI BIN HARON
DIRECTOR
We conducted our audit in accordance with approved auditing standards in Malaysia. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made
by the Directors, as well as evaluating the overall financial statements presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion:
(a)
Kuala Lumpur
28 June 2005
STATEMENT DECLARATION PURSUANT TO
SECTION 169(16) OF THE COMPANIES ACT, 1965
I, Ahmad Rodzi bin Pawanteh, the Director primarily responsible for the financial management of Amanah Raya Berhad,
do solemnly and sincerely declare that the financial statements set out on pages 63 to 100 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.
AHMAD RODZI BIN PAWANTEH
MANAGING DIRECTOR
Subscribed and solemnly declared by the abovenamed Ahmad Rodzi bin Pawanteh, at Kuala Lumpur in Malaysia on 28
June 2005, before me.
the financial statements have been prepared in accordance with the provisions of the Companies Act 1965 and
MASB approved accounting standards in Malaysia so as to give a true and fair view of:
(i)
the matters required by Section 169 of the Companies Act 1965 to be dealt with in the financial
statements; and
(ii)
the state of affairs of the Group and Company as at 31 December 2004 and of the results and
cash flows of the Group and Company for the financial year ended on that date;
and
(b)
the accounting and other records and the registers required by the Act to be kept by the Company and the
subsidiary company for which we have acted as auditors have been properly kept in accordance with the
provisions of the Act.
The names of the subsidiary companies of which we have not acted as auditors are indicated in Note 11 to the financial
statements. We have considered the financial statements of these subsidiary companies and the auditors’ reports
thereon.
We are satisfied that the financial statements of the subsidiary companies that have been consolidated with the
Company's financial statements are in form and content appropriate and proper for the purposes of the preparation
of the consolidated financial statements and we have received satisfactory information and explanations required by us
for those purposes.
COMMISSIONER FOR OATHS
60
2004
61
2004
REPORT OF THE AUDITORS
INCOME STATEMENTS
REPORT OF THE AUDITORS TO THE MEMBERS OF
AMANAH RAYA BERHAD (CONTINUED)
INCOME STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
(Company No. 344986 V)
Note
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
4
36,564,637
26,873,580
35,587,514
26,438,392
1,395,379
1,846,195
1,988,383
1,833,799
(12,738,503)
(9,382,214)
(12,498,148)
(10,884,012)
(16,192,513)
(13,977,424)
(15,321,027)
(13,360,914)
Administrative expenses
(1,044,122)
(1,587,338)
(993,468)
(902,069)
Other operating expenses
(2,826,314)
(1,855,475)
(2,802,496)
(1,736,226)
Provision for fees receivable
(2,064,747)
-
(2,064,747)
-
Profit from ordinary activities
before tax
3,093,817
1,917,324
3,896,011
1,388,970
(1,698,611)
(744,360)
(1,813,298)
(380,689)
1,395,206
1,172,964
2,082,713
1,008,281
23.3 sen
19.5 sen
The auditors’ reports on the financial statements of the subsidiary companies were not subject to any qualification and
did not include any comment made under subsection (3) of Section 174 of the Act.
Revenue
Other operating income
Operating expenses
Personnel costs
PRICEWATERHOUSECOOPERS
(No. AF: 1146)
Chartered Accountants
Kuala Lumpur
28 June 2005
MOHAMMAD FAIZ BIN MOHAMMAD AZMI
(No. 2025/03/06 (J))
Partner of the firm
Tax
5
8
Earnings per share (sen)
9
The accompanying notes on pages 69 to 100 form an integral part of the financial statements.
62
2004
63
2004
BALANCE SHEETS
STATEMENT OF CHANGES IN EQUITY
BALANCE SHEETS AS AT 31 DECEMBER 2004
Note
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
10
7,969,248
7,868,183
7,901,431
7,604,863
11
12
13
19
504,242
126,000
532,294
111,000
12,880
2,551,988
126,000
538,270
2,603,988
111,000
14,137
9,131,784
7,992,063
11,117,689
10,333,988
14
15
74,832
13,339,800
12,159,569
-
12,930,166
11,355,318
721,942
74,832
13,339,800
13,472,759
-
12,930,166
11,454,563
721,942
16
28,494,089
28,259,062
21,312,932
54,068,290
53,266,488
48,200,323
NON CURRENT ASSETS
Property, plant and equipment
Land held for property
development
Subsidiary companies
Other investment
Deferred tax assets
LESS: NON CURRENT
LIABILITIES
Post-employment benefit
obligations
48,777,616
-
-
1,172,964
1,172,964
At 31 December 2003
6,000,002
6,000,002
43,950,578
49,950,580
20,340,221
At 1 January 2004
6,000,002
6,000,002
43,950,578
49,950,580
45,446,892
-
-
1,395,206
1,395,206
Dividends paid during the
financial year
-
-
(600,000)
(600,000)
6,000,002
6,000,002
44,745,784
50,745,786
8,312,714
7,919,763
4,322,160
3,428,251
18
351,334
554,975
160,826
488,316
351,334
473,803
160,826
-
9,219,023
8,568,905
5,147,297
3,589,077
44,849,267
44,697,583
43,053,026
41,857,815
3,235,265
2,739,066
3,235,265
2,739,066
50,745,786
49,950,580
50,935,450
49,452,737
6,000,002
44,745,784
6,000,002
43,950,578
6,000,002
44,935,448
6,000,002
43,452,735
50,745,786
49,950,580
50,935,450
49,452,737
8.46
8.33
18
Group
42,777,614
17
NET CURRENT ASSETS
Total
RM
6,000,002
LESS: CURRENT LIABILITIES
Other payables and accruals
obligations
Taxation
Distributable
Retained
earnings
RM
6,000,002
CURRENT ASSETS
Inventories
Investments
Receivables
Tax recoverable
Fixed deposits, cash and
bank balances
Issued and fully paid
ordinary shares
of RM1 each
Nominal
Number of
shares
value
RM
At 1 January 2003
At 31 December 2004
CAPITAL AND RESERVE
Share capital
Retained earnings
20
NET TANGIBLE ASSETS
PER SHARE (RM)
64
2004
65
2004
CASH FLOW STATEMENTS
Issued and fully paid
ordinary shares
of RM1 each
Nominal
Number of
shares
value
RM
RM
Distributable
Retained
earnings
RM
Total
RM
6,000,002
6,000,002
42,444,454
48,444,456
-
-
1,008,281
1,008,281
At 31 December 2003
6,000,002
6,000,002
43,452,735
49,452,737
At 1 January 2004
6,000,002
6,000,002
43,452,735
49,452,737
-
-
2,082,713
2,082,713
Dividends paid during the
financial year
-
-
(600,000)
(600,000)
6,000,002
6,000,002
44,935,448
50,935,450
At 31 December 2004
Group
2003
RM
2004
RM
Company
2003
RM
3,093,817
1,917,324
3,896,011
1,388,970
912,592
878,184
912,592
878,184
3,171,454
101,301
1,895,839
-
3,037,640
40,464
1,794,749
-
71,780
(1,409,829)
(112,897)
43,459
(1,072,986)
-
17,862
(1,202,712)
152,000
(1,029,897)
43,459
(1,064,015)
-
311,833
-
311,833
-
Operating profit before working
capital changes
6,140,051
3,661,820
6,135,793
3,041,347
Purchase of Inventories
Decrease/(increase) in receivable
Increase/(decrease) in payables
(74,832)
(804,251)
392,951
3,715,758
4,304,068
(74,832)
(2,018,196)
893,909
3,405,395
520,260
Cash generated from operations
5,653,919
11,681,646
4,936,674
6,967,002
(225,885)
(1,427,926)
(179,052)
(3,107,400)
(225,885)
(891,426)
(179,052)
(3,107,397)
4,000,108
8,395,194
3,819,363
3,680,553
CASH FLOWS FROM
OPERATING ACTIVITIES
Company
At 1 January 2003
2004
RM
Note
Profit from ordinary activities
before tax
Adjustments for:
obligations
Depreciation on property,
plant and equipment
Fixed assets written off
Loss on disposal of property,
plant and equipment
Interest income
Impairment of subsidiary
Dividend income
Net unrealised losses in bonds
and equities
Retirement benefits paid
Tax paid
Net cash inflow/(outflow) from
operating activities
66
2004
67
2004
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004 (CONTINUED)
Note
2004
RM
Group
2003
RM
NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2004
2004
RM
Company
2003
RM
1
GENERAL INFORMATION
The principal activities of the Company consist of administrating estates of deceased persons, acting as trustee for
minors, public and unit trust schemes, and the management of trust funds.
CASH FLOWS FROM
INVESTING ACTIVITIES
The principal activities of the subsidiary companies are set out in Note 11 to the financial statements.
Additional investment in
subsidiary companies
Purchases and disposals
of investments
Proceeds from disposal of
Investments
Purchase of property, plant and
equipment
Purchase of land held for
property development
Proceeds from disposal of
property, plant and equipment
Interest received
Dividends received
Net cash outflow from investing
activities
-
-
(100,000)
(2,151,998)
(1,212,352)
(12,930,166)
(1,212,352)
(12,930,166)
558,627
-
558,627
-
(4,202,538)
(4,559,833)
(4,149,554)
(4,481,872)
(504,242)
-
-
-
757,262
1,427,249
10,913
126,883
1,162,059
-
757,262
1,220,212
679,153
126,441
1,153,088
-
(3,165,081)
(16,201,057)
(2,246,652)
(18,284,507)
CASH FLOWS FROM
FINANCING ACTIVITIES
The number of employees at year end were 387 (2003: 368) employees in the Group and 370 (2003: 356)
employees in the Company respectively.
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and not listed on Bursa
Malaysia Berhad.
The address of the registered office of the Company is Tingkat 10, Wisma Amanah Raya Berhad, No. 15, Jalan Sri
Semantan 1, Off Jalan Semantan, 50508 Kuala Lumpur.
2
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s activities expose it to a variety of financial risks, including interest rate risk, market risk, liquidity and
cash flow risk. The Group’s overall financial risk management objective is to ensure that the Group creates value
for its shareholders. The Group focuses on the unpredictability of financial markets and seeks to minimise potential
adverse effects on financial performance of the Group. Financial risk management is carried out through risk
reviews, internal control systems and adherence to Group’s financial risk management policies. The Board regularly
reviews these risks and approves the treasury policies, which covers the management of these risks.
Interest rate risk
Dividends paid
(600,000)
(600,000)
(600,000)
(600,000)
Net cash outflow from financing activities
(600,000)
(600,000)
(600,000)
(600,000)
Interest rate risk refers to risk that the value of a financial instrument will fluctuate due to changes in market interest
rates. The Group is not exposed to any significant interest rate risk as the majority of the financial assets and
liabilities of the Group are non-interest sensitive, except for the fixed income investments and deposits which are
placed with licensed banks at market interest rates.
Market risk
NET INCREASE/(DECREASE)
IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS
AT BEGINNING OF THE
FINANCIAL YEAR
CASH AND CASH EQUIVALENTS
AT END OF THE FINANCIAL
YEAR
16
235,027
(8,405,863)
972,711
(15,203,954)
28,259,062
36,664,925
20,340,221
35,544,175
28,494,089
28,259,062
21,312,932
20,340,221
Market risk is defined as risk that the value of a financial instrument will fluctuate as a result of changes in market
prices, whether those changes are caused by factors specific to the individual security of its issuer or factors
affecting all securities traded in the market. Market risk exposure arises from investments in quoted shares as the
value of the investments will fluctuate as a result of changes in equity market prices.
68
2004
69
2004
NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2004 (CONTINUED)
3
2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
(b) Basis of consolidation
Credit risk
Credit and counterparty risk is defined as the possibility of losses due to an unexpected default or due to a
deterioration of the counterparty’s credit-worthiness. The Group manages its credit risks by placing its deposits
with major financial institutions in Malaysia with good financial standing and by requiring guarantors for staff
loans.
Liquidity and cash flow risk
Liquidity and cash flow risk relates to risk that an enterprise will encounter difficulty in raising funds to meet
commitments associated with financial instruments. Prudent liquidity risk management implies maintaining
marketable securities and sufficient cash for operation and ability to close our market positions. The Group aims
at mitigating liquidity risk by adopting a prudent policy in accepting funds and maintaining flexibility in funding
by keeping the cash in the short term money market and marketable securities.
Subsidiary companies are consolidated from the date on which control is transferred to the Group and are no
longer consolidated from the date control ceases.
Subsidiary companies are consolidated using the acquisition method of accounting. Under the acquisition
method of accounting, the results of the subsidiary companies acquired or disposed are included from the
date of acquisition up to the date of disposal. The cost of an acquisition is the amount of cash paid and the
fair value at the date of acquisition of other purchase consideration given by the acquirer, together with
directly attributable expenses of the acquisition (other than costs of issuing shares and other capital
instruments). At the date of acquisition, the fair values of the subsidiary companies’ net assets are determined
and these values are reflected in the consolidated financial statements. The excess of the cost of acquisition
over the fair value of the Group’s share of the subsidiary companies’ identifiable net assets at the date of
acquisition is reflected as goodwill on consolidation.
Intragroup transactions, balances and unrealised gains on transactions are eliminated, unrealised losses are
also eliminated unless costs cannot be recovered.
3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(c) Property, plant and equipment
The following accounting policies have been used consistently in dealing with items which are considered
material in relation to the financial statements.
(a) Basis of preparation
The financial statements of the Group and of the Company have been prepared under the historical cost
convention except as disclosed in the summary of significant accounting policies.
The financial statements comply with MASB approved accounting standards in Malaysia and the provisions of
the Companies Act, 1965.
The new MASB approved accounting standard adopted in these financial statements is MASB Standard 32
“Property Development Activities”.
The preparation of financial statements in conformity with MASB approved accounting standards in Malaysia
and the provisions of the Companies Act, 1965 requires the Directors to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and expenses during the reported
period. Although these estimates are based on Directors’ best knowledge of current events and actions,
actual results may differ from those estimates.
Trust assets held in the name of the Company and its predecessor organisation are not included in these
financial statements. The activities and assets of the various unit trusts and other funds in which the
Company is the trustee are not included in these financial statements as they are separate entities.
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Property, plant and equipment are depreciated on a straight line basis to write off the cost of property,
plant and equipment to their residual values over their estimated useful lives at the following annual rates of
depreciation:
2%
33.33%
20%
10% -20%
33.33%
Building
Computer equipment
Motor vehicles
Office equipment, furniture and fittings
Renovations
During the financial year ended 31 December 2004, the Company changed the annual rate of depreciation
for computer equipment from 25% to 33.33%. In accordance with MASB 3 “Net profit or loss for the period,
fundamental errors and changes in accounting policies”, the effect of the change in accounting estimates is
included in the determination of net profit or loss in the current financial year. If the depreciation for
computer equipment was not revised, the effect would have been to increase profit before taxation by
RM542,360, and to increase the net book value of computer equipment by RM542,360.
At each balance sheet date, the Group assesses whether there is any indication of impairment. If such
indications exist, an analysis is performed to assess whether the carrying amount of the asset is fully
recoverable. A write down is made if the carrying amount exceeds the recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included
in profit/(loss) from operations.
Repairs and maintenance are charged to the income statement during the period in which they are incurred.
The cost of major renovations is included in the carrying amount of the asset when it is probable that future
economic benefits in excess of the originally assessed standard of performance of the existing asset will flow
to the Group.
70
2004
71
2004
3
3
(i) Cash and cash equivalents
(d) Subsidiary company
A subsidiary company is a company in which the Group has power to exercise control over the financial and
operating policies so as to obtain benefits from their activities.
Investments in subsidiary companies are stated at cost except where the Directors are of the opinion that there
is a permanent diminution in the value of the investment, in which case, allowance is made for the diminution
in value. Permanent diminution in the value of an investment is recognised as an expense in the period in
which diminution is identified.
(e) Other investment
Investment in golf club membership is shown at cost and an allowance for diminution in value is made where,
in the opinion of the Directors, there is a decline other than temporary in the value of such investment. Where
there has been a decline other than temporary in the value of an investment, such a decline is recognised as
an expense in the financial period in which the decline is identified.
For the purposes of the cash flow statement, cash and cash equivalents comprise cash in hand and bank
balances, demand deposits, bank overdraft and short term, highly liquid investments that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(j) Hire purchase payables
Assets purchased under hire purchase agreements are capitalised as property, plant and equipment and
depreciated in accordance with the policy set out in Note 3(c) above. The corresponding obligations due
under the hire purchase agreements after deducting finance charges are included as hire purchase payables
while finance charges are charged to the income statement on a straight line basis over the term of the
respective hire purchase agreements.
(k) Employee benefits
(i)
(f) Investments
Short term employee benefits
Wages, salaries, paid annual leave and sick leave, bonuses, and non-monetary benefits are accrued
in the financial year in which the associated services are rendered by employees of the Group.
The quoted investments are valued at lower of cost and market value as determined by the last done market
price as listed on the Bursa Malaysia Berhad as at the balance sheet date. The unrealised gains and losses are
taken to the income statement.
The carrying value of fixed income securities are valued at cost adjusted for amortisation of premium or
accretion of discount over their par values at the time of acquisition on an effective yield method. The
premium or discount is amortised or accreted over the remaining term of the securities from the date of
acquisition.
(g) Receivables
Receivables are carried at anticipated realisable values. Known bad debts are written off in the period in
which they are identified and specific allowance is made for any considered to be doubtful of collection. An
estimate is made for doubtful debts based on a review of all outstanding amounts at the financial period end.
(h) Deferred tax
Deferred tax is recognised in full, using the liability method, on temporary differences arising between the
amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial
statements.
(ii)
Post-employment benefits
The Group has various post-employment benefit schemes in accordance with local conditions and
practices. These benefits plans are either defined contribution or defined benefit plans.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into
a separate entity (a fund) and will have no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees benefits relating to
employee service in the current and prior periods. A defined benefit plan is a pension plan that
defines an amount of pension benefit to the provided, usually as a function of one or more factors
such as age, years of service or compensation.
Defined contribution plans
The Group’s contributions to defined contribution plans are charged to the income statement in the
period to which they relate. Once the contributions have been paid, the Group has no further
payment obligations.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences or unused tax losses can be utilised.
72
2004
73
2004
3
(k) Employee benefits (Continued)
3
Defined benefit plans
The liability in respect of a defined benefit plan is the present value of the defined benefit obligation
at the balance sheet date minus the fair value of plan assets, together with adjustments for actuarial
gains/losses and past service cost. The Group determines the present value of the defined benefit
obligation and the fair value of any plan assets with sufficient regularity such that the amounts
recognised in the financial statements do not differ materially from the amounts that would be
determined at the balance sheet date.
The defined benefit obligation, calculated using the projected unit credit method, is determined by
independent actuaries, considering the estimated future cash outflows using market yields at
balance sheet date of government securities which have currency and terms to maturity
approximating the terms of the related liability.
(n) Impairment of assets (Continued)
The impairment loss is charged to the income statement unless it reverses a previous revaluation in which case
it is charged to the revaluation surplus. Any subsequent increase in recoverable amount is recognised in the
income statement unless it reverse an impairment loss on a revalued asset in which case it is taken to
revaluation surplus.
(o) Financial instruments
(i)
A financial instrument is any contract that gives rise to both a financial asset of one enterprise and
a financial liability or equity instrument of another enterprise.
(l) Dividends
A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset
from another enterprise, a contractual right to exchange financial instruments with another
enterprise under conditions that are potentially favourable, or an equity instrument of another
enterprise.
Dividends on ordinary shares are recognised as liabilities when proposed or declared before the balance sheet
date. A dividend proposed or declared after the balance sheet date, but before the financial statements are
authorised for issue, is not recognised as a liability at the balance sheet date.
A financial liability is any liability that is a contractual obligation to deliver cash or another financial
asset to another enterprise, or the exchange of financial instruments with another enterprise under
conditions that are potentially unfavourable.
(m)Revenue recognition
Revenue is recognised upon performance of services and net of service taxes, and after eliminating sales
within the Group.
Description
(ii)
Interest income from fixed income securities are recognised on an accrual basis.
Financial instruments recognised on the balance sheet
The particular recognition adopted for financial instruments recognised on the balance sheet is
disclosed in the individual policy statements associated with each item.
Dividends from quoted investments are recognized on the ex-dividend date.
(iii)
Realised gain and loss on sale of quoted investments is arrived at after accounting for cost of investments,
determined on the weighted average cost method.
Realised gain and loss on sale of fixed income securities is measured by the difference between the net
disposal proceeds and the carrying amounts of the investments.
(n) Impairment of assets
Property, plant and equipment and other non-current assets, including intangible assets, are reviewed for
impairment losses whenever events or changes in circumstances indicate that the carrying amount may not
be recoverable. Impairment loss is recognised for the amount by which the carrying amount of the asset
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s net selling price and value
in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are
separately identifiable cash flows.
74
2004
Fair value estimation for disclosure purposes
The fair values, less any estimated credit adjustments for financial assets and liabilities with a
maturity of more than one year are estimated using a variety of methods and assumptions that are
based on market conditions existing at each balance sheet date. Other techniques, such as
estimated discounted value of future cash flows, are used where possible, to determine the fair value
for the remaining financial instruments. In particular, the fair value of financial liabilities is estimated
by discounting the future cash flows at the current market interest rate available to the Company
for similar financial instruments.
The face values of financial assets (less any estimated credit adjustments) and financial liabilities with
a maturity period of less than one year are assumed to approximate their fair values.
75
2004
4
7
REVENUE
2004
RM
Revenue from:
- trust operation
- unit trust operation
- estate and administration operation
- legal operation
Income from investment operation
Management fee
Custodian fee
Financial planning fee
Rental income
Building management fee
Land development
Group
2003
RM
2004
RM
The aggregate amount of emoluments receivable by Directors of the Company during the year are as follows:
Company
2003
RM
9,784,494
8,127,577
11,035,303
274,881
6,365,259
46,600
285,650
189,960
454,913
5,266,189
6,877,628
9,510,487
264,291
196,539
4,460,728
42,862
112,500
142,356
-
9,784,494
8,127,577
11,035,303
274,881
6,365,259
-
5,266,189
6,877,628
9,510,487
264,291
196,539
4,323,258
-
36,564,637
26,873,580
35,587,514
26,438,392
Directors remuneration:
- fees
- other emoluments
PERSONNEL COSTS
Salaries and wages
Pension costs - defined contribution plan
Pension costs - defined benefit plans
Other staff related costs
6
10,021,185
1,436,444
912,592
3,822,292
9,324,102
1,277,336
878,184
2,497,802
9,472,097
1,355,762
912,592
3,580,576
8,876,633
1,249,253
878,184
2,356,844
16,192,513
13,977,424
15,321,027
13,360,914
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
PROFIT FROM ORDINARY ACTIVITIES
BEFORE TAX
Profit from ordinary activities before tax
is arrived at after charging/(crediting):
Auditors' remuneration
Depreciation
Fixed assets written off
Loss on disposal of property, plant
and equipment
Rental on premises
Impairment of a subsidiary company
Interest income
76
2004
70,500
3,171,454
101,301
50,000
1,895,839
-
55,000
3,037,640
40,464
45,000
1,794,749
-
71,780
3,008,583
(1,409,829)
43,459
3,061,000
(1,072,986)
17,862
2,790,791
152,000
(1,202,712)
43,459
2,883,329
(1,064,015)
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
127,000
392,325
112,200
250,360
112,500
392,325
108,000
250,360
519,325
362,560
504,825
358,360
Details of the defined benefit plan of the Group and Company are set out in Note 18.
8
5
DIRECTORS’ REMUNERATION
TAX
Malaysian income tax:
- current year
- under/(over) accruals in prior years
- deferred tax (Note 18)
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
2,072,920
145,105
(519,414)
868,000
(130,405)
6,765
2,192,326
145,105
(524,133)
502,000
(130,405)
9,094
1,698,611
744,360
1,813,298
380,689
The explanation of the relationship between tax expense and profit from ordinary activities before tax is as
follows:
Group
Company
2004
2003
2003
2004
RM
RM
RM
RM
Profit from ordinary activities before tax
Tax calculated at the Malaysian
tax rate of 28% (2003: 28%)
Tax effects of:
- expenses not deductible for tax purposes
- income not subject to tax
- under/(over) provision in previous year
Tax expense
3,093,817
1,917,324
3,896,011
1,388,970
866,269
536,851
1,090,883
388,912
766,640
(79,403)
145,105
474,547
(136,633)
(130,405)
656,713
(79,403)
145,105
258,815
(136,633)
(130,405)
1,698,611
744,360
1,813,298
380,689
Subject to agreement by the Inland Revenue Board, the Company has sufficient tax credits under Section 108 of
the Income Tax Act, 1967 to frank in full the payment of dividends out of the Company’s distributable retained
earnings.
77
2004
9
10
EARNINGS PER SHARE
PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
The earnings per share is calculated by dividing the net profit for the financial year of the Group amounting to
RM1,395,206 (2003: RM1,172,964) by the weighted average number of ordinary shares in issue during the
financial year of 6,000,002 (2003: 6,000,002).
Building
RM
10
PROPERTY, PLANT AND EQUIPMENT
Motor
vehicles
RM
Office
equipment,
furniture
and fittings
RM
Renovations
RM
Total
RM
2,351,864 1,134,848
738,840
174,438
1,353,670
486,960
1,429,968
2,749,316
7,604,863
4,149,554
Computer
equipment
RM
Company
Net book value
Building
RM
Motor
vehicles
RM
Office
equipment,
furniture
and fittings
RM
Renovations
RM
Total
RM
2,401,200 1,134,848
753,745
174,438
(5,750) (774,882)
(64,856)
64,856
(1,458,003) (267,897)
1,417,129
553,424
(68,883)
(266,215)
1,580,493
2,720,931
(80,504)
(1,152,602)
7,868,183
4,202,538
(930,019)
(3,171,454)
Computer
equipment
RM
Group
Net book value
At 1 January 2004
Additions
Disposals/write-off
Reclassification
Depreciation charge
At 31 December
2004
1,334,513
(26,737)
1,307,776
1,626,336
331,363
1,635,455
3,068,318
At 1 January 2004
Additions
Write-offs and
disposals
Reclassification
Depreciation charge
1,334,513
(26,737)
(64,856)
(1,427,056)
(774,882)
64,856
(267,897)
(40,464)
(257,495)
(1,058,455)
(815,346)
(3,037,640)
At 31 December 2004
1,307,776
1,598,792
331,363
1,542,671
3,120,829
7,901,431
Cost
Accumulated
depreciation
1,336,860
7,780,267
483,711
2,811,589
6,674,226
19,086,653
(29,084)
(6,181,475)
(152,348)
(1,268,918)
Net book value
1,307,776
1,598,792
331,363
1,542,671
3,120,829
7,901,431
Cost
Accumulated
depreciation
1,336,860
7,107,038 1,649,738
2,456,617
3,936,743
16,486,996
(514,890)
(1,102,947)
(2,506,775)
(8,882,133)
Net book value
1,334,513
2,351,864 1,134,848
1,353,670
1,429,968
7,604,863
2004
RM
Group
2003
RM
504,242
-
At 31 December 2004
7,969,248
At 31 December 2004
(3,553,397) (11,185,222)
At 31 December 2003
Cost
Accumulated
depreciation
1,336,860
7,857,988
483,711
2,917,828
6,653,916
19,250,303
(29,084)
(6,231,652)
(152,348)
(1,282,373)
Net book value
1,307,776
1,626,336
331,363
1,635,455
3,068,318
7,969,248
Cost
Accumulated
depreciation
1,336,860
7,179,244 1,649,738
2,530,667
4,209,764
16,906,273
(514,890)
(1,113,538)
(2,629,271)
(9,038,090)
Net book value
1,334,513
2,401,200 1,134,848
1,417,129
1,580,493
7,868,183
(3,585,598) (11,281,055)
(2,347)
(4,755,174)
At 31 December 2003
(2,347)
(4,778,044)
11
LAND HELD FOR PROPERTY DEVELOPMENT
At cost:
Freehold land
78
2004
79
2004
12
SUBSIDIARY COMPANIES
14
Unquoted shares, at cost
Accumulated impairment losses
2004
RM
2,852,000
(300,012)
Company
2003
RM
2,752,000
(148,012)
2,551,988
2,603,988
INVESTMENTS
Group and Company
2004
2003
RM
RM
Investments in quoted shares
Investments in fixed income securities
Net of accretion of discounts and amortisation of premium
Investments in institutional trust
1,263,415
9,894,050
99,594
2,082,741
1,005,286
9,894,050
30,830
2,000,000
13,339,800
12,930,166
The shares of all subsidiaries are held directly by the Company.
Details of the subsidiary companies which are incorporated in Malaysia, are as follows:
Amanah Raya Nominees
(Tempatan) Sdn Bhd *
2004
%
Group’s
effective interest
2003
%
100
100
100
ARB Hartanah Sdn Bhd#
Amanah Raya Asset
Management Sdn Bhd#
100
100
100
Principal activities
15
Nominees, agents or trustees
for beneficial owners of
stocks, shares, bank
debentures, loan stocks and
other securities
Property manager for
Amanah Raya Berhad and
trading of investment
properties
Provision of fund
management services
Amanah Raya Capital Sdn Bhd#
100
100
Dormant
Amanah Raya (Labuan) Ltd#
100
100
Custodian and trust services
(Offshore Company)
RECEIVABLES
Fees receivable
Less: Provision for fees receivable
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
12,154,777
(2,064,747)
9,117,172
-
11,629,248
(2,064,747)
9,117,172
-
10,090,030
9,117,172
9,564,501
9,117,172
-
-
2,207,502
609,438
707,106
967,150
209,742
185,541
548,216
1,020,101
89,073
580,756
604,537
714,510
209,742
171,967
424,528
828,960
89,073
385,392
2,069,539
2,238,146
1,700,756
1,727,953
12,159,569
11,355,318
13,472,759
11,454,563
Amounts receivable from subsidiary
companies
Deposits
Staff loans and advances
Interest receivable
Other receivables
All receivables are denominated in Ringgit Malaysia.
* Audited by PricewaterhouseCoopers, Malaysia.
# Audited by firm other than PricewaterhouseCoopers, Malaysia and its affiliates.
13
OTHER INVESTMENT
Golf club membership, at cost
80
2004
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
126,000
111,000
126,000
111,000
81
2004
15
18
RECEIVABLES (CONTINUED)
POST-EMPLOYMENT BENEFIT OBLIGATIONS
Staff loans and advances are analysed as follows:
16
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
At 1 January
Loans disbursed
Repayments
1,020,101
386,716
(439,667)
1,315,559
352,449
(647,907)
828,960
304,387
(418,837)
1,113,916
247,100
(532,056)
At 31 December
967,150
1,020,101
714,510
828,960
Group and Company
2004
2003
RM
RM
Lump-sum retirement benefit plan
Current
Non-current
(a)
(b)
13,250,265
13,796,203
1,447,621
7,775,686
14,368,594
6,114,782
6,921,571
13,796,203
595,158
5,336,002
14,368,594
635,625
28,494,089
28,259,062
21,312,932
20,340,221
All deposits, bank and cash balances are denominated in Ringgit Malaysia.
2,899,892
Defined benefit plan
The Group operates an unapproved and unfunded final salary defined benefit plan for its employees.
This plan is valued by an independent actuary every three years using the projected unit credit method.
The last actuarial valuation was carried out as at 30 September 2004. An unrecognised transitional
liability was identified in the 30 September 2002 actuarial valuation. This is being amortised over five
years as allowed under MASB 29.
The movements during the period in which the amount recognised in the balance sheet in respect of
the Group and the Company’s lump sum retirement benefit plan are as follows:
Group and Company
2004
2003
RM
RM
OTHER PAYABLES AND ACCRUALS
Service tax payables
Payroll liabilities
Accrued expenses
Other payables
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
809,658
960,370
1,527,768
5,014,918
918,315
818,014
329,994
5,853,440
809,658
960,370
1,457,315
1,094,817
918,315
818,014
96,094
1,595,828
8,312,714
7,919,763
4,322,160
3,428,251
Included in Group’s other payables are amounts owing to certain unit trusts amounting to RM3,733,813
(31.12.2003: RM3,913,615) in respect of dividend income on behalf of these unit trusts.
82
3,586,599
Defined contribution plan
Included in cash and bank balances are amounts held in trust by the Group on behalf of certain unit trusts
amounting to RM3,733,813 (2004: RM3,913,615).
17
160,826
2,739,066
Group companies incorporated in Malaysia contribute to the Employees Provident Fund, the national
defined contribution plan. Once the contributions have been paid, the Group has no further payment
obligations.
DEPOSITS, CASH AND BANK BALANCES
Deposits with:
- Licensed banks
- Other financial institutions
Cash and bank balances
351,334
3,235,265
2004
At start of the financial year
Charged to income statement
Contributions paid
2,899,892
912,592
(225,885)
2,200,760
878,184
(179,052)
At end of the financial year
3,586,599
2,899,892
The amount recognised in the Group and the Company’s balance sheet may be analysed as follows:
Group and Company
2004
2003
RM
RM
Present value of unfunded obligations
Unrecognised transitional liability
4,126,814
(540,215)
3,639,799
(739,907)
Liability in the balance sheet
3,586,599
2,899,892
83
2004
18
19
POST-EMPLOYMENT BENEFIT OBLIGATIONS (CONTINUED)
(b)
Defined benefit plan (continued)
The expense recognised in the Group and the Company’s income statement may be analysed as follows:
Group and Company
2004
2003
RM
RM
Total
RM
19,645
(6,765)
At 31 December 2003
811,970
(799,090)
12,880
811,970
582,040
(799,090)
(62,626)
12,880
519,414
1,394,010
(861,716)
532,294
As at 1 January 2003
616,213
195,757
(592,982)
(204,851)
23,231
(9,094)
At 31 December 2003
811,970
(797,833)
14,137
811,970
582,040
(797,833)
(57,907)
14,137
524,133
1,394,010
(855,740)
538,270
Group
510,438
202,462
199,692
496,326
182,182
199,676
Total included in staff costs
912,592
878,184
At 31 December 2004
Discount rate
Expected rate of salary increases
6.0
6.0
6.0
6.0
Company
DEFERRED TAX
At 31 December 2004
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities and when the deferred taxes relate to the same tax authority. The following
amounts, determined after appropriate offsetting, are shown in the balance sheet:
The amount of deductible temporary differences and unused tax losses (both of which have no expiry date) in
respect of subsidiary companies for which no deferred tax is recognised in the balance sheet are as follows:
Deferred tax assets
Deferred tax liabilities
84
Provisions
RM
616,213
195,757
Property,
plant &
equipment
RM
(596,568)
(202,522)
Current service cost
Interest cost
Amortisation of transitional liability
The principal actuarial assumptions used in respect of the Group and the Company’s defined benefit plan
were as follows:
Group and Company
2004
2003
%
%
19
DEFERRED TAX (CONTINUED)
2004
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
538,270
(5,976)
14,137
(1,257)
538,270
-
14,137
-
532,294
12,880
538,270
14,137
Deductible temporary differences
Tax losses
2004
RM
Group
2003
RM
2004
RM
Company
2003
RM
(27,100)
409,400
(21,600)
456,000
-
-
85
2004
20
22
SHARE CAPITAL
31.12.2004
Number
of shares
RM
10,000,000
10,000,000
Group and Company
31.12.2003
Number
of shares
RM
Group and Company
2004
2003
RM
RM
Capital expenditure not provided for in the
financial statements are as follows:
Authorised:
Ordinary shares of RM1 each:
At start and end of year
Authorised by the Directors but not contracted for
10,000,000
Analysed as follows:
- property, plant and equipment
Ordinary shares of RM1 each
At start and end of year
6,000,002
6,000,002
6,000,002
1,375,583
4,787,188
1,375,583
4,787,188
2004
RM
Group
2003
RM
223,228
789,847
3,679,590
1,268,762
1,270,007
-
4,692,665
2,538,769
10,000,000
Issued and fully paid:
6,000,002
23
21
CAPITAL COMMITMENTS
NON-CANCELLABLE OPERATING LEASE COMMITMENTS
SIGNIFICANT RELATED PARTY TRANSACTIONS
The Directors are of the opinion that all the related party transactions had been entered into in the normal course
of business and had been established on terms and conditions that were not materially different from that
obtainable in transaction with unrelated parties.
2004
RM
Company
2003
RM
446,229
1,443,558
336,000
-
3,031,548
48,000
14,800
(32,250)
32,000
(5,375)
Future minimum lease payment
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
Significant related party transactions
Nominee fees payable to Amanah Raya Nominees
(Tempatan) Sdn Bhd
Management fees payable to Amanah Raya Asset
Management Sdn Bhd
ARB Hartanah Sdn Bhd
- Renovation works carried out
- Cleaning services payable
- Archiving services payable
- Interest receivable on loan disbursed
Related party balances
The related party balances are shown in Note 72 to the financial statements.
86
2004
87
2004
24
24
INTEREST RATE RISK
INTEREST RATE RISK (CONTINUED)
The following tables provide information about financial assets and liabilities showing the weighted average
effective interest rate and the earlier of the contractual repricing or maturity date for each class of interestsensitive instrument in the balance sheet.
Less
than 1
year
RM
Group
1-5
years
RM
Over 5
years
RM
Noninterest
sensitive
RM
Total
RM
Total financial assets
Other assets
Over 5
years
RM
Noninterest
sensitive
RM
Total
RM
351,334
1,092,553
2,142,712
8,312,714
-
8,312,714
3,586,599
351,334
1,092,553
2,142,712
8,312,714
11,899,313
2004
Financial liabilities:
Payables
Post-employment benefit obligations
5,039,142
2,082,741
400,623
209,742
28,494,089
-
4,954,502
564,613
-
1,914
-
1,263,415
126,000
10,090,030
74,832
707,106
185,541
1,263,415
9,993,644
2,082,741
126,000
10,090,030
967,150
209,742
28,494,089
74,832
707,106
185,541
36,226,337
5,519,115
1,914
12,446,924
54,194,290
Other financial assets not within the scope of MASB 24
1-5
years
RM
Group
2004
Financial assets:
Other investments
Fees receivables
Interest receivable
Fixed deposits, cash and bank balances
Inventories
Deposits paid
Other receivables
Less
than 1
year
RM
Other liabilities
554,975
12,454,288
Total liabilities per balance sheet
54,194,290
9,005,784
Total assets per balance sheet
88
2004
89
2004
24
24
Less
than 1
year
RM
Over 5
years
RM
Noninterest
sensitive
RM
Total
RM
Group
Group
2003
2003
Financial assets:
Other investments
Fees receivables
Interest receivable
Deposits paid
Other receivables
2,000,000
349,964
89,073
28,259,062
-
4,877,340
662,550
-
5,047,540
7,587
-
1,005,286
111,000
9,117,172
548,216
580,756
1,005,286
9,924,880
2,000,000
111,000
9,117,172
1,020,101
89,073
28,259,062
548,216
580,756
30,698,099
5,539,890
5,055,127
11,362,430
52,655,546
90
1-5
years
RM
52,655,546
8,603,005
61,258,551
2004
1-5
years
RM
Over 5
years
RM
Noninterest
sensitive
RM
Total
RM
160,826
1,115,239
1,623,827
7,919,763
-
7,919,763
2,899,892
160,826
1,115,239
1,623,827
7,919,763
10,819,655
Other liabilities
488,316
11,307,971
-
Other assets
Payables
Less
than 1
year
RM
91
2004
24
24
Less
than 1
year
RM
Over 5
years
RM
Noninterest
sensitive
RM
Total
RM
Company
Company
2004
2004
Financial assets:
Other investments
Fees receivables
Interest receivable
Inventories
Deposits paid
companies
Other receivables
5,039,142
2,082,741
259,535
209,742
21,312,932
-
4,954,502
453,061
-
1,914
-
1,263,415
126,000
9,564,501
74,832
604,537
1,263,415
9,993,644
2,082,741
126,000
9,564,501
714,510
209,742
21,312,932
74,832
604,537
-
-
-
2,207,502
171,967
2,207,502
171,967
28,904,092
5,407,563
1,914
14,012,754
48,326,323
92
1-5
years
RM
50,878,311
8,439,701
59,318,012
2004
1-5
years
RM
Over 5
years
RM
Noninterest
sensitive
RM
Total
RM
351,334
1,092,553
2,142,712
4,322,160
-
4,322,160
3,586,599
351,334
1,092,553
2,142,712
4,322,160
7,908,759
Other liabilities
473,803
8,382,562
2,551,988
Other assets
Payables
Less
than 1
year
RM
93
2004
24
24
Less
than 1
year
RM
Over 5
years
RM
Noninterest
sensitive
RM
Total
RM
Company
Company
2003
2003
Financial assets:
Other investments
Fees receivables
Interest receivable
Deposits paid
companies
Other receivables
2,000,000
219,464
89,073
20,340,221
-
4,877,340
601,909
-
5,047,540
7,587
-
1,005,286
111,000
9,117,172
424,528
-
-
-
609,438
385,392
609,438
385,392
22,648,758
5,479,249
5,055,127
11,652,816
44,835,950
94
1-5
years
RM
1,005,286
9,924,880
2,000,000
111,000
9,117,172
828,960
89,073
20,340,221
424,528
47,439,938
8,340,942
55,780,880
2004
1-5
years
RM
Over 5
years
RM
Noninterest
sensitive
RM
Total
RM
160,826
1,115,239
1,623,827
3,428,251
-
3,428,251
2,899,892
160,826
1,115,239
1,623,827
3,428,251
6,328,143
2,603,988
Other assets
Payables
Less
than 1
year
RM
95
2004
25 CREDIT RISK
25 CREDIT RISK (CONTINUED)
The following tables set out the credit risk concentrations and counter parties of the Group and
Company.
Property,
infrastructure
Trade
Financial and utilities
companies
debtors institutions
RM
RM
RM
Other
companies
RM
Staff and
related
companies
RM
Property,
infrastructure
Trade
companies
RM
RM
RM
Others
RM
Group
Group
2004
2003
Fixed income
securities
Quoted securities
44,233
Institutional trust
Fees receivables 10,090,030
Interest receivables
209,742
Staff loans and
advances
Other receivables
Fixed deposits,cash
and bank balance
- 28,494,089
10,090,030 28,748,064
96
Consumer
products &
trading
companies
RM
Company.
2004
-
Fixed income
securities
Quoted securities
Institutional trust
Staff loans and
advances
Other receivables
Fixed deposits, cash
and bank balances
-
2,975,388
9,117,172
9,993,644
157,341
-
271,821
-
790,020
-
-
2,082,741
-
-
-
-
967,150
-
892,647
-
-
-
-
10,150,985
271,821
790,020
967,150
Consumer
products &
trading
companies
RM
Other
companies
RM
Staff and
related
companies
RM
Others
RM
17,066
89,073
9,924,880
304,689
-
472,490
-
211,041
-
-
2,000,000
-
-
-
-
-
1,020,101
-
1,128,972
28,259,062
-
-
-
-
-
28,365,201
10,229,569
472,490
211,041
1,020,101
3,128,972
97
2004
Property,
infrastructure
Trade
companies
RM
RM
RM
Consumer
products &
trading
companies
RM
Company.
Other
companies
RM
Staff and
related
companies
RM
Property,
infrastructure
Trade
companies
RM
RM
RM
Others
RM
Company
2004
98
Consumer
products &
trading
companies
RM
Other
companies
RM
Staff and
related
companies
RM
Others
RM
Company
Fixed income
securities
Quoted securities
Institutional trust
Amount owing by
subsidiaries
Interest receivable
Staff loans and
advances
Other receivables
and bank balances
9,564,501
2004
2004
44,233
-
9,993,644
157,341
-
271,821
-
790,020
-
-
2,082,741
-
209,742
-
-
-
2,207,502
-
-
-
-
-
-
714,510
-
776,504
21,312,932
-
-
-
-
-
21,566,907
10,150,985
271,821
790,020
2,922,012
2,859,245
Fixed income
securities
Quoted securities
Institutional trust
Amount owing by
subsidiaries
Staff loans and
advances
Other receivables
and bank balances
9,117,172
17,066
-
9,924,880
304,689
-
472,490
-
211,041
-
-
2,000,000
-
89,073
-
-
-
609,438
-
-
-
-
-
-
828,960
-
809,920
20,340,221
-
-
-
-
-
20,446,360
10,229,569
472,490
211,041
1,438,398
2,809,920
99
2004
NOTE
26 FAIR VALUES
The carrying amounts of financial assets and liabilities of the Group and Company at the balance sheet date
approximated their fair values except as set out below:
Company
Fair
value
RM
Note
Carrying
amount
RM
Group
Fair
value
RM
2004
Investments
- Quoted investments
- Fixed income securities
14
14
1,263,415
9,894,050
1,406,898
10,271,500
Staff loans
15
967,150
938,983
714,510
692,170
2003
Investments
.-.Quoted investments
- Fixed income securities
14
14
1,005,286
9,894,050
1,083,425
9,941,500
1,005,286
9,894,050
1,083,425
9,941,500
Staff loans
15
1,020,101
946,464
828,960
759,014
Carrying
amount
RM
1,263,415 1,406,898
9,894,050 10,271,500
27 APPROVAL OF FINANCIAL STATEMENTS
The financial statements have been approved for issue in accordance with the minutes of the Board of Directors
held on 28 June 2005.
100
2004
101
2004
NOTE
102
NOTE
2004
103
2004
NOTE
104
2004

Ahli Lembaga Pengarah

Transcription

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