Kandungan - Advance Synergy Berhad - Investor Relations: IR...

Laporan Tahunan 1999 Annual Report

1

Notis Mesyuarat Agung Tahunan 2

Notice of Annual General Meeting 3

Ahli Lembaga Pengarah dan

Maklumat Korporat 4

Board of Directors and

Corporate Information 4

Maklumat Pengurusan 5

Management Information 5

Struktur Korporat Kumpulan 6 - 7

Group Corporate Structure 6 - 7

Jawatankuasa Audit 8

Audit Committee 9

Penyata Pengerusi 10 - 19

Chairman’s Statement 10 - 19

Penyata Kewangan 21

Financial Statements 71

• Laporan Para Pengarah 22 - 25

Directors’ Report 72 - 75

• Akaun Untung Rugi 26

Profit and Loss Accounts 76

• Kunci Kira-kira 27 - 28

Balance Sheets 77 - 78

• Penyata Aliran Tunai Disatukan 29 - 30

Consolidated Cash Flow Statement 79 - 80

• Nota-nota kepada Akaun 31 - 68

Notes to the Accounts 81 - 118

• Kenyataan Para Pengarah 69

Statement by Directors 119

• Akuan Berkanun 69

Statutory Declaration 119

• Laporan Juruaudit kepada Ahli-ahli

Advance Synergy Berhad 70

Report of The Auditors to the Members

of Advance Synergy Berhad 120

• Statistik Pemegangan Stok 121 - 122

Statistics on Stockholdings 121 - 122

• Senarai Harta 123 - 127

List of Properties 123 - 127

Borang Proksi Dilampirkan

Proxy Form Enclosed

KandunganContents

L ogo ini, yang berbentuk bulat,mengandungi simbol-simbol yang

mewakil i api, air dan elemen-elemenbumi yang berinteraksi secara konstan.Interaksi elemen-elemen ini menjanatenaga yang mengalir bebas. Tenaga inimenghasi lkan POKOK, simbol bagisemua hidupan di bumi. KedudukanPOKOK ini, di tengah logo, mewakili fokusmatlamat syarikat, iaitu penciptaankekayaan yang memberi manfaat kepadapara pemegang saham dan masyarakatkeseluruhannya. Secara holistik, logo inimelambangkan tenaga sinergestik yangsedang bergerak.

T his logo, c i rcu lar in shape, comprises of symbols which represent

the fire, water, and earth elements inconstant interaction. The interaction ofthese elements releases free flowingenergy which produces the TREE, a symbolof all life on earth. Situated at the centreof the logo, the TREE represents the focusof the company goal which is the creationof wealth benefiting shareholders andsociety at large. The logo holistically,symbolises synergistic energy in motion.

Rasional LogoLogo Rationale

ADVANCE SYNERGY BERHAD

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Notis Mesyuarat Agung Tahunan

DENGAN INI DIMAKLUMKAN bahawa MESYUARAT AGUNG TAHUNAN Ketujuh Puluh Enam Syarikat akan diadakandi Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur pada hari Isnin, 26 Jun 2000pada 10.30 pagi untuk menjalankan urusan-urusan berikut:-

1. Untuk menerima dan meluluskan akaun-akaun yang telah diaudit bagi tahun berakhir 31 Disember 1999 danlaporan para pengarah dan juruaudit.

2. Untuk meluluskan fi para pengarah bagi tahun berakhir 31 Disember 1999.

3. Untuk melantik semula pengarah-pengarah yang bersara menurut Tataurusan Pertubuhan Syarikat.

4. Untuk melantik juruaudit dan memberi kuasa kepada para pengarah untuk menetapkan imbuhan mereka.

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

“BAHAWA, sentiasa tertakluk kepada kelulusan autoriti-autoriti yang relevan, para pengarah adalah dan denganini diberi kuasa, selaras dengan Seksyen 132D Akta Syarikat 1965, menerbitkan saham-saham Syarikat yangbaru, dari masa ke semasa dan menurut terma-terma dan syarat-syarat tertentu dan bagi tujuan tertentu menurutpertimbangan mutlak para pengarah seperti yang mereka fikirkan sesuai asalkan bilangan agregat sahamyang akan diterbitkan selaras dengan resolusi ini tidak melebihi 10% daripada modal terbitan Syarikat yangsemasa dan lanjutan dari perumpukan saham-saham tersebut untuk menukarnya ke unit-unit stok baru yangbernilai RM1.00 setiap satu DAN kuasa tersebut akan ada sehingga berakhir Mesyuarat Agung Tahunan Syarikatyang akan datang.”

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

DENGAN PERINTAH LEMBAGA PENGARAH

SNG NGIAP KOON

Setiausaha

Kuala Lumpur

9 Jun 2000

Nota :-

(1) Seorang ahli Syarikat yang layak untuk menghadiri dan mengundi dalam mesyuarat agung layak untuk melantikseorang proksi untuk menghadiri dan mengundi bagi pihak dirinya. Seorang proksi tidak semestinya seorang ahliSyarikat.

(2) Instrumen pelantikan proksi bagi individu hendaklah ditandatangani oleh pelantik atau peguamnya yang telah diberikuasa dan bagi syarikat, instrumen pelantikan proksi mestilah dengan menggunakan meterai syarikat atauditandatangani oleh seorang pegawai atau peguam yang telah diberi kuasa.

(3) Instrumen pelantikan proksi mesti dihantar ke Pejabat Berdaftar Syarikat di Paras 29, Menara Shahzan Insas, 30Jalan Sultan Ismail, 50250 Kuala Lumpur tidak lewat daripada 48 jam sebelum masa yang ditetapkan untukmengadakan mesyuarat 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 parapengarah, dari tarikh Mesyuarat Agung di atas sehingga Mesyuarat Agung Tahunan yang akan datang, untukmemperumpuk dan menerbitkan unit-unit stok Syarikat baru yang jumlahnya tidak melebihi 10% daripada modal terbitanSyarikat yang semasa dan untuk tujuan tertentu yang para pengarah timbangkan untuk kepentingan Syarikat. Ini akanmengelakkan sebarang kelewatan dan kos yang bersangkutan untuk mengadakan sebuah mesyuarat am yang bertujuanmeluluskan penerbitan unit-unit stok baru tersebut. Pemberian kuasa ini, kecuali ditarik balik atau dipinda di mesyuaratam, akan luput pada Mesyuarat Agung Tahunan Syarikat yang akan datang.

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


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NOTICE IS HEREBY GIVEN that the Seventy-Sixth ANNUAL GENERAL MEETING of the Company will be held atthe Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur on Monday, 26 June 2000 at10.30 a.m. for the following purposes:-

1. To receive and adopt the audited accounts for the year ended 31 December 1999 and the directors’ andauditors’ reports thereon.

2. To approve directors’ fees for the year ended 31 December 1999.

3. To re-elect directors retiring in accordance with the Company’s Articles of Association.

4. To appoint auditors and to authorise the directors to fix their remuneration.

5. 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 authorised,pursuant to Section 132D of the Companies Act, 1965 to issue new shares in the Company, from time to timeand upon such terms and conditions and for such purposes as the directors may, in their absolute discretiondeem fit, provided that the aggregate number of shares issued pursuant to this resolution does not exceed10% of the issued capital of the Company for the time being and upon allotment of such shares to convert thesame into new stock units of RM1.00 each AND THAT such authority shall continue in force until theconclusion of the next Annual General Meeting of the Company.”

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

BY ORDER OF THE BOARD

SNG NGIAP KOON

Secretary

Kuala Lumpur

9 June 2000

Notes :-

(1) A member of the Company entitled to attend and vote at the general meeting is entitled to appoint a proxy to attendand vote in his/her stead. A proxy need not be a member of the Company.

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

(3) The instrument appointing a proxy must be deposited at the Registered Office of the Company at Level 29, MenaraShahzan Insas, 30 Jalan Sultan Ismail, 50250 Kuala Lumpur not less than 48 hours before the time appointed forholding the 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 of the above General Meeting until the next Annual General Meeting to allot and issue new stock unitsin the Company up to an amount not exceeding in total 10% of the issued capital of the Company for the time being andfor such purposes as the directors consider would be in the interest of the Company. This would avoid any delay andcost involved in convening a general meeting to specifically approve such an issue of new stock units. This authority,unless revoked or varied at a general meeting will expire at the next Annual General Meeting of the Company.

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

Notice of Annual General Meeting


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PENDAFTAR / REGISTRARS

Sectrars Services Sdn. Bhd.No. 28-2, Jalan Tun Sambanthan 3, Brickfields50470 Kuala LumpurTel: 03-22746133

PEJABAT BERDAFTAR /REGISTERED OFFICE

Level 29, Menara Shahzan Insas30, Jalan Sultan Ismail, 50250 Kuala LumpurTel: 03-2444029

JURUBANK UTAMA /PRINCIPAL BANKERS

Southern Bank Berhad

BSN Commercial Bank (Malaysia) Berhad

PEGUAMCARA / SOLICITORS

Shearn Delamore & Co

Mak & Associates

Ahli Lembaga Pengarah & Maklumat Korporat

LEMBAGA PENGARAH /BOARD OF DIRECTORS

Dato’ Ahmad Sebi Bakar(Pengerusi Eksekutif / Executive Chairman)

Aznan bin Haji Ismail

Dato’ Nik Ibrahim Kamil bin Tan Sri Nik Ahmad Kamil

Wong Ah Nam @ Wong Joon Tuang

Masri Khaw binti Abdullah

Sng Chong Khian

SETIAUSAHA / SECRETARY

Sng Ngiap Koon

JURUAUDIT / AUDITORS

BDO BinderAkauntan Awam / Public Accountants15th Floor, Wisma Hamzah Kwong HingNo. 1, Leboh Ampang, 50100 Kuala LumpurTel: 03-2322755

Dato’ Ahmad Sebi Bakar(Pengerusi Eksekutif /Executive Chairman)

Aznan bin Haji Ismail Dato’ Nik Ibrahim Kamil binTan Sri Nik Ahmad Kamil

Wong Ah Nam@ Wong Joon Tuang

Masri Khaw binti Abdullah

Board of Directors & Corporate Information

Sng Chong Khian


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PERANCANG KORPORAT DAN KEWANGAN /CORPORATE PLANNING AND FINANCE

Penolong Pengurus Besar /Assistant General Manager

Lee Su Nie

Pengurus / Manager

Mohd Ariff bin Ali

Penolong Pengurus / Assistant Manager

Yap Siew Hwa

PEMBANGUNAN PERNIAGAAN /BUSINESS DEVELOPMENT

Penolong Pengurus Besar /Assistant General Manager

Chan Kian Heoi

SUMBER SEMULAJADI /NATURAL RESOURCES

Pengurus Besar / General Manager

Sirat bin Othman

Pengerusi Eksekutif / Executive Chairman

Dato’ Ahmad Sebi Bakar

Pengurus Besar Kumpulan / Group General Manager

Sng Ngiap Koon

Penolong Khas kepada Pengerusi Eksekutif / Special Assistant to the Executive Chairman

Dato’ Abdul Manaf bin Abdul Hamid

KEWANGAN DAN PENTADBIRAN /FINANCE AND ADMINISTRATION

Pengurus / Manager

Chin Kah Kit

Ketua Bahagian / Section Head

Khoo Bee See

SUMBER TENAGA MANUSIA /HUMAN RESOURCES

Pengurus Sumber Tenaga Manusia Kumpulan /Group Human Resource Manager

Kong Kok Chin

KESETIAUSAHAAN / SECRETARIAL

Pengurus / Manager

Tan Mee Lian

Penolong Setiausaha Syarikat /Assistant Company Secretary

Ng Ah Ching

Chong Wai Ling

Maklumat PengurusanManagement Information


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Struktur Korporat KumpulanPada 30 April 2000


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Group Corporate StructureAs At 30 April 2000


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AHLI-AHLI JAWATANKUASA

Encik Wong Joon Tuang(Pengerusi)(Pengarah Bukan Eksekutif Bebas)

Dato’ Nik lbrahim Kamil bin Tan Sri Nik Ahmad Kamil(Pengarah Bukan Eksekutif Bebas)

Encik Aznan bin Haji Ismail(Pengarah Bukan Eksekutif Bebas)

BIDANG KUASA

• untuk mengkaji semula pelan audit dengan juruaudit luar;

• untuk mengkaji semula penilaian sistem kawalan perakaunan dalaman dengan juruaudit luar;

• untuk mengkaji semula laporan audit dengan juruaudit luar;

• untuk mengkaji semula bantuan yang diberikan oleh pegawai Syarikat kepada juruaudit luar;

• untuk mengkaji semula skop dan hasil tatacara audit dalaman dengan juruaudit dalaman;

• untuk mengkaji semula penyata kewangan dan dasar perakaunan Syarikat serta penyata kewangan yangtelah disatukan, yang dikemukakan kepada Jawatankuasa Audit oleh Syarikat dan selepas itu untuk menge-mukakannya kepada Lembaga Pengarah Syarikat;

• untuk mengkaji semula sebarang urus niaga pihak yang berkaitan yang mungkin berbangkit di dalamSyarikat atau Kumpulan;

• untuk mengesyorkan pelantikan Juruaudit Luar dan imbuhan mereka;

• untuk mengesyorkan pelantikan Ketua Juruaudit Dalaman dan imbuhannya;

• untuk mengkaji semula belanjawan tahunan Jabatan Audit Dalaman; dan

• tugas-tugas lain yang mungkin dipersetujui oleh Jawatankuasa Audit dan Lembaga Pengarah.

Jawatankuasa Audit


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COMPOSITION OF MEMBERS

Mr. Wong Joon Tuang(Chairman)(Independent Non-Executive Director)

Dato’ Nik Ibrahim Kamil bin Tan Sri Nik Ahmad Kamil(Independent Non-Executive Director)

Encik Aznan bin Haji Ismail(Independent Non-Executive Director)

TERMS OF REFERENCE

• to review, with the external auditors, the audit plan;

• to review, with the external auditors, the evaluation of the system of internal accounting controls;

• to review, with the external auditors, his audit reports;

• to review the assistance given by the Company’s officers to the external auditors;

• to review the scope and results of the internal audit procedures with the internal auditors;

• to review the financial statements and accounting policies of the Company and the consolidated financialstatements submitted to the Audit Committee by the Company and thereafter to submit them to the Board ofDirectors of the Company;

• to review any related party transactions that may arise within the Company or the Group;

• to recommend the appointment of the External Auditors and their remuneration;

• to recommend the appointment of the Chief Internal Auditor and his remuneration;

• to review the annual budget of the Internal Audit Department; and

• other functions as may be agreed to by the Audit Committee and the Board of Directors.

Audit Committee


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PENGENALANBagi pihak ahli Lembaga Pengarah, saya dengansukacitanya mengemukakan Laporan Tahunan danAkaun untuk Syarikat dan Kumpulan bagi tahunkewangan berakhir 31 Disember 1999.

Hasil dari langkah berani dan pragmatik yang diambiloleh Kerajaan dalam tahun 1999, ekonomi Malaysiatelah mencatat pertumbuhan positif dalam suku keduatahun tersebut. Justeru pertumbuhan positif yangberterusan dalam suku ketiga, Syarikat terusmelaksanakan program rasionalisasinya bagi bertahandalam situasi kelembapan ekonomi.

Selain dari langkah-langkah penyusunan semula danpenjimatan kos yang masih berlangsung, Syarikat telahjuga melepaskan pelaburannya yang tidak menjanapulangan yang mencukupi serta melaksanakanpenyusunan semula pinjaman-pinjaman bank.

Di penghujung latihan rasionalisasi ini, akan terhasilsebuah organisasi yang mempunyai asas yang mantapdan berkedudukan strategik untuk meneroka peluang-peluang yang akan menjelma pada alaf baru ini.

Kesan dari langkah-langkah yang dilaksanakan inidan pemulihan ekonomi dalam tahun 1999 telahmembawa satu peningkatan menyeluruh dalam prestasiKumpulan untuk tahun kewangan yang berkenaanberbanding tahun 1998.

PENCAPAIAN KEWANGANKumpulan telah mencatatkan penghasilan sebanyakRM698.3 juta pada tahun 1999 berbanding RM899.8 jutapada tahun 1998. Ini menunjukkan pengurangansebanyak 22.4%. Bagaimanapun, hasil dari peningkatanprestasi keseluruhan pada tahun 1999, untung Kumpulansebelum cukai dan sebelum butiran luar biasa, telahmencatat sebanyak RM64.3 juta bagi tahun kewanganberakhir 31 Disember 1999, berbanding rugi sebelumcukai dan butiran luar biasa, bernilai RM109.9 juta bagitahun kewangan berakhir 31 Disember 1998.

Pelupusan kepentingan Kumpulan dalam Ban HinLee Bank Berhad sepanjang tahun kewangan ini telahmenyebabkan kerugian luar biasa bernilai RM117.1 juta.Ini telah mengakibatkan kerugian kepada parapemegang stok berjumlah RM58.0 juta, iaitu kerugian perunit stok sebanyak 17.18 sen (1998 : 81.80 sen) untuktahun kewangan berakhir 31 Disember 1999.

Risalah Home Mate dan Touch’ n Go

Oleh itu, para pengarah tidak mengesyorkanpembayaran dividen untuk tahun kewanganberakhir 31 Disember 1999.

TINJAUAN OPERASI KUMPULAN

SEKTOR PERBANKAN DAN KHIDMAT KEWANGAN

Syarikat-syarikat subsidiari utama United MerchantGroup Berhad (“UMG”), iaitu United Merchant FinanceBerhad (“UMF”) dan Perdana Merchant BankersBerhad (“PMB”) telah berjaya merubah kerugiansebanyak RM206 juta yang dialami dalam tahun 1998kepada keuntungan yang disumbangkan kepadakeuntungan kumpulan sebanyak RM113.2 juta.Bagaimanapun, keuntungan ini telah diserap olehkerugian sebanyak RM117.1 juta dari penjualan BanHin Lee Bank Berhad (“BHL”) serta caj faedahsebanyak RM19.7 juta bagi tahun 1999; mengakibatkankerugian sebanyak RM24.4 juta kepada kumpulan.

Memandangkan pemulihan suasana ekonomi yangpesat, UMF dan PMB telah membayar sepenuhnyaPinjaman Modal Subordinat Boleh Ubah (“ESCL”), padaawal bulan Februari 2000, sebanyak RM850 juta yangdiambil dari Danamodal Nasional Berhad pada bulanOktober 1998.

Selaras dengan program penggabungan bank daninstitusi kewangan di Malaysia yang dikendalikan olehBank Negara Malaysia, UMG telah menjual keseluruhanpegangan ekuitinya dalam BHL. Walaupun mengalamikerugian atas penjualan pelaburan dalam BHL, UMGtelah menggunakan perolehan tersebut untuk membayarsepenuhnya semua pinjaman bank dan selain darimendapat lebihan baki tunai sejumlah lebih kurangRM100 juta untuk pelaburan masa hadapan.

Pada bulan Januari 2000, UMG telah melaksanakansatu perjanjian penjualan saham bersyarat denganSouthern Bank Berhad (“SBB”) untuk melupuskankeseluruhan kepentingan ekuitinya dalam UMF kepadaSBB secara tunai. Penjualan yang dijangka menjanasekurang-kurangnya RM320 juta tunai ini telahmendapat kelulusan daripada Yang Berhormat MenteriKewangan dan kini menanti kelulusan daripada PihakBerkuasa dan pemegang saham kedua-dua pihak yangterlibat dalam penjualan tersebut.

Syarikat juga sedang merundingkan penjualan50.1% kepentingan ekuitinya dalam PMB kepada SBB.Penjualan ini tertakluk kepada kelulusan YangBerhormat Menteri Kewangan dan para pemegangsaham.

Penyata Pengerusi


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INTRODUCTIONOn behalf of the Board of Directors,I am pleased to present the Annual Re-port and Accounts of the Company andthe Group for the financial year ended 31 December 1999.

The Malaysian economy registered positive growthin the second quarter of the year as a result of the boldand pragmatic moves undertaken by the Governmentin1999. In the light of this positive growth, which con-tinued into the third quarter, the Company continued topursue its rationalisation programme to weather theeconomic slowdown.

In addition to on-going reorganisation and cost-saving measures, the Company had also undertakento divest investments which did not generate sufficientearnings contribution as well as the restructuring of bankborrowings.

The end result of this rationalisation exercise will seea more focused organisation with a sound foundationstrategically positioned to explore and exploit the emerg-ing opportunities in the New millennium.

The impact of the measures undertaken and therecovering economy in 1999 had brought about anoverall improvement in Group performance for the yearunder review, compared to 1998.

FINANCIAL RESULTSThe Group recorded a total turnover of RM698.3 mil-lion in 1999 representing a decrease of 22.4% com-pared to RM899.8 million in 1998. However, as aresult of improved overall performance in 1999, Grouppre-tax profits before exceptional items of RM64.3million was recorded for the financial year ended 31 De-cember 1999 as compared to a pre-tax loss beforeexceptional items of RM109.9 million for the financialyear ended 31 December 1998.

The disposal of the Group’s interest in Ban Hin LeeBank Berhad during the year resulted in an exceptionalloss of RM117.1 million; a total loss attributable to stock-holders of RM58.0 million representing a loss per stockunit of 17.18 sen (1998: 81.80 sen) for the financial yearended 31 December 1999.

In view of the loss for the Group, the Directors donot recommend any dividend payment for the financialyear ended 31 December 1999.

GROUP REVIEW OF OPERATIONS

BANKING AND FINANCIAL SERVICES SECTOR

The principal subsidiaries of United Merchant GroupBerhad (“UMG”) namely United Merchant FinanceBerhad (“UMF”) and Perdana Merchant BankersBerhad (“PMB”) managed to achieve a turnaround fromtheir combined losses of RM206 million incurred in thefinancial year 1998 and returned to profitability in thefinancial year 1999 with a total contribution to group profitof RM113.2 million. However, this profit was absorbedby the loss of RM117.1 million incurred on the sale ofBan Hin Lee Bank Berhad (“BHL”) and interest chargesof RM19.7 million incurred in 1999; resulting in a grouploss of RM24.4 million.

In view of the rapidly improving economic en-vironment, UMF and PMB had fully repaid by early Feb-ruary 2000, the RM850 million Exchangeable Subor-dinated Capital Loan (“ESCL”) from Danamodal NasionalBerhad taken in October 1998.

In line with the merger programme for banking andfinancial institutions in Malaysia drawn up by BankNegara Malaysia, UMG had sold its entire shareholdingin BHL. Although a loss was incurred on the sale of theinvestment in BHL, UMG had utilised the proceeds torepay all its bank borrowings in full and realised a sur-plus cash balance of approximately RM100 million forfuture investments.

In January 2000, UMG concluded a conditional saleof share agreement with Southern Bank Berhad (“SBB”)to dispose its entire equity interest in UMF to SBB forcash. This sale, which is expected to generate at leastRM320 million in cash, has received the approval of theHonourable Minister of Finance and is now pending theapproval of the Authorities and the shareholders of bothparties to the sale.

The Group is also currently negotiating to sell a50.1% equity interest in PMB to SBB. This sale will besubject to the approval of the Honourable Minister ofFinance and the shareholders.

With the completion of the divestment of the Group’sremaining investments in UMF, PMB and Perdana Fi-nance Berhad, the Group will have nearly half a billionRinggit in cash resources to exploit opportunities in boththe “Old” and “New” economies.

ATM facility provided by UMF

Chairman’s Statement


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Dengan penyempurnaan pelupusan baki pelaburanSyarikat dalam UMF, PMB dan Perdana FinanceBerhad, Syarikat akan memiliki hampir setengah bilionringgit dalam bentuk tunai bagi meneroka peluang dalamkedua-dua ekonomi “Lama” dan “Baru”.

SEKTOR PERKHIDMATAN KAD DANPEMBAYARAN

Synergy Card and Payment Services Sdn. Berhad(“Synergy Card”) mampu bertahan dalam kegawatanyang lalu dengan mengambil langkah penyusunansemula dan pembangunan produk secara menye-luruhbagi mengurangkan kos operasi serta mengekalkanbahagian pasarannya. Usaha yang dilaksanakan itutermasuklah menempatkan semula dan memperkemasunit operasinya serta memberi penumpuan terhadappembangunan dan pengeluaran produk kad tanpabayaran.

Sorotan aktiviti peningkatan perkhidmatan yangpenting dan pelancaran produk baru sepanjang tahuntermasuklah:

t Program kesetiaan pengguna yang digelar pro-gram GrandHost Rewards telah dilancarkan. Pro-gram yang disokong oleh MasterCard InternationalInc. ini dilancarkan dengan kerjasama perkhidmatanKad Arab Malaysian melalui peng-hantaran borangpendaftaran kepada pemegang MasterCard mereka.

Penyertaan awal diberi keahlian AXA MotorAssistance percuma selama setahun; yangmenawarkan perkhidmatan pembaikan di jalanandan penundaan kereta. Peserta awal jugaberpeluang menyertai peraduan yang ditaja olehMAS Golden Holidays. Keunikan program kesetiaanahli ini ialah baucer dan kad tambahanatau pengenalan khas tidak dikeluarkan.Pemegang kad boleh mendaf tarsehingga tiga akaun kad kredit denganprogram GrandHost Reward. Hanyapemegang kad dan Synergy Card tahutentang faedah yang diperoleh.

Pemegang kad mengumpulkan ganjaranapabila membeli atau men-jalankan urus niaga dimana-mana 200 peniaga GrandHost di seluruhnegara. Para peniaga ini seperti restoran, hotel,lounge, bar, saluran runcit, agensi pelan-congan,syarikat perkhidmatan kereta serta kelab golf dandesa memberikan sehingga 30% nilai pembeliandalam bentuk rebet tunai atau mata GrandHost yangboleh ditebus dengan makan malam, penginapan,hadiah percuma atau pakej percutian MAS GoldenHolidays.

Synergy Card menjangkakan 200,000pemegang kad kredit akan menyertai programGrandHost dalam tempoh dua tahun akan datangdan penambahan penyertaan para peniagaGrandHost sebanyak 25% dalam masa setahun.

t Program kad Cash-In Rebate yang sedia ada telahberkembang dengan pesat sepanjang tahunsehingga mencatatkan bilangan pemegang kadmelebihi satu juta orang. Kad ini dikeluarkanbersama dengan penyertaan institusi baru sepertiMalaysian Retail-Chains Association, MalaysiaNational Insurance, Pelangi Airways Malaysia danSony (Malaysia) Sdn. Bhd.

Penyertaan peniaga Cash-In Rebate jugabertambah sepanjang tahun menjadikan jumlahnyalebih daripada 3,000 peniaga di seluruh Malaysia.

t Gateway Discount Card terus mengekalkan danmengembangkan bahagian pasarannya berikutanpengeluaran Gateway Card yang berjenama,bersama, sempena MAS Golden Holidays danTahun Melawat Selangor 2000 kelolaan KerajaanNegeri Selangor.

Sepanjang tahun 1999, Gateway berjayamengembangkan operasinya kepada lebih daripada100,000 pemegang kad dan lebih daripada 8,000peniaga.

Selaras dengan pemulihan ekonomi, Synergy Cardbersedia untuk melancarkan semulaproduk bayaran pada masa terdekatsambil terus mengukuhkan sertamengembangkan produk kad tanpabayaran dan program kesetiaannya.

Antara produk Synergy Cards;Tahun Melawat Selangor 2000,Pelangi, MRCA Sony, MNI danPakej MAS Golden Holiday

Logo GrandHost

Penyata Pengerusi


13

CARD AND PAYMENT SERVICESSECTOR

Synergy Card and Payment Services SdnBerhad (“Synergy Card”) remained re-silient during the difficult year by un-dertaking major reorganisation and prod-uct development efforts to reduce operational costsand maintain its market share. These efforts includerelocating and streamlining its operational units andconcentrating on the development and issuance ofnon-payment card products.

Highlights of some major service enhancement ac-tivities and new products launches during the year in-clude the following:

t A consumers’ loyalty programme called GrandHostRewards programme was launched. Supported byMasterCard International Inc., the programme waslaunched in cooperation with Arab Malaysian Cardservices with mailing of enrolment forms to theirMasterCard holders.

Early birds enjoyed a one-year free membershipwith AXA Motor Assistance for roadside repairsand car towage, and a chance to enter a contestsponsored by MAS Golden Holidays. The unique-ness of this loyalty programme is that there are novouchers and additional cards or special identifica-tion to be issued. Cardholders can register up tothree of their credit card accounts with the GrandHostReward programme and only the cardholder andSynergy Card are aware of the privileges enjoyed.

Cardholders discreetly earned rewards whenpurchases or transactions are made at any of the200 GrandHost merchants nationwide. These mer-chants, which include restaurants, hotels, lounges,bars, retail outlets, travel agencies, auto servicecompanies, golf and country clubs, grant up to30% of the purchase value in either cash rebatesor in GrandHost points that can be redeemed forfree dining, accommodation, gifts or MAS GoldenHoliday packages.

Synergy Card expects 200,000 credi tcardholders to sign up for GrandHost over the nexttwo years and the current number of participatingGrandHost merchant to grow by 25%over the next year.

t The existing Cash-In Rebate Card

programme grew explosively over the year to aboveone million cardmembers. The card was also jointlyissued with new participating institutions such as theMalaysian Retailer-Chains Association, MalaysiaNational Insurance, Pelangi Airways Malaysia andSony (Malaysia) Sdn. Bhd.

The number of participating Cash-In Rebatemerchants also grew during the year to more than3,000 merchants throughout the nation.

t Gateway Discount Card continued to maintain andexpand its market share with the issuance ofco-branded Gateway Cards in conjunction withMAS Golden Holidays and the Selangor StateGovernment’s Visit Selangor Year 2000.

For the year 1999, Gateway managed to growtheir base to more than 100,000 cardmembers andmore than 8,000 participating merchants.

In line with the recovering economy, Synergy Cardis poised to relaunch its payment products in the immediatefuture, whilst it continues to strengthen and expand itsnon-payment card products and loyalty programmes.

GENERAL INSURANCE SECTOR

During the year, Perdana Cigna Insurance Bhd(“Perdana Cigna”) was renamed ACE Synergy InsuranceBerhad (“ACE Synergy”), as a result of the acquisition ofthe domestic and international property and casualtyinsurance division of Perdana Cigna’s parent company -CIGNA Corporation - by ACE Limited on 2 July 1999. ACELimited, listed on the New York Stock Exchange, is theholding company for the ACE Group of Companies, whichin turn is one of the world’s largest providers of insuranceand reinsurance products and services.

ACE Synergy logo

From left to right: Mr. JimCheah, Director - MemberRelations & Marketing ,SEA, MasterCard Int. Inc.,Mr. KK Ng, ManagingDirector, Synergy Card &Payment Services Sdn.Bhd. and En. Azman,Managing Director, ArabMalaysian Bank Berhad –unveiling the GrandHostacceptance decal duringthe official launch,December 1999



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SEKTOR INSURANS AM

Perdana Cigna Insurance Bhd (“Perdana Cigna”) diubahnamanya kepada ACE Synergy Insurance Berhad (“ACESynergy”) pada tahun kewangan yang lepas keranapemerolehan bahagian insurans harta tanah domestikdan antarabangsa serta insurans kasualti milik syarikatinduk Perdana Cigna-CIGNA Corporation oleh ACELimited pada 2 Julai 1999. ACE Limited, yangdisenaraikan di pasaran saham New York adalahsyarikat pemegangan ACE Group of Companies. ACEGroup of Companies pula adalah salah satu syarikatpengeluar yang terbesar di dunia bagi produk dankhidmat insurans dan penginsuranan semula barangandan perkhidmatan.

Walaupun menghadapi persaingan pasaran danpergolakan ekonomi tahun lalu, ACE Synergy merekod-kan peningkatan keuntungan sebanyak 61% selepascukai, iaitu RM19.89 juta bagi tahun kewangan berakhir31 Disember 1999. Syarikat mencatatkan pertumbuhanpositif dengan peningkatan premium bersih sebanyak9% kepada RM45.82 juta, berbanding RM41.99 jutapada tahun sebelumnya. Keuntungan pengunderaitanbertambah 7.5% kepada RM11.25 juta, berbandingRM10.47 juta pada tahun sebelumnya.

Prestasi cemerlang syarikat disumbangkan olehbeberapa faktor kejayaan seperti komitmen kepadaperniagaan utama, strategi pengekalan pelangganyang kukuh, struktur organisasi yang cekap dankeupayaannya sebagai penyelesai sejagat yangmempunyai kepakaran tempatan dan antarabangsa.

Syarikat ini adalah perintis danpemimpin pasaran dalam pemasaranproduk insurans kemalangan dankesihatan melalui saluran bukantradisional seperti pemasaran langsung

dan telepasaran. Ia mempunyai kepakaran yangterbukti, keinovasian, keupayaan membuat peng-underaitan berisiko tinggi dan terkhusus, dalamprojek komersial dan industri.

ACE Synergy menjangkakan pertumbuhanposi t i f lebih dar ipada 20% untuk tahun 2000.Pertumbuhan ini d i jangka d ipero leh daripadapembukaan saluran pengedaran baru, perluasangeografi, pelancaran produk dan perkhidmataninovasi untuk segmen pasaran khusus, sertadaripada pembangunan sebuah platfom e-dagang bagimeningkatkan khidmat pelanggan.

SEKTOR HOTEL DAN TEMPAT PERANGINAN

Kesan gabungan usaha penyusunan semula yangdijalankan oleh Kumpulan pada tahun lepas danpemul ihan ekonomi pada tahun 1999 te lahmembolehkan Kumpulan mencapai hasil operasi yangmemuaskan sepanjang tahun.

Sorotan penting pencapaian Kumpulan sepanjangtahun termasuklah aktiviti-aktiviti berikut:

t Pembukaan rasmi Hotel ulung Malaysia di Sudan,pada 13 November 1999 iaitu Grand Holiday VillaKhartoum yang dahulunya dikenali sebagai TheGrand Hotel. Hotel yang bersejarah ini terletak dipusat perdagangan Khartoum dan menghadapiSungai Nil yang masyhur. Upacara perasmian initelah dilakukan oleh Menteri Alam Sekitar danPelancongan Sudan, Tuan Yang Terutama MohamedTahir Ella yang mewakil i Presiden RepublikSudan. Lebih kurang 200 orang kenamaan,pegawai kerajaan dan perdagangan menghadiriupacara tersebut. Para tetamu telah disambut olehtuan rumah Malaysia yang diketuai oleh pengerusiAntara Holiday Villas Sdn. Bhd., Encik Azman ShahHaron dan Pengarah Eksekutifnya, Puan MavisMasri Azman.

Sijil cenderamata Holiday Villa “Be OurGuest”

Villa Gold Card menawarkanpelbagai faedah kepada pemegangkad

Penyata Pengerusi


15

Despite the competitive market environment and theturbulent economic climate last year, ACE Synergyrecorded a 61% jump in after tax profits to RM19.89million for the year ended December 31, 1999. Thecompany registered positive growth with net premium up9% to RM45.82 million from RM41.99 million previously.Underwriting profits increased 7.5% and stood atRM11.25 million against RM10.47 million the year be-fore.

The company’s excellent performance was attributedto several success factors such as commitment to corebusinesses, a strong customer retention strategy, anefficient organisation structure and its capabilities as a globalsolution provider with local and international expertise.

The company is a pioneer and market leader inmarketing of accident and health insurance productsthrough non-traditional channels such as direct marketingand telemarketing. It has proven expertise, innovativenessand capability in underwriting large and specialised risksin commercial and industrial projects.

ACE Synergy expects positive growth in excess of20% for year 2000. This growth is expected to comefrom the opening up of new distribution channels,geographical expansion, the launching of innovativeproducts and services for specific market segments aswell as from the development of an e-commerce platformto enhance customer service.

HOTELS AND RESORTS SECTOR

The combined effects of the reorganisation effortsundertaken by the Group last year and the recoveringeconomy in 1999, had enabled the Group to achieve asatisfactory operating result during the year.

Highlights of the Group’s achievements during theyear include the following activities:

t Malaysia’s only hotel in Sudan, the historic Grand HolidayVilla Khartoum, located in the commercial hub ofKhartoum and fronting the famed river Nile, wasofficially opened on 13 November 1999. The openingceremony was officiated by the honourable Ministerof Environment and Tourism of Sudan, His Excel-lency Mr Mohamed Tahir Ella. More than 200 foreigndignitaries, government and trade officials attendedthe ceremony. The guests were warmly received bythe Malaysian hosts headed by the chairman of AntaraHolidays Villas Sdn. Bhd., Encik Azman Shah Haronand Executive Director Puan Mavis Masri Azman.

t Holiday Villa Hotels and Resorts launched its newVilla Gold Card membership programme dedicatedto its regular corporate clients in recognition of theirvalued support. Card members can enjoy exclusiveHoliday Villa Preferred Rates and other priviledgesat any of Holiday Villa’s choice locations worldwide.These priviledges include discounts in food andbeverages as well as for services rendered at thebusiness center, in addition to welcome ceremoniesand room upgrading upon availability.

t Launching of the Holiday Villa’s “Be Our Guest” 1999gift certificate programme which offers one nightcomplimentary stay, meals and beverage discountsat participating hotels in Malaysia. The programmeis also a Holiday Villa corporate community serviceproject in which 5% of each gift set sold is donatedto Yayasan Kebajikan Anak-Anak Yatim Malaysia(YATIM). An estimated total of RM15,000 was raisedfor the cause last year.

t In welcoming the New millennium, Holiday VillaCherating and Holiday Villa Langkawi underwentupgrading works which saw facelifts done to theguestrooms, coffee house and lobby areas.

The Minister ofEnvironment and Tourism

of Sudan, Mr. MohamedTahir Ella (in white robe)

cutting a ‘pulut kuning’ atthe launching of Grand

Holiday Villa Khartoum.Giving him a helping handis En. Azman Shah Haron

(right) and Pn. MarvisAzman (left)



16

t Holiday Villa Hotels And Resorts telah melancarkanprogram keahlian Villa Gold Card yang baru untukpelanggan tetap korporat, sebagai penghargaanterhadap sokongan mereka yang tidak ternilai.Pemegang kad boleh menikmati kadar eksklusifHoliday Villa Preferred di mana-mana lokasi pilihanHoliday Villa seluruh dunia. Keistimewaan initermasuk diskaun harga untuk makanan danminuman serta perkhidmatan di pusat perniagaan,selain majlis sambutan dan kenaikan taraf biliksekiranya ada.

t Pelancaran program sijil hadiah Holiday Villabernama “Be Our Guest” 1999 menawarkanpenginapan percuma satu malam, diskaun makanandan minuman di hotel Malaysia yang menyertaiprogram tersebut. Program tersebut juga adalahprojek khidmat masyarakat korporat Holiday Villa.Sebanyak 5% daripada setiap set hadiah yang dijualdidermakan kepada Yayasan Kebajikan Anak YatimMalaysia (YATIM). Adalah dianggarkan sejumlahRM15,000 telah dikumpul bagi tujuan ini pada tahunlepas.

t Sempena menyambut kedatangan alaf baru,Hol iday Vil la Cherat ing dan Hol iday Vil laLangkawi telah melaksanakan kerja-kerja baikpulih pada bilik tetamu, coffee house dan ruanglegarnya.

Pemulihan ekonomi serta sokongan dan insentifyang diberikan oleh Kerajaan kepada industri keraiandan pelancongan akan membuka peluang yang lebihbesar bagi Kumpulan mengembangkan bahagianpasarannya dalam masa terdekat.

SEKTOR PELABURAN DAN PEMBANGUNANHARTA TANAH

Sepanjang tahun ini, Advance Synergy Realty Sdn.Bhd. te rus member i tumpuan kepada pem-bangunan rumah kos sederhana yang melibatkan projekTaman Matang Jaya. Setakat ini, lebih kurang separuh

daripada projek yang terdiri daripada pelbagai jenisrumah kediaman, ruang perdagangan dan pejabatserta pangsapuri telah disiapkan.

Selaras dengan pemulihan ekonomi, Syarikat yakinakan mencapai kedudukan sebagai pemimpin pasarandalam pembangunan harta tanah kos serdehana diKuching dalam masa akan datang.

SEKTOR PERKILANGAN

Akan terdapat pengurangan pelaburan dalam sektorperkilangan yang melibatkan Plastic Centre Sdn. Berhad(“Plastic Centre”), Advance Synergy Furniture Sdn. Bhd.dan Acrylic Synergy Sdn. Bhd. pada tahun ini.

Cadangan penjualan Plast ic Centre adalahsebahagian dari langkah rasional isasi untukmelupuskan pelaburan yang tidak menjana pulanganyang memadai kepada pendapatan Kumpulan. Walaubagaimanapun, Kumpulan akan terus mengekalkankepentingannya dalam PC Ventures Sdn. Bhd. danCalmford Incorporated melalui Plastic Centre. Calmfordakan terus menjadi syarikat pemegangan pelaburanbagi Kumpulan untuk lain-lain kegiatan perkilangan luarnegara di masa hadapan.

Kumpulan sedang menilai semula keseluruhanpotfolio pelaburan dalam sektor industri, di dalam danluar Malaysia.

SEKTOR SUMBER ALAM

Kumpulan mengekalkan pendekatan berhati-hati dalampelaburannya di sektor sumber alam.

Sepanjang tahun kewangan yang lepas, Kumpulantelah melupuskan 15% kepentingan ekuitinya dalamGulf Petroleum Company (Sudan) Limited (“GulfPetroleum”). Ini diikuti pula pada Februari 2000, denganpelupusan 15% lagi kepentingan ekuiti syarikat dalammana separuh dari bayarannya telah pun dibuat.Gulf Petroleum tidak berkemungkinan membuatsumbangan yang ketara terhadap pendapatanKumpulan dalam masa terdekat ini. Selain dari ituadalah dianggarkan pelaburan tambahan diperlukan

Rumah teres setingkat Fasa 17,Taman Jay a, Jalan Matang,Kuching, Sarawak

Penyata Pengerusi


17

The recovery of the economy and the support andincentives given by the Government to the hospitalityand tourism industry will provide greater opportunity forthe Group to expand its market share in the immediatefuture.

PROPERTY INVESTMENT AND DEVELOPMENTSECTOR

During the year, Advance Synergy Realty Sdn.Bhd. continued to focus on medium cost housingdevelopment involving the Taman Matang Jayaproject. To date about half of the project consisting ofvarious types of residential houses, commercial andoffice space and apartments had been completed.

With the recovery of the economy, the company isconfident of achieving a market leader position inproperty development of medium cost properties inKuching in the near future.

MANUFACTURING SECTOR

The year witnessed the scaling down of investmentsin the manufacturing sector which affected PlasticCentre Sdn. Berhad (“Plastic Centre”), AdvanceSynergy Furniture Sdn. Bhd. and Acrylic Synergy Sdn.Bhd.

The proposed disposal of Plastic Centre is part ofthe rationalisation exercise to divest investments, whichdid not generate sufficient contribution to the Group’searnings. However, the Group will continue to retainits interest in PC Ventures Sdn. Bhd. and CalmfordIncorporated through Plastic Centre. Calmford willcontinue to be the investment holding company of the

Group for all other future overseas manufacturingventures.

The Group is currently evaluating its overall investmentportfolios in the industrial sectors, both within andoutside Malaysia.

NATURAL RESOURCES SECTOR

The Group maintained a cautious approach in itsinvestments in the natural resources sector.

During the year, the Group completed the disposalof its 15% equity interest in Gulf Petroleum Company(Sudan) Limited (“Gulf Petroleum”) with a furtherdisposal of the balance of 15% equity interest inthe same company in February 2000 whereby partpayment of the the purchase consideration had beenmade. It was unlikely that Gulf Petroleum wouldmake any significant contribution to the Group’searnings in the near future. Further it was projectedthat addi t ional funding was required f rom theshareholders before Gulf Petroleum can commencefull commercial operations.

The disposal therefore provided an opportunity forthe Group to immediately recover its investment cost inGulf Petroleum and the sales proceeds would be utilisedto fund the working capital requirements of the Group.

TRAVEL AND TOURS SECTOR

During the year, Inter-Pacific Travel and Tours Sdn. Bhd.(“Inter-Pacific Travel”) continued to hold back itsbusiness development plans especially in the earlypart of 1999. Instead, the Company focused on main-taining and keeping intact its manpower resourcesand distribution channels in its strategic preparation forthe expected further recovery of the economy.

Single storey terraced housesPhase 17, Taman Jaya, Jalan

Matang, Kuching, Sarawak



18

dari pemegang saham sebelum Gulf Petroleumdapat memulakan operasi komersial sepenuhnya.

Pelupusan tersebut telah memberikan peluangkepada Kumpulan bagi mendapatkan semula kospelaburannya dalam Gulf Petroleum. Hasil jualan iniakan digunakan untuk membiayai keperluan modal kerjaKumpulan.

SEKTOR PELANCONGAN

Sepanjang tahun kewangan yang lepas, terutamanyapada awal tahun 1999, Inter-Pacific Travel and ToursSdn. Bhd. (“Inter-Pacific Travel”) terus menundarancangan pembangunan perniagaan dan aktivitinyadisebabkan kegawatan ekonomi. Walau bagaimanapun,syarikat berupaya mempertahankan dan mengekalkantenaga kerja dan saluran pengedarannya sebagaipersediaan strategis menghadapi pemulihan ekonomiyang dijangkakan.

Kedudukan ekonomi yang bertambah baik mulaipertengahan tahun 1999 diikuti pula dengan promosimeluas yang sedang dikendalikan oleh MenteriKebudayaan, Kesenian dan Pelancongan telahmembawa peningkatan serta merta dalam peng-hasilanindustri keraian dan pelancongan.

Dengan mempunyai sumber tenaga kerja yangmencukupi dan rangkaian pengedaran yang kukuh,terdiri daripada 11 buah pejabat jualan langsung diLembah Klang sahaja, syarikat lebih berupayamenyediakan lebih banyak khidmat tambahan untukpasarannya.

SEKTOR TEKNOLOGI MAKLUMAT

Pembelian sebuah syarikat usaha sama, e-go.com Sdn.Bhd. pada bulan Oktober 1999 menandakan penyertaanKumpulan dalam perniagaan IT (Teknlogi Maklumat).Pelaburan ini dibuat selaras dengan kemajuan yangdicapai dalam teknologi maklumat dan pencapaianMalaysia dalam bidang telekomunikasi, multimedia daninfrastruktur beberapa tahun kebelakangan ini.

e-go.com Sdn. Bhd. akan menumpukan perhatiankepada pembinaan khidmat penukaran maklumatpelaburan dimana maklumat kewangan boleh ditukar

Logo e-go.com Sdn. Bhd.

serta dilaksanakan dan portal perunding pelancongantermasuk hotel dan agensi pelancongan.

Pelaburan ini akan membolehkan Kumpulanmeneroka peluang pertumbuhan yang cemerlang dalame-dagang.

MASA HADAPANSekali lagi Kumpulan telah menunjukkan ketahanandan berjaya muncul dalam suasana pergolakan semasauntuk melangkah masuk ke alaf baru dengan penuhkeyakinan.

Program rasionalisasi yang sedang direncanakandan dijadualkan siap pada bulan Jun 2000, akanmembolehkan K u m p u l a n memperkukuh teraskeupayaannya bagi menyahut cabaran masa hadapan.

Prestasi Kumpulan bagi tahun semasa dijangkabertambah baik kecuali jika berlaku keadaan yang tidakdiduga.

PENGHARGAANSaya, bagi pihak ahli Lembaga Pengarah, inginmenyampaikan penghargaan kepada pihak peng-urusan dan kakitangan atas komitmen, kesabaran dandedikasi berterusan semasa menjalankan tugas-tugasmereka.

Saya juga ingin menyampaikan set inggipenghargaan kepada pemegang stok, pelanggan, rakanniaga dan pihak berkuasa regulatori atas sokongan dankeyakinan berterusan yang diberikan kepada Kumpulansepanjang satu lagi tahun yang penuh cabaran.

Dato’ Ahmad Sebi BakarPengerusi Eksekutif

Kuala Lumpur25 April 2000

Penyata Pengerusi


19

The improving economic condition from the middleof 1999, coupled with the extensive promotionalprogrammes currently being undertaken by the Ministryof Culture, Arts and Tourism brought immediateimprovements in the business turnover and revenue returnin the hospitality and tourism industry.

With sufficient manpower resources in hand and thestrong business distribution network which at presentconsists of 11 direct sales offices in the Klang Valleyalone, the company is in a good position to serve themarket with an increased range of services.

INFORMATION TECHNOLOGY SECTOR

The investment in a joint venture company, e-go.comSdn. Bhd. in October 1999, marked the entry of theGroup into the IT (Information Technology) business.This investment was made in tandem with theadvances made in information technology and theachievement of Malaysia in the field of telecom-munication, multimedia and infrastructure in recentyears .

e-go.com Sdn Bhd main focus will be building aninvestment information interchange where financialinformation can be exchanged and transacted as wellas a travel consultant portal that includes hotel and travelagency.

This investment will allow the Group to exploitexcellent growth opportunities in e-commerce.

THE FUTUREOnce again the Group had shown resilience and hadsuccessfully emerged from the current turbulentenvironment to enter the New mil lennium withconfidence.

The current rationalisation programme scheduledto be fully completed in June 2000, will enable the Groupto consolidate its position and strengthen its corecompetencies to take on future challenges.

Barring any unforseen circumstances, the Group’sperformance for the current year is expected to showfurther improvement.

APPRECIATIONOn behalf of the Board of Directors, I would like toexpress my appreciation to the management and stafffor their continued commitment, patience and dedica-tion in carrying out their duties.

To our stockholders, customers, business associatesand the regulatory authorities, I also convey mysincere appreciation for their continued support andconfidence given to the Group during another difficultyear.

Dato’ Ahmad Sebi BakarExecutive Chairman


Frontpage of e-go.com Sdn. Bhd.financial portal:

www.duithere.com


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PenyataKewangan

22


Para Pengarah dengan sukacitanya membentangkan laporan ini bersama-sama akaun-akaun Kumpulandan Syarikat yang telah diaudit bagi tahun kewangan berakhir 31 Disember 1999.

KEGIATAN UTAMAKegiatan utama Syarikat merangkumi pemegangan pelaburan dan penyediaan sokongan korporat sertakewangan yang sepenuhnya kepada subsidiari-subsidiarinya. Kegiatan utama subsidiari-subsidiari ditunjukkandalam Nota 43 kepada Akaun. Tidak terdapat perubahan ketara di dalam kegiatan-kegiatan tersebut sepanjangtahun kewangan.

HASILKumpulan Syarikat

RM’000 RM’000

Rugi selepas cukai (64,712) (17,211)Kepentingan minoriti 6,690 –00

Rugi selepas kepentingan minoriti (58,022) (17,211)Rugi terkumpul dibawa ke hadapan (222,218) (123,025)

(280,240) (140,236)Pindahan rizab berkanun (23,482) –00

Rugi terkumpul dihantar ke hadapan (303,722) (140,236)

DIVIDENTiada dividen yang telah dibayar atau diumumkan oleh Syarikat semenjak akhir tahun kewangan yang lepas.Para pengarah tidak mencadangkan sebarang pembayaran dividen berdasarkan tahun kewangan berakhir 31Disember 1999.

TERBITAN SAHAM DAN DEBENTURSyarikat tidak menerbitkan sebarang saham atau debentur semasa tahun kewangan.

RIZAB DAN PERUNTUKANPindahan ketara ke atau dari rizab atau peruntukan sepanjang tahun kewangan berakhir 31 Disember 1999dinyatakan di dalam Nota-nota kepada Akaun.

Laporan Para Pengarah

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PARA PENGARAHPara pengarah yang memegang jawatan sejak dari tarikh laporan terakhir adalah:Dato’ Ahmad Sebi BakarAznan Bin Haji IsmailDato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad KamilWong Ah Nam @ Wong Joon TuangMasri Khaw Binti AbdullahSng Chong KhianMenurut Fasal 96 Tataurusan Pertubuhan Syarikat, Masri Khaw Binti Abdullah dan Sng Chong Khian bersaradaripada Lembaga mengikut giliran pada Mesyuarat Agung Tahunan yang akan datang dan, oleh kerana masihlayak, menawarkan diri mereka untuk pemilihan semula.

KEPENTINGAN PARA PENGARAHMenurut Daftar Pemegangan Stok Para Pengarah yang disimpan oleh Syarikat di bawah Seksyen 134, AktaSyarikat, 1965, para pengarah berikut yang memegang jawatan pada akhir tahun kewangan mempunyaikepentingan mutlak dalam unit-unit stok Syarikat dan saham-saham syarikat-syarikat berkait sepanjang tahunkewangan berakhir 31 Disember 1999 :-

Bilangan unit-unit stok/saham-saham biasa bernilaiRM1.00 setiap satu

Baki pada Baki pada1.1.1999 Beli Jual 31.12.1999

Kepentingan Langsung

Kepentingan :-

Dato’ Ahmad Sebi Bakar di :-- Advance Synergy Berhad 13,937,009 913,000 – 14,850,009

Puan Masri Khaw Binti Abdullah di :-- Advance Synergy Berhad 6,000 – – 6,000- Alangka-Suka Hotels & Resorts Berhad 308,000 – – 308,000

Kepentingan tidak langsung

Kepentingan :-

Dato’ Ahmad Sebi Bakar di :-- Advance Synergy Berhad 27,451,109 – – 27,451,109

Puan Masri Khaw Binti Abdullah di :-- Advance Synergy Berhad 700,000 – – 700,000

Mr. Sng Chong Khian di :-- Advance Synergy Berhad 3,781,003 – – 3,781,003- Plastic Centre Sdn. Berhad 1,650,000 – – 1,650,000

Tiada para pengarah lain yang memegang jawatan pada akhir tahun kewangan mempunyai sebarangkepentingan mutlak dalam unit-unit stok Syarikat dan saham-saham syarikat-syarikat berkait sepanjang tahunkewangan berakhir 31 Disember 1999.


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MANFAAT PARA PENGARAHSejak akhir tahun kewangan yang lepas, tiada seorang pun pengarah Syarikat yang menerima atau layakmenerima sebarang manfaat selain daripada yang dinyatakan dalam Nota 5 kepada Akaun, melalui perjanjianyang dibuat oleh Syarikat atau perbadanan berkait dengan pengarah atau firma di mana pengarah tersebutmerupakan seorang ahli, atau dengan sebuah syarikat di mana pengarah tersebut mempunyai kepentingankewangan yang utama.Tidak terdapat sebarang perancangan yang dibuat pada sepanjang dan pada akhir tahun kewangan di manaSyarikat menjadi pihak kepada sebarang perancangan yang matlamatnya membolehkan para pengarah Syarikatmendapat manfaat melalui pemerolehan saham atau debentur Syarikat atau sebarang badan korporat lain.

MAKLUMAT BERKANUN LAIN TENTANG KUMPULAN DAN SYARIKAT :-

(I) PADA AKHIR TAHUN KEWANGAN

(a) Sebelum akaun untung rugi dan kunci kira-kira Kumpulan dan Syarikat disediakan, para pengarahtelah mengambil langkah-langkah yang munasabah :-(i) untuk memastikan bahawa tindakan sewajarnya telah diambil berhubung dengan hapus kira

hutang lapuk dan membuat peruntukan untuk hutang ragu, dan telah berpuas hati bahawasemua hutang lapuk yang diketahui telah dihapus kira dan peruntukan yang mencukupi telahdibuat untuk hutang ragu; dan

(ii) untuk memastikan bahawa sebarang aset semasa yang tidak mungkin mencapai nilaibukunya dalam urusan perniagaan biasa telah diturunkan nilainya ke nilai yang dianggarkandapat dicapai.

(b) Pada pendapat para pengarah, hasil operasi Kumpulan dan Syarikat sepanjang tahun kewangantidak dipengaruhi secara ketara oleh sebarang perkara, urus niaga atau peristiwa penting dan luarbiasa kecuali dinyatakan dalam Akaun.

(II) DARI AKHIR TAHUN KEWANGAN KE TARIKH LAPORAN INI

(c) Para pengarah tidak sedar tentang sebarang keadaan :-(i) yang boleh menyebabkan jumlah hutang lapuk yang dihapus kira atau jumlah peruntukan

untuk hutang ragu dalam akaun Kumpulan dan Syarikat tidak mencukupi hingga ke tahapyang ketara; atau

(ii) yang boleh menyebabkan nilai aset semasa di dalam akaun Kumpulan dan Syarikatmengelirukan; atau

(iii) yang berbangkit yang boleh menyebabkan penggunaan kaedah penilaian yang sedia ada keatas aset atau liabiliti Kumpulan dan Syarikat mengelirukan atau tidak sesuai.

(d) Pada pendapat para pengarah :-(i) dalam tempoh antara akhir tahun kewangan dan tarikh laporan ini dibuat, tidak timbul sebarang

perkara, urus niaga atau peristiwa yang penting dan luar biasa yang mungkin mempengaruhihasil operasi Kumpulan dan Syarikat secara ketara bagi tahun kewangan laporan ini dibuatkecuali yang dinyatakan dalam Akaun; dan

(ii) t idak terdapat l iabil i t i luar jangka atau l iabil i t i lain yang telah berkuatkuasa, atauberkemungkinan berkuatkuasa, dalam jangka masa dua belas bulan selepas akhir tahunkewangan yang akan atau mungkin mempengaruhi secara ketara keupayaan Kumpulan danSyarikat untuk memenuhi obligasi mereka apabila tiba masanya kelak.


25


(III) PADA TARIKH LAPORAN INI

(e) Tidak terdapat sebarang caj ke atas aset-aset Kumpulan dan Syarikat yang telah timbul sejak akhirtahun kewangan untuk menjamin liabiliti pihak lain.

(f) Tidak terdapat liabiliti luar jangka Kumpulan dan Syarikat yang telah timbul sejak akhir tahunkewangan.

(g) Para pengarah tidak sedar tentang sebarang keadaan yang tidak diambil kira dalam laporan atauakaun yang boleh menyebabkan sebarang jumlah yang dinyatakan dalam akaun mengelirukan.

JURUAUDITJuruaudit yang bersara, Tetuan BDO Binder, telah menyatakan kesanggupan mereka untuk meneruskanperkhidmatan.

Ditandatangani bagi pihak lembaga menurut resolusi para pengarah.

……………………………………………DATO’ AHMAD SEBI BAKARPengarah

……………………………………………AZNAN BIN HAJI ISMAILPengarah



26


Kumpulan Syarikat1999 1998 1999 1998

NOTA RM’000 RM’000 RM’000 RM’000

PEROLEHAN 4 698,280 899,814 3,181 5,611

KOS PENJUALAN 4 451,868 784,305 –000 –000

Pengendalian untung/(rugi) 5 32,027 (142,049) (17,211) (42,323)Bahagian keuntungan

Syarikat Bersekutu 32,306 32,185 –000 –000

Untung/(rugi) sebelumbutiran luar biasa 64,333 (109,864) (17,211) (42,323)

Butiran luar biasa 6 (128,037) (312,848) –000 (113,412)

Rugi sebelum cukai (63,704) (422,712) (17,211) (155,735)Cukai 7 (1,008) (13,545) –000 (37)

Rugi selepas cukai (64,712) (436,257) (17,211) (155,772)Kepentingan minoriti 6,690 159,942 –000 –000

(58,022) (276,315) (17,211) (155,772)(Rugi terkumpul)/

Keuntungan tertahan dibawake hadapan (222,218) 54,097 (123,025) 32,747

(280,240) (222,218) (140,236) (123,025)Pindahan ke rizab berkanun 31.1 (23,482) –000 –000 –000

Rugi terkumpuldihantar ke hadapan (303,722) (222,218) (140,236) (123,025)

Kerugian seunit stok (sen) 8 17.18 81.80

Nota-nota yang dilampirkan membentuk sebahagian penting Akaun.

Akaun Untung RugiYang Berakhir Bagi Tahun Kewangan 31 Disember 1999

27



NOTA RM’000 RM’000 RM’000 RM’000

KEGUNAAN ASET

ASET TETAP 9 419,114 434,027 304 469

KEPENTINGAN DALAMSUBSIDIARI-SUBSIDIARI 10 – 000 – 000 804,362 807,432

KEPENTINGAN DALAMSUBSIDIARI-SUBSIDIARITIDAK DISATUKAN 11 48,558 48,936 48,558 48,559

KEPENTINGAN DALAMSYARIKAT-SYARIKATBERSEKUTU 12 82,214 574,998 19,777 31,946

TANAH YANG DIPEGANGUNTUK PEMBANGUNAN 13 13,717 13,687 – 00 – 00

SEKURITI PELABURAN 14 1,142,855 1,124,294 4,458 1,635

MUHIBAH DARIPADAPENYATUAN 15 209,940 209,904 – 00 – 00

MUHIBAH BELIAN 16 1,806 1,7760 – 00 – 00

PERBELANJAAN DIHANTARKE HADAPAN 17 25,756 28,754 – 00 – 00

ASET SEMASA

Harta pembangunan danperbelanjaan 18 33,454 44,498 – 00 – 00

Stok 19 40,921 37,720 – 00 – 00Penghutang 20 215,788 405,801 25,475 14,355Deposit berkanun dengan

Bank Negara Malaysia 21 221,122 185,033 – 00 – 00Pinjaman, pendahuluan

dan pembiayaan 22 4,508,596 4,296,370 – 00 – 00Sekuriti urus niaga 23 2,155 63,501 – 00 – 00Deposit dengan institusi-

institusi kewangan 24 88,363 193,703 3,800 688Tunai dan dana jangka pendek 25 646,690 587,718 170 7

5,757,089 5,814,344 29,445 15,050


Kunci Kira-KiraPada 31 Disember 1999

28



NOTA RM’000 RM’000 RM’000 RM’000

TOLAK: LIABILITI SEMASA

Pemiutang 26 253,371 315,465 48,338 34,899Pinjaman jangka pendek 27 150,749 1,129,099 – 00 222,931Sekuriti yang dijual di bawah

perjanjian belian semula – 00 63,149 – 00 – 00Deposit dan penempatan oleh bank

dan institusi kewangan lain 28 959,738 1,009,576 – 00 – 00Deposit daripada pelanggan 29 5,044,689 4,314,099 – 00 – 00Cukai 22,670 16,677 – 00 – 00

6,431,217 6,848,065 48,338 257,830

LIABILITI SEMASA BERSIH (674,128) (1,033,721) (18,893) (242,780)

1,269,832 1,402,655 858,566 647,261

DIBIAYAI OLEH

MODAL SAHAM 30 337,794 337,794 337,794 337,794

RIZAB 31 181,112 240,865 292,256 309,467

DANA PEMEGANG STOK 518,906 578,659 630,050 647,261

KEPENTINGAN MINORITI 314,101 324,035 – 00 – 00

SIJIL DEPOSIT SUBORDINAT 32 50,000 50,000 – 00 – 00

PINJAMAN MODAL SUBORDINATBOLEH UBAH 33 – 00 317,000 – 00 – 00

PINJAMAN JANGKA PANJANG 34 244,180 – 00 22228,516 – 00

PINJAMAN BERPENGGAL 35 131,726 119,887 – 00 – 00

PENDAPATAN TERTUNDA 42 1,007 – 00 – 00

PEMIUTANG SEWA BELI 26 9,423 10,547 – 00 – 00

CUKAI TERTUNDA 36 1,454 1,520 – 00 – 00

1,269,832 1,402,655 858,566 647,261


Kunci Kira-KiraPada 31 Disember 1999

29


1999 1998NOTA RM’000 RM’000

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI

Kerugian sebelum cukai (63,704) (422,712)

Pelarasan untuk :-Pelarasan pertukaran mata wang asing 6,516 (13,493)Pelunasan perbelanjaan dihantar ke hadapan 5,380 3,251(Penambahan)/Pelunasan muhibah bersih daripada penyatuan (48) 3,285Pelunasan muhibah belian 99 110Hutang lapuk dihapus kira 1,462 5,212Susut nilai aset tetap 23,902 24,271Perbelanjaan dihantar ke hadapan dihapus kira 6 7,609Aset tetap dihapus kira 74 16,448Muhibah dihapus kira 12 80,434Perbelanjaan faedah 97,978 123,309Kerugian daripada pelupusan syarikat bersekutu 117,085 –00Kerugian daripada pelupusan aset tetap 5,274 20Peruntukan untuk kerugian kredit 2,915 5,786Peruntukan untuk hutang ragu 2,281 191,339Peruntukan untuk penyusutan nilai dalam pelaburan –00 41,075Hutang lapuk dan pembiayaan dipungut semula (15,138) (4,619)Pendapatan faedah (1,113) (1,012)Laba daripada pelupusan opsyen (10,072) –00Bahagian keuntungan daripada syarikat-syarikat bersekutu (32,306) (32,185)

Keuntungan operasi sebelum perubahan modal kerja 140,603 28,128

Pengurangan/(Penambahan) dalam harta pembangunandan perbelanjaan 11,044 (542)

(Penambahan)/Pengurangan stok (3,201) 206Pengurangan/(Penambahan) penghutang 199,983 (375,841)(Penambahan)/Pengurangan deposit berkanun dengan BNM (36,089) 723,321(Penambahan)/Pengurangan pinjaman, pendahuluan dan pembiayaan (212,226) 902,739Pengurangan/(Penambahan) dalam sekuriti urus niaga 61,346 (20,994)Pengurangan deposit dengan institusi kewangan 105,340 71,588(Pengurangan)/Penambahan pemiutang (95,341) 20,910Pengurangan sekuriti di bawah perjanjian beli semula (63,149) (704,879)Pengurangan pemiutang sewa beli (4,128) (963)(Penambahan)/Pengurangan jumlah terhutang daripada

subsidiari-subsidiari yang tidak disatukan (1,668) 13,309Pengurangan deposit dan penempatan oleh bank

dan institusi kewangan lain (49,838) (1,876,178)Penambahan deposit daripada pelanggan 730,590 302,406(Penambahan)/Pengurangan jumlah terhutang daripada syarikat bersekutu (286) 352Penambahan perbelanjaan dihantar ke hadapan (1,035) (7,466)

Tunai dihasilkan daripada/(digunakan dalam) operasi 781,945 (923,904)

Cukai yang dipulangkan/(dibayar) 2,482 (20,393)

Tunai bersih dihasilkan daripada/(digunakan dalam) aktiviti operasi 784,427 (944,297)


Penyata Aliran Tunai DisatukanUntuk Tahun Kewangan Berakhir 31 Disember 1999

30


1999 1998NOTA RM’000 RM’000

ALIRAN TUNAI DARIPADA AKTIVITI PELABURAN

Perolehan daripada pelupusan syarikat bersekutu 400,522 –00

Perolehan daripada pelupusan opsyen 10,072 –00Muhibah yang timbul daripada pembelian perniagaan

dalam syarikat subsidiari –00 (1,886)Perolehan daripada terbitan saham kepada kepentingan minoriti –00 500Pelupusan syarikat subsidiari 46A –00 165,567Penambahan tanah yang dipegang untuk pembangunan (30) (28)Dividen diterima dari syarikat-syarikat bersekutu 251 5,319Faedah diterima 1,113 1,012Perolehan daripada pelupusan aset tetap 2,967 536Pembelian pelaburan dalam syarikat-syarikat bersekutu –00 (136)Pembelian aset tetap 46B (19,201) (62,072)Perolehan bersih daripada (pembelian)/pelupusan

sekuriti pelaburan (18,561) 300,341Perolehan subsidiari-subsidiari dan

penggabungan subsidiari-subsidiari yang tidak disatukan 46C –00 5,474

Tunai bersih dihasilkan daripada aktiviti pelaburan 377,133 414,627

ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAAN

Perolehan/(pembayaran semula) bersihdaripada pinjaman jangka pendek 39,563 (66,244)

(Pembayaran semula)/perolehan daripada pinjaman modalsubordinat boleh ubah (800,000) 850,000

Faedah yang dibayar (57,428) (123,309)(Pembayaran semula)/Perolehan bersih

daripada pinjaman berpenggal (204,269) (13,025)

Tunai bersih (digunakan dalam)/dihasilkan daripadaaktiviti pembiayaan (1,022,134) 647,422

PENAMBAHAN TUNAI DAN KESETARAAN TUNAI BERSIH 139,426 117,752

TUNAI DAN KESETARAAN TUNAI PADA PERMULAANTAHUN KEWANGAN 486,898 375,617

TUNAI DAN KESETARAAN TUNAI PADA PENGHUJUNGTAHUN KEWANGAN 46D 626,324 493,369


Penyata Aliran Tunai DisatukanUntuk Tahun Kewangan Berakhir 31 Disember 1999

31


1. KEGIATAN UTAMA

Kegiatan utama Syarikat merangkumi pemegangan pelaburan dan penyediaan sokongan korporat sertakewangan yang sepenuhnya kepada subsidiari-subsidiarinya. Kegiatan utama subsidiari-subsidiariditunjukkan dalam Nota 43 kepada Akaun. Tidak terdapat perubahan ketara di dalam kegiatan-kegiatantersebut sepanjang tahun kewangan.

2. ASAS PENYEDIAAN AKAUN-AKAUN

Akaun bagi Kumpulan dan Syarikat telah disediakan menurut Piawai Perakaunan yang diluluskan sertaberkenaan, Garis Panduan Bank Negara Malaysia serta peruntukan Akta Syarikat 1965. Akaun jugamengambil kira aktiviti berkaitan dengan Skim Perbankan Islam (“IBS”) yang dilaksanakan oleh Kumpulan.IBS secara amnya merujuk kepada penerimaan deposit dan pembiayaan mengikut prinsip Syariah.

3. DASAR-DASAR PERAKAUNAN PENTING

3.1 Asas Perakaunan

Akaun Kumpulan dan Syarikat telah disediakan mengikut konvensyen kos sejarah yang diubahsuai dengan penilaian bangunan dan tanah milik bebas tertentu.

3.2 Asas Penyatuan

Akaun-akaun yang disatukan merangkumi akaun Syarikat dan subsidiari-subsidiarinya yangdisediakan sehingga akhir tahun kewangan, kecuali untuk subsidiari-subsidiari seperti yangditunjukkan dalam Nota 11 kepada akaun. Kumpulan telah menggunakan kedua-dua kaedahpenyatuan iaitu perolehan dan penggabungan.

Baki dan urus niaga antara syarikat yang ketara dihapuskan semasa penyatuan dan akaun-akaunyang disatukan hanya menunjukkan urus niaga luaran sahaja.

Apabila kaedah perolehan digunakan, perbezaan antara bayaran pembelian dan nilai wajar asetbersih yang diperolehi ditunjukkan di dalam akaun sama ada sebagai muhibah atau rizab penyatuan,mengikut mana yang sesuai. Kecuali subsidiari-subsidiari kewangan berlesen, nilai muhibah bersihdari rizab penyatuan yang timbul dari subsidiari-subsidiari yang lain, dilunaskan sepanjang 20tahun atau jangka hayat boleh guna, yang mana lebih pendek. Muhibah timbul daripada penyatuandihapus kira bila mana terdapat penyusutan nilai yang kekal.

Perolehan subsidiari-subsidiari yang memenuhi kriteria perakaunan penggabungan di bawahPiawaian Perakaunan Malaysia 2, Perakaunan Perolehan dan Penggabungan, telah diambil kiramenggunakan dasar perakaunan penggabungan. Apabila kaedah penggabungan digunakan, kospelaburan direkodkan pada nilai nominal saham yang diterbitkan dan perbezaan di antara kospelaburan tersebut dengan nilai nominal saham yang dipindah milik dianggap sebagai rizab/defisitpenggabungan menurut peruntukan pengecualian penggabungan di bawah Seksyen 60(4) AktaSyarikat, 1965. Hasil subsidiari-susidiari yang digabungkan diambil kira atas dasar tahun kewangansepenuhnya.

Kecuali United Merchant Finance Berhad yang disatukan di bawah kaedah penggabungan, kesemuasubsidiari-subsidiari yang lain disatukan di bawah kaedah perolehan.

3.3 Pengiktirafan Pendapatan

Pendapatan Faedah dan Pembiayaan

Pendapatan faedah dan pembiayaan subsidiari-subsidiari kewangan berlesen diiktiraf atas asasakruan. Pendapatan faedah dan pembiayaan daripada sewa beli, pendiskaunan blok dan urusniaga pajakan dikira mengikut kaedah jumlah digit. Pendapatan faedah dan pembiayaan daripadapinjaman perumahan dan pinjaman berpenggal dikira mengikut tempoh yang telah ditetapkansama ada bulanan ataupun harian.

Nota-nota Kepada Akaun 31 Disember 1999

32


3.3 Pengiktirafan Pendapatan (sambungan)

Pendapatan pembiayaan dan pendahuluan dari Skim Perbankan Tanpa Faedah diiktiraf atas asasakruan menurut “Garis Panduan “Skim Perbankan Tanpa Faedah” untuk Syarikat-syarikat Kewangan(Oktober/96)” terbitan Bank Negara Malaysia.

Apabila sesuatu akaun dikenal pasti sebagai tidak berbayar, pengiktirafan pendapatan faedah danpembiayaan digantung sehingga ia di jelaskan secara tunai mengikut “Garis PanduanPengklasifikasi Pinjaman Tidak Berbayar dan Peruntukan untuk Hutang Lapuk, Hutang Ragu danHutang Substandard, BNM/GP3 (Semakan)” terbitan Bank Negara Malaysia pada 31 Disember1999. Akaun-akaun pelanggan dikenal pasti sebagai tidak berbayar apabila pembayaran baliktelah tertunggak enam bulan atau lebih untuk akaun sewa beli, pendiskaunan blok, pajakan, pinjamandan pendahuluan dan selepas tarikh matang untuk bil-bil penerimaan jurubank.

Pendapatan Fi

Fi khidmat penyusunan pinjaman, yuran pengurusan dan penyertaan serta komisyen penerimaandan tatajamin diiktiraf sebagai pendapatan apabila semua syarat-syarat terdahulu telah dipenuhi.Fi daripada kegiatan khidmat penasihat dan kewangan korporat diiktiraf sebagai pendapatan setelahsiap setiap peringkat tugasan.

Fi jaminan dan fi komitmen yang ketara diiktiraf sebagai pendapatan berdasarkan pembahagianmasa.

Pendapatan Dividen

Dividen daripada pelaburan dalam subsidiari-subsidiari dan syarikat-syarikat bersekutu adalahdiiktiraf atas asas akruan, sementara dividen daripada lain-lain pelaburan adalah diiktiraf apabiladiterima.

Harta Pembangunan dan Kerja Kontrak dalam Pelaksanaan

Keuntungan daripada penjualan harta pembangunan dan kerja kontrak dalam pelaksanaan diiktirafmengikut kaedah peratusan siap. Kerugian yang dapat diramalkan, jika ada, diiktiraf serta-mertadalam akaun untung rugi.

Pendapatan Kontrak

Keuntungan daripada kerja kontrak kejuruteraan diiktiraf berdasarkan kaedah peratusan siap.

Yuran Keahlian

Yuran keahlian berkait dengan kemudahan pelaburan percutian kongsi masa diiktiraf berdasarkan50% pada tahun pertama dan bakinya dalam tempoh masa 30 tahun.

3.4 Komisyen Sewa Beli

Komisyen sewa beli dikenakan ke atas akaun untung rugi berdasarkan kaedah jumlah digit.

3.5 Pertukaran Mata Wang Asing

Urus niaga dalam mata wang asing ditukar ke dalam Ringgit Malaysia pada kadar pertukaransemasa pada tarikh urus niaga. Aset kewangan dan liabiliti kewangan dalam mata wang asingpada tarikh kunci kira-kira dinyatakan ke dalam Ringgit Malaysia pada kadar pertukaran anggaranpada tarikh tersebut. Keuntungan atau kerugian timbul dari urus niaga dan pertukaran mata wangasing dalam tahun semasa diuruskan dalam akaun untung rugi.

Untuk tujuan penyatuan, aset dan liabiliti bagi subsidiari-subsidiari luar negara ditukarkan mengikutkadar tukaran pada tarikh kunci kira-kira. Butiran untung rugi ditukarkan pada kadar tukaran puratauntuk tahun tersebut. Semua perbezaan tukaran yang timbul diuruskan melalui rizab perubahanpertukaran.


33


3.6 Peruntukan Hutang Lapuk dan Hutang Ragu

Peruntukan khusus dibuat untuk hutang lapuk dan pembiayaan yang telah disemak secara individudan telah dikenal pasti secara khusus sebagai lapuk atau ragu.

Tambahan pula, untuk subsidiari-subsidiari kewangan berlesen, satu peruntukan am yangberdasarkan peratusan ke atas portfolio pinjaman dan pembiayaan juga dibuat untuk menampungsebarang kerugian yang belum dikenal pasti secara khusus.

Pinjaman yang tidak dibayar atau sebahagian pinjaman dan pembiayaan yang dikenal pasti sebagailapuk akan dihapus kira selepas menimbang nilai cagaran boleh realisasi, jika ada, bila dalampertimbangan oleh pengurusan, tiada peluang pemulihan.

Peruntukan untuk hutang lapuk dan hutang ragu serta pembiayaan yang diuntukkan oleh subsidiarikewangan berlesen selaras dengan peruntukan minima “Garis Panduan Pengklasifikasi PinjamanTidak Berbayar dan Peruntukan untuk Hutang Lapuk, Hutang Ragu dan Hutang Substandard, BNM/GP3 (Semakan)” terbitan Bank Negara Malaysia pada 31 Disember 1999.

3.7 Susut Nilai dan Pelunasan Aset Tetap

3.7.1 Tanah milik bebas, harta hotel dan kerja pembinaan dalam pelaksanaan tidak disusut nilai.

Semua aset tetap lain dinyatakan pada kos atau penilaian tolak susut nilai terkumpulmanakala susut nilai pula dihitung menggunakan kaedah garis lurus bagi membolehkanpelupusan nilai yang dibawa oleh aset mengikut anggaran jangka hayatnya.

Kadar susut nilai tahunan yang digunakan untuk tujuan ini adalah seperti berikut :-

Tanah dan bangunan milik pajakan Mengikut tempoh pajakan25 hingga 95 tahun

Bangunan 0.5% – 5%Loji dan mesin 10% – 20%Kenderaan bermotor 15% – 20%Perabot, kelengkapan dan peralatan 6% – 15%Pengubahsuaian 10% – 20%Peralatan dan perisian komputer 20%

Pinggan mangkuk, barang-barang kaca, kutleri, kain linen dan perkakas dapur dimodalkanpada keperluan tahap minima untuk operasi biasa. Barang gantian dihapus kira dalamtahun ia berlaku.

3.7.2 Harta Hotel

Harta hotel dinyatakan pada kos atau penilaian. Tambahan selepas tarikh penilaian,dinyatakan pada kos. Adalah menjadi dasar Kumpulan untuk menilai harta hotel sekalisetiap lima tahun oleh penilai profesional yang bebas berdasarkan nilai pasaran terbuka.Lebihan yang timbul dikreditkan dalam akaun lebihan penilaian semula. Defisit diimbangkandengan akaun lebihan penilaian semula hanya setakat lebihan yang dikreditkan daripadapenilaian semula yang terdahulu dan lebihan defisit dicaj ke akaun untung rugi.

Harta hotel tidak disusut nilai. Adalah menjadi amalan Kumpulan mengekalkan nilai hartahotel pada ni lai baki yang t inggi supaya susut ni lai t idak berert i . Perbelanjaanpenyelenggaraan yang berkaitan diiktiraf dalam akaun untung rugi.

3.8 Penyusunan Jual Beli dan Pajakan

Aset-aset yang dibiayai dengan perjanjian jual beli dan pajakan yang memindahkan sebahagianbesar risiko dan faedah pemilikan aset kepada Kumpulan telah dimodalkan sebagai aset tetapdan tanggungjawab yang bersangkutan dianggap sebagai liabiliti. Aset tetap yang dimodalkan inidisusut nilai sama dengan aset tetap Kumpulan. Caj kewangan diperuntukkan ke akaun untungrugi sepanjang tempoh perjanjian untuk memberikan satu kadar bayaran berkala yang konstanatas liabiliti jual beli dan pajakan yang masih tinggal.

Pajakan yang tidak memenuhi kriteria di atas diambil kira sebagai pajakan operasi dan sewaberkaitan dicaj ke akaun untung rugi, apabila timbul.


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3.9 Bil-bil dan Penerimaan Belum Dibayar

Bil-bil dan penerimaan belum dibayar mewakili bil-bil dan penerimaan subsidiari-subsidiarikewangan berlesen yang didiskaunkan semula dan tertunggak di pasaran.

3.10 Pelaburan

Pelaburan dalam subsidiari-subsidiari, syarikat-syarikat bersekutu dan pelaburan-pelaburan jangkapanjang lain dinyatakan pada kos selepas ditolak peruntukan untuk penyusutan nilai berkekalan, jikaada.

Pelaburan jangka pendek yang disebut harga dinyatakan pada kos dan nilai pasaran yang manalebih rendah yang ditentukan atas asas portfolio.

3.11 Syarikat-syarikat Bersekutu

Syarikat-syarikat bersekutu adalah syarikat-syarikat di mana Syarikat mempunyai kepentingan ekuitijangka panjang di antara 20% dan 50% dan di mana Syarikat mempunyai pengaruh yang ketara keatas dasar kewangan dan operasi syarikat-syarikat penerima pelaburan.

Kumpulan menggunakan perakaunan ekuiti untuk mengambil kira bahagian untung dan rizabsyarikat-syarikat bersekutunya selepas perolehan berdasarkan akaun yang telah diaudit.

3.12 Sekuriti Pelaburan

Sekuriti pelaburan ialah sekuriti yang diperolehi dan dipegang untuk memperolehi hasil ataupertumbuhan modal atau untuk memenuhi keperluan minimum aset cair menurut Seksyen 38,Akta Bank dan Institusi-institusi Kewangan, 1989 dan biasanya dipegang hingga matang.

Sekuriti Kerajaan Malaysia, Sijil Pelaburan Kerajaan Malaysia, Bon Cagamas, lain-lain SekuritiKerajaan, dan Sekuriti Hutang Swasta Jaminan Bank yang dipegang sebagai pelaburan dinyatakanpada kos yang diselaraskan untuk pelunasan premium atau penambahan diskaun hingga tarikhmatang. Sekuriti Hutang Swasta yang lain telah dinilai pada kos dan nilai pasaran yang mana lebihrendah. Sekuriti pelaburan lain pula dinyatakan pada kos dan peruntukan dibuat jika berlakupenyusutan nilai yang berkekalan.

Pindahan, jika ada, di antara sekuriti pelaburan dan sekuriti urus niaga dibuat pada nilai terendahantara kos dan nilai pasaran.

Sekuriti ekuiti yang disebut harga dinyatakan pada nilai terendah antara kos dan nilai pasaran.Sekuriti ekuiti yang tidak disebut harga dan bon-bon yang dipegang untuk pelaburan dinyatakanpada kos dan peruntukan dibuat bagi sebarang penyusutan nilai berkekalan, jika ada.

3.13 Sekuriti Urus Niaga

Sekuriti urus niaga adalah sekuriti boleh niaga yang diperolehi dan dipegang dengan tujuan untukdijual semula dalam jangka masa pendek, dan dinyatakan pada nilai terendah antara kos dan nilaipasaran.

Pemindahan, jika ada, antara sekuriti pelaburan dan urus niaga dibuat pada nilai terendah antarakos dan nilai pasaran.

3.14 Permodalan Faedah

Faedah yang ditanggung atas pinjaman luar untuk membiayai aset yang sedang dilaksanakandipermodalkan sehingga aset itu sedia untuk digunakan untuk kegunaan yang dirancang selepasmana perbelanjaan seperti itu dicaj ke akaun untung rugi.

3.15 Cukai Tertunda

Cukai tertunda diperuntukkan di bawah kaedah liabiliti pada kadar cukai semasa bagi perbezaanmasa yang ketara, melainkan jika ada bukti munasabah bahawa perbezaan masa tersebut akanberterusan pada masa akan datang. Faedah cukai tertunda dikenal pasti hanya bila ada jaminansewajarnya ia boleh direalisasikan.

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3.16 Perbelanjaan Dihantar ke Hadapan

Perbelanjaan yang timbul dalam pembentukan subsidiari-subsidiari dikenal pasti sebagaiperbelanjaan mulaan manakala perbelanjaan yang t imbul sebelum permulaan operasidiklasifikasikan sebagai perbelanjaan praoperasi.

Perbelanjaan yang timbul sebelum permulaan produksi komersil, yang mana pada masa depanakan menghasilkan faedah, dibawa ke hadapan sebagai perbelanjaan praproduksi.

Perbelanjaan tertunda terdiri daripada perbelanjaan pengiklanan dan perolehan tertunda yangberhubung pemerolehan keahlian kad caj. Perbelanjaan pembangunan mewakili kos yang timbuldalam pembangunan kad kredit yang mana dirancang akan dilancarkan pada masa akan datang.

Perbelanjaan dihantar ke hadapan pada amnya dihapus kira sepanjang lima ke sepuluh tahun daritarikh permulaan operasi. Dalam kes perniagaan kad caj dan kad kredit, perbelanjaan pengiklanandan perolehan tertunda dihapus kira sepanjang tempoh dua tahun dari tarikh permulaan perniagaan.

3.17 Tanah yang Dipegang untuk Pembangunan dan Harta Pembangunan

Tanah yang dipegang untuk pembangunan dinyatakan pada kos atau penilaian, bersama denganperbelanjaan pembangunan yang bersangkutan. Ia dikenal pastikan sebagai harta pembangunanpada masa pembangunan di atas tanah tersebut bermula. Perbelanjaan pembangunan terdiridaripada kos pembangunan dan kos lain yang bersangkutan, termasuk faedah dan overhedpengurusan yang bersangkutan dengan projek tersebut. Kos faedah atas pinjaman yang digunakanuntuk membiayai projek yang berkaitan telah diambilkira sebagai perbelanjaan pembangunan darimasa permulaan hingga tamat pembangunan.

3.18 Perjanjian Belian Semula

Sekuriti yang dibeli di bawah perjanjian jualan semula ialah sekuriti yang dibeli oleh subsidiari-subsidiari kewangan dengan komitmen untuk menjualnya semula pada tarikh akan datang.Komitmen untuk menjual semula sekuriti tersebut ditunjukkan sebagai aset dalam kunci kira-kira.

Sebaliknya, obligasi atas sekuriti yang dijual di bawah perjanjian belian semula ialah sekuriti yangdijual oleh subsidiari-subsidiari kewangan berlesen dari potfolionya dengan komitmen untukmembeli semula sekuriti tersebut pada masa akan datang. Urus niaga pembiayaan seperti itu danobligasi untuk membeli semula sekuriti tersebut ditunjukkan sebagai liabiliti dalam kunci kira-kira.

3.19 Jumlah yang Boleh Diperoleh Dari Danaharta

Jumlah perolehan dari pinjaman yang dijual kepada Pengurusan Danaharta Nasional Berhad(“Danaharta”) telah diterima dalam dua bahagian; semasa penjualan pinjaman tersebut (“perolehanawal”) dan semasa mendapat semula pinjaman (“perolehan akhir”). Jumlah perolehan akhirmewakili bahagian lebihan di atas perolehan awal semasa mendapat semula pinjaman. Bahagianlebihan ini telah pun ditentukan terdahulu dan adalah kepunyaan subsidiari-subsidiari kewanganberlesen.

Perbezaan di antara nilai yang dibawa bagi pinjaman dengan perolehan awal dikenal pasti sebagai“Jumlah yang akan diterima dari Danaharta” di bawah komponen “Penghutang” pada kunci kira-kira. Peruntukan bagi jumlah ini telah dibuat untuk mencerminkan penilaian para pengarah akannilai boleh direalisasi bagi perolehan akhir pada tarikh kunci kira-kira.

3.20 Muhibah Belian

Muhibah timbul dari pemerolehan perniagaan mewakili perbezaan di antara perolehan bayaranpembelian dengan nilai wajar aset bersih yang diperoleh, dinyatakan pada kos dan dilunaskansepanjang tempoh 20 tahun supaya ia mencerminkan tempoh berguna bagi peluang yang diberikanitu.

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4. PEROLEHAN DAN KOS PENJUALAN

Perolehan Syarikat terdiri daripada pendapatan dividen dan pendapatan faedah.

Perolehan Kumpulan termasuk yang berikut :-

– jualan dagangan pada nilai invois dan perkhidmatan yang diberikan.– fi pengurusan, dividen, faedah dan pendapatan sewaan.– yuran keahlian berhubung kemudahan pelaburan percutian kongsi masa.– pendapatan yang didapati daripada operasi hotel dan tempat peranginan selepas diskaun.– pendapatan faedah daripada pinjaman dan pendahuluan, sewa beli, pendiskaunan blok, pajakan

dan kegiatan berkaitan yang lain menurut subsidiari-subsidiari kewangan berlesen.– nilai jualan harta pembangunan siap yang dijual dan nilai jualan berkadar harta pembangunan belum

siap, mengikut tahap siapnya.– bayaran yuran untuk kad, yuran tunai pendahuluan, hasil faedah dan hasil diskaun.

Kos penjualan merupakan kos barangan jualan dan perkhidmatan dari segi operasi perkilangan, hoteldan tempat peranginan dan harta pembangunan dan kos perkhidmatan pembiayaan dan pajakan.


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5. PENGENDALIAN UNTUNG/(RUGI)


RM’000 RM’000 RM’000 RM’000

Keuntungan/(Kerugian) pengendalian dicapai :-

Setelah mencajkan :-

Pelunasan muhibah belian 99 110 –00 –00Pelunasan perbelanjaan dihantar

ke hadapan 5,380 3,251 –00 –00Perbelanjaan dihantar ke hadapan

dihapus kira 6 7,609 –00 –00(Pertambahan)/pelunasan muhibah bersih

daripada penyatuan (48) 3,285 –00 –00Imbuhan juruaudit– Syarikat induk 50 50 50 50– Subsidiari-subsidiari

– tahun semasa 462 402 –00 –00– kurangan peruntukan pada tahun

lepas 95 60 20 20– tidak berkanun –00 3 –00 –00

Hutang lapuk dihapus kira 759 5,212 –00 –00Jumlah tertunggak dari subsidiari yang tidak

disatukan dihapus kira 703 –00 703 –00Susut nilai/pelunasan aset

tetap (Nota 9) 23,902 24,271 165 166Imbuhan para pengarah– Fi 434 605 144 144– Emolumen lain 2,639 2,208 –00 –00Aset tetap dihapus kira 74 16,448 –00 –00Muhibah dihapus kira 12 –00 –00 –00Perbelanjaan faedah– Pinjaman 36,086 56,817 15,386 29,640– Overdraf bank 8,467 10,092 6,617 7,943– Sewa beli 2,407 2,022 –00 –00– Lain-lain 51,018 54,378 4,839 7,409Sewa pajakan 2,216 1,024 –00 –00Kerugian daripada pelupusan aset tetap 5,274 20 –00 –00Kerugian daripada pelupusan pelaburan 1,379 –00 –00 –00Peruntukan hutang ragu 2,281 –00 –00 –00Peruntukan untuk jumlah hutang ragu

daripada subsidiari-subsidiari –00 –00 1,724 –00(Kemasukan semula)/Peruntukan untuk

komitmen dan luar jangka (1,838) 2,220 –00 –00Peruntukan untuk jumlah akan

diterima daripada Danaharta 16,148 14,421 –00 –00Peruntukan untuk rugi kredit 2,915 5,786 –00 –00Belanja sewa– Peralatan 587 599 –00 –00– Kenderaan 31 31 –00 –00– Premis 14,469 10,008 371 371Stok dihapus kira 2 7,737 –00 –00Kerugian daripada pertukaran mata wang

asing yang tidak direalisasikan 1,047 –00 –00 –00

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5. PENGENDALIAN UNTUNG/(RUGI) (Sambungan)


RM’000 RM’000 RM’000 RM’000

Dan selepas mengkreditkan :-

Hutang lapuk dan pembiayaan dipungutsemula 15,138 4,619 –00 – 0

Faedah deposit tetap 607 801 21 450Laba daripada pelupusan– Pelaburan disebut harga 4,701 2,452 2,519 1,206– Opsyen 10,072 –00 10,072 – 0– Syarikat subsidiari –00 12,386 –00 – 0– Lain-lain 1,264 1,036 –00 – 0Dividen kasar– Syarikat bersekutu –00 –00 –00 135– Pelaburan tidak disebut harga 64 1,223 –00 – 0– Pelaburan disebut harga 1,199 318 –00 – 0Faedah dipungut semula dari

subsidiari-subsidiari –00 –00 3,143 5,006Faedah pendapatan lain 477 211 18 21Tuntutan insuran 11,985 15,351 –00 – 0Pendapatan sewaan 1,967 2,106 –00 – 0Laba daripada pertukaran mata wang asing

yang tidak direalisasikan –00 5,049 –00 – 0

Nilai wang anggaran untuk manfaat lain yang tidak dimasukkan di atas yang diterima oleh para pengarahSyarikat dan subsidiari-subsidiari berjumlah RM36,300 (1998: RM35,100) untuk Syarikat dan sebanyakRM269,300 (1998: RM313,100) untuk Kumpulan.

6. BUTIRAN LUAR BIASA


RM’000 RM’000 RM’000 RM’000

Kerugian daripada pelupusansyarikat bersekutu 117,085 – 00 – – 00

Muhibah dihapus kira – 00 80,434 – – 00Yuran profesional dibayar kepada

Danamodal 10,952 – 00 – – 00Peruntukan untuk hutang lapuk

dan ragu serta pembiayaan – 00 191,339 – 71,584Peruntukan untuk penyusutan nilai dalam– subsidiari-subsidiari – 00 – 00 – 29,691– syarikat bersekutu – 00 10,138 – 10,138– pelaburan disebut harga – 00 30,937 – 1,999

128,037 312,848 – 113,412

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7. CUKAI


RM’000 RM’000 RM’000 RM’000

Mengikut hasil tahun semasa 368 851 – 37(Lebihan)/kurangan peruntukan dalam

tahun sebelumnya 75 (349) – –Pindahan (dari)/ke cukai tertunda

(Nota 36) (70) 45 – –

373 547 – 37Bahagian cukai dalam syarikat-syarikat

bersekutu 566 12,970 – –Zakat 69 28 – –

1,008 13,545 – 37

Dari segi perolehan pendapatan perniagaan (kecuali pendapatan dividen) yang diperolehi oleh Syarikatdan Kumpulan bagi tahun kewangan berakhir 31 Disember 1999, tiada peruntukan yang dibuat bagiCukai Pendapatan Malaysia, mengikut Seksyen 8, Akta Cukai Pendapatan (Disemak), 1999.

Peruntukan untuk cukai semasa adalah merujuk kepada pendapatan dividen dan keuntungan syarikatsubsidiari asing yang dicukai.

Peruntukan untuk cukai dibuat dalam akaun Kumpulan walaupun Kumpulan mencatat kerugian sebelumcukai bagi tahun sebelumnya. Ini disebabkan sebahagian besar daripada perbelanjaan tertentu yangtidak dapat ditolak untuk tujuan cukai dan kerana tiada pengecualian kumpulan di mana kerugian cukaisubsidiari-subsidiari tertentu tidak boleh ditolak daripada keuntungan yang kena cukai ke atas subsidiari-subsidiari yang lain.

8. KERUGIAN SEUNIT STOK

Kerugian seunit stok dikira berdasarkan kepada kerugian selepas cukai yang disatukan dan kepentinganminoriti berjumlah RM58,022,000 (1998: RM276,315,000) dan jumlah unit-unit stok terbitan dalam tahunkewangan semasa berjumlah RM337,793,619 (1998: 337,793,619).

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9. ASET TETAP

PelarasanBaki Pelupusan pertukaranpada Syarikat Pindahan mata wang Menghapus Baki pada

Kumpulan 1.1.1999 subsidiari Tambahan Pelupusan dari/(ke) asing kira 31.12.19991999 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kos/Penilaian

Tanah dan bangunanmilik bebas 55,059 – 3,478 (1,094) 28,404 551 –00 86,398

Harta hotel– pada penilaian 101,968 – –00 –00 –00 –00 –00 101,968– pada kos 78,695 – 436 –00 –00 (1,050) –00 78,081Tanah dan bangunan

milik pajakanjangka panjang

– pada penilaian 8,800 – –00 –00 –00 –00 –00 8,800– pada kos 38,524 – –00 –00 –00 –00 –00 38,524Tanah dan bangunan

milik pajakanjangka pendek 60 – –00 –00 –00 –00 –00 60

Loji dan mesin 52,793 – 5,616 (8,754) –00 821 –00 50,476Kenderaan bermotor 12,240 – 100 (1,166) –00 13 –00 11,187Perabot, kelengkapan dan

peralatan 73,786 – 2,502 (1,324) 7,958 148 (74) 82,996Pengubahsuaian 20,959 – 959 (16) (13) –00 –00 21,889Pinggan mangkuk, barang-

barang kaca, kutleri, kainlinen dan perkakas dapur 1,935 – 35 –00 8 1 –00 1,979

Pembinaan dalam pelaksanaan 49,908 – 6,528 –00 (39,087) (77) –00 17,272Peralatan dan perisian komputer 18,482 – 473 (100) –00 –00 –00 18,855

513,209 – 20,127 (12,454) (2,730) 407 (74) 518,485

Susut Nilai Terkumpul

Tanah dan bangunanmilik bebas 1,617 – 1,056 (1) –00 4 –00 2,676

Harta hotel –00 – –00 –00 –00 –00 –00 –00Tanah dan bangunan


– pada penilaian 324 – 88 –00 –00 –00 –00 412– pada kos 4,795 – 834 –00 –00 –00 –00 5,629Tanah dan bangunan

milik pajakanjangka pendek 10 – 2 –00 –00 –00 –00 12

Loji dan mesin 16,233 – 4,543 (2,175) –00 106 –00 18,707Kenderaan bermotor 8,001 – 1,748 (1,025) –00 3 –00 8,727Perabot, kelengkapan

dan peralatan 33,208 – 9,780 (642) –00 25 –00 42,371Pengubahsuaian 10,806 – 2,116 (8) –00 –00 –00 12,914Pinggan mangkuk, barang-

barang kaca, kutleri, kainlinen dan perkakas dapur 35 – 29 –00 –00 –00 –00 64

Pembinaan dalam pelaksanaan –00 – –00 –00 –00 –00 –00 –00Peralatan dan perisian komputer 4,153 – 3,706 –00 –00 –00 –00 7,859

79,182 – 23,902 (3,851) –00 138 –00 99,371


41



9. ASET TETAP (Sambungan)

PelarasanBaki Pelupusan pertukaranpada Syarikat Pindahan mata wang Menghapus Baki pada

Kumpulan 1.1.1998 subsidiari Tambahan Pelupusan dari/(ke) asing kira 31.12.19981998 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kos/Penilaian

Tanah dan bangunanmilik bebas 47,368 – 00 11,378 –00 113 –00 (3,800) 55,059

Harta hotel– pada penilaian 101,968 – 00 –00 –00 – –00 –00 101,968– pada kos 307,645 (245,615) 2,419 –00 – 14,246 –00 78,695Tanah dan bangunan


– pada penilaian 8,800 – 00 –00 –00 – –00 –00 8,800– pada kos 38,519 – 00 5 –00 – –00 –00 38,524Tanah dan bangunan

milik pajakanjangka pendek 60 – 00 –00 –00 – –00 –00 60

Loji dan mesin 118,700 (64,446) 14,165 (431) – 4,306 (19,501) 52,793Kenderaan bermotor 12,406 – 00 276 (218) – (15) (209) 12,240Perabot, kelengkapan

dan peralatan 71,038 – 00 4,844 (1,138) – (642) (316) 73,786Pengubahsuaian 20,324 – 00 1,463 (650) (113) –00 (65) 20,959Pinggan mangkuk, barang-

barang kaca, kutleri, kainlinen dan perkakas dapur 2,020 – 00 19 –00 – (6) (98) 1,935

Pembinaan dalam pelaksanaan 25,228 – 00 27,138 –00 – (43) (2,415) 49,908Peralatan dan perisian komputer 18,117 – 00 365 –00 – –00 –00 18,482

772,193 (310,061) 62,072 (2,437) – 17,846 (26,404) 513,209


Tanah dan bangunanmilik bebas 1,467 – 00 373 –00 59 –00 (282) 1,617

Harta hotel –00 – 00 –00 –00 – –00 –00 –00Tanah dan bangunan


– pada penilaian 236 – 00 88 –00 – –00 –00 324– pada kos 3,943 – 00 852 –00 – –00 –00 4,795Tanah dan bangunan

milik pajakanjangka pendek 8 – 00 2 –00 – –00 –00 10

Loji dan mesin 30,944 (11,747) 5,440 (70) – 910 (9,244) 16,233Kenderaan bermotor 6,288 – 00 2,073 (150) – (1) (209) 8,001Perabot, kelengkapan

dan peralatan 25,788 – 00 8,623 (1,055) – (23) (125) 33,208Pengubahsuaian 8,206 – 00 3,162 (500) (59) –00 (3) 10,806Pinggan mangkuk, barang-

barang kaca, kutleri, kainlinen dan perkakas dapur 110 – 00 30 (12) – –00 (93) 35

Pembinaan dalam pelaksanaan –00 – 00 –00 –00 – –00 –00 –00Peralatan dan perisian komputer 525 – 00 3,628 –00 – –00 –00 4,153

77,515 (11,747) 24,271 (1,787) – 886 (9,956) 79,182

42



9. ASET TETAP (Sambungan)1999 1998

RM’000 RM’000

Nilai Buku Bersih

Tanah dan bangunan milik bebas 83,722 53,442Harta hotel– pada penilaian 101,968 101,968– pada kos 78,081 78,695Tanah dan bangunan milik pajakan

jangka panjang– pada penilaian 8,388 8,476– pada kos 32,895 33,729Tanah dan bangunan milik pajakan

jangka pendek 48 50Loji dan mesin 31,769 36,560Kenderaan bermotor 2,460 4,239Perabot, kelengkapan dan peralatan 40,625 40,578Pengubahsuaian 8,975 10,153Pinggan mangkuk, barang-barang kaca,

kutleri, kain linen dan perkakas dapur 1,915 1,900Pembinaan dalam pelaksanaan 17,272 49,908Peralatan dan perisian komputer 10,996 14,329

419,114 434,027

Baki pada Baki padaSyarikat 1.1.1999 Tambahan Pelunasan 31.12.19991999 RM’000 RM’000 RM’000 RM’000

Kos

Kenderaan bermotor 195 –0 – 195Perabot, kelengkapan dan peralatan 797 –0 – 797Pengubahsuaian 848 –0 – 848

1,840 –0 – 1,840


Kenderaan bermotor 191 2 – 193Perabot, kelengkapan dan peralatan 550 78 – 628Pengubahsuaian 630 85 – 715

1,371 165 – 1,536

43



9. ASET TETAP (Sambungan)Baki pada Baki pada

Syarikat 1.1.1998 Tambahan Pelunasan 31.12.19981998 RM’000 RM’000 RM’000 RM’000

Kos

Kenderaan bermotor 195 –0 – 195Perabot, kelengkapan dan peralatan 771 26 – 797Pengubahsuaian 848 –0 – 848

1,814 26 – 1,840


Kenderaan bermotor 191 –0 – 191Perabot, kelengkapan dan peralatan 469 81 – 550Pengubahsuaian 545 85 – 630

1,205 166 – 1,371

1999 1998RM’000 RM’000

Nilai Buku Bersih

Kenderaan bermotor 2 4Perabot, kelengkapan dan peralatan 169 247Pengubahsuaian 133 218

304 469

Termasuk dalam aset tetap Kumpulan ialah aset yang diperoleh secara sewa beli dan perjanjian pajakankewangan pada kos sebanyak RM25,127,495 (1998: RM31,846,463).

Enam bidang tanah yang termasuk di bawah tanah dan bangunan milik pajakan jangka panjang yangberjumlah RM239,000 (1998: RM239,000) belum lagi didaftarkan atas nama sebuah subsidiari pada 31Disember 1999.

Harta hotel yang tertentu telah dinilai semula pada Julai 1995 berdasarkan kepada satu penilaian pasaranterbuka oleh para pengarah berasaskan kepada penilaian profesional bebas.

Harta hotel dan bangunan dan tanah milik bebas dan tanah milik pajakan yang tertentu telah dicajkankepada bank-bank berlesen untuk kemudahan kredit yang telah diberikan kepada Syarikat dan subsidiari-subsidiarinya.

Pembinaan dalam pelaksanaan dinyatakan pada kos dan akan diklasifikasikan semula sebagai hartahotel selepas pembinaan selesai.

Termasuk di dalam tahun sebelumnya kos pembinaan dalam pelaksanaan ialah faedah yang dimodalkanberjumlah RM3,803,245. Hak milik strata untuk salah satu harta hotel pada kos RM29,735,533 (1998:RM29,735,533) masih belum dikeluarkan oleh pihak berkuasa berkenaan.

Tanah dan bangunan milik pajakan jangka panjang pada penilaian Kumpulan telah dinilai semula olehpara pengarah mengikut satu asas nilai pasaran terbuka berdasarkan satu penilaian profesional bebaspada tahun 1994. Seperti yang dibenarkan dalam peruntukan peralihan Piawaian PerakaunanAntarabangsa 16 - Harta Tanah, Loji dan Peralatan, harta tanah dinyatakan pada penilaian 1994,memandangkan para pengarah belum mengamalkan dasar penilaian sekata. Harta tanah ini dicagarkankepada Pengurusan Danaharta Nasional Berhad untuk kemudahan kredit bagi salah sebuah syarikatsubsidiarinya.

Termasuk dalam kos aset tahun lepas yang diperoleh melalui urusan sewa beli berjumlah RM2,697,108 yangtelah disusun semula sebagai urusan pinjaman jangka panjang dalam tahun kewangan semasa.

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10. KEPENTINGAN DALAM SUBSIDIARI-SUBSIDIARI

Syarikat1999 1998

RM’000 RM’000

Saham disebut harga – pada kos 593,602 593,614Saham tidak disebut harga – pada kos 235,212 235,212Tolak: Peruntukan untuk penyusutan nilai (30,976) (30,976)

797,838 797,850

Jumlah terhutang dari subsidiari-subsidiari 143,544 141,935Tolak: Peruntukan untuk hutang ragu (70,524) (68,821)

73,020 73,114

870,858 870,964Jumlah terhutang kepada subsidiari-subsidiari (66,496) (63,532)

804,362 807,432

Nilai pasaran bagi saham disebut harga 270,677 170,367

Butir-butir subsidiari-subsidiari dibentangkan dalam Nota 43 kepada Akaun.

Beberapa saham sebuah syarikat subsidiari yang disebut harga telah dicagarkan dan saham syarikatsubsidiari tertentu yang tidak disebut harga telah ditempatkan kepada beberapa institusi kewanganuntuk kemudahan kredit yang diberikan kepada Syarikat dan Kumpulan.

Jumlah terhutang kepada syarikat subsidiari berjumlah RM55,526,029 (1998: RM50,927,619) telahdicagarkan oleh saham tidak disebut harga dalam syarikat subsidiari dan syarikat bersekutu. Tiadasebarang tempoh pembayaran semula bagi jumlah yang terhutang dan faedah dicaj pada kadar kosdana syarikat subsidiari.

Pada tarikh kunci kira-kira, nilai yang dibawa bagi pelaburan dalam United Merchant Group Berhad(“UMG”) pada kos RM593,602,000 telah melebihi nilai pasarannya sebanyak RM322,925,000.

Para pengarah berpendapat bahawa tiada penurunan nilai jangka panjang bagi nilai tara pelaburandalam UMG.

Pada 9 September 1999, Pengurusan Danaharta Nasional Berhad melantik Pentadbir-Pentadbir Khas(“SA”) bagi menguruskan aset dan hal ehwal Advance Synergy Furniture Sdn. Bhd. (“ASF”), sebuahsyarikat subsidiari milik penuh Syarikat. SA akan menyediakan dan mengemukakan satu cadangankepada Pengurusan Danaharta Nasional Berhad bagi terus mengekalkan ASF. Sebagai langkahmengekalkan aset ASF sehingga SA menyempurnakan tugas mereka, satu moratorium 12 bulan ke atasmana-mana tindakan undang-undang diambil oleh pemiutang-pemiutang dikuat kuasa serta-merta,dengan perlantikan SA.

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11. KEPENTINGAN DALAM SUBSIDIARI-SUBSIDIARI TIDAK DISATUKAN


RM’000 RM’000 RM’000 RM’000

Saham tidak disebut harga – pada kos 52,658 54,683 52,658 52,658Tolak: Peruntukan untuk penyusutan

nilai (4,100) (4,100) (4,100) (4,100)

48,558 50,583 48,558 48,558

Jumlah terhutang dari subsidiari-subsidiari yang tidak disatukan –00 4,963 21 4,787

Tolak: Peruntukan untuk hutang ragu –00 (4,786) (21) (4,786)

–00 177 –00 1Jumlah terhutang kepada syarikat

subsidiari yang tidak disatukan –00 (1,824) –00 –00

48,558 48,936 48,558 48,559

Saham-saham tidak disebut harga dari syarikat subsidiari yang tidak disatukan telah dicagar untukjaminan baki antara syarikat dengan syarikat subsidiari.

Butir-butir subsidiari yang tidak disatukan, yang diperbadankan di Malaysia adalah seperti berikut :-

Nama Syarikat Kegiatan Utama Kepentingan Efektif1999 1998

Kedah Marble Sdn. Bhd. Kerja mengkuari, memproses 70% 70%dan memasarkan marmar danhasil pengeluaran marmar

Akaun syarikat subsidiari Kedah Marble Sdn. Bhd. (“KM”) di atas tidak disatukan yang mana pengurusanKM dilaksanakan oleh pemegang saham minoriti menurut perjanjian pemegang-pemegang saham danSyarikat tidak mempunyai pengaruh yang ketara atas Lembaga Pengarah. Sehubungan itu, akaun KMyang diaudit tidak dilampirkan seperti yang disyaratkan oleh Akta Syarikat, 1965 atas ketiadaan akaun.

Manakala untuk P.T. Asbindo Infocitra, kos pelaburan Syarikat telah dihapus kira pada tahun kewanganini.

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12. KEPENTINGAN DALAM SYARIKAT-SYARIKAT BERSEKUTU


RM’000 RM’000 RM’000 RM’000

Saham disebut harga – pada kos –00 435,832 –00 22,538Saham tidak disebut harga – pada kos 21,773 21,322 19,777 19,777Tolak: Peruntukan untuk penyusutan nilai –00 (10,138) –00 (10,138)

21,773 447,016 19,777 32,177Bahagian keuntungan Kumpulan 60,441 128,213 –00 –00

82,214 575,229 19,777 32,177Jumlah terhutang kepada sebuah

syarikat bersekutu –00 (231) –00 (231)

82,214 574,998 19,777 31,946

Nilai pasaran bagi saham disebut harga –00 385,588 –00 11,233

Butiran syarikat-syarikat bersekutu dinyatakan dalam Nota 43 kepada Akaun.

Saham sebuah syarikat bersekutu langsung yang tidak disebut harga telah dicagarkan kepada satusubsidiari untuk menjamin baki antara syarikat.

Kumpulan dan Syarikat telah menjual keseluruhan kepentingan ekuitinya dalam syarikat bersekutunya,Ban Hin Lee Bank Berhad kepada Southern Bank Berhad dalam tahun kewangan semasa.

13. TANAH YANG DIPEGANG UNTUK PEMBANGUNAN

Kumpulan1999 1998

RM’000 RM’000

Tanah milik pajakan– pada penilaian 9,296 9,293– pada kos 327 327Perbelanjaan pembangunan 4,094 4,067

13,717 13,687

Tanah pajakan Kumpulan telah dicagarkan kepada bank-bank tertentu untuk kemudahan perbankanyang telah diperuntukkan kepada Syarikat dan syarikat subsidiari.

Tanah milik pajakan yang tertentu telah dinilai semula berdasarkan nilai pasaran terbuka dalam tahun1981 dan 1983. Penilaian telah dibuat oleh para pengarah berdasarkan penilaian yang telah dikendalikanoleh sebuah firma penilai profesional. Sehingga sekarang, penilaian semula masih belum dikemas kini.

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14. SEKURITI PELABURAN


RM’000 RM’000 RM’000 RM’000

Instrumen Pasaran Mata Wang

Bon-bon Danamodal 86,150 222,730 – 000 – 000Bon-bon Danaharta 200,474 130,437 – 000 – 000Sekuriti Kerajaan Malaysia 504,176 511,314 – 000 – 000Bon-bon Cagamas 30,109 56,482 – 000 – 000Sekuriti Hutang Swasta dan Islam 197,350 39,918 – 000 – 000Instrumen Deposit Boleh Niaga 40,007 105,007 – 000 – 000Penerimaan jurubank dan

bil-bil penerimaan Islam 2,533 – 000 – 000 – 000

1,060,799 1,065,888 – 000 – 000Pelunasan premium ditolak

penambahan diskaun 24,482 (4,589) – 000 – 000

1,085,281 1,061,299 – 000 – 000

Sekuriti Disebut Harga

Di Malaysia :-Saham-saham 12,549 20,546 4,458 5,548Waran-waran 1 1 – 000 – 000Tolak: Peruntukan untuk penyusutan nilai (2,454) (9,402) – 000 (3,913)

10,096 11,145 4,458 1,635

Di luar Malaysia :-Saham-saham 27,042 27,042 – 000 – 000Tolak: Peruntukan untuk penyusutan nilai (23,448) (23,448) – 000 – 000

3,594 3,594 – 000 – 000

13,690 14,739 4,458 1,635

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14. SEKURITI PELABURAN (Sambungan)


RM’000 RM’000 RM’000 RM’000

Sekuriti yang tidak disebut harga

Di Malaysia :-Saham-saham 7,521 4,574 – 0 – 0Sekuriti Hutang Swasta dan Islam 7,102 13,881 – 0 – 0Bon-bon 24 24 – 0 – 0Stok-stok pinjaman 10,438 –000 – 0 – 0Lain-lain pelaburan 320 320 – 0 – 0

25,405 18,799 – 0 – 0Di luar Malaysia :-Saham-saham 18,479 29,457 – 0 – 0

43,884 48,256 – 0 – 0

1,142,855 1,124,294 4,458 1,635

Nilai pasaran :-

Sekuriti Kerajaan Malaysia 512,306 496,311 – 0 – 0Bon-bon Cagamas 30,626 56,470 – 0 – 0Bon-bon Danamodal –000 227,047 – 0 – 0Bon-bon Danaharta –000 132,340 – 0 – 0Saham disebut harga di Malaysia 14,728 10,842 8,579 1,425Saham disebut harga di luar Malaysia 9,519 3,594 – 0 – 0Sekuriti Hutang Swasta dan Islam 203,895 –000 – 0 – 0Waran-waran 1 –000 – 0 – 0

Sekuriti disebut harga milik Syarikat telah dicagarkan kepada institusi kewangan untuk kemudahanperbankan yang telah diberikan kepadanya.

15. MUHIBAH DARIPADA PENYATUANKumpulan

1999 1998RM’000 RM’000

Muhibah daripada penyatuan adalah rizab yang terhasil daripada penyatuan :-

Pada 1 Januari 209,904 269,793Muhibah yang timbul dari subsidiari-subsidiari yang diperoleh

sepanjang tahun – 00 124Realisasi rizab yang timbul dari penyatuan daripada pelupusan

subsidiari-subsidiari – 00 23,706

209,904 293,623Pertambahan/(pelunasan) sepanjang tahun kewangan 48 (3,285)Jumlah yang dihapus kira sepanjang tahun kewangan (12) (80,434)

209,940 209,904

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16. MUHIBAH BELIAN

Kumpulan1999 1998

RM’000 RM’000

Pada 1 Januari 1,776 – 0Hasil dari pemerolehan perniagaan sebuah syarikat subsidiari

yang telah disatukan bagi tahun kewangan – 0 1,886Pelarasan pertukaran mata wang asing 129 – 0

1,905 1,886Pelunasan bagi tahun kewangan (99) (110)

Pada 31 Disember 1,806 1,776

17. PERBELANJAAN DIHANTAR KE HADAPAN

Kumpulan1999 1998

RM’000 RM’000

Pada 1 Januari 28,754 28,110Pelarasan pertukaran mata wang asing (1,377) (18)

27,377 28,092Tambahan sepanjang tahun kewangan

– klasifikasi semula daripada pembinaan yang dalam pelaksanaan 2,730 –00– perbelanjaan praoperasi dan praproduksi 834 8,181– perbelanjaan pembangunan dan yang tertunda –00 3,341– lain-lain 201 –00

3,765 11,522

31,142 39,614Pelunasan bagi tahun kewangan (5,380) (3,251)Jumlah yang dihapus kira bagi tahun kewangan (6) (7,609)


18. HARTA PEMBANGUNAN DAN PERBELANJAAN

Kumpulan1999 1998

RM’000 RM’000

Tanah pegangan pajakan :-– pada penilaian 10,552 11,661– pada kos 1,377 1,671Perbelanjaan pembangunan 21,525 31,166

33,454 44,498

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18. HARTA PEMBANGUNAN DAN PERBELANJAAN (Sambungan)

Tanah milik pajakan milik sebuah subsidiari telah dinilai semula oleh para pengarah mengikut satu asasnilai pasaran terbuka berdasarkan satu penilaian profesional bebas pada Februari 1992, dan sejak itumasih belum dikemas kini.

Terdapat dalam perbelanjaan pembangunan ialah faedah yang dimodalkan sepanjang tahun kewanganberjumlah RM1,907,027 (1998: RM3,383,614).

Beberapa tanah pajakan tertentu yang sedang dibangunkan telah dicajkan kepada institusi-institusikewangan sebagai jaminan terhadap kemudahan kredit yang diberikan kepada subsidiari.

19. STOK

Kumpulan1999 1998

RM’000 RM’000

Bekalan operasi 175 208Makanan dan minuman 459 550Barangan siap 4,433 2,030Harta pembangunan yang telah siap 12,563 12,904Bahan mentah 5,317 4,751Harta tanah dihalang tebus 16,560 15,609Kerja yang sedang dilaksanakan 1,414 1,668

40,921 37,720

Stok harta tanah yang telah siap sudah pun dicagarkan kepada bank tertentu bagi kemudahan kredit yangdiberi kepada Syarikat dan sebuah syarikat subsidiari.

20. PENGHUTANG


RM’000 RM’000 RM’000 RM’000

Penghutang perdagangan 55,494 56,114 –00 –00Tolak: Peruntukan untuk hutang ragu (4,083) (3,979) –00 –00

51,411 52,135 –00 –00

Penghutang lain, deposit dan bayaranterdahulu 119,535 103,780 21,806 10,686

Tolak: Peruntukan untuk hutang ragu (755) (546) –00 –00

118,780 103,234 21,806 10,686

Jumlah dihutang oleh Danaharta –000 189,080 –00 –00

Jumlah akan diterima daripada Danaharta 72,497 72,104 –00 –00Tolak: Peruntukan untuk hutang ragu (30,569) (14,421) –00 –00

41,928 57,683 –00 –00

Cukai akan diterima 3,669 3,669 3,669 3,669

215,788 405,801 25,475 14,355

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20. PENGHUTANG (Sambungan)

Termasuk di bawah penghutang-penghutang lain, deposit dan bayaran terdahulu untuk Kumpulan ialahdeposit sebanyak RM30 juta (1998: RM30 juta) yang dibayar kepada vendor saham Malpac HoldingsBerhad merujuk kepada Perjanjian Jual dan Beli untuk saham-saham tersebut.

21. DEPOSIT BERKANUN DENGAN BANK NEGARA MALAYSIA

Deposit berkanun tanpa faedah disimpan dengan Bank Negara Malaysia, mengikut Seksyen 37(1)(c)Ordinan Bank Pusat Malaysia Akta 1958. Jumlah tersebut ditentukan sebagai peratusan tetap daripadajumlah liabiliti yang layak daripada subsidiari yang dilesenkan sebagai institusi kewangan.

22. PINJAMAN, PENDAHULUAN DAN PEMBIAYAAN

Kumpulan1999 1998

RM’000 RM’000

Kemudahan kredit pusingan 1,012,999 1,189,550Pinjaman berpenggal-kadar terapung 1,759,297 1,658,713Pendiskaunan blok 54,710 70,376Pinjaman perumahan 390,947 280,773Tuntutan ke atas pelanggan di bawah kredit penerimaan 992 7,050Pajakan belum terima 594 1,617Sewa beli belum terima 2,286,129 1,952,329Pinjaman kakitangan 32,370 32,778Lain-lain pinjaman 11 54

5,538,049 5,193,240Faedah dan pendapatan belum diperoleh (631,941) (453,691)

Pinjaman, pendahuluan dan pembiayaan kasar 4,906,108 4,739,549

Tolak: Peruntukan untuk hutang lapuk, hutang ragudan pembiayaan :-– Am 87,725 88,035– Khusus 190,258 252,576Faedah tergantung/Pendapatan tergantung 119,529 102,568

(397,512) (443,179)

Pinjaman, pendahuluan dan pembiayaan bersih 4,508,596 4,296,370

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23. SEKURITI URUS NIAGA

Kumpulan1999 1998

RM’000 RM’000

Instrumen pasaran mata wang :-Penerimaan jurubank dan bil-bil penerimaan Islam – 0 62,821

Sekuriti disebut harga :-Saham disebut harga di Malaysia 2,155 680

2,155 63,501

Nilai pasaran :-Penerimaan jurubank dan bil-bil penerimaan Islam – 0 63,563Saham disebut harga di Malaysia 2,491 680

24. DEPOSIT DENGAN INSTITUSI-INSTITUSI KEWANGAN


RM’000 RM’000 RM’000 RM’000

Bank berlesen 14,238 85,824 3,800 688Syarikat kewangan berlesen 64,125 27,879 – 0 –0Lain-lain institusi kewangan 10,000 80,000 – 0 –0

88,363 193,703 3,800 688

Deposit tertentu dengan bank berdaftar telah dicagarkan kepada institusi kewangan untuk kemudahanperbankan yang telah diberikan kepada subsidiari-subsidiari tertentu.

25. TUNAI DAN DANA JANGKA PENDEK


RM’000 RM’000 RM’000 RM’000

Tunai dan baki bank 97,020 53,817 170 7Wang panggilan dan penempatan deposit

yang matang dalam tempoh sebulan 549,670 533,901 – –

646,690 587,718 170 7

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26. PEMIUTANG


RM’000 RM’000 RM’000 RM’000

Pemiutang perdagangan 30,640 26,774 –00 –00Pemiutang lain dan akruan 215,773 273,012 48,338 34,899Peruntukan untuk ganjaran persaraan – 00 2,024 –00 –00Peruntukan untuk komitmen dan

luar jangka – 00 2,220 –00 –00

Pemiutang sewa beli :-Baki pada akhir tahun 16,381 21,982 –00 –00Harus dibayar selepas 12 bulan (9,423) (10,547) –00 –00

6,958 11,435 –00 –00

253,371 315,465 48,338 34,899

27. PINJAMAN JANGKA PENDEK


RM’000 RM’000 RM’000 RM’000

Bercagar :-Kredit pusingan 12,071 189,439 – 154,090Pinjaman berpenggal (Nota 35) 49,541 244,858 – 5,000Overdraf bank 10,596 92,469 – 60,841Lain-lain 6,243 7,469 – –000

78,451 534,235 – 219,931Tidak bercagar :-

Kredit pusingan 12,173 37,874 – 3,000Overdraf bank 9,770 8,351 – –000Pinjaman berpenggal (Nota 35) – 00 14,961 – –000Pinjaman Modal Subordinat Boleh

Ubah (Nota 33) 50,000 533,000 – –000Lain-lain 355 678 – –000

72,298 594,864 – 3,000

150,749 1,129,099 – 222,931

Pinjaman Kumpulan dan Syarikat dicagarkan dengan :-

(i) Caj berdaftar atas harta pembangunan dan tanah dan bangunan tertentu; dan

(ii) Caj berdaftar atas aset tetap dan aset semasa tertentu dalam subsidiari-subsidiari tertentu.

Kadar faedah tahunan ke atas pinjaman adalah antara 7.30% hingga 11.40% (1998: 8.40% hingga19.00%).

Beberapa pinjaman jangka pendek Kumpulan dan Syarikat telah diklasifikasi semula kepada pinjamanjangka panjang atas sebab pengstrukturan yang dicadangkan, seperti yang diterangkan dalam Nota 44(xi) kepada Akaun.

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28. DEPOSIT DAN PENEMPATAN OLEH BANK DAN INSTITUSI KEWANGAN LAIN

Kumpulan1999 1998

RM’000 RM’000

Bank berlesen 419,019 602,018Syarikat kewangan berlesen 375,000 297,600Lain-lain institusi kewangan 165,719 109,958

959,738 1,009,576

29. DEPOSIT DARIPADA PELANGGAN

Kumpulan1999 1998

RM’000 RM’000

Deposit tetap 4,721,731 4,206,797Deposit instrumen boleh niaga – 000 11,200Deposit simpanan 312,045 95,533Lain-lain 10,913 569

5,044,689 4,314,099

30. MODAL SAHAMKumpulan dan Syarikat

1999 1998RM’000 RM’000

Dibenarkan :-Saham biasa bernilai RM1.00 setiap satu 800,000 800,000

Diterbit dan dibayar penuh :-Saham biasa bernilai RM1.00 setiap satu dibayar penuhdan ditukar ke unit-unit stok bernilai RM1.00 setiap satu 337,794 337,794

31. RIZABKumpulan Syarikat

1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000

Premium saham 432,423 432,423 432,423 432,423Rizab modal 69 69 69 69Rizab berkanun (Nota 31.1) 49,095 25,613 –000 –000Rizab perubahan pertukaran mata wang

asing 3,247 (2,540) –000 –000Lain-lain rizab (Nota 31.2) –000 7,518 –000 –000

Jumlah rizab tidak boleh diagih 484,834 463,083 432,492 432,492Kerugian terkumpul – boleh diagih (303,722) (222,218) (140,236) (123,025)

181,112 240,865 292,256 309,467

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31. RIZAB (Sambungan)


RM’000 RM’000 RM’000 RM’000

31.1 Rizab berkanun :-

Pada 1 Januari 25,613 25,613 – –Pindahan daripada akaun untung rugi 23,482 – 00 – –

Pada 31 Disember 49,095 25,613 – –

Rizab berkanun dikekalkan mematuhi Seksyen 36 Akta Perbankan dan Institusi-institusi Kewangan,1989 dan tidak boleh diagihkan sebagai dividen tunai.

31.2 Lain-lain rizab :-

Pada 1 Januari 7,518 4,156 – –Saham rizab am syarikat bersekutu –00 3,362 – –Klasifikasi semula selepas penjualan

syarikat bersekutu (7,518) –00 – –

Pada 31 Disember –00 7,518 – –

32. SIJIL DEPOSIT SUBORDINAT

Sijil Deposit Subordinat (“CDs”) telah diterbitkan dalam tahun 1996 oleh sebuah syarikat subsidiarikewangan yang meliputi CDs 10 tahun yang dikenakan faedah pada kadar tetap sebanyak 8.75% setahununtuk tempoh lima (5) tahun pertama dan disubordinatkan kepada semua liabiliti lain syarikat subsidiaritersebut.

Pada ulang tahun kelima daripada tarikh penerbitan dan setiap ulang tahun selepas itu, CDs bolehditebus pada harga tebus yang dinyatakan pada CDs atas opsyen syarikat subsidiari kewangan berkenaantertakluk kepada kelulusan daripada Bank Negara Malaysia terlebih dahulu.

CDs berkenaan layak sebagai modal Tahap II bagi tujuan menentukan Nisbah Kecukupan Modal untuksyarikat subsidiari kewangan berlesen.

33. PINJAMAN MODAL SUBORDINAT BOLEH UBAH (“ESCLs”)

Kumpulan1999 1998

RM’000 RM’000

Pinjaman Modal Subordinat Boleh Ubah 50,000 850,000Tolak: Bahagian di bawah pinjaman jangka pendek (Nota 27) (50,000) (533,000)

– 317,000

ESCLs yang diperolehi oleh dua buah syarikat subsidiari iaitu United Merchant Finance Berhad (“UMF”)dan Perdana Merchant Bankers Berhad (“PMBB”) dalam tahun 1998, dikenakan faedah pada kadar 7.5%setahun. ESCLs tersebut boleh diperbaharui secara berkala seperti ditetapkan oleh Danamodal dandiluluskan oleh BNM.

Pada 19 Februari 1999, UMF membayar balik RM450 juta daripada RM800 juta ESCL yang diberikan olehDanamodal dan pada 31 Mac 1999, UMF selanjutnya membayar balik RM33 juta. Pada 16 Ogos 1999,UMF telah membayar baki ESCL yang berjumlah RM317 juta.

Selepas tarikh kunci kira-kira, pada 3 Februari 2000 PMBB telah membayar sepenuhnya ESCL berjumlahRM50 juta kepada Danamodal (rujuk Nota 45 (ii) kepada Akaun).

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34. PINJAMAN JANGKA PANJANGKumpulan Syarikat

1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000

Bercagar :-Kredit pusingan 165,734 – 153,234 –Overdraf bank 75,446 – 72,282 –

241,180 – 225,516 –Tidak bercagar :-

Kredit pusingan 3,000 – 3,000 –

244,180 – 228,516 –

Pinjaman Kumpulan dan Syarikat adalah dicagarkan dengan :

(i) caj yang didaftarkan atas pembayaran harta tanah, dan tanah serta bangunan.

(ii) caj yang didaftarkan atas sebahagian aset tetap dan terapung sesetengah syarikat subsidiari.

(iii) caj yang didaftarkan atas saham syarikat subsidiari dan pelaburan, dan saham sebuah syarikatsubsidiari tertentu yang tidak disebut harga; dan

(iv) beberapa caj yang didaftarkan atas beberapa sekuriti yang disebut harga.

Kadar faedah atas pinjaman adalah antara 7.30% hingga 11.40% (1998: 8.40% hingga 19.00%) setahun.

Keseluruhan pinjaman jangka panjang Kumpulan dan Syarikat telah diambil kira sebagai sebahagiandaripada penyusunan semula pinjaman bank dari beberapa institusi kewangan seperti yang dinyatakandalam Nota 44 (xi) kepada Akaun.

35. PINJAMAN BERPENGGALKumpulan Syarikat

1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000

Bercagar :-

Pinjaman berpenggal 175,392 357,552 – 5,000Tolak: Bahagian yang harus dibayar dalam

jangka masa dua belas bulan di bawahpinjaman jangka pendek (Nota 27) (49,541) (244,858) – (5,000)

125,851 112,694 – – 0Tidak bercagar :-

Pinjaman berpenggal 5,875 22,154 – – 0Tolak: Bahagian yang dijangka dalam dua

belas bulan yang termasuk di bawahpinjaman jangka pendek (Nota 27) – 00 (14,961) – – 0

5,875 7,193 – – 0

131,726 119,887 – – 0

Kemudahan pinjaman berpenggal dicagarkan melalui cara yang diperihalkan dalam Nota 27.

Pinjaman berpenggal Kumpulan berjumlah RM82,726,000 telah dimasukkan sebagai sebahagiandaripada pengstrukturan semula yang dicadangkan, melibatkan pinjaman daripada beberapa institusikewangan seperti yang dinyatakan dalam Nota 44 (ix) kepada Akaun.

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36. CUKAI TERTUNDAKumpulan

1999 1998RM’000 RM’000

Pada 1 Januari 1,520 1,670Pindahan dari/(ke) akaun untung rugi (Nota 7) (70) 45Pelarasan pertukaran mata wang asing 4 (195)


Peruntukan cukai tertunda pada hujung tahun kewangan adalah berhubungan dengan perbezaan masayang berikut :-

Kumpulan1999 1998

RM’000 RM’000

Perbezaan antara susut nilai dan peruntukan modal pada aset tetap 300 397Perbezaan yang timbul dari lebihan penilaian semula bagi tanah

yang dipegang untuk pembangunan 2,007 1,241Lain-lain perbezaan masa (853) (118)

1,454 1,520

37. KOMITMEN DAN LIABILITI LUAR JANGKA – TIDAK BERCAGAR

Syarikat subsidiari kewangan berlesen menanggung liabiliti luar jangka terhadap pinjaman perumahanyang dijual kepada Cagamas Berhad, dengan syarat mereka melaksanakan pentadbiran hutang-hutangberkenaan bagi pihak Cagamas Berhad dan membeli semula apabila pinjaman-pinjaman berkenaandianggap tidak berkesan berdasarkan kriteria berhemat.

Komitmen dan luar jangka adalah seperti berikut :-


RM’000 RM’000 RM’000 RM’000

Tuntutan oleh Lembaga Hasil Dalam Negeriatas tunggakan cukai lepas 101 –000 –000 –000

Jaminan yang diberikan bagi pihakpelanggan-pelanggan –000 88,866 –000 –000

Gantian kredit terus 77,257 36,581 –000 –000Urus niaga berhubung perkara luar jangka 10,964 8,805 –000 –000Pinjaman perumahan yang dijual

secara langsung dan tidak langsungkepada Cagamas Berhad 156,656 234,063 –000 –000

Obligasi di bawah komitmenpenajaan jaminan 25,500 18,500 –000 –000

Komitmen untuk memberikan kredityang tidak dapat dikutip semula

– tidak melebihi satu tahun 68,596 122,969 –000 –000– melebihi satu tahun 363,345 473,566 –000 –000Jaminan untuk pihak ketiga 229 227 –000 –000Obligasi melibatkan tuntutan oleh pembekal

atas kontrak yang tidak dilaksanakan 24 –000 –000 –000Jaminan yang diberikan bagi pihak

subsidiari-subsidiari –000 –000 223,285 230,772Lain-lain aset yang dijual dengan tuntutan beli

balik dan komitmen terhadap penggunaan 26,454 –000 –000 –000

729,126 983,577 223,285 230,772

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37. KOMITMEN DAN LIABILITI LUAR JANGKA – TIDAK BERCAGAR (Sambungan)

Syarikat telah menerima notis tindakan undang-undang yang diambil oleh seorang pemegang sahamyang mempertikaikan asas penentu kelayakan kepada Terbitan Bonus yang dilaksanakan oleh Syarikatpada tahun 1993. Walaupun keputusan muktamad perkara ini masih belum pasti pada masa ini, parapengarah berpendapat bahawa tindakan guaman tersebut tidak mempunyai asas dan tidak akan berjaya.

38. KOMITMEN PAJAKAN

Kumpulan mempunyai komitmen pajakan berhubung dengan premis sewaan dan kelengkapan sewaan,selepas ditolak pajakan kecil, adalah seperti berikut :-

Kumpulan1999 1998

Tahun RM’000 RM’000

dalam masa satu tahun 1,046 2,032dalam masa satu hingga dua tahun 537 676lebih daripada dua tahun 307 96

39. KOMITMEN MODAL

Kumpulan1999 1998

RM’000 RM’000

Perbelanjaan modal :-– dibenarkan dan dikontrakkan 139,255 141,532– dibenarkan tetapi tidak dikontrakkan 785 6,499

Pada 14 Ogos 1997, sebuah syarikat subsidiari, United Merchant Group Berhad (“UMG”) telah menandatanganiperjanjian jual beli saham bersyarat dengan vendor Malpac Holdings Berhad (“Malpac”) untuk membeli32.9% kepentingan ekuiti yang meliputi 24,675,000 saham biasa berharga RM1.00 sesaham dalamMalpac dengan bayaran tunai sebanyak RM166,556,250 pada RM6.75 sesaham biasa. Kelulusan daripadapihak-pihak berkuasa seperti Kementerian Kewangan telah diperolehi pada 20 November 1997,Suruhanjaya Sekuriti pada 20 Disember 1997 dan Jawatankuasa Pelaburan Asing pada 26 Disember1997.

Komitmen modal yang dibenarkan dan dikontrakkan bagi Kumpulan berhubung dengan baki hargabelian atas cadangan pengambilalihan saham-saham Malpac Holdings Berhad sebanyak RM136,556,000(1998: RM136,556,000).

Pada tahun kewangan ini, para pengarah UMG telah memulakan rundingan dengan vendor tersebutuntuk menamatkan cadangan pengambilalihan Malpac. Di bawah cadangan penamatan itu, hak dantanggungjawab UMG di bawah perjanjian jual beli bersyarat bertarikh 14 Ogos 1997 akan dibatalkan dandeposit asal (seperti yang dinyatakan dalam Nota 20 kepada Akaun) yang dibuat oleh UMG akandikembalikan.

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40. LAPORAN SEGMEN

Operasi Kumpulan sepanjang tahun kewangan kebanyakannya tertumpu di Malaysia. Analisis operasiKumpulan mengikut kegiatan bagi tahun kewangan adalah seperti berikut :-

Kumpulan JumlahKerugian Aset Ketara

Perolehan Sebelum Cukai Digunakan1999 RM’000 RM’000 RM’000

Pemegangan pelaburan dan pengurusan 7,216 (31,837) 63,483Pembangunan harta tanah 27,729 916 87,559Perkilangan 54,367 (1,584) 188,410Perkhidmatan kewangan dan pajakan 554,294 (59,301) 6,811,332Hotel dan tempat peranginan 54,674 (4,204) 312,763

698,280 (96,010) 7,463,547Syarikat-syarikat bersekutu– bahagian hasil 32,306

(63,704)

1998

Pemegangan pelaburan dan pengurusan 18,629 (114,618) 67,525Pembangunan harta tanah 4,169 (3,403) 96,168Perkilangan 57,122 (17,890) 173,159Perkhidmatan kewangan dan pajakan 728,127 (325,629) 7,370,886Hotel dan tempat peranginan 91,767 6,643 302,548

899,814 (454,897) 8,010,286Syarikat-syarikat bersekutu– bahagian hasil 32,185

(422,712)

41. URUS NIAGA PENTING DENGAN SYARIKAT BERKAITAN

Syarikat1999 1998

RM’000 RM’000

Faedah harus dibayar kepada subsidiari-subsidiari 4,839 7,409Faedah belum diterima daripada subsidiari-subsidiari (3,143) (5,006)

42. ANGKA-ANGKA PERBANDINGAN

Angka-angka perbandingan yang tertentu telah dinyata dan diklasifikasikan semula untuk menepati carapersembahan tahun semasa.

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43. SENARAI SUBSIDIARI-SUBSIDIARI DAN SYARIKAT-SYARIKAT BERSEKUTU

Subsidiari-subsidiari dan syarikat-syarikat bersekutu yang diperbadankan di Malaysia (selain daripadayang dinyatakan sebaliknya) ialah :-

Nama Syarikat Kegiatan Utama Kepentingan Efektif31.12.1999 31.12.1998

Subsidiari-subsidiari Syarikat

Nagapura Management Penyediaan khidmat 100% 100%Corporation Sdn. Bhd. pengurusan

Sadong Development Sdn. Bhd. Pembangunan harta tanah 100% 100%

*Ausborn Sawmill Sdn. Bhd. Kilang papan dan perniagaan 100% 100%kayu gergaji

*Bornion Sawmill Sdn. Bhd. Kilang papan dan perniagaan 100% 100%kayu gergaji

*Advance Synergy Realty Sdn. Bhd. Pembangunan harta tanah 100% 100%

*United Merchant Group Berhad Pegangan pelaburan 50.75% 50.75%

Plastic Centre Sdn. Berhad Perniagaan botol plastik, 70% 70%bekas, penutup skru biasadan penutup

Synergy Card & Payment Services Penyediaan produk dan 51% 51%Sendirian Berhad khidmat yang berkait dengan

pembayaran

Alangka-Suka Hotels & Resorts Pegangan pelaburan 99.63% 99.63%Berhad

Advance Synergy Properties Pegangan pelaburan 100% 100%Sdn. Bhd.

Advance Synergy Timber Sdn. Bhd. Tidak aktif 100% 100%

Alam Samudera Corporation Tidak aktif 100% 100%Berhad

Synergy Petroleum Incorporated Pegangan pelaburan 100% 100%(Diperbadankan diBritish Virgin Islands)

ASB Timber (PNG) Limited Industri perhutanan 100% 100%(Diperbadankan diPapua New Guinea)

Excellent Display Sdn. Bhd. Pegangan pelaburan 100% 100%

Excellent Arch Sdn. Bhd. Pegangan pelaburan 100% 100%

Synergy Gold Incorporated Pegangan pelaburan 100% 100%(Diperbadankan diBritish Virgin Islands)

*P.T. Asbindo Infocitra Perkhidmatan dalam rekaan 51% 51%(Diperbadankan di Indonesia) dan pemprosesan data

kejuruteraan elektronik

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Subsidiari-subsidiari UnitedMerchant Group Berhad

*United Merchant Finance Berhad Syarikat kewangan berlesen 50.75% 50.75%

*ASC Equities Sdn. Bhd. Pelaburan perniagaan dan 50.75% 50.75%pelaburan modal

*ASC Credit Sdn. Bhd. Tidak aktif 50.75% 50.75%

*Perdana Merchant Bankers Perkhidmatan perbankan 35.58% 35.58%Berhad saudagar

Subsidiari-subsidiari UnitedMerchant Finance Berhad

*UMF Development Sdn. Bhd. Pelaburan harta tanah 50.75% 50.75%

*UMF Nominees (Tempatan) Perkhidmatan nomini 50.75% 50.75%Sdn. Bhd.

*UMF Nominees (Asing) Sdn. Bhd. Perkhidmatan nomini 50.75% 50.75%

Subsidiari UMF DevelopmentSdn. Bhd.

*Seal Line Trading Sdn. Bhd. Pelaburan harta tanah 50.75% 50.75%

Subsidiari-subsidiari PerdanaMerchant Bankers Berhad

*Perdana Finance Berhad Syarikat kewangan berlesen 31.31% 31.31%

*Perdana Nominees (Tempatan) Perkhidmatan nomini 35.58% 35.58%Sdn. Bhd.

*Perdana Nominees (Asing) Perkhidmatan nomini 35.58% 35.58%Sdn. Bhd.

*Perdana Mutual Fund Berhad Tidak aktif 35.58% 35.58%

Subsidiari Perdana FinanceBerhad

*Perdana Visi Hartanah Sdn. Bhd. Pelaburan harta tanah 31.31% 31.31%

Subsidiari-subsidiari PlasticCentre Sdn. Berhad

PC Realty Sdn. Bhd. Tidak aktif 70% 70%

Packaging Centre Services Perkilangan dan 70% 70%Sdn. Bhd. pembungkusan barangan

pengguna

Zeller Plastik (Malaysia) Sdn. Bhd. Perkilangan dan penjualan 50.05% 50.05%penutup ‘flip top’


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*Plastic Centre Pte. Ltd. Perkilangan dan perniagaan 70% 70%(Diperbadankan di Singapura) botol plastik, bekas, penutup

skru biasa dan penutup

PC Ventures Sdn. Bhd. Pegangan pelaburan 70% 70%

Calmford Incorporated Pegangan pelaburan 70% 70%(Diperbadankan diBritish Virgin Islands)

Subsidiari Packaging CentreServices Sdn. Bhd.

Noweia Industries Sdn. Bhd. Sewaan mesin dan peralatan 56% 56%

Subsidiari CalmfordIncorporated

*Jarrett Synergy Pty Ltd Perkilangan dan penjualan 35.74% 35.74%(Diperbadankan di Australia) produk besi

Syarikat bersekutuPC Ventures Sdn. Bhd.

*Teck See Plastic Sdn. Bhd. Perkilangan tempahan untuk 15.47% 15.47%produk barangan plastik

Subsidiari SadongDevelopment Sdn. Bhd.

Hotel Golden Dragon Sdn. Bhd. Pembangunan harta tanah 95% 95%

Subsidiari Hotel GoldenDragon Sdn. Bhd.

Simpang Tiga Realty Sdn. Bhd. Pembangunan harta tanah 95% 95%

Subsidiari-subsidiari NagapuraManagement CorporationSdn. Bhd.

Acrylic Synergy Sdn. Bhd. Tidak aktif 81% 81%

Syarikat Fit and Weld Kontraktor kimpalan dan 70% 70%Engineering (M) Sdn. Bhd. fabrikasi keluli

*e-go.com Sdn. Bhd. Persediaan aplikasi dan 60% –khidmat e-dagang

Subsidiari Advance SynergyProperties Sdn. Bhd.

Synergy Realty Incorporated Pegangan pelaburan 100% 100%(Diperbadankan diBritish Virgin Islands)


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Subsidiari Synergy RealtyIncorporated

*Synergy Investments Pembangunan harta tanah dan 70% 70%Australia Pty Ltd pelaburan(Diperbadankan di Australia)

Subsidiari-subsidiari ExcellentDisplay Sdn. Bhd.

Super Leisure Sdn. Bhd. Mengendali dan menguruskan 70% 70%restoran-restoran

Visage Synergy Sdn. Bhd. Tidak aktif 70% 70%

Subsidiari Excellent ArchSdn. Bhd.

Advance Synergy Furniture Perkilangan dan pemasaran 100% 100%Sdn. Bhd. perabot

Subsidiari-subsidiari SynergyCard & Payment ServicesSendirian Berhad

Gateway Card Services (Malaysia) Pemasaran kad diskaun 51% 51%Sdn. Bhd.

Loyalty Card Services Sdn. Bhd. Pemasaran kad setia 51% 51%pelanggan

Datakey Sdn. Bhd. Tidak aktif 51% –(Dahulu dikenali sebagaiQuantum Esteem Sdn. Bhd.)

Subsidiari-subsidiari Alangka-Suka Hotels & Resorts Berhad

Alor Setar Holiday Villa Sdn. Bhd. Memiliki dan mengendalikan 89.67% 89.67%Alor Setar Holiday Villa

Holiday Villa Travel & Tours Perkhidmatan limosin 99.63% 99.63%Sdn. Bhd.

Langkawi Holiday Villa Sdn. Bhd. Memiliki dan mengendalikan 99.63% 99.63%Langkawi Holiday Villa Resort

Mayor Hotels Berhad Memiliki dan mengendalikan 99.63% 99.63%City Villa Kuala Lumpur

Cherating Holiday Villa Berhad Memiliki dan mengendalikan 99.63% 99.63%Cherating Holiday Villa Resort

Antara Holiday Villas Sdn. Bhd. Perkhidmatan pengurusan 99.63% 99.63%hotel

*Suntop Corporation Sdn. Bhd. Tidak aktif 99.63% 99.63%


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Asbina Hotel & Property Sdn. Bhd. Pemilik pegangan pajakan 76.32% 99.63%Monorom Holiday Villa,Phnom Penh

Asbina Hotel & Property (Vietnam) Tidak aktif 99.63% 99.63%Sdn. Bhd.

Holiday Villas International Limited Perkhidmatan pengurusan 99.63% 99.63%(Diperbadankan di hotelBritish Virgin Islands)

Alangka-Suka International Limited Pegangan pelaburan 99.63% 99.63%(Diperbadankan diBritish Virgin Islands)

Grand Hotel Sudan Limited Pemilik pegangan pajakan 99.63% –(Diperbadankan di Grand Holiday Villa, KhartoumBritish Virgin Islands)

Subsidiari Holiday VillasInternational Limited

*Holiday Villa (UK) Ltd Mengendalikan Pavilion 99.63% 99.63%(Diperbadankan di Holiday Villa, LondonEngland dan Wales)

Subsidiari-subsidiari Alangka-Suka International Limited

Asbina Shenzhen Limited Tidak aktif 89.67% 89.67%(Diperbadankan diBritish Virgin Islands)

*Grand Holiday Villa Khartoum Mengendalikan Grand Holiday 99.63% 99.63%Co. Ltd. Villa, Khartoum(Diperbadankan diRepublik Sudan)

*Interwell International Limited Memiliki Pavilion Holiday Villa, 99.63% 99.63%(Diperbadankan di LondonBritish Virgin Islands)

Subsidiari Asbina Hotel &Property Sdn. Bhd.

*Asbina Hotel & Property Mengendalikan Monorom 76.32% 99.63%(Cambodia) Pte. Ltd. Holiday Villa, Phnom Penh(Diperbadankan diKingdom of Cambodia)


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Subsidiari InterwellInternational Limited

*Interwell Management Limited Tidak aktif 99.63% 99.63%(Diperbadankan diEngland dan Wales)

Syarikat-syarikat bersekutuSyarikat

*ACE Synergy Insurance Berhad Penaja jaminan insurans am 49% 49%(Dahulu dikenali sebagaiPerdana CIGNA InsuranceBerhad)

Diversified Gain Sdn. Bhd. Pegangan pelaburan 50% 50%

Subsidiari Diversified GainSdn. Bhd.

Inter-Pacific Travel & Tours Agen pelancongan dan 50% 50%Sdn. Bhd. pengurup wang berlesen

Subsidiari-subsidiari Inter-PacificTravel & Tours Sdn. Bhd.

Inter-Pacific Leisure Sdn. Bhd. Agen pelancongan 50% 50%

Inter-Pacific Travel & Tours Tidak aktif 50% 50%(Penang) Sdn. Bhd.

Inter-Pacific Travel & Tours Tidak aktif 50% 50%(Sabah) Sdn. Bhd.

Columbus Travel & Tours Sdn. Bhd. Agen pelancongan 50% 50%

Motorsports Adventure Sdn. Bhd. Menjalankan aktiviti kembara 50% 50%bermotor dan acara yangberkaitan dengannya

Marketing and Event Management Penganjur, perancang dan 50% 50%Integrated Sdn. Bhd. pengurusan acara; dan

pembentukan strategipemasaran dan pengiklanan

*Syarikat-syarikat yang tidak diaudit oleh BDO Binder.

44. PERISTIWA PENTING SEMASA TAHUN KEWANGAN

Kumpulan

(i) Pada 2 Februari 1999, sebuah syarikat subsidiari, United Merchant Group Berhad (“UMG”) telahmengemukakan permohonan kepada Jawatankuasa Penyusunan Semula Hutang Korporat(“CDRC”) bagi mendapatkan bantuan menyusun semula pinjaman UMG yang sedia ada.


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44. PERISTIWA PENTING SEMASA TAHUN KEWANGAN (Sambungan)

(ii) Pada 19 Februari 1999, sebuah syarikat subsidiari milik UMG sepenuhnya, United Merchant FinanceBerhad (“UMF”) telah membayar balik RM450 juta daripada RM800 juta Pinjaman Modal SubordinatBoleh Ubah (“ESCL”) yang diberikan oleh Danamodal Nasional Berhad (“Danamodal”). Selepasitu, pada 31 Mac 1999, UMF telah membayar RM33 juta lagi, menjadikan baki ESCL yang tertunggakberjumlah RM317 juta.

(iii) Pada 31 Mac 1999, UMF telah memeterai Perjanjian Langganan dengan Danamodal berhubungdengan cadangan langganan oleh Danamodal ke atas 317 juta Saham Keutamaan Boleh TukarTidak Terkumpul Tidak Boleh Tebus (“INCPS”) berharga RM1.00 sesaham di dalam UMF, yangakan diimbangi dengan baki RM317 juta ESCL.

Dengan mengambil kira cadangan penggabungan UMF dengan Southern Bank Berhad (“SBB”)dan berikutan pembayaran semula ESCL yang tertunggak berjumlah RM317 juta oleh UMF kepadaDanamodal pada 16 Ogos 1999, UMG, UMF dan Danamodal telah bersetuju sebulat suara untukmembatalkan perjanjian-perjanjian berikut yang telah ditandatangani iaitu :

(a) Perjanjian Pemegang Saham;

(b) Perjanjian Opsyen Panggilan UMG;

(c) Perjanjian Opsyen Panggilan;

(d) Perjanjian Opsyen Letak dan Pertukaran; dan

(e) Perjanjian Langganan.

(iv) Pada 8 Julai 1999, Bank Negara Malaysia (“BNM”) telah memberikan kelulusan kepada UMG untukmemulakan perbincangan dengan SBB berkenaan cadangan pelupusan kesemua 43.53%kepentingan ekuitinya dalam Ban Hin Lee Bank Berhad (“BHLB”) yang berjumlah 74,524,000 sahambiasa untuk satu pertimbangan tunai bernilai RM372,620,000 (“Cadangan Pelupusan BHLB”). Pada5 Ogos 1999, UMG telah memeterai satu Perjanjian Jual Beli dengan SBB bersangkutan CadanganPelupusan BHLB.

Pada 11 Oktober 1999, Perjanjian Jual Beli tersebut menjadi tidak bersyarat dan pertimbanganjualan tersebut telah dibayar sepenuhnya kepada UMG pada 19 Oktober 1999.

(v) Susulan dari selesainya penjualan BHLB kepada SBB, UMG telah menggunakan sebahagian besardaripada perolehan jualan tersebut untuk membayar semua pinjaman-pinjaman bank mereka. Lantas,Skim Penyusunan Semula Korporat UMG yang dikemukakan terdahulu kepada CDRC pada 2 Februari1999 telah ditarik balik.

(vi) Pada 3 Ogos 1999, BNM telah memberi kelulusan kepada UMG memulakan perbincangan denganSBB bagi cadangan penggabungan subsidiari-subsidiari perbankannya, UMF, Perdana MerchantBankers Berhad (“PMBB”) dan Perdana Finance Berhad (“PFB”) dengan Kumpulan SBB.

Pada 13 Ogos 1999, UMF, PMBB dan PFB telah memeterai memorandum persefahaman denganSBB masing-masing untuk berbincang tentang terma-terma dan syarat-syarat bagi menetapkanperjanjian penggabungan masing-masing.

(vii) Pada 9 September 1999, Pengurusan Danaharta Nasional Berhad melantik Pentadbir-PentadbirKhas (“SA”) bagi menguruskan aset dan hal ehwal Advance Synergy Furniture Sdn. Bhd. (“ASF”),sebuah syarikat subsidiari milik penuh Syarikat. SA akan menyediakan dan mengemukakan satucadangan kepada Pengurusan Danaharta Nasional Berhad bagi terus mengekalkan ASF. Sebagailangkah mengekalkan aset ASF sehingga SA menyempurnakan tugas mereka, satu moratorium 12bulan ke atas mana-mana tindakan undang-undang diambil oleh pemiutang-pemiutang dikuatkuasa serta-merta, dengan perlantikan SA.

Syarikat

(viii) Pada 8 Januari 1999, Syarikat telah mengemukakan permohonan kepada CDRC untuk bantuan dalampenyusunan semula pinjaman-pinjaman bank Syarikat dan juga pinjaman-pinjaman bank subsidiari-subsidiari Syarikat yang tertentu.

(ix) Pada 20 April 1999, Syarikat telah menerima kelulusan daripada BNM untuk memulakan rundinganberkaitan cadangan yang melibatkan kepentingan ekuiti Syarikat sebanyak 50.75% dalam UMG.Berikutan itu, Syarikat telah menghentikan rundingan berhubung perkara ini.


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44. PERISTIWA PENTING SEMASA TAHUN KEWANGAN (Sambungan)

(x) Pada 27 April 1999, Syarikat telah memeterai satu Perjanjian Jual Beli dengan Inisiatif Ikhlas Sdn.Bhd. (“IISB”) untuk menjual keseluruhan kepentingan ekuitinya yang merangkumi 70% modalberbayar Plastic Centre Sdn. Berhad (“PCSB”) untuk satu pertimbangan tunai sebanyak RM28.0juta (“Cadangan Penjualan PCSB”). Sejajar dengan Cadangan Penjualan PCSB, Syarikat akanmemperoleh pegangan ekuiti dalam dua buah subsidiari PCSB, iaitu PC Ventures Sdn. Bhd., 49%(“Cadangan Pemerolehan PCV”) dan Calmford Incorporated, 100% untuk pertimbangan tunaimasing-masing sebanyak RM14,002,584 dan RM1.00.

Timbang rasa tunai bagi Cadangan Penjualan PCSB akan sebahagiannya dipenuhi oleh IISB,dengan pengambilalihan hutang Syarikat kepada PCSB berjumlah RM22.96 juta yang merangkumitimbang rasa bagi Cadangan Pemerolehan PCV bernilai RM14,002,584 dan penjelasanpendahuluan antara syarikat yang tertunggak kepada PCSB bernilai sekitar RM8.96 juta. Baki timbangrasa tunai ini akan dijelaskan oleh IISB kepada Syarikat.

(xi) Pada 1 Oktober 1999, Syarikat telah memeterai satu Perjanjian Penyusunan Semula denganbeberapa institusi kewangan (“Peminjam-Peminjam”) untuk menyusun semula pinjaman-pinjamanbank Syarikat dan pinjaman-pinjaman bank subsidiari-subsidiari Syarikat tertentu denganmenerbitkan pinjaman stok boleh tebus dan pinjaman stok boleh ubah, kedua-duanya denganwaran yang boleh diceraikan (“Cadangan Penyusunan Semula Pinjaman Bank”). Satu cadangantawaran terhad yang boleh dilepaskan untuk penjualan waran yang boleh diceraikan oleh Peminjam-Peminjam kepada pemegang-pemegang stok Syarikat (“Cadangan ROS”) akan dijalankan selepasCadangan Penyusunan Semula Pinjaman Bank. Kelulusan dari BNM, Suruhanjaya Sekuriti danJawatankuasa Pelaburan Asing telah pun didapati untuk Cadangan Penyusunan Semula PinjamanBank dan Cadangan ROS.

Cadangan Penyusunan Semula Pinjaman Bank dan Cadangan ROS menunggu kelulusanpemegang-pemegang stok Syarikat.

45. PERISTIWA PENTING BERIKUTAN TARIKH KUNCI KIRA-KIRA

Kumpulan

(i) Pada 6 Januari 2000, UMG telah memeterai satu Perjanjian Penjualan Saham dengan SBB untukmelupuskan kesemua kepentingan ekuitinya yang mewakili 100% modal berbayar UMF yangmerangkumi 229,000,000 saham biasa, RM1.00 setiap satu, untuk bayaran tunai “provisional”sebanyak RM319,414,800 tertakluk kepada pertimbangan akhir yang akan didasarkan pada“Pembayaran Sebenar”, seperti yang ditakrifkan dalam Perjanjian Penjualan Saham.

(ii) Pada 2 Februari 2000, PMBB telah mendapat kelulusan BNM untuk membayar semula ESCL yangbernilai RM50 juta, yang diberikan oleh Danamodal dengan cara mendapatkan RM15 juta PinjamanSubordinat Tidak Bercagar (“USL”) daripada UMG. USL tersebut layak sebagai Modal Tahap II bagitujuan menentukan nisbah kecukupan modal PMBB. Berikut itu, pada 3 Februari 2000, PMBB telahmembayar sepenuh ESCL mereka kepada Danamodal.

68



46. NOTA-NOTA KEPADA PENYATA ALIRAN TUNAI DISATUKAN

A. Pelupusan sebuah syarikat subsidiari

Nilai munasabah bagi aset bersih yang dijual adalah seperti berikut :-

1999 1998RM’000 RM’000

Aset tetap – 52,699Harta hotel – 245,614Aset semasa – 13,749Liabiliti – (111,862)Pelarasan pertukaran mata wang asing – (7,331)Kepentingan minoriti – (15,982)

– 176,887Tolak: Rizab hasil daripada penyatuan – (23,706)

– 153,181Tambah: Laba daripada pelupusan syarikat subsidiari – 12,386

Tunai dan kesetaraan tunai bersih selepas pelupusan – 165,567

B. Sepanjang tahun kewangan, Kumpulan telah memperoleh aset tetap dengan kos agregat bernilaiRM20,127,000 yang mana RM926,000 telah diperoleh melalui sewa beli. Selebihnya pula dibayardengan tunai berjumlah RM19,201,000.

C. Perolehan subsidiari-subsidiari dan penggabungan subsidiari-subsidiari yang tidak disatukanadalah seperti berikut :-

1999 1998RM’000 RM’000

Aset bersih yang diperoleh – 5,841Muhibah bersih daripada pemerolehan subsidiari-subsidiari – 124

Pertimbangan pembelian tunai – 5,965Tolak: Tunai dan kesetaraan tunai yang diperoleh – (11,439)

Tunai dan kesetaraan tunai bersih yang diperoleh – (5,474)

D. Tunai dan kesetaraan tunai yang dimasukkan dalam Penyata Aliran Tunai Disatukan pada akhirtahun kewangan merangkumi yang berikut :-

1999 1998RM’000 RM’000

Tunai dan dana jangka pendek 646,690 587,718Overdraf bank (20,366) (100,820)

Tunai dan kesetaraan tunai seperti yang dilaporkan sebelum ini 626,324 486,898Kesan perubahan kadar pertukaran mata wang –000 6,471

626,324 493,369

69


Pada pendapat para pengarah, akaun yang dibentangkan di muka surat 26 hingga 68 telah pun dibuatmenurut piawai perakaunan yang diluluskan serta berkenaan, supaya dapat memberikan pandangan yangbenar dan saksama bagi :-

(i) kedudukan Kumpulan dan Syarikat pada 31 Disember 1999 dan hasil operasi mereka bagi tahunkewangan yang baru berakhir; dan

(ii) aliran tunai Kumpulan bagi tahun kewangan yang berakhir 31 Disember 1999.

Bagi pihak Lembaga,

DATO’ AHMAD SEBI BAKAR )) PENGARAH

AZNAN BIN HAJI ISMAIL )


SNG NGIAP KOONSaya, .........................................................., sebagai pegawai utama yang bertanggungjawab terhadap pengurusan

kewangan ADVANCE SYNERGY BERHAD, dengan sesungguh dan ikhlas mengisytiharkan bahawa akaunyang dibentangkan di muka surat 26 hingga 68 adalah betul, sejauh kepercayaan dan pengetahuan saya.Saya membuat perisytiharan ini dengan mempercayai ianya adalah benar dan menurut peruntukan AktaPerisytiharan Berkanun, 1960.

Ditandatangani dan diisytiharkan )dengan sesungguhnya oleh )penama di atas di Kuala Lumpur ) SNG NGIAP KOONpada 25 April 2000 )

Di hadapan saya :-

TUAN HAJI ALI BIN ISA A.M.N.No. W 063

PESURUHJAYA SUMPAHMalaysia

Akuan Berkanun

Kenyataan Para Pengarah

70


Kami telah mengaudit akaun-akaun yang disenaraikan di muka surat 26 hingga 68. Penyediaan akaun-akaunini adalah merupakan tanggungjawab para pengarah. Tanggungjawab kami ialah untuk mengemukakanpendapat kami terhadap akaun-akaun berdasarkan audit yang kami jalankan.

Kami telah menjalankan audit berdasakan piawaian-piawaian audit yang diluluskan. Piawaian-piawaiantersebut memerlukan kami merancang dan melaksanakan audit bagi memperolehi jaminan munasabahbahawa akaun-akaun yang dibentang adalah bebas daripada kesilapan salah nyata yang ketara. Audit adalahmerangkumi pemeriksaan berasaskan ujian, bukti-bukti yang menyokong jumlah dan maklumat yang diberikandi dalam akaun. Audit juga merangkumi penilaian terhadap prinsip-prinsip perakaunan dan anggaran pentingyang dibuat oleh para pengarah, termasuk juga penilaian peragaan akaun-akaun scara keseluruhan. Kamipercaya, audit yang kami jalankan menyediakan asas yang munasabah terhadap pendapat kami.

Pada pendapat kami :

(a) akaun-akaun berkenaan telah dipersembahkan menurut piawaian-piawaian perakaunan yang diluluskanserta yang berkenaan dan Akta Syarikat, 1965 untuk memberikan gambaran yang benar dan saksamatentang kedudukan dan keputusan Kumpulan dan Syarikat pada 31 Disember 1999 serta aliran tunaiKumpulan bagi tahun kewangan yang berakhir pada tarikh yang sama; dan

(b) rekod-rekod perakaunan dan rekod-rekod lain serta daftar-daftar yang dikehendaki oleh Akta untukdisimpan oleh Syarikat dan subsiadiari-subsidiari yang diaudit oleh kami, telah disimpan dengansempurna menurut peruntukan Akta tersebut.

Kami telah mempertimbangkan akaun-akaun dan laporan juruaudit subsiadiari-subsidiari yang kami tidakbertindak sebagai Juruaudit, seperti yang dinyatakan dalam Nota 43 kepada Akaun, yang merupakan akaun-akaun yang telah disatukan di dalam akaun yang disatukan.

Kami berpuas hati bahawa akaun subsiadiari-subsidiari yang telah disatukan dengan akaun Syarikat adalahdalam bentuk dan kandungan yang sesuai dan wajar untuk tujuan penyediaan akaun yang disatukan, dankami telah menerima maklumat dan keterangan yang memuaskan sebagaimana yang kami perlukan untuktujuan tersebut.

Laporan juruaudit ke atas akaun subsiadiari-subsidiari adalah tidak tertakluk kepada sebarang syarat atauteguran yang dibuat di bawah seksyen kecil (3) Seksyen 174 Akta tersebut.

BDO BINDERAF : 0206Akauntan Awam

Siew Kah Toong1045/3/02 (J)Rakan dalam firma


Laporan Juruaudit kepada Ahli-ahli Advance Synergy Berhad

71


FinancialStatements

72


The directors hereby submit their report together with the audited accounts of the Group and the Company forthe financial year ended 31 December 1999.

PRINCIPAL ACTIVITIES

The principal activities of the Company are that of investment holding and providing full corporate and financialsupport to its subsidiary companies. The principal activities of the subsidiary companies are shown in Note 43to the Accounts. There have been no significant changes in the nature of these activities during the financial year.

RESULTS

Group Company

RM’000 RM’000

Loss after taxation (64,712) (17,211)Minority interests 6,690 –00

Loss after minority interests (58,022) (17,211)Accumulated losses brought forward (222,218) (123,025)

(280,240) (140,236)Transfer to statutory reserve (23,482) –00

Accumulated losses carried forward (303,722) (140,236)

DIVIDENDS

No dividend has been paid or declared by the Company since the end of the previous financial year. Thedirectors do not recommend any dividend payment in respect of the financial year ended 31 December 1999.

ISSUE OF SHARES AND DEBENTURES

The Company has not issued any shares or debentures during the financial year.

RESERVES AND PROVISIONS

All material transfers to or from reserves or provisions during the financial year ended 31 December 1999 havebeen disclosed in the Notes to the Accounts.

Directors’ Report

73


DIRECTORS

The directors who held office since the date of the last report are :-

Dato’ Ahmad Sebi BakarAznan Bin Haji IsmailDato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad KamilWong Ah Nam @ Wong Joon TuangMasri Khaw Binti AbdullahSng Chong Khian

In accordance with Article 96 of the Company’s Articles of Association, Masri Khaw Binti Abdullah and SngChong Khian retire from the Board by rotation at the forthcoming Annual General Meeting and, being eligible,offer themselves for re-election.

DIRECTORS’ INTERESTS

According to the Register of Directors’ Stockholdings kept by the Company under Section 134 of the CompaniesAct, 1965, the following directors holding office at the end of the financial year had beneficial interests in thestock units of the Company and shares of related corporations during the financial year ended 31 December1999 :-

– Number of stock units/ordinary shares of RM1.00 each –

Balance Balanceas at as at

1.1.1999 Bought Sold 31.12.1999

Direct Interest

Interest of :-

Dato’ Ahmad Sebi Bakar in :-- Advance Synergy Berhad 13,937,009 913,000 – 14,850,009

Puan 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

Puan Masri Khaw Binti Abdullah in :-- Advance Synergy Berhad 700,000 – – 700,000

Mr. Sng Chong Khian in :-- Advance Synergy Berhad 3,781,003 – – 3,781,003- Plastic Centre Sdn. Berhad 1,650,000 – – 1,650,000

No other directors holding office at the end of the financial year had any beneficial interests in the stock units ofthe Company and shares of related corporations during the financial year ended 31 December 1999.

Directors’ Report

74


DIRECTORS’ BENEFITS

Since the end of the previous financial year, none of the directors of the Company has received or becomeentitled to receive a benefit, other than the benefits as disclosed in Note 5 to the Accounts, by reason of a contractmade by the Company or a related corporation with a director, or with a firm of which a director is a member, orwith a company in which a director has a substantial financial interest.

There were no arrangements during and at the end of the financial year, to which the Company is a party, with theobject of enabling directors of the Company to acquire benefits by means of the acquisition of shares in ordebentures of the Company or any other body corporate.

OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY :-

(I) AS AT THE END OF THE FINANCIAL YEAR

(a) Before the profit and loss accounts and balance sheets of the Group and the Company were made out, thedirectors took reasonable steps :-

(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and themaking of provision for doubtful debts and have satisfied themselves that all known bad debtshad been written off and 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 theordinary 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 the Company during thefinancial year have not been substantially affected by any item, transaction or event of a material andunusual nature except as disclosed in the Accounts.

(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 fordoubtful debts in the accounts of the Group and the Company inadequate to any materialextent; or

(ii) which would render the values attributed to current assets in the accounts of the Group and theCompany misleading; or

(iii) which have arisen which would render adherence to the existing methods of valuation ofassets or liabilities of the Group and the Company misleading or inappropriate.

(d) In the opinion of the directors :-

(i) there has not arisen in the interval between the end of the financial year and the date of thisreport any item, transaction or event of a material and unusual nature likely to affect substantiallythe results of the operations of the Group and the Company for the financial year in which thisreport is made except as disclosed in the Accounts; 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 financial year which will or may substantiallyaffect the abilities of the Group and the Company to meet their obligations as and when theyfall due.

Directors’ Report

75


(III) AS AT THE DATE OF THIS REPORT

(e) There are no charges on the assets of the Group and the Company which have arisen since the endof the financial year to secure the liabilities of any other person.

(f) There are no contingent liabilities of the Group and the Company which have arisen since the end ofthe financial year.

(g) The directors are not aware of any circumstances not otherwise dealt with in the report or accountswhich would render any amount stated in the accounts misleading.

AUDITORS

The retiring auditors, Messrs. BDO Binder, have expressed their willingness to continue in office.

Signed on behalf of the Board in accordance with a resolution of the directors.

................................................................DATO’ AHMAD SEBI BAKARDirector

................................................................AZNAN BIN HAJI ISMAILDirector


Directors’ Report

76


Group Company1999 1998 1999 1998

NOTE RM’000 RM’000 RM’000 RM’000

TURNOVER 4 698,280 899,814 3,181 5,611

COST OF SALES 4 451,868 784,305 –000 –000

Operating profit/(loss) 5 32,027 (142,049) (17,211) (42,323)Share of profits of

associated companies 32,306 32,185 –000 –000

Profit/(Loss) beforeexceptional items 64,333 (109,864) (17,211) (42,323)

Exceptional items 6 (128,037) (312,848) –000 (113,412)

Loss before taxation (63,704) (422,712) (17,211) (155,735)Taxation 7 (1,008) (13,545) –000 (37)

Loss after taxation (64,712) (436,257) (17,211) (155,772)Minority interests 6,690 159,942 –000 –000

(58,022) (276,315) (17,211) (155,772)(Accumulated losses)/

Retained profits broughtforward (222,218) 54,097 (123,025) 32,747

(280,240) (222,218) (140,236) (123,025)Transfer to statutory reserve 31.1 (23,482) –000 –000 –000

Accumulated lossescarried forward (303,722) (222,218) (140,236) (123,025)

Loss per stock unit (sen) 8 17.18 81.80

The attached notes form an integral part of the Accounts.

Profit And Loss AccountsFor The Financial Year Ended 31 December 1999

77


Group Company1999 1998 1999 1998

NOTE RM’000 RM’000 RM’000 RM’000

ASSETS EMPLOYED

FIXED ASSETS 9 419,114 434,027 304 469

INTEREST IN SUBSIDIARYCOMPANIES 10 – 000 – 000 804,362 807,432

INTEREST INUNCONSOLIDATEDSUBSIDIARY COMPANIES 11 48,558 48,936 48,558 48,559

INTEREST IN ASSOCIATEDCOMPANIES 12 82,214 574,998 19,777 31,946

LAND HELD FORDEVELOPMENT 13 13,717 13,687 – 00 – 00

INVESTMENT SECURITIES 14 1,142,855 1,124,294 4,458 1,635

GOODWILL ONCONSOLIDATION 15 209,940 209,904 – 00 – 00

PURCHASED GOODWILL 16 1,806 1,776 – 00 – 00

EXPENDITURE CARRIEDFORWARD 17 25,756 28,754 – 00 – 00

CURRENT ASSETS

Development propertiesand expenditure 18 33,454 44,498 – 00 – 00

Stocks 19 40,921 37,720 – 00 – 00Debtors 20 215,788 405,801 25,475 14,355Statutory deposits with

Bank Negara Malaysia 21 221,122 185,033 – 00 – 00Loans, advances and financing 22 4,508,596 4,296,370 – 00 – 00Dealing securities 23 2,155 63,501 – 00 – 00Deposits with financial

institutions 24 88,363 193,703 3,800 688Cash and short term funds 25 646,690 587,718 170 7

5,757,089 5,814,344 29,445 15,050


Balance SheetsAs At 31 December 1999

78


Group Company1999 1998 1999 1998

NOTE RM’000 RM’000 RM’000 RM’000

LESS: CURRENT LIABILITIES

Creditors 26 253,371 315,465 48,338 34,899Short term borrowings 27 150,749 1,129,099 – 00 222,931Securities sold under

repurchase agreements – 00 63,149 – 00 – 00Deposits and placements

of banks and otherfinancial institutions 28 959,738 1,009,576 – 00 – 00

Deposits from customers 29 5,044,689 4,314,099 – 00 – 00Taxation 22,670 16,677 – 00 – 00

6,431,217 6,848,065 48,338 257,830

NET CURRENT LIABILITIES (674,128) (1,033,721) (18,893) (242,780)

1,269,832 1,402,655 858,566 647,261

FINANCED BY

SHARE CAPITAL 30 337,794 337,794 337,794 337,794

RESERVES 31 181,112 240,865 292,256 309,467

STOCKHOLDERS’ FUNDS 518,906 578,659 630,050 647,261

MINORITY INTERESTS 314,101 324,035 – 00 – 00

SUBORDINATEDCERTIFICATES OFDEPOSIT 32 50,000 50,000 – 00 – 00

EXCHANGEABLESUBORDINATEDCAPITAL LOANS 33 – 00 317,000 – 00 – 00

LONG TERM BORROWINGS 34 244,180 – 00 228,516 – 00

TERM LOANS 35 131,726 119,887 – 00 – 00

DEFERRED INCOME 42 1,007 – 00 – 00

HIRE PURCHASECREDITORS 26 9,423 10,547 – 00 – 00

DEFERRED TAXATION 36 1,454 1,520 – 00 – 00

1,269,832 1,402,655 858,566 647,261


Balance SheetsAs At 31 December 1999

79


1999 1998NOTE RM’000 RM’000

CASH FLOWS FROM OPERATING ACTIVITIES

Loss before taxation (63,704) (422,712)

Adjustments for:-Exchange translation adjustment 6,516 (13,493)Amortisation of expenditure carried forward 5,380 3,251(Accretion)/Amortisation of net goodwill on consolidation (48) 3,285Amortisation of purchased goodwill 99 110Bad debts written off 1,462 5,212Depreciation of fixed assets 23,902 24,271Expenditure carried forward written off 6 7,609Fixed assets written off 74 16,448Goodwill written off 12 80,434Interest expenses 97,978 123,309Loss on disposal of associated company 117,085 –00Loss on disposal of fixed assets 5,274 20Provision for credit loss 2,915 5,786Provision for doubtful debts 2,281 191,339Provision for diminution in value of investments –00 41,075Bad debts and financing recovered (15,138) (4,619)Interest income (1,113) (1,012)Gain on disposal of option (10,072) –00Share of profits of associated companies (32,306) (32,185)

Operating profit before working capital changes 140,603 28,128

Decrease/(Increase) in development properties and expenditure 11,044 (542)(Increase)/Decrease in stocks (3,201) 206Decrease/(Increase) in debtors 199,983 (375,841)(Increase)/Decrease in statutory deposits with BNM (36,089) 723,321(Increase)/Decrease in loans, advances and financing (212,226) 902,739Decrease/(Increase) in dealing securities 61,346 (20,994)Decrease in deposits with financial institutions 105,340 71,588(Decrease)/Increase in creditors (95,341) 20,910Decrease in securities sold under repurchase agreements (63,149) (704,879)Decrease in hire purchase creditors (4,128) (963)(Increase)/Decrease in amount due from unconsolidated

subsidiary companies (1,668) 13,309Decrease in deposits and placements of banks and

other financial institutions (49,838) (1,876,178)Increase in deposits from customers 730,590 302,406(Increase)/Decrease in amount due from associated company (286) 352Increase in expenditure carried forward (1,035) (7,466)

Cash generated from/(used in) operations 781,945 (923,904)

Taxation refunded/(paid) 2,482 (20,393)

Net cash generated from/(used in) operating activities 784,427 (944,297)


Consolidated Cash Flow StatementFor The Financial Year Ended 31 December 1999

80


1999 1998NOTE RM’000 RM’000

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from disposal of an associated company 400,522 –00Proceeds from disposal of option 10,072 –00Goodwill arising from purchase of a business

in a subsidiary company –00 (1,886)Proceeds from shares issued to minority interests –00 500Disposal of a subsidiary company 46A –00 165,567Increase in land held for development (30) (28)Dividend received from associated companies 251 5,319Interest received 1,113 1,012Proceeds from disposal of fixed assets 2,967 536Purchase of investment in associated companies –00 (136)Purchase of fixed assets 46B (19,201) (62,072)Net proceeds from (purchase)/disposal of

investment securities (18,561) 300,341Acquisition of subsidiary companies and incorporation

of unconsolidated subsidiary companies 46C –00 5,474

Net cash generated from investing activities 377,133 414,627

CASH FLOWS FROM FINANCING ACTIVITIES

Net proceeds from/(repayment of) short term borrowings 39,563 (66,244)(Repayment of)/proceeds from exchangeable

subordinated capital loans (800,000) 850,000Interest paid (57,428) (123,309)Net (repayment of)/proceeds from term loans (204,269) (13,025)

Net cash (used in)/generated from financing activities (1,022,134) 647,422

NET INCREASE IN CASH AND CASH EQUIVALENTS 139,426 117,752

CASH AND CASH EQUIVALENTS AT BEGINNING OFFINANCIAL YEAR 486,898 375,617

CASH AND CASH EQUIVALENTS AT END OFFINANCIAL YEAR 46D 626,324 493,369


Consolidated Cash Flow StatementFor The Financial Year Ended 31 December 1999

81


1. PRINCIPAL ACTIVITIES

The principal activities of the Company are that of investment holding and providing full corporate andfinancial support to its subsidiary companies. The principal activities of the subsidiary companies areshown in Note 43 to the Accounts. There have been no significant changes in the nature of these activitiesduring the financial year.

2. BASIS OF PREPARATION OF THE ACCOUNTS

The accounts of the Group and the Company have been prepared in accordance with the applicableapproved accounting standards, Bank Negara Malaysia Guidelines and the provisions of the CompaniesAct, 1965. The accounts also incorporate those activities relating to Islamic Banking Scheme (“IBS”) whichhave been undertaken by the Group. IBS refers generally to the acceptance of deposits and financingunder the Syariah principles.

3. SIGNIFICANT ACCOUNTING POLICIES

3.1 Basis of Accounting

The accounts of the Group and the Company have been prepared under the historical cost conventionmodified by the valuation of certain freehold land and buildings.

3.2 Basis of Consolidation

The consolidated accounts incorporate the accounts of the Company and its subsidiary companiesmade up to the end of the financial year, except for those subsidiary companies as shown in Note 11to the Accounts. The Group adopts both acquisition and merger methods of consolidation, asappropriate.

Significant inter-company balances and transactions are eliminated on consolidation and theconsolidated accounts reflect external transactions only.

When the acquisition method is adopted, the difference between the purchase consideration andthe fair value of the underlying net assets acquired is reflected in the accounts either as goodwill orreserve on consolidation, as appropriate. Except for the licensed financial subsidiaries, goodwillnet of reserve on consolidation arising from other subsidiary companies is amortised over 20 yearsor over the expected useful life, whichever is shorter. Goodwill on consolidation is written off wherethere is a permanent diminution in value.

Acquisition of subsidiary companies which meet the criteria for merger accounting under theMalaysian Accounting Standard 2, Accounting for Acquisitions and Mergers, are accounted for usingmerger accounting principles. When the merger method is used, the cost of investment is recordedat the nominal value of shares issued and the difference between the carrying value of the investmentand the nominal value of shares transferred is treated as merger reserves/deficits in accordancewith merger relief provisions under Section 60(4) of the Companies Act, 1965. The results of thesubsidiary companies being merged are accounted for on full year basis.

Except for United Merchant Finance Berhad which is consolidated under the merger method, allother subsidiary companies are consolidated under the acquisition method.

3.3 Income Recognition

Interest and Financing Income

Interest and financing income in respect of licensed financial subsidiaries is recognised on anaccrual basis. Interest and financing income on hire purchase, block discounting and leasingtransactions are recognised on the sum-of-digits method. Interest and financing income on housingand term loans are recognised by reference to monthly or daily rest periods.

Notes To The Accounts 31 December 1999

82


3.3 Income Recognition (continued)

Income from financing and advances under the Interest Free Banking Scheme are recognised onthe accrual basis in accordance with Bank Negara Malaysia’s “Guidelines on “Skim PerbankanTanpa Faedah” For Finance Companies (October 1996)”.

Where an account is classified as non-performing, recognition of interest and financing income issuspended until it is realised on a cash basis in conformity with Bank Negara Malaysia’s “Guidelineson the Classification of Non-Performing Loans and Provision for Substandard, Bad and DoubtfulDebts, BNM/GP3 (Revised)” as at 31 December 1999. Customers’ accounts are classified as non-performing where repayments are in arrears for six months or more for hire purchase accounts,block discounting, leasing, loans and advances and after maturity date for bankers’ acceptances.

Fee Income

Loan arrangement, management and participation fees, acceptance and underwriting commissionare recognised as income when all conditions precedent are fulfilled. Fees from advisory andcorporate finance activities are recognised as income on completion of each stage of the assignment.

Guarantee and commitment fees which are material are recognised as income based on timeapportionment.

Dividend Income

Dividends from investments in subsidiaries and associated companies are recognised on anaccrual basis, while dividends from other investments are recognised on receipt basis.

Development Properties and Contract Work in Progress

Profits from sale of development properties and contract work in progress are recognised on thepercentage of completion method. Foreseeable losses, if any, are recognised immediately in theprofit and loss account.

Contract Income

Profit from engineering contract works are recognised based on percentage of completion method.

Membership Fees

Membership fees in respect of vacation investment timesharing facilities are recognised on thebasis of 50% in the first year and the balance over the period of 30 years.

3.4 Hire Purchase Commission

Hire purchase commission is charged to the profit and loss account based on the sum-of-digits method.

3.5 Foreign Currency Translations

Transactions in foreign currencies are converted into Ringgit Malaysia at rates of exchange prevailingat the transaction dates. Monetary assets and liabilities denominated in foreign currencies at thebalance sheet date are translated into Ringgit Malaysia at the approximate rates of exchangeprevailing at that date. Gains or losses arising from the current year’s transactions and translationsare dealt with in the profit and loss account.

For consolidation purpose, the assets and liabilities of overseas subsidiary companies are translatedat exchange rates ruling at the balance sheet date. Profit and loss items are translated at averageexchange rates for the year. All exchange differences arising are dealt with through the exchangefluctuation reserve.


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3.6 Provision for Bad and Doubtful Debts

Specific provisions are made for doubtful debts and financing which have been individually reviewedand specifically identified as bad or doubtful.

In addition, for licensed financial subsidiaries, a general provision based on a percentage of theloan and financing portfolio is also made to cover possible losses which are not specifically identified.

An uncollectible loan and financing or portion of a loan and financing classified as bad is written offafter taking into consideration the realisable value of collateral, if any, when in the judgement of themanagement, there is no prospect of recovery.

The provision for bad and doubtful debts and financing provided by the licensed financial subsidiariesis in conformity with the minimum requirements of Bank Negara Malaysia’s “Guidelines on theClassification of Non-Performing Loans and Provision for Substandard, Bad and Doubtful Debts,BNM/GP3 (Revised)” as at 31 December 1999.

3.7 Depreciation and Amortisation of Fixed Assets

3.7.1 Freehold land, hotel properties and construction work in progress are not depreciated.

All other fixed assets are stated at cost or valuation less accumulated depreciation anddepreciation is calculated using the straight line method so as to write off the carrying valueof the assets over their estimated useful lives.

The principal annual rates used for this purpose are as follows :-

Leasehold land and buildings Over lease period of 25 to 95 yearsBuildings 0.5% – 5%Plant and machinery 10% – 20%Motor vehicles 15% – 20%Furniture, fittings and equipment 6% – 15%Renovation 10% – 20%Computer equipment and software 20%

Crockery, glassware, cutleries, linen and kitchen utensils are capitalised at the minimumlevel required for normal operations. Replacements are written off in the year incurred.

3.7.2 Hotel Properties

Hotel properties are stated at cost or valuation. Additions subsequent to the date of valuationare stated at cost. It is the Group’s policy to appraise the hotel properties once in every fiveyears by independent professional valuers based on open market values. Surpluses arisingthereto are credited to the revaluation surplus account. A deficit is set-off against therevaluation surplus account only to the extent of the surplus credited from the previousrevaluation and the excess of the deficit is charged to the profit and loss account.

Hotel properties are not depreciated. It is the Group’s practice to maintain the properties insuch condition that the residual value is so high that the depreciation would be insignificant.The related maintenance expenditure is dealt with in the profit and loss account.

3.8 Hire Purchase and Leasing Arrangements

Assets financed by hire purchase agreements and leasing arrangements which transfer substantiallyall the risks and benefits of ownership of the assets to the Group are capitalised as fixed assets andthe corresponding obligations are treated as liabilities. The fixed assets capitalised are depreciatedon the same basis as that of the Group’s fixed assets. Finance charges are allocated to the profitand loss account over the period of the agreements to give a constant periodic rate of charge on theremaining hire purchase and lease liabilities.

Leases which do not meet the above criteria are treated as operating leases and the related rentalsare charged to the profit and loss account as and when incurred.


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3.9 Bills and Acceptances Payable

Bills and acceptances payable represents the licensed financial subsidiaries’ own bills andacceptances rediscounted and outstanding in the market.

3.10 Investments

Investment in subsidiaries, associated companies and other long term investments are stated atcost less provision for permanent diminution in value, if any.

Short term quoted investments are stated at the lower of cost and market value determined on aportfolio basis.

3.11 Associated Companies

Associated companies are those companies in which the Company has long term equity interest ofbetween 20% and 50% and where the Company is in a position to exercise significant influence overthe financial and operating policies of the investee companies.

The Group equity accounts for its share of post-acquisition results and reserves of its associatedcompanies based on audited accounts.

3.12 Investment Securities

Investment securities are securities that are acquired and held for yield or capital growth or to meetthe minimum liquid assets requirement pursuant to Section 38 of the Banking and FinancialInstitutions Act 1989, and are usually held to maturity.

Malaysian Government Securities, Malaysian Government Investment Certificates, Cagamas Bonds,other Government Securities, and Bank Guaranteed Private Debt Securities held for investment arestated at cost adjusted for amortisation of premium or accretion of discount to maturity date. OtherPrivate Debt Securities are valued at the lower of cost and market value. Other investment securitiesare stated at cost and provision is made in the event of any permanent diminution in value.

Transfers, if any, between investment and dealing securities are made at the lower of carrying valueand market value.

Quoted equity securities are stated at the lower of cost and market value. Unquoted equity securitiesand bonds held for investment are stated at cost and provision is made for permanent diminution invalue, if any.

3.13 Dealing Securities

Dealing securities are marketable securities that are acquired and held with the intention of resalein the short term, and are stated at the lower of cost and market value.

Transfer, if any, between dealing and investment securities are made at the lower of cost and marketvalue.

3.14 Interest Capitalisation

Interest incurred on external borrowings to finance assets under construction is capitalised until theassets are ready for their intended use after which such expense is charged to the profit and lossaccount.

3.15 Deferred Taxation

Deferred taxation is provided under the liability method at the current taxation rate in respect of allmaterial timing differences except where there is reasonable evidence that these timing differenceswill not reverse in the foreseeable future. Deferred taxation benefits are recognised only when thereis reasonable assurance of their realisation.


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3.16 Expenditure Carried Forward

Expenses incurred in the formation of subsidiaries are classified as preliminary expenses whilstexpenses incurred before commencement of operations are classified as pre-operating expenses.

Expenditure incurred prior to the commencement of commercial production which will result infuture benefit are carried forward as pre-production expenditure.

Deferred expenditure consists of deferred advertising and acquisition expenditure in relation to theprocurement of charge card membership. Development expenditure represents the cost incurred inthe development of credit card which is planned to be launched at a future date.

Expenditure carried forward is generally written off over five to ten years from the date ofcommencement of operations. In the case of the charge card and credit card business, deferredadvertising and acquisition expenditure are written off over a period of two years from date ofcommencement of business.

3.17 Land Held for Development and Development Properties

Land held for development is stated at cost or valuation together with the related developmentexpenditure. It is reclassified as development property upon commencement of development workon the said land. Development expenditure comprises construction and other related costs includinginterest and administrative overheads relating to the projects. Interest cost on borrowings used tofinance the relevant projects are included as development expenditure from commencement to thecompletion of development.

3.18 Repurchase Agreements

Securities purchased under resale agreements are securities which the licensed financialsubsidiaries have purchased with a commitment to resell at future dates. The commitment to resellthe securities is reflected as an asset on the balance sheet.

Conversely, obligations on securities sold under repurchase agreements are securities which thelicensed financial subsidiaries have sold from its portfolio with a commitment to repurchase atfuture dates. Such financing transactions and the obligation to repurchase the securities are reflectedas a liability on the balance sheet.

3.19 Amounts Recoverable from Danaharta

The total consideration for loans sold to Pengurusan Danaharta Nasional Berhad (“Danaharta”) isreceived in two portions; upon the sale of the loans (“initial consideration”) and upon the recovery ofthe loans (“final consideration”). The final consideration amount represents the licensed financialsubsidiaries’ predetermined share of the surplus over the initial consideration upon recovery of theloans.

The difference between the carrying value of the loans and the initial consideration is recognised as“Amounts Recoverable from Danaharta” within the “Debtors” component of the balance sheet.Provision against these amounts are made to reflect the Directors’ assessment of the realisablevalue of the final consideration as at the balance sheet date.

3.20 Purchased Goodwill

Goodwill arising on acquisition of a business which represents the difference between the purchaseconsideration and the fair value of the underlying net assets acquired is stated at cost and amortisedover a period of 20 years so as to reflect the useful life of the opportunity provided.


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4. TURNOVER AND COST OF SALES

Turnover of the Company consists of dividend and interest income.

Turnover 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.– interest income from loans and advances, hire purchase, block discounting, leasing and other related

activities in respect of licensed financial subsidiaries.– 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.

Cost of sales represents the cost of goods sold and services provided in respect of manufacturingoperations, hotels and resorts and properties development and the cost of financing and leasing services.


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5. OPERATING PROFIT/(LOSS)

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Operating profit/(loss) has been arrived at :

After charging :-

Amortisation of purchased goodwill 99 110 –00 –00Amortisation of expenditure carried forward 5,380 3,251 –00 –00Expenditure carried forward written off 6 7,609 –00 –00(Accretion)/amortisation of net goodwill on

consolidation (48) 3,285 –00 –00Auditors’remuneration– Holding company 50 50 50 50– Subsidiary companies

– current year 462 402 –00 –00– underprovision in prior year 95 60 20 20– non statutory –00 3 –00 –00

Bad debts written off 759 5,212 –00 –00Amount due from unconsolidated

subsidiary company written off 703 –00 703 –00Depreciation/amortisation of fixed assets

(Note 9) 23,902 24,271 165 166Directors’ remuneration– Fees 434 605 144 144– Other emoluments 2,639 2,208 –00 –00Fixed assets written off 74 16,448 –00 –00Goodwill written off 12 –00 –00 –00Interest expenses– Loan 36,086 56,817 15,386 29,640– Bank overdraft 8,467 10,092 6,617 7,943– Hire purchase 2,407 2,022 –00 –00– Others 51,018 54,378 4,839 7,409Lease rental 2,216 1,024 –00 –00Loss on disposal of fixed assets 5,274 20 –00 –00Loss on disposal of investment 1,379 –00 –00 –00Provision for doubtful debts 2,281 –00 –00 –00Provision for doubtful debts of amounts

due from subsidiary companies –00 –00 1,724 –00(Write back)/provision for contingencies

and commitments (1,838) 2,220 –00 –00Provision for amounts receivable from

Danaharta 16,148 14,421 –00 –00Provision for credit loss 2,915 5,786 –00 –00Rental expenses– Equipment 587 599 –00 –00– Vehicles 31 31 –00 –00– Premises 14,469 10,008 371 371Stocks written off 2 7,737 –00 –00Unrealised loss on foreign exchange 1,047 – 00 –00 –00


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5. OPERATING PROFIT/(LOSS) (CONTINUED)

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

And crediting :-

Bad debts and financing recovered 15,138 4,619 –00 – 0Fixed deposit interest 607 801 21 450Gain on disposal of– Quoted investments 4,701 2,452 2,519 1,206– Option 10,072 –00 10,072 – 0– Subsidiary company –00 12,386 –00 – 0– Others 1,264 1,036 –00 – 0Gross dividends– Associated company –00 –00 –00 135– Unquoted investments 64 1,223 –00 – 0– Quoted investments 1,199 318 –00 – 0Interest recovered from subsidiary

companies –00 –00 3,143 5,006Other interest income 477 211 18 21Insurance claims 11,985 15,351 –00 – 0Rental income 1,967 2,106 –00 – 0Unrealised gain on foreign exchange –00 5,049 –00 – 0

The estimated money value of other benefits not included in the above received by directors of the Companyand its subsidiary companies was RM36,300 (1998: RM35,100) for the Company and RM269,300 (1998:RM313,100) for the Group.

6. EXCEPTIONAL ITEMS

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Loss on disposal of associatedcompany 117,085 – 00 – – 00

Goodwill written off – 00 80,434 – – 00Professional fees paid to

Danamodal 10,952 – 00 – – 00Provision for bad and doubtful

debts and financing – 00 191,339 – 71,584Provision for diminution in value– subsidiaries – 00 – 00 – 29,691– associated company – 00 10,138 – 10,138– quoted investments – 00 30,937 – 1,999

128,037 312,848 – 113,412


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7. TAXATION

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

On current year’s results 368 851 – 37Under/(Over) provision in prior year 75 (349) – –Transfer (from)/to deferred taxation

(Note 36) (70) 45 – –

373 547 – 37Share of taxation in associated

companies 566 12,970 – –Zakat 69 28 – –

1,008 13,545 – 37

No provision has been made for Malaysian Income Tax in respect of business income (except for dividendincome) earned by the Company and the Group for the financial year ended 31 December 1999 pursuantto Section 8 of the Income Tax (Amendment) Act, 1999.

Provision for current taxation is in respect of the dividend income and taxable profits of foreign subsidiarycompanies.

The provision for taxation in the accounts of the Group for the previous financial year, even though theGroup had sustained a loss before taxation, was mainly due to certain expenses which were not deductiblefor taxation purposes and the non-availability of group relief where tax losses of certain subsidiarycompanies cannot be set-off against the taxable income of other subsidiary companies.

8. LOSS PER STOCK UNIT

Loss per stock unit is calculated based on the consolidated loss after taxation and minority interests ofRM58,022,000 (1998: RM276,315,000) and the number of stock units in issue during the financial year ofRM337,793,619 (1998: 337,793,619).


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9. FIXED ASSETS

Balance Disposal of Exchange Balanceas at subsidiary Transfer translation as at

Group 1.1.1999 company Additions Disposals from/(to) adjustments Written off 31.12.19991999 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Cost/Valuation

Freehold land and buildings 55,059 – 3,478 (1,094) 28,404 551 –00 86,398Hotel properties– at valuation 101,968 – – 0 – 0 –00 –0 –00 101,968– at cost 78,695 – 436 – 0 –00 (1,050) –00 78,081Long term leasehold land

and buildings– at valuation 8,800 – – 0 – 0 – 0 –0 – 0 8,800– at cost 38,524 – – 0 – 0 – 0 –0 – 0 38,524Short term leasehold land

and buildings 60 – – 0 – 0 – 0 –0 – 0 60Plant and machinery 52,793 – 5,616 (8,754) – 0 821 – 0 50,476Motor vehicles 12,240 – 100 (1,166) – 0 13 – 0 11,187Furniture, fittings and

equipment 73,786 – 2,502 (1,324) 7,958 148 (74) 82,996Renovation 20,959 – 959 (16) (13) –0 – 0 21,889Crockeries, glassware,

cutleries, linen andkitchen utensils 1,935 – 35 – 0 8 1 – 0 1,979

Construction in progress 49,908 – 6,528 – 0 (39,087) (77) – 0 17,272Computer equipment and

software 18,482 – 473 (100) – 0 –0 – 0 18,855

513,209 – 20,127 (12,454) (2,730) 407 (74) 518,485

Accumulated Depreciation

Freehold land and buildings 1,617 – 1,056 (1) – 4 – 2,676Hotel properties – 0 – – 0 – 0 – –0 – – 0Long term leasehold land

and buildings– at valuation 324 – 88 – 0 – –0 – 412– at cost 4,795 – 834 – 0 – –0 – 5,629Short term leasehold land

and buildings 10 – 2 – 0 – –0 – 12Plant and machinery 16,233 – 4,543 (2,175) – 106 – 18,707Motor vehicles 8,001 – 1,748 (1,025) – 3 – 8,727Furniture, fittings and

equipment 33,208 – 9,780 (642) – 25 – 42,371Renovation 10,806 – 2,116 (8) – –0 – 12,914Crockeries, glassware,

cutleries, linen andkitchen utensils 35 – 29 – 0 – –0 – 64

Construction in progress – 0 – – 0 – 0 – –0 – – 0Computer equipment and

software 4,153 – 3,706 – 0 – –0 – 7,859

79,182 – 23,902 (3,851) – 138 – 99,371


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9. FIXED ASSETS (CONTINUED)

Balance Disposal of Exchange Balanceas at subsidiary Transfer translation as at

Group 1.1.1998 company Additions Disposals from/(to) adjustments Written off 31.12.19981998 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Cost/Valuation

Freehold land and buildings 47,368 –000 11,378 – 0 113 –00 (3,800) 55,059Hotel properties– at valuation 101,968 –000 – 00 – 0 – –00 –00 101,968– at cost 307,645 (245,615) 2,419 – 0 – 14,246 –00 78,695Long term leasehold land

and buildings– at valuation 8,800 –000 – 00 – 0 – –00 –00 8,800– at cost 38,519 –000 5 – 0 – –00 –00 38,524Short term leasehold land

and buildings 60 –000 – 00 – 0 – –00 –00 60Plant and machinery 118,700 (64,446) 14,165 (431) – 4,306 (19,501) 52,793Motor vehicles 12,406 –000 276 (218) – (15) (209) 12,240Furniture, fittings and

equipment 71,038 –000 4,844 (1,138) – (642) (316) 73,786Renovation 20,324 –000 1,463 (650) (113) –00 (65) 20,959Crockeries, glassware,

cutleries, linen andkitchen utensils 2,020 –000 19 – 0 – (6) (98) 1,935

Construction in progress 25,228 –000 27,138 – 0 – (43) (2,415) 49,908Computer equipment and

software 18,117 –000 365 – 0 – –00 –00 18,482

772,193 (310,061) 62,072 (2,437) – 17,846 (26,404) 513,209


Freehold land and buildings 1,467 – 373 – 0 59 –0 (282) 1,617Hotel properties –00 – –00 – 0 – –0 – 0 –00Long term leasehold land

and buildings– at valuation 236 – 88 – 0 – –0 – 0 324– at cost 3,943 – 852 – 0 – –0 – 0 4,795Short term leasehold land

and buildings 8 – 2 – 0 – –0 – 0 10Plant and machinery 30,944 (11,747) 5,440 (70) – 910 (9,244) 16,233Motor vehicles 6,288 – 2,073 (150) – (1) (209) 8,001Furniture, fittings and

equipment 25,788 – 8,623 (1,055) – (23) (125) 33,208Renovation 8,206 – 3,162 (500) (59) –0 (3) 10,806Crockeries, glassware,

cutleries, linen andkitchen utensils 110 – 30 (12) – –0 (93) 35

Construction in progress –00 – –00 – 0 – –0 – 0 –00Computer equipment and

software 525 – 3,628 – 0 – –0 – 0 4,153

77,515 (11,747) 24,271 (1,787) – 886 (9,956) 79,182


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1999 1998RM’000 RM’000

Net Book Value

Freehold land and buildings 83,722 53,442Hotel properties– at valuation 101,968 101,968– at cost 78,081 78,695Long term leasehold land and buildings– at valuation 8,388 8,476– at cost 32,895 33,729Short term leasehold land and buildings 48 50Plant and machinery 31,769 36,560Motor vehicles 2,460 4,239Furniture, fittings and equipment 40,625 40,578Renovation 8,975 10,153Crockeries, glassware, cutleries, linen

and kitchen utensils 1,915 1,900Construction in progress 17,272 49,908Computer equipment and software 10,996 14,329

419,114 434,027

Balance BalanceCompany as at as at1999 1.1.1999 Additions Disposals 31.12.1999

RM’000 RM’000 RM’000 RM’000

Cost

Motor vehicles 195 –0 – 195Furniture, fittings and equipment 797 –0 – 797Renovation 848 –0 – 848

1,840 –0 – 1,840


Motor vehicles 191 2 – 193Furniture, fittings and equipment 550 78 – 628Renovation 630 85 – 715

1,371 165 – 1,536


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Balance Balanceas at as at

Company 1.1.1998 Additions Disposals 31.12.19981998 RM’000 RM’000 RM’000 RM’000

Cost

Motor vehicles 195 –0 – 195Furniture, fittings and equipment 771 26 – 797Renovation 848 –0 – 848

1,814 26 – 1,840


Motor vehicles 191 –0 – 191Furniture, fittings and equipment 469 81 – 550Renovation 545 85 – 630

1,205 166 – 1,371

1999 1998RM’000 RM’000

Net Book Value

Motor vehicles 2 4Furniture, fittings and equipment 169 247Renovation 133 218

304 469

Included in fixed assets of the Group are assets financed under hire purchase and finance lease agreementsat cost of RM25,127,495 (1998: RM31,846,463).

Six parcels of land included under long term leasehold land and buildings which amounted to RM239,000(1998: RM239,000) have not been registered in the name of a subsidiary company as at 31 December1999.

Certain hotel properties were revalued in July 1995 on an open market valuations basis by the directorsbased on independent professional valuations.

The hotel properties and certain freehold land and buildings and leasehold land are charged to licensedbanks in return for credit facilities granted to the Company and its subsidiaries.

Construction in progress is stated at cost and will be reclassified as hotel property upon completion of thesaid construction.

Included in the previous year’s cost of construction in progress was interest capitalised amounting toRM3,803,245. The strata title for a hotel property at a cost of RM29,735,533 (1998: RM29,735,533) has yetto be issued by the relevant authorities.

The long term leasehold land and building of the Group at valuation was revalued by the directors in 1994based on revaluation carried out by an independent firm of professional valuers on an open market basis.As permitted under the transitional provisions of the International Accounting Standard 16 – Property, Plantand Equipment, the property is stated at its 1994 valuation, as the directors have not adopted a policy ofregular revaluation. The property is pledged to Pengurusan Danaharta Nasional Berhad for credit facilitiesgranted to a subsidiary company.

Included in the previous years’ cost of assets acquired under hire purchase arrangement is an amount ofRM2,697,108 which has been restructured into a term loan arrangement during the financial year.


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10. INTEREST IN SUBSIDIARY COMPANIES

Company1999 1998

RM’000 RM’000

Quoted shares – at cost 593,602 593,614Unquoted shares – at cost 235,212 235,212Less: Provision for diminution in value (30,976) (30,976)

797,838 797,850

Amount due from subsidiary companies 143,544 141,935Less: Provision for doubtful debts (70,524) (68,821)

73,020 73,114

870,858 870,964Amount due to subsidiary companies (66,496) (63,532)

804,362 807,432

Market value of quoted shares 270,677 170,367

The details of the subsidiary companies are set out in Note 43 to the Accounts.

Some of the shares of a quoted subsidiary company have been pledged and shares of a certain unquotedsubsidiary company have been placed with financial institutions for credit facilities granted to the Companyand the Group.

The amount due to a subsidiary company which amounted to RM55,526,029 (1998: RM50,927,619) issecured by unquoted shares in a subsidiary company and an associated company. There are no fixedrepayment terms and interest is charged at the subsidiary company’s cost of funds.

At the balance sheet date, the carrying value of investment in United Merchant Group Berhad (“UMG”) atcost of RM593,602,000 is in excess of its market value by RM322,925,000.

The directors are of the opinion that there is no long term impairment of the carrying value of the investmentin UMG.

On 9 September 1999, Pengurusan Danaharta Nasional Berhad had appointed Special Administrators(“SA”) to manage the assets and affairs of a wholly-owned subsidiary company, Advance Synergy FurnitureSdn. Bhd. (“ASF”). The SA shall prepare and submit a proposal to Pengurusan Danaharta NasionalBerhad for ASF to continue as a going concern. In order to preserve the assets of ASF until the SA are ableto complete their task, a twelve-months moratorium on any legal action by creditors has taken effectimmediately on appointment of the SA.


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11. INTEREST IN UNCONSOLIDATED SUBSIDIARY COMPANIES

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Unquoted shares – at cost 52,658 54,683 52,658 52,658Less: Provision for diminution

in value (4,100) (4,100) (4,100) (4,100)

48,558 50,583 48,558 48,558

Amount due from unconsolidatedsubsidiary companies –00 4,963 21 4,787

Less: Provision for doubtful debts –00 (4,786) (21) (4,786)

–00 177 –00 1Amount due to an unconsolidated

subsidiary –00 (1,824) –00 –00

48,558 48,936 48,558 48,559

The unquoted shares of an unconsolidated subsidiary company have been pledged to secure anintercompany balance with a subsidiary company.

The details of the unconsolidated subsidiary company, incorporated in Malaysia, is as follows :-

Name of Company Principal Activities Effective Interest1999 1998

Kedah Marble Sdn. Bhd. Quarrying, processing and 70% 70%marketing of marble andmarble products

The accounts of the abovementioned subsidiary company Kedah Marble Sdn. Bhd. (“KM”) have not beenconsolidated as the management control of KM is exercised by the minority shareholder pursuant to ashareholders’ agreement and the Company does not exercise any significant influence over the Board ofDirectors. Accordingly, the audited accounts of KM have not been annexed as required by the CompaniesAct, 1965 as the accounts are unavailable.

As for P.T. Asbindo Infocitra, the Company’s cost of investment has been written off during the financialyear.


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12. INTEREST IN ASSOCIATED COMPANIES

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Quoted shares – at cost –000 435,832 –00 22,538Unquoted shares – at cost 21,773 21,322 19,777 19,777Less: Provision for diminution

in value –000 (10,138) –00 (10,138)

21,773 447,016 19,777 32,177Group’s share of profits 60,441 128,213 –00 –00

82,214 575,229 19,777 32,177Amount due to an associated company –000 (231) –00 (231)

82,214 574,998 19,777 31,946

Market value of quoted shares –000 385,588 –00 11,233

The details of the associated companies are set out in Note 43 to the Accounts.

The unquoted shares of a direct associated company has been pledged to a subsidiary company tosecure an inter-company balance.

The Group and the Company had disposed its entire equity interest in its associated company, Ban HinLee Bank Berhad to Southern Bank Berhad during the financial year.

13. LAND HELD FOR DEVELOPMENT

Group1999 1998

RM’000 RM’000

Leasehold land– at valuation 9,296 9,293– at cost 327 327Development expenditure 4,094 4,067

13,717 13,687

The leasehold land of the Group have been pledged to certain banks for banking facilities granted to theCompany and a subsidiary company.

Certain leasehold land were revalued based on open market value basis in 1981 and 1983 by thedirectors based on valuation carried out by a professional firm of valuers and the revaluation has not beenupdated since.


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14. INVESTMENT SECURITIES

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Money Market Instruments

Danamodal bonds 86,150 222,730 – 000 – 000Danaharta bonds 200,474 130,437 – 000 – 000Malaysian Government Securities 504,176 511,314 – 000 – 000Cagamas bonds 30,109 56,482 – 000 – 000Private and Islamic Debt Securities 197,350 39,918 – 000 – 000Negotiable Instruments of Deposits 40,007 105,007 – 000 – 000Bankers’ acceptances and

Islamic accepted bills 2,533 – 000 – 000 – 000

1,060,799 1,065,888 – 000 – 000Amortisation of premium less accretion

of discounts 24,482 (4,589) – 000 – 000

1,085,281 1,061,299 – 000 – 000

Quoted Securities

In Malaysia :-Shares 12,549 20,546 4,458 5,548Warrants 1 1 – 000 – 000Less: Provision for diminution in value (2,454) (9,402) – 000 (3,913)

10,096 11,145 4,458 1,635

Outside Malaysia :-Shares 27,042 27,042 – 000 – 000Less: Provision for diminution in value (23,448) (23,448) – 000 – 000

3,594 3,594 – 000 – 000

13,690 14,739 4,458 1,635


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14. INVESTMENT SECURITIES (CONTINUED)

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Unquoted Securities

In Malaysia :-Shares 7,521 4,574 – 0 – 0Private and Islamic Debt Securities 7,102 13,881 – 0 – 0Bonds 24 24 – 0 – 0Loan stocks 10,438 –000 – 0 – 0Other investments 320 320 – 0 – 0

25,405 18,799 – 0 – 0Outside Malaysia :-Shares 18,479 29,457 – 0 – 0

43,884 48,256 – 0 – 0

1,142,855 1,124,294 4,458 1,635

Market value :-Malaysian Government Securities 512,306 496,311 – 0 – 0Cagamas bonds 30,626 56,470 – 0 – 0Danamodal bonds –000 227,047 – 0 – 0Danaharta bonds –000 132,340 – 0 – 0Quoted shares in Malaysia 14,728 10,842 8,579 1,425Quoted shares outside Malaysia 9,519 3,594 – 0 – 0Private and Islamic Debt Securities 203,895 –000 – 0 – 0Warrants 1 –000 – 0 – 0

The quoted securities of the Company have been pledged to financial institutions for banking facilitiesgranted to itself.

15. GOODWILL ON CONSOLIDATION

Group1999 1998

RM’000 RM’000

Goodwill on consolidation net of reserve arising on consolidation :-

As at 1 January 209,904 269,793Goodwill arising from subsidiaries acquired during the year – 00 124Realisation of reserve arising on consolidation on disposal

of subsidiaries – 00 23,706

209,904 293,623Accretion/(amortisation) during the financial year 48 (3,285)Amount written off during the financial year (12) (80,434)

209,940 209,904


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16. PURCHASED GOODWILL

Group1999 1998

RM’000 RM’000

As at 1 January 1,776 – 0Arising from acquisition of a business by a subsidiary company

that is consolidated during the financial year – 0 1,886Exchange translation adjustment 129 – 0

1,905 1,886Amortisation during the financial year (99) (110)

As at 31 December 1,806 1,776

17. EXPENDITURE CARRIED FORWARD

Group1999 1998

RM’000 RM’000

As at 1 January 28,754 28,110Exchange translation adjustments (1,377) (18)

27,377 28,092Additions during the financial year

– reclassified from construction in progress 2,730 – 00– pre-operating and pre-production expenses 834 8,181– deferred and development expenditure – 00 3,341– others 201 – 00

3,765 11,522

31,142 39,614Amortisation during the financial year (5,380) (3,251)Amount written off during the financial year (6) (7,609)

As at 31 December 25,756 28,754

18. DEVELOPMENT PROPERTIES AND EXPENDITURE

Group1999 1998

RM’000 RM’000

Leasehold land :-– at valuation 10,552 11,661– at cost 1,377 1,671Development expenditure 21,525 31,166

33,454 44,498


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18. DEVELOPMENT PROPERTIES AND EXPENDITURE (CONTINUED)

The leasehold land of a subsidiary company was revalued by the directors on an open market value basisbased on an independent professional valuation in February 1992 and has not been updated since then.

Included in the development expenditure is interest capitalised during the financial year amounting toRM1,907,027 (1998: RM3,383,614).

Certain leasehold land under development were charged to financial institutions as security for creditfacilities granted to a subsidiary company.

19. STOCKS

Group1999 1998

RM’000 RM’000

Operating supplies 175 208Food and beverages 459 550Finished goods 4,433 2,030Completed development properties 12,563 12,904Raw materials 5,317 4,751Foreclosed properties 16,560 15,609Work in progress 1,414 1,668

40,921 37,720

Stocks of completed properties have been pledged to certain banks for credit facilities granted to theCompany and a subsidiary company.

20. DEBTORS

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Trade debtors 55,494 56,114 – 00 – 00Less: Provision for doubtful debts (4,083) (3,979) – 00 – 00

51,411 52,135 – 00 – 00

Other debtors, deposits and prepayments 119,535 103,780 21,806 10,686Less: Provision for doubtful debts (755) (546) – 00 – 00

118,780 103,234 21,806 10,686

Amount due from Danaharta –000 189,080 – 00 – 00

Amount recoverable from Danaharta 72,497 72,104 – 00 – 00Less: Provision for doubtful debts (30,569) (14,421) – 00 – 00

41,928 57,683 – 00 – 00

Tax recoverable 3,669 3,669 3,669 3,669

215,788 405,801 25,475 14,355


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20. DEBTORS (CONTINUED)

Included in other debtors, deposits and prepayments of the Group is a deposit of RM30 million (1998:RM30 million) paid to the vendors of the shares of Malpac Holdings Berhad pursuant to a Sale andPurchase Agreement for the said shares.

21. STATUTORY DEPOSITS WITH BANK NEGARA MALAYSIA

The non-interest bearing statutory deposits are maintained with Bank Negara Malaysia in compliancewith Section 37(1)(c) of the Central Bank of Malaysia Act 1958. The amounts are determined at setpercentages of total eligible liabilities in respect of those subsidiaries which are licensed financialinstitutions.

22. LOANS, ADVANCES AND FINANCING

Group1999 1998

RM’000 RM’000

Revolving credit facilities 1,012,999 1,189,550Term loans - floating rate 1,759,297 1,658,713Block discounting 54,710 70,376Housing loans 390,947 280,773Claims on customers under acceptance credits 992 7,050Lease rentals receivable 594 1,617Hire purchase receivable 2,286,129 1,952,329Staff loans 32,370 32,778Other loans 11 54

5,538,049 5,193,240Unearned interest and income (631,941) (453,691)

Gross loans, advances and financing 4,906,108 4,739,549

Less: Provision for bad and doubtful debts and financing– General 87,725 88,035– Specific 190,258 252,576Interest-in-suspense/Income-in-suspense 119,529 102,568

(397,512) (443,179)

Net loans, advances and financing 4,508,596 4,296,370


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23. DEALING SECURITIES

Group1999 1998

RM’000 RM’000

Money market instruments :-Bankers’ acceptances and Islamic accepted bills – 0 62,821

Quoted securities :-Shares quoted in Malaysia 2,155 680

2,155 63,501

Market value :-Bankers’ acceptances and Islamic accepted bills – 0 63,563Shares quoted in Malaysia 2,491 680

24. DEPOSITS WITH FINANCIAL INSTITUTIONS

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Licensed banks 14,238 85,824 3,800 688Licensed finance companies 64,125 27,879 – 0 –0Other financial institutions 10,000 80,000 – 0 –0

88,363 193,703 3,800 688

Certain deposits have been pledged to financial institutions for banking facilities granted to certainsubsidiary companies.

25. CASH AND SHORT TERM FUNDS

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Cash and bank balances 97,020 53,817 170 7Money at call and deposit maturing

within one month 549,670 533,901 – –

646,690 587,718 170 7


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26. CREDITORS

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Trade creditors 30,640 26,774 –00 –00Other creditors and accruals 215,773 273,012 48,338 34,899Provision for retirement gratuity – 00 2,024 –00 –00Provision for commitments and

contingencies – 00 2,220 –00 –00

Hire purchase creditors :-Balance at end of year 16,381 21,982 –00 –00Payable after the next twelve months (9,423) (10,547) –00 –00

6,958 11,435 –00 –00

253,371 315,465 48,338 34,899

27. SHORT TERM BORROWINGS

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Secured :-Revolving credit 12,071 189,439 – 154,090Term loans (Note 35) 49,541 244,858 – 5,000Bank overdrafts 10,596 92,469 – 60,841Others 6,243 7,469 – –000

78,451 534,235 – 219,931Unsecured :-

Revolving credit 12,173 37,874 – 3,000Bank overdrafts 9,770 8,351 – –000Term loans (Note 35) – 00 14,961 – –000Exchangeable Subordinated

Capital Loans (Note 33) 50,000 533,000 – –000Others 355 678 – –000

72,298 594,864 – 3,000

150,749 1,129,099 – 222,931

The borrowings of the Group and the Company are secured by :-

(i) Registered charges over certain development properties and land and buildings; and

(ii) Registered charges over certain fixed and floating assets of certain subsidiary companies.

Interest rates on the borrowings ranged between 7.30% to 11.40% (1998: 8.40% to 19.00%) per annum.

Certain short term borrowings of the Group and Company have been reclassified to long term borrowingdue to the proposed restructuring as disclosed in Note 44(xi) to the Accounts.


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28. DEPOSITS AND PLACEMENTS OF BANKS AND OTHER FINANCIAL INSTITUTIONS

Group1999 1998

RM’000 RM’000

Licensed banks 419,019 602,018Licensed finance companies 375,000 297,600Other financial institutions 165,719 109,958

959,738 1,009,576

29. DEPOSITS FROM CUSTOMERS

Group1999 1998

RM’000 RM’000

Fixed deposits 4,721,731 4,206,797Negotiable instruments of deposits – 000 11,200Saving deposits 312,045 95,533Others 10,913 569

5,044,689 4,314,099

30. SHARE CAPITAL

Group and Company1999 1998

RM’000 RM’000

Authorised :-Ordinary shares of RM1.00 each 800,000 800,000

Issued and fully paid-up :-Ordinary shares of RM1.00 each fully paid and converted

into stock units of RM1.00 each 337,794 337,794

31. RESERVES

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Share premium 432,423 432,423 432,423 432,423Capital reserve 69 69 69 69Statutory reserve (Note 31.1) 49,095 25,613 –000 –000Exchange fluctuation reserve 3,247 (2,540) –000 –000Other reserves (Note 31.2) – 000 7,518 –000 –000

Total non – distributable reserves 484,834 463,083 432,492 432,492Accumulated losses – distributable (303,722) (222,218) (140,236) (123,025)

181,112 240,865 292,256 309,467


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31. RESERVES (CONTINUED)Group Company

1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000

31.1 Statutory reserve :-

As at 1 January 25,613 25,613 – –Transfer from profit and loss account 23,482 – 00 – –

As at 31 December 49,095 25,613 – –

The statutory reserve is maintained in compliance with Section 36 of the Banking and FinancialInstitutions Act, 1989 and is not distributable as cash dividends.

31.2 Other reserves :-

As at 1 January 7,518 4,156 – –Share of general reserve of an

associated company –00 3,362 – –Reclassification upon disposal of

associated company (7,518) –00 – –

As at 31 December –00 7,518 – –

32. SUBORDINATED CERTIFICATES OF DEPOSIT

The Subordinated Certificates of Deposit (“CDs”) were issued during 1996 by a licensed financialsubsidiary company consisting of 10-year CDs which bear interest at the fixed rate of 8.75% per annum forthe first five (5) years and are subordinated to all other liabilities.

On the fifth anniversary of the issue date and each anniversary date thereafter, the CDs may subject to theprior approval of Bank Negara Malaysia, be redeemable at the redemption price stated on the CDs, at theoption of the licensed financial subsidiary company.

The CDs qualify as Tier II capital for the purpose of determining the Capital Adequacy Ratio of the licensedfinancial subsidiary company.

33. EXCHANGEABLE SUBORDINATED CAPITAL LOANS (“ESCLS”)Group

1999 1998RM’000 RM’000

Exchangeable Subordinated Capital Loans 50,000 850,000Less: Portion under short term borrowings (Note 27) (50,000) (533,000)

– 317,000

The ESCLs which were obtained by two subsidiary companies United Merchant Finance Berhad (“UMF”)and Perdana Merchant Bankers Berhad (“PMBB”) in 1998, carried interest at the rate of 7.5% per annum.The ESCLs are renewable on a periodic basis as determined by Danamodal and approved by BNM.

On 19 February 1999, UMF repaid RM450 million of the RM800 million ESCL granted by Danamodal andsubsequently on 31 March 1999, UMF repaid a further RM33 million. On 16 August 1999, UMF repaid thebalance of the ESCL which amounted to RM317 million.

Subsequent to the balance sheet date, PMBB has on 3 February 2000 fully repaid the ESCL of RM50million to Danamodal (refer to Note 45(ii) to the Accounts).


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34. LONG TERM BORROWINGS

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Secured :-Revolving credit 165,734 – 153,234 –Bank overdrafts 75,446 – 72,282 –

241,180 – 225,516 –Unsecured :-

Revolving credit 3,000 – 3,000 –

244,180 – 228,516 –

The borrowings of the Group and the Company are secured by :-

(i) Registered charges over certain development properties and land and buildings;

(ii) Registered charges over certain fixed and floating assets of certain subsidiary companies;

(iii) Registered charges over the quoted shares of a subsidiary company and an investment, and unquotedshares of a certain subsidiary company; and

(iv) Registered charges over certain quoted securities.

Interest rates on the borrowings ranged between 7.30% to 11.40% (1998: 8.40% to 19.00%) per annum.

The entire long term borrowings of the Group and the Company have been included as part of theproposed restructuring involving the bank borrowing from several financial institutions as disclosed inNote 44(xi) to the Accounts.

35. TERM LOANS

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Secured :-

Term loans 175,392 357,552 – 5,000Less: Portion due within twelve months

included under short termborrowings (Note 27) (49,541) (244,858) – (5,000)

125,851 112,694 – – 0Unsecured :-

Term loans 5,875 22,154 – – 0Less: Portion due within twelve months

included under short termborrowings (Note 27) – 00 (14,961) – – 0

5,875 7,193 – – 0

131,726 119,887 – – 0

The term loan facilities are secured as described in Note 27.

Term loans of the Group amounting to RM82,726,000 have been included as part of the proposedrestructuring involving the bank borrowings from several financial institutions as disclosed in Note 44(ix)to the Accounts.


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36. DEFERRED TAXATION

Group1999 1998

RM’000 RM’000

As at 1 January 1,520 1,670Transfer (to)/from profit and loss accounts (Note 7) (70) 45Exchange translation adjustments 4 (195)

As at 31 December 1,454 1,520

The deferred taxation provision at the end of the financial year are in respect of the following timingdifferences :-

Group1999 1998

RM’000 RM’000

Differences between depreciation and capital allowances on fixed assets 300 397Differences arising from revaluation surplus of land held for development 2,007 1,241Other timing differences (853) (118)

1,454 1,520

37. COMMITMENTS AND CONTINGENT LIABILITIES – UNSECURED

The licensed financial subsidiary companies are contingently liable in respect of housing loans sold toCagamas Berhad, under condition that they undertake to administer the loans on behalf of CagamasBerhad and to buy back when the loans are regarded as defective based on prudence criteria.

The commitments and contingencies constitute the following :-

Group Company1999 1998 1999 1998

RM’000 RM’000 RM’000 RM’000

Claim by Inland Revenue Board for backtaxes due 101 –000 –000 –000

Guarantees given on behalf of customers –000 88,866 –000 –000Direct credit substitute 77,257 36,581 –000 –000Transaction related contingent items 10,964 8,805 –000 –000Housing loans sold directly and indirectly

to Cagamas Bhd 156,656 234,063 –000 –000Obligations under underwriting

commitments 25,500 18,500 –000 –000Irrevocable commitments to extend credit– not exceeding one year 68,596 122,969 –000 –000– more than one year 363,345 473,566 –000 –000Guarantees in favour of third parties 229 227 –000 –000Obligation involving claims by supplier due

to non-performance of contract 24 –000 –000 –000Guarantees given on behalf of subsidiary

companies –000 –000 223,285 230,772Other assets sold with recourse and

commitments with certain drawdown 26,454 –000 –000 –000

729,126 983,577 223,285 230,772


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37. COMMITMENTS AND CONTINGENT LIABILITIES – UNSECURED (CONTINUED)

The Company has received notice of a legal action taken by a stockholder who is disputing the basis ofdetermining the entitlement to the Bonus Issue carried out by the Company in 1993. Although the finaloutcome of this matter is currently uncertain, the directors are of the opinion that the legal suit has no meritand will not succeed.

38. LEASE COMMITMENT

The Group has lease commitments for rented premises and equipment on hire, net of sub-leases, whichare as follows :-

Group1999 1998

Year RM’000 RM’000

within one year 1,046 2,032within one to two years 537 676after more than two years 307 96

39. CAPITAL COMMITMENTS

Group1999 1998

RM’000 RM’000Capital expenditure :-– authorised and contracted for 139,255 141,532– authorised but not contracted for 785 6,499

On 14 August 1997, a subsidiary company, United Merchant Group Berhad (“UMG”), entered into aconditional share sale and purchase agreement with the vendors of Malpac Holdings Berhad (“Malpac”)to acquire a 32.9% equity interest comprising 24,675,000 ordinary shares of RM1.00 each in Malpac for atotal cash purchase consideration of RM166,556,250 of RM6.75 per ordinary share. Approvals from therelevant authorities namely the Ministry of Finance, the Securities Commission and the Foreign InvestmentCommittee were obtained on 20 November 1997, 20 December 1997 and 26 December 1997 respectively.

The capital commitment authorised and contracted for the Group is mainly in respect of the balance of thepurchase price on the proposed acquisition of the shares of Malpac of RM136,556,000 (1998:RM136,556,000).

During the financial year, the directors of UMG, have commenced negotiations with the vendors to terminatethe proposed acquisition of Malpac. Under the termination proposal, UMG’s rights and obligations underthe conditional sale and purchase agreement dated 14 August 1997 would be rescinded and the initialdeposit (as disclosed in Note 20 to the Accounts) provided by UMG would be refunded.


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40. SEGMENTAL REPORTING

Operations of the Group during the financial year were mainly in Malaysia. The analysis of the Group’soperations by activities for the financial year are as follows :-

Group Total TangibleLoss Assets

Turnover Before Taxation Employed1999 RM’000 RM’000 RM’000

Investment holding and management 7,216 (31,837) 63,483Property development 27,729 916 87,559Manufacturing 54,367 (1,584) 188,410Financial and leasing services 554,294 (59,301) 6,811,332Hotels and resorts 54,674 (4,204) 312,763

698,280 (96,010) 7,463,547Associated companies– share of results 32,306

(63,704)

1998

Investment holding and management 18,629 (114,618) 67,525Property development 4,169 (3,403) 96,168Manufacturing 57,122 (17,890) 173,159Financial and leasing services 728,127 (325,629) 7,370,886Hotels and resorts 91,767 6,643 302,548

899,814 (454,897) 8,010,286Associated companies– share of results 32,185

(422,712)

41. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

Company1999 1998

RM’000 RM’000

Interest payable to subsidiary companies 4,839 7,409Interest receivable from subsidiary companies (3,143) (5,006)

42. COMPARATIVE FIGURES

Certain comparative figures have been restated and reclassified to conform with the current financialyear’s presentation.


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43. SUBSIDIARY AND ASSOCIATED COMPANIES

The subsidiary and associated companies which are incorporated in Malaysia (other than those specifiedotherwise), are as follows :-

Name of Company Principal Activities Effective Interest31.12.1999 31.12.1998

Subsidiaries of the Company

Nagapura Management Provision of management 100% 100%Corporation Sdn. Bhd. services

Sadong Development Sdn. Bhd. Property development 100% 100%

*Ausborn Sawmill Sdn. Bhd. Sawmill and trading of 100% 100%sawn timber

*Bornion Sawmill Sdn. Bhd. Sawmill and trading of 100% 100%sawn timber

*Advance Synergy Realty Sdn. Bhd. Property development 100% 100%

*United Merchant Group Berhad Investment holding 50.75% 50.75%

Plastic Centre Sdn. Berhad Trading of plastic bottles, 70% 70%containers and conventionalscrew-on closures and caps

Synergy Card & Payment Services Provision of payment related 51% 51%Sendirian Berhad products and services

Alangka-Suka Hotels & Resorts Investment holding 99.63% 99.63%Berhad

Advance Synergy Properties Investment holding 100% 100%Sdn. Bhd.

Advance Synergy Timber Sdn. Bhd. Dormant 100% 100%

Alam Samudera Corporation Dormant 100% 100%Berhad

Synergy Petroleum Incorporated Investment holding 100% 100%(Incorporated in theBritish Virgin Islands)

ASB Timber (PNG) Limited Forest industry 100% 100%(Incorporated inPapua New Guinea)

Excellent Display Sdn. Bhd. Investment holding 100% 100%

Excellent Arch Sdn. Bhd. Investment holding 100% 100%

Synergy Gold Incorporated Investment holding 100% 100%(Incorporated in theBritish Virgin Islands)

*P.T. Asbindo Infocitra Services on design and 51% 51%(Incorporated in Indonesia) engineering electronic data

processing


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Subsidiaries of United MerchantGroup Berhad

*United Merchant Finance Berhad Licensed finance company 50.75% 50.75%

*ASC Equities Sdn. Bhd. Trading investment and 50.75% 50.75%venture capital

*ASC Credit Sdn. Bhd. Dormant 50.75% 50.75%

*Perdana Merchant Bankers Merchant banking services 35.58% 35.58%Berhad

Subsidiaries of United MerchantFinance Berhad

*UMF Development Sdn. Bhd. Property investment 50.75% 50.75%

*UMF Nominees (Tempatan) Nominee services 50.75% 50.75%Sdn. Bhd.

*UMF Nominees (Asing) Sdn. Bhd. Nominee services 50.75% 50.75%

Subsidiary of UMF DevelopmentSdn. Bhd.

*Seal Line Trading Sdn. Bhd. Property investment 50.75% 50.75%

Subsidiaries of PerdanaMerchant Bankers Berhad

*Perdana Finance Berhad Licensed finance company 31.31% 31.31%

*Perdana Nominees (Tempatan) Nominee services 35.58% 35.58%Sdn. Bhd.

*Perdana Nominees (Asing) Nominee services 35.58% 35.58%Sdn. Bhd.

*Perdana Mutual Fund Berhad Dormant 35.58% 35.58%

Subsidiary of Perdana FinanceBerhad

*Perdana Visi Hartanah Sdn. Bhd. Property investment 31.31% 31.31%

Subsidiaries of Plastic CentreSdn. Berhad

PC Realty Sdn. Bhd. Dormant 70% 70%

Packaging Centre Services Manufacturing and packaging 70% 70%Sdn. Bhd. of consumer products

Zeller Plastik (Malaysia) Sdn. Bhd. Manufacture and sale of 50.05% 50.05%flip top closure caps



112


*Plastic Centre Pte. Ltd. Manufacturing and trading of 70% 70%(Incorporated in Singapore) plastic bottles, containers and

conventional screw-onclosures and caps

PC Ventures Sdn. Bhd. Investment holding 70% 70%

Calmford Incorporated Investment holding 70% 70%(Incorporated in theBritish Virgin Islands)

Subsidiary of Packaging CentreServices Sdn. Bhd.

Noweia Industries Sdn. Bhd. Hire of machinery and equipment 56% 56%

Subsidiary of CalmfordIncorporated

*Jarrett Synergy Pty Ltd Manufacture and sale of metal 35.74% 35.74%(Incorporated in Australia) products

Associated company ofPC Ventures Sdn. Bhd.

*Teck See Plastic Sdn. Bhd. Custom manufacturing of 15.47% 15.47%plastic articles and products

Subsidiary of SadongDevelopment Sdn. Bhd.

Hotel Golden Dragon Sdn. Bhd. Property development 95% 95%

Subsidiary of Hotel GoldenDragon Sdn. Bhd.

Simpang Tiga Realty Sdn. Bhd. Property development 95% 95%

Subsidiaries of NagapuraManagement CorporationSdn. Bhd.

Acrylic Synergy Sdn. Bhd. Inactive 81% 81%

Syarikat Fit and Weld Welding and steel fabrication 70% 70%Engineering (M) Sdn. Bhd. contractor

*e-go.com Sdn. Bhd. Provision of e-commerce 60% –applications and services

Subsidiary of Advance SynergyProperties Sdn. Bhd.

Synergy Realty Incorporated Investment holding 100% 100%(Incorporated in theBritish Virgin Islands)



113


Subsidiary of Synergy RealtyIncorporated

*Synergy Investments Property development and 70% 70%Australia Pty Ltd investment(Incorporated in Australia)

Subsidiaries of ExcellentDisplay Sdn. Bhd.

Super Leisure Sdn. Bhd. Operation and management 70% 70%of restaurants

Visage Synergy Sdn. Bhd. Dormant 70% 70%

Subsidiary of Excellent ArchSdn. Bhd.

Advance Synergy Furniture Manufacturing and marketing 100% 100%Sdn. Bhd. of furniture

Subsidiaries of SynergyCard & Payment ServicesSendirian Berhad

Gateway Card Services (Malaysia) Marketing of discount cards 51% 51%Sdn. Bhd.

Loyalty Card Services Sdn. Bhd. Marketing of loyalty cards 51% 51%

Datakey Sdn. Bhd. Dormant 51% –(Formerly known asQuantum Esteem Sdn. Bhd.)

Subsidiaries of Alangka-SukaHotels & Resorts Berhad

Alor Setar Holiday Villa Sdn. Bhd. Owns and operates 89.67% 89.67%Alor Setar Holiday Villa

Holiday Villa Travel & Tours Limousine services 99.63% 99.63%Sdn. Bhd.

Langkawi Holiday Villa Sdn. Bhd. Owns and operates 99.63% 99.63%Langkawi Holiday Villa Resort

Mayor Hotels Berhad Owns and operates 99.63% 99.63%City Villa Kuala Lumpur

Cherating Holiday Villa Berhad Owns and operates 99.63% 99.63%Cherating Holiday Villa Resort

Antara Holiday Villas Sdn. Bhd. Hotel management services 99.63% 99.63%

*Suntop Corporation Sdn. Bhd. Dormant 99.63% 99.63%



114


Asbina Hotel & Property Sdn. Bhd. Leasehold owner of 76.32% 99.63%Monorom Holiday Villa,Phnom Penh

Asbina Hotel & Property (Vietnam) Dormant 99.63% 99.63%Sdn. Bhd.

Holiday Villas International Limited Hotel management services 99.63% 99.63%(Incorporated in theBritish Virgin Islands)

Alangka-Suka International Limited Investment holding 99.63% 99.63%(Incorporated in theBritish Virgin Islands)

Grand Hotel Sudan Limited Leasehold owner of 99.63% –(Incorporated in the Grand Holiday Villa, KhartoumBritish Virgin Islands)

Subsidiary of Holiday VillasInternational Limited

*Holiday Villa (UK) Ltd Operates Pavilion 99.63% 99.63%(Incorporated in Holiday Villa, LondonEngland and Wales)

Subsidiaries of Alangka-SukaInternational Limited

Asbina Shenzhen Limited Dormant 89.67% 89.67%(Incorporated in theBritish Virgin Islands)

*Grand Holiday Villa Khartoum Operates Grand Holiday Villa, 99.63% 99.63%Co. Ltd. Khartoum(Incorporated in theRepublic of Sudan)

*Interwell International Limited Owns Pavilion Holiday Villa, 99.63% 99.63%(Incorporated in the LondonBritish Virgin Islands)

Subsidiary of Asbina Hotel &Property Sdn. Bhd.

*Asbina Hotel & Property Operates Monorom 76.32% 99.63%(Cambodia) Pte. Ltd. Holiday Villa, Phnom Penh(Incorporated in the Kingdomof Cambodia)



115


Subsidiary of InterwellInternational Limited

*Interwell Management Limited Dormant 99.63% 99.63%(Incorporated inEngland and Wales)

Associated companies of theCompany

*ACE Synergy Insurance Berhad Underwriting of general 49% 49%(Formerly known as insurancePerdana CIGNA InsuranceBerhad)

Diversified Gain Sdn. Bhd. Investment holding 50% 50%

Subsidiary of Diversified GainSdn. Bhd.

Inter-Pacific Travel & Tours Travel and tour agent and 50% 50%Sdn. Bhd. licensed money changer

Subsidiaries of Inter-PacificTravel & Tours Sdn. Bhd.

Inter-Pacific Leisure Sdn. Bhd. Travel and tour agent 50% 50%

Inter-Pacific Travel & Tours Dormant 50% 50%(Penang) Sdn. Bhd.

Inter-Pacific Travel & Tours Dormant 50% 50%(Sabah) Sdn. Bhd.

Columbus Travel & Tours Sdn. Bhd. Travel and tour agent 50% 50%

Motorsports Adventure Sdn. Bhd. Conduct motorsports adventure 50% 50%and related activities

Marketing and Event Management Event organising, planning 50% 50%Integrated Sdn. Bhd. and management; and

development of marketingand advertising strategies

*Companies not audited by BDO Binder.

44. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

Group

(i) On 2 February 1999, United Merchant Group Berhad (“UMG”), a subsidiary company, submitted anapplication to the Corporate Debt Restructuring Committee (“CDRC”) to seek assistance in therestructuring of UMG’s existing borrowings.



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44. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONTINUED)

(ii) On 19 February 1999, United Merchant Finance Berhad (“UMF”), a wholly-owned subsidiary companyof UMG, repaid RM450 million out of the RM800 million Exchangeable Subordinated Capital Loan(“ESCL”) granted by Danamodal Nasional Berhad (“Danamodal”). Subsequently on 31 March 1999,UMF repaid a further RM33 million, leaving the outstanding balance of the ESCL at RM317 million.

(iii) On 31 March 1999, UMF entered into a Subscription Agreement with Danamodal in respect of theproposed subscription by Danamodal of 317 million Irredeemable Non-Cumulative ConvertiblePreference Shares (“INCPS”) of RM1.00 each in UMF, which will be satisfied by the setting off of theremaining RM317 million of ESCL.

In view of the proposed merger of UMF with Southern Bank Berhad (“SBB”) and following therepayment of the outstanding RM317 million of ESCL by UMF to Danamodal on 16 August 1999,UMG, UMF and Danamodal had mutually agreed to nullify the following duly executed agreements :-

(a) Shareholders’ Agreement;

(b) UMG Call Option Agreement;

(c) Call Option Agreement;

(d) Put Option and Exchange Agreement; and

(e) Subscription Agreement.

(iv) Bank Negara Malaysia (“BNM”) had on 8 July 1999 gave its approval for UMG to commencenegotiations with SBB on the proposed disposal of its entire 43.53% equity interest comprising74,524,000 ordinary shares in Ban Hin Lee Bank Berhad (“BHLB”) for a total cash consideration ofRM372,620,000 (“Proposed Disposal of BHLB”). On 5 August 1999, UMG had entered into a Saleand Purchase Agreement with SBB in relation to the Proposed Disposal of BHLB.

The said Sale and Purchase Agreement had on 11 October 1999 became unconditional and thesale consideration was fully paid to UMG on 19 October 1999.

(v) Following the completion of the sale of BHLB to SBB, UMG had utilised the major portion of the saleproceeds to repay all its bank borrowings, hence, the Corporate Restructuring Scheme of UMGwhich was previously submitted to the CDRC on 2 February 1999 was withdrawn.

(vi) On 3 August 1999, BNM had granted approval for UMG to commence negotiations with SBB for theproposed merger of its banking subsidiaries, UMF, Perdana Merchant Bankers Berhad (“PMBB”)and Perdana Finance Berhad (“PFB”) with SBB Group.

On 13 August 1999, UMF, PMBB and PFB had each entered into a memorandum of understandingwith SBB to negotiate the terms and conditions of their respective definitive merger agreements.

(vii) On 9 September 1999, Pengurusan Danaharta Nasional Berhad had appointed SpecialAdministrators (“SA”) to manage the assets and affairs of Advance Synergy Furniture Sdn. Bhd.(“ASF”), a wholly-owned subsidiary company. The SA shall prepare and submit a proposal toPengurusan Danaharta Nasional Berhad for ASF to continue as a going concern. In order to preservethe assets of ASF until the SA are able to complete their task, a twelve-months moratorium on anylegal action by creditors has taken effect immediately upon the appointment of the SA.

Company

(viii) On 8 January 1999, the Company submitted an application to the CDRC for assistance in therestructuring of the bank borrowings of its and certain of its subsidiary companies.

(ix) On 20 April 1999, the Company received approval from BNM to enter into negotiations pertaining toa proposed exercise involving the Company’s 50.75% equity interest in UMG. Subsequently, theCompany has ceased negotiation in respect of this matter.


117


44. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONTINUED)

(x) On 27 April 1999, the Company entered into a Sale and Purchase Agreement with Inisiatif IkhlasSdn. Bhd. (“IISB”) to dispose of its entire equity interest representing 70% of the paid-up capital ofPlastic Centre Sdn. Berhad (“PCSB”) for a cash consideration of RM28.0 million (“the ProposedDisposal of PCSB”). In conjunction with the Proposed Disposal of PCSB, the Company shall acquirethe equity interests in two of PCSB’s subsidiary companies namely, PC Ventures Sdn. Bhd., 49%(“the Proposed Acquisition of PCV”); and Calmford Incorporated, 100% for cash considerations ofRM14,002,584 and RM1.00 respectively.

The cash consideration for the Proposed Disposal of PCSB shall be partly satisfied by IISB assumingthe debts due from the Company to PCSB amounting to a total of RM22.96 million which comprisesRM14,002,584 being the consideration for the Proposed Acquisition of PCV and about RM8.96million being settlement of inter-company advance due to PCSB. The balance of the cashconsideration shall be settled by IISB to the Company.

(xi) On 1 October 1999, the Company entered into a Restructuring Agreement with several financialinstitutions (“Lenders”) to restructure the Company’s and certain of its subsidiary companies’ bankborrowings by issuance of redeemable loan stocks and convertible loan stocks, both with detachablewarrants (“Proposed Restructuring of Bank Borrowings”). A proposed renounceable restricted offerfor sale of the detachable warrants by the Lenders to the stockholders of the Company (“ProposedROS”) will be undertaken after the Proposed Restructuring of Bank Borrowings. The approvals fromBNM, Securities Commission and Foreign Investment Committee have been obtained for both theProposed Restructuring of Bank Borrowings and Proposed ROS.

The Proposed Restructuring of Bank Borrowings and Proposed ROS are pending approval from thestockholders of the Company.

45. SIGNIFICANT EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE

Group

(i) On 6 January 2000, UMG entered into a Sale of Shares Agreement with SBB to dispose of its entireequity interest representing 100% of the paid up capital of UMF comprising 229,000,000 ordinaryshares of RM1.00 each for a provisional cash consideration of RM319,414,800 subject to the finalconsideration to be based on “Actual Consideration” as defined in the Sale of Shares Agreement.

(ii) On 2 February 2000, PMBB had obtained the approval from BNM to repay the existing RM50 millionof ESCL granted by Danamodal by way of obtaining an Unsecured Subordinated Loan (“USL”) ofRM15 million from UMG. The USL is qualified as Tier II Capital for the purpose of determining thecapital adequacy ratio of PMBB. Accordingly, PMBB had on 3 February 2000 fully repaid the ESCL toDanamodal.


118


46. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

A. Disposal of a subsidiary company

The fair value of net assets disposed of were as follows :-1999 1998

RM’000 RM’000

Fixed assets – 52,699Hotel properties – 245,614Current assets – 13,749Liabilities – (111,862)Exchange translation adjustment – (7,331)Minority interests – (15,982)

– 176,887Less: Reserve arising on consolidation – (23,706)

– 153,181Add: Gain on disposal of a subsidiary company – 12,386

Net of cash and cash equivalents disposed – 165,567

B. During the financial year, the Group acquired fixed assets with an aggregate cost of RM20,127,000of which RM926,000 was acquired by means of hire purchase. Cash payments of RM19,201,000were made to purchase the assets.

C. Acquisition of subsidiary companies and incorporation of unconsolidated subsidiary companieswere as follows :-

1999 1998RM’000 RM’000

Net assets acquired – 5,841Net goodwill on acquisition of subsidiary companies – 124

Purchase consideration discharged by cash – 5,965Less: Cash and cash equivalents acquired – (11,439)

Net of cash and cash equivalents acquired – (5,474)

D. Cash and cash equivalents included in the consolidated cash flow statement at the end of thefinancial year comprise the following :-

1999 1998RM’000 RM’000

Cash and short term funds 646,690 587,718Bank overdrafts (20,366) (100,820)

Cash and cash equivalents as previously reported 626,324 486,898Effect of exchange rate changes –000 6,471

626,324 493,369


119


In the opinion of the directors, the accounts set out on pages 76 to 118 are drawn up in accordance withapplicable approved accounting standards so as to give a true and fair view of :-

(i) the state of affairs of the Group and the Company as at 31 December 1999 and their results for thefinancial year then ended; and

(ii) the cash flow of the Group for the financial year ended 31 December 1999.

On behalf of the Board,

DATO’ AHMAD SEBI BAKAR )) DIRECTORS

AZNAN BIN HAJI ISMAIL )


SNG NGIAP KOONI, .........................................................., being the officer primarily responsible for the financial management of

ADVANCE SYNERGY BERHAD, do solemnly and sincerely declare that the accounts set out on pages 76 to 118are, to the best of my knowledge and belief, correct and I make this solemn declaration conscientiouslybelieving 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 ) SNG NGIAP KOONthis 25 April 2000 )

Before me :-

TUAN HAJI ALI BIN ISA A.M.N.No. W 063

COMMISSIONER FOR OATHSMalaysia

Statutory Declaration

Statement by Directors

120


We have audited the accounts set out on pages 76 to 118. The preparation of the accounts is the responsibilityof the directors. Our responsibility is to express an opinion on the accounts based on our audit.

We conducted our audit in accordance with approved standards on auditing. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the accounts are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosuresin the accounts. An audit also includes assessing the accounting principles used and significant estimatesmade by the directors, as well as evaluating the overall accounts presentation. We believe that our auditprovides a reasonable basis for our opinion.

In our opinion:-

(a) the accounts have been properly drawn up in accordance with applicable approved accounting standardsand the Companies Act, 1965 so as to give a true and fair view of the state of affairs of the Group and theCompany as at 31 December 1999 and of their results and the cash flow of the Group for the financial yearthen ended; and

(b) the accounting and other records and the registers required by the Act to be kept by the Company and itssubsidiary companies for which we have acted as auditors have been properly kept in accordance with theprovisions of the Act.

We have considered the accounts and the Auditors’ Reports of all the subsidiary companies of which we havenot acted as Auditors, as indicated in Note 43 to the Accounts, being accounts which are included in theconsolidated accounts.

We are satisfied that the accounts of the subsidiary companies that have been consolidated with the Company’saccounts are in form and content appropriate and proper for the purposes of the preparation of the consolidatedaccounts and we have received satisfactory information and explanations required by us for those purposes.

The Auditors’ Reports on the accounts of the subsidiary companies which were consolidated were not subjectto any qualification and did not include any comment made under sub-section (3) of Section 174 of the Act.

BDO BinderAF : 0206Public Accountants

Siew Kah Toong1045/3/02 (J)Partner


Report of The Auditorsto the members of Advance Synergy Berhad

121


MODAL SAHAM DIBENARKAN : RM800,000,000 dibahagikan kepada 800,000,000 saham biasa RM1.00 setiapsatu.

AUTHORISED SHARE CAPITAL : RM800,000,000 divided into 800,000,000 ordinary shares of RM1.00each.

MODAL DITERBITKAN DAN : RM337,793,619 dibahagikan kepada 337,793,619 saham biasa dan di-DIBAYAR PENUH tukarkan kepada unit stok pada RM1.00 setiap satu.

ISSUED AND FULLY PAID-UP : RM337,793,619 divided into 337,793,619 ordinary shares and convertedCAPITAL 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 Bilangan % pemegang Bilangan % modal stokpemegangan stok pemegang stok stok unit stok diterbitkan

Size of No. of % of No. of % of issuedstockholdings stockholders stockholders stock units stock capital

1 – 499 791 2.19 186,429 0.06500 – 5,000 26,743 74.01 61,602,660 18.24

5,001 – 10,000 4,700 13.01 39,226,200 11.6110,001 – 100,000 3,685 10.20 95,605,906 28.30

100,001 – 1,000,000 193 0.53 43,850,105 12.98Melebihi/Above 1,000,000 24 0.06 97,322,319 28.81

36,136 100.00 337,793,619 100.00

PEMEGANG-PEMEGANG STOK UTAMASUBSTANTIAL STOCKHOLDERS

Bilangan unit stok Peratusandipegang atau mempunyai stok modal

kepentingan benefisial yang diterbitkan

No. of stock units PercentageNama pemegang-pemegang stok utama held or beneficially of issuedName of substantial stockholders interested in stock capital

Malpac Nominees (Tempatan) Sdn Bhd a & b 57,997,682 17.17

Dato’ Ahmad Sebi Bakar 42,471,118 12.57

Suasana Dinamik Sdn Bhd 15,912,099 4.71

Bright Existence Sdn Bhd 11,539,010 3.42

Syarikat Nominee Bumiputra (Tempatan) Sdn Bhd a & c 10,603,545 3.14

HLB Nominees (Tempatan) Sdn Bhd a & d 8,607,000 2.55

Lim Hong Liang 8,410,241 2.49

a Sebagai pemegang amanah tanpa kepentinganAs bare trustee

b Yang mana 11,539,010 unit stok dipegang untuk Bright Existence Sdn Bhd dan 15,912,099 unit stok dipegang untukSuasana Dinamik Sdn BhdOf which 11,539,010 stock units are held for Bright Existence Sdn Bhd and 15,912,099 stock units are held for SuasanaDinamik Sdn Bhd

c Yang mana 10,500,000 unit stok dipegang untuk Malpac Securities Sdn BhdOf which 10,500,000 stock units are held for Malpac Securities Sdn Bhd

d 8,607,000 unit stok dipegang untuk Dato’ Ahmad Sebi BakarThe 8,607,000 stock units are held for Dato’ Ahmad Sebi Bakar

Statistics on Stockholdings As At 16 May 2000

Statistik Pemegangan Stok Pada 16 Mei 2000

122


SENARAI 20 PEMEGANG-PEMEGANG STOK TERBANYAKLIST OF TOP 20 STOCKHOLDERS

Bilangan unit stok PeratusanNumber of stock units Percentage

Malpac Nominees (Tempatan) Sdn Bhd 12,475,909 3.69Pledged securities account for Suasana Dinamik Sdn Bhd(A0319)

Syarikat Nominee Bumiputra (Tempatan) Sdn Bhd 10,500,000 3.11Pledged securities account for Malpac Securities Sdn Bhd(3349 SBAN)

Malpac Nominees (Tempatan) Sdn Bhd 8,909,000 2.64Pledged securities account for Bright Existence Sdn Bhd(A0318)

HLB Nominees (Tempatan) Sdn Bhd 8,607,000 2.55Pledged securities account for Dato’ Ahmad Sebi Bakar(KLM319-6)

Lim Hong Liang 6,429,241 1.90

Mayban Nominees (Tempatan) Sdn Bhd 6,021,982 1.78Pledged securities account for Malpac Securities Sdn Bhd(505019329195)

Malpac Nominees (Tempatan) Sdn Bhd 5,899,397 1.75Pledged securities account for Eighth Review (M) Sdn Bhd(A0327)

Cartaban Nominees (Tempatan) Sdn Bhd 5,800,000 1.72Pledged securities account for Malpac Securities Sdn Bhd

HDM Nominees (Tempatan) Sdn Bhd 5,000,000 1.48Vickers Ballas & Company Pte Ltd for Malpac SecuritiesSdn Bhd

Chan Sai Kim 4,166,000 1.23

Mayban Finance Berhad 2,751,800 0.82Pledged securities account for Choo Keng Kit

SJ SEC Nominees (Tempatan) Sdn Bhd 2,510,000 0.74Pledged securities account for Tan Saw Sim

Tan Kim Wah 2,072,000 0.61

Perbadanan Kemajuan Negeri Kedah 2,013,090 0.60

Malpac Nominees (Tempatan) Sdn Bhd 1,981,000 0.59Megasys Sdn Bhd

AFFIN-UOB Nominees (Tempatan) Sdn Bhd 1,950,000 0.58Pledged securities account for Siau Teng Chong

SJ SEC Nominees (Tempatan) Sdn Bhd 1,935,000 0.57Pledged securities account for Chan Sai Kim

Braham Trading Inc 1,300,000 0.38

Tay Teck Ho 1,300,000 0.38

RHB Nominees (Tempatan) Sdn Bhd 1,240,200 0.37ING Barings South East Asia Ltd for Lim Beng Keat

92,861,619 27.49

Statistik Pemegangan Stok Pada 16 Mei 2000

Statistics on Stockholdings As At 16 May 2000

123


Lokasi / LocationKeterangan /Description

LuasKawasan /Land Area

Anggaranusia– Tahun /Approx.age– Years

Pemegangan /Tenure

Nilai BukuBersih /Net BookValue(RM’000)

Harta Kumpulan pada 31 Disember 1999 adalah seperti berikut :-

The properties of the Group as at 31 December 1999 are as follows :-

Lot 6064 & 6065Jalan Haji Abdul MananBatu 5 1/2, Jalan Meru41050 KlangSelangor Darul Ehsan

EMR 5568 Lot 2251Mukim Kapar, Pekan MeruKlang, Selangor Darul Ehsan

30-42, Regency RoadKilkennySouth Australia, 5009

CL 135193725Daerah KeningauUlu Patikang, Sabah

CL 135326055Daerah KeningauUlu Patikang, Sabah

Geran No. NT 11362,NT 11363, NT 11364,NT 11365 danNT 023150843Daerah PaparKampung Lanas, Sabah

Geran No. NT 9320Daerah PaparKampung Kimanis, Sabah

Tanah mengandungi :– Pejabat 3 tingkat– 4 kilang– 1 kantin– Rumah pangsa

pekerja 3 tingkatLand consist of :– 3 storey office– 4 factory buildings– 1 canteen– 3 storey workers’ flat

Tanah pertanianAgricultural land

Tanah industri ringanbeserta pejabat, bilikpameran dan kilangLight industry land withoffice, showroom andfactory

Tanah dengan bangsalbalak dan tempat tinggalpekerjaLand with timber shedand staff quarters

Tanah dengan kilangpapan, bangsal balak,pejabat, tempat tinggaldan bilik generatorLand with sawmill,timber shed, officebuilding, quarters andgenerator set room

Tanah kosongVacant land


10ekar/acres

1/2ekar/acres

20,850m. persegi/

sq. m.

10.25ekar/acres

9.22ekar/acres

61ekar/acres

11.73ekar/acres

5

–

–

17 1/2

17 1/2

–

–

BebasPerpetual term

Tanah pajakan tamatpada 2023Leasehold landexpiring in 2023

BebasPerpetual term



BebasPerpetual term

BebasPerpetual term

12,280

48

7,935

116

335

186

53

List of Properties As At 31 December 1999

Senarai Harta Pada 31 Disember 1999

124


Geran No. CL 025282571Daerah PaparKampung Kimanis, Sabah

Geran No. CL 0135326046Daerah KeningauUlu Patikang, Sabah

1C, Jalan Air Jernih23000 Kuala TerengganuTerengganu Darul Iman

655, Jalan Kota Jaya LuarSimpang, TaipingPerak Darul Ridzuan

30, Jalan TerentangRembauNegeri Sembilan Darul Khusus

27, Jalan Jejaka TujuhTaman Maluri, Jalan Cheras55100 Kuala Lumpur

AG 9495Jalan Simpang Empat78000 Alor Gajah, Melaka

61-62, Jalan Ibrahim80000 Johor BahruJohor Darul Takzim

87-88, Jalan Rahmat83000 Batu PahatJohor Darul Takzim

753, Jalan TaibPontian KecilJohor Darul Takzim

No. 62, Jalan SS 2/6047300 Petaling JayaSelangor Darul Ehsan

80 & 82, Jalan Bendahara75100 Melaka

Tanah KosongVacant land

Tanah dengan kilangpapan, bangsal balak,pejabat, tempat tinggaldan bilik generatorLand with sawmill,timber shed, officebuilding, quarters andgenerator set room

Rumah kedai 3 1/2tingkat3 1/2 storey shophouse

Rumah kedai 2 tingkat2 storey shophouse









19.61ekar/acres

75.70ekar/acres

111m. persegi/

sq. m.

393m. persegi/

sq. m.

201m. persegi/

sq. m.

205m. persegi/

sq. m.

149m. persegi/

sq. m.

190m. persegi/

sq. m.

307m. persegi/

sq. m.

184m. persegi/

sq. m.

211m. persegi/

sq. m.

569m. persegi/

sq. m.

–

9

15

21

15

14

15

9

17

16

19

14



BebasPerpetual term


BebasPerpetual term


BebasPerpetual term

BebasPerpetual term

BebasPerpetual term

BebasPerpetual term

BebasPerpetual term

BebasPerpetual term

70

1,619

624

339

303

838

240

1,652

1,160

642

1,544

2,308




Pemegangan /Tenure




125


No. 2, Jalan MuthupalaniappaBukit Mertajam, Seberang PraiPulau Pinang

No. 1, Jalan Bidor RayaOff Jalan Persatuan35000 BidorPerak Darul Ridzuan

Fasa 7A 2Bukit Rahman PutraSungai BulohSelangor Darul Ehsan

1552, Jalan Kota05000 Alor SetarKedah Darul Aman

Sri Dagangan KuantanBusiness Centre, (Phase 2)Jalan Tun Ismail25000 KuantanPahang Darul Makmur

No. 202A-3, Jalan Burmah10250 Pulau Pinang

No. 55, Bandar BaruFasa 2, Daerah Kuala KangsarKuala KangsarPerak Darul Ridzuan

Lot 23 & 24, Sek 87Jalan Tun RazakMukim Kuala Lumpur

H.S. (D) 1716 / 90PT 26 Sek 5Bandar Alor SetarKedah Darul Aman

H.S. (D) 41 / 1975 Plot 41Kubang Pasu, JitraKedah Darul Aman

H.S. (D) 4592, Lot No. 94Kawasan BandarDaerah Melaka TengahMelaka

H.S. (D) No. 45001P.T. No. 42252, PandamaranDaerah Kelang, KlangSelangor Darul Ehsan



Rumah kedai 3 tingkatberserta besmen3 storey shophouseplus sub-basement



Bangunan pejabat 4tingkat4 storey office



Bangunan pejabat 4tingkat4 storey office building

Rumah kedai 2 tingkatDouble-storeyshophouse



521m. persegi/

sq. m.

301m. persegi/

sq. m.

153m. persegi/

sq. m.

94m. persegi/

sq. m.

130m. persegi/

sq. m.

861m. persegi/

sq. m.

123m. persegi/

sq. m.

3,518m. persegi/

sq. m.

249m. persegi/

sq. m.

166m. persegi/

sq. m.

226m. persegi/

sq. m.

139m. persegi/

sq. m.

15

20

2

29

3

7

8

Belum di-bangunkan

Pendingdevelop-

ment

14

13

5

3

BebasPerpetual term


BebasPerpetual term


BebasPerpetual term

BebasPerpetual term


BebasPerpetual term


BebasPerpetual term


BebasPerpetual term

3,504

676

801

470

718

3,132

235

17,394

792

214

595

681




Pemegangan /Tenure




126


Sadong Jaya, KaramunsingDaerah Kota Kinabalu

Sadong Jaya, KaramunsingDaerah Kota Kinabalu

Lot 866, Seksyen 64Kuching, Town Land DistrictSarawak

Lot 867 & 1571, Seksyen 64Kuching, Town Land DistrictSarawak




Lot 6162, 6171-6177Seksyen 65, KuchingTown Land District, Sarawak

Lot 3842 dan 3843Seksyen 65, KuchingTown Land District, Sarawak

Tanah dengan 11 unitrumah kedai 4 tingkatLand with 11 units 4storey shophouses

Tanah kosong dipeganguntuk pembangunanakan datangVacant land held forfuture development



Tanah dipegang untukpembangunan kediamandan komersilLand held for residential& commercialdevelopment

Tanah dipegang untukpembangunan kediamandan komersilLand held forresidential &commercialdevelopment

Tanah dipegang untukpembangunan kediamandan komersilLand held forresidential &commercialdevelopment

8 bidang tanah kosonguntuk pembangunankediaman8 parcels of vacantdetached land held forresidential development

Bangunan teres 2tingkat untuk tujuankomersil dan kediaman2 storey terracedbuilding for commercialand residentialpurposes

1,182m. persegi/

sq. m.

4,667m. persegi/

sq. m.

2,792m. persegi/

sq. m.

7,486m. persegi/

sq. m.

39.70ekar/acres

51.95ekar/acres

4.87ekar/acres

1.69ekar/acres

0.03ekar/acres

11

–

–

–

58

68

58

1 1/2

11










7,591

7,825

327

5,564

18,695

13,339

4,404

807

600




Pemegangan /Tenure




127


PT 754, Mukim RasaDaerah Ulu SelangorSelangor Darul Ehsan

Geran Mukim 210Lot 1762, Mukim Batang KaliDaerah Ulu SelangorSelangor Darul Ehsan

GM1126 Lot 1301,GM424 Lot 1302,GM857 Lot 1303,GM405 Lot 1305,HS(M) 1096 PT 1300 &HS(M) 1082 PT 1303Mukim Sungai KarangCheratingPahang Darul Makmur

CT 1320 Lot No. 2735Mukim Kuala KuantanCheratingPahang Darul Makmur

Lot 1901, 1902, 1698, 1699& PT 344Mukim KedawangKedah Darul Aman

Lot 1093 Mukim SemilingDaerah Kuala MudaKedah Darul Aman

Geran 85, Lot 203469, Jalan Haji Hussein50300 Kuala Lumpur

H.S. (D) 1100 / 1985Geran 7040, Lot 162Bandar Alor SetarDaerah Kota SetarKedah Darul Aman

Pavilion Hotel35-39 Leinster GardenLondon W2 3AR

25ekar/acres

2ekar/acres

15ekar/acres

16ekar/acres

13.20ekar/acres

20ekar/acres

3,214m. persegi/

sq. m.

6,882m. persegi/

sq. m.

990m. persegi/

sq. m.

4 1/2

–

6 1/2-12

–

7

–

24

4

149


BebasPerpetual term

BebasPerpetual term

BebasPerpetual term

BebasPerpetual term

BebasPerpetual term

BebasPerpetual term


BebasPerpetual term

33,837

276

22,787

179

47,110

228

33,434

29,736

46,575

Gudang, loji danbangunan pejabatWarehouse, plant andoffice building


Tanah dengan hotel,kemudahan rekreasi,restoran dan blokapartmenLand with hotel,recreational facilities,restaurants andapartment block


Tanah dengan hotel,kemudahan rekreasi danrestoranLand with hotel,recreational facilitiesand restaurants


Tanah denganbangunan komersil 18tingkatLand with 18 storeycommercial building

Tanah dengan hotel,kemudahan rekreasi danrestoranLand with hotel,recreational facilitiesand restaurants

Premis hotelHotel premises




Pemegangan /Tenure




Saya/KamiI/We .............................................................................................................................................................................

(Huruf Besar/Block Letters)dariof...............................................................................................................................................................................................sebagai Ahli/Ahli-ahli ADVANCE SYNERGY BERHAD dengan ini melantikbeing a Member/Members of ADVANCE SYNERGY BERHAD hereby appoint

..................................................................................................................................................................................................dariof............................................................................................................................................................................................atau jika beliau tidak dapat hadir, PENGERUSI MESYUARAT sebagai proksi saya/kami dan bagi pihak saya/kami padaMesyuarat Agung Tahunan Syarikat yang akan diadakan di Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein,50300 Kuala Lumpur pada hari Isnin, 26 Jun 2000, jam 10.30 pagi dan pada sebarang penangguhannya, dan untuk mengundiseperti yang dinyatakan di bawah:-

or failing him, THE CHAIRMAN OF THE MEETING as my/our proxy to vote for me/us and on my/our behalf at the AnnualGeneral Meeting of the Company to be held at the Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300Kuala Lumpur on Monday, 26 June 2000 at 10.30 a.m. and at any adjournment thereof, and thereat to vote as indicatedbelow:-Sila tanda dengan ( P ) sebagaimana anda mahu undi anda diundi.Please indicate with ( P ) how you wish your vote to be cast.

Bertarikh haribulan 2000.Dated this day of

Bilangan unit stok dipegangNo. of stock units held ..........................................................

Tandatangan / Signature

BIL. RESOLUSI MENYOKONG MENENTANGNO. RESOLUTION FOR AGAINST

1. Meluluskan Laporan Para Pengarah dan Akaun bagi tahun berakhir31 Disember 1999.

The adoption of the Directors’ Report and the Accounts for the yearended 31 December 1999.

2. Untuk meluluskan pembayaran fi Para Pengarah.

To approve the payment of Directors’ fees.

3. Pelantikan semula Para Pengarah :-

The re-election of Directors :-

MASRI KHAW BINTI ABDULLAH

SNG CHONG KHIAN

4. Pelantikan semula BDO Binder sebagai juruaudit dan memberikuasa kepada Para Pengarah untuk menetapkan imbuhan mereka.

The re-appointment of BDO Binder as auditors and to authorisethe Directors to fix their remuneration.

5. Pemberian kuasa kepada Para Pengarah untuk memperumpuk danmenerbitkan unit-unit stok baru selaras dengan Seksyen 132DAkta Syarikat, 1965.

Authorisation for Directors to allot and issue new stock units pursuant toSection 132D of the Companies Act, 1965.

Nota:

(1) Seorang ahli Syarikat yang layak untuk menghadiri dan mengundi dalammesyuarat agung layak untuk melantik seorang proksi untuk menghadiri danmengundi bagi pihak dirinya. Seorang proksi tidak semestinya seorang ahliSyarikat.

(2) Instrumen pelantikan proksi bagi individu hendaklah ditandatangani oleh pelantikatau peguamnya yang telah diberi kuasa dan bagi syarikat, instrumen pelantikanproksi mestilah dengan menggunakan meterai syarikat atau ditandatanganioleh seorang pegawai atau peguam yang telah diberi kuasa.

(3) Bagi pemegang bersama, borang proksi yang ditandatangani oleh penamapertama pemegang stok di dalam Daftar Ahli akan diterima sebagai mewakilipemegang bersama unit stok lain.

(4) Instrumen pelantikan proksi mesti dihantar ke Pejabat Berdaftar Syarikat diParas 29, Menara Shahzan Insas, 30 Jalan Sultan Ismail, 50250 Kuala Lumpurtidak lewat daripada 48 jam sebelum masa yang ditetapkan untuk mengadakanmesyuarat atau sebarang penangguhannya.

(5) Jika tidak dinyatakan sama ada untuk mengundi “MENYOKONG” atau“MENENTANG”, proksi akan mengundi atau berkecuali daripada mengundimengikut budi bicaranya.

Notes:

(1) A member of the Company entitled to attend and vote at the general meeting isentitled to appoint a proxy to attend and vote in his/her stead. A proxy need notbe a member of the Company.

(2) The instrument appointing a proxy in the case of an individual shall be signedby the appointer or his/her attorney duly authorised and in the case of a corpo-ration, the instrument appointing a proxy must be under its common seal orunder the hand of an officer or attorney duly authorised.

(3) In the case of joint holders, the proxy form signed by the first named stock-holder in the Register of Members shall be accepted to the exclusion of theother registered joint holder(s) of the stock units.

(4) The instrument appointing a proxy must be deposited at the Registered Officeof the Company at Level 29, Menara Shahzan Insas, 30 Jalan Sultan Ismail,50250 Kuala Lumpur not less than 48 hours before the time appointed for hold-ing the meeting or any other adjournment thereof.

(5) If neither “FOR” nor “AGAINST” is indicated above, the proxy will vote orabstain from voting at his/her discretion.

Proxy Form

Borang Proksi

SETIAUSAHATHE SECRETARYADVANCE SYNERGY BERHADLEVEL 29, MENARA SHAHZAN INSAS30, JALAN SULTAN ISMAIL50250 KUALA LUMPURMALAYSIA

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