C M Y K ASB cover 175# 27-5-04 C M Y Kasb.listedcompany.com/misc/ASB-AnnualReport2003.pdf · C M Y...

C M Y K ASB cover 175# 27-5-04 C M Y K

C M Y KC M Y K

MISI DAN WAWASAN KORPORAT

Wawasan KitaUntuk menjadi syarikat global yang utama.

Misi KitaUntuk mencapai kejayaan sebagai sebuah syarikatglobal yang mempunyai tanggungjawab sosial dan yangcemerlang dalam setiap usaha.

Strategi KitaKita mencari rakan kongsi dan sekutu yang sinergistikuntuk mencapai misi kita.

Kita Pastikan• Kecemerlangan keusahawanan dalam semua usaha

kita.• Pertumbuhan berlanjutan dengan mengenalpasti dan

mengisi keperluan pengguna.• Perkongsian yang produktif dengan rakan perniagaan,

pembekal, pekerja dan kerajaan.• Adil dalam semua urusan perniagaan dengan rakan

kongsi, pelanggan dan pembekal.

Nilai-nilai Kita• Kepada Pemegang Stok

Kita memastikan pulangan yang wajar supayapemegang stok menghargai pelaburan mereka.

• Kepada PelangganKita menghargai pelanggan kita dengan membekalkanmereka produk dan perkhidmatan yang berkualiti tinggipada harga yang berdayasaing.

• Kepada PekerjaKita mengambil berat tentang pekerja kita denganmewujudkan persekitaran kerja yang selesa,membimbing mereka untuk mencapai potensi merekayang sepenuhnya dan mengiktiraf sumbangan mereka.

• Kepada MasyarakatKita memenuhi tanggungjawab sosial kita danmenyumbang kepada kesejahteraan ekonomi dansosial di setiap masyarakat tempat kita beroperasi.

CORPORATE VISION AND MISSION

Our VisionTo be a premier global corporation.

Our MissionTo attain success as a socially responsible globalcorporation which excel in every undertaking.

Our StrategyWe seek synergistic partnerships and alliances toachieve our mission.

We Ensure• Entrepreneurship excellence in all our pursuits.• Sustainable growth through identification and

satisfaction of customers’ needs.• Productive partnerships with business associates,

suppliers, employees and governments.• Fairness in all business dealings with partners,

customers and suppliers.

Our Values• To Our Stockholders

We ensure a fair return so that our stockholders willvalue their investment.

• To Our CustomersWe value our customers by providing them with highquality products and services at competitive prices.

• To Our EmployeesWe care for our people by creating a conducive workenvironment, nurturing them to their fullest potential andrecognising their contribution.

• To Our CommunityWe honour our social obligations and contribute to theeconomic and social wellbeing of every community inwhich we operate.

Notis Mesyuarat Agung Tahunan 2Notice of Annual General Meeting 3

Penyata Bersama Notis Mesyuarat Agung Tahunan 4Statement Accompanying Notice of Annual General Meeting 5

Ahli Lembaga Pengarah & Maklumat Korporat 6 – 10Board of Directors & Corporate Information 6 – 10

Maklumat Pengurusan 11Management Information 11

Struktur Korporat Kumpulan pada 30 April 2003 12 - 13Group Corporate Structure as at 30 April 2003 12 – 13

Penyata Mengenai Urus Tadbir Korporat 14 – 17Statement on Corporate Governance 18 – 21

Maklumat Pematuhan Tambahan 22 – 23Additional Compliance Information 24 – 25

Laporan Jawatankuasa Audit 26 – 28Audit Committee Report 29 – 31

Penyata Kawalan Dalaman 32 – 33Statement of Internal Control 34 – 35

Catatan Pengurusi 36 – 48Chairman’s Statement 36 – 48

Penyata Kewangan 49Financial Statements 129• Laporan Para Pengarah 50 – 54

Directors’ Report 130 – 134• Penyata oleh Para Pengarah 55

Statement by Directors 135• Perakuan Berkanun 55

Statutory Declaration 135• Laporan Juruaudit kepada ahli-ahli Advance Synergy Berhad 56

Report of The Auditors to the Members of Advance Synergy Berhad 136 • Penyata Pendapatan 57

Income Statements 137• Kunci Kira-kira 58 – 59

Balance Sheets 138 – 139• Penyata Perubahan dalam Ekuiti 60 – 61

Statements of Changes in Equity 140 – 141• Penyata Aliran Tunai 62 – 64

Cash Flow Statements 142 – 144• Nota-nota kepada Penyata Kewangan 65 – 127

Notes to the Financial Statements 145 – 207

Statistik Pemegangan Stok 208 – 209Statistics on Stockholdings 208 – 209

Statistik Pemegangan Waran 210 – 211Statistics on Warrantholdings 210 – 211

Penyata Kepentingan Para Pengarah 212Statement on Directors’ Interests 212

Senarai Hartanah 213 – 215List of Properties 213 – 215

Borang Proksi DilampirkanProxy Form Enclosed

Rasional Logo

Logo ini, yang berbentuk bulat,

mengandungi simbol-simbol yang

mewakili api, air dan elemen-elemen

bumi yang berinteraksi secara

konstan. Interaksi elemen-elemen ini

menjana tenaga yang mengalir bebas.

Tenaga ini menghasilkan POKOK,

simbol bagi semua hidupan di bumi.

Kedudukan POKOK ini, di tengah

logo, menwakili fokus matlamat

syarikat, iaitu penciptaan kekayaan

yang menberi manfaat kepada para

pemegang saham dan masyarakat

keseluruhannya. Secara holistik, logo

ini melambangkan tenaga sinergestik

yang sedang bergerak.

Logo Rationale

This logo, circular in shape, comprises

symbols which represent the fire,

water, and earth elements in constant

interaction. The interaction of these

elements releases free flowing energy

which produces the TREE, a symbol

of all life on earth. Situated at the

centre of the logo, the TREE

represents the focus of the company

goal which is the creation of wealth

benefiting shareholders and society at

large. The logo holistically, symbolises

synergistic energy in motion.

Kandungan / Contents

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Notis Mesyuarat Agung Tahunan

DENGAN INI DIMAKLUMKAN bahawa MESYUARAT AGUNG TAHUNAN Kelapan Puluh Syarikat akan diadakan diDewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur pada hari Selasa, 29 Jun 2004 jam 2.30petang untuk menjalankan urusan-urusan berikut:-

1. Untuk menerima dan meluluskan penyata kewangan yang telah diaudit bagi tahun kewangan Resolusi 1berakhir 31 Disember 2003 dan laporan para pengarah dan juruaudit.

2. Untuk meluluskan fi para pengarah bagi tahun kewangan berakhir 31 Disember 2003. Resolusi 2

3. Untuk melantik semula pengarah-pengarah yang berikut:- 3.1 Dato’ Ahmad Sebi Bakar Resolusi 33.2 Wong Ah Nam @ Wong Joon Tuang Resolusi 4

4. Untuk melantik Sng Ngiap Koon sebagai pengarah. Resolusi 5

5. Untuk melantik semula Tetuan BDO Binder sebagai juruaudit Syarikat dan memberi kuasa kepada Resolusi 6para pengarah untuk menetapkan imbuhan mereka.

6. Sebagai urusan khas, menimbangkan dan, jika didapati wajar, meluluskan Resolusi Biasa berikut:-

“BAHAWA sentiasa tertakluk kepada kelulusan autoriti-autoriti yang relevan, para pengarah Resolusi 7adalah dan dengan ini diberi kuasa, selaras dengan Seksyen 132D Akta Syarikat 1965,menerbitkan saham-saham Syarikat yang baru, dari masa ke semasa dan menurut terma-termadan syarat-syarat tertentu dan bagi tujuan tertentu menurut pertimbangan mutlak para pengarahseperti yang mereka fikirkan sesuai asalkan bilangan agregat saham yang akan diterbitkanselaras dengan resolusi ini tidak melebihi 10% daripada modal terbitan Syarikat yang semasadan lanjutan dari perumpukan saham-saham tersebut untuk menukarnya ke unit-unit stok baruyang bernilai RM1.00 setiap satu DAN kuasa tersebut akan berkuatkuasa sehingga berakhirMesyuarat Agung Tahunan Syarikat yang akan datang.”

7. Untuk menjalankan sebarang urusan biasa lain yang notis mengenainya telah diberikan.

DENGAN PERINTAH LEMBAGA PENGARAH

HO TSAE FENGSetiausaha

Kuala Lumpur4 Jun 2004

Nota:-(1) Seorang ahli Syarikat yang layak untuk menghadiri dan mengundi dalam mesyuarat agung berhak untuk melantik seorang proksi untuk

menghadiri dan mengundi bagi pihak dirinya. Seorang proksi tidak semestinya seorang ahli Syarikat.

(2) Seorang ahli Syarikat yang merupakan nomini yang diberi kuasa seperti yang dimaksudkan di bawah Akta Sekuriti Industri (DepositoriPusat), 1991, berhak melantik seorang proksi bagi setiap akaun sekuriti yang memegang unit-unit stok Syarikat yang dikreditkan keakaun sekuriti tersebut.

(3) Instrumen perlantikan proksi bagi individu hendaklah ditandatangani oleh pelantik atau peguamnya yang telah diberi kuasa dan bagisyarikat, instrumen perlantikan proksi mestilah disempurnakan dengan meterai syarikat atau ditandatangani oleh seorang pegawai ataupeguam yang telah diberi kuasa.

(4) Instrumen perlantikan proksi mesti dihantar ke Pejabat Berdaftar Syarikat di Paras 3A (Tower Block) Menara Milenium, No. 8 JalanDamanlela, Bukit Damansara, 50490 Kuala Lumpur tidak lewat daripada 48 jam sebelum masa yang ditetapkan untuk mengadakanmesyuarat atau sebarang penangguhannya.

NOTA PENJELASAN BAGI URUSAN KHAS

– Resolusi selaras dengan Seksyen 132D Akta Syarikat, 1965:-

Resolusi Biasa selaras dengan Seksyen 132D Akta Syarikat, 1965, jika diluluskan, akan memberi kuasa kepada para pengarah, dari tarikhMesyuarat Agung di atas sehingga Mesyuarat Agung Tahunan yang akan datang, untuk memperumpuk dan menerbitkan saham-sahamSyarikat yang baru dan menukarnya ke unit-unit stok Syarikat yang jumlahnya tidak melebihi 10% daripada modal terbitan Syarikat yangsemasa dan untuk tujuan tertentu yang para pengarah timbangkan untuk kepentingan Syarikat. Ini akan mengelakkan sebarang kelewatandan kos yang bersangkutan untuk mengadakan sebuah mesyuarat am yang khususnya bertujuan meluluskan yang tersebut. Pemberiankuasa ini, kecuali ditarik balik atau dipinda di mesyuarat am, akan luput pada Mesyuarat Agung Tahunan Syarikat yang akan datang.

(Borang proksi dilampirkan bersama-sama laporan dan penyata kewangan ini.)

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Notice of Annual General Meeting

NOTICE IS HEREBY GIVEN that the Eightieth ANNUAL GENERAL MEETING of the Company will be held at Dewan Thai,City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur on Tuesday, 29 June 2004 at 2.30 p.m. for the following purposes:-

1. To receive and adopt the audited financial statements for the financial year ended 31 December 2003 Resolution 1and the Directors’ and Auditors’ reports thereon.

2. To approve Directors’ fees for the financial year ended 31 December 2003. Resolution 2

3. To re-elect the following Directors:-3.1 Dato’ Ahmad Sebi Bakar Resolution 33.2 Wong Ah Nam @ Wong Joon Tuang Resolution 4

4. To elect Sng Ngiap Koon as Director. Resolution 5

5. To re-appoint Messrs BDO Binder as Auditors of the Company and to authorise the Directors to Resolution 6 fix their remuneration.

6. As special business, to consider and, if thought fit, pass the following Ordinary Resolution:-

“THAT subject always to the approvals of the relevant authorities, the Directors be and are hereby Resolution 7authorised, pursuant to Section 132D of the Companies Act, 1965 to issue new shares in the Company, from time to time and upon such terms and conditions and for such purposes as the Directors may, in their absolute discretion deem fit, provided that the aggregate number of shares issued pursuant to this resolution does not exceed 10% of the issued share capital of the Company for the time being and upon allotment of such shares to convert the same into new stock units of RM1.00 each AND THAT such authority shall continue in force until the conclusion of the next Annual General Meeting of the Company.”

7. To transact any other ordinary business of which due notice shall have been given.

BY ORDER OF THE BOARD

HO TSAE FENGSecretary

Kuala Lumpur4 June 2004

Notes:-(1) A member of the Company entitled to attend and vote at the general meeting is entitled to appoint a proxy to attend and vote in his/her

stead. A proxy need not be a member of the Company.(2) A member of the Company who is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991 may

appoint one (1) proxy in respect of each securities account it holds with stock units of the Company standing to the credit of the saidsecurities account.

(3) The instrument appointing a proxy in the case of an individual shall be signed by the appointer or his/her attorney duly authorised andin the case of a corporation, the instrument appointing a proxy must be under its common seal or under the hand of an officer or attorneyduly authorised.

(4) The instrument appointing a proxy must be deposited at the Registered Office of the Company at Level 3A (Tower Block), MenaraMilenium, No. 8 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur not less than 48 hours before the time appointed for holdingthe meeting or any other adjournment thereof.

EXPLANATORY NOTE ON SPECIAL BUSINESS

– Resolution pursuant to Section 132D of the Companies Act, 1965:-

The Ordinary Resolution pursuant to Section 132D of the Companies Act, 1965, if passed, will empower the Directors, from the date ofthe above General Meeting until the next Annual General Meeting to allot and issue new shares of the Company and to convert the sameinto new stock units in the Company up to an amount not exceeding in total 10% of the issued share capital of the Company for the timebeing and for such purposes as the Directors consider would be in the best interests of the Company. This would avoid any delay andcost involved in convening a general meeting to specifically approve the aforesaid. This authority, unless revoked or varied at a generalmeeting will expire at the next Annual General Meeting of the Company.

(A proxy form is attached with this report and financial statements.)

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Penyata Bersama Notis Mesyuarat Agung Tahunan

Para Pengarah yang menawarkan diri untuk dipilih semula pada Mesyuarat Agung Tahunan Kelapan Puluh AdvanceSynergy Berhad

Dato’ Ahmad Sebi BakarWong Ah Nam @ Wong Joon Tuang

Pengarah yang menawarkan diri untuk dipilih pada Mesyuarat Agung Tahunan Kelapan Puluh Advance Synergy Berhad

Sng Ngiap Koon

Butir kehadiran Para Pengarah pada Mesyuarat Lembaga Pengarah

Lima (5) Mesyuarat Lembaga Pengarah telah diadakan pada tahun kewangan berakhir 31 Disember 2003. Butir-butirkehadiran Para Pengarah di Mesyuarat Lembaga Pengarah adalah seperti berikut:-

Tempat, Tarikh dan Masa Mesyuarat Agung Tahunan Kelapan Puluh

Mesyuarat Agung Tahunan Kelapan Puluh Syarikat akan diadakan di Dewan Thai, City Villa Kuala Lumpur, 69 Jalan HajiHussein, 50300 Kuala Lumpur pada hari Selasa, 29 Jun 2004 jam 2.30 petang.

Butir-butir Para Pengarah yang menawarkan diri untuk dipilih semula dan dipilih

Pegangan sekuriti Para Pengarah yang menawarkan diri untuk dipilih semula dan dipilih di dalam Syarikat dan anak-anaksyarikatnya dipaparkan dalam Penyata Kepentingan Para Pengarah di mukasurat 212 Laporan Tahunan ini dan butir-butirlain mengenai Para Pengarah yang menawarkan diri untuk dipilih semula dan dipilih dipaparkan dalam profil Para Pengarahdi mukasurat 7 hingga 10 Laporan Tahunan ini.

Nama PengarahBilangan Mesyuarat

Diadakan Dihadiri

Dato’ Ahmad Sebi Bakar 5 5

Aznan Bin Haji Ismail 5 4

Wong Ah Nam @ Wong Joon Tuang 5 5

Datin Masri Khaw Binti Abdullah 5 5

Chim Wai Khuan 5 5

Sng Ngiap Koon (Dilantik pada 28 Oktober 2003) 1 1

Tan Sri Dato’ Nik Ibrahim Kamil (Meletak jawatan pada 28 Ogos 2003)

Bin Tan Sri Nik Ahmad Kamil4 2

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Statement Accompanying Notice of Annual General Meeting

Directors standing for re-election at the Eightieth Annual General Meeting of Advance Synergy Berhad

Dato’ Ahmad Sebi BakarWong Ah Nam @ Wong Joon Tuang

Director standing for election at the Eightieth Annual General Meeting of Advance Synergy Berhad

Sng Ngiap Koon

Details of attendance of Directors at Board Meetings

Five (5) Board Meetings were held during the financial year ended 31 December 2003. Details of attendance of Directors atthe Board Meetings are as follows:-

Place, Date and Time of the Eightieth Annual General Meeting

The Eightieth Annual General Meeting of the Company will be held at Dewan Thai, City Villa Kuala Lumpur, 69 Jalan HajiHussein, 50300 Kuala Lumpur on Tuesday, 29 June 2004 at 2.30 p.m.

Details of Directors who are standing for re-election and election

The securities holdings of the Directors standing for re-election and election in the Company and its subsidiaries are disclosedin the Statement on Directors’ Interests on page 212 of this Annual Report and other details of Directors standing for re-election and election are disclosed in Directors’ profile on page 7 to 10 of this Annual Report.

Name of DirectorsNo. of Meetings

Held Attended

Dato’ Ahmad Sebi Bakar 5 5

Aznan Bin Haji Ismail 5 4

Wong Ah Nam @ Wong Joon Tuang 5 5

Datin Masri Khaw Binti Abdullah 5 5

Chim Wai Khuan 5 5

Sng Ngiap Koon (Appointed on 28 October 2003) 1 1

Tan Sri Dato’ Nik Ibrahim Kamil (Resigned on 28 August 2003)

Bin Tan Sri Nik Ahmad Kamil4 2

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Ahli Lembaga Pengarah & Maklumat Korporat

LEMBAGA PENGARAH / BOARD OF DIRECTORSDato’ Ahmad Sebi BakarSng Ngiap KoonAznan bin Haji IsmailDatin Masri Khaw binti AbdullahWong Ah Nam @ Wong Joon TuangChim Wai Khuan

SETIAUSAHA / SECRETARYHo Tsae Feng

JURUAUDIT / AUDITORSBDO BinderAkauntan Bertauliah / Chartered Accountants12th Floor, Menara Uni. Asia1008, Jalan Sultan Ismail50250 Kuala LumpurTel: 03 - 2616 2888 Fax: 03 - 2616 3190

PENDAFTAR / REGISTRARSSectrars Services Sdn. Bhd.No. 28-1, Jalan Tun Sambanthan 3Brickfields, 50470 Kuala LumpurTel: 03 - 2274 6133 Fax: 03 - 2274 1016

PEJABAT BERDAFTAR / REGISTERED OFFICELevel 3A (Tower Block) Menara MileniumNo. 8, Jalan Damanlela, Bukit Damansara50490 Kuala LumpurTel: 03 - 2094 8828 Fax: 03 - 2094 8848

JURUBANK UTAMA / PRINCIPAL BANKERSSouthern Bank BerhadAffin Bank Berhad

PEGUAMCARA / SOLICITORSShearn Delamore & Co.Jin & Co.

Board of Directors & Corporate Information

Dato’ Ahmad Sebi Bakar(Pengerusi Eksekutif)Executive Chairman

Sng Ngiap Koon(Pengarah Eksekutif)

Executive Director

Aznan bin Haji Ismail(Pengarah BebasBukan Eksekutif)

Independent Non-Executive Director

Datin Masri Khaw binti Abdullah

(Pengarah Bukan BebasBukan Eksekutif)Non-Independent

Non-Executive Director

Wong Ah Nam @ Wong Joon Tuang(Pengarah Bebas Bukan Eksekutif)


Chim Wai Khuan(Pengarah BebasBukan Eksekutif)


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Para Pengarah / Directors

Dato’ Ahmad Sebi Bakar, 56, seorang warganegaraMalaysia, adalah Pengarah Bukan Bebas dan PengerusiEksekutif Advance Synergy Berhad. Beliau telah dilantikmenganggotai Lembaga Pengarah pada 9 April 1991. Dato’Ahmad Sebi Bakar memegang ijazah Sarjana MudaSastera (Kepujian) daripada Universiti Malaya, KualaLumpur, Diploma Kewartawanan daripada ThomsonFoundation, United Kingdom dan ijazah Sarjana Sasteradaripada Michigan State University, Amerika Syarikat.Beliau adalah Editor Malay Mail, ahli Kumpulan New StraitsTimes Press daripada tahun 1976 hingga 1982 dan selepasitu menjadi Editor Kumpulan untuk Berita Harian daripadatahun 1983 hingga 1986. Daripada tahun 1986 hingga 1989,beliau telah dilantik sebagai Pengarah Urusan SistemTelevisyen Malaysia Bhd dan pengarah Kumpulan NewStraits Times Press daripada tahun 1988 hingga 1989.

Beliau telah dianugerahkan Pingat Ahli Mangku Negara(A.M.N.) oleh Yang Di-Pertuan Agong, DYMM Tuanku HajiAhmad Shah Al-Mustain Billah Ibni Almarhum Sultan AbuBakar pada tahun 1983, Jaksa Pendamai (J.P.) oleh DYMMSultan Azlan Muhibbuddin Shah Ibni Almarhum SultanYusoff Izzuddin Shah Ghafarullah, Sultan Perak, pada tahun1986 dan Dato’ Setia Diraja Kedah (D.S.D.K.) oleh DYMMTuanku Alhaj Abdul Halim Mu’adzam Shah Ibni AlmarhumSultan Badlishah, Sultan Kedah, pada tahun 1988.

Kini, beliau menganggotai Lembaga Pengarah syarikat-syarikat awam yang disenaraikan di Malaysia iaitu, AdvanceSynergy Capital Berhad, yang mana beliau memegangjawatan sebagai Pengerusi dan Kumpulan PowernetBerhad, yang mana beliau memegang kedua-dua jawatansebagai Pengerusi Eksekutif dan Pengarah Urusan. Beliauadalah juga Pengerusi Bukan Eksekutif UnifiedCommunications Holdings Limited, sebuah anak syarikattidak langsung Advance Synergy Berhad dan disenaraikandi Singapore Exchange Securities Trading Limited, sertapengarah Alangka-Suka Hotels & Resorts Berhad, sebuahsyarikat awam tidak tersenarai iaitu anak syarikat AdvanceSynergy Berhad. Beliau juga turut bergiat aktif dalam kerja-kerja sosial dan kebajikan dan merupakan Pengerusibeberapa pertubuhan bukan komersial, iaitu, YayasanKebajikan Anak-Anak Yatim Malaysia (YATIM) yang dibiayaisecara persendirian, dan pada masa yang lepas BarisanBertindak Bosnia, Malaysia. Beliau adalah juga PresidenPersatuan Penulis Nasional Malaysia (PENA) sejak 1992.

Dato’ Ahmad Sebi Bakar tidak mempunyai sebaranghubungan kekeluargaan dengan mana-mana pengarahdan/atau pemegang stok utama Advance Synergy Berhad,mahupun mempunyai sebarang konflik kepentingan denganAdvance Synergy Berhad, kecuali bahawa beliau adalahjuga pemegang stok utama Advance Synergy Berhad.Beliau tidak pernah disabitkan dengan sebarang kesalahandalam tempoh 10 tahun yang lepas.

Dato’ Ahmad Sebi Bakar, 56, a Malaysian, is a Non-Independent Director and the Executive Chairman ofAdvance Synergy Berhad. He was appointed to the Boardon 9 April 1991. Dato’ Ahmad Sebi Bakar holds a Bachelorof Arts (Hons) degree from the University of Malaya, KualaLumpur, a Diploma in Journalism from the ThomsonFoundation, United Kingdom and a Master of Arts fromMichigan State University, United States of America. He wasthe Editor of the Malay Mail, a member of the New StraitsTimes Press Group from 1976 to 1982 and subsequentlythe Group Editor of Berita Harian from 1983 to 1986. From1986 to 1989, he was the Managing Director of SistemTelevisyen Malaysia Bhd and a director of the New StraitsTimes Press Group from 1988 to 1989.

He was conferred the Ahli Mangku Negara (A.M.N.) by theYang Di-Pertuan Agong, DYMM Tuanku Haji Ahmad ShahAl-Mustain Billah Ibni Almarhum Sultan Abu Bakar in 1983,the Justice of Peace (J.P.) by DYMM Sultan AzlanMuhibbuddin Shah Ibni Almarhum Sultan Yusoff IzzuddinShah Ghafarullah, Sultan of Perak, in 1986 and the Dato’Setia Diraja Kedah (D.S.D.K.) by DYMM Tuanku Alhaj AbdulHalim Mu’adzam Shah Ibni Almarhum Sultan Badlishah,Sultan of Kedah, in 1988.

Currently, he sits on the Boards of public listed companiesin Malaysia namely, Advance Synergy Capital Berhad, inwhich he holds the position as Chairman and KumpulanPowernet Berhad, in which he holds both the positions asExecutive Chairman and Managing Director. He is also theNon-Executive Chairman of Unified CommunicationsHoldings Limited, an indirect subsidiary of Advance SynergyBerhad and is listed on the Singapore Exchange SecuritiesTrading Limited, as well as a director of Alangka-SukaHotels & Resorts Berhad, a non-listed public companywhich is a subsidiary of Advance Synergy Berhad. He isalso actively involved in social and charitable work and isthe Chairman of several non-profit organisations, namely,the privately funded Orphanage Foundation of Malaysia(YATIM) and in the past the Bosnia Action Front, Malaysia.He is also the President of the Malaysian National WritersAssociation (PENA) since 1992.

Dato’ Ahmad Sebi Bakar does not have any familyrelationship with any director and/or major stockholder ofAdvance Synergy Berhad, nor has he any conflict of interestwith Advance Synergy Berhad, except that he is also thesubstantial stockholder of Advance Synergy Berhad. He hashad no convictions for any offences within the past 10 years.

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Sng Ngiap Koon, 56, seorang warganegara Malaysia, ialahseorang Pengarah Eksekutif Advance Synergy Berhad.Beliau telah dilantik menganggotai Lembaga Pengarahpada 28 Oktober 2003. Encik Sng Ngiap Koon adalahseorang Ahli Bersekutu Institute of Chartered Accountantsdi England dan Wales. Sebelum 1984, beliau bekerja diLondon, England. Di antara 1984 hingga 1985, beliauadalah Akauntan Kumpulan Innovest Berhad. Beliaumenyertai Advance Synergy Berhad pada 1986 sebagaiAkauntan Kumpulan. Pada 1987, beliau dilantik sebagaiPengawal Kewangan Kumpulan Advance Synergy Berhaddan memegang jawatan tambahan sebagai SetiausahaSyarikat pada 1989. Sebelum beliau dilantik sebagaiPengarah Eksekutif Advance Synergy Berhad, beliaumemegang jawatan sebagai Pengurus Besar KananKumpulan dan Setiausaha Syarikat. Beliau juga adalahseorang pengarah Advance Synergy Berhad daripada 1988hingga awal 1991.

Encik Sng Ngiap Koon kini menganggotai LembagaPengarah beberapa anak syarikat Advance Synergy Berhadtermasuk Alangka-Suka Hotels & Resorts Berhad danCherating Holiday Villa Berhad, iaitu syarikat-syarikat awamtidak tersenarai.

Encik Sng Ngiap Koon adalah seorang ahli JawatankuasaAudit Advance Synergy Berhad.

Beliau tidak mempunyai sebarang hubungan kekeluargaandengan mana-mana pengarah dan/atau pemegang stokutama Advance Synergy Berhad, mahupun mempunyaisebarang konflik kepentingan dengan Advance SynergyBerhad. Beliau tidak pernah disabitkan dengan sebarangkesalahan dalam tempoh 10 tahun yang lepas.

Aznan Bin Haji Ismail, 57, seorang warganegara Malaysia,adalah Pengarah Bebas Bukan Eksekutif Advance SynergyBerhad. Beliau telah dilantik menganggotai LembagaPengarah pada 25 Mei 1988. Beliau menerima pendidikandi Maktab Tentera Diraja di Sungai Besi dan adalah AhliBersekutu Institute of Bankers, Malaysia. Selepasmeninggalkan General Electric Company (GEC) pada tahun1971, Encik Aznan Bin Haji Ismail memulakan perniagaankontrak swasta miliknya sendiri. Pada 1982, beliau telahdilantik sebagai Penyelaras bagi Projek Pemulihan Tanah diJabatan Perdana Menteri. Beliau juga menjadi PengarahKampung Lanjut Tin Dredging Berhad dan Sim Lim Holdingdaripada tahun 1988 hingga awal 1991.

Encik Aznan Bin Haji Ismail adalah PengerusiJawatankuasa Imbuhan Advance Synergy Berhad.


Sng Ngiap Koon, 56, a Malaysian, is an Executive Directorof Advance Synergy Berhad. He was appointed to the Boardon 28 October 2003. Mr Sng Ngiap Koon is an AssociateMember of the Institute of Chartered Accountants inEngland and Wales. Prior to 1984, he was working inLondon, England. Between 1984 to 1985, he was the GroupAccountant of Innovest Berhad. He joined Advance SynergyBerhad in 1986 as the Group Accountant. In 1987, he wasappointed the Group Financial Controller of AdvanceSynergy Berhad and assumed an additional position asCompany Secretary in 1989. Prior to his appointment as theExecutive Director of Advance Synergy Berhad, he held thepositions of Senior Group General Manager and CompanySecretary. He was also a Director of Advance SynergyBerhad from 1988 until early 1991.

Mr Sng Ngiap Koon currently sits on the Board of varioussubsidiaries of Advance Synergy Berhad including Alangka-Suka Hotels & Resorts Berhad and Cherating Holiday VillaBerhad, which are non-listed public companies.

Mr Sng Ngiap Koon is a member of the Audit Committee ofAdvance Synergy Berhad.

He does not have any family relationship with any directorand/or major stockholder of Advance Synergy Berhad, norhas he any conflict of interest with Advance SynergyBerhad. He has had no convictions for any offences withinthe past 10 years.

Aznan Bin Haji Ismail, 57, a Malaysian, is an IndependentNon-Executive Director of Advance Synergy Berhad. Hewas appointed to the Board on 25 May 1988. He waseducated at the Royal Military College in Sungei Besi and isan Associate of the Institute of Bankers, Malaysia. Afterleaving General Electric Company in 1971, Encik Aznan BinHaji Ismail started his own private contracting business. In1982, he was appointed as the coordinator for the LandRehabilitation Project in the Prime Minister’s Department.He was also a Director of Kampung Lanjut Tin DredgingBerhad and Sim Lim Holding from 1988 to early 1991.

Encik Aznan Bin Haji Ismail is the Chairman of theRemuneration Committee of Advance Synergy Berhad.


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Datin Masri Khaw Binti Abdullah, 51, seorangwarganegara Malaysia, adalah Pengarah Bukan BebasBukan Eksekutif Advance Synergy Berhad. Beliau telahdilantik menganggotai Lembaga Pengarah pada 6 Januari1995. Datin Masri Khaw Binti Abdullah adalah salahseorang daripada orang Asia pertama yang tamat mengikutiProgram Pengurus Besar di Holiday Inn University diMemphis, USA pada tahun 1976. Pada tahun 1982, beliautamat mengikuti satu kursus musim panas berkenaanPembangunan & Reka Bentuk Hotel di Cornell University,USA dan telah menjalani latihan Hotel di Singapura danKanada. Beliau telah dianugerah Pegawai PemasaranTerbaik Tahunan untuk Holiday Inn Hotels Asia Pacific padatahun 1985. Datin Masri Khaw Binti Abdullah memainkanperanan penting bila Antara Holiday Villas Sdn Bhdmemenangi anugerah khas untuk Pengurusan BerkualitiDalam Anugerah Kecemerlangan Industri 1997 yangdikelolakan oleh Kementerian Perusahaan danPerdagangan Antarabangsa. Beliau menerima anugerahberprestij tersebut daripada bekas Perdana Menteri Tun Dr.Mahathir Mohamad pada 18 Disember 1997. Pengalamanbeliau dalam industri perhotelan menjangkau balik ke tahun1969 dan beliau telah memberi sumbangan besar kepadapembangunan hotel baru. Beliau memulakan rangkaianhotel Holiday Villa pada tahun 1987 dengan pembukaanHoliday Villa Cherating.

Pada masa ini, beliau adalah Pengarah Eksekutif dan KetuaPegawai Eksekutif Antara Holiday Villas Sdn Bhd danHoliday Villas International Limited, anak-anak syarikatAdvance Synergy Berhad. Beliau juga menganggotaiLembaga Pengarah anak-anak syarikat Advance SynergyBerhad yang lain, termasuk Mayor Hotels Berhad, sebuahsyarikat awam tidak tersenarai.

Datin Masri Khaw Binti Abdullah adalah seorang ahliJawatankuasa Imbuhan dan Jawatankuasa PencalonanAdvance Synergy Berhad.


Datin Masri Khaw Binti Abdullah, 51, a Malaysian, is aNon-Independent Non-Executive Director of AdvanceSynergy Berhad. She was appointed to the Board on 6January 1995. Datin Masri Khaw Binti Abdullah was one ofthe first Asians to complete the General Manager’sProgramme at the Holiday Inn University in Memphis, USAin 1976. In 1982, she completed a summer course on HotelDevelopment & Design at Cornell University, USA and hadundergone Hotel training in Singapore and Canada. Shewas awarded the Best Marketing Person of the Year forHoliday Inn Hotels Asia Pacific in 1985. Datin Masri KhawBinti Abdullah played a key role when Antara Holiday VillasSdn Bhd won a special award for Quality Management inthe Industry Excellence Award 1997 organised by theMinistry of International Trade and Industry. She receivedthe prestigious award from the former Prime Minister TunDr. Mahathir Mohamad on 18 December 1997. Herexperience in the hotel industry dates back to 1969 and shehas since contributed significantly to the development ofnew hotels. She initiated the Holiday Villa chain in 1987 withthe opening of Holiday Villa Cherating.

She is presently the Executive Director and Chief ExecutiveOfficer of Antara Holiday Villas Sdn Bhd and Holiday VillasInternational Limited, subsidiaries of Advance SynergyBerhad. She also sits on the Board of other subsidiaries ofAdvance Synergy Berhad, including Mayor Hotels Berhad,a non-listed public company.

Datin Masri Khaw Binti Abdullah is a member of theRemuneration Committee and Nomination Committee ofAdvance Synergy Berhad.

She does not have any family relationship with any directorand/or major stockholder of Advance Synergy Berhad, norhas she any conflict of interest with Advance SynergyBerhad. She has had no convictions for any offences withinthe past 10 years.

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Wong Ah Nam @ Wong Joon Tuang, 58, seorangwarganegara Malaysia, ialah seorang Pengarah BebasBukan Eksekutif Advance Synergy Berhad. Beliau telahdilantik menganggotai Lembaga Pengarah pada 10 Januari1994. Encik Wong Joon Tuang memperolehi ijazah SarjanaMuda Sains beliau daripada Universiti Malaya. Beliaupernah menjadi seorang Perunding Perniagaan denganHak Niaga Sdn Bhd dan telah berkecimpung di dalambidang tersebut sejak 1985. Beliau berkhidmat sebagaiseorang Pengarah Pemasaran dengan EMC (M) Sdn Bhddaripada tahun 1980 hingga 1984 dan Pengurus KawasanGeneral Electric Co. (M) Sdn Bhd daripada tahun 1976hingga 1980. Beliau berkhidmat dengan Matsushita Sales &Services Sdn Bhd sebagai Pengurus Produk daripadatahun 1974 hingga 1975. Sebelum tahun 1974, beliaumemegang jawatan sebagai Eksekutif PemasaranMatsushita Elektrik Co (M) Bhd dan pernah bekerja denganAmes Laboratory (Australia) Pte Ltd.

Encik Wong Joon Tuang ialah Pengerusi JawatankuasaAudit dan seorang ahli Jawatankuasa Pencalonan AdvanceSynergy Berhad.


Chim Wai Khuan, 53, seorang warganegara Malaysia,ialah seorang Pengarah Bebas Bukan Eksekutif AdvanceSynergy Berhad. Beliau telah dilantik menganggotaiLembaga Pengarah pada 12 Disember 2001. Encik ChimWai Khuan adalah seorang ahli Institut Akauntan Malaysia.Beliau berpengalaman luas dalam bidang audit, percukaiandan perkhidmatan perundingan pengurusan semasa beliauberkhidmat dengan beberapa firma perakaunan di Malaysiadan United Kingdom daripada tahun 1974 hingga 1985.Pada masa ini, beliau mengurus amalan sendiri di bawahnama WKC & Co., sebuah firma audit.

Beliau juga ialah pengarah bebas bukan eksekutif AdvanceSynergy Capital Berhad, Ganad Corporation Berhad danUnited U-Li Corporation Berhad.

Encik Chim Wai Khuan adalah Pengerusi JawatankuasaPencalonan serta seorang ahli Jawatankuasa Audit danJawatankuasa Imbuhan Advance Synergy Berhad.


Wong Ah Nam @ Wong Joon Tuang, 58, a Malaysian, isan Independent Non-Executive Director of AdvanceSynergy Berhad. He was appointed to the Board on 10January 1994. Mr Wong Joon Tuang obtained his Bachelorin Science degree from Malaya University. He was aBusiness Consultant with Hak Niaga Sdn Bhd and has beenin the profession since 1985. He was the Marketing Directorof EMC (M) Sdn Bhd from 1980 to 1984 and Area Managerof General Electric Co. (M) Sdn Bhd from 1976 to 1980. Hewas with Matsushita Sales & Services Sdn Bhd as ProductManager from 1974 to 1975. Prior to 1974, he held theposition of Marketing Executive of Matsushita Elektrik Co(M) Bhd and had worked for Ames Laboratory (Australia)Pte Ltd.

Mr Wong Joon Tuang is the Chairman of the AuditCommittee and a member of the Nomination Committee ofAdvance Synergy Berhad.


Chim Wai Khuan, 53, a Malaysian, is an Independent Non-Executive Director of Advance Synergy Berhad. He wasappointed to the Board on 12 December 2001. Mr Chim WaiKhuan is a member of the Malaysian Institute ofAccountants. He has vast experience in auditing, taxationand management consultancy services while he wasattached to several accounting firms in Malaysia and theUnited Kingdom from 1974 to 1985. Currently, he manageshis own practice under the name WKC & Co., an audit firm.

He is also an independent non-executive director ofAdvance Synergy Capital Berhad, Ganad CorporationBerhad and United U-Li Corporation Berhad.

Mr Chim Wai Khuan is the Chairman of the NominationCommittee as well as a member of the Audit Committee andRemuneration Committee of Advance Synergy Berhad.


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Maklumat Pengurusan / Management Information

PEJABAT KORPORAT / CORPORATE OFFICE

Dato’ Ahmad Sebi BakarPengerusi Eksekutif / Executive Chairman

Sng Ngiap KoonPengarah Eksekutif / Executive Director

Lee Su NieKetua Pegawai Eksekutif / Chief Executive Officer

Chin Kah KitPengurus / ManagerKewangan dan Pentadbiran / Finance and Administration

Ho Tsae FengPengurus / ManagerKesetiausahaan / Secretarial

Zuhaida ZainuddinPengurus Audit Dalaman / Internal Audit Manager

Kong Kok ChinPengurus / ManagerSumber Tenaga Manusia Kumpulan /Group Human Resources

Advance Synergy Berhad Group

KETUA-KETUA BAHAGIAN KUMPULAN UTAMA /HEADS OF KEY GROUP DIVISIONS

KEWANGAN DAN PENGANGKUTAN /FINANCIAL SERVICES AND TRANSPORTATION

Advance Synergy Capital BerhadWong Joon HianPengarah Urusan / Managing Director

HOTEL DAN PUSAT PERANGINAN / HOTELS AND RESORTS

Alangka-Suka Hotels & Resorts BerhadDatin Masri Khaw binti AbdullahKetua Pegawai Eksekutif / Chief Executive Officer

PERKHIDMATAN KAD DAN PEMBAYARAN /CARD AND PAYMENT SERVICES

iSynergy Sdn BhdNg King KauPengarah Urusan / Managing Director

PERKILANGAN / MANUFACTURING

Jarrett Synergy Pty Ltd(Incorporated in Australia)Anton Syazi bin Ahmad SebiPengarah Eksekutif / Executive Director

PERKHIDMATAN / SERVICES

XGO Technik Sdn Bhd(Formerly known as e-go.com Sdn Bhd)Dr. Yusseri Md YusoffKetua Pegawai Eksekutif / Chief Executive Officer

PEMBANGUNAN HARTANAH / PROPERTY DEVELOPMENT

Advance Synergy Realty Sdn BhdJee Chun FahPengurus Besar / General Manager

Sadong Development Sdn BhdLiew Chaw ThaiPengurus / Manager

PELANCONGAN / TRAVEL AND TOURS

Inter-Pacific Travel and Tours Sdn BhdChan Kian HeoiKetua Pegawai Eksekutif / Chief Executive Officer

TEKNOLOGI MAKLUMAT DAN KOMUNIKASI /INFORMATION & COMMUNICATIONS TECHNOLOGY

Unified Communications Holdings LimitedWong Tze LengKetua Pegawai Eksekutif / Chief Executive Officer

PENYELIDIKAN DAN PERUNDINGAN /RESEARCH AND CONSULTANCY

Strategic Research & Consultancy Sdn BhdChin Phong YuanKetua Pegawai Eksekutif / Chief Executive Officer

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Penyata Mengenai Urus Tadbir Korporat

Lembaga Pengarah berpegang sepenuhnya dengan cadangan-cadangan Kod Urus Tadbir Korporat Malaysia (“Kod tersebut”) dankomited dalam mempastikan bahawa Syarikat dan anak syarikatnya (“Kumpulan”) mengamalkan piawaian tertinggi Urus TadbirKorporat sebagai tonggak penting melaksanakan tanggungjawabnya untuk melindungi dan mempertingkatkan nilai pemegangansaham jangka panjang dan prestasi kewangan Kumpulan.

Penyata pendedahan ini menerangkan cara di mana Kumpulan telah menggunapakai Prinsip-Prinsip Kod tersebut dan tahappematuhan dengan Amalan-Amalan Terbaik yang digariskan di dalamnya.

LEMBAGA PENGARAH

Arah dan kawalan Kumpulan terletak pada Lembaga Pengarah kerana ia secara efektif memegang tanggungjawab keseluruhanuntuk urus tadbir korporat, arah strategik, perumusan dasar dan penyeliaan pelaburan dan operasi Kumpulan.

Lembaga Pengarah bermesyuarat sekurang-kurangnya 4 kali setahun, dengan mesyuarat tambahan diadakan jika perlu. Sepanjangtahun kewangan berakhir 31 Disember 2003, lima (5) mesyuarat Lembaga Pengarah telah diadakan. Butir-butir kehadiran setiapPengarah di Mesyuarat Lembaga Pengarah yang telah diadakan sepanjang tahun kewangan adalah dinyatakan di dalam Penyatabersama Notis Mesyuarat Agung Tahunan di muka surat 4 Laporan Tahunan ini.

Lembaga Pengarah telah mewujudkan tiga jawatankuasa tetap : Jawatankuasa Audit, Jawatankuasa Pencalonan danJawatankuasa Imbuhan, yang mana butir-butirnya ada dinyatakan di Penyata ini serta Laporan Tahunan. Jawatankuasa-jawatankuasa ini mempunyai kuasa untuk memeriksa isu-isu khusus dan melaporkannya kepada Lembaga Pengarah bersertadengan saranan mereka. Bagaimanapun, tanggungjawab mutlak untuk keputusan berkenaan semua perkara terletak padaLembaga Pengarah.

KESEIMBANGAN LEMBAGA PENGARAH

Lembaga Pengarah kini terdiri daripada seorang Pengerusi Eksekutif, seorang Pengarah Eksekutif dan empat (4) Pengarah BukanEksekutif, di mana tiga (3) daripadanya adalah Pengarah bebas. Para Pengarah yang ada sekarang membawa pengalaman,kemahiran dan pengetahuan perniagaan dan kewangan yang luas, yang perlu untuk menerajui Kumpulan dengan berkesan. ProfilPara Pengarah adalah dinyatakan di muka surat 7 hingga 10 Laporan Tahunan ini.

Pengerusi Eksekutif dipertanggungjawabkan dengan tugas menjalankan perniagaan Kumpulan dan melaksanakan dasar-dasar danstrategi-strategi yang diterima oleh Lembaga Pengarah.

Kehadiran tiga (3) Pengarah Bebas Bukan Eksekutif yang mewakili lima puluh peratus (50%) jumlah keseluruhan Para Pengarahmemenuhi satu tugas yang penting dalam mempastikan terdapat keseimbangan kuasa dan pengaruh. Walaupun semua Pengarahmempunyai tanggungjawab yang sama rata ke atas operasi Kumpulan, namun peranan para Pengarah Bebas Bukan Eksekutifadalah penting bagi mempastikan strategi yang dicadangkan oleh pengurusan eksekutif dibincangkan sepenuhnya, danmengambilkira kepentingan jangka panjang kepentingan para pemegang saham, pekerja, pelanggan, pembekal dan berbagaikomuniti di mana Kumpulan menjalankan perniagaannya. Kehadiran mereka dalam Lembaga Pengarah mencerminkan dengan adilpelaburan pemegang stok minoriti Syarikat di samping mempunyai cukup pengaruh dalam membuat sesuatu keputusan.

BEKALAN MAKLUMAT

Setiap Pengarah mempunyai akses yang tidak terhad kepada pengurusan kanan, semua maklumat dalam Syarikat dan untukmendapatkan nasihat dan perkhidmatan Setiausaha Syarikat. Para Pengarah tidak kira sebagai lembaga penuh atau dalam kapasitiperibadi mereka, boleh dalam menjalankan tanggungjawab mereka, mendapatkan nasihat profesional bebas di atas perbelanjaanSyarikat, jika diperlukan.

Sebelum mesyuarat Lembaga Pengarah, Agenda untuk setiap mesyuarat beserta laporan-laporan dan dokumen-dokumen yangmengandungi maklumat yang relevan dengan perkara mesyuarat (termasuk maklumat berkenaan perkara-perkara kewangan,operasi dan korporat yang penting serta kegiatan dan prestasi Kumpulan dan minit-minit Jawatankuasa-jawatankuasa LembagaPengarah dan mesyuarat Lembaga Pengarah) diedarkan kepada ahli lembaga untuk memberikan mereka masa untuk membacadan merenungkan isu-isu. Semasa mesyuarat Lembaga Pengarah, pengurusan memberikan butir-butir yang lebih lanjut mengenaisetiap isu yang ditimbulkan untuk perbincangan atau sebagai maklumat tambahan.

PERLANTIKAN KE LEMBAGA PENGARAH

Dengan kewujudan Jawatankuasa Pencalonan, satu prosedur rasmi disediakan untuk perlantikan Pengarah-Pengarah baru keLembaga Pengarah. Calon-calon pengarah akan dikenalpasti dan disyorkan kepada Lembaga Pengarah oleh Jawatankuasatersebut.

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Jawatankuasa Pencalonan

Jawatankuasa Pencalonan terdiri daripada tiga (3) Pengarah Bukan Eksekutif. Ahli-ahli Jawatankuasa Pencalonan adalah:-

• Chim Wai Khuan (Pengerusi, Pengarah Bebas Bukan Eksekutif)(Dilantik sebagai Pengerusi pada 28 Oktober 2003)

• Wong Ah Nam @ Wong Joon Tuang (Ahli, Pengarah Bebas Bukan Eksekutif)

• Datin Masri Khaw Binti Abdullah (Ahli, Pengarah Bukan Bebas Bukan Eksekutif)(Dilantik pada 28 Oktober 2003)

Jawatankuasa Pencalonan bertanggungjawab untuk membuat cadangan berkenaan sebarang pencalonan kepada LembagaPengarah dan kepada Jawatankuasa-Jawatankuasa Lembaga Pengarah. Dalam membuat cadangan ini, pertimbangansewajarnya diberikan kepada gabungan kemahiran dan pengalaman yang diperlukan dari pengarah yang dicadangkanharuslah dibawa ke Lembaga Pengarah dan kepada Jawatankuasa-Jawatankuasa Lembaga Pengarah yang berkenaan.

Jawatankuasa Pencalonan juga akan menilai, setiap tahun, keberkesanan Lembaga Pengarah secara keseluruhannya,Jawatankuasa-Jawatankuasa Lembaga Pengarah dan sumbangan setiap Pengarah. Lembaga Pengarah, melaluiJawatankuasa Pencalonan, mengkaji setiap tahun gabungan kemahiran dan pengalaman serta sifat lain, termasukkemampuan asas, yang diperlukan, yang mana Para Pengarah Bukan Eksekutif patut membawanya ke Lembaga Pengarah.

Jawatankuasa Pencalonan akan bermesyuarat sekurang-kurangnya sekali setahun dan mesyuarat tambahan bolehdijadualkan jika difikirkan perlu oleh Pengerusi Jawatankuasa.

Kesemua Pengarah telah menghadiri Program Akreditasi Mandatori sebagaimana ditetapkan dibawah KeperluanPenyenaraian Bursa Malaysia Securities Berhad (“Bursa Malaysia”). Para Pengarah juga akan mengikuti ProgramPendidikan Berterusan sebagaimana yang disyaratkan oleh Bursa Malaysia sebagai usaha untuk mendidik danmelengkapkan diri mereka bagi melaksanakan tugas mereka secara efektif.

PEMILIHAN SEMULA

Menurut Tataurusan Pertubuhan Syarikat, satu pertiga (1/3) daripada Para Pengarah bersara daripada jawatan pada setiapMesyuarat Agung Tahunan tetapi layak untuk dipilih semula. Para Pengarah yang dilantik oleh Lembaga Pengarah semasasetiap tahun kewangan tertakluk kepada pemilihan semula oleh pemegang saham pada Mesyuarat Agung Tahunan yangpertama selepas perlantikan mereka. Tataurusan Pertubuhan Syarikat memperuntukan supaya semua Pengarah hendaklahmenawarkan diri mereka untuk dipilih semula sekurang-kurangnya tiga (3) tahun sekali.

IMBUHAN PENGARAH

Imbuhan kesemua Pengarah ditentukan pada peringkat untuk mempastikan Syarikat menarik dan mengekalkan ParaPengarah yang berkaliber yang diperlukan untuk mengendalikan Syarikat dengan berjaya. Jawatankuasa Imbuhanmenyemak dan mengesyorkan kepada Lembaga Pengarah, dasar imbuhan Syarikat untuk Para Pengarah Eksekutif untukmempastikan bahawa mereka diberi imbuhan sewajarnya untuk sumbangan mereka kepada Kumpulan.

Penetapan imbuhan Para Pengarah Bukan Eksekutif merupakan perkara yang diputuskan oleh Lembaga Pengarah secarakeseluruhan.

Tiada Pengarah akan mengambil bahagian dalam keputusan berkenaan imbuhannya sendiri.

Jawatankuasa Imbuhan

Jawatankuasa Imbuhan terdiri daripada tiga (3) Pengarah Bukan Eksekutif. Ahli-ahli Jawatankuasa Imbuhan adalah:-

• Aznan Bin Haji Ismail (Pengerusi, Pengarah Bebas Bukan Eksekutif)

• Chim Wai Khuan (Ahli, Pengarah Bebas Bukan Eksekutif)

• Datin Masri Khaw Binti Abdullah (Ahli, Pengarah Bukan Bebas Bukan Eksekutif)

Jawatankuasa Imbuhan akan bermesyuarat sekurang-kurangnya setahun sekali dan mesyuarat tambahan boleh dijadualkanjika difikirkan perlu oleh Pengerusi Jawatankuasa.

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Butir-butir jumlah imbuhan untuk Para Pengarah Syarikat (termasuk imbuhan diperolehi sebagai Pengarah Eksekutif anaksyarikat) untuk tahun berakhir 31 Disember 2003 adalah seperti berikut:-

1. Jumlah imbuhan untuk Para Pengarah dikategorikan ke dalam komponen-komponen yang sesuai:-

2. Julat Jumlah Imbuhan:-

PEMEGANG STOK

Lembaga Pengarah mengakui kepentingan untuk menubuhkan saluran komunikasi secara langsung dengan pemegang-pemegang stok serta pelabur-pelabur melalui penyebaran infomasi semasa di atas prestasi dan operasi Kumpulan melaluilaporan-laporan tahunan dan pekeliling berkaitan, penyiaran keputusan kewangan suku tahunan, siaran akhbar danpengumuman.

Mesyuarat Agung Tahunan ialah forum utama untuk berdialog dengan pemegang-pemegang stok. Terdapat sesi soal-jawabterbuka di mana pemegang-pemegang stok boleh mengajukan soalan-soalan berkenaan resolusi-resolusi yang dicadangkandi mesyuarat dan juga berkenaan perkara-perkara berkaitan perniagaan serta hal-ehwal Kumpulan. Ahli-ahli LembagaPengarah turut hadir untuk memberi penjelasan kepada semua pertanyaan dari pemegang-pemegang stok dan pemegang-pemegang stok digalakkan untuk menyertai perbincangan serta memberi pandangan mereka kepada Para Pengarah.

Untuk meningkatkan kualiti dan nilai Mesyuarat Agung Tahunan, Lembaga Pengarah mempastikan bahawa, untuk pemilihansemula Para Pengarah, Para Pengarah yang menawarkan diri untuk dipilih semula dikenalpasti dalam Notis MesyuaratAgung Tahunan bersama dengan huraian ringkas termasuk perkara-perkara seperti umur, pengalaman yang relevan, senaraipengarahan, tarikh perlantikan kepada Lembaga Pengarah, butir-butir penyertaan dalam Jawatankuasa-JawatankuasaLembaga Pengarah dan sama ada Pengarah tertentu adalah bebas. Di samping itu, setiap perkara urusan khas yangterkandung dalam notis mesyuarat akan disertakan dengan penjelasan penuh kesan-kesan sesuatu resolusi yangdicadangkan.

Adalah juga menjadi amalan Lembaga Pengarah untuk mengadakan sidang akhbar dengan wartawan jika diminta berbuatdemikian selepas Mesyuarat Agung Tahunan.

LAPORAN KEWANGAN

Dalam membentangkan penyata kewangan tahunan dan pengumuman keputusan suku tahunan, Lembaga Pengarahbertujuan membentangkan satu penilaian yang seimbang dan mudah difahami mengenai kedudukan dan prospek Kumpulan.Ini turut digunakan kepada laporan-laporan awam yang sensitif-harga dan laporan kepada penguatkuasa peraturan.Jawatankuasa Audit membantu Lembaga Pengarah dalam meneliti laporan-laporan sedemikian untuk mempastikanketepatan dan kecukupan.

Kategori PengarahFi

RM’000Gaji & Bonus

RM’000Faedah ihsan

RM’000JumlahRM’000

Para Pengarah Eksekutif 205 545 38 788

Para Pengarah Bukan Eksekutif 438 156 12 606

Bilangan Pengarah

Eksekutif Bukan Eksekutif

Below 50,000 - 3

50,001 – 100,000 1 1

450,001 – 500,000 - 1

700,001 – 750,000 1 -

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Kenyataan berkenaan Tanggungjawab Pengarah untuk Menyediakan Penyata Kewangan

Para Pengarah disyaratkan oleh Akta Syarikat, 1965 untuk menyediakan penyata kewangan untuk setiap tahun kewanganyang telah disediakan menurut piawaian-piawaian perakaunan yang sesuai serta diluluskan dan memberikan gambaranyang benar serta saksama berkenaan kedudukan Kumpulan dan Syarikat pada penghujung tahun kewangan dan keputusanserta aliran tunai Kumpulan dan Syarikat bagi tahun kewangan.

Dalam menyediakan penyata kewangan, Para Pengarah telah:-

• Memilih dasar-dasar perakaunan yang sesuai dan menggunakannya secara seragam;

• Membuat keputusan dan anggaran yang munasabah dan cermat;

• Mempastikan bahawa semua piawaian-piawaian perakaunan yang terpakai telah diikuti; dan

• Menyediakan penyata kewangan diatas asas perniagaan berterusan memandangkan Para Pengarah mempunyaiharapan yang munasabah, daripada siasatan yang mereka buat, bahawa Kumpulan dan Syarikat mempunyai sumber-sumber yang mencukupi untuk meneruskan operasi sejauh yang mungkin pada masa hadapan.

Para Pengarah bertanggungjawab untuk mempastikan bahawa Syarikat menyimpan rekod-rekod perakaunan yangmendedahkan dengan ketepatan yang munasabah kedudukan kewangan Kumpulan dan Syarikat dan yang membolehkanmereka mempastikan bahawa penyata kewangan mematuhi Akta Syarikat, 1965.

Para Pengarah mempunyai tanggungjawab keseluruhan untuk mengambil langkah-langkah yang terbuka kepada merekauntuk melindungi aset-aset Kumpulan dan untuk menghalang serta mengesan sebarang pemalsuan dan sebarang keadaanlain yang tidak mematuhi peraturan.

KAWALAN DALAMAN

Lembaga Pengarah mengakui tanggungjawab keseluruhannya untuk mengekalkan sistem kawalan dalaman yang berkesanuntuk melindungi pelaburan pemegang-pemegang stok, aset-aset Syarikat, dan keperluan mengkaji kecukupan dan integritisistem tersebut dari semasa ke semasa. Dalam mewujud dan mengkaji sistem kawalan dalaman, Para Pengarah mengiktirafbahawa sistem kawalan dalaman hanya boleh memberi jaminan yang berpatutan tetapi tidak muktamad daripada risikosalahnyata atau kerugian yang ketara. Keberkesanan sistem kawalan dalaman Kumpulan dikaji secara berkala olehJawatankuasa Audit dan kajian sedemikian meliputi kewangan, operasi dan pematuhan serta pengurusan risiko.

Penyata Kawalan Dalaman sebagaimana dibentangkan di muka surat 32 hingga 33 Laporan Tahunan ini menyediakangambaran keseluruhan keadaan kawalan dalaman dalam Kumpulan.

HUBUNGAN DENGAN JURUAUDIT

Melalui Jawatankuasa Audit, Syarikat telah mewujudkan satu hubungan yang terbuka dan wajar dengan juruaudit Syarikat.Juruaudit luar adalah dijemput menghadiri Mesyuarat Jawatankuasa Audit sekurang-kurangnya sekali setahun untukmembincangkan sifat dan skop audit serta masalah dan kesangsian yang timbul daripada audit terakhir.

Penyata ini telah dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 27 April 2004.

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18

Statement on Corporate Governance

The Board of Directors fully subscribes to the recommendations of the Malaysian Code on Corporate Governance (the“Code”) and is committed in ensuring that the Company and its subsidiaries (“the Group”) practises the highest standard ofCorporate Governance as a fundamental part of discharging its responsibilities to protect and enhance long-term stockholdervalue and the financial performance of the Group.

The disclosure statement describes the manner in which the Group has applied the Code’s Principles and the extent ofcompliance with the Best Practices advocated therein.

BOARD OF DIRECTORS

The direction and control of the Group rest firmly with the Board as it effectively assumes the overall responsibility forcorporate governance, strategic direction, formulation of policies and overseeing the investments and operations of theGroup.

The Board meets at least four (4) times a year, with additional meetings convened as necessary. During the financial yearended 31 December 2003, five (5) meetings were held. Details of attendance of each Director at Board Meetings held duringthe financial year are set out in the Statement Accompanying Notice of Annual General Meeting on page 5 of this AnnualReport.

The Board of Directors has established three standing committees : an Audit Committee, a Nomination Committee and aRemuneration Committee, the details of which are set out in this Statement and Annual Report. These Committees have theauthority to examine particular issues and report back to the Board with their recommendations. The ultimate responsibilityfor decisions on all matters, however, lies with the Board.

BOARD BALANCE

The Board currently consists of an Executive Chairman, an Executive Director and four (4) Non-Executive Directors, three(3) of whom are independent. The current Directors bring a wide range of business and financial experience, skills andknowledge necessary for the effective stewardship of the Group. Profiles of the Directors are set out on pages 7 to 10 of thisAnnual Report.

The Executive Chairman is entrusted with the task of running the business of the Group and implementation of the policiesand strategies adopted by the Board.

The presence of three (3) Independent Non-Executive Directors representing 50% of the total number of Directors fulfil apivotal role in ensuring that there is balance of power and authority. Although all the Directors have an equal responsibilityfor the Group’s operations, the role of these Independent Non-Executive Directors is particularly important in ensuring thatthe strategies proposed by the executive management are fully deliberated upon, and take into account the long terminterests of the shareholders, employees, customers, suppliers and the many communities in which the Group conduct itsbusiness. Together, their representation on the Board fairly reflect the investment of the minority stockholders of the Companyand in addition carry sufficient weight for decision making.

SUPPLY OF INFORMATION

Each Director has unrestricted access to senior management, all information within the Company and is entitled to the adviceand services of the Company Secretary. The Directors whether as full Board or in their individual capacity, may in furtheranceof their duties, take independent professional advice at the Company’s expense, if required.

Prior to Board meetings, the Agenda for each meeting together with reports and papers containing information relevant to thebusiness of the meetings (including information on major financial, operational and corporate matters as well as activities andperformance of the Group and minutes of Committees of the Board and Board meetings) are circulated to the Board membersto provide time for the Board members to read and contemplate the issues. During Board meetings, management providesfurther details on each issue raised for discussion or as supplementary information.

APPOINTMENTS TO THE BOARD

With the establishment of the Nomination Committee, a formal procedure is in place for the appointment of new Directors tothe Board. Candidates for directorship will be identified and recommended to the Board by the Committee.

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Nomination Committee

The Nomination Committee consists of three (3) Non-Executive Directors. Members of the Nomination Committee are:-

• Chim Wai Khuan (Chairman, Independent Non-Executive Director)(Appointed as Chairman on 28 October 2003)

• Wong Ah Nam @ Wong Joon Tuang (Member, Independent Non-Executive Director)

• Datin Masri Khaw Binti Abdullah (Member, Non-Independent Non-Executive Director)(Appointed on 28 October 2003)

The Nomination Committee is responsible for making recommendations on any nomination to the Board and to Committeesof the Board. In making these recommendations, due consideration is given to the required mix of skills and experience thatthe proposed directors should bring to the Board and to the respective Board Committees. The actual decision as to whoshall be nominated is the responsibility of the full Board after considering the Nomination Committee’s recommendations.

The Nomination Committee will also assess annually, the effectiveness of the Board as a whole, the Committees of the Boardand the contribution of each individual Director. The Board, through the Nomination Committee, reviews annually its requiredmix of skills and experience and other qualities, including core competencies, which Non-Executive Directors should bring tothe Board.

The Nomination Committee shall meet once a year and additional meetings can be scheduled if the Chairman of theCommittee considers necessary.

All Directors have attended the Mandatory Accreditation Programme as required under the Listing Requirements of BursaMalaysia Securities Berhad (“Bursa Malaysia”). The Directors will also undergo the Continuing Education Programme asprescribed by Bursa Malaysia as a continuing effort to train and equip themselves to effectively discharge their duties.

RE-ELECTION

In accordance with the Company’s Articles of Association, one-third (1/3) of the Directors retire from office at each AnnualGeneral Meeting but shall be eligible for re-election. Directors who are appointed by the Board during each financial year aresubject to election by stockholders at the first Annual General Meeting following their appointments. The Articles ofAssociation of the Company provide that all Directors shall submit themselves for re-election at least once every three (3)years.

DIRECTORS’ REMUNERATION

The remuneration for all Directors are determined at levels so as to ensure that the Company attracts and retains the rightcalibre of Directors needed to run the Group successfully. The Remuneration Committee reviews and recommends to theBoard, the Company’s remuneration policy for Executive Directors to ensure that they are appropriately rewarded for theircontribution to the Group.

The determination of the remuneration of the Non-Executive Directors is a matter for the Board as a whole.

No Director shall take part in decisions pertaining to his or her own remuneration.

Remuneration Committee

The Remuneration Committee consists of three (3) Non-Executive Directors. Members of the Remuneration Committee are:-

• Aznan Bin Haji Ismail (Chairman, Independent Non-Executive Director)

• Chim Wai Khuan (Member, Independent Non-Executive Director)

• Datin Masri Khaw Binti Abdullah (Member, Non-Independent Non-Executive Director)

The Remuneration Committee shall meet at least once a year and additional meetings can be scheduled if the Chairman ofthe Committee considers necessary.

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Details of the aggregate remuneration for the Directors of the Company (including remuneration earned as ExecutiveDirectors of subsidiaries) for the year ended 31 December 2003 are as follows:-

1. Aggregate remuneration of Directors categorised into appropriate components:-

2. Range of Aggregate Remuneration:-

STOCKHOLDERS

The Board acknowledges the importance of establishing a direct line of communication with stockholders and investorsthrough timely dissemination of information on the Group’s performance and operations via distribution of annual reports andrelevant circulars, release of quarterly financial results, press releases and announcements.

The Annual General Meeting (“AGM”) is the principal forum for dialogue with stockholders. There is an open question andanswer session in which stockholders may pose questions regarding the resolutions being proposed at the meeting and alsoon matters relating to the Group’s businesses and affairs. The Board members are in attendance to provide explanations toall stockholders’ queries and stockholders are encouraged to participate in discussions and to give their views to theDirectors.

To enhance the quality and value of the AGM, the Board ensures that, for re-election of Directors, the Notice of AGM identifiesthe Directors standing for re-election or election with a brief description to include matters such as age, relevant experience,list of directorships, date of appointment to the Board, details of participation in Board Committees and whether the particularDirector is independent. In addition, each item of special business included in the notice of AGM will be accompanied by afull explanation of the effects of a proposed resolution.

It is also the practice of the Board to hold a press conference with journalists upon request after an AGM.

FINANCIAL REPORTING

In presenting the annual financial statements and quarterly announcement of results, the Board aims to present a balancedand understandable assessment of the Group’s position and prospects. This also applies to other price-sensitive publicreports and reports to regulators. The Audit Committee assists the Board in scrutinizing such reports to ensure accuracy andadequacy.

Category of DirectorFees

RM’000Salaries & Bonus

RM’000Benefits-in-kind

RM’000Total

RM’000

Executive Directors 205 545 38 788

Non-Executive Directors 438 156 12 606

Number of Directors

Executive Non-Executive

Below 50,000 - 3

50,001 – 100,000 1 1

450,001 – 500,000 - 1

700,001 – 750,000 1 -

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Statement on Directors’ Responsibility for Preparing Financial Statements

The Directors are required by the Companies Act, 1965 to prepare financial statements for each financial year which havebeen made out in accordance with applicable approved accounting standards and give a true and fair view of the state ofaffairs of the Group and Company at the end of the financial year and of the results and cash flows of the Group and theCompany for the financial year.

In preparing the financial statements, the Directors have:-

• Selected suitable accounting policies and applied them consistently;

• Made judgments and estimates that are reasonable and prudent;

• Ensured that all applicable accounting standards have been followed; and

• Prepared financial statements on the going concern basis as the Directors have a reasonable expectation, having madeenquiries, that the Group and Company have adequate resources to continue in operational existence for the foreseeablefuture.

The Directors have the responsibility for ensuring that the Company keeps accounting records which disclose withreasonable accuracy the financial position of the Group and Company and which enables them to ensure the financialstatements comply with the Companies Act, 1965.

The Directors have overall responsibilities for taking such steps as are reasonably open to them to safeguard the assets ofthe Group and to prevent and detect fraud and other irregularities.

INTERNAL CONTROL

The Board acknowledges its overall responsibility for maintaining a sound system of internal control to safeguardstockholders’ investments, the Company’s assets, and the need to review the adequacy and integrity of those systemsregularly. In establishing and reviewing the system of internal control, the Directors recognise that the system of internalcontrol can only provide reasonable but not absolute assurance against the risk of material misstatement or loss. Theeffectiveness of the Group’s system of internal controls is reviewed periodically by the Audit Committee and such reviewcovers the financial, operational and compliance controls as well as risk management.

The Statement on Internal Controls as set out on pages 34 to 35 of this Annual Report provides an overview of the state ofinternal control within the Group.

RELATIONSHIP WITH AUDITORS

Through the Audit Committee of the Board, the Company has established a transparent and appropriate relationship with theCompany’s auditors. The external auditors are invited to attend Audit Committee Meetings at least once a year to discuss thenature and scope of the audit and problems and reservations arising from the final audit.

This statement is made in accordance with a resolution of the Board of Directors dated 27 April 2004.

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Maklumat Pematuhan Tambahan

1. PENGGUNAAN HASIL KUTIPAN

Menurut penyenaraian anak syarikatnya [pegang melalui Worldwide Matrix Sdn Bhd (“WMSB”), sebuah anak syarikatmilik penuh Syarikat], Unified Communications Holdings Limited (“UCHL”) di Singapore Exchange Securities TradingLimited sebagaimana dinyatakan dalam Nota 48(ii) kepada penyata kewangan, hasil kutipan kasar daripada tawaranjualan saham UCHL oleh WMSB berjumlah lebih kurang RM4.9 juta ditanda untuk bayaran faedah dan/atau penebusanstok pinjaman masih belum digunakan sementara baki berjumlah lebih kurang RM1.6 juta ditanda untuk modal kerjatermasuk perbelanjaan berhubung dengan penyenaraian sebagaimana dinyatakan dalam Pekeliling Syarikat kepadaPemegang-pemegang Stok bertarikh 27 Oktober 2003.

Hasil kutipan bersih UCHL daripada terbitan awam saham-saham barunya kepada orang awam serta pelabur-pelaburinstitusi di Singapura masih belum digunakan untuk tujuan-tujuan dinyatakan dalam prospektus UCHL bertarikh 10Februari 2004 kecuali jumlah lebih kurang RM2.7 juta yang ditanda telah digunakan untuk tujuan modal kerja.

2. BELIAN BALIK SAHAM

Sepanjang tahun kewangan berakhir 31 Disember 2003, anak syarikatnya, Advance Synergy Capital Berhad (“ASC”)membeli balik sejumlah 868,445 unit saham dirinya untuk jumlah balasan RM623,755 dari pasaran saham terbuka.Kesemua saham yang dibeli balik telah disimpan sebagai saham perbendaharaan setakat 31 Disember 2003.

Butir-butir pembelian balik saham yang dilaksanakan oleh ASC adalah seperti yang dikemukakan dalam LaporanTahunan 2003 ASC.

3. OPSYEN, WARAN ATAU SEKURITI BOLEH DITUKAR

Pada 1 Mei 2000, Syarikat telah menerbitkan RM185,874,269 nilai nominal 7% Stok Pinjaman Boleh Tebus 2000/2005(“RLS”) dan RM183,460,787 nilai nominal 7% Stok Pinjaman Boleh Tukar 2000/2005 (“CLS”) bersama dengan168,896,809 waran-waran boleh pisah.

168,896,809 waran-waran telah diterbitkan pada 29 Ogos 2000. Tarikh lupus asal iaitu 28 Ogos 2003 untuk waran-warantersebut telah dilanjutkan sehingga 28 Ogos 2008. Seterusnya, dengan opsyen untuk melanjutkan lagi jangka masa dantempoh pelaksanaan untuk dua (2) tahun yang akan lupus pada 28 Ogos 2010. Butir-butir lanjutan tersebut adalahseperti yang dinyatakan dalam Nota 28(a) penyata kewangan. Setakat 31 Disember 2003, tiada waran telahdilaksanakan.

Syarikat telah pada sepanjang tahun kewangan berakhir 31 Disember 2003 menebus sejumlah RM92,197,948 nilaipersamaan nominal RLS daripada jumlah nilai persamaan nominal RM185,874,269 dalam terbitan dan membeli baliksejumlah RM699,358 nilai persamaan nominal CLS daripada jumlah nilai persamaan nominal RM183,460,787 dalamterbitan.

Syarikat tidak menerbitkan sebarang opsyen, waran atau sekuriti boleh tukar sepanjang tahun kewangan berakhir 31Disember 2003.

4. FI BUKAN AUDIT DIBAYAR KEPADA JURUAUDIT LUAR

Fi bukan audit berkanun yang dibayar kepada juruaudit luar, BDO Binder oleh Syarikat dan oleh Kumpulan bagi tahunkewangan berakhir 31 Disember 2003 masing-masing berjumlah RM5,935 dan RM5,935.

5. KONTRAK MATERIAL MELIBATKAN PARA PENGARAH DAN PEMEGANG STOK UTAMA

Pada 13 Julai 2001, Syarikat menandatangani Perjanjian Jual Beli dengan ASC untuk melupuskan keseluruhan 49%kepentingan ekuitinya dalam ACE Synergy Insurance Berhad (“ACE”) yang terdiri daripada 36,750,000 saham biasabernilai RM1.00 setiap unit, bersama dengan 12,250,000 saham biasa bernilai RM1.00 setiap unit menurut cadanganterbitan hak oleh ACE ketika itu yang telah selesai dilaksanakan pada 24 Julai 2001, kepada ASC bagi jumlah balasantunai sebanyak RM71.0 juta.

Kemudiannya, pada 24 April 2002, Syarikat dan ASC menandatangani Perjanjian Tambahan untuk melanjutkan tempohmasa selama sembilan (9) bulan atau tempoh tertentu lain yang lebih panjang sebagaimana mungkin dipersetujui secarabertulis untuk memenuhi syarat-syarat duluan berhubung dengan cadangan pelupusan ACE di atas.

Cadangan pelupusan ACE oleh Syarikat kepada ASC telah selesai dilaksanakan pada 15 Januari 2003.

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Dato’ Ahmad Sebi Bakar yang merupakan Pengerusi Eksekutif Syarikat dan Pengerusi ASC, dan sebagai pemegangstok utama Syarikat, dianggap berkepentingan dalam cadangan pelupusan ACE di atas.

Melainkan perkara di atas, Syarikat dan anak-anak syarikatnya tidak menandatangani sebarang kontrak material lainyang melibatkan kepentingan para pengarah dan pemegang stok utama.

6. DASAR PENILAIAN SEMULA HARTANAH

Dasar penilaian semula hartanah Kumpulan adalah sebagaimana dinyatakan dalam Nota 5.6 kepada penyata kewangan.

7. URUSNIAGA PIHAK BERKAITAN BERULANG BERSIFAT HASIL ATAU DAGANGAN

Pada Mesyuarat Agung Luar Biasa pada 28 Jun 2003, Syarikat telah mendapat mandat para pemegang stok untukmembenarkan Kumpulan memasuki urusniaga pihak berkaitan berulang bersifat hasil atau dagangan.

Menurut Perenggan 10.09(1)(b), Bahagian E, Bab 10 Syarat-syarat Penyenaraian Bursa Malaysia, butir-butir urusniagapihak berkaitan berulang yang dilaksanakan sepanjang tahun kewangan berakhir 31 Disember 2003 menurut mandatpara pemegang stok adalah seperti berikut:-

** Anak-anak syarikat bukan milik penuh ASB.

SifatUrusniaga

Penjual /Penyedia

Pembeli /Penerima

Nilaiagregat

urusniagaberulang(RM’000)

Sifat perhubungan denganAdvance Synergy Berhad (“ASB”)

– pengarah berkepentingan,pemegang stok utama dan

pihak berkaitan

Sewa premis pejabatyang terletak di B-16-8Megan Phileo Avenue,No.12, Jalan Yap KwanSeng, 50450 KualaLumpur, meliputi kawasanseluas 3,708 kaki persegi

ASH HoldingsSdn Bhd (“ASH”)

Antara Holiday Villas Sdn Bhd (“Antara”)

92 Datin Masri Khaw Binti Abdullahadalah pengarah ASB dan Antara,anak syarikat milik penuh Alangka-Suka Hotels & Resorts Berhad **,dalam mana beliau memegangkepentingan 0.25%. Beliaumempunyai kepentingan 50% dalamASH.

Royalti untuk KadCash-In Rebate

InterpayInternationalFranchising Ltd(“IIF”)

Rewardstreet.com(Malaysia) Sdn Bhd(“Rewardstreet”)

- Rewardstreet adalah sebuah anaksyarikat milik penuh iSynergy SdnBhd (“iSynergy”). Kedua-dua IIF danInterpay International Resources Ltd,pemegang saham utama iSynergy,adalah anak-anak syarikat milik penuhInterpay International Group Ltd(“IIG”). Benny Lee Shing Bun,seorang pengarah iSynergy,mempunyai kepentingan 35% dalamIIG. Beliau tidak mempunyai sebarangkepentingan dalam ASB.

Rekuisisi sokonganTeknikal

InterpayInternationalAssociates Ltd(“IIA”)

iSynergy 200 Kedua-dua IIA dan InterpayInternational Resources Ltd,pemegang saham utama iSynergy,adalah anak-anak syarikat milik penuhIIG. Benny Lee Shing Bun, seorangpengarah iSynergy, mempunyaikepentingan 35% dalam IIG. Beliautidak mempunyai sebarangkepentingan dalam ASB.

Rekuisisi kad bayaranperubatan dengan ciri-ciriinsuran dikenali sebagai“Alpha Medi-ChargeCard” untuk pekerja-pekerja

iSynergy ASB - Dato’ Ahmad Sebi Bakar adalahPengerusi Eksekutif dan pemegangstok utama ASB. Beliau juga seorangpengarah iSynergy. iSynergy adalahanak syarikat 51%-milik langsungASB.

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Additional Compliance Information

1. UTILISATION OF PROCEEDS

Pursuant to the listing of the Company’s subsidiary [held through Worldwide Matrix Sdn Bhd (“WMSB”), a wholly-ownedsubsidiary of the Company], Unified Communications Holdings Limited (“UCHL”), on the Singapore Exchange SecuritiesTrading Limited as disclosed in Note 48(ii) of the financial statement, the gross proceeds raised from the offer for sale ofUCHL’s shares by WMSB amounting to approximately RM4.9 million earmarked for interest payment and/or theredemption of loan stocks have yet to be utilised while the remaining amount of approximately RM1.6 million is earmarkedfor working capital including expenses relating to the listing as set out in the Company’s Circular to Stockholders dated27 October 2003.

The net proceeds raised by UCHL from the public issue of its new shares to members of the public and institutionalinvestors in Singapore have yet to be utilised for the purposes set out in UCHL’s prospectus dated 10 February 2004except for approximately SGD2.7 million earmarked and utilised for working capital purposes.

2. SHARE BUY-BACKS

During the financial year ended 31 December 2003, the Company’s subsidiary, Advance Synergy Capital Berhad (“ASC”)repurchased a total of 868,445 units of its own shares for a total consideration of RM623,755 from the open market. Allthe shares bought back were retained as treasury shares as at 31 December 2003.

The details of the share buy-backs carried out by ASC are set out in the 2003 Annual Report of ASC.

3. OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES

On 1 May 2000, the Company had issued RM185,874,269 nominal value of 7% Redeemable Loan Stocks 2000/2005(“RLS”) and RM183,460,787 nominal value of 7% Convertible Loan Stocks 2000/2005 (“CLS”) together with 168,896,809detachable warrants.

The 168,896,809 warrants were issued on 29 August 2000. The original expiry date of 28 August 2003 of these warrantswas extended to 28 August 2008. Thereafter, there is an option to extend the duration and exercise period for a furthertwo (2) years expiring on 28 August 2010. Details of the aforesaid extension are as disclosed in Note 28(a) of the financialstatements. As at 31 December 2003, none of these warrants have been exercised.

The Company had during the financial year ended 31 December 2003 redeemed a total of RM92,197,948 equivalentnominal value of RLS out of a total equivalent nominal value of RM185,874,269 in issue and repurchased a total ofRM699,358 equivalent nominal value of CLS out of a total equivalent nominal value of RM183,460,787 in issue.

The Company has not issued any options, warrants or convertible securities during the financial year ended 31 December2003.

4. NON-AUDIT FEES PAID TO EXTERNAL AUDITORS

Non-statutory audit fees paid to the external auditors, BDO Binder by the Company and by the Group for the financialyear ended 31 December 2003 amounted to RM5,935 and RM5,935 respectively.

5. MATERIAL CONTRACTS INVOLVING DIRECTORS AND MAJOR STOCKHOLDERS

On 13 July 2001, the Company entered into a Sale and Purchase Agreement with ASC to dispose of its entire 49% equityinterest in ACE Synergy Insurance Berhad (“ACE”) comprising 36,750,000 ordinary shares of RM1.00 each, together with12,250,000 ordinary shares of RM1.00 each pursuant to the then proposed rights issue of ACE which was completed on24 July 2001, to ASC for a total cash consideration of RM71.0 million.

Subsequently, on 24 April 2002, the Company and ASC entered into a Supplemental Agreement to extend the period oftime by nine (9) months or such other longer period as may be agreed in writing for the fulfillment of conditions precedentin relation to the above proposed disposal of ACE.

The proposed disposal of ACE by the Company to ASC was completed on 15 January 2003.

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Dato’ Ahmad Sebi Bakar who is the Executive Chairman of the Company and the Chairman of ASC, as well as a majorstockholder of the Company, is deemed interested in the above proposed disposal of ACE.

Save for the above, there were no other material contracts including contracts relating to a loan entered into by theCompany and its subsidiaries involving Directors’ and major stockholders’ interests.

6. REVALUATION POLICY ON LANDED PROPERTIES

The revaluation policy of the Group on landed properties is as disclosed in Note 5.6 to the financial statements.

7. RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

At an Extraordinary General Meeting on 28 June 2003, the Company had obtained a stockholders’ mandate to allow theGroup to enter into recurrent related party transactions of a revenue or trading nature.

In accordance with Paragraph 10.09(1)(b), Part E, Chapter 10 of the Listing Requirements of Bursa Malaysia, the detailsof the recurrent related party transactions conducted during the financial year ended 31 December 2003 pursuant to thestockholders’ mandate were as follows:-

** Non-wholly owned subsidiary companies of ASB.

Nature oftransaction

Vendor/Provider

Purchaser/Recipient

Aggregatevalue of

recurrenttransactions

(RM’000)

Nature of relationship withAdvance Synergy Berhad

(“ASB”)– interested directors,

major stockholders andpersons connected

Rental of office premiselocated at B-16-8 MeganPhileo Avenue, No. 12,Jalan Yap Kwan Seng,50450 Kuala Lumpur,covering an area of 3,708sq. ft.

ASH HoldingsSdn Bhd (“ASH”)

Antara Holiday VillasSdn Bhd (“Antara”)

92 Datin Masri Khaw Binti Abdullah is adirector of ASB and Antara, a wholly-owned subsidiary company ofAlangka-Suka Hotels & ResortsBerhad **, in which she holds 0.25%interest. She has 50% interest in ASH.

Royalties forCash-In Rebate Card

InterpayInternationalFranchising Ltd(“IIF”)

Rewardstreet.com(Malaysia) Sdn Bhd(“Rewardstreet”)

- Rewardstreet is a wholly-ownedsubsidiary company of iSynergy SdnBhd (“iSynergy”). Both IIF andInterpay International Resources Ltd,a major shareholder of iSynergy, arewholly-owned subsidiary companies of Interpay International Group Ltd(“IIG”). Benny Lee Shing Bun, adirector of iSynergy, holds 35%interest in IIG. He has no interest inASB.

Requisition oftechnical support

InterpayInternationalAssociates Ltd(“IIA”)

iSynergy 200 Both IIA and Interpay InternationalResources Ltd, a major shareholder of iSynergy, are wholly-ownedsubsidiary companies of IIG. BennyLee Shing Bun, a director of iSynergy,holds 35% interest in IIG. He has nointerest in ASB.

Requisition of medicalcharge cards withinsurance features knownas “Alpha Medi-ChargeCard” for employees

iSynergy ASB - Dato’ Ahmad Sebi Bakar is theExecutive Chairman as well as amajor stockholder of ASB. He is alsoa director of iSynergy. iSynergy is animmediate 51%-owned subsidiary ofASB.

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Laporan Jawatankuasa Audit

KEAHLIAN DAN KEHADIRAN

Ahli-ahli Jawatankuasa Audit sepanjang tahun kewangan berakhir 31 Disember 2003 dan butir-butir kehadiran setiap ahli dienam (6) mesyuarat yang telah diadakan sepanjang tahun adalah seperti berikut:-

KEGIATAN-KEGIATAN

Jawatankuasa Audit telah menjalankan tugasnya sebagaimana dinyatakan dalam bidang tugasnya bagi kegiatan-kegiatanberkaitan pada tahun 2003.

FUNGSI AUDIT DALAMAN

Lembaga Pengarah dengan bantuan Jawatankuasa Audit memantau secara aktif pengurusan risiko dan kawalan dalamandalam Kumpulan.

Jawatankuasa Audit telah menerima pakai pendekatan risiko dari atas ke bawah dalam pelaksanaan dan pemantauankawalan dalaman dalam Kumpulan. Ia dicapai melalui kajian dan perbincangan yang kritikal dan mendalam mengenailaporan pengurusan dan isu-isu berkaitan yang dibentangkan dalam mesyuarat Jawatankuasa Audit yang kerap diadakan.Pendekatan berasaskan risiko dari atas ke bawah ini akan membolehkan Jawatankuasa Audit mengenal pasti sebaranggangguan utama dalam pengurusan risiko dan kawalan dalaman dalam Kumpulan dan untuk mengambil langkah-langkahperlu bagi menangani isu-isu tersebut.

Bagi mempertingkatkan lagi pemantauan dan pelaksanaan pengurusan risiko dan kawalan dalaman dalam Kumpulan,Lembaga Pengarah telah pada Oktober 2002 melantik perunding-perunding daripada firma profesional luar untukmenjalankan kajian Pengurusan Risiko Perusahaan (“ERM”) syarikat-syarikat utama yang terpilih dalam Kumpulan denganobjektif untuk memformalkan dan menyerapkan proses risiko pengurusan pada keseluruhan Kumpulan. Kajian pengurusanrisiko ini telah diselesaikan pada Mei 2003. Dengan penubuhan jabatan audit dalaman berfungsi sepenuhnya sepanjangtahun kewangan, langkah-langkah telah diambil untuk membentangkan kajian ERM kepada syarikat-syarikat lain dalamKumpulan.

BIDANG TUGAS JAWATANKUASA AUDIT

OBJEKTIF

Jawatankuasa Audit membantu Lembaga Pengarah menjalankan tanggungjawabnya untuk mengawalselia danmempastikan kualiti dan integriti perakaunan, pengauditan, kawalan dalaman dan amalan laporan kewangan Syarikat danKumpulan.

NamaBilangan Mesyuarat

Diadakan Dihadiri

Wong Ah Nam @ Wong Joon TuangPengerusi / Pengarah Bebas Bukan Eksekutif

6 6

Chim Wai KhuanAhli / Pengarah Bebas Bukan Eksekutif

6 6

Sng Ngiap KoonAhli / Pengarah Eksekutif(Dilantik pada 28 Oktober 2003)

1 1

Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad KamilAhli / Pengarah Bebas Bukan Eksekutif(Meletak jawatan pada 28 Ogos 2003)

5 3

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KEAHLIAN

Jawatankuasa Audit akan dilantik oleh Lembaga Pengarah dari kalangan Pengarah Syarikat dan akan terdiri tidak kurangdaripada tiga (3) ahli, majoriti daripada mereka adalah Pengarah Bebas. Tiada pengarah gantian dilantik sebagai ahliJawatankuasa Audit.

Sekurang-kurangnya seorang ahli Jawatankuasa Audit:-

(i) Mestilah seorang ahli Institut Akauntan Malaysia; atau

(ii) Sekiranya beliau bukan ahli Institut Akauntan Malaysia, beliau hendaklah menpunyai sekurang-kurangnya tiga (3) tahunpengalaman dan:-

(a) Beliau mestilah telah lulus peperiksaan-peperiksaan yang ditetapkan dalam Bahagian I Jadual Pertama AktaAkauntan 1967;

(b) Beliau mestilah seorang ahli salah satu pertubuhan akauntan yang ditetapkan dalam Bahagian II Jadual PertamaAkta Akauntan 1967; atau

(c) Memenuhi keperluan lain yang ditentukan oleh Bursa Malaysia.

Ahli-ahli Jawatankuasa Audit akan memilih seorang Pengerusi daripada kalangan mereka yang merupakan seorangPengarah Bebas.

Perlantikan seseorang ahli Jawatankuasa Audit tamat apabila ahli tersebut berhenti menjadi Pengarah Syarikat.

MESYUARAT

Korum akan terdiri daripada dua (2) ahli yang hadir, yang kedua-duanya merupakan Pengarah Bebas.

Jawatankuasa Audit ini akan bermesyuarat sekurang-kurangnya empat (4) kali setahun, atau lebih kerap sekiranya dianggapperlu oleh Jawatankuasa Audit.

Ketua Pengawal Kewangan, Pengurus Audit Dalaman dan seorang wakil juruaudit luar lazimnya akan diundang untukmenghadiri mesyuarat. Ahli Lembaga Pengarah lain boleh menghadiri mesyuarat jika dijemput oleh Jawatankuasa Audit.Setiausaha kepada Jawatankuasa Audit adalah Setiausaha Syarikat.

MINIT

Setiausaha Jawatankuasa Audit akan menyediakan minit, yang akan ditandatangani oleh Pengerusi mesyuarat dandiedarkan kepada setiap ahli Jawatankuasa Audit dan Lembaga Pengarah. Pengerusi Jawatankuasa Audit akan melaporkansetiap mesyuarat kepada Lembaga Pengarah.

AUTORITI

Jawatankuasa Audit ini diberi kuasa oleh Lembaga Pengarah:-

(i) Untuk menyiasat sebarang kegiatan yang termasuk dalam bidang tugasnya;

(ii) Untuk mempunyai sumber yang diperlukan bagi melaksanakan tugasnya;

(iii) Untuk mempunyai akses penuh dan tidak terhalang kepada sebarang maklumat berkenaan Syarikat dan Kumpulan;

(iv) Untuk mempunyai saluran komunikasi langsung dengan juruaudit dalaman dan luar;

(v) Untuk mendapatkan nasihat guaman atau nasihat bebas luar jika perlu; dan

(vi) Untuk mengadakan mesyuarat dengan juruaudit luar, tanpa kehadiran ahli-ahli eksekutif Kumpulan, apabila perlu.

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FUNGSI DAN TUGAS

Fungsi dan tugas Jawatankuasa Audit ini adalah:-

(i) Untuk mengkaji perkara-perkara berikut dan melaporkan perkara yang sama kepada Lembaga Pengarah:-

(a) rancangan audit dengan juruaudit luar;(b) penilaian tentang sistem kawalan dalaman dengan juruaudit luar;(c) dengan juruaudit luar, laporan audit beliau;(d) bantuan yang diberikan oleh kakitangan Syarikat dan Kumpulan kepada juruaudit luar;(e) kecukupan skop, fungsi dan sumber fungsi audit dalaman dan bahawa ia mempunyai autoriti yang perlu untuk

melaksanakan tugasnya;(f) program audit dalaman, proses, keputusan program audit dalaman, proses atau penyiasatan yang dijalankan dan

sama ada tindakan yang sewajarnya diambil berhubung syor fungsi audit dalaman;(g) keputusan suku tahunan dan penyata kewangan akhir tahun sebelum kelulusan Lembaga Pengarah dengan fokus

khususnya diberikan kepada:-- perubahan atau pelaksanaan perubahan dasar perakaunan utama;- peristiwa-peristiwa signifikan atau luarbiasa;- pematuhan terhadap piawaian perakaunan dan keperluan perundangan lain;- bidang-bidang pertimbangan utama;- andaian perniagaan berterusan;- pematuhan terhadap keperluan Bursa Malaysia;

(h) sebarang urusniaga pihak berkaitan dan keadaan konflik kepentingan yang mungkin timbul dalam Syarikat atauKumpulan termasuk sebarang urusniaga, prosedur atau perjalanan tatacara yang menimbulkan persoalanberhubung integriti pengurusan;

(i) sebarang surat perletakan jawatan daripada juruaudit luar Syarikat;(j) sama ada terdapat sebab (disokong oleh alasan) untuk mempercayai bahawa juruaudit luar tidak sesuai untuk

dilantik semula;(k) surat pengurusan juruaudit luar dan tindakbalas pengurusan;(l) sama ada mereka berpuas hati bahawa prosedur Pengurusan Risiko Korporat yang digunakan dalam Syarikat dan

Kumpulan memberikan jaminan yang munasabah bahawa semua risiko yang diketahui telah dikenalpasti, dinilaidan diuruskan dengan berkesan;

(ii) Untuk menyediakan Laporan Jawatankuasa Audit bagi laporan tahunan seperti yang ditetapkan oleh perenggan 15.16Keperluan Penyenaraian Bursa Malaysia;

(iii) Di mana Jawatankuasa Audit berpendapat bahawa perkara yang dilaporkan olehnya kepada Lembaga PengarahSyarikat telah tidak diselesaikan dengan memuaskan serta melanggar Keperluan Penyenaraian Bursa Malaysia, makaJawatankuasa Audit mestilah dengan segera melaporkan perkara tersebut kepada Bursa Malaysia;

(iv) Untuk mengesyorkan kepada Lembaga Pengarah perlantikan juruaudit luar dan imbuhan mereka;

(v) Untuk mengkaji sebarang penaksiran atau penilaian prestasi ahli-ahli fungsi audit dalaman;

(vi) Untuk meluluskan sebarang perlantikan atau pemberhentian kerja kakitangan kanan fungsi audit dalaman;

(vii) Untuk memaklumkan perletakan jawatan ahli kakitangan audit dalaman dan memberi ahli kakitangan yang akanmeletak jawatan peluang mengemukakan sebab-sebab perletakan jawatan;

(viii) Untuk membincangkan masalah dan perkara khusus yang timbul daripada audit interim dan akhir, penilaian mereka keatas sistem kawalan dalaman, dan sebarang perkara yang ingin dibincangkan oleh juruaudit dalaman (tanpa kehadiranpengurusan jika perlu);

(ix) Untuk mempertimbangkan penemuan utama siasatan dalaman dan tindakbalas pengurusan; dan

(x) Untuk melaksanakan fungsi-fungsi lain yang dipersetujui oleh Jawatankuasa Audit dan Lembaga Pengarah.

Laporan ini telah dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 27 April 2004.

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Audit Committee Report

MEMBERSHIP AND ATTENDANCE

The members of the Audit Committee during the financial year ended 31 December 2003 and details of attendance of eachmember at the Six (6) meetings held during the year are as follows:-

ACTIVITIES

The Audit Committee carried out its duties as set out in the terms of reference for activities related to the year 2003.

INTERNAL AUDIT FUNCTION

The Board, with the assistance of the Audit Committee, is actively monitoring the risk management and internal controls ofthe Group.

The Audit Committee has adopted a top down, risk based approach to the implementation and monitoring of internal controlsof the Group. This was achieved via the critical and in depth review and deliberation of the management reports and relevantissues presented during the regular Audit Committee meetings held. This top down, risk based approach will enable the AuditCommittee to identify any major breakdown in the risk management and internal controls of the Group and to take necessarysteps to address the issues.

To further enhance the monitoring and implementation of risk management and internal controls of the Group, the Board hadin October 2002 appointed an external firm of professional consultants to carry out an Enterprise Risk Management (“ERM”)review of certain selected principal companies in the Group with the objective of formalising and embedding a riskmanagement process across the Group. This risk management review was completed in May 2003. With the establishmentof a fully functional internal audit department during the financial year, steps have been taken to roll out the ERM review tothe other companies in the Group.

TERMS OF REFERENCE OF THE AUDIT COMMITTEE

OBJECTIVE

The Audit Committee assists the Board in fulfilling its responsibility for overseeing and ensuring the quality and integrity ofthe accounting, auditing, internal control, and financial reporting practices of the Group and the Company.

NameNo. of Meetings

Held Attended

Wong Ah Nam @ Wong Joon TuangChairman / Independent Non-Executive Director

6 6

Chim Wai KhuanMember / Independent Non-Executive Director

6 6

Sng Ngiap KoonMember / Executive Director(Appointed on 28 October 2003)

1 1

Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad KamilMember / Independent Non-Executive Director(Resigned on 28 August 2003)

5 3

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MEMBERSHIP

The Audit Committee shall be appointed by the Board from amongst the Directors of the Company and shall consist of notless than three (3) members, a majority of whom shall be Independent Directors. No alternate director shall be appointed asa member of the Audit Committee.

At least one (1) member of the Audit Committee:-

(i) Must be a member of the Malaysian Institute of Accountants; or

(ii) If he/she is not a member of the Malaysian Institute of Accountants, he/she must have at least three (3) years workingexperience and:-

(a) He/she must have passed the examinations specified in Part I of the 1st Schedule of the Accountants Act 1967;

(b) He/she must be a member of one of the associations of accountants specified in Part II of the 1st Schedule of theAccountants Act 1967; or

(c) Fulfils such other requirements as prescribed by Bursa Malaysia.

The members of the Audit Committee shall elect a Chairman from among their number who shall be an Independent Director.

The appointment of an Audit Committee member terminates when the member ceases to be a Director.

MEETINGS

A quorum shall be two (2) members present, both of whom must be Independent Directors.

The Audit Committee shall meet at least four (4) times a year, or more frequently as the Audit Committee considers necessary.

The Chief Financial Officer, Internal Audit Manager and a representative of the external auditors shall normally be invited toattend the meetings. Other Board members may attend meetings upon the invitation of the Audit Committee. The Secretaryto the Audit Committee shall be the Company Secretary.

MINUTES

The Secretary of the Audit Committee will prepare the minutes, which shall be signed by the Chairman of the meeting anddistributed to each member of the Audit Committee and of the Board. The Chairman of the Audit Committee shall report oneach meeting to the Board.

AUTHORITY

The Audit Committee is authorised by the Board:-

(i) To investigate any activity within its terms of reference;

(ii) To have the resources required to perform its duties;

(iii) To have full and unrestricted access to any information pertaining to the Company and the Group;

(iv) To have direct communication channels with the internal and external auditors;

(v) To obtain external legal or other independent advice as necessary; and

(vi) To convene meetings with the external auditors, excluding the attendance of executive members of the Group, wheneverdeemed necessary.

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FUNCTIONS AND DUTIES

The functions and duties of the Audit Committee shall be:-

(i) To review the following and report the same to the Board of Directors:-

(a) with the external auditor, the audit plan;(b) with the external auditor, his evaluation of the system of internal controls;(c) with the external auditor, his audit report;(d) the assistance given by the employees of the Company and the Group to the external auditor;(e) the adequacy of the scope, functions and resources of the internal audit functions and that it has the necessary

authority to carry out its work;(f) the internal audit programme, processes, the results of the internal audit programme, processes or investigations

undertaken and whether or not appropriate action is taken on the recommendations of the internal audit function;(g) the quarterly results and year end financial statements prior to the approval by the Board of Directors, focusing

particularly on:-- changes in or implementation of major accounting policy changes;- significant and unusual events;- compliance with accounting standards and other legal requirements;- major judgmental areas;- the going concern assumption;- compliance with Bursa Malaysia requirements;

(h) any related party transaction and conflict of interest situation that may arise within the Company or the Groupincluding any transaction, procedure or course of conduct that raises questions of management integrity;

(i) any letter of resignation from the external auditors of the Company;(j) whether there is reason (supported by grounds) to believe that the external auditor is not suitable for reappointment;(k) external auditors’ management letter and management’s response;(l) whether they are satisfied that the Corporate Risk Management procedure used within the Company and the Group

provides reasonable assurance that all known risks are identified, evaluated and effectively managed;

(ii) To prepare the Audit Committee Report for the annual report as established by paragraph 15.16 of the Bursa MalaysiaListing Requirements;

(iii) Where the Audit Committee is of the view that any matter reported by it to the Board of Directors of the Company hasnot been satisfactorily resolved resulting in a breach of the Bursa Malaysia Listing Requirements, the Audit Committeemust promptly report such matters to Bursa Malaysia;

(iv) To make recommendations to the Board of Directors on the appointment of external auditors and their remuneration;

(v) To review any appraisal or assessment of the performance of the members of the internal audit functions;

(vi) To approve any appointment or termination of senior staff members of the internal audit functions;

(vii) To inform itself of resignations of internal audit staff members and provide the resigning staff member an opportunity tosubmit his reasons for resigning;

(viii) To discuss problems and reservations arising from the interim and final audits, their evaluation of the system of internalcontrols, and any matters the external auditor may wish to discuss (in the absence of management where necessary);

(ix) To consider the major findings of internal investigations and management’s response; and

(x) To carry out any other function that may be mutually agreed upon by the Audit Committee and the Board.

This report is made in accordance with a resolution of the Board of Directors dated 27 April 2004.

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Penyata Kawalan Dalaman

Perenggan 15.27(b) Syarat-syarat Penyenaraian Bursa Malaysia memerlukan Lembaga Pengarah syarikat-syarikattersenarai awam untuk memasukkan dalam Laporan Tahunannya “penyata mengenai keadaan kawalan dalaman penerbittersenarai sebagai sebuah kumpulan”. Lembaga Pengarah adalah komited untuk mengekalkan sistem kawalan dalamanyang kukuh dalam Kumpulan dan dengan sukacitanya memberikan penyata berikut, yang menggariskan sifat dan skopkawalan dalaman Kumpulan sepanjang tahun kewangan.

TANGGUNGJAWAB LEMBAGA PENGARAH

Lembaga Pengarah mengakui tanggungjawab utamanya bagi sistem kawalan dalaman Kumpulan, yang termasukpembentukan rangka kerja persekitaran kawalan yang sesuai serta mengkaji kecukupan dan integritinya dari masa ke masa.Memandangkan batasan sedia ada dalam mana-mana sistem kawalan dalaman, sistem ini telah direka untuk mengurus, danbukan menghapuskan, risiko kegagalan untuk mencapai objektif korporat. Selaras dengan itu, ia hanya boleh menyediakanjaminan munasabah tetapi bukan jaminan mutlak terhadap salahnyataan material, kegagalan operasi, penipuan ataukerugian. Sistem kawalan dalaman merangkumi, antara lain, kawalan kewangan, organisasi, operasi dan pematuhan sertapengurusan risiko.

RANGKA KERJA PENGURUSAN RISIKO

Lembaga Pengarah menyokong sepenuhnya kandungan penerbitan mengenai “Penyata mengenai Kawalan Dalaman –Panduan kepada Pengarah-pengarah Syarikat-syarikat Tersenarai Awam” dan, selaras dengan itu, melantik firma perundinguntuk menjalankan kajian Pengurusan Risiko Perusahaan (“ERM”) syarikat-syarikat utama yang terpilih dalam Kumpulan.Objektif utama kajian ini adalah untuk memformalkan dan menyerapkan proses pengurusan risiko pada keseluruhanKumpulan untuk menggerakkan semua kakitangan dalam Kumpulan secara lebih kukuh ke arah mengenal pasti risiko,penilaian, kawalan, pengawasan dan pelaporan berterusan. Kajian ERM telah disiapkan pada Mei 2003, melibatkan inisiatif-inisiatif berikut:-

• mengadakan sesi kesedaran risiko untuk kesemua pengurus/pegawai operasi unit-unit perniagaan utama yang terpilihdalam Kumpulan untuk menanam pemahaman risiko sebagaimana ia berkaitan dengan perniagaan Kumpulan;

• pengeluaran Daftar Risiko, yang merupakan hasil penyusunan risiko perniagaan utama dan kawalan syarikat-syarikatutama yang terpilih dalam Kumpulan dalam pengkalan data. Penyusunan ini telah diperolehi melalui bengkel risiko dantemubual yang diadakan dengan pengurusan kanan dan pengurus/eksekutif operasi dari unit-unit perniagaan utamayang terpilih dalam Kumpulan. Risiko-risiko penting telah dikenal pasti dan dicatat untuk kemungkinan risiko berlaku danmagnitud kesannya; dan

• pertimbangan opsyen-opsyen pengolahan risiko selebihnya dan penyediaan rancangan tindakan, dengan skala masapelaksanaan untuk menangani isu-isu risiko dan kawalan;

Langkah-langkah seterusnya dalam proses pengurusan risiko Kumpulan termasuk, antara lain, yang berikut:-

• Untuk membentangkan kajian ERM kepada syarikat-syarikat lain dalam Kumpulan;

• Untuk mewujudkan profil risiko disatukan untuk Kumpulan apabila kajian ERM terhadap syarikat-syarikat lain dalamKumpulan telah diselesaikan;

• Untuk menerimapakai dokumen dasar dan prosedur pengurusan risiko, yang menggariskan rangka kerja risiko untukKumpulan dan menawarkan garis panduan praktikal kepada semua kakitangan mengenai penilaian risiko dan laporan kepihak atasan mereka;

• Untuk menubuhkan Jawatankuasa Pengurusan Risiko Kumpulan, dengan tanggungjawab untuk mengenal pasti danmemaklumkan kepada Lembaga Pengarah, atas dasar berterusan, risiko-risiko penting yang dihadapi oleh Kumpulan,perubahannya dan rancangan tindakan pengurusan untuk mengurus risiko;

• Untuk melantik seorang Pegawai Risiko, atau menggunakan khidmat perunding luar, untuk mengemaskini profil risikoKumpulan mengikut dokumen dasar dan prosedur pengurusan risiko.

• Untuk mewujudkan dan memformalkan rangka kerja pelaporan pengurusan risiko, termasuk pengemukaan laporanpengurusan risiko berkala kepada Jawatankuasa Pengurusan Risiko Kumpulan; dan

• Untuk memformalkan kajian berkala oleh Lembaga Pengarah, dengan bantuan Jawatankuasa Audit, mengenaikecukupan dan integriti sistem kawalan dalaman.

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FUNGSI AUDIT DALAMAN

Sepanjang tahun kewangan, bagi aspek-aspek tertentu fungsi audit dalaman Lembaga Pengarah menggunakan khidmat luarfirma perunding bebas untuk menjalankan kajian audit dalaman terhadap syarikat-syarikat utama yang terpilih dalamKumpulan dengan menggunakan pendekatan berasaskan risiko. Fungsi audit dalaman telah melaksanakan satu kitaranaudit dalaman berdasarkan kawasan-kawasan risiko utama yang dikenalpastikan dari kajian ERM dan hasil kajiannyatermasuk saranan-saranan untuk kemajuan akan dikemukakan kepada Jawatankuasa Audit di masa yang akan datang.

PROSES KAWALAN DALAMAN

Selain daripada audit dalaman dan pengurusan risiko, Lembaga Pengarah telah mempunyai proses-proses berikut untukmemberikan tahap jaminan tertentu kepada Lembaga Pengarah berhubung dengan operasi dan kesahihan sistem ke ataskawalan dalaman dalam Kumpulan:-

• Kajian yang mendalam atas keputusan dan laporan kewangan suku tahunan dan menilai alasan-alasan bagi perbezaanluar biasa yang diperhatikan daripadanya oleh Lembaga Pengarah dan Jawatankuasa Audit;

• Pengarah Eksekutif terlibat secara rapat dalam pengendalian perniagaan dan operasi Kumpulan dan melapor kepadaLembaga Pengarah atas perubahan penting dalam perniagaan dan persekitaran luar, yang melibatkan operasi Kumpulansecara umum; dan

• Lembaga Pengarah telah pun mempunyai struktur organisasi dengan garis-garis tanggungjawab yang dinyatakan secaraformal, pembahagian tugas dan perwakilan kuasa yang sewajarnya. Satu proses pelaporan berhairaki telah diwujudkan,yang menyediakan susunan tanggungjawab didokumen dan boleh diauditkan. Prosedur-prosedur termasukpengwujudan had kuasa dan dasar ke atas kesihatan dan keselamatan, latihan dan pembangunan, persamaan peluang,prestasi kakitangan dan salah laku serius. Prosedur-prosedur ini adalah berkaitan dalam Kumpulan keseluruhan untukmemberi jaminan berterusan yang akan diberi pada peringkat pengurusan lebih tinggi dan akhirnya kepada LembagaPengarah.

KELEMAHAN DALAM KAWALAN DALAMAN YANG MENGAKIBATKAN KERUGIAN MATERIAL

Tiada kerugian material ditanggung dalam tahun kewangan semasa akibat daripada kelemahan dalam kawalan dalaman.Lembaga Pengarah, bersama dengan Pengurusan, terus mengambil langkah-langkah untuk mengukuhkan persekitarankawalan.

Penyata ini telah dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 27 April 2004.

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Statement on Internal Control

Paragraph 15.27(b) of the Listing Requirements of Bursa Malaysia requires the Board of Directors of public listed companiesto include in its Annual Report a “statement about the state of internal control of the listed issuer as a group”. The Board iscommitted to maintaining a sound system of internal control in the Group and is pleased to provide the following statement,which outlines the nature and scope of internal control of the Group during the financial year under review.

BOARD RESPONSIBILITY

The Board acknowledges its ultimate responsibility for the Group’s system of internal control, which includes theestablishment of an appropriate control environment and framework as well as reviewing its adequacy and integrity on aregular basis. In view of the limitations that are inherent in any system of internal control, this system is designed to manage,rather than eliminate, the risk of failure to achieve corporate objectives. Accordingly, it can only provide reasonable but notabsolute assurance against material misstatement, operational failures, fraud or loss. The system of internal control covers,inter-alia, financial, organizational, operational and compliance controls and risk management.

RISK MANAGEMENT FRAMEWORK

The Board fully supports the content of the publication on “Statement on Internal Control – A Guidance for Directors of PublicListed Companies” and, accordingly, appointed a firm of consultants to carry out an Enterprise Risk Management (“ERM”)review of certain selected principal companies in the Group. The main objective of this review is to formalize and embed arisk management process across the Group in order to sensitise all employees within the Group more strongly to riskidentification, evaluation, control, ongoing monitoring and reporting. The ERM review was completed in May 2003 andentailed the following initiatives:-

• holding of risk awareness sessions for all operational managers/officers of the selected principal business units within theGroup to inculcate an understanding of risks as they related to the business of the Group;

• the issuance of a Risk Register, which is a result of the compilation of principal business risks and controls of the selectedprincipal companies of the Group in a database. This compilation was obtained through risk workshops and interviewsconducted with senior management and operational managers/executives from the selected principal business units inthe Group. Key risks were identified and scored for likelihood of the risk occurring and the magnitude of impact; and

• consideration of the residual risk treatment options and preparation of action plans, with implementation time scales toaddress the risk and control issues.

The next steps in the Group’s risk management process include, inter-alia, the following:-

• To roll out the ERM review to the other companies in the Group;

• To develop a consolidated risk profile for the Group upon completion of the ERM review of the other companies in theGroup;

• To formally adopt the risk management policy and procedure document, which outlines the risk framework for the Groupand offers practical guidance to all employees on risk assessment and their upward reporting;

• To establish a Group Risk Management Committee, with the responsibility to identify and communicate to the Board, onan ongoing basis, the critical risks the Group faces, their changes and the management action plans to manage risks;

• To appoint a Risk Officer, or outsource to consultants, to update the risk profile of the Group according to the riskmanagement policy and procedure document;

• To establish and formalise the risk management reporting framework, including submission of periodic risk managementreports to the Group Risk Management Committee; and

• To formalise periodic review by the Board, with the assistance of the Audit Committee, on the adequacy and integrity ofthe system of internal control.

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INTERNAL AUDIT FUNCTION

During the financial year, the Board outsourced certain aspects of its internal audit function to an independent firm ofconsultants to carry out internal audit of certain selected principal companies of the Group using a risk-based approach. Theinternal audit function carried out one cycle of internal audit based on prioritised risk areas noted from the ERM review andits findings, including recommendations for improvement, will be submitted to the Audit Committee in due course.

OTHER RISK AND CONTROL PROCESSES

Apart from internal audit and risk management, the Board has put in place the following processes to provide a certain degreeof assurance to the Board as to the operation and validity of the system on internal control within the Group:-

• Rigorous review of the quarterly financial results and reports and evaluating the reasons for unusual variances notedthereof by the Board and Audit Committee;

• The Executive Director is closely involved in the running of the business and operations of the Group and reports to theBoard on significant changes in the business and external environment, which affect the operations of the Group at large;and

• The Board has in place an organizational structure with formally defined lines of responsibility, proper segregation ofduties and delegation of authority. A process of hierarchical reporting has been established, which provides for adocumented and auditable trail of accountability. The procedures include the establishment of limits of authority andpolicies on health and safety, training and development, equality of opportunity, staff performance and seriousmisconduct. These procedures are relevant across the Group to provide for continuous assurance to be given atincreasingly higher levels of management and, finally to the Board.

WEAKNESSES IN INTERNAL CONTROLS THAT RESULT IN MATERIAL LOSSES

There were no material losses incurred during the current financial year as a result of weaknesses in internal control. TheBoard, together with Management, continues to take measures to strengthen the control environment.

This statement is issued in accordance with a resolution of the Directors dated 27 April 2004.

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Catatan PengerusiChairman’s Statement

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Catatan Pengerusi Chairman’s Statement

Bagi pihak Lembaga Pengarah, saya dengan sukacitanyamembentangkan Laporan Tahunan dan Akaun Syarikat danKumpulan Advance Synergy Berhad bagi tahun kewanganberakhir 31 Disember 2003.

Kita telah alami dua tahun yang membanggakan sejakpenstrukturan dan penyelarasan operasi Kumpulanpertama kali dimulakan. Sukacita dilaporkan bahawa hasilpertama telah dilihat dalam tahun 2003.

Dalam tahun ini sektor pengangkutan awam serta teknologimaklumat dan komunikasi (ICT) memperlihatkan peluangdan harapan yang amat cerah. Kedua-dua syarikat yangberoperasi dalam industri tersebut, masing-masingmenunjukkan perkembangan yang positif, samada denganmenguatkan kedudukan pasaran mereka, ataumengubahnya kepada keputusan yang sihat. Pengukuhandan penstrukturan semula yang berterusan di perniagaan-perniagaan kita yang lain, menunjukkan pencapaian yangbaik mengatasi jangkaan masing-masing. Tambahan pula,Urus Tadbir Korporat di dalam Kumpulan terus menjadilebih mantap pada 2003, berikutan pelaksanaan cadangankajian pengurusan risiko yang baru dilaksanakan.

Pencapaian Kewangan

Kumpulan telah mencatatkan hasil RM218.9 juta untuktahun berakhir 31 Disember 2003, berbanding RM203.6 jutabagi tahun berakhir 31 Disember 2002, iaitu peningkatansebanyak 7.5 peratus.

Keuntungan bersih dicapai bagi tahun adalah RM6.1 jutaberbanding kerugian RM68.4 juta pada tahun 2002.Peningkatan yang kukuh dalam keuntungan berpunca dariprestasi anak-anak syarikat yang meningkat, dansumbangan besar daripada anak syarikat ICT kita - UnifiedCommunications Group.

Hasil daripada peningkatan prestasi tersebut, Kumpulanberjaya mengubah kerugiannya sebanyak 20.26 sen (2002)setiap unit stok pada tahun lalu kepada perolehan yangpositif iaitu 1.79 sen setiap unit stok bagi tahun berakhir 31Disember 2003.

Perkhidmatan Kad dan Pembayaran

Dalam tahun kewangan ini, iSynergy Sdn Bhd (“iSynergy”)terus memasarkan kad “MasterCard Electronic Prepaid”dan kad “Cash-In Rebate” melalui ikatan jalinan kongsi-

On behalf of the Board of Directors, I am pleased to presentthe Annual Report and Accounts of the Company and theGroup for the financial year ended December 31, 2003.

It has been a good two years since the Group’s restructuringand operations streamlining was first initiated. It isencouraging to report that the first fruits of this labour wereseen in 2003.

During the year the bright spots for us were in the publictransportation and information and communicationstechnology (ICT) sectors. Both our operating companies inthese industries performed admirably, by eitherstrengthening their market position, or turning in exceptionalresults. The continuing consolidation and restructuring atour other businesses meanwhile, showed good progressagainst their respective timetables. In addition, corporategovernance within the Group was further strengthened in2003, following the implementation of recommendations ofthe recently performed risk management review.

Financial Results

The Group recorded total revenue of RM218.9 million forthe year ended 31 December 2003, compared to RM203.6million for the previous year ended 31 December 2002,representing an increase of 7.5 %.

Net profit achieved for the year was RM6.1 million asopposed to loss of RM68.4 million in 2002. This substantialimprovement in profitability was attributable to the improvedperformance of our subsidiaries, and the sizeablecontribution from our ICT subsidiary - the UnifiedCommunications Group.

As a result of the improved performance of our businesses,the Group successfully reversed its loss per stock unit of20.26 sen (2002) into positive earnings per stock unit of 1.79sen for the year ended 31 December 2003.

Cards and Payment Services

During the year, iSynergy Sdn Bhd (“iSynergy”) continued tomarket its MasterCard Electronic Prepaid Cards and Cash-In Rebate Cards through corporate co-branding. It now has

37IPC - iSynergy MasterCard Electronic e-Credit Card.

Kad Prabayar SMS BIZ MasterCard Electronicdikeluarkan oleh iSynergy Sdn. Bhd..SMS BIZ - iSynergy MasterCard ElectronicCard.

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sama penjenamaan korporat. Kini, jumlah kad “MasterCardElectronic Prepaid” yang melebihi 500,000 dan hampir 2juta kad “Cash-In Rebate” dalam pengedaran. Rakankongsi-sama jenama utama bagi kad “MasterCardElectronic Prepaid” dalam tahun ini adalah SMS Biz Sdn.Bhd. dan IPC Shopping Network Sdn. Bhd. yang masing-masing telah menandatangani kontrak dengan iSynergyuntuk terbitan sebanyak 460,000 kad “MasterCardElectronic”.

Kejayaan utama Syarikat tahun lalu ialah memperolehibayaran bagi setiap transaksi kad MasterCard dan kad“MasterCard Electronic” yang dikeluarkan oleh semuapemegang-pemegang lesen MasterCard di Malaysia untukbelian terpencil oleh pemegang-pemegang kad berkenaandi seluruh Malaysia. Perkhidmatan inovatif yang baru ini,dikenali sebagai “SMS QuickPay” akan dirasmikan dalamsuku tahun kedua 2004 dan ia akan memberi hasilperkembangan yang berterusan untuk iSynergy. Pemegang-pemegang kad MasterCard dan kad “MasterCard Electronic”akan diberi ganjaran yang dikenali sebagai “SMSQuickMoney” dan “SMS Auction Points” bagi setiaptransaksi dengan kad MasterCard dan kad “MasterCardElectronic” mereka. “SMS Auction Points” juga dikenalisebagai “ZAP Points” yang dikumpulkan boleh digunakanuntuk menawarkan barang-barang dalam “SMS Auction”yang dikendalikan oleh iSynergy dari masa ke masa.

Inisiatif utama lain telah diambil oleh Syarikat untukmemasukkan semua pemegang-pemegang kadMasterCard di Malaysia, berjumlah 3.9 juta, sebagaipemegang-pemegang kad “Cash-In Rebate” serata duniauntuk mendapatkan rebet daripada lebih 2,000 Pedagang“Cash-In Rebate” yang sedia ada pada bila-bila masamereka membayar menggunakan kad MasterCard.Pemegang kad juga akan diberi nilai ganjaran “ZAP Points”dengan tambahan pada rebet yang diperolehi. Syarikattelah mendapat pengesahan daripada MasterCardInternational Inc bagi perasmian program inovatif tersebutdalam suku pertama tahun 2004.

Syarikat mengharapkan inisiatif baru ini dapatmenghasilkan kenaikan hasil bagi 2004 dan seterusnya.

Perkhidmatan Kewangan dan Pengangkutan Awam

Dalam tahun ini Advance Synergy Capital Berhad(“ASCAP”) mencapai kemajuan bermakna dalampembangunan perniagaan pengangkutan awamnya,dengan menggunakan sumber dalamannya.Pengubahsuaian basnya berterusan, manakala kekerapanperkhidmatan dalam-bandar di Lembah Klang danperkhidmatan bas ekspres antara-negeri bertambah.

Untuk memenuhi objektif Syarikat bagi memberikeselamatan dan keselesaan perjalanan penumpang-penumpangnya, Syarikat menandatangani usahasamadengan pembuat koc daripada Australia untuk membina basdan koc mengikut piawaian Undang-undang RekabentukAustralia (“Australian Design Rules”), berdasarkan piawaian

a total of over 500,000 MasterCard Electronic PrepaidCards and almost 2 million Cash-In Rebate Cards incirculation. Major co-brand partners for the MasterCardElectronic Prepaid Card during the year were SMS Biz Sdn.Bhd. and IPC Shopping Network Sdn. Bhd. who haveentered into a contract each with iSynergy for the issuanceof 460,000 MasterCard Electronic Cards in total.

A major initiative was taken by the company to acquire cardcharges of MasterCard Cards and MasterCard ElectronicCards issued by all MasterCard Licensees in Malaysia forremote purchases by such cardholders at merchantsthroughout Malaysia. This new innovative service, called“SMS QuickPay” will be launched in the second quarter of2004 and it will provide continuous growth of revenue foriSynergy. Holders of MasterCard Cards and MasterCardElectronic Cards will be granted rewards called “SMSQuickMoney” and “SMS Auction Points” for payment ofpurchases with their MasterCard Cards and MasterCardElectronic Cards via the SMS Quick Pay service. SMSAuction Points also called “ZAP Points” accumulated can beused to bid for items in the SMS Auction organized byiSynergy from time to time.

Another major initiative was taken by company to include allMasterCard Cardholders in Malaysia, totaling 3.9 million, asCash-In Rebate Cardholders to obtain rebates from existingover 2,000 Cash-In Rebate Merchants nationwidewhenever they pay with their MasterCard Cards forpurchases made at those merchants. Cardholders will alsobe granted ZAP Points in addition to the rebates earned.The company has obtained acknowledgement fromMasterCard International Inc for the launch of such aninnovative program during the first quarter of 2004.

The company expects these new initiatives mentionedabove to generate incremental revenues for 2004 andbeyond.

Financial Services and Public Transportation

During the year Advance Synergy Capital Berhad(“ASCAP”) achieved significant progress in thedevelopment of its public transportation business, utilisingits internal resources. The refurbishment of its fleet of busescontinued, while the frequency of intra-city services in theKlang Valley and its inter-city express bus services wereincreased.

In order to meet the company’s objective of providing a safeand comfortable journey for its passengers, the companyentered into a joint venture with an Australian coach builderto build buses and coaches to the standards stipulated byAustralian Design Rules, which sets stringent safetystandards for buses used in Australia. This joint venture will

38

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keselamatan yang ketat bagi bas-bas yang digunakan diAustralia. Perkongsian ini akan membantu memenuhikeperluan Syarikat untuk merekabentuk dan membina basyang sesuai tertakluk kepada taraf keselamatanantarabangsa. Pada pertengahan 2004, Syarikat akanmerekabentuk, membina dan membuat koc bassepenuhnya bukan hanya untuk kegunaan sendiri tetapiuntuk dijual kepada pihak-pihak lain.

Pengenalan perkhidmatan budaya kelas-dunia padaperkhidmatan bas Triton, pakaian seragam khas danpenyelenggaraan yang ketat serta program pembersihan,bersama-sama sistem pemilihan dan program latihanpekerja yang komprehensif telah dimulakan di pusat latihanSyarikat yang khas di premis barunya di Shah Alam.

Premis Shah Alam mempunyai dua bangunan pejabatbersama dengan kemudahan-kemudahan kilang danpergudangan termasuk tanah sekeliling yang cukup untukpenyimpanan yang selamat bagi bas Triton. Syarikat telahmemusatkan operasinya dengan meletakkan operasipengangkutan bas dan kemudahan-kemudahan yang lain dilokasi strategik ini.

Selanjutnya, pada November 2003, Syarikat telah bersetujuuntuk melabur di dalam sebuah syarikat yang khususmengusahakan produksi dan transmisi media video. Ia akanmembantu Syarikat di dalam merekabentuk, menghasil danmemaparkan kandungan info-hiburan yang sesuai kepadapenumpang bas. (Pengambilalihan ini telah diselesaikanpada 5 Januari 2004).

Pengambilalihan sebanyak 49 peratus kepentingan ekuiti didalam ACE Synergy Insurance Berhad (“ACE Synergy”)pada tahun 2003 telah membolehkan ASCAP mengekalkankedudukan di dalam sektor perkhidmatan kewangan. Bagitahun fiskal 2003, ACE Synergy telah mencapai satukeputusan yang memberangsangkan walaupun terpaksamenghadapi keadaan yang sukar dan mencabar. Syarikatini juga telah berjaya menaikkan jumlah kasar pendapatanpremium sebanyak 22 peratus kepada RM125.1 jutadaripada RM120.3 juta pada tahun sebelumnya. Jumlahhasil operasi telah meningkat sebanyak 21 peratus kepadaRM133.1 juta yang menyumbang kepada peningkatankeuntungan sebelum cukai sebanyak 78 peratus kepadaRM19.5 juta berikutan kadar faedah yang rendah. Asetsyarikat telah meningkat kepada RM229.5 juta yaknipeningkatan sebanyak 9.6 peratus.

Dalam tahun ini, ia telah memperbaharui semulapendekatan perniagaannya dengan menguatkanhubungannya dengan pengeluar-pengeluar yangmengendalikan pelbagai forum dan dialog untukmenghubungkannya dengan jangkaan pasaran danpermintaan. Hasil daripada pendekatan inovatif ini,Bahagian Hartabenda dan Korban (“Property and CasualtyDivision”) serta Jabatan Kemalangan dan Kesihatan telahmencapai hasil yang lebih memuaskan. Hasil BahagianKorban (“Casualty”) telah meningkat dengan agak banyakdari 42 peratus hasil persekitaran litigasi yang diperolehi

help to fulfill the company’s need for properly designed andconstructed buses based on international safety standards.By mid 2004, the company will be fully set up to design,build and fabricate bus coaches not only for its own use butfor sale to other parties.

The introduction of a world-class service culture to Tritonbus services, special uniforms and a strict maintenance andcleaning program, along with a comprehensive selectionand training program have been carried out at thecompany’s dedicated training centre at its new premises inShah Alam.

The Shah Alam premises consist of two office buildingstogether with factory and warehousing facilities includingample surrounding land for the secure storage of Tritonbuses. The company has centralized its operations byplacing the bus transportation operation and ancillarysupport facilities at this strategic location.

In addition to this, the company, in November 2003, agreedto invest in a company specializing in the production andtransmission of video media. This will enable the companyto design, produce and display appropriate info-tainmentcontent to bus passengers. (This acquisition was completedon 5 January 2004)

The acquisition of a 49% equity interest in ACE SynergyInsurance Berhad (“ACE Synergy”) in year 2003 hadenabled ASCAP to maintain a presence in the financialservices sector. For the fiscal year 2003, ACE Synergyachieved a robust set of results despite the difficult andchallenging environment. The company posted an increaseof gross premium income by 22% to RM125.1 million fromRM102.3 million in the previous year. Total operatingrevenue grew by 21% to RM133.1 million leading to anincrease in profits before tax by 78% to RM19.5 millionamidst low interest rate environment. The assets of thecompany grew to RM229.5 million, an increase of 9.6%.

During the year, it reinvented its business approach bystrengthening its relationship with producers by hostingvarious forums and dialogues to align market expectationand demand. As a result of this innovative approach, itsProperty& Casualty division and Accident & Health divisionmanaged to achieve more significant results. Casualty linesgrew substantially by 42% given the litigious environmentcreated by consumers’ rights and awareness. Financiallines meanwhile enjoyed a steady growth of 30%,reaffirming its position as one of the main providers ofDirectors and Officers Liability. The Property and Technicalline grew by 20% and the total Accident & Health portfoliogrew by 21% with Direct Marketing recording an increase of19%. Underwriting surplus increased by a staggering 435%to RM13.5 million.

In 2003, the threat of terrorism had escalated to anunprecedented level. ACE Synergy capitalized on this threatby offering terrorism protection in certain product lines,notably in the travel personal accident and personal

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dari hak-hak dan kesedaran pengguna. SementaraBahagian Kewangan telah mengekalkan perkembangansebanyak 30 peratus, yang mana telah mengukuhkansemula kedudukannya sebagai salah satu syarikat yangmembangunkan skim Liabiliti Pengarah dan Pegawai(DOL). Bahagian Hartanah dan Teknikal meningkatsebanyak 20 peratus dan keseluruhan portfolioKemalangan dan Kesihatan meningkat sebanyak 21peratus dengan rekod peningkatan sebanyak 19 peratusdari Pemasaran Langsung. Lebihan menaja-jamin“underwriting” telah meningkat sebanyak 435 peratuskepada RM13.5 juta.

Di dalam tahun 2003, ancaman terorisme telah membawakepada keadaan dunia yang sukar untuk dijangka. ACESynergy telah berjaya merebut peluang besar daripadaancaman ini dengan menawarkan perlindungan daripadateroris dalam sesetengah produk, terutamanya di dalamkemalangan perjalanan individu dan kemalangan individu.Produk baru ini mendorong pihak insurans untukmenawarkan sistem perlindungan yang kekal, denganmatlamat utamanya ialah untuk memenuhi kehendak parapengguna.

Untuk lebih melindungi perkara tertentu, Syarikat telahmeletakkan Sistem Pengurusan Risiko Perniagaan, iaitusatu unit yang mengurus dan mengawal risiko perniagaansecara proaktif. Sebagaimana methodologi risiko ini yangtelah dipraktiskan ACE di seluruh Asia Pasifik, sistem inimenjadi satu daya kekuatan sebahagian daripada praktispengurusan risiko terbaik Asia Pasifik. Pengurusan RisikoPerniagaan ialah penghubung kepada rangka Urus TadbirKorporat bagi mempastikan ketelusan dan pentadbiranterbaik yang berterusan, untuk menjadi sebahagiandaripada perkara yang perlu bagi Syarikat, iaitu budaya danoperasinya.

Tahun 2004 telah dijangka menjadi cabaran baru dan waktuyang memberangsangkan bagi Syarikat. Keadaan ini telahmenggilap imej Syarikat sebagai penjamin yang khusus danistimewa. Kelainan Syarikat terletak pada penekanannyaterhadap - pekerja-pekerjanya dan kemahiran mereka yangcekap, pelengkap kepada kapasitinya yang besar danmenyeluruh. ACE Synergy boleh memberi nilai danmembentuk kedudukan di dalam pasaran. Keadaan ini jugaakan lebih menggalakkan penubuhan syarikat-syarikatyang strategik dengan pihak-pihak berkepentingan yanglain untuk membangunkan aspek teknikal dan kepakaranglobal sebagai salah satu strategi perniagaannya.

accident products. These new products reinforce its positionas an insurer offering holistic protection, with the ultimategoal being to exceed customers’ needs.

In order to further protect against uncertainty, the companyhad put in place a Business Risk Management System,requiring business units to proactively manage and controlbusiness risk exposures. As this risk methodology ispracticed across ACE Asia Pacific, the system enables it toleverage on its Asia Pacific counterparts for the best riskpractised. Business Risk Management is an extension ofACE Synergy’s corporate governance framework to ensurethat transparency and good governance continue to be anintegral part of the company, its culture and operations.

The year 2004 is envisaged to be another challenging andexciting time for the company. It will continue to hone itsimage as a focused and specialised insurer. Emphasizing itskey differentiation-its people and their competent skills,complemented by its large capacity and global reach, ACESynergy can add value and reshape the marketplace. It willcontinue to forge strategic alliances with other key partnersto provide technical and global expertise, as part of itsbusiness strategy.

40


Bas Ekspres Triton.Triton Express Bus.

Depoh bas Triton di Shah Alam.Triton bus depot in Shah Alam.

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Hotel dan Pusat Peranginan

Kumpulan hotel telah berkembang dengan cemerlang padatahun 2003 sehingga pencapaian dari operasinyamenjangkaui tahap yang memuaskan di sebalik keadaanpolitik dan ekonomi yang sukar dijangkakan sertaberulangnya wabak SARS.

Kumpulan Holiday Villa telah melengkapkan tahun 2003dengan jumlah 14 hotel dan pusat peranginan berikutanpengambilalihan dua hartanah di Bali dan Sydney, sertapenambahan pengurusan hartanah di Kuala Lumpur.Hartanah-hartanah ini telah mewujudkan sejumlah 1,870buah bilik yang baru.

Pencapaian-pencapaian hotel pada tahun ini termasuk:

• Pada bulan Mei 2003, Kumpulan Holiday Villa telahmembawa kemasyhuran daya penarik dankemesraannya ke Bali dengan pembukaan DiwangkaraHoliday Villa Bali, Pada tahun ini, program pembaharuanteleh dimulakan dan berakhir pada Mei 2004. Padamasa ini Kumpulan Holiday Villa sedang berusaha didalam program mengubahkannya kepada sebuah hotelbutik yang selesa.

Terletak di pantai hembusan bayu Sanur, DiwangkaraHoliday Villa Bali yang mempunyai 40 bilik ini hanya 20minit perjalanan dari Lapangan Terbang AntarabangsaBali dan 15 minit perjalanan dari Denpasar, bandar utamaBali. Ia mempunyai 23 unit villa, 14 bilik deluks dan suit,setiap satunya dilengkapi dengan teres yang berasingandan kelengkapan yang moden. Sebuah villa yangmempunyai sebuah kolam mandi tersendiri yang barusiap dibina akan menjadi tarikan terkini. Pembinaan lebihbanyak villa yang serupa adalah dalam programpembaharuan. Pusat peranginan ini menyediakangabungan masakan Bali, Malaysia dan antarabangsa.Para penggemar sukan akan tertarik dengan padang golfbertaraf antarabangsa, gelanggang tenis dan pusat boling10 pin yang hanya terletak beberapa minit perjalanandaripada pusat peranginan ini.

• Pada penghujung November 2003, kumpulan telahmenapak di Australia dengan pembukaan Hotel ManorHouse Boutique, salah satu hotel terbaik di Sydney.Hotel Manor House Boutique mempunyai 19 bilik besarala Grand Victorian. Hotel ini terletak berdekatan dengankebanyakan pusat hiburan dan kawasan restorantermasuklah Taylor Square, Oxford Street, Paddingtondan Darlinghurst di bandaraya Sydney.

Hotel Manor House Boutique pernah menjadi kediamanrasmi Datuk Bandar Sydney pada tahun 1850. Ia terletakhanya beberapa minit dari Paddington, butik membeli-belah dan suasana malam yang menarik. Manor Housetelah diubahsuai khusus dengan ciri-ciri hiasan silingyang tinggi, perabot antik dan bilik persalinan yangcantik serta bilik suit peribadi. Setiap bilik berhawa dingindan dilengkapi dengan bar mini, peti simpanan peribadi,

Hotel and Resorts

The hotel group made remarkable progress during year2003 and achieved more than satisfactory operating resultsin spite of the uncertain political and economic conditions,and the recurrence of SARS.

Holiday Villa Group completed the year 2003 with 14 hotelsand resorts following the acquisition of two new propertieslocated in Bali and Sydney, and the addition of a managedproperty in Kuala Lumpur. These properties togethergenerate a total bed inventory of 1,870 rooms.

The group’s achievements during the year include:

• In May 2003, Holiday Villa Group brought its renownedcharm and hospitality to Bali with the opening ofDiwangkara Holiday Villa Bali. During the year, itsrefurbishment programme was initiated and completed inMay 2004. Holiday Villa Group is presently embarking ona programme to turn it into a cozy boutique hotel.

Located on the breathtaking beach of Sanur, the 40-roomDiwangkara Holiday Villa Bali is just 20 minutes from BaliInternational Airport and 15 minutes away from Denpasar,the capital city of Bali. Comprising 23 units of bungalows,14 deluxe rooms and suite, each property comes with itsown private terrace and modern amenities. A newbedroom villa complete with a private swimming pool willbe the latest attraction. The building of more of such villasis included in the refurbishment exercise. For dining, theresort offers a fusion of Balinese, Malaysian andinternational cuisine. Sports enthusiasts will be delightedto find international standard golf courses, tennis courtsand a ten-pin bowling centre minutes away from the resort.

• Late in November 2003, the group made its maidenpresence in Australia with the opening of the ManorHouse Boutique Hotel, one of Sydney’s finest hotels. TheManor House Boutique Hotel is housed in a 19-roomGrand Victorian mansion that encompasses the best ofbusiness and leisure. It is strategically located close tosome of Sydney’s most vibrant entertainment and

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Apartmen Suit Holiday Villa,Kuala LumpurHoliday Villa Apartment Suites,Kuala Lumpur

Diwangkara Holiday Villa Bali, Indonesia

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telefon IDD, perhubungan internet, radio jam,termasuklah televisyen yang berskrin besar dan video.Kemudahan lain termasuklah Bar Selebriti yang elegandan kolam air terjun dalaman. Hotel ini juga dilengkapidengan kemudahan untuk majlis perkahwinan danmajlis-majlis tertentu.

• Kumpulan juga telah berjaya mendapat kontrakpengurusan Holiday Villa Hotel Apartment Suites KualaLumpur yang terletak di kawasan kedutaan eksklusifJalan Ampang di Kuala Lumpur. Pembukaan awal telahdiadakan pada bulan Disember tahun 2003. Dimiliki olehABP Tower Sdn. Bhd., hartanah ini menandakanperkhidmatan kedua apartmen yang dikendali dandiuruskan oleh Kumpulan, selepas Grand Holiday VillaKhartoum di Sudan. Suit-suit ini dilengkapi dengankemudahan-kemudahan moden termasuklahkemudahan internet jalur lebar yang berkelajuan tinggi didalam bilik. Hartanah ini terletak di tempat yang strategikberdekatan dengan pusat komersil dan membeli-belahseperti Menara Petronas, Suria KLCC, Bintang Walk,Starhill dan Lot 10. Kemudahan pengangkutan berulang-alik ke KLCC juga disediakan untuk tetamu dalamanpada setiap hari.

• Kumpulan ini telah meneruskan program pembangunanuntuk bilik-bilik suit dengan mewujudkan kemudahanhotel yang selari dengan objektifnya untuk mempastikantetamu-tetamu hotel menikmati suasana yang selesadan sentiasa diingatan. Ini termasuklah kemudahan-kemudahan berikut:

“Antara Suite” di Holiday Villa Langkawi yang siapdiperbaharui termasuklah bilik tidur yang luas dan ruangtamu yang dilengkapi dengan lantai papan yang baru,perabot yang sesuai dan pemandangan dari laut yangmempesonakan, kolam renang serta suasana matahariterbenam yang indah.

Suit Apartmen Keluarga di Holiday Villa Cheratingterletak di bangunan utama telah diberi wajah barusecara keseluruhannya.

Holiday Villa London telah ditambah dengan sepuluh suitbaru khusus untuk tetamu korporat dan pelancong yangbercuti dengan keluarga.

• Kumpulan ini telah melaksanakan kempen pemasaranyang giat setiap tahun dengan menyertai pesta danpameran perdagangan di dalam dan luar negara:

Penyertaan tempatan termasuklah NAM yang diadakanpada bulan Februari 2003, MATTA dan PameranPerkahwinan Holiday Villa pada bulan Mac 2003 danOktober 2003 serta Rencana Malaysia di Singapurapada bulan September 2003.

Penyertaan antarabangsa pula termasuklah ForumPelancongan Asean di Phnom Penh, Biro PelanconganAntarabangsa di Bahrain, Pusat Perdagangan Pelancongan

restaurant precincts, which include Taylor Square, OxfordStreet, Paddington and Darlinghurst.

The Manor House Boutique Hotel was originally theresidence of one of the first Lord Mayors of Sydney in1850. It is just minutes away from Paddington, boutiqueshopping and exciting nightlife. The Manor House’sindividually decorated rooms feature ornate high ceilings,beautiful antique furniture and fittings and private ensuiterooms. Every room is air-conditioned and is equippedwith mini-bar, private safe, IDD telephone, internetconnectivity, clock radio as well as a large screentelevision and video. Other facilities include the elegantCelebrities Bar, business services and indoor plunge pool.The hotel is also a perfect venue for weddings and specialoccasions.

• The group’s latest managed property, the Holiday VillaHotel Apartment Suites Kuala Lumpur is located in theexclusive embassy’s row of Jalan Ampang in KualaLumpur, and had its soft opening in December 2003.Owned by ABP Tower Sdn Bhd, this property marks thesecond service apartment operated and managed by thegroup, after the Grand Holiday Villa Khartoum in Sudan.The suites are equipped with latest facilities including in-room high-speed broadband Internet facility. The propertyis strategically located near commercial and shoppingcentres like the Petronas Twin Towers, Suria KLCC,Bintang Walk, Starhill and Lot 10. Shuttle service to KLCCis provided daily for in-house guests.

• The group continued with the upgrading program for itssuite rooms in some existing hotel properties in line withits objective to ensure that guests enjoy a comfortableand memorable stay. These include the followingproperties:

The new “Antara Suite” in Holiday Villa Langkawi wasupgraded to include spacious bedroom and living hallcomplete with new wooden flooring, fine furniture, and apersonal view of the sea, swimming pool and beautifulsunsets.

The “Family Apartment Suites” in Holiday Villa Cheratinglocated in the capital wing were given a total facelift.

Holiday Villa London added ten new suites to cater tocorporate clients and travellers with families.

• The group implemented aggressive marketing campaignsthroughout the year by participating in local and overseastrade fairs and exhibitions:

Local participation include the NAM summit in February2003, MATTA and Holiday Villa Bridal Fairs in March 2003and October 2003 and Discover Malaysia in Singapore inSeptember 2003.

Foreign participation includes Asean Tourism Forum inPhnom Penh, International Travel Bureau in Bahrain,

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Arab di Dubai dan Pasar Pelancongan Dunia di London.

• Kumpulan juga telah menyambut ulangtahun yang ke-15Holiday Villa Cherating dengan mengadakan jamuanmakan malam ulangtahunnya pada bulan Januari tahun2003 di Istana Ballroom. Jamuan ini dihadiri olehPengerusi dan Pengarah Eksekutif Kumpulan hotel sertasemua pekerja hotel kita yang lain. Semasa majlistersebut, pekerja yang telah lama berkhidmat menerimasijil dan cenderahati.

Teknologi Maklumat dan Komunikasi

Unified Communications Holdings Limited (“UCHL”) dananak syarikatnya, telah mencapai satu lagi tahunpertumbuhan dinamik bagi tahun 2003. Ini menjadikenyataan melalui komitmen mereka yang tidak berbelah-bagi terhadap kualiti perkhidmatan, dedikasi dalammembangunkan produk mengikut kehendak pelanggan,serta mesra pelanggan dan pemilikan platfom yangmembolehkan skim harga yang lebih anjal.

Bagi tahun berakhir 31 Disember 2003, hasil keuntunganbersih proforma Kumpulan meningkat 13 peratus kepadaS$10.1 juta sementara pendapatan telah meningkat 20peratus kepada S$34.0 juta.

Seterusnya, Kumpulan telah mendapat penghargaan dalampencapaiannya di wilayah Asia Pasifik sejak diasaskan.Dalam tahun 2003, anak syarikat di Malaysia, UnifiedCommunications Sdn. Bhd. (“USCB”) telah dibariskan ditempat ke 45 dalam senarai “Deloitte Touche Tohmatsu AsiaPacific Technology Fast 500”, diiktiraf sebagai syarikat yangpantas pertumbuhan teknologinya di kawasan Asia Pasifikdari sudut pertumbuhan hasil. Di tahun yang sama, UCSBtelah dibariskan di tempat pertama di dalam AnugerahGolden Bull kerana menjadi perusahaan kecil dansederhana yang paling cemerlang di Malaysia. Anaksyarikat di Singapura, Unified Communications Pte. Ltd.(“UCPL”) telah dibariskan di tempat ke 9 di dalam Anugerah

Arabian Travel Mart in Dubai, and World Travel Market inLondon.

• The group also celebrated the 15th anniversary ofHoliday Villa Cherating by hosting an anniversary dinnerin January 2003 at the Istana Ballroom. The dinner wasattended by the Chairman and Executive Director of thehotel group and all hotel staff from various hotelproperties. During the occasion, long service employeesreceived mementoes and certificates.

Information and Communications Technology

Unified Communications Holdings Limited (“UCHL”) and itssubsidiaries achieved yet another year of dynamic growth in2003. This was made possible through its relentlesscommitment to quality service, and dedication in developingcustomized solutions that are scalable, adaptable andcustomer-friendly. The group’s proprietary platformsmeanwhile contributed by allowing superior flexibility inpricing.

For the year ended 31 December 2003, net attributableprofit for the proforma group grew 13% to S$10.1 millionwhile revenue rose 20% to S$34.0 million. This can beattributed to higher contributions from both the group’sproprietary solutions and the distribution business.

Further the group continued to win accolades for itsachievements in the Asia Pacific region since its inception.In 2003, the Malaysian subsidiary, Unified CommunicationsSdn. Bhd. (“UCSB”) was ranked 45th amongst “DeloitteTouche Tohmatsu Asia Pacific Technology Fast 500”, whichrecognizes the fastest growing technology companies in theAsia Pacific region in terms of revenue growth. In the sameyear, UCSB was ranked first in the Golden Bull Awards forbeing the most outstanding small and medium enterprisein Malaysia. The Singapore subsidiary, UnifiedCommunications Pte. Ltd. (“UCPL”) was ranked 9th in theEnterprise 50 Awards for 2002, and was identified as a

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ATD, servis panggilan jarak jauh menggunakansistem prabayar dan pasca-bayar UnifiedCommunications.IDD long distance calling services using UnifiedCommunications’ pre-paid and post-paid longdistance calling solution.

VoIP telefon video menggunakan teknologi Suara AtasTalian Internet.VoIP video phone using the Voice over InternetProtocol technology.

Pusat Penyelidikan dan Pembangunan UnifiedCommunications terletak di Malaysia - KualaLumpur dan Koridor Raya Multimedia (“MSC”)di Cyberjaya.Unified Communications software and systemdevelopment centres are located in Malaysia -Kuala Lumpur and the Multimedia SuperCorridor (“MSC”) in Cyberjaya.

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Enterprise 50 bagi 2002, dan dikenali sebagai syarikatSingapura SME 500 di dalam tahun 2002/2003.

Berikut adalah pencapaian penting tahunan:

• UCHL telah menerima sambutan yang hangat waktupelaksanaan penawaran pembukaannya kepada umum(“IPO”) di Bursa Saham Singapura dalam Februari 2004.

Saham sebanyak 73.5 juta yang ditawarkan kepada awamtelah terlebih langgan sebanyak 21.1 kali dan permohonanlangganan saham diterima berjumlah lebih kurang S$436juta (RM959 juta). Ini adalah permohonan kedua tertinggiditerima di Singapura untuk IPO dalam tahun 2004.

Harga pembukaan bagi saham UCHL pada haridagangan yang pertama adalah S$0.505 dan hargamencecah setinggi S$0.585 berbanding harga terbitanIPO sebanyak S$0.28 setiap saham sebelum ditutuppada S$0.560. Berasaskan pada harga penutupan padahari dagangan pertamanya, nilai pasaran bagi sahamUCHL berjumlah S$178.96 juta (RM394 juta).

• Pasukan pengurusan telah mencapai sasarankeuntungan bersih selepas cukai sebanyak S$10 jutabagi tahun kewangan 2003 - syarat yang di sediakan dibawah skim Saham Insentif Prestasi Pengurusan. SkimSaham Insentif Prestasi Pengurusan telah dilaksanakandalam tahun kewangan sebagai insentif untukmembawa Kumpulan Unified Communications ke tahappertumbuhan yang lebih tinggi. Melalui skim inigolongan utama pengurusan boleh membeli sehingga2.9 peratus daripada modal saham selepas-pelawaanpada harga IPO, sekiranya keuntungan bersih minimaselepas cukai sebanyak S$10 juta dicapai untuk kedua-dua tahun kewangan 2003 dan 2004.

Perubahan kawalan ke atas industri telekomunikasi berlaku dengan cepat di Asia, dan persaingan di antara pesaingpesaing industri semakin kuat dan hebat. Dari segi yang lain,perkembangan teknologi bimbit serta pemusatan kepadateknologi suara dan data juga mencapai momentum yangpantas.

Pembangunan industri ini akan membawa kepada permintaanyang lebih baru dan penyelesaian telekomunikasi yang lebihinovatif serta menghasilkan lebih peluang pasaran bagiKumpulan. Dengan kedudukan pasaran yang menguntungkandan rekod cemerlang Unified Communications yang telahdicapai sehingga hari ini, Kumpulan di dalam kedudukan yangkuat untuk menghasilkan pertumbuhan yang kukuh di masahadapan.

Perkilangan

Jarrett Synergy Pty. Ltd. (“Jarrett Synergy”) terus membuatpencapaian yang stabil hasil program orientasi yangstrategik dalam tahun kewangan 2003. Menjelang Februari2003, Syarikat berjaya beralih daripada perniagaan logampenyudah, dan sehingga akhir 2003, Syarikat tidak lagimengilang dan memproses produk logam.

Singapore SME 500 company in 2002/2003.

The year’s achievements were crowned by the followinghighlights:

• UCHL received overwhelming response during its initialpublic offering (“IPO”) exercise on the Singapore StockExchange in February 2004.

The 73.5 million shares offered to the public were oversubscribed by 21.1 times and the application moniesreceived amounted to approximately S$436 million (RM959million). This is the second highest level of applicationmonies received in Singapore for an IPO in 2004 out of morethan 10 IPOs at the time of listing of UHCL.

The opening price for UCHL shares on its first day oftrading was S$0.505 and the price reached a high ofS$0.585, more than double its IPO price of S$0.28 pershare before closing at S$0.560. Based on the closingprice on its first day of trading, the market value for UCHLshares amounted to S$178.96 million (RM394 million).

• Its management team achieved the target of S$10million in net profit after tax for financial year 2003 - abenchmark set out under the Management PerformanceIncentive Shares Scheme. The ManagementPerformance Incentive Shares Scheme wasimplemented during the year as an incentive to bring theUnified Communications Group to another level ofgrowth. Under this scheme, key management cancollectively purchase up to 2.9% of the post-invitationshare capital at the IPO price, if a minimum net profitafter tax of S$10 million is achieved for each of thefinancial years 2003 and 2004.

The telecommunications industry in Asia is rapidlyderegulating, and competition between industry players isgetting tougher and keener. On the other hand, the movetowards mobile technologies and the convergence of voiceand data technology is fast gaining momentum andacceptance thus creating further market demand for theinformation communications technology market.

These industry developments will drive demand for newerand more innovative telecommunications solutions and thuscreate more market opportunities for the group. Withfavourable market conditions and Unified Communications’outstanding track record achieved to date, the group is in astrong position to deliver sustainable growth in the nearfuture.

Manufacturing

Jarrett Synergy Pty. Ltd. (“Jarrett Synergy”) continued tomake steady progress with its strategic reorientationprogramme during the 2003 financial year. By February2003, the company had completed its exit from the metalfinishing business, and by end-2003, the company was nolonger the metal-products manufacturer and processor thatit was for many decades.

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Pelaksanaan usaha yang telah dimulakan untuk menyusunsemula kedudukan Syarikat dengan penekanan kepadakonsep “brand-driven” melalui kecekapan utama dalampemasaran, pengedaran dan pembangunan produk, hampirdiselesaikan dalam tahun 2003. Dan di pertengahan tahun pulaperjanjian tercapai untuk melupuskan bahagian perkilangandan juga lebihan hartanah yang masih dimiliki Syarikat.

Selepas itu, tapak yang moden dan lebih sesuai untukmembina imej baru Syarikat telah disewa. Kelahiran semulaJarrett Synergy akhirnya akan lengkap dengan perpindahansepenuhnya pada awal 2004 manakala nama barunya jugaakan mula digunapakai.

Di samping aktiviti penyusunan semula itu, fokus Syarikatbagi tahun ini adalah mengukuhkan kedudukannya dipasaran dengan produk alat logam berjenama TuffHardware. Malah sejak awal lagi, kita yakin, produk jenamainilah yang boleh menghasilkan pertumbuhan yang palingmenguntungkan bagi Syarikat, selaras dengan jangkaanbahawa sektor perumahan dan pembinaan Australia akanterus berkembang.

Usaha intensif pengurusan dan pasukan pengembangandagang untuk merangsang pengedaran jenama kita inimelalui saluran jualan runcit telah menjadikan TuffHardware antara jenama terpilih bagi produk “postsupports”, “brackets” dan yang berkaitan di Queensland,Wilayah Timur Australia.

Kejayaan cemerlang produk ini adalah kemenangan besarbagi Syarikat dan menjadi penyumbang utama,meningkatkan pertumbuhan jualan sebanyak 106 peratus.Jumlah dagangan untuk rangkaian produk alat logam TUFFmeningkat kepada AUD3.7 juta dalam 2003 daripadaAUD1.8 juta yang dicapai pada tahun sebelumnya.

Bagi tahun sepenuhnya, Syarikat telah merekodkankenaikan 3 peratus pertumbuhan kepada AUD7.1 juta,sedangkan jumlah jualan produk bahagian perkilanganjatuh 62 peratus dari AUD2.9 juta kepada AUD1.1 juta.

Bagaimanapun, 2003 telah menjadi lebih bermakna olehkerana kenaikan yang merangsangkan dalam keuntunganSyarikat pada peringkat kendalian, selepas kesukarandalam orientasi terutama setelah Syarikat melalui waktuperalihan yang memakan masa selama 30 bulan. Bagitahun sepenuhnya, Jarrett Synergy telah mencapaikeuntungan bersih sebelum perkara-perkara luarbiasasebanyak AUD188,000, sekaligus menandakan kembalinyaSyarikat kepada keuntungan. Dan sekarang, pasukanJarrett Synergy lebih yakin akan berjaya menghasilkanpertumbuhan dan keuntungan yang kekal dalam tahun2004 dan seterusnya.

The divestment exercise initiated to aid the repositioning of thecompany as a high-growth, brand-driven product companywith core competencies in marketing, distribution and productdevelopment, neared completion in 2003. This milestone wasapproached in the middle of the year when agreement wasreached on the sale of the manufacturing business andbalance portion of the company’s premises.

A modern, more suitable site was subsequently secured andleased to house the reinvented company. The rebirth of JarrettSynergy will finally be made complete with its full relocation inearly 2004 and planned re-naming shortly thereafter.

The divestment activities aside, the company’s businessdevelopment focus for the year was firmly fixed on thecompany’s Tuff Hardware brand of builder’s hardwareproducts. Long before the year began, this business had beenidentified as being the most lucrative source of growth for thecompany, given the expectation of continued strength in thehousing and construction sectors of the Australian economy.

A considerable amount of the reorganization andpreparatory work carried out in the preceding 18 monthshad placed the company in a good position to aggressivelycapture, in 2003, market share in this fast growing market ofbuilding supplies. Intensive efforts by management and thebusiness development team to bolster the brand’sdistribution through retail channels had culminated in thecompany’s Tuff Hardware range becoming the preferredbrand of post supports, brackets and associated products inthe Eastern Sea Board territory of Australia’s leadinghardware retail chain.

This represented a big win for the company and contributed,along with a number of successes with wholesale channelcustomers, to 106% growth being achieved in overall sales forthe Tuff hardware brand of product, relative to 2002. Turnoverfor the Tuff range of hardware products climbed to AUD3.7min 2003 from AUD1.8m achieved in the preceding year.

This more than doubling of Tuff hardware sales, coupledwith maintenance of market share in the Jarrett range ofcrane and winch products, had more than compensated forthe decline in turnover from manufacturing activities. For thefull year, the company recorded 3% topline growth toAUD7.1m, in spite of a 62% fall in manufacturing-relatedsales from AUD2.9m to AUD1.1m.

2003 however, was made even more significant by thecompany’s considerable improvement in profitability at theoperating level, after a gruelling reorientation and rightsizing exercise that spanned some 30 months. For the fullyear, Jarrett Synergy achieved a net profit beforeextraordinary items of AUD188,000, marking the return ofthe company’s operations to profitability. And now, the teamat Jarrett Synergy are confident of delivering lasting growthand profitability in 2004 and beyond.

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Pembangunan Hartanah

Advance Synergy Realty Sdn. Bhd. terus mengekalkankestabilan hasil kewangan yang positif dalam tahun 2003.Syarikat telah merekodkan keuntungan pra-cukai sebanyakRM6.05 juta, dibandingkan dengan RM5.91 juta untuktahun kewangan 2002. Sebab utama peningkatan bagikeuntungan pra-cukai adalah kerana pengurangan jumlahlaba bagi kos pinjaman dan kerana kecekapan dan marginkendalian yang lebih baik.

Pada tahun ini, Syarikat telah mula membangunkan projekperumahan baru di Taman Sri Matang serta beberapa blokperdagangan serta bangunan apartmen di Synergy Square,Taman Matang Jaya di Kuching. Kedua projek telah menerimasambutan yang hangat dari para pembeli.

Pembangunan selama beberapa tahun in telah mengukuhkanasas dan reputasi yang teguh kepada pembangunan danpertumbuhan masa hadapan Syarikat. Dalam 2004, Syarikatakan meneruskan pembangunan di Taman Sri Matang danSynergy Square di Taman matang jaya serta menaikkan satulagi projek perumahan yang baru di Taman Kong Ping, Kuching.

Syarikat akan terus berusaha mendapatkan tanah-tanahpembangunan yang sesuai untuk menambah simpanantanah dan mengekalkan dayasaingnya di Kuching.

Pelancongan

Sepanjang tahun kewangan, Inter-Pacific Travel and ToursS/B (“Inter-Pacific Travel”) telah berjaya mengukuhkankedudukannya meskipun industri pelancongan terusmenghadapi keadaan yang tidak menentu. Dalam tahun 2003,Syarikat terus menyelaraskan kendaliannya, menambah nilaikepada produknya dan mencari peluang baru perniagaan.

Tahun 2003 juga menandakan perasmian perkhidmatanpenerbangan sewa khas dua kali seminggu ke Krabi,sebuah destinasi pelancongan “exotic” di Selatan Thailand.Krabi, dikenali sebagai “Permata di Laut Andaman”, terletakdi tebing barat di tengah Semenanjung Indochina.

Bagaimanapun, anak syarikat milikpenuhnya Inter-PacificTravel, Motorsports Adventure Sdn. Bhd. (Motorsports”)telah mendapat perhatian utama tahun 2003 keranapencapaian-pencapaian berikut:

• Pada 15 Januari 2004 ia telah dianugerahkan salah satuantara 10 pemenang di dalam Acara PelanconganSukan Terhebat Malaysia (“Malaysia’s Most SpectacularSports Tourism Events”) kerana menganjurkan program“Cabaran Hutan Hijau” (“The Rainforest Challenge”)yang diadakan di Johor pada Disember 2003. Ia adalahsatu-satunya syarikat yang berjaya mengumpul duaanugerah dari 36 acara terkemuka negara.

Property Development

Advance Synergy Realty Sdn. Bhd. continued to maintainsteady positive financial result in 2003. The companyrecorded a pre-tax profit of RM6.05 million for financial year2003, as compared to RM5.91 million for financial year2002. The improvement in pre-tax profit was mainly due tothe significant reduction in borrowing cost and improvementon efficiency and operating margin.

During the year, the company commenced the developmentof a new housing project at Taman Sri Matang and a fewblocks of commercial cum apartment buildings at SynergySquare of Taman Matang Jaya in Kuching. Both projectsreceived overwhelming response from the public.

Development over the years has established firmfoundations and reputation for the company's futuredevelopment and growth. In 2004, the company willcontinue the development of Taman Sri Matang andSynergy Square of Taman Matang Jaya and embark onanother new housing project at Taman Kong Ping, Kuching.

The company will continuously search for suitabledevelopment projects to replenish its land-bank andmaintain its competitive position in Kuching.

Travel and Tours

During the year Inter-Pacific Travel and Tours Sdn. Bhd.(“ Inter-Pacific Travel”) managed to consolidate its positionin the face of continuous uncertainty facing the tourismindustry. In 2003, the company continued to streamline itsoperations, added value to its existing product lines, andsought new business opportunities.

The year 2003 marked the launching of the twice-weeklycharter service to Krabi, an exotic tourist destination inSouthern Thailand. Krabi, known as the “Jewel of theAndaman Sea” is located on the western shore of thecentral Indochina peninsula.

Inter-Pacific Travel’s wholly owned subsidiary, MotorsportsAdventure Sdn. Bhd. (“Motorsports”) however stole theyear’s limelight by the following achievements:

• On 15 January 2004, it was awarded a Top Ten Winner inMalaysia's Most Spectacular Sports Tourism Events bythe Malaysian Sports Tourism Council for organizing “TheRainforest Challenge” held in Johore in December 2003.It was the only company that garnered two awards out ofthirty-six outstanding events of the country.

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Pada hari yang sama, Motorsports melancarkan cabaranWilderness Explorer”). Siri 1 “Xinjiang/Tibet meliputi13,000km perjalanan dari Tianjin ke Urumgi, Lhasa,Kunming, Vientiene dan berakhir di Bangkok. Ia akandiadakan dari 1 hingga 29 Ogos 2004. Terbuka kepadasemua warganegara dunia, acara ini akan menjadiacara konvoi 4 x 4 antarabangsa yang pertamamenyeberangi sempadan terpencil di Barat China.

• Ketika pesta MATTA diadakan dari 12-14 Mac 2004,Motorsports juga melancarkan acara sampingan dari“Siri Menjelajah Belantara” (“The Wilderness Explorer”)yang dipanggil “Ekspres Gobi” (“The Gobi Express”),versi 10 hari dengan tidak memerlukan pesertanyamemandu sendiri. Ianya adalah untuk suami isteri, ahlikeluarga, rakan-rakan atau sesiapa yang tidakmempunyai masa untuk menyertai sepenuhnya siri“Menjelajah Belantara” (“The Wilderness Explorer”).

• Motorsports juga bergerak selanjutnya ke China danIndonesia:

Dalam Februari 2004, di Beijing, Motorsports telahdiwawancara secara terus-menerus oleh portal internetkedua terbesar di China, Sohu.com mengenai “CabaranHutan Hujan” (“The Rainforest Challange”). Taklimatakhbar juga telah diadakan ke atas “Cabaran HutanHujan” (“The Rainforest Challange”) yang mana dihadirioleh media cetak dan elektronik iaitu TV Beijing, TVPengembaraan dan Sukan CCTV5.

Di Tianjin, Motorsports ke udara bersama TV Tianjinketika sesi perjumpaan bersama peminat yangdiadakan di bandaraya, diikuti dengan wawancarabersama Ketua Editor Kumpulan TV Tianjin.

Di Jakarta, wakil media cetak untuk automotif,permotoran/gayahidup dan yang meminati 4 x 4 akanmemberi ruang secara eksklusif kepada Motorsportsdalam pertengahan Mac 2004. Tajuk-tajuknya meliputikemasukan peserta yang akan datang bagi “CabaranHutan Hujan” (“The Rainforest Challange”) aktivitiberkaitan di Indonesia, acara “Menjelajah Belantara”(“The Wilderness Explorer”) dan “Ekspres Gobi” (“TheGobi Express”). Mesyuarat bersama Ketua BahagianMajalah Gramedia juga diadakan bagi membuka jalanrakan perkongsian yang strategik bersama kumpulanGramedia.

On the same day, Motorsports launched its newadventure travel called “The Wilderness Explorer” series.Series 1 called “Xinjiang/Tibet”, covers a journey of13,000 km from Tianjin to Urumqi, Lhasa, Kunming,Vientiene and ending in Bangkok scheduled to be heldfrom 1 to 29 August 2004. Open to all nationalities, theevent will be the first international 4x4 convoy to traversethe remote last frontiers of China.

• During the MATTA fair held from 12-14 March 2004,Motorsports also launched an off-shoot event from “TheWilderness Explorer” series called “The Gobi Express”, a10-day version with no requirements for any driving. It ismeant for spouses, family members, friends or those whohave no time to participate fully in “ The WildernessExplorer” series.

• Motorsports also made further inroads into China andIndonesia:

In February 2004, in Beijing, Motorsports was interviewed"live" on China's second biggest portal, Sohu.com about“The Rainforest Challenge”. A press briefing was alsoheld on “The Rainforest Challenge”, which was attendedby the print and electronic media (Beijing TV, TravellersTV and CCTV 5 sports).

In Tianjin, Motorsports went on air with Tianjin TV duringmeet-the-fans session held in the city, followed by aninterview with Tianjin TV group editor-in-chief.

In Jakarta, print media representatives for automotive,motoring/lifestyle and 4x4 interests were grantedexclusive interviews by Motorsports in the middle ofMarch 2004. The topics covered were the forthcomingentry of “ The Rainforest Challenge” merchandising andrelated activities in Indonesia, “ The Wilderness Explorer”and “ The Gobi Express” events. A meeting was also heldwith Gramedia’s magazines division head to pave way forstrategic partnership with the Gramedia group.

sambungan continued

Rainforest Challenge menyatuhkan duniakembara 4X4.Live your passion in 4X4 adventure in RFC.

Menyeberangi lurah curam bagi peserta yangcekal sahaja.With nerves of steel. Not for the faint-hearted.

Mengharungi apa jua halangan.Water, water everywhere for the bravest ofthe land daredevils.

47

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Dividen

Para Pengarah tidak mencadangkan bayaran dividen untuktahun kewangan berakhir 31 Disember 2003.

Masa Hadapan

Masa hadapan bagi Kumpulan diramalkan cerah.Berpandukan kepada pencapaian positif di kalangan anak-anak syarikat sepanjang dua tahun lalu. Kumpulan dijangkaakan dapat mencapai keputusan operasi yang lebih baikuntuk tahun kewangan berakhir Disember 2004.

Penghargaan

Bagi pihak Lembaga Pengarah, saya ingin mengucapkanribuan terima kasih kepada Tan Sri Dato’ Nik Ibrahim Kamilbin Tan Sri Nik Ahmad Kamil yang telah meletakkan jawatandari Lembaga pada tahun ini, di atas sumbangan beliauyang tidak ternilai kepada Kumpulan. Pada masa yangsama, saya mengambil kesempatan ini untuk mengalu-alukan Encik Sng Ngiap Koon sebagai ahli baru LembagaPengarah, menggantikan Tan Sri Dato’ Nik Ibrahim Kamil.

Kita juga ucapkan setinggi-tinggi penghargaan kepadasemua pemegang saham, pelanggan dan rakan-rakan diatas keyakinan serta kepercayaan dan sokongan merekayang berterusan kepada Kumpulan. Penghormatan kitajuga untuk semua badan berkuasa kerana sokongan dantunjuk ajar yang berterusan, serta penghargaan dan terimakasih kepada semua staf kerana ketekunan usaha dan baktiyang berterusan untuk mengukuhkan kedudukanKumpulan.

Pengerusi EksekutifKuala LumpurTarikh: 27 April 2004

Dividends

The Directors do not recommend the payment of anydividend for the financial year ended 31 December 2003.

The Future

The future augurs well for the Group. Based on the progressmade by subsidiary companies over the past two years, theGroup expects to achieve better operating results for the2004 financial year.

Appreciation

On behalf of the Board of Directors, I would like to thank TanSri Dato’ Nik Ibrahim Kamil bin Tan Sri Nik Ahmad Kamilwho resigned from the Board during the year, for hisvaluable contribution to the Group. At the same time I alsotake this opportunity to welcome Mr. Sng Ngiap Koon as anew member of our Board of Directors, replacing Tan SriDato’ Nik Ibrahim Kamil.

To all shareholders, customers and associates our deepestgratitude for their confidence, trust and continued supportfor the Group. To the Regulatory Authorities, ourappreciation for their continued guidance and support, andto the management and staff, my appreciation for yourperseverance and dedication in helping achieve the goals ofthe Group.

Executive ChairmanKuala LumpurDate: 27 April 2004

48

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penyata kewangan

2003

Para Pengarah dengan ini membentangkan laporan mereka bersama-sama dengan penyata kewangan teraudit Kumpulan dan Syarikat

bagi tahun kewangan berakhir 31 Disember 2003.

KEGIATAN UTAMA

Kegiatan utama Syarikat adalah pemegangan pelaburan dan penyediaan sokongan korporat dan kewangan sepenuhnya kepada anak-

anak syarikatnya. Kegiatan utama anak-anak syarikat dikemukakan dalam Nota 46 kepada penyata kewangan. Tiada perubahan ketara

dalam sifat kegiatan-kegiatan ini semasa tahun kewangan.

KEPUTUSAN

Kumpulan Syarikat RM’000 RM’000

Keuntungan selepas cukai 15,523 91

Kepentingan minoriti (9,463) -

Keuntungan bersih bagi tahun kewangan 6,060 91

DIVIDEN

Tiada dividen telah dibayar atau diisytiharkan oleh Syarikat sejak akhir tahun kewangan yang lepas. Para Pengarah tidak mengesyorkan

sebarang pembayaran dividen berhubung dengan tahun kewangan berakhir 31 Disember 2003.

TERBITAN SAHAM DAN DEBENTUR

Syarikat tidak menerbitkan sebarang saham atau debentur sepanjang tahun kewangan berakhir 31 Disember 2003.

WARAN 2000/2008

Pada 1 Mei 2000, Syarikat telah menerbitkan RM185,874,269 nilai nominal 7% Stok Pinjaman Boleh Tebus 2000/2005 dan RM183,460,787

nilai nominal 7% Stok Pinjaman Boleh Tukar 2000/2005 bersama dengan 168,896,809 waran boleh pisah (“Waran”).

Waran tersebut telah diterbitkan kepada pemegang-pemegang stok Syarikat yang berhak pada harga tawaran 20 sen setiap Waran

berasaskan satu (1) Waran bagi setiap dua (2) unit stok yang sedia ada dipegang dalam Syarikat.

Setiap Waran memberi hak kepada pemegang berdaftar, pada bila-bila masa semasa tempoh pelaksanaan untuk melanggan satu unit

stok baru bernilai RM1.00 setiap unit pada harga pelaksanaan RM1.00 setiap unit stok semasa tempoh pelaksanaan asal yang telah

tamat pada 28 Ogos 2003.

Laporan Para Pengarah

50

WARAN 200/2008 (sambungan)

Pada 9 Julai 2003 dan 23 Julai 2003, para pemegang stok dan para pemegang waran Syarikat telah masing-masing meluluskan

pelanjutan jangka masa dan tempoh pelaksanaan Waran selama lima (5) tahun dari 28 Ogos 2003 sehingga dan termasuk 28 Ogos 2008

(“Lanjutan Pertama”) dan selepas itu opsyen untuk melanjutkan jangka masa dan tempoh pelaksanaan untuk dua (2) tahun selanjutnya

yang akan tamat pada 28 Ogos 2010 (“Lanjutan Seterusnya”). Berikutan Lanjutan Pertama, Lanjutan Seterusnya akan dilaksanakan

oleh Syarikat sekiranya purata wajaran harga unit-unit stok Syarikat yang disebut harga pada Papan Utama Bursa Malaysia tidak

melebihi dua puluh peratus (20%) terlampau dari harga pelaksanaan bernilai RM1.00 setiap unit stok untuk mana-mana tempoh tiga

puluh (30) hari berturutan semasa tempoh enam (6) bulan dari 29 November 2007 sehingga 28 Mei 2008.

Para pemegang berdaftar tidak mempunyai hak untuk mengambil bahagian selaras dengan Waran dalam mana-mana terbitan saham

lain Syarikat dan anak-anak syarikatnya.

Apabila tamat tempoh pelaksanaan, mana-mana Waran tidak dilaksanakan akan luput dan terhenti daripada menjadi sah bagi apa-apa

tujuan.

Pada akhir tahun kewangan semasa, tiada pelaksanaan Waran dilakukan.

RIZAB DAN PERUNTUKAN

Tiada pemindahan ketara kepada atau daripada rizab atau peruntukan semasa tahun kewangan berakhir 31 Disember 2003

selain daripada yang dinyatakan dalam penyata kewangan.

PARA PENGARAH

Para Pengarah yang memegang jawatan semenjak tarikh laporan yang lepas adalah:-

Dato’ Ahmad Sebi Bakar

Aznan Bin Haji Ismail

Wong Ah Nam @ Wong Joon Tuang

Datin Masri Khaw Binti Abdullah

Chim Wai Khuan

Sng Ngiap Koon (dilantik pada 28 Oktober 2003)

Tan Sri Dato’ Nik Ibrahim Kamil Bin

Tan Sri Nik Ahmad Kamil (meletak jawatan pada 28 Ogos 2003)

Selaras dengan Artikel 102 Tataurusan Pertubuhan Syarikat, Dato’ Ahmad Sebi Bakar dan Wong Ah Nam @ Wong Joon Tuang bersara

daripada Lembaga mengikut giliran pada Mesyuarat Agung Tahunan akan datang dan, oleh kerana layak, menawarkan diri mereka

untuk dipilih semula.

Selaras dengan Artikel 106 Tataurusan Pertubuhan Syarikat, Sng Ngiap Koon bersara daripada Lembaga pada Mesyuarat Agung

Tahunan akan datang dan, oleh kerana layak, menawarkan diri beliau untuk dipilih semula.


51

KEPENTINGAN PARA PENGARAH

Para Pengarah yang memegang jawatan pada akhir tahun kewangan dan kepentingan benefi sial mereka dalam unit-unit stok dan/atau

waran-waran Syarikat dan saham-saham syarikat-syarikat berkait dalam tahun kewangan berakhir 31 Disember 2003 sebagaimana

dicatatkan dalam Daftar Pemegangan Stok Para Pengarah yang disimpan oleh Syarikat di bawah Seksyen 134 Akta Syarikat, 1965,

adalah seperti berikut:-

Bilangan unit-unit stok/saham-saham biasa bernilai RM1.00

setiap unit Baki Baki

pada pada

1.1.2003 Dibeli Dijual 31.12.2003

Kepentingan Langsung

Kepentingan:-

Dato’ Ahmad Sebi Bakar dalam:-

- Advance Synergy Berhad 15,020,009 183,500 - 15,203,509

Datin Masri Khaw Binti Abdullah dalam:-

- Advance Synergy Berhad 6,000 - - 6,000

- Alangka-Suka Hotels & Resorts Berhad 308,000 - - 308,000

Kepentingan Tidak Langsung

Kepentingan:-

Dato’ Ahmad Sebi Bakar dalam:-

- Advance Synergy Berhad 27,451,109 - - 27,451,109

Datin Masri Khaw Binti Abdullah dalam:-

- Advance Synergy Berhad 800,000 200,000 - 1,000,000

Sng Ngiap Koon dalam:-

- Advance Synergy Berhad 500,000* - - 500,000

----------------- Bilangan Waran 2000/2008 ------------------

Baki Baki

pada pada

1.1.2003 Dibeli Dijual 31.12.2003Kepentingan Langsung

Kepentingan:-

Dato’ Ahmad Sebi Bakar 7,510,005 - - 7,510,005

Datin Masri Khaw Binti Abdullah 3,000 - - 3,000

Kepentingan Lansung

Kepentingan:-

Dato’ Ahmad Sebi Bakar 13,727,000 - - 13,727,000

Datin Masri Khaw Binti Abdullah 350,000 - - 350,000

Sng Ngiap Koon 80,000* - - 80,000

*Baki pada 28 Oktober 2003, tarikh di mana Sng Ngiap Koon dilantik sebagai Pengarah Syarikat.

Tiada Para Pengarah lain yang memegang jawatan pada akhir tahun kewangan mempunyai sebarang kepentingan benefi sial dalam

unit-unit stok atau waran-waran Syarikat dan saham-saham syarikat-syarikat berkait semasa tahun kewangan berakhir 31 Disember

2003.


52

FAEDAH PARA PENGARAH

Sejak akhir tahun kewangan yang lepas, tiada seorang pun daripada Para Pengarah Syarikat telah menerima atau menjadi berhak

untuk menerima faedah, selain daripada faedah-faedah yang dinyatakan dalam Nota 8 kepada penyata kewangan, atas alasan kontrak

yang dibuat oleh Syarikat atau perbadanan berkaitan dengan Para Pengarah, atau dengan fi rma yang mana Pengarah adalah ahli, atau

dengan syarikat dalam mana Pengarah mempunyai kepentingan kewangan yang besar.

Tiada pengaturan dibuat atau dimasuki sepanjang dan pada akhir tahun kewangan, di mana Syarikat adalah satu pihak, yang mempunyai

matlamat membolehkan Para Pengarah Syarikat untuk memperolehi faedah melalui perolehan unit-unit stok/saham-saham dalam atau

debentur-debentur Syarikat atau mana-mana badan korporat lain kecuali pelanjutan tempoh Waran sebagaimana dinyatakan dalam

Nota 28(a) kepada penyata kewangan.

LAIN-LAIN MAKLUMAT BERKANUN TENTANG KUMPULAN DAN SYARIKAT:-

(I) PADA AKHIR TAHUN KEWANGAN

(a) Sebelum penyata pendapatan dan kunci kira-kira Kumpulan dan Syarikat disediakan, Para Pengarah telah mengambil

langkah-langkah munasabah:-

(i) untuk mempastikan bahawa tindakan sewajarnya telah diambil berhubung dengan penghapusan kira hutang

lapuk dan pembuatan peruntukan bagi hutang ragu dan mereka telah berpuas hati bahawa kesemua hutang lapuk

yang diketahui telah dihapus kira dan peruntukan mencukupi telah dibuat bagi hutang ragu; dan

(ii) untuk mempastikan bahawa mana-mana aset semasa yang tidak berkemungkinan untuk direalisasi nilai bukunya

dalam urusan perniagaan biasa telah dikurangkan nilai ke nilai anggaran boleh direalisasikan.

(b) Pada pendapat Para Pengarah, keputusan operasi Kumpulan dan Syarikat semasa tahun kewangan tidak terjejas

secara ketara oleh mana-mana perkara, urusniaga atau peristiwa yang bersifat material dan luar biasa.

(II) DARI AKHIR TAHUN KEWANGAN SEHINGGA TARIKH LAPORAN INI

(c) Para Pengarah tidak menyedari tentang apa-apa keadaan:-

(i) yang akan menjadikan jumlah dihapus kira bagi hutang lapuk atau jumlah peruntukan bagi hutang ragu dalam

penyata kewangan Kumpulan dan Syarikat tidak mencukupi sehingga mana-mana tahap material; atau

(ii) yang akan menjadikan nilai-nilai dikaitkan kepada aset semasa dalam penyata kewangan Kumpulan dan Syarikat

mengelirukan; dan

(iii) yang telah timbul yang akan menjadikan pematuhan kepada kaedah-kaedah sedia ada penilaian aset-aset atau

liabiliti-liabiliti Kumpulan dan Syarikat mengelirukan atau tidak wajar.

(d) Pada pendapat Para Pengarah:-

(i) tidak timbul apa-apa perkara, urusniaga atau peristiwa yang bersifat material dan luar biasa berkemungkinan

akan menjejaskan secara ketara keputusan operasi Kumpulan dan Syarikat untuk tahun kewangan laporan ini

dibuat; dan

(ii) tiada liabiliti kontingen atau lain-lain liabiliti telah menjadi boleh dikuatkuasa atau berkemungkinan menjadi boleh

dikuatkuasa, dalam tempoh dua belas bulan selepas akhir tahun kewangan yang akan atau mungkin secara

ketara menjejaskan keupayaan Kumpulan dan Syarikat untuk memenuhi obligasi mereka bila dan apabila tiba

waktunya.


53

LAIN-LAIN MAKLUMAT BERKANUN TENTANG KUMPULAN DAN SYARIKAT:- (sambungan)

(III) PADA TARIKH LAPORAN INI

(e) Tiada gadaian ke atas aset-aset Kumpulan dan Syarikat yang telah timbul sejak akhir tahun kewangan untuk menjamin

liabiliti mana-mana pihak lain.

( f ) Tiada liabiliti kontingen Kumpulan dan Syarikat yang telah timbul sejak akhir tahun kewangan.

(g) Para Pengarah tidak menyedari akan apa-apa keadaan yang bukan sebaliknya diuruskan dalam laporan atau penyata

kewangan yang akan menjadikan mana-mana jumlah dinyatakan dalam penyata kewangan Kumpulan dan Syarikat

mengelirukan.

JURUAUDIT

Juruaudit, BDO Binder, telah menyatakan kesanggupan mereka untuk terus memberi perkhidmatan mereka.

Ditandatangani bagi pihak Lembaga menurut resolusi Para Pengarah.

...............................................................


Pengarah

...............................................................

Wong Ah Nam @ Wong Joon TuangPengarah

Kuala Lumpur

27 April 2004


54

Pada pendapat Para Pengarah, penyata kewangan yang dikemukakan pada muka surat 57 hingga 127 telah disediakan menurut

piawaian-piawaian perakaunan sesuai yang diluluskan di Malaysia untuk memberi pandangan benar dan adil mengenai:-

(i) keadaan hal ehwal Kumpulan dan Syarikat pada 31 Disember 2003 dan keputusan mereka bagi tahun kewangan berakhir

ketika itu; dan

(ii) aliran tunai Kumpulan dan Syarikat bagi tahun kewangan berakhir 31 Disember 2003.

Bagi pihak Lembaga,

……………………………………….....


Pengarah

……………………………………….....


Pengarah

Kuala Lumpur

27 April 2004

Saya, Sng Ngiap Koon, merupakan Pengarah yang bertanggungjawab secara utama bagi pengurusan kewangan Advance Synergy

Berhad, dengan ini sesungguhnya dan seikhlasnya memperakui bahawa penyata kewangan yang dibentangkan pada muka surat 57

hingga 127 adalah, setakat pengetahuan dan kepercayaan terbaik saya, betul dan saya membuat perakuan ini dengan secara sedar

mempercayai yang ianya sebagai benar dan menurut peruntukan Akta Perakuan Berkanun, 1960.

Ditandatangani dan sesungguhnya )

diperakui oleh penama di atas )

di Kuala Lumpur )

pada 27 April 2004 )

Di hadapan saya:-

Karam Singh A/L Sudagar Singh PMC

No. W353

Pesuruhjaya Sumpah

Malaysia

Penyata oleh Para Pengarah

Perakuan Berkanun

55

Kami telah mengaudit penyata kewangan yang dikemukakan pada muka surat 57 hingga 127. Penyata kewangan ini adalah

tanggungjawab Para Pengarah Syarikat. Tanggungjawab kami adalah untuk mengemukakan pendapat berkenaan penyata kewangan

berdasarkan audit kami.

Kami melaksanakan audit kami menurut piawaian-piawaian mengenai pengauditan yang diluluskan di Malaysia. Piawaian-piawaian ini

memerlukan kami merancang dan melaksanakan audit untuk mendapat jaminan munasabah mengenai sama ada penyata kewangan

adalah bebas daripada salah nyataan material. Audit termasuk pemeriksaan, atas dasar ujian, bukti menyokong jumlah dan pendedahan

dalam penyata kewangan. Audit juga termasuk menaksir prinsip-prinsip perakaunan yang digunakan dan anggaran-anggaran penting

yang dibuat oleh Para Pengarah, serta juga menilai penyampaian penyata kewangan keseluruhan. Kami percaya bahawa audit kami

menyediakan asas munasabah bagi pendapat kami.

Pada pendapat kami:-

(a) penyata kewangan telah disediakan secara teratur menurut piawaian-piawaian perakaunan sesuai, yang diluluskan di Malaysia

dan peruntukan-peruntukan Akta Syarikat, 1965 untuk memberi pandangan benar dan adil mengenai:-

(i) perkara-perkara yang diperlukan oleh Seksyen 169 Akta Syarikat, 1965 untuk diuruskan dalam penyata kewangan

Kumpulan dan Syarikat; dan

(ii) keadaan hal ehwal Kumpulan dan Syarikat pada 31 Disember 2003 dan berkenaan keputusan-keputusan mereka dan

aliran tunai bagi tahun kewangan berakhir ketika itu; dan

(b) rekod-rekod perakaunan dan rekod-rekod lain dan daftar-daftar yang diperlukan oleh Akta tersebut untuk disimpan oleh Syarikat

dan anak-anak syarikat yang mana kami bertindak sebagai juruaudit telah disimpan dengan teratur menurut peruntukan-

peruntukan Akta tersebut.

Kami telah menimbang penyata kewangan dan laporan juruaudit anak-anak syarikat yang mana kami tidak bertindak sebagai juruaudit,

sebagaimana ditunjukkan dalam Nota 46 kepada penyata kewangan, merupakan penyata kewangan yang telah dimasukkan dalam

penyata kewangan disatukan.

Kami berpuashati bahawa penyata kewangan anak-anak syarikat yang disatukan dengan penyata kewangan Syarikat adalah dalam

bentuk dan kandungan sesuai dan teratur bagi tujuan penyediaan penyata kewangan disatukan dan kami telah menerima maklumat

dan penjelasan yang memuaskan yang diperlukan oleh kami bagi tujuan-tujuan tersebut.

Laporan juruaudit berkenaan penyata kewangan anak-anak syarikat tidak tertakluk kepada apa-apa syarat dan tidak mempunyai apa-

apa ulasan dibuat di bawah Seksyen 174(3) Akta tersebut.

BDO Binder

AF : 0206

Akauntan Bertauliah

Siew Kah Toong

1045/03/06 (J)

Rakan Firma

Kuala Lumpur

27 April 2004

Laporan Juruaudit kepada ahli-ahli Advance Synerny Berhad

56

Kumpulan Syarikat

2003 2002 2003 2002

NOTA RM’000 RM’000 RM’000 RM’000

Hasil 6 218,898 203,615 4,627 1,662

Kos jualan (104,237) (105,984) - -

Keuntungan kasar 114,661 97,631 4,627 1,662

Lain-lain pendapatan kendalian 22,517 24,033 47,159 14,097

Kos pengedaran (11,373) (7,514) - -

Perbelanjaan pentadbiran (36,442) (31,531) (438) (438)

Lain-lain perbelanjaan kendalian (50,468) (58,415) (32,370) (38,147)

Kerugian kerosotan ke atas muhibah

atas penyatuan 7 - (50,224) - -

Kerugian kerosotan atas pelaburan 7 - - - (54,914)

Keuntungan/(Kerugian) daripada operasi 38,895 (26,020) 18,978 (77,740)

Kos kewangan (24,417) (31,367) (18,887) (25,072)

Bahagian keuntungan syarikat bersekutu 8,791 7,933 - -

Keuntungan/(Kerugian) sebelum cukai 8 23,269 (49,454) 91 (102,812)

Perbelanjaan cukai 9

Syarikat dan anak-anak syarikat 4,348 8,641 - -

Bahagian perbelanjaan cukai dalam

syarikat bersekutu 3,398 2,593 - -

(7,746) (11,234) - -

Keuntungan/(Kerugian) selepas cukai 15,523 (60,688) 91 (102,812)

Kepentingan minoriti (9,463) (7,738) - -

Keuntungan/(Kerugian) bersih bagi

tahun kewangan 6,060 (68,426) 91 (102,812)

Perolehan/(Kerugian) setiap unit stok

(sen)

Asas 10 1.79 (20.26)

Nota-nota dilampirkan membentuk sebahagian penting penyata kewangan.

4,348 8,641 - -

3,398 2,593 - -

Penyata Pendapatanbagi tahun kewangan berakhir 31 Disember 2003

57

Kumpulan Syarikat

2003 2002 2003 2002

NOTA RM’000 RM’000 RM’000 RM’000

ASET DIGUNA

Aset bukan semasa

Hartanah, loji dan peralatan 11 399,880 362,929 768 854

Pelaburan dalam anak-anak syarikat 12 - - 419,536 419,536

Pelaburan dalam syarikat bersekutu 13 58,925 92,087 - 29,018

Tanah dipegang untuk pembangunan 14 13,774 13,774 - -

Sekuriti pelaburan 15 58,918 51,249 35,175 39,633

Muhibah atas penyatuan 16 125,904 131,207 - -

Muhibah dibeli 17 1,569 1,298 - -

Aset tak ketara 18 8,366 499 - -

Deposit 19 30,000 30,000 - -

Aset semasa

Hartanah pembangunan dan perbelanjaan 20 28,401 42,858 - -

Inventori 21 40,872 30,081 - -

Jumlah belum terima 22 113,370 82,854 215,175 368,268

Cukai boleh diperoleh semula 11,032 8,867 9,486 8,372

Sekuriti boleh pasar 23 3,109 4,623 - -

Deposit dengan institusi kewangan 24 119,464 129,964 9,200 2,700

Tunai dan baki bank 43,201 178,268 333 986

359,449 477,515 234,194 380,326

Tolak: Liabiliti semasa

Jumlah perlu dibayar 25 137,616 149,803 91,671 178,558

Overdraf bank 26 1,291 957 - -

Pinjaman jangka pendek 27 8,167 8,394 - -

Cukai 9,905 8,927 4,931 4,931

156,979 168,081 96,602 183,489

Aset semasa bersih 202,470 309,434 137,592 196,837

899,806 992,477 593,071 685,878


28,401 42,858 - -

40,872 30,081 - -

113,370 82,854 215,175 368,268

11,032 8,867 9,486 8,372

3,109 4,623 - -

119,464 129,964 9,200 2,700

43,201 178,268 333 986

359,449 477,515 234,194 380,326

137,616 149,803 91,671 178,558

1,291 957 - -

8,167 8,394 - -

9,905 8,927 4,931 4,931

156,979 168,081 96,602 183,489

Kunci Kira-kirapada 31 Disember 2003

58

Kumpulan Syarikat

2003 2002 2003 2002

NOTA RM’000 RM’000 RM’000 RM’000

DIBIAYAI OLEH

Modal saham 28 337,794 337,794 337,794 337,794

Rizab 29 44,102 31,438 (21,160) (21,251)

Ekuiti pemegang stok 381,896 369,232 316,634 316,543

Kepentingan minoriti 178,721 208,160 - -

7% Stok pinjaman

boleh tebus 2000/2005 30 93,676 185,874 93,676 185,874

7% Stok pinjaman

boleh tukar 2000/2005 30 182,761 183,461 182,761 183,461

Pinjaman berjangka 31 56,565 39,455 - -

Pemiutang sewa beli dan pajakan 32 1,082 701 - -

Liabiliti cukai tertunda 33 4,876 5,394 - -

Faedah persaraan 34 193 163 - -

Pendapatan tertunda 35 36 37 - -

899,806 992,477 593,071 685,878


Kunci Kira-kirapada 31 Disember 2003

59

Turun

Rizab naik RizabModal Premium Rizab penilaian rizab atas Kerugiansaham saham modal semula pertukaran penyatuan terkumpul Jumlah

Kumpulan RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Baki pada 31 Disember 2001

Sebagaimana dilaporkan sebelum ini 337,794 430,437 (1,792) 50,596 1,571 12,575 (392,957) 438,224

Pelarasan tahun sebelumnya(Nota 36) - - - (3,872) - - 1,203 (2,669)

Sebagaimana dinyatakan 337,794 430,437 (1,792) 46,724 1,571 12,575 (391,754) 435,555semula

Laba terjemahan - - - - 2,942 - - 2,942

Laba bersih tidakdiiktiraf dalam penyatapendapatan - - - - 2,942 - - 2,942

Pelunasan rizab ataspenyatuan - - - - - (839) - (839)

Kerugian bersih bagitahun kewangan - - - - - - (68,426) (68,426)

Baki pada 31 Disember 2002 337,794 430,437 (1,792) 46,724 4,513 11,736 (460,180) 369,232

Baki pada 31 Disember 2002

Sebagaimana dilaporkan sebelum ini 337,794 430,437 (1,792) 50,596 4,513 11,736 (461,104) 372,180

Pelarasan tahun sebelumnya(Note 36) - - - (3,872) - - 924 (2,948)

Sebagaimana dinyatakan 337,794 430,437 (1,792) 46,724 4,513 11,736 (460,180) 369,232semula

Laba terjemahan - - - - 7,443 - - 7,443

Laba bersih tidak diiktirafdalam penyata pendapatan - - - - 7,443 - - 7,443

Pelunasan rizab atas penyatuan - - - - - (839) - (839)

Keuntungan bersih bagitahun kewangan - - - - - - 6,060 6,060

Baki pada 31 Disember 2003 337,794 430,437 (1,792) 46,724 11,956 10,897 (454,120) 381,896

- - - - 7,443 - - 7,443

- - - - 2,942 - - 2,942


Penyata Perubahan dalam Ekuitibagi tahun kewangan berakhir 31 Disember 2003

60

Modal Premium Rizab Kerugian

saham saham modal terkumpul Jumlah

Syarikat RM’000 RM’000 RM’000 RM’000 RM’000

Baki pada 31 Disember 2001 337,794 430,437 69 (348,945) 419,355

Kerugian bersih bagi tahun kewangan - - - (102,812) (102,812)


Keuntungan bersih bagi tahun kewangan - - - 91 91



Penyata Perubahan dalam Ekuitibagi tahun kewangan berakhir 31 Disember 2003

61

Kumpulan Syarikat

2003 2002 2003 2002

NOTA RM’000 RM’000 RM’000 RM’000

Aliran tunai daripada kegiatan kendalian

Keuntungan/(Kerugian) sebelum cukai 23,269 (49,454) 91 (102,812)

Pelarasan bagi:-

Peruntukan hutang ragu 7,006 8,562 28,676 24,103

Pelunasan muhibah atas penyatuan

- anak-anak syarikat 4,092 1,485 - -

- syarikat bersekutu 60 64 - -

Pelunasan rizab atas penyatuan (839) (839) - -

Pelunasan aset tak ketara 940 499 - -

Pelunasan muhibah dibeli 101 85 - -

Hutang lapuk dihapus kira 37 10,719 - 10,500

Hutang lapuk dan pembiayaan diperoleh

semula (99) (208) - -

Susut nilai/pelunasan 12,436 12,995 111 115

Pendapatan tertunda diiktiraf (1) (2) - -

Laba atas pelupusan aset-aset hotel (7,194) - - -

Laba atas pelupusan pelaburan sekuriti (621) - (621) -

Laba atas pelupusan syarikat bersekutu (3,633) - (41,982) -

Laba atas penebusan/pembelian semula

stok pinjaman boleh tebus dan

stok pinjaman boleh tukar (4,484) - (4,484) -

Pendapatan dividen kasar (1,964) (3,380) (4,167) (1,592)

Kerugian kerosotan ke atas muhibah

atas penyatuan - 50,224 - -

Kerugian kerosotan atas pelaburan - - - 54,914

Kerosotan atas hartanah, loji dan

peralatan - 3,583 - -

Perbelanjaan faedah 24,417 31,367 18,887 25,073

Pendapatan faedah (7,246) (16,752) (460) (80)

Inventori dihapus kira 271 - - -

Kerugian atas pelupusan pelaburan - 369 - -

Kerugian/(Keuntungan) bersih atas

pelupusan hartanah, loji dan peralatan 3,042 (1,592) - (4)

Kos pencen dalam pelan faedah 34 (101) - -

Hartanah, loji dan peralatan dihapus kira 2,752 82 - 5

Bahagian keuntungan syarikat bersekutu (8,791) (7,933) - -

Kerugian tidak direalisasi atas pertukaran asing 25 - - -

Laba direalisasi atas pertukaran asing (63) - (63) -

Masuk kira semula jumlah perlu dibayar - (14,083) - (14,083)

Baki dibawa ke hadapan 43,547 25,690 (4,012) (3,861)


Penyata Aliran Tunaibagi tahun kewangan berakhir 31 Disember 2003

62

Kumpulan Syarikat

2003 2002 2003 2002

NOTA RM’000 RM’000 RM’000 RM’000

Baki dibawa dari dahulu 43,547 25,690 (4,012) (3,861)

Peruntukan hutang ragu tidak lagi

diperlukan (78) (12) - -

Masuk kira semula peruntukan ganti rugi (77) (54) - -

Masuk kira semula peruntukan caj

perkhidmatan (189) - - -

Masuk kira semula peruntukan penyusutan

nilai dalam sekuriti boleh pasar (750) - - -

Keuntungan/(Kerugian) kendalian sebelum

perubahan modal kerja 42,453 25,624 (4,012) (3,861)

Pengurangan dalam hartanah

pembangunan dan perbelanjaan 14,457 11,628 - -

Peningkatan dalam inventori (11,041) (1,200) - -

(Peningkatan)/Pengurangan dalam jumlah

belum terima (52,506) 29,891 126,985 (30,801)

Pengurangan dalam sekuriti boleh pasar 2,264 135 - -

Pengurangan/(Peningkatan) dalam deposit

dengan institusi kewangan 797 (2,247) - -

(Pengurangan)/Peningkatan dalam

jumlah perlu dibayar (4,441) 4,720 (20,995) 45,503

Tunai (diguna dalam)/dijana daripada

operasi (8,017) 68,551 101,978 10,841

Faedah persaraan dibayar (4) - - -

Cukai dibayar (6,053) (11,099) - -

Tunai bersih(diguna dalam)/daripada

kegiatan kendalian (14,074) 57,452 101,978 10,841

Aliran tunai daripada kegiatan pelaburan

Perolehan daripada pelupusan sekuriti

pelaburan 5,077 2,865 5,080 -

Baki daripada perolehan pelupusan

syarikat bersekutu - - 3,035 -

Pelaburan tambahan dalam anak syarikat - - - (300)

Pengambilalihan hartanah intelek (8,807) - - -

Pulangan modal anak syarikat kepada

kepentingan minoriti - (139,050) - -

Dividen diterima 9,601 3,790 3,054 1,528

Faedah diterima 7,246 16,752 460 80

Baki dibawa ke hadapan 13,117 (115,643) 11,629 1,308



63

Kumpulan Syarikat

2003 2002 2003 2002

NOTA RM’000 RM’000 RM’000 RM’000

Baki dibawa dari dahulu 13,117 (115,643) 11,629 1,308

Perolehan daripada pelupusan hartanah,

loji dan peralatan 1,288 4,054 - 5

Pembelian hartanah, loji dan peralatan 37 (45,771) (34,639) (25) (894)

Pelaburan tambahan dalam syarikat

bersekutu (477) (56) - -

Pengambilalihan anak syarikat bersih

daripada tunai dan setara tunai diperolehi 38 - (66,808) - -

Pembayaran balik oleh syarikat bersekutu 3,000 - - -

Tunai bersih (diguna dalam)/daripada kegiatan

pelaburan (28,843) (213,092) 11,604 419

Aliran tunai daripada kegiatan pembiayaan

Dividen dibayar (2,781) - - -

Pengambilalihan saham perbendaharaan (623) - - -

Pengeluaran daripada pinjaman berjangka 22,763 605 - -

Pengeluaran daripada pinjaman jangka pendek 12,106 14,027 - -

Penebusan/pembelian semula ke atas stok

pinjaman boleh tebus dan stok pinjaman

boleh tukar (88,352) - (88,352) -

Faedah dibayar (23,812) (19,251) (19,383) (11,009)

Bayaran balik pemiutang sewa beli dan

pajakan (1,509) (4,549) - -

Bayaran balik pinjaman jangka pendek (11,258) (21,687) - -

Bayaran balik pinjaman berjangka (10,934) (10,175) - -

Tunai bersih diguna dalam kegiatan pembiayaan (104,400) (41,030) (107,735) (11,009)

Kesan perubahan kadar pertukaran 2,060 (1,838) - -

(Pengurangan)/peningkatan bersih dalam

tunai dan setara tunai (145,257) (198,508) 5,847 251

Tunai dan setara tunai pada awal tahun

kewangan

Sebagaimana dilaporkan sebelum ini 302,686 501,055 3,686 3,435

Kesan perubahan kadar pertukaran 153 139 - -

Sebagaimana dinyatakan semula 302,839 501,194 3,686 3,435

Tunai dan setara tunai pada akhir tahun

kewangan 39 157,582 302,686 9,533 3,686


302,686 501,055 3,686 3,435

153 139 - -


64

1. MAKLUMAT AM

Syarikat adalah sebuah syarikat awam dengan liabiliti berhad, diperbadankan dan bermastautin di Malaysia serta disenaraikan

di Papan Utama Bursa Malaysia.

Pejabat berdaftar dan tempat perniagaan utama Syarikat terletak di Paras 3A (Tower Block), Menara Milenium, 8 Jalan Damanlela,

Bukit Damansara, 50490 Kuala Lumpur.

Penyata kewangan dibentangkan dalam Ringgit Malaysia.

2. KEGIATAN UTAMA

Kegiatan utama Syarikat adalah pemegang pelaburan dan menyediakan sokongan korporat serta kewangan sepenuhnya

kepada anak-anak syarikat. Kegiatan utama anak-anak syarikat dikemukakan dalam Nota 46. Tiada perubahan ketara dalam

sifat kegiatan-kegiatan ini dalam tahun kewangan.

3. OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN

Lembaga Pengarah mengiktiraf kepentingan pengurusan risiko kewangan di dalam keseluruhan pengurusan perniagaan

Kumpulan. Sistem pengurusan risiko yang kukuh bukan sahaja akan mengurangkan risiko kewangan tetapi juga dapat membentuk

peluang-peluang sekiranya elemen-elemen risiko diuruskan dengan teratur.

Objektif keseluruhan Kumpulan di dalam pengurusan risiko kewangan adalah untuk mempastikan bahawa Kumpulan membentuk

nilai bagi pemegang-pemegang stoknya sambil mengurangkan potensi kesan kurang baik ke atas prestasi Kumpulan. Pengurusan

risiko kewangan dijalankan melalui penyemakan risiko, sistem kawalan dalaman dan pematuhan kepada polisi pengurusan risiko

kewangan Kumpulan, sebagaimana dibentang di bawah:-

3.1 Risiko pertukaran mata wang asing

Kumpulan terdedah kepada risiko mata wang akibat daripada urusniaga Kumpulan dengan dagangan belum diterima

dan perlu dibayar, dalam mata wang asing. Kumpulan mengawasi pergerakan dalam kadar pertukaran mata wang asing

dengan cermat untuk mempastikan pendedahan mereka diminimakan.

3.2 Risiko kadar faedah

Aliran tunai kendalian dan pendapatan Kumpulan, sebahagian besarnya adalah bebas daripada perubahan dalam kadar

faedah pasaran. Pendedahan kadar faedah timbul daripada peminjaman Kumpulan dan diuruskan melalui penggunaan

hutang kadar tetap dan terapung. Kumpulan tidak mengguna instrumen kewangan dervatif untuk melindungi dari risiko-

risikonya.

3.3 Risiko Kredit

Risiko kredit timbul apabila jualan dibuat ke atas terma kredit tertunda. Kumpulan berusaha untuk melabur aset tunai secara

selamat dan menguntungkan. Kerugian akan diiktiraf sekiranya pihak lawan gagal untuk melaksanakan sebagaimana

yang telah dikontrakkan. Polisi Kumpulan adalah untuk mengawasi kedudukan kewangan pihak-pihak lawan ini di atas

dasar usaha yang berterusan dan melaksanakan penilaian kredit ke atas pelanggan-pelanggan yang memerlukan kredit

bagi mempastikan Kumpulan terdedah kepada risiko kredit yang minima.

3.4 Risiko kecairan dan aliran tunai

Pengurusan risiko kecairan berhemah adalah mengekalkan tunai dan sekuriti yang boleh dipasarkan yang mencukupi,

kesediaan pembiayaan melalui jumlah kemudahan kredit yang komited serta mencukupi dan keupayaan untuk mendapat

pembiayaan yang diperlukan di atas terma-terma yang dapat diterima. Adalah merupakan polisi Kumpulan untuk

mempastikan penyelesaian obligasi tunai yang berterusan pada masa hadapan melalui langkah-langkah dan ramalan-

ramalan komitmen tunai dan mengawasi serta mengekalkan tahap tunai dan setara tunai, yang dianggap mencukupi bagi

keperluan Kumpulan. Kumpulan juga berhasrat mengekalkan kefl eksibelan dalam pembiayaan dengan mempastikan

kemudahan kredit yang komited tersedia.

Nota-nota kepada Penyata Kewangan31 Disember 2003

65

4. ASAS PENYEDIAAN PENYATA KEWANGAN

Penyata kewangan Kumpulan dan Syarikat telah disediakan selaras dengan piawaian-piawaian perakaunan sesuai, diluluskan di

Malaysia dan peruntukan-peruntukan Akta Syarikat, 1965.

Dalam tahun kewangan, Kumpulan dan Syarikat telah menerima pakai piawaian-piawaian perakaunan berikut yang sesuai untuk

Kumpulan dan Syarikat buat kali pertama:-

MASB 25 Cukai pendapatan

MASB 27 Kos-kos pinjaman

MASB 29 Faedah kakitangan

Kesan-kesan dari terima pakai MASB 25 dan MASB 29, dinyatakan masing-masing dalam Nota 36 dan Nota 34. Terima pakai

MASB 27 dan MASB 29 tidak mempunyai kesan ketara ke atas penyata kewangan Kumpulan dan Syarikat kerana polisi-polisi

perakaunan sedia ada adalah seimbang dengan kehendak piawaian-piawaian baru ini.

5. DASAR-DASAR PERAKAUNAN PENTING

5.1 Asas perakaunan

Penyata kewangan Kumpulan dan Syarikat telah disediakan di bawah konvensyen kos sejarah (sebagaimana diubahsuai

oleh penilaian semula hartanah-hartanah tertentu) melainkan ditunjukkan sebaliknya dalam polisi-polisi perakaunan

penting.

Penyediaan penyata kewangan, dalam mematuhi piawaian-piawaian perakaunan sesuai yang diluluskan di Malaysia dan

peruntukan Akta Syarikat, 1965, memerlukan para Pengarah untuk membuat anggaran dan andaian yang melibatkan

jumlah aset dan liabiliti yang dilaporkan serta pendedahan aset dan liabiliti kontigen pada tarikh penyata kewangan dan

jumlah hasil dan perbelanjaan yang dilaporkan dalam sepanjang tempoh laporan.

5.2 Asas penyatuan

Anak-anak syarikat adalah usahaniaga-usahaniaga yang dikawal oleh Syarikat. Kawalan wujud apabila Syarikat

mempunyai kuasa, secara langsung atau tidak untuk mengawal polisi-polisi kewangan dan kendalian sesebuah

usahaniaga untuk mendapat faedah daripada kegiatan-kegiatannya. Penyata kewangan anak-anak syarikat dimasukkan

dalam penyata kewangan yang disatukan dari tarikh yang kawalan bermula secara berkesan sehingga tarikh kawalan

terhenti secara berkesan. Kumpulan menerima pakai kaedah penyatuan pengambilalihan, sebagaimana sesuai.

Apabila kaedah pengambilalihan diterima pakai, perbezaan di antara balasan pembelian dan nilai saksama aset bersih

setiap anak syarikat pada tarikh pengambilalihan dianggap sebagai muhibah atau rizab di atas penyatuan. Kecuali bagi

sebuah anak syarikat disebut harga, muhibah dan rizab atas penyatuan timbul daripada lain-lain anak syarikat dilunaskan

dalam 20 tahun atau dalam jangkaan hayat berguna, yang mana lebih pendek. Muhibah ke atas penyatuan dinyatakan

pada kos tolak kerugian kerosotan, sekiranya ada.

Semua urusniaga dan baki antara syarikat dihapus kira dan penyata kewangan disatukan menggambarkan urusniaga luar

sahaja. Di mana perlu, dasar-dasar perakaunan bagi anak-anak syarikat telah diubah untuk mempastikan keseimbangan

dengan dasar-dasar diterima pakai oleh Kumpulan.

Perbezaan di antara perolehan daripada pelupusan anak syarikat dan amaun yang dibawa asetnya tolak liabiliti, bersama

dengan apa-apa muhibah atau rizab atas penyatuan, pada tarikh pelupusan diiktiraf dalam penyata pendapatan yang

disatukan sebagai laba atau kerugin atas pelusan anak syarikat tersebut.


66

5. DASAR-DASAR PERAKAUNAN PENTING (sambungan)

5.3 Pengiktirafan hasil

Hasil

Hasil Syarikat terdiri daripada dividen dan pendapatan faedah.

Hasil Kumpulan termasuk yang berikut:-

- jualan dagangan pada nilai diinvois dan perkhidmatan yang diberi.

- yuran pengurusan, dividen, faedah dan pendapatan yang diberi.

- yuran keahlian berhubung dengan pelaburan dalam kemudahan perkongsian masa percutian.

- pendapatan bersih dari diskaun yang diperolehi daripada operasi hotel dan pusat peranginan.

- nilai jualan hartanah pembangunan siap dijual dan nilai jualan bersekadar hartanah pembangunan sehingga tahap

penyiapan.

- bil-bil yuran kad, yuran pendahuluan tunai, hasil faedah dan hasil diskaun.

- hasil kontrak daripada perkhidmatan berkaitan teknologi maklumat dan telekomunikasi.

- kutipan tambang bas.

Hasil diiktiraf setelah penghantaran produk dan penerimaan oleh pelanggan, sekiranya ada, atau pelaksanaan

perkhidmatan, bersih daripada cukai jualan dan diskaun.

Pendapatan dividen

Dividen daripada pelaburan dalam anak-anak syarikat, syarikat-syarikat bersekutu dan lain-lain pelaburan diiktiraf apabila

hak pemegang-pemegang saham untuk menerima bayaran dibuktikan.

Hartanah pembangunan dan kerja kontrak dalam progres

Keuntungan daripada jualan hartanah pembangunan dan kerja kontrak dalam progres diiktiraf mengikut kaedah peratusan

siap yang ditentukan atas perkadaran kos pembangunan ditanggung sehingga kini, berbanding jumlah anggaran kos di

mana hasil projek boleh dianggarkan dengan agak pasti. Kerugian boleh diramalkan, jika ada, diiktiraf dengan serta-

merta dalam penyata pendapatan.

Diskaun dan yuran pendahuluan tunai

Hasil daripada diskaun dan yuran pendahuluan tunai diiktiraf selepas penerimaan bil-bil daripada saudagar-saudagar.

Hasil daripada yuran penyertaan diiktiraf selepas pengeluaran kad kepada ahli-ahli yang diluluskan.

Yuran keahlian

Yuran keahlian berhubung dengan pelaburan dalam kemudahan perkongsian masa percutian diiktiraf atas dasar 50%

pada tahun pertama dan baki dalam tempoh 30 tahun.

Perkhidmatan berkaitan teknologi maklumat dan telekomunikasi

Hasil dan keuntungan daripada kontrak diiktiraf atas dasar kontrak individu menggunakan kaedah peratusan siap, apabila

peringkat penyiapan kontrak dengan agak pasti boleh ditentukan, kos-kos sehingga kini boleh secara jelas dikenal pasti,

dan jumlah hasil kontrak akan diterima dan kos-kos untuk menyiapkannya agak boleh dianggarkan. Peratusan penyiapan

dianggarkan oleh pengurusan anak-anak syarikat berhubung dengan peringkat siap kerja sebagaimana yang diterima

oleh pelanggan. Di mana ada berkemungkinan bahawa kerugian akan timbul daripada kontrak, lebihan keseluruhan

anggaran kos berbanding hasil, diiktiraf sebagai perbelanjaan dengan serta-merta.

Hasil daripada kontrak penyelenggaraan diiktiraf atas dasar garis lurus dalam tempoh kontrak masing-masing.

Tambang bas

Hasil daripada tambang bas diiktiraf atas dasar kutipan.


67


5.4 Pajakan kewangan dan pemfaktoran belum terima

Apabila aset dipajak di bawah pajakan kewangan, nilai semasa bayaran pajakan diiktiraf sebagai jumlah belum terima.

Perbezaan di antara jumlah kasar belum terima dan jumlah nilai semasa belum terima, diiktiraf sebagai pendapatan

kewangan tidak terperoleh. Pendapatan pajakan diiktiraf atas tempoh-tempoh pajakan menggunakan kaedah pelaburan

bersih agar menunjukkan kadar berkala tetap pulangan untuk jumlah belum dijelaskan selebihnya.

Pemfaktoran belum terima dibawa pada jumlah yang difaktorkan termasuk faedah belum terima. Pendapatan pemfaktoran

diiktiraf atas dasar kadar hasil yang berkesan.

Anggaran dibuat bagi hutang ragu semasa semakan jumlah belum dijelaskan. Hutang lapuk dihapus kira apabila dikenal

pasti.

5.5 Urusniaga matawang asing dan terjemahan

Urusniaga dalam matawang asing ditukar ke dalam Ringgit Malaysia pada kadar pertukaran berkuatkuasa pada tarikh

urusniaga. Aset dan liabiliti monetori didenominasikan dalam matawang asing pada tarikh kunci kira-kira diterjemahkan ke

dalam Ringgit Malaysia pada kadar yang lebih kurang sama dengan kadar-kadar pertukaran lazim pada tarikh tersebut.

Semua laba atau kerugian daripada urusniaga matawang dimasukkan dalam penyata pendapatan.

Bagi tujuan penyatuan, aset dan liabiliti anak-anak syarikat asing diterjemahkan ke dalam Ringgit Malaysia pada kadar-

kadar yang berkuatkuasa pada tarikh kunci kira-kira. Perkara-perkara penyata pendapatan diterjemahkan pada purata

kadar pertukaran bagi tahun kewangan. Semua perbezaan terjemahan pertukaran yang timbul daripadanya diuruskan

melalui turun naik rizab pertukaran.

Muhibah timbul atas pengambilalihan entiti asing dan penyelarasan nilai saksama kepada amaun yang dibawa aset dan

liabiliti diambilalih, diterjemahkan pada kadar pertukaran pada tarikh urusniaga.

Kadar penutupan utama digunakan dalam terjemahan matawang asing adalah seperti berikut:-

2003 2002

1 Ringgit Malaysia: Dolar Singapura 0.449 0.452

1 Ringgit Malaysia: Dolar US 0.262 0.262

1 Ringgit Malaysia: Dolar Australia 0.357 0.463

1 Ringgit Malaysia: Pound Sterling 0.148 0.163

1 Ringgit Malaysia: Dinar Sudan 66.667 66.667

1 Ringgit Malaysia: Dirham UAE 0.962 0.962

1 Ringgit Malaysia: Rupiah Indonesia 4.513 -

5.6 Hartanah, loji dan peralatan

Hartanah, loji dan peralatan dinyatakan pada kos atau penilaian, tolak susut nilai terkumpul atau pelunasan dan kerugian

kerosotan, sekiranya ada.

Amaun kasar dibawa hartanah, loji dan peralatan pada mulanya diukur pada kos.


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5.6 Hartanah, loji dan peralatan (sambungan)

Hartanah hotel terdiri daripada tanah dan bangunan-bangunan hotel. Di mana hartanah hotel telah dinilai semula, amaun

kasar yang dibawa dinyatakan pada penilaian. Hartanah hotel dinilai semula pada jarak waktu tetap sekurang-kurangnya

sekali dalam setiap lima tahun dengan penilaian tambahan dalam tahun-tahun yang berselang di mana keadaan pasaran

menunjukkan bahawa nilai penyimpanan tanah dan bangunan dinilai semula secara materialnya berbeza daripada nilai

pasaran. Lebihan timbul daripada penilaian sedemikian dikreditkan kepada ekuiti pemegang saham syarikat masing-

masing sebagai rizab penialain semula dan apa-apa defi sit berikutnya dicajkan terhadap lebihan sedemikian sehingga

tahap lebihan dikreditkan daripada penilaian semula sebelumnya. Dalam semua kes lain, defi sit akan dicajkan kepada

penyata pendapatan. Selepas tarikh penilaian, tambahan kepada hartanah hotel dinyatakan pada kos.

Tanah pegangan bebas, hartanah hotel dan pembinaan sedang dijalankan tidak disusut nilai.

Adalah amalan Kumpulan untuk mengekalkan hartanah hotel dalam keadaan tertentu yang nilai bakinya amat tinggi hingga

susut nilai akan menjadi tidak ketara. Perbelanjaan penyelenggaraan berkaitan diuruskan dalam penyata pendapatan.

Susut nilai ke atas hartanah, loji dan peralatan lain dikira untuk menghapus kira kos atau penilaian aset atas dasar garis

lurus ke atas anggaran hayat bergunanya. Kadar susut nilai tahunan utama adalah seperti berikut:-

Tanah pegangan pajak dan bangunan Ke atas tempoh pajakan 25 ke 99 tahun

Bangunan 0.5% - 5%

Loji dan mesin 10% - 20%

Kenderaan bermotor 15% - 20%

Perabot, pepasangan dan peralatan 2% - 20%

Pengubahsuaian 10% - 20%

Peralatan dan perisian komputer 20% - 33.33%

Bas-bas yang beroperasi Ke atas 7 tahun

Peralatan telekomunikasi dan penyelidikan dan pembangunan 20%

Pinggan mangkuk, barang kaca, kutleri, linen dan perkakas dapur dipermodalkan pada tahap minima yang diperlukan bagi

operasi biasa. Gantian dihapus kira kepada penyata pendapatan dalam tahun kewangan yang mana ianya ditanggung.

Faedah ditanggung ke atas pinjaman luar untuk membiayai aset dalam pembinaan, dipermodalkan sehingga aset tersedia

bagi penggunaan dihasratkan selepas itu perbelanjaan sedemikian dicajkan kepada penyata pendapatan.

5.7 Pelaburan

5.7.1 Anak-anak syarikat

Pelaburan dalam anak-anak syarikat dihapuskan atas penyatuan dan dinyatakan pada kos tolak kerugian

kerosotan, sekiranya ada.


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5.7 Pelaburan (sambungan)

5.7.2 Syarikat-syarikat bersekutu

Syarikat bersekutu adalah sebuah syarikat di mana Kumpulan dan Syarikat mempunyai faedah ekuiti jangka

panjang di antara 20% hingga 50% dan Kumpulan dan Syarikat berada dalam kedudukan untuk melaksanakan

pengaruh penting ke atas polisi kewangan dan pengendalian syarikat menerima pelaburan.

Pelaburan Syarikat dalam syarikat-syarikat bersekutu dinyatakan pada kos tolak kerugian kerosotan, sekiranya ada.

Pelaburan dalam syarikat-syarikat bersekutu diakaunkan dalam penyata kewangan disatukan menggunakan

kaedah ekuiti perakaunan. Kepentingan Kumpulan dalam syarikat-syarikat bersekutu dinyatakan pada kos

campur penyelarasan untuk memaparkan perubahan untung dan rugi Kumpulan di dalam syarikat-syarikat

bersekutu.

Muhibah atau muhibah negatif timbul atas pengambilalihan mewakili perbezaan di antara kos pelaburan dan

bahagian Kumpulan daripada nilai aset bersih syarikat-syarikat bersekutu pada tarikh pengambilalihan.

Muhibah atas pengambilalihan dinyatakan pada kos tolak kerosotan, sekiranya ada. Muhibah negatif yang

timbul atas pengambilalihan tidak diiktiraf sebagai pendapatan.

Bahagian keputusan dan rizab Kumpulan dalam syarikat-syarikat bersekutu diambilalih atau dilupuskan,

dimasukkan dalam penyata kewangan disatukan dari tarikh berkuatkuasa pengambilalihan atau sehingga tarikh

berkuatkuasa pelupusan.

5.8 Tanah dipegang untuk pembangunan dan hartanah pembangunan

Tanah dipegang untuk pembangunan dinyatakan pada kos atau penilaian bersama dengan perbelanjaan pembangunan

berkaitan. Ia dikelaskan semula sebagai hartanah pembangunan apabila bermulanya kerja pembangunan di atas tanah

tersebut. Perbelanjaan pembangunan terdiri daripada pembinaan dan lain-lain kos berkaitan termasuk faedah dan

overhed pentadbiran berkaitan dengan projek. Kos faedah ke atas pinjaman yang digunakan untuk membiayai projek-

projek berkaitan dimasukkan sebagai perbelanjaan pembangunan dari permulaan sehingga penyiapan pembangunan.

Bahagian projek pembangunan hartanah di mana jualan telah dilancarkan dan/atau projek dijangka akan disiapkan

dalam tempoh pusingan pengendalian biasa selama dua hingga tiga tahun dianggap sebagai set semasa.

5.9 Sekuriti pelaburan

Sekuriti pelaburan dinyatakan pada kos dan kerugian kerosotan diiktiraf, sekiranya pada pendapat para Pengarah,

terdapat penurunan selain daripada sementara dalam nilai pelaburan.

5.10 Muhibah dibeli

Muhibah timbul atas pengambilalihan perniagaan yang mewakili lebihan kos pengambilalihan ke atas nilai saksama

mendasari aset bersih diambilalih dinyatakan pada kos dan dilunaskan dalam tempoh 20 tahun atas dasar garis lurus.

5.11 Aset tidak ketara

Aset tidak ketara dinyatakan pada kos tolak pelunasan terkumpul.

5.11.1 Perbelanjaan pembangunan perisian

Perbelanjaan pembangunan perisian berkait kepada projek-projek pembangunan yang dijalankan dalam bentuk

rekaan dan ujian bagi produk-produk baru atau yang telah ditingkatkan, dan diiktiraf sebagai aset tidak ketara

apabila kemungkinan projek tersebut akan berjaya berpandukan kepada komersil dan kemungkinan teknologi,

serta sekiranya kos dapat dikira dengan jujur. Lain-lain perbelanjaan pembangunan dan penyelidikan, diiktiraf

sebagai perbelanjaan, apabila diperbelanjakan. Kos pembangunan yang sebelumnya telah diiktirafkan sebagai

perbelanjaan tidak akan diiktirafkan sebagai aset dalam masa akan datang.


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5.11 Aset tidak ketara (sambungan)

5.11.1 Perbelanjaan pembangunan perisian (sambungan)

Kos perbelanjaan yang telah dipermodalkan akan mula dilunaskan dari masa penghasilan komersil yang ada

kaitan dengan produk tersebut atas dasar garis lurus ke atas anggaran hayat bergunanya, tidak melebihi tempoh

lima tahun.

5.11.2 Harta intelek

Perisian harta intelek yang telah diambilalih dipermodalkan dan dilunaskan atas dasar garis lurus ke atas

anggaran hayat bergunanya, tidak melebihi tempoh lima tahun.

5.12 Kerosotan aset

Amaun yang dibawa aset Kumpulan dan Syarikat disemak apabila peristiwa-peristiwa atau perubahan dalam sesuatu

keadaan menunjukkan amaun dibawa berkemungkinan tidak akan diterima semula. Sekiranya wujud petunjuk

sedemikian, jumlah aset yang boleh diperolehi aset dianggarkan dan kerugian kerosotan diiktiraf apabila jumlah yang

boleh diperolehi adalah kurang daripada amaun yang dibawa aset. Kerugian kerosotan diiktiraf dengan serta-merta

sebagai caj dalam penyata pendapatan kecuali bagi kerosotan ke atas aset dinilai semula di mana kerugian kerosotan

diktiraf secara langsung terhadap akaun lebihan penilaian semula sehingga tahap lebihan dikreditkan daripada penilaian

semula sebelum ini bagi aset yang sama dengan lebihan kerugian kerosotan dicajkan kepada penyata pendapatan.

Keterbalikkan kerugian kerosotan diiktiraf dengan serta-merta sebagai pendapatan dalam penyata pendapatan kecuali

bagi keterbalikkan kerugian kerosotan ke atas aset dinilai semula di mana keterbalikan kerugian kerosotan dianggap

sebagai kenaikan penilaian semula dan dikreditkan kepada akaun lebihan penilaian semula untuk aset yang sama.

Kerugian kerosotan berhubung muhibah tidak diterbalikkan melainkan kerugian adalah disebabkan oleh peristiwa luar

yang khusus bersifat terkecuali serta tidak dijangka akan berlaku semula, dan peristiwa-peristiwa luar yang berikutnya

telah berlaku menterbalikkan kesan peristiwa khusus. Berhubung dengan lain-lain aset, kerugian kerosotan diterbalikkan

sekiranya terdapat perubahan dalam anggaran yang digunakan untuk menentukan jumlah belum diterima.

Kerugian kerosotan hanya diterbalikkan sehingga tahap amaun yang dibawa aset tidak melebihi amaun yang dibawa

yang ditentukan, bersih daripada susut nilai atau pelunasan, sekiranya tidak ada kerugian kerosotan telah diiktiraf.

5.13 Inventori

Inventori dinyatakan pada kos dan nilai boleh diperolehi bersih yang mana lebih rendah.

Kos ditentukan atas dasar masuk dahulu, keluar dahulu. Kos bahan mentah terdiri daripada kos asal pembelian tambah

kos membawa inventori ke lokasi dan keadaan semasa. Kos kerja dalam progres dan barangan siap termasuk kos

bahan mentah, buruh langsung dan perkadaran pengeluaran overhed. Kos hartanah siap terdiri daripada kos tanah dan

perbelanjaan pembangunan berkaitan.

Peruntukan dibuat dimana perlu untuk inventori yang rosak, jualan bergerak perlahan dan tidak lagi digunakan. Nilai boleh

diperolehi bersih adalah anggaran harga jualan dalam urusan perniagaan biasa, tolak kos penyiapan dan perbelanjaan

jualan.

5.14 Jumlah belum terima

Jumlah belum terima, selain dari pajakan kewangan, dibawa pada jangkaan nilai boleh diperolehi. Hutang lapuk dikenali

dihapus kira dan peruntukan khusus dibuat bagi hutang yang dianggap ragu untuk kutipan.

5.15 Sekuriti boleh pasar

Sekuriti boleh pasar yang dibeli dan dipegang dengan niat jualan semula dalam tempoh jangka pendek, dan dinyatakan

pada kos dan nilai pasaran yang mana lebih rendah, ditentukan atas dasar agregat portfolio mengikut kategori pelaburan.

Kos diperolehi atas dasar purata wajaran.


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5.16 Aset dibeli di bawah pajakan dan pengaturan sewa-beli

(a) Pajakan kewangan dan pengaturan sewa-beli

Aset dibeli dibawah perjanjian sewa beli dan pengaturan pajakan kewangan yang memindahkan sebahagian

besar risiko dan faedah pemilikan kepada Kumpulan dipermodalkan sebagai hartanah, loji dan peralatan dan

obligasi-obligasi sepadan dianggap sebagai liabiliti. Hartanah, loji dan peralatan dipermodalkan disusut nilai atas

dasar yang sama dengan hartanah, loji dan peralatan Kumpulan. Caj kewangan diperuntukkan kepada penyata

pendapatan dalam tempoh perjanjian untuk memberi kadar berkala tetap caj ke atas sewa beli dan liabiliti pajakan

selebihnya.

(b) Pajakan kendalian

Pajakan selain dari pajakan kewangan diklasifi kasikan sebagai pajakan kendalian. Pembayaran pajakan dibawah

pajakan kendalian diiktiraf sebagai perbelanjaan dalam penyata pendapatan atas dasar garis lurus ke atas tempoh

pajakan.

5.17 Jumlah perlu dibayar

Jumlah perlu dibayar dinyatakan pada kos adalah nilai saksama penjelasan perlu dibayar pada masa hadapan untuk

barang-barang dan perkhidmatan yang telah diterima.

5.18 Peruntukan-peruntukan

Peruntukan-peruntukan diiktiraf apabila terdapat obligasi semasa, undang-undang atau konstruktif, akibat peristiwa

lepas, apabila ianya berkemungkinan bahawa aliran keluar sumber merangkumi faedah ekonomi akan diperlukan untuk

menyelesaikan obligasi dan anggaran yang agak pasti boleh dibuat daripada jumlah obligasi.

5.19 Faedah kakitangan

5.19.1 Upah, gaji, caruman keselamatan sosial, gaji cuti tahunan, gaji cuti sakit, bonus dan manfaat bukan berupa

wang diiktiraf sebagai perbelanjaan dalam tahun kewangan apabila kakitangan telah memberi perkhidmatan

mereka kepada Kumpulan.

Tambahan bagi ganti rugi untuk masa tidak hadir yang berjangka pendek seperti gaji cuti tahunan diiktiraf

sebagai perbelanjaan apabila kakitangan memberi perkhidmatan yang meningkat hak milik mereka kepada

ganti rugi untuk masa tidak hadir ke hadapan. Bukan tambahan bagi ganti rugi untuk masa tidak hadir yang

berjangka pendek seperti gaji cuti sakit diiktiraf apabila tidak hadir berlaku.

Bonus diiktiraf sebagai perbelanjaan apabila terdapat obligasi semasa, menurut undang-undang atau yang

membina untuk membuat bayaran, hasil dari peristiwa-peristiwa dahulu dan apabila anggaran yang dipercayai

boleh dibuat untuk amaun obligasi.

5.19.2 Cadangan caruman mentakrifkan

Syarikat dan anak syarikat yang diperbadankan di Malaysia membuat caruman yang dikehendaki oleh

undang-undang kepada kumpulan wang simpanan dan anak syarikat luar negara membuat caruman kepada

kumpulan wang bersara negara masing-masing dan caruman perlu dibayar diiktiraf sebagai liabiliti selepas

ditolak caruman sudah dibayar dan sebagai perbelanjaan dalam tahun kewangan dimana kakitangan memberi

perkhidmatan.

5.19.3 Cadangan faedah caruman

Anak-anak syarikat tertentu mengendalikan pelan faedah persaraan tidak berdana bagi kakitangan berpangkat

rendah selaras dengan artikel terkandung dalam perjanjian kesatuan kolektif. Liabiliti berhubung dengan pelan

faedah persaraan ditentukan oleh penilaian aktuari bagi obligasi-obligasi faedah dinyatakan di bawah Unjuran

Kaedah Kredit Unit. Di bawah kaedah ini, kos khidmat semasa dikira sebagai nilai semasa faedah yang akan

terakru pada tarikh penilaian (melalui rujukan kepada bilangan kakitangan memberi perkhidmatan dalam tahun

tersebut dan unjuran gaji akhir). Liabiliti akan diiktiraf dengan serta-merta pada tahun ianya ditanggung.


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5.20 Cukai pendapatan

Cukai pendapatan dalam penyata kewangan untuk tahun kewangan terdiri dari cukai perbelanjaan semasa dan cukai

tertunda.

5.20.1 Cukai perbelanjaan semasa

Cukai perbelanjaan semasa termasuk semua cukai dalam dan luar negara berdasarkan untung yang dapat

dikenakan cukai. Cukai perbelanjaan semasa juga termasuk cukai lain yang perlu dibayar oleh sebuah anak

syarikat luar negara atau syarikat bersekutu atas pembahagian kepada Kumpulan dan Syarikat dan cukai laba

hartanah tetap perlu dibayar atas penjualan hartanah.

5.20.2 Cukai tertunda

Cukai tertunda termasuk cukai tertunda liabiliti dan aset yang sudah diperuntukkan di bawah kaedah liabiliti

pada kadar cukai semasa berhubung dengan semua perbezaan sementara antara amaun yang dibawa aset

atau liabiliti dalam kunci kira-kira dan asas cukainya termasuk cukai rugi dan perbelanjaan modal belum

digunakan.

Aset cukai tertunda diiktiraf hanya setakat kemungkinan untung yang dikena cukai akan tersedia boleh

digunakan bertentangan dengan perbezaan sementara yang boleh ditolak. Amaun yang dibawa cukai tertunda

aset dipertimbangkan semula setiap tarikh kunci kira-kira. Jika tidak, berkemungkinan untung yang dapat

dikenakan cukai tersedia untuk membenarkan faedah yang separuh atau semua dari cukai tertunda aset

digunakan, amaun dibawa cukai tertunda aset akan dikurangkan selarasnya. Bila ia menjadi berkemungkinan

untung yang dapat dikenakan cukai adalah mencukupi tersedia, pengurangan ini akan dibalikkan sehingga

takat untung yang dikena cukai.

Cukai tertunda aset dan liabiliti diimbangi apabila terdapat hak menurut undang-undang yang boleh dipaksa

untuk menolak cukai semasa aset dengan cukai semasa liabiliti dan apabila cukai tertunda pendapatan

berhubung dengan kuasa fi skal yang sama.

Dalam tahun sebelum, cukai tertunda diperuntukkan pada kadar cukai semasa berhubung dengan semua

perbezaan masa material kecuali di mana terdapat bukti munasabah bahawa perbezaan masa ini tidak akan

terbalik pada masa hadapan boleh ramal. Tambahan pula, cukai tertunda faedah hanya diiktiraf bila terdapat

jaminan munasabah yang ia dapat direalisasikan. Pertukaran dasar-dasar perakaunan telah diambil kira

secara retrospektif dan kesannya diambil kira sebagai penyesuaian tahun sebelum sebagaimana dinyatakan

dalam Nota 36.

5.21 Maklumat mengikut segmen

Maklumat mengikut segmen dibentangkan berhubung dengan segmen perniagaan dan geografi Kumpulan. Maklumat

segmen pelaporan utama adalah berhubung dengan segmen perniagaan memandangkan risiko dan kadar pulangan

Kumpulan terjejas secara utama oleh perbezaan-perbezaan dalam produk-produk yang ia keluarkan, manakala maklumat

kedua dilaporkan mengikut segmen geografi .

Keputusan segmen, aset segmen dan liabiliti segmen termasuk perkara-perkara secara langsung boleh dikaitkan dengan

segmen serta yang boleh diperuntukkan atas dasar munasabah.

Perbelanjaan modal segmen adalah jumlah kos ditanggung dalam tempoh untuk membeli aset segmen yang dijangka

akan diguna lebih daripada satu tempoh.


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5.22 Instrumen kewangan

5.22.1 Instrumen kewangan diiktiraf pada kunci kira-kira

(a) Kaedah pengiktirafan

Kaedah pengiktirafan khusus diterima pakai bagi instrumen kewangan diiktiraf pada kunci kira-kira

dikemukakan dalam penyata polisi individu berkaitan dengan setiap perkara.

(b) Pendedahan nilai saksama

Nilai penyimpanan aset dan liabiliti kewangan yang akan matang dalam tempoh 12 bulan diandaikan

lebih kurang menyamai nilai saksamanya.

Nilai saksama pelaburan disebut harga dianggarkan berdasarkan harga pasaran disebut harga. Bagi

pelaburan yang tidak terdapat harga pasaran disebut harga, anggaran munasabah nilai saksama tidak

boleh dibuat tanpa menanggung kos berlebihan. Dengan itu, pelaburan sedemikian dinilai pada kos

tertakluk kepada semakan bagi kerosotan.

Nilai saksama deposit dianggarkan dengan mendiskaunkan anggaran aliran tunai masa hadapan

menggunakan kadar deposit tetap ditawarkan kepada sebuah anak syarikat disebut harga.

Nilai saksama pinjaman berjangka dianggar berdasarkan kadar pasaran bagi pinjaman yang sama atau

serupa yang mempunyai kematangan selebihnya yang sama.

Nilai saksama stok-stok pinjaman boleh tebus dan stok-stok pinjaman boleh tukar dianggarkan dengan

mendiskaunkan aliran tunai kontrak masa hadapan pada kadar faedah pasaran semasa sedia ada

kepada Kumpulan dan atas andaian-andaian yang berdasarkan keadaan pasaran sedia ada pada tarikh

kunci kira-kira.

(c) Pinjaman lain

Pinjaman lain yang menghasilkan faedah direkodkan pada amaun yang telah diterima.

5.22.2 Faedah berkaitan dengan instrumen kewangan, atau bahagian komponen yang diklasifi kasikan sebagai liabiliti

kewangan dilaporkan sebagai kos kewangan dalam penyata pendapatan.

5.23 Kos-kos pinjaman

Kos-kos ditanggung ke atas pinjaman untuk membiayai aset kelayakan dipermodalkan sehingga aset tersedia bagi

penggunaan dihasratkan untuknya selepas mana perbelanjaan sedemikian dicajkan kepada penyata pendapatan.

5.24 Tunai dan setara tunai

Tunai dan setara tunai termasuk tunai dan baki bank, overdraf bank, deposit dan lain-lain pelaburan jangka pendek,

pelaburan berkecairan tinggi yang tersedia untuk ditukar kepada tunai dan tertakluk kepada risiko tidak penting perubahan

dalam nilai.


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6. HASIL

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Jualan barangan 46,587 43,768 - -

Pemberian perkhidmatan 123,619 81,350 - -

Pendapatan faedah dan pembiayaan 6,587 16,152 460 70

Pembangunan hartanah 39,264 58,325 - -

Pendapatan sewa 877 640 - -

Pendapatan dividen kasar 1,964 3,380 4,167 1,592

218,898 203,615 4,627 1,662

7. KERUGIAN KEROSOTAN

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Kerugian kerosotan keatas:-

(a) muhibah atas penyatuan - 50,224 - -

(b) pelaburan dalam:-

(i) anak syarikat disebut harga - - - 50,224

(ii) lain-lain - - - 4,690

- 50,224 - 54,914

Dalam tahun kewangan sebelum ini, Kumpulan dan Syarikat telah memperuntukkan kerugian kerosotan sebanyak RM50.224

juta terhadap muhibah atas penyatuan dan ke atas pelaburan dalam Advance Synergy Capital Berhad (“ASC”), masing-masing

berdasarkan aliran tunai didiskaunkan atas unjuran keuntungan perniagaan ASC bagi perniagaan yang sedia ada dan baru

dijalankan oleh ASC dan anak-anak syarikatnya.


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8. KEUNTUNGAN/(KERUGIAN) SEBELUM CUKAI

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000Keuntungan/(Kerugian) sebelum

cukai telah diperoleh:-

Selepas dicajkan:-

Peruntukan hutang ragu 7,006 8,562 28,676 24,103

Pelunasan muhibah atas penyatuan

- anak-anak syarikat 4,092 1,485 - -

- syarikat-syarikat bersekutu 60 64 - -

Pelunasan aset tak ketara 940 499 - -

Pelunasan muhibah dibeli 101 85 - -

Imbuhan juruaudit

- syarikat pemegangan 75 75 75 75

- anak-anak syarikat 403 294 - -

- (terlebih)/terkurang peruntukan

dalam tahun sebelumnya - (6) - 25

Hutang lapuk dihapus kira 37 10,719 - 10,500

Susut nilai/pelunasan 12,436 12,995 111 115

Imbuhan pengarah

- yuran 643 635 257 264

- lain-lain emolumen 701 548 45 -

Kerugian kerosotan ke atas

muhibah atas penyatuan - 50,224 - -

Kerugian kerosotan atas

pelaburan - - - 54,914

Perbelanjaan faedah

- pendahuluan daripada anak syarikat - - 1,468 1,948

- pendahuluan kepada anak syarikat - - (2,567) (2,658)

- overdraf bank 312 135 - -

- stok pinjaman boleh tukar 12,853 12,761 12,853 12,761

- sewa beli dan pajakan 120 135 - -

- pinjaman 3,844 3,976 - -

- lain-lain 155 1,356 - 22

- stok pinjaman boleh tebus 7,133 13,000 7,133 13,000

- kredit pusingan - 4 - -

Kerosotan atas hartanah, loji dan peralatan - 3,583 - -

Inventori dihapus kira 271 - - -

Sewa pajakan 2,266 1,571 - -

Kerugian atas pelupusan pelaburan - 369 - -

Kerugian atas pelupusan hartanah,

loji dan peralatan 3,339 - - -

Kerugian atas pertukaran asing

- tidak direalis 25 - - -

- direalis 89 - - -


76

8. KEUNTUNGAN/(KERUGIAN) SEBELUM CUKAI (sambungan)

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Hartanah, loji dan peralatan dihapus

kira 2,752 82 - 5

Perbelanjaan sewa

- peralatan 318 129 - -

- lain-lain 227 17 -

- premis 8,084 9,722 329 307

Dan dikredit:-

Peruntukan hutang ragu tidak lagi

diperlukan 78 12 - -

Pelunasan rizab atas penyatuan 839 839 - -

Hutang lapuk dan pembiayaan

diperoleh semula 99 208 - -

Laba atas pelupusan syarikat

bersekutu 3,633 - 41,982 -

Laba atas pelupusan sekuriti

pelaburan 621 - 621 -

Laba atas pelupusan aset hotel 7,194 - - -

Laba atas penebusan/pembelian

semula ke atas stok pinjaman boleh

tebus dan stok pinjaman boleh tukar 4,484 - 4,484 -

Laba atas pelupusan hartanah, loji

dan peralatan 297 1,592 - 4

Pendapatan dividen kasar dari Malaysia

- anak syarikat disebut harga - - 3,981 -

- syarikat bersekutu 72 - - -

- pelaburan tidak disebut harga 1,705 3,236 - 1,534

- pelaburan disebut harga 187 144 186 58

Pendapatan faedah

- deposit tetap 5,412 14,584 460 70

- lain-lain 1,834 2,168 - -

Laba direalis atas pertukaran asing 465 1,092 72 -

Pendapatan sewa 1,808 1,646 - -

Masuk kira semula jumlah perlu

dibayar - 14,083 - 14,083

Masuk kira semula peruntukan 77 54 - -

ganti rugi

Masuk kira semula peruntukan

caj perkhidmatan 189 - - -

Masuk kira semula peruntukan

penyusutan nilai sekuriti

boleh pasar 750 - - -

Anggaran nilai monetori lain-lain faedah, tidak dimasukkan di atas, yang diterima oleh para Pengarah Syarikat dan anak-anak

syarikatnya adalah RM20,583 (2002: RM5,300) bagi Syarikat dan RM50,143 (2002: RM33,762) bagi Kumpulan.


77

9. PERBELANJAAN CUKAI Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Perbelanjaan cukai semasa

berdasarkan keuntungan bagi tahun

kewangan:-

Cukai pendapatan Malaysia 4,029 8,009 - -

Cukai pendapatan luar negeri 1,092 558 - -

5,121 8,567 - -

Cukai tertunda (Nota 33(a)) (518) (220) - -

4,603 8,347 - -(Terlebih)/Terkurang peruntukan

cukai dalam tahun-tahun terdahulu (255) 294 - -

4,348 8,641 - -

Bahagian cukai dalam syarikat bersekutu 3,398 2,593 - -

7,746 11,234 - -

Penyesuaian berangka di antara purata kadar cukai efektif dan kadar cukai digunakan Kumpulan dan Syarikat adalah seperti

berikut:- Kumpulan Syarikat

2003 2002 2003 2002

% % % %

Kadar cukai boleh digunakan 28 (28) 28 (28)

Kesan cukai berhubung dengan:-

Perbelanjaan tidak dibenarkan 42 74 16 32

Penggunaan kerugian cukai tidak

diiktiraf sebelumnya (3) - - -

Kerugian cukai yang tidak digunakan

dan elaun modal tidak diiktiraf

dalam kerugian anak-anak syarikat 10 5 - -

Peningkatan kadar cukai di luar

bidang kuasa 1 - - -

Pendapatan tidak dikenakan cukai (18) (17) (44) (4)

Peruntukan dan insentif cukai (1) - - -

Pendapatan pengecualian cukai (20) (8) - -

Lain-lain (5) (4) - -

Purata kadar cukai efektif 34 22 - -

Penjimatan cukai Kumpulan dan Syarikat adalah seperti berikut:-

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Timbul daripada penggunaan kerugian cukai 696 237 - -


78

10. PEROLEHAN / (KERUGIAN) SETIAP UNIT STOK

(a) Perolehan asas setiap unit stok

Perolehan/(kerugian) asas setiap unit stok bagi tahun kewangan telah dikira berdasarkan keuntungan/(kerugian) disatukan

selepas cukai dan kepentingan minoriti dibahagikan dengan purata wajaran bilangan unit stok dalam terbitan semasa tahun

kewangan.

Kumpulan

2003 2002

Keuntungan/(kerugian) disatukan selepas cukai dan

kepentingan minoriti (RM’000) 6,060 (68,426)

Purata wajaran bilangan unit stok dalam terbitan (‘000) 337,794 337,794

Perolehan/(kerugian) asas setiap unit stok (sen) 1.79 (20.26)

(b) Perolehan tercair setiap unit stok

Perolehan tercair setiap unit stok bagi tahun kewangan masih belum didedahkan dimana kesan atas perolehan asas setiap

unit stok adalah anti-dilutif.

11. HARTANAH, LOJI DAN PERALATAN

Kumpulan

Baki

pada

1.1.2003

Tambahan Pelupusan

Dihapus

kira

Pengkelasan

semula

Penyelarasan

terjemahan

pertukaran

Baki

pada

31.12.2003

2003 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kos melainkan

dinyatakan sebaliknya

Tanah pegangan kekal 3,775 29,809 - - - 927 34,511

Hartanah hotel

- pada penilaian 155,800 - - - - - 155,800

- pada kos 76,931 50 - - - 4,500 81,481

Tanah pegangan

pajak jangka panjang 1,274 - - - - - 1,274

Bangunan 66,201 1,114 - - 292 1,722 69,329

Loji dan mesin 14,298 211 (7,369) - - 3,049 10,189

Perabot, pepasangan

dan peralatan 60,420 3,323 (66) (15,224) (86) 750 49,117

Ubahsuaian 4,048 761 - (571) - 1 4,239

Kenderaan bermotor 6,710 3,412 (260) (44) - 78 9,896

Bas

- operasi 5,262 1,421 - - 5,681 - 12,364

- dalam pembaharuan 20,300 6,160 - - (5,681) - 20,779

Peralatan dan perisian

komputer 14,441 540 (38) (9) (34) 2 14,902

Pinggan mangkuk, barangan

kaca, kutleri, kain linen

dan perkakas dapur 4,563 406 - (243) 140 - 4,866

Peralatan telekomunikasi,

penyelidikan dan

pembangunan 6,335 199 (299) - (226) 20 6,029

Pembinaan dalam progres 292 - - - (292) - -

440,650 47,406 (8,032) (16,091) (206) 11,049 474,776


79

11. HARTANAH, LOJI DAN PERALATAN (sambungan)

Kumpulan

Baki

pada

1.1.2003

Caj bagi

tahun

kewangan Pelupusan

Dihapus

kira

Pengkelasan

semula

Penyelarasan

terjemahan

pertukaran

Baki

pada

31.12.2003

2003 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Susut nilai terkumpul

Tanah pegangan kekal - - - - - - -

Hartanah hotel

- pada penilaian - - - - - - -

- pada kos - - - - - - -

Tanah pegangan

pajak jangka panjang 312 19 - - - - 331

Bangunan 6,112 1,300 - - (3) - 7,409

Loji dan mesin 8,332 645 (3,408) - - 1,532 7,101

Perabot, pepasangan

dan peralatan 36,008 5,159 (57) (9,045) 22 375 32,462

Ubahsuaian 1,647 455 - (519) - - 1,583

Kenderaan bermotor 5,275 832 (49) (44) - 50 6,064

Bas

- operasi 310 959 - - - - 1,269

- dalam pembaharuan - - - - - - -


komputer 12,457 1,371 (25) (1) (11) 1 13,792



dan perkakas dapur 1,621 529 - (147) (18) - 1,985


penyelidikan dan

pembangunan 2,064 1,167 (163) - (175) 7 2,900

Pembinaan dalam progres - - - - - - -

74,138 12,436 (3,702) (9,756) (185) 1,965 74,896

Baki Dihapus kira Baki

pada semasa tahun pada

1.1.2003 kewangan 31.12.2003

RM’000 RM’000 RM’000

Kerugian kerosotan

Perabot, pepasangan dan peralatan 3,583 (3,583) -


80


Kumpulan

Baki

pada

1.1.2002

Tambahan Pelupusan

Anak syarikat

diambilalih

Dihapus

kira

Penyelarasan

terjemahan

pertukaran

Baki

pada

31.12.2002

2002 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kos melainkan

dinyatakan sebaliknya

Tanah pegangan kekal 3,486 - - - - 289 3,775

Hartanah hotel

- pada penilaian 155,800 - - - - - 155,800

- pada kos 72,148 433 - - - 4,350 76,931

Tanah pegangan pajak

jangka panjang 1,274 - - - - - 1,274

Bangunan 64,516 1,177 (30) - - 538 66,201

Loji dan mesin 15,337 180 (2,182) - - 963 14,298

Perabot, pepasangan

dan peralatan 55,293 2,783 (194) 2,162 (95) 471 60,420

Ubahsuaian 2,752 1,145 - 202 (60) 9 4,048

Kenderaan bermotor 6,664 753 (796) 63 - 26 6,710

Bas

- operasi - 5,262 - - - - 5,262

- dalam pembaharuan - 20,300 - - - - 20,300


komputer 19,634 2,311 (7,868) 359 (11) 16 14,441



dan perkakas dapur 4,539 164 (140) - - - 4,563


penyelidikan dan

pembangunan - 504 (658) 6,336 - 153 6,335

Pembinaan dalam progres - 292 - - - - 292

401,443 35,304 (11,868) 9,122 (166) 6,815 440,650


81


Kumpulan

Baki

pada

1.1.2002

Caj bagi

tahun

kewangan Pelupusan

Anak

syarikat

diambilalih

Dihapus

kira

Penyelarasan

terjemahan

pertukaran

Baki

pada

31.12.2002

2002 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000


Tanah pegangan kekal - - - - - - -

Hartanah hotel- pada penilaian - - - - - - -

- pada kos - - - - - - -

Tanah pegangan pajak jangka panjang 293 19 - - - - 312

Bangunan 4,769 1,344 (1) - - - 6,112

Loji dan mesin 8,468 1,207 (1,740) - - 397 8,332

Perabot, pepasangan dan peralatan 30,202 5,363 (102) 436 (36) 145 36,008

Ubahsuaian 1,327 293 - 61 (37) 3 1,647

Kenderaan bermotor 5,707 345 (791) 1 - 13 5,275

Bas

- operasi - 310 - - - - 310

- dalam pembaharuan - - - - - - -

Peralatan dan perisian komputer 15,685 3,224 (6,585) 138 (11) 6 12,457



dan perkakas dapur 1,106 515 - - - - 1,621


penyelidikan dan

pembangunan - 375 (189) 1,826 - 52 2,064

Pembinaan dalam progres - - - - - - -

67,557 12,995 (9,408) 2,462 (84) 616 74,138

Baki Kerugian Baki

pada kerosotan pada

1.1.2002 bagi tahun kewangan 31.12.2002

RM’000 RM’000 RM’000

Kerugian kerosotan

Perabot, pepasangan dan peralatan - 3,583 3,583


82


Baki Baki

Syarikat pada pada

2003 1.1.2003 Tambahan 31.12.2003

RM’000 RM’000 RM’000

Kos

Kenderaan bermotor 195 - 195

Perabot, pepasangan dan peralatan 836 25 861

Ubahsuaian 840 - 840

1,871 25 1,896

Baki Caj Baki

pada bagi tahun pada

1.1.2003 kewangan 31.12.2003

RM’000 RM’000 RM’000


Kenderaan bermotor 195 - 195

Perabot, pepasangan dan peralatan 738 27 765

Ubahsuaian 84 84 168

1,017 111 1,128

Baki Baki

Syarikat pada Dihapus pada

2002 1.1.2002 Tambahan Pelupusan kira 31.12.2002

RM’000 RM’000 RM’000 RM’000 RM’000

Kos

Kenderaan bermotor 195 - - - 195

Perabot, pepasangan

dan peralatan 805 54 (17) (6) 836

Ubahsuaian - 840 - - 840

1,000 894 (17) (6) 1,871

Baki Caj Baki

pada bagi tahun Dihapus pada

1.1.2002 kewangan Pelupusan kira 31.12.2002

RM’000 RM’000 RM’000 RM’000 RM’000


Kenderaan bermotor 195 - - - 195

Perabot, pepasangan

dan peralatan 724 31 (16) (1) 738

Ubahsuaian - 84 - - 84

919 115 (16) (1) 1,017


83


Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000Nilai buku bersih

Tanah pegangan kekal 34,511 3,775 - -

Hartanah hotel

- pada penilaian 155,800 155,800 - -

- pada kos 81,481 76,931 - -

Tanah pegangan pajak jangka panjang 943 962 - -

Bangunan 61,920 60,089 - -

Loji dan mesin 3,088 5,966 - -

Perabot, pepasangan dan peralatan 16,655 20,829 96 98

Ubahsuaian 2,656 2,401 672 756

Kenderaan bermotor 3,832 1,435 - -

Bas -

- operasi 11,095 4,952 - -

- dalam pembaharuan 20,779 20,300 - -


komputer 1,110 1,984 - -



dan perkakas dapur 2,881 2,942 - -


penyelidikan dan pembangunan 3,129 4,271 - -

Pembinaan dalam progres - 292 - -

399,880 362,929 768 854

(a) Nilai buku bersih hartanah, loji dan peralatan di bawah pengaturan sewa beli adalah seperti berikut:-

Kumpulan

2003 2002

RM’000 RM’000

Loji dan mesin - 16

Perabot, pepasangan dan peralatan 56 97

Kenderaan bermotor 1,401 344

Peralatan dan perisian komputer 442 1,413

1,899 1,870

(b) Hartanah hotel berjumlah RM155.8 juta (2002: RM155.8 juta) telah dicagarkan kepada institusi kewangan sebagai

cagaran bagi kemudahan kredit yang diberikan kepada Syarikat, yang telah disusun semula melalui terbitan stok pinjaman

boleh tebus dan boleh tukar, kedua-duanya dengan waran boleh pisah oleh Syarikat sebagaimana dinyatakan dalam Nota

30.


84


(c) Amaun yang dibawa tanah pegangan kekal tertentu, hartanah hotel dan bangunan Kumpulan dicagarkan kepada institusi

kewangan bagi kemudahan kredit diberikan kepada anak-anak syarikat adalah seperti berikut:-

2003 2002

RM’000 RM’000

Tanah pegangan kekal 4,056 3,129

Hartanah hotel 81,481 76,931

Bangunan 9,117 6,869

94,654 86,929

(d) Hak milik strata bagi hartanah hotel Kumpulan berjumlah RM29.563 juta (2002: RM29.561 juta) belum lagi dikeluarkan oleh

pihak-pihak berkuasa yang relevan.

(e) Hartanah hotel Kumpulan telah dinilai semula oleh para Pengarah pada 31 Disember 2000 berdasarkan penilaian dijalankan

oleh fi rma jurunilai profesional bebas, menggunakan asas nilai pasaran terbuka.

Sekiranya aset dinilai semula dihantar pada kos tolak susut nilai terkumpul, amaun yang dibawa akan menjadi seperti

berikut:-

Susut nilai Nilai buku

Kos terkumpul bersih

2003 RM’000 RM’000 RM’000

Hartanah hotel 106,386 - 106,386

2002

Hartanah hotel 106,336 - 106,336

(f) Kerugian kerosotan diiktiraf bagi hartanah, loji dan peralatan tertentu Kumpulan dalam penyata pendapatan pada tahun

kewangan adalah seperti berikut:-

Kumpulan

2003 2002

RM’000 RM’000

Keusangan disebabkan pengurangan dalam nilai

pasaran berpunca daripada penggunaan biasa - 3,583


85

12. PELABURAN DALAM ANAK-ANAK SYARIKAT

Syarikat

2003 2002

RM’000 RM’000

Saham disebut harga – pada kos 450,302 450,302

Tolak: Kerugian kerosotan (207,570) (207,570)

242,732 242,732

Saham tidak disebut harga – pada kos 209,461 209,461

Tolak: Kerugian kerosotan (32,657) (32,657)

176,804 176,804

419,536 419,536

Nilai pasaran saham disebut harga 53,342 62,097

(a) Butir-butir berkenaan anak-anak syarikat dinyatakan dalam Nota 46.

(b) Sebahagian daripada saham-saham anak syarikat disebut harga dan anak syarikat tidak disebut harga dengan kos masing-

masing RM420.055 juta (2002: RM420.055 juta) dan RM117.774 juta (2002: RM117.774 juta), telah dicagarkan kepada

institusi kewangan sebagai cagaran bagi kemudahan kredit yang diberikan kepada Syarikat dan Kumpulan, yang telah

disusun semula melalui terbitan stok pinjaman boleh tebus dan boleh tukar, kedua-duanya dengan waran boleh pisah oleh

Syarikat sebagaimana dinyatakan dalam Nota 30.

(c) Kumpulan telah selesai bayaran untuk langganan 615,000 saham biasa baru bernilai RM1.00 setiap unit dalam Quality

Bus & Coach (M) Sdn. Bhd. (“QBC”), mewakili 51% kepentingan ekuiti dalam QBC menurut Perjanjian Langganan Saham

bertarikh 8 Mei 2003.

Muhibah timbul atas pengambilalihan ini berjumlah RM314,000 telah diakaunkan dengan menggunakan kaedah

pengambilalihan perakaunan.

Kesan pengambilalihan ini ke atas keputusan kewangan dalam tahun kewangan adalah tidak penting kepada Kumpulan.

Kesan pengambilalihan ini ke atas kedudukan kewangan Kumpulan pada akhir tahun kewangan adalah seperti berikut:-

RM’000

Hartanah, loji dan peralatan 205

Inventori 520

Lain-lain jumlah belum terima, deposit dan prabayaran 295

Tunai dan baki bank 246

Jumlah dagangan perlu dibayar (229)

Lain-lain jumlah perlu dibayar dan akruan (422)

Kepentingan minoriti (314)

Peningkatan dalam aset bersih Kumpulan 301

450,302 450,302

(207,570) (207,570)

209,461 209,461

(32,657) (32,657)


86

12. PELABURAN DALAM ANAK-ANAK SYARIKAT (sambungan)

(d) Dalam tahun kewangan, anak syarikat yang disebut harga, ASC, membeli semula sejumlah 868,445 unit saham sendiri

untuk balasan tunai sejumlah RM623,755 dari pasaran terbuka. Semua saham-saham yang dibeli semula telah dipegang

sebagai saham perbendaharaan. Oleh kerana itu, kepentingan Kumpulan telah meningkat daripada 50.76% kepada 51.04%

pada tarikh kunci kira-kira.

(e) Pada tarikh kunci kira-kira, nilai yang dibawa bagi pelaburan dalam ASC, berjumlah RM242.732 juta (2002: RM242.732

juta) dinyatakan selepas mengakaunkan bagi pulangan modal seperti dinyatakan dibawah dan kerosotan dalam nilai

sebagaimana ditentukan menurut Piawaian MASB No. 23, Perakaunan bagi Kerosotan Aset.

Pada 31 Disember 2002, ASC, memulangkan 90 sen secara tunai setiap saham biasa bernilai RM1.00 setiap unit kepada

para pemegang sahamnya berjumlah RM282,349,504 melalui pembatalan 90 sen daripada setiap satu saham biasa sedia

ada bernilai RM1.00 setiap unit dan menyatukan sepuluh saham biasa terhasil bernilai 10 sen setiap unit menjadi satu

saham biasa bernilai RM1.00 setiap unit (“Pulangan Modal”). Pada tarikh yang sama, ASC juga melaksanakan terbitan

bonus 125,488,688 saham biasa baru bernilai RM1.00 setiap unit berasaskan empat saham biasa baru bernilai RM1.00

setiap unit bagi setiap saham biasa sedia ada bernilai RM1.00 setiap unit dipegang selepas Pulangan Modal.

(f) Dalam tahun kewangan sebelumnya , Kumpulan selesai mengambilalih anak-anak syarikat berikut:-

(i) 70% kepentingan ekuiti dalam Unifi ed Communications Sdn. Bhd. (“UCSB”) terdiri daripada 700,140 saham biasa

bernilai RM1.00 setiap unit bagi balasan tunai sebanyak RM54 juta.

(ii) 70% kepentingan ekuiti dalam Unifi ed Communications Pte. Ltd. (“UCPL”) (syarikat diperbadankan di Singapura)

terdiri daripada 700,000 saham biasa bernilai SGD1.00 setiap unit bagi balasan tunai sebanyak RM45 juta.

Muhibah timbul atas pengambilalihan ini berjumlah RM79.314 juta telah diakaunkan dengan menggunakan kaedah

pengambilalihan perakaunan.

Kesan pengambilalihan ini ke atas keputusan kewangan Kumpulan dalam tahun kewangan sebelumnya adalah seperti

berikut:-

RM’000

Hasil 33,245

Kos kendalian (23,038)

Keuntungan sebelum cukai dan kepentingan minoriti 10,207

Perbelanjaan cukai (416)

Keuntungan sebelum kepentingan minoriti 9,791

Kepentingan minoriti (3,883)

Peningkatan dalam keuntungan bersih Kumpulan 5,908


87

12. PELABURAN DALAM ANAK-ANAK SYARIKAT (sambungan)

Kesan pengambilalihan ini ke atas kedudukan kewangan Kumpulan pada akhir tahun kewangan sebelumnya adalah seperti

berikut:-

RM’000

Hartanah, loji dan peralatan 6,660

Inventori 14,313

Jumlah dagangan belum terima 18,870

Lain-lain jumlah belum terima, deposit dan prabayaran 7,179


Jumlah dagangan perlu dibayar (7,096)

Lain-lain jumlah perlu dibayar dan akruan (7,945)

Cukai (910)

Baki antara syarikat (163)

Cukai tertunda (636)

Pinjaman jangka pendek (1,558)


Peningkatan dalam aset bersih Kumpulan 20,228

13. PELABURAN DALAM SYARIKAT BERSEKUTU

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Saham disebut harga – pada kos 12,758 12,758 - -

Saham tidak disebut harga – pada kos 30,217 37,541 3,009 32,027

Tolak: Kerugian kerosotan - - (3,009) (3,009)

30,217 37,541 - 29,018

42,975 50,299 - 29,018

Bahagian Kumpulan daripada

pengambilalihan keuntungan

tolak kerugian terkumpul 15,950 41,788 - -

58,925 92,087 - 29,018

Nilai pasaran saham disebut harga 9,697 8,610 - -


88

13. PELABURAN DALAM SYARIKAT BERSEKUTU (sambungan)

Pelaburan Kumpulan dalam syarikat-syarikat bersekutu diwakili oleh:-

2003 2002

RM’000 RM’000

Bahagian Kumpulan dari aset bersih selain daripada muhibah syarikat bersekutu 57,828 90,930

Muhibah ke atas pengambilalihan 1,097 1,157

58,925 92,087

Butir-butir berkenaan syarikat bersekutu dinyatakan dalam Nota 46.

Pada 15 Januari 2003, Syarikat telah melupuskan kesemua 49% kepentingan ekuiti dalam ACE Synergy Insurance Berhad (“ACE”)

kepada ASC, untuk balasan belian tunai berjumlah RM71 juta.

14. TANAH DIPEGANG UNTUK PEMBANGUNAN

Kumpulan

2003 2002

RM’000 RM’000

Tanah pegangan pajak jangka panjang

- pada penilaian 9,296 9,296

- pada kos 327 327

Perbelanjaan pembangunan 4,151 4,151

13,774 13,774

Keseluruhan tanah pegangan pajak jangka panjang yang dipegang untuk pembangunan Kumpulan telah dicagarkan kepada

institusi kewangan sebagai cagaran bagi kemudahan kredit yang diberikan kepada Syarikat dan anak syarikat, yang telah disusun

semula melalui terbitan stok pinjaman boleh tebus dan boleh tukar, kedua-duanya dengan waran boleh pisah sebagaimana

dinyatakan dalam Nota 30.

Tanah pegangan pajak yang dipegang untuk pembangunan pada penilaian Kumpulan telah dinilai semula oleh para Pengarah

berasaskan nilai pasaran terbuka pada 1981 dan 1983 berdasarkan penilaian yang dijalankan oleh fi rma jurunilai profesional

bebas dan sejak daripada itu, penilaian semula belum lagi dikemaskinikan.


89

15. SEKURITI PELABURAN

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Sekuriti disebut harga

Di Malaysia:-

Saham dinyatakan pada kos - 4,458 - 4,458

Di luar Malaysia:-

Saham dinyatakan pada kos 27,558 27,558 - -

Tolak: Kerugian kerosotan (23,448) (23,448) - -

4,110 4,110 - -

4,110 8,568 - 4,458

Sekuriti tidak disebut harga

Di Malaysia:-

Saham dinyatakan pada kos 64,789 52,662 52,658 52,658

Tolak: Kerugian kerosotan (17,483) (17,483) (17,483) (17,483)

47,306 35,179 35,175 35,175

Di luar Malaysia:-

Saham dinyatakan pada kos 7,502 7,502 - -

54,808 42,681 35,175 35,175

58,918 51,249 35,175 39,633

Nilai pasaran:-

Saham disebut harga di Malaysia - 3,724 - 3,724

Saham disebut harga di luar

Malaysia 8,681 6,001 - -

Sekuriti disebut harga Kumpulan dan Syarikat telah dicagarkan kepada institusi kewangan sebagai cagaran bagi kemudahan

kredit yang diberikan kepada Syarikat, yang telah disusun semula melalui terbitan stok pinjaman boleh tebus dan boleh tukar,

kedua-duanya dengan waran boleh pisah sebagaimana dinyatakan dalam Nota 30.


90

16. MUHIBAH ATAS PENYATUANKumpulan

2003 2002

RM’000 RM’000

Baki pada 1 Januari 131,207 103,602

Muhibah timbul daripada pengambilalihan anak-anak syarikat

dalam tahun kewangan 314 79,314

Realisasi muhibah timbul dari jaminan keuntungan (743) -

Realisasi muhibah ke atas pembelian semula saham (782) -

129,996 182,916

Tolak: Kerugian kerosotan (Nota 7) - (50,224)

Pelunasan dalam tahun kewangan (4,092) (1,485)

Baki pada 31 Disember 125,904 131,207

17. MUHIBAH DIBELI Kumpulan

2003 2002

RM’000 RM’000

Baki pada 1 Januari 1,298 1,257

Penyelarasan terjemahan pertukaran 372 126

1,670 1,383

Pelunasan dalam tahun kewangan (101) (85)


18. ASET TAK KETARAKumpulan

2003 2002

RM’000 RM’000

Harta intelek

Baki pada 1 Januari 266 533

Tambahan dalam tahun kewangan 8,250 -


Baki pada 31 Disember 7,837 266

Perbelanjaan pembangunan perisian


Tambahan dalam tahun kewangan 557 -


Baki pada 31 Disember 529 233

8,366 499

266 533

8,250 -

(679) (267)

233 465

557 -

(261) (232)


91

19. DEPOSIT

Kumpulan

2003 2002

RM’000 RM’000

Deposit bagi cadangan pengambilalihan 32.9% kepentingan

ekuiti dalam Malpac Holdings Berhad (“Malpac”) 30,000 30,000

Pada 14 Ogos 1997, ASC telah menandatangani perjanjian jual beli saham bersyarat dengan penjual-penjual Malpac untuk

mengambilalih 32.9% kepentingan ekuiti yang terdiri daripada 24,675,000 saham biasa bernilai RM1.00 setiap unit dalam Malpac

dengan jumlah balasan belian tunai sebanyak RM166,556,250 atau RM6.75 setiap saham biasa. Kelulusan daripada pihak

berkuasa yang relevan telah diperoleh dalam tahun kewangan berakhir 31 Disember 1997.

Deposit sebanyak RM30 juta telah dibayar kepada penjual-penjual saham Malpac menurut perjanjian jual beli saham-saham

tersebut.

Para Pengarah ASC terus berunding dengan penjual-penjual untuk menamatkan cadangan pengambilalihan Malpac. Di bawah

cadangan penamatan, hak dan obligasi ASC di bawah perjanjian jual beli bersyarat bertarikh 14 Ogos 1997 akan dibatalkan dan

deposit awal yang diberikan oleh Kumpulan akan dipulangkan.

Para Pengarah ASC berpendapat bahawa berkemungkinan deposit awal tidak dapat dipulangkan dalam tempoh dua belas

bulan yang akan datang dan mengklasifi kasikan amaun tersebut di bawah aset bukan semasa sehingga pengakhiran cadangan

penamatan tersebut. Bagaimanapun, peruntukan hutang ragu tidak diperlukan bagi tahun kewangan semasa, memandangkan

para Pengarah ASC yakin bahawa deposit tersebut akan dipulangkan pada pengakhiran cadangan penamatan tersebut.

20. HARTANAH PEMBANGUNAN DAN PERBELANJAAN

Kumpulan

2003 2002

RM’000 RM’000

Tanah pegangan pajak

- pada kos 18,143 12,430

- pada penilaian 5,109 6,562

Perbelanjaan pembangunan 93,065 111,291

Keuntungan boleh diagihkan 19,567 14,235

135,884 144,518

Tolak: Bil progres (107,483) (101,660)

28,401 42,858

Termasuk dalam perbelanjaan pembangunan adalah faedah dipermodalkan dan perbelanjaan sewa loji, masing-masing berjumlah

RM51,811 (2002: RM1.143 juta) dan RM5,704 (2002: RM8,980).

Tanah pegangan pajak tertentu di bawah pembangunan telah dicagarkan kepada institusi kewangan sebagai cagaran bagi

kemudahan kredit yang diberi kepada anak syarikat.


92

21. INVENTORI

Tiada inventori yang dinyatakan pada nilai boleh direalis bersih.

Inventori-inventori tertentu hartanah pembangunan siap sebanyak RM7.591 juta (2002: RM7.591 juta) telah dicagarkan kepada

institusi kewangan sebagai cagaran bagi kemudahan kredit yang diberikan kepada Syarikat, yang telah disusun semula melalui

terbitan stok pinjaman boleh tebus dan boleh tukar, kedua-duanya dengan waran boleh pisah sebagaimana dinyatakan dalam

Nota 30.

Dalam tahun kewangan sebelumnya, inventori-inventori hartanah pembangunan siap sebanyak RM1.758 juta telah dicagarkan

kepada institusi kewangan sebagai cagaran bagi kemudahan kredit yang diberikan kepada anak syarikat.

22. JUMLAH BELUM TERIMAKumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Jumlah terhutang daripada

anak-anak syarikat - - 340,633 465,804

Peruntukan hutang ragu - - (126,145) (97,925)

- - 214,488 367,879


syarikat bersekutu 12,123 15,211 54 39

Jumlah dagangan belum terima 80,231 57,774 - -

Peruntukan hutang ragu (3,687) (2,956) - -

76,544 54,818 - -

Lain-lain jumlah belum terima,

deposit dan prabayaran 31,102 13,908 1,138 399

Peruntukan hutang ragu (6,399) (1,083) (505) (49)

24,703 12,825 633 350

113,370 82,854 215,175 368,268

31,102 13,908 1,138 399

(6,399) (1,083) (505) (49)

- - 340,633 465,804

- - (126,145) (97,925)

80,231 57,774 - -

(3,687) (2,956) - -

Kumpulan

2003 2002

RM’000 RM’000

Pada kos:-

Hartanah pembangunan siap 11,538 10,122

Bahan mentah 379 1,117

Kerja dalam progres 4,386 1,085

Barangan siap 21,263 15,638

Makanan dan minuman 406 419

Bekalan kendalian 2,900 1,700

40,872 30,081


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22. JUMLAH BELUM TERIMA (sambungan)

(a) Tempoh-tempoh kredit jumlah dagangan belum terima adalah di antara bayaran terdahulu hingga 90 hari.

(b) Pendedahan matawang jumlah dagangan belum terima Kumpulan adalah seperti berikut:-Kumpulan

2003 2002

RM’000 RM’000

Ringgit Malaysia 25,132 23,023

Dolar US 37,482 21,550

Pound Sterling 846 702

Dirham UAE - 872

Dinar Sudan 5,677 3,514

Dolar Singapura 1,657 2,424

Dolar Australia 5,633 2,360

Lain-lain 117 373

76,544 54,818

(c) Termasuk dalam jumlah terhutang daripada anak-anak syarikat adalah baki berjumlah RM31.089 juta (2002: RM31.910 juta)

yang tidak bercagar, menanggung faedah pada kadar 9% (2002: 9%) setahun dan tidak mempunyai tempoh pembayaran

balik tetap.

(d) Termasuk dalam jumlah terhutang daripada syarikat bersekutu ialah Pinjaman Subordinat Tidak Bercagar (“USL”) berjumlah

RM12 juta (2002: RM15 juta) diberikan oleh anak syarikat disebut harga pada 3 Februari 2000, kepada Southern Investment

Bank Berhad (“SIBB”) untuk membayar balik Pinjaman Modal Subordinat Boleh Tukar berjumlah RM50 juta sedia ada yang

diberikan oleh Danamodal Nasional Berhad. USL menanggung faedah pada kadar 7.0% setahun dan perlu dibayar balik

melalui 5 ansuran tahunan sama rata sebanyak RM3 juta setiap ansuran, bermula 2 Februari 2003 dan setiap ansuran

berikutnya hendaklah dibayar pada hari yang sama untuk setiap tahun berikutnya sehingga pinjaman tersebut telah dibayar

balik atau diselesaikan sepenuhnya. Jumlah selebihnya yang terhutang daripada syarikat bersekutu adalah tidak bercagar,

tidak menanggung faedah dan tidak mempunyai tempoh pembayaran balik tetap.

(e) Peruntukan hutang ragu adalah bersih daripada hutang lapuk dihapus kira seperti berikut:-

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Hutang lapuk dihapus kira 881 1,296 - -

23. SEKURITI BOLEH PASAR

Kumpulan

2003 2002

RM’000 RM’000

Sekuriti disebut harga:-

Saham di Malaysia 3,109 2,496

Sekuriti tidak disebut harga:-

Sekuriti hutang swasta di Malaysia - 2,127

3,109 4,623

Nilai pasaran saham disebut harga di Malaysia 3,109 2,496


94

24. DEPOSIT DENGAN INSTITUSI KEWANGAN

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Bank berlesen 119,464 128,950 9,200 2,700

Institusi kewangan berlesen - 1,014 - -

119,464 129,964 9,200 2,700

Deposit-deposit tertentu Kumpulan berjumlah RM3.792 juta (2002: RM4.589 juta) telah dicagarkan kepada institusi kewangan

bagi kemudahan perbankan yang diberikan kepada anak-anak syarikat tertentu.

25. JUMLAH PERLU DIBAYAR

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Jumlah dagangan perlu dibayar 31,681 34,794 - -

Lain-lain jumlah perlu dibayar dan

akruan 104,774 112,654 46,528 116,007

Jumlah terhutang kepada anak-anak

syarikat - - 45,143 62,551

Jumlah terhutang kepada Pengarah - 1,063 - -

Bahagian pemiutang sewa beli dan

pajakan perlu dibayar tidak lebih

daripada satu tahun

(Nota 32) 1,161 1,292 - -

137,616 149,803 91,671 178,558

(a) Jumlah terhutang kepada anak syarikat disebut harga sebanyak RM44.317 juta (2002: RM62.542 juta) adalah tiada tempoh

tetap bagi pembayaran balik dan dikenakan faedah pada kadar deposit tetap 3 bulan Southern Finance Berhad iaitu 3.20%

(2002: 3.20%) setahun.

(b) Tempoh kredit jumlah dagangan perlu dibayar adalah daripada 30 hingga 90 hari.

(c) Pendedahan matawang jumlah dagangan perlu dibayar Kumpulan adalah seperti berikut:-

Kumpulan

2003 2002

RM’000 RM’000


Dolar US 6,145 6,288

Pound Sterling 553 793

Dirham UAE - 1,192

Dinar Sudan 529 563

Dolar Singapura 226 663


Rupiah Indonesia 19 -

31,681 34,794


95

25. JUMLAH PERLU DIBAYAR (sambungan)

Termasuk dalam lain-lain jumlah perlu dibayar dan akruan adalah:-

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Lain-lain jumlah perlu dibayar 39,271 46,294 76 29

Akruan 18,628 19,378 291 1,231

Faedah terakru 46,161 46,782 46,161 46,782

Deposit diterima 167 - - 67,965

Jumlah dividen perlu dibayar 147 - - -

Yuran francais awal dan

perkhidmatan teknikal 400 200 - -

104,774 112,654 46,528 116,007

Termasuk dalam lain-lain jumlah perlu dibayar adalah seperti berikut:-

(a) jumlah sebanyak RM17.850 juta (2002: RM32.550 juta) berhubung dengan baki balasan pembelian belum dijelas bagi

pengambilalihan anak-anak syarikat tertentu dalam tahun kewangan sebelum ini.

(b) jumlah sebanyak RM7.485 juta berhubung dengan pengambilalihan hartanah intelektual tertentu berkaitan dengan

penyelesaian data mobil.

26. OVERDRAF BANK

Kumpulan

2003 2002

RM’000 RM’000

Overdraf bank:-

Bercagar 847 -

Tak bercagar 444 957

1,291 957

Overdraf bank dicagarkan melalui berikut:-

(a) jaminan dan ganti rugi terhad daripada Syarikat;

(b) jaminan dan ganti rugi daripada anak syarikat;

(c) caj tetap ke atas hartanah dan caj terapung ke atas aset anak syarikat;

(d) suratikatan subordinasi hutang pihak berkaitan; dan

(e) jaminan dan ganti rugi terhad daripada penjamin.

Overdraf bank menanggung faedah pada kadar 9.85% (2002: 8.90%) setahun.


96

27. PINJAMAN JANGKA PENDEKKumpulan

2003 2002

RM’000 RM’000

Bercagar:-

Kredit pusingan - 2,848

Pinjaman berjangka (Nota 31) 3,626 3,869

Penerimaan pihak bank dan resit amanah 927 -

4,553 6,717

Tak Bercagar:-

Pinjaman berjangka (Nota 31) 845 1,677

Penerimaan pihak bank dan resit amanah 2,769 -

3,614 1,677

8,167 8,394

Pinjaman Kumpulan dicagarkan melalui:-

(i) Caj berdaftar ke atas hartanah pembangunan, tanah dan bangunan serta hartanah hotel;

(ii) Caj berdaftar ke atas aset tetap dan terapung tertentu anak-anak syarikat tertentu; dan

(iii) Perjanjian negatif ke atas semua aset semasa dan masa hadapan anak syarikat.

Kadar faedah ke atas pinjaman adalah dalam lingkungan 7.31% hingga 9.95% (2002: 7.31% hingga 9.95%) setahun.

28. MODAL SAHAM

Kumpulan dan Syarikat

2003 2002

Bilangan Bilangan

unit saham/stok unit saham/stok

’000 RM’000 ’000 RM’000

Dibenarkan 800,000 800,000 800,000 800,000

Diterbitkan dan berbayar penuh 337,794 337,794 337,794 337,794

(a) Waran 2000/2008

Pada 31 Disember 2003, Syarikat mempunyai 168,896,809 waran (“Waran”) belum dilaksanakan yang pada asalnya

diterbitkan kepada para pemegang stok yang berhak sehubungan dengan penyusunan semula pinjaman bank Syarikat.

Setiap Waran memberi hak kepada pemegang berdaftar untuk melanggan satu unit stok baru bernilai RM1.00 setiap unit

pada harga pelaksanaan RM1.00 setiap unit stok dalam tempoh pelaksanaan asal yang telah tamat pada 28 Ogos 2003.

845 1,677

2,769 -


97

28. MODAL SAHAM (sambungan)

Pada 9 Julai 2003 dan 23 Julai 2003, para pemegang stok dan para pemegang waran Syarikat masing-masing telah

meluluskan tempoh pelanjutan dan pelaksanaan Waran dalam masa lima (5) tahun dari 28 Ogos 2003 sehingga dan

termasuk 28 Ogos 2008 (“Lanjutan Pertama”) dan selepas itu opsyen untuk melanjutkan jangka masa dan tempoh

pelaksanaan selama dua (2) tahun selanjutnya yang akan tamat pada 28 Ogos 2010 (“Lanjutan Selanjutnya”). Berikutan

Lanjutan Pertama, Lanjutan Selanjutnya akan dilaksanakan oleh Syarikat sekiranya purata wajaran harga unit stok Syarikat

yang disebut harga pada Papan Utama Bursa Malaysia tidak melebihi dua puluh peratus (20%) daripada RM1.00 setiap

unit stok harga pelaksanaan bagi mana-mana tempoh tiga puluh (30) hari berturut-turut dalam tempoh enam (6) bulan dari

29 November 2007 hingga 28 Mei 2008.

Waran dibentuk melalui Suratikatan Pol bertarikh 28 April 2000 dan Penambahan Suratikatan Pol bertarikh 24 Julai 2003.

Pada akhir tahun kewangan semasa, tiada pelaksanaan Waran telah dilakukan.

(b) 7% Stok Pinjaman Boleh Tukar 2000/2005 (“CLS”)

CLS telah diterbitkan selaras dengan penyusunan semula pinjaman bank yang dilaksanakan oleh Syarikat dengan institusi

kewangan yang dikenalpastinya. CLS boleh ditukar dalam perkadaran sehingga 20% dan 30% masing-masing bermula

dari akhir tahun ketiga dan keempat dari 1 Mei 2000 dan baki sebanyak 50% pada akhir tahun kelima dari 1 Mei 2000.

Dalam tahun kewangan, tiada penukaran CLS kepada unit stok baru dilakukan.

Atas pelaksanaan Waran dan penukaran CLS kepada unit-unit stok baru, unit-unit stok tersebut akan bertaraf pari passu

dalam semua hubungan dengan unit-unit stok sedia ada Syarikat pada ketika itu, melainkan bahawa unit-unit stok baru

tersebut tidak berkelayakan ke atas sebarang hak, peruntukan, dividen atau lain-lain pengagihan yang diisytiharkan atau

akan diisytiharkan berhubung dengan tempoh kewangan sebelum tempoh kewangan dalam mana unit-unit stok baru

tersebut diterbitkan atau bagi mana-mana dividen interim atau pengagihan yang mungkin diisytiharkan sebelum tarikh

peruntukan unit-unit stok baru tersebut.

29. RIZAB

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Premium saham 430,437 430,437 430,437 430,437

Rizab modal (1,792) (1,792) 69 69

Rizab penilaian semula 46,724 46,724 - -

Rizab turun naik

pertukaran 11,956 4,513 - -

Rizab atas penyatuan 10,897 11,736 - -

Jumlah rizab tidak boleh

diagih 498,222 491,618 430,506 430,506

Kerugian terkumpul (454,120) (460,180) (451,666) (451,757)

44,102 31,438 (21,160) (21,251)


98

29. RIZAB (sambungan)

Pergerakan dalam rizab ditunjukkan dalam Penyata Perubahan dalam Ekuiti.

Rizab penilaian semula mewakili lebihan ke atas penilaian semula hartanah hotel tertentu Kumpulan.

30. 7% STOK PINJAMAN BOLEH TEBUS DAN BOLEH TUKAR 2000/2005


2003 2002

RM’000 RM’000

7% Stok pinjaman bercagar boleh tebus 93,676 185,874

7% Stok pinjaman bercagar boleh tukar 172,242 172,942

Jumlah stok pinjaman bercagar 265,918 358,816

7% Stok pinjaman tak bercagar boleh tukar 10,519 10,519

276,437 369,335

Ciri-ciri utama 7% Stok Pinjaman Boleh Tebus 2000/2005 (“RLS”) dan CLS adalah seperti berikut:-

(i) Penebusan RLS akan dibuat dalam perkadaran sehingga 20%, 30% dan baki 50% masing-masing pada akhir tahun ketiga,

keempat dan kelima dari 1 Mei 2000. CLS boleh ditukar dalam perkadaran sehingga 20% dan 30% bermula dari akhir tahun

ketiga dan keempat masing-masing dari 1 Mei 2000 dan baki 50% pada akhir tahun kelima dari 1 Mei 2000. Kedua-dua

RLS dan CLS menanggung faedah pada kadar 7% setahun untuk dijelaskan kepada para pemegang berdaftar seperti

berikut:-

(a) kupon 3% dijelaskan secara tunai setiap tahun dalam tunggakan;

(b) baki kupon 4% berhubung dengan RLS akan terkumpul sehingga tarikh penebusan bahagian RLS yang akan ditebus

dan akan dijelaskan secara tunai pada harga penebusan:-

(i) RM0.95 setiap RLS bagi bahagian 20%;

(ii) RM0.98 setiap RLS bagi bahagian 30%;

(iii) RM1.01 setiap RLS bagi baki yang ditebus; dan

(c) baki kupon 4% berhubung dengan CLS akan terkumpul sehingga tarikh penukaran dan akan dijelaskan melalui

penukaran kepada unit stok baru bernilai RM1.00 setiap unit dalam Syarikat pada harga penukaran RM1.20 setiap

unit.


99

30. 7% STOK PINJAMAN BOLEH TEBUS DAN BOLEH TUKAR 2000/2005 (sambungan)

(ii) RLS berjumlah bersamaan dengan RM93.676 juta nilai nominal dan CLS berjumlah bersamaan dengan RM172.242 juta

nilai nominal dicagar melalui:-

(a) saham-saham tertentu anak syarikat disebut harga dan anak syarikat tidak disebut harga masing-masing pada kos

RM420.055 juta (2002: RM420.055 juta) dan RM117.774 juta (2002: RM117.774 juta);

(b) keseluruhan sekuriti disebut harga Kumpulan di luar Malaysia pada kos berjumlah bersamaan dengan RM27.558

juta (2002: RM27.558 juta); dan

(c) hartanah-hartanah tertentu Kumpulan.

Dalam tahun kewangan, Syarikat telah menebus sebanyak RM92.198 juta bersamaan dengan nilai nominal RLS daripada jumlah

sebanyak RM185.874 juta yang diterbitkan dan pembelian semula berjumlah RM0.700 juta bersamaan dengan nilai nominal CLS

daripada jumlah sebanyak RM183.461 jumlah yang diterbitkan.

31. PINJAMAN BERJANGKA


2003 2002

RM’000 RM’000

Pinjaman berjangka:-

Bercagar 60,191 43,201

Tak bercagar 845 1,800

61,036 45,001

Perlu dibayar seperti berikut:-

Dalam tempoh 12 bulan berikutnya dimasukkan

di bawah pinjaman jangka pendek (Nota 27) 4,471 5,546

Selepas 12 bulan berikutnya dimasukkan di bawah

liabiliti jangka panjang

- lebih daripada 1 tahun tetapi tidak lebih daripada 5 tahun 21,608 20,510

- lebih daripada 5 tahun 34,957 18,945

56,565 39,455

61,036 45,001

Pinjaman berjangka dicagar melalui:-

(i) Caj berdaftar ke atas tanah dan bangunan tertentu serta hartanah hotel; dan

(ii) Debentur RM21.06 juta melalui caj tetap dan terapung pertama ke atas aset-aset anak syarikat.

21,608 20,510

34,957 18,945


100

31. PINJAMAN BERJANGKA (sambungan)

Kumpulan

2003 2002

RM’000 RM’000

Pinjaman berjangka I perlu dibayar balik melalui 144 ansuran

bulanan sama rata sebanyak RM225,000 setiap bulan bermula

Julai 2002 18,574 19,736

Pinjaman berjangka II perlu dibayar balik melalui 40 ansuran

suku tahunan berjumlah lebih kurang RM560,431 (£83,150)

setiap ansuran dan bayaran akhir lebih kurang RM11,208,620

(£1,663,000) dengan ansuran pertama bermula Disember 2002

(2002: melalui 8, diikuti dengan 28 dan kemudiannya 4 ansuran

suku tahunan masing-masing lebih kurang RM431,716 (£70,312),

RM611,605 (£99,610) dan RM611,581 (£99,606) dengan ansuran

pertama bermula Februari 2000) 32,505 17,125

Pinjaman berjangka III perlu dibayar balik melalui 120 ansuran

bulanan sama rata sebanyak RM2,779 (2002: melalui 10 ansuran

tahunan sama rata sebanyak RM33,936) bermula Jun 2003 219 166

Pinjaman berjangka IV perlu dibayar balik melalui 59 ansuran

bulanan sama rata sebanyak RM54,976 setiap ansuran dan

ansuran akhir, jumlah yang mana akan dimaklumkan kemudian

nanti bermula pada 31 Disember 1998 845 1,333

Pinjaman berjangka V perlu dibayar balik melalui 20 ansuran suku

tahunan sama rata lebih kurang RM42,000 (AUD15,000) setiap

ansuran bermula Januari 2001, dan ansuran akhir bayaran sekaligus

lebih kurang RM5,600,000 (AUD2,000,000) perlu dibayar pada

tarikh matang atau sepenuhnya atas mana-mana tuntutan berikutan

peristiwa mungkir 4,396 3,715

Pinjaman berjangka VI perlu dibayar balik melalui 2 ansuran

tahunan sama rata diikuti dengan 8 ansuran suku tahunan sama

rata masing-masing sebanyak RM467,500 dan RM116,875 bermula

Mac 2000 - 468

Pinjaman berjangka VII perlu dibayar balik melalui 24 ansuran

bulanan sama rata lebih kurang RM43,200 (AUD20,000) setiap

ansuran, bermula Januari 2002, dan ansuran akhir bayaran sekaligus

lebih kurang RM2,203,200 (AUD1,020,000) perlu dibayar pada

tarikh matang atau sepenuhnya atas mana-mana tuntutan berikutan

peristiwa mungkir - 1,512

Pinjaman berjangka VIII perlu dibayar balik dalam tempoh 10 tahun

dalam ansuran suku tahunan sama rata lebih kurang RM49,404

(£7,332)(2002: dalam tempoh 10 tahun ansuran suku tahunan sama

rata lebih kurang RM46,787 (£8,196) bermula Oktober 1995) 297 432

Pinjaman berjangka IX perlu dibayar balik melalui 42 ansuran

bulanan sama rata sebanyak RM16,468 bermula November 2002 - 514

Pinjaman berjangka X pembayaran penuh pada 31 Disember 2005 4,200 -

61,036 45,001


101

31. PINJAMAN BERJANGKA (sambungan)

Purata wajaran kadar faedah berkesan adalah seperti berikut:-

2003 2002

% %

Pinjaman berjangka I 8.40 8.40

Pinjaman berjangka II 8.40 8.40

Pinjaman berjangka III 7.90 7.90

Pinjaman berjangka IV 9.95 9.95

Pinjaman berjangka V 7.31 7.33

Pinjaman berjangka VI * *

Pinjaman berjangka VII - 7.33

Pinjaman berjangka VIII 8.00 6.00

Pinjaman berjangka IX - 8.15

Pinjaman berjangka X 7.20 -

*Tanpa faedah dengan tempoh bayaran balik sepanjang tempoh empat (4) tahun.

Pendedahan matawang pinjaman berjangka Kumpulan adalah seperti berikut:-

Kumpulan

2003 2002

RM’000 RM’000


Pound Sterling 32,802 17,557


61,036 45,001

32. PEMIUTANG SEWA BELI DAN PAJAKAN

Kumpulan

2003 2002

RM’000 RM’000

Ansuran sewa beli dan pajakan perlu dibayar:-

- tidak lebih daripada satu tahun 1,354 1,560

- lebih daripada satu tahun dan tidak lebih daripada lima tahun 1,200 771

2,554 2,331

Tolak: Caj faedah masa hadapan (311) (338)

2,243 1,993

Bahagian perlu dibayar:-

- tidak lebih daripada satu tahun dimasukkan di bawah

liabiliti semasa (Nota 25) 1,161 1,292

- lebih daripada satu tahun dan tidak lebih daripada lima tahun

dimasukkan di bawah liabiliti jangka panjang 1,082 701

2,243 1,993


102

33. LIABILITI CUKAI TERTUNDA

(a) Liabiliti cukai tertunda adalah dibentuk daripada berikut:-

Kumpulan

2003 2002

RM’000 RM’000

Baki pada 1 Januari, seperti dinyatakan semula 5,394 4,978

Diiktiraf dalam penyata pendapatan (Nota 9) (518) (220)

Pengambilalihan anak-anak syarikat - 636

4,876 5,394

Dikemukakan selepas pengimbangan yang sesuai:-

Aset cukai tertunda, bersih - -

Liabiliti cukai tertunda, bersih 4,876 5,394

4,876 5,394

(b) Pergerakan aset dan liabiliti cukai tertunda dalam tahun kewangan sebelum pengimbangan adalah seperti berikut:-

Kumpulan

2003 2002

RM’000 RM’000

Aset cukai tertunda

Baki pada 1 Januari, seperti dinyatakan semula 16 -

Diiktiraf dalam penyata pendapatan

- elaun modal tidak digunakan 4 -

- kerugian cukai tidak diserapkan 8 -

- lain-lain perbezaan sementara boleh ditolak 223 16

235 16


Liabiliti cukai tertunda

Baki pada 1 Januari, seperti dinyatakan semula 5,410 4,978

Diiktiraf dalam penyata pendapatan

- lebihan elaun modal daripada persamaan

susut nilai (167) 15

- realisasi lebihan penilaian semula (116) (219)

(283) (204)

Pengambilalihan anak-anak syarikat - 636


4 -

8 -

223 16

(167) 15

(116) (219)


103

33. LIABILITI CUKAI TERTUNDA (sambungan)

(c) Komponen aset dan liabiliti cukai tertunda pada akhir tahun kewangan adalah terdiri daripada kesan cukai berikut:-

Kumpulan

2003 2002

RM’000 RM’000

Aset cukai tertunda

Elaun modal tidak digunakan 4 -

Kerugian cukai tidak diserapkan 8 -

Lain-lain perbezaan sementara boleh ditolak 239 16

251 16

Kumpulan

2003 2002

RM’000 RM’000

Liabiliti cukai tertunda

Rizab penilaian semula 4,124 4,240

Lebihan elaun modal daripada persamaan

susut nilai 1,003 1,170

5,127 5,410

(d) Jumlah perbezaan sementara yang mana tiada aset cukai tertunda telah diiktiraf dalam kunci kira-kira adalah seperti

berikut:-

Kumpulan

2003 2002

RM’000 RM’000

Kerugian cukai tidak diserapkan 28,715 25,803

Elaun modal tidak digunakan 3,809 3,803

Lain-lain perbezaan sementara boleh ditolak 6,659 6,748

39,183 36,354

Aset cukai tertunda tidak diiktiraf berhubung dengan perkara ini di mana ianya tidak ada sebarang kemungkinan atas

keuntungan dari cukai diperolehi daripada anak syarikat tertentu berbanding dengan perbezaan sementara boleh

digunakan.


104

34. FAEDAH PERSARAAN

Kumpulan menjalankan pelan faedah persaraan tidak berdana untuk kakitangan yang tertentu.

Jumlah yang diiktiraf dalam kunci kira-kira adalah seperti berikut:-

Kumpulan

2003 2002

RM’000 RM’000

Nilai semasa obligasi tidak berdana 193 163

Pergerakan jumlah yang diiktiraf dalam kunci kira-kira dalam tahun kewangan berhubung dengan pelan faedah persaraan adalah

seperti berikut:-

Kumpulan

2003 2002

RM’000 RM’000


Peruntukan dalam tahun kewangan 34 26

Jumlah peralihan diiktiraf - (127)

Bayaran dalam tahun kewangan (4) -


Jumlah perbelanjaan diiktiraf dalam penyata pendapatan adalah seperti berikut:-

Kumpulan

2003 2002

RM’000 RM’000

Kos perkhidmatan semasa 34 26

Jumlah peralihan diiktiraf - (127)

Diiktiraf dalam penyata pendapatan di bawah perbelanjaan kendalian 34 (101)

Andaian aktuarial utama yang digunakan adalah:-

Kumpulan

2003 2002

% %

Kadar diskaun 7.0 7.0

Kadar dijangka dari peningkatan gaji 5.0 5.0


105

35. PENDAPATAN TERTUNDA

Ini mewakili baki 50% yuran langganan keahlian perkongsian masa percutian yang diterima yang akan diiktiraf sebagai pendapatan

ke atas tempoh sah perjanjian keahlian perkongsian masa percutian, iaitu 30 tahun, dari tarikh kemasukan ahli.

36. PERUBAHAN DALAM DASAR PERAKAUNAN DAN PELARASAN TAHUN SEBELUMNYA

Dalam tahun kewangan, Kumpulan telah mengubah dasar perakaunan berhubung dengan peruntukan cukai tertunda mengikut

MASB 25 Cukai Pendapatan. Perubahan ini telah diambilkira secara retrospektif. Cukai tertunda sebelum ini telah diiktiraf bagi

perbezaan pemasaan kecuali terdapat bukti yang munasabah bahawa perbezaan pemasaan ini tidak akan berubah dalam

jangkaan masa hadapan. Faedah cukai tertunda diiktiraf hanya bila terdapat jangkaan yang munasabah ianya akan direalisasikan.

Dengan MASB 25 yand diterima pakai,aset dan liabiliti cukai tertunda diperuntukkan di bawah kaedah liabiliti berhubung dengan

semua perbezaan sementara antara amaun yang dibawa aset atau liabiliti dalam kunci kira-kira dan asas cukainya.

Kesan perubahan dalam dasar perakaunan diringkaskan seperti berikut:-

Seperti Kesan pada Seperti

dilaporkan perubahan dinyatakan

sebelum ini dalam dasar semula

Kumpulan RM’000 RM’000 RM’000

Penyata Pendapatan

Tahun kewangan berakhir 31 Disember 2002

Kerugian bersih bagi tahun kewangan (68,147) (279) (68,426)

Penyata Perubahan dalam Ekuiti

Pada 31 Disember 2001

Kerugian terkumpul (392,957) 1,203 (391,754)

Rizab penilaian semula 50,596 (3,872) 46,724


Kerugian terkumpul (461,104) 924 (460,180)

Rizab penilaian semula 50,596 (3,872) 46,724

Kunci Kira-kira

Pelaburan dalam syarikat bersekutu 90,266 1,821 92,087

Rizab 34,386 (2,948) 31,438

Liabiliti cukai tertunda 1,508 3,886 5,394

Kepentingan minoriti 207,277 883 208,160


106

37. PEMBELIAN HARTANAH, LOJI DAN PERALATAN

Dalam tahun kewangan, Kumpulan dan Syarikat telah membuat bayaran tunai berikut bagi pembelian hartanah, loji dan

peralatan:-

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Pembelian hartanah, loji

dan peralatan (Nota 11) 47,406 35,304 25 894

Dibiayai oleh pengaturan

sewa beli dan pajakan (1,635) ( 665) - -

Bayaran tunai bagi pembelian

hartanah, loji dan peralatan 45,771 34,639 25 894

38. PENGAMBILALIHAN ANAK-ANAK SYARIKAT

Dalam tahun kewangan semasa, Kumpulan mengambilalih QBC seperti dibentangkan dalam Nota 12. Nilai saksama aset dan

liabiliti diambilalih adalah seperti berikut:-

RM’000

Hartanah, loji dan peralatan 205

Inventori 520

Lain-lain jumlah belum terima, deposit dan prabayaran 295


Jumlah dagangan perlu dibayar (229)

Lain-lain jumlah perlu dibayar dan akruan (422)

Kepentingan minoriti (314)

Aset bersih diperoleh 301

Muhibah atas penyatuan 314

Jumlah kos pengambilalihan 615

Tolak: Tunai dan baki bank anak syarikat diambilalih (246)

369

Tolak: Baki balasan pembelian belum dijelaskan pada akhir tahun

kewangan (369)

Aliran tunai ke atas pengambilalihan, bersih daripada tunai diperoleh -


107

38. PENGAMBILALIHAN ANAK-ANAK SYARIKAT (sambungan)

Dalam tahun kewangan sebelumnya, Kumpulan mengambilalih UCSB dan UCPL. Nilai saksama aset dan liabiliti diambilalih adalah

seperti berikut:-

RM’000

Hartanah, loji dan peralatan 6,660

Inventori 14,313

Jumlah dagangan belum terima 18,870

Lain-lain jumlah belum terima, deposit dan prabayaran 7,179


Jumlah dagangan perlu dibayar (7,096)

Lain-lain jumlah perlu dibayar dan akruan (7,945)

Cukai (910)

Baki antara syarikat (163)

Cukai tertunda (636)

Pinjaman jangka pendek (1,558)


Aset bersih diperoleh 20,228

Muhibah atas penyatuan 79,314

Jumlah kos pengambilalihan 99,542

Tolak: Tunai dan baki bank anak-anak syarikat diambilalih (184)

99,358

Tolak: Baki balasan pembelian belum dijelaskan pada akhir tahun

kewangan (Nota 25) (32,550)

Aliran tunai ke atas pengambilalihan, bersih daripada tunai diperoleh 66,808

39. TUNAI DAN SETARA TUNAI

Tunai dan setara tunai dimasukkan dalam penyata aliran tunai pada akhir tahun kewangan terdiri daripada jumlah kunci kira-kira

berikut:-

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Deposit dengan institusi

kewangan 119,464 129,964 9,200 2,700

Tunai dan baki bank 43,201 178,268 333 986

Overdraf bank (1,291) (957) - -

161,374 307,275 9,533 3,686

Tolak: Deposit dicagar kepada

institusi kewangan (3,792) (4,589) - -

157,582 302,686 9,533 3,686


108

40. LIABILITI KONTINGEN – TAK BERCAGAR

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Jaminan untuk pihak ketiga - 235 - -

Obligasi yang melibatkan

tuntutan oleh pembekal atas

kontrak yang tidak dilaksanakan - 19 - -

Jaminan diberi bagi pihak

anak-anak syarikat - - 30,213 72,362

- 254 30,213 72,362

Syarikat telah menerima notis tindakan undang-undang yang diambil oleh pemegang stok yang mempertikaikan asas penentu

kelayakan kepada Terbitan Bonus yang dilaksanakan oleh Syarikat pada 1993. Walaupun keputusan muktamad perkara ini masih

belum pasti pada masa ini, para Pengarah berpendapat bahawa tindakan guaman tersebut tidak mempunyai asas dan tidak akan

berjaya.

41. KOMITMEN PAJAKAN

Kumpulan mempunyai komitmen pajakan di bawah pajakan kendalian tidak boleh dibatalkan, yang perlu dibayar seperti berikut:-

Kumpulan

2003 2002

RM’000 RM’000

Tidak lebih daripada satu tahun 2,772 3,368

Lebih daripada satu tahun tetapi tidak lebih daripada lima tahun 1,074 2,121

3,846 5,489

42. KOMITMEN

(i) Komitmen modal berhubung dengan:-

Kumpulan

2003 2002

RM’000 RM’000

Perbelanjaan modal:-

- dibenarkan dan dikontrakkan 136,556 136,556

- dibenarkan tetapi tidak dikontrakkan - 64

136,556 136,620

Dianalisis seperti berikut:-

- hartanah hotel - 64

- cadangan pengambilalihan saham Malpac 136,556 136,556

136,556 136,620


109

42. KOMITMEN (sambungan)

Pada 14 Ogos 1997, ASC menandatangani perjanjian jual beli saham bersyarat dengan penjual-penjual Malpac untuk

mengambilalih 32.9% kepentingan ekuiti yang terdiri daripada 24,675,000 saham biasa bernilai RM1.00 setiap unit dalam

Malpac dengan jumlah balasan belian tunai sebanyak RM166,556,250 atau RM6.75 setiap saham biasa. Kelulusan daripada

pihak-pihak berkuasa yang relevan iaitu Kementerian Kewangan, Suruhanjaya Sekuriti (“SC”) dan Jawatankuasa Pelaburan

Asing (“FIC”) telah diperolehi masing-masing pada 20 November 1997, 20 Disember 1997 dan 26 Disember 1997.

Komitmen modal yang dibenarkan dan dikontrakkan, oleh Kumpulan adalah berhubung dengan baki harga pembelian ke atas

cadangan pengambilalihan saham-saham Malpac sebanyak RM136,556,000 (2002: RM136,556,000).

Para Pengarah ASC terus berunding dengan penjual-penjual untuk menamatkan cadangan pengambilalihan Malpac. Di

bawah cadangan penamatan, hak dan obligasi ASC di bawah perjanjian jual beli bersyarat bertarikh 14 Ogos 1997 akan

dibatalkan dan deposit awal yang diberikan oleh ASC akan dipulangkan.

(ii) Anak syarikat menandatangani perjanjian pajakan pada 31 Januari 1996 dengan Majlis Perbandaran Phnom Penh yang

menetapkan bahawa anak syarikat tersebut mempunyai obligasi untuk membina bangunan hotel baru dan menjalankan

kerja-kerja ubahsuaian dan penghiasan semula ke atas bangunan hotel yang sedia ada. Tarikh dijangka siap adalah dalam

masa 36 bulan dari 1 Oktober 1999. Jumlah yang dikontrakkan tidak boleh kurang daripada USD3 juta untuk kedua-dua

bangunan. Pelanjutan masa telah diberikan untuk anak syarikat tersebut untuk memulakan pembinaan bangunan hotel baru

tidak lewat 1 Oktober 2002 dan disiapkan pada 1 Oktober 2004. Kerja penghiasan semula ke atas bangunan hotel yang sedia

ada telah diselesaikan tetapi pembinaan bangunan baru belum dimulakan sehingga hari ini.

Anak syarikat telah mendapat kelulusan dari majlis perbandaran untuk menangguhkan permulaan kerja-kerja pembinaan

bangunan baru pada tahun 2007.

43. LAPORAN MENGIKUT SEGMEN

(i) Segmen perniagaan

Operasi Kumpulan terdiri daripada segmen perniagaan berikut:

Pemegangan pelaburan : Pendapatan pelaburan dan pemberian sokongan korporat

dan kewangan sepenuhnya kepada Kumpulan

Pembangunan hartanah : Pembangunan hartanah kediaman dan komersil

Hotel dan pusat peranginan : Mengendali dan mengurus hotel dan pusat peranginan dan

lain-lain perkhidmatan berkaitan

Teknologi maklumat dan

komunikasi: Penyediaan pengurusan projek dan khidmat sokongan,

penyelidikan dan pembangunan bagi industri telekomunikasi

dan perdagangan produk telekomunikasi

Lain-lain : Perniagaan yang melibatkan pengilangan, perdagangan

dan perkhidmatan berkaitan kad dan bayaran


110

43. LAPORAN MENGIKUT SEGMEN (sambungan)

(i) Segmen perniagaan (sambungan)Hotel Teknologi

dan maklumat

Pemegangan Pembangunan pusat dan

2003 pelaburan hartanah peranginan komunikasi Lain-lain Penghapusan Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Hasil

Luaran 15,089 39,925 59,003 74,036 30,845 - 218,898

Antara-segmen 6,511 22 - - - (6,533) -

Jumlah hasil 21,600 39,947 59,003 74,036 30,845 (6,533) 218,898

Keputusan

Keputusan segmen (2,152) 6,354 8,601 19,044 (6,282) (11,087) 14,478

Bahagian keuntungan

dalam syarikat

bersekutu 8,791

Keuntungan

sebelum cukai

23,269

Perbelanjaan cukai (7,746)

Keuntungan

selepas cukai

15,523


Keuntungan bersih

bagi tahun kewangan 6,060

Maklumat lain

Aset segmen 350,663 85,264 363,257 161,817 25,827 - 986,828

Pelaburan dalam

syarikat bersekutu 58,925 - - - - - 58,925

Tiada peruntukan

dalam aset korporat 11,032

Jumlah aset 1,056,785

Liabiliti segmen 331,289 14,363 64,541 39,853 31,341 - 481,387

Tiada peruntukan

dalam liabiliti korporat 14,781

Jumlah liabiliti 496,168

Perbelanjaan modal 41,814 38 2,901 1,932 721 - 47,406

Susut nilai 2,165 171 6,134 2,009 1,957 - 12,436

Kerugian kerosotan

ke atas hartanah,

loji dan peralatan

dihapus kira - - 3,583 - - - 3,583

Perbelanjaan bukan

tunai selain daripada

susut nilai 1,381 - 8,993 4,667 3,613 - 18,654


111


(i) Segmen perniagaan (sambungan)

Hotel Teknologi

dan maklumat

Pemegangan Pembangunan pusat dan

2002 pelaburan hartanah peranginan komunikasi Lain-lain Penghapusan Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Hasil

Luaran 23,183 58,990 62,096 33,245 26,101 - 203,615

Antara-segmen 2,722 23 - - - (2,745) -

Jumlah hasil 25,905 59,013 62,096 33,245 26,101 (2,745) 203,615

Keputusan

Keputusan segmen (41,618) 6,177 (128) 10,207 6,572 11,627 (7,163)

Kerugian kerosotan (50,224) - - - - - (50,224)

Bahagian keuntungan

syarikat bersekutu 7,933

Kerugian

sebelum cukai (49,454)

Perbelanjaan cukai (11,234)

Kerugian

selepas cukai (60,688)


Kerugian bersih bagi

tahun kewangan (68,426)

Maklumat lain

Aset segmen 473,729 88,689 341,910 133,590 21,686 - 1,059,604

Pelaburan dalam

syarikat bersekutu 92,087 - - - - - 92,087

Tiada peruntukan

dalam aset korporat 8,867

Jumlah aset 1,160,558

Liabiliti segmen 423,652 17,971 54,272 44,010 28,940 - 568,845

Tiada peruntukan

dalam liabilti korporat 14,321

Jumlah liabiliti 583,166

Perbelanjaan modal 27,663 421 4,107 608 2,505 - 35,304

Susut nilai 1,146 167 6,744 581 4,357 - 12,995

Kerugian kerosotan

ke atas hartanah,

loji dan peralatan - - 3,583 - - - 3,583

Perbelanjaan bukan

tunai selain daripada

susut nilai 68,923 215 1,176 1,415 360 - 72,089


112


(ii) Segmen Geografi

Dalam menentukan segmen geografi Kumpulan, hasil adalah berdasarkan lokasi geografi pelanggan-pelanggan. Aset

segmen dan perbelanjaan modal adalah berdasarkan lokasi geografi aset. Kandungan dalam setiap segmen geografi adalah

seperti berikut:-

Malaysia : Pendapatan pelaburan dan pemberian sokongan korporat dan

kewangan sepenuhnya kepada Kumpulan, pembangunan hartanah,

mengendali dan mengurus hotel dan pusat peranginan, perkhidmatan

berkaitan kad dan bayaran, penyediaan pengurusan projek dan

khidmat sokongan, penyelidikan dan pembangunan industri

telekomunikasi dan perdagangan projek telekomunikasi

Singapura : Penyediaan pengurusan projek dan khidmat sokongan, penyelidikan

dan pembangunan bagi industri telekomunkasi dan perdagangan

projek telekomunikasi

Afrika dan Timur Tengah : Mengendali dan mengurus hotel dan pusat peranginan

Eropah : Mengendali dan mengurus hotel dan pusat peranginan

Australasia : Pengilangan dan perdagangan

Lain-lain : Mengendali dan mengurus hotel dan pusat peranginan

Perbelanjaan

Hasil Aset Segmen modal

2003 2002 2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Malaysia 136,051 134,895 619,698 708,721 43,701 32,366

Singapora 30,500 20,237 34,577 29,069 569 169

Afrika dan Timur

Tengah 19,034 21,633 62,514 66,370 1,422 2,224

Eropah 10,061 9,757 84,097 55,048 223 246

Australasia 21,090 15,161 34,574 24,674 1,203 296

Lain-lain 2,162 1,932 151,368 175,722 288 3

218,898 203,615 986,828 1,059,604 47,406 35,304


113

44. INSTRUMEN KEWANGAN

(a) Risiko kadar faedah

Jadual di bawah meringkaskan amaun yang dibawa aset dan liabiliti kewangan Kumpulan pada tarikh kunci kira-kira,

dikategorikan mengikut tarikh matang masing-masing, yang mewakili pendedahan Kumpulan kepada risiko kadar

faedah:-

Tidak lebih Lebih Kadar

daripada 2 hingga 5 daripada faedah

2003 1 tahun tahun 5 tahun Jumlah berkesan

RM’000 RM’000 RM’000 RM’000

Aset Kewangan

Deposit tetap 119,464 - - 119,464 3.2%

Liabiliti Kewangan

Overdraf bank 1,291 - - 1,291 9.9%

Pemiutang sewa beli 1,161 1,082 - 2,243 3.4%

Pinjaman berjangka 4,471 21,608 34,957 61,036 8.3%

7% Stok pinjaman boleh tebus

2000/2005* 17,973 75,703 - 93,676 7.0%

7% Stok pinjaman boleh tukar

2000/2005* 91,031 91,730 - 182,761 7.0%

115,927 190,123 34,957 341,007

2002

Aset Kewangan

Deposit tetap 129,964 - - 129,964 3.2%

Liabiliti Kewangan

Overdraf bank 957 - - 957 8.9%

Pemiutang sewa beli 1,292 701 - 1,993 3.4%

Pinjaman berjangka 5,546 20,510 18,945 45,001 8.2%

7% Stok pinjaman boleh tebus

2000/2005* 37,175 148,699 - 185,874 7.0%

7% Stok pinjaman boleh tukar

2000/2005* 36,692 146,769 - 183,461 7.0%

81,662 316,679 18,945 417,286

* Syarikat melaksanakan penebusan awal RLS milik Syarikat dan pembelian semula CLS bersama dengan faedah terakru

sehingga tarikh penebusan dan pembelian semula pada 10 Januari 2003, 13 Februari 2003, 3 April 2003, 30 April 2003

dan 31 Oktober 2003. Persamaan Ringgit akan nilai nominal RLS yang ditebus berjumlah RM92.198 juta daripada

jumlah sebanyak RM185.874 juta dalam terbitan dan nilai nominal CLS yang dibeli semula berjumlah RM0.700 juta

daripada jumlah sebanyak RM183.461 juta dalam terbitan.


114

44. INSTRUMEN KEWANGAN (sambungan)

(b) Risiko kredit

Tempoh kredit berhubung dengan jumlah dagangan belum terima adalah di antara bayaran pendahuluan hingga purata

90 hari. Tumpuan risiko kredit berhubung dengan jumlah dagangan belum terima adalah terhad memandangkan bilangan

pelanggan yang besar dalam Kumpulan, yang bertebar di peringkat antarabangsa. Pengalaman sejarah Kumpulan dalam

pemungutan akaun belum terima adalah termasuk dalam elaun-elaun yang direkodkan. Disebabkan oleh faktor-faktor

ini, pengurusan percaya bahawa tiada risiko kredit tambahan untuk kerugian pemungutan tersedia ada terhadap jumlah

dagangan boleh terima Kumpulan.

Lain-lain jumlah belum terima, deposit dan prabayaran

Tumpuan risiko kredit dalam lain-lain jumlah belum terima, deposit dan prabayaran adalah berhubung dengan deposit

RM30 juta yang dibayar kepada penjual-penjual Malpac oleh ASC bagi cadangan pengambilalihan Malpac sebagaimana

dinyatakan dalam Nota 19. Para Pengarah ASC berpendapat bahawa deposit awal mungkin tidak dapat dipulangkan dalam

tempoh dua belas bulan berikutnya dan telah diklasifi kasikan jumlah tersebut di bawah aset bukan semasa sehingga

pengakhiran cadangan penamatan. Walau bagaimanapun, peruntukan hutang ragu tidak diperlukan bagi tahun kewangan

semasa memandangkan para Pengarah ASC yakin bahawa deposit tersebut akan dipulangkan pada pengakhiran cadangan

penamatan.

(c) Nilai saksama

Amaun yang dibawa dalam penyata kewangan Kumpulan dan Syarikat pada tarikh kunci kira-kira lebih kurang menyamai

nilai saksama masing-masing kecuali sebagaimana dinyatakan di bawah:-

Kumpulan Syarikat

Amaun yang Nilai Amaun yang Nilai

dibawa saksama dibawa saksama

RM’000 RM’000 RM’000 RM’000


Sekuriti pelaburan

- saham disebut harga di luar

Malaysia 4,110 8,681 - -

- saham tidak disebut harga

di Malaysia 47,306 * 35,175 *


di luar Malaysia 7,502 * - -

Deposit 30,000 28,168 - -

7% Stok pinjaman boleh

tebus 2000/2005

- nilai nominal 93,676 - 93,676 -

- faedah terakru 15,643 - 15,643 -

109,319 102,436 109,319 102,436

7% Stok pinjaman boleh

tukar 2000/2005

- nilai nominal 182,761 - 182,761 -

- faedah terakru 30,518 - 30,518 -

213,279 200,784 213,279 200,784

93,676 - 93,676 -

15,643 - 15,643 -

182,761 - 182,761 -

30,518 - 30,518 -


115

44. INSTRUMEN KEWANGAN (sambungan)

Kumpulan Syarikat

Amaun yang Nilai Amaun yang Nilai

dibawa saksama dibawa saksama

RM’000 RM’000 RM’000 RM’000


Sekuriti pelaburan

- saham disebut harga

di Malaysia 4,458 3,724 4,458 3,724

- saham disebut harga

di luar Malaysia 4,110 6,001 - -


di Malaysia 35,179 * 35,175 *


di luar Malaysia 7,502 * - -

Deposit 30,000 28,168 - -

7% Stok pinjaman

boleh tebus 2000/2005

- nilai nominal 185,874 - 185,874 -

- faedah terakru 23,544 - 23,544 -

209,418 202,021 209,418 202,021

7% Stok pinjaman

boleh tukar 2000/2005

- nilai nominal 183,461 - 183,461 -

- faedah terakru 23,238 - 23,238 -

206,699 204,643 206,699 204,643

*Anggaran munasabah nilai saksama tidak boleh dibuat tanpa menanggung kos berlebihan. Pelaburan sedemikian, dinilai pada

kos tertakluk kepada penyemakan bagi kerosotan.

Cara-cara dan andaian yang digunakan untuk menentukan nilai saksama instrumen kewangan adalah seperti berikut:-

(i) Amaun yang dibawa aset dan liabiliti kewangan matang dalam tempoh 12 bulan diandaikan lebih kurang menyamai nilai

saksamanya, disebabkan kematangan jangka pendek instrumen kewangan tersebut.

(ii) Nilai saksama pelaburan yang disebut harga adalah harga pasaran yang disebut harga pada tarikh kunci kira-kira.

(iii) Nilai saksama liabiliti kewangan dianggarkan berdasarkan pendiskaunan kontrak aliran tunai masa hadapan pada kadar

faedah pasaran semasa yang sedia ada pada Kumpulan untuk instrumen kewangan yang sama.


116

45. PENDEDAHAN PENTING PIHAK-PIHAK BERKAITAN

(a) Identiti pihak-pihak berkaitan

Syarikat mempunyai hubungan pihak-pihak berkaitan dengan anak-anak syarikat yang langsung dan tidak langsung dan

syarikat bersekutunya.

(b) Urusniaga penting dan baki dengan pihak-pihak berkaitan

Di dalam perniagaan biasa, Kumpulan menanggung urusniaga dengan pihak berkaitan tertentu. Berikut adalah urusniaga

penting dengan pihak berkaitan bagi tahun kewangan (tambahan dari pengumuman pihak berkaitan yang disebut di

dalam penyata kewangan). Urusniaga pihak berkaitan dihuraikan di bawah telah dijalankan mengikut terma-terma dan

syarat-syarat tidak berbeza secara material daripada apa yang boleh diperolehi dalam urusniaga dengan pihak yang tidak

berkaitan.

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

(a) Pendapatan

(i) Faedah belum terima

daripada anak-anak syarikat

- iSynergy Sdn. Bhd. - - 2,567 2,494

- Super Leisure Sdn. Bhd. - - - 164

(ii) Faedah belum terima

daripada syarikat bersekutu,

SIBB ke atas:-

- USL 861 1,047 - -

- penempatan 66 482 - -

(b) Perbelanjaan

(i) Faedah perlu dibayar kepada

anak syarikat,

ASC - - 1,468 1,948

(ii) Yuran nasihat korporat

dibayar kepada syarikat

bersekutu, SIBB 119 633 97 224

(iii) Emolumen Pengarah perlu

dibayar kepada para Pengarah:-

- yuran 643 635 257 264

- gaji dan bonus 701 548 45 -

- manfaat ihsan 50 34 21 5


117

45. PENDEDAHAN PENTING PIHAK-PIHAK BERKAITAN (sambungan)

Baki belum dijelas penting individu yang timbul dalam tahun kewangan daripada urusniaga selain urusniaga biasa dengan pihak

berkaitan adalah seperti berikut:-

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000


anak-anak syarikat:-

iSynergy Sdn. Bhd.

- faedah belum terima - - 2,567 2,494

Super Leisure Sdn. Bhd.

- faedah belum terima - - -

164

Jumlah terhutang kepada anak

syarikat, ASC

- faedah perlu dibayar - - 1,468 1,948

Waran 2000/2008 Syarikat dipegang oleh para Pengarah

Waran 2000/2008 Syarikat dipegang oleh para Pengarah Syarikat dalam tahun kewangan adalah seperti berikut:-

Bilangan Waran 2000/2008

Dibeli dalam Waran tidak dilaksanakan

tahun kewangan pada akhir tahun kewangan

2003 2002 2003 2002


- kepentingan langsung - - 7,510,005 7,510,005 - kepentingan tak langsung - - 13,727,000 13,727,000


- kepentingan langsung - - 3,000 3,000 - kepentingan tak langsung - - 350,000 350,000

Sng Ngiap Koon

- kepentingan tak langsung - - 80,000* -

* Mengikut pendedahan yang dibuat oleh Sng Ngiap Koon pada perlantikan beliau sebagai Pengarah Syarikat pada 28 Oktober

2003.

Terma-terma dan syarat-syarat Waran 2000/2008 diperincikan dalam Laporan Pengarah.


118

46. ANAK SYARIKAT DAN SYARIKAT BERSEKUTU

Anak syarikat dan syarikat bersekutu yang diperbadankan di Malaysia (selain daripada yang dinyatakan sebaliknya), adalah

seperti berikut:-

Kepentingan

Nama Syarikat Kegiatan utama Kumpulan

2003 2002

Anak syarikat bagi Syarikat

Advance Synergy Capital Berhad Pemegangan pelaburan 51.04% 50.76%

iSynergy Sdn. Bhd. Penyediaan produk dan 51% 51%

perkhidmatan berkaitan bayaran

Alangka-Suka Hotels & Resorts Berhad Pemegangan pelaburan 99.63% 99.63%

Calmford Incorporated Pemegangan pelaburan 100% 100%

(Diperbadankan di British Virgin Islands)

Advance Synergy Properties Sdn. Bhd. Pemegangan pelaburan 100% 100%

*Advance Synergy Realty Sdn. Bhd. Pembangunan hartanah 100% 100%

ASB Timber (PNG) Limited Industri perhutanan - 100%

(Diperbadankan di Papua New Guinea)

*Ausborn Sawmill Sdn. Bhd. Kilang papan dan perdagangan kayu digergaji 100% 100%

*Bornion Sawmill Sdn. Bhd. Kilang papan dan perdagangan kayu digergaji 100% 100%

Excellent Arch Sdn. Bhd. Pemegangan pelaburan 100% 100%

Excellent Display Sdn. Bhd. Pemegangan pelaburan 100% 100%

Nagapura Management Corporation Sdn. Bhd. Penyediaan khidmat pengurusan 100% 100%

Sadong Development Sdn. Bhd. Pembangunan hartanah 100% 100%

Synergy Gold Incorporated Pemegangan pelaburan 100% 100%


Synergy Petroleum Incorporated Pemegangan pelaburan 100% 100%


Alam Samudera Corporation Sdn. Bhd. Syarikat pengurusan bagi pelancongan 100% 100%

asing & lawatan masuk asing

Advance Synergy Timber Sdn. Bhd. Lengai 100% 100%

Worldwide Matrix Sdn. Bhd. Pemegangan pelaburan 100% 100%

*P.T. Asbindo Infocitra Perkhidmatan dalam rekaan dan pemprosesan 51% 51%

(Diperbadankan di Republik Indonesia) data kejuruteraan elektronik

Strategic Research & Consultancy Sdn. Bhd. Penyediaan penyelidikan dan khidmat 100% -

rundingan


119

46. ANAK SYARIKAT DAN SYARIKAT BERSEKUTU (sambungan)

Kepentingan

Nama Syarikat Kegiatan utama Berkesan Kumpulan

2003 2002

Anak syarikat bagi Syarikat

Advance Synergy Capital Berhad

*ASC Equities Sdn. Bhd. Perdagangan pelaburan dan modal 51.04% 50.76%

usahasama

*ASC Credit Sdn. Bhd. Kredit dan pajakan 51.04% 50.76%

*Triton-K Sdn. Bhd. Perkhidmatan pengurusan 51.04% 50.76%

*Triton Khidmat Sdn. Bhd. Penyediaan perkhidmatan pengurusan 51.04% 50.76%

tenaga manusia

*Triton Engineering Sdn. Bhd.Penyediaan perkhidmatan

penyelenggaraan bas51.04% 50.76%

*Triton Commuter Sdn. Bhd. Penyediaan perkhidmatan bas feder 51.04% 50.76%

*Triton Express Sdn. Bhd. Penyediaan perkhidmatan bas ekspres 51.04% 50.76%

*Triton Feeder Services Sdn. Bhd. Lengai 51.04% 50.76%

*Triton Terminal Management Sdn. Bhd. Lengai 51.04% 50.76%

*Triton Excursions Sdn. Bhd. Lengai 51.04% 50.76%

*Triton Synergy Holdings Sdn. Bhd. Lengai 51.04% 50.76%

*Triton Express Holdings Sdn. Bhd. Lengai 51.04% 50.76%

*AESBI Power Systems Sdn. Bhd. Pemegangan pelaburan 51.04% -

*Quality Bus & Coach (M) Sdn. Bhd. Merekabentuk, bangunan dan 26.03% -

pembuatan koc

Syarikat bersekutu

Advance Synergy Capital Berhad

*Southern Investment Bank Berhad Perniagaan perbankan saudagar 10.21% 10.15%

*Kumpulan Powernet Berhad Pemegangan pelaburan 10.21% 10.15%

*ACE Synergy Insurance Berhad Perniagaan insuran am 25.01% -

*Hicom Australia Pty. Ltd. Mereka, bangunan dan pembuatan koc 25.52% -

Anak syarikat

Southern Investment Bank Berhad

*Perdana Nominees (Tempatan) Sdn. Bhd. Perkhidmatan nomini 10.21% 10.15%

*Perdana Nominees (Asing) Sdn. Bhd. Perkhidmatan nomini 10.21% 10.15%

*Perdana Mutual Fund Berhad Lengai 10.21% 10.15%


120


Kepentingan

Nama syarikat Kegiatan utama berkesan Kumpulan

2003 2002

Anak syarikat

Kumpulan Powernet Berhad

*Powernet Industries Sdn. Bhd. Pengeluar fabrik sulaman 10.21% 10.15%

*Powernet Properties Sdn. Bhd. Pelaburan harta 10.21% 10.15%

Anak syarikat

Powernet Industries Sdn. Bhd.

*Fuwai Manufacturing Sdn. Bhd. Laminasi fabrik dan isian gentian 10.21% 10.15%

*Ladyworld Marketing (M) Sdn. Bhd. Pembuatan pakaian dalam 10.21% 5.18%

*Powerfi t Industries Sdn. Bhd. Pengilangan klip, cangkuk dan 5.33% 5.30%

pepasangan mata, cangkuk dan

pita mata dan mesin cangkuk dan

pita mata

*Powernet Trading (M) Sdn. Bhd. Perdagangan bahan dan aksesori 10.21% 10.15%

pakaian dalam

Anak syarikat

Ladyworld Marketing (M) Sdn. Bhd.

*Eramina Sdn. Bhd. Perdagangan pakaian dalam 10.21% 2.82%

*Wentai Sdn. Bhd. Kontraktor penjahitan pakaian dalam 5.56% 2.82%

Anak syarikat

iSynergy Sdn. Bhd.

Cosmocourt.com (Malaysia) Sdn. Bhd. Tidak aktif 51% 51%

Rewardstreet.com (Malaysia) Sdn. Bhd. Tidak aktif 51% 51%

Datakey Sdn. Bhd. Lengai 51% 51%

Anak syarikat Alangka-Suka

Hotels & Resorts Berhad

Asbina Hotel & Property Sdn. Bhd. Pemilik pegangan pajakan Monorom 99.63% 99.63%

Holiday Villa, Phnom Penh

Alor Setar Holiday Villa Sdn. Bhd. Memiliki dan mengendali Alor Setar 89.67% 89.67%

Holiday Villa

Cherating Holiday Villa Berhad Memiliki dan mengendali Cherating 99.63% 99.63%

Holiday Villa Resort

Langkawi Holiday Villa Sdn. Bhd. Memiliki dan mengendali Langkawi 99.63% 99.63%

Holiday Villa Resort

Mayor Hotels Berhad Memiliki dan mengendali City Villa 99.63% 99.63%

Kuala Lumpur


121


Kepentingan


2003 2002


Hotels & Resorts Berhad (sambungan)

Grand Hotel Sudan Limited Pemilik pegangan pajakan Grand 99.63% 99.63%

(Diperbadankan di British Virgin Islands) Holiday Villa, Khartoum

Alangka-Suka International Limited Pemegangan pelaburan 99.63% 99.63%


Antara Holiday Villas Sdn. Bhd. Perkhidmatan pengurusan hotel 99.63% 99.63%

Holiday Villas International Limited Perkhidmatan pengurusan hotel 99.63% 99.63%


Holiday Villa Travel & Tours Sdn. Bhd. Perkhidmatan limosin 99.63% 99.63%

Holiday Villa Subang Sdn. Bhd. Lengai 99.63% 99.63%

*Suntop Corporation Sdn. Bhd. Lengai 99.63% 99.63%

Anak syarikat Asbina

Hotel & Property Sdn. Bhd.

*Asbina Hotel & Property Mengendali Monorom Holiday 99.63% 99.63%

(Cambodia) Pte. Ltd. Villa, Phnom Penh

(Diperbadankan di Cambodia)


International Limited

Asbina Shenzhen Limited Lengai 89.67% 89.67%


*Grand Holiday Villa Khartoum Co. Ltd. Mengendali Grand Holiday Villa, Khartoum 99.63% 99.63%

(Diperbadankan di Republik Sudan)

*Interwell International Limited Memiliki Holiday Villa, London 99.63% 99.63%


*P.T. Diwangkara Holiday Villa Bali Mengendali dan mengurus Diwangkara 89.67% -

(Diperbadankan di Republik Indonesia) Holiday Villa Bali

*Larkswood Assets Limited Pemegangan pelaburan 99.63% -


Anak syarikat Interwell


*Interwell Management Limited Lengai 99.63% 99.63%

(Diperbadankan di England dan Wales)


122


Kepentingan


2003 2002

Anak syarikat Holiday Villas


*Holiday Villa (UK) Ltd. Mengendali Holiday Villa, London 99.63% 99.63%

(Diperbadankan di England dan Wales)

Anak syarikat

Larkswood Assets Limited

*Alangka-Suka Australia Pty. Ltd. Memiliki Manor House Boutique 99.63% -

(Diperbadankan di Australia) Hotel, Australia

*Holiday Villa Australia Pty. Ltd. Perkhidmatan pengurusan hotel 99.63% -

(Diperbadankan di Australia)

Anak syarikat Calmford Incorporated

*Jarrett Synergy Pty. Ltd. Mengilang dan menjual produk logam 100% 100%

*Synergy Lifestyle Concepts Pty. Ltd. Peruncit peralatan hiburan rumah 100% 100%


Anak syarikat

Advance Synergy Properties Sdn. Bhd.

Synergy Realty Incorporated Pemegangan pelaburan 100% 100%


Anak syarikat

Synergy Realty Incorporated

*Synergy Investments Australia Pty. Ltd. Pembangunan hartanah dan pelaburan 100% 100%


Anak syarikat

Excellent Arch Sdn. Bhd.

Advance Synergy Furniture Sdn. Bhd. Dalam pembubaran 100% 100%

Anak syarikat

Excellent Display Sdn. Bhd.

Super Leisure Sdn. Bhd. Operasi dan pengurusan restoran 100% 100%

Visage Synergy Sdn. Bhd. Lengai 100% 100%

Anak syarikat Nagapura

Management Corporation Sdn. Bhd.

Xgo Technik Sdn. Bhd. (dahulunya Penyediaan servis informasi kewangan 100% 100%

dikenali sebagai e-go.com Sdn. Bhd.) produk teknologi informasi dan lain-

lain perkhidmatan yang berkaitan


123


Kepentingan


2003 2002

Anak syarikat of Nagapura

Management Corporation Sdn. Bhd.

(sambungan)

Syarikat Fit and Weld Engineering (M) Dalam pembubaran 70% 70%

Sdn. Bhd.

Acrylic Synergy Sdn. Bhd. Tidak aktif 81% 81%

Anak syarikat

Sadong Development Sdn. Bhd.

Hotel Golden Dragon Sdn. Bhd. Pembangunan hartanah 95% 95%

Anak syarikat Hotel Golden

Dragon Sdn. Bhd.

Simpang Tiga Realty Sdn. Bhd. Pembangunan hartanah 95% 95%

Anak syarikat

Worldwide Matrix Sdn. Bhd.

*Unifi ed Communications Sdn. Bhd. Penyelidikan dan pembangunan 70% 70%

kejuruteraan perisian, penyepaduan

sistem, pengurusan projek dan

penyelenggaraan dan sokongan

bagi industri telekomunikasi

*Unifi ed Communications Pte. Ltd. Pengedaran produk telekomunikasi, 70% 70%

(Diperbadankan di Singapura) rekabentuk dan pembangunan

penyelesaian telekomunikasi,

pengurusan projek dan perkhidmatan

penyelenggaraan dan dokongan


Anak syarikat

Unifi ed Communications Sdn. Bhd.

*AttrixTech Sdn. Bhd. Pengedaran produk telekomunikasi 70% 70%

Anak syarikat

Unifi ed Communications Pte. Ltd.

*Attrix Technology Pte. Ltd. Pengedaran produk telekomunikasi 70% 70%

(Diperbadankan di Singapura)

*Unifi ed Communications Limited Pengedaran produk telekomunikasi, 35.70% 35.70%

(Diperbadankan di Hong Kong) rekabentuk dan pembangunan

penyelesaian telekomunikasi,

pengurusan projek dan perkhidmatan

penyelenggaraan dan sokongan



124


Kepentingan

Nama syarikat Kegiatan utama Berkesan Kumpulan

2003 2002

Syarikat bersekutu bagi Syarikat

*ACE Synergy Insurance Berhad Perniagaan insuran am - 49%

Diversifi ed Gain Sdn. Bhd. Pemegangan pelaburan 50% 50%

Anak syarikat

Diversifi ed Gain Sdn. Bhd.

Inter-Pacifi c Travel & Tours Sdn. Bhd. Ejen percutian dan pelancongan 50% 50%

dan penukar wang berlesen

Anak syarikat Inter-Pacifi c

Travel & Tours Sdn. Bhd.

Columbus Travel & Tours Sdn. Bhd. Ejen percutian dan pelancongan 50% 50%

Inter-Pacifi c Leisure Sdn. Bhd. Tidak aktif - 50%

Motorsports Adventure Sdn. Bhd. Mengendali kegiatan pengembaraan 50% 50%

sukan motor dan kegiatan berkaitan

Marketing and Event Management Tidak aktif 50% 50%

Integrated Sdn. Bhd.

Inter-Pacifi c Travel & Tours Lengai 50% 50%

(Penang) Sdn. Bhd.

Inter-Pacifi c Travel & Tours Lengai 50% 50%

(Sabah) Sdn. Bhd.

*Syarikat-syarikat yang tidak di audit oleh BDO Binder

47. PERISTIWA PENTING DALAM TAHUN KEWANGAN

Kumpulan

(i) Pada 19 Mac 2002, ASC mengumumkan butir-butir cadangan berikut:-

(a) Cadangan pulangan 90 sen setiap saham biasa bernilai RM1.00 setiap unit kepada pemegang-pemegang

sahamnya berjumlah RM282,349,504 dan penyatuan sepuluh (10) saham biasa yang terhasil bernilai 10 sen

setiap unit menjadi satu saham biasa bernilai RM1.00 setiap unit (“Cadangan Pulangan Modal”); dan

(b) Cadangan terbitan bonus 125,488,668 saham biasa baru bernilai RM1.00 setiap unit berasaskan empat (4)

saham biasa baru bernilai RM1.00 setiap unit bagi setiap saham biasa sedia ada bernilai RM1.00 setiap unit

dipegang selepas Cadangan Pulangan Modal (“Cadangan Terbitan Bonus”).


125

47. PERISTIWA PENTING DALAM TAHUN KEWANGAN (sambungan)

Pada 23 Oktober 2002, SC meluluskan Cadagan Pulangan Modal dan Cadangan Terbitan Bonus.

Pada 31 Disember 2002, ASC telah memulangkan RM282,349,504 secara tunai kepada pemegang-pemegang sahamnya

selaras dengan Cadangan Pulangan Modal dan melaksanakan Cadangan Terbitan Bonus 125,488,668 saham biasa

baru bernilai RM1.00 setiap unit.

Pada 9 Januari 2003, saham biasa baru ASC muncul daripada terbitan bonus telah disenaraikan dan disebut harga pada

Papan Utama Bursa Malaysia.

(ii) Berikutan penyelesaian Pulangan Modal oleh ASC yang diluluskan, Syarikat telah menerima sejumlah RM143.3 juta

secara tunai dimana RM90.46 juta daripadanya telah digunakan untuk penebusan awal RLS Syarikat dan pembelian

semula CLS bersama dengan faedah yang terakru sehingga tarikh penebusan dan pembelian semula semasa tahun

kewangan. Nilai persamaan nominal Ringgit RLS yang ditebus berjumlah RM92.198 juta daripada jumlah sebanyak

RM185.874 juta dalam terbitan dan nilai nominal CLS yang dibeli semula berjumlah RM0.700 juta daripada jumlah

sebanyak RM183.461 juta dalam terbitan.

(iii) Pada 3 Disember 2002, ASC telah mengumumkan bahawa ia telah memulakan perniagaan utama barunya iaitu

perkhidmatan bas umum. Dengan ini, pada 26 November 2002 mengesahkan bahawa ASC masih lagi penerbit tersenarai

terbabit selaras dengan perenggan 2.1 Nota Amalan 10/2001 Keperluan-keperluan Penyenaraian Bursa Malaysia (“PN

10”) disebabkan oleh tahap operasi ASC yang tidak mencukupi. ASC dikehendaki oleh Bursa Malaysia menyelaraskan

tahap operasinya mengikut peruntukan PN 10 selewat-lewatnya 30 April 2004.

(iv) Pada 19 Mac 2003, ASC mengumumkan bahawa ia telah membatal cadangan pengambilalihan keseluruhan kepentingan

ekuiti dalam Super Trans Corporation Sdn. Bhd. (“STC”) daripada Super Trans Capital Sdn. Bhd. (“Penjual”) dan Mr. Lau

Chan Seng (“Penjamin”) untuk balasan tunai sebanyak RM21,604,000 (“Cadangan Pengambilalihan STC”). Penjual

dan Penjamin telah diberi sehingga tempoh enam (6) bulan untuk menyelesaikan perintah penggulungan STC, dan

kegagalan untuk menyelesaikan perintah penggulungan STC mengakibatkan Lembaga Pengarah ASC memutuskan

untuk membatalkan Cadangan Pengambilalihan STC. Selaras dengan itu, ASC telah mengarahkan peguamcaranya

untuk mendapatkan semula deposit sebanyak RM2,160,400. Deposit tersebut telah dipulangkan kepada ASC pada 17

Mac 2003.

(v) Pada 3 Jun 2003, AESBI Power Systems Sdn Bhd (“AESBI”), sebuah anak syarikat milik penuh ASC, telah menandatangani

Perjanjian Jual Beli dengan Lion Suzuki Motor Sdn Bhd untuk membeli sekeping tanah pegangan kekal yang mempunyai

beberapa bangunan dibina di No. 72, Persiaran Jubli Perak, Lion Industrial Park, Seksyen 22, Shah Alam untuk balasan

tunai sebanyak RM29,000,000 (“Cadangan Pengambilalihan”). Cadangan Pengambilalihan tersebut telah diselesaikan

pada 31 Oktober 2003.

Pada 20 November 2003, ASEBI telah menaikkan modal saham berbayarnya dari RM2.00 kepada RM250,000 selaras

dengan syarat yang dikenakan oleh FIC terhadap cadangan pengambilalihan tersebut.

Syarikat

(vi) Pada 24 April 2002, ASC telah menandatangani Perjanjian Tambahan dengan Syarikat untuk mengubah beberapa

terma Perjanjian Jual Beli yang ditandatangani pada 13 Julai 2001 berhubung dengan cadangan pengambilalihan 49%

kepentingan ekuiti dalam ACE terdiri daripada 49 juta saham biasa bernilai RM1.00 setiap unit daripada Syarikat bagi

jumlah balasan tunai sebanyak RM71.0 juta (“Cadangan Pengambilalihan ACE”).

Pada 23 Oktober 2002, SC telah meluluskan Cadangan Pengambilalihan ACE. Pada tarikh yang sama, FIC telah

menyatakan bahawa ia tidak mempunyai bantahan untuk Cadangan Pengambilalihan ACE tertakluk kepada ACE

memenuhi sekurang-kurangnya 30% kepentingan ekuiti Bumiputera dan mengurangkan kepentingan ekuiti asingnya

kepada tidak lebih daripada 51% sebelum 31 Disember 2003.

Pada 8 November 2002, ASC telah membuat permohonan kepada FIC meminta penepian sewajarnya ke atas dua syarat

tersebut di atas.

Pada 7 Januari 2003, FIC telah bersetuju untuk mengenepikan dua syarat yang dikenakan dan Cadangan Pengambilalihan

ACE oleh ASC telah diselaisaikan pada 15 Januari 2003.


126

47. PERISTIWA PENTING DALAM TAHUN KEWANGAN (sambungan)

(vii) Pada 9 April 2003, Syarikat telah mengumumkan cadangan untuk melanjutkan jangka masa dan tempoh pelaksanaan

Waran 2000/2003 yang masih tertangguh selama lima (5) tahun dari 28 Ogos 2003 sehingga dan termasuk 28 Ogos

2008 dan selepas itu opsyen untuk melanjutkan tempoh pelaksanaan bagi dua (2) tahun selanjutnya yang akan tamat

pada 28 Ogos 2010 (“Cadangan Pelanjutan Waran”).

Pada 9 Julai 2003 dan 23 Julai 2003, pemegang-pemegang stok dan pemegang-pemegang waran Syarikat masing-

masing telah meluluskan Cadangan Pelanjutan Waran seperti yang dikemukakan dalam Nota 28(a).

48. PERISTIWA PENTING SELEPAS TARIKH KUNCI KIRA-KIRA

Kumpulan

(i) Pada 19 November 2003, ASC telah mengumumkan anak syarikat milik penuhnya, Triton Synergy Holdings Sdn. Bhd.

telah menandatangani Perjanjian Langganan Saham dengan Encik Yue Sau Hung dan Encik Ng Weng Choong untuk

melanggan 784,000 saham biasa baru dalam BTV Production Sdn. Bhd. (“BTV”) bagi balasan tunai sebanyak RM784,000

mewakili 70% daripada jumlah modal saham berbayar BTV yang telah diperbesarkan (“Cadangan Langganan”).

Dengan memenuhi semua terma-terma dan syarat-syarat dalam Perjanjian Langganan Saham, Cadangan Langganan

telah disiapkan pada 5 Januari 2004.

(ii) Pada 8 May 2003, Syarikat telah mengumumkan bahawa ia telah mencadangkan penyenaraian anak-anak syarikat milik

70%, [dipegang melalui Worldwide Matrix Sdn. Bhd. (“WMSB”), sebuah anak syarikat milik penuh Syarikat], bernama

UCSB dan UCPL melalui sebuah syarikat yang baru diperbadankan (“Listco”) di Singapore Exchange Securities Trading

Limited (“SGX”)(“Cadangan Penyenaraian”). Unifi ed Communications Holdings Limited (“UCH”) telah dikenal pasti

sebagai Listco.

Prospektus yang mengemukakan jemputan kepada orang ramai untuk melanggan dan/atau membeli 73,500,000 saham-

saham biasa bernilai SGD0.08 setiap satu pada harga terbitan/tawaran SGD0.28 setiap satu telah didaftarkan dengan

Monetary Authority of Singapore pada 10 Februari 2004.

Selaras dengan itu, saham-saham UCH telah dimasukkan ke Senarai Rasmi SGX dan urusniaga jualbeli bermula pada 19

Februari 2004 dengan harga pembukaan SGD0.505 mewakili premium, 80.36% ke atas harga tawaran awam permulanya

yang bernilai SGD0.28 dan mencecah setinggi SGD0.585 sebelum ditutup pada SGD0.560. Berikutan penyelesaian

Cadangan Penyenaraian, kepentingan ekuiti efektif Kumpulan di UCH adalah 58.3%.

Syarikat

(iii) Pada 9 Disember 2003, Syarikat telah mengumumkan bahawa ia telah menandatangai perjanjian dengan Berjaya Group

Berhad (“BGB”) bagi pemeolehan baki kepentingan ekuiti sebanyak 50% yang terdiri daripada 3,000,000 saham biasa

bernilai RM1.00 setiap unit dalam Diversifi ed Gain Sdn. Bhd. daripada BGB bagi balasan tunai sebanyak RM300,000.

Cadangan pemeolehan ini adalah tertakluk kepada kelulusan pihak-pihak berkuasa yang berkenaan.

49. BILANGAN KAKITANGAN DAN KOS KAKITANGANKumpulan Syarikat

2003 2002 2003 2002

1,432 1,229 31 29

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

43,256 32,318 2,234 2,028

50. KEBENARAN UNTUK PENERBITAN PENYATA KEWANGAN

Penyata kewangan telah dibenarkan untuk penerbitan oleh Lembaga Pengarah pada 27 April 2004.

Bilangan kakitangan, pada

akhir tahun kewangan

Kos kakitangan bagi tahun

kewangan


127

financial statements

2003

Directors’ Report

130

The Directors hereby submit their report together with the audited fi nancial statements of the Group and of the Company for the fi nancial year ended 31 December 2003.

PRINCIPAL ACTIVITIES

The principal activities of the Company are that of investment holding and providing full corporate and fi nancial support to its subsidiary companies. The principal activities of the subsidiary companies are set out in Note 46 to the fi nancial statements. There have been no signifi cant changes in the nature of these activities during the fi nancial year.

RESULTS

Group CompanyRM’000 RM’000

Profi t after tax 15,523 91Minority interests (9,463) -

Net profi t for the fi nancial year 6,060 91

DIVIDENDS

No dividend has been paid or declared by the Company since the end of the previous fi nancial year. The Directors do not recommend any dividend payment in respect of the fi nancial year ended 31 December 2003.

ISSUE OF SHARES AND DEBENTURES

The Company has not issued any shares or debentures during the fi nancial year ended 31 December 2003.

WARRANTS 2000/2008

On 1 May 2000, the Company had issued RM185,874,269 nominal value of 7% Redeemable Loan Stocks 2000/2005 and RM183,460,787 nominal value of 7% Convertible Loan Stocks 2000/2005 together with 168,896,809 detachable warrants (“Warrants”).

The Warrants were issued to the entitled stockholders of the Company at an offer price of 20 sen per Warrant on the basis of one (1) Warrant for every two (2) existing stock units held in the Company. Each Warrant entitles the registered holder at any time during the exercise period to subscribe for one new stock unit of RM1.00 each at the exercise price of RM1.00 per stock unit during the original exercise period which had expired on 28 August 2003.

Directors’ Report

131

WARRANTS 2000/2008 (continued)

On 9 July 2003 and 23 July 2003, the stockholders and the warrantholders of the Company had respectively approved the extension of the duration and exercise period of the Warrants by fi ve (5) years from 28 August 2003 up to and including 28 August 2008 (“First Extension”) and thereafter an option to extend the duration and the exercise period for a further period of two (2) years expiring on 28 August 2010 (“Further Extension”). Following the First Extension, the Further Extension will be implemented by the Company if the weighted average price of the Company’s stock units quoted on the Main Board of Bursa Malaysia is not more than twenty percent (20%) over the exercise price of RM1.00 per stock unit for any period of thirty (30) consecutive days during the six (6)-month period from 29 November 2007 to 28 May 2008.

The registered holders have no right to participate by virtue of the Warrants in any other share issue of the Company and its subsidiary companies.

Upon expiry of the exercise period, any unexercised Warrants will lapse and cease to be valid for any purpose.

As at the end of the current fi nancial year, no exercise of Warrants had taken place.

RESERVES AND PROVISIONS

There were no material transfers to or from reserves or provisions during the fi nancial year ended 31 December 2003 other than those as disclosed in the fi nancial statements.

DIRECTORS

The Directors who held offi ce since the date of the last report are:-


Aznan Bin Haji Ismail



Chim Wai Khuan

Sng Ngiap Koon (appointed on 28 October 2003)

Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad Kamil (resigned on 28 August 2003)

In accordance with Article 102 of the Company’s Articles of Association, Dato’ Ahmad Sebi Bakar and Wong Ah Nam @ Wong Joon Tuang retire from the Board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.

In accordance with Article 106 of the Company’s Articles of Association, Sng Ngiap Koon retires from the Board at the forthcoming Annual General Meeting and, being eligible, offers himself for election.

Directors’ Report

132

DIRECTORS’ INTERESTS

The Directors holding offi ce at the end of the fi nancial year and their benefi cial interests in the stock units and/or warrants of the Company and shares of its related corporations during the fi nancial year ended 31 December 2003 as recorded in the Register of Directors’ Stockholdings kept by the Company under Section 134 of the Companies Act, 1965, were as follows:-

Number of stock units/ordinary shares of RM1.00 eachBalance Balance

as at as at1.1.2003 Bought Sold 31.12.2003

Direct Interest

Interest of:-

Dato’ Ahmad Sebi Bakar in:-- Advance Synergy Berhad 15,020,009 183,500 - 15,203,509

Datin Masri Khaw Binti Abdullah in:-- Advance Synergy Berhad 6,000 - - 6,000- Alangka-Suka Hotels & Resorts Berhad 308,000 - - 308,000

Indirect Interest

Interest of:-

Dato’ Ahmad Sebi Bakar in:-- Advance Synergy Berhad 27,451,109 - - 27,451,109

Datin Masri Khaw Binti Abdullah in:-- Advance Synergy Berhad 800,000 200,000 - 1,000,000

Sng Ngiap Koon in:- - Advance Synergy Berhad 500,000* - - 500,000

---------------------- Number of Warrants 2000/2008 ----------------------

Balance Balanceas at as at

1.1.2003 Bought Sold 31.12.2003Direct Interest

Interest of:-

Dato’ Ahmad Sebi Bakar 7,510,005 - - 7,510,005Datin Masri Khaw Binti Abdullah 3,000 - - 3,000

Indirect Interest

Interest of:-

Dato’ Ahmad Sebi Bakar 13,727,000 - - 13,727,000Datin Masri Khaw Binti Abdullah 350,000 - - 350,000Sng Ngiap Koon 80,000* - - 80,000

*Balance as at 28 October 2003, the date on which Sng Ngiap Koon was appointed as Director of the Company.

No other Directors holding offi ce at the end of the fi nancial year had any benefi cial interests in the stock units or warrants of the Company and shares of its related corporations during the fi nancial year ended 31 December 2003.

Directors’ Report

133

DIRECTORS’ BENEFITS

Since the end of the previous fi nancial year, none of the Directors of the Company has received or become entitled to receive a benefi t, other than the benefi ts as disclosed in Note 8 to the fi nancial statements, by reason of a contract made by the Company or a related corporation with the Director, or with a fi rm of which the Director is a member, or with a company in which the Director has a substantial fi nancial interest.

There were no arrangements made or entered into during and at the end of the fi nancial year, to which the Company is a party, which had the object of enabling Directors of the Company to acquire benefi ts by means of the acquisition of stock units/shares in or debentures of the Company or any other body corporate except for the extension of Warrants as disclosed in Note 28(a) to the fi nancial statements.

OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY:-

(I) AS AT THE END OF THE FINANCIAL YEAR

(a) Before the income statements and balance sheets of the Group and of the Company were made out, the Directors took reasonable steps:-

(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and have satisfi ed themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts; and

(ii) to ensure that any current assets which were unlikely to realise their book values in the ordinary course of business had been written down to their estimated realisable values.

(b) In the opinion of the Directors, the results of the operations of the Group and of the Company during the fi nancial year have not been substantially affected by any item, transaction or event of a material and unusual nature.

(II) FROM THE END OF THE FINANCIAL YEAR TO THE DATE OF THIS REPORT (c) The Directors are not aware of any circumstances:-

(i) which would render the amount written off for bad debts or the amount of the provision for doubtful debts in the fi nancial statements of the Group and of the Company inadequate to any material extent; or

(ii) which would render the values attributed to current assets in the fi nancial statements of the Group and of the Company misleading; and

(iii) which have arisen which would render adherence to the existing methods of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.

(d) In the opinion of the Directors:-

(i) there has not arisen any item, transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the Group and of the Company for the fi nancial year in which this report is made; and

(ii) 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 fi nancial year which will or may substantially affect the abilities of the Group or of the Company to meet their obligations as and when they fall due.

Directors’ Report

134

OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY:- (continued)

(III) AS AT THE DATE OF THIS REPORT

(e) There are no charges on the assets of the Group and of the Company which have arisen since the end of the fi nancial year to secure the liabilities of any other person.

( f ) There are no contingent liabilities of the Group and of the Company which have arisen since the end of the fi nancial year.

(g) The Directors are not aware of any circumstances not otherwise dealt with in the report or fi nancial statements which would render any amount stated in the fi nancial statements of the Group and of the Company misleading.

AUDITORS

The auditors, BDO Binder, have expressed their willingness to continue in offi ce.

Signed on behalf of the Board in accordance with a resolution of the Directors.

...............................................................Dato’ Ahmad Sebi BakarDirector

...............................................................Wong Ah Nam @ Wong Joon TuangDirector

Kuala Lumpur

27 April 2004

Statement by Directors

135

Statutory Declaration

In the opinion of the Directors, the fi nancial statements set out on pages 137 to 207 have been drawn up in accordance with applicable approved accounting standards in Malaysia so as to give a true and fair view of:-

(i) the state of affairs of the Group and of the Company as at 31 December 2003 and of their results for the fi nancial year then ended; and

(ii) the cash fl ows of the Group and of the Company for the fi nancial year ended 31 December 2003.

On behalf of the Board,

……………………………………....….

Dato’ Ahmad Sebi BakarDirector

……………………………………....…


Director

Kuala Lumpur

27 April 2004

I, Sng Ngiap Koon, being the Director primarily responsible for the fi nancial management of Advance Synergy Berhad, do solemnly and sincerely declare that the fi nancial statements set out on pages 137 to 207 are, to the best of my knowledge and belief, correct and I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly )declared by the abovenamed at )Kuala Lumpur this )27 April 2004 )

Before me:-

Karam Singh A/L Sudagar Singh PMCNo. W353

Commissioner for Oaths

Malaysia

136

Report of The Auditors to the Members of Advance Synergy Berhad

We have audited the fi nancial statements set out on pages 137 to 207. These fi nancial statements are the responsibility of the Company’s Directors. Our responsibility is to express an opinion on the fi nancial statements based on our audit.

We conducted our audit in accordance with approved standards on auditing in Malaysia. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by the Directors, as well as evaluating the overall fi nancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion:-

(a) the fi nancial statements have been properly drawn up in accordance with applicable approved accounting standards in Malaysia and the provisions of the Companies Act, 1965 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 fi nancial statements of the Group and of the Company; and

(ii) the state of affairs of the Group and of the Company as at 31 December 2003 and of their results and cash fl ows for the fi nancial year then ended; and

(b) the accounting and other records and the registers required by the Act to be kept by the Company and by the subsidiary companies of which we have acted as auditors have been properly kept in accordance with the provisions of the said Act.

We have considered the fi nancial statements and the auditors’ reports of the subsidiary companies of which we have not acted as auditors, as indicated in Note 46 to the fi nancial statements, being fi nancial statements that are included in the consolidated fi nancial statements.

We are satisfi ed that the fi nancial statements of the subsidiary companies that are consolidated with the Company’s fi nancial statements are in form and content appropriate and proper for the purposes of the preparation of the consolidated fi nancial statements and we have received satisfactory information and explanations required by us for those purposes. The auditors’ reports on the fi nancial statements of the subsidiary companies were not subject to any qualifi cation and did not include any comment made under Section 174(3) of the Act.

BDO BinderAF : 0206Chartered Accountants

Siew Kah Toong1045/03/06 (J)Partner

Kuala Lumpur27 April 2004

Income Statementsfor the fi nancial year ended 31 December 2003

137

Group Company2003 2002 2003 2002

NOTE RM’000 RM’000 RM’000 RM’000

Revenue 6 218,898 203,615 4,627 1,662

Cost of sales (104,237) (105,984) - -

Gross profi t 114,661 97,631 4,627 1,662

Other operating income 22,517 24,033 47,159 14,097

Distribution costs (11,373) (7,514) - -

Administration expenses (36,442) (31,531) (438) (438)

Other operating expenses (50,468) (58,415) (32,370) (38,147)

Impairment loss on goodwill on consolidation 7 - (50,224) - -

Impairment loss on investments 7 - - - (54,914)

Profi t/(Loss) from operations 38,895 (26,020) 18,978 (77,740)

Finance costs (24,417) (31,367) (18,887) (25,072)

Share of profi t in associated companies 8,791 7,933 - -

Profi t/(Loss) before tax 8 23,269 (49,454) 91 (102,812)

Tax expenses 9Company and subsidiary companies 4,348 8,641 - -Share of tax expenses in associated companies 3,398 2,593 - -

(7,746) (11,234) - -

Profi t/(Loss) after tax 15,523 (60,688) 91 (102,812)

Minority interests (9,463) (7,738) - -

Net profi t/(loss) for the fi nancial year 6,060 (68,426) 91 (102,812)

Earnings/(Loss) per stock unit (sen)

Basic 10 1.79 (20.26)

4,348 8,641 - -

3,398 2,593 - -

The attached notes form an integral part of the fi nancial statements.

138

Balance Sheets as at 31 December 2003

Group Company2003 2002 2003 2002

NOTE RM’000 RM’000 RM’000 RM’000ASSETS EMPLOYED

Non current assets

Property, plant and equipment 11 399,880 362,929 768 854

Investment in subsidiary companies 12 - - 419,536 419,536

Investment in associated companies 13 58,925 92,087 - 29,018

Land held for development 14 13,774 13,774 - -

Investment securities 15 58,918 51,249 35,175 39,633

Goodwill on consolidation 16 125,904 131,207 - -

Purchased goodwill 17 1,569 1,298 - -

Intangible assets 18 8,366 499 - -

Deposit 19 30,000 30,000 - -

Current assets

Development properties and expenditure 20 28,401 42,858 - -

Inventories 21 40,872 30,081 - -Receivables 22 113,370 82,854 215,175 368,268Tax recoverable 11,032 8,867 9,486 8,372Marketable securities 23 3,109 4,623 - -Deposits with fi nancial institutions 24 119,464 129,964 9,200 2,700Cash and bank balances 43,201 178,268 333 986

359,449 477,515 234,194 380,326Less: Current liabilities

Payables 25 137,616 149,803 91,671 178,558Bank overdrafts 26 1,291 957 - -Short term borrowings 27 8,167 8,394 - -Taxation 9,905 8,927 4,931 4,931

156,979 168,081 96,602 183,489

Net current assets 202,470 309,434 137,592 196,837

899,806 992,477 593,071 685,878

28,401 42,858 - -40,872 30,081 - -

113,370 82,854 215,175 368,26811,032 8,867 9,486 8,3723,109 4,623 - -

119,464 129,964 9,200 2,70043,201 178,268 333 986

359,449 477,515 234,194 380,326

137,616 149,803 91,671 178,5581,291 957 - -8,167 8,394 - -9,905 8,927 4,931 4,931

156,979 168,081 96,602 183,489


Balance Sheetsas at 31 December 2003

139

Group Company2003 2002 2003 2002

NOTE RM’000 RM’000 RM’000 RM’000

FINANCED BY

Share capital 28 337,794 337,794 337,794 337,794

Reserves 29 44,102 31,438 (21,160) (21,251)

Stockholders’ equity 381,896 369,232 316,634 316,543

Minority interests 178,721 208,160 - -

7% redeemable loan stocks 2000/2005 30 93,676 185,874 93,676 185,874

7% convertible loan stocks 2000/2005 30 182,761 183,461 182,761 183,461

Term loans 31 56,565 39,455 - -

Hire purchase and lease creditors 32 1,082 701 - -

Deferred tax liabilities 33 4,876 5,394 - -

Retirement benefi ts 34 193 163 - -

Deferred income 35 36 37 - -

899,806 992,477 593,071 685,878


140

Statements of Changes in Equityfor the fi nancial year ended 31 December 2003

Exchange Reserve Revalua- fl uctua- on Accumu-

Share Share Capital tion tion consoli- latedcapital premium reserve reserve reserve dation losses Total

Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Balance as at 31 December 2001

As previously reported 337,794 430,437 (1,792) 50,596 1,571 12,575 (392,957) 438,224

Prior year adjustments(Note 36) - - - (3,872) - - 1,203 (2,669)

As restated 337,794 430,437 (1,792) 46,724 1,571 12,575 (391,754) 435,555

Translation gain - - - - 2,942 - - 2,942

Net gain notrecognised in the income statements - - - - 2,942 - - 2,942

Amortisation ofreserve onconsolidation - - - - - (839) - (839)

Net loss for the fi nancial year - - - - - - (68,426) (68,426)

Balance as at 31 December 2002 337,794 430,437 (1,792) 46,724 4,513 11,736 (460,180) 369,232

Balance as at 31 December 2002

As previously reported 337,794 430,437 (1,792) 50,596 4,513 11,736 (461,104) 372,180

Prior year adjustments(Note 36) - - - (3,872) - - 924 (2,948)

As restated 337,794 430,437 (1,792) 46,724 4,513 11,736 (460,180) 369,232

Translation gain - - - - 7,443 - - 7,443

Net gain notrecognised in the income statements - - - - 7,443 - - 7,443

Amortisation ofreserve onconsolidation - - - - - (839) - (839)

Net profi t for the fi nancial year - - - - - - 6,060 6,060

Balance as at 31 December 2003 337,794 430,437 (1,792) 46,724 11,956 10,897 (454,120) 381,896


- - - - 7,443 - - 7,443

- - - - 2,942 - - 2,942

Statements of Changes in Equityfor the fi nancial year ended 31 December 2003

141

Share Share Capital Accumulatedcapital premium reserve losses Total

Company RM’000 RM’000 RM’000 RM’000 RM’000

Balance as at 31 December 2001 337,794 430,437 69 (348,945) 419,355

Net loss for the fi nancial year - - - (102,812) (102,812)


Net profi t for the fi nancial year - - - 91 91



Cash Flow Statementsfor the fi nancial year ended 31 December 2003

142

Group Company2003 2002 2003 2002

NOTE RM’000 RM’000 RM’000 RM’000Cash fl ows from operating activities Profi t/(Loss) before tax 23,269 (49,454) 91 (102,812)

Adjustments for:-

Allowance for doubtful debts 7,006 8,562 28,676 24,103Amortisation of goodwill on consolidation- subsidiary companies 4,092 1,485 - -- associated companies 60 64 - -

Amortisation of reserve on consolidation (839) (839) - -Amortisation of intangible assets 940 499 - -Amortisation of purchased goodwill 101 85 - -Bad debts written off 37 10,719 - 10,500Bad debts and fi nancing recovered (99) (208) - -Depreciation/amortisation 12,436 12,995 111 115Deferred income recognised (1) (2) - -Gain on disposal of hotel assets (7,194) - - -Gain on disposal of investment securities (621) - (621) -Gain on disposal of an associated company (3,633) - (41,982) -Gain on redemption/repurchase of redeemable loan stocks and convertible loan stocks (4,484) - (4,484) -Gross dividend income (1,964) (3,380) (4,167) (1,592)Impairment loss on goodwill on consolidation - 50,224 - -Impairment loss on investments - - - 54,914Impairment on property, plant and equipment - 3,583 - -Interest expenses 24,417 31,367 18,887 25,073Interest income (7,246) (16,752) (460) (80)Inventories written off 271 - - -Loss on disposal of investments - 369 - -Net loss/(gain) on disposal of property, plant and equipment 3,042 (1,592) - (4)Pension cost of defi ned benefi t plan 34 (101) - -Property, plant and equipment written off 2,752 82 - 5Share of profi t in associated companies (8,791) (7,933) - -Unrealised loss on foreign exchange 25 - - -Realised gain on foreign exchange (63) - (63) -Write back of payables - (14,083) - (14,083)

Balance carried forward 43,547 25,690 (4,012) (3,861)



143

Group Company2003 2002 2003 2002

NOTE RM’000 RM’000 RM’000 RM’000

Balance brought forward 43,547 25,690 (4,012) (3,861)

Allowance for doubtful debts no longer required (78) (12) - -Write back of provision for damages (77) (54) - -Write back of provision for service charges (189) - - -Write back of provision for diminution in value of marketable securities (750) - - -

Operating profi t/(loss) before working capital changes 42,453 25,624 (4,012) (3,861)

Decrease in development properties and expenditure 14,457 11,628 - -Increase in inventories (11,041) (1,200) - -(Increase)/Decrease in receivables (52,506) 29,891 126,985 (30,801)Decrease in marketable securities 2,264 135 - -Decrease/(Increase) in deposits with fi nancial institutions 797 (2,247) - -(Decrease)/Increase in payables (4,441) 4,720 (20,995) 45,503

Cash (used in)/generated from operations (8,017) 68,551 101,978 10,841

Retirement benefi t paid (4) - - -Taxation paid (6,053) (11,099) - -

Net cash (used in)/from operating activities (14,074) 57,452 101,978 10,841

Cash fl ows from investing activities

Proceeds from disposal of investment securities 5,077 2,865 5,080 -Balance of proceeds from disposal of an associated company - - 3,035 -Additional investment in subsidiary company - - - (300)Acquisition of intellectual properties (8,807) - - -Capital return of subsidiary company to minority interests - (139,050) - -Dividend received 9,601 3,790 3,054 1,528Interest received 7,246 16,752 460 80

Balance carried forward 13,117 (115,643) 11,629 1,308



144

Group Company2003 2002 2003 2002

NOTE RM’000 RM’000 RM’000 RM’000

Balance brought forward 13,117 (115,643) 11,629 1,308

Proceeds from disposal of property, plant and equipment 1,288 4,054 - 5Purchase of property, plant and equipment 37 (45,771) (34,639) (25) (894)Additional investment in associated company (477) (56) - -Acquisition of subsidiary companies net of cash and cash equivalents acquired 38 - (66,808) - -Repayment from associated company 3,000 - - -

Net cash (used in)/from investing activities (28,843)

(213,092) 11,604 419

Cash fl ows from fi nancing activities

Dividend paid (2,781) - - -Acquisition of treasury shares (623) - - -Drawdown from term loan 22,763 605 - -Drawdown from short term borrowings 12,106 14,027 - -Redemption/repurchase of redeemable loan stocks and convertible loan stocks (88,352) - (88,352) -Interest paid (23,812) (19,251) (19,383) (11,009)Repayment of hire purchase and lease creditors (1,509) (4,549) - -Repayment of short term borrowings (11,258) (21,687) - -Repayment of term loans (10,934) (10,175) - -

Net cash used in fi nancing activities (104,400) (41,030) (107,735) (11,009)

Effect of exchange rate changes 2,060 (1,838) - -

Net (decrease)/increase in cash and cash equivalents (145,257) (198,508) 5,847 251

Cash and cash equivalents at beginning of fi nancial year

As previously reported 302,686 501,055 3,686 3,435Effect of exchange rate changes 153 139 - -

As restated 302,839 501,194 3,686 3,435

Cash and cash equivalents at end of fi nancial year 39 157,582 302,686 9,533 3,686


302,686 501,055 3,686 3,435153 139 - -

Notes to the Financial Statements31 December 2003

145

1. GENERAL INFORMATION

The Company is a public limited liability company, incorporated and domiciled in Malaysia and listed on the Main Board of Bursa Malaysia.

The registered offi ce and principal place of business of the Company is located at Level 3A (Tower Block), Menara Milenium, 8 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur.

The fi nancial statements are presented in Ringgit Malaysia.

2. PRINCIPAL ACTIVITIES

The principal activities of the Company are that of investment holding and providing full corporate and fi nancial support to its subsidiary companies. The principal activities of the subsidiary companies are set out in Note 46. There have been no signifi cant changes in the nature of these activities during the fi nancial year.

3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Board of Directors recognises the importance of fi nancial risk management in the overall management of the Group’s businesses. A sound risk management system will not only mitigate fi nancial risk but will be able to create opportunities if risk elements are properly managed.

The Group’s overall fi nancial risk management objective is to ensure that the Group creates value for its stockholders while minimising potential adverse effects on the performance of the Group. Financial risk management is carried out through risk reviews, internal control systems and adherence to the Group’s fi nancial risk management policies, as set out below:-

3.1 Foreign currency exchange risk

The Group is exposed to currency risk as a result of the Group’s transactions with foreign trade receivables and payables The Group monitors the movement in foreign currency exchange rates closely to ensure its exposures are minimised.

3.2 Interest rate risk

The Group’s income and operating cash fl ows are substantially independent of changes in market interest rates. Interest rate exposure arises from the Group’s borrowings and is managed through the use of fi xed and fl oating rate debts. The Group does not use derivative fi nancial instruments to hedge its risk.

3.3 Credit risk

Credit risk arises when sales are made on deferred credit terms. The Group seeks to invest cash assets safely and profi tably. Loss will be recognised if a counter party fails to perform as contracted. It is the Group’s policy to monitor the fi nancial standing of these counter parties on a going concern basis and perform credit evaluation on customers requiring credit to ensure that the Group is exposed to minimal credit risk.

3.4 Liquidity and cash fl ow risk

Prudent liquidity risk management implies maintaining suffi cient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to secure the requisite funding at acceptable terms. It is the Group’s policy to ensure continuity in serving its cash obligation in the future by way of measures and forecasts of its cash commitments and monitoring and maintaining a level of cash and cash equivalents deemed adequate for the Group’s requirements. The Group also aims at maintaining fl exibility in funding by keeping committed credit lines available


146

4. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

The fi nancial statements of the Group and of the Company have been prepared in accordance with the applicable approved accounting standards in Malaysia and the provisions of the Companies Act, 1965.

During the fi nancial year, the Group and the Company have adopted the following accounting standards which are applicable to the Group and the Company for the fi rst time:-

MASB 25 Income taxesMASB 27 Borrowing costsMASB 29 Employee benefi ts

The effects of adopting MASB 25 and MASB 29 are disclosed in Note 36 and Note 34 respectively. The adoption of MASB 27 and MASB 29 have no material impact on the Group’s and Company’s fi nancial statements as the existing accounting policies are consistent with the requirements under these new standards.

5. SIGNIFICANT ACCOUNTING POLICIES

5.1 Basis of accounting

The fi nancial statements of the Group and of the Company have been prepared under the historical cost convention (as modifi ed by the revaluation of certain properties) unless otherwise indicated in the signifi cant accounting policies.

The preparation of fi nancial statements, in conformity with applicable approved accounting standards in Malaysia and the provisions of the Companies Act, 1965, requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the fi nancial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

5.2 Basis of consolidation

Subsidiaries are those enterprises controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the fi nancial and operating policies of an enterprise so as to obtain benefi ts from its activities. The fi nancial statements of subsidiaries are included in the consolidated fi nancial statements from the date that control effectively commences until the date that control effectively ceases. The Group adopts the acquisition method of consolidation, as appropriate.

When the acquisition method is adopted, the difference between the purchase consideration and the fair value of the net assets of each subsidiary company at the date of acquisition is treated as goodwill or reserve on consolidation. Except for a quoted subsidiary company, goodwill and reserve on consolidation arising from other subsidiary companies is amortised over 20 years or over the expected useful life, whichever is shorter. Goodwill on consolidation is stated at cost less impairment losses, if any.

All intercompany transactions and balances are eliminated and the consolidated fi nancial statements refl ect external transactions only. Where necessary, accounting policies for subsidiary companies have been changed to ensure consistency with the policies adopted by the Group.

The difference between the proceeds from the disposal of a subsidiary and the carrying amount of its assets less liabilities, together with any goodwill or reserve on consolidation, as of the date of disposal is recognised in the consolidated income statements as the gain or loss on the disposal of the subsidiary.


147

5. SIGNIFICANT ACCOUNTING POLICIES (continued)

5.3 Revenue recognition

Revenue

Revenue of the Company consists of dividend and interest income.

Revenue of the Group includes the following:-

- trading sales at invoiced value and services rendered.- management fees, dividend, interest and rental income.- membership fees in respect of vacation investment timesharing facilities.- income earned from hotel and resort operations net of discounts.- sales value of completed development properties sold and proportionate sales value of development properties to

stage of completion.- billing of card fees, cash advance fees, interest revenue and discount revenue.- contract revenue from information and telecommunication technology related services.- bus fare collections.

Revenue is recognised upon delivery of products and customer acceptance, if any, or performance of services, net of sales taxes and discounts.

Dividend income

Dividends from investments in subsidiary companies, associated companies and other investments are recognised when the shareholders’ right to receive payment is established.

Development properties and contract work in progress

Profi ts from sale of development properties and contract work in progress are recognised on the percentage of completion method which is determined on the proportion of development costs incurred to date that bear to the total estimated costs where the outcome of the project can be reliably estimated. Foreseeable losses, if any, are recognised immediately in the income statement.

Discount and cash advance fees

Revenue from discount and cash advance fees are recognised upon receipt of billings from merchants. Revenue from joining fees is recognised upon issuance of cards to approved members.

Membership fees

Membership fees in respect of vacation investment timesharing facilities are recognised on the basis of 50% in the fi rst year and the balance over the period of 30 years.

Information and telecommunication technology related services

Revenue and profi t from contracts are recognised on an individual contract basis using the percentage of completion method, when the stage of contract completion can be reliably determined, costs to date can be clearly identifi ed, and the total contract revenue to be received and costs to complete can be reliably estimated. The percentage of completion is estimated by the management of the subsidiary companies with reference to the stage of completion of the work as accepted by the customer. Where it is probable that a loss will arise from a contract, the excess of total estimated costs over revenue is recognised as an expense immediately.

Revenue from maintenance contracts is recognised on a straight line basis over the period of the respective contracts.

Bus fares

Revenue from bus fare is recognised on the collection basis.


148


5.4 Finance lease and factoring receivables

When assets are leased out under a fi nance lease, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned fi nance income. Lease income is recognised over the terms of the lease using the net investment method so as to refl ect a constant periodic rate of return of the balance outstanding.

Factoring receivables are carried at the factored amount including the interest receivable. Factoring income is recognised on the effective yield basis.

An estimate is made for doubtful debts upon the review of outstanding amounts. Bad debts are written off when identifi ed.

5.5 Foreign currency transactions and translations

Transactions in foreign currencies are converted into Ringgit Malaysia at the rates of exchange ruling on the transaction dates. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into Ringgit Malaysia at the approximate rates of exchange prevailing on that date. All gains or losses from currency transactions are taken up in the income statement.

For consolidation purpose, the assets and liabilities of foreign entities are translated into Ringgit Malaysia at the rates ruling at the balance sheet date. Income statement items are translated at the average exchange rates for the fi nancial year. All exchange translation differences arising therefrom are dealt with through the exchange fl uctuation reserve.

Goodwill arising on the acquisition of a foreign entity and fair value adjustments to the carrying amounts of assets and liabilities acquired are translated at the exchange rate at the date of transaction.

The principal closing rates used in the translation of foreign currency amounts are as follows:-

2003 2002

1 Ringgit Malaysia: Singapore Dollar 0.449 0.452

1 Ringgit Malaysia: US Dollar 0.262 0.262

1 Ringgit Malaysia: Australian Dollar 0.357 0.463

1 Ringgit Malaysia: Pound Sterling 0.148 0.163

1 Ringgit Malaysia: Sudanese Dinar 66.667 66.667

1 Ringgit Malaysia: UAE Dirham 0.962 0.962

1 Ringgit Malaysia: Indonesia Rupiah 4.513 -

5.6 Property, plant and equipment

Property, plant and equipment are stated at cost or valuation, less accumulated depreciation or amortisation and impairment losses, if any.

The gross carrying amounts of property, plant and equipment are initially measured at cost.


149


5.6 Property, plant and equipment (continued)

Hotel properties comprise land and hotel buildings. Where hotel properties have been revalued, the gross carrying amount is stated at valuation. Hotel properties are revalued at a regular interval of at least once in every fi ve years with additional valuations in the intervening years where market conditions indicate that the carrying values of the revalued land and buildings materially differ from the market values. Surplus arising from such valuations is credited to the respective companies’ shareholders equity as a revaluation reserve and any subsequent defi cit is charged against such surplus to the extent of the surplus credited from the previous revaluations. In all other cases, the defi cit will be charged to the income statement. Subsequent to the date of valuation, additions to the hotel properties are stated at cost.

Freehold land, hotel properties and construction in progress are not depreciated.

It is the Group’s practice to maintain the hotel properties in such condition that the residual value is so high that depreciation would be insignifi cant. The related maintenance expenditure is dealt with in the income statement.

Depreciation on other property, plant and equipment is calculated to write off the cost or valuation of the assets on the straight line basis over their estimated useful lives. The principal annual depreciation rates are as follows:-

Leasehold land and buildings Over lease period of 25 to 99 yearsBuildings 0.5% - 5%Plant and machinery 10% - 20%Motor vehicles 15% - 20%Furniture, fi ttings and equipment 2% - 20%Renovation 10% - 20%Computer equipment and software 20% - 33.33%Buses in operation Over 7 yearsTelecommunication and research and development equipment 20%

Crockery, glassware, cutleries, linen and kitchen utensils are capitalised at the minimum level required for normal operations. Replacements are written off to the income statement in the fi nancial year in which they are incurred.

Interest incurred on external borrowings to fi nance assets under construction is capitalised until the assets are ready for their intended use after which such expense is charged to the income statement.

5.7 Investments

5.7.1 Subsidiary companies

Investment in subsidiary companies are eliminated on consolidation and stated at cost less impairment losses, if any.


150


5.7 Investments (continued)

5.7.2 Associated companies

Associated company is a company in which the Group and the Company have a long term equity interest of between 20% to 50% and where the Group and the Company are in a position to exercise signifi cant infl uence over the fi nancial and operating policies of the investee company.

The Company’s investment in associated companies is stated at cost less impairment losses, if any.

Investment in associated companies are accounted for in the consolidated fi nancial statements using the equity method of accounting. The Group’s interests in associated companies are stated at cost plus adjustments to refl ect changes in the Group’s share of profi ts and losses in the associated companies.

Goodwill or negative goodwill arising on acquisition represents the difference between the cost of investment and the Group’s share of the value of net assets of the associated companies at the date of acquisition.

Goodwill on acquisition is stated at cost less impairment losses, if any. Negative goodwill arising on acquisition is not recognised as income.

The Group’s share of results and reserves in the associated companies acquired or disposed of is included in the consolidated fi nancial statements from the effective date of acquisition or up to the effective date of disposal.

5.8 Land held for development and development properties

Land held for development is stated at cost or valuation together with the related development expenditure. It is reclassifi ed as development property upon commencement of development work on the said land. Development expenditure comprises construction and other related costs including interest and administrative overheads relating to the projects. Interest cost on borrowings used to fi nance the relevant projects is included as development expenditure from commencement to the completion of development.

The portion of property development projects in which sales have been launched and/or the projects are expected to be completed within the normal operating cycle of two to three years are considered as current assets.

5.9 Investment securities

Investment securities are stated at cost and impairment loss is recognised, if in the opinion of the Directors, there is a decline other than temporary in the value of investment.

5.10 Purchased goodwill

Goodwill arising on the acquisition of a business which represents the excess of the acquisition cost over the fair value of the underlying net assets acquired is stated at cost and amortised over a period of 20 years on the straight line basis.

5.11 Intangible assets

Intangible assets are stated at cost less accumulated amortisation.

5.11.1 Software development expenditure

Software development expenditure relates to development projects carried out in designing and testing of new or improved products and recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development and research expenditure are recognised as an expense when incurred. Development cost previously recognised as an expense is not recognised as an asset in subsequent period.

Development cost that have been capitalised are amortised from the commencement of commercial production of the product to which they relate on a straight line basis over the period of their useful life, not exceeding a period of fi ve years.


151


5.11 Intangible assets (continued)

5.11.2 Intellectual properties

Expenditure on acquired intellectual property is capitalised and amortised using the straight line method over their estimated useful life, not exceeding a period of fi ve years.

5.12 Impairment of assets

The carrying amounts of the assets of the Group and Company are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exist, the asset’s recoverable amount is estimated and the impairment loss is recognised when the recoverable amount is less than the carrying amount of the asset. The impairment loss is recognised immediately as a charge in the income statement except for the impairment on a revalued asset where the impairment loss is recognised directly against the revaluation reserve account to the extent of the surplus credited from the previous revaluation for the same asset with the excess of the impairment loss charged to the income statement. A reversal of an impairment loss is recognised immediately as income in the income statement except for the reversal of an impairment loss on a revalued asset where the reversal of the impairment loss is treated as a revaluation increase and credited to the revaluation reserve account of the same asset.

The impairment loss in respect of goodwill is not reversed unless the loss was caused by a specifi c external event of an exceptional nature that is not expected to recur, and subsequent external events have occurred that reverse the effect of the specifi c event. In respect of other assets, an impairment loss is reversed if there has been a change in estimates used to determine the recoverable amount.

An impairment loss is only reversed to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

5.13 Inventories

Inventories are stated at the lower of cost and net realisable value.

Cost is determined on the fi rst-in, fi rst-out basis. Cost of raw materials comprises the original cost of purchase plus the cost of bringing the inventories to their present location and condition. The cost of work-in-progress and fi nished goods includes the cost of raw materials, direct labour and a proportion of production overheads. Cost of completed properties comprises the cost of land and the related development expenditure.

Allowance is made where necessary for obsolete, slow moving and defective inventories. Net realisable value is the

estimated selling price in the ordinary course of business, less the costs of completion and selling expenses.

5.14 Receivables

Receivables, other than fi nance lease receivables, are carried at anticipated realisable value. Known bad debts are written off and specifi c allowance is made for debts considered to be doubtful of collection.

5.15 Marketable securities

Marketable securities are acquired and held with the intention of resale in the short-term, and are stated at the lower of cost and market value, determined on an aggregate portfolio basis by category of investment. Cost is derived at on the weighted average basis.


152


5.16 Assets acquired under lease and hire purchase agreements

(a) Finance leases and hire purchase

Assets acquired under fi nance leases and hire purchase arrangements which transfer substantially all the risks and benefi ts of ownership to the Group are capitalised as property, plant and equipment and the corresponding obligations are treated as liabilities. The property, plant and equipment capitalised are depreciated on the same basis as that of the Group’s property, plant and equipment. Finance charges are allocated to the income statement over the period of the agreements to give a constant periodic rate of charge on the remaining hire purchase and lease liabilities.

(b) Operating leases

Leases other than fi nance leases are classifi ed as operating leases. Lease payments under operating leases are recognised as an expense in the income statement on a straight line basis over the lease period.

5.17 Payables

Payables are stated at cost which is the fair value of the consideration to be paid in the future for goods and services received.

5.18 Provisions

Provisions are recognised when there is a present obligation, legal or constructive, as a result of a past event, when it is probable that an outfl ow of resources embodying economic benefi ts will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

5.19 Employee benefi ts

5.19.1 Wages, salaries, social security contributions, paid annual leave, paid sick leave, bonuses and non-monetary benefi ts are recognised as an expense in the fi nancial year when employees have rendered their services to the Group.

Short term accumulating compensated absences such as paid annual leave are recognised as an expense when employees render services that increase their entitlement to future compensated absences. Short term non-accumulating compensated absences such as sick leave are recognised when the absences occur.

Bonuses are recognised as an expense when there is a present, legal or constructive obligation to make such payments, as a result of past events and when a reliable estimate can be made of the amount of the obligation.

5.19.2 Defi ned contribution plans

The Company and subsidiary companies incorporated in Malaysia make contributions to a statutory provident fund and foreign subsidiary companies make contributions to their respective countries’ statutory pension schemes and recognise the contribution payable after deducting contributions already paid as a liability and as an expense in the fi nancial year in which the employees render their services.

5.19.3 Defi ned benefi ts plans

Certain subsidiary companies operate an unfunded retirement benefi ts plan for rank and fi le employees in accordance with an article contained in the collective union agreement. The liabilities in respect of the retirement benefi ts plan are determined by an actuarial valuation for its defi ned benefi t obligations under the Projected Unit Credit Method. Under this method, the current service cost is calculated as the present value of benefi ts that will accrue on valuation date (by reference to the number of employees providing the service in that year and projected fi nal salaries). The liabilities will be recognised immediately in the year they are incurred.


153


5.20 Income tax

Income tax in the fi nancial statements for the fi nancial year comprises current tax expenses and deferred tax.

5.20.1 Current tax expenses

Current tax expenses includes all domestic and foreign taxes which are based on taxable profi ts. Current tax expenses also include other taxes, which are payable by foreign subsidiary companies or associated companies on distributions to the Group and Company, and real property gains taxes payable on disposal of properties.

5.20.2 Deferred tax

Deferred tax, which includes deferred tax liabilities and assets, is provided for under the liability method at the current tax rate in respect of all temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base including unused tax losses and capital allowances.

A deferred tax asset is recognised only to the extent that it is probable that taxable profi t will be available against which the deductible temporary differences can be utilised. The carrying amount of a deferred tax asset is reviewed at each balance sheet date. If it is no longer probable that suffi cient taxable profi t will be available to allow the benefi t of part or all of that deferred tax asset to be utililsed, the carrying amount of the deferred tax asset will be reduced accordingly. When it becomes probable that suffi cient taxable profi t will be available, such reductions will be reversed to the extent of the taxable profi t.

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 income taxes relate to the same fi scal authority.

In prior years, deferred tax was provided for at the applicable current tax rates for all material timing differences except where it was reasonably probable that such timing differences will not reverse in the foreseeable future. In addition, deferred tax benefi ts were recognised only when there was reasonable assurance of their realisation. This change in accounting policy has been accounted for retrospectively and the effects are dealt with as prior year adjustments as stated in Note 36.

5.21 Segment information

Segment information is presented in respect of the Group’s business and geographical segments. The primary reporting segment information is in respect of business segments as the Group’s risks and returns are affected predominantly by differences in the products it produces, while the secondary information is reported geographically.

Segment results, assets and liabilities include items that are directly attributable to a segment as well as those that can be allocated on a reasonable basis.

Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more than one period.


154


5.22 Financial instruments

5.22.1 Financial instruments recognised in the balance sheet

(a) Recognition method

The particular recognition method adopted for fi nancial instruments recognised in the balance sheet is disclosed in the individual policy statements associated with each item.

(b) Disclosures of fair values

The carrying value of the fi nancial assets and liabilities maturing within 12 months are assumed to approximate their fair values.

The fair values of quoted investments are estimated based on quoted market prices. For investments for which there are no quoted market prices and reasonable estimates of fair values could not be made without incurring excessive costs, such investments are valued at cost subject to review for impairment.

The fair value of the deposit is estimated by discounting the estimated future cash fl ows using the fi xed deposit rate offered to a quoted subsidiary company.

The fair values of term loans are estimated based on the market rates for the same or similar loans with the same remaining maturities.

The fair values of the redeemable loan stocks and convertible loan stocks are estimated by discounting the future contractual cash fl ows at the current market interest rate available to the Group and on assumptions that are based on market conditions existing at balance sheet date.

(c) Other borrowings

Other interest bearing borrowings are recorded at the amount of proceeds received.

5.22.2 Interest relating to a fi nancial instrument, or a component part classifi ed as a fi nancial liability is reported as fi nance cost in the income statement.

5.23 Borrowing costs

Costs incurred on borrowings to fi nance a qualifying asset is capitalised until the asset is ready for their intended use after which such expense is charged to the income statement.

5.24 Cash and cash equivalents

Cash and cash equivalents include cash and bank balances, bank overdrafts, deposits and other short-term, highly liquid investments which are readily convertible to cash and which are subject to insignifi cant risk of changes in value.


155

6. REVENUE

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Sales of goods 46,587 43,768 - -Rendering of services 123,619 81,350 - -Interest and fi nancing income 6,587 16,152 460 70Property development 39,264 58,325 - -Rental income 877 640 - -Gross dividend income 1,964 3,380 4,167 1,592

218,898 203,615 4,627 1,662

7. IMPAIRMENT LOSS

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000Impairment loss on:-(a) goodwill on consolidation - 50,224 - -

(b) investment in:-(i) quoted subsidiary company - - - 50,224(ii) others - - - 4,690

- 50,224 - 54,914

In the previous fi nancial year, the Group and the Company had provided an impairment loss of RM50.224 million against the goodwill on consolidation and on the investment in Advance Synergy Capital Berhad (“ASC”), respectively based on the discounted cash fl ow computed on ASC’s profi t projection of the existing and new business undertaken by ASC and its subsidiary companies.


156

8. PROFIT/(LOSS) BEFORE TAX

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000Profi t/(Loss) before tax is arrived at:-

After charging:-

Allowance for doubtful debts 7,006 8,562 28,676 24,103Amortisation of goodwill on consolidation- subsidiary companies 4,092 1,485 - -- associated companies 60 64 - -Amortisation of intangible assets 940 499 - -Amortisation of purchased goodwill 101 85 - -Auditors’ remuneration - holding company 75 75 75 75- subsidiary companies 403 294 - -- (over)/under provision in prior year - (6) - 25Bad debts written off 37 10,719 - 10,500Depreciation/amortization 12,436 12,995 111 115Directors’ remuneration- fees 643 635 257 264- other emoluments 701 548 45 -Impairment loss on goodwill on consolidation - 50,224 - -Impairment loss on investments - - - 54,914 Interest expenses- advances from subsidiary companies - - 1,468 1,948- advances to subsidiary companies - - (2,567) (2,658)- bank overdrafts 312 135 - -- convertible loan stocks 12,853 12,761 12,853 12,761- hire purchase and lease 120 135 - -- loans 3,844 3,976 - -- others 155 1,356 - 22- redeemable loan stocks 7,133 13,000 7,133 13,000- revolving credit - 4 - -Impairment on property, plant and equipment - 3,583 - -Inventories written off 271 - - -Lease rental 2,266 1,571 - -Loss on disposal of investments - 369 - -Loss on disposal of property, plant and equipment 3,339 - - -Loss on foreign exchange - unrealised 25 - - -- realised 89 - - -


157

8. PROFIT/(LOSS) BEFORE TAX (continued)

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Property, plant and equipment written off 2,752 82 - 5Rental expenses- equipment 318 129 - -- others 227 17 -- premises 8,084 9,722 329 307

And crediting:-

Allowance for doubtful debts no longer required 78 12 - -Amortisation of reserve on consolidation 839 839 - -Bad debts and fi nancing recovered 99 208 - -Gain on disposal of an associated company 3,633 - 41,982 -Gain on disposal of investment securities 621 - 621 -Gain on disposal of hotel assets 7,194 - - -Gain on redemption/repurchase of redeemable loan stocks and convertible loan stocks 4,484 - 4,484 -Gain on disposal of property, plant and equipment 297 1,592 - 4Gross dividend income from Malaysia

- quoted subsidiary company - - 3,981 -- associated companies 72 - - -- unquoted investments 1,705 3,236 - 1,534- quoted investments 187 144 186 58

Interest income- fi xed deposit 5,412 14,584 460 70- others 1,834 2,168 - -Realised gain on foreign exchange 465 1,092 72 -Rental income 1,808 1,646 - -Write back of payables - 14,083 - 14,083Write back of provision for damages 77 54 - -Write back of provision for service charges 189 - - -Write back of provision for diminution in value of marketable securities 750 - - -

The estimated monetary value of other benefi ts, not included in the above, received by Directors of the Company and its subsidiary companies were RM20,583 (2002: RM5,300) for the Company and RM50,143 (2002: RM33,762) for the Group.


158

9. TAX EXPENSES

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000Current tax expenses based on the profi t for the fi nancial year:-

Malaysian income tax 4,029 8,009 - -Foreign income tax 1,092 558 - -

5,121 8,567 - -Deferred tax (Note 33(a)) (518) (220) - -

4,603 8,347 - -(Over)/Under provision of tax in prior years (255) 294 - -

4,348 8,641 - -Share of tax in associated companies 3,398 2,593 - -

7,746 11,234 - -

The numerical reconciliation between the average effective tax rate and the applicable tax rate of the Group and of the Company are as follows:-

Group Company2003 2002 2003 2002

% % % %

Applicable tax rate 28 (28) 28 (28)

Tax effect in respect of:-Non allowable expenses 42 74 16 32Utilisation of previously

unrecognised tax losses (3) - - -Unutilised tax losses and capital

allowances not recognised inloss making subsidiary companies 10 5 - -

Higher tax rates in foreign jurisdiction 1 - - -

Income not subject to tax (18) (17) (44) (4)Tax incentives and allowance (1) - - -Tax exempt income (20) (8) - -Others (5) (4) - -

Average effective tax rate 34 22 - -

Tax savings of the Group and of the Company are as follows:-

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Arising from utilisation of tax losses 696 237 - -


159

10. EARNINGS/(LOSS) PER STOCK UNIT

(a) Basic earnings per stock unit

The basic earnings/(loss) per stock unit for the fi nancial year has been calculated based on the consolidated profi t/(loss) after tax and minority interests divided by the weighted average number of stock units in issue during the fi nancial year.

Group2003 2002

Consolidated profi t/(loss) after tax and minority interests (RM’000) 6,060 (68,426)

Weighted average number of stock units in issue (‘000) 337,794 337,794

Basic earnings/(loss) per stock unit (sen) 1.79 (20.26)

(b) Diluted earnings per stock unit

The diluted earnings per stock unit for the fi nancial year have not been disclosed as their effects on the basic earnings per stock unit are anti-dilutive.

11. PROPERTY, PLANT AND EQUIPMENT

Group

Balanceas at

1.1.2003

Additions DisposalsWritten

offReclassi-fi cation

Exchangetranslation

adjustments

Balanceas at

31.12.20032003 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Cost unless otherwise stated

Freehold land 3,775 29,809 - - - 927 34,511Hotel properties- at valuation 155,800 - - - - - 155,800- at cost 76,931 50 - - - 4,500 81,481Long term leasehold land 1,274 - - - - - 1,274Buildings 66,201 1,114 - - 292 1,722 69,329Plant and machinery 14,298 211 (7,369) - - 3,049 10,189Furniture, fi ttings and equipment 60,420 3,323 (66) (15,224) (86) 750 49,117Renovation 4,048 761 - (571) - 1 4,239Motor vehicles 6,710 3,412 (260) (44) - 78 9,896Buses- operation 5,262 1,421 - - 5,681 - 12,364- under refurbishment 20,300 6,160 - - (5,681) - 20,779Computer equipment and software 14,441 540 (38) (9) (34) 2 14,902Crockeries, glassware, cutleries, linen and kitchen utensils 4,563 406 - (243) 140 - 4,866Telecommunication and research and development equipment 6,335 199 (299) - (226) 20 6,029Construction in progress 292 - - - (292) - -

440,650 47,406 (8,032) (16,091) (206) 11,049 474,776


160

11. PROPERTY, PLANT AND EQUIPMENT (continued)

Group

Balanceas at

1.1.2003

Chargefor thefi nancial

year DisposalsWritten

offReclassi-fi cation

Exchangetranslation

adjustments

Balanceas at

31.12.2003

2003 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Accumulated depreciation

Freehold land - - - - - - -Hotel properties- at valuation - - - - - - -- at cost - - - - - - -Long term leasehold land 312 19 - - - - 331Buildings 6,112 1,300 - - (3) - 7,409Plant and machinery 8,332 645 (3,408) - - 1,532 7,101Furniture, fi ttings and equipment 36,008 5,159 (57) (9,045) 22 375 32,462Renovation 1,647 455 - (519) - - 1,583Motor vehicles 5,275 832 (49) (44) - 50 6,064Buses- operation 310 959 - - - - 1,269- under refurbishment - - - - - - -Computer equipment and software 12,457 1,371 (25) (1) (11) 1 13,792Crockeries, glassware, cutleries, linen and kitchen utensils 1,621 529 - (147) (18) - 1,985Telecommunication and research and development equipment 2,064 1,167 (163) - (175) 7 2,900Construction in progress - - - - - - -

74,138 12,436 (3,702) (9,756) (185) 1,965 74,896

Balance Written off Balanceas at during the as at

Group 1.1.2003 fi nancial year 31.12.20032003 RM’000 RM’000 RM’000

Impairment loss

Furniture, fi ttings and equipment 3,583 (3,583) -


161


Group

Balanceas at

1.1.2002

Additions Disposals

Subsidiarycompaniesacquired

Written off

Exchange translation

adjustments

Balanceas at

31.12.20022002 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Cost unless otherwise stated

Freehold land 3,486 - - - - 289 3,775Hotel properties- at valuation 155,800 - - - - - 155,800- at cost 72,148 433 - - - 4,350 76,931Long term leasehold land 1,274 - - - - - 1,274Buildings 64,516 1,177 (30) - - 538 66,201Plant and machinery 15,337 180 (2,182) - - 963 14,298Furniture, fi ttings and equipment 55,293 2,783 (194) 2,162 (95) 471 60,420Renovation 2,752 1,145 - 202 (60) 9 4,048Motor vehicles 6,664 753 (796) 63 - 26 6,710Buses- operation - 5,262 - - - - 5,262- under refurbishment - 20,300 - - - - 20,300Computer equipment and software 19,634 2,311 (7,868) 359 (11) 16 14,441Crockeries, glassware, cutleries, linen and kitchen utensils 4,539 164 (140) - - - 4,563Telecommunication and research and development equipment - 504 (658) 6,336 - 153 6,335Construction in progress - 292 - - - - 292

401,443 35,304 (11,868) 9,122 (166) 6,815 440,650


162


Group

Balanceas at

1.1.2002

Chargefor the fi nancial

year Disposals

Subsidiarycompaniesacquired

Written off

Exchangetranslation

adjustments

Balanceas at

31.12.20022002 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000


Freehold land - - - - - - -Hotel properties- at valuation - - - - - - -- at cost - - - - - - -Long term leasehold land 293 19 - - - - 312Buildings 4,769 1,344 (1) - - - 6,112Plant and machinery 8,468 1,207 (1,740) - - 397 8,332Furniture, fi ttings and equipment 30,202 5,363 (102) 436 (36) 145 36,008Renovation 1,327 293 - 61 (37) 3 1,647Motor vehicles 5,707 345 (791) 1 - 13 5,275Buses -- operation - 310 - - - - 310- under refurbishment - - - - - - -Computer equipment and software 15,685 3,224 (6,585) 138 (11) 6 12,457Crockeries, glassware, cutleries, linen and kitchen utensils 1,106 515 - - - - 1,621Telecommunication and research and development equipment - 375 (189) 1,826 - 52 2,064Construction in progress - - - - - - -

67,557 12,995 (9,408) 2,462 (84) 616 74,138

Balance Impairment loss Balanceas at for the as at

1.1.2002 fi nancial year 31.12.2002RM’000 RM’000 RM’000

Impairment loss

Furniture, fi ttings and equipment - 3,583 3,583


163


Balance BalanceCompany as at as at2003 1.1.2003 Additions 31.12.2003

RM’000 RM’000 RM’000Cost

Motor vehicles 195 - 195Furniture, fi ttings and equipment 836 25 861Renovation 840 - 840

1,871 25 1,896

ChargeBalance for the Balance

as at fi nancial as at1.1.2003 year 31.12.2003RM’000 RM’000 RM’000


Motor vehicles 195 - 195Furniture, fi ttings and equipment 738 27 765Renovation 84 84 168

1,017 111 1,128

Balance BalanceCompany as at Written as at2002 1.1.2002 Additions Disposals off 31.12.2002

RM’000 RM’000 RM’000 RM’000 RM’000Cost

Motor vehicles 195 - - - 195Furniture, fi ttings and equipment 805 54 (17) (6) 836Renovation - 840 - - 840

1,000 894 (17) (6) 1,871

ChargeBalance for the Balance

as at fi nancial Written as at1.1.2002 year Disposals off 31.12.2002RM’000 RM’000 RM’000 RM’000 RM’000


Motor vehicles 195 - - - 195Furniture, fi ttings and equipment 724 31 (16) (1) 738Renovation - 84 - - 84

919 115 (16) (1) 1,017


164


Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000Net book value

Freehold land 34,511 3,775 - -Hotel properties- at valuation 155,800 155,800 - -- at cost 81,481 76,931 - -Long term leasehold land 943 962 - -Buildings 61,920 60,089 - -Plant and machinery 3,088 5,966 - -Furniture, fi ttings and equipment 16,655 20,829 96 98Renovation 2,656 2,401 672 756Motor vehicles 3,832 1,435 - -Buses -- Operation 11,095 4,952 - -- Under refurbishment 20,779 20,300 - -Computer equipment and software 1,110 1,984 - -Crockeries, glassware, cutleries, linen and kitchen utensils 2,881 2,942 - -Telecommunication and research and development equipment 3,129 4,271 - -Construction in progress - 292 - -

399,880 362,929 768 854

(a) Net book value of property, plant and equipment held under hire purchase arrangement are as follows:-

Group2003 2002

RM’000 RM’000

Plant and machinery - 16Furniture, fi ttings and equipment 56 97Motor vehicles 1,401 344Computer equipment and software 442 1,413

1,899 1,870

(b) Hotel properties amounting to RM155.8 million (2002: RM155.8 million) have been pledged to fi nancial institutions as securities for credit facilities granted to the Company, which had been restructured by way of an issue of redeemable and convertible loan stocks, both with detachable warrants by the Company as disclosed in Note 30.


165


(c) The carrying amounts of certain freehold land, hotel properties and buildings of the Group charged to fi nancial institutions for credit facilities granted to the subsidiary companies are as follows:-

2003 2002RM’000 RM’000

Freehold land 4,056 3,129Hotel properties 81,481 76,931Buildings 9,117 6,869

94,654 86,929

(d) The strata title for a hotel property of the Group costing RM29.563 million (2002: RM29.561 million) has yet to be issued by the relevant authorities.

(e) The hotel properties of the Group were revalued by Directors on 31 December 2000 based on the valuation carried out by an independent fi rm of professional valuers, using the open market value basis.

Had the revalued assets been carried at cost less accumulated depreciation, the carrying amounts would have been as follows:-

Accumulated Net bookCost depreciation value

2003 RM’000 RM’000 RM’000

Hotel properties 106,386 - 106,386

2002

Hotel properties 106,336 - 106,336

(f) The impairment loss recognised for certain property, plant and equipment of the Group in the income statement during the fi nancial year is as follows:-

Group2003 2002

RM’000 RM’000

Obsolescence due to decline in market value resulting from normal use - 3,583


166

12. INVESTMENT IN SUBSIDIARY COMPANIES

Company2003 2002

RM’000 RM’000

Quoted shares - at cost 450,302 450,302Less: Impairment losses (207,570) (207,570)

242,732 242,732

Unquoted shares - at cost 209,461 209,461Less: Impairment losses (32,657) (32,657)

176,804 176,804

419,536 419,536

Market value of quoted shares 53,342 62,097

(a) The details of the subsidiary companies are set out in Note 46.

(b) Some of the shares of a quoted subsidiary company and an unquoted subsidiary company with the cost of RM420.055 million (2002: RM420.055 million) and RM117.774 million (2002: RM117.774 million), respectively, have been pledged to fi nancial institutions as security for credit facilities granted to the Company and the Group, which had been restructured by way of an issue of redeemable and convertible loan stocks, both with detachable warrants by the Company as disclosed in Note 30.

(c) The Group had completed the subscription of 615,000 new ordinary shares of RM1.00 each in Quality Bus & Coach (M) Sdn. Bhd. (“QBC”), representing 51% of the equity interest in QBC pursuant to a Share Subscription Agreement dated 8 May 2003.

Goodwill arising on this acquisition amounting to RM314,000 has been accounted for using the acquisition method of accounting.

The effect of this acquisition on the fi nancial results during the year is immaterial to the Group.

The effect of this acquisition on the fi nancial position of the Group at the end of the fi nancial year is as follows:-

RM’000

Property, plant and equipment 205Inventories 520Other receivables, deposits and prepayments 295Cash and bank balances 246Trade payables (229)Other payables and accruals (422)Minority interests (314)

Increase in Group net assets 301

450,302 450,302(207,570) (207,570)

209,461 209,461(32,657) (32,657)


167

12. INVESTMENT IN SUBSIDIARY COMPANIES (continued)

(d) During the fi nancial year, the quoted subsidiary company, ASC, repurchased a total of 868,445 units of its own shares for a total consideration of RM623,755 from the open market. All the shares bought back were retained as treasury shares. Accordingly, the Group’s interest has increased from 50.76% to 51.04% as at the balance sheet date.

(e) As at the balance sheet date, the carrying value of investment in ASC, amounting to RM242.732 million (2002: RM242.732 million) is stated after accounting for the return of capital as mentioned below and the impairment in value as determined in accordance with MASB Standard No. 23, Impairment of Assets.

On 31 December 2002, ASC, returned 90 sen cash per ordinary share of RM1.00 each to its shareholders amounted to RM282,349,504 by the cancellation of 90 sen from every one existing ordinary share of RM1.00 each and consolidated ten of the resulting ordinary shares of 10 sen each into one ordinary share of RM1.00 each (“Return of Capital”). On the same date, ASC also implemented a bonus issue of 125,488,688 new ordinary shares of RM1.00 each on the basis of four new ordinary shares of RM1.00 each for each existing ordinary share of RM1.00 each held after the Return of Capital.

(f) During the previous fi nancial year, the Group completed the acquisition of the following subsidiary companies:-

(i) 70% equity interest in Unifi ed Communications Sdn. Bhd. (“UCSB”) comprising 700,140 ordinary shares of RM1.00 each for a cash consideration of RM54 million.

(ii) 70% equity interest in Unifi ed Communications Pte. Ltd. (“UCPL”) (a company incorporated in Singapore) comprising 700,000 ordinary shares of SGD1.00 each for a cash consideration of RM45 million.

Goodwill arising on these acquisitions amounted to RM79.314 million had been accounted for using the acquisition method of accounting.

The effect of these acquisitions on the fi nancial results of the Group during the previous fi nancial year was as follows:-

RM’000

Revenue 33,245Operating costs (23,038)

Profi t before tax and minority interests 10,207Tax expenses (416)

Profi t before minority interests 9,791Minority interests (3,883)

Increase in Group net profi t 5,908


168

12. INVESTMENT IN SUBSIDIARY COMPANIES (continued)

The effect of these acquisitions on the fi nancial position of the Group at the end of the previous fi nancial year was as follows:-

RM’000

Property, plant and equipment 6,660Inventories 14,313Trade receivables 18,870Other receivables, deposits and prepayment 7,179Cash and bank balances 184Trade payables (7,096)Other payables and accruals (7,945)Taxation (910)Inter-company balances (163)Deferred taxation (636)Short term borrowings (1,558)Minority interests (8,670)

Increase in Group net assets 20,228

13. INVESTMENT IN ASSOCIATED COMPANIES

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Quoted shares - at cost 12,758 12,758 - -

Unquoted shares - at cost 30,217 37,541 3,009 32,027Less: Impairment loss - - (3,009) (3,009)

30,217 37,541 - 29,018

42,975 50,299 - 29,018Group’s share of post

acquisition retained profi tsless losses 15,950 41,788 - -

58,925 92,087 - 29,018

Market value of quoted shares 9,697 8,610 - -

30,217 37,541 3,009 32,027- - (3,009) (3,009)


169

13. INVESTMENT IN ASSOCIATED COMPANIES (continued)

The Group’s investment in associated companies are represented by:-

2003 2002RM’000 RM’000

Group’s share of net assets other than goodwill of associates 57,828 90,930Goodwill on acquisition 1,097 1,157

58,925 92,087

The details of the associated companies are set out in Note 46.

On 15 January 2003, the Company disposed of its entire 49% equity interest in ACE Synergy Insurance Berhad (“ACE”) to ASC, for a total cash consideration of RM71 million.

14. LAND HELD FOR DEVELOPMENT

Group2003 2002

RM’000 RM’000Long term leasehold land- at valuation 9,296 9,296- at cost 327 327Development expenditure 4,151 4,151

13,774 13,774

The entire long term leasehold land held for development of the Group have been pledged to fi nancial institutions as security for credit facilities granted to the Company and a subsidiary company, which had been restructured by way of an issue of redeemable and convertible loan stocks, both with detachable warrants as disclosed in Note 30.

Leasehold land held for development at valuation of the Group were revalued by the Directors on an open market value basis in 1981 and 1983 based on valuations carried out by independent professional fi rms of valuers and since then, the revaluation has not been updated.


170

15. INVESTMENT SECURITIES

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000Quoted Securities

In Malaysia:-Shares stated at cost - 4,458 - 4,458

Outside Malaysia:-Shares stated at cost 27,558 27,558 - -Less: Impairment losses (23,448) (23,448) - -

4,110 4,110 - -

4,110 8,568 - 4,458Unquoted Securities

In Malaysia:-Shares stated at cost 64,789 52,662 52,658 52,658Less: Impairment losses (17,483) (17,483) (17,483) (17,483)

47,306 35,179 35,175 35,175Outside Malaysia:-Shares stated at cost 7,502 7,502 - -

54,808 42,681 35,175 35,175

58,918 51,249 35,175 39,633

Market value:-

Quoted shares in Malaysia - 3,724 - 3,724Quoted shares outside Malaysia 8,681 6,001 - -

The quoted securities of the Group and of the Company have been pledged to fi nancial institutions as security for credit facilities granted to the Company, which had been restructured by way of an issue of redeemable and convertible loan stocks, both with detachable warrants as disclosed in Note 30.

64,789 52,662 52,658 52,658(17,483) (17,483) (17,483) (17,483)

27,558 27,558 - -(23,448) (23,448) - -


171

16. GOODWILL ON CONSOLIDATION

Group2003 2002

RM’000 RM’000

Balance as at 1 January 131,207 103,602

Goodwill arising from acquisition of subsidiary companies during the fi nancial year 314 79,314Realisation of goodwill arising from profi t guarantee (743) -Realisation of goodwill on share buyback (782) -

129,996 182,916Less: Impairment loss (Note 7) - (50,224)Amortisation during the fi nancial year (4,092) (1,485)

Balance as at 31 December 125,904 131,207

17. PURCHASED GOODWILL

Group2003 2002

RM’000 RM’000

Balance as at 1 January 1,298 1,257Exchange translation adjustment 372 126

1,670 1,383Amortisation during the fi nancial year (101) (85)


18. INTANGIBLE ASSETS

Group2003 2002

RM’000 RM’000Intellectual property

Balance as at 1 January 266 533Additions during the fi nancial year 8,250 -Amortisation during the fi nancial year (679) (267)

Balance as at 31 December 7,837 266

Software development expenditure

Balance as at 1 January 233 465Additions during the fi nancial year 557 -Amortisation during the fi nancial year (261) (232)

Balance as at 31 December 529 233

8,366 499

266 5338,250 -(679) (267)

233 465557 -

(261) (232)


172

19. DEPOSIT

Group 2003 2002

RM’000 RM’000

Deposit for proposed acquisition of 32.9% equity interest in Malpac Holdings Berhad (“Malpac”) 30,000 30,000

On 14 August 1997, ASC entered into a conditional share sale and purchase agreement with the vendors of Malpac to acquire a 32.9% equity interest comprising 24,675,000 ordinary shares of RM1.00 each in Malpac for a cash consideration of RM166,556,250 or RM6.75 per ordinary share. Approvals from the relevant authorities were obtained during the fi nancial year ended 31 December 1997.

A deposit of RM30 million was paid to the vendors of the shares of Malpac pursuant to the sale and purchase agreement for the said shares.

The Directors of ASC continued to negotiate with the vendors to terminate the proposed acquisition of Malpac. Under the termination proposal, ASC’s rights and obligations under the conditional sales and purchase agreement dated 14 August 1997 would be rescinded and the initial deposit provided by the Group would be refunded.

The Directors of ASC are of the view that the initial deposit may not likely to be refunded within the next twelve months and have classifi ed the amount under non-current assets pending fi nalisation of the termination proposal. However, allowance for doubtful debts is not required for the current fi nancial year as the Directors of ASC are confi dent that the said deposit will be refunded upon the fi nalisation of the termination proposal.

20. DEVELOPMENT PROPERTIES AND EXPENDITURE

Group2003 2002

RM’000 RM’000Leasehold land - at cost 18,143 12,430- at valuation 5,109 6,562Development expenditure 93,065 111,291Attributable profi t 19,567 14,235

135,884 144,518Less: Progress billings (107,483) (101,660)

28,401 42,858

Included in the development expenditure is interest capitalised and plant hire expenses amounting to RM51,811 (2002: RM1.143 million) and RM5,704 (2002: RM8,980) respectively.

Certain leasehold land under development have been charged to fi nancial institutions as security for credit facilities granted to a subsidiary company.


173

21. INVENTORIES

Group

2003 2002

RM’000 RM’000

At cost:-

Completed development properties 11,538 10,122

Raw materials 379 1,117

Work-in-progress 4,386 1,085

Finished goods 21,263 15,638

Food and beverages 406 419

Operating supplies 2,900 1,700

40,872 30,081

There are no inventories that are stated at net realisable value.

Certain inventories of completed development properties of RM7.591 million (2002: RM7.591 million) have been pledged to fi nancial institutions as security for credit facilities granted to the Company, which had been restructured by way of an issue of redeemable and convertible loan stocks, both with detachable warrants as disclosed in Note 30.

In the previous fi nancial year, inventories of completed development properties of RM1.758 million had been pledged to fi nancial institutions for credit facilities granted to a subsidiary company.

22. RECEIVABLESGroup Company

2003 2002 2003 2002RM’000 RM’000 RM’000 RM’000

Amounts owing by subsidiary companies - - 340,633 465,804Allowance for doubtful debts - - (126,145) (97,925)

- - 214,488 367,879Amounts owing by associated companies 12,123 15,211 54 39

Trade receivables 80,231 57,774 - -Allowance for doubtful debts (3,687) (2,956) - -

76,544 54,818 - -

Other receivables, deposits and prepayments 31,102 13,908 1,138 399Allowance for doubtful debts (6,399) (1,083) (505) (49)

24,703 12,825 633 350

113,370 82,854 215,175 368,268

- - 340,633 465,804- - (126,145) (97,925)

80,231 57,774 - -(3,687) (2,956) - -

31,102 13,908 1,138 399(6,399) (1,083) (505) (49)


174

22. RECEIVABLES (continued)

(a) The credit terms of trade receivables range from payment in advance to 90 days.

(b) The currency exposure of trade receivables of the Group are as follows:-

Group2003 2002

RM’000 RM’000

Ringgit Malaysia 25,132 23,023US Dollar 37,482 21,550Pound Sterling 846 702UAE Dirham - 872Sudanese Dinar 5,677 3,514Singapore Dollar 1,657 2,424Australian Dollar 5,633 2,360Others 117 373

76,544 54,818

(c) Included in the amounts owing by subsidiary companies are balances amounting to RM31.089 million (2002: RM31.910 million) which are unsecured, bearing interest at 9% (2002: 9%) per annum and have no fi xed terms of repayment.

(d) Included in the amounts owing by associated companies is an Unsecured Subordinated Loan (“USL”) of RM12 million (2002: RM15 million) provided by a quoted subsidiary company on 3 February 2000, to Southern Investment Bank Berhad (“SIBB”) to repay its existing RM50 million Exchangeable Subordinated Capital Loan granted by Danamodal Nasional Berhad. The USL carries interest at the rate of 7.0% per annum and is repayable by way of 5 equal annual instalments of RM3 million each, commencing 2 February 2003 and each subsequent instalment shall be paid on the same day of each succeeding year thereafter until the loan is repaid or settled in full. The remaining amounts owing by associated companies are unsecured, bear no interest and have no fi xed terms of repayment.

(e) The allowance for doubtful debts is net of bad debts written off as follows:-

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Bad debts written off 881 1,296 - -

23. MARKETABLE SECURITIESGroup

2003 2002RM’000 RM’000

Quoted securities:-Shares in Malaysia 3,109 2,496

Unquoted securities:-Private debt securities in Malaysia - 2,127

3,109 4,623

Market value of shares quoted in Malaysia 3,109 2,496


175

24. DEPOSITS WITH FINANCIAL INSTITUTIONS

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Licensed banks 119,464 128,950 9,200 2,700Licensed fi nancial institutions - 1,014 - -

119,464 129,964 9,200 2,700

Certain deposits of the Group amounting to RM3.792 million (2002: RM4.589 million) have been pledged to fi nancial institutions for banking facilities granted to certain subsidiary companies.

25. PAYABLES

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Trade payables 31,681 34,794 - -Other payables and accruals 104,774 112,654 46,528 116,007Amounts owing to

subsidiary companies - - 45,143 62,551Amount owing to a director - 1,063 - -Hire purchase and lease

creditors portion payable not later than one year (Note 32) 1,161 1,292 - -

137,616 149,803 91,671 178,558

(a) An amount owing to a quoted subsidiary company of RM44.317 million (2002: RM62.542 million) has no fi xed terms of repayment and interest is charged at Southern Finance Berhad’s 3 months fi xed deposit rate of 3.20% (2002: 3.20%) per annum.

(b) The credit terms of trade payables range from 30 to 90 days.

(c) The currency exposure of trade payables of the Group are as follows:-

Group2003 2002

RM’000 RM’000

Ringgit Malaysia 21,715 24,117US Dollar 6,145 6,288Pound Sterling 553 793UAE Dirham - 1,192Sudanese Dinar 529 563Singapore Dollar 226 663Australian Dollar 2,494 1,178Indonesia Rupiah 19 -

31,681 34,794


176

25. PAYABLES (continued)

Included in other payables and accruals are:-

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Other payables 39,271 46,294 76 29Accruals 18,628 19,378 291 1,231Accrued interest 46,161 46,782 46,161 46,782Deposit received 167 - - 67,965Dividend payable 147 - - -Initial franchise and technical service fee 400 200 - -

104,774 112,654 46,528 116,007

Included in other payables are the following:-

(a) an amount of RM17.850 million (2002: RM32.550 million) in respect of the balance of purchase consideration outstanding for the acquisition of certain subsidiaries in the previous fi nancial year.

(b) an amount of RM7.485 million in respect of the acquisition of certain intellectual property relating to mobile data solutions.

26. BANK OVERDRAFTS Group

2003 2002RM’000 RM’000

Bank overdrafts:- Secured 847 - Unsecured 444 957

1,291 957

The bank overdraft is secured by the following:-

(a) limited guarantee and indemnity from the Company;

(b) guarantee and indemnity from a subsidiary company;

(c) fi xed charge over the property and a fl oating charge over the assets of a subsidiary company;

(d) deed of subordination of related party debt; and

(e) limited guarantee and indemnity from guarantor.

The bank overdrafts bear interest at the rate of 9.85% (2002: 8.90%) per annum.


177

27. SHORT TERM BORROWINGSGroup

2003 2002RM’000 RM’000

Secured:-

Revolving credit - 2,848 Term loans (Note 31) 3,626 3,869 Bankers’ acceptance and trust receipts 927 -

4,553 6,717Unsecured:-

Term loans (Note 31) 845 1,677 Bankers’ acceptance and trust receipts 2,769 -

3,614 1,677

8,167 8,394

The borrowings of the Group are secured by:-

(i) Registered charges over development properties, land and buildings and a hotel property;

(ii) Registered charges over certain fi xed and fl oating assets of certain subsidiary companies; and

(iii) Negative covenant over all the present and future assets of a subsidiary company.

Interest rates on the borrowings ranged from 7.31% to 9.95% (2002: 7.31% to 9.95%) per annum.

28. SHARE CAPITAL

Group and Company2003 2002

Number of Number ofshares/stock shares/stock

units units’000 RM’000 ’000 RM’000

Authorised 800,000 800,000 800,000 800,000

Issued and fully paid-up 337,794 337,794 337,794 337,794

(a) Warrants 2000/2008

As at 31 December 2003, the Company has 168,896,809 outstanding warrants (“Warrants”) which were originally issued to the entitled stockholders in conjunction with the restructuring of bank borrowings of the Company. Each Warrant entitles the registered holder to subscribe for one new stock unit of RM1.00 each at the exercise price of RM1.00 per stock unit during the original exercise period which had expired on 28 August 2003.

845 1,6772,769 -


178

28. SHARE CAPITAL (continued)

On 9 July 2003 and 23 July 2003, the stockholders and the warrantholders of the Company had respectively approved the extension of the duration and exercise period of the Warrants by fi ve (5) years from 28 August 2003 up to and including 28 August 2008 (“First Extension”) and thereafter an option to extend the duration and the exercise period for a further period of two (2) years expiring on 28 August 2010 (“Further Extension”). Following the First Extension, the Further Extension will be implemented by the Company if the weighted average price of the Company’s stock units quoted on the Main Board of Bursa Malaysia is not more than twenty percent (20%) over the exercise price of RM1.00 per stock unit for any period of thirty (30) consecutive days during the six (6)-month period from 29 November 2007 to 28 May 2008.

The Warrants are constituted by a Deed Poll dated 28 April 2000 and a Supplemental Deed Poll dated 24 July 2003.

As at the end of the current fi nancial year, no exercise of Warrants had taken place.

(b) 7% Convertible Loan Stocks 2000/2005 (“CLS”)

The CLS were issued pursuant to the restructuring of bank borrowings undertaken by the Company with its identifi ed fi nancial institutions. The CLS may be converted in proportions of up to 20% and 30% commencing from the end of the third and fourth year respectively from 1 May 2000 and the balance of 50% at end of the fi fth year from 1 May 2000.

During the fi nancial year, no conversion of CLS into new stock units had taken place.

Upon exercise of the Warrants and conversion of CLS into new stock units, such stock units shall rank pari passu in all respects with the then existing issued stock units of the Company, except that such new stock units shall not be entitled to any rights, allotment, dividends or other distributions declared or to be declared in respect of the fi nancial period prior to the fi nancial period in which such new stock units are issued or for any interim dividends or distributions that may be declared prior to the date of allotment of such new stock units.

29. RESERVESGroup Company

2003 2002 2003 2002RM’000 RM’000 RM’000 RM’000

Share premium 430,437 430,437 430,437 430,437 Capital reserve (1,792) (1,792) 69 69 Revaluation reserve 46,724 46,724 - - Exchange fl uctuation reserve 11,956 4,513 - - Reserve on consolidation 10,897 11,736 - -

Total non-distributable reserves 498,222 491,618 430,506 430,506 Accumulated losses (454,120) (460,180) (451,666) (451,757)

44,102 31,438 (21,160) (21,251)


179

29. RESERVES (continued)

The movements in reserves are shown in the Statements of Changes in Equity.

The revaluation reserve represents surplus on the revaluation of certain hotel properties of the Group.

30. 7% REDEEMABLE AND CONVERTIBLE LOAN STOCKS 2000/2005

Group and Company

2003 2002

RM’000 RM’000

7% redeemable secured loan stocks 93,676 185,874

7% convertible secured loan stocks 172,242 172,942

Total secured loan stocks 265,918 358,816

7% convertible unsecured loan stocks 10,519 10,519

276,437 369,335

The main features of the 7% Redeemable Loan Stocks 2000/2005 (“RLS”) and CLS are as follows:-

(i) The redemption of the RLS will be in proportions of up to 20%, 30% and the balance of 50% at the end of the third, fourth and fi fth year respectively from 1 May 2000. The CLS may be converted in proportions of up to 20% and 30% commencing from the end of the third and fourth year respectively from 1 May 2000 and the balance of 50% at the end of the fi fth year from 1 May 2000. Both the RLS and CLS bear interest at the rate of 7% per annum to be satisfi ed to the registered holders as follows:-

(a) 3% coupon to be satisfi ed by cash annually in arrears;

(b) the remaining 4% coupon in respect of the RLS shall be cumulative up to the date of redemption of the proportion of RLS to be redeemed and will be satisfi ed by cash at the redemption price of:-

(i) RM0.95 per RLS for the portion of 20%;(ii) RM0.98 per RLS for the portion of 30%;(iii) RM1.01 per RLS for the balance redeemed; and

(c) the remaining 4% coupon in respect of the CLS shall be cumulative up to the date of conversion and will be satisfi ed by way of conversion into new stock units of RM1.00 each in the Company at the conversion price of RM1.20 per stock unit.


180

30. 7% REDEEMABLE AND CONVERTIBLE LOAN STOCKS 2000/2005 (continued)

(ii) The RLS amounting to an equivalent of RM93.676 million nominal value and CLS amounting to an equivalent of RM172.242 million nominal value are secured by:-

(a) certain shares of a quoted subsidiary company and an unquoted subsidiary company at cost of RM420.055 million (2002: RM420.055 million) and RM117.774 million (2002: RM117.774 million), respectively;

(b) the entire quoted securities of the Group outside Malaysia at cost amounting to equivalent of RM27.558 million (2002: RM27.558 million); and

(c) certain properties of the Group.

During the fi nancial year, the Company had redeemed a total of RM92.198 million equivalent nominal value of RLS out of a total of RM185.874 million in issue and repurchased a total of RM0.700 million equivalent nominal value of CLS out of a total of RM183.461 million in issue.

31. TERM LOANS

Group and Company

2003 2002

RM’000 RM’000

Term loans:-

Secured 60,191 43,201

Unsecured 845 1,800

61,036 45,001

Repayable as follows:-

Within the next 12 months included under

short term borrowings (Note 27) 4,471 5,546

After next 12 months included under long

term liabilities

- later than 1 year but not later than 5 years 21,608 20,510

- later than 5 years 34,957 18,945

56,565 39,455

61,036 45,001

The term loans are secured by:-

(i) Registered charges over certain land and buildings and a hotel property; and

(ii) A debenture of RM21.06 million by way of fi rst fi xed and fl oating charges on the assets of a subsidiary company.

21,608 20,510

34,957 18,945


181

31. TERM LOANS (continued)

Group2003 2002

RM’000 RM’000Term loan I repayable by 144 equal monthly instalments of RM225,000 per month commencing July 2002 18,574 19,736

Term loan II repayable by 40 quarterly instalments of approximately RM560,431 (£83,150) per quarter and a fi nal bullet payment of approximately RM11,208,620 (£1,663,000) with the fi rst instalment commencing December 2002 (2002: by 8, followed by 28 and then 4 equal quarterly instalments of approximately RM431,716 (£70,312), RM611,605 (£99,610) and RM611,581 (£99,606) each respectively with the fi rst instalment commencing February 2000) 32,505 17,125

Term loan III repayable by 120 equal monthly instalments of RM2,779 (2002: by 10 equal annual instalments of RM33,936) commencing June 2003 219 166

Term loan IV repayable by 59 equal monthly instalments of RM54,976 each and the fi nal instalment, the amount of which to be notifi ed in due course commencing 31 December 1998 845 1,333

Term loan V repayable by 20 equal quarterly instalments of approximately RM42,000 (AUD15,000) each commencing January 2001, and the fi nal instalment of lump sum payment of approximately RM5,600,000 (AUD2,000,000) payable at maturity or in full on any demand following an event of default 4,396 3,715

Term loan VI repayable by 2 equal annual instalments followed by 8 equal quarterly instalments of RM467,500 and RM116,875, respectively, commencing March 2000 - 468

Term loan VII repayable by 24 equal monthly instalments of approximately RM43,200 (AUD20,000) each commencing January 2002, and the fi nal instalment of lump sum payment of approximately RM2,203,200 (AUD1,020,000) payable at maturity or in full on any demand following an event of default - 1,512

Term loan VIII repayable over a period of 10 years in equal quarterly instalment of approximately RM49,404 (£7,332) (2002: a period of 10 years in equal quarterly instalments of approximately RM46,787 (£8,196) commencing October 1995) 297 432

Term loan IX repayable by 42 equal monthly instalments of RM16,468 commencing November 2002 - 514

Term loan X full repayment by 31 December 2005 4,200 -

61,036 45,001


182

31. TERM LOANS (continued)

The weighted average effective interest rates are as follows:-

2003 2002% %

Term loan I 8.40 8.40Term loan II 8.40 8.40Term loan III 7.90 7.90Term loan IV 9.95 9.95Term loan V 7.31 7.33Term loan VI * *Term loan VII - 7.33Term loan VIII 8.00 6.00Term loan IX - 8.15Term loan X 7.20 -

*Interest free with repayment terms over a period of four (4) years.

The currency exposure of term loans of the Group are as follows:-

Group2003 2002

RM’000 RM’000

Ringgit Malaysia 19,638 22,217Pound Sterling 32,802 17,557Australian Dollar 8,596 5,227

61,036 45,001

32. HIRE PURCHASE AND LEASE CREDITORS

Group2003 2002

RM’000 RM’000Hire purchase and lease instalments payable:-- not later than one year 1,354 1,560- later than one year and not later than fi ve years 1,200 771

2,554 2,331Less: Future interest charges (311) (338)

2,243 1,993

Portion payable:- - not later than one year included under current liabilities (Note 25) 1,161 1,292

- later than one year and not later than fi ve years included under long term liabilities 1,082 701

2,243 1,993


183

33. DEFERRED TAX LIABILITIES

(a) The deferred tax liabilities are made up of the following:-

Group2003 2002

RM’000 RM’000

Balance as at 1 January, as restated 5,394 4,978Recognised in the income statement (Note 9) (518) (220)Acquisition of subsidiary companies - 636

4,876 5,394

Presented after appropriate offsetting:-

Deferred tax assets, net - -Deferred tax liabilities, net 4,876 5,394

4,876 5,394

(b) The movements of deferred tax assets and liabilities during the fi nancial year prior to offsetting are as follows:-

Group2003 2002

RM’000 RM’000Deferred tax assets

Balance as at 1 January, as restated 16 -Recognised in the income statement

- unutilised capital allowances 4 -- unabsorbed tax losses 8 -- other deductible temporary differences 223 16

235 16


Deferred tax liabilities

Balance as at 1 January, as restated 5,410 4,978Recognised in the income statement- excess of capital allowances over corresponding depreciation (167) 15- realisation of revaluation surplus (116) (219)

(283) (204)

Acquisition of subsidiary companies - 636


4 -8 -

223 16

(167) 15(116) (219)


184

33. DEFERRED TAX LIABILITIES (Continued)

(c) The components of deferred tax assets and liabilities as at the end of the fi nancial year are comprised of the following tax effects:-

Group2003 2002

RM’000 RM’000Deferred tax assets

Unutilised capital allowances 4 -Unabsorbed tax losses 8 -Other deductible temporary differences 239 16

251 16

Group2003 2002

RM’000 RM’000Deferred tax liabilities

Revaluation reserve 4,124 4,240Excess of capital allowances over corresponding depreciation 1,003 1,170

5,127 5,410

(d) The amount of temporary differences for which no deferred tax assets have been recognised in the balance sheet are as follows:-

Group2003 2002

RM’000 RM’000

Unabsorbed tax losses 28,715 25,803Unutilised capital allowances 3,809 3,803Other deductible temporary differences 6,659 6,748

39,183 36,354

Deferred tax assets have not been recognised in respect of these items as it is not probable that taxable profi ts of certain

subsidiary companies will be available against which the deductible temporary differences can be utilised.


185

34. RETIREMENT BENEFITS

The Group operates unfunded defi ned benefi t retirement benefi t plans for certain of its employees.

The amounts recognised in the balance sheet are as follows:-

Group

2003 2002

RM’000 RM’000

Present value of unfunded obligations 193 163

The movements during the fi nancial year on the amount recognised in the balance sheet in respect of the retirement benefi t plans are as follows:-

Group

2003 2002

RM’000 RM’000

Balance as at 1 January 163 264

Provision made in the current fi nancial year 34 26

Transition amount recognised - (127)

Paid during the fi nancial year (4) -


The total expenses recognised in the income statement are as follows:-

Group

2003 2002

RM’000 RM’000

Current service cost 34 26

Transition amount recognised - (127)

Recognised in the income statement under operating expenses 34 (101)

The principal actuarial assumption used was:-

Group

2003 2002

% %

Discount rate 7.0 7.0

Expected rate of salary increase 5.0 5.0


186

35. DEFERRED INCOME

This represents the remaining 50% of the timeshare membership subscription fee received which is to be recognised as income over the validity period of the timeshare membership agreement, i.e. 30 years, from the admission date of the member.

36. CHANGE IN ACCOUNTING POLICY AND PRIOR YEAR ADJUSTMENTS

During the fi nancial year, the Group changed its accounting policy with respect to the provision for deferred tax to comply with MASB 25 Income taxes. This change has been accounted for retrospectively. Previously deferred tax was recognised for timing differences except when there is reasonable evidence that such timing differences would not reverse in the foreseeable future. Deferred tax benefi ts were recognised only when there was reasonable assurance of their realisation. With the adoption of MASB 25, deferred tax liabilities and assets are provided for under the liability method in respect of all temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base.

The effects of the change in accounting policy are summarised below:-

As Effect ofpreviously change in As

Group reported policy restatedRM’000 RM’000 RM’000

Income StatementFinancial year ended 31 December 2002

Net loss for the fi nancial year (68,147) (279) (68,426)

Statement of Changes in EquityAt 31 December 2001

Accumulated losses (392,957) 1,203 (391,754)Revaluation reserve 50,596 (3,872) 46,724

At 31 December 2002

Accumulated losses (461,104) 924 (460,180)Revaluation reserve 50,596 (3,872) 46,724

Balance Sheet

Investment in associated companies 90,266 1,821 92,087Reserves 34,386 (2,948) 31,438Deferred tax liabilities 1,508 3,886 5,394Minority interests 207,277 883 208,160


187

37. PURCHASE OF PROPERTY, PLANT AND EQUIPMENT

During the fi nancial year, the Group and the Company made the following cash payments to purchase property, plant and equipment:-

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Purchase of property, plant and equipment (Note 11) 47,406 35,304 25 894

Financed by hire purchase and lease arrangements (1,635) (665) - -

Cash payments on purchase of property, plant and equipment 45,771 34,639 25 894

38. ACQUISITION OF SUBSIDIARY COMPANIES

During the current fi nancial year, the Group acquired QBC as disclosed in Note 12. The fair value of the assets acquired and the liabilities were as follows:-

RM’000

Property, plant and equipment 205Inventories 520Other receivables, deposits and prepayment 295Cash and bank balances 246Trade payables (229)Other payables and accruals (422)Minority interests (314)

Net assets acquired 301Goodwill on consolidation 314

Total cost of acquisition 615Less: Cash and bank balances of the subsidiary company acquired (246)

369Less: Balance of purchase consideration outstanding as at end of

fi nancial year (369)

Cash fl ow on acquisition, net of cash acquired -


188

38. ACQUISITION OF SUBSIDIARY COMPANIES (continued)

During the previous fi nancial year, the Group acquired UCSB and UCPL. The fair value of the assets acquired and the liabilities were as follows:-

RM’000

Property, plant and equipment 6,660Inventories 14,313Trade receivables 18,870 Other receivables, deposits and prepayment 7,179Cash and bank balances 184Trade payables (7,096)Other payables and accruals (7,945)Taxation (910)Inter-company balances (163)Deferred taxation (636)Short term borrowings (1,558)Minority interest (8,670)

Net assets acquired 20,228Goodwill on consolidation 79,314

Total cost of acquisition 99,542Less: Cash and bank balances of the subsidiary companies acquired (184)

99,358Less: Balance of purchase consideration outstanding as at end of

fi nancial year (Note 25) (32,550)

Cash fl ow on acquisition, net of cash acquired 66,808

39. CASH AND CASH EQUIVALENTS

Cash and cash equivalents included in the cash fl ow statements as at the end of the fi nancial year comprise the following balance sheet amounts:-

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Deposits with fi nancial institutions 119,464 129,964 9,200 2,700Cash and bank balances 43,201 178,268 333 986Bank overdrafts (1,291) (957) - -

161,374 307,275 9,533 3,686Less: Deposits pledged to fi nancial institutions (3,792) (4,589) - -

157,582 302,686 9,533 3,686


189

40. CONTINGENT LIABILITIES - UNSECURED

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Guarantees in favour of third parties - 235 - -

Obligation involving claims by supplier due to non- performance of contract - 19 - -

Guarantees given on behalf of subsidiary companies - - 30,213 72,362

- 254 30,213 72,362

The Company has received notice of a legal action taken by a stockholder who is disputing the basis of determining the entitlement to the Bonus Issue carried out by the Company in 1993. Although the fi nal outcome of this matter is currently uncertain, the Directors are of the opinion that the legal suit has no merit and will not succeed.

41. LEASE COMMITMENTS

The Group has lease commitments under non-cancellable operating leases, which are payable as follows:-

Group2003 2002

RM’000 RM’000

Not later than one year 2,772 3,368Later than one year but not later than fi ve years 1,074 2,121

3,846 5,489

42. COMMITMENTS

(i) Capital commitments in respect of:-Group

2003 2002RM’000 RM’000

Capital expenditure:-- authorised and contracted for 136,556 136,556- authorised but not contracted for - 64

136,556 136,620Analysed as follows:-- hotel property - 64- proposed acquisition of shares of Malpac 136,556 136,556

136,556 136,620


190

42. COMMITMENTS (continued)

On 14 August 1997, ASC entered into a conditional share sale and purchase agreement with the vendors of Malpac to acquire a 32.9% equity interest comprising 24,675,000 ordinary shares of RM1.00 each in Malpac for a total cash purchase consideration of RM166,556,250 or RM6.75 per ordinary share. Approvals from the relevant authorities namely the Ministry of Finance, the Securities Commission (“SC”) and the Foreign Investment Committee (“FIC”) were obtained on 20 November 1997, 20 December 1997 and 26 December 1997, respectively.

The capital commitment authorised and contracted for, by the Group is in respect of the balance of the purchase price on the proposed acquisition of the shares of Malpac of RM136,556,000 (2002: RM136,556,000).

The Directors of ASC continued to negotiate with the vendors to terminate the proposed acquisition of Malpac. Under the termination proposal, ASC’s rights and obligations under the conditional sale and purchase agreement dated 14 August 1997 would be rescinded and the initial deposit provided by ASC would be refunded.

(ii) A subsidiary company entered into a lease agreement on 31 January 1996 with the Municipality Council of Phnom Penh which stipulated that the subsidiary company has an obligation to construct a new hotel building and carry out renovation and refurbishment works on the existing hotel building. The expected date of completion is within 36 months from 1 October 1999. The amount contracted shall not be less than USD3 million for both buildings. An extension of time has been granted for the subsidiary company to commence the construction of the new hotel building not later than 1 October 2002 and to be completed by 1 October 2004. The refurbishment work on the existing hotel building has since been completed but construction of the new hotel building has not begun as at todate.

The subsidiary company was granted approval from the municipality for a further deferment on the commencement of the construction of the new building in year 2007.

43. SEGMENT REPORTING

(i) Business segments

The Group’s operations comprise the following business segments:

Investment holding : Investment income and providing full corporate and fi nancial support to the Group

Property development : Development of residential and commercial properties

Hotels and resorts : Operate and manage hotels and resorts and other related services

Information and communication technology

: Provision of project management and support services, research and development for the telecommunication industry and trading of telecommunications products

Others : Businesses involving manufacturing, trading and card and payment related services.


191

43. SEGMENT REPORTING (continued)

(i) Business segments (continued)

Informationand

Hotels communica-Investment Property and tion Elimina-

2003 holding development resorts technology Others tions TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

RevenueExternal 15,089 39,925 59,003 74,036 30,845 - 218,898Inter-segment 6,511 22 - - - (6,533) -

Total revenue 21,600 39,947 59,003 74,036 30,845 (6,533) 218,898

ResultsSegment results (2,152) 6,354 8,601 19,044 (6,282) (11,087) 14,478

Share of profi t in associated companies 8,791

Profi t before tax 23,269

Tax expenses (7,746)

Profi t after tax 15,523

Minority interests (9,463)

Net profi t for the fi nancial year 6,060

Other informationSegment assets 350,663 85,264 363,257 161,817 25,827 - 986,828Investment in associated companies 58,925 - - - - - 58,925Unallocated corporate assets 11,032

Total assets 1,056,785

Segment liabilities 331,289 14,363 64,541 39,853 31,341 - 481,387Unallocated corporate liabilities 14,781

Total liabilities 496,168

Capital expenditure 41,814 38 2,901 1,932 721 - 47,406Depreciation 2,165 171 6,134 2,009 1,957 - 12,436Impairment loss on property, plant and equipment written off - - 3,583 - - - 3,583Non-cash expenses other than depreciation 1,381 - 8,993 4,667 3,613 - 18,654


192


(i) Business segments (continued)

Informationand

Hotels communica-Investment Property and tion Elimina-

2002 holding development resorts technology Others tions TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

RevenueExternal 23,183 58,990 62,096 33,245 26,101 - 203,615Inter-segment 2,722 23 - - - (2,745) -

Total revenue 25,905 59,013 62,096 33,245 26,101 (2,745) 203,615

ResultsSegment results (41,618) 6,177 (128) 10,207 6,572 11,627 (7,163)

Impairment loss (50,224) - - - - - (50,224)

Share of profi t in associated companies 7,933

(49,454)

Tax expenses (11,234)

Loss after tax (60,688)

Minority interests (7,738)

Net loss for the fi nancial year (68,426)

Other informationSegment assets 473,729 88,689 341,910 133,590 21,686 - 1,059,604Investment in associated companies 92,087 - - - - - 92,087Unallocated corporate assets 8,867

Total assets 1,160,558

Segment liabilities 423,652 17,971 54,272 44,010 28,940 - 568,845Unallocated corporate liabilities 14,321

Total liabilities 583,166

Capital expenditure 27,663 421 4,107 608 2,505 - 35,304Depreciation 1,146 167 6,744 581 4,357 - 12,995Impairment loss on property, plant and equipment - - 3,583 - - - 3,583Non-cash expenses other than depreciation 68,923 215 1,176 1,415 360 - 72,089


193


(ii) Geographical segments

In determining the geographical segments of the Group, revenue is based on the geographical locations of customers. Segment assets and capital expenditure are based on the geographical location of the assets. The composition of each geographical segment is as follows:-

Malaysia : Investment income and providing full corporate and fi nancial support to the Group, property development, operate and manage hotels and resorts, card and payment related services, provision of project management and support services, research and development for the telecommunication industry and trading of telecommunications projects.

Singapore : Provision of project management and support services, research and development for the telecommunication industry and trading of telecommunications projects.

Africa and Middle East : Operate and manage hotels and resorts

Europe : Operate and manage hotels and resorts

Australasia : Manufacturing and trading

Others : Operate and manage hotels and resorts

CapitalRevenue Segment assets expenditure

2003 2002 2003 2002 2003 2002RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Malaysia 136,051 134,895 619,698 708,721 43,701 32,366Singapore 30,500 20,237 34,577 29,069 569 169Africa and Middle East 19,034 21,633 62,514 66,370 1,422 2,224Europe 10,061 9,757 84,097 55,048 223 246Australasia 21,090 15,161 34,574 24,674 1,203 296Others 2,162 1,932 151,368 175,722 288 3

218,898 203,615 986,828 1,059,604 47,406 35,304


194

44. FINANCIAL INSTRUMENTS

(a) Interest rate risk

The table below summarises the carrying amount of the Group’s fi nancial assets and liabilities as at the balance sheet date, categorised by their maturity dates, which represent the Group’s exposure to interest rate risk:-

Not later Effectivethan Later than interest

2003 1 year 2 to 5 years 5 years Total rateRM’000 RM’000 RM’000 RM’000

Financial assets

Fixed deposits 119,464 - - 119,464 3.2%

Financial liabilities

Bank overdrafts 1,291 - - 1,291 9.9%Hire purchase creditors 1,161 1,082 - 2,243 3.4%Term loans 4,471 21,608 34,957 61,036 8.3%7% redeemable loan stocks 2000/2005* 17,973 75,703 - 93,676 7.0%7% convertible loan stocks 2000/2005* 91,031 91,730 - 182,761 7.0%

115,927 190,123 34,957 341,007

2002

Financial assets

Fixed deposits 129,964 - - 129,964 3.2%

Financial liabilities

Bank overdrafts 957 - - 957 8.9%Hire purchase creditors 1,292 701 - 1,993 3.4%Term loans 5,546 20,510 18,945 45,001 8.2%7% redeemable loan stocks 2000/2005* 37,175 148,699 - 185,874 7.0%7% convertible loan stocks 2000/2005* 36,692 146,769 - 183,461 7.0%

81,662 316,679 18,945 417,286

* The Company has carried out an early redemption of the Company’s RLS and repurchase of CLS together with the interest accrued up to the dates of redemption and repurchase on 10 January 2003, 13 February 2003, 3 April 2003, 30 April 2003 and 31 October 2003. The Ringgit equivalent of the nominal value of RLS redeemed amounted to RM92.198 million out of a total of RM185.874 million in issue and the nominal value of the CLS repurchased amounted to RM0.700 million out of a total of RM183.461 million in issue.


195

44. FINANCIAL INSTRUMENTS (continued)

(b) Credit risk

Credit period in respect of trade receivables range from payment in advance to an average of 90 days. Concentration of credit risk in respect of trade receivables are limited due to the Group’s large number of customers, who are internationally dispersed. The Group’s historical experience in collection of accounts receivable falls within the recorded allowances. Due to these factors, management believes that no additional credit risk amounts for collection losses is inherent to the Group’s trade receivables.

Other receivables, deposits and prepayments

The concentration of credit risk in other receivables, deposits and prepayments are in respect of a deposit of RM30 million paid to the vendors of Malpac by ASC for the proposed acquisition of Malpac as disclosed in Note 19. The Directors of ASC are of the view that the initial deposit may not likely to be refunded within the next twelve months and have classifi ed the amount under non-current assets pending fi nalisation of the termination proposal. However, allowance for doubtful debts is not required for the current fi nancial year as the Directors of ASC are confi dent that the said deposit will be refunded upon the fi nalisation of the termination proposal.

(c) Fair values

The carrying amounts in the fi nancial statements of the Group and of the Company as at the balance sheet dates approximate their fair values except as set out below:-

Group CompanyCarrying Fair Carrying Fairamount value amount valueRM’000 RM’000 RM’000 RM’000

As at 31 December 2003

Investment securities

- quoted shares outside

Malaysia 4,110 8,681 - -

- unquoted shares in

Malaysia 47,306 * 35,175 *

- unquoted shares

outside Malaysia 7,502 * - -

Deposit 30,000 28,168 - -

7% redeemable loan

stocks 2000/2005

- nominal value 93,676 - 93,676 -

- interest accrued 15,643 - 15,643 -

109,319 102,436 109,319 102,436

7% convertible loan

stocks 2000/2005

- nominal value 182,761 - 182,761 -


213,279 200,784 213,279 200,784

182,761 - 182,761 -

30,518 - 30,518 -

93,676 - 93,676 -

15,643 - 15,643 -


196

44. FINANCIAL INSTRUMENTS (continued)

Group CompanyCarrying Fair Carrying Fairamount value amount valueRM’000 RM’000 RM’000 RM’000

As at 31 December 2002

Investment securities

- quoted shares in

Malaysia 4,458 3,724 4,458 3,724

- quoted shares outside

Malaysia 4,110 6,001 - -

- unquoted shares in

Malaysia 35,179 * 35,175 *

- unquoted shares

outside Malaysia 7,502 * - -

Deposit 30,000 28,168 - -

7% redeemable loan

stocks 2000/2005

- nominal value 185,874 - 185,874 -


209,418 202,021 209,418 202,021

7% convertible loan

stocks 2000/2005

- nominal value 183,461 - 183,461 -


206,699 204,643 206,699 204,643

*A reasonable estimate of fair value could not be made without incurring excessive costs. Such investments are valued at cost subject to review for impairment.

The following methods and assumptions are used to determine the fair value of fi nancial instruments:-

(i) The carrying amounts of fi nancial assets and liabilities maturing within 12 months approximate their fair values due to the relatively short term maturity of these fi nancial instruments.

(ii) The fair values of quoted investments are their quoted market prices at the balance sheet date.

(iii) The fair values of the fi nancial liabilities are estimated by discounting future contractual cash fl ows at the current market interest rate available to the Group for similar fi nancial instruments.

183,461 - 183,461 -

23,238 - 23,238 -

185,874 - 185,874 -

23,544 - 23,544 -


197

45. SIGNIFICANT RELATED PARTY DISCLOSURES

(a) Identities of related parties

The Company has related party relationships with its direct and indirect subsidiary companies and associated companies.

(b) Signifi cant related party transactions and balances

In the normal course of business, the Group undertake transactions with certain related parties. Set out below are the signifi cant related party transactions for the fi nancial year (in addition to related party disclosures mentioned elsewhere in the fi nancial statements). The related party transactions described below were carried out on terms and conditions not materially different from those obtainable in transactions with unrelated parties.

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000(a) Income

(i) Interest receivable fromsubsidiary companies- iSynergy Sdn. Bhd. - - 2,567 2,494- Super Leisure Sdn.Bhd. - - - 164

(ii) Interest receivable froman associated company,SIBB on:-- USL 861 1,047 - -- placements 66 482 - -

(b) Expenses

(i) Interest payable to asubsidiary company,ASC - - 1,468 1,948

(ii) Corporate advisory fees paid to an associatedcompany, SIBB 119 633 97 224

(iii) Directors’ emoluments payable to directors:-- fees 643 635 257 264- salaries and bonuses 701 548 45 -- benefi t-in-kind 50 34 21 5


198

45. SIGNIFICANT RELATED PARTY DISCLOSURES (continued)

Individually signifi cant outstanding balances arising during the fi nancial year from transactions other than normal transactions with related parties are as follows:-

Group Company2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000Amount owing by subsidiary

companies:-

iSynergy Sdn. Bhd.- interest receivable - - 2,567 2,494

Super Leisure Sdn. Bhd.- interest receivable - - - 164

Amount owing to a subsidiarycompany, ASC- interest payable - - 1,468 1,948

Warrants 2000/2008 of the Company held by the Directors

The Warrants 2000/2008 of the Company held by the Directors of the Company during the fi nancial year are as follows:-

2003 2002 2003 2002Dato’ Ahmad Sebi Bakar- direct interest - - 7,510,005 7,510,005- indirect interest - - 13,727,000 13,727,000

Datin Masri Khaw Binti Abdullah- direct interest - - 3,000 3,000- indirect interest - - 350,000 350,000

Sng Ngiap Koon- indirect interest - - 80,000* -

*As per Sng Ngiap Koon’s disclosure made upon his appointment as Director of the Company on 28 October 2003. The terms and conditions of the Warrants 2000/2008 are detailed in the Directors’ Report.

Number of Warrants 2000/2008Bought during Unexercised warrants

the fi nancial year at end of fi nancial year


199

46. SUBSIDIARY AND ASSOCIATED COMPANIES

The subsidiary and associated companies which are incorporated in Malaysia (other than those specifi ed otherwise), are as follows:-

Group’sName of company Principal activities effective interest

2003 2002Subsidiary companies of the Company

Advance Synergy Capital Berhad Investment holding 51.04% 50.76%

iSynergy Sdn. Bhd. Provision of payment related 51% 51% products and services

Alangka-Suka Hotels & Resorts Berhad Investment holding 99.63% 99.63%

Calmford Incorporated Investment holding 100% 100%(Incorporated in the British Virgin Islands)

Advance Synergy Properties Sdn. Bhd. Investment holding 100% 100%

*Advance Synergy Realty Sdn. Bhd. Property development 100% 100%

ASB Timber (PNG) Limited Forest industry - 100%(Incorporated in Papua New Guinea)

*Ausborn Sawmill Sdn. Bhd. Sawmill and trading of sawn timber 100% 100%

*Bornion Sawmill Sdn. Bhd. Sawmill and trading of sawn timber 100% 100%

Excellent Arch Sdn. Bhd. Investment holding 100% 100%

Excellent Display Sdn. Bhd. Investment holding 100% 100%

Nagapura Management Corporation Sdn. Bhd. Provision of management services 100% 100%

Sadong Development Sdn. Bhd. Property development 100% 100%

Synergy Gold Incorporated Investment holding 100% 100%(Incorporated in the British Virgin Islands)

Synergy Petroleum Incorporated Investment holding 100% 100%(Incorporated in the British Virgin Islands)

Alam Samudera Corporation Sdn. Bhd. Management company for foreign 100% 100% inbound travel and tours

Advance Synergy Timber Sdn. Bhd. Dormant 100% 100%

Worldwide Matrix Sdn. Bhd. Investment holding 100% 100%

*P.T. Asbindo Infocitra Services on design and engineering 51% 51%(Incorporated in the Republic of Indonesia) electronic data processing

Strategic Research & Consultancy Sdn. Bhd. Provision of research and 100% - consultancy services


200

46. SUBSIDIARY AND ASSOCIATED COMPANIES (continued)


2003 2002Subsidiary companies of Advance Synergy Capital Berhad

*ASC Equities Sdn. Bhd. Investment trading and venture capital 51.04% 50.76%

*ASC Credit Sdn. Bhd. Credit and leasing 51.04% 50.76%

*Triton-K Sdn. Bhd. Management services 51.04% 50.76%

*Triton Khidmat Sdn. Bhd. Provision of manpower management 51.04% 50.76% services

*Triton Engineering Sdn. Bhd. Provision of bus maintenance 51.04% 50.76% services

*Triton Commuter Sdn. Bhd. Provision of intra-city and feeder 51.04% 50.76% bus services

*Triton Express Sdn. Bhd. Provision of express bus services 51.04% 50.76%

*Triton Feeder Services Sdn. Bhd. Dormant 51.04% 50.76%

*Triton Terminal Management Sdn. Bhd. Dormant 51.04% 50.76%

*Triton Excursions Sdn. Bhd. Dormant 51.04% 50.76%

*Triton Synergy Holdings Sdn. Bhd. Dormant 51.04% 50.76%

*Triton Express Holdings Sdn. Bhd. Dormant 51.04% 50.76%

*AESBI Power Systems Sdn. Bhd. Investment holding 51.04% -

*Quality Bus & Coach (M) Sdn. Bhd. Design, building and fabrication of 26.03% - coaches

Associated companies of Advance Synergy Capital Berhad

*Southern Investment Bank Berhad Merchant banking business 10.21% 10.15%

*Kumpulan Powernet Berhad Investment holding 10.21% 10.15%

*ACE Synergy Insurance Berhad General insurance business 25.01% -

*Hicom Australia Pty. Ltd. Design, building and fabrication of 25.52% - coaches

Subsidiary companies ofSouthern Investment Bank Berhad

*Perdana Nominees (Tempatan) Sdn. Bhd. Nominee services 10.21% 10.15%

*Perdana Nominees (Asing) Sdn. Bhd. Nominee services 10.21% 10.15%

*Perdana Mutual Fund Berhad Dormant 10.21% 10.15%


201



2003 2002Subsidiary companies of

Kumpulan Powernet Berhad

*Powernet Industries Sdn. Bhd. Manufacturing of warp-knitted fabrics 10.21% 10.15%

*Powernet Properties Sdn. Bhd. Property investment 10.21% 10.15%

Subsidiary companies of Powernet Industries Sdn. Bhd.

*Fuwai Manufacturing Sdn. Bhd. Lamination of fabrics and fi brefi ll 10.21% 10.15%

*Ladyworld Marketing (M) Sdn. Bhd. Manufacture of undergarments 10.21% 5.18%

*Powerfi t Industries Sdn. Bhd. Manufacturing of clips, hook and eye 5.33% 5.30% fi ttings, hook and eye tapes and hook and eye tape machines

*Powernet Trading (M) Sdn. Bhd. Trading of lingerie materials and 10.21% 10.15% accessories

Subsidiary companies of Ladyworld Marketing (M) Sdn. Bhd.

*Eramina Sdn. Bhd. Trading of undergarments 10.21% 2.82%

*Wentai Sdn. Bhd. Undergarments tailoring contractor 5.56% 2.82%

Subsidiary companies of iSynergy Sdn. Bhd.

Cosmocourt.com (Malaysia) Sdn. Bhd. Inactive 51% 51%

Rewardstreet.com (Malaysia) Sdn. Bhd. Inactive 51% 51%

Datakey Sdn. Bhd. Dormant 51% 51%

Subsidiary companies of Alangka-Suka Hotels & Resorts Berhad

Asbina Hotel & Property Sdn. Bhd. Leasehold owner of Monorom 99.63% 99.63% Holiday Villa, Phnom Penh

Alor Setar Holiday Villa Sdn. Bhd. Owns and operates Alor Setar 89.67% 89.67% Holiday Villa

Cherating Holiday Villa Berhad Owns and operates Cherating 99.63% 99.63% Holiday Villa Resort

Langkawi Holiday Villa Sdn. Bhd. Owns and operates Langkawi 99.63% 99.63% Holiday Villa Resort

Mayor Hotels Berhad Owns and operates City Villa 99.63% 99.63% Kuala Lumpur


202



2003 2002Subsidiary companies of Alangka-Suka Hotels & Resorts Berhad (continued)

Grand Hotel Sudan Limited Leasehold owner of Grand 99.63% 99.63%(Incorporated in the British Virgin Islands) Holiday Villa, Khartoum

Alangka-Suka International Limited Investment holding 99.63% 99.63%(Incorporated in the British Virgin Islands)

Antara Holiday Villas Sdn. Bhd. Hotel management services 99.63% 99.63%

Holiday Villas International Limited Hotel management services 99.63% 99.63%(Incorporated in the British Virgin Islands)

Holiday Villa Travel & Tours Sdn. Bhd. Limousine services 99.63% 99.63%

Holiday Villa Subang Sdn. Bhd. Dormant 99.63% 99.63%

*Suntop Corporation Sdn. Bhd. Dormant 99.63% 99.63%

Subsidiary company of Asbina Hotel & Property Sdn. Bhd.

*Asbina Hotel & Property (Cambodia) Pte. Ltd. Operates Monorom Holiday Villa, 99.63% 99.63% (Incorporated in the Kingdom of Cambodia) Phnom Penh

Subsidiary companies of Alangka-Suka International Limited

Asbina Shenzhen Limited Dormant 89.67% 89.67%(Incorporated in the British Virgin Islands)

*Grand Holiday Villa Khartoum Co. Ltd. Operates Grand Holiday Villa, 99.63% 99.63%(Incorporated in the Republic of Sudan) Khartoum

*Interwell International Limited Owns Holiday Villa, London 99.63% 99.63%(Incorporated in the British Virgin Islands)

*P.T. Diwangkara Holiday Villa Bali Operates and manages Diwangkara 89.67% - (Incorporated in the Republic of Indonesia) Holiday Villa Bali

*Larkswood Assets Limited Investment holding 99.63% - (Incorporated in the British Virgin Islands)

Subsidiary company of Interwell International Limited

*Interwell Management Limited Dormant 99.63% 99.63%(Incorporated in England and Wales)


203



2003 2002Subsidiary company of Holiday Villas International Limited

*Holiday Villa (UK) Ltd. Operates Holiday Villa, London 99.63% 99.63%(Incorporated in England and Wales)

Subsidiary companies of Larkswood Assets Limited

*Alangka-Suka Australia Pty. Ltd. Owns Manor House Boutique Hotel, 99.63% -(Incorporated in Australia) Australia

*Holiday Villa Australia Pty. Ltd. Hotel management services 99.63% -(Incorporated in Australia)

Subsidiary companies of Calmford Incorporated

*Jarrett Synergy Pty. Ltd. Manufacture and sale of metal products 100% 100%(Incorporated in Australia)

*Synergy Lifestyle Concepts Pty. Ltd. Retailer of home entertainment equipment 100% 100%

Subsidiary company of Advance Synergy Properties Sdn. Bhd.

Synergy Realty Incorporated Investment holding 100% 100%(Incorporated in the British Virgin Islands)

Subsidiary company of Synergy Realty Incorporated

*Synergy Investments Australia Pty. Ltd. Property development and Investment 100% 100%(Incorporated in Australia)

Subsidiary company of Excellent Arch Sdn. Bhd.

Advance Synergy Furniture Sdn. Bhd. In liquidation 100% 100%

Subsidiary companies of Excellent Display Sdn. Bhd.

Super Leisure Sdn. Bhd. Operation and management of restaurants 100% 100%

Visage Synergy Sdn. Bhd. Dormant 100% 100%

Subsidiary companies of Nagapura Management Corporation Sdn. Bhd.

Xgo Technik Sdn. Bhd. (formerly known Provision of fi nancial information 100% 100% as e-go.com Sdn. Bhd.) servicing of information

technology products and other related services


204



2003 2002Subsidiary companies of Nagapura Management Corporation Sdn. Bhd.(continued)

Syarikat Fit and Weld Engineering (M) In liquidation 70% 70% Sdn. Bhd.

Acrylic Synergy Sdn. Bhd. Inactive 81% 81%

Subsidiary company of Sadong Development Sdn. Bhd.

Hotel Golden Dragon Sdn. Bhd. Property development 95% 95%

Subsidiary company of Hotel Golden Dragon Sdn. Bhd.

Simpang Tiga Realty Sdn. Bhd. Property development 95% 95%

Subsidiary companies of Worldwide Matrix Sdn. Bhd.

*Unifi ed Communications Sdn. Bhd. Research and development, software 70% 70% engineering, system integration, project management and maintenance and support for telecommunication industry

*Unifi ed Communications Pte. Ltd. Distribution of telecommunication 70% 70%(Incorporated in Singapore) products, design and development

of telecommunication solutions, project management and maintenance and support services for telecommunication industry

Subsidiary company of Unifi ed Communications Sdn. Bhd.

*AttrixTech Sdn. Bhd. Distribution of telecommunication products 70% 70%

Subsidiary companies of Unifi ed Communications Pte. Ltd.

*Attrix Technology Pte. Ltd. Distribution of telecommunication products 70% 70% (Incorporated in Singapore)

*Unifi ed Communications Limited Distribution of telecommunication 35.70% 35.70% (Incorporated in Hong Kong) products, design and development

of telecommunication solutions, project management and maintenance and support services for telecommunication industry


205



2003 2002Associated companies of the Company

*ACE Synergy Insurance Berhad General insurance business - 49%

Diversifi ed Gain Sdn. Bhd. Investment holding 50% 50%

Subsidiary company of Diversifi ed Gain Sdn. Bhd.

Inter-Pacifi c Travel & Tours Sdn. Bhd. Travel and tour agent and licensed 50% 50% money changer

Subsidiary companies of Inter-Pacifi c Travel & Tours Sdn. Bhd.

Columbus Travel & Tours Sdn. Bhd. Travel and tour agent 50% 50%

Inter-Pacifi c Leisure Sdn. Bhd. Inactive - 50%

Motorsports Adventure Sdn. Bhd. Conduct motorsports adventure and 50% 50% related activities

Marketing and Event Management Inactive 50% 50% Integrated Sdn. Bhd.

Inter-Pacifi c Travel & Tours Dormant 50% 50% (Penang) Sdn. Bhd.

Inter-Pacifi c Travel & Tours Dormant 50% 50% (Sabah) Sdn. Bhd.

*Companies not audited by BDO Binder

47. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

Group

(i) On 19 March 2002, ASC announced details of the following proposals:-

(a) Proposed return of 90 sen per ordinary share of RM1.00 each to its shareholders amounting to RM282,349,504 and the consolidation of ten (10) of the resulting ordinary shares of 10 sen each into one ordinary share of RM1.00 each (“Proposed Return of Capital”); and

(b) Proposed bonus issue of 125,488,668 new ordinary shares of RM1.00 each on the basis of four (4) new ordinary shares of RM1.00 each for each existing ordinary share of RM1.00 each held after the Proposed Return of Capital (“Proposed Bonus issue”).


206

47. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (continued)

On 23 October 2002, the SC approved the Proposed Return of Capital and Proposed Bonus Issue.

On 31 December 2002, ASC had returned RM282,349,504 in cash to its shareholders pursuant to the Proposed Return of Capital and implemented the Proposed Bonus Issue of 125,488,668 new ordinary shares of RM1.00 each.

On 9 January 2003, the new ordinary shares of ASC arising from the bonus issue were listed and quoted on the Main Board of Bursa Malaysia.

(ii) Following the completion of the approved Return of Capital by ASC, the Company received a total of RM143.3 million in cash out of which RM90.46 million was utilised for the early redemption of the Company’s RLS and repurchase of CLS together with the interest accrued up to the dates of redemption and repurchase during the fi nancial year. The Ringgit equivalent of the nominal value of RLS redeemed amounted to RM92.198 million out of a total of RM185.874 million in issue and the nominal value of the CLS repurchased amounted to RM0.700 million out of a total of RM183.461 million in issue.

(iii) On 3 December 2002, ASC had announced that it has commenced its new core business of public bus transport services. In this regard, Bursa Malaysia had on 26 November 2002, confi rmed that ASC is still an affected listed issuer pursuant to paragraph 2.1 of Practice Note 10/2001 of the Listing Requirements of Bursa Malaysia (“PN 10”) due to ASC’s inadequate level of operations. ASC is required by Bursa Malaysia to regularise its level of operations in accordance with the provision of PN 10 by 30 April 2004.

(iv) On 19 March 2003, ASC announced that it has rescinded the proposed acquisition of the entire equity interest in Super Trans Corporation Sdn Bhd (“STC”) from Super Trans Capital Sdn Bhd (“Vendor”) and Mr Lau Chan Seng (“Guarantor”) for a cash consideration of RM21,604,000 (“Proposed STC Acquisition”). The Vendor and the Guarantor were given up to a period of six (6) months to resolve a winding-up order of STC, and the failure to resolve the winding-up order of STC resulted in the Board of Directors of ASC resolving to rescind the Proposed STC Acquisition. Accordingly, ASC has instructed its solicitors to recover the deposit of RM2,160,400. The deposit was refunded to ASC on 17 March 2003.

(v) On 3 June 2003, AESBI Power Systems Sdn Bhd (“AESBI”), a wholly-owned subsidiary of ASC, had entered into a Sale and Purchase Agreement with Lion Suzuki Motor Sdn Bhd to purchase a piece of freehold land upon which is erected various buildings at No. 72, Persiaran Jubli Perak, Lion Industrial Park, Section 22, Shah Alam for a cash consideration of RM29,000,000 (“Proposed Acquisition”). The Proposed Acquisition was completed on 31 October 2003.

AESBI had on 20 November 2003 increased its paid-up share capital from RM2.00 to RM250,000 in compliance with the condition imposed by the FIC on the Proposed Acquisition.

Company

(vi) On 24 April 2002, ASC had entered into a Supplemental Agreement with the Company to vary certain terms of the Sale and Purchase Agreement entered into on 13 July 2001 in relation to the proposed acquisition of 49% equity interest in ACE comprising 49 million ordinary shares of RM1.00 each from the Company for a total cash consideration of RM71.0 million (“Proposed ACE Acquisition”).

On 23 October 2002, the SC approved the Proposed ACE Acquisition. On the same date, the FIC had stated that it had no objection for the Proposed ACE Acquisition subject to ACE meeting at least 30% Bumiputera equity interest and to reduce its foreign equity interest to not more than 51% before 31 December 2003.

On 8 November 2002, ASC made an application to the FIC seeking the necessary waivers on the two aforesaid conditions.

On 7 January 2003, the FIC agreed to waive the two conditions imposed and the Proposed ACE Acquisition by ASC was completed on 15 January 2003.


207

47. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (continued)

(vii) On 9 April 2003, the Company had announced the proposal to extend the duration and exercise period of the outstanding Warrants 2000/2003 by fi ve (5) years from 28 August 2003 up to and including 28 August 2008 and thereafter the option to extend the exercise period for a further period of two (2) years expiring on 28 August 2010 (“Proposed Warrants Extension”).

On 9 July 2003 and 23 July 2003, the stockholders and warrantholders of the Company had respectively approved the Proposed Warrants Extension as disclosed in the Note 28(a).

48. SIGNIFICANT EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE

Group

(i) On 19 November 2003, ASC had announced that its wholly-owned subsidiary, Triton Synergy Holdings Sdn Bhd had entered into a Share Subscription Agreement with Mr Yue Sau Hung and Mr Ng Weng Choong to subscribe for 784,000 new ordinary shares in BTV Production Sdn Bhd (“BTV”) for a cash consideration of RM784,000 representing 70% of the enlarged issued and paid-up share capital of BTV (“Proposed Subscription”).

With the fulfi llment of all the terms and conditions in the Share Subscription Agreement, the Proposed Subscription was completed on 5 January 2004.

(ii) On 8 May 2003, the Company had announced that it proposed to list its 70%-owned subsidiaries, [held through Worldwide Matrix Sdn Bhd (“WMSB”), a wholly-owned subsidiary of the Company], namely UCSB and UCPL through a newly incorporated company (“Listco”) on the Singapore Exchange Securities Trading Limited (“SGX”)(“Proposed Listing”). Unifi ed Communications Holdings Limited (“UCH”) had been identifi ed as the Listco.

The prospectus setting out the invitation to the public to subscribe for and/or purchase the 73,500,000 ordinary shares of SGD0.08 each at an issue/offer price of SGD0.28 each was registered with the Monetary Authority of Singapore on 10 February 2004.

Accordingly, UCH’s shares were admitted to the Offi cial List of the SGX and trading commenced on 19 February 2004 with an opening price of SGD0.505 representing a premium of 80.36% over its initial public offer price of SGD0.28 and reached a high of SGD0.585 before closing at SGD0.560. Following the completion of the Proposed Listing, the effective equity interest of the Group in UCH stands at 58.3%.

Company

(iii) On 9 December 2003, the Company had announced that it had entered into an agreement with Berjaya Group Berhad (“BGB”) for the acquisition of the remaining 50% equity interest comprising 3,000,000 ordinary shares of RM1.00 each in Diversifi ed Gain Sdn. Bhd. from BGB for a cash consideration of RM300,000. This proposed acquisition is conditional upon obtaining the approvals from the relevant authorities.

49. NUMBER OF EMPLOYEES AND STAFF COSTS

Group Company2003 2002 2003 2002

Number of employees, at theend of the fi nancial year 1,432 1,229 31 29

Group Company 2003 2002 2003 2002RM’000 RM’000 RM’000 RM’000

Staff costs for the fi nancial year 43,256 32,318 2,234 2,028

50. AUTHORISATION FOR ISSUE OF FINANCIAL STATEMENTS

These fi nancial statements were authorised for issue by the Board of Directors on 27 April 2004.

208

MODAL SAHAM DIBENARKAN : RM800,000,000 dibahagikan kepada 800,000,000 saham biasa RM1.00 setiap unit.

AUTHORISED SHARE CAPITAL : RM800,000,000 divided into 800,000,000 ordinary shares of RM1.00 each.

MODAL DITERBITKAN DAN DIBAYAR PENUH : RM337,793,619 dibahagikan kepada 337,793,619 saham biasa dan ditukarkan kepada unit stok pada RM1.00 setiap unit.

ISSUED AND FULLY PAID-UP CAPITAL : RM337,793,619 divided into 337,793,619 ordinary shares and converted into stock units of RM1.00 each.

HAK MENGUNDI : 1 undi untuk seunit stok

VOTING RIGHT : 1 vote per stock unit

ANALISA PEMEGANGAN STOKANALYSIS OF STOCKHOLDINGS

Saiz pemegangan stok Bilangan pemegang stok

% pemegang stok

Bilangan unit stok

% modal stok diterbitkan

Size of stockholdings No. of stockholders

% of stockholders

No. of stock units

% of issued stock capital

Less than 100 stock units 204 0.64 3,782 -100 – 1,000 stock units 8,442 26.66 7,980,696 2.361,001 – 10,000 stock units 19,254 60.82 80,842,054 23.9310,001 – 100,000 stock units 3,527 11.14 92,229,107 27.31100,001 – less than 5% of issued stock units 233 0.74 156,737,980 46.405% and above of issued stock units - - - -

31,660 100.00 337,793,619 100.00

SENARAI 30 PEMEGANG-PEMEGANG STOK TERBANYAK LIST OF TOP 30 STOCKHOLDERS

Bil. Nama Bilangan unit stok PeratusanNo. Name Number of stock units Percentage

1. SJ Sec Nominees (Tempatan) Sdn BhdSuasana Dinamik Sdn Bhd

15,912,099 4.71

2. SJ Sec Nominees (Tempatan) Sdn BhdBright Existence Sdn Bhd

11,539,010 3.41

3. Bumiputra-Commerce Nominees (Tempatan) Sdn BhdPledged securities account for Malpac Management Sdn Bhd

10,314,782 3.05

4. Dato’ Ahmad Sebi Bakar 9,873,500 2.92

5. Lim Hong Liang 7,874,050 2.33

6. Tan Pak Nang 6,150,000 1.82

7. PM Nominees (Tempatan) Sdn BhdMalpac Management Sdn Bhd for Eight Review (M) Sdn Bhd

5,899,397 1.74

8. PM Nominees (Tempatan) Sdn BhdMalpac Management Sdn Bhd

5,000,000 1.48

9. Zulkifl i Bin Hussain 4,101,000 1.21

10. Shoptra Jaya (M) Sdn Bhd 4,050,000 1.19

11. SJ Sec Nominees (Tempatan) Sdn BhdPledged securities account for Chan Sai Kim

3,796,000 1.12

Statistik Pemegangan Stok pada 30 April 2004Statistics on Stockholdings as at 30 April 2004

209

SENARAI 30 PEMEGANG-PEMEGANG STOK TERBANYAK (sambungan)LIST OF TOP 30 STOCKHOLDERS (continued)

Bil. Nama Bilangan unit stok PeratusanNo. Name Number of stock units Percentage

12. SJ Sec Nominees (Tempatan) Sdn BhdPledged securities account for Tan Saw Sim

3,425,000 1.01

13. Mayfi n Nominees (Tempatan) Sdn BhdPledged securities account for Growthfolio Sdn Bhd

2,751,800 0.81

14. PM Nominees (Tempatan) Sdn BhdMalpac Management Sdn Bhd for Hii Tiong Kuoh

2,320,000 0.68

15. Tan Kim Wah 2,072,000 0.61

16. Perbadanan Kemajuan Negeri Kedah 2,013,090 0.59


1,585,600 0.46

18. PM Nominees (Tempatan) Sdn BhdMalpac Management Sdn Bhd for Gedong Bakti Sdn Bhd

1,567,003 0.46

19. UOBM Nominees (Asing) Sdn BhdUnited Overseas Bank Nominees (Pte) Ltd for Winfull International Inc

1,115,000 0.33

20. Mayban Nominees (Tempatan) Sdn BhdPledged securities account for Malpac Management Sdn Bhd

1,090,191 0.32

21. EB Nominees (Tempatan) Sendirian BerhadPledged securities account for SJ Securities Sdn Bhd

1,081,000 0.32

22. Chan Kim Gek 1,047,000 0.30

23. Lim Seng Chee 1,029,000 0.30

24. Saw Chee Meng 1,000,000 0.29

25. ASH Holdings Sdn Bhd 1,000,000 0.29

26. Chua Kee Say 1,000,000 0.29

27. Neoh Choo Ee & Company, Sdn Berhad 950,000 0.28

28. HSBC Nominees (Asing) Sdn BhdCoutts Bank (Schweiz) AG SG for El Dorado Asset Limited

920,000 0.27

29. HSBC Nominees (Asing) Sdn BhdCoutts Bank (Schweiz) AG SG for Quek Leng Chye

806,000 0.23

30. Law Ngee Hieng 800,000 0.23

112,082,522 33.05

PEMEGANG STOK UTAMA / SUBSTANTIAL STOCKHOLDER

Nama pemegang stok utama Bilangan unit stok dipegang Peratusan modal stok yang diterbitkan

Name of substantial stockholder No. of stock units held Percentage of issued stock capital

SecaraLangsung

Secara Tidak Langsung

SecaraLangsung

Secara Tidak Langsung

Direct Indirect Direct Indirect

Dato’ Ahmad Sebi Bakar 15,203,509 27,451,109 4.50 8.13

Statistik Pemegangan Stok pada 30 April 2004Statistics on Stockholdings as at 30 April 2004

210

JUMLAH WARAN 2000/2008 (“WARAN”) YANG DITERBITKAN : 168,896,809

NO. OF WARRANTS 2000/2008 (“WARRANTS”) IN ISSUE : 168,896,809

HAK MENGUNDI : 1 undi untuk setiap Waran di mesyuarat Pemegang Waran.

VOTING RIGHT : 1 vote per Warrant in respect of Warrantholders’ Meeting.

ANALISA PEMEGANGAN WARANANALYSIS OF WARRANTHOLDINGS

Saiz pemegangan waran Bilangan pemegang waran

% pemegang waran

Bilangan unit waran

% pemegangan waran

Size of warrantholdings No. of warrantholders

% of warrantholders

No. ofwarrants

% of warrantholdings

Less than 100 warrants 12 0.09 449 -

100 – 1,000 warrants 4,522 34.55 4,294,707 2.54

1,001 – 10,000 warrants 7,117 54.38 28,941,036 17.14

10,001 – 100,000 warrants 1,319 10.08 37,242,727 22.05

100,001 – less than 5% of the warrants in issue 116 0.89 89,417,890 52.94

5% and above of the warrants in issue 1 0.01 9,000,000 5.33

13,087 100.00 168,896,809 100.00

SENARAI 30 PEMEGANG-PEMEGANG WARAN TERBANYAK LIST OF TOP 30 WARRANTHOLDERS

Bil. Nama Bilangan unit waran PeratusanNo. Name Number of warrants Percentage

1. Tan Pak Nang 9,000,000 5.32

2. SJ Sec Nominees (Tempatan) Sdn BhdSuasana Dinamik Sdn Bhd

7,957,000 4.71

3. PM Nominees (Tempatan) Sdn BhdMalpac Management Sdn Bhd for Eight Review (M) Sdn Bhd

7,738,000 4.58

4. RHB Nominees (Tempatan) Sdn BhdPledged securities account for Paramsothy A/L Murugasu

7,500,000 4.44

5. SJ Sec Nominees (Tempatan) Sdn BhdBright Existence Sdn Bhd

5,770,000 3.41

6. Zulkifl i Bin Hussain 4,934,000 2.92

7. Dato’ Ahmad Sebi Bakar 4,845,000 2.86


9. PM Nominees (Tempatan) Sdn BhdMalpac Management Sdn Bhd for Dato’ Ahmad Sebi Bakar

2,665,005 1.57

10. HDM Nominees (Tempatan) Sdn BhdPledged securities account for Siew Lip Sung

2,447,900 1.44

11. Lim Hong Liang 2,283,719 1.35


13. Ng Chee Sim 1,580,000 0.93

14. Mahmood Bin Abu Bakar 1,505,100 0.89

15. Young Pey Feei 1,379,000 0.81

Statistik Pemegangan Waran pada 30 April 2004Statistics on Warrantholdings as at 30 April 2004

211

SENARAI 30 PEMEGANG-PEMEGANG WARAN TERBANYAK (sambungan)LIST OF TOP 30 WARRANTHOLDERS (continued)

Bil. Nama Bilangan unit waran PeratusanNo. Name Number of warrants Percentage

16. Ong Chong Tek 1,379,000 0.81

17. Chan Kim Gek 1,221,000 0.72

18. OSK Nominees (Tempatan) Sdn BerhadPledged securities account for Lee Cheng Lock

1,195,000 0.70

19. JB Nominees (Tempatan) Sdn BhdPledged securities account for Yeo Ban Hun

1,165,000 0.68

20. Chan Sai Kim 1,141,000 0.67

21. Choo Keng Kit 1,000,900 0.59

22. Muhammad Fariz Bin Zulkifl i 1,000,000 0.59

23. SJ Securities Sdn Bhd 991,000 0.58

24. HDM Nominees (Tempatan) Sdn BhdPledged securities account for Tan Chin Hoe

915,200 0.54

25. Syed Mohd Tahir Bin Syed Azman 900,000 0.53

26. Tay Teck Ho 882,000 0.52

27. Chan Chai Kok 727,000 0.43


708,000 0.41

29. RHB Capital Nominees (Tempatan) Sdn BhdPledged securities account for Loke Phaik Har

700,000 0.41

30. Khong Peck Fah 604,880 0.35

80,138,704 47.31

Statistik Pemegangan Waran pada 30 April 2004Statistics on Warrantholdings as at 30 April 2004

212

Unit-unit stok/saham-saham biasa bernilai RM1.00 setiap unit

Stock units/ordinary shares of RM1.00 each

Kepentingan Langsung dalam Syarikat Bilangan Peratusan

Direct Interest in the Company Number Percentage

Dato’ Ahmad Sebi Bakar 15,203,509 4.50

Datin Masri Khaw Binti Abdullah 455,000 0.13

Kepentingan Tidak Langsung dalam Syarikat

Indirect Interest in the Company


Datin Masri Khaw Binti Abdullah 1,000,000 0.30

Sng Ngiap Koon 500,000 0.15

Kepentingan Langsung dalam Syarikat Berkaitan

Direct Interest in Related Corporation

• Alangka-Suka Hotels & Resorts Berhad


Waran 2000/2008Warrants 2000/2008

Kepentingan Langsung dalam Syarikat Bilangan Peratusan

Direct Interest in the Company Number Percentage



Kepentingan Tidak Langsung dalam Syarikat

Indirect Interest in the Company



Sng Ngiap Koon 80,000 0.05

Penyata Kepentingan Para Pengarah dalam Syarikat dan syarikat berkaitan pada 30 April 2004Statement on Directors’ Interests in the Company and related corporations as at 30 April 2004

213

Lokasi /Location

Keterangan /Description

Keluasan /Area

AnggaranUsiaBangunan(Tahun) /Approx. Ageof Building(Years)

Pegangan /Tenure

NilaiBuku Bersih /Net BookValue(RM’000)

TarikhPenilaian /PembelianAkhir /Date of LastRevaluation /Acquisition

30-42, Regency RoadKilkenny South Australia5009

9, Evesham HouseHereford RoadLondon W2 4PDUnited Kingdom

CL 135193725Daerah Keningau Ulu PatikangSabah

CL 135326055Daerah Keningau Ulu PatikangSabah

Geran No. NT 11362,NT 11363,NT 11364, NT 11365 danNT 023150843Daerah PaparKampung LanasSabah

Geran No. NT 9320Daerah PaparKampung KimanisSabah

Geran No. CL 025282571Daerah PaparKampung KimanisSabah

04.12.1997

23.06.1995

1977

1980

30.04.1979

30.04.1979

30.08.1979

12,140

1,033

58

159

186

53

65

FreeholdTempoh kekal

Leasehold expiring in 2987

Pegangan pajaktamat pada 2987


Pegangan pajak tamat pada 2055


Pegangan pajak tamat pada 2058





-

13

21

21

-

-

-

20,850

sq. m.m.p.s. /

120

sq. m.m.p.s. /

10.25

acresekar /

9.22

acresekar /

61

acresekar /

11.73

acresekar /

19.61

acresekar /

Light industry landwith office, showroomand factory

Tanah perindustrian ringan dengan pejabat, bilik pameran dan kilang

ApartmentApartmen

Land with timber shed and staff quarters

Tanah dengan bangsal balak dan tempat tinggalkakitangan

Land with sawmill, timber shed, office building, quarters andgenerator set room

Tanah dengan kilangpapan, bangsal balak,bangunan pejabat, tempattinggal kakitangan dan bilik set janakuasa

Vacant landTanah kosong



12/

12/

Hartanah Kumpulan pada 31 Disember 2003 adalah seperti berikut:-The properties of the Group as at 31 December 2003 are as follows:-

Senarai Hartanah pada 31 Disember 2003

List of Properties as at 31 December 2003

214

Lokasi /Location


Keluasan /Area


Pegangan /Tenure



Geran No. CL 0135326046Daerah Keningau Ulu Patikang, Sabah

Unit No. 103 & 302Block B Jalan SS 12/147500 Subang JayaSelangor

GM1126 Lot 1301,GM424 Lot 1302,GM857 Lot 1303,GM405 Lot 1305,HS(M) 1096 PT 1300 &HS(M) 1082 PT 1303Mukim Sungai Karang Cherating Pahang Darul Makmur

CT 1320 Lot No. 2735Mukim Kuala Kuantan Cherating Pahang Darul Makmur

Lot 1901, 1902, 1698,1699 & PT 344Mukim Kedawang Kedah Darul Aman

Lot 1093Mukim Semiling Daerah Kuala Muda Kedah Darul Aman

Geran 85, Lot 203469, Jalan Haji Hussein 50300 Kuala Lumpur

22.11.1989

07.08.1996

31.12.2000

07.09.1993

31.12.2000

24.11.1991

31.12.2000

1,232

568

36,223

179

71,245

228

49,700



Leaseholdexpiring in 2089







13

8

10 - 16

-

11

-

28

75.70

acresekar /

370

sq. m.m.p.s. /

15

acresekar /

16

acresekar /

13.20

acresekar /

20

acresekar /

3,214

sq. m.m.p.s. /

Land with sawmill, timber shed, office building, quarters andgenerator set room

Tanah dengan kilangpapan, bangsal balak,bangunan pejabat, tempattinggal kakitangan dan bilik set janakuasa

2 units condominium2 unit kondominium

Land with hotel building,recreational facilities,restaurants andapartment block

Tanah dengan bangunanhotel, kemudahan rekreasi,restoran dan blok apartmen


Land with hotel building,recreational facilities and restaurants

Tanah dengan bangunan hotel, kemudahan rekreasidan restoran

Vacant land Tanah kosong

Bangunan hotel 18 tingkat 18 storey hotel building

12/



215

Lokasi /Location


Keluasan /Area


Pegangan /Tenure



H.S. (D) 1100 / 1985Geran 7040, Lot 162Bandar Alor SetarDaerah Kota Setar Kedah Darul Aman

35-39 Leinster GardenLondon W2 3ARUnited Kingdom

89, Monivong Blvd.Sangkat MonoromKhan 7 MakaraPhnom PenhCambodia

Nile AvenueKhartoumSudan

Unit 5A225, Jalan Ampang50450 Kuala Lumpur

72, Persiaran Jubli PerakSeksyen 2240000 Shah Alam Selangor Darul Ehsan

26.06.1995

22.06.1999

04.09.1996

31.01.1996

03.06.2003

29,563

50,550

19,078

32,233

353

29,809










8

153

4

> 91

1

10

6,882

sq. m. m.p.s. /

990

sq. m. m.p.s. /

750

sq. m. m.p.s. /

30,550

sq. m. m.p.s. /

1,080

sq. m. m.p.s. /

61,492

sq. m. m.p.s. /

Bangunan hotel 21 tingkat21 storey hotel building

Hotel buildingBangunan hotel

Hotel buildingBangunan hotel

Land with hotel building andrecreational facilities

Tanah dengan bangunan hotel dan kemudahan rekreasi

Service apartmentApartmen perkhidmatan

Industrial land and building

Tapak perindustriandan bangunan

03.07.2001



Borang Proksi / Proxy Form Saya/KamiI/We

(nama penuh dengan huruf besar / full name in block letters)No. K/P / Syarikat Atau No. Akaun CDSNRIC/Company No. or CDS Account No. (untuk syarikat-syarikat nomini sahaja / for nominee companies only)Dariof

(alamat penuh / full address)sebagai Ahli/Ahli-ahli ADVANCE SYNERGY BERHAD dengan ini melantikbeing a stockholder/stockholders of ADVANCE SYNERGY BERHAD, hereby appoint No. K/P NRIC No. (nama penuh dengan huruf besar / full name in block letters)Dariof

(alamat penuh / full address)

atau jika beliau tidak dapat hadir, PENGERUSI MESYUARAT sebagai proksi saya/kami untuk mengundi bagi pihak saya/kami pada Mesyuarat Agung Tahunan Syarikat yang akan diadakan di Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur pada hari Selasa, 29 Jun 2004 jam 2.30 petang dan pada sebarang penangguhannya, dan untuk mengundi seperti yang dinyatakan di bawah:-or failing him/her, THE CHAIRMAN OF THE MEETING as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held at Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur on Tuesday, 29 June 2004 at 2.30 p.m. and at any adjournment thereof and thereat to vote as indicated below:-

Sila tanda dengan ( ) sebagaimana anda ingin undi anda diundi. Jika tidak dinyatakan sama ada untuk mengundi “MENYOKONG” atau “MENENTANG”, proksi akan mengundi atau berkecuali daripada mengundi mengikut budi bicaranya.Please indicate with ( ) how you wish to cast your vote. If neither “FOR” nor “AGAINST” is indicated, the proxy will vote or abstain from voting at his/her discretion.

BIL. RESOLUSI MENYOKONG MENENTANGNO. RESOLUTION FOR AGAINST

1. Meluluskan Laporan Para Pengarah dan Penyata Kewangan bagi tahun kewangan berakhir 31 Disember 2003.

The adoption of the Directors’ Report and the Financial Statements for the fi nancial year ended 31 December 2003.

2. Untuk meluluskan pembayaran fi Para Pengarah. To approve the payment of Directors’ fees.

Perlantikan semula Para Pengarah:- The re-election of Directors:- 3. Dato’ Ahmad Sebi Bakar

4. Wong Ah Nam @ Wong Joon Tuang

5. Perlantikan Sng Ngiap Koon sebagai Pengarah. The election of Sng Ngiap Koon as Director.

6. Perlantikan semula Tetuan BDO Binder sebagai juruaudit dan memberi kuasa kepada Para Pengarah untuk menetapkan imbuhan mereka.

The re-appointment of Messrs BDO Binder as auditors of the Company and authorisation for the Directors to fi x their remuneration.

7. Pemberian kuasa kepada Para Pengarah untuk memperumpuk dan menerbitkan unit-unit stok baru selaras dengan Seksyen 132D Akta Syarikat, 1965 dan lanjutan dari perumpukan saham-saham tersebut untuk menukarnya ke unit-unit stok baru Syarikat.

Authorisation for Directors to allot and issue new shares pursuant to Section 132D of the Companies Act, 1965 and upon allotment to convert the same into new stock units in the Company.

Bertarikh haribulan Dated this day of 2004

Bilangan unit stok dipegang Number of stock units held Tandatangan / Signature

Nota:-1. Seorang ahli Syarikat yang layak untuk menghadiri dan mengundi dalam mesyuarat

agung berhak untuk melantik seorang proksi untuk menghadiri dan mengundi bagi pihak dirinya. Seorang proksi tidak semestinya seorang ahli Syarikat.

2. Seorang ahli Syarikat yang merupakan nomini yang diberi kuasa seperti yang dimaksudkan di bawah Akta Sekuriti Industri (Depositori Pusat), 1991, berhak melantik seorang proksi bagi setiap akaun sekuriti yang memegang unit-unit stok Syarikat yang dikreditkan ke akaun sekuriti tersebut.

3. Instrumen perlantikan proksi bagi individu hendaklah ditandatangani oleh pelantik atau peguamnya yang telah diberi kuasa dan bagi syarikat, instrumen perlantikan proksi mestilah

disempurnakan dengan meterai syarikat atau ditandatangani oleh seorang pegawai atau peguam yang telah diberi kuasa.

4. Instrumen perlantikan proksi mesti dihantar ke Pejabat Berdaftar Syarikat di Paras 3A (Tower Block) Menara Milenium, No. 8 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur tidak lewat daripada 48 jam sebelum masa yang ditetapkan untuk mengadakan mesyuarat atau sebarang penangguhannya.

Notes:-

1. A member of the Company entitled to attend and vote at the general meeting is entitled to appoint a proxy to attend and vote in his/her stead. A proxy need not be a member of the Company.

2. A member of the Company who is an authorised nominee as defi ned under the Securities Industry (Central Depositories) Act, 1991 may appoint one (1) proxy in respect of each securities account it holds with stock units of the Company standing to the credit of the said securities account.

3. The instrument appointing a proxy in the case of an individual shall be signed by the appointer or his/her attorney duly authorised and in the case of a corporation, the instrument appointing a proxy must be under its common seal or under the hand of an offi cer or attorney duly authorised.

4. The instrument appointing a proxy must be deposited at the Registered Offi ce of the Company at Level 3A (Tower Block), Menara Milenium, No. 8, Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur not less than 48 hours before the time appointed for holding the meeting or any other adjournment thereof.

Lipat di sini / Fold here

SETEMSTAMP

SETIAUSAHATHE SECRETARY

ADVANCE SYNERGY BERHADLEVEL 3A (TOWER BLOCK) MENARA MILENIUMNO. 8 JALAN DAMANLELABUKIT DAMANSARA50490 KUALA LUMPUR

Lipat di sini / Fold here

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