As At 30 April 2009 - Kumpulan Perangsang Selangor Berhad

Transcription

Cover Rationale
Rasional Muka Depan
Water, being the most basic natural resource referred to
as “blue gold”, with huge investment made by the State
and its substantial ownership of water treatment plants,
dams and distribution works and the immovable assets,
should not become a commodity vulnerable to the profitmotive but instead remains in the hands of the
Government.
Air, sumber paling asas alam semulajadi yang dianggap
permata paling berharga, dengan pelaburan besar oleh
Kerajaan Negeri dan pemilikan yang penting di dalam
loji-loji rawatan air, empangan-empangan dan kerja-kerja
pengagihan serta lain-lain aset berkaitan air, tidak
sepatutnya menjadi satu komoditi utama yang
bermotifkan keuntungan tetapi terus dimiliki dan dikawal
oleh Kerajaan.
Contents
kandungan
2
VISION AND MISSION / VISI DAN MISI
4
OUR PROFILE / PROFIL KAMI
8
NOTICE OF ANNUAL GENERAL MEETING
NOTIS MESYUARAT AGUNG TAHUNAN
12
GROUP’S FINANCIAL HIGHLIGHTS
RINGKASAN KEWANGAN KUMPULAN
14
CORPORATE INFORMATION
MAKLUMAT KORPORAT
16
CORPORATE STRUCTURE
STRUKTUR KORPORAT
18
PROFILE OF BOARD OF DIRECTORS
PROFIL LEMBAGA PENGARAH
26
PROFILE OF SENIOR MANAGEMENT
PROFIL PENGURUSAN KANAN
32
EXECUTIVE CHAIRMAN’S STATEMENT
PERUTUSAN PENGERUSI EKSEKUTIF
45
STATEMENT OF CORPORATE GOVERNANCE
PENYATA TADBIR URUS KORPORAT
62
STATEMENT ON INTERNAL CONTROLS
PENYATA KAWALAN DALAMAN
68
AUDIT COMMITTEE REPORT
LAPORAN JAWATANKUASA AUDIT
76
CORPORATE SOCIAL RESPONSIBILITY
TANGGUNGJAWAB SOSIAL KORPORAT
78
CORPORATE CALENDAR
KALENDAR KORPORAT
82
HUMAN RESOURCE REVIEW
LAPORAN SUMBER MANUSIA
89
FINANCIAL STATEMENTS
PENYATA KEWANGAN
183
ANALYSIS OF SHAREHOLDINGS
ANALISA PEGANGAN SAHAM
186
LIST OF GROUP PROPERTIES
SENARAI HARTANAH KUMPULAN
190
CORPORATE DIRECTORY
DIREKTORI KORPORAT
PROXY FORM
BORANG PROKSI
P A G E
2
Vision
Visi
The leading integrated provider of
Infrastructure and Utility services,
leaving a legacy of pride and
accomplishment for the people.
Peneraju pembekal perkhidmatan
Infrastruktur dan Utiliti yang
bersepadu, mencipta warisan
kemegahan dan kecemerlangan
untuk rakyat.
KUMPULAN PERANGSANG SELANGOR BERHAD 23737-K
annual report 2008 laporan tahunan
P A G E
Mission
Misi
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Lead and achieve a global presence in the industries
we operate.
Venture and participate in viable businesses with
linkages to the Infrastructure and Utility industries.
Ensure a quality working environment, which inspires
our employees to superior standards of performance.
Ensure sustainable financial performance with
optimum returns to shareholders.
Maintain quality Infrastructure and Utility services
which surpass customers’ expectations.
Always recognised as a caring, community oriented
and environmental friendly organisation.
Menerajui dan mencapai kecemerlangan global
dalam industri-industri yang kami ceburi.
Menerokai
dan
menyertai
peluang-peluang
perniagaan berdaya maju yang melibatkan bidang
Infrastruktur dan Utiliti.
Memastikan persekitaran kerja berkualiti yang
memberi inspirasi kepada warga kerja kami untuk
mencapai prestasi tinggi.
Memastikan prestasi kewangan yang mapan dengan
pulangan optimum kepada para pemegang saham.
Mengekalkan perkhidmatan Infrastruktur dan Utiliti
berkualiti yang melebihi jangkaan para pelanggan.
Sentiasa dikenali sebagai organisasi yang prihatin,
berorientasikan masyarakat dan mesra alam.
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P A G E
4
Our Profile
Established on 11 August 1975,
Kumpulan Perangsang Selangor
Berhad (KPS) was listed on the
Main Board of Bursa Malaysia
Securities Berhad on 22 July 2003
with an authorised capital of RM1.0
billion and an enlarged paid-up
capital of RM475.664 million. As at
31 December 2008 KPS’s market
capitalisation stood at RM680.0
million. The major shareholder of
KPS is Kumpulan Darul Ehsan
Berhad (KDEB), which holds 60.12%
equity interest.
Stilling Basin - Sungai Semenyih Dam
KPS is geared to become a global infrastructure and
water utility player in an endeavour to strengthen its
earnings base and enhance shareholder value. KPS is
leveraging its experience to capitalise on opportunities
that may arise in the global arena. KPS is well positioned
to be a full-fledged water services provider in both
upstream and downstream activities. Being a water
treatment operator and service provider, it is envisaged
that KPS will be transformed into a major water player in
the country in the near future.
KPS holds strategic stakes in major water supply and
water related companies namely, Konsortium ABASS
Sdn Bhd (ABASS) 100% via Titisan Modal (M) Sdn Bhd,
a 55% owned subsidiary of KPS, Syarikat Pengeluar Air
Selangor Holdings Berhad (SPLASH) 30% via Viable
Chip (M) Sdn Bhd, a 100% owned subsidiary of KPS and
Taliworks Corporation Berhad (Taliworks) 20%. KPS also
holds 15% stake in Syarikat Bekalan Air Selangor Sdn
Bhd (SYABAS), which distributes water to households in
the whole of Selangor, Kuala Lumpur and Putrajaya.
ABASS has a 30-year concession in the privatisation of
the Sungai Semenyih Water Supply Scheme which has a
design output capacity of 545 million litres per day (MLD),
produces and supplies treated water to Syarikat Bekalan
Air Selangor Sdn Bhd (SYABAS) which in turn distributes
the water to households in the southern part of Selangor,
Kuala Lumpur, Putrajaya, Cyberjaya and the new
development areas in Sepang.
SPLASH is the concession company for Sungai Selangor
Water Supply Scheme Phase 1 and Phase 3. which is
built and operated under a 30 year concession with
output capacity of 950 MLD and 1,050 MLD respectively.
SPLASH produces and supplies treated water to
SYABAS which in turn distributes the water to households
in northern regions of Selangor and Kuala Lumpur.
Taliworks is involved in management, operation and
maintenance of the SSP1 water treatment plant that
currently supplies to large areas of Kuala Lumpur and
central Selangor. Taliworks also operates and maintains
the entire water supply and distribution facilities in Pulau
Langkawi, Kedah and the Sungai Baru water treatment
plant in Perlis for a 25 year contract.
In a recent development, KDEB the holding company of
KPS, received the mandate from the Federal
Government to lead the consolidation of water services in
Selangor, Kuala Lumpur and Putrajaya. As the utility &
infrastructure arm of the KDEB Group, KPS will take the
lead in the consolidation once the plan crystallises.
Other than water concessions, KPS owns 57% stake in
listed property developer Kumpulan Hartanah Selangor
Bhd and 20% stake in Sistem Penyuraian Trafik KL Barat
Holdings Sdn Bhd (SPRINT), the concessionaire of the
SPRINT highway in the Klang Valley.
P A G E
Profil Kami
Berhad (KPS) ditubuhkan pada 11
Ogos 1975 dan disenaraikan di Papan
Utama, Bursa Malaysia Securities
Berhad pada 22 Julai 2003 dengan
modal dibenarkan RM1.0 bilion dan
modal berbayar RM475.664 juta.
Sehingga 31 Disember 2008, KPS
mempunyai modal pasaran sebanyak
RM680 juta. Pemegang saham utama
KPS ialah Kumpulan Darul Ehsan
Berhad (KDEB), yang memegang
60.12% kepentingan ekuiti.
KPS sedang bergerak sebagai peneraju utama dalam
industri utiliti air dan infrastruktur di peringkat global bagi
mengukuhkan sumber pendapatan dan meningkatkan
nilai pemegang saham. KPS berada di kedudukan yang
baik untuk menjadi peneraju dan merebut peluangpeluang perniagaan di peringkat global dalam aktivitiaktiviti huluan dan hiliran bagi perkhidmatan utiliti air.
Pengalaman luas sebagai pembekal perkhidmatan dan
operator rawatan air mampu menjadikan KPS sebagai
pemain utama dalam industri air negara dalam masa
terdekat.
Ketika ini, KPS memegang kepentingan strategik di
dalam beberapa syarikat pembekal air utama dan
syarikat yang berkaitan pengurusan air seperti
Konsortium ABASS Sdn Bhd (ABASS) 100% melalui
Titisan Modal (M) Sdn Bhd, di mana KPS memegang
55% saham, Syarikat Pengeluar Air Selangor Holdings
Berhad (SPLASH) 30% melalui Viable Chip (M) Sdn Bhd
di mana KPS memegang 100% kepentingan dan
Taliworks Corporation Berhad (Taliworks) 20%. KPS juga
memegang 15% kepentingan di dalam Syarikat Bekalan
Air Selangor Sdn Bhd (SYABAS), sebuah syarikat yang
membekalkan air bersih kepada pengguna-pengguna di
Selangor, Kuala Lumpur dan Putrajaya.
ABASS memegang konsesi selama 30 tahun di dalam
Skim Bekalan Air Sungai Semenyih dengan kapasiti
pengeluaran air terawat sebanyak 545 juta liter sehari
(JLH) yang disalurkan kepada SYABAS bagi bekalan air
bersih kepada pengguna-pengguna di kawasan selatan
Selangor, Kuala Lumpur, Putrajaya, Cyberjaya dan
kawasan pembangunan baru di Sepang.
SPLASH adalah syarikat konsesi bagi Skim Bekalan Air
Sungai Selangor Fasa 1 dan Fasa 3 yang beroperasi di
bawah konsesi selama 30 tahun dengan kapasiti
pengeluaran air terawat masing-masing sebanyak 950
JLH dan 1,050 JLH. SPLASH menghasilkan dan
menyalurkan bekalan air yang dirawat kepada SYABAS
untuk disalurkan kepada pengguna-pengguna di
bahagian utara Selangor dan Kuala Lumpur.
Taliworks terlibat di dalam pengurusan, operasi dan
penyelenggaraan loji rawatan SSP1 yang membekalkan
air terawat ke sebahagian besar kawasan Kuala Lumpur
dan bahagian tengah Selangor. Taliworks juga terlibat
dalam operasi dan penyelenggaraan keseluruhan
bekalan dan agihan kemudahan-kemudahan air di Pulau
Langkawi, Kedah dan loji rawatan air Sungai Baru di
Perlis bagi tempoh 25 tahun.
Dalam perkembangan semasa, KDEB sebagai syarikat
induk KPS telah menerima mandat daripada Kerajaan
Persekutuan bagi menerajui cadangan penggabungan
semua perkhidmatan air di Selangor, Kuala Lumpur dan
Putrajaya. Sebagai syarikat utiliti & infrastruktur di bawah
KDEB, KPS bakal dilantik sebagai penggerak utama
proses penggabungan tersebut sebaik sahaja pelantikan
KDEB dimuktamadkan.
Selain daripada konsesi air, KPS juga memegang 57%
saham di dalam syarikat pemaju hartanah tersenarai,
Kumpulan Hartanah Selangor Berhad dan 20%
kepentingan di dalam Sistem Penyuraian Trafik KL Barat
Holdings Sdn Bhd (SPRINT), syarikat konsesi bagi
lebuhraya SPRINT di Lembah Klang.
5
“We need to appreciate that privatisation is not a
substitute to efficient and effective water services
particularly in respect of long term financial
sustainability. It is imperative that we recognise
water services should be in the hands of the
Government and not live off the cost of future
generation.”
“Kita perlu menghargai bahawa penswastaan
adalah bukan pengganti kepada tahap
perkhidmatan air yang efisyen dan efektif,
terutamanya jika dilihat dari segi kemampuan
kewangan jangka panjang. Perlu diakui
bahawa perkhidmatan air adalah sangat
penting dikendalikan oleh Kerajaan untuk
mengelakkan implikasi besar kepada generasi
masa hadapan.”
Sungai Semenyih Water Treatment Plant
P A G E
8
Notice Of Annual
General Meeting
NOTICE IS HEREBY GIVEN THAT the Thirty Second Annual General
Meeting of Kumpulan Perangsang Selangor Berhad will be held at the
Kayangan Ballroom, Quality Hotel Shah Alam, Persiaran Perbandaran,
40000 Shah Alam, Selangor Darul Ehsan, on Thursday,
18 June 2009 at 2.30 p.m. for the following purposes:
AGENDA
AS SPECIAL BUSINESS:
ORDINARY BUSINESS:
To consider and, if thought fit, pass with or without any
modifications, the following Ordinary Resolution:
1. To receive and adopt the Audited Financial
Statements for the financial year ended 31 December
2008 and the Reports of the Directors and Auditors
thereon.
(Resolution 1)
2. To approve a final dividend of 4% less 25% income
tax for the year ended 31 December 2008.
(Resolution 2)
3. To re-elect the following Directors who retire by
rotation pursuant to Article 84 of the Company's
Articles of Association:i.
YBhg Dato' Azlan bin Hashim
(Resolution 3)
ii.
YBhg Dato' Haji Ab Halim bin Mohyiddin
(Resolution 4)
4. To re-appoint Tuan Haji Zain Azahari bin Zainal
Abidin, who retires pursuant to Section 129(2) of the
Companies Act, 1965
(Resolution 5)
7. Authority for the Board of Directors to issue and allot
shares pursuant to Section 132D of the Companies
Act, 1965
"THAT pursuant to Section 132D of the Companies
Act, 1965, the Board of Directors be and are hereby
empowered to issue shares in the Company at any
time until the conclusion of the next Annual General
Meeting and upon such terms and conditions and for
such purposes as the Board of Directors may, in its
absolute discretion, deem fit provided that the
aggregate number of shares to be issued does not
exceed 10% of the issued share capital of the
Company for the time being.“
(Resolution 8)
ANY OTHER BUSINESS:
8. To transact any other ordinary business for which due
notice has been given.
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT
DATE
5. To approve the Directors' fees of RM342,292.00 for
the financial year ended 31 December 2008.
(Resolution 6)
6. To re-appoint Messrs. Ernst & Young as Auditors of
the Company and to authorise the Directors to fix
their remuneration.
(Resolution 7)
NOTICE IS ALSO HEREBY GIVEN that a final dividend
of 4% less 25% income tax, if approved by shareholders,
will be payable on 14 August 2009 to shareholders
registered in the Records of Depositors at the close of
business on 31 July 2009.
A depositor shall qualify for entitlement only in respect of:
a) Shares transferred to the Depositor’s Securities
Account before 4.00 p.m on 31 July 2009 in respect
of ordinary shares.
P A G E
Notice of Annual
General Meeting
b) Shares bought on the Bursa Malaysia Securities
Berhad on a cum entitlement basis according to the
Rules of the Bursa Malaysia Securities Berhad.
By Order of the Board
MAZIYAH BINTI MOHD ZIN (MACS 01276)
HASHIMAH BINTI MOHD ISA (MACS 01269)
Joint Company Secretaries
Shah Alam
27 May 2009
Notes:
1.
Every member is entitled to appoint at least one (1) proxy
or in the case of a corporation, to appoint a representative
to attend and vote in his place. A proxy need not be a
member of the Company.
passed to re-appoint Tuan Haji Zain Azahari bin Zainal
Abidin who is over 70 years of age as Director of the
Company and to hold office until the conclusion of the
next Annual General Meeting of the Company.
This Resolution must be passed by a majority of not less
than three fourths of such Members of the Company as
being entitled to vote in person or where proxies are
allowed by proxy at the Annual General Meeting of the
Company.
Explanatory Note on Special Business
2. Ordinary Resolution 8
• Authority for the Board of Directors to issue
and allot shares pursuant to Section 132D of
the Companies Act, 1965
The Company and/or its subsidiaries ("the Group") may
pursue business opportunities in prospective areas so as to
broaden the operational base and earnings potential of the
Group. Such plans may require the issue of new shares not
exceeding ten (10) per centum of the Company’s issued
share capital. With the passing of the Ordinary Resolution 8
mentioned above by the shareholders of the Company at the
forthcoming Annual General Meeting, the Directors would
avoid delay and cost of convening general meetings to
approve the issue of new shares for such purposes.
2.
The Proxy Form must be signed by the appointer or his
attorney duly authorised in writing or if the appointer is a
corporation, either under seal or under the hand of an
officer or attorney duly authorised. In the case of joint
holdings, the signature of the first named holder is sufficient.
3.
If the Proxy Form is returned without indication as to how
the proxy shall vote, the proxy will vote or abstain, as he
thinks fit.
4.
If the name is not inserted in the space for the name of your
proxy, the Chairman of the AGM will act as your proxy.
STATEMENT ACCOMPANYING NOTICE OF ANNUAL
GENERAL MEETING
5.
The Proxy Form must be deposited at the Registrar's Office
of Symphony Shares Registrars Sdn Bhd, Level 26, Menara
Multi Purpose, Capital Square, No. 8, Jalan Munshi
Abdullah, 50100 Kuala Lumpur, not less than forty-eight
(48) hours before the time of holding the AGM or any
adjournment thereof, or in the case of a poll, not less than
twenty-four (24) hours before the time appointed for the
taking of the poll.
1. Directors who are standing for re-election at the
Thirty Second Annual General Meeting of the
Company are:
i.
YBhg Dato' Haji Azlan bin Hashim
(Resolution 3)
ii.
(Resolution 4)
iii.
Tuan Haji Zain Azahari bin Zainal Abidin
(Resolution 5)
Explanatory Note on Ordinary Business
1.
Ordinary Resolution 5
• Re-appointment of Director over 70 years of age
The Ordinary Resolution No. 5 proposed under item 4 is
in accordance with section 129(6) of the Companies Act,
1965 which requires that a separate resolution be
The profiles of the Directors standing for re-election
are on pages 21 to 23.
9
P A G E
10
Notis Mesyuarat
Agung Tahunan
DENGAN INI DIMAKLUMKAN BAHAWA Mesyuarat Agung Tahunan
Kumpulan Perangsang Selangor Berhad yang ke Tiga Puluh Dua akan
diadakan di Kayangan Ballroom, Quality Hotel Shah Alam, Persiaran
Perbandaran, 40000 Shah Alam, Selangor Darul Ehsan, pada hari
Khamis, 18 Jun 2009, jam 2.30 petang untuk membincangkan perkaraperkara berikut:
7. Kuasa untuk Lembaga Pengarah menerbit dan
memperuntukkan saham menurut Seksyen 132D
Akta Syarikat, 1965
AGENDA
URUSAN BIASA:
1. Menerima Penyata Kewangan yang telah diaudit bagi
tahun kewangan berakhir 31 Disember 2008 dan
Laporan Pengarah dan Juruaudit mengenainya.
(Resolusi 1)
2. Meluluskan dividen akhir sebanyak 4% tolak 25%
cukai pendapatan bagi tahun berakhir 31 Disember
2008.
(Resolusi 2)
3. Untuk memilih semula Pengarah-pengarah berikut
yang bersara mengikut pusingan menurut
peruntukan Artikel 84 Tataurusan Syarikat:i.
(Resolusi 3)
ii.
(Resolusi 4)
4. Untuk melantik semula Tuan Haji Zain Azahari bin
Zainal Abidin yang bersara menurut Seksyen 129(2)
Akta Syarikat 1965.
(Resolusi 5)
5. Meluluskan
yuran
Pengarah
sebanyak
RM342,292.00 bagi tahun kewangan berakhir 31
Disember 2008.
(Resolusi 6)
6.Melantik semula Tetuan Ernst & Young sebagai
Juruaudit Syarikat dan memberi kuasa kepada
Lembaga Pengarah untuk menetapkan ganjaran
mereka.
(Resolusi 7)
URUSAN KHAS:
Menimbang dan sekiranya difikirkan wajar, meluluskan
dengan atau tanpa sebarang pindaan, Resolusi Biasa
berikut:
"BAHAWA dengan ini, Lembaga Pengarah diberi
kuasa menurut Seksyen 132D Akta Syarikat, 1965,
untuk menerbitkan saham Syarikat pada bila-bila
masa sehingga tamatnya Mesyuarat Agung Tahunan
Syarikat yang akan datang, tertakluk kepada terma
dan syarat yang telah ditentukan dan untuk tujuantujuan yang difikirkan wajar oleh Lembaga Pengarah,
dengan syarat jumlah saham yang diterbitkan tidak
melebihi 10% dari modal saham terbitan Syarikat
pada masa ini.”
(Resolusi 8)
SEBARANG URUSAN LAIN:
8. Melaksanakan sebarang urusan biasa yang lain di
mana notis secukupnya telah diberikan.
NOTIS KELAYAKAN MENERIMA DAN TARIKH
PEMBAYARAN DIVIDEN
NOTIS ADALAH JUGA DENGAN INI DIBERIKAN
bahawa dividen akhir sebanyak 4% tolak 25% cukai
pendapatan, sekiranya diluluskan oleh pemegangpemegang saham, akan dibayar pada 14 Ogos 2009
kepada pemegang-pemegang saham yang berdaftar
dalam Rekod Pendeposit pada penutupan perniagaan
pada 31 Julai 2009.
Seseorang pendeposit akan layak untuk haknya hanya
berhubung dengan:
a) Saham-saham yang dipindahkan kepada Akaun
Sekuriti Pendeposit sebelum jam 4.00 petang pada
31 Julai 2009 berhubung dengan saham biasa.
b) Saham-saham yang dibeli pada Bursa Malaysia
Securities Berhad atas dasar keberhakan bersama
selaras dengan peraturan-peraturan Bursa Malaysia
Securities Berhad.
P A G E
Notis Mesyuarat
Agung Tahunan
Dengan Perintah Lembaga Pengarah
MAZIYAH BINTI MOHD ZIN (MACS 01276)
HASHIMAH BINTI MOHD ISA (MACS 01269)
Setiausaha Syarikat Bersama
Shah Alam
27 Mei 2009
70 tahun sebagai Pengarah Syarikat dan akan
memegang jawatan sehingga Mesyuarat Agung
Tahunan Syarikat yang berikutnya. Resolusi ini mesti
diluluskan secara majoriti dengan tidak kurang daripada
tiga perempat ahli-ahli Syarikat yang berhak mengundi
hadir ataupun proksinya, setakat yang dibenarkan oleh
proksi di Mesyuarat Agung Tahunan Syarikat.
Nota Penjelasan mengenai Urusan Khas
Nota-Nota:
1.
Setiap pemegang saham berhak melantik sekurangkurangnya seorang (1) proksi atau jika sebuah syarikat,
berhak melantik wakil untuk menghadiri dan mengundi bagi
pihaknya. Proksi tersebut tidak semestinya pemegang
saham Syarikat.
2.
Borang Proksi mesti ditandatangani oleh pelantik atau
peguam yang telah diberi kuasa secara bertulis atau
sekiranya pelantik adalah sebuah syarikat, mestilah dengan
memeterai atau ditandatangani oleh pegawai atau peguam
yang diberi kuasa. Di dalam hal pegangan bersama,
tandatangan pemegang pertama adalah mencukupi.
3.
Sekiranya Borang Proksi dikembalikan tanpa menjelaskan
bagaimana proksi harus mengundi, proksi akan mengundi
atau tidak mengundi seperti mana yang difikirkan sesuai.
4.
Jika tiada nama terdapat di dalam ruang bagi proksi anda,
Pengerusi Mesyuarat akan bertindak sebagai proksi anda.
5.
Borang Proksi mestilah dihantar ke Pejabat Pendaftar,
Symphony Shares Registrars Sdn Bhd, Lantai 26, Menara
Multi Purpose, Capital Square, No. 8, Jalan Munshi
Abdullah, 50100 Kuala Lumpur, tidak kurang dari empat
puluh lapan (48) jam sebelum Mesyuarat ditetapkan atau
pada sebarang penangguhannya, atau dalam hal
pengundian, tidak kurang dari dua puluh empat (24) jam
sebelum masa yang ditetapkan untuk mengundi.
Nota Penjelasan mengenai Urusan Biasa
1. Resolusi Biasa 5
• Pelantikan semula Pengarah yang berumur
lebih 70 tahun
Resolusi Biasa No. 5 yang dicadangkan di bawah
perkara 4 adalah selaras dengan Seksyen 129(6) Akta
Syarikat, yang mensyaratkan resolusi yang berasingan
perlu diluluskan untuk memilih semula Tuan Haji Zain
Azahari bin Zainal Abidin, yang berumur lebih daripada
2. Resolusi Biasa 8
• Kuasa untuk Lembaga Pengarah menerbit
dan memperuntukkan saham menurut
Seksyen 132D Akta Syarikat, 1965
Syarikat dan/atau subsidiarinya ("Kumpulan") akan terus
mencari peluang-peluang perniagaan di bidang-bidang
yang berpotensi bagi memperluaskan asas operasi dan
potensi pendapatan Kumpulan.
Rancangan ini
mungkin memerlukan Syarikat menerbitkan sahamsaham baru tidak melebihi sepuluh (10) peratus
daripada modal terbitan Syarikat. Dengan meluluskan
Resolusi Biasa 8 yang dimaklumkan di atas oleh
pemegang-pemegang saham Syarikat di Mesyuarat
Agung Tahunan yang akan datang, Pengarah-pengarah
akan dapat mengelakkan kelewatan dan kos untuk
mengadakan mesyuarat-mesyuarat umum bagi
meluluskan penerbitan saham-saham baru bagi tujuan
berkenaan.
PENYATA BERSAMA NOTIS MESYUARAT
AGUNG TAHUNAN
1. Pengarah-pengarah yang menawarkan diri untuk
dipilih semula di Mesyuarat Agung Tahunan Syarikat
yang ke Tiga Puluh Dua adalah seperti berikut:
i.
(Resolusi 3)
ii.
(Resolusi 4)
iii.
(Resolusi 5)
Profil Pengarah-pengarah yang akan dipilih semula
terdapat di muka surat 21 hingga 23.
11
P A G E
12
Group’s Financial Highlights
Ringkasan Kewangan Kumpulan
for the year ended 31 December/untuk tahun berakhir 31 Disember
2004
RM’000
2005
RM’000
2006
RM’000
2007
RM’000
2008
RM’000
Revenue / Perolehan
236,227
308,887
378,649
425,602
305,827
(Loss) / Profit Before Tax and “Zakat”
(Kerugian) / Keuntungan Sebelum Cukai dan Zakat
(13,133)
(123,802)
28,295
61,305
412
(Loss) / Profit After Tax and “Zakat”
(Kerugian) / Keuntungan Selepas Cukai dan Zakat
(20,111)
(123,175)
18,222
36,060
(11,025)
(Loss) / Profit Attributable To Equity Holders
(Kerugian) / Keuntungan yang Diagihkan
kepada Pemegang-pemegang Saham
23,479
(48,761)
18,807
31,998
1,709
Gross Dividend
Dividen Kasar
8,628
12,942
17,256
18,832
19,017
Paid-up Capital
Modal Berbayar
431,404
431,404
431,404
470,812
475,664
Shareholders' Equity
Ekuiti Pemegang Saham
770,527
715,554
839,053
919,133
914,108
Total Assets Employed
Jumlah Asset Digunakan
2,316,113
2,193,674
3,150,348
3,130,239
3,175,238
429,004
482,262
1,378,346
1,350,112
1,378,122
2004
2005
2006
2007
2008
Gross Dividend Per Share (%)
Dividen Kasar Sesaham (%)
2.00
3.00
4.00
4.00
4.00
Debt / Equity (Times)
Hutang / Ekuiti (Kali)
0.44
0.57
1.45
1.26
1.31
Net Earnings / (Loss) Per Share (Sen)
Pendapatan / (Kerugian) Bersih Sesaham (Sen)
5.44
(11.30)
4.36
7.26
0.36
Net Assets Per Share (RM)
Aset Bersih Sesaham (RM)
2.25
1.94
2.20
2.28
2.21
Total Borrowings
Jumlah Pinjaman
Financial Ratios / Nisbah-nisbah Kewangan
P A G E
Group’s Financial Highlights
Ringkasan Kewangan Kumpulan
412
1,709
18,807
61,305
28,295
07
08
06
07
08
PROFIT BEFORE TAX
AND “ZAKAT”
KEUNTUNGAN SEBELUM CUKAI
DAN ZAKAT
(RM’000)
4.00
4.00
08
0.36
4.00
4.36
07
PROFIT ATTRIBUTABLE
TO EQUITY HOLDERS
KEUNTUNGAN YANG DIAGIHKAN
KEPADA PEMEGANG-PEMEGANG
SAHAM
(RM’000)
2.20
7.26
REVENUE
PEROLEHAN
(RM’000)
06
2.28
06
2.21
305,827
378,649
425,602
31,998
for the year ended 31 December/untuk tahun berakhir 31 Disember
06
07
08
NET EARNINGS PER SHARE
PENDAPATAN BERSIH
SESAHAM (SEN)
06
07
08
GROSS DIVIDEND PER SHARE
DIVIDEN KASAR SESAHAM (%)
06
07
08
NET ASSETS PER SHARE
ASET BERSIH SESAHAM (RM)
13
P A G E
14
Corporate Information
Maklumat Korporat
BOARD OF DIRECTORS / LEMBAGA PENGARAH
YBHG DATO' HAJI AZLAN BIN HASHIM
YBHG DATO' HAJI ABD KARIM BIN MUNISAR
DSSA, DSNS
Independent Non-Executive Director/Pengarah Bukan Eksekutif Bebas
DSSA, SSA, KMN, ASA
Executive Chairman/Pengerusi Eksekutif
YBHG DATO' HAJI AB HALIM BIN MOHYIDDIN
ENCIK WONG YIEN KIM
DPMS
SIS, PPT
Executive Director/Pengarah Eksekutif
TUAN HAJI ZAIN AZAHARI BIN ZAINAL ABIDIN
AUDIT COMMITTEE MEMBERS
AHLI-AHLI JAWATANKUASA
AUDIT
YBHG DATO' HAJI AB HALIM
BIN MOHYIDDIN
DPMS
Chairman - Independent
Non-Executive Director
Pengerusi - Pengarah Bukan
Eksekutif Bebas
YBHG DATO' HAJI AZLAN BIN
HASHIM
DSSA, DSNS
Member - Independent
Ahli - Pengarah Bukan Eksekutif Bebas
TUAN HAJI ZAIN AZAHARI
BIN ZAINAL ABIDIN
YBHG DATO’ HAJI ABD KARIM
BIN MUNISAR
DSSA, SSA, KMN, ASA
Member - Executive Chairman
Ahli - Pengerusi Eksekutif
ENCIK WONG YIEN KIM
SIS, PPT
Member - Executive Director
Ahli - Pengarah Eksekutif
YM RAJA AHMAD HIDZIR
BIN RAJA MUHAMAD
Member - Group General Manager
Human Resource & Administration
Ahli - Pengurus Besar Sumber Manusia
& Pentadbiran Kumpulan
NOMINATION COMMITTEE
MEMBERS
PENCALONAN
HASHIM
EMPLOYEE SHARE OPTION
SCHEME (ESOS) COMMITTEE
MEMBERS
SKIM OPSYEN SAHAM
KAKITANGAN (“ESOS”)
DSSA, DSNS
Eksekutif Bebas
HASHIM
BIN MOHYIDDIN
DSSA, DSNS
Eksekutif Bebas
DPMS
TUAN HAJI ZAIN AZAHARI
BIN ZAINAL ABIDIN
REMUNERATION COMMITTEE
MEMBERS
IMBUHAN
HASHIM
DSSA, DSNS
Eksekutif Bebas
BIN MOHYIDDIN
DPMS
ENCIK WONG YIEN KIM
SIS, PPT
Member - Executive Director
Ahli - Pengarah Eksekutif
P A G E
Corporate Information
Maklumat Korporat
COMPANY SECRETARIES
SETIAUSAHA-SETIAUSAHA
SYARIKAT
Puan Maziyah binti Mohd Zin
LISTING
PENYENARAIAN
Management Audit Division
Bahagian Audit Pengurusan
Bursa Malaysia Securities Berhad
Main Board
Encik Revi Pillai
No. 108, Jalan SSAAS 9/6
Seksyen 9
40000 Shah Alam
Selangor Darul Ehsan
Papan Utama Bursa Malaysia
Securities Berhad
(22 July/Julai 2003)
Puan Hashimah binti Mohd Isa
SHARE REGISTRAR
PENDAFTAR SAHAM
PPT
No. 48, Jalan SS19/5B,
47500 Subang Jaya
REGISTERED OFFICE
PEJABAT BERDAFTAR
Tingkat 16, Plaza Perangsang
Persiaran Perbandaran
40000 Shah Alam
Tel: 03-5510 3999 Fax: 03-5510 9977
PRINCIPAL BANKERS
BANK-BANK UTAMA
RHB Bank Berhad
No. 16 & 18
Jalan Tengku Ampuan Zabedah D9/D
40100 Shah Alam
OCBC Bank Berhad
15th Floor, Menara OCBC
18, Jalan Tun Perak
50050 Kuala Lumpur
EON Bank Berhad
No. 34, Jalan Perbahan Satu
Seksyen 26/2A,
40000 Shah Alam
AUDITOR
JURUAUDIT
Messrs Ernst & Young
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
Symphony Share Registrars
Sdn Bhd
Level 26, Menara Multi-Purpose
Capital Square
No. 8, Jalan Munshi Abdullah
50100 Kuala Lumpur
ASA
General Manager/Pengurus Besar
Human Resource &
Administration Division
Bahagian Sumber Manusia &
Pentadbiran
YM Raja Ahmad Hidzir
bin Raja Muhamad
Group General Manager/Pengurus
Besar Kumpulan
Infrastructure & Utility Division
Bahagian Infrastruktur & Utiliti
Tuan Haji Zulkifli bin Hussain
MANAGEMENT
PENGURUSAN
Office of Executive Chairman
Pejabat Pengerusi Eksekutif
YBhg Dato' Haji Abd Karim
bin Munisar
PPT
Water Management Division
Bahagian Pengurusan Air
Encik Abdul Karim bin Endut
DSSA, SSA, KMN, ASA
Executive Chairman/Pengerusi
Eksekutif
Office of Executive Director
Pejabat Pengarah Eksekutif
Puan Hashimah binti Mohd Isa
Encik Wong Yien Kim
SIS, PPT
Secretarial Division
Bahagian Kesetiausahaan
PPT
Company Secretary/
Setiausaha Syarikat
Finance Division
Bahagian Kewangan
Encik Wong Yien Kim
SIS, PPT
Corporate Planning Division
Bahagian Perancang Korporat
Encik Mohd Noor bin Ismail
PPT
15
P A G E
16
Kumpulan Perangsang
Selangor Berhad
Corporate Structure
Struktur Korporat
Subsidiary Companies
Anak-Anak Syarikat
Associated Companies
Syarikat-Syarikat Bersekutu
56.57%
20%
Kumpulan Hartanah
Selangor Berhad
76.67%
Central Spectrum (M)
Sdn Bhd
60%
Hydrovest Sdn Bhd
60%
Aqua-Flo Sdn Bhd
25%
Chemindus Sdn Bhd
55%
Titisan Modal (M) Sdn Bhd
100%
Konsortium ABASS
Sdn Bhd
100%
Viable Chip (M) Sdn Bhd
30%
Syarikat Pengeluar Air
Selangor Holdings Berhad
Taliworks
Corporation Berhad
20%
Sistem Penyuraian
Trafik KL Barat
Holdings Sdn Bhd
40%
Perangsang Water
Management Sdn Bhd
41%
Kuala Langat Mining
Sdn Bhd
30%
99.98%
Cash Band (M) Berhad
100%
Perangsang Templer
Golf Club Division
100%
Perangsang Hotel &
Properties Sdn Bhd
49%
KDE Recreation Berhad
KPS-HCM Sdn Bhd
P A G E
Driving growth
through decisive action
Menggerak pertumbuhan melalui
tindakan tegas
By matching our determination
to excel through decisive
action taken on the back of well
planned and well timed
strategies, we surpassed our
expectations.
Dengan menyelaraskan keazaman kami untuk
cemerlang melalui tindakan yang tegas
berlandaskan perancangan yang rapi dan
ketepatan strategi-strategi, kami telah
melangkaui jangkaan kami.
17
YBhg Dato’ Haji
Abd Karim Bin Munisar
DSSA, SSA, KMN, ASA
P A G E
Profile Of Board Of Directors
Profil Lembaga Pengarah
YBhg Dato’ Haji Abd Karim Bin Munisar, DSSA, SSA,
KMN, ASA, a Malaysian, aged 58, was appointed
Executive Chairman of Kumpulan Perangsang Selangor
Berhad on 6 September 2004. He holds a Bachelor of
Economics (Hons) from University of Malaya, Advanced
Diploma in Economic Development (with Distinction) from
University of Manchester, UK and Master in Business
Administration from University of Edinburgh, Scotland.
He also attended an Advance Course in Urban Planning
JICA at Tokyo, Japan.
Dato’ Haji Abd Karim was the President of Petaling Jaya
Municipal Council in 2003 and 2004. Prior to that, he was
the District Officer cum Acting President of Sepang
District Council from 1998–2003. Dato’ Haji Abd Karim
also served as the President of Ampang Jaya Municipal
Council in 1992-1996.
He was the Chief Assistant State Secretary of Selangor
(Local Authority Division) in 1987; Deputy Director of
Klang Valley Planning Secretariat, Prime Minister
Department in 1982; Chief Assistant District Officer 1
(Land) of Kuantan District Office and Chief Assistant
State Secretary of Pahang (Housing Division) in 1980.
Between 1975–1980, Dato’ Haji Abd Karim held different
positions in various districts in the State of Perak as
Assistant District Officer, South Kinta; Chairman of South
Kinta District Council; Assistant District Officer 1, Kampar;
Chairman of Kampar/Gopeng Municipal Council and also
Assistant State Secretary of Perak. In 1974, he was the
Assistant Director at the Ministry of Finance, Malaysia.
Dato’ Haji Abd Karim currently sits on the Board of
Kumpulan Darul Ehsan Berhad as President, a position
held since 6 September 2004. Dato’ Haji Abd Karim is
also the Executive Chairman of Kumpulan Hartanah
Selangor Berhad and Chairman of Taliworks Corporation
Berhad.
KMN, ASA, warganegara Malaysia, berusia 58 tahun
dilantik sebagai Pengerusi Eksekutif Kumpulan
Perangsang Selangor Behad pada 6 September 2004.
Beliau memiliki Ijazah Sarjana Muda Ekonomi (Kepujian)
dari Universiti Malaya, Diploma Lanjutan dalam bidang
Pembangunan Ekonomi (dengan Cemerlang) dari
University of Manchester, UK dan Ijazah Sarjana
Pentadbiran Perniagaan dari University of Edinburgh,
Scotland. Beliau juga telah menghadiri Advance Course
in Urban Planning JICA di Tokyo, Jepun.
Dato’ Haji Abd Karim adalah Yang Dipertua Majlis
Perbandaran Petaling Jaya pada tahun 2003 hingga
2004. Sebelum itu, beliau adalah Pegawai Daerah dan
Pemangku Yang Dipertua Majlis Daerah Sepang
daripada 1998–2003. Dato’ Haji Abd Karim pernah
menjadi Yang Dipertua Majlis Perbandaran Ampang Jaya
pada tahun 1992–1996.
Beliau pernah berkhidmat sebagai Ketua Penolong
Setiausaha Kerajaan Negeri Selangor (Bahagian
Kerajaan Tempatan) pada tahun 1987; Timbalan
Pengarah, Urusetia Perancangan Lembah Klang,
Jabatan Perdana Menteri pada tahun 1982; Ketua
Penolong Pegawai Daerah 1 (Tanah) Pejabat Daerah
Kuantan dan Ketua Penolong Setiausaha Kerajaan
Negeri Pahang (Bahagian Perumahan).
Di antara 1975–1980, Dato’ Haji Abd Karim telah
memegang beberapa jawatan di beberapa daerah dalam
negeri Perak sebagai Penolong Pegawai Daerah, Kinta
Selatan; Pengerusi Majlis Daerah Kinta Selatan;
Penolong Pegawai Daerah 1, Kampar; Pengerusi Majlis
Daerah Kampar dan Penolong Setiausaha Kerajaan
Negeri Perak. Pada tahun 1974, beliau menjawat
jawatan Penolong Pengarah di Kementerian Kewangan,
Malaysia.
Dato’ Haji Abd Karim menganggotai Lembaga Kumpulan
Darul Ehsan Berhad sebagai Presiden, jawatan yang
disandang sejak 6 September 2004. Dato’ Haji Abd
Karim juga adalah Pengerusi Eksekutif Kumpulan
Hartanah Selangor Berhad dan Pengerusi Taliworks
Corporation Berhad.
19
P A G E
20
Encik Wong Yien Kim
SIS, PPT
Encik Wong Yien Kim, SIS, PPT, a Malaysian, aged 55,
was appointed to the Board of Kumpulan Perangsang
Selangor Berhad (KPS) as Executive Director on 18
September 2007.
He obtained his professional
qualification from the Institute of Chartered Accountants,
England and Wales in 1982.
Encik Wong joined KPS, a subsidiary company of
Kumpulan Darul Ehsan Berhad in 1983 as Accountant
and was appointed as Chief Accountant for several of
KPS’s subsidiaries. He served SAP Holdings Berhad for
seven (7) years and held the position of Head of Division
Finance prior to his present appointment. Encik Wong
was also the General Manager Finance at KPS, a
position held since 2000.
Encik Wong is a member of the Malaysian Institute of
Accountants and the Institute of Chartered Accountants,
England and Wales.
Presently, Encik Wong also sits on the Board of
Kumpulan Hartanah Selangor Berhad and Taliworks
Corporation Berhad.
Encik Wong Yien Kim, SIS, PPT, warganegara
Malaysia, berusia 55 tahun telah dilantik ke Lembaga
Pengarah Kumpulan Perangsang Selangor Berhad
(KPS) sebagai Pengarah Eksekutif pada 18 September
2007. Beliau mendapat pendidikan professional dari
Institute of Chartered Accountants, England dan Wales
pada tahun 1982.
Encik Wong mula berkhidmat dengan KPS, anak syarikat
Kumpulan Darul Ehsan Berhad pada tahun 1983 sebagai
Akauntan dan dilantik sebagai Ketua Akauntan di
beberapa anak syarikat KPS. Beliau berkhidmat di SAP
Holdings Berhad selama tujuh (7) tahun dan memegang
jawatan Ketua Bahagian Kewangan sebelum dilantik ke
jawatan yang disandang sekarang. Encik Wong juga
memegang jawatan Pengurus Besar Kewangan di KPS
sejak tahun 2000.
Encik Wong ialah ahli Institut Akauntan Malaysia dan
Institute of Chartered Accountants, England dan Wales.
Ketika ini, Encik Wong juga merupakan Pengarah
Kumpulan Hartanah Selangor Berhad dan Taliworks
Corporation Berhad.
P A G E
YBhg Dato’ Haji Azlan Bin Hashim
DSSA, DSNS
YBhg Dato' Haji Azlan Bin Hashim, DSSA, DSNS, a
Malaysian, aged 67 was appointed to the Board of
Kumpulan Perangsang Selangor Berhad as Director on
24 July 1989. He obtained his professional qualification
from the Institute of Chartered Accountants in Dublin in
1966. Dato' Haji Azlan is a Fellow of the Institute of
Chartered Accountants (Ireland), Economic Development
Institute (World Bank, Washington) and Institute of
Bankers, Malaysia.
Upon graduation, he joined Malayan Railways in 1966
and served till 1971. He was its Chief Accountant for two
(2) years. In 1972, he became a partner of Messrs Azman
Wong Salleh & Co., a public accounting firm, prior to
becoming the Managing Director of Arab-Malaysian
Development Berhad in 1982.
Presently, Dato' Haji Azlan is the Deputy Chairman of
AMMB
Holdings
Berhad
and
Chairman
of
AmInternational (L) Limited and PT AmCapital Indonesia.
He is currently the Non-Executive Director of AmFraser
Securities Pte Ltd and AmFraser International Pte Ltd.
He also sits on the Boards of Metrod (M) Berhad,
Paramount Corporation Berhad, Sapura Industrial
Berhad, Kesas Holdings Berhad, Global Carriers Berhad,
Syarikat Permodalan & Perusahaan Selangor Berhad
and Kumpulan Hartanah Selangor Berhad. He is also
Executive Chairman of Global Carriers Berhad.
YBhg Dato' Haji Azlan Bin Hashim, DSSA, DSNS,
warganegara Malaysia, berusia 67 tahun, telah dilantik
ke Lembaga Pengarah Kumpulan Perangsang Selangor
Berhad sebagai Pengarah pada 24 Julai 1989. Dato' Haji
Azlan mendapat pendidikan profesional dari Institute of
Chartered Accountants di Dublin pada tahun 1966. Dato'
Haji Azlan adalah merupakan lulusan dari Institute of
Chartered Accountants (Ireland), Economic Development
Institute (World Bank, Washington) dan Institute of
Bankers, Malaysia.
Selepas tamat pengajian, beliau memulakan kerjaya
dengan Malayan Railways dari tahun 1966 hingga 1971
di mana beliau menyandang jawatan sebagai Ketua
Akauntan selama dua (2) tahun. Pada tahun 1972, beliau
menjadi rakan kongsi di Tetuan Azman Wong Salleh &
Co., sebuah firma akauntan awam, sebelum menjadi
Pengarah Urusan Arab-Malaysian Development Berhad
pada tahun 1982.
Ketika ini Dato' Haji Azlan adalah Timbalan Pengerusi
AMMB Holdings Berhad dan Pengerusi AmInternational
(L) Limited dan PT AmCapital Indonesia. Beliau adalah
Pengarah Bukan Eksekutif di AmFraser Securities Pte
Ltd dan AmFraser International Pte Ltd. Beliau juga
merupakan Pengarah bagi Metrod (M) Berhad,
Paramount Corporation Berhad, Sapura Industrial
Berhad, Kesas Holdings Berhad, Global Carriers Berhad,
Syarikat Permodalan & Perusahaan Selangor.Berhad
dan Kumpulan Hartanah Selangor Berhad. Beliau juga
Pengerusi Eksekutif untuk Global Carriers Berhad.
21
P A G E
22
YBhg Dato’ Haji Ab Halim
Bin Mohyiddin DPMS
YBhg Dato' Haji Ab Halim Bin Mohyiddin, DPMS, a
Malaysian, aged 63, was appointed to the Board of
Kumpulan Perangsang Selangor Berhad as Director on 2
July 1987. He graduated with a Bachelor of Economics
(Accounting) from University of Malaya in 1971. Upon
graduation, he joined Universiti Kebangsaan Malaysia
as a Faculty Member of the Faculty of Economics. In
1973 he obtained his Master in Business Administration
from University of Alberta, Edmonton, Canada and in
1975, he obtained a Diploma in Accountancy (post-grad)
from University of Malaya. In 1977, he joined KPMG/
KPMG Desa Megat & Co and was made partner of the
firm in 1985. He retired from the firm in 2001.
He is currently the Immediate Past President and Council
Member of the Malaysian Institute of Certified Public
Accountants (MICPA) and Chairman of the Education
and Training Committee of the Institute. He is also a
Member of Malaysia Institute of Accountants (MIA).
Dato’ Haji Ab Halim also sits on the Boards of Digi.Com
Berhad, Hei-Tech Padu Berhad, Utusan Melayu
(Malaysia) Berhad, MCM Technologies Berhad, Amway
(Malaysia) Holdings Berhad, Idaman Unggul Berhad,
KNM Group Berhad, ECM Libra Avenue Berhad and
Bank Pembangunan Malaysia Berhad.
YBhg Dato' Haji Ab Halim Bin Mohyiddin, DPMS,
warganegara Malaysia, berusia 63 tahun, telah dilantik
ke Lembaga Pengarah Kumpulan Perangsang Selangor
Berhad sebagai Pengarah pada 2 Julai 1987. Beliau
memperolehi
Ijazah
Sarjana
Muda
Ekonomi
(Perakaunan) dari Universiti Malaya pada 1971. Selepas
tamat pengajian, beliau menyertai Universiti Kebangsaan
Malaysia sebagai Ahli Fakulti Ekonomi. Pada 1973,
beliau memperolehi Ijazah Sarjana Pentadbiran
Perniagaan dari University of Alberta, Edmonton,
Kanada dan pada 1975, beliau memperolehi Diploma
Perakaunan (Lanjutan) dari Universiti Malaya. Pada
1977, beliau menyertai KPMG/KPMG Desa Megat & Co
dan menjadi rakan kongsi firma tersebut pada 1985
sehingga bersara pada 2001.
Ketika ini, beliau adalah "Immediate Past President" dan
Ahli Majlis Malaysian Institute of Certified Public
Accountants (MICPA) dan Pengerusi Jawatankuasa
Pendidikan dan Latihan Institut tersebut. Beliau juga
adalah Ahli Malaysia Institute of Accountants (MIA).
Dato’ Haji Ab Halim juga adalah Ahli Lembaga Pengarah
Digi.Com Berhad. Hei-Tech Padu Berhad, Utusan
Melayu (Malaysia) Berhad, MCM Technologies Berhad,
Amway (Malaysia) Holdings Berhad, Idaman Unggul
Berhad, KNM Group Berhad, ECM Libra Avenue Berhad
dan Bank Pembangunan Malaysia Berhad.
P A G E
Tuan Haji Zain Azahari Bin Zainal Abidin, warganegara
Malaysia, berusia 74 tahun dilantik sebagai Pengarah
Kumpulan Perangsang Selangor Berhad pada 20 Jun
2008. Beliau mendapat pendidikan profesional dari
Lincoln's Inn, London pada tahun 1955 dan beliau
berkelayakan
sebagai
"Barrister-at-Law"
pada
September 1958 serta diiktiraf sebagai Peguamcara di
Mahkamah "English Bar" pada tahun 1958
Tuan Haji Zain Azahari
Bin Zainal Abidin
Tuan Haji Zain Azahari Bin Zainal Abidin, a Malaysian,
aged 74 was appointed to the Board of Kumpulan
Perangsang Selangor Berhad as Director on 20 June
2008. He obtained his professional qualification from
Lincoln’s Inn, London in 1955 and in September 1958 he
qualified as Barrister-at-Law and was called to the
English Bar in November 1958.
Upon his return to Malaysia in 1958, Tuan Haji Zain
Azahari read in the Chambers of Mr. Ramani of Messrs
Braddell & Ramani. He was called to the Malaysian Bar
in January 1960 and remained with the firm until 1968.
With two others he then formed the firm of Ng Ek Teong,
Zain & Selvarajah. In 1970 he started the firm Zain & Co
and has been with the firm since. On August 2004, Tuan
Haji Zain Azahari retired as a partner of Zain & Co but
remains as a Consultant in the firm.
Presently, Tuan Haji Zain Azahari also sits as Chairman
on the Boards of Sumiputeh Steel Centre Sdn Bhd and
Oxford Fajar Sdn Bhd.
Sekembali beliau ke Malaysia pada tahun 1958, Tuan
Haji Zain Azahari menjalani latihan dalam Kamar di
Tetuan Braddell & Ramani. Beliau telah diistiharkan
sebagai Peguam di Mahkamah Tinggi Malaysia pada
Januari 1960 dan kekal di firma tersebut sehingga tahun
1968. Bersama dua lagi rakan, beliau telah menubuhkan
firma Ng Ek Teong, Zain & Selvarajah. Pada tahun 1970,
beliau telah membuka firma Zain & Co. dan berada di
firma tersebut sehingga kini. Pada Ogos 2004, Tuan Haji
Zain Azahari bersara sebagai rakankongsi di Zain & Co.
tetapi kekal sebagai Konsultan di dalam firma tersebut.
Ketika ini, Tuan Haji Zain Azahari merupakan Pengerusi
di Sumiputeh Steel Centre Sdn Bhd dan Oxford Fajar
Sdn Bhd.
Note:
Other than disclosed in the profile of Board of Directors,
all the Directors do not have any family relationship with
any Director and/or major shareholder of the Company.
They have no personal interest in any business
arrangement involving the Company. They have no
convictions for any offences within the past ten (10)
years.
Nota:
Selain daripada yang dimaklumkan di dalam profil
Lembaga Pengarah, kesemua ahli Lembaga Pengarah
tidak mempunyai sebarang hubungan kekeluargaan
dengan mana-mana Pengarah dan/atau pemegang
saham utama Syarikat. Mereka tidak mempunyai
kepentingan peribadi dalam sebarang urusan perniagaan
yang melibatkan Syarikat. Mereka juga tidak pernah
disabitkan dengan sebarang kesalahan dalam tempoh
sepuluh (10) tahun yang lepas.
23
“Federal Government through the Cabinet had
on January 16, 2008 approved the consolidation
of the water industry on a holistic manner in
Selangor, Wilayah Persekutuan Kuala Lumpur
and Putrajaya to be led by Kumpulan Darul
Ehsan Berhad (KDEB).”
“Kerajaan Persekutuan melalui Kabinet
pada 16 Januari 2008 telah meluluskan
pelaksanaan penggabungan industri air
secara bersepadu di Selangor, Wilayah
Persekutuan Kuala Lumpur dan Putrajaya
diketuai oleh Kumpulan Darul Ehsan
Berhad (KDEB).”
Sungai Semenyih Water Treatment Plant
P A G E
26
Profile Of Senior Management
Profil Pengurusan Kanan
YBhg Dato’ Haji Abd Karim Bin Munisar
DSSA, SSA, KMN, ASA
KMN, ASA, aged 58, was appointed Executive Chairman
of Kumpulan Perangsang Selangor Berhad (KPS) on 6
September 2004. He holds a Bachelor of Economics
(Hons.) from University of Malaya, an Advanced Diploma
in Economic Development (with Distinction) from
University of Manchester, United Kingdom and Master in
Business Administration from University of Edinburgh,
Scotland. He also attended an Advance Course in Urban
Planning JICA at Tokyo, Japan.
Dato’ Haji Abd Karim was entrusted to spearhead among
the most prominent city, district and council namely
Petaling Jaya Municipal Council, Sepang District and
Ampang Jaya Municipal Council respectively between the
years of 1992 - 2004.
During his tenure as President of Petaling Jaya Municipal
Council, he managed to surface new ideas in providing
efficient administrative systems for the benefit of the
Petaling Jaya community whilst generating revenue for
the city.
The capabilities and experience acquired by Dato’ Haji
Abd Karim has built the trust of the Selangor State
Government to make him the District Officer cum Acting
President of the Council. He successfully managed to
turn Sepang into a renowned district locally and abroad.
Being the first President of Ampang Jaya Municipal
Council then in 1992, he maintained and improved
Ampang as a preferred residential development for
expatriates.
His qualification and vast experience as a government
officer between the years of 1974 - 2004 enhances his
capabilities in leading Kumpulan Darul Ehsan Berhad as
the President and Kumpulan Hartanah Selangor Berhad
as Executive Chairman.
KMN, ASA, berusia 58 tahun, dilantik sebagai Pengerusi
Eksekutif Kumpulan Perangsang Selangor Berhad (KPS)
pada 6 September 2004. Beliau memiliki Ijazah Sarjana
Muda Ekonomi (Kepujian) dari Universiti Malaya,
Diploma Lanjutan dalam bidang Pembangunan Ekonomi
(dengan Cemerlang) dari University of Manchester,
United Kingdom dan Ijazah Sarjana Pentadbiran
Perniagaan dari University of Edinburgh, Scotland. Beliau
juga telah menghadiri Advance Course in Urban Planning
JICA di Tokyo, Jepun.
Dato’ Haji Abd Karim telah diberi kepercayaan untuk
menerajui bandar-bandar dan daerah ternama iaitu Majlis
Perbandaran Petaling Jaya, Majlis Daerah Sepang dan
Majlis Perbandaran Ampang Jaya masing-masing antara
tahun 1992 – 2004.
Semasa menjadi Yang Dipertua Majlis Perbandaran
Petaling Jaya, beliau berjaya mengemukakan idea-idea
pentadbiran dalam memberi sistem perkhidmatan yang
cekap dan mesra untuk kepentingan komuniti Petaling
Jaya dan menambahkan perolehan untuk Bandar
tersebut.
Kebolehan dan pengalaman yang dimiliki oleh Dato’ Haji
Abd Karim telah membina kepercayaan Kerajaan Negeri
Selangor untuk melantik beliau menjadi Pegawai Daerah
dan Pemangku Yang Dipertua Majlis Daerah Sepang.
Beliau berjaya menjadikan Daerah Sepang terkenal di
pandangan tempatan dan dunia.
Sebagai Yang Dipertua Majlis Perbandaran Ampang Jaya
yang pertama pada tahun 1992, beliau berjaya
mengekalkan dan menaik taraf Ampang sebagai
penempatan pembangunan pilihan bagi ekspatriat.
Kelayakan dan pengalaman beliau yang luas sebagai
Pegawai Kerajaan antara tahun 1974 – 2004 telah
mempertingkatkan kebolehannya dalam memimpin
Kumpulan Darul Ehsan Berhad sebagai Presiden dan
Kumpulan Hartanah Selangor Berhad sebagai Pengerusi
Eksekutif.
P A G E
Encik Wong Yien
Kim SIS, PPT
Encik Wong Yien Kim, SIS, PPT, aged 55, is the
Executive Director at Kumpulan Perangsang Selangor
Berhad (KPS), a position held since 2007. Encik Arthur
Wong joined KPS in 1983 as an Accountant and was the
Chief Accountant for several of KPS’s subsidiaries,
namely Perangsang International Sdn Bhd, Perangsang
Delima Sdn Bhd, Perangsang Sport Industries Sdn Bhd
and SAP Holdings Berhad (SAP). He served SAP for
seven (7) years as Head of Division Finance, before
being transferred to KPS. Encik Arthur Wong is also the
Vice President Finance at Kumpulan Darul Ehsan
Berhad, a position held since 2000.
Encik Arthur Wong is a member of the Malaysian Institute
of Accountants and the Institute of Chartered
Accountants, England and Wales.
Encik Arthur Wong Yien Kim, SIS, PPT, berusia 55
tahun, telah dilantik sebagai Pengarah Eksekutif
Kumpulan Perangsang Selangor Berhad (KPS) pada
tahun 2007. Encik Arthur Wong telah berkhidmat dengan
KPS semenjak tahun 1983 dan telah menerajui Bahagian
Kewangan di beberapa anak syarikat sebagai Ketua
Akauntan iaitu Perangsang International Sdn Bhd,
Perangsang Delima Sdn Bhd, Perangsang Sports
Industries Sdn Bhd dan SAP Holdings Berhad (SAP).
Encik Arthur Wong telah berkhidmat selama tujuh (7)
tahun dengan SAP sebagai Ketua Bahagian Kewangan
sebelum dipindahkan perkhidmatan ke KPS. Encik Arthur
Wong turut menyandang jawatan Naib Presiden
Kewangan di Kumpulan Darul Ehsan Berhad sejak tahun
2000.
Encik Arthur Wong merupakan ahli Institut Akauntan
Malaysia dan Institute of Chartered Accountants, England
dan Wales.
Encik Mohd Noor
Bin Ismail PPT
Encik Mohd Noor Bin Ismail, PPT, aged 59, is the
General Manager Corporate Planning at Kumpulan
Perangsang Selangor Berhad (KPS), a position held
since 1999. He holds a Diploma in Accountancy from
UiTM, a Bachelor Degree in Business Administration
(Corporate Finance) from Western Michigan University,
USA and Master in Business Administration from
Morehead State University, USA.
Encik Mohd Noor joined KPS in 1991. Prior to that, he
served as an Examiner of Account with FELCRA Berhad
from 1974 to 1979, Accountant at Kwong Yik Bank
Berhad from 1983 to 1984 and subsequently, as Assistant
Manager at Arab-Malaysian Finance Berhad till 1990.
Encik Mohd Noor was the Manager Corporate Planning
at KPS from 1991 to 1998 before being appointed
General Manager. He also holds the position of Vice
President Corporate Planning at Kumpulan Darul Ehsan
Berhad.
Encik Mohd Noor Bin Ismail, PPT, berusia 59 tahun, telah
dilantik sebagai Pengurus Besar Perancang Korporat
Kumpulan Perangsang Selangor Berhad (KPS) pada tahun
1999. Berkelulusan Diploma Perakaunan dari UiTM dan
Ijazah Pentadbiran Perniagaan (Kewangan Korporat) dari
Western Michigan University, USA, beliau juga memperolehi
Ijazah Sarjana Pentadbiran Perniagaan dari Morehead State
University, USA.
Encik Mohd Noor mula berkhidmat dengan KPS pada
tahun 1991. Sebelum itu, beliau telah berkhidmat dengan
FELCRA Berhad sebagai Pemeriksa Akaun dari tahun
1974 hingga 1979. Beliau juga telah berkhidmat dengan
Kwong Yik Bank Berhad sebagai Akauntan bermula dari
1983 hingga 1984 dan seterusnya bertugas di Arab
Malaysian Finance Berhad sebagai Penolong Pengurus
sehingga tahun 1990. Encik Mohd Noor memegang
jawatan Pengurus Perancang Korporat di KPS dari tahun
1991 hingga tahun 1998 sebelum dilantik sebagai
Pengurus Besar. Beliau juga menyandang jawatan Naib
Presiden Perancang Korporat di Kumpulan Darul Ehsan
Berhad.
27
P A G E
28
Encik Revi Pillai
ASA
Encik Revi Pillai, ASA, aged 59, joined Kumpulan
Perangsang Selangor Berhad (KPS) in 1984 as
Management Accountant and was appointed General
Manager Management Audit in 1997.
A graduate in Bachelor of Science from Universiti Sains
Malaysia and the Association of Chartered Management
Accountants (ACMA) United Kingdom, he had previously
worked with several leading organisations in Malaysia.
Encik Revi is a member of the Chartered Institute of
Management Accountants.
Encik Revi Pillai, ASA, berusia 59 tahun, mula
berkhidmat di Kumpulan Perangsang Selangor Berhad
(KPS) pada tahun 1984 sebagai Akauntan Pengurusan
dan dilantik sebagai Pengurus Besar Audit Pengurusan
pada tahun 1997.
Berkelulusan Ijazah Sarjana Muda Sains dari Universiti
Sains Malaysia dan Association of Chartered
Management Accountants (ACMA) United Kingdom,
beliau telah berkhidmat di beberapa buah organisasi
terkemuka di Malaysia sebelum menganggotai KPS.
Encik Revi merupakan ahli Chartered Institute of
Management Accountants.
YM Raja Ahmad Hidzir
Bin Raja Muhamad
YM Raja Ahmad Hidzir Bin Raja Muhamad, aged 38
was appointed as Group General Manager, Human
Resource & Administration of Kumpulan Perangsang
Selangor Berhad (KPS) in May 2008. He graduated with
Bachelor of Management (Finance & Accounting) from
Universiti Sains Malaysia, Penang in 1995.
YM Raja Ahmad Hidzir was attached to Maybank Group
as Head, Talent Management, Corporate Human
Resource in 2007. Prior to Maybank, he was Senior
Manager, Human Resources & Administration in adidas
(Malaysia) Sdn Bhd from 2001 to 2007 and was
appointed as one of adidas Board of Directors in 2004.
In 1999, he was Senior Consultant of Deloitte Touche
Tohmatsu after serving Edaran Otomobil Nasional
Berhad (EON) for five years as Accounts Executive since
1995.
YM Raja Ahmad Hidzir Bin Raja Muhamad, berusia 38
tahun dilantik sebagai Pengurus Besar Sumber Manusia
& Pentadbiran Kumpulan, Kumpulan Perangsang
Selangor Berhad (KPS) pada Mei 2008. Beliau
berkelulusan Sarjana Muda Pengurusan (Kewangan &
Perakaunan) dari Universiti Sains Malaysia, Pulau
Pinang pada tahun 1995.
YM Raja Ahmad Hidzir berkhidmat sebagai Ketua
Pengurusan Bakat, Sumber Manusia Korporat di
Kumpulan Maybank pada 2007. Beliau juga pernah
berkhidmat di adidas (Malaysia) Sdn Bhd sebagai
Pengurus Kanan Sumber Manusia dan Pentadbiran dari
2001 hingga 2007 dan telah dilantik sebagai salah
seorang Ahli Lembaga Pengarah Adidas pada 2004.
Pada tahun 1999, beliau bertugas sebagai Perunding
Kanan di Deloitte Touche Tohmatsu setelah lima tahun
berkhidmat di Edaran Otomobil Nasional Berhad (EON)
sebagai Eksekutif Akaun sejak 1995.
P A G E
Encik Abdul Karim
Bin Endut
Encik Abdul Karim Bin Endut, aged 37 was appointed
General Manager Water Management of Kumpulan
Perangsang Selangor Berhad (KPS) in December 2005.
He holds a Master in Chemical Engineering and a
Bachelor Degree in Chemical Engineering from
Université dé Nancy 1, France.
Prior to joining KPS, Encik Abdul Karim held the position
of Assistant Project Director of WWE Holding where he
served at the Jeddah office from May to December 2005.
Encik Abdul Karim worked with British American Tobacco
Malaysia as Consultant from January 2004 to May 2005
and prior to that, was employed at Ondeo Services
(Lyonnaise des Eaux) as Operational Manager from 1994
to 2003.
Encik Abdul Karim also holds a certificate in Prince 2
Project Management from United Kingdom and is a
member of the Malaysian Water Association since 2000.
Encik Abdul Karim Bin Endut, 37 tahun, telah dilantik
sebagai Pengurus Besar Pengurusan Air, Kumpulan
Perangsang Selangor Berhad (KPS) pada Disember 2005.
Beliau berkelulusan Ijazah Sarjana Kejuruteraan Kimia dan
Ijazah Sarjana Muda Kejuruteraan Kimia dari Université dé
Nancy 1, Perancis.
Sebelum menganggotai KPS, Encik Abdul Karim
memegang jawatan sebagai Penolong Pengarah Projek
di WWE Holding di mana beliau telah ditugaskan di
Jeddah dari Mei hingga Disember 2005. Encik Abdul
Karim telah berkhidmat dengan British American Tobacco
Malaysia sebagai Konsultan dari Januari 2004 hingga
Mei 2005 dan sebelumnya telah bekerja sebagai
Pengurus Operasi di Ondeo Services (Lyonnaise des
Eaux) dari 1994 hingga 2003.
Encik Abdul Karim juga mempunyai sijil dalam Prince 2
Project Management dari United Kingdom dan
merupakan ahli Persatuan Air Malaysia semenjak 2000.
Tuan Haji Zulkifli
Bin Hussain PPT
Tuan Haji Zulkifli Bin Hussain, PPT, aged 56 was
appointed General Manager, Infrastructure & Utility
Kumpulan Perangsang Selangor Berhad (KPS) in 2001.
He obtained a Bachelor of Science Degree in Civil
Engineering from Universiti Teknologi MARA (UiTM) in
1979, Master of Science in Construction Management
from University of Birmingham, United Kingdom in 1986
and Master of Business Administration (Strategic
Management) from International Islamic University,
Malaysia (IIUM) in 2008.
Tuan Haji Zulkifli has more than 18 years working
experience in property and infrastructure development.
Prior to joining KPS, he served as Chief Operating Officer
at SAP Air Hitam Properties from 1988 to 2001.
Tuan Haji Zulkifli Bin Hussain, PPT berusia 56 tahun,
dilantik ke jawatan Pengurus Besar, Infrastruktur & Utiliti
Kumpulan Perangsang Selangor Berhad (KPS) pada
tahun 2001. Beliau memperolehi Ijazah Sarjana Muda
Sains dalam bidang Kejuruteraan Awam dari Universiti
Teknologi MARA (UiTM) pada tahun 1979, Ijazah Sarjana
Sains dalam bidang Pengurusan Pembinaan dari
University of Birmingham, United Kingdom pada tahun
1986 dan Ijazah Sarjana Pentadbiran Perniagaan
(Pengurusan
Strategik)
dari
Universiti
Islam
Antarabangsa (UIA) pada tahun 2008.
Tuan Haji Zulkifli mempunyai pengalaman kerja lebih
daripada 18 tahun dalam pembangunan hartanah dan
infrastruktur.
Sebelum menyertai KPS, beliau berkhidmat sebagai
Ketua Pegawai Operasi di SAP Air Hitam Properties dari
tahun 1988 hingga 2001.
29
P A G E
30
Puan Hashimah Binti
Mohd Isa PPT
Puan Hashimah Binti Mohd Isa, PPT,
aged 48, was appointed Company
Secretary of Kumpulan Perangsang
Selangor Berhad (KPS) in 1996. A
graduate of Indiana State University,
Puan Hashimah holds a Master in
Business Administration.
She has been with the KPS Group
since 1990.
Puan Hashimah Binti Mohd Isa, PPT,
berusia 48 tahun, telah dilantik sebagai
Setiausaha Syarikat di Kumpulan
Perangsang Selangor Berhad (KPS)
pada tahun 1996. Puan Hashimah
mendapat pendidikan dari Indiana
State University dan berkelulusan
Sarjana Pentadbiran Perniagaan.
Puan Hashimah telah berkhidmat di
KPS sejak tahun 1990.
P A G E
Ensuring our
long-term sustainability
Memastikan kemapanan kami kekal
untuk jangka panjang
As a serious infrastructure and utility service
provider, we will continue to focus on core
businesses and tap opportunities that bring
synergistic benefits with a view to ensuring
our long-term sustainability.
Sebagai pemberi perkhidmatan
infrastruktur dan utiliti yang serius,
kami akan terus fokus terhadap
perniagaan-perniagaan teras dan
mengambil peluang-peluang yang
mendatangkan manfaat dengan
memastikan kami terus mapan
untuk jangka masa yang panjang.
31
P A G E
32
Executive Chairman’s Statement
Perutusan Pengerusi Eksekutif
YBhg Dato’ Haji
Abd Karim Bin Munisar
DSSA, SSA, KMN, ASA
P A G E
Dear Valued Shareholders,
On behalf of the Board of Directors of Kumpulan Perangsang Selangor Berhad
(KPS), it is with great pleasure that I present the Annual Report and Audited
Financial Statements for the financial year ended 31 December 2008.
Pemegang-Pemegang Saham Yang Saya Hormati,
Bagi pihak Ahli Lembaga Pengarah Kumpulan Perangsang Selangor Berhad (KPS),
saya dengan sukacitanya membentangkan Laporan Tahunan dan Penyata Kewangan
Diaudit bagi tahun kewangan berakhir pada 31 Disember 2008.
GROUP’S FINANCIAL PERFORMANCE
PRESTASI KEWANGAN KUMPULAN
In the year 2008, KPS Group posted a lower revenue of
RM305.827 million, a significant decrease of RM119.775
million or 28% compared to RM425.602 million registered
in the previous year. The significant decrease in revenue
contribution is mainly from property development totaling
RM92.358 million a decrease of RM126.603 million,
compared to RM218.961 million in the previous year.
Dalam tahun 2008, Kumpulan KPS mencatat perolehan
yang lebih rendah sebanyak RM305.827 juta, penurunan
ketara sebanyak RM119.775 juta atau 28% berbanding
perolehan RM425.602 juta yang dicatat dalam tahun
sebelumnya. Penurunan perolehan yang ketara ini
sebahagian besar disumbangkan oleh penurunan
perolehan dari sektor pembangunan hartanah yang
mencatat RM92.358 juta, menurun sebanyak RM126.603
juta, berbanding RM218.961 juta dalam tahun
sebelumnya.
KPS Group recorded an operating profit of RM49.864
million, a decrease of RM85.780 million or 63.2%
compared to an operating profit of RM135.644 million in
2007. The significant downturn was the result of the
decreased operating profit contribution from the
infrastructure and utility sector amounting to RM86.746
million (2007:RM91.491 million), operating losses from
property development amounting to RM26.561 million
(2007:operating profit RM32.821 million) and operating
losses from investment holding amounting to RM14.087
million (2007:operating profit RM13.039 million).
SHARE PRICE PERFORMANCE
The global financial crisis has had its adverse impact on
the performance of the global and regional stock market
and KPS is not spared, resulting in a 50% decline to
RM1.43 per share compared to RM2.86 per share at end
of 2007. Market capitalization of KPS share decreased
tremendously to RM680.199 million compared to
RM1.346 billion at the end of the previous year. The
Composite Index of Bursa Malaysia closed at 876.75
points, a decrease by 568.28 points or 39% compared to
1,445.03 points at the end of trading in 2007.
DIVIDEND
The Board of Directors is recommending a final dividend
of 4 sen per share less 25% tax, subject to shareholders’
approval at the forthcoming Annual General Meeting.
Kumpulan KPS mencatat keuntungan operasi sebanyak
RM49.864 juta, menurun sebanyak RM85.780 juta atau
63.2% berbanding keuntungan operasi sebanyak
RM135.644 juta dalam tahun 2007. Penurunan ketara ini
disebabkan
penurunan
keuntungan
operasi
disumbangkan oleh sektor infrastruktur dan utiliti
berjumlah RM86.746 juta (2007: RM91.491 juta),
kerugian
operasi
disumbangkan
oleh
sektor
pembangunan hartanah sebanyak RM26.561 juta (2007:
keuntungan operasi RM32.821 juta) dan kerugian operasi
disumbangkan oleh sektor pegangan pelaburan
sebanyak RM14.087 juta (2007: keuntungan operasi
sebanyak RM13.039 juta).
PRESTASI HARGA SAHAM
Krisis kewangan dunia telah memberikan impak kurang
baik ke atas prestasi pasaran saham serantau dan dunia.
Impak ini tidak terkecuali kepada harga penutup saham
KPS yang merosot 50% kepada RM1.43 sesaham
berbanding harga dagangan penutup RM2.86 sesaham
pada akhir tahun 2007. Modal pasaran saham KPS
merosot ketara kepada RM680.199 juta berbanding
RM1.346 bilion pada tahun sebelumnya. Indeks
Komposit Bursa Malaysia ditutup pada paras 876.75
mata, menurun sebanyak 568.28 mata atau 39%
berbanding 1,445.03 mata pada akhir dagangan 2007.
DIVIDEN
Lembaga Pengarah akan mencadangkan bayaran
dividen akhir sebanyak 4 sen sesaham ditolak cukai
sebanyak 25%, tertakluk kepada kelulusan pemegangpemegang saham di Mesyuarat Agung Tahunan yang
akan datang.
33
P A G E
34
Overflow Spillway Sungai Semenyih Dam
“It is therefore crucial
that the water reform
also focuses on
PAAB’s role since the
current level of
revenue of all water
operators is only able
to meet operating
expenditures but
not the capital
expenditures.”
PEMBANGUNAN KORPORAT
Sektor Utiliti dan Infrastruktur
Chlorine Scrubber Sungai Semenyih Water Treatment Plant
CORPORATE DEVELOPMENT
Utility and Infrastructure Sector
It is only natural that natural resources like water belong
to all of humanity, and no group or organisation can claim
that it belongs to them, much less use it to seek profits at
the expense of the people.
Hypothesis that there will be greater scarcity of fresh
drinking water has provoked the initial confrontation for
control over the planet’s most basic resource referred to
as a ‘blue gold’. With the expectation of higher water
tariffs, private corporations whose primary objective is to
secure as much financial gain of their shareholders
began to eye water as a potential lucrative industry.
Hence water has become a commodity vulnerable to the
profit-motive.
Water being a public utility was once under the portfolio
of the State government agencies. In the case of
Selangor it was under the jurisdiction of Jabatan Bekalan
Air Selangor (JBAS) which was later corporatised in
2002.
Privatisation of water industry started in 1994 with 27
Water Treatment Plants being privatised to Puncak
Niaga, followed by Splash in 2000 and Konsortium Abass
in 2001. The rationale of privatisation to various water
players then was to avoid monopolistic syndrome with the
purpose of creating healthy competition in relations to
promote greater efficiency among the private water
operators.
Adalah menjadi lumrah bahawa sumber alam semulajadi
seperti air adalah untuk dinikmati oleh seluruh kehidupan
sejagat dan bukannya didominasi oleh kumpulan atau
organisasi tertentu dengan tanggapan bahawa ianya
adalah milik mereka, malah mempergunakannya untuk
mendapat manfaat keuntungan semata-mata di atas
kepentingan hak orang lain.
Hipotesis telah menunjukkan bahawa kekurangan punca
air minuman semulajadi telah menjadi penyebab
perbalahan untuk menguasai sumber paling asas
diplanet ini yang diberikan jolokan `emas biru’.
Berdasarkan jangkaan kadar tarif air yang akan menjadi
semakin
tinggi,
organisasi
perniagaan
yang
berobjektifkan untuk memberikan pulangan kewangan
maksima bagi pihak pemegang-pemegang saham telah
mula melihat industri air ini berpotensi untuk memberikan
pulangan lumayan. Oleh itu, air telah menjadi satu
komoditi yang dipergunakan untuk motif keuntungan.
Perbekalan air yang merupakan utiliti awam sebelum ini
adalah diletakkan di bawah portfolio agensi Kerajaan
Negeri. Bagi Negeri Selangor, pengurusan air pada
asalnya adalah adalah di bawah bidang kuasa Jabatan
Bekalan Air Selangor (JBAS), yang kemudiannya telah
dikorporatkan pada tahun 2002.
Penswastaan industri air bermula pada tahun 1994
dimana 27 buah Loji Rawatan Air telah diswastakan
kepada Puncak Niaga, diikuti oleh SPLASH pada tahun
2000 dan Konsortium ABASS pada tahun 2001. Rasional
penswastaan kepada beberapa syarikat ini adalah
bertujuan untuk mengelakkan amalan monopoli dan
untuk mewujudkan persaingan sihat dari segi
peningkatan effisiensi dikalangan operator-operator air
swasta.
P A G E
35
“In the context of Selangor,
KDEB is a true capable water player
that can lead the consolidation of the
State’s water industry in line with the
water reform to ensure efficiency,
effectiveness and lower tariff through
the trimming of super profit for the
benefit of the ‘rakyat’.”
Draw-off Tower Sungai Semenyih Dam
Finger Weir - Sungai Semenyih
Water Treatment Plant
In 2002 JBAS was corporatised to Perbadanan Urus Air
Selangor (PUAS) with the ultimate aim to improve
efficiency and effectiveness. However with difficulty to
increase tariff has led to a mismatch of revenue against
operating expenses, resulting in inability of PUAS to meet
the operating expenses obligation especially where the
bulk of the expenses goes to purchasing treated water
from private water operators.
Under the privatisation of the distribution the financial
model granted an increase in schedule tariff every three
years subject to compliance stipulated in the terms of
agreement of the concessionaires, failing which
compensation is to be paid by the Government.
Furthermore financial aid from the Government is made
available to address non-revenue water (NRW). In short,
the basis of this financial model is either the consumers’
pay or the Government.
The trend of piece-meal privatisation resulting in deeper
fragmentation of water industry raised a lot of questions
and issues to be addressed. Over the years we have
seen that privatisation without adequately addressing the
industry model with long term sustainability did not work.
Piece-meal privatisation that gives rise to segregation of
treatment process has raised the challenges in transfer
pricing between the different operators. The fragmented
approach does not necessarily promote an effective and
efficient value chain.
The crux of the matter is whether this fragmentation of
operators can have fair balance between social needs in
terms of lower tariff and corporate needs of profitability.
Realising this scenario the Federal Government
recognises the need and importance of achieving long
term sustainability in providing clean water to the
people for future generation.
Pada tahun 2002, JBAS telah dikorporatkan menjadi
Perbadanan Urus Air Selangor (PUAS) dengan matlamat
utama untuk meningkatkan efisiensi dan menjadi lebih
efektif. Walaubagaimanapun, kekangan untuk kenaikan
tarif air telah menyebabkan ketidakseimbangan antara
hasil perolehan dan perbelanjaan operasi, dan
seterusnya menyebabkan PUAS tidak berdaya maju
untuk memenuhi obligasi kos operasi dimana sebahagian
besar perbelanjaan digunakan untuk membeli air terawat
daripada operator-operator air swasta.
Di bawah penswastaan pengagihan air, model
kewangannya telah diberi jaminan untuk kenaikan kadar
tarif air secara berjadual setiap tiga tahun, tertakluk
kepada pematuhan di dalam terma-terma perjanjian
konsesi, dan sekiranya tiada kenaikan tarif, sejumlah
pampasan perlu dibayar oleh pihak Kerajaan. Selain
daripada itu, bantuan kewangan daripada Kerajaan juga
disediakan bagi menangani isu air tidak berhasil. Secara
ringkasnya, model kewangan ini menjamin sumber
pendapatan yang dibayar oleh pengguna air ataupun
pihak Kerajaan.
Kecenderungan penswastaan secara berdikit-dikit telah
menyebabkan `fragmentation’ industri air dan
menimbulkan banyak persoalan dan isu untuk ditangani.
Pengalaman telah memperlihatkan bahawa model
penswastaan tanpa mengambilkira kemampanan jangka
panjang secukupnya tidak akan dapat bertahan lama.
Penswastaan yang tidak holistik meningkatkan
’fragmentation’ di sektor rawatan air dan menimbulkan
cabaran didalam perpindahan harga dikalangan operator
rawatan dan agihan air. Pendekatan sebegini tidak
semestinya menggalakan rantaian nilai yang efisen dan
efektif.
Pokok persoalannya adakah `fragmentation’ operatoroperator air ini dapat memberikan imbangan yang adil
dan sewajarnya diantara isu keperluan sosial dari aspek
kadar tarif yang lebih rendah dengan keperluan
keuntungan korporat.
Menyedari senario ini, Kerajaan Persekutuan telah
mengenalpasti mengenai keperluan dan kepentingan
untuk mencapai pembangunan mampan jangka
panjang di dalam memastikan bekalan air bersih
yang berterusan kepada generasi akan datang.
P A G E
36
Since 2003 there was a need for water reform to
address issues relating to the legality on amendments to
the Federal Constitution putting water from State list to
Concurrent list of the Constitution.
Following this two Acts were established namely the
Water Services Industry Act (WSIA) 2006 with the
purpose to reform and consolidate the water industry and
the Suruhanjaya Perkhidmatan Air Negara (SPAN) Act
2006 to regulate the industry.
The water reform also addressed the need for the
Government to support huge capital expenditures to
achieve sustainability of the reforms. With this
Pengurusan Aset Air Berhad (PAAB) was formed to take
on the responsibility of financing future water
infrastructures. As such the risk of service providers
incurring heavy capital outlays to finance water assets is
now minimised.
Over the years it could be observed that privatisation
without adequately addressing long term sustainability
shows the outcome has not been promising. It is
therefore crucial that the water reform also focuses on
PAAB’s role since the current level of revenue of all
water operators is only able to meet operating
expenditures but not the capital expenditures.
Along with this reform Federal Government through the
Cabinet had on January 16, 2008 approved the
consolidation of the water industry on a holistic
manner in Selangor, Wilayah Persekutuan Kuala
Lumpur and Putrajaya to be led by Kumpulan Darul
Ehsan Berhad (KDEB).
Semenjak tahun 2003, terdapat keperluan bagi
menyusun semula industri air bagi menangani isu-isu
perundangan berkaitan pindaan Perlembagaan
Persekutuan dimana perkara-perkara berkaitan
pengurusan air telah dipindahkan daripada senarai
Negeri kepada Senarai Bersama.
Lanjutan daripada itu, dua Akta telah digubal yang
dikenali sebagai Akta Industri Perkhidmatan Air (IPA)
2006 bertujuan untuk menstruktur semula dan
menggabungkan industri air dan Akta Suruhanjaya
Perkhidmatan Air Negara (SPAN) 2006 bertujuan untuk
mengawalselia industri perkhidmatan air.
Penstrukturan semula industri air juga memerlukan
penglibatan Kerajaan didalam sokongan dana bagi
membiayai perbelanjaan modal yang tinggi dan
memastikan kemampanannya. Berikutan dengan itu,
Pengurusan Aset Air Berhad (PAAB) telah ditubuhkan
untuk mengambilalih tanggungjawab membiayai kos
infrastruktur industri air pada masa hadapan. Justeru itu,
risiko dan beban yang ditanggung oleh operator
perkhidmatan air bagi menanggung pembiayaan
perbelanjaan modal pembangunan aset air yang tinggi
akan menjadi minima.
Dalam tempoh yang lepas, penswastaan tanpa
menitikberatkan
kemampanan
jangka
panjang
menunjukkan hasil yang kurang memberangsangkan.
Pada masa ini, hasil perolehan operator pengagihan
air
hanya
mencukupi
untuk
menampung
perbelanjaan operasi sahaja, tetapi tidak mampu
untuk membiayai perbelanjaan modal pembangunan.
Oleh yang demikian, peranan PAAB adalah amat
diperlukan bagi mengurangkan bebanan tersebut.
Selaras dengan visi pentrukturan semula, Kerajaan
Persekutuan melalui keputusan Kabinet pada 16
Januari 2008 telah meluluskan pelaksanaan
penggabungan industri air secara holistik di Negeri
Selangor, Wilayah Persekutuan Kuala Lumpur dan
Putrajaya diterajui oleh Kumpulan Darul Ehsan
Berhad (KDEB).
M & E Building - Sungai Semenyih Stilling Basin Water Treatment Plant
Sungai Semenyih Dam
P A G E
“We need to appreciate that
privatisation is not a substitute
to efficient and effective water
services particularly in respect
of long term financial
sustainability. It is imperative
that we recognise water
services should be in the hands
of the Government and not live
off the cost of future
generation.”
On June 30, 2008 the key basis of the restructure was
mentioned in the Parliament by the Ministry of Energy,
Water and Communications (now known as Ministry of
Energy, Green Technology and Water) to consist of three
important components:
•
•
•
a company that is owned or controlled by the
State Government;
a water service operator licensed under the SPAN
Act;
a company operating on asset-light model
focusing
on
improving
efficiency
and
effectiveness of service based on license
agreement and KPIs monitored by SPAN.
In Selangor, KDEB through its subsidiaries has been
playing an active and major role both as a industry player
and as investor. Having an investment share of 55% in
Konsortium ABASS Sdn Bhd producing 545mld covering
supplying areas of Putrajaya, Cyberjaya, Sepang, Kuala
Langat and Puchong marked KDEB’s presence as an
active water player.
Chlorine Scrubber - Sungai
Semenyih Water Treatment Plant
Pada 30 Jun 2008, cadangan penstrukturan ini telah
dibentangkan di Parlimen oleh Kementerian Tenaga, Air
dan Komunikasi (ketika ini dikenali sebagai Kementerian
Tenaga, Teknologi Hijau dan Air) yang meliputi tiga
komponen penting :•
•
•
Syarikat tersebut dimiliki atau dikuasai oleh
Kerajaan Negeri Selangor;
Operator perkhidmatan air akan dilesenkan di
bawah Akta SPAN;
Syarikat yang beroperasi berasaskan ”asset-light
model”
akan
memfokuskan
terhadap
peningkatan perkhidmatan yang efisien dan
efektif selaras dengan perjanjian lesen dan
indeks prestasi utama yang dipantau oleh SPAN.
Di Selangor, KDEB melalui syarikat-syarikat subsidiarinya
telah memainkan kedua-dua peranan aktif sebagai
pemain utama dan pelabur. KDEB diakui sebagai pemain
utama di dalam industri air dengan pegangan pelaburan
55% di dalam Konsortium ABASS Sdn Bhd yang
mengeluarkan 545 juta liter air sehari untuk keperluan
kawasan, Putrajaya, Cyberjaya, Sepang, Kuala Langat
dan Puchong.
37
P A G E
38
“We could have made mistakes in the
past through privatisation and it is
therefore aptly and timely to correct it
instead of continuing perfecting the
mistake.”
Capacity - Water Production (MLD)
KDEB* - 57.2%
(2,545 MLD)
PNHB - 42.8%
(1,905 MLD)
KDEB Group
* KDEB as a group includes associate company (Splash) & ABASS
PNHB
P A G E
39
P A G E
40
Disamping itu juga, KDEB dan syarikat-syarikat
subsidiarinya juga mempunyai pegangan pelaburan
didalam aktiviti rawatan dan pengagihan air melalui
pegangan 30% ekuiti di dalam SPLASH, 30% di dalam
SYABAS dan 20% di dalam Taliworks Corporation.
Water Recovery Pump - Sungai
Semenyih Water Treatment Plant
To top that up, KDEB and its Subsidiaries also hold
investments in water treatment and distribution by virtue
of a 30% equity in Splash, 30% Syabas and 20%
Taliworks Corporation.
In the context of Selangor, KDEB is a true capable
player that can lead the consolidation of the State’s water
industry in line with the water reform to ensure efficiency,
effectiveness and lower tariff through the trimming of
super profit for the benefit of the “rakyat”.
Water being a public utility has gone through huge
investment made by the State in the past. The State has
spent almost RM15 billion for the water treatment plants,
dams and distribution works and other immovable assets,
compared to private operators only owing RM5 billion of
these assets, out of which the State through KDEB owns
22.5% of this private investment of water assets.
Hence with this huge investment by the State and its
ownership of the assets coupled with ready expertise
through KDEB, and in line with the water reform it is
proven and aptly that the water consolidation be
translated into reality soonest for the benefits of the
“rakyat”.
The connotation that privatisation is a pinnacle of
efficiency and effectiveness within the context of water
services to a considerable extent does not hold water.
Water being a public utility with huge investment of the
State should therefore remain in the hands of the
Government or a State-controlled company who
apparently is in a better position to care for the needs of
the “rakyat”.
We need to appreciate that privatisation is not a substitute
to efficient and effective water services particularly in
respect of long term financial sustainability. It is
imperative that we recognise water services should
be in the hands of the Government and not live off
the cost of future generation.
We could have made mistakes in the past through
privatisation and it is therefore aptly and timely to
correct it instead of continuing perfecting the
mistake.
Didalam konteks Negeri Selangor, KDEB mempunyai
kewibawaan sebagai syarikat air untuk menerajui
penggabungan industri air di Selangor, Wilayah
Persekutuan Kuala Lumpur dan Putrajaya selaras
dengan cadangan pemulihan industri air bagi
memastikan operasi yang efisien, efektif dan kadar tarif
yang rendah melalui pengurangan keuntungan yang
besar demi manafaat rakyat.
Didalam usaha untuk memberikan perkhidmatan air
sebagai utiliti awam pada masa yang lepas, Kerajaan
Negeri Selangor telah membelanjakan hampir RM15
bilion bagi membiayai kerja-kerja membina loji rawatan,
empangan dan sistem agihan air serta lain-lain aset
berkaitan air, berbanding operator-operator swasta lain
yang hanya memegang aset berkaitan air berjumlah RM5
bilion. Daripada jumlah tersebut, Kerajaan Negeri melalui
KDEB mempunyai pegangan pelaburan sebanyak 22.5%
dalam aset air yang diswastakan ini.
Berdasarkan jumlah pelaburan yang besar yang telah
dikeluarkan oleh Kerajaan Negeri dan pegangannya
didalam aset-aset air digabungkan dengan kepakaran
KDEB serta selaras dengan pemulihan industri air, ia
akan membuktikan bahawa penggabungan industri air
akan menjadi kenyataan dan memberi manfaat kepada
rakyat dalam masa terdekat.
Konotasi bahawa penswastaan adalah kunci kepada
perkhidmatan yang efisien dan efektif didalam konteks
perkhidmatan air adalah dianggap tidak begitu tepat.
Perkhidmatan air yang merupakan utiliti awam dan
menelan perbelanjaan pelaburan yang besar oleh
Kerajaan Negeri seharusnya kekal di bawah kendalian
Kerajaan Negeri atau syarikat yang dikuasai oleh
Kerajaan Negeri yang dapat memberi pertimbangan yang
lebih baik didalam memenuhi keperluan rakyat.
Kita perlu mengakui hakikat bahawa penswastaan adalah
bukan penjamin kepada tahap perkhidmatan air yang
efisien dan efektif, terutamanya jika dilihat dari sudut
kewangan mampan jangka panjang. Perlu diakui
bahawa perkhidmatan air adalah sangat penting
dikendalikan oleh Kerajaan agar hak generasi akan
datang tidak tergugat dan akan terpelihara.
Kita mungkin telah melakukan kesilapan sebelum ini
melalui penswastaan dan sekarang adalah masa
yang paling sesuai untuk memperbetulkannya
daripada terus menyempurnakan kesilapan lampau.
P A G E
Templer Impian
Sektor Pembangunan Hartanah
The property development sector, managed by Kumpulan
Hartanah Selangor Berhad (KHSB) registered a revenue
of RM92.358 million, a decrease of RM126.603 million or
57.82% compared to RM218.961 million revenue in the
previous year. Meanwhile, the sector recorded an
operating loss of RM26.561 compared to an operating
profit of RM32.821 million in the previous year. The dip in
performance was due to the full provision made on long
term receivables of RM65.430 million incurred by KHSB.
Sektor pembangunan hartanah yang dikendalikan oleh
Kumpulan Hartanah Selangor Berhad (KHSB) mencatat
perolehan RM92.358 juta, menurun sebanyak
RM126.603 juta atau 57.82% berbanding perolehan
RM218.961 juta pada tahun sebelumnya. Manakala
sektor ini mencatat kerugian operasi sebanyak RM26.561
juta berbanding keuntungan operasi sebanyak RM32.821
juta pada tahun sebelumnya. Kemerosotan prestasi yang
ketara ini adalah disebabkan peruntukan penuh ke atas
penerimaan jangka panjang sebanyak RM65.430 juta
oleh KHSB.
KHSB through its subsidiary, Central Spectrum (M) Sdn
Bhd (CSSB) actively promoted Pulau Indah, Klang as an
investment and tourism destination, especially the
development of industrial land in the Selangor Halal Hub
(SHH) area. In year 2008, the ground works for Phase 2
SHH that encompasses approximately 244.44 acres with
an estimated gross development value of RM234 million
was completed, whilst infrastructure works in Section A,
Phase 2 SHH measuring 107.78 acres is expected to be
completed in early 2010. CSSB is currently coordinating
sales promotion activities to potential investors.
KHSB melalui anak syarikatnya, Central Spectrum (M)
Sdn Bhd (CSSB) telah berusaha gigih mempromosikan
Pulau Indah, Klang sebagai destinasi pelaburan dan
pelancongan, khususnya pembangunan tanah industri di
kawasan Selangor Halal Hub (SHH). Dalam tahun 2008,
kerja-kerja tanah di SHH Fasa 2 merangkumi lebih
kurang 244.44 ekar dengan anggaran nilai pembangunan
kasar sebanyak RM234 juta telah selesai, manakala
kerja-kerja infrastruktur di Seksyen A, SHH Fasa 2 seluas
107.78 ekar dijangka siap awal tahun 2010. Ketika ini
CSSB sedang menjalankan aktiviti promosi jualan
kepada bakal-bakal pelabur.
Hospitality, Golf Club and Recreation Sector
Sektor Hospitaliti, Kelab Golf dan Rekreasi
The hospitality sector registered revenue and operating
profit of RM30.176 million (2007:RM30.172 million) and
RM2.033 million (2007:operating loss of RM1.864million)
respectively. Meanwhile, the golf club and recreation
sector registered revenue and operating loss of RM8.187
million (2007:RM8.664 million) and RM0.387 million
(2007:operating loss RM1.47 million) respectively. The
performance of these sectors improved tremendously
after the corporate restructuring of investment holding in
three (3) entities mainly Perangsang Templer Golf Club –
100%, Perangsang Hotels & Properties Sdn Bhd – 100%
(manages Quality Hotel Shah Alam and Quality Hotel City
Centre) and KDE Recreation Berhad – 49% (manages
Kelab Darul Ehsan, Ampang) and positioned under Cash
Band (M) Berhad (CBB), a subsidiary company of KPS.
In order to strengthen the hospitality sector, CBB also
took over 100% of Brisdale International Hotel Sdn Bhd
from KHSB.
Sektor hospitaliti mencatat perolehan dan keuntungan
operasi masing-masing sebanyak RM30.176 juta (2007:
RM30.172 juta) dan RM2.033 juta (2007: kerugian
operasi RM1.864 juta). Manakala sektor kelab golf dan
rekreasi mencatat perolehan dan kerugian operasi
masing-masing sebanyak RM8.187 juta (2007: RM8.664
juta) dan RM0.387 juta (2007: kerugian operasi RM1.470
juta). Prestasi yang lebih baik daripada sektor-sektor ini
dilihat selepas penstrukturan korporat bagi pegangan
pelaburan bagi tiga (3) entiti merangkumi Perangsang
Templer Golf Club – 100%, Perangsang Hotels &
Properties Sdn Bhd – 100% (yang menguruskan Quality
Hotel Shah Alam dan Quality Hotel City Centre) dan KDE
Recreation Berhad – 49% (yang menguruskan Kelab
Darul Ehsan, Ampang), di mana semua entiti ini telah
diletakkan di bawah Cash Band (M) Berhad (CBB), anak
syarikat KPS. Bagi memperkukuhkan sektor hospitaliti,
CBB juga telah mengambilalih 100% saham Brisdale
International Hotel Sdn Bhd daripada KHSB.
Property Development Sector
41
P A G E
42
Water analysis using Jar Tester to measure optimum dosing of alum Sungai Semenyih Water Treatment Plant
Trading Sector
Sektor Perdagangan
The trading sector registered revenue and operating
profits of RM33.271 million (2007:RM27.088 million) and
RM1.351 million (2007:RM1.632 million) respectively.
Trading activities were contributed by Hydrovest Sdn Bhd
(Hydrovest), a subsidiary company with 60% equity
holding. Hydrovest holds 60% equity in Aqua-Flo Sdn
Bhd, which is involved in the trading of chemicals used
in water treatment plants and wastewater treatment,
technical services and sales of equipments for the water
distribution and wastewater industry. Hydrovest is
currently gaining benefits through holding 25% interest in
Chemindus Sdn Bhd, manufacturer of chemical products
for wastewater treatment industry.
Sektor perdagangan mencatat jumlah perolehan dan
keuntungan operasi masing-masing sebanyak RM33.271
juta (2007: RM27.088 juta) dan RM1.351 juta (2007:
RM1.632 juta). Aktiviti-aktiviti perdagangan adalah
disumbangkan oleh Hydrovest Sdn Bhd (Hydrovest),
anak syarikat dengan pegangan ekuiti 60%. Hydrovest
memegang 60% ekuiti di dalam Aqua-Flo Sdn Bhd yang
terlibat dalam perdagangan bahan kimia untuk kegunaan
loji rawatan air bersih dan rawatan air kumbahan,
perkhidmatan teknikal dan penjualan peralatan kepada
industri bekalan air dan air kumbahan. Hydrovest sedang
meraih manfaat melalui pegangan 25% kepentingan di
dalam Chemindus Sdn Bhd, syarikat yang mengeluarkan
produk bahan kimia bagi kegunaan industri rawatan air
kumbahan.
Investment Holding
The investment holding sector shows a revenue of
RM5.745 million (2007:RM5.552 million) and operating
loss of RM14.087 million (2007:operating profit
RM13.039 million) respectively. KPS’s investment
holding activities are in listed and non-listed shares. The
decrease in operating profit in investment holding,
especially in listed shares is due to the performance of
Bursa Malaysia which was affected by the world
financial crisis.
Pegangan Pelaburan
Sektor pegangan pelaburan mencatat perolehan dan
kerugian operasi masing-masing sebanyak RM5.745 juta
(2007: RM5.552 juta) dan RM14.087 juta (2007:
keuntungan operasi RM13.039 juta). Aktiviti pelaburan
KPS adalah melalui pegangan di dalam saham-saham
tersenarai dan tidak tersenarai. Penurunan keuntungan
operasi di dalam pegangan pelaburan, terutamanya
dalam saham tersenarai adalah disebabkan prestasi
Bursa Malaysia yang terjejas kesan krisis kewangan
dunia.
P A G E
ECONOMIC ENVIRONMENT – WATER INDUSTRY
PERSEKITARAN EKONOMI – INDUSTRI AIR
In line with the legislation of the Water Services Industry
Act 2006 and the National Water Services Commission
Act 2006 aimed at streamlining all water supply services
and the national sewerage system, the Federal
Government through Pengurusan Aset Air Berhad at the
end of 2008 and early 2009 has taken over the water
distribution assets of the State Government of Malacca
(worth RM900 million), the State Government of Negeri
Sembilan (worth RM1.21 billion) and the State
Government of Johor (worth RM4.03 billion). In the case
of Selangor, the Cabinet had on February 5, 2008 made
the decision for water consolidation to be carried out and
lead by KDEB. Discussions between the State
Government of Selangor and the Federal Government to
restructure and take over the water distribution assets in
Selangor, Kuala Lumpur and Putrajaya is close to
finalizing.
Selaras dengan penggubalan Akta Industri Perkhidmatan
Air 2006 dan Akta Suruhanjaya Perkhidmatan Air Negara
2006 bertujuan menyeragamkan peraturan semua
perkhidmatan bekalan air dan sistem pembentungan
negara, Kerajaan Persekutuan melalui syarikat
Pengurusan Aset Air Berhad pada akhir tahun 2008 dan
awal tahun 2009 telah mengambilalih aset-aset bekalan
air daripada Kerajaan Negeri Melaka (bernilai RM900
juta), Kerajaan Negeri Sembilan (bernilai RM1.21 bilion)
dan Kerajaan Negeri Johor (bernilai RM4.03 bilion). Bagi
kes di Selangor, Kabinet pada 5 Februari 2008 telah
membuat keputusan bahawa penggabungan air akan
dilaksana dan diketuai oleh KDEB. Perbincangan antara
Kerajaan Negeri Selangor dengan Kerajaan Persekutuan
sedang dalam proses dimuktamadkan bagi tujuan
menstruktur dan mengambilalih aset-aset bekalan air di
Selangor, Kuala Lumpur dan Putrajaya.
CORPORATE GOVERNANCE
TADBIR URUS KORPORAT
KPS affirms to the commitment in observing and
maintaining the standards in corporate governance. We
do so by fully subscribing to the principles and best
practices as contained in the Malaysian Code of
Corporate Governance. Additionally, the Board judiciously
plays its role in enhancing the business integrity and
governance to ensure that the interests of all
shareholders are protected.
KPS akan terus memberikan komitmen tinggi bagi
memantau dan mengekalkan piawaian yang ketat
terhadap tadbir urus korporat. Kami sepenuhnya akan
mempraktikkan prinsip dan amalan terbaik seperti yang
terkandung dalam Kod Tadbir Urus Korporat Malaysia.
Tambahan pula, Lembaga Pengarah berperanan penting
dalam mempertingkatkan integriti perniagaan dan tadbir
urus korporat untuk memastikan kepentingan pemegangpemegang saham dilindungi.
43
P A G E
44
COMMITMENT AND ACKNOWLEDGEMENT
On behalf of the Board, I would like to acknowledge the
management and staff for their support and resilience
against a very challenging backdrop, which has
positioned us strongly in the eyes of the investors,
demonstrating our ability to be a desirable partner and
becoming a strong asset within the industries we venture.
Our highest priority, apart from fueling future revenues, is
to serve the interests of our shareholders, clients,
employees and the communities in which we operate.
KOMITMEN DAN PENGHARGAAN
Bagi pihak Lembaga Pengarah, saya ingin mengucapkan
penghargaan kepada pengurusan dan warga kerja di
atas sokongan dan ketabahan menghadapi cabaran,
yang telah menjadikan kami kukuh di mata pelaburpelabur, menunjukkan kebolehan untuk menjadi rakan
niaga yang diingini dan menjadi aset yang berharga di
dalam industri-industri yang diceburi. Matlamat utama
kami, selain dari menambahkan pendapatan masa
hadapan, adalah untuk berkhidmat bagi kepentingan
pelabur-pelabur, pelanggan, kakitangan dan masyarakat
di mana kami beroperasi.
DATO’ HJ ABD KARIM MUNISAR
DSSA, SSA, KMN, ASA
Executive Chairman
P A G E
Statement Of Corporate Governance
The Board of Directors (the Board) of Kumpulan Perangsang Selangor Berhad (the Company) recognises the exercise
of good corporate governance in conducting the business and affairs of the Company with integrity, transparency and
professionalism as a key component for the Company’s continued progress and success. These will not only safeguard
and enhance shareholders’ investments and value but will at the same time ensure that the interests of other
shareholders are protected.
The Board places importance in adopting the Principles and Best Practices set out in the Malaysian Code on Corporate
Governance (the Code) and is committed in ensuring that good corporate governance is observed and practiced
throughout the Group to safeguard and enhance long term shareholders' value.
The Board is pleased to report to the shareholders of the Company on the manner in which the Group has applied
the Principles of Good Governance and the extent to which it has complied with the Best Practices set out in the
Code.
A.
BOARD OF DIRECTORS
1.
Duties of Board of Directors
The Board of the Company takes full responsibility for the performance of the Group. The Board guides the
Company on its short and long term goals, providing advice and devising strategies on management and
business development issues while providing balance to the management of the Company.
The Board reserves the right to make decisions with respect to areas significant to the Group's business,
which include the approval of corporate plans and annual budgets, announcements of interim results,
material acquisitions/disposals of business and/or assets, approval of major capital expenditure projects,
consideration of significant financial matters, appointments to the Board and changes to the key
management and control structure within the Group.
The Board has also delegated certain of its responsibilities to other board committees, which operates
under approved terms of reference.
The respective committee reports are disclosed on pages 68 to 71 of this Annual Report.
2.
Composition of the Board
The Board of KPS consists of five (5) members:
i.
ii.
iii.
Executive Chairman
Executive Director
Three (3) Independent Non-Executive Directors
The Directors include professionals in the fields of economics, finance, law and accounting and senior
civil administrators. The information of all the directors is set out on pages 18 to 23 of this Annual
Report.
The current composition of the Board complies with the listing requirements of the Bursa Malaysia
Securities Berhad (Bursa Securities). The composition of the Board shall be reviewed on a need
basis by the Nomination Committee to ensure that the Board has the required mix of skills, expertise,
attributes and core competencies to discharge its duties effectively.
There is a clear division of responsibility between the Executive Chairman and the Executive Director
to ensure that there is a balance of power and authority. The presence of Independent Non-Executive
Directors who are independent of the management, fulfill a pivotal role in corporate accountability as
they are free from any business and other relationships that could interfere with their exercise of
independent judgement or the ability to act in the best interests of the Company.
45
P A G E
46
3.
Board Meetings and Supply of Information
The Board meets regularly to review the business operations, financial performance and other significant
matters of the Group requiring its attention. Besides board meetings, the Board also exercises control on
matters that require Board's approval through circulation of resolutions. During the financial year ended 31
December 2008, seven (7) board meetings were held and the respective directors' attendance are as follows:
Name of Directors
Attendance
Dato' Haji Abd Karim bin Munisar
7/7
Dato' Haji Azlan bin Hashim
7/7
Dato' Haji Ab Halim bin Mohyiddin
7/7
(appointed wef. 20/6/2008)
3/3
Encik Wong Yien Kim
7/7
Dato' Haji Sumadi bin Haji Ismail
(resigned wef. 22/4/2008)
2/2
Senator Dato' Haji Ikhwan Salim bin Dato' Sujak
2/2
Dato' Dr Haji Karim bin Haji Mansor
1/2
Dato' Dr Amran bin Kasimin
2/2
Dato' Yip Kam Chong
(deceased wef. 12/3/2008)
2/2
The Board is provided with agendas and board papers prior to board meetings. The board papers include
minutes of the previous meeting, quarterly performance report of the Group, corporate and strategic
proposals for the Board’s review and approval. These documents are issued in advance to enable the
Board to seek clarifications from the management before the board meetings to enable effective discharge
of its duties.
The Board members have access to the advice and services of the Company Secretary and other
professionals on all information in relation to the Group whether as a full Board or in their individual capacity
to assist them in the furtherance of their duties.
4.
Directors’ Training
All the Directors have completed the Mandatory Accreditation Programme and, except Tuan Haji Zain Azahari
bin Zainal Abidin who was appointed on 20 June 2008, have met the requirements of the Continuous
Education Programme as prescribed by the Bursa Securities previously.
In addition, the Directors have also attended the relevant training programme pursuant to the requirements
of the Bursa Securities to broaden their perspectives and to keep abreast with the development in the business
environment as well as relevant new regulatory requirements.
P A G E
Training programmes and seminars attended by the Directors during the year were as follows:
Name of Directors
Programmes
YBhg Dato’ Haji Abd Karim bin Munisar
Understanding Financial Reporting
Directors And Senior Management
For
The Greatness Challenge: Just How Does
Your Organization Measure Up?
UBS Sharing Insights Seminar: Investment
Styles for Bull & Bear Markets
2nd International CEO's Conference 2008
UBS Sharing Insights Seminar: Trusts &
Succession Planning
Lecture Series: Sime Darby Sustainable
Futures
Strategy Execution & Leadership in Today's
Uncertain Times
Financial Reporting Standards in Malaysia
- An Overview
The Economic Value Added (EVA) Approach
to Value Creation
Risk Management:
Opportunities
Challenges
and
Board of Directors & Senior Management
Programme:
Briefing on Anti-Money
Laundering and Anti-Terrorism Act 2001
(AMLA)
Directors' Duties & Liabilities, Beyond
Compliance (an evolving story)
MICPA-BURSA Malaysia Business Forum
2008
What's Next - Managing Business Realities
& Challenges in an Uncertain World
Innovation & Creativity For Business Growth
Encik Wong Yien Kim
Mergers &
Workshop
Acquisitions
Masterclass
Will continue to attend relevant training
programmes in year 2009
47
P A G E
48
The Directors will continue to attend other relevant training programmes as appropriate to enhance their
skills and knowledge.
5.
Re-election of Directors
In accordance with the Company’s Articles of Association, all directors who are appointed by the Board are
subject to election by shareholders at the first opportunity after their appointment. The Articles also provide
that at least one third of the remaining Directors be subject to re-election by rotation at each Annual General
Meeting provided always that all Directors including the Executive Director shall retire from office at least
once every three years but shall be eligible for re-election.
The Board has empowered the Nomination Committee to consider and make their recommendation to the
Board for the continuation in service of those Directors who are due for retirement.
Directors over the age of seventy (70) years of age are required to offer themselves for re-election at each
Annual General Meeting in accordance with Section 129(6) of the Companies Act, 1965.
B.
RELATIONSHIP WITH SHAREHOLDERS
The Company recognises the importance of transparency and accountability in disclosures of the Group’s
business activities to its shareholders and investors. The Board has maintained an effective communications
policy that enables both the Board and Management to communicate effectively with its shareholders, investors
and even the public vide the following:
i. The Annual Report and relevant circulars despatched to shareholders and published in the Company's website; and
ii. Issuance of various disclosures and announcements inclusive of the quarterly financial performance of the
Group to Bursa Securities.
In addition, the Group has established a website at http://www.kps.com.my which shareholders can access for
information and seek clarification on the Group’s matters.
Alternatively, they may obtain the Group's latest announcements via the Bursa Securities website at
http://announcements.bursamalaysia.com
Annual General Meeting (AGM)
The AGM is the principal forum for dialogue with shareholders.
The Annual Report together with the Notice of AGM are sent to shareholders within the prescribed period as
allowed under the Company's Memorandum and Articles of Association, listing requirements of Bursa Securities
as the case maybe.
At the AGM, the shareholders are given the opportunity to seek clarification on any matter pertaining to the
business activities and financial performance of the Company and of the Group. Additionally, a press conference
may be held after the AGM to brief the media on the Group's performance for the financial year and future
prospect.
P A G E
C.
ACCOUNTABILITY AND AUDIT
1.
Internal Control and Risk Management
The Board acknowledges its responsibility for establishing a sound system of internal control to safeguard
shareholders’ investments and Group’s assets, and to provide assurance on the reliability of the financial
statements. In addition, equal priority is given to internal control of its business management and operational
techniques.
While the internal control system is devised to cater for particular needs of the Group as well as risk
management, such controls by their nature can only provide reasonable assurance but not absolute
assurance against material mis-statement or loss. A financial statement of internal control is set out on
pages 62 to 64 of this Annual Report.
Establishment of the Risk Management Policy is to identify, evaluate and manage the Group’s corporate
risk profile and develop contingency plans to mitigate any possible adverse effects on the Group.
2.
Financial Reporting
In presenting the annual financial statements and quarterly announcements of its results, the Board has
ensured that the financial statements represent a true and fair assessment of the Company’s and Group’s
financial position.
3.
Relationship with Auditors
The role of the Audit Committee in relation to the external auditors may be found in the Audit Committee
Report included in this Annual Report. The Company and its management have always maintained a close
and transparent relationship with its auditors in seeking professional advice and ensuring compliance with
the accounting standards in Malaysia.
D.
ADDITIONAL COMPLIANCE INFORMATION
In compliance with the Listing Requirements of Bursa Securities the following additional information in respect
of the financial year ended 31 December 2008 are provided:
1.
Share Buy Back
The Company does not have any share buy back scheme.
49
P A G E
50
2.
Options Granted And Terminated In The Financial Year 2008
During the financial year under review, the number of Options granted and terminated are as follows:
3.
Grant Date
Expiry
Date
Exercised
Price
RM
As At
1/1/2008
‘000
Granted
‘000
Terminated
‘000
Exercised
As At
‘000
31/12/2008
‘000
12/8/2003
27/2/2007
29/3/2007
23/7/2007
26/7/2007
3/8/2007
17/7/2008
10/11/2008
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
1.62
1.00
1.00
1.62
1.62
1.98
1.93
1.37
6,175
3,250
1,733
1,269
437
40
-
550
200
-
(2,245)
(1,733)
(514)
(345)
(15)
-
3,930
3,250
755
92
25
550
200
12,904
750
-
(4,852)
8,802
Sanctions And/Or Penalties Imposed On The Company And Its Subsidiaries, Directors Or
Management By The Relevant Regulatory Bodies
There were no material sanctions or penalties imposed on the Company and its subsidiaries, directors or
management by the relevant regulatory bodies during the financial year 2008.
4.
Profit Guarantees
During the financial year 2008, there were no profit guarantees given by the Company.
5.
Material Contract
Other than as disclosed in Notes 46 and Notes 49 to the Financial Statements, there were no material
contracts entered into by the Company and its subsidiaries involving Directors and major shareholders.
6.
Variance in Results
There were no variances of 10% or more between the results for the financial year ended 31 December
2008 and the unaudited results previously announced.
7.
Utilisation of Proceeds
The Company did not call or raise any capital for the financial year ended 31 December 2008.
8.
Non-Audit Fees
The amount of non-audit fees paid to external auditors by the Company and its subsidiaries for the financial
year 2008 was RM109,000.00.
P A G E
9.
Revaluation Policy on Landed Properties
The Company does not have a policy of regular revaluation of landed properties.
10. American Depository Receipt (ADR) or Global Depository Receipt (GDR) Programme
The Company did not sponsor any ADR or GDR programme during the financial year under review.
11.
List of Properties
The Company’s list of properties is set out on pages 186 to 189 of this Annual Report.
12. Recurrent Related Party Transactions of Revenue or Trading Nature
The Company is not required to obtain mandate for recurrent related party transactions of revenue or
trading nature in the financial year ended 31 December 2008.
E.
BOARD COMMITTEES
1.
Audit Committee
The composition and functions of the Audit Committee are laid down on pages 68 to 71 of this Annual
Report.
2.
Employee Share Option Scheme (ESOS) Committee
The ESOS Committee was established to administer the implementation of KPS Employee Share Option
Scheme in accordance with the approved bye-laws; to determine participation eligibility, option offers, share
allocations; and to attend to such other matters as may be required.
The members of the Committee met once during the year to deliberate on issues relating to the Scheme.
3.
Nomination Committee
The Nomination Committee is responsible for recommending suitable candidate with the necessary skills,
experience and competencies to be appointed to the Board and also assessing the effectiveness of the
Board and the contribution of each director. The Board, through this Committee, review the required mix
of skills and experience and other qualities the Board requires in order for it to discharge its duties
effectively.
During the financial year, the Board accepted the recommendations by the Nomination Committee for the
appointment of Tuan Haji Zain Azahari bin Zainal Abidin as a new Board Member and Audit Committee, as
well as that on renewal of YBhg Dato' Haji Abd Karim bin Munisar contract of service as Executive Chairman
of KPS. Matters pertaining to Directors' retirement in accordance with the Company's Article of Association
were also discussed and decided. The Nomination Committee met thrice (3) during the year.
4.
Remuneration Committee
The Company has adopted the objective as recommended by the Code on Corporate Governance to
determine the remuneration of the Directors so as to ensure that the Company attracts and retains the
Directors needed to run the Company successfully. The component parts are designed to link rewards to
corporate and individual performance in the case of Executive Directors.
51
P A G E
52
The Remuneration Committee met twice (2) during the year to review and recommend the revised
increased in meeting allowance of the Audit Committee after taking into consideration the additional
responsibilities of the Audit Committee. The Remuneration Committee also reviewed and recommended
to the Board the annual bonus and salary increment of the Company's employees.
A summary of the remuneration of the Directors for the financial year ended 31 December 2008,
distinguishing between Executive Directors and Non-Executive Directors in aggregate, with categorisation
into appropriate components is set out below:
Fees
Salary
Bonus
Benefit-in-kind
Others
Remuneration Band (RM)
Executive
Directors
RM
Non-Executive
Directors
RM
Total
RM
433,056
1,424,708
557,500
158,100
72,300
287,070
158,699
100,100
720,126
1,424,708
557,500
316,799
172,400
Executive Director
Non-Executive Directors
Less than 50,000
-
3
50,001 - 100,000
-
3
100,001 - 150,000
-
1
150,001 - 200,000
-
1
1,000,001 - 1,050,000
1
-
1,600,001 - 1,650,000
1
-
P A G E
Penyata Tadbir Urus Korporat
Lembaga Pengarah (Lembaga) Kumpulan Perangsang Selangor Berhad (Syarikat) mengiktiraf bahawa amalan tadbir
urus korporat yang memuaskan semasa mengendalikan urusan perniagaan dan hal ehwal Syarikat secara berwibawa,
telus dan profesional merupakan komponen penting bagi memastikan Syarikat mencapai kemajuan dan kejayaan
berterusan. Ia bukan sahaja akan melindungi dan mempertingkatkan pelaburan dan nilai pemegang saham, malah
pada masa yang sama akan memastikan supaya kepentingan pemegang-pemegang saham lain turut dilindungi.
Lembaga memberi kepentingan kepada mempraktikkan Prinsip-prinsip dan Amalan-amalan Terbaik yang digariskan
di dalam Kod Tadbir Urus Korporat Malaysia (Kod) dan amat komited dalam memastikan agar tadbir urus korporat
yang baik diserap serta dipraktikkan di dalam Kumpulan untuk melindungi dan meningkatkan lagi nilai pemegangpemegang saham.
Lembaga amat berbesar hati untuk melaporkan kepada pemegang-pemegang saham Syarikat berkenaan cara ia
mengguna pakai prinsip-prinsip Kod berkenaan dan sejauh mana ia telah mematuhi amalan-amalan terbaik Kod
tersebut.
A.
LEMBAGA PENGARAH
1.
Tanggungjawab Lembaga Pengarah
Lembaga Syarikat bertanggungjawab sepenuhnya ke atas prestasi Kumpulan. Lembaga memberi panduan
kepada Syarikat untuk mencapai matlamat jangka pendek dan jangka panjangnya, menyediakan khidmat
nasihat dan merangka strategi ke atas isu-isu pengurusan dan pembangunan perniagaan di samping
memastikan keseimbangan kepada pengurusan Syarikat.
Lembaga mempunyai kuasa mutlak untuk membuat keputusan berkaitan dengan perkara-perkara yang
melibatkan perniagaan Kumpulan termasuk kelulusan bagi rancangan korporat dan bajet tahunan,
pengumuman keputusan suku tahunan, pengambilalihan/penjualan pelaburan dan/atau aset-aset,
keputusan bagi projek-projek yang melibatkan perbelanjaan modal yang besar, pertimbangan untuk urusan
kewangan yang ketara, perlantikan Lembaga dan perubahan pengurusan utama serta struktur kawalan di
dalam Kumpulan.
Lembaga juga telah memberi tanggungjawab tertentu kepada jawatankuasa-jawatankuasa Lembaga yang
lain yang berfungsi mengikut garis panduan dan terma-terma rujukan yang diluluskan.
Laporan-laporan Jawatankuasa adalah sebagaimana dikemukakan dalam Laporan Tahunan ini di muka
surat 72 hingga 75.
2.
Komposisi Lembaga
Lembaga KPS pada masa ini mempunyai lima (5) ahli terdiri daripada:
i.
ii.
iii.
Pengerusi Eksekutif
Pengarah Eksekutif
Tiga (3) Pengarah Bukan Eksekutif Bebas
Pengarah-pengarah terdiri daripada golongan profesional dalam bidang ekonomi, kewangan, perundangan
dan perakaunan serta pentadbir-pentadbir awam kanan. Maklumat mengenai kesemua pengarah
dikemukakan di muka surat 18 hingga 23 Laporan Tahunan ini.
53
P A G E
54
Komposisi semasa Lembaga mematuhi syarat-syarat penyenaraian Bursa Malaysia Securities Berhad
(Bursa Securities). Komposisi Lembaga akan dikaji mengikut keperluan oleh Jawatankuasa Pencalonan
untuk memastikan bahawa Lembaga mempunyai kriteria kemahiran, kepakaran, sifat dan kecekapan teras
untuk melaksanakan tugasnya secara berkesan.
Terdapat pembahagian tanggungjawab yang jelas di antara Pengerusi Eksekutif dan Pengarah Eksekutif
bagi memastikan terdapat keseimbangan di dalam bidang kuasa. Kehadiran Pengarah Bukan Eksekutif
Bebas yang bebas daripada pengurusan, memenuhi peranan utama dalam kebertanggungjawapan
korporat memandangkan mereka adalah bebas daripada mana-mana hubungan perniagaan dan lain-lain
hubungan yang boleh mengganggu pelaksanaan pertimbangan bebas atau keupayaan mereka untuk
bertindak demi kepentingan terbaik Syarikat.
3.
Mesyuarat-mesyuarat Lembaga dan Bekalan Maklumat
Mesyuarat Lembaga dilaksanakan secara konsisten untuk menilai semula operasi perniagaan, prestasi
kewangan dan hal-hal penting yang memerlukan perhatian Lembaga. Selain daripada mesyuaratmesyuarat Lembaga, Lembaga turut melaksanakan kawalan ke atas perkara-perkara yang memerlukan
persetujuan Lembaga melalui pengedaran resolusi-resolusi. Dalam tahun kewangan berakhir 31 Disember
2008, tujuh (7) Mesyuarat Lembaga telah diadakan dan kehadiran pengarah-pengarah adalah seperti
berikut:
Nama Pengarah-Pengarah
Kehadiran
7/7
7/7
7/7
(Dilantik pada 20/6/2008)
3/3
Encik Wong Yien Kim
7/7
Dato' Haji Sumadi bin Haji Ismail
(Meletakan jawatan pada 22/4/2008)
2/2
Senator Dato' Haji Ikhwan Salim bin Dato' Sujak
2/2
Dato' Dr Haji Karim bin Haji Mansor
1/2
Dato' Dr Amran bin Kasimin
2/2
Dato' Yip Kam Chong
(Meninggal dunia pada 12/3/2008)
2/2
P A G E
Lembaga disediakan dengan agenda-agenda dan kertas-kertas Lembaga sebelum mesyuarat Lembaga.
Kertas-kertas Lembaga termasuk minit mesyuarat terdahulu, laporan prestasi suku tahunan Kumpulan,
cadangan korporat dan strategik bagi semakan dan kelulusan Lembaga. Dokumen-dokumen ini
dikeluarkan lebih awal untuk membolehkan Lembaga mendapat penjelasan daripada pengurusan sebelum
mesyuarat Lembaga bagi membolehkan tugas-tugasan dilaksanakan dengan berkesan.
Ahli-ahli Lembaga boleh menggunakan nasihat dan khidmat Setiausaha Syarikat dan ahli-ahli profesional
bagi semua maklumat berhubung dengan Kumpulan sama ada dalam keupayaan Lembaga penuh atau
secara individu untuk membantu mereka dalam menjalankan tugas-tugas.
4.
Latihan Pengarah-pengarah
Semua Pengarah telah menamatkan Program Akreditasi Mandatori dan, kecuali Tuan Haji Zain Azahari bin
Zainal Abidin yang telah dilantik pada 20 Jun 2008, memenuhi keperluan Program Pendidikan Berterusan
seperti yang dikehendaki oleh Bursa Securities sebelum ini.
Di samping itu, semua Pengarah turut menyertai program latihan yang berkaitan selaras dengan syaratsyarat Bursa Securities bagi meluaskan perspektif dan mendapatkan maklumat terkini berkenaan
perkembangan di dalam persekitaran perniagaan, serta syarat-syarat terbaru kawal selia yang berkaitan.
Program-program latihan dan seminar-seminar yang dihadiri oleh Pengarah-pengarah dalam tahun ini
adalah seperti berikut:
Nama Pengarah-pengarah
Program-program
YBhg Dato’ Haji Abd Karim bin Munisar
Understanding Financial Reporting
Directors And Senior Management
For
The Greatness Challenge: Just How Does
Your Organization Measure Up?
UBS Sharing Insights Seminar: Investment
Styles for Bull & Bear Markets
2nd International CEO's Conference 2008
UBS Sharing Insights Seminar: Trusts &
Succession Planning
Lecture Series: Sime Darby Sustainable
Futures
Strategy Execution & Leadership in Today's
Uncertain Times
Financial Reporting Standards in Malaysia
- An Overview
The Economic Value Added (EVA) Approach
to Value Creation
55
P A G E
56
Program-program
Risk Management:
Opportunities
Challenges
and
Board of Directors & Senior Management
Programme:
Briefing on Anti-Money
Laundering and Anti-Terrorism Act 2001
(AMLA)
Directors' Duties & Liabilities, Beyond
Compliance (an evolving story)
MICPA-BURSA Malaysia Business Forum
2008
What's Next - Managing Business Realities
& Challenges in an Uncertain World
Innovation & Creativity For Business Growth
Encik Wong Yien Kim
Mergers &
Workshop
Acquisitions
Masterclass
Akan terus menghadiri program-program
latihan yang berkaitan dalam tahun 2009.
Pengarah-pengarah akan terus menghadiri program-program latihan berkaitan yang sesuai untuk
mempertingkatkan kemahiran dan pengetahuan mereka.
5.
Pemilihan Semula Pengarah-pengarah
Selaras dengan Tataurusan Pertubuhan Syarikat, semua Pengarah yang dilantik oleh Lembaga adalah
tertakluk kepada pemilihan oleh pemegang-pemegang saham pada peluang pertama selepas pelantikan
mereka. Tataurusan juga memperuntukkan bahawa sekurang-kurangnya satu pertiga daripada Pengarah
selebihnya adalah tertakluk kepada pemilihan semula mengikut pusingan pada setiap Mesyuarat Agung
Tahunan dengan syarat kesemua Pengarah termasuk Pengarah Eksekutif hendaklah bersara dari pejabat
sekurang-kurangnya satu kali setiap tiga tahun tetapi adalah layak untuk pemilihan semula.
Lembaga memberi kuasa kepada Jawatankuasa Pencalonan untuk menimbang dan memberi cadangan
mereka kepada Lembaga bagi meneruskan khidmat Pengarah-pengarah yang telah sampai masa untuk
bersara.
Pengarah-pengarah yang berusia lebih tujuh puluh (70) tahun dikehendaki menawarkan diri mereka untuk
pemilihan semula di setiap Mesyuarat Agung Tahunan selaras dengan Seksyen 129(6) Akta Syarikat, 1965.
P A G E
B.
HUBUNGAN DENGAN PEMEGANG-PEMEGANG SAHAM
Syarikat menyedari kepentingan ketelusan dan kebertanggungjawapan dalam pendedahan aktiviti perniagaan
Kumpulan kepada pemegang-pemegang saham dan pelabur-pelaburnya. Lembaga telah mengekalkan polisi
komunikasi yang berkesan yang membolehkan kedua-dua Lembaga dan Pengurusan berkomunikasi secara
efektif dengan pemegang-pemegang saham, pelabur-pelabur malah orang awam juga melalui kaedah berikut:
i. Laporan Tahunan dan pekeliling-pekeliling yang berkaitan yang dihantar kepada pemegang-pemegang
saham dan diterbitkan di laman web Syarikat; dan
ii. Terbitan pelbagai pemberitahuan dan pengumuman termasuk keputusan kewangan suku tahunan Kumpulan
yang dibuat kepada Bursa Securities.
Di samping itu, Kumpulan turut mewujudkan sebuah laman web yang beralamat di http://www.kps.com.my di
mana pelabur-pelabur boleh mendapatkan maklumat dan penjelasan lanjut mengenai Kumpulan.
Sebagai alternatif, pelabur-pelabur boleh mendapatkan pengumuman-pengumuman terkini mengenai Kumpulan
melalui laman web Bursa Securities di http://announcements.bursamalaysia.com
Mesyuarat Agung Tahunan (MAT)
MAT merupakan forum dialog utama dengan pemegang-pemegang saham.
Laporan Tahunan bersama-sama dengan Notis MAT dihantar kepada pemegang-pemegang saham dalam kadar
masa tertentu seperti yang dibenarkan di bawah Artikel dan Memorandum Pertubuhan Syarikat, ataupun dalam
kes tertentu keperluan penyenaraian Bursa Securities.
Semasa prosiding MAT, pemegang-pemegang saham diberi peluang untuk mendapatkan penjelasan berhubung
pelbagai aspek berkaitan aktiviti dan prestasi kewangan Syarikat dan Kumpulan. Disamping itu juga, satu sidang
media boleh diadakan sebaik sahaja selepas MAT, bagi memaklumkan kepada media berkenaan prestasi
Kumpulan bagi tahun kewangan yang berkenaan dan prospek masa hadapan.
C.
KEBERTANGGUNGJAWAPAN DAN AUDIT
1.
Kawalan Dalaman Dan Pengurusan Risiko
Lembaga mengesahkan tanggungjawabnya bagi menubuhkan sistem kawalan dalaman yang baik untuk
mengawal pelaburan pemegang-pemegang saham dan aset-aset Kumpulan, dan untuk memastikan
kesahihan penyediaan penyata kewangan. Selain itu, keutamaan sama rata diberikan kepada kawalan
dalaman pengurusan perniagaan dan teknik operasi.
Walaupun sistem kawalan dalaman dirangka untuk memenuhi keperluan khusus Kumpulan dan juga
pengurusan risiko, kawalan sedemikian mengikut sifatnya hanya boleh memberikan kepastian yang
berpatutan dan bukan mutlak terhadap salah nyata ketara atau kerugian. Penyata kawalan dalaman
dikemukakan pada muka surat 65 hingga 67 dalam Laporan Tahunan ini.
Penubuhan Polisi Pengurusan Risiko bertujuan untuk mengenalpasti, menilai dan mengurus profil risiko
korporat Kumpulan dan membangunkan rancangan kontingensi untuk mengurangkan sebarang kesan
yang buruk ke atas Kumpulan.
57
P A G E
58
2.
Laporan Kewangan
Dalam membentangkan penyata-penyata kewangan tahunan dan pengumuman keputusan-keputusan
suku tahunan, Lembaga telah memastikan bahawa penyata-penyata kewangan menunjukkan penilaian
sebenar dan adil tentang kedudukan kewangan Syarikat dan Kumpulan.
3.
Hubungan Dengan Juruaudit
Peranan Jawatankuasa Audit dalam hubungannya dengan juruaudit luar adalah seperti yang dinyatakan
di dalam Laporan Jawatankuasa Audit, Laporan Tahunan ini. Syarikat dan pengurusannya sentiasa
memastikan wujudnya hubungan yang telus dan rapat dengan juruaudit-juruauditnya dalam usaha
mendapatkan nasihat profesional dan pematuhan kepada piawaian-piawaian perakaunan di Malaysia.
D.
MAKLUMAT PEMATUHAN TAMBAHAN
Selaras dengan Peraturan Penyenaraian Bursa Securities maklumat-maklumat berikut turut disenaraikan bagi
tahun kewangan yang berakhir pada 31 Disember 2008.
1.
Pembelian Semula Saham
Syarikat tidak mempunyai skim pembelian balik saham.
2.
Opsyen Yang Ditawarkan Dan Ditamatkan Dalam Tahun Kewangan 2008
Dalam tahun kewangan yang dikaji, bilangan opsyen yang ditawarkan dan ditamatkan adalah seperti
berikut:
Tarikh
Tawaran
Tarikh
Harga
Pada
Tamat Perlaksanaan 1/1/2008
Tempoh
RM
‘000
12/8/2003
27/2/2007
29/3/2007
23/7/2007
26/7/2007
3/8/2007
17/7/2008
10/11/2008
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
29/7/2011
1.62
1.00
1.00
1.62
1.62
1.98
1.93
1.37
Ditawar
‘000
Ditamatkan
Jumlah
Pada
‘000
Dilaksanakan31/12/2008
‘000
‘000
6,175
3,250
1,733
1,269
437
40
-
550
200
-
(2,245)
(1,733)
(514)
(345)
(15)
-
3,930
3,250
755
92
25
550
200
12,904
750
-
(4,852)
8,802
P A G E
3.
Sanksi Dan/Atau Penalti Dikenakan Ke Atas Syarikat & Anak-Anak Syarikat, Pengarah-pengarah
Atau Pengurusannya Oleh Badan Peraturan Berkaitan
Tidak ada sanksi atau penalti material yang dikenakan ke atas Syarikat dan anak-anak syarikatnya,
pengarah-pengarah atau pengurusan oleh badan-badan berperaturan berkaitan dalam tahun kewangan
2008.
4.
Jaminan Keuntungan
Dalam tahun kewangan 2008, tidak ada jaminan keuntungan diberikan oleh Syarikat.
5.
Kontrak Penting
Selain daripada yang dimaklumkan di dalam Nota 46 dan Nota 49 Penyata Kewangan, Syarikat dan anakanak syarikatnya tidak menandatangani apa-apa kontrak penting yang melibatkan Pengarah-pengarah
dan pemegang saham utama.
6.
Perbezaan Hasil Pencapaian
Tiada perbezaan sebanyak 10% ataupun lebih bagi hasil pencapaian tahun kewangan yang berakhir pada
31 Disember 2008 dan keputusan-keputusan belum audit yang diumumkan.
7.
Penggunaan Pendapatan
Syarikat tidak membuat sebarang panggilan atau penambahan modal untuk tahun kewangan berakhir 31
Disember 2008.
8.
Yuran Bukan Audit
Jumlah yuran bukan audit yang dibayar kepada juruaudit luaran oleh Syarikat dan anak-anak syarikatnya
bagi tahun kewangan 2008 ialah RM109,000.00.
9.
Polisi Penilaian Semula Hartanah
Syarikat tidak mempunyai polisi bagi penilaian berkala hartanahnya.
10. Program Resit Depositori Amerika (“ADR”) atau Resit Depositori Global (“GDR”)
Syarikat tidak menaja sebarang program “ADR” atau “GDR” bagi tahun kewangan yang ditinjau.
11.
Senarai Hartanah
Senarai hartanah Syarikat dinyatakan pada muka surat 186 hingga 189 Laporan Tahunan ini.
12. Urus Niaga Pihak Berkaitan yang Berulang bagi Perolehan atau Berbentuk Perdagangan
Syarikat tidak perlu mendapat mandat untuk urus niaga pihak berkaitan yang berulang bagi perolehan
atau berbentuk perdagangan dalam tahun kewangan berakhir 31 Disember 2008.
59
P A G E
60
E.
JAWATANKUASA-JAWATANKUASA LEMBAGA
1.
Jawatankuasa Audit
Komposisi dan fungsi-fungsi Jawatankuasa Audit adalah seperti dimaklumkan dimuka surat 72 hingga 75
dalam Laporan Tahunan ini.
2.
Jawatankuasa Skim Opsyen Saham Kakitangan (“ESOS”)
Jawatankuasa “ESOS” telah ditubuhkan untuk menguruskan pelaksanaan Skim Opsyen Saham
Kakitangan KPS selaras dengan undang-undang kecil, untuk menentukan kelayakan penyertaan, tawaran
opsyen, peruntukan saham; dan menangani perkara-perkara lain sebagaimana mungkin diperlukan.
Ahli-ahli Jawatankuasa telah bermesyuarat sekali dalam tahun ini bagi membincangkan isu-isu berkaitan
Skim.
3.
Jawatankuasa Pencalonan
Jawatankuasa Pencalonan bertanggungjawab mengesyorkan calon-calon yang bersesuaian dari segi
kemahiran, pengalaman dan kelayakan untuk dilantik sebagai ahli Lembaga Pengarah dan juga menilai
tahap keberkesanan Lembaga serta sumbangan setiap Pengarah. Lembaga, melalui Jawatankuasa ini,
mengkaji kepakaran dan pengalaman serta kualiti-kualiti lain yang diperlukan bagi membolehkan Lembaga
melaksanakan tugasnya dengan berkesan.
Dalam tahun kewangan, Lembaga telah menerima cadangan-cadangan Jawatankuasa Pencalonan bagi
perlantikan Tuan Haji Zain Azahari bin Zainal Abidin sebagai ahli Lembaga baru serta ahli Jawatankuasa
Audit, dan pembaharuan kontrak perkhidmatan YBhg Dato' Haji Abd Karim bin Munisar sebagai Pengerusi
Eksekutif KPS. Perkara-perkara berkaitan persaraan Pengarah-Pengarah mengikut Tataurusan Syarikat
turut dibincang dan diputuskan. Jawatankuasa Pencalonan telah bermesyuarat tiga (3) kali dalam tahun
ini.
4.
Jawatankuasa Imbuhan
Syarikat menerima pakai objektif sebagaimana yang disyorkan oleh Kod Tadbir Urus Korporat untuk
menentukan imbuhan Pengarah-pengarah bagi memastikan Syarikat menarik dan mengekalkan Pengarahpengarah yang diperlukan untuk mengendalikan Syarikat dengan jayanya. Bahagian-bahagian komponen
dibentuk untuk menghubungkan ganjaran kepada prestasi korporat dan individu bagi Pengarah-pengarah
Eksekutif.
P A G E
Jawatankuasa Imbuhan telah bermesyuarat dua (2) kali dalam tahun ini bagi mengkaji semula dan
mencadangkan kenaikan elaun Mesyuarat Jawatankuasa Audit setelah mempertimbangkan pertambahan
tanggungjawab Jawatankuasa Audit. Jawatankuasa Imbuhan juga mengkaji dan mengesyorkan kepada
Lembaga bonus tahunan dan kenaikan gaji kakitangan-kakitangan Syarikat.
Satu ringkasan mengenai imbuhan kepada Pengarah-pengarah bagi tahun kewangan berakhir 31
Disember 2008 dengan perbezaan di antara Pengarah-pengarah Eksekutif dan Pengarah-pengarah Bukan
Eksekutif, dalam agregat, dikategorikan ke dalam komponen yang sesuai seperti dinyatakan di bawah:
Pengarah-pengarah Pengarah-pengarah
Eksekutif
Bukan Eksekutif
RM
RM
Yuran-yuran
Gaji
Bonus
Manfaat
Lain-lain
Tahap Ganjaran (RM)
433,056
1,424,708
557,500
158,100
72,300
287,070
158,699
100,100
Jumlah
RM
720,126
1,424,708
557,500
316,799
172,400
Pengarah Eksekutif
Pengarah-pengarah
Bukan eksekutif
Less than 50,000
-
3
50,001 - 100,000
-
3
100,001 - 150,000
-
1
150,001 - 200,000
-
1
1,000,001 - 1,050,000
1
-
1,600,001 - 1,650,000
1
-
61
P A G E
62
Statement Of Internal Controls
1. Introduction
The Bursa Malaysia Securities Berhad Listing Requirements requires directors of listed companies to include a
statement in their annual reports on the state of their internal controls. The Board of Directors is pleased to provide
the following statement, which outlines the nature and scope of internal control of the Group during the financial
year ended 31 December 2008.
2. Responsibility of the Board
The Board recognises the importance of sound internal controls and risk management practices for good corporate
governance. The Board affirms its overall responsibility for the Group's system of internal controls and for reviewing
its adequacy and integrity. Such a system covers not only financial controls but also controls relating to operational,
risk management and compliance with applicable laws, regulations, rules, and guidelines.
In view of the inherent limitations in any system of internal control, this system is designed to identify and manage
risk, rather than eliminate the risk of failure to achieve the Group’s business objectives. Accordingly, the system
can only provide reasonable and not absolute assurance against material misstatement or loss.
The Group has in place ongoing processes for identifying, evaluating, monitoring and managing significant risks
faced by the Group during the year. The management is responsible for the identification and evaluation of
significant risks applicable to their respective areas of business and to formulate suitable internal controls. This
process is reviewed by the Board via a specific Board Committee which dedicates its time at periodic intervals
throughout the year for discussion on this matter.
Material associated companies have not been dealt with as part of the Group for the purpose of this internal
control statement. However, the Board is of the view that the management of these material associated companies
has an existing monitoring function to assist them in ensuring the system of internal controls is functioning as
intended.
3. Risk Management
The Board has established an organisational structure with clearly defined lines of accountability and delegated
authority. The monitoring and review of system of internal control was under the ambit of the Audit Committee since
its formation in the year 1998. In the year 2002, the implementation of a risk management framework within the
Group was also included under the purview of the Audit Committee.
The Group has in place an on-going process for identifying, evaluating, monitoring and managing significant risks,
and this process is regularly reviewed by the Audit Committee, who presents its findings to the Board. Risks are
identified and classified into ten (10) components namely, external, regulatory, legal, corporate governance,
finance, customers, products and services suppliers, human capital and operational risks.
P A G E
A Risk Management Framework has been implemented in the Company and certain subsidiaries of the Group.
The respective Management will review their Corporate Risk Scorecard on a regular basis. Significant changes
in the risk profiles of the companies will be presented to the Audit Committee on a periodic basis.
4. Control Structure and Environment
The Board is fully committed to ensuring that a proper control environment is maintained within the Group. The
key elements of the Group's internal control system are described below:
4.1 Board Committees have clearly defined roles and Terms of Reference
Respective Board Committees have individual roles and Terms of Reference, with clearly defined functions,
authority and responsibilities. The management of the various companies in the Group is entrusted to the
respective Chief Executive Officers, whose role and responsibilities are defined in the Job Description and
whose authority limits are set by the respective Boards. All major decisions require the final approval of the
Boards within the Group and are only made after appropriate in-depth analysis. The respective Boards receive
regular and comprehensive information covering all divisions in the respective companies within the Group.
4.2 Independence of the Audit Committee
The Audit Committee comprises non-executive members of the Board who bringing with them a wide range
of in-depth experience, knowledge and expertise. They continue to meet and have full and unimpeded access
to both the internal and external auditors during the financial year. The Audit Committee provides direction and
oversight to the internal audit function to enhance its independence from management.
4.3 Documented internal policies and procedures
The Group continues to update the Standard Operating Manuals for improvement and to reflect changes in
the business structure and processes as and when necessary.
In 2008, the Group reviewed the Human Resource Policy Manual to enhance and streamline employee
benefits and employment policies to best market practices. The revised policies are scheduled to be
recommended and implemented in phases, in 2009.
The Group also formulated and implemented the ICT Policy and Guidelines to ensure proper protection of ICT
resources, data integrity and security. The ICT Policy and Guidelines were approved by the Board and
enforced in April 2008.
In December 2008, KPS launched the ISO 9001:2008 Quality Management System initiative for its Building
Maintenance Unit as a strategic move to enhance quality standards, improve customer service, continuous
systems and process improvement as well as achieving operational efficiency. The ISO Certification is
targeted to be obtained for 1 April 2009.
The Board has also established a Tender Committee to ensure transparency, integrity and competitive pricing
of the award process.
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P A G E
64
4.4 Detailed budgeting process
A detailed budgeting process is established requiring all key operating companies in the Group to prepare
budgets annually which are discussed at management level and approved by the respective Audit Committee
and Boards.
An effective reporting system on actual performance against approved budgets is in place whereby significant
variances are followed up on a quarterly basis and management action is taken to tighten or to rectify any
shortcomings, where necessary.
4.5 Human Resource Policies
Human Resource policies are established to provide support to the Group’s Vision and Mission. These policies
provide guideline to staff on areas such as code of conduct and discipline, safety & health, equality of
opportunity, employee performance and related matters.
Key processes in the Performance Management System have also changed to support and drive the high
performance culture. Key Performance Indicators are strategically aligned to Group business objectives and form
a key component in evaluating the performance of respective business and functional units within the Group.
On-going internal and external training are provided to all staff to improve their knowledge, skills and
competencies in the effective discharge of their duties.
5. Monitoring and Review
The processes adopted to monitor and review the effectiveness of the system of internal control are:
•
All subsidiaries submit monthly Management Reports to the Executive Chairman and Executive Director. The
report includes review of actual results against budget, with significant variance being explained and necessary
actions taken.
•
The Board receives and reviews quarterly performance reports from the management of the various lines of
business with financial performance and progress reports.
•
The Group’s Internal Audit Function, which reports to the Executive Chairman and Audit Committee performs
regular reviews on the internal control procedures and highlights significant risks affecting the Group. The
Internal Audit will follow up with the management in respect of the corrective actions taken on those
recommendations. The Audit Committee reviews and approves the annual internal audit plan for the year
prior to their execution.
•
The Audit Committee meets at least quarterly to review internal audit findings, discuss risk management plans
and ensure that weaknesses in controls highlighted are appropriately addressed by management.
Continuous efforts are undertaken to ensure standardization, timeliness and comprehensiveness of key internal
control procedures. The internal control system has a clear management support, including the involvement of the
Board and is designed to address the risks to which the Company is exposed. The Board is satisfied with the
design of the control system and is of the view that the system which is in place for the year under review is sound
and sufficient to safeguard shareholders’ investments and the Group’s assets.
P A G E
Penyata Kawalan Dalaman
1. Pendahuluan
Peraturan Penyenaraian Bursa Malaysia menghendaki Lembaga Pengarah syarikat-syarikat tersenarai
menyediakan satu penyata di dalam laporan tahunan berkenaan kedudukan kawalan dalaman mereka. Lembaga
Pengarah dengan sukacita menyediakan laporan yang menggariskan jenis dan skop kawalan dalaman Kumpulan
bagi tahun kewangan yang berakhir pada 31 Disember 2008.
2. Tanggungjawab Lembaga Pengarah
Lembaga Pengarah mengakui kepentingan sistem kawalan dalaman dan pengurusan risiko yang baik dalam
tadbir urus korporat. Lembaga Pengarah mengesahkan tanggunggjawab sepenuhnya ke atas sistem kawalan
dalaman Kumpulan dan mengkaji kecukupan serta ketelusannya. Sistem yang dimaksudkan tidak hanya
merangkumi kawalan kewangan tetapi juga kawalan berkaitan operasi, pengurusan risiko dan pematuhan kepada
undang-undang, peraturan-peraturan serta garis-garis panduan.
Memandangkan wujudnya batasan yang sedia ada dalam mana-mana sistem kawalan dalaman, sistem ini telah
direka untuk mengesan dan mengurus risiko-risiko yang akan menghalang pencapaian objektif-objektif perniagaan
Kumpulan dan bukan untuk mengenepikannya. Oleh itu, sistem ini hanya menyediakan kepastian yang berpatutan
dan bukan mutlak terhadap salah nyata yang ketara atau kerugian.
Kumpulan mengesahkan bahawa terdapat proses-proses berterusan untuk tujuan mengenal pasti, menilai,
memantau dan mengurus risiko-risiko utama yang dihadapi oleh Kumpulan. Pihak pengurusan bertanggungjawab
mengenal pasti dan menilai risiko-risiko utama yang berkaitan dengan perniagaan dan untuk melaksanakan
sistem kawalan dalaman yang sesuai. Proses ini seterusnya dikaji oleh Lembaga Pengarah melalui satu
Jawatankuasa Lembaga khas yang bermesyuarat dari masa ke semasa untuk membincangkan perkara ini.
Syarikat-syarikat bersekutu yang ketara tidak terlibat sebagai sebahagian daripada Kumpulan bagi tujuan penyata
kawalan dalaman ini. Walau bagaimanapun, Lembaga Pengarah berpendapat bahawa pihak pengurusan syarikatsyarikat bersekutu tersebut mempunyai fungsi pemantauan sedia ada bagi membantu mereka memastikan sistem
kawalan dalaman berfungsi seperti yang dikehendaki.
3. Pengurusan Risiko
Lembaga Pengarah telah mewujudkan satu struktur organisasi yang mengtakrifkan dengan jelas
kebertanggungjawaban dan delegasi kuasa. Urusan pemantauan dan kajian tentang kawalan dalaman adalah di
bawah had kuasa Jawatankuasa Audit sejak penubuhannya pada tahun 1998. Dalam tahun 2002, pelaksanaan
rangka kerja pengurusan risiko di dalam Kumpulan turut dimasukkan dalam bidang kuasa Jawatankuasa Audit.
Kumpulan mempunyai proses yang berterusan untuk mengenal pasti, menilai, memantau dan mengurus risiko
utama dan proses ini sentiasa dikaji semula oleh Jawatankuasa Audit yang akan membentangkan hasil kajian
kepada Lembaga Pengarah. Risiko-risiko dikenal pasti dan dikelaskan kepada sepuluh (10) komponen iaitu
luaran, bersabit peraturan, undang-undang, tadbir urus korporat, kewangan, pelanggan-pelanggan, pembekalpembekal produk dan perkhidmatan, sumber manusia dan risiko-risiko operasi.
Sebuah Jawatankuasa Pengurusan Risiko telah ditubuhkan di peringkat Syarikat dan di beberapa anak syarikat
di dalam Kumpulan. Pihak Pengurusan akan mengkaji Kad Risiko Korporat dalam jangkamasa yang ditetapkan.
Sebarang perubahan besar di dalam profil risiko syarikat akan dibentangkan kepada Jawatankuasa Audit pada
jangkamasa yang tertentu.
65
P A G E
66
4. Struktur Kawalan dan Persekitaran
Lembaga Pengarah memberikan sepenuh komitmen bagi memastikan kawalan persekitaran yang betul dan
sesuai dikekalkan dalam Kumpulan. Elemen-elemen utama dalam sistem-sistem kawalan dalaman Kumpulan
adalah seperti berikut:
4.1 Struktur organisasi yang mentakrifkan dengan jelas peranan-peranan dan tanggungjawabtanggungjawab
Jawatankuasa Lembaga mempunyai peranan dan terma rujukan yang secara jelas mendefinisikan fungsi,
bidang kuasa dan tanggungjawab masing-masing. Pengurusan Syarikat-Syarikat di dalam Kumpulan
dipertanggungjawabkan kepada Ketua Pegawai Eksekutif, di mana peranan dan tanggungjawabtanggungjawab mereka diperjelaskan di dalam deskripsi tugas dan had kuasa mereka ditetapkan oleh
Lembaga Pengarah masing-masing. Semua keputusan penting yang diambil oleh pihak pengurusan
memerlukan kelulusan Lembaga Pengarah di dalam Kumpulan dan hanya akan diputuskan selepas kajian
yang mendalam dijalankan. Lembaga Pengarah bagi setiap syarikat di dalam Kumpulan turut menerima
laporan lengkap yang meliputi semua bahagian di dalam syarikat masing-masing.
4.2 Jawatankuasa Audit sebagai entiti bebas
Jawatankuasa Audit terdiri daripada ahli-ahli Lembaga Pengarah Bukan Eksekutif yang mempunyai
pengalaman, pengetahuan dan kepakaran yang luas. Jawatankuasa Audit bermesyuarat dan mengadakan
perjumpaan dengan juruaudit-juruaudit dalaman dan luaran tanpa sebarang sekatan sepanjang tahun
kewangan. Jawatankuasa ini menentukan arah dan penyeliaan terhadap fungsi audit dalaman bagi
memastikan ia bebas dari pihak pengurusan.
4.3 Dokumentasi polisi dan prosedur dalaman
Kumpulan sentiasa mengemaskini Buku Panduan Operasi dengan mengambil kira sebarang perubahan
dalam proses-proses dan struktur perniagaan apabila perlu.
Pada tahun 2008, KPS telah mengkaji semua Polisi dan Manual Sumber Manusia untuk mempertingkat serta
menyeragamkan kemudahan dan polisi syarikat setanding dengan praktis terbaik pasaran. Polisi yang telah
dikaji semula dijadualkan untuk dicadang dan dilaksanakan secara berperingkat pada tahun 2009.
KPS juga telah memformulasi dan melaksanakan polisi dan garis panduan ICT bagi memastikan semua
peranti ICT, keselamatan dan integriti data terpelihara dengan baik. Polisi dan garis panduan ICT telah
diluluskan oleh Lembaga Pengarah dan dikuatkuasakan pada bulan April 2008.
Pada bulan Disember 2008, KPS telah melancarkan inisiatif Sistem Pengurusan Kualiti ISO 9001:2008 untuk
Unit Pengurusan Bangunan sebagai langkah strategik untuk mempertingkatkan standard kualiti, memperbaiki
mutu perkhidmatan pelanggan, memperbaiki sistem dan proses secara berterusan selain memastikan segala
operasi dilaksanakan secara efisien. Inisiatif Pensijilan ISO ini telah disasarkan untuk dicapai pada 1 April
2009.
Lembaga Pengarah telah juga menubuhkan Jawatankuasa Tender bagi memastikan ketelusan dan
kewibawaan proses penganugerahan tender.
P A G E
4.4 Proses Bajet Terperinci
Proses penyediaan bajet terperinci memerlukan semua syarikat utama di dalam Kumpulan menyediakan
bajet tahunan, di mana ia akan dibincangkan dengan pihak pengurusan dan dibentangkan untuk kelulusan
oleh Jawatankuasa Audit dan Lembaga Pengarah masing-masing.
Satu sistem laporan yang efektif wujud bagi melaporkan prestasi sebenar berbanding bajet yang diluluskan
dan sebarang perbezaan yang ketara akan disusuli oleh pihak pengurusan setiap suku tahun dan tindakan
akan diambil untuk memperketat atau memperbetulkan sebarang kekurangan, di mana perlu.
4.5 Polisi Sumber Manusia
Polisi-polisi Sumber Manusia diwujudkan untuk memberi sokongan kepada Visi dan Misi Kumpulan. Polisipolisi ini menyediakan garis panduan bagi kakitangan seperti kod kelakuan dan disiplin, kesihatan,
keselamatan, kesetaraan peluang, prestasi pekerja dan lain-lain perkara yang berkaitan.
Proses-proses utama di dalam Sistem Pengurusan Prestasi turut dipinda bagi menyokong dan memacu
budaya berprestasi tinggi. Index Prestasi Utama (“KPI”) telah diselaraskan secara strategik selari dengan
objektif perniagaan kumpulan dan membentuk komponen utama di dalam proses penilaian prestasi
perniagaan dan fungsi setiap unit di dalam kumpulan. Latihan-latihan dalaman dan luaran disediakan secara
berterusan bagi semua pekerja untuk mempertingkatkan kecekapan dan kemahiran.
5. Pemantauan dan Kajian
Proses-proses yang digunakan untuk memantau dan mengkaji keberkesanan sistem kawalan dalaman adalah:
•
Pada setiap bulan, anak-anak syarikat dalam Kumpulan menghantar Laporan Pengurusan kepada Pengerusi
Eksekutif dan Pengarah Eksekutif. Laporan tersebut mengandungi keputusan kewangan sebenar berbanding
bajet, di mana perbezaan ketara akan dijelaskan dan langkah-langkah sewajarnya akan diambil.
•
Lembaga Pengarah menerima dan mengkaji laporan prestasi suku tahunan daripada pengurusan pelbagai
sektor perniagaan yang merangkumi prestasi kewangan dan laporan kemajuan.
•
Fungsi Audit Dalaman Kumpulan yang bertanggungjawab melapor kepada Pengerusi Eksekutif dan
Jawatankuasa Audit sentiasa mengkaji prosedur sistem kawalan dalaman dan menerangkan risiko-risiko
utama yang mempunyai kesan ke atas Kumpulan. Bahagian Audit Dalaman akan memantau tindakantindakan yang diambil ke atas cadangan-cadangan yang diberikan kepada pihak pengurusan. Jawatankuasa
Audit mengkaji dan meluluskan pelan pengurusan audit dalaman tahunan sebelum ianya dilaksanakan.
•
Jawatankuasa Audit bermesyuarat sekurang-kurangnya pada setiap suku tahun bagi menganalisa hasil kajian
audit dalaman, membincangkan perancangan pengurusan risiko dan memastikan kelemahan yang dikenal
pasti pada sistem kawalan dalaman ditangani oleh pihak pengurusan.
Usaha-usaha yang berterusan diambil untuk memastikan prosedur kawalan dalaman utama yang standard
menepati masa dan komprehensif. Sistem kawalan dalaman mendapat sokongan yang sewajarnya dari pihak
pengurusan dan juga Lembaga Pengarah bagi membantu Syarikat yang sentiasa terdedah kepada risiko-risiko
yang sedia ada. Lembaga Pengarah berpuas hati dengan mutu kawalan dalaman dan berpendapat bahawa
sistem yang telah beroperasi bagi tahun semasa adalah kukuh dan mencukupi untuk menjaga kepentingan
pelaburan-pelaburan pemegang saham dan juga aset-aset Kumpulan.
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68
Audit Committee Report
INTRODUCTION
The Audit Committee (Committee) of the Company was established on 2 June 1998 to evaluate the Company’s
financial management, internal control systems and planning to propose applicable decisions.
OBJECTIVES
The principal objective of the Committee is to assist the Board in discharging its statutory duties and responsibilities
relating to accounting and reporting practices of the holding company and each of its subsidiaries.
The Committee shall assist the Board in discharging its duties on the following:
a. Ensure that the implementation of a Risk Management Framework is in place to manage Materials Risks; and
b. Review the adequacy and the integrity of the Company’s Internal Control Systems, Management Information
Systems, including systems for compliance with applicable laws, regulations, rules, directives and guidelines.
COMPOSITION
The members of the Committee during the financial year comprise of three (3) Independent Non-Executive Directors
as follows:
YBhg Dato’ Haji Ab Halim bin Mohyiddin
(Chairman - Independent Non-Executive Director)
YBhg Dato’ Azlan bin Hashim
(Independent Non-Executive Director- appointed on 22/4/2008)
(Independent Non-Executive Director- appointed on 20/6/2008)
YB Senator Dato’ Haji Ikhwan Salim bin Dato’ Sujak (Independent Non-Executive Director - resigned on 22/4/2008)
YBhg Dato’ Haji Sumadi bin Haji Ismail
(Independent Non-Executive Director - resigned on 22/4/2008)
YBhg Dato’ Yip Kam Chong
(Non-Independent Non-Executive Director - deceased on 12/3/2008)
YBhg Dato’ Haji Ab Halim bin Mohyiddin is a member of the Malaysian Institute of Accountants (MIA).
TERMS OF REFERENCE
a. Objectives
The primary function of the Audit Committee is to assist the Board in fulfilling the following oversight objectives on
the Group activities:
•
•
•
Assess the Group’s processes relating to its risks and control environment;
Oversee financial reporting; and
Evaluate the internal and external audit processes.
b. Composition
The Board shall elect and appoint Committee members from amongst their numbers comprising no fewer than
three (3) Directors, the majority of whom shall be Independent Non-Executive Directors of the Company with at
least one (1) member must be a member of MIA or has at least three (3) years working experience and passed
the examination specified in Part I of the 1st Schedule of the Accountants Act, 1967; or is a member of one (1) of
the associations of accountants specified in Part II of the 1st Schedule of the Accountants Act, 1967.
P A G E
The Board shall, within three (3) months after a member of the Committee resigns, dies or for any reason ceases
to be a member with the result that the member is reduced to below three (3), fill the vacancy.
The Chairman of the Committee shall be an Independent Non-Executive Director. No alternate Directors of the
Board shall be appointed as a member of the Committee.
The Board shall review the terms of office of each of its members at least once (1) every three (3) years.
c. Quorum and Committee’s Procedures
Meetings shall be conducted at least four (4) times annually, or more frequently as circumstances dictate.
In order to form a quorum for the meeting, the majority of the members present must be Independent NonExecutive Directors. In the absence of the Chairman, the members present shall elect a Chairman for meeting from
amongst the members present.
The Company Secretary shall be appointed as Secretary of the Committee. The Secretary, in conjunction, with
the Chairman, shall draw up an agenda, which shall be circulated together with relevant support papers, within
reasonable time prior to each meeting to the members of the Committee.
The Committee may, as and when deemed necessary, invite other Board members and Senior Management
members to attend the meetings.
The Committee shall meet at least once a year with the external auditors to discuss any matter with the Committee
without the presence of any Executive member of the Board and Management.
The Committee shall regulate the manner of proceedings of its meetings, having regard to normal conventions on
such matter.
d. Authority
The Committee is authorised to investigate any matter within its terms of reference.
The Committee is authorised to seek any information it requires from employees, who are required to cooperate
with any request made by the Committee.
The Committee shall have full and unlimited access to any information pertaining to the Group.
The Committee shall have communication channel with the internal and external auditors and with senior
management of the Group and shall be able to convene meetings with the external auditors whenever deemed
necessary.
The Committee shall have the resources that are required to perform its duties. The Committee can obtain, at the
expense of the Company, outside legal or other independent professional advice it considers necessary.
Where the Committee is of the view that a matter reported by it to the Board has not been satisfactorily resolved
resulting in a breach of any regulatory requirements, the Committee shall promptly report such matter to the
relevant authorities.
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70
e. Duties and Responsibilities
In fulfilling its primary objectives, the Committee shall undertake the following duties and responsibilities:
•
Review with the external auditor, the audit scope and plan, including any changes to the planned scope of the
audit plan.
•
Review the adequacy of the internal audit scope and plan, functions and resources of the internal audit function
and that it has the necessary authority to carry out its work.
•
Review the external and internal audit reports to ensure that appropriate and prompt remedial action is taken
by Management on major deficiencies in controls or procedures that are identified.
•
Review the major audit findings and the Management’s response during the year with Management, external
auditors and internal auditors, including the status of previous audit recommendations.
•
Review the assistance given by the Group’s employees to the auditors, and any difficulties encountered in the
course of the audit work, including any restrictions on the scope of activities or access to required information.
•
Review the appointment and performance of external auditors, the audit fees and any question of resignation
or dismissal before making recommendations to the Board.
•
Review the adequacy and integrity of internal control system, including corporate risk management,
management information system, and the internal auditors’ evaluation of the said systems.
•
Direct and where appropriate monitor any special projects or investigation considered necessary, and review
investigation report on any major defalcation, fraud and theft.
•
Review the quarterly results and the year-end financial statements, prior to the approval by the Board focusing
particularly on:
-
changes in or implementation of major accounting policy;
significant or unusual events; and
compliance with accounting standards and other legal requirements.
•
Review any related party transaction and conflict of interest situation that may arise within the Company or
the Group, including any transaction, procedure or course of conduct that raises questions on Management
integrity.
•
Verify the allocation of the ESOS as being in compliance with the criteria set by the ESOS Committee at the
end of each financial year.
•
Any other activities, as authorised by the Board.
MEETING
The Audit Committee convened six (6) meetings during the financial year. The meetings were appropriately structured
through the use of agenda, which was distributed to members with sufficient notification.
Name of Directors
YB Senator Dato’ Haji Ikhwan Salim bin Dato’ Sujak
Attendance
6/6
4/4
2/2
2/2
2/2
2/2
P A G E
The General Manager of Finance Division and the General Manager of Management Audit Division were present by
invitation at the meetings. Representatives of the external auditors also attended the meetings upon invitation.
SUMMARY OF ACTIVITIES
The main activities undertaken by the Committee during the year were as follows:
•
Reviewed the external auditors’ scope of work and audit plans for the year 2008. Prior to the audit, representatives
from the external auditors, presented their audit strategy and plan.
•
Reviewed with the external auditors, the results of the audit, the audit report and the Internal Control Memorandum,
including Management’s response thereto.
•
Considered and recommended to the Board for approval the audit fees payable to the external auditors.
•
Reviewed the Management Audit Division’s programmes and plan for the financial year 2008 under review.
•
Reviewed the Management Audit reports, which highlighted the audit issues, recommendations and Management
response thereto. Discussed with Management, actions taken to improve the system of internal control based on
improvement opportunities identified in the internal audit reports.
•
Reviewed follow-up reports by the internal auditors on the status of actions taken by the Management on
recommendations suggested in the audit findings.
•
Reviewed Management Audit Division’s audit rating methodology in assessing and rating the risk levels of the
various auditable areas and ensured that the audit emphasis was given on high and critical risk areas.
•
Reviewed the audited financial statements of the Company prior to submission to the Board for their consideration
and approval. The review was to ensure that the audited financial statements were drawn up in accordance with
the provisions of the Companies Act 1965 and the applicable approved accounting standards approved by the
Malaysian Accounting Standard Board (MASB).
•
Reviewed the Company’s compliance, in particular, the quarterly and the year-end financial statements with MASB
and other relevant legal and regulatory requirements.
•
Reviewed the quarterly unaudited financial results before recommending them for the Board’s approval.
•
Reviewed the related party transactions entered into by the Group.
•
Verified the allocation of the ESOS as being in compliance with the criteria set by the ESOS Committee at the end
of each financial year.
MANAGEMENT AUDIT FUNCTION AND ACTIVITIES
The Management Audit Division is independent of the activities or operations of other operating units. The principal
role of the Division is to undertake independent regular and systematic reviews of the systems of internal controls so
as to provide reasonable assurance that such systems continue to operate satisfactorily and effectively. The
management audit practices a risk-based approach in its audit plan and examination. It is the responsibility of the
Management Audit Division to provide the Audit Committee with independent and objective reports on the state of
internal controls of the various operating units within the Group and the extent of compliance of the units with the
Group’s established policies and procedures as well as relevant statutory requirements.
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72
Laporan Jawatankuasa Audit
PENDAHULUAN
Jawatankuasa Audit (Jawatankuasa) Syarikat telah ditubuhkan pada 2 Jun 1998 untuk menilai pengurusan kewangan
Syarikat, sistem kawalan dalaman dan perancangan bagi mengemukakan cadangan-cadangan yang bersesuaian.
OBJEKTIF-OBJEKTIF
Objektif utama Jawatankuasa Audit adalah untuk membantu Lembaga dalam melaksanakan tugas dan tanggungjawab
yang berkaitan dengan perakaunan dan amalan laporan oleh syarikat induk dan anak-anak syarikatnya.
Jawatankuasa Audit akan membantu Lembaga dalam menunaikan tugas-tugas seperti:
a. Memastikan pelaksanaan yang baik dalam Rangka Kerja Pengurusan Risiko untuk mengurus risiko-risiko utama; dan
b. Menyemak kecukupan dan integriti Sistem Kawalan Dalaman Syarikat, Sistem Pengurusan Maklumat termasuk
sistem-sistem pematuhan kepada mana-mana undang-undang, peraturan, arahan dan garis panduan.
KOMPOSISI
Sepanjang tahun kewangan, Jawatankuasa terdiri daripada tiga (3) Pengarah Bukan Eksekutif Bebas seperti berikut:
(Pengerusi - Pengarah Bukan Eksekutif Bebas)
(Pengarah Bukan Eksekutif Bebas – dilantik pada 22/4/2008)
(Pengarah Bukan Eksekutif Bebas – dilantik pada 20/6/2008)
(Pengarah Bukan Eksekutif Bebas - meletak jawatan pada 22/4/2008)
(Pengarah Bukan Eksekutif Bebas - meletak jawatan pada 22/4/2008)
(Pengarah Bukan Eksekutif Bukan Bebas – meninggal dunia
pada 12/3/2008)
YBhg Dato’ Haji Ab Halim bin Mohyiddin adalah ahli Institut Akauntan Malaysia (“MIA”).
TERMA-TERMA RUJUKAN
a. Matlamat
Tugas utama Jawatankuasa Audit adalah untuk membantu Lembaga dalam memenuhi objektif-objektif
pengawasan dalam aktiviti-aktiviti Kumpulan seperti berikut:
•
•
•
Menilai proses-proses Kumpulan yang berkaitan dengan risiko dan kawalan persekitaran;
Mengawasi laporan kewangan; dan
Menilai proses-proses audit dalaman dan luaran.
b. Komposisi
Lembaga harus memilih dan melantik ahli Jawatankuasa dari kalangan mereka yang terdiri tidak kurang daripada
tiga (3) orang Pengarah, di mana majoriti daripada mereka harus terdiri daripada Pengarah Bukan Eksekutif
Bebas di mana sekurang-kurangnya seorang (1) ahli mesti menjadi ahli Institut Akauntan Malaysia atau
mempunyai sekurang-kurangnya tiga (3) tahun pengalaman bekerja dan lulus peperiksaan seperti yang ditetapkan
dalam Bahagian I Jadual 1 Akta Akauntan, 1967; atau merupakan ahli salah sebuah persatuan akauntan seperti
yang ditetapkan dalam Bahagian II Jadual 1 Akta Akauntan, 1967.
P A G E
Lembaga harus memenuhi kekosongan dalam tempoh tiga (3) bulan selepas ahli Jawatankuasa meletak jawatan,
meninggal dunia atau atas apa-apa sebab tidak menjadi ahli yang menyebabkan jumlah ahli kurang daripada
tiga (3) orang.
Pengerusi Jawatankuasa harus terdiri daripada seorang Pengarah Bukan Eksekutif Bebas. Tiada Pengarah
gantian kepada Lembaga akan dilantik sebagai ahli Jawatankuasa Audit.
Lembaga harus mengkaji tempoh memegang jawatan setiap ahli sekurang-kurangnya sekali (1) setiap tiga (3)
tahun.
c. Korum dan Prosidur Jawatankuasa
Mesyuarat-mesyuarat harus diadakan sekurang-kurangnya empat (4) kali setahun, atau lebih kerap jika perlu.
Bagi mewujudkan korum mesyuarat, majoriti ahli-ahli yang hadir mestilah Pengarah Bukan Eksekutif Bebas.
Semasa ketiadaan Pengerusi, ahli-ahli yang hadir harus hendaklah melantik seorang Pengerusi bagi mesyuarat
tersebut di kalangan ahli-ahli yang hadir.
Setiausaha Syarikat akan dilantik sebagai Setiausaha Jawatankuasa. Setiausaha, bersama Pengerusi, akan
menyediakan agenda yang akan diedarkan bersama kertas sokongan berkaitan, dalam tempoh yang sewajarnya
kepada ahli Jawatankuasa sebelum setiap mesyuarat.
Jawatankuasa ini boleh, apabila dianggap perlu, menjemput ahli-ahli Lembaga yang lain dan meminta ahli-ahli
Pengurusan Kanan untuk menghadiri mesyuarat.
Jawatankuasa ini akan bermesyuarat sekurang-kurangnya sekali setahun dengan juruaudit luaran untuk
membincangkan apa-apa perkara dengan Jawatankuasa tanpa kehadiran Lembaga Pengarah Eksekutif dan
Pengurusan.
Jawatankuasa hendaklah mengatur prosiding mesyuarat menurut konvensyen biasa mengenai perkara tersebut.
d. Kuasa
Jawatankuasa ini diberi kuasa untuk menyiasat sebarang perkara dalam bidang tugasnya.
Jawatankuasa ini diberi kuasa untuk mencari sebarang maklumat yang diperlukan dari kakitangan, dimana
mereka harus memberi kerjasama dengan permintaan Jawatankuasa.
Jawatankuasa ini akan mempunyai akses penuh dan tanpa batasan kepada sebarang maklumat berkaitan
Kumpulan.
Jawatankuasa ini akan mempunyai saluran komunikasi dengan juruaudit dalaman serta juruaudit luaran dan
dengan pengurusan kanan Kumpulan dan boleh mengadakan mesyuarat dengan juruaudit luaran sekiranya perlu.
Jawatankuasa ini akan mempunyai akses kepada sebarang sumber yang diperlukan untuk menjalankan tugasnya.
Jawatankuasa ini boleh mendapatkan sebarang nasihat perundangan atau nasihat profesional lain yang dianggap
perlu, atas perbelanjaan Syarikat.
Sekiranya Jawatankuasa mendapati terdapat perkara yang dilaporkan oleh Jawatankuasa kepada Lembaga yang
masih belum diselesaikan dengan memuaskan sehingga menyebabkan ia melanggar keperluan perundangan,
Jawatankuasa harus melaporkan dengan segera perkara tersebut kepada pihak berkuasa yang berkaitan.
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e. Bidang Tugas dan Tanggungjawab
Dalam memenuhi matlamat utamanya, Jawatankuasa ini akan menjalankan tugas-tugas dan tanggungjawab
berikut:
•
Mengkaji dengan juruaudit luaran, skop dan rancangan audit, termasuk sebarang perubahan kepada skop
rancangan audit yang dirancang.
•
Mengkaji kecukupan skop dan rancangan audit dalaman, fungsi-fungsi dan sumber-sumber audit dalaman
dan memastikan ianya mempunyai kuasa yang sepatutnya bagi menjalankan tugas.
•
Mengkaji laporan audit dalaman dan luaran bagi memastikan tindakan segera dan sepatutnya diambil oleh
pihak Pengurusan bagi kekurangan utama pengawalan atau prosedur yang telah dikenal pasti.
•
Mengkaji penemuan audit utama dan maklum balas pihak Pengurusan sepanjang tahun dengan Pengurusan,
juruaudit luaran dan juruaudit dalaman, termasuk status cadangan audit yang terdahulu.
•
Mengkaji bantuan yang diberi oleh kakitangan Kumpulan kepada juruaudit dan sebarang masalah yang
dihadapi dalam menjalankan kerja audit, termasuk sebarang sekatan dalam skop aktiviti atau saluran kepada
maklumat yang diperlukan.
•
Mengkaji pelantikan dan prestasi juruaudit luaran, yuran audit dan sebarang persoalan perletakan jawatan
atau pemecatan juruaudit luaran sebelum memberi cadangan-cadangan kepada Lembaga.
•
Mengkaji kecukupan dan ketelusan sistem kawalan dalaman, termasuk pengurusan risiko korporat, sistem
pengurusan maklumat dan penilaian juruaudit dalaman berkenaan sistem tersebut.
•
Mengarah dan sekiranya perlu, memantau sebarang projek khas atau penyiasatan dan mengkaji laporan
siasatan berkaitan dengan penyalahgunaan, penipuan dan kecurian.
•
Menyemak keputusan suku tahunan dan penyata kewangan akhir tahun, sebelum kelulusan Lembaga dengan
penumpuan kepada:
-
perubahan dalam atau pelaksanaan perubahan polisi perakaunan utama;
peristiwa penting atau luar biasa; dan
pematuhan terhadap piawaian perakaunan dan undang-undang lain.
•
Memeriksa sebarang urusniaga pihak berkaitan dan situasi konflik kepentingan yang mungkin timbul dalam
Syarikat atau Kumpulan, termasuk sebarang urusniaga, prosedur atau persoalan yang timbul berkenaan
kewibawaan pihak Pengurusan.
•
Memeriksa pembahagian “ESOS” agar mematuhi kriteria yang ditetapkan oleh Jawatankuasa “ESOS” pada
setiap penghujung tahun kewangan.
•
Sebarang aktiviti lain yang diberi kuasa oleh Lembaga.
MESYUARAT
Sepanjang tahun kewangan, Jawatankuasa Audit telah mengadakan enam (6) mesyuarat. Mesyuarat telah
dilaksanakan dengan sewajarnya melalui penggunaan agenda di mana ianya diedarkan kepada ahli-ahli dalam
tempoh yang bersesuaian.
Kehadiran
6/6
4/4
2/2
2/2
2/2
2/2
P A G E
Pengurus Besar Jabatan Kewangan dan Pengurus Besar Jabatan Audit Pengurusan telah hadir dengan jemputan ke
mesyuarat tersebut. Wakil juruaudit luaran juga telah hadir ke mesyuarat tersebut dengan jemputan.
RINGKASAN AKTIVITI
Aktiviti-aktiviti utama yang telah dijalankan oleh Jawatankuasa sepanjang tahun ini adalah seperti berikut:
•
Mengkaji skop kerja juruaudit luaran dan rancangan audit tahun 2008. Sebelum audit, wakil juruaudit luaran telah
membentangkan rancangan dan strategi audit mereka.
•
Mengkaji dengan juruaudit luaran, keputusan audit, laporan audit dan Memoranda Kawalan Dalaman, termasuk
maklum balas dari pihak Pengurusan.
•
Mempertimbangkan dan mencadangkan bayaran yuran audit kepada juruaudit luaran untuk kelulusan Lembaga
Pengarah.
•
Mengkaji program dan rancangan Jabatan Audit Pengurusan untuk tahun kewangan 2008.
•
Mengkaji laporan Jabatan Audit Pengurusan, yang menekankan isu-isu audit, cadangan dan maklum balas pihak
Pengurusan. Berbincang dengan pihak Pengurusan mengenai tindakan yang diambil untuk memperbaiki sistem
kawalan dalaman berdasarkan peluang pembaikan yang dikenal pasti di dalam laporan audit dalaman.
•
Mengkaji laporan tindakan susulan oleh juruaudit dalaman mengenai status tindakan yang diambil oleh pihak
Pengurusan berkenaan cadangan yang dicadangkan di dalam penemuan audit.
•
Mengkaji kaedah pengkadaran audit oleh Jabatan Audit Pengurusan dalam penilaian dan pengkadaran peringkatperingkat risiko dari pelbagai sudut yang diaudit dan memastikan keutamaan audit diberikan kepada bahagian
yang mempunyai risiko tinggi dan kritikal.
•
Menyemak penyata kewangan Syarikat yang diaudit sebelum dibentangkan kepada Lembaga Pengarah untuk
pertimbangan dan kelulusan. Kajian adalah untuk memastikan penyata kewangan yang diaudit dibuat berdasarkan
peruntukan-peruntukan yang terdapat di dalam Akta Syarikat, 1965 dan piawaian perakaunan berkaitan yang
diluluskan oleh Lembaga Piawaian Perakaunan Malaysia (“MASB”).
•
Menyemak pematuhan Syarikat, khususnya, penyata kewangan suku tahunan dan akhir tahun agar mematuhi
piawaian perakaunan “MASB” dan lain-lain keperluan undang-undang yang berkaitan.
•
Menyemak keputusan kewangan suku tahunan yang tidak diaudit sebelum dicadangkan kepada Lembaga
Pengarah untuk kelulusan.
•
Memeriksa urusniaga-urusniaga pihak berkaitan yang dilaksanakan dalam Kumpulan.
•
Memeriksa pembahagian “ESOS” agar mematuhi kriteria yang ditetapkan oleh Jawatankuasa “ESOS” pada setiap
penghujung tahun kewangan.
FUNGSI DAN AKTIVITI JURUAUDIT DALAMAN
Jabatan Audit Pengurusan adalah bebas dari operasi unit-unit yang lain dalam menjalankan operasi-operasi dan
aktiviti-aktivitinya. Tugas utama Jabatan adalah untuk menjalankan kajian bebas dan sistematik terhadap sistem
kawalan dalaman supaya dapat memberi jaminan sewajarnya agar sistem tersebut terus beroperasi dengan berkesan
dan memuaskan. Audit Pengurusan mengguna pakai kaedah berasaskan risiko di dalam rancangan audit dan
pemeriksaannya. Ia menjadi tanggungjawab Jabatan Audit Pengurusan untuk menyediakan kepada Jawatankuasa
Audit laporan kawalan dalaman yang objektif dan bebas mengenai keadaan kawalan dalaman bagi semua unit operasi
di dalam Kumpulan dan tahap pematuhan unit operasi terhadap polisi dan prosedur Kumpulan yang sedia ada dan
juga peraturan perundangan yang berkaitan.
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Corporate Social Responsibility
Tanggungjawab Sosial Korporat
Before
As a subsidiary of Kumpulan Darul Ehsan Berhad, a Selangor
State Government-Linked Company (GLC), Kumpulan
Perangsang Selangor Berhad (KPS), carries out its corporate
social responsibility in line with the aspiration of the State
Government to be a caring government and hence KPS to be
a caring corporate entity. A balance between company
performance and social responsibility towards community
development and improving the quality of life of the
community is always part of the agenda in making business
decisions.
To date, RM300 million has been spent on community
programmes and other corporate social responsibility
programmes which include among others “Projek Kerajaan
Prihatin”, sponsorship of community development
programmes, sports development programmes and sports
events.
“Projek Kerajaan Prihatin” is a programme aimed at building
decent homes for the poor and improving their standard of
living, giving them a sense of belonging to the community. A
budget of about RM1 million a year is allocated for this
programme and since its implementation about 350 families
have benefited from the programme.
The less fortunate are never forgotten especially during festive
seasons. They become KPS’s guests of honour at its
functions held in conjunction with festive celebrations. KPS
also contributes to NGOs in providing shelters for the single
parents and poor people. To enhance the community
spiritually, KPS contributes to the building of mosques in
Selangor.
A healthy body generates a healthy community physically and
mentally. Being active in sports activities is one way to acquire
this. Sports help to develop a harmonious community,
provides a balance between recreation and work and helps
prevent the community especially the younger generation
from being involved in criminal and socially ill activities.
Hence, sponsoring sports development programmes and
sports events such as “MAKSAK”, “SUKMA” and golf
tournaments is KPS’s way of performing its corporate social
responsibility in the sports arena.
In performing its corporate social responsibility, KPS has
directly or indirectly contributed to the development and
prosperity of the community in particular the community in
Selangor.
After
Sebagai anak syarikat Kumpulan Darul Ehsan Berhad,
sebuah syarikat berkaitan Kerajaan Negeri Selangor,
Kumpulan
Perangsang
Selangor
Berhad
(KPS)
melaksanakan tanggungjawab sosial korporat selaras dengan
aspirasi Kerajaan Negeri untuk menjadi Kerajaan Prihatin dan
KPS menjadi sebuah entiti korporat yang prihatin.
Keseimbangan di antara prestasi syarikat dan tanggungjawab
sosial terhadap pembangunan masyarakat dan meningkatkan
kualiti hidup masyarakat sentiasa menjadi sebahagian
daripada agenda dalam membuat keputusan-keputusan
perniagaan.
Sehingga kini, RM300 juta telah dibelanjakan bagi programprogram
kemasyarakatan
dan
lain-lain
program
tanggungjawab sosial korporat antaranya Projek Kerajaan
Prihatin,
menaja
program-program
pembangunan
masyarakat, program-program pembangunan sukan dan
acara-acara sukan.
Projek Kerajaan Prihatin adalah sebuah program di mana
rumah-rumah yang selesa dibina bagi golongan miskin dan di
samping itu meningkatkan taraf hidup mereka supaya mereka
mendapat tempat di kalangan masyarakat setempat.
Peruntukan sebanyak RM1 juta setahun diperuntukkan untuk
program ini dan sejak diimplimentasikan sebanyak 350
keluarga telah mendapat manafaat dari program ini.
Pada musim-musim perayaan, golongan tidak bernasib baik
tidak dilupakan. Mereka menjadi tetamu khas di majlis-majlis
yang dianjurkan oleh KPS sempena musim-musim perayaan.
Di samping itu, KPS juga menyumbang kepada badan-badan
bukan kerajaan untuk pembinaan rumah-rumah atau tempattempat perlindungan bagi ibu-ibu tunggal dan fakir miskin.
Bagi meningkatkan kerohanian masyarakat, KPS juga
menyumbang kepada pembinaan masjid-masjid di Negeri
Selangor.
Badan yang sihat melahirkan masyarakat yang sihat dari segi
fizikal dan mental. Bersukan adalah satu cara untuk
mendapatkan badan yang sihat.
Sukan membantu
melahirkan
masyarakat
yang
harmoni,
memberi
keseimbangan di antara rekreasi dan kerja dan membantu
menghalang masyarakat terutama generasi muda daripada
terjebak di dalam aktiviti-aktiviti jenayah dan penyakit-penyakit
sosial. Dengan menyumbang kepada program-program
pembangunan sukan dan acara-acara sukan seperti
MAKSAK, SUKMA dan kejohanan-kejohanan golf, KPS
melaksanakan tanggungjawab sosial korporat di arena sukan.
Dalam melaksanakan tanggungjawab sosial korporat, KPS
secara langsung atau tidak langsung menyumbang kepada
pembangunan dan keharmonian masyarakat khususnya
masyarakat di Negeri Selangor.
corporate social
responsibility
P A G E
77
P A G E
78
Corporate Calendar
Kalendar Korporat
MARCH / MAC 2008
APRIL / APRIL 2008
ABASS Open Day
Hari Terbuka ABASS
Secretaries Week Luncheon
Jamuan Makan Tengahari
Minggu Setiausaha
In conjunction with the World Water
Day celebrated on 22 March each
year, 300 students from schools
within Putrajaya and from the
Agriculture University of Malaysia
visited the Sungai Semenyih Water
Treatment Plant at Precint 19,
Putrajaya which is operated by
Konsortium ABASS Sdn Bhd. The
students were given a tour of the
plant, security briefings and a video
presentation of the whole Sungai
Semenyih Water Supply Scheme
components.
Sempena Hari Air Sedunia yang
disambut pada 22 Mac setiap tahun,
seramai 300 orang pelajar dari
sekolah-sekolah di Putrajaya dan
Universiti Putra Malaysia telah
melawat Loji Rawatan Air Sungai
Semenyih di Precint 19, Putrajaya
yang dikendalikan oleh Konsortium
ABASS Sdn Bhd. Pelajar-pelajar
telah dibawa melawat ke kawasan
sekitar
loji,
diberi
taklimat
keselamatan dan juga sebuah
tayangan
video
mengenai
komponen-komponen Skim Bekalan
Air Sungai Semenyih.
Quality Hotel Shah Alam organised a
grand luncheon to celebrate
Secretaries Week on 15 April 2008 at
Majlis Bandaraya Shah Alam
(“MBSA”) Banquet Hall.
The
luncheon featured Malaysia’s Pop
King, Jamal Abdillah and Malaysian
Idol 2004 singer, Karen Kong. Lucky
guests won lucky draw prizes such
as a return air ticket to Jakarta
courtesy of Garuda Airlines, product
vouchers and cosmetics.
Quality Hotel City Centre also
organised
Secretaries
Week
luncheons on 22 and 23 April 2008
featuring Indonesia’s popular singer,
Kris Dayanti and Malaysia’s most
renowned artistes, Jamal Abdillah
and Noryn Aziz. The luncheons were
held at MATRADE Exhibition and
Convention Centre (MECC) and
SOGO City Arena, SOGO Shopping
Complex respectively.
Sponsors
included Emirates Airlines, Little
Trees, Aura Seri, Nivea, Nestle,
Brands and Ache Spa.
Quality Hotel Shah Alam telah
menganjurkan satu jamuan makan
tengahari untuk meraikan Minggu
Setiausaha pada 15 April 2008 di
Dewan Bankuet, Majlis Bandaraya
Shah Alam (MBSA). Jamuan makan
tengahari
tersebut
telah
menampilkan Raja Pop Malaysia,
Jamal Abdillah dan penyanyi
Malaysian Idol 2004, Karen Kong.
Tetamu-tetamu yang bertuah telah
memenangi hadiah-hadiah cabutan
bertuah
seperti
satu
tiket
penerbangan pergi balik ke Jakarta
sumbangan Garuda Airlines, baucerbaucer produk dan barangan
kosmetik.
Quality Hotel City Centre juga telah
mengadakan
jamuan
makan
tengahari
sempena
Minggu
Setiausaha pada 22 dan 23 April
2008 dengan menampilkan penyanyi
popular dari Indonesia, Kris Dayanti
dan artis-artis terkenal Malaysia,
Jamal Abdillah dan Noryn Aziz.
Jamuan makan tengahari tersebut
telah diadakan di Pusat Pameran
dan
Konvensyen
MATRADE
(“MECC”) dan di SOGO City Arena,
Kompleks Membeli-belah SOGO. Di
antara penaja-penaja termasuk
Emirates Airlines, Little Trees, Aura
Seri, Nivea, Nestle, Brands dan Ache
Spa.
P A G E
Corporate Calendar
Kalendar Korporat
JUNE / JUN 2008
JULY / JULAI 2008
AUGUST / OGOS 2008
Annual General Meeting
Mesyuarat Agung Tahunan
Safety, Health and Environment
Week
Minggu Keselamatan, Kesihatan
dan Alam Sekitar
51 Merdeka Celebration
Sambutan Kemerdekaan Ke-51
On 19 June 2008, Kumpulan
Perangsang Selangor Berhad held
its Thirty First (31) Annual General
Meeting at Quality Hotel Shah Alam,
in line with the standard procedure of
public listed companies by Bursa
Malaysia Securities Berhad.
Pada 19 Jun 2008, Kumpulan
Perangsang Selangor Berhad telah
mengadakan Mesyuarat Agung
Tahunan ke Tiga Puluh Satu (31) di
Quality Hotel Shah Alam selaras
dengan ketetapan Bursa Malaysia
Securities Berhad kepada syarikat
terbitan awam.
Sungai Semenyih Water Treatment
Plant organised a Safety, Health and
Environment Week (SHE WEEK)
from 5 to 18 July 2008. Among the
activities during the SHE WEEK
were competitions such as volleyball,
Safety Explore Race, ‘Kawad Hos
Basah’, Memorise the Safety Policy,
drawing, Best Office, Safety and
Health Quiz, First Aid Drill and blood
donation drive. The objective of
conducting knowledge-based and
physical events was to ensure that all
safety procedures are being
implemented accordingly.
Loji Rawatan Air Sungai Semenyih
telah
menganjurkan
Minggu
Keselamatan, Kesihatan dan Alam
Sekitar (“SHE WEEK”) bermula dari
5 hingga 18 Julai 2008. Di antara
aktiviti sepanjang “SHE WEEK”
termasuk pertandingan-pertandingan
bola tampar, ‘Safety Explore Race’,
Kawad Hos Basah, Menghafal Polisi
Keselamatan, melukis, Pejabat
Terbaik, Kuiz Keselamatan dan
Kesihatan, Latihan ‘First Aid’ dan
kempen derma darah. Objektif
pengendalian aktiviti-aktiviti yang
berdasarkan ilmu pengetahuan dan
fizikal ini adalah bertujuan untuk
memastikan
prosedur-prosedur
keselamatan
dilaksanakan
sewajarnya.
Berhad and Kumpulan Darul Ehsan
Berhad participated in the 51
Merdeka Celebration at Dataran
Kemerdekaan Shah Alam, by
sending a contingent of 45
employees to portray the Group’s
spirit of patriotism.
Berhad dan Kumpulan Darul Ehsan
Berhad telah menyertai sambutan
Kemerdekaan Malaysia yang ke-51
di Dataran Kemerdekaan Shah Alam
dengan
menghantar
sebuah
kontinjen
seramai
45
orang
kakitangan
sebagai
lambang
semangat partriotik Kumpulan.
79
P A G E
80
Corporate Calendar
Kalendar Korporat
K-Centre’s “Merdeka” Exhibition
Pameran Kemerdekaan K-Centre
The Human Resources and
Administration Division organised a
“Merdeka” Exhibition at K-Centre
throughout the month of August in
conjunction
with
the
annual
“Merdeka” Day celebration held on
31 August each year. The purpose
of this exhibition is to nourish the
“Merdeka” spirit among the Group’s
employees as well as to promote and
draw their interest towards becoming
a member thus develop reading
habits in tandem with the company’s
aspiration.
Bahagian Sumber Manusia dan
Pentadbiran telah mengadakan
Pameran Bulan Kemerdekaan di
K-Centre sepanjang bulan Ogos
bersempena
dengan
Hari
Kemerdekaan yang disambut pada
31 Ogos setiap tahun.
Tujuan
pameran ini adalah untuk memupuk
semangat kemerdekaan di kalangan
kakitangan Kumpulan di samping
mempromosi dan menarik minat
kakitangan
Kumpulan
untuk
mendaftar sebagai ahli selaras
dengan aspirasi syarikat untuk
membentuk minat membaca.
OCTOBER / OKTOBER 2008
“Hari Raya Aidilfitri” Open House
Rumah Terbuka Hari Raya
Aidilfitri
The Group held its “Hari Raya
Aidilfitri” Open House on 9 October
2008 at Quality Hotel Shah Alam.
Eleven (11) less fortunate families
from Jeram, Kuala Selangor were
invited to the Open House. They
were treated to a sumptuous array of
Malaysian cuisines and each family
received “duit raya” and a hamper as
a “Hari Raya” gift from the Group.
Kumpulan
telah
mengadakan
Rumah Terbuka Hari Raya Aidilfitri
pada 9 Oktober 2008 di Quality Hotel
Shah Alam. Sebanyak sebelas (11)
keluarga miskin dari Jeram, Kuala
Selangor telah dijemput ke majlis ini.
Mereka telah dijamu dengan
pelbagai pilihan masakan Malaysia
dan setiap keluarga telah menerima
duit raya dan “hamper” sebagai
sumbangan
Hari
Raya
dari
Kumpulan.
P A G E
Corporate Calendar
Kalendar Korporat
DECEMBER / DISEMBER 2008
Building Maintenance ISO
Launching
Pelancaran ISO Unit Pengurusan
Bangunan
The Building Maintenance Unit of
Berhad is gearing towards achieving
the ISO 9001:2008 Certification and
a briefing session was held on 3
December 2008. The Building
Maintenance Unit is aiming to attain
the ISO 9001:2008 Certification by 1
April 2009.
Unit
Pengurusan
Bangunan
Berhad sedang menuju ke arah
Pensijilan ISO 9001:2008 dan satu
sesi taklimat mengenainya telah
diadakan pada 3 Disember 2008.
Unit Pengurusan Bangunan telah
meletakkan
sasaran
untuk
memperolehi
Pensijilan
ISO
9001:2008 ini pada 1 April 2009.
Extraordinary General Meeting
Mesyuarat Agung Luar Biasa
On 9 December 2008, Kumpulan
Perangsang Selangor Berhad held
an Extraordinary General Meeting at
Quality Hotel Shah Alam to propose
and obtain the approval from the
shareholders to acquire fifteen
percent (15%) stake in Syarikat
Bekalan Air Selangor Sdn Bhd
(Syabas) from Kumpulan Darul
Ehsan
Berhad.
The
added
acquisition will give a significant
impact to the Company in a move to
consolidate the treatment and supply
of water industry in Selangor.
Pada 9 Disember 2008, Kumpulan
Perangsang Selangor Berhad telah
mengadakan satu Mesyuarat Agung
Luar Biasa bertempat di Quality
Hotel Shah Alam untuk mencadang
dan
mendapatkan
kelulusan
daripada
pemegang-pemegang
saham bagi memperoleh lima belas
peratus (15%) pegangan di dalam
Syarikat Bekalan Air Selangor Sdn
Bhd (Syabas). Perolehan tambahan
ini akan memberikan impak yang
besar kepada Syarikat di dalam
usaha untuk menyatukan industri
rawatan dan bekalan air di negeri
Selangor.
81
P A G E
82
Human Resource Review
Laporan Sumber Manusia
Year 2008 saw a significant shift in the Kumpulan
Perangsang Selangor Berhad (KPS) Human Resource
Division (HR) function which elevated the role of Group HR
Division as a strategic business partner to a higher level,
making it more visible and accessible to its people and
customers.
Tahun 2008 telah menyaksikan perubahan yang ketara
di dalam fungsi Bahagian Sumber Manusia Kumpulan
Perangsang Selangor Berhad (KPS) yang telah
mempertingkatkan peranan Bahagian Sumber Manusia
Kumpulan sebagai rakan niaga strategik ke tahap yang
lebih tinggi selain menjadikan fungsi dan khidmat
Bahagian Sumber Manusia lebih jelas dan mudah
The Company unveiled its new Group HR Division Mission diperolehi oleh semua kakitangan dan pelanggan.
Statement:Syarikat telahpun melancarkan misi Bahagian Sumber
“To Enhance Shareholder Value Via Being an Employer of Manusia Kumpulan:Choice and Maximising Returns on Human Capital
Investment”.
“Untuk Mempertingkatkan Nilai Para Pemegang Saham
dengan Menjadi Majikan Pilihan dan Memastikan
Pulangan yang Maksima ke atas Pelaburan Modal
Insan”.
P A G E
KPS Group HR Division Mission is underpinned by six (6)
strategic objectives and have become the cornerstone of
how we manage our people:1) Create employer branding to sustain employee
engagement and attract talent.
2) Ensure continuous supply of leadership bench
strength that is able to match the requirements of
business.
3) Create a high performance organisation to support
execution of business strategies.
4) Continuously provide reward and remuneration
programs to attract and retain high performance
employees.
5) Improve employee productivity and customer service.
6) Promote continuous employee’s learning
development and quality process improvement.
&
Misi
Bahagian
Sumber
Manusia
Kumpulan
diperkukuhkan dengan enam (6) objektif strategik yang
merupakan asas di dalam pembangunan modal insan:1) Mewujudkan
penjenamaan
majikan
untuk
mengekalkan kakitangan sedia ada selain menarik
bakat-bakat baru untuk menyertai Syarikat.
2) Memastikan
bakat-bakat
kepimpinan
yang
mencukupi bagi memenuhi keperluan perniagaan
secara berterusan.
3) Mewujudkan sebuah organisasi berprestasi tinggi
bagi menyokong pembentukan strategi perniagaan.
4) Memberikan pakej ganjaran dan imbuhan yang
kompetetif secara berterusan bagi menarik dan
mengekalkan kakitangan yang cemerlang.
5) Mempertingkatkan produktiviti dan khidmat mesra
pelanggan.
6) Mempromosikan pembelajaran dan pembangunan
kakitangan serta peningkatan kualiti perkhidmatan
secara berterusan.
83
P A G E
84
Changing economic conditions and business
requirements challenge HR Division to a constant
balancing act to ensure that both the business and people
needs are fairly addressed. To help manage this
environment, the Company restructured the Group HR
Division primarily to leverage on employee skills and
competencies, improve the delivery of HR services and
facilitate the deployment of Group strategic initiatives. We
are also leveraging into IT solutions to enhance the HR
processes, speed and quality of services.
During the year under review, the Company also rolled
out other strategic initiatives.
Beginning with the end (Group HR Mission) in mind, the
HR Strategy Map for 2008 was formulated and
institutionalized across KPS Group of Companies. The
main outcome was to enhance the delivery of HR
services whilst adding greater value to the KPS Group.
Maintaining the importance of recompensing hard work
and employee loyalty through a competitive Benefits and
Rewards Structure, the Company initiated the Group HR
Policy Review, enhancing and streamlining employee
benefits and HR policies to best market practices. The
revised policies are scheduled to be recommended and
implemented in phases in 2009.
The Company also enhanced the Performance
Management System by introducing new performance
evaluation processes, rating and reward system.
KPS Group Job Rotation Programme was also
implemented as a strategic move to develop the Group’s
human capital as well as give opportunities to employees
for added exposure and career progression.
Perubahan keadaan ekonomi dan keperluan perniagaan
merupakan cabaran kepada Bahagian Sumber Manusia
untuk segera bertindak bagi mengimbangi keadaan
semasa sambil memastikan keperluan perniagaan dan
kakitangan dapat ditangani secara adil. Bagi membantu
menguruskan keadaan ini, penstrukturan semula
Bahagian Sumber Manusia Kumpulan telah dilaksanakan
bertujuan untuk mempertingkatkan lagi kemahiran dan
kompetensi kakitangan, memperbaiki mutu penyampaian
perkhidmatan Sumber Manusia dan melicinkan lagi
pelaksanaan inisiatif strategik Kumpulan. Bahagian
Sumber Manusia juga telah memperluaskan lagi
penggunaan Teknologi Maklumat bagi mempertingkatkan
proses, kepantasan dan kualiti perkhidmatan Bahagian
Sumber Manusia.
Pada tahun 2008, Syarikat juga telah melaksanakan
beberapa lagi inisiatif strategik lain.
Bermula daripada pelancaran Misi Bahagian Sumber
Manusia, Rangka Strategi Sumber Manusia 2008 telah
diformulasi dan diselaraskan ke semua Syarikat di bawah
KPS. Langkah ini bertujuan untuk mempertingkatkan lagi
penyampaian perkhidmatan Sumber Manusia dan
sekaligus, nilai tambah kepada KPS.
Menyedari kepentingan untuk memberikan penghargaan
kepada kakitangan yang cemerlang dan setia berkhidmat
bersama Syarikat melalui struktur kemudahan dan
ganjaran yang kompetetif, inisiatif kajian semula Polisi
Sumber Manusia Kumpulan telah dilaksanakan bagi
mempertingkat serta menyelaraskan struktur ganjaran
kakitangan dan Polisi Sumber Manusia setanding
dengan praktis terbaik pasaran. Polisi baru yang telah
dipinda dan dikaji semula dijadualkan untuk dilaksanakan
secara berperingkat pada tahun 2009.
Syarikat juga telah memperkemaskan lagi Sistem
Pengurusan Prestasi dengan memperkenalkan proses
penilaian prestasi, sistem mata (‘rating’) dan ganjaran
yang baru.
Program Penggiliran Kerja Kumpulan KPS juga telah
diperkenalkan sebagai salah satu langkah strategik bagi
pembangunan modal insan Kumpulan selain
memberikan peluang kepada kakitangan untuk mendapat
pendedahan tambahan dan kemajuan kerjaya.
P A G E
PERFORMANCE MANAGEMENT SYSTEM
SISTEM PENGURUSAN PRESTASI
i)
i)
Performance Evaluation Committee
In line with the Group’s objective to enhance the
Performance Management System and to ensure all
employees are evaluated in a clear, objective and
consistent manner, the Company established the
setting-up of the Performance Evaluation Committee
(“PEC”) at strategic levels across the organisation.
The “PEC” acts as a governance body to ensure that
the performance evaluation of every employee is
conducted in alignment to the individual’s
performance, also with influence for behavioural and
career development.
Apart from discussing the overall individual
performance ratings, the role of the “PEC” is also to
maintain consistency in the performance appraisal
process, challenge and validate the performance
ratings as well as ensure that justification of individual
performance ratings are supported with clear,
objective assessments.
ii) Performance Appraisal
In 2008, the Company also revised the performance
metrics and introduced separate performance
appraisal forms for Senior Management. KPIs and
behavioural assessment, however, remained the key
components in evaluating employee performance.
iii) Reward System
As part of talent retention strategy, KPS also
reviewed the Reward System by widening the
performance differentials and granting larger salary
increases to high performers.
Jawatankuasa Penilaian Prestasi
Selaras dengan objektif Kumpulan untuk
memperkemaskan lagi Sistem Pengurusan Prestasi
dan memastikan semua kakitangan dinilai secara
telus, objektif dan konsisten, Syarikat telah
menubuhkan sebuah jawatankuasa yang dikenali
sebagai Jawatankuasa Penilaian Prestasi (“PEC”).
PEC berperanan sebagai sebuah jawatankuasa
pemantau bagi memastikan proses penilaian prestasi
setiap kakitangan dilaksanakan selari prestasi kerja
kakitangan disamping mengenal pasti prospek
pembangunan kerjaya mereka.
Selain membincangkan prestasi dan pencapaian
individu secara menyeluruh, “PEC” juga berperanan
untuk mengekalkan konsistensi di dalam proses
penilaian prestasi, mencabar dan mengesahkan
pemberian markah selain memastikan pemberian
markah kepada kakitangan berasaskan proses
penilaian yang objektif dan telus.
ii) Penilaian Prestasi
Pada tahun 2008, Syarikat juga telah meminda skala
pemarkahan prestasi dan memperkenalkan borang
penilaian prestasi yang berasingan untuk
Pengurusan Kanan. Walau bagaimanapun, Petunjuk
Prestasi Utama (“KPI”) dan penilaian sikap dan
tingkah laku kekal sebagai komponen utama di
dalam proses penilaian prestasi kakitangan.
iii) Sistem Ganjaran
Sebagai sebahagian daripada strategi untuk
mengekalkan kakitangan yang berbakat dan
berpotensi untuk terus berkhidmat bersama syarikat,
KPS juga telah mengkaji semula Sistem Ganjaran
dengan memberikan kenaikan gaji yang lebih
kompetetif kepada kakitangan yang telah
menunjukkan prestasi cemerlang.
85
P A G E
86
KNOWLEDGE MANAGEMENT
PENGURUSAN MAKLUMAT
Reinforcing the importance of knowledge management
at the workplace and how it can significantly drive
business performance, KPS organised various
promotional activities to attract new members to its
Knowledge Centre (K-Centre).
Menyedari kepentingan pengurusan maklumat di tempat
kerja yang dapat memacu prestasi perniagaan Syarikat,
KPS telah menganjurkan pelbagai aktiviti promosi bagi
menarik minat lebih ramai kakitangan untuk mendaftar
sebagai ahli baru di Knowledge Centre (“K-Centre”).
The highlight of the calendar of events was Pameran
Bulan Kemerdekaan which was organised in
collaboration with Muzium Negeri Selangor. The event
was a resounding success for it not only renewed
employee interest in K-Centre but also brought in 319
new members from within KPS Group of companies.
Antara aktiviti-aktiviti yang telah berjaya dianjurkan
adalah Pameran Bulan Kemerdekaan yang diadakan
dengan sokongan dan kerjasama Muzium Negeri
Selangor. Pameran ini bukan sahaja berjaya menarik
minat lebih ramai kakitangan untuk berkunjung ke “KCentre” malah seramai 319 kakitangan anak-anak
Syarikat di bawah KPS telah mendaftar sebagai ahli baru.
The K-Centre Library has also grown considerably and to
date, has procured more than 1,600 books with 394 total
registered members.
“K-Centre” juga telah berkembang dan sehingga kini,
jumlah koleksi bacaan yang terdapat di K-Center telah
melebihi 1,600 buah buku dengan jumlah ahli berdaftar
seramai 394 orang.
EMPLOYEE RELATIONS
HUBUNGAN KAKITANGAN
At KPS, we firmly believe that good management of
employee relations and strong cohesiveness between
employees provide a solid foundation for business growth
and excellence. HR Division plays a strategic role in
creating a work environment which fosters teamwork,
leveraging on our people’s strengths and ensuring their
goals are strategically aligned to business objectives.
Di KPS, kami percaya sepenuhnya bahawa pengurusan
perhubungan dan perpaduan yang mantap di kalangan
kakitangan dapat menjamin pembentukan asas yang
kukuh untuk pertumbuhan dan kecemerlangan
perniagaan. Bahagian Sumber Manusia memainkan
peranan yang strategik di dalam mewujudkan suasana
kerja yang berteraskan konsep kerjasama dan
memastikan sasaran kerja setiap kakitangan adalah
selaras dengan objektif perniagaan.
KPS’ commitment to nurturing good employee relations is
manisfested in the Group HR philosophy:“To manage effectively and fairly and to ensure uniformity
and consistency in dealing with the Company’s most
important resources ie. the men and women who make
up the workplace”.
Equitable benefits and rewards, effective communication
and information flow, maintaining a harmonious and
positive work environment and promoting work-life
balance ensure our employees remain inspired and
committed to their jobs.
As we prepare for challenging times ahead, we will
remain steadfast in our commitment to offer a future to
our employees where they have equal opportunity to
develop and grow with the organisation.
Komitmen KPS untuk memelihara perhubungan
kakitangan yang baik termaktub di dalam falsafah
Sumber Manusia Kumpulan:“Menguruskan secara efektif dan adil serta memastikan
kesaksamaan dan konsistensi di dalam mengendalikan
sumber terpenting Syarikat iaitu semua kakitangan yang
berkhidmat di dalamnya”.
Keadilan di dalam pemberian faedah dan ganjaran
kakitangan, komunikasi dan penyaluran maklumat yang
efektif, mengekalkan keharmonian dan suasana kerja
yang positif serta mempromosikan keseimbangan kerja
dan kehidupan harian akan dapat memastikan semua
kakitangan sentiasa berinspirasi dan komited dengan
kerja mereka.
Selaras dengan kesediaan KPS untuk menghadapi
cabaran yang mendatang, KPS akan sentiasa kekal
teguh dan komited dengan menawarkan jaminan masa
depan yang baik untuk kakitangan di mana setiap
daripada mereka mempunyai peluang yang saksama
untuk membangun dan terus maju bersama KPS.
P A G E
STAFF ACTIVITIES
AKTIVITI-AKTIVITI KAKITANGAN
Academic Achievement Award
Anugerah Kecemerlangan Akademik
The commitment of KPS as a caring
employer is further reflected through
the Academic Achievement Award
where the Company accords cash
rewards to employee whose children
excel in the UPSR, PMR, SPM and
STPM Examinations. The rewards are
given as an incentive for the children to
strive harder and are presented
personally by the Executive Chairman
to the deserving children.
Anugerah Kecemerlangan Akademik
mencerminkan komitmen KPS sebagai
majikan yang prihatin. Anugerah berupa
wang tunai diberi kepada anak-anak
kakitangan yang berjaya dengan
cemerlang dalam peperiksaan UPSR,
PMR, SPM dan STPM. Insentif ini
diharap dapat memberi dorongan
kepada anak-anak kakitangan untuk
terus berusaha dengan lebih gigih dan
tekun. Anugerah disampaikan oleh
Pengerusi Eksekutif KPS kepada ibu
bapa anak-anak yang berjaya.
The award is one of the many ways the
Company recognises the importance of
the well being of our employees and
that of their families.
Anugerah ini merupakan penghargaan
syarikat atas kejayaan kakitangan dan
juga ahli keluarga mereka.
Long Service Award
Anugerah Perkhidmatan Lama
The Company recognises and values
the services of employees and takes
pride in rewarding employees for their
loyalty and unwavering dedication.
Syarikat sentiasa mengenang dan
menghargai jasa kakitangan yang telah
lama berkhidmat dengan penuh dedikasi
dan kesetiaan yang tidak berbelah bagi.
Long Service Awards are accorded to
employees who have served 10, 15,
20, 25 and 30 years and is one of the
many incentives which help foster
close
camaraderie
between
management and staff.
“Majlis Tazkirah”
Anugerah Khidmat Lama diberikan
kepada
kakitangan
yang
telah
berkhidmat selama 10, 15, 20, 25 dan
30 tahun. Anugerah ini merupakan
salah satu daripada pelbagai insentif
yang dapat membantu mengeratkan
silaturrahim di antara pengurusan dan
kakitangan.
Majlis Tazkirah
In line with the Company’s objective to
instill positive values and moral ethics
at the workplace, “Majlis Tazkirah” are
held every Friday, conducted by guest
speakers.
The weekly forums provide an effective
platform for staff of the KPS Group to
get together and enhance their Islamic
Knowledge.
Selaras dengan objektif Kumpulan untuk
menerapkan nilai-nilai positif dan akhlak
mulia di tempat kerja, Majlis Tazkirah
yang disampaikan oleh penceramah
undangan diadakan pada setiap hari
Jumaat.
Forum mingguan ini merupakan
pendekatan yang berkesan dalam
memantapkan diri mengenai ilmu dan
pendekatan Islam.
87
P A G E
88
Staff Birthdays
Hari Lahir Kakitangan
Staff get together for birthday celebrations every three (3)
months and on every employee’s birthday, the Company
presents them with a cake. Although it is a small token,
the cake goes a long way to show our employees that
they are special.
Sambutan hari lahir kakitangan diraikan pada setiap tiga
(3) bulan, dan Syarikat akan menghadiahkan kek hari
lahir kepada setiap kakitangan yang menyambut hari jadi.
Meskipun sekadar kek, namun ia merupakan tanda
simbolik bahawa setiap kakitangan adalah aset yang
amat berharga bagi Syarikat.
Kelab Sukan dan Rekreasi Perangsang Selangor
(“KELAB”)
The Sports & Recreational Club plays a pivotal role in
maintaining a healthy lifestyle and social balance for our
employees. Its host of sports and social activities
constantly provide an environment that builds teamwork
and a healthy mix of physical activities and social
interactions.
Last year’s sports calendar included an array of indoor
and outdoor games such as KDEB/KPS 2008 Internal
Sports Tournament which gave our staff a great
opportunity to exhibit their sporting skills in ping pong,
bowling, dart, volleyball, carom, badminton and futsal.
The “KELAB” also hosted friendly football and ping pong
match with subsidiaries and other companies.
The “KELAB” calendar of events also included camping
activities at Sungai Klah Hotspring, fishing at Kelong
Paradise Water Front Resort and Pulau Sembilan,
cuttlefish expedition and snorkeling at Pulau Kapas and a
family outing to Desa Water Park.
All employees are members of the “KELAB”. Activities are
funded by monthly subscriptions and annual contribution
from the Company.
Kelab Sukan Dan Rekreasi Perangsang Selangor
(KELAB)
Kelab Sukan dan Rekreasi memainkan peranan penting
bagi memelihara gaya hidup sihat dan keseimbangan
sosial untuk para kakitangan. KELAB telah menganjurkan
pelbagai aktiviti sukan dan sosial secara berterusan bagi
menyemarakkan suasana yang dapat membina
semangat kerjasama berpasukan.
Kalendar sukan pada tahun 2008 termasuk pelbagai
aktiviti dalaman dan luaran seperti Pertandingan Sukan
Dalaman KDEB/KPS 2008 yang melibatkan acara ping
pong, bowling, dart, bola tampar, karom, badminton dan
futsal. KELAB juga menganjurkan
perlawanan
persahabatan bola sepak dan ping pong dengan anakanak syarikat dan pasukan-pasukan dari organisasiorganisasi yang lain.
Aktiviti-aktiviti lain yang telah dianjurkan oleh KELAB
sepanjang tahun 2008 termasuk perkhemahan di Sungai
Klah Hotspring, memancing di Kelong Paradise Water
Front Resort dan Pulau Sembilan, mencandat sotong dan
‘snorkeling’ di Pulau Kapas serta program rekreasi
keluarga di Desa Water Park .
Semua kakitangan merupakan ahli KELAB. Aktiviti-aktiviti
yang dijayakan adalah hasil kutipan bulanan daripada
kakitangan serta sumbangan tahunan daripada syarikat.
Financial
90
94
94
95
97
98
100
101
102
105
Statements
DIRECTORS’ REPORT
STATEMENT BY DIRECTORS
STATUTORY DECLARATION
REPORT OF THE AUDITORS
INCOME STATEMENTS
BALANCE SHEETS
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
COMPANY STATEMENT OF
CHANGES IN EQUITY
CASH FLOW STATEMENTS
NOTES TO THE FINANCIAL
STATEMENTS
P A G E
90
Directors’ Report
The directors hereby present their report together with the audited financial statements of the Group and of the Company for the
financial year ended 31 December 2008.
Principal activities
The principal activities of the Company are investment holding, contracting in the works related to infrastructure and utilities and
provision of management services. The principal activities of the subsidiaries are described in Note 18 to the financial statements.
There have been no significant changes in the nature of principal activities during the financial year.
Results
Group
RM’000
Company
RM’000
Loss for the year
(11,025)
(25,759)
Attributable to:
Equity holders of the Company
Minority interests
1,709
(12,734)
(25,759)
-
(11,025)
(25,759)
There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial
statements.
In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were not
substantially affected by any item, transaction or event of a material and unusual nature other than the effects arising from:
(a) the loss arising from the full provision made on long term receivables which has resulted in an increase in the Group's loss for
the year by RM65,430,000 as disclosed in Note 23(i) to the financial statements; and
(b) the gain arising from waiver of debts which has resulted in a reduction in the Group's loss for the year by RM45,000,000 as
disclosed in Note 5 to the financial statements.
(c) the loss arising from impairment made on investment in a subsidiary which has resulted in an increase in the Company's loss
for the year by RM43,700,000 as disclosed in Note 18 to the financial statements.
Dividends
The amount of dividends paid by the Company since 31 December 2007 were as follows:
RM’000
In respect of the financial year ended 31 December 2007 as reported in the
directors' report of that year:
Final dividend of 4 sen less 26% taxation per ordinary share, on 475,460,760
ordinary shares, declared on 19 June 2008 and paid on 15 August 2008
14,074
P A G E
Directors’ Report
At the forthcoming Annual General Meeting, a final dividend in respect of the financial year ended 31 December 2008, of 4 sen less
25% taxation, will be proposed for shareholders' approval and be paid on 14 August 2009 to the shareholders registered on the
Company's Register of Members at the close of business on 31 July 2009. The financial statements for the current financial year
do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be accounted for in equity as an
appropriation of retained earnings in the financial year ending 31 December 2009.
Directors
The names of the directors of the Company in office since the date of the last report and at the date of this report are:
YBhg Dato' Hj. Abd. Karim bin Munisar, DSSA, SSA, KMN, ASA
YBhg Dato' Hj. Azlan bin Hashim, DSSA, DSNS
YBhg Dato' Hj. Ab. Halim bin Mohyiddin, DPMS
Wong Yien Kim, SIS, PPT
Tuan Haji Zain Azahari bin Zainal Abidin (appointed on 20 June 2008)
Directors' benefits
Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company
was a party, whereby the directors might acquire benefits by means of the acquisition of shares in or debentures of the Company
or any other body corporate, other than those arising from the share options granted under the Kumpulan Perangsang Selangor
Berhad's Employee Share Option Scheme ("KPS ESOS") and Kumpulan Hartanah Selangor Berhad's Employee Share Option
Scheme ("KHSB ESOS").
Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits
included in the aggregate amount of emoluments received or due and receivable by the directors or the fixed salary of a full-time
employee of the Company as shown in Note 9 to the financial statements) by reason of a contract made by the Company or a
related corporation with any director or with a firm of which he is a member, or with a company in which he has a substantial financial
interest.
Directors' interest
According to the register of directors' shareholdings, the interests of directors in office at the end of the financial year in shares and
options over shares in the Company and its related corporations during the financial year were as follows:
Number of Ordinary Shares of RM1 Each
1.1.2008
Acquired
Sold 31.12.2008
The Company
YBhg Dato' Hj. Abd. Karim bin Munisar
YBhg Dato' Hj. Ab. Halim bin Mohyiddin
YBhg Dato' Hj. Azlan bin Hashim
Wong Yien Kim
1,000,000
20,999
1,000,000
542,000
520,000
-
99
-
(223,000)
(150,000)
(1,000,000)
1,000,000
339,999
370,000
-
Subsidiary
Kumpulan Hartanah Selangor Berhad
-
99
91
P A G E
92
Directors’ Report
Number Of Options Over Ordinary Shares of RM1 Each
1.1.2008
Granted
Exercised 31.12.2008
The Company
YBhg Dato' Hj. Azlan bin Hashim
Wong Yien Kim
3,250,000
512,000
542,000
1,000,000
-
300,000
250,000
200,000
4,500,000
-
(512,000)
(542,000)
-
3,250,000
300,000
250,000
1,000,000
200,000
Subsidiary Kumpulan Hartanah Selangor Berhad
-
4,500,000
Issue of shares
During the financial year, the Company increased its issued and paid-up ordinary share capital from RM470,812,160 to
RM475,663,760 by way of the issuance of 4,851,600 ordinary shares of RM1 each for cash pursuant to the KPS ESOS at a weighted
average exercise price of RM1.40 per ordinary shares.
The new ordinary share issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the
Company.
Employee Share Option Scheme
The Kumpulan Perangsang Selangor Berhad's Employee Share Options Scheme ("KPS ESOS") is governed by the amended bylaws approved by the shareholders at an Extraordinary General Meeting held on 15 June 2004. The KPS ESOS was implemented
on 30 July 2003 and is to be in force for a period of 5 years, subject however, to an extension at the discretion of the option committee
for a period up to 5 years commencing from the date of expiration of the original 5 year period. Subsequently, on 16 July 2008, the
Option Committee has approved the extension of KPS ESOS Scheme tenure for another 3 years commencing from 29 July 2008
until 29 July 2011.
The salient features and other terms of the KPS ESOS are disclosed in Note 35 (b) to the financial statements.
Details of options granted to directors are disclosed in the section on Directors' Interest in this report.
Other statutory information
(a) Before the income statements and balance sheets of the Group and of the Company were made out, the directors took
reasonable steps:
(i)
to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for
doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been
made for doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the
ordinary course of business had been written down to an amount which they might be expected so to realise.
P A G E
Directors’ Report
(b) At the date of this report, the directors are not aware of any circumstances which would render:
(i)
the amount written off for bad debts or the amount of the provision for doubtful debts in the financial statements of the Group
and of the Company inadequate to any substantial extent; and
(ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading.
(c) At the date of this report, the directors are not aware of any circumstances which have arisen which would render adherence
to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.
(d) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial
statements of the Group and of the Company which would render any amount stated in the financial statements misleading.
(e) As at the date of this report, there does not exist:
(i)
any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which
secures the liabilities of any other person; or
(ii) any contingent liability of the Group or of the Company which has arisen since the end of the financial year.
(f)
In the opinion of the directors:
(i)
no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve
months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet their
obligations when they fall due; and
(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial
year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the
Company for the financial year in which this report is made.
Significant events
The significant events are disclosed in Note 49 to the financial statements.
Subsequent event
The subsequent event is disclosed in Note 50 to the financial statements.
Auditors
The auditors, Ernst & Young, have expressed their willingness to continue in office.
Signed on behalf of the Board in accordance with a resolution of the directors dated 29 April 2009.
DATO' HJ ABD. KARIM BIN MUNISAR
WONG YIEN KIM
93
P A G E
94
Statement by Directors
Pursuant to Section 169(15) of the Companies Act, 1965
We, Abd. Karim bin Munisar and Wong Yien Kim, being two of the directors of Kumpulan Perangsang Selangor Berhad, do hereby
state that, in the opinion of the directors, the accompanying financial statements set out on pages 97 to 182 are drawn up in
accordance with the provisions of the Companies Act, 1965 and applicable Financial Reporting Standards in Malaysia so as to give
a true and fair view of the financial position of the Group and of the Company as at 31 December 2008 and of the results and the
cash flows of the Group and of the Company for the year then ended.
Signed on behalf of the Board in accordance with a resolution of the directors dated 29 April 2009.
DATO' HJ ABD. KARIM BIN MUNISAR
WONG YIEN KIM
Statutory Declaration
Pursuant to Section 169(16) of the Companies Act, 1965
I, Wong Yien Kim, being the director primarily responsible for the financial management of Kumpulan Perangsang Selangor Berhad,
do solemnly and sincerely declare that the accompanying financial statements set out on pages 97 to 182 are in my opinion correct,
and I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory
Declarations Act, 1960.
Subscribed and solemnly declared by
the abovenamed Wong Yien Kim
at Shah Alam in Selangor Darul Ehsan
on 29 April 2009.
Before me,
WONG YIEN KIM
P A G E
Independent Auditors’ Report
to the members of Kumpulan Perangsang Selangor Berhad
(Incorporated in Malaysia)
Report on the financial statements
We have audited the financial statements of Kumpulan Perangsang Selangor Berhad, which comprise the balance sheets as at 31
December 2008 of the Group and of the Company, and the income statements, statements of changes in equity and cash flow
statements of the Group and of the Company for the year then ended, and a summary of significant accounting policies and other
explanatory notes, as set out on pages 97 to 182.
Directorsʼ responsibility for the financial statements
The directors of the Company are responsible for the preparation and fair presentation of these financial statements in accordance
with Financial Reporting Standards in Malaysia and the Companies Act, 1965 in Malaysia. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Auditorsʼ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance
with approved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s
preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by
the directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards in Malaysia
and the Companies Act, 1965 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company
as at 31 December 2008 and of their financial performance and cash flows of the Group and of the Company for the year then ended.
95
P A G E
96
Independent Auditors’ Report
to the members of Kumpulan Perangsang Selangor Berhad (cont’d.)
(Incorporated in Malaysia)
Report on other legal and regulatory requirements
In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following:
(a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its
subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the Act.
(b) We have considered the financial statements and the auditors' reports of all subsidiaries of which we have not acted as auditors,
which are indicated in Note 18 to the financial statements.
(c) We are satisfied that the financial statements of the subsidiaries that have been consolidated with the financial statements of
the Company are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial
statements and we have received satisfactory information and explanations required by us for those purposes.
(d) The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification and did not include
any comment required to be made under Section 174(3) of the Act.
Other matters
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965
in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
Ernst & Young
AF: 0039
Chartered Accountants
Kuala Lumpur, Malaysia
29 April 2009
Nik Rahmat Kamarulzaman bin Nik Ab. Rahman
No. 1759/02/10(J)
Chartered Accountant
P A G E
Income Statements
for the year ended 31 December 2008
Note
Revenue
Cost of sales
3
4
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
305,827
(147,263)
425,602
(247,899)
47,878
-
15,770
(330)
158,564
105,376
(74,292)
(1,081)
(138,703)
177,703
93,581
(94,830)
(1,040)
(39,770)
47,878
9,360
(19,833)
(49,445)
15,440
37,686
(22,156)
(6,733)
49,864
(106,277)
56,279
546
135,644
(109,943)
29,083
6,521
(12,040)
(1,283)
-
24,237
(511)
-
412
(11,437)
61,305
(25,245)
(13,323)
(12,436)
23,726
(6,489)
(Loss)/profit for the year
(11,025)
36,060
(25,759)
17,237
Attributable to:
Equity holders of the Company
Minority interests
1,709
(12,734)
31,998
4,062
(25,759)
-
17,237
-
(11,025)
36,060
(25,759)
17,237
11(a)
11(b)
0.4
0.4
7.3
7.0
12
2.96
2.92
Gross profit
Other income
Administrative expenses
Selling and marketing expenses
Other expenses
Operating profit/(loss)
Finance costs
Share of profit of associates
Share of profit of a joint venture
Profit/(loss) before tax and zakat
Income tax and zakat
Earnings per share attributable to
equity holders of the Company (sen)
Basic
Diluted
Dividend per share (sen)
5
6
7
10
2.96
2.92
The accompanying notes form an integral part of the financial statements.
97
P A G E
98
Balance Sheets
as at 31 December 2008
Note
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
13
14
15
16(a)
17
18
19
20
21
22
23
184,280
97,721
52,829
298,942
7,604
434,446
269,680
349,290
131,595
34,097
190,754
107,597
53,503
300,207
7,947
498,260
12,666
359,420
131,595
105,752
4,743
13,723
62,775
566,428
163,269
267,731
-
5,100
13,904
65,531
610,128
163,044
10,639
-
1,860,484
1,767,701
1,078,669
868,346
61,041
458,707
438,054
43,090
193,167
4
240
3,834
116,617
60,511
462,046
404,420
40,815
79,175
3
158
12,656
302,754
296
6,787
96,909
62,235
239
144
451
30,051
1,176
7,799
3
156
1,732
157,105
1,314,754
1,362,538
166,610
198,473
3,175,238
3,130,239
1,245,279
1,066,819
ASSETS
Non-current assets
Property, plant and equipment
Concession assets
Prepaid land lease payments
Land held for property development
Investment properties
Investments in subsidiaries
Investments in associates
Other investments
Concession rights
Goodwill on consolidation
Long term receivables
Current assets
Inventories
Property development costs
Trade receivables
Other receivables
Amount due from immediate holding company
Amount due from subsidiaries
Amount due from related companies
Amount due from associates
Tax recoverable
Cash and bank balances
TOTAL ASSETS
24
16(b)
26
27
28(a)
28(b)
28(c)
28(d)
29
P A G E
Balance Sheets
as at 31 December 2008 (cont’d.)
Group
2008
2007
RMʼ000
RMʼ000
Restated
Company
2008
2007
RMʼ000
RMʼ000
475,664
34,129
166,333
237,982
470,812
31,054
166,920
250,347
475,664
34,129
8,370
474,006
470,812
31,054
9,310
513,839
914,108
138,453
919,133
153,031
992,169
-
1,025,015
-
1,052,561
1,072,164
992,169
1,025,015
1,156,248
36,547
3,910
152,607
1,151,776
36,547
500
6,488
155,702
80,297
-
419
500
-
1,349,312
1,351,013
80,297
919
422,140
93,929
520
147
1,276
13,526
221,874
19,953
381,743
95,397
463
194
971
14,855
198,336
15,103
5,316
2,264
117,334
44
43,730
4,125
5,082
2,887
32,756
44
116
-
773,365
707,062
172,813
40,885
Total liabilities
2,122,677
2,058,075
253,110
41,804
TOTAL EQUITY AND LIABILITIES
3,175,238
3,130,239
1,245,279
1,066,819
Note
EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital
Share premium
Other reserves
Retained earnings
42
43
44
45
Shareholders' equity
Minority interests
Total Equity
Non-current liabilities
Borrowings
Long term payables
Retirement benefit obligations
Deferred membership income
Deferred tax
30
34
35(a)
36
37
Current liabilities
Trade payables
Other payables
Amount due to immediate holding company
Amount due to subsidiaries
Amount due to related companies
Amount due to an associate
Provision
Borrowings
Tax payable
38
39
40(a)
40(b)
40(c)
40(d)
41
30
99
P A G E
100
Consolidated Statement of Changes in Equity
Attributable to Equity Holders of the Company
Non-Distributable
Group
At 1 January 2007
Issue of ordinary shares
pursuant to exercise
of KPS ESOS
Share options granted
under KPS ESOS
Share options exercised
under KPS ESOS
Disposal of subsidiaries
Arising from acquisition
of additional interest in
subsidiaries
Dividends of subsidiaries
Profit for the year
Share
Share
Capital
Capital Premium Reserve
RM'000
RM’000 RM’000
(Note 42) (Note 43) (Note 44)
Distributable
Share
Revaluation General Options Retained
Minority
Reserve Reserve Reserve Earnings
Total Interest
RM’000
RM’000
RM’000
RM’000 RM’000 RM’000
(Note 44) (Note 44) (Note 44) (Note 45)
Total
Equity
RM’000
431,404
-
41,336
127,367
8,000
-
230,946
839,053
109,206
948,259
39,408
23,853
-
-
-
-
-
63,261
-
63,261
-
-
-
-
-
8 ,511
-
8,511
-
8,511
-
7,201
-
-
-
-
(7,201)
-
-
-
28,775
28,775
-
-
(11,093)
-
-
-
-
31,998
(11,093)
31,998
11,565
(577)
4,062
472
(577)
36,060
Dividends (Note 12)
470,812
-
31,054
-
30,243
-
127,367
-
8,000
-
1,310
-
262,944 931,730 153,031 1,084,761
(12,597) (12,597)
- (12,597)
At 31 December 2007
470,812
31,054
30,243
127,367
8,000
1,310
250,347
919,133
153,031 1,072,164
At 1 January 2008
Issue of ordinary shares
pursuant to exercise
of KPS ESOS
under KPS ESOS
under KHSB ESOS
Share options exercised
under KPS ESOS
Dividends of subsidiaries
Profit/(loss) for the year
470,812
31,054
30,243
127,367
8,000
1,310
250,347
919,133
153,031 1,072,164
4,852
1,939
-
-
-
-
-
6,791
-
6,791
-
-
-
-
-
196
-
196
-
196
-
-
-
-
-
353
-
353
272
625
-
1,136
-
-
-
-
(1,136)
-
1,709
1,709
(2,116)
(12,734)
Dividends (Note 12)
475,664
-
34,129
-
30,243
-
127,367
-
8,000
-
723
-
252,056 928,182 138,453 1,066,635
(14,074) (14,074)
- (14,074)
At 31 December 2008
475,664
34,129
30,243
127,367
8,000
723
237,982
914,108
(2,116)
(11,025)
138,453 1,052,561
P A G E
Company Statement of Changes in Equity
Non-Distributable
Share
Capital
RM'000
(Note 42)
At 1 January 2007
Issue of ordinary shares pursuant to exercise
of KPS ESOS
Share options granted under KPS ESOS
- Recognised in income statement
- Included in investment in subsidiaries
Share options exercised under KPS ESOS
Profit for the year
Share
Premium
RM’000
(Note 43)
General
reserve
RM’000
(Note 44)
Distributable
Share
Options
Retained
Reserve
Earnings
RM’000
RM’000
(Note 44)
(Note 45)
Total
Equity
RM’000
431,404
-
8,000
-
509,199
948,603
39,408
23,853
-
-
-
63,261
-
7,201
-
-
1,612
6,899
(7,201)
-
17,237
1,612
6,899
17,237
Dividends (Note 12)
470,812
-
31,054
-
8,000
-
1,310
-
526,436
(12,597)
1,037,612
(12,597)
At 31 December 2007
470,812
31,054
8,000
1,310
513,839
1,025,015
At 1 January 2008
Issue of ordinary shares pursuant to exercise
of KPS ESOS
- Recognised in income statement
Loss for the year
470,812
31,054
8,000
1,310
513,839
1,025,015
4,852
1,939
-
-
-
6,791
-
1,136
-
-
196
(1,136)
-
(25,759)
196
(25,759)
Dividends (Note 12)
475,664
-
34,129
-
8,000
-
370
-
488,080
(14,074)
1,006,243
(14,074)
At 31 December 2008
475,664
34,129
8,000
370
474,006
992,169
101
P A G E
102
Cash Flow Statements
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
Cash flows from operating activities
Profit/(loss) before tax and zakat
Adjustments for:
Interest expense
Interest income
Property, plant and equipment:
- depreciation
- written off
Bad debts written off:
- other receivables
Write back of provision for doubtful debts
Write-down of inventories
Reversal of provision for slow moving inventories
Provision for doubtful debts
Amortisation of deferred membership income
Impairment of:
- property development costs
- investment in associates
- investment in a subsidiary
- other investments
- investment properties
Reversal of impairment on:
- property development costs
- other investments
Reversal of write-down of inventories
Dividend income from:
- subsidiary
- associates
- other investments
Amortisation of concession rights
Amortisation of prepaid land
lease payments
Depreciation of investment properties
(Gain)/loss on disposal of:
- property, plant and equipment
- subsidiaries
- other investments
Concession assets:
- depreciation
Loss on disposal of other investments
Penalty on taxation
Reversal of provision no longer required
Reversal for liquidated damages
Reversal of interest income
from subsidiaries
Provision for retirement benefit
Negative goodwill recognised
412
61,305
(13,323)
23,726
106,277
(29,555)
109,943
(32,804)
1,283
(828)
511
(2,763)
12,029
29
12,041
15
1,109
-
1,001
-
(3,688)
82
65,883
(2,649)
235
(4,188)
911
(30)
9,400
(3,387)
47
-
12
(5)
-
27,736
78
59
10,273
1,152
1,474
-
43,700
-
1,474
-
-
-
(1)
10,130
737
284
(936)
(3,669)
(173)
(1,000)
10,129
783
133
(31,815)
(8,537)
(1)
-
(841)
(6,648)
(1,000)
-
181
2,756
181
2,559
(511)
-
(415)
40
(9,216)
13,441
2,224
(5,055)
-
12,789
578
(10,285)
2,221
-
-
1,179
(1,716)
75
-
5,247
1,179
-
75
-
(144)
-
(37)
(7)
(9,216)
P A G E
103
for the year ended 31 December 2008 (cont’d.)
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
Cash flows from operating activities (cont’d.)
Share options granted under KPS and KHSB ESOS
Share of profit of associates
Share of profit of a joint venture
821
(56,279)
(546)
8,511
(29,083)
(6,521)
196
-
1,612
-
Operating profit/(loss) before working capital changes
(Increase)/decrease in inventories
Increase in property development costs
(Increase)/decrease in receivables
Increase/(decrease) in payables
Net movement in intercompany balances
142,013
(612)
(23,131)
(116,442)
38,655
(26,290)
137,468
1,562
(109,415)
16,533
73,449
(27,513)
(3,080)
(69,519)
(3,597)
51,780
16,985
(1,592)
(4,259)
(33,789)
Cash generated from/(used in) operations
Zakat paid
Real property gain tax paid
Tax refunds received, net of tax paid/
(tax paid, net of refunds received)
Retirement benefits paid
Liquidated damages paid
14,193
(3,835)
(425)
92,084
(3,232)
-
(24,416)
(2,322)
-
(22,655)
(1,492)
-
4,502
(575)
(1,329)
(13,434)
(679)
(5,676)
(1,565)
(575)
-
(2,882)
(679)
-
Net cash generated from/(used in) operating activities
12,531
69,063
(28,878)
(27,708)
Cash flows from investing activities
Acquisition of additional interest in a subsidiary
Net dividends received from:
- subsidiary
- associates
- other investments
Interest received
Purchase of:
- concession assets
- prepaid land lease payments
- investment properties
- other investments
Proceeds from disposal of:
- other investments
- subsidiaries
Additional investment in associates
Income received from joint ventures
Net cash (used in)/generated from investing activities
-
(670)
(3,814)
-
-
120,318
1
29,555
13,568
1,000
32,804
31,343
6,318
1
828
614
4,853
730
2,763
(6,079)
(3,565)
(63)
(257,092)
(8,330)
(23,304)
(584)
(6,510)
(754)
(257,092)
(394)
(75)
(6,510)
1,244
(225)
3,133
667
43,714
(2,093)
3,000
146
(225)
5,422
37
38,269
7
3,000
(214,013)
43,294
(112,773)
49,448
P A G E
104
for the year ended 31 December 2008 (cont’d.)
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
Cash flows from financing activities
Interest paid
Dividend paid
Drawdown of borrowings
Advances to a subsidiary
Repayment of borrowings
Repayment of hire purchase
Issuance of ordinary shares
Placement of fixed deposits
Net cash (used in)/generated from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year (Note 29)
(86,416)
(14,074)
110,000
(109,767)
(775)
6,791
(2,119)
(90,631)
(12,597)
(47,238)
(850)
63,261
(143)
(1,263)
(14,074)
110,000
(29,000)
(132)
6,791
-
(511)
(12,597)
(112)
63,261
-
(96,360)
(88,198)
72,322
50,041
(196,602)
241,350
30,313
211,037
(170,569)
157,105
65,627
91,478
44,748
241,350
(13,464)
157,105
P A G E
Notes to the Financial Statements
31 December 2008
1.
CORPORATE INFORMATION
The Company is a public limited liability company, incorporated and domiciled in Malaysia,and is listed on the Main Board of
Bursa Malaysia Securities Berhad. The registered officeof the Company is located at 16th Floor, Plaza Perangsang, Persiaran
Perbandaran, 40000 Shah Alam, Selangor Darul Ehsan.
The immediate holding company of the Company is Kumpulan Darul Ehsan Berhad ("KDEB"), a company incorporated in
Malaysia, and the ultimate holding corporation is Menteri Besar Selangor (Pemerbadanan), a corporate body formed under
Enactment No.3 of the Menteri Besar Selangor (Incorporation), Enactment 1994.
The principal activities of the Company are investment holding, contracting in the works related to infrastructure and utilities and
provision of management services. The principal activities of the subsidiaries are described in Note 18. There have been no
significant changes in the nature of the principal activities during the financial year.
Related companies refer to companies within the KDEB group.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors
on 29 April 2009.
2.
SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
The financial statements comply with the provisions of the Companies Act, 1965 and applicable Financial Reporting
Standards in Malaysia. At the beginning of the current financial year, the Company had adopted the revised FRSs,
amendment to FRS and Interpretations which are mandatory for financial periods on or after 1 January 2008.
The financial statements of the Group and of the Company have also been prepared on a historical basis.
The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand
(RM’000) except when otherwise indicated.
2.2 Summary of significant accounting policies
(a) Subsidiaries and basis of consolidation
(i)
Subsidiaries
Subsidiaries are entities over which the Group has the ability to control the financial and operating policies so as
to obtain benefits from their activities. The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether the Group has such power over another entity.
In the Company’s separate financial statements, investments in subsidiaries are stated at cost less impairment
losses. On disposal of such investments, the difference between net disposal proceeds and their carrying amounts
is included in profit or loss.
(ii) Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as
at the balance sheet date. The financial statements of the subsidiaries are prepared for the same reporting date
as the Company.
Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and
continue to be consolidated until the date that such control ceases. In preparing the consolidated financial
statements, intragroup balances, transactions and unrealised gains or losses are eliminated in full. Uniform
accounting policies are adopted in the consolidated financial statements for like transactions and events in similar
circumstances.
105
P A G E
106
31 December 2008
2.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.2 Summary of significant accounting policies (cont’d.)
(a) Subsidiaries and basis of consolidation (cont’d.)
(ii) Basis of consolidation (cont’d.)
Acquisitions of subsidiaries are accounted for using the purchase method. The purchase method of accounting
involves allocating the cost of the acquisition to the fair value of the assets acquired and liabilities and contingent
liabilities assumed at the date of acquisition. The cost of an acquisition is measured as the aggregate of the fair
values, at the date of exchange, of the assets given, liabilities incurred or assumed, and equity instruments issued,
plus any costs directly attributable to the acquisition.
Any excess of the cost of the acquisition over the Group’s interest in the net fair value of the identifiable assets,
liabilities and contingent liabilities represents goodwill. Any excess of the Group’s interest in the net fair value of
the identifiable assets, liabilities and contingent liabilities over the cost of acquisition is recognised immediately
in profit or loss.
Minority interests represent the portion of profit or loss and net assets in subsidiaries not held by the Group. It is
measured at the minorities’ share of the fair value of the subsidiaries’ identifiable assets and liabilities at the
acquisition date and the minorities’ share of changes in the subsidiaries’ equity since then.
(b) Associates
Associates are entities in which the Group has significant influence and that is neither a subsidiary nor an interest in
a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the
investee but not in control or joint control over those policies.
Investments in associates are accounted for in the consolidated financial statements using the equity method of
accounting. Under the equity method, the investment in associate is carried in the consolidated balance sheet at cost
adjusted for post-acquisition changes in the Group’s share of net assets of the associate. The Group’s share of the
net profit or loss of the associate is recognised in the consolidated profit or loss. Where there has been a change
recognised directly in the equity of the associate, the Group recognises its share of such changes.
In applying the equity method, unrealised gains and losses on transactions between the Group and the associate are
eliminated to the extent of the Group’s interest in the associate. After application of the equity method, the Group
determines whether it is necessary to recognise any additional impairment loss with respect to the Group’s net
investment in the associate. The associate is equity accounted for from the date the Group obtains significant influence
until the date the Group ceases to have significant influence over the associate.
Goodwill relating to an associate is included in the carrying amount of the investment and is not amortised. Any excess
of the Group’s share of the net fair value of the associate’s identifiable assets, liabilities and contingent liabilities over
the cost of the investment is excluded from the carrying amount of the investment and is instead included as income
in the determination of the Group’s share of the associate’s profit or loss in the period in which the investment is
acquired.
When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any longterm interests that, in substance, form part of the Group’s net investment in the associates, the Group does not
recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.
P A G E
31 December 2008
2.
(b) Associates (cont’d.)
The most recent available audited financial statements and/or management financial statements of the associates are
used by the Group in applying the equity method. Where the dates of the audited financial statements used are not
coterminous with those of the Group, the share of results is arrived at from the last audited financial statements
available and management financial statements to the end of the accounting period. Uniform accounting polices are
adopted for like transactions and events in similar circumstances.
In the Company’s separate financial statements, investments in associates are stated at cost less impairment losses.
On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is included
in profit or loss.
(c) Joint venture
The Group has an interest in a joint venture. Investments in joint venture is accounted for in the consolidated financial
statements using the equity method of accounting as described in Note 2.2(b).
(d) Intangible assets
(i)
Goodwill
Goodwill acquired in a business combination is initially measured at cost being the excess of the cost of business
combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent
liabilities. Following the initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Goodwill is not amortised but instead, it is reviewed for impairment, annually or more frequently if events or
changes in circumstances indicate that the carrying value may be impaired. Gains and losses on the disposal of
an entity include the carrying amount of goodwill relating to the entity sold.
(ii) Concession rights
Concession rights acquired separately are measured on initial recognition at cost. The cost of concession rights
acquired in a business combination s their fair values as at the date of acquisition. Following initial recognition,
concession rights are carried at cost less any accumulated amortisation and any accumulated impairment losses.
Concession rights with a finite useful life are amortised on the unit of production method over the estimated
economic useful lives and assessed for impairment whenever there is an indication that the concession rights may
be impaired. The amortisation period and the amortisation method for concession rights with a finite useful life
are reviewed at least at each balance sheet date.
(e) Property, plant and equipment and depreciation
All items of property, plant and equipment are initially recorded at cost. Subsequent costs are included in the asset’s
carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying
amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement
during the financial period in which they are incurred.
Subsequent to recognition, property, plant and equipment except for freehold land are stated at cost less accumulated
depreciation and any accumulated impairment losses.
107
P A G E
108
31 December 2008
2.
(e) Property, plant and equipment and depreciation (cont’d.)
Freehold land has an unlimited useful life and therefore is not depreciated. Depreciation of other property, plant and
equipment is provided for on a straight line basis to write off the cost of each asset to its residual value over the
estimated useful life, at the following annual rates:
Buildings and clubhouse
Motor vehicles
Office and hotel furniture, fittings and equipment
Computer and office equipment
Office renovation
2% - 10%
20%
10% - 50%
10% - 33.33%
10%
The residual values, useful lives and depreciation method are reviewed at each financial year end to ensure that the
amount, method and period of depreciation are consistent with previous estimates and the expected pattern of
consumption of the future economic benefits embodied in the items of property, plant and equipment.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are
expected from its use or disposal. The difference between the net disposal proceeds, if any and the net carrying
amount is recognised in profit or loss and the unutilised portion of the revaluation surplus on that item is taken directly
to retained earnings.
(f)
Concession assets
Concession assets relate to expenditure for installation works and assets replacement works incurred in connection
with the concession.
(i)
Measurement basis
Concession assets are initially recorded at cost. Subsequent costs are included in the asset's carrying amount
or recognised as a separate asset, s appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying
amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income
statement during the financial year in which they are incurred.
Subsequent to recognition, concession assets are stated at cost less accumulated depreciation and accumulated
impairment loss.
All item of concession asset is derecognised upon disposal or when no future economic benefits are expected
from its use or disposal. The difference between the net disposal proceeds, if any, and the net carrying amount
is recognised in profit or loss.
(ii) Depreciation
Capital work-in-progress is not depreciated. Depreciation is calculated to write off the cost of other concession assets
on the straight ine basis to their residual values over their expected useful lives at the following annual rates:
Assets replacement works
Installation works
10%
5% - 10%
Capital work-in-progress will be depreciated when the assets are ready for their intended use.
The residual values, useful lives and depreciation method are reviewed at each financial year end to ensure that
the amount, method and period of depreciation are consistent with previous estimates and the expected pattern
of consumption of the future economic benefits embodies in the items of concession assets.
P A G E
31 December 2008
2.
(g) Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both.
Such properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment
properties are stated at its costs less accumulated depreciation and impairment losses, consistent with the accounting
policy of property, plant and equipment as described in Note 2.2 (e).
Depreciation of investment properties is provided for on straight line basis to write off the cost of each asset to its
residual value over the estimated useful lives, at the annual rate between 2% to 6.67% per annum for buildings.
A property interest under an operating lease is classified and accounted for as an investment property on a propertyby-property basis when the Group holds it to earn rentals or for capital appreciation or both. Any such property interest
under an operating lease classified as an investment property is carried at cost.
Investment properties are derecognised when either they have been disposed of or when the investment property is
permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses
on the retirement or disposal of an investment property are recognised in profit or loss in the year in which they arise.
(h) Land held for property development and property development costs
(i)
Land held for property development consists of land where no development activities have been carried out or
where development activities are not expected to be completed within the normal operating cycle. Such land is
classified within non-current assets and is stated at cost less any accumulated impairment losses.
Land held for property development is reclassified as property development costs at the point when development
activities have commenced and where it can be demonstrated that the development activities can be completed
within the normal operating cycle.
(ii) Property development costs
Property development costs comprise all costs that are directly attributable to development activities or that can
be allocated on a reasonable basis to such activities.
When the financial outcome of a development activity can be reliably estimated, property development revenue
and expenses are recognised in the income statement by using the stage of completion method. The stage of
completion is determined by the proportion that property development costs incurred for work performed to date
bear to the estimated total property development costs or surveys of work performed.
Where the financial outcome of a development activity cannot be reliably estimated, property development
revenue is recognised only to the extent of property development costs incurred that is probable will be
recoverable, and property development costs on properties sold are recognised as an expense in the period in
which they are incurred.
Any expected loss on a development project, including costs to be incurred over the defects liability period, is
recognised as an expense immediately.
Property development costs not recognised as an expense are recognised as an asset, which is measured at the
lower of cost and net realisable value.
The excess of revenue recognised in the income statement over billings to purchasers is classified as accrued
billings within trade receivables and the excess of billings to purchasers over revenue recognised in the income
statement is classified as progress billings within trade payables.
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2.
(i)
Construction contracts
Where the outcome of a construction contract cannot be reliably estimated, contract revenue and contract costs are
recognised as revenue and expenses respectively by using the stage of completion method. The stage of completion
is measured by reference to the proportion of contract costs incurred for work performed to date to the estimated total
contract costs.
Where the outcome of a construction contract cannot be reliably estimated, contract revenue is recognised to the
extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in
the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an
expense immediately.
When the total of costs incurred on construction contracts plus, recognised profits (less recognised losses), exceeds
progress billings, the balance is classified as amount due from customers on contracts. When progress billings exceed
costs incurred plus recognised profits (less recognised losses), the balance is classified as amount due to customers
on contracts.
(j)
Impairment of non-financial assets
The carrying amounts of assets, other than investment property, construction contract assets, property development
costs, inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any
indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated to determine the
amount of impairment loss.
For goodwill, intangible assets that have an indefinite useful life and intangible assets that are not yet available for use,
the recoverable amount is estimated at each balance sheet date or more frequently when indicators of impairment
are identified.
For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset basis
unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the
case, recoverable amount is determined for the cash-generating unit (CGU) to which the asset belongs to. Goodwill
acquired in a business combination is, from the acquisition date, allocated to each of the Group’s CGUs, or groups of
CGUs, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or
liabilities of the Group are assigned to those units or groups of units.
An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs to sell and its value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where
the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down
to its recoverable amount. Impairment losses recognised in respect of a CGU or groups of CGUs are allocated first
to reduce the carrying amount of any goodwill allocated to those units or groups of units and then, to reduce the
carrying amount of the other assets in the unit or groups of units on a pro-rata basis.
An impairment loss is recognised in profit or loss in the period in which it arises, unless the asset is carried at a
revalued amount, in which case the impairment loss is accounted for as a revaluation decrease to the extent that the
impairment loss does not exceed the amount held in the asset revaluation reserve for the same asset.
P A G E
31 December 2008
2.
(j)
Impairment of non-financial assets (cont’d.)
Impairment loss on goodwill is not reversed in a subsequent period. An impairment loss for an asset other than
goodwill is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable
amount since the last impairment loss was recognised. The carrying amount of an asset other than goodwill is
increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that
would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the
asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in profit or loss,
unless the asset is carried at revalued amount, in which case, such reversal is treated as a revaluation increase.
(k) Inventories
Inventories are stated at lower of cost and net realisable value.
The cost of unsold completed properties is determined using the first in, first out method and comprises cost associated
with the acquisition of land, direct costs and appropriate proportions of common costs.
Cost of inventories for food, beverages and trading goods are determined on a weighted average basis and comprises
costs of purchase.
Cost of inventories for spare parts and consumables are determined using the first-in first-out basis and represents
the landed costs of goods purchased.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of
completion and the estimated costs necessary to make the sale.
(l)
Financial instruments
Financial instruments are recognised in the balance sheet when the Group has become a party to the contractual
provisions of the instrument.
Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual
arrangement. Interest, dividends, gains and losses relating to a financial instrument classified as a liability, are reported
as expense or income. Distributions to holders of financial instruments classified as equity are charged directly to
equity. Financial instruments are offset when the Group has a legally enforceable right to offset and intends to settle
either on a net basis or to realise the asset and settle the liability simultaneously.
(i)
Cash and cash equivalents
For the purposes of the cash flow statements, cash and cash equivalents include cash on hand and at bank and
deposits with licensed financial institutions which have an insignificant risk of changes in value, net of outstanding
bank overdrafts.
(ii) Other non-current investments
Non-current investments other than investments in subsidiaries, associates and investment properties are stated
at cost less impairment losses. On disposal of an investment, the difference between net disposal proceeds and
its carrying amount is recognised in profit or loss.
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31 December 2008
2.
(l)
Financial instruments (cont’d.)
(iii) Marketable securities
Marketable securities are carried at the lower of cost and market value, determined on an individual basis. Cost
is determined on the weighted average basis while market value is determined based on quoted market values.
Increases or decreases in the carrying amount of marketable securities are recognised in profit and loss. On
disposal of marketable securities, the difference between net disposal proceeds and the carrying amount is
recognised in profit or loss.
(iv) Receivables
Receivables are carried at anticipated realisable values. Bad debts are written off when identified. An estimate is
made for doubtful debt based on a review of all outstanding amounts as at the balance sheet date.
(v) Payables
Payables are stated at fair value of the consideration to be paid in the future for goods and services received.
(vi) Interest bearing loans and borrowings
All loans and borrowings are initially recognised at the fair value of the consideration received less directly
attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently
measured at amortised cost using the effective interest method.
(vii) Equity instruments
Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in
which they are declared.
The transaction costs of an equity transaction are accounted for as a deduction from equity, net of tax. Equity
transaction costs comprise only those incremental external costs directly attributable to the equity transaction
which would otherwise have been avoided.
(m) Leases
(i)
Classification
A lease is recognised as a finance lease if it transfers substantially to the Group all the risks and rewards incidental
to ownership. Leases of land and buildings are classified as operating or finance leases in the same way as
leases of other assets and the land and buildings elements of a lease of land and buildings are considered
separately for the purposes of lease classification. All leases that do not transfer substantially all the risks and
rewards are classified as operating leases, with the following exceptions:
-
Property held under operating leases that would otherwise meet the definition of an investment property is
classified as an investment property on a property-by-property basis and, if classified as investment property,
is accounted for as if held under a finance lease (Note 2.2(g)); and
-
Land held for own use under an operating lease, the fair value of which cannot be measured separately from
the fair value of a building situated thereon at the inception of the lease, is accounted for as being held under
a finance lease, unless the building is also clearly held under an operating lease.
P A G E
31 December 2008
2.
(m) Leases (cont’d.)
(ii) Finance leases - the Group as lessee
Assets acquired by way of hire purchase or finance leases are stated at an amount equal to the lower of their fair
values and the present value of the minimum lease payments at the inception of the leases, less accumulated
depreciation and impairment losses. The corresponding liability is included in the balance sheet as borrowings.
In calculating the present value of the minimum lease payments, the discount factor used is the interest rate
implicit in the lease, when it is practicable to determine; otherwise, the Company’s incremental borrowing rate is
used. Any initial direct costs are also added to the carrying amount of such assets.
Lease payments are apportioned between the finance costs and the reduction of the outstanding liability. Finance
costs, which represent the ifference between the total leasing commitments and the fair value of the assets
acquired, are recognised in the profit or loss over the term of the relevant lease so as to produce a constant
periodic rate of charge on the emaining balance of the obligations for each accounting period.
The depreciation policy for leased assets is in accordance with that for depreciable property, plant and equipment
as described in Note 2.2(e).
(iii) Operating leases - the Group as lessee
Operating lease payments are recognised as an expense on a straight-line basis over the term of the relevant
lease. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense
over the lease term on a straight line basis.
In the case of a lease of land and buildings, the minimum lease payments or the up-front payments made are
allocated, whenever necessary, between the land and the buildings element in proportion to the relative fair values
for leasehold interests in the land element and buildings element of the lease at the inception of the lease. The upfront payment represents prepaid lease payments and are amortised on a straight line basis over the lease term.
(n) Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets
that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of
those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income
earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
(o) Income tax
Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the expected amount
of income taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been
enacted at the balance sheet date.
Deferred tax is provided for, using the liability method. In principle, deferred tax liabilities are recognised for all taxable
temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax
losses and unused tax credits to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, unused tax losses and unused tax credits can be utilised. Deferred tax is not
recognised if the temporary difference arises from goodwill or from the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit.
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31 December 2008
2.
(o) Income tax (cont’d.)
Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the
liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date.
Deferred tax is recognised as income or an expense and included in the profit or loss for the period, except when it
arises from a transaction which is recognised directly in equity, in which case the deferred tax is also recognised
directly in equity, or when it arises from a business combination that is an acquisition, in which case the deferred tax
is included in the resulting goodwill or the amount of any excess of the acquirer’s interest is the net fair value of the
acquiree’s identifiable assets, liabilities and contingent liabilities over the cost of the combination.
(p) Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate
of the amount can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the current
best estimate. Where the effect of the time value of money is material, provisions are discounted using a current pretax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in
the provision due to the passage of time is recognised as finance cost.
(q) Employee benefits
(i)
Short term benefits
Wages, salaries, bonuses and social security contributions are recognised as an expense in the year in which the
associated services are rendered by employees. Short term accumulating compensated absences such as paid
annual leave are recognised when services are rendered by employees that increase their entitlement to future
compensated absences. Short term non-accumulating compensated absences such as sick leave are recognised
when the absences occur.
(ii) Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into
separate entities or funds and will have no legal or constructive obligation to pay further contributions if any of the
funds do not hold sufficient assets to pay all employee benefits relating to employee services in the current and
preceding financial years.Such contributions are recognised as an expense in the profit or loss as incurred. As
required by law, companies in Malaysia make such contributions to the Employees Provident Fund (“EPF”).
(iii) Defined benefit plan
The Company operates a funded, defined benefit retirement scheme, the "Kumpulan Perangsang Selangor
Berhad Retirement Scheme" (“the Scheme”), which is an approved defined benefits scheme under Section 150
of the Income Tax Act, 1967 for its eligible employees. The Company’s obligation under the Scheme, calculated
using the Projected Unit Credit Method, is determined based on actuarial computations by independent actuaries,
through which the amount of benefit that employees have earned in return for their service in the current and prior
years is estimated. That benefit is discounted in order to determine its present value.
P A G E
31 December 2008
2.
(q) Employee benefits (cont’d.)
(iii) Defined benefit plan (cont’d.)
Actuarial gains and losses are recognised as income or expense over the expected average remaining working
lives of the participating employees when the cumulative unrecognised actuarial gains or losses for the Scheme
exceed 10% of the higher of the present value of the defined benefit obligation and the fair value of plan assets.
Past service costs are recognised immediately to the extent that the benefits are already vested, and otherwise
are amortised on a straight line basis over the average period until the amended benefits become vested.
The amount recognised in the balance sheet represents the present value of the defined benefit obligations
adjusted for unrecognised actuarial gains and losses and unrecognised past service costs, and reduced by the
fair value of plan assets. Any asset resulting from this calculation is limited to the net total of any unrecognised
actuarial losses and past service costs, and the present value of any economic benefits in the form of refunds or
reductions in future contributions to the plan.
During the financial year, the Company has replaced its defined benefit plan for eligible employees with a four
percent (4%) increase in its EPF contribution to all eligible employees with effect from 1 January 2008.
(iv) Share-based compensation
The Kumpulan Perangsang Selangor Berhad's Employee Share Options Scheme (“KPS ESOS”), an equitysettled, share-based compensation plan, allows the Group’s employees to acquire ordinary shares of the
Company. The total fair value of share options granted to employees is recognised as an employee cost with a
corresponding increase in the share option reserve within equity over the vesting period and taking into account
the probability that the options will vest. The fair value of share options is measured at grant date, taking into
account, if any, the market vesting conditions upon which the options were granted but excluding the impact of
any non-market vesting conditions. Non-market vesting conditions are included in the assumptions about the
number of options that are expected to become exercisable on vesting date.
(v) Termination benefits
Termination benefits are payable when employment is terminated before the normal retirement date or whenever
an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination
benefits as a liability and an expense when it is demonstrably committed to either terminate the employment of
current employees according to a detailed plan without possibility of withdrawal or providing termination benefits
as a result of an offer made to encourage voluntary redundancy. In the case of an offer made to encourage
voluntary redundancy, the measurement of termination benefits is based on the number of employees expected
to accept the offer. Benefits falling due more than twelve months after balance sheet date are discounted to
present value.
(r)
Foreign currencies
In preparing the financial statements of the individual entities, transactions in currencies other than the Group's
functional currency are recorded in the functional currencies using the exchange rates prevailing at the dates of
the transactions. At each balance sheet date, monetary items denominated in foreign currencies are translated
at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated
in foreign currencies are translated at the rates prevailing on the date when the fair value was determined. Nonmonetary items that are measured in terms of historical cost in a foreign currency are not translated.
Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are
included in profit and loss for the period.
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31 December 2008
2.
(s) Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured. The following specific recognition criteria must also be met before revenue
is recognised:
(i)
Sale of properties
Revenue from sale of properties is accounted for by the stage of completion method as described in Note 2.2(h)(ii)
and is recognised net of discount.
(ii) Construction contracts
Revenue from construction contracts is accounted for by the stage of completion method as described
in Note 2.2(i).
(iii) Licence and membership fees
A fixed quantum of the golfing license fees and the non-golfing membership fees which approximates 11% of the
total fees is recognised as initial annual fee in the year the membership is accepted. The balance is recognised
on a fixed annualised amount on a straight-line basis over the term of 15 years.
(iv) Sale of goods
Revenue is recognised net of sales taxes and upon transfer of significant risks and rewards of ownership to the
buyer. Revenue is not recognised to the extent where there are significant uncertainties regarding recovery of the
consideration due, associated costs or the possible return of goods.
(v) Revenue from hotel operations, golf club and recreational facilities
Revenue from rental of hotel rooms, sale of food and beverage, sports and recreation and other related income
is recognised on an accrual basis.
(vi) Interest income
Interest income is recognised on an accrual basis.
(vii) Dividend income
Dividend income is recognised when the Group's right to receive payment is established.
(viii) Management fees
Management fees are recognised when services are rendered.
(ix) Rental income
Rental income from investment property is recognised on a straight line basis over the term of lease. The
aggregate cost of incentives provided to lessee is recognised as a reduction of rental income over the lease term
on a straight line basis.
(x) Sale of treated water
Sale of treated water represents invoiced value of bulk quantity of water supplied to the Syarikat Bekalan Air
Selangor Sdn. Bhd. (''SYABAS").
P A G E
31 December 2008
2.
(s) Revenue recognition (cont’d.)
(xi) Imputed interest income
Imputed interest income is accrued on a time proportion basis taking intoconsideration the outstanding receivables
and the effective applicable interest rate. The amount is derived from the difference of the present value of future
revenue and the total revenue recognised over the concession period.
(t)
Fixed Rate Serial Bonds ("FRSB")
The FRSB are bonds issued at a discount to its nominal value of RM738 million. The FRSB are issued in series of up to
15 years from the date of issue.
FRSB are initially recognised at cost, being the fair value of the consideration received. After initial recognition, the FRSB
is subsequently measured at amortised cost using the effective interest method.
(u) Bai' Bithaman Ajil Islamic Debts Securities ("BaIDS")
The BaIDS are bonds issued in accordance with the Islamic financing concept of Bai' Bithaman Ajil. In accordance with
such concept, the Group sold certain assets to primary subscriber (a financial institution), and repurchased them back
at the same price together with an agreed profit margin. The payment of the purchase price is deferred in accordance
with the maturities of the BaIDS, whilst the profit element is paid half yearly.
BaIDS are initially recognised at cost, being the fair value of the consideration received. After initial recognition, the
profit element attributable to the BaIDS for assets in operation in each period is recognised as an expense at a constant
rate to the maturity of each series respectively.
2.3 Changes in accounting policies and effects arising from adoption of the revised FRSs, amendment to FRS and IC
Interpretations
On 1 January 2008, the Group and the Company adopted the following revised FRSs, amendment to FRS and IC
Interpretations:
FRS 107
FRS 111
FRS 112
FRS 118
FRS 120
FRS 134
FRS 137
Amendment to
FRS 121
IC Interpretation 1
IC Interpretation 2
IC Interpretation 5
IC Interpretation 6
Construction Contracts
Income Taxes
Revenue
Accounting for Government Grants and Disclosure
Interim Financial Reporting
Provisions, Contingent Liabilities and Contingent Assets
The Effects of Changes in Foreign Exchange Rates
- Investment in a Foreign Operation
Changes in Existing Decommissioning, Restoration and Similar Liabilities
Members' Shares in Co-operative Entities and Similar Instruments
Rights to Interests arising from Decommissioning, Restoration
and Environmental Rehabilitation Funds
Liabilities arising from Participating in a specific Market
- Waste Electrical and Electronic Equipment
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118
31 December 2008
2.
2.3 Changes in accounting policies and effects arising from adoption of the revised FRSs, amendment to FRS and IC
Interpretations (cont'd.)
IC Interpretation 7
IC Interpretation 8
Applying the Restatement Approach under FRS 129:
Financial Reporting in Hyperinflationary Economies
Scope of FRS 2
The revised FRSs, amendment to FRS and IC Interpretations above do not have any significant impact on the financial
statements of the Group and of the Company.
2.4 New standards and IC Interpretations issued but not yet effective
At the date of authorisation of these financial statements, the following new FRSs and IC Interpretations were issued but
not yet effective and have not been applied by the Group and the Company:
Effective for
financial
periods
beginning on
or after
New FRSs and IC Interpretations
FRS 7
FRS 8
FRS 139
IC Interpretation 9
IC Interpretation 10
Financial Instruments: Disclosures
Operating Segments
Financial Instruments: Recognition and Measurement
Reassessment of Embedded Derivatives
Interim Financial Reporting and Impairment
1 January 2010
1 July 2009
1 January 2010
1 January 2010
1 January 2010
The new FRSs and IC Interpretations above are expected to have no significant impact on the financial statements of
the Group and the Company upon their initial application except for the changes in disclosures arising from the adoption
of FRS 8.
The Group and the Company are exempted from disclosing the possible impact, if any, to the financial statements upon
the initial application of FRS 7 and FRS 139.
2.5 Significant accounting estimates and judgements
Estimates, assumptions concerning the future and judgements are made in the preparation of the financial statements.
They affect the application of the Group's accounting policies, reported amounts of assets, liabilities, income and expenses
and disclosures made. They are assessed on an on-going basis and are based on historical experience and relevant
factors, including expectations of future events that are believed to be reasonable under the circumstances.
P A G E
31 December 2008
2.
2.5 Significant accounting estimates and judgements (cont’d.)
(a) Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year are discussed below:
(i)
Impairment of goodwill
The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of
the value-in-use of the cashgeneratingunits (“CGU”) to which goodwill is allocated. Estimating value-in-use amount
requires management to make an estimate of the expected future cash flows from the CGU and also to choose
a suitable discount rate in order to calculate the present value of those cash flows. The carrying amounts of
goodwill as at 31 December 2008 were RM131,595,000 (2007: RM131,595,000). Further details are disclosed
in Note 22.
(ii) Depreciation of property, plant and equipment
The cost of property, plant and equipment except for freehold land are depreciated on a straight line basis over
the assets' useful lives up to its residual value. Management reviews the residual values, useful lives and
depreciation method at the end of each financial year end and ensures consistency with previous estimates and
patterns of consumptions of the economic benefits that embodies the items in these assets. Changes in useful
lives and residual values of these assets may result in revision of future depreciation charges.
(iii) Amortisation of intangible assets
The cost of concession rights is amortised based on the revenue over the concession period. The projected
treated water revenue used for the purpose of the amortisation calculation is based on the bulk supply rate as set
out in the concession agreement multiplied by the average water production.
Changes in the expected level of water production or any revision in the concession period could impact future
amortisation charges. Any difference in the projected total treated water revenue from the management's
estimates would result in approximately a similar variance in profit before tax for the year.
(iv) Assessment of provision for doubtful receivables
The Group makes provision for doubtful receivables based on an assessment of the recoverability of trade and
other receivables. Provision are applied to trade and other receivables where events or changes in circumstances
indicate that the balances may not be collectible. The identification of doubtful receivables requires use of
judgement and estimates. Where the expectation is different from the original estimate, such difference will impact
the carrying value of the trade and other receivables and doubtful receivables expenses in the period in which
such estimate has been changed. As at 31 December 2008, provision for doubtful receivables for long term
receivables, trade and other receivables have been disclosed in Note 23, Note 26 and Note 27 respectively.
(v) Share-based payments to employees
The share option scheme allows the Group's employees to acquire shares of the company. The cost of providing
share-based payments to employees is charged to the income statement over the vesting period of the related
share options with the corresponding entry to share option reserve. The cost is based on the fair value of the
options and the number of options expected to vest. The fair value of each option is determined using the Binomial
option pricing model.
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31 December 2008
2.
2.5 Significant accounting estimates and judgements (cont’d.)
(a) Key sources of estimation uncertainty (cont’d.)
(vi) Income tax and deferred tax assets
Judgement is involved in determining the provision for income taxes. There are certain transactions and
computations for which the ultimate taxdetermination is uncertain during the ordinary course of business. The
Group and the Company recognises liabilities for expected tax issues based on estimates of whether additional
taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially
recognised, such differences will impact the income tax and deferred tax provisions in the period in which such
determination is made.
Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences can be utilised. Significant
management judgement is required to determine the amount of deferred tax assets that can be recognised, based
upon the likely timing and level of future taxable profits together with future tax planning strategies.
The details of income taxes and deferred tax for the Group and the Company are disclosed in Note 10 and Note
37 respectively.
(b) Critical judgement made in applying accounting policies
The following is the judgement made by management in the process of applying the Group's accounting policies that
has the most significant effect on the amounts recognised in the financial statements.
(i)
Property development
The Group recognises property development revenue and expenses in the income statement by using the stage
of completion method. The stage of completion is determined by the proportion that property development costs
incurred for work performed to date bear to the estimated total property development costs or survey of work
performed.
Significant judgement is required in determining the stage of completion, the extent of the property development
costs incurred, the estimated total property development revenue and costs, as well as the recoverability of the
development projects. In making the judgement, the Group evaluates based on past experience and by relying
on the work of specialists.
As the Group is involved in the sales of land and property development, certain land are sold as part of
development project. In such instances, where the Group has to undertake development obligations, expressed
or implied, the profit from the sale is recognised on a percentage of completion basis. Taking into consideration
terms and conditions as set out in sales and purchase agreements and overall project development plans or
intentions, the management has to exercise judgement as to whether certain sales should be outright land sales
or property development project sales.
P A G E
31 December 2008
3.
REVENUE
Group
2008
2007
RMʼ000
RMʼ000
Rental income from investment properties:
Subsidiaries
Others
Gross dividends from:
Subsidiary
Associates
Other investments:
quoted in Malaysia
unquoted in Malaysia
Sales of development properties and land
Sales of completed properties
Sale of treated water
Sale of goods
Hotel operations
License and membership fees
and club services rendered
Contract revenue
Fees from property management
Management fees
Others
4.
Company
2008
2007
RMʼ000
RMʼ000
5,745
4,844
1,504
5,745
1,453
4,844
-
-
31,815
8,537
841
6,648
1
90,895
449
136,065
33,271
34,295
1,000
210,451
6,453
134,141
27,088
30,742
1
-
1,000
-
4,068
1,014
24
-
7,724
708
2,057
24
370
276
-
708
276
-
305,827
425,602
47,878
15,770
COST OF SALES
Group
2008
2007
RMʼ000
RMʼ000
Property development cost (Note 16(b))
Cost of land sold
Cost of completed properties sold
Cost of property management
Cost of treated water sold
Costs of trading inventories sold
Hotel and golf club operations
Contract costs
Company
2008
2007
RMʼ000
RMʼ000
24,236
22,798
990
204
53,792
30,088
15,155
-
132,078
19,185
6,689
1,561
48,901
23,891
15,264
330
-
330
147,263
247,899
-
330
121
P A G E
122
31 December 2008
5.
OTHER INCOME
Group
2008
2007
RMʼ000
RMʼ000
Interest income:
Immediate holding company
Subsidiaries
Fixed deposits
Others
Gain on disposal of:
Subsidiaries
Other investments
Write back of provision for doubtful debts
Income from joint ventures
Reversal of:
Impairment of other investments
Provision for slow moving inventories
Provision for liquidated damages
Impairment of property development cost
Reversal of provision no longer required
Gain on:
Unrealised forex
Realised forex
Waiver of debts
Negative goodwill recognised
Rental income from operating lease, other than
those relating to investment properties
Rental income from investment properties
Interest on late payment charged to purchasers
Compensation received from land office for land acquired
Others
6.
Company
2008
2007
RMʼ000
RMʼ000
243
4,212
25,100
6,894
25,910
150
673
5
176
2,580
7
513
3,688
4,908
415
9,216
4,188
19,134
144
5,454
37
7
9,216
5
25,655
5,055
3,669
30
10,285
936
173
-
-
-
41
45,000
-
11
21
1,716
-
-
2,965
357
11,951
1,343
4,004
635
1,939
4,405
2,934
3
105,376
93,581
9,360
37,686
FINANCE COSTS
Group
2008
2007
RMʼ000
RMʼ000
Interest expense/finance cost on:
Term loan
Bank overdrafts and short term borrowings
Fixed Rate Serial Bonds ("FRSB")
Discount on FRSB
Bai' Bithaman Ajil Islamic Debt Securities ("BaIDS")
Discount on BaIDS
Hire purchase
Others
Company
2008
2007
RMʼ000
RMʼ000
38,537
5,770
30,503
17,213
11,000
2,648
105
501
44,999
3,947
30,503
16,700
10,930
2,612
141
111
347
891
25
20
479
32
-
106,277
109,943
1,283
511
P A G E
123
31 December 2008
7.
PROFIT/(LOSS) BEFORE TAX AND ZAKAT
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
Profit before tax and zakat is stated after charging:
Employee benefits expense (Note 8)
Non-executive directors' remuneration (Note 9)
Auditors' remuneration:
Statutory audit
Others
Overprovision of audit fees in prior year
Property, plant and equipment (Note 13):
Depreciation
Written off
Provision for doubtful debts
Direct operating expenses of investment properties:
- revenue generating during the year
- non-revenue generating during the year
Bad debts written off:
Other receivables
Reversal of interest income from subsidiaries
Loss on termination of sales
Loss on disposal of:
Subsidiaries
Other investments
Hire of plant and machinery
Rental expenses:
Land and buildings
State land
Concession assets:
Depreciation
Impairment of:
Property development cost
Investment in associates
Investment in a subsidiary
Other investments
Investment properties
Amortisation of concession rights
Amortisation of prepaid land lease payments
Depreciation of investment properties
Royalty fees
Project expense written off
50,560
1,013
51,590
1,130
8,721
303
11,240
499
461
109
-
455
187
(41)
80
7
-
80
7
-
12,029
29
65,883
12,041
15
9,400
1,109
47
1,001
-
86
16
31
16
4,106
14
4,135
14
679
235
-
-
12
5,247
-
2
151
40
578
167
37
33
73
3,000
1,126
3,000
-
-
13,441
12,789
-
-
27,736
78
59
10,130
737
284
289
13,219
82
10,273
1,152
1,474
10,129
783
133
276
13,780
911
43,700
181
2,756
-
1,474
181
2,559
49
-
P A G E
124
31 December 2008
8.
EMPLOYEE BENEFITS EXPENSE
Group
2008
2007
RMʼ000
RMʼ000
Wages, salaries and bonus
Social security contributions
Defined contribution plan
Retirement benefit obligations (Note 35(a))
Short term accumulating compensated absences
Share options granted under KPS ESOS (Note 44)
Share options granted under KHSB ESOS (Note 44)
Other benefits
Company
2008
2007
RMʼ000
RMʼ000
32,305
384
4,441
75
(85)
196
625
12,619
28,786
313
3,678
1,179
(3)
8,511
9,126
6,718
27
846
75
(85)
196
944
50,560
51,590
8,721
6,672
26
923
1,179
(3)
1,612
831
11,240
Included in employee benefits expense of the Group and of the Company are executive directors' remuneration amounting to
RM3,861,000 (2007: RM2,634,000) and RM1,641,000 (2007: RM1,038,000) respectively as further disclosed in Note 9.
9.
DIRECTORS' REMUNERATION
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
Directors of the Company
Executive:
Salaries
Fees
Allowance
Benefits-in-kind
Non-executive:
Allowance
Fees
Benefits-in-kind
1,982
433
73
158
1,352
325
67
78
1,478
125
38
128
881
122
35
78
2,646
1,822
1,769
1,116
100
287
159
115
410
175
86
217
159
114
385
175
546
700
462
674
3,192
2,522
2,231
1,790
P A G E
125
31 December 2008
9.
DIRECTORS' REMUNERATION (CONT’D.)
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
Directors of Subsidiaries
Executive:
Salaries
Fees
Allowance
Non-executive:
Allowance
Fees
Analysis excluding benefits-in-kind:
Total executive directors' remuneration (Note 8)
Total non-executive directors' remuneration (Note 7)
1,331
42
873
17
-
-
1,373
890
-
-
64
562
113
492
-
-
626
605
-
-
1,999
1,495
-
-
3,861
1,013
2,634
1,130
1,641
303
1,038
499
4,874
3,764
1,944
1,537
The number of directors of the Company whose total remuneration during the year fell within the following bands is analysed
below:
Number of directors
2008
2007
Executive directors:
RM200,001 - RM250,000
RM450,001 - RM500,000
RM1,000,000 - RM1,050,000
RM1,100,000 - RM1,150,000
RM1,600,000 - RM1,650,000
1
1
1
1
1
-
Non-executive directors:
Less than RM50,000
RM50,001 - RM100,000
RM100,001 - RM150,000
RM150,001 - RM200,000
3
3
1
1
5
2
-
P A G E
126
31 December 2008
10. INCOME TAX AND ZAKAT
Group
2008
2007
RMʼ000
RMʼ000
Current income tax:
Malaysian income tax
Real property gains tax ("RPGT")
Under/(over) provision in prior years:
Malaysian income tax
Deferred taxation (Note 37):
Relating to reversal of temporary differences
Effect of changes in tax rates on
opening balance of deferred tax
(Over)/under provision in prior years
Total income tax expense
Zakat
Company
2008
2007
RMʼ000
RMʼ000
3,841
1,520
22,643
1,960
2,619
-
5,019
-
5,336
(2,428)
7,495
(22)
10,697
22,175
10,114
4,997
3,199
5,461
-
-
(5,992)
(302)
(5,707)
84
-
-
(3,095)
(162)
-
-
7,602
3,835
22,013
3,232
10,114
2,322
4,997
1,492
11,437
25,245
12,436
6,489
Domestic current income tax is calculated at the statutory tax rate of 26% (2007: 27%) of the estimated assessable profit for
the year. The domestic statutory tax rate will be reduced to 25% from the current year's rate of 26%, with effect from the year
of assessment 2009. The computation of deferred tax as at 31 December 2008 has reflected these changes.
Certain subsidiaries of the Company being Malaysian resident companies with a paid-up capital of RM2.5 million or less qualifies
for the preferential tax rates under Paragraph 2A, Schedule 1 of the Income Tax Act, 1967 as follows:
On the first RM500,000 of chargeable income
In excess of RM500,000 of chargeable income
: 20%
: Malaysian corporate statutory tax rate
Zakat has been calculated at 2.5% of the adjusted net current assets multiplied by the estimated Muslim equity holding in
the Company.
A reconciliation of income tax expense applicable to profit before tax and zakat at the statutory income tax rate to income tax
expense at the effective income tax rate of the Group and of the Company is as follows:
Group
Profit before tax and zakat
Taxation at Malaysian statutory tax rate of 26% (2007: 27%)
Effect of income subject to tax rate of 20%
Effect of income subject to RPGT rate of 5%
Effect of changes in tax rates on opening balance of deferred tax
2008
RMʼ000
2007
RMʼ000
412
61,305
107
(60)
1,520
(5,992)
16,552
(103)
1,960
(5,791)
P A G E
31 December 2008
10. INCOME TAX AND ZAKAT (CONT’D.)
2008
RMʼ000
Group (contʼd.)
Effect on deferred tax recognised at different tax rate
Income not subject to tax
Expenses not deductible for tax purposes
Utilisation of previously unrecognised tax losses and unabsorbed
capital allowances
Utilisation of previously unutilised reinvestment allowances
Deferred tax not recognised
(Over)/under provision of deferred tax in prior years
Under/(over) provision of tax expense in prior years
2007
RMʼ000
(128)
(18,740)
13,794
( 201)
(6,923)
31,083
(3,863)
(8,069)
23,999
(302)
5,336
(1,476)
(11,496)
752
84
(2,428)
7,602
22,013
Company
2008
RM'000
2007
RM'000
(Loss)/profit before tax and zakat
(13,323)
23,726
Taxation at Malaysian statutory tax rate of 26% (2007: 27%)
Income not subject to tax
Expenses not deductible for tax purposes
Deferred tax assets not recognised in respect of unabsorbed
capital allowances and other deductible temporary differences
Under/(over) provision of tax expense in prior years
(3,464)
(7,826)
13,568
6,406
(2,466)
686
341
7,495
393
(22)
Income tax expense for the year
10,114
4,997
Income tax expense for the year
Tax savings during the financial year arising from:
Group
2008
2007
RMʼ000
RMʼ000
Utilisation of unabsorbed capital allowance
Utilisation of current year tax losses
Utilisation of previously unrecognised tax losses
1,825
2,206
747
16,535
621
Company
2008
2007
RMʼ000
RMʼ000
1,542
-
747
12,889
-
127
P A G E
128
31 December 2008
11. EARNINGS PER SHARE
(a) Basic
Basic earnings per share are calculated by dividing profit for the year attributable to ordinary equity holders of the Company
by the weighted average number of ordinary shares in issue during the financial year.
Profit attributable to ordinary equity holders of
the Company (RM'000)
Weighted average number of ordinary shares in issue ('000)
Basic earnings per share (sen)
2008
2007
1,709
474,582
31,998
441,012
0.4
7.3
(b) Diluted
For the purpose of calculating diluted earnings per share, the profit for the year attributable to ordinary equity holders of
the Company and the weighted average number of ordinary shares in issue during the financial year have been adjusted
for the dilutive effects of share options granted to employees.
2008
RM'000
2007
RM'000
1,709
31,998
2008
'000
2007
'000
Weighted average number of ordinary shares in issue
Effects of dilution of Share options
474,582
2,959
441,012
16,478
Adjusted weighted average number of ordinary shares in
issue and issuable
477,541
457,490
0.4
7.0
Profit attributable to ordinary equity holders of
the Company
Diluted earnings per share (sen)
12. DIVIDENDS
Dividend in respect of Year
2008
2007
2006
RM’000
RM’000
RM’000
Dividends
Recognised in Year
2008
2007
RM’000
RM’000
Final
Recognised during the year:
Final dividend for 2007: 4 sen less 26%
taxation per ordinary shares,
on 475,460,760 ordinary shares
(2.96 sen per ordinary share)
-
14,074
-
14,074
-
P A G E
129
31 December 2008
12. DIVIDENDS (CONT’D.)
Dividend in respect of Year
2008
2007
2006
RM’000
RM’000
RM’000
Dividends
Recognised in Year
2008
2007
RM’000
RM’000
Final (cont’d.)
Proposed for approval at AGM
(not recognised as at 31 December 2008):
-
-
12,597
14,270
-
-
14,270
14,074
12,597
-
12,597
14,074
12,597
At the forthcoming Annual General Meeting, a final dividend in respect of the financial year ended 31 December 2008, of 4 sen
less 25% taxation, will be proposed for shareholders' approval and be paid on 14 August 2009 to the shareholders registered
on the Company's Register of Members at the close of business on 31 July 2009. The financial statements for the current
financial year do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be accounted for in
equity as an appropriation of retained earnings in the financial year ending 31 December 2009.
13. PROPERTY, PLANT AND EQUIPMENT
Group
Freehold
land
RM’000
Buildings
and
clubhouse
RM’000
Motor
vehicles
RM’000
Office
and hotel
furniture,
fittings and
equipment
RM’000
Total
RM’000
At 31 December 2008
Cost
At 1 January 2008
Additions
Written off (Note 7)
Disposals
4,794
-
219,532
39
(917)
9,620
1,811
(1,439)
73,052
4,467
(197)
(409)
306,998
6,317
(197)
(2,765)
At 31 December 2008
4,794
218,654
9,992
76,913
310,353
P A G E
130
31 December 2008
13. PROPERTY, PLANT AND EQUIPMENT (CONT’D.)
Office
and hotel
furniture,
fittings and
equipment
RM’000
Total
RM’000
Freehold
land
RM’000
Buildings
and
clubhouse
RM’000
At 1 January 2008
Depreciation charge for the year (Note 7)
Disposals
-
55,841
5,504
(240)
7,232
1,429
(1,405)
53,171
5,096
(168)
(387)
116,244
12,029
(168)
(2,032)
At 31 December 2008
-
61,105
7,256
57,712
126,073
4,794
157,549
2,736
19,201
184,280
At 1 January 2007
Additions
Transfer to property development costs
(Note 16(b))
Disposals
Disposal of subsidiaries (Note 18(a))
4,794
-
239,215
73
-
10,739
1,258
-
70,319
6,679
(197)
325,067
8,010
(197)
(2,533)
(328)
(16,895)
(1,671)
(706)
(16)
(3,733)
(2,533)
(2,015)
(21,334)
At 31 December 2007
4,794
219,532
9,620
73,052
306,998
Group (cont’d.)
Motor
vehicles
RM’000
At 31 December 2008
Accumulated Depreciation
Net Carrying Amount
At 31 December 2008
At 31 December 2007
Cost
-
At 1 January 2007
Transfer to property development costs
(Note 16(b))
Disposals
Disposal of subsidiaries (Note 18(a))
-
59,546
5,696
8,417
1,193
51,665
5,152
119,628
12,041
-
(343)
(78)
(8,980)
(1,671)
(707)
(182)
(14)
(3,450)
(343)
(182)
(1,763)
(13,137)
At 31 December 2007
-
55,841
7,232
53,171
116,244
4,794
163,691
2,388
19,881
190,754
Net Carrying Amount
At 31 December 2007
P A G E
31 December 2008
13. PROPERTY, PLANT AND EQUIPMENT (CONT'D.)
Buildings
RM’000
Office
equipment,
furniture
and fittings
RM’000
Motor
vehicles
RM’000
At 1 January 2008
Additions
Disposal
550
-
14,162
80
(2)
2,069
674
(724)
16,781
754
(726)
At 31 December 2008
550
14,240
2,019
16,809
At 1 January 2008
Disposal
164
11
-
9,975
716
-
1,542
382
(724)
11,681
1,109
(724)
At 31 December 2008
175
10,691
1,200
12,066
375
3,549
819
4,743
At 1 January 2007
Additions
Disposal
550
-
14,098
64
-
2,264
330
(525)
16,912
394
(525)
At 31 December 2007
550
14,162
2,069
16,781
At 1 January 2007
Disposal
153
11
-
9,232
743
-
1,820
247
(525)
11,205
1,001
(525)
At 31 December 2007
164
9,975
1,542
11,681
386
4,187
527
5,100
Company
Total
RM’000
At 31 December 2008
Cost
Net Carrying Amount
At 31 December 2008
At 31 December 2007
Cost
Net Carrying Amount
At 31 December 2007
131
P A G E
132
31 December 2008
13. PROPERTY, PLANT AND EQUIPMENT (CONT'D.)
(a) During the financial year, the Group acquired property, plant and equipment at cost of RM438,490 (2007: RM190,416) by
means of hire purchase arrangements.
(b) Net carrying amounts of property, plant and equipment held under hire purchase are as follows:
Group
2008
2007
RMʼ000
RMʼ000
Motor vehicles
Equipment
Company
2008
2007
RMʼ000
RMʼ000
621
702
776
1,392
76
-
273
-
1,323
2,168
76
273
Asset
replacement
works
RM'000
Installation
work
RM'000
Capital
work-in
progress
RM'000
Total
RM'000
At 1 January 2008
Additions
Transfer
86,966
9,542
52,715
-
9,157
3,565
(9,542)
148,838
3,565
-
At 31 December 2008
96,508
52,715
3,180
152,403
At 1 January 2008
24,709
9,304
16,532
4,137
-
41,241
13,441
At 31 December 2008
34,013
20,669
-
54,682
62,495
32,046
3,180
97,721
At 1 January 2007
Additions
Transfer
71,763
184
15,019
51,675
2
1,038
2,096
23,118
(16,057)
125,534
23,304
-
At 31 December 2007
86,966
52,715
9,157
148,838
14. CONCESSION ASSETS
Group - At 31 December 2008
Cost
Net Carrying Amount
At 31 December 2008
Group - At 31 December 2007
Cost
P A G E
31 December 2008
14. CONCESSION ASSETS (CONT’D.)
Asset
replacement
works
RM'000
Installation
work
RM'000
Capital
work-in
progress
RM'000
Total
RM'000
At 1 January 2007
15,932
8,777
12,520
4,012
-
28,452
12,789
At 31 December 2007
24,709
16,532
-
41,241
62,257
36,183
9,157
107,597
Group - At 31 December 2007 (cont’d.)
Net Carrying Amount
At 31 December 2007
15. PREPAID LAND LEASE PAYMENTS
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
At 1 January
Addition
Transfer to property development cost (Note 16(b))
Amortisation for the year (Note 7)
53,503
63
(737)
53,933
584
(231)
(783)
13,904
(181)
14,085
(181)
At 31 December
52,829
53,503
13,723
13,904
Analysed as:
Long term leasehold land
52,829
53,503
13,723
13,904
Land
RM'000
Development
Cost
RM'000
Total
RM'000
At 1 January 2008
Additions
Transfer to property
development costs (Note 16(b))
283,134
18
19,476
8,782
302,610
8,800
(4,833)
(10,065)
At 31 December 2008
277,920
23,425
301,345
16. LAND HELD FOR PROPERTY DEVELOPMENT AND PROPERTY DEVELOPMENT COSTS
(a) Land held for property development
Group
At 31 December 2008:
Cost:
(5,232)
133
P A G E
134
31 December 2008
16. LAND HELD FOR PROPERTY DEVELOPMENT AND PROPERTY DEVELOPMENT COSTS (CONT’D.)
(a) Land held for property development (cont’d.)
Land
RM'000
Development
Cost
RM'000
(2,403)
-
(2,403)
275,517
23,425
298,942
At 1 January 2007
Additions
Disposal of subsidiaries (Note 18 (a))
Disposal of land
Charged directly to the income statement
Transfer (to)/from property
development costs (Note 16(b))
319,794
16
(16,643)
(16,296)
-
40,372
5,342
(25,630)
(631)
(77)
360,166
5,358
(42,273)
(16,927)
(77)
(3,737)
100
(3,637)
At 31 December 2007
283,134
19,476
302,610
(2,403)
10,273
(10,273)
-
(2,403)
10,273
(10,273)
(2,403)
-
(2,403)
Group (cont’d.)
Total
RM'000
Accumulated impairment losses:
At 1 January/31 December 2008
Carrying amount at 31 December 2008
Cost:
At 1 January 2007
Impairment of land held for developments (Note 7)
At 31 December 2007
Carrying amount at 31 December 2007
280,731
19,476
300,207
2008
RMʼ000
2007
RMʼ000
235,784
768,299
322,677
914,235
1,004,083
1,236,912
(b) Property Development Costs
Group
Cumulative property development costs
At 1 January:
Land costs
Development costs
P A G E
31 December 2008
(b) Property Development Costs (cont’d.)
Group
2008
RMʼ000
2007
RMʼ000
3,343
58,023
255,570
61,366
255,570
-
(77,496)
(29,267)
-
(106,763)
Cumulative property development costs (cont’d.)
Costs incurred during the year:
Land costs
Development costs
Disposal of subsidiaries:
Land costs
Development costs
Reversal of completed projects:
Land costs
Development costs
Transfer from/(to) land held for property development (Note 16(a)):
Land costs
Development costs
(1,617)
(79,287)
(13,365)
(371,859)
(80,904)
(385,224)
5,232
4,833
3,737
(100)
10,065
3,637
Transfer from property, plant and equipment (Note 13):
Development cost
-
2,190
Transfer from prepaid land lease payments (Note 15):
Land costs
-
231
(22,324)
(474)
(2,296)
(22,798)
(2,296)
(3,359)
(27,736)
-
(4,295)
936
(31,095)
(3,359)
Disposal of land
Land costs
Development costs
At 1 January
Recognised during the year (Note 7)
Reversal during the year (Note 5)
At 31 December
135
P A G E
136
31 December 2008
(b) Property Development Costs (cont’d.)
2008
RMʼ000
2007
RMʼ000
(10,054)
(10,054)
-
(174)
930,663
990,670
At 1 January:
Recognised during the year (Note 4)
Reversal of completed projects
(528,624)
(24,236)
80,904
-
(878,624)
(132,078)
385,224
96,854
At 31 December
(471,956)
(528,624)
458,707
462,046
Group
Cumulative property development costs (cont’d.)
Accumulated provision for foreseeable losses:
At 1 January/31 December
Unsold units transferred to inventories:
Development costs
At 31 December
Cumulative costs recognised in income statement
Property development costs at 31 December
(i)
Titles to certain leasehold land amounting to RM11,705,000 (2007: RM11,705,000) of the Group have yet to be
transferred to certain subsidiaries by the State Secretary Selangor (Incorporated) and Yayasan Selangor.
(ii) In the previous year, certain land held for property development of the Group amounting to RM57,584,931 have been
pledged for banking facilities granted to the subsidiaries.
(iii) A charge has been created over development properties amounting to RM5,350,181 (2007: RM5,350,181) in favour
of a third party by a subsidiary company.
17. INVESTMENT PROPERTIES
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
At 1 January
Addition
Impairment (Note 7)
7,947
(59)
(284)
8,080
(133)
65,531
(2,756)
68,015
75
(2,559)
At 31 December
7,604
7,947
62,775
65,531
Fair value at 31 December
8,883
9,100
106,500
112,000
At Group level, the leasehold building with a carrying value of RM60,320,356 (2007: RM63,017,230 was reclassified to property,
plant and equipment as certain parts of the building were rented out to the subsidiaries. The investment properties of the Group
with carrying value of RM5,350,000 (2007: RM5,448,360) are pledged as securities for borrowings as disclosed in Note 30.
P A G E
31 December 2008
18. INVESTMENTS IN SUBSIDIARIES
Company
2008
2007
RMʼ000
RMʼ000
Quoted shares at cost
Less: Accumulated impairment losses
402,164
(43,700)
402,164
-
358,464
402,164
228,262
(20,298)
228,262
(20,298)
207,964
207,964
566,428
610,128
82,733
234,198
Unquoted shares at cost
Market value of quoted shares:
In Malaysia
The recoverable amount of the investment in subsidiaries has been determined by the directors based on value-in-use
calculation and net selling price. The period of cash flow projections and assumptions used are disclosed in Note 22.
The directors are of the view that it is not practicable within the constraints of timeliness and cost to estimate reliably the fair
values of investments in unquoted shares.
Details of the subsidiaries which are incorporated in Malaysia are as follows:
Name of subsidiaries
Proportion of ownership
interest (%)
2008
2007
Held by the Company:
Kumpulan Hartanah
Selangor Berhad
57
57
Hydrovest Sdn. Bhd.
60
60
Management and consultancy services
Titisan Modal (M) Sdn. Bhd.
55
55
Investment holding
Viable Chip (M) Sdn. Bhd.
100
100
Investment holding
Cash Band (M) Berhad
99
99
Investment holding and manages/owns a
golf club
Perangsang Consultancy
& Engineering Sdn. Bhd.
100
100
Dormant
137
P A G E
138
31 December 2008
18. INVESTMENTS IN SUBSIDIARIES (CONT’D.)
Details of the subsidiaries which are incorporated in Malaysia are as follows (cont'd.):
Perangsang Metal
Selangor Sdn. Bhd.
interest (%)
2008
2007
70
70
In liquidation
Selangor Construction Sdn. Bhd.
100
100
Construction works and granite
quarrying (under official assignee)
Selangor Tiles Sdn. Bhd.
86
86
Under official assignee
Perangsang Segemal Sdn. Bhd.
51
51
In liquidation
Perangsang Alphasoft Sdn. Bhd.
100
100
In liquidation
Selangor Frits & Glazes Sdn. Bhd.
51
51
In liquidation
+ Selangor Amal Holdings Sdn. Bhd. 100
100
Dormant
Held by Kumpulan Hartanah
Selangor Berhad:
Central Spectrum (M) Sdn. Bhd.
44
44
SAP Holdings Berhad
57
57
-
57
Property investment and hotel operator
SAP Urus Harta Sdn. Bhd.
57
57
Property management
SAP Project Consultant Sdn. Bhd.
57
57
Ceased operation
SAP Ulu Yam Sdn. Bhd.
57
57
Property development and
property management
SAP Leisure and Resort Sdn. Bhd.
57
57
Development of a tourist resort and property
investment
Templer Park Golf & Resort Berhad
54
54
Perangsang Templer
Landscape Sdn. Bhd.
54
54
Property development, landscaping and golf
maintenance work
* Brisdale International Hotel Sdn. Bhd.
Held by SAP Holdings Berhad
P A G E
31 December 2008
interest (%)
2008
2007
Held by SAP Holdings Berhad (cont’d.)
Templer Park Development Sdn. Bhd.
29
29
Templer Park Equestrian
Centre Sdn. Bhd.
57
57
SAP Langkawi
Development Sdn. Bhd.
57
57
Dormant
SAP Heritage Hotels &
Properties Sdn. Bhd.
57
57
Dormant
KHSB Properties Sdn. Bhd.
57
57
Dormant
SAP Rawang
57
57
Dormant
SAP Air Hitam Properties Sdn. Bhd.
57
57
SAP Sepang Development Sdn. Bhd.
57
57
Dormant
KHSB Titijaya Sdn. Bhd.
(formerly known as Air Terentang
Corporation Sdn. Bhd.)
57
57
Dormant
Megatown Corporation Sdn. Bhd.
57
57
Dormant
SAP Sungai Pusu
57
57
Dormant
SAP Bengkulen Plantation Sdn. Bhd.
57
57
Dormant
Central Holdings Management
Services Sdn. Bhd.
57
57
Dormant
Akademi Kecemerlangan
SAP Sdn. Bhd.
46
46
Dormant
SUH-Imej Parking Sdn. Bhd.
29
29
Provision of parking services
SAP Education Sdn. Bhd.
57
57
Dormant
@ PISB Trading Sdn. Bhd.
57
57
Ceased operation
139
P A G E
140
31 December 2008
interest (%)
2008
2007
Held under Hydrovest Sdn. Bhd.:
Aqua-Flo Sdn. Bhd.
36
36
Trading in chemical products
Held under Titisan Modal (M) Sdn. Bhd.:
+ Konsortium Abass Sdn. Bhd.
55
55
Operating, maintenance, construction and
commissioning of water treatment plant and
facilities and undertake contract works
relating to the water industry activities
+ Rangkai Aman Sdn. Bhd.
55
55
Investment holding
Perangsang Hotel and
Properties Sdn. Bhd.
99
99
Hotelier
* Brisdale International Hotel Sdn. Bhd.
99
-
Held under Cash Band (M) Berhad:
+
Property investment and hotel operator
Audited by firms of auditors other than Ernst & Young
@ The financial statements of this subsidiary has been prepared on a break-up basis.
*
Subsidiary acquired and disposed of pursuant to the Proposed Acquisition Cum Debt Settlement Agreement as disclosed
in Note 49(b).
(a) Disposal of subsidiaries in the previous year
In the previous year, the Group disposed of the following subsidiaries:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
(xiv)
57% equity interest in Brisdale Holdings Bhd.
57% equity interest in Pembangunan Brisdale Sdn. Bhd.
57% equity interest in Brisdale Resources Sdn. Bhd
57% equity interest in Konsortium Lebuhraya Beruntung Genting Sdn. Bhd.
57% equity interest in Brisdale Assets Sdn. Bhd.
57% equity interest in Brisdale Housing Sdn. Bhd.
57% equity interest in Brisdale Technology Sdn. Bhd.
57% equity interest in Kelab Rekreasi Brisdale Berhad
57% equity interest in Brisdale Brooklands Development Sdn. Bhd.
57% equity interest in Brisdale Projects Management Sdn. Bhd.
57% equity interest in Brisdale Property Management Sdn. Bhd.
57% equity interest in Brisdale Rasa Development Sdn. Bhd.
57% equity interest in Lindung Malam Sdn. Bhd.
59% equity interest in Kuala Langat Mining Sdn. Bhd.
P A G E
31 December 2008
(a) Disposal of subsidiaries in the previous year (cont’d.)
The disposal had the following effects on the financial position of the Group as at the end of the previous year:
2007
RMʼ000
Assets
Property, plant and equipment (Note 13)
Land held for property development (Note 16(a))
Property development costs (Note 16(b))
Receivables
Inventories
8,197
32,000
9,909
21,551
38,729
3,871
114,257
Liabilities
Provisions (Note 41)
Trade payables
Other payables
(44,803)
(35,450)
(93,139)
(173,392)
Net liabilities disposed of
Attributable goodwill (Note 22)
Minority interest
(59,135)
30,457
28,775
97
(40)
Loss on disposal to the Group (Note 7)
Total disposal consideration
57
The cash flow on disposal was determined as follows:
Cash consideration
Cash and cash equivalents of subsidiaries disposed
57
(3,871)
Net cash outflow of the Group
(3,814)
(b) Assets Pledged as Security
The carrying amount of shares in subsidiaries pledged for borrowings are as follows:
Quoted shares
Unquoted shares
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
397,212
535,441
397,212
-
79,000
535,441
79,000
-
141
P A G E
142
31 December 2008
19. INVESTMENTS IN ASSOCIATES
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
In Malaysia:
Quoted shares at cost
Unquoted shares
46,236
268,554
46,236
268,329
46,236
133,023
46,236
132,798
Share of post acquisition reserves
314,790
137,698
314,565
201,737
179,259
-
179,034
-
452,488
(18,042)
516,302
(18,042)
179,259
(15,990)
179,034
(15,990)
434,446
498,260
163,269
163,044
144,040
168,345
144,040
168,345
Market value of quoted shares
Details of the associates which are incorporated in Malaysia are as follows:
Name of associates
interest (%)
2008
2007
Held by the Company:
Kuala Langat Mining Sdn Bhd.
41
41
Dormant
+ Δ Intan Perangsang Sdn. Bhd.
30
30
Dormant
+ Perangsang Water
Management Sdn. Bhd.
40
40
Water project operation
and management
+ Taliworks Corporation Berhad
20
20
Investment holding, provision of contracting,
project and management services
Sistem Penyuraian Trafik KL Barat
Holdings Sdn. Bhd.("SPRINT")
20
20
Investment holding and
provision of management services
+ # KPS-HCM Sdn. Bhd.
30
30
Maintenance and upgrading of roads
49
49
Club management
Held by Cash Band (M) Berhad:
KDE Recreation Berhad ("KDERB")
P A G E
31 December 2008
19. INVESTMENTS IN ASSOCIATES (CONT’D.)
Details of the associates which are incorporated in Malaysia are as follows: (cont’d.)
Name of associates
interest (%)
2008
2007
Held by SAP Holdings Berhad:
+ Δ Ulu Yam Golf and Country
Club Sdn. Bhd.
23
23
Development and management of a golf
and country club
+ Δ Beruntung Transport
City Sdn. Bhd. park
11
11
Development of logistic park
+ Δ Waste Water Management
Sdn. Bhd.
11
11
Consultancy services and construction works
for water supply, reticulation and
central coverage system
17
17
Provision of common waste water treatment
plan facilities and other development projects
30
30
Investment holding
15
15
Manufacturing in chemical products.
Held by Central Spectrum (M) Sdn. Bhd.:
+ PMB Spectrum Sdn. Bhd.
Held by Viable Chip (M) Sdn. Bhd.:
Syarikat Pengeluar Air Selangor
Holdings Berhad ("SPLASH")
Held by Hydrovest Sdn. Bhd.:
+ Chemindus Sdn. Bhd.
+
Audited by firms of auditors other than Ernst & Young
Δ
The financial statements of the associates are not available. The said investments have been fully written down. In view
of this, the effect of not equity accounting for investment in associates is not material to the Group.
#
Acquired during the previous financial year.
143
P A G E
144
31 December 2008
The summarised financial statements of the associates are as follows:
2008
RMʼ000
2007
RMʼ000
Current assets
Non-current assets
1,226,267
5,421,125
1,342,273
5,711,146
Total assets
6,647,392
7,053,419
Current liabilities
Non-current liabilities
433,431
4,600,598
369,149
4,857,682
Total liabilities
5,034,029
5,226,831
990,797
191,008
925,312
90,354
Assets and liabilities
Results
Revenue
Profit for the year
The details of goodwill included within the Group’s carrying amount of investment in associates are as follows:
Goodwill
RM'000
Carrying amount
At 1 January 2007/31 December 2007
7,903
At 1 January 2008/31 December 2008
7,903
The financial statements of the associates of the Group are coterminous with those of the Group, except for SPRINT and
SPLASH which have a financial year end of 31 March and KDERB which have a financial year end of 30 April to conform with
its respective holding companies' financial year end.
The share of results of SPRINT and SPLASH for the current financial year are for the twelve month period ended 31 December
2008, incorporating the three month period ended 31 March 2008 based on the latest audited financial statements and the
management financial statements for the nine month period ended 31 December 2008.
The share of results of KDERB for the current financial year are for the twelve month period ended 31 December 2008,
incorporating the four month period ended 30 April 2008 based on the latest audited financial statements and the management
financial statements for eight month period ended 31 December 2008.
P A G E
145
31 December 2008
The carrying amount of associates of the Group and Company pledged for borrowings are as follows:
Group
2008
2007
RMʼ000
RMʼ000
Quoted shares
Unquoted shares
Company
2008
2007
RMʼ000
RMʼ000
45,067
131,487
22,680
131,487
45,067
-
22,680
-
176,554
154,167
45,067
22,680
20. OTHER INVESTMENTS
Group
2008
2007
RMʼ000
RMʼ000
At cost:
Quoted shares, in Malaysia
Quoted unit trusts, in Malaysia
Company
2008
2007
RMʼ000
RMʼ000
69,432
165
13,406
165
68,220
115
12,194
115
69,597
(4,972)
13,571
(4,894)
68,335
(4,274)
12,309
(4,274)
64,625
8,677
64,061
8,035
201,066
-
201,066
-
At cost:
Fixed Rate Serial Bonds
2,104
2,104
2,104
2,104
At cost:
Club memberships
Less: Impairment in value
2,005
(120)
2,005
(120)
500
-
500
-
1,885
1,885
500
500
269,680
12,666
267,731
10,639
26,754
200
15,262
166
25,885
133
13,684
166
26,954
15,428
26,018
13,850
Less: Impairment in value
At cost:
Unquoted shares
Market values:
Quoted unit trusts, in Malaysia
P A G E
146
31 December 2008
20. OTHER INVESTMENTS (CONT’D.)
The directors are of the view that it is not practicable within the constraints of timeliness and cost to estimate reliably the fair
values of investments in unquoted shares.
The directors are of the view that no impairment is required for the other investment as the recoverable amount is in excess of
the carrying amount of the investments.
The carrying amount of other investments pledged for borrowings are as follows:
Group and Company
2008
2007
RMʼ000
RMʼ000
63,256
-
21. CONCESSION RIGHTS
Group
2008
RMʼ000
2007
RMʼ000
376,406
376,406
At 1 January
Amortisation during the year (Note 7)
(16,986)
(10,130)
(6,857)
(10,129)
At 31 December
(27,116)
(16,986)
349,290
359,420
Cost
Accumulated Amortisation
Net carrying amount
At 31 December
22. GOODWILL ON CONSOLIDATION
Group
2008
RMʼ000
2007
RMʼ000
At 1 January
Derecognised on disposal of subsidiaries (Note 18(a))
Transfer from capital reserve
131,595
-
161,017
( 30,457)
1,035
At 31 December
131,595
131,595
Cost
Derecognised on disposal of subsidiaries
Transfer from capital reserve
132,622
-
162,044
(30,457)
1,035
132,622
132,622
P A G E
31 December 2008
22. GOODWILL ON CONSOLIDATION (CONT'D.)
Group
2008
RMʼ000
Less: Accumulated impairment
2007
RMʼ000
(1,027)
131,595
(1,027)
131,595
Impairment test for goodwill
Goodwill is allocated to the Group’s cash-generating units ("CGU") identified accordingly to major business segments.
A segment-level summary of the goodwill allocation is presented below:
Group
Property development and management
Hospitality
Infrastructure and utilities
Trading
2008
RMʼ000
2007
RMʼ000
23,871
2,020
105,394
310
23,871
2,020
105,394
310
131,595
131,595
The recoverable amount of cash generating units (CGU) of the infrastructure and utilities, property development and
management segment is determined based on value-in-use calculation. For infrastructure and utilities segment, a twenty two
year period cash flow projections were used in the value-in-use calculation whereas a ten year period cash flow projections were
used in the value-in-use calculation in property development, management and trading segments. The cash flow projections
were based on financial budgets approved by the Board of Directors covering a five year period. Cash flow projections for the
period beyond the approved budget are extrapolated using zero growth rate.
The value-in-use calculation was approved by the Board of Directors.
Key assumptions used for value-in-use calculation:
(i)
The discount rate used is consistent with the respective segment’s weighted average cost of borrowings.
Discount rate
Trading
6% and 8.3%
8.21%
7.5%
(ii) The projects will be launched on the assumed due dates and the project cash flow will occur as projected.
(iii) Proceeds from sale of land and concession rights will be received as projected.
(iv) The concession rights' cash flow will occur as projected.
147
P A G E
148
31 December 2008
22. GOODWILL ON CONSOLIDATION (CONT'D.)
The above assumptions have been used for the analysis of each CGU. Management determined project launch dates based
on management’s operation plans and proceeds from sale of land based on agreements.
The recoverable amount of CGU of hospitality segment is determined based on net selling price valued by a valuer. The basis
of valuation is based on market value and the valuer had adopted the Comparison Method in valuing the property.
The recoverable amount of CGU of infrastructure and utilities and trading segment is determined based on present value of
future cash flows.
The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in Note
2.2 (j).
If the estimated discount rate applied to the discounted cash flows had been 1% higher than management estimates, the Group
would not need to reduce the carrying value of goodwill.
23. LONG TERM RECEIVABLES
Group
Less: Provision for doubtful debts
(i)
2008
RMʼ000
2007
RMʼ000
108,022
(73,925)
114,247
(8,495)
34,097
105,752
Included in long term receivables are due from companies within a group which are in the process of undertaking a group
financial restructuring scheme. These debts have been long outstanding and have been fully provided for.
(ii) Also included in long term receivables is an amount receivable from progress billings on contract works performed and sale
of treated water owing from Syarikat Bekalan Air Selangor Sdn. Bhd. ("SYABAS"). The amount due from SYABAS of
RM34,097,330 (2007: RM40,322,330) is stated at fair value.
24. INVENTORIES
Group
2008
RMʼ000
2007
RMʼ000
23,038
1,094
486
67
23,605
609
431
77
24,685
24,722
At cost
Completed properties
Trading inventories
Consumables
Food and beverage
P A G E
31 December 2008
24. INVENTORIES (CONT'D.)
Group
2008
RMʼ000
2007
RMʼ000
36,356
35,789
61,041
60,511
Net realisable value
Completed properties
Inventories of the Group amounting to approximately RM17,718,000 (2007: RM19,975,000) have been pledged for credit
facilities granted to certain subsidiaries (Note 30).
25. AMOUNT DUE FROM CUSTOMER ON CONTRACT
Group
Construction costs incurred to date
Attributable profits
Less: Progress billings
Amount due from customer on contract (Note 26)
2008
RMʼ000
2007
RMʼ000
399,658
27,637
399,658
27,637
427,295
(174,063)
427,295
(165,908)
253,232
261,387
The gross amount due from customer relates to revenue from Bukit Badong Distribution Works which is billed through adjusted
water tariff over the concession period as stipulated in the Supplemental Agreement dated 10 February 2001.
26. TRADE RECEIVABLES
Group
2008
2007
RM’000
RM’000
Company
2008
2007
RM’000
RM’000
Trade receivables
205,467
(21,318)
170,019
(28,998)
1,316
(1,020)
1,424
(973)
Accrued billings in respect of property development cost
Amount due from customer on contract (Note 25)
184,149
673
253,232
141,021
2,012
261,387
296
-
451
-
438,054
404,420
296
451
The Group’s normal trade credit term ranges from 30 to 120 days (2007: 30 to 120 days). Other credit terms are assessed and
approved on a case-by-case basis.
The Group has significant concentration of credit risk that arose from exposure to a single debtor, Syarikat Bekalan Air Selangor
Sdn. Bhd. ("SYABAS"), which makes up 29% (2007: 36%) of total trade receivables of the Group.
149
P A G E
150
31 December 2008
27. OTHER RECEIVABLES
Group
2008
2007
RM’000
RM’000
Company
2008
2007
RM’000
RM’000
Advances
Prepayments
Deposits
Sundry receivables
167
554
10,080
34,297
301
696
3,986
37,836
25
2
424
6,438
20
424
29,709
45,098
(2,008)
42,819
(2,004)
6,889
(102)
30,153
(102)
43,090
40,815
6,787
30,051
During the previous financial year, the Group and the Company had significant concentration of credit risk that arose from
exposure to a single debtor, Perbadanan Kemajuan Negeri Selangor ("PKNS"), which makes up 52% and 70% of total other
receivables outstanding in the Group and the Company respectively.
28. AMOUNT DUE FROM IMMEDIATE HOLDING COMPANY, SUBSIDIARIES, RELATED COMPANIES AND ASSOCIATES
(a) Amount due from immediate holding company
Group
2008
2007
RM’000
RM’000
Amount due from immediate
holding company
193,167
79,175
Company
2008
2007
RM’000
RM’000
96,909
1,176
Included in amount due from immediate holding company of the Group and of the Company are:
Group
2008
2007
RM’000
RM’000
Deposits paid for the purchase of land banks
Deposit paid for a project
Company
2008
2007
RM’000
RM’000
21,112
87,470
21,112
-
87,470
-
108,582
21,112
87,470
-
The amount due from immediate holding company are unsecured, interest free and have no fixed terms of repayment except for:
(i)
advances to immediate holding company of the Group amounting to RM Nil (2007: RM20,000,000) which bears
interest of Nil (2007: 5%) per annum.
(ii) advances to immediate holding company of the Group amounting to RM16,152,000 (2007: RM16,188,476) which is
repayable yearly in six installments commencing 2003.
P A G E
151
31 December 2008
28. AMOUNT DUE FROM IMMEDIATE HOLDING COMPANY, SUBSIDIARIES, RELATED COMPANIES AND ASSOCIATES (CONT'D.)
(b) Amount due from subsidiaries
Comapany
2008
2007
RMʼ000
RMʼ000
Amount due from subsidiaries
66,515
(4,280)
12,079
(4,280)
62,235
7,799
The amount due from subsidiaries are unsecured, interest free and have no fixed terms of repayment.
(c) Amount due from related companies
Group
2008
2007
RM’000
RM’000
Amount due from related companies
4
Company
2008
2007
RM’000
RM’000
3
-
3
The amount due from related companies are unsecured, interest free and have no fixed terms of repayment.
(d) Amount due from associates
Group
2008
2007
RM’000
RM’000
Amount due from associates
240
Company
2008
2007
RM’000
RM’000
158
239
156
The amount due from associates are unsecured, interest free and have no fixed terms of repayment.
29. CASH AND CASH EQUIVALENTS
Group
2008
2007
RM’000
RM’000
Housing Development Accounts
Sinking Fund Trust Account
Cash on hand and at banks
Deposits with:
Licensed banks
Licensed finance companies
Bank overdrafts (Note 30)
Less: Fixed deposits pledged
Cash and cash equivalents
Company
2008
2007
RM’000
RM’000
2,913
75
43,082
7,661
4
44,294
144
1,022
51,679
18,868
230,598
20,197
-
156,083
-
116,617
(63,679)
(8,190)
302,754
(55,333)
(6,071)
144
(13,608)
-
157,105
-
44,748
241,350
(13,464)
157,105
P A G E
152
31 December 2008
29. CASH AND CASH EQUIVALENTS (CONT'D.)
The Housing Development Accounts are held pursuant to Section 7A of the Housing Development (Control and Licensing)
Act, 1966 and are restricted from use in other operations.
The Sinking Fund Trust Account is maintained in accordance with the provisions of the Trust Deed entered between a subsidiary
and the trustee. This account, which consists of membership fees received from members, will be released to the Company
upon expiry of the cooling-off period and confirmation by the Company of its acceptance of the application by the members.
Certain deposits of the Group with licensed banks:
(i)
Amounting to RM6,137,000 (2007: RM6,071,124), have been pledged for bank guarantee facilities granted to certain
subsidiaries as disclosed in Note 30.
(ii) Amounting to RM2,053,000 (2007: RM21,000,000), are held for the purpose of a subsidiary's term loan repayment and
therefore restricted from use in other operations.
The weighted average interest rates of deposits at the balance sheet date were as follows:
Licensed banks
Group
2008
%
2007
%
3.37
3.19
3.20
3.19
Company
2008
2007
%
%
-
3.13
-
The average maturities of deposits at the end of the financial year were as follows:
Group
2008
Days
Licensed banks
30
116
2007
Days
68
94
Company
2008
2007
Days
Days
-
86
-
P A G E
153
31 December 2008
30. BORROWINGS
Group
2008
2007
RMʼ000
RMʼ000
Short term borrowings
Secured:
Bank overdrafts
Revolving credits
Term loans
Hire purchase payables (Note 33)
Guaranteed Fixed Rate Term Loan
Bai' Bithaman Ajil Facility
Unsecured:
Bank overdrafts
Revolving credits
Long term borrowings
Secured:
Term loans
Total borrowings
Bank overdrafts (Note 29)
Revolving credits
Term loans
Company
2008
2007
RMʼ000
RMʼ000
22,382
5,000
81,434
761
28,000
28,000
11,286
5,000
66,250
753
28,000
28,000
13,608
30,000
122
-
116
-
165,577
139,289
43,730
116
41,297
15,000
44,047
15,000
-
-
56,297
59,047
-
-
221,874
198,336
43,730
116
203,824
875
99,000
89,000
576,664
186,885
162,684
1,403
127,000
117,000
559,452
184,237
80,000
297
-
419
-
1,156,248
1,151,776
80,297
419
63,679
20,000
285,258
1,636
127,000
117,000
576,664
186,885
55,333
20,000
228,934
2,156
155,000
145,000
559,452
184,237
13,608
110,000
419
-
535
-
1,378,122
1,350,112
124,027
535
P A G E
154
31 December 2008
30. BORROWINGS (CONTʼD.)
Group
2008
2007
RMʼ000
RMʼ000
Maturity of borrowings
(excluding hire purchase)
Within one year
More than 1 year and less than 2 years
More than 2 years and less than 5 years
5 years or more
Company
2008
2007
RMʼ000
RMʼ000
240,457
188,414
357,190
590,425
197,583
117,788
316,217
716,368
43,608
50,000
30,000
-
-
1,376,486
1,347,956
123,608
-
The weighted average effective interest rates per annum at the balance sheet date for borrowings excluding hire purchase
payables, were as follows:
Bank overdrafts
Revolving credits
Term loans
(i)
Group
2008
%
2007
%
7.27
5.50
5.22
7.73
6.19
8.75
7.23
7.27
5.50
5.07
7.73
6.19
8.75
7.23
The bank overdraft facilities are secured by way of:
(a)
(b)
(c)
(d)
(e)
(f)
certain quoted shares of a subsidiary (Note 18(b)), an associate (Note 19) and other investments (Note 20);
certain investment properties (Note 17) of the Group;
certain inventories of the Group (Note 24);
corporate guarantees from a subsidiary and the Company;
a negative pledge over a subsidiary company's present and future fixed and floating assets; and
certain deposits with licensed banks and licensed finance companies of the Group (Note 29).
(ii) Revolving credits are secured by way of first legal charge over certain inventories of the Group (Note 24).
(iii) Included in term loans are the following:
(a) RM110 million term loan facility granted by a licensed bank, which is secured by way of:
-
pledge under Memorandum of Deposit over certain quoted shares (Note 18(b) and Note 19) of the Company; and
-
a first party first fixed charge over leasehold land together with the building erected thereon known as
Plaza Perangsang.
P A G E
31 December 2008
30. BORROWINGS (CONTʼD.)
(iii) Included in term loans are the following (cont’d):
(b) RM170 million term loan facility raised by the subsidiary of the Company from a licensed bank, which is secured by
way of:
-
deposits with licensed banks amounting to RM2,053,000 as disclosed in Note 29;
-
charge on the subsidiary company's Escrow Account and Debt Service Reserve Account;
-
third party 1st legal charge over subsidiary company's 13 pieces of land situated at Bandar Bestari Jaya, Batang
Berjuntai Kuala Selangor, where registered ownership is Kumpulan Darul Ehsan Berhad;
-
assignment of proceeds from the sale of certain lands undertaken by the subsidiaries of the Company;
-
debenture charge over the interest held by the subsidiary company in certain of its subsidiaries;
-
third party debenture on certain of the subsidiaries' assets and undertaking, both present and future;
-
assignment of cash proceeds from the sale of Brisdale International Hotel Sdn. Bhd. by the subsidiary company
to Cash Band Berhad;
-
assignment of proceeds from the joint venture undertaken by the subsidiaries; and
-
corporate Guarantee from the Company of RM250 million.
(c) The other term loans are secured by certain inventories (Note 24) of the Group.
(iv) The Guaranteed Fixed Rate Term Loan and Bai' Bithaman Ajil Facility raised by a subsidiary company are secured by
fixed and floating charges over the assets of the subsidiary company.
The Guaranteed Fixed Rate Term Loan and Bai' Bithaman Ajil Facility are repayable in 16 semi-annual installments which
commenced in August 2005, 36 months after the first drawdown date.
31. FIXED RATE SERIAL BONDS ("FRSB")
Pursuant to the Trust Deed dated 18 April 2006, Titisan Modal (M) Sdn. Bhd. ("Titisan") had issued FRSB at nominal value of
up to RM738 million as follows:
(a) first series on 28 April 2006 giving proceeds of RM8,549,000 and maturing on 28 April 2012 with a redemption value of
RM10,000,000 (coupon rate: 4%);
(b) second series on 28 April 2006 giving proceeds of RM37,080,000 and maturing on 28 April 2013 with a redemption value
of RM45,000,000 (coupon rate: 4%);
(c) third series on 28 April 2006 giving proceeds of RM71,307,000 and maturing on 28 April 2014 with a redemption value of
RM90,000,000 (coupon rate: 4%);
(d) fourth series on 28 April 2006 giving proceeds of RM72,219,000 and maturing on 28 April 2015 with a redemption value
(e) fifth series on 28 April 2006 giving proceeds of RM62,135,000 and maturing on 28 April 2016 with a redemption value of
RM85,000,000 (coupon rate: 4%);
155
P A G E
156
31 December 2008
31. FIXED RATE SERIAL BONDS ("FRSB") (CONTʼD.)
Pursuant to the Trust Deed dated 18 April 2006, Titisan Modal (M) Sdn. Bhd. ("Titisan") had issued FRSB at nominal value of
up to RM738 million as follows (cont’d.):
(f)
sixth series on 28 April 2006 giving proceeds of RM63,207,000 and maturing on 28 April 2017 with a redemption value of
RM90,000,000 (coupon rate: 4%);
(g) seventh series on 28 April 2006 giving proceeds of RM67,410,000 and maturing on 28 April 2018 with a redemption value
(h) eighth series on 28 April 2006 giving proceeds of RM71,170,000 and maturing on 28 April 2019 with a redemption value
(i)
ninth series on 28 April 2006, maturing on 28 April 2020 with a redemption value of RM83,000,000 (coupon rate: 5%); and
(j)
tenth series on 28 April 2006, maturing on 28 April 2021 with a redemption value of RM30,000,000 (coupon rate: 5%).
The FRSB is secured against the following:
(a) first charge by Titisan under a Memorandum of Deposit in favour of the security trustee or its nominees over 10,000,000
paid-up ordinary shares in Konsortium Abass Sdn. Bhd. ("Abass") and 87,500,000 Redeemable Cumulative Preference
Shares ("RCPS") in Abass;
(b) first charge by Titisan under a Memorandum of Deposit in favour of the security trustee or its nominees over 100,000
ordinary shares in Rangkai Aman Sdn Bhd ("RA");
(c) assignment by Titisan over dividend entitlement under the ordinary shares and RCPS in Abass in favour of the security
trustee. The scope of assignment herein shall exclude the interim dividend of 1543.21% declared by Abass in respect of
the RCPS for the financial period ending 31 December 2005 pursuant to the terms and conditions of the
following agreements:
(i)
Share Sale Agreement (relating to 100% equity interest in RA) between Y. Bhg. Dato' Sulaiman Abu Bakar and Abu
Bakar Fikri bin Dato' Sulaiman and Titisan dated 28 October 2005;
(ii) An Agreement for the Sale and Purchase of 25% equity interest in Abass between Chemical Waste Management
Sdn. Bhd. and Titisan dated 31 October 2005; and
(iii) Sale and Purchase of Shares in Abass between the Company and Titisan dated 28 October 2005.
(collectively referred to as the "Sale and Purchase Agreements");
(d) assignment by Titisan over dividend entitlement under the ordinary shares in RA in favour of the security trustee;
(e) fixed and floating charge by way of debenture over all the present and future assets, rights and interest and undertakings
of Titisan;
(f)
first charge in favour of the security trustee over the Revenue Account and the Sinking Fund Account of Titisan;
(g) a contingent rights granted by Titisan in favour of the Security Trustee for the consolidation of Titisan and Abass, subject
to consent of applicable authorities;
P A G E
31 December 2008
31. FIXED RATE SERIAL BONDS ("FRSB") (CONTʼD.)
The FRSB is secured against the following (cont'd.):
(h) assignment of rights of Titisan under the sale and purchase agreement in relation to the 55% direct interest in Abass in
favour of the Security Trustee;
(i)
assignment of rights of Titisan under the sale and purchase agreement in relation to the 100% direct interest in RA in
favour of the Security Trustee; and
(j)
assignment of rights of Titisan under the share transfer agreement for the transfer of 45% equity interest in Abass.
The discount on FRSB is recognised in profit and loss as borrowing costs over the tenure of the FRSB's series.
32. BAI' BITHAMAN AJIL ISLAMIC DEBT SECURITIES ("BAIDS")
Pursuant to the Trust Deed dated 17 August 2006, Viable Chip (M) Sdn. Bhd. ("VCSB") had issued RM50 million BaIDS A and
RM150 million BaIDS B based on the Islamic financing principle of Murabahah as follows:
(i)
The BaIDS A comprised 2 tranches, with total proceeds of RM46,515,753 and maturing on August 2011 and August 2012,
with a total redemption value of RM50,000,000. The difference between the proceeds and face value of the BaIDS is
recognised as discount on BaIDS; and
(ii) The BaIDS B comprised 2 tranches, with total proceeds of RM134,239,240 and maturing on August 2013 and August
2014, with a total redemption value of RM150,000,000. The difference between the proceeds and face value of the BaIDS
is recognised as discount on BaIDS.
The BaIDS A are secured by the Guarantee issued under the Kafalah Facility.
The BaIDS B are secured by the following security arrangements:
(a) charge over the Syarikat Pengeluar Air Selangor Holdings Berhad's ("SPLASH") shares by VCSB;
(b) A first ranking charge over the designated accounts and over the permitted investments out of such accounts including all
monies standing to the credit of VCSB;
(c) A first ranking fixed and floating charge by way of debenture over all the present and future assets and undertakings of
VCSB; and
(d) Third party charge of the entire issued and paid-up share capital of VCSB by the Company.
The security arrangements from (a) to (d) above for the BaIDS B are shared on a pari passu basis as security for the
Kafalah Facility.
157
P A G E
158
31 December 2008
33. HIRE PURCHASE PAYABLES
Group
2008
2007
RMʼ000
RMʼ000
Future minimum lease payments:
Not later than 1 year
Later than 1 year and not later than 2 years
Later than 2 years and not later than 5 years
Later than 5 years
Company
2008
2007
RMʼ000
RMʼ000
835
565
382
-
781
827
743
4
141
141
174
-
141
141
311
4
Less: Future finance charges
1,782
(146)
2,355
(199)
456
(37)
597
(62)
Present value of hire purchase liabilities
1,636
2,156
419
535
761
527
348
-
753
761
638
4
122
129
168
-
116
122
293
4
1,636
(761)
2,156
(753)
419
(122)
35
(116)
875
1,403
297
419
Analysis of present value of finance lease liabilities:
Not later than 1 year
Later than 1 year and not later than 2 years
Later than 2 years and not later than 5 years
Later than 5 years
Less: Due within 12 months (Note 30)
Due after 12 months (Note 30)
The hire purchase liabilities were charged interest of between 2.50% to 5.25% (2007: 2.85% to 5.25%) per annum.
34. LONG TERM PAYABLES
Group
2008
2007
RMʼ000
RMʼ000
Long term payables
The long term payables are unsecured, interest free and are repayable after 12 months.
36,547
36,547
P A G E
159
31 December 2008
35. EMPLOYEE BENEFITS
(a) Retirement benefit obligations
The Company operates a funded, defined benefit retirement scheme, the "Kumpulan Perangsang Selangor Berhad
Retirement Scheme" ("the Scheme") for its eligible employees. Contributions to the Scheme are made to a separately
administered fund. Under the Scheme, eligible employees are entitled to retirement benefits calculated by reference to their
length of service and earnings. Provision for retirement benefits is calculated based on the predetermined rate of basic
salaries and length of service of the employees.
During the financial year, the Company replaced its defined benefit plan for eligible employees with a four percent increase
in its EPF contribution to all eligible employees with effect from 1 January 2008.
The amounts recognised in the balance sheet are determined as follows:
Group and Company
2008
2007
RMʼ000
RMʼ000
Present value of funded obligations
Fair value of plan assets
-
4,773
(4,273)
Unrecognised actuarial gain
Adjustment for limit on net asset
-
500
-
-
500
Analysed as:
Current
-
500
Non-current:
Later than 1 year but not later than 2 years
Later than 2 years but not later than 5 years
Later than 5 years
-
-
-
500
P A G E
160
31 December 2008
35. EMPLOYEE BENEFITS (CONTʼD.)
(a) Retirement benefit obligations (cont’d.)
The amounts recognised in the income statement are as follows:
Group and Company
2008
2007
RMʼ000
RMʼ000
Current service cost
Interest cost
Expected return on plan assets
Actuarial gain recognised
Adjustment for limit on net asset
Settlement gain recognised
Total included in employee benefits expense (Note 8)
131
(56)
75
881
255
(209)
(74)
(136)
462
1,179
Movements in the net liability in the current year were as follows:
Group and Company
2008
2007
RMʼ000
RMʼ000
At 1 January
Recognised in income statement (Note 8)
Contributions paid
At 31 December
500
75
(575)
-
1,179
(679)
500
The principal actuarial assumptions used:
Group and Company
2008
2007
%
%
Discount rate
Expected return on plan assets
Expected rate of salary increases
3.00
-
6.00
3.50
5.00
P A G E
31 December 2008
35. EMPLOYEE BENEFITS (CONT'D.)
(b) Kumpulan Perangsang Selangor Berhad's Employee Share Options Scheme ("KPS ESOS")
The Kumpulan Perangsang Selangor Berhad's Employee Share Options Scheme ("KPS ESOS") is governed by the
amended by-laws approved by the shareholders at an Extraordinary General Meeting held on 15 June 2004. The KPS
ESOS was implemented on 30 July 2003 and is for a period of 5 years from the date of implementation, subject however,
to an extension at the discretion of the Option Committee for a period up to 5 years commencing from the date of expiration
of the original 5 year period. Subsequently, on 16 July 2008, the Option Committee has approved the extension of KPS
ESOS Scheme tenure for another 3 years commencing from 29 July 2008 until 29 July 2011.
The salient features of the KPS ESOS are as follows:
(i)
The total number of ordinary shares to be issued by the Company under the KPS ESOS shall not exceed 15% of the
total issued and paid-up ordinary shares of the Company, such that not more than 50% of the shares available under
the KPS ESOS is allocated, in aggregate, to directors and senior management.
(ii) Not more than 10% of the shares available under the KPS ESOS is allocated to any individual director or employee
who, either singly or collectively through his/her associates, holds 20% or more in the issued and paid-up capital of
the Company.
(iii) Only staff and directors of the Company, Hydrovest Sdn. Bhd, Konsortium Abass Sdn. Bhd., Cash Band (M) Berhad
and Perangsang Hotels and Properties Sdn. Bhd. are eligible to participate in the scheme. Executive directors are
those involved in the day-to-day management and on the payroll of the Company.
(iv) The options price under the KPS ESOS is the average of the mean market quotation of the shares of the Company
as quoted in the Daily Official List issued by Bursa Malaysia Securities Berhad for the five market days preceding the
offer date, or the par value of the shares of the Company of RM1, whichever is the higher.
(v) All share options granted are exercisable from the date of grant and have a contractual option term between three to
five years.
(vi) Share options granted under the KPS ESOS carry no dividend or voting rights. Upon exercise of the options, shares
issued rank pari passu in all respects with existing ordinary shares of the Company.
161
P A G E
162
31 December 2008
(b) Kumpulan Perangsang Selangor Berhad's Employee Share Options Scheme ("KPS ESOS") (cont’d.)
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share
options during the year:
2008
Grant date
12 August 2003
27 February 2007
29 March 2007
23 July 2007
26 July 2007
3 August 2007
17 July 2008
10 November 2008
Expiry
date
29 July 2011
29 July 2011
29 July 2011
29 July 2011
29 July 2011
29 July 2011
29 July 2011
29 July 2011
Number of share options
Exercise
As at
price 1.1.2008 Granted
RM
'000
'000
1.62
1.00
1.00
1.62
1.62
1.98
1.93
1.37
Terminated
'000
Exercised
'000
As at
31.12.2008
'000
6,175
3,250
1,733
1,269
437
40
-
550
200
-
(2,245)
(1,733)
(514)
(345)
(15)
-
3,930
3,250
755
92
25
550
200
12,904
750
-
(4,852)
8,802
1.38
1.78
-
1.40
1.41
Exercise
As at
price 1.1.2007 Granted
RM
'000
'000
Terminated
'000
Exercised
'000
As at
31.12.2007
'000
WAEP
2007
Grant date
12 August 2003
27 February 2007
29 March 2007
23 July 2007
26 July 2007
3 August 2007
Expiry
date
29 July 2008
29 July 2008
29 July 2008
29 July 2008
29 July 2008
29 July 2008
WAEP
1.62
1.00
1.00
1.62
1.62
1.98
30,060
-
4,250
1,886
6,342
12,850
150
(2,785)
(153)
(288)
-
(21,100)
(1,000)
(5,073)
(12,125)
(110)
6,175
3,250
1,733
1,269
437
40
30,060
25,478
(3,226)
(39,408)
12,904
1.62
1.47
1.59
1.61
1.38
P A G E
31 December 2008
(b) Kumpulan Perangsang Selangor Berhad's Employee Share Options Scheme ("KPS ESOS") (cont’d.)
(i)
Share options exercised during the year
As disclosed in Note 42, options exercised during the financial year resulted in the issuance of 4,851,600 (2007:
39,408,000) ordinary shares at a weighted average exercise price of RM1.40 (2007: RM1.61) per ordinary shares. The
related weighted average share price at the date of exercise was RM2.82 (2007: RM2.91).
(ii) Fair value of share options granted during the year
The fair value of share options granted during the year was estimated by an external valuer using a binomial model,
taking into account the terms and conditions upon which the options were granted. The fair value of share options
measured at grant date and the assumptions are as follows:
Fair value of share options at the following grant date (RM):
27 February 2007
29 March 2007
23 July 2007
26 July 2007
3 August 2007
17 July 2008
10 November 2008
Weighted average share price (RM)
Weighted average exercise price (RM)
Expected volatility (%)
Expected life (year)
Risk free rate (%)
Expected dividend yield (%)
2008
2007
0.70
0.70
2.82
1.40
60.00
3.00
3.67 - 3.79
6.30
0.04
0.30
0.35
0.44
0.67
2.91
1.61
50.00
1.00
3.40
6.30
The expected life of the share options is based on historical data and is not necessarily indicative of exercise patterns
that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends,
which may also not necessarily be the actual outcome. No other features of the option grant were incorporated into
the measurement of fair value.
(c) Kumpulan Hartanah Selangor Berhad's Employee Share Options Scheme ("KHSB ESOS")
Kumpulan Hartanah Selangor Berhad (KHSB), a subsidiary company, implemented a KHSB ESOS on 21 December 2005
for a period of 5 years. The KHSB ESOS is governed by the by-laws which were approved by the shareholders at the
Extraordinary General Meeting on 15 June 2004.
The salient features of the KHSB ESOS are as follows:
(i)
The total number of ordinary shares to be issued by the KHSB under the KHSB ESOS shall not exceed 15% of the
total issued and paid-up ordinary shares of the Company, such that not more than 50% of the shares available under
the KHSB ESOS is allocated, in aggregate, to Directors and senior management.
(ii) Not more than 10% of the shares available under the KHSB ESOS is allocated to any individual Director or employee
who, either individually or collectively through his/her associates, holds 20% or more in the issued and paid-up capital
of KHSB.
163
P A G E
164
31 December 2008
(c) Kumpulan Hartanah Selangor Berhad's Employee Share Options Scheme ("KHSB ESOS") (cont’d.)
(iii) Any Director (both executive and non-executive Directors) of the KHSB Group (other than a company within the Group
which is dormant) or an employee of the KHSB Group who is employed full time and is on the payroll of the KHSB
Group (other than a company within the Group which is dormant), but does not include employees under probation,
are eligible to participate in the scheme, subject to the final decision of the Options Committee.
(iv) The option price under the KHSB ESOS is the average of the mean market quotation of the shares of KHSB as quoted
in the Daily Official List issued by Bursa Malaysia Securities Berhad, for the five market days preceding the offer date,
or the par value of the shares of KHSB of RM1, whichever is the higher.
The options granted are exercisable from the date of grant and have a contractual option term of five years.
(v) Options granted under the KHSB ESOS carry no dividend or voting rights. Upon exercise of the options, shares issued
rank pari passu in all respects with existing ordinary shares of KHSB.
The terms of share options outstanding as at the end of the financial year are as follows:
2008
Grant date
28.12.05
05.01.08
Expiry
date
Exercise
price
RM
As at
1.1.2008
'000
28.12.10
28.12.10
1.00
1.00
38,161
-
2,662
(76)
(315)
38,085
2,347
38,161
2,662
(391)
40,432
Granted Terminated
'000
'000
As at
31.12.2008
'000
2007
Grant date
28.12.05
Expiry
date
Exercise
price
RM
As at
1.1.2007
'000
28.12.10
1.00
59,443
Granted Terminated
'000
'000
-
(21,282)
As at
31.12.2007
'000
38,161
Fair value of share options granted during the year
The fair value of share options granted during the year was estimated by an external valuer using a binomial model,
taking into account the terms and conditions upon which the options were granted. The fair value of share options
measured at grant date and the assumptions are as follows:
2008
Fair value of share options at 5 January 2008 (RM):
Expected volatility (%)
Expected life (years)
Risk free rate of interest (%)
Expected dividend yield (%)
0.24
60.00
2.18
3.58
-
P A G E
31 December 2008
(c) Kumpulan Hartanah Selangor Berhad's Employee Share Options Scheme ("KHSB ESOS") (cont’d.)
Fair value of share options granted during the year (cont'd.)
The expected life of the share options is based on historical data and is not necessarily indicative of exercise patterns that
may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which
may also not necessarily be the actual outcome. No other features of the option grant were incorporated into the
measurement of fair value.
36. DEFERRED MEMBERSHIP INCOME
Group
2008
2007
RMʼ000
RMʼ000
At 1 January
New memberships obtained during the year
Disposal of subsidiary
Amortisation recognised
At 31 December
6,488
71
(2,649)
9,962
107
(194)
(3,387)
3,910
6,488
Membership fees received are in respect of golfing licence fees and non-golfing membership fees.
37. DEFERRED TAX
Group
2008
2007
RMʼ000
RMʼ000
At 1 January
Recognised in income statement (Note 10)
(155,702)
3,095
(155,864)
162
At 31 December
(152,607)
(155,702)
Presented after appropriate offsetting as follows:
Deferred tax assets
Deferred tax liabilities
111
(152,718)
107
(155,809)
(152,607)
(155,702)
165
P A G E
166
31 December 2008
37. DEFERRED TAX (CONTʼD.)
The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows:
Deferred Tax Liabilities of the Group:
Development Intangible
Properties
Assets
RM'000
RM'000
Property,
Plant and
Equipment
RM'000
Others
RM'000
Total
RM'000
At 1 January 2008
Recognised in income statement
(29,855) (100,638)
1,261
2,836
(15,269)
(1,039)
(10,047)
33
(155,809)
3,091
At 31 December 2008
(28,594)
(97,802)
(16,308)
(10,014)
(152,718)
At 1 January 2007
(30,436) (103,474)
581
2,836
(13,509)
(1,760)
(10,080)
33
(157,499)
1,690
At 31 December 2007
(29,855) (100,638)
(15,269)
(10,047)
(155,809)
Deferred Tax Assets of the Group:
Property, Unabsorbed
Plant &
Capital
Equipment Allowances Provisions
RM'000
RM'000
RM'000
Total
RM'000
At 1 January 2008
-
-
107
4
107
4
At 31 December 2008
-
-
111
111
At 1 January 2007
At 31 December 2007
552
(552)
-
67
(67)
-
1,016
(909)
107
1,635
(1,528)
107
P A G E
167
31 December 2008
37. DEFERRED TAX (CONTʼD.)
Deferred tax assets have not been recognised in respect of the following items:
Group
2008
2007
RMʼ000
RMʼ000
Unutilised tax losses
Unabsorbed capital allowances
Other deductible temporary differences
Company
2008
2007
RMʼ000
RMʼ000
158,513
3,300
18,085
110,385
5,739
17,363
907
6,634
6,228
179,898
133,487
7,541
6,228
The unutilised tax losses and unabsorbed capital allowances of the Group and of the Company are available for offsetting
against future taxable profits subject to no substantial changes in shareholdings under the Income Tax Act, 1967 and guidelines
issued by the tax authority.
38. TRADE PAYABLES
Group
2008
2007
RMʼ000
RMʼ000
Restated
Trade payables
Progress billings in respect of
property development costs
Provision for future costs to complete
Company
2008
2007
RMʼ000
RMʼ000
200,325
195,012
5,316
5,082
87,188
134,627
49,904
136,827
-
-
422,140
381,743
5,316
5,082
The normal trade credit terms granted to the Group range from 30 to 120 days (2007: 30 to 120 days).
P A G E
168
31 December 2008
39. OTHER PAYABLES
Group
2008
2007
RMʼ000
RMʼ000
Restated
Accruals
Advances
Sundry payables
Company
2008
2007
RMʼ000
RMʼ000
34,812
5,552
53,565
43,290
7,571
44,536
2,018
246
2,709
178
93,929
95,397
2,264
2,887
Included in sundry payables of the Group is the compensation received in respect of the land acquisition made by Keretapi
Tanah Melayu Berhad ("KTMB") of RM9,584,496 (2007: RM9,584,496) which have not been finalised and agreed to date. In
view of the uncertainties as to the amount of the final compensation, the amount received to date has not been recognised in
the income statement.
40. AMOUNTS DUE TO IMMEDIATE HOLDING COMPANY, SUBSIDIARIES, RELATED COMPANIES AND AN ASSOCIATE
Group
2008
2007
RMʼ000
RMʼ000
(a)
(b)
(c)
(d)
Amount due to immediate holding company
Amount due to subsidiaries
Amount due to related companies
Amount due to an associate
Company
2008
2007
RMʼ000
RMʼ000
520
147
1,276
463
194
971
117,334
44
-
32,756
44
-
1,943
1,628
117,378
32,800
Amount due to immediate holding, related, associate and subsidiary companies are unsecured, interest free and have no fixed
terms of repayment.
41. PROVISION
Group
2008
2007
RMʼ000
RMʼ000
At 1 January
Reversal of provision (Note 5)
Utilised during the year
14,855
(1,329)
-
75,619
(10,285)
(5,676)
(44,803)
At 31 December
13,526
14,855
Provision of the Group represents provision for liquidated damages in respect of projects undertaken by certain subsidiaries.
The provision is recognised for expected liquidated and ascertained damages claims based on the terms of the applicable sale
and purchase agreements.
P A G E
169
31 December 2008
42. SHARE CAPITAL
Number of ordinary
shares of RM1 each
2008
2007
RMʼ000
RMʼ000
Authorised:
Issued and fully paid:
At 1 January
Ordinary shares issued pursuant to
KPS ESOS (Note 35(b))
At 31 December
Amount
2008
2007
RMʼ000
RMʼ000
1,000,000
1,000,000
1,000,000
1,000,000
470,812
431,404
470,812
431,404
4,852
39,408
4,852
39,408
475,664
470,812
475,664
470,812
During the financial year, the Company increased its issued and paid-up ordinary share capital from RM470,812,160 to
RM475,663,760 by way of the issuance of 4,851,600 ordinary shares of RM1 each for cash pursuant to the Company's
Employee Share Options Scheme at a weighted average exercise price of RM1.40 per ordinary shares.
The new ordinary share issued during the financial year ranked pari passu in all respects with the existing ordinary shares of
the Company.
43. SHARE PREMIUM
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
At 1 January
Issue of ordinary shares pursuant to
exercise of KPS ESOS
31,054
-
31,054
-
1,939
1,136
23,853
7,201
1,939
1,136
23,853
7,201
At 31 December
34,129
31,054
34,129
31,054
P A G E
170
31 December 2008
44. OTHER RESERVES
Revaluation
reserve
Capital
reserve
Share
options
reserve
Fair value
adjustments
on an earlier
piecemeal
acquisition
RM'000
RM'000
Fair value
adjustments
on
previously
held
interest in
subsidiaries
RM'000
RM'000
Total
RM'000
1,310
166,920
General
reserve
Group
At 1 January 2008
- recognised in income statement
Share options granted under KHSB ESOS
8,000
127,367
30,243
-
-
-
At 31 December 2008
8,000
127,367
30,243
At 1 January 2007
Acquisition of additional interest in subsidiaries
- recognised in income statement
- included in investment in subsidiaries
8,000
-
127,367
-
41,336
(11,093)
-
-
-
At 31 December 2007
8,000
127,367
30,243
At 1 January 2008
8,000
-
-
-
At 31 December 2008
8,000
-
-
At 1 January 2007
8,000
-
-
-
8,511
(7,201)
8,000
8,511
(7,201)
At 31 December 2007
8,000
-
-
1,310
9,310
196
353
(1,136)
723
1,612
6,899
(7,201)
1,310
196
353
(1,136)
166,333
176,703
(11,093)
1,612
6,899
(7,201)
166,920
Company
1,310
196
(1,136)
370
9,310
196
(1,136)
8,370
P A G E
171
31 December 2008
45. RETAINED EARNINGS
Prior to the year of assessment 2008, Malaysian companies adopted the full imputation system. In accordance with the Finance
Act 2007 which was gazetted on 28 December 2007, companies shall not be entitled to deduct tax on dividend paid, credited
or distributed to its shareholders, and such dividends will be exempted from tax in the hands of the shareholders ("single tier
system"). However, there is a transitional period of six years, expiring on 31 December 2013, to allow companies to pay franked
dividends to their shareholders under limited circumstances. Companies also have an irrevocable option to disregard the
Section 108 of the Income Tax Act, 1967 balance ("S.108 balance") and opt to pay dividends under the single tier system. The
change in the tax legislation also provides for the S.108 balance to be locked-in as at 31 December 2007 in accordance with
Section 39 of the Finance Act 2007.
The Company did not elect for the irrevocable option to disregard the S.108 balance. Accordingly, during the transitional period,
the Company may utilise the credit in the S.108 balance as at 31 December 2008 to distribute cash dividend payments to
ordinary shareholdings as defined under the Finance Act 2007. As at 31 December 2008, the Company has tax exempt profits
available for distribution of approximately RM69,539,000 (2007: RM69,536,000), subject to the agreement of the Inland
Revenue Board. The Company has sufficient tax credit in the S.108 balance and the balance in the tax exempt income account
to pay franked dividends amounting to RM242,714,000 (2007: RM235,924,000) out of its retained earnings. If the balance of
the retained earnings of RM231,292,000 (2007: RM277,915,000) were to be distributed as dividends, the Company may
distribute such dividends under the single tier system.
46. CAPITAL COMMITMENTS
Group
2008
2007
RMʼ000
RMʼ000
Capital expenditure
Approved but not contracted for:
Property, plant and equipment:
Purchase of land
Concession assets
Operating lease
Operating lease rental on the rights to use the Existing
Facilities payable
- not later than one year
- later than one year and not later than five years
- later than five years
Company
2008
2007
RMʼ000
RMʼ000
2,200
7,520
4,600
1,400
14,140
11,494
2,200
-
1,400
-
14,320
27,034
2,200
1,400
3,000
33,000
290,000
3,000
26,000
300,000
-
-
326,000
329,000
-
-
340,320
356,034
2,200
1,400
The existing facilities refer to the Sungai Semenyih Water Supply Scheme which consist of the Sungai Semenyih Dam, Intakes,
Water Treatment Plant and Water Transfer Facilities ("Existing Facilities").
In consideration for the use of the Existing Facilities, Konsortium Abass Sdn. Bhd., a subsidiary company, shall pay to the
Selangor State Government an agreed annual rental fee over the duration of the concession period of 30 years.
P A G E
172
31 December 2008
47. CONTINGENT LIABILITIES
Group
2008
2007
RMʼ000
RMʼ000
(i)
Company
2008
2007
RMʼ000
RMʼ000
Secured:
(a) Guarantees to secure banking and
other credit facilities of an associate
amounting to RM19,700,000
(2007: RM19,700,000)
(b) Foreclosure proceedings taken by a financial
institution in respect of a third party charge
granted by subsidiary on a piece of land
(ii) Unsecured:
Performance guarantees to third parties
Guarantees issued to banks for end financing
loans given to house buyers (Note c)
Other claims filed against the Group
5,860
5,860
5,860
5,860
35,857
32,515
-
-
415
413
415
413
18,338
5,447
21,060
-
-
(c) In consideration of a bank extending end-financing loan to certain house buyers of certain subsidiary companies,
these subsidiary companies in turn agreed to indemnify the said bank in the event the purchasers fail to make
repayment of all sums due under the Loan Agreements. Consequently, the subsidiary companies are contingently
liable to the extent of the principle balance due to the said bank.
(iii) A third party has filed an action alleging that a subsidiary’s termination of the joint venture agreement and the agreements
ancillary thereto (“JVA”) due to the third party’s breach of four (4) fundamental conditions of the JVA was wrongful and
claimed for the transfer of the ownership of the said land to the third party, damages to be assessed and the loss of profits
of approximately RM350 million. The subsidiary has filed its defence and made a counter claim against the third party for
the said four (4) fundamental breaches of the JVA by the third party and claiming amongst others, for the return of vacant
possession of the said land, damages in the sum totalling to approximately RM399 million and an indemnity against all
claims in the foreclosure proceedings as stated in Note 47(i)(b) above. A third party has filed an application to set aside
the Ad-Interim injunction obtained in favour of the subsidiary. The hearing of the cases for all interlocutory application will
be fixed by the court accordingly.
The directors are of the view that the likelihood of the crystallisation of liabilities arising from the above claims are remote and
therefore no provisions have been made in the financial statements.
P A G E
173
31 December 2008
48. SIGNIFICANT RELATED PARTY DISCLOSURES
(a) In addition to related party disclosures mentioned elsewhere in the financial statements, the Group and the Company had
the following transactions with related parties during the financial year:
Group
Advances to immediate holding company:
- Kumpulan Darul Ehsan Berhad
Management fees paid to immediate holding company:
Purchase of goods from an associated company
- Chemindus Sdn. Bhd.
Management fees charged to immediate holding company:
Construction cost incurred with Cekal Tulin Development Sdn. Bhd.
Interest charged to immediate holding company
2008
RMʼ000
2007
RMʼ000
-
20,000
1,700
1,700
4,577
-
24
38,968
24
34,178
243
-
594
658
62
191
549
656
60
186
24
24
24
24
12
12
180
24
24
12
12
180
Company
Rental income
(i)
Subsidiaries
- Kumpulan Hartanah Selangor Berhad
- Perangsang Hotel and Properties Sdn. Bhd.
- Hydrovest Sdn. Bhd.
- Konsortium Abass Sdn. Bhd.
Management fees received
(i)
Immediate holding company
(ii) Subsidiaries
- SAP Holdings Berhad
- Central Spectrum (M) Sdn. Bhd.
- Konsortium Abass Sdn. Bhd.
P A G E
174
31 December 2008
48. SIGNIFICANT RELATED PARTY DISCLOSURES (CONTʼD.)
(a) In addition to related party disclosures mentioned elsewhere in the financial statements, the Group and the Company
had the following transactions with related parties during the financial year (cont'd.):
Company (contʼd.)
2008
RMʼ000
2007
RMʼ000
-
26
149
149
1,024
1,024
8
3
7
-
31,815
841
-
7,017
1,520
6,648
-
-
5,247
Interest income received
(i) Loan to subsidiaries
(ii) Fixed Rate Serial Bonds
- Titisan Modal (M) Sdn. Bhd.
Management fees paid to immediate holding company
Interest expenses paid to subsidiary company
- Brisdale International Hotel Sdn. Bhd.
- Titisan Modal (M) Sdn. Bhd.
Dividend income
(i) Subsidiaries
- Selangor Amal Holdings Sdn. Bhd.
- Viable Chip (M) Sdn. Bhd.
(ii) Associates
- Taliworks Corporation Berhad
- Perangsang Water Management Sdn. Bhd.
Waiver of interest charged to a subsidiary
- Kumpulan Hartanah Selangor Berhad
(b) Compensation of key management personnel
The remuneration of directors and other members of key management during the year was as follows:
Group
2008
2007
RMʼ000
RMʼ000
Salaries, wages and bonuses
Fees
Defined contribution plan
Retirement benefit obligations
Other employee benefits
Company
2008
2007
RMʼ000
RMʼ000
6,186
1,282
794
652
196
4,543
1,227
548
317
757
1,427
1,263
342
215
411
196
1,054
507
155
317
432
690
9,110
8,819
2,427
3,155
P A G E
31 December 2008
48. SIGNIFICANT RELATED PARTY DISCLOSURES (CONTʼD.)
(b) Compensation of key management personnel (cont’d.)
Included in the total key management personnel are:
Group
2008
2007
RMʼ000
RMʼ000
Directors' remuneration (Note 9)
4,874
3,764
Company
2008
2007
RMʼ000
RMʼ000
1,944
1,537
Directors of the Group and the Company and other members of key management have been granted the following number
of options under the Kumpulan Perangsang Selangor Berhad's Employee Share Options Scheme ("KPS ESOS"):
Group
2008
2007
RMʼ000
RMʼ000
Company
2008
2007
RMʼ000
RMʼ000
At 1 January
Granted
Exercised
28,212
1,377
(1,454)
30,429
6,878
(9,095)
5,983
750
(1,054)
7,600
5,983
(7,600)
At 31 December
28,135
28,212
5,679
5,983
The share options were granted on the same terms and conditions as those offered to other employees of the Group.
49. SIGNIFICANT EVENTS
(a) On 3 January 2008, the Company subscribed for 39,851,000 ordinary shares of RM1.00 each in JAKS Resources Berhad
("JRB") representing the full placement shares of 10% of the existing issued and paid up capital of JRB.
The placement shares were subscribed at a consideration of RM1.21 per placement share, which represents a discount
of approximately 7.5% based on the 5-day weighted average market price of JRB's ordinary shares of RM1.00 each up to
31 December 2007 of RM1.31.
On 12 December 2008, the Company purchased additional 10 million units of JRB shares for a total consideration of RM5,008,700.
(b) On 19 June 2008, the Company entered into a conditional share sale cum debt settlement agreement with Cash Band (M)
Berhad ("CBB"), Brisdale International Hotel Sdn. Bhd. ("BIH") and Kumpulan Hartanah Selangor Berhad ("KHSB") for the
purpose of the following:(i)
proposed acquisition of the entire issued and paid-up share capital of BIH, comprising 5,000,000 ordinary shares of
RM1.00 each by CBB from KHSB for a cash consideration of RM10,000,000; and
(ii) proposed assumption by CBB of the debt owing by BIH to KHSB of RM43,000,000 and the settlement of the said
amount by CBB via the transfer of a 99-year leasehold located in Bernam Jaya, Mukim of Kuala Kalumpang, District
of Hulu Selangor, Selangor at the value of RM24,000,000, which represents a discount of approximately 7.69% to the
market value of the Ulu Bernam Land, with the remaining RM19,000,000 to be satisfied in cash.
(Item (i) and (ii) are to be collectively referred to as Proposed Acquisition Cum Debt Settlement)
The Proposed Acquisition Cum Debt Settlement was duly completed on 26 September 2008.
175
P A G E
176
31 December 2008
49. SIGNIFICANT EVENTS (CONTʼD.)
(c) On 24 September 2008, the Company entered into a conditional share sale agreement ("Conditional SSA") with its
immediate holding company, Kumpulan Darul Ehsan Berhad ("KDEB") for the proposed acquisition of 15% equity interest
in Syarikat Bekalan Air Selangor Sdn. Bhd. ("SYABAS"), comprising 750,000 ordinary shares ("Sale Shares") for a cash
consideration of RM200,000,000. ("Proposed SYABAS Acquisition")
Subject to the fulfilment of the conditions precedent set out in the Conditional SSA and the completion of the sale and purchase
of the Sale Shares, KDEB grant the Company the right to sell the Sale Shares to KDEB within the Put Option Period (as defined
hereunder). The Put Option may be exerciseable by the Company in respect of all and not part of the Option Shares within 7 days
prior to the expiry of 18 months from the Completion Date which is on 30 December 2008 ("Put Option Period").
In conjunction with the Proposed SYABAS Acquisition, KDEB shall give the Company the first right of refusal to be the
project manager for the operation and maintenance of the treatment and supply of water in the state of Selangor and
Federal Territories of Kuala Lumpur and Putrajaya, including the proposed Langat 2 Water Supply Scheme ("O&M Project"),
which right shall only be exercisable within 14 days from the receipt of written confirmation from KDEB of the finalisation
of the the O&M Project, subject always to the completion of the Proposed SYABAS Acquisition.
The Proposed SYABAS Acquisition was duly completed on 30 December 2008.
(d) Significant sales during the year
(i)
Sale of land to Inai Kiara Sdn. Bhd. ("IKSB")
On 17 July 2008, a subsidiary of the Company, Central Spectrum (M) Sdn. Bhd. had entered into a Sale & Purchase
Agreement ("SPA") with IKSB to sell the industrial lot, on part of PN7942, Lot No.74082, Section 11, Pulau Indah
measuring approximately 125.54 acres for a total consideration of RM30,076,000.
The SPA is conditional upon IKSB obtaining the approval of the Foreign Investment Committee of the Prime Minister’s
Department (“FIC”). The approval from FIC was obtained during the year.
(ii) Sale of land to PMB Carbon Sdn. Bhd. ("PCSB")
On 26 September 2008, a subsidiary of the Company, Central Spectrum (M) Sdn. Bhd. had entered into a Sale &
Purchase Agreement ("SPA") with PCSB to sell the industrial lot, on part of PT 90870, Lot No. 6 and 7, Section 1, Pulau
Indah measuring approximately 39.86 acres for a total consideration of RM13,890,000.
(iii) Sale of land to Sepang Goldcoast Sdn. Bhd. ("SGSB")
On 6 October 2008, the Company had entered into a Sales and Purchase Agreement ("SPA") with SBSB to sell a piece
of land held under PN 11298, Lot 5722 in Mukim Sepang, Daerah Sepang, Negeri Selangor Darul Ehsan measuring
22.75 acres for a total consideration of RM5,800,000.
The SPA is conditional upon the Company obtaining the consent to transfer within six months from the date of
submitting the relevant consent forms to State Authority.
(iv) Sale of land to Sookah Plantation Sdn. Bhd. ("SPSB")
On 7 October 2008, SAP Holdings Berhad ("SAP"), a subsidiary of the Company had entered into a Sales and
Purchase Agreement ("SPA") with SPSB to sell a piece of land held under PN 50588, Lot No. 15790 in Mukim Ulu Yam,
Daerah Ulu Selangor, Negeri Selangor Darul Ehsan measuring 280.68 acres for a total consideration of RM7,578,000.
The SPA is conditional upon SAP obtaining the certificate of approval of transfer, conveyance or disposal of estate land
from Estate Land Board.
P A G E
31 December 2008
50. SUBSEQUENT EVENT
Konsortium Abass Sdn Bhd ("Abass"), a wholly owned subsidiary of Titisan Modal (M) Sdn Bhd ("TMSB"), which is in turn held
55% by the Company had received the Letter of Offer dated 13 February 2009 from the Selangor State Government in respect
of the taking over of the water assets and operations of Abass for RM525,666,000 ("Offer").
The offer price is based on the valuation of the water assets of Abass (using Capitalised Value) as at 31 December 2007. The
offer price is based on cash value and payment to be made by taking over all water assets and operations without any liabilities
to be assumed by the Selangor State Government.
On 20 February 2009, Abass has replied to the Selangor State Government on the Offer that its Board of Directors and the Board
of Directors of the TMSB are unable to accept the Offer.
Abass has requested to negotiate with the Selangor State Government on a revised offer, on a willing buyer-willing seller basis,
after taking into consideration all stakeholders' interest.
The Company is 60% owned by Kumpulan Darul Ehsan Berhad (“KDEB”) which in turn is controlled by the Selangor State
Government via Menteri Besar Incorporated. Accordingly, KDEB/the Company’s nominated directors in TMSB and Abass
respectively have abstained from deliberation and making decision in respect of the Offer in view of the Selangor State
Government’s interest in KDEB.
51. COMPARATIVES
The presentation and classification of items in the current year financial statements have been consistent with the previous
financial year except that certain comparative amounts have been reclassified to conform with the current year's presentation:
As previously
stated
RM'000
Reclassification
RM'000
As
restated
RM'000
Balance sheet
Trade payables
Other payables
337,238
78,568
15,525
(15,525)
352,763
63,043
52. FINANCIAL INSTRUMENTS
(a) Financial risk management objectives and policies
The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for the
development of the Group’s businesses whilst managing its foreign exchange risks, liquidity risk, interest rate risks and
credit risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. It is,
and has been throughout the year under review, the Group’s policy that no trading in derivative financial instruments shall
be undertaken.
(b) Foreign exchange risk
The Group is exposed to transactional currency risk primarily through sales and purchases that are denominated in a
currency other than the functional currency of the operations to which they relate. The currencies giving rise to the risk are
primarily United States Dollar (USD) and Pound Sterling (£). Foreign exchange exposures in transactional currencies other
than functional currencies of the operating activities are kept to an acceptable level.
177
P A G E
178
31 December 2008
52. FINANCIAL INSTRUMENTS (CONTʼD.)
(c) Liquidity risk
The Group manages its debt maturity profile, operating cash flows and the availability of funding so as to ensure that
refinancing, repayment and funding needs are met. As part of its overall liquidity management, the Group maintains
sufficient levels of cash to meet its working capital requirements. In addition, the Group strives to maintain available banking
facilities at a reasonable level to its overall debt position. As far as possible, the Group raises committed funding from both
capital markets and financial institutions and balances its portfolio with some short term funding so as to achieve overall
cost effectiveness.
(d) Interest rate risk
The Group's income and operating cash flows are substantially independent of changes in market interest rates. Interest
rate exposures arise from the Group's borrowings and deposit.
The Group's interest rate risk arises primarily from interest-bearing borrowings. The Group manages its interest rate
exposure by maintaining a fixed rate borrowings.
It is the Group's policy not to trade in interest rate swap agreements.
The following tables set out the carrying amounts, the weighted average effective interest rates (WAEIR) as at the balance
sheet date and the remaining maturities of the Group’s financial instruments are as follows:
WAEIR
%
Within 1
Year
RM'000
1-2
Years
RM'000
2-3
Years
RM'000
3-4
Years
RM'000
4-5
Years
RM'000
More
than
5 Years
Total
RM'000 RMʼ000
30
30
7.73
8.75
28,000
28,000
28,000
28,000
28,000
28,000
28,000
28,000
15,000
5,000
- 127,000
- 117,000
30
30
6.19
7.23
-
-
19,344
-
28,590
10,000
70,190
68,761 186,885
45,000 521,664 576,664
Note
At 31 December 2008
Group
Fixed rate
Guaranteed Fixed Rate
Term Loan
Bai' Bithaman Ajil Islamic
Debts Securities ("BaIDS")
P A G E
179
31 December 2008
52. FINANCIAL INSTRUMENTS (CONTʼD.
(d) Interest rate risk (contʼd.)
WAEIR
%
Within 1
Year
RM'000
1-2
Years
RM'000
2-3
Years
RM'000
3-4
Years
RM'000
4-5
Years
RM'000
More
than
5 Years
Total
RM'000 RMʼ000
30
30
7.73
8.75
28,000
28,000
28,000
28,000
28,000
28,000
28,000
28,000
28,000
28,000
15,000 155,000
5,000 145,000
30
30
6.19
7.23
-
-
-
19,104
-
28,217 136,916 184,237
10,000 549,452 559,45
Note
At 31 December 2007
Group (cont'd.)
Fixed rate
Guaranteed Fixed Rate
Term Loan
Bai' Bithaman Ajil Islamic
Debts Securities ("BaIDS")
(e) Credit risk
Credit risks, or the risk of counterparties defaulting, is controlled by the application of credit approvals, limits and monitoring
procedures. Credit risks are minimised and monitored via strictly limiting the Group’s associations to business partners with
high creditworthiness. Trade receivables are monitored on an ongoing basis via Group management reporting procedures.
The Group and the Company's credit risk exposure is disclosed in Notes 23, Note 26 and Note 27.
(f)
Fair value
The carrying amounts of financial assets and liabilities of the Group and the Company at the balance sheet date
approximated their fair values except for the following:
Note
Group
Carrying
Amount
Fair Value
RMʼ000
RMʼ000
Company
Carrying
Amount
Fair Value
RMʼ000
RMʼ000
Financial Assets
At 31 December 2008
23
34,097
31,572
-
-
23
105,752
97,919
-
-
At 31 December 2007
P A G E
180
31 December 2008
52. FINANCIAL INSTRUMENTS (CONTʼD.)
(f)
Fair value (contʼd.)
Note
Group
Carrying
Amount
Fair Value
RMʼ000
RMʼ000
Company
Carrying
Amount
Fair Value
RMʼ000
RMʼ000
Financial Liabilities
At 31 December 2008
Long term payables
34
36,547
33,746
-
-
34
36,547
33,746
-
-
At 31 December 2007
Long term payables
In assessing the fair value of financial instruments, the Group uses a variety of methods and makes assumptions that are
based on market conditions existing at each balance sheet date. The fair value of publicly traded securities is based on
quoted market prices at the balance sheet date. Quoted market prices of specific or similar instruments are used for long
term debt. The fair value of financial liabilities is estimated by discounting the future contractual cash flows at the current
market interest rate available to the Group for similar financial instruments.
The face values of financial assets and liabilities with a maturity period of less than one year are assumed to reflect their
fair values.
53. SEGMENTAL INFORMATION
The primary segment reporting format is determined to be business segments as the Group's risks and rates of return are
affected predominantly by differences in the products and services produced. The Group do not have a secondary reporting
format as the Group operates only in Malaysia.
Segment revenues and expenses are those directly attributable to the segments and include any joint revenue and expenses
where a reasonable basis of allocation exists. Segment assets include all assets used by a segment and consist principally of
property, plant and equipment, net of accumulated depreciation, land held for property development, property development
costs, receivables, inventories and deposits, cash and bank balances.
Segment assets and liabilities do not include income tax assets and liabilities.
The Group is organised into six main business segments:
•
•
•
•
•
•
Investment holding
Trading
Hospitality
Golf club and recreation facilities
Other operations of the Group mainly comprise management and consultancy services which is not of a sufficient size to be
reported separately.
P A G E
31 December 2008
53. SEGMENTAL INFORMATION (CONTʼD.)
Investment
holding
RM'000
Property
development
and
management
RM'000
Golf club
and
recreational
Hospitality
facilities
RM'000
RM'000
Infrastructure
and utilities
RM'000
Trading
RM'000
5,745
92,358
136,065
33,271
30,176
8,187
25
305,827
(14,087)
(26,561)
86,746
1,351
2,033
387
(5)
49,864
Others Consolidated
RM'000
RM'000
2008
Revenue
External revenue
Operating (loss)/profit
Share of profit of
associates
Share of profit of a
joint venture
Finance costs
56,279
546
(106,277)
Profit before tax and
zakat
412
(11,437)
Loss after tax and zakat
Minority interest
(11,025)
12,734
Profit for the year attributable
to equity holders of the
Company
Segment assets
1,709
449,893
1,084,882
971,179
21,942
20,492
178,915
9,654
Unallocated assets
434,446
3,835
Total assets
Segment liabilities
2,736,957
3,175,238
(7,624)
(513,694)
(25,623)
(10,163)
(7,983)
(6,903)
(4)
(571,994)
Unallocated liabilities
(1,550,683)
Total liabilities
(2,122,677)
Capital expenditure
Depreciation and
amortisation
753
512
1,051
287
3,660
117
-
6,380
4,047
1,194
1,371
219
4,458
1,761
-
13,050
181
P A G E
182
31 December 2008
53. Segmental information (contʼd.)
Investment
holding
RM'000
Property
development
and
management
RM'000
Golf club
and
recreational
Hospitality
facilities
RM'000
RM'000
Infrastructure
and utilities
RM'000
Trading
RM'000
5,552
218,961
134,141
27,088
30,172
8,664
1,024
425,602
13,039
32,821
91,491
1,632
(1,864)
(1,470)
(5)
135,644
Others Consolidated
RM'000
RM'000
2007
Revenue
External revenue
Operating profit/(loss)
Share of profit of
associates
Share of profit of a
joint venture
Finance costs
29,083
6,521
(109,943)
Profit before tax and
zakat
61,305
(25,245)
Profit after tax and zakat
Minority interest
36,060
(4,062)
Profit for the year attributable
to equity holders of the
Company
31,998
Segment assets
280,668
1,090,951
1,011,588
17,443
120,010
89,016
9,647
Unallocated assets
498,260
12,656
Total assets
Segment liabilities
2,619,323
3,130,239
(8,512)
(415,766)
(37,719)
(6,621)
(56,967)
(11,562)
(11)
(537,158)
Unallocated liabilities
(1,520,917)
Total liabilities
(2,058,075)
Capital expenditure
Depreciation and
amortisation
469
671
1,395
289
2,531
3,239
-
8,594
4,014
1,451
1,589
167
3,927
1,809
-
12,957
P A G E
Analysis of Shareholdings As At 30 April 2009
Analisa Pegangan Saham Pada 30 April 2009
A.
B.
Authorised share capital
Modal saham dibenar
: RM1,000,000,000.00
Issued and paid-up share capital
Modal saham diterbitkan dan dibayar
: RM475,663,760
Class of shares
Kelas saham
: Ordinary shares of RM1.00 each
: Saham biasa RM1.00 sesaham
ANALYSIS BY SIZE OF SHAREHOLDINGS
ANALISA MENURUT SAIZ PEGANGAN
SIZE OF
SHAREHOLDINGS
SAIZ
PEGANGAN
C.
NO. OF
SHAREHOLDERS
BILANGAN
PEMEGANG SAHAM
% OF
SHAREHOLDERS
% PEMEGANG
SAHAM
NO. OF
SHARES HELD
BILANGAN SAHAM
YANG DIPEGANG
% OF
SHAREHOLDINGS
% PEGANGAN
Less than 100 / Kurang dari 100
100-1,000
1,001-10,000
10,001-100,000
100,001 to less than 5% /
100,001 ke kurang dari 5%
5% and above / 5% dan ke atas
461
2,736
2,209
563
7.55
44.79
36.16
9.22
29,027
1,724,595
9,477,853
18,062,813
0.01
0.36
1.99
3.80
136
3
2.23
0.05
93,316,184
353,053,288
19.62
74.22
TOTAL / JUMLAH
6,108
100.00
475,663,760
100.00
LIST OF SUBSTANTIAL SHAREHOLDERS (5% AND ABOVE)
SENARAI PEMEGANG SAHAM UTAMA (5% DAN KE ATAS)
NO.
1.
2.
3.
NAME / NAMA
Kumpulan Darul Ehsan Berhad
Amanah Raya Nominees (Tempatan) Sdn Bhd
A/C for Skim Amanah Saham Bumiputera
Perbadanan Kemajuan Negeri Selangor
SHAREHOLDINGS
PEGANGAN SAHAM
%
288,807,494
60.72
36,690,400
27,555,394
7.71
5.79
183
P A G E
184
D.
LIST OF THIRTY (30) LARGEST SHAREHOLDERS
SENARAI TIGA PULUH (30) PEMEGANG SAHAM TERBESAR
NO.
SHAREHOLDINGS
PEGANGAN SAHAM
%
AMSEC Nominees (Tempatan) Sdn Bhd
A/C Kumpulan Darul Ehsan Berhad
180,000,000
37.84
AMMB Nominees (Tempatan) Sdn Bhd
53,000,000
11.14
ABB Nominee (Tempatan) Sdn Bhd
52,000,000
10.93
Amanah Raya Nominees (Tempatan) Sdn Bhd
A/C Skim Amanah Saham Bumiputera
36,690,400
7.71
5.
Perbadanan Kemajuan Negeri Selangor
27,504,994
5.78
6.
AllianceGroup Nominees (Tempatan) Sdn Bhd
A/C Noor Azman @ Noor Hizam bin Muhd Nurdin (8037673)
5,477,200
1.15
7.
Tabung Warisan Negeri Selangor
5,000,000
1.05
8.
Universal Trustee (Malaysia) Berhad
A/C CIMB-Principal Small Cap Fund 2
4,200,000
0.88
RHB Capital Nominees (Tempatan) Sdn Bhd
A/C Noor Azman @ Noor Hizam b Mohd Nurdin (CEB)
4,009,600
0.84
10. Amanah Raya Nominees (Tempatan) Sdn Bhd
A/C Public Islamic Balanced Fund
3,927,800
0.83
11. CIMB Nominees (Tempatan) Sdn Bhd
3,304,700
0.69
A/C Public Enhanced Bond Fund
3,081,300
0.65
13. ECML Nominees (Asing) Sdn Bhd
A/C United Forest Limited
3,000,000
0.63
14. RHB Capital Nominees (Tempatan) Sdn Bhd
A/C Nor Hayati binti Abd. Malik (1181002)
2,946,900
0.62
A/C Public Index Fund
2,814,600
0.59
16. RHB Capital Nominees (Tempatan) Sdn Bhd
A/C Norazlan bin Mohamad Nordin (CEB)
2,775,900
0.58
17. Universal Trustee (Malaysia) Berhad
A/C CIMB-Islamic Small Cap Fund
2,550,000
0.54
18. Lebar Daun Construction Sdn Bhd
2,406,500
0.51
19. AllianceGroup Nominees (Tempatan) Sdn Bhd
A/C Norazmi bin Mohamed Nurdin (8038654)
2,326,000
0.49
A/C Public Far-East Dividend Fund
2,030,100
0.43
1.
2.
3.
4.
9.
NAME / NAMA
P A G E
D. LIST OF THIRTY (30) LARGEST SHAREHOLDERS
SENARAI TIGA PULUH (30) PEMEGANG SAHAM TERBESAR
NO.
E.
NAME / NAMA
SHAREHOLDINGS
PEGANGAN SAHAM
%
21. HSBC Nominees (Asing) Sdn Bhd
A/C Credit Suisse (SG BR-TST-Asing)
2,012,300
0.42
22. Mayban Nominees (Tempatan) Sdn Bhd
A/C Etiqa Insurance Berhad (Life Par Fund)
1,800,000
0.38
A/C Public Islamic Optimal Growth Fund
1,775,000
0.37
24. Juma'ah binti Moktar
1,741,000
0.37
25. AIBB Nominees (Tempatan) Sdn Bhd
A/C Rampai Baiduri-Jaya Sdn Bhd (Vibrant Omega)
1,734,237
0.36
26. AMSEC Nominees (Tempatan) Sdn Bhd
A/C CIMB Islamic Dali Equity Growth Fund (UT-CIMB-Dali)
1,042,000
0.22
27. Mal Monte Sdn Bhd
1,010,000
0.21
28. Dato’ Haji Abd Karim bin Munisar
1,000,000
0.21
29. Sultan Idris Shah
990,000
0.21
30. Zabir bin Bajuri
920,000
0.19
SHAREHOLDINGS
PEGANGAN SAHAM
%
1,000,000
370,000
339,999
-
0.21
0.08
0.07
-
LIST OF DIRECTOR'S SHAREHOLDINGS
SENARAI PEGANGAN SAHAM PARA PENGARAH
NO.
1.
2.
3.
4.
5.
NAME / NAMA
Wong Yien Kim
185
P A G E
186
list of group properties
senarai hartanah kumpulan
1.
KUMPULAN PERANGSANG SELANGOR BERHAD
Net Book Value/
Land Cost as at
Tenure/Lease expiry
31/12/08 (RM'000)
Approximate
Land Area
Tempoh Pegangan/ Existing Use
Nilai Buku Bersih/
Age of Building
Location
Title
Keluasan Tanah
Tamat Pegangan
Kegunaan
Kos Tanah pada
Usia Bangunan
Lokasi
Hakmilik
(Ekar/Acres)
(Tahun/Years)
Semasa
31/12/08 (RM'000)
(Tahun/Years)
Bandar Banting
H.S(D) 8187/PT 7980
Leasehold/Pajakan
Factory being rented out
99 /2099
Kilang disewakan
Leasehold/Pajakan
Factory being rented out
99/2086
Kilang disewakan
Freehold
Apartmen/Apartment
2.6
Tambahan
3,047
20
1,762
25
166
24
71,688
21
Kuala Langat
Hulu Kelang,
H.S(M) 2615/PT 7680
40,530 SQ FT/KP
Gombak
Batang Kali,
LOT 3277
Hulu Selangor
UNDER GRANT 24222
1,763 SQ FT/KP
Pegangan Bebas/
PH 22/B6
Shah Alam,
H.S(D)92260/PT 0006 108,360 SQ FT/KP
Selangor
Tanjong Tuan,
LOT 5627
1,099 SQ FT/KP
Port Dickson
2.
Leasehold/Pajakan
Office & Hotel
99/2086
Pejabat & Hotel
Leasehold/Pajakan
Apartment/Apartmen
208
23
5,350
16
41
N/A
2,754
N/A
519
N/A
99/2081
KUMPULAN HARTANAH SELANGOR BERHAD GROUP
Mukim Batu
PT 28955-28958,
0.30
Daerah Gombak 28953-28954
Mukim Rawang
Lot 609 (Part)
1.52
Daerah Gombak
Mukim Rawang
PT 686
3.56
Daerah Gombak
Mukim Batu
PT 14406
26.62
Daerah Gombak
Leasehold/Pajakan
2 units of 3 storey office)
99 / 2091
4 units (3 1/2 storey office &
Leasehold/Pajakan
Building Land
99 / 2094
Tanah Untuk Bangunan
Leasehold/Pajakan
Building Land
99 / 2094
Leasehold/Pajakan
Building Land
99 / 2081
P A G E
2.
KUMPULAN HARTANAH SELANGOR BERHAD GROUP (CONTINUED/SAMBUNGAN)
Net Book Value/
Land Cost as at
Tenure/Lease expiry
31/12/08 (RM'000) Approximate
Land Area
Tempoh Pegangan/
Semasa
Kos Tanah pada
Location
Title
Keluasan Tanah
Tamat Pegangan
Kegunaan
Nilai Buku Bersih/ Usia Bangunan
Lokasi
Hakmilik
(Ekar/Acres)
(Tahun/Years)
Existing Use
31/12/08 (RM'000) (Tahun/Years)
Mukim Kundang
Lot 22527 (Part)
233.00
Daerah Gombak
Mukim Labu
Lot 1384-1465 &
Daerah Sepang
Lot 1466-1468
Mukim Labu
Lot 1490
3.50
2.15
Daerah Sepang
Mukim Serendah
PT 10450 (Part)
122.00
Daerah Hulu Selangor
Mukim Hulu Yam
PT 2721-2723
302.49
Mukim Hulu Yam
PT 2727,2728 & 2731
212.50
Daerah Ulu Selangor
Mukim Ijok
PT 2377 & 2531
0.58
Daerah Kuala Selangor
Mukim Kuala Selangor
PT 293 - PT 312,
11.27
Daerah Kuala Selangor PT 339, PT 378
Leasehold
Agriculture Land
99 / 2103
Tanah Pertanian
Leasehold/Pajakan
Commercial Land
99 / 2096
Tanah Komersial
Leasehold/Pajakan
Building Land
99 / 2096
Leasehold/Pajakan
Building Land
99 / 2096
Leasehold/Pajakan
Agriculture Land
99 / 2093
Tanah Pertanian
Leasehold/Pajakan
Building Land
99 / 2093
Leasehold/Pajakan
Building Land
99 / 2095
Leasehold/Pajakan
Building Land
99 / 2098
Pajakan/Leasehold
Building Land
99 / 2102
Industry Land
Age of Building
569
N/A
4,667
N/A
3,114
N/A
16,785
N/A
6,005
N/A
5,700
N/A
412
N/A
1,891
N/A
54,005
N/A
PT 379 - PT 479, PT 620,
PT 621, PT 624, PT 626
Mukim Klang
PT 51675, PT 51676,
Daerah Klang
PT 51679, PT 52159,
46.48
PT 52409, PT 52540,
PT 52807, PT 52963,
Tanah Industri
PT 53039, PT 53051,
PT 52162, PT 52214,
PT 52226, PT 52232,
PT 52233, PT 52246,
PT 52306, PT 52313,
PT 52330, PT 52337,
PT 53158, PT 52805
187
P A G E
188
2.
Net Book Value/
Land Cost as at
Tenure/Lease expiry
Land Area
Tempoh Pegangan/
Semasa
Kos Tanah pada
Location
Title
Keluasan Tanah
Tamat Pegangan
Kegunaan
Lokasi
Hakmilik
(Ekar/Acres)
(Tahun/Years)
Existing Use
31/12/08 (RM'000) (Tahun/Years)
Bandar Port Dickson
PN 2477 / M2/2/148 &
0.05
Leasehold/Pajakan
Apartment
Daerah Port Dickson
PN 2477 / M1/1/8/89
99 / 2087
Apartmen
Mukim Plentong
PT 171000-171002
332.69
Daerah Johor Bharu
Mukim Dengkil
PT 32546 - 32543 (Part)
Daerah Sepang
- 32544 (PT)
Mukim Dengkil
PT 32611 - 32614
100.00
46.63
Daerah Sepang
Mukim Kuala Kelumpang PT 2687 (Part)
191
Phase 1A, Section 8
PT 64352 HS(D)67630
Pulau Indah
PT 64165 HS(D)67448
1.38
Freehold
Agriculture Land
Pegangan Bebas
Tanah Pertanian
Leasehold/Pajakan
Agriculture Land
99 / 2104
Tanah Pertanian
Leasehold/Pajakan
Building Land
99 / 2104
Leasehold/Pajakan
Building Land
99 / 2107
Leasehold/Pajakan
Vacant Commercial Land
99/2097
for Menara Indah Point
Industrial Park
Tanah Kosong Komersial
Pulau Indah
untuk Menara Indah Point
Phase 2C, Section 4
PT 7937 HS(D)74076
Pulau Indah
PT 7936 HS(D)74077
411.77
Leasehold/Pajakan
Vacant Industrial Land For
99/2097
Development
Industrial Park
Tanah Industri Kosong untuk
Pulau Indah
Pembangunan
Section 1,
PT90870 HS (D)70913
35.70
Leasehold/Pajakan
Pulau Indah
PT90871 HS(D)70914
216.07
99/2097
Development
Industrial Park
Pulau Indah
Pembangunan
Section 2
PN 7935 HS(D)74078
281.14
Leasehold/Pajakan
Pulau Indah
PN7934 HS(D)74079
295.51
99/2097
Development
Industrial Park
Pulau Indah
Pembangunan
Section 3
PN 7931 Lot 74083
217.35
Pulau Indah
Leasehold/Pajakan
99/2097
Development
Industrial Park
Pulau Indah
Pembangunan
Age of Building
454
20
48,883
N/A
1,342
N/A
626
N/A
24,000
N/A
226
N/A
56,733
N/A
24,668
N/A
79,380
N/A
29,924
N/A
P A G E
2.
Net Book Value/
Land Cost as at
Tenure/Lease expiry
Land Area
Tempoh Pegangan/
Semasa
Kos Tanah pada
Location
Title
Keluasan Tanah
Tamat Pegangan
Kegunaan
Lokasi
Hakmilik
(Ekar/Acres)
(Tahun/Years)
Existing Use
31/12/08 (RM'000) (Tahun/Years)
Section 9
PN 7928 Lot 74086
32.66
Leasehold/Pajakan
Pulau Indah
PN 7929 Lot 74085
85.14
99/2097
Development
Industrial Park
PN 7930 Lot 74084
105.77
Section 11
PN7942 Lot 74082
151.54
Leasehold/Pajakan
Vacant Land For
Pulau Indah
PN7926 Lot 74087
218.85
99/2097
Development (Residential)
Industrial Park
PN7925 Lot 74988
380.52
N/A
105,031
N/A
328
17
236
9
247
6
Tanah Kosong untuk
Pembangunan ( Perumahan)
HYDROVEST SDN. BHD. GROUP
Sg Buluh
Lot PT 19975
3,000 kp/sq. ft
98 / 2091
Daerah Kuala Selangor
Damansara Intan
Warehouse / Store
Gudang / Stor
Lot 827
1,130 kp/sq. ft
Petaling Jaya
Lot 836
1,249 kp/sq. ft
Freehold
Office
Pegangan bebas
Pejabat
Freehold
Office
Pegangan bebas
Pejabat
Freehold
Bungalow
1,176
22
Hotel
52,675
35
Leasehold/Pajakan
Golf Course & Club House
47,386
15
99 / 2094
Padang Golf dan Rumah Kelab
29,635
12
TITISAN MODAL (M) SDN BHD GROUP
8822, Tanjung Tuan,
GM 0000180/LOT 001202
10,593 k.p
Port Dickson, Kuala Linggi
5.
30,776
Pembangunan
Pulau Indah
4.
Age of Building
Pulau Indah
3.
Pegangan bebas
CASH BAND (M) BERHAD GROUP
1702 Section 46
PN 2797
34,714 kp/sq. ft
Mukim Rawang
Lot 11, Lot 614
194.65
Daerah Gombak
PT11444
99/2072
Bandar Kuala Lumpur
Lot 1738 Seksyen 41 GRN 36218
Bandar Kuala Lumpur
1,806 meter persegi Freehold
Hotel
Pegangan bebas
189
P A G E
190
Corporate Directory
Direktori Korporat
REGISTERED AND BUSINESS ADDRESSES OF KUMPULAN PERANGSANG SELANGOR BERHAD AND SUBSIDIARY
COMPANIES
ALAMAT BERDAFTAR DAN ALAMAT PERNIAGAAN KUMPULAN PERANGSANG SELANGOR BERHAD SERTA ANAKANAK SYARIKAT
Name of Company
Nama Syarikat
Registered Address
Alamat Berdaftar
Business Address
Alamat Perniagaan
KUMPULAN PERANGSANG
SELANGOR BERHAD
16 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
16 & 17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
Lot 1A, Level 1A
Plaza Perangsang
40000 Shah Alam
Tel: 03-5522 3888
Fax: 03-5510 5188
Lot 1A, Level 1A
Plaza Perangsang
40000 Shah Alam
Tel: 03-5522 3888
Fax: 03-5510 5188
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
15 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5512 2973
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
17 Floor
Plaza Perangsang
40000 Shah Alam
Tel: 03-5510 3999
Fax: 03-5510 9977
(Company No. 23737-K)
KUMPULAN HARTANAH
SELANGOR BERHAD
(Company No. 559747-W)
HYDROVEST SDN BHD
(Company No. 482724-D)
TITISAN MODAL (M) SDN BHD
(Company No. 700156-U)
VIABLE CHIP (M) SDN BHD
(Company No. 720808-W)
CASH BAND (M) BERHAD
(Company No. 735830-K)
PROXY FORM
KUMPULAN PERANGSANG SELANGOR BERHAD
(23737-K) (Incorporated in Malaysia/Diperbadankan di Malaysia)
BORANG PROKSI
Proxy Form for the 32nd Annual General Meeting
Borang Proksi untuk Mesyuarat Agung Tahunan ke 32
No. of Ordinary Shares Held/Jumlah Saham Biasa Dipegang
I/We/Saya/Kami___________________________________________________________________________________________
FULL NAME IN CAPITAL LETTERS/NAMA PENUH DENGAN HURUF BESAR
of/yang beralamat di_______________________________________________________________________________________
ADDRESS/ALAMAT
_______________________________________________________________________________________________________
being a member/members of Kumpulan Perangsang Selangor Berhad, hereby appoint the Chairman of the meeting/sebagai
ahli/ahli-ahli Kumpulan Perangsang Selangor Berhad, dengan ini melantik Pengerusi Mesyuarat
or/atau__________________________________________________________________________________________________
FULL NAME/NAMA PENUH
ADDRESS/ALAMAT
or failing whom/atau sebagai penggantinya_____________________________________________________________________
FULL NAME/NAMA PENUH
ADDRESS/ALAMAT
as my/our proxy to attend and vote for me/us and on my/our behalf at the Thirty Second Annual General Meeting of the Company
to be held at Kayangan Ballroom, Quality Hotel Shah Alam, Persiaran Perbandaran, 40000 Shah Alam, Selangor Darul Ehsan on
Thursday, 18 June 2009 at 2.30 p.m. and at any adjournment thereof/sebagai proksi saya/kami untuk menghadiri dan mengundi
bagi pihak saya/kami di Mesyuarat Agung Tahunan Ke Tiga Puluh Dua yang akan diadakan di Bilik Kayangan, Quality Hotel Shah
Alam, Persiaran Perbandaran, 40000 Shah Alam, Selangor Darul Ehsan, pada hari Khamis, 18 Jun 2009, jam 2.30 petang dan pada
sebarang penangguhannya.
My/Our proxy is to vote as indicated below:/Proksi saya/kami akan mengundi sepertimana yang ditandakan di bawah:
Resolution/Resolusi
For/Menyokong
Against/Menentang
1
2
3
4
5
6
7
8
(Please indicate with an "X" in the spaces provided how you wish your vote to be casted. If you do not do so, the proxy will vote or
abstain voting at his discretion)/
(Sila tanda dengan "X" pada tempat yang disediakan cara tuan ingin mengundi, jika tidak, proksi akan mengundi atau tidak
mengundi mengikut budibicaranya)
Signature/Tandatangan__________________________Dated this/Tarikh___________day of/bulan____2009
NOTES:/NOTA-NOTA:
1.
Every member is entitled to appoint at least one (1) proxy or in the case of a corporation, to appoint a representative to attend and vote in his place. A proxy need not
be a member of the Company.
Setiap pemegang saham berhak melantik sekurang-kurangnya seorang (1) proksi atau jika sebuah syarikat, berhak melantik wakil untuk menghadiri dan mengundi
bagi pihaknya. Proksi tersebut tidak semestinya pemegang saham syarikat.
2.
The Proxy Form must be signed by the appointer or his attorney duly authorised in writing or if the appointer is a corporation, either under seal or under the hand of
an officer or attorney duly authorised. In the case of joint holdings, the signature of the first named holder is sufficient.
Borang Proksi mesti ditandatangani oleh pelantik atau peguam yang telah diberi kuasa secara bertulis atau sekiranya pelantik adalah sebuah syarikat, mestilah
dengan memeterai atau ditandatangani oleh pegawai atau peguam yang diberi kuasa. Di dalam hal pegangan bersama, tandatangan pemegang pertama adalah
mencukupi.
3.
If the Proxy Form is returned without indication as to how the proxy shall vote, the proxy will vote or abstain, as he thinks fit.
Sekiranya Borang Proksi dikembalikan tanpa menjelaskan bagaimana proksi harus mengundi, proksi akan mengundi atau tidak mengundi seperti mana yang difikirkan
sesuai.
4.
If the name is not inserted in the space for the name of your proxy, the Chairman of the AGM will act as your proxy.
Jika tiada nama terdapat di dalam ruang pada borang proksi anda, Pengerusi Mesyuarat akan bertindak sebagai proksi anda.
5.
The Proxy Form must be deposited at the Registrar's Office, Symphony Shares Registrars Sdn Bhd, Level 26, Menara Multi Purpose, Capital Square, No. 8, Jalan
Munshi Abdullah, 50100 Kuala Lumpur, not less than forty-eight (48) hours before the time of holding the AGM or any adjournment thereof, or in the case of a poll,
not less than twenty-four (24) hours before the time appointed for the taking of the poll.
Borang Proksi mestilah dihantar ke Pejabat Pendaftar, Symphony Shares Registrars Sdn Bhd, Lantai 26, Menara Multi Purpose, Capital Square, No. 8, Jalan Munshi
Abdullah, 50100 Kuala Lumpur, tidak kurang dari empat puluh lapan (48) jam sebelum Mesyuarat ditetapkan atau pada sebarang penangguhannya, atau dalam hal
pengundian, tidak kurang dari dua puluh empat (24) jam sebelum masa yang ditetapkan untuk mengundi.
fold here along dotted line/lipat di sini
Affix
Stamp
here
SYMPHONY SHARE REGISTRARS SDN BHD
Level 26, Menara Multi-Purpose,
Capital Square,
No. 8, Jalan Munshi Abdullah,
50100 Kuala Lumpur
Tel: 03-2721 2222 Fax: 03-2721 2530
fold here along dotted line/lipat di sini

As At 30 April 2009 - Kumpulan Perangsang Selangor Berhad

Transcription

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