Penyata kepada Para Pemegang Saham

Transcription

JOHOR LAND BERHAD
JohorLand
BERHAD 12379-K
12379-K
Johor Land Berhad
Kompleks Mutiara Johor Land
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Johor Darul Ta’zim
Malaysia
Sustaining Momentum...
Enriching Lives
Tel : +60 (7)356 4888
Fax : +60 (7)356 4889
Laporan Tahunan 2007 Annual Report
www.jland.com.my
Sustaining Momentum...
Enriching Lives
Johor Land Berhad
Contents
Kandungan
1
2
3
4
6
8
18
19
Corporate Vision
Visi Korporat
Corporate Profile
Profil Korporat
2007 Financial Calendar
Kalendar Kewangan 2007
Corporate Information
Maklumat Korporat
Board of Directors
Lembaga Pengarah
Profile of the Board of
Directors
Profil Lembaga Pengarah
Corporate Structure
Struktur Korporat
Teraju Committee
Jawatankuasa Teraju
20
44
46
50
56
60
61
64
123
Statement to Shareholders
Penyata Kepada Para
Pemegang Saham
Corporate Diary 2007
Diari Korporat 2007
Audit Committee Report
Statement on Corporate
Governance
Statement on Internal
Control
Statement on Directors’
Responsibility
Additional Disclosure
Information
Financial Statements
Location of Land Bank and
Projects
124
131
133
135
137
138
139
•
List of Properties
Shareholdings Statistics
Notice of Annual General
Meeting
Notis Mesyuarat Agung
Tahunan
Statement Accompanying
The Notice of Annual
General Meeting
Penyata Bersama Notis
Mesyuarat Agung Tahunan
Corporate Directory
Proxy Form
Borang Proksi
1
Corporate Vision
Visi Korporat
To be the leading property company
Menjadi syarikat peneraju di sektor hartanah
JOHOR LAND BERHAD
2
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
JOHOR LAND BERHAD
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 pelanggan-pelanggan
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 sektorsektor lain dalam industri
hartanah. JLand bersedia
untuk membangunkan tanahtanah yang berdaya maju di
luar kawasan operasi sedia
ada dan untuk melibatkan diri
dalam mengambil alih,
membangun dan memiliki
pelaburan hartanahnya sendiri.
3
2007 Financial Calendar
Kalendar Kewangan 2007
28/02/2007
Quarterly report on consolidated
results for the financial period
ended 31/12/2006
Laporan suku tahun kewangan
yang disatukan bagi tempoh
berakhir 31/12/2006
21/05/2007
ended 31/03/2007
berakhir 31/03/2007
27/11/2007
ended 30/09/2007
berakhir 30/09/2007
10/04/2007
Declaration of final dividend for
financial year 2006
Pengisytiharan dividen akhir bagi
tahun kewangan 2006
25/04/2007
Notice of 32nd Annual General
Meeting and Extraordinar y
General Meeting
Notis Mesyuarat Agung Tahunan
kali ke-32 dan Mesyuarat Agung
Luarbiasa
25/05/2007
Date of entitlement for final
dividend 2006
29/06/2007
Date of payment of final
dividend for financial year 2006
Tarikh kelayakan menerima
dividen akhir 2006
Tarikh bayaran dividen akhir bagi
tahun kewangan 2006
13/12/2007
Declaration of interim dividend
for financial year 2007
31/12/2007
Date of entitlement for interim
dividend 2007
Pengisytiharan dividen interim
bagi tahun kewangan 2007
Tarikh kelayakan menerima
dividen interim 2007
21/05/2007
32nd Annual General Meeting &
Extraordinary General Meeting
Mesyuarat Agung Tahunan kali
ke-32 & Mesyuarat Agung
Luarbiasa
27/08/2007
ended 30/06/2007
berakhir 30/06/2007
JOHOR LAND BERHAD
4
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
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 •
LUKMAN BIN
HJ ABU BAKAR •
Director
Pengarah Bukan Bebas Bukan Eksekutif
ABDUL MALEK BIN TALIB
Director
YUSOF BIN RAHMAT
Director
DR MOHD HAFETZ BIN AHMAD
STOCK EXCHANGE LISTING
PENYENARAIAN BURSA SAHAM
Main Board of Bursa Malaysia Securities
Berhad
Papan Utama Bursa Malaysia Securities
Berhad
• Audit Committee /
Jawatankuasa Audit
REGISTERED OFFICE
PEJABAT BERDAFTAR
13th Floor
Menara Johor Corporation
KOTARAYA, 80000 Johor Bahru
Johor, Malaysia
Tel
: 07-223 2692
Fax
: 07-223 3175
COMPANY SECRETARIES / SETIAUSAHA-SETIAUSAHA SYARIKAT
JAMALLUDIN BIN KALAM
LS 02710
IDHAM JIHADI BIN ABU BAKAR
ACIS (MAICSA 7007381)
JOHOR LAND BERHAD
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
Tel
: 07-222 5044
Fax
: 07-222 3044
E-mail : [email protected]
AUDITORS
JURUAUDIT
KPMG
PRINCIPAL BANKERS
BANK-BANK UTAMA
Malayan Banking Berhad
Bank Muamalat Malaysia Berhad
Bank Islam Malaysia Berhad
Affin Bank Berhad
5
JOHOR LAND BERHAD
6
Board of Directors
Lembaga Pengarah
JOHOR LAND BERHAD
7
Standing from left/Berdiri daripada kiri
Kua Hwee Sim | Dato Hj Hassan Bin Hj Mohd Yunos | Lukman Bin Hj Abu Bakar | Dr Mohd Hafetz Bin Ahmad |
Abdul Malek Bin Talib | Yusof Bin Rahmat
Sitting from left/Duduk daripada kiri
A.F.M Shafiqul Hafiz (Managing Director / Pengarah Urusan) | Tan Sri Dato’ Muhammad Ali Hashim (Chairman / Pengerusi) |
Mohd Talhar Bin Abdul Rahman (Deputy Chairman / Timbalan Pengerusi)
JOHOR LAND BERHAD
8
Profile of the Board of Directors
Profil Lembaga Pengarah
Tan Sri Dato’ Muhammad Ali Hashim,
aged 61, a Malaysian, is a Non
Independent Non Executive Chairman
of JLand. Tan Sri was appointed to the
Board on 1 January 2006.
Tan Sri is the Group Chief Executive of
Johor Corporation (JCorp), the ultimate
holding corporation of JLand, since
January 1982. 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
20 07; and Honorar y Doctorate in
Technology Management by Universiti
Tun Hussien Onn Malaysia (UTHM) on
2 September 2007 and was awarded
the prestigious Maal Hijrah 1428H
Appreciation Award by Duli Yang Maha
Mulia Seri Paduka Baginda Yang
DiPertuan Agong on 20 January 2007.
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. This highly diversified Group
offers meaningful career opportunities
to more than 50,000 employees.
JOHOR LAND BERHAD
As 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
20 06-20 07, JCorp through Kulim
(Malaysia) Berhad had also successfully
acquired t wo PLC’s namely QSR
Brands Bhd and KFC Holdings
(Malaysia) Berhad, 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 authorit y, namely the Pasir
Gudang Local Authority (PGLA), with
Tan Sri as President with mayorial
responsibilities since January 1982.
JCorp was the single most important
agency responsible for Pasir Gudang’s
development into one of Malaysia’s
vibrant and dynamics industrial
townships. PGLA made histor y 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 Bhd, KFC
Holdings (Malaysia) Bhd and Sindora
Berhad which are JCorp’s subsidiaries
listed on the Main Board of the 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 the Bursa
Malaysia Securities Berhad.
Tan Sri is also active as a Council
Member of Malaysian Industrial
Development Authorit y (MIDA),
President of the Johor Football
Association, President of the Malaysian
Kite Council, Vice President of the
Malaysian Islamic Chamber of
Commerce (MICC), 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 2007.
9
Tan Sri Dato’ Muhammad Ali Hashim
Tan Sri Dato’ Muhammad Ali Hashim,
berusia 61 tahun, warganegara Malaysia,
merupakan Pengerusi Bukan Bebas
Bukan Eksekutif JLand. Tan Sri telah
dilantik ke Lembaga Pengarah pada
1 Januari 2006.
Tan Sri adalah 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 dan telah
dianugerahkan Penghargaan Maal Hijrah
1428H oleh Duli Yang Maha Mulia Seri
Paduka Baginda Yang DiPertuan Agong
pada 20 Januari 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. Kumpulan
JCorp yang unggul yang menerajui
kepelbagaian bidang telah dapat
memberikan peluang pekerjaan kepada
lebih 50,000 orang anggota pekerja.
Sebagai Ketua Eksekutif 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 Bhd dan KFC Holdings
(Malaysia) Bhd, berjaya mengatasi
tentangan yang hebat yang juga telah
menjadi satu mercu tanda di dalam
pengambilalihan korporat di Malaysia.
JCorp telah berjaya menguruskan satusatunya pihak berkuasa tempatan
Malaysia yang diuruskan berteraskan
prinsip swasta, iaitu Pihak Berkuasa
Tempatan Pasir Gudang (PBTPG), dengan
Tan Sri selaku Presiden yang
bertanggungjawab sebagai Datuk Bandar
sejak Januari 1982. JCorp merupakan
agensi utama yang bertanggungjawab ke
atas pembangunan Pasir Gudang
sehingga berjaya dimajukan menjadi
sebuah bandar perindustrian yang unggul
dan dinamik di Malaysia. PBTPG 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 Bhd, 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 Persatuan Bolasepak
Johor, Presiden Majlis Pelayang 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 manamana 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 2007.
JOHOR LAND BERHAD
10
Mohd Talhar Bin Abdul Rahman
Deputy Chairman / Timbalan Pengerusi
Mohd Talhar Bin Abdul Rahman, aged 68, 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. 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. 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.
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’ Meetings of the Company in the financial
year ended 31 December 2007.
JOHOR LAND BERHAD
Mohd Talhar Bin Abdul Rahman, berusia 68 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. 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 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 tiga (3) Mesyuarat Lembaga Pengarah Syarikat bagi
tahun kewangan berakhir pada 31 Disember 2007.
11
A.F.M Shafiqul Hafiz
Managing Director / Pengarah Urusan
A.F.M Shafiqul Hafiz, aged 61, a Bangladeshi and Malaysian
Permanent Resident, was appointed to the Board and as
Managing Director of JLand since 1 May 1988. Mr Shafiqul
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.
He has been a National Council Member of International Real
Estate Federation (FIABCI) Malaysian Chapter since 2000. He
has also been elected as Vice President by FIABCI International
for its Asia Pacific Regional Committee for the term 2007
till 2009.
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
(PG), 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 2007.
A.F.M Shafiqul Hafiz, berusia 61 tahun, warganegara Bangladesh
dengan taraf Penduduk Tetap Malaysia, telah dilantik ke Lembaga
Pengarah dan sebagai Pengarah Urusan JLand sejak 1 Mei 1988.
En. Shafiqul 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.
Beliau adalah Ahli Majlis Kebangsaan “International Real Estate
Federation” (FIABCI) Bahagian Malaysia sejak tahun 2000. Beliau
juga telah dipilih sebagai Timbalan Presiden oleh FIABCI
Antarabangsa untuk Jawatankuasa Rantau Asia Pasifik bagi
tempoh 2007 hingga tahun 2009.
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.
Sebagai tambahan, beliau merupakan Pengerusi Hotel Selesa
Sdn Bhd (PG), 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 pada 31 Disember 2007.
JOHOR LAND BERHAD
12
Kua Hwee Sim
Director / Pengarah
Kua Hwee Sim, aged 55, a Malaysian, is an Independent Non
Executive Director. She was first appointed to the Board of JLand
on 1 May 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.
She is currently a Director of QSR Brands Bhd and KFC Holdings
(Malaysia) Bhd, Kulim (Malaysia) Berhad and Sindora Berhad
which are Johor Corporation’s subsidiaries listed on the Main
Board of the Bursa Malaysia Securities Berhad. She is also the
Chairman of Audit Committee of QSR Brands Bhd and KFC
Holdings (Malaysia) Bhd and a member of the Audit Committee
of Kulim (Malaysia) Berhad and Sindora Berhad. As a professional
Accountant, she also provides financial training for companies
within Malaysia.
Other than as disclosed, she does not have any family
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
JOHOR LAND BERHAD
Kua Hwee Sim, berusia 55 tahun, warganegara Malaysia,
merupakan Pengarah Bebas Bukan Eksekutif. Beliau telah
dilantik ke dalam Lembaga Pengarah JLand pada 1 Mei 1996.
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 Bhd 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 juga adalah Pengerusi Jawatankuasa Audit QSR Brands
Bhd dan KFC Holdings (Malaysia) Bhd dan Ahli Jawatankuasa
Audit Kulim (Malaysia) Berhad dan Sindora Berhad. Sebagai
Akauntan profesional, beliau juga memberikan latihan kewangan
kepada syarikat-syarikat di Malaysia.
menghadiri kesemua empat (4) Mesyuarat Lembaga Pengarah
Syarikat bagi tahun kewangan berakhir pada 31 Disember 2007.
13
Dato Hj Hassan Bin Hj Mohd Yunos
Director / Pengarah
Dato Hj Hassan Bin Hj Mohd Yunos, aged 72, a Malaysian, is an
Independent Non Executive Director. He was appointed to the
Board of JLand on 1 August 2005. He is also a member of the
Audit Committee. Dato Hj Hassan is a Barrister-at-Law 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, berusia 72 tahun,
warganegara Malaysia, merupakan Pengarah Bebas Bukan
Eksekutif. Beliau telah dilantik ke dalam Lembaga Pengarah
JLand pada 1 Ogos 2005. 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.
JOHOR LAND BERHAD
14
Lukman Bin Hj Abu Bakar
Director / Pengarah
Lukman Bin Hj Abu Bakar, aged 48, a Malaysian, is a Non
Independent Non Executive Director of JLand. He was appointed
to the Board of JLand on 1 August 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.
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 and holds the
posts until today. He also sits as a Director of Damansara Realty
Berhad, a public listed company within JCorp Group and as a
Director of Syarikat Pengangkutan Maju Berhad, Penawar
Ekspress Line Berhad and various companies within the
JCorp Group.
He has not been convicted for any offences. He attended all four
JOHOR LAND BERHAD
Lukman Bin Hj Abu Bakar, berusia 48 tahun, warganegara
Malaysia, merupakan Pengarah Bukan Bebas Bukan Eksekutif
JLand. Beliau telah dilantik sebagai Lembaga Pengarah JLand
pada 1 Ogos 2006. 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 syarikat-syarikat
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 dan memegang jawatanjawatan tersebut sehingga kini. Beliau juga adalah Pengarah
Damansara Realty Berhad, sebuah syarikat tersenarai dalam
Kumpulan JCorp dan sebagai Pengarah Syarikat Pengangkutan
Maju Berhad, Penawar Ekspress Line Berhad dan beberapa
syarikat-syarikat lain dalam Kumpulan JCorp.
perniagaan yang melibatkan JLand. Beliau tidak pernah
15
Abdul Malek Bin Talib
Director / Pengarah
Abdul Malek Bin Talib, aged 45, a Malaysian, is a Non
Independent Non Executive Director of JLand. He was
appointed to the Board of JLand on 1 January 2007. He is
Professional Engineer and obtained his Bachelor of Science
majoring in Civil Engineering from the Michigan State University,
USA. He also holds a Master in Business Administration from
Henley Management College, London.
He commenced his career in 1985 as a Civil Engineer in the
Technical Department prior to his appointment as the Secretary
of the Executive Committee of Johor Corporation. In 1991, he
was transferred to JCorp subsidiary companies; Pembinaan
Prefab Sdn Bhd and JLand and held various managerial
positions. He was the General Manager of JLand in 1996 and
later he was promoted as the Chief Operating Officer in 2004
till 2007. Effective 1 January 2008, he was appointed as the
Managing Director of Damansara Assets Sdn. Bhd. He is also
the Chairman and Director of several other companies within
the Johor Corporation Group.
Abdul Malek Bin Talib, berusia 45 tahun, warganegara Malaysia,
merupakan Pengarah Bukan Bebas Bukan Eksekutif JLand.
Beliau telah dilantik ke dalam Lembaga Pengarah JLand pada
1 Januari 2007. Beliau merupakan seorang Jurutera Profesional
dan memperolehi Ijazah Sarjana Muda Sains dengan
pengkhususan dalam Kejuruteraan Awam daripada Michigan
State University, Amerika Syarikat. Beliau juga memiliki Sarjana
dalam Pengurusan Perniagaan daripada Henley Management
College, London.
Beliau memulakan kerjayanya pada tahun 1985 sebagai Jurutera
Awam di Jabatan Teknikal sebelum dilantik sebagai Setiausaha
Jawatankuasa Eksekutif Johor Corporation. Pada tahun 1991,
beliau ditempatkan ke syarikat anak JCorp; Pembinaan Prefab
Sdn Bhd dan JLand dan memegang pelbagai jawatan
pengurusan. Beliau adalah Pengurus Besar JLand pada tahun
1996 dan kemudiannya dilantik sebagai Ketua Pegawai Operasi
pada tahun 2004 hingga tahun 2007. Berkuatkuasa 1 Januari
2008, beliau dilantik sebagai Pengarah Urusan Damansara
Assets Sdn Bhd. Beliau juga adalah Pengerusi dan Pengarah di
beberapa buah syarikat dalam Kumpulan Johor Corporation.
JOHOR LAND BERHAD
16
Yusof Bin Rahmat
Director / Pengarah
Yusof Bin Rahmat, aged 50, a Malaysian, is a Non Independent
Non Executive Director. He was appointed to the Board of JLand
on 1 January 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.
He has not been convicted for any offences. He attended all four
JOHOR LAND BERHAD
Yusof Bin Rahmat, berusia 50 tahun, warganegara Malaysia,
merupakan Pengarah Bukan Bebas Bukan Eksekutif. Beliau telah
dilantik ke dalam Lembaga Pengarah JLand pada 1 Januari 2007.
Beliau memiliki Ijazah Sarjana Muda Kepujian dalam Kejuruteraan
Awam daripada University of Sheffield, United Kingdom pada
tahun 1980 sebelum berkhidmat dengan 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 dilantik sebagai Pengarah
Urusan TPM Technopark Sdn Bhd, sebuah syarikat dalam
Kumpulan Johor Corporation sejak Januari 2002.
17
Dr Mohd Hafetz Bin Ahmad
Director / Pengarah
Dr Mohd Hafetz Bin Ahmad, aged 57, a Malaysian, is an
Independent Non Executive Director, appointed to the Board of
JLand on 22 May 2007.
Dr Mohd Hafetz bin Ahmad, berumur 57 tahun, warganegara
Malaysia, merupakan Pengarah Bebas Bukan Eksekutif, 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.
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 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.
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.
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,
Kumpulan Waqaf An-Nur Berhad and Damansara REIT Managers
Sdn Bhd.
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.
In 2004-2005, Dr Hafetz was the President of the Obstetrical
and Gynaecological Society of Malaysia (OGSM).
attended one (1) Board of Directors’ Meetings of the Company
in the financial year ended 31 December 2007.
Beliau adalah Ahli Lembaga Pengarah KPJ Hospital Pakar Johor,
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).
dan/atau pemegang saham utama JLand. Beliau tidak
menghadiri satu (1) Mesyuarat Lembaga Pengarah Syarikat bagi
tahun kewangan berakhir pada 31 Disember 2007.
JOHOR LAND BERHAD
18
Corporate Structure
Struktur Korporat
JOHOR LAND BERHAD
12379-K
Property Development, Construction,
Property Investment and Investment Holding
Pembangunan Hartanah, Pembinaan,
Pelaburan Hartanah dan Pegangan Pelaburan
100%
ADVANCE DEVELOPMENT SDN BHD
13974-A
Property Development
Pembangunan Hartanah
100%
PEMBINAAN PREFAB SDN BHD
30936-A
Property Development
Pembangunan Hartanah
100%
JOHOR LAND MANUFACTURING SDN BHD
301430-D
Manufacturer of metal door frames and trading of building materials
It ceased operation during the year and remains dormant
Pengeluar kerangka pintu besi dan berniaga bahan-bahan binaan
Telah memberhentikan operasi pada tahun semasa dan tidak aktif
30.07%
REVERTEX (MALAYSIA) SDN BHD
13437-V
Manufacturer of Specialty Latex Concentrate & Industrial Chemicals
Pengeluar Pati Susu Getah Asli dan Bahan Kimia Industri
JOHOR LAND BERHAD
19
Teraju Committee
Jawatankuasa Teraju
4
6
7
5
9
8
1
2
1.
4.
Managing Director
Pengarah Urusan
2.
MARIANA BINTI SIDI
5.
MOHD RAZIF
BIN AB. RAHIM
General Manager, Bandar
Dato’ Onn Division
Pengurus Besar, Bahagian
Bandar Dato’ Onn
SHEIKH BAHNAN
BIN SHEIKH BAKIR
6.
SETH BIN JAMALUDDIN
Deputy General Manager,
Marketing Division
Timbalan Pengurus Besar,
Bahagian Pemasaran
AZIZUL BIN KATAN
8.
Johor Bahru Division/Quality
Department
Bahagian Johor Bahru/Jabatan Kualiti
Quality Assurance Department
Jabatan Jaminan Mutu
Senior General Manager (Finance)
Pengurus Besar Kanan (Kewangan)
3.
3
7.
MOHD HIZAM BIN
ABDUL RAUF
Sales Documentation Department
Jabatan Dokumentasi Jualan
NORFAZAHAH
BINTI AHMAD
Managing Director’s Office
Pejabat Pengarah Urusan
9.
FADZILAH BINTI
MOHD OTHMAN
Manager, Human Resource &
Administration Department
Pengurus, Jabatan Sumber
Manusia & Pentadbiran
JOHOR LAND BERHAD
20
JOHOR LAND BERHAD
21
DEAR SHAREHOLDERS,
ON BEHALF OF THE BOARD OF DIRECTORS, IT IS
OUR GREAT PLEASURE TO PRESENT THE ANNUAL
REPORT AND FINANCIAL STATEMENTS OF JOHOR
LAND BERHAD (“JLAND”) FOR THE FINANCIAL
YEAR ENDED 31 DECEMBER 2007 (“FY 2007”).
OPERATING ENVIRONMENT
In 2007, the global economy experienced volatility largely due to
the fallout from the US sub-prime crisis. Despite the challenging
business environment, Bank Negara Malaysia (“the Central Bank
of Malaysia”) reported that Malaysia’s economy emerged more
resilient with gross domestic product (“GDP”) growth expanding
to 6.3% from 5.9% in 2006. Malaysia’s higher growth was
mainly attributable to a stronger domestic economy and higher
trade with the stronger Asian economies.
The country’s economic expansion continued to be driven by
robust domestic demand and a strong increase in public sector
spending. Growth was broad-based with strong growth recorded
in all economic sectors. While the construction sector expanded
by 5.2% in 2007, the property market, however, remained soft
due to cautious consumer sentiment arising from higher fuel
prices, increased interest rates and stricter consumer financing
criteria by financial institutions.
As a result of this weaker operating environment, JLand
experienced another challenging year. However, we focused our
efforts on facing these challenges head on, once again
demonstrating our resilience and ability to adapt to changing
business conditions. Our efforts saw us proactively working to
tap new opportunities aimed at sustaining the Group’s growth
and propelling us forward. We also strived to contain operating
costs and reposition our products in an effort to remain
competitive.
PARA PEMEGANG SAHAM,
BAGI PIHAK LEMBAGA PENGARAH, KAMI DENGAN
SUKACITANYA MEMBENTANGKAN LAPORAN
TAHUNAN DAN PENYATA KEWANGAN JOHOR LAND
BERHAD (“JLAND”) BAGI TAHUN KEWANGAN
BERAKHIR 31 DISEMBER 2007 (“TK 2007”).
PERSEKITARAN OPERASI
Pada tahun 2007, ekonomi global telah berhadapan dengan
ketidakstabilan yang sebahagian besarnya disebabkan oleh kesan
krisis subprima Amerika Syarikat. Biarpun persekitaran perniagaan
nyata mencabar, Bank Negara Malaysia (“Bank Pusat Malaysia”)
telah melaporkan bahawa ekonomi Malaysia tampil lebih
memberangsangkan dengan pertumbuhan keluaran dalam negara
kasar (“KDNK”) berkembang kepada 6.3% dari 5.9% pada tahun
2006. Pertumbuhan yang lebih tinggi di Malaysia disumbangkan
oleh ekonomi domestik yang kukuh serta nilai dagangan yang
tinggi dengan ekonomi Asia yang utuh.
Pertumbuhan ekonomi negara terus dipacu oleh permintaan
domestik yang memberangsangkan dan peningkatan yang
ketara dalam perbelanjaan sektor awam. Pertumbuhan adalah
menyeluruh dengan lonjakan yang kukuh dicatatkan dalam
semua sektor ekonomi. Biarpun sektor pembinaan
berkembang sebanyak 5.2% pada tahun 2007, namun pasaran
hartanah agak perlahan akibat daripada sentimen berhati-hati
para pengguna berikutan daripada peningkatan harga bahan
api, peningkatan kadar faedah serta kriteria pembiayaan
pengguna yang lebih ketat oleh institusi kewangan.
Kesan daripada persekitaran operasi yang lemah ini, JLand telah
berhadapan dengan satu lagi tahun yang mencabar. Namun
demikian, kami telah menumpukan usaha untuk mengatasi dan
berhadapan dengan masalah ini, dengan sekali lagi
memperlihatkan ketahanan dan keupayaan kami untuk
menyesuaikan diri dengan keadaan perniagaan yang berubah.
Usaha ini telah menyaksikan kami bekerja secara proaktif untuk
mencari peluang baru bagi tujuan mengekalkan pertumbuhan
Kumpulan serta mendorong kami bergerak ke hadapan. Kami
turut berusaha mengawal kos operasi dan menyusun semula
produk-produk kami dalam usaha untuk mengekalkan daya saing.
JOHOR LAND BERHAD
22
We continued with our multi-pronged strategy that focused on
adopting the right property mix and competitive pricing in all our
projects while undertaking aggressive marketing and promotional
activities. We also intensified our market research efforts to
better understand the needs of the property market and meet
customer expectations. We believe that these initiatives will not
only help us ride out the cyclical downturn, they will provide us
a solid platform to launch out from when market conditions
change for the better.
FINANCIAL PERFORMANCE
In FY 2007, the Group’s revenue declined by 15.13% to RM63.36
million from RM74.66 million in the preceding year while profit
before tax (“PBT”) decreased to RM8.27 million in comparison
to PBT of RM22.10 million in 2006. The lower financial
performance was attributable to delays in the commencement of
projects as well as lower property sales. However, this will
change in 2008 as the projects have been launched and
construction has started.
The quality of JLand’s balance sheet remains fundamentally
strong as net tangible assets increased by RM0.5 million to
RM640.47 million in 2007 over RM639.96 in 2006. JLand’s basic
earnings per share, however fell to RM5.53 from RM14.66 last
year. Our gearing to date remains at a minimal level and is
relatively the same as last year’s ratio (0.22 in 2007 against 0.16
in 2006).
JOHOR LAND BERHAD
Kami meneruskan pelbagai strategi dengan tumpuan utama
untuk menyediakan hartanah bercampur yang tepat dengan
harga yang kompetitif dalam semua projek kami di samping
melaksanakan aktiviti pemasaran dan promosi yang agresif.
Kami turut mempertingkatkan usaha mengkaji pasaran bagi
memahami dengan lebih mendalam keperluan pasaran
hartanah dan memenuhi harapan para pelanggan. Kami yakin
bahawa inisiatif ini bukan sahaja dapat membantu kami keluar
dari kitaran kemelesetan, malah ia turut menyediakan kami
landasan yang kukuh untuk melonjak naik apabila keadaan
pasaran berubah lebih baik.
PRESTASI KEWANGAN
Bagi TK 2007, perolehan Kumpulan menurun sebanyak 15.13%
kepada RM63.36 juta dari RM74.66 juta pada tahun sebelumnya
sementara keuntungan sebelum cukai merosot kepada RM8.27
juta berbanding dengan keuntungan sebelum cukai berjumlah
RM22.10 juta pada tahun 2006. Prestasi kewangan yang perlahan
adalah berpunca dari kelewatan memulakan projek serta jualan
hartanah yang rendah. Namun begitu, keadaan ini akan berubah
pada tahun 2008 memandangkan projek telah dilancarkan dan
pembinaan telah pun bermula.
Kualiti lembaran imbangan JLand pada asasnya kekal teguh
dengan aset ketara bersih meningkat sebanyak RM0.5 juta
kepada RM640.47 juta pada tahun 2007 berbanding RM639.96
pada tahun 2006. Namun, pendapatan asas sesaham JLand jatuh
kepada RM5.53 dari RM14.66 tahun lalu. Penggearan kami
sehingga kini tetap di tahap minimum dan secara relatifnya masih
sama seperti nisbah tahun lalu (0.22 pada tahun 2007 berbanding
0.16 pada tahun 2006).
23
DIVIDENDS
At JLand we are mindful of the support and loyalty shown by
our shareholders and are consistently looking for ways to create
value for them. For the year under review, the Board of Directors
is pleased to recommend a final dividend of 3% gross (less
Malaysian income tax at 26%) in respect of the financial year
ended 31 December 2007, subject to shareholders’ approval at
the forthcoming Annual General Meeting. We value the
confidence our shareholders have placed in us and ask that you
continue to have unwavering faith in us so that we can weather
any storm together.
CORPORATE DEVELOPMENTS
On 6 February 2008, the Company entered into a Sale and
Purchase Agreement-cum-Subscription of Sale Agreement with
Windsor Trade Holdings Sdn Bhd (“WTHSB”) for a 50.98%
equity interest in WTHSB for a cash consideration of RM15
million. WTHSB, through its 80% owned company Windsor Trade
Sdn Bhd, has been granted a 30-year concession for the
operation of Sandakan Integrated Trade Exchange Terminal
(“SITExT”) under the “build, operate, own and transfer” concept.
The remaining 20% is in the hands of the Sabah Economic
Development Corporation. The acquisition is expected to be
completed by the second quarter of 2008.
The development cost of SITExT is estimated at RM315.0 million.
It includes land cost, pre-development cost, construction of
infrastructure and buildings and equipments. The barter terminal
will be equipped with facilities such as cargo and ferry jetties,
CIQS Complex, storage facilities, bunkering, transit centre, hotel
and Duty Free Complex, commercial and administration centre.
DIVIDEN
Di JLand, kami menyedari akan sokongan serta kesetiaan yang
ditunjukkan oleh para pemegang saham dan kami berterusan
mencari jalan untuk menghasilkan nilai buat mereka. Pada tahun
di bawah kajian, Lembaga Pengarah dengan sukacitanya
mencadangkan dividen akhir sebanyak 3% kasar (ditolak 26%
cukai pendapatan Malaysia) bagi tahun kewangan berakhir
31 Disember 2007, tertakluk kepada kelulusan para pemegang
saham pada Mesyuarat Agung Tahunan yang akan datang. Kami
amat menghargai keyakinan yang diberikan oleh para pemegang
saham kepada kami dan harapan kami agar anda terus memberi
sepenuh keyakinan kepada kami agar kita dapat bersamabersama mengatasi sebarang rintangan.
PERKEMBANGAN KORPORAT
Pada 6 Februari 2008, Syarikat telah memeterai Perjanjian Jual
Beli merangkap Perjanjian Langganan Jualan dengan Windsor
Trade Holdings Sdn Bhd (“WTHSB”) untuk 50.98%
kepentingan ekuiti dalam WTHSB dengan pertimbangan
bayaran sebanyak RM15 juta. WTHSB, menerusi Windsor
Trade Sdn Bhd, iaitu 80% syarikat miliknya, telah diberikan
konsesi 30 tahun untuk operasi “Sandakan Integrated Trade
Exchange Terminal” (“SITExT”) di bawah konsep “bina,
operasi, milik dan pindah”. Baki 20% lagi berada di tangan
Perbadanan Kemajuan Ekonomi Negeri Sabah. Pengambilalihan
ini dijangka selesai menjelang suku kedua tahun 2008.
Kos pembangunan SITExT dianggarkan berjumlah RM315.0 juta.
Ini termasuk kos tanah, kos pra-pembangunan, pembinaan
prasarana dan bangunan serta peralatan. Terminal barter ini akan
dilengkapi dengan kemudahan seperti pengkalan jeti kargo dan
feri, Kompleks CIQS, kemudahan penyimpanan, bunker, pusat
persinggahan, hotel dan Kompleks Bebas Cukai, pusat komersil
dan pentadbiran.
JOHOR LAND BERHAD
24
The proposed development is endorsed by the State
Government as a major component of the Sabah Development
Corridor initiative which was launched on 29 January 2008.
The SITExT development is scheduled to be completed in 3
years time.
Not only will this acquisition enable JLand to further broaden our
current revenue, earnings and customer base, it positions us to
tap into the existing growth potential of logistics and barter trade
activities within the fast-growing Sabah Development Corridor.
It is also in line with JLand’s strategy for earnings enhancement
and stability by increasing the economic benefit from
commercialisation of the barter trade operation as well as to
widen and strengthen its regional footprint in Malaysia. It is
expected that the acquisition would increase the JLand Group’s
earnings per share in the near term and enhance its
growth profile.
Due to the present political crisis affecting economic conditions
in Bangladesh we were forced to terminate our Marketing and
Technical Advice Agreement with Home Solution Ltd and Amicus
Properties and Development Ltd. Similarly, our subsidiary Johor
Land Manufacturing Sdn Bhd has also terminated its
joint venture agreement with Metal Door Frame Co. Ltd for the
same reason.
JOHOR LAND BERHAD
Pembangunan yang dicadangkan ini telah disokong oleh Kerajaan
Negeri sebagai komponen terbesar inisiatif Koridor Pembangunan
Sabah yang telah dilancarkan pada 29 Januari 2008.
Pembangunan SITExT ini dijadualkan siap dalam tempoh 3 tahun.
Pengambilalihan ini bukan sekadar membolehkan JLand
memperluaskan lagi perolehan semasa, pendapatan dan asas
pelanggan, ia turut memberi peluang kepada kami untuk
meneroka potensi pertumbuhan aktiviti logistik dan perdagangan
barter yang tersedia dalam Koridor Pembangunan Sabah yang
sedang pesat membangun ini.
Ia juga adalah selaras dengan strategi JLand untuk menambah
dan memantapkan perolehan dengan meningkatkan faedah
ekonomi dari pengkomersilan operasi perdagangan barter di
samping meluas dan memperkukuhkan jangkauan kawasan di
Malaysia. Pengambilalihan ini dijangka dapat menaikkan perolehan
sesaham Kumpulan JLand dalam tempoh terdekat serta
meningkatkan profil pertumbuhannya.
Akibat daripada krisis politik semasa yang menjejaskan keadaan
ekonomi di Bangladesh, kami terpaksa menamatkan Perjanjian
Khidmat Nasihat Pemasaran dan Teknikal kami dengan Home
Solution Ltd dan Amicus Properties and Development Ltd. Atas
sebab yang sama juga, subsidiari kami iaitu Johor Land
Manufacturing Sdn Bhd turut menamatkan perjanjian
usahasamanya dengan Metal Door Frame Co. Ltd.
25
Group Profit Before Taxation/Keuntungan Sebelum Cukai Kumpulan
RM million/RM juta
98
99
00
01
3.2
10.1
9.2
9.6
02
03
04
05
17.4
18.6
36.2
22.3
06
07
22.1
8.3
JOHOR LAND BERHAD
26
OPERATIONAL HIGHLIGHTS
TINJAUAN OPERASI
CORE BUSINESS – PROPERTY DEVELOPMENT
JLand’s operating philosophy calls for us to place a high priority
on meeting the needs of our customers. We never forget who
we are working for. At JLand, the customer always comes first.
Where other developers merely build houses, we create homes,
sustain communities and enrich lives. We believe in holistic
approach in all that we do. Quality is a top priority and creativity
is our forte. With a number of community projects taking centre
stage, we are pleased to present these latest updates for the
year in focus.
BISNES TERAS – PEMBANGUNAN HARTANAH
Falsafah operasi JLand adalah meletakkan keutamaan yang tinggi
dalam memenuhi keperluan para pelanggan. Kami tidak pernah
lupa untuk siapa kami bekerja. Di JLand, pelanggan sentiasa di
tangga teratas. Di mana para pemaju lain sekadar membina
rumah, kami mencipta kediaman, mengekalkan komuniti dan
memperkayakan kehidupan. Kami percaya dengan pendekatan
holistik dalam setiap apa yang kami lakukan. Kualiti adalah
keutamaan kami dan kreativiti merupakan kepakaran kami.
Dengan beberapa projek komuniti yang menjadi tumpuan, kami
dengan sukacitanya membentangkan perkembangan terkini bagi
tahun di bawah kajian.
PASIR GUDANG DIVISION
BAHAGIAN PASIR GUDANG
Taman Bukit Dahlia
Taman Bukit Dahlia, a 417-acre development, is our premier
project in Pasir Gudang. This development, once completed by
the end of 2009 will house 4,114 units of various types, including
terraced houses, semi-detached houses, bungalows and
commercial complexes. Taman Bukit Dahlia is strategically
located between Masai and Pasir Gudang. The many amenities
in the vicinity include the landscaped Tasik Perdana, schools, a
polytechnic, a police station, a hospital, banks, hypermarkets,
racing tracks, a sports complex and Bukit Layang-Layang where
the Annual International Kites Festival is held.
The year saw several new projects at Taman Bukit Dahlia being
launched or undergoing construction. Phase 1 and 2 of the 260
units of single storey Kristal terraced houses were launched in
March and October 2007 respectively while the Phase 2 of the
120 units of double storey Serene terraced houses was launched
in November 2007. The take-up on these houses is proceeding
smoothly as is sales for our 14 units of double storey shop office
development launched in July 2007. In early 2008, 190 units of
double storey Damai terraced houses were launched while 46
units of the double storey Perdana Phase 2 semi-detached
houses as well as 114 units of double storey Prima terraced
houses are scheduled for launch in the second quarter of 2008.
JOHOR LAND BERHAD
Taman Bukit Dahlia
Pembangunan seluas 417 ekar di Taman Bukit Dahlia merupakan
projek utama kami di Pasir Gudang. Pembangunan ini, apabila
siap menjelang akhir 2009, akan mengandungi 4,114 unit rumah
pelbagai jenis, termasuk rumah teres, rumah berkembar, banglo
dan kompleks komersil. Taman Bukit Dahlia terletak di kedudukan
strategik di antara Masai dan Pasir Gudang. Pelbagai kemudahan
yang tersedia di kawasan sekitarnya merangkumi Tasik Perdana
yang berlanskap, sekolah-sekolah, politeknik, balai polis, hospital,
bank-bank, pasar raya besar, litar perlumbaan, kompleks sukan
dan Bukit Layang-Layang di mana Festival Layang-Layang
Antarabangsa Tahunan diadakan.
Tahun ini telah menyaksikan beberapa projek baru di Taman Bukit
Dahlia dilancarkan atau sedang dalam pembinaan. Fasa 1 dan 2
bagi 260 unit rumah teres satu tingkat Kristal, masing-masing
telah dilancarkan pada Mac dan Oktober 2007, sementara Fasa 2
bagi 120 unit rumah teres dua tingkat Serene telah dilancarkan
pada November 2007. Kadar pembelian rumah-rumah ini adalah
menggalakkan dan begitu juga dengan jualan 14 unit kedai
pejabat dua tingkat yang dilancarkan pada Julai 2007. Pada awal
tahun 2008, 190 unit rumah teres dua tingkat Damai telah
dilancarkan manakala 46 unit rumah berkembar dua tingkat
Perdana Fasa 2 serta 114 unit rumah teres dua tingkat Prima
dijadual akan dilancarkan pada suku kedua tahun 2008.
27
BANDAR TIRAM DIVISION
BAHAGIAN BANDAR TIRAM
Bandar Tiram and Taman Bukit Tiram
Bandar Tiram is one of JLand’s ongoing development project in
Ulu Tiram. This development measures 1,200 acres will consist
of 12,300 units of houses, neighbourhood and town centre shop
units upon its completion in 2020. The entire project has a total
gross development value (“GDV”) of RM2.6 billion and a
projected gross profit of RM800 million. The first phase of
Bandar Tiram comprises 1,574 residential and commercial units
with an estimated GDV of RM200 million. Come the second
quarter of 2008, 83 units of single storey terraced houses priced
from RM143,000 onwards will be launched.
Bandar Tiram dan Taman Bukit Tiram
Bandar Tiram merupakan salah satu projek pembangunan JLand
yang sedang dilaksanakan di Ulu Tiram. Pembangunan yang
berkeluasan 1,200 ekar ini akan merangkumi 12,300 unit rumah,
kawasan perjiranan dan unit-unit kedai pusat bandar apabila ia
siap pada tahun 2020. Keseluruhan projek ini mempunyai nilai
pembangunan kasar (“GDV”) berjumlah RM2.6 bilion dan unjuran
keuntungan kasar berjumlah RM800 juta. Fasa pertama Bandar
Tiram merangkumi 1,574 unit kediaman dan komersil dengan
anggaran GDV RM200 juta. Menjelang suku kedua tahun 2008,
83 unit rumah teres satu tingkat yang berharga RM143,000 ke
atas akan dilancarkan.
Currently, JLand through its subsidiary, Advance Development Sdn
Bhd is also developing Taman Bukit Tiram 3, which is a mixed
development project comprising 505 units. In 2007, 195 units of
double storey Tulip terraced houses and 18 units of double storey
Lavender terraced houses within Taman Bukit Tiram 3, were
completed and the CFOs received.
378 units of single storey Daisy terraced homes in Taman Bukit
Tiram 2 were launched in December 2007. Several other new
projects are underway or scheduled to be launched in 2008. They
include 14 units of double storey shop offices at Taman Bukit
Tiram 2 as well as 11 units of three storey shop offices and 20
units of two storey semi-detached at Taman Bukit Tiram 3.
Kini, JLand menerusi subsidiarinya, Advance Development Sdn
Bhd turut membangunkan Taman Bukit Tiram 3, iaitu projek
pembangunan bercampur yang merangkumi 505 unit. Pada tahun
2007, 195 unit rumah teres dua tingkat Tulip dan 18 unit rumah
teres dua tingkat Lavender dalam kawasan Taman Bukit Tiram 3,
telah disiapkan dan menerima Sijl Layak Menduduki (CFO).
Sebanyak 378 unit rumah teres satu tingkat Daisy di Taman Bukit
Tiram 2 telah dilancarkan pada Disember 2007. Beberapa projek
baru lain sedang dibangunkan atau dijadual akan dilancarkan pada
tahun 2008. Ia termasuk 14 unit kedai pejabat dua tingkat di
Taman Bukit Tiram 2 serta 11 unit kedai pejabat tiga tingkat dan
20 unit rumah berkembar dua tingkat di Taman Bukit Tiram 3.
JOHOR LAND BERHAD
28
JOHOR LAND BERHAD
29
Group Revenue/Perolehan Kumpulan
RM million/RM juta
98 38.3
99
51.9
00
45.9
01 40.0
02
03
04
05
62.4
72.4
108.4
88.8
06
07
88.8
74.7
63.4
BANDAR DATO’ ONN DIVISION
BAHAGIAN BANDAR DATO’ ONN
Bandar Dato’ Onn
JLand has grown to be a dominant player in the property
business in Johor. Our strategy of offering innovative and
attractive products continues to hold us in good stead. Bandar
Dato’ Onn is one such offering. Comprising 1,514 acres of
freehold land, this premier development which is located only 12
km from the Johor Bahru city centre, 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 some 17,800 properties
with expected gross sales and gross profit of RM4.0 billion and
RM1.2 billion respectively.
Bandar Dato’ Onn
JLand telah berkembang menjadi pemaju paling unggul dalam
bisnes hartanah di Johor. Strategi kami dalam menawarkan
produk yang inovatif dan menarik terus memberi kelebihan
kepada kami dan Bandar Dato’ Onn merupakan salah satu
seumpamanya yang kami tawarkan. Merangkumi 1,514 ekar
tanah berpegangan bebas, pembangunan utama yang terletak
hanya 12 km dari Bandaraya Johor Bahru 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 akan datang dan akan turut menyediakan lebih kurang
17,800 hartanah dengan jangkaan jualan kasar dan keuntungan
kasar, masing-masing sebanyak RM4.0 bilion dan RM1.2 bilion.
Featuring exclusive neighbourhoods and a vibrant commercial
hub, Bandar Dato’ Onn is set to be one of the most beautiful
and modern townships in Southern Malaysia to live in. The
Bandar Dato’ Onn township is being developed based on a
neighbourhood concept and is accessible via a dedicated
interchange that provides direct uninterrupted access to the
township. There will be 19 exclusive neighbourhoods each
carefully planned to bring out the finest aspects of community
living. One of the most distinctive features of the township is
the emphasis on green areas, with linear and recreational parks
planned throughout. Within the township, a regional commercial
hub of 118 acres is set to become the nerve centre of Bandar
Dato’ Onn.
Dengan menampilkan perjiranan yang eksklusif dan hab komersil
yang meriah, Bandar Dato’ Onn bakal menjadi salah sebuah
perbandaran yang paling indah serta moden untuk didiami di
Selatan Malaysia. Kawasan perbandaran Bandar Dato’ Onn
sedang dibina berdasarkan konsep perjiranan dan boleh diakses
melalui persimpangan bertingkat yang menyediakan laluan terus
tanpa gangguan ke bandar. Sejumlah 19 perjiranan eksklusif yang
mana setiap satunya telah dirancang dengan teliti bagi
menyerlahkan aspek terhebat dalam kehidupan berkomuniti.
Salah satu ciri tersendiri yang paling ketara bagi perbandaran ini
ialah penekanan terhadap kawasan hijau, dengan taman-taman
linear dan taman rekreasi dirancang disekitarnya. Di dalam
perbandaran ini pula, hab komersil wilayah seluas 118 ekar bakal
menjadi nadi penggerak kepada Bandar Dato’ Onn.
JOHOR LAND BERHAD
30
Over 2007, JLand completed several show houses at Bandar
Dato’ Onn making them available for public viewing as well as
launched different phases of distinctively-styled properties, all of
them receiving strong interest. Neighbourhood 10 is the first
phase in Bandar Dato’ Onn. It consists of 662 units of double
storey terraced and double storey semi-detached houses with an
estimated GDV of RM178 million. Phase 1a launched in February
2007, comprises 181 units of the double storey Celocia 1 & 3
and Cleome 1 & 3 terraced houses with an estimated GDV of
RM40 million. Phase 1b launched in September 2007 consists of
36 units of the Emerald double storey semi-detached houses
with land area of 40’ x 80’ and 78 units of double storey Celocia
2 & Cleome 2 terraced houses with an estimated GDV of RM36
million. Phase 2 saw another 250 units of double storey terraced
houses valued at RM60 million being launched in January 2008.
The six types of double storey terraced houses that have been
launched at Bandar Dato’ Onn to date come with land areas of
20’ x 70’ and 24’ x 70’ and built-up areas range from 1,600 sq.
ft. to 2,400 sq. ft. The selling price per unit starts from
RM183,650 for Bumiputra lots. The built-up area of the double
storey semi-detached house is 2,955 sq. ft. with the selling price
starting from RM378,250 for Bumiputra lots. Another 95 units of
double storey terraced houses and 22 units of double storey
semi-detached houses are scheduled to be launched in July
2008. To date, a total of 509 units of double storey terraced and
36 units of double storey semi-detached properties with GDV
of RM136 million have been launched at Bandar Dato’ Onn.
JOHOR LAND BERHAD
Sepanjang tahun 2007, JLand telah menyiapkan beberapa
rumah contoh di Bandar Dato’ Onn untuk dilawati oleh orang
ramai dan juga pelancaran fasa-fasa hartanah yang berbeza
dengan ciri-ciri tersendiri, yang mana kesemuanya berjaya
menarik minat orang ramai. Perjiranan 10 merupakan fasa
pertama di Bandar Dato’ Onn. Ia terdiri daripada 662 unit
teres dua tingkat dan rumah berkembar dua tingkat dengan
anggaran GDV RM178 juta. Fasa 1a yang dilancarkan pada
Februari 2007, merangkumi 181 unit rumah teres dua tingkat
Celocia 1 & 3 dan Cleome 1 & 3 dengan anggaran GDV
RM40 juta. Fasa 1b yang dilancarkan pada September 2007
terdiri daripada 36 unit rumah berkembar dua tingkat Emerald
dengan keluasan tanah 40’ x 80’ dan 78 unit rumah teres dua
tingkat Celocia 2 & Cleome 2 dengan anggaran GDV RM36
juta. Fasa 2 telah menyaksikan 250 unit lagi rumah teres dua
tingkat bernilai RM60 juta dilancarkan pada Januari 2008.
Enam jenis rumah teres dua tingkat yang telah dilancarkan di
Bandar Dato’ Onn sehingga kini, dibina dengan keluasan tanah
20’ x 70’ dan 24’ x 70’ dan keluasan binaan dari 1,600 kaki
persegi hingga 2,400 kaki persegi. Harga jualan seunit
bermula dari RM183,650 untuk lot Bumiputera. Keluasan
binaan rumah berkembar dua tingkat ialah 2,955 kaki persegi
dengan harga jualan bermula dari RM378,250 untuk lot
Bumiputera. 95 unit lagi rumah teres dua tingkat dan 22 unit
rumah berkembar dua tingkat dijadual akan dilancarkan pada
Julai 2008. Sehingga kini, sejumlah 509 unit rumah teres dua
tingkat dan 36 unit rumah berkembar dua tingkat dengan GDV
RM136 juta telah dilancarkan di Bandar Dato’ Onn.
31
OTHER BUSINESSES
2007 also saw us garnering rental of some RM1,941,952 from
several development projects including properties at Taman
Kenanga and Taman Cendana and shop offices at Tebrau
Business Park, Senai Commercial Park and a factory as well as
Kompleks Mutiara Johor Land which provides recreational and
sport facilities.
We currently hold a 30.07% stake in Revertex (Malaysia) Sdn
Bhd (“Revertex”) one of the world’s largest producers of
speciality natural rubber latex concentrates and industrial
chemicals. For 2007, both Revertex’s revenue and PBT improved
to RM531.00 million and RM41.71 million respectively against
revenue of RM470.20 million and PBT of RM38.37 million
in 2006.
HUMAN CAPITAL DEVELOPMENT
At JLand, we view our people as one of our greatest assets and
are committed to developing the full potential of our human
capital. The basic job requirement at JLand calls for the
employment of support staff with a SPM certificate, junior
executives with a diploma whilst executives and above with a
basic degree. 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, recommendations from their superiors
and approval from top management. At every step of the way
we are continuously looking out for the people that make us
proud to do what we do. Our human capital development
system is a two-way relationship. We provide the opportunity for
all our employees to develop to their highest potential and
cherish the input, hard work, knowledge and skills brought to us
by every individual working hand in hand with JLand. We like to
think of it as a meeting of minds and are proud to say that we
have managed to establish a powerful, self motivated and
independent thinking workforce that is robust and competitive.
The way we achieve this is through well-planned training
programmes that aim to enhance the competencies of JLand’s
human capital.
BISNES-BISNES LAIN
Tahun 2007 turut menyaksikan kami memperolehi pendapatan
sewa berjumlah RM1,941,952 daripada beberapa projek
pembangunan termasuk hartanah di Taman Kenanga dan Taman
Cendana serta kedai pejabat di Tebrau Business Park, Senai
Commercial Park dan kilang serta Kompleks Mutiara Johor Land
yang menyediakan kemudahan sukan dan rekreasi.
Buat masa ini, kami memiliki 30.07% kepentingan di dalam
Revertex (Malaysia) Sdn Bhd (“Revertex”), iaitu salah sebuah
pengeluar pati susu getah asli dan bahan kimia industri terbesar
di dunia. Bagi tahun 2007, perolehan Revertex dan keuntungan
sebelum cukai telah meningkat, masing-masing kepada
RM531.00 juta dan RM41.71 juta berbanding perolehan sebanyak
RM470.20 juta dan keuntungan sebelum cukai RM38.37 juta
bagi tahun 2006.
PEMBANGUNAN TENAGA INSAN
Di JLand, kami meletakkan anggota pekerja kami sebagai aset
terpenting dan kami komited terhadap membangunkan
sepenuhnya potensi tenaga insan kami. Kelayakan kerja asas di
JLand memerlukan pengambilan anggota pekerja sokongan
dengan sijil SPM, Penolong Eksekutif dengan diploma, manakala
jawatan eksekutif dan ke atas memerlukan ijazah asas. Anggota
pekerja peringkat pengurusan turut digalakkan memiliki MBA.
Anggota pekerja yang cemerlang walaupun tanpa memiliki latar
belakang akademik yang dikehendaki boleh dipertimbangkan
untuk kenaikan pangkat bergantung kepada prestasi, kekosongan
jawatan, sokongan dari Ketua dan kelulusan dari pengurusan
atasan. Dalam setiap langkah yang diambil, kami terus mencari
individu yang boleh membuatkan kami berbangga dengan apa
yang kami lakukan. Sistem pembangunan tenaga insan kami
merupakan perhubungan dua hala. Kami menyediakan peluang
untuk semua anggota pekerja mengembangkan potensi terbaik
mereka dan kami menghargai segala input, kegigihan,
pengetahuan dan kemahiran yang dibawakan kepada kami oleh
setiap individu yang berganding bahu bersama JLand. Kami
menganggapnya sebagai suatu persepakatan yang utuh dan
dengan bangganya kami menyatakan bahawa kami berjaya
mewujudkan anggota pekerja yang berkeupayaan, memiliki
motivasi diri dan tajam fikiran serta teguh dan berdaya saing.
Kami mencapai semua ini melalui program latihan yang
terancang dengan mensasarkan peningkatan kecekapan tenaga
insan di JLand.
JOHOR LAND BERHAD
32
2007 saw us offering all levels of employees several public and
in-house training programmes to equip them with new
knowledge and skills as well as to upgrade existing
competencies. These training programmes focused on the issues
of leadership, project management, customer focus and
teamwork. Among the many special programmes organised in
2007 was an extensive effective presentation skills programme
for our senior management and extensive follow-through
sessions. This programme will be extended to middle
management and senior executive employees in 2008. Our
programmes also focused on addressing the issues of
competency management, customer service and the concept of
“Kerja Sebagai Ibadah” – work and career as a means of doing
good and attain spiritual fulfilment. A more technical-oriented
programme, which sought to tackle quality and productivity
issues at project sites served as a refresher course for our
technical personnel.
The year saw us investing on human capital training with an
average of 50.2 training hours per person for all 143 of our
employees. JLand’s Social and Recreation Club also undertook
various fun-filled and family-oriented activities over the course of
the year.
JOHOR LAND BERHAD
Tahun 2007 telah menyaksikan kami menawarkan kepada semua
peringkat anggota pekerja beberapa program latihan luaran dan
dalaman bagi memperlengkapkan mereka dengan pengetahuan
serta kemahiran baru di samping memantapkan lagi kecekapan
yang sedia ada. Program latihan ini memfokuskan kepada isu-isu
kepimpinan, pengurusan projek, tumpuan pelanggan dan
kerjasama berpasukan. Di antara program-program khas yang
dikendalikan pada tahun 2007 ialah program kemahiran
persembahan berkesan untuk pihak pengurusan kanan dan sesi
lanjutan yang menyeluruh. Program ini akan diperluaskan ke pihak
pengurusan pertengahan serta para eksekutif kanan pada tahun
2008. Program kami turut memfokuskan kepada isu-isu
pengurusan kecekapan, khidmat pelanggan serta konsep “Kerja
Sebagai Ibadah” – iaitu kerja dan kerjaya sebagai wadah
membuat kebaikan dan mendapat kepuasan rohaniah. Program
yang lebih berorientasikan teknikal dan penyelesaian kepada
isu-isu kualiti dan produktiviti di tapak projek telah dijadikan
sebagai kursus peningkatan kefahaman untuk anggota pekerja
teknikal kami.
Tahun ini juga menyaksikan kami melabur dalam latihan
tenaga insan dengan purata 50.2 jam latihan setiap seorang
untuk kesemua 143 orang anggota pekerja kami. Kelab
Kebajikan dan Rekreasi JLand turut melaksanakan pelbagai
aktiviti yang menyeronokkan dan berbentuk kekeluargaan di
sepanjang tahun.
33
Group Basic Earning Per Share/Pendapatan Asas Sesaham Kumpulan
Sen/Sen
98
98
99
00
99
01
1.2
1.210.3
5.610.3
6.9
02
03
04
05
11.5
14.9
26.3
13.7
06
07
14.7
5.5
JOHOR LAND BERHAD
34
QUALITY IMPROVEMENT INITIATIVES
JLand’s quality management initiatives form an integral part of
our business and underscore our commitment to seeking
continuous improvement in all aspects of business performance.
As we focus on being quality-inclined and integrating this in key
business processes, our internal work culture is strengthened
and we are able to effectively monitor and measure results. We
are committed to realising the highest standards of quality in the
products and services we deliver and our quality management
system ensures that our focus on competitive pricing, high
quality products, on-time delivery and excellent customer service
is maintained throughout the length and breadth of
our organisation.
Even as we actively pursue our quality agenda, we bring into
play JLand’s Innovative Creative Circle (ICC) and Suggestion
Scheme. On top of this, the Quality Programme with coaching
sessions for ICC groups is held twice a year. These sessions
focus on the use of up-to-date decision-making tools
and techniques.
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 highachievers. Over 2007, our ICC teams continued to give of their
best at national-level quality convention with five of our teams
receiving the Three Gold Star Awards at the 2007 National
ICC Convention.
JOHOR LAND BERHAD
INISIATIF KECEMERLANGAN KUALITI
Inisiatif pengurusan kualiti JLand membentuk sebahagian penting
bisnes kami dan kami sentiasa komited untuk mencari
pembaikan yang berterusan dalam semua aspek prestasi
perniagaan. Sedang kami memberikan penumpuan kepada
kecenderungan terhadap kualiti dan menyerapkannya ke dalam
proses bisnes utama, budaya kerja dalaman kami turut
diperkukuhkan dan kami berupaya memantau serta mengukur
hasilnya dengan berkesan. Kami komited dalam merealisasikan
standard kualiti tertinggi di dalam produk dan perkhidmatan yang
kami berikan dan sistem pengurusan kami memastikan bahawa
tumpuan kami terhadap penetapan harga yang kompetitif, produk
berkualiti tinggi, penghantaran yang tepat pada masanya serta
perkhidmatan pelanggan yang cemerlang dikekalkan di setiap
aspek organisasi.
Kami secara aktif meneruskan agenda kualiti seperti Innovative
Creative Circle (ICC) dan Skim Cadangan. Selain itu, program
kualiti dengan sesi bimbingan untuk kumpulan ICC diadakan dua
kali setahun. Sesi tersebut menumpukan kepada penggunaan
peralatan serta teknik membuat keputusan yang terkini.
Inisiatif penambahbaikan kualiti kami bukan sekadar membantu
kami memberikan kualiti produk serta perkhidmatan yang lebih
baik, malah ia telah membantu meningkatkan keyakinan dan
saling menghargai sesama anggota pekerja seterusnya dapat
menyumbang kepada pembinaan sebuah pasukan mantap yang
terdiri daripada mereka yang berjaya meraih kejayaan cemerlang.
Sepanjang tahun 2007, pasukan ICC kami terus memberikan yang
terbaik dalam konvensyen kualiti di peringkat kebangsaan dengan
lima daripada pasukan kami menerima Anugerah Emas Tiga
Bintang di Konvensyen ICC Kebangsaan 2007.
35
COMMITMENT TO CORPORATE SOCIAL RESPONSIBILITY
JLand takes its commitment to corporate social responsibility
(“CSR”) seriously. Even as we reach out to the community
around us and the nation at large through contributing to social
and charitable projects, we in turn are touched by the many lives
we have impacted and have become a better company because
of this. The year 2007 saw us undertaking several impactful CSR
activities. Our efforts included the donation of RM120,000.00 to
the Darul Hanan Orphanage in Pasir Gudang which houses 33
boys and 23 girls. To date we have contributed more than RM1.7
million to the orphanage home since its establishment. In
addition, we have also donated RM35,000.00 to the Tabung
Tijarah Ramadan Session 3 for “Tijarah Ramadan”. Johor
Corporation and Jabatan Kemajuan Islam Malaysia are behind this
TV programme which is aired during the Ramadan fasting month
to help the poor and less privileged in the community.
As a major sponsor for Tunas Bistari in 2007 we provided
RM150,000.00 to “The Entrepreneurs Programme” which has
been organised by Johor Corporation together with the Education
Department of Johor since 1992. This programme sees 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 RM1.0 million to this programme
since 2001. We also supported the International Kites Festival
Layang-Layang in Pasir Gudang and a golf tournament for the
Pasir Gudang Charity Fund in aid of the needy and less fortunate
groups in the community, among numerous other activities.
KOMITMEN TERHADAP TANGGUNGJAWAB SOSIAL
KORPORAT
JLand memandang serius komitmennya terhadap tanggungjawab
sosial korporat (“CSR”). Biarpun kami menyumbang kepada
komuniti dan negara secara amnya melalui projek-projek sosial
dan kebajikan, kami juga amat berbesar hati dengan sumbangan
yang telah kami hulurkan dalam kehidupan begitu ramai insan
dan kerananya, kami telah menjadi sebuah syarikat yang lebih
prihatin. Tahun 2007 menyaksikan kami melaksanakan beberapa
aktiviti CSR yang meninggalkan kesan mendalam. Usaha kami
termasuk sumbangan RM120,000.00 kepada Rumah Anak Yatim
Darul Hanan di Pasir Gudang yang menempatkan seramai 33
kanak-kanak lelaki dan 23 kanak-kanak perempuan. Sejak
penubuhannya dan sehingga kini, kami telah menyumbang lebih
dari RM1.7 juta kepada rumah anak-anak yatim. Malah kami juga
telah menyumbang RM35,000.00 kepada Tabung Tijarah
Ramadan Sesi 3 untuk “Tijarah Ramadan”. Johor Corporation dan
Jabatan Kemajuan Islam Malaysia adalah mereka yang berada di
belakang tabir program televisyen yang disiarkan sepanjang bulan
Ramadan ini bagi membantu golongan miskin dan tidak
berkemampuan dalam komuniti.
Sebagai penaja utama Tunas Bistari pada tahun 2007, kami
telah menyumbang RM150,0 0 0.0 0 kepada Program
Pembangunan Usahawan yang dianjurkan oleh Johor
Corporation dengan kerjasama Jabatan Pelajaran Johor sejak
tahun 1992. Program ini menyaksikan para pelajar dari sekolah
menengah di seluruh Johor bekerjasama menubuhkan syarikat
mereka sendiri dan meraih pengetahuan serta pengalaman
yang diperlukan untuk menjadi usahawan berjaya. Sejak tahun
2001 dan sehingga kini, JLand telah menyumbang lebih dari
RM1.0 juta kepada program tersebut. Selain daripada itu, kami
turut menyokong Festival Layang-layang Antarabangsa di Pasir
Gudang serta kejohanan golf untuk Dana Bakti Pasir Gudang
bagi membantu golongan yang memerlukan dan kurang
bernasib baik dalam komuniti.
JOHOR LAND BERHAD
36
JOHOR LAND BERHAD
37
OUTLOOK AND PROSPECTS
PROSPEK DAN MASA DEPAN
OPERATING ENVIRONMENT
In spite of the uncertainties clouding the global economy, the
Central Bank of Malaysia forecasts that growth prospects for the
Malaysian economy will remain favourable in 2008. The Malaysian
economy is expected to register robust GDP growth in 2008 and
to expand between 6% and 6.5%. The Malaysian Government’s
initiatives to develop the many economic corridors such as the
Iskandar Malaysia in the South, the Northern Corridor Economic
Region (“NCER”) in the North, the East Coast Economic Region
(“ECER”) in the East and the Sabah Development Corridor
(“SDC”) and Sarawak Corridor of Renewable Energy (“SCORE”)
in East Malaysia, show its commitment to make Malaysia an
attractive investment destination. Under the Iskandar Malaysia,
various mega projects are expected to kick off while the
economy and the construction sector are expected to continue
reaping the benefits of Ninth Malaysia Plan (“9MP”)
infrastructure roll-out.
PERSEKITARAN OPERASI
Biarpun suasana ketidakpastian menyelubungi ekonomi
global, namun Bank Pusat Malaysia meramalkan
prospek pertumbuhan Ekonomi Malaysia akan kekal
memberangsangkan bagi tahun 2008. Ekonomi Malaysia
dijangka mencatatkan pertumbuhan KDNK yang teguh pada
tahun 2008 dan akan berkembang antara 6% dan 6.5%.
Usaha Kerajaan Malaysia untuk membangunkan beberapa
koridor ekonomi seperti Iskandar Malaysia di Selatan, Wilayah
Ekonomi Koridor Utara (“NCER”) di Utara, Wilayah Ekonomi
Pantai Timur (“ECER”) di Timur dan Koridor Pembangunan
Sabah (“SDC”) serta Koridor Pembaharuan Tenaga Sarawak
(“SCORE”) di Malaysia Timur memperlihatkan komitmennya
untuk menjadikan Malaysia destinasi pelaburan yang menarik.
Di bawah Iskandar Malaysia, pelbagai projek mega dijangka
akan dimulakan manakala ekonomi dan sektor pembangunan
pula dijangka akan terus meraih faedah dari pelancaran
prasarana Rancangan Malaysia Kesembilan (“RMK9”).
JOHOR LAND BERHAD
38
While the credit crunch stemming from the US sub-prime
mortgage crisis impacted negatively on Malaysia’s property
market in 2007, going forward, the prospects for the Malaysian
property market remain optimistic. The Government has put in
place various measures for the property market and announced
a series of financial incentives and system enhancements that
will enhance the property market as well as contribute to more
stable property prices. The construction sector is expected to be
stimulated by incentives such as the build-and-sell concept as
well as establishment of One Stop Centres (“OSCs”) for building
and development planning approval. Given the abundance of
incentives, the construction sector is expected to expand by
6.3% in 2008. On top of this, members of the Employees
Provident Fund are now allowed to make a withdrawal every
month to reduce their monthly installments or finance their
housing loans. Also, with the removal of the Real Property Gains
Tax (“RPGT”) in early 2007, foreign home buyers can now
purchase as many properties as they want be it for investment
or other purposes. These and other conditions are expected to
have a direct positive effect on our business.
ISKANDAR MALAYSIA STIMULUS
The launch of the Iskandar Malaysia and the investment of more
than RM4 billion under planned 9MP infrastructural projects for
the Iskandar Malaysia will help ensure strong and sustainable
economic growth for the region in which JLand operates. The
Iskandar Malaysia advocates the growth of six core sectors,
namely tourism, education, healthcare, logistics, creative
industries and financial services and has as its key selling point
its strategic location. Located midway between the two
emerging economic powers of China and India, the Iskandar
Malaysia is expected to benefit from a catchment area that
includes the Asia-Pacific and Middle East regions as well as the
Indian sub-continent. Some 800,000 jobs are expected to be
created in the Iskandar Malaysia over the next 20 years as the
Iskandar Malaysia is turned into a logistics hub and a centre for
the development of service industries including the medical,
financial and recreational sectors.
JOHOR LAND BERHAD
Sungguhpun situasi kritikal kredit yang berpunca dari krisis gadai
janji subprima Amerika Syarikat memberi kesan negatif kepada
pasaran hartanah Malaysia pada tahun 2007, namun dalam
melangkah ke hadapan, prospek bagi pasaran hartanah Malaysia
kekal optimistik. Kerajaan telah mewujudkan pelbagai langkah
bagi pasaran hartanah dan mengumumkan beberapa siri insentif
kewangan dan pemantapan sistem yang akan menyuburkan
pasaran hartanah serta menyumbang kepada kestabilan harga
hartanah. Sektor pembinaan dijangka akan dirangsang oleh usahausaha seperti konsep bina dan jual serta penubuhan Pusat
Sehenti (“OSC”) untuk kelulusan perancangan pembinaan dan
pembangunan. Bersandarkan kepada pelbagai bentuk insentif
inilah, sektor pembinaan dijangka berkembang sebanyak 6.3%
pada tahun 2008. Selain itu, para pencarum Kumpulan Wang
Simpanan Pekerja kini dibenarkan membuat pengeluaran setiap
bulan untuk mengurangkan bayaran ansuran bulanan atau
pembiayaan pinjaman perumahan mereka. Malah, dengan
penghapusan Cukai Keuntungan Hartanah (“RPGT”) pada awal
2007, pembeli rumah warga asing kini boleh membeli sebanyak
mana hartanah yang diingini sama ada untuk pelaburan atau
tujuan lain. Situasi ini dan perkara-perkara lain dijangka memberi
kesan positif kepada bisnes kami.
RANGSANGAN ISKANDAR MALAYSIA
Pelancaran Iskandar Malaysia serta pelaburan yang melebihi RM4
bilion di bawah projek prasarana RMK9 untuk Iskandar Malaysia
akan membantu memastikan pertumbuhan ekonomi yang teguh
serta mapan bagi kawasan di mana JLand beroperasi. Iskandar
Malaysia mendorong pertumbuhan enam sektor teras, khususnya
pelancongan, pendidikan, kesihatan, logistik, industri kreatif dan
perkhidmatan kewangan dan faktor utamanya, ialah kedudukannya
yang strategik. Terletak di tengah-tengah, antara dua kuasa
ekonomi yang sedang pesat membangun, iaitu China dan India,
Iskandar Malaysia dijangka meraih manfaat dari kawasan tadahan
yang merangkumi rantau Asia Pasifik dan Timur Tengah serta
subbenua India. Anggaran 800,000 peluang pekerjaan dijangka
akan diwujudkan di Iskandar Malaysia sepanjang 20 tahun akan
datang apabila Iskandar Malaysia bertukar menjadi hab serta pusat
pembangunan industri perkhidmatan, termasuk sektor perubatan,
kewangan dan rekreasi.
39
The primary focus of development in the Iskandar Malaysia will
be concentrated in five nodes or flagship areas, namely the
Johor Bahru City Centre, Nusajaya, Western Gate Development
(Tanjung Pelepas/Second Link), Eastern Gate Development
(Tanjung Langsat/Pasir Gudang) and Senai-Skudai. These flagships
areas are intended to create the right kind of spillover activities
for the region. The Johor Bahru City Centre flagship area covers
JLand’s three major land banks located at Tebrau, Ulu Tiram and
Pasir Gudang.
Fokus utama pembangunan di Iskandar Malaysia akan tertumpu
kepada lima kawasan penting, khasnya Bandaraya Johor Bahru,
Nusajaya, “Western Gate Development” (Tanjung Pelepas/Link
Kedua), “Eastern Gate Development” (Tanjung Langsat/Pasir
Gudang) dan Senai-Skudai. Kawasan-kawasan utama ini
diwujudkan bertujuan untuk menyediakan aktiviti limpahan yang
sewajarnya bagi wilayah ini. Kawasan Bandaraya Johor Bahru
merangkumi tiga kawasan simpanan tanah utama JLand yang
terletak di Tebrau, Ulu Tiram dan Pasir Gudang.
As a result of these initiatives, Johor will be transformed into a
world-class community and Johor’s property market will be
stimulated, benefiting JLand altogether. Similarly, the migration of
people from other states to Johor Bahru in search of job
opportunities will also significantly boost residential demand in
Johor Bahru. Based on the Ministry of Finance’s Property Market
Report, for the first half of 2007 the number of overhang units
in Malaysia had inched up to 26,432 units compared to 22,185
units in the first half of 2006. Although for some areas in Johor,
particularly the medium-cost housing market are still facing a
supply overhang, demand will continue to remain strong in
strategic locations and we believe that our projects will benefit
from this. As we also firmly believe that only the right products
should be developed at the right locations and at the right time,
we envisage that any overhang will pose a minimal threat to
JLand’s operations.
Kesan daripada inisiatif ini, Johor akan berubah menjadi sebuah
komuniti bertaraf dunia dan pasaran hartanah Johor akan turut
dirangsang, secara tidak langsung akan memberi manfaat kepada
JLand. Begitu juga dengan penghijrahan penduduk dari negerinegeri lain ke Johor Bahru bagi mencari peluang pekerjaan akan
turut melonjakkan permintaan kediaman di Johor Bahru.
Berdasarkan Laporan Pasaran Hartanah Kementerian Kewangan
bagi setengah tahun pertama 2007, bilangan unit siap yang tidak
terjual telah meningkat kepada 26,432 unit berbanding dengan
22,185 unit pada setengah tahun pertama 2006. Sungguhpun
untuk beberapa kawasan di Johor, khususnya bagi pasaran rumah
kos sederhana masih lagi berhadapan dengan penawaran yang
tidak terjual, permintaan akan terus kekal teguh bagi lokasi-lokasi
strategik dan kami yakin bahawa projek kami akan meraih faedah
darinya. Kami percaya bahawa hanya produk-produk yang tepat
sahaja yang akan dibangunkan di lokasi yang tepat dan pada
waktu yang tepat, kami menjangkakan bahawa sebarang
hartanah tidak terjual hanya akan memberi tekanan yang
minimum kepada operasi JLand.
JOHOR LAND BERHAD
40
GOING FORWARD
Going forward into 2008, we expect all the abovementioned
market conditions to have a direct positive effect on JLand’s
businesses. Although the challenge of continuously rising
building material costs is very real, we expect to register a
rebound in 2008 supported by higher margin property launches
such as the ones at Bandar Dato’ Onn. Development work at
Bandar Dato’ Onn has been progressing according to schedule
and we anticipate strong interest for our innovative offerings. In
addition, launches in our other main projects in Bandar Tiram
and Taman Bukit Dahlia will contribute to the company’s revenue
in 2008.
We believe in our products and will continue to offer innovative,
quality and value-for-money products in all our strategicallylocated projects. We will continue to look for opportunities to
undertake new projects while continuing to develop our existing
land banks in Tebrau, Ulu Tiram and Pasir Gudang. We will also
focus our efforts on building the JLand brand and developing
innovative development concepts, while delivering quality homes
and distinctive neighbourhoods for our customers in our
established townships.
JOHOR LAND BERHAD
MELANGKAH KE HADAPAN
Melangkah ke tahun 2008, kami menjangkakan kesemua
keadaan pasaran yang dinyatakan di atas mempunyai kesan
langsung yang positif terhadap bisnes JLand. Biarpun cabaran
berterusan dalam peningkatan kos bahan binaan adalah ketara,
namun kami menjangka akan mencatatkan kebangkitan
semula pada tahun 2008 yang didorong oleh pelancaran
hartanah dengan margin yang lebih tinggi seperti yang
terdapat di Bandar Dato’ Onn. Pembinaan di Bandar Dato’ Onn
sedang dilaksanakan mengikut jadual dan kami meramalkan
minat yang mendalam terhadap tawaran kami yang inovatif.
Selain itu, pelancaran projek penting yang lain di Bandar Tiram
serta Taman Bukit Dahlia akan turut menyumbang kepada
perolehan syarikat bagi tahun 2008.
Kami yakin terhadap produk kami dan akan terus menawarkan
produk-produk yang inovatif dan berkualiti dengan nilai untuk
wang bagi kesemua projek kami yang terletak di lokasi yang
strategik. Kami akan terus mencari peluang melaksanakan
projek-projek baru sementara meneruskan pembangunan
simpanan tanah yang ada di Tebrau, Ulu Tiram serta Pasir
Gudang. Kami akan turut menumpukan usaha untuk membina
jenama JLand dan membangunkan konsep pembangunan
inovatif, sambil menyediakan rumah berkualiti dan kawasan
perjiranan yang beridentiti tersendiri khusus untuk
para pelanggan kami di bandar-bandar yang telah
siap kami majukan.
41
JOHOR LAND BERHAD
42
For 2008, JLand will develop residential and commercial units
with an estimated GDV of more than RM400 million. We
recognise the fact that today’s discerning buyers have higher
expectations and are more sophisticated in their requirements.
As such, we need to consistently strive to improve our products
through bringing into play creativity and innovation to satisfy the
needs of our customers. Our business strategies have been
formulated based on market demand in the geographical areas
of Tebrau, Ulu Tiram and Pasir Gudang. Each area will adopt a
different business strategy depending on its market demand. For
example, products at Bandar Dato’ Onn will incorporate
differential features and concepts in terms of layout planning,
design and finishes.
Our strategically located land banks in the Iskandar Malaysia have
significant potential, with estimated GDV of more than RM7
billion when they are eventually developed within the next 10 to
15 years.
JLand will continue to explore new business ventures and
markets and expand our business portfolio. The recent proposed
acquisition of 50.98% interest in WTHSB for RM15 million cash
shows our willingness to venture into new areas and explore
revenue streams that will complement our core property
development operations. To maintain sustainable long-term
growth, JLand will continue to consider acquiring additional land
in prime areas within strategic locations in the Klang Valley and
other localities. Rest assured that we will undertake the
necessary feasibility studies and due diligence to ensure that any
potential venture will generate strong revenue streams and
shareholder returns.
JOHOR LAND BERHAD
Bagi tahun 2008, JLand akan membangunkan unit kediaman dan
komersil dengan anggaran GDV melebihi RM400 juta. Kami
menyedari hakikat bahawa para pembeli hari ini mempunyai
pengharapan yang tinggi serta keperluan yang lebih sofistikated.
Justeru itu, kami perlu berusaha secara konsisten untuk
memperbaiki dan menghasilkan produk yang lebih kreatif dan
inovatif bagi memuaskan kehendak pelanggan. Strategi
perniagaan kami telah direka berdasarkan permintaan pasaran di
kawasan berdasarkan lokasi geografi iaitu Tebrau, Ulu Tiram dan
Pasir Gudang. Setiap kawasan akan menggunapakai strategi
perniagaan yang berbeza, bergantung kepada permintaan
pasaran. Contohnya, produk di Bandar Dato’ Onn akan
menerapkan ciri serta konsep yang berbeza dari segi
perancangan susun atur, reka bentuk serta kemasan.
Tanah simpanan kami yang terletak di lokasi strategik di Iskandar
Malaysia mempunyai potensi yang besar, dengan anggaran GDV
melebihi RM7 bilion apabila ia selesai dibangunkan dalam
tempoh 10 hingga 15 tahun akan datang.
JLand akan terus meneroka usahasama bisnes dan pasaran baru
serta mengembangkan portfolio bisnes kami. Cadangan
pengambilalihan baru-baru ini sebanyak 50.98% kepentingan
dalam WTHSB untuk RM15 juta tunai, menunjukkan
kesanggupan kami mencuba bidang baru dan meneroka aliran
keuntungan yang akan melengkapkan operasi teras kami dalam
pembangunan hartanah. Bagi mengekalkan pertumbuhan jangka
panjang yang mapan, JLand akan terus mempertimbangkan
pemilikan tanah tambahan di kawasan-kawasan penting di sekitar
lokasi strategik di Lembah Klang serta kawasan-kawasan lain.
Kami pastinya akan melakukan kajian kemungkinan dan akan
gigih berusaha bagi memastikan usaha yang berpotensi akan
menghasilkan perolehan yang teguh serta pulangan buat para
pemegang saham.
43
APPRECIATION
Over the years, we at JLand have been blessed with a resilient
and committed network of support. No words can truly express
how indebted we are to our shareholders, customers, financiers,
business associates, and consultants as well as the many
government departments who have supported us and stood by
us. Our appreciation also goes to the thousands of home buyers
who have shown their confidence in our houses and
neighbourhoods.
Needless to say, we would not have come this far were it not
for our dedicated and hard working management and staff. Last
but not least, we wish to thank our esteemed colleagues on the
Board of Directors for their guidance and counsel. We express
our appreciation to Tn Hj Mahlil Bin Omar who resigned from the
Board effective 1 May 2007. We would also like to take this
opportunity to welcome on Board, our new Director, Dr Mohd
Hafetz bin Ahmad who joined us on 22 May 2007. JLand will no
doubt benefit from this new addition to our family.
As we set our sights on becoming the leading property company
in this part of the world, we seek the continued support of all
our stakeholders to maintain the success and accomplishments
we have achieved thus far. We trust that you will all continue to
lend us your unwavering commitment as we continue our
journey forward.
TAN SRI DATO’ MUHAMMAD ALI HASHIM
PENGHARGAAN
Selama ini, kami di JLand telah mendapat sokongan yang
kukuh dan semangat kental yang komited. Tiada perkataan
yang benar-benar dapat menyatakan betapa kami terhutang
budi kepada para pemegang saham, pelanggan, pembiaya,
rakan perniagaan, konsultan serta jabatan-jabatan kerajaan
yang telah menyokong dan berdiri di sisi kami. Penghargaan
ini turut kami tujukan kepada ribuan pembeli rumah yang telah
memperlihatkan keyakinan mereka terhadap kediaman dan
kawasan perjiranan kami.
Kami tidak akan mampu berada sejauh ini jika bukan kerana pihak
pengurusan serta anggota pekerja kami yang komited dan
berdedikasi. Akhir kata, kami ingin mengucapkan terima kasih
kepada rakan sekerja yang dihormati di dalam Lembaga Pengarah
di atas panduan serta nasihat mereka. Kami juga ingin
menyampaikan penghargaan kepada Tn Hj Mahlil Bin Omar yang
telah bersara dari Lembaga Pengarah berkuatkuasa 1 Mei 2007.
Kami turut mengambil kesempatan ini untuk mengalu-alukan
kehadiran Pengarah baru kami, Dr Mohd Hafetz bin Ahmad ke
dalam Lembaga Pengarah, di mana beliau telah menyertai kami
pada 22 Mei 2007. JLand pastinya akan meraih manfaat dari
kehadiran ahli lembaga pengarah baru dalam keluarga kami.
Dalam usaha kami menumpukan perhatian untuk menjadi sebuah
syarikat hartanah terulung di rantau ini, kami mengharapkan
sokongan yang berterusan dari semua pihak yang berkepentingan
untuk mengekalkan kejayaan serta pencapaian yang telah diraih
sehingga kini. Kami pasti akan terus memberikan komitmen yang
teguh dalam mengorak langkah ke hadapan.
Managing Director / Pengarah Urusan
JOHOR LAND BERHAD
44
Corporate Diary 2007
Diari Korporat 2007
JOHOR LAND BERHAD
45
5 JANUARY / JANUARI
Pedoman Meeting was held at
Tanjung Puteri 303, Persada Johor
International Convention Centre,
Johor Bahru
10-11 FEBRUARY / FEBRUARI
Pre-Launching Festival of Bandar
Dato’ Onn was held at Kompleks
Mutiara Johor Land, Bandar Dato’
Onn, Johor Bahru
13 FEBRUARY / FEBRUARI
Launching Ceremony of Dato’ Onn
Interchange officiated by DYAM Tunku
Ibrahim Ismail Ibni Sultan Iskandar,
Tunku Mahkota Johor
16 FEBRUARY / FEBRUARI
Official Launching & Orientation
Program of Tunas Bistari 2007. JLand
contributed RM150,000.00 to the
program
Mesyuarat Pedoman diadakan di
Tanjung
Puteri
303,
Pusat
Konvensyen Antarabangsa Persada
Johor, Johor Bahru
Festival Pra-Pelancaran Bandar Dato’
Onn diadakan di Kompleks Mutiara
Johor Land, Bandar Dato’ Onn, Johor
Bahru
Majlis Perasmian Persimpangan
Bertingkat Dato’ Onn disempurnakan
oleh DYAM Tunku Ibrahim Ismail Ibni
Sultan Iskandar,Tunku Mahkota Johor
Majlis Pelancaran & Perasmian
Program Orientasi Tunas Bistari 2007.
JLand menyumbang RM150,000.00
untuk program berkenaan
21 MARCH / MAC
JLand participated in “Maulidur Rasul
2007” at Masjid Jamek, Pasir
Gudang
24 MARCH / MAC
Sales launching of single storey
terraced “Kristal” at Taman Bukit
Dahlia, Pasir Gudang
6 MAY / MEI
“Family Ceria” JLand was held at
Kompleks Mutiara Johor Land,
Bandar Dato’ Onn, Johor Bahru
JLand menyertai Majlis Maulidur
Rasul 2007 di Masjid Jamek, Pasir
Gudang
Pelancaran jualan rumah teres satu
tingkat, Kristal di Taman Bukit Dahlia,
Pasir Gudang
5 MAY / MEI
JLand participated in Property
Exhibition in conjunction with Official
Launching of Persada Johor
International Convention Centre,
Johor Bahru
19 & 26 MAY / MEI
“Come Home Party” with customers
at Show Houses, Bandar Dato’ Onn,
Johor Bahru
21 MAY / MEI
The 32nd Annual General Meeting
and Extraordinary General Meeting of
JLand was held at Tanjung Puteri
305, Persada Johor International
Convention Centre, Johor Bahru
“Come Home Party” bersama para
pelanggan di Rumah Contoh, Bandar
Dato’ Onn, Johor Bahru
12 SEPTEMBER / SEPTEMBER
Official launching of Tijarah Ramadan
2007 was held at Hall 10, Putrajaya
International Convention Centre.
JLand contributed RM30,000.00 to
the program
Pelancaran Tijarah Ramadan 2007
diadakan di Dewan 10, Pusat
Konvensyen Antarabangsa Putrajaya.
JLand menyumbang RM30,000.00
untuk program berkenaan
JLand menyertai Pameran Hartanah
sempena
Perasmian
Pusat
Konvensyen Antarabangsa Persada
Johor, Johor Bahru
29 JULY / JULAI
Merdeka Carnival with customers at
Sales Office, Tiram
Karnival Merdeka bersama para
pelanggan di Pejabat Jualan, Tiram
Mesyuarat Agung Tahunan kali ke 32
dan Mesyuarat Agung Luarbiasa
JLand diadakan di Tanjung Puteri 305,
Pusat Konvensyen Antarabangsa,
Persada Johor, Johor Bahru
10 OCTOBER / OKTOBER
The ICC Convention JLand 2007 was
held at Kompleks Mutiara Johor
Land, Bandar Dato’ Onn, Johor Bahru
27 OCTOBER / OKTOBER
“Riang Ria Aidilfitri” Carnival with
customers at Taman Bukit Dahlia,
Pasir Gudang
Konvensyen ICC JLand 2007
diadakan di Kompleks Mutiara Johor
Land, Bandar Dato’ Onn, Johor Bahru
Karnival Riang Ria Aidilfitri bersama
para pelanggan di Taman Bukit Dahlia,
Pasir Gudang
Family Ceria JLand diadakan di
Kompleks Mutiara Johor Land,
Bandar Dato’ Onn, Johor Bahru
4 AUGUST / OGOS
“Hari Mesra” JLand for staff and
family was held at Selesa Hotel,
Port Dickson, Negeri Sembilan
Hari Mesra JLand untuk anggota
pekerja dan keluarga diadakan di
Hotel Selesa, Port Dickson, Negeri
Sembilan
2 NOVEMBER / NOVEMBER
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 diadakan di Pusat
Konvensyen Antarabangsa, Persada
Johor, Johor Bahru
JOHOR LAND BERHAD
46
TERMS OF REFERENCE
The Audit Committee was established on September 2, 1996 to act
as a Committee for the Board of Directors.
COMPOSITION OF MEMBERS
Members
Kua Hwee Sim (Chairman)
(appointed as Chairman w.e.f 15 February 2007)
Dato Hj Hassan Bin Mohd Yunos
(appointed as Member w.e.f 1 May 2007)
Lukman Bin Hj Abu Bakar
Non Independent Non Executive Director
(appointed as Member w.e.f 1 August 2006)
Mahlil Bin Omar
(resigned as Member w.e.f 1 May 2007)
OBJECTIVES
The objectives of the Audit Committee are:1. To ensure compliance with Paragraph 15, Part C of the
Listing Requirements of Bursa Malaysia Securities Berhad.
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.
No. of meetings attended
4 out of 4
Percentage
100%
3 out of 3
100%
4 out of 4
100%
1 out of 1
100%
COMPOSITION
The Board shall elect an Audit Committee, comprising not fewer
than three (3) 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.
JOHOR LAND BERHAD
47
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 Secretaries are the Secretaries to the Audit
Committee.
6. During the financial year ended 31 December 2007 the
Audit Committee held a total of four (4) meetings. The
details of attendance of the Audit Committee Members are
as per table above.
FUNCTIONS
Pursuant to Paragraph 15.13 of the Listing Requirements of
Bursa Malaysia Securities Berhad, the Audit Committee amongst
others, shall review, appraise and report to the Board on:1
The appointment of the External Auditors, their audit fees
and in the event of their resignation or dismissal with full
explanatory statements.
2. The adequacy of the scope, functions, competency and
resources of the internal audit function and results of the
internal audit procedures.
3. The quality and effectiveness of the entire accounting and
internal control system of the Group.
AUTHORITY
The Audit Committee is authorised by the Board:-
4. The adequacy of the audit effort by both the External and
Internal Auditors.
1. To investigate any matters within its terms of reference;
5. The adequacy of the disclosures of information essential to
give a true and fair presentation of the financial affairs of the
Group.
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;
6. Any material discoveries of adjustments made by the
External or Internal Auditors.
7.
4. To have direct communication channels with the external
auditors and person(s) carrying out the internal audit function
or activity (if any);
5. To be able to obtain independent professional or other
advice;
6. To be able to convene meetings with the External Auditors,
the Internal Auditor or both, excluding the attendance of
other directors and employees of the company, whenever
deemed necessary.
The quarterly results and yearly financial statements, prior to
the approval by the Board, focusing particularly on:(i) Changes in major accounting policies and their
implementation and the effects of such changes;
(ii) Significant and unusual events; and
(iii) Compliance with stated accounting standards and other
legal requirements.
JOHOR LAND BERHAD
48
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.
7.
9. The assistance given by the employees to the External
Auditors.
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.
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 2007 discharged the following functions:1. Reviewed the unaudited quarterly results and financial
statements of the Company and its subsidiaries.
2. Reviewed the financial statements of the Group and
Company for the financial year ended 31 December 2007
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 2007.
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. Reviewed the related party transactions entered into by the
Company and JCorp Group of Companies.
JOHOR LAND BERHAD
Met with the External Auditors without the presence of the
Management, pursuant to the Best Practices of Malaysian
Code of Corporate Governance.
The Internal Audit has performed twelve (12) normal audit
reviews and assisted the Board in drafting the Statement of
Corporate Governance and Statement on Internal Control during
the financial year 2007. The Head of the Internal Audit will report
directly to the Audit Committee and administratively to the
Managing Director. The cost incurred for Internal Audit Function
for the financial year 2007 was RM249,909 which include
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 advised by the External Auditors and where
appropriate, made the necessar y recommendations to
the Board.
49
corporate
governance
50
56
60
61
Statement on Corporate Governance
Statement on Internal Control
Statement on Directors’ Responsibility
Additional Disclosure Information
JOHOR LAND BERHAD
50
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.
THE BOARD OF DIRECTORS
1. Board Composition
The Board composition is reviewed on a regular basis. The
company is controlled and led by a Board who is responsible
to the shareholders for the management of the Company.
2. Responsibility of the Board
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.
At the same time, the Board also ensures the sustenance
of a dynamic and robust corporate climate focused on
strong ethical values. This emphasises active participation
and dialogues on a structured basis involving key people at
all levels, as well as ensuring accessibility to information and
transparency on all executive action. The corporate climate is
also continuously, nourished by value-centred programmes
for team-building and active subscription to core values.
JOHOR LAND BERHAD
3. Board Meeting
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 Board’s approval.
51
The attendance record for each Director is as follows:Directors
(Non Independent Non Executive Chairman)
(Non Independent Non Executive Deputy Chairman)
(Managing Director)
Kua Hwee Sim
(Independent Non Executive Director)
Dato Hj Hassan Bin Mohd Yunos
Lukman Bin Abu Bakar
(Non Independent Non Executive Director)
(Executive Director
(appointed w.e.f 1 January 2007)
(redesignated to Non Independent Non Executive Director
w.e.f 1 January 2008)
Yusof bin Rahmat
(appointed w.e.f 22 May 2007)
Mahlil Bin Omar
(resigned w.e.f 1 May 2007)
No. of meetings attended
4 out of 4
Percentage
100%
*3 out of 4
75%
4 out of 4
100%
4 out of 4
100%
4 out of 4
100%
4 out of 4
100%
4 out of 4
100%
4 out of 4
100%
1 out of 2
50%
1 out of 1
100%
* Overseas
4. Board Balance
The Board presently consists of nine (9) members,
comprising the Managing Director, the Executive Director,
three (3) Independent Non Executive Directors, and four (4)
Non Independent Non Executive Directors including the
Chairman, as required by the Listing Requirements of Bursa
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.
JOHOR LAND BERHAD
52
5. 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 regards 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.
Directors are given access to any information within the
Company and are free to seek independent professional
advice at a the Company’s expenses, if necessary, in
furtherance of their duties. Directors are also entitled to
have access to the advice and services of the Company
Secretaries.
6. Directors’ Training
The Board is committed to continuous training to enable the
directors to effectively discharge their duties. All Directors
had attended and successfully completed the Mandatory
Accreditation Programme as prescribed by Bursa Malaysia.
The Board had participated in training programmes to keep
abreast with the current developments in the industry as
well as changes in laws and regulations.
7.
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 is responsible for proposing respective new nominees
for the Board and for assessing 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.
JOHOR LAND BERHAD
8. 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.
9. Directorship in Other Companies
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 in non-public listed
companies.
53
10. 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 Operating Officer, Chief Finance Officer,
Head of 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.
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
(“JCorp Group NRC”). 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.
DIRECTORS’ REMUNERATION
As indicated in Paragraph 9 above, the JCorp Group NRC 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:
11. 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 Paragraph
15.26 and 15.27 of the Listing Requirement of Bursa
Malaysia Securities Berhad. 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.
•
•
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.
The Committee, where appropriate, seeks independent advice
and also has access to pooled information on the latest
remuneration and compensation packages practised in
the market.
JOHOR LAND BERHAD
54
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)
—
54,000
—
—
54,000
(Non Independent Non Executive
Deputy Chairman)
—
27,000
—
—
27,000
240,000
118,500
192,166
51,053
601,719
Kua Hwee Sim
—
27,000
—
—
27,000
Dato Hj Hassan Bin Hj Mohd Yunos
—
27,000
—
—
27,000
Lukman bin Abu Bakar
—
27,000
—
—
27,000
181,830
76,600
140,448
8,800
407,678
Yusof Bin Rahmat
—
27,000
—
—
27,000
(appointed w.e.f 22 May 2007)
—
17,000
—
—
17,000
Mahlil Bin Omar
(resigned w.e.f 1 May 2007)
—
6,000
—
—
6,000
(Managing Director)
(Executive Director)
(redesignated to Non Independent Non Executive
Director w.e.f 1 January 2008)
JOHOR LAND BERHAD
55
SHAREHOLDERS
(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 Malaysia 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 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.
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.
(c) Relationship with the Auditors
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
Signed on behalf of the Board of Directors in accordance with
their resolution dated 26 February 2008.
Chairman
Managing Director
JOHOR LAND BERHAD
56
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 of Bursa Malaysia Securities Berhad.
The Board recognizes 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.
JLand has adopted COSO Internal Control Framework since
2001. This is in line with the Guidance. Internal control is defined
as a process, effected by JLand’s Board of Directors and
Management, designed to provide reasonable assurance
regarding the achievement of the company’s objectives. In this
regard, JLand has conducted annual survey based on the five
COSO elements among the employees.
The key elements of the Group’s system of internal control are
described below:
RISK
ASSESSMENT
MONITORING
CONTROL
ENVIRONMENT
INFORMATION &
COMMUNICATION
JOHOR LAND BERHAD
CONTROL
ACTIVITIES
57
CONTROL ENVIRONMENT
The Board and the Senior Management set the tone of the
organisation by demonstrating to staff and stakeholders, through
words and actions, that integrity and ethical values cannot be
compromised. Factors influencing the control environment
include the management’s philosophy and operating style, the
manner in which management assigns authority and
responsibility, and the attention and direction provided by the
Board.
RISK ASSESSMENT
The Board acknowledges its responsibilities in identifying
principal risks and ensuring the implementation of appropriate
systems to manage these risks. The Board has clear strategies
for dealing with the significant risks that have been identified.
For the financial year under review, the Board is satisfied that
the Group’s objectives are adequately supported by strategic
planning, business plan and budgets. In addition, two (2) Risk
Management Reports have been deliberated to the Board.
The Risk Management function is led by the Chief Risk Officer
who oversees the overall risk management activities of the
Company.
The Board confirms that there is an on-going process of
identifying, evaluating, managing and monitoring the significant
risks affecting the achievement of its business objectives
throughout the period.
CHIEF RISK
OFFICER
RISK
OFFICER
JOHOR BAHRU
PASIR GUDANG
TIRAM
TEBRAU
JOHOR LAND BERHAD
58
CONTROL ACTIVITIES
An organizational structure, formally defined lines of
responsibility and delegation of authority is in place. A process
of hierarchical reporting has been established which provides for
documented and auditable trail of accountability. In addition, a
documented delegation of authority is established setting out
the decisions that need to be taken and the appropriate
approving authority at various levels of management including
matters that requires Board approval.
Internal control procedures are documented in comprehensive
ISO 9001:2000 standard operating procedures manuals.
INFORMATION AND COMMUNICATION
The Board receives sufficient and timely information to allow
them to fulfill their responsibilities. Management commits the
appropriate human and financial resources to develop the
necessary information systems, and ensures and monitors
users’ involvement in the development. Management
communicates employees’ duties and responsibilities in an
effective manner. The Group has established procedures for
reporting immediately to appropriate levels of management any
significant control failings or weaknesses that are identified
together with details of corrective actions being undertaken.
MONITORING
Management (1) implement internal control recommendations
made by internal and independent auditors, (2) corrects known
deficiencies on a timely basis, and (3) responds appropriately to
reports and recommendations from regulators.
1. Internal Audit
The internal audit function of the Group complies with the
requirements of Bursa Malaysia that emphasizes the internal
auditors’ independence, objectivity and professional
proficiency. Currently, a Certified Internal Auditor heads the
internal audit function. The core function of the internal
auditors is to perform independent appraisal of the Group’s
activity, to provide assurance on the adequacy and
effectiveness of controls particularly on:
• Reliability and integrity of financial and operational
information
• Effectiveness and efficiency of operations
• Safeguarding of assets
• Compliance with laws, regulations and contracts.
The internal audit reports are deliberated by the Audit
Committee and forwarded to management for attention and
necessary corrective actions as recommended.
2. External Auditors
The External Auditors are engaged to express an opinion on
the financial statements. The External Auditors shall report to
the Management any material deficiencies which come to
their attention during the audit review. The External Auditors
have reviewed this Statement pursuant to Paragraph 15.24
of the Listing Requirements and in accordance with
Recommended Practice Guides (“RPG”) 5, Guidance
for Auditors on the Review of Directors’ Statement on
Internal Control.
JOHOR LAND BERHAD
59
The Audit Committee held a total of two (2) meetings with
the External Auditors without the presence of
the management of the Company during the financial year
3. 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.
Chairman
THE BOARD’S CONCLUSION
The Board is pleased to disclose that the state of the Group’s
Internal Control System is generally adequate, effective, and in
line with best practices. The Group has maintained a sound
internal control system for the financial year under review which
provides reasonable but not absolute assurance that the Group
will not be hindered in achieving their business or be affected
by any circumstances which may reasonably foreseen.
Managing Director
JOHOR LAND BERHAD
60
Statement on Directors’ Responsibility
Pursuant to Paragraph15.27(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 2007, 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.
Chairman
JOHOR LAND BERHAD
Managing Director
61
UTILIZATION OF PROCEEDS
The company did not implement any fund raising exercise
during the financial year.
SHARE BUY-BACK
There were no shares buy-back during the financial year.
As at 31 December 2007, the Company repurchased 951,800
units of its issued shares from the open market.
The total shares repurchased are being held as treasury shares
and carried out as cost in accordance with the requirement of
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 OR CONVERTIBLE SECURITIES
No options, warrants or Convertible Securities were exercised
NON-AUDIT FEES
The amount of non-audit fees payable to the External Auditors
by the Group for the financial year ended 31 December 2007 is
as follows:
Auditors
Services
RM
KPMG
Professional fee for services
rendered in relation with the review
of Statement on Internal Control
5,000
VARIATION IN RESULTS
There was no material variation between the audited results for
the financial year ended 31 December 2007 and the unaudited
results previously released for the financial quarter ended 31
December 2007.
PROFIT GUARANTEE
The Company did not make any arrangement during the financial
year which requires profit guarantee.
AMERICAN DEPOSITORY RECEIPT ("ADR") OR GLOBAL
DEPOSITORY RECEIPT ("GDR")
The Company did not sponsor any ADR or GDR programme
SANCTIONS AND/OR PENALTIES
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.
JOHOR LAND BERHAD
62
MATERIAL CONTRACTS
There was no other material contracts entered into by the
Company and/or its subsidiaries involving Directors and major
shareholders’ interests subsisting at 31 December 2007 or
entered into since the end of the previous financial year ended
31 December 2006.
At an Extraordinar y General Meeting held on Monday,
21 May 2007 the Company obtained a Shareholders’ mandate
to allow the Group to enter into Recurrent Related Party
Transaction of a revenue or trading nature with the following
parties:-
Relationship of
transacting party
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
A subsidiary owned by
JCorp, a Major Shareholder of
JLand, by virtue of Section 6A
of the Companies Act 1965^
JLand and/or
subsidiaries
Teraju Fokus
Sdn Bhd
Security and related services provided
to the JLand Group
JLand and/or
subsidiaries
Damansara
Assets
Sdn. Bhd.
Rental of office space to JLand
and other related expenses Ω
JLand and/or
subsidiaries
Pro
Communication
Services
Sdn. Bhd.
JCorp
Advertising and promotion services
provided to the JLand Group
An associate company of
Wholly-owned subsidiary of
A subsidiary of JCorp via
Tajasukan Sdn Bhd^
JLand and/or
subsidiaries
JOHOR LAND BERHAD
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 Companies
Act 1965^
Actual Value of
Transaction from
1 January to 31
December 2007
(RM’000)
4,330
*2,063
6,393
*556
*422
*2
*11
63
*
^
Ω
Company
Transacting Party Nature of Transaction
JLand and/or
subsidiaries
JCorp Group
Sale of houses, shops, shop offices
and other types of development on
land registered in the name of
JCorp Group for which JLand has
acquired from JCorp Group the said
land. The entire proceeds of the sale
accrue to JLand
Actual Value of
Transaction from
1 January to 31
December 2007
(RM’000)
Relationship of
transacting party
JCorp is a Major Shareholder
of JLand by virtue of
Section 6A of the
Companies Act 1965^
542
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 and Chief Executive of JCorp. He is also the Chairman of various other companies within the JCorp
Group.
(ii)
Mohd Talhar bin Abdul Rahman is a Non Independent Non Executive Deputy Chairman of JLand and 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 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 a 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.
In compliance with paragraph 4.2(c) of Practice Note 12/2001 of the Listing Requirement of Bursa Malaysia Securities Berhad, in that the lease period is not made on lump
sum basis (i.e it is made on an equal pro-rated monthly basis).
JOHOR LAND BERHAD
financial
statements
65
70
70
71
72
73
74
76
78
Directors’ Report
Statement by Directors
Statutory Declaration
Report of the Auditors
Balance Sheets
Income Statements
Statement of Changes in Equity
Cash Flow Statements
Notes to the Financial Statements
65
Directors’ Report
For the year ended 31 December 2007
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 2007.
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
RM
Company
RM
6,689,841
19,523,511
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)
a final dividend of 3 sen per ordinary share less tax 27% totalling RM2,650,951 (2.19 sen net per ordinary share) in
respect of the year ended 31 December 2006 on 29 June 2007; and
(ii)
an interim dividend of 4 sen per ordinary share less tax 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.
The final dividend recommended by the Directors in respect of the year ended 31 December 2007 is 3% per ordinary share
less tax at 26% totalling RM2,687,270 (2.22 net per ordinary share).
JOHOR LAND BERHAD
66
Directors’ Report
DIRECTORS OF THE COMPANY
Directors who served since the date of the last report are:
Mohd Talhar bin Abd Rahman
Kua Hwee Sim
Dato Hj Hassan bin Hj Mohd Yunos
Lukman bin Hj Abu Bakar
Yusof bin Rahmat
Abdul Malek bin Talib
Dr Mohd Hafetz bin Ahmad (appointed on 22 May 2007)
Mahlil bin Omar (resigned on 1 May 2007)
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:
Name of Directors
Company
Kua Hwee Sim
Mohd Talhar bin Abd Rahman
Dr Mohd Hafetz bin Ahmad
JOHOR LAND BERHAD
Interest
Direct
Deemed
Direct
Direct
Direct
Direct
Deemed
Number of ordinary shares of RM1.00 each
At
At
1 January
31 December
2007
Bought
Sold
2007
100,360
4,300
67,800
9,000
7,920
4,160
4,770
—
—
—
—
—
—
—
—
—
—
—
—
(2,160)
—
100,360
4,300
67,800
9,000
7,920
2,000
4,770
67
Directors’ Report
DIRECTORS’ INTERESTS (CONT’D.)
Name of Directors
Related Companies
– Kulim (Malaysia) Berhad*
Interest
Number of ordinary shares of RM1.00 each
At
At
1 January
31 December
2007
Bought
Sold
2007
Direct
Deemed
Direct
Direct
Deemed
Direct
284,000
22,400
1,000
11,250
14,470
100
—
—
—
—
—
—
—
—
—
(11,250)
(2,450)
—
284,000
22,400
1,000
—
12,020
100
Direct
Deemed
Direct
81,100
12,000
40,000
—
—
—
—
—
(32,000)
81,100
12,000
8,000
Direct
Direct
Direct
72,765
1,050
105
1,212
17
1
—
—
—
73,977
1,067
106
Direct
1,000
—
—
1,000
Direct
1
—
—
1
– KPJ Healthcare Berhad
– Sindora Berhad
– QSR Brands Bhd
– Sergam Berhad
* The ordinary share is RM0.50 each.
None of the other Directors holding office at 31 December 2007 had any interest in the ordinary shares of the Company and
of its related corporations during the year.
JOHOR LAND BERHAD
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.
JOHOR LAND BERHAD
69
Directors’ Report
OTHER STATUTORY INFORMATION (CONT’D.)
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 2007 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: 14 April 2008
JOHOR LAND BERHAD
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 72 to 122, are drawn up in accordance with the
provisions of the Companies Act, 1965 and applicable approved Financial Reporting Standards issued by the Malaysian
Accounting Standards Board so as to give a true and fair view of the state of affairs of the Group and of the Company at
31 December 2007 and of the results of their operations and cash flows for the financial year ended on that date.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
Johor Bahru,
Date: 14 April 2008
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 72 to 122 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 14 April 2008.
Mariana binti Sidi
Before me:
R. Ramasamy
P.I.S.
Commissioner for Oaths
J058
JOHOR LAND BERHAD
71
Report of the Auditors
To the members of Johor Land Berhad
We have audited the financial statements set out on pages 72 to 122. The preparation of the financial statements is the
responsibility of the Company’s Directors.
It is our responsibility to form an independent opinion, based on our audit, on the financial statements and to report our
opinion to you, as a body, in accordance with Section 174 of the Companies Act, 1965 and for no other purpose. We do not
assume responsibility to any other person for the content of this report.
We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by the Directors,
as well as evaluating the overall financial statements presentation. We believe our audit provides a reasonable basis for
our opinion.
In our opinion:
(a)
(b)
the financial statements are properly drawn up in accordance with the provisions of the Companies Act, 1965 and
applicable approved Financial Reporting Standards issued by the Malaysian Accounting Standards Board so as to give a
true and fair view of:
(i)
the state of affairs of the Group and of the Company as at 31 December 2007 and of the results of their operations
and cash flows for the financial year ended on that date; and
(ii)
the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements of the
Group and of the Company; and
the accounting and other records and the registers required by the Companies Act, 1965 to be kept by the Company
and its subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the
said Act.
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 consolidated financial
statements and we have received satisfactory information and explanations required by us for those purposes.
The audit reports on the financial statements of the subsidiaries were not subject to any qualification and did not include any
comment made under sub-section (3) of Section 174 of the Act.
KPMG
Firm Number: AF 0758
Chartered Accountants
Ang Ah Leck
Partner
Approval Number: 1991/09/09 (J)
Johor Bahru,
Date: 14 April 2008
JOHOR LAND BERHAD
72
Balance Sheets
As at 31 December 2007
Note
2007
RM
Group
2006
RM
2007
RM
Company
2006
RM
3
4
5
6
7
8
2,766,340
29,034,339
—
46,527,112
493,689,381
16,123,294
3,782,524
3,184,538
—
40,463,832
500,009,076
15,786,251
2,017,940
28,384,339
19,548,000
37,188,721
483,596,620
15,533,251
2,269,524
—
19,548,000
37,188,721
487,977,226
15,787,251
588,140,466
563,226,221
586,268,871
562,770,722
135,376,499
35,840,865
45,193,287
117,250
2,136,672
3,081,871
102,060,655
48,231,686
38,338,015
176,462
—
5,332,139
102,672,690
18,300,904
49,991,372
117,250
2,136,672
2,393,669
63,513,070
44,940,628
46,209,770
176,462
—
2,540,653
Total current assets
221,746,444
194,138,957
175,612,557
157,380,583
Total assets
809,886,910
757,365,178
761,881,428
720,151,305
Equity
Share capital
Reserves
Retained earnings
122,000,000
369,115,511
149,350,826
122,000,000
369,115,511
148,846,545
122,000,000
369,115,511
129,588,938
122,000,000
369,115,511
116,250,987
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 cash equivalents
9
10
11
12
13
Total equity attributable to shareholders of the
Company/Total equity
14
640,466,337
639,962,056
620,704,449
607,366,498
Liabilities
Loans and borrowings/
Total non-current liabilities
15
60,645,064
61,142,084
35,717,064
52,462,084
16
15
21,465,396
83,350,872
3,534,609
424,632
15,380,467
40,573,684
—
306,887
22,574,434
79,350,872
3,534,609
—
23,665,157
36,573,684
—
83,882
Total current liabilities
108,775,509
56,261,038
105,459,915
60,322,723
Total liabilities
169,420,573
117,403,122
141,176,979
112,784,807
Total equity and liabilities
809,886,910
757,365,178
761,881,428
720,151,305
Trade and other payables
Loans and borrowings
Dividend payable
Taxation
The accompanying notes form an integral part of the financial statements.
JOHOR LAND BERHAD
73
Income Statements
Group
Note
Revenue
Cost of goods sold
17
Operating profit
Share of profit after tax and minority interest
of equity accounted associates
2007
RM
Company
2006
RM
74,660,253
(43,354,848)
89,239,069
(37,736,246)
78,689,709
(37,698,051)
20,989,294
4,000,673
(4,896,683)
(11,775,663)
(1,418,043)
31,305,405
1,901,947
(2,655,941)
(11,183,645)
(358,423)
51,502,823
2,656,310
(4,099,306)
(10,717,439)
(2,219,620)
40,991,658
1,645,512
(2,628,775)
(9,701,152)
(1,110)
18
6,899,578
141,471
(7,975,449)
19,009,343
281,807
(6,068,490)
37,122,768
62,021
(7,489,919)
30,306,133
38,678
(5,858,784)
19
(934,400)
13,222,660
29,694,870
24,486,027
9,202,021
8,876,148
—
—
8,267,621
22,098,808
29,694,870
24,486,027
Profit before tax
Tax expense
2006
RM
63,356,305
(42,367,011)
Gross profit
Other income
Distribution expenses
Administrative expenses
Other expenses
Results from operating activities
Interest income
Finance costs
2007
RM
20
(1,577,780)
(4,423,519)
(10,171,359)
(7,353,612)
Profit for the year
6,689,841
17,675,289
19,523,511
17,132,415
Attributable to:
Shareholders of the Company
Minority interest
6,689,841
—
17,747,702
(72,413)
19,523,511
—
17,132,415
—
Profit for the year
6,689,841
17,675,289
19,523,511
17,132,415
Basic earnings per ordinary share (sen)
21
5.53
14.66
Diluted earnings per ordinary share (sen)
21
1.98
4.42
JOHOR LAND BERHAD
74
Note
Group
At 1 January 2006
Profit for the year
Treasury shares acquired
Dividends to shareholders
At 31 December 2006
Profit for the year
Share
capital
RM
Attributable to shareholders of the Company
Non-distributable
Convertible
unsecured
Share loan stocks
Distributable
premium
-equity
Treasury
Retained
reserve
portion
shares
earnings
RM
RM
RM
RM
Total
RM
Minority
interest
RM
Total
equity
RM
22
122,000,000
—
—
—
78,581,839 291,388,446
—
—
—
—
—
—
(760,158) 140,693,324 631,903,451
—
17,747,702
17,747,702
(94,616)
—
(94,616)
—
(9,594,481) (9,594,481)
72,413 631,975,864
(72,413) 17,675,289
—
(94,616)
—
(9,594,481)
22
122,000,000
—
—
78,581,839 291,388,446
—
—
—
—
(854,774) 148,846,545 639,962,056
—
6,689,841
6,689,841
—
(6,185,560) (6,185,560)
— 639,962,056
—
6,689,841
—
(6,185,560)
122,000,000
78,581,839 291,388,446
(854,774) 149,350,826 640,466,337
— 640,466,337
At 31 December 2007
JOHOR LAND BERHAD
75
Share
capital
RM
Non-distributable
Convertible
unsecured
Share loan stockspremium
equity
reserve
portion
RM
RM
Company
At 1 January 2006
Profit for the year
Treasury shares acquired
122,000,000
—
—
22
—
78,581,839 291,388,446
—
—
—
—
—
—
(760,158) 108,713,053 599,923,180
—
17,132,415
17,132,415
(94,616)
—
(94,616)
— (9,594,481) (9,594,481)
At 31 December 2006
Profit for the year
122,000,000
—
22
—
78,581,839 291,388,446
—
—
—
—
(854,774) 116,250,987 607,366,498
— 19,523,511 19,523,511
— (6,185,560) (6,185,560)
122,000,000
78,581,839 291,388,446
(854,774) 129,588,938 620,704,449
Note
At 31 December 2007
Treasury
shares
RM
Distributable
Retained
earnings
RM
Total
equity
RM
JOHOR LAND BERHAD
76
Group
Cash flows from operating activities
Profit before tax
Adjustments for:Impairment losses:
– Investment in a subsidiary
– Goodwill
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
Gross dividends from quoted shares
Interest income
Share in results of associate
Operating profit before changes in working capital
Changes in working capital:
Inventories
Trade and other receivables
Trade and other payables
Cash generated from/(used in) operations
Interest received
Dividend received
Interest paid
Tax paid
Net cash (used in)/from operating activities
2007
RM
2006
RM
2007
RM
Company
2006
RM
8,267,621
22,098,808
29,694,870
24,486,027
—
30,000
(2,251,139)
495,301
7,975,449
—
—
276,920
565,037
6,068,490
30,000
—
(2,251,139)
392,036
7,489,919
—
—
—
463,295
5,858,784
(18,181)
(108,027)
(465,462)
14,159
(3,018)
—
(18,181)
(108,027)
—
—
(3,018)
—
690,038
131,750
(7,502)
(141,471)
(9,202,021)
8,844
—
(2,371)
(281,807)
(8,876,148)
1,585
—
(7,502)
(62,021)
—
1,109
—
(2,371)
(38,678)
—
5,396,356
19,868,914
35,161,540
12,390,821
(6,855,272)
6,084,929
(16,028,895)
(934,580)
2,349,208
(6,889,439)
(19,708,172)
26,639,724
(3,781,602)
(1,090,723)
(23,811,760)
811,767
4,622,069
2,448,294
(5,397,963)
987,939
141,471
3,006,993
(4,920,469)
(3,933,750)
(5,314,069)
281,807
10,825,175
(3,000,198)
(5,711,238)
33,117,179
62,021
—
(4,434,939)
(12,137,913)
33,249,315
38,678
—
(2,790,492)
(8,036,277)
(4,717,816)
(2,918,523)
16,606,348
22,461,224
JOHOR LAND BERHAD
30,765,148
77
Group
2007
RM
Cash flows from investing activities
Acquisition of:– Property, plant and equipment
– Investment in associate
– Quoted investments
– Additional investment in a subsidiary
Land held for future development
Proceeds from disposal of:– Property, plant and equipment
– Quoted investments
Dividends received
Net cash used in investing activities
(665,224)
—
(562,935)
(25,637,199)
(30,000)
(10,967,254)
18,249
3,000,000
730,172
7,502
2006
RM
2007
RM
(146,081)
(131,750)
(422,353)
—
—
(1,090,411)
59,438
—
363,528
2,371
Company
2006
RM
(638,106)
—
(562,935)
(25,637,199)
(30,000)
(10,967,254)
18,249
—
730,174
7,502
(26,802)
—
(422,353)
—
—
(1,090,411)
—
—
363,527
2,371
(34,106,689)
(1,365,258)
(37,079,569)
(1,173,668)
(59,737)
4,881
16,248,000
(2,650,951)
(19,800,000)
—
(284,465)
16,414
8,680,000
(9,594,481)
(4,023,288)
(94,616)
(59,737)
4,881
—
(2,650,951)
(19,800,000)
—
(259,450)
16,414
—
(9,594,481)
(4,023,288)
(94,616)
(6,257,807)
(5,300,436)
(22,505,807)
(13,955,421)
Net (decrease)/increase in cash and cash equivalents
(45,082,312)
(9,584,217)
(42,979,028)
7,332,135
Cash and cash equivalents at 1 January
(26,120,364)
(16,536,147)
(28,911,850)
(36,243,985)
Cash and cash equivalents at 31 December
(71,202,676)
(26,120,364)
(71,890,878)
(28,911,850)
3,081,871
—
(74,284,547)
3,611,550
1,720,589
(31,452,503)
2,393,669
—
(74,284,547)
2,540,653
—
(31,452,503)
(71,202,676)
(26,120,364)
(71,890,878)
(28,911,850)
Cash flows from financing activities
Payment of finance lease liabilities
Net proceeds from borrowings
Drawdown of bridging loan
Dividends paid to shareholders of the Company
Interest paid on convertible unsecured loan stocks
Treasury shares
Net cash used in financing activities
Cash and cash equivalents included in the cash flow
statements comprise the following balance sheet amounts:
Cash and bank balances
Fixed deposits with a licensed banks
Bank overdrafts
JOHOR LAND BERHAD
78
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
Jalan Bukit Mutiara
Bandar Dato Onn
81100 Johor Bahru
Johor Darul Takzim
Registered office
13th Floor, Menara Johor Corporation
KOTARAYA
80000 Johor Bahru
Johor Darul Takzim
The consolidated financial statements of the Company as at and for the year ended 31 December 2007 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 14 April 2008.
1.
BASIS OF PREPARATION
(a)
Statement of compliance
The financial statements of the Group and of the Company have been prepared in accordance with applicable
approved Financial Reporting Standards (FRS) issued by the Malaysian Accounting Standards Board (MASB), the
provisions of the Companies Act, 1965 and accounting principles generally accepted in Malaysia.
JOHOR LAND BERHAD
79
1.
BASIS OF PREPARATION (CONT’D.)
(a)
Statement of compliance (Cont’d.)
The MASB has also issued the following FRSs and Interpretations that are effective for annual periods beginning
after 1 January 2007 and that have not been applied in preparing these financial statements:
FRSs / Interpretations
FRS 107, Cash Flow Statements
FRS 111, Construction Contracts
FRS 112, Income Taxes
FRS 118, Revenue
FRS 120, Accounting for Government Grants and
Disclosure of Government Assistance
Amendment to FRS 121, The Effects of Changes in Foreign
Exchange Rates – Net Investment in a Foreign Operation
FRS 134, Interim Financial Reporting
FRS 137, Provisions, Contingent Liabilities and Contingent Assets
FRS 139, Financial Instruments: Recognition and Measurement
IC Interpretation 1, Changes in Existing Decommissioning,
Restoration and Similar Liabilities
IC Interpretation 2, Members’ Shares in Co-operative
Entities and Similar Instruments
IC Interpretation 5, Rights to Interests arising from
Decommissioning, Restoration and Environmental
Rehabilitation Funds
IC Interpretation 6, Liabilities arising from Participating in a
Specific Market – Waste Electrical and Electronic Equipment
IC Interpretation 7, Applying the Restatement Approach
under FRS 129, Financial Reporting in Hyperinflationary Economies
IC Interpretation 8, Scope of FRS 2
Effective date
1 July 2007
1 July 2007
1 July 2007
1 July 2007
1 July 2007
1 July 2007
1 July 2007
1 July 2007
To be announced
1 July 2007
1 July 2007
1 July 2007
1 July 2007
1 July 2007
1 July 2007
The Group and the Company plan to apply the abovementioned FRSs and Interpretations for the annual period
beginning 1 January 2008, except for FRS 139 which its effective date has yet to be announced.
The impact of applying 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
exemption given in FRS 139.103AB.
The initial application of the other FRSs and Interpretations are not expected to have any material impact on the
financial statements of the Group and of the Company.
JOHOR LAND BERHAD
80
1.
BASIS OF PREPARATION (CONT’D.)
(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, unless otherwise stated.
(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) –
Note 2s(iii) –
2.
valuation of investment properties
revenue recognition on property development
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.
JOHOR LAND BERHAD
81
2.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
(a)
Basis of consolidation (Cont’d.)
(i)
Subsidiaries (Cont’d.)
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 impairment losses, unless
the investment is classified as held for sale unless the investment is classified as held for sale (or included in
a disposal group that is classified as held for sale).
(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 unless it is
classified as held for sale (or included in a disposal group that is classified as held for sale). 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, unless
the investment is classified as held for sale (or included in a disposal group that is classified as held for sale).
(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.
JOHOR LAND BERHAD
82
2.
(a)
Basis of consolidation (Cont’d.)
(iii) Changes in Group composition (Cont’d.)
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 (excluding goodwill)
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 shareholders 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 shareholders 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.
(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.
JOHOR LAND BERHAD
83
2.
(b)
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of 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 that are measured at fair value 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)
(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.
JOHOR LAND BERHAD
84
2.
(c)
Property, plant and equipment (Cont’d.)
(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 remeasurement 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. Long and short leasehold land is amortised based on
straight-line basis over the leasehold periods of 30 to 90 years respectively. Freehold land is not depreciated.
The estimated useful lives for the current and comparative periods are as follows:
Buildings
Plant and machinery
Furniture, fittings and equipment
Motor vehicles
10 – 50 years
5 – 8.3 years
4 – 5 years and replacement basis
5 years
Depreciation methods, useful lives and residual values are reassessed at the balance sheet date.
(d)
Leased assets
(i)
Finance lease
Leases in terms of which the Group assumes 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.
JOHOR LAND BERHAD
85
2.
(d)
Leased assets (Cont’d.)
(i)
Finance lease (Cont’d.)
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.
(ii)
Operating lease
Other leases are 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 statements.
JOHOR LAND BERHAD
86
2.
(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.
(g)
(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 property are measured initially at cost and subsequently at fair value with any change therein
recognised in the income statements.
(ii)
Reclassification to / from investment property
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.
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 propert y changes such that it is reclassified as propert y, plant and
equipment/inventories/property development, its fair value at the date of reclassification becomes its cost for
subsequent accounting.
JOHOR LAND BERHAD
87
2.
(g)
Investment properties (Cont’d.)
(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 every 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.
(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.
JOHOR LAND BERHAD
88
2.
(i)
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.
(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.
JOHOR LAND BERHAD
89
2.
(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 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 cash-generating 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.
(m) Share capital
(i)
Shares issue expenses
Incremental costs directly attributable to issue of shares and share options classified as equity are recognised
as a deduction from equity.
JOHOR LAND BERHAD
90
2.
(m) Share capital (Cont’d.)
(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
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.
JOHOR LAND BERHAD
91
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.
JOHOR LAND BERHAD
92
2.
(r)
Revenue recognition (Cont’d.)
(iii) Revenue from property development (Cont’d.)
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.
(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.
JOHOR LAND BERHAD
93
2.
(t)
Tax expense (Cont’d.)
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.
JOHOR LAND BERHAD
94
3.
PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
RM
Office
equipment,
furniture
and fittings
RM
Motor
vehicles
RM
Total
RM
3,818,075
—
—
(1,256,466)
1,047,289
—
(62,000)
—
1,260,244
103,081
(83,570)
—
1,994,278
43,000
(101,813)
—
8,119,886
146,081
(247,383)
(1,256,466)
At 31 December 2006/1 January 2007
Additions
Disposals/Written off
Transfer to investment properties
2,561,609
—
—
(496,001)
985,289
—
(985,289)
—
1,279,755
665,224
(250,883)
—
1,935,465
—
—
—
6,762,118
665,224
(1,236,172)
(496,001)
At 31 December 2007
2,065,608
—
1,694,096
1,935,465
5,695,169
540,012
80,642
—
(329,546)
322,244
—
(19,080)
—
853,259
188,187
(71,197)
—
1,193,530
296,208
(74,665)
—
2,909,045
565,037
(164,942)
(329,546)
Depreciation charge
291,108
68,972
—
303,164
—
(303,164)
970,249
193,761
(242,902)
1,415,073
232,568
—
2,979,594
495,301
(546,066)
At 31 December 2007
360,080
—
921,108
1,647,641
2,928,829
Carrying amounts
At 31 December 2007
1,705,528
—
772,988
287,824
2,766,340
At 31 December 2006
2,270,501
682,125
309,506
520,392
3,782,524
Land
and
buildings
RM
Group
Cost
At 1 January 2006
Additions
Depreciation
At 1 January 2006
Depreciation charge
JOHOR LAND BERHAD
95
3.
PROPERTY, PLANT AND EQUIPMENT (CONT’D.)
Land
and
buildings
RM
Office
equipment,
furniture
and fittings
RM
Motor
vehicles
RM
Total
RM
Company
Cost
At 1 January 2006
Additions
Written off
1,766,790
—
—
1,056,930
26,802
(9,600)
1,872,206
—
—
4,695,926
26,802
(9,600)
Transfer to investment property
Additions
Disposal/Written off
1,766,790
(496,001)
—
—
1,074,132
—
638,106
(209,394)
1,872,206
—
—
—
4,713,128
(496,001)
638,106
(209,394)
At 31 December 2007
1,270,789
1,502,844
1,872,206
4,645,839
Depreciation
At 1 January 2006
Depreciation charge
Written off
145,116
15,444
—
741,886
161,286
(8,491)
1,101,798
286,565
—
1,988,800
463,295
(8,491)
Depreciation charge
Disposal/Written off
160,560
15,448
—
894,681
152,620
(207,741)
1,388,363
223,968
—
2,443,604
392,036
(207,741)
At 31 December 2007
176,008
839,560
1,612,331
2,627,899
Carrying amounts
At 31 December 2007
1,094,781
663,284
259,875
2,017,940
At 31 December 2006
1,606,230
179,451
483,843
2,269,524
JOHOR LAND BERHAD
96
3.
PROPERTY, PLANT AND EQUIPMENT (CONT’D.)
2007
RM
Group
2006
RM
2007
RM
Company
2006
RM
893,924
811,604
1,380,027
890,474
498,574
596,207
984,677
621,553
1,705,528
2,270,501
1,094,781
1,606,230
2006
RM
2007
RM
Company
2006
RM
Carrying amounts of land and buildings
At cost
Freehold land
Buildings
4.
INVESTMENT PROPERTIES
Group
2007
RM
At fair value
At 1 January
Additions
Transfer from property, plant and equipment
Disposal
Change in fair value
3,184,538
25,637,199
496,001
(2,534,538)
2,251,139
2,534,538
—
926,920
—
(276,920)
—
25,637,199
496,001
—
2,251,139
—
—
—
—
—
At 31 December
29,034,339
3,184,538
28,384,339
—
93,600
—
556,400
8,820,000
19,564,339
93,600
2,021,261
1,069,677
—
—
—
—
—
8,820,000
19,564,339
—
—
—
—
—
29,034,339
3,184,538
28,384,339
—
Included in the above are:
Leasehold land with unexpired lease period of:
– less than 50 years
– more than 50 years
Factory buildings
Sports complex
Freehold land
JOHOR LAND BERHAD
97
4.
INVESTMENT PROPERTIES (CONT’D.)
The Group’s and the Company’s investment properties were revalued in December 2007 by independent professional
qualified valuers using open market value method. Certain freehold land with fair value of RM1,250,000 are
currently vacant.
5.
INVESTMENTS IN SUBSIDIARIES
2007
RM
Unquoted investment – at cost
Less: Impairment losses
Company
2006
RM
21,078,000
(1,530,000)
21,048,000
(1,500,000)
19,548,000
19,548,000
The subsidiaries, all incorporated in Malaysia are as follows:
Effective
ownership
interest
2007
2006
%
%
Name of Company
Principal activities
Advance Development Sdn. Bhd.
Property developer
100
100
Pembinaan Prefab Sdn. Bhd.
Property developer
100
100
Johor Land Manufacturing Sdn. Bhd.
Manufacturer of metal door frames
and trading of building materials.
It ceased operation during the year
and remains dormant.
100
75
JOHOR LAND BERHAD
98
6.
INVESTMENTS IN ASSOCIATES
Group
2007
RM
Unquoted shares, at cost
Dividend received out of pre-acquisition profits
Share of post-acquisition results of associates
2006
RM
2007
RM
Company
2006
RM
45,712,420
(8,523,699)
9,338,391
45,844,170
(8,523,699)
3,143,361
45,712,420
(8,523,699)
—
45,712,420
(8,523,699)
—
46,527,112
40,463,832
37,188,721
37,188,721
Summary financial information on the associates:
Name of company
Country
incorporation
Effective
ownership
interest
(%)
Revenue
(100%)
RM’000
Profit/
(Loss)
(100%)
RM’000
Total
assets
(100%)
RM’000
Total
liabilities
(100%)
RM’000
531,003
29,748
277,888
(169,918)
2007
Revertex (Malaysia) Sdn. Bhd.
Malaysia
30.07
During the year, an associate, Malaya Bangla Metal Fabricators Joint Venture Company Limited, ceased its operation
and remained dormant thereon.
2006
Revertex (Malaysia) Sdn. Bhd.
Malaya Bangla Metal
Fabricators Joint Venture
Company Limited
JOHOR LAND BERHAD
Malaysia
30.07
470,200
29,904
254,529
(166,695)
Bangladesh
50.00
—
(232)
166
(123)
99
6.
INVESTMENTS IN ASSOCIATES (CONT’D.)
Group
2007
RM’000
2006
RM’000
1,041
1,122
Contingent liabilities
Share of associates contingent liabilities incurred jointly with other investors
– Bank guarantees for trade financing to suppliers (unsecured)
7.
LAND HELD FOR FUTURE DEVELOPMENT
2007
RM
Group
2006
RM
2007
RM
Company
2006
RM
At cost
Freehold land
Long leasehold land
468,077,902
31,931,174
466,442,798
32,475,867
456,046,052
31,931,174
454,410,948
32,475,867
At 1 January
Additions
Disposal
500,009,076 498,918,665
10,967,254
2,068,027
(807,632)
(977,616)
510,168,698
Transfer to land and development expenditure
– Freehold land
– Leasehold land
At 31 December
– Freehold land
– Leasehold land
(13,222,967)
(3,256,350)
500,009,076
—
—
487,977,226 486,886,815
10,967,254
2,068,027
(807,632)
(977,616)
498,136,848
(11,283,878)
(3,256,350)
487,977,226
—
—
465,822,189
27,867,192
468,077,902
31,931,174
455,729,428
27,867,192
456,046,052
31,931,174
493,689,381
500,009,076
483,596,620
487,977,226
JOHOR LAND BERHAD
100
7.
LAND HELD FOR FUTURE DEVELOPMENT (CONT’D.)
Group
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
2007
RM
2006
RM
2007
RM
Company
2006
RM
25,057,922
19,305,914
25,057,922
19,305,914
342,910,792
18,799,722
351,655,144
20,026,457
342,910,792
18,799,722
350,226,969
20,026,457
Security
Development lands of the Company with carrying amount of RM21,114,866 (2006: RM22,595,412) are charged to the
bank as security for borrowings as disclosed in Note 15.
Freehold land of a subsidiary consisting of 642 (2006: 731) pieces of land with carrying value of RM2,328,303 (2006:
RM2,825,961) are charged to the bank for bridging loan facilities granted to that subsidiary 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
2007
RM
Convertible unsecured loan stocks (“CULS”)
Others
JOHOR LAND BERHAD
2006
RM
2007
RM
Company
2006
RM
(113,000)
(585,000)
16,178,251
643,043
(74,000)
—
15,860,251
—
(112,000)
(585,000)
16,178,251
52,000
(73,000)
—
15,860,251
—
16,123,294
15,786,251
15,533,251
15,787,251
101
8.
DEFERRED TAX ASSETS (CONT’D.)
Movement in temporary differences during the year.
At
1 January
2006
RM
Recognised
in income
statement
RM
At 31
December
2006
RM
Recognised
in income
statement
RM
At 31
December
2007
RM
(82,000)
—
15,588,251
—
8,000
—
272,000
—
(74,000)
—
15,860,251
—
(39,000)
(585,000)
318,000
643,043
(113,000)
(585,000)
16,178,251
643,043
15,506,251
280,000
15,786,251
337,043
16,123,294
(81,000)
—
15,588,251
—
8,000
—
272,000
—
(73,000)
—
15,860,251
—
(39,000)
(585,000)
318,000
52,000
(112,000)
(585,000)
16,178,251
52,000
15,507,251
280,000
15,787,251
(254,000)
15,533,251
Group
Changes in fair value of investment properties
Convertible unsecured loan stocks
Others
Company
Changes in fair value of investment properties
Others
9.
PROPERTY DEVELOPMENT PROJECTS
Property development projects comprise the following:
Group
Land
– Freehold land
– Long leasehold land
Development cost
2007
RM
2006
RM
2007
RM
Company
2006
RM
1,582,983
4,822,012
120,331,158
2,401,040
8,586,316
111,741,677
—
4,822,012
74,863,006
—
8,586,316
62,465,197
126,736,153
122,729,033
79,685,018
71,051,513
JOHOR LAND BERHAD
102
9.
PROPERTY DEVELOPMENT PROJECTS (CONT’D.)
2007
RM
Group
2006
RM
2007
RM
Company
2006
RM
41,990,775
16,479,317
60,189,936
—
30,094,281
14,540,228
38,011,638
—
185,206,245
182,918,969
124,319,527
109,063,151
Less: Costs recognised as an expense in income statement
– Previous year
– Current year
(24,675,500)
(18,587,876)
(40,376,550)
(21,633,793)
(16,171,949)
(5,474,888)
(12,936,406)
(16,171,947)
Sub-total
Transfer to inventories
141,942,869 120,908,626 102,672,690
(6,566,370) (18,847,971)
—
79,954,798
(16,441,728)
135,376,499
63,513,070
Add: Costs incurred during the year
– Development costs
Transfer from land held for property development
102,060,655
102,672,690
The title to the long leasehold land is held in escrow by the holding corporation.
In addition, 381 (2006: 75) pieces of freehold land in a subsidiary with carrying value of RM1,939,089 (2006:
RM1,441,429) are charged to the bank for bridging loan facilities granted to that subsidiary as disclosed in Note 15.
Included in the development cost of the Group is interest expenses capitalised during the financial year of RM668,000
(2006: RM269,000).
JOHOR LAND BERHAD
103
10.
INVENTORIES
Group
Completed houses
Other inventories
2007
RM
2006
RM
2007
RM
Company
2006
RM
35,822,356
18,509
48,224,834
6,852
18,282,395
18,509
44,933,776
6,852
35,840,865
48,231,686
18,300,904
44,940,628
Certain titles of the completed houses of the Group and of the Company with carrying value amounting to RM28,838,200
(2006: RM40,493,020) and RM18,282,395 (2006: RM40,493,020) 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 associates – trade
Due from subsidiaries
– trade
– non-trade
Due from related companies
– trade
– non-trade
2007
RM
2006
RM
2007
RM
Company
2006
RM
39,770,613
244,493
3,946,208
30,981,218
1,551,335
4,943,486
33,127,738
—
915,821
26,012,901
—
4,715,732
436,338
—
563,992
68,211
436,338
—
563,992
—
—
—
—
—
12,887,604
1,828,236
12,106,517
2,580,855
—
—
14,715,840
14,687,372
450
795,185
229,773
—
450
795,185
—
229,773
795,635
229,773
795,635
229,773
45,193,287
38,338,015
49,991,372
46,209,770
JOHOR LAND BERHAD
104
11.
TRADE AND OTHER RECEIVABLES (CONT’D.)
In prior year, included in deposits of the Group is an amount of RM85,608 paid to a related company to acquire a piece
of land held for property development for a total consideration of RM865,078. The balance of the consideration is paid
during the year.
12. SHORT TERM INVESTMENTS
Group/Company
2007
2006
RM
RM
Quoted shares in Malaysia
At cost
Market value
117,250
176,462
117,250
210,475
13. CASH AND CASH EQUIVALENTS
Group
Cash and bank balances
Fixed deposits placed with licensed banks
2007
RM
2006
RM
2007
RM
Company
2006
RM
3,081,871
—
3,611,550
1,720,589
2,393,669
—
2,540,653
—
3,081,871
5,332,139
2,393,669
2,540,653
Included in cash and bank balances of the Group and of the Company is an amount of RM2,661,881 (2006: RM2,913,405)
and RM2,281,226 (2006: RM2,453,573), of which the utilisation is subject to the Housing Developers (Housing
Development Account) Regulations 2002.
JOHOR LAND BERHAD
105
14. SHARE CAPITAL AND RESERVES
Group/Company
2007
2006
RM
RM
Share capital
Ordinary shares of RM1.00 each:
Authorised
Issued and fully paid
Group/Company
Number of
ordinary shares
2007
2006
500,000,000
500,000,000
500,000,000
500,000,000
122,000,000
122,000,000
122,000,000
122,000,000
2007
RM
Company
2006
RM
Group
2007
RM
Reserves
Non-distributable
Share premium reserve
CULS (Note 15)
Treasury shares
Distributable
Retained earnings
2006
RM
78,581,839
78,581,839
78,581,839
78,581,839
291,388,446 291,388,446 291,388,446 291,388,446
(854,774)
(854,774)
(854,774)
(854,774)
369,115,511
369,115,511
369,115,511
369,115,511
149,350,826
148,846,545
129,588,938
116,250,987
518,466,337
517,962,056
498,704,449
485,366,498
JOHOR LAND BERHAD
106
14. SHARE CAPITAL AND RESERVES (CONT’D.)
Share premium
Share premium arose in 1996 from the following:
Group/Company
RM
Special issue of 42,952,000 ordinary shares of RM1.00 each at RM2.20 per share
for acquisition of land and landed properties
51,542,400
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
12,000,000
Public issue of 15,000,000 new ordinary shares of RM1.00 each at RM2.20 per share
18,000,000
Less: Listing expenses
(2,960,561)
78,581,839
Treasury shares
At the Extraordinary General Meeting held on 21 May 2007, 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.
During the financial year, the Company repurchase in the open market a total of NIL (2006: 118,800) of its issued ordinary
shares. The average repurchase price was NIL (2006: RM0.79) per ordinary share.
The number of outstanding shares in issue after deducting treasury shares held at the financial year end is 121,048,200
(2006: 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.
JOHOR LAND BERHAD
107
14. SHARE CAPITAL AND RESERVES (CONT’D.)
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 2007.
The Finance Act 2007 introduced the single tier company income tax system with effect from year of assessment 2008.
Transitional provisions allow companies to stay on the existing imputation system up to 31 December 2013 should they
have and continue to maintain positive Section 108 credit balances. The Company has decided to remain on the
imputation system.
15. LOANS AND BORROWINGS
2007
RM
Group
2006
RM
2007
RM
Company
2006
RM
Non-current
Secured
Bridging loan
24,928,000
8,680,000
—
—
Unsecured
CULS
35,717,064
52,462,084
35,717,064
52,462,084
60,645,064
61,142,084
35,717,064
52,462,084
20,093,220
—
11,457,117
59,737
20,093,220
—
11,457,117
59,737
20,093,220
11,516,854
20,093,220
11,516,854
54,191,327
9,066,325
19,995,386
9,061,444
54,191,327
5,066,325
19,995,386
5,061,444
63,257,652
29,056,830
59,257,652
25,056,830
83,350,872
40,573,684
79,350,872
36,573,684
143,995,936
101,715,768
115,067,936
89,035,768
Current
Secured
Bank overdrafts
Finance lease liabilities
Unsecured
Bank overdrafts
Revolving credit
JOHOR LAND BERHAD
108
15. LOANS AND BORROWINGS (CONT’D.)
Security
The bridging loan of a subsidiary is secured over 1,076 (2006: 806) pieces of freehold land of that subsidiary with carrying
amount of RM4,352,367 (2006: RM4,267,390).
Certain bank overdrafts facilities of the Company are secured by way of fixed charge on a freehold land of the Company
and a corporate guarantee by the holding corporation.
Terms and debt repayment schedule
Year of
maturity
Carrying
amount
RM’000
Under 1
year
RM’000
1 – 2
years
RM’000
2 – 5
years
RM’000
9,066
74,285
35,717
24,928
9,066
74,285
—
—
—
—
35,717
—
—
—
—
24,928
143,996
83,351
35,717
24,928
9,061
31,453
60
52,462
8,680
9,061
31,453
60
—
—
—
—
—
—
—
—
—
—
52,462
8,680
101,716
40,574
—
61,142
5,066
74,285
35,717
5,066
74,285
—
—
—
35,717
—
—
—
115,068
79,351
35,717
—
Group
2007
Revolving credits
Bank overdrafts
CULS
Bridging loan
2006
Revolving credits
Bank overdrafts
CULS
Bridging loan
2009
2010
2007
2009
2010
Company
2007
Revolving credits
Bank overdrafts
CULS
JOHOR LAND BERHAD
2009
109
Terms and debt repayment schedule (Cont’d.)
Year of
maturity
2006
Revolving credits
Bank overdrafts
CULS
2007
2009
Carrying
amount
RM’000
Under 1
year
RM’000
1 – 2
years
RM’000
2 – 5
years
RM’000
5,061
31,453
60
52,462
5,061
31,453
60
—
—
—
—
—
—
—
—
52,462
89,036
36,574
—
52,462
Group/Company
2007
2006
RM
RM
At 1 January/31 December
330,000,000
330,000,000
The movement of the liability component of the CULS during the year is as follows:
Group/Company
2007
2006
RM
RM
At 1 January
Interest accrued
Interest payment
52,462,084
3,054,980
(19,800,000)
53,417,080
3,068,292
(4,023,288)
At 31 December
35,717,064
52,462,084
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.
JOHOR LAND BERHAD
110
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)
Interest rate per annum
First 24 months (Year 1 and 2)
Next 36 months (Year 3, 4 and 5)
1%
6%
The interest rate is payable annually in arrears on the last day of every 12 months period commencing from the
issue date, 15 December 2004 until the maturity date, 15 December 2009 (‘Interest Payment Date’), calculated on
the basis of a 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.
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.
JOHOR LAND BERHAD
111
16. TRADE AND OTHER PAYABLES
Group
Trade payables
Other payables and accrued expenses
Due to holding corporation
– non-trade
Due to a subsidiary
– trade
– non-trade
Due to related companies
– trade
– non-trade
17.
2007
RM
2006
RM
2007
RM
Company
2006
RM
13,135,660
7,183,064
9,147,642
5,837,852
13,007,899
6,591,641
9,143,814
5,634,970
834,014
185,596
829,164
175,896
—
—
—
—
—
1,833,072
8,450,000
51,100
—
—
1,833,072
8,501,100
10,501
302,157
10,501
198,876
10,501
302,157
10,501
198,876
312,658
209,377
312,658
209,377
21,465,396
15,380,467
22,574,434
23,665,157
REVENUE
Group
Property development
Sales of land
Sales of goods
Management fee
Rental income
Dividend income
2007
RM
2006
RM
2007
RM
Company
2006
RM
53,993,492
3,489,614
4,329,626
189,451
1,354,122
—
55,390,063
14,830,531
3,049,805
180,849
1,209,005
—
43,186,977
3,489,614
4,329,626
389,111
1,354,122
36,489,619
44,053,698
14,830,531
2,824,033
737,477
1,209,005
15,034,965
63,356,305
74,660,253
89,239,069
78,689,709
JOHOR LAND BERHAD
112
18. FINANCE COSTS
Group
CULS
Bank overdrafts
Other borrowings
2007
RM
2006
RM
2007
RM
Company
2006
RM
3,054,980
4,137,950
782,519
3,068,292
2,498,995
501,203
3,054,980
4,137,950
296,989
3,068,292
2,498,995
291,497
7,975,449
6,068,490
7,489,919
5,858,784
19. OPERATING PROFIT
Group
Operating profit is arrived at after charging/(crediting)
Audit fees
Impairment loss on investment in a subsidiary
Allowance for doubtful debts
– third parties
– a subsidiary
Bad debts written off
Change in fair value on investment properties
Depreciation
Direct operating expenses of investment properties
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:
– Quoted shares in Malaysia
Investment in associate written off
Gross dividends from quoted shares in Malaysia
Rental income
JOHOR LAND BERHAD
2007
RM
2006
RM
2007
RM
Company
2006
RM
104,000
—
89,000
—
80,000
30,000
70,000
—
230,839
—
75,179
(2,251,139)
495,301
982,444
690,038
27,538
—
30,961
276,920
565,037
11,386
8,844
230,839
1,957,196
—
(2,251,139)
392,036
897,116
1,585
—
—
—
—
463,295
—
1,109
713,129
6,159,366
264,247
638,223
5,397,867
558,732
711,996
6,152,217
264,247
633,480
5,357,514
558,732
(18,181)
(108,027)
(465,462)
131,750
(7,502)
(1,941,952)
14,159
(3,018)
—
—
(2,371)
(1,401,005)
(18,181)
(108,027)
—
—
(7,502)
(1,354,122)
—
(3,018)
—
—
(2,371)
(1,209,005)
113
19. OPERATING PROFIT (CONT’D.)
Key management personnel compensation
Key management personnel are 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 are as follows:
2007
RM
Group
2006
RM
2007
RM
Company
2006
RM
285,500
804,584
77,460
59,853
217,000
431,645
38,297
51,044
285,500
804,584
77,460
59,853
217,000
431,645
38,297
51,044
1,227,397
737,986
1,227,397
737,986
Directors of a subsidiary
– Fees
– Remuneration
– Contributions to Employees’ Provident Fund
14,000
105,844
7,675
14,000
101,427
11,808
—
—
—
—
—
—
Total short-term employee benefits
127,519
127,235
—
—
Other key management personnel:
– Wages, salaries and others
– Monetary value of benefits-in-kind
400,334
42,658
11,300
467,889
64,031
15,600
400,334
42,658
11,300
467,889
64,031
15,600
454,292
547,520
454,292
547,520
1,809,208
1,412,741
1,681,689
1,285,506
Directors
– Fees
– Remuneration
– Monetary value of benefits-in-kind
Total short-term employee benefits
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.
JOHOR LAND BERHAD
114
20. TAX EXPENSE
Group
Tax expense
– Current year
– Under/(Over) provided in prior years
Deferred tax income
– Reversal and origination of temporary differences
– Over provided in prior years
Share of tax of equity accounted associates
Reconciliation of effective tax expense
Profit for the year
Total tax expense
Profit excluding tax
Tax at Malaysian tax rate of 27% (2006: 28%)
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
Under/(Over) provided in prior years
Tax expense
JOHOR LAND BERHAD
2007
RM
2006
RM
2007
RM
Company
2006
RM
1,380,644
534,179
5,024,951
(321,432)
9,392,000
525,359
7,960,000
(326,388)
1,914,823
4,703,519
9,917,359
7,633,612
(221,043)
(116,000)
(280,000)
—
370,000
(116,000)
(280,000)
—
(337,043)
(280,000)
254,000
(280,000)
1,577,780
4,423,519
10,171,359
7,353,612
3,355,000
2,335,537
—
—
4,932,780
6,759,056
10,171,359
7,353,612
RM’000
RM’000
RM’000
RM’000
6,690
4,933
17,675
6,759
19,524
10,171
17,132
7,354
11,623
24,434
29,695
24,486
3,138
715
597
(126)
(48)
251
(12)
6,842
338
532
—
(830)
225
(27)
8,018
1,158
597
—
—
—
(11)
6,856
292
532
—
—
—
—
4,515
7,080
9,762
7,680
418
(321)
409
(326)
4,933
6,759
10,171
7,354
115
20. TAX EXPENSE (CONT’D.)
*
The corporate tax rate are at 27% for year of assessment 2007, 26% for year of assessment 2008 and 25% for
the subsequent years of assessment. Consequently, deferred tax assets are measured using these tax rates.
21. EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share
The calculation of basic earnings per ordinary share at 31 December 2007 was based on the profit attributable to ordinary
shareholders and a weighted average number of ordinary shares outstanding calculated as follows:
Group
Profit attributable to ordinary shareholders
2007
RM
2006
RM
6,689,841
17,747,702
Numbers
Numbers
Weighted average number of ordinary shares
Number of shares in issue at beginning of year
Effect of treasury shares held
122,000,000 122,000,000
(951,800)
(908,634)
Weighted average number of ordinary shares in issue
121,048,200
121,091,366
5.53
14.66
Basis earnings per ordinary share (sen)
Diluted earnings per ordinary share
The calculation of diluted earnings per ordinary share at 31 December 2007 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:
JOHOR LAND BERHAD
116
21. EARNINGS PER ORDINARY SHARE (CONT’D.)
Diluted earnings per ordinary share (Cont’d.)
Group
2007
RM
2006
RM
Profit attributable to ordinary shareholders
Add: Assuming savings in interest expense on CULS, net of tax
6,689,841
2,230,135
17,747,702
2,209,170
Adjusted net profit for calculating diluted earnings per ordinary share
8,919,976
19,956,872
Numbers
Numbers
Weighted average number of ordinary shares
Assuming full conversion of CULS as at the date of issue
121,048,200
330,000,000
121,091,366
330,000,000
Weighted average number of ordinary shares (diluted) at 31 December
451,048,200
451,091,366
1.98
4.42
Diluted earnings per ordinary share (sen)
22. DIVIDENDS
Dividends recognised in the current year by the Company are:
Sen per
share
(net of tax)
2007
2006 – Final
2007 – Interim
2.2
2.9
Total amount
2006
2005 – Interim
2005 – Final
2006 – Interim
Total amount
JOHOR LAND BERHAD
Total
amount
RM
Date of
payment
2,650,951
3,534,609
29 June 2007
25 January 2008
6,185,560
2.9
2.2
2.9
3,489,610
2,618,685
3,486,186
9,594,481
21 April 2006
30 June 2006
21 December 2006
117
22. DIVIDENDS (CONT’D.)
After the balance sheet date the following dividend was proposed by the Directors. This dividend will be recognised in
subsequent financial reports upon approval by the shareholders.
Sen per
share
(net of tax)
2007 – Final
2.22
Total
amount
RM
2,687,270
23. 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%
(2006: 5.745%) for an equivalent non-convertible loan stock to liability component of the CULS.
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.
JOHOR LAND BERHAD
118
23. FINANCIAL INSTRUMENTS (CONT’D.)
Effective interest rate and repricing analysis (Cont’d.)
Average
effective
interest
rate
%
Total
RM’000
Less than
1 year
RM’000
1 – 2
years
RM’000
2 – 3
years
RM’000
4 – 5
years
RM’000
5.7
7.3
(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)
—
—
—
(52,462)
(8,680)
1,721
—
—
1,721
—
—
—
(52,462)
—
—
—
(8,680)
—
(59,421)
1,721
—
(52,462)
(8,680)
(31,452)
(9,061)
(31,452)
(9,061)
—
—
—
—
—
—
(40,513)
(40,513)
—
—
—
Group
2007
Fixed rate instruments
CULS – liability
Bridging loan
Floating rate instruments
Bank overdrafts
Revolving credits
8.0
4.4 – 5.6
2006
CULS – liability
Bridging loan
Deposits with a licensed bank
Bank overdrafts
Revolving credits
JOHOR LAND BERHAD
5.7
7.3
2.6
7.8
4.0 – 5.9
119
Effective interest rate and repricing analysis (Cont’d.)
Average
effective
interest
rate
%
Total
RM’000
Less than
1 year
RM’000
1 – 2
years
RM’000
2 – 3
years
RM’000
CULS – liability
5.7
(35,717)
—
(35,717)
—
Bank overdrafts
Revolving credits
8.0
5.6
(74,285)
(5,066)
(74,285)
(5,066)
—
—
—
—
(79,351)
(79,351)
—
—
5.7
(52,462)
—
—
(52,462)
7.8
5.7 – 5.9
(31,453)
(5,061)
(31,453)
(5,061)
—
—
—
—
(36,514)
(36,514)
—
—
Company
2007
2006
CULS – liability
Bank overdrafts
Revolving credits
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.
JOHOR LAND BERHAD
120
Fair values (Cont’d.)
Recognised financial instruments (Cont’d.)
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:
2007
Carrying
amount
RM’000
Short term investment in quoted shares
Bridging loan
CULS – liability
117
(24,928)
(35,717)
2006
Fair
value
RM’000
117
(24,928)
(35,717)
Carrying
amount
RM’000
176
(8,680)
(52,462)
Fair
value
RM’000
210
(8,680)
(52,462)
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 the bridging loan approximates its fair values as the effective interest rate is comparable to the
movements in the market interest rate and there is no material change in the interest charged on similar kind of
borrowings in the market.
The carrying amount of convertible unsecured loan stocks approximates its fair value as the instrument is calculated using
a prevailing market rate at the date of issuance for a similar convertible loan stocks.
24. 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.
JOHOR LAND BERHAD
121
24. RELATED PARTIES (CONT’D.)
The significant related party transactions of the Group and of the Company are as follows:
2007
RM’000
Group
2006
RM’000
2007
RM’000
Company
2006
RM’000
20,523
34
11
4,023
110
30
20,523
24
11
4,023
100
30
—
—
—
—
—
—
—
—
200
10,556
—
—
638
—
22
89
4,330
2,210
48
278
—
556
60
133
236
2,824
349
48
517
15
1,027
51
98
—
4,330
2,210
48
278
—
550
60
133
209
2,824
349
48
517
15
1,027
51
98
—
Associate
Sale of materials
—
112
—
—
Related parties
Professional fees paid to a firm in which a
Director is a partner
54
13
54
13
Holding corporation
Interest expense on CULS
Services acquired
Services rendered
Subsidiaries
Management fee receivable
Sales of completed houses
Sales commission income
Purchase of building materials
Related companies
Sales of finished goods
Services acquired
Services rendered
Rental expenses
Agency fees expenses
Security services acquired
Annual report expenses
Registrar fees expenses
Insurance expenses
JOHOR LAND BERHAD
122
24. RELATED PARTIES (CONT’D.)
Group
Related parties (Cont’d.)
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
Donation to a Foundation in which a Director is the Chairman
2007
RM’000
2006
RM’000
2007
RM’000
Company
2006
RM’000
120
2,500
2,250
120
—
—
120
2,500
2,250
120
—
—
150
150
150
150
25. SEGMENT REPORTING
There is no segment information presented as the Group is primarily engaged in housing development activities and
operates principally in Malaysia.
26. SUBSEQUENT 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 cash 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.
The completion of the acquisition is subject to conditions precedent stated in the sales and purchase agreement.
JOHOR LAND BERHAD
123
Location of Land Bank and Projects
DAERAH
SEGAMAT
DAERAH
LEDANG
DAERAH
MERSING
1
DAERAH
MUAR
DAERAH
KLUANG
DAERAH
BATU PAHAT
14
DAERAH
KOTA TINGGI
11
DAERAH
KULAIJAYA
6
DAERAH
PONTIAN
2
DAERAH
JOHOR BAHRU 7
13 4
1
2
3
4
5
LAND BANK
Pagoh Land (55.65 acres)
Bandar Dato’ Onn (1,410.11 acres)
Bandar Tiram (1,088.55 acres)
Inderaputra Land (0.84 acres)
Taman Bukit Dahlia (178.17 acres)
6
7
8
9
10
11
12
13
14
3
8
9
5 12
10
PROJECT
Taman Komersil Senai
Tebrau Business Park
Green Plains
Taman Bukit Tiram
Taman Mawar
Kota Sentral
Taman Cendana
Taman Seroja
Perumahan Bandar Tenggara
JOHOR LAND BERHAD
124
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 2007 are as follows:
Title/Location
A. FIXED ASSETS
Bungalow lot at Green Plains
PTD 57050 HS(D) 187333
Mukim of Tebrau
District of Johor Bahru
PTD 57049 HS(D) 187332
Mukim of Tebrau
(Owned by ADSB)
Shophouse at Taman Bintang
PTD 22925 HS(D) 13369
Mukim of Senai-Kulai
B. INVESTMENT PROPERTIES
Bungalow lot at Taman Bertam
Lot 4429 – 4431
HS(D) 1664 – 1666
Mukim 6, Seberang Prai Utara
Penang
Lot 4453 – 4454
HS(D) 5824 – 5825
Mukim 6, Seberang Prai Utara
Penang
Factory Building
PTD 110891 HS(D) 212054
Mukim of Plentong
(Owned by PPSB)
JOHOR LAND BERHAD
Tenure/Approx.
age of building
Net book
value as at
31.12.2007
RM’000
Acquisition
Date
Existing use
Land area/
Built-up area
Freehold/13 years
Double storey
bungalow
4,411.07 sq metres
400.00 sq metres
891
1998
Freehold/13 years
Double storey
bungalow
4822.60 sq metres
357.24 sq metres
611
2003
Freehold/11 years
Double storey
shophouse
143.00 sq metres
272.00 sq metres
204
1995
Freehold
3 vacant
bungalow lots
2,222.00 sq metres
750
1995
Freehold
2 vacant
bungalow lots
1,482.00 sq metres
500
2004
60 years lease
Expiring on
27.6.2053/13 years
Factory building
2,559.00 sq metres
1,004.00 sq metres
650
2006
125
Title/Location
Tenure/Approx.
age of building
Acquisition
Date
Existing use
Land area/
Built-up area
Sport
Complex
24.69 acres
357.24 sq metres
27,134
2007
Freehold
Mixed housing
development
53.83 acres
16,351
2001
Freehold
Oil palm estate
76.64 acres
10,213
1995
Freehold
Oil palm estate
572.49 acres
42,809
1995
Freehold
Oil palm estate
170.64 acres
7,764
1995
B. INVESTMENT PROPERTIES (CONT’D.)
PTD 84127 HS(D) 281731
Freehold/13 years
Mukim of Tebrau
C. FUTURE DEVELOPMENT
Bandar Tiram (Phase 1)
PTD 143340 – 143999
HS(D) 443338 – 443988
Mukim of Tebrau
Net book
value as at
31.12.2007
RM’000
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)
JOHOR LAND BERHAD
126
List of Properties
Acquisition
Date
Existing use
Land area/
Built-up area
Oil palm estate
97.31 acres
7,277
1995
Freehold
Oil palm estate
117.65 acres
8,798
1995
Freehold
14 vacant
Shopoffice
0.61 acres
49
1995
PTD 85036 – 85077
HS(D) 307437 – 307478
Mukim of Tebrau
(Owned by ADSB)
Freehold
42 vacant
bungalow lots
4.44 acres
353
1995
PTD 85080 – 85139
HS(D) 307479 – 307538
PTD 85275 – 85533
HS(D) 307673 – 307929
Mukim of Tebrau
(Owned by ADSB)
Freehold
Mixed housing
development
6.43 acres
508
1995
Title/Location
Tenure/Approx.
age of building
Net book
value as at
31.12.2007
RM’000
C. FUTURE DEVELOPMENT (CONT’D.)
PTD 105768 HS(D) 354248
Freehold
Mukim of Tebrau
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)
PTD 144544 – 144557
HS(D) 449681 – 449694
Mukim of Tebrau
(Owned by ADSB)
JOHOR LAND BERHAD
127
Title/Location
Tenure/Approx.
age of building
Taman Bukit Tiram (Phase 3)
PTD 88267 – 88273
Freehold
HS(D) 302582 – 302588
Mukim of Tebrau
(Owned by ADSB)
Existing use
Land area/
Built-up area
Net book
value as at
31.12.2007
RM’000
Acquisition
Date
7 vacant
bungalow lots
3.37 acres
405
1995
PTD 130271 – 130297
HS(D) 401455 – 401481
Mukim of Tebrau
(Owned by ADSB)
Freehold
Mixed housing
development
4.30 acres
443
1995
PTD 138183 – 138387
HS(D) 427149 – 427350
PTD 138421 – 238443
HS(D) 427379 – 427401
Mukim of Tebrau
(Owned by ADSB)
Freehold
Mixed housing
development
5.04 acres
519
1995
PTD 147315 – 147325
HS(D) 449814 – 449824
Mukim of Tebrau
(Owned by ADSB)
Freehold
11 vacant
Shopoffice
0.46 acres
47
1995
JOHOR LAND BERHAD
128
List of Properties
Title/Location
Tenure/Approx.
age of building
Taman Bukit Dahlia (Block A)
PTD 155670 – 155715
99 years lease
HS(D) 317563 – 317609
Expiring on
PTD 156278 – 156289
2.6.2100
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
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
JOHOR LAND BERHAD
Existing use
Mixed housing
development
Land area/
Built-up area
19.50 acres
Net book
value as at
31.12.2007
RM’000
Acquisition
Date
4,451
1995
129
Title/Location
Tenure/Approx.
age of building
Existing use
Land area/
Built-up area
Net book
value as at
31.12.2007
RM’000
Acquisition
Date
Taman Bukit Dahlia (Block A) (Cont’d.)
HS(D) 436805 – 436854
Mukim of Plentong
Taman Bukit Dahlia (Block C)
Development land
Mukim of Plentong
99 years lease
(Land titles is
yet to be issued)
Mixed housing
development
54.40 acres
5,800
1995
Taman Bukit Dahlia (Block D)
Development land
Mukim of Plentong
99 years lease
(Land titles is
yet to be issued)
Mixed housing
development
40.27 acres
4,947
1995
99 years lease
Expiring on
30.6.2103
Mixed housing
development
16.21 acres
3,640
1995
99 years lease
Expiring on
2.7.2100
Mixed housing
development
3.95 acres
979
1995
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 179878 – 180216
HS(D) 371705 – 372043 &
Mukim of Plentong
Taman Bukit Dahlia (Block F)
PTD 155634 – 155669
HS(D) 317527 – 317562
Mukim of Plentong
JOHOR LAND BERHAD
130
List of Properties
Title/Location
Tenure/Approx.
age of building
Taman Bukit Dahlia (Block F) (Cont’d.)
PTD 179207 – 179208
Freehold
HS(D) 391369 – 391370 &
PTD 179223 – 179240
HS(D) 391385 – 391402
Mukim of Plentong
Existing use
Land area/
Built-up area
Net book
value as at
31.12.2007
RM’000
Acquisition
Date
352
1995
Mixed housing
development
1.52 acres
99 years lease
(Land title is
yet to be issued)
Mixed housing
development
42.25 acres
4,157
1995
Freehold
Mixed housing
development
16.04 acres
11,381
2004
Development land
Mukim of Tebrau
Freehold
(Land titles is
yet to be issued)
Mixed housing
development/
oil palm estate
1,394.07 acres
342,911
2004
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)
Mixed housing
development
55.65 acres
3,896
1998
Development land
Mukim of Plentong
Bandar Dato’ Onn
PTD 138799 – 139442
HS(D) 424475 – 425098
Mukim of Tebrau
Inderaputra Land
PTB 21108 HS(D) 380523
Mukim of Bandar Johor Bahru
Pagoh Land
Development land
Mukim of Jorak
District of Muar
JOHOR LAND BERHAD
131
As at 28 March 2008
Authorised Share Capital
Issued & Fully Paid-Up Capital
Class of Shares
: RM500,000,000
: RM122,000,000 less 951,800 Treasury Shares = 121,048,200
: 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
Size of Shareholdings
No. of Shareholders
%
No. of Shares
%
Less than 100
100 – 1,000
1,001 – 10,000
10,001 – 100,000
100,001 to less than 5% of Issued Capital
5% and above of Issued Capital
694
4,367
3,552
641
65
2
7.44
46.85
38.11
6.88
0.70
0.02
23,837
2,497,857
13,288,336
17,337,260
40,538,137
47,362,773
0.02
2.06
10.98
14.32
33.49
39.13
TOTAL
9,321
100.00
121,048,200
100.00
TOP THIRTY SECURITIES ACCOUNT HOLDERS
(Without aggregating the securities from different securities accounts belonging to the same depositor)
Name
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Johor Corporation
Johor Corporation
Johor Capital Holdings Sdn Bhd
Johor Ventures Sdn Bhd
Kumpulan Waqaf An-Nur Berhad
Amanah Raya Noms (T) Sdn Bhd – A/C Skim Amanah Saham Bumiputera
Johor Corporation
Cartaban Noms (A) Sdn Bhd – A/C SBBT Fund C021 for College Retirement Equities
HSBC Noms (A) Sdn Bhd – A/C TNTC for Utopia Core Fund
HSBC Noms (A) Sdn Bhd – A/C Exempt An for Morgan Stanley & Co. Incorporated
Shoptra Jaya (M) Sdn Bhd
Terengganu Incorporated Sdn Bhd
Fund
No. of Shares
%
28,606,390
18,756,383
5,071,000
4,455,570
4,318,937
3,294,580
2,892,270
2,001,600
1,296,000
1,075,500
980,000
850,060
23.63
15.49
4.19
3.68
3.57
2.72
2.39
1.65
1.07
0.89
0.81
0.70
JOHOR LAND BERHAD
132
As at 28 March 2008
TOP THIRTY SECURITIES ACCOUNT HOLDERS (CONT’D.)
(Without aggregating the securities from different securities accounts belonging to the same depositor)
Name
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
HSBC Noms (A) Sdn Bhd – A/C TNTC for Utopia Growth Fund
HSBC Noms (A) Sdn Bhd – A/C Exempt An for HSBC Private Bank (Suisse) S.A. (SPORE TST ACCL)
Citigroup Noms (A) Sdn Bhd – A/C Exempt An for Citibank NA (Charles Schwab)
TA Noms (T) Sdn Bhd – A/C Chuang Nee Wang Kim Lien
Quah Wee Lai
Zalaraz Sdn Bhd
Wong Soot Yin @ Ong Soot Yin
Johor Ventures Sdn Bhd
HLG Nom (A) Sdn Bhd – A/C Exempt An for UOB Kay Hian Pte Ltd (A/C Clients)
HSBC Noms (A) Sdn Bhd – A/C TNTC for Utopia Yield Income Fund
OSK Noms (T) Sdn Bhd – A/C DMG & Partners Securities Pte Ltd for Tan Hian-Tsin (31-12122)
Tabung Amanah Warisan Negeri Johor
Mayban Noms (T) Sdn Bhd – A/C Liew Kon Sing @ Liew Kong
Chuang Show Chuan
Lee Siew Hoon
Johor Corporation
Philip Goey Soon Loong
Lim Kian Huat
No. of Shares
%
730,800
698,800
669,200
609,300
600,000
537,690
527,000
496,150
472,640
459,000
436,000
402,950
387,150
382,100
380,600
350,980
305,500
297,600
0.60
0.58
0.55
0.50
0.50
0.44
0.44
0.41
0.39
0.38
0.36
0.33
0.32
0.32
0.31
0.29
0.25
0.25
No. of Shares
%
SUBSTANTIAL SHAREHOLDERS
Name
1
Johor Corporation – 5 a/cs
– “ – Group
– Johor Capital Holdings Sdn Bhd – 3 a/cs
– Johor Ventures Sdn Bhd – 2 a/cs
50,608,053
41.81
5,263,810
4,951,720
10,215,530
8.44
No. of Shareholders
%
No. of Shares
%
Malaysian – Bumiputra
– Others
Foreigners
961
7,196
1,164
10.31
77.20
12.49
76,646,920
28,279,034
16,122,246
63.32
23.36
13.32
TOTAL
9,321
100.00
121,048,200
100.00
ANALYSIS OF SHAREHOLDERS
JOHOR LAND BERHAD
133
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN THAT the Thirty Third (33rd) Annual General Meeting of Johor Land
Berhad will be 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 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 2007
and the reports of the Directors and Auditors thereon;
Resolution 1
2. To approve final dividend of 3% gross (less Malaysian
income tax at 26%) in respect of the financial year ended
31 December 2007;
Resolution 2
3. To re-elect the following Directors who retire in accordance
with the Company’s Articles of Association:(i) Dr Mohd Hafetz Bin Ahmad
(ii) Tan Sri Dato’ Muhammad
Ali Hashim
(iii) A.F.M Shafiqul Hafiz
(iv) Lukman Bin Hj Abu Bakar
(Article 81)
(Article 87)
(Article 87)
(Article 87)
Resolution 3
Resolution 4
Resolution 5
Resolution 6
4. To re-elect Dato Hj Hassan Bin Hj Mohd Yunos, who is over
the age of seventy (70) years who retires in accordance with
Section 129(6) of the Companies Act, 1965; Resolution 7
5. To approve the payment of Directors’ fees in respect of the
financial year ended 31 December 2007;
Resolution 8
6. To re-appoint Messrs KPMG as Auditors of the Company
and to authorise the Directors to fix their remuneration;
Resolution 9
7.
To transact any other business of which due notice shall
have been given;
AS SPECIAL BUSINESS:8. To consider, and if thought fit, to pass the following
Resolution as Ordinary Resolution:“That pursuant to Section 132(D) of the Companies Act,
1965, the Directors be and are hereby authorised to allot
and issue shares of the Company at any time until the
conclusion of the next Annual General Meeting, 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)
Resolution 10
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT NO.15
Subject to approval of Resolution 2, a final dividend of 3% gross
(less Malaysian income tax at 26%) in respect of the financial
year ended 31 December 2007 on the entitled issued ordinary
share capital of the Company payable on 7 July 2008 to
shareholders registered in the Register of Members of the
Company with the Registrars, Pro-Corporate Management
Services Sdn Bhd, Suite 2, 17th Floor, Kompleks Tun Abdul
Razak, Jalan Wong Ah Fook, 80000 Johor Bahru, Johor at the
close of business at 5.00 pm on 26 May 2008.
JOHOR LAND BERHAD
134
Notice of Annual General Meeting
Further NOTICE IS ALSO HEREBY GIVEN THAT a depositor shall
qualify for entitlement only in respect of:a. Shares transferred into the depositor’s securities
accounts before 4.00 pm on 26 May 2008 in respect of
ordinary transfers;
b. Shares bought on the Bursa Malaysia Securities Berhad on
a cum entitlement basis according to the Rules of the Bursa
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: 25 APRIL 2008
EXPLANATORY NOTE ON SPECIAL BUSINESS:Resolution 10
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 Annual General Meeting
of the Company pursuant to Section 132(D) of the Companies
Act, 1965.
JOHOR LAND BERHAD
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 13th Floor, Menara Johor
Corporation, KOTARAYA 80000 Johor Bahru, Johor not less than
forty eight (48) hours before the time appointed for holding the
meeting or any adjournment thereof.
135
DENGAN INI DIBERITAHU BAHAWA Mesyuarat Agung Tahunan Johor Land Berhad kali ke Tiga
Puluh Tiga (33) akan 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 bagi tujuan-tujuan berikut:-
SEBAGAI URUSAN-URUSAN BIASA:1. Menerima dan meluluskan Laporan dan Penyata Kewangan
Beraudit bagi tahun kewangan berakhir 31 Disember 2007
serta Laporan Pengarah-Pengarah dan Juruaudit berkaitan
dengannya;
Resolusi 1
2. Meluluskan dividen akhir sebanyak 3% kasar (ditolak 26%
cukai pendapatan Malaysia) bagi tahun kewangan berakhir
31 Disember 2007;
Resolusi 2
3. Melantik semula Pengarah-Pengarah berikut yang bersara
mengikut Tataurusan Syarikat:(i) Dr Mohd Hafetz Bin Ahmad
Ali Hashim
(Artikel 81)
(Artikel 87)
(Artikel 87)
(Artikel 87)
Resolusi 3
Resolusi 4
Resolusi 5
Resolusi 6
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 7
5. Meluluskan pembayaran yuran Pengarah bagi tahun
kewangan berakhir 31 Disember 2007;
Resolusi 8
6. Melantik semula Tetuan KPMG sebagai Juruaudit Syarikat
dan memberi kuasa kepada Pengarah-pengarah untuk
menetapkan bayaran mereka;
Resolusi 9
7.
Menjalankan sebarang urusan Syarikat yang lain di mana
notis yang sewajarnya telah diberi;
SEBAGAI URUSAN KHAS:8. Untuk mempertimbangkan dan sekiranya didapati wajar,
meluluskan Resolusi Biasa berikut:“Bahawa selaras dengan peruntukan Seksyen 132(D) Akta
Syarikat 1965, adalah dan dengan ini para Pengarah diberi
kuasa untuk memperuntukkan dan menerbitkan sahamsaham Syarikat pada bila-bila masa sehingga penutup
Mesyuarat Agung Tahunan yang akan datang, mengikut
terma-terma dan syarat-syarat tertentu dan untuk tujuantujuan 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)
Resolusi 10
NOTIS KELAYAKAN DAN PEMBAYARAN DIVIDEN NO. 15
Tertakluk kepada kelulusan Resolusi 2, dividen akhir sebanyak
3% kasar (ditolak 26% cukai pendapatan Malaysia) bagi tahun
berakhir 31 Disember 2007 ke atas saham-saham biasa Syarikat
yang berkelayakan akan dibayar pada 7 Julai 2008 kepada
pemegang-pemegang saham berdaftar di Daftar Pemegang
Saham Syarikat dengan Pendaftar Saham Syarikat, Pro-Corporate
Management Ser vices Sdn Bhd, Suite 2, Tingkat
17, Kompleks Tun Abdul Razak, Jalan Wong Ah Fook, 80000
Johor Bahru, Johor pada penutupan urusniaga pada jam 5.00
petang pada 26 Mei 2008.
JOHOR LAND BERHAD
136
DENGAN INI SELANJUTNYA DIBERITAHU BAHAWA pendeposit
adalah berkelayakan untuk hak dividen hanya dalam keadaankeadaan berikut:-
mesyuarat agung, akan berkuatkuasa sehingga tamat Mesyuarat
Agung Tahunan Syarikat berikutnya menurut Seksyen 132(D)
Akta Syarikat, 1965.
a. Saham-saham yang dipindah milik kepada akaun sekuriti
pendeposit sebelum jam 4.00 petang pada 26 Mei 2008
berkaitan dengan pindah milik-pindah milik biasa;
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.
b. Saham-saham yang dibeli di Bursa Malaysia Securities
Berhad yang berkelayakan berdasarkan kepada peraturan
yang ditetapkan oleh Bursa Malaysia Securities Berhad.
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.
Dengan Perintah Lembaga Pengarah
JOHOR LAND BERHAD
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 Tingkat 13, Menara Johor Corporation, KOTARAYA 80000
Johor Bahru, Johor tidak lewat dari empat puluh lapan (48) jam
sebelum mesyuarat ditetapkan atau sebarang mesyuarat
penangguhannya.
JAMALLUDIN BIN KALAM (LS 02710)
IDHAM JIHADI BIN ABU BAKAR ACIS (MAICSA 7007381)
Setiausaha-Setiausaha
Tempat: JOHOR BAHRU
Tarikh: 25 APRIL 2008
NOTA KETERANGAN BAGI URUSAN KHAS:Resolusi 10
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
JOHOR LAND BERHAD
137
Statement Accompanying The Notice
of Annual General Meeting
1. Directors who are standing for re-election at the Thirty Third
(33rd) Annual General Meeting of the Company scheduled to
be 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 are as follows:(i) Dr Mohd Hafetz Bin Ahmad (Article
Ali Hashim
(Article
(Article
(Article
(v) Dato Hj Hassan Bin Hj Mohd Yunos
the Companies Act, 1965)
81) Resolution 3
2. The Thirty Second (32nd) Annual General Meeting of the
Company was held at Tanjung Puteri 305, Persada Johor
International Convention Centre, Jalan Abdullah Ibrahim,
80000 Johor Bahru, Johor on Monday, 21 May 2007 at
12.00 noon.
3. Four (4) Board of Directors’ meetings were held during the
financial year ended 31 December 2007.
87) Resolution 4
87) Resolution 5
87) Resolution 6
(Section 129(6) of
Resolution 7
The profiles of the Directors standing for re-election are on
pages 8, 9, 11, 13, 14 and 17.
JOHOR LAND BERHAD
138
Penyata Bersama Notis Mesyuarat Agung Tahunan
1. Para Pengarah yang menawarkan diri untuk dipilih semula
pada Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh
Tiga (33) yang dijadualkan akan 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 adalah seperti berikut:(i) Dr Mohd Hafetz Bin Ahmad (Artikel 81) Resolusi 3
Ali Hashim
(Artikel 87) Resolusi 4
(v) Dato Hj Hassan Bin Hj Mohd Yunos (Seksyen 129(6)
Akta Syarikat, 1965)
Resolusi 7
Profil para Pengarah yang menawarkan diri untuk dipilih
semula adalah seperti di muka surat 8, 9, 11, 13, 14, dan 17.
JOHOR LAND BERHAD
2. Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh Dua
(32) telah diadakan di Tanjung Puteri 305, Pusat Konvensyen
Antarabangsa Persada Johor, Jalan Abdullah Ibrahim, 80000
Johor Bahru, Johor pada hari Isnin, 21 Mei 2007 pada jam
12.00 tengahari.
3. Empat (4) mesyuarat Ahli Lembaga Pengarah telah diadakan
pada tahun kewangan berakhir 31 Disember 2007.
139
Corporate Directory
JOHOR LAND BERHAD
(Company No: 12379-K)
Main Office
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Malaysia
Tel : 07-356 4888
Fax : 07-356 4889
Johor Bahru Division
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Malaysia
Tel : 07-356 4888
Fax : 07-356 4889
Bandar Dato’ Onn Divison/Sales Office
Jalan Bukit Mutiara
Bandar Dato’ Onn
81100 Johor Bahru
Malaysia
Tel : 07-356 4888
Fax : 07-356 4889
Bandar Tiram Division/Sales Office
Taman Bukit Tiram
81800 Ulu Tiram
Malaysia
Tel : 07-863 2692
Fax : 07-863 4692
Pasir Gudang Division
No. 58-58A
Jalan Mawar 46
Taman Mawar
81700 Pasir Gudang
Malaysia
Tel : 07-251 5692
Fax : 07-256 4611
Pasir Gudang Sales Office
Mini Dahlia, Persiaran Dahlia 1
Taman Bukit Dahlia
81700 Pasir Gudang
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
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
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
Malaysia
Tel : 07-356 4888
Fax : 07-356 4889
REVERTEX (MALAYSIA) SDN. BHD.
(Company No: 13437-V)
1 1/2 Miles, Jalan Batu Pahat
86000 Kluang
Malaysia
Tel : 07-773 1000
Fax : 07-772 4669
JOHOR LAND BERHAD
This page has been intentionally left blank.
Muka surat ini sengaja dibiarkan kosong.
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 Third (33rd) Annual General Meeting of the Company to
be held on Wednesday, 21 May 2008 at 12.00 noon or at any adjournment of such meeting.
Should you desire to direct your Proxy how to vote on the Resolutions set out in the Notice of Meeting and as summarised
below, 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 approve final dividend
3
To re-elect Director – Dr Mohd Hafetz Bin Ahmad (Article 81)
4
To re-elect Director – Tan Sri Dato’ Muhammad Ali Hashim (Article 87)
5
To re-elect Director – A.F.M Shafiqul Hafiz (Article 87)
6
To re-elect Director – Lukman Bin Hj Abu Bakar (Article 87)
7
To re-elect Director – Dato Hj Hassan Bin Hj Mohd Yunos
(Section 129(6) of the Companies Act, 1965)
8
To approve Directors’ fees
9
To re-appoint Auditors
10
To approve issuance of shares
AGAINST
Number of Shares
Signed this
day of
2008.
Signature of Member(s)
Notes:1. A member entitled to attend and vote at this meeting is entitled to appoint a proxy and vote instead of him. A proxy may but need not be
a member of the Company.
2.
The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or 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 13th Floor, Menara Johor Corporation,
KOTARAYA 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
THE COMPANY SECRETARY
JOHOR LAND BERHAD
(12379-K)
13th Floor, Menara Johor Corporation
KOTARAYA, 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
Tiga (33) yang akan diadakan pada hari Rabu, 21 Mei 2008, jam 12.00 tengahari atau di sebarang penangguhannya.
Jika anda ingin mengarahkan Proksi anda mengundi ke atas resolusi-resolusi yang dinyatakan di dalam Notis Mesyuarat dan
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
Meluluskan dividen akhir
3
Melantik semula Pengarah – Dr Mohd Hafetz Bin Ahmad (Artikel 81)
4
Melantik semula Pengarah – Tan Sri Dato’ Muhammad Ali Hashim (Artikel 87)
5
Melantik semula Pengarah – A.F.M Shafiqul Hafiz (Artikel 87)
6
Melantik semula Pengarah – Lukman Bin Hj Abu Bakar (Artikel 87)
7
Melantik semula Pengarah – Dato Hj Hassan Bin Hj Mohd Yunos
(Seksyen 129(6) Akta Syarikat 1965)
8
Meluluskan bayaran Yuran Pengarah
9
Melantik semula Juruaudit
10
Meluluskan penerbitan saham-saham
Bilangan Saham
Ditandatangani pada
haribulan
2008.
Tandatangan Ahli/Ahli-ahli
Nota:1. Seorang ahli yang berhak menghadiri dan mengundi dalam Mesyuarat ini berhak melantik seorang proksi untuk menghadiri bagi pihak dirinya.
Seorang proksi tidak semestinya seorang ahli Syarikat.
2.
Suratcara perlantikan proksi hendaklah dibuat secara bertulis oleh pelantik atau wakil mutlak yang berkuasa atau jika pelantik 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 Tingkat 13, Menara Johor Corporation, KOTARAYA 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)
Tingkat 13, Menara Johor Corporation
KOTARAYA, 80000 Johor Bahru, Johor
MALAYSIA

Penyata kepada Para Pemegang Saham

Transcription

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