kenyataan kawalan dalaman - 0359211619870.pdf...pengenalpastian dan penilaian kawalan dalaman -...

51laporan tahunan2010annual report

risiko-risiko penting berkaitandengan bidang-bidang perniagaanmereka, serta reka bentuk danoperasi kawalan dalaman yangsesuai dalam menguruskan risiko-risiko ini.

• Jawatankuasa Audit, melalui JabatanAudit Dalaman Petra PerdanaBerhad, memeriksa keberkesanansistem kawalan dalaman Kumpulan.Jabatan Audit Dalaman menerimapakai pendekatan berasaskan risikodalam mengenal pasti bidang-bidangkeutamaan bagi perlantikan jaminan.

• Prestasi kewangan Syarikat bagisetiap suku tahunan adalah tertaklukkepada semakan oleh JawatankuasaAudit dan penyata kewangan tahunanoleh kedua-dua juruaudit dalamandan juruaudit luar. JawatankuasaAudit kemudiannya melaporkan danmembentangkan cadangan kepadaLembaga Pengarah.

Lembaga dan pengurusan komited untukmempertingkatkan sistem kawalandalaman Kumpulan secara berterusanuntuk memastikan ia kekal relevan,mencukupi dan berintegriti.

PENGURUSAN RISIKO

Terdapat proses pengurusan risikoberterusan untuk mengenal pasti,menilai, mengawal, memantau danmelaporkan risiko-risiko penting yangboleh mempengaruhi pencapaianobjektif perniagaan Kumpulan.

Proses ini sentiasa disemak semula olehLembaga dan selaras dengan Penyata

TANGGUNGJAWAB

Lembaga menyedari tanggungjawabnyauntuk mengekalkan sistem pengurusankawalan dalaman dan pengurusan risikoyang kukuh yang akan memberikanjaminan munasabah dalam memastikankeberkesanan dan kecekapan operasi,kebolehpercayaan pelaporan kewangandan pematuhan undang-undang danperaturan terpakai, untuk melindungikepentingan pemegang-pemegangsaham dan aset Kumpulan.

Sistem kawalan dalaman dirangka untukmenguruskan risiko Kumpulan dalamprofil risiko yang boleh diterima, danbukannya menghapuskan risikokegagalan untuk mencapai dasar danobjektif perniagaan Kumpulan, dan hanyaboleh memberikan jaminan munasabahtetapi tidak sepenuhnya terhadap salahnyataan material atau kerugian.

RANGKA KERJA SISTEM KE ATASKAWALAN DALAMAN

Elemen-elemen utama sistemkawalan dalaman Kumpulan adalahseperti berikut:

• Struktur organisasi yang jelasdengan bidang-bidangtanggungjawab dan pemberiankuasa yang jelas.

• Memusatkan kawalan fungsi utamaseperti hal-ehwal korporat, kewangan,cukai, undang-undang, sumbermanusia dan pengurusan risiko.

• Penglibatan pengurusan dalampengenalpastian dan penilaian

Kawalan Dalaman - Panduan bagiPengarah Syarikat Awam Tersenarai.

Proses ini melibatkan pelaksanaanbengkel-bengkel pengurusan risiko danpembangunan selanjutnya JadualPengurusan Risiko untuk mencakupi danmengutamakan profil-profil risikopenting, membahagikan tanggung-jawab ke atas risiko, mengenakan garismasa kepada kawalan pengurusan danrancangan tindakan, dan menyediakanpemantauan dan pelaporan risikoberterusan.

Lembaga, dengan kerjasamapengurusan, sentiasa mengambillangkah-langkah untuk mengukuhkansistem pengurusan risiko Kumpulansebagai satu cara untuk mencapaiobjektif perniagaan Kumpulan.

KAJIAN PENYATA OLEHJURUAUDIT LUAR

Juruaudit luar telah mengkaji PenyataKawalan Dalaman ini bagi dimasukkanke dalam Laporan Tahunan Kumpulanbagi tahun kewangan berakhir31 Disember 2010. Juruaudit luar telahmelaporkan kepada Lembaga bahawasepengetahuan mereka tiada apa-apayang menyebabkan mereka curigabahawa Penyata ini tidak konsistendengan kefahaman mereka mengenaiproses yang diterima pakai olehLembaga dalam mengkaji kecukupandan integriti sistem kawalan dalaman.

Penyata ini telah diluluskan olehLembaga Pengarah pada 28 April 2011.

Kenyataan Kawalan Dalaman

Petra Perdana Berhad52

Board of Directors’ Statement

effectively to the scope and complexity ofthe Group’s operations as a leading andpreferred offshore marine operator for theupstream oil and gas industry in theregion. The Malaysian Code onCorporate Governance states that “thereshould be a clearly accepted division ofresponsibilities at the head of thecompany which will ensure a balance ofpower and authority, such that no oneindividual has unfettered powers ofdecision”. The Company has appointedEn. Shamsul Saad as the ManagingDirector and his responsibilities as thechief executive officer (CEO) is to overseethe operations and affairs of the Board,providing leadership, strategic vision andmeeting immediate performance targetswithout neglecting longer-term growthopportunities of the Group. The Boardviews that a chairman who is anindependent non-executive director willprovide a balance to the influence of theCEO and have agreed not to combine theroles. The Board will ensure that thecandidate selected as the IndependentChairman has the experience,temperament and commitment to beeffective in his role.

The Board’s main duties include regularoversight of the Group’s businessoperations and financial performance andensuring that the infrastructure, internalcontrols, and risk management processesare firmly in place to assess and managebusiness risks, inter-alia, operational,credit, market and liquidity risks.

The Directors discharge their duties aseffective Board members with personaldedication of time and ability to bringnew and different perspectivesto the Board.

STATEMENT ON CORPORATEGOVERNANCE

The Board of Directors firmly believesthat good corporate governance is thekey to the improved long-termperformance of the Group and that asound governance structure isfundamental to safeguard the interests ofall its stakeholders.

THE BOARD OF DIRECTORS

Size and Composition

The Board comprises eight (8) Membersof whom four (4) are Executive Directorsand four (4) are Non-Executive Directors.

Three (3) of the Non-Executive Directorsare independent and meet theIndependent Director criteria as set out inthe Bursa Malaysia Securities Berhad(“Bursa Securities”) Listing Requirements.

The Independent Non-Executive Directorsare independent of Management andfree from any business or otherrelationship with the Company whichcould materially affect the exercise oftheir independent judgment. TheCompany had identified and appointedtwo (2) of the Independent Non-Executive Directors from the MinorityShareholders’ Watchdog Group’sIndependent Directors Pool. TheIndependent Non-Executive Directorsfacilitate the Board to exercise objectivejudgment independently in particularfrom the Management.

For the time being, the currentcomposition is well balanced and caters

The Board has identified GanesanSundaraj as the Senior IndependentDirector to whom concerns ofshareholders and other stakeholdersmay be conveyed.

Board Meetings and Supply ofInformation

The Board meets regularly, at least onceevery quarter to review the businessperformance of the Group.

Members of the Board deliberate and inthe process evaluate the potential risksand viability of business propositionsand corporate proposals that havesignificant impact on the Group’sbusiness or on its financial position.

The Chairman of the Audit Committeewill inform the Directors at Boardmeetings, matters and recommendationswhich the Audit Committee view ought tobe highlighted to the Board.

Board meetings are governed by astructured formal agenda and the agendafor each Board meeting and papersrelating to the agenda items areforwarded to all Directors for their perusalin advance of the date of the Boardmeeting. Board meeting papers circulatedto Directors include details of businesspropositions and corporate proposalsincluding where relevant, supportingdocuments such as professional advicefrom solicitors or advisers. The Directorsare thus able to peruse the Board papersand appraise the issues to be deliberatedat the Board meeting well before the dateof the meeting.


Director to chair the proceedings. This isto ensure there is a balance to theinfluence of the Executive Directors withno one individual having unfetteredpowers of decision.

The commitment of the Board ofDirectors in ensuring effective dischargeof their duties and responsibilities isreflected by the high number of Boardmeetings held during the financial yearended 31 December 2010.

During the financial year ended31 December 2010, the Board met12 times and the attendance record of thepresent Board members are as follows:

Namesof Directors Attendance

Shamsul Saad 11/12

Dato’ Kho Poh Eng 11/11(Appointed on 4/2/2010)

Koh Pho Wat 11/11(Appointed on 4/2/2010)

Ganesan Sundaraj 11/11(Appointed on 4/2/2010)

Surya Hidayat 10/11Abd Malik(Appointed on 4/2/2010)

Raja Anuar Raja 9/9Abu Hassan(Appointed on 18/3/2010)

Idris Zaidel 8/9(Appointed on 23/4/2010)

Hamdan Rasid 2/4(Appointed on 20/7/2010)

The Board has direct access to SeniorManagement and has complete andunimpeded access to informationrelating to the Company in the dischargeof their duties. The Directors may requireto be provided with further details orclarifications on matters tabled at Boardmeetings. Senior Management Officersare invited to attend the Board meetingsto update the Board on their respectiveportfolios and to brief the Directors onproposals submitted for the Board’sconsideration. Professional advisers,accountants and solicitors appointed bythe Company to advise on corporateproposals to be undertaken by theCompany would be invited to attendBoard meetings to render their adviceand opinion, and also to clarify anyissues raised by the Directors relating tothe corporate proposals tabled for theBoard’s consideration. The Directorshave the liberty to seek externalprofessional advice at the Company’sexpense, if they so require.

The Directors are also regularly updatedand advised by the Company Secretaryon new statutory and regulatoryrequirements relating to the discharge oftheir duties and responsibilities, includingamendments to the Listing Requirementsby Bursa Securities. Every Member of theBoard has ready and unrestricted accessto the advice and services of theCompany Secretary. The CompanySecretary attends all Board meetings andensures that accurate and proper recordsof the proceedings of Board meetingsand resolutions passed are kept.

Even though the Company has notappointed a Chairman of the Board, theDirectors at each Board Meeting willappoint an Independent Non-Executive

Directors’ Training and Education

The Group acknowledges that continuouseducation is vital for the Board membersto gain insight into the state of economy,technological advances and regulatoryupdates. The Directors are encouragedto attend continuous educationprogrammes to further enhance theirskills and knowledge, where relevant. AllDirectors including the newly appointedDirectors have completed the MandatoryAccreditation Programme pursuant to theListing Requirements of Bursa Securitiesand have been briefed by theManagement on the operations andpolicies of the Company to familiarizethemselves with the Company’s business.


Board of Directors’ Statement (cont’d)

During the financial year ended 31 December 2010, the following Directors attended the trainings as set out below:

Director Mode of Title of Training Duration ofTraining Training

Shamsul Saad Seminar Promoting the Corporate Governance Agenda – Raising the Bar 1 day

Raja Anuar Raja Seminar Malaysian Financial Reporting Standards - Recent Developments and Updates 2 daysAbu Hassan

Training Mandatory Accreditation Programme for Directors of Public Listed Companies 1½ days

Seminar Managing Assets Under IFRS/FRS 2 days

Idris Zaidel Seminar Malaysian Financial Reporting Standards – Recent Developments and Updates 2 days

Training Mandatory Accreditation Programme for Directors of Public Listed Companies 1½ days

Dato’ Kho Poh Eng Training Mandatory Accreditation Programme for Directors of Public Listed Companies 1½ days

Koh Pho Wat Training Mandatory Accreditation Programme for Directors of Public Listed Companies 1½ days

Surya Hidayat Training Mandatory Accreditation Programme for Directors of Public Listed Companies 1½ daysAbd Malik

Talk Evening talk on Corporate Governance 2 hours

Hamdan Rasid Training Mandatory Accreditation Programme for Directors of Public Listed Companies 1½ days

Workshop FRS 139 Workshop - Financial Instrument 1 day

Training Goods and Services Tax (GST) for Malaysia: The Right Approach to Taxation 1 day

Seminar MBA in Asset Allocation by Terappin Financial 2 days

Conference Amundi and Investment Conference 2010 – 1 day“Navigating through Market Turbulence- Investment Forum

Training Making A Difference 2 days

Ganesan Sundaraj Seminar Adoption of FRS 139- Financial Instruments Recognition & Measurement 1 day


ii. professionalism;iii. integrity; andiv. in the case of candidates for the

position of independentnon-executive Directors, thenominating committee shouldalso evaluate the candidates’ability to discharge suchresponsibilities/functions asexpected from independentnon-executive Directors.

c) To assess Directors on an on-goingbasis, the effectiveness of the Boardas a whole, the Committees of theBoard and the contribution of eachindividual Director.

d) To recommend to the Board,Directors to fill the seats on BoardCommittees.

e) To review annually the Board’s mix ofskills and experience and otherqualities including core competencieswhich non-executive Directors shouldbring to the Board.

f) To recommend to the Board forcontinuation (or not) in service ofexecutive Director(s) and Directors whoare due for retirement by rotation.

g) To orientate and educate newDirectors as to the nature of thebusiness, current issues within theCompany and the corporatestrategy, the expectations of theCompany concerning input from theDirectors and the generalresponsibilities of Directors.

Appointment of Board Membersand Terms of Reference ofNomination Committee

The proposed appointment of a newmember of the Board other than thosenominated by shareholders forappointment at the Annual GeneralMeeting and the proposed re-election ofexisting Directors who are seekingre-appointment or re-election at theannual general meeting of the Companywill be reviewed and assessed by theNomination Committee. The NominationCommittee will, upon its review andassessment, submit its recommendation onthe proposed appointment or re-electionof Directors to the Board for approval.

The Nomination Committee comprisesentirely of Independent Non-ExecutiveDirectors.

The responsibilities of the NominationCommittee are as follows:

a) To review regularly the Boardstructure, size and composition andmake recommendations to the Boardwith regard to any adjustments thatare deemed necessary.

b) To recommend for appointment to theBoard of Directors, candidates for alldirectorships to be filled by theshareholders or the Board, takinginto consideration the candidates’:

i. skills, knowledge, expertiseand experience;

The Nomination Committee upon itsrecent annual review carried out, issatisfied that the size of the Board issufficient for the Board to effectivelydischarge its roles and responsibilitiesfor the benefit of the Company and itsbusiness and that there is appropriatemix of skills and core competencies inthe composition of the Board.The Nomination Committee is satisfiedthat all the Members of the Board aresuitably qualified to hold their positionsas Directors of the Company in view oftheir respective academic andprofessional qualifications, experienceand qualities.

The Nomination Committee has alsoupon its recent annual review carriedout, concluded that all the Directors havereceived training during the financialyear ended 31 December 2010 that isrelevant and would serve to enhancetheir effectiveness in the Board.

Meetings of the Nomination Committeeare held as and when required.

Directors’ Remuneration andTerm of Reference ofRemuneration Committee

The Remuneration Committee carries outthe review of the overall remunerationpolicy for Executive Directors whereuponrecommendations are submitted to theBoard for approval. The Remuneration


package for each Executive Director,drawing from outside advice asnecessary.

b) To recommend to the Board anyperformance related pay schemes forExecutive Directors.

c) To review Executive Directors’ scopeof service contracts.

d) To consider the appointment of theservice of such advisers orconsultants as it deems necessary tofulfill its functions.

Meetings of the Remuneration Committeeare held as and when necessary.

Re-appointment and Re-electionof Director

The Articles of Association of theCompany provide that at every annualgeneral meeting, one-third of Directorsfor the time being and those appointedduring the financial year shall retire fromoffice and shall be eligible for re-election.

Committee and the Board ensure that theCompany’s remuneration policy remainssupportive of the Company’s corporateobjectives and is aligned with the interestof shareholders, and further that theremuneration packages of ExecutiveDirectors are sufficiently attractive to drawin and to retain persons of high caliber.

The Board as a whole determines theremuneration of Non-Executive Directors,and each individual Director abstains fromthe Board decision on his ownremuneration. The Non-Executive Directorsare paid annual fees and attendanceallowance for each Board meeting thatthey attend.

The Remuneration Committee comprisesmainly of Independent Non-ExecutiveDirectors.

The responsibilities of the RemunerationCommittee are as follows:

a) To recommend to the Board theframework of Executive Directors’remuneration and the remuneration

The Articles further provide that allDirectors shall retire from office once atleast in each three (3) years but shall beeligible for re-election.

Board Committees

The Board has established BoardCommittees to assist the Board in therunning of the Company. The functionsand terms of reference of BoardCommittees as well as authority delegatedby the Board to these Committees areclearly defined by the Board.

The Board Committees are as follows:

• Audit Committee• Nomination Committee• Remuneration Committee

The composition of the Board Committees are reflected as follows:

Audit Nomination RemunerationCommittee Committee Committee

Ganesan Sundaraj Chairman Member Member

Raja Anuar Raja Abu Hassan Member Chairman Member

Idris Zaidel Member Member Chairman

Dato’ Kho Poh Eng – – Member



reporting processes and the quality ofthe financial reporting of the Group. TheAudit Committee reviews and monitorsthe integrity of the Group’s annual andinterim financial statements. It alsoreviews the appropriateness of theGroup’s accounting policies and thechanges to these policies. The Statementof Responsibility by Directors in respectof the preparation of the annual auditedfinancial statements of the Group is setout below.

ACCOUNTABILITY AND AUDIT

Financial Reporting

The Board is committed to providing abalanced, clear and meaningfulassessment of the financial performanceand prospects of the Group in all thedisclosures made to the stakeholders andthe Regulatory Authorities.

The Board is assisted by the AuditCommittee to oversee the financial

Internal Control

The Board has overall responsibility formaintaining a system of internal controlsthat provides reasonable assurance ofeffective and efficient operations, andcompliance with laws and regulations,as well as with internal proceduresand guidelines.

Directors’ Remuneration

The Remuneration Committee has been delegated the responsibility to review and recommend to the Board the remuneration packagesand other terms of employment for the Executive Directors.

The details of the remuneration of the Directors of the Company for the financial year ended 31 December 2010 are as follows:

Other RetirementGroup Fees Emoluments Benefits-in-kind Contribution Total

(RM’000) (RM’000) (RM’000) (RM’000) (RM’000)

Executive Directors 199 4,004 259 23 4,485

Non-Executive Directors 172 20 – – 192

The number of Directors whose total remuneration falls within the respective bands is as follows:

Number of DirectorsExecutive Non-Executive

Below RM50,000 1 6

RM50,001 to RM100,000 – 1

RM100,001 to RM150,000 1 –

RM550,001 to RM600,000 1 –

RM1,000,001 to RM1,050,000 1 –

RM1,050,001 to RM1,100,000 1 –

RM1,650,001 to RM1,700,000 1 –

6 7


Audit Committee also acts as a forum fordiscussion of internal control and riskmanagement issues and it contributes tothe Board’s review of the effectiveness ofthe internal control and risk managementsystems of the Group.

The minutes of the Audit Committeemeetings are tabled to the Board for notingand for action by the Board whereappropriate.

The activities carried out by the AuditCommittee during the year are set outunder the Audit Committee Report in thisAnnual Report.

Relationship with ExternalAuditors

It is the policy of the Audit Committee tomeet with the external auditors at leasttwice a year to discuss their audit plan,audit findings and the Company’sfinancial statements. These meetings areheld without the presence of theExecutive Directors and theManagement. The Audit Committee alsomeets with the external auditorswhenever it deems necessary.

The services provided by the externalauditors include statutory audits,recurring annual non-statutory audit andnon-audit services. Terms of engagementfor these services are reviewed by theAudit Committee and approved by theBoard. The Audit Committee approves all

The size and complexity of theoperations of the Group involves theacceptance and management of a widevariety of risks. The nature of these risksmeans that events may occur whichwould give rise to unanticipated orunavoidable losses. The Group’s systemof internal controls is designed toprovide reasonable and not absoluteassurance against the risk of materialerrors, fraud or losses occurring. TheManagement meets regularly to ensurethat the accountability for managing thesignificant risks confronting the Groupare being satisfactorily addressed on anongoing basis.

The effectiveness of the system of internalcontrols of the Group is reviewed by theAudit Committee during its quarterlymeetings. The review covers thefinancial, operational and compliancecontrols as well as the risk managementfunctions. The Internal Audit Divisionmonitors compliance with policies andstandards and the effectiveness ofinternal control structures acrossthe Group.

The Statement on Internal Control, whichprovides an overview of the state ofinternal controls within the Group, is setout in this Annual Report.

Audit Committee

In addition to the duties and responsibilitiesset out under its terms of reference, the

other non-audit services on a case bycase basis. In approving such cases, theAudit Committee reviews theindependence and objectivity of theexternal auditors to ensure that these willnot be compromised.

Effective Communications withShareholders

A key element of good corporategovernance is being transparent andaccountable to all stakeholders.Underlying the transparency andaccountability objectives is the provisionof clear, relevant and comprehensiveinformation which is timely and readilyaccessible to all stakeholders.

Taking cognizance of this, the Groupmaintains a high level of disclosure toand communication with its stakeholderswith the provision of clear,comprehensive and timely information,particularly to shareholders andinvestors, for informed investmentdecision making, through a number ofreadily accessible channels.

The annual report of the Company is akey channel of communication withshareholders and investors.

An important forum for communicationand dialogue with shareholders is thegeneral meetings of the Company whereshareholders are given both theopportunity and the time to raise questions



comprehensive and accurate, would beof less value to shareholders andinvestors. As such, the Group places ahigh priority on ensuring thatinformation is made available anddisseminated as early as possible.

Investor Relations

Another important channel ofcommunication with shareholders,investors and the investment communitygenerally, both in Malaysia andinternationally, is the Group’s investorrelations activities. The Group has astrong following amongst domestic andinternational institutional investors, fundmanagers and equity analysts, and adirect channel to them exists in theinvestor relations function of the Group.Management personnel responsible forthe Group’s investor relations functionare of very senior levels, therebyproviding views and information on theGroup that is appropriate and substantiveto investors and research analysts.

Statement of Directors’Responsibility in the Preparationof Financial Statements

The Directors are required by theCompanies Act 1965 (“the Act”) toprepare financial statements for eachfinancial year in accordance withapproved accounting standards so as togive a true and fair view of the state of

on the agenda items of the generalmeetings and where Directors of theCompany would provide the answers andappropriate clarification where required.

The Company conducts separate mediaand analyst briefings with the release ofits quarterly and annual resultsannouncements. The media briefings areintended not only to facilitate a widerdissemination of the announcement ofthe financial results of the Group to aswide an audience of investors andshareholders as possible but also to keepthe investing public and shareholdersupdated on the progress anddevelopment of the business of theGroup as well as any strategicdevelopments within the Group.

To promote wider dissemination ofcorporate and financial information thatis made public, the annual reports of theCompany, the quarterly announcementsof the financial results of the Group,announcements and disclosures madepursuant to the disclosure requirementsof the Bursa Securities ListingRequirements and other corporateinformation are also made available on theCompany’s website, www.petra.com.my.

Prompt and timely availability ofinformation is also important forshareholders and investors to makeinformed investments decisions.Information that is out of date, albeit

affairs of the Company and the Group atthe end of the financial year, and of theresults and cash flow of the Companyand the Group for the financial year.

The Directors are responsible forensuring that the Company and itssubsidiaries maintain proper accountingrecords which disclose with reasonableaccuracy the financial positions of theCompany and the Group in compliancewith the provisions of the Act and approvedaccounting standards in Malaysia.

In addition, the Directors have generalresponsibilities for taking such stepsthat are reasonably available to themto safeguard the assets of the Groupand to prevent and detect fraud andother irregularities.


Kenyataan Lembaga Pengarah

Komposisi semasa Lembaga cukupseimbang dan berkesan dari segipengawasan keseluruhan operasiKumpulan yang kompleks sebagaipengendali marin luar pesisir terkemukadan terpilih bagi industri minyak dangas huluan di rantau ini. Kod UrusTadbir Korporat Malaysia menyatakanbahawa “seharusnya terdapatpembahagian tanggungjawab yangditerima dengan jelas di peringkatatasan syarikat yang akan memastikankeseimbangan kuasa dan autoriti,hinggakan tiada seorang pun individumempunyai kuasa membuat keputusanyang tidak terbatas”. Syarikat telahmelantik En. Shamsul Saad sebagaiPengarah Urusan dan beliaubertanggungjawab sebagai ketuapegawai eksekutif (CEO) untuk menyeliaoperasi dan hal-ehwal Lembaga,menyediakan kepimpinan, wawasanstrategik dan memenuhi sasaran prestasisemasa tanpa mengabaikan peluang-peluang pertumbuhan jangka panjangKumpulan. Lembaga berpendapatbahawa pengerusi yang jugamerupakan pengarah bebas bukaneksekutif akan mengimbangi pengaruhCEO dan telah memutuskanmenggabungkan peranan tersebut.Lembaga akan memastikan agar calon-calon yang dipilih sebagai PengerusiBebas mempunyai pengalaman,pembawaan dan komitmen yangmembolehkan beliau menjalankan tugasdengan berkesan.

Tugas utama Lembaga termasukmenyelia operasi perniagaan danprestasi kewangan Kumpulan danmemastikan agar infrastruktur, kawalan

KENYATAAN URUS TADBIRKORPORAT

Lembaga Pengarah yakin bahawa urustadbir korporat yang baik adalah kuncikepada prestasi jangka panjangKumpulan dan bahawa struktur urustadbir yang mantap adalah asasperlindungan hak semua pihak yangberkepentingan.

LEMBAGA PENGARAH

Saiz dan Komposisi

Lembaga terdiri daripada lapan (8) Ahlidengan empat (4) daripadanyaPengarah Eksekutif dan empat (4) lagiPengarah Bukan Eksekutif.

Tiga (3) Pengarah Bukan Eksekutifadalah pihak yang bebas danmemenuhi kriteria Pengarah Bebassebagaimana dinyatakan dalam SyaratPenyenaraian Bursa Malaysia SecuritiesBerhad (“Bursa Securities”).

Pengarah Bebas Bukan Eksekutif adalahbebas daripada Pengurusan dan bebasdaripada sebarang urusan atauperhubungan lain dengan Syarikat yangboleh menjejaskan secara materialpelaksanaan pertimbangan bebasmereka. Syarikat telah mengenal pastidan melantik dua (2) Pengarah BebasBukan Eksekutif daripada kelompokPengarah Bebas Badan PengawasPemegang Saham Minoriti (MSWG).Pengarah Bebas Bukan Eksekutifmembantu Lembaga untuk membuatpertimbangan objektif secara bebas,khususnya daripada pihak Pengurusan.

dalaman, dan proses-prosespengurusan risiko disediakan dengansecukupnya untuk menilai danmenguruskan risiko perniagaantermasuk, antara lainnya, risiko operasi,kredit, pasaran dan mudah tunai.

Pengarah menjalankan tanggungjawabmereka sebagai ahli Lembagaberkesan dengan sentuhan peribadidari segi sumbangan masa dankeupayaan masing-masing untukmembawa perspektif baru dankelainan kepada Lembaga.

Lembaga telah mengenal pasti GanesanSundaraj sebagai Pengarah BebasKanan untuk bertindak sebagai saluranbagi pemegang saham dan pihak yangkepentingan mengadu hal.

Mesyuarat Lembaga danPenyediaan Maklumat

Lembaga bermesyuarat secara tetap,sekurang-sekurangnya sekali dalamtempoh tiga bulan untuk mengkajiprestasi perniagaan Kumpulan.

Ahli-ahli Lembaga menimbang dandalam proses menilai risiko belumnyata dan daya maju rancanganperniagaan dan cadangan korporatyang mempunyai kesan ketaraterhadap kedudukan perniagaan ataukewangan Kumpulan.

Pengerusi Jawatankuasa Audit akanmemaklumkan pengarah dalammesyuarat Lembaga hal-hal dan syoryang dirasakan oleh jawatankuasa ituperlu diketengahkan kepada Lembaga.


dan menjelaskan kemusykilan Lembagaberkaitan cadangan korporat yangdibentangkan untuk pertimbanganLembaga. Jika difikirkan perlu,Pengarah bebas untuk mendapatkankhidmat nasihat profesional luar atastajaan Syarikat.

Para Pengarah juga sentiasa disalurkanoleh Setiausaha Syarikat maklumatyang kemas kini mengenai keperluanberkanun dan peraturan baru,termasuk pindaan kepada SyaratPenyenaraian oleh Bursa Securities,supaya mereka dapat melaksanakantugas dan tanggungjawab. Setiap AhliLembaga mempunyai akses tidakterbatas kepada nasihat dan khidmatSetiausaha Syarikat. SetiausahaSyarikat menghadiri semua mesyuaratLembaga dan memastikanpenyimpanan rekod yang tepat danbetul mengenai prosiding mesyuaratdan resolusi yang diluluskan.

Walaupun Syarikat belum melantikPengerusi Lembaga, Lembaga akanmelantik Pengarah Bebas BukanEksekutif untuk mempengerusikan setiapmesyuaratnya. Ini untuk memastikanwujudnya pengimbang pengaruhPengarah Eksekutif supaya tiadaindividu yang memiliki kuasa mutlakdalam membuat keputusan.

Komitmen Lembaga Pengarah dalammemastikan keberkesanan pelaksanaantugas dan tanggungjawab merekaditunjukkan melalui bilangan mesyuaratLembaga yang dihadiri dalam tahunkewangan berakhir 31 Disember 2010.

Mesyuarat Lembaga berjalan mengikutagenda formal yang teratur dan agendabagi setiap mesyuarat Lembaga dankertas berkaitan butiran agendadikemukakan kepada semua Pengarahuntuk penelitian mereka sebelum tarikhmesyuarat Lembaga. Kertas mesyuaratyang diedarkan kepada para Pengarahmerangkumi perincian rancanganperniagaan dan cadangan korporatserta dokumen sokongan berkaitanseperti nasihat profesional daripadapeguam atau penasihat. Dengan caraini Pengarah boleh meneliti kertasLembaga dan menilai isu-isu yang akandibincangkan dalam mesyuaratLembaga sebelum tarikh mesyuarat.

Lembaga boleh berhubung secaralangsung dengan Pengurusan Kanandan mendapatkan sebarang maklumatberkaitan Syarikat dalam menjalankantanggungjawab mereka. Pengarahboleh meminta mereka dibekalkandengan butir atau penjelasanselanjutnya tentang hal-hal yangdibentangkan dalam mesyuaratLembaga. Pegawai Pengurusan Kanandipanggil menghadiri mesyuaratLembaga untuk memaklumkanperkembangan terkini berkaitanportfolio masing-masing dan untukmenjelaskan cadangan yangdikemukakan untuk pertimbanganLembaga. Penasihat profesional,akauntan dan peguam yang dilantikoleh Syarikat untuk memberi nasihatmengenai cadangan-cadangan korporatyang akan dilaksanakan oleh Syarikatakan dijemput menghadiri mesyuaratLembaga untuk memberi pandangan

Dalam tahun kewangan berakhir 31Disember 2010, Lembagabermesyuarat sebanyak 12 kali danrekod kehadiran ahli-ahli Lembagadibentangkan seperti berikut:

Nama Pengarah Kehadiran

Shamsul Saad 11/12

Dato’ Kho Poh Eng 11/11(Dilantik pada 4/2/2010)

Koh Pho Wat 11/11(Dilantik pada 4/2/2010)

Ganesan Sundaraj 11/11(Dilantik pada 4/2/2010)

Surya Hidayat 10/11Abd Malik(Dilantik pada 4/2/2010)

Raja Anuar Raja 9/9Abu Hassan(dilantik pada 18/3/2010)

Idris Zaidel 8/9(Dilantik pada 23/4/2010)

Hamdan Rasid 2/4(Dilantik pada 20/7/2010)

Pendidikan dan Latihan ParaPengarah

Kumpulan menyedari bahawapendidikan berterusan adalah pentingbagi ahli-ahli Lembaga untuk


Kenyataan Lembaga Pengarah (samb)

Pengarah Kaedah Tajuk Latihan TempohLatihan Latihan

Shamsul Saad Seminar Menggalakkan Agenda Urus Tadbir Korporat – Meninggikan Pencapaian 1 hari

Raja Anuar Raja Seminar Piawaian Pelaporan Kewangan Malaysia – Perkembangan dan Pengemaskinian 2 hariAbu Hassan

Latihan Program Akreditasi Mandatori untuk Para Pengarah Syarikat Awam Tersenarai 1½ hari

Seminar Menguruskan Aset Di Bawah IFRS/FRS 2 hari

Idris Zaidel Seminar Piawaian Pelaporan Kewangan Malaysia – Perkembangan dan Pengemaskinian 2 hari

Latihan Program Akreditasi Mandatori untuk Para Pengarah Syarikat-syarikat Tersenarai Awam 1½ hari

Dato’ Kho Poh Eng Latihan Program Akreditasi Mandatori untuk Para Pengarah Syarikat Awam Tersenarai 1½ hari

Koh Pho Wat Latihan Program Akreditasi Mandatori untuk Para Pengarah Syarikat Awam Tersenarai 1½ hari

Surya Hidayat Latihan Program Akreditasi Mandatori untuk Para Pengarah Syarikat Awam Tersenarai 1½ hariAbd Malik

Ceramah Ceramah Urus Tadbir Korporat

Hamdan Rasid Latihan Program Akreditasi Mandatori untuk Para Pengarah Syarikat Awam Tersenarai 1½ hari

Bengkel Bengkel FRS 139 – Instrumen Kewangan 1 hari

Latihan Cukai Barangan dan Perkhidmatan (GST) bagi Malaysia: 1 hariPendekatan Percukaian yang Betul

Seminar MBA dalam Peruntukan Aset melalui Terappin Financial 2 hari

Persidangan Persidangan Amundi dan Pelaburan 2010 – Forum Pelaburan- 1 hari“Mengharungi Pergolakan Pasaran”

Latihan Membawa Kelainan 2 hari

Ganesan Sundaraj Seminar Penggunaan FRS 139 – Pengiktirafan & Pengukuran Instrumen Kewangan 1 hari

berkenaan. Semua Pengarah termasukPengarah yang baru dilantik telahselesai mengikuti Program AkreditasiMandatori selaras dengan SyaratPenyenaraian Bursa Securities dan telahdiberi taklimat oleh Pengurusanmengenai operasi dan dasar-dasar

meningkatkan wawasan dalam aspekkeadaan ekonomi, kemajuan teknologidan peraturan semasa. Para Pengarahdigalakkan menghadiri programpendidikan secara berterusan untukmeningkatkan kemahiran danpengetahuan mereka, di mana

Syarikat untuk membiasakan merekadengan perniagaan Syarikat.

Dalam tahun kewangan berakhir 31Disember 2010, Pengarah-pengarahberikut telah menghadiri latihansebagaimana dinyatakan di bawah:


i. kemahiran, pengetahuan,kepakaran dan pengalaman;

ii. ketokohan profesional;iii. ketulusan; daniv. bagi calon jawatan Pengarah

Bebas Bukan Eksekutif,jawatankuasa pelantikan jugaharus menilai keupayaan calonuntuk menjalankantanggungjawab/ peranansebagaimana yang diharapkandaripada Pengarah BebasBukan Eksekutif.

c) Menilai secara berterusan prestasiPengarah, Lembaga secara amnya,Jawatankuasa Lembaga dansumbangan setiap Pengarah.

d) Mencalonkan Pengarah untukmengisi kerusi JawatankuasaLembaga.

e) Menyemak semula setiap tahungabungan kemahiran danpengalaman Lembaga dan ciri laintermasuk kecekapan teras yangharus disumbang oleh PengarahBukan Eksekutif kepada Lembaga.

f) Mengesyorkan kepada Lembagapenyambungan (atau penamatan)perkhidmatan Pengarah Eksekutifdan Pengarah yang tiba masanyauntuk bersara mengikut giliran.

g) Mensesuaikan dan mendidikPengarah baru tentang sifat

Pelantikan Ahli Lembaga danTerma Rujukan JawatankuasaPelantikan

Cadangan pelantikan ahli Lembagabaru selain daripada yang dicalonkanoleh pemegang saham bagi pelantikanpada Mesyuarat Agung Tahunan (AGM)dan cadangan pemilihan semulaPengarah sedia ada yang ingin dilantiksemula atau dipilih semula dalam AGMSyarikat akan dikaji dan dinilai olehJawatankuasa Pelantikan. Susulan itu,Jawatankuasa Pelantikan mengemukakansyor berhubung cadangan pelantikanatau pemilihan semula Pengarahberkenaan kepada Lembaga untukmendapatkan kelulusan. JawatankuasaPelantikan semuanya terdiri daripadaPengarah Bebas Bukan Eksekutif.

Tanggungjawab JawatankuasaPelantikan adalah seperti berikut:

a) Memberi perhatian secaraberterusan kepada struktur, saiz dankomposisi Lembaga dan membuatcadangan kepada Lembagaberhubung sebarang penyelarasanyang difikirkan perlu.

b) Mencadangkan calon-calon bagisemua jawatan pengarah kepadaLembaga Pengarah bagi lantikanoleh pemegang saham atauLembaga, dengan mengambil kirakelayakan calon dari segi:

perniagaan, isu-isu semasa dalamSyarikat dan strategi korporat,harapan Syarikat berkaitansumbangan Pengarah dantanggungjawab Pengarahsecara amnya.

Selepas menjalankan kajian tahunannyabaru-baru ini, Jawatankuasa Pelantikanberpuas hati bahawa saiz Lembagaadalah memadai bagi membolehkanLembaga menjalankan peranan dantanggungjawabnya dengan berkesanbagi manfaat Syarikat danperniagaannya dan bahawa wujudgabungan kemahiran dan kecekapanteras yang sesuai dalam komposisiLembaga. Jawatankuasa Pelantikanberpuas hati bahawa semua AhliLembaga benar-benar layak untukmemegang jawatan mereka sebagaiPengarah Syarikat dengan mengambilkira kelayakan akademik danprofesional, pengalaman dan kualitimasing-masing.

Selepas menjalankan kajian tahunannyabaru-baru ini juga, JawatankuasaPelantikan memutuskan bahawa dalamtahun kewangan berakhir 31 Disember2010 semua Pengarah telah menerimalatihan yang berkaitan dan bergunakepada Lembaga.

Mesyuarat Jawatankuasa Pelantikandiadakan sekiranya dan apabiladiperlukan.



bagi setiap Pengarah Eksekutif,dengan mendapatkan nasihat pihakluar jika perlu.

b) Mencadangkan kepada Lembagasebarang skim bayaran yangdikaitkan dengan prestasi, bagipara Pengarah Eksekutif.

c) Mengkaji skop kontrakperkhidmatan Pengarah Eksekutif.

d) Mempertimbangkan pelantikanpenasihat atau perunding tertentubagi menyediakan perkhidmatanyang diperlukan dalampelaksanaan tugasnya.

Mesyuarat Jawatankuasa Imbuhandiadakan sekiranya dan apabiladiperlukan.

Pelantikan Semula danPemilihan Semula Pengarah

Tataurusan Syarikat memperuntukkanbahawa pada setiap mesyuarat agungtahunan, satu pertiga daripada paraPengarah sedia ada dan yang dilantikdalam tahun kewangan berkenaan akanbersara daripada jawatannya dan akanlayak bagi pemilihan semula. Tataurusanini selanjutnya memperuntukkanbahawa semua Pengarah akan bersaradaripada jawatan sekurang-kurangnyasekali dalam setiap tiga (3) tahun tetapimereka layak menyertai pemilihan semula.

Imbuhan Pengarah dan TermaRujukan JawatankuasaImbuhan

Jawatankuasa Imbuhan menjalan kajianke atas keseluruhan dasar imbuhan bagipara Pengarah Eksekutif dan selepas itumengemukakan syor untuk kelulusanLembaga. Jawatankuasa Imbuhan danLembaga memastikan bahawa dasarimbuhan Syarikat kekal menyokongobjektif korporat Syarikat dan selarasdengan kepentingan pemegang sahamdan bahawa pakej imbuhan PengarahEksekutif cukup memuaskan untukmenarik dan mengekalkan individuyang berwibawa.

Lembaga secara keseluruhannyamenentukan imbuhan para PengarahBukan Eksekutif, dengan setiapPengarah tidak mencampuri keputusanLembaga dalam penetapan imbuhanmasing-masing. Pengarah BukanEksekutif dibayar yuran tahunan danelaun kehadiran bagi setiap mesyuaratLembaga yang dihadirinya.

Jawatankuasa Imbuhan besarnya terdiridaripada Pengarah Bebas BukanEksekutif.

Tanggungjawab Jawatankuasa Imbuhanadalah seperti berikut:

a) Mencadangkan kepada Lembagatentang rangka kerja imbuhan danpakej imbuhan Pengarah Eksekutif

Jawatankuasa Lembaga

Lembaga telah menubuhkanJawatankuasa-Jawatankuasa Lembagabagi membantunya dalammengendalikan Syarikat. Fungsi, bidangtugas dan bidang kuasa JawatankuasaLembaga ditentukan dengan jelas olehLembaga.

Jawatankuasa-Jawatankuasa Lembagaadalah seperti berikut:

• Jawatankuasa Audit• Jawatankuasa Pelantikan• Jawatankuasa Imbuhan


Komposisi Jawatankuasa Lembaga adalah seperti berikut:

Jawatankuasa Jawatankuasa JawatankuasaAudit Pelantikan Imbuhan

Ganesan Sundaraj Pengerusi Ahli Ahli

Raja Anuar Raja Abu Hassan Ahli Pengerusi Ahli

Idris Zaidel Ahli Ahli Pengerusi

Dato’ Kho Poh Eng – – Ahli

Imbuhan Pengarah

Jawatankuasa Imbuhan telah diberi tanggungjawab mengkaji dan mencadangkan kepada Lembaga pakej imbuhan dan lain-lainterma kerja bagi Pengarah Eksekutif.

Butiran imbuhan Pengarah Syarikat bagi tahun kewangan berakhir 31 Disember 2010 adalah seperti berikut:

Emolumen Manfaat CarumanKumpulan Yuran Lain Seumpamanya Pesaraan Jumlah

(RM’000) (RM’000) (RM’000) (RM’000) (RM’000)

Pengarah Eksekutif 199 4,004 259 23 4,485

Pengarah Bukan Eksekutif 172 20 – – 192

Bilangan Pengarah mengikut kumpulan jumlah imbuhan masing-masing adalah seperti berikut:

Bilangan PengarahEksekutif Bukan Eksekutif

Di bawah RM50,000 1 6

RM50,001 hingga RM100,000 – 1

RM100,001 hingga RM150,000 1 –

RM550,001 hingga RM600,000 1 –

RM1,000,001 hingga RM1,050,000 1 –

RM1,050,001 hingga RM1,100,000 1 –

RM1,650,001 hingga RM1,700,000 1 –

6 7



pelbagai jenis risiko. Sifat risiko inimenyiratkan kemungkinan berlakunyaperistiwa yang menyebabkan kerugianluar jangka atau tidak dapat dielakkan.Sistem kawalan dalaman Kumpulandirangka untuk memberi jaminanmunasabah, bukan jaminan mutlak,terhadap timbulnya risiko kesilapan,penipuan atau kerugian material. Pihakpengurusan kerap mengadakanmesyuarat bagi tujuan memastikantanggungjawab dalam menguruskanrisiko besar yang dihadapi Kumpulanditangani dengan cara yangmemuaskan dan secara berterusan.

Keberkesanan sistem kawalan dalamanKumpulan dikaji semula olehJawatankuasa Audit dalam mesyuaratsuku tahunannya. Kajian tersebutmeliputi kawalan kewangan, operasidan pematuhan serta fungsi pengurusanrisiko. Bahagian Audit Dalamanmemantau pematuhan dasar-dasar danstandard dan keberkesanan strukturkawalan dalaman seluruh Kumpulan.

Kenyataan Kawalan Dalaman, yangmenyediakan gambaran menyeluruhkeadaan kawalan dalaman Kumpulan,dibentangkan dalam Laporan Tahunan ini.

Jawatankuasa Audit

Selain tugas dan tanggungjawab yangdinyatakan di bawah bidang-bidangtugasnya, Jawatankuasa Audit jugabertindak sebagai satu forum bagiperbincangan mengenai kawalandalaman dan isu-isu pengurusan risikodan ini memanfaatkan kajian Lembagamengenai keberkesanan sistem kawalandalaman dan pengurusan risiko Kumpulan.

AKAUNTABILITI DAN AUDIT

Pelaporan Kewangan

Lembaga komited untuk menyediakanpenilaian prestasi kewangan danprospek Kumpulan yang seimbang,bersih dan bermakna dalam semuakenyataan yang dibuat kepadapemegang kepentingan dan PihakPengawal Selia.

Lembaga dibantu oleh JawatankuasaAudit untuk menyelia proses-prosespelaporan kewangan dan kualitipelaporan kewangan Kumpulan.Jawatankuasa Audit mengkaji danmemantau ketulusan penyata kewangantahunan dan interim Kumpulan. Ia jugamengkaji kewajaran dasar perakaunanKumpulan dan perubahan kepadadasar-dasar ini.

Penyata Tanggungjawab daripada paraPengarah berhubung denganpenyediaan penyata kewangan teraudittahunan Kumpulan dibentangkanseperti berikut.

Kawalan Dalaman

Lembaga bertanggungjawab secarakeseluruhannya dalam pengekalansistem kawalan dalaman yang memberijaminan munasabah terhadapkeberkesanan pelaksanaannya, denganmematuhi undang-undang danperaturan serta prosedur dan garispanduan dalaman.

Saiz Kumpulan dan bentuk operasinyayang kompleks bermakna Kumpulanperlu menerima dan menguruskan

Minit mesyuarat Jawatankuasa Auditdibentangkan kepada Lembaga untukcatatan dan tindakan oleh Lembaga dimana wajar.

Kegiatan yang dijalankan olehJawatankuasa Audit pada tahun kajiandibentangkan di bawah LaporanJawatankuasa Audit di dalam LaporanTahunannya.

Perhubungan dengan JuruauditLuar

Adalah dasar Jawatankuasa Audit untukbermesyuarat dengan juruaudit luarsekurang-kurangnya dua kali setahununtuk membincangkan rancangan auditmereka, penemuan audit dan penyatakewangan Syarikat. Mesyuarat inidiadakan tanpa kehadiran paraPengarah Eksekutif dan Pengurusan.Jawatankuasa Audit juga bermesyuaratdengan juruaudit luar apabila dirasakanperlu berbuat demikian.

Perkhidmatan yang diberikan olehjuruaudit luar termasuk audit berkanun,perkhidmatan audit bukan berkanundan bukan audit tahunan berulang.Terma-terma urusan bagi perkhidmatanini dikaji oleh Jawatankuasa Audit dandiluluskan oleh Lembaga. JawatankuasaAudit meluluskan perkhidmatan bukanaudit lain mengikut kewajaran kes.Dalam meluluskan kes-kes sedemikian,Jawatankuasa Audit mengkajikebebasan dan keobjektifan juruauditluar untuk memastikan ciri itu tidakdikompromi.


pemegang saham, bahkan memastikanmereka mendapat maklumat yangkemaskini berkaitan kemajuan danpembangunan perniagaan Kumpulan sertaperkembangan strategik dalam Kumpulan.

Untuk meluaskan penyebaran maklumatkorporat dan kewangan yang sudahdiumumkan, laporan tahunan Syarikat,pengumuman keputusan kewangan sukutahunan Kumpulan, pengumuman danpendedahan yang dituntut oleh SyaratPenyenaraian Bursa Securities semuanyadimuatkan di laman web Syarikat,www.petra.com.my di samping pelbagaimaklumat korporat yang lain.Ketersediaan maklumat yang tepat padamasa ia diperlukan amat penting dalammembuat keputusan pelaburanberhemah. Maklumat yang basi,walaupun menyeluruh dan tepat, kurangnilainya kepada pemegang saham danpelabur. Oleh sebab itu, Kumpulanmeletakkan penyebaran segeramaklumat di antara keutamaannya.

Perhubungan Pelabur

Satu lagi saluran komunikasi pentingdengan pemegang sahamdanmasyarakat pelabur di Malaysiamahupun di luar negara adalahkegiatan perhubungan pelabur yangdijalankan oleh Kumpulan. Kumpulanmempunyai pengikut yang kukuh dikalangan pelabur institusi domestik danantarabangsa, pengurus dana danpenganalisis ekuiti, dan saluranlangsung dengan mereka wujud dalamfungsi perhubungan pelabur Kumpulan.Pegawai yang bertanggungjawab bagifungsi perhubungan pelabur Kumpulanadalah pengurus peringkat palingkanan, yang berupaya memberi

Komunikasi Berkesan denganPemegang Saham

Satu elemen penting urus tadbir yangbaik ialah penampilan ketelusan danakauntabiliti kepada pemegangpelbagai kepentingan. Mendasariobjektif ketelusan dan akauntabiliti iniadalah penyediaan maklumat yangjelas, relevan dan lengkap tepat padamasanya dan mudah dicapai merekayang berhak dan berkepentingan wajar.Memahami hakikat ini, Kumpulanmengekalkan tahap pendedahan dankomunikasi yang tinggi terutamanyadengan pemegang saham dan pelaburmelalui penyediaan maklumat yangjelas, lengkap, tepat pada masanya danmudah diperoleh supaya mereka bolehmembuat keputusan pelaburan yang bijak.

Laporan tahunan Syarikat adalah satusaluran komunikasi penting denganpara pemegang saham dan pelabur.

Wadah penting untuk berkomunikasidan berdialog dengan pemegangsaham adalah mesyuarat agungSyarikat di mana mereka diberi peluangdan masa untuk membangkitkan soalanmengenai perkara-perkara yangterkandung di dalam agenda mesyuaratdengan para Pengarah Syarikatbersedia memberikan jawapan danpenjelasan sewajarnya.

Syarikat mengadakan taklimatberasingan bagi media massa danpenganalisis sekuriti serentak denganpengumuman keputusan suku tahunandan tahunannya. Taklimat media bukansahaja bertujuan memaksimumkanpenyebaran keputusan kewanganKumpulan di kalangan pelabur dan

gambaran dan maklumat bernas danwajar mengenai Kumpulan kepadapelabur dan penyelidik ekuiti.

Kenyataan TanggungjawabPengarah dalam PenyediaanPenyata Kewangan

Menurut Akta Syarikat 1965 (“Akta”),para Pengarah dikehendakimenyediakan penyata kewangan bagisetiap tahun kewangan selaras denganpiawaian perakaunan yang diluluskanuntuk memberi gambaran sebenar dansaksama tentang hal-ehwal Syarikat danKumpulan pada akhir tahun kewangan,dan mengenai keputusan dan alirantunai Syarikat dan Kumpulan bagitahun kewangan.

Para Pengarah bertanggungjawabmemastikan agar Syarikat dan anak-anak syarikat menyimpan rekodperakaunan dengan baik yangmemaparkan kedudukan kewanganSyarikat dan Kumpulan dengan tepatsebagai mematuhi Akta dan piawaianperakaunan yang diluluskan diMalaysia. Selain itu, para Pengarahsecara amnya bertanggungjawabmengambil langkah-langkah tertentuyang munasabah kepada mereka untukmelindungi aset Kumpulan dan untukmengesan dan menghalang penipuandan kepincangan lain.


Additional Information

UTILISATION OF PROCEEDS RAISED FROM CORPORATE PROPOSAL

a) On 2 July 2010, the Company announced the completion of the placement of 29,760,000 new ordinary shares of RM0.50 each(“PPB Shares”) following the listing of and quotation for the said new PPB Shares on Main Market of Bursa Securities which wereissued and allotted on 30 June 2010 at an issue price of RM1.32 per PPB Share.

The utilisation of proceeds of RM39.28 million from Private Placement as at 29 April 2011 is as follows:

Total IntendedProposed Proposed Actual TimeframeUtilisation Adjustment Utilisation Utilisation for

Purpose RM’000 RM’000 RM’000 RM’000 Utilisation

Payment of charter deposits 19,203 – 19,203 * Refer note

Working capital of Petra 19,780 38 19,818 19,818 12 monthsPerdana Group

Expenses relating to the Placement 300 (38) 262 262 6 months

Total 39,283 – 39,283 20,080

* The utilisation of RM19.2 million is expected to defer as the Company is finalising the financing of the vessel.

b) On 1 November 2010, the Company announced the completion of the renounceable rights issue of 122,760,000 new PPB Shares(“Rights Issue”) following the listing of and quotation for the said new PPB Shares on Main Market of Bursa Securities which wereissued and allotted on 27 October 2010 at an issue price of RM0.59 per PPB Share.

The proceeds of RM72.43 million from Rights Issue have been fully utilised.


Sanctions and/or Penalties

There were no sanctions and/orpenalties imposed on the Companyand/or its subsidiaries, directors ormanagement by any regulatory bodies.

Non-Audit Fees

The amount of non-audit fees incurredfor services rendered to the Companyand its subsidiaries for the financial yearended 31 December 2010 by theCompany’s auditors, or a firm orcompany affiliated to the auditors’ firm isRM161,000.

Profit Guarantee

The Company did not receive any profitguarantee during the financial yearended 31 December 2010.

Share Buy-Back

The Company did not undertake anyshare buy-back exercise during thefinancial year under review.

Options, Warrants orConvertible Securities

During the financial year ended31 December 2010, the Companyissued 61,379,785 warrants on thebasis of 1 warrant for every 2 new PPBshares subscribed in the Rights Issue.None of the warrants were exercisedduring the financial year.

American Depository Receipt(ADR) or Global DepositoryReceipt (GDR)

The Company did not sponsor any ADRor GDR programme.

Material Contracts

There were no material contracts enteredinto by the Company or its subsidiariesinvolving the directors’ and/or majorshareholders’ interest for the financialyear ended 31 December 2010.

Revaluation Policy

The Company did not adopt anyrevaluation policy on its landedproperties nor revalued its landedproperties during the financial yearunder review.

Variation in Results

There was no material variancesbetween the audited results for thefinancial year ended 31 December 2010and the unaudited resultspreviously announced.


Maklumat Tambahan

PENGGUNAAN DANA DARIPADA CADANGAN KORPORAT

a) Pada 2 Julai 2010, Syarikat mengumumkan penyempurnaan penempatan 29,760,000 saham biasa baru bernilai RM0.50sesaham (“saham PPB”) berikutan penyenaraian dan sebut harga di Pasaran Utama Bursa Securities saham-saham baru PPByang diterbitkan dan diperuntukkan pada 30 Jun 2010 pada harga terbitan RM1.32 bagi setiap saham.

Penggunaan perolehan sebanyak RM39.28 juta daripada Penempatan Swasta pada 29 April 2011 adalah seperti berikut:

Jangka MasaJumlah Penggunaan

Cadangan Cadangan Penggunaan yangTujuan Penggunaan Pelarasan Penggunaan Sebenar Dihasratkan

RM’000 RM’000 RM’000 RM’000 RM’000

Bayaran deposit catar 19,203 – 19,203 * Rujuk Nota

Modal Kerja Kumpulan Petra Perdana 19,780 38 19,818 19,818 12 bulan

Perbelanjaan berkaitan dengan 300 (38) 262 262 6 bulanPenempatan

Jumlah 39,283 – 39,283 20,080

* Penggunaan sebanyak RM19.2 juta dijangka akan ditunda kerana Syarikat sedang menyelesaikan urusan pembiayaan kapal.

b) Pada 1 November 2010, Syarikat mengumumkan penyempurnaan terbitan hak boleh tolak sebanyak 122,760,000 Saham PBBbaru (“Terbitan Hak”) berikutan penyenaraian dan sebut harga di Pasaran Utama Bursa Securities Saham PPB baru yangditerbitkan dan diperuntukkan pada 27 Oktober 2010 pada harga terbitan RM0.59 setiap saham.

Perolehan sebanyak RM72.43 juta daripada Terbitan Hak telah digunakan sepenuhnya.


Sekatan dan/atau Denda yangdikenakan

Tiada sebarang sekatan dan/ataudenda yang dikenakan oleh badanpengawal selia ke atas Syarikatdan/atau anak-anak syarikat, pengarahatau pengurusannya.

Yuran Bukan Audit

Yuran bukan audit yang ditanggungbagi perkhidmatan yang disediakanoleh juruaudit Syarikat atau firma yangsepakat dengan juruaudit itu kepadaSyarikat dan anak-anak syarikat bagitahun kewangan berakhir 31 Disember2010 berjumlah RM161,000.

Jaminan Keuntungan

Syarikat tidak menerima sebarangjaminan keuntungan pada tahunkewangan berakhir 31 Disember 2010.

Belian Balik Saham

Syarikat tidak melaksanakan sebarangPembelian Balik Saham pada tahunkewangan yang ditinjau.

Opsyen, Waran atau SekuritiBoleh Tukar

Dalam tahun kewangan berakhir31 Disember 2010, Syarikat telahmenerbitkan 61,379,785 waran padanisbah 1 waran bagi setiap 2 sahambaru PPB yang dilanggan susulanTerbitan Hak. Tidak ada waran yangdilaksanakan dalam tahun kewangan itu.

Resit Depositori Amerika (ADR)atau Resit Depositori Global(GDR)

Syarikat tidak menaja sebarangprogram ADR atau GDR.

Kontrak Penting

Tiada sebarang kontrak penting telahdimeterai oleh Syarikat mahupun mana-mana anak syarikatnya yang melibatkankepentingan Pengarah dan/ataupemegang saham utama bagi tahunkewangan berakhir 31 Disember 2010.

Dasar Penilaian Semula

Syarikat tidak menerima pakai sebarangdasar penilaian semula harta tanahnyaatau menilai semula harta tanahnyadalam tahun kewangan yang ditinjau.

Perbezaan Keputusan

Tiada perbezaan penting antarakeputusan beraudit bagi tahunkewangan berakhir 31 Disember 2010dan keputusan belum diaudit yangdiumumkan terdahulu.


Corporate ResponsibilityTanggungjawab Korporat

the OSV business and a respected brandname in our regional market, we havethe added responsibility of ensuring wemaintain stringent compliance withinternational HSSE standards. This willnot only help strengthen the PetraPerdana brand but also Malaysia’sinternational standing in the oil and gasindustry. All these will remain priorityareas for us as we work towards turningaround and moving up to the next levelof growth.

As part of our contributions to asustainable business environment, PetraPerdana is also a very active participantin the Malaysian Oil & Gas ServicesCouncil (“MOGSC”). MOGSC is thelargest grouping of services companiesin the oil & gas sector in the country. It isa well-recognized, effective groupingwhich even involves participation ofstakeholders such as PETRONAS,MATRADE and various other agencies

In FY2010, our CR efforts were primarilydirected towards Workplace andEnvironment initiatives. We worked tostrengthen the skill set and expertise ofour workforce so that they in turn couldhelp us deliver on our CR commitment toour stakeholders. We continued toprioritise good Health, Safety, Security &Environmental (“HSSE”) practices giventhe high-risk and hazardous workenvironment in which we operate. Beingthe Malaysian leader in our segment of

The Group believes that responsiblecorporate practices and the agenda ofsustainability are essential to our long-term business growth. As such, weremain committed to undertakingexemplary corporate conduct thatcreates sustainable value for all ourstakeholders. Our Framework forSustainability (covering the dimensionsof the Workplace, Environment,Community and Marketplace) spells outsome of the impactful corporateresponsibility (“CR”) initiatives that weare undertaking.

domestic and international in certainactivities at various levels to spur thedevelopment of technology transfer,value creation and commercial growthfor the overall oil & gas services industry.The effectiveness of MOGSC is such thatit is the sole representative of the oil &gas services industry acknowledged byPEMANDU, the Government’s driver ofour nation’s Economic TransformativeProgramme.


memulihkan perniagaan Kumpulansebelum mencatat pertumbuhanseterusnya.

Sebagai sebahagian daripadasumbangan kami kepada persekitaranperniagaan yang mapan, Petra Perdanasangat aktif dalam Malaysian Oil & GasServices Council (“MOGSC”), persatuanterbesar syarikat perkhidmatan sektorminyak & gas di negara ini. MOGSCmendapat pengiktirafan tertinggi danmerupakan kelompok pengusahaindustri paling berkesan, yang turutmelibatkan penyertaan pelbagai pihakberkepentingan seperti PETRONAS,MATRADE dan beberapa agensidomestik dan antarabangsa yangmewakili kegiatan tertentu padapelbagai peringkat untuk merangsangpembangunan teknologi, pemindahanteknologi, penghasilan nilai danpertumbuhan perdagangan bagiindustri perkhidmatan minyak & gassecara keseluruhannya. MOGSC adalahwakil tunggal industri perkhidmatanminyak & gas yang diperakui olehPEMANDU, pemacu ProgramTransformasi Ekonomi negara.

membantu menyampaikan komitmen CRkami kepada pelbagai pihakberkepentingan. Kami sentiasamengutamakan amalan Kesihatan,Keselamatan, Jaminan & Alam Sekitar(“HSSE”) dengan mengambil kirapersekitaran kerja yang berisiko tinggidan berbahaya yang menjadi medanoperasi kami. Sebagai peneraju segmenperniagaan OSV di Malaysia dansebagai jenama yang disegani dipasaran serantau, kami mempunyaitanggungjawab tambahan dalammemastikan standard HSSEantarabangsa yang ketat sentiasadipatuhi. Ini bukan sahaja akanmembantu mengukuhkan jenama PetraPerdana tetapi juga kedudukanMalaysia di mata dunia dalam industriminyak dan gas. Semua ini akan kekalmenjadi bidang keutamaan kamimemandangkan kami sedang berusaha

Kumpulan percaya bahawa amalankorporat bertanggungjawab danagenda kemapanan adalah pentingkepada pertumbuhan perniagaanjangka panjang. Oleh yang demikian,kami kekal komited untuk melaksanakantatacara korporat contoh yangmewujudkan nilai mapan bagi semuapemegang kepentingan kami. RangkaKerja Kemapanan kami (meliputidimensi Persekitaran Tempat Kerja,Alam Sekitar, Masyarakat dan Pasaran)menjelaskan beberapa inisiatiftanggungjawab korporat (“CR”) yangkami laksanakan.

Pada FY2010, usaha CR kamidihalakan terutamanya ke arah inisiatifTempat Kerja dan Alam Sekitar. Kamiberusaha untuk mengukuhkankemahiran dan kepakaran tenaga kerjakami, supaya mereka seterusnya dapat


Directors’ Report 75

Statement by Directors 81

Statutory Declaration 81

Independent Auditors’ Report 82

Statements of Financial Position 84

Statements of Comprehensive Income 86

Statement of Changes in Equity 87

Statements of Cash Flows 89

Notes to the Financial Statements 92

financial statements

752010annual report

The directors hereby submit their report and the audited financial statements of the Group and of the Company for the financial year ended31 December 2010.

PRINCIPAL ACTIVITIES

The Company is principally an investment holding company and is also engaged in the provision of administrative and managementservices to its subsidiaries. The principal activities of the subsidiaries are described in Note 5 to the financial statements. There have beenno significant changes in the nature of these activities during the financial year.

RESULTS

The Group The CompanyRM'000 RM'000

Loss after taxation attributable to ownersof the Company (72,002) (16,995)

DIVIDENDS

Since the end of the previous financial year, the Company paid a first and final dividend of 2.0 sen per ordinary share of RM0.50 each,less tax at 25% on 297,600,000 ordinary shares amounting to RM4,464,000 in respect of the financial year ended 31 December 2009.

The directors do not recommend the payment of any dividend in respect of the financial year ended 31 December 2010.

RESERVES AND PROVISIONS

All material transfers to or from reserves or provisions during the financial year are disclosed in the financial statements.

Directors’ Report

ISSUES OF SHARES AND DEBENTURES

During the financial year,

(a) there was no change in the authorised share capital of the Company;

(b) the Company increased its issued and paid-up share capital from RM148,800,000 to RM225,060,000 by:

(i) an issuance of 29,760,000 new ordinary shares of RM0.50 each for cash for the purpose of payment of charter deposits andworking capital use pursuant to the Company’s private placement at a subscription price of RM1.32 per share on 30 June 2010.The new shares were listed and quoted on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) on 2 July2010; and

(ii) an issuance of 122,760,000 new ordinary shares of RM0.50 each for cash for the purpose of repayment of borrowings andworking capital use pursuant to the Company’s renounceable rights issue with free detachable warrants (“Rights Issue”) on thebasis of three (3) rights shares (“Rights Shares”) for every eight (8) existing ordinary shares of RM0.50 each held in theCompany together with 61,379,785 free detachable warrants (“Warrants”) on the basis of one (1) Warrant for every two (2)Rights Shares subscribed at an issue price of RM0.59 per Right Share on 27 October 2010. The new shares were listed andquoted on the Main Market of Bursa Securities on 1 November 2010.

The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of theCompany; and

(c) there were no issues of debentures by the Company.

OPTIONS GRANTED OVER UNISSUED SHARES

During the financial year, no options were granted by the Company to any person to take up any unissued shares in the Company exceptfor the issuance of Warrants in conjunction with the Rights Issue above.

Directors’ Report (cont’d)

76 Petra Perdana Berhad

WARRANTS 2010/2015

The Company had on 27 October 2010 issued 61,379,785 free Warrants in conjunction with the Rights Issue. The Warrants areconstituted by a Deed Poll dated 15 September 2010.

The salient terms of the Warrants 2010/2015 are as follows:

(a) Each Warrant entitles the registered holder to subscribe for one (1) new ordinary share of RM0.50 each in the Company at any timeon or before the maturity date, 26 October 2015, falling five (5) years from the date of issue of the Warrants. Unexercised Warrantsafter the exercise period will thereafter lapse and cease to be valid;

(b) The exercise price of the Warrants is fixed at RM1.00 per Warrant;

(c) The new ordinary shares to be issued upon the exercise of the Warrants shall rank pari passu in all respects with the existing ordinaryshares of the Company; and

(d) The Warrants were listed and quoted on the Main Market of Bursa Securities on 1 November 2010.

The movements of the Warrants during the financial year are as follows:

Entitlement For Ordinary Shares Of RM0.50 EachIssued On At27.10.2010 Exercised Cancelled 31.12.2010

Number of unexercised Warrants 61,379,785 – – 61,379,785

BAD AND DOUBTFUL DEBTS

Before the financial statements of the Group and of the Company were made out, the directors took reasonable steps to ascertain thataction had been taken in relation to the writing off of bad debts and the making of allowance for impairment losses on receivables, andsatisfied themselves that there are no known bad debts and that adequate allowance had been made for impairment losses on receivables.

At the date of this report, the directors are not aware of any circumstances that would require the writing off of bad debts, or the additionalallowance for impairment losses on receivables in the financial statements of the Group and of the Company.

CURRENT ASSETS

Before the financial statements of the Group and of the Company were made out, the directors took reasonable steps to ascertain that anycurrent assets other than debts, which were unlikely to be realised in the ordinary course of business, including their value as shown in theaccounting records of the Group and of the Company, have been written down to an amount which they might be expected so to realise.

At the date of this report, the directors are not aware of any circumstances which would render the values attributed to the current assetsin the financial statements misleading.

VALUATION METHODS

At the date of this report, the directors are not aware of any circumstances which have arisen which render adherence to the existingmethods of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.


2010annual report 77

CONTINGENT AND OTHER LIABILITIES

The contingent liabilities are disclosed in Note 41 to the financial statements. At the date of this report, there does not exist:

(a) any charge on the assets of the Group and of the Company that has arisen since the end of the financial year which secures theliabilities of any other person; or

(b) any contingent liability of the Group and of the Company which has arisen since the end of the financial year.

No contingent or other liability of the Group and of the Company has become enforceable or is likely to become enforceable within theperiod of twelve (12) months after the end of the financial year which, in the opinion of the directors, will or may substantially affect theability of the Group and of the Company to meet their obligations when they fall due.

CHANGE OF CIRCUMSTANCES

At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or the financial statementsof the Group and of the Company which would render any amount stated in the financial statements misleading.

ITEMS OF AN UNUSUAL NATURE

The results of the operations of the Group and of the Company during the financial year were not, in the opinion of the directors,substantially affected by any item, transaction or event of a material and unusual nature other than the effects arising from the adoptionof FRS 139 Financial Instruments: Recognition and Measurement which had increased the Group and the Company’s net losses byRM5,915,728 and RM192,549 respectively.

There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of amaterial and unusual nature likely, in the opinion of the directors, to affect substantially the results of the operations of the Group and ofthe Company for the financial year.

EMPLOYEES' SHARE OPTION SCHEME ("ESOS")

The Group's ESOS was approved by the Securities Commission on 16 August 2001 and shall be in force for a period of ten (10) yearscommencing from 12 March 2002.

The ESOS was approved by the shareholders at an Extraordinary General Meeting held on 31 January 2002.

During the financial year, no options under the ESOS were granted.

DIRECTORS

The directors who served since the date of the last report are as follows:

Shamsul Bin SaadDato’ Kho Poh EngKoh Pho WatSurya Hidayat Bin Abdul MalikGanesan A/L SundarajIdris Bin ZaidelRaja Anuar Bin Raja Abu HassanHamdan Bin Rasid (Appointed on 20.7.2010)



DIRECTORS’ INTERESTS

According to the register of directors’ shareholdings, the interests of directors holding office at the end of the financial year in shares inthe Company and its related corporations during the financial year are as follows:

Number Of Ordinary Shares Of RM0.50 EachAt At

1.1.2010 Bought Sold 31.12.2010The Company

Direct InterestsShamsul Bin Saad 8,425,000 3,159,375 – 11,584,375Dato’ Kho Poh Eng 14,195,630 5,689,448 – 19,885,078Koh Pho Wat 15,649,330 6,868,401 – 22,517,731

Deemed InterestsShamsul Bin Saad – 9,625 – 9,625#

Dato’ Kho Poh Eng 71,067 28,933 – 100,000#

Koh Pho Wat 226,032 84,968 – 311,000#

Number Of Warrants 2010/2015Issued On At27.10.2010 Bought Exercised 31.12.2010

Direct InterestsShamsul Bin Saad 1,579,687 – – 1,579,687Dato’ Kho Poh Eng 2,844,724 – – 2,844,724Koh Pho Wat 3,434,200 – – 3,434,200

Deemed InterestsShamsul Bin Saad 1,312 – – 1,312#

Dato’ Kho Poh Eng 14,466 – – 14,466#

Koh Pho Wat 42,484 – – 42,484#

# Deemed interest pursuant to Section 134(12)(c) of the Companies Act 1965.

The other directors holding office at the end of the financial year had no interest in shares in the Company and its related corporationsduring the financial year.

DIRECTORS’ BENEFITS

Since the end of the previous financial year, no director has received or become entitled to receive any benefit (other than a benefitincluded in the aggregate amount of emoluments received or due and receivable by directors as shown in the financial statements, or thefixed salary of a full-time employee of the Company) by reason of a contract made by the Company or a related corporation with thedirector or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest.

Neither during nor at the end of the financial year was the Group or the Company a party to any arrangements whose object is to enablethe directors to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.



SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

The significant events during the financial year of the Group and of the Company are disclosed in Note 46 to the financial statements.

SIGNIFICANT EVENT OCCURRING AFTER THE REPORTING PERIOD

The significant event occurring after the reporting period of the Group and of the Company is disclosed in Note 47 to the financial statements.

AUDITORS

The auditors, Messrs. Crowe Horwath, have expressed their willingness to continue in office.

Signed in accordance with a resolution of the directors dated 28 April 2011.

Koh Pho Wat

Shamsul Bin Saad



We, Koh Pho Wat and Shamsul Bin Saad, being two of the directors of Petra Perdana Berhad, state that, in the opinion ofthe directors, the financial statements set out on pages 84 to 162 are drawn up in accordance with Financial Reporting Standardsand the Companies Act 1965 in Malaysia so as to give a true and fair view of the state of affairs of the Group and of the Companyat 31 December 2010 and of their results and cash flows for the financial year ended on that date.

The supplementary information set out in Note 49 on page 163, which is not part of the financial statements, is prepared in all materialrespects, in accordance with Guidance on Special Matter No. 1, Determination of Realised and Unrealised Profits or Losses in the Contextof Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, as issued by the Malaysian Institute of Accountants andthe directive of Bursa Malaysia Securities Berhad.

Signed in accordance with a resolution of the directors dated 28 April 2011.

Koh Pho Wat Shamsul Bin Saad

Statutory DeclarationI, Soon Fook Kian, being the officer primarily responsible for the financial management of Petra Perdana Berhad, do solemnly andsincerely declare that the financial statements set out on pages 84 to 162 are, to the best of my knowledge and belief, correct, and I makethis solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act 1960.

Subscribed and solemnly declared by )Soon Fook Kian, at Kuala Lumpur in )the Federal Territory on this )28 April 2011 ) Soon Fook Kian

Before me

COMMISIONER OF OATHSKuala Lumpur

Statement by Directors


Report on the Financial Statements

We have audited the financial statements of Petra Perdana Berhad, which comprise the statements of financial position as at 31 December2010 of the Group and of the Company, and the statements of comprehensive income, statements of changes in equity and statementsof cash flows of the Group and of the Company for the financial year then ended, and a summary of significant accounting policies andother explanatory information, as set out on pages 84 to 162.

Directors’ Responsibility for the Financial Statements

The directors of the Company are responsible for the preparation of financial statements that give a true and fair view in accordance withFinancial Reporting Standards and the Companies Act 1965 in Malaysia, and for such internal control as the directors determine isnecessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance withapproved standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. Theprocedures selected depend on our judgement, including the assessment of risks of material misstatement of the financial statements,whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation offinancial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluatingthe overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards and theCompanies Act 1965 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as of 31December 2010 and of their financial performance and cash flows for the financial year then ended.

Report on Other Legal and Regulatory Requirements

In accordance with the requirements of the Companies Act 1965 in Malaysia, we also report the following:

(a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiariesof which we have acted as auditors have been properly kept in accordance with the provisions of the Act.

(b) We have considered the financial statements and the auditors’ reports of all the subsidiaries of which we have not acted as auditors,which are indicated in Note 5 to the financial statements.

(c) We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s financial statementsare in form and content appropriate and proper for the purposes of the preparation of the financial statements of the Group andwe have received satisfactory information and explanations required by us for those purposes.

(d) The audit reports on the financial statements of the subsidiaries did not contain any qualification or any adverse comment made underSection 174(3) of the Act.

Independent Auditors’ ReportTo the Members of Petra Perdana Berhad


Report on Other Legal and Regulatory Requirements (Cont’d)

The supplementary information set out in Note 49 on page 163 is disclosed to meet the requirement of Bursa Malaysia Securities Berhadand is not part of the financial statements. The directors are responsible for the preparation of the supplementary information in accordancewith Guidance on Special Matter No. 1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosure Pursuantto Bursa Malaysia Securities Berhad Listing Requirements, as issued by the Malaysian Institute of Accountants ("MIA Guidance") and thedirective of Bursa Malaysia Securities Berhad. In our opinion, the supplementary information is prepared, in all material respects, inaccordance with the MIA Guidance and the directive of Bursa Malaysia Securities Berhad.

OTHER MATTERS

This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act 1965 inMalaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.

Crowe Horwath Poon Yew HoeFirm No : AF 1018 Approval No : 956/04/12 (J)Chartered Accountants Chartered Accountant

28 April 2011

Kuala Lumpur

Independent Auditors’ Report (cont’d)To the Members of Petra Perdana Berhad


The Group The CompanyRestated Restated Restated Restated

31.12.2010 31.12.2009 1.1.2009 31.12.2010 31.12.2009 1.1.2009Note RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

ASSETS

NON-CURRENT ASSETS

Investment in subsidiaries 5 – – – 307,461 307,406 346,012Investment in an associate 6 88,420 90,319 – 19,233 19,233 –Property, plant and equipment 7 400,934 460,698 659,068 6,521 8,537 43,041Prepaid lease payments – – 7,275 – – –Amount owing by subsidiaries 8 – – – 400,949 353,576 301,495Amount owing by an associate – – – – – 51,649Refundable deposits 9 90,930 98,221 58,492 – – 21,999Intangible assets 10 27,507 27,507 27,507 – – –Deferred tax assets 11 46 46 62 46 46 46

607,837 676,791 752,404 734,210 688,798 764,242

CURRENT ASSETS

Inventories 12 6,908 5,533 50,299 – – –Receivables 13 99,293 97,827 304,061 1,740 15,104 10,636Amount owing by contract customers – – 6,471 – – –Amount owing by subsidiaries 8 – – – 271 27 8Amount owing by related parties 14 36,614 38,194 – 259 259 –Amount owing by an associate 15 – 51,649 – – 51,649 10,000Tax recoverable 3,758 5,057 7,145 3,102 3,900 4,482Fixed deposits with licensed banks 16 51,188 158,437 337,423 47,360 152,392 215,236Cash and bank balances 18,293 21,288 33,348 3,018 8,270 781

216,054 377,985 738,747 55,750 231,601 241,143Non-current asset classified as

held for sale 17 – 86,361 4,501 – – –

TOTAL ASSETS 823,891 1,141,137 1,495,652 789,960 920,399 1,005,385

The annexed notes form an integral part of these financial statements.

Statements of Financial PositionAt 31 December 2010


The Group The CompanyRestated Restated Restated Restated

31.12.2010 31.12.2009 1.1.2009 31.12.2010 31.12.2009 1.1.2009Note RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

EQUITY AND LIABILITIES

EQUITYShare capital 18 225,060 148,800 148,800 225,060 148,800 148,800Reserves 19 278,975 414,869 396,820 232,056 219,754 118,824

TOTAL EQUITY ATTRIBUTABLETO OWNERS OF THE COMPANY 504,035 563,669 545,620 457,116 368,554 267,624

MINORITY INTERESTS 217 580 118,162 – – –

TOTAL EQUITY 504,252 564,249 663,782 457,116 368,554 267,624

NON-CURRENT LIABILITIESDeferred taxation 21 4,048 2,060 30,908 – – –Long-term borrowings 22 146,088 227,063 295,280 105,108 227,000 295,000Derivative liability 25 3,070 – – – – –Payables 26 260 241 511 214 201 231

153,466 229,364 326,699 105,322 227,201 295,231

CURRENT LIABILITIESPayables 26 66,472 125,056 127,811 8,573 8,804 15,336Amount owing to subsidiaries 8 – – – 123,839 95,862 64,194Amount owing to related parties 14 33 236 – 32 3 –Amount owing to an associate 15 – 1,975 – – 1,975 –Amount owing to contract customers – – 9,625 – – –Short-term borrowings 27 98,808 218,019 366,023 95,078 218,000 363,000Provision for taxation 860 2,238 1,712 – – –

166,173 347,524 505,171 227,522 324,644 442,530

TOTAL LIABILITIES 319,639 576,888 831,870 332,844 551,845 737,761

TOTAL EQUITY AND LIABILITIES 823,891 1,141,137 1,495,652 789,960 920,399 1,005,385

NET ASSETS PERORDINARY SHARE (RM) 28 1.12 1.89


Statements of Financial Position (cont’d)At 31 December 2010


The Group The Company2010 2009 2010 2009

Note RM'000 RM'000 RM'000 RM'000

REVENUE 29 254,887 605,684 11,681 48,167

COST OF SALES (280,800) (491,792) – –

GROSS (LOSS)/PROFIT (25,913) 113,892 11,681 48,167

OTHER INCOME 28,262 32,866 4,873 99,823

2,349 146,758 16,554 147,990

SELLING AND DISTRIBUTION COSTS (2,377) (4,373) – –

ADMINISTRATIVE EXPENSES (27,379) (49,756) (12,039) (9,037)

OTHER EXPENSES (22,922) (10,485) (2,092) (425)

FINANCE COSTS (22,955) (32,695) (19,426) (32,903)

SHARE OF RESULTS IN AN ASSOCIATE 387 (748) – –

(LOSS)/PROFIT BEFORE TAXATION 30 (72,897) 48,701 (17,003) 105,625

INCOME TAX EXPENSE 31 491 (12,351) 8 (231)

(LOSS)/PROFIT AFTER TAXATION (72,406) 36,350 (16,995) 105,394

OTHER COMPREHENSIVE INCOME– Foreign currency translation (56,594) (8,927) – –– Cash flow hedge (1,311) – – –

(57,905) (8,927) – –

TOTAL COMPREHENSIVE(EXPENSES)/INCOMEFOR THE FINANCIAL YEAR (130,311) 27,423 (16,995) 105,394

(LOSS)/PROFIT AFTERTAXATION ATTRIBUTABLE TO:

Owners of the Company (72,002) 29,317 (16,995) 105,394Minority interests (404) 7,033 – –

(72,406) 36,350 (16,995) 105,394

TOTAL COMPREHENSIVE(EXPENSES)/INCOMEATTRIBUTABLE TO:

Owners of the Company (129,948) 20,116 (16,995) 105,394Minority interests (363) 7,307 – –

(130,311) 27,423 (16,995) 105,394

(LOSS)/EARNINGS PER SHARE– basic (sen) 32 (21.5) 9.9– diluted (sen) 32 Not Not

applicable applicable


Statements of Comprehensive IncomeFor the Financial Year Ended 31 December 2010


<---------------------------------Non–Distributable---------------------------------> DistributableCapital Cash Flow Other Attributable

Share Share Warrant Redemption Translation Hedge Capital Retained To Owners Of Minority TotalCapital Premium Reserve Reserve Reserve Reserve Reserve Profits The Company Interests Equity

Note RM'000 RM'000 RM'000 RM'000 RM'000 RM’000 RM’000 RM'000 RM'000 RM'000 RM'000The Group

Balance at 1 January 2009 148,800 60,377 – 2,127 6,860 – – 327,456 545,620 118,162 663,782Total comprehensive income

for the financial year – – – – (9,201) – – 29,317 20,116 7,307 27,423Reclassify to profit or loss on

disposal of a vessel – – – – 2,397 – – – 2,397 – 2,397Acquisition of interest

in a subsidiary – – – – – – – – – 562 562Disposal of interest in a

subsidiary 35 – – – – – – – – – (123,880) (123,880)Issuance of shares by a

subsidiary to minority interests – – – – – – – – – 322 322Dividend 33 – – – – – – – (4,464) (4,464) – (4,464)Dividend paid to minority

interests by subsidiaries – – – – – – – – – (1,893) (1,893)

Balance at 31 December 2009 148,800 60,377 – 2,127 56 – – 352,309 563,669 580 564,249

Balance at 31 December 2009/1 January 2010– as previously reported 148,800 60,377 – 2,127 56 – – 352,309 563,669 580 564,249– effect of adopting FRS 139 3(a)(iii) – – – – – – – (35,045) (35,045) – (35,045)

– as restated 148,800 60,377 – 2,127 56 – – 317,264 528,624 580 529,204Total comprehensive expenses

for the financial year – – – – (56,635) (1,311) – (72,002) (129,948) (363) (130,311)Amendment of Labuan Companies

Act 1990 on share capital – – – (2,127) – – 2,127 – – – –Issuance of ordinary shares

under a private placement 14,880 24,403 – – – – – – 39,283 – 39,283Issuance of ordinary shares

under rights issue 61,380 – 11,048 – – – – – 72,428 – 72,428Share issue expenses – (1,888) – – – – – – (1,888) – (1,888)Dividend 33 – – – – – – – (4,464) (4,464) – (4,464)

Balance at 31 December 2010 225,060 82,892 11,048 – (56,579) (1,311) 2,127 240,798 504,035 217 504,252


Statements of Changes in EquityFor the Financial Year Ended 31 December 2010


Share Share Warrant RetainedCapital Premium Reserve Profits Total

Note RM'000 RM'000 RM’000 RM'000 RM'000The Company

Balance at 1 January 2009 148,800 60,377 – 58,447 267,624Total comprehensive income for

the financial year – – – 105,394 105,394Dividend 33 – – – (4,464) (4,464)

Balance at 31 December 2009/1 January 2010

– as previously reported 148,800 60,377 – 159,377 368,554– effect of adopting FRS 139 3(a)(iii) – – – 198 198

– as restated 148,800 60,377 – 159,575 368,752Total comprehensive expenses

for the financial year – – – (16,995) (16,995)Issuance of ordinary shares under

a private placement 14,880 24,403 – – 39,283Issuance of ordinary shares under

a rights issue 61,380 – 11,048 – 72,428Share issue expenses – (1,888) – – (1,888)Dividend 33 – – – (4,464) (4,464)

Balance as at 31 December 2010 225,060 82,892 11,048 138,116 457,116


Statements of Changes in Equity (cont’d)For the Financial Year Ended 31 December 2010



Note RM'000 RM'000 RM'000 RM'000

CASH FLOWS (FOR)/FROMOPERATING ACTIVITIES

(Loss)/Profit before taxation (72,897) 48,701 (17,003) 105,625

Adjustments for:Allowance for impairment loss

on receivables/related parties/subsidiaries 5,020 – 5 –

Amortisation of prepaid lease payments – 118 – –Depreciation of property, plant

and equipment 36,227 48,956 445 425Impairment loss on property,

plant and equipment 2,982 – – –Impairment loss on

refundable deposits 9,380 – – –Interest expense 21,651 25,770 18,667 29,727Inventories written off – 2 – –Provision for retirement contributions – 58 – 9Property, plant and equipment

written off 9 – – –Accretion of refundable deposits (3,657) – – –Dividend from subsidiaries – – (10,946) (46,209)Dividend from an associate – – (577) –Gain on transfer of property, plant

and equipment – – – (554)Gain on disposal of interest

in a subsidiary – (12,677) – (86,351)(Gain)/Loss on disposal of

property, plant and equipment (424) (3,165) 1,509 –Gain on disposal of non-current

asset classified as held for sale (5,855) (1,952) – –Interest income (3,669) (3,845) (4,523) (11,636)Unrealised gain on foreign exchange (9,464) (399) – –Waiver of debts (107) (866) – –Write-back of impairment loss on

receivables – (555) – (944)Share of results in an associate (387) 748 – –Operating (loss)/profit before

working capital changes (21,191) 100,894 (12,423) (9,908)

Increase in inventories (1,524) (13,510) – –Increase in amount

owing by contract customers – (16,905) – –Decrease in amount

owing to contract customers – (1,586) – –(Increase)/Decrease in receivables (6,056) (62,018) 13,365 (6,330)(Decrease)/Increase in payables (57,291) 91,627 (198) (6,571)


Statements of Cash FlowsFor the Financial Year Ended 31 December 2010



Note RM'000 RM'000 RM'000 RM'000

Decrease/(Increase) in amountowing by related parties 988 (29,887) – –

CASH (FOR)/FROMOPERATIONS (85,074) 68,615 744 (22,809)

Interest paid (21,651) (25,770) (18,667) (29,727)Tax paid (2,210) (16,484) – (1,138)Tax refund 4,682 2,475 3,219 1,489

NET CASH (FOR)/FROMOPERATING ACTIVITIES (104,253) 28,836 (14,704) (52,185)

CASH FLOWS FROM/(FOR)INVESTING ACTIVITIES

Investment in new subsidiaries – – (55) *Investment in an associate – (40) – –Advances (to)/from subsidiaries – – (47,621) 10,227(Advances to)/Repayment from

related parties (4,661) 106,163 – (259)Acquisition of additionalinterest in a subsidiary – – – (394)Net cash outflow from

acquisition of subsidiaries – (2,637) – –Net cash inflow from disposal

of interest in a subsidiary 35 – 60,762 – 106,118Dividend received from subsidiaries – – 8,532 46,209Dividend received from an associate 577 – 577 –Refundable deposits paid (42,535) (34,109) – –Proceeds from disposal of

property, plant and equipment 177,580 326,539 6,900 –Proceeds from disposal of non-current

asset classified asheld for sale 94,501 6,656 – –

Net repayment from an associate 49,674 1,803 49,674 10,000Purchase of property, plant

and equipment 36 (190,955) (529,309) (6,448) (2,889)Interest received 3,669 3,845 4,523 11,636Withdrawal of fixed deposits 112,768 2,216 115,246 610

NET CASH FROM/(FOR)INVESTING ACTIVITIES 200,618 (58,111) 131,328 181,258

BALANCE CARRIED FORWARD 96,365 (29,275) 116,624 129,073

* Less than RM1,000.The annexed notes form an integral part of these financial statements.

Statements of Cash Flows (cont’d)For the Financial Year Ended 31 December 2010



Note RM'000 RM'000 RM'000 RM'000

BALANCE BROUGHT FORWARD 96,365 (29,275) 116,624 129,073

CASH FLOWS FORFINANCING ACTIVITIES

Proceeds from issuance of sharesby a subsidiary to minorityshareholders 45 322 – –

Proceeds from issuance of shares 111,711 – 111,711 –Share issue expenses (1,888) – (1,888) –Drawdown of bank borrowings 71,408 231,368 25,000 170,000Repayment of bank borrowings (270,000) (384,908) (270,000) (383,000)Repayment of hire purchase

obligations (46) (245) (27) –Advances from subsidiaries – – 27,977 31,668Repayment to associate – – – 1,975(Repayment to)/Advances from

related parties (219) 236 29 3Dividend paid to minority

shareholders by subsidiaries – (1,893) – –Dividend paid (4,464) (4,464) (4,464) (4,464)

NET CASH FORFINANCING ACTIVITIES (93,453) (159,584) (111,662) (183,818)

NET INCREASE/(DECREASE)IN CASH AND CASHEQUIVALENTS 2,912 (188,859) 4,962 (54,745)

EFFECTS OF FOREIGNEXCHANGE TRANSLATION (388) 920 – –

CASH AND CASHEQUIVALENTS ATBEGINNING OF THEFINANCIAL YEAR 35,419 223,358 16,356 71,101

CASH AND CASHEQUIVALENTS AT END

OF THE FINANCIAL YEAR 37 37,943 35,419 21,318 16,356


Statements of Cash Flows (cont’d)For the Financial Year Ended 31 December 2010


1. GENERAL INFORMATION

The Company is a public company limited by shares and is incorporated under the Companies Act 1965 in Malaysia. The domicileof the Company is Malaysia. The registered office which is also the principal place of business, is at No. 6-8, Jalan 3/3C, Batu 7,Jalan Ipoh, 68100 Kuala Lumpur.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directorsdated 28 April 2011.

2. PRINCIPAL ACTIVITIES

The Company is principally an investment holding company and is also engaged in the provision of administrative and managementservices to its subsidiaries. The principal activities of the subsidiaries are described in Note 5 to the financial statements. There havebeen no significant changes in the nature of these activities during the financial year.

3. BASIS OF PREPARATION

The financial statements of the Group are prepared under the historical cost convention and modified to include other bases ofvaluation as disclosed in other sections under significant accounting policies, and in compliance with Financial Reporting Standards(“FRS”) and the Companies Act 1965 in Malaysia.

(a) During the current financial year, the Group has adopted the following new accounting standards and interpretations (includingthe consequential amendments):

FRSs and IC Interpretations (Including the Consequential Amendments)

FRS 4 Insurance Contracts

FRS 7 Financial Instruments: Disclosures

FRS 8 Operating Segments

FRS 101 (Revised) Presentation of Financial Statements

FRS 123 (Revised) Borrowing Costs

FRS 139 Financial Instruments: Recognition and Measurement

Amendments to FRS 1 and FRS 127: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate

Amendments to FRS 2: Vesting Conditions and Cancellations

Amendments to FRS 7, FRS 139 and IC Interpretation 9

Amendments to FRS 101 and FRS 132: Puttable Financial Instruments and Obligations Arising on Liquidation

Amendments to FRS 132: Classification of Rights Issues and the Transitional Provision in Relation to Compound Instruments

IC Interpretation 9 Reassessment of Embedded Derivatives

Notes to the Financial StatementsFor the Financial Year Ended 31 December 2010


3. BASIS OF PREPARATION (CONT’D)

(a) FRSs and IC Interpretations (Including the Consequential Amendments) (Cont’d)

IC Interpretation 10 Interim Financial Reporting and Impairment

IC Interpretation 11: FRS 2 - Group and Treasury Share Transactions

IC Interpretation 13 Customer Loyalty Programmes

IC Interpretation 14: FRS 119 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

Annual Improvements to FRSs (2009)

(a) The adoption of the above accounting standards and interpretations (including the consequential amendments) did nothave any material impact on the Group’s financial statements, other than the following:

(i) FRS 7 requires additional disclosures about the financial instruments of the Group. Prior to 1 January 2010,information about financial statements was disclosed in accordance with the requirements of FRS 132 – FinancialInstruments: Disclosures and Presentation. FRS 7 requires the disclosure of qualitative and quantitative informationabout exposure to risks arising from financial instruments, including specified minimum disclosures about credit risk,liquidity risk and market risk, including sensitivity analysis to market risk.

The Group has applied FRS 7 prospectively in accordance with the transitional provisions. Accordingly, the newdisclosures have not been applied to the comparatives and are included throughout the financial statements for thecurrent financial year.

(ii) FRS 101 (Revised) introduces the statement of comprehensive income, with all items of income and expenserecognised in profit or loss, together with all other items of recognised income and expense recognised directly inequity, either in one single statement, or in two linked statements. The Group has elected to present this statement asone single statement.

The revised standard also separates owner and non-owner changes in equity. The statement of changes in equityincludes only details of transactions with owners, with all non-owner changes in equity presented in the statement ofcomprehensive income as other comprehensive income.

FRS 101 (Revised) also requires the Group to make new disclosures to enable users of the financial statements toevaluate the Group’s objectives, policies and processes for managing capital. This new disclosure is made in Note45(b) to the financial statements.

Notes to the Financial Statements (cont’d)For the Financial Year Ended 31 December 2010



(a) (iii) The adoption of FRS 139 (including the consequential amendments) has resulted in several changes to accountingpolicies relating to recognition and measurements of financial instruments.

The financial impact to the financial statements is summarised as follows:

The GroupAt

1.1.2010Note RM’000

Retained profitsRemeasurement of non-current refundable deposits (aa) (35,728)Remeasurement of borrowings (bb) 198Share of FRS 139 financial effects in an associate 485

(35,045)

The CompanyAt

1.1.2010Note RM’000

Retained profitsRemeasurement of borrowings (bb) 198

(aa) Prior to 1 January 2010, the Group’s refundable deposits that were classified under non-current assets were recordedat cost. With the adoption of FRS 139, these deposits are now recognised initially at their fair values, which areestimated by discounting the expected cash flows using the current market interest rate of a loan with similar risk andtenure. Subsequent to initial recognition, the refundable deposits are measured at amortised cost. Interest income isrecognised in profit or loss using the effective interest method.

(bb) Prior to 1 January 2010, the Group and the Company’s borrowings were recorded at cost. With the adoption ofFRS 139, these borrowings are now recognised initially at their fair values and remeasured at amortised cost at eachsubsequent reporting period.

(cc) Prior to 1 January 2010, inter-company loans or advances were recorded at cost. With the adoption of FRS 139,inter-company loans and advances are now recognised initially at their fair values, which are estimated bydiscounting the expected cash flows using the current market interest rate of a loan with similar risk and tenure.Subsequent to initial recognition, these loans and advances are measured at amortised cost.

Besides, certain loans or advances of which the settlement is neither planned nor likely to occur in the foreseeablefuture are, in substance, a part of the Company’s net investment in the subsidiaries, and are stated at cost less anyimpairment loss in the financial statements of the Company. Accordingly, the adoption of FRS 139 did not have anyfinancial impact on the financial statements in respect of these loans or advances.

(dd) The Company has previously asserted explicitly that it regards financial guarantee contracts of banking facilitiesgranted to its subsidiaries and related parties as insurance contracts and will apply FRS 4 to such financial guaranteecontracts. Accordingly, the adoption of FRS 139 did not have any financial impact on the financial statements inrespect of the financial guarantee contracts issued by the Company to its subsidiaries and related parties. Thesefinancial guarantee contracts issued are disclosed as contingent liabilities under Note 41 to the financial statements.

All these financial impacts are recognised as an adjustment to the opening balance of retained profits as at 1 January2010 upon the adoption of FRS 139. Comparatives are not adjusted/represented by virtue of the exemption given inthis standard.




(b) The Group has not applied in advance the following accounting standards and interpretations (including the consequentialamendments) that have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective for thecurrent financial year:

FRSs and IC Interpretations (Including the Consequential Amendments) Effective Date

FRS 1 (Revised) First-time Adoption of Financial Reporting Standards 1 July 2010

FRS 3 (Revised) Business Combinations 1 July 2010

FRS 124 (Revised) Related Party Disclosures 1 January 2012

FRS 127 (Revised) Consolidated and Separate Financial Statements 1 July 2010

Amendments to FRS 1 (Revised): Limited Exemption from Comparative FRS 7 Disclosures forFirst-time Adopters 1 January 2011

Amendments to FRS 1: Additional Exemptions for First-time Adopters 1 January 2011

Amendments to FRS 2: Scope of FRS 2 and FRS 3 (Revised) 1 July 2010

Amendments to FRS 2: Group Cash-settled Share-based Payment Transactions 1 January 2011

Amendments to FRS 5: Plan to Sell the Controlling Interest in a Subsidiary 1 July 2010

Amendments to FRS 7: Improving Disclosures about Financial Instruments 1 January 2011

Amendments to FRS 138: Consequential Amendments Arising from FRS 3 (Revised) 1 July 2010

Amendments to IC Interpretation 9: Scope of IC Interpretation 9 and FRS 3 (Revised) 1 July 2010

Amendments to IC Interpretation 14: Prepayments of a Minimum Funding Requirement 1 July 2011

IC Interpretation 4 Determining Whether An Arrangement Contains a Lease 1 January 2011

IC Interpretation 12 Service Concession Arrangements 1 July 2010

IC Interpretation 15 Agreements for the Construction of Real Estate 1 January 2012

IC Interpretation 16 Hedges of a Net Investment in a Foreign Operation 1 July 2010

IC Interpretation 17 Distributions of Non-cash Assets to Owners 1 July 2010

IC Interpretation 18 Transfers of Assets from Customers 1 January 2011

IC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments 1 July 2011

Annual Improvements to FRSs (2010) 1 January 2011




(b) The above accounting standards and interpretations (including the consequential amendments) are not relevant to the Group’soperations except as follows:

(i) FRS 3 (Revised) introduces significant changes to the accounting for business combinations, both at the acquisition dateand post acquisition, and requires greater use of fair values. In addition, all transaction costs, other than share and debtissue costs, will be expensed as incurred. This revised standard will be applied prospectively and therefore there will nothave any financial impact on the financial statements of the Group for the current financial year but may impact theaccounting for future transactions or arrangements.

(ii) FRS 127 (Revised) requires accounting for changes in ownership interests by the group in a subsidiary, while maintainingcontrol, to be recognised as an equity transaction. When the group loses control of a subsidiary, any interest retained inthe former subsidiary will be measured at fair value with the gain or loss recognised in profit or loss. The revised standardalso requires all losses attributable to the minority interest to be absorbed by the minority interest instead of by the parent.The Group will apply the major changes of FRS 127 (Revised) prospectively and therefore there will not have any financialimpact on the financial statements of the Group for the current financial year but may impact the accounting of its futuretransactions or arrangements.

4. SIGNIFICANT ACCOUNTING POLICIES

(a) Critical Accounting Estimates and Judgements

Estimates and judgements are continually evaluated by the directors and management and are based on historical experienceand other factors, including expectations of future events that are believed to be reasonable under the circumstances. Theestimates and judgements that affect the application of the Group’s accounting policies and disclosures, and have a significantrisk of causing a material adjustment to the carrying amounts of assets, liabilities, income and expenses are discussed below:

(i) Depreciation of Property, Plant and Equipment

The estimates for the residual values, useful lives and related depreciation charges for the property, plant and equipmentis based on commercial factors which could change significantly as a result of technical innovations and competitors’actions in response to the market conditions.

The Group anticipates that the residual value of its property, plant and equipment will be insignificant. As a result, theresidual values are not being taken into consideration for the computation of the depreciable amount.

Changes in the expected level of usage and technological development could impact the economic useful lives and theresidual values of these assets, therefore future depreciation charges could be revised.

(ii) Income Taxes

There are certain transactions and computations for which the ultimate tax determination may be different from the initialestimate. The Group recognises tax liabilities based on its understanding of the prevailing tax laws and estimates ofwhether such taxes will be due in the ordinary course of business. Where the final outcome of these matters is differentfrom the amounts that were initially recognised, such difference will impact the income tax and deferred tax provisions inthe year in which such determination is made.



4. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

(a) Critical Accounting Estimates and Judgements (Cont’d)

(iii) Impairment of Non-financial Assets

When the recoverable amount of an asset is determined based on the estimate of the value-in-use of the cash-generatingunit to which the asset is allocated, the management is required to make an estimate of the expected future cash flowsfrom the cash-generating unit and also to apply a suitable discount rate in order to determine the present value of thosecash flows.

(iv) Allowance for Inventories

Reviews are made periodically by management on damaged, obsolete and slow-moving inventories. These reviews requirejudgement and estimates. Possible changes in these estimates could result in revisions to the valuation of inventories.

(v) Operating Lease

The Group entered into several conditional Sale and Leaseback Agreements for the sales of the subsidiaries’ vessels withthird parties. Subsequently, these vessels were leased back by other subsidiaries from the third parties for lease periodsranging from five (5) to ten (10) years commencing from the date of delivery of vessels or financing obtained, with theoption to buy back the vessels at the end of the primary lease term period. The directors are of the opinion that the leasearrangements should be treated as an operating lease as presently the management has no intention to buy back thevessels at the end of the primary lease term and the lease term does not constitute the major part of the economic life ofthe vessels.

(vi) Impairment of Trade and Other Receivables

An impairment loss is recognised when there is objective evidence that a financial asset is impaired. Managementspecifically reviews its loans and receivables financial assets and analyses historical bad debts, customer concentrations,customer creditworthiness, current economic trends and changes in the customer payment terms when making ajudgement to evaluate the adequacy of the allowance for impairment losses. Where there is objective evidence ofimpairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets withsimilar credit risk characteristics. If the expectation is different from the estimation, such difference will impact the carryingvalue of receivables.

(vii) Impairment of Goodwill

Goodwill is tested for impairment annually and at other times when such indicators exist. This requires management toestimate the expected future cash flows of the cash-generating unit to which goodwill is allocated and to apply a suitablediscount rate in order to determine the present value of those cash flows. The future cash flows are most sensitive tobudgeted gross margins, growth rates estimated and discount rate used. If the expectation is different from the estimation,such difference will impact the carrying value of goodwill.

(viii) Fair Value Estimates for Certain Financial Assets and Liabilities

The Group carries certain financial assets and liabilities at fair value, which requires extensive use of accountingestimates and judgement. While significant components of fair value measurement were determine using verifiableobjective evidence, the amount of changes in fair value would differ if the Group uses different valuation methodologies.Any changes in fair value of these assets and liabilities would affect the results and/or equity.




(b) Basis of Consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries made up to 31December 2010.

A subsidiary is defined as a company in which the parent company has the power, directly or indirectly, to exercise controlover its financial and operating policies so as to obtain benefits from its activities.

All subsidiaries are consolidated using the purchase method. Under the purchase method, the results of the subsidiaries acquiredor disposed of are included from the date of acquisition or up to the date of disposal. At the date of acquisition, the fair valuesof the subsidiaries’ net assets are determined and these values are reflected in the consolidated financial statements. The costof acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred orassumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributableto the business combination.

Intragroup transactions, balances and unrealised gains on transactions are eliminated; unrealised losses are also eliminatedunless cost cannot be recovered. Where necessary, adjustments are made to the financial statements of subsidiaries to ensureconsistency of accounting policies with those of the Group.

Minority interests in the consolidated statement of financial position consist of the minorities’ share of fair values of theidentifiable assets and liabilities of the acquiree as at the date of acquisition and the minorities’ share of movements in theacquiree’s equity.

Minority interests are presented within equity in the consolidated statement of financial position, separately from the Company’sshareholders’ equity, and are separately disclosed in the consolidated statement of comprehensive income. Transactions withminority interests are accounted for as transactions with owners. Gain or loss on disposal to minority interests is recogniseddirectly in equity.

(c) Goodwill

Goodwill represents the excess of the fair value of the purchase consideration over the Group’s share of the fair values of theidentifiable assets, liabilities and contingent liabilities of the subsidiaries at the date of acquisition.

Goodwill is measured at cost less impairment losses, if any. The carrying value of goodwill is reviewed for impairment annually.The impairment value of goodwill is recognised immediately in profit or loss. An impairment loss recognised for goodwill isnot reversed in a subsequent period.

If, after reassessment, the Group’s interest in the fair values of the identifiable net assets of the subsidiaries exceeds the cost ofthe business combinations, the excess is recognised as income immediately in profit or loss.




(d) Functional and Foreign Currencies

(i) Functional and Presentation Currency

The individual financial statements of each entity in the Group are presented in the currency of the primary economicenvironment in which the entity operates, which is the functional currency.

The consolidated financial statements are presented in Ringgit Malaysia, which is the Company’s functional andpresentation currency.

(ii) Transactions and Balances

Transactions in foreign currencies are converted into the respective functional currencies on initial recognition, using theexchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities at the end of thereporting period are translated at the rates ruling as of that date. Non-monetary assets and liabilities are translated usingexchange rates that existed when the values were determined. All exchange differences are recognised in profit or loss.

(iii) Foreign Operations

Assets and liabilities of foreign operations are translated to Ringgit Malaysia at the rates of exchange ruling at the endof the reporting period. Revenues and expenses of foreign operations are translated at exchange rates ruling at thedates of the transactions. All exchange differences arising from translation are taken directly to other comprehensiveincome and accumulated in equity under translation reserve. On disposal of a foreign operation, the cumulative amountrecognised in other comprehensive income relating to that particular foreign operation is reclassified from equity toprofit or loss.

Goodwill and fair value adjustments arising from the acquisition of foreign operations are treated as assets and liabilitiesof the foreign operations and are recorded in the functional currency of the foreign operations and translated at theclosing rate at the end of the reporting period.

(e) Financial Instruments

Financial instruments are recognised in the statements of financial position when the Group has become a party to thecontractual provisions of the instruments.

Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement.Interest, dividends, gains and losses relating to a financial instrument classified as a liability, are reported as an expense orincome. Distributions to holders of financial instruments classified as equity are charged directly to equity.

Financial instruments are offset when the Group has a legally enforceable right to offset and intends to settle either on a netbasis or to realise the asset and settle the liability simultaneously.

A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value throughprofit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument.

Financial instruments recognised in the statements of financial position are disclosed in the individual policy statement associatedwith each item.




(e) Financial Instruments (Cont’d)

(i) Financial Assets

On initial recognition, financial assets are classified as either financial assets at fair value through profit or loss, loans andreceivables, held-to-maturity investments, or available-for-sale financial assets, as appropriate.

• Financial Assets at Fair Value Through Profit or Loss

Financial assets are classified as financial assets at fair value through profit or loss when the financial asset is eitherheld for trading or is designated to eliminate or significantly reduce a measurement or recognition inconsistency thatwould otherwise arise. Derivatives are also classified as held for trading (except for a derivative that is a designatedand effective hedging instrument).

Financial assets at fair value through profit or loss are stated at fair value, with any gains or losses arising onremeasurement recognised in profit or loss. Dividend income from this category of financial assets is recognised inprofit or loss when the Group’s right to receive payment is established.

• Held-to-maturity Investments

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixedmaturities that the management has the positive intention and ability to hold to maturity. Held-to-maturity investmentsare measured at amortised cost using the effective interest method less any impairment loss, with revenue recognisedon an effective yield basis.

• Loans and Receivables Financial Assets

Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an activemarket are classified as loans and receivables financial assets. Loans and receivables financial assets aremeasured at amortised cost using the effective interest method, less any impairment loss. Interest income isrecognised by applying the effective interest rate, except for short-term receivables when the recognition of interestwould be immaterial.

• Available-for-sale Financial Assets

Available-for-sale financial assets are non-derivative financial assets that are designated in this category or are notclassified in any of the other categories.

After initial recognition, available-for-sale financial assets are remeasured to their fair values at the end of eachreporting period. Gains and losses arising from changes in fair value are recognised in other comprehensive incomeand accumulated in the fair value reserve, with the exception of impairment losses. On derecognition, the cumulativegain or loss previously accumulated in the fair value reserve is reclassified from equity into profit or loss.

Dividends on available-for-sale equity instruments are recognised in profit or loss when the Group’s right to receivepayments is established.

Investments in equity instruments whose fair value cannot be reliably measured are measured at cost less impairmentlosses, if any.





(ii) Financial Liabilities

All financial liabilities are initially recorded at fair value plus directly attributable transaction costs and subsequentlymeasured at amortised cost using the effective interest method other than those categorised as fair value through profitor loss.

Fair value through profit or loss category comprises financial liabilities that are either held for trading or are designatedto eliminate or significantly reduce a measurement or recognition inconsistency that would otherwise arise. Derivatives arealso classified as held for trading unless they are designated as hedges.

(iii) Equity Instruments

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options areshown in equity as a deduction, net of tax, from proceeds.

Dividends on ordinary shares are recognised as liabilities when approved for appropriation.

(iv) Warrants

Proceeds, net of issue costs, from the issuance of warrants or allocated in accordance with FRSIC Consensus 9 - Accountingfor Rights Issue with Free Warrants are credited to the warrant reserve which is non-distributable. The warrant reserve istransferred to the share premium account upon the exercise of the warrants and the warrant reserve in relation to theunexercised warrants at the expiry of the warrants will be transferred to retained earnings.

(v) Hedge Activities

The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreignexchange rate risks, including cross currency swap and interest rate swap.

The Group designates certain derivatives as either hedges of the fair value of recognised assets or liabilities or firmcommitments (fair value hedges), hedges of highly probable forecast transactions or hedges of foreign currency risk offirm commitments (cash flow hedges), or hedges of net investments in foreign operations.

• Hedge accounting

The Group designates certain hedging instruments, which include derivatives, embedded derivatives and non-derivatives in respect of foreign currency risk, as either fair value hedges, cash flow hedges, or hedges of netinvestments in foreign operations. Hedges of foreign exchange risk on firm commitments are accounted for as cashflow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument andthe hedged item, along with its risk management objectives and its strategy for undertaking various hedgetransactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whetherthe hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.





(v) Hedge Activities (Cont’d)

• Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profitor loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributableto the hedged risk. The change in the fair value of the hedging instrument and the change in the hedged itemattributable to the hedged risk are recognised in the statement of comprehensive income relating to the hedged item.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrumentexpires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair valueadjustment to the carrying amount of the hedged item arising from the hedged risk is amortised to profit or loss fromthat date.

• Cash flow hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedgesis recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognisedimmediately in profit or loss.

Subsequently, the cumulative gain or loss recognised in other comprehensive income is reclassified from equity intoprofit or loss in the same period or periods during which the hedged forecast cash flows affect profit or loss. If thehedge item is a non-financial asset or liability, the associated gain or loss recognised in other comprehensive incomeis removed from equity and included in the initial amount of the asset or liability. However, loss recognised in othercomprehensive income that will not be recovered in one or more future periods is reclassified from equity into profitor loss.

Hedge accounting is discontinued prospectively when the Group revokes the hedging relationship, when the hedginginstrument expires or is sold, terminated, or exercised, or it no longer qualifies for hedge accounting. Any gain orloss accumulated in equity at that time remains in equity and is recognised when the forecast transaction is ultimatelyrecognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulatedin equity is recognised immediately in profit or loss.

• Hedges of net instruments in foreign operations

Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or losson the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive incomeand accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion isrecognised immediately in profit or loss.

The cumulative gain or loss recognised in other comprehensive income is reclassified from equity into profit or losson the disposal of the foreign operation.




(f) Investment in Subsidiaries

Investment in subsidiaries are stated at cost in the statement of financial position of the Company, and are reviewed forimpairment at the end of the reporting period if events or changes in circumstances indicate that the carrying values may notbe recoverable.

On the disposal of the investment in a subsidiary, the difference between the net disposal proceeds and the carrying amountof the investment is recognised in profit or loss.

(g) Investment in an Associate

An associate is an entity in which the Group has a long-term equity interest and where it exercises significant influence overthe financial and operating policies.

The investment in an associate is accounted for under the equity method, based on the financial statements of the associate madeup to 31 December 2010. The Group's share of the post acquisition profits of the associate is included in the consolidatedstatement of comprehensive income and the Group's interest in the associate is carried in the consolidated statement of financialposition at cost plus the Group's share of the post-acquisition retained profits and other reserves.

Unrealised gains on transactions between the Group and the associate are eliminated to the extent of the Group's interest inthe associate. Unrealised losses are eliminated unless cost cannot be recovered.

(h) Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation or amortisation and impairment losses, if any.

Depreciation or amortisation is calculated under the straight-line method to write off the depreciable amount of the assets overtheir estimated useful lives. Depreciation of an asset does not cease when the asset becomes idle or is retired from active useunless the asset is fully depreciated. The principal annual rates used for this purpose are:

Vessels 4% – 7%Vessel equipment 4% – 10%Dry docking 20%Leasehold buildings 2%Plant and machinery 10%Cabin, field and workshop equipment 10% – 20%Motor vehicles 20%Office equipment, furniture and fittings 10% – 20%Others 10% – 50%




(h) Property, Plant and Equipment (Cont’d)

Capital work-in-progress is not depreciated.

Capital work-in-progress represents assets under construction, and which are not ready for commercial use at the end ofreporting period. Capital work-in-progress is stated at cost, and is transferred to the relevant category of assets and depreciatedaccordingly when the assets are completed and ready for commercial use. Cost of capital work-in-progress includes direct costs,related expenditure and interest cost on borrowings taken to finance the construction or acquisition of the assets to the date thatthe assets are completed and put into use.

Dry docking costs are in respect of the cost of major repairs and modifications incurred on the vessels which enhance the usefullives of the vessels.

The depreciation method, useful life and residual values are reviewed, and adjusted if appropriate, at the end of each reportingperiod to ensure that the amount, method and period of depreciation are consistent with previous estimates and the expectedpattern of consumption of the future economic benefits embodied in the items of the property, plant and equipment.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when thecost is incurred and it is probable that the future economic benefits associated with the asset will flow to the Group and the costof the asset can be measured reliably. The carrying amount of parts that are replaced is derecognised. The costs of the day-to-day servicing of equipment are recognised in profit or loss as incurred. Cost also comprises the initial estimate of dismantlingand removing the asset and restoring the site on which it is located for which the Group is obligated to incur when the asset isacquired, if applicable.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expectedfrom its use. Any gain or loss arising from derecognition of the asset is included in the profit or loss in the year the assetis derecognised.

(i) Impairment

(i) Impairment of Financial Assets

All financial assets (other than those categorised at fair value through profit or loss), are assessed at the end of eachreporting period whether there is any objective evidence of impairment as a result of one or more events having an impacton the estimated future cash flows of the asset. For an equity instrument, a significant or prolonged decline in the fair valuebelow its cost is considered to be objective evidence of impairment.

An impairment loss in respect of held-to-maturity investments and loans and receivables financial assets is recognised inprofit or loss and is measured as the difference between the asset’s carrying amount and the present value of estimatedfuture cash flows, discounted at the financial asset’s original effective interest rate.

An impairment loss in respect of available-for-sale financial assets is recognised in profit or loss and is measured as thedifference between its cost (net of any principal payment and amortisation) and its current fair value, less any impairmentloss previously recognised in the fair value reserve. In addition, the cumulative loss recognised in other comprehensiveincome and accumulated in equity under fair value reserve, is reclassified from equity to profit or loss.

With the exception of available-for-sale equity instruments, if, in a subsequent period, the amount of the impairment lossdecreases and the decrease can be related objectively to an event occurring after the impairment was recognised, thepreviously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of theinvestment at the date the impairment is reversed does not exceed what the amortised cost would have been had theimpairment not been recognised. In respect of available-for-sale equity instruments, impairment losses previouslyrecognised in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairmentloss made is recognised in other comprehensive income.




(i) Impairment (Cont’d)

(ii) Impairment of Non-Financial Assets

The carrying values of assets, other than those to which FRS 136 – Impairment of Assets does not apply, are reviewed atthe end of each reporting period for impairment when there is an indication that the assets might be impaired. Impairmentis measured by comparing the carrying values of the assets with their recoverable amounts. The recoverable amount ofthe assets is the higher of the assets' fair value less costs to sell and their value-in-use, which is measured by reference todiscounted future cash flow.

An impairment loss is recognised in profit or loss immediately.

In respect of assets other than goodwill, and when there is a change in the estimates used to determine the recoverableamount, a subsequent increase in the recoverable amount of an asset is treated as a reversal of the previousimpairment loss and is recognised to the extent of the carrying amount of the asset that would have been determined(net of amortisation and depreciation) had no impairment loss been recognised. The reversal is recognised in profitor loss immediately.

(j) Operating Leases

Leases of assets where a significant portion of the risks and rewards of ownership are retained by the lessor are classified asoperating leases. Payments made under the operating leases (net of any incentives received from the lessor, if any) arerecognised in profit or loss on the straight-line method over the lease period. When an operating lease is terminated beforethe lease period has expired, any payment required to be made to the lessor by way of penalty is recognised as an expensein the period in which termination takes place.

(k) Assets under Hire Purchase

Assets acquired under hire purchase are capitalised in the financial statements and are depreciated in accordance with thepolicy set out in Note 4(h) above. Each hire purchase payment is allocated between the liability and finance charges so as toachieve a constant rate on the finance balance outstanding. Finance charges are recognised in profit or loss over the periodof the respective hire purchase agreements.

(l) Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined on the first-in-first-out basis, and comprisesthe purchase price and incidentals incurred in bringing the inventories to their present location and condition.

Net realisable value represents the estimated selling price less the estimated costs of completion and the estimated costsnecessary to make the sale.

Where necessary, due allowance is made for all obsolete, damaged and slow-moving items.

(m) Amounts Owing By/To Contract Customers

The amounts owing by/to contract customers are stated at cost plus profits attributable to contracts in progress less progressbillings and allowance for foreseeable losses, if any. Cost includes direct materials, labour and applicable overheads.




(n) Provisions

Provisions are recognised when the Group has a present obligation as a result of past events, when it is probable that anoutflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate of theamount can be made. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current bestestimate. Where the effect of the time value of money is material, the provision is the present value of the estimated expenditurerequired to settle the obligation.

(o) Income Taxes

Income tax for the year comprises current and deferred tax.

Current tax is the expected amount of income taxes payable in respect of the taxable profit for the year and is measured usingthe tax rates that have been enacted or substantively enacted at the end of the reporting period.

Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assetsand liabilities and their carrying amounts in the financial statements.

Deferred tax liabilities are recognised for all taxable temporary differences other than those that arise from goodwill or excessof the acquirer’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over thebusiness combination costs or from the initial recognition of an asset or liability in a transaction which is not a businesscombination and at the time of the transaction, affects neither accounting profit nor taxable profit.

Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to theextent that it is probable that future taxable profits will be available against which the deductible temporary differences, unusedtax losses and unused tax credits can be utilised. The carrying amounts of deferred tax assets are reviewed at the end of eachreporting period and reduced to the extent that it is no longer probable that sufficient future taxable profits will be available toallow all or part of the deferred tax assets to be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset isrealised or the liability is settled, based on the tax rates that have been enacted or substantively enacted at the end of thereporting period.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against currenttax liabilities and when the deferred income taxes relate to the same taxation authority.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items arerecognised in correlation to the underlying transactions either in other comprehensive income or directly in equity and deferredtax arising from a business combination is included in the resulting goodwill or excess of the acquirer’s interest in the net fairvalue of the acquiree’s identifiable assets, liabilities and contingent liabilities over the business combination costs.

(p) Cash and Cash Equivalents

Cash and cash equivalents comprise cash in hand, bank balances, demand deposits, bank overdrafts and short-term,highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificantrisk of changes in value. For the purpose of the statements of cash flows, cash and cash equivalents are presented net ofpledged deposits.




(q) Employee Benefits

(i) Short-term Benefits

Wages, salaries, paid annual leave and sick leave, bonuses and non-monetary benefits are accrued in the period inwhich the associated services are rendered by employees of the Group.

(ii) Defined Contribution Plans

The Group’s contributions to defined contribution plans are recognised in profit or loss in the period to which they relate.Once the contributions have been paid, the Group has no further liability in respect of the defined contribution plans.

(r) Borrowing Costs

Borrowing costs, directly attributable to the acquisition and construction of property, plant and equipment are capitalised aspart of the cost of those assets, until such time as the assets are ready for their intended use or sale. Capitalisation of borrowingcosts is suspended during extended periods in which active development is interrupted.

All other borrowing costs are recognised in profit or loss as expenses in the period in which they incurred.

(s) Contingent Liabilities

A contingent liability is a possible obligation that arises from past events and whose existence will only be confirmed by theoccurrence of one or more uncertain future events not wholly within the control of the Group. It can also be a present obligationarising from past events that is not recognised because it is not probable that an outflow of economic resources will be requiredor the amount of obligation cannot be measured reliably.

A contingent liability is not recognised but is disclosed in the notes to the financial statements. When a change in the probabilityof an outflow occurs so that the outflow is probable, it will then be recognised as a liability/provision.

(t) Related Parties

A party is related to an entity if:

(i) directly, or indirectly through one or more intermediaries, the party:• controls, is controlled by, or is under common control with, the entity (this includes parents, subsidiaries and fellow

subsidiaries);• has an interest in the entity that gives it significant influence over the entity; or• has joint control over the entity;

(ii) the party is an associate of the entity;(iii) the party is a joint venture in which the entity is a venturer;(iv) the party is a member of the key management personnel of the entity or its parent;(v) the party is a close member of the family of any individual referred to in (i) or (iv);(vi) the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which significant voting

power in such entity resides with, directly or indirectly, any individual referred to in (iv) or (v); or(vii) the party is a post-employment benefit plan for the benefit of employees of the entity, or of any entity that is a related party

of the entity.

Close members of the family of an individual are those family members who may be expected to influence, or be influencedby, that individual in their dealings with the entity.




(u) Operating Segments

An operating segment is a component of the Group that engages in business activities from which it may earn revenues andincur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. Anoperating segment’s operating results are reviewed regularly by the chief operating decision maker to make decisions aboutresources to be allocated to the segment and assess its performance, and for which discrete financial information is available.

(v) Revenue Recognition

(i) Chartered Vessel Income

Chartered vessel income is recognised upon rendering of services and when the outcome of the transaction can beestimated reliably. In the event the outcome of the transaction could not be estimated reliably, revenue is recognised to theextent of the expenses incurred that are recoverable.

(ii) Contract Revenue

Revenue on contracts is recognised on the percentage of completion method unless the outcome of the contract cannot bereliably determined, in which case revenue on contracts is only recognised to the extent of contract costs incurred that arerecoverable. Foreseeable losses, if any, are provided for in full as and when it can be reasonably ascertained that thecontract will result in a loss.

The stage of completion is determined based on the proportion that the contract costs incurred for work performed to datebear to the estimated total contract costs.

(iii) Dividend income

Dividend income from investment is recognised when the right to receive dividend payment is established.

(iv) Management Fee

Management fee is recognised on an accrual basis.

(v) Rental Income

Rental income is recognised on an accrual basis.

(vi) Interest Income

Interest income is recognised on an accrual basis, based on the effective yield on the investment. Interest income on latepayment is recognised on a receipt basis.



5. INVESTMENT IN SUBSIDIARIES

The Company2010 2009RM'000 RM'000

Unquoted shares, at cost:– in Malaysia 285,574 285,519– outside Malaysia 21,897 21,897

307,471 307,416Less: Impairment loss (10) (10)

307,461 307,406

The details of the subsidiaries are as follows:

Country of Effective Equity InterestName of Company incorporation 2010 2009 Principal Activities

% %

Intra Oil Services Berhad Malaysia 100 100 Provision of marine supportservices for the oil andgas industry.

Ampangship Marine Sdn. Bhd. Malaysia 100 100 Provision of marine supportservices for the oil andgas industry.

Perdana Marine The Republic 100 100 Provision of marine supportOffshore Pte. Ltd.* of Singapore services for the oil and

gas industry.

Petra Offshore Limited Federal Territory 100 100 Provision of leasing businessof Labuan activities in Labuan.

Perdana Mercury Limited The Republic of the 100 100 Provision of marine supportMarshall Islands services for the oil and

gas industry.

Perdana Venus Limited The Republic of the 100 100 Provision of marine supportMarshall Islands services for the oil and

gas industry.

Petra Marine Australia The Commonwealth 55 55 Provision of marine supportPty. Ltd. of Australia services for the oil and

gas industry.



5. INVESTMENT IN SUBSIDIARIES (CONT’D)


% %

Perdana Jupiter Limited Federal Territory of Labuan 100 100 Provision of leasing businessactivities in Labuan.

Odin Explorer The British Virgin Islands 100 100 Dormant.Navigation Limited

Geoseas Technologies The British Virgin Islands 51 51 Dormant.Limited

Petra Teknik Sdn. Bhd. Malaysia 100 100 Dormant.

Petra Asia Limited Federal Territory 100 100 Dormant.of Labuan

Perdana Neptune Limited Federal Territory 100 100 Dormant.of Labuan

Perdana Pluto Limited* Federal Territory 100 100 Dormant.of Labuan

Perdana Saturn Limited* Federal Territory 100 100 Dormant.of Labuan

Perdana Nautika Sdn. Bhd. Malaysia 55 – Dormant.

Interest held through Intra Oil Services Berhad

Osam Marine Sdn. Bhd. Malaysia 100 100 Dormant.

Asiaway Sdn. Bhd. Malaysia 100 100 Dormant.

Interest held through Osam Marine Sdn. Bhd.

Malawi Marine Sdn. Bhd. Malaysia 100 100 Dormant.

Kovan Marine Sdn. Bhd. Malaysia 100 100 Dormant.

* Not audited by Messrs. Crowe Horwath.

During the financial year, the Company incorporated a new subsidiary of which the details are disclosed in Note 34 to thefinancial statements.

In the previous financial year:

(a) the Company acquired four (4) newly incorporated subsidiaries of which the details are disclosed in Note 34 to the financialstatements; and

(b) the Company disposed of its shareholding in Petra Energy Berhad (“PEB”) which resulted the Company’s shareholding beingreduced from 60% to 29.59%. The details of the disposal are disclosed in Note 6 and Note 35 to the financial statements.



6. INVESTMENT IN AN ASSOCIATE

The Group The Company2010 2009 2010 2009RM'000 RM'000 RM'000 RM'000

Quoted shares in Malaysia, at cost 19,233 19,233 19,233 19,233

Share of post acquisition profits 68,702 71,086 – –

Share of associate’s financial effects inadopting FRS 139 485 – – –

88,420 90,319 19,233 19,233

Market value of quoted shares 89,435 95,205 89,435 95,205

Share of results in an associate is based on the unaudited financial statements of the associate.

The details of the associate are as follows:


% %

Petra Energy Berhad Malaysia 29.59 29.59 Investment holding.

On 10 September 2009, the Company disposed of 10.5 million ordinary shares of RM0.50 each in Petra Energy Berhad (“PEB”)at a price of RM1.53 per share via a private placement for a sale consideration of approximately RM16.1 million, resulting in a losson disposal of approximately RM0.6 million to the Group. After the disposal, the Company’s equity interest in PEB reduced from 60%to 54.62%.



6. INVESTMENT IN AN ASSOCIATE (CONT’D)

On 11 December 2009, the Company further disposed of 48.8 million ordinary shares of RM0.50 each in PEB at a price of RM1.91per share for a sale consideration of approximately RM93.2 million, resulting in a gain on disposal of approximately RM13.3million to the Group. After the disposal, the Company’s equity interest in PEB further reduced from 54.62% to 29.59%. As a result,PEB became an associate of the Group and of the Company.

The summarised unaudited financial information of the associate is as follows:

2010 2009RM'000 RM'000

Assets and liabilitiesNon-current assets 354,225 369,073Current assets 355,581 344,327

Total assets 709,806 713,400

Current liabilities 265,530 271,344Non-current liabilities 137,263 136,423

Total liabilities 402,793 407,767

ResultsRevenue 633,935 504,141Net profit for the financial year 2,681 15,482



7. PROPERTY, PLANT AND EQUIPMENT

CurrencyAt Written Translation Depreciation Impairment At

1.1.2010 Additions Disposals Off Cancellation Transfers Difference Charge Loss 31.12.2010RM'000 RM'000 RM'000 RM’000 RM’000 RM'000 RM’000 RM’000 RM’000 RM’000

The Group

Net Book Value

Vessels 220,995 3,151 (138,510) – – 200,785 (13,847) (19,144) – 253,430Vessel equipment 12,230 3,794 – – – 10,795 (1,961) (2,173) – 22,685Dry docking 38,615 6,757 – – – – (3,583) (13,598) (2,982) 25,209Leasehold buildings 1,702 – – – – – – (37) – 1,665Cabin, field and workshop

equipment 112 – – (9) – – – (18) – 85Motor vehicles 113 430 – – – – (2) (76) – 465Office equipment, furniture

and fittings 2,835 306 (5) – – – (3) (733) – 2,400Capital work-in-progress 183,094 176,621 (8,256) – (30,385) (211,580) (15,333) – – 94,161Others 1,002 286 – – – – (6) (448) – 834

460,698 191,345 (146,771) (9) (30,385) – (34,735) (36,227) (2,982) 400,934

Disposal Of ReclassifiedInterest In Acquisition Non-Current Currency

At A Subsidiary Of A Asset Held For Translation Depreciation At1.1.2009 Additions Disposals Transfers (Note 35) Subsidiary Sale (Note 17) Difference Charge 31.12.2009RM'000 RM'000 RM'000 RM'000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

The Group

Net Book Value

Vessels 303,632 124,234 (318,351) 452,921 (228,928) – (86,361) (1,717) (24,435) 220,995Vessel equipment 11,325 4,521 (2,486) – – – – (240) (890) 12,230Dry docking 29,622 38,687 – – (14,598) – – (727) (14,369) 38,615Leasehold buildings 6,362 – – – (4,485) – – – (175) 1,702Plant and machinery 3,495 101 (10) – (2,827) – – – (759) –Cabin, field and workshop

equipment 8,393 3,417 – – (6,212) – – 16 (5,502) 112Motor vehicles 1,650 132 – – (1,124) 31 – 2 (578) 113Office equipment, furniture

and fittings 1,367 2,941 (14) – (964) 300 – 4 (799) 2,835Capital work-in-progress 289,899 354,755 – (452,921) – – – (8,639) – 183,094Others 3,323 617 (116) – (1,591) 214 – 4 (1,449) 1,002

659,068 529,405 (320,977) – (260,729) 545 (86,361) (11,297) (48,956) 460,698



7. PROPERTY, PLANT AND EQUIPMENT (CONT’D)

At Accumulated Impairment Net BookCost Depreciation Loss Value

The Group RM'000 RM'000 RM’000 RM'000

At 31.12.2010

Vessels 337,729 (84,299) – 253,430Vessel equipment 25,833 (3,148) – 22,685Dry docking 64,416 (36,225) (2,982) 25,209Leasehold buildings 1,860 (195) – 1,665Plant and machinery 10 (10) – –Cabin, field and workshop equipment 148 (63) – 85Motor vehicles 745 (280) – 465Office equipment, furniture and fittings 4,161 (1,761) – 2,400Capital work-in-progress 94,161 – – 94,161Others 3,215 (2,381) – 834

532,278 (128,362) (2,982) 400,934

At 31.12.2009

Vessels 292,299 (71,304) – 220,995Vessel equipment 13,379 (1,149) – 12,230Dry docking 67,625 (29,010) – 38,615Leasehold buildings 1,860 (158) – 1,702Plant and machinery 10 (10) – –Cabin, field and workshop equipment 159 (47) – 112Motor vehicles 318 (205) – 113Office equipment, furniture and fittings 3,872 (1,037) – 2,835Capital work-in-progress 183,094 – – 183,094Others 2,942 (1,940) – 1,002

565,558 (104,860) – 460,698




At Depreciation At1.1.2010 Additions Disposal Charge 31.12.2010RM'000 RM'000 RM'000 RM'000 RM'000

The Company

Net Book Value

Leasehold buildings 1,702 – – (37) 1,665Motor vehicle – 430 – (50) 380Office equipment, furniture and fittings 188 76 – (83) 181Capital work-in-progress 6,045 6,228 (8,409) – 3,864Others 602 104 – (275) 431

8,537 6,838 (8,409) (445) 6,521

At Depreciation At1.1.2009 Additions Transfers Charge 31.12.2009RM'000 RM'000 RM'000 RM'000 RM'000

Net Book Value

Leasehold buildings 1,739 – – (37) 1,702Office equipment, furniture and fittings 267 6 – (85) 188Capital work-in-progress 40,141 2,873 (36,969) – 6,045Others 894 10 1 (303) 602

43,041 2,889 (36,968) (425) 8,537

At Accumulated Net BookCost Depreciation Value

RM'000 RM'000 RM'000At 31.12.2010

Leasehold buildings 1,860 (195) 1,665Motor vehicle 430 (50) 380Office equipment, furniture and fittings 554 (373) 181Capital work-in-progress 3,864 – 3,864Others 1,755 (1,324) 431

8,463 (1,942) 6,521

The Company

At 31.12.2009

Leasehold buildings 1,860 (158) 1,702Office equipment, furniture and fittings 478 (290) 188Capital work-in-progress 6,045 – 6,045Others 1,651 (1,049) 602

10,034 (1,497) 8,537




Capital work-in-progress are in respect of vessels under construction and cranes not ready for commercial use at the end of thereporting period.

During the financial year, the Group cancelled a vessel under construction amounting to RM30,385,261.

Included in the net book value of property, plant and equipment at the end of the reporting period are the following assets acquiredunder hire purchase terms:


Motor vehicles 465 113 380 –

Included in capital work-in-progress is interest expense capitalised during the financial year of RM658,160 (2009 – RM4,738,997).

The net book value of property, plant and equipment at the end of the reporting period pledged as security for the issuance of bondsand medium term notes by the Group was as follows:

The Group2010 2009RM'000 RM'000

Vessels, including dry docking expenses capitalised 167,423 208,580



8. AMOUNTS OWING BY/(TO) SUBSIDIARIES

The Company2010 2009

Note RM’000 RM’000Amount owing by:Non-currentQuasi loan (a) 400,949 353,576

CurrentNon-trade (b) 4,333 4,084Allowance for impairment losses:– at 1 January (4,057) (5,001)– addition (5) –– write-back – 944

– at 31 December (4,062) (4,057)

271 27

401,220 353,603

Amount owing to:CurrentNon-trade (b) (123,839) (95,862)

(a) The settlement of the non-current amount owing by subsidiaries is neither planned nor likely to occur in the foreseeable future.As this amount is, in substance, a part of the Company’s net investment in the subsidiaries, it is stated at cost less impairmentlosses, if any.

(b) The amounts owing by/(to) the subsidiaries are non–trade in nature, interest-free, unsecured and repayable on demand. Theamounts are to be settled in cash.

9. REFUNDABLE DEPOSITS

The deposits are placed with vessel owners for the long lease of vessels for periods ranging from five (5) to ten (10) years.

Upon adoption of FRS 139 during the financial year, the Group designated its non-current refundable deposits as loans andreceivables financial assets, measured at amortised cost using the effective interest method. The financial effect on the adoption ofthis new accounting standard is disclosed in Note 3(a)(iii) to the financial statements.



10. INTANGIBLE ASSETS

The Group2010 2009RM'000 RM'000

Goodwill:At 1 January 27,507 27,507Acquisition of additional interest in a subsidiary – 1,434Disposal of interest in a subsidiary (Note 35) – (1,434)

At 31 December 27,507 27,507

Goodwill has been allocated for impairment testing to the Group’s cash-generating unit (“CGU”).

At the end of the reporting period, the Group assessed the recoverable amount of the goodwill and determined that the goodwillwas not impaired.

The recoverable amount of a CGU is determined based on the value-in-use calculations. These calculations use post-tax cash flowprojections based on financial budgets approved by management covering a period of five (5) years.

The key assumptions used for the value-in-use calculations are as follows:

2010 2009

Gross margin 6% – 44% 8% – 50%Growth rate 1% 1% – 5%Discount rate 11% 11%

Management determined the budgeted gross margin based on past performance and its expectations of market development. Thegrowth rate used is based on the past years’ achievement and the expected contracts to be secured. The discount rates used are pre-tax and reflect specific risks relating to the relevant segments.



11. DEFERRED TAX ASSETS


At 1 January 46 62 46 46Disposal of interest in a

subsidiary (Note 35) – (16) – –

At 31 December 46 46 46 46

The deferred tax assets comprise:The Group The Company

2010 2009 2010 2009RM'000 RM'000 RM'000 RM'000

Excess of depreciation overcapital allowances 46 46 46 46

12. INVENTORIES

The Group2010 2009RM'000 RM'000

Consumables, at cost 6,908 5,533

Inventories represent fuel, various oils, spare parts and calling cards. None of the inventories is carried at net realisable value.



13. RECEIVABLES


Note RM’000 RM’000 RM’000 RM’000

Trade receivables 46,316 247,010 – –Allowance for

impairment losses:– at 1 January (297) (9,770) – –– write-back – 555 – –– disposal of interest in

a subsidiary 35 – 8,918 – –

– at 31 December (297) (297) – –

46,019 246,713 – –Disposal of interest in

a subsidiary 35 – (200,444) – –

Net trade receivables 46,019 46,269 – –

Other receivables,deposits andprepayments 55,166 129,066 1,740 15,104

Allowance forimpairment losses:– at 1 January (1,572) (1,826) – –– addition (320) – – –– disposal of interest in

a subsidiary 35 – 254 – –

– at 31 December (1,892) (1,572) – –

53,274 127,494 – –Disposal of interest in

a subsidiary 35 – (75,936) – –

Net other receivables,deposits and prepayments 53,274 51,558 1,740 15,104

99,293 97,827 1,740 15,104

The Group’s normal trade credit terms range from 30 to 90 days. Other credit terms are assessed and approved on a case-by-case basis.



14. AMOUNTS OWING BY/(TO) RELATED PARTIES


Amount owing by:Trade balance 30,798 29,887 – –Allowance for impairment losses:

– at 1 January – – – –– addition (1,899) – – –

– at 31 December (1,899) – – –

28,899 29,887 – –

Non-trade balance 10,516 8,307 259 259Allowance for impairment losses:

– at 1 January – – – –– addition (2,801) – – –

– at 31 December (2,801) – – –

7,715 8,307 259 259

36,614 38,194 259 259

Amount owing to:Non-trade balance (33) (236) (32) (3)

The normal credit terms for trade amounts range from 60 to 90 days.

The non-trade amounts are unsecured, interest-free and repayable on demand. The amounts owing are to be settled in cash.



15. AMOUNTS OWING BY/(TO) AN ASSOCIATE


Amount owing by:Current – 51,649 – 51,649

Amount owing to:Current – (1,975) – (1,975)

In the previous financial year, the amount owing by the associate was non-trade in nature, unsecured and subject to an interest rateof 7.5% (2009 - 7.5%) per annum. The amount owing has been fully settled during the financial year.

In the previous financial year, the amount owing to the associate was non-trade in nature, unsecured and interest-free. The amounthas been fully settled during the financial year.

16. FIXED DEPOSITS WITH LICENSED BANKS

The fixed deposits pledged to banks for banking facilities granted to the Group are as follows:


Fixed deposits pledged as security (Note 37) 31,538 144,306 29,060 144,306

The effective interest rates of the fixed deposits at the end of the reporting period were as follows:

The Group The Company2010 2009 2010 2009% % % %

Fixed deposits with licensed banks 0.02 to 2.75 0.47 to 2.25 1.35 to 2.75 1.35 to 2.25

The fixed deposits have maturity periods ranging from 1 day to 182 days (2009 – 1 day to 182 days).



17. NON-CURRENT ASSET CLASSIFIED AS HELD FOR SALE

The Group2010 2009RM'000 RM'000

Reclassified from property, plant and equipment:A vessel, at cost – 86,361

The sale of the vessel was completed during the financial year.

Included in vessel cost in the previous financial year was interest expense capitalised amounting to RM425,286.

18. SHARE CAPITAL

The Group/The Company2010 2009 2010 2009

Number Of Shares (‘000) RM'000 RM'000Ordinary Shares OfRM0.50 Each:

Authorised 1,000,000 1,000,000 500,000 500,000

Issued And Fully Paid-UpAt 1 January 297,600 297,600 148,800 148,800Private placement 29,760 – 14,880 –Rights issue 122,760 – 61,380 –

At 31 December 450,120 297,600 225,060 148,800

During the financial year, the Company increased its issued and paid–up share capital from RM148,800,000 toRM225,060,000 by:

(i) an issuance of 29,760,000 new ordinary shares of RM0.50 each for cash for the purpose of payment of charter deposits andworking capital use pursuant to the Company’s private placement at a subscription price of RM1.32 per share on 30 June 2010.The new shares were listed and quoted on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) on 2 July2010; and

(ii) an issuance of 122,760,000 new ordinary shares of RM0.50 each for cash for the purpose of repayment of borrowings andworking capital use pursuant to the Company’s renounceable rights issue with free detachable warrants (“Rights Issue”) on thebasis of three (3) rights shares (“Rights Shares”) for every eight (8) existing ordinary shares of RM0.50 each held in theCompany together with 61,379,785 free detachable warrants (“Warrants”) on the basis of one (1) Warrant for every two (2)Rights Shares subscribed at an issue price of RM0.59 per Right Share on 27 October 2010. The new shares were listed andquoted on the Main Market of Bursa Securities on 1 November 2010.

The new ordinary shares issued during the financial year ranked pari passu in all respect with the existing ordinary shares ofthe Company.



19. RESERVES


Non-distributable:Share premium 82,892 60,377 82,892 60,377Warrant reserve (Note 20) 11,048 – 11,048 –Capital redemption reserve – 2,127 – –Translation reserve (56,579) 56 – –Cash flow hedge reserve (1,311) – – –Other capital reserve 2,127 – – –

38,177 62,560 93,940 60,377

Distributable:Retained profits 240,798 352,309 138,116 159,377

278,975 414,869 232,056 219,754

(a) Share Premium

The share premium is not distributable by way of cash dividends and may be utilised in the manner set out in Section 60(3) ofthe Companies Act 1965.

(b) Cash Flow Hedge Reserve

This reserve comprises the effective portion of the cumulative gains and losses on the hedging instrument deemed effective ina cash flow hedge.

The Group2010 2009RM'000 RM'000

At 1 January – –Loss on cash flow hedge (3,070) –Reclassify to profit or loss-other expenses 1,759 –

At 31 December (1,311) –



19. RESERVES (CONT’D)

(c) Retained Profits

Subject to the agreement of the tax authorities, at the end of the reporting period, the Company has:

(a) tax-exempt income of approximately RM88,260,517 (2009 – RM48,063,055) available for the purpose of paying tax-exempt dividends; and

(b) tax credits under Section 108 of the Income Tax Act 1967 to frank the payment of dividends of approximatelyRM27,096,000 (2009 – RM31,560,000) out of its retained profits.

At the end of the reporting period, the Company has not elected for the single tier tax system. When the tax credit balanceis fully utilised, or by 31 December 2013 at the latest, the Company will automatically move to the single tier tax system.Under the single tier tax system, tax on the Company’s profits is a final tax, and dividends distributed to the shareholderswill be exempted from tax.

(d) Capital Redemption Reserve

This reserve represents the redemption of the redeemable non-cumulative non-voting preference shares by a subsidiaryincorporated in the Federal Territory of Labuan.

Following the amendment to the Labuan Companies Act 1990 of not having par value shares and no minimum share capitalrequirements during the financial year, this reserve has been reclassified to other capital reserve.

20. WARRANT RESERVE

During the financial year, the Company issued 61,379,785 free Warrants pursuant to the Rights Issue as disclosed in Note 18(ii) tothe financial statements. Pursuant to FRSIC Consensus 9 - Accounting for Rights Issue with Free Warrants, the proceeds from the RightsIssues (net of issue costs) have been allocated between the new ordinary shares issued and the Warrants based on their fair valuesat the date of issue.

The salient terms of the Warrants 2010/2015 are as follows:

(a) Each Warrant entitles the registered holder to subscribe for one (1) new ordinary share of RM0.50 each in the Company atany time on or before the maturity date, 26 October 2015, falling five (5) years from the date of issue of the Warrants.Unexercised Warrants after the exercise period will thereafter lapse and cease to be valid;

(b) The exercise price of the Warrants is fixed at RM1.00 per Warrant;

(c) The new ordinary shares to be issued upon the exercise of the Warrants shall rank pari passu in all respects with the existingordinary shares of the Company; and

(d) The Warrants were listed and quoted on the Main Market of Bursa Securities on 1 November 2010.

The movements of the Warrants during the financial year are as follows:

Entitlement For Ordinary Shares Of RM0.50 EachIssued On At27.10.2010 Exercised Cancelled 31.12.2010

Number of unexercised Warrants 61,379,785 – – 61,379,785



21. DEFERRED TAXATION

The Group2010 2009RM'000 RM'000

At 1 January 2,060 30,908Translation differences (2) 14Recognised in profit or loss (Note 31) 1,990 (1,017)Acquisition of additional interest in a subsidiary – 40Disposal of interest in a subsidiary (Note 35) – (27,885)

At 31 December 4,048 2,060

The deferred tax liability is attributable to the following:

The Group2010 2009RM'000 RM'000

Excess of capital allowances over depreciation 4,048 2,060

22. LONG–TERM BORROWINGS


Hire purchase payables (Note 23) 348 63 305 –Term loans (Note 24) 145,740 227,000 104,803 227,000

146,088 227,063 105,108 227,000

23. HIRE PURCHASE PAYABLES


Minimum hire purchase payments:– not later than one year 98 22 77 –– later than one year and

not later than five years 357 73 307 –– later than five years 38 – 38 –

493 95 422 –Less: Future finance charges (69) (13) (59) –

Present value of hire purchase payables 424 82 363 –



23. HIRE PURCHASE PAYABLES (CONT’D)

The net hire purchase payables are repayable as follows:


Current:– not later than one year (Note 27) 76 19 58 –

Non-current:– later than one year and

not later than five years 311 63 268 –– later than five years 37 – 37 –

Total non-current portion (Note 22) 348 63 305 –

424 82 363 –

The hire purchase payables at the end of the reporting date bore effective interest rates ranging from 3.99% to 5.64% (2009 – 2.42%)per annum.

24. TERM LOANS


Current portion:– repayable within one year (Note 27) 98,732 218,000 95,020 218,000

Non-current portion:– repayable between one to two years 79,800 177,000 69,933 177,000– repayable between two to five years 65,940 50,000 34,870 50,000

Total non-current portion (Note 22) 145,740 227,000 104,803 227,000

244,472 445,000 199,823 445,000



24. TERM LOANS (CONT’D)

(a) Secured Serial Bonds

On 30 March 2006, the Company issued RM400,000,000 nominal value secured serial bonds ("Bonds"). The Bonds wereissued in nine (9) series, as follows:

Coupon RateSeries Nominal Value Maturity Date Per Annum

RM'000

A 120,000 30 March 2009 6.24%B 35,000 30 September 2009 5.75%C 35,000 30 March 2010 5.90%D 35,000 30 September 2010 6.10%E 35,000 30 March 2011 6.30%F 35,000 30 September 2011 6.55%G 35,000 30 March 2012 6.65%H 35,000 28 September 2012 6.75%I 35,000 29 March 2013 6.85%

The coupon payment is due semi-annually in arrears.

(b) Medium Term Notes

On 3 November 2006, the Company issued RM50,000,000 nominal value medium term notes ("MTN"). The issuance of MTNwas made in four (4) series, as follows:

Coupon RateSeries Nominal Value Maturity Date Per Annum

RM’000

A 15,000 3 May 2010 5.75%B 10,000 3 November 2010 5.90%C 15,000 3 May 2011 6.10%D 10,000 3 November 2011 6.30%

The coupon payment is due semi-annually in arrears.



24. TERM LOANS (CONT’D)

Both the Bonds and MTN are secured by:

(i) a fixed charge over the shares of certain subsidiaries and an associate;

(ii) an assignment and charge over the revenue generated by certain vessels of the Group;

(iii) an assignment and charge over the insurance proceeds of certain vessels of the Group;

(iv) a fixed charge over certain vessels of the Group; and

(v) various undertakings by the Company.

(c) Syndicated Transferable Term Loan

On 27 February 2009 and 3 March 2009, the Company accepted a syndicated transferable term loan facilities of up toRM150 million. The said loan is repayable as follows:

Coupon RateFacility Tranche Nominal Value Maturity Date Per Annum

RM’000

B 1 15,000 12 March 2010 ECOF+1.50%B 2 15,000 12 March 2011 ECOF+1.75%B 3 45,000 12 March 2012 ECOF+2.00%B 4 60,000 12 March 2013 ECOF+2.25%A 15,000 12 March 2013 ECOF+2.25%

Where ECOF is the respective Lenders’ prevailing one (1) month Effective Cost of Funds. The coupon payment is due monthlyin arrears.

The syndicated transferable term loans are secured by:

(i) an assignment of inter-company loans due to the Company by the associate;

(ii) a legal assignment of the Company’s rights over the net deposit refund under the charterer deposit agreement andmemorandum of agreement in relation to certain vessels;

(iii) a charge over the shares of the associate; and

(iv) a charge over an escrow account created for the purpose of setting aside an amount equivalent to at least one (1) monthinterest and any amount received under the security.

The syndicated transferable term loans have been fully prepaid during the financial year.

(d) Commodity Murabahah Term Financing-i

On 18 March 2010, a subsidiary accepted a Commodity Murabahah Term Financing facility denominated in United StatesDollar (USD) with a nominal value of USD14,480,000 (equivalent to RM46,408,400).

This foreign currency term loan is being hedged by a cross-currency interest rate swap as disclosed in Note 25 to the financialstatements and is repayable by eighteen (18) quarterly installments ranging from RM961,500 to RM10,191,900, commencingJanuary 2011.

The effective interest rate of the foreign currency term loan at the end of the reporting period was 5.58% (2009 - nil) per annum.

The foreign currency term loan is secured by a corporate guarantee provided by the Company.



25. DERIVATIVE LIABILITY

During the financial year, the Group entered into a USD-MYR cross-currency interest rate swap to hedge the cash flow and interestrate risks of its foreign currency floating rate term loan as mentioned in Note 24(d) to the financial statements. The cross-currencyinterest rate swap has been designated as a cash flow hedge and was assessed to be highly effective.

The cross-currency interest rate swap is used to hedge the Group’s exposure to changes in the functional currency equivalent cashflows and interest rate of the foreign currency term loan. This swap entitles the Group to receive USD LIBOR and USD equivalent ofthe principal whereby the repayments are made in Ringgit Malaysia based on an agreed exchange rate of 3.205. The swap alsoentitles the Group to receive a floating interest equal to a 3-month USD LIBOR+2.00% per annum and pays a 3-month KLIBOR+2.00%per annum.

The swap has the same maturity terms as that of the foreign currency term loan.

26. PAYABLES

The Group The Company2010 2009 2010 2009RM’000 RM’000 RM’000 RM’000

Trade payables 36,186 30,025 – –Other payables and accruals:– other payables 13,167 79,960 1,847 3,381– accruals 17,372 15,299 6,933 5,611– dividend payable 7 13 7 13

30,546 95,272 8,787 9,005

66,732 125,297 8,787 9,005

The payables are repayable as follows:– non-current 260 241 214 201– current 66,472 125,056 8,573 8,804

66,732 125,297 8,787 9,005

The normal trade credit terms granted to the Group range from 30 to 90 days.

27. SHORT-TERM BORROWINGS


Hire purchase payables (Note 23) 76 19 58 –Term loans (Note 24) 98,732 218,000 95,020 218,000

98,808 218,019 95,078 218,000



28. NET ASSETS PER ORDINARY SHARE

The net assets per ordinary share is calculated based on the net assets value of RM504,035,000 (2009 – RM563,669,000) dividedby the number of ordinary shares in issue at the end of the reporting period of 450,120,000 (2009 – 297,600,000) shares.

29. REVENUE


Chartered vessel income 254,887 540,148 – –Contract revenue – 65,536 – –Dividend income – – 11,523 46,209Management fee – – – 1,620Rental income – – 158 338

254,887 605,684 11,681 48,167



30. (LOSS)/PROFIT BEFORE TAXATION


Note RM'000 RM'000 RM'000 RM'000

(Loss)/Profit beforetaxation is arrived at aftercharging/(crediting):

Audit fee:– current financial year 239 338 116 56– underprovision in the

previous financial year 6 13 – –Allowance for impairment

loss on receivables/relatedparties/subsidiaries 5,020 – 5 –

Amortisation of prepaidlease payments – 118 – –

Depreciation ofproperty, plant andequipment 7 36,227 48,956 445 425

Directors' remuneration:– fees 38 371 216 371 177– other emoluments 38 4,024 1,412 2,109 622– retirement contributions 38 23 39 17 20– benefits-in-kind 38 259 132 193 82

Hire of equipment 478 25,757 – –Impairment loss on property,

plant and equipment 2,982 – – –Impairment loss on refundable

deposits 9,380 – – –Interest expense:– bond and MTN 16,218 18,416 16,218 22,404– hire purchase 15 34 11 –– syndicated transferable term loan 2,894 6,688 1,751 6,691– foreign currency term loan 1,837 – – –– revolving credit 687 632 687 632Inventories written off – 2 – –Lease rental of vessels 102,247 61,986 – –Loss/(Gain) on foreign exchange:– realised 5,507 3,184 138 (309)– unrealised (9,464) (399) – –



30. (LOSS)/PROFIT BEFORE TAXATION (CONT’D)


Note RM’000 RM’000 RM’000 RM’000

Preliminary expenses – 25 – –Property, plant and

equipment written off 7 9 – – –Provision for

retirement contributions – 58 – 9Rental of premises 795 1,792 366 366Staff costs 40,862 142,187 4,471 5,315Accretion of refundable deposits

at amortised cost (3,657) – – –Bad debts recovered – (56) – –Dividend income:– associate – – (577) –– subsidiaries – – (10,946) (46,209)Gain on transfer of property,

plant and equipment – – – (554)Gain on disposal

of interest in a subsidiary 35 – (12,677) – (86,351)(Gain)/Loss on disposal of

property, plant and equipment (424) (3,165) 1,509 –Gain on disposal of

non-current assetclassified as held for sale (5,855) (1,952) – –

Interest income from:– associate (2,301) (326) (2,301) (326)– fixed deposits (1,368) (3,519) (1,298) (2,058)– subsidiaries – – (924) (9,252)Management fee:– associate – (135) – (135)– subsidiaries – – – (1,485)Rental income:– associate – (15) – (15)– subsidiaries – – (158) (323)– third party (8) – – –Waiver of debts (107) (866) – –Write-back of impairment

loss on receivables – (555) – (944)



31. INCOME TAX EXPENSE


Current tax expense:– Malaysian tax (2,392) 8,654 – 364– foreign tax 652 4,663 – 173

(1,740) 13,317 – 537– (over)/underprovision in the previous

financial years (741) 51 (8) (306)

(2,481) 13,368 (8) 231

Deferred taxation (Note 21):– relating to origination and

recognition of temporary differences 475 (1,017) – –– underprovision in the

previous financial year 1,515 – – –

1,990 (1,017) – –

(491) 12,351 (8) 231

A reconciliation of the income tax expense applicable to the (loss)/ profit before taxation at the statutory tax rates to the income taxexpense at the effective tax rate of the Group and of the Company is as follows:


(Loss)/Profit before taxation (72,897) 48,701 (17,003) 105,625

Tax at the statutory tax rates of 25% (18,224) 12,175 (4,251) 26,406

Tax effects of:Non-taxable gains (3,128) (27,486) (2,920) (32,626)Non-deductible expenses 23,396 31,565 7,171 6,757Utilisation of previously unrecognised

deferred tax assets (3,175) (3,702) – –(Over)/Underprovision of current tax in

the previous financial year (741) 51 (8) (306)Underprovision of deferred tax in the

previous financial year 1,515 – – –Differential in tax rates (134) (252) – –

Tax for the financial year (491) 12,351 (8) 231



32. (LOSS)/EARNINGS PER SHARE

The basic (loss)/ earnings per share (“EPS”) is arrived at by dividing the Group’s (loss)/ profit attributable to the equity holders ofthe Company of RM72,002,000 (2009 – RM29,317,000) by the weighted average number of ordinary shares in issue during thefinancial year of 334,463,671 (2009 – 297,600,000 ordinary shares).

Diluted loss per share was not presented for the current financial year as there is an anti-dilutive effect arising from the assumedconversion of the Warrants.

In the previous financial year, the diluted earnings per share was not applicable as there were no dilutive potential ordinary sharesoutstanding at the end of the previous reporting period.

33. DIVIDENDS

The Group/The Company2010 2009RM'000 RM'000

In respect of financial year ended 31 December 2008First and final dividend of 2.0 sen per ordinary share ofRM0.50 each less tax of 25% – 4,464

In respect of financial year ended 31 December 2009First and final dividend of 2.0 sen per ordinary share ofRM0.50 each less tax of 25% 4,464 –

The directors do not recommend the payment of any dividend in respect of the financial year ended 31 December 2010.

34. INVESTMENT IN NEW SUBSIDIARIES

(a) During the current financial year, the following subsidiary was incorporated:

Group’s Effective IncorporationName of Subsidiary Interest (%) Date

Perdana Nautika Sdn. Bhd. 55 19 November 2010

(b) In the previous financial year, the following subsidiaries were incorporated:

Group’s Effective IncorporationName of Subsidiaries Interest (%) Date

Perdana Jupiter Limited 100 12 May 2009Perdana Neptune Limited 100 23 June 2009Perdana Pluto Limited 100 12 August 2009Perdana Saturn Limited 100 12 August 2009



35. SUMMARY OF EFFECTS ON DISPOSAL OF A SUBSIDIARY

Group’sNet Effective Effective

Incidental Sales Interest DisposalSubsidiary Consideration Costs Proceeds Disposed Date

RM’000 RM’000 RM’000 (%)

PEB 16,065 (218) 15,847 5.38 10 September 2009PEB 93,208 (2,937) 90,271 25.03 11 December 2010

109,273 (3,155) 106,118 30.41

The details of the assets, liabilities and net cash inflows arising from the disposal of interest in the subsidiary were as follows:

The Group/The Company

2009Note RM’000

Property, plant and equipment 7 260,729Prepaid lease payments 7,157Investment in associate 40Intangible assets 10 1,434Deferred tax assets 11 16Cash and cash equivalents 45,356Trade receivables 13 191,526Other receivables, deposits and prepayments 13 75,682Other net current liabilities (245,133)Deferred taxation 21 (27,885)Other non-current liabilities (534)

Total equity 308,388Less: Minority interests (123,880)Less: Interest retained in the subsidiary disposed of (91,067)

Net assets disposed 93,441Gain on disposal of interest in a subsidiary 30 12,677

Net sales proceeds received 106,118Less: Cash and cash equivalents of the subsidiary disposed of (45,356)

Net cash inflow on disposal of interest in a subsidiary 60,762

There was no disposal of subsidiary during the financial year.




36. PURCHASE OF PROPERTY, PLANT AND EQUIPMENT


Property, plant and equipment purchased 191,345 529,405 6,838 2,889Less: Amount financed through hire purchase (390) (96) (390) –

Cash disbursed for the purchase of property,plant and equipment 190,955 529,309 6,448 2,889

37. CASH AND CASH EQUIVALENTS

For the purpose of the statements of cash flows, cash and cash equivalents comprise the following:


Fixed deposits with licensed banks 51,188 158,437 47,360 152,392Cash and bank balances 18,293 21,288 3,018 8,270

69,481 179,725 50,378 160,662Less: Fixed deposits pledged as security

(Note 16) (31,538) (144,306) (29,060) (144,306)

37,943 35,419 21,318 16,356


38. DIRECTORS’ REMUNERATION

The aggregate amount of remuneration received and receivable from the Group by directors of the Company during the financialyear are as follows:


Executive Directors:

– fee 199 126 199 87– non-fee emoluments 4,027 1,451 2,106 642

4,226 1,577 2,305 729

Independent Non-Executive Directors:

– fee 172 90 172 90– non-fee emoluments 20 – 20 –

192 90 192 90

Total directors’ remuneration 4,418 1,667 2,497 819Estimated money value of benefits-in-kind 259 132 193 82

Total directors’ remuneration, includingbenefits-in-kind 4,677 1,799 2,690 901



38. DIRECTORS’ REMUNERATION (CONT’D)

The number of directors of the Company whose total remuneration received/receivable from the Group during the financial yearfell within the following bands is analysed below:

Number Of DirectorsThe Group The Company

2010 2009 2010 2009

Executive Directors

Below RM50,000 1 – 1 1RM50,001 – RM100,000 – – 1 –RM100,001 – RM150,000 1 – 1 –RM250,001 – RM300,000 – 1 – 1RM500,001 – RM550,000 – 1 – 1RM550,001 – RM600,000 1 – 1 –RM750,001 – RM800,000 – – 1 –RM900,001 – RM950,000 – 1 – –RM950,001 – RM1,000,000 – – 1 –RM1,000,001 – RM1,050,000 1 – – –RM1,050,001 – RM1,100,000 1 – – –RM1,650,001 – RM1,700,000 1 – – –

6 3 6 3IndependentNon-Executive Directors

Below RM50,000 6 3 6 3RM50,001 – RM100,000 1 – 1 –

7 3 7 3

13 6 13 6

During the financial year, four (4) directors were removed from the Board and one (1) director had resigned.



39. RELATED PARTY DISCLOSURES

The Group has related party relationships with:

(a) its subsidiaries, associate and related parties as disclosed in Note 5, Note 6 and Note 14 to the financial statements; and

(b) key management personnel of the Group.

In addition to the information detailed elsewhere in the financial statements, the Group carried out the following transactions withthe related parties during the financial year:


Note RM'000 RM'000 RM'000 RM'000Associate:– dividend income – – 577 –– interest and finance income 2,301 326 2,301 326– management fee income – 135 – 135– rental income – 15 – 15

Subsidiaries:– dividend income – – 10,946 46,209– handling fee paid/payable – – 522 596– Interest and finance income – – 924 9,252– management fee income – – – 1,485– rental income – – 158 323

Related parties: (i)– chartered vessel income 94,070 6,084 – –– retainer fee paid/payable – 39 – 39– sales of property, plantand equipment 96,600 – – –

Key management personnelcompensation:– short-term employee benefits 5,752 6,412 2,673 1,957– post employment benefits 23 58 17 9

Note:

(i) A company in which a director of a subsidiary has a substantial financial interest.

The details of the outstanding amounts with the subsidiaries, the related parties and the associate are disclosed in Note 8, Note 14and Note 15 to the financial statements.



40. CAPITAL COMMITMENT


Approved and Contracted For

Purchase of property, plant and equipment 198,276 448,660 4,547 10,747

41. CONTINGENT LIABILITIES


UnsecuredCorporate guarantee

given to licensed banksand financial institutionsfor credit facilitiesgranted to related parties 9,508 32,233 9,508 32,233

Bank guarantee grantedto third parties forbenefit of a subsidiary 2,320 2,591 2,320 2,591

Performance guaranteeextended by subsidiariesto third parties 5 5 – –

11,833 34,829 11,828 34,824

42. LEASE COMMITMENTS

The Group2010 2009RM'000 RM'000

Lease rentals payable:– within one year 105,137 97,958– within two to five years 373,316 365,329– within six to ten years 232,191 342,955

710,644 806,242

The lease rentals payable are in respect of lease agreements entered into by subsidiaries for lease of vessels for periods ranging fromfive (5) to ten (10) years and for the office and warehouse.



43. FOREIGN EXCHANGE RATES

The applicable closing foreign exchange rates used (expressed on the basis of one unit of foreign currency to Ringgit Malaysiaequivalent) for the translation of material foreign currency balances at the end of the reporting period are as follows:

The Group/The Company2010 2009RM RM

Australian Dollar 3.1515 3.0700Singapore Dollar 2.3908 2.4408United States Dollar 3.0905 3.4295

44. OPERATING SEGMENTS

Operating segments are prepared in a manner consistent with the internal reporting provided to the Group Executive Committee asits chief operating decision maker in order to allocate resources to segments and to assess their performance. For managementpurposes, the Group is organised into business units based on their products and services provided.

The Group is organised into three (3) main business segments as follows:

(i) Marine offshore support services segment - provision of vessels for the upstream oil and gas industry, ranging from towing,mooring and anchoring of non-self propelled marine vessels; transportation of drilling equipment, production chemicals andproject materials to engineering and workshop facilities onboard.

(ii) Integrated brownfield, engineering and maintenance services segment - provision of services includes top-side majormaintenance hook-up commissioning and construction; engineering, operations and maintenance; equipment packaging andmanufacturing; oil field optimisation, design and fabrication of processed equipment and boiler for the oil and gas,petrochemical and general industries.

(iii) Investment holding segment - provide group-level corporate services and treasury functions and investments in equities.

The Group Executive Committee assesses the performance of the operating segments based on operating results which are measureddifferently from those disclosed in the consolidated financial statements.

Assets, liabilities and expenses which are common and cannot be meaningfully allocated to the operating segments are presentedunder unallocated items. Unallocated item comprises mainly investment in associate.

Transfer prices between operating segments are at arm’s length basis in a manner similar to transactions with third parties.



44. OPERATING SEGMENTS (CONT’D)

BUSINESS SEGMENTS

IntegratedBrownfield,

Marine EngineeringOffshore AndSupport Maintenance Investment

2010 Services Services Holding Elimination GroupRM’000 RM’000 RM’000 RM’000 RM’000

RevenueExternal revenue 254,887 – – – 254,887Inter-segment revenue 168,410 – 11,681 (180,091) –

423,297 – 11,681 (180,091) 254,887

ResultsSegment results (73,120) – 2,222 20,569 (50,329)Finance costs (4,641) – (19,426) 1,112 (22,955)

(77,761) – (17,204) 21,681 (73,284)

Share of results inan associate 387

Income tax expense 491

Consolidated lossafter taxation (72,406)

AssetsSegment assets 603,023 – 662,980 (445,916) 820,087

Deferred tax assets 46Tax recoverable 3,758

Consolidated total assets 823,891

LiabilitiesSegment liabilities 355,748 – 210,968 (251,985) 314,731

Deferred taxation 4,048Provision for taxation 860

Consolidated total liabilities 319,639

Other segment itemsAdditions to non-current assets other than financial instruments:– investment in subsidiary – – 55 (55) –– property, plant

and equipment 184,507 – 6,838 – 191,345




BUSINESS SEGMENTS (CONT’D)

IntegratedBrownfield,

Marine EngineeringOffshore AndSupport Maintenance Investment

2009 Services Services Holding Elimination GroupRM’000 RM’000 RM’000 RM’000 RM’000

RevenueExternal revenue 227,618 377,916 150 – 605,684Inter-segment revenue 177,689 159 48,017 (225,865) –

405,307 378,075 48,167 (225,865) 605,684

ResultsSegment results 36,112 37,126 134,874 (125,968) 82,144Finance costs (1,244) (7,739) (32,964) 9,252 (32,695)

Profit before taxation 34,868 29,387 101,910 (116,716) 49,449

Share of results inan associate (748)

Income tax expense (12,351)

Consolidated profitafter taxation 36,350

AssetsSegment assets 730,827 – 820,598 (415,391) 1,136,034

Deferred tax assets 46Tax recoverable 5,057

Consolidated total assets 1,141,137

LiabilitiesSegment liabilities 339,003 – 457,939 (224,352) 572,590

Deferred taxation 2,060Provision for taxation 2,238

Consolidated total liabilities 576,888

Other segment itemsAdditions to non-current assets other than financial instruments:– investment in subsidiary – – 394 (394) –– property, plant

and equipment 383,090 143,415 2,900 – 529,405




BUSINESS SEGMENTS (CONT’D)

The following items are added to/ (deducted from) segment profit to arrive at the consolidated (loss)/ profits after taxation:

The Group2010 2009RM’000 RM’000

Accretion of refundable deposits at amortised cost 3,657 –Gain on disposal of interest in a subsidiary – 12,677Gain on disposal of property, plant and equipment 424 3,165Gain on disposal of non-current asset classified as held for sale 5,855 1,952Allowance for impairment loss on receivables/ related parties (5,020) –Impairment loss on property, plant and equipment (2,982) –Impairment loss on refundable deposits (9,380) –

GEOGRAPHICAL SEGMENTS

The Group The GroupRevenue Non-Current Assets

2010 2009 2010 2009RM'000 RM'000 RM'000 RM'000

Malaysia 169,877 495,403 463,080 388,724Singapore 51,898 43,091 399 488Marshall Islands 33,079 59,766 144,307 287,500Australia 33 7,424 51 79

254,887 605,684 607,837 676,791

MAJOR CUSTOMERS

Revenue from four (4) major customers, with revenue equal to or more than 10% of Group revenue, amounts to RM221,990,000(2009 – RM205,504,000).

45. FINANCIAL INSTRUMENTS

(a) Financial Risk Management Policies

The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for thedevelopment of the Group’s businesses whilst managing its market risk (including foreign currency risk, interest rate risk andequity risk), credit risk and liquidity risk. The Group’s policies in respect of the major areas of treasury activity are as follows:

(i) Market Risk

(i) Foreign Currency Risk

The Group is exposed to foreign exchange risk arising mainly from normal trading transactions that are denominatedin foreign currencies. It manages its foreign exchange exposure by a policy of matching as far as possible receiptsand payments in each individual currency. The Group’s foreign currency transactions and balances are substantiallydenominated in United States Dollar (USD). Foreign currency risk is managed to an acceptable level.

On occasion, the Group enters into a variety of derivative financial instruments to manage its exposure to the foreigncurrency risk.



45. FINANCIAL INSTRUMENTS (CONT’D)

(a) Financial Risk Management Policies (Cont’d)

(i) Market Risk (Cont’d)

(i) Foreign Currency Risk (Cont’d)

United States Singapore Australian RinggitDollar Dollar Dollar Others Malaysia Total

The Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

2010

Financial assetsRefundable deposits 90,930 – – – – 90,930Trade and other receivables 36,164 2,167 9 – 15,626 53,966Amount owing byrelated parties 4,189 758 451 – 31,216 36,614

Fixed deposits withlicensed banks – 2,478 – – 48,710 51,188

Cash and bank balances 13,845 1,278 650 9 2,511 18,293

145,128 6,681 1,110 9 98,063 250,991

Financial liabilitiesDerivative liability – – – – 3,070 3,070Payables 27,239 9,001 944 1,916 27,632 66,732Amount owing to related parties 1 – – – 32 33Borrowings – 61 – – 244,835 244,896

27,240 9,062 944 1,916 275,569 314,731

Net financial assets/ (liabilities) 117,888 (2,381) 166 (1,907) (177,506) (63,740)Less: Net financial(assets)/ liabilitiesdenominated in the respectiveentities functional currencies 95,478 2,846 166 – (177,114) (78,624)

Currency exposure 22,410 (5,227) – (1,907) (392) 14,884







United States Singapore Australian RinggitDollar Dollar Dollar Others Malaysia Total

The Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

2009

Financial assetsRefundable deposits 98,221 – – – – 98,221Trade and other receivables 45,776 4,504 79 – 12,507 62,866Amount owing by

related parties 6,438 779 616 – 30,361 38,194Amount owing by an associate – – – – 51,649 51,649Fixed deposits with

licensed banks – 1,455 – – 156,982 158,437Cash and bank balances 17,857 780 1,145 10 1,496 21,288

168,292 7,518 1,840 10 252,995 430,655

Financial liabilitiesPayables 84,376 10,560 1,069 537 28,755 125,297Amount owing to related parties 1 – – – 235 236Amount owing to an associate – – – – 1,975 1,975Borrowings – 82 – – 445,000 445,082

84,377 10,642 1,069 537 475,965 572,590

Net financial assets/ (liabilities) 83,915 (3,124) 771 (527) (222,970) (141,935)Less: Net financial

(assets)/ liabilitiesdenominated in the respectiveentities functional currencies 46,586 2,781 771 – (205,782) (155,644)

Currency exposure 37,329 (5,905) – (527) (17,188) 13,709







United States RinggitDollar Malaysia Total

The Company RM’000 RM’000 RM’000

2010

Financial assetsReceivables – 1,416 1,416Amount owing by subsidiaries – 271 271Amount owing by related parties – 259 259Fixed deposits with licensed banks – 47,360 47,360Cash and bank balances 1,585 1,433 3,018

1,585 50,739 52,324

Financial liabilitiesPayables – 8,787 8,787Amount owing to subsidiaries – 123,839 123,839Amount owing to related parties – 32 32Borrowings – 200,186 200,186

– 332,844 332,844

Net financial assets/ (liabilities) 1,585 (282,105) (280,520)Less: Net financial (assets)/

liabilities denominated in theentity’s functional currency – (282,105) (282,105)

Currency exposure 1,585 – 1,585







United States RinggitDollar Malaysia Total

The Company RM’000 RM’000 RM’000

2009

Financial assetsReceivables – 217 217Amount owing by subsidiaries – 27 27Amount owing by related parties – 259 259Amount owing by an associate – 51,649 51,649Fixed deposits with licensed banks – 152,392 152,392Cash and bank balances 6,947 1,323 8,270

6,947 205,867 212,814

Financial liabilitiesPayables – 9,005 9,005Amount owing to subsidiaries – 95,862 95,862Amount owing to related parties – 3 3Amount owing to an associate – 1,975 1,975Borrowings – 445,000 445,000

– 551,845 551,845

Net financial assets/ (liabilities) 6,947 (345,978) (339,031)Less: Net financial (assets)/

liabilities denominated in theentity’s functional currency – (345,978) (345,978)

Currency exposure 6,947 – 6,947







Foreign currency risk sensitivity analysis

The following table details the sensitivity analysis to a reasonably possible change in the foreign currencies as at theend of the reporting period, with all other variables held constant:

The Group The Company2010 2010

Increase/ Increase/(Decrease) (Decrease)RM’000 RM’000

Effects on profit after taxation

United States Dollar:– strengthened by 10% 2,241 159– weakened by 10% (2,241) (159)

Singapore Dollar:– strengthened by 10% (523) –– weakened by 10% 523 –

Effects on equity

There is no material impact to the Group’s equity.

(ii) Interest Rate Risk

The Group’s exposure to interest rate risk arises mainly from its short-term deposits with licensed banks and theinterest-bearing borrowings. On occasion, the Group enters into a variety of derivative financial instruments tomanage its exposure to the interest rate risk.

Surplus funds are placed with licensed financial institutions at the most favourable interest rates.

Interest rate risk sensitivity analysis

The following table details the sensitivity analysis to a reasonably possible change in the interest rates of the floatingrate borrowings as at the end of the reporting period, with all other variables held constant:

The Group The Company2010 2010

Increase/ Increase/(Decrease) (Decrease)RM’000 RM’000

Effects on profit after taxation

Increase of 50 basis points (“bp”) (165) –Decrease of 50 bp 165 –

Effects on equity

There is no material impact to the Group’s equity.






(iii) Equity Price Risk

The Group’s principal exposure to equity price risk arises mainly from changes in quoted securities prices. Equity pricerisk is monitored closely and managed to an acceptable level.

As the Group’s quoted investment is accounted for under the cost method, the sensitivity analysis is not presented.

(ii) Credit Risk

The Group’s exposure to credit risk, or the risk of counterparties defaulting, arises mainly from receivables (includingtrade receivables, other receivables and related parties). The Group manages its exposure to credit risk by the applicationof credit approvals, credit limits and monitoring procedures on an ongoing basis.

The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of thereceivables as appropriate. The main components of this allowance are a specific loss component that relates toindividually significant exposures, and a collective loss component established for groups of similar assets in respect oflosses that have been incurred but not yet identified. Impairment is estimated by management based on prior experienceand the current economic environment.

Credit risk concentration profile

The Group’s concentration of credit risk relates to the amounts owing by four (4) customers which constituted approximately81% of its net trade receivables at the end of the reporting period.





(ii) Credit Risk (Cont’d)

Exposure to credit risk

As the Group does not hold any collateral, the maximum exposure to credit risk is represented by the carrying amountof the financial assets as at the end of the reporting period.

Ageing analysis

The ageing analysis of the Group’s trade receivables as at 31 December 2010 is as follows:

Gross Individual Collective CarryingAmount Impairment Impairment Value

The Group RM’000 RM’000 RM’000 RM’000

2010

Not past due 27,113 – – 27,113

Past due:– less than 3 months 11,193 – – 11,193– 3 to 6 months 4,839 – – 4,839– over 6 months 3,171 (297) – 2,874

46,316 (297) – 46,019

Trade receivables that are past due but not impaired

The Group believes that no impairment allowance is necessary in respect of these receivables. They are substantiallycompanies with good collection track record and no recent history of default.

Trade receivables that are neither past due nor impaired

A significant portion of trade receivables that are neither past due nor impaired are regular customers that have beentransacting with the Group. The Groups uses ageing analysis to monitor the credit quality of the trade receivables.





(ii) Credit Risk (Cont’d)

Ageing analysis (Cont’d)

The ageing analysis of the Group’s other trade balances (amount owing by related parties) as at 31 December 2010 isas follow:

Gross Individual Collective CarryingAmount Impairment Impairment Value

The Group RM’000 RM’000 RM’000 RM’000

2010

Not past due 15,078 – – 15,078

Past due:– less than 3 months 9,515 – – 9,515– 3 to 6 months 5,037 (1,899) – 3,138– over 6 months 1,168 – – 1,168

30,798 (1,899) – 28,899

Trade receivables that are past due but not impaired

The Group believes that no impairment allowance is necessary as they are mainly related parties.





(iii) Liquidity Risk

The Group's exposure to liquidity risk arises mainly from general funding and business activities.

The Group practises prudent liquidity risk management by maintaining sufficient cash balances and funding throughadequate amounts of committed credit facilities/ credit lines for working capital requirements.

The following table sets out the maturity profile of the financial liabilities as at the end of the reporting period based oncontractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, basedon the rates at the end of the reporting period):

Contractual < ------------- Maturity ------------- >Carrying Undiscounted Within 1 – 5 OverAmount Cash Flows 1 Year Years 5 Years

The Group RM’000 RM’000 RM’000 RM’000 RM’000

2010

Payables 66,732 66,732 66,472 260 –Amount owing to

related parties 33 33 33 – –Hire purchase payables 424 493 98 357 38Term loans 244,472 261,947 109,194 152,753 –

311,661 329,205 175,797 153,370 38

2009


related parties 236 236 236 – –Amount owing to

an associate 1,975 1,975 1,975 – –Hire purchase payables 82 95 22 73 –Term loans 445,000 478,423 262,884 215,539 –

572,590 606,026 390,173 215,853 –





(iii) Liquidity Risk (Cont’d)

Contractual < ------------- Maturity -------------->Carrying Undiscounted Within 1 – 5 OverAmount Cash Flows 1 Year Years 5 Years

The Company RM’000 RM’000 RM’000 RM’000 RM’000

2010


subsidiaries 123,839 123,839 123,839 – –Amount owing to

related parties 32 32 32 – –Hire purchase payables 363 422 77 307 38Term loans 199,823 215,539 105,188 110,351 –

332,844 348,619 237,709 110,872 38

2009


subsidiaries 95,862 95,862 95,862 – –Amount owing to an

associate 1,975 1,975 1,975 – –Amount owing to

related parties 3 3 3 – –Term loans 445,000 478,423 262,884 215,539 –

551,845 585,268 369,528 215,740 –





(iii) Liquidity Risk (Cont’d)

Cash Flow Hedge

The Group enters into a USD-MYR cross-currency interest rate swap to hedge the cash flow and the interest rate risks ofits foreign currency floating rate term loan as disclosed in Note 24(d) to the financial statements. The cross-currencyinterest rate swap has the same nominal value of the term loan of USD14,480,000 (equivalent to RM46,408,400) andis settled quarterly, consistent with the repayment schedule of the said term loan.

The cross-currency interest rate swap has been designated as a cash flow hedge and was assessed to behighly effective.

(b) Capital Risk Management

The Group manages its capital to ensure that entities within the Group will be able to maintain an optimal capital structure soas to support their businesses and maximise shareholder(s) value. To achieve this objective, the Group may make adjustmentsto the capital structure in view of changes in economic conditions, such as adjusting the amount of dividend payment, returningof capital to shareholders or issuing new shares.

The Group manages its capital based on debt-to-equity ratio. The Group’s strategies were unchanged from the previous financialyear. The debt-to-equity ratio is calculated as net debt divided by total equity. Net debt is calculated as borrowings plus tradeand other payables less cash and cash equivalents.

The debt-to-equity ratio of the Group as at the end of the reporting period was as follows:

The Group2010 2009RM RM

Net debt 242,180 392,865

Total equity 504,252 564,249

Debt-to-equity ratio 0.48 0.70

The Group did not breach any gearing requirement during the financial years ended 31 December 2009 and 31 December 2010.

Under the requirement of Bursa Malaysia Practice Note No. 17/ 2005, the Company is required to maintain a consolidatedshareholders’ equity (total equity attributable to owners of the Company) equal to or not less than the 25% of the issued andpaid-up share capital (excluding treasury shares) and such shareholders’ equity is not less than RM40 million. The Companyhas complied with this requirement.




(c) Classification Of Financial Instruments

The TheGroup Company2010 2010RM’000 RM’000

Financial assets

Loans and receivables financial assetsRefundable deposits 90,930 –Receivables 53,966 1,416Amount owing by subsidiaries – 271Amount owing by related parties 36,614 259Fixed deposits with licensed banks 51,188 47,360Cash and bank balances 18,293 3,018

250,991 52,324

Financial liabilities

Fair value through profit or lossDerivative liability 3,070 –

Other financial liabilitiesPayables 66,732 8,787Amount owing to subsidiaries – 123,839Amount owing to related parties 33 32Borrowings 244,896 200,186

314,731 332,844




(d) Fair Values Of Financial Instruments

The carrying amounts of the financial assets and financial liabilities reported in the financial statements approximated their fairvalues except for the following:

2010 2009Carrying Fair Carrying FairAmount Value Amount ValueRM RM RM RM

The Group

Refundable deposits 90,930 90,222 98,221 65,681Borrowings 244,472 223,940 445,000 419,739

The Company

Borrowings 199,823 185,993 445,000 419,739

The following summarises the methods used to determine the fair values of the financial instruments:

(i) The financial assets and financial liabilities maturing within the next twelve (12) months approximated their fair values dueto the relatively short-term maturity of the financial instruments.

(ii) The fair value of the refundable deposits and borrowings is determined by the discounting the relevant cash flows usingcurrent interest rates for similar instruments as at the end of the reporting period.

(iii) The fair value of the derivative instrument is based on broker quotes.

The interest rates used to discount estimated cash flows, where applicable, are as follows:

Group Company2010 2009 2010 2009% % % %

Refundable deposits 5.03 4.46 – –Borrowings 6.15 5.55 6.30 5.55



46. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

The details of the significant events during the financial year are as follows:

(i) On 23 December 2009, the Company received an Interim Ex-Parte Order by the Kuala Lumpur High Court (“High Court”)(Commercial Division) vide Suit No. 22NCC 735-2009 (“Derivative Suit”), fixing an inter parties hearing on 11 January 2010to restrain the Company, Y.M. Tengku Dato’ Ibrahim Petra Bin Tengku Indra Petra (“TIP”) and other three (3) directors of theCompany (collectively referred to as “Former Directors”) and TA Securities Holdings Berhad (“TA Securities”) from divesting theremaining 29.59% shares held by the Company in Petra Energy Berhad (“PEB”) until Encik Shamsul Bin Saad (“Encik Shamsul”)requisitions for an Extraordinary General Meeting of the Company’s shareholders and/or until the final disposal of theDerivative Suit whenever is earlier.

The Derivative Suit was a derivative action taken by Encik Shamsul in Encik Shamsul’s capacity as a minority shareholder ofthe Company, for the benefit of the Company. The allegations in the Derivative Suit were, inter alia, breach of fiduciary duties,duty of care in common law and equity as well as statutory duties by the abovenamed Former Directors. Any damagesrecovered would go solely to the Company and none to Encik Shamsul.

The High Court Judge on 16 August 2010 allowed an application by the Former Directors against Encik Shamsul with costson the grounds, inter alia, that the Derivative Suit is no longer sustainable given the change in circumstances, namely on theissue of control of the Company.

(ii) On 6 January 2010, the Company received a special notice for the removal of TIP, Datin Nariza Hajjar Hashim, Wong FookHeng and Tiong Young Kong as directors of the Company, together with the calling of an Extraordinary General Meetingpursuant to Section 145 of the Companies Act 1965 cum notice of candidates namely, Dato’ Kho Poh Eng, Koh Pho Wat, SuryaHidayat Bin Abdul Malik and Ganesan A/L Sundaraj, as directors pursuant to Article 102(a) of the Company's Articles ofAssociation (the “EGM”), from some shareholders of the Company.

On 4 February 2010, the EGM was convened and ordinary resolutions tabled as resolution 1 to resolution 8 were approvedresulting in the removal of TIP, Datin Nariza Hajjar Hashim, Wong Fook Heng and Tiong Young Kong as directors of theCompany and the appointment of Dato’ Kho Poh Eng, Koh Pho Wat, Surya Hidayat Bin Abdul Malik and Ganesan A/LSundaraj, as directors.

(iii) On 2 February 2010, Intra Oil Services Berhad (“IOS”) took legal action against Encik Shamsul and Asia Marine Pte. Ltd.(“AMPL”) in the Kuala Lumpur High Court via Suit No. D-27NCC-2-2010 (“Suit”) in relation to the entry of the Broker’s(Commission) Agreement dated 9 March 2009 (“BCA”). In the suit, IOS contended, amongst others, that Encik Shamsul hadbreached his fiduciary duties and/or obligations owed to IOS as payments were made to AMPL prior to the BCA being signed.

On 23 February 2010, the Board of Directors of IOS, save for Encik Shamsul who had abstained from deliberation and votingon the matter, reviewed the legal suit and found the legal suit to be completely baseless. IOS has subsequently withdrawn thelegal suit. A ‘Notis Pemberhentian’ was filed with the Kuala Lumpur High Court on the same day.

(iv) On 9 February 2010, the Company announced that the disposal of Petra Endeavour to Petra Innotech Sdn. Bhd. was completedon 27 January 2010.

(v) On 12 February 2010, the Company prepaid Tranche 3 and Tranche 4 of Facility B and partial of Tranche 2 of Facility B(RM150 million syndicated transferable term loan) amounting to RM108 million.

(vi) On 18 March 2010, IOS accepted a Commodity Murabahah Term Financing-i facility of USD14.48 million to finance theacquisition of one (1) unit workboat namely, Petra Sovereign for a period of five (5) years.

(vii) On 19 March 2010, the Company requested its associate, PEB to repay the entire amount outstanding immediately.



46. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONT’D)

(viii) On 31 March 2010, Perdana Mercury Limited (“PML”) took delivery of an anchor handling tug and supply vessel (“AHTS”),namely Petra Admiral and entered into a Bareboat Charter with Mount Tahan LLC to leaseback the said vessel for a period of120 months.

(ix) The acquisition of Petra Sovereign was completed upon delivery of the vessel to IOS as the nominee for Perdana Venus Limited(“PVL”) on 3 May 2010.

(x) On 20 May 2010, PVL entered into Memoranda of Agreement (“MOA”) with Mount Bintang LLC to dispose of its Petra Libertyand Petra Excelsior for a consideration of USD18 million and USD25 million respectively.

Upon the disposals, PML entered into a Bareboat Charter with Mount Bintang LLC to leaseback the said vessels for a period ofsixty (60) months commencing from the respective dates of delivery of the two (2) vessels with an option to purchase therespective vessels at the end of the charter period upon the terms and conditions as stipulated in the Option Agreement enteredinto between PML and Mount Bintang LLC.

(xi) On 21 May 2010, IOS filed an action in the High Court vide a Writ Summons (Suit No. D-22NCC-1005-2010) (“IOS Suit”)against the former directors of IOS, namely TIP, Tiong Young Kong and Wong Fook Heng for breach of fiduciary duties and/orcommon law duties owed to IOS.

On 20 December 2010, IOS decided to discontinue the IOS Suit with no order as to costs and without liberty to file afresh.

(xii) On 26 May 2010, the Company announced that the Company has, together with Encik Shamsul, as beneficial shareholdersof PEB, given a special notice to PEB of their joint intention to propose resolutions to remove TIP, Lee Mee Jiong, Suhaimi BadrulJamil as directors of PEB and to appoint Koh Pho Wat and Surya Hidayat Bin Abdul Malik as directors of PEB. A circular toshareholders of PEB dated 31 May 2010 was dispatched to convene an extraordinary general meeting on 24 June 2010(“PEB EGM”).

On 17 June 2010, Encik Suhaimi Badrul Jamil resigned as a director of PEB and on 18 June 2010, TIP and Lee Mee Jiongresigned as directors of PEB.

On 24 June 2010, the Company together with Encik Shamsul, withdrew the proposed resolutions on the appointment of MessrsKoh Pho Wat and Encik Surya Hidayat Bin Abdul Malik at the PEB EGM as the Company had received a letter from PEB dated22 June 2010 inviting the Company to nominate representative(s) to the PEB's board of directors.

On 13 July 2010, Surya Hidayat Bin Abdul Malik was appointed to the board of directors of PEB as a non-independent andnon-executive director.




(xiii) On 22 June 2010, the Company announced that it had received letters from certain shareholders of the Company, namely ChowLean Keat, Datin Che Nariza Hajjar Hashim, Ramilah Joannah Sulaiman and Nik Ismail Bin Tengku Besar Indra Rajanominating their respective candidates, John Pang Yun Nian, Dato’ Syed Norulzaman Bin Syed Kamarulzaman, Suhaimi BinBadrul Jamil and Dato’ Shaik Sulaiman Bin S. Mohamed Ismail for election to the office of director of the Company.

On 24 June 2010, the Company was served by the solicitors of Datin Che Nariza Hajjar Hashim and the solicitor of Nik IsmailBin Tengku Besar Indra Raja and Ramilah Joannah Sulaiman, sealed copies of the Summons in Chambers dated 23 June 2010and Originating Summons dated 23 June 2010 together with copies of the Affidavit in Support in relation to the adjournmentof the forthcoming Annual General Meeting (“AGM”) of the Company to be held on 28 June 2010 to such date after thedisposal of the Originating Summons.

On 28 June 2010, the Company announced that the High Court has granted an order for the 14th AGM to proceed with theresolutions number 1, 2, 7, 8, 9 and 10 whereas the tabling and voting for the resolutions number 3, 4, 5, and 6 as detailedin the notice of additional resolution dated 21 June 2010 would be done at the adjourned AGM. The adjourned AGM washeld on 20 July 2010 at One World Hotel, Kuala Lumpur.

On 1 July 2010, the Company announced that on 30 June 2010, its solicitors had filed in the Notices of Appeal to the Courtof Appeal in respect of the decision of the High Court given on 28 June 2010 (the “Appeals”). On the same day, the Companyinformed that they received a letter dated 30 June 2010 from John Pang Yun Nian, withdrawing his consent to the nominationby a shareholder, Chow Lean Keat, nominating him for the election as director of the Company.

On 15 July 2010, the Company further announced that they had received three (3) letters, all dated 14 July 2010 respectively,from Ramilah Joannah Sulaiman, Datin Che Nariza Hajjar Hashim and Nik Ismail Bin Tengku Besar Indra Raja withdrawingtheir nomination of Suhaimi Bin Badrul Jamil, Dato’ Syed Norulzaman Bin Syed Kamarulzaman and Dato’ Shaik Sulaiman BinS. Mohamed Ismail as directors of the Company. In addition, these nominees have also withdrawn their respective notice ofcandidate as director of the Company dated 8 June 2010 on even date via the letter all dated 14 July 2010.

On 8 September 2010, the Company announced that the hearing of the Appeals was heard by the Court of Appeal on 7September 2010 and the Court of Appeal held that the Appeals have been rendered academic by reason of the withdrawalsof the respective nominations in question. The Court of Appeal dismissed both the Appeals with no orders as to costs andfurther ordered that the deposits of the Appeals be refunded to the Company. The merits of the substantive Appeals were notheard nor ventilated.

(xiv) On 2 July 2010, the Company announced the completion of a private placement of 29,760,000 new ordinary shares ofRM0.50 each in the Company following the listing of and quotation for the said new shares on the Main Market of BursaMalaysia Securities Berhad (“Bursa Securities”) which were issued and allotted on 30 June 2010 at an issue price of RM1.32per share.

(xv) On 11 August 2010, PVL gave a notice of cancellation of the MOA in respect of the SK 202 Vessel to Nam Cheong DockyardSdn. Bhd. (“NCD”) and NCD has agreed to refund fully all the deposit paid earlier of USD8.85 million.

As a result of the cancellation, part of the proceeds from the private placement amounting to RM19.78 million which waspreviously intended to be utilised towards the payments of SK 202 Vessel has been earmarked for working capital purposes.

(xvi) On 1 November 2010, the Company announced the completion of a renounceable rights issue of 122,760,000 new ordinaryshares of RM0.50 each in the Company following the listing of and quotation for the said new shares on Main Market of BursaSecurities which was issued and allotted on 27 October 2010 at an issue price of RM0.59 per share.




(xvii) On 19 November 2010, Perdana Nautika Sdn. Bhd. (“PNSB”) was incorporated with an issued and paid-up capital of RM2.00each divided into 2 ordinary shares of RM1.00. The main activity of PNSB was to provide offshore marine support servicesfor the upstream oil and gas industry in the domestic market.

On 28 December 2010, the Company announced that it has further subscribed for an additional 54,998 new ordinary sharesof RM1.00 each at par in the share capital of PNSB representing 55% of the enlarged share capital of PNSB. The balance ofthe 45% equity stake of the enlarged share capital of PNSB has been subscribed for by Kelana Teroka Sdn. Bhd., a 100%bumiputra Malaysian incorporated company with experience in offshore marine support services. Amongst others, PNSB in itsstructure is to undertake the Petronas Licence requirements for domestic offshore marine support services.

47. SIGNIFICANT EVENT OCCURRING AFTER THE REPORTING PERIOD

Ampangship Marine Sdn. Bhd. (“AMS”) entered into a MOA dated 23 March 2011 to dispose of its accommodation workbargenamely, Emerald to PT PANN (Persero), a company incorporated in Indonesia for a total cash consideration of USD8.2 million. Thedisposal was completed upon delivery of the accommodation workbarge to PT PANN (Persero) on 8 April 2011.

48. COMPARATIVE FIGURES

The following comparative figures have been reclassified to conform with the presentation of the current financial year:

The Group The CompanyAs As

As Previously As PreviouslyRestated Reported Restated ReportedRM’000 RM’000 RM’000 RM’000

Statement of FinancialPosition (Extract):

Non-Current AssetsAmount owing by subsidiaries – – 353,576 329,715Refundable deposits 98,221 75,106 – –

Current AssetsReceivables 97,827 120,942 15,104 38,965



49. SUPPLEMENTARY INFORMATION - DISCLOSURE OF REALISED AND UNREALISED PROFITS

On 25 March 2010, Bursa Securities issued a directive to all listed issuers pursuant to Paragraph 2.06 and 2.23 of the BursaSecurities Main Market Listing Requirements. The directive requires all listed issuers to disclose the breakdown of the unappropriatedprofits or accumulated losses as at the end of the reporting period, into realised and unrealised profits or losses.

On 20 December 2010, Bursa Securities further issued guidance on the disclosure and the format required.

The breakdown of the retained profits of the Group and the Company as at 31 December 2010, into realised and unrealised profits,pursuant to the directive, is as follows:

The Group The Company2010 2010RM’000 RM’000

Total retained profits– realised 189,677 138,071– unrealised (29,406) 45

160,271 138,116Total share of retained profits from associate:– realised 60,508 –– unrealised (7,935) –

212,844 138,116Less: Consolidation adjustments 27,954 –

At 31 December 240,798 138,116

The determination of realised and unrealised profits is compiled based on Guidance of Special Matter No. 1, Determination ofRealised and Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa Securities Listing Requirements, issued bythe Malaysian Institute of Accountants on 20 December 2010.

The disclosure of realised and unrealised profits above is solely for complying with the disclosure requirements stipulated in thedirective of Bursa Securities and should not be applied for any other purposes.



Laporan Para Pengarah 165

Kenyataan oleh Para Pengarah 171

Perakuan Berkanun 171

Laporan Juruaudit Bebas 172

Penyata Kedudukan Kewangan 174

Penyata Pendapatan Komprehensif 176

Penyata Perubahan Ekuiti 177

Penyata Aliran Tunai 179

Nota-Nota kepadaPenyata Kewangan 182

penyata kewangan

Para pengarah dengan ini membentangkan laporan mereka dan penyata kewangan teraudit Kumpulan dan Syarikat bagi tahunkewangan berakhir 31 Disember 2010.

KEGIATAN UTAMA

Syarikat pada dasarnya merupakan sebuah syarikat pemegangan pelaburan dan juga terlibat dalam penyediaan perkhidmatanpentadbiran dan pengurusan kepada anak-anak syarikatnya. Kegiatan utama anak-anak syarikat dinyatakan dalam Nota 5 kepadapenyata kewangan. Tidak ada perubahan ketara dalam sifat kegiatan ini dalam tahun kewangan.

KEPUTUSAN-KEPUTUSAN

Kumpulan SyarikatRM'000 RM'000

Kerugian selepas cukai boleh dikaitkan kepada pemilik-pemilik Syarikat (72,002) (16,995)

DIVIDEN

Sejak akhir tahun kewangan yang lepas, Syarikat membayar dividen pertama dan akhir sebanyak 2.0 sen setiap saham biasa bernilaiRM0.50 sesaham, tolak cukai pada 25% ke atas 297,600,000 saham biasa berjumlah RM4,464,000 berhubung dengan tahunkewangan berakhir 31 Disember 2009.

Para pengarah tidak mengesyorkan bayaran sebarang dividen berhubung dengan tahun kewangan berakhir 31 Disember 2010.

RIZAB DAN PERUNTUKAN

Semua pemindahan material kepada atau daripada rizab atau peruntukan dalam tahun kewangan dinyatakan dalampenyata kewangan.

Laporan Pengarah

laporan tahunan2010 165

TERBITAN SAHAM DAN DEBENTUR

Dalam tahun kewangan,

(a) tidak ada perubahan dalam modal saham Syarikat yang dibenarkan; dan

(b) Syarikat menambah modal sahamnya yang diterbitkan dan berbayar daripada RM148,800,000 kepada RM225,060,000 melalui:

(i) penerbitan sebanyak 29,760,000 saham biasa baru bernilai RM0.50 sesaham untuk tunai bagi tujuan bayaran deposit carterdan kegunaan modal kerja selaras dengan penempatan persendirian Syarikat pada harga langganan sebanyak RM1.32-setiap saham pada 30 Jun 2010. Saham-saham baru telah disenaraikan dan disebut harga pada Pasaran Utama BursaMalaysia Securities Berhad (“Bursa Securities”) pada 2 Julai 2010; dan

(ii) penerbitan sebanyak 122,760,000 saham biasa baru bernilai RM0.50 sesaham untuk tunai bagi tujuan bayaran balikpinjaman dan kegunaan modal kerja selaras dengan terbitan hak boleh lepas Syarikat dengan waran boleh lepas percuma(“Terbitan Hak”) berasaskan tiga (3) saham hak (“Saham-saham Hak”) bagi setiap lapan (8) saham biasa sedia ada bernilaiRM0.50 sesaham dipegang dalam Syarikat bersama dengan 61,379,785 waran boleh lepas percuma (“Waran”)berasaskan satu (1) Waran bagi setiap dua (2) Saham Hak dilanggan pada harga terbitan RM0.59 setiap Saham Hak pada27 Oktober 2010. Saham-saham baru ini telah disenaraikan dan disebut harga pada Pasaran Utama Bursa Securitiespada 1 November 2010.

Saham-saham biasa baru yang diterbitkan dalam tahun kewangan bertaraf pari passu dalam semua hubungan dengansaham-saham biasa sedia ada Syarikat; dan

(c) tidak ada terbitan debentur oleh Syarikat.

OPSYEN DIBERIKAN KE ATAS SAHAM TIDAK DITERBITKAN

Dalam tahun kewangan, tiada opsyen telah diberikan oleh Syarikat kepada mana-mana orang untuk mengambil mana-mana sahamtidak diterbitkan dalam Syarikat kecuali bagi penerbitan Waran selaras dengan Terbitan Hak di atas.

Laporan Pengarah (samb)


WARAN 2010/2015

Pada 27 Oktober 2010, Syarikat telah menerbitkan 61,379,785 Waran percuma selaras dengan Terbitan Hak. Waran dibentuk melaluiSurat Ikatan Pol bertarikh 15 September 2010 (“Surat Ikatan Pol”).

Terma-terma penting Waran 2010/2015 adalah seperti berikut:

(a) Setiap Waran memberhakkan pemegang berdaftar untuk melanggan bagi satu (1) saham biasa baru bernilai RM0.50 sesahamdalam Syarikat pada bila-bila masa pada atau sebelum tarikh matang, 26 Oktober 2015, terjatuh lima (5) tahun dari tarikh terbitanWaran. Waran tidak dilaksanakan selepas tempoh pelaksanaan akan selepas itu luput dan berhenti untuk menjadi sah;

(b) Harga pelaksanaan Waran ditetapkan pada RM1.00 setiap Waran;

(c) Saham-saham biasa baru yang akan diterbitkan selepas pelaksanaan Waran akan bertaraf pari passu dalam semua hubungandengan saham-saham biasa sedia ada Syarikat; dan

(d) Waran telah disenaraikan dan disebut harga pada Pasaran Utama Bursa Securities pada 1 November 2010.

Pergerakan Waran dalam tahun kewangan adalah seperti berikut:

Keberhakan Bagi Saham Biasa Bernilai RM0.50 SesahamDiterbitkan

Pada Pada27.10.2010 Dilaksanakan Dibatalkan 31.12.2010

Bilangan Waran tidak dilaksanakan 61,379,785 – – 61,379,785

HUTANG LAPUK DAN RAGU

Sebelum penyata kewangan Kumpulan dan Syarikat dibuat, para pengarah mengambil langkah-langkah munasabah untuk memastikanbahawa tindakan telah diambil berhubung dengan penghapusan kira hutang lapuk dan membuat peruntukan bagi hutang ragu, danmereka berpuas hati bahawa tidak ada hutang lapuk diketahui dan bahawa peruntukan mencukupi telah dibuat bagi kerugian rosot nilaike atas penghutang.

Pada tarikh laporan ini, para pengarah tidak menyedari tentang sebarang keadaan yang mungkin memerlukan penghapusan kirahutang ragu, atau peruntukan tambahan bagi kerugian rosot nilai ke atas penghutang dalam penyata kewangan Kumpulan dan Syarikat.

ASET SEMASA

Sebelum penyata kewangan Kumpulan dan Syarikat dibuat, para pengarah telah mengambil langkah-langkah munasabah untukmemastikan bahawa sebarang aset semasa selain daripada hutang, yang tidak mungkin dapat direalisasikan dalam perjalanan biasaperniagaan, termasuk nilainya sebagaimana ditunjukkan dalam rekod-rekod perakaunan Kumpulan dan Syarikat, telah dikurangkan nilaikepada jumlah yang ia dijangka dapat direalisasikan.

Pada tarikh laporan ini, para pengarah tidak menyedari tentang sebarang keadaan yang mungkin menjadikan nilai boleh dikaitkankepada aset semasa dalam penyata kewangan mengelirukan.



KAEDAH PENILAIAN

Pada tarikh laporan ini, para pengarah tidak menyedari mengenai sebarang keadaan yang telah timbul yang membawa kepadapematuhan kepada kaedah penilaian sedia ada aset atau liabiliti Kumpulan dan Syarikat mengelirukan atau tidak munasabah.

LIABILITI LUAR JANGKAAN DAN LAIN-LAIN LIABILITI

Liabiliti luar jangkaan dinyatakan dalam Nota 41 kepada penyata kewangan. Pada tarikh laporan ini, tidak wujud:

(a) sebarang perubahan ke atas aset Kumpulan dan Syarikat yang timbul sejak akhir tahun kewangan yang menjamin liabiliti mana-mana orang lain; atau

(b) sebarang liabiliti luar jangkaan Kumpulan dan Syarikat yang timbul sejak akhir tahun kewangan.

Tiada liabiliti luar jangkaan atau lain-lain liabiliti Kumpulan dan Syarikat telah menjadi boleh dikuatkuasakan atau berkemungkinan akanmenjadi boleh dikuatkuasakan dalam tempoh dua belas (12) bulan selepas akhir tempoh kewangan yang, pada pendapat parapengarah, akan atau mungkin menjejaskan dengan ketara keupayaan Kumpulan dan Syarikat untuk memenuhi tanggungannya apabilatiba masanya.

PERUBAHAN KEADAAN

Pada tarikh laporan ini, para pengarah tidak menyedari tentang sebarang keadaan yang jika tidak diambil kira dalam laporan ini ataupenyata kewangan Kumpulan dan Syarikat yang akan menjadikan sebarang jumlah dinyatakan dalam penyata kewangan mengelirukan.

PERKARA-PERKARA BERSIFAT LUAR BIASA

Keputusan operasi Kumpulan dan Syarikat dalam tahun kewangan, pada pendapat para pengarah, tidak terjejas secara ketaranyaoleh mana-mana perkara, urus niaga atau peristiwa yang bersifat material dan luar biasa selain daripada kesan-kesan timbul daripadapenerimaan pakai FRS 139 Instrumen Kewangan: Pengiktirafan dan Pengukuran yang telah meningkatkan kerugian bersih Kumpulandan Syarikat masing-masing sebanyak RM5,915,728 dan RM192,549.

Tidak timbul dalam selang masa antara akhir tahun kewangan dan tarikh laporan ini mana-mana perkara, urus niaga atau peristiwayang bersifat material dan luar biasa, pada pendapat para pengarah, menjejaskan dengan ketara keputusan operasi Kumpulan danSyarikat bagi tahun kewangan.

SKIM OPSYEN SAHAM KAKITANGAN ("ESOS")

ESOS Kumpulan telah diluluskan oleh Suruhanjaya Sekuriti pada 16 Ogos 2001 dan akan berkuat kuasa untuk tempoh selama 10 tahunbermula dari 12 Mac 2002.

ESOS telah diluluskan oleh pemegang-pemegang saham pada Mesyuarat Agung Luar Biasa yang diadakan pada 31 Januari 2002.

Dalam tahun kewangan, tiada opsyen di bawah ESOS telah diberikan.



PARA PENGARAH

Para pengarah yang menyandang jawatan sejak tarikh laporan terakhir adalah seperti berikut:

Shamsul Bin SaadDato’ Kho Poh EngKoh Pho WatSurya Hidayat Bin Abdul MalikGanesan A/L SundarajIdris Bin ZaidelRaja Anuar Bin Raja Abu HassanHamdan Bin Rasid (Dilantik Pada 20.7.2010)

KEPENTINGAN PARA PENGARAH

Menurut daftar pemegangan saham para pengarah, kepentingan para pengarah yang memegang jawatan pada akhir tahun kewangandalam saham-saham dalam Syarikat dan syarikat-syarikat berkaitannya dalam tahun kewangan adalah seperti berikut:

Bilangan Saham Biasa Bernilai RM0.50 SesahamPada Pada

1.1.2010 Dibeli Dijual 31.12.2010Syarikat

Kepentingan LangsungShamsul Bin Saad 8,425,000 3,159,375 – 11,584,375Dato’ Kho Poh Eng 14,195,630 5,689,448 – 19,885,078Koh Pho Wat 15,649,330 6,868,401 – 22,517,731

Dianggap BerkepentinganShamsul Bin Saad – 9,625 – 9,625#

Dato’ Kho Poh Eng 71,067 28,933 – 100,000#

Koh Pho Wat 226,032 84,968 – 311,000#

Bilangan Waran 2010/2015Diterbitkan Pada Pada27.10.2010 Dibeli Dilaksanakan 31.12.2010

Kepentingan LangsungShamsul Bin Saad 1,579,687 – – 1,579,687Dato’ Kho Poh Eng 2,844,724 – – 2,844,724Koh Pho Wat 3,434,200 – – 3,434,200

Dianggap BerkepentinganShamsul Bin Saad 1,312 – – 1,312#

Dato’ Kho Poh Eng 14,466 – – 14,466#

Koh Pho Wat 42,484 – – 42,484#

# Dianggap berkepentingan selaras dengan Seksyen 134(12)(c) Akta Syarikat 1965.

Lain-lain pengarah yang memegang jawatan pada akhir tahun kewangan tidak mempunyai kepentingan dalam saham-saham dalamSyarikat dan syarikat-syarikat berkaitannya dalam tahun-tahun kewangan.



MANFAAT PENGARAH

Sejak akhir tahun kewangan yang lepas, tiada pengarah telah menerima atau layak untuk menerima sebarang manfaat (selain daripadamanfaat yang termasuk dalam agregat jumlah emolumen yang diterima atau terhutang dan boleh diterima oleh para pengarahsebagaimana ditunjukkan dalam penyata kewangan, atau gaji tetap kakitangan sepenuh masa Syarikat) atas alasan kontrak yangdibuat oleh Syarikat atau syarikat berkaitan dengan pengarah atau dengan firma yang mana pengarah merupakan seorang ahli, ataudengan syarikat dalam mana pengarah mempunyai kepentingan kewangan yang besar.

Sama ada dalam tahun kewangan mahupun pada akhir tahun kewangan, Kumpulan atau Syarikat tidak menjadi pihak kepada mana-mana pengaturan yang objeknya adalah untuk membolehkan para pengarah mendapat manfaat melalui cara pengambilalihan saham-saham dalam atau debentur Syarikat atau mana-mana badan korporat yang lain.

PERISTIWA-PERISTIWA PENTING DALAM TAHUN KEWANGAN

Peristiwa-peristiwa penting sepanjang tahun kewangan Kumpulan dan Syarikat dikemukakan dalam Nota 46 kepada penyata kewangan.

PERISTIWA-PERISTIWA PENTING BERLAKU SELEPAS TEMPOH PELAPORAN

Peristiwa-peristiwa penting berlaku selepas tempoh pelaporan Kumpulan dan Syarikat dikemukakan dalam Nota 47 kepadapenyata kewangan.

JURUAUDIT

Juruaudit, Tetuan. Crowe Horwath, telah menyatakan kesanggupan mereka untuk meneruskan tugas mereka.

Ditandatangani selaras dengan resolusi para pengarah bertarikh 28 April 2011.

Koh Pho Wat

Shamsul Bin Saad



Kami, Koh Pho Wat dan Shamsul Bin Saad, merupakan dua orang pengarah Petra Perdana Berhad, menyatakan bahawa, padapendapat para pengarah, penyata kewangan yang dikemukakan pada muka surat 174 hingga 255 disediakan selaras denganPiawaian Pelaporan Kewangan dan Akta Syarikat 1965 di Malaysia untuk memberikan gambaran sebenar dan saksama mengenaihal-ehwal Kumpulan dan Syarikat pada 31 Disember 2010 serta keputusan dan aliran tunainya bagi tahun kewangan berakhir padatarikh tersebut.

Maklumat tambahan dinyatakan dalam Nota 49 pada muka surat 256, yang bukan merupakan sebahagian daripada penyatakewangan, disediakan dalam semua hubungan material, selaras dengan Panduan mengenai Perkara Khas No. 1, Penentuan mengenaiKeuntungan atau Kerugian Direalis dan Tidak Direalis dalam Konteks Pendedahan Selaras Dengan Syarat–syarat Penyenaraian BursaMalaysia Securities Berhad, sebagaimana dikeluarkan oleh Institut Akauntan Malaysia dan arahan Bursa Malaysia Securities Berhad.

Ditandatangani selaras dengan resolusi para pengarah bertarikh 28 April 2011.

Koh Pho Wat Shamsul Bin Saad

Perakuan BerkanunSaya, Soon Fook Kian, sebagai pegawai yang secara utama bertanggungjawab bagi pengurusan kewangan Petra Perdana Berhad,dengan sesungguhnya dan seikhlasnya mengaku bahawa penyata kewangan yang disertakan pada muka surat 174 hingga 255, adalahsetakat pengetahuan dan kepercayaan terbaik saya betul, dan saya membuat perakuan ini dengan secara sedar mempercayai yang samasebagai benar dan selaras dengan peruntukan Akta Perakuan Berkanun, 1960.

Ditandatangani dan sesungguhnya diperakui oleh )Soon Fook Kian, di Kuala Lumpur di )Wilayah Persekutuan pada hari ini )28 April 2011 ) Soon Fook Kian

Di hadapan saya,

PESURUHJAYA SUMPAHKuala Lumpur

Kenyataan oleh Para Pengarah


Laporan mengenai Penyata Kewangan

Kami telah mengaudit penyata kewangan Petra Perdana Berhad, yang terdiri daripada penyata kedudukan kewangan pada 31 Disember2010 Kumpulan dan Syarikat, dan penyata pendapatan komprehensif, penyata perubahan dalam ekuiti dan penyata aliran tunaiKumpulan dan Syarikat bagi tahun kewangan berakhir pada ketika itu, dan ringkasan polisi-polisi perakaunan penting dan lain-lainmaklumat penjelasan, sebagaimana dikemukakan pada muka surat 174 hingga 255.

Tanggungjawab para Pengarah bagi Penyata Kewangan

Para pengarah Syarikat bertanggungjawab bagi penyediaan dan pembentangan saksama penyata kewangan ini selaras denganPiawaian Pelaporan Kewangan dan Akta Syarikat 1965 di Malaysia, dan bagi kawalan dalaman tertentu sebagaimana para pengarahtentukan sebagai perlu untuk membolehkan penyediaan penyata kewangan yang bebas daripada salahnyataan, sama ada disebabkanoleh fraud atau kesilapan.

Tanggungjawab Juruaudit

Tanggungjawab kami adalah untuk menyatakan pendapat mengenai penyata kewangan ini berdasarkan audit kami. Kami melaksanakanaudit kami selaras dengan piawaian-piawaian diluluskan mengenai pengauditan di Malaysia. Piawaian–piawaian ini memerlukan agarkami mematuhi syarat-syarat etika dan merancang dan melaksanakan audit untuk mendapatkan jaminan munasabah mengenai samaada penyata kewangan adalah bebas daripada salah nyataan material.

Sesuatu audit melibatkan prosedur-prosedur untuk mendapatkan bukti audit mengenai jumlah dan pendedahan dalam penyatakewangan. Prosedur-prosedur dipilih bergantung pada pertimbangan kami, termasuk penilaian risiko salah nyataan material mengenaipenyata kewangan, sama ada disebabkan oleh fraud atau kesilapan. Dalam membuat penilaian risiko tersebut, kami menimbangkankawalan dalaman yang relevan kepada penyediaan dan pembentangan saksama penyata kewangan Syarikat untuk mereka prosedur-prosedur audit yang sesuai dalam keadaan-keadaan, tetapi untuk tujuan menyatakan pendapat mengenai keberkesanan kawalandalaman Syarikat. Sesuatu audit juga termasuk menilai kesesuaian polisi-polisi perakaunan yang digunakan dan kemunasabahananggaran-anggaran perakaunan yang dibuat oleh para pengarah, serta juga menilai pembentangan keseluruhan penyata kewangan.Kami percaya bahawa bukti audit kami yang telah kami perolehi adalah mencukupi dan sesuai untuk menyediakan asas bagi pendapataudit kami.

Pendapat

Pada pendapat kami, penyata kewangan telah disediakan sewajarnya selaras dengan Piawaian pelaporan Kewangan dan Akta Syarikat1965 di Malaysia untuk memberi gambaran sebenar dan saksama mengenai kedudukan kewangan Kumpulan dan Syarikat pada 31Disember 2010 dan prestasi kewangan dan aliran tunai mereka bagi tahun kewangan berakhir pada ketika itu.

Laporan Juruaudit BebasKepada Ahli-ahli Petra Perdana Berhad


Laporan Mengenai Keperluan Undang-Undang Dan Berperaturan Lain

Selaras dengan keperluan Akta Syarikat 1965 di Malaysia, kami juga melaporkan yang berikut:

(a) Pada pendapat kami, rekod perakaunan dan lain-lain rekod dan daftar yang diperlukan oleh Akta untuk disimpan olehSyarikat dan anak-anak syarikatnya yang kami telah bertindak sebagai juruaudit telah disimpan sewajarnya selaras denganperuntukan Akta.

(b) Kami telah menimbangkan penyata kewangan dan laporan juruaudit mengenai semua anak syarikat yang mana kami tidakbertindak sebagai juruaudit, yang dinyatakan dalam Nota 5 kepada penyata kewangan.

(c) Kami berpuas hati bahawa penyata kewangan anak-anak syarikat yang telah disatukan dengan penyata kewangan Syarikatadalah dalam bentuk dan kandungan sesuai dan teratur untuk tujuan penyediaan penyata kewangan Kumpulan dan kami telahmenerima maklumat dan penjelasan yang memuaskan yang diperlukan oleh kami untuk tujuan tersebut.

(d) Laporan audit mengenai penyata kewangan anak-anak syarikat tidak mengandungi sebarang syarat atau sebarang ulasan kurangbaik yang dibuat di bawah Akta Seksyen 174(3).

Maklumat tambahan dikemukakan dalam Nota 49 pada muka surat 256 dinyatakan untuk memenuhi keperluan Bursa Malaysia SecuritiesBerhad dan bukan merupakan sebahagian daripada penyata kewangan. Para pengarah bertanggungjawab bagi penyediaan maklumattambahan selaras dengan Garis Panduan mengenai Perkara Khas No. 1, Penentuan Keuntungan atau Kerugian Direalisasikan danTidak Direalisasikan dalam Konteks Pendedahan Selaras Dengan Syarat-syarat Penyenaraian Bursa Malaysia Securities Berhad,sebagaimana dikeluarkan oleh Institut Akauntan Malaysia ("Garis Panduan MIA ") dan arahan Bursa Malaysia Securities Berhad. Padapendapat kami, maklumat tambahan disediakan, dalam semua hubungan material, selaras dengan Panduan MIA dan arahan BursaMalaysia Securities Berhad.

PERKARA-PERKARA LAIN

Laporan ini dibuat semata-mata kepada ahli-ahli Syarikat, sebagai sebuah badan, selaras dengan Seksyen 174 Akta Syarikat 1965 di Malaysiadan bukan untuk sebarang tujuan lain. Kami tidak bertanggungjawab kepada mana-mana orang lain bagi kandungan laporan ini.

Crowe Horwath Poon Yew HoeNo Firma : AF 1018 No Kelulusan : 956/04/12 (J)Akauntan Bertauliah Rakan Firma

28 April 2011

Kuala Lumpur

Laporan Juruaudit Bebas (samb)Kepada Ahli-ahli Petra Perdana Berhad


Kumpulan SyarikatDinyatakan Dinyatakan Dinyatakan DinyatakanSemula Semula Semula Semula

31.12.2010 31.12.2009 1.1.2009 31.12.2010 31.12.2009 1.1.2009Nota RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

ASET

ASET BUKAN SEMASA

Pelaburan dalam anak-anak syarikat 5 – – – 307,461 307,406 346,012Pelaburan dalam syarikat bersekutu 6 88,420 90,319 – 19,233 19,233 –Hartanah, loji dan peralatan 7 400,934 460,698 659,068 6,521 8,537 43,041Bayaran pajakan prabayar – – 7,275 – – –Jumlah terhutang oleh anak-anak

syarikat 8 – – – 400,949 353,576 301,495Jumlah terhutang oleh syarikat

bersekutu – – – – – 51,649Deposit boleh dikembalikan 9 90,930 98,221 58,492 – – 21,999Aset tidak ketara 10 27,507 27,507 27,507 – – –Aset cukai tertunda 11 46 46 62 46 46 46

607,837 676,791 752,404 734,210 688,798 764,242

ASET SEMASA

Inventori 12 6,908 5,533 50,299 – – –Penghutang 13 99,293 97,827 304,061 1,740 15,104 10,636Jumlah terhutang oleh pelanggan

kontrak – – 6,471 – – –Jumlah terhutang oleh anak-anak

syarikat 8 – – – 271 27 8Jumlah terhutang oleh pihak

berkaitan 14 36,614 38,194 – 259 259 –Jumlah terhutang oleh syarikat

bersekutu 15 – 51,649 – – 51,649 10,000Cukai boleh didapati semula 3,758 5,057 7,145 3,102 3,900 4,482Deposit tetap dengan bank berlesen 16 51,188 158,437 337,423 47,360 152,392 215,236Tunai dan baki bank 18,293 21,288 33,348 3,018 8,270 781

216,054 377,985 738,747 55,750 231,601 241,143Aset bukan semasa dikelaskan

sebagai dipegang untuk jualan 17 – 86,361 4,501 – – –

JUMLAH ASET 823,891 1,141,137 1,495,652 789,960 920,399 1,005,385

Nota-nota mengiringi membentuk bahagian penting penyata kewangan ini.

Penyata Kedudukan KewanganPada 31 Disember 2010


Kumpulan SyarikatDinyatakan Dinyatakan Dinyatakan DinyatakanSemula Semula Semula Semula

31.12.2010 31.12.2009 1.1.2009 31.12.2010 31.12.2009 1.1.2009Nota RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

EKUITI DAN LIABILITI

EKUITIModal saham 18 225,060 148,800 148,800 225,060 148,800 148,800Rizab 19 278,975 414,869 396,820 232,056 219,754 118,824

JUMLAH EKUITI BOLEH DIKAITKANKEPADA PEMILIK-PEMILIK SYARIKAT 504,035 563,669 545,620 457,116 368,554 267,624

KEPENTINGAN MINORITI 217 580 118,162 – – –

JUMLAH EKUITI 504,252 564,249 663,782 457,116 368,554 267,624

LIABILITI BUKAN SEMASA

Cukai tertunda 21 4,048 2,060 30,908 – – –Pinjaman jangka panjang 22 146,088 227,063 295,280 105,108 227,000 295,000Liabiliti derivatif 25 3,070 – – – – –Pemiutang 26 260 241 511 214 201 231

153,466 229,364 326,699 105,322 227,201 295,231

LIABILITI SEMASAPemiutang 26 66,472 125,056 127,811 8,573 8,804 15,336Jumlah terhutang kepada

anak-anak syarikat 8 – – – 123,839 95,862 64,194Jumlah terhutang kepada

pihak-pihak berkaitan 14 33 236 – 32 3 –Jumlah terhutang kepada syarikat

bersekutu 15 – 1,975 – – 1,975 –Jumlah terhutang kepada pelanggan

kontrak – – 9,625 – – –Pinjaman jangka pendek 27 98,808 218,019 366,023 95,078 218,000 363,000Peruntukan bagi cukai 860 2,238 1,712 – – –

166,173 347,524 505,171 227,522 324,644 442,530

JUMLAH LIABILITI 319,639 576,888 831,870 332,844 551,845 737,761

JUMLAH EKUTII DAN LIABILITI 823,891 1,141,137 1,495,652 789,960 920,399 1,005,385

ASET BERSIH SETIAP SAHAM BIASA (RM) 28 1.12 1.89


Penyata Kedudukan Kewangan (samb)Pada 31Disember 2010


Kumpulan Syarikat2010 2009 2010 2009

Nota RM'000 RM'000 RM'000 RM'000

HASIL 29 254,887 605,684 11,681 48,167

KOS JUALAN (280,800) (491,792) – –

(KERUGIAN)/ KEUNTUNGAN KASAR (25,913) 113,892 11,681 48,167

LAIN-LAIN PENDAPATAN 28,262 32,866 4,873 99,823

2,349 146,758 16,554 147,990

KOS PENJUALAN DAN PENGEDARAN (2,377) (4,373) – –

PERBELANJAAN PENTADBIRAN (27,379) (49,756) (12,039) (9,037)

LAIN-LAIN PERBELANJAAN (22,922) (10,485) (2,092) (425)

KOS KEWANGAN (22,955) (32,695) (19,426) (32,903)

BAHAGIAN KEPUTUSAN DALAMSYARIKAT BERSEKUTU 387 (748) – –

(KERUGIAN)/ KEUNTUNGANSEBELUM CUKAI 30 (72,897) 48,701 (17,003) 105,625

PERBELANJAAN CUKAI PENDAPATAN 31 491 (12,351) 8 (231)

(KERUGIAN)/ KEUNTUNGANSELEPAS CUKAI (72,406) 36,350 (16,995) 105,394

LAIN-LAIN PENDAPATAN KOMPREHENSIF– Terjemahan mata wang asing (56,594) (8,927) – –– Lindungan nilai aliran tunai (1,311) – – –

(57,905) (8,927) – –

JUMLAH (PERBELANJAAN)/ PENDAPATANKOMPREHENSIF BAGI TAHUN KEWANGAN (130,311) 27,423 (16,995) 105,394

(KERUGIAN)/ KEUNTUNGAN SELEPASCUKAI BOLEH DIKAITKAN KEPADA:Pemilik-pemilik Syarikat (72,002) 29,317 (16,995) 105,394

Kepentingan minoriti (404) 7,033 – –

(72,406) 36,350 (16,995) 105,394JUMLAH (PERBELANJAAN)/

PENDAPATAN KOMPREHENSIF BOLEHDIKAITKAN KEPADA:Pemilik-pemilik Syarikat (129,948) 20,116 (16,995) 105,394

Kepentingan minoriti (363) 7,307 – –

(130,311) 27,423 (16,995) 105,394(KERUGIAN)/ PEROLEHAN SETIAP SAHAM– asas (sen) 32 (21.5) 9.9– dicairkan (sen) 32 Tidak Tidak

berkenaan berkenaan


Penyata Pendapatan KomprehensifBagi Tahun Kewangan Berakhir 31 Disember 2010


<-----------------------------------Tidak Boleh Diagih-----------------------------------> Boleh DiagihRizab Boleh

Lindungan DikaitkanRizab Nilai Lain–Lain Kepada

Modal Premium Rizab Penebusan Rizab Aliran Rizab Keuntungan Pemilik Kepentingan JumlahSaham Saham Waran Modal Terjemahan Tunai Modal Tertahan Syarikat Minoriti Ekuiti

Nota RM'000 RM'000 RM'000 RM'000 RM'000 RM’000 RM’000 RM'000 RM'000 RM'000 RM'000KumpulanBaki pada 1 Januari 2009 148,800 60,377 – 2,127 6,860 – – 327,456 545,620 118,162 663,782Jumlah pendapatan komprehensif

bagi tahun kewangan – – – – (9,201) – – 29,317 20,116 7,307 27,423Pengkelasan semula kepada

keutungan atau kerugianatas pelupusan kapal – – – – 2,397 – – – 2,397 – 2,397

Pengambilalihan kepentingandalam anak syarikat – – – – – – – – – 562 562

Pelupusan kepentingan dalamanak syarikat 35 – – – – – – – – – (123,880) (123,880)

Terbitan saham oleh anak syarikatkepada kepentingan minoriti – – – – – – – – – 322 322

Dividen 33 – – – – – – – (4,464) (4,464) – (4,464)Dividen dibayar kepada kepentingan

minoriti oleh anak-anak syarikat – – – – – – – – – (1,893) (1,893)

Baki pada 31 Disember 2009 148,800 60,377 – 2,127 56 – – 352,309 563,669 580 564,249

Baki pada 31 Disember 2009/1 Januari 2010– sebagaimana dilaporkan

sebelum ini 148,800 60,377 – 2,127 56 – – 352,309 563,669 580 564,249– kesan menerima pakai FRS 139 3(a)(iii) – – – – – – – (35,045) (35,045) – (35,045)

– sebagaimana dinyatakan semula 148,800 60,377 – 2,127 56 – – 317,264 528,624 580 529,204Jumlah perbelanjaan komprehensif

bagi tahun kewangan – – – – (56,635) (1,311) – (72,002) (129,948) (363) (130,311)Perubahan Akta SyarikatLabuan 1990 – – – (2,127) – – 2,127 – – – –Penerbitan saham biasa di

bawah penempatan persendirian 14,880 24,403 – – – – – – 39,283 – 39,283Penerbitan saham biasa di

bawah terbitan hak 61,380 – 11,048 – – – – – 72,428 – 72,428Perbelanjaan terbitan saham – (1,888) – – – – – – (1,888) – (1,888)Dividen 33 – – – – – – – (4,464) (4,464) – (4,464)

Baki pada 31 Disember 2010 225,060 82,892 11,048 – (56,579) (1,311) 2,127 240,798 504,035 217 504,252


Penyata Perubahan EkuitiBagi Tahun Kewangan Berakhir 31 Disember 2010


Modal Premium Rizab KeuntunganSaham Saham Waran Tertahan Jumlah

Nota RM'000 RM'000 RM’000 RM'000 RM'000Syarikat

Baki pada 1 Januari 2009 148,800 60,377 – 58,447 267,624Jumlah pendapatan komprehensif

bagi tahun kewangan – – – 105,394 105,394Dividen 33 – – – (4,464) (4,464)

Baki pada 31 Disember 2009/1 Januari 2010

– sebagaimana dilaporkan sebelum ini 148,800 60,377 – 159,377 368,554– kesan menerima pakai FRS 139 3(a)(iii) – – – 198 198

– sebagaimana dinyatakan semula 148,800 60,377 – 159,575 368,752Jumlah perbelanjaan komprehensif

bagi tahun kewangan – – – (16,995) (16,995)Penerbitan saham biasa di bawah

penempatan persendirian 14,880 24,403 – – 39,283Penerbitan saham biasa di bawah

terbitan hak 61,380 – 11,048 – 72,428Perbelanjaan terbitan saham – (1,888) – – (1,888)Dividen 33 – – – (4,464) (4,464)

Baki pada 31 Disember 2010 225,060 82,892 11,048 138,116 457,116

Nota-nota mengiringi membentuk bahagian penting penyata kewangan

Penyata Perubahan Ekuiti (samb)Bagi Tahun Kewangan Berakhir 31 Disember 2010



Nota RM'000 RM'000 RM'000 RM'000

ALIRAN TUNAI (BAGI)/ DARIPADAKEGIATAN KENDALIAN

(Kerugian)/ Keuntungan sebelum cukai (72,897) 48,701 (17,003) 105,625

Pelarasan bagi:Peruntukan bagi kerugian rosot nilai

ke atas penghutang pihak berkaitan/anak-anak syarikat 5,020 – 5 –

Pelunasan bayaran pajakan prabayar – 118 – –Susut nilai hartanah, loji dan peralatan 36,227 48,956 445 425Kerugian rosot nilai ke atas

hartanah, loji dan peralatan 2,982 – – –Kerugian rosot nilai ke atas deposit

boleh dikembalikan 9,380 – – –Perbelanjaan faedah 21,651 25,770 18,667 29,727Inventori dihapus kira – 2 – –Peruntukan bagi caruman persaraan – 58 – 9Hartanah, loji dan peralatan dihapus kira 9 – – –Penambahan deposit boleh dikembalikan (3,657) – – –Dividen daripada anak-anak syarikat – – (10,946) (46,209)Dividen daripada syarikat bersekutu – – (577) –Keuntungan atas pemindahan

hartanah, loji dan peralatan – – – (554)Keuntungan atas pelupusan

kepentingan dalam anak syarikat – (12,677) – (86,351)(Keuntungan)/ Kerugian atas pelupusan

hartanah, loji dan peralatan (424) (3,165) 1,509 –Keuntungan atas pelupusan aset

bukan semasa dikelaskansebagai dipegang untuk jualan (5,855) (1,952) – –

Pendapatan faedah (3,669) (3,845) (4,523) (11,636)Keuntungan tidak direalis ke atas

pertukaran asing (9,464) (399) – –Penepian hutang (107) (866) – –Kemasukan kira semua kerugian

rosot nilai ke atas penghutang – (555) – (944)Bahagian keputusan dalam

syarikat bersekutu (387) 748 –(Kerugian)/ keuntungan kendalian

sebelum perubahan modal kerja (21,191) 100,894 (12,423) (9,908)

Peningkatan dalam inventori (1,524) (13,510) – –Peningkatan dalam jumlah

terhutang oleh pelanggan kontrak – (16,905) – –Pengurangan dalam jumlah

terhutang kepada pelanggan kontrak – (1,586) – –(Peningkatan)/ Pengurangan dalam

penghutang (6,056) (62,018) 13,365 (6,330)(Pengurangan)/ Peningkatan

dalam pemiutang (57,291) 91,627 (198) (6,571)Pengurangan/ (Peningkatan)

dalam jumlah terhutang olehpihak berkaitan 988 (29,887) – –


Penyata Aliran TunaiBagi Tahun Kewangan Berakhir 31 Disember 2010



Nota RM'000 RM'000 RM'000 RM'000

TUNAI (BAGI)/DARIPADA OPERASI (85,074) 68,615 744 (22,809)

Faedah dibayar (21,651) (25,770) (18,667) (29,727)Cukai dibayar (2,210) (16,484) – (1,138)Pengembalian cukai 4,682 2,475 3,219 1,489

TUNAI BERSIH (BAGI)/DARIPADAKEGIATAN KENDALIAN (104,253) 28,836 (14,704) (52,185)

ALIRAN TUNAI DARIPADA/(BAGI)KEGIATAN PELABURAN

Pelaburan dalam anak-anak syarikat baru – – (55) *Pelaburan dalam syarikat bersekutu – (40) – –Pendahuluan (kepada)/

daripada anak-anak syarikat – – (47,621) 10,227(Pendahuluan kepada)/ Bayaran balik

daripada pihak berkaitan (4,661) 106,163 – (259)Pengambilalihan kepentingan

tambahan dalam anak syarikat – – – (394)Aliran keluar tunai bersih daripada

pengambilalihan anak-anak syarikat – (2,637) – –Aliran masuk tunai bersih daripada

pelupusan kepentingan dalamanak syarikat 35 – 60,762 – 106,118

Dividen diterima daripadaanak-anak syarikat – – 8,532 46,209

Dividen diterima daripadasyarikat bersekutu 577 – 577 –

Deposit boleh dikembalikan dibayar (42,535) (34,109) – –Perolehan daripada pelupusan

hartanah, loji dan peralatan 177,580 326,539 6,900 –Perolehan daripada pelupusan aset

bukan semasa dikelaskan sebagaidipegang untuk jualan 94,501 6,656 – –

Bayaran balik bersih daripadasyarikat bersekutu 49,674 1,803 49,674 10,000

Pembelian hartanah, loji dan peralatan 36 (190,955) (529,309) (6,448) (2,889)Faedah diterima 3,669 3,845 4,523 11,636Pengeluaran deposit tetap 112,768 2,216 115,246 610

TUNAI BERSIH DARIPADA/ (BAGI)KEGIATAN PELABURAN 200,618 (58,111) 131,328 181,258

BAKI DIHANTAR KE HADAPAN 96,365 (29,275) 116,624 129,073

* Kurang daripada RM1,000.


Penyata Aliran Tunai (samb)Bagi Tahun Kewangan Berakhir 31 Disember 2010



Nota RM'000 RM'000 RM'000 RM'000

BAKI DIBAWA KEHADAPAN 96,365 (29,275) 116,624 129,073

ALIRAN TUNAI BAGIKEGIATAN PEMBIAYAAN

Perolehan daripada terbitan sahamoleh anak syarikat kepadapemegang-pemegang saham minoriti 45 322 – –

Perolehan daripada terbitan saham 111,711 – 111,711 –Perbelanjaan terbitan saham (1,888) – (1,888) –Pengeluaran pinjaman bank 71,408 231,368 25,000 170,000Bayaran balik pinjaman bank (270,000) (384,908) (270,000) (383,000)Bayaran balik obligasi sewa beli (46) (245) (27) –Pendahuluan daripada anak-anak syarikat – – 27,977 31,668Bayaran balik kepada syarikat bersekutu – – – 1,975(Bayaran balik kepada)/ Pendahuluan

daripada pihak berkaitan (219) 236 29 3Dividen dibayar kepada

pemegang-pemegang saham minoritioleh anak-anak syarikat – (1,893) – –

Dividen dibayar (4,464) (4,464) (4,464) (4,464)

TUNAI BERSIH BAGIKEGIATAN PEMBIAYAAN (93,453) (159,584) (111,662) (183,818)

PENINGKATAN/ (PENGURANGAN)BERSIH DALAM TUNAI DANSETARA TUNAI 2,912 (188,859) 4,962 (54,745)

KESAN TERJEMAHANPERTUKARAN ASING (388) 920 – –

TUNAI DAN SETARA TUNAI PADAPERMULAAN TAHUN KEWANGAN 35,419 223,358 16,356 71,101

TUNAI DAN SETARA TUNAI PADAAKHIR TAHUN KEWANGAN 37 37,943 35,419 21,318 16,356


Penyata Aliran Tunai (samb)Bagi Tahun Kewangan Berakhir 31 Disember 2010


1. MAKLUMAT AM

Syarikat adalah sebuah syarikat awam berhad melalui saham dan diperbadankan di bawah Akta Syarikat 1965 di Malaysia.Domisil Syarikat adalah di Malaysia. Pejabat berdaftar yang juga merupakan tempat perniagaan utama, ialah di No. 6-8, Jalan3/3C, Batu 7, Jalan Ipoh, 68100 Kuala Lumpur.

Penyata kewangan telah dibenarkan untuk pengeluaran oleh Lembaga Pengarah selaras dengan resolusi para pengarah bertarikh28 April 2011.

2. KEGIATAN UTAMA

Syarikat pada dasarnya adalah sebuah syarikat pemegangan pelaburan dan juga terlibat dalam penyediaan perkhidmatanpentadbiran dan pengurusan kepada anak-anak syarikatnya. Kegiatan utama anak-anak syarikat dinyatakan dalam Nota 5 kepadapenyata kewangan. Tidak ada perubahan ketara dalam kegiatan ini dalam tahun kewangan.

3. ASAS PENYEDIAAN

Penyata kewangan Kumpulan disediakan di bawah konvensyen kos sejarah dan diubahsuai untuk memasukkan lain-lain asaspenilaian sebagaimana dinyatakan dalam lain-lain seksyen di bawah polisi-polisi perakaunan penting, dan mematuhi PiawaianPelaporan Kewangan (“FRS”) dan Akta Syarikat 1965 di Malaysia.

(a) Dalam tahun kewangan semasa, Kumpulan telah menerima pakai piawaian-piawaian perakaunan dan tafsiran-tafsiran baruberikut (termasuk pindaan-pindaan berbangkit):

FRS dan Tafsiran IC (Termasuk Pindaan-pindaan berbangkit)

FRS 4 Kontrak Insurans

FRS 7 Instrumen Kewangan: Pendedahan

FRS 8 Segmen Kendalian

FRS 101 (Disemak) Pembentangan Penyata Kewangan

FRS 123 (Disemak) Kos Pinjaman

FRS 139 Instrumen Kewangan: Pengiktirafan dan Pengukuran

Pindaan kepada FRS 1 dan FRS 127: Kos Pelaburan dalam Anak Syarikat, Entiti Kawalan Bersama atau Syarikat Bersekutu

Pindaan kepada FRS 2: Syarat-syarat Perletahakan dan Pembatalan

Pindaan kepada FRS 7, FRS 139 dan Tafsiran IC 9

Pindaan kepada FRS 101 dan FRS 132: Instrumen Kewangan Boleh Letak dan Obligasi Timbul atas Pembubaran

Nota-nota Kepada Penyata KewanganBagi Tahun Kewangan Berakhir 31 Disember 2010


3. ASAS PENYEDIAAN (SAMB)

(a) FRS dan Tafsiran IC (Termasuk Pindaan-pindaan Berbangkit) (Samb)

Pindaan kepada FRS 132: Pengkelasan Terbitan Hak dan Peruntukan Peralihan berhubung dengan Instrumen Kompoun

Tafsiran IC 9 Penilaian Semula Derivatif Terbenam

Tafsiran IC 10 Pelaporan Kewangan dan Rosot Nilai Interim

Tafsiran IC 11: FRS 2 – Urus Niaga Saham Kumpulan dan Perbendaharaan

Tafsiran IC 13 Program Kesetiaan Pelanggan

Tafsiran IC 14: FRS 119 – Had ke atas Aset Manfaat Dinyatakan, Keperluan Pendanaan Minimum dan Interaksinya

Penambahbaikan Tahunan kepada FRS (2009)

Penerimaan pakai piawaian-piawaian perakaunan dan tafsiran-tafsiran di atas (termasuk pindaan-pindaan berbangkit) tidakmempunyai sebarang kesan material ke atas penyata kewangan Kumpulan, selain daripada yang berikut:

(i) FRS 7 memerlukan pendedahan tambahan mengenai instrumen kewangan Kumpulan. Sebelum 1 Januari 2010,maklumat mengenai penyata kewangan didedahkan selaras dengan keperluan FRS 132 – Instrumen Kewangan:Pendedahan dan Pembentangan. FRS 7 memerlukan pendedahan maklumat kualitatif dan kuantitatif mengenaipendedahan kepada risiko-risiko timbul daripada instrumen kewangan, termasuk pendedahan minimum khusus mengenairisiko kredit, risiko mudah tunai dan risiko pasaran, termasuk analisis kesensitifan kepada risiko pasaran.

Kumpulan telah menggunakan FRS 7 secara prospektif selaras dengan peruntukan peralihan. Selaras dengan itu,pendedahan baru belum terpakai kepada angka-angka perbandingan dan dimasukkan di seluruh penyata kewanganbagi tahun kewangan semasa.

(ii) FRS 101 (Disemak) memperkenalkan penyata pendapatan komprehensif, dengan semua perkara pendapatan danperbelanjaan diiktiraf dalam keuntungan atau kerugian, bersama dengan semua perkara lain daripada pendapatandiiktiraf dan perbelanjaan diiktiraf secara langsung dalam ekuiti, sama ada dalam satu penyata tunggal, atau dalam duapenyata berhubung kait. Kumpulan telah memilih untuk membentangkan penyata ini sebagai satu penyata tunggal.

Piawaian disemak juga mengasingkan perubahan pemilik dan bukan pemilik dalam ekuiti. Penyata perubahan dalamekuiti termasuk hanya butir-butir urus niaga dengan pemilik, dengan semua perubahan bukan pemilik dalam ekuitidibentangkan dalam penyata pendapatan komprehensif sebagai lain-lain pendapatan komprehensif.

FRS 101 (Disemak) juga memerlukan Kumpulan untuk membuat pendedahan baru bagi membolehkan pengguna penyatakewangan untuk menilai objektif, polisi dan proses Kumpulan bagi menguruskan modal. Pendedahan baru ini dibuatdalam Nota 45(b) kepada penyata kewangan.

Nota-nota Kepada Penyata Kewangan (samb)Bagi Tahun Kewangan Berakhir 31 Disember 2010



(a) (iii) Penerimaan pakai FRS 139 (termasuk pindaan-pindaan berbangkit) telah menyebabkan beberapa perubahan kepadapolisi-polisi perakaunan berkaitan dengan pengiktirafan dan pengukuran instrumen kewangan.

Kesan kewangan kepada penyata kewangan diringkaskan seperti berikut:

Kumpulan Pada1.1.2010

Nota RM’000

Keuntungan tertahanPengukuran semula deposit boleh dikembalikan bukan semasa (aa) (35,728)Pengukuran semula pinjaman (bb) 198Bahagian daripada FRS 139 kesan kewangan dalam syarikat bersekutu 485

(35,045)

Syarikat Pada1.1.2010RM’000

Keuntungan tertahanPengukuran semula pinjaman (bb) 198

(aa) Sebelum 1 Januari 2010, deposit boleh dikembalikan Kumpulan yang dikelaskan di bawah aset bukan semasatelah dicatat pada kos. Dengan penerimaan pakai FRS 139, deposit ini diiktiraf sekarang pada awalnya pada nilaisaksamanya, yang dianggarkan dengan mendiskaunkan aliran tunai dijangka dengan menggunakan kadar faedahpasaran semasa pinjaman dengan risiko dan tempoh yang sama. Selepas pengiktirafan awal, deposit bolehdikembalikan diukur pada kos dilunaskan. Pendapatan faedah diiktiraf dalam keuntungan atau kerugian denganmenggunakan kaedah faedah berkesan.

(bb) Sebelum 1 Januari 2010, pinjaman Kumpulan dan Syarikat telah dicatat pada kos. Dengan penerimaan pakai FRS139, pinjaman ini sekarang diiktiraf pada awalnya pada nilai saksamanya dan diukur semula pada kos dilunaspada setiap tempoh pelaporan berikutnya.

(cc) Sebelum 1 Januari 2010, pinjaman atau pendahuluan antara syarikat telah dicatat pada kos. Dengan penerimaanpakai FRS 139, pinjaman dan pendahuluan antara syarikat diiktiraf sekarang pada awalnya pada nilai saksamanya,yang dianggarkan melalui pendiskaunan jangkaan aliran tunai dengan menggunakan kadar faedah pasaran semasapinjaman dengan risiko dan tempoh serupa. Selepas pengiktirafan awal, pinjaman dan pendahuluan ini diukurpada kos dilunaskan.

Di samping itu, pinjaman dan pendahuluan tertentu yang mana penyelesaian tidak dirancang tidak jugaberkemungkinan akan berlaku pada masa hadapan boleh diramal adalah, pada amnya, sebahagian daripadapelaburan bersih Syarikat dalam anak-anak syarikat, dinyatakan pada kos tolak sebarang kerugian rosot nilaidalam penyata kewangan Syarikat. Selaras dengan itu, penerimaan pakai FRS 139 tidak mempunyai sebarangkesan kewangan ke atas penyata kewangan berhubung dengan pinjaman atau pendahuluan ini.

(dd) Syarikat sebelum ini telah menyatakan secara jelas bahawa ia mengambil kira kontrak jaminan kewangankemudahan perbankan diberikan kepada anak–anak syarikat dan pihak-pihak berkaitan sebagai kontrak insuransdan akan menggunakan FRS 4 kepada kontrak jaminan kewangan sedemikian. Selaras dengan itu, penerimaanpakai FRS 139 tidak mempunyai sebarang kesan kewangan ke atas penyata kewangan berhubung dengan kontrakjaminan kewangan yang dikeluarkan oleh Syarikat kepada anak-anak syarikat dan pihak-pihak berkaitannya.Kontrak jaminan kewangan dikeluarkan dinyatakan sebagai liabiliti luar jangka di bawah Nota 41 kepadapenyata kewangan.




(a) (iii) Semua kesan kewangan ini diiktiraf sebagai pelarasan kepada baki pembukaan keuntungan tertahan pada 1 Januari 2010atas penerimaan pakai FRS 139. Angka-angka Perbandingan tidak diselaraskan/ diwakili selaras denganpengecualian diberikan dalam piawaian ini.

(b) Kumpulan tidak menggunakan secara terdahulu piawaian-piawaian perakaunan dan tafsiran-tafsiran (termasuk pindaan-pindaan berbangkit) yang telah dikeluarkan oleh Lembaga Piawaian Perakaunan Malaysia (MASB) tetapi masih belum berkuatkuasa bagi tahun kewangan semasa:

FRS dan Tafsiran IC (Termasuk Pindaan-pindaan Berbangkit) Tarikh BerkuatKuasa

FRS 1 (Disemak) Penerimaan Pakai Kali Pertama Piawaian Pelaporan Kewangan 1 Julai 2010

FRS 3 (Disemak) Kombinasi Perniagaan 1 Julai 2010

FRS 124 (Disemak) Pendedahan Pihak Berkaitan 1 Januari 2012

FRS 127 (Disemak) Penyata Kewangan Disatukan dan Berasingan 1 Julai 2010

Pindaan kepada FRS 1 (Disemak): Pengecualian Terhad daripada Perbandingan FRS 7Pendedahan bagi Penerima Pakai Kali Pertama 1 Januari 2011

Pindaan kepada FRS 1: Pengecualian Tambahan bagi Penerima Pakai Kali Pertama 1 Januari 2011

Pindaan kepada FRS 2: Skop FRS 2 dan FRS 3 (Disemak) 1 Julai 2010

Pindaan kepada FRS 2: Urus Niaga Bayaran berdasarkan Saham diselesaikan secara Tunai Kumpulan 1 Januari 2011

Pindaan kepada FRS 5: Rancangan untuk Menjual Kepentingan Mengawal dalam Anak Syarikat 1 Julai 2010

Pindaan kepada FRS 7: Menambah Baik Pendedahan mengenai Instrumen Kewangan 1 Januari 2011

Pindaan kepada FRS 138: Pindaan-pindaan Berbangkit Timbul daripada FRS 3 (Disemak) 1 Julai 2010

Pindaan kepada Tafsiran IC 9: Skop Tafsiran IC9 dan FRS 3 (Disemak) 1 Julai 2010

Pindaan kepada Tafsiran IC 14: Prabayaran Keperluan Pendanaan Minimum 1 Julai 2011

Tafsiran IC 4 Menentukan Sama Ada Pengaturan Mengandungi Pajakan 1 Januari 2011

Tafsiran IC 12 Pengaturan Konsesi Perkhidmatan 1 Julai 2010

Tafsiran IC 15 Perjanjian bagi Pembinaan Harta Tanah 1 Januari 2012

Tafsiran IC 16 Lindungan Nilai Pelaburan Bersih dalam Operasi Asing 1 Julai 2010

Tafsiran IC 17 Pengagihan Aset Bukan Tunai kepada Pemilik 1 Julai 2010

Tafsiran IC 18 Pemindahan Aset daripada Pelanggan 1 Januari 2011

Tafsiran IC 19 Membezakan Liabiliti Kewangan dengan Instrumen Ekuiti 1 Julai 2011

Penambahbaikan Tahunan kepada FRS (2010) 1 Januari 2011




(b) Piawaian-piawaian perakaunan dan tafsiran-tafsiran (termasuk pindaan-pindaan berbangkit) di atas adalah tidak berkenaandengan operasi Kumpulan kecuali seperti berikut:

(i) FRS 3 (Disemak) memperkenalkan perubahan ketara kepada perakaunan bagi kombinasi perniagaan, kedua-dua padatarikh pengambilalihan dan selepas pengambilalihan, dan memerlukan penggunaan lebih besar nilai saksama. Selaindaripada itu, semua kos urus niaga, selain daripada kos terbitan saham dan hutang, akan dijadikan belanjasebagaimana ditanggung. Piawaian disemak ini akan dipakai secara prospektif dan dengan yang demikian tidak akanmempunyai sebarang kesan kewangan ke atas penyata kewangan Kumpulan bagi tahun kewangan semasa tetapimungkin memberi kesan ke atas perakaunan bagi urus niaga atau pengaturan masa hadapan.

(ii) FRS 127 (Disemak) memerlukan perakaunan bagi perubahan dalam kepentingan pemilikan oleh kumpulan dalam anaksyarikat, manakala mengekalkan kawalan, untuk diiktiraf sebagai urus niaga ekuiti. Apabila kumpulan kehilangankawalan anak syarikat, mana-mana kepentingan dikekalkan dalam bekas anak syarikat akan diukur pada nilai saksamadengan keuntungan atau kerugian diiktiraf dalam keuntungan atau kerugian. Piawaian disemak juga memerlukan semuakerugian boleh dikaitkan dengan kepentingan minoriti untuk diserap oleh kepentingan minoriti dan bukannya olehsyarikat induk. Kumpulan akan menggunakan perubahan ketara FRS 127 (Disemak) secara prospektif dan dengan yangdemikian tidak akan mempunyai sebarang kesan kewangan ke atas penyata kewangan Kumpulan bagi tahun kewangansemasa tetapi mungkin memberi kesan ke atas perakaunan urus niaga atau pengaturan masa hadapannya.

4. POLISI-POLISI PERAKAUNAN PENTING

(a) Anggaran dan Pertimbangan Perakaunan Penting

Anggaran dan penghakiman dinilai secara berterusan oleh para pengarah dan pengurusan dan adalah berdasarkan sejarahpengalaman dan faktor-faktor yang lain, termasuk jangkaan mengenai peristiwa masa hadapan yang dipercayai sebagaimunasabah di bawah keadaan. Anggaran dan penghakiman yang melibatkan penggunaan polisi perakaunan danpendedahan Kumpulan, dan mempunyai risiko ketara dalam menyebabkan pelarasan material kepada jumlah penyimpananaset, liabiliti, pendapatan dan perbelanjaan dibincangkan di bawah:

(i) Susut Nilai Hartanah, Loji dan Peralatan

Anggaran bagi nilai baki, hayat berguna dan caj susut nilai bagi hartanah, loji dan peralatan adalah berdasarkanfaktor-faktor komersial yang mungkin berubah dengan ketara berpunca daripada inovasi teknikal dan tindakan pesaingsebagai tindak balas kepada keadaan pasaran.

Kumpulan menjangkakan bahawa nilai baki hartanah, loji dan peralatannya adalah tidak ketara. Akibat daripada itu,nilai baki tidak boleh diambil kira bagi pengiraan jumlah boleh disusutnilaikan.

Perubahan dalam tahap penggunaan dijangka dan perkembangan teknologi mungkin memberi kesan ke atas hayatberguna ekonomi dan nilai baki aset ini, dengan yang demikian caj susut nilai pada masa hadapan mungkin disemak.

(ii) Cukai Pendapatan

Terdapat urus niaga dan pengiraan tertentu untuk yang mana penentuan cukai muktamad mungkin berbeza daripadaanggaran awal. Kumpulan mengiktiraf liabiliti cukai berdasarkan pemahamannya mengenai undang-undang cukai dananggaran-anggaran sedia ada mengenai sama ada cukai sedemikian akan menjadi kena dibayar dalam urusan biasaperniagaan. Di mana keputusan akhir mengenai perkara-perkara ini berbeza daripada yang diiktiraf pada awalnya,perbezaan sedemikian akan memberi kesan ke atas cukai pendapatan dan peruntukan cukai tertunda dalam tempohdalam mana penentuan sedemikian dibuat.



4. POLISI-POLISI PERAKAUNAN PENTING (SAMB)

(a) Anggaran dan Pertimbangan Perakaunan Penting (Samb)

(iii) Rosot Nilai Aset Bukan Kewangan

Di mana jumlah boleh diperolehi semula aset ditentukan berdasarkan nilai dalam penggunaan daripada unit penghasilantunai untuk yang mana aset diperuntukkan, Kumpulan diperlukan untuk membuat anggaran daripada aliran tunai masahadapan dijangka daripada unit penghasilan tunai dan juga untuk menggunakan kadar diskaun yang bersesuaian untukmenentukan nilai semasa aliran tunai tersebut.

(iv) Peruntukan bagi Inventori

Semakan dibuat secara berkala oleh pengurusan ke atas inventori yang rosak, lapuk dan bergerak perlahan. Semakanini memerlukan penghakiman dan anggaran. Perubahan yang mungkin dalam anggaran ini mungkin menyebabkansemakan kepada penilaian inventori.

(v) Pajakan Kendalian

Kumpulan menandatangani Perjanjian Jualan dan Pajakan Balik bagi jualan kapal anak–anak syarikat dengan pihakketiga. Selepas itu, kapal telah dipajak semula oleh anak syarikat daripada pihak ketiga bagi tempoh pajakan berkisardari lima (5) hingga sepuluh (10) tahun bermula dari tarikh penghantaran kapal atau pembiayaan diperolehi, denganopsyen untuk membeli balik kapal pada akhir tempoh pajakan utama sekiranya pihak ketiga memutuskan untuk menjualkapal dalam tempoh pajakan. Para pengarah berpendapat bahawa pengaturan pajakan hendaklah dianggap sebagaipajakan kendalian memandangkan pada masa ini pihak pengurusan tidak berhasrat untuk membeli balik kapal padaakhir tempoh pajakan utama dan tempoh pajakan tidak membentuk bahagian utama hayat ekonomi kapal.

(vi) Rosot Nilai Penghutang Perdagangan dan Lain-lain Penghutang

Kerugian rosot nilai diiktiraf apabila terdapat bukti objektif bahawa aset kewangan merosot. Pengurusan secara khususmenyemak aset kewangan pinjaman dan penghutangnya dan menganalisis sejarah hutang lapuk, penumpuanpelanggan, kepercayaan kredit pelanggan, trend ekonomi semasa dan perubahan dalam terma-terma bayaranpelanggan apabila membuat pertimbangan untuk menilai kecukupan peruntukan bagi kerugian kemerosotan nilai. Dimana terdapat bukti objektif kemerosotan, jumlah dan pemasaan aliran tunai masa hadapan dianggarkan berdasarkansejarah pengalaman kerugian bagi aset dengan ciri-ciri risiko kredit yang serupa. Sekiranya jangkaan adalah berbezadaripada anggaran, perbezaan sedemikian akan memberi kesan ke atas ke nilai penyimpanan penghutang.

(vii) Rosot Nilai Muhibah

Muhibah diuji terhadap rosot nilai secara tahunan dan pada lain-lain masa apabila petunjuk sedemikian wujud. Inimemerlukan pengurusan untuk menganggarkan jangkaan aliran tunai masa hadapan daripada unit penghasilan tunaikepada mana muhibah diperuntukkan dan untuk menggunakan kadar diskaun yang sesuai untuk menentukan nilaisemasa aliran tunai tersebut. Aliran tunai masa hadapan adalah amat sensitive kepada margin kasar yang dibajet,anggaran kadar pertumbuhan dan kadar diskaun yang digunakan. Sekiranya jangkaan adalah berbeza daripadaanggaran, perbezaan sedemikian akan memberi kesan kepada nilai penyimpanan muhibah.



4. POLISI-POLISI PERAKAUNAN PENTING (SAMB)

(a) Anggaran dan Pertimbangan Perakaunan Penting (Samb)

(viii) Anggaran Nilai Saksama bagi Aset dan Liabiliti Kewangan Tertentu

Kumpulan membawa aset dan liabiliti kewangan tertentu pada nilai saksama, yang memerlukan penggunaan ekstensifanggaran perakaunan dan pertimbangan. Manakala komponen-komponen penting pengukuran nilai saksama telahditentukan dengan menggunakan bukti objektif boleh ditentusahkan, jumlah perubahan dalam nilai saksama akanberbeza sekiranya Kumpulan menggunakan metadologi penilaian berbeza. Sebarang perubahan dalam nilai saksamaaset dan liabiliti ini akan menjejaskan keputusan dan/atau ekuiti.

(b) Asas Penyatuan

Penyata kewangan disatukan termasuk penyata kewangan Syarikat dan anak-anak syarikatnya bagi tahun kewangansehingga 31 Disember 2010.

Anak syarikat ditakrifkan sebagai sebuah syarikat dalam mana syarikat induk mempunyai kuasa, secara langsung atautidak langsung, untuk melaksanakan kawalan ke atas polisi kewangan dan kendaliannya untuk mendapat manfaatdaripada kegiatannya.

Semua anak syarikat disatukan dengan menggunakan kaedah pembelian. Di bawah kaedah pembelian, keputusan anak-anaksyarikat diambil alih atau dilupuskan dimasukkan dari tarikh pengambilalihan atau sehingga tarikh pelupusan. Pada tarikhpengambilalihan, nilai saksama aset bersih anak-anak syarikat ditentukan dan nilai ini ditunjukkan dalam penyata kewangandisatukan. Kos pengambilalihan diukur pada agregat nilai saksama, pada tarikh pertukaran, aset-aset yang diberikan, liabilitiditanggung atau diandaikan, dan instrumen ekuiti diterbitkan oleh Kumpulan sebagai pertukaran bagi kawalan syarikatdiambil alih, campur sebarang kos secara langsung boleh dikaitkan kepada kombinasi perniagaan.

Urus niaga, baki dan laba tidak direalisasikan dalam kumpulan akan dihapus kira; kerugian tidak direalisasikan juga dihapuskira melainkan kos tidak boleh diperolehi semula. Di mana perlu, pelarasan dibuat kepada penyata kewangan anak-anaksyarikat untuk memastikan keseragaman polisi-polisi perakaunan Kumpulan.

Kepentingan minoriti dalam penyata kedudukan kewangan disatukan terdiri daripada bahagian minoriti daripada nilaisaksama aset dan liabiliti syarikat diambil alih pada tarikh pengambilalihan dan bahagian minoriti daripada pergerakandalam ekuiti syarikat diambil alih.

Kepentingan minoriti dibentangkan dalam ekuiti dalam penyata kedudukan kewangan, secara berasingan daripada ekuitipemegang-pemegang saham Syarikat, dan didedahkan secara berasingan dalam penyata pendapatan komprehensif. Urusniaga dengan kepentingan minoriti diakaunkan sebagai urus niaga dengan pemilik-pemilik. Laba atau kerugian ataspelupusan kepada kepentingan minoriti diiktiraf secara langsung dalam ekuiti.



4. POLISI PERAKAUNAN PENTING (SAMB)

(c) Muhibah

Muhibah mewakili lebihan nilai saksama balasan pembelian ke atas bahagian Kumpulan daripada nilai saksama aset, liabilitidan liabiliti kontigen boleh dikenal pasti anak-anak syarikat pada tarikh pengambilalihan.

Muhibah diukur pada kos tolak kerugian rosot nilai, sekiranya ada. Nilai dibawa muhibah disemak bagi kemerosotan secaratahunan. Nilai kemerosotan muhibah diiktiraf dengan serta-merta dalam keuntungan atau kerugian. Kerugian rosot nilaidiiktiraf bagi muhibah tidak diterbalikkan dalam tempoh berikutnya.

Sekiranya, selepas penilaian semula, kepentingan Kumpulan dalam nilai saksama aset bersih boleh dikenal pasti anak-anaksyarikat melebihi kos kombinasi perniagaan, lebihan diiktiraf sebagai pendapatan dengan serta-merta dalam keuntunganatau kerugian.

(d) Mata Wang Kefungsian dan Asing

(i) Mata Wang Kefungsian dan Pembentangan

Penyata kewangan individu setiap entiti dalam Kumpulan dibentangkan dalam mata wang daripada persekitaranekonomi utama dalam mana entiti beroperasi, yang merupakan mata wang kefungsian.

Penyata kewangan disatukan dibentangkan dalam Ringgit Malaysia yang merupakan mata wang kefungsian danpembentangan Syarikat.

(ii) Urus Niaga dan Baki

Urus niaga dalam mata wang asing ditukar kepada mata wang kefungsian masing-masing atas pengiktirafan awal,dengan menggunakan kadar pertukaran yang menyamai dengan yang terdapat pada tarikh urus niaga. Aset dan liabilitimonetari pada akhir tempoh pelaporan diterjemahkan pada kadar yang terdapat pada tarikh tersebut. Aset dan liabilitibukan monetari diterjemahkan dengan menggunakan kadar pertukaran yang wujud apabila nilai-nilai telah ditentukan.Semua perbezaan pertukaran diiktiraf dalam keuntungan atau kerugian.

(iii) Operasi Asing

Aset dan liabiliti operasi asing diterjemahkan kepada Ringgit Malaysia pada kadar pertukaran yang terdapat padaakhir tempoh pelaporan. Hasil dan perbelanjaan operasi asing diterjemahkan pada kadar pertukaran yang terdapatpada tarikh urus niaga. Semua perbezaan pertukaran timbul daripada terjemahan dimasukkan secara langsung kepadalain-lain pendapatan komprehensif dan dikumpulkan dalam ekuiti di bawah rizab terjemahan. Atas pelupusan operasiasing, jumlah terkumpul diiktiraf dalam lain-lain pendapatan komprehensif berkaitan dengan operasi asing tertentudikelaskan semula daripada ekuiti kepada keuntungan atau kerugian.

Pelarasan muhibah dan nilai saksama timbul daripada pengambilalihan operasi asing dianggap sebagai aset dan liabilitioperasi asing dan direkodkan dalam mata wang kefungsian operasi asing dan diterjemahkan pada kadar penutupanpada akhir tempoh pelaporan.




(e) Instrumen Kewangan

Instrumen kewangan diiktiraf dalam penyata kedudukan kewangan apabila Kumpulan telah menjadi pihak kepada peruntukankontrak instrumen.

Instrumen kewangan dikelaskan sebagai liabiliti atau ekuiti selaras dengan isi pengaturan kontrak. Faedah, dividen, laba dankerugian berkaitan dengan instrumen kewangan dikelaskan sebagai liabiliti, dilaporkan sebagai perbelanjaan ataupendapatan. Pengagihan kepada pemegang-pemegang instrumen kewangan dikelaskan sebagai ekuiti dicaj secara langsungkepada ekuiti.

Instrumen kewangan diseimbangkan apabila Kumpulan mempunyai hak boleh dikuatkuasakan secara sah untukmengimbangkan dan berhasrat untuk menyelesaikan sama ada atas dasar bersih atau untuk merealiskan aset danmenyelesaikan liabiliti secara serentak.

Instrumen kewangan diiktiraf pada awalnya, pada nilai saksamanya campur, dalam hal instrumen kewangan bukan pada nilaisaksama melalui keuntungan atau kerugian, kos urus niaga yang secara langsung boleh dikaitkan kepada pemerolehan atauterbitan instrumen kewangan.

Instrumen kewangan diiktiraf dalam penyata kedudukan kewangan dinyatakan dalam penyata polisi individu berkaitan dengansetiap perkara.

(i) Aset Kewangan

Atas pengiktirafan awal, aset kewangan dikelaskan sama ada sebagai aset kewangan pada nilai saksama melaluikeuntungan atau kerugian, pinjaman dan penghutang, pelaburan dipegang sehingga matang, atau aset kewangantersedia untuk jualan, sebagaimana sesuai.

• Aset Kewangan pada Nilai Saksama Melalui Keuntungan atau Kerugian

Aset kewangan dikelaskan sebagai aset kewangan pada nilai saksama melalui keuntungan atau kerugian apabilaaset kewangan sama ada dipegang untuk perdagangan atau ditetapkan untuk menghapus kira atau secara ketaramengurangkan ketidakselarasan pengukuran atau pengiktirafan yang mungkin timbul sebaliknya. Derivatif jugadikelaskan sebagai dipegang untuk perdagangan (kecuali bagi derivatif yang ditetapkan dan instrumen lindungannilai berkesan).

Aset kewangan pada nilai saksama melalui keuntungan atau kerugian dinyatakan pada nilai saksama, dengansebarang laba atau kerugian timbul atas pengukuran semula diiktiraf dalam keuntungan atau kerugian. Pendapatandividen daripada kategori aset kewangan ini diiktiraf dalam keuntungan atau kerugian apabila hak Kumpulan untukmenerima bayaran dibuktikan.




(e) Instrumen Kewangan (Samb)

(i) Aset Kewangan (Samb)

• Pelaburan dipegang sehingga matang

Pelaburan dipegang sehingga matang adalah aset kewangan bukan derivatif dengan bayaran tetap atau bolehditentukan dan kematangan tetap yang pengurusan mempunyai hasrat dan keupayaan positif untuk pegangsehingga matang. Pelaburan dipegang sehingga matang diukur pada kos dilunaskan dengan menggunakan kaedahfaedah berkesan tolak sebarang kerugian rosot nilai, dengan hasil diiktiraf atas dasar kadar hasil berkesan.

• Aset Kewangan Pinjaman dan Penghutang

Penghutang perdagangan dan lain-lain penghutang yang mempunyai bayaran tetap atau boleh ditentukan yangtidak disebut harga dalam pasaran aktif dikelaskan sebagai aset kewangan pinjaman dan penghutang. Asetkewangan pinjaman dan penghutang diukur pada kos dilunas dengan menggunakan kaedah faedah berkesan,tolak sebarang kerugian rosot nilai. Pendapatan faedah diiktiraf dengan menggunakan kadar faedah berkesan,kecuali bagi penghutang jangka pendek dengan pengiktirafan faedah akan menjadi tidak material.

• Aset Kewangan Tersedia Untuk Jualan

Aset kewangan tersedia untuk jualan adalah aset kewangan bukan derivatif yang ditetapkan dalam kategori ini atautidak dikelaskan dalam sebarang kategori lain.

Selepas pengiktirafan awal, aset kewangan tersedia untuk jualan diukur semula pada akhir tempoh pelaporan.Laba dan kerugian timbul daripada perubahan dalam nilai saksama diiktiraf dalam lain-lain pendapatankomprehensif dan dikumpulkan dalam rizab nilai saksama, kecuali bagi kerugian rosot nilai. Atas penyahiktirafan,laba atau kerugian terkumpul sebelum ini dalam rizab nilaisaksama dikelaskan semula daripada ekuiti ke dalamkeuntungan atau kerugian.

Dividen ke atas instrumen ekuiti tersedia untuk jualan diiktiraf dalam keuntungan atau kerugian apabila hakKumpulan untuk menerima bayaran dibuktikan.

Pelaburan dalam instrumen ekuiti yang nilai saksama tidak boleh diukur dengan betul diukur pada kos tolakkerugian rosot nilai, sekiranya ada.

(ii) Liabiliti Kewangan

Semua liabiliti kewangan pada awalnya direkodkan pada nilai saksama campur kos urus niaga boleh dikaitkan secaralangsung dan kemudiannya diukur pada kos dilunaskan dengan menggunakan kaedah faedah berkesan selain daripadayang dikategorikan sebagai nilai saksama melalui keuntungan atau kerugian.

Nilai saksama melalui kategori keuntungan atau kerugian terdiri daripada liabiliti kewangan yang sama ada dipeganguntuk perdagangan atau ditetapkan untuk menghapus kira atau mengurangkan dengan ketara ketidakselarasanpengukuran atau pengiktirafan yang akan sebaliknya timbul. Derivatif juga dikelaskan sebagai dipegang untukperdagangan melainkan ia ditetapkan sebagai lindungan nilai.

(iii) Instrumen Ekuiti

Saham-saham biasa dikelaskan sebagai ekuiti. Kos pertambahan boleh dikaitkan secara langsung dengan terbitansaham atau opsyen baru ditunjukkan dalam ekuiti sebagai penolakan, tolak cukai, daripada perolehan.

Dividen ke atas saham-saham biasa diiktiraf sebagai liabiliti apabila diluluskan untuk pengasingan.





(iv) Waran

Perolehan, jumlah kos terbitan, daripada penerbitan waran atau diperuntukkan selaras dengan FRSIC Konsensus 9 -Perakaunan bagi Terbitan Hak dengan Waran Percuma dikreditkan kepada rizab waran yang tidak boleh diagih. Rizabwaran dipindahkan kepada akaun premium saham atas pelaksanaan waran dan rizab waran berhubung dengan warantidak dilaksanakan pada penamatan waran akan dipindahkan kepada perolehan tertahan.

(v) Kegiatan Lindung Nilai

Kumpulan menandatangani pelbagai instrumen kewangan derivatif bagi menguruskan pendedahannya kepada risikokadar faedah dan kadar pertukaran asing, termasuk swap mata wang bersilang dan swap kadar faedah.

Kumpulan menetapkan derivatif tertentu sama ada sebagai lindungan nilai bagi nilai saksama aset dan liabiliti diiktirafatau komitmen kukuh (lindungan nilai bagi nilai saksama), lindungan nilai urus niaga ramalan amat berkemungkinanatau lindungan nilai risiko mata wang asing komitmen kukuh (lindungan nilai aliran tunai), atau lindungan nilai pelaburanbersih dalam operasi asing.

• Perakaunan lindungan nilai

Kumpulan menetapkan instrumen lindungan nilai tertentu, yang termasuk derivatif, derivatif dan bukan derivatifterbenam berhubung dengan risiko mata wang asing, sama ada lindungan nilai bagi nilai saksama, lindungan nilaialiran tunai, atau lindungan nilai pelaburan bersih dalam operasi asing. Lindungan nilai risiko pertukaran asing keatas komitmen kukuh diakaunkan sebagai lindungan nilai aliran tunai.

Pada permulaan perhubungan lindungan nilai, entiti mendokumenkan perhubungan di antara instrumen lindungannilai dan perkara dilindung nilai, bersama dengan objektif pengurusan risikonya dan strateginya bagimelaksanakan pelbagai urus niaga lindung nilai. Selanjutnya, pada permulaan lindungan nilai dan atas dasarberterusan, Kumpulan mendokumenkan sama ada instrumen lindungan nilai adalah amat berkesan dalammengimbangkan perubahan dalam nilai saksama atau aliran tunai perkara dilindung nilai.

• Lindungan nilai bagi nilai saksama

Perubahan dalam nilai saksama derivatif yang ditetapkan dan layak sebagai lindungan nilai bagi nilai saksamadiiktiraf dalam keuntungan atau kerugian dengan serta-merta, bersama dengan sebarang perubahan dalam nilaisaksama aset atau liabiliti dilindung nilai yang boleh dikaitkan dengan risiko dilindung nilai. Perubahan dalamnilai saksama instrumen melindung nilai dan perubahan dalam perkara dilindung nilai boleh dikaitkan denganrisiko dilindung nilai diiktiraf dalam penyata pendapatan komprehensif berkaitan dengan perkara dilindung nilai.

Perakaunan lindungan nilai dihentikan apabila Kumpulan membatalkan perkaitan lindungan nilai, apabila instrumenmelindung nilai tamat atau dijual, ditamatkan, atau dilaksanakan, atau apabila ia tidak lagi layak bagi perakaunanlindungan nilai. Pelarasan nilai saksama kepada jumlah penyimpanan perkara dilindung nilai timbul daripadarisiko dilindung nilai dilupuskan kepada keuntungan atau kerugian dari tarikh tersebut.

• Lindungan nilai aliran tunai

Bahagian berkesan daripada perubahan dalam nilai saksama derivatif yang ditetapkan dan layak sebagailindungan nilai aliran tunai diiktiraf dalam lain-lain pendapatan komprehensif. Laba atau keuntungan atau kerugianberkaitan dengan bahagian tidak berkesan diiktiraf dengan serta-merta dalam keuntungan atau kerugian.





(v) Kegiatan Lindung Nilai (Samb)

• Lindungan nilai aliran tunai (Samb)

Selepas itu, keuntungan atau kerugian terkumpul diiktiraf dalam lain-lain pendapatan komprehensif dikelaskansemula daripada ekuiti kepada keuntungan atau kerugian dalam tempoh atau tempoh-tempoh yang sama dalamyang mana aliran tunai ramalan dilindung nilai melibatkan keuntungan atau kerugian. Sekiranya perkaradilindung nilai bukan merupakan aset atau liabiliti kewangan, laba atau kerugian berkaitan diiktiraf dalam lain-lain pendapatan komprehensif dikeluarkan daripada ekuiti dan dimasukkan dalam jumlah asal aset atau liabiliti.Walau bagaimanapun, kerugian diiktiraf dalam lain-lain pendapatan komprehensif yang tidak boleh diperolehisemula dalam satu atau lebih tempoh pada masa hadapan dikelaskan semula daripada ekuiti ke dalamkeuntungan atau kerugian.

Perakaunan lindungan nilai tidak didiskaunkan secara prospektif apabila Kumpulan membatalkan perkaitanlindungan nilai, apabila instrumen melindung nilai tamat atau dijual, ditamatkan, atau dilaksanakan, atau ia tidaklagi layak bagi perakaunan lindungan nilai. Sebarang laba atau kerugian terkumpul dalam ekuiti pada masatersebut kekal dalam ekuiti dan diiktiraf apabila urus niaga ramalan pada akhirnya diiktiraf dalam keuntunganatau kerugian. Apabila urus niaga ramalan tidak lagi dijangka akan berlaku, laba atau kerugian terkumpul dalamekuiti diiktiraf dengan serta-merta dalam keuntungan atau kerugian.

• Lindungan nilai instrumen bersih dalam operasi asing

Lindungan nilai pelaburan bersih dalam operasi asing diakaunkan sama dengan lindungan nilai aliran tunai.Sebarang laba atau kerugian ke atas instrumen dilindung nilai berkaitan dengan bahagian berkesan daripadalindungan nilai diiktiraf dalam lain-lain pendapatan komprehensif dan dikumpulkan dalam rizab terjemahan matawang asing. Laba atau kerugian berkaitan dengan bahagian tidak berkesan diiktiraf dengan serta-merta dalamkeuntungan atau kerugian.

Laba atau kerugian terkumpul dalam lain-lain pendapatan komprehensif dikelaskan semula daripada ekuiti kedalam keuntungan atau kerugian atas pelupusan operasi asing.

(f) Pelaburan dalam Anak-anak Syarikat

Pelaburan dalam anak-anak syarikat dinyatakan pada kos dalam penyata kedudukan kewangan Syarikat, dan disemak bagirosot nilai pada akhir tempoh pelaporan sekiranya peristiwa atau perubahan dalam keadaan menunjukkan bahawa nilaipenyimpanannya mungkin tidak boleh diperolehi semula.

Atas pelupusan pelaburan dalam sebuah anak syarikat, perbezaan antara perolehan pelupusan bersih dan jumlahpenyimpanan pelaburan diiktiraf dalam keuntungan atau kerugian.




(g) Pelaburan dalam Syarikat Bersekutu

Syarikat bersekutu adalah entiti dalam mana Kumpulan mempunyai kepentingan ekuiti jangka panjang dan di mana iamelaksanakan pengaruh penting ke atas polisi kewangan dan operasi.

Pelaburan dalam syarikat bersekutu diakaunkan di bawah kaedah ekuiti, berdasarkan penyata kewangan syarikat bersekutudisediakan sehingga 31 Disember 2010. Bahagian Kumpulan daripada keuntungan selepas pengambilalihan dimasukkandalam penyata pendapatan komprehensif disatukan dan kepentingan Kumpulan dalam syarikat bersekutu dinyatakan dalampenyata kedudukan kewangan disatukan pada kos campur bahagian Kumpulan daripada keuntungan tertahan dan lain-lainrizab selepas pengambilalihan Kumpulan.

Laba tidak direalis atas urus niaga di antara Kumpulan dan syarikat berkaitan dihapus kira sehingga tahap kepentinganKumpulan dalam syarikat bersekutu. Kerugian tidak direalis dihapus kira melainkan kos tidak boleh diperolehi semula.

(h) Hartanah, Loji dan Peralatan

Hartanah, loji dan peralatan dinyatakan pada kos tolak susut nilai terkumpul atau pelunasan dan kerugian rosot nilai,sekiranya ada.

Susut nilai atau pelunasan dikira di bawah kaedah garisan lurus untuk menghapus kira jumlah boleh disusutnilaikan asetsepanjang anggaran hayat bergunanya. Susut nilai aset tidak berhenti apabila aset menjadi terbiar atau tidak lagi digunakansecara aktif melainkan aset disusutnilai sepenuhnya. Kadar tahunan utama digunakan untuk tujuan ini adalah:

Kapal 4% - 7%Peralatan kapal 4% - 10%Limbungan kering 20%Bangunan pegangan pajak 2%Loji dan mesin 10%Peralatan kabin, medan dan bengkel kerja 10% - 20%Kenderaan bermotor 20%

Peralatan, perabot dan kelengkapan pejabat 10% - 20%Lain-lain 10% - 50%

Modal kerja dalam pelaksanaan tidak disusutnilaikan.

Modal kerja dalam pelaksanaan mewakili aset sedang dalam pembinaan, dan yang belum sedia untuk kegunaan komersialpada akhir tempoh pelaporan. Modal kerja dalam pelaksanaan dinyatakan pada kos, dan dipindahkan kepada kategoriaset berkenaan dan disusutnilaikan selaras dengannya apabila aset siap dibina dan sedia untuk kegunaan komersial. Kosmodal kerja dalam pelaksanaan termasuk kos langsung, perbelanjaan berkaitan dan kos faedah ke atas pinjaman dimasukkanuntuk membiayai pembinaan atau pembelian aset sehingga tarikh yang aset siap dibina dan sedia untuk digunakan.

Kos limbungan kering berhubung dengan kos pembaikan dan ubahsuaian utama ditanggung ke atas kapal yang meningkatkanhayat berguna kapal.




(h) Hartanah, Loji dan Peralatan (Samb)

Kaedah susut nilai, hayat berguna dan nilai baki disemak, dan diselaraskan sekiranya sesuai, pada akhir setiap tempohpelaporan untuk memastikan agar jumlah, kaedah dan tempoh susut nilai adalah konsisten dengan anggaran sebelumnyadan corak penggunaan dijangka ke atas manfaat ekonomi masa hadapan yang terbentuk dalam perkara hartanah, lojidan peralatan.

Kos berikutnya dimasukkan dalam jumlah penyimpanan aset atau diiktiraf sebagai aset berasingan, sebagaimana sesuai,hanya apabila kos ditanggung dan ia berkemungkinan bahawa manfaat ekonomi masa hadapan berkaitan dengan asetakan mengalir ke dalam Kumpulan dan kos aset boleh diukur dengan betul. Jumlah penyimpanan alat-alat ganti tidak lagidiiktiraf. Kos penservisan harian peralatan diiktiraf dalam keuntungan atau kerugian sebagaimana ditanggung. Kos jugaterdiri daripada anggaran awal pelesapan dan pemindahan aset dan pemulihan tapak di atas mana aset terletak bila manaKumpulan bertanggungjawab untuk tanggung apabila aset dibeli, sekiranya terpakai.

Perkara hartanah, loji dan peralatan dinyahiktiraf atas pelupusan atau apabila tiada manfaat ekonomi masa hadapandijangka daripada penggunaannya. Sebarang laba atau kerugian timbul daripada penyahiktirafan aset dimasukkan dalamkeuntungan atau kerugian dalam tahun aset dinyahiktiraf.

(i) Rosot Nilai

(i) Kemerosotan Aset Kewangan

Semua aset kewangan (selain daripada yang dikategorikan pada nilai saksama melalui keuntungan atau kerugian),dinilai pada akhir setiap tempoh pelaporan sama ada terdapat sebarang bukti objektif rosot nilai berpunca daripadasatu atau lebih peristiwa yang mempunyai kesan ke atas anggaran aliran tunai masa hadapan aset. Bagi instrumenekuiti, rosot nilai ketara atau berpanjangan dalam nilai saksama di bawah kosnya dianggap sebagai bukti objektifrosot nilai.

Kerugian rosot nilai berhubung dengan pelaburan dipegang sehingga matang dan aset kewangan pinjaman danpenghutang diiktiraf dalam keuntungan atau kerugian dan diukur sebagai perbezaan di antara amaunpenyimpanan aset dan nilai semasa anggaran aliran tunai masa hadapan, didiskaunkan pada kadar faedahberkesan asal aset kewangan.

Kerugian rosot nilai berhubung dengan aset kewangan tersedia untuk jualan diiktiraf dalam keuntungan atau kerugiandan diukur sebagai perbezaan di antara kosnya (tolak sebarang bayaran pokok dan pelunasan) dan nilai saksamasemasanya, tolak sebarang kerugian rosot nilai diiktiraf sebelum ini dalam rizab nilai saksama. Selain daripada itu,kerugian terkumpul diiktiraf dalam lain-lain pendapatan komprehensif dan dikumpulkan dalam ekuiti di bawah rizab nilaisaksama, dikelaskan semula daripada ekuiti kepada keuntungan atau kerugian.

Kecuali bagi instrumen ekuiti tersedia untuk jualan, sekiranya, dalam tempoh berikutnya, jumlah kerugian rosot nilaiberkurangan dan pengurangan boleh dikaitkan secara objektif dengan peristiwa yang berlaku selepas kemerosotandiiktiraf, kerugian rosot nilai diiktiraf sebelum ini diterbalikkan melalui keuntungan atau kerugian sehingga tahap bahawajumlah penyimpanan pelaburan pada tarikh rosot nilai diterbalikkan tidak melebihi kos yang wujud jika rosot nilai tidakdiiktiraf. Berhubung dengan instrumen ekuiti tersedia untuk jualan, kerugian rosot nilai diiktiraf sebelum ini dalamkeuntungan atau kerugian tidak diterbalikkan melalui keuntungan atau kerugian. Sebarang peningkatan nilai saksamaberikutan kerugian rosot nilai diiktiraf dalam lain-lain pendapatan komprehensif.




(i) Rosot Nilai (Samb)

(ii) Rosot Nilai Aset Bukan Kewangan

Nilai dibawa aset, selain daripada yang mana FRS 136 – Rosot nilai Aset tidak terpakai, disemak pada akhir tempohpelaporan bagi rosot nilai apabila terdapat petunjuk bahawa aset mungkin merosot. Kemerosotan diukur denganmembandingkan nilai dibawa aset dengan jumlah boleh diperolehi semulanya. Jumlah boleh diperolehi semula asetadalah nilai saksama tolak kos jual dan nilai dalam penggunaannya yang mana lebih tinggi, yang diukur denganmerujuk kepada aliran tunai masa hadapan didiskaunkan.

Kerugian rosot nilai diiktiraf dalam keuntungan atau kerugian dengan serta-merta.

Berhubung dengan aset selain daripada muhibah, dan apabila terdapat perubahan dalam anggaran digunakan untukmenentukan jumlah boleh diperolehi semula, peningkatan ketara dalam jumlah boleh diperolehi semula aset dianggapsebagai keterbalikan daripada kerugian rosot nilai sebelum ini dan diiktiraf sehingga tahap jumlah dibawa aset yangmungkin telah ditentukan (tolak pelunasan dan susut nilai) sekiranya tiada kerugian rosot nilai telah diiktiraf. Keterbalikandiiktiraf dalam keuntungan atau kerugian dengan serta-merta.

(j) Pajakan Kendalian

Pajakan aset di mana bahagian ketara daripada risiko dan ganjaran pemilikan dikekalkan oleh pemajak dikelaskan sebagaipajakan kendalian. Bayaran dibuat di bawah pajakan kendalian (tolak sebarang insentif diterima daripada pemajak) diiktirafdalam keuntungan atau kerugian atas dasar garisan lurus sepanjang tempoh pajakan. Apabila pajakan kendalian ditamatkansebelum tempoh pajakan telah luput, sebarang bayaran diperlukan untuk dibuat kepada pemajak melalui penalti diiktirafsebagai perbelanjaan dalam tempoh dalam mana penamatan berlaku.

(k) Aset di bawah Sewa Beli

Aset dibeli di bawah sewa beli dipermodalkan dalam penyata kewangan dan disusutnilaikan selaras dengan polisi yangdikemukakan dalam Nota 4(h) di atas. Setiap bayaran sewa beli diperuntukkan antara liabiliti dan caj kewangan untukmencapai kadar berkala yang tetap ke atas baki kewangan yang belum dijelas. Caj kewangan diiktiraf dalam keuntunganatau kerugian sepanjang tempoh-tempoh perjanjian sewa beli masing-masing.

(l) Inventori

Inventori dinyatakan pada kos dan nilai boleh direalis bersih yang mana lebih rendah. Kos ditentukan atas dasar masukdahulu, keluar dahulu, dan terdiri daripada harga pembelian dan perbelanjaan sampingan yang ditanggung dalam membawamasuk inventori ke kawasan dan keadaan semasanya.

Nilai boleh direalis bersih mewakili anggaran harga jualan tolak anggaran kos penyiapan dan anggaran kos diperlukanuntuk membuat jualan.

Di mana perlu, peruntukan sewajarnya dibuat bagi semua perkara lapuk, rosak dan bergerak perlahan.




(m) Jumlah Terhutang Oleh/Kepada Pelanggan Kontrak

Jumlah terhutang oleh/ kepada pelanggan kontrak dinyatakan pada kos campur keuntungan boleh diagih kepada kontrakdalam pelaksanaan tolak bil progres dan peruntukan bagi kerugian boleh diramal, sekiranya ada. Kos termasuk bahanlangsung, buruh dan overhed berkenaan.

(n) Peruntukan

Peruntukan diiktiraf apabila Kumpulan mempunyai obligasi semasa akibat daripada peristiwa lepas, apabila iaberkemungkinan bahawa aliran keluar sumber yang membentuk manfaat ekonomi akan diperlukan untuk menyelesaikanobligasi, dan apabila anggaran boleh dipercayai mengenai jumlah boleh dibuat. Peruntukan disemak pada akhir setiaptempoh pelaporan dan diselaraskan untuk menunjukkan anggaran terbaik. Di mana nilai kesan masa wang adalah material,peruntukan adalah nilai semasa anggaran perbelanjaan yang diperlukan untuk menyelesaikan obligasi.

(o) Cukai Pendapatan

Cukai pendapatan bagi tahun terdiri daripada cukai semasa dan cukai tertunda.

Cukai semasa adalah jumlah dijangka cukai pendapatan perlu dibayar berhubung dengan keuntungan boleh dicukai bagitahun dan diukur dengan menggunakan kadar cukai yang telah digubal atau sebahagian besarnya digubal pada akhirtempoh pelaporan.

Cukai tertunda diperuntukkan sepenuhnya, dengan menggunakan kaedah liabiliti, ke atas semua perbezaan sementara timbulantara asas cukai aset dan liabiliti dan jumlah penyimpanannya dalam penyata kewangan.

Liabiliti cukai tertunda diiktiraf bagi semua perbezaan sementara boleh dicukai selain daripada yang timbul daripada muhibahatau lebihan kepentingan syarikat mengambil alih dalam nilai saksama bersih aset, liabiliti dan liabiliti luar jangkaan syarikatdiambil alih yang boleh dikenal pasti ke atas kos kombinasi perniagaan atau daripada pengiktirafan awal aset atau liabilitidalam urus niaga yang bukan merupakan kombinasi perniagaan dan pada masa urus niaga, tidak menjejaskan keuntunganperakaunan mahupun keuntungan boleh dicukai.

Aset cukai tertunda diiktiraf bagi semua perbezaan sementara boleh ditolak, kerugian cukai tidak diguna dan kredit cukai tidakdiguna sehingga tahap yang ia berkemungkinan bahawa keuntungan boleh dicukai masa hadapan akan tersedia terhadapmana perbezaan sementara boleh ditolak, kerugian cukai tidak diguna dan kredit cukai tidak diguna boleh digunakan. Jumlahpenyimpanan aset cukai tertunda disemak pada akhir setiap tempoh pelaporan dan dikurangkan sehingga tahap yang ia tidaklagi berkemungkinan bahawa keuntungan boleh dicukai masa hadapan yang mencukupi akan tersedia untuk membolehkansemua atau sebahagian aset cukai tertunda akan digunakan.

Aset dan liabiliti cukai tertunda diukur pada kadar cukai yang dijangka akan terpakai dalam tempoh apabila aset direalisatau liabiliti diselesaikan, berdasarkan kadar cukai yang telah digubal atau sebahagian besarnya digubal pada akhirtempoh pelaporan.

Aset dan liabiliti cukai tertunda diseimbangkan apabila terdapat hak boleh dikuatkuasakan secara sah untuk menolak asetcukai semasa terhadap liabiliti cukai tertunda dan apabila cukai pendapatan tertunda berkait dengan pihak berkuasa cukaiyang sama.




(o) Cukai Pendapatan (Samb)

Cukai tertunda berkaitan dengan perkara diiktiraf di luar keuntungan atau kerugian diiktiraf di luar keuntungan atau kerugian.Perkara cukai tertunda diiktiraf berhubung kait dengan urus niaga mendasari sama ada dalam lain-lain pendapatankomprehensif atau secara langsung dalam ekuiti dan cukai tertunda timbul daripada kombinasi perniagaan dimasukkandalam muhibah terhasil atau lebihan daripada kepentingan syarikat mengambil alih dalam nilai saksama bersih aset, liabilitidan liabiliti luar jangka dikenal pasti syarikat diambil alih ke atas kos kombinasi perniagaan.

(p) Tunai dan Setara Tunai

Tunai dan setara tunai terdiri daripada tunai dalam tangan, baki bank, deposit tuntutan, deposit disandarkan kepada institusikewangan, overdraf bank dan pelaburan jangka pendek, amat mudah tunai yang sedia boleh ditukar kepada jumlah tunaidiketahui dan yang tertakluk kepada risiko tidak ketara perubahan dalam nilai. Untuk tujuan penyata aliran tunai, tunai dansetara tunai dibentangkan tolak deposit disandarkan.

(q) Manfaat Kakitangan

(i) Manfaat Jangka Pendek

Upah, gaji, cuti tahunan berbayar, cuti sakit, bonus dan manfaat bukan monetari adalah diakrukan dalam tempoh dalammana perkhidmatan berkaitan diberikan oleh kakitangan Kumpulan.

(ii) Pelan Caruman Dinyatakan

Caruman Kumpulan kepada pelan caruman dinyatakan diiktiraf dalam keuntungan atau kerugian dalam tempoh dalammana ia berkait. Sebaik sahaja caruman telah dibayar, Kumpulan tidak mempunyai liabiliti selanjutnya berhubungdengan pelan caruman dinyatakan.

(r) Kos Pinjaman

Kos pinjaman, secara langsung boleh dikaitkan kepada pembelian dan pembinaan hartanah, loji dan peralatandipermodalkan sebagai sebahagian daripada kos aset-aset tersebut, sehingga masa tertentu apabila aset sedia untukkegunaan atau jualannya yang dihasratkan. Permodalan kos pinjaman digantung dalam tempoh-tempoh dilanjutkan dalammana pembangunan aktif terganggu.

Semua kos pinjaman lain diiktiraf dalam keuntungan atau kerugian sebagai perbelanjaan dalam tempoh di mana ia ditanggung.

(s) Liabiliti Luar Jangka

Liabiliti luar jangka adalah obligasi yang mungkin timbul daripada peristiwa-peristiwa lepas dan yang kewujudannya hanyaboleh disahkan apabila berlakunya satu atau lebih peristiwa masa hadapan tidak pasti yang bukan secara keseluruhannyadalam kawalan Kumpulan. Ia juga merupakan obligasi semasa timbul daripada peristiwa lepas yang tidak diiktiraf disebabkania tidak berkemungkinan bahawa aliran keluar sumber ekonomi akan diperlukan atau jumlah obligasi tidak boleh diukurdengan betul.

Liabiliti luar jangka tidak diiktiraf tetapi dinyatakan dalam nota-nota kepada penyata kewangan. Apabila perubahan dalamkemungkinan aliran keluar berlaku menjadikan aliran keluar sebagai mungkin berlaku, ia kemudiannya akan diiktiraf sebagailiabiliti/peruntukan.




(t) Pihak Berkaitan

Pihak berkaitan adalah berkait kepada entiti:

(i) secara langsung, atau tidak langsung melalui satu atau lebih perantara, pihak yang:• mengawal, dikawal oleh, atau di bawah kawalan bersama dengan, entiti (ini termasuk syarikat induk, anak-anak

syarikat dan anak-anak syarikat bersama);• mempunyai kepentingan dalam entiti yang memberikannya pengaruh penting ke atas entiti; atau• mempunyai kawalan bersama ke atas entiti;

(ii) pihak adalah syarikat bersekutu entiti;(iii) pihak adalah sebuah usaha sama dalam mana entiti adalah pengusaha;(iv) pihak adalah ahli personel pengurusan penting entiti atau syarikat induknya;(v) pihak adalah ahli keluarga terdekat mana-mana individu yang dirujuk dalam (i) atau (iv);(vi) pihak adalah entiti yang dikawal, secara bersama dikawal atau secara ketara dipengaruhi oleh, atau untuk yang mana

kuasa mengundi ketara dalam entiti sedemikian terletak, secara langsung atau tidak langsung, dengan mana-manaindividu yang dirujuk dalam (iv) atau (v); atau

(vii) pihak adalah ahli pelan manfaat selepas pekerjaan bagi manfaat kakitangan entiti, atau mana-mana entiti yangmerupakan pihak berkaitan entiti.

Ahli-ahli keluarga terdekat individu yang merupakan ahli keluarga yang mungkin dijangka akan mempengaruhi, atau akandipengaruhi oleh, individu tersebut dalam urus niaga mereka dengan entiti.

(u) Segmen Beroperasi

Segmen beroperasi adalah komponen Kumpulan yang terlibat dalam kegiatan perniagaan daripada yang mana ia mungkinperolehi hasil dan menanggung perbelanjaan, termasuk hasil dan perbelanjaan yang berkait dengan urus niaga denganmana-mana komponen Kumpulan yang lain. Keputusan kendalian segmen beroperasi disemak secara kerap oleh ketuapembuat keputusan untuk membuat keputusan mengenai sumber-sumber yang akan diperuntukkan kepada segmen danmenilai prestasinya, dan untuk yang mana maklumat kewangan berasingan tersedia.

(v) Pengiktirafan Hasil

(i) Pendapatan Kapal Dicarter

Pendapatan kapal dicarter diiktiraf selepas memberikan perkhidmatan dan apabila keputusan urus niaga bolehdianggarkan dengan betul. Jika sekiranya keputusan urus niaga tidak boleh dianggarkan dengan betul, hasil diiktirafsehingga tahap perbelanjaan ditanggung boleh diperolehi semula.




(v) Pengiktirafan Hasil (Samb)

(ii) Hasil Kontrak

Hasil ke atas kontrak diiktiraf atas peratusan daripada kaedah penyiapan melainkan keputusan kontrak tidak bolehditentukan dengan betul, dalam hal mana hasil ke atas kontrak hanya diiktiraf sehingga tahap kos kontrak ditanggungyang boleh diperolehi semula. Kerugian boleh diramal, sekiranya ada, diperuntukkan sepenuhnya bila dan apabila iaboleh dipastikan secara munasabah bahawa kontrak akan berakhir dengan kerugian.

Tahap penyiapan ditentukan berdasarkan perkadaran yang kos kontrak tanggung bagi kerja dilaksanakan sehingga kiniberbanding jumlah kos kontrak yang dianggarkan.

(iii) Pendapatan dividen

Pendapatan dividen daripada pelaburan diiktiraf apabila hak untuk menerima bayaran dividen dibuktikan.

(iv) Yuran Pengurusan

Yuran pengurusan diiktiraf atas dasar akruan.

(v) Pendapatan Sewa

Pendapatan sewa diiktiraf atas dasar akruan.

(vi) Pendapatan faedah

Pendapatan faedah diiktiraf atas dasar akruan, berdasarkan kadar hasil berkesan ke atas pelaburan. Pendapatan faedahke atas pembayaran lewat diiktiraf berasaskan penerimaan.



5. PELABURAN DALAM ANAK-ANAK SYARIKATSyarikat

2010 2009RM'000 RM'000

Saham tidak disebut harga, pada kos:– dalam Malaysia 285,574 285,519– luar Malaysia 21,897 21,897

307,471 307,416Tolak: Kerugian rosot nilai (10) (10)

307,461 307,406

Butir-butir mengenai anak-anak syarikat adalah seperti berikut:Kepentingan Ekuiti

Negara BerkesanNama Syarikat Pemerbadanan 2010 2009 Kegiatan Utama

% %

Intra Oil Services Berhad Malaysia 100 100 Penyediaan perkhidmatansokongan marin bagiindustri minyak dan gas.

Ampangship Marine Sdn Bhd Malaysia 100 100 Penyediaan perkhidmatansokongan marin bagiindustri minyak dan gas.

Perdana Marine * Republik Singapura 100 100 Penyediaan perkhidmatanOffshore Pte Ltd sokongan marin bagi

industri minyak dan gas.

Petra Offshore Limited Wilayah 100 100 Penyediaan perniagaanPersekutuan Labuan pemajakan di Labuan.

Perdana Mercury Limited Republik Marshall Islands 100 100 Penyediaan perkhidmatansokongan marin bagiindustri minyak dan gas.

Perdana Venus Limited Republik Marshall Islands 100 100 Penyediaan perkhidmatansokongan marin bagiindustri minyak dan gas.

Petra Marine Australia Komanwel Australia 55 55 Penyediaan perkhidmatanPty Ltd sokongan marin bagi


Perdana Jupiter Limited Wilayah 100 100 Penyediaan perkhidmatanPersekutuan Labuan sokongan marin bagi




5. PELABURAN DALAM ANAK-ANAK SYARIKAT (SAMB)

Kepentingan EkuitiNegara Berkesan

Nama Syarikat Pemerbadanan 2010 2009 Kegiatan Utama% %

Odin Explorer The British 100 100 Lengai.Navigation Limited Virgin Islands

Geoseas Technologies The British 51 51 Lengai.Limited Virgin Islands

Petra Teknik Sdn Bhd Malaysia 100 100 Lengai.

Petra Asia Limited Wilayah 100 100 Lengai.Persekutuan Labuan

Perdana Neptune Wilayah 100 100 Lengai.Limited Persekutuan Labuan

Perdana Pluto Limited* Wilayah 100 100 Lengai.Persekutuan Labuan

Perdana Saturn Limited* Wilayah 100 100 Lengai.Persekutuan Labuan

Perdana Nautika Malaysia 55 – Lengai.Sdn. Bhd.

Kepentingan dipegang melalui Intra Oil Services Berhad

Osam Marine Sdn Bhd Malaysia 100 100 Lengai.

Asiaway Sdn Bhd Malaysia 100 100 Lengai.

Kepentingan dipegang melalui Osam Marine Sdn Bhd

Malawi Marine Sdn Bhd Malaysia 100 100 Lengai.

Kovan Marine Sdn Bhd Malaysia 100 100 Lengai.

* Tidak diaudit oleh Tetuan. Crowe Horwath.

Dalam tahun kewangan, Syarikat telah menggabungkan anak syarikat baru yang mana butir-butir dinyatakan dalam Nota 34kepada penyata kewangan.

Dalam tahun kewangan sebelumnya:

(a) Syarikat mengambil alih empat (4) anak syarikat yang baru diperbadankan yang mana butir-butir dinyatakan dalam Nota34 kepada penyata kewangan; dan

(b) Syarikat melupuskan pemegangan sahamnya dalam Petra Energy Berhad (“PEB”) yang menyebabkan pemegangan sahamSyarikat berkurangan daripada 60% kepada 29.59%. Butir-butir mengenai pelupusan dinyatakan dalam Nota 6 dan Nota35 kepada penyata kewangan.



6. PELABURAN DALAM SYARIKAT BERSEKUTU

Kumpulan Syarikat2010 2009 2010 2009RM'000 RM'000 RM'000 RM'000

Saham disebut harga di Malaysia, pada kos 19,233 19,233 19,233 19,233

Bahagian keuntungan selepas pengambilalihan 68,702 71,086 – –

Bahagian kesan kewangan syarikat bersekutudalam menerima pakai FRS 139 485 – – –

88,420 90,319 19,233 19,233

Nilai pasaran saham disebut harga 89,435 95,205 89,435 95,205

Bahagian keputusan dalam syarikat bersekutu adalah berdasarkan penyata kewangan tidak diaudit syarikat bersekutu.

Butir-butir mengenai syarikat bersekutu adalah seperti berikut:

Kepentingan EkuitiNegara Berkesan

Nama Syarikat Pemerbadanan 2010 2009 Kegiatan Utama% %

Petra Energy Berhad Malaysia 29.59 29.59 Pemegangan pelaburan.

Pada 10 September 2009, Syarikat melupuskan 10.5 juta saham biasa bernilai RM0.50 sesaham dalam Petra Energy Berhad(“PEB”) pada harga RM1.53 setiap saham melalui penempatan persendirian. Agregat balasan jualan berjumlah lebih kurangRM16.1 juta, mengakibatkan kerugian atas pelupusan sebanyak lebih kurang RM0.6 juta kepada Kumpulan. Selepas pelupusan,kepentingan ekuiti Syarikat dalam PEB berkurangan daripada 60% kepada 54.62%.



6. PELABURAN DALAM SYARIKAT BERSEKUTU (SAMB)

Pada 11 Disember 2009, Syarikat melupuskan tambahan 48.8 juta saham biasa bernilai RM0.50 sesaham dalam PEB pada hargaRM1.91 setiap saham bagi balasan jualan sebanyak lebih kurang RM93.2 juta, mengakibatkan keuntungan atas pelupusansebanyak lebih kurang RM13.3 juta kepada Kumpulan. Akibat daripada pelupusan, kepentingan ekuiti Syarikat dalam PEBberkurangan selanjutnya daripada 54.62% kepada 29.59%. Akibat daripada itu, PEB menjadi syarikat bersekutu Syarikat.

Ringkasan maklumat kewangan tidak diaudit syarikat bersekutu adalah seperti berikut:

2010 2009RM'000 RM'000

Aset dan liabilitiAset bukan semasa 354,225 369,073Aset semasa 355,581 344,327

Jumlah aset 709,806 713,400

Liabiliti semasa 265,530 271,344Liabiliti bukan semasa 137,263 136,423

Jumlah liabiliti 402,793 407,767

KeputusanHasil 633,935 504,141Keuntungan bersih bagi tahun kewangan 2,681 15,482



7. HARTANAH, LOJI DAN PERALATAN

Perbezaan KerugianPada Dihapus Terjemahan Caj Rosot Pada

1.1.2010 Tambahan Pelupusan Kira Pembatalan Pemindahan Mata Wang Susut Nilai Nilai 31.12.2010RM'000 RM'000 RM'000 RM’000 RM’000 RM'000 RM’000 RM’000 RM’000 RM’000

Kumpulan

Nilai Buku Bersih

Kapal 220,995 3,151 (138,510) – – 200,785 (13,847) (19,144) – 253,430Peralatan kapal 12,230 3,794 – – – 10,795 (1,961) (2,173) – 22,685Limbungan kering 38,615 6,757 – – – – (3,583) (13,598) (2,982) 25,209Bangunan pegangan pajak 1,702 – – – – – – (37) – 1,665Peralatan kabin, medan dan

bengkel kerja 112 – – (9) – – – (18) – 85Kenderaan bermotor 113 430 – – – – (2) (76) – 465Peralatan, perabot dan

kelengkapan pejabat 2,835 306 (5) – – – (3) (733) – 2,400Modal kerja dalam

pelaksanaan 183,094 176,621 (8,256) – (30,385) (211,580) (15,333) – – 94,161Lain-lain 1,002 286 – – – – (6) (448) – 834

460,698 191,345 (146,771) (9) (30,385) – (34,735) (36,227) (2,982) 400,934

DikelaskanPelupusan SemulaKepentingan Kepada Aset

Dalam Bukan SemasaAnak Pengambilalihan Dipegang Untuk Perbezaan

Pada Syarikat Anak Jualan Terjemahan Caj Pada1.1.2009 Tambahan Pelupusan Pemindahan (Nota 35) Syarikat (Nota 17) Mata Wang Susut Nilai 31.12.2009RM'000 RM'000 RM'000 RM’000 RM’000 RM'000 RM’000 RM’000 RM’000 RM’000

Kumpulan

Nilai Buku Bersih

Kapal 303,632 124,234 (318,351) 452,921 (228,928) – (86,361) (1,717) (24,435) 220,995Peralatan kapal 11,325 4,521 (2,486) – – – – (240) (890) 12,230Limbungan kering 29,622 38,687 – – (14,598) – – (727) (14,369) 38,615Bangunan pegangan pajak 6,362 – – – (4,485) – – – (175) 1,702Loji dan mesin 3,495 101 (10) – (2,827) – – – (759) –Peralatan kabin, medan dan

bengkel kerja 8,393 3,417 – – (6,212) – – 16 (5,502) 112Kenderaan bermotor 1,650 132 – – (1,124) 31 – 2 (578) 113Peralatan, perabot dan

kelengkapan pejabat 1,367 2,941 (14) – (964) 300 – 4 (799) 2,835Modal kerja dalam

pelaksanaan 289,899 354,755 – (452,921) – – – (8,639) – 183,094Lain-lain 3,323 617 (116) – (1,591) 214 – 4 (1,449) 1,002

659,068 529,405 (320,977) – (260,729) 545 (86,361) (11,297) (48,956) 460,698



7. HARTANAH, LOJI DAN PERALATAN (SAMB)

KerugianPada Susut Nilai Rosot Nilai BukuKos Terkumpul Nilai Bersih

Kumpulan RM'000 RM'000 RM’000 RM'000

Pada 31.12.2010

Kapal 337,729 (84,299) – 253,430Peralatan Kapal 25,833 (3,148) – 22,685Limbungan Kering 64,416 (36,225) (2,982) 25,209Bangunan Pegangan Pajak 1,860 (195) – 1,665Loji Dan Mesin 10 (10) – –Peralatan Kabin, Medan Dan Bengkel Kerja 148 (63) – 85Kenderaan Bermotor 745 (280) – 465Peralatan, Perabot Dan Kelengkapan Pejabat 4,161 (1,761) – 2,400Modal Kerja Dalam Pelaksanaan 94,161 – – 94,161Lain-Lain 3,215 (2,381) – 834

532,278 (128,362) (2,982) 400,934

Pada 31.12.2009

Kapal 292,299 (71,304) – 220,995Peralatan kapal 13,379 (1,149) – 12,230Limbungan kering 67,625 (29,010) – 38,615Bangunan pegangan pajak 1,860 (158) – 1,702Loji dan mesin 10 (10) – –Peralatan kabin, medan dan bengkel kerja 159 (47) – 112Kenderaan bermotor 318 (205) – 113Peralatan, perabot dan kelengkapan pejabat 3,872 (1,037) – 2,835Modal kerja dalam pelaksanaan 183,094 – – 183,094Lain-lain 2,942 (1,940) – 1,002

565,558 (104,860) – 460,698




Pada Caj Pada1.1.2010 Tambahan Pelupusan Susut Nilai 31.12.2010RM'000 RM'000 RM'000 RM'000 RM'000

Syarikat

Nilai Buku Bersih

Bangunan pegangan pajak 1,702 – – (37) 1,665Kenderaan bermotor – 430 – (50) 380Peralatan, perabot dan

kelengkapan pejabat 188 76 – (83) 181Modal kerja dalam pelaksanaan 6,045 6,228 (8,409) – 3,864Lain-lain 602 104 – (275) 431

8,537 6,838 (8,409) (445) 6,521

Pada Caj Pada1.1.2009 Tambahan Pemindahan Susut Nilai 31.12.2009RM'000 RM'000 RM'000 RM'000 RM'000

Nilai Buku Bersih

Bangunan pegangan pajak 1,739 – – (37) 1,702Peralatan, perabot dan

kelengkapan pejabat 267 6 – (85) 188Modal kerja dalam pelaksanaan 40,141 2,873 (36,969) – 6,045Lain-lain 894 10 1 (303) 602

43,041 2,889 (36,968) (425) 8,537

Pada Susut Nilai Nilai BukuKos Terkumpul Bersih

RM'000 RM'000 RM'000Pada 31.12.2010

Bangunan pegangan pajak 1,860 (195) 1,665Kenderaan bermotor 430 (50) 380Peralatan, perabot dan kelengkapan pejabat 554 (373) 181Modal kerja dalam pelaksanaan 3,864 – 3,864Lain-lain 1,755 (1,324) 431

8,463 (1,942) 6,521Syarikat

Pada 31.12.2009

Bangunan Pegangan Pajak 1,860 (158) 1,702Peralatan, Perabot Dan Kelengkapan Pejabat 478 (290) 188Modal Kerja Dalam Pelaksanaan 6,045 – 6,045Lain-lain 1,651 (1,049) 602

10,034 (1,497) 8,537




Modal kerja dalam pelaksanaan adalah berhubung dengan kapal dalam pembinaan dan kren belum bersedia untuk kegunaankomersial pada akhir tempoh pelaporan.

Dalam tahun kewangan sebelumnya, Syarikat memindahkan kren yang belum bersedia untuk kegunaan komersial kepada anak-anak syarikatnya pada nilai buku saksamanya.

Dalam tahun kewangan, Kumpulan telah membatalkan kapal dalam pembinaan berjumlah RM30,385,261.

Termasuk dalam nilai buku bersih hartanah, loji dan peralatan pada akhir tempoh pelaporan adalah aset-aset berikut yang dibelidi bawah terma-terma sewa beli:


Kenderaan bermotor 465 113 380 –

Termasuk dalam modal kerja dalam pelaksanaan adalah perbelanjaan faedah dipermodalkan dalam tahun kewangan sebanyakRM658,160 (2009 – RM4,738,997).

Nilai buku bersih hartanah, loji dan peralatan pada akhir tempoh pelaporan yang disandarkan sebagai cagaran bagi penerbitanbon dan nota berjangka sederhana adalah seperti berikut:

Syarikat2010 2009RM'000 RM'000

Kapal, termasuk perbelanjaan limbungan kering dipermodalkan 167,423 208,580



8. JUMLAH TERHUTANG OLEH/(KEPADA) ANAK-ANAK SYARIKAT


Jumlah terhutang oleh:Bukan semasaKuasa Pinjaman (a) 400,949 353,576

SemasaBukan perdagangan (b) 4,333 4,084Peruntukan bagi kerugian rosot nilai:– pada 1 Januari (4,057) (5,001)– Tambahan (5) –– kemasukan kira semula – 944

– pada 31 Disember (4,062) (4,057)

271 27

401,220 353,603

Jumlah terhutang kepada:SemasaBukan perdagangan (b) (123,839) (95,862)

(a) Penyelesaian jumlah bukan semasa terhutang oleh anak-anak syarikat adalah tidak dirancang tidak juga berkemungkinanakan berlaku pada masa hadapan boleh dijangka. Memandangkan jumlah ini, pada dasarnya, merupakan sebahagiandaripada pelaburan bersih Syarikat dalam anak syarikat, ianya dinyatakan pada kos tolak kerugian rosot nilai terkumpul.

(b) Jumlah terhutang oleh/ (kepada) anak-anak syarikat bersifat bukan dagangan, tanpa faedah, tidak bercagar dan perludibayar balik atas tuntutan. Jumlah akan diselesaikan secara tunai.

9. DEPOSIT BOLEH DIKEMBALIKAN

Deposit ditempatkan dengan pemilik-pemilik kapal bagi pajakan kapal jangka panjang bagi tempoh-tempoh berkisar dari lima (5)hingga sepuluh (10) tahun.

Selepas penerimaan pakai FRS 139 dalam tahun kewangan, Kumpulan menetapkan deposit boleh dikembalikan bukansemasanya sebagai aset kewangan pinjaman dan penghutang, diukur pada kos dilunaskan dengan menggunakan kaedahfaedah berkesan. Kesan kewangan ke atas penerimaan pakai piawaian perakaunan baru ini dinyatakan dalam Nota 3(a)(iii)kepada penyata kewangan.



10. ASET TIDAK KETARA

Kumpulan2010 2009RM'000 RM'000

Muhibah:Pada 1 Januari 27,507 27,507Pengambilalihan kepentingan tambahan dalam anak syarikat – 1,434Pelupusan kepentingan dalam anak syarikat (Nota 35) – (1,434)

Pada 31 Disember 27,507 27,507

Muhibah telah diperuntukkan bagi pengujian rosot nilai kepada unit penghasilan tunai Kumpulan (“CGU”).

Pada akhir tempoh pelaporan, Kumpulan menilai amaun muhibah yang boleh diperoleh semula, dan menentukan bahawa tiadarosot nilai muhibah.

Jumlah yang boleh diperolehi semula CGU ditentukan berdasarkan pengiraan nilai dalam penggunaan. Pengiraan ini menggunakanunjuran aliran tunai selepas cukai berdasarkan bajet kewangan yang diluluskan oleh pengurusan meliputi tempoh lima (5) tahun.

Andaian-andaian utama yang digunakan bagi pengiraan nilai dalam penggunaan adalah seperti berikut:

2010 2009

Margin kasar 6% – 44% 8% – 50%Kadar pertumbuhan 1% 1% – 5%Kadar diskaun 11% 11%

Pengurusan menentukan margin kasar dibajet berdasarkan prestasi lepas dan jangkaannya ke atas pembangunan pasaran. Kadarpertumbuhan digunakan adalah berdasarkan pencapaian tahun-tahun lepas dan kontrak-kontrak yang dijangka akan diperolehi.Kadar diskaun digunakan adalah pracukai dan menunjukkan risiko-risiko khusus berkaitan dengan segmen-segmen berkenaan.



11. ASET CUKAI TERTUNDA


Pada 1 Januari 46 62 46 46Pelupusan kepentingan dalam anak

syarikat (Nota 35) – (16) – –

Pada 31 Disember 46 46 46 46

Aset cukai tertunda terdiri daripada:


Lebihan susut nilai ke atas elaun modal 46 46 46 46

12. INVENTORI


Barangan pakai habis, pada kos 6,908 5,533

Inventori mewakili bahan api, pelbagai minyak, alat ganti dan kad panggilan. Tidak ada inventori dinyatakan pada nilai bolehdirealis bersih.



13. PENGHUTANG


Penghutang perdagangan 46,316 247,010 – –Peruntukan bagi

kerugian rosot nilai:– pada 1 Januari (297) (9,770) – –– kemasukan kira semula – 555 – –– pelupusan kepentingan

dalam anak syarikat 35 – 8,918 – –

– pada 31 Disember (297) (297) – –

46,019 246,713 – –Pelupusan kepentingan dalam

anak syarikat 35 – (200,444) – –

Penghutang perdagangan bersih 46,019 46,269 – –

Lain-lain penghutang,deposit dan prabayaran 55,166 129,066 1,740 15,104

Peruntukan bagi kerugiankerugian rosot nilai:– Pada 1 Januari (1,572) (1,826) – –– tambahan (320) – – –– pelupusan kepentingan

dalam anak syarikat 35 – 254 – –

– pada 31 Disember (1,892) (1,572) – –

53,274 127,494 – –Pelupusan kepentingan dalam

anak syarikat 35 – (75,936) – –

Lain-lain penghutang depositdan prabayaran bersih 53,274 51,558 1,740 15,104

99,293 97,827 1,740 15,104

Tempoh kredit perdagangan biasa Kumpulan berkisar dari 30 hingga 90 hari. Lain-lain tempoh kredit dinilai dan diluluskan atasdasar kes demi kes.



14. JUMLAH TERHUTANG OLEH/(KEPADA) PIHAK-PIHAK BERKAITAN


Jumlah terhutang oleh:Baki perdagangan 30,798 29,887 – –Peruntukan bagi kerugian rosot nilai:– pada 1 Januari – – – –– tambahan (1,899) – – –

– pada 31 Disember (1,899) – – –

28,899 29,887 – –

Baki bukan perdagangan 10,516 8,307 259 259Peruntukan bagi kerugian rosot nilai:– pada 1 Januari – – – –– tambahan (2,801) – – –

– pada 31 Disember (2,801) – – –

7,715 8,307 259 259

36,614 38,194 259 259

Jumlah terhutang kepada:Baki bukan perdagangan (33) (236) (32) (3)

Tempoh kredit biasa bagi jumlah dagangan berkisar di antara 60 hingga 90 hari.

Jumlah bukan dagangan adalah tidak bercagar, tanpa faedah dan perlu dibayar balik atas tuntutan. Jumlah terhutang akandiselesaikan secara tunai.



15. JUMLAH TERHUTANG OLEH/(KEPADA) SYARIKAT BERSEKUTU


Jumlah terhutang oleh:Semasa – 51,649 – 51,649

Jumlah terhutang kepada:Semasa – (1,975) – (1,975)

Dalam tahun kewangan lepas, jumlah terhutang oleh syarikat bersekutu bersifat bukan perdagangan, tidak bercagar dan tertaklukkepada kadar faedah sebanyak 7.5% (2009 – 7.5%) setahun. Jumlah terhutang telah dijelaskan sepenuhnya dalam tahun kewangan.

Dalam tahun kewangan lepas, jumlah terhutang kepada syarikat berkaitan bersifat bukan perdagangan, tidak bercagar dan tanpafaedah. Jumlah telah dijelaskan sepenuhnya dalam tahun kewangan.

16. DEPOSIT TETAP DENGAN BANK BERLESEN

Deposit tetap disandarkan kepada bank bagi kemudahan perbankan diberikan kepada Kumpulan adalah seperti berikut:


Deposit tetap disandarkansebagai cagaran (Nota 37) 31,538 144,306 29,060 144,306

Kadar faedah berkesan deposit tetap pada akhir tempoh pelaporan adalah seperti berikut:

Kumpulan Syarikat2010 2009 2010 2009% % % %

0.02 0.47 1.35 1.35hingga hingga hingga hingga

Deposit tetap dengan bank berlesen 2.75 2.25 2.75 2.25

Deposit tetap mempunyai tempoh kematangan berkisar antara 1 hari hingga 182 hari (2009 – 1 hari hingga 182 hari).



17. ASET BUKAN SEMASA DIKELASKAN SEMULA BAGAI DIPEGANG UNTUK JUALAN


Dikelaskan semula daripada hartanah, loji dan peralatan:Kapal, pada kos – 86,361

Jualan kapal selesai dilaksanakan dalam tahun kewangan.

Termasuk dalam kos kapal dalam tahun kewangan lepas adalah pengeluaran bunga dikapitalisasikan berjumlah RM425,286.

18. MODAL SAHAM

Kumpulan/Syarikat2010 2009 2010 2009

Bilangan Saham (‘000) RM'000 RM'000Saham Biasa Bernilai

RM0.50 Sesaham:

Dibenarkan 1,000,000 1,000,000 500,000 500,000

Diterbitkan Dan Berbayar PenuhPada 1 Januari 297,600 297,600 148,800 148,800Penempatan persendirian 29,760 – 14,880 –Terbitan hak 122,760 – 61,380 –

Pada 31 Disember 450,120 297,600 225,060 148,800

Dalam tahun kewangan, Syarikat menambah modal sahamnya yang diterbitkan dan berbayar daripada RM148,800,000 kepadaRM225,060,000 melalui:

(i) penerbitan 29,760,000 saham biasa baru bernilai RM0.50 sesaham secara tunai untuk tujuan bayaran deposit carter dankegunaan modal kerja selaras dengan penempatan persendirian Syarikat pada harga langganan RM1.32 setiap saham pada30 Jun 2010. Saham-saham baru telah disenaraikan dan disebut harga pada Pasaran Utama Bursa Malaysia SecuritiesBerhad (“Bursa Securities”) pada 2 Julai 2010; dan

(ii) penerbitan 122,760,000 saham biasa baru bernilai RM0.50 sesaham secara tunai untuk tujuan bayaran balik pinjamandan kegunaan modal kerja selaras dengan terbitan hak boleh lepas Syarikat bersama dengan waran boleh lepas percuma(“Terbitan Hak”) berasaskan tiga (3) saham hak (“Saham-saham Hak”) bagi setiap lapan (8) saham biasa sedia ada bernilaiRM0.50 sesaham dipegang dalam Syarikat bersama dengan 61,379,785 waran boleh lepas percuma (“Waran”)berasaskan satu (1) Waran bagi setiap dua (2) Saham hak yang dilanggan pada harga terbitan RM0.59 setiap Saham Hakpada 27 Oktober 2010. Saham-saham baru telah disenaraikan dan disebut harga pada Pasaran Utama Bursa Securitiespada 1 November 2010.

Saham-saham biasa baru diterbitkan dalam tahun kewangan bertaraf pari passu dalam semua hubungan dengan saham-sahambiasa sedia ada Syarikat.



19. RIZAB


Tidak boleh diagih:Premium saham 82,892 60,377 82,892 60,377Rizab waran (Nota 20) 11,048 – 11,048 –Rizab penebusan modal – 2,127 – –Rizab terjemahan (56,579) 56 – –Rizab lindungan nilai aliran tunai (1,311) – – –Lain-lain rizab modal 2,127 – – –

38,177 62,560 93,940 60,377

Boleh diagih:Keuntungan tertahan 240,798 352,309 138,116 159,377

278,975 414,869 232,056 219,754

(a) Premium Saham

Premium saham tidak boleh diagih melalui dividen tunai dan boleh digunakan mengikut cara yang dikemukakan dalamSeksyen 60(3) Akta Syarikat 1965.

(b) Rizab Lindungan Nilai Aliran Tunai

Rizab ini terdiri daripada bahagian berkesan laba dan kerugian terkumpul dan kerugian atas instrumen lindungan nilaidianggap berkesan dalam lindungan nilai aliran tunai.


Pada 1 Januari – –Kerugian atas lindungan nilai aliran tunai (3,070) –Dikelaskan semula kepada keuntungan atau kerugian – lain-lain perbelanjaan 1,759 –

Pada 31 Disember (1,311) –

(c) Keuntungan Tertahan

Tertakluk kepada persetujuan pihak berkuasa cukai, pada akhir tempoh pelaporan, Syarikat mempunyai:

(a) pendapatan dikecualikan cukai sebanyak lebih kurang RM88,260,517 (2009 – RM48,063,055) tersedia untuk tujuanmembayar dividen dikecualikan cukai; dan

(b) kredit cukai di bawah Seksyen 108 Akta Cukai Pendapatan 1967 untuk membuat bayaran dividen sebanyak lebih kurangRM27,096,000 (2009 – RM31,560,000) daripada keuntungan tertahannya.

Pada akhir tempoh pelaporan, Syarikat tidak memilih bagi sistem cukai satu tier. Apabila baki kredit cukai digunakansepenuhnya, atau sebelum 31 Disember 2013 paling lewat, Syarikat secara automatik berpindah kepada sistem cukaisatu tier. Di bawah sistem cukai satu tier, cukai ke atas keuntungan Syarikat adalah cukai akhir, dan dividen diagihkankepada pemegang-pemegang saham akan dikecualikan cukai.



19. RIZAB (SAMB)

(d) Rizab Penebusan Modal

Rizab ini mewakili penebusan saham keutamaan tidak mengundi bukan terkumpul boleh tebus oleh anak syarikat yangdiperbadankan di Wilayah Persekutuan Labuan.

Berikutan dengan perubahan kepada Akta Syarikat-Syarikat Labuan 1990 dengan tidak ada nilai tara saham dan tidak adakeperluan modal saham minimum dalam tahun kewangan, rizab ini telah dikelaskan semula kepada lain-lain rizab modal.

20. RIZAB WARAN

Dalam tahun kewangan, Syarikat telah menerbitkan 61,379,785 Waran percuma selaras dengan Terbitan Hak sebagaimanadinyatakan dalam Nota 18(ii) kepada penyata kewangan. Selaras dengan FRSIC Konsensus 9 – Perakaunan bagi Terbitan Hakdengan Waran Percuma, perolehan daripada Terbitan Hak (tolak kos terbitan) telah diperuntukkan di antara saham-saham biasabaru yang diterbitkan dan Waran berdasarkan nilai saksamanya pada tarikh terbitan.

Terma-terma penting Waran 2010/ 2015 adalah seperti berikut:

(a) Setiap Waran memberikan hak kepada pemilik berdaftar untuk melanggan satu (1) saham biasa baru bernilai RM0.50sesaham dalam Syarikat pada bila-bila masa pada atau sebelum tarikh kematangan, 26 Oktober 2015, termasuk lima (5)tahun dari tarikh terbitan Waran. Waran tidak dilaksanakan selepas tempoh pelaksanaan akan luput selepas itu dan berhentimenjadi sah;

(b) Harga pelaksanaan Waran ditetapkan pada RM1.00 setiap Waran;

(c) Saham-saham biasa baru yang akan diterbitkan atas pelaksanaan Waran akan bertaraf pari passu dalam semua hubungandengan saham-saham biasa sedia ada Syarikat; dan

(d) Waran telah disenaraikan dan disebut harga pada Pasaran Utama Bursa Securities pada 1 November 2010.

Pergerakan Waran dalam tahun kewangan adalah seperti berikut:

Hak Atas Saham Biasa Bernilai RM0.50 Sesaham

DiterbitkanPada Pada

27.10.2010 Dilaksanakan Dibatalkan 31.12.2010

Bilangan Waran tidak dilaksanakan 61,379,785 – – 61,379,785



21. CUKAI TERTUNDA


Pada 1 Januari 2,060 30,908Perbezaan terjemahan (2) 14Diiktiraf dalam keuntungan atau kerugian (Nota 31) 1,990 (1,017)Pengambilalihan kepentingan tambahan dalam anak syarikat – 40Pelupusan kepentingan dalam anak syarikat (Nota 35) – (27,885)

Pada 31 Disember 4,048 2,060

Liabiliti cukai tertunda boleh dikaitkan kepada yang berikut:


Lebihan elaun modal ke atas susut nilai 4,048 2,060

22. PINJAMAN JANGKA PANJANG


Pemiutang sewa beli (Nota 23) 348 63 305 –Pinjaman berjangka (Nota 24) 145,740 227,000 104,803 227,000

146,088 227,063 105,108 227,000

23. PEMIUTANG SEWA BELI


Bayaran sewa beli minimum:– tidak lewat daripada satu tahun 98 22 77 –– lewat daripada satu tahun

dan tidak lewat daripada lima tahun 357 73 307 –– lewat daripada lima tahun 38 – 38 –

493 95 422 –

Tolak: Caj kewangan masa hadapan (69) (13) (59) –

Nilai semasa pemiutang sewa beli 424 82 363 –



23. PEMIUTANG SEWA BELI (SAMB)

Pemiutang sewa beli bersih adalah perlu dibayar balik seperti berikut:


Semasa:– tidak lewat daripada satu tahun (Nota 27) 76 19 58 –

Bukan semasa:– lewat daripada satu tahun dan tidak lewat

daripada lima tahun 311 63 268 –– lewat daripada lima tahun 37 – 37 –

Jumlah bahagian bukan semasa (Nota 22) 348 63 305 –

424 82 363 –

Pemiutang sewa beli pada akhir tempoh pelaporan menanggung kadar faedah berkesan berkisar antara 3.99% hingga 5.64%(2009 – 2.42%) setahun.

24. PINJAMAN BERJANGKA


Bahagian semasa:– perlu dibayar balik dalam masa

satu tahun (Nota 27) 98,732 218,000 95,020 218,000

Bahagian bukan semasa:– perlu dibayar balik antara satu hingga

dua tahun 79,800 177,000 69,933 177,000– perlu dibayar balik antara dua hingga

lima tahun 65,940 50,000 34,870 50,000

Jumlah bahagian bukan semasa (Nota 22) 145,740 227,000 104,803 227,000

244,472 445,000 199,823 445,000



24. PINJAMAN BERJANGKA (SAMB)

(a) Bon Bersiri Bercagar

Pada 30 Mac 2006, Syarikat menerbitkan RM400,000,000 bon bersiri bercagar bernilai nominal ("Bon"). Bon telahditerbitkan dalam 9 siri, seperti berikut:

Kadar KuponSiri Nilai Nominal Tarikh Kematangan Setahun

RM'000

A 120,000 30 Mac 2009 6.24%B 35,000 30 September 2009 5.75%C 35,000 30 Mac 2010 5.90%D 35,000 30 September 2010 6.10%E 35,000 30 Mac 2011 6.30%F 35,000 30 September 2011 6.55%G 35,000 30 Mac 2012 6.65%H 35,000 28 September 2012 6.75%I 35,000 29 Mac 2013 6.85%

Bayaran kupon kena dibayar dua kali setahun dalam tunggakan.

(b) Nota Berjangka Sederhana

Pada 3 November 2006, Syarikat menerbitkan RM50,000,000 nota berjangka sederhana nilai nominal ("MTN"). PenerbitanMTN telah dibuat dalam empat (4) siri, seperti berikut:

Kadar KuponSiri Nilai Nominal Tarikh Kematangan Setahun

RM’000

A 15,000 3 Mei 2010 5.75%B 10,000 3 November 2010 5.90%C 15,000 3 Mei 2011 6.10%D 10,000 3 November 2011 6.30%

Bayaran kupon kena dibayar dua kali setahun dalam tunggakan..




Kedua-dua Bon dan MTN dicagar oleh:

(i) gadaian tetap ke atas saham anak-anak syarikat dan syarikat bersekutu tertentu;

(ii) penyerahan hak dan gadaian ke atas hasil dijana oleh kapal tertentu Kumpulan;

(iii) penyerahan hak dan gadaian ke atas perolehan insurans kapal tertentu Kumpulan;

(iv) gadaian tetap ke atas kapal tertentu Kumpulan; dan

(v) pelbagai usaha niaga oleh Syarikat.

(c) Pinjaman Berjangka Boleh Pindah Bersindiket

Pada 27 Februari 2009 dan 3 Mac 2009, Syarikat menerima kemudahan pinjaman berjangka boleh pindah bersindiketsehingga RM150 juta. Pinjaman tersebut perlu dibayar balik seperti berikut:

Kadar KuponKemudahan Tranche Nilai Nominal Tarikh Kematangan Setahun

RM’000

B 1 15,000 12 Mac 2010 ECOF+1.50%B 2 15,000 12 Mac 2011 ECOF+1.75%B 3 45,000 12 Mac 2012 ECOF+2.00%B 4 60,000 12 Mac 2013 ECOF+2.25%A 15,000 12 Mac 2013 ECOF+2.25%

Di mana ECOF adalah Kos Dana Berkesan satu (1) bulan sedia ada Pemberi Pinjaman masing-masing. Bayaran kupon kenadibayar secara bulanan dalam tunggakan.

Pinjaman berjangka boleh pindah bersindiket dicagar oleh:

(i) penyerahan hak pinjaman antara syarikat yang terhutang kepada Syarikat oleh syarikat bersekutu;

(ii) penyerahan hak undang-undang akan hak-hak Syarikat ke atas pulangan deposit bersih di bawah perjanjian depositpencarter dan memorandum perjanjian berhubung dengan vesel-vesel tertentu;

(iii) gadaian ke atas saham syarikat bersekutu; dan

(iv) gadaian ke atas akaun eskrow yang diwujudkan bagi tujuan mengenepikan jumlah bersamaan dengan sekurang-kurangnya faedah satu (1) bulan dan mana-mana jumlah diterima di bawah cagaran.

Pinjaman berjangka boleh pindah bersindiket telah diprabayar sepenuhnya dalam tahun kewangan.




(d) Pembiayaani Berjangka Murabahah Komoditi

Pada 18 Mac 2010, anak syarikat menerima kemudahan Pembiayaan Berjangka Murabahah Komoditi didenominasikandalam Dolar Amerika Syarikat (USD) dengan nilai nominal sebanyak USD14,480,000 (bersamaan dengan RM46,408,400).

Pinjaman berjangka mata wang asing telah dilindung nilai mengikut swap kadar faedah mata wang bersilang sebagaimanadinyatakan dalam Nota 25 kepada penyata kewangan dan perlu dibayar balik melalui lapan belas (18) ansuran suku tahunanberkisar antara RM961,500 hingga RM10,191,900, bermula pada Januari 2011.

Kadar faedah berkesan pinjaman berjangka mata wang asing pada akhir tempoh pelaporan adalah 5.58% (2009 –sifar) setahun.

Pinjaman berjangka mata wang asing dicagar oleh jaminan korporat disediakan oleh Syarikat.

25. LIABILITI DERIVATIF

Dalam tahun kewangan, Kumpulan menandatangani swap kadar faedah mata wang bersilang USD-MYR untuk melindung nilairisiko aliran tunai dan kadar faedah daripada pinjaman berjangka kadar terapung mata wang asingnya sebagaimana dinyatakandalam Nota 24(d) kepada penyata kewangan. Swap kadar faedah mata wang bersilang telah ditetapkan sebagai lindungan nilaialiran tunai dan telah dinilai sebagai amat berkesan.

Swap kadar faedah mata wang bersilang digunakan untuk melindung nilai pendedahan Kumpulan kepada perubahan dalammata wang kefungsian bersamaan aliran tunai dan kadar faedah pinjaman berjangka mata wang asing. Swap ini memberikanhak kepada Kumpulan untuk menerima USD LIBOR dan USD bersamaan dengan jumlah pokok di mana bayaran balik dibuatdalam Ringgit Malaysia berdasarkan kadar pertukarn dipersetujui sebanyak 3.205. Swap juga memberikan hak kepadaKumpulan untuk menerima faedha terapung bersamaan dengan 3-bulan USD LIBOR+2.00% setahun dan membayar 3-bulanKLIBOR+2.00% setahun.

Swap mempunyai tempoh kematangan yang sama dengan pinjaman berjangka mata wang asing.



26. PEMIUTANG


Pemiutang perdagangan 36,186 30,025 – –Lain-lain pemiutang dan akruan:– lain-lain pemiutang 13,167 79,960 1,847 3,381– akruan 17,372 15,299 6,933 5,611– dividen perlu dibayar 7 13 7 13

30,546 95,272 8,787 9,005

66,732 125,297 8,787 9,005

Pemiutang perlu dibayar seperti berikut:– bukan semasa 260 241 214 201– semasa 66,472 125,056 8,573 8,804

66,732 125,297 8,787 9,005

Tempoh kredit perdagangan biasa diberikan kepada Kumpulan berkisar antara 30 hingga 90 hari.

27. PINJAMAN JANGKA PENDEK


Pemiutang sewa beli (Nota 23) 76 19 58 –Pinjaman berjangka (Nota 24) 98,732 218,000 95,020 218,000

98,808 218,019 95,078 218,000

28. ASET BERSIH SETIAP SAHAM BIASA

Aset bersih setiap saham biasa dikira berdasarkan nilai aset bersih sebanyak RM504,035,000 (2009 – RM563,669,000) dibahagikandengan bilangan saham biasa dalam terbitan pada akhir tempoh pelaporan sebanyak 450,120,000 (2009 – 297,600,000) saham.

29. HASIL


Pendapatan kapal dicarter 254,887 540,148 – –Hasil kontrak – 65,536 – –Pendapatan dividen – – 11,523 46,209Yuran pengurusan – – – 1,620Pendapatan sewa – – 158 338

254,887 605,684 11,681 48,167



30. (KERUGIAN)/KEUNTUNGAN SEBELUM CUKAI


Nota RM'000 RM'000 RM'000 RM'000

(Kerugian)/ Keuntungan sebelumcukai diperolehi selepas dicaj/(dikreditkan):

Yuran audit:– tahun kewangan semasa 239 338 116 56– terkurang peruntukan

dalam tahun kewangansebelumnya 6 13 – –

Peruntukan bagi kerugianrosot nilai ke ataspenghutang/ pihak berkaitan/anak-anak syarikat 5,020 – 5 –

Pelunasan bayaranpajakan prabayar – 118 – –

Susut nilai hartanah,loji dan peralatan 7 36,227 48,956 445 425

Imbuhan para Pengarah:– yuran 38 371 216 371 177– lain-lain emolumen 38 4,024 1,412 2,109 622– caruman persaraan 38 23 39 17 20– manfaat bukan berupa wang 38 259 132 193 82Sewa peralatan 478 25,757 – –Kerugian rosot nilai hartanah,

loji dan peralatan 2,982 – – –Kerugian rosot nilai atas deposit

boleh dikembalikan 9,380 – – –Perbelanjaan faedah:– bon dan MTN 16,218 18,416 16,218 22,404– sewa beli 15 34 11 –– pinjaman berjangka boleh

pindah bersindiket 2,894 6,688 1,751 6,691– pinjaman berjangka

mata wang asing 1,837 – – –– kredit pusingan 687 632 687 632Inventori dihapus kira – 2 – –Sewa pajakan kapal 102,247 61,986 – –Kerugian/(Laba) ke atas

pertukaran asing:– direalis 5,507 3,184 138 (309)– tidak direalis (9,464) (399) – –



30. (KERUGIAN)/KEUNTUNGAN SEBELUM CUKAI (Samb)


Nota RM'000 RM'000 RM'000 RM'000

Perbelanjaan awal – 25 – –Hartanah, loji dan

peralatan dihapus kira 7 9 – – –Peruntukan bagi

caruman persaraan – 58 – 9Sewa premis 795 1,792 366 366Kos kakitangan 40,862 142,187 4,471 5,315Peningkatan deposit boleh

dikembalikan padakos dilunaskan (3,657) – – –

Hutang lapuk diperolehi semula – (56) – –Pendapatan dividen:– syarikat bersekutu – – (577) –– anak-anak syarikat – – (10,946) (46,209)Laba atas pemindahan hartanah,

loji dan peralatan – – – (554)Laba atas pelupusan kepentingan

dalam anak syarikat 35 – (12,677) – (86,351)(Laba)/ Kerugian atas pelupusan

hartanah, loji dan peralatan (424) (3,165) 1,509 –Laba atas pelupusan aset bukan

semasa dikelaskan sebagaidipegang untuk jualan (5,855) (1,952) – –

Pendapatan faedah daripada:– syarikat bersekutu (2,301) (326) (2,301) (326)– deposit tetap (1,368) (3,519) (1,298) (2,058)– anak-anak syarikat – – (924) (9,252)Yuran pengurusan:– syarikat bersekutu – (135) – (135)– anak-anak syarikat – – – (1,485)Pendapatan sewa:– syarikat bersekutu – (15) – (15)– anak-anak syarikat – – (158) (323)– pihak ketiga (8) – – –Penepian hutang (107) (866) – –Kemasukan kira semula kerugian

rosot nilai ke atas penghutang – (555) – (944)



31. PERBELANJAAN CUKAI PENDAPATAN


Perbelanjaan cukai semasa:– cukai Malaysia (2,392) 8,654 – 364– cukai asing 652 4,663 – 173

(1,740) 13,317 537– (terlebih)/ terkurang peruntukan

dalam tahun kewangan sebelumnya (741) 51 (8) (306)

(2,481) 13,368 (8) 231

Cukai tertunda (Nota 21):– berkaitan dengan pengasalan dan

pengiktirafan perbezaan sementara 475 (1,017) – –– terkurang peruntukan dalam tahun

kewangan sebelumnya 1,515 – – –

1,990 (1,017) – –

(491) 12,351 (8) 231

Penyelarasan perbelanjaan cukai pendapatan terpakai kepada keuntungan sebelum cukai pada kadar cukai berkanun kepadaperbelanjaan cukai pendapatan pada kadar cukai berkesan Kumpulan dan Syarikat adalah seperti berikut:


(Kerugian)/ Keuntungan sebelum cukai (72,897) 48,701 (17,003) 105,625

Cukai pada kadar cukaiberkanun sebanyak 25% (18,224) 12,175 (4,251) 26,406

Kesan cukai ke atas:Laba tidak boleh dicukai (3,128) (27,486) (2,920) (32,626)Perbelanjaan tidak boleh ditolak 23,396 31,565 7,171 6,757Penggunaan aset cukai tertunda tidak

diiktiraf sebelum ini (3,175) (3,702) – –(Terlebih)/ Terkurang peruntukan cukai semasa

dalam tahun kewangan sebelumnya (741) 51 (8) (306)Terkurang peruntukan cukai tertunda dalam

tahun kewangan sebelumnya 1,515 – – –Perbezaan kadar cukai (134) (252) – –

Cukai bagi tahun kewangan (491) 12,351 (8) 231



32. (KERUGIAN)/PEROLEHAN SETIAP SAHAM

(Kerugian)/ perolehan asas setiap saham (“EPS”) diperolehi dengan membahagikan (kerugian)/ keuntungan Kumpulan bolehdikaitkan dengan pemegang-pemegang ekuiti Syarikat sebanyak RM72,002,000 (2009 – RM29,317,000) dengan purata wajaranbilangan saham biasa dalam terbitan dalam tahun kewangan sebanyak 334,463,671 (2009 – 297,600,000 saham biasa).

Kerugian setiap saham dicairkan tidak dibentangkan bagi tahun kewangan semasa memandangkan terdapat kesan anti-pencairantimbul daripada andaian penukaran Waran.

Dalam tahun kewangan sebelumnya, perolehan setiap saham dicairkan tidak terpakai memandangkan tidak ada potensi sahambiasa dicairkan belum dijelas pada akhir tempoh pelaporan sebelumnya.

33. DIVIDEN

Kumpulan/Syarikat2010 2009RM'000 RM'000

Berhubung dengan tahun kewangan berakhir 31 Disember 2008Dividen pertama dan akhir sebanyak 2.0 sen setiapsaham biasa bernilai RM0.50 sesaham tolak cukai sebanyak 25% – 4,464

Berhubung dengan tahun kewangan berakhir 31 Disember 2009Dividen pertama dan akhir sebanyak 2.0 sen setiapsaham biasa bernilai RM0.50 sesaham tolak cukai sebanyak 25% 4,464 –

Para pengarah tidak mengesyorkan bayaran sebarang dividen berhubung dengan tahun kewangan berakhir 31 Disember 2010.

34. PELABURAN DALAM ANAK-ANAK SYARIKAT BARU

(a) Dalam tahun kewangan semasa, anak syarikat berikut telah diperbadankan:

KepentinganBerkesan Tarikh

Nama Anak Syarikat Kumpulan (%) Pemerbadanan

Perdana Nautika Sdn. Bhd. 55 19 November 2010

(b) Dalam tahun kewangan sebelumnya, anak-anak syarikat berikut telah diperbadankan:

KepentinganBerkesan Tarikh

Nama Anak Syarikat Kumpulan (%) Pemerbadanan

Perdana Jupiter Limited 100 12 Mei 2009Perdana Neptune Limited 100 23 Jun 2009Perdana Pluto Limited 100 12 Ogos 2009Perdana Saturn Limited 100 12 Ogos 2009



35. RINGKASAN KESAN-KESAN ATAS PELUPUSAN ANAK SYARIKAT

KepentinganPerolehan Berkesan TarikhJualan Kumpulan Pelupusan

Anak Syarikat Balasan Kos Sampingan Bersih Dilupuskan BerkesanRM’000 RM’000 RM’000 (%)

PEB 16,065 (218) 15,847 5.38 10 September 2009PEB 93,208 (2,937) 90,271 25.03 11 Disember 2009

109,273 (3,155) 106,118 30.41

Butir-butir mengenai aset, liabiliti dan aliran masuk tunai bersih timbul daripada pelupusan kepentingan dalam anak syarikatadalah seperti berikut:

Kumpulan/Syarikat2009

Nota RM’000

Hartanah, loji dan peralatan 7 260,729Bayaran pajakan prabayar 7,157Pelaburan dalam syarikat bersekutu 40Aset tidak ketara 10 1,434Aset cukai tertunda 11 16Tunai dan setara tunai 45,356Penghutang perdagangan 13 191,526Lain-lain penghutang, deposit dan prabayaran 13 75,682Lai-lain liabiliti semasa bersih (245,133)Cukai tertunda 21 (27,885)Lain-lain liabiliti bukan semasa (534)

Jumlah ekuiti 308,388Tolak: Kepentingan minoriti (123,880)Tolak: Faedah dikekalkan dalam anak syarikat dilupuskan (91,067)

Aset bersih dilupuskan 93,441Laba atas pelupusan kepentingan dalam anak syarikat 30 12,677

Perolehan jualan bersih diterima 106,118Tolak: Tunai dan setara tunai anak syarikat dilupuskan (45,356)

Aliran masuk tunai bersih atas pelupusan kepentingan dalam anak syarikat 60,762

Tidak ada pelupusan anak syarikat dalam tahun kewangan.



36. PEMBELIAN HARTANAH, LOJI DAN PERALATAN


Hartanah, loji dan peralatan dibeli 191,345 529,405 6,838 2,889Tolak: Jumlah dibiayai melalui sewa beli (390) (96) (390) –

Tunai dibayar bagi pembelian hartanah,loji dan peralatan 190,955 529,309 6,448 2,889

37. TUNAI DAN SETARA TUNAI

Untuk tujuan penyata aliran tunai, tunai dan setara tunai terdiri daripada yang berikut:


Deposit tetap dengan bank berlesen 51,188 158,437 47,360 152,392Tunai dan baki bank 18,293 21,288 3,018 8,270

69,481 179,725 50,378 160,662Tolak: Deposit tetap disandarkan sebagai

cagaran (Nota 16) (31,538) (144,306) (29,060) (144,306)

37,943 35,419 21,318 16,356



38. IMBUHAN PARA PENGARAH

Agregat jumlah imbuhan diterima dan boleh diterima daripada Kumpulan oleh para pengarah Syarikat dalam tahun kewanganadalah seperti berikut:


Para Pengarah Eksekutif:– yuran 199 126 199 87– emolumen bukan yuran 4,027 1,451 2,106 642

4,226 1,577 2,305 729

Para Pengarah Bukan Eksekutif Bebas:– yuran 172 90 172 90– emolumen bukan yuran 20 – 20 –

192 90 192 90

Jumlah imbuhan para pengarah 4,418 1,667 2,497 819Anggaran nilai wang manfaat

bukan berupa wang 259 132 193 82

Jumlah imbuhan para pengarah, termasukmanfaat bukan berupa wang 4,677 1,799 2,690 901



38. IMBUHAN PARA PENGARAH (SAMB)

Bilangan pengarah Syarikat yang jumlah imbuhan diterima/ boleh diterima daripada Kumpulan dalam tahun kewangan yangjatuh dalam kumpulan berikut dianalisis di bawah:

Bilangan PengarahKumpulan Syarikat

2010 2009 2010 2009

Pengarah Eksekutif

Di bawah RM50,000 1 – 1 1RM50,001 – RM100,000 – – 1 –RM100,001 – RM150,000 1 – 1 –RM250,001 – RM300,000 – 1 – 1RM500,001 – RM550,000 – 1 – 1RM550,001 – RM600,000 1 – 1 –RM750,001 – RM800,000 – – 1 –RM900,001 – RM950,000 – 1 – –RM950,001 – RM1,000,000 – – 1 –RM1,000,001 – RM1,050,000 1 – – –RM1,050,001 – RM1,100,000 1 – – –RM1,650,001 – RM1,700,000 1 – – –

6 3 6 3

Pengarah Bukan Eksekutif Bebas

Di bawah RM50,000 6 3 6 3RM50,001 – RM100,000 1 – 1 –

7 3 7 3

13 6 13 6

Dalam tahun kewangan, empat (4) pengarah telah dipecat daripada Lembaga dan seorang (1) pengarah telah meletak jawatan.



39. PENDEDAHAN PIHAK BERKAITAN

Kumpulan mempunyai perhubungan pihak berkaitan dengan:

(a) anak-anak syarikatnya, sebagaimana dinyatakan dalam Nota 5, Nota 6 dan Nota 14 kepada penyata kewangan; dan

(b) personel pengurusan penting Kumpulan.

Selain daripada maklumat diperincikan di bahagian-bahagian lain dalam penyata kewangan, Kumpulan menjalankan urus niagaberikut dengan pihak berkaitan dalam tahun kewangan:


Nota RM'000 RM'000 RM'000 RM'000

Syarikat bersekutu:– pendapatan dividen – – 577 –– pendapatan faedah

dan kewangan 2,301 326 2,301 326– pendapatan yuran pengurusan – 135 – 135– pendapatan sewa – 15 – 15

Anak–anak syarikat:– pendapatan dividen – – 10,946 46,209– yuran pengendalian dibayar/

perlu dibayar – – 522 596– Pendapatan faedah dan kewangan – – 924 9,252– pendapatan yuran pengurusan – – – 1,485– pendapatan sewa – – 158 323

Pihak berkaitan: (i)– pendapatan kapal dicarter 94,070 6,084 – –– yuranretainer dibayar/

perlu dibayar – 39 – 39– jualan hartanah, loji

dan peralatan 96,600 – – –

Pampasan personelpengurusan penting:

– manfaat kakitangan jangka pendek 5,752 6,412 2,673 1,957– manfaat selepas perkhidmatan 23 58 17 9

Nota:

(i) Syarikat dalam mana pengarah anak syarikat mempunyai kepentingan kewangan besar.

Butir-butir mengenai jumlah belum dijelas dengan anak-anak syarikat, pihak berkaitan dan syarikat berkaitan dinyatakan dalamNota 8, Nota 14 dan Nota 15 kepada penyata kewangan.



40. KOMITMEN MODAL


Diluluskan dan Dikontrakkan

Pembelian hartanah, loji dan peralatan 198,276 448,660 4,547 10,747

41. LIABILITI KONTIGEN


Tidak bercagar

Jaminan korporat diberikan kepada bank daninstitusi kewangan berlesen bagi kemudahankredit diberikan kepada pihak berkaitan 9,508 32,233 9,508 32,233

Jaminan bank diberikan kepada pihak ketigabagi manfaat anak syarikat 2,320 2,591 2,320 2,591

Jaminan prestasi diberikan oleh anak-anaksyarikat kepada pihak ketiga 5 5 – –

11,833 34,829 11,828 34,824

42. KOMITMEN PAJAKAN


Sewa pajakan perlu dibayar:– dalam masa satu tahun 105,137 97,958– dalam masa dua hingga lima tahun 373,316 365,329– dalam masa enam hingga sepuluh tahun 232,191 342,955

710,644 806,242

Sewa-sewa pajakan yang perlu dibayar berhubung dengan perjanjian pajakan yang ditandatangani oleh anak syarikat bagipajakan kapal-kapal bagi tempoh berkisar antara lima (5) hingga sepuluh (10) tahun dan bagi pejabat dan gudang.



43. KADAR PERTUKARAN ASING

Kadar pertukaran asing penutup terpakai digunakan (dinyatakan atas dasar satu unit mata wang asing kepada bersamaan RinggitMalaysia) bagi urus niaga material baki mata wang asing pada akhir tempoh pelaporan adalah seperti berikut:

Kumpulan/Syarikat2010 2009RM'000 RM'000

Dolar Australia 3.1515 3.0700Dolar Singapura 2.3908 2.4408Dolar Amerika Syarikat 3.0905 3.4295

44. SEGMEN KENDALIAN

Segmen kendalian disediakan dalam cara yang konsisten dengan pelaporan dalaman disediakan kepada Jawatankuasa EksekutifKumpulan sebagai ketua pembuat keputusan kendaliannya untuk memperuntukkan sumber kepada segmen dan untuk menilaiprestasinya. Untuk tujuan pengurusan, Kumpulan disusun mengikut unit-unit perniagaan berdasarkan produk dan perkhidmatanyang mereka disediakan.

Kumpulan disusun mengikut tiga (3) segmen perniagaan utama seperti berikut:

(i) Segmen perkhidmatan sokongan luar pesisir marin – penyediaan kapal-kapal bagi industri minyak dan gas huluan,berkisar daripada penundaan, tambatan dan penggunaan sauh kapal marin bukan penggerak sendiri; pengangkutanperalatan penggerudian, bahan kimia pengeluaran dan bahan projek sehinggalah kemudahan kejuruteraan dan bengkelkerja di atas kapal.

(ii) Segmen perkhidmatan Brownfield, kejuruteraan dan penyelenggaraan bersepadu – penyediaan perkhidmatan termasukpengaktifan dan pembinaan penyambungan penyelenggqaraan utama bahagian atas; kejuruteraan, operasi danpenyelenggaraan; pembungkusan dan pengilangan peralatan; pengoptimuman medan minyak, rekaan dan pembikinanperalatan dan dandang diproses bagi industri minyak dan gas, petrokimia dan am.

(iii) Segmen pemegangan pelaburan – menyediakan perkhidmatan korporat tahap kumpulan dan tugas-tugas perbendaharaandan pelaburan dalam ekuiti.

Jawatankuasa Eksekutif Kumpulan menilai prestasi segmen kendalian berdasarkan keputusan kendalian yang diukur secara berbezadaripada yang dinyatakan dalam penyata kewangan disatukan.

Aset, liabiliti dan perbelanjaan yang biasa dan tidak mempunyai kegunaan diperuntukkan kepada segmen kendaliandibentangkan di bawah perkara tidak diperuntukkan. Perkara tidak diperuntukkan terdiri terutamanya daripada pelaburan dalamsyarikat bersekutu.

Harga pemindahan di antara segmen kendalian adalah atas terma-terma biasa dalam cara yang serupa dengan urus niagadengan pihak ketiga.



44. SEGMEN KENDALIAN (SAMB)

SEGMEN PERNIAGAAN

PerkhidmatanBrownfield,

Perkhidmatan Kejuruteraan2010 Sokongan Dan

Luar Pesisir Penyelenggaraan Pemegangan PenghapusanMarin Bersepadu Pelaburan Kira KumpulanRM’000 RM’000 RM’000 RM’000 RM’000

HASILHasil luaran 254,887 – – – 254,887Hasil antara segmen 168,410 – 11,681 (180,091) –

423,297 – 11,681 (180,091) 254,887

KEPUTUSANKeputusan segmen (73,120) – 2,222 20,569 (50,329)Kos kewangan (4,641) – (19,426) 1,112 (22,955)

(77,761) – (17,204) 21,681 (73,284)

Bahagian keputusan dalamsyarikat bersekutu 387

Perbelanjaan cukai pendapatan 491

Kerugian selepas cukaidisatukan (72,406)

ASETAset segmen 603,023 – 662,980 (445,916) 820,087

Aset cukai tertunda 46Cukai boleh diperolehi semula 3,758

Jumlah aset disatukan 823,891

LIABILITILiabiliti segmen 355,748 – 210,968 (251,985) 314,731

Cukai tertunda 4,048Peruntukan bagi cukai 860

Jumlah liabiliti disatukan 319,639

LAIN-LAIN PERKARA SEGMENTambahan kepada aset bukan semasa selain daripada instrumen kewangan:– pelaburan dalam anak syarikat – – 55 (55) –– hartanah, loji dan peralatan 184,507 – 6,838 – 191,345




SEGMEN PERNIAGAAN (SAMB)

PerkhidmatanBrownfield,

Perkhidmatan Kejuruteraan2009 Sokongan Dan

Luar Pesisir Penyelenggaraan Pemegangan PenghapusanMarin Bersepadu Pelaburan Kira KumpulanRM’000 RM’000 RM’000 RM’000 RM’000

HASILHasil luaran 227,618 377,916 150 – 605,684Hasil antara segmen 177,689 159 48,017 (225,865) –

405,307 378,075 48,167 (225,865) 605,684

KEPUTUSANKeputusan segmen 36,112 37,126 134,874 (125,968) 82,144Kos kewangan (1,244) (7,739) (32,964) 9,252 (32,695)

Keuntungan sebelum cukai 34,868 29,387 101,910 (116,716) 49,449

Bahagian keputusan syarikatbersekutu (748)

Perbelanjaan cukai pendapatan (12,351)

Keuntungan selepas cukaidisatukan 36,350

ASETAset segmen 730,827 – 820,598 (415,391) 1,136,034

Aset cukai tertunda 46Cukai boleh didapati semula 5,057

Jumlah aset disatukan 1,141,137

LIABILITILiabiliti segmen 339,003 – 457,939 (224,352) 572,590

Cukai tertunda 2,060Peruntukan bagi cukai 2,238

Jumlah liabiliti disatukan 576,888

LAIN-LAIN PERKARA SEGMENTambahan kepada aset bukan semasa selain daripada instrumen kewangan:– pelaburan dalam anak syarikat – – 394 (394) –– hartanah, loji dan peralatan 383,090 143,415 2,900 – 529,405




SEGMEN PERNIAGAAN (SAMB)

Perkara berikut ditambah kepada/ (ditolak daripada) keuntungan segmen untuk diperolehi pada (kerugian)/ keuntungan selepascukai disatukan:


Peningkatan deposit boleh dikembalikan pada kos dilunaskan 3,657 –Laba atas pelupusan kepentingan dalam anak syarikat – 12,677Laba atas pelupusan hartanah, loji dan peralatan 424 3,165Laba atas pelupusan aset bukan semasa dikelaskan sebagai dipegang untuk jualan 5,855 1,952Peruntukan bagi kerugian rosot nilai ke atas penghutang/ pihak berkaitan (5,020) –Kerugian rosot nilai ke atas hartanah, loji dan peralatan (2,982) –Kerugian rosot nilai ke atas deposit boleh dikembalikan (9,380) –

SEGMEN GEOGRAFI

Kumpulan KumpulanHasil Aset Bukan Semasa

2010 2009 2010 2009RM'000 RM'000 RM'000 RM'000

Malaysia 169,877 495,403 463,080 388,724Singapura 51,898 43,091 399 488Marshall Islands 33,079 59,766 144,307 287,500Australia 33 7,424 51 79

254,887 605,684 607,837 676,791

PELANGGAN-PELANGGAN UTAMA

Hasil daripada empat (4) pelanggan, dengan hasil bersamaan atau lebih 10% daripada hasil Kumpulan, berjumlahRM221,990,000 (2009 – RM205,504,000).



45. INSTRUMEN KEWANGAN

(a) Polisi Pengurusan Risiko Kewangan

Polisi pengurusan risiko kewangan Kumpulan cuba untuk memastikan agar sumber kewangan mencukupi tersedia untukpembangunan perniagaan Kumpulan manakala menguruskan risiko pasarannya (termasuk risiko mata wang asing, risikokadar faedah dan risiko ekuiti), risiko kredit dan risiko mudah tunai. Polisi Kumpulan berhubung dengan bidang utamakegiatan perbendaharaan adalah seperti berikut:

(i) Risiko Pasaran

(i) Risiko Mata Wang Asing

Kumpulan terdedah kepada risiko pertukaran asing timbul terutamanya daripada urus niaga perdagangan biasayang didenominasikan dalam mata wang asing. Ia menguruskan pendedahan pertukaran asingnya melalui polisimemadankan setakat mana yang boleh penerimaan dan bayaran dalam setiap mata wang individu. Urus niagadan baki mata wang asing Kumpulan sebahagian besarnya didenominasikan dalam Dolar Amerika Syarikat (USD).Risiko mata wang asing diuruskan pada tahap boleh diterima.

Ada kalanya, Kumpulan memasuki pelbagai instrumen kewangan derivatif untuk menguruskan pendedahannyakepada risiko mata wang asing.



45. INSTRUMEN KEWANGAN (SAMB)

(a) Polisi Pengurusan Risiko Kewangan (Samb)

(i) Risiko Pasaran (Samb)

(i) Risiko Mata Wang Asing (Samb)

DolarAmerika Dolar Dolar RinggitSyarikat Singapura Australia Lain-Lain Malaysia Jumlah

Kumpulan RM’000 RM’000 RM’000 RM’000 RM’000 RM’0002010

Aset kewanganDeposit boleh dikembalikan 90,930 – – – – 90,930Penghutang perdagangandan lain-lain penghutang 36,164 2,167 9 – 15,626 53,966

Jumlah terhutang oleh pihakberkaitan 4,189 758 451 – 31,216 36,614

Deposit tetap dengan bankberlesen – 2,478 – – 48,710 51,188

Tunai dan baki bank 13,845 1,278 650 9 2,511 18,293

145,128 6,681 1,110 9 98,063 250,991

Liabiliti kewanganLiabiliti derivatif – – – – 3,070 3,070Pemiutang 27,239 9,001 944 1,916 27,632 66,732Jumlah terhutang kepadapihak berkaitan 1 – – – 32 33

Pinjaman – 61 – – 244,835 244,896

27,240 9,062 944 1,916 275,569 314,731

Aset/ (liabiliti) kewangan bersih 117,888 (2,381) 166 (1,907) (177,506) (63,740)

Tolak: (Aset)/ liabiliti kewanganbersih didenominasikandalam mata wangkefungsian entitimasing-masing 95,478 2,846 166 – (177,114) (78,624)

Pendedahan mata wang 22,410 (5,227) – (1,907) (392) 14,884







DolarAmerika Dolar Dolar RinggitSyarikat Singapura Australia Lain-Lain Malaysia Jumlah

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

2009

Aset kewanganDeposit boleh dikembalikan 98,221 – – – – 98,221Penghutang perdagangandan lain-lain penghutang 45,776 4,504 79 – 12,507 62,866Jumlah terhutang olehpihak berkaitan 6,438 779 616 – 30,361 38,194

Jumlah terhutang oleh syarikatbersekutu – – – – 51,649 51,649

Deposit tetap denganbank berlesen – 1,455 – – 156,982 158,437

Tunai dan baki bank 17,857 780 1,145 10 1,496 21,288

168,292 7,518 1,840 10 252,995 430,655

Liabiliti kewanganPemiutang 84,376 10,560 1,069 537 28,755 125,297Jumlah terhutang kepadapihak berkaitan 1 – – – 235 236Jumlah terhutang kepadasyarikat bersekutu – – – – 1,975 1,975Pinjaman – 82 – – 445,000 445,082

84,377 10,642 1,069 537 475,965 572,590

Aset/ (liabiliti) kewangan bersih 83,915 (3,124) 771 (527) (222,970) (141,935)

Tolak: (Aset)/ liabiliti kewanganbersih didenominasikandalam mata wangkefungsian entitimasing-masing 46,586 2,781 771 – (205,782) (155,644)

Pendedahan mata wang 37,329 (5,905) – (527) (17,188) 13,709







DolarAmerika RinggitSyarikat Malaysia Jumlah

Syarikat RM’000 RM’000 RM’000

2010

Aset kewanganPenghutang – 1,416 1,416Jumlah terhutang oleh anak–anak syarikat – 271 271Jumlah terhutang oleh pihak berkaitan – 259 259Deposit tetap dengan bank berlesen – 47,360 47,360Tunai dan baki bank 1,585 1,433 3,018

1,585 50,739 52,324

Liabiliti kewanganPemiutang – 8,787 8,787Jumlah terhutang kepada anak-anak syarikat – 123,839 123,839Jumlah terhutang kepada pihak berkaitan – 32 32Pinjaman – 200,186 200,186

– 332,844 332,844

Aset/ (liabiliti) kewangan bersih 1,585 (282,105) (280,520)Tolak: (Aset)/ liabiliti kewangan bersih didenominasikan

dalam mata wang kefungsian entiti masing-masing – (282,105) (282,105)

Pendedahan mata wang 1,585 – 1,585







DolarAmerika RinggitSyarikat Malaysia Jumlah

Syarikat RM’000 RM’000 RM’000

2009

Aset kewanganPenghutang – 217 217Jumlah terhutang oleh anak-anak syarikat – 27 27Jumlah terhutang oleh pihak berkaitan – 259 259Jumlah terhutang oleh syarikat bersekutu – 51,649 51,649Deposit tetap dengan bank berlesen – 152,392 152,392Tunai dan baki bank 6,947 1,323 8,270

6,947 205,867 212,814

Liabiliti KewanganPemiutang – 9,005 9,005Jumlah terhutang kepada anak-anak syarikat – 95,862 95,862Jumlah terhutang kepada pihak berkaitan – 3 3Jumlah terhutang kepada syarikat bersekutu – 1,975 1,975Pinjaman – 445,000 445,000

– 551,845 551,845

Aset/ (liabiliti) kewangan bersih) 6,947 (345,978) (339,031)Tolak: (Aset)/ liabiliti kewangan bersih didenominasikan

dalam mata wang kefungsian entiti masing-masing – (345,978) (345,978)

Pendedahan mata wang 6,947 – 6,947







Analisis kesensitifan risiko mata wang asing

Jadual berikut memperincikan analisis kesensitifan kepada kemungkinan perubahan munasabah dalam mata wangasing pada akhir tempoh pelaporan, dengan semua angka boleh ubah lain kekal konstans:

Kumpulan Syarikat2010 2010

Peningkatan/ Peningkatan/(Pengurangan) (Pengurangan)

RM’000 RM’000Kesan ke atas keuntungan selepas cukai

Dolar Amerika Syarikat:– mengukuh sebanyak 10% 2,241 159– susut sebanyak 10% (2,241) (159)

Dolar Singapura:– mengukuh sebanyak 10% (523) –– susut sebanyak 10% 523 –

Kesan ke atas ekuiti

Tidak ada kesan material kepada ekuiti Kumpulan.

(ii) Risiko Kadar Faedah

Pendedahan Kumpulan kepada risiko kadar faedah timbul terutamanya daripada deposit jangka pendeknya denganbank berlesen dan pinjaman menanggung faedah. Ada kalanya, Kumpulan memasuki pelbagai instrumenkewangan derivatif bagi menguruskan pendedahannya kepada risiko kadar faedah.

Dana lebihan ditempatkan dengan institusi kewangan berlesen pada kadar faedah yang paling menguntungkan.

Analisis kesensitifan risiko kadar faedah

Jadual berikut memperincikan analisis kesensitifan kepada perubahan munasabah yang mungkin dalam kadarfaedah pinjaman kadar tetap pada akhir tempoh pelaporan, dengan semua angka boleh ubah lain kekal konstan:

Kumpulan Syarikat2010 2010

Peningkatan/ Peningkatan/(Pengurangan) (Pengurangan)

RM’000 RM’000Kesan ke atas keuntungan selepas cukai

Meningkat sebanyak 50 mata asas (“bp”) (165) –Merosot sebanyak 50 bp 165 –

Kesan ke atas ekuiti

Tidak ada kesan material kepada ekuiti Kumpulan.






(iii) Risiko Harga Ekuiti

Pendedahan ketara Kumpulan kepada risiko harga ekuiti timbul terutamanya daripada perubahan dalam hargasekuriti disebut harga. Risiko harga ekuiti diawasi dengan teliti dan diuruskan pada tahap yang boleh diterima.

Memandangkan pelaburan disebut harga Kumpulan diakaunkan di bawah kaedah kos, analisis kesensitifantidak dibentangkan.

(ii) Risiko Kredit

Pendedahan Kumpulan kepada risiko kredit, atau risiko pihak satu lagi yang memungkiri, timbul terutamanya daripadapenghutang (termasuk penghutang perdagangan, lain-lain penghutang dan pihak berkaitan). Kumpulan menguruskanpendedahannya kepada risiko kredit melalui penggunaan kelulusan kredit, had kredit dan prosedur mengawasi atasdasar berterusan.

Kumpulan mewujudkan peruntukan bagi rosot nilai yang mewakili anggaran daripada kerugian ditanggungnyaberhubung dengan penghutang sebagaimana sesuai. Komponen utama peruntukan ini adalah komponen kerugiankhusus yang berkait dengan pendedahan ketara secara individu, dan komponen kerugian terkumpul diwujudkan bagikumpulan aset yang sama berhubung dengan kerugian yang telah ditanggung tetapi masih belum dikenal pasti. Rosotnilai dianggarkan oleh pengurusan berdasarkan pengalaman dan persekitaran ekonomi semasa.

Profil penumpuan risiko kredit

Penumpuan risiko kredit Kumpulan berkait dengan jumlah terhutang oleh empat (4) pelanggan yang membentuk lebihkurang 81% daripada penghutang perdagangan bersihnya pada akhir tempoh pelaporan.





(ii) Risiko Kredit (Samb)

Pendedahan kepada risiko kredit

Memandangkan Kumpulan tidak memegang sebarang kolateral, pendedahan maksimum kepada risiko kredit diwakilioleh jumlah penyimpanan aset kewangan pada akhir tempoh pelaporan.

Analisis pengusiaan

Analisis pengusiaan penghutang perdagangan Kumpulan pada 31 Disember 2010 adalah seperti berikut:

Jumlah Rosot Nilai Rosot Nilai NilaiKasar Tunggal Terkumpul Hantar

Kumpulan RM’000 RM’000 RM’000 RM’000

2010

Tidak melepasi tempoh kena dibayar 27,113 – – 27,113

Melepasi tempoh kena dibayar:– kurang daripada 3 bulan 11,193 – – 11,193– 3 hingga 6 bulan 4,839 – – 4,839– melebihi 6 bulan 3,171 (297) – 2,874

46,316 (297) – 46,019

Penghutang perdagangan yang melepasi tempoh kena bayar tetapi tidak merosot nilainya

Kumpulan percaya bahawa tidak ada peruntukan rosot nilai yang diperlukan berhubung dengan penghutang ini.Penghutang ini sebahagian besarnya adalah syarikat-syarikat dengan rekod pengutipan yang memuaskan dan tidakada sejarah pemungkiran.

Penghutang perdagangan yang tidak melepasi tempoh kena bayar dan tidak merosot nilainya

Bahagian ketara penghutang perdagangan yang tidak melepasi tempoh kena bayar dan tidak merosot nilai adalahpelanggan-pelanggan tetap yang telah lama berurus niaga dengan Kumpulan. Kumpulan menggunakan analisispengusiaan untuk mengawasi kualiti kredit penghutang perdagangan.





(ii) Risiko Kredit (Samb)

Analisis pengusiaan (Samb)

Analisis pengusiaan lain-lain baki perdagangan Kumpulan (jumlah terhutang oleh pihak berkaitan) pada 31 Disember 2010adalah seperti berikut:

Jumlah Rosot Nilai Rosot Nilai NilaiKasar Tunggal Terkumpul Hantar

Kumpulan RM’000 RM’000 RM’000 RM’000

2010

Tidak melepasi tempoh kena dibayar 15,078 – – 15,078

Melepasi tempoh kena dibayar:– kurang daripada 3 bulan 9,515 – – 9,515– 3 hingga 6 bulan 5,037 (1,899) – 3,138– melebihi 6 bulan 1,168 – – 1,168

30,798 (1,899) – 28,899

Penghutang perdagangan yang melepasi tempoh kena bayar tetapi tidak merosot nilainya

Kumpulan percaya bahawa peruntukan rosot nilai tidak diperlukan memandangkan kebanyakan mereka pihak berkaitan.





(iii) Risiko Mudah Tunai

Pendedahan Kumpulan kepada risiko mudah tunai timbul terutamanya daripada kegiatan pendanaan danperniagaan am.

Kumpulan mengamalkan pengurusan risiko mudah tunai berhemah dengan mengekalkan baki tunai dan pendanaanyang mencukupi melalui jumlah kemudahan kredit/ talian kredit yang komited untuk keperluan modal kerja.

Jadual berikut menunjukkan profil kematangan liabiliti kewangan pada akhir tempoh pelaporan berdasarkan alirantunai tidak didiskaunkan kontrak (termasuk bayaran faedah dikira dengan menggunakan kadar kontrak atau, sekiranyaterapung, berdasarkan kadar pada akhir tempoh pelaporan):

Aliran Tunai <--------------- Kematangan ---------------->Tidak Dalam

Jumlah Didiskaunkan Masa 1–5 MelebihiPenyimpanan Kontrak 1 Tahun Tahun 5 Tahun

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

2010

Pemiutang 66,732 66,732 66,472 260 –Jumlah terhutang kepada

pihak berkaitan 33 33 33 – –Pemiutang sewa beli 424 493 98 357 38Pinjaman berjangka 244,472 261,947 109,194 152,753 –

311,661 329,205 175,797 153,370 38

2009


pihak berkaitan 236 236 236 – –Jumlah terhutang kepada

syarikat bersekutu 1,975 1,975 1,975 – –Pemiutang sewa beli 82 95 22 73 –Pinjaman berjangka 445,000 478,423 262,884 215,539 –

572,590 606,026 390,173 215,853 –





(iii) Risiko Mudah Tunai (Samb)

Aliran Tunai <--------------- Kematangan ---------------->Tidak Dalam

Jumlah Didiskaunkan Masa 1–5 MelebihiPenyimpanan Kontrak 1 Tahun Tahun 5 Tahun

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

2010


anak-anak syarikat 123,839 123,839 123,839 – –Jumlah terhutang kepada

pihak berkaitan 32 32 32 – –Pemiutang sewa beli 363 422 77 307 38Pinjaman berjangka 199,823 215,539 105,188 110,351 –

332,844 348,619 237,709 110,872 38

2009


anak-anak syarikat 95,862 95,862 95,862 – –Jumlah terhutang kepada

syarikat bersekutu 1,975 1,975 1,975 – –Jumlah terhutang kepada

pihak berkaitan 3 3 3 – –Pinjaman berjangka 445,000 478,423 262,884 215,539 –

551,845 585,268 369,528 215,740 –





(iii) Risiko Mudah Tunai (Samb)

Lindungan Nilai Aliran Tunai

Kumpulan memasuki swap kadar faedah mata wang bersilang USD-MYR untuk melindung nilai risiko aliran tunai dankadar faedah pinjaman berjangka kadar tetap mata wang asingnya sebagaimana dinyatakan dalam Nota 24(d) kepadapenyata kewangan. Swap kadar faedah mata wang bersilang mempunyai nilai nominal yang sama dengan pinjamanberjangka sebanyak USD14,480,000 (bersamaan dengan RM46,408,400) dan diselesaikan secara suku tahunan,konsisten dengan jadual pembayaran balik pinjaman berjangka tersebut.

Swap kadar faedah mata wang bersilang telah ditetapkan sebagai lindungan aliran tunai dan telah dinilai sebagaiamat berkesan.

(b) Pengurusan Risiko Modal

Kumpulan menguruskan modalnya untuk memastikan agar entiti dalam Kumpulan akan dapat mengekalkan struktur modaloptimum untuk menyokong perniagaan dan memaksimumkan nilai pemegang (pemegang-pemegang) saham mereka. Untukmencapai objektif ini, Kumpulan boleh membuat pelarasan kepada struktur modal memandangkan perubahan dalam keadaanekonomi, seperti menyelaraskan jumlah bayaran dividen, mengembalikan modal kepada pemegang-pemegang saham ataumenerbitkan saham-saham baru.

Kumpulan menguruskan modalnya berdasarkan nisbah hutang kepada ekuiti. Strategi Kumpulan tidak berubah dari tahunkewangan sebelumnya. Nisbah hutang kepada ekuiti dikira sebagai hutang bersih dibahagikan dengan jumlah ekuiti. Hutangbersih dikira sebagai pinjaman campur pemiutang perdagangan dan lain-lain pemiutang tolak tunai dan setara tunai.

Nisbah hutang kepada ekuiti Kumpulan pada akhir tempoh pelaporan adalah seperti berikut:


Hutang bersih 242,180 392,865

Jumlah ekuiti 504,252 564,249

Nisbah hutang kepada ekuiti 0.48 0.70

Kumpulan tidak melanggar sebarang keperluan penggearan dalam tahun-tahun kewangan berakhir 31 Disember 2009 dan31 Disember 2010.

Di bawah keperluan No. Nota Amalan 17/2005 Bursa Malaysia, Syarikat diperlukan untuk mengekalkan ekuiti pemegang-pemegang saham disatukan (jumlah ekuiti boleh dikaitkan dengan pemilik-pemilik Syarikat) bersamaan atau tidak kurang 25%daripada modal saham yang diterbitkan dan berbayar (tidak termasuk saham perbendaharaan) dan ekuiti pemegang-pemegang saham tersebut tidak kurang daripada RM40 juta. Syarikat telah mematuhi dengan keperluan ini.




(c) Pengkelasan Instrumen Kewangan

Kumpulan Syarikat2010 2010RM'000 RM'000

Aset kewangan

Aset kewangan pinjaman dan penghutangDeposit boleh dikembalikan 90,930 –Penghutang 53,966 1,416Jumlah terhutang oleh anak-anak syarikat – 271Jumlah terhutang oleh pihak berkaitan 36,614 259Deposit tetap dengan bank berlesen 51,188 47,360Tunai dan baki bank 18,293 3,018

250,991 52,324

Liabiliti kewangan

Nilai saksama melalui keuntungan atau kerugianLiabiliti derivatif 3,070 –

Lain-lain liabiliti kewanganPemiutang 66,732 8,787Jumlah terhutang kepada anak-anak syarikat – 123,839Jumlah terhutang kepada pihak berkaitan 33 32Pinjaman 244,896 200,186

314,731 332,844




(d) Nilai Saksama Instrumen Kewangan

Jumlah penyimpanan aset kewangan dan liabiliti kewangan dilaporkan dalam penyata kewangan menyamai dengan nilaisaksamanya kecuali bagi yang berikut:

2010 2009Jumlah Nilai Jumlah Nilai

Penyimpanan Saksama Penyimpanan SaksamaRM RM RM RM

Kumpulan

Deposit boleh dikembalikan 90,930 90,222 98,221 65,681Pinjaman 244,472 223,940 445,000 419,739

Syarikat

Pinjaman 199,823 185,993 445,000 419,739

Yang berikut meringkaskan kaedah-kaedah digunakan dalam menentukan nilai saksama instrumen kewangan:

(i) Aset kewangan dan liabiliti kewangan yang matang dalam masa dua belas (12) bulan berikutnya menyamai nilaisaksamanya disebabkan oleh kematangan jangka pendek instrumen kewangan.

(ii) Nilai saksama deposit boleh dikembalikan dan pinjaman ditentukan dengan mendiskaunkan aliran tunai berkenaandengan menggunakan kadar faedah bagi instrumen serupa pada akhir tempoh pelaporan.

(iii) Nilai saksama instrumen derivatif adalah berdasarkan sebut harga broker.

Kadar faedah digunakan untuk mendiskaunkan anggaran aliran tunai, di mana terpakai, adalah seperti berikut:

Kumpulan Syarikat2010 2009 2010 2009% % % %

Deposit boleh dikembalikan 5.03 4.46 – –Pinjaman 6.15 5.55 6.30 5.55



46. PERISTIWA-PERISTIWA PENTING DALAM TAHUN KEWANGAN

Butir-butir mengenai peristiwa-peristiwa penting dalam tahun kewangan adalah seperti berikut:

(i) Pada 23 Disember 2009, Syarikat menerima Perintah Ex-Parte Interim oleh Mahkamah Tinggi Kuala Lumpur (“MahkamahTinggi”) (Bahagian Dagang) melalui Guaman No. 22NCC 735-2009 (“Guaman Derivatif”), menetapkan perbicaraan antarapihak pada 11 Januari 2010 untuk menyekat Syarikat, Y.M. Tengku Dato’ Ibrahim Petra Bin Tengku Indra Petra (“TIP”) dantiga (3) pengarah Syarikat yang lain (secara kolektif dirujuk sebagai “Bekas Pengarah”) dan TA Securities Holdings Berhad(“TA Securities”) daripada melupus pelaburan 29.59% saham selebihnya yang dipegang oleh Syarikat dalam Petra EnergyBerhad (“PEB”) sehingga rekuisisi Encik Shamsul Bin Saad (“Encik Shamsul”) bagi Mesyuarat Agung Luar Biasa pemegang-pemegang saham Syarikat dan/atau sehingga pelupusan akhir Guaman Derivatif yang mana lebih awal.

Guaman Derivatif adalah tindakan derivatif diambil oleh Encik Shamsul dalam keupayaan Encik Shamsul sebagai pemegangsaham minoriti Syarikat, bagi manfaat Syarikat. Pengataan dalam Guaman Deriviatif adalah, antara lainnya, pelanggarankewajipan fidusiari, kewajipan berjaga-jaga di sisi common law dan ekuiti serta juga kewajipan statutori oleh Bekas Pengarahtersebut di atas. Sebarang ganti rugi diperolehi akan diberikan semata-mata kepada Syarikat dan bukannya Encik Shamsul.

Hakim Mahkamah Tinggi pada 16 Ogos 2010 membebarkan permohonan oleh Bekas Pengarah terhadap Encik Shamsuldengan kos atas alasan, antara lainnya, bahawa Guaman Derivatif tidak lagi boleh dipertahankan mengambil kira perubahandalam keadaan, iaitu isu kawalan Syarikat.

(ii) Pada 6 Januari 2010, Syarikat menerima notis khas bagi pemecatan TIP, Datin Nariza Hajjar Hashim, Wong Fook Heng danTiong Young Kong sebagai pengarah Syarikat, bersama dengan pemanggilan Mesyuarat Agung Luar Biasa selaras denganSeksyen 145 Akta Syarikat 1965 merangkap notis calon-calon iaitu, Dato’ Kho Poh Eng, Koh Pho Wat, Surya Hidayat BinAbdul Malik dan Ganesan A/L Sundaraj, sebagai pengarah selaras dengan Tataurusan 102(a) Tataurusan Pertubuhan Syarikat(“EGM”), daripada beberapa pemegang saham Syarikat.

Pada 4 Februari 2010, EGM telah diadakan dan resolusi biasa yang dijadualkan sebagai resolusi 1 hingga resolusi 8 telahdiluluskan berakhir dengan pemecatan TIP, Datin Nariza Hajjar Hashim, Wong Fook Heng and Tiong Young Kong sebagaipengarah Syarikat dan pelantikan Dato’ Kho Poh Eng, Koh Pho Wat, Surya Hidayat Bin Abdul Malik dan Ganesan A/LSundaraj, sebagai pengarah.

(iii) Pada 2 Februari 2010, Intra Oil Services Berhad (“IOS”) mengambil tindakan undang-undang terhadap Encik Shamsul andAsia Marine Pte. Ltd. (“AMPL”) dalam Mahkamah Tinggi Kuala Lumpur melalui No. Guaman D-27NCC-2-2010 (“Guaman”)berhubung dengan penandatanganan Perjanjian Broker (Komisen) bertarikh 9 Mac 2009 (“BCA”). Dalam guaman, IOSmendakwa, antara lainnya, bahawa Encik Shamsul telah melanggar kewajipan fidusiari dan/ atau obligasi beliau terhadapIOS memandangkan bayaran telah dibuat kepada AMPL sebelum BCA ditandatangani.

Pada 23 Februari 2010, Lembaga Pengarah IOS, kecuali bagi Encik Shamsul yang telah berkecuali daripada perbincangandan pengundian mengenai perkara, mengkaji guaman undang-undang dan mendapati bahawa guaman undang-undangsebagai tidak berasas sama sekali. IOS kemudiannya telah menarik balik guaman undang-undang. ‘Notis Pemberhentian’ telahdifailkan dengan Mahkamah Tinggi Kuala Lumpur pada hari yang sama.

(iv) Pada 9 Februari 2010, Syarikat mengumumkan bahawa pelupusan Petra Endeavour kepada Petra Innotech Sdn. Bhd. selesaidilaksanakan pada 27 Januari 2010.

(v) Pada 12 Februari 2010, Syarikat membuat prabayaran Tranche 3 dan Tranche 4 Kemudahan B dan sebahagian daripadaTranche 2 Kemudahan B (RM150 juta pinjaman berjangka boleh pindah bersindiket) berjumlah RM108 juta.



46. PERISTIWA-PERISTIWA PENTING DALAM TAHUN KEWANGAN (SAMB)

(vi) Pada 18 Mac 2010, IOS menerima kemudahan Pembiayana-i Berjangka Murabahah Komoditi sebanyak USD14.48 jutauntuk membiayai pembelian satu (1) unit bot kerja iaitu, Petra Sovereign untuk tempoh selama lima (5) tahun.

(vii) Pada 19 Mac 2010, Syarikat meminta syarikat bersekutunya, PEB untuk membayar balik keseluruhan jumlah belum dijelasdengan serta-merta.

(viii) Pada 31 Mac 2010, Perdana Mercury Limited (“PML”) membuat penghantaran bot tunda kendalian sauh dan kapal bekalan(“AHTS”), iaitu Petra Admiral dan menandatangani Carter Bareboat dengan Mount Tahan LLC untuk memajak balik kapaltersebut untuk tempoh selama 120 bulan.

(ix) Pembelian Petra Sovereign selesai dilaksanakan selepas penghantaran kapal kepada IOS sebagai nomini bagi Perdana VenusLimited (“PVL”) pada 3 Mei 2010.

(x) Pada 20 Mei 2010, PVL menandatangani Memorandum Perjanjian (“MOA”) dengan Mount Bintang LLC untuk melupuskanPetra Liberty dan Petra Excelsiornya masing-masing bagi balasan sebanyak USD18 juta dan USD25 juta.

Selepas pelupusan, PML menandatangani Carter Bareboat dengan Mount Bintang LLC untuk memajak balik kapal tersebutuntuk tempoh selama enam puluh (60) bulan bermula dari tarikh penyerahan masing-masing ke atas dua (2) kapal denganopsyen untuk membeli kapal masing-masing pada akhir tempoh carter atas terma-terma dan syarat-syarat sebagaimanaditetapkan dalam Perjanjian Opsyen ditandatangani di antara PML dan Mount Bintang LLC.

(xi) Pada 21 Mei 2010, IOS memfailkan tindakan dalam Mahkamah Tinggi melalui Writ Saman (No. Guaman D-22NCC-1005-2010)(“Guaman IOS”) terhadap bekas pengarah IOS, iaitu TIP, Tiong Young Kong dan Wong Fook Heng bagi pelanggaran kewajipanfidusiari dan/ atau kewajipan di sisi common law terhadap IOS.

Pada 20 Disember 2010, IOS memutuskan untuk menamatkan Guaman IOS dengan tidak ada perintah mengenai kos dantanpa kebebasan untuk memfailkan guaman baru.

(xii) Pada 26 Mei 2010, Syarikat mengumumkan bahawa Syarikat, bersama dengan Encik Shamsul, sebagai pemegang-pemegangsaham benefisial PEB, memberikan notis khas kepada PEB mengenai hasrat bersama mereka untuk mencadangkan resolusibagi memecat TIP, Lee Mee Jiong, Suhaimi Badrul Jamil sebagai pengarah PEB dan untuk melantik Koh Pho Wat dan SuryaHidayat Bin Abdul Malik sebagai pengarah PEB. Pekeliling kepada pemegang-pemegang saham PEB bertarikh 31 Mei 2010telah dihantar untuk mengadakan mesyuarat agung luar biasa pada 24 Jun 2010 (“PEB EGM”).

Pada 17 Jun 2010, Encik Suhaimi Badrul Jamil meletak jawatan sebagai pengarah PEB dan pada 18 Jun 2010, TIP dan LeeMee Jiong meletak jawatan sebagai pengarah PEB.

Pada 24 Jun 2010, Syarikat bersama dengan Encik Shamsul, menarik balik cadangan resolusi mengenai pelantikan Tetuan KohPho Wat dan Encik Surya Hidayat Bin Abdul Malik pada EGM PEB memandangkan Syarikat telah menerima surat daripadaPEB bertarikh 22 Jun 2010 mempelawa Syarikat untuk mencalonkan wakil(wakil-wakil) kepada lembaga pengarah PEB.

Pada 13 Julai 2010, Surya Hidayat Bin Abdul Malik telah dilantik kepada lembaga pengarah PEB sebagai pengarah bukanbebas dan bukan eksekutif.




(xiii) Pada 22 Jun 2010, Syarikat mengumumkan bahawa ia telah menerima surat daripada pemegang-pemegang saham tertentuSyarikat, iaitu Chow Lean Keat, Datin Che Nariza Hajjar Hashim, Ramilah Joannah Sulaiman dan Nik Ismail Bin Tengku BesarIndra Raja yang mencalonkan calon mereka masing-masing, John Pang Yun Nian, Dato’ Syed Norulzaman Bin SyedKamarulzaman, Suhaimi Bin Badrul Jamil dan Dato’ Shaik Sulaiman Bin S. Mohamed Ismail bagi pemilihan ke jawatanpengarah Syarikat.

Pada 24 Jun 2010, Syarikat telah disampaikan oleh peguam cara Datin Che Nariza Hajjar Hashim dan peguam cara NikIsmail Bin Tengku Besar Indra Raja and Ramilah Joannah Sulaiman, salinan bersetem Saman Dalam Kamar bertarikh 23 Jun2010 dan Saman Pemula bertarikh 23 Jun 2010 bersama dengan salinan Afidavit Sokongan berhubung dengan penundaanMesyuarat Agung Tahunan (“AGM”) Syarikat yang akan datang untuk diadakan pada 28 Jun 2010 sehingga tarikh tertentuselepas pelupusan Saman Pemula.

Pada 28 Jun 2010, Syarikat mengumumkan bahawa Mahkamah Tinggi telah memberikan perintah bagi AGM Keempat Belasuntuk memulakan dengan resolusi nombor 1, 2, 7, 8, 9 dan 10 manakala penjadualan dan pengundian bagi resolusi nombor3, 4, 5, dan 6 sebagaimana diperincikan dalam notis resolusi tambahan bertarikh 21 Jun 2010 akan dilakukan pada AGMyang ditunda. AGM ditunda telah diadakan pada 20 Julai 2010 di One World Hotel, Kuala Lumpur.

Pada 1 Julai 2010, Syarikat mengumumkan bahawa pada 30 Jun 2010, peguam caranya telah memfailkan dalam NotisRayuan kepada Mahkamah Rayuan berhubung dengan keputusan Mahkamah Tinggi diberikan pada 28 Jun 2010 (“Rayuan”).Pada hari yang sama, Syairkat memaklumkan bahawa mereka telah menerima surat bertarikh 30 Jun 2010 daripada JohnPang Yun Nian, menarik balik kebenaran beliau kepada pencalonan oleh pemegang saham, Chow Lean Keat, yangmencalonkan beliau bagi pemilihan sebagai pengarah Syarikat.

Pada 15 Julai 2010, Syarikat selanjutnya mengumumkan bahawa mereka telah menerima tiga (3) surat, kesemuanya masing-masing bertarikh 14 Julai 2010, daripada Ramilah Joannah Sulaiman, Datin Che Nariza Hajjar Hashim dan Nik Ismail BinTengku Besar Indra Raja menarik balik pencalonan mereka ke atas Suhaimi Bin Badrul Jamil, Dato’ Syed Norulzaman Bin SyedKamarulzaman dan Dato’ Shaik Sulaiman Bin S. Mohamed Ismail sebagai pengarah Syarikat. Selain daripada itu, nomini-nomini ini juga telah menarik balik notis pencalonan mereka masing-masing sebagai pengarah Syarikat bertarikh 8 Jun 2010pada tarikh yang sama melalui surat kesemuanya bertarikh 14 Julai 2010.

Pada 8 September 2010, Syarikat mengumumkan bahawa perbicaraan Rayuan telah didengar oleh Mahkamah Rayuan pada7 September 2010 dan Mahkamah Rayuan memutuskan bahawa Rayuan telah dianggap akademik atas alasan penarikanbalik pencalonan masing-masing dalam persoalan. Mahkamah Rayuan membuang kedua-dua Rayuan dengan tidak adaperintah mengenai kos dan selanjutnya diperintahkan bahawa deposit Rayuan untuk dikembalikan kepada Syarikat. Merit-merit Rayuan substantif tidak didengar tidak juga disuarakan.

(xiv) Pada 2 Julai 2010, Syarikat mengumumkan penyelesaian penempatan persendirian sebanyak 29,760,000 saham biasa barubernilai RM0.50 sesaham dalam Syarikat berikutan dengan penyenaraian dan sebut harga bagi saham-saham baru tersebutpada Pasaran Utama Bursa Malaysia Securities Berhad (“Bursa Securities”) yang telah diterbitkan dan diperuntukkan pada30 Jun 2010 pada harga terbitan RM1.32 setiap saham.

(xv) Pada 11 Ogos 2010, PVL memberikan notis pembatalan MOA berhubung dengan SK 202 Vessel kepada Nam CheongDockyard Sdn. Bhd. (“NCD”) dan NCD telah bersetuju untuk mengembalikan sepenuhnya semua deposit dibayar lebih awalsebanyak USD8.85 juta.




Akibat daripada pembatalan, sebahagian daripada perolehan daripada penempatan persendirian berjumlah RM19.78juta yang sebelum ini dihasratkan untuk digunakan terhadap bayaran SK 202 Vessel yang telah ditandakan untuk tujuanmodal kerja.

(xvi) Pada 1 November 2010, Syarikat mengumumkan penyelesaian terbitan hak boleh lepas sebanyak RM0.50 sesaham dalamSyarikat berikutan dengan penyenaraian dan sebut harga bagi saham-saham baru pada Pasaran Utama Bursa Securities yangtelah diterbitkan dan diperuntukkan pada 27 Oktober 2010 pada harga terbitan RM0.59 setiap saham.

(xvii) Pada 19 November 2010, Perdana Nautika Sdn. Bhd. (“PNSB”) telah diperbadankan dengan modal saham yang diterbitkandan berbayar bernilai RM2.00 sesaham dibahagikan dengan 2 saham biasa bernilai RM1.00. Kegiatan utama PNSB adalahuntuk menyediakan perkhidmatan sokongan marin luar pesisir bagi industri minyak dan gas huluan dalam pasaran domestik.

Pada 28 Disember 2010, Syarikat mengumumkan bahawa ia selanjutnya telah melanggan bagi 54,998 saham biasa barutambahan bernilai RM1.00 sesaham pada tara dalam modal saham PNSB mewakili 55% daripada modal saham PNSB yangdiperbesarkan. Baki sebanyak 45% pegagan ekuiti dalam modal saham PNSB yang diperbesarkan telah dilanggan olehKelana Teroka Sdn. Bhd., 100% syarikat bumiputra diperbadankan di Malaysia dengan pengalaman dalam perkhidmatansokongan marin luar pesisir. Antara lain, PNSB dalam strukturnya untuk melaksanakan syarat-syarat Lesen Petronas bagiperkhidmatan sokongan marin luar pesisir domestik.

47. PERISTIWA PENTING BERLAKU SELEPAS TEMPOH PELAPORAN

Ampangship Marine Sdn. Bhd. (“AMS”) menandatangani MOA bertarikh 23 Mac 2011 untuk melupuskan kapal tunda kerjakemudahannya iaitu, Emerald kepada PT PANN (Persero), sebuah syarikat yang diperbadankan di Indonesia bagi jumlah balasantunai sebanyak USD8.2 juta. Pelupusan selesai dilaksanakan selepas penghantaran kapal tunda kerja kemudahann kepada PTPANN (Persero) pada 8 April 2011.

48. ANGKA-ANGKA PERBANDINGAN

Angka-angka perbandingan berikut telah dikelaskan semula untuk menyamai dengan pembentangan tahun kewangan semasa:

Kumpulan SyarikatSebagaimana Sebagaimana Sebagaimana SebagaimanaDinyatakan Dilaporkan Dinyatakan DilaporkanSemula Sebelum Ini Semula Sebelum IniRM’000 RM’000 RM’000 RM’000

Penyata Kedudukan Kewangan (Petikan):

Aset Bukan SemasaJumlah terhutang oleh anak-anak syarikat – – 353,576 329,715Deposit boleh dikembalikan 98,221 75,106 – –

Aset SemasaPenghutang 97,827 120,942 15,104 38,965



49. MAKLUMAT TAMBAHAN - PENDEDAHAN MENGENAI KEUNTUNGAN DINYATAKAN DAN TIDAK DINYATAKAN

Pada 25 Mac 2010, Bursa Securities menerbitkan arahan kepada semua pembuat terbitan tersenarai selaras dengan Perenggan2.06 dan 2.23 Syarat-syarat Penyenaraian Pasaran Utama Bursa Securities. Arahan memerlukan agar semua pembuat terbitantersenarai untuk mendedahkan pecahan daripada keuntungan tidak diasingkan atau kerugian terkumpul pada akhir tempohpelaporan, kepada keuntungan atau kerugian direalis dan tidak direalis.

Pada 20 Disember 2010, Bursa Securities selanjutnya mengeluarkan panduan mengenai pendedahan dan format yang diperlukan.

Pecahan daripada keuntungan tertahan Kumpulan pada 31 Disember 2010, kepada keuntungan direalis dan tidak direalis, selarasdengan arahan, adalah seperti berikut:

Kumpulan Syarikat2010 2010RM'000 RM'000

Jumlah keuntungan tertahan:– direalis 189,677 138,071– tidak direalis (29,406) 45

160,271 138,116Jumlah bahagian keuntungan tertahan daripada syarikat bersekutu:– direalis 60,508 –– tidak direalis (7,935) –

212,844 138,116

Tolak: Pelarasan penyatuan 27,954 –

Pada 31 Disember 240,798 138,116

Penentuan keuntungan direalis dan tidak direalis dikumpulkan berdasarkan Panduan mengenai Perkara Khas No. 1, PenentuanKeuntungan atau Kerugian Direalis dan Tidak Direalis dalam Konteks Pendedahan Selaras dengan Syarat-syarat PenyenaraianBursa Securities, dikeluarkan oleh Institut Akauntan Malaysia pada 20 Disember 2010.

Pendedahan keuntungan direalis dan tidak direalis di atas adalah semata-mata untuk mematuhi dengan syarat-syarat pendedahanditetapkan dalam arahan Bursa Securities dan tidak boleh digunakan untuk sebarang tujuan lain.



List of Properties as at 31 December 2010

Senarai Hartanah pada 31 Disember 2010

REMAINING AGE OFLEASE PERIOD/ PROPERTY/

STATUS/ TEMPOH PAJAKAN USIA NBV/ADDRESS/ALAMAT DESCRIPTION/JENIS KEDUDUKAN YANG TINGGAL HARTANAH NBB

Petra Perdana Berhad Shop Office/ Leasehold/ 65 12 1,664No. 4, Jalan 3/3C, Batu 7, Kedai Pejabat Pegangan PajakOff Jalan Ipoh,68100 Kuala Lumpur

laporan tahunan2010annual report 257

Statistical Report as at 29 April 2011

Laporan Statistik pada 29 April 2011

ANALYSIS BY SIZE OF WARRANT HOLDINGS/ ANALISIS SAIZ PEGANGAN WARAN

No. of Warrants in issue/Bil. Waran yang diterbitkan : 61,379,785Exercise Price of Warrants/Harga Pelaksanaan Waran : RM1.00Expiry Date of Warrants/Tarikh Luput Waran : 26 October 2015Voting Rights at Warrant Holders’ Meeting /Hak Mengundi di Mesyuarat Pemegang Waran : One vote per warrant held/ Satu undian bagi setiap pegangan waran

NO. OF % OF NO. OF % OFWARRANT WARRANT WARRANT WARRANTHOLDERS/ HOLDERS/ HOLDING/ ISSUED/

BIL. PERATUS BIL. PERATUSSIZE OF HOLDINGS/ PEMEGANG PEGANGAN PEGANGAN WARANSAIZ PEGANGAN WARAN WARAN WARAN DITERBITKAN

Less than/ kurang daripada 100 207 6.50 9,884 0.02100 – 1,000 1,070 33.57 607,564 0.991,001 – 10,000 1,258 39.47 5,783,459 9.4210,001 – 100,000 579 18.17 19,042,409 31.02100,001 – less than 5% of issued Warrants 71 2.23 24,776,469 40.37

tidak sampai 5% saham terbitan5% and above of issued Warrants 2 0.06 11,160,000 18.18

atau lebih saham terbitan

Total/Jumlah 3,187 100.00 61,379,785 100.00

LIST OF DIRECTORS’ WARRANT HOLDINGS AS AT 29 APRIL 2011/SENARAI PEGANGAN WARAN PARA PENGARAH PADA 29 APRIL 2011

NO. OF WARRANTS/BILANGAN WARAN

DIRECT INTEREST/ % INDIRECT INTEREST/ %NAME OF DIRECTORS/ KEPENTINGAN PERATUS KEPENTINGAN PERATUSNAMA PENGARAH LANGSUNG TIDAK LANGSUNG

Dato' Kho Poh Eng 2,844,724 4.63 14,466# 0.02

Koh Pho Wat 2,934,200 4.78 42,484# 0.07

Shamsul Saad 673,687 1.26 1,312# –

Surya Hidayat Abdul Malik – – – –

Ganesan Sundaraj – – – –

Raja Anuar Raja Abu Hassan – – – –

Idris Zaidel – – – –

Hamdan Rasid – – – –

Note:# Deemed interest pursuant to Section 134(12)(c) of the Companies Act, 1965./

Dianggap sebagai kepentingan selaras dengan Seksyen 134(12)(c) Akta Syarikat, 1965.


THIRTY LARGEST WARRANT HOLDERS AS AT 29 APRIL 2011/TIGA PULUH (30) PEMEGANG WARAN TERBESAR PADA 29 APRIL 2011

% OF WARRANTSNO. OF ISSUED/

WARRANTS/ PERATUS MODALNO./ NAME OF WARRANT HOLDERS/ BILANGAN WARANBIL. NAMA PEMEGANG WARAN WARAN DITERBITKAN

1. Lembaga Tabung Haji 5,580,000 9.09

2. Nam Cheong Dockyard Sdn Bhd 5,580,000 9.09

3. Alliancegroup Nominees (Tempatan) Sdn Bhd 2,924,201 4.76Pledged securities account for Koh Pho Wat

4. Kho Poh Eng 1,957,224 3.19

5. Lee Kek Ming 1,950,000 3.18

6. Upstream Downstream Process & Services Sdn Bhd 833,400 1.36

7. Alliancegroup Nominees (Tempatan) Sdn Bhd 793,750 1.29Pledged securities account for Kho Poh Eng

8. Kong Yoke Chan 700,000 1.14

9. CIMSEC Nominees (Tempatan) Sdn Bhd 650,250 1.06CIMB Bank for Shamsul Saad

10. Citigroup Nominees (Asing) Sdn Bhd 637,562 1.04Exempt An for OCBC Securities Private Limited

11. HSBC Nominees (Asing) Sdn Bhd 587,499 0.96Exempt An for The Bank of New York Mellon SA/NV

12. Ang Eng Huat 500,000 0.81

13. TA Nominees (Tempatan) Sdn Bhd 500,000 0.81Pledged securities account for Loh Tai Cheong @ Chin Tai Cheong

14. Tan Geng Sing 490,000 0.80

15. RHB Nominees (Asing) Sdn Bhd 455,000 0.74Pledged securities account for Tan Geng Sing


Statistical Report as at 29 April 2011 (cont’d)Laporan Statistik pada 29 April 2011 (samb)

THIRTY LARGEST WARRANT HOLDERS AS AT 29 APRIL 2011 (CONT’D)/TIGA PULUH (30) PEMEGANG WARAN TERBESAR PADA 29 APRIL 2011 (SAMB)

% OF WARRANTSNO. OF ISSUED/

WARRANTS/ PERATUS MODALNO./ NAME OF WARRANT HOLDERS/ BILANGAN WARANBIL. NAMA PEMEGANG WARAN WARAN DITERBITKAN

16. Chan Choon Ngai 400,000 0.65

17. AMSEC Nominees (Tempatan) Sdn Bhd 350,437 0.57AmTrustee Berhad for Pacific Pearl Fund

18. Ng Saw Thong 340,000 0.55

19. AMSEC Nominees (Tempatan) Sdn Bhd 330,000 0.54Pledged securities account for Tan Lee Seng

20. CIMSEC Nominees (Tempatan) Sdn Bhd 309,600 0.50CIMB Bank for Hooi Hing Lee

21. RHB Capital Nominees (Tempatan) Sdn Bhd 300,075 0.49Pledged securities account for Chi Kain Sang

22. Kuasatek (M) Sdn Bhd 300,000 0.49

23. Mayban Securities Nominees (Tempatan) Sdn Bhd 300,000 0.49Pledged securities account for Lourds Easurajan A/L Arulanandam

24. RHB Nominees (Tempatan) Sdn Bhd 300,000 0.49RHB Investment Management Sdn Bhd for Yoong Kah Yin

25. Soon Fook Kian 294,000 0.48

26. JF Apex Nominees (Tempatan) Sdn Bhd 290,000 0.47Pledged securities account for Chow Heng Lan

27. Loh Yet Kong 290,000 0.47

28. Tan Hock Leong 277,300 0.45

29. Kwan Yok Fun 271,933 0.44

30. Mayban Nominees (Tempatan) Sdn Bhd 269,000 0.44Lo Mui Yun @ Jill Lo


ANALYSIS BY SIZE OF SHAREHOLDINGS/ ANALISIS OLEH SAIZ PEGANGAN SAHAM

Authorised Share Capital/Modal Saham Dibenarkan : RM500,000,000Issued and Paid-up Share Capital/ : RM225,060,000 divided into/membahagikan 450,120,000 ordinaryModal yang Diterbitkan dan Berbayar shares of/Saham biasa bernilai RM0.50 each/sesahamClass of Shares/Kelas Saham : Ordinary shares of/Saham biasa bernilai RM0.50 each/sesahamVoting Rights/Hak Mengundi : One vote per ordinary share held/

Satu undi bagi setiap saham biasa yang dipegang

% OF ISSUEDAND PAID-UP

NO. OF % OF SHARE CAPITAL/SHAREHOLDERS/ SHAREHOLDERS/ NO. OF PERATUS MODAL

BILANGAN PERATUS SHARES/ SAHAMSIZE OF SHAREHOLDINGS/ PEMEGANG PEMEGANG BILANGAN DITERBITKAN DANSAIZ PEGANGAN SAHAM SAHAM SAHAM SAHAM DIBAYAR

Less than/kurang daripada 100 180 1.86 7,479 0.00100 – 1,000 886 9.23 685,957 0.151,001 – 10,000 5,691 59.30 30,310,038 6.7310,001 – 100,000 2,500 26.05 76,202,589 16.93100,001 – less than 5% of issued shares 338 3.52 261,073,937 58.00

tidak sampai 5% saham terbitan5% and above of issued shares 2 0.02 81,840,000 18.18

atau lebih saham terbitan

Total/Jumlah 9,597 100.00 450,120,000 100.00

LIST OF DIRECTORS’ SHAREHOLDING AS AT 29 APRIL 2011/SENARAI PEGANGAN SAHAM PARA PENGARAH PADA 29 APRIL 2011

NO. OF SHARES/BILANGAN SAHAM

DIRECT INTEREST/ % INDIRECT INTEREST/ %NAME OF DIRECTORS/ KEPENTINGAN PERATUS KEPENTINGAN PERATUSNAMA PENGARAH LANGSUNG TIDAK LANGSUNG

Dato' Kho Poh Eng 19,885,078 4.42 100,000# 0.02

Koh Pho Wat 22,517,731 4.78 311,000# 0.07

Shamsul Saad 11,584,375 2.57 9,625# –

Surya Hidayat Abdul Malik – – – –

Ganesan Sundaraj – – – –

Raja Anuar Raja Abu Hassan – – – –

Idris Zaidel – – – –

Hamdan Rasid – – – –

Note:

# Deemed interest pursuant to Section 134(12)(c) of the Companies Act, 1965./Kepentingan anggapan selaras dengan Seksyen 134 (12)(c) Akta Syarikat, 1965.



SHARES IN RELATED CORPORATION

None of the above Directors has any direct interest in shares in the related corporation as at 29 April 2011./Tiada Pengarah yang dinamakan di atas mempunyai kepentingan langsung dalam saham-saham syarikat berkaitan pada 29 April 2011

SUBSTANTIAL SHAREHOLDERS AS AT 29 APRIL 2011/PEMEGANG SAHAM UTAMA PADA 29 APRIL 2011

NO. OF SHARES/BILANGAN SAHAM

DIRECT INTEREST/ INDIRECT INTEREST/NAME/ KEPENTINGAN % KEPENTINGAN %NAMA LANGSUNG PERATUS TIDAK LANGSUNG PERATUS

Lembaga Tabung Haji 40,920,000 9.09 1,207,475@ 0.27

Nam Cheong Dockyard Sdn Bhd 40,920,000 9.09 – –

S.K. Tiong Enterprise Sdn Bhd – – 40,920,000@ 9.09

Hung Yung Enterprise Sdn Bhd – – 40,920,000@ 9.09

Datuk Tiong Su Kuok – – 40,920,000@ 9.09

Unione Enterprise (S) Sdn Bhd – – 40,920,000@ 9.09

Lau Pek Kii – – 40,920,000@ 9.09

Chen Sien Ngo – – 40,920,000@ 9.09

Lau Liong Kii 72,500 0.02 40,920,000@ 9.09

Ting Yong Ding 41,250 0.01 40,920,000@ 9.09

Note:

@ Deemed interest pursuant to Section 6A of the Companies Act, 1965./Dianggap sebagai kepentingan selaras dengan Seksyen 6A Akta Syarikat 1965.


THIRTY LARGEST SHAREHOLDERS AS AT 29 APRIL 2011/TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 29 APRIL 2011


SHARE CAPITAL/NO. OF PERATUS MODALSHARES/ SAHAM

NO./ NAME OF SHAREHOLDERS/ BILANGAN DITERBITKAN DANBIL. NAMA PEMEGANG SAHAM SAHAM DIBAYAR

1. Lembaga Tabung Haji 40,920,000 9.09

2. Nam Cheong Dockyard Sdn Bhd 40,920,000 9.09

3. Alliancegroup Nominees (Tempatan) Sdn Bhd 21,444,400 4.76Pledged securities account for Koh Pho Wat

4. Amanahraya Trustees Berhad 15,591,300 3.46Amanah Saham Wawasan 2020

5. SBB Nominees (Tempatan) Sdn Bhd 12,496,320 2.78Kumpulan Wang Persaraan (Diperbadankan)

6. Kho Poh Eng 11,914,448 2.65

7. CIMSEC Nominees (Tempatan) Sdn Bhd 11,412,500 2.54CIMB Bank for Shamsul Bin Saad

8. Cosmos Time Sdn Bhd 10,463,496 2.32

9. Yap Ah Fatt 6,400,000 1.42

10. HSBC Nominees (Asing) Sdn Bhd 6,200,000 1.38Exempt An for JPMorgan Chase Bank, National Association

11. Citigroup Nominees (Asing) Sdn Bhd 5,919,500 1.32Exempt An for Merrill Lynch Pierce Fenner & Smith Incorporated

12. Alliancegroup Nominees (Tempatan) Sdn Bhd 4,844,600 1.08Pledged securities account for Kho Poh Eng

13. RHB Nominees (Tempatan) Sdn Bhd 4,833,800 1.07RHB Investment Management Sdn Bhd for KumpulanWang Persaraan (Diperbadankan)

14. HSBC Nominees (Asing) Sdn Bhd 4,308,332 0.96Exempt An for The Bank of New York Mellon SA/NV

15. Cartaban Nominees (Asing) Sdn Bhd 3,966,400 0.88Exempt An for Caceis Bank Luxembourg


THIRTY LARGEST SHAREHOLDERS AS AT 29 APRIL 2011(CONT’D)/TIGA PULUH (30) PEMEGANG SAHAM TERBESAR PADA 29 APRIL 2011(SAMB)


SHARE CAPITAL/NO. OF PERATUS MODALSHARES/ SAHAM

NO./ NAME OF SHAREHOLDERS/ BILANGAN DITERBITKAN DANBIL. NAMA PEMEGANG SAHAM SAHAM DIBAYAR

16. Universal Trustee (Malaysia) Berhad 2,900,000 0.64CIMB Islamic Small Cap Fund

17. HSBC Nominees (Asing) Sdn Bhd 2,797,700 0.62Exempt An for The Hong Kong AndShanghai Banking Corporation Limited

18. HSBC Nominees (Tempatan) Sdn Bhd 2,776,600 0.62HSBC (M) Trustee Bhd for Pertubuhan Keselamatan Sosial

19. AmBank (M) Berhad 2,438,530 0.54Pledged securities account for Kho Poh Eng

20. CIMB Group Nominees (Tempatan) Sdn Bhd 2,436,800 0.54AmTrustee Berhad for CIMB Islamic Dali Equity Theme Fund

21. Amsec Nominees (Tempatan) Sdn Bhd 2,300,275 0.51AmTrustee Berhad for Pacific Pearl Fund

22. Kam Loong Credit Sdn Bhd 2,300,000 0.51

23. Mayban Nominees (Tempatan) Sdn Bhd 2,268,000 0.53Mayban Trustees Berhad for RHB Capital Fund

24. Foo Khen Ling 2,200,000 0.49

25. HSBC Nominees (Tempatan) Sdn Bhd 2,129,300 0.47HSBC (M) Trustee Bhd for OSK-UOB Growth and Income Focus Trust

26. Mayban Nominees (Tempatan) Sdn Bhd 2,062,800 0.46Malaysian Trustees Berhad for AMB Smallcap Trust

27. HSBC Nominees (Tempatan) Sdn Bhd 1,989,600 0.44HSBC (M) Trustee Bhd for OSK-UOB Small Cap Opportunity Unit Trust

28. Kam Loong Mining Sdn Bhd 1,800,000 0.40

29. Soon Fook Kian 1,799,000 0.40

30. Mayban Nominees (Tempatan) Sdn Bhd 1,793,750 0.40Mayban Trustees Berhad for CIMB-Principal Small Cap Fund



Notice of Annual General Meeting

NOTICE IS HEREBY GIVEN THAT the Fifteenth Annual General Meeting of the Company will be held at No. 6-8, Jalan 3/3C, Batu 7,Jalan Ipoh, 68100 Kuala Lumpur on Wednesday, 29 June 2011 at 11.00 a.m. for the following purposes:

AGENDA

1. To receive the Audited Financial Statements for the financial year ended 31 December 2010 and the Reports of the Directors andAuditors thereon.

2. To approve the payment of Directors’ fees. Resolution 1

3. To re-elect the following Directors retiring pursuant to the Articles of Association of the Company:

3.1 Koh Pho Wat (Article 103) Resolution 23.2 Ganesan Sundaraj (Article 103) Resolution 33.3 Hamdan Rasid (Article 109) Resolution 4

4. To re-appoint Auditors and to authorise the Board of Directors to fix their remuneration. Resolution 5

5. As Special BusinessTo consider and if thought fit, pass the following Resolutions:

ORDINARY RESOLUTION Resolution 6Authority to issue shares pursuant to Section 132D of the Companies Act, 1965

"THAT pursuant to Section 132D of the Companies Act, 1965 and subject always to the approval of the relevant authorities, theDirectors be and are hereby empowered to issue shares in the Company from time to time and upon such terms and conditions andfor such purposes as the Directors may deem fit provided that the aggregate number of shares issued pursuant to this resolution doesnot exceed 10% of the issued share capital of the Company for the time being and that the Directors be and are also empoweredto obtain the approval for the listing of and quotation for the additional shares so issued on the Bursa Malaysia Securities Berhadand that such authority shall continue in force until the conclusion of the next Annual General Meeting of the Company."

SPECIAL RESOLUTION Resolution 7Change of Company’s Name

"THAT the name of the Company be changed from Petra Perdana Berhad to Perdana Petroleum Berhad with effect from the date ofthe issuance of the Certificate of Incorporation on Change of Name of the Company by the Companies Commission of MalaysiaAND THAT the Directors and the Secretary of the Company be and are hereby authorised to carry out all the necessary formalitiesin effecting the change of name."

By Order of the Board

LEONG OI WAH (MAICSA 7023802)Company Secretary

7 June 2011


Notes:

A member of the Company entitled to attend and vote at the above mentioned meeting is entitled to appoint a proxy to attend and votehis stead. Such proxy may but need not be a member of the Company and Section 149(1)(a) and (b) of the Companies Act, 1965 shallnot apply. Where there are two (2) or more proxies, the member shall specify the proportion of his shareholdings to be represented byeach proxy.

Where a member of the Company is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991,it may appoint at least one (1) proxy in respect of each securities account it holds with ordinary shares of the Company standing to thecredit of the said securities account.

The instrument appointing a proxy shall be in writing (in the common or usual form) under the hand of the appointor or of his attorneyduly authorized in writing or, if the appointor is a corporation, either under the seal or under the hand of an officer or attorney dulyauthorised.

The instrument appointing a proxy and the power of attorney or other authority, if any, under which it is signed or a notarially certifiedcopy of that power or authority must be deposited at Level 17, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200Kuala Lumpur not less than forty-eight (48) hours before the time set for holding the meeting or adjourn meeting.

Explanatory notes on Special Business:

Ordinary Resolution

The proposed Ordinary Resolution will give powers to the Directors to issue up to a maximum ten per centum (10%) of the issued sharecapital of the Company for the time being for such purposes as the Directors would consider in the best interest of the Company. Thisauthority, unless revoked or varied by the Company at a general meeting, will expire at the next Annual General Meeting of the Company.

The general mandate sought for issue of securities is a renewal of the mandate that was approved by the shareholders on 28 June 2010(“Previous Mandate”). The Company had used the Previous Mandate for the Private Placement exercise as announced on 11 May 2010and raised proceeds of RM39.28 million through the issuance of 29,760,000 ordinary shares of RM0.50 each at an issue price ofRM1.32 each on 30 June 2010 for working capital purposes. The renewal of the general mandate is to provide flexibility to the Companyto issue new securities without the need to convene separate general meeting to obtain its shareholders’ approval so as to avoid incurringadditional cost and time. The purpose of this general mandate is for possible fund raising exercises including but not limited to furtherplacement of shares for purpose of funding of working capital, repayment of borrowings, payment of refundable deposits in respect ofsale and leaseback of vessels and/or investments.

Special Resolution

The proposed Special Resolution is to change the name of the Company to better reflect the activities of the Company and its subsidiariesin the oil and gas industry.


Notice of Annual General Meeting (cont’d)

Notis Mesyuarat Agung Tahunan

DENGAN INI NOTIS DIBERI BAHAWA Mesyuarat Agung Tahunan Kelima Belas Petra Perdana Berhad (“Syarikat”) akan diadakandi No. 6-8, Jalan 3/3C, Batu 7, Jalan Ipoh, 68100 Kuala Lumpur pada hari Isnin, 29 Jun 2011 jam 11.00 pagi untuk melaksanakanurusan-urusan berikut:

AGENDA

1. Untuk menerima Penyata Kewangan Beraudit bagi tahun kewangan berakhir 31 Disember 2010 dan Laporan-Laporan Pengarahdan Juruaudit mengenainya.

2. Untuk meluluskan bayaran yuran para Pengarah. Resolusi 1

3. Untuk melantik semula para Pengarah berikut yang bersara menurut Tataurusan Pertubuhan Syarikat:

3.1 Koh Pho Wat (Article 103) Resolusi 23.2 Ganesan Sundaraj (Article 103) Resolusi 33.3 Hamdan Rasid (Article 109) Resolusi 4

4. Untuk melantik semula Juruaudit dan untuk memberi kuasa kepada Lembaga Pengarah untuk Resolusi 5menetapkan imbuhan mereka.

5. Sebagai Urusan KhasUntuk menimbang dan jika difikirkan sesuai, meluluskan Resolusi berikut:

RESOLUSI BIASA Resolusi 6Kuasa untuk menerbitkan saham mengikut Seksyen 132D Akta Syarikat, 1965

"BAHAWA sentiasa tertakluk kepada kelulusan pihak berkuasa berkaitan dan menurut Seksyen 132D Akta Syarikat, 1965, paraPengarah adalah dan dengan ini diberi kuasa untuk menerbitkan saham Syarikat pada bila-bila masa dan atas terma dan syarattertentu dan untuk sebarang tujuan yang para Pengarah, menurut budi bicara mereka, fikirkan sesuai dengan syarat bahawabilangan agregat saham biasa yang akan diterbitkan tidak melebihi sepuluh peratus (10%) daripada jumlah modal sahamditerbitkan Syarikat pada masa penerbitan tersebut dan bahawa para Pengarah turut diberikan kuasa untuk mendapatkankelulusan penyenaraian dan sebut harga untuk saham tambahan yang diterbitkan di Bursa Malaysia Securities Berhad dan bahawakuasa berkenaan hendaklah terus berkuat kuasa sehingga tamat Mesyuarat Agung Tahunan Syarikat akan datang.”

RESOLUSI KHAS Resolusi 7Pertukaran Nama Syarikat

“BAHAWA nama Syarikat ditukar daripada Petra Perdana Berhad kepada Perdana Petroleum Berhad berkuat kuasa dari tarikhterbitan Perakuan Pemerbadanan Pertukaran Nama Syarikat oleh Suruhanjaya Syarikat Malaysia DAN BAHAWA para Pengarahdan Setiausaha Syarikat dengan ini dibenarkan menjalankan segala urusan yang perlu untuk melaksanakan pertukaran nama.”

Atas Perintah Lembaga

LEONG OI WAH (MAICSA 7023802)Setiausaha Syarikat

7 Jun 2010


Nota:

Seorang ahli Syarikat yang layak hadir dan mengundi di mesyuarat yang dinyatakan di atas, berhak untuk melantik seorang proksiuntuk menghadiri dan mengundi bagi pihaknya. Proksi tersebut boleh tetapi tidak semestinya seorang ahli Syarikat dan Seksyen149(1)(a) dan (b) Akta Syarikat, 1965 tidak digunapakai. Jika dua (2) orang atau lebih proksi dilantik, ahli yang melantik merekahendaklah menyatakan bahagian pegangan sahamnya yang akan diwakili oleh setiap proksi.

Jika seorang ahli Syarikat merupakan nomini yang diberi kuasa sebagaimana ditakrif di bawah Akta Industri Sekuriti (Depositori Pusat),1991, beliau boleh melantik sekurang-kurangnya satu (1) orang proksi bagi setiap akaun sekuriti yang dipegangnya dengan sahambiasa Syarikat yang berada dalam kedudukan kredit bagi akaun sekuriti tersebut.

Surat cara pelantikan seorang proksi hendaklah dalam bentuk tulisan (dalam bentuk am atau biasa) dengan ditandatangani olehpelantik atau peguam beliau yang telah diberi kuasa sewajarnya dalam tulisan atau, jika pelantik adalah sebuah perbadanan, samaada di bawah meterai atau di bawah tandatangan pegawai atau peguam yang telah diberi kuasa sewajarnya.

Surat cara pelantikan seorang proksi dan kuasa peguam atau kuasa lain, jika ada, yang telah ditandatangani atau satu salinankuasa atau autoriti yang disahkan hendaklah dihantar di Level 17, The Gardens North Tower, Mid Valley City, Lingkaran SyedPutra, 59200 Kuala Lumpur tidak lewat dari empat puluh lapan (48) jam sebelum masa ditetapkan untuk mesyuarat diadakan atausebarang penangguhannya.

Nota penjelasan mengenai Urusan-urusan Khas:

Resolusi Biasa

Cadangan Resolusi Biasa akan memberi kuasa kepada para Pengarah Syarikat, untuk menerbitkan sehingga maksimum sepuluh peratus(10%) jumlah saham modal diterbitkan Syarikat buat masa sekarang bagi tujuan yang dianggap kepentingan terbaik Syarikat. Kuasaini akan luput, melainkan dibatalkan atau diubah oleh Syarikat dalam mesyuarat agung, pada Mesyuarat Agung Tahunan Syarikat yangakan datang.

Mandat am yang diperlukan bagi terbitan sekuriti ialah pembaharuan kepada mandat am yang dluluskan oleh para pemegang sahampada 28 Jun 2010 (“Mandat Terdahulu”). Syarikat telah menggunakan Mandat Terdahulu dalam Peletakan Persendirian seperti yangdiumumkan pada 11 Mei 2010 dan menjana hasil RM39.28 juta melalui penerbitan 29,760,000 saham biasa RM0.50 setiap satudengan harga terbitan RM1.32 setiap satu pada 30 Jun 2010 bagi tujuan modal kerja.Pembaharuan semula mandat am ialah untukmemberikan fleksibiliti kepada Syarikat untuk menerbitkan sekuriti baru tanpa perlu memanggil mesyuarat agung yang lain bagimendapatkan kelulusan pemegang saham bertujuan mengelakkan pengeluaran kos dan masa tambahan. Tujuan mandat am ialahuntuk cadangan pelaksanaan pengumpulan dana yang termasuk tetapi tidak terhad kepada peletakan saham tambahan bagi tujuanpendanaan modal kerja, membayar balik pinjaman, membayar deposit boleh dikembalikan berhubung penjualan dan pemajakanbalik kapal dan/atau pelaburan.

Resolusi Khas

Cadangan Resolusi Khas ialah untuk menukar nama Syarikat supaya ia lebih mencerminkan aktiviti Syarikat dan anak-anak syarikatdi dalam industri minyak dan gas.


Notis Mesyuarat Agung Tahunan (samb)

PPEETTRRAA PPEERRDDAANNAA BBEERRHHAADD (Company No. 372113-A)(Incorporated in Malaysia)

Proxy Form

*I/*We

of

being a member/members of PETRA PERDANA BERHAD hereby appoint

of

or failing whom

of or *the Chairman of the Meeting as *my/*our proxy to vote for *me/*us and on *my/*our behalf at the Fifteenth Annual General Meetingof the Company to be held on Wednesday, 29 June 2011 at 11.00 a.m. and at any adjournment thereof.

*My/*Our proxy(ies) is/are to vote as indicated below:

Agenda Resolution For AgainstTo approve payment of Directors’ fees. 1

To re-elect Koh Pho Wat 2

To re-elect Ganesan Sundaraj 3

To re-elect Hamdan Rasid 4

To re-appoint Auditors of the Company for the ensuing year. 5

To authorize the issuance of shares pursuant to Section 132D of the 6Companies Act, 1965.

To approve the change of Company’s name. 7

[Please indicate with (X) how you wish your vote to be cast. If no specific direction as to voting is given, the proxy will vote or abstain athis discretion].

Dated this...................... day of .................................. 2011

[Signature/Common Seal of Shareholder(s)][*Delete if not applicable]

Notes:

A member of the Company entitled to attend and vote at the above mentioned meeting is entitled to appoint a proxy to attend and vote his stead. Such proxy may but neednot be a member of the Company and Section 149(1)(a) and (b) of the Companies Act, 1965 shall not apply. Where there are two (2) or more proxies, the member shallspecify the proportion of his shareholdings to be represented by each proxy.

Where a member of the Company is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991, it may appoint at least one (1) proxyin respect of each securities account it holds with ordinary shares of the Company standing to the credit of the said securities account.

The instrument appointing a proxy shall be in writing (in the common or usual form) under the hand of the appointor or of his attorney duly authorized in writing or, if theappointor is a corporation, either under the seal or under the hand of an officer or attorney duly authorised.

The instrument appointing a proxy and the power of attorney or other authority, if any, under which it is signed or a notarially certified copy of that power or authority mustbe deposited at Level 17, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur not less than forty-eight (48) hours before the time set forholding the meeting or adjourn meeting.

Number of Shares Held

PETRA PERDANA BERHAD c/o Tricor Investors Services Sdn Bhd Level 17 The Gardens North TowerMid Valley CityLingkaran Syed Putra59200 Kuala Lumpur

Fold Here

Fold Here

STAMP

PPEETTRRAA PPEERRDDAANNAA BBEERRHHAADD (No. Syarikat 372113-A)

(Diperbadankan di Malaysia)

Borang Proksi

Saya*/Kami*

beralamat di

sebagai ahli PETRA PERDANA BERHAD dengan ini melantik

beralamat di

atau jika beliau gagal hadir

atau Pengerusi Mesyuarat* sebagai proksi saya*/kami* untuk mengundi bagi pihak saya*/kami* di Mesyuarat Agung Tahunan KelimaBelas Syarikat yang akan diadakan pada hari Rabu, 29 Jun 2011, pukul 11.00 pagi dan pada sebarang penangguhannya.

Proksi saya*/kami* mengundi seperti yang ditunjukkan di bawah:

Agenda Resolusi Sokong TolakUntuk meluluskan pembayaran yuran para Pengarah 1

Untuk memilih semula Koh Pho Wat 2

Untuk memilih semula Ganesan Sundaraj 3

Untuk memilih semula Hamdan Rasid 4

Untuk melantik semula Juruaudit Syarikat bagi tahun akan datang 5

Untuk memberi kuasa menerbitkan saham mengikut 6Seksyen 132D Akta Syarikat, 1965

Untuk meluluskan penukaran nama Syarikat 7

[Sila tandakan “X” dalam ruang yang disediakan di atas bagaimana anda mahu undian anda dibuat. Jika tiada arahan khusus diberi,proksi anda akan mengundi atau menarik diri menurut budi bicara beliau].

Bertarikh pada...................... hari ini .................................. 2011

[Tandatangan/Meterai Am Ahli[*Potong jika tidak berkenaan]

Nota:

Seorang ahli Syarikat yang layak hadir dan mengundi di mesyuarat yang dinyatakan di atas, berhak untuk melantik seorang proksi untuk menghadiri dan mengundi bagipihaknya. Proksi tersebut boleh tetapi tidak semestinya seorang ahli Syarikat dan Seksyen 149(1)(a) dan (b) Akta Syarikat, 1965 tidak digunapakai. Jika dua (2) orang ataulebih proksi dilantik, ahli yang melantik mereka hendaklah menyatakan bahagian pegangan sahamnya yang akan diwakili oleh setiap proksi.

Jika seorang ahli Syarikat merupakan nomini yang diberi kuasa sebagaimana ditakrif di bawah Akta Industri Sekuriti (Depositori Pusat), 1991, beliau boleh melantik sekurang-kurangnya satu (1) orang proksi bagi setiap akaun sekuriti yang dipegangnya dengan saham biasa Syarikat yang berada dalam kedudukan kredit bagi akaun sekuriti tersebut.

Surat cara pelantikan seorang proksi hendaklah dalam bentuk tulisan (dalam bentuk am atau biasa) dengan ditandatangani oleh pelantik atau peguam beliau yang telah diberikuasa sewajarnya dalam tulisan atau, jika pelantik adalah sebuah perbadanan, sama ada di bawah meterai atau di bawah tandatangan pegawai atau peguam yang telahdiberi kuasa sewajarnya.

Surat cara pelantikan seorang proksi dan kuasa peguam atau kuasa lain, jika ada, yang telah ditandatangani atau satu salinan kuasa atau autoriti yang disahkan hendaklahdihantar di Level 17, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur tidak lewat dari empat puluh lapan (48) jam sebelum masaditetapkan untuk mesyuarat diadakan atau sebarang penangguhannya.

Jumlah Pegangan Saham

Fold Here

PETRA PERDANA BERHAD d/a Tricor Investors Services Sdn Bhd Aras 17 The Gardens North TowerMid Valley CityLingkaran Syed Putra59200 Kuala Lumpur

Lipat Di Sini

Lipat Di Sini

SETEM

Dolphins are intelligent and social mammals.They sleep by resting one half of the brain at a

time such that one eye is always alert.Lumba-lumba adalah mamalia yangcerdas, jinak dan gemar bergaul.Haiwan ini tidur dengan merehatkansebelah otaknya supaya sebelahmatanya sentiasa berjaga.

PETRA PERDANA BERHAD 372113-A

6-8, Jalan 3/3C, Batu 7, Jalan Ipoh68100 Kuala Lumpur.

Tel : + 603 6257 1111Fax : + 603 6257 7708E-mail : [email protected]

www.petra.com.my

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