berhad 12379-k

Transcription

berhad 12379-k

JohorLand
BERHAD
12379-K
Laporan Tahunan 2008 Annual Report
Rationale
Rasional
“The cactus rose symbolises durability and sustainability –
JLand’s core development and corporate philosophy. Its
radiating petals denote symmetry and orderly growth – the
way JLand has progressed from building house units to
residential neighbourhoods to thriving township. The succulent
petals of the plant depict JLand’s capacity to endure the
challenging economic climate.”
“Ros kaktus melambangkan ketahanan serta kelestarian –
iaitu teras kepada pembangunan dan falsafah korporat JLand.
Kelopaknya yang bersemarak melambangkan pertumbuhan
yang sekata dan tersusun – seperti mana JLand berkembang
maju daripada membina unit-unit rumah kepada perjiranan
kediaman dan seterusnya kepada perbandaran yang pesat
membangun. Ketebalan kelopak tumbuhan ini adalah
gambaran kepada keupayaan JLand untuk mengharungi
persekitaran ekonomi yang serba mencabar.”
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SINGAPORE
2
Johor Land Berhad • Laporan Tahunan 2008 Annual Report
Corporate Vision
Visi Korporat
To be the LEADING property company
Menjadi syarikat PENERAJU di sektor hartanah
10
Board of Directors
Lembaga Pengarah
24
Statement To
Shareholders
Penyata Kepada Para
Pemegang Saham
Laporan Tahunan 2008 Annual Report • Johor Land Berhad
44
64
Financial Statements
2008 Corporate Diary
Diari Korporat 2008
Contents
3
Kandungan
02
Corporate Vision
Visi Korporat
04
Corporate Profile
Profil Korporat
06
5 Years’ Financial Performance
Prestasi Kewangan 5 Tahun
08
2008 Financial Calendar
Kalendar Kewangan 2008
09
Corporate Information
Maklumat Korporat
10
Board of Directors
Lembaga Pengarah
12Profile of the Board of Directors
Profil Lembaga Pengarah
22
Corporate Structure
Struktur Korporat
23
Teraju Committee
Jawatankuasa Teraju
24
Statement to Shareholders
Penyata Kepada Para
Pemegang Saham
44
Diari Korporat 2008
46
Audit Committee Report
50Statement on Corporate
Governance
56
Statement on Internal
Control
60Statement on Directors’
Responsibility
61Additional Disclosure
Information
64
122Location of Land Bank and
Projects
123 List of Properties
130 Shareholdings’ Statistics
132Notice of Annual General
Meeting
137 Notis Mesyuarat Agung
Tahunan
142Statement Accompanying
The Notice of Annual General
Meeting
143 Penyata Bersama Notis
Mesyuarat Agung Tahunan
144 Corporate Directory
•
Proxy Form
Borang Proksi
4
Corporate Profile
Profil Korporat
Johor Land Berhad (JLand) is a successful property developer listed on the Main Board of Bursa Malaysia Securities
Berhad with a strong track record of building thriving communities in Johor going back to 1972. One of its key
achievements is the development of residential neighbourhoods in the Township of Pasir Gudang.
JLand’s long term commitment to sustainable development and its ability to respond to the needs of the local market
has made JLand a dominant property developer in Johor. This commitment and this ability is made possible through
understanding homeowners’ need for quality and functionality. Our success is in giving our customers value for their
money and assets with potential for appreciation.
The company currently has a prime land bank of over 3,000 acres in Johor. In its endeavour to be a premier property
company in the country, it intends to expand its presence throughout Malaysia and the region and to widen its
involvement in other sectors of the property industry. JLand is prepared to develop viable parcels of land in areas
outside its present area of operation and to participate in acquiring, developing and owning investment properties.
Johor Land Berhad (JLand) merupakan pemaju hartanah berjaya yang disenaraikan di Papan Utama Bursa Malaysia
Securities Berhad dan mempunyai rekod pencapaian yang kukuh dalam membangunkan komuniti yang berkembang
di Johor sejak tahun 1972. Salah satu pencapaian utamanya adalah pembangunan kediaman perjiranan di
Perbandaran Pasir Gudang.
Komitmen jangka panjang JLand untuk pembangunan yang berterusan dan keupayaannya bertindak balas terhadap
keperluan pasaran tempatan menjadikan JLand sebuah pemaju hartanah yang terutama di Johor. Komitmen dan
keupayaan ini tercapai melalui kefahaman terhadap kehendak pemilik kediaman untuk kualiti dan fungsi kediaman.
Kejayaan kami adalah dalam memberi pulangan nilai wang dan potensi peningkatan nilai aset kepada pelangganpelanggan kami.
Syarikat kini mempunyai lebih dari 3,000 ekar simpanan tanah utama di Johor. Dalam usahanya untuk menjadi
syarikat hartanah yang unggul di negara ini, JLand berhasrat untuk memperluaskan aktivitinya ke seluruh Malaysia
dan rantau ini serta memperluaskan penglibatannya dalam sektor-sektor lain dalam industri hartanah. JLand bersedia
untuk membangunkan tanah-tanah yang berdaya maju di luar kawasan operasi sedia ada dan untuk melibatkan diri
dalam mengambilalih, membangun dan memiliki pelaburan hartanahnya sendiri.
Johor Land Berhad (JLand) is a successful property developer listed on
the Main Board of Bursa Malaysia Securities Berhad
Johor Land Berhad (JLand) merupakan pemaju hartanah berjaya yang
disenaraikan di Papan Utama Bursa Malaysia Securities Berhad
5
6
5 Years’ Financial Performance
Prestasi Kewangan 5 Tahun
2004
2005
2006
2007
2008
108,416
88,783
74,660
63,356
138,694
36,226
22,261
22,099
8,268
25,289
Total Assets
Jumlah Aset
721,552
755,777
757,365
809,887
894,636
Shareholders’ Equity
Ekuiti Pemegang Saham
618,826
631,903
639,962
640,466
653,331
Earnings Per Share (sen)
Pendapatan Sesaham (sen)
12.54
7.17
7.68
2.90
8.30
Net Assets Per Share (sen)
Aset Bersih Sesaham (sen)
6.17
5.22
5.28
5.29
5.40
RM’000
Revenue
Perolehan
Profit Before Tax
Keuntungan Sebelum Cukai
RM (’000)
RM (’000)
RM (’000)
RM (’000)
Revenue
Perolehan
2008
138,694
2008
25,289
2007
63,356
2007
8,268
2006
74,660
2006
22,099
2005
88,783
2005
22,261
2004
108,416
2004
36,226
RM (’000)
RM (’000)
RM (’000)
RM (’000)
Total Assets
Jumlah Aset
2008
894,636
2008
653,331
2007
809,887
2007
640,466
2006
757,365
2006
639,962
2005
755,777
2005
631,903
2004
721,552
2004
618,826
Sen
Sen
Sen
Sen
Earning Per Share
Pendapatan Sesaham
2008
8.30
2008
5.40
2007
2.90
2007
5.29
2006
7.68
2006
5.28
2005
7.17
2005
5.22
2004
12.54
2004
6.17
Profit Before Tax
Keuntungan Sebelum Cukai
Shareholders’ Equity
Ekuiti Pemegang Saham
Net Assets Per Share
Aset Bersih Sesaham
7
8
2008 Financial Calendar
Kalendar Kewangan 2008
27/02/2008
Quarterly report on consolidated results for the financial period ended 31/12/2007.
Laporan suku tahun kewangan yang disatukan bagi tempoh berakhir 31/12/2007.
14/04/2008
Declaration of final dividend for financial year 2007.
Pengisytiharan dividen akhir bagi tahun kewangan 2007.
24/04/2008
Notice of 33rd Annual General Meeting and Extraordinary General Meeting.
Notis Mesyuarat Agung Tahunan kali ke-33 dan Mesyuarat Agung Luarbiasa.
21/05/2008
33rd Annual General Meeting & Extraordinary General Meeting.
Mesyuarat Agung Tahunan kali ke-33 & Mesyuarat Agung Luarbiasa.
21/05/2008
26/08/2008
26/11/2008
03/12/2008
Declaration of interim dividend for financial year 2008.
Pengisytiharan dividen interim bagi tahun kewangan 2008.
31/12/2008
Date of entitlement for interim dividend 2008.
Tarikh kelayakan menerima dividen interim 2008.
9
Corporate Information
Maklumat Korporat
Board of Directors
Lembaga Pengarah
TAN SRI DATO’ MUHAMMAD ALI
HASHIM
Chairman / Pengerusi
Non Independent Non Executive
Chairman
Pengerusi Bukan Bebas Bukan Eksekutif
MOHD TALHAR BIN ABDUL RAHMAN
Deputy Chairman / Timbalan Pengerusi
Non Independent Non Executive Deputy
Chairman
Timbalan Pengerusi Bukan Bebas Bukan
Eksekutif
A.F.M SHAFIQUL HAFIZ
Managing Director / Pengarah Urusan
KUA HWEE SIM •
Independent Non Executive Director
Pengarah Bebas Bukan Eksekutif
DATO HJ HASSAN BIN
HJ MOHD YUNOS •
DR MOHD HAFETZ BIN AHMAD
LUKMAN BIN HJ. ABU BAKAR •
Non Independent Non Executive Director
Pengarah Bukan Bebas Bukan Eksekutif
ABDUL MALEK BIN TALIB
YUSOF BIN RAHMAT
•Audit Committee / Jawatankuasa Audit
Company Secretaries /
Setiausaha-setiausaha
Syarikat
JAMALLUDIN BIN KALAM
LS 02710
IDHAM JIHADI BIN ABU BAKAR
ACIS (MAICSA 7007381)
REGISTERED OFFICE
PEJABAT BERDAFTAR
Level 2, Persada Johor
International Convention Centre
Jalan Abdullah Ibrahim
80000 Johor Bahru
Johor, Malaysia
Tel
:07-219 2692
Fax/Faks:07-223 3175
SHARE REGISTRAR
PENDAFTAR SAHAM
Pro Corporate Management Services
Sdn Bhd
(Company No. 349501-M)
Suite 2, 17th Floor
Kompleks Tun Abdul Razak
Jalan Wong Ah Fook
80000 Johor Bahru
Johor, Malaysia
Tel
:07-222 5044
Fax/Faks:07-222 3044
E-mail :[email protected]
STOCK EXCHANGE LISTING
PENYENARAIAN BURSA SAHAM
Main Board of Bursa Malaysia Securities
Berhad
Papan Utama Bursa Malaysia Securities
Berhad
AUDITORS
JURUAUDIT
KPMG
PRINCIPAL BANKERS
BANK-BANK UTAMA
Malayan Banking Berhad
Bank Muamalat Malaysia Berhad
10
Board of Directors
Lembaga Pengarah
Tan Sri Dato’ Muhammad Ali Hashim
(Chairman / Pengerusi)
A.F.M Shafiqul Hafiz
(Managing Director / Pengarah Urusan)
Mohd Talhar Bin Abdul Rahman
(Deputy Chairman / Timbalan Pengerusi)
Kua Hwee Sim
Dato Hj Hassan Bin Hj Mohd Yunos
Abdul Malek Bin Talib
Lukman Bin Hj. Abu Bakar
Yusof Bin Rahmat
Dr Mohd Hafetz Bin Ahmad
11
12
Profile of the Board of Directors
Tan Sri Dato’ Muhammad Ali Hashim, aged 62, a Malaysian,
is a Non Independent Non Executive Chairman of JLand.
Tan Sri was appointed to the Board on 1 January 2006.
Tan Sri Dato’ Muhammad Ali Hashim, berusia 62 tahun,
warganegara Malaysia, merupakan Pengerusi Bukan Bebas
Bukan Eksekutif JLand. Tan Sri telah dilantik ke Lembaga
Pengarah pada 1 Januari 2006.
Tan Sri is the President and
Chief Executive Officer
(CEO) of Johor Corporation
(JCorp), the ultimate holding
corporation of JLand, and
has held that position since
January 1982.
Tan Sri Dato’
Muhammad Ali
Hashim
He graduated from the
University of Malaya with a
Bachelor of Economics
(Honours) degree in 1969
and participated in the
Senior Executive
Programme, Stanford
University, USA in 1985.
Tan Sri was conferred the
Honorary Doctorate of
Management by Universiti
Teknologi Malaysia (UTM)
on 19 August 2000;
Honorary Doctorate in
Entrepreneurship by
Universiti Teknologi
Mara (UiTM) on 24 May
2007; and Honorary
Doctorate in Technology
Management by Universiti
Tun Hussien Onn Malaysia (UTHM) on 2 September
2007.
Tan Sri adalah Presiden dan Ketua Eksekutif
Kumpulan Johor Corporation (JCorp), perbadanan
induk JLand, sejak Januari 1982.
Beliau berkelulusan Ijazah Sarjana Muda Ekonomi
(Kepujian) dari Universiti Malaya pada tahun 1969
dan telah menyertai Program Eksekutif Kanan,
Stanford University, Amerika Syarikat pada tahun
1985. Tan Sri telah dianugerahkan Ijazah Kehormat
Doktor Pengurusan dari Universiti Teknologi Malaysia
(UTM) pada 19 Ogos 2000; Ijazah Kehormat Doktor
Keusahawanan dari Universiti Teknologi Mara (UiTM)
pada 24 Mei 2007; dan Ijazah Kehormat Doktor
Falsafah Pengurusan Teknologi dari Universiti Tun
Hussien Onn Malaysia (UTHM) pada 2 September
2007.
Berkeperibadian gigih dan cekal, tinggi semangat
keusahawanan serta berdaya kepimpinan
berwawasan, Tan Sri telah membina JCorp sehingga
menjadi sebuah konglomerat Malaysia yang unggul
yang memiliki lebih dari 250 buah syarikat, dengan 8
buah tersenarai di Bursa Malaysia Securities Berhad
dan sebuah lagi di Bursa Saham London. Permodalan
pasaran bagi saham-saham milik JCorp sehingga
Disember 2008 adalah berjumlah RM3.7 bilion.
Keunggulan Kumpulan JCorp yang menerajui
pelbagai bidang telah dapat memberikan peluang
kerjaya kepada lebih 50,000 orang anggota pekerja.
Tan Sri’s tenacity, business acumen and
entrepreneurial leadership has enabled JCorp to
grow into one of Malaysia’s leading conglomerates
with more than 250 companies, 8 of which are listed
on Bursa Malaysia Securities Berhad and another on
the London Stock Exchange. Market capitalisation of
JCorp’s portion of PLC shares stood at RM3.7 billion
at end 2008. This highly diversified Group offers
meaningful career opportunities to more than 50,000
employees.
Sebagai Presiden dan Ketua Eksekutif Kumpulan
JCorp, Tan Sri telah berjaya mengemudikan Kumpulan
dalam menghadapi cabaran bisnes terutama ketika
JCorp dilanda Krisis Ekonomi Asia pada tahun 1997.
Pada tahun 2006-2007, JCorp melalui Kulim (Malaysia)
Berhad telah berjaya mengambilalih dua syarikat
tersenarai iaitu QSR Brands Berhad dan KFC Holdings
(Malaysia) Bhd, berjaya mengatasi tentangan yang
hebat yang juga telah menjadi satu mercu tanda di
dalam pengambilalihan korporat di Malaysia.
As President and CEO of JCorp Group, Tan Sri had
also successfully steered the Group through extreme
business challenges, especially when the JCorp
Group was hard hit by the 1997 Asian Crisis. In
2006-2007, JCorp through Kulim (Malaysia) Berhad
had also successfully acquired two PLC’s namely
QSR Brands Berhad and KFC Holdings (Malaysia)
JCorp telah berjaya menguruskan satu-satunya pihak
berkuasa tempatan Malaysia yang diuruskan
berteraskan prinsip swasta, iaitu Majlis Perbandaran
Pasir Gudang (MPPG) (dahulunya dikenali sebagai
Pihak Berkuasa Tempatan Pasir Gudang), dengan
Tan Sri selaku Presiden yang bertanggungjawab
sebagai Datuk Bandar daripada Januari 1982
Bhd, overcoming a protracted hostile challenge. This
had led to the exercise becoming one of Malaysian
landmark corporate acquisitions.
JCorp has also successfully managed Malaysia’s one
and only ‘market-driven’ local authority, namely the
Pasir Gudang Municipal Council (PGMC) (previously
known as Pasir Gudang Local Authority), with Tan
Sri as President with mayorial responsibilities from
January 1982 up to July 2008. JCorp was the single
most important agency responsible for Pasir Gudang’s
development into one of Malaysia’s vibrant and
dynamics industrial townships. PGMC made history
by becoming the first business-driven Local Authority
in Malaysia to issue a Mudharabah Bond rated triple
‘A’ by Ratings Agency Malaysia (RAM).
Tan Sri sits as Chairman of Kulim (Malaysia) Berhad,
KPJ Healthcare Berhad, QSR Brands Berhad, KFC
Holdings (Malaysia) Bhd and Sindora Berhad which
are JCorp’s subsidiaries listed on the Main Board of
Bursa Malaysia Securities Berhad. Tan Sri also sits
as Chairman of Damansara Realty Berhad, an
associate company of JCorp listed on the Main
Board of Bursa Malaysia Securities Berhad.
Tan Sri is also active as a Council Member of
Malaysian Industrial Development Authority (MIDA),
President of the Malaysian Kite Council and President
of Malaysian Yachting Association, Vice President of
the Malaysian Islamic Chamber of Commerce (MICC)
and Chairman of the MICC Corporate Bureau and
Chairman of Kumpulan Waqaf An-Nur Berhad, an
Islamic endowment institution that spearheads JCorp
Group’s CSR programs, including the unique
Corporate Waqaf Concept initiated by JCorp. He is
the Chairman of Damansara REIT Managers Sdn
Bhd and also the Chairman and/or Director of several
other companies within the JCorp Group.
Other than as disclosed, he does not have any
family relationship with any director and/or major
shareholder of JLand. He has no personal interest in
any business arrangement involving JLand. He has
not been convicted for any offences. He attended all
four (4) Board of Directors’ Meetings of the Company
in the financial year ended 31 December 2008.
13
sehingga Julai 2008. JCorp merupakan agensi utama
yang bertanggungjawab ke atas pembangunan Pasir
Gudang sehingga berjaya dimajukan menjadi sebuah
bandar perindustrian yang unggul dan dinamik di
Malaysia. MPPG telah menempa sejarah dengan
menjadi Pihak Berkuasa Tempatan di Malaysia yang
pertama menerbitkan Bon Mudharabah dengan
penarafan tiga ‘A’ oleh Ratings Agency Malaysia
(RAM).
Tan Sri adalah Pengerusi Kulim (Malaysia) Berhad,
KPJ Healthcare Berhad, QSR Brands Berhad, KFC
Holdings (Malaysia) Bhd dan Sindora Berhad,
syarikat-syarikat di dalam Kumpulan JCorp yang
tersenarai di Papan Utama Bursa Malaysia Securities
Berhad. Tan Sri juga adalah Pengerusi Damansara
Realty Berhad, syarikat sekutu JCorp yang tersenarai
di Papan Utama Bursa Malaysia Securities Berhad.
Tan Sri juga aktif sebagai Ahli Majlis Lembaga
Pembangunan Industri Malaysia (MIDA), Presiden
Majlis Pelayang Malaysia dan Presiden Persatuan
Pelayar Malaysia, Naib Presiden Dewan Perdagangan
Islam Malaysia (DPIM), Pengerusi Biro Korporat
DPIM dan Pengerusi Kumpulan Waqaf An-Nur
Berhad, sebuah institusi waqaf Islam yang menerajui
program “CSR” Kumpulan JCorp, termasuk Konsep
Waqaf Korporat yang unik yang dimulakan oleh
JCorp. Beliau adalah Pengerusi Damansara REIT
Managers Sdn Bhd dan juga Pengerusi dan/atau
Pengarah di dalam beberapa buah syarikat lain
dalam Kumpulan JCorp.
Selain daripada yang telah dimaklumkan, beliau tidak
mempunyai sebarang hubungan kekeluargaan
dengan mana-mana pengarah dan/atau pemegang
saham utama JLand. Beliau juga tidak mempunyai
sebarang kepentingan peribadi di dalam sebarang
urusan perniagaan yang melibatkan JLand. Beliau
tidak pernah dijatuhkan hukuman atas sebarang
kesalahan. Beliau telah menghadiri kesemua empat
(4) Mesyuarat Lembaga Pengarah Syarikat bagi
tahun kewangan berakhir 31 Disember 2008.
14
Mohd Talhar Bin Abdul Rahman, aged 69, a Malaysian, is a
Non Independent Non Executive Director and also the
Deputy Chairman of JLand. He was appointed as a Director
of JLand on 15 April 1996.
Mohd Talhar Bin Abdul Rahman, berusia 69 tahun,
warganegara Malaysia, merupakan Pengarah Bukan Bebas
Bukan Eksekutif dan juga sebagai Timbalan Pengerusi
JLand. Beliau telah dilantik sebagai Pengarah JLand pada
15 April 1996.
On 1 February 2001, he
was appointed as the
Chairman and with effect
from 1 January 2006, he
resigned as the Chairman
and was re-appointed as
the Deputy Chairman on
6 January 2006.
Mohd Talhar
Bin Abdul
Rahman
Deputy Chairman /
Timbalan Pengerusi
He is a Chartered Surveyor
by profession and was
made a Fellow of the Royal
Institution of Chartered
Surveyors in 1973. He
became a Fellow of the
Institution of Surveyors
(Malaysia) in 1985. He
served in both the State
and Malaysian Civil
Services; in the Local
Government and Housing
Department, Johor from
1964 to 1967, and as
Director of Valuation in the Ministry of Finance from
1968 to 1972. In 1974, he co-founded C H Williams
Talhar & Wong (WTW), a Valuation and Property
Consultancy Firm and became the Group Chairman
of WTW since 1982. He sits on the Board of
Pelaburan Johor Berhad, a public company.
not been convicted for any offences. He attended
two (2) Board of Directors’ Meetings of the Company
Pada 1 Februari 2001, beliau telah dilantik sebagai
Pengerusi dan berkuatkuasa daripada 1 Januari
2006, beliau meletakkan jawatan sebagai Pengerusi
dan dilantik semula sebagai Timbalan Pengerusi
pada 6 Januari 2006.
Beliau ialah seorang “Chartered Surveyor” dan telah
menjadi “Fellow of the Royal Institution of Chartered
Surveyor” pada tahun 1973. Beliau merupakan
“Fellow of the Institution of Surveyors” (Malaysia)
pada tahun 1985. Beliau telah berkhidmat di
Perkhidmatan Awam Peringkat Negeri dan Malaysia;
di Jabatan Perumahan dan Kerajaan Tempatan,
Johor dari tahun 1964 hingga 1967 dan sebagai
Pengarah Penilaian di Kementerian Kewangan dari
tahun 1968 hingga 1972. Pada tahun 1974, beliau
telah bersama-sama menubuhkan C H Williams
Talhar & Wong (WTW), sebuah Firma Penilaian dan
Perunding Hartanah dan menjadi Pengerusi Kumpulan
WTW sejak tahun 1982. Beliau adalah Pengarah
Pelaburan Johor Berhad, sebuah syarikat awam.
Selain daripada yang dimaklumkan, beliau tidak
kepentingan peribadi dalam sebarang urusan
perniagaan yang melibatkan JLand. Beliau juga tidak
pernah dijatuhkan hukuman atas sebarang kesalahan.
Beliau telah menghadiri dua (2) Mesyuarat Lembaga
Pengarah Syarikat bagi tahun kewangan berakhir
pada 31 Disember 2008.
15
A.F.M Shafiqul Hafiz, aged 62, a Bangladeshi and Malaysian
Permanent Resident, was appointed to the Board and as
Managing Director of JLand since 1 May 1988.
A.F.M Shafiqul Hafiz, berusia 62 tahun, warganegara
Bangladesh dengan taraf Penduduk Tetap Malaysia, telah
dilantik ke Lembaga Pengarah dan sebagai Pengarah Urusan
JLand sejak 1 Mei 1988.
A.F.M Shafiqul
Hafiz
Managing Director /
Pengarah Urusan
He graduated with a Bachelor
of Science Degree majoring in
Civil Engineering from East
Pakistan University of
Engineering and Technology,
Dhaka in 1967. He also holds
a Master of Science Degree in
Civil Engineering from Middle
East Technical University of
Ankara, Turkey which he
obtained in 1971. He is also
registered with the Institute of
Engineers, Australia, as a
Chartered Professional
Engineer. In 1992, he attended
a Senior Management Program
on Public Enterprise at Harvard,
USA.
Beliau memiliki Ijazah Sarjana Muda Sains dengan
pengkhususan dalam Kejuruteraan Awam dari East
Pakistan University of Engineering and Technology, Dhaka
pada tahun 1967. Beliau juga memegang Ijazah Sarjana
Sains dengan pengkhususan dalam Kejuruteraan Awam
dari Middle East Technical University of Ankara, Turki yang
telah diperolehinya pada tahun 1971. Beliau juga berdaftar
dengan “Institute of Engineers” Australia sebagai “Chartered
Professional Engineer”. Pada tahun 1992, beliau telah
menghadiri Program Pengurusan Atasan mengenai
Perusahaan Awam di Harvard, Amerika Syarikat.
He has been a National Council
Member of International Real
Estate Federation (FIABCI)
Malaysian Chapter since 2000
and has been elected a Board
Member of FIABCI International
for the term 2009 till 2012.
Beliau memulakan kerjayanya sebagai Jurutera di Dhaka,
Pakistan Timur pada tahun 1968. Kerjaya beliau di Malaysia
bermula sejak tahun 1974 apabila beliau menyertai Jabatan
Kerja Raya Malaysia sebagai Jurutera Projek. Beliau
kemudian telah berkhidmat dengan Johor Corporation
pada tahun 1983 dan telah memegang pelbagai jawatan di
dalam Kumpulan sebelum dilantik sebagai Pengarah
Urusan JLand pada tahun 1988 dan sebagai Ketua
Eksekutif Bahagian Pembangunan Hartanah Johor
Corporation sejak tahun 1991.
He began his career as an Engineer in Dhaka, East
Pakistan in 1968. His career in Malaysia dates back to
1974 when he joined Public Works Department of Malaysia
as a Project Engineer. Later he joined Johor Corporation
in 1983 and has held various positions within the Group
before being appointed as the Managing Director of JLand
in 1988 and as the Chief Executive of the Property
Development Division of Johor Corporation since 1991.
In addition, he is the Chairman of Hotel Selesa Sdn Bhd,
Hotel Selesa (JB) Sdn Bhd, Sibu Island Resorts Sdn Bhd
and TPM Technopark Sdn Bhd. Besides that, he is the
Deputy Chairman of Puteri Hotels Sdn Bhd and also
Chairman and Director of several other companies within
the Johor Corporation Group.
Other than as disclosed, he does not have any family
relationship with any director and/or major shareholder of
JLand. He has no personal interest in any business
arrangement involving JLand. He has not been convicted
for any offences. He attended all four (4) Board of Directors’
Meetings of the Company in the financial year ended
31 December 2008.
Beliau adalah Ahli Majlis Kebangsaan “International Real
Estate Federation” (FIABCI) Bahagian Malaysia sejak
tahun 2000 dan telah dipilih sebagai Ahli Lembaga
Pengarah FIABCI Antarabangsa bagi tempoh 2009 hingga
tahun 2012.
Sebagai tambahan, beliau merupakan Pengerusi Hotel
Selesa Sdn Bhd, Hotel Selesa (JB) Sdn Bhd, Sibu Island
Resorts Sdn Bhd dan TPM Technopark Sdn Bhd. Selain
daripada itu, beliau merupakan Timbalan Pengerusi Puteri
Hotels Sdn Bhd dan juga Pengerusi dan Pengarah di
beberapa buah syarikat dalam Kumpulan Johor
Corporation.
Selain dari yang dimaklumkan, beliau tidak mempunyai
sebarang hubungan kekeluargaan dengan mana-mana
pengarah dan/atau pemegang saham utama JLand. Beliau
juga tidak mempunyai kepentingan peribadi dalam sebarang
urusan perniagaan yang melibatkan JLand. Beliau juga
tidak pernah dijatuhkan hukuman atas sebarang kesalahan.
Beliau telah menghadiri kesemua empat (4) Mesyuarat
Lembaga Pengarah Syarikat bagi tahun kewangan berakhir
16
Kua Hwee Sim, aged 56, a Malaysian, is an Independent
Non Executive Director. She was first appointed to the
Board of JLand on 1 May 1996.
Kua Hwee Sim, berusia 56 tahun, warganegara Malaysia,
merupakan Pengarah Bebas Bukan Eksekutif. Beliau telah
dilantik ke dalam Lembaga Pengarah JLand pada
1 Mei 1996.
She is also the Chairman of
the Audit Committee. She is
a Fellow of the Association
of Chartered Certified
Accountant, United Kingdom
and a Registered Accountant
of Malaysia and Singapore.
She has more than thirty
years of corporate and
financial experience in
several industries within
Malaysia and overseas.
Kua Hwee Sim
Director / Pengarah
She is currently a Director
of QSR Brands Berhad and
KFC Holdings (Malaysia)
Bhd, Kulim (Malaysia)
Berhad and Sindora Berhad
which are Johor
Corporation’s subsidiaries
listed on the Main Board of
Bursa Malaysia Securities
Berhad. She is a member
of the respective Audit Committee for all those listed
companies. As a professional Accountant, she also
provides financial training for companies within
Malaysia.
Other than as disclosed, she does not have any
shareholder of JLand. She has no personal interest
in any business arrangement involving JLand. She
has not been convicted for any offences. She
attended all four (4) Board of Directors’ Meetings of
the Company in the financial year ended
31 December 2008.
Beliau juga adalah Pengerusi Jawatankuasa Audit.
Beliau merupakan “Fellow of the Association of
Chartered Certified Accountant”, United Kingdom dan
merupakan seorang Akauntan Berdaftar di Malaysia
dan Singapura. Beliau memiliki pengalaman di dalam
kewangan korporat selama lebih daripada tiga puluh
tahun di dalam beberapa industri di Malaysia dan
luar negara.
Beliau kini adalah Pengarah QSR Brands Berhad
dan KFC Holdings (Malaysia) Bhd, Kulim (Malaysia)
Berhad dan Sindora Berhad yang merupakan
syarikat-syarikat anak Johor Corporation yang
tersenarai di Papan Utama Bursa Malaysia Securities
Berhad. Beliau adalah ahli bagi setiap Jawatankuasa
Audit di syarikat yang tersenarai di atas. Sebagai
Akauntan profesional, beliau juga memberikan latihan
kewangan kepada syarikat-syarikat di Malaysia.
Beliau telah menghadiri kesemua empat (4)
Mesyuarat Lembaga Pengarah Syarikat bagi tahun
kewangan berakhir pada 31 Disember 2008.
17
Dato Hj Hassan Bin Hj Mohd Yunos, aged 73, a Malaysian,
is an Independent Non Executive Director. He was appointed
to the Board of JLand on 1 August 2005.
Dato Hj Hassan Bin Hj Mohd Yunos, berusia 73 tahun,
warganegara Malaysia, merupakan Pengarah Bebas Bukan
Eksekutif. Beliau telah dilantik ke dalam Lembaga Pengarah
JLand pada 1 Ogos 2005.
He is also a member of the
Audit Committee. Dato Hj
Hassan is a Barrister-atLaw from Lincoln’s Inn and
was called to the Malaysian
Bar in 1965. He had served
in the Malaysian Judicial
and Legal Services for
several years.
Currently he is in legal
practice, a senior partner of
the firm of Hassan Yunos &
Co. He is principally in
corporate and real property
and was involved at
inception and in the early
stages of the development
of Johor Corporation.
Dato Hj Hassan
Bin Hj Mohd
Yunos
Director / Pengarah
Other than as disclosed, he
does not have any family
relationship with any director
and/or major shareholder of JLand. He has no
personal interest in any business arrangement
involving JLand. He has not been convicted for any
offences. He attended all four (4) Board of Directors’
31 December 2008.
Beliau juga merupakan Ahli Jawatankuasa Audit.
Dato Hj Hassan merupakan Barrister-at-Law daripada
Lincoln’s Inn dan diterima serta diperakui sebagai
Peguambela dan Peguamcara Malaysia pada tahun
1965. Beliau pernah berkhidmat di Badan Kehakiman
dan Perkhidmatan Perundangan selama beberapa
tahun.
Kini, beliau terlibat dalam bidang guaman dan
merupakan Rakan Kongsi Kanan di firma Hassan
Yunos & Co. Beliau terlibat dalam bidang korporat
dan hartanah dan turut terlibat dalam pembangunan
Johor Corporation di awal penubuhannya.
18
Lukman Bin Hj. Abu Bakar, aged 49, a Malaysian, is a
Non Independent Non Executive Director of JLand. He was
appointed to the Board of JLand on 1 August 2006.
Lukman Bin Hj. Abu Bakar, berusia 49 tahun, warganegara
Malaysia, merupakan Pengarah Bukan Bebas Bukan
Eksekutif JLand. Beliau telah dilantik sebagai Lembaga
Pengarah JLand pada 1 Ogos 2006.
He is also a member of the
Audit Committee. He
graduated with a Bachelor of
Urban and Regional Planning
from the University of
Technology Malaysia in
1982 before joining Johor
Corporation as a Town
Planning Officer in the same
year. He also holds a Post
Graduate Diploma (Housing,
Building and Planning) from
Institute for Housing Studies,
Rotterdam, Holland in 1985.
Lukman Bin Hj.
Abu Bakar
Director / Pengarah
He has held various
positions in subsidiary
companies within the JCorp
Group. He was a Deputy
Manager of JCorp in the
year of 1989. Then, he was
appointed as a Manager in
1992 and was also
appointed as the Deputy
Secretary of Pasir Gudang
Local Authority. He was
appointed as the Deputy
General Manager of Sindora
Berhad on 1 September
1993 and promoted as the General Manager of
Sindora Berhad in 1995. He became the Secretary
of Pasir Gudang Local Authority on 1 April 2004. On
1 January 2006, he was promoted to Senior General
Manager of JCorp cum the Secretary of Pasir Gudang
Local Authority. On 1 July 2008, he was appointed
as President of Pasir Gudang Municipal Council.
He also sits as a Director of Damansara Realty
Berhad, an associate company of JCorp, listed on
the Main Board of Bursa Malaysia Securities Berhad
and as a Director of Syarikat Pengangkutan Maju
Berhad, Penawar Ekspress Line Berhad and several
other companies within the JCorp Group.
not been convicted for any offences. He attended
three (3) Board of Directors’ Meetings of the Company
Beliau juga merupakan Ahli Jawatankuasa Audit.
Beliau berkelulusan Ijazah Sarjana Muda Perancang
Bandar dan Wilayah dari Universiti Teknologi
Malaysia pada tahun 1982 sebelum berkhidmat di
Johor Corporation sebagai Pegawai Perancang
Bandar pada tahun yang sama. Beliau juga memiliki
Diploma Lepasan Ijazah (Perumahan, Pembinaan
dan Perancang) daripada Institute for Housing
Studies, Rotterdam, Holland pada tahun 1985.
Beliau telah memegang pelbagai jawatan di syarikatsyarikat subsidiari dalam Kumpulan JCorp. Beliau
merupakan Timbalan Pengurus di JCorp pada tahun
1989. Kemudian, beliau dilantik sebagai Pengurus
pada tahun 1992 dan juga dilantik sebagai Timbalan
Setiausaha Pihak Berkuasa Tempatan Pasir Gudang.
Beliau dilantik sebagai Timbalan Pengurus Besar
Sindora Berhad pada 1 September 1993 dan dilantik
sebagai Pengurus Besar Sindora Berhad pada tahun
1995. Beliau seterusnya menjadi Setiausaha Pihak
Berkuasa Tempatan Pasir Gudang pada 1 April
2004. Pada 1 Januari 2006, beliau dinaikkan pangkat
sebagai Pengurus Besar Kanan JCorp merangkap
Setiausaha Pihak Berkuasa Tempatan Pasir Gudang.
Pada 1 Julai 2008, beliau telah dilantik sebagai Yang
Dipertua Majlis Perbandaran Pasir Gudang.
Beliau juga adalah Pengarah Damansara Realty
Berhad, sebuah syarikat sekutu dalam Kumpulan
JCorp, yang tersenarai di Papan Utama Bursa
Malaysia Securities Berhad dan sebagai Pengarah
Syarikat Pengangkutan Maju Berhad, Penawar
Ekspress Line Berhad dan beberapa syarikat lain
dalam Kumpulan JCorp.
perniagaan yang melibatkan JLand. Beliau tidak
Beliau telah menghadiri tiga (3) Mesyuarat Lembaga
19
Abdul Malek Bin Talib, aged 46, a Malaysian, is a
Non Independent Non Executive Director of JLand. He was
appointed to the Board of JLand on 1 January 2007.
Abdul Malek Bin Talib, berusia 46 tahun, warganegara
Malaysia, merupakan Pengarah Bukan Bebas Bukan
Eksekutif JLand. Beliau telah dilantik ke dalam Lembaga
Pengarah JLand pada 1 Januari 2007.
He is currently the Managing
Director of Damansara
Assets Sdn Bhd, a member
of the JCorp Group of
Companies. He is also the
Chairman and Director of
several other companies
within the JCorp Group.
Previously, he was the
Chief Operating Officer of
JLand. Prior to that, he had
worked with Pembinaan
Prefab Sdn Bhd and
JCorp.
Abdul Malek
Bin Talib
Director / Pengarah
He holds a Bachelor in Civil
Engineering from Michigan
State University, USA and
later obtained his Master in
Business Administration
from Henley Management
College, London. He is also
a Professional Engineer
registered with the Board of Engineers, Malaysia.
Beliau kini adalah Pengarah Urusan Damansara
Assets Sdn Bhd, syarikat di dalam Kumpulan JCorp.
Beliau juga adalah Pengerusi dan Pengarah di
beberapa buah syarikat dalam Kumpulan JCorp.
Sebelum itu, beliau adalah Ketua Pegawai Operasi
JLand. Beliau juga pernah bekerja di Pembinaan
Prefab Sdn Bhd dan JCorp.
Beliau memiliki Ijazah Sarjana Muda Kejuruteraan
Awam daripada Michigan State University, Amerika
Syarikat dan kemudian memperolehi Sarjana dalam
Pengurusan Perniagaan daripada Henley Management
College, London. Beliau juga merupakan seorang
Jurutera Profesional yang berdaftar dengan Lembaga
Jurutera Malaysia.
20
Yusof Bin Rahmat, aged 51, a Malaysian, is a Non
Independent Non Executive Director. He was appointed to
the Board of JLand on 1 January 2007.
Yusof Bin Rahmat, berusia 51 tahun, warganegara Malaysia,
merupakan Pengarah Bukan Bebas Bukan Eksekutif. Beliau
telah dilantik ke dalam Lembaga Pengarah JLand pada
1 Januari 2007.
He graduated with Bachelor
of Civil Engineering
(Honours) from the
University of Sheffield,
United Kingdom in 1980
before joining Johor
Corporation in the same
year. He has held various
positions in subsidiary
companies within the
Corporation. In January
1997, he was appointed as
the Chief Executive of the
Project Development
Division, Johor Corporation.
He was appointed as the
Managing Director of TPM
Technopark Sdn Bhd, a
company within the Johor
Corporation Group since
January 2002.
Yusof Bin
Rahmat
Director / Pengarah
Other than as disclosed, he
does not have any family relationship with any
director and/or major shareholder of JLand. He has
no personal interest in any business arrangement
involving JLand. He has not been convicted for any
offences. He attended three (3) Board of Directors’
31 December 2008.
Beliau memiliki Ijazah Sarjana Muda Kepujian dalam
Kejuruteraan Awam daripada University of Sheffield,
United Kingdom pada tahun 1980 sebelum berkhidmat
di Johor Corporation pada tahun yang sama. Beliau
memegang pelbagai jawatan dalam syarikat-syarikat
anak dalam Perbadanan. Pada Januari 1997, beliau
dilantik sebagai Ketua Eksekutif Bahagian
Pembangunan Projek, Johor Corporation. Beliau
telah dilantik sebagai Pengarah Urusan TPM
Technopark Sdn Bhd, sebuah syarikat dalam
Kumpulan Johor Corporation sejak Januari 2002.
Beliau telah menghadiri tiga (3) Mesyuarat Lembaga
21
Dr Mohd Hafetz Bin Ahmad, aged 58, a Malaysian, is an
Independent Non Executive Director. He was appointed to
the Board of JLand on 22 May 2007.
Dr Mohd Hafetz Bin Ahmad, berumur 58 tahun, warganegara
Malaysia, merupakan Pengarah Bebas Bukan Eksekutif.
Beliau telah dilantik ke dalam Lembaga Pengarah JLand
pada 22 Mei 2007.
He graduated with an MBBS
from the University of
Malaya in 1975. In 1982,
he obtained his specialist
degree, MRCOG, from
the Royal College
of Obstetricians and
Gynaecologists, London,
United Kingdom. He was
admitted as a Fellow
of the Royal College
of Obstetricians and
Gynaecologists in 2001.
Dr Mohd Hafetz
Bin Ahmad
Director / Pengarah
Dr Hafetz did his
housemanship in 1975-1976
at Hospital Sultanah
Aminah, Johor Bahru.
Subsequently he worked in
the same hospital in the
Outpatients Department,
and the Department of
Obstetrics and Gynaecology.
From 1978 till 1983, he
worked initially as a Trainee
Lecturer, then as Lecturer
in the Department of
Obstetrics and Gynaecology, Medical Faculty,
University of Malaya.
He joined Johor Specialist Hospital as a Consultant
Obstetrician and Gynaecologist in June 1983 and is
still in full time clinical practice. Since September
1994 till present, he concurrently holds the post of
Medical Director of the hospital. He sits on the Board
of Directors of KPJ Johor Specialist Hospital, Kluang
Utama Specialist Hospital, Kumpulan Waqaf An-Nur
Berhad and Damansara REIT Managers Sdn Bhd. In
2004-2005, Dr Hafetz was the President of the
Obstetrical and Gynaecological Society of Malaysia
(OGSM).
Beliau memiliki Ijazah Perubatan (MBBS) daripada
Universiti Malaya pada tahun 1975. Pada tahun
1982, beliau memperolehi Ijazah Kepakaran, MRCOG
daripada “Royal College of Obstetricians and
Gynaecologists” London, United Kingdom. Beliau
dikurniakan “Fellow of the Royal College Obstetricians
and Gynaecologists”, pada tahun 2001.
Dr Hafetz memulakan kerjayanya sebagai Doktor
Pelatih pada tahun 1975 hingga tahun 1976 di
Hospital Sultanah Aminah, Johor Bahru. Beliau
meneruskan perkhidmatannya sebagai Pegawai
Perubatan di hospital yang sama di Jabatan Pesakit
Luar dan Jabatan Perbidanan dan Sakit Puan.
Daripada tahun 1978 hingga 1983, beliau bertugas
sebagai Pensyarah Pelatih, kemudiannya sebagai
Pensyarah di Jabatan Perbidanan dan Sakit Puan,
Fakulti Perubatan di Universiti Malaya.
Beliau menyertai Hospital Pakar Johor sebagai Pakar
Perunding Perbidanan dan Sakit Puan sejak Jun
1983 dan masih berkhidmat sepenuh masa dalam
bidang tersebut. Dari September 1994 hingga kini,
beliau juga memegang jawatan Pengarah Perubatan
di hospital berkenaan. Beliau adalah Ahli Lembaga
Pengarah KPJ Hospital Pakar Johor, Hospital Pakar
Kluang Utama, Kumpulan Waqaf An-Nur Berhad dan
Damansara REIT Managers Sdn Bhd. Pada tahun
2004 hingga tahun 2005, Dr Hafetz telah memegang
jawatan Presiden Persatuan Perbidanan dan Sakit
Puan Malaysia (OGSM).
saham utama JLand. Beliau tidak mempunyai
22
Corporate Structure
Struktur Korporat
100%
100%
JOHOR LAND BERHAD
Advance Development Sdn Bhd 13974-A
Property Development
Pembangunan Hartanah
Pembinaan Prefab Sdn Bhd 30936-A
Property Development
Pembangunan Hartanah
12379-K
Property Development,
Construction, Property Investment
100%
and Investment Holding
Pembangunan Hartanah,
Johor Land Manufacturing Sdn Bhd
301430-D
Dormant
Tidak aktif
Pembinaan, Pelaburan Hartanah
dan Pemegang Pelaburan
30.07%
Revertex (Malaysia) Sdn Bhd 13437-V
Manufacturer of Specialty Latex Concentrate and
Industrial Chemicals
Pengeluar Pati Susu Getah Asli dan Bahan Kimia
Industri
23
Teraju Committee
Jawatankuasa Teraju
Managing Director
Pengarah Urusan
MARIANA BINTI SIDI
MOHD RAZIF BIN AB. RAHIM
Senior General Manager (Finance)
Pengurus Besar Kanan (Kewangan)
General Manager,
Bandar Dato’ Onn Division
Pengurus Besar,
Bahagian Bandar Dato’ Onn
SHEIKH BAHNAN BIN
SHEIKH BAKIR
SETH BIN JAMALUDDIN
Deputy General Manager,
Quality Assurance Department
Timbalan Pengurus Besar,
Jabatan Jaminan Mutu
Marketing Department
Jabatan Pemasaran
AZIZUL BIN KATAN
MOHD HIZAM BIN ABDUL RAUF
NORFAZAHAH BINTI AHMAD
FADZILAH BINTI MOHD OTHMAN
Johor Bahru Division/Quality Department
Bahagian Johor Bahru/Jabatan Kualiti
Sales Documentation Department
Jabatan Dokumentasi Jualan
Managing Director’s Office
Pejabat Pengarah Urusan
Senior Manager, Human Resource &
Administration Department
Pengurus Kanan, Jabatan Sumber
Manusia & Pentadbiran
24
Corporate to
Diary
2008
Statement
Shareholders
KalendarKepada
KorporatPara
2008Pemegang Saham
Penyata
On behalf of the Board of Directors, we are delighted to present the Annual
Report and Financial Statements of Johor Land Berhad (“JLand” or “the Group”)
for the financial year ended 31 December 2008 (“FY2008”).
Para Pemegang Saham,
Bagi pihak Lembaga Pengarah,
kami dengan sukacitanya
membentangkan L aporan
T ahunan dan P enyata
Kewangan Johor Land Berhad
(“JLand” atau “Kumpulan”) bagi
tahun kewangan berakhir
31 Disember 2008 (“TK2008”).
25
OPERATING ENVIRONMENT
The year 2008 brought with it a challenging operating environment even as the effects of the global financial meltdown and ensuing
recession were felt throughout the world. Bank Negara Malaysia (“the Central Bank of Malaysia”) reported that the Malaysian
economy experienced slower growth in 2008 with gross domestic product (“GDP”) growth dropping to 4.6% against 6.3% growth in
2007. The Malaysian construction industry too was not spared the flood of challenges triggered off by the unprecedented upsurge
in crude oil prices and the ripple effects of the global financial meltdown. From the 18% to 26% rise in electricity tariffs, to the
sudden 20% to 30% spike in building material costs, to the massive 40% rise in petrol pump prices, industry players were inundated
by one challenge after another.
As a consequence, the project margins of many players dwindled. Forced to adopt a cautious approach, key players put mega projects
on hold while carefully scrutinising all expansion opportunities. Others decided to tender for new jobs only when prices stabilised. By
the time price fluctuations had evened out around the end of the third quarter of 2008, many players were left with lower revenue and
reduced profitability. These market uncertainties led to demand for property weakening over 2008 and buyers becoming more prudent
with their spending. Even as many buyers adopted a wait-and-watch stance, the property market sector began to get softer. At the time
of writing, all sectors of the Malaysian economy including the construction and property sectors are feeling the ripple effects of the global
crisis and a more challenging outlook is expected for 2009.
PERSEKITARAN OPERASI
Tahun 2008 telah membawa bersamanya persekitaran operasi yang mencabar dengan
kesan kegawatan kewangan global dan disusuli kemelesetan yang dirasai di seluruh dunia.
Bank Negara Malaysia (“Bank Pusat Malaysia”) melaporkan bahawa ekonomi Malaysia
mengalami pertumbuhan yang lebih perlahan pada tahun 2008 dengan pertumbuhan
keluaran dalam negara kasar (“KDNK”) jatuh kepada 4.6% berbanding dengan pertumbuhan
sebanyak 6.3% pada tahun 2007. Industri pembinaan Malaysia juga tidak terkecuali dilanda
cabaran yang disebabkan oleh lonjakan harga minyak mentah yang tidak pernah terjadi
sebelumnya serta kesan getaran kegawatan kewangan global. Dengan kenaikan tarif
elektrik dari 18% kepada 26%, serta lonjakan mendadak dari 20% kepada 30% dalam kos
bahan binaan, sehinggalah kepada kenaikan yang tinggi sebanyak 40% bagi harga minyak
petrol, para penggiat industri berterusan dilanda satu demi satu cabaran.
Akibatnya, margin projek kebanyakan penggiat industri telah merosot. Pendekatan yang
lebih berhati-hati terpaksa digunapakai dan penggiat utama perlu menangguhkan projek
mega sambil meneliti secara terperinci semua peluang perkembangan. Yang lain pula
memutuskan untuk mendapatkan kerja-kerja baru hanya setelah harga stabil. Apabila turun
naik harga menjadi lebih terkawal pada persekitaran akhir suku ketiga tahun 2008, ramai
penggiat memperolehi hasil yang lebih rendah serta penguncupan keuntungan.
Ketidaktentuan pasaran telah menyebabkan permintaan terhadap hartanah berkurangan
sepanjang tahun 2008 dan para pembeli menjadi lebih berhemat dalam perbelanjaan.
Dengan ramai pembeli mengambil sikap tunggu dan lihat, sektor hartanah mula mengalami
kelembapan. Ketika penyata ini ditulis, semua sektor ekonomi Malaysia termasuk sektor
pembinaan dan hartanah sedang merasai kesan gegaran krisis global dan ramalan untuk
tahun 2009 dijangkakan lebih mencabar.
26
Amidst this weak operating environment,
JLand once again demonstrated its
resilience and ability to adapt to changing
business conditions. The many years of
experience and expertise garnered from
owning strategically located land banks
and developing property projects ranging
from affordable homes to exclusive
neighbourhoods, continued to hold us in
good stead over 2008. In order to attract
buyers, we continued to focus our efforts
on creating product differentiation through
innovative designs and competitive
pricing. To ensure that the new units
could easily be absorbed by the market,
we embarked on a strategy of rolling out
new projects in staggered phases instead
of launching the entire project up front as
is normally done. In line with our strategy
of creating affordable and value-for-money
products, we continued to keep a close
eye on product mix, unit built-up and
pricing.
FINANCIAL PERFORMANCE
We are pleased to report that despite the
flagging operating environment, the Group
experienced stellar growth for the financial
year ended 31 December 2008 with
revenue increasing by 118.91% to
RM138.69 million from RM63.36 million in
the preceding year. This improved
performance was attributable to higher
sales and progress billings from our core
property projects. Similarly, profit before
tax (“PBT”) increased to RM25.29 million
in FY2008 compared to PBT of RM8.27
million in FY2007.
The quality of the Group’s balance sheet
too improved with net tangible assets
growing to RM653.33 million in 2008,
against the RM640.47 million recorded in
the preceding year. JLand’s gearing to
date remains at a minimal level in line
with FY2007’s ratio (0.28 in 2008 against
0.22 in 2007).
DIVIDENDS
The Group is highly appreciative of our
shareholders’ support and commitment
and we are consistently looking for ways
to return value to you. For the year under
review, the Board of Directors paid an
interim dividend of 4% gross (less
Malaysian income tax at 25%) on
30 January 2009. We cherish our
shareholders’ confidence in the Group,
and ask that you continue to lend us your
strong support and steadfast commitment
as we work together to face all
challenges.
Biarpun berlatarkan persekitaran operasi yang
lemah, JLand sekali lagi memperlihatkan
ketahanan serta kemampuannya untuk
berhadapan dengan keadaan perniagaan
yang berubah. Berbekalkan pengalaman dan
kepakaran yang diraih selama bertahun-tahun
dengan memiliki simpanan tanah di lokasi
yang strategik serta membangunkan projek
hartanah yang terdiri daripada rumah mampu
milik sehinggalah kepada perjiranan yang
eksklusif, ia terus meletakkan kami pada
kedudukan yang kukuh sepanjang tahun
2008. Dalam usaha untuk menarik para
pembeli, kami terus menumpukan usaha
untuk mencipta perbezaan dalam produk
menerusi reka bentuk inovatif serta penetapan
harga yang kompetitif. Bagi memastikan unitunit baru dapat diterima di pasaran, kami
telah memulakan strategi pelancaran projek
baru dalam fasa yang berperingkat berbanding
dengan pelancaran keseluruhan projek sekali
gus seperti yang biasa dilakukan. Seiring
dengan strategi kami untuk menghasilkan
produk yang mampu dimiliki dan memberi
nilai untuk wang, kami terus memberi tumpuan
kepada campuran produk, binaan unit dan
penetapan harga.
CORPORATE DEVELOPMENT
JLand’s proposed acquisition of a 50.98%
equity stake in Windsor Trade Holdings
Sdn Bhd (“WTHSB”) for a cash
consideration of RM15 million is pending
finalisation. WTHSB, through its 80%
owned company Windsor Trade Sdn Bhd,
has been granted a 30-year concession
for the operation of the Sandakan
Integrated Trade Exchange Terminal
(“SITExT”) in Sabah under the “build,
operate, own and transfer” concept. The
remaining 20% is in the hands of the
Sabah Economic Development
Corporation.
PRESTASI KEWANGAN
Kami dengan sukacitanya melaporkan
bahawa biarpun persekitaran operasi kian
lemah, Kumpulan mengalami pertumbuhan
yang cemerlang bagi tahun kewangan
berakhir 31 Disember 2008 dengan
peningkatan perolehan sebanyak 118.91%
kepada RM138.69 juta daripada RM63.36
juta pada tahun sebelumnya. Peningkatan
prestasi ini berpunca daripada jualan dan
tuntutan kemajuan kerja yang lebih tinggi
daripada projek hartanah utama kami.
Justeru itu, keuntungan sebelum cukai
meningkat kepada RM25.29 juta bagi
TK2008 berbanding dengan keuntungan
sebelum cukai sebanyak RM8.27 juta bagi
TK2007.
Kualiti lembaran imbangan Kumpulan juga
bertambah baik dengan aset ketara bersih
meningkat kepada RM653.33 juta pada
tahun 2008, berbanding RM640.47 juta yang
dicatatkan pada tahun sebelumnya. Sehingga
kini, penggearan JLand kekal pada tahap
minimum, setara dengan nisbah TK2007
(0.28 pada tahun 2008 berbanding 0.22
pada tahun 2007).
DIVIDEN
Kumpulan amat menghargai sokongan serta
komitmen para pemegang saham dan kami
sentiasa berusaha untuk memberi pulangan
kepada anda. Untuk tahun di bawah kajian,
Lembaga Pengarah telah membayar dividen
interim sebanyak 4% kasar (ditolak 25%
cukai pendapatan Malaysia) pada 30 Januari
2009. Kami menghargai keyakinan para
pemegang sah am terhadap Kumpulan, dan
berharap agar anda terus memberi sokongan
yang padu serta komitmen yang teguh dalam
kita bersama-sama berusaha menangani
segala cabaran.
PERKEMBANGAN KORPORAT
Cadangan pengambilalihan 50.98%
kepentingan ekuiti dalam Windsor Trade
Holdings Sdn Bhd (“WTHSB”) oleh JLand
dengan pertimbangan bayaran sebanyak
RM15 juta, kini dalam proses penyelesaian.
WTHSB, menerusi 80% pemilikan syarikat
ke atas Windsor Trade Sdn Bhd, telah
diberikan konsesi selama 30 tahun untuk
operasi Sandakan Integrated Trade Exchange
Terminal (“SITExT”) di Sabah di bawah
konsep “bina, kendali, milik dan pindah”.
Baki 20% lagi dipegang oleh Perbadanan
Kemajuan Ekonomi Negeri Sabah.
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OPERATIONAL HIGHLIGHTS
Core Business
– Property Development
JLand’s operating philosophy advocates
that all levels of our organisation place a
high priority on meeting the needs of our
customers. We never forget who we are
working for and our customers always come
first. Where other developers merely build
houses, we create homes, sustain
communities and enrich lives. We are
committed to adopting a holistic approach in
all that we undertake. Quality too, remains
a top priority; and creativity, our forte. We
are pleased to present an overview of the
developments that took place in the year
under review.
Pasir Gudang Division
Taman Bukit Dahlia
Taman Bukit Dahlia, a 417-acre
development is our premier project in Pasir
Gudang. Upon its completion by the end
of 2010, this development will house more
than 4,100 units of various types, including
terraced houses, semi-detached houses,
bungalows and commercial complexes.
Strategically located between Masai and
Pasir Gudang, Taman Bukit Dahlia’s
surrounding amenities include the
landscaped Tasik Perdana, schools, a
polytechnic, a police station, a hospital and
banks, as well as access to neighbouring
hypermarkets, racing tracks, a sports
complex and Bukit Layang-Layang where
the Annual International Kites Festival
is held.
The year saw a total of 190 units of Damai
double storey terraced houses (valued at
RM30 million) launched in February 2008
and 46 units of Perdana Phase 2 double
storey semi-detached houses (valued at
RM13 million) launched in May 2008. More
recently, in January 2009, 15 units of
double storey shop offices (valued at
RM5.6 million) were launched. Going
forward, we will launch 114 units of Prima
double storey terraced houses (valued at
RM19 million) in the second quarter of
2009. The third quarter of 2009 will see
205 units of Kristal Phase 3 single storey
terraced houses (valued at RM27 million)
and 72 units of Pesona Phase 3 double
storey terraced houses (valued at RM14
million) expected to be launched.
TINJAUAN OPERASI
Bandar Tiram Division
Bandar Tiram, Taman Bukit Tiram and
Kota Tinggi
Bandar Tiram is an ongoing development
project in Ulu Tiram that is being
developed by JLand. When completed,
the development will consist of 12,300
units of houses as well as neighbourhood
and town centre shop units. Scheduled
for completion by 2020, the entire project
has a total gross development value
(“GDV”) of RM2.6 billion and a projected
gross profit of RM800 million. Bandar
Tiram is being developed in stages and
the first phase of the township will
comprise a mix of 1,574 residential and
commercial units with a total GDV of
RM200 million. The second quarter of
2009 will see 83 units of Orchid single
storey terraced houses valued at RM12
million expected to be launched at Bandar
Tiram Phase 1.
At Phase 3 of Taman Bukit Tiram, 11
units of three storey shop offices valued
at RM6 million were launched in March
2008. Over the second quarter of 2009,
20 units of double storey semi-detached
houses valued at RM7 million are targeted
for launch.
In Kota Tinggi, 28 units of double storey
shop offices at the Kota Sentral Phase 2
development were launched in January
2008. All 28 units valued at RM15 million
have been sold to date.
Bisnes Teras
– Pembangunan Hartanah
Falsafah operasi JLand mengesyorkan
bahawa semua peringkat organisasi kami
meletakkan keutamaan yang tinggi dalam
memenuhi keperluan para pelanggan.
Kami tidak pernah lupa untuk siapa kami
bekerja dan pelanggan kami sentiasa
diberi keutamaan. Jika para pemaju lain
sekadar membina rumah, kami mencipta
kediaman, mengekalkan komuniti dan
memperkayakan kehidupan. Kami komited
dalam menggunapakai pendekatan yang
holistik dalam setiap apa yang kami
lakukan. Malah, kualiti juga kekal sebagai
keutamaan teratas; dan kreativiti
merupakan kepakaran kami. Kami dengan
sukacitanya membentangkan tinjauan
operasi yang berlaku untuk tahun di
bawah kajian.
Bahagian Pasir Gudang
Taman Bukit Dahlia
Pembangunan seluas 417 ekar di Taman
Bukit Dahlia merupakan projek utama
kami di Pasir Gudang. Apabila siap
menjelang penghujung tahun 2010, projek
pembangunan ini akan menempatkan
lebih daripada 4,100 unit pelbagai jenis
rumah, termasuk rumah teres, rumah
berkembar, banglo serta kompleks
komersial. Selain kedudukannya yang
strategik di antara Masai dan Pasir
Gudang, Taman Bukit Dahlia dikelilingi
pelbagai kemudahan termasuk Tasik
Perdana yang dihiasi landskap, sekolahsekolah, politeknik, balai polis, hospital
dan bank-bank serta akses ke kawasan
perjiranan yang menempatkan pasar raya
besar, litar perlumbaan, kompleks sukan
dan Bukit Layang-Layang di mana Festival
Layang-Layang Antarabangsa Tahunan
diadakan.
Tahun ini menyaksikan sejumlah 190 unit
rumah teres dua tingkat Damai (bernilai
RM30 juta) dilancarkan pada Februari
2008 dan 46 unit rumah berkembar dua
tingkat Perdana Fasa 2 (bernilai RM13
juta) dilancarkan pada Mei 2008. Barubaru ini, pada Januari 2009, 15 unit kedai
pejabat dua tingkat (bernilai RM5.6 juta)
telah dilancarkan. Dalam melangkah ke
hadapan, kami akan melancarkan 114
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unit rumah teres dua tingkat Prima
(bernilai RM19 juta) pada suku kedua
2009. Menjelang suku ketiga tahun 2009,
205 unit rumah teres satu tingkat Kristal
Fasa 3 (bernilai RM27 juta) dan 72 unit
rumah teres dua tingkat Pesona Fasa 3
(bernilai 14 juta) dijangka akan
dilancarkan.
Bahagian Bandar Tiram
Bandar Tiram, Taman Bukit Tiram dan
Kota Tinggi
Bandar Tiram merupakan sebuah projek
pembangunan di Ulu Tiram yang sedang
dilaksanakan oleh JLand. Apabila siap
kelak, pembangunan ini akan merangkumi
12,300 unit rumah beserta kawasan
perjiranan dan unit-unit kedai pusat bandar.
Dijadualkan siap menjelang tahun 2020,
keseluruhan projek ini mempunyai nilai
pembangunan kasar berjumlah RM2.6
bilion dan unjuran keuntungan kasar
sebanyak RM800 juta. Bandar Tiram
sedang dimajukan secara berperingkat
dan fasa pertama perbandaran ini
merangkumi campuran 1,574 unit kediaman
dan komersial dengan nilai pembangunan
kasar berjumlah RM200 juta. Pada suku
kedua tahun 2009, 83 unit rumah teres
satu tingkat Orchid bernilai RM12 juta
dijangka akan dilancarkan di Bandar Tiram
Fasa 1.
Di Fasa 3 Taman Bukit Tiram, 11 unit
kedai pejabat tiga tingkat bernilai RM6
juta telah dilancarkan pada Mac 2008.
Menjelang suku kedua tahun 2009, 20
unit rumah berkembar dua tingkat bernilai
RM7 juta telah disasar untuk
dilancarkan.
Di Kota Tinggi, pembangunan 28 unit
kedai pejabat dua tingkat di Kota Sentral
Fasa 2 telah dilancarkan pada Januari
2008. Sehingga kini, kesemua 28 unit
yang benilai RM15 juta telahpun dijual.
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Tebrau Division
Bandar Dato’ Onn
JLand’s latest property offering, Bandar
Dato’ Onn, promises to be one of the
most sought-after addresses in Iskandar
Malaysia. Spread over 1,514 acres of
freehold land and located only 12 km
from the Johor Bahru city centre, this
premier development has been planned
as a self-contained city and a place for
more than 90,000 residents to call home.
The township is scheduled to be
completed over a 10 to 15-year period
and will feature approximately 17,800
properties with expected gross sales and
gross profit of RM4.0 billion and RM1.2
billion respectively.
Bandar Dato’ Onn is accessible via a
dedicated interchange that provides direct
uninterrupted access to the township. The
township will incorporate some 19
thoroughly planned, exclusive
neighbourhoods aimed at bringing out the
finest aspects of community living, plus a
vibrant 118-acre commercial hub. These
distinctive features, as well as its emphasis
on green areas and recreational parks,
will make Bandar Dato’ Onn one of the
most beautiful and modern townships in
Southern Malaysia to live in.
To date, JLand has also completed 10
show houses at Bandar Dato’ Onn for
public viewing. The first phase,
Neighbourhood 10, comprises 662 units
of double storey terraced houses and
double storey semi-detached houses with
a GDV of RM178 million. Phase 1 of
Neighbourhood 10 comprising 295 units
of double storey terraced houses and
double storey semi detached houses are
scheduled for completion in 2009. Phase
2 was launched in January 2008 and
consists of 144 units of Celocia 1, 2 and
3 double storey terraced houses and 106
units of Cleome 1, 2 and 3 double storey
terraced houses with an estimated valued
of RM61 million. Phase 3 was launched
in August 2008 and consists of 40 units
of Sapphire double storey terraced
houses, 22 units of Emerald 2 double
storey semi-detached houses, and 6 units
of Cleome 3 double storey terraced
houses with a total estimated value of
RM27 million.
In spite of the uncertainties clouding the
global economy, we continue to pay
strong attention to the master planning of
Bandar Dato’ Onn. The development work
at Bandar Dato’ Onn has been progressing
according to schedule and we anticipate
strong interest in our innovative product
offerings. In 2009, we plan to launch
Neighbourhood 14 which will comprise
693 residential and commercial units with
an estimated value of RM147 million and
Neighbourhood 11 comprising 642
residential units with an estimated value
of RM164 million.
OTHER BUSINESS ACTIVITIES
In 2008, JLand garnered rental income
amounting to RM668,840.00 from several
development projects including 38 units
of apartments at Taman Cendana, 45 two
to three storey commercial units at Senai
Commercial Park, and 81 three storey
Bahagian Tebrau
Bandar Dato’ Onn
Hartanah terbaru yang ditawarkan oleh
JLand, Bandar Dato’ Onn, menjanjikan akan
menjadi salah satu alamat kediaman yang
paling diidamkan di Iskandar Malaysia.
Dengan tanah pegangan bebas yang meliputi
keluasan 1,514 ekar dan terletak hanya
12 km dari pusat bandar Johor Bahru,
kawasan pembangunan utama ini telah
dirancang sebagai sebuah bandar serba
lengkap dan menjadi tumpuan bagi lebih
90,000 penduduk yang akan menjadikannya
kediaman. Perbandaran ini dijadualkan siap
dalam tempoh 10 hingga 15 tahun dan akan
menampilkan lebih kurang 17,800 hartanah
dengan jangkaan jualan kasar serta
keuntungan kasar, masing-masing sebanyak
RM4.0 bilion dan RM1.2 bilion.
Bandar Dato’ Onn boleh diakses melalui
persimpangan bertingkat yang menyediakan
laluan terus tanpa gangguan ke bandar.
Bandar ini merangkumi 19 perjiranan
eksklusif yang dirancang teliti dan disasar
untuk menyerlahkan aspek terhebat dalam
kehidupan berkomuniti, serta sebuah hab
perdagangan yang memberangsangkan
seluas 118 ekar. Ciri-ciri unggul ini, di
samping penekanan terhadap kawasan hijau
dan taman rekreasi, akan menjadikan Bandar
Dato’ Onn salah satu bandar paling cantik
dan moden untuk didiami di Selatan
Malaysia.
Sehingga kini, JLand juga telah menyiapkan
10 buah rumah contoh di Bandar Dato’ Onn
untuk dilawati oleh orang ramai. Fasa
pertama, Perjiranan 10, terdiri daripada 662
unit rumah teres dua tingkat dan rumah
berkembar dua tingkat dengan nilai
pembangunan kasar berjumlah RM178 juta.
Fasa 1 Perjiranan 10 yang merangkumi 295
unit rumah teres dua tingkat dan rumah
berkembar dua tingkat dijadualkan siap pada
tahun 2009. Fasa 2 telah dilancarkan pada
Januari 2008 dan terdiri daripada 144 unit
rumah teres dua tingkat Celocia 1, 2 dan 3
serta 106 unit rumah teres dua tingkat
Cleome 1, 2 dan 3 dengan nilai anggaran
RM61 juta. Fasa 3 telah dilancarkan pada
Ogos 2008 dan terdiri daripada 40 unit
rumah teres dua tingkat Sapphire, 22 unit
rumah berkembar dua tingkat Emerald 2,
serta 6 unit rumah teres dua tingkat Cleome
3 dengan jumlah nilai anggaran sebanyak
RM27 juta.
Biarpun ketidaktentuan menyelubungi
ekonomi global, kami terus memberi tumpuan
yang utama kepada perancangan induk
Bandar Dato’ Onn. Kerja-kerja pembangunan
di Bandar Dato’ Onn telah berjalan mengikut
jadual dan kami menjangkakan minat yang
mendalam terhadap penawaran produk kami
yang inovatif ini. Pada tahun 2009, kami
merancang untuk melancarkan Perjiranan 14
yang akan merangkumi 693 unit kediaman
dan komersial dengan nilai anggaran RM147
juta serta Perjiranan 11 yang terdiri daripada
642 unit kediaman dengan nilai anggaran
RM164 juta.
AKTIVITI PERNIAGAAN LAIN
Pada tahun 2008, JLand telah memperolehi
pendapatan sewa berjumlah RM668,840.00
daripada beberapa projek pembangunan,
termasuk 38 unit pangsapuri di Taman
Cendana, 45 unit komersial dua dan tiga
tingkat di Senai Commercial Park, dan 81
unit kedai pejabat tiga tingkat di Taman
Mawar dan Tebrau Business Park. Sejumlah
lapan unit kedai pejabat dalam lingkungan
hartanah ini telah dijual sepanjang tahun.
31
32
shop offices at Taman Mawar and Tebrau
Business Park. A total of eight units of
shop offices within these properties were
sold off during the year.
We continue to hold a 30.07% stake in
Revertex (Malaysia) Sdn Bhd, one of the
world’s largest producers of specialty
natural rubber latex concentrates and
industrial chemicals. For FY2008, the
company turned in revenue and PBT of
RM569.09 million and RM44.01 million
respectively against revenue of RM531
million and PBT of RM41.71 million in
FY2007.
HUMAN CAPITAL DEVELOPMENT
JLand is committed to developing the full
potential of one of our greatest assets –
our people. At every step of the way we
are continuously looking out for the
people that make us proud of doing what
we do. Our human capital development
system is essentially a two-way
relationship. We provide the opportunity
for all our employees to develop to their
highest potential and hold in high esteem,
the contributions, hard work, knowledge
and skills that our employees bring to the
table. We like to think of this synergy as
a meeting of minds and take pride that
we have successfully managed to
establish a powerful, self motivated and
independent thinking workforce that is
both robust and competitive.
The basic job requirements at JLand call
for the employment of support staff with
a SPM certificate and junior executives
with a diploma, while executives and
senior executives and management
require a basic degree. Senior
Management level personnel are also
encouraged to have an MBA. Excellent
performers without the required academic
background may also be promoted
depending on performance, vacancies
and recommendations from their superiors
and approval from top management.
Kami terus memegang 30.07%
kepentingan dalam Revertex (Malaysia)
Sdn Bhd, iaitu salah sebuah pengeluar
pati susu getah asli serta bahan kimia
industri terbesar di dunia. Untuk TK2008,
syarikat telah memperolehi perolehan
serta keuntungan sebelum cukai masingmasing sebanyak RM569.09 juta dan
RM44.01 juta berbanding perolehan
sebanyak RM531 juta dan keuntungan
sebelum cukai berjumlah RM41.71 juta
pada TK2007.
In line with our objective of enhancing the
competencies of our human capital, JLand
continues to bring well-crafted training
programmes into play. In 2008, we
invested RM348,200.00 (or 5% of our
emolument) on human capital and quality
training with an average of 35 training
hours per person for all 139 of our
employees. To equip our employees with
new knowledge and skills as well as to
upgrade their competencies, we rolled out
5-skill based training programmes,
39-knowledge based ones and 4
programmes focusing on attributes.
Nine of our middle managers and 13
senior executives were involved in a total
of 80 hours training related to effective
business presentation skills. Follow-up
sessions were held to assess the
participants’ progress and to provide
feedback on areas for improvement.
Going forward, practice sessions will be
arranged to further enhance the
presentation skills that these employees
have acquired. In the area of occupational
safety and health, members of our
Occupational Safety & Health Committee
as well as 34 technical staff and 27 of
our contractors and consultants were
involved in training relating to safety and
health measures in construction. This
training will go a long way in ensuring
that construction-related accidents,
hazards and risks are minimised.
PEMBANGUNAN MODAL INSAN
JLand komited dalam membangunkan
sepenuhnya potensi salah satu aset
terbesar kami – anggota pekerja kami.
Dalam setiap langkah yang diatur kami
terus mencari individu yang membuatkan
kami bangga dengan apa yang kami
lakukan. Sistem pembangunan modal
insan kami pada asasnya merupakan
hubungan dua hala. Kami menyediakan
peluang untuk semua anggota pekerja
kami mengembangkan potensi terbaik
mereka dan kami amat menghargai
sumbangan, kerja keras, pengetahuan
serta kemahiran yang dicurahkan oleh
anggota pekerja kami. Kami cenderung
menganggap sinergi ini sebagai suatu
persepakatan yang utuh dan berbangga
bahawa kami telah berjaya mewujudkan
tenaga kerja yang berkeupayaan, memiliki
motivasi diri dan tajam fikiran serta teguh
dan berdaya saing.
Kelayakan kerja yang asas di JLand
memerlukan pengambilan anggota pekerja
sokongan yang memiliki sijil SPM dan
eksekutif muda yang mempunyai diploma,
manakala eksekutif serta eksekutif kanan
dan pengurusan memerlukan ijazah asas.
Anggota pekerja peringkat pengurusan
kanan turut digalakkan mendapatkan
MBA. Anggota pekerja yang menunjukkan
prestasi cemerlang walaupun tanpa
latarbelakang akademik yang disyaratkan,
juga boleh diberi kenaikan pangkat,
bergantung kepada prestasi, kekosongan
jawatan serta sokongan dari Ketua
Jabatan mereka dan kelulusan daripada
pihak pengurusan atasan.
Selaras dengan matlamat kami untuk
memantapkan kecekapan modal insan
kami, JLand terus mengenengahkan
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program-program latihan yang telah
dirangka dengan terperinci. Pada tahun
2008, kami telah melabur sebanyak
RM348,200.00 (atau 5% daripada
emolumen kami) dalam modal insan serta
latihan berkualiti dengan purata 35 jam
latihan setiap orang untuk kesemua 139
anggota pekerja kami. Bagi melengkapkan
anggota pekerja kami dengan pengetahuan
dan kemahiran baru serta
mempertingkatkan kecekapan mereka,
kami telah melancarkan 5 program latihan
berasaskan kemahiran, 39 berasaskan
pengetahuan dan 4 program yang
menumpukan kepada perlakuan.
Seramai sembilan pengurus peringkat
pertengahan dan 13 eksekutif kanan
terlibat dalam latihan yang mengambil
jumlah masa 80 jam dan berkaitan
dengan kemahiran persembahan
perniagaan yang berkesan. Sesi lanjutan
telah diadakan untuk menilai kemajuan
para peserta dan bagi memberikan
maklum balas tentang perkara-perkara
yang boleh dipertingkatkan. Dalam
melangkah ke hadapan, sesi latihan akan
diatur bagi memantapkan lagi kemahiran
persembahan yang dimiliki anggota
pekerja ini. Dari segi keselamatan dan
kesihatan pekerjaan, anggota
Jawatankuasa Keselamatan & Kesihatan
Pekerjaan kami beserta 34 anggota
pekerja teknikal dan 27 kontraktor serta
konsultan kami telah terlibat dalam latihan
yang berkaitan dengan langkah-langkah
keselamatan dan kesihatan dalam bidang
pembinaan. Latihan ini akan memberikan
pulangan yang bermanfaat dalam
memastikan bahawa kemalangan, bahaya
serta risiko yang berkaitan dengan
pembinaan dapat diminimumkan.
34
Some 22 of our Internal Quality Auditors
underwent a refresher course to improve
their audits skills as well as sharing the
sum of their experiences and knowledge
with one another. On top of this, we
conducted two courses to enhance the
concept and culture of “Kerja Sebagai
Ibadah”– work and career as a means of
doing good and attaining spiritual
fulfilment. We plan to conduct four more
similar sessions in 2009. The year also
saw 34 of our technical employees
undergoing refresher courses and sharing
experiences and knowledge relating to
building specifications. This programme
aims to ensure that the quality of our
products is in line with the required
industry standards. Another six of these
programmes will be organised in 2009.
JLand’s Social and Recreation Club also
undertook various fun-filled and familyoriented activities over the course of the
year which included the Group’s Sports
Day and Recreation Program With
Families at Sunway Lagoon. On top of
this, employees took part in the “Program
Tadarus Al-Quran” organised for
employees over the Ramadan month as
well as breaking of fast and Hari Raya
festive activities.
QUALITY IMPROVEMENT INITIATIVES
The Group’s quality management
initiatives form an integral part of our core
business processes and highlight our
commitment to continually improving all
aspects of business performance. As
JLand focuses on being quality-inclined
and integrating monitoring and measuring
activities into key business processes, we
are strengthening our internal work culture
and becoming more effective. Even as
we commit to maintaining the highest
standards of quality in the products and
services we deliver, our quality
management system ensures that the
focus on competitive pricing, high quality
products, on-time delivery and excellent
customer service is sustained throughout
the Group.
The journey to quality excellence is a
never-ending one and to keep ourselves
constantly on our toes, we are actively
pursuing quality initiative such as JLand’s
Innovative Creative Circle (“ICC”) and
Suggestion Scheme. Our quality
improvement initiatives have not only
helped us to deliver better quality products
and services, they have helped elevate
the confidence and esteem of JLand’s
staff and have contributed significantly to
building a stronger team of high achievers.
In 2008, our ICC teams continued to give
of their best at the National Level Quality
Convention with five of our teams (i.e.
B’ONN, TOP Q, X-BEST, Symbiosis and
Q&D) receiving the Three Gold Star
Awards. Team B’ONN was named Overall
Winner for the Services Sector (National
Level) and the best among the top 10
teams. JLand was aptly chosen to receive
Appreciation Partner in Competitiveness
Creativity and Innovation Programme
Category (Service Sector) 2008 by
Malaysia Productivity Corporation,
attesting to the high standards of our
products and services.
Seramai 22 orang Juruaudit Kualiti Dalaman
kami telah menjalani kursus peningkatan
kefahaman bagi memantapkan lagi kemahiran
audit mereka di samping berkongsi
pengalaman dan pengetahuan antara satu
sama lain. Selain itu, kami telah mengendalikan
dua kursus bagi mempertingkatkan konsep
serta budaya “Kerja Sebagai Ibadah” – kerja
dan kerjaya sebagai wadah untuk melakukan
kebaikan dan memenuhi kepuasan rohaniah.
Kami merancang untuk mengadakan empat
lagi sesi yang sama pada tahun 2009. Tahun
ini turut menyaksikan 34 anggota pekerja
teknikal kami menjalani kursus peningkatan
kefahaman dan berkongsi pengalaman serta
pengetahuan yang berkaitan dengan
spesifikasi binaan. Program ini bertujuan
memastikan bahawa kualiti produk-produk
kami adalah selaras dengan keperluan
piawaian industri. Enam lagi program sebegini
akan dilaksanakan pada tahun 2009.
Kelab Kebajikan dan Rekreasi JLand turut
melaksanakan pelbagai aktiviti yang amat
menceriakan dan berbentuk kekeluargaan di
sepanjang tahun, termasuk Kejohanan Sukan
Kumpulan dan Program Beriadah Bersama
Keluarga di Sunway Lagoon. Selain itu,
anggota pekerja juga mengambil bahagian
dalam “Program Tadarus Al-Quran” yang
dikendalikan untuk anggota pekerja di
sepanjang bulan Ramadan di samping aktiviti
berbuka puasa dan sambutan Hari Raya.
INISIATIF KECEMERLANGAN KUALITI
Inisiatif pengurusan kualiti Kumpulan
membentuk sebahagian penting proses bisnes
teras kami serta menyerlahkan iltizam kami
untuk terus memantapkan semua aspek
prestasi bisnes. Sedang JLand memberikan
penumpuan kepada kecenderungan terhadap
kualiti dan menyerapkan aktiviti pemantauan
serta pengukuran ke dalam proses bisnes
utama, kami turut memperkukuhkan budaya
kerja dalaman kami dan menjadikannya lebih
berkesan. Dalam kami beriltizam untuk
mengekalkan tahap kualiti yang tertinggi
dalam produk serta perkhidmatan yang kami
berikan, sistem pengurusan kualiti kami
memastikan bahawa fokus terhadap penetapan
harga yang kompetitif, produk berkualiti tinggi,
penyerahan yang tepat pada masanya serta
perkhidmatan pelanggan yang cemerlang
dikekalkan di serata Kumpulan.
Perjalanan ke arah kecemerlangan kualiti
merupakan perjalanan yang tiada
penghujungnya dan demi memastikan kami
sentiasa bersedia, kami aktif meneruskan
inisiatif kualiti seperti Innovative Creative
Circle (“ICC”) dan Skim Cadangan JLand.
Inisiatif penambahbaikan kualiti kami bukan
sekadar membantu kami memberikan kualiti
produk serta perkhidmatan yang lebih baik,
malah ia telah membantu meningkatkan
keyakinan dan harga diri anggota pekerja
JLand serta banyak menyumbang kepada
pembinaan sebuah pasukan yang lebih
mantap yang terdiri daripada mereka yang
berjaya meraih kejayaan cemerlang. Pada
tahun 2008, kumpulan ICC kami terus
memberikan yang terbaik di Konvensyen
Kualiti Peringkat Kebangsaan dengan lima
daripada kumpulan kami iaitu B’ONN, TOP
Q, X-BEST, Symbiosis dan Q&D menerima
Anugerah Emas Tiga Bintang. Kumpulan
B’ONN telah dipilih sebagai Pemenang
Keseluruhan untuk Sektor Perkhidmatan
Peringkat Kebangsaan dan 10 Kumpulan
Terbaik. Justeru, JLand telah dinobatkan
sebagai penerima Penghargaan Rakan Daya
Saing Program Kreativiti dan Inovasi
(Kategori Perkhidmatan) 2008 oleh
Perbadanan Produktiviti Malaysia, seterusnya
membuktikan ketinggian standard produk
dan perkhidmatan kami.
35
36
CORPORATE RESPONSIBILITY
PROGRAMME
Corporate Responsibility (“CR”) has long
been an integral part of the JLand’s
business philosophy. Creating value for
all stakeholders including our shareholders,
employees, regulatory authorities,
customers and the communities we
operate in, is essential to our long term
success and sustained growth. We seek
to enrich the lives of the needy and less
fortunate through sponsorship assistance
to NGOs, charitable organisations and
welfare institutions. Even as we reach out
to the communities we operate in, we in
turn are touched by the many lives we
have impacted and have became a better
company because of this.
In fulfilling our responsibilities to the
community, we invested close to RM0.5
million for our 2008 CR programme. This
included initiatives to enrich the community
through a focus on education. As a major
sponsor for “Tunas Bistari”, an
entrepreneurs’ development programme
organised by Johor Corporation in
collaboration with the Education
Department of Johor, we channelled
some RM150,000.00 towards the year’s
programme. This programme involves
students from secondary schools
throughout Johor coming together to set
up their own companies and acquire the
requisite knowledge and experience to
become good entrepreneurs. To date,
JLand has contributed more than RM1.5
million to the programme since 2001. We
also organised and sponsored the
“Bengkel UPSR” preparatory programme
for 250 students of Sekolah Kebangsaan
Taman Cendana and Sekolah Kebangsaan
Pasir Gudang 4 in collaboration with the
Education Department of Berita Harian.
Program TANGGUNGJAWAB
KORPORAT
Our support for the community over 2008
included a contribution of RM120,000.00
to the Darul Hanan orphanage in Pasir
Gudang. To date, JLand has donated
more than RM1.82 million to Darul Hanan
since the latter’s inception in 1996. A
sum of RM30,000.00 was also channelled
to the “Tabung Tijarah Ramadan”, a TV
programme aired during the Ramadan
fasting month. Organised by Johor
Corporation and Jabatan Kemajuan Islam
Malaysia (“JAKIM”), this TV production is
specially designed to help the poor and
less privileged in the community. To date,
RM150,000.00 was contributed to The
Tijarah Programme since its launching in
2005. We also channelled RM20,000.00
to the International Kites Festival and
RM10,000.00 to the Natoleo Waqaf
An-Nur Pasir Gudang Golf Tournament.
On top of this, JLand initiated a community
recycling initiative at Taman Bukit Dahlia
to inculcate a sense of environmental
consciousness among the area’s
residents.
Tanggungjawab Korporat sudah lama
menjadi sebahagian penting falsafah
perniagaan JLand. Mencipta nilai untuk
semua pihak yang berkepentingan
termasuk para pemegang saham, anggota
pekerja, pihak berkuasa kawal selia,
pelanggan serta komuniti di mana kami
beroperasi adalah penting untuk kejayaan
kami dalam jangka panjang dan
pertumbuhan yang mapan. Kami berusaha
memperbaiki kehidupan golongan yang
memerlukan dan kurang bernasib baik
menerusi bantuan penajaan kepada
Organisasi Bukan Kerajaan, badan amal
dan institusi kebajikan. Dalam kami
menghulurkan bantuan kepada komuniti
di mana kami beroperasi, kami kembali
tersentuh dengan begitu banyak kehidupan
yang berjaya diubah, lantas menjadikan
kami sebuah syarikat yang lebih baik.
Dalam memenuhi tanggungjawab kami
terhadap komuniti, kami telah melaburkan
hampir RM0.5 juta untuk program
Tanggungjawab Korporat pada tahun
2008. Ini termasuklah inisiatif untuk
memperkayakan komuniti menerusi
tumpuan terhadap pendidikan. Sebagai
penaja utama Tunas Bistari, iaitu sebuah
program pembangunan usahawan yang
dianjurkan oleh Johor Corporation dengan
kerjasama Jabatan Pelajaran Johor, kami
telah menyalurkan sejumlah RM150,000.00
kepada program ini untuk tahun 2008.
Program ini melibatkan para pelajar
daripada sekolah menengah di seluruh
Johor bekerjasama menubuhkan syarikat
mereka sendiri dan meraih pengetahuan
serta pengalaman yang diperlukan untuk
menjadi usahawan berjaya. Sehingga kini,
JLand telah menyumbang lebih dari RM1.5
juta kepada program tersebut sejak tahun
2001. Kami turut menganjur dan menaja
program persediaan Bengkel UPSR untuk
250 pelajar Sekolah Kebangsaan Taman
Cendana dan Sekolah Kebangsaan Pasir
Gudang 4 menerusi kerjasama dengan
Bahagian Pendidikan Berita Harian.
37
Sokongan kami terhadap komuniti
sepanjang tahun 2008 termasuklah
sumbangan berjumlah RM120,000.00
kepada rumah anak yatim Darul Hanan
di Pasir Gudang. Sehingga kini, JLand
telah mendermakan lebih daripada
RM1.82 juta kepada Darul Hanan sejak
ia ditubuhkan pada tahun 1996. Sejumlah
RM30,000.00 turut disalurkan kepada
Tabung Tijarah Ramadan, iaitu sebuah
program televisyen yang disiarkan pada
bulan Ramadan. Dikelolakan oleh Johor
Corporation dan Jabatan Kemajuan
Islam Malaysia (“JAKIM”), program
televisyen ini telah dirangka khusus
untuk membantu golongan miskin dan
kurang bernasib baik dalam komuniti.
Sehingga kini, sebanyak RM150,000.00
telah disumbangkan kepada Program
Tijarah sejak ia dilancarkan pada tahun
2005. Kami turut menyalurkan
RM20,000.00 kepada Festival LayangLayang Antarabangsa dan RM10,000.00
kepada Kejohanan Golf Natoleo Waqaf
An-Nur Pasir Gudang. Selain itu, JLand
telah melaksanakan Program Kitar
Semula dalam komuniti Taman Bukit
Dahlia bagi menerapkan rasa kesedaran
terhadap alam sekitar di kalangan para
penduduk setempat.
38
OUTLOOK AND PROSPECTS
Operating Environment
The global economy is in the throes of an
unprecedented downturn. Despite
concerted interest rate cuts and liquidity
injection, the global credit crisis continues
to deepen with little sign of abating. The
International Monetary Fund has projected
world growth to fall to 0.5% in 2009, the
lowest rate since World War II. The US
economy is forecast to contract 1.65%,
the European Union 2%, and Japan
2.6%. Growth is expected to slow to 6.7%
in China and 5.1% in India, while the
ASEAN-5 is expected to experience some
2.7% growth.
In Malaysia, there has been little
consensus over our projected economic
growth for 2009. At the time of writing, in
view of the deeper decline in macro
indicators, the Malaysian Institute of
Economic Research and Bank Negara
Malaysia on altogether different fronts
have revised GDP growth downwards to
1.3% and between –1% and 1%
respectively. Increasing job losses, worsethan-expected trade numbers from
Malaysia’s main trading partners, as well
as slumping industrial production and
export figures, are beginning to result in
rapidly declining business and consumer
confidence as the reality of an impending
recession begins to sink in.
Prompted by the sharper deterioration of
the global economy in the fourth quarter
of 2008 and the increased risk of
contraction of the Malaysian economy,
Bank Negara Malaysia has to date cut its
benchmark Overnight Policy Rate (“OPR”)
three times to 2% from 3.5% in November
2008 (after leaving the OPR unchanged
at 3.5% for about three years). The
Statutory Reserve Requirement (“SRR”)
was also adjusted downwards from 2.0%
to 1.0% effective 1 March 2009 to further
reduce the cost of intermediation.
Fiscal pump-priming of the Malaysian
economy has been stepped up following
the tabling of a second stimulus package
worth RM60 billion in Parliament on
10 March 2009. This mini budget aims to
help companies and workers affected by
the global slowdown. It comes in the
wake of the first stimulus package worth
RM7 billion announced in November
2008, of which more than 70% has been
disbursed at the time of writing. While
global efforts have been intensified to
counter the effects of the slowdown, risks
remain on the downside and recovery is
likely to be slow and protracted all around.
While there are predictions of a marginal
improvement in Malaysia’s growth to
3.8% in 2010 in line with the World
Bank’s forecast of world growth at 3.0%
for the same year, only time will tell how
this plays out.
ISKANDAR MALAYSIA STIMULUS
Since its launch in November 2006,
Iskandar Malaysia had received RM43
billion worth of investments, far exceeding
the initial target of RM47 billion by the
year 2010. Investments into Iskandar
Malaysia are expected to create a spillover effect on other parts of the state of
Johor. The arrival of investors, be they
local or foreign investors, is expected to
PROSPEK DAN MASA DEPAN
Persekitaran Operasi
Ekonomi global kini berada di ambang
kemelesetan yang tidak pernah berlaku
sebelumnya. Sungguhpun terdapat potongan
kadar cukai yang bersepadu dan suntikan
kecairan, krisis kredit global terus meruncing
dengan tiada tanda akan reda. Tabung
Kewangan Antarabangsa telah mengunjurkan
pertumbuhan dunia akan jatuh kepada 0.5%
pada tahun 2009, iaitu kadar terendah sejak
Perang Dunia Kedua. Ekonomi Amerika
Syarikat diramalkan akan menguncup 1.65%,
Kesatuan Eropah 2% dan Jepun 2.6%.
Pertumbuhan dijangka akan perlahan kepada
6.7% di China dan 5.1% di India, sementara
ASEAN-5 dijangka akan mengalami
pertumbuhan dalam anggaran 2.7%.
Di Malaysia, tidak ada kesepakatan yang jitu
berhubung unjuran pertumbuhan ekonomi
bagi tahun 2009. Ketika penyata ini ditulis,
berdasarkan kepada penurunan yang
semakin meruncing dalam penunjuk makro,
Institut Penyelidikan Ekonomi Malaysia dan
Bank Negara Malaysia telah mengkaji
semula penurunan pertumbuhan KDNK,
masing-masing kepada 1.3% dan di antara
–1% dan 1%. Peningkatan kehilangan
pekerjaan, angka dagangan yang lebih teruk
dari jangkaan daripada rakan niaga utama
Malaysia, dan penurunan pengeluaran
perindustrian serta angka eksport, telah mula
mengakibatkan kemerosotan yang pantas
dalam bisnes serta keyakinan pengguna bila
mana hakikat akan berlakunya kemelesetan
mula dirasai.
Didorong oleh kemerosotan ekonomi global
yang lebih runcing pada suku keempat tahun
2008 serta meningkatnya risiko penguncupan
ekonomi Malaysia, Bank Negara Malaysia
buat masa ini telah mengurangkan tanda
aras Kadar Polisi Semalaman (“OPR”)
sebanyak tiga kali kepada 2% daripada 3.5%
pada November 2008 (setelah membiarkan
OPR tidak berubah pada kadar 3.5% selama
lebih kurang tiga tahun). Keperluan Rizab
Berkanun (“SRR”) turut dilaraskan menurun
daripada 2.0% kepada 1.0% berkuatkuasa
1 Mac 2009 bagi mengurangkan lagi kos
pengantaraan.
Rangsangan fiskal ekonomi Malaysia telah
dipertingkatkan berikutan pembentangan
pakej rangsangan kedua bernilai RM60 bilion
di Parlimen pada 10 Mac 2009. Bajet mini
ini bertujuan untuk membantu syarikatsyarikat dan para pekerja yang terjejas oleh
kegawatan global. Ia hadir selepas pakej
rangsangan pertama yang bernilai RM7
bilion diumumkan pada November 2008,
yang mana lebih dari 70% telahpun diagihkan
sewaktu penyata ini ditulis. Meskipun usaha
global telah dipertingkatkan bagi mengekang
kesan kegawatan, namun risiko kekal suram
dan pemulihan berkemungkinan perlahan
serta berlanjutan di serata tempat.
Sungguhpun terdapat ramalan peningkatan
yang marginal dalam pertumbuhan ekonomi
Malaysia kepada 3.8% pada tahun 2010,
yakni selaras dengan ramalan Bank Dunia
tentang pertumbuhan ekonomi dunia pada
kadar 3.0% untuk tahun yang sama, namun
hanya masa yang akan menentukannya.
RANGSANGAN ISKANDAR MALAYSIA
Sejak pelancarannya pada November 2006,
Iskandar Malaysia telah menerima pelaburan
bernilai RM43 bilion, jauh menjangkaui
sasaran awal sebanyak RM47 bilion
menjelang tahun 2010. Pelaburan ke atas
Iskandar Malaysia dijangka akan mewujudkan
kesan limpahan ke kawasan-kawasan lain di
negeri Johor. Kedatangan para pelabur,
sama ada pelabur tempatan atau asing,
dijangka akan mewujudkan peluang
39
40
create manifold job opportunities in this
region, while the presence of new
residents bodes well for the property
market in Southern Johor. Under the
Ninth Malaysian Plan (“9MP”), the Federal
Government has allocated RM6.8 billion
for infrastructure projects in Iskandar
Malaysia. To date, some 18 projects
worth RM1.6 billion that include road
packages, drainage projects and river
cleaning jobs, have been awarded.
Ultimately, once all these infrastructural
development projects come on-stream,
they will transform Johor into a world
class community.
The fact that JLand’s land banks are
strategically located right at the centre of
Iskandar Malaysia, bodes immensely well
for us. All in all, the Group is looking at
an estimated GDV of more than RM7
billion when these land banks are
eventually developed over the next 10 to
15 years.
GOING FORWARD
Going forward into 2009, as a result of
deteriorating global economic conditions,
the Malaysian economy is expected to
register lower growth. Consequently, the
property market is expected to soften
further even as property prices and
demand weakens between 5% and 10%
in 2009. Mindful of the economic
challenges on several fronts, JLand will
continue to take prudent and appropriate
measures to enable us to sustain our
performance.
Akin to other property players, JLand has
adopted a cautious stance amidst this
tough and uncertain operating environment.
To ride out this troubled period, we will
maintain our primary focus on preserving
capital value while undertaking cost
mitigating measures and deferring or
staggering our launches. Notwithstanding
the flagging economy, the Group expects
to sustain our performance for 2009 as
we take prudent measures to keep
construction costs in check and price our
pekerjaan yang berbagai di rantau ini,
manakala kehadiran penghuni baru
membawa petanda baik bagi pasaran
hartanah di Selatan Johor. Di bawah
Rancangan Malaysia Kesembilan
(“RMK9”), Kerajaan Persekutuan telah
memperuntukkan RM6.8 bilion untuk
projek prasarana di Iskandar Malaysia.
Sehingga kini, lebih 18 projek bernilai
RM1.6 bilion termasuk pakej jalan raya,
projek saliran serta kerja-kerja
pembersihan sungai telahpun diberikan.
Apabila kesemua projek pembangunan
prasarana ini mula beroperasi, ia akan
merubah Johor menjadi sebuah komuniti
bertaraf dunia.
products competitively. We will also
continue to be proactive in identifying
market preferences and will develop new
products in line with market needs. This
strategy will ultimately shape and drive
the sales of our products.
The Group’s business strategies have
been formulated based on market demand
in the geographical areas of Pasir
Gudang, Ulu Tiram and Tebrau. Each of
these areas has adopted a different
business strategy depending on market
demand. For example, our properties at
Bandar Dato’ Onn target those home
buyers looking to upgrade and incorporate
differential features and concepts in terms
of layout planning, design and finishes.
We will continue to conduct more in-depth
product research and development
initiatives to ensure that our products are
market-oriented and acceptable to buyers.
Today’s buyers are more concerned with
the elements of security and ensuring a
Hakikat bahawa simpanan tanah JLand
terletak di lokasi yang strategik, iaitu tepat
di tengah-tengah Iskandar Malaysia
merupakan petanda yang amat baik buat
kami. Secara keseluruhannya, Kumpulan
menganggarkan GDV melebihi RM7 bilion
apabila simpanan tanah ini dimajukan
kemudiannya dalam tempoh 10 hingga
15 tahun akan datang.
MELANGKAH KE HADAPAN
Dalam melangkah ke tahun 2009, akibat
daripada keadaan ekonomi global yang
kian merosot, ekonomi Malaysia dijangka
akan mencatatkan pertumbuhan yang
lebih rendah. Justeru itu, pasaran
hartanah dijangka akan bertambah
lembab dengan harga hartanah dan
permintaan menurun antara 5% dan 10%
pada tahun 2009. Menyedari akan
cabaran ekonomi berhubung beberapa
perkara, JLand akan terus mengambil
langkah yang bijak dan wajar bagi
membolehkan kami mengekalkan
prestasi.
Seperti mana penggiat hartanah yang
lain, JLand mengamalkan sikap berhatihati berdasarkan persekitaran operasi
yang sukar dan tidak menentu. Dalam
mengharungi tempoh yang sukar ini, kami
akan mengekalkan tumpuan utama kami
untuk memelihara nilai modal sambil
melaksanakan langkah-langkah
pengurangan kos serta menunda
pelancaran atau melakukannya secara
berperingkat. Sungguhpun ekonomi
41
merosot, Kumpulan menjangkakan dapat
mengekalkan prestasi kami untuk tahun
2009 dengan mengambil langkah yang
bijak untuk mengawasi kos pembinaan
dan menetapkan harga yang kompetitif
untuk produk kami. Kami juga akan terus
bersikap proaktif dalam mengenal pasti
keutamaan pasaran dan akan mencipta
produk-produk baru yang seiring dengan
keperluan pasaran. Strategi ini akhirnya
akan membentuk dan memacu penjualan
produk-produk kami.
Strategi bisnes Kumpulan telah dirumus
berdasarkan permintaan pasaran di
kawasan geografi Pasir Gudang, Ulu
Tiram dan Tebrau. Setiap kawasan ini
mengguna pakai strategi bisnes yang
berlainan mengikut permintaan pasaran.
Contohnya, hartanah kami di Bandar
Dato’ Onn mensasarkan pembeli rumah
yang mahukan peningkatan serta
penerapan ciri-ciri dan konsep yang
berbeza dari segi perancangan susun
atur, reka bentuk dan kemasan. Kami
akan terus melakukan kaji selidik produk
yang lebih mendalam serta inisiatif
pembangunan bagi memastikan produkproduk kami adalah berasaskan pasaran
dan boleh diterima pembeli. Para pembeli
hari ini lebih menitikberatkan unsur-unsur
keselamatan di samping memastikan
persekitaran yang sejahtera buat seluruh
keluarga. Oleh kerana itu kami harus
melakukan peningkatan secara konsisten,
mengekalkan kreativiti kami dan bersikap
inovatif dalam usaha kami untuk
memuaskan keinginan dan keperluan
para pelanggan kami yang bijak menilai.
Kami akan terus meneroka peluang projek
yang baru serta memajukan simpanan
tanah kami yang sedia ada di Tebrau,
Ulu Tiram dan Pasir Gudang. Kami akan
terus membina jenama JLand, mencipta
konsep pembangunan yang menarik serta
menghasilkan rumah berkualiti dan
perjiranan yang tersendiri buat para
pelanggan di perbandaran yang telah
siap kami majukan. Kami juga akan
mencari peluang-peluang baru bagi
mempelbagaikan portfolio bisnes kami
serta meneroka aliran keuntungan yang
42
wholesome environment for the entire
family. As such we need to consistently
make improvements, maintain our
creativity and be innovative as we work
to satisfy the needs and requirements of
these discerning customers.
We will continue to explore new project
opportunities and develop our existing
land banks in Tebrau, Ulu Tiram and
Pasir Gudang. We will continue to build
up the JLand brand, create interesting
development concepts and deliver quality
homes and distinctive neighbourhood to
our customers in our established
townships. We will also look at new
opportunities to diversify our business
portfolio and explore revenue streams
that will complement our core property
development operations. To maintain
sustainable long-term growth, JLand will
consider the acquisition of additional land
in prime areas within strategic locations
elsewhere in the country. We will
undertake the necessary due diligence
measures to ensure that any potential
venture will generate good revenue
streams and strong shareholder returns.
All in all, we believe that the sum of
these efforts will help the Group ride out
the economic downturn and provide us
with a strong base to launch out from
when market conditions return to normal.
APPRECIATION
JLand has much to be thankful for. Above
all, we have been blessed with a resilient
and dedicated network of supporters. On
behalf of the Board of Directors, allow us
to say how truly appreciative we are of
our shareholders, customers, financiers,
business associates, and consultants as
well as the many government departments
who have steadfastly supported over the
years. Our heartfelt gratitude goes to the
multitude of home buyers who have
shown their confidence in our houses and
neighbourhoods. Our success is in no
small way owing to our committed and
hard working management and staff who
continue to display a spirit of excellence
in all that they undertake. Last but not
least, our sincere appreciation to all fellow
Directors for their wisdom and insights.
As we set our sights on becoming the
leading property company in this part of
the world, we invite all our stakeholders
to join us as we continue on our journey
to success. Rest assured that we at
JLand will work hard to tap every
opportunity and overcome all challenges
before us. We trust that you will continue
to lend us your unwavering support as
we press on to greater heights.
akan melengkapkan operasi teras kami
dalam pembangunan hartanah. Bagi
mengekalkan kemapanan pertumbuhan
jangka panjang, JLand akan menimbangkan
pemilikan tanah tambahan di kawasankawasan penting di mana-mana lokasi
strategik yang lain di dalam negara. Kami
akan gigih berusaha bagi memastikan
sebarang kerja sama yang berpotensi akan
menghasilkan perolehan yang teguh serta
pulangan buat para pemegang saham.
Secara amnya, kami percaya bahawa
keseluruhan usaha ini akan dapat membantu
Kumpulan mengharungi kemelesetan
ekonomi dan memberikan kami asas yang
kukuh untuk melonjak jauh apabila keadaan
pasaran kembali pulih.
PENGHARGAAN
Terdapat banyak perkara yang perlu JLand
syukuri. Paling penting, kami telah
dianugerahkan kelompok penyokong yang
teguh serta berdedikasi. Bagi pihak Lembaga
Pengarah, izinkan kami menyatakan betapa
kami amat menghargai para pemegang
saham, pelanggan, pembiaya, rakan
perniagaan dan konsultan serta jabatanjabatan kerajaan yang teguh menyokong
kami selama bertahun-tahun. Penghargaan
ini turut ditujukan kepada ribuan pembeli
rumah yang telah memperlihatkan keyakinan
mereka terhadap kediaman dan kawasan
perjiranan kami. Kejayaan kami banyak
bergantung kepada pihak pengurusan serta
anggota pekerja kami yang komited dan
rajin berusaha dengan terus memperlihatkan
semangat yang cemerlang dalam setiap apa
yang mereka lakukan.
Akhir kata, penghargaan kami yang
seikhlasnya buat semua anggota Pengarah
di atas kebijaksanaan dan pengetahuan
mereka yang mendalam.
Dalam usaha kami menumpukan perhatian
untuk menjadi sebuah syarikat hartanah
terulung di rantau ini, kami menjemput
semua pihak yang berkepentingan untuk
bersama kami dalam meneruskan perjalanan
menggapai kejayaan. Kami memberi jaminan
bahawa kami di JLand akan bekerja keras
untuk mencari setiap peluang dan mengatasi
semua cabaran yang dihadapi. Kami percaya
anda akan terus memberikan kami sokongan
yang tidak berbelah bagi dalam kami
berusaha menggapai kejayaan cemerlang.
TAN SRI DATO’ MUHAMMAD ALI HASHIM
Managing Director / Pengarah Urusan
43
44
Diari Korporat 2008
Pedoman Meeting was held at
Main Hall, Kompleks Mutiara
Johor Land, Jalan Bukit Mutiara,
Bandar Dato’ Onn, Johor Bahru.
Mesyuarat Pedoman diadakan
di Dewan Utama, Kompleks
Mutiara Johor Land, Jalan Bukit
Mutiara, Bandar Dato’ Onn,
Johor Bahru.
Official Launching of Tunas
Bistari 2008. JLand contributed
RM150,000.00 to the program.
Majlis Pelancaran Tunas Bistari
2008. JLand menyumbang
RM150,000.00 untuk program
berkenaan.
Chinese New Year Carnival with
customers at Sales Office, Tiram.
Karnival Tahun Baru Cina
bersama para pelanggan di
Pejabat Jualan, Tiram.
JLand participated in “Maulidur
Rasul 2008” at Masjid Jamek,
Pasir Gudang.
JLand menyertai Majlis Maulidur
Rasul 2008 di Masjid Jamek,
Pasir Gudang.
04 Jan/Jan
05 Feb/Feb
24 Feb/Feb
20 Mar/Mac
21 May/Mei
14 June/Jun
21 Aug/Ogos
24 Aug/Ogos
“Malam MPC bersama Industri”
organised by Malaysia Productivity
Corporation was held at Sapphire
Hall, Mandarin Oriental Hotel,
Kuala Lumpur. JLand was
awarded the Appreciation Partner
in Competitiveness Creativity and
Innovation Programme Category
(Services Sector).
Official launching of Tijarah
Ramadan Fourth (4th) Season
was held at Tun Hussein Onn
Hall, Putra World Trade Centre.
JLand contributed RM30,000.00
to the program.
“Majlis Ramah Mesra, Gotong
Royong dan Kitar Semula”
organised by Johor Land Berhad
with residents of Pesona and
Indah, Taman Bukit Dahlia, Pasir
Gudang.
Majlis Pelancaran Tijarah
Ramadan Musim ke Empat (4)
telah diadakan di Dewan Tun
Hussein Onn, Pusat Dagangan
Dunia Putra. JLand menyumbang
RM30,000.00 untuk program
tersebut.
Majlis Ramah Mesra, Gotong
Royong dan Kitar Semula anjuran
Johor Land Berhad bersama para
penduduk Pesona dan Indah,
Taman Bukit Dahlia, Pasir
Gudang.
The 33rd Annual General
Meeting and Extraordinary
General Meeting of JLand was
held at Main Hall, Kompleks
Johor Bahru.
Mesyuarat Agung Tahunan kali
ke 33 dan Mesyuarat Agung
Luarbiasa JLand diadakan di
Dewan Utama, Kompleks
Johor Bahru.
Malam MPC bersama Industri
dianjurkan oleh Perbadanan
Produktiviti Malaysia telah
diadakan di Dewan Sapphire,
Hotel Mandarin Oriental, Kuala
Lumpur. JLand telah dianugerahkan
Penghargaan Rakan Daya Saing
Program Kreativiti dan Inovasi
(Kategori Perkhidmatan).
Exclusive Interview by
Media with Mr A.F.M
Shafiqul Hafiz, Managing
Director of JLand.
Temuramah Eksklusif oleh
Media bersama En A.F.M
Shafiqul Hafiz, Pengarah
Urusan JLand.
“Bengkel UPSR” organised by
Johor Land Berhad in collaboration
with the Berita Harian was held
at Selesa Hotel, Pasir Gudang.
250 students were involved in the
program.
Bengkel UPSR anjuran Johor
Land Berhad dengan kerjasama
Berita Harian diadakan di Hotel
Selesa, Pasir Gudang. 250 orang
pelajar terlibat dalam program ini.
Labour Day Party with customers
at Show Houses, Bandar Dato’
Onn, Johor Bahru and Sales
Office, Tiram.
Parti Hari Buruh bersama para
pelanggan di Rumah Contoh,
Bandar Dato’ Onn, Johor Bahru
dan Pejabat Jualan, Tiram.
45
Sales launching of double storey
semi-detached houses “Perdana
Dahlia Phase 2” at Sales Office,
Gudang.
Pelancaran jualan rumah
berkembar dua tingkat “Perdana
Dahlia Fasa 2” di Pejabat Jualan,
Gudang.
01 Apr/Apr
05-06 Apr/Apr
04 May/Mei
10 May/Mei
16 Sep/Sep
17 Sep/Sep
20 Oct/Okt
12-14 Nov/Nov
The ICC Convention JLand
2008 was held at Main Hall,
Kompleks Mutiara Johor
Land, Jalan Bukit Mutiara,
Bandar Dato’ Onn, Johor
Bahru.
Konvensyen ICC JLand
2008 telah diadakan di
Dewan Utama, Kompleks
Mutiara Johor Land, Jalan
Bukit Mutiara, Bandar Dato’
Onn, Johor Bahru.
Student Visit from University
Technology of Malaysia, Skudai,
Johor.
Lawatan Pelajar dari Universiti
Teknologi Malaysia, Skudai,
Johor.
“Mesra Ria Aidilfitri” for staff was
held at Main Hall, Kompleks
Mutiara, Bandar Dato’ Onn, Johor
Bahru.
Majlis Mesra Ria Aidilfitri untuk
anggota pekerja telah diadakan di
Dewan Utama, Kompleks Mutiara
Johor Land, Jalan Bukit Mutiara,
Bandar Dato’ Onn, Johor Bahru.
JLand participated in “Hari Mekar”
Johor Corporation, which was
held at Persada Johor International
Convention Centre, Johor Bahru.
JLand menyertai Hari Mekar
Johor Corporation yang telah
diadakan di Pusat Konvensyen
Antarabangsa Persada Johor,
Johor Bahru.
46
Terms of Reference
The Audit Committee was established on 2 September 1996 to act as a Committee for the
Board of Directors.
Composition of Members
Members
No. of meetings
attended
Percentage
Kua Hwee Sim (Chairman)
(appointed as Chairman w.e.f 15 February 2007)
5 out of 5
100%
Dato Hj Hassan bin Hj Mohd Yunos
(appointed as Member w.e.f 1 May 2007)
5 out of 5
100%
Lukman bin Hj. Abu Bakar
(appointed as Member w.e.f 15 August 2006)
4 out of 5
*80%
Composition
The Board shall elect an Audit Committee,
comprising not fewer than three members
of whom the majority must be Independent
Directors. The Chairman of the Audit
Committee shall be appointed by the
Board.
Meetings of the Audit Committee
1.
The Audit Committee is to meet not
less than four (4) times a year.
2.
The quorum for each meeting shall
be two (2) members of the Audit
Committee both of whom shall be
Independent Directors.
3.
The Audit Committee may regulate
its own procedures in respect of the
convening of meetings, the notice to
be given of such meetings, the
voting and proceedings thereof, the
keeping of minutes and the custody,
production and inspection of such
minutes.
4.
The Chairman of the Audit
Committee shall submit a report of
each meeting to the Board.
5.
The Managing Director, the Group
Financial Controller and the Head of
Internal Audit attended all meetings.
Other members of senior
management attended some of the
meetings upon invitation by the
Audit Committee. The Company
Secretary is the Secretary to the
Audit Committee.
*overseas
Objectives
The objectives of the Audit Committee are:1.
To ensure compliance with Paragraph 15, Part C of the Bursa Malaysia Securities
Berhad (“Bursa Securities”) Listing Requirements.
2.
To ensure the independence of the External Auditors, the integrity of management
and the adequacy of disclosures to shareholders.
3.
To assist the Board of Directors in fulfilling its fiduciary responsibilities by ensuring
that the results of internal and external audit findings are fully considered and properly
resolved.
6.
During the financial year ended 31
December 2008 the Audit Committee
held a total of 5 meetings. The
details of attendance of the Audit
Committee Members are as per table
above.
Functions
Pursuant to Para 15.13 of the Bursa
Securities Listing Requirements, the Audit
Committee amongst others, shall review,
appraise and report to the Board on:1.
Authority
The Audit Committee is authorised by the
Board:-
2.
The adequacy of the scope, functions,
competency and resources of the
internal audit function and results of
the internal audit procedures.
To investigate any matters within its
terms of reference;
2.
To have the resources which are
required to perform its duties;
3.
To have full and unrestricted access
to any information pertaining to the
listed issuer;
The quality and effectiveness of the
entire accounting and internal control
system of the Group.
4.
The adequacy of the audit effort
by both the External and Internal
Auditors.
4.
5.
6.
To have direct communication
channels with the external auditors
and person(s) carrying out the
internal audit function or activity (if
any);
To be able to obtain independent
professional or other advice;
To be able to convene meetings with
the External Auditors, the Internal
Auditor or both, excluding the
attendance of other directors and
employees of the company, whenever
deemed necessary.
5.
6.
The adequacy of the disclosures of
information essential to give a true
and fair presentation of the financial
affairs of the Group.
Any material discoveries of
adjustments made by the External or
Internal Auditors.
The quarterly results and yearly
financial statements, prior to the
approval by the Board, focusing
particularly on:(i)
The appointment of the External
Auditors, their audit fees and in the
event of their resignation or dismissal
with full explanatory statements.
1.
3.
7.
47
Changes in major accounting
policies and their implementation
and the effects of such
changes;
(ii) Significant and unusual events;
and
(iii) C o m p l i a n c e w i t h s t a t e d
accounting standards and other
legal requirements.
8.
Any related party transactions and
conflict of interest situation that may
arise, including any transactions,
procedures or course of conduct that
raise question of management
integrity.
9.
The assistance given by the
employees to the External Auditors.
10. Any such other functions as may be
agreed to by the Audit Committee
and the Board.
Summary of Activities
The Audit Committee has during the
financial year ended 31 December 2008
discharged the following functions:1.
Reviewed the unaudited quarterly
results and financial statements of
the Company and its subsidiaries.
48
2.
Reviewed the financial statements
of the Group and Company for the
financial year ended 31 December
2008 with the External Auditors and
discussed before it was approved
by the Board.
3.
Reviewed and endorsed the Audit
Plan of the Group for the financial
year ended 31 December 2009.
4.
Deliberated Audit Report on audit
assignments.
5.
Reviewed and discussed recent
developments on accounting and
auditing standards issued by the
Malaysian Accounting Standards
Board.
6.
7.
Reviewed the related party
transactions entered into by the
Company and JCorp Group of
Companies.
Met with the External Auditors
without the presence of the
Management, pursuant to the Best
Practices of Malaysian Code of
Corporate Governance.
Statement on Internal Audit
Function
The Internal Audit Function of the
Company is to independently perform all
the planned activities with impartiality,
proficiency and due professional care.
The Internal Audit Function is perform
in-house and to provide independent
assurance on the efficiency and
effectiveness of the internal control
implemented by Management. In this
context, the Internal Audit Function forms
an integral part of the management
process.
The Head of the Internal Audit will report
directly to the Audit Committee. The
scopes of work undertaken by Internal
Audit Function are broadly divided into
three categories:
1.
operational audit – compliance;
2.
special audit;
3.
operational audit – technical.
The cost incurred for Internal Audit
Function for the financial year 2008 was
RM170,421 which include among others,
training to enhance the skills and
competency of the internal auditors.
In carrying out the scope of their duties,
the Audit Committee updates the Board
from time to time on the issues and
concerns discussed during the Audit
Committee Meetings including those
revised by the External Auditors and
where appropriate, make the necessary
recommendations to the Board.
Corporate
Governance
49
50 Statement on Corporate Governance
56 Statement on Internal Control
60 Statement on Directors’ Responsibility
61 Additional Disclosure Information
50
Statement on Corporate
Governance
The Board of Directors (“the Board”) of Johor Land Berhad (“JLand” or “the Company”) fully
appreciates the importance of exercising high standards of corporate governance in the
conduct of the Company’s business and affairs through transparency, accountability and
corporate governance.
The Board continues to apply the principles and best practices as governed by the Listing
Requirements of Bursa Malaysia Securities Berhad to undertake additional measures,
principles and recommendation embodied in Malaysia Code on Corporate Governance and
strive to adopt the substance and not merely the form behind the corporate governance
prescription.
A. BOARD OF DIRECTORS
2. Board Meeting
1. Board Composition
The Board composition is reviewed
on a regular basis. The Board
comprises members from diverse
professional backgrounds with a
wide range of business and financial
experience relevant to lead and
manage the Company. The Board is
responsible for the Company’s
overall Group strategy and objectives,
its major capital expenditure projects
and the consideration of significant
financial matters.
During the financial year under
review, the Board conducted four
(4) meetings to review and discuss
the Group’s operations, approved
quarterly reports and annual financial
statements. At every meeting, the
Board papers were delivered in
advance to facilitate informed
decision making. The Board also
discussed reports from Audit
Committee and proposals by the
Management that require the Board’s
approval.
51
The attendance record for each Director is as follows:Directors
No. of meetings attended
Percentage
(Non Independent Non Executive Chairman)
4 out of 4
100%
Mohd Talhar bin Abdul Rahman
(Non Independent Non Executive Deputy Chairman)
*2 out of 4
50%
(Managing Director)
4 out of 4
100%
Kua Hwee Sim
(Independent Non Executive Director)
4 out of 4
100%
Dato Hj Hassan bin Hj Mohd Yunos
4 out of 4
100%
Dr Mohd Hafetz bin Ahmad
4 out of 4
100%
(Non Independent Non Executive Director)
*3 out of 4
75%
Abdul Malek bin Talib
4 out of 4
100%
Yusof bin Rahmat
*3 out of 4
75%
*overseas
52
Governance
3. Board Balance
Directors are given access to
information within the Company and
are free to seek independent
professional advice at the Company’s
expense, if necessary, in furtherance
of their duties. Directors are also
entitled to have access to the advice
and services of the Company
Secretaries.
5.
Directors’ Training
Recognising the demands of their
role as Directors, the Directors of
the Company continue to equip
themselves with the relevant
professional advancement particularly
in the corporate regulatory
developments and current
developments of the industry. All
Directors had attended and
successfully completed the
Mandatory Accreditation programme
as prescribed by Bursa Securities
and they were also informed and
encouraged to attend the professional
programmes organised by various
professional bodies.
The Board presently consists of nine
(9) members, comprising the
Managing Director, three (3)
Independent Non Executive
Directors, and five (5) Non
Independent Non Executive Directors
including the Chairman, as required
by the Listing Requirements of
Bursa Malaysia Securities Berhad.
The Managing Director has the
principal responsibility of reporting,
clarifying and communicating matters
to the Board. The Board has also
appointed Dato Hj Hassan Bin Hj
Mohd Yunos as the Senior
Independent Non Executive Director,
to whom concerns may be
conveyed.
4.
Supply of Information
The Board has a formal schedule of
matters reserved specifically for the
Board’s consideration in ensuring
the effectiveness of its decisions.
The Board is supplied with
information in a timely manner and
appropriate quality to enable them
to discharge their duties and due
notice is given to Directors with
regard to issues to be discussed. All
resolutions are recorded and
thereafter circulated to the Directors
for comments before minutes of
proceedings are finalised and
confirmed.
6.
Appointments to the Board
In the event of a need to appoint
new member(s) of the Board, the
actual decision as to who shall be
nominated is the responsibility of
the full Board after considering the
recommendations by the Nomination
and Remuneration Committee
(“NRC”) of Johor Corporation
(“JCorp”). The NRC will propose
perspective nominees for the Board
and assess Directors on a regular
basis to ensure the effectiveness of
the Board for the long term interest
of the Company by considering the
skills, knowledge, expertise and
experience, professionalism and
integrity of the candidates.
7.
Re-Election
In accordance with the Company’s
Articles of Association, any Director
so appointed shall hold office only
until the next following Annual
General Meeting, and shall then be
eligible for re-election.
In addition at every succeeding
Annual General Meeting, one-third
(1/3) of the Directors, or, if their
number is not a multiple of three
(3), the number nearest to, but not
exceeding one-third (1/3), shall retire
from office. All Directors shall retire
from office once at least in each
three (3) years and can offer himself
for re-election at the Annual General
Meeting.
The Managing Director shall subject
to provisions of any contract between
him and the Company be subject to
the same provisions as to resignation
and removal as the other Directors
of the Company and if he ceases to
hold the office of Director for any
cause he shall ipso facto and
immediately cease to be a Managing
Director.
8. Directorship in Other Companies
Internal Audit and external
auditors attend such meetings
by invitation. The function and
activities carried out by AC
during the year under review
are contained in the Audit
Committee Report as presented
on page 46 to 48 of this Annual
Report.
In ensuring continuous commitment
from the Directors to discharge their
duties effectively, none of the
Directors of the Company holds
more than 10 directorships in public
listed companies and more than 15
directorships in non-public listed
companies.
iii
9. Board Committees
The Board has delegated certain
specific responsibilities to two (2)
committees which operate within
clearly defined term of references,
with the main objective to assist the
Board in discharging its duties and
responsibilities.
i.Tender Board Committee
The Tender Board Committee
is chaired by Dato Hj Hassan
Bin Hj Mohd Yunos. Its
deliberation includes scope
of work, tender estimate,
period of completion and
recommendations by Tender
Evaluation Committee.
ii
Audit Committee
The Audit Committee (“AC”) is
currently chaired by Kua Hwee
Sim and comprises three (3)
members, of which two (“2”)
members are independent
Directors. AC meets regularly
at least four (“4”) times a year.
The Managing Director, Chief
Finance Officer, Head of
Nomination And Remuneration
Committee
In line with Johor Corporation’s
(JCorp’s) Group-wide corporate
practice, the functions and
responsibilities of JLand’s
Nomination and Remuneration
Committees (“NRC”) are vested
with the Group Nomination
and Remuneration Committees
of JCorp. JLand is directly
represented at the JCorp
Group NRC by its Chairman
and Managing Director who
are respectively the Chairman
and official member of the
JCorp Group NRC.
The prime consideration of
centralising NRC function at
the Group’s centre is the
strategic advantage that the
Centre provides by allowing
wider access and greater reach
to a much larger pool of talent,
skills and expertise as well as
to benchmark remunerations
on a Group-wide basis.
53
10. Board’s Effectiveness
The Board forms an important
structure/platform of the overall
sound internal control system. A
streamlined format for the Board of
Directors’ evaluation forms is
distributed every year to fulfil the
substantive requirement of Chapter
15.27b and 15.26 of Bursa Securities.
The evaluation covers areas on
Strategy and Planning; Risk
Management; Tone at the Top;
Measuring and Monitoring
Performance; Transformational
Transactions; Management
Evaluation; Compensation and
Succession Planning; Transparency;
and Board Dynamics.
DIRECTORS’ REMUNERATION
As indicated in Paragraph 9 above, the
Nomination and Remuneration Committee
of JCorp is also responsible for making
recommendations on the framework,
policy and procedures in reviewing and
determining the specific remuneration
package of the Directors in JLand.
The objectives of the remuneration policy
are:
• to ensure that individual rewards and
incentives fairly relate to the
performance of the individual, the
Company and the interests of
shareholders; and
• to attract and retain the most qualified
and experienced senior executives.
54
Governance
The Committee, where appropriate, seeks independent advice and also has access to pool information on the latest remuneration and
compensation packages practised in the market.
Details of the remuneration paid/payable to each Director for the financial year are as below:Directors
Basic
Salary
(RM)
Fees &
Allowances
(RM)
Bonuses &
Others
(RM)
Benefitsin-kind
(RM)
Total
(RM)
(Non Independent Non Executive Chairman)
—
62,000
—
—
62,000
(Non Independent Non Executive Deputy Chairman)
—
30,800
—
—
30,800
264,000
128,200
168,029
52,921
613,150
Kua Hwee Sim
—
34,100
—
—
34,100
Dato Hj Hassan Bin Hj Mohd Yunos
—
33,100
—
—
33,100
Dr Mohd Hafetz bin Ahmad
—
31,600
—
—
31,600
—
32,400
—
—
32,400
31,600
26,576
31,200
—
(Managing Director)
Yusof bin Rahmat
—
58,176
—
31,200
SHAREHOLDERS
and deliberations. Members of the
Board and Senior Management are
present and available to respond to
shareholders’ questions during the
meeting. Item of special business
included in the notice of the meeting
will be accompanied by a full
explanation of the effects of a
proposed resolution.
(a) Relationship with Shareholders
and Investors
The Board acknowledges the need
for shareholders and investors to be
informed of all material business
matters affecting the Group. The
timely release financial results on
quarterly basis provide the
shareholders with an overview of
the Group’s performance and
operations. In addition, to ensure
that shareholders and investors are
well informed of major developments
of the Group, information is
disseminated to shareholders and
investors through various disclosures
and announcements to Bursa
Securities as well as through the
annual report and where appropriate,
circulars and press releases.
However, any information that may
be regarded as undisclosed material
information about the Group will be
safeguarded.
The Group also maintains a website
www.jland.com.my for shareholders
and public to access corporate
information and events related to
the Group.
(b) Annual General Meeting
The Annual General Meeting
(“AGM”) is the principal forum for
dialogue with shareholders. The
Company values feedback from its
shareholders and encourages them
to actively participate in discussion
(c) Relationship with the Auditors
ACCOUNTABILITY AND AUDIT
(a)Financial Reporting
The Board acknowledges and accepts
full responsibility for preparing a
balanced and comprehensive
assessment of the Group’s operation
and prospects each time it releases
its quarterly reports and annual
financial statements to shareholders.
On this matter, the Board is assisted
by the Audit Committee, whose terms
and reference are defined in the
Audit Committee Report published in
this Annual Report.
(b) Internal Control
The Statement on Internal Control is
set out in page 56 to 59 of this
Annual Report provides an overview
of the Group’s approach in maintaining
a sound system of internal control to
safeguard shareholders’ investment
and the Group’s assets.
Chairman
55
The Board on its own and through
the Audit Committee has a formal
and transparent management for
maintaining appropriate relationship
with the External Auditors. There is
a formal and transparent arrangement
in the review of the External Auditors’
audit plan, report, internal
control issues and procedures.
Representatives from the External
Auditors were also invited to attend
every Audit Committee Meeting.
(d) Audit Committee
The Audit Committee Report for the
financial year is provided in page 46
to 48 of this Annual Report.
COMPLIANCE TO THE CODE
JLand Group was in compliance with the
principles of and best practices in
corporate governance throughout the
financial year ended 31 December 2008.
Signed on behalf of the Board of Directors
in accordance with its resolution dated
27 February 2009.
Managing Director
56
Statement on
Internal Control
The Board of Directors (“the Board”) of Johor Land Berhad (“the Company” or “JLand”) is
pleased to provide the Statement on Internal Control pursuant to paragraph 15.27 (b) of the
Listing Requirements.
The Board recognises and accepts its responsibility in ensuring and maintaining a sound
system of internal control to safeguard shareholders’ investment and the company’s assets.
The Board acknowledges its ultimate
responsibilities in reviewing the adequacy
and the integrity of internal control
systems and management information
systems of JLand Group, including
systems for compliance with applicable
laws, regulations, rules, directives and
guidelines as well as identifying principal
risks and ensures the implementation of
appropriate systems to manage the risks.
The Group’s internal control system is
designed to manage rather than eliminate
risk of failure to achieve business
objectives and can only provide reasonable
assurance and not absolute assurance
against material misstatement or loss.
In providing the Statement on Internal
Control for the Group, pursuant to Para
46 of the “Statement on Internal Control
– Guidance for Directors of Public Listed
Companies” (“the Guidance”), the Board
wishes to inform that it has excluded the
assessment of controls on associated
company i.e. Revertex (M) Sdn Bhd
(“Revertex”), where the assurance on
internal control of the company is obtained
through JLand’s representation on the
board of Revertex.
During the year under review, the Group
continue to enhance the system of internal
control and risk management, in order
to better quantify its compliance with
the Malaysian Code on Corporate
Governance and Bursa Securities Listing
Requirements.
The Board believes that the Group’s
system of internal control, financial or
otherwise, should provide reasonable
assurance regarding the achievement of
objectives of ensuring effectiveness and
efficiency of operations, reliability and
transparency of financial information and
compliance with laws and regulations.
PRINCIPAL FEATURES OF THE JLAND
GROUP’S SYSTEM OF INTERNAL
CONTROL
The principal features which formed part
of the JLand Group’s system of internal
control can be summarised as follows:
1. Risk Management
The JLand Group’s financial profile
is the result of a system of internal
control and risk management
designed to mitigate risks which
JLand has appointed a Chief Risk
Officer to oversee the function of
the Risk Management Committee. A
Risk Management Report shall be
tabled at the Audit Committee
Meeting twice yearly.
The purpose of the establishment of
the Risk Management Committee is
for identifying, evaluating and
managing the significant risks faced
by JLand Group. The process is
done on an ongoing process which
is undertaken at each level of
operations. Emphasis is placed on
reviewing and updating the process
for identifying and evaluating the
significant risks affecting the
business, and policies and
procedures by which these risks are
managed.
Management is responsible for
identification and evaluation of
significant risks applicable to their
areas of business, together with the
design and operation of suitable
internal controls. These risks are
assessed on a continual basis and
may be associated with a variety
internal and external sources
including control breakdown,
disruption in information systems,
and disposal of businesses and
other significant transactions to the
Executive Directors. The approval
of capital and revenue proposals
above certain limit is reserved for
decisions by the Board. Other
investment decisions are delegated
for approval in accordance with
authority limits. Comprehensive
appraisal and monitoring procedures
are applied to all major investment
decisions.
competition, natural catastrophe and
regulatory requirements. The Chief
Risk Officer reports on significant
changes in the business and the
external environment which affects
significant risks. Where areas for
improvement in the system are
identified, the Board considers the
recommendations made by the Audit
Committee and the internal
auditors.
arise in the course of business. The
Board acknowledges that all areas
of the JLand Group’s business
activities involve some degree of
risk and is committed to ensure that
there is effective risk management
to manage risks within defined
parameters and standards.
2.
3.
The Board will pursue its ongoing
process of identifying, assessing
and managing key business,
operational and financial risks faced
by its business units concerned as
well as regularly reviewing planned
strategies to determine whether risks
are mitigated and well-managed,
and to ensure compliance with the
guidelines issued by the relevant
authorities.
Authorisation Procedures
JLand Group has a clear definition
of authorisation procedures and a
clear line of accountability, with strict
authorisation, approval and control
procedures within which senior
management operates. Responsibility
levels are communicated throughout
the Group which set out, among
others, authorisation levels,
segregation of duties and other
control procedures.
Authority Levels
JLand Group has delegated authority
levels for major tenders, capital
expenditure projects, acquisitions
57
The authority of Directors is required
for decisions on key treasury matters
including financing of corporate and
investment funding requirements,
interest rate risk management,
investments, insurance and
designation of authorised
signatories.
4. Financial Performance
Interim financial results are reviewed
by the Audit Committee and
approved by the Board upon
recommendation of the Audit
Committee before release to Bursa
Securities. The full year financial
results and analyses of the Group’s
state of affairs are disclosed to
shareholders after review and audit
by the external auditors.
5.
Internal Compliance
JLand Group monitors compliance
with its internal financial controls
through management reviews and
reports which are internally reviewed
by key personnel. Updates of
internal policies and procedures are
58
Statement on
Internal Control
undertaken to reflect changing risks
or resolve operational deficiencies.
Internal audit visits are systematically
arranged over specific periods to
monitor and scrutinise compliance
with procedures and assess the
integrity of financial information
provided.
6.
ISO Procedures Manual
Internal control procedures are
documented in comprehensive
ISO 9001:2000 standard operating
procedures manuals. JLand has
obtained ISO certification since year
No.
Committee
1999. The ISO certification is being
renewed on continuous basis.
For the financial year 2008, IQNet
and SIRIM QAS International Sdn
Bhd have issued certification that
JLand has implemented and
maintains a Quality Management
System which fulfills the requirements
of ISO 9001:2000 for Design
Management, Development of
Residential and Commercial
Properties. The certificate was
issued on 10 September 2008 and
valid until 23 August 2011.
7.
Governance Committees
At the management level, various
committees have been formed to
ensure that decisions are made
collectively and after thorough
discussion. JLand has established
fifteen (15) Governance Committees
to facilitate the operations.
Function
1
Group Top Management
Committee (Teraju)
JLand conducts weekly meeting which comprises Managing Director and department heads.
The purpose of the meeting is to deliberate operational issues and decide on company
matters.
2
Selling Price Committee
To discuss and decide on the appropriate selling price of residential houses and commercial
properties.
3
Quality Management Review
To supervise the implementation of ISO Quality System and to ensure the company
maintains the ISO certification.
4
Interview Committee
To interview perspective candidate and recommending for their appointment.
5
Agreement Committee
To evaluate all agreement entered by the company including sale and purchase
agreement.
6
Tender Evaluation Committee
To recommend to the Tender Board the award of contracts for projects to contractors in
accordance with the Contract Administration Guidelines & Procedures of the Company.
7
Negotiation Committee
To negotiate with the contractors in order to get reasonable contract price.
59
No.
Committee
Function
8
Technical Interview Committee
To analyse technical information on tenders received from contractors. The committee is a
sub-committee of the Tender Board.
9
Variation Order Committee
To evaluate and recommend for Variation Orders on additional construction cost or reduction
of construction cost.
10
Extension of Time/Certificate of To evaluate and recommend for Extension of Time for the delay in progress work.
Non-Completion (EOT)
11
Certificate of Practical
Completion (CPC)
To evaluate and approve the issuance of Certificate of Practical Completion.
12
Certificate of Making Good
Defect/Final Payment (CMGD)
To evaluate and approve the issuance of Certificate of Making Good Defect and Final
Payment.
13
Occupational Safety & Health
(OSHA)
To provide measures on safety and health of the Company’s staff and to ensure the
compliance with Occupational Safety & Health Act 1994.
14
Board of Survey
To evaluate and approve the disposal of fixed assets and to determine insurance coverage
for company assets and properties.
15
Tender Opening Committee
To open and verify tender submission prior to evaluation by Tender Evaluation Committee.
THE BOARD’S CONCLUSION
The Board is of the view that the system of internal controls being instituted throughout the financial year 2008 is sound and effective. Reviews
of all the control procedures will be continuously carried out to ensure the ongoing effectiveness and adequacy of the systems of internal control,
so as to safeguard shareholders’ investment and the JLand Group’s asset.
Signed on behalf of the Board of Directors in accordance with its resolution dated 27 February 2009.
Chairman
Managing Director
60
Statement on Directors’
Responsibility
Pursuant to Paragraph 15.27(a) of the Listing Requirements of
Bursa Malaysia Securities Berhad.
The Directors consider that, in preparing
the financial statements of the Group and
of the Company for the financial year
ended 31 December 2008, the Group
and the Company have used appropriate
accounting policies, consistently applied
and supported by reasonable and prudent
judgements and estimates. The Directors
also consider that all applicable approved
accounting standards in Malaysia have
been followed and confirm that the
financial statements have been prepared
on a going concern basis.
The Directors are responsible for ensuring
that the Company and its subsidiaries
keep accounting records which disclose
with reasonable accuracy at any time the
financial position of the Group and of the
Company and which enable them to
ensure that the financial statements
comply with the provisions of the
Companies Act, 1965. The Directors are
also responsible for taking such steps as
are reasonably open to them to safeguard
the assets of the Group and to prevent
and detect fraud and other irregularities.
Signed on behalf of the Board of Directors
in accordance with its resolution dated
27 February 2009.
Chairman
Managing Director
Additional Disclosure
Information
UTILISATION OF PROCEEDS
SANCTIONS AND/OR PENALTIES
The company did not implement any fund
raising exercise during the financial year.
There were no public sanctions and/or
penalties imposed on the Company and
its subsidiaries, Directors or management
by any regulatory bodies during the
financial year.
SHARE BUY-BACK
During the financial year, the Company
did not implement any repurchase in the
open market. As at 31 December 2008,
the Company repurchased 951,800 units
of its issued shares from the open market.
The average price paid for the shares
repurchased was RM0.892 per shares.
The total shares repurchased are being
held as treasury shares and carried out
as cost in accordance with the requirement
of Section 67A of Companies Act 1965.
None of the treasure shares has been
resold, cancelled or distributed as share
dividends as at the date of this report.
OPTION, WARRANTS
CONVERTIBLE SECURITIES
NON-AUDIT FEES
The amount of non-audit fees payable to
the External Auditors by the Group for
the financial year ended 31 December
2008 is as follows:
Auditors
KPMG
Services
Professional fee
for services
rendered in
relation with the
review of
Statement on
Internal Control
RM
5,000
OR
No options, warrants or Convertible
Securities were exercised during the
financial year.
AMERICAN DEPOSITORY RECEIPT
(“ADR”) OR GLOBAL DEPOSITORY
RECEIPT (“GDR”)
The Company did not sponsor any ADR
or GDR programme during the financial
year.
VARIATION IN RESULTS
There was no material variation between
the audited results for the financial year
ended 31 December 2008 and the
unaudited results previously released for
the financial quarter ended 31 December
2008.
PROFIT GUARANTEE
The Company did not make any
arrangement during the financial year
which requires profit guarantee.
61
62
Additional Disclosure
Information
Material Contract
On 31 December 2008, the Company entered into a Sale and Purchase Agreement for the disposal of 2.0 acres of land held under
PTD 84134, Bandar Dato’ Onn, Mukim Tebrau, District of Johor Bahru for a total cash consideration of RM4,356,000.00 to Damansara
Assets Sdn Bhd, a wholly-owned subsidiary of JCorp.
Save as disclosed above, there were no other material contracts entered into by the Company and its subsidiaries involving Directors
and substantial shareholders’ interests subsisting at 31 December 2008 or entered into since the end of the previous financial year
ended 31 December 2007 except as disclosed under Note 15 and 29 of the financial statements on pages 108 and 121 respectively.
At an Extraordinary General Meeting held on 21 May 2008 the Company obtained a Shareholders’ mandate to allow the Group to enter
into Recurrent Related Party Transaction of revenue or trading nature. Details of the actual unaudited amount of Recurrent Transactions
from 1 January 2008 to 31 December 2008 are as follows:-
Company
Transacting Party
Nature of Transaction
JLand and/or
subsidiaries
Kulim (Malaysia)
Berhad (KMB)
Sale of fresh fruit bunches
through KMB:
– sales value
– commission payable to KMB
Relationship of
transacting party
A subsidiary owned by JCorp, a
Major Shareholder of JLand, by
virtue of Section 6A of the Act^
Actual Value of
Transaction
from
1 January to
31 December
2008
(RM’000)
3,894
*463
4,357
JLand and/or
subsidiaries
EPA Management
Sdn Bhd
Sale of fresh fruit bunches
– sales value
A subsidiary company of JCorp via
Kulim (Malaysia) Berhad
JLand and/or
subsidiaries
Teraju Fokus
Sdn Bhd
Security and related services
provided to the JLand Group
An associate company of JCorp, a
Major Shareholder of JLand, by
*531
JLand and/or
subsidiaries
Damansara Assets
Sdn Bhd
Rental of office space to JLand Wholly-owned subsidiary of JCorp,
and other related expenses
a Major Shareholder of JLand, by
Disposal of land or land-based
property by JLand
*120
2,319
4,356
4,476
63
Actual Value of
Transaction
from
1 January to
31 December
2008
(RM’000)
Company
Transacting Party
Nature of Transaction
Relationship of
transacting party
JLand and/or
subsidiaries
TMR Urusharta
Sdn Bhd
Maintenance of Kompleks
Mutiara Johor Land
Damansara Assets Sdn Bhd
*386
JLand and/or
subsidiaries
Sibu Island Resort
Sdn Bhd
Service rendered as project
manager of construction
projects
Kumpulan Penambang Sdn Bhd
160
JLand and/or
subsidiaries
JCorp
Miscellaneous services
rendered by JCorp to the
JLand Group
(for example secretarial
services, staff training, legal
advisory, internal audit
services)
JCorp is a Major Shareholder of
JLand by virtue of Section 6A of
the Act^
*34
*
Denotes amounts payable by JLand to transacting parties
^
Interested directors, Major shareholders and persons connected are as follows:(i) Tan Sri Dato’ Muhammad Ali Hashim is the Chairman of JLand cum President and Chief Executive Officer of JCorp. He is also the Chairman of various other
companies within the JCorp Group.
(ii) Mohd Talhar bin Abdul Rahman is a Non Independent Non Executive Deputy Chairman of JLand and is a partner of a firm of professional valuers, Messrs
C H Williams Talhar & Wong Sdn. Bhd. that provides professional services to JLand via the JCorp Group.
(iii) A.F.M Shafiqul Hafiz is the Managing Director of JLand and also holds directorships in various other companies within the JCorp Group.
(iv) Lukman Bin Hj. Abu Bakar is a Non Independent Non Executive Director of JLand. He also holds directorships in various other companies within the JCorp
Group.
(v) Abdul Malek Bin Talib is Non Independent Non Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group.
(vi) Yusof Bin Rahmat is a Non Independent Non Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group.
64
Financial
Statements
65
Directors’ Report
70
Statement by Directors
70
Statutory Declaration
71
Independent Auditors’ Report
73
Balance Sheets
74
Income Statements
75
Statement of Changes in Equity
76
Cash Flow Statements
79
Notes to the Financial Statements
65
Directors’ Report
For the year ended 31 December 2008
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the
year ended 31 December 2008.
Principal activities
The principal activities of the Company consist of the housing development and investment holdings. The principal activities of its
subsidiaries are disclosed in Note 5 to the financial statements. There has been no significant change in the nature of these activities
during the financial year.
Results
Profit for the year
Group
Company
RM’000
RM’000
19,184
3,793
Reserves and provisions
There were no material transfers to or from reserves and provisions during the financial year under review.
Dividends
Since the end of the previous financial year, the Company paid:
i)
an interim dividend of 4 sen per ordinary share less tax at 27% totalling RM3,534,609 (2.92 sen net per ordinary share) in respect
of the year ended 31 December 2007 on 25 January 2008;
ii)
a final dividend of 3 sen per ordinary share less tax at 26% totalling RM2,687,273 (2.22 sen net per ordinary share) in respect of
the year ended 31 December 2007 on 7 July 2008; and
iii) an interim dividend of 4 sen per ordinary share less tax at 25% totalling RM3,631,446 (2.96 sen net per ordinary share) in respect
of the year ended 31 December 2008 on 30 January 2009.
The Directors do not recommend the payment of any final dividend in respect of the current financial year.
66
Directors’ Report
Directors of the Company
Directors who served since the date of the last report are:
Kua Hwee Sim
Dato Hj. Hassan bin Hj. Mohd. Yunos
Dr. Mohd Hafetz bin Ahmad
Yusof bin Rahmat
Directors’ interests
The interests and deemed interests in the shares of the Company and of its related corporations (other than wholly-owned subsidiaries)
of those who were Directors at year end (including the interests of the spouses or children of the Directors who themselves are not
Directors of the Company) as recorded in the Register of Directors’ Shareholdings are as follows:
Number of ordinary shares of RM1.00 each
Name of Directors
Interest
At 1 January
2008
Bought
Sold
At
31 December
2008
Direct
100,360
—
—
100,360
Company
Deemed
4,300
—
—
4,300
Direct
7,920
—
—
7,920
Direct
67,800
—
—
67,800
Kua Hwee Sim
Direct
9,000
—
—
9,000
Direct
2,000
—
—
2,000
Deemed
4,770
—
—
4,770
67
Directors’ interests (CONTINUED)
Interest
At 1 January
2008
Bought
Sold
At
31 December
2008
Direct
Deemed
Direct
Direct
81,100
12,000
—
8,000
36,100
—
81,600
—
—
—
(51,600)
—
117,200
12,000
30,000
8,000
– Sindora Berhad
Direct
Direct
Direct
73,977
1,067
106
30,000
—
—
—
(1,067)
—
103,977
—
106
– QSR Brands Berhad
Direct
1,000
—
—
1,000
– Sergam Berhad
Direct
1
—
—
1
Name of Directors
Related companies
– KPJ Healthcare Berhad
Name of Directors
– Kulim (Malaysia) Berhad
Interest
At 1 January
2008
Bought
Sold
At
31 December
2008
Direct
Deemed
Direct
Direct
Deemed
Direct
Direct
284,000
22,400
1,000
—
12,020
—
100
96,200
—
65,000
8,000
—
3,000
—
—
—
(36,000)
—
(1,000)
—
—
380,200
22,400
30,000
8,000
11,020
3,000
100
None of the other Directors holding office at 31 December 2008 had any interest in the ordinary shares of the Company and of its
related corporations during the year.
68
Directors’ Report
Directors’ benefits
Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive any benefit (other
than a benefit included in the aggregate amount of emoluments received or due and receivable by Directors as shown in 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 the Director
is a member, or with a company in which the Director has a substantial financial interest.
There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the Company to
acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.
Issue of shares
There were no changes in the authorised, issued and paid-up capital of the Company during the financial year.
Options granted over unissued shares
No options were granted to any person to take up unissued shares of the Company during the financial year.
Other statutory information
Before the balance sheets and income statements of the Group and of the Company were made out, the Directors took reasonable
steps to ascertain that:
i)
all known bad debts have been written off and adequate provision has been made for doubtful debts, and
ii) all current assets have been stated at the lower of cost and net realisable value.
At the date of this report, the Directors are not aware of any circumstances:
i) that would render the amount written off for bad debts, or the amount of the provision for doubtful debts in the Group and in the
Company inadequate to any substantial extent, or
ii) that would render the value attributed to the current assets in the financial statements of the Group and of the Company
misleading, or
iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the
Company misleading or inappropriate, or
iv) not otherwise dealt with in this report or the financial statements, that would render any amount stated in the financial statements
of the Group and of the Company misleading.
69
Other statutory information (CONtinued)
At the date of this report, there does not exist:
i) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and which secures
the liabilities of any other person, or
ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become enforceable 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 of the Company to meet their obligations as and when they fall due.
In the opinion of the Directors, the results of the operations of the Group and of the Company for the year ended 31 December 2008
have not been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item,
transaction or event occurred in the interval between the end of that financial year and the date of this report.
Auditors
The auditors, Messrs KPMG, have indicated their willingness to accept re-appointment.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
Johor Bahru,
Date: 13 March 2009
70
Statement by Directors
pursuant to Section 169(15) of the
Companies Act, 1965
In the opinion of the Directors, the financial statements set out on pages 73 to 121 are drawn up in accordance with Financial Reporting
Standards and the Companies Act, 1965 in Malaysia and so as to give a true and fair view of the financial position of the Group and
of the Company at 31 December 2008 and of their financial performance and cash flows for the financial year then ended.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
Johor Bahru,
Date: 13 March 2009
Statutory Declaration
pursuant to Section 169(16)
of the Companies Act, 1965
I, Mariana binti Sidi, the officer primarily responsible for the financial management of JOHOR LAND BERHAD, do solemnly and sincerely
declare that the financial statements set out on pages 73 to 121 are, to the best of my knowledge and belief, correct and I make this
solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the abovenamed in Johor Bahru in the State of Johor on 13 March 2009.
Mariana binti Sidi
Before me:
K. Amudalingam
PLP, PIS, PPN
Commissioner for Oaths
J-133
71
to the members of Johor Land Berhad
(Company No. 12379-K)
(Incorporated in Malaysia)
Report on the Financial Statements
We have audited the financial statements of Johor Land Berhad, which comprise the balance sheets as at 31 December 2008 of the
Group and of the Company, and the income statements, statements of changes in equity and cash flow statements of the Group and
of the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on
pages 73 to 121.
Directors’ Responsibility for the Financial Statements
The Directors of the Company are responsible for the preparation and fair presentation of these financial statements in accordance with
Financial Reporting Standards and the Companies Act, 1965 in Malaysia. This responsibility includes: designing, implementing and
maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates
that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards and the
Companies Act, 1965 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as of
31 December 2008 and of their financial performance and cash flows for the year then ended.
72
to the members of Johor Land Berhad
(Company No. 12379-K)
(Incorporated in Malaysia)
Report on Other Legal and Regulatory Requirements
In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:
a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its
subsidiaries have been properly kept in accordance with the provisions of the Act.
b) We are satisfied that the financial statements of the subsidiaries 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 financial statements of the
Group and we have received satisfactory information and explanations required by us for those purposes.
c) Our audit reports on the financial statements of the subsidiaries did not contain any qualification or any adverse comment made
under Section 174(3) of the Act.
Other Matters
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965
in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
KPMG Firm Number: AF 0758 Chartered Accountants Johor Bahru
Date: 13 March 2009
Ang Ah Leck
Approval Number: 1991/09/09 (J)
Chartered Accountant
73
Balance Sheets
As at 31 December 2008
Group
Company
Note
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
3
4
5
6
7
8
2,045
28,800
—
54,360
480,268
15,694
2,766
29,034
—
46,527
493,690
16,123
1,925
28,800
19,548
37,189
470,223
15,149
2,018
28,384
19,548
37,189
483,597
15,533
581,167
588,140
572,834
586,269
207,213
26,376
74,033
102
36
5,709
135,377
35,841
45,193
117
2,137
3,082
161,738
16,770
70,831
102
—
3,720
102,673
18,301
49,990
117
2,137
2,394
Total current assets
313,469
221,747
253,161
175,612
Total assets
894,636
809,887
825,995
761,881
Equity
Share capital
Reserves
Retained earnings
122,000
369,115
162,216
122,000
369,115
149,351
122,000
369,115
127,063
122,000
369,115
129,589
Assets
Property, plant and equipment
Investment properties
Investments in subsidiaries
Investments in associates
Land held for future development
Deferred tax assets
Total non-current assets
Property development projects
Inventories
Trade and other receivables
Short term investments
Tax recoverable
Cash and bank balances
9
10
11
12
13
Total equity attributable to equity holders
of the Company/
Total equity
14
653,331
640,466
618,178
620,704
Liabilities
Loans and borrowings/
Total non-current liabilities
15
24,993
60,645
14,264
35,717
16
15
43,125
165,715
3,632
3,840
21,465
83,351
3,535
425
44,731
142,287
3,632
2,903
22,574
79,351
3,535
—
Total current liabilities
216,312
108,776
193,553
105,460
Total liabilities
241,305
169,421
207,817
141,177
Total equity and liabilities
894,636
809,887
825,995
761,881
Trade and other payables
Loans and borrowings
Dividend payable
Taxation
The accompanying notes form an integral part of the financial statements.
74
Income Statements
Group
Company
Note
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
17
138,694
63,356
103,705
89,239
Cost of goods sold
(94,970)
(42,367)
(70,333)
(37,736)
Gross profit
43,724
20,989
33,372
51,503
Other income
2,317
4,001
1,121
2,656
Distribution expenses
(5,581)
(4,897)
(4,358)
(4,099)
(12,177)
(11,776)
(11,071)
(10,717)
(188)
(1,418)
(186)
(2,220)
28,095
6,899
18,878
37,123
Revenue
Administrative expenses
Other expenses
Results from operating activities
68
142
34
62
Finance costs
18
(12,210)
(7,975)
(11,054)
(7,490)
Operating profit/(loss)
19
15,953
(934)
7,858
29,695
9,336
9,202
—
—
25,289
8,268
7,858
29,695
(6,105)
(1,578)
(4,065)
(10,171)
19,184
6,690
3,793
19,524
19,184
6,690
3,793
19,524
Interest income
Share of profit after tax and minority interest
of equity accounted associates
Profit before tax
Tax expense
20
Profit for the year
Attributable to:
Equity holders of the Company
Profit for the year
Basic earnings per ordinary share (sen)
21
8.30
2.90
Diluted earnings per ordinary share (sen)
21
4.60
1.98
75
Statement of Changes
in Equity
Attributable to equity holders of the Company
Non-distributable
Note
Distributable
Share
capital
RM’000
Share
premium
reserve
RM’000
Convertible
unsecured
loan stocks
-equity
portion
RM’000
Treasury
shares
RM’000
Retained
earnings
RM’000
Total
equity
RM’000
122,000
78,582
291,388
(855)
148,847
639,962
—
—
—
—
6,690
6,690
—
—
—
—
(6,186)
(6,186)
122,000
78,582
291,388
(855)
149,351
640,466
—
—
—
—
19,184
19,184
—
—
—
—
(6,319)
(6,319)
122,000
78,582
291,388
(855)
162,216
653,331
122,000
78,582
291,388
(855)
116,251
607,366
—
—
—
—
19,524
19,524
—
—
—
—
(6,186)
(6,186)
122,000
78,582
291,388
(855)
129,589
620,704
—
—
—
—
3,793
3,793
—
—
—
—
(6,319)
(6,319)
122,000
78,582
291,388
(855)
127,063
618,178
Group
At 1 January 2007
Profit for the year
Dividends to shareholders
22
At 31 December 2007
Profit for the year
22
At 31 December 2008
Company
At 1 January 2007
Profit for the year
22
At 31 December 2007
Profit for the year
At 31 December 2008
22
76
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
25,289
8,268
7,858
29,695
—
—
24
(416)
540
12,210
—
30
—
(2,251)
496
7,975
—
—
24
(416)
443
11,054
30
—
—
(2,251)
392
7,490
(324)
39
(250)
(18)
(108)
(465)
(105)
39
—
(18)
(108)
—
1
—
690
132
1
—
2
—
(4)
—
—
(68)
(9,336)
(8)
—
—
(142)
(9,202)
(4)
—
(2,032)
(34)
—
(8)
(32,370)
(4,119)
(62)
—
Cash flows from operating activities
Profit before tax
Adjustments for:Impairment losses:
– Investment in a subsidiary
– Goodwill
– Quoted shares
Change in fair value on investment properties
Depreciation
Finance costs
(Gain)/Loss on disposal of:
– Property, plant and equipment
– Quoted shares
– Investment properties
Write off:
– Investment in associate
Dividend income
– Quoted shares
– Subsidiaries
– Associate
Interest income
Share in results of associate
Operating profit/(loss) before changes in working capital
Changes in working capital:
Inventories
Trade and other receivables
Trade and other payables
27,705
5,397
16,828
(1,327)
9,465
(28,840)
8,352
(57,581)
12,391
(6,856)
6,085
(16,029)
1,531
(20,841)
8,849
(44,857)
26,640
(3,782)
(1,090)
(23,812)
Cash (used in)/generated from operations
Interest received
Dividend received
Interest paid
Tax (paid)/refunded
(40,899)
68
1,503
(10,117)
(160)
988
142
3,007
(4,920)
(3,934)
(38,490)
34
1,503
(8,961)
1,887
(3,371)
62
26,637
(4,435)
(2,286)
Net cash (used in)/from operating activities
(49,605)
(4,717)
(44,027)
16,607
Group
77
Company
Note
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
23
(85)
(1,041)
—
—
(834)
(665)
(563)
(25,637)
(30)
(10,968)
(84)
(1,041)
—
—
(834)
(638)
(563)
(25,637)
(30)
(10,968)
864
900
993
4
18
3,000
730
8
113
—
993
4
18
—
730
8
801
(34,107)
(849)
(37,080)
(32)
8
(60)
5
(32)
8
(60)
5
65,781
25,000
16,248
—
46,842
25,000
—
—
(6,213)
(2,651)
(6,213)
(2,651)
(6,500)
(19,800)
(6,500)
(19,800)
(4,971)
(13,710)
—
—
(4,971)
—
—
—
59,363
(6,258)
54,134
(22,506)
Net increase/(decrease) in cash and
cash equivalents
Cash and cash equivalents at 1 January
10,559
(71,203)
(45,082)
(26,121)
9,258
(71,891)
(42,979)
(28,912)
Cash and cash equivalents at 31 December
(60,644)
(71,203)
(62,633)
(71,891)
Cash flows from investing activities
Acquisition of:– Property, plant and equipment
– Quoted investments
– Additional investment in a subsidiary
Proceeds from disposal of:– Property, plant and equipment
– Quoted investments
Dividends received
Net cash from/(used in) investing activities
Cash flows from financing activities
Payment of finance lease liabilities
Net proceeds from borrowings
Drawdown of:
– Bridging loan
– Term loan
Dividends paid to shareholders of the
Company
Interest paid on convertible unsecured
loan stocks
Repayment of:
– Term loan
– Bridging loan
Net cash from/(used in) financing activities
78
Cash and cash equivalents included in the cash flow statements comprise the following balance sheet amounts:
Group
Cash and bank balances
Bank overdrafts
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
5,709
(66,353)
3,082
(74,285)
3,720
(66,353)
2,394
(74,285)
(60,644)
(71,203)
(62,633)
(71,891)
79
Notes to the
Johor Land Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Board of Bursa
Malaysia Securities Berhad. The addresses of the principal place of business and registered office of the Company are as follows:
Principal place of business
Kompleks Mutiara Johor Land
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Johor
Registered office
Level 2, Persada Johor International Convention Centre
80000 Johor Bahru
Johor
The consolidated financial statements of the Company as at and for the year ended 31 December 2008 comprise the Company and its
subsidiaries and the Group’s interest in associates.
The principal activities of the Company consist of the housing development and investment holdings. The principal activities of its
subsidiaries are disclosed in Note 5.
The holding and ultimate holding corporation during the financial year is Johor Corporation, a body corporate established under the
Johor Corporation Enactment (No. 4 of 1968) (as amended by Enactment No. 5 of 1995).
The financial statements were approved by the Board of Directors on 13 March 2009.
80
Notes to the Financial
Statements
1.
Basis of preparation
(a) Statement of compliance
The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting
Standards (FRS), the Companies Act, 1965 and accounting principles generally accepted in Malaysia.
The Group and the Company have not applied the following accounting standards (including its consequential amendments)
and interpretations that have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective:
FRSs/Interpretations
FRS 4, Insurance Contracts FRS 7, Financial Instruments: Disclosures FRS 8, Operating Segment FRS 139, Financial Instruments: Recognition and Measurement IC Interpretation 9, Reassessment of Embedded Derivatives IC Interpretation 10, Interim Financial Reporting and Impairment Effective date
1 January 2010
1 January 2010
1 July 2009
1 January 2010
1 January 2010
1 January 2010
The Group and the Company plan to apply the abovementioned FRSs/Interpretations from the annual period beginning
1 January 2010.
The impact of applying FRS 4, FRS 7 and FRS 139 on the financial statements upon first adoption as required by paragraph
30(b) of FRS 108, Accounting Policies, Changes in Accounting Estimates and Errors is not disclosed by virtue of the
exemptions given in the respective FRSs. The initial application of the above standards (and its consequential amendments)
and interpretations is not expected to have any material impact on the financial statements of the Group and the
Company.
(b) Basis of measurement
The financial statements have been prepared on the historical cost except for investment properties in Note 2(g).
(c) Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functional currency. All financial
information are presented in RM, has been rounded to the nearest thousand, unless otherwise stated.
1.
81
Basis of preparation (continued)
(d) Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future periods affected.
There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have
significant effect on the amounts recognised in the financial statements other than those disclosed in the following notes:
Note 2(g) – valuation of investment properties
Note 2r(iii) – revenue recognition on property development
2.
Significant accounting policies
The accounting policies set out below have been applied consistently to the periods presented in these financial statements, and
have been applied consistently by Group entities, unless otherwise stated.
(a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities, including unincorporated entities, controlled by the Group. Control exists when the Group has
the ability to exercise its power to govern the financial and operating policies of an entity so as to obtain benefits from
its activities. In assessing control, potential voting rights that presently are exercisable are taken into account. Subsidiaries
are consolidated using the purchase method of accounting.
Under the purchase method of accounting, the financial statements of subsidiaries are included in the consolidated
financial statements from the date that control commences until the date that control ceases.
Investments in subsidiaries are stated in the Company’s balance sheet at cost less any impairment losses.
82
Notes to the
2.
Significant accounting policies (continued)
(a) Basis of consolidation (continued)
(ii) Associates
Associates are entities, including unincorporated entities, in which the Group has significant influence, but not control,
over the financial and operating policies.
Associates are accounted for in the consolidated financial statements using the equity method. The consolidated financial
statements include the Group’s share of the profit or loss of the equity accounted associates, after adjustments to align
the accounting policies with those of the Group, from the date that significant influence commences until the date that
significant influence ceases.
When the Group’s share of losses exceeds its interest in an equity accounted associate, the carrying amount of that
interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued
except to the extent that the Group has an obligation or has made payments on behalf of the investee.
Investments in associates are stated in the Company’s balance sheet at cost less any impairment losses.
(iii) Changes in Group composition
Where a subsidiary issues new equity shares to minority interest for cash consideration and the issue price has been
established at fair value, the reduction in the Group’s interests in the subsidiary is accounted for as a disposal of equity
interest with the corresponding gain or loss recognised in the income statements.
When the Group purchases a subsidiary’s equity shares from minority interest for cash consideration and the purchase
price has been established at fair value, the accretion of the Group’s interests in the subsidiary is accounted for as a
purchase of equity interest for which the acquisition method of accounting is applied.
The Group treats all other changes in group composition as equity transactions between the Group and its minority
shareholders. Any difference between the Group’s share of net assets before and after the change, and any consideration
received or paid, is adjusted to or against Group reserves.
(iv) Minority interest
Minority interest at the balance sheet date, being the portion of the net identifiable assets of subsidiaries attributable to
equity interests that are not owned by the Company, whether directly or indirectly through subsidiaries, are presented
in the consolidated balance sheet and statement of changes in equity within equity, separately from equity attributable
to the equity holders of the Company. Minority interest in the results of the Group are presented on the face of the
consolidated income statement as an allocation of the total profit or loss for the year between minority interest and the
equity holders of the Company.
Where losses applicable to the minority exceed the minority’s interest in the equity of a subsidiary, the excess, and any
further losses applicable to the minority, are charged against the Group’s interest except to the extent that the minority
has a binding obligation to, and is able to, make additional investment to cover the losses. If the subsidiary subsequently
reports profits, the Group’s interest is allocated with all such profits until the minority’s share of losses previously
absorbed by the Group has been recovered.
2.
83
(a) Basis of consolidation (continued)
(v) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions,
are eliminated in preparing the consolidated financial statements.
Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the
extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains,
but only to the extent that there is no evidence of impairment.
(b)Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange
rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are retranslated to the functional currency at the exchange rate at that date. Non-monetary assets and liabilities
denominated in foreign currencies are translated at exchange rates at the dates of the transactions except for those that are
measured at fair value, which are retranslated to the functional currency at the exchange rate at the date that the fair value
was determined. Foreign currency differences arising on retranslation are recognised in the income statements.
(c) Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are stated at cost less any accumulated depreciation and any accumulated
impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly
attributable to bringing the asset to working condition for its intended use, and the costs of dismantling and removing
the items and restoring the site on which they are located. The cost of self-constructed assets also includes the cost of
materials and direct labour and, for qualifying assets, borrowing costs are capitalised in accordance with the Group’s
accounting policy. Purchased software that is integral to the functionality of the related equipment is capitalised as part
of that equipment.
The cost of property, plant and equipment recognised as a result of a business combination is based on fair value at
acquisition date. The fair value of property is the estimated amount for which a property could be exchanged between
a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion. The fair value of other items of plant and equipment is based
on the quoted market prices for similar items.
When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for
as separate items (major components) of property, plant and equipment.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds
from disposal with the carrying amount of property, plant and equipment and are recognised net within “other income”
or “other expenses” respectively in the income statements.
84
Notes to the
2.
(c) Property, plant and equipment (continued)
(ii) Reclassification to investment property
Property that is being constructed for future use as investment property is accounted for as property, plant and
equipment until construction or development is complete, at which time it is remeasured to fair value and reclassified
as investment property. Any gain or loss arising on re-measurement is recognised in the income statements.
(iii) Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item
if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be
measured reliably. The carrying amount of those parts that are replaced is derecognised. The costs of the day-to-day
servicing of property, plant and equipment are recognised in the income statement as incurred.
(iv) Depreciation
Depreciation is recognised in the income statement on a straight-line basis over the estimated useful lives of each part
of an item of property, plant and equipment. Freehold land is not depreciated.
The estimated useful lives for the current and comparative periods are as follows:
Buildings Plant and machinery Furniture, fittings and equipment Motor vehicles Depreciation methods, useful lives and residual values are reassessed at the balance sheet date.
10 – 50 years
5 – 8.3 years
4 – 5 years and replacement basis
5 years
(d) Leased assets
(i) Finance lease
Leases in terms of which the Group or the Company assume substantially all the risks and rewards of ownership are
classified as finance leases. Upon initial recognition the leased asset is measured at an amount equal to the lower of
its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is
accounted for in accordance with the accounting policy applicable to that asset.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction
of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a
constant periodic rate of interest on the remaining balance of the liability. Contingent lease payments are accounted for
by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is
confirmed.
2.
85
(d) Leased assets (continued)
(ii) Operating lease
Leases, where the Group does not assume substantially all the risks and rewards of the ownership are classifies as
operating leases and, except for property interest held under operating lease, the leased assets are not recognised on
the Group’s balance sheet. Property interest held under an operating lease, which is held to earn rental income or for
capital appreciation or both, is classified as investment property.
Leasehold land that normally has an indefinite economic life and title is not expected to pass to the lessee by the end
of the lease term is treated as an operating lease. The payment made on entering into or acquiring a leasehold land
is accounted for as prepaid lease payments, except for leasehold land classified as investment property, land held for
future development and property development projects.
Payments made under operating leases are recognised in the income statements on a straight-line basis over the term
of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of
the lease.
(e) Intangible assets
Goodwill
Goodwill arises on business combinations and is measured at cost less any accumulated impairment losses.
Goodwill represents the excess of the cost of the acquisition over the Group’s interest in the net fair value of the identifiable
assets, liabilities and contingent liabilities of the acquiree.
Any excess of the Group’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities
over the cost of acquisition is recognised immediately in income statement.
(f) Investments in debt and equity securities
Investments in debt and equity securities are recognised initially at fair value plus attributable transaction costs.
Subsequent to initial recognition, all current investments are carried at the lower of cost and market value, determined on an
individual investment basis by category of investments.
On disposal of an investment, the difference between net disposal proceeds and its carrying amount is recognised in the
income statements.
86
Notes to the
2.
(g) Investment properties
(i) Investment property carried at fair value
Investment properties are properties which are owned or held under a leasehold interest to earn rental income or for
capital appreciation or for both. These include land held for a currently undetermined future use. Properties that are
occupied by the companies in the Group are accounted for as owner-occupied rather than as investment properties.
Investment properties are measured initially at cost and subsequently at fair value with any change therein recognised
in the income statements.
When an item of property, plant and equipment is transferred to investment property following a change in its use, any
difference arising at the date of transfer between the carrying amount of the item immediately prior to transfer and its
fair value is recognised directly in equity as a revaluation of property, plant and equipment. However, if a fair value gain
reverses a previous impairment loss, the gain is recognised in the income statements. Upon disposal of an investment
property, any surplus previously recorded in equity is transferred to retained earnings; the transfer is not made through
the income statements.
(ii) Reclassification to/from investment property
When an item of inventory or property development is transferred to investment property following a change in its use,
any difference arising at the date of transfer between the carrying amount of the item immediately prior to the transfer
and its fair value is recognised in the income statements.
When the use of a property changes such that it is reclassified as property, plant and equipment/inventories/property
development, its fair value at the date of reclassification becomes its cost for subsequent accounting.
(iii) Determination of fair value
An external, independent valuation firm, having appropriate recognised professional qualifications and recent experience
in the location and category of property being valued, values the Group’s investment property portfolio annually.
The fair values are based on market values, being the estimated amount for which a property could be exchanged on
the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing
wherein the parties had each acted knowledgeably, prudently and without compulsion.
In the absence of current prices in an active market, the valuations are prepared by considering the aggregate of the
estimated cash flows expected to be received from renting out the property. A yield that reflects the specific risks
inherent in the net cash flows then is applied to the net annual cash flows to arrive at the property valuation.
Valuations reflect, where appropriate: the type of tenants actually in occupation or responsible for meeting lease
commitments or likely to be in occupation after letting vacant accommodation, and the market’s general perception of
their creditworthiness; the allocation of maintenance and insurance responsibilities between the Group and the lessee;
and the remaining economic life of the property. When rent reviews or lease renewals are pending with anticipated
reversionary increases, it is assumed that all notices and where appropriate counter-notices have been served validly
and within the appropriate time.
Significant assumptions in arriving at the fair value of investment properties are disclosed in Note 4.
2.
87
(h) Inventories
Inventories of completed houses are stated at the lower of cost and net realisable value. Cost is mainly determined on specific
identification basis and includes the cost of freehold/leasehold land and construction, and the appropriate development
overheads.
Inventories, other than completed houses, are stated at the lower of cost (determined on the ‘first-in, first-out’ basis and the
weighted-average method) and net realisable value. The cost of raw materials, consumables and other inventories comprise
the original cost of purchase plus the cost of bringing the inventories to their present location. Net realisable value represents
the estimated selling price in the ordinary course of business less selling and distribution costs and all other estimated costs
of completion and the estimated costs necessary to make the sale.
(i) Property development projects
Property development projects consist of land held for future development and current development expenditure which
comprise construction and other related development costs including borrowings costs, is stated at cost less any accumulated
impairment losses.
The Group and the Company consider as current asset that proportion of property development projects on which sales have
been launched and/or the project is expected to be completed within the normal operating cycle of two to three years. Cost
of property development projects classified as current assets are stated at the lower of cost and net realisable value.
When the outcome of a property development project cannot be estimated reliably, property development revenue is
recognised to the extent of property development costs incurred that is probable of recovery.
Any anticipated loss on a property development project (including costs to be incurred over the defects liability period), is
recognised as an expense immediately.
Accrued billings represent the excess of property development revenue recognised in the income statements over billings to
purchasers while progress billings represent the excess of billings to purchasers over property development revenue
recognised in the income statements.
(j) Receivables
Receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from
another entity is established.
Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.
Receivables are not held for the purpose of trading.
88
Notes to the
2.
(k) Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments which
have an insignificant risk of changes in value. For the purpose of the cash flow statement, cash and cash equivalents are
presented net of bank overdrafts and pledged deposits, if any.
(l) Impairment of assets
The carrying amounts of assets except for financial assets, inventories, deferred tax assets, and investment property that is
measured at fair value, non-current assets (or disposal groups) classified as held for sale are reviewed at each reporting date
to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount
is estimated. For goodwill the recoverable amount is estimated usually at each reporting date.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to
sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose
of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from
continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating
unit”). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating
units that are expected to benefit from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable
amount. Impairment losses are recognised in the income statements. Impairment losses recognised in respect of cashgenerating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce
the carrying amount of the other assets in the unit (groups of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior
periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An
impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An
impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that
would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Reversals of
impairment losses are credited to the income statements in the year in which the reversals are recognised.
2.
89
(m) Equity instruments
All equity instruments are stated at cost on initial recognition and are not re-measured subsequently.
(i) Issue expenses
Incremental costs directly attributable to issue of equity instruments are recognised as a deduction from equity.
(ii) Repurchase of share capital
When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly
attributable costs, is recognised as a deduction from equity and is not re-valued for subsequent changes in the fair value
or market price of shares. Repurchased shares are classified as treasury shares and are presented as a deduction from
total equity.
Where treasury shares are distributed as share dividends, the cost of the treasury shares is applied in the reduction of
the share premium account or distributable reserves, or both.
Where treasury shares are reissued by re-sale in the open market, the difference between the sales consideration net
of directly attributable costs and the carrying amount of the treasury shares is recognised in equity.
(n) Compound financial instruments
A compound financial instrument is a non-derivative financial instrument that contains both a liability and an equity
component.
Compound financial instruments issued by the Group comprise convertible notes that can be converted to share capital at
the option of the holder, and the number of shares to be issued does not vary with changes in their fair value.
The liability component of a compound financial instrument is recognised initially at the fair value of a similar liability that
does not have an equity conversion option. The equity component is recognised initially at the difference between the fair
value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable
transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.
Subsequent to initial recognition, the liability component of a compound financial instruments is measured at amortised cost
using the effective interest method. The equity component of a compound financial instruments is not remeasured subsequent
to initial recognition.
(o) Loans and borrowings
Loans and borrowings are stated at amortised cost with any difference between cost and redemption value being recognised
in the income statements over the period of the loans and borrowings using the effective interest method.
90
Notes to the
2.
(p) Employee benefits
Short-term employee benefits
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are
measured on an undiscounted basis and are expensed as the related service is provided.
A provision is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group
has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and
the obligation can be estimated reliably.
The Group’s contribution to statutory pension funds are charged to the income statements in the year to which they relate.
Once the contributions have been paid, the Group has no further payment obligations.
(q) Payables
Payables are measured initially and subsequently at cost. Payables are recognised when there is a contractual obligation to
deliver cash or another financial asset to another entity.
(r) Revenue recognition
(i) Goods sold
Revenue from the sale of goods is measured at fair value of the consideration received or receivable, net of returns
and allowances, trade discounts and volume rebates. Revenue is recognised when the significant risks and rewards of
ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and
possible return of goods can be estimated reliably, and there is no continuing management involvement with the
goods.
(ii) Rental income
Rental income from investment property is recognised in the income statement on a straight-line basis over the term of
the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the
lease.
(iii) Revenue from property development
Revenue from property development activities is recognised based on the stage of completion measured by reference
to surveys of work performed.
Where the financial outcome of a property development activity cannot be reliably estimated, property development
revenue is recognised only to the extent of property development costs incurred that is probable will be recoverable,
and property development costs on the development units sold are recognised as an expense in the period in which
they are incurred.
Any expected loss on a development project, including costs to be incurred over the defects liability period, is recognised
immediately in the income statement.
(iv) Dividend income
Dividend income is recognised when the right to receive payment is established.
2.
91
(s) Interest income and borrowing costs
Interest income is recognised as it accrues, using the effective interest method.
All borrowing costs are recognised in the income statements using the effective interest method, in the period in which they
are incurred except to the extent that they are capitalised as being directly attributable to the property development projects
which necessarily takes a substantial period of time to be prepared for its intended use or sale.
The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset is
being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use
or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities
necessary to prepare the qualifying asset for its intended use or sale are interrupted or completed.
(t)Tax expense
Tax expense comprises current and deferred tax. Tax expense is recognised in the income statements except to the extent
that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted
at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts
of assets and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised
for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a
transaction that is not a business combination and that affects neither accounting nor taxable profit (tax loss). Deferred tax
is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the
laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax liability is recognised for all taxable temporary differences.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which
temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent
that it is no longer probable that the related tax benefit will be realised.
(u) Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by
dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary
shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary
shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary
shares, which comprise convertible notes.
(v) Segment reporting
A segment is a distinguishable component of the Group that is engaged either in providing products or services (business
segment), or in providing products or services within a particular economic environment (geographical segment), which is
subject to risks and rewards that are different from those of other segments.
92
Notes to the
3.
Land and
buildings
Plant and
machinery
Office
equipment,
furniture
and fittings
RM’000
RM’000
RM’000
RM’000
RM’000
2,562
985
1,280
1,935
6,762
Motor
vehicles
Total
Group
At cost
At 1 January 2007
Additions
—
—
665
—
665
Disposals/Written off
—
(985)
(251)
—
(1,236)
(496)
—
—
—
(496)
2,066
—
1,694
1,935
5,695
—
—
56
304
360
(659)
—
(14)
(450)
(1,123)
1,407
—
1,736
1,789
4,932
Accumulated depreciation
At 1 January 2007
Depreciation charge
291
69
—
303
—
(303)
970
194
(243)
1,415
233
—
2,979
496
(546)
At 31 December 2007/1 January 2008
Depreciation charge
360
62
(127)
—
—
—
921
244
(13)
1,648
234
(442)
2,929
540
(582)
At 31 December 2008
295
—
1,152
1,440
2,887
Carrying amounts
At 31 December 2008
1,112
—
584
349
2,045
At 31 December 2007
1,706
—
773
287
2,766
Transfer to investment properties
Additions
At 31 December 2008
3.
93
Property, plant and equipment (continued)
Land and
buildings
Office
equipment,
furniture
and fittings
Motor
vehicles
Total
RM’000
RM’000
RM’000
RM’000
Company
At cost
At 1 January 2007
Transfer to investment property
Additions
Disposal/Written off
1,767
(496)
—
—
1,074
—
638
(209)
1,872
—
—
—
4,713
(496)
638
(209)
Additions
1,271
—
—
1,503
55
(14)
1,872
304
(450)
4,646
359
(464)
At 31 December 2008
1,271
1,544
1,726
4,541
At 1 January 2007
161
895
1,388
2,444
Depreciation charge
15
153
224
392
—
(208)
—
(208)
176
840
1,612
2,628
Depreciation charge
15
203
225
443
—
(13)
(442)
(455)
191
1,030
1,395
2,616
At 31 December 2008
1,080
514
331
1,925
At 31 December 2007
1,095
663
260
2,018
Accumulated depreciation
At 31 December 2008
Carrying amounts
94
Notes to the
3.
Property, plant and equipment (continued)
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
Freehold land
499
894
499
499
Buildings
613
812
581
596
1,112
1,706
1,080
1,095
Carrying amounts of land and buildings
At cost
Assets under finance lease
Included in property, plant and equipment of the Group and of the Company are motor vehicles acquired under finance lease
agreement with carrying amount of RM262,000 (2007: NIL). The leased motor vehicles secure lease obligations (see Note 15).
4. Investment properties
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
At fair value
At 1 January
Additions
Transfer from property, plant and equipment
Disposal
Change in fair value
29,034
—
—
(650)
416
3,185
25,637
496
(2,535)
2,251
28,384
—
—
—
416
—
25,637
496
—
2,251
At 31 December
28,800
29,034
28,800
28,384
95
4. Investment properties (continued)
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
—
—
9,120
19,680
94
556
8,820
19,564
—
—
9,120
19,680
—
—
8,820
19,564
28,800
29,034
28,800
28,384
Included in the above are:
Leasehold land with unexpired lease period of
less than 50 years
Factory buildings
Sports complex
Freehold land
The Company’s investment properties were revalued in December 2008 by independent professional qualified valuers using an
open market value method. Certain freehold land with fair value of RM1,300,000 (2007: RM1,250,000) are currently vacant.
The following are recognised in the income statement in respect of investment properties:
Group
Rental income
Direct operating expenses
– income generating investment properties
– non income generating investment properties
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
590
527
590
527
1,597
101
897
85
1,597
—
897
—
Security
Freehold land with carrying amount of RM18,380,000 (2007: NIL) is charged to bank as security for borrowings as disclosed in
Note 15.
96
Notes to the
5.
Investments in subsidiaries
Company
2008
RM’000
2007
RM’000
Unquoted investment – at cost
21,078
21,078
Less: Impairment losses
(1,530)
(1,530)
19,548
19,548
The subsidiaries, all incorporated in Malaysia are as follows:
Effective ownership
interest
Name of Company
Advance Development Sdn. Bhd.
6.
Principal activities
2008
%
2007
%
Property developer
100
100
Pembinaan Prefab Sdn. Bhd.
Property developer
100
100
Johor Land Manufacturing Sdn. Bhd.
Dormant
100
100
Investments in associates
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
Unquoted shares, at cost
45,713
45,713
45,713
45,713
Dividend received out of pre-acquisition profits
(8,524)
(8,524)
(8,524)
(8,524)
Share of post-acquisition results of associates
17,171
9,338
—
—
54,360
46,527
37,189
37,189
6.
Investments in associates (continued)
Summary financial information on the associate:
Name of company
Country
incorporation
Effective
ownership
interest
97
Revenue
Profit
Total
assets
Total
liabilities
(%)
(100%)
RM’000
(100%)
RM’000
(100%)
RM’000
(100%)
RM’000
Malaysia
30.07
569,089
31,264
266,826
(133,044)
Malaysia
30.07
531,003
29,748
277,888
(169,918)
2008
Revertex (Malaysia) Sdn. Bhd.#
2007
Revertex (Malaysia) Sdn. Bhd.#
The principal activities of the associate are manufacture and sale of concentrated natural rubber latex, compounds, synthetic resin
emulsions, alkyd resins, polyester resins and plasticisers.
# Audited by another firm of accountants.
Contingent liabilities
Company
2008
RM’000
2007
RM’000
1,534
1,041
Share of associates’ contingent liabilities incurred jointly with other investors
– Bank guarantees for trade financing to suppliers (unsecured)
98
Notes to the
7.
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
At cost
Freehold land
Long leasehold land
465,823
27,867
468,078
31,931
455,730
27,867
456,046
31,931
At 1 January
Additions
Disposal
493,690
834
(756)
500,009
10,968
(808)
483,597
834
(756)
487,977
10,968
(808)
493,768
510,169
483,675
498,137
(11,429)
(2,071)
(13,223)
(3,256)
(11,381)
(2,071)
(11,284)
(3,256)
(13,500)
(16,479)
(13,452)
(14,540)
At 31 December
480,268
493,690
470,223
483,597
Included in the above are:
Freehold land
Leasehold land
453,638
26,630
465,823
27,867
443,593
26,630
455,730
27,867
480,268
493,690
470,223
483,597
9,723
25,058
9,723
25,058
304,658
19,254
342,911
18,800
304,658
19,254
342,911
18,800
333,635
386,769
333,635
386,769
Transfer to land and development expenditure
– Freehold land
– Leasehold land
The status of the land titles are as follows:
– registered in the name of the holding corporation
– in the process of being transferred to the name of
the Company
– in the progress of being issued
Security
Freehold and leasehold land of the Group and of the Company with carrying amount of RM55,335,000 (2007: RM23,443,000) and
RM53,035,000 (2007: RM21,115,000) are charged to the bank as security for borrowings granted to the Group and Company as
disclosed in Note 15.
8.
Deferred tax assets
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities attributable to the following:
Group
Investment properties
Convertible unsecured loan stocks (“CULS”)
Others
99
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
(96)
(113)
(95)
(112)
(667)
(585)
(667)
(585)
15,814
16,178
15,814
16,178
643
643
97
52
15,694
16,123
15,149
15,533
Movement in temporary differences during the year:
At Recognised
1 January
in income
2007
statement
At 31 Recognised
December
in income
2007
statement
At 31
December
2008
RM’000
RM’000
RM’000
RM’000
RM’000
(74)
(39)
(113)
17
(96)
Group
Changes in fair value of investment properties
Convertible unsecured loan stocks
Others
—
(585)
(585)
(82)
(667)
15,860
318
16,178
(364)
15,814
—
643
643
—
643
15,786
337
16,123
(429)
15,694
(73)
(39)
(112)
17
(95)
—
(585)
(585)
(82)
(667)
15,860
318
16,178
(364)
15,814
—
52
52
45
97
15,787
(254)
15,533
(384)
15,149
Company
Changes in fair value of investment properties
Others
100
Notes to the
9.
Property development projects comprise the following:
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
14,968
1,583
11,284
—
8,934
4,822
8,078
4,822
130,063
120,331
88,786
74,863
153,965
126,736
108,148
79,685
141,039
41,991
110,178
30,095
13,500
16,479
13,452
14,540
308,504
185,206
231,778
124,320
Land
– Freehold land
– Long leasehold land
Development cost
Add: Costs incurred during the year
– Development costs
Transfer from land held for property development
Less:Costs recognised as an expense in income
statement
– Previous year
(18,588)
(24,676)
(5,475)
(16,172)
– Current year
(75,259)
(18,588)
(57,121)
(5,475)
214,657
141,942
169,182
102,673
(7,444)
(6,565)
(7,444)
—
207,213
135,377
161,738
102,673
Sub-total
Transfer to inventories
The title to the long leasehold land is held in escrow by the holding corporation.
Included in the development cost of the Group and of the Company is interest expenses capitalised during the financial year of
RM1,302,000 (2007: RM668,000) and RM421,000 (2007: NIL) respectively.
Freehold and long leasehold land of the Group and of the Company with carrying amount of RM14,056,000 (2007: NIL) and
RM12,556,000 (2007: NIL) are charged to the bank as security for borrowings granted to the Group and Company as disclosed
in Note 15.
101
10. Inventories
Group
Completed houses
Other inventories
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
26,351
35,822
16,745
18,282
25
19
25
19
26,376
35,841
16,770
18,301
Certain titles of the completed houses of the Group and of the Company with carrying amount of RM26,123,000 (2007:
RM28,838,000) and RM16,745,000 (2007: RM18,282,000) are held in escrow by the holding corporation.
11.Trade and other receivables
Group
Trade receivables
Progress billings receivable
Other receivables, deposits and prepayments
Due from holding corporation
– non-trade
Due from subsidiaries
– trade
– non-trade
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
41,103
13,325
14,278
39,771
245
3,946
33,565
7,922
10,739
33,128
—
915
329
436
329
436
—
—
—
—
11,726
1,605
12,888
1,828
—
—
13,331
14,716
4,139
859
—
795
4,139
806
—
795
4,998
795
4,945
795
74,033
45,193
70,831
49,990
Due from related companies
– trade
– non-trade
Included in other receivables is a deposit of RM9,819,000 (2007: NIL) paid for the proposed acquisition of 4,000,000 existing
ordinary shares of RM1.00 each in Windsor Trade Holdings Sdn. Bhd. (“WTHSB”) and subscription of 10,000,000 new ordinary
shares of RM1.00. (see Note 28)
102
Notes to the
12. Short term investments
Group/Company
2008
RM’000
2007
RM’000
102
117
102
117
Quoted shares in Malaysia
At cost
Market value
13. Cash and bank balances
Included in cash and bank balances of the Group and of the Company is an amount of RM4,587,000 (2007: RM2,662,000) and
RM3,581,000 (2007: RM2,281,000), of which the utilisation is subject to the Housing Developers (Housing Development Account)
Regulations 2002.
14. Share capital and reserves
Share capital
Group/Company
Number of ordinary shares
Group/Company
2008
RM’000
2007
RM’000
2008
‘000
2007
‘000
Authorised
500,000
500,000
500,000
500,000
Issued and fully paid
122,000
122,000
122,000
122,000
Ordinary shares of RM1.00 each:
103
14. Share capital and reserves (continued)
Reserves
Group
2008
RM’000
Company
2007
RM’000
2008
RM’000
2007
RM’000
Non-distributable
78,582
78,582
78,582
78,582
CULS (Note 15)
291,388
291,388
291,388
291,388
Treasury shares
(855)
(855)
(855)
(855)
369,115
369,115
369,115
369,115
162,216
149,351
127,063
129,589
531,331
518,466
496,178
498,704
653,331
640,466
618,178
620,704
Share premium reserve
Distributable
Retained earnings
Total equity
Share premium
Share premium arose in 1996 from the following:
Group/Company
RM’000
Special issue of 42,952,000 ordinary shares of RM1.00 each at RM2.20 per share for acquisition of land
and landed properties
51,542
Restricted public issue of 10,000,000 new ordinary shares of RM1.00 each at RM2.20 per share to the
entitled shareholders of Kulim (Malaysia) Berhad
12,000
Public issue of 15,000,000 new ordinary shares of RM1.00 each at RM2.20 per share
18,000
Less: Listing expenses
(2,960)
78,582
104
Notes to the
14. Share capital and reserves (continued)
Treasury shares
At the Extraordinary General Meeting held on 21 May 2008, the Company’s shareholders renewed the scheme to repurchase its
own shares. The Directors of the Company are committed to enhance the value of the Company to its shareholders and believe
that the repurchase scheme can be applied in the best interest of the Company and its shareholders.
The number of outstanding shares in issue after deducting treasury shares held at the financial year end is 121,048,200 (2007:
121,048,200) ordinary shares of RM1.00 each.
Treasury shares have no rights to voting, dividends and participation in any other distribution. Treasury shares shall not be taken
into account in calculating the number of percentage of shares or of a class of shares in the Company for any purposes including
substantial shareholding, take-overs, notices, the requisitioning of meetings, the quorum for a meeting and the result of a vote on
a resolution at a meeting.
None of the treasury shares has been resold or distributed as share dividends during the financial year.
Section 108 tax credit and tax exempt account
Subject to agreement by the Inland Revenue Board, the Company has sufficient Section 108 tax credit and tax exempt account
to frank the payment of dividends out of its entire distributable reserves at 31 December 2008.
The Finance Act, 2007 introduced a single tier company income tax system with effect from year of assessment 2008. As such,
the Section 108 tax credit as at 31 December 2007 will be available to the Company until such time the credit is fully utilised or
upon expiry of the six-year transitional period on 31 December 2013, whichever is earlier.
105
15. Loans and borrowings
Group
Non-current
Secured
Bridging loans
Finance lease liabilities
Term loan
Unsecured
CULS
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
10,729
188
14,076
24,928
—
—
—
188
14,076
—
—
—
24,993
24,928
14,264
—
—
35,717
—
35,717
24,993
60,645
14,264
35,717
36,450
20,093
36,450
20,093
55
—
55
—
5,953
—
5,953
—
66,270
—
46,842
—
Current
Secured
Bank overdrafts
Term loan
Bridging loans
Revolving credits
5,074
5,074
113,802
20,093
94,374
20,093
Bank overdrafts
29,903
54,192
29,903
54,192
Revolving credits
4,000
9,066
—
5,066
18,010
—
18,010
—
51,913
63,258
47,913
59,258
165,715
83,351
142,287
79,351
190,708
143,996
156,551
115,068
Unsecured
CULS
Security
Certain bank overdrafts and term loan facilities of the Company are secured by way of fixed charge on freehold land and leasehold land
of the Company with carrying amount RM53,788,000 (2007: RM21,115,000) and a corporate guarantee by the holding corporation.
Bridging loans of the Group and of the Company are secured over freehold land with carrying amount of RM33,983,000 (2007:
RM4,352,000) and RM30,183,000 (2007: NIL) respectively.
106
Notes to the
15. Loans and borrowings (continued)
Terms and debt repayment schedule
Year of
maturity
Group
2008
Term loan
Revolving credits
Bank overdrafts
CULS
Bridging loans
2007
Revolving credits
Bank overdrafts
CULS
Bridging loan
Company
2008
Term loan
Revolving credits
Bank overdrafts
CULS
Bridging loans
2007
Revolving credits
Bank overdrafts
CULS
2012
2013
2009
2010 – 2013
2009
2010
2012
2013
2009
2013
2009
Carrying
amount
Under 1 year
1 – 2 years
2 – 5 years
RM’000
RM’000
RM’000
RM’000
20,029
243
9,074
66,353
18,010
76,999
5,953
55
9,074
66,353
18,010
66,270*
13,329
111
—
—
—
10,729*
747
77
—
—
—
—
190,708
165,715
24,169
824
9,066
74,285
35,717
24,928
9,066
74,285
—
—
—
—
35,717
—
—
—
—
24,928
143,996
83,351
35,717
24,928
20,029
243
5,074
66,353
18,010
46,842
5,953
55
5,074
66,353
18,010
46,842*
13,329
111
—
—
—
—
747
77
—
—
—
—
156,551
142,287
13,440
824
5,066
74,285
35,717
5,066
74,285
—
—
—
35,717
—
—
—
115,068
79,351
35,717
—
* The repayment period of the bridging loans stretches from 2010 to 2013. However, the above repayment disclosures are based
on the management’s expectation of repayment based on redemption of units sold.
107
Finance lease liabilities are payable as follows:
Group/Company
2008
Minimum
lease
payments
RM’000
Interest
RM’000
Principal
RM’000
62
7
55
210
22
188
272
29
243
Less than one year
Between one and five years
Group/Company
At 1 January/31 December
2008
RM’000
2007
RM’000
330,000
330,000
The movement of the liability component of the CULS during the year is as follows:
Group/Company
2008
RM’000
2007
RM’000
35,717
52,462
Interest charged
2,093
3,055
Interest accrued
(19,800)
(19,800)
At 31 December
18,010
35,717
At 1 January
108
Notes to the
On 15 December 2004, the Company issued 330,000,000 five (5) years Convertible Unsecured Loan Stocks (“CULS”) at nominal
value RM1.00 each as part of purchase consideration for the acquisition of freehold agricultural land zoned for development located
at Mukim of Tebrau, Johor Bahru from its holding corporation.
The salient features of the CULS are as follows:
a)
The total issuance is RM330 million.
b)
The interest rate of CULS is as follows (less any Malaysian income or withholding tax applicable thereto which is required
to be deducted):
Period (from issue date)
First 24 months (Year 1 and 2) Next 36 months (Year 3, 4 and 5) The interest rate is payable annually in arrears on the last day of every 12 months period commencing from the issue date,
15 December 2004 until the maturity date, 15 December 2009 (‘Interest Payment Date’), calculated on the basis of a year
of 365 days and on the actual number of days elapsed and accrues daily from and including the issue date or the previous
Interest Payment Date.
c)
The CULS are redeemable in full or in part at their nominal value, at the option of the Company which will be determined
by the independent Directors of the Company. The redemption will be dependent on inter-alia, the availability of profits and
cash flows of the Company.
d)
The conversion of the CULS into new ordinary shares of RM1.00 each of the Company at a conversion price of RM1.00 per
share is at the option of the CULS holder and may take place at any time after the second anniversary from the date of
issue of the CULS until the maturity date.
e)
The remaining CULS not redeemed or converted on maturity date will be automatically converted into ordinary shares.
f)
The CULS will not be listed on the Bursa Malaysia Securities Berhad or any other stock exchange.
Interest rate per annum
1%
6%
The CULS have been classified separately into their components parts as liability or as equity on the balance sheet in accordance
with FRS 132, Financial Instruments: Disclosure and Presentation. The fair value of the liability component calculated using a
prevailing market interest rate at the date of issuance for a similar non-convertible loan stock. The residual amount, representing
the fair value of the equity component, including deferred tax asset, is included in shareholders’ equity.
109
16.Trade and other payables
Group
Trade payables
Other payables and accrued expenses
Due to holding corporation
– non-trade
Due to a subsidiary
– non-trade
Due to related companies
– trade
– non-trade
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
15,646
9,989
13,136
7,182
15,640
9,827
13,007
6,592
14,162
834
14,162
829
—
—
1,833
1,833
11
3,317
11
302
11
3,258
11
302
3,328
313
3,269
313
43,125
21,465
44,731
22,574
17. Revenue
Group
Property development
Sales of land
Sales of goods – fresh fruit bunches
Management fee
Rental income
Dividend income
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
130,017
1,601
6,213
194
669
—
53,993
3,490
4,330
189
1,354
—
92,263
1,601
6,213
927
669
2,032
43,186
3,490
4,330
389
1,354
36,490
138,694
63,356
103,705
89,239
18.Finance costs
Group
Bank overdrafts
CULS
Term loans
Bridging loans
Revolving credits
Other borrowings
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
6,426
2,093
1,711
983
464
533
4,138
3,055
—
312
458
12
6,423
2,093
1,711
—
291
536
4,138
3,055
—
—
284
13
12,210
7,975
11,054
7,490
110
Notes to the
19.Operating profit/(loss)
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
112
104
86
80
Operating profit/(loss) is arrived at after
charging/(crediting)
Audit fees
Impairment loss:
– investment in a subsidiary
—
—
—
30
– quoted shares in Malaysia
24
—
24
—
– third parties
160
231
160
231
– a subsidiary
—
—
(27)
1,957
Bad debts written off
—
75
—
—
Change in fair value on investment properties
(416)
(2,251)
(416)
(2,251)
Depreciation
540
496
443
392
1
690
1
2
781
713
781
712
6,605
6,159
6,605
6,152
1
264
1
264
(324)
(18)
(105)
(18)
Allowance for doubtful debts
Property, plant and equipment written off
Personnel expenses (including key management
personnel):
– Contributions to Employees Provident Fund
– Wages, salaries and others
Rental expenses
(Gain)/Loss on disposal of:
39
(108)
39
(108)
(250)
(465)
—
—
Investment in associate written off
—
132
—
—
Gross dividends from quoted shares in Malaysia
(4)
(8)
(4)
(8)
(669)
(1,354)
(669)
(1,354)
– Quoted shares in Malaysia
Rental income
111
19.Operating profit/(loss) (continued)
Key management personnel compensation
Key management personnel is defined as those persons having authority and responsibility for planning, directing and controlling
the activities of the Group either directly or indirectly. The key management personnel includes all the Directors of the Group, and
certain members of senior management of the Group.
Key management personnel compensation is as follows:
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
– Fees
315
286
315
286
– Remuneration
511
805
511
805
47
77
47
77
– Monetary value of benefits-in-kind
53
60
53
60
Total short-term employee benefits
926
1,228
926
1,228
– Fees
—
14
—
—
– Remuneration
—
106
—
—
—
8
—
—
Total short-term employee benefits
—
128
—
—
386
400
386
400
41
43
41
43
– Monetary value of benefits-in-kind
11
11
11
11
438
454
438
454
1,364
1,810
1,364
1,682
Directors
Directors of a subsidiary
Other key management personnel:
– Wages, salaries and others
Other key management personnel comprises persons other than the Directors of Group entities, having authority and responsibility
for planning, directing and controlling the activities of the entity either directly or indirectly.
112
Notes to the
20.Tax expense
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
6,027
(351)
1,381
534
4,030
(349)
9,392
525
5,676
1,915
3,681
9,917
523
(94)
(221)
(116)
478
(94)
370
(116)
429
(337)
384
254
6,105
3,633
1,578
3,355
4,065
—
10,171
—
9,738
4,933
4,065
10,171
RM’000
RM’000
RM’000
RM’000
Reconciliation of effective tax expense
Profit for the year
Total tax expense
19,184
9,738
6,690
4,933
3,793
4,065
19,524
10,171
Profit excluding tax
28,922
11,623
7,858
29,695
7,548
(60)
2,116
606
(59)
3,168
(30)
715
597
(126)
2,043
—
1,859
606
—
8,018
—
1,158
597
—
32
—
—
(48)
251
(12)
—
—
—
—
—
(11)
10,183
(445)
4,515
418
4,508
(443)
9,762
409
9,738
4,933
4,065
10,171
Tax expense
– Current year
– (Over)/Under provided in prior years
Deferred tax expense/(income)
– Origination and reversal of temporary differences
– Over provided in prior years
Share of tax of equity accounted associates
Tax at Malaysian tax rate of 26% (2007: 27%)
Effect of lower tax rate for certain subsidiaries
Non deductible expenses
Effect of change in tax rate*
Non taxable income
Difference in effective tax rate of equity
accounted associates
Effect of unrecognised deferred tax
Others
(Over)/Under provided in prior years
Tax expense
* The corporate tax rate is at 26% for year of assessment 2008 and 25% for the subsequent years of assessment. Consequently,
deferred tax assets are measured using these tax rates.
113
21. Earnings per ordinary share
Basic earnings per ordinary share
The calculation of basic earnings per ordinary share at 31 December 2008 was based on the profit attributable to ordinary
shareholders and a weighted average number of ordinary shares outstanding calculated as follows:
Group
2008
RM’000
2007
RM’000
19,184
6,690
Numbers
Numbers
‘000
‘000
122,000
122,000
(952)
(952)
Effect of conversion of CULS (Note 29)
110,000
110,000
Weighted average number of ordinary shares in issue
231,048
231,048
8.30
*2.90
Profit attributable to ordinary shareholders
Weighted average number of ordinary shares
Number of shares in issue at beginning of year
Effect of treasury shares held
Basis earnings per ordinary share (sen)
* The comparative figures for basic and diluted earnings per ordinary share have been revised to incorporate the conversion of
CULS subsequent to year end (Note 29).
114
Notes to the
21. Earnings per ordinary share (continued)
Diluted earnings per ordinary share
The calculation of diluted earnings per ordinary share at 31 December 2008 was based on profit attributable to ordinary
shareholders and a weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential
ordinary shares, calculated as follows:
Group/Company
2008
RM’000
2007
RM’000
19,184
6,690
1,549
2,230
20,733
8,920
Numbers
Numbers
‘000
‘000
Weighted average number of ordinary shares
231,048
231,048
Assuming full conversion of CULS as at the date of issue
220,000
220,000
Weighted average number of ordinary shares (diluted) at 31 December
451,048
451,048
4.60
1.98
Profit attributable to ordinary shareholders
Add: Assuming savings in interest expense on CULS, net of tax
Adjusted net profit for calculating diluted earnings per ordinary share
Diluted earnings per ordinary share (sen)
22. Dividends
Dividends recognised in the current year by the Company are:
Sen per share
Total amount
Date of payment
RM’000
2008
2007 – Final, net of tax
2.2
2,687
7 July 2008
2008 – Interim, net of tax
3.0
3,632
30 January 2009
Total amount
6,319
2007
2006 – Final, net of tax
2.2
2,651
29 June 2007
2007 – Interim, net of tax
2.9
3,535
25 January 2008
Total amount
6,186
115
23. Acquisition of property, plant and equipment
During the financial year, the Group and the Company acquired property, plant and equipment with an aggregate cost of
RM360,000 (2007: RM665,000) and RM359,000 (2007: RM638,000) respectively of which RM275,000 and RM275,000 was
financed by finance lease liabilities.
24.Financial instruments
Financial risk management objectives and policies
Exposure to credit, liquidity, cash flow and interest rate risks arise in the normal course of the Group’s and of the Company’s
business. The Group and the Company have formulated a financial risk management framework whose principal objective is to
minimise the Group’s and the Company’s exposure to risks and/or costs associated with the financing, investing and operating
activities of the Group and of the Company.
Credit risks
At balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented
by the carrying amount of each financial asset in the balance sheet.
Liquidity risk
The Group and the Company monitors and maintains a level of cash and cash equivalents deemed adequate by management to
finance the operations and to mitigate the effects of fluctuation in cash flow.
Cash flow risk
The Group and the Company review their cash flow position regularly to manage their exposure to fluctuations in future cash flows
associated with their monetary financial instruments.
Interest rate risk
The Group’s and the Company’s investment in fixed-rate debt securities and its fixed rate borrowings are exposed to a risk of
change in their fair value due to changes in interest rates. The Group’s and Company’s investments in variable-rate borrowings
are exposed to a risk of change in cash flows due to changes in interest rates. Investments in equity securities and short term
receivables and payables are not exposed to interest rate risk.
There is no formal hedging policy with respect to interest rate exposure. Exposure to interest rate risk is monitored on an ongoing
basis and the Group and the Company endeavour to keep the exposure at an acceptable level.
Interest expense on the CULS is calculated on the effective yield basis by applying the effective interest rate 5.745% (2007:
5.745%) for an equivalent non-convertible loan stock to liability component of the CULS.
116
Notes to the
24.Financial instruments (continued)
Effective interest rate and repricing analysis
In respect of interest-earning financial assets and interest-bearing financial liabilities, the following table indicates their average
effective interest rates at the balance sheet date and the periods in which they mature, or if earlier, reprice.
Group
2008
Fixed rate instruments
Secured finance lease liabilities
Secured bridging loans
Unsecured CULS – liability
Floating rate instruments
Secured bank overdrafts
Secured term loan
Unsecured bank overdrafts
Unsecured revolving credits
Secured revolving credits
2007
Secured bridging loan
Average
effective
interest
rate
Total
Less than
1 year
1–2
years
2–5
years
%
RM’000
RM’000
RM’000
RM’000
2.30
8.25
5.70
243
76,999
18,010
55
66,270
18,010
111
10,729
—
77
—
—
95,252
84,335
10,840
77
36,450
20,029
29,903
4,000
5,074
36,450
20,029
29,903
4,000
5,074
—
—
—
—
—
—
—
—
—
—
95,456
95,456
—
—
35,717
24,928
—
—
35,717
—
—
24,928
60,645
—
35,717
24,928
74,285
9,066
74,285
9,066
—
—
—
—
83,351
83,351
—
—
7.0 – 7.2
6.7 – 7.0
7.2
5.9
5.7
7.3
8.0
4.4 – 5.6
117
Company
2008
Secured finance lease liabilities
Secured bridging loans
Secured term loan
Secured revolving credits
Average
effective
interest
rate
Total
Less than
1 year
1–2
years
2–5
years
%
RM’000
RM’000
RM’000
RM’000
2.30
8.25
5.70
243
46,842
18,010
55
46,842
18,010
111
—
—
77
—
—
65,095
64,907
111
77
36,450
20,029
29,903
5,074
36,450
20,029
29,903
5,074
—
—
—
—
—
—
—
—
91,456
91,456
—
—
7.0 – 7.2
6.7 – 7.0
7.2
5.9
2007
5.7
35,717
—
35,717
—
8.0
8.0
5.6
20,093
54,192
5,066
20,093
54,192
5,066
—
—
—
—
—
—
79,351
79,351
—
—
118
Notes to the
Fair values
Recognised financial instruments
The carrying amounts of current financial assets and liabilities approximate their fair values due to the relatively short term nature
of these financial instruments.
The Company provides financial guarantees to bank for credit facility extended to a subsidiary. The fair value of such financial
guarantee is not expected to be material as the probability of the subsidiary defaulting on the credit line is remote.
The fair value of other financial assets and liabilities, together with the carrying amounts shown in the balance sheets, are as
follows:
2008
Carrying
amount
RM’000
2007
Fair
value
RM’000
Carrying
amount
RM’000
Fair
value
RM’000
Group
Short term investment in quoted shares
102
102
117
117
(243)
(243)
—
—
Bridging loans
(76,999)
(71,415)
(24,928)
(24,928)
CULS – liability
(18,010)
(18,010)
(35,717)
(35,717)
Short term investment in quoted shares
102
102
117
117
(243)
(243)
—
—
Bridging loan
(46,842)
(43,696)
—
—
CULS – liability
(18,010)
(18,010)
(35,717)
(35,717)
Company
119
Estimation of fair values
The following summarises the methods used in determining the fair values of financial instruments reflected in the table.
Fair value of quoted shares is based on quoted market prices at the balance sheet date without any deduction for transaction
costs.
The carrying amount of convertible unsecured loan stocks approximates its fair value as the instrument is calculated using a
prevailing market rate at the date of issuance for a similar convertible loan stocks.
The carrying amount of the term loan approximates its fair values as the effective interest rate is comparable to the movements
in the market interest rate.
25. Contingent liabilities
Company
Corporate guarantees given to a licensed bank for banking facilities granted
to a subsidiary (secured)
2008
RM’000
2007
RM’000
30,157
24,928
26. Related parties
For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or
the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making
financial and operating decisions, or vice versa, or where the Group or the Company and the party are subject to common control
or common significant influence. Related parties may be individuals or other entities.
120
Notes to the
26. Related parties (continued)
The significant related party transactions of the Group and of the Company are as follows:
Group
Company
2008
RM’000
2007
RM’000
2008
RM’000
2007
RM’000
20,197
5
—
20,523
34
11
20,197
—
—
20,523
24
11
—
—
—
—
733
—
200
10,556
130
63
4,356
—
—
—
130
63
4,356
—
—
—
6,213
3,026
206
—
12
531
46
112
195
4,330
2,210
48
278
—
556
60
133
236
6,213
3,026
206
—
12
531
46
112
175
4,330
2,210
48
278
—
550
60
133
209
Related parties
Professional fees paid to firms in which certain
Directors are partners
106
54
85
54
A charitable organisation in which the spouse of a
Director is the Chairman
– Donation
– Sale of land
– Balance outstanding in respect of the sale of land
120
—
—
120
2,500
2,250
120
—
—
120
2,500
2,250
Donation to a Foundation in which a Director
is the Chairman
150
150
150
150
Holding corporation
Interest accrued on CULS
Services expenses
Services income
Subsidiaries
Management fee receivable
Sales of completed houses
Related companies
Interest charged
Sales of motor vehicles
Sales of land
Sales of finished goods
– fresh fruit bunches
Services expenses
Services income
Rental expenses
Secretarial fees expenses
Security service expenses
Annual report expenses
Registrar fees expenses
Insurance expenses
121
27. Segment reporting
There is no segment information presented as the Group is primarily engaged in housing development activities and operates
principally in Malaysia.
28. Significant event
On 6 February 2008, the Company entered into a Sale and Purchase Agreement Cum Subscription of Sale Agreement with Tengku
Shaifful Bahri Bin Tengku Zainal Abidin (the Vendor) and Windsor Trade Holdings Sdn. Bhd. (“WTHSB”) in respect of the proposed
acquisition of 4,000,000 existing ordinary shares of RM1.00 each in WTHSB and subscription of 10,000,000 new ordinary shares
of RM1.00 each.
The total consideration of RM15,000,000 to be paid by the Company for the Proposed Acquisition shall be funded via the
Company’s internally generated funds and/or borrowings.
As at to date, the Company has obtained approval from the Foreign Investment Committee on the Proposed Acquisition.
The completion of the acquisition is still subject to certain conditions precedent as stated in the Sale and Purchase Agreement.
(see Note 11)
29. Subsequent event
On 19 February 2009, the 110,000,000 CULS were converted into 110,000,000 units of new ordinary shares of RM1.00 each. The
110,000,000 new ordinary shares were granted for listing on Bursa Malaysia Securities Berhad on 26 February 2009. With the
conversion, the issued and paid-up capital of the Company is RM232,000,000 divided into 232,000,000 units of ordinary shares of
RM1.00 each.
30. Capital commitment
Group
Investment
Contracted but not provided for
2008
RM’000
2007
RM’000
5,181
—
122
Location of Land Bank and
Projects
DAERAH
SEGAMAT
DAERAH
LEDANG
DAERAH
MERSING
1
DAERAH
MUAR
DAERAH
KLUANG
DAERAH
BATU PAHAT
DAERAH
KOTA TINGGI
14
11
DAERAH
KULAIJAYA
6
DAERAH
PONTIAN
2
DAERAH
JOHOR BAHRU
13 4
1
2
3
4
5
LAND BANK
Pagoh Land (55.65 acres)
Bandar Dato’ Onn (1,402.75 acres)
Bandar Tiram (1,088.55 acres)
Inderaputra Land (0.84 acres)
Taman Bukit Dahlia (177.28 acres)
PROJECT
6 Taman Komersil Senai
7 Tebrau Business Park
8 Green Plains
9 Taman Bukit Tiram
10 Taman Mawar
11
12
13
14
7
3
8
9
5 12
10
Kota Sentral
Taman Cendana
Taman Seroja
Perumahan Bandar Tenggara
123
List of Properties
Revaluation of land and buildings will be carried out only if there are intended sales or when market values have changed materially.
Details of the landed properties owned by the JLand Group as at 31 December 2008 are as follows:
Net book
Tenure/Approx. Land area/ Title/Location age of building Existing use Built-up area value as at
31.12.2008 RM’000 Acquisition
Date
A. FIXED ASSETS
Bungalow lot at Green Plains
PTD 57050 HS(D) 187333 Freehold/14 years Mukim of Tebrau
District of Johor Bahru
Double storey bungalow 4,423.00 sq metres 400.00 sq metres
877
1998
Shophouse at Taman Bintang
PTD 22925 HS(D) 13369 Freehold/12 years Mukim of Senai-Kulai District of Johor Bahru
Double storey shop house 143.07 sq metres 272.00 sq metres
203
1995
3 vacant bungalow lots
2,222.00 sq metres 780
1995
1,482.00 sq metres 520 2004
Sport Complex 24.69 acres 357.24 sq metres
27,500 2007
B. INVESTMENT PROPERTIES
Bungalow lot at Taman Bertam
Lot 4429 – 4431 Freehold HS(D) 1664 – 1666 Mukim 6, Seberang Prai Utara
Penang
Lot 4453 – 4454 Freehold HS(D) 5824 – 5825 Mukim 6, Seberang Prai Utara
Penang
PTD 84127 HS(D) 281731 Freehold/14 years Mukim of Tebrau District of Johor Bahru
124
List of Properties
Net book
Date
C. FUTURE DEVELOPMENT
Bandar Tiram (Phase 1)
PTD 143340 – 143999 Freehold HS(D) 443338 – 443988 Mukim of Tebrau
Mixed housing development
53.83 acres 16,351 2001
Freehold Oil palm estate 76.63 acres 10,213 1995
PTD 195750 – 196052
HS(D) 443040 – HS(D) 443337
Mukim of Plentong
PTD 113308 – 113435 HS(D) 375296 – 375423
Mukim of Tebrau
PTD 105766 HS(D) 354246
PTD 105767
HS(D) 354247
Mukim of Tebrau
PTD 105769 HS(D) 354249
PTD 105770
HS(D) 354250
PTD 14616 – 14618
HS(D) 62950 – 62952
Mukim of Tebrau
(Owned by ADSB)
125
Net book
Date
(Cont’d.)
PTD 105768 HS(D) 354248
Mukim of Tebrau
Freehold Oil palm estate
117.65 acres 8,797
1995
14 vacant Shopoffice
0.61 acres 49 1995
PTD 85036 – 85077 Freehold
HS(D) 307437 – 307478 Mukim of Tebrau
(Owned by ADSB)
4.44 acres 353 1995
PTD 85080 – 85139 Freehold HS(D) 307479 – 307538 PTD 85275 – 85533
HS(D) 307673 – 307929
Mukim of Tebrau
(Owned by ADSB)
6.43 acres
512
1995
Lot 12 CT 556, Lot 14 CT 557 Lot 18 CT 561
Lot 860 CT 562
Lot 2016 CT 567
Part of Lot 1176 CT 565
Part of Lot 1182 CT 566
Mukim of Kota Tinggi
District of Kota Tinggi
Taman Bukit Tiram (Phase 2)
(Owned by ADSB)
126
List of Properties
Net book
Date
(Cont’d.)
Taman Bukit Tiram (Phase 3)
(Owned by ADSB)
3.37 acres 405 1995
(Owned by ADSB)
4.30 acres 443 1995
HS(D) 427379 – 427401
Mukim of Tebrau
(Owned by ADSB)
5.03 acres 519
1995
16.03 acres 3,608 1995
Taman Bukit Dahlia (Block A)
PTD 156278 – 156289 HS(D) 318171 – 318182
PTD 156312 – 156335
HS(D) 318205 – 318228
PTD 156358 – 156381
HS(D) 318251 – 318273
PTD 156404 – 156415
HS(D) 318296 – 318307
PTD 156290 – 156311
HS(D) 318183 – 318204
PTD 156336 – 156357
HS(D) 318229 – 318250
PTD 156382 – 156403
HS(D) 318274 – 318295
99 years lease Expiring on 22.6.2100
127
Net book
Date
(Cont’d.)
Taman Bukit Dahlia (Block A)
PTD 156446 – 156473
HS(D) 318337 – 318364
PTD 156532 – 156559
HS(D) 318935 – 318962
PTD 156417 – 156445
HS(D) 318308 – 318336
PTD 156474 – 156500
HS(D) 318365 – 318391
PTD 156501 – 156531
HS(D) 318904 – 318934
PTD 156560 – 156588
HS(D) 318963 – 318991
PTD 190546 – 190639
HS(D) 436699 – 436792
PTD 190641 – 190652
HS(D) 436793 – 436804
PTD 190654 – 190703
HS(D) 436805 – 436854
Mukim of Plentong
99 years lease
Expiring on
07.11.2105
Taman Bukit Dahlia (Block C)
Development land Mukim of Plentong District of Johor Bahru 99 years lease (Land titles is yet to be issued)
54.40 acres 5,800 1995
Taman Bukit Dahlia (Block D)
Development land Mukim of Plentong District of Johor Bahru 99 years lease (Land titles is yet to be issued)
48.24 acres
5,781 1995
128
List of Properties
Net book
Date
2,415 1995
(Cont’d.)
Taman Bukit Dahlia (Block E)
PTD 179254 – 179322 HS(D) 371082 – 371150 PTD 179337 – 179348 HS(D) 371165 – 371176
PTD 179350 – 179451
HS(D) 371177 – 371278
PTD 179907 – 179937
HS(D) 371734 – 371764
PTD 179989 – 180016
HS(D) 371816 – 371843
PTD 180059 – 180083
HS(D) 371886 – 371910
PTD 180118 – 180138
HS(D) 371945 – 371965
PTD 180173 – 180216
HS(D) 372000 – 372043
Mukim of Plentong
99 years lease Expiring on 30.6.2103
10.89 acres 99 years lease Expiring on 2.7.2100
3.95 acres 976 1995
HS(D) 391385 – 391402
Mukim of Plentong
1.52 acres 352 1995
Development land Mukim of Plentong District of Johor Bahru Mixed housing development
42.25 acres 4,154 1995
Taman Bukit Dahlia (Block F)
PTD 155634 – 155669 HS(D) 317527 – 317562 Mukim of Plentong District of Johor Bahru
99 years lease (Land title is yet to be issued)
129
Net book
Date
15,059 2004
327,096 2004
(Cont’d.)
Bandar Dato’ Onn
PTD 139444 – 139467 Freehold HS(D) 455063 – 455086
PTD 139469 – 139597
HS(D) 455087 – 455215
PTD 139624 – 139697
HS(D) 455216 – 455289
PTD 139699 – 139718
HS(D) 455290 – 455309
PTD 139728 – 139735
HS(D) 455310 – 455317
PTD 139738 – 139787
HS(D) 455318 – 455367
PTD 139795 – 139839
HS(D) 455368 – 455412
PTD 139842 – 139912
HS(D) 455413 – 455483
PTD 139914 – 140085
HS(D) 455484 – 455655
Mukim of Tebrau
28.28 acres Development land Mukim of Tebrau District of Johor Bahru Freehold (Land titles is yet to be issued) Mixed housing development/
oil palm estate
1,329.78 acres PTD 84126 & 84128 HS(D) 281730 & 281732
Mukim of Tebrau
Freehold Vacant land 16.41 acres 8,589 2006
Freehold Vacant land 3,409.22 sq metres 7,049 2000
Leasehold (Land title is yet to be issued)
55.65 acres 3,896
1998
Inderaputra Land
PTB 21108 HS(D) 380523 Mukim of Bandar Johor Bahru
Pagoh Land
Development land Mukim of Jorak District of Muar 130
Shareholdings’ Statistics
As at 31 March 2009
Authorised Share Capital
Issued & Fully Paid-Up Capital Class of Shares
: RM500,000,000
: RM232,000,000 less 951,800 Treasury Shares = 231,048,200
: Ordinary Share of RM1/= each
Voting Right of Shareholders
Every member of the Company present in person or by proxy shall have one vote on a show of hand and in the case of a poll shall
have one vote for every share of which he/she is the holder.
Break down of Shareholdings
No. of
Shareholders
715
%
8.26
No. of Shares
25,130
0.01
100 – 1,000
4,136
47.80
2,334,437
1.01
1,001 – 10,000
3,154
36.46
11,568,966
5.01
570
6.59
15,857,150
6.86
75
0.87
31,563,714
13.66
2
0.02
169,698,803
73.45
8,652
100.00
231,048,200
100.00
Size of Shareholdings
Less than 100
10,001 – 100,000
100,001 to less than 5% of Issued Capital
5% and above of Issued Capital
TOTAL
%
Top Thirty Securities Account Holders
(Without aggregating the securities from different securities accounts belonging to the same depositor)
Name
No. of Shares
%
1
Johor Corporation
150,942,420
65.33
2
Johor Corporation
18,756,383
8.12
3
Kumpulan Waqaf An-Nur Berhad
4,318,937
1.87
4
Amanah Raya Noms (T) Sdn Bhd –
3,294,580
1.43
5
Johor Corporation
2,892,270
1.25
6
Ke-Zan Noms (T) Sdn Bhd –
1,400,000
0.61
7
DB (M) Nom (A) Sdn Bhd –
A/C Exempt An for Deutsche Bank AG Singapore (PWM Asing)
1,000,000
0.43
8
HSBC Noms (A) Sdn Bhd –
A/C Exempt An for HSBC Private Bank (Suisse) S.A. (SPORE TST ACCL)
996,500
0.43
9
Terengganu Incorporated Sdn Bhd
850,060
0.37
10
Ke-Zan Noms (T) Sdn Bhd –
840,000
0.36
11
Quah Wee Lai
645,000
0.28
12
Zalaraz Sdn Bhd
638,690
0.28
13
Citigroup Noms (A) Sdn Bhd –
610,947
0.26
A/C Skim Amanah Saham Bumiputera
A/C Kim Eng Secs Pte Ltd for Md Yusoff bin Md Ali
A/C Mohd Fauzy bin Abdullah
A/C Exempt An for OCBC Securities Private Limited (Client A/C-NR)
131
Top Thirty Securities Account Holders (cont’d.)
(Without aggregating the securities from different securities accounts belonging to the same depositor)
Name
14
Khalid bin Mohamad Jiwa
No. of Shares
%
547,000
0.24
15
Shoptra Jaya (M) Sdn Bhd
501,800
0.22
16
HLG Nom (A) Sdn Bhd –
448,120
0.19
17
OSK Noms (T) Sdn Bhd –
436,000
0.19
18
A/C Exempt An for Citibank NA, Singapore (Julius Baer)
433,500
0.19
19
A/C Exempt An for Citibank NA (Charles Schwab)
424,200
0.18
20
HDM Noms (T) Sdn Bhd –
415,000
0.18
21
Tabung Amanah Warisan Negeri Johor
402,950
0.17
22
Mayban Noms (T) Sdn Bhd –
387,150
0.17
23
Lee Siew Hoon
380,600
0.16
24
Suraya Elland Yusoff
352,000
0.15
25
Johor Corporation
350,980
0.15
26
350,000
0.15
27
Arshad bin Ayub
317,980
0.14
28
Philip Goey Soon Loong
305,500
0.13
29
300,000
0.13
30
Lim Kian Huat
297,600
0.13
A/C Exempt An for UOB Kay Hian Pte Ltd (A/C Clients)
A/C DMG & Partners Securities Pte Ltd for Tan Hian-Tsin (31-12122)
A/C Mohd Fauzy bin Abdullah (M09)
A/C Liew Kon Sing @ Liew Kong
A/C Chuang Show Chuan (014084102077)
A/C Wong Soot Yin @ Ong Soot Yin (014084423225)
Substantial Shareholders
Direct
Name
1
Johor Corporation – 5 a/cs
Indirect
No. of
Shares
%
172,944,083
74.85
No. of
Shares
%
—
—
No. of Shares
189,740,969
28,861,487
12,445,744
231,048,200
%
82.12
12.49
5.39
100.00
Analysis of Shareholders
Malaysian – Bumiputra
– Others
Foreigners
TOTAL
No. of
Shareholders
923
6,680
1,049
8,652
%
10.67
77.21
12.12
100.00
132
Notice of
Annual General Meeting
NOTICE IS HEREBY GIVEN THAT the Thirty Fourth (34th) Annual General Meeting of
Johor Land Berhad will be held at Tanjung Puteri 306, Persada Johor International
Convention Centre, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor on Friday,
22 May 2009 at 11.00 a.m. for the following purposes:AS ORDINARY BUSINESSES:1.
To receive and adopt the Report and the Audited Financial Statements for the financial year ended
31 December 2008 and the Reports of the Directors and Auditors thereon;
Resolution 1
To re-elect the following Directors who retire in accordance with the Company’s Articles of Association:(i) Kua Hwee Sim
(Article 87)
(ii) Abdul Malek Bin Talib
(Article 87)
(iii) Yusof Bin Rahmat
(Article 87)
Resolution 2
Resolution 3
Resolution 4
To re-elect Dato Hj Hassan Bin Hj Mohd Yunos, who is over the age of seventy (70) who retires in
accordance with Section 129(6) of the Companies Act, 1965;
Resolution 5
4.
To approve the payment of Directors’ fees in respect of the financial year ended 31 December 2008;
Resolution 6
5.
To re-appoint Messrs KPMG as Auditors of the Company and to authorise the Directors to fix their
remuneration;
Resolution 7
2.
3.
6.
To transact any other business of which due notice shall have been given;
AS SPECIAL BUSINESSES:To consider, and if thought fit, to pass the following Resolutions as Ordinary Resolutions:7.
ORDINARY RESOLUTION 1
AUTHORITY TO ISSUE SHARES PURSUANT TO SECTION 132(D) OF THE COMPANIES ACT, 1965
“THAT pursuant to Section 132(D) of the Companies Act, 1965, the Directors be and are hereby authorised
to allot and issue shares of the Company at any time until the conclusion of the next Annual General
Meeting (“AGM”), upon such terms and conditions and for such purposes as the Directors may, in their
absolute discretion shall deem fit provided always that the aggregate number of shares to be allotted and
issued shall not exceed ten percent (10%) of the issued share capital of the Company for the time being,
subject always to the approval of all relevant regulatory bodies being obtained for such allotment and issue.”
(See note)
8. ORDINARY RESOLUTION 2
PROPOSED RENEWAL OF THE SHARE BUY-BACK AUTHORITY
“THAT, subject always to the Companies Act, 1965 (“Act”), the provisions of the Articles of Association of
the Company and the Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad
(“Bursa Securities”) and any other relevant authorities, the Company be and is hereby authorised, to the
extent permitted by law, to purchase its own ordinary share of RM1.00 each in the Company (“Shares”) as
may be determined by the Directors of the Company from time to time through Bursa Securities upon such
terms and conditions as the Directors may deem fit an expedient in the interests of the Company provided
that:(a) The maximum number of Shares which may be purchased by the Company shall not exceed ten
percent (10%) of the total issued and paid-up share capital of the Company for the time being subject
to the restriction that the issued and paid-up capital of the Company does not fall below the applicable
minimum share capital requirement of the Listing Requirements;
(b) The maximum fund to be allocated by the Company for the purpose of purchasing its Shares shall not
exceed the retained profits and the share premium account of the Company; and
(c) Upon completion of the purchase by the Company of its own Shares, the Directors of the Company
are authorised to deal with the shares so bought-back in their absolute discretion in any of the following
manners:(i)
cancel the Shares so purchased; or
(ii) retain the Shares so purchased as treasury shares and held by the Company; or
(iii) retain part of the Shares so purchased as treasury shares and cancel the remainder,
and the treasury shares may be distributed as dividend to the Company’s shareholders and/or resold in the
open market in accordance with the relevant rules of Bursa Securities and/or subsequently cancelled.
Resolution 8
133
134
Notice of
AND THAT the authority conferred by this resolution shall continue to be in force until:(a) the conclusion of the next AGM of the Company at which such resolution was passed, at which time
it shall lapse, unless by an ordinary resolution passed at that meeting, the authority is renewed either
unconditionally or subject to conditions; or
(b) the expiration of the period within which the next AGM is required to be held pursuant to Section
143(1) of the Act (but shall not extend to such extension as may be allowed pursuant to Section 143(2)
of the Act; or
(c) revoked or varied by a resolution passed by the shareholders of the Company in general meeting,
whichever is earlier.
AND THAT authority be and is hereby unconditionally and generally given to the Directors of the Company;
to take all such steps as are necessary or expedient (including without limitation, the opening and maintaining
of central depository account(s) under the Securities Industry (Central Depositories) Act, 1991) to implement,
finalise and give full effect to the Proposed Share Buy-Back with full power to assent to any conditions,
modifications and/or amendments as may be imposed by the relevant authorities and with full power to do
all such acts and things thereafter in accordance with the Act, the provisions of the Memorandum and
Articles of Association of the Company and the guidelines issued by Bursa Securities and any other relevant
authorities.” (See note)
9.ORDINARY RESOLUTION 3
PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE ON RECURRENT RELATED PARTY
TRANSACTIONS OF A REVENUE OR TRADING NATURE (“PROPOSED SHAREHOLDERS’
MANDATE”)
“THAT authority be and is hereby given in line with Chapter 10.09 of the Listing Requirements of the Bursa
Securities, for the Company, its subsidiaries or any of them, to renew the shareholders’ mandate for
Recurrent Related Party Transactions of a Revenue or Trading nature for any of the aforesaid companies
to enter into and to give effect to the specified Recurrent Related Party Transactions; all with the particulars
of which are set out in the Circular to Shareholders dated 24 April 2009 (“Circular”) with the Related Parties
as described in the Circular, provided that such transactions are of revenue or trading nature, which are
necessary for the day-to-day operations of the Company and/or its subsidiaries, within the ordinary course
of business of the Company and/or its subsidiaries, made on an arm’s length basis and on normal
commercial terms which those generally available to the public and are not detrimental to the minority
shareholders of the Company; and
Resolution 9
AND THAT such authority shall continue to be in force until:(a) the conclusion of the next AGM of the Company following this AGM, at which time the authority shall
lapse unless by a resolution passed at a general meeting, such authority is renewed; or
(b) the expiration of the period within which the next AGM after the date that is required by law to be held
pursuant to Section 143(1) of the Companies Act (but shall not extent to such extensions as may be
allowed pursuant to Section 143(2) of the Companies Act); or
(c) revoked or varied by a resolution passed by the shareholders of the Company at a general meeting;
whichever is earlier;
AND THAT the Directors of the Company be authorised to complete and do all such acts and things
(including executing all such documents as may be required) as they may consider expedient or necessary
or give effect to the Proposed Shareholder’ Mandate.” (See note)
By Order of the Board
JOHOR LAND BERHAD
JAMALLUDIN BIN KALAM (LS 02710)
IDHAM JIHADI BIN ABU BAKAR ACIS (MAICSA 7007381)
Secretaries
Venue: JOHOR BAHRU
Dated: 24 APRIL 2009
Resolution 10
135
136
Notice of
EXPLANATORY NOTE ON SPECIAL BUSINESSES:Resolution 8
Your Board would like to act expeditiously
to expand your Group’s core business, if
and when they arise. Although the
investment sum involved may not be too
substantial to require shareholders’
approval at an Extraordinary General
Meeting, the Directors may consider it
appropriate to finance such potential
business opportunities by the issue of a
limited number of new shares. In order to
facilitate the process, it is thus appropriate
that the Directors be authorised to issue
shares in the Company up to an amount
not exceeding in total 10% of the existing
issued capital of the Company for such
purpose during the period. This authority,
unless revoked or varied at a general
meeting, will take effect until the next AGM
of the Company pursuant to Section 132(D)
of the Companies Act, 1965.
Resolution 9
The proposed Resolution 9 if passed will
enable the Company to utilise any of its
surplus financial resources to purchase its
own shares from the market.
Resolution 10
The proposed Resolution 10 if passed is
primarily to authorise the Company and/or
its unlisted subsidiaries to enter into
arrangements or transactions with Related
Parties, particulars of which are set out in
Section 3.1(a) of the Circular to
Shareholders dated 24 April 2009 circulated
together with this Annual Report, which are
necessary for the day-to-day operations of
the Group and are based on normal
commercial terms that are not favourable
to the Related Parties than those generally
made to the public.
Notes:1. A member entitled to attend and vote at this
meeting is entitled to appoint a proxy and vote
instead of him. A proxy may but need not be a
member of the Company.
2. The instrument appointing a proxy shall be in
writing under the hand of the appointer or his
attorney duly authorised in writing or if the
appointer is a Corporation/Company either under
its common seal or under the hand of its attorney
duly authorised.
3. If a member appoints two proxies to attend at
the same meeting, the instrument of proxy must
specify the proportion of his shareholdings to be
represented by each proxy.
4. The instrument appointing a proxy must be
deposited at the Registered Office of the
Company, at Level 2, Persada Johor International
Convention Centre, Jalan Abdullah Ibrahim,
80000 Johor Bahru, Johor not less than forty
eight (48) hours before the time appointed for
holding the meeting or any adjournment thereof.
137
Notis Mesyuarat Agung
Tahunan
DENGAN INI DIBERITAHU BAHAWA Mesyuarat Agung Tahunan Johor Land Berhad kali
ke Tiga Puluh Empat (34) akan diadakan di Tanjung Puteri 306, Pusat Konvensyen
Antarabangsa Persada Johor, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor pada
hari Jumaat, 22 Mei 2009 pada jam 11.00 pagi bagi tujuan-tujuan berikut:SEBAGAI URUSAN-URUSAN BIASA:1.
Menerima dan meluluskan Laporan dan Penyata Kewangan Beraudit bagi tahun kewangan berakhir
31 Disember 2008 serta Laporan Pengarah-Pengarah dan Juruaudit berkaitan dengannya;
Resolusi 1
Melantik semula Pengarah-Pengarah berikut yang bersara mengikut Tataurusan Syarikat:(i) Kua Hwee Sim
(Artikel 87)
(Artikel 87)
(Artikel 87)
Resolusi 2
Resolusi 3
Resolusi 4
Melantik semula Dato Hj Hassan Bin Hj Mohd Yunos yang berumur melebihi tujuh puluh tahun (70) yang
bersara mengikut Seksyen 129(6) Akta Syarikat, 1965;
Resolusi 5
4.
Meluluskan pembayaran yuran Pengarah bagi tahun kewangan berakhir 31 Disember 2008;
Resolusi 6
5.
Melantik semula Tetuan KPMG sebagai Juruaudit Syarikat dan memberi kuasa kepada Pengarah-pengarah
untuk menetapkan bayaran mereka;
Resolusi 7
2.
3.
6. Menjalankan sebarang urusan Syarikat yang lain di mana notis yang sewajarnya telah diberi;
138
Tahunan
SEBAGAI URUSAN-URUSAN KHAS:Untuk mempertimbangkan dan sekiranya didapati wajar, meluluskan Resolusi-Resolusi Biasa berikut:7. RESOLUSI BIASA 1
KUASA MENERBITKAN SAHAM DI BAWAH SEKSYEN 132(D) AKTA SYARIKAT, 1965
“Bahawa selaras dengan peruntukan Seksyen 132(D) Akta Syarikat 1965, adalah dan dengan ini para
Pengarah diberi kuasa untuk memperuntukkan dan menerbitkan saham-saham Syarikat pada bila-bila masa
sehingga penutup Mesyuarat Agung Tahunan yang akan datang, mengikut terma-terma dan syarat-syarat
tertentu dan untuk tujuan-tujuan tertentu sebagaimana para Pengarah mungkin, mengikut budibicara mutlak
mereka, fikirkan wajar dengan syarat bahawa agregat bilangan saham yang akan diperuntukkan dan
diterbitkan tidak melebihi sepuluh peratus (10%) daripada modal saham Syarikat yang diterbitkan buat ketika
ini, tertakluk sentiasa kepada kelulusan pihak-pihak berkuasa yang berkaitan diperolehi bagi peruntukan dan
terbitan saham demikian.” (Lihat nota)
8.
RESOLUSI BIASA 2
CADANGAN PEMBAHARUAN BIDANGKUASA PEMBELIAN-BALIK SAHAM
“BAHAWA tertakluk kepada Akta Syarikat, 1965 (“Akta”), peruntukan-peruntukan oleh Tataurusan Syarikat
dan Syarat-syarat Penyenaraian (“Syarat Penyenaraian”) oleh Bursa Malaysia Securities Berhad (“Bursa
Securities”) dan lain-lain pihak berkuasa yang berkaitan, Syarikat dengan ini diberikuasa pada tahap yang
dibenarkan oleh undang-undang untuk membeli saham biasanya bernilai tara RM1.00 sesaham di dalam
Syarikat (“Saham”) sebagaimana yang akan ditentukan oleh para Pengarah dari masa ke semasa melalui
Bursa Securities berdasarkan terma-terma dan syarat-syarat yang mana para Pengarah beranggapan wajar
untuk kepentingan Syarikat dengan syarat:
(a) Bilangan maksima Saham yang dibeli tidak melebihi sepuluh peratus (10%) dari jumlah modal
diterbitkan dan berbayar Syarikat pada bila-bila masa tertakluk kepada had modal yang diterbitkan dan
berbayar Syarikat adalah tidak kurang daripada keperluan minima modal Syarikat di bawah Syarat
Penyenaraian;
(b) Jumlah maksima dana yang diperuntukkan oleh Syarikat bagi tujuan pembelian Saham hendaklah tidak
melebihi daripada jumlah keuntungan terkumpul dan akaun premium saham Syarikat; dan
(c) Selepas selesai pembelian Saham oleh Syarikat, Pengarah-pengarah adalah diberikuasa untuk
menguruskan Saham yang dibeli balik menurut kuasa mutlak mereka dengan mana-mana cara berikut:(i)
batalkan Saham yang dibeli; atau
(ii) simpan Saham yang dibeli sebagai saham perbendaharaan dan dipegang oleh Syarikat; atau
(iii) simpan sebahagian Saham yang dibeli sebagai saham perbendaharaan dan sebahagian lagi
dibatalkan,
dan saham perbendaharaan boleh dibahagikan sebagai dividen kepada pemegang-pemegang saham
Syarikat dan/atau dijual balik di pasaran terbuka menurut undang-undang yang berkaitan dari Bursa
Securities dan/atau seterusnya dibatalkan.
Resolusi 8
DAN BAHAWA kuasa yang diberikan oleh resolusi in akan berkuatkuasa sehingga:(a) Selesai Mesyuarat Agung Tahunan Syarikat berikutnya di mana kuasa tersebut akan luput kecuali dengan
resolusi biasa yang diluluskan di dalam mesyuarat agung tersebut, kuasa tersebut akan diperbaharui
samada bersyarat atau tanpa syarat; atau
(b) tamat tempoh di mana Mesyuarat Agung Tahunan berikutnya selepas tarikh yang disyaratkan oleh undangundang akan diadakan menurut Seksyen 143 (1) Akta tersebut (tetapi lanjutannya tidak boleh dilanjutkan
seperti yang dibenarkan menurut Seksyen 143 (2) Akta tersebut; atau
(c) dibatalkan atau diubah melalui resolusi yang diluluskan oleh pemegang saham Syarikat dalam mesyuarat
agung,
yang mana lebih awal;
DAN BAHAWA para Pengarah dengan ini tanpa syarat dan secara umum diberikuasa untuk melaksanakan
semua tindakan-tindakan dan perkara-perkara (termasuk membuka dan mengekalkan akaun (akuan-akaun)
depositari berpusat di bawah Akta Industri Sekuriti (Depositari Berpusat) 1991) untuk melaksanakan, menyelesaikan
dan memberi kesan penuh kepada Cadangan Pembaharuan Bidangkuasa Pembelian-Balik Saham dengan kuasa
penuh untuk memberi persetujuan kepada sebarang syarat-syarat, pembetulan-pembetulan, perubahan-perubahan
(sekiranya ada) menurut peruntukan-peruntukan Akta, Tataujud dan Tataurusan Syarikat dan garis panduan yang
dikeluarkan oleh Bursa Securities dan lain-lain pihak berkuasa tempatan berkaitan.” (Lihat nota)
9.
RESOLUSI BIASA 3
CADANGAN PEMBAHARUAN MANDAT PEMEGANG SAHAM DAN MANDAT TAMBAHAN UNTUK TRANSAKSI
BERULANG DENGAN PIHAK BERKAITAN YANG BERUNSURKAN PENDAPATAN ATAU DAGANGAN (“CADANGAN
MANDAT PARA PEMEGANG SAHAM”)
“BAHAWA dengan ini kuasa diberi selaras dengan Bab 10.09 Syarat-syarat Penyenaraian Bursa Securities
(“Syarat-syarat Penyenaraian”), untuk syarikat, anak-anak syarikatnya atau sesiapa di kalangan mereka
untuk memperbaharui mandat pemegang saham bagi Urusniaga Transaksi Berulang Pihak Berkaitan yang
berunsurkan pendapatan atau dagangan bagi mana-mana syarikat yang berkaitan untuk mengadakan dan bagi
memberikan kesan ke atas Urusniaga Transaksi Berulang Pihak Berkaitan tersebut; di mana butiran yang
berkaitan seperti yang dinyatakan di dalam Pekeliling kepada para pemegang saham bertarikh 24 April 2009
(“Pekeliling tersebut”) dengan pihak-pihak berkaitan seperti yang diterangkan di dalam Pekeliling tersebut
dengan syarat transaksi-transaksi tersebut adalah berunsur bisnes biasa Syarikat dan/atau syarikat-syarikat
subsidiarinya, dibuat berdasarkan kesaksamaan dan menurut terma-terma komersial yang kebiasaannya
disediakan kepada awam dan tidak merugikan pemegang saham minoriti Syarikat;
Resolusi 9
139
140
Tahunan
DAN BAHAWA kuasa yang diberikan ini akan berkuatkuasa sehingga:(a) Selesai Mesyuarat Agung Tahunan Syarikat berikutnya di mana kuasa tersebut akan luput kecuali dengan
satu resolusi yang diluluskan di dalam mesyuarat agung, kuasa tersebut akan diperbaharui; atau
(b) tamat tempoh di mana Mesyuarat Agung Tahunan berikutnya selepas tarikh yang disyaratkan oleh undangundang akan diadakan menurut Seksyen 143(1) Akta tersebut (tetapi lanjutannya tidak boleh dilanjutkan
seperti yang dibenarkan menurut Seksyen 143(2) Akta tersebut; atau
(c) dibatalkan atau diubah melalui resolusi yang diluluskan oleh pemegang saham Syarikat dalam mesyuarat
agung;
yang mana lebih awal.
DAN BAHAWA para Pengarah Syarikat adalah dan dengan ini diberikuasa untuk menyelesaikan dan melakukan
semua tindakan dan perkara (termasuk melaksanakan semua dokumen sebagaimana yang diperlukan)
sebagaimana mereka fikirkan sesuai atau perlu untuk memberi kesan kepada Cadangan Mandat Pemegang
Saham.” (Lihat nota)
Dengan Perintah Lembaga Pengarah
JOHOR LAND BERHAD
JAMALLUDIN BIN KALAM (LS 02710)
IDHAM JIHADI BIN ABU BAKAR ACIS (MAICSA 7007381)
Setiausaha-Setiausaha
Tempat: JOHOR BAHRU
Tarikh: 24 APRIL 2009
Resolusi 10
141
NOTA KETERANGAN BAGI URUSAN-URUSAN KHAS:Resolusi 8
Lembaga Pengarah perlu bertindak
merebut peluang-peluang memperbesarkan
perniagaan utama Kumpulan dengan
segera, apabila dan jika peluang-peluang
itu muncul. Biarpun jumlah pelaburannya
mungkin tidak terlalu besar sehingga perlu
mendapatkan kelulusan para pemegang
saham menerusi Mesyuarat Agung
Luarbiasa, para Pengarah mungkin perlu
untuk membiayai peluang perniagaan yang
berpotensi itu dengan menerbitkan
sebilangan saham-saham baru. Bagi
memenuhi proses ini, adalah wajar para
Pengarah diberikan kuasa menerbitkan
saham-saham dalam Syarikat dengan
jumlahnya tidak melebihi sepuluh peratus
(10%) daripada terbitan modal saham
Syarikat sedia ada untuk tujuan itu dalam
tempoh berkenaan. Kuasa ini kecuali
dibatalkan atau diubahsuai dalam
mesyuarat agung, akan berkuatkuasa
sehingga tamat Mesyuarat Agung Tahunan
Syarikat berikutnya menurut Seksyen
132(D) Akta Syarikat, 1965.
Resolusi 9
Resolusi 9 yang dicadangkan, jika
diluluskan, adalah untuk memberi kuasa
kepada Syarikat menggunakan mana-mana
sumber lebihan kewangannya untuk
membeli saham-sahamnya dari pasaran.
Resolusi 10
Resolusi 10 yang dicadangkan, sekiranya
diluluskan, adalah khusus untuk memberi
kuasa kepada Syarikat dan/atau syarikatsyarikat subsidiarinya yang tidak tersenarai
untuk membuat penentuan-penentuan atau
transaksi-transaksi dengan Pihak-Pihak
Be rk ai ta n, y a ng m ana buti ra nny a
diterangkan di dalam Seksyen 3.1(a) di
dalam Pekeliling kepada para Pemegang
Saham bertarikh 24 April 2009 yang
diedarkan bersama-sama dengan Laporan
Tahunan ini, yang perlu untuk operasi
harian Kumpulan dan yang berdasarkan
kepada terma-terma komersial yang lazim
yang tidak lebih memihak kepada pihakpihak berkaitan dari yang ada pada
umumnya disediakan untuk awam.
Nota:1. Seorang ahli yang berhak menghadiri dan
mengundi dalam Mesyuarat ini berhak melantik
seorang proksi untuk menghadiri bagi pihak
dirinya. Seorang proksi tidak semestinya seorang
ahli syarikat.
2. Suratcara perlantikan proksi hendaklah dibuat
secara bertulis oleh pelantik atau wakil mutlak
yang berkuasa atau jika pelantik adalah sebuah
Perbadanan/Syarikat suratcara mestilah
disempurnakan di bawah meterai Perbadanan/
Syarikat atau di dalam bidang kuasa wakil
mutlak.
3. Apabila seorang ahli melantik dua orang proksi
dalam mesyuarat yang sama, perlantikan tersebut
hendaklah menyatakan bilangan saham yang
akan diwakili oleh proksi masing-masing.
4. Suratcara perlantikan proksi hendaklah sampai di
Pejabat Berdaftar Syarikat, di Aras 2, Pusat
Konvensyen Antarabangsa Persada Johor, Jalan
Abdullah Ibrahim, 80000 Johor Bahru, Johor
tidak lewat dari empat puluh lapan (48) jam
sebelum mesyuarat ditetapkan atau sebarang
mesyuarat penangguhannya.
142
Statement Accompanying The
Notice of Annual General
Meeting
1.
Directors who are standing for re-election at the Thirty Fourth (34th) Annual General
Meeting of the Company scheduled to be held at Tanjung Puteri 306, Persada Johor
International Convention Centre, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor
on Friday, 22 May 2009 at 11.00 a.m are as follows:(Article 87)
Resolution 2
(Article 87)
Resolution 3
(Article 87)
Resolution 4
(v) Dato Hj Hassan Bin
Hj Mohd Yunos
(Section 129(6) of the Companies Act, 1965)
Resolution 5
(i)
Kua Hwee Sim
The profiles of the Directors standing for re-election are on pages 16, 17, 19, 20.
2.
The Thirty Third (33rd) Annual General Meeting of the Company was held at Main
Hall, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, 81100
Johor Bahru, Johor on Wednesday, 21 May 2008 at 12.00 noon.
3.
Four (4) Board of Directors’ meetings were held during the financial year ended
31 December 2008.
143
Penyata Bersama Notis
Mesyuarat Agung Tahunan
1.
Para Pengarah yang menawarkan diri untuk dipilih semula pada Mesyuarat Agung
Tahunan Syarikat yang ke Tiga Puluh Empat (34) yang dijadualkan akan diadakan di
Tanjung Puteri 306, Pusat Konvensyen Antarabangsa Persada Johor, Jalan Abdullah
Ibrahim, 80000 Johor Bahru, Johor pada hari Jumaat, 22 Mei 2009 pada jam 11.00
pagi adalah seperti berikut:(Artikel 87)
Resolusi 2
(Artikel 87)
Resolusi 3
(Artikel 87)
Resolusi 4
(v) Dato Hj Hassan Bin
Hj Mohd Yunos
(Seksyen 129(6)
Akta Syarikat, 1965)
Resolusi 5
(i)
Kua Hwee Sim
Profil para Pengarah yang menawarkan diri untuk dipilih semula adalah seperti di
muka surat 16, 17, 19, 20.
2.
Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh Tiga (33) telah diadakan
di Dewan Utama, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’
Onn, 81100 Johor Bahru, Johor pada hari Rabu, 21 Mei 2008 pada jam 12.00
tengahari.
3.
Empat (4) mesyuarat Ahli Lembaga Pengarah telah diadakan pada tahun kewangan
berakhir 31 Disember 2008.
144
Corporate Directory
JOHOR LAND BERHAD
(Company No: 12379-K)
Main Office
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Johor, Malaysia
Tel : 07-356 4888
Fax : 07-356 4889
Johor Bahru Division
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Johor, Malaysia
Tel : 07-356 4888
Fax : 07-356 4889
Bandar Dato’ Onn Division/Sales Office
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Johor, Malaysia
Tel : 07-356 4888
Fax : 07-356 4889
Bandar Tiram Division/Sales Office
Taman Bukit Tiram
81800 Ulu Tiram
Johor, Malaysia
Tel : 07-863 2692
Fax : 07-863 4692
Pasir Gudang Division
No. 23, Jalan Dahlia
Taman Bukit Dahlia
81700 Pasir Gudang
Johor, Malaysia
Tel : 07-251 5692
Fax : 07-256 4611
Pasir Gudang Sales Office
Mini Dahlia, Persiaran Dahlia 1
Taman Bukit Dahlia
81700 Pasir Gudang
Johor, Malaysia
Tel : 07-252 2692
Fax : 07-252 8108
ADVANCE DEVELOPMENT SDN BHD
(Company No: 13974-A)
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Johor, Malaysia
Tel : 07-356 4888
Fax : 07-356 4889
JOHOR LAND MANUFACTURING
SDN BHD
(Company No: 301430-D)
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Johor, Malaysia
Tel : 07-356 4888
Fax : 07-356 4889
PEMBINAAN PREFAB SDN BHD
(Company No: 30936-A)
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Johor, Malaysia
Tel : 07-356 4888
Fax : 07-356 4889
REVERTEX (MALAYSIA) SDN BHD
(Company No: 13437-V)
1½ Miles, Jalan Batu Pahat
K.B. 508
86000 Kluang
Johor, Malaysia
Tel : 07-773 1000
Fax : 07-772 4669
Proxy Form
*I/We
(BLOCK LETTERS)
of
being *a member/members of JOHOR LAND BERHAD hereby appoint the *Chairman of the Meeting or
as *my/our Proxy to vote for *me/us on *my/our behalf at the Thirty Fourth (34th) Annual General Meeting of the Company to be
held on Friday, 22 May 2009 at 11.00 a.m. or at any adjournment of such meeting.
Should you desire to direct your Proxy how to vote on the resolutions set out in the Notice of Meeting and as summarised below, please
indicate with an “X” in the appropriate space. If no direction as to voting is given, the Proxy will vote or abstain at his/her discretion.
RESOLUTION
DESCRIPTION
FOR
1
To receive the report and the Audited Financial Statements
2
To re-elect Kua Hwee Sim as Director (Article 87)
3
To re-elect Abdul Malek Bin Talib as Director (Article 87)
4
To re-elect Yusof Bin Rahmat as Director (Article 87)
5
To re-elect Dato Hj Hassan Bin Hj Mohd Yunos as Director
(Section 129(6) of the Companies Act, 1965)
6
To approve Directors’ fees
7
To re-appoint Auditors
8
To approve issuance of shares
9
To approve share buy-back authority
10
To approve proposed shareholders’ mandate
AGAINST
Number of shares
Signed this
day of
2009.
Signature of Member(s)/
Common Seal of Appointer
Notes:1. A member entitled to attend and vote at this meeting is entitled to appoint a proxy and vote instead of him. A proxy may but need not be a member of the Company.
2. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or if the appointer is a Corporation/Company
either under its common seal or under the hand of its attorney duly authorised.
3. If a member appoints two proxies to attend at the same meeting, the instrument of proxy must specify the proportion of his shareholdings to be represented by each
proxy.
4. The instrument appointing a proxy must be deposited at the Registered Office of the Company, at Level 2, Persada Johor International Convention Centre, Jalan Abdullah
Ibrahim, 80000 Johor Bahru, Johor not less than forty eight (48) hours before the time appointed for holding the meeting or any adjournment thereof.
(*) Please strike out whichever inapplicable.
FOLD HERE
FOLD HERE
STAMP
COMPANY SECRETARY
JOHOR LAND BERHAD
(12379-K)
Level 2, Persada Johor International Convention Centre
80000, Johor Bahru
Johor, Malaysia
Borang Proksi
*Saya/Kami
(HURUF BESAR)
beralamat
sebagai *ahli/ahli-ahli JOHOR LAND BERHAD dengan ini melantik *Pengerusi Mesyuarat atau
sebagai Proksi *saya/kami untuk mengundi bagi pihak *saya/kami dalam Mesyuarat Agung Tahunan Syarikat kali Ke Tiga Puluh
Empat (34) yang akan diadakan pada hari Jumaat, 22 Mei 2009, jam 11.00 pagi atau di sebarang penangguhannya.
Jika anda ingin mengarahkan Proksi anda mengundi ke atas resolusi-resolusi yang dinyatakan di dalam Notis Mesyuarat dan seperti
ringkasan di bawah, tandakan dengan “X” dalam ruang yang disediakan. Jika tiada arahan tertentu diberi, Proksi anda akan
mengundi atau berkecuali mengikut budi bicaranya sendiri.
RESOLUSI
KETERANGAN
MENYOKONG MENENTANG
1
Menerima laporan dan Penyata Kewangan Beraudit
2
Melantik semula Kua Hwee Sim sebagai Pengarah (Artikel 87)
3
Melantik semula Abdul Malek Bin Talib sebagai Pengarah (Artikel 87)
4
Melantik semula Yusof Bin Rahmat sebagai Pengarah (Artikel 87)
5
Melantik semula Dato Hj Hassan Bin Hj Mohd Yunos sebagai Pengarah (Seksyen
129(6) Akta Syarikat, 1965)
6
Meluluskan bayaran Yuran Pengarah
7
Melantik semula Juruaudit
8
Meluluskan penerbitan saham-saham
9
Meluluskan bidangkuasa pembelian balik saham
10
Meluluskan cadangan mandat para pemegang saham
Bilangan Saham
Ditandatangani pada
haribulan
2009.
Tandatangan Ahli/Ahli-ahli/
Cop Mohor Pelantik
Nota:1. Seorang ahli yang berhak menghadiri dan mengundi dalam Mesyuarat ini berhak melantik seorang proksi untuk menghadiri bagi pihak dirinya. Seorang proksi tidak
semestinya seorang ahli Syarikat.
2. Suratcara perlantikan proksi hendaklah dibuat secara bertulis oleh pelantik atau wakil mutlak yang berkuasa atau jika pelantik adalah sebuah perbadanan/syarikat, suratcara
mestilah disempurnakan di bawah meterai perbadanan/syarikat atau di dalam bidang kuasa wakil mutlak.
3. Apabila seorang Ahli melantik dua orang proksi dalam mesyuarat yang sama, perlantikan tersebut hendaklah menyatakan bilangan saham yang akan diwakili oleh proksi
masing-masing.
4. Suratcara perlantikan proksi hendaklah sampai di Pejabat Berdaftar Syarikat, di Aras 2, Pusat Konvensyen Antarabangsa Persada Johor, Jalan Abdullah Ibrahim, 80000
Johor Bahru, Johor tidak lewat dari empat puluh lapan (48) jam sebelum mesyuarat ditetapkan atau sebarang mesyuarat penangguhannya.
(*) Sila potong mana-mana yang tidak berkenaan.
Lipat Di sini
Lipat Di sini
Setem
SETIAUSAHA SYARIKAT
JOHOR LAND BERHAD
(12379-K)
Aras 2, Pusat Konvensyen Antarabangsa Persada Johor
80000, Johor Bahru
Johor, Malaysia
Johor Land Berhad (12379-K)
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Johor, Malaysia
Tel
Fax
Web
: +60 (7)356 4888
: +60 (7)356 4889
: www.jland.com.my

berhad 12379-k

Transcription

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