Since it started operations

Transcription

Wasiat
1to 2
Keramat
Di sini telah sekian lama
Corporate Information
Board of Directors’ Details
3
Corporate Structure
4
Di balik tabir tradisi
56 to 88
Rationale
Di sini ada jawapan pasti
Muslihat teka-teki
Di sini telah sekian lama
Cahaya dari pelita nyala
CSR (Corporate Social Responsibility)
5
89
The Icon
Subsidiaries
Menerang derita yang gelita
Di dalam rimba rahsia
Di sini bisik suara nenda
Bersatu dalam rasa
6
MS ISO 9001: 2000
7
91 to 93
Vision
Audit Commitee Report
8
Kejujuran menerima perjanjian
Perjanjian yang telah ditentukan
94 to 97
Mission
Oleh hukum Tuhan dan undang
Kejujuran pada hakikat wasiat dalam amanat
Statement of Corporate Governance
9
Kejujuran pada pewaris pusaka tanpa wasangka
Notice of Annual General Meeting
Di sini kini merentas masa
Mengembang sayar melebar harap
Menyusur Amanah warkah nenda
Di peta tujuh benua
Di sini kini di mana-mana
Menjernih buram warna
90
Branches
Courtesy of Arkib Negara Malaysia
Rasa itu satu kejujuran
49 to 55
Milestones
Terbina satu tamadun bangsa
Merungkai misteri tersembunyi
23 to 48
10 to 11
Board of Directors
12
to
16
to
15
98 to 156
Financial Statements
157 to 158
Five-year Group Financial Highlights
Chairman’s Statement
22
Group Managing Director’s Statement
Music : Ramli Sarip
Lyrics : Sabri Yunus
Copyright : Amanah Raya Berhad
contents
Investment
Committee
CORPORATE INFORMATION
• Dato’ Mohd Bakke Salleh Chairman
Independent Director, AmanahRaya
• Dato’ Ahmad Rodzi Pawanteh
Group Managing Director, AmanahRaya
• Bakarudin Ishak
Representative from Bank Negara Malaysia
• Shamsuddin Hj. Tahir
AMANAHRAYA GROUP
CAPITAL MARKETS
• Asset Management
• Unit Trust
• Financing
• Investment Banking
•AmanahRaya – JMF Asset Management Sdn Bhd
•Amanah Raya Capital Sdn Bhd
•AmanahRaya Unit Trust Management Sdn Bhd
•AmanahRaya Investment
Bank Ltd
•AmanahRaya Asset Management (Labuan) Ltd
PROPERTY
MANAGEMENT /
DEVELOPMENT
• Property Development
• Building Management
TRUST
MANAGEMENT
• Corporate Trust
• Offshore Trust
• Nominees Services
• Custodial Services
Amanah Raya Berhad
Haji Shafii Hamat Chairman
Director, Accountant Development &
Management Division
Accountant General’s Department
• Dato’ Abdullah Sani Ab Hamid
Director-General, Legal Affairs Division
Prime Minister’s Department
• Sharifah Adlina Syed Abdullah
Principal Assistant Secretary [Economic Sector]
Investment – MOF (Inc) & Privatization Division
• Datuk Azailiza Mohd Ahad
Head of International Affairs Division
Attorney-General’s Chambers
•Chief Integrity Officer’s Office
•Finance & Account
• AmanahRaya Trustees Berhad
• Amanah Raya Nominees (Tempatan) Sdn Bhd
• Amanah Raya Nominees (Asing) Sdn Bhd
• Amanah Raya (Labuan) Ltd
•AmanahRaya
Hartanah Sdn Bhd
•AmanahRaya
Properties Sdn Bhd
•AmanahRaya
Development Sdn Bhd
•AmanahRaya Project Management Sdn.Bhd
TRUST / ESTATE / LEGACY SERVICES
• Will Writing
• Custodian
• Execution
• Estate Administration
•Customer Relationship
Management
•Human Resource &
Administration
•Internal Audit Risk Management
Special
Committees
• S.S Dato’ Seri Dr. Haji Harussani Zakaria Chairman
Mufti, Negeri Perak
Personnel & Integrity Committee
• Datin Aminah Pit Abd Raman Chairman
• Dato’ Haji Dusuki Ahmad
Chairman, AmanahRaya
• Datuk Azailiza Mohd Ahad
Head of International Affairs Division,
• Datin Aminah Pit Abd Raman
•
Prof. Madya Mohd Ridzuan Awang
Lecturer, Universiti Kebangsaan Malaysia
Registered Syariah Advisor with
Securities Commission
• Dr. Aznan Hasan
Dean , Faculty of Law
International Islamic University of Malaysia
Tender Committee
• Datuk Mohd Hashim Hassan Chairman
• Alina Hashim
Chief Operating Officer, AmanahRaya
• Hajjah Habsah Bakar
Chief Executive Officer, AmanahRaya
Trustees Berhad
Law Review Committee
• Abqary Abdul Aziz
Senior Manager, East Coast Region
AmanahRaya
2
Annual Report 2007
•AmanahRaya Legacy
Services Sdn Bhd
Syariah Advisory
Council
•Information Technology
Amanah Raya Berhad
Annual Report 2007
•Chief Operating Officer’s Office
•Market Development & Corporate Communications
•AmanahRaya Modal Sdn.Bhd
1
SUPPORT SERVICES
• Wan Selamah Wan Sulaiman
Representative from Accountant
General’s Department
•
•Legal & Secretarial
•AmanahRaya Capital Group
Sdn Bhd
•AmanahRaya Private Equities Sdn.
Bhd
• AmanahRaya Corporate Advisory Sdn Bhd
• Sharifah Adlina Syed Abdullah
Representative from Ministry of Finance (MOF)
Audit
Committee
r a tionale
CORPORATE STRUCTURE
BOARD OF DIRECTORS
COMPANY
SECRETARY
INTERNAL
AUDIT
GROUP
MANAGING
DIRECTOR
RISK
MANAGEMENT
CHIEF
OPERATING
OFFICER
CHIEF
INTEGRITY
OFFICER
QUALITY
ASSURANCE
INFORMATION
TECHNOLOGY
MARKET
DEVELOPMENT
HUMAN
RESOURCE
AND
ADMINISTRATION
Amanah Raya Berhad
CHANNEL
MANAGEMENT
AMANAHRAYA
SERVICE CENTRE
NORTHERN
REGION
EASTERN
REGION
SOUTHERN
REGION
OTHER
BRANCHES
FINANCE &
ACCOUNTS
CAPITAL
MARKETS
TRUST
MANAGEMENT
LEGACY
SERVICES
PROPERTY
MANAGEMENT
In this era of globalisation, the globe is a metaphor that reflects
the aspiration of AmanahRaya to spread its wings across the
world.
It symbolises the foresight of AmanahRaya in its mission, and,
in its focus to steer forward towards achieving the mandate of
managing and delivering the expectations of its stakeholders,
shareholders and customers.
The glow on the perimeter of Malaysia connotes the stature of
AmanahRaya in the eyes of the nation and imparts the success
of AmanahRaya in assisting people from all stratas of society and
from all walks of life in planning for their future.
Blue, the corporate colour, paints the horizon of AmanahRaya as
a sky of opportunities.
The five continents not only depict the length, breadth and depth
of the scope of the AmanahRaya vision, they also encapsulate the
five pillars of its strengths which are Estate Management, Trust
Management, Property, Investment and Banking.
4
Annual Report 2007
Annual Report 2007
3
LEGAL
CUSTOMER
RELATIONSHIP
MANAGEMENT
Amanah Raya Berhad
INTEGRITY
MANAGEMENT
CORPORATE
GOVERNANCE
SUBSIDIARIES
Quality Policy
We are committed to be an institution that
practises quality service and continually strives
for excellence in the interest of the institution’s
future. We will achieve our goals by offering
and providing services in trust administration
and legacy management that meet and fulfil
the expectations of our customers and our
social obligations.
Tepak Sireh
Rich in culture, rich in custom, the tepak
sireh bears more than its centuries-old
legacy in Malaysian society.
DATO’ AHMAD RODZI PAWANTEH
Group Managing Director
6
Adopted as an icon for AmanahRaya, the
tepak sireh epitomises the continuity of
culture, values and customs that have evolved
into a legacy and history.
Annual Report 2007
Annual Report 2007
The tepak sireh has been an integral thread in
the fabric of Malaysian tradition, as a mark of
friendship, as a means to initiate conversation,
as a tool to formalise negotiation, from
investiture ceremonies within the royal
courts to marriage solemnisation ceremonies
in the homes of common people.
Amanah Raya Berhad
Amanah Raya Berhad
It is a symbol of diplomacy with roots
ingrained deep in Malaysian history and it
harbours a deep significance for both the
giver and the receiver.
ISO 9001:2000
CERTIFIED
Excellence in service will also be achieved
by enhancing a working environment that
nurtures trained, competent, motivated,
efficient and professional employees.
In Malay custom, the tepak sireh is often
a family heirloom handed down the
generations, for it has played an integral role
on many an occasion.
For AmanahRaya, the tepak sireh symbolises
and embodies the very essence that endears
AmanahRaya to the nation’s trust.
AmanahRaya has built a legacy of trust among
Malaysians since 1921 and will endeavour to
uphold this trust for years to come.
www.amanahraya.com.my
CareLine : +6 03-2572 9999
Vision
To be an institution of excellence in providing
professional services in trust administration and
legacy management while meeting customers’
satisfaction with a sense of social responsibility.
Mission
¡
To ensure efficiency in providing trustee and
legacy services.
¡
To ensure the highest quality of services to our
customers.
¡
To develop new products and services to cater
to the needs of our customers.
¡
To strive towards strengthening AmanahRaya’s
capabilities and enhancing its image so
as to maintain its position as the market
leader in the trust administration and legacy
management services.
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Annual Report 2007
Annual Report 2007
To provide a cordial working environment
for efficient, knowledgeable, motivated and
competent employees to discharge their
responsibilities professionally.
Amanah Raya Berhad
Amanah Raya Berhad
¡
AMANAH RAYA BERHAD
Dato’ Haji Dusuki Ahmad
NOTICE IS HEREBY GIVEN that the Thirteenth (13th) Annual General Meeting of AMANAH RAYA
BERHAD will be held at the Board Room, 15th Floor, Wisma AmanahRaya, No 2, Jalan Ampang, 50450
Kuala Lumpur on Friday, 20 June 2008 at 10am or any adjournment thereof to transact the following
business:-
(344986-V)
Chairman
2. To approve the declaration of a final tax exempt dividend of 100% for the financial year
ended 31 December 2007.
(Resolution 2)
3. To approve the payment of Directors’ fees for the financial year ended 31 December 2007.
(Resolution 3)
Datin Aminah Pit Abd Raman
Haji Ab Gani Haron
Datuk Mohd Hashim Hassan
Dato’ Ahmad Rodzi Pawanteh
Dato’ Abdullah Sani Ab Hamid
Dato’ Mohd Bakke Salleh
Dato’ Sulaiman Iberahim
Shamsuddin Haji Tahir
Sharifah Adlina Syed Abdullah
Dato’ Wira Mohamed Farouk Che Ibrahim
Haji Shafii Hamat
Dato’ Syed Salleh Syed Othman
AMANAHRAYA
DEVELOPMENT SDN BHD (546094-U)
Chairman
Tan Sri Datuk Arshad Ayub
Hj Ahmad Kamal Abdullah Al-Yafii
Note:
1. A member of the Company entitled to attend and vote at this Meeting is entitled to appoint
a proxy to attend and vote in his stead.
2. A proxy may but need not be a member of the Company, an advocate, an approved Company
auditor or a person approved by the Registrar of Company.
3. The instrument appointing a proxy shall be in writing under the hand of the appointer or
his/her attorney duly authorised in writing or, if the appointer is a corporation, either under
its common seal or under the hand of an officer or attorney duly authorised.
4. The instrument appointing a proxy must be deposited at the registered office of the Company
not less than 48 hours before the time appointed for holding the Meeting.
Chairman
Haji Ahmad Kamal Abdullah Al-Yafii
Rafie Omar
Deputy Chairman
Datuk Mohamed Adnan Ali
Datuk Mohamed Azahari Mohamed Kamil
Dato’ Dr. Mohd Irwan Serigar Abdullah
Chairman
Tai Siong Choi
Dato’ Mahadi Haji Mohd Ibrahim
Haji Rozan Mohd Sa’at
Sharizad Juma’at
Alina Hashim
(Alternate Director To
Dato’ Ahmad Rodzi Pawanteh)
Alina Hashim
AMANAH RAYA NOMINEES
(TEMPATAN) SDN BHD (434217-U)
Chairman
Hjh Habsah Bakar
AMANAH RAYA NOMINEES
(ASING) SDN BHD (684546-P)
Hjh Habsah Bakar
(309646-H)
AMANAHRAYA
CAPITAL GROUP SDN BHD
Tan Sri Ahmad Fuzi Abdul Razak
(760289-U)
Chairman
Dato’ Abdul Mutalib Mohamed Razak
Dato’ Ismail Hassan
Datuk Syed Hussian Syed Junid
Maliami Hamad
Alina Binti Hashim
(Alternate Director To
Dato’ Ahmad Rodzi Pawanteh)
AMANAHRAYA PRIVATE
EQUITIES SDN BHD (760296-P)
10
Annual Report 2007
Annual Report 2007
9
ZAINUL ABIDIN HAJI AHMAD
LS8854
Company Secretary
Date: 10 June 2008
Alina Hashim
(Alternate Director To Dato’ Ahmad
Rodzi Pawanteh)
AMANAHRAYA-JMF ASSET
MANAGEMENT SDN BHD
Haji Ab Gani Haron
Mohd Radzuan Ab Halim
Amanah Raya Berhad
Amanah Raya Berhad
BY ORDER OF THE BOARD
Chairman
Datuk Mohamed Bazain Haji Idris
AMANAH RAYA
CAPITAL SDN BHD(549057-K)
5. To transact any other ordinary business of which due notice shall have been given in
accordance with the Companies Act, 1965.
Chairman
AMANAHRAYA UNIT TRUST
MANAGEMENT SDN BHD (532354-W)
Alina Hashim
4. To re-appoint Messrs. PricewaterhouseCoopers as Auditors of the Company until the
conclusion of the next Annual General Meeting and to authorise the Board of Directors to
fix their remuneration.
(Resolution 4)
(LL03749)
Datuk Azailiza Mohd Ahad
AGENDA
1. To receive and adopt the Statutory Financial Statements of the Company and the Group for
the financial year ended 31 December 2007 together with the Reports of the Directors and
Auditors thereon.
(Resolution 1)
AMANAH RAYA
(LABUAN) LIMITED
Board of Directors
Notice of the 13th Annual General Meeting
Board of Directors
AMANAHRAYA MODAL SDN BHD
(760322-X)
AMANAHRAYA HARTANAH SDN BHD
(760290-W)
Zainul Abidin Ahmad
AMANAHRAYA CORPORATE
ADVISORY SDN BHD (760300-A)
AMANAHRAYA
PROPERTIES SDN BHD
Alina Hashim
Zainul Abidin Ahmad
(760310-K)
Shamsuddin Hj Tahir
AMANAHRAYA
INVESTMENT BANK LTD
(LL05633)
AMANAHRAYA PROJECT
MANAGEMENT SDN BHD
Chairman
Haji Ab Gani Haron
Zainul Abidin Ahmad
(760306-W)
AMANAHRAYA
HOLDINGS BERHAD
AMANAHRAYA ASSET
MANAGEMENT (LABUAN) LTD
(760311-U)
(LL05668)
Chairman’s
Statement
Zainul Abidin Ahmad
KLANG VALLEY
RECREATION BERHAD
(86118-M)
Sharizad Juma’at
AMANAHRAYA TRUSTEES BERHAD
(766894-T)
11
Alina Hashim
Zainudin Hj Suhaimi
(Alternate Director To Hjh Habsah Bakar)
Hjh Habsah Bakar
Hj Ab Gani Haron
AMANAHRAYA LEGACY
SERVICES SDN BHD (760371-W)
Shamsudin Hj Tahir
(338862-K)
(A SUBSIDIARY OF AMANAHRAYA-JMF ASSET
MANAGEMENT SDN BHD)
Chairman
Dato’ Hj Za’ba Che Rus
Tai Siong Choi
AMANAHRAYA-JMF NOMINEES
(TEMPATAN) SDN BHD (331584-X)
(A SUBSIDIARY OF AMANAHRAYA-JMF ASSET MANAGEMENT SDN BHD)
Tai Siong Choi
AMANAHRAYA-JMF MARGIN SDN BHD
(355295-P)
(A SUBSIDIARY OF AMANAHRAYA-JMF ASSET MANAGEMENT SDN BHD)
Rafie Omar
Alina Hashim
Tai Siong Choi
12
Annual Report 2007
AMANAHRAYA-JMF
CAPITAL SDN BHD
than a year ago, we put in
motion a business diversification strategy
to enable the Group to transcend the
bread and butter activities of Estate
Administration, Trust Operations and
Wills Services. Over the course of 2007,
the reach of the Group extended well into
territories such as Asset Management,
Personal Financing, Offshore Investment
Banking and Trustee Operations and
Property Management, making us a fullfledged financial services company.”
Amanah Raya Berhad
Amanah Raya Berhad
Chairman
Annual Report 2007
Dato’ Idrus Harun
“More
“Another year went by, and the
company, which has been in existence
since May 1921 under the name of the
Department of Public Trustee and Official
Administrator, is wiser by 12 months than
what it was a year ago. ”
Amanah Raya Berhad took shape in 1995 following the
corporatisation of the Department. It was the only route
for the Department to take then as it needed to be
financially strong and efficient. With more than 86 years
of experience in the business of trust, legacy management
and wills services, the decision to be corporatised by the
government has resulted in the success of the company.
The idea and objectives of corporatisation are to ensure
the efficiency in operations and the profitability of the
company. To date, the two objectives had been made
possible for the company.
Chairman
In December 2003, Dato’ Haji Dusuki was appointed
Chairman of Amanah Raya Berhad. Among his
portfolios were Member of the Syariah Advisory
Council at Amanah Raya Berhad and the Syariah
Advisory Council at Amanah Raya Unit Trust
Management Sdn Bhd, the latter an appointment by
the Securities Commission.
In his illustrious career, he was, among others:
Member of Parliament 1982-1990
Parliamentary Secretary of the Ministry of
Regional & Land Development 1984-1986
Parliamentary Secretary of the Ministry of
Information 1986-1990
Political Secretary to the Prime Minister
2000-2003
Chairman and Director of Yayasan Dakwah
Islamiah Malaysia 1975-1982
Director of Kuala Lumpur office of the Muslim
World League 1998-2003
Member, Board of Directors of NSTP Group
1992-1996
Advisor to Berita Publishing Sdn Bhd 1992-1996
He graduated in 1966 with a Master in Arts in Syariah
from the Al-Azhar University, Cairo.
Which route did the Group take to reach this
destination?
More than a year ago, we put in motion a business
diversification strategy to enable the Group to transcend
the bread and butter activities of Estate Administration,
Trust Operations and Wills Services. Over the course
of 2007, the reach of the Group extended well into
territories such as Asset Management, Personal Financing,
Offshore Investment Banking and Trustee Operations, and
Property Management, making us a full-fledged financial
services company.
Under the Amanah Raya Berhad’s Trust Management and
Estate Administration, the turnaround time of files has
reflected the efficiency of the company.
In recent years, commercial property development and
management across the region has been on the upswing,
and prudent investors have jumped on the bandwagon
with Real Estate Investment Trust. In Malaysia, REIT has
begun to prove itself on Bursa Malaysia and AmanahRaya
has launched the AmanahRaya Real Estate Investment
Trust with 13 properties.
What made the Group capable of this
performance?
Instead of resting on our laurels, the Group revitalised
critical areas with added zest to improve the
performance. There was a better presence of branches,
a stronger approach to marketing, a greater efficiency
in information technology, a closer cohesiveness in
employee coordination, and, by living and working with a
closer adherence to our code of ethics and integrity, the
Group managed to consolidate these strengths to power
the way to a spectacular all-round performance in 2007.
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Annual Report 2007
The achievements of 2006 have made 2007 a challenging
year for the Group. This is reflected in the Group’s
performance for the fiscal year. Group revenue increased
to RM263.3 million, a 140% jump over the RM109.9
milllion it achieved in 2006. In tandem, Profit Before Tax
was RM128.3 million, a 212% increase over the RM41.2
million registered in 2006.
AmanahRaya Unit Trust Management Sdn Bhd launched
its fourth unit trust fund in late 2007. Known as the
AmanahRaya Islamic Cash Management Fund, it has a fund
size of 200 million units.
Amanah Raya Berhad
Today, the public trustee company has more than 16
units under its wing involved in a wider scope of business
interests including capital markets, legacy management,
trust management and property management.
Our footprint in the arena of Corporate Trusteeship,
Custodial Services and Nominee Services has evolved
into a solid foothold. In Corporate Trusteeship, we now
have a 62% market share, being the trustee for major
unit trust in the country. The result of powerful strategic
partnerships we developed with marketing-oriented
banks and corporations, has brought about a hefty
increase in businesses for the Legacy Management division.
Deploying a similar strategy, AmanahRaya Investment
Bank Ltd developed a win-win link-up with numerous
prudent investors to generate lucrative fee-based financial
activities from corporate deals and structured products
in the capital market.
With the financial achievement of the Group, AmanahRaya was
able to put emphasis on its Corporate Social Responsibility
(CSR) projects.
Where will the Group head to in 2008?
The standards we put in place will guide the Group to be focused
on the direction for the future.
An internationally-recognised Quality Management System
(ISO) accreditation exercise has been slated for early 2008
and this is subsequent to the First Internal Quality Audit
(IQA) and the Second Internal Quality Audit (IQA) that were
completed in the last two quarters of 2007. This standard will
be the light that will brighten the path for all the activities of the
Group, in going for an even stronger performance in the coming
year. Concurrent with the ISO accreditation exercise, the SIRIM
recertification audit for Amanah Raya Berhad will take place to add
another level of credibility.
Each subsidiary and the Group have lined up encouraging plans
to propel the activities and the services to greater heights,
and to exemplify the spirit of Corporate Social Responsibility
even further.
Gratitude
As Chairman, I would like to record my gratitude to the
Board of Directors of the Group and subsidiaries, the
management and the staff of the Group who have worked
tirelessly to exceed the expectations and goals in 2007. Their
attentiveness to the Philosophy, the Mission and the Vision of
the Group is shown in the performance of the Group.
My fellow members in the Board of Directors have always
been supportive of each other in providing positive feedback
and single-minded directions for the betterment of the
Group. For Tuan Haji Ab Gani Haron who resigned from
the Board in Dec 2007, we would like to thank him for all
his contributions and efforts. To Dato’ Abdullah Sani Bin Ab
Hamid, Dato Mohd Bakke Bin Salleh and Tuan Haji Shafii Bin
Hamat who were appointed in the year 2007, we would like
to extend a very warm welcome.
Allow me to also extend my appreciation to the Ministers
In-Charge of Estate and Trust, the Minister of Finance and the
Federal Lands Commissioner, our shareholders, our clients,
our business partners, our financial institutions partners and
all regulatory bodies for the support received and, on behalf
of the Board of Directors, I look forward to their continued
support in 2008.
Dividend
The Board is recommending a Final Dividend After Tax of
RM1.00 per share for the Financial Year Ended 31 December
2007, subject to the members’ approval at the forthcoming
Annual General Meeting.
Amanah Raya Berhad
DATO’ HAJI DUSUKI AHMAD
Chairman
“An internationally recognised Quality
Management System (ISO) accreditation
exercise has been slated for early 2008 and
this is subsequent to the First Internal Quality
Audit (IQA) and the Second Internal Quality
Audit (IQA) that were completed in the last
two quarters of 2007.”
Annual Report 2007
15
“Each subsidiary and the Group as a whole
have lined up encouraging plans to propel the
activities and the services to greater heights,
and to exemplify the spirit of Corporate Social
Responsibility even further.”
Group
Managing
Director’s
Statement
Dato’ Ahmad Rodzi Pawanteh was appointed
Group Managing Director on 1 July 2004.
His portfolio includes:
¡ Chairman of the Quotation Committee
¡ Chairman of the Executive Committee
¡ Member of the Investment Committee
¡ Member of the Tender Committee
¡ Member of the Law Review Committee
¡ Member of the Boards of all subsidiaries
of Amanah Raya Berhad
“Existing businesses
will be strengthened
and potential
businesses will be
explored with the
proper due diligence.”
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Annual Report 2007
Annual Report 2007
17
Amanah Raya Berhad
Amanah Raya Berhad
He graduated from Universiti Malaya with a
Bachelor of Economics-Accounting (Hons)
and from the University of Wolverhampton,
United Kingdom, with a Bachelor of Laws
(Hons). He holds a Master in Business
Administration (General Management)
from the Southern Cross University,
Australia, together with a Master in Business
Administration (Banking & Finance) from
the University of Hull, United Kingdom.
He is a member of the Chartered Institute
of Marketing, United Kingdom, and is a
Registered Financial Planner.
raise a fund of USD 1 billion, a significant quantum by any
yardstick.
Capital Markets
To this end, AmanahRaya signed a Memorandum of
Understanding with Gapura Prima group. The partnership
targets to list the Real Estate Investment Trust (REITs) in
Singapore.
Initially, the company is looking at acquiring five properties in
Indonesia and two properties in Malaysia with a total asset size
of more than USD250 million (RM860 million).
The REIT will focus on properties in the Association of SouthEast Asian Nations (Asean), namely Malaysia, Indonesia, the
Philippines, Singapore, Thailand and Vietnam.
It will target mainly commercial and hospitality assets but it
will focus only on shopping malls in Malaysia.
“Today, Amanah Raya
Berhad is well entrenched
in the sphere of Corporate
Trusteeship, Custodial
Services and Nominee
Services, with market share
of 62% and 23% in the first
two sectors.”
Corporate Trusteeship
Today, Amanah Raya Berhad is well entrenched in the sphere
of Corporate Trusteeship, Custodial Services and Nominee
Services, with market share of 62% and 23% in the first two
sectors. In addition, AmanahRaya is the trustee for 35 bonds.
One of the Group’s units that will be the crucial vehicle in
achieving this is AmanahRaya Investment Bank Ltd (ARIB)
Labuan, which has already become a substantial earnings
churner for the Group.
ARIB, which was granted the investment banking license on
29 December 2006, started its operations in April 2007. It
is a licensed offshore bank under the auspices of the Labuan
Offshore Financial Services Authority (Lofsa) with a paid-up
capital of USD2.82 million.
AmanahRaya Trustees Berhad (ART) was incorporated on 23
March 2007.
ART is an eligible trust company registered by the Securities
Commision for unit trust funds and bonds. The strategic move
is in line with the AmanahRaya Group’s direction to provide
excellent services and to seize more opportunities in the
corporate trusteeship segment.
Legacy Management and Estate Administration
For the financial year ending 31 December 2007, ARIB
reported strong pre-tax profit of USD3.97 million (RM13.14
million).
AmanahRaya Legacy Services Sdn. Bhd (ARLS) is a private
limited company which was set up on 24 Jan 2007. ARLS
primarily provides will preparation, will registration, will
custodianship and will execution services, collectively known
as will services and estate administration (Testate)
Since it started operations, ARIB has accummulated total
assets amounting to USD197 million as at end 2007. The
debut of ARIB opens up more opportunities for the Group
to expand its business and introduce more innovative financial
products and services.
Venturing into strategic partnerships for Legacy Management
with banks and corporations, the strong cooperative approach
in securing business led to a sizable increase in business for the
division, covering both Muslim and non-Muslim wills.
ARIB offers both offshore investment banking - corporate
finance and advisory services - as well as private banking such
as fund management services.
From only 15,191 cases in January 2007, total wills registered
as at 31 Dec 2007 was 29,166 cases, a 92% increase due to
contributions from strategic partnerships with various banks
and established companies.
ARIB has signed an MOU with Asian Finance Bank for the joint
establishment, sponsorship, management and administration
of the world’s first Mega Islamic Marine Fund, which will
the performance of
a fund in relation to
market conditions is
smart management, and
this is being practised in
the management of the
Common Fund.”
20
Annual Report 2007
Annual Report 2007
19
AmanahRaya Investment Bank
Ltd. Labuan, has accummulated
total assets amounting to USD
197 million as at end 2007. The
debut of ARIB opens up more
opportunities for the Group to
expand its business and introduce
more innovative financial products
and services.”
Investment Bank
Amanah Raya Berhad
Amanah Raya Berhad
“Since it started operations,
“The key to optimising
In terms of composition, 71% of the total were
Muslim wills (20,849 cases); while the remaining
were non-Muslim wills at 8,317 cases.
Common Fund
The key to optimising the performance of a
fund in relation to market conditions is smart
management, and this is being practised in the
management of the Common Fund.
In 2007, the state of the stock market was
robust, the position of property assets was
high-yield, and interest rates at a stable level.
With this picture, the Common Fund was able
to register a strong performance with prudent
management.
“Over the years, much emphasis
has been placed in elevating
the Group in both domestic and
international market in every
possible aspect.”
A total of RM150 million was loaned out in 2007
in the form of Corporate Loans and Personal
Financing.
Our property development and management
involvement is in these projects :
Though there were people who were skeptical
of unit trust, in the fourth quarter of 2007,
AmanahRaya launched the fourth unit trust
fund by AmanahRaya Unit Trust Management
Sdn Bhd. Known as the AmanahRaya Islamic
Cash Management Fund, the fund size was
RM200 million.
Across the world, Real Estate Investment Trust
is attracting a keen sense of interest from
investors, and rightly so as rewards are pouring
in.
In Malaysia, the sustained performance of REITs
on Bursa Malaysia has enabled Amanah Raya
Real Estate Investment Trust to realise profitable
ventures by attracting quality investors.
“Accreditation of global standards
accords the Group quality of
world standard and earns the
Group respect in the international
financial circles.”
Looking ahead
of the Government in managing the
economic situation in Malaysia, the
Group is focused, committed and
resolute in its drive to perform even
more admirably in 2008.”
With the mortgage crisis in the United States,
rise in the commodities prices, inflation and the
weakening of USD, the world financial markets are
going through a cycle of nervousness.
Investing in the future
Existing businesses will be strengthened and
potential businesses will be explored with the
proper due diligence.
Over the years, much emphasis has been placed
in elevating the Group in both domestic and
international market in every possible aspect.
However, with the firm direction of the
Government in managing the economic situation
in Malaysia, the Group is focused, committed
and resolute in its drive to perform even more
admirably in 2008.
22
Annual Report 2007
Annual Report 2007
21
Investment
“However, with the firm direction
Accreditation of global standards accords the Group
quality of world standard and earns the Group
respect in the international financial circles.
Procedures and Initiatives
A Quality Management System (ISO) accreditation
exercise will be held in Quarter One 2008 and
every company in the Group will be subject to this
exercise.
This stems from the First Internal Quality Audit
(IQA) and the Second Internal Quality Audit (IQA)
that were completed in Quarter Two and Quarter
Four 2007 for Amanah Raya Berhad.
Amanah Raya Berhad
Amanah Raya Berhad
Aseania Megamall in Seberang Prai, Penang;
the Jana Towers in Subang Jaya, Selangor; the
Customs & Immigration Complex in Johor
Baharu, Johor; the Telekom Malaysia Tower
in Malacca; the D’tiara Office-Hotel-Suite in
Brickfields, Kuala Lumpur; and, the Lembah
Permai project in Tambun, Perak.
DATO’ AHMAD RODZI PAWANTEH
Board of Directors
Amanah Raya Berhad
Amanah Raya Berhad
Dato’ Abdullah Sani Ab Hamid
24
Shafii Hamat
Annual Report 2007
Annual Report 2007
23
Sharifah Adlina Syed Abdullah was appointed to
the Board as a Non-Independent Non-Executive
Director on 1 August 2006.
Currently, she serves as the Principal Assistant
Secretary, the Investment, MOF (Inc.) and Privatisation
Division.
Her previous experience includes being in the private
sector as an Account Relationship Manager at United
Overseas Bank (Malaysia) Bhd.
She is a Member of the Investment Committee and
the Audit Committee within the Group.
In the Ministry of Finance, she has gained much
experience from having held various posts, which is
a vital attribute to the Group.
She graduated in 1997 with a Bachelor in Business
Administration (Banking) with Honours Second
Class Upper from Universiti Utara Malaysia and
she also holds a Master of Science in International
Economics, Banking & Finance from the University
of Wales, Cardiff, United Kingdom graduating in
2005.
NON-INDEPENDENT NON-EXECUTIVE DIRECTOR
Datuk Azailiza Mohd Ahad was appointed to the
Board as a Non-Independent Non-Executive Director
on 30 June 2006.
She has amassed 23 years of legal and advisory
experience in the Government sector. She began
her career as a Magistrate before she moved to
the Advisory and International Division, AttorneyGeneral’s Chambers.
At present, she serves as the Head of International
Affairs Division (Senior Federal Counsel) AttorneyGeneral’s Chamber.
She graduated from Universiti Malaya.
Annual Report 2007
Amanah Raya Berhad
Annual Report 2007
Amanah Raya Berhad
Amanah Raya Berhad
Amanah Raya Berhad
Annual Report 2007
Datuk Mohd Hashim Hassan was appointed to the
Board as an Independent Non-Executive Director
on 28 April 2005. He has held various key positions
over the 38 years spent in the Government, the semiGovernment and the private sectors. At present, he
is Chairman of AmanahRaya Development Sdn Bhd
and Chairman of Tender Committee. He is also a
Board Member of AmanahRaya Asset Management
(Labuan) Ltd, AmanahRaya Hartanah Sdn Bhd and
Klang Valley Recreation Berhad.
He brings to the Group invaluable experience from
his previous portfolios:
¡Chief Executive Officer, Kedah State
Development Corporation
¡Managing Director, Kulim Technology
Park Corporation
Executive Chairman, Bina Darulaman Berhad
¡Director / Chief Executive Officer, Putrajaya
Holdings Sdn Bhd
¡Chairman, Putrajaya Holdings Sdn Bhd
¡Chairman, Padiberas Nasional Bhd
¡Deputy Chairman, KUB Malaysia Berhad
¡
Currently, he is the Chairman of Exim Import Bank
Malaysia, a Director of Bank Kerjasama Rakyat (M)
Berhad and Lebar Daun Berhad. He obtained his
Bachelor in Agricultural Science from Universiti
Malaya. Further, he holds a Master in Business
Administration from Ohio University as well as a
Master in Science in Food Science from Michigan
State University.
Currently, Haji Shafii Hamat is an Accountant at the
Accounting Development and Management Section of
the Department of Accountant General, Malaysia.
Prior to this, his experience includes:
¡ Executive Officer (Accounting), Inland Revenue
Board where he was directly responsible for the
financial operations of the Board
¡ State Treasurer, in the Treasury of Penang,
Selangor and Terengganu, where he oversaw
the total process of the accounting system. He
was also directly involved in the Privatisation
and Companies Corporate Affairs under MKD
(Syarikat-syarikat Menteri Kewangan yang
diperbadankan), Ministry of Finance
¡Service Manager, Fund Management for the
National Higher Education Fund Board
Finance Manager, South Kelantan Development
Corporation
¡Member of the Board, Penang Port Management
Sdn Bhd
¡
He was also directly involved in the Privatisation of
Companies Corporate Affairs under MKD (Syarikatsyarikat Menteri Kewangan yang diperbadankan),
Ministry of Finance.
He graduated from Universiti Malaya with a Degree
in Accounting (Hons) and completed his Master in
Business Administration at Universiti
Kebangsaan Malaysia. He is a qualified
Accountant and is a member of the
Malaysian Institute of Accountants.
Annual Report 2007
INDEPENDENT NON-EXECUTIVE DIRECTOR
Haji Shafii Hamat
Dato’ Mohd Bakke
Salleh
Dato’ Abdullah
Sani Ab Hamid
NON-INDEPENDENT
NON-EXECUTIVE DIRECTOR
Dato’ Abdullah Sani Ab Hamid was
appointed as a Non-Independent NonExecutive Director on 8 February 2007. He
is a member of the Audit Commitee of the
Company. He has accumulated invaluable
experience in his years in the public sector,
and his experience includes:
Amanah Raya Berhad
Annual Report 2007
He holds a Master in Public Administration
from the America University, United States,
as well as a Bachelor of Science in Political
Science from Universiti Sains Malaysia.
At present, Dato’ Mohd Bakke is the
Group Managing Director of Felda Holdings
Berhad.
He also serves as:
Member of the Securities Commission
of Malaysia
Director, BIMB Holdings Berhad
Director, Bank Islam Malaysia Berhad
Director of several unlisted companies
His previous experience includes:
Group Managing Director and Chief
Executive Officer, Lembaga Tabung Haji
Director, Property Division, Pengurusan
Danaharta Nasional Berhad
Managing Director, Federal Power Sdn Bhd
Managing Director, Syarikat Perumahan
Pegawai Kerajaan Sdn Bhd
Group General Manager, Island &
Peninsular Berhad
Head of Audit Division & Assistant Vice President of Real Estate Division,
Citibank, Kuala Lumpur
He is a Fellow of the Institute of Chartered
Accountants in England and Wales and
a member of the Malaysian Institute of
Accountants.
After graduating from the London School
of Economics and Political Science with
a Bachelor of Science (Econs), he did his
articleship at the London office of Grant
Thornton.
Annual Report 2007
Presently, he is Director-General of the
Legal Affairs Division in the Prime Minister’s
Department.
Dato’ Mohd Bakke Salleh is a Chartered
Accountant by profession.
Amanah Raya Berhad
Assistant District Officer in Port Dickson
Assistant Secretary, Negeri Sembilan
State Government
Senior Assistant Director, Office of
Director-General Federal Land and
Minerals Department
Principal Assistant Secretary, Negeri
Sembilan (Protocol)
Deputy Chairman, Seremban
Municipal Council
Director of the Negeri Sembilan
Foundation
State Financial Officer, Negeri Sembilan
State Secretary of Negeri Sembilan
INDEPENDENT
NON-EXECUTIVE DIRECTOR
Datin Aminah Pit Abd Raman was appointed to the
Board as an Independent Non-Executive Director on
1 August 2002.
Her portfolio includes:
¡ Chairperson of the Personnel & Integrity Committee
¡ Member of the Syariah Advisory Council
¡ Chairperson for AmanahRaya (Labuan) Limited
¡ Director of AmanahRaya Trustees Berhad
Her experience in entrepreneurship as well as in
the corporate and government sectors makes her a
valuable resource to Amanah Raya Berhad. Presently,
she is a businesswoman.
Her previous experience includes:
Six years in the private sector as:
¡ General Manager, Economic and Islamic Banking
Division at Hong Leong Bank Berhad
23 years in the public sector as:
¡ Administrative and Diplomatic Officer including
¡ Director of the Planning and Development
Consumer Affairs where she was directly involved in
corporate planning of Ministry of Finance
¡ Deputy Director of Administration at the
Universiti Hospital, Kuala Lumpur
¡ Served in the Ministry of Domestic Trade &
Consumer Affairs and in the Ministry of Finance
She graduated with a Bachelor of Economics (Hons)
from Monash University, Melbourne, in 1971, and
completed her Diploma in Business Studies from the
London School of Economics in 1985.
Amanah Raya Berhad
Shamsuddin Haji Tahir was appointed as an Independent
Non-Executive Director on 13 July 2004.
Further, he is a Chairman of various organisations
including the Pendang Youth District Council.
He serves as:
¡Member, Investment Committee
¡Member, Personnel & Integrity Committee
¡Board Member, Amanah Raya Capital Sdn Bhd
¡Chairman, AmanahRaya Legacy Services
Sdn Bhd
¡Board Member, AmanahRaya Hartanah Sdn Bhd
¡Board Member, AmanahRaya Development
Sdn Bhd
He is a steadfast politician and has held various
positions in UMNO including as Deputy Head,
Pendang UMNO Youth and at present is the Deputy
Chief, Pendang UMNO.
In addition, he is also a Board Member of Klang
Valley Recreation Berhad.
Annual Report 2007
Annual Report 2007
Amanah Raya Berhad
Abdul Wahab
Abdul Aziz
CHIEF INTEGRITY OFFICER
Amanah Raya Berhad
Alina Hashim
Alina Hashim joined Amanah Raya Berhad in August
2004.
Her attributes include a strong background in finance:
¡ Manager, Southern Finance Berhad, in Accounts
& Money Market, Finance & Administration
(Islamic Banking Division), and, Credit Control
departments
¡ Manager of Finance & Administration, Utusan
Publication & Distribution Sdn Bhd
She holds a:
¡ Certified Practising Accountant certificate from
Australia
¡ Chartered Accountant certificate from the
Malaysian Institute of Accountants
Certified Financial Planner certificate from the
Financial Planning Association of Malaysia.
¡
In addition, she was:
¡ Vice-President of the Malaysian Association of
Accounting Administrators
¡ Council Member of the Malaysian Institute of
Accountants
She graduated from Monash University with a Degree
in Business Accounting.
He holds a Bachelor of Arts (Hons) in
Industrial & Organisational Psychology from
Universiti Kebangsaan Malaysia. In addition,
Abdul Wahab also has a Master of Science in
Industrial & Organisational Psychology from
the University of New Haven, Connecticut.
Annual Report 2007
CHIEF OPERATING OFFICER I Amanah Raya Berhad
His previous experience is of immense
value to the Group. Formerly, he was with
the Anti Corruption Agency (ACA), having
served them for 23 years. His last post was
as Deputy Director of the ACA in Pahang.
Amanah Raya Berhad
Abdul Wahab came on board Amanah Raya
Berhad in June 2007.
IMPRESSIVE TRACK RECORD
AmanahRaya-JMF Asset Management Sdn Bhd emerged from the company that was incorporated on 10
February 1995 under the name of Fidelity Asset Management Sdn Bhd by Mohamed Azahari Mohamed Kamil and Tai
Siong Choi. On 6 December 1995, Johor Corporation and Malay Officers’ Cooperative Credit and Investment Society
subscribed to a 31% and a 20% stake respectively, in Fidelity Asset Management Sdn Bhd.
To reflect the participation of these two shareholders, the name of the Company was changed to JMF Asset
Management Sdn Bhd. In an effort to further develop its technical capabilities and to tap opportunities available in the
global markets, in June 1999, the Company invited Dexia Asset Management (Asia) Ltd, a wholly-owned subsidiary of
Banque Internationale A Luxembourg (Asia) Ltd, to subscribe to a 40% stake.
Three years later, arising from the corporate restructuring of the Dexia Group of Companies, Dexia withdrew its
stake from JMF Asset Management Sdn Bhd. In July 2003, JCorp, a company listed on the Main Board of the Kuala
Lumpur Stock Exchange, underwent a rationalisation and restructuring exercise.
This move saw Sindora Berhad, a subsidiary of JCorp, take a 75% equity in JMF Asset Management Sdn Bhd, with
the remaining 25% held by the two co-founders. Amanah Raya Berhad, foreseeing the potential in the market and
in the Company, acquired a 70% equity on 28 September 2005,
bringing to fore a larger, stronger entity which became known as
AmanahRaya-JMF Asset Management Sdn Bhd.
Datuk
Mohamed Azahari
Mohamed Kamil
MANAGING DIRECTOR
This acquisition has entrenched Amanah Raya Berhad to position
AmanahRaya-JMF Asset Management Sdn Bhd to secure business
and investments by leveraging on its admirable track record along
with its astute managerial and technical expertise.
Over the years, Datuk Azahari has also
excelled in senior positions at:
Malaysian Industrial Development
Finance Berhad
MIDF Consultancy Services Sdn Bhd
Bapema Corporation Sdn Bhd
Island & Peninsular Berhad
Kimara Equities Sdn Bhd
PB Securities Sdn Bhd
Board Of Directors
• Tan Sri Datuk Arshad Ayub Chairman
• Haji Ahmad Kamal Abdullah Al-Yafii Deputy Chairman
• Datuk Mohamed Adnan Ali
• Datuk Mohamed Azahari Mohamed Kamil
• Dato’ Dr Mohd Irwan Serigar Abdullah
• Tai Siong Choi
• Haji Rozan Mohd Sa’at
• Sharizad Juma’at
• Alina Hashim
(Alternate Director To Dato’ Ahmad Rodzi Pawanteh)
Since 1995, Datuk Azahari has been a
Licensed Fund Manager’s Representative.
(309646-H)
7th & 8th Floor, Wisma AmanahRaya
2 Jalan Ampang, 50450 Kuala Lumpur
6-03-2687 5200
6-03-2687 5300
Website: www.amanahrayajmf.com
36
Annual Report 2007
Annual Report 2007
Datuk Mohamed Azahari is the Managing
Director of AmanahRaya-JMF Asset
Management Sdn Bhd (“ARJMF”), a
subsidiary of Amanah Raya Berhad. He holds
an MBA (Finance) from the Central Michigan
University, USA. With more than 20 years
experience in Capital markets, Datuk Azahari
currently shares his experience where he sits
on the Board of Sapura Technology Berhad,
Al-Nibras Ltd, Safeena Ltd, PA Resources
Berhad and various other subsidiaries of
Amanah Raya Berhad.
Amanah Raya Berhad
Amanah Raya Berhad
AmanahRaya-JMF Asset Management Sdn Bhd
SOLID REPUTATION OF MANAGERIAL EXPERTISE
AmanahRaya-JMF Asset Management Sdn Bhd emerged from the company that was incorporated on 10
February 1995 under the name of Fidelity Asset Management Sdn Bhd by Mohamed Azahari Mohamed Kamil
and Tai Siong Choi. On 6 December 1995, Johor Corporation and Malay Officers’ Cooperative Credit and
Investment Society subscribed to a 31% and a 20% stake respectively, in Fidelity Asset Management Sdn Bhd.
To reflect the participation of these two shareholders, the name of the Company was changed to JMF Asset
Management Sdn Bhd. In an effort to further develop its
technical capabilities and to tap opportunities available in
Sharizad Juma’at
the global markets, in June 1999, the Company invited Dexia
Asset Management (Asia) Ltd, a wholly-owned subsidiary
EXECUTIVE DIRECTOR /
of Banque Internationale A Luxembourg (Asia) Ltd, to
CHIEF INVESTMENT OFFICER
subscribe to a 40% stake.
AmanahRaya-JMF Asset Management Sdn Bhd
In June 2004, Sharizad Juma’at joined
AmanahRaya Asset Management Sdn Bhd
as Chief Executive Officer. Soon after,
following the merger of Amanah Raya
Asset Management Sdn Bhd and JMF Asset
Management Sdn Bhd, she was appointed
Executive Director / Chief Investment
Officer (Fixed Income/Property) of the new
entity, Amanah Raya-JMF Asset Management
Sdn Bhd.
Sharizad has over 18 years of invaluable
experience in fund management, in particular,
in the areas of Fixed Income and Equities.
Annual Report 2007
She has been a Licensed Fund Manager’s
Representative under the Securities Industry
Act (1983) since 2004.
She graduated from Universiti Kebangsaan
Malaysia with a Bachelor of Science (Hons)
in Biochemistry. She obtained her Master in
Business Administration in Finance from the
Michigan State University.
This acquisition has enabled Amanah Raya Berhad to
position AmanahRaya-JMF Asset Management Sdn Bhd
to secure business and investments by leveraging on its
admirable track record along with its astute managerial and
technical expertise.
Board Of Directors
• Tan Sri Datuk Arshad Ayub Chairman
• Haji Ahmad Kamal Abdullah Al-Yafii Deputy Chairman
• Datuk Mohamed Adnan Ali
• Datuk Mohamed Azahari Mohamed Kamil
• Dato’ Dr Mohd Irwan Serigar Abdullah
• Tai Siong Choi
• Haji Rozan Mohd Sa’at
• Sharizad Juma’at
• Alina Hashim
(309646-H)
6-03-2687 5200
6-03-2687 5300
Website: www.amanahrayajmf.com
38
Annual Report 2007
Later, at the Employees Provident Fund, she
held many senior positions:
Investment Analyst
Head of Treasury, managing a RM100
Billion Fixed Income Portfolio
Head of Equity Investment Department,
managing a RM45 Billion Equity Portfolio
General Manager, Equity Investment
This move saw Sindora Berhad, a subsidiary of JCorp, take
a 75% equity in JMF Asset Management Sdn Bhd, with the
remaining 25% held by the two co-founders. Amanah Raya
Berhad, foreseeing the potential in the market and in the
Company, acquired a 70% equity on 28 September 2005,
bringing to the fore a larger, stronger entity which became
known as AmanahRaya-JMF Asset Management Sdn Bhd.
Amanah Raya Berhad
Amanah Raya Berhad
Her career began at Permodalan Nasional
Berhad where she served as a Research
Analyst.
Three years later, arising from the corporate restructuring
of the Dexia Group of Companies, Dexia withdrew its
stake from JMF Asset Management Sdn Bhd. In July 2003,
JCorp, a company listed on the Main Board of the Kuala
Lumpur Stock Exchange, underwent a rationalisation and
restructuring exercise.
INNOVATIVE PRODUCTS & CUSTOMER-CENTRIC SERVICES
AmanahRaya Trustees Berhad was incorporated on 23 March 2007 in line with the Amanah Raya Berhad
Group strategy towards the future.
With the emphasis on diversification to cater to the demands of the market and the provision of customercentric services and products, Amanah Raya Berhad realised it became imperative to seize the opportunity
to catch the vast pool of business in the burgeoning corporate trusteeship segment.
Hjh Habsah Bakar
CHIEF EXECUTIVE OFFICER
AmanahRaya Trustees Berhad
In February 2007, Hajjah Habsah Bakar took
the helm of AmanahRaya Trustees Berhad as
Director and Chief Executive Officer.
She has served Amanah Raya Berhad the
last 12 years as General Manager overseeing
various departments, including:
Corporate Trust
Legal
Branch
Customer Relationship Management
Marketing, Corporate Communications
and Product Development
She also served the Ministry of Housing and
Local Government.
She graduated from Universiti Malaya in 1985
with a Degree in Law (Hons) and in 1997,
received a post-graduate Diploma in Syariah
Law and Practice from the International
Islamic University.
The fact remains that with a highly respectable track record
arising from over 30 years of experience, the Company is
highly optimistic in consolidating its position as the leading
corporate trusteeship business provider to both the domestic
and global capital market players.
Indeed, today, the Company is in a favourable position, being
the industry market leader in corporate trusteeship.
It is a testament to the astute management of the Company
that, at present, AmanahRaya Trustees Berhad services and
manages unit trust funds of net asset value of over RM100
billion and is trustee to debentures of nominal value of RM32
billion.
The policies that are in place at AmanahRaya Trustees Berhad
will further advance the Company strongly among other
industry players.
Board Of Directors
• Dato’ Idrus Harun Chairman
• Datin Aminah Pit Abd Raman
• Hjh Habsah Bakar
• Hj Ab Gani Haron
40
Annual Report 2007
Annual Report 2007
Previously, she had served in the Judicial and
Legal Service in various capacities across
different departments:
High Court
Department of Public Trustee
This segment of business the Company is in has invariably
high expectations from Clients and the challenge is to excel
across the board by constantly innovating the portfolio that
the Company has to offer in terms of services and products
along with a high of service throughout the supply chain.
Amanah Raya Berhad
Amanah Raya Berhad
Her vast experience in legal administration
has greatly benefited the Group.
AmanahRaya Trustees Berhad evolved from what was
once the Corporate Trust Department in Amanah Raya
Berhad.
• Haji Ahmad Kamal Abdullah Al-Yafii
• Alina Hashim
• Zainudin Hj Suhaimi
(Alternate Director To Hjh Habsah Bakar)
(766894-T)
10th Floor, Wisma AmanahRaya
6-03-2055 7388
6-03-2072 6753
ENSURING PEACE OF MIND
AmanahRaya Legacy Services Sdn Bhd was incorporated on 24 January 2007.
Since 1921, Amanah Raya Berhad has been providing an essential service to the nation in the sphere of estate
administration, trust service and wills service.
Over the years, in particular over the last decade, the public have become increasingly aware of the need to
create and maintain a will, and this development led Amanah Raya Berhad to form the Probate Management
Department in 2006.
Rafie Omar
AmanahRaya Legacy Services Sdn Bhd
Rafie Omar was appointed Director and
Chief Executive Officer of AmanahRaya
Legacy Services Sdn Bhd in February 2007.
Over the years, he has presented various
papers on Estate Planning, Islamic Financial
Planning and Islamic Wealth Management at
many places and events of repute.
He obtained his Diploma in Law from MARA
Institute of Technology in 1986 and his LLB
Degree from the University of Melbourne
in 1987.
The primary thrust of the Company’s activity is Will
Preparation, Will Custodianship and Will Execution.
Will Preparation encompasses legal consultation on
testamentary issues and the drawing up of a will.
Will Custodianship encompasses the secure keeping of
the will and the ensuring the absolute confidentiality of its
contents.
Will Execution encompasses assuming the role of legal
representative for cases involving testate estates where
Amanah Raya Berhad is appointed as the executor and
or where the appointed executor renounces to act and
appoints Amanah Raya Berhad to assume the position of
executor.
AmanahRaya Legacy Services Sdn Bhd is focused on forging
ahead to emerge as a total solutions provider for wills
services by capitalising on its inherent strengths and total
commitment.
Board Of Directors
• Shamsudin Hj Tahir Chairman
•Dato’ Ahmad Rodzi Pawanteh
• Dato’ Hj Za’ba Che Rus
•Rafie Omar
• Alina Hashim
(760371-W)
6-03-2055 7388
6-03-2055 7594
42
Annual Report 2007
Annual Report 2007
When he came on board Amanah Raya
Berhad, he was responsible for running the
Branch Operations as the General Manager,
Operations. In July 2003 he took charge of
the Sales and Marketing Division and played
a role in the expansion of sales and in the
increase of revenue for the Company.
Naturally, this influx of business necessitated the strengthening
of the backroom operations which saw the transformation
of the Probate Management Department into a company,
AmanahRaya Legacy Services Sdn Bhd.
Amanah Raya Berhad
Amanah Raya Berhad
He was practising law in private practice
before moving on to the corporate sector
where he accumulated vast experience in
many areas:
¡ Legal Advisor, Business Development
& Corporate Affairs Division, Malaysian
Resources Corporation Berhad
¡ Director, KL Sentral Sdn Bhd, a
subsidiary of Malaysian Resources
Corporation Berhad
¡ Member of the Legal Team, Pengurusan
Danaharta Nasional Berhad
Seeing an opportunity on the horizon, the department
engaged aggressive and intense marketing efforts which
resulted in a thoroughly surprising and rewarding growth of
1,200% that year.
CHANGING THE LANDSCAPE OF UNIT TRUST MANAGEMENT
AmanahRaya Unit Trust Management Sdn Bhd commenced its operations under the name Amanah
Raya Asset Management Sdn Bhd. The Company was established to pave the way for Amanah Raya Berhad to
concentrate on its core business activity of trust and legacy management.
In this respect, Amanah Raya Asset Management Sdn Bhd assumed the investment operations of the Investment
Department at Amanah Raya Berhad.
Johari Hassan
AmanahRaya Unit Trust Management Sdn Bhd
Johari Hassan was appointed Chief Executive
Officer of AmanahRaya Unit Trust Management
Sdn Bhd in July 2007.
His portfolios saw him make a significant
contribution to the securities industry:
¡ Committee Member, Kuala Lumpur Stock
Exchange
¡ Deputy Chairman, Information Technology
Sub-Committee, Kuala Lumpur Stock
Exchange
¡ Member, Membership Sub-Committee,
Kuala Lumpur Stock Exchange
¡ Member, Committee of Association of
Stockholders Malaysia Bhd
He graduated with a Master in Business
Administration in Information Technology
from the Maastricht School of Management,
Netherlands, and also holds a Bachelor of
Science in Business Administration from the
New Hampshire College.
From October 2005, the asset management activities of
Amanah Raya Asset Management Sdn Bhd were transferred to
AmanahRaya-JMF Asset Management Sdn Bhd.
With opportunities opening up in the financial market, Amanah
Raya Berhad found that the time was ripe to launch unit trust
funds under an entity separate from the asset management
business of AmanahRaya-JMF Asset Management Sdn Bhd.
This resulted in Amanah Raya Asset Management Sdn Bhd
being transformed into a unit trust company, undergoing a
name change to AmanahRaya Unit Trust Management Sdn Bhd
on 27 July 2006. Its portfolio of services allows the Company to
operate, to administer and to distribute unit trust funds.
AmanahRaya Unit Trust Management Sdn Bhd entrusts a majority
of its investment management functions to AmanahRaya-JMF
Asset Management Sdn Bhd, a licensed investment manager
approved by the Securities Commission.
44
Board Of Directors
•
•
•
•
•
•
•
Dato’ Sulaiman Iberahim
Annual Report 2007
Annual Report 2007
His previous portfolio includes:
¡ Manager, Bank of Commerce Berhad
¡ Manager, PFM Asset Management Sdn Bhd
¡ General Manager, Johor Venture Sdn Bhd
¡ Chief Executive Officer, PJB-OUB
Securities Sdn Bhd
¡ Managing Director, Jupiter Securities Sdn
Bhd
¡ Chief Executive Officer / Executive
Director, Permodalan BSN
¡ Director of Securities Clearing Automated
Network Services Sdn Bhd
On 18 August 2005, Amanah Raya Berhad entered into
an arrangement to acquire a 70% equity interest in JMF
Asset Management Sdn Bhd, and this was completed on 28
September 2005.
Amanah Raya Berhad
Amanah Raya Berhad
He brings a wealth of experience gained in the
capital market, in general management and in
group corporate strategy, which is essential to
the Company.
Its aim was to develop and sharpen its business acumen and
competency across the various fields of investment services
together with fund management.
Chairman
Dato’ Wira Mohamed Farouk Che Ibrahim
Dato’ Syed Salleh Syed Othman
Datuk Mohamed Bazain Haji Idris
Alina Hashim
(532354-W)
6-03-2687 5200
6-03-2687 5300
Website: www.arutm.com.my
COMMITTED TO NATIONAL DEVELOPMENT
At the beginning of the millennium, Amanah Raya Berhad envisaged a healthy growth in infrastructure and
property development in the coming years.
Annual Report 2007
• Shamsuddin Haji Tahir
While in the Group, he held executive
and board positions in private and listed
companies such as BCB Berhad, Crocodile
Holdings Berhad and JTOP Corporation
Berhad. Upon leaving the Group, he took
on the role of Senior Vice-President of
Finance & Operations at Permanis Sdn Bhd
before joining AmanahRaya Hartanah Sdn
Bhd.
(760290-W)
Level 6, Wisma Prowara
19 Jalan Melaka 50450 Kuala Lumpur
6-03-2032 2999
6-03-2070 5241
He graduated with a Diploma in Accountancy
from Universiti Teknologi Malaysia
and obtained his Bachelor in Business
Administration from the Western Michigan
University.
46
Annual Report 2007
To enhance the Group’s foray into project development and to elevate the image of Amanah Raya Berhad in the
market as a Government body that is dynamic, innovative and
visionary, AmanahRaya Hartanah Sdn Bhd was incorporated
Abdul Malek Abbas
on 18 January 2007, during the corporate restructuring
CHIEF OPERATING OFFICER
exercise of Amanah Raya Berhad.
AmanahRaya Hartanah Sdn Bhd
AmanahRaya Hartanah Sdn Bhd consists of AmanahRaya
Properties Sdn Bhd, Amanah RayaProject Management Sdn
Abdul Malek is well exposed in various
fields, from banking to manufacturing and
Bhd and AmanahRaya Development Sdn Bhd.
plantations; to property development and
management.
Mission
¡ To support the Government’s aims, aspiration and
He began his career with Citibank in Kuala
intention in the Ninth Malaysia Plan for the economic
Lumpur, where as Assistant Manager in the
and social growth of the nation through involvement in
Financial Institution Department, he took
Government projects which are as commercial in nature.
charge of:
¡ To create a synergy in the investment of commercial
¡ Banks
property under AmanahRaya-JMF Asset Management Sdn
¡ Finance companies
Bhd in tandem with the launching of AmanahRaya REIT on
¡ Leasing companies
26 February 2007.
¡ Credit companies
¡ To contribute towards the revenue and income of the Group.
¡ Insurance companies
Activities
Later, he had stints at United Malayan Banking
¡ 0Project Management Services from conceptual planning to
Corporation and United Asian Bank.
0 completion of the development.
¡ 0Property Maintenance Services for commercial property
In 1993, he joined the young, up-and
0 under Amanah Raya Berhad.
-coming company of Tan Sri Syed Mokhtar
¡ 0Project Development through Joint-Venture concept.
Al-Bukhary. In the seven years there, he
¡ 0Smart Partnership and Strategic Alliance with select
was instrumental in securing a number of
0 partners to secure project development ventures.
privatisation projects with a value to the
¡0Project Development Financing through Private Finance
tune of billions of ringgit.
0 Initiative including Build, Lease and Transfer, and Fund
These include:
0 Raising.
¡ The Senai International Airport
¡ The KTM gateway in Johor Bahru
¡ The Kulim Techno City
Board Of Directors
¡ The South Johor Expressway
• Datuk Mohd Hashim Hassan
Amanah Raya Berhad
Amanah Raya Berhad
Its venture into this sector began with the incorporation of AmanahRaya Hartanah Sdn Bhd on 26 April
2001.
CAPITALISING ON GROWTH OPPORTUNITIES
ARB Hartanah Sdn Bhd, the precursor to AmanahRaya Development Sdn Bhd, was established on
26 April 2001.
To complement and to project its business activity and to capitalise on the opportunities inherent in the
scope of consultation, development and property management, the Company underwent a name change
on 19 January 2007 to AmanahRaya Development Sdn Bhd.
Ir Ahmad Fohad
Hussein
CHIEF OPERATING OFFICER
AmanahRaya Development Sdn Bhd
Ir Ahmad Fohad Hussein joined Amanah
Raya Berhad in April 2004 as Chief Operating
Officer.
He received his Diploma in Civil Engineering
from Universiti Teknologi MARA and
obtained his Degree in Civil Engineering
from the University of Stratchclyde,
Glasgow. He also holds a Master in Business
Administration from Universiti Kebangsaan
Malaysia.
Property Development
Joint-venture development of commercial and residential property
¡ Independent development of residential and commercial land
¡
In-house Contractor
¡ Handling all construction and renovation works at Wisma Amanah Raya Berhad
¡ Handling all construction and renovation works at branch offices of Amanah Raya Berhad
Over the years, the growth of the Company can be attributed
to a satisfied client base, which has evolved into a strong pool
of repeat business, and to excellent referrals.
48
Board Of Directors
•Datuk Mohd Hashim Hassan Chairman
•Haji Ahmad Kamal Abdullah Al-Yafii
•Dato’ Ahmad Rodzi Pawanteh
•Shamsuddin Haji Tahir
•Rafie Omar
•Alina Hashim
(546094-U)
1st & 2nd Floor, Wisma Prowara
19 Jalan Melaka 50450 Kuala Lumpur
6-03-2070 3533/2072 4054
6-03-2070 4053
Annual Report 2007
Annual Report 2007
His vast experience in many capacities
includes:
¡ Site Engineer, Angsana Berhad
¡ Panazana Enterprise Sdn Bhd
¡ Senior Project Manager,
Maju Holdings Sdn Bhd
¡ Genaral Manager,
Matrix Fair Management Sdn Bhd
¡ Vice-President,
Pi-Gas Engineering Sdn Bhd
¡ Assistant Project Manager,
for Malaysia Airports Holdings Berhad
Project Management Consultancy
¡ Technical management and supervision of works carried out by appointed contractors and suppliers
¡ Pre-qualification and selection of contractors
¡ Tender evaluation and recommendation
¡ Tender preparation and invitation for tender
Amanah Raya Berhad
Amanah Raya Berhad
Prior to Amanah Raya Berhad, he was
General Manager with the Board of Engineers
Malaysia. A professional engineer registered
with the Board of Engineers Malaysia,
he has accumulated vast experience in
property development, construction and
management.
The areas of business AmanahRaya Development Sdn Bhd is
involved in, include:
JANUARY
January (Pix 1a)
Presentation of tombstone to AmanahRaya Investment Bank Ltd. Labuan, by The Royal Bank of Scotland in Singapore.
26 January (Pix 2a & 2b)
Launch of the AmanahRaya REIT Prospectus, officiated by YB Dato’ Dr. Awang Adek Hussin, Deputy Finance Minister 11, Malaysia,
at the Mandarin Oriental Hotel, Kuala Lumpur.
2a
2b
3a
3b
4a
Milestones in 2007
50
5a
5b
6a
february
10 February (Pix 4a)
Exhibitor at the 101 Financial Planning Workshop (Parts 1 & 2) at Bank Negara Malaysia, Kuala Lumpur.
13 February (Pix 5a & 5b)
Balloting of the Malaysian public portion of the AmanahRaya REIT at MIDF Building, Kuala Lumpur.
20 February
Organised a Legacy Planning and Estate Administration Seminar at Masjid Batu 10, Cheras, Selangor.
26 February
Exhibitor at Minggu Kualiti UIA at Pusat Aktiviti Kebudayaan, International Islamic University, Selangor.
26 February (Pix 6a)
Listing of the AmanahRaya REIT, officiated by YB Datuk M Kayveas, Deputy Minister, Prime Minister’s Department, at the Bursa
Gallery, Bursa Malaysia Berhad, Kuala Lumpur.
Annual Report 2007
Annual Report 2007
1a
Amanah Raya Berhad
Amanah Raya Berhad
27 January (Pix 3a & 3b)
Signing of the Joint Venture Agreement between Amanah Raya Berhad and PJI Holdings Berhad, witnessed by YM Tunku Naquiyudin
ibni Tunku Jaafar at the Jana Tower Sales Gallery, Kuala Lumpur.
march
June
17 March
Exhibitor at the 61st Annual General Meeting of the Bar Council Malaysia at the Legend Hotel, Kuala Lumpur.
5 June (Pix 11a)
Launch of the Amanah Raya Code of Ethics Book, officiated by YB Dato’ Dr. Awang Adek Hussin, Deputy Finance Minister 11,
Malaysia, at Wisma AmanahRaya, Kuala Lumpur.
18 March (Pix 7a)
Participant at the launch of the special programme “Setiap Anak Permata Negara” at Wisma TV, Jabatan Penyiaran Malaysia, Radio
Televisyen Malaysia, Angkasapuri, Kuala Lumpur.
april
April
Presentation of a tombstone to AmanahRaya Investment Bank Limited, Labuan by the Washington Square Investment Management
in Kuala Lumpur.
16 June (Pix 12a)
Signing of the Memorandum of Understanding between Gapura Prima Group of Indonesia and AmanahRaya Investment Bank
Limited, Labuan in Jakarta, Indonesia.
30 June (Pix 13a)
A Legacy Planning and Estate Administration Seminar hosted by Amanah Raya Berhad and UMNO Parlimen Padang Rengas was
held at SMK Tun Perak, Padang Rengas, Perak.
3 April (Pix 8a)
Signing Ceremony and Seminar for Corporate Agents of Amanah Raya Berhad and luncheon with the Managing Director at Wisma
AmanahRaya, Kuala Lumpur.
20 - 22 April (Pix 9a, 9b & 9c)
Exhibitor at the Minggu Amanah Saham Malaysia 2007 organised by Permodalan Nasional Berhad at Padang Majlis Perbadanan
Kuantan 11, Kuantan, Pahang.
11a
7a
12a
13a
9a
8a
14a
15a
15b
Amanah Raya Berhad
Amanah Raya Berhad
9b
9c
10a
May
52
16a
16b
16c
12 - 13 May (Pix 10a)
Participant in the Treasure Hunt Yayasan Kebajikan Negara from Kuala Lumpur to Malacca.
15 - 17 May
Participant at the Pameran dan Seminar Keusahawanan Islam, Dewan DBKL in Kuala Lumpur.
17 May
Participant at the launch of the programme Akademi Al-Quran at TV9, Sri Pentas, Bandar Utama, Selangor.
17 May
Organised the Legacy Planning and Will Writing Seminar for Persatuan Bekas Wartawan Wanita (PERTAMA) at Wisma
20 May
Participant in the Program Mesra organised by the Biro Pengaduan Awam, held at Tasik Titiwangsa, Kuala Lumpur.
july
4 July (Pix 14a)
Hosted the Press Conference to announce the Cheshire Home Fund Raising Charity Hi-Tea ‘Art from the Heart’ at Wisma
10 to 12 July (Pix 15a & 15b)
Organised the Konvensyen Pewarisan Harta Islam and Pelancaran Daftar Wasiat Malaysia which was officiated by YB Dato’ Seri
Mohamed Nazri Tan Sri Aziz, Minister in the Prime Minister’s Department, at Putra World Trade Centre, Kuala Lumpur.
13 July (Pix 16a, 16b & 16c)
Signing of the Memorandum of Understanding of the Establishment of the Islamic Real Estate Development Fund between
AmanahRaya Investment Bank Limited, Labuan and Kuwait Finance House (Labuan) Berhad, which was officiated by Y Bhg
Dato’ Azizan Abdul Rahman, Director-General of Labuan Offshore Financial Services Authority, at Wisma AmanahRaya, Kuala
Lumpur.
Annual Report 2007
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51
Amanah Raya Berhad
18 July (Pix 17a, 17b, 17c & 17d)
Signing of the Memorandum of Understanding between Goldman Sachs International Limited and AmanahRaya Investment Bank
(Labuan) Limited in Hong Kong.
1 August (Pix 21a)
Cheque Presentation Ceremony to Universiti Malaya by Amanah Raya Berhad for the International Conference on Democratisation
and Good Governance in the Malaysian Public Sector, at Eastin Hotel, Petaling Jaya, Selangor.
23 July (Pix 18a,18b & 18c)
Launch of AmanahRaya Investment Bank Limited, Labuan which was officiated by YB Tan Sri Nor Mohamed Yakcop, Finance
Minister 11, Malaysia, at the Kuala Lumpur Convention Centre.
14 August (Pix 22a, 22b, 22c & 22d)
Signing of the Joint Development and Underwriting Agreement between Amanah Raya Berhad and OilCorp Berhad to develop D’
Tiara AmanahRaya Hotel Suites and Corporate Offices, at the Westin Hotel, Kuala Lumpur..
17a
17b
17c
21a
22a
17d
18a
18b
22c
22d
23a
18c
19a
20a
23b
24a
24b
22b
54
24 July (Pix 19a)
Signing of the Concession Agreement between the Selangor State Government and AmanahRaya Development Sdn Bhd which
was officiated by the Menteri Besar, YAB Dato’ Seri Dr. Mohamed Khir Toyo, at the SSAAS Building, Shah Alam, Selangor.
27 - 29 July (Pix 20a)
Participant in the Kembara Mahkota Johor which toured the islands around Johor Darul Takzim.
28 July
Participant in the Annual Meeting of Pergerakan UMNO Petaling Jaya Utara at Crystal Crown Hotel, Petaling Jaya,
Selangor.
september
3 September (Pix 23a & 23b)
Signing of the Sale and Leaseback of Dana 13 Office Tower between Amanah Raya Berhad, Punchak Dana Sdn Bhd and Symphony
House Berhad.
6 September
Participant at Hari Integriti Nasional at the Putrajaya International Convention Centre, Putrajaya.
15 September (Pix 24a & 24b)
Organised a Legacy Planning and Estate Administration Seminar at Bagan Datoh, Perak.
Annual Report 2007
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august
Amanah Raya Berhad
53
july
October
3 October (Pix 25a)
Signing of the Forward Binding Agreement and the Memorandum of Understanding on the World’s First Mega Islamic Fund between
Asian Finance Bank Berhad and AmanahRaya Investment Bank (Labuan) Limited at the Hilton, Kuala Lumpur.
26 October (Pix 26a)
Meeting of AmanahRaya REIT unit holders on the voting for an injection of five new properties valued at RM308.67 million.
26a
27a
28a
29a
30a
November
12 - 13 November (Pix 28a)
Exibitor at the National Accountants Conference organised by the Malaysian Institute of Accountants, at the Kuala Lumpur
Convention Centre.
13 - 14 November (Pix 29a)
Participated at the 12th Malaysian Capital Market Summit 2007, which was held at the Sheraton Imperial Hotel, Kuala Lumpur.
19 - 21 November
Exhibitor at the Kuala Lumpur Islamic Financial Forum and Exhibition at the Nikko Hotel, Kuala Lumpur.
December
11 December (Pix 30a)
Signing of the Lease Agreement for a High Technology Pharmaceutical Plant between Hi-City Bioscience Group Berhad and Amanah
Raya Berhad which was witnessed by the Chief Minister of Penang, YAB Tan Sri Dr. Koh Tsu Koon.
Annual Report 2007
Annual Report 2007
55
25a
Amanah Raya Berhad
Amanah Raya Berhad
30 October (Pix 27a)
Signing of the Strategic Alliance Agreement between Affin Islamic Bank Berhad and Amanah Raya Berhad on Affin i-Will and Affin
i-Wasiat.
our pursuit
of business
excellence
will never be
at the expense
of the
country’s
social
and economic
development.
Amanah Raya Berhad
Even before it’s corporatisation in 1995, CSR has been a guiding
principle in the Group’s philosophy and efforts to support the
country’s social and economic programmes. As such, CSR has
always remained at the top of AmanahRaya’s agenda.
Since 2003, AmanahRaya has committed appropriate allocations
to the needy through a “share and share alike” principle.
The amounts have increased from RM177,000 in 2003 to
RM4.49million in 2007.
Breakdown of allocations in 2007
Foundations
26%
Flood victims
20%
Religious organiSations 16%
Orphans/disabled/senior citizens14%
Government agencies/NGOs 11%
Sports
8%
Arts & Heritage
1%
Education
1%
Environment 1%
International humanity aid 1%
60
AmanahRaya’s CSR Programmes are streamlined under four main categories:
Annual Report 2007
Annual Report 2007
Amanah Raya Berhad
59
MAKING A
TANGIBLE
DIFFERENCE
WITH
MEANINGFUL
CONTRIBUTIONS
TO THE
COMMUNITY.
Corporate Social Responsibility (CSR) is not a new concept to
Amanah Raya Berhad (AmanahRaya).
CORE
VALUES
Pride
Proud to be associated with AmanahRaya
and its products and services.
Knowledge
Understand and be knowledgeable on AmanahRaya’s
products and services, and other
related fields in order to achieve good results
effectively and efficiently.
Amanah Raya Berhad
61
Uphold customer’s trust by discharging our
duties fairly, honestly and sincerely.
Teamwork
Collective effort to achieve
AmanahRaya’s goals.
Integrity
62
Annual Report 2007
Annual Report 2007
Continuously delivering excellent customer service.
Amanah Raya Berhad
Customer
Service Excellence
CUSTOMER
SERVICE ASSOCIATE
(CSA)TRAINING
PROGRAMME
Participants : A total of 117 employees
Date : On going throughout the year
Objectives:
• To equip CSAs with practical knowledge and experience in handling customers.
• To develop an understanding of Company processes.
• To create a more effective and efficient customer service delivery.
WORKPLACE &
HUMAN CAPITAL
As such, AmanahRaya’s human capital management adheres to the highest
standards and international norms with systematic practices in place to
deliver its responsibilities in this area:
•Transparency & reporting practice
•Performance & monitoring & measuring practice
•Ethical conduct & enforcement code
•Deserving remuneration policy
•Employee satisfaction monitor policy
In Workplace, the focus is primarily on Health & Safety while in Human
Capital Development, the emphasis is on Skills Enhancement and Employee
Engagement with Diversity and Respect.
Health & Safety
A healthy and safe workplace promotes a conducive environment where
employees are motivated to perform at optimum levels at all times, resulting
in higher productivity and greater personal satisfaction.
Human Capital Development
Employees are offered the opportunity to pursue further education at
different levels: Certificate, Diploma, Degree and Master. By sending them
for training at professional seminars and workshops, AmanahRaya is able to
develop a strong pool of human capital.
PRACTICAL TRAINEE PROGRAMME
Participants : 57 undergraduates
Venue: Throughout AmanahRaya’s branches,
departments and subsidiaries
Objectives :
• To provide an insight into a real-life and
conducive working environment.
• To offer on-the-job guidance by experienced supervisors.
• To impart administrative assistance and technical support.
64
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63
Amanah Raya Berhad
Amanah Raya Berhad
AmanahRaya is committed to support and deliver Malaysia’s aspirations for
skilled and trained human capital, a powerful tool that will help us compete
effectively in an increasingly borderless world.
ESTATE &
TRUST PRODUCT
TRAINING
WORKSHOP
Participants : 200 employees from Headquarters
and Branch Offices
Date : 27 June - 16 August 2007
Venue : HQ, Central Region, Northern Region, Southern
Region, Eastern Region
Objectives :
• To strengthen the operations staff by equipping them with solid and precise product knowledge.
GRADUATE TRAINEE PROGRAMME
Participants : Both permanent and contract employees
Date : Quraterly
Venue : Dewan Sri Mutiara, Wisma AmanahRaya
Objectives :
•To equip participants with relevant knowledge about AmanahRaya.
Participants : 522 employees comprising leaders,
executives and non-executives.
Date : January – May 2007
Venue : Sessions 1-5 Holiday Villa Subang Jaya, Sessions 6 onwards ESSET Bangi
Objectives :
• To improve the strength of each employee in
his / her role in ensuring the continued success
of the Company.
• To equip employees with the necessary
knowledge and skills so that they can perform
at optimum levels.
• To ensure effective communication at all levels.
• To cultivate a winning attitude in bringing
change so as to achieve goals.
66
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65
INDUCTION
PROGRAMME
BORN TO EXCEL
@ WORK & ANGER
MANAGEMENT
PROGRAMME
Amanah Raya Berhad
Amanah Raya Berhad
Participants : Management Trainees and ex-Customer Service Associates
Venue : Throughout AmanahRaya’s branches, departmets and subsidiaries
Objectives :
• To equip Management Associates with skills and experience on AmanahRaya’s businesses.
• To develop an understanding of Company processes in order to deliver higher level of customer satisfaction.
• To apply managerial expertise in integrating people and activities.
• To improve efficiency and effectiveness in optimizing human resources through focused management techniques.
• To improve on strategic analysis in order to achieve the Company’s goals.
At every touch point, AmanahRaya is totally committed to customercentric projects, implementing policies that have established the
Company’s reputation for professionalism and good practice.
A sophisticated line of services and innovative products is delivered with
integrity and endorsed by AmanahRaya’s ISO 9001:2000 accreditation.
The Company’s activities are governed by carefully defined pillars:
• Financial Transparency
• Corporate Governance
• Investor Confidence
• Consumer Engagement
• Supplier Engagement
Turning policies into practice
In this respect, the Company is able to work through stakeholder
engagements, supplier standards, investor and customer relations,
international links, domestic sourcing, Islamic financing and joint
ventures and partnerships.
68
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67
Participants: 116 employees
Date : 1 - 4 December 2007
Venue : Balik Pulau, Penang
Objectives :
•To improve the staff quality in
ensuring continued growth of the Company.
•To equip staff with the relevant skills and knowledge to carry out their responsibilities.
•To cultivate and build a patriotic spirit.
•To communicate effectively at all levels for
better all-round performance.
•To develop a winning attitude for implementing change to achieve long-term success.
MARKETPLACE
Amanah Raya Berhad
Amanah Raya Berhad
BIRO TATANEGARA
TRAINING
PROGRAMME
ESTATE ADMINISTRATION AND
LEGACY PLANNING PUBLIC EDUCATION
PROGRAMME
Amanah Raya Berhad
Participants : 500 members of the public
(Muslims)
Date : 30 June 2007
Venue : Masjid Kuala Kangsar,
Padang Rengas, Perak
Objectives :
• To raise awareness of the importance of
estate management and legacy planning.
• To offer the assistance and expertise of
AmanahRaya in this area.
Amanah Raya Berhad
69
70
Annual Report 2007
Participants : 350 members of the
public (Muslims)
Date : 15 September 2007
Venue : Bagan Datoh, Perak
Objectives :
• To raise awareness on the
importance of estate management and legacy planning.
• To offer the assistance and expertise of
AmanahRaya in this area.
ESTATE ADMINISTRATION AND
LEGACY PLANNING PUBLIC EDUCATION
PROGRAMME
Annual Report 2007
INTEGRITY AWARENESS
& CODE OF BUSINESS ETHICS
PROGRAMME
Date : 5 Jun 2007
Venue : Wisma AmanahRaya
Objectives :
• To promote and create awareness of integrity and the business code of ethics among all levels of employees.
• To ensure products and services are provided to the community at competitive rates.
• To support CSR initiatives.
• To encourage employees in supporting social welfare activities.
The Company’s support goes beyond simple donations in cash and
kind(consultation, manpower, etc); steps are taken to ensure that
support must at all times and in all projects, benefit the cause directly.
To date, AmanahRaya has been involved in many social welfare and
community projects across a wide spectrum of society: the needy
and less fortunate, education, the community, sports, health and human
resource.
72
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71
Rakyat Policies are the pillars that guide AmanahRaya in shaping
a culture of giving towards the needy and providing support to
individuals and organisations that are focused on social, welfare and
community activities.
Amanah Raya Berhad
Amanah Raya Berhad
SOCIAL, WELFARE
& COMMUNITY
BATU 9, CHERAS, SELANGOR
Siti Nur Aqilah Sham, aged 13.Victim of motorcycle accident,
she is wheelchair-bound. With cash aid from AmanahRaya,
her father purchased a spacious vehicle to transport her to
school so she can continue her education.
CARE UNIT ACTIVITY – VISITS TO HOMES OF
BENEFICIARIES
MUAR, JOHOR
Atkah Ahmad, aged 77. Suffers from speech impairment.
Atkah’s guardian is 74-year-old Ismail, a serious heart
patient. Both cared for by Hafiz, Ismail’s unemployed son.
SEMENYIH, SELANGOR
Mohd Hafiz Mokhtar, aged 38. Lives with physical
disablement and speech problems. Cared for by his
mother and sister.
Amanah Raya Berhad
Amanah Raya Berhad
Every year, AmanahRaya allocates a budget to help
individuals in need of support for healthcare and wellbeing. These allocations go a long way to improve the
quality of life for the identified beneficiaries. Besides
cash allocations, visits are also made to their homes to
encourage them in their struggle to lead a normal and
healthy life.
74
REMBAU, NEGERI SEMBILAN
Noor Aziah Rahman, aged 16. Physically disabled from
waist down, depending on wheelchair for mobility. Cared
for by her parents.
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73
AMANAHRAYA’S OFFICE, KUALA LUMPUR
Kamarul Azman Johan, aged 13. An introvert
who is withdrawn and non-communicative with
classmates and even his family.
CHARITY
CONTRIBUTIONS
TO THE LESS
FORTUNATE
KUALA TERENGGANU, TERENGGANU
Nur Fathiehah Shafiqah Alias, aged 13. Became a paraplegic
as a result of a road accident. Bright student who loves
reading, she is ferried to and from school by her father.
Amanah Raya Berhad
Amanah Raya Berhad
BAGAN DATOH, PERAK
Recipients : 650 residents including
orphans, the disabled, senior citizens
and poor families.
Contribution : School uniforms,
school bags, clothes, batik materials,
rice and modest cash gifts, Muslim
cemetary signages.
Presented by : Dato’ Zahid Hamidi,
Deputy Minister of Information and
MP for Bagan Datoh, and Dato’ Ahmad
Rodzi Pawanteh, Group Managing
Director of AmanahRaya.
76
PADANG RENGAS, PERAK
Recipients : 650 residents of Padang Rengas.
Contribution : Donations totalling RM100,000 in cash and kind.
Presented by: Dato’ Seri Mohamed Nazri Abdul Aziz, Minister in
the Prime Minister’s Department and Dato’ Ahmad Rodzi Pawanteh,
Group Managing Director of AmanahRaya.
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75
PENDANG, KEDAH
Date: 24 September 2007
Recipients: 2000 residents of Pendang, Kedah.
Contribution: Donations totalling RM100,000 in cash and
kind (rice, milk, milo, sugar).
Presented by: Dato’ Seri Mohamed Nazri Abdul Aziz, Minister
in the Prime Minister’s Department and MP for Padang Rengas,
and Shamsuddin Haji Tahir, Director of AmanahRaya.
Amanah Raya Berhad
Amanah Raya Berhad
TUMPAT, KELANTAN
Date : 1 October 2007
Recipients : 240 residents of Pondok Tok
Selehor comprising 60 senior citizens without
heirs and 160 orphans.
Contribution : In cash and kind such as rice,
clothes etc.
Presented by : Dato’ Haji Dusuki Ahmad,
Chairman of AmanahRaya, Dato’ Ahmad
Rodzi Pawanteh, Group Managing Director of
AmanahRaya.
KAMPUNG PETA, JOHOR
Date: 27 May 2007
Recipients: The Orang Asli community of Kampung
Peta which was the worst hit area of the floods in
end 2006.
Contribution: Cash donation plus school uniforms
and shoes, school bags, stationery for needy
students.
Presented by: Y.A.M.Raja Zarith Sofiah bt.
Almarhum Sultan Idris Shah, Chairman of Malaysian
Red Crescent, and Cik Norhafiza Yahaya, Manager of
AmanahRaya Johor Branch.
BATU PAHAT, JOHOR
Date : 3rd February 2007
Recipients : Flood victims of
the affected areas.
Contribution : School bags,
mineral water, toiletries.
Presented by : Ketua Puteri
UMNO Wilayah Persekutuan.
BACHOK, KELANTAN
Recipients : Over 400 people in Bachok.
Contribution : Cash donations and in kinds ( rice, clothes, batik & papan tanda kubur)
Presented by : Shamsuddin Haji Tahir, Director of AmanahRaya.
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77
PADANG RENGAS, PERAK
Activity : Building Homes for
the Poor.
Objective : To provide a better
home and improved quality of life
for the villagers.
Working with : Padang Rengas
Parliamentary Community Service
Centre.
DEWAN SRI MUTIARA, WISMA
AMANAHRAYA
Date : 4 July 2007
Activity : “Art from the Heart”
Hi-Tea Charity Event.
Objective : To raise funds for the
construction of the Disabled Skills
Development Centre.
Co-sponsored by : AmanahRaya in
support of Cheshire Charity Home.
CONTRIBUTIONS
TO EDUCATION
VISITS TO AMANAHRAYA
Tok Motong Primary School,
Terengganu
Date : June 2007
Sekolah Kebangsaan Pos Brooke, Gua Musang, Kelantan
Date : March 2007
Activity : Visit to AmanahRaya by students and teachers;
conducted tour of Customer Service Centre followed by
meal and commemorative gifts.
Tengku Temmengong
Secondary School, Kedah
Date : May 2007
Amanah Raya Berhad
Amanah Raya Berhad
SRI PENTAS, BANDAR UTAMA, PETALING JAYA
Activity : TV9 “Cahaya Kasih”
programme that launched the Cahaya
Kasih Trust Fund.
Objectives :
• To acknowledge the sacrifices of the victims of the Nuri helicopter tragedy.
• To alleviate the burden of the families of the victims.
Contribution : RM50,000 to kick off
the Fund and RM30,000 for production
of TV programme.
Cheques presented by : Shamsuddin
Haji Tahir, Group Managing Director of
AmanahRaya.
80
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Annual Report 2007
UTUSAN MELAYU (M) BERHAD
Activity : Charity contribution to Utusan Group Orphan Fund.
Objective : To ensure orphans also get to enjoy the Hari Raya festivities.
CONTRIBUTION TO
UNIVERSITI MALAYA
Date : 1 August 2007
Activity : Contribution of RM100,000 to Universiti
Malaya’s organisation of international conference themed
“Democratisation & Good Governance in the Malaysian
Public Sector”.
Objectives :
• To support the vision of the Ninth Malaysian Plan
which focuses on a trustworthy government alongside
balanced economic development.
Annual Report 2007
Objectives :
• To provide visitors with an insight into how AmanahRaya serves the country.
• To provide needy students with school accessories (uniforms, shoes, bags, stationery).
“SETIAP ANAK PERMATA NEGARA”
TV PROGRAMME
AMANAHRAYA SCHOLARSHIP FUND 2007
Date : 16 March 2007
Activity : Launch of AmanahRaya Scholarship Fund 2007 for students from a monthly
household income totalling RM2000 or lower.
Objectives : To provide the opportunity for needy deserving students to pursue higher education.
“AKADEMI AL-QURAN MUSIM KE-2”
Date : 17 May 2007
Activity : Launch of the “Akademi Al-Quran”, a
13-episode programme on TV9
Objectives :
• To educate students on the finer points and discipline required to achieve the perfect reading of the Quran.
• To create a new generation who will translate the philosophy, principles and values inherent in the Quran into their lives.
Contribution : RM300,000 towards the production cost of 13 episodes
Amanah Raya Berhad
Amanah Raya Berhad
82
Date : 18 March 2007
Activity : Launch of “SETIAP ANAK PERMATA
NEGARA” programme by RTM
Objectives :
• To increase public awareness on the importance of educating and nurturing children from infancy
to aged 5 on the aspects of intellectual
development and child psychology.
Contribution: RM150,000 as main sponsor for 13
episodes
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81
COMMUNITY PROJECTS
REBUILDING OF HOMES HIT BY
FLOODS IN JOHOR
STAFF DAY
83
INSTALLATION OF SURAU
LIGHTBOX SIGNAGES
Date : December 2007
Project : Installation of lightbox signages for 18
suraus and mosques in N.Sembilan, Melaka, Johor,
Pahang, Kedah, Pulau Pinang, Terengganu, Kelantan
& Perlis.
Objective : To cultivate good relationship with the
community.
Sponsored by : AmanahRaya who paid for cost of
installation and electricity.
Venue : Awana Kijal, Terengganu
Date : July 2007
Objectives :
• To celebrate the Company’s 86 years in serving the nation with quality, professionalism, dedication and excellence.
• To foster friendship and encourage a team spirit among the staff.
• To reward staff with a restful break.
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Annual Report 2007
Venue : Dewan Sri Mutiara, Wisma AmanahRaya
Date : Ramadhan 2007
Hosted by : The Chairman and the Group Managing
Director of AmanahRaya
Attended by : Dato’ Seri Mohamed Nazri Abdul Aziz,
Minister in the Prime Minister’s Department, and the
staff of AmanahRaya.
Amanah Raya Berhad
Amanah Raya Berhad
Date: 5 April – 5 June 2007
Project : With an allocation of RM200,000,
rebuilding 10 homes severely damaged by
floods in Johor.
Objective : To cultivate good relations with the
community.
Sponsored by : AmanahRaya and AmanahRaya
Development Sdn Bhd, who took charge of the
project from start to completion.
BUKA PUASA WITH STAFF &
MINISTER IN-CHARGE
FAMILY DAY
Venue : Port Dickson, Negeri Sembilan
Date : 7 – 9 December 2007
Objectives :
• To demonstrate appreciation to the families of staff for their support and understanding.
• To foster and strenghten ties with employees.
• To raise staff morale and motivate even better performance.
HARI RAYA
CELEBRATION WITH
ORPHANS & MINISTER
IN-CHARGE
Venue : Dewan Sri Mutiara,
Wisma AmanahRaya
Date : 31 October 2007
Objective :
• To enable orphans to celebrate Hari Raya with the staff of AmanahRaya.
Contribution: Cash donation plus school
uniforms and stationery for the children.
Date : Launched in April 2007
Objectives :
• To provide orphans with a positive way of staying healthy in mind and body.
• To encourage the children in pursuing their goals
• To nurture a spirit of teamwork and friendship in
the children.
Contribution:
Equipment, sports attire, insurance and transportation
from hostel to field for football clinics every Saturday
and Sunday, 7am – 10am.
Amanah Raya Berhad
Amanah Raya Berhad
AMANAHRAYA WORLD
CUP VISION FOOTBALL
DEVELOPMENT PROGRAMME
FOR ORPHANS
86
85
Annual Report 2007
Annual Report 2007
“MAJLIS PELANCARAN LOGO
KEJOHANAN BADMINTON
MELAYU MALAYSIA”
Venue : Kuala Lumpur
Date : September 2007 - Unveiling of Logo
Sponsor : AmanahRaya
TENGKU MAHKOTA JOHOR ISLAND EXPLORATION
PROGRAMME
Venue : Pulau Sibu & Pulau Pemanggil,
Johor
Date : 27 July 2007
Objectives :
• To rehabilitate the islands of Sibu and Pemanggil off Johor.
• To keep the environment clean and pollution - free to retain pristine condition of the islands and surroundings.
• To forge a good working relationship with islanders and environment groups.
Contribution : RM50,000
Working at all levels
Staff : Employees are made aware of the importance of recycling in
daily life, and the biodegradability of products in their homes.
Non-Government organisations: Working with parties on
rehabilitation of the environment, the Company hopes to spread the
value and benefits of the 3Rs – Reuse, Reduce, Recycle.
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87
In support of international concerns and efforts to safeguard the
environment, AmanahRaya has implemented environment policies
through a set of systems for environment management, measuring and
monitoring effectiveness and environment reporting.
Amanah Raya Berhad
Amanah Raya Berhad
ENVIRONMENT
Subsidiaries
CAPITAL MARKETS
¡ AmanahRaya Capital Group Sdn Bhd
Tel : 6 03-2687 5200 Fax : 6 03-2687 5300
AmanahRaya - JMF Asset Management Sdn Bhd - AmanahRaya - JMF Margin Sdn Bhd
- AmanahRaya - JMF Nominees (Tempatan) Sdn Bhd
- AmanahRaya - JMF Capital Sdn Bhd
7th & 8th Floor, Wisma AmanahRaya 2 Jalan Ampang, 50450 Kuala Lumpur
Tel : 6 03-2687 5200 Fax : 6 03-2687 5300
¡
AmanahRaya Unit Trust Management Sdn Bhd
Tel : 6 03-2054 7200 Fax : 6 03-2054 7399
¡
¡ Amanah Raya Capital Sdn Bhd
Tel : 6 03-2055 7388 Fax : 6 03-2055 7556
AmanahRaya Modal Sdn Bhd AmanahRaya Private Equities Sdn Bhd 15th Floor, Wisma AmanahRaya 2 Jalan Ampang, 50450 Kuala Lumpur Tel : 6 03-2055 7388 Fax : 6 03-2031 4545
¡
Branches
PROPERTY MANAGEMENT
AmanahRaya Hartanah Sdn Bhd
19 Jalan Melaka, 50450 Kuala Lumpur
Tel : 6 03-2032 2999 Fax : 6 03-2070 5241
¡
AmanahRaya Properties Sdn Bhd
Tel : 6 03-2032 2727 Fax : 6 03-2031 6363
¡
AmanahRaya Project Management Sdn Bhd
Tel : 6 03-2055 7388 Fax : 6 03-2031 4545
¡
1st & 2nd Floor, Wisma Prowara
Tel : 6 03-2070 3533 / 03-2072 4054 Fax: 6 03-2070 4053
¡
TRUST MANAGEMENT
AmanahRaya Trustees Berhad
Tel : 6 03-2055 7388 Fax : 6 03-2072 6753
¡
¡
Kuala Lumpur Marketing Office
Level 7, Wisma AmanahRaya
Tel : 6 03-2687 5252 / 5251 Fax : 6 03-2687 5250
¡ AmanahRaya Asset Management (Labuan) Ltd
2 Jalan Ampang, 50450 Kuala Lumpur Tel : 6 03-2055 7388 Fax : 6 03-2031 4545
¡ AmanahRaya Corporate Advisory Sdn Bhd 15th Floor, Wisma AmanahRaya 2 Jalan Ampang, 50450 Kuala Lumpur Tel : 6 03-2055 7388 Fax : 6 03-2031 4545
Amanah Raya Nominees (Asing) Sdn Bhd
Tel : 6 03-2055 7388 Fax : 6 03-2031 4545
¡
Amanah Raya (Labuan) Limited
Tel : 6 03-2055 7388 Fax : 6 03-2031 4545
¡
LEGACY SERVICES
Tel : 6 03-2055 7388 Fax : 6 03-2055 7594
¡
Kuala Terengganu
4 Ground Floor & 1st Floor
Jalan Air Jernih
20300 Kuala Terengganu
Terengganu
Tel : 6 09-622 1201
Fax : 6 09-622 8449
Shah Alam
Lot 1, 1st, 2nd & 3rd Floor
Pusat Dagangan UMNO Shah Alam
Persiaran Damai, Seksyen 11
40100 Shah Alam
Selangor.
Tel : 6 03-5511 5733
Fax : 6 03-5511 5732
Sungai Petani
74 Jalan Lagenda Height 1
Lagenda Height
08000 Sungai Petani
Kedah
Tel : 6 04-422 9902 / 9905 / 9910
Fax : 6 04-422 9904
Kuantan
14 & 16 Ground Floor
Bangunan Majlis Ugama Islam
Jalan Bukit Ubi
25200 Kuantan
Pahang
Tel : 6 09-513 5318
Fax : 6 09-514 6785
Bangi
Lot 802G
Ground Floor
Bangi Business Park
Jalan Medan Bangi
Off Persiaran Bangi
Bandar Baru Bangi
43650 Bangi
Selangor
Tel : 6 03-8210 1346 / 7
Fax : 6 03-8210 1345
Alor Setar
237
Jalan Shahab 2,
Shahab Perdana
05350 Alor Setar
Kedah
Tel : 6 04-732 2080
Fax : 6 04-730 4406
Temerloh
23 Jalan Dato’ Bahaman 3
Pusat Komersil Temerloh
28000 Temerloh
Pahang
Tel : 6 09-296 1296 / 4562 / 4381
Fax : 6 09-296 4734
Seremban
Ground Floor 90 & 92
Jalan Yam Tuan
70000 Seremban
Negeri Sembilan.
Tel : 6 06-763 8387
Fax : 6 06-763 9234
Ipoh
Tingkat Bawah & Tingkat 1,
AG-3 & A-1-3,
Pusat Perniagaan Greentown,
Jalan Dato’ Seri Ahmad Said,
30450 Ipoh, Perak
Tel : 6 05-254 8714
Fax : 6 05-254 9454
Kota Kinabalu
2nd Floor
Bangunan Bank Negara
Jalan Tun Abdul Razak
Peti Surat 10127
Kota Kinabalu
Sabah.
Tel : 6 088-211 970
Fax : 6 088-246 178
MALACCA
42A Jalan PMS 3
Plaza Melaka Sentral
Peringgit
75300 Melaka.
Tel : 6 06-282 2848
Fax : 6 06-282 1443
PULAU PINANG
Ground Floor
Bangunan Tabung Haji,
Lot 50 Jalan Greenhall
10508 Pulau Pinang.
Tel : 6 04-261 1144
Fax : 6 04-263 4022
Kuching
31, Ground Floor & 1st Floor
Kueh Hock Kui Commercial Centre
Jalan Tun Ahmad Zaidie Adruce
Peti Surat 1364
93150 Kuching
Sarawak.
Tel : 6 082-254 170
Fax : 6 082-422 928
Muar
208 Jalan Meriam
84000 Muar
Johor.
Tel : 6 06-952 3218
Fax : 6 06-951 4597
Kuala Krai
PT 4025 Bandar Kuala Kerai
18000 Kuala Krai
Kelantan.
Tel : 6 09-748 5787
Fax : 6 09-960 7955
Johor Bahru
Suite M-03
Mezanine Floor,
15 Jalan Dato’ Abdullah Tahir
80300 Johor Bahru
Johor
Tel : 6 07-333 5918
Fax : 6 07-332 8428
Kota Bharu
PT 303, Tkt Bawah & Tkt 1,
Wisma Jaza, Batu 2,
Jalan Kuala Kerai,
15050 Kota Bharu,
Kelantan.
Tel : 6 09-748 2112
Fax : 6 09-747 8353
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89
AmanahRaya Investment Bank Ltd Head Office
Level 6(G2)
Main Office Tower
Financial Park Labuan
Jalan Merdeka, 87000 Labuan F.T.
Tel : 6 087-582 011 / 012 Fax : 6 087-582 013
Kangar
56 Lot 434
Ground Floor
Bangunan Bernama
Medan Raja Syed Alwi
01000 Kangar
Perlis.
Tel : 6 04-976 1485
Fax : 6 04-976 8520
Amanah Raya Berhad
Amanah Raya Berhad
¡
Amanah Raya Nominees (Tempatan) Sdn Bhd
Tel : 6 03-2055 7388 Fax : 6 03-2072 6102
¡
AMANAHRAYA
SERVICE CENTRE
Ground Floor & 2nd Floor
Wisma AmanahRaya Annex
4 Jalan Ampang
50450 Kuala Lumpur.
Tel : 6 03-2072 9999
Fax : 6 03-2031 6161
MEMBERS
Tuan Haji Ab Gani Haron (Resigned w.e.f 18.12.2007)
Y.Bhg. Datin Aminah Pit Abd Raman
Puan Sharifah Adlina Syed Abdullah
Y.Bhg. Dato’ Abdullah Sani Ab Hamid (Appointed w.e.f. 8.2.2007)
Terms of Reference of Audit and Review Committee
Objectives
The Audit and Review Committee is established in accordance with the Treasury Circular Letter No. 9 Year
1993 - Guidelines on the Setting up of Audit and Review Committees for Government Companies for the
purpose of:1. Maintaining the interest of the Government as the shareholder through control and monitoring of the
Management of the Company.
92
91
2. To assist the Board of Directors to monitor the principles and accounting systems, internal controls, financial
reporting and business ethics.
3. To determine the financial sources of the Company are administered and managed efficiently and effectively
in accordance with corporate and social objectives.
4. To undertake the role as the review and balance mechanism (checks and balances) of the management of the
Company.
5. To ensure compliance with the statutory requirements as required under the Companies Act 1965.
6. To oversee all functions of the Internal Audit Department.
Meeting
1. The quorum for the Committee shall comprise two (2) members.
2. The Committee shall meet at least once within a period of three (3) months or a period determined by the
Committee Chairman.
Annual Report 2007
Annual Report 2007
Amanah Raya Berhad
Amanah Raya Berhad
Composition
The Audit and Review Committee comprises three (3) members. One (1) Independent Directors and two (2)
Non-independent Directors of the Board.
Functions
The Audit and Review Committee is primarily
responsible to the Board of Directors.
8. To ensure that breach of policies and system
management procedures are identified quickly
and dealt with immediately.
Their terms of reference are as follows:1. To endorse the appointment and promotion
of the Audit Manager and Internal Auditors for
the approval of the Board of Directors.
2. To provide support in ensuring the
independence of internal audit activities so
that they run smoothly.
3. To carry out audit inspections or special
reviews as achievements when needed.
4. To review the previous year’s activities and
achievement of the internal audit and to
formulate plans for next year.
5. To study and monitor corporate planning for
review and internal control especially in the
area of management.
6. To review and supervise an effective accounting
system by exercising control’s in related areas
so that early warning systems about the
Company’s weakness can be put in place.
10. To determine the proper measures for
identifying and protecting assets.
11. To study and discuss the plan for the annual
external audit before it is carried out each
year.
12. To observe the opinion of external auditors
and ensure that matters arising are given due
attention and that proper action is taken by
the management of the Company.
13. To review the performance of the external
auditor and to propose to the Board of
Directors on the re-appointment and annual
fee of the firm.
14. To review and examine the Parent Company’s
audited as well as unaudited annual financial
statements, including that of the Subsidiaries
and Associate Companies, before their
submission to the Board of Directors for
approval.
Amanah Raya Berhad
Amanah Raya Berhad
7. To identify flaws in the management system
which require improvement.
9. To review direct expenditures such as annual
operation expenditures as well as direct
expenses in order to ascertain that those costs
are justifiable and related to the functions of
the organisations.
MEETINGS
The Audit Committee had a total of three (3) Meetings during the financial year ended 31 December 2007
and the attendance of the Committee Members were as follows:Members
Attendance
Haji Ab Gani Haron (Resigned w.e.f. 18.12.2007)
2/2
Datin Aminah Pit Abd. Rahman
3/3
Puan Sharifah Adlina Syed Abdullah
3/3
Dato’ Abdullah Sani Ab Hamid (Appointed w.e.f. 8.2.2007)
1/2
ACTIVITIES
The Audit Committee had carried out the following main activities during the financial year ended 31
December 2007:1.
Discussed and reviewed the audit plan for the financial year ended 31 December 2007.
2.
Discussed and reviewed the year end financial statements prior to the presentation to the Board of
Directors for approval.
3.
Discussed and reviewed the Final Internal Control for the financial year ended 31 December 2007.
Annual Report 2007
Annual Report 2007
93
Statement of
Corporate Governance
Statement of Corporate Governance
The Board of Directors is committed to ensuring that the highest standards of corporate governance is
practised throughout the Group as a fundamental part of discharging its responsibilities to protect and
enhance shareholders’ value and the financial performance of the Group and the Company.
Based on the Principles of the Malaysian Code on Corporate Governance (“the Code”) and with the
practice of openness and corporate accountability, the Board is pleased to present its report on the extent
of compliance with the Best Practices as recommended under Part 2 of the Code in this statement.
the Companies Act 1965 and Public Trust Corporation Act 1995 and/or any other regulations and also to take
account of the long term interests, not only of the shareholders, but also of the employees, the customers, and
the public with whom the Company conducts business. The Board may seek advice from independent experts
whenever necessary at the Company’s expense.
Pursuant to the Company’s Articles of Association, unless otherwise agreed by the general meeting, the number
of Directors of the Company shall be not less than two (2) or more than eleven (11).
To assist the Board in discharging their duties in reviewing the operations and performance of the Company
efficiently, the Board has delegated some of its responsibilities to the following Committees:-
The Board of Directors
The Board currently consists of ten (10) members, comprising six (6) Independent Directors (including the
Chairman) and four (4) Non Independent Directors (including one (1) Executive Director). The Directors
bring a wide range of legal, business and financial experiences relevant to the direction of an expanding trust
company. The biography of each Director is set out from page 23 to page 32 of this Report.
The Board meets at least once every two (2) months with additional Meetings convened as and when
necessary. All Board members have access to comprehensive information on the Company’s operations,
marketing strategies, performance and financial status, during Board Meetings and on a regular or ad-hoc
basis.
During the financial year ended 31 December 2007,Three (3) Board Meetings were held and the attendance
of the Board Members was as follows:-
Amanah Raya Berhad
Three (3) Meetings were held during the financial year ended 31 December 2007.
Personnel &
Integrity
Committee
The Personnel & Integrity Committee comprisse two (2) Independent Directors and one
(1) Non-Independent Director of the Board
The Chairman of the Committee is Datin Aminah Pit Abd Rahman. One (1) Meeting was
held during the financial year ended 31 December 2007.
Investment
Committee
The Investment Committee is responsible for reviewing and monitoring the progress
report for Corporate and Kumpulan Wang Bersama investments and also new investment
proposals. The Committee comprises two (2) Independent Directors, two (2) NonIndenpendent Directors of the Board and two (2) Independent persons.
Non
Independent
Dato’ Haji Dusuki Haji Ahmad
29/12/2003
-
Yes
3/3
1/7/2004
Yes
-
3/3
Datiin Aminah Pit Abd Raman
1/8/2002
-
Yes
2/3
13/7/2004
-
Yes
3/3
28/4/2005
-
Yes
3/3
30/6/2006
Yes
-
3/3
1/8/2006
Yes
-
3/3
Dato’ Abdullah Sani Abdul Hamid
8/2/2007
Yes
-
2/3
6/9/2007
-
Yes
2/2
The Law Review Committee is set up to study the existing law that relates to the Company, which the Management may find if necessary to amend for the benefits of the
Company. At present, the Committee comprises one (1) Executive Director of the Board
and one (1) member of the Management.
Tuan Hj Shafii Hamat
18/12/2007
Yes
-
Nil
The Committee did not meet during the financial year ended 31 December 2007
Haji Ab Gani Haron
(Resigned w.e.f 18/12/2007)
17/1/2002
Yes
-
2/3
Independent
Attendance
The Chairman of the Committee is Dato’ Mohd Bakke Salleh. Eight (8) Meetings were held
during the financial year ended 31 December 2007.
Tender Committee
The Committee did not meet during the financial year ended 31 December 2007.
Law Review
Committee
The presence of Independent Non-Executive Directors provides an effective Board with a mix of industry
specific knowledge and broad business and commercial experience. Directors are equally accountable
and responsible, and the role of these Independent Non-Executive Directors is particularly important in
ensuring that the strategies proposed by the management are fully discussed and examined, complies with
The Syariah Advisory Council comprises two (2) Independent Directors and three (3)
Independent persons.
The Chairman of the Council is Dato’ Seri Haji Harussani Haji Zakaria. Four (4) Meetings
were held during the financial year ended 31 December 2007.
Executive
Committee
The Executive Committee is set up to facilitate and coordinate activities between the ARB
and its subsidiaries. The Committee comprises one (1) Executive Director of the Board
and three (3) Members of the Management.
The Chairman of the Committee is Dato’ Ahmad Rodzi Pawanteh. The Committee did not
meet during the financial year ended 31 December 2007.
Quotation
Committee
The Committee comprises one (1) Executive Director of the Board and four (4) Members
of the Management. The Chairman of the Committee is Dato’ Ahmad Rodzi Pawanteh. The
Committee did not meet during the financial year ended 31 December 2007.
96
Annual Report 2007
Syariah Advisory
Council
There is a clear division of responsibilities and powers between the Chairman and the Managing Director
to ensure that the necessary checks and balances are in place as well as to provide a degree of certainty in
the exercise of their respective authorities.
The Chairman holds a Non-Executive position and is primarily responsible for the orderly conduct and
workings of the Board, while the Managing Director is responsible for the day-to-day running of the
business and the implementation of Board policies and decisions, with the support of the management
team.
The Tender Committee is responsible for the procurement for works/services/supplies
amounting to RM400,000/- and above. The Committee comprises two (2) Independent
Directors, (1) one Non-Independent Diretor and two (2) Members of the Management.
Amanah Raya Berhad
Annual Report 2007
The Audit Committee reviews the effectiveness of the internal control system of the
Company. The Chairman of the Committee is Haji Shafii Hamat. The Composition and
Terms and Reference are stated on pages 91 to 93.
Appointed
Directors
95
Audit Committee
Supply of Information
Prior to each Board Meeting, all Directors receive an
agenda and a full set of Board Papers for each agenda
item to be discussed. These are issued well in advance
to enable the Directors to obtain further explanation,
where necessary, in order to be briefed properly
before the Meeting. The Board is kept updated on the
Company’s financial performance and activities.
All Directors have access to the advice and services of
the Company Secretary who is responsible in advising
Company No.
the Board on the procedures for the Meeting and the
implementation of governance procedures.
Appointments to the Board
The Minister of Finance (Inc) nominated all appointments
to the Board.
Re-election
No Directors are subject to retirement and re-election
by rotation in the Annual General Meeting.
Directors’ Remuneration
The details of the remuneration of Directors for the financial year ended 31 December 2007 are as follows:Directors’ Remuneration ended 31 December 2007
Directors
Independent Directors
Total Group Income (2007) (RM)
297,000
Non-Independent Directors
1,021,226
Total
1,318,226
Financial Reporting
The Directors ensured that the financial year-end statement is prepared in accordance with the applicable approved
standards as well as Companies Act 1965.
STATUTORY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2007
DIRECTORS’ REPORT
The Directors have pleasure in submitting their report together with the audited financial statements of the
Group and of the Company for the financial year ended 31 December 2007.
PRINCIPAL ACTIVITIES
The principal activities of the Company consist of administering estates of deceased persons, acting as trustee
for minors, public and unit trust schemes, and the management of trust funds.
During the year, the Company has diversified through its subsidiaries where its activities in public and unit
trust schemes were transferred into one of its new subsidiaries as detailed in Note 14 to the accounts.
The principal activities of the subsidiaries consist of nominees, agents or trustees, property management,
project management, investment in properties and development projects, unit trust manager, investment
banking, custodian and trust services, cash management and financing of which several activities namely
investment banking, project management, investment in properties and development projects became
significant during the year.
FINANCIAL RESULTS
Net profit after tax
- Equity holders of the Company
- Minority interest
Group
RM
Company
RM
109,956,117
1,475,553
84,964,016
-
111,431,670
84,964,016
DIVIDENDS
The amount of dividends paid or declared by the Company since 1 January 2007 were as follows:
RM
98
In respect of the financial year ended 31 December 2006 as shown in the
Directors’ report for that year:
Final gross tax exempt dividend of 20.00 sen per share on ordinary
shares, paid on 28 December 2007
1,200,000
The Directors recommend a final dividend of 100.00 sen per share amounting to RM6,000,002 in respect of
the financial year ended 31 December 2007, subject to the approval of members at the forthcoming Annual
General Meeting of the Company.
Annual Report 2007
Annual Report 2007
97
Relationship with the Auditors
The Directors have established a formal and transparent relationship with the Auditors for maintaining an
appropriate relationship with the Company’s Auditors. The Audit Committee meets with the external auditors
without the presence of the management, at least once a year, to discuss the year-end financial statements prior
to the presentation to the Board of Directors, for approval.
AMANAH RAYA BERHAD
(Incorporated in Malaysia)
Amanah Raya Berhad
Amanah Raya Berhad
Internal Control
The Directors acknowledge their responsibilities for the Company’s system of internal control and the need to
review them regularly.
344986 V
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
DIRECTORS’ REPORT (CONTINUED)
RESERVES AND PROVISIONS
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS
All material transfers to or from reserves and provisions during the financial year are shown in the financial
statements.
Before the income statements and balance sheets were made out, the Directors took reasonable steps:
DIRECTORS
(a)
to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate allowance had been made for doubtful debts; and
(b)
to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of business their values as shown in the accounting records of the Group and Company have been written down to an amount which they might be expected so to realise.
The Directors who have held office since the date of the last report are:
Dato’ Haji Dusuki bin Ahmad
Dato’ Ahmad Rodzi bin Pawanteh
Encik Shamsuddin bin Haji Tahir
Datin Aminah binti Pit Abd Raman
Datuk Mohd Hashim bin Hassan
Datuk Azailiza binti Mohd Ahad
Puan Sharifah Adlina binti Syed Abdullah
Dato’ Abdullah Sani bin Ab Hamid
Dato’ Mohd Bakke bin Salleh
Haji Shafii bin Hamat
Haji Ab. Gani bin Haron
At the date of this report, the Directors are not aware of any circumstances:
(appointed on 8.2.2007)
(resigned on 18.12.2007)
DIRECTORS’ BENEFITS
Since the end of previous financial year, no Director has received or become entitled to receive a benefit
(other than benefits disclosed as Directors’ emoluments in Note 7 to the financial statements) by reason of
a contract made by the Company or a related corporation with the Director or with a firm of which he is a
member, or with a company in which he has a substantial financial interest.
DIRECTORS’ INTERESTS IN SHARES
According to the register of Directors’ shareholdings, none of the Directors have direct or indirect interest
in the Company and its related corporations at the end of the financial year.
HOLDING CORPORATION
The Directors recognise the Minister of Finance (Incorporated) as the holding corporation.
(b)
which would render the values attributed to current assets in the financial statements of the Group and Company misleading; or
(c)
which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and Company misleading or inappropriate.
No contingent or other liability has become enforceable or is likely to become enforceable within the
period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may
substantially affect the ability of the Group and Company to meet its obligations when they fall due.
At the date of this report, there does not exist:
(a)
any charge on the assets of the Group and Company which has arisen since the end of the financial year which secures the liability of any other person; or
(b)
any contingent liability of the Group and Company which has arisen since the end of the financial year.
100
Annual Report 2007
Annual Report 2007
99
which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in the financial statements of the Group and Company inadequate to any substantial extent; or
Amanah Raya Berhad
Amanah Raya Berhad
During and at the end of the financial year ended 31 December 2007, no arrangements subsisted to which
the Company is a party, with the object or objects of enabling Directors of the Company to acquire benefits
by means of acquisition of shares in, or debentures of the Company or any other body corporate.
(a)
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
STATEMENT BY DIRECTORS PURSUANT TO
SECTION 169(15) OF THE COMPANIES ACT, 1965
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (CONTINUED)
In the opinion of the Directors:
We, Dato’ Haji Dusuki bin Ahmad and Haji Shafii bin Hamat, two of the Directors of Amanah Raya Berhad,
state that, in the opinion of the Directors, the financial statements set out on pages 105 to 156, are drawn
up so as to give a true and fair view of the state of affairs of the Group and Company as at 31 December
2007 and of the results and cash flows of the Group and Company for the financial year ended on that date
in accordance with MASB Approved Accounting Standards in Malaysia for Entities Other Than Private Entities
and provisions of the Companies Act, 1965.
(a)
the results of the operations of the Group and Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature; and
Signed on behalf of the Board of Directors in accordance with their resolution dated 6 June 2008.
(b)
there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the Group and Company for the financial year in which this report is made.
At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in
this report or the financial statements which would render any amount stated in the financial statements
misleading.
AUDITORS
DATO’ HAJI DUSUKI BIN AHMAD
CHAIRMAN
The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.
Signed on behalf of the Board of Directors in accordance with their resolution dated 6 June 2008.
Kuala Lumpur
HAJI SHAFII BIN HAMAT
DIRECTOR
DATO’ HAJI DUSUKI BIN AHMAD
CHAIRMAN
HAJI SHAFII BIN HAMAT
DIRECTOR
I, Dato’ Ahmad Rodzi bin Pawanteh, the Director primarily responsible for the financial management of
Amanah Raya Berhad, do solemnly and sincerely declare that the financial statements set out on pages 105 to
156 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.
Kuala Lumpur
102
101
DATO’ AHMAD RODZI BIN PAWANTEH
Subscribed and solemnly declared by the abovenamed Dato’ Ahmad Rodzi bin Pawanteh, at Kuala Lumpur in
Malaysia on 6 June 2008, before me.
COMMISSIONER FOR OATHS
Annual Report 2007
Annual Report 2007
Amanah Raya Berhad
Amanah Raya Berhad
STATEMENT DECLARATION PURSUANT TO
SECTION 169(16) OF THE COMPANIES ACT, 1965
Company No.
Company No.
344986 V
344986 V
REPORT OF THE AUDITORS TO THE MEMBERS OF
AMANAH RAYA BERHAD
(Company No. 344986 V)
REPORT OF THE AUDITORS TO THE MEMBERS OF
AMANAH RAYA BERHAD (CONTINUED)
(Company No. 344986 V)
We have audited the financial statements set out on pages 105 to 156. These financial statements are the
responsibility of the Company’s Directors. It is our responsibility to form an independent opinion, based
on our audit, on these financial statements and to report our opinion to you, as a body, in accordance with
Section 174 of the Companies Act, 1965 and for no other purpose. We do not assume responsibility to any
other person for the content of this report.
The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification and
did not include any adverse comment made under subsection (3) of Section 174 of the Act.
We conducted our audit in accordance with approved auditing standards in Malaysia. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosure in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by Directors, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion:
(a)
the financial statements have been prepared in accordance with the provisions of the Companies Act, 1965, and the MASB Approved Accounting Standards in Malaysia for Entities Other Than Private Entities so as to give a true and fair view of:
(i)
the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and
(ii)
the state of affairs of the Group and Company as at 31 December 2007 and of the results and cash flows of the Group and Company for the financial year ended on that date;
PRICEWATERHOUSECOOPERS
(No. AF: 1146)
Chartered Accountants
MOHAMMAD FAIZ BIN MOHAMMAD AZMI
(No. 2025/03/10 (J))
Partner of the firm
Kuala Lumpur
6 June 2008
the accounting and other records and the registers required by the Act to be kept by the Company and by the subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the Act.
The names of the subsidiaries of which we have not acted as auditors are indicated in Note 14 to the financial
statements. We have considered the financial statements of these subsidiaries and the auditors’ reports
thereon.
We are satisfied that the financial statements of the subsidiaries that have been consolidated with the
Company’s financial statements are in form and content appropriate and proper for the purposes of the
preparation of the consolidated financial statements and we have received satisfactory information and
explanations required by us for those purposes.
104
Annual Report 2007
Annual Report 2007
103
(b)
Amanah Raya Berhad
Amanah Raya Berhad
and
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
INCOME STATEMENTS
BALANCE SHEETS AS AT 31 DECEMBER 2007
Company
Note
2007
2006
2007
2006
RM
RM
RM
RM
Revenue
4
249,632,682
Other operating income
13,719,977
Operating expenses (58,377,387)
Personnel costs
5 (37,583,966)
Administrative expenses
(2,981,738)
Other operating expenses
(7,755,152)
Financial expenses (28,311,528)
Profit from ordinary activities
before tax
6
128,342,888
Taxation
8 (16,911,218)
Net profit for the financial year
111,431,670
94,282,837
15,589,860
(20,643,528)
(29,312,598)
(5,196,135)
(6,810,098)
(6,727,973)
Earnings per share attributable
to equity holders of
the Company (RM)
10
138,339,672 79,193,540
45,633,382 15,927,712
(49,818,502) (34,354,996)
(23,274,409) (21,675,220)
(2,628,925) (2,030,551)
(5,577,873) (1,808,362)
(8,794,381) (3,356,468)
41,182,365
1,784,364
93,878,964
(8,914,948)
31,895,655
4,286,062
42,966,729
84,964,016
36,181,717
109,956,117
1,475,553
41,983,534
983,195
84,964,016
-
36,181,717
-
111,431,670
42,966,729
84,964,016
36,181,717
18.33
7.00
Company
Note
2007
2006
2007
2006
RM
RM
RM
RM
13,347,306
669,833
673,591
-
3,546,498
350,970,509
2,713,537
540,579
322,041
13,163,204
679,830
674,827
-
25,686,957
69,346,950
2,713,537
444,250
216,374
9,564,904
-
-
30,806,171 126,000
-
-
-
-
9,186,641
32,349,891
126,000
250,796
-
372,783,894
112,925,929
40,497,075
41,913,328
371,495,430
115,911,879
14,056,043
72,507,161
48,961,566
17,331,460
594,208
305,500,988
13,735,368
60,559,381
74,976,137
16,795,821
321,204,072
123,713,368
11,999,444
65,368,656
822,667,424
37,500,000
262,513,555
-
331,830,008 217,699,995
-
-
860,167,424
262,513,555
331,830,008 217,699,995
NON CURRENT ASSETS
Property, plant and equipment
11
Prepaid lease payment
12
Intangible assets
13
Investment in subsidiaries
14
Long-term investments
15
Financing receivables
18
Goodwill on consolidation
19
Deferred tax assets
20
Receivables
22
CURRENT ASSETS
Investments
21
Receivables
22
Tax recoverable
Deposits, cash and
bank balances
23
Non-current asset held-for-sale
17
LESS: CURRENT LIABILITIES
The accompanying notes form an integral part of the financial statements.
Other payables and accruals
24
Post-employment benefit
obligations
25
Hire purchase creditors
26
Provision for taxation
Borrowings
27
106
34,335,623
17,800,829
42,168,928
13,117,107
32,140
108,255
4,084,272
728,976,736
181,434
102,589
1,510,425
-
32,140
-
-
-
181,434
-
767,537,026
19,595,277
42,201,068
13,298,541
NET CURRENT ASSETS
92,630,398
242,918,278
289,628,940 204,401,454
Annual Report 2007
Annual Report 2007
105
Amanah Raya Berhad
Attributable to:
Equity holders of the Company
Minority interest
Amanah Raya Berhad
Group
Group
Company No.
Company No.
344986 V
344986 V
BALANCE SHEETS AS AT 31 DECEMBER 2007 (CONTINUED)
AMANAH RAYA BERHAD
Group
Company
Note
2007
2006
2007
2006
RM
RM
RM
RM
LESS: NON CURRENT
LIABILITIES
Borrowings
27
26
Deferred tax liabilities
20
250,000,000
71,681
57,917
250,000,000
179,986
76,856
150,000,000 150,000,000
-
47,217
-
250,129,598
250,256,842
150,047,217 150,000,000
215,284,694
105,587,365
180,078,798
96,314,782
6,000,002
207,403,517
6,000,002
98,533,732
6,000,002
174,078,796
6,000,002
90,314,780
213,403,519
1,881,175
104,533,734
1,053,631
180,078,798
-
96,314,782
-
215,284,694
105,587,365
180,078,798
96,314,782
35.32
17.03
CAPITAL AND RESERVE
Attributable to equity holder of the company
Exchange
Share
Retained fluctuation
capital
earnings
reserve
Total
RM
RM
RM
Minority
interest
Total
RM
RM
At 1 January 2006
6,000,002
57,150,198
-
63,150,200
2,014,325
65,164,525
-
41,983,534
-
41,983,534
983,195
42,966,729
Transactions with minority interest
-
-
-
- (1,943,889)
(1,943,889)
Dividends paid during the financial year
-
(600,000)
-
(600,000)
-
(600,000)
─────────
─────────
─────────
─────────
─────────
─────────
At 31 December 2006
6,000,002
98,533,732
- 104,533,734
1,053,631 105,587,365
══════════════════════════════════════════════════════
At 1 January 2007
6,000,002
-
Transactions with minority interest
-
-
Currency translation reserve
-
─────────
At 31 December 2007
6,000,002
98,533,732
109,956,117
-
(1,200,000)
-
─────────
207,289,849
-
-
-
-
113,668
─────────
113,668
104,533,734
109,956,117
-
(1,200,000)
113,668
─────────
213,403,519
1,053,631
1,475,553
(648,009)
-
-
─────────
1,881,175
105,587,365
111,431,670
(648,009)
(1,200,000)
113,668
─────────
215,284,694
══════════════════════════════════════════════════════
The accompanying notes form an integral part of the financial statements
107
108
Annual Report 2007
Amanah Raya Berhad
Amanah Raya Berhad
Share capital
28
Reserves
29
Minority interest
Total shareholders’ fund
NET TANGIBLE ASSETS
PER SHARE (RM)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Annual Report 2007
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
COMPANY STATEMENT OF CHANGES IN EQUITY
CASH FLOW STATEMENTS
Issued and fully paid
ordinary shares
of RM1 each
Share
capital
Retained
earnings
Total
RM
RM
RM
6,000,002
54,733,063
60,733,065
-
36,181,717
36,181,717
At 1 January 2006
-
(600,000)
(600,000)
─────────
─────────
─────────
At 31 December 2006
6,000,002
90,314,780
96,314,782
═══════════════════════════
At 1 January 2007
96,314,782
-
84,964,016
84,964,016
-
─────────
6,000,002
(1,200,000)
─────────
174,078,796
(1,200,000)
─────────
180,078,798
Group
Company
Note
2007
2006
2007
2006
RM
RM
RM
RM
128,342,888
41,182,365
93,878,964
31,895,655
8,528
-
8,528
-
3,793,496
2,331,347
3,242,541
1,972,115
194,939
-
194,939
-
-
342,036
9,997
(383,350)
-
(15,514,082)
(6,773)
90,175
-
(1,373,985)
3,194,418
(3,437,263)
-
-
-
(370,488)
-
(11,139,234)
(6,773)
(1,373,985)
3,194,418
(2,558,248)
-
(338,000)
-
(188,103)
2,493,736
(19,246,695)
(300,012)
(5,132,103)
23,180
752,540
(5,498,248)
11,388
-
(228,964)
23,180
-
(3,106,684)
11,388
(134,195)
14,579,012
11,721
─────────
6,727,973
17,366
─────────
8,794,381
-
─────────
3,356,468
─────────
126,324,657
48,319,944
74,773,168
30,924,728
Increase in receivables (81,177,977)
Increase in payables
34,075,350
Increase in borrowings (current)
654,606,836
Increase in financing receivables (260,988,587)
─────────
Cash generated from / (used in)
operations
472,840,279
─────────
(1,080,619)
8,242,162
-
(79,755,515)
─────────
CASH FLOWS FROM
OPERATING ACTIVITIES
Profit from ordinary activities
before tax
Adjustments for:
Post-employment benefit
obligations
Depreciation on property,
plant and equipment
written off
(Gain)/loss on disposal of
property, plant and equipment
Amortisation of intangible assets
Amortisation of prepaid lease payment
Net accretion of discount
Write off of investments
Interest income
Allowance/(reversal) of impairment
loss on subsidiaries
Dividend income
Allowance for diminution in
value of investments
Allowance for doubtful debts
Gain from disposal of investments
Interest expense on long term
borrowings
Hire purchase interest expense
Operating profit before working
capital changes
(24,274,028)
─────────
(149,912,171) (38,044,154)
11,463,060
684,488
-
-
─────────
─────────
(63,675,943)
─────────
(6,434,938)
─────────
110
Annual Report 2007
Annual Report 2007
109
90,314,780
Amanah Raya Berhad
Amanah Raya Berhad
At 31 December 2007
═══════════════════════════
6,000,002
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2007 (CONTINUED)
CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2007 (CONTINUED)
Group
Company
2007
2006
2007
2006
RM
RM
RM
RM
Cash generated from operations 472,840,279
(24,274,028)
(63,675,943)
(6,434,938)
Retirement benefits paid
(157,822)
Hire purchase interest paid
(11,721)
Tax paid (11,074,823)
─────────
Net cash inflow/(outflow) from
operating activities 461,595,913
─────────
(4,673,133)
(17,366)
(14,375,451)
─────────
(157,822)
-
(3,533,705)
─────────
(4,673,133)
(8,909,988)
─────────
(43,339,978)
─────────
(67,367,470)
─────────
(20,018,059)
─────────
-
(80,993,318)
(950,016)
-
(23,400,000)
(45,330,875)
-
-
-
(8,198,538)
(765,002)
(3,815,743)
-
(4,652,437)
-
147,644
4,292,137
347,927
─────────
-
11,169,637
-
─────────
147,644
2,520,521
5,578,557
─────────
(85,169,150)
─────────
6,403,878
─────────
(65,136,590)
─────────
Company
Note
2007
2006
2007
2006
RM
RM
RM
RM
creditors
(102,639)
(96,994)
-
-
Net drawdown of borrowings
90,067,613
250,000,000
-
150,000,000
Interest paid
(14,579,012)
(5,945,258)
8,794,380
(2,442,159)
Dividends paid
(1,848,009)
(2,543,888)
(1,200,000)
(600,000)
─────────
─────────
─────────
─────────
financing activities
73,537,953
241,413,860
7,594,380
146,957,841
─────────
─────────
─────────
─────────
205,187,244
112,904,732
(53,369,212)
61,803,192
123,713,368
10,808,636
65,368,656
3,565,464
(7,696,540)
-
-
-
321,204,072
123,713,368
11,999,444
65,368,656
CASH FLOWS FROM
FINANCING ACTIVITIES
Repayment of hire purchase
Net cash inflow from
NET INCREASE/(DECREASE)
IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS
AT BEGINNING OF THE
FINANCIAL YEAR
CURRENCY TRANSLATION
DIFFERENCES CASH AND CASH
EQUIVALENTS
AT END OF THE
FINANCIAL YEAR
22
════════════════════════════════════
112
Annual Report 2007
Annual Report 2007
111
Additional investment in
subsidiary
-
Net purchases of investments (299,862,204)
Purchase of non-current asset held
for sale (37,500,000)
Purchase of property, plant and
equipment (4,174,590)
Purchase of intangible assets
(340,800)
Proceeds from disposal of
property, plant and equipment
-
Interest received 11,678,572
Dividends received
252,400
─────────
Net cash (outflow)/inflow from
investing activities (329,946,622)
─────────
Group
Amanah Raya Berhad
Amanah Raya Berhad
CASH FLOWS FROM
INVESTING ACTIVITIES
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2007
NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2007 (CONTINUED)
1
GENERAL INFORMATION
2
The principal activities of the Company consist of administering estates of deceased persons, acting as
trustee for minors, public and unit trust schemes, and the management of trust funds.
Credit risk
Credit and counterparty risk is defined as the possibility of losses due to an unexpected default or due
to a deterioration of the counterparty’s credit-worthiness. The Group manages its credit risks by:
During the year, the Company has diversified through its subsidiaries where its activities in public and
unit trust schemes were transferred into one of its new subsidiaries as detailed in Note 14 to the
accounts.
•
•
•
•
•
The principal activities of the subsidiaries consist of nominees, agents or trustees, property management,
project management, investment in properties and development projects, unit trust manager, investment
banking, custodian and trust services, cash management and financing of which several activities namely
investment banking, project management, investment in properties and development projects became
significant during the year.
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and not listed on Bursa Malaysia Berhad.
Amanah Raya Berhad
Interest rate risk refers to risk that the value of a financial instrument will fluctuate due to changes in
market interest rates. The Group is exposed to a substantial amount of interest rate risk, the financial
assets and liabilities of the Group are interest sensitive, except for the fixed income investments and
deposits which are placed with licensed banks at market interest rates and the investments which rates
have been pre-determined.
Market risk
Market risk is defined as risk that the value of a financial instrument will fluctuate as a result of changes
in market prices, whether those changes are caused by factors specific to the individual security of
its issuer or factors affecting all securities traded in the market. Market risk exposure arises from
investments in quoted shares as the value of the investments will fluctuate as a result of changes in
equity market prices.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been used consistently in dealing with items that are considered
material in relation to the financial statements. These policies have been consistently applied to all the
years presented, unless otherwise stated.
(a) Basis of preparation
The financial statements of the Group and the Company have been prepared in accordance with
the Financial Reporting Standards, the MASB Approved Accounting Standards in Malaysia for
Entities Other Than Private Entities and the provisions of the Companies Act, 1965. The financial
statements have been prepared under the historical cost convention except as disclosed in the
summary of significant accounting policies.
The preparation of financial statements in conformity with MASB Approved Accounting Standards
in Malaysia for Entities Other Than Private Entities requires the use of certain critical accounting
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements, and the reported amounts
of revenues and expenses during the reported period. It also requires Directors to exercise their
judgment in the process of applying the Company’s accounting policies. Although these estimates
and judgment are based on Directors’ best knowledge of current events and actions, actual results
may differ.
Trust assets held in the name of the Company and its predecessor organisation are not included
in these financial statements. The activities and assets of the various unit trusts and other funds
in which the Company is the trustee are not included in these financial statements as they are
separate entities.
114
Annual Report 2007
Annual Report 2007
Interest rate risk
3
Amanah Raya Berhad
113
Liquidity and cash flow risk relates to risk that an enterprise will encounter difficulty in raising funds to
meet commitments associated with financial instruments. Prudent liquidity risk management implies
maintaining marketable securities and sufficient cash for operation and ability to close our market
positions. The Group aims at mitigating liquidity risk by adopting a prudent policy in accepting funds and
maintaining flexibility in funding by keeping the cash in the short term money market and marketable
securities.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s activities expose it to a variety of financial risks, including interest rate risk, market risk,
liquidity and cash flow risk. The Group’s overall financial risk management objective is to ensure that
the Group creates value for its shareholders. Financial risk management is carried out through risk
reviews, internal control systems and adherence to Group’s financial risk management policies. The
Board regularly reviews these risks and approves the treasury policies, which covers the management
of these risks.
placing its deposits with major financial institutions in Malaysia with good financial standing
requiring guarantors for staff loans
assessing each application including ensuring that loans issued are adequately secured and adhering to the lending guidelines
receivables are monitored on an on-going basis via management reporting procedures
ensuring each development project is contracted for an imputing controlling features such as security on landed properties, obtaining guarantee from counterparties, and having board representatives.
Liquidity and cash flow risk
The address of the registered office of the Company is Tingkat 15, Wisma AmanahRaya, No. 2, Jalan Ampang, 50450 Kuala Lumpur.
2
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a) (a) Basis of preparation (continued)
(i)
(ii)
Standards, amendments to published standards and interpretations to existing standards
that are applicable to the Group and effective
The Group will apply these standards from financial periods beginning on 1 January
2008, were applicable.
A summary of the impact at the new accounting standards, amendments to published
standards and interpretations to existing standards on the financial statements of the
Company is set out in Note 36.
•
FRS 112 Income Taxes (effective for accounting periods beginning on or after 1 July
2007). This revised standard removes the requirements that prohibit recognition
of deferred tax on unutilised reinvestment allowances or other allowances in
excess of capital allowances. The Group will apply this standard from financial
periods beginning on 1 January 2008.
Amanah Raya Berhad
(b)
Subsidiaries
Subsidiaries are those corporations, partnerships or other entities (including special purpose
entities) in which the Group has the power to exercise control over the financial and operating
policies so as to obtain benefits from their activities, generally accompanying a shareholding
of more than half of the voting rights. The existence and effect of potential voting rights that
are currently exercisable or convertible are considered when assessing whether the Group
controls another entity.
Investments in subsidiaries are stated at cost less accumulated impairment losses. Where
there is an indication of impairment, the carrying amount of the investment is assessed. A
write down is made if the carrying amount exceeds its recoverable amount.
The consolidated financial statements include the financial statements of the Company and
all its subsidiaries made up to the end of the financial year.
Subsidiaries are consolidated using the purchase method of accounting.
116
Annual Report 2007
Annual Report 2007
115
Amendment to FRS 121 The Effects of Changes in Foreign Exchange Rates - Net
Investment in a Foreign Operations (effective for accounting periods beginning on
or after 1 July 2007). This amendment requires exchange differences on monetary
items that form part of the net investment in a foreign operation to be recognised
in equity instead of in profit or loss regardless of the currency in which these items
are denominated in. The Group will apply this amendment from financial periods
beginning on 1 January 2008.
The adoption of the above new and revised standards, amendments to published
standards and interpretations to existing standards is expected not to have a material
impact on the Group’s financial statements for the financial year ending 31 December
2008.
Amanah Raya Berhad
•
Other revised standards (effective for accounting periods beginning on or after
1 July 2007) that have no significant changes compared to the original standards
are as follows:
• FRS 107 Cash Flow Statements
• FRS 118 Revenue
• FRS 137 Provisions, Contingent Liabilities and Contingent Assets
• FRS 117 Leases
• FRS 124 Related Party Disclosures
• TR-i-1 Accounting for Zakat on Business. This Technical Release prescribes the accounting treatment and presentation for zakat on business in the financial statements
of entities that pay zakat.
The new and revised standards, amendments to published standards and interpretations
that are applicable to the Group but which the Group have not early adopted, are as
follows:
FRS 139 Financial Instruments: Recognition and Measurement (effective date yet
•
to be determined by Malaysian Accounting Standards Board). This new standard
establishes principles for recognising and measuring financial assets, financial
liabilities and some contracts to buy and sell non-financial items. Hedge accounting
is permitted only under strict circumstances. The Group will apply this standard
when effective.
Standards, amendments to published standards and interpretations to existing standards
that are applicable to the Group but not yet effective (continued).
•
The new accounting standards, amendments to published standards and interpretations
to existing standards effective for the Group for the financial year ended 31 December
2007 and applicable to the Group are as follows:
(ii) Standards, amendments to published standards and interpretations to existing standards
that are applicable to the Group but not yet effective.
Basis of preparation (continued)
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
(b)
(d)
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the
items. 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 Company 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.
Subsidiaries (continued)
Under the purchase method of accounting, the results of subsidiaries acquired or disposed of during
the year are included from the date of acquisition up to the date of disposal.The cost of an acquisition
is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or
assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date, irrespective of the extent of any minority interest.
The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net
assets acquired at the date of acquisition is reflected as goodwill. If the cost of acquisition is less than
the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the
income statement.
All material transactions, balances and unrealised gains between group companies are eliminated and
the consolidated financial statements reflect external transactions only. Where necessary, accounting
policies of subsidiaries have been changed to ensure consistency with the policies adopted by the
Group.
The gain or loss on disposal of a subsidiary is the difference between net disposal proceeds and
the Group’s share of its net assets as of the date of disposal including the cumulative amount of
any exchange differences that relate to the subsidiary is recognised in the consolidated income
statement.
(c)
Jointly controlled entities
Jointly controlled entities are corporations, partnerships or other entities over which there is
contractually agreed sharing of control by the Group with one or more parties. The Group’s interest
in jointly controlled entities is accounted for in the consolidated financial statements by the equity
method of accounting.
117
Equity accounting involves recognising the Group’s share of the post acquisition results of jointly
controlled entities in the income statement and its share of post acquisition movements within
reserves. The cumulative post acquisition movements are adjusted against the cost of the investment
and includes goodwill on acquisition (net of accumulated amortisation).
The Group recognises the portion of gains or losses on the sale of assets by the Group to the joint
venture that is attributable to the other venturers. The Group does not recognise its share of profits
or losses from the joint venture that result from the purchase of assets by the Group from the joint
venture until it resells the assets to an independent party. However, if a loss on the transaction
provides evidence of a reduction in the net realisable value of current assets or an impairment loss,
the loss is recognised immediately.
Where necessary, in applying the equity method, adjustments have been made to the financial
statements of jointly controlled entities to ensure consistency of accounting policies with those of
the Group.
Residual values and useful lives of assets are reviewed, and adjusted if appropriate, at each balance
date.
Depreciation on assets under construction commences when the assets are ready for their intended
use.
The carrying amounts of property, plant and equipment are reviewed at each balance sheet date
to determine whether there is any indication of impairment. An impairment loss is recognised in
the income statements whenever the carrying amount of an item of property, plant and equipment
exceeds its recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount and are
included in profit/(loss) from operations.
Repairs and maintenance are charged to the income statement during the period in which they are
incurred. The cost of major renovations is included in the carrying amount of the asset when it is
probable that future economic benefits in excess of the originally assessed standard of performance
of the existing asset will flow to the Group.
(e)
Other investments
Investment in golf club membership is shown at cost and an allowance for diminution in value is made
where, in the opinion of the Directors, there is a decline other than temporary in the value of such
investment. Where there has been a decline other than temporary in the value of an investment, such
a decline is recognised as an expense in the financial period in which the decline is identified.
118
Annual Report 2007
Annual Report 2007
Minority interest represents that portion of the profit or loss and net assets of a subsidiary attributable
to equity interests that are not owned, directly or indirectly through subsidiaries, by the parent. 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 that
date.
50 years
3 years
5 years
5 to 10 years
3 years or over the lease period
whichever is shorter
Amanah Raya Berhad
Amanah Raya Berhad
Building
Computer equipment
Motor vehicles
Office equipment, furniture and fittings
Renovations
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
(f)
Investments
(i)
Receivables
The investments are carried at lower of cost and market value. Market value is calculated by reference
to quoted selling prices at the close of business on the balance sheet date.
Increase/decrease in the carrying amounts of investments are credited/charged to the income
statement.
Receivables are carried at anticipated realisable values. Known bad debts are written off in the period
in which they are identified and specific allowance is made for any considered to be doubtful of
collection. An estimate is made for doubtful debts based on a review of all outstanding amounts at
the financial year end.
The carrying value of fixed income securities are valued at cost adjusted for amortisation of premium
or accretion of discount over their par values at the time of acquisition on an effective yield method.
The premium or discount is amortised or accreted over the remaining term of the securities from
the date of acquisition.
(j)
Income taxes
Current tax expense is determined according to the tax laws of each jurisdiction in which the Group
operates and includes all taxes based upon the taxable profits.
(g)
Construction contracts
A construction contract is a contract specifically negotiated for the construction of an asset or
a combination of assets that are closely interrelated or interdependent in terms of their design,
technology and functions or their ultimate purpose or use.
Deferred tax is recognised in full, using the liability method, on temporary differences arising between
the amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the
financial statements. However, deferred income tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that at the time
of the transaction affects neither accounting nor taxable profit or loss.
When the outcome of a construction contract can be estimated reliably, contract revenue and
contract costs are recognised by using the stage of completion method. The stage of completion is
measured by reference to the proportion that contract cost incurred for work performed to date
bear to the estimated total costs for the contract.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available
against which the deductible temporary differences or unused tax losses can be utilised.
Deferred income tax is recognised on temporary differences arising on investment in subsidiaries
except where the timing of the reversal of the temporary difference can be controlled by the Group
and it is probable that the temporary difference will not reverse in the foreseeable future.
When the outcome of a construction contract cannot be estimated reliably, contract revenue is
recognised only to the extent of contract costs incurred that is probable will be recoverable; contract
costs are recognised when incurred.
Irrespective whether the outcome of a construction contract can be estimated reliably, when it is
probable that total contract costs will exceed total contract costs will exceed total contract revenue,
the expected loss is recognised as an expense immediately.
Deferred income tax is determined using tax rates (and tax laws) that have been enacted or
substantially enacted by the balance sheet date and are expected to apply when the related deferred
tax asset is realised or the deferred tax liability is settled.
(k)
Cash and cash equivalents
The aggregate of the costs incurred and the profit/loss recognised on each contract is compared
against the progress billings up to the period end. Where cost incurred and recognised profits (less
recognised losses) exceed progress billings, the balance is shown as amounts due from customers on
construction contracts under receivables, deposits and prepayments (within current assets). Where
progress billings exceed costs incurred plus recognised profits (less recognised losses), the balance
is shown as amounts due to customers on construction contracts under payables (within current
liabilities).
For the purposes of the cash flow statement, cash and cash equivalents comprise cash in hand and
bank balances, demand deposits, bank overdraft and short term, highly liquid investments that are
readily convertible to known amounts of cash and which are subject to an insignificant risk of changes
in value.
Annual Report 2007
119
(h)
Non-current asset held for sale
Non-current asset held for sale
Non-current asset is classified as asset held for sale and stated at the lower of carrying amount
and fair value less costs to sell if its carrying amount is to be recovered principally through a sale
transaction rather then through continuing use.
(l)
Hire purchase payables
Assets purchased under hire purchase agreements are capitalised as property, plant and equipment
and depreciated in accordance with the policy set out in Note 3(d) above. The corresponding
obligations due under the hire purchase agreements after deducting finance charges are included as
hire purchase payables while finance charges are charged to the income statement on a straight line
basis over the term of the respective hire purchase agreements.
120
Annual Report 2007
Amanah Raya Berhad
Amanah Raya Berhad
Company No.
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
(m)
Impairment of assets
(n)
Property, plant and equipment and other non-current assets (except for amounts due from subsidiaries,
associates and deferred tax assets) are reviewed for impairment losses whenever events or changes
in circumstances (for depreciable non-current assets) indicate that the carrying amount may not be
recoverable. Impairment loss is recognised for the amount by which the carrying amount of the asset
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s net selling price
and value in use.
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.
Intangible assets
(i)
(o)
Goodwill (continued)
Goodwill is allocated to cash-generating units (‘CGU’) for the purpose of impairment testing.
Goodwill is tested annually for impairment and carried at cost less accumulated impairment
losses. Impairment testing is performed annually and it is done by comparing the present
value of the CGU’s projected cash flows against the carrying amount of its net assets which
include the allocated goodwill.The allocation is made to those cash-generating units or groups
of cash-generating units that are expected to benefit from the synergies of the business
combination in which the goodwill arose. The Group and the Company allocates goodwill to
each business units (Note 18).
(ii)
Other intangible assets
Acquired computer software licences are capitalised on the basis of the costs incurred to
acquire and bring to use the specific software.
Intangible assets that have an indefinite useful life, or are not yet ready for use, are tested
for impairment annually. This impairment test may be performed at any time during the year,
provided it is performed at the same time every year. An intangible asset recognised during
the current period is tested before the end of the current year.
Financial instruments
(i)
Description
A financial instrument is any contract that gives rise to both a financial asset of one enterprise
and a financial liability or equity instrument of another enterprise.
A financial asset is any asset that is cash, a contractual right to receive cash or another financial
asset from another enterprise, a contractual right to exchange financial instruments with
another enterprise under conditions that are potentially favourable, or an equity instrument
of another enterprise.
Goodwill
Goodwill arises on business combinations when the cost of acquisition exceeds the fair value
of the Company’s share of the identifiable assets, liabilities and contingent liabilities acquired.
Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity
include the carrying amount of goodwill relating to the entity sold.
122
A financial liability is any liability that is a contractual obligation to deliver cash or another
financial asset to another enterprise, or the exchange of financial instruments with another
enterprise under conditions that are potentially unfavourable.
(ii)
Financial instruments recognised on the balance sheet
The particular recognition adopted for financial instruments recognised on the balance sheet
is disclosed in the individual policy statements associated with each item.
Annual Report 2007
Annual Report 2007
121
(n)
The impairment loss is charged to the income statement unless it reverses a previous revaluation in
which case it is charged to the revaluation surplus. Any subsequent increase in recoverable amount
is recognised in the income statement unless it reverses an impairment loss on a revalued asset in
which case it is taken to revaluation surplus.
(i)
Amanah Raya Berhad
Amanah Raya Berhad
For the purposes of assessing impairment, the recoverable amount is determined on an identified asset
basis or on the cash generating unit (“CGU”) to which the asset belongs to. An assets recoverable
amount is the higher of an asset’s or CGU’s fair value less cost to sell or its value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax
weighted average cost of capital. Where the carrying amount of an asset exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount.
Intangible assets (continued)
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
(o)
(q)
Financial instruments (continued)
(iii)
Fair value estimation for disclosure purposes
(i)
Functional and presentation currency
The fair values, less any estimated credit adjustments for financial assets and liabilities with a
maturity of more than one year are estimated using a variety of methods and assumptions that
are based on market conditions existing at each balance sheet date. Other techniques, such
as estimated discounted value of future cash flows, are used where possible, to determine
the fair value for the remaining financial instruments. In particular, the fair value of financial
liabilities is estimated by discounting the future cash flows at the current market interest rate
available to the Group for similar financial instruments.
Items included in the financial statements of each of the Group’s entities are measured using the
currency of the primary economic environment in which the entity operates (the “functional
currency”). The financial statements are presented in Ringgit Malaysia, which is the Group’s
functional and presentation currency.
(ii)
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year-end exchange rates
of monetary assets and liabilities denominated in foreign currencies are recognised in the
income statement.
Employee benefits
Short term employee benefits
Wages, salaries, paid annual leave and sick leave, bonuses, and non-monetary benefits are
accrued in the financial year in which the associated services are rendered by employees of
the Group.
(ii)
Defined contribution plans
The Group’s contributions to defined contribution plans are charged to the income statement
in the period to which they relate. Once the contributions have been paid, the Group has no
further payment obligations.
(iii)
Defined benefit plans
The liability in respect of a defined benefit plan is the present value of the defined benefit
obligation at the balance sheet date minus the fair value of plan assets, together with adjustments
for actuarial gains/losses and past service cost. The Group determines the present value of
the defined benefit obligation and the fair value of any plan assets with sufficient regularity
such that the amounts recognised in the financial statements do not differ materially from
the amounts that would be determined at the balance sheet date.
The defined benefit obligation, calculated using the projected unit credit method, is determined
by independent actuaries, considering the estimated future cash outflows using market yields
at balance sheet date of government securities which have currency and terms to maturity
approximating the terms of the related liability.
(iii) Group companies
The results and financial position of all the group entities (none of which has the currency of
a hyperinflationary economy) that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
•
assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of that balance sheet;
income and expenses for each income statement are translated at average exchange rates
(unless this average is not a reasonable approximation of the cumulative effect of the rates
prevailing on the transaction dates, in which case income and expenses are translated at the
rate on the dates of the transactions); and
all resulting exchange differences are recognised as a separate component of equity.
•
•
(r)
Leases
Leasehold land
124
Leasehold land that normally has an indefinite economic life and title is not expected to pass to the
lessee by the end of the lease term is treated as an operating lease. The payment made on entering
into or acquiring a leasehold land is accounted as prepaid lease payments that are amortised over the
lease term in accordance with the pattern of benefits provided.
The Group had previously classified a lease of land as finance lease and had recognised the amount
of prepaid lease payments as leasehold land within its property, plant and equipment. In accordance
with the transition provisions of FRS 117 – ‘Leases’, the Group has now treated such a lease as an
operating lease, with the unamortised carrying amount classified as prepaid lease payments and the
effect of this change is applied retrospectively.
Annual Report 2007
(i)
123
Annual Report 2007
The face values of financial assets (less any estimated credit adjustments) and financial
liabilities with a maturity period of less than one year are assumed to approximate their fair
values.
Amanah Raya Berhad
Amanah Raya Berhad
(p)
Foreign currency
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
5. PERSONNEL COSTS
(s)
Revenue recognition
Revenue is recognised upon performance of services and net of service taxes, and after eliminating
sales within the Group.
2007
2006
2007
2006
RM
RM
RM
RM
Financing income is derived from retail and corporate loans recognised on an accrual basis using the
“sum-of-digits” method.
Interest income and interest expense from financing activities are recognised on an accrual basis using
the effective interest rate. The effective interest rate is the rate that exactly discounts the estimated
future cash payments or receipts through the expected life of the financial assets and liabilities.
Salaries, wages and bonuses 30,608,956
19,792,180
18,967,520 13,309,385
Pension costs - defined contribution plan 3,694,111
3,051,821
2,183,562
2,176,361
Other staff related costs
3,280,899
6,468,597
2,123,327
6,189,474
─────────
─────────
─────────
─────────
37,583,966
29,312,598
23,274,409 21,675,220
════════════════════════════════════
Interest income from fixed income securities are recognised on an accrual basis.
Arrangement income is derived from arranging the financing required for certain projects and is
receivable upon entering a contract unless it is subject to a specific condition in the contract that
may stipulate otherwise.
Dividends from quoted investments are recognised on the ex-dividend date.
Realised gain and loss on sale of quoted investments is arrived at after accounting for cost of
investments, determined on the weighted average cost method.
Realised gain and loss on sale of fixed income securities is measured by the difference between the
net disposal proceeds and the carrying amounts of the investments.
(t)
Dividends
Dividends on ordinary shares are recognised as liabilities when proposed or declared before the
balance sheet date. A dividend proposed or declared after the balance sheet date, but before the
financial statements are authorised for issue, is not recognised as a liability at the balance sheet
date.
4. REVENUE
2007
Group
2006
Profit from ordinary activities before tax is arrived at after charging/(crediting):
2007
Company
2006
RM
RM
RM
RM
Revenue from:
- trust operation 33,661,124
25,615,547
33,661,124 25,615,547
- unit trust operation 15,765,502
10,339,751
4,996,815 10,322,259
- estate administration operation 12,833,858
10,257,133
12,348,344 10,257,133
- legal operation
2,424,311
1,038,490
1,728,056
1,038,490
Management fee 89,865,512
33,517,210
85,605,333 31,960,111
Financing income 37,642,393
6,159,673
-
Custodian fee
3,056,099
1,846,103
-
Building management fee
3,744,840
5,508,930
-
Construction contract 23,051,326
-
-
Fee income 27,587,717
-
-
─────────
─────────
─────────
─────────
249,632,682
94,282,837
138,339,672 79,193,540
════════════════════════════════════
Group
Company
2007
2006
2007
2006
RM
RM
RM
RM
Directors’ remuneration (Note 7)
1,318,226
1,026,920
1,070,026
901,970
Auditors’ remuneration:
- statutory audit
108,668
80,000
80,000
80,000
- limited review
35,000
35,000
35,000
35,000
Depreciation
3,793,496
2,331,347
3,242,541
1,972,115
Amortisation of intangible asset
342,036
90,175
-
Property, plant and equipment written off
178,418
-
178,418
Gain on disposal of property, plant
and equipment
-
(6,733)
-
(6,773)
(Gain)/loss on foreign exchange
(218,031)
116,233
2,650
Gain from sale of investments
(5,498,248)
(228,964)
(3,106,684)
(134,195)
Write-off of investments
-
3,194,418
-
3,194,418
Allowance for diminution in value
of investments
23,180
11,388
23,180
11,388
Allowance on doubtful debts
752,540
-
-
Dividend income
- subsidiaries
-
- (19,198,695) (4,944,000)
- investments
(328,000)
(188,103)
(48,000)
(188,103)
Rental on premises
7,270,583
5,464,592
7,077,708
5,137,850
Lease rental of equipments
357,536
284,921
274,743
276,164
Allowance/(reversal) of impairment
loss on subsidiaries
-
-
2,493,736
(300,012)
Interest income from deposits and bonds
(27,921,291)
(3,437,263)
(950,335) (1,604,988)
Interest income on loan to subsidiaries
-
- (10,188,900)
(953,620)
Accretion of discount net amortisation of
premium
(383,350)
(1,373,985)
(370,488) (1,373,985)
════════════════════════════════════
126
Annual Report 2007
Annual Report 2007
125
Company
6. PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX
Group
Amanah Raya Berhad
Amanah Raya Berhad
Company No.
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
7. DIRECTORS’ EMOLUMENTS
8.TAX (CONTINUED)
The aggregate amount of emoluments receivable by Directors of the Company during the year are as
follows:
The explanation of the relationship between tax expense and profit from ordinary activities before tax is as
follows:
Group
2007
2006
Company
2007
2006
RM
RM
RM
Directors’ emoluments:
- fees
376,500
333,250
208,500
- other emoluments
941,726
693,670
861,526
─────────
─────────
─────────
─────────
1,318,226
1,026,920
1,070,026
═══════════════════════════════════
RM
225,300
676,670
901,970
8.TAX
5,461,649
(8,283,155)
─────────
(2,821,506)
─────────
8,006,684
610,251
─────────
8,616,935
─────────
Deferred tax (Note 17)
- current year
(416,007)
1,037,142
(2,726)
- over recognition of deferred tax
assets in prior year
300,739
-
300,739
─────────
─────────
─────────
─────────
(115,268)
1,037,142
298,013
─────────
─────────
─────────
─────────
16,911,218
(1,784,364)
8,914,948
═══════════════════════════════════
3,090,959
(8,387,518)
(5,296,559)
1,010,497
1,010,497
(4,286,062)
Group
Company
2007
2006
2007
2006
RM
RM
RM
RM
rofit from ordinary activities before tax
P
128,342,888
41,182,365
93,878,964 31,895,655
════════════════════════════════════
Tax calculated at the Malaysian
statutory tax rate of 27% (2006: 28%)
34,652,580
11,531,062
25,347,320
8,930,783
Tax effects of:
- effect on differences in tax rate
(5,110,121)
(1,287,974)
-
- expenses not deductible for tax
purposes
6,182,621
3,389,157
5,808,629
3,233,678
- income not subject to tax
(20,306,503)
(8,063,380) (23,161,954) (8,060,481)
- effect on change in tax rate applicable
to deferred tax
32,523
(7,823)
9,963
(2,524)
- current year’s tax loss and unutilised
capital allowance not recognised
35,810
935,084
-
- current year’s deductible temporary
differences not recognised 169,980
2,665
-
- net under/(over) accrual in prior years
1,254,328
(8,283,155)
910,990 (8,387,518)
────────
────────
────────
────────
Tax expense
16,911,218
(1,784,364)
8,914,948 (4,286,062)
════════════════════════════════
9. ZAKAT
The Company has adopted Malaysian Accounting Standards Board Technical Release i-1(“MASB TR i-1”):
Accounting for Zakat on Business for its zakat calculation for year 2007 using the Adjusted Working Capital
Method. This method calculates zakat based on the Company’s net current assets position adjusted for items
that do not meet the conditions for zakat assets and liabilities.
10. EARNINGS PER SHARE
The earnings per share for the Group has been calculated based on the net profit attributable to the equity
holders of the Company of RM109,956,117 (2006: RM41,983,534) divided by the weighted average number
of ordinary shares in issue during the financial year of 6,000,002 (2006: 6,000,002).
128
Annual Report 2007
Annual Report 2007
127
16,072,897
953,589
─────────
17,026,486
─────────
Amanah Raya Berhad
Amanah Raya Berhad
Malaysian income tax:
- current year
- under/(over) accrual in prior years
─────────
─────────
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
11. PROPERTY, PLANT AND EQUIPMENT
11. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Land and
Computer
Motor
building
equipment
vehicles
Office
equipment,
furniture
and fittings
Renovations
Assets
under
construction
Total
Group
RM
RM
RM
RM
RM
RM
RM
Net book value
At 1 January 2007
- as previously reported
4,503,003
1,837,648
820,271
2,953,594
2,765,497
963,021
13,843,034
- reclassification (Note 36)
(679,830)
-
-
-
-
-
(679,830)
────────
────────
────────
────────
────────
────────
────────
As restated
3,823,173
1,837,648
820,271
2,953,594
2,765,497
963,021
13,163,204
Additions
5,000
1,083,209
-
1,339,191
1,301,829
445,362
4,174,591
Write-offs and disposals
-
(14,000)
-
(180,939)
-
-
(194,939)
Depreciation charge
(78,213)
(976,264)
(280,545)
(545,038)
(1,913,436)
-
(3,793,496)
Currency translation differences
-
(347)
-
(1,070)
(637)
-
(2,054)
────────
────────
────────
────────
────────
────────
────────
At 31 December 2007
3,749,960
1,930,246
539,726
3,565,738
2,153,253
1,408,383
13,347,306
════════════════════════════════════════════════════════
RM
RM
RM
RM
RM
RM
Total
RM
Company
Net book value
At 1 January 2007
1,254,301
1,030,627
315,375
2,858,816
2,764,501
963,021
9,186,641
Additions
-
1,200,524
-
994,601
1,175,256
445,362
3,815,743
Write-offs and disposals
-
(14,000)
-
(180,939)
-
-
(194,939)
Depreciation charge
(26,737)
(747,770)
(68,911)
(495,351)
(1,903,772)
-
(3,242,541)
────────
────────
────────
────────
────────
────────
────────
At 31 December 2007
1,227,564
1,469,381
246,464
3,177,127
2,035,985
1,408,383
9,564,904
════════════════════════════════════════════════════════
At 31 December 2007
Cost
1,336,860
10,259,833
451,893
4,802,563
7,395,162
1,408,383
25,654,694
Accumulated depreciation
(109,296) (8,790,452)
(205,429)
(1,625,436)
(5,359,177)
-
(16,089,790)
────────
────────
────────
────────
────────
────────
────────
Net book value
1,227,564
1,469,381
246,464
3,177,127
2,035,985
1,408,383
9,564,904
════════════════════════════════════════════════════════
At 31 December 2006
Cost
1,336,860
9,073,309
451,893
4,862,176
6,219,906
963,021
22,907,165
(82,559) (8,042,682)
(136,518)
(2,003,360)
(3,455,405)
-
(13,720,524)
────────
────────
────────
────────
────────
────────
────────
Net book value
1,254,301
1,030,627 315,375 2,858,816
2,764,501 963,021
9,186,641
════════════════════════════════════════════════════════
129
130
Annual Report 2007
At 31 December 2006
Cost
3,905,861
10,304,442
1,511,778
5,069,475
6,220,926
963,021
27,975,503
(82,688)
(8,466,794)
(691,507)
(2,115,881)
(3,455,429)
- (14,812,299)
────────
────────
────────
────────
────────
────────
────────
Net book value
3,823,173
1,837,648
820,271
2,953,594
2,765,497
963,021
13,163,204
════════════════════════════════════════════════════════
Office
equipment,
Assets
furniture
under
and fittings Renovations construction
Amanah Raya Berhad
Amanah Raya Berhad
At 31 December 2007
Cost
3,920,858
11,373,304
1,511,778
5,353,382
7,522,118
1,408,383
31,089,823
(170,898)
(9,443,058)
(972,052)
(1,787,644)
(5,368,865)
- (17,742,517)
────────
────────
────────
────────
────────
────────
────────
Net book value
3,749,960
1,930,246
539,726
3,565,738
2,153,253
1,408,383
13,347,306
════════════════════════════════════════════════════════
Land and
Computer
Motor
building
equipment
vehicles
Annual Report 2007
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
12. PREPAID LEASE PAYMENT
14. INVESTMENT IN SUBSIDIARIES
Group
2007
2006
2007
2006
Net book value
RM
RM
RM
RM
As at 1 January
- as previously reported
-
- reclassification
679,830
689,827
────────
────────
As restated
679,830
689,827
Amortisation for the financial year
(9,997)
(9,997)
────────
────────
As at 31 December
669,833
679,830
════════════════
At 31 December
Unquoted shares, at cost
33,299,907
32,349,891
Accumulated impairment losses
(2,493,736)
-
────────
────────
30,806,171
32,349,891
689,827
(9,997)
679,830
Computer software
Net book value
765,002
(90,175)
Cost
1,105,802
Accumulated amortisation
(432,211)
────────
────────
Net book value
673,591
════════════════
765,002
(90,175)
674,827
674,827
(a)
During the financial year, the Company incorporated nine new subsidiaries of which the details are
as follows:
Date of
incorporation
Paid-up Capital
RM
AmanahRaya Properties Sdn. Bhd.
AmanahRaya Hartanah Sdn. Bhd.
AmanahRaya Project Management Sdn. Bhd. AmanahRaya Holdings Bhd.
AmanahRaya Modal Sdn. Bhd. (formerly known
as AmanahRaya Investment Advisory Sdn. Bhd.)
AmanahRaya Private Equities Sdn. Bhd.
AmanahRaya Corporate Advisory Sdn. Bhd.
AmanahRaya Legacy Services Sdn. Bhd.
AmanahRaya Trustees Sdn. Bhd.
(b)
During the financial year, the Company subscribed for 750,000 ordinary shares in AmanahRaya
Development Sdn. Bhd. of RM1 each by way of capitalisation of debt owing by the subsidiary.
(c)
On 18 January 2007, AmanahRaya Development Sdn. Bhd., a wholly owned subsidiary of the
Company acquired 100% equity interest in Klang Valley Recreation Bhd., an unlisted company
incorporated in Malaysia at purchase consideration of RM1.
23 January 2007
23 January 2007
23 January 2007
23 January 2007
2
2
2
2
23 January 2007
23 January 2007
23 January 2007
24 January 2007
23 March 2007
2
2
2
2
1,000,000
132
Annual Report 2007
As at 1 January
674,827
Additions during the financial year
340,800
Amortisation for the financial year
(342,036)
────────
────────
As at 31 December
673,591
════════════════
At 31 December
════════════════
Amanah Raya Berhad
Amanah Raya Berhad
13. INTANGIBLE ASSETS
Annual Report 2007
Company
Cost
689,827
Accumulated amortisation
(19,994)
────────
────────
Net book value
669,833
════════════════
131
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
14. INVESTMENT IN SUBSIDIARIES (CONTINUED)
14. INVESTMENT IN SUBSIDIARIES (CONTINUED)
Details of the subsidiaries, all of which are incorporated in Malaysia, are as follows:
Group’s
effective interest
2007
2006
Subsidiaries held directly by the
%
%
AmanahRaya Trustees Sdn. Bhd. *
100
-
Trustee for unit trust schemes.
AmanahRaya Legacy Services
Sdn. Bhd. #
100
-
Legacy management services.
100
AmanahRaya Properties Sdn. Bhd. #
-
Property manager for
Amanah Raya Berhad.
100
AmanahRaya Hartanah Sdn. Bhd. #
-
Consultancy services and
development of properties.
Amanah Raya Unit Trust
100
100Establishment and management of
unit trust funds.
Management Sdn Bhd #
AmanahRaya Project Management
Sdn. Bhd. #
100
-
Dormant.
100
Amanah Raya Capital Sdn Bhd #
100
Syariah financing, institutional trust
sales and cash management.
AmanahRaya Holdings Bhd. #
100
-
Dormant.
100
Amanah Raya (Labuan) Ltd #
100
Custodian and trust services
(Offshore Company).
AmanahRaya Modal Sdn. Bhd. #
(formerly known as AmanahRaya
Investment Advisory Sdn. Bhd.) 100
-
Dormant.
AmanahRaya – JMF Asset
70
70
Management Sdn Bhd #
Fund management and related
services.
AmanahRaya Private Equities
Sdn. Bhd. #
100
-
Dormant.
AmanahRaya Investment Bank Ltd *
100
100
Investment banking.
AmanahRaya Corporate Advisory
Sdn. Bhd. #
100
-
Dormant.
Amanah Raya Nominees
(Asing) Sdn Bhd #
100
100
Dormant.
AmanahRaya Asset Management
(Labuan) Ltd
100
100
Dormant.
Group’s
effective interest
2007
2006
%
%
Principal activities
Company (continued)
Subsidiaries held directly by the
Nominees, agents or trustees for
beneficial owners of stocks, shares,
bank debentures, loan stocks and
other securities.
Amanah Raya Development
100
100
Sdn. Bhd. (formerly known
as ARB Hartanah Sdn. Bhd.) #
Building contractor, property
investment company and trading
of investment properties.
AmanahRaya – JMF Nominees
100
100
Tempatan Sdn. Bhd. #
Provision of nominees services
to local custodian clients.
AmanahRaya - JMF Capital
100
100
Sdn. Bhd. #
Provision of management
consultancy, advisory and
corporate financial services.
AmanahRaya - JMF Margin
Sdn. Bhd. #
Dormant.
100
100
134
Subsidiary held by AmanahRaya
Development Sdn. Bhd.
Klang Valley Recreation Bhd #
*
#
100
-
Dormant.
Audited by PricewaterhouseCoopers, Malaysia.
Audited by firms other than PricewaterhouseCoopers, Malaysia and its affiliates.
Annual Report 2007
Annual Report 2007
Amanah Raya Nominees
100
100
(Tempatan) Sdn Bhd #
Amanah Raya Berhad
Amanah Raya Berhad
Company
133
Principal activities
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
15. LONG TERM INVESTMENTS
17. NON-CURRENT ASSET HELD-FOR SALE
Group Company
2007
2006
2007
2006
RM
RM
RM
RM
Investment in project development
3,420,498
25,560,957
-
Golf club membership, at cost
126,000
126,000
126,000 126,000
─────────
─────────
─────────
─────────
3,546,498
25,686,957
126,000 126,000
════════════════════════════════════
Group
2007
2006
RM
RM
Freehold land
══════════════════
37,500,000
-
18. FINANCING RECEIVABLES
Name of venture
Description
PJI Holdings Bhd/Everest Point Sdn Bhd
Mixed development of luxury service apartments
and commercial units known as Jana Towers.
Magic Coast Sdn Bhd
Mixed integrated development comprising inter
alia hotel suites/office blocks.
Superboom Projects Sdn Bhd
Development of housing scheme known as
Permai Lake View.
Ambal Murni Development Sdn Bhd
Construction of 30 units bungalow houses within
the housing scheme known as Putra View.
Johawaki Development Sdn Bhd
Development of Institut Kemahiran Baitulmal,
commercial centre and housing scheme.
Gross amount receivables 407,531,100 118,212,908
Less: Unearned income (14,663,236) (28,967,156)
─────────
─────────
392,867,864 89,245,752
══════════════════
Amount repayable within 12 months (Note 22) 41,897,355
Amount repayable after 12 months 350,970,509
─────────
─────────
392,867,864
══════════════════
19,898,802
69,346,950
89,245,752
Construction contracts:
Aggregate costs incurred to date
23,051,326
-
-
Amount due from customers
on contracts
23,051,326
-
-
════════════════════════════════════
19. GOODWILL ON CONSOLIDATION
During the year, the subsidiary Amanah Raya Development Sdn. Bhd. entered into an underwriting agreement
with Magic Coast Sdn. Bhd. for the purchase of the unsold units of a mixed integrated development comprising
inter alia hotel suites/office blocks located at Lot 582, Section 55, Kuala Lumpur of which will be known as
D’Tiara AmanahRaya.
At 1 January/31 December
══════════════════
136
2,713,537
2,713,537
Impairment test for goodwill
During 2007, impairment testing was performed on the goodwill arising from the acquisition of ARJMF. The
recoverable amount of ARJMF is determined based on the value-in-use calculations. These calculations use
pre-tax cash flow projections based on the 2007 financial budgets approved by management, projected for
5 years. The cash flow projection after the fifth year are extrapolated into perpetuity using a nominal longterm growth rate of 2.75% per annum which takes into consideration the current GDP and inflation. The
discount rate used is 2.75% which reflects the specific risks relating to the ARJMF. Based on this analysis, no
impairment needs to be recognised.
Annual Report 2007
Underwriting arrangement
Amanah Raya Berhad
Amanah Raya Berhad
Details of the jointly controlled operations are as follows:
Annual Report 2007
The balances can be analysed as follows:
16. INTEREST IN JOINT VENTURES
135
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
20. DEFERRED TAX
20. DEFERRED TAX (CONTINUED)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The
following amounts, determined after appropriate offsetting, are shown in the balance sheet:
Group
Company
2007
2006
2007
2006
RM
RM
RM
RM
Deferred tax assets
540,579
444,250
-
250,796
Deferred tax liabilities
(57,917)
(76,856)
(47,217)
────────
────────
────────
────────
482,662
367,394
(47,217)
250,796
════════════════════════════════
Components of deferred tax assets:
- property, plant and equipment
30,701
-
-
- post employment benefits
8,356
48,987
8,356
48,987
- allowance for diminution in value on
investments
-
300,739
-
300,739
- trade and other payables
473,302
610,714
473,302
379,725
- others
722,804
206,548
104,000
108,000
────────
────────
────────
────────
Before offsetting
1,235,163
1,166,988
585,658
837,451
Offsetting
(694,584)
(722,738)
(585,658)
(586,655)
────────
────────
────────
────────
After offsetting
540,579
444,250
-
250,796
════════════════════════════════
Company
2007
2006
2007
2006
RM
RM
RM
RM
Components of deferred tax liabilities
(556,753)
(609,682) (525,149)
(474,786)
- net accretion of discounts
(107,726)
(111,869) (107,726)
(111,869)
- others
(88,022)
(78,043)
-
─────────
─────────
─────────
─────────
Before offsetting
(752,501)
(799,594) (632,875)
(586,655)
Offsetting
694,584
722,738
585,658
586,655
─────────
─────────
─────────
─────────
After offsetting
(57,917)
(76,856) (47,217)
════════════════════════════════════
The amount of deductible temporary differences and unused tax losses (both of which have no
expiry date) in respect of subsidiaries for which no deferred tax is recognised in the balance sheet
are as follows:
Group
2007
2006
RM
RM
Unabsorbed tax losses 2,202,948
Unutilised capital allowances
304,873
Deductible temporary differences
664,018
─────────
─────────
3,171,839
══════════════════
2,215,048
67,260
9,869
2,292,177
138
21. INVESTMENTS
Group
Company
2007
2006
2007
2006
RM
RM
RM
RM
Investments in quoted shares
23,190,530
487,015
190,530
487,015
Investments in fixed income securities 299,835,000 57,243,187
-
57,243,187
Investments in properties
34,593,519
-
-
Investments in institutional trust
13,472,703 11,947,780
-
Investments in unit trust
403,678
2,433,099
403,678
2,433,099
─────────
─────────
─────────
─────────
371,495,430 72,111,081
594,208
60,163,301
Net accretion of discount/
(amortisation of premium)
-
396,080
-
396,080
─────────
─────────
─────────
─────────
371,495,430 72,507,161
594,208
60,559,381
════════════════════════════════════
Annual Report 2007
Annual Report 2007
137
As at 1 January
367,394
1,404,536
250,796
1,261,293
Credited/(charged) to income statement:
83,630
211,879
(50,363)
311,682
- post employment benefit
(40,631)
(1,310,292)
(40,631) (1,310,292)
- allowance for diminution in value on
investments
(300,739)
(91,953)
(300,739)
(91,953)
- net accretion of discounts
4,143
(111,870)
4,143
(111,870)
- trade and other payables
(137,412)
248,589
93,577
195,936
- others
506,277
16,505
(4,000)
(4,000)
────────
────────
────────
────────
115,268
(1,037,142)
(298,013) (1,010,497)
────────
────────
────────
────────
As at 31 December 482,662
367,394
(47,217)
250,796
════════════════════════════════
Group
Amanah Raya Berhad
Amanah Raya Berhad
Movement in deferred tax:
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
22. RECEIVABLES
23. CASH AND CASH EQUIVALENTS (CONTINUED)
Current
Group
Company
2007
2006
2007
2006
RM
RM
RM
RM
Trade receivables
27,898,745
23,339,739
22,122,539
19,147,390
Less: Allowance for trade receivables
(400,000)
(400,000)
(400,000)
(400,000)
─────────
─────────
─────────
─────────
27,498,745
22,939,739
21,722,539
18,747,390
Amounts receivable from subsidiaries
-
-
273,988,668
51,081,975
Financing receivables (Note 18)
41,897,355
19,898,802
-
Deposits
30,640,830
565,450
451,456
400,296
Staff loans and advances
534,921
718,202
439,324
585,446
Interest receivables
4,651,793
524,807
11,492
475,825
Other receivables
10,688,235
4,314,566
8,887,509
3,685,205
─────────
─────────
─────────
─────────
115,911,879
48,961,566
305,500,988
74,976,137
════════════════════════════════════
Non-current
Deposit with Securities Commission
322,041
216,374
-
════════════════════════════════════
Staff loans and advances are analysed as follows:
Amanah Raya Berhad
Company
2007
2006
2007
2006
RM
RM
RM
RM
At 1 January
718,202
840,394
585,446
559,849
Loans disbursed
1,923,226
577,206
1,884,216
551,613
Repayments
(2,106,656)
(699,398)
(2,030,338)
(526,016)
─────────
─────────
─────────
─────────
At 31 December
534,772
718,202
439,324
585,446
════════════════════════════════════
Company
2007
2006
2007
2006
RM
RM
RM
RM
- RM
22,077,246 113,213,368
11,999,444
65,368,656
- USD
299,126,826
10,500,000
-
─────────
─────────
─────────
─────────
321,204,072 123,713,368
11,999,444
65,368,656
════════════════════════════════════
24. OTHER PAYABLES AND ACCRUALS
Amount due to subsidiaries
-
-
24,222,800
Service tax payables
98,284
103,503
98,284
103,503
Payroll liabilities
8,585,005
5,474,942
5,825,300
5,164,842
Accrued expenses
17,105,000
6,458,453
6,581,993
3,554,887
Other payables
8,547,334
5,763,931
5,440,551
4,293,875
─────────
─────────
─────────
─────────
34,335,623
17,800,829
42,168,928
13,117,107
═══════════════════════════
═════════
25. POST-EMPLOYMENT BENEFIT OBLIGATIONS
Group and Company
2007 2006
RM
RM
32,140
181,434
Lump-sum retirement benefit plan
Current
════════════════
(a)
Defined contribution plan
Group companies incorporated in Malaysia contribute to the Employees Provident Fund, the national
defined contribution plan. Once the contributions have been paid, the Group has no further payment
obligations.
(b)
Defined benefit plan
The Group operated an unapproved and unfunded final salary defined benefit plan for its employees.
This plan was valued by an independent actuary every three years using the projected unit credit
method. The last actuarial valuation was carried out as at 30 September 2004. An unrecognised
transitional liability was identified in the 30 September 2002 actuarial valuation. This was being
amortised over five years as allowed under FRS 119.
23. CASH AND CASH EQUIVALENTS
Deposits with:
- Licensed banks
143,313,991 108,596,586
10,898,500
57,067,500
- Other financial institutions
169,556,067
8,837,839
-
7,847,007
Cash and bank balances
8,334,014
6,278,943
1,100,944
454,149
─────────
─────────
─────────
─────────
Cash and cash equivalents
321,204,072 123,713,368
11,999,444
65,368,656
═══════════════════════════
═════════
Group
140
Annual Report 2007
Annual Report 2007
139
Group
Amanah Raya Berhad
The currency exposure profile of cash and cash equivalents is as follows:
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
25. POST-EMPLOYMENT BENEFIT OBLIGATIONS (CONTINUED)
27. BORROWINGS
(b)
Defined benefit plan (continued)
The movements during the period in which the amount recognised in the balance sheet in respect
of the Group and the Company’s lump sum retirement benefit plan are as follows:
Group and Company
2007
2006
RM
RM
At start of the financial year
181,434
4,854,567
Charged to income statement
8,528
-
Contributions paid
(157,822)
(4,673,133)
────────
────────
At end of the financial year
════════════════
32,140
181,434
During the financial year ended 31 December 2005, the Company had terminated the defined benefit
retirement plan. As at 31 December 2007, the retirement benefit accrued represents actual amount
payable by the Company.
Group
2007
2006
RM
RM
Amount payable within 12 months
108,255
102,589
Amount repayable after 12 months
71,681
179,986
─────────
─────────
179,936
282,575
══════════════════
Hire purchase payable
188,650
303,010
Interest in suspense
(8,714)
(20,435)
─────────
─────────
179,936
282,575
══════════════════
2007
2006
2007
2006
RM
RM
RM
RM
Deposits from customers (unsecured) 445,682,123
-
-
Securities sold under repurchase
agreements (secured)
193,227,000
-
-
Terms loan (unsecured)
90,067,613
-
-
─────────
─────────
─────────
─────────
728,976,736
-
-
════════════════════════════════════
Non-current
Term loans (unsecured)
250,000,000 250,000,000
150,000,000 150,000,000
════════════════════════════════════
28. SHARE CAPITAL
31.12.2007
Number
Number
of shares
of shares
RM
Group and Company
31.12.2006
RM
Authorised:
Ordinary shares of RM1 each:
At start and end of year
10,000,000
10,000,000
10,000,000
10,000,000
══════════════════════════════
══════════
Issued and fully paid:
Ordinary shares of RM1 each
At start and end of year
6,000,002
6,000,002
6,000,002
6,000,002
══════════════════════════════
══════════
29. RESERVES
(i)
Retained earnings
The Company has sufficient tax credit under Section 108 of the Income Tax Act, 1967 and tax
exempt income under Section 12 of the Income Tax (Amendment) Act 1999, to frank the payment
of dividends out of all its retained profits as at 31 December 2007.
(ii)Exchange fluctuation reserves
Exchange fluctuation reserves have arose from translation of the net assets of the Company’s
Labuan subsidiaries.
142
Annual Report 2007
Annual Report 2007
141
Current
Company
Amanah Raya Berhad
Amanah Raya Berhad
26. HIRE PURCHASE CREDITORS
Group
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
30. SIGNIFICANT RELATED PARTY TRANSACTIONS
30. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
Parties are considered to be related if one party has the ability to control the other party or exercise
significant influence over the other party in making financial or operational decisions. The related parties of,
and their relationship with the Company, are all the subsidiaries (Note 13).
Company
2007
2006
RM
RM
AmanahRaya Properties Sdn Bhd
- Building management fee
1,667,382
-
AmanahRaya Trustees Sdn Bhd
- Rental received and receivable
137,767
-
132,519
-
Key management personnel are those people having authority and responsibility for planning, directing and
controlling the activities of the Company either directly or indirectly.
The Directors are of the opinion that all the related party transactions had been entered into in the normal
course of business and had been established on terms and conditions that were not materially different from
that obtainable in transaction with unrelated parties.
Company
2007
2006
RM
RM
(157,448)
-
Amanah Raya (Labuan) Ltd
- Interest received and receivable
(529,051)
(476,330)
Amanah Raya Nominees (Tempatan) Sdn Bhd
- Nominee fees paid and payable
- Custodian and back room fees paid and payable
- Administration fee received and receivable
Related party balances
The related party balances are included in Note 22 and 24 to the financial statements.
31. CAPITAL COMMITMENTS
480,000
1,641,370
(94,469)
(68,984)
480,000
1,276,316
-
Significant related party transactions
Capital expenditure not provided for in the
financial statements are as follows:
Company
2007
2006
RM
RM
Authorised by the Directors but not contracted for
1,683,651
588,505
════════════════
Amanah Raya-JMF Management Sdn Bhd
- Management and arrangement fee paid and payable
- Commission paid and payable
12,242,383
1,451,201
(892,204)
(83,200)
9,378,617
625,825
-
Amanah Raya Capital Sdn Bhd
- Commission paid and payable
- Interest received and receivable on loan disbursed
1,531,639
(280,426)
(94,489)
(62,179)
2,744,914
(236,835)
-
- Renovation works carried out
- Cleaning services payable
- Archiving services payable
- Interest received and receivable on loan disbursed
- Rental paid and payable
24,490
2,960
5,983
(9,379,424)
461,777
30,680
14,475
20,634
(240,455)
-
Analysed as follows:
- intangible assets
-
588,505
1,100,000
- others
583,651
────────
────────
1,683,651
588,505
════════════════
32. NON-CANCELLABLE OPERATING LEASE COMMITMENTS
Future minimum lease payment
Not later than 1 year
5,067,636
4,247,096
Later than 1 year and not later than 5 years
16,282,811
13,353,735
Later than 5 years
-
370
────────
────────
21,350,447
17,601,201
════════════════
144
Annual Report 2007
Annual Report 2007
143
Amanah Raya Unit Trust Management Sdn Bhd
(formerly known as Amanah Raya Asset Management Sdn Bhd)
Key management personnel
976,375
712,515
════════════════
Amanah Raya Berhad
Amanah Raya Berhad
Significant related party transactions
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
33. INTEREST RATE RISK
33. INTEREST RATE RISK (CONTINUED)
The following tables provide information about financial assets and liabilities showing the weighted average effective
interest rate and the earlier of the contractual repricing or maturity date for each class of interest-sensitive instrument
in the balance sheet.
Group
Less
than 1
1 - 5
Over 5
year
years
years
RM
RM
RM
Group
Noninterest
bearing
Total
RM
RM
2007
Amanah Raya Berhad
RM
RM
RM
Noninterest
bearing
Total
RM
RM
2007
Financial liabilities:
Payables
-
-
-
34,335,623
34,335,623
108,255
71,681
-
-
179,936
Post-employment benefit obligations
-
-
-
32,140
32,140
Borrowings 216,898,833
501,273,402
-
10,804,502
728,976,737
Long term liabilities
-
-
250,000,000
-
250,000,000
─────────
─────────
─────────
─────────
─────────
217,007,088
501,345,083
250,000,000
45,172,265 1,013,524,436
─────────
─────────
─────────
─────────
Other liabilities
4,142,188
─────────
Total liabilities per balance sheet 1,017,666,624
═════════
146
Annual Report 2007
Annual Report 2007
Less
than 1
1 - 5
Over 5
year
years
years
Amanah Raya Berhad
Financial assets:
-
-
-
23,190,530
23,190,530
Investments in fixed income securities 33,155,000
199,890,000
66,630,000
-
299,835,000
Investments in properties
-
34,593,519
-
-
34,593,519
-
-
13,472,703
-
13,472,703
-
-
-
403,678
403,678
Receivables 301,078,786
70,471,357
8,764,100
86,568,143
466,882,387
Deposits, cash and bank balances 312,870,057
-
-
8,334,014
321,204,071
─────────
─────────
─────────
─────────
──────────
647,263,843
304,954,876
88,866,803
118,496,365 1,159,581,888
─────────
─────────
─────────
─────────
Other assets
73,369,430
──────────
Total assets per balance sheet 1,232,951,318
══════════
145
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
Group
Less
than 1
1 - 5
Over 5
year
years
years
RM
RM
RM
Noninterest
bearing
Total
RM
RM
Group
Less
than 1
1 - 5
Over 5
year
years
years
RM
RM
RM
Noninterest
bearing
Total
RM
RM
Financial assets:
-
-
-
487,015
487,015
5,023,169
-
-
57,639,267
-
-
-
11,947,780
11,947,780
-
-
-
2,433,099
2,433,099
Receivables 20,177,099
336,153
8,322
28,439,992
48,961,566
-
-
6,278,943
123,713,368
─────────
─────────
─────────
─────────
─────────
190,227,622
5,359,322
8,322
49,586,829
245,182,095
─────────
─────────
─────────
─────────
Other assets
130,257,389
─────────
Total assets per balance sheet
375,439,484
═════════
Payables
-
-
-
17,800,829
102,589
179,986
-
-
-
-
-
181,434
-
-
250,000,000
-
─────────
─────────
─────────
─────────
102,589
179,986
250,000,000
17,982,263
─────────
─────────
─────────
─────────
Other liabilities
Total liabilities per balance sheet
═════════
17, 800,829
282,575
181,434
250,000,000
─────────
268,264,838
1,587,281
─────────
269,852,119
Amanah Raya Berhad
2006
Amanah Raya Berhad
147
148
Annual Report 2007
2006
Annual Report 2007
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
Company
Less
than 1
1 - 5
Over 5
year
years
years
RM
RM
RM
Noninterest
bearing
Total
RM
RM
Company
Less
than 1
1 - 5
Over 5
year
years
years
RM
RM
RM
Noninterest
bearing
Total
RM
RM
Financial assets:
-
-
-
190,530
190,530
Investments in fixed income securities
-
-
-
-
-
-
-
403,678
403,678
Receivables
99,876
201,893
262,520,853
42,678,366
305,500,988
-
-
1,379,444
11,999,444
─────────
─────────
─────────
─────────
─────────
10,719,876
201,893
262,520,853
44,652,018
318,094,640
─────────
─────────
─────────
─────────
Other assets
54,232,443
372,327,083
═════════
Payables
-
-
16,900,000
25,268,928
42,168,928
-
-
-
32,140
32,140
-
-
150,000,000
-
150,000,000
─────────
─────────
─────────
─────────
─────────
-
-
166,900,000
25,301,068
192,201,068
─────────
─────────
─────────
─────────
Other liabilities
47,217
192,248,285
═════════
Amanah Raya Berhad
2007
Amanah Raya Berhad
149
150
Annual Report 2007
2007
Annual Report 2007
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
Company
Less
than 1
1 - 5
Over 5
year
years
years
RM
RM
RM
The effective interest rate of the Group and of the Company’s financial assets and financial liabilities as at the
balance sheet dates are as follows:
Noninterest
bearing
Total
RM
RM
2006
-
-
-
-
-
-
-
-
150,000,000
13,117,107
181,434
-
13,117,107
181,434
150,000,000
150,000,000
13,298,541
Other liabilities
163,298,541
163,298,541
2007
2006
2007
Company
2006
%
%
%
%
Financial assets
9.5
7.8
-
Fixed income securities
4.9
6.7
5.9
6.7
Deposits with licensed banks
4.7
3.8
3.5
3.7
Amount due from subsidiaries
-
-
5.5
5.5
4.8
4.0
4.2
4.0
════════════════════════════════════
Financial liabilities
Deposit from customers
5.4
-
-
Borrowings – Current
3.8
-
-
Borrowings – Non Current
5.9
5.5
4.0
5.5
5.9
5.4
-
════════════════════════════════════
34. CREDIT RISK
The following tables set out the credit risk concentrations and counter parties of the Group and Company.
Property,
Finance and infrastructure
business
and utilities
services
companies
Group
RM
RM
Purchase of
transport
vehicles
Others
RM
RM
152
2007
13,948,000 315,694,133
-
63,225,727
299,835,000
-
-
Institutional trust
-
-
-
13,472,703
Unit trust
-
-
-
403,678
Trade receivables
-
-
-
27,498,745
4,651,793
-
-
-
-
296,061
238,860
Other receivables
-
22,998,330
-
18,330,739
Deposits, cash and bank balances
321,204,071
-
-
─────────
───────── ─────────
─────────
639,638,864 338,692,463
296,061 123,170,452
═══════════════════════════
═════════
Annual Report 2007
Annual Report 2007
151
Financial liabilities
Payables
Post employment benefit obligations
Group
Amanah Raya Berhad
Amanah Raya Berhad
Financial assets:
-
-
-
487,015
487,015
5,023,169
-
-
57,639,267
-
-
-
2,433,099
2,433,099
Receivables
148,184
336,153
8,322
74,483,478
74,976,137
-
-
454,149
65,368,656
─────────
─────────
─────────
─────────
─────────
117,678,789
5,359,322
8,322
77,857,741
200,904,174
─────────
─────────
─────────
─────────
Other assets
58,709,149
─────────
259,613,323
═════════
2006
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
34. CREDIT RISK (CONTINUED)
Property,
Finance and infrastructure
business
and utilities
services
companies
Purchase of
transport
vehicles
Others
RM
RM
52,616,098
5,023,169
-
Institutional trust
-
-
-
Unit trust
-
-
-
Trade receivables
477,870
46,937
-
-
-
406,522 Other receivables
3,561,270
-
-
Deposits, cash and bank balances
157,698,576
-
-
11,947,780
2,433,099
22,939,739
311,680
1,318,746
-
38,951,044
Group (continued)
RM
RM
2006
214,353,814
5,070,106
406,522
Company
22,405,251
263,594,354
296,061
31,608,445
52,616,098
-
-
428,888
-
2,931,908
5,023,169
-
-
46,937
-
-
-
-
-
-
406,522
-
2,433,099
18,747,390
178,924
1,123,570
65,368,656
-
-
-
2006
Unit trust
Trade receivables
Interest receivable
Other receivables
Deposits, cash and
bank balances
─────────
121,345,550
5,070,106
406,522
22,482,983
═══════════════════════════
═════════
Annual Report 2007
Annual Report 2007
153
Unit trust
-
-
-
403,678
Trade receivables
-
-
-
21,722,539
Interest receivable
11,492
-
-
-
-
296,061
143,263
Other receivables
10,394,315 263,594,354
-
9,338,965
Deposits, cash and
bank balances
11,999,444
-
-
-
Amanah Raya Berhad
Amanah Raya Berhad
2007
Company No.
Company No.
344986 V
344986 V
AMANAH RAYA BERHAD
AMANAH RAYA BERHAD
36. CHANGE IN ACCOUNTING POLICIES
36. CHANGE IN ACCOUNTING POLICIES (CONTINUED)
The list of new accounting standards, amendments to published standards and interpretations to existing
standards that are effective and applicable to the Group for the financial year ended 31 December 2007 is
set out in Note 3(a).
The following describes the impact of new standards, amendments to published standards and interpretations
on the financial statements of the Company.
Immaterial impact on the financial statements
The adoption of FRS 124 – Related Party Disclosure resulted in new disclosures requirements in the financial statements of the Company, which have been disclosed in Note 30.
Reclassification in current year balances and effect on prior year comparatives
The adoption of FRS 117 – Leases has resulted in the retrospective reclassification of long
term and short term leasehold land from property, plant and equipment to prepaid lease
payments. The unamortised amount of leasehold land is retained as the surrogate carrying
amount of prepaid lease payments as allowed by the transition provisions of FRS 117.
(c)Effect of changes in accounting policies for the financial year ended 31 December 2007 and
31 December 2006
RM
31 December 2007
Income statement
Depreciation of property plant and equipment
3,793,496
9,997
Balance sheet
RM
RM
2,331,347
-
(9,997)
9,997
2,321,350
9,997
13,843,034
-
(679,830)
679,830
13,163,204
679,830
13,347,306
669,833
Income statement
Depreciation of property plant and equipment
Balance sheet
37. APPROVAL OF FINANCIAL STATEMENTS
The financial statements have been approved for issue in accordance with a resolution of the Board of
Directors on 6 June 2008.
156
Annual Report 2007
Annual Report 2007
155
The following discloses the adjustments that have been made in accordance with the transition
and new provisions of the respective FRSs to each of the line items in the Group’s income
statements and balance sheets as at 31 December 2007 and 31 December 2006.
Group RM
Amanah Raya Berhad
Amanah Raya Berhad
Group
As
restated
31 December 2006
(a)
(b)
As
previously Reclassification
reported
Note 36(b)
NET TANGIBLE ASSETS PER SHARE
TURNOVER
Turnover (RM mn)
300
263.35
Year
Net Tangible Assets Per Share (RM)
2003
8.33
Year
Turnover (RM mn)
250
2004
8.46
2003
28.72
200
2005
10.07
2004
37.96
150
2006
17.03
2005
62.17
2007
35.32
2006
109.87
2007
263.35
109.87
100
50
0
62.17
28.72
2003
37.96
2004
2005
2006
Net Tangible Assets Per Share (RM)
40
35
30
25
20
15
10
5
0
Shareholders’ Fund (RM mn)
Year
Shareholders’ Fund (RM mn)
250
2003
49.95
200
2004
50.75
150
2005
65.16
2006
105.59
2007
215.28
215.28
105.59
100
50
49.95
50.75
65.16
2003
2004
2005
17.03
8.33
8.46
2003
2004
10.07
2005
2006
2007
2007
PROFIT BEFORE TAX
SHAREHOLDERS’ FUND
35.32
Year
Profit Before Tax (RM mn)
2003
1.97
2004
3.09
2005
19.02
2006
41.18
2007
128.34
Profit Before Tax (RM mn)
140
120
100
80
60
40
20
0
128.34
41.18
1.97
3.09
2003
2004
19.02
2005
2006
2007
2007
DIVIDEND PAYOUT
EARNINGS PER SHARE
157
Year
Earnings Per Share (EPS)-RM
2003
0.20
2004
0.23
2005
2.16
2006
7.00
2007
18.33
Earnings Per Share (EPS) - RM
20.00
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
18.33
7.00
0.20
0.23
2003
2004
2.16
2005
2006
2007
Year
Dividend Payout (RM mn)
2003
0.60
2004
0.60
2005
0.60
2006
1.20
2007
6.00
Dividend Payout (RM mn)
158
6.00
5.00
4.00
3.00
2.00
1.00
0.00
6.00
1.20
0.60
0.60
0.60
2003
2004
2005
2006
2007
Annual Report 2007
Annual Report 2007
2006
Amanah Raya Berhad
Amanah Raya Berhad
0
Annual Report 2007
159
Amanah Raya Berhad

Since it started operations

Transcription

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