laporan tahunan / annual report -...

laporan tahunan / annual reportadvance synergy berhad

Our VisionTo be a premier global corporation.

Our MissionTo attain success as a socially responsible global corporationwhich excel in every undertaking.

Our StrategyWe seek synergistic partnerships and alliances to achieve ourmission.

We Ensure• Entrepreneurship excellence in all our pursuits.• Sustainable growth through identification and s a t i s f a c t i o n

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

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

and suppliers.

Our Values• To Our Stockholders

We ensure a fair return so that our stockholders will valuetheir investment.

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

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

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

Wawasan KitaUntuk menjadi syarikat global yang utama.

Misi KitaUntuk mencapai kejayaan sebagai sebuah syarikat globalyang mempunyai tanggungjawab sosial dan yang cemerlangdalam setiap usaha.

Strategi KitaKita mencari rakan kongsi dan sekutu yang sinergistik untukmencapai misi kita.

Kita Pastikan• Kecemerlangan keusahawanan dalam semua usaha kita.• Pertumbuhan berlanjutan dengan mengenalpasti dan

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

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

kongsi, pelanggan dan pembekal.

Nilai-nilai Kita• Kepada Pemegang Stok

Kita memastikan pulangan yang wajar supaya pemegangstok menghargai pelaburan mereka.

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

• Kepada PekerjaKita mengambil berat tentang pekerja kita denganmewujudkan persekitaran kerja yang selesa, membimbingmereka untuk mencapai potensi mereka yang sepenuhnyadan mengiktiraf sumbangan mereka.

• Kepada MasyarakatKita memenuhi tanggungjawab sosial kita dan menyumbangkepada kesejahteraan ekonomi dan sosial di setiapmasyarakat tempat kita beroperasi.

V i s i o n a n d M i s s i o nCorporate Vision and Mission

M i s i d a n W a w a s a nMisi dan Wawasan Korporat

k a n d u n g a n

c o n t e n t s

Notis Mesyuarat Agung Tahunan 2Notice of Annual General Meeting 3

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

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

Maklumat Pengurusan 11Management Information 11

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

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

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

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

Penyata Kawalan Dalaman 32-33Statement on Internal Control 34-35

Catatan Pengerusi 36-48Chairman’s Statement 36-48

Penyata Kewangan 49Financial Statements 119• Laporan Para Pengarah 50-54

Directors’ Report 120-124• Penyata oleh Para Pengarah 55

Statement by Directors 125• Perakuan Berkanun 55

Statutory Declaration 125• Laporan Juruaudit kepada ahli-ahli

Advance Synergy Berhad 56Report of The Auditors to the Members of Advance Synergy Berhad 126

• Penyata Pendapatan 57Income Statements 127

• Kunci Kira-kira 58-59Balance Sheets 128-129

• Penyata Perubahan dalam Ekuiti 60-61Statements of Changes in Equity 130-131

• Penyata Aliran Tunai 62-64Cash Flow Statements 132-134

• Nota-nota kepada Penyata Kewangan 65-118Notes to the Financial Statements 135-188

• Statistik Pemegangan Stok 189-191Statistics on Stockholdings 189-191

• Penyata Kepentingan Para Pengarah 191Statement on Directors’ Interests 191

• Statistik Pemegangan Waran 192-194Statistics on Warrantholdings 192-194

• Senarai Hartanah 195-197List of Properties 195-197

• Borang Proksi DilampirkanProxy Form Enclosed

Kandungan / Contents

1

Rasional Logo

Logo ini, yang berbentuk bulat, mengandungi simbol-simbol yang mewakiliapi, air dan elemen-elemen bumi yang berinteraksi secara konstan.Interaksi elemen-elemen ini menjana tenaga yang mengalir bebas. Tenagaini menghasilkan POKOK, simbol bagi semua hidupan di bumi. KedudukanPOKOK ini, di tengah logo, mewakili fokus matlamat syarikat, iaitu penciptaankekayaan yang memberi manfaat kepada para pemegang saham danmasyarakat keseluruhannya. Secara holistik, logo ini melambangkan tenagasinergestik yang sedang bergerak.

Logo Rationale

This logo, circular in shape, comprises of symbols which represent the fire,water, and earth elements in constant interaction. The interaction of theseelements releases free flowing energy which produces the TREE, a symbolof all life on earth. Situated at the centre of the logo, the TREE representsthe focus of the company goal which is the creation of wealth benefitingshareholders and society at large. The logo holistically, symbolises syn-ergistic energy in motion.

DENGAN INI DIMAKLUMKAN bahawa MESYUARAT AGUNG TAHUNAN Ketujuh Puluh Sembilan Syarikat akandiadakan di Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur pada hari Sabtu, 28 Jun 2003jam 10.30 pagi untuk menjalankan urusan-urusan berikut:-

1. Untuk menerima dan meluluskan penyata kewangan yang telah diaudit bagi tahun berakhir 31Disember 2002 dan laporan para pengarah dan juruaudit.

2. Untuk meluluskan fi para pengarah bagi tahun berakhir 31 Disember 2002.

3. Untuk melantik semula pengarah-pengarah yang berikut:-3.1 Datin Masri Khaw Binti Abdullah3.2 Chim Wai Khuan

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

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

“BAHAWA sentiasa tertakluk kepada kelulusan autoriti-autoriti yang relevan, para pengarah adalahdan dengan ini diberi kuasa, selaras dengan Seksyen 132D Akta Syarikat 1965, menerbitkan saham-saham Syarikat yang baru, dari masa ke semasa dan menurut terma-terma dan syarat-syarat tertentudan bagi tujuan tertentu menurut pertimbangan mutlak para pengarah seperti yang mereka fikirkansesuai asalkan bilangan agregat saham yang akan diterbitkan selaras dengan resolusi ini tidakmelebihi 10% daripada modal terbitan Syarikat yang semasa dan lanjutan dari perumpukan saham-saham tersebut untuk menukarnya ke unit-unit stok baru yang bernilai RM1.00 setiap satu DAN kuasatersebut akan ada sehingga berakhir Mesyuarat Agung Tahunan Syarikat yang akan datang.”

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

DENGAN PERINTAH LEMBAGAPENGARAH

SNG NGIAP KOONSetiausaha

Kuala Lumpur 5 Jun 2003

Nota:-

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

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

(3) Instrumen pelantikan proksi mesti dihantar ke Pejabat Berdaftar Syarikat di Paras 3A (Tower Block) MenaraMilenium, No. 8 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur tidak lewat daripada 48 jam sebelummasa yang ditetapkan untuk mengadakan mesyuarat atau sebarang penangguhannya.

NOTA PENJELASAN BAGI URUSAN KHAS

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

Resolusi Biasa selaras dengan Seksyen 132D Akta Syarikat, 1965, jika diluluskan, akan memberi kuasa kepadapara pengarah, dari tarikh Mesyuarat Agung di atas sehingga Mesyuarat Agung Tahunan yang akan datang, untukmemperumpuk dan menerbitkan unit-unit stok Syarikat baru yang jumlahnya tidak melebihi 10% daripada modalterbitan Syarikat yang semasa dan untuk tujuan tertentu yang para pengarah timbangkan untuk kepentinganSyarikat. Ini akan mengelakkan sebarang kelewatan dan kos yang bersangkutan untuk mengadakan sebuahmesyuarat am yang bertujuan meluluskan penerbitan unit-unit stok baru tersebut. Pemberian kuasa ini, kecualiditarik balik atau dipinda di mesyuarat am, akan luput pada Mesyuarat Agung Tahunan Syarikat yang akan datang.

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

Resolusi 1

Resolusi 2

Resolusi 3Resolusi 4

Resolusi 5

Resolusi 6

Notis Mesyuarat Agung TahunanM e s y u a r a t A g u n g T a h u n a n

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Resolution 1

Resolution 2

Resolution 3Resolution 4

Resolution 5

Resolution 6

NOTICE IS HEREBY GIVEN that the Seventy-Ninth ANNUAL GENERAL MEETING of the Company will be held at DewanThai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur on Saturday, 28 June 2003 at 10.30 a.m. for thefollowing purposes:-

1. To receive and adopt the audited financial statements for the year ended 31 December 2002 and thedirectors’ and auditors’ reports thereon.

2. To approve directors’ fees for the year ended 31 December 2002.

3. To re-elect the following Directors:-3.1 Datin Masri Khaw Binti Abdullah3.2 Chim Wai Khuan

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

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

“THAT subject always to the approvals of the relevant authorities, the directors be and are herebyauthorised, pursuant to Section 132D of the Companies Act, 1965 to issue new shares in theC o m p a n y, from time to time and upon such terms and conditions and for such purposes as the directorsm a y, in their absolute discretion deem fit, provided that the aggregate number of shares issuedpursuant to this resolution does not exceed 10% of the issued capital of the Company for the timebeing and upon allotment of such shares to convert the same into new stock units of RM1.00 eachAND THAT such authority shall continue in force until the conclusion of the next Annual GeneralMeeting of the Company.”

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

BY ORDER OF THE BOARD

SNG NGIAP KOONSecretary

Kuala Lumpur 5 June 2003

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

and vote in his/her stead. A proxy need not be a member of the Company.

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

(3) The instrument appointing a proxy must be deposited at the Registered Office of the Company at Level 3A (TowerBlock) Menara Milenium, No. 8 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur not less than 48 hoursbefore the time appointed for holding the meeting or any other adjournment thereof.

EXPLANATORY NOTE ON SPECIAL BUSINESS

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

The Ordinary Resolution pursuant to Section 132D of the Companies Act, 1965, if passed, will empower the directors,from the date of the above General Meeting until the next Annual General Meeting to allot and issue new stockunits in the Company up to an amount not exceeding in total 10% of the issued capital of the Company for the timebeing and for such purposes as the directors consider would be in the interest of the Company. This would avoidany delay and cost involved in convening a general meeting to specifically approve such an issue of new stockunits. This authority, unless revoked or varied at a general meeting will expire at the next Annual General Meetingof the Company.

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

Notice of Annual General MeetingA n n u a l G e n e r a l M e e t i n g

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Para Pengarah yang menawarkan diri untuk dipilih semula pada Mesyuarat Agung Tahunan Ketujuh Puluh SembilanAdvance Synergy Berhad

Datin Masri Khaw Binti AbdullahChim Wai Khuan

Butir kehadiran Para Pengarah pada Mesyuarat Lembaga Pengarah

Empat (4) Mesyuarat Lembaga Pengarah telah diadakan pada tahun kewangan berakhir 31 Disember 2002. Butir-butirkehadiran Para Pengarah di Mesyuarat Lembaga Pengarah adalah seperti berikut:-

Nama Pengarah Bilangan Mesyuarat Dihadiri

Dato’Ahmad Sebi Bakar 4Aznan Bin Haji Ismail 3Tan Sri Dato’ Nik Ibrahim Kamil Bin

Tan Sri Nik Ahmad Kamil 3Wong Ah Nam @ Wong Joon Tuang 4Datin Masri Khaw Binti Abdullah 4Chim Wai Khuan 4

Tempat, Tarikh dan Masa Mesyuarat Agung Tahunan Ketujuh Puluh Sembilan

Mesyuarat Agung Tahunan Ketujuh Puluh Sembilan Syarikat akan diadakan di Dewan Thai, City Villa Kuala Lumpur, 69 JalanHaji Hussein, 50300 Kuala Lumpur pada hari Sabtu, 28 Jun 2003 jam 10.30 pagi.

Butir Pengarah-pengarah yang menawarkan diri untuk dipilih semula

Pegangan sekuriti Para Pengarah yang menawarkan diri untuk dipilih semula di dalam Syarikat dan anak syarikatnyadipaparkan dalam Penyata Kepentingan Para Pengarah di mukasurat 191 Laporan Tahunan ini dan butir lain tentang ParaPengarah yang menawarkan diri untuk dipilih semula dipaparkan dalam profail Para Pengarah di mukasurat 7 hingga 10Laporan Tahunan ini.

Penyata Bersama Notis Mesyuarat Agung TahunanM e s y u a r a t A g u n g T a h u n a n

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

Datin Masri Khaw Binti AbdullahChim Wai Khuan

Details of attendance of Directors at Board Meetings

Four (4) Board Meetings were held during the financial year ended 31 December 2002. Details of attendance of Directors atthe Board Meetings are as follows:-

Name of Directors No. of Meetings Attended

Dato’Ahmad Sebi Bakar 4Aznan Bin Haji Ismail 3Tan Sri Dato’ Nik Ibrahim Kamil Bin

Tan Sri Nik Ahmad Kamil 3Wong Ah Nam @ Wong Joon Tuang 4Datin Masri Khaw Binti Abdullah 4Chim Wai Khuan 4

Place, Date and Time of the Seventy-Ninth Annual General Meeting

The Seventy-Ninth Annual General Meeting of the Company will be held at Dewan Thai, City Villa Kuala Lumpur, 69 JalanHaji Hussein, 50300 Kuala Lumpur on Saturday, 28 June 2003 at 10.30 a.m.

Details of Directors who are standing for re-election

The securities holdings of the Directors standing for re-election in the Company and its subsidiaries are disclosed in theStatement on Directors’Interests on page 191 of this Annual Report and other details of Directors standing for re-election aredisclosed in Directors’ profile on page 7 to 10 of this Annual Report.

Statement Accompanying Notice of Annual General MeetingA n n u a l G e n e r a l M e e t i n g

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Ahli Lembaga Pengarah & Maklumat KorporatB o a rd o f D i re c t o r s & C o r p o r a t e I n f o r m a t i o n

Dato’Ahmad Sebi Bakar(Pengerusi Eksekutif )Executive Chairman

Wong Ah Nam @ Wong Joon Tuang

(Pengarah Bukan Eksekutif Bebas)

IndependentNon-Executive Director

Tan Sri Dato’ Nik Ibrahim Kamil bin Tan Sri Nik Ahmad Kamil

(Pengarah Bukan Eksekutif Bebas)

Independent Non-Executive Director

Datin Masri Khaw binti Abdullah

(Pengarah Bukan Eksekutif Bukan Bebas)

Non-Independent Non-Executive Director

Aznan bin Haji Ismail(Pengarah Bukan Eksekutif Bebas)


Chim Wai Khuan(Pengarah Bukan Eksekutif Bebas)


LEMBAGA PENGARAH / BOARD OF DIRECTORS

Dato’Ahmad Sebi Bakar Pengerusi Eksekutif / Executive Chairman

Aznan bin Haji Ismail

Tan Sri Dato’ Nik Ibrahim Kamil bin Tan Sri Nik Ahmad Kamil

Wong Ah Nam @ Wong Joon Tuang

Datin Masri Khaw binti Abdullah

Chim Wai Khuan

SETIAUSAHA / SECRETARY

Sng Ngiap Koon

JURUAUDIT / AUDITORS

BDO BinderAkauntan Awam / Public Accountants15th Floor, Wisma Hamzah Kwong HingNo. 1, Leboh Ampang, 50100 Kuala LumpurTel: 03 - 2055 8888 Fax: 03 - 2078 7045

PENDAFTAR / REGISTRARS

Sectrars Services Sdn. Bhd.No. 28-1, Jalan Tun Sambanthan 3Brickfields, 50470 Kuala Lumpur, MalaysiaTel: 03 - 2274 6133 Fax: 03 - 2274 1016

PEJABAT BERDAFTAR / REGISTERED OFFICE

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

JURUBANK UTAMA / PRINCIPAL BANKERS

Southern Bank BerhadAffin Bank Berhad

PEGUAMCARA / SOLICITORS

Shearn Delamore & Co.Jin & Co.

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Dato' Ahmad Sebi Bakar, 56, seorang warganegaraMalaysia, adalah Pengarah Bukan Bebas dan PengerusiEksekutif Advance Synergy Berhad. Beliau telah dilantikmenganggotai Lembaga pada 9 April 1991. Dato' Ahmad SebiBakar memegang ijazah Sarjana Muda Sastera (Kepujian)daripada Universiti Malaya, Kuala Lumpur, DiplomaKewartawanan daripada Thomson Foundation, UnitedKingdom dan ijazah Sarjana Sastera daripada Michigan StateUniversity, Amerika Syarikat. Beliau adalah Editor Malay Mail,ahli Kumpulan New Straits Times Press daripada tahun 1976hingga 1982 dan selepas itu menjadi Editor Kumpulan untukBerita Harian daripada tahun 1983 hingga 1986. Daripadatahun 1986 hingga 1989, beliau telah dilantik sebagaiPengarah Urusan Sistem Televisyen Malaysia Bhd danpengarah Kumpulan New Straits Times Press daripadatahun 1988 hingga 1989.

Beliau telah dianugerahkan Pingat Ahli Mangku Negara(A.M.N.) oleh Yang Di-Pertuan Agong, DYMM Tuanku HajiAhmad Shah Al-Mustain Billah Ibni Almarhum Sultan AbuBakar pada tahun 1983, Jaksa Pendamai (J.P.) oleh DYMMSultan Azlan Muhibbuddin Shah Ibni Almarhum Sultan YusoffIzzuddin Shah Ghafarullah, Sultan Perak, pada tahun 1986dan Dato’ Setia Diraja Kedah (D.S.D.K.) oleh DYMM TuankuAlhaj Abdul Halim Mu’adzam Shah Ibni Almarhum SultanBadlishah, Sultan Kedah, pada tahun 1988.

Kini, beliau menganggotai Lembaga Pengarah syarikat-syarikat awam yang disenaraikan iaitu, Advance SynergyCapital Berhad (dahulunya dikenali sebagai United MerchantGroup Berhad), yang mana beliau memegang jawatan sebagaiPengerusi dan Kumpulan Powernet Berhad, yang mana beliaumemegang kedua-dua jawatan sebagai Pengerusi Eksekutifdan Pengarah Urusan. Beliau adalah juga pengarah Alangka-Suka Hotels & Resorts Berhad, sebuah syarikat awam tidaktersenarai iaitu anak syarikat Advance Synergy Berhad.Beliau juga turut bergiat aktif dalam kerja-kerja sosial d a nkebaj ikan dan merupakan Penge rus i beberapapertubuhan bukan komersial, iaitu, Yayasan Kebajikan Anak-Anak Yatim Malaysia (YATIM) yang dibiayai secara persendirian,dan pada masa yang lepas Barisan Bertindak Bosnia,Malaysia. Beliau adalah juga Presiden Persatuan PenulisNasional Malaysia (PENA) sejak 1992.

D a t o ’ Ahmad Sebi Bakar tidak mempunyai sebarang hubungankekeluargaan dengan mana-mana pengarah dan/ataupemegang stok utama Advance Synergy Berhad, mahupunmempunyai sebarang konflik kepentingan dengan AdvanceSynergy Berhad, kecuali bahawa beliau adalah jugapemegang stok utama Advance Synergy Berhad. Beliau tidakpernah disabitkan dengan sebarang kesalahan dalam tempoh10 tahun yang lepas.

Para Pegarah / Directors

Dato’Ahmad Sebi Bakar, 56, a Malaysian, is a Non-Independent Director and the Executive Chairman ofAdvance Synergy Berhad. He was appointed to theBoard on 9 April 1991. Dato’Ahmad Sebi Bakar holds aBachelor of Arts (Hons) degree from the University ofMalaya, Kuala Lumpur, a Diploma in Journalism from theThomson Foundation, United Kingdom and a Master ofArts from Michigan State University, United States ofAmerica. He was the Editor of the Malay Mail, a memberof the New Straits Times Press Group from 1976 to1982 and subsequently the Group Editor of BeritaHarian from 1983 to 1986. From 1986 to 1989, he wasthe Managing Director of Sistem Televisyen MalaysiaBhd and a director of the New Straits Times PressGroup from 1988 to 1989.

He was conferred the Ahli Mangku Negara (A.M.N.) bythe Yang Di-Pertuan Agong, DYMM Tuanku Haji AhmadShah Al-Mustain Billah Ibni Almarhum Sultan Abu Bakarin 1983, the Justice of Peace (J.P) by DYMM SultanAzlan Muhibbuddin Shah Ibni Almarhum Sultan YusoffIzzuddin Shah Ghafarullah, Sultan of Perak, in 1986 andthe Dato’ Setia Diraja Kedah (D.S.D.K.) by DYMMTuanku Alhaj Abdul Halim Mu’adzam Shah IbniAlmarhum Sultan Badlishah, Sultan of Kedah, in 1988.

C u r r e n t l y, he sits on the Boards of public listed companiesnamely, Advance Synergy Capital Berhad (Formerlyknown as United Merchant Group Berhad), in which heholds the position as Chairman and Kumpulan PowernetBerhad, in which he holds both the positions asExecutive Chairman and Managing Director. He is also adirector of Alangka-Suka Hotels & Resorts Berhad, anon-listed public company which is a subsidiary ofAdvance Synergy Berhad. He is also actively involved insocial and charitable work and is the Chairman of severalnon-profit organisations, namely, the privately fundedOrphanage Foundation of Malaysia (YATIM) and in thepast the Bosnia Action Front, Malaysia. He is also thePresident of the Malaysian National Writers Association(PENA) since 1992.

D a t o ’ Ahmad Sebi Bakar does not have any familyrelationship with any director and/or major stockholder ofAdvance Synergy Berhad, nor he has any conflict ofinterest with Advance Synergy Berhad, except that he isalso the substantial stockholder of Advance SynergyBerhad. He has had no convictions for any offences withinthe past 10 years.

Para PengarahD i r e c t o r s

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Aznan Bin Haji Ismail, berusia 56 tahun, seorangw a rganegara Malaysia, adalah Pengarah Bukan EksekutifBebas Advance Synergy Berhad. Beliau telah dilantik keLembaga pada 25 Mei 1988. Beliau mendapat pendidikan diMaktab Tentera Diraja di Sungai Besi dan adalah A h l iBersekutu Institute of Bankers, Malaysia. Selepas meninggalkanGeneral Electric Company (GEC) pada tahun 1971, EncikAznan Bin Haji Ismail memulakan perniagaan kontrak swastamiliknya sendiri. Pada 1982, beliau telah dilantik sebagaiPenyelaras bagi Projek Pemulihan Tanah di Jabatan PerdanaMenteri. Beliau juga menjadi Pengarah Kampung Lanjut TinDredging Berhad dan Sim Lim Holding daripada tahun 1988hingga awal 1991.

Encik Aznan Bin Haji Ismail adalah Pengerusi JawatankuasaImbuhan Advance Synergy Berhad.

Encik Aznan Bin Haji Ismail tidak mempunyai sebaranghubungan kekeluargaan dengan mana-mana pengarahdan/atau pemegang stok utama Advance Synergy Berhad,mahupun mempunyai sebarang konflik kepentingan denganAdvance Synergy Berhad. Beliau tidak pernah disabitkan dengansebarang kesalahan dalam tempoh 10 tahun yang lepas.

Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri NikAhmad Kamil, 61, seorang warganegara Malaysia, ialahseorang Pengarah Bukan Eksekutif Bebas Advance SynergyBerhad. Beliau telah dilantik menganggotai LembagaPengarah pada 10 Januari 1994. Tan Sri Dato’ Nik IbrahimKamil Bin Tan Sri Nik Ahmad Kamil memperolehi ijazahSarjana Muda Sains (Ekonomi dan Pentadbiran Perniagaan)beliau daripada Georgetown University, Washington D.C.,Amerika Syarikat pada tahun 1966. Beliau mempunyai lebihdaripada 30 tahun pengalaman pengurusan dan perniagaanmerangkumi bidang perlombongan, petroleum, media,perkilangan, perbankan saudagar dan kewangan, pembrokeransaham, pengurusan pelabuhan, perniagaan serta pengurusantempat peranginan golf. Beliau memulakan karier beliau sebagaipenolong Setiausaha Syarikat dengan Associated Mines Sdn.Bhd. sebelum menyertai Shell Malaysia Sdn Bhd pada tahun1967 sebagai Ketua Pembangunan Pasaran untuk MalaysiaBarat, Malaysia Timur dan Brunei. Pada tahun 1971, beliaumenyertai New Straits Times Press (M) Berhad (“NSTP”)sebagai Penolong Pengurus Besar dan kekal denganSyarikat tersebut sehingga tahun 1991 di mana jawatan ter-akhir yang dipegang oleh beliau ialah sebagai PengarahUrusan Kumpulan NSTP.

Pada masa ini, beliau adalah Pengerusi bagi We s t p o r tHoldings Sdn Bhd dan juga menganggotai LembagaPengarah beberapa syarikat awam yang disenaraikan, iaitu,Camerlin Group Berhad dan Octagon Consolidated Berhad,kedua-duanya sebagai pengarah, dan sebagai PengerusiEksekutif Fututech Berhad. Beliau juga adalah PengerusiSouthern Investment Bank Berhad dan Timbalan PengerusiEksekutif Palm Resort Berhad, yang mana kedua-duanyaialah syarikat awam.

Aznan Bin Haji Ismail, 56, a Malaysian, is anIndependent Non-Executive Director of Advance SynergyBerhad. He was appointed to the Board on 25 May 1988.He was educated at the Royal Military College in SungeiBesi and is an Associate of the Institute of Bankers,Malaysia. After leaving General Electric Company (GEC)in 1971, Encik Aznan Bin Haji Ismail started his ownprivate contracting business. In 1982, he was appointedas the coordinator for the Land Rehabilitation Project inthe Prime Minister ’s Department. He was also a Directorof Kampung Lanjut Tin Dredging Berhad and Sim LimHolding from 1988 to early 1991.

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

He does not have any family relationship with any directorand/or major stockholder of Advance Synergy Berhad,nor he has any conflict of interest with Advance SynergyBerhad. He has had no convictions for any offences withinthe past 10 years.

Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri NikAhmad Kamil, 61, a Malaysian, is an IndependentNon-Executive Director of Advance Synergy Berhad. Hewas appointed to the Board on 10 January 1994. Tan SriDato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad Kamilobtained his Bachelor of Science (Economics andBusiness Administration) degree from GeorgetownUniversity, Washington D.C., United States of America in1966. He has more than 30 years of managerial andbusiness experience ranging from mining, petroleum,media, manufacturing, merchant banking and finance,stockbroking, port management, trading to golf resortdevelopment. He started his career in 1966 as AssistantCompany Secretary with Associated Mines Sdn Bhdbefore joining Shell Malaysia Sdn Bhd in1967 as Head ofMarket Development for West Malaysia, East Malaysiaand Brunei. In 1971, he joined The New Straits TimesPress (M) Berhad (“NSTP”) as Assistant GeneralManager and was with the company until 1991 wherehis last position held was as the Managing Director ofNSTP Group.

Currently, he is the Chairman of Westport Holdings SdnBhd and also sits on the Boards of several public listedcompanies, namely, Camerlin Group Berhad andOctagon Consolidated Berhad, both as director and asExecutive Chairman of Fututech Berhad. He is also theChairman of Southern Investment Bank Berhad andExecutive Vice Chairman of Palm Resort Berhad, whichboth are public companies.


8

Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri NikAhmad Kamil (sambungan)

Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad Kamiladalah Pengerusi Jawatankuasa Pencalonan dan seorangahli Jawatankuasa Audit Advance Synergy Berhad.

Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad Kamiltidak mempunyai sebarang hubungan kekeluargaan denganmana-mana pengarah dan/atau pemegang stok utamaAdvance Synergy Berhad, mahupun mempunyai sebarangkonflik kepentingan dengan Advance Synergy Berhad. Beliautidak pernah disabitkan dengan sebarang kesalahan dalamtempoh 10 tahun yang lepas.

Wong Ah Nam @ Wong Joon Tuang, 57, seorangwarganegara Malaysia, ialah seorang Pengarah BukanEksekutif Bebas Advance Synergy Berhad. Beliau telah dilantikmenganggotai Lembaga Pengarah pada 10 Januari 1994.Encik Wong Joon Tuang memperolehi ijazah Sarjana Mudasains beliau daripada Universiti Malaya. Beliau pernah menjadiseorang Perunding Perniagaan dengan Hak Niaga Sdn Bhddan telah berkecimpung di dalam profesyen tersebut sejak1985. Beliau berkhidmat sebagai seorang PengarahPemasaran dengan EMC (M) Sdn Bhd daripada tahun 1980hingga 1984 dan Pengurus Kawasan General Electric Co. (M)Sdn Bhd daripada tahun 1976 hingga 1980. Beliau berkhidmatdengan Matsushita Sales & Services Sdn Bhd sebagaiPengurus Produk daripada tahun 1974 hingga 1975. Sebelumtahun 1974, beliau memegang jawatan sebagai EksekutifPemasaran Matsushita Elektrik Co (M) Bhd dan pernahbekerja dengan Ames Laboratory (Australia) Pte Ltd.

Encik Wong Joon Tuang ialah Pengerusi Jawatankuasa Auditdan seorang ahli Jawatankuasa Pencalonan A d v a n c eSynergy Berhad.

Encik Wong Joon Tuang tidak mempunyai sebarang hubungankekeluargaan dengan mana-mana pengarah dan/ataupemegang stok utama Advance Synergy Berhad, mahupunmempunyai sebarang konflik kepentingan dengan AdvanceSynergy Berhad. Beliau tidak pernah disabitkan dengansebarang kesalahan dalam tempoh10 tahun yang lepas.

Datin Masri Khaw Binti A b d u l l a h , 50, seorangwarganegara Malaysia, adalah Pengarah Bukan EksekutifBukan Bebas Advance Synergy Berhad. Beliau telah dilantikmenganggotai Lembaga Pengarah pada 6 Januari 1995.Datin Masri Khaw Binti Abdullah adalah salah seorang daripadaorang Asia pertama yang tamat mengikuti Program PengurusBesar di Holiday Inn University di Memphis, USA pada tahun1976. Pada tahun 1982 beliau tamat mengikuti satu kursusmusim panas berkenaan Pembangunan & Reka Bentuk Hoteldi Cornell University, USAdan telah menjalani latihan Hotel diSingapura dan Kanada. Beliau telah dihadiahkan anugerahPegawai Pemasaran Terbaik Tahunan untuk Holiday Inn

Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri NikAhmad Kamil (continued)

Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri Nik AhmadKamil is the Chairman of the Nomination Committee anda member of the Audit Committee of Advance SynergyBerhad.

He does not have any family relationship with anydirector and/or major stockholder of Advance SynergyBerhad, nor he has any conflict of interest with AdvanceSynergy Berhad. He has had no convictions for anyoffences within the past 10 years.

Wong Ah Nam @ Wong Joon Tuang, 57, aMalaysian, is an Independent Non-Executive Director ofAdvance Synergy Berhad. He was appointed to theBoard on 10 January 1994. Mr Wong Joon Tuangobtained his Bachelor in Science degree from UniversityMalaya. He was a Business Consultant with Hak NiagaSdn Bhd and has been in the profession since 1985. Hewas the Marketing Director of EMC (M) Sdn Bhd from1980 to 1984 and Area Manager of General Electric Co.(M) Sdn Bhd from 1976 to 1980. He was with MatsushitaSales & Services Sdn Bhd as Product Manager from1974 to 1975. Prior to 1974, he held the position ofMarketing Executive of Matsushita Elektrik Co (M) Bhdand had worked for Ames Laboratory (Australia) Pte Ltd.

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

He does not have any family relationship with anydirector and/or major stockholder of Advance SynergyBerhad, nor he has any conflict of interest with AdvanceSynergy Berhad. He has had no convictions for anyoffences within the past 10 years.

Datin Masri Khaw Binti Abdullah, 50, a Malaysian,is a Non-Independent Non-Executive Director ofAdvance Synergy Berhad. She was appointed to theBoard on 6 January 1995. Datin Masri Khaw BintiAbdullah was one of the first Asians to complete theGeneral Manager’s Programme at the Holiday InnUniversity in Memphis, USA in 1976. In 1982 shecompleted a summer course on Hotel Development &Design at Cornell University, USA and had undergoneHotel training in Singapore and Canada. She wasawarded the Best Marketing Person of the Year for


9

Datin Masri Khaw Binti Abdullah (sambungan)

Hotels Asia Pacific pada tahun 1985. Datin Masri Khaw BintiAbdullah memainkan peranan penting bila Antara HolidayVilla memenangi anugerah khas untuk Pengurusan Berkualitidalam Anugerah Kecemerlangan Industri 1997 yang dikelolakanoleh Kementerian Perusahaan dan PerdaganganAntarabangsa. Beliau menerima anugerah berprestij tersebutdaripada Perdana Menteri Dato’ Seri Dr. Mahathir Mohamadpada 18 Disember 1997. Pengalaman beliau dalam industriperhotelan menjangkau balik ke tahun 1969 dan beliau telahmemberi sumbangan besar kepada pembangunan hotel baru.Beliau memulakan rangkaian hotel Holiday Villa pada tahun1987 dengan pembukaan Holiday Villa Cherating.

Pada masa ini, beliau adalah Pengarah Eksekutif dan KetuaPegawai Eksekutif Antara Holiday Villas Sdn Bhd dan HolidayVillas International Limited, anak-anak syarikat A d v a n c eSynergy Berhad.

Datin Masri Khaw Binti Abdullah adalah seorang ahli Jawatan-kuasa Imbuhan Advance Synergy Berhad.

Datin Masri Khaw Binti Abdullah tidak mempunyai sebaranghubungan kekeluargaan dengan mana-mana pengarahdan/atau pemegang stok utama Advance Synergy Berhad,mahupun mempunyai sebarang konflik kepentingan denganAdvance Synergy Berhad. Beliau tidak pernah disabitkan dengansebarang kesalahan dalam tempoh 10 tahun yang lepas.

Chim Wai Khuan, 52, seorang warganegara Malaysia,ialah seorang Pengarah Bukan Eksekutif Bebas AdvanceSynergy Berhad. Beliau telah dilantik menganggotai LembagaPengarah pada 12 Disember 2001. Encik Chim Wai Khuanadalah seorang ahli Institut Akauntan Malaysia. Beliauberpengalaman luas dalam bidang audit, percukaian danperkhidmatan perundingan pengurusan semasa beliaubersama beberapa firma perakaunan di Malaysia dan UnitedKingdom daripada tahun 1974 hingga 1985. Beliau mulamenjalankan amalan sendiri di bawah nama Chim & Co. dari-pada tahun 1985 hingga 2000. Pada masa ini, beliau beramalsebagai seorang Perunding Korporat dan Pengurusan.

Beliau juga ialah pengarah bukan eksekutif bebas AdvanceSynergy Capital Berhad (dahulunya dikenali sebagai UnitedMerchant Group Berhad), Ganad Corporation Berhad danUnited U-Li Corporation Berhad.

Encik Chim Wai Khuan adalah seorang ahli JawatankuasaAudit, Jawatankuasa Pencalonan dan JawatankuasaImbuhan Advance Synergy Berhad.

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

Datin Masri Khaw Binti Abdullah (continued)

Holiday Inn Hotels Asia Pacific in 1985. Datin MasriKhaw Binti Abdullah played a key role when AntaraHoliday Villa won a special award for QualityManagement in the Industry Excellence Award 1997organised by the Ministry of International Trade andIndustry. She received the prestigious award from thePrime Minister Dato’ Seri Dr. Mahathir Mohamad on 18December 1997. Her experience in the hotel industrydates back to 1969 and she has since contributedsignificantly to the development of new hotels. Sheinitiated the Holiday Villa chain in 1987 with the openingof Holiday Villa Cherating.

She is presently the Executive Director and ChiefExecutive Officer of Antara Holiday Villas Sdn Bhd andHoliday Villas International Limited, subsidiaries ofAdvance Synergy Berhad.

Datin Masri Khaw Binti Abdullah is a member of theRemuneration Committee of Advance Synergy Berhad.

She does not have any family relationship with anydirector and/or major stockholder of Advance SynergyBerhad, nor she has any conflict of interest with AdvanceSynergy Berhad. She has had no convictions for anyoffences within the past 10 years.

Chim Wai Khuan, 52, a Malaysian, is an IndependentNon-Executive Director of Advance Synergy Berhad. Hewas appointed to the Board on 12 December 2001. MrChim Wai Khuan is a member of the Malaysian Instituteof Accountants. He has vast experience in auditing,taxation and management consultancy services while hewas attached to several accounting firms in Malaysia andthe United Kingdom from 1974 to 1985. He started hisown practice under the name Chim & Co. from 1985 to2000. Currently, he practises as a Corporate andManagement Consultant.

He is also an independent non-executive director ofAdvance Synergy Capital Berhad (Formerly known asUnited Merchant Group Berhad), Ganad CorporationBerhad and United U-Li Corporation Berhad.

Mr Chim Wai Khuan is a member of the Audit Committee,Nomination Committee and Remuneration Committee ofAdvance Synergy Berhad.

He does not have any family relationship with any directorand/or major stockholder of Advance Synergy Berhad,nor he has any conflict of interest with Advance SynergyBerhad. He has had no convictions for any offences with-in the past 10 years.


10

KEWANGAN DAN PENGANGKUTAN / FINANCIAL SERVICES AND TRANSPORTATION

Advance Synergy Capital BerhadWong Joon HianPengarah Urusan / Managing Director

HOTEL DAN PUSAT PERANGINAN / HOTELS AND RESORTS

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

PERKHIDMATAN KAD DAN PEMBAYARAN / CARD AND PAYMENT SERVICES

iSynergy Sdn BhdNg King KauPengarah Urusan / Managing Director

PERKILANGAN / MANUFACTURING

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

PERKHIDMATAN / SERVICES

e-go.com Sdn BhdSirat bin OthmanKetua Pegawai Eksekutif / Chief Executive Officer

PEMBANGUNAN HARTANAH / PROPERTY DEVELOPMENT

Sadong Development Sdn BhdLiew Chaw ThaiPengurus / Manager

Advance Synergy Realty Sdn BhdJee Chun FahPengurus Besar / General Manager

PELANCONGAN / TRAVEL AND TOURS

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

TEKNOLOGI MAKLUMAT DAN KOMUNIKASI

Information Technology and CommunicationsWong Tze LengKetua Pegawai Eksekutif / Chief Executive Officer

PEJABAT KORPORAT / CORPORATE OFFICE

Dato’ Ahmad Sebi Bakar

Pengerusi Eksekutif / Executive Chairman

Sng Ngiap KoonPengurus Besar Kanan Kumpulan /

Senior Group General Manager

Lee Su NiePengurus Besar Kumpulan /

Group General Manager

Operasi / Operations

Chin Kah KitPengurus / Manager

Kewangan dan Pentadbiran /

Finance and Administration

Chong Wai LingPengurus / Manager

Kesetiausahaan / Secretarial

Kong Kok ChinPengurus / Manager

Sumber Tenaga Manusia Kumpulan /

Group Human Resources

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

Advance Synergy BerhadG r o u p

Maklumat Pengurusan M a n a g e m e n t I n f o r m a t i o n

11

Struktur Korporat Kumpulan pada 30 April 2003G r o u p C o r p o r a t e

A d v a n c e S y n e r g y B e r h a d

12

S t r u c t u r e a s a t 3 0 A p r i l 2 0 0 3

13

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

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

LEMBAGA PENGARAH

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

Lembaga Pengarah bermesyuarat sekurang-kurangnya 4 kali setahun, dengan mesyuarat tambahan diadakan jika perlu.Sepanjang tahun kewangan berakhir 31 Disember 2002, empat (4) mesyuarat Lembaga Pengarah telah diadakan. Butir-butirkehadiran setiap Pengarah di Mesyuarat Lembaga Pengarah yang telah diadakan sepanjang tahun kewangan adalahdinyatakan di dalam Penyata bersama Notis Mesyuarat Agung Tahunan di muka surat 4 Laporan Tahunan ini.

Lembaga Pengarah telah mewujudkan tiga jawatankuasa tetap : satu Jawatankuasa Audit, satu Jawatankuasa Pencalonandan satu Jawatankuasa Imbuhan, yang mana butir-butirnya adalah dinyatakan di bawah. Jawatankuasa-jawatankuasa ini mempunyai kuasa untuk memeriksa isu-isu khusus dan melaporkannya kepada Lembaga Pengarahberserta dengan saranan mereka. Bagaimanapun, tanggungjawab mutlak untuk keputusan berkenaan semua perkaraterletak pada Lembaga Pengarah.

KESEIMBANGAN LEMBAGA PENGARAH

Lembaga Pengarah kini terdiri daripada seorang Pengerusi Eksekutif dan lima (5) Pengarah Bukan eksekutif, di mana empat(4) daripadanya adalah Pengarah bebas. Para Pengarah yang ada sekarang membawa pengalaman, kemahiran dan pengetahuanperniagaan dan kewangan yang luas, yang perlu untuk menerajui Kumpulan dengan berkesan. Profail Para Pengarah adalahdinyatakan di muka surat 7 hingga 10 Laporan Tahunan ini.

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

Kehadiran empat (4) Pengarah Bukan Eksekutif Bebas yang mewakili dua pertiga (2/3) jumlah keseluruhan Para Pengarahmemenuhi satu tugas yang penting dalam memastikan terdapat keseimbangan kuasa dan pengaruh. Bersama-sama, kehadiranmereka dalam Lembaga Pengarah mencerminkan dengan adil pelaburan pemegang saham minoriti Syarikat di sampingmempunyai cukup pengaruh dalam membuat sesuatu keputusan.

BEKALAN MAKLUMAT

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

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

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Penyata Mengenai Urus Tadbir KorporatU r u s T a d b i r K o r p o r a t

Penyata Mengenai Urus Tadbir Korporat (sambungan)

U r u s T a d b i r K o r p o r a t

PELANTIKAN KE LEMBAGA PENGARAH

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

Jawatankuasa Pencalonan

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

• Tan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad Kamil (Pengerusi)• Wong Ah Nam @ Wong Joon Tuang• Chim Wai Khuan

Jawatankuasa Pencalonan bertanggungjawab untuk membuat cadangan berkenaan sebarang pencalonan kepada LembagaPengarah dan kepada Jawatankuasa Lembaga Pengarah. Dalam membuat cadangan ini, pertimbangan sewajarnya diberikan kepadagabungan kemahiran dan pengalaman yang diperlukan dari pengarah yang dicadangkan harus bawa ke Lembaga Pengarah dankepada Jawatankuasa-jawatankuasa Lembaga Pengarah yang berkenaan.

Jawatankuasa Pencalonan juga akan menilai, setiap tahun, keberkesanan Lembaga Pengarah secara keseluruhannya,Jawatankuasa-jawatankuasa Lembaga Pengarah dan sumbangan setiap Pengarah. Lembaga Pengarah, melalui JawatankuasaPencalonan, mengkaji setiap tahun gabungan kemahiran dan pengalaman dan sifat lain, termasuk kemampuan asas, yang diperlukan,yang Pengarah Bukan Eksekutif patut bawa ke Lembaga Pengarah.

Jawatankuasa Pencalonan akan bermesyuarat sekurang-kurangnya sekali setahun dan mesyuarat tambahan boleh dijadualkan jikadifikirkan perlu oleh Pengerusi Jawatankuasa.

PEMILIHAN SEMULA

Menurut Tataurusan Pertubuhan Syarikat, satu pertiga (1/3) daripada Pengarah bersara daripada jawatan pada setiap MesyuaratAgung Tahunan tetapi layak untuk dipilih semula. Para Pengarah yang dilantik oleh Lembaga Pengarah semasa setiap tahun kewangantertakluk kepada pemilihan semula oleh pemegang saham pada Mesyuarat Agung Tahunan yang pertama selepas pelantikan mereka.Tataurusan Pertubuhan Syarikat memperuntukan supaya semua Pengarah hendaklah menawarkan diri mereka untuk dipilihs e m u l a sekurang-kurangnya tiga tahun sekali.

IMBUHAN PENGARAH

Imbuhan kesemua Pengarah ditentukan pada peringkat untuk memastikan Syarikat menarik dan mengekalkan Para Pengarah yangberkaliber yang diperlukan untuk mengendalikan Syarikat dengan berjaya. Jawatankuasa Imbuhan menyemak dan mengesyorkankepada Lembaga Pengarah, dasar imbuhan Syarikat untuk Para Pengarah Eksekutif untuk memastikan bahawa mereka diberiimbuhan sewajarnya untuk sumbangan mereka kepada Kumpulan.

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

Tiada Pengarah akan mengambil bahagian dalam keputusan berkenaan imbuhannya sendiri.

15

Jawatankuasa Imbuhan

Jawatankuasa Imbuhan terdiri daripada tiga (3) Pengarah Bukan Eksekutif, dimana dua (2) daripadanya adalah Pengarah BukanEksekutif Bebas. Ahli-ahli Jawatankuasa Imbuhan adalah:-

• Aznan Bin Haji Ismail (Pengerusi)• Chim Wai Khuan• Datin Masri Khaw Binti Abdullah

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

Butir-butir jumlah imbuhan untuk Para Pengarah Syarikat (termasuk imbuhan diperolehi sebagai Pengarah Eksekutif anaksyarikat) untuk tahun berakhir 31 Disember 2002 adalah seperti berikut:

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

Kategori Pengarah Fi Gaji & Bonus Faedah ihsan Jumlah

RM'000 RM'000 RM'000 RM'000

Pengarah Eksekutif 193 420 21 634

Pengarah Bukan Eksekutif 442 128 12 582

2. Julat Jumlah Imbuhan:-

Bilangan Pengarah

Eksekutif Bukan Eksekutif

Di bawah 50,000 - 350,001 – 100,000 - 1

400,001 – 450,000 - 1600,001 – 650,000 1 -

PEMEGANG STOK

Mesyuarat Agung Tahunan ialah forum utama untuk dialog dengan pemegang stok. Terdapat sesi soal-jawab terbuka di manapemegang stok boleh mengajukan soalan berkenaan resolusi-resolusi yang dicadangkan di mesyuarat dan juga berkenaanperkara berkaitan perniagaan dan hal-ehwal Kumpulan.

Di samping itu, setiap perkara perniagaan khas yang terkandung dalam notis mesyuarat akan disertakan dengan penjelasanpenuh kesan-kesan sesuatu resolusi yang dicadangkan.

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

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LAPORAN KEWANGAN

Dalam membentangkan penyata kewangan tahunan dan pengumuman keputusan suku tahunan, Lembaga Pengarah bertujuanmembentangkan satu penilaian yang seimbang dan mudah difahami mengenai kedudukan dan prospek Kumpulan. Ini turutdigunakan kepada laporan awam yang sensitif-harga dan laporan kepada penguatkuasa peraturan. Jawatankuasa Auditmembantu Lembaga Pengarah dalam meneliti laporan-laporan sedemikian untuk memastikan ketepatan dan kecukupan.

KENYATAAN BERKENAAN TANGGUNGJAWAB PENGARAH UNTUK MENYEDIAKAN PENYATA KEWANGAN

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

Dalam menyediakan penyata kewangan, Para Pengarah telah:

• Memilih dasar-dasar perakaunan yang sesuai dan menggunakannya secara seragam;• Membuat keputusan dan anggaran yang munasabah dan cermat;• Memastikan bahawa semua piawaian-piawaian perakaunan yang terpakai telah diikuti; • Menyediakan penyata kewangan atas asas perniagaan berterusan; dan • Memandangkan Para Pengarah mempunyai harapan munasabah, daripada siasatan yang mereka buat, bahawa

Kumpulan dan Syarikat mempunyai sumber-sumber yang mencukupi untuk meneruskan operasi sejauh yang nampakpada masa hadapan.

Para Pengarah bertanggungjawab untuk memastikan bahawa Syarikat menyimpan rekod perakaunan yang mendedahkandengan ketepatan yang munasabah kedudukan kewangan Kumpulan dan Syarikat dan yang membolehkan mereka memastikanbahawa penyata kewangan mematuhi Akta Syarikat, 1965.

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

KAWALAN DALAMANLembaga Pengarah mengakui tanggungjawab keseluruhannya untuk mengekalkan sistem kawalan dalaman yang berkesanuntuk melindungi pelaburan pemegang stok, aset Syarikat, dan keperluan mengkaji kecukupan dan integriti sistem tersebutdari semasa ke semasa. Keberkesaan sistem kawalan dalaman Kumpulan dikaji secara berkala oleh Jawatankuasa Audit dankajian sedemikian meliputi kewangan, operasi dan pematuhan serta pengurusan risiko.

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

Jawatankuasa Audit telah bermesyuarat 5 kali sepanjang tahun kewangan berakhir 31 Disember 2002 untuk menimbang,membincang dan menyemak semua perkara yang dinyatakan dalam bidang tugas mereka.

HUBUNGAN DENGAN JURUAUDITMelalui Jawatankuasa Audit Lembaga, Syarikat telah mewujudkan satu hubungan yang terbuka dan wajar dengan juruauditSyarikat. Juruaudit luar adalah dijemput menghadiri Mesyuarat Jawatankuasa Audit sekurang-kurangnya sekali setahununtuk membincangkan sifat dan skop audit dan masalah dan kesangsian yang timbul daripada audit terakhir.

Penyata ini telah dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 28 April 2003 .

17



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

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

BOARD OF DIRECTORS

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

The Board meets at least four (4) times a year, with additional meetings convened as necessary. During the financial yearended 31 December 2002, four (4) meetings were held. Details of attendance of each Director at Board Meetings held duringthe financial year are set out in the Statement Accompanying Notice of Annual General Meeting on page 5 of this AnnualReport.

The Board of Directors has established three standing committees : an Audit Committee, a Nomination Committee and aRemuneration Committee, the details of which are set out below. These Committees have the authority to examine particularissues and report back to the Board with their recommendations. The ultimate responsibility for decisions on all matters,however, lies with the Board.

BOARD BALANCE

The Board currently consists of an Executive Chairman and five (5) Non-Executive Directors, four (4) of whom areindependent. The current Directors bring a wide range of business and financial experience, skills and knowledge necessaryfor the effective stewardship of the Group. Profiles of the Directors are set out on pages 7 to 10 of this Annual Report.

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

The presence of four (4) Independent Non-Executive Directors representing two-thirds (2/3) of the total number of Directorsfulfil a pivotal role in ensuring that there is balance of power and authority. Together, their representation on the Board fairlyreflect the investment of the minority stockholders of the Company and in addition carry sufficient weight for decision making.

SUPPLY OF INFORMATION

Each Director has unrestricted access to senior management, all information within the Company and is entitled to the advice ands e r v i c e s of the Company Secretary. The Directors whether as full Board or in their individual capacity, may in furtherance oftheir duties, take independent professional advice at the Company's expense, if required.

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

18

Statement on Corporate GovernanceC o r p o r a t e G o v e r n a n c e

19

APPOINTMENT TO THE BOARD

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

NOMINATION COMMITTEE

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

• Tan Sri Dato' Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad Kamil (Chairman)• Wong Ah Nam @ Wong Joon Tuang• Chim Wai Khuan

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

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

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

RE-ELECTION

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

DIRECTORS' REMUNERATION

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

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

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

Statement on Corporate Governance (continued)

C o r p o r a t e G o v e r n a n c e

Remuneration Committee

The Remuneration Committee consists of three (3) Non-Executive Directors, two (2) of whom are Independent Non-ExecutiveDirectors. Members of the Remuneration Committee are:-

• Aznan Bin Haji Ismail (Chairman)• Chim Wai Khuan• Datin Masri Khaw Binti Abdullah

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

Details of the aggregate remuneration for the Directors of the Company (including remuneration earned as ExecutiveDirectors of subsidiaries) for the year ended 31 December 2002 are as follows:

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

Category of Directors Fees Salaries & Bonus Benefits-in-kind Total

RM'000 RM'000 RM'000 RM'000

Executive Director 193 420 21 634

Non-Executive Directors 442 128 12 582

2. Range of Aggregate Remuneration:-

Number of Directors

Executive Non-Executive

Below 50,000 - 350,001 – 100,000 - 1

400,001 – 450,000 - 1600,001 – 650,000 1 -

STOCKHOLDERS

The Annual General Meeting is the principal forum for dialogue with stockholders. There is an open question and answer sessionin which stockholders may pose questions regarding the resolutions being proposed at the meeting and also on matters relatingto the Group's businesses and affairs. The Board members are in attendance to provide explanations to all stockholders'queries and stockholders are encouraged to participate in discussions and to give their views to the Directors.

In addition, each item of special business included in the notice of the meeting will be accompanied by a full explanation ofthe effects of a proposed resolution.

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

20



21

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

STATEMENT ON DIRECTORS' RESPONSIBILITY FOR PREPARING FINANCIAL STATEMENTS

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

In preparing the financial statements, the Directors have:

• Selected suitable accounting policies and applied them consistently;• Made judgments and estimates that are reasonable and prudent;• Ensured that all applicable accounting standards have been followed; and• Prepared financial statements on the going concern basis as the Directors have a reasonable expectation, having made

enquiries, that the Group and Company have adequate resources to continue in operational existence for the foreseeablefuture.

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

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

INTERNAL CONTROL

The Board acknowledges its overall responsibility for maintaining a sound system of internal control to safeguard stockholders'investments, the Company's assets, and the need to review the adequacy and integrity of those systems regularly. The eff e c t i v e n e s sof the Group’s system of internal controls is reviewed periodically by the Audit Committee and such review covers the financial,operational and compliance controls as well as risk management.

The Statement on Internal Controls as set out on pages 34 to 35 of this Annual Report provides an overview of the state ofi n t e r n a l control within the Group.

The Audit Committee met five (5) times during the financial year ended 31 December 2002 to consider, discuss and reviewall the matters specified in their terms of reference.

RELATIONSHIP WITH AUDITORS

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

This statement is made in accordance with a resolution of the Board of Directors dated 28 April 2003.



1. OPSYEN, WARAN DAN SEKURITI BOLEH DITUKAR

Syarikat tidak menerbitkan sebarang opsyen, waran atau sekuriti boleh tukar dalam tahun kewangan berakhir 31Disember 2002. Berhubung dengan 168,896,809 Waran 2000/2003 yang telah dikeluarkan pada 29 Ogos 2000, tiadawaran telah dilaksanakan setakat 31 Disember 2002.

2. FI BUKAN AUDIT DIBAYAR KEPADA JURUAUDIT LUAR

Fi bukan audit berkanun yang dibayar kepada juruaudit luar, BDO Binder oleh Syarikat dan oleh Kumpulan bagi tahunkewangan berakhir 31 Disember 2002 masing-masing berjumlah RM18,925 dan RM81,821.

3. KONTRAK MATERIAL MELIBATKAN PARA PENGARAH DAN PEMEGANG STOK UTAMA

Pada 13 Julai 2001, Syarikat menandatangani Perjanjian Jual Beli dengan Advance Synergy Capital Berhad (dahulunyadikenali sebagai United Merchant Group Berhad) ("ASC"), anak syarikat milik 50.75% Syarikat, untuk melupuskankeseluruhan 49% kepentingan ekuitinya yang terdiri daripada 49,000,000 saham biasa bernilai RM1.00 setiap unitdalam ACE Synergy Insurance Berhad ("ACE") kepada ASC bagi jumlah balasan tunai sebanyak RM71.0 juta.

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

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

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

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

4. DASAR PENILAIAN SEMULA HARTANAH

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

22

Maklumat Pematuhan TambahanP e m a t u h a n T a m b a h a n

5 . U R U S N I A G A PIHAK BERKAITAN BERULANG BERSIFAT HASIL ATAU DAGANGAN

Pada Mesyuarat Agung Luar Biasa pada 29 Jun 2002, Syarikat telah mendapat mandat para pemegang stok untukmembenarkan Kumpulan memasuki urusniaga pihak berkaitan berulang bersifat hasil atau dagangan.

Menurut dengan Perenggan 10.09(1)(b), Bahagian E, Bab 10 Syarat-syarat Penyenaraian Bursa Saham Kuala Lumpur,butir-butir urusniaga pihak berkaitan berulang yang dilaksanakan sepanjang tahun kewangan berakhir 31 Disember2002 menurut mandat para pemegang stok adalah seperti berikut:

23

Sifat urusniaga

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

Yuran diskaun saudagaruntuk penerimaan kadMasterCard daripadapelanggan-pelanggandan mengemukakan kepada iSynergy untuk bayaran

Royalti untuk KadCash-In Rebate

Penyediaan perkhidmatanberkaitan hotel

Penyediaan perkhidmatanberkaitan hotel

Rekuisisi sokonganteknikal

Penjual /Penyedia

ASH HoldingsSdn Bhd ("ASH")

Alor SetarHoliday Villa SdnBhd ("ASHV")

InterpayInternationalAssociates Ltd("Interpay")

Kumpulansyarikat-syarikatAlangka-SukaHotels & ResortsBerhad ("ASHR")

Mayor HotelsBerhad ("MHB")

InterpayInternationalAssociates Ltd.("Interpay")

Pembeli /Penerima

Antara Holiday VillasSdn Bhd ("Antara")

iSynergy Sdn Bhd("iSynergy") **

Rewardstreet.com(Malaysia) Sdn Bhd("Rewardstreet")

Advance Synergy CapitalBerhad (dahulunyadikenali sebagai UnitedMerchant Group Berhad)dan syarikat-syarikatkumpulannya **

ASB

iSynergy Sdn Bhd("iSynergy")

Nilaiagregat

urusniagaberulang(RM’000)

89.2

0.2

274.6

-

-

200.0

Sifat perhubungan denganAdvance Synergy Berhad ("ASB")

– pengarah berkepentingan,pemegang stok utama dan

pihak berkaitan

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

Datin Masri Khaw Binti Abdullahadalah pengarah kedua-dua ASBdan ASHV. Beliau memegangkepentingan 0.25% dalam Alangka-Suka Hotels & Resorts Berhad **,yang sebaliknya memegangkepentingan 90% dalam ASHV.

Interpay adalah syarikat seindukInterpay International ResourcesLtd, yang sebaliknya adalahpemegang saham utama iSynergy.iSynergy memegang kepentingan100% dalam Rewardstreet.

Datin Masri Khaw Binti Abdullahadalah pengarah ASB. Beliaumemegang kepentingan 0.25%dalam ASHR **.

Datin Masri Khaw Binti Abdullahadalah pengarah dalam kedua-duaASB dan MHB. Beliau memegangkepentingan 0.25% dalam Alangka-Suka Hotels & Resorts Berhad **,yang sebaliknya m e m e g a n gkepentingan 100% dalam MHB.

Interpay adalah syarikat seindukInterpay International ResourcesLtd, yang sebaliknya adalahpemegang saham utama iSynergy.

** Anak-anak syarikat bukan milik penuh A S B .

Maklumat Pematuhan Tambahan (sambungan)

P e m a t u h a n T a m b a h a n

1. OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES

The Company has not issued any options, warrants or convertible securities during the financial year ended 31December 2002. In respect of the 168,896,809 Warrants 2000/2003 which were issued on 29 August 2000, nowarrants have been exercised as at 31 December 2002.

2. NON-AUDIT FEES PAID TO EXTERNAL AUDITORS

Non-statutory audit fees paid to the external auditors, BDO Binder by the Company and by the Group for the f i n a n c i a lyear ended 31 December 2002 amounted to RM18,925 and RM81,821 respectively.

3. MATERIAL CONTRACTS INVOLVING DIRECTORS AND MAJOR STOCKHOLDERS

On 13 July 2001, the Company entered into a Sale and Purchase Agreement with Advance Synergy Capital Berhad(formerly known as United Merchant Group Berhad) ("ASC"), a 50.75% owned subsidiary of the Company, to disposeof its entire 49% equity interest comprising 49,000,000 ordinary shares of RM1.00 each in ACE Synergy InsuranceBerhad ("ACE") to ASC for a total cash consideration of RM71.0 million.

Subsequently, on 24 April 2002, the Company and ASC entered into a Supplemental Agreement to extend the p e r i o dof time by nine (9) months or such other longer period as may be agreed in writing for the fulfillment of conditionsprecedent in relation to the above proposed disposal of ACE.

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

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

Save for the above, the Company and its subsidiaries have not entered into any other material contracts involvingdirectors’ and major stockholders’ interests.

4. REVALUATION POLICY ON LANDED PROPERTIES

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

24

Additional Compliance InformationC o m p l i a n c e I n f o r m a t i o n

25

** Non-wholly owned subsidiary companies of ASB.

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

At an Extraordinary General Meeting on 29 June 2002, the Company had obtained a stockholders’mandate to allow theGroup to enter into recurrent related party transactions of a revenue or trading nature.

In accordance with Paragraph 10.09(1)(b), Part E, Chapter 10 of the Listing Requirements of the Kuala Lumpur StockExchange, the details of the recurrent related party transactions conducted during the financial year ended 31 December2002 pursuant to the stockholders’ mandate were as follows :

Nature oftransaction

Rental of office premiselocated at B-16-8Megan Phileo Avenue,No. 12, Jalan YapKwan Seng, 50450Kuala Lumpur, coveringan area of 3,708 sq. ft.

Merchant discount fee for acceptingMasterCard cardsfrom customers andsubmitting to iSynergyfor payment

Royalties forCash-In Rebate Card

Provision of hotelrelated services

Provision of hotelrelated services

Requisition oftechnical support

Vendor/Provider

ASH HoldingsSdn Bhd ("ASH")

Alor SetarHoliday Villa SdnBhd ("ASHV")

InterpayInternationalAssociates Ltd("Interpay")

Alangka-SukaHotels & ResortsBerhad ("ASHR")group of companies

Mayor HotelsBerhad ("MHB")

InterpayInternationalAssociates Ltd.("Interpay")

Purchaser/Recipient

Antara Holiday VillasSdn Bhd ("Antara")

iSynergy Sdn Bhd("iSynergy") **

Rewardstreet.com(Malaysia) Sdn Bhd("Rewardstreet")

Advance Synergy CapitalBerhad (formerly knownas United MerchantGroup Berhad) and itsgroup of companies **

ASB

iSynergy Sdn Bhd("iSynergy")

Aggregatevalue of

recurrentt r a n s a c t i o n s

(RM’000)

89.2

0.2

274.6

-

-

200.0

Nature of relationship withAdvance Synergy Berhad ("ASB")

– interested directors,major stockholders and

persons connected

Datin Masri Khaw Binti Abdullah is a director of ASB and Antara, awholly owned subsidiary companyof Alangka-Suka Hotels & ResortsBerhad **, in which she holds0.25% interest. She has 50%interest in ASH.

Datin Masri Khaw Binti Abdullah is a director of both ASB andASHV. She holds 0.25% interestin Alangka-Suka Hotels & ResortsBerhad **, which in turn holds90% interest in ASHV.

Interpay is a sister company ofInterpay International ResourcesLtd, which in turn is a majorshareholder of iSynergy. iSynergyholds 100% interest in Rewardstreet.

Datin Masri Khaw Binti Abdullah is a director of ASB. She holds0.25% interest in ASHR **.

Datin Masri Khaw Binti Abdullah is a director in both ASB andMHB. She holds 0.25% interest inAlangka-Suka Hotels & ResortsBerhad **, which in turn holds100% interest in MHB.

Interpay is a sister company ofInterpay International ResourcesLtd, which in turn is a majorshareholder of iSynergy.

Additional Compliance Information (continued)

C o m p l i a n c e I n f o r m a t i o n

KEAHLIAN DAN KEHADIRAN

Ahli-ahli Jawatankuasa Audit sepanjang tahun kewangan berakhir 31 Disember 2002 dan butir-butir kehadiran setiap ahli dilima (5) mesyuarat yang telah diadakan sepanjang tahun adalah seperti berikut:-

Nama Bil. Mesyuarat Dihadiri

Wong Ah Nam @ Wong Joon Tuang 5Pengerusi / Pengarah Bukan Eksekutif Bebas

Tan Sri Dato’ Nik Ibrahim Kamil Bin 4Tan Sri Nik Ahmad Kamil

Ahli / Pengarah Bukan Eksekutif Bebas

Chim Wai Khuan 5Ahli / Pengarah Bukan Eksekutif Bebas

Aznan Bin Haji IsmailAhli / Pengarah Bukan Eksekutif Bebas Tiada *(Meletak jawatan pada 19 Februari 2002)

* Tiada mesyuarat diadakan sepanjang tempoh daripada 1 Januari 2002 sehingga tarikh beliau meletak jawatan.

RINGKASAN KEGIATAN

Jawatankuasa Audit telah menjalankan tugasnya sebagaimana dinyatakan dalam bidang tugasnya bagi kegiatan-kegiatanb e r k a i t a n pada tahun 2002.

FUNGSI AUDIT DALAMAN

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

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

Bagi mempertingkatkan lagi pemantauan dan pelaksanaan pengurusan risiko dan kawalan dalaman dalam Kumpulan,Lembaga Pengarah telah pada Oktober 2002 melantik perunding-perunding daripada firma profesional luar untuk menjalankankajian proses pengurusan risiko sedia ada dan membantu memformalkan satu rangka pengurusan risiko dalam Kumpulan.Kajian ini dijangka akan disiapkan pada Mei 2003 bila mana jabatan audit dalaman berfungsi sepenuhnya akan dianggarkan.

BIDANG TUGAS JAWATANKUASA AUDIT

OBJEKTIF

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

26

Laporan Jawatankuasa Audit L a p o r a n J a w a t a n k u a s a A u d i t

KEAHLIAN

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

Sekurang-kurangnya seorang ahli Jawatankuasa Audit:-

(i) Mestilah seorang ahli Institut Akauntan Malaysia; atau

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

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

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

Ahli-ahli Jawatankuasa akan memilih seorang Pengerusi daripada kalangan mereka yang merupakan seorang PengarahBebas.

Pelantikan seseorang ahli Jawatankuasa tamat apabila ahli tersebut berhenti menjadi pengarah Syarikat.

MESYUARAT

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

Jawatankuasa ini akan bermesyuarat sekurang-kurangnya empat (4) kali setahun, atau lebih kerap sekiranya dianggap perluoleh Jawatankuasa.

Ketua Pengawal Kewangan, Pengurus Audit Dalaman dan seorang wakil juruaudit luar lazimnya akan diundang untuk menghadirimesyuarat. Ahli Lembaga Pengarah lain boleh menghadiri mesyuarat jika dijemput oleh Jawatankuasa. Walau bagaimanapun,sekurang-kurangnya sekali setahun Jawatankuasa akan bermesyuarat dengan juruaudit luar tanpa kehadiran mana-manaPengarah Eksekutif. Setiausaha kepada Jawatankuasa adalah Setiausaha Syarikat atau nomininya yang dilantik daripadaJabatan Kesetiausahaan Syarikat yang mempunyai kelayakan dan pengalaman yang sewajarnya.

MINIT

Setiausaha Jawatankuasa Audit akan menyediakan minit, yang akan ditandatangani oleh Pengerusi mesyuarat dan diedarkankepada setiap ahli Jawatankuasa dan Lembaga Pengarah. Pengerusi Jawatankuasa akan melaporkan setiap mesyuaratkepada Lembaga Pengarah.

AUTORITI

Jawatankuasa ini diberi kuasa oleh Lembaga Pengarah:

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

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

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

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

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

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

27

Laporan Jawatankuasa Audit (sambungan)

L a p o r a n J a w a t a n k u a s a A u d i t

FUNGSI DAN TUGAS

Fungsi dan tugas Jawatankuasa ini adalah:

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

(a) rancangan audit dengan juruaudit luar;

(b) penilaian tentang sistem kawalan dalaman dengan juruaudit luar;

(c) dengan juruaudit luar, laporan audit beliau;

(d) bantuan yang diberikan oleh kakitangan Syarikat dan Kumpulan kepada juruaudit luar;

(e) kecukupan skop, fungsi dan sumber fungsi audit dalaman dan bahawa ia mempunyai autoriti yang perlu untukmelaksanakan tugasnya;

(f) program audit dalaman, proses, keputusan program audit dalaman, proses atau penyiasatan yang dijalankan dansama ada tindakan yang sewajarnya diambil berhubung syor fungsi audit dalaman;

(g) keputusan suku tahunan dan penyata kewangan akhir tahun sebelum kelulusan Lembaga Pengarah dengan fokuskhususnya diberikan kepada:

– perubahan atau pelaksanaan perubahan dasar perakaunan utama;– peristiwa-peristiwa signifikan atau luarbiasa;– pematuhan terhadap piawaian perakaunan dan keperluan perundangan lain;– bidang-bidang pertimbangan utama;– andaian perniagaan berterusan;– pematuhan terhadap keperluan Bursa Saham Kuala Lumpur ("BSKL");

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

(i) sebarang surat perletakan jawatan daripada juruaudit luar Syarikat;

(j) sama ada terdapat sebab (disokong oleh alasan) untuk mempercayai bahawa juruaudit luar tidak sesuai untukdilantik semula;

(k) surat pengurusan juruaudit luar dan tindakbalas pengurusan;

(l) sama ada mereka berpuas hati bahawa prosedur Pengurusan Risiko Korporat yang digunakan dalam Syarikatdan Kumpulan memberikan jaminan yang munasabah bahawa semua risiko yang diketahui telah dikenalpasti,dinilai dan diuruskan dengan berkesan;

(ii) Untuk menyediakan Laporan Jawatankuasa Audit bagi laporan tahunan seperti yang ditetapkan oleh seksyen 15.16Keperluan Penyenaraian BSKL;

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

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

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

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

(vii) Untuk memaklumkan peletakan jawatan ahli kakitangan audit dalaman dan memberi peluang kepada ahli kakitanganyang akan meletak jawatan peluang mengemukakan sebab-sebab peletakan jawatan;

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

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

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

Laporan ini telah dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 28 April 2003.

28

Laporan Jawatankuasa Audit (sambungan)

L a p o r a n J a w a t a n k u a s a A u d i t

MEMBERSHIP AND ATTENDANCE

The members of the Audit Committee during the financial year ended 31 December 2002 and details of attendance of eachmember at the five (5) meetings held during the year are as follows:-

Name No. of Meetings Attended

Wong Ah Nam @ Wong Joon Tuang 5Chairman / Independent Non-Executive Director

Tan Sri Dato’ Nik Ibrahim Kamil Bin 4Tan Sri Nik Ahmad Kamil

Member / Independent Non-Executive Director

Chim Wai Khuan 5Member / Independent Non-Executive Director

Aznan Bin Haji Ismail Nil *Member / Independent Non-Executive Director(Resigned on 19 February 2002)

* No meeting was held during the period from 1 January 2002 to the date of his resignation

SUMMARY OF ACTIVITIES

The Audit Committee carried out its duties as set out in the terms of reference for activities related to the year 2002.

INTERNAL AUDIT FUNCTION

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

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

To further enhance the monitoring and implementation of risk management and internal controls of the Group, the Board hadin October 2002 appointed an external professional firm of consultants to carry out a review of the existing risk managementprocesses and to assist with the formalisation of a risk management framework across the Group. This review is expected tobe completed in May 2003 whereupon a fully functional internal audit department will be established.

TERMS OF REFERENCE OF THE AUDIT COMMITTEE

OBJECTIVE

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

29

Audit Committee ReportA u d i t C o m m i t t e e R e p o r t

MEMBERSHIP

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

At least one member of the Audit Committee: -

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

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

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

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

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

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

MEETINGS

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

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

The Chief Financial Officer, Internal Audit Manager and a representative of the external auditors shall normally be invited toattend the meetings. Other Board members may attend meetings upon the invitation of the Committee. However, at least oncea year the Committee shall meet with the external auditors without any Executive Directors present. The Secretary to theCommittee shall be the Company Secretary or his appointed nominee from the Company Secretarial Department with theappropriate qualifications and experience.

MINUTES

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

AUTHORITY

The Committee is authorised by the Board: -

(i) To investigate any activity within its terms of reference;(ii) To have the resources required to perform its duties;(iii) To have full and unrestricted access to any information pertaining to the Company and the Group;(iv) To have direct communication channels with the internal and external auditors;(v) To obtain external legal or other independent advice as necessary; and(vi) To convene meetings with the external auditors, excluding the attendance of executive members of the Group, whenever

deemed necessary.

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Audit Committee Report (continued)

A u d i t C o m m i t t e e R e p o r t

FUNCTIONS AND DUTIES

The functions and duties of the Committee shall be:

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

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

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

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

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

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

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

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

(ii) To prepare the Audit Committee Report for the annual report as established by section 15.16 of the KLSE ListingRequirements;

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

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

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

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

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

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

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

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

This report is made in accordance with a resolution of the Board of Directors dated 28 April 2003.

31

Audit Committee Report (continued)

A u d i t C o m m i t t e e R e p o r t

Perenggan 15.27(b) Syarat-syarat Penyenaraian Bursa Saham Kuala Lumpur ("BSKL") memerlukan Lembaga Pengarahsyarikat-syarikat tersenarai awam untuk memasukkan dalam laporan tahunannya "penyata mengenai keadaan kawalandalaman penerbit tersenarai sebagai sebuah kumpulan". Lembaga Pengarah adalah komited untuk mengekalkan sistemkawalan dalaman yang kukuh dalam Kumpulan dan dengan sukacitanya memberikan penyata berikut, yang menggariskansifat dan skop kawalan dalaman Kumpulan dalam tahun kewangan.

TANGGUNGJAWAB LEMBAGA PENGARAH

Lembaga Pengarah mengakui tanggungjawab utamanya bagi sistem kawalan dalaman Kumpulan, yang termasuk pembentukanrangka kerja persekitaran kawalan yang sesuai serta mengkaji kecukupan dan integritinya. Memandangkan batasan sediaada dalam mana-mana sistem kawalan dalaman, sistem ini telah dirancang untuk mengurus, dan bukan menghapuskan,risiko kegagalan untuk mencapai objektif korporat. Selaras dengan itu, ia hanya boleh menyediakan jaminan munasabahtetapi bukan jaminan mutlak terhadap salahnyataan material, kegagalan operasi, fraud atau kerugian. Sistem kawalan dalamanmerangkumi, antara lain, risiko pengurusan dan kewangan, risiko pengurusan dan kewangan, kawalan organisasi, operasidan pematuhan.

RANGKA KERJA PENGURUSAN RISIKO

Lembaga Pengarah menyokong sepenuhnya kandungan penerbitan mengenai "Penyata mengenai Kawalan Dalaman –Panduan kepada Pengarah-pengarah Syarikat-syarikat Tersenarai Awam" dan, selaras dengan itu, melantik firma perundinguntuk menjalankan kajian Pengurusan Risiko Perusahaan ("ERM") syarikat-syarikat utama dalam Kumpulan dalam tahunkewangan. Objektif utama kajian ini adalah untuk memformalkan dan menyerapkan proses risiko pengurusan pada keseluruhanKumpulan untuk menggerakkan semua kakitangan dalam Kumpulan secara lebih kukuh ke arah mengenal pasti risiko, penilaian,kawalan, pengawasan dan pelaporan berterusan. Kajian ERM, yang masih dilaksanakan setakat 31 Disember 2002 dandijangka siap pada Mei 2003, melibatkan inisiatif-inisiatif berikut:

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

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

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

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

• Untuk mewujud profail risiko disatukan untuk Kumpulan;

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

• Untuk menimbang opsyen pengolahan risiko selebihnya dan menyediakan rancangan tindakan, dengan pelaksanaanskala masa untuk menangani isu-isu risiko dan kawalan;

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

32

Penyata Kawalan DalamanK a w a l a n D a l a m a n

33

• Untuk mengemaskini dari masa ke masa profail risiko Kumpulan mengikut dokumen dasar dan prosedur pengurusan risiko;

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

• Untuk melaksanakan audit dalaman berasaskan risiko dan memformalkan kajian suku tahunan oleh Lembaga Pengarah,dengan bantuan Jawatankuasa Audit, mengenai kecukupan dan integriti sistem kawalan dalaman.

FUNGSI AUDIT DALAMAN

Bagi aspek-aspek tertentu fungsi audit dalaman Lembaga Pengarah menggunakan khidmat luar firma perunding bebas untukmenjalankan kajian audit dalaman Kumpulan yang menggunakan pendekatan berasaskan risiko. Dalam tahun kewangan,fungsi audit dalaman belum lagi digerakkan sepenuhnya sementara menunggu penyiapan kajian Pengurusan RisikoPerusahaan.

PROSES KAWALAN DALAMAN

Dalam ketiadaan jabatan audit dalaman berfungsi sepenuhnya dalam tahun kewangan, Lembaga Pengarah dengan bantuanJawatankuasa Audit mengkaji kecukupan dan integriti sistem kawalan dalaman. Lembaga Pengarah berpendapat bahawaprosedur dan proses berikut, yang telah pun tersedia dalam Kumpulan sepanjang tahun kewangan berakhir 31 Disember2002, adalah cukup berkaitan untuk memberikan tahap jaminan tertentu kepada Lembaga Pengarah berhubung denganoperasi dan keesahan sistem ke atas kawalan dalaman dalam Kumpulan:

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

• Pengarah-pengarah Bukan Bebas terlibat secara rapat dalam pengendalian perniagaan dan operasi Kumpulan. Laporan-laporan dikemukakan kepada Lembaga Pengarah oleh pengurusan kanan ke atas perubahan penting dalam perniagaandan persekitaran luar, yang melibatkan operasi Kumpulan secara umum; dan

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

KELEMAHAN DALAM KAWALAN DALAMAN YANG MENGAKIBATKAN KERUGIAN MATERIAL

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

Penyata ini telah dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 28 April 2003.

Penyata Kawalan Dalaman (sambungan)

K a w a l a n D a l a m a n

34

Paragraph 15.27(b) of the Kuala Lumpur Stock Exchange ("KLSE") Listing Requirements requires the Board of Directors ofpublic listed companies to include in its annual report a "statement about the state of internal control of the listed issuer as agroup". The Board is committed to maintaining a sound system of internal control in the Group and is pleased to provide thefollowing statement, which outlines the nature and scope of internal control of the Group during the financial year.

BOARD RESPONSIBILITY

The Board acknowledges its ultimate responsibility for the Group’s system of internal control, which includes the establishmentof an appropriate control environment framework as well as reviewing its adequacy and integrity. In view of the limitationsthat are inherent in any system of internal control, this system is designed to manage, rather than eliminate, the risk of failureto achieve corporate objectives. A c c o r d i n g l y, it can only provide reasonable but not absolute assurance against materialmisstatement, operational failures, fraud or loss. The system of internal control covers, inter-alia, risk management and financial,organizational, operational and compliance controls.

RISK MANAGEMENT FRAMEWORKThe Board fully supports the content of the publication on "Statement on Internal Control – A Guidance to Directors of PublicListed Companies" and, accordingly, appointed a firm of consultants to carry out an Enterprise Risk Management ("ERM")review of the principal companies in the Group during the financial year. The main objective of this review is to formalize andembed a risk management process across the Group in order to sensitise all employees within the Group more strongly torisk identification, evaluation, control, ongoing monitoring and reporting. The ERM review, which was in progress as at 31December 2002 and expected to be completed in May 2003, involved the following initiatives:

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

• the issuance of a Risk Register, which is a result of the compilation of principal business risks and controls of the principalcompanies of the Group in a database. This compilation was obtained through risk workshops and interviews conductedwith senior management and operational managers/executives from the major business units in the Group. Key risks wereidentified and scored for likelihood of the risk occurring and the magnitude of impact;

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

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

• To develop a consolidated risk profile for the Group;

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

• To consider the residual risk treatment options and prepare the action plans, with implementation time scales to addressthe risk and control issues;

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

Statement on Internal ControlI n t e r n a l C o n t r o l

36

Catatan Pengerusi Chairman’s Statement

37

On behalf of the Board of Directors, I am pleased to presentthe Annual Report and Accounts of the Company and theGroup for the financial year ended December 31, 2002.

Year 2002 is a significant year for the Group as it was theyear of implementation for proposals adopted in thepreceding year in the face of intense competition andglobal slowdown.

The year witnessed a flurry of activity involving thecontinuous search for new business opportunities andthe nurturing of newly acquired businesses. All theseactivities were vigorously and successfully undertaken inthe midst of ongoing consolidation efforts in the Group’sexisting business sectors.

Financial Results

The Group recorded total revenue of RM203.6 million forthe year ended 31 December 2002, as compared toRM199.5 million for the previous year ended 31December 2001, representing an increase of 2 %despite the divestment of the Group’s 70% equity interestin Plastic Centre Sdn Bhd in the year 2001. The marginalincrease was partly attributable to Unified CommunicationsSdn Bhd and Unified Communications Pte. Ltd., both ofwhich were acquired in August 2002.

H o w e v e r, the recognition of an impairment loss ofRM50.2 million had resulted in a pre-tax loss of RM49.4million for the year as compared to RM13.9 million forthe preceding year. This impairment loss is in respect ofthe Goodwill on consolidation arising from theCompany’s investment in a quoted subsidiary company.

Group Operations

During the year, the Group made rapid progress inpursuing and developing growth opportunities in publictransportation and information and communicationstechnology sectors in parallel with its ongoing streamliningof operations involving the manufacturing and financialservices businesses.

The continuous global slowdown had retarded theGroup’s expansion plans and had adversely affected thehospitality and travel sectors in particular. However, withprudent management and well-structured planning, theGroup’s existing businesses including hotel and resorts,

Bagi pihak Lembaga Pengarah, saya dengan sukacitanyamembentangkan Laporan Tahunan dan Akaun Syarikat danKumpulan Advance Synergy Berhad bagi tahun kewanganberakhir 31 Disember 2002.

Tahun 2002 adalah tahun penting bagi Kumpulan kerana iatahun pelaksanaan cadangan-cadangan yang diterima dalamtahun sebelumnya ketika kita menghadapi persaingankelembapan global.

Tahun kewangan dipenuhi kegiatan yang terus berpusatkepada pencarian peluang perniagaan baru dan pemupukanperniagaan baru. Semua kegiatan ini telah berjayadilaksanakan sementara langkah penyatuan sektor-sektorperniagaan Kumpulan juga dilaksanakan.

Pencapaian Kewangan

Kumpulan telah mencatatkan hasil RM203.6 juta untuk tahunberakhir 31 Disember 2002, berbanding RM199.5 juta bagitahun berakhir 31 Disember 2001, iaitu peningkatansebanyak dua peratus (2%) meskipun Kumpulan melupuskankepentingan ekuitinya sebanyak 70% dalam Plastic CentreSdn Bhd pada tahun 2001. Peningkatan kecil ini sebahagiannyaadalah hasil sumbangan daripada pengambilalihan UnifiedCommunications Sdn Bhd dan Unified Communications Pte.Ltd. pada Ogos 2002.

Bagaimanapun, pengiktirafan kerugian sebanyak RM50.2 jutatelah menyebabkan kerugian sebelum cukai sebanyakRM49.4 juta bagi tahun berakhir 31 Disember 2002 berbandingdengan RM13.9 juta bagi tahun sebelumnya. Kerugian adalahberhubung dengan sebahagian goodwill yang terhapus akibatpelupusan pegangan ekuiti perbankan oleh anak syarikatmilik penuh iaitu Advance Synergy Capital Berhad.

Operasi Kumpulan

Dalam tahun kewangan ini, Kumpulan mencapai kemajuanpesat dalam mencari dan membangunkan peluang-peluangpertumbuhan dalam sektor pengangkutan awam dan teknologimaklumat serta teknologi komunikasi sejajar denganpenyelarasan operasi ke atas perniagaan perkilangan danperkhidmatan kewangan.

Kemelesetan global yang berterusan telah membantutrancangan pengembangan Kumpulan dan telah menjejaskansektor hospitaliti dan pelancongan secara khususnya.Bagaimanapun, dengan pengurusan yang berhemah danrancangan yang distruktur dengan baik, perniagaan milikKumpulan termasuk hotel dan pusat peranginan, pelancongan

Catatan PengerusiC h a i r m a n ’s S t a t e m e n t

Group Operations (continued)

travel and tours and property development remainedresilient throughout and made steady progress in the faceof economic slowdown.

During the year, the Group took further steps to enhancethe monitoring of risk management and checks and balancesin the Group by initiating a Risk Management Review ofthe Group’s principal companies. This proactive actionwas taken to strengthen internal controls and map out anew strategy to address current and future risks facingthe Group, in light of the possibility of further turbulencein the domestic and global economic environment.

Card and Payment Services

During the year, iSynergy Sdn Bhd ("iSynergy") hadsuccessfully sold over 200,000 MasterCard ElectronicE • Purse Prepaid Cards, mainly through co-branding tie-ups with institutions and corporations such as KoperasiTentara, IPC Shopping, Nanyang Siang Pau, Celcom ande-Pay. The total number of Cash-In Rebate cards issuedhas passed 1.8 million due to the continuation of theCo-branding Program with Petronas and Celcom (i.e"Mesra Card").

iSynergy has successfully re-developed the medicalpayment card (i.e Alpha Medical Card) with the additionof 600 new clinics nationwide to accept the Cards withadded new benefits such as hospital and surgicalinsurance and worldwide emergency assistance. It isexpected that this card product (now renamed AlphaMedi-Charge Card) will provide continuous growth ofrevenue for iSynergy, after it was relaunched in the firstquarter of 2003.

Operasi Kumpulan (sambungan)

dan pembangunan hartanah kekal bertahan pada sepanjangtahun dan mencatat kemajuan yang stabil.

Dalam tahun kewangan ini juga Kumpulan terus menerusmeningkatkan pengawasan pengurusan risiko serta sekatandan imbangan dengan memulakan Kajian Pengurusan Risikoke atas syarikat-syarikat utama Kumpulan. Tindakan proaktifini telah diambil untuk mengukuhkan kawalan dalaman danmerangka strategi baru untuk menangani risiko-risiko semasadan masa hadapan, berdasarkan kemungkinan berlakupergolakan selanjutnya dalam persekitaran ekonomidomestik dan global.

Perkhidmatan Kad dan Pembayaran

Sepanjang tahun kewangan, iSynergy Sdn Bhd ("iSynergy")berjaya menjual lebih daripada 200,000 Kad PrabayarMasterCard Electronic E • Purse, terutamanya melalui ikatanpenjenamaan bersama dengan inst i tus i- ins t i tus id a n perbadanan-perbadanan seperti Koperasi Tentera, IPCShopping, Nanyang Siang Pau, Celcom dan e-Pay. Jumlahkeseluruhan kad "Cash-In Rebate" yang dikeluarkan telahmelebihi angka 1.8 juta disebabkan oleh keberterusanProgram Penjenamaan Bersama dengan Petronas danCelcom (iaitu "Mesra Card").

iSynergy telah berjaya melancarkan semula pada suku pertamatahun 2003, kad bayaran perubatan (iaitu Alpha MedicalCard) dengan tambahan 600 klinik baru di seluruh negarayang akan menerima Kad dengan faedah-faedah baru ditambahseperti insurans hospital dan pembedahan serta bantuankecemasan seluruh dunia. Adalah dijangkakan bahawa produkkad ini (dinamakan semula sekarang sebagai A l p h aM e d i -Charge Card) akan menyediakan pertumbuhan hasilb e r t e r u s a n bagi iSynergy.

Catatan Pengerusi (sambungan)

C h a i r m a n ’s S t a t e m e n t (continued)

38

C a r d & P a y m e n t S e r v i c e sPerkhidmatan Kad dan Pembayaran

39

General Insurance

The year 2002 was a tumultuous year for the insurancei n d u s t r y. During this turbulent year, however, A C ESynergy Insurance Berhad ("ACE Synergy") fortifieditself against economic instability, intense competitionand an increasing threat of a hardened reinsurance market.The threat of terrorism had adversely affected the traveland life insurance industry.

Relying on the protection from its global network, thecompany was able to offer a blanket terrorist coverageunavailable in most insurance policies. This reinforcedits image of a global insurer and reinsurer off e r i n gunparalleled protection. The reaffirmation of Standardand Poor’s rating to A+ in early 2003 for our joint venturep a r t n e r, ACE Limited, a company incorporated inCayman Islands, provided further testimony to the financialstrength of the company in the midst of global economicturmoil.

During the year, ACE Synergy managed to achievesignificant results in the property and casualty lines. Totaloperating revenue grew by 17% to RM109.8 million andprofits before tax increased by 27% to RM10.9 millionamidst a low interest rate environment and speculativestock market.

The assets of the company grew to RM208.2 million in2002, an increase of 7%. Gross premium incomeincreased by 18% to RM102.3 million. The main contrib-utors to growth are direct marketing of personal accidentand health policies, liability and financial products,including Directors and Officers Liability.

The outlook for 2003 is envisaged to be another challengingand exciting year for the company. The company willcontinue to adopt a disciplined underwriting philosophyto manage its risks and assets with prudence given theeconomic uncertainty and restricted regulatory conditions.To build on its strength as a capable insurer with a largecapacity to absorb more risks than other local insuranceplayers in the market, the company will be forging strategicalliances with other key local players to provide globalexpertise and specialised lines.

In the commercial segment, the company will continue tofocus on the property, financial and casualty insurancebusinesses. Its Directors and Officers Liability (D&O)products provide invaluable protection for the personalassets of corporate managers against increasing risksassociated with holding such office, including litigation by

Insurans Am

Tahun 2002 ialah tahun yang penuh kejutan bagi industriinsurans. Bagaimanapun, ACE Synergy Insurance Berhad("ACE Synergy") berjaya mengukuhkan dirinya meskipundalam keadaan ketakstabilan ekonomi, persaingan dan ancamansengit dalam pasaran reinsurans. Ancaman pengganas telahmenjejaskan industri pelancongan dan industri insurans nyawa.

Melalui hubungan dan kerjasama rangkaian globalnya,syarikat telah berupaya menawarkan perlindungan pengganasmenyeluruh yang tidak terdapat dalam kebanyakan polisiinsurans. Ini mengukuhkan imejnya sebagai insurer globaldan reinsurer yang menawarkan perlindungan yang tidak adatandingan. Pengesahan semula penarafan Standard andP o o r’s kepada A+ pada awal 2003 bagi rakan kongsi usahasamakita iaitu ACE Limited, sebuah syarikat diperbadankan diCayman Islands, menyediakan l a g i testimoni kepada kekuatankewangan syarikat di tengah-tengah kegawatan ekonomiglobal.

Dalam tahun kewangan ini juga, ACE Synergy berupayamencapai keputusan yang memberangsangkan dalambahagian insuran harta dan kasualti. Jumlah hasil kendalianmeningkat sebanyak 17% kepada RM109.8 juta dankeuntungan sebelum cukai meningkat sebanyak 27% kepadaRM10.9 juta dalam suasana kadar faedah rendah danpasaran saham spekulatif.

Aset syarikat bertambah kepada RM208.2 juta pada 2002,peningkatan sebanyak 7%. Pendapatan kasar premiummeningkat sebanyak 18% kepada RM102.3 juta.Penyumbang-penyumbang utama kepada pertumbuhanpesat ini adalah pemasaran langsung polisi-polisi kemalangandiri dan polisi kesihatan, produk liabiliti dan produk kewangan,termasuk Liabiliti Pengarah dan Liabiliti Pegawai.

Tahun 2003 diramalkan sebagai satu lagi tahun yangmencabar bagi syarikat. Syarikat akan terus mengamalkandisiplin teruji untuk menguruskan risiko-risiko dan aset-asetnyasecara berhemah dengan mengambil kira ketakpastianekonomi dan syarat-syarat berperaturan yang terbatas.Untuk membina atas kekuatannya sebagai insurer yangberkebolehan dengan keupayaan besar untuk menyeraplebih banyak risiko berbanding syarikat-syarikat insuranstempatan yang lain dalam pasaran, syarikat akan menjalinperikatan strategik dengan lain-lain syarikat insurans utamatempatan untuk menyediakan khidmat kepakaran global.

Dalam segmen komersil, syarikat akan terus menumpukanperhatian ke atas perniagaan insurans harta, kewangan dankasualti. Produk Liabiliti Pengarah dan Pegawai (D&O)menyediakan perlindungan tidak ternilai bagi aset-aset peribadipengurus-pengurus korporat terhadap risiko-risiko yangsemakin bertambah berkaitan jawatan mereka, termasuk



ACE Synergy Insurance Berhad

40

General Insurance (continued)

third parties. This focus is consistent with the company’sphilosophy that protection is not an end in itself but anenabler, a means of carrying on. It is expected that theselines of business will contribute significantly to the company’s2003 growth prospects.

The success, which ACE Synergy had so far reaped inthe direct marketing business of its personal lines products,has made the company a choice provider of insuranceproducts and services by most credit card and financialinstitutions. The company’s call centre infrastructure willbe leveraged to enhance customer retention and loyalty.The company will expand its customer base by providingexceptional service and needs-based products in year 2003.

Hotels and Resorts

Despite a general slowdown of activity faced by thehospitality industry during the year, our hotels and resortsgroup recorded a satisfactory performance.

The group successfully concluded a series of programmesand activites involving the signing of new managementservices agreement, turnaround operations, and ongoingrefurbishment programmes, the highlights of which include:

• Holiday Villa Malaysia International concluded amanagement services agreement with Ambassy ParkSdn Bhd to operate and manage a new hotel and ser-viced apartment complex located at the prime area ofJalan Ampang, Kuala Lumpur. The Holiday VillaHotel Apartments Kuala Lumpur comprises 41 unitsof one-bedroom apartments, 64 units of two b e d r o o mapartments and 29 units of studio suites and is sched-uled for opening in late 2003. The apartments o ff e rexcellent accomodation and convenience, w i t h fa c i l i-ties including kitchenettes complete with refrig-erator, microwave oven, stove and cook tops. Theseapartments have large dining and living rooms t h a to ffer KLCC or Park views, and are fully furnished. Alsoon offer at the apartments are satellite TV and in-room high speed broadband internet.

• Holiday Villa carried out several r e f u r b i s h m e n tprogrammes at Cherating and Langkawi. The familysuites at Holiday Villa Cherating were completed in2002. In Langkawi, suites at Holiday Villa andFederal Villa were also successfully upgraded. TheGrand Holiday Villa meanwhile built another 15 newguest rooms to cater for the delegates of theOrganisation of Islamic Countries (OIC). This elegantheritage hotel is the best 5-star hotel in Khartoum,Sudan.

Insurans Am (sambungan)

litigasi oleh pihak-pihak ketiga. Tumpuan ini adalah seimbangdengan falsafah syarikat bahawa perlindungan tersebutbukanlah jawapan terakhir tetapi adalah pemboleh, iaitu satucara untuk meneruskannya. Adalah dijangkakan bahawasaluran perniagaan akan menyumbang secara ketara kepadaprospek pertumbuhan syarikat tahun 2003.

Kejayaan ACE Synergy dalam perniagaan pemasaran langsungbahagian produk peribadinya, setakat ini telah menjadikannyasyarikat pilihan bagi produk dan perkhidmatan insurans olehkebanyakan institusi dan institusi kad kredit. Insfrastrukturpusat panggilan syarikat akan dituil untuk mengukuhpengekalan dan kesetiaan pelanggan. Syarikat akanmengembangkan asas pelanggannya dengan menyediakanperkhidmatan terkecuali dan produk berasaskan keperluandalam tahun 2003.

Hotel dan Pusat Peranginan

Di sebalik kelembapan keseluruhan kegiatan yang dihadapioleh industri hospitaliti dalam tahun kewangan ini, kumpulanhotel dan pusat peranginan kita mencatat prestasi yangmemuaskan.

Kumpulan dengan jayanya menamatkan siri program dankegiatan yang membabitkan penandatanganan perjanjianperkhidmatan pengurusan baru, operasi berubah pulih, danprogram penghiasan semula berterusan, yang termasuk:

• Holiday Villa Malaysia International memeterai perjanjianperkhidmatan pengurusan dengan Ambassy Park SdnBhd untuk mengendali dan mengurus sebuah hotel barudan kompleks apartmen terurus di Jalan Ampang, KualaLumpur iaitu Holiday Villa Hotel Apartments KualaLumpur. Ia mempunyai 41 unit apartmen satu bilik tidur, 64unit apartmen dua bilik tidur dan 29 unit suit studio dandijadual akan dibuka pada akhir 2003. A p a r t m e n - a p a r t m e nitu menawarkan penginapan cemerlang dan keselesaan,dengan kemudahan termasuk dapur dilengkapi peti sejuk,ketuhar gelombang mikro, dapur dan peralatan memasak.Apartmen-apartmen ini mempunyai ruang makan danruang istirehat yang luas yang menawarkan pemandanganKLCC atau Taman, dan dihias sepenuhnya. Ia jugadibekalkan dengan TV satelit dan internet jalur lebarkelajuan tinggi.

• Holiday Villa menjalankan beberapa program penghiasansemula di Cherating dan Langkawi. Suit keluarga diHoliday Villa Cherating telah disiapkan pada 2002. DiLangkawi, suit-suit di Holiday Villa dan Federal Villa jugatelah berjaya dipertingkatkan. Sementara itu GrandHoliday Villa, Sudan membina 15 lagi bilik baru tetamuuntuk memenuhi keperluan bagi delegasi-delegasiPertubuhan Negara-negara Islam (OIC). Hotel warisanyang elegan ini adalah salah satu daripada hotel 5-bintangyang terbaik di Khartoum, Sudan.



41

Hotel dan Pusat Peranginan (sambungan)

• Holiday Villa Alor Star membuka kafe baru laluan jalankaki utamanya, dipanggil "Kafe Ole". Dengan keupayaantempat duduk untuk 100 patron, Kafe Ole menawarkanais krim yang lazat, sandwich yang sedap, pasta yanglazat dan pastri yang enak untuk minum petang. Ia dibukasetiap hari daripada pukul 5.00 petang sehingga 1.00 pagi.

• Restoran Holiday Villa yang baru diuruskan ialah,Restoran Sri Putra di tingkat bawah Dataran Merdeka.Hidangan istimewa Malaysia seperti masakan Nyonya,Melayu, India dan Cina dihidangkan kepada pengunjung-pengunjung manakala mereka dihiburkan denganpersembahan kesenian secara langsung. Tarikan utamadi restoran adalah Rombongan Penari Kebudayaan SriPutra yang mengadakan persembahan setiap malampada pukul 7.00 malam. Sementara itu kemudahantari-menari di dewan tarian diadakan pada hari Ahadsemasa minum petang.

Dalam tahun kewangan ini, kumpulan terus mencapaipengiktirafan kerana perkhidmatan cemerlangnya. Majalahperniagaan utama Malaysia, "Malaysian Business" m e m b u a tlaporan khas dalam edisi Januari 2002nya mengenai beberapajenama hasil tempatan yang berjaya. Holiday Villa telah disebutsebagai salah satu daripada jenama Malaysia yang berjayamenonjolkan kehadirannya di peringkat antarabangsa.

Hotels and Resorts (continued)

• Holiday Villa Alor Star opened its new premiersidewalk cafe, called "Kafe Ole". With a seatingcapacity of 100 patrons, the cafe offers delicious icecream, scrumptious sandwiches, delectable pastaand wonderful pastries for tea. It opens daily from5.00 pm to 1.00 am.

• Holiday Villa’s newly managed restaurant, RestoranSri Putra is located in the basement of DataranMerdeka. Authentic Malaysian delicacies such asNyonya, Malay, Indian and Chinese cuisine areserved to diners while they are entertained by a livecultural performance. The main attraction at therestaurant is the Sri Putra Cultural Dance Troupewhich holds performances nightly at 7.00 pm.Ballroom dancing is meanwhile featured on Sundaysduring high tea.

During the year, the group continued to achieve recognitionfor its excellent service. Malaysia’s leading businessmagazine, "Malaysian Business" carried a special reportin its January 2002 edition about successful homegrownbrands. Holiday Villa was mentioned as one of thesuccessful Malaysian brands that had made theirpresence internationally.

Kafe Ole di Holiday Villa Alor StarKafe Ole at Holiday Villa Alor Star

Apartmen Holiday Villa Kuala LumpurHoliday Villa Hotel Apartments Kuala Lumpur



Hidangan Istimewa MalaysiaMalaysian delicacies

Jenama Holiday Villa tercatat dalam majalahMalaysian Business keluaran Januari 2002.Brand name of Holiday Villa featured in MalaysianBusiness magazine January 2002 issue.

H o t e l s a n d R e s o r t sHotel dan Pusat Peranginan

Persembahan kesenianMalay cultural dance

Restoran Sri Putra

42

Hotel dan Pusat Peranginan (sambungan)

Untuk mengekalkan rekod cemerlang perkhidmatanpelanggannya, kumpulan juga telah memperkenalkan produkbaru, termasuk Holiday Villa Link Cards – satu programkesetiaan bagi orang-orang awam. Kad keahlian ini menawarkankeistimewaan eksklusif bagi pemegang-pemegang kad untuktempoh sah satu tahun. Ia ditawarkan dengan kad kesetiaaneksklusif bagi faedah makan malam, penginapan dan hiburandi hotel-hotel Holiday Villa yang turut serta - Holiday VillaLangkawi, Holiday Villa Cherating, Holiday Villa Alor Star, CityVilla Kuala Lumpur dan Holiday Villa Phnom Penh, Kemboja.Kad-kad ini berharga RM388 bersih setiap pakej dengan kadtambahan dijual pada RM98 bersih.

Kumpulan juga menganjurkan pelbagai acara khas untuktetamu, termasuklah:

• Holiday Villa Langkawi dan Holiday Villa Cheratingmenganjurkan pertandingan istana pasir tahunan diperairan pantainya. Kira-kira 20 pasukan turut serta dalampertunjukan separuh hari, mempersembahkan nama-namakhayalan dan arca rekabentuk pasir dengan pasukanyang menang diberikan hadiah percutian tempatan yangmenarik. Untuk menjadikannya lebih glamourous, satupasukan daripada pereka arca profesional dari Singapuratelah membuat persembahan di kedua-dua pusat peranginanbagi mempamerkan rekabentuk pasir yang mengkagumkankepada pengunjung-pengunjung pantai.

• Restoran Cibo di Holiday Villa Subang dan restoranChitose di Holiday Villa Langkawi telah bersama-samamenganjurkan promosi makanan selama satu bulanbertemakan "Keajaiban Nil" ("Magic of the Nile").Promosi menyediakan hidangan daripada timur tengahdan persembahan tarian Arab eksklusif oleh Cik Dianayang diterbangkan khusus oleh dua hotel tersebut dariDubai.

Hotels and Resorts (continued)

To maintain its excellent customer service record, thegroup had also introduced new products, during the year,which include the Holiday Villa Link Cards –a new loyaltyprogram for the general public. The Membership cardsoffer exclusive privilege for cardholders on a one-yearvalidity period. It comes with an exclusive loyalty card andcertificates for dining, accommodation and entertainmentbenefits at participating Holiday Villa hotels - HolidayVilla Langkawi, Holiday Villa Cherating, Holiday Villa AlorStar, City Villa Kuala Lumpur and Holiday Villa PhnomPenh, Cambodia. These cards are priced at RM388 nettper package with supplementary cards being sold atRM98 nett.

The group had also organized various special events forguests, which include the following:

• Holiday Villa Langkawi and Holiday Villa Cheratingorganised a successful annual sandcastle competitionat their beachfront. About 20 participating teams tookpart in the half-day event, featuring fanciful namesand sculptured sand creations with the winning teamawarded exciting local holiday prizes. To add glamour,a team of professional sculptors from Singapore wereon hand at both resorts to exhibit their amazing sandcreations to beach goers.

• The Cibo restaurant in Holiday Villa Subang andChitose restaurant in Holiday Villa Langkawi togetherorganised a one-month food promotion themed"Magic of the Nile". The promotion featured middleeast cuisine and an exclusive Arabic dance performanceby Ms Diana who was specially flown in by the twohotels from Dubai.

Pertandingan tahunan membina istana pasir diHoliday Villa di Langkawi dan Holiday Villa CheratingAnnual sandcastle competition at Holiday VillaLangkawi and Holiday Villa Cherating

Kad Holiday Villa LinkHoliday Villa Link Card

Promosi “Keajaiban Nil” di Holiday VillaSubang and Holiday Villa Langkawi“Magic of the Nile” at Holiday Villa Subangand Holiday Villa Langkawi



H o t e l s a n d R e s o r t sHotel dan Pusat Peranginan

43

Teknologi Maklumat dan Komunikasi

Pemerolehan Kumpulan ke atas Unified CommunicationsSdn. Bhd. dan Unified Communications Pte. Ltd. ("KumpulanUC") telah selesai dilaksanakan pada Ogos 2002. KumpulanUC, pembekal penyelesaian telekomunikasi serantau yangsedang pesat membangun beroperasi dalam pasaran niche,menyediakan penyelesaian teknologi maklumat dan komunikasikepada pengendali-pengendali telekomunikasi, pembekalperkhidmatan aplikasi, kerajaan dan perusahaan di rantauAsia Pasifik.

Industri telekomunikasi di Asia Pasifik terus mencatat pertumbuhanyang stabil di rantau ini di sebalik persekitaran ekonomi yanglembap. Apabila kadar penerapan telefon mudahalihmeningkat dan komuniti pengguna menjadi lebih selesa denganpenggunaannya, serta lebih bergantung kepada, perantitanpa wayar, tahap perkhidmatan dan jangkaan rangkaianproduk akan terus meningkat. Ini secara berterusan menyumbangkepada pertumbuhan keseluruhan industri telekomunikasi.

Kumpulan percaya bahawa trend positif ini akan menjanapertumbuhannya sendiri, memandangkan pengendali danpenyedia perkhidmatan dalam kawasan akan cuba untukmengembangkan keupayaan rangkaian mereka untuk memenuhikeperluan asas pelanggan yang lebih besar, manakala padamasa yang sama meningkatkan keupayaan mereka untukmenawarkan perkhidmatan ditambah nilai yang lebih banyakkepada pelanggan-pelanggan pada kos yang lebih rendah.

Dalam tahun kewangan ini, Kumpulan UC terus mencatatpertumbuhan yang stabil dalam perniagaan dan beberapapencapaian utamanya termasuk:

• Memenangi "Enterprise 50(E50) Award" oleh UnifiedCommunications Pte. Ltd. Syarikat diletakkan pada tanggakesembilan dalam anugerah. Anugerah, penarafan tahunankepada 50 syarikat persendirian Singapura yang palingberdaya usaha, dianjurkan bersama oleh A c c e n t u r e ,pertubuhan pengurusan perundingan dan teknologiperkhidmatan antarabangsa yang terkenal dan T h eSingapore Business Times, dengan sokongan daripadaLembaga Kemajuan Ekonomi Singapura (‘SingaporeEconomic Development Board’).

• Kumpulan juga telah memulakan proses untuk penawaranawam awalnya bagi penyenaraian pada Bursa SahamSingapura. Tarikh pelancaran dijadualkan pada pertengahankedua tahun 2003.

Information and Communications Technology

The Group’s acquisition of Unified Communications Sdn.Bhd. and Unified Communications Pte. Ltd. ("UCGroup") was completed in August 2002. The UC Group,a growing regional Telecommunication SolutionsProvider operating in a niche market, provides enhancedinformation and communications technology solutions totelecommunication carriers, applications serviceproviders, governments and enterprises in the AsiaPacific Region.

The telecommunications industry in Asia Pacific continuesto record steady growth in the region despite the generallysoft economic climate. As mobile phone penetrationrates increase and user communities become morecomfortable with, as well as more dependent on, wirelessdevices, service level and product range expectationswill continue to increase. This will continue to contributeto the overall growth of the telecommunication industry.

The group believes that this positive trend will providefurther impetus to its own growth, as operators and serviceproviders in the region will be looking to expand theirnetwork capacities to cater for larger subscriber base,whilst at the same time enhancing their capabilities tooffer more value-added services to their subscribers atlower costs.

During the year, the UC Group continued to recordsteady growth in business and some of its majorachievements include:

• The winning of "Enterprise 50(E50) Award" by UnifiedCommunications Pte. Ltd. The company was ranked9th in the award. The award, an annual ranking ofSingapore’s 50 most enterprising, private companies,is jointly organised by Accenture, a well knowninternational management consulting and technologyservices organization and The Singapore BusinessTimes, with the support from the SingaporeEconomic Development Board.

• The group had also initiated its initial public offeringprocess for listing on the Singapore Stock Exchange.The target launch date is scheduled to be in thesecond half of year 2003.



44

Perkilangan

Jarrett Synergy Pty Ltd ("Jarrett Synergy") mencapai kemajuanselanjutnya sepanjang 2002 dalam inisiatif pengeluaran danpemasaran untuk meningkatkan keberkesanan dan marginkendalian. Usaha-usaha mengguna khidmat luarnya(outsourcing) yang berjaya, sehubungan dengan pertumbuhanjualan yang kukuh dicapai dalam bahagian Jarrett Cranes andWinches dan Jarrett TUFF Hardware, menyumbang kepadapeningkatan yang cemerlang dalam keseluruhan keputusankendalian bagi tahun kewangan ini.

Peluang-peluang pertumbuhan di luar negara asal syarikatiaitu Australia Selatan telah diterokai secara bersungguh-sungguh pada awal tahun 2002, dan kemuncaknya ialahpembangunan dan pengenalan rangkaian baru produk JarrettTUFF Hardware yang direka khas untuk memenuhi keperluandan permintaan yang unik daripada pasaran perkakasanQueensland. Melalui dedikasi dan usaha daripada pasukan diJarrett Synergy, rangkaian produk baru yang komprehensif initelah berjaya dibangunkan dan dihantar dalam tempohkurang daripada lima (5) bulan.

Tahun ini juga menyaksikan perkembangan selanjutnyadalam rangkaian produk Jarrett c r a n e s dan w i n c h e s.Mengenalpasti peluang untuk menawan bahagian pasaranselanjutnya, syarikat telah membangun dan membawa kepadapasaran rangkaian winch treler-bot bergalvani untuk menambahkepada rangkaian produk zink berplat dan bersalut debu yangsedia ada. Untuk mengesahkan semula jenama winch Jarrettsebagai produk winch yang menguasai pasaran Australia,penutup winch plastik baru yang inovatif daripada rekabentukproprietory dan berkebolehan untuk retro-fitment k e p a d asemua w i n c h treler-bot telah diperkenalkan m e n j e l a n g a k h i r2002. Syarikat melihat langkah ini sebagai satu daripadabanyak lagi usahanya untuk mengukuhkan kedudukannyadalam industri sebagai peneraju pasaran bagi kedua-duaaspek utama iaitu kualiti dan inovasi.

Perkembangan yang baik juga telah dibuat dalam langkahstrategik orientasi semula syarikat, yang membawa kepadapermulaan rundingan secara serius bagi penjualan pelaburanbahagian Jarrett Metal Finishing. Menjelang akhir 2002,syarikat menghentikan operasi logam penyudah keranapermintaan bagi perkhidmatan bahagian ini semakinberkurangan. Langkah-langkah untuk melupus pelaburanbahagian perkilangan kontraknya berterusan sepanjangtahun kerana pertumbuhan telah diteruskan dan diperolehidalam bahagian produknya sendiri.

Perkembangan pada tahun 2002 telah mewujudkan asaskukuh bagi pertumbuhan dan pembangunan masa depanJarrett Synergy. Prospek bagi halatuju strategik baru syarikatkekal cerah, dengan tahun mendatang menjanjikan pertumbuhanlebih pesat dan kejayaan bagi kedua-dua Jarrett Cranes andWinches dan Jarrett TUFF Hardware.

Manufacturing

Jarrett Synergy Pty Ltd ("Jarrett Synergy") achieved furtherprogress throughout 2002 in executing its production andmarketing initiatives to improve effiency and operatingmargins. Its successful outsourcing efforts, in conjunctionwith strong sales growth realised in the company’s own-products divisions of Jarrett Cranes and Winches andJarrett TUFF Hardware, contributed to an outstandingimprovement in overall operating results for the year.

Growth opportunities outside of the company’s homestate of South Australia were explored in earnest in theearly part of 2002, culminating in the development andintroduction of a new range of Jarrett TUFF Hardwareproducts, engineered to specifically meet the uniqueneeds and demands of the Queensland hardwaremarket. Through the dedication and drive of the team atJarrett Synergy, this comprehensive range of newproducts was successfully developed and delivered inless than 5 months.

The year also witnessed further extension in the JarrettCranes and Winches range of products. Identifying anopportunity to capture further market share, the companyrapidly developed and brought to market a range ofgalvanised boat-trailer winches to augment its existingzinc-plated and powder-coated product range. To reaff i r mthe Jarrett brand of winches as A u s t r a l i a ’s market-leadingwinch product, an innovative new plastic winch cover ofproprietary design and capable of retro-fitment to allboat-trailer winches was introduced by end-2002. Thecompany sees this as only the first of its many efforts tocement its position in the industry as the market leaderfor both quality and innovation.

Good progress was also made in the company’s strategicreorientation exercise, resulting in the commencement ofserious negotiations for the divestment of the JarrettMetal Finishing division. By end-2002, the companyceased its metal finishing operations as demand for thisdivision’s services further dwindled. Efforts to divest itscontract manufacturing division persisted throughout theyear as growth was pursued and secured in its own-products divisions.

Developments in the year 2002 have established firmfoundations for Jarrett Synergy’s future growth anddevelopment. Prospects for the company’s new strategicdirection remain bright, with the coming year promisingeven more rapid growth and success for both JarrettCranes and Winches and Jarrett TUFF Hardware.



45

Pelaburan Hartanah dan Pembangunan

Dalam tahun kewangan ini, Advance Synergy Realty Sdn Bhdmencatat keputusan kewangan yang lebih baik, terutamanyadisebabkan oleh peningkatan stabil yang dicapai dalampembinaan projek-projek sudah ada di Taman Matang Jayadan Gita Jaya.

Pasaran pembangunan hartanah di Kuching kekal stabil padasepanjang tahun dan aliran positif ini dijangka berkembang disepanjang tahun 2003 di sebalik kemelesetan ekonomi yangberleluasa.

Pada tahun 2003, syarikat akan menumpukan kepadapenyiapan beberapa fasa terakhir projek-projek sudah ada,serta juga perancangan dan pembangunan lain-lain projekbaru manakala secara aktifnya terus mencari projek-projekpembangunan yang sesuai dan tanah kosong dengan potensipembangunan untuk menambah simpanan tanahnya.

Syarikat akan terus mengkaji strategi pemasarannya untukmencapai kedudukan utama dalam pembangunan hartanahkos sederhana di Kuching.

Property Investment and Development

During the year, Advance Synergy Realty Sdn Bhdrecorded a better financial result, mainly due to steadyprogress achieved in the construction of its existing projectsat Taman Matang Jaya and Gita Jaya.

The property development market in Kuching hadremained stable throughout the year and this positivetrend is expected to extend throughout the year 2003 inspite of the widespread economic slowdown. .

In the year 2003, the company will focus on the completionof the last few phases of the existing projects, as well asthe planning and development of other new projectswhile actively continuing to search for suitable developmentprojects and vacant land with development potential toreplenish its land-bank.

The company will continuously review its marketingstrategy to enlarge its market share to achieve a marketleader position in the development of medium cost prop-erties in Kuching.

Synergy Square, Taman Matang Jaya

Taman Gita Jaya

Taman Matang Jaya



Proper ty Investment and DevelopmentPelaburan Hartanah dan Pembangunan

Pelancongan dan Perjalanan

Pejabat Inter-Pacific Travel and Tours Sdn Bhd berpindah keSheraton Imperial Hotel, Kuala Lumpur mulai Disember 2002untuk memberi khidmat yang lebih baik kepada pelanggan-pelanggannya. Pusat pelancongan sehenti syarikat bagi tiketpenerbangan, tempahan hotel, produk pelancongan gayahidup dan perkhidmatan pertukaran mata wang asingjuga boleh didapati di tingkat mezanin hotel dan di kompleksmembeli-belah Bangsar. Perkhidmatan pertukaran mata wangjuga boleh didapati di kompleks Pernas Sogo dan Centre Pointdi Sabah.

Dalam tahun kewangan ini, syarikat terus membina jenamainterpac lifestyle, yang memberikan contoh, perbezaan dankeperibadian kesemua produk dan perkhidmatan perjalanannya.Syarikat memandang penjenamaan sebagai objektif perniagaanjangka panjangnya untuk mengukuh kedudukannya sendirisecara strategik. Menyediakan perkhidmatan pelancongankorporat kekal sebagai perniagaan teras syarikat, walaupuns e g m e n leisure daripada perniagaan syarikat semakin berkembang.

Acara kemegahan syarikat "Cabaran Hutan Hujan" ("TheRainforest Challenge") yang dianjurkan secara tahunan olehanak syarikat iaitu Motorsports Adventure Sdn. Bhd. (Motorsports),sekali lagi telah mencapai kejayaan di luar dugaan padaOktober 2002 kerana berjaya menarik para peserta danwartawan dari 25 negara. Yang Teramat Mulia Tengku PuanPahang Tengku Azizah Aminah Maimunah Iskandariah SultanIskandar Al-Haj, menyerikan majlis penutup acara.

Edisi-edisi acara berikutnya telah mengukuhkan reputasisyarikat sebagai penganjur dan promoter terunggul di kalanganpencinta sukan cabaran. Pada sepanjang tahun kewangan ini,syarikat juga telah mengembangkan rangkaian penganjurannyadalam acara cabaran luar jalan ke negara-negara ASEAN,iaitu Thailand dan Indonesia.

Syarikat juga telah menerima satu lagi tanda pengiktirafandaripada Malaysia Book Of Records dalam menganjurkanCabaran 4x4 Wanita Pertama. Acara dianjurkan untukYayasan Sukan dan Kecergasan Wanita Malaysia yang telahmenarik 135 peserta. Yang berhormat Dato’Hishamuddin TunHussein, Menteri Belia dan Sukan telah merasmikannya.



Pusat pelancongan sehenti Inter-PacificTravel and ToursInter-Pacific Travel and Tours 0ne-stoptravel center

Hari melatih memandu - acara YayasanSukan dan Kecergasan Wanita MalaysiaTrain and Drive - Women’s Sport andFitness Foundation of Malaysia action day

Majlis pelepasan-acara Yayasan Sukan dan Kecergasan Wanita Malaysiaoleh Yang berhormat Dato’ Hishamuddin Tun Hussein, Menteri Belia dan Sukan Flag off ceremony at Mines Exhibition Centre - Women’s Sport and FitnessFoundation of Malaysia action day by the honourable Minister of Youth andSports, Yang berhormat Dato’Hishamuddin Tun Hussein46

Travel and Tours

Inter-Pacific Travel and Tours Sdn Bhd relocated itsoperation to Sheraton Imperial Hotel Kuala Lumpur withe ffect from December 2000 to better serve its customers.T h e company’s one-stop travel centre for airline tickets,hotel reservations, lifestyle travel products and currencyexchange services are available at the hotel’s mezzaninefloor and Bangsar Shopping Complex. Currencyexchange services are also available at Komplex PernasSogo and Centre Point in Sabah.

During the year, the company continued to buildits "interpac lifestyle" brand, which exemplifies itsdistinctiveness and personalisation of all its travel productsand services. The company views branding as its longterm business objective to help position itself strategically forthe future and compete effectively in the market place.Providing corporate travel services remains the c o r ebusiness of the company, although the leisure segment ofthe company’s business is continuing to grow.

The company’s flagship event "The Rainforest Challenge"organised annually by its subsidiary MotorsportsAdventure Sdn. Bhd. (Motorsports), again took off withconsiderable success in October 2002, attractingparticipants and press from 25 countries. Her RoyalHighness Tengku Puan Pahang Tengku Azizah AminahM a i m u n a h Iskandariah Sultan Iskandar Al-Haj, gracedthe closing ceremony of the event.

The successive editions of the event had furtherenhanced the reputation of the company as a leadingorganizer and promoter among the adventure fraternities.During the course of the year, the company had alsoexpanded its organizing network in adventure off-roadevents to ASEAN countries, namely Thailand and Indonesia.

The company had also received another accolade fromthe Malaysia Book Of Records for organising the FirstWomen's 4x4 Challenge. The event organised for theWomen's Sports and Fitness Foundation of Malaysiaattracted 135 participants.The honourable Minister ofYouth and Sports, Yang berhormat Dato’ HishamuddinTun Hussein officially graced the event.

T r a v e l & T o u r sPelancongan dan Perjalanan

47

Pengangkutan Awam

Dalam tahun kewangan ini juga, Advance Synergy CapitalBerhad ("ASCAP") (dulunya dikenali sebagai UnitedMerchant Group Berhad) mencapai keuntungan sebelumcukai sebanyak RM16.1 juta (2001: RM19.2 juta) dankeuntungan kumpulan sebelum cukai dan kepentinganminoriti sebanyak RM15.7 juta (2001: RM21.3 juta).

Selain itu, ASCAP telah berupaya untuk mempercepatkancadangan pulangan modal kepada pemegang-pemegangsaham menjelang 31 Disember 2002, selepas kelulusanSuruhanjaya Sekuriti diperolehi pada 23 Oktober 2002 dansanksi daripada Mahkamah Tinggi Malaya diterima pada 28November 2002. Kesemua pemegang saham telah dibayar90 sen bagi setiap saham RM1 berbayar penuh yangdipegang mereka pada tarikh buku tutup pada 20Disember 2002.

Dalam tahun kewangan ini, ASCAP membatalkan cadanganawalnya untuk mengambilalih Konsortium Bas EkspresSemenanjung (M) Sdn Bhd ("KBES"), yang mengendalikankumpulan 200 bas ekspres di Semenanjung Malaysia, keranakelulusan sewajarnya tidak dapat diperolehi daripadaJawatankuasa Pelaburan Asing. Cadangan lainnya untukmengambilalih Super Trans Corporation Sdn Bhd, pembinakoc, juga terpaksa dibatalkan kerana pada waktu prosesusaha wajar dilakukan ke atas Super Trans Corporation SdnBhd kita mendapati, bahawa syarikat tersebut telahmenghadapi tindakan penggulungan.

Oleh itu A S C A P sekarang bertindak membangunkanperniagaan terasnya sendiri dengan menggunakan sumber-sumbernya sendiri. Ketika menunggu kelulusan bagi cadanganpengambilalihan yang dibatalkan itu, syarikat telah memohondan telah diberikan sejumlah 530 permit bas pada Julai 2002.Syarikat juga telah membeli 290 bas ekspres dan bas bandardaripada beberapa institusi kewangan untuk tujuanmenggunakan permit tersebut. Bas-bas ini telah diletakkan dibawah program penghiasan semula, yang akanmembolehkan bas-bas beroperasi secara berperingkat padasepanjang tahun 2003 dan 2004. Sehingga kini lebih daripada80 bas sudah boleh digerakkan.

Syarikat telah berupaya untuk melancarkan perjalananpercubaannya bagi perkhidmatan bas ekspres dari KualaLumpur dan Shah Alam ke Melaka dan Masjid Tanah dengankumpulan pertama menggunakan bas-bas ekspres yangdihias semula dan selepas itu menambah perkhidmatannyake Johor Bahru pada November 2002. Laluan Alor Setar telahdimulai pada Februari 2003 dan lain-lain laluan antara bandarakan diperkenalkan pada 2003.

Public Transportation

During the financial year under review, A d v a n c eSynergy Capital Berhad (formerly known as UnitedMerchant Group Berhad) ("ASCAP") achieved a profitbefore taxation of RM16.1 million (2001: RM19.2 million)and a group profit before taxation and minority interestsof RM15.7 million (2001: RM21.3 million) in respect ofthe year ended 31 December 2002.

In addition, ASCAP was able to expedite proposedreturn of capital to shareholders by 31 December 2002,after the approval of the Securities Commission wasobtained on 23 October 2002 and the sanction of theHigh Court of Malaya was received on 28 November2002. All shareholders were paid 90 sen for each fullypaid up share of RM1 held by them at the book closuredate on 20 December 2002.

During the year, ASCAP aborted its earlier proposals toacquire Konsortium Bas Ekspres Semenanjung (M) SdnBhd ("KBES"), which operates a 200 strong fleet ofexpress buses in Peninsula Malaysia, as the necessaryapproval could not be obtained from the ForeignInvestment Committee. Its other proposal to acquireSuper Trans Corporation Sdn Bhd, a coach builder,which would greatly enhance operational requirementsthrough the timely production of new buses to reach theintended fleet size had to also be aborted because duringthe due diligence process of Super Trans CorporationSdn Bhd, it was discovered that the company had beenwound up.

A S C A P will now develop its new core business internallyby utilizing its own resources. Whilst waiting for thenecessary approvals for the aborted proposed acquisitions,it had applied for and was granted a total of 530 buslicenses in July 2002. ASCAP had also acquired 290express and city buses from various financial i n s t i t u t i o n sfor the purpose of utilizing the licenses. These buseshave been put under a refurbishment programme,which will enable them to be operational in gradualstages throughout year 2003 and 2004. To date it has anoperational fleet of more than 80 buses.

ASCAP was able to launch its trial run of express busservices from Kuala Lumpur and Shah Alam to M a l a c c aand Masjid Tanah with the first batch of refurbishedexpress buses and thereafter increased its services toJohor Bahru in November 2002. The Alor Setar routewas added in February 2003 and other new inter-cityroutes will be established in 2003.



35

• To update on a regular basis the risk profile of the Group according to the risk management policy and procedure document;

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

• To execute risk-based internal audit and formalise quarterly review by the Board, with the assistance of the AuditCommittee, on the adequacy and integrity of the system of internal control.

INTERNAL AUDIT FUNCTION

The Board outsourced certain aspects of its internal audit function to an independent firm of consultants to carry out an internalaudit review of the Group using a risk-based approach. During the financial year, the internal audit function had yet to be fullymobilised pending completion of the Enterprise Risk Management review.

INTERNAL CONTROL PROCESS

In the absence of a fully functional internal audit department during the financial year, the Board with the assistance of theAudit Committee reviewed the adequacy and integrity of the system of internal control. The Board is of the view that thefollowing procedures and processes, which were in place in the Group throughout the financial year ended 31 December2002, are pertinent enough to provide a certain degree of assurance to the Board as to the operation and validity of thesystem on internal control in the Group:

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

• The Non-Independent Directors are closely involved in the running of the business and operations of the Group. Reportsare submitted to the Board by senior management on significant changes in the business and external environment, whichaffect the operations of the Group at large; and

• The Board has in place an organizational structure with formally defined lines of responsibility, proper segregation of dutiesand delegation of authority. A process of hierarchical reporting has been established, which provides for a documentedand auditable trail of accountability. The procedures include the establishment of limits of authority and policies on healthand safety, training and development, equality of opportunity, staff performance and serious misconduct. These proceduresare relevant across the Group to provide for continuous assurance to be given at increasingly higher levels of managementand, finally to the Board.

WEAKNESSES IN INTERNAL CONTROLS THAT RESULT IN MATERIAL LOSSES

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

This statement is issued in accordance with a resolution of the Directors dated 28 April 2003.

Statement on Internal Control (continued)

I n t e r n a l C o n t r o l



48

Pengangkutan Awam (sambungan)

Operasi bas pengantara bermula pada Oktober 2002 dengan10 bas pengantara memberikan perkhidmatan di stesen PutraL RT di Bangsar dan Kelana Jaya. Perkhidmatan bas pengantarasejak daripada itu telah diperluaskan ke stesen Putra LRT diTaman Bahagia dan KLSentral, dan stesen STAR di Ampang.Selain itu syarikat juga telah mengendalikan perkhidmatanbas ulang-alik (shuttle) di antara Hentian Pudu dan Hentian Duta.

Syarikat mengumumkan pada 8 Mei 2003 bahawa ia telahmenandatangani perjanjian langganan saham untuk melaburdalam sebuah syarikat pembinaan koc bagi memenuhikeperluannya membina bas yang direkabentuk dan dibinadengan betul berdasarkan piawaian-piawaian antarabangsa.Dengan pelaburan ini syarikat akan berupaya untuk memecutprogram penghiasan semula dan mengatur penggunaanbas-basnya.

Dalam satu lagi perkembangan, cadangan pengambilalihan49% kepentingan ekuiti dalam ACE Synergy InsuranceBerhad telah selesai dilaksanakan pada 15 Januari 2003.

Dividen

Oleh kerana kerugian keseluruhan yang dialami, paraPengarah tidak mencadangkan sebarang pembayarandividen bagi tahun kewangan berakhir 31 Disember 2002.

Masa Hadapan

Kumpulan akan terus berusaha mencari peluang-peluangperniagaan baru dengan rakan-rakan strategik dan terusberusaha menyelaraskan segala operasinya.

Tanpa mengambil kira keadaan-keadaan di luar jangkaan,prestasi Kumpulan dijangka akan bertambah baik dalamtahun yang akan datang.

Penghargaan

Bagi pihak Lembaga Pengarah, saya ingin merakamkansetinggi penghargaan kepada semua pemegang saham,pelanggan dan rakan sekutu perniagaan kita atas s o k o n g a n ,keyakinan dan kepercayaan padu mereka terhadap Syarikat.Terima kasih yang tulus ikhlas kepada Kerajaan dan badan-badan berkuasa atas panduan dan sokongan mereka.

Penghargaan saya juga diberikan kepada pasukanpengurusan dan semua pekerja kita atas dedikasi dan komitmendalam menjalankan kewajipan mereka dan kesediaanberterusan mereka untuk menghadapi segala cabaran dantanggungjawab baru.

DATO’AHMAD SEBI BAKARPengerusi Eksekutif

Kuala Lumpur28 April 2003

Public Transportation (continued)

The feeder bus operations commenced in October 2002with 10 feeder buses servicing the Putra LRT stations atBangsar and Kelana Jaya. The feeder bus service hassince been extended to the Putra LRT stations at TamanBahagia and KL Sentral, and the STAR station atAmpang. In addition ASCAP is also operating a shuttleservice between Hentian Pudu and Hentian Duta.

ASCAP announced on 8 May 2003 that it had enteredinto a share subscription agreement to invest in a coachbuilding company to fulfill its need for properly designedand constructed buses based on international standards.With this investment A S C A P should be able to acceleratethe refurbishment and deployment of its buses.

In another development, the proposed acquisition of a49% equity interest in ACE Synergy Insurance Berhadas a corner stone investment was completed on 15January 2003.

Dividens

In view of the overall loss incurred, the Directors do notrecommend the payment of any dividends for the financialyear ended 31 December 2002.

The Future

The Group shall continue with the search of new businessopportunities with strategic partners and continue torationalize and streamline its operations.

Barring unforeseen circumstances, the Group’s performanceis expected to improve in the coming year.

Appreciation

On behalf of the Board of Directors, I would like toexpress my gratitude to our valued stockholders, ourcustomers and business associates for their continuedsupport, confidence and trust in our Company. Our sincerethanks to the Government and regulatory bodies for theirguidance and support.

My appreciation also goes to our management team andall staff in the Group for their dedication and commitmentin carrying out their duties and their ever readiness totake on new challenges and responsibilities.

DATO’AHMAD SEBI BAKARExecutive Chairman


2002penyata kewangan

49

advance synergy berhad

Laporan Para PengarahL a p o r a n P a r a P e n g a r a h

Para Pengarah dengan ini membentangkan laporan mereka bersama-sama dengan penyata kewangan teraudit Kumpulandan Syarikat bagi tahun kewangan berakhir 31 Disember 2002.

KEGIATAN UTAMA

Kegiatan utama Syarikat adalah pemegangan pelaburan dan penyediaan sokongan korporat dan kewangan sepenuhnyakepada anak-anak syarikatnya. Kegiatan utama anak-anak syarikat dikemukakan dalam Nota 46 kepada Penyata Kewangan.Tidak ada perubahan ketara dalam sifat kegiatan-kegiatan ini dalam tahun kewangan.

KEPUTUSANKumpulan Syarikat

RM’000 RM’000

Kerugian selepas cukai 60,139 102,812Kepentingan minoriti 8,008 -

Kerugian bersih bagi tahun kewangan 68,147 102,812

DIVIDEN

Tiada dividen telah dibayar atau diisytiharkan oleh Syarikat sejak akhir tahun kewangan yang lepas. Para Pengarah tidakmengesyorkan sebarang pembayaran dividen berhubung dengan tahun kewangan berakhir 31 Disember 2002.

TERBITAN SAHAM DAN DEBENTUR

Syarikat tidak menerbitkan sebarang saham atau debentur sepanjang tahun kewangan berakhir 31 Disember 2002.

WARAN 2000/2003

Dalam tahun kewangan 2000, Syarikat telah menerbitkan RM185,874,269 nilai nominal 7% Stok Pinjaman Boleh Tebus2000/2005 dan RM183,460,787 nilai nominal 7% Stok Pinjaman Boleh Tukar 2000/2005 bersama dengan 168,896,809Waran 2000/2003 boleh pisah.

Waran 2000/2003 telah diterbitkan kepada pemegang-pemegang stok Syarikat yang berhak pada harga tawaran 20 sen setiapWaran 2000/2003 berasaskan satu (1) Waran bagi setiap dua (2) unit stok sedia ada dipegang dalam Syarikat.

Setiap Waran 2000/2003 memberi hak kepada pemegang berdaftar, pada bila-bila masa semasa tempoh pelaksanaan untukmelanggan satu unit stok baru bernilai RM1.00 setiap unit pada harga pelaksanaan RM1.00 setiap unit stok semasa tempohpelaksanaan yang akan tamat 28 Ogos 2003.

Pemegang-pemegang berdaftar tidak mempunyai hak untuk mengambil bahagian selaras dengan Waran-waran 2000/2003dalam mana-mana terbitan saham lain Syarikat dan anak-anak syarikatnya.

Apabila tamat tempoh pelaksanaan, mana-mana waran tidak dilaksanakan akan luput dan terhenti daripada menjadi sah bagiapa-apa tujuan.

Pada akhir tahun kewangan semasa, tidak ada pelaksanaan waran dilakukan.

Pada 9 April 2003, Syarikat mengumumkan cadangan untuk melanjutkan jangka masa dan tempoh pelaksanaan Waran2000/2003 yang belum dilaksanakan selama lima (5) tahun dari 28 Ogos 2003 sehingga dan termasuk 28 Ogos 2008 danselepas itu opsyen untuk melanjutkan tempoh pelaksanaan selama dua (2) tahun selanjutnya yang akan tamat pada 28 Ogos2010. Cadangan tersebut masih lagi menunggu kelulusan yang akan diperolehi daripada pemegang-pemegang stok Syarikatdan mana-mana pihak berkuasa yang relevan.

50


RIZAB DAN PERUNTUKAN

Tidak ada pemindahan ketara kepada atau daripada rizab atau peruntukan sepanjang tahun kewangan berakhir 31 Disember2002 selain daripada yang dinyatakan dalam penyata kewangan.

PARA PENGARAH

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

Dato’Ahmad Sebi BakarAznan Bin Haji IsmailTan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad KamilWong Ah Nam @ Wong Joon TuangDatin Masri Khaw Binti Abdullah Chim Wai Khuan

Selaras dengan Tataurusan Pertubuhan Syarikat, Datin Masri Khaw Binti Abdullah dan Chim Wai Khuan bersara daripadaLembaga mengikut giliran pada Mesyuarat Agung Tahunan akan datang dan, oleh kerana masih layak, menawarkan dirimereka untuk dipilih semula.

KEPENTINGAN PARA PENGARAH

Para Pengarah yang memegang jawatan pada akhir tahun kewangan dan kepentingan benefisial mereka dalam unit-unit stokdan/atau waran-waran Syarikat dan saham-saham syarikat-syarikat berkait dalam tahun kewangan berakhir 31 Disember2002 sebagaimana dicatatkan dalam Daftar Pemegangan Stok Para Pengarah yang disimpan oleh Syarikat di bawahSeksyen 134 Akta Syarikat, 1965, adalah seperti berikut:-

Bilangan unit-unit stok/saham-saham biasa bernilai RM1.00 setiap unitBaki Bakipada Pada

1.1.2002 Dibeli Dijual 31.12.2002Kepentingan Langsung

Kepentingan:-

Dato’Ahmad Sebi Bakar dalam:-- Advance Synergy Berhad 15,020,009 - - 15,020,009

Datin Masri Khaw Binti Abdullah dalam:-- Advance Synergy Berhad 6,000 - - 6,000- Alangka-Suka Hotels & Resorts Berhad 308,000 - - 308,000

Kepentingan Tidak Langsung

Kepentingan:-

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

Datin Masri Khaw Binti Abdullah dalam:-- Advance Synergy Berhad 700,000 100,000 - 800,000

51


KEPENTINGAN PARA PENGARAH (sambungan)--------- Bilangan Waran 2000/2003 ----------

Baki BakiPada Pada

1.1.2002 Dibeli Dijual 31.12.2002Kepentingan Langsung

Kepentingan:-

Dato’Ahmad Sebi Bakar 7,510,005 - - 7,510,005Datin Masri Khaw Binti Abdullah 3,000 - - 3,000

Kepentingan Tidak Langsung

Kepentingan:-


Tiada Para Pengarah lain yang memegang jawatan pada akhir tahun kewangan mempunyai sebarang kepentingan benefisialdalam unit-unit stok atau waran-waran Syarikat dan saham-saham syarikat-syarikat berkait dalam tahun kewangan berakhir31 Disember 2002.

FAEDAH PARA PENGARAH

Sejak akhir tahun kewangan yang lepas, tidak ada seorang pun daripada para Pengarah Syarikat telah menerima ataumenjadi berhak untuk menerima faedah, selain daripada faedah-faedah yang dinyatakan dalam Nota 9 kepada PenyataKewangan, atas alasan kontrak yang dibuat oleh Syarikat atau perbadanan berkaitan dengan para Pengarah, atau d e n g a nfirma yang mana Pengarah adalah ahli, atau dengan syarikat dalam mana Pengarah mempunyai kepentingan kewangan yangbesar.

Tidak ada pengaturan dibuat atau dimasuki sepanjang dan pada akhir tahun kewangan, di mana Syarikat adalah satupihak, yang mempunyai matlamat membolehkan para Pengarah Syarikat untuk memperolehi faedah melalui cara pengambilalihansaham dalam atau debentur Syarikat atau mana-mana badan korporat lain kecuali bagi terbitan waran-waran sebagaimanadinyatakan dalam Nota 29(a) kepada Penyata Kewangan.

52


LAIN-LAIN MAKLUMAT BERKANUN TENTANG KUMPULAN DAN SYARIKAT:-

(I) PADA AKHIR TAHUN KEWANGAN

(a) Sebelum penyata pendapatan dan kunci kira-kira Kumpulan dan Syarikat disediakan, para Pengarah telahmengambil langkah-langkah munasabah:-

(i) untuk memastikan bahawa tindakan sewajarnya telah diambil berhubung dengan penghapusan kirahutang lapuk dan pembuatan peruntukan bagi hutang ragu dan mereka telah berpuas hati bahawa kesemuahutang lapuk yang diketahui telah dihapus kira dan peruntukan mencukupi telah dibuat bagi hutang ragu;dan

(ii) untuk memastikan bahawa mana-mana aset semasa yang tidak berkemungkinan untuk direalisasi nilaibukunya dalam urusan perniagaan biasa telah dikurangkan nilai ke nilai anggaran boleh direalisasikan.

( b ) Pada pendapat para Pengarah, keputusan operasi Kumpulan dan Syarikat sepanjang tahun kewangan tidakterjejas secara ketara oleh mana-mana perkara, urusniaga atau peristiwa yang bersifat material dan luar biasakecuali yang dinyatakan dalam Nota-nota kepada Penyata Kewangan.

(II) DARI AKHIR TAHUN KEWANGAN SEHINGGA TARIKH LAPORAN INI

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

(i) yang akan menjadikan jumlah dihapus kira bagi hutang ragu atau jumlah peruntukan bagi hutang lapukdalam penyata kewangan Kumpulan dan Syarikat tidak mencukupi sehingga mana-mana tahap material;atau

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

(iii) yang telah timbul yang akan menjadikan pematuhan kepada kaedah-kaedah sudah ada penilaian asetatau liabiliti Kumpulan dan Syarikat mengelirukan atau tidak wajar.

(d) Pada pendapat para Pengarah, kecuali sebagaimana dinyatakan dalam Nota-nota kepada Penyata Kewangan:-

(i) tidak timbul apa-apa perkara, urusniaga atau peristiwa yang bersifat material dan luar biasa berkemungkinanakan menjejaskan secara ketara keputusan operasi Kumpulan dan Syarikat bagi tahun kewangan laporanini dibuat; dan

(ii) tidak ada liabiliti kontingen atau lain-lain liabiliti telah menjadi boleh dikuatkuasa atau berkemungkinanmenjadi boleh dikuatkuasa, dalam tempoh dua belas bulan selepas akhir tahun kewangan yang akanatau mungkin secara ketara menjejaskan keupayaan Kumpulan dan Syarikat untuk memenuhi obligasimereka bila dan apabila tiba waktunya.

53


(III) PADA TARIKH LAPORAN INI

(e) Tidak ada gadaian ke atas aset-aset Kumpulan dan Syarikat yang telah timbul sejak akhir tahun kewangan untukmenjamin liabiliti mana-mana pihak lain.

(f) Tidak ada liabiliti kontigen Kumpulan dan Syarikat yang telah timbul sejak akhir tahun kewangan.

(g) Para Pengarah tidak menyedari akan apa-apa keadaan yang bukan sebaliknya diuruskan dalam laporan ataupenyata kewangan yang akan menjadikan mana-mana jumlah dinyatakan dalam penyata kewangan Kumpulandan Syarikat mengelirukan.

JURUAUDIT

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

Ditandatangani bagi pihak Lembaga menurut resolusi para Pengarah.

............................................................... )Dato’Ahmad Sebi Bakar )

)))) PARA PENGARAH)))

............................................................... )Wong Ah Nam @ Wong Joon Tuang )


54

Penyata oleh Para PengarahP e n y a t a o l e h P a r a P e n g a r a h

Perakuan BerkanunP e r a k u a n B e r k a n u n

Pada pendapat para Pengarah, penyata kewangan yang dikemukakan pada muka surat 57 hingga 118 telah disediakanmenurut piawaian-piawaian perakaunan sesuai yang diluluskan di Malaysia untuk memberi pandangan benar dan adilmengenai:-

(i) keadaan hal ehwal Kumpulan dan Syarikat pada 31 Disember 2002 dan keputusan mereka bagi tahun kewanganberakhir ketika itu; dan

(ii) aliran tunai Kumpulan dan Syarikat bagi tahun kewangan berakhir 31 Disember 2002.

Bagi pihak Lembaga,

………………………………………. )Dato’Ahmad Sebi Bakar )

)) PARA PENGARAH)

……………………………………… )Wong Ah Nam @ Wong Joon Tuang )


Saya, Sng Ngiap Koon, merupakan pegawai yang bertanggungjawab secara utama bagi pengurusan kewangan AdvanceSynergy Berhad, dengan ini sesungguhnya dan seikhlasnya memperakui bahawa penyata kewangan yang dibentangkanpada muka surat 57 hingga 118 adalah, setakat pengetahuan dan kepercayaan terbaik saya, betul dan saya membuatperakuan ini dengan secara sedar mempercayai yang ianya sebagai benar dan menurut peruntukan Akta PerakuanBerkanun, 1960.

Ditandatangani dan sesungguhnya )diperakui oleh penama di atas )di Kuala Lumpur )pada 28 April 2003 )

Di hadapan saya:-

Karam Singh A/L Sudagar Singh PMCNo. W353Pesuruhjaya SumpahMalaysia

55

Laporan Juruaudit kepada ahli-ahli Advance Synergy Berhad

L a p u r a n J u r u a u d i t

Kami telah mengaudit penyata kewangan dikemukakan pada muka surat 57 hingga 118. Penyata kewangan ini adalahtanggungjawab para Pengarah Syarikat. Tanggungjawab kami adalah untuk mengemukakan pendapat berkenaan penyatakewangan berdasarkan audit kami.

Kami melaksanakan audit kami menurut piawaian-piawaian mengenai pengauditan yang diluluskan di Malaysia. P i a w a i a n -piawaian ini memerlukan agar kami merancang dan melaksanakan audit untuk mendapat jaminan munasabah mengenaisama ada penyata kewangan adalah bebas daripada salah nyataan material. Audit termasuk pemeriksaan, atas dasar u j i a n ,bukti menyokong jumlah dan pendedahan dalam penyata kewangan. Audit juga termasuk menaksir prinsip-prinsip perakaunandiguna dan anggaran-anggaran penting yang dibuat oleh para Pengarah, serta juga menilai penyampaian penyata kewangankeseluruhan. Kami percaya bahawa audit kami menyediakan asas munasabah bagi pendapat kami.

Pada pendapat kami:-

(a) penyata kewangan telah disediakan secara teratur menurut piawaian-piawaian perakauan sesuai yang diluluskan diMalaysia dan peruntukan-peruntukan Akta Syarikat,1965 untuk memberi pandangan benar dan adil mengenai:-

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

( i i ) keadaan hal ehwal Kumpulan dan Syarikat pada 31 Disember 2002 dan berkenaan keputusan-keputusan merekadan aliran tunai bagi tahun kewangan berakhir ketika itu; dan

(b) rekod-rekod perakaunan dan rekod-rekod lain dan daftar-daftar yang diperlukan oleh Akta tersebut untuk disimpanoleh Syarikat dan oleh anak-anak syarikat yang mana kami bertindak sebagai juruaudit telah disimpan dengan teraturmenurut peruntukan-peruntukan Akta tersebut.

Kami telah menimbang penyata kewangan dan laporan juruaudit anak-anak syarikat yang mana kami tidak bertindak sebagaijuruaudit sebagaimana ditunjukkan dalam Nota 46 kepada Penyata Kewangan, merupakan penyata kewangan yang telahdimasukkan dalam penyata kewangan disatukan.

Kami berpuashati bahawa penyata kewangan anak-anak syarikat yang disatukan dengan penyata kewangan Syarikat adalahdalam bentuk dan kandungan sesuai dan teratur bagi tujuan penyediaan penyata kewangan disatukan dan kami telah menerimamaklumat dan penjelasan yang memuaskan yang diperlukan oleh kami bagi tujuan-tujuan tersebut.

Laporan juruaudit berkenaan penyata kewangan anak-anak syarikat tidak tertakluk kepada apa-apa syarat dan tidakmempunyai apa-apa ulasan dibuat di bawah Seksyen 174(3) Akta tersebut.

BDO BinderAF : 0206Akauntan Bertauliah

Siew Kah Toong1045/03/04 (J)Rakan Firma


56

Penyata Pendapatan bagi tahun kewangan berakhir 31 Disember 2002

P e n y a t a P e n d a p a t a n

Kumpulan Syarikat2002 2001 2002 2001

NOTA RM’000 RM’000 RM’000 RM’000

Hasil 6 203,615 199,530 1,662 8,926

Kos jualan (105,984) (121,453) - -

Keuntungan kasar 97,631 78,077 1,662 8,926

Lain-lain pendapatan kendalian 24,033 21,595 14,097 14,549

Kos pengedaran (7,514) (6,097) - -

Perbelanjaan pentadbiran (31,531) (21,644) (438) (360)

Lain-lain perbelanjaan kendalian (58,415) (34,490) (38,147) (6,352)

Kerugian kerosotan ke atas muhibah atas penyatuan 7 (50,224) - - -

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

Kerugian atas pelupusan anak-anak syarikat 8 - (26,170) - (91)

(Kerugian)/Keuntungan daripada operasi (26,020) 11,271 (77,740) 16,672

Kos kewangan (31,367) (32,313) (25,072) (24,533)

Bahagian keputusan syarikat bersekutu 7,933 7,157 - -

Kerugian sebelum cukai 9 (49,454) (13,885) (102,812) (7,861)

Cukai 10 (10,685) (8,977) - (2,290)

Kerugian selepas cukai (60,139) (22,862) (102,812) (10,151)

Kepentingan minoriti (8,008) (5,675) - -

Kerugian bersih bagi tahun kewangan (68,147) (28,537) (102,812) (10,151)

Kerugian setiap unit stok (sen)

Asas 11 (20.17) (8.45)

Nota-nota dilampirkan membentuk sebahagian penting penyata kewangan.

57

Kunci Kira-kira pada 31 Disember 2002

K u n c i K i r a - k i r a


58


NOTA RM’000 RM’000 RM’000 RM’000ASET DIGUNA

Aset bukan semasa

Hartanah, loji dan peralatan 12 362,929 333,886 854 81

Pelaburan dalam anak-anak syarikat 13 - - 419,536 612,401

Pelaburan dalam syarikat bersekutu 14 90,266 84,795 29,018 32,027

Tanah dipegang untuk pembangunan 15 13,774 13,774 - -

Sekuriti pelaburan 16 51,249 53,391 39,633 39,633

Muhibah atas penyatuan 17 131,207 103,602 - -

Muhibah dibeli 18 1,298 1,257 - -

Aset tak ketara 19 499 998 - -

Deposit 20 30,000 - - -

Aset semasa

Hartanah pembangunan dan perbelanjaan 21 42,858 54,487 - -Inventori 22 30,081 14,569 - -Jumlah belum terima 23 82,854 142,790 368,268 230,811Cukai boleh diperoleh semula 8,867 8,611 8,372 8,307Sekuriti urusniaga 24 4,623 4,758 - -Deposit dengan institusi kewangan 25 129,964 484,519 2,700 1,100Tunai dan baki bank 178,268 24,511 986 2,335

477,515 734,245 380,326 242,553Tolak: Liabiliti semasa

Jumlah perlu dibayar 26 149,803 109,760 178,558 133,074Overdraf bank - tak bercagar 27 957 5,633 - -Pinjaman jangka pendek 28 8,394 19,238 - -Cukai 8,927 10,000 4,931 4,931

168,081 144,631 183,489 138,005

Aset semasa bersih 309,434 589,614 196,837 104,548

990,656 1,181,317 685,878 788,690

Kunci Kira-kira pada 31 Disember 2002

K u n c i K i r a - k i r a

59



NOTA RM’000 RM’000 RM’000 RM’000

DIBIAYAI OLEH

Modal saham 29 337,794 337,794 337,794 337,794

Rizab 30 34,386 100,430 (21,251) 81,561

Ekuiti pemegang stok 372,180 438,224 316,543 419,355

Kepentingan minoriti 207,277 327,548 - -

7% Stok pinjaman boleh tebus 2000/2005 31 185,874 185,874 185,874 185,874

7% Stok pinjaman boleh tukar 2000/2005 31 183,461 183,461 183,461 183,461

Pinjaman berjangka 32 39,455 41,648 - -

Pemiutang sewa beli dan pajakan 33 701 3,167 - -

Cukai tertunda 34 1,508 1,092 - -

Faedah persaraan 35 163 264 - -

Pendapatan tertunda 36 37 39 - -

990,656 1,181,317 685,878 788,690

Penyata Perubahan dalam Ekuiti bagi tahun kewangan berakhir 31 Disember 2002

P e n y a t a P e r u b a h a n d a l a m E k u i t i


TurunRizab naik Rizab

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

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

Baki pada 31 Disember 2000

Sebagaimana dilaporkan sebelum ini 337,794 430,451 69 50,596 2,788 - (364,420) 457,278

Pengkelasan semula (Nota 50) - - - - - 13,414 - 13,414

Baki dinyatakan semula 337,794 430,451 69 50,596 2,788 13,414 (364,420) 470,692

Perbelanjaan penyusunan semula hutang - (14) - - - - - (14)

Kerugian terjemahan - - - - (1,217) - - (1,217)Rizab timbul atas

penyusunan semula - - (1,861) - - - - (1,861)

Laba dan kerugian bersih tidak diiktiraf dalam penyata pendapatan - (14) (1,861) - (1,217) - - (3,092)

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

Kerugian bersih untuk tahun kewangan - - - - - - (28,537) (28,537)

Baki pada 31 Disember 2001 337,794 430,437 (1,792) 50,596 1,571 12,575 (392,957) 438,224

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

Laba bersih tidak diiktiraf dalam penyata pendapatan - - - - 2,942 - - 2,942

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

Kerugian bersih bagi tahun kewangan - - - - - - (68,147) (68,147)

Baki pada 31 Disember 2002 337,794 430,437 (1,792) 50,596 4,513 11,736 (461,104) 372,180

60

Penyata Perubahan dalam Ekuiti bagi tahun kewangan berakhir 31 Disember 2002

P e n y a t a P e r u b a h a n d a l a m E k u i t i

61


Modal Premium Rizab Kerugiansaham saham modal terkumpul Jumlah

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

Baki pada 31 Disember 2000 337,794 430,451 69 (338,794) 429,520

Perbelanjaan penyusunan semula hutang - (14) - - (14)

Kerugian bersih tidak diiktiraf dalam penyata pendapatan - (14) - - (14)

Kerugian bersih bagi tahun kewangan - - - (10,151) (10,151)


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



NOTA RM’000 RM’000 RM’000 RM’000Aliran tunai daripada kegiatan kendalian

Kerugian sebelum cukai (49,454) (13,885) (102,812) (7,861)

Pelarasan bagi:-

Peruntukan hutang ragu 8,562 1,019 24,103 3,324Pelunasan muhibah atas penyatuan - anak-anak syarikat 1,485 388 - -- syarikat-syarikat bersekutu 64 - - -Pelunasan rizab atas penyatuan (839) (839) - -Pelunasan aset tak ketara 499 499 - -Pelunasan muhibah dibeli 85 79 - -Hutang lapuk dihapus kira 10,719 264 10,500 -Hutang lapuk dan pembiayaan

diperoleh semula (208) (185) - -Susut nilai/pelunasan 12,995 14,046 115 44Pendapatan tertunda diiktiraf (2) (1) - -Pendapatan dividen kasar (3,380) (1,889) (1,592) (8,874)Kerugian kerosotan ke atas muhibah atas

penyatuan 50,224 - - -Kerugian kerosotan atas pelaburan - - 54,914 -Kerosotan ke atas hartanah, loji dan peralatan 3,583 - - -Perbelanjaan faedah 31,367 32,313 25,073 24,533Pendapatan faedah (1,207) (1,055) (80) (52)Inventori dihapus kira - 634 - -Kerugian bersih atas pelupusan pelaburan 369 44 - -Kerugian bersih atas pelupusan anak syarikat - 26,170 - 91Laba bersih atas pelupusan hartanah,

loji dan peralatan (1,592) (306) (4) -Hartanah, loji dan peralatan dihapus kira 82 133 5 53(Terlebih peruntukan)/Peruntukan faedah

persaraan (101) 264 - -Bahagian keputusan syarikat bersekutu (7,933) (7,157) - -Laba tidak direalis atas pertukaran asing - (8) - -Masuk kira semula jumlah perlu dibayar (14,083) - (14,083) -Peruntukan hutang ragu tidak lagi diperlukan (12) (5) - -Masuk kira semula peruntukan hartanah,

loji dan peralatan - (123) - -Masuk kira semula peruntukan

caj perkhidmatan - (211) - -Masuk kira semula peruntukan ganti rugi (54) (120) - -Masuk kira semula perbelanjaan faedah - (14,549) - (14,549)

Keuntungan/(kerugian) kendalian sebelum perubahan modal kerja 41,169 35,520 (3,861) (3,291)


Penyata Aliran Tunai bagi tahun kewangan berakhir 31 Disember 2002

P e n y a t a A l i r a n T u n a i

62



NOTA RM’000 RM’000 RM’000 RM’000

Pengurangan/(Peningkatan) dalam pembangunan hartanah dan perbelanjaan 11,628 (1,760) - -

Peningkatan dalam inventori (1,200) (1,588) - -Pengurangan/(Peningkatan) dalam

jumlah belum terima 29,891 (65,370) (30,801) (25,168)Pengurangan dalam sekuriti urusniaga 135 4,324 - -Peningkatan dalam deposit dengan

institusi kewangan (2,247) (694) - -Peningkatan dalam jumlah perlu dibayar 4,720 3,754 45,503 18,620

Tunai dijana daripada/(diguna dalam) operasi 84,096 (25,814) 10,841 (9,839)

Cukai dibayar (11,099) (6,322) - -

Tunai bersih daripada/(diguna dalam) kegiatan kendalian 72,997 (32,136) 10,841 (9,839)

Aliran tunai daripada kegiatan pelaburan

Perolehan daripada pelupusan sekuritipelaburan 2,865 764 - -

Perolehan daripada pelupusan anak syarikat - - - 28,000Pelaburan tambahan dalam anak syarikat - (2,990) (300) -Peningkatan bersih dalam tunai dan

setara tunai timbul daripada pelupusan anak syarikat 8(b)(iv) - 31,113 - -

Peningkatan dalam tanah dipegang untuk pembangunan - (29) - -

Pulangan modal anak syarikat kepadakepentingan minoriti (139,050) - - -

Dividen diterima 3,790 1,889 1,528 6,585Faedah diterima 1,207 1,055 80 52Perolehan daripada pelupusan hartanah,

loji dan peralatan 4,054 457 5 -Pembelian hartanah, loji dan peralatan 37 (34,639) (8,883) (894) (7)Pelaburan tambahan dalam syarikat bersekutu (56) (12,250) - (12,250)Pengambilalihan pelaburan dalam

syarikat bersekutu - (12,702) - -Pengambilalihan anak syarikat bersih

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

Tunai bersih (diguna dalam)/daripada kegiatan pelaburan (228,637) (1,576) 419 22,380



63




NOTA RM’000 RM’000 RM’000 RM’000

Aliran tunai daripada kegiatan pembiayaan

Pengeluaran daripada pinjaman berjangka 605 8,560 - -Pengeluaran daripada peminjaman

jangka pendek 14,027 11,866 - -Perbelanjaan penyusunan semula

hutang dibayar - (14) - (14)Faedah dibayar (19,251) (17,540) (11,009) (10,954)Bayaran balik pemiutang sewa beli dan pajakan (4,549) (2,126) - -Bayaran balik pinjaman jangka pendek (21,687) (18,584) - -Bayaran balik pinjaman berjangka (10,175) (3,301) - -

Tunai bersih diguna dalam kegiatan pembiayaan (41,030) (21,139) (11,009) (10,968)

Kesan perubahan kadar pertukaran (1,838) (221) - -

(Pengurangan)/peningkatan bersih dalam tunai dan setara tunai (198,508) (55,072) 251 1,573

Tunai dan setara tunai pada awal tahun kewangan

Sebagaimana dilaporkan sebelum ini 501,055 556,212 3,435 1,862Kesan perubahan kadar pertukaran 139 (85) - -

Sebagaimana dinyatakan semula 501,194 556,127 3,435 1,862

Tunai dan setara tunai pada akhir tahun kewangan 39 302,686 501,055 3,686 3,435


64

Nota-nota kepada Penyata Kewangan 31 Disember 2002

P e n y a t a K e w a n g a n

65

1. MAKLUMAT AM

Syarikat adalah sebuah syarikat awam dengan liabiliti berhad, diperbadankan dan bermastautin di Malaysia dandisenaraikan pada Papan Utama Bursa Saham Kuala Lumpur ("BSKL").

Pejabat berdaftar dan tempat perniagaan utama Syarikat terletak di Paras 3A(Tower Block), Menara Milenium, 8 JalanDamanlela, Bukit Damansara, 50490 Kuala Lumpur.

Penyata kewangan dibentangkan dalam Ringgit Malaysia.

2. KEGIATAN UTAMA

Kegiatan utama Syarikat adalah pemegangan pelaburan dan menyediakan sokongan korporat dan kewangansepenuhnya kepada anak-anak syarikatnya. Kegaitan utama anak-anak syarikat dikemukakan dalam Nota 46. Tidakada perubahan ketara dalam sifat kegiatan-kegiatan ini dalam tahun kewangan.

3. OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN

Lembaga Pengarah mengiktiraf kepentingan pengurusan risiko kewangan dalam pengurusan keseluruhan perniagaanKumpulan. Sistem pengurusan risiko yang kukuh bukan sahaja akan mengurangkan risiko kewangan tetapi juga dapatmembentuk peluang-peluang sekiranya elemen-elemen risiko diuruskan dengan teratur.

Objektif pengurusan risiko kewangan keseluruhan Kumpulan adalah untuk memastikan bahawa Kumpulan membentuknilai bagi pemegang-pemegang stoknya sambil mengurangkan potensi kesan kurang baik ke atas prestasi Kumpulan.Pengurusan risiko kewangan dijalankan melalui penyemakan risiko, sistem kawalan dalaman dan pematuhan kepadapolisi pengurusan risiko kewangan Kumpulan, sebagaimana dibentang di bawah:-

3.1 Risiko pertukaran mata wang asing

Kumpulan terdedah kepada risiko mata wang akibat daripada urusniaga Kumpulan dengan dagangan belumterima dan perlu dibayar dalam mata wang asing. Kumpulan mengawasi pergerakan dalam kadar pertukaranmata wang asing dengan cermat untuk memastikan pendedahan mereka diminimumkan.

3.2 Risiko kadar faedah

Aliran tunai kendalian dan pendapatan Kumpulan adalah sebahagian besarnya bebas daripada perubahandalam kadar faedah pasaran. Pendedahan kadar faedah timbul daripada peminjaman Kumpulan dan diuruskanmelalui penggunaan hutang kadar tetap dan terapung. Kumpulan tidak mengguna instrumen kewanganderivatif untuk melindung nilai risiko-risikonya.

3.3 Risiko kredit

Risiko kredit timbul apabila jualan dibuat atas terma kredit tertunda. Kumpulan berusaha untuk melabur asettunai secara selamat dan menguntungkan. Kerugian akan diiktiraf sekiranya pihak lawan gagal untukmelaksanakan sebagaimana dikontrakkan. Ia merupakan polisi Kumpulan untuk mengawasi kedudukankewangan pihak-pihak lawan ini atas dasar usaha berterusan dan melaksanakan penilaian kredit ke ataspelanggan-pelanggan yang memerlukan kredit untuk memastikan bahawa Kumpulan terdedah kepada risikokredit yang minimum.



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3. OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN (sambungan)

3.4 Risiko kecairan dan aliran tunai

Pengurusan risiko kecairan berhemah bermaksud mengekalkan tunai dan sekuriti boleh dipasar yangmencukupi, ketersediaan pembiayaan melalui jumlah kemudahan kredit yang dikomitkan yang mencukupi dankeupayaan untuk mendapat pembiayaan yang diperlukan atas terma-terma yang boleh diterima. Ia merupakanpolisi Kumpulan untuk memastikan keberterusan dalam menyelesaikan obligasi tunainya pada masa hadapanmelalui langkah-langkah dan ramalan-ramalan komitmen tunainya dan mengawasi serta mengekalkan tahaptunai dan setara tunai yang dianggap mencukupi bagi keperluan Kumpulan. Kumpulan juga berhasratmengekalkan kefleksibelan dalam pembiayaan dengan memastikan saluran kredit dikomitkan tersedia.

4. ASAS PENYEDIAAN PENYATA KEWANGAWAN

Penyata kewangan Kumpulan dan Syarikat telah disediakan selaras dengan piawaian-piawaian perakaunan sesuaiyang diluluskan di Malaysia dan peruntukan-peruntukan Akta Syarikat,1965.

5. DASAR-DASAR PERAKAUNAN PENTING

5.1 Asas perakaunan

Penyata kewangan Kumpulan dan Syarikat telah disediakan di bawah konvensyen kos sejarah (sebagaimanadiubahsuai oleh penilaian semula hartanah-hartanah tertentu) melainkan ditunjukkan sebaliknya dalam polisi-polisi perakaunan penting.

Penyediaan penyata kewangan, dalam mematuhi piawaian-piawaian perakaunan sesuai yang diluluskan diMalaysia dan peruntukan Akta Syarikat, 1965, memerlukan para Pengarah untuk membuat anggaran danandaian yang melibatkan jumlah dilaporkan aset dan liabiliti dan pendedahan aset dan liabiliti kontigen padatarikh penyata kewangan dan jumlah dilaporkan hasil dan perbelanjaan dalam sepanjang dilaporkan.Keputusan sebenar mungkin berbeza daripada keputusan yang dianggarkan.

5.2 Asas penyatuan

Anak-anak syarikat adalah usahaniaga-usahaniaga yang dikawal oleh Syarikat. Kawalan wujud apabilaSyarikat mempunyai kuasa, secara langsung atau tidak langsung untuk mengawal polisi-polisi kewangan dankendalian sebuah usahaniaga untuk mendapat faedah daripada kegiatan-kegiatannya. Penyata kewangananak-anak syarikat dimasukkan dalam penyata kewangan disatukan dari tarikh yang kawalan bermula secaraberkesan sehingga tarikh kawalan terhenti secara berkesan. Kumpulan menerima pakai kaedah penyatuan,pengambilalihan, sebagaimana sesuai.

Apabila kaedah pengambilalihan diterima pakai, perbezaan di antara balasan pembelian dan nilai saksamaaset bersih setiap anak syarikat pada tarikh pengambilalihan dianggap sebagai muhibah atau rizab ataspenyatuan. Kecuali bagi sebuah anak syarikat disebut harga, muhibah dan rizab atas penyatuan timbuldaripada lain-lain anak syarikat dilunaskan dalam 20 tahun atau dalam jangkaan hayat berguna, yang manalebih pendek. Muhibah ke atas penyatuan dinyatakan pada kos tolak kerugian kerosotan, sekiranya ada.

Semua urusniaga dan baki antara syarikat dihapus kira dan penyata kewangan disatukan menggambarkanurusniaga luar sahaja. Di mana perlu, dasar-dasar perakaunan bagi anak-anak syarikat telah diubah untukmemastikan keseimbangan dengan dasar-dasar diterima pakai oleh Kumpulan.

Perbezaan di antara perolehan daripada pelupusan anak syarikat dan amaun yang dibawa asetnya tolakliabiliti, bersama dengan apa-apa muhibah atau rizab atas penyatuan, pada tarikh pelupusan diiktiraf dalampenyata pendapatan disatukan sebagai laba atau kerugian atas pelupusan anak syarikat tersebut.



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5. DASAR-DASAR PERAKAUNAN PENTING (sambungan)

5.3 Pengiktirafan hasil

Hasil

Hasil Syarikat terdiri daripada dividen dan pendapatan faedah.

Hasil Kumpulan termasuk yang berikut:-

- jualan dagangan pada nilai diinvois dan perkhidmatan diberi.- yuran pengurusan, dividen, faedah dan pendapatan sewa.- yuran keahlian berhubung dengan pelaburan dalam kemudahan perkongsian masa percutian.- pendapatan bersih daripada diskaun yang diperolehi daripada operasi hotel dan pusat peranginan.- nilai jualan hartanah pembangunan siap dijual dan nilai jualan bersekadar hartanah pembangunan sehingga

tahap penyiapan.- bil-bil yuran kad, yuran pendahuluan tunai, hasil faedah dan hasil diskaun.- hasil kontrak daripada perkhidmatan berkaitan teknologi maklumat dan telekomunikasi.- kutipan tambang bas.

Hasil diiktiraf setelah penghantaran produk dan penerimaan oleh pelanggan, sekiranya ada, atau pelaksanaanperkhidmatan, bersih daripada cukai jualan dan diskaun.

Pendapatan dividen

Dividen daripada pelaburan dalam anak-anak syarikat, syarikat-syarikat bersekutu dan lain-lain pelaburandiiktiraf apabila hak pemegang-pemegang saham untuk menerima bayaran dibuktikan.

Hartanah pembangunan dan kerja kontrak dalam progres

Keuntungan daripada jualan hartanah pembangunan dan kerja kontrak dalam progres diiktiraf mengikut kaedahperatusan siap yang ditentukan atas perkadaran kos pembangunan ditanggung sehingga kini berbanding jumlahanggaran kos di mana hasil projek boleh dianggarkan dengan agak pasti. Kerugian boleh diramalkan,sekiranya ada, diiktiraf dengan serta-merta dalam penyata pendapatan.

Diskaun dan yuran pendahuluan tunai

Hasil daripada diskaun dan yuran pendahuluan tunai diiktiraf selepas penerimaan bil-bil daripada saudagar-saudagar. Hasil daripada yuran penyertaan diiktiraf selepas pengeluaran kad kepada ahli-ahli yang diluluskan.

Yuran keahlian

Yuran keahlian berhubung dengan pelaburan dalam kemudahan perkongsian masa percutian diiktiraf atasdasar 50% pada tahun pertama dan baki dalam tempoh 30 tahun.

Perkhidmatan berkaitan teknologi maklumat dan telekomunikasi

Hasil dan keuntungan daripada kontrak diiktiraf atas dasar kontrak individu menggunakan kaedah peratusansiap, apabila peringkat penyiapan kontrak boleh dengan agak pasti ditentukan, kos-kos sehingga kini bolehsecara jelas dikenal pasti, dan jumlah hasil kontrak akan diterima dan kos-kos untuk menyiapkan boleh denganagak pasti dianggarkan. Peratusan penyiapan dianggarkan oleh pengurusan anak-anak syarikat berhubungdengan peringkat siap kerja sebagaimana diterima oleh pelanggan. Di mana ada berkemungkinan bahawakerugian akan timbul daripada kontrak, lebihan keseluruhan anggaran kos berbanding hasil diiktiraf sebagaiperbelanjaan dengan serta-merta.

Hasil daripada kontrak penyelenggaraan diiktiraf atas dasar garis lurus dalam tempoh kontrak masing-masing.

Tambang bas

Hasil daripada tambang bas diiktiraf atas dasar kutipan.




5.4 Pajakan kewangan dan pemfaktoran belum terima

Apabila aset dipajak di bawah pajakan kewangan, nilai semasa bayaran pajakan diiktiraf sebagai jumlah belumterima. Perbezaan di antara jumlah kasar belum terima dan nilai semasa jumlah belum terima diiktiraf sebagaipendapatan kewangan tidak terperoleh. Pendapatan pajakan diiktiraf atas tempoh-tempoh pajakan menggunakankaedah pelaburan bersih agar menunjukkan kadar berkala tetap pulangan untuk jumlah belum dijelaskan selebihnya.

Pemfaktoran belum terima dibawa pada jumlah difaktorkan termasuk faedah belum terima. Pendapatanpemfaktoran diiktiraf atas dasar kadar hasil berkesan.

Anggaran dibuat bagi hutang ragu semasa semakan jumlah belum dijelas. Hutang lapuk dihapus kira apabiladikenal pasti.

5.5 Urusniaga matawang asing dan terjemahan

Urusniaga dalam matawang asing ditukar ke dalam Ringgit Malaysia pada kadar pertukaran berkuatkuasapada tarikh urusniaga. Aset dan liabiliti monetori didenominasikan dalam mawatang asing pada tarikh kuncikira-kira diterjemahkan ke dalam Ringgit Malaysia pada kadar-kadar lebih kurang sama dengan kadar-kadarpertukaran lazim pada tarikh tersebut. Semua laba atau kerugian daripada urusniaga matawang dimasukkandalam penyata pendapatan.

Bagi tujuan penyatuan, aset dan liabiliti anak-anak syarikat asing diterjemahkan ke dalam Ringgit Malaysiapada kadar-kadar yang berkuatkuasa pada tarikh kunci kira-kira. Perkara-perkara penyata pendapatanditerjemahkan pada purata kadar pertukaran bagi tahun kewangan. Semua perbezaan terjemahan pertukaranyang timbul daripadanya diuruskan melalui turun naik rizab pertukaran.

Muhibah timbul atas pengambilalihan entiti asing dan pelarasan nilai saksama kepada amaun yang dibawaaset dan liabiliti diambilalih diterjemahkan pada kadar pertukaran pada tarikh urusniaga.

Kadar penutupan utama digunakan dalam terjemahan matawang asing adalah seperti berikut:-

2002 2001

1 Ringgit Malaysia: Dolar Singapura 0.452 0.4831 Ringgit Malaysia: Dolar US 0.262 0.2621 Ringgit Malaysia: Dolar Australia 0.463 0.5101 Ringgit Malaysia: Pound Sterling 0.163 0.1801 Ringgit Malaysia: Dinar Sudan 66.667 66.6671 Ringgit Malaysia: Dirham UAE 0.962 0.962

5.6 Hartanah, loji dan peralatan

Hartanah, loji dan peralatan dinyatakan pada kos atau penilaian, tolak susut nilai terkumpul atau pelunasan dankerugian kerosotan, sekiranya ada.

Amaun yang dibawa kasar hartanah, loji dan peralatan pada mulanya diukur pada kos.

Hartanah hotel terdiri daripada tanah dan bangunan-bangunan hotel. Di mana hartanah hotel telah dinilai semula,amaun yang dibawa kasar dinyatakan pada penilaian. Hartanah hotel dinilai semula pada jarak waktu tetapsekurang-kurangnya sekali dalam setiap lima tahun dengan penilaian tambahan dalam tahun-tahun yangberselang di mana keadaan pasaran menunjukkan bahawa nilai penyimpanan tanah dan bangunan dinilai semulasecara materialnya berbeza daripada nilai pasaran. Lebihan timbul daripada penilaian sedemikian dikreditkankepada ekuiti pemegang saham syarikat masing-masing sebagai lebihan penilaian semula dan apa-apa defisitberikutnya dicajkan terhadap lebihan sedemikian sehingga tahap lebihan dikreditkan daripada penilaian semulasebelumnya. Dalam semua kes lain, defisit akan dicajkan kepada penyata pendapatan. Selepas tarikh penilaian,tambahan kepada hartanah hotel dinyatakan pada kos.

Tanah pegangan kekal, hartanah hotel dan pembinaan sedang dijalankan tidak disusut nilai.68



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5.6 Hartanah, loji dan peralatan (sambungan)

Ia adalah amalan Syarikat untuk mengekalkan hartanah hotel dalam keadaan tertentu yang nilai baki adalahamat tinggi hinggakan susut nilai akan menjadi tidak ketara. Perbelanjaan penyelenggaraan berkaitandiuruskan dalam penyata pendapatan.

Susut nilai ke atas hartanah, loji dan peralatan lain dikira untuk menghapus kira kos atau penilaian aset atasdasar garis lurus ke atas anggaran hayat bergunanya. Kadar susut nilai tahunan utama adalah seperti berikut:-

Tanah pegangan pajak dan bangunan Ke atas tempoh pajakan 25 hingga 99 tahunBangunan 0.5% - 5%Loji dan mesin 10% - 20%Kenderaan bermotor 15% - 20%Perabot, pepasangan dan peralatan 2% - 20%Pengubahsuaian 10% - 20%Peralatan dan perisian komputer 20% - 33.33%Bas-bas Ke atas 7 tahunPeralatan telekomunikasi dan penyelidikan dan pembangunan 20%

Pinggan mangkuk, barang kaca, kutleri, linen dan perkakas dapur dipermodalkan pada tahap minimum yangdiperlukan bagi operasi biasa. Gantian dihapus kira kepada penyata pendapatan dalam tahun kewangan yangmana ianya ditanggung.

Faedah ditanggung ke atas pinjaman luar untuk membiayai aset dalam pembinaan dipermodalkan sehinggaaset tersedia bagi penggunaan dihasratkan selepas itu perbelanjaan sedemikian dicajkan kepada penyatapendapatan.

5.7 Pelaburan

5.7.1 Anak-anak syarikat

Pelaburan dalam anak-anak syarikat dihapuskan atas penyatuan dan dinyatakan pada kos tolakkerugian kerosotan, sekiranya ada.

5.7.2 Syarikat-syarikat bersekutu

Syarikat bersekutu adalah sebuah syarikat dalam mana Kumpulan dan Syarikat mempunyai faedahekuiti jangka panjang di antara 20% hingga 50% dan di mana Kumpulan dan Syarikat berada dalamkedudukan untuk melaksanakan pengaruh penting ke atas polisi kewangan dan pengendalian syarikatmenerima pelaburan.

Pelaburan Syarikat dalam syarikat-syarikat bersekutu dinyatakan pada kos tolak kerugian kerosotan,sekiranya ada.

Pelaburan dalam syarikat-syarikat bersekutu diakaunkan dalam penyata kewangan disatukan menggunakankaedah ekuiti. Bahagian keputusan dan rizab Kumpulan dalam syarikat-syarikat bersekutu diambil alihatau dilupuskan dimasukkan dalam penyata kewangan disatukan dari tarikh berkuatkuasa pengambilalihanatau sehingga tarikh berkuatkuasa pelupusan.

Muhibah atau muhibah negatif timbul atas pengambilalihan mewakili perbezaan di antara kos pelaburandan bahagian Kumpulan daripada nilai aset bersih syarikat-syarikat bersekutu pada tarikh pengambilalihan.




5.8 Tanah dipegang untuk pembangunan dan hartanah pembangunan

Tanah dipegang untuk pembangunan dinyatakan pada kos atau penilaian bersama dengan perbelanjaanpembangunan berkaitan. Ia dikelaskan semula sebagai hartanah pembangunan apabila bermulanya kerjapembangunan di atas tanah tersebut. Perbelanjaan pembangunan terdiri daripada pembinaan dan lain-lain kosberkaitan termasuk faedah dan overhed pentadbiran berkaitan dengan projek. Kos faedah ke atas pinjamanyang digunakan untuk membiayai projek-projek berkaitan dimasukkan sebagai perbelanjaan pembangunandari permulaan sehingga penyiapan pembangunan.

Bahagian projek pembangunan hartanah dalam mana jualan telah dilancarkan dan/atau projek dijangka akandisiapkan dalam tempoh pusingan pengendalian biasa selama dua hingga tiga tahun dianggap sebagai asetsemasa.

5.9 Sekuriti pelaburan

Sekuriti pelaburan dinyatakan pada kos dan kerugian kerosotan diiktiraf, sekiranya pada pendapat para Pengarah,terdapat penurunan selain daripada sementara dalam nilai pelaburan.

5.10 Muhibah dibeli

Muhibah timbul atas pengambilalihan perniagaan yang mewakili lebihan kos pengambilalihan ke atas nilaisaksama mendasari aset bersih diambil alih dinyatakan pada kos dan dilunaskan dalam tempoh 20 tahun atasdasar garis lurus.

5.11 Aset tak ketara

Aset tak ketara dinyatakan pada kos tolak pelunasan terkumpul.

5.11.1 Perbelanjaan pembangunan perisian

Perbelanjaan pembangunan perisian berkait kepada kerja pembangunan dijalankan dalam pembangunanpakej perisian khusus. Kos-kos yang dikaitkan dengan produk yang boleh dikenalpasti dan unik akandikawal oleh Kumpulan dan mempunyai faedah kebarangkalian melebihi kos melepasi satu t a h u n ,d i i k t i r a f sebagai perbelanjaan pembangunan perisian. Kos-kos ditanggung dalam pembangunanperisian, yang tidak atau telah berhenti daripada menjadi berdaya maju secara komersil, dihapus kirakepada penyata pendapatan.

Perbelanjaan pembangunan perisian yang diiktiraf sebagai aset dilunaskan atas dasar garis lurusdalam tempoh tiga tahun dari tarikh aset tersedia bagi penggunaannya.

5.11.2 Harta intelek

Harta intelek berkaitan dengan hak proprietari dan pengetahuan teknikal, yang membentuk platformbagi pembinaan portal. Kos-kos diiktiraf sebagai harta intelek terdiri daripada jumlah yang perusahaantelah bayar, pada tarikh pengambilalihan dan mempunyai faedah kebarangkalian melebihi kos.Amaun yang dibawa harta intelek disemak setiap tahun dan diselaraskan bagi kerosotan di mana ianyad i a n g g a p perlu.

Harta intelek diiktiraf sebagai aset dilunaskan atas dasar garis lurus dalam tempoh tiga tahun daritarikh yang aset tersedia bagi penggunaan yang dihasratkannya.

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5.12 Kerosotan aset

Amaun yang dibawa aset Kumpulan dan Syarikat disemak pada setiap tarikh kunci kira-kira untuk menentukansama ada terdapat apa-apa petunjuk kerosotan. Sekiranya apa-apa petunjuk sedemikian wujud, jumlah bolehdiperolehi aset dianggarkan dan kerugian kerosotan diiktiraf apabila jumlah belum diterima adalah kurangdaripada amaun yang dibawa aset. Kerugian kerosotan diiktiraf dengan serta-merta sebagai caj dalam penyatapendapatan kecuali bagi kerosotan ke atas aset dinilai semula di mana kerugian kerosotan diiktiraf secara langsungterhadap akaun lebihan penilaian semula sehingga tahap lebihan dikreditkan daripada penilaian semulasebelum ini bagi aset yang sama dengan lebihan kerugian kerosotan dicajkan kepada penyata pendapatan.Keterbalikan kerugian kerosotan diiktiraf dengan serta-merta sebagai pendapatan dalam penyata pendapatankecuali bagi keterbalikan kerugian kerosotan ke atas aset dinilai semula di mana keterbalikan kerugiankerosotan dianggap sebagai kenaikan penilaian semula dan dikreditkan kepada akaun lebihan penilaiansemula untuk aset yang sama.

Kerugian kerosotan berhubung muhibah tidak diterbalikkan melainkan kerugian telah disebabkan oleh peristiwaluar khusus bersifat terkecuali yang tidak dijangka akan berlaku semula, atau peristiwa-peristiwa luar berikutnyatelah berlaku yang menterbalikkan kesan peristiwa khusus. Berhubung dengan lain-lain aset, kerugiankerosotan diterbalikkan sekiranya terdapat perubahan dalam anggaran digunakan untuk menentukan jumlahbelum diterima.

Kerugian kerosotan hanya diterbalikkan sehingga tahap amaun yang dibawa aset tidak melebihi amaun yangdibawa yang akan ditentukan, bersih daripada susut nilai atau pelunasan, sekiranya tidak ada kerugiankerosotan telah diiktiraf. Keterbalikan diiktiraf dalam penyata pendapatan.

5.13 Inventori

Inventori dinyatakan pada kos dan nilai boleh diperolehi bersih yang mana lebih rendah.

Kos ditentukan atas dasar masuk dahulu, keluar dahulu. Kos bahan mentah terdiri daripada kos asal pembeliantambah kos membawa inventori ke lokasi dan keadaan semasanya. Kos kerja dalam progres dan barangansiap termasuk kos bahan mentah, buruh langsung dan perkadaran overhed pengeluaran. Kos hartanah siapterdiri daripada kos tanah dan perbelanjaan pembangunan berkaitan.

Nilai boleh diperolehi bersih adalah anggaran harga jualan dalam urusan perniagaan biasa, tolak kos penyiapandan perbelanjaan menjual.

5.14 Jumlah belum terima

Hutang lapuk dikenali dihapus kira dan peruntukan khusus dibuat bagi hutang yang dianggap ragu untuk dikutip.

5.15 Sekuriti urusniaga

Sekuriti urusniaga adalah sekuriti boleh dipasar yang dibeli dan dipegang dengan niat jualan semula dalamtempoh jangka pendek, dan dinyatakan pada kos dan nilai pasaran yang mana lebih rendah, ditentukan atasdasar agregat portfolio mengikut kategori pelaburan. Kos diperolehi atas dasar purata wajaran.




5.16 Aset dibeli di bawah pengaturan sewa-beli dan pajakan

Aset dibiayai melalui perjanjian sewa beli dan pengaturan pajakan yang memindah sebahagian besar kesemuarisiko dan faedah pemilikan kepada Kumpulan dipermodalkan sebagai hartanah, loji dan peralatan dan obligasi-obligasi sepadan dianggap sebagai liabiliti. Hartanah, loji dan peralatan dipermodalkan disusut nilai atas dasaryang sama dengan hartanah, loji dan peralatan Kumpulan. Caj kewangan diperuntukkan kepada penyatapendapatan dalam tempoh perjanjian untuk memberi kadar berkala tetap caj ke atas sewa beli dan liabilitipajakan selebihnya.

Pajakan yang tidak memenuhi kriteria di atas dianggap sebagai pajakan kendalian dan sewa berkaitan dicajkankepada penyata pendapatan bila dan apabila ditanggung.

5.17 Cukai tertunda

Cukai tertunda diperuntukkan di bawah kaedah liabiliti pada kadar cukai semasa berhubung dengan semuaperbezaan masa material kecuali di mana terdapat bukti munasabah bahawa perbezaan masa ini tidak akanterbalik pada masa hadapan boleh ramal. Faedah cukai tertunda diiktiraf hanya apabila terdapat jaminanmunasabah realisasinya.

5.18 Peruntukan-peruntukan

Peruntukan-peruntukan diiktiraf apabila terdapat obligasi semasa, undang-undang atau konstruktif, akibatperistiwa lepas, apabila ianya berkemungkinan bahawa aliran keluar sumber merangkumi faedah ekonomiakan diperlukan untuk menyelesaikan obligasi dan anggaran yang agak pasti boleh dibuat daripada jumlahobligasi.

5.19 Faedah persaraan

Anak-anak syarikat tertentu mengendalikan pelan faedah persaraan tidak berdana bagi kakitangan berpangkatrendah selaras dengan artikel terkandung dalam perjanjian kesatuan kolektif. Liabiliti berhubung dengan pelanfaedah persaraan ditentukan oleh penilaian aktuari bagi obligasi-obligasi faedah dinyatakan di bawah UnjuranKaedah Kredit Unit. Di bawah kaedah ini, kos khidmat semasa dikira sebagai nilai semasa faedah yang akanterakru pada tarikh penilaian (melalui rujukan kepada bilangan kakitangan memberi perkhidmatan dalam tahuntersebut dan unjuran gaji akhir). Liabiliti akan diiktiraf dengan serta-merta pada tahun ianya ditanggung.

5.20 Maklumat mengikut segmen

Maklumat mengikut segmen dibentangkan berhubung dengan segmen perniagaan dan geografi Kumpulan.Maklumat segmen pelaporan utama adalah berhubung dengan segmen perniagaan memandangkan risiko dankadar pulangan Kumpulan terjejas secara utama oleh perbezaan-perbezaan dalam produk-produk yang iakeluarkan, manakala maklumat kedua dilaporkan mengikut segmen geografi.

Keputusan, aset dan liabiliti segmen termasuk perkara-perkara secara langsung boleh dikaitkan dengansegmen serta yang boleh diperuntukkan atas dasar munasabah.

Perbelanjaan modal segmen adalah jumlah kos ditanggung dalam tempoh untuk membeli aset segmen yangdijangka akan diguna lebih daripada satu tempoh.

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5.21 Instrumen kewangan

(a) Instrumen kewangan diiktiraf pada kunci kira-kira

Kaedah pengiktirafan khusus diterima pakai bagi instrumen kewangan diiktiraf pada kunci kira-kiradikemukakan dalam penyata polisi individu berkaitan dengan setiap perkara.

(b) Pendedahan nilai saksama

Nilai penyimpanan aset dan liabiliti kewangan yang akan matang dalam tempoh 12 bulan diandaikanlebih kurang menyamai nilai saksamanya.

Nilai saksama pelaburan disebut harga dianggarkan berdasarkan harga pasaran disebut harga. Bagipelaburan yang tidak terdapat harga pasaran disebut harga, anggaran munasabah nilai saksama tidakboleh dibuat tanpa menanggung kos berlebihan. Dengan itu, pelaburan sedemikian dinilai pada kostertakluk kepada semakan bagi kerosotan.

Nilai saksama deposit dianggarkan dengan mendiskaunkan anggaran aliran tunai masa hadapanmenggunakan kadar deposit tetap ditawarkan kepada sebuah anak syarikat disebut harga.

Nilai saksama pinjaman berjangka dianggar berdasarkan kadar pasaran bagi pinjaman yang sama atauserupa yang mempunyai kematangan selebihnya yang sama.

Nilai saksama stok-stok pinjaman boleh tebus dan stok-stok pinjaman boleh tukar dianggarkan denganmendiskaukan aliran tunai kontrak masa hadapan pada kadar faedah pasaran semasa sedia ada kepadaKumpulan dan atas andaian-andaian yang berdasarkan keadaan pasaran sedia ada pada tarikh kuncikira-kira.

5.22 Kos-kos Pinjaman

Kos-kos ditanggung ke atas pinjaman untuk membiayai aset kelayakan dipermodalkan sehingga aset tersediabagi penggunaan dihasratkan untuknya selepas mana perbelanjaan sedemikian dicajkan kepada penyatapendapatan.

5.23 Tunai dan setara tunai

Tunai dan setara tunai termasuk tunai dan baki bank, overdraf bank, deposit dan lain-lain pelaburan jangkapendek, pelaburan berkecairan tinggi yang tersedia untuk ditukar kepada tunai dan tertakluk kepada risiko tidakpenting perubahan dalam nilai.



6. HASIL


RM’000 RM’000 RM’000 RM’000

Jualan barangan 43,768 70,172 - -Pemberian perkhidmatan 81,350 56,511 - -Pendapatan faedah dan pembiayaan 16,152 20,933 70 52 Pembangunan hartanah 58,325 49,454 - -Pendapatan sewa 640 571 - -Pendapatan dividen kasar 3,380 1,889 1,592 8,874

203,615 199,530 1,662 8,926

7. KERUGIAN KEROSOTANKumpulan Syarikat

2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000

Kerugian kerosotan ke atas:-(a) muhibah atas penyatuan 50,224 - - -

(b) Pelaburan dalam:-(i) anak syarikat disebut harga - - 50,224 -(ii) lain-lain - - 4,690 -

50,224 - 54,914 -

Pada akhir tahun kewangan, Kumpulan dan Syarikat telah memperuntukkan kerugian kerosotan sebanyak RM50.224juta terhadap muhibah atas penyatuan dan ke atas pelaburan dalam Advance Synergy Capital Berhad (dahulunyadikenali sebagai United Merchant Group Berhad)("ASC"), masing-masing berdasarkan aliran tunai didiskaunkandikira atas unjuran keuntungan perniagaan ASC bagi perniagaan yang ada sekarang dan baru dijalankan oleh ASCdan anak-anak syarikatnya.

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8. PELUPUSAN ANAK SYARIKAT

(a) Pada 14 September 2001, Syarikat menandatangani Perjanjian Tambahan dengan Inisiatif Ikhlas Sdn. Bhd.("IISB") untuk menyelesaikan Perjanjian Jual Beli bertarikh 27 April 1999 ditandatangani di antara Syarikat danIISB bagi pelupusan keseluruhan pemegangan saham Syarikat sebanyak 3,850,000 saham biasa bernilaiRM1.00 setiap unit mewakili 70% kepentingan ekuiti dalam Plastic Centre Sdn. Bhd. ("PCSB") kepada IISBbagi balasan jualan sebanyak RM28.0 juta.

Pada tarikh yang sama, Syarikat menandatangani Perjanjian Tambahan dengan PCSB untuk membatalkandan menamatkan Perjanjian Jual Beli bertarikh 27 April 1999 ditandatangani oleh Syarikat dan PCSB setakatmana ia berkaitan dengan pengambilalihan oleh Syarikat sebanyak 49% kepentingan ekuiti dalam PC VenturesSdn. Bhd. ("PCV") daripada PCSB bagi balasan pembelian sebanyak RM14,002,584 dan untuk menyelesaikanpengambilalihan oleh Syarikat sebanyak 100% kepentingan ekuiti dalam Calmford Incorporated ("CI") daripadaPCSB bagi balasan pembelian sebanyak RM1.00.

(b) Kesan ke atas pelupusan anak syarikat dalam tahun kewangan berakhir 31 Disember 2001.

(i) Kesan ke atas keputusan Syarikat

Pelupusan PCSB mengakibatkan kerugian sebanyak RM91,015 berhubung dengan Syarikat bagi tahunkewangan berakhir 31 Disember 2001.

(ii) Kesan ke atas keputusan disatukan

Kesan pelupusan PCSB ke atas keputusan Kumpulan bagi tahun kewangan berakhir 31 Disember 2001adalah seperti berikut:-

Pada tarikh pelupusan RM’000

Hasil 37,780Kos jualan (33,082)

Keuntungan kasar 4,698Lain-lain pendapatan kendalian 1,040Kos pengedaran (1,021)Perbelanjaan pentadbiran (2,692)

Keuntungan daripada operasi 2,025Kos kewangan (528)Bahagian keputusan syarikat bersekutu 1,656

Keuntungan sebelum cukai 3,153Cukai - syarikat bersekutu (341)

Keuntungan selepas cukai 2,812Kepentingan minoriti 6

Keuntungan bersih bagi tahun kewangan 2,818



(iii) Kesan ke atas kedudukan kewangan

Kesan pelupusan anak syarikat ke atas kedudukan kewangan Kumpulan adalah seperti berikut:-

Pada tarikh pelupusanRM’000

Hartanah, loji dan peralatan 27,852Pelaburan dalam syarikat bersekutu 18,055Muhibah atas penyatuan 264Sekuriti pelaburan 143Muhibah dibeli 1,238Inventori 8,844Baki antara syarikat (69)Jumlah belum terima 64,715Deposit dengan bank berlesen 94Tunai dan baki bank 7,999Rizab atas penyatuan (5,144)Jumlah perlu dibayar (21,958)Overdraf bank (11,103)Pinjaman (27,338)Cukai (154)Kepentingan minoriti (1,451)

Aset bersih 61,987Dikekalkan sebagai anak syarikat 5,199Kepentingan minoriti (19,120)

48,066Muhibah direalis atas pelupusan

anak syarikat 6,104

Bahagian aset bersih dilupuskan 54,170Perolehan daripada pelupusan (28,000)

Kerugian atas pelupusan anak syarikat 26,170

(iv) Kesan ke atas penyata aliran tunai Kumpulan

Pada tarikh pelupusanRM’000

Jumlah perolehan daripada pelupusan 28,000Tunai dan setara tunai negatif anak syarikat dilupuskan 3,113

Peningkatan bersih dalam tunai dan setara tunai timbul daripada pelupusan anak syarikat 31,113

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9. KERUGIAN SEBELUM CUKAI


RM’000 RM’000 RM’000 RM’000 Keputusan bagi tahun kewangan

telah diperoleh:-

Selepas dicajkan:-

Peruntukan hutang ragu 8,562 1,019 24,103 3,324Pelunasan muhibah atas penyatuan- anak-anak syarikat 1,485 388 - -- syarikat-syarikat bersekutu 64 - - -Pelunasan aset tak ketara 499 499 - -Pelunasan muhibah dibeli 85 79 - -Imbuhan juruaudit - syarikat pemegangan 75 75 75 75- anak-anak syarikat 294 353 - -- (terlebih)/terkurang peruntukan

dalam tahun sebelumnya (6) 39 - -Hutang lapuk dihapus kira 10,719 264 10,500 -Susut nilai/pelunasan 12,995 14,046 115 44Imbuhan pengarah - yuran 769 438 264 144- lain-lain emolumen 1,577 2,121 - -Kerugian kerosotan ke atas muhibah

atas penyatuan 50,224 - - -Kerugian kerosotan atas pelaburan - - 54,914 -Perbelanjaan faedah - pendahuluan daripada anak syarikat - - 1,948 1,977- pendahuluan kepada anak syarikat - - (2,658) (3,171)- overdraf bank 135 577 - -- stok pinjaman boleh tukar 12,761 12,731 12,761 12,731- sewa beli dan pajakan 135 961 - -- pinjaman 3,976 4,185 - -- lain-lain 1,356 498 22 -- stok pinjaman boleh tebus 13,000 12,996 13,000 12,996- kredit pusingan 4 365 - -Kerosotan atas hartanah, loji dan peralatan 3,583 - - -Inventori dihapus kira - 634 - -Sewa pajakan 1,571 37 - -Kerugian atas pelupusan pelaburan 369 44 - -Kerugian atas pelupusan hartanah, loji dan peralatan - 12 - -Kerugian atas pertukaran asing- tidak direalis - 64 - -- direalis - 1 - 1Hartanah, loji dan peralatan dihapus kira 82 133 5 53Peruntukan faedah persaraan - 264 - -Perbelanjaan sewa - peralatan 129 19 - -- lain-lain 17 49 - -- premis 9,722 7,401 307 267

9. KERUGIAN SEBELUM CUKAI (sambungan)


RM’000 RM’000 RM’000 RM’000

Dan mengkredit:-

Peruntukan hutang ragu tidak lagi diperlukan 12 5 - -Pelunasan rizab atas penyatuan 839 839 - -Hutang lapuk dan pembiayaan diperolehi semua 208 185 - -Laba atas pelupusan hartanah,

loji dan peralatan 1,592 318 4 -Laba atas pertukaran asing - tidak direalis - 72 - -- direalis 1,092 83 - -Pendapatan dividen kasar dari Malaysia- anak syarikat disebut harga - - - 7,961- syarikat bersekutu - 504 - 855- pelaburan tidak disebut harga 3,236 1,137 1,534 -- pelaburan disebut harga 144 248 58 58Pendapatan faedah - deposit tetap 553 595 70 52- lain-lain 654 460 10 -Terlebih peruntukan faedah persaraan

dalam tahun sebelumnya 101 - - -Pendapatan sewa 1,646 2,569 - -Masuk kira semula jumlah perlu dibayar 14,083 - 14,083 -Masuk kira semula perbelanjaan faedah - 14,549 - 14,549Masuk kira semula peruntukan ganti rugi 54 120 - -Masuk kira semula peruntukan

hartanah, loji dan peralatan - 123 - -Masuk kira semula peruntukan caj

perkhidmatan - 211 - -

Anggaran nilai monetori lain-lain faedah, tidak dimasukkan di atas, yang diterima oleh para Pengarah Syarikat dananak-anak syarikatnya adalah RM5,300 (2001: RM26,008) bagi Syarikat dan RM82,500 (2001: RM113,008) bagiKumpulan.

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10. PERCUKAIAN


RM’000 RM’000 RM’000 RM’000 Cukai berdasarkan keuntungan bagi

tahun kewangan:-

Cukai pendapatan Malaysia 8,009 8,333 - 2,290Cukai luar negeri 558 136 - -

8,567 8,469 - 2,290Pindahan daripada cukai tertunda

(Nota 34) (220) (72) - -

8,347 8,397 - 2,290Terkurang peruntukan cukai berhubung

tahun-tahun terdahulu 294 36 - -

8,641 8,433 - 2,290Bahagian cukai dalam syarikat

bersekutu 2,044 544 - -

10,685 8,977 - 2,290

Kadar cukai berkesan Kumpulan bagi tahun kewangan semasa adalah lebih tinggi daripada kadar cukai berkanunterutamanya akibat daripada perbelanjaan tertentu yang tidak boleh ditolak bagi tujuan cukai dan ketiadaan reliefkumpulan di mana kerugian cukai anak-anak syarikat tertentu tidak boleh diimbangkan terhadap pendapatan bolehdikenakan cukai anak-anak syarikat lain.

11. KERUGIAN SETIAP UNIT STOK

Kerugian asas setiap unit stok bagi tahun kewangan telah dikira berdasarkan kerugian bersih disatukan bagi tahunkewangan dibahagikan dengan purata wajaran bilangan unit stok dalam terbitan semasa tahun kewangan.

Kumpulan 2002 2001

Kerugian bersih disatukan bagi tahun kewangan (RM’000) 68,147 28,537

Purata wajaran bilangan unit stok dalam terbitan (‘000) 337,794 337,794

Kerugian asas setiap unit stok (sen) 20.17 8.45





12. HARTANAH, LOJI DAN PERALATAN Baki Anak Pelarasan Baki pada syarikat terjemahan pada

Kumpulan 1.1.2002 Tambahan Pelupusan diambilalih Dihapus kira pertukaran 31.12.20022002 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kos melainkan dinyatakan sebaliknya

Tanah pegangan kekal 3,486 - - - - 289 3,775Hartanah hotel- pada penilaian 155,800 - - - - - 155,800- pada kos 72,148 433 - - - 4,350 76,931Tanah pegangan pajak

jangka panjang 1,274 - - - - - 1,274Bangunan 64,516 1,177 (30) - - 538 66,201Loji dan mesin 15,337 180 (2,182) - - 963 14,298Perabot, pepasangan dan

peralatan 55,293 2,783 (194) 2,162 (95) 471 60,420Ubahsuaian 2,752 1,145 - 202 (60) 9 4,048Kenderaan bermotor 6,664 753 (796) 63 - 26 6,710Bas - 25,562 - - - - 25,562Peralatan dan perisian

komputer 19,634 2,311 (7,868) 359 (11) 16 14,441Pinggan mangkuk, barangan

kaca, kutleri, kain linen danperkakas dapur 4,539 164 (140) - - - 4,563

Peralatan telekomunikasi,penyelidikan dan pembangunan - 504 (658) 6,336 - 153 6,335

Pembinaan dalam progres - 292 - - - - 292

401,443 35,304 (11,868) 9,122 (166) 6,815 440,650

Baki Caj Anak Peyelarasan Bakipada bagi tahun syarikat terjemahan pada

Kumpulan 1.1.2002 kewangan Pelupusan diambilalih Dihapus kira pertukaran 31.12.20022002 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Susut nilai terkumpul

Tanah pegangan kekal - - - - - - -Hartanah hotel - pada penilaian - - - - - - -- pada kos - - - - - - -Tanah pegangan pajak

jangka panjang 293 19 - - - - 312Bangunan 4,769 1,344 (1) - - - 6,112Loji dan mesin 8,468 1,207 (1,740) - - 397 8,332Perabot, pepasangan dan

peralatan 30,202 5,363 (102) 436 (36) 145 36,008Ubahsuaian 1,327 293 - 61 (37) 3 1,647Kenderaan bermotor 5,707 345 (791) 1 - 13 5,275Bas - 310 - - - - 310Peralatan dan perisian

komputer 15,685 3,224 (6,585) 138 (11) 6 12,457Pinggan mangkuk, barangan

kaca, kutleri, kain linen danperkakas dapur 1,106 515 - - - - 1,621

Peralatan telekomunikasi,penyelidikan dan pembangunan - 375 (189) 1,826 - 52 2,064

Pembinaan dalam progres - - - - - - -

67,557 12,995 (9,408) 2,462 (84) 616 74,138

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12. HARTANAH, LOJI DAN PERALATAN (sambungan)Baki Kerugian kerosotan Baki

pada 1.1.2002 bagi tahun kewangan pada 31.12.20022002 RM’000 RM’000 RM’000Kerugian kerosotanPerabot, pepasangan dan peralatan - 3,583 3,583

Baki Peyelarasan Bakipada Dihapus Pengkelasan terjemahan pada

Kumpulan 1.1.2001 Tambahan Pelupusan kira semula pertukaran 31.12.20012001 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kos melainkan dinyatakan sebaliknya

Tanah pegangan kekal 23,522 18 (13,687) - (5,701) (666) 3,486Hartanah hotel - pada penilaian 155,800 - - - - - 155,800- pada kos 72,018 894 - - - (764) 72,148Tanah pegangan pajak

jangka panjang 59,687 2,076 - - (60,489) - 1,274Tanah dan bangunan

pegangan pajakjangka pendek 60 - (60) - - - -

Bangunan - - - - 64,516 - 64,516Loji dan mesin 30,584 786 (15,145) - - (888) 15,337Kenderaan bermotor 7,881 554 (1,760) - - (11) 6,664Perabot, pepasangan

dan peralatan 54,255 2,930 (1,251) (10) (511) (120) 55,293Ubahsuaian 3,692 1,077 (1,169) (848) - - 2,752Pinggan mangkuk, barangan

kaca, kutleri, kain linen dan perkakas dapur 2,200 154 - - 2,185 - 4,539

Peralatan dan perisian komputer 19,419 534 - (319) - - 19,634

429,118 9,023 (33,072) (1,177) - (2,449) 401,443

Baki Caj Peyelarasan Bakipada bagi tahun Dihapus Pengkelasan terjemahan pada

Kumpulan 1.1.2001 kewangan Pelupusan kira semula pertukaran 31.12.20012001 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Susut nilai terkumpul

Tanah pegangan kekal 1,137 189 (1,245) - (81) - -Hartanah hotel - - - - - - -Tanah dan bangunan

pegangan pajakjangka panjang 3,992 2,218 - - (5,917) - 293

Tanah pegangan pajak jangka pendek 14 1 (15) - - - -

Bangunan - - - - 4,769 - 4,769Loji dan mesin 14,138 2,029 (7,429) - - (270) 8,468Kenderaan bermotor 6,488 635 (1,411) - - (5) 5,707Perabot, pepasangan

dan peralatan 25,938 4,267 (642) (8) 681 (34) 30,202Ubahsuaian 2,185 282 (345) (795) - - 1,327Pinggan mangkuk, barangan

kaca, kutleri, kain linen dan perkakas dapur 93 465 - - 548 - 1,106

Peralatan dan perisian komputer 11,809 3,960 - (84) - - 15,685

65,794 14,046 (11,087) (887) - (309) 67,557

12. HARTANAH, LOJI DAN PERALATAN (sambungan)

Baki BakiSyarikat pada Dihapus pada2002 1.1.2002 Tambahan Pelupusan kira 31.12.2002

RM’000 RM’000 RM’000 RM’000 RM’000Kos

Kenderaan bermotor 195 - - - 195Perabot, pepasangan dan peralatan 805 54 (17) (6) 836Ubahsuaian - 840 - - 840

1,000 894 (17) (6) 1,871

CajBaki bagi Bakipada tahun Dihapus pada

2002 1.1.2002 kewangan Pelupusan kira 31.12.2002RM’000 RM’000 RM’000 RM’000 RM’000

Susut nilaiterkumpul

Kenderaan bermotor 195 - - - 195Perabot, pepasangan dan peralatan 724 31 (16) (1) 738Ubahsuaian - 84 - - 84

919 115 (16) (1) 1,017

Baki BakiSyarikat pada Dihapus pada2001 1.1.2001 Tambahan kira 31.12.2001

RM’000 RM’000 RM’000 RM’000Kos

Kenderaan bermotor 195 - - 195Perabot, pepasangan dan peralatan 798 7 - 805Ubahsuaian 848 - (848) -

1,841 7 (848) 1,000

Baki Caj bagi Bakipada tahun Dihapus pada

2001 1.1.2001 kewangan kira 31.12.2001RM’000 RM’000 RM’000 RM’000

Susut nilaiterkumpul

Kenderaan bermotor 194 1 - 195Perabot, pepasangan dan peralatan 694 30 - 724Ubahsuaian 782 13 (795) -

1,670 44 (795) 919

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RM’000 RM’000 RM’000 RM’000Nilai buku bersih

Tanah pegangan kekal 3,775 3,486 - -Hartanah hotel - pada penilaian 155,800 155,800 - -- pada kos 76,931 72,148 - -Tanah pegangan pajak jangka panjang 962 981 - -Bangunan 60,089 59,747 - -Loji dan mesin 5,966 6,869 - -Perabot, pepasangan dan peralatan 20,829 25,091 98 81Ubahsuaian 2,401 1,425 756 -Kenderaan bermotor 1,435 957 - -Bas 25,252 - - -Peralatan dan perisian komputer 1,984 3,949 - -Pinggan mangkuk, barangan kaca, kutleri, kain linen

dan perkakas dapur 2,942 3,433 - -Peralatan telekomunikasi, penyelidikan dan

pembangunan 4,271 - - -Pembinaan dalam progres 292 - - -

362,929 333,886 854 81

(a) Hartanah hotel berjumlah RM155.8 juta (2001: RM155.8 juta) telah dicagarkan kepada institusi kewangansebagai cagaran bagi kemudahan kredit yang diberikan kepada Syarikat, yang telah disusun semula melaluiterbitan stok pinjaman boleh tebus dan boleh tukar, kedua-duanya dengan waran boleh pisah oleh Syarikatsebagaimana dinyatakan dalam Nota 31.

(b) Amaun yang dibawa tanah pegangan kekal tertentu, hartanah hotel dan bangunan Kumpulan dicagarkan kepadainstitusi kewangan bagi kemudahan kredit diberikan kepada anak-anak syarikat adalah seperti berikut:-

2002 2001RM’000 RM’000

Tanah pegangan kekal 3,129 2,840Hartanah hotel 76,931 72,148Bangunan 6,869 6,347

86,929 81,335

(c) Hak milik strata bagi hartanah hotel Kumpulan berjumlah RM29.561 juta (2001: RM29.561 juta) belum lagidikeluarkan oleh pihak-pihak berkuasa yang relevan.




( d ) Hartanah hotel Kumpulan telah dinilai semula oleh para Pengarah pada 31 Disember 2000 berdasarkanpenilaian dijalankan oleh firma jurunilai profesional bebas, menggunakan asas nilai pasaran terbuka.

Sekiranya aset dinilai semula dihantar pada kos tolak susut nilai terkumpul dan kerugian kerosotan terkumpul,amaun yang dibawa akan menjadi seperti berikut:-

Susut nilai Nilai bukuKos terkumpul bersih

2002 RM’000 RM’000 RM’000

Hartanah hotel 106,336 - 106,336

2001

Hartanah hotel 105,903 - 105,903

(e) Kerugian kerosotan diiktiraf bagi hartanah, loji dan peralatan tertentu Kumpulan dalam penyata pendapatandalam tahun kewangan adalah seperti berikut:-

Kumpulan2002 2001

RM’000 RM’000

Keusangan disebabkan pengurangan dalam nilai pasaran berpunca daripada penggunaan biasa 3,583 -

13. PELABURAN DALAM ANAK-ANAK SYARIKAT

Syarikat2002 2001

RM’000 RM’000

Saham disebut harga - pada kos 450,302 593,602Kerugian kerosotan (207,570) (157,346)

242,732 436,256

Saham tidak disebut harga - pada kos 209,461 207,121Kerugian kerosotan (32,657) (30,976)

176,804 176,145

419,536 612,401

Nilai pasaran saham disebut harga 62,097 214,949

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13. PELABURAN DALAM ANAK-ANAK SYARIKAT (sambungan)

(a) Butir-butir berkenaan anak-anak syarikat dinyatakan dalam Nota 46.

(b) Sebahagian daripada saham-saham anak syarikat disebut harga dan anak syarikat tidak disebut harga dengankos masing-masing RM435.155 juta (2001: RM573.665 juta) dan RM117.774 juta (2001: RM117.774 juta),telah dicagarkan kepada institusi kewangan sebagai cagaran bagi kemudahan kredit yang diberikan kepadaSyarikat dan Kumpulan, yang telah disusun semula melalui terbitan stok pinjaman boleh tebus dan boleh tukar,kedua-duanya dengan waran boleh pisah oleh Syarikat sebagaimana dinyatakan dalam Nota 31.

(c) Pada 31 Disember 2002, anak syarikat disebut harga, ASC, memulangkan 90 sen tunai setiap saham biasabernilai RM1.00 setiap unit kepada para pemegang sahamnya berjumlah RM282,349,504 melaluipembatalan 90 sen daripada setiap satu saham biasa sedia ada bernilai RM1.00 setiap unit dan menyatukansepuluh saham biasa terhasil bernilai 10 sen setiap unit menjadi satu saham biasa bernilai RM1.00 setiap unit("Cadangan Pulangan Modal"). Pada tarikh yang sama, ASC juga melaksanakan terbitan bonus 125,488,688saham biasa baru bernilai RM1.00 setiap unit berasaskan empat saham biasa baru bernilai RM1.00 setiap unitbagi setiap saham biasa sedia ada bernilai RM1.00 setiap unit dipegang selepas Cadangan Pulangan Modal.

(d) Pada tarikh kunci kira-kira, nilai yang dibawa pelaburan dalam anak syarikat disebut harga, ASC, berjumlahRM242.732 juta (2001: RM436.256 juta) dinyatakan selepas mengakaunkan bagi pulangan modal[sebagaimana dirujuk dalam Nota 13(c)] dan kerosotan dalam nilai sebagaimana ditentukan menurut PiawaianMASB No. 23, Perakaunan bagi Kerosotan Aset.

(e) Pada 29 Ogos 2002, Kumpulan selesai mengambil alih anak-anak syarikat berikut:-

(a) 70% kepentingan ekuiti dalam Unified Communications Sdn. Bhd. ("UCSB") terdiri daripada 700,140saham biasa bernilai RM1.00 setiap unit bagi balasan tunai sebanyak RM54 juta.

(b) 70% kepentingan ekuiti dalam Unified Communications Pte. Ltd. ("UCPL") (syarikat diperbadankan diSingapura) terdiri daripada 700,000 saham biasa bernilai SGD1.00 setiap unit bagi balasan tunaisebanyak RM45 juta.

Muhibah timbul atas pengambilalihan ini berjumlah RM79.314 juta telah diakaunkan dengan menggunakan kaedahpengambilalihan perakaunan.

Kesan pengambilalihan ini ke atas keputusan kewangan Kumpulan dalam tahun kewangan adalah seperti berikut:-

RM’000

Hasil 33,245Kos kendalian (23,038)

Keuntungan sebelum cukai dan sebelum kepentingan minoriti 10,207Cukai (416)

Keuntungan sebelum kepentingan minoriti 9,791Kepentingan minoriti (3,883)

Peningkatan dalam keuntungan bersih Kumpulan 5,908



13. PELABURAN DALAM ANAK-ANAK SYARIKAT (sambungan)

Kesan pengambilalihan ini ke atas kedudukan kewangan Kumpulan pada akhir tahun kewangan adalah sepertiberikut:-

RM’000

Hartanah, loji dan peralatan 6,660Inventori 14,313Jumlah dagangan belum terima 18,870Lain-lain jumlah belum terima, deposit dan prabayaran 7,179Tunai dan baki bank 184Jumlah dagangan perlu dibayar (7,096)Lain-lain jumlah perlu dibayar dan akruan (7,945)Cukai (910)Baki antara syarikat (163)Cukai tertunda (636)Pinjaman jangka pendek (1,558)Kepentingan minoriti (8,670)

Peningkatan dalam aset bersih Kumpulan 20,228

14. PELABURAN DALAM SYARIKAT BERSEKUTU


RM’000 RM’000 RM’000 RM’000

Saham disebut harga - pada kos 12,758 - - -

Saham tidak disebut harga – pada kos 37,541 50,224 32,027 32,027Kerugian kerosotan - - (3,009) -

37,541 50,224 29,018 32,027

50,299 50,224 29,018 32,027Bahagian Kumpulan daripada

keputusan selepas pengambilalihan 39,967 34,551 - -

90,266 84,795 29,018 32,027

Nilai pasaran saham disebut harga 8,610 - - -

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14. PELABURAN DALAM SYARIKAT BERSEKUTU (sambungan)

Pelaburan Kumpulan dalam syarikat-syarikat bersekutu diwakili oleh:-2002 2001

RM’000 RM’000

Bahagian aset bersih selain daripada muhibah syarikat bersekutu 89,109 83,574Muhibah atas pengambilalihan 1,157 1,221

90,266 84,795

Butir-butir berkenaan syarikat bersekutu dinyatakan dalam Nota 46.

Pada 10 Januari 2002, Kumpulan melupuskan keseluruhan kepentingan ekuitinya dalam Powernet Industries Sdn.Bhd. ("PISB") kepada Kumpulan Powernet Berhad ("KPB"). Balasan telah dijelaskan melalui terbitan 8,152,064 sahambiasa bernilai RM1.00 setiap unit dalam KPB dan Kumpulan sekarang memegang 20% kepentingan ekuiti dalammodal KPB yang diperbesarkan sebagaimana dinyatakan dalam Nota 47(i).

Saham tidak disebut harga syarikat bersekutu Kumpulan dan Syarikat pada kos RM16.669 juta (2001: RM16.669 juta)telah dicagarkan kepada anak syarikat disebut harga untuk menjamin pendahuluan-antara syarikat.

Dalam tahun kewangan sebelum ini:-

(a) Kumpulan telah mengambilalih sejumlah 7,915,000 saham biasa bernilai RM1.00 setiap unit mewakili lebihkurang 23.77% modal saham yang diterbitkan dan berbayar Powernet Industries Sdn. Bhd. ("PISB") bagijumlah balasan tunai sebanyak RM12,664,000.

(b) Sehubungan dengan pelupusan 70% kepentingan ekuiti dalam PCSB, pelaburan dalam syarikat bersekutu,PCV, telah dilupuskan secara berkesan sebagaimana dinyatakan dalam Nota 8(a).

15. TANAH DIPEGANG UNTUK PEMBANGUNANKumpulan

2002 2001RM’000 RM’000

Tanah pegangan pajak jangka panjang- pada penilaian 9,296 9,296- pada kos 327 327Perbelanjaan pembangunan 4,151 4,151

13,774 13,774

Keseluruhan tanah pegangan pajak jangka panjang yang dipegang untuk pembangunan Kumpulan telah dicagarkankepada institusi kewangan sebagai cagaran bagi kemudahan kredit yang diberikan kepada Syarikat dan anak syarikat,yang telah disusun semula melalui terbitan stok pinjaman boleh tebus dan boleh tukar, kedua-duanya dengan waranboleh pisah sebagaimana dinyatakan dalam Nota 31.

Tanah pegangan pajak yang dipegang untuk pembangunan pada penilaian Kumpulan telah dinilai semula oleh paraPengarah berasaskan nilai pasaran terbuka pada 1981 dan 1983 berdasarkan penilaian dijalankan oleh firma jurunilaiprofesional bebas dan sejak daripada itu, penilaian semula belum lagi dikemaskinikan.





16. SEKURITI PELABURAN


RM’000 RM’000 RM’000 RM’000Sekuriti disebut harga

Di Malaysia:-Saham 4,458 4,458 4,458 4,458

Di luar Malaysia:-Saham dinyatakan pada kos 27,558 27,558 - -Kerugian kerosotan (23,448) (23,448) - -

4,110 4,110 - -

8,568 8,568 4,458 4,458Sekuriti tidak disebut harga

Di Malaysia:-Saham dinyatakan pada kos 52,662 52,662 52,658 52,658Kerugian kerosotan (17,483) (17,483) (17,483) (17,483)

35,179 35,179 35,175 35,175Di luar Malaysia:-Saham 7,502 9,644 - -

42,681 44,823 35,175 35,175

51,249 53,391 39,633 39,633

Nilai pasaran:-

Saham disebut harga di dalam Malaysia 3,724 3,587 3,724 3,587Saham disebut harga di luar Malaysia 6,001 9,564 - -

Sekuriti disebut harga Syarikat telah dicagarkan kepada institusi kewangan sebagai cagaran bagi kemudahan kredityang diberikan kepada Syarikat, yang telah disusun semula melalui terbitan stok pinjaman boleh tebus dan bolehtukar, kedua-duanya dengan waran boleh pisah sebagaimana dinyatakan dalam Nota 31.

Sekuriti tidak disebut harga Syarikat di Malaysia terdiri daripada saham dengan nilai yang dibawa RM35.175 juta(2001: RM35.175 juta) telah dicagarkan kepada anak syarikat disebut harga untuk menjamin pendahuluan-antarasyarikat.

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17. MUHIBAH ATAS PENYATUANKumpulan

2002 2001RM’000 RM’000

Baki pada 1 Januari 103,602 94,535Pengkelasan semula - 13,414

Sebagaimana dinyatakan semula 103,602 107,949Muhibah timbul daripada pengambilalihan

anak-anak syarikat dalam tahun kewangan 79,314 2,409Realisasi muhibah atas pelupusan anak-anak syarikat - (6,368)

182,916 103,990Kerugian kerosotan (Nota 7) (50,224) -Pelunasan dalam tahun kewangan (1,485) (388)

Baki pada 31 Disember 131,207 103,602

18. MUHIBAH DIBELIKumpulan

2002 2001RM’000 RM’000

Baki pada 1 Januari 1,257 1,459Pelarasan terjemahan pertukaran 126 (123)

1,383 1,336Pelunasan dalam tahun kewangan (85) (79)


19. ASET TAK KETARAKumpulan

2002 2001RM’000 RM’000

Harta intelek

Baki pada 1 Januari 533 800Pelunasan dalam tahun kewangan (267) (267)

Baki pada 31 Disember 266 533

Perbelanjaan pembangunan perisian

Baki pada 1 Januari 465 697Pelunasan dalam tahun kewangan (232) (232)


499 998

20. DEPOSITKumpulan

2002 2001RM’000 RM’000

Deposit bagi cadangan pengambilalihan 32.9% kepentinganekuiti dalam Malpac Holdings Berhad ("Malpac") 30,000 -

Pada 14 Ogos 1997, anak syarikat disebut harga, ASC menandatangani perjanjian jual beli saham bersyarat denganpenjual-penjual Malpac untuk mengambilalih 32.9% kepentingan ekuiti yang terdiri daripada 24,675,000 saham biasabernilai RM1.00 setiap unit dalam Malpac dengan jumlah balasan belian tunai sebanyak RM166,556,250 atau RM6.75setiap saham biasa. Kelulusan daripada pihak berkuasa yang relevan telah diperoleh dalam tahun kewangan berakhir31 Disember 1997.

Deposit sebanyak RM30 juta (2001: RM30 juta) telah dibayar kepada penjual-penjual saham Malpac menurut perjanjianjual beli saham-saham tersebut.

Para Pengarah ASC meneruskan perundingan dengan penjual-penjual untuk menamatkan cadangan pengambilalihanMalpac. Di bawah cadangan penamatan, hak dan obligasi ASC di bawah perjanjian jual beli bersyarat bertarikh 14Ogos 1997 akan dibatalkan dan deposit awal yang diberikan oleh Kumpulan akan dipulangkan.

Para Pengarah ASC berpendapat bahawa deposit awal mungkin tidak dapat dipulangkan dalam tempoh dua belasbulan berikutnya. Walau bagaimanapun, peruntukan hutang ragu tidak diperlukan bagi tahun kewangan semasamemandangkan para Pengarah ASC yakin bahawa deposit tersebut akan dipulangkan.

21. HARTANAH PEMBANGUNAN DAN PERBELANJAAN

Kumpulan2002 2001

RM’000 RM’000Tanah pegangan pajak - pada kos 12,430 9,831- pada penilaian 6,562 10,144Perbelanjaan pembangunan 111,291 92,933Keuntungan boleh diagihkan 14,235 10,026

144,518 122,934Tolak: Bil progres (101,660) (68,447)

42,858 54,487

Termasuk dalam perbelanjaan pembangunan ialah faedah dipermodalkan dan perbelanjaan sewa loji masing-masingberjumlah RM1.143 juta (2001: RM1.273 juta) dan RM8,980 (2001: RM273,300).

Tanah pegangan pajak tertentu di bawah pembangunan telah dicagar kepada institusi kewangan sebagai cagaran bagikemudahan kredit yang diberi kepada anak syarikat.

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22. INVENTORIKumpulan

2002 2001RM’000 RM’000

Pada kos:-

Hartanah pembangunan siap 10,122 10,104Bahan mentah 1,117 1,289Kerja dalam progres 1,085 641Barangan siap 15,638 1,459Makanan dan minuman 419 459Bekalan kendalian 1,700 617

30,081 14,569

Tidak ada inventori yang dinyatakan pada nilai boleh direalis bersih.

Inventori-inventori tertentu hartanah pembangunan siap sebanyak RM7.591 juta (2001: RM7.591 juta) telahdicagarkan kepada institusi kewangan sebagai cagaran bagi kemudahan kredit yang diberikan kepada Syarikat, yangtelah disusun semula melalui terbitan stok pinjaman boleh tebus dan boleh tukar, kedua-duanya dengan waran bolehpisah sebagaimana dinyatakan dalam Nota 31.

Inventori-inventori tertentu hartanah pembangunan siap sebanyak RM1.758 juta (2001: RM2.513 juta) telahdicagarkan kepada institusi kewangan sebagai cagaran bagi kemudahan kredit yang diberikan kepada anak syarikat.

23. JUMLAH BELUM TERIMAKumpulan Syarikat

2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000

Jumlah terhutang daripada anak-anak syarikat - - 465,804 273,601Peruntukan hutang ragu - - (97,925) (73,824)

- - 367,879 199,777

Jumlah terhutang daripadasyarikat bersekutu 15,211 15,294 39 27

Jumlah dagangan belum terima 57,774 32,753 - -Peruntukan hutang ragu (2,956) (2,744) - -

54,818 30,009 - -

Lain-lain jumlah belum terima,deposit dan prabayaran 13,908 68,196 399 31,053

Deposit bagi cadangan pengambilalihan Malpac (Nota 20) - 30,000 - -

Peruntukan hutang ragu (1,083) (709) (49) (46)

12,825 97,487 350 31,007

82,854 142,790 368,268 230,811



23. JUMLAH BELUM TERIMA (sambungan)

(a) Tempoh-tempoh kredit jumlah dagangan belum terima adalah di antara bayaran terdahulu hingga 90 hari.

(b) Pendedahan matawang jumlah dagangan belum terima Kumpulan adalah seperti berikut:-

Kumpulan2002 2001

RM’000 RM’000

Ringgit Malaysia 23,150 20,212Dolar US 20,734 607Pound Sterling 702 427Dirham UAE 872 752Dinar Sudan 3,514 5,521Dolar Singapura 3,486 -Dolar Australia 2,360 2,490

54,818 30,009

(c) Termasuk dalam jumlah terhutang daripada anak-anak syarikat adalah baki berjumlah RM19.721 juta (2001:RM19.102 juta) yang tidak bercagar, menanggung faedah pada 9% (2001: 9%) setahun dan tidak mempunyaitempoh pembayaran balik tetap.

(d) Termasuk dalam jumlah terhutang daripada syarikat bersekutu ialah Pinjaman Subordinat Tidak Bercagar("USL") berjumlah RM15 juta (2001: RM15 juta) diberikan oleh anak syarikat disebut harga pada 3 Februari2000, kepada Southern Investment Bank Berhad ("SIBB") untuk membayar balik Pinjaman Modal SurbodinatBoleh Tukar berjumlah RM50 juta sedia ada yang diberikan oleh Danamodal Nasional Berhad. USL m e n a n g g u n gfaedah pada kadar 7.0% setahun dan perlu dibayar balik melalui 5 ansuran tahunan sama rata sebanyak RM3juta setiap ansuran, dengan ansuran pertama perlu dibayar pada hari terakhir tempoh 3 tahun bermula padatarikh pengeluaran, 2 Februari 2003 dan setiap ansuran berikutnya hendaklah dibayar pada hari yang samauntuk setiap tahun berikutnya sehingga pinjaman tersebut telah dibayar balik atau diselesaikan sepenuhnya.Jumlah selebihnya yang terhutang daripada syarikat bersekutu adalah tidak bercagar, tidak menanggungfaedah dan tidak mempunyai tempoh pembayaran balik tetap.

(e) Peruntukan hutang ragu adalah bersih daripada hutang lapuk dihapus kira seperti berikut:-


RM’000 RM’000 RM’000 RM’000

Hutang lapuk dihapus kira 1,296 2,792 - -

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24. SEKURITI URUSNIAGAKumpulan

2002 2001RM’000 RM’000

Sekuriti disebut harga:-Saham di Malaysia 2,496 2,631

Sekuriti tidak disebut harga:-Sekuriti hutang swasta di Malaysia 2,127 2,127

4,623 4,758

Nilai pasaran saham disebut harga di Malaysia 2,496 2,631

25. DEPOSIT DENGAN INSTITUSI KEWANGAN


RM’000 RM’000 RM’000 RM’000

Bank berlesen 128,950 111,974 2,700 1,100Institusi kewangan berlesen 1,014 280,694 - -Lain-lain institusi kewangan - 91,851 - -

129,964 484,519 2,700 1,100

Deposit-deposit tertentu Kumpulan berjumlah RM4.589 juta (2001: RM2.342 juta) telah dicagarkan kepada institusikewangan bagi kemudahan perbankan yang diberikan kepada anak-anak syarikat tertentu.

26. JUMLAH PERLU DIBAYAR


RM’000 RM’000 RM’000 RM’000

Jumlah dagangan perlu dibayar 34,794 33,814 - -Lain-lain jumlah perlu dibayar

dan akruan 112,654 73,237 116,007 73,738Jumlah terhutang kepada

anak-anak syarikat - - 62,551 59,336Jumlah terhutang kepada pengarah 1,063 - - -Bahagian pemiutang sewa beli dan pajakan

perlu dibayar tidak lebih daripada satu tahun(Nota 33) 1,292 2,709 - -

149,803 109,760 178,558 133,074





26. JUMLAH PERLU DIBAYAR (sambungan)

(a) Jumlah terhutang kepada anak syarikat disebut harga sebanyak RM62.542 juta (2001: RM59.336 juta)dicagarkan melalui saham tidak disebut harga syarikat bersekutu dan sekuriti tidak disebut harga. Tidak adatempoh tetap bagi pembayaran balik dan faedah dikenakan pada kadar deposit tetap 3 bulan Southern FinanceBerhad iaitu 3.20% (2001: 3.25% hingga 3.45%) setahun.

(b) Tempoh kredit jumlah dagangan perlu dibayar adalah daripada 30 hingga 90 hari.

(c) Pendedahan matawang jumlah dagangan perlu dibayar Kumpulan adalah seperti berikut:-

Kumpulan2002 2001

RM’000 RM’000

Ringgit Malaysia 24,136 30,563Dolar US 2,735 129Pound Sterling 745 501Dirham UAE 1,192 1,014Dinar Sudan 563 239Dolar Singapura 4,264 -Dolar Australia 1,159 1,368

34,794 33,814

Termasuk dalam lain-lain jumlah perlu dibayar dan akruan adalah:-


RM’000 RM’000 RM’000 RM’000

Lain-lain jumlah perlu dibayar 46,294 9,165 29 40Peruntukan dan akruan 19,378 30,422 1,231 15,239Faedah terakru 46,782 32,755 46,782 32,009Deposit diterima - - 67,965 26,450Yuran francais awal dan perkhidmatan teknikal 200 895 - -

112,654 73,237 116,007 73,738

Termasuk dalam lain-lain jumlah perlu dibayar adalah jumlah sebanyak RM32.550 juta (2001: Tiada) berhubung denganbaki balasan pembelian belum dijelas bagi pengambilalihan anak-anak syarikat sebagaimana dinyatakan dalam Nota 38.

Deposit diterima mewakili jumlah diterima daripada ASC bagi pelupusan ACE Synergy Insurance Berhad ("ACE"),sebuah syarikat bersekutu, selaras dengan Perjanjian Jual Beli sebagaimana dinyatakan dalam Nota 47(viii).

27. OVERDRAF BANK – tak bercagar

Terdapat perjanjian negatif ke atas semua aset semasa dan masa hadapan anak syarikat untuk menjamin kemudahanoverdraf bank Kumpulan.

Overdraf bank menanggung faedah pada kadar 8.9% (2001: 8.40% hingga 8.80%) setahun.

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28. PINJAMAN JANGKA PENDEK

Kumpulan2002 2001

RM’000 RM’000Bercagar:-

Kredit pusingan 2,848 10,192Pinjaman berjangka (Nota 32) 3,869 7,558

6,717 17,750Tidak bercagar:-

Kredit pusingan - 316Pinjaman berjangka (Nota 32) 1,677 1,172

1,677 1,488

8,394 19,238

Pinjaman Kumpulan dicagarkan melalui:-

(i) Caj berdaftar ke atas hartanah pembangunan, tanah dan bangunan serta hartanah hotel;

(ii) Caj berdaftar ke atas aset tetap dan terapung tertentu anak-anak syarikat tertentu; dan

(iii) Perjanjian negatif ke atas semua aset semasa dan masa hadapan anak syarikat.

Kadar faedah ke atas pinjaman adalah dalam lingkungan 7.31% hingga 9.95% (2001: 7.00% hingga 10.45%) setahun.

29. MODAL SAHAMKumpulan dan Syarikat

2002 2001RM’000 RM’000

Dibenarkan:-

Saham biasa bernilai RM1.00 setiap unit 800,000 800,000

Diterbitkan dan berbayar penuh:-

Saham biasa bernilai RM1.00 setiap unit berbayar penuh dan ditukar kepada unit stok bernilai RM1.00 setiap unit 337,794 337,794

(a) Waran 2000/2003

Pada 31 Disember 2002, Syarikat mempunyai 168,896,809 Waran 2000/2003 belum dilaksanakan yang padaasalnya diterbitkan kepada para pemegang stok yang berhak sehubungan dengan penyusunan semulapinjaman bank Syarikat. Waran dibentuk melalui Suratikatan Pol bertarikh 28 April 2000. Setiap Waran2000/2003 memberi hak kepada pemegang berdaftar untuk melanggan satu unit stok baru bernilai RM1.00setiap unit pada harga pelaksanaan RM1.00 setiap unit stok dalam tempoh pelaksanaan yang akan tamat pada28 Ogos 2003.

Tiada pelaksanaan mana-mana Waran telah dilakukan dalam tahun kewangan.



29. MODAL SAHAM (sambungan)

Pada 9 April 2003, Syarikat mengumumkan cadangan untuk melanjutkan jangka masa dan tempoh pelaksanaanWaran 2000/2003 yang belum dilaksanakan, selama lima (5) tahun dari 28 Ogos 2003 sehingga dan termasuk28 Ogos 2008 dan selepas itu opsyen untuk melanjutkan tempoh pelaksanaan selama dua (2) tahun selanjutnyayang akan tamat pada 28 Ogos 2010. Cadangan tersebut masih lagi menunggu kelulusan yang akan diperolehidaripada para pemegang stok Syarikat dan mana-mana pihak berkuasa yang relevan.

(b) 7% Stok Pinjaman Boleh Tukar 2000/2005 ("CLS")

CLS telah diterbitkan selaras dengan penyusunan semula pinjaman bank yang dilaksanakan oleh Syarikat denganinstitusi kewangan yang dikenalpastinya. CLS boleh ditukar dalam perkadaran sehingga 20% dan 30% masing-masing bermula dari akhir tahun ketiga dan keempat dari 1 Mei 2000 dan baki sebanyak 50% pada akhir tahunkelima dari 1 Mei 2000.

Dalam tahun kewangan, tiada penukaran CLS kepada unit stok baru dilakukan.

Atas pelaksanaan Waran dan penukaran CLS kepada unit-unit stok baru, unit-unit stok tersebut akan bertarafpari passu dalam semua hubungan dengan unit-unit stok sedia ada Syarikat pada ketika itu, melainkan bahawaunit-unit stok baru tersebut tidak berkelayakan ke atas sebarang hak, peruntukan, dividen atau lain-lainpengagihan yang diisytiharkan atau akan diisytiharkan berhubung dengan tempoh kewangan sebelum tempohkewangan dalam mana unit-unit stok baru tersebut diterbitkan atau bagi mana-mana dividen interim ataupengagihan yang mungkin diisytiharkan sebelum tarikh peruntukan unit-unit stok baru tersebut.

30. RIZABKumpulan Syarikat

2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000

Premium saham 430,437 430,437 430,437 430,437Rizab modal (1,792) (1,792) 69 69Rizab penilaian semula 50,596 50,596 - -Rizab turun naik pertukaran 4,513 1,571 - -Rizab atas penyatuan 11,736 12,575 - -

Jumlah rizab tidak boleh diagih 495,490 493,387 430,506 430,506Kerugian terkumpul (461,104) (392,957) (451,757) (348,945)

34,386 100,430 (21,251) 81,561

Pergerakan dalam rizab ditunjukkan dalam Penyata Perubahan dalam Ekuiti.

Rizab penilaian semula mewakili lebihan ke atas penilaian semula hartanah hotel tertentu Kumpulan.

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31. 7% STOK PINJAMAN BOLEH TEBUS DAN BOLEH TUKAR 2000/2005

Kumpulan dan Syarikat2002 2001

RM’000 RM’000

7% Stok pinjaman bercagar boleh tebus 185,874 185,8747% Stok pinjaman bercagar boleh tukar 172,942 172,942

Jumlah stok pinjaman bercagar 358,816 358,8167% Stok pinjaman tak bercagar boleh tukar 10,519 10,519

369,335 369,335

Ciri-ciri utama 7% Stok Pinjaman Boleh Tebus 2000/2005 ("RLS") dan CLS adalah seperti berikut:-

(i) Penebusan RLS akan dibuat dalam perkadaran sehingga 20%, 30% dan baki masing-masing pada akhir tahunketiga, keempat dan kelima dari 1 Mei 2000. CLS boleh ditukar dalam perkadaran sehingga 20% dan 30%bermula dari akhir tahun ketiga dan kempat masing-masing dari 1 Mei 2000 dan baki sebanyak 50% pada akhirtahun kelima dari 1 Mei 2000. Kedua-dua RLS dan CLS menanggung faedah pada kadar 7% setahun untukdijelaskan kepada para pemegang berdaftar seperti berikut:-

(a) kupon 3% dijelaskan secara tunai setiap tahun dalam tunggakan;

(b) baki kupon 4% berhubung dengan RLS akan terkumpul sehingga tarikh penebusan bahagian RLS yangakan ditebus dan akan dijelaskan secara tunai pada harga penebusan:-

(i) RM0.95 setiap RLS bagi bahagian 20%;(ii) RM0.98 setiap RLS bagi bahagian 30%;(iii) RM1.01 setiap RLS bagi baki yang ditebus; dan

(c) baki kupon 4% berhubung dengan CLS akan terkumpul sehingga tarikh penukaran dan akan dijelaskanmelalui penukaran kepada unit stok baru bernilai RM1.00 setiap unit dalam Syarikat pada hargapenukaran RM1.20 setiap unit.

(ii) RLS berjumlah bersamaan dengan RM185.874 juta nilai nominal dan CLS berjumlah bersamaan denganRM172.942 juta nilai nominal dicagar melalui:-

(a) saham-saham tertentu anak syarikat disebut harga dan anak syarikat tidak disebut harga masing-masingpada kos RM435.155 juta dan RM117.774 juta;

(b) keseluruhan sekuriti disebut harga Kumpulan dan Syarikat di Malaysia pada kos berjumlah RM4.458juta;

(c) keseluruhan sekuriti disebut harga Kumpulan di luar Malaysia pada kos berjumlah bersamaan denganRM27.558 juta;

(d) saham-saham disebut harga tertentu dimiliki secara benefisial oleh Pengarah Syarikat; dan

(e) hartanah-hartanah tertentu Kumpulan.



32. PINJAMAN BERJANGKA

Kumpulan2002 2001

RM’000 RM’000Pinjaman berjangka:-Bercagar 43,201 48,152Tak bercagar 1,800 2,226

45,001 50,378

Perlu dibayar seperti berikut:-Dalam tempoh 12 bulan berikutnya dimasukkan

di bawah pinjaman jangka pendek (Nota 28) 5,546 8,730

Selepas 12 bulan berikutnya dimasukkan di bawahliabiliti jangka panjang - lebih daripada 1 tahun tetapi tidak lebih daripada 5 tahun 20,150 32,077- lebih daripada 5 tahun 18,945 9,571

39,455 41,648

45,001 50,378

Pinjaman berjangka dicagar melalui:-

(i) Caj berdaftar ke atas tanah dan bangunan tertentu serta hartanah hotel; dan

(ii) Debentur RM21.06 juta melalui caj tetap dan terapung pertama ke atas aset-aset anak syarikat.

Kumpulan2002 2001

RM’000 RM’000

Pinjaman berjangka I perlu dibayar balik melalui 144 (2001: 72) ansuran bulanan sama rata sebanyak RM225,000 setiap ansuran (2001: RM317,831) bermula pada Julai 2002 (2001: 1 November 2001) 19,736 22,560

Pinjaman berjangka II perlu dibayar balik melalui 8 diikuti dengan 28 dan kemudiannya 4 ansuran suku tahunan sama rata masing-masing berjumlah lebih kurang RM431,716 (GBP70,312), RM611,605 (GBP99,610) dan RM611,581 (GBP99,606) setiap ansuran dengan ansuran pertama bermula pada Februari 2000 17,125 17,723

Pinjaman berjangka III perlu dibayar balik melalui 10 ansuran tahunan sama rata sebanyak RM33,936 setiap ansuran bermula pada bulan berikutnya selepas pelepasan penuh pinjaman 166 -

Pinjaman berjangka IV perlu dibayar balik melalui 59 ansuran bulanan sama rata sebanyak RM54,976 setiap ansuran dan ansuran akhir, jumlah yang mana akan dimaklumkan kemudian nanti bermula pada 31 Disember 1998 1,333 1,291

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32. PINJAMAN BERJANGKA (sambugan)

Kumpulan2002 2001

RM’000 RM’000Pinjaman berjangka V perlu dibayar balik melalui 20 ansuran suku tahunan sama rata

lebih kurang RM32,400 (AUD15,000) setiap ansuran bermula Januari 2001, dan ansuran akhir bayaran sekaligus lebih kurang RM4,320,000 (AUD2,000,000) perlu dibayar pada tarikh matang atau sepenuhnya atas mana-mana tuntutan berikutan peritiwa mungkir 1,512 4,390

Pinjaman berjangka VI perlu dibayar balik melalui 2 ansuran tahunan sama rata diikuti dengan 8 ansuran suku tahunan sama rata masing-masing sebanyak RM467,500 dan RM116,875, bermula Mac 2000 468 935

Pinjaman berjangka VII perlu dibayar balik melalui 24 ansuran bulanan sama rata lebih kurang RM43,200 (AUD20,000) setiap ansuran bermula Januari 2002, dan ansuran akhir bayaran sekali gus lebih kurang RM2,203,200 (AUD1,020,000) perlu dibayar balik pada tarikh matang atau sepenuhnya atas mana-mana tuntutan berikutan peristiwa mungkir 3,715 2,940

Pinjaman berjangka VIII perlu dibayar balik dalam tempoh sepuluh tahun dalam ansuran suku tahunan sama rata lebih kurang RM46,787 (2001: RM46,700) (GBP7,620) (2001: GBP8,196) setiap ansuran, bermula Oktober 1995 432 539

Pinjaman berjangka IX perlu dibayar balik melalui 42 ansuran bulanan sama rata sebanyak RM16,468 setiap ansuran, bermula November 2002 514 -

45,001 50,378

Purata wajaran kadar faedah berkesan adalah seperti berikut:-2002 2001

% %

Pinjaman berjangka I 8.4 8.6Pinjaman berjangka II 8.4 8.4Pinjaman berjangka III 7.9 -Pinjaman berjangka IV 9.95 10.20Pinjaman berjangka V 7.33 7.31Pinjaman berjangka VI -* -*Pinjaman berjangka VII 7.33 7.31Pinjaman berjangka VIII 6.00 7.60Pinjaman berjangka IX 8.15 -

*Tanpa faedah dengan tempoh bayaran balik sepanjang tempoh empat (4) tahun.

Pendedahan matawang pinjaman berjangka Kumpulan adalah seperti berikut:-Kumpulan

2002 2001RM’000 RM’000

Ringgit Malaysia 22,217 24,786Pound Sterling 17,557 18,262Dolar Australia 5,227 7,330

45,001 50,378



33. PEMIUTANG SEWA BELI DAN PAJAKAN Kumpulan

2002 2001RM’000 RM’000

Ansuran sewa beli dan pajakan perlu dibayar:-- tidak lebih daripada satu tahun 1,560 2,871- lebih daripada satu tahun dan tidak lebih daripada lima tahun 771 3,842- lebih daripada lima tahun - 26

2,331 6,739Tolak: Caj faedah masa hadapan (338) (863)

1,993 5,876

Kumpulan2002 2001

RM’000 RM’000Bahagian perlu dibayar:- - tidak lebih daripada satu tahun dimasukkan di bawah

liabiliti semasa (Nota 26) 1,292 2,709

- lebih daripada satu tahun dan tidak lebih daripada lima tahun 701 3,142- lebih daripada lima tahun - 25

Pemiutang sewa beli dan pajakan dimasukkan di bawahliabiliti jangka panjang 701 3,167

1,993 5,876

34. CUKAI TERTUNDAKumpulan

2002 2001RM’000 RM’000

Baki pada 1 Januari 1,092 1,186Pengambilalihan anak-anak syarikat 636 -Pelupusan anak syarikat - (22)Pemindahan kepada penyata pendapatan (Nota 10) (220) (72)


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34. CUKAI TERTUNDA (sambungan)

Peruntukan cukai tertunda pada akhir tahun kewangan adalah berhubung dengan kesan cukai ke atas perbezaanpemasaan yang berikut:-

Kumpulan2002 2001

RM’000 RM’000Perbezaan antara susut nilai dan elaun modal ke atas

hartanah, loji dan peralatan 477 519Perbezaan timbul daripada lebihan penilaian semula ke atas

tanah yang dipegang untuk pembangunan 353 573Lain-lain perbezaan pemasaan 678 -

1,508 1,092

Cukai tertunda ke atas penilaian semula hartanah hotel tertentu tidak diperuntukkan dalam penyata kewanganKumpulan disebabkan para Pengarah tidak bercadang untuk melupuskan hartanah-hartanah tersebut pada masahadapan.

35. FAEDAH PERSARAANKumpulan

2002 2001RM’000 RM’000

Baki pada 1 Januari 264 -Peruntukan dalam tahun kewangan - 264

264 264Keterbalikan terlebih peruntukan (101) -


Penilaian aktuari menggunakan "Kaedah Kredit Unit Diunjurkan" telah dilaksanakan dalam tahun kewangan.Berdasarkan penilaian tersebut, peruntukan adalah mencukupi untuk memenuhi nilai faedah diletak hak yangditentukan secara aktuari.

36. PENDAPATAN TERTUNDA

Ini mewakili baki 50% yuran langganan keahlian perkongsian masa percutian yang diterima yang akan diiktirafsebagai pendapatan ke atas tempoh sah perjanjian keahlian perkongsian masa percutian, iaitu 30 tahun, dari tarikhkemasukan ahli.

37. PEMBELIAN HARTANAH, LOJI DAN PERALATAN

Kumpulan

Dalam tahun kewangan, Kumpulan membeli hartanah, loji dan peralatan dengan kos agregat RM35.304 juta (2001:RM9.023 juta) yang mana RM0.665 juta (2001: RM0.140 juta) telah dibeli melalui pengaturan sewa beli. Bayaran tunaisebanyak RM34.639 juta (2001: RM8.883 juta) telah dibuat untuk pembelian aset.



38. PENGAMBILALIHAN ANAK-ANAK SYARIKAT

Pada 29 Ogos 2002, Kumpulan mengambilalih UCSB dan UCPL. Nilai saksama aset dan liabiliti diambilalih adalahseperti berikut:-

RM’000

Hartanah, loji dan peralatan 6,660Inventori 14,313Jumlah dagangan belum terima 18,870 Lain-lain jumlah belum terima, deposit dan prabayaran 7,179Tunai dan baki bank 184Jumlah dagangan perlu dibayar (7,096)Lain-lain jumlah perlu dibayar dan akruan (7,945)Cukai (910)Baki antara syarikat (163)Cukai tertunda (636)Pinjaman jangka pendek (1,558)Kepentingan minoriti (8,670)

Aset bersih diperoleh 20,228Muhibah atas penyatuan 79,314

Jumlah kos pengambilalihan 99,542Tolak: Tunai dan baki bank anak-anak syarikat diambilalih (184)

99,358Tolak: Baki balasan pembelian belum dijelaskan pada akhir tahun

kewangan (Nota 26) (32,550)

Aliran tunai ke atas pengambilalihan, bersih daripada tunai diperoleh 66,808

39. TUNAI DAN SETARA TUNAI

Tunai dan setara tunai dimasukkan dalam penyata aliran tunai pada akhir tahun kewangan terdiri daripada jumlahkunci kira-kira berikut:-


RM’000 RM’000 RM’000 RM’000

Deposit dengan institusi kewangan 129,964 484,519 2,700 1,100Tunai dan dana jangka pendek 178,268 24,511 986 2,335Overdraf bank (957) (5,633) - -

307,275 503,397 3,686 3,435Tolak: Deposit dicagar kepada

institusi kewangan (4,589) (2,342) - -

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

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40. LIABILITI KONTINGEN – TAK BERCAGAR Kumpulan Syarikat

2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000

Jaminan untuk pihak ketiga 235 408 - -Obligasi yang melibatkan tuntutan oleh

pembekal atas kontrak yang tidak dilaksanakan 19 19 - -Jaminan diberi bagi pihak anak-anak syarikat - - 72,362 125,107

254 427 72,362 125,107

Syarikat telah menerima notis tindakan undang-undang yang diambil oleh pemegang stok yang mempertikaikan asaspenentu kelayakan kepada Terbitan Bonus yang dilaksanakan oleh Syarikat pada 1993. Walaupun keputusan muktamadperkara ini masih belum pasti pada masa ini, para Pengarah berpendapat bahawa tindakan guaman tersebut tidakmempunyai asas dan tidak akan berjaya.

41. KOMITMEN PAJAKAN

Kumpulan mempunyai komitmen pajakan di bawah pajakan kendalian tidak boleh dibatalkan, yang perlu dibayarseperti berikut:-

Kumpulan2002 2001

RM’000 RM’000

Tidak lebih daripada satu tahun 3,368 1,829Lebih daripada satu tahun tetapi tidak lebih daripada lima tahun 2,121 3,316

5,489 5,145

42. KOMITMEN

(i) Komitmen modal berhubung dengan:-Kumpulan

2002 2001RM’000 RM’000

Perbelanjaan modal:-- dibenarkan dan dikontrakkan 136,556 214,284- dibenarkan tetapi tidak dikontrakkan 64 -

136,620 214,284

Dianalisis seperti berikut:-- hartanah hotel 64 -- hartanah, loji dan peralatan - 528- cadangan pengambilalihan saham Malpac 136,556 136,556- cadangan pengambilalihan saham UCSB dan UCPL - 77,200

136,620 214,284



42. KOMITMEN (sambungan)

Pada 14 Ogos 1997, anak syarikat disebut harga, ASC, menandatangani perjanjian jual beli saham bersyarat denganpenjual-penjual Malpac untuk mengambilalih 32.9% kepentingan ekuiti yang terdiri daripada 24,675,000 sahambiasa bernilai RM1.00 setiap unit dalam Malpac dengan jumlah balasan belian tunai sebanyak RM166,556,250atau RM6.75 setiap saham biasa. Kelulusan daripada pihak-pihak berkuasa yang relevan iaitu KementerianKewangan, Suruhanjaya Sekuriti ("SC") dan Jawatankuasa Pelaburan Asing ("FIC") telah diperolehi masing-masingpada 20 November 1997, 20 Disember 1997 dan 26 Disember 1997.

Komitmen modal yang dibenarkan dan dikontrakkan, oleh Kumpulan adalah berhubung dengan baki harga pembelianke atas cadangan pengambilalihan saham-saham Malpac sebanyak RM136,556,000 (2001: RM136,556,000).

Dalam tahun kewangan berakhir 31 Disember 1999, para Pengarah ASC, telah memulakan rundingan dengan p e n j u a l-penjual untuk menamatkan cadangan pengambilalihan Malpac. Di bawah cadangan penamatan, hak dan o b l i g a s iASC di bawah perjanjian jual beli bersyarat bertarikh 14 Ogos 1997 akan dibatalkan dan deposit asal(sebagaimana dinyatakan dalam Nota 20) yang diberikan oleh ASC akan dipulangkan.

(ii) Anak syarikat menandatangani perjanjian pajakan pada 31 Januari 1996 dengan Majlis Perbandaran Phnom Penhyang menetapkan bahawa anak syarikat tersebut mempunyai obligasi untuk membina bangunan hotel baru danmenjalankan kerja-kerja ubahsuaian dan penghiasan semula ke atas bangunan hotel yang sedia ada. Tarikhdijangka siap adalah dalam masa 36 bulan dari 1 Oktober 1999. Jumlah yang dikontrakkan tidak boleh kurangdaripada USD3 juta untuk kedua-dua bangunan. Pelanjutan masa telah diberikan untuk anak syarikat tersebut untukmemulakan pembinaan bangunan hotel baru tidak lewat daripada 1 Oktober 2002 dan untuk disiapkan pada 1Oktober 2004. Kerja penghiasan semula ke atas bangunan hotel yang sedia ada telah diselesaikan tetapi pembinaanbangunan baru belum dimulakan sehingga hari ini memandangkan para Pengarah anak syarikat tersebut sedangdalam proses berunding dengan pihak berkuasa yang relevan untuk pelanjutan masa selanjutnya.

43. LAPORAN MENGIKUT SEGMEN

(i) Segmen perniagaan

Operasi Kumpulan terdiri daripada segmen perniagaan berikut:

Pemegangan pelaburan : Pendapatan pelaburan dan pemberian sokongan korporat dankewangan sepenuhnya kepada Kumpulan

Pembangunan hartanah : Pembangunan hartanah kediaman dan komersil

Hotel dan pusat peranginan : Mengendali dan mengurus hotel dan pusat peranginan dan lain-lain p e r k h i d m a t a n berkaitan

Teknologi maklumat dan komunikasi : Penyediaan pengurusan projek dan khidmat sokongan, penyelidikan dan pembangunan bagi industri telekomunikasi dan perdagangan projek telekomunikasi

Lain-lain : Perniagaan yang melibatkan pengilangan, perdagangan dan perkhidmatan berkaitan kad dan bayaran.

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43. LAPORAN MENGIKUT SEGMEN (sambungan)

Hotel Teknologidan maklumat

Pemegangan Pembangunan pusat dan2002 pelaburan hartanah peranginan komunikasi Lain-lain Penghapusan Jumlah

RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000HasilLuaran 23,183 58,990 62,096 33,245 26,101 - 203,615Antara-segmen 2,722 23 - - - (2,745) -

Jumlah hasil 25,905 59,013 62,096 33,245 26,101 (2,745) 203,615

Keputusan(Kerugian)/keuntungan

sebelum cukai (41,618) 6,177 (128) 10,207 6,572 11,627 (7,163)

Kerugian kerosotan (50,224) - - - - - (50,224)

Bahagian keputusan syarikat bersekutu 7,933 - - - - - 7,933

Kerugian disatukansebelum cukai (49,454)

Cukai (10,685)

Kerugian selepas cukai (60,139)

Kepentingan minoriti (8,008)

Kerugian bersih bagi tahun kewangan (68,147)



RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

Maklumat lainAset segmen 473,729 88,689 341,910 133,590 21,685 - 1,059,604Pelaburan dalam

syarikat bersekutu 90,266 - - - - - 90,266

Jumlah aset 1,149,870

Liabiliti segmen 423,652 17,971 54,272 44,010 28,940 - 568,845

Jumlah liabiliti 568,845

Perbelanjaan modal 27,663 421 4,107 608 2,505 - 35,304Susut nilai 1,146 167 6,744 581 4,357 - 12,995Kerugian kerosotan

ke atas hartanah, lojidan peralatan - - 3,583 - - - 3,583

Perbelanjaan bukan tunai selain daripada susut nilai 68,923 215 1,176 1,415 360 - 72,089






RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000HasilLuaran 25,361 50,003 62,717 - 61,449 - 199,530Antara segmen 9,226 32 - - - (9,258) -

Jumlah hasil 34,587 50,035 62,717 - 61,449 (9,258) 199,530

KeputusanKeuntungan/(kerugian)

sebelum cukai 9,333 3,743 4,697 - (11,226) (1,419) 5,128

Kerugian atas pelupusan anak syarikat - - - - (26,170) - (26,170)

Bahagian keputusan syarikat bersekutu 7,157

Kerugian disatukan sebelum cukai (13,885)

Cukai (8,977)

Kerugian selepas cukai (22,862)

Kepentingan minoriti (5,675)

Kerugian bersih bagitahun kewangan (28,537)



RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

Maklumat lainAset segmen 754,563 94,452 345,879 - 37,648 - 1,232,542Pelaburan dalam

syarikat bersekutu 84,795 - - - - - 84,795

Jumlah aset 1,317,337

Liabiliti segmen 407,463 28,200 57,412 - 56,209 - 549,084

Jumlah liabiliti 549,084

Perbelanjaan modal 1,452 65 6,112 - 1,394 - 9,023Susut nilai 773 160 6,698 - 6,415 - 14,046Kerugian kerosotan

atas hartanah, lojidan peralatan - - - - - - -

Perbelanjaan bukan tunai selain daripada susut nilai 27,156 5 1,353 - 1,059 - 29,573

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(i) Segmen Geografi

Dalam menentukan segmen geografi Kumpulan, hasil adalah berdasarkan lokasi geografi pelanggan-pelanggan.Jumlah aset dan perbelanjaan modal adalah berdasarkan lokasi geografi aset.

PerbelanjaanHasil Jumlah aset modal

2002 2001 2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Malaysia 134,895 163,212 807,854 1,011,422 32,366 5,394Singapura 20,237 - 29,069 - 169 -Afrika dan Timur Tengah 21,633 20,687 66,370 67,750 2,224 2,343Eropah 9,757 8,595 55,048 48,179 246 844Australasia 15,161 3,970 24,674 22,740 296 214Lain-lain 1,932 3,066 175,722 175,857 3 228

203,615 199,530 1,158,737 1,325,948 35,304 9,023

44. INSTRUMEN KEWANGAN

(a) Risiko kadar faedah

Jadual di bawah meringkaskan amaun yang dibawa aset dan liabiliti kewangan Kumpulan pada 31 Disember2002, dikategorikan mengikut tarikh matang masing-masing, yang mewakili pendedahan Kumpulan kepadarisiko kadar faedah:-

Tidak lebih Lebih Kadar daripada 2 hingga 5 daripada faedah1 tahun tahun 5 tahun Jumlah berkesanRM’000 RM’000 RM’000 RM’000

Aset Kewangan

Deposit tetap 125,375 4,589 - 129,964 3.2%

Liabiliti kewangan

Overdraf bank 957 - - 957 8.9%Pemiutang sewa beli 1,292 701 - 1,993 3.4%Pinjaman berjangka 5,546 20,510 18,945 45,001 8.2%7% Stok pinjaman boleh tebus

2000/2005* 37,175 148,699 - 185,874 7.0%7% Stok pinjaman boleh tukar

2000/2005* 36,692 146,769 - 183,461 7.0%

81,662 316,679 18,945 417,286

* Syarikat melaksanakan penebusan awal RLS milik Syarikat dan pembelian semula CLS bersama denganfaedah terakru sehingga tarikh penebusan dan pembelian semula pada 10 Januari 2003 dan 13 Februari 2003.Persamaan Ringgit akan nilai nominal RLS yang ditebus berjumlah RM83.114 juta daripada jumlah sebanyakRM185.874 juta dalam terbitan dan nilai nominal CLS yang dibeli semula berjumlah RM0.699 juta daripadajumlah sebanyak RM183.461 juta dalam terbitan.

44. INSTRUMEN KEWANGAN (sambungan)

(b) Risiko kredit

Tempoh kredit berhubung dengan jumlah dagangan belum terima adalah di antara bayaran pendahuluan hinggapurata 90 hari. Tumpuan risiko kredit berhubung dengan jumlah dagangan belum terima adalah terhadmemandangkan bilangan pelanggan yang besar dalam Kumpulan, yang bertebar di peringkat antarabangsa.Pengalaman sejarah Kumpulan dalam pemungutan akaun belum terima adalah termasuk dalam elaun-elaunyang direkodkan. Disebabkan oleh faktor-faktor ini, pengurusan percaya bahawa tiada risiko kredit tambahanuntuk kerugian pemungutan tersedia ada terhadap jumlah dagangan boleh terima Kumpulan.

Lain-lain jumlah belum terima, deposit dan prabayaran

Tumpuan risiko kredit dalam lain-lain jumlah belum terima, deposit dan prabayaran adalah berhubung dengandeposit RM30 juta yang dibayar kepada penjual-penjual Malpac oleh ASC bagi cadangan pengambilalihanMalpac (sebagaimana dinyatakan dalam Nota 20). Para Pengarah ASC berpendapat bahawa deposit awalmungkin tidak dapat dipulangkan dalam tempoh dua belas bulan berikutnya. Walau bagaimanapun, peruntukanhutang ragu tidak diperlukan bagi tahun kewangan semasa memandangkan para Pengarah ASC yakin bahawadeposit tersebut akan dipulangkan.

(c) Nilai saksama

Amaun yang dibawa aset dan liabiliti kewangan Kumpulan dan Syarikat pada 31 Disember 2002 lebih kurangmenyamai nilai saksama masing-masing kecuali sebagaimana dinyatakan di bawah:-

Kumpulan Syarikat Amaun yang Nilai Amaun yang Nilai

dibawa Saksama dibawa saksamaRM’000 RM’000 RM’000 RM’000

Sekuriti pelaburan- saham disebut harga di Malaysia 4,458 3,724 4,458 3,724- saham disebut harga di luar Malaysia 4,110 6,001 - -- saham tidak disebut harga di Malaysia 35,179 * 35,175 *- saham tidak disebut harga

di luar Malaysia 7,502 * - -Deposit 30,000 28,168 - -7% Stok pinjaman boleh tebus 2000/2005

- nilai nominal 185,874 - 185,874 -- faedah terakru 23,544 - 23,544 -

209,418 202,021 209,418 202,0217% Stok pinjaman boleh tukar 2000/2005

- nilai nominal 183,461 - 183,461 -- faedah terakru 23,238 - 23,238 -

206,699 204,643 206,699 204,643

* Anggaran munasabah nilai saksama tidak boleh dibuat tanpa menanggung kos berlebihan. Pelaburansedemikian, dinilai pada kos tertakluk kepada penyemakan bagi kerosotan.

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45. URUSNIAGA PENTING DAN BAKI DENGAN PIHAK-PIHAK BERKAITAN


RM’000 RM’000 RM’000 RM’000(a) Pendapatan

(i) Faedah belum terimaanak-anak syarikat

- iSynergy Sdn. Bhd. - - 2,494 2,842- Super Leisure Sdn. Bhd. - - 164 329

(ii) Faedah belum terima daripadasyarikat bersekutu,SIBB ke atas :-

- USL 1,047 1,047 - -- penempatan 482 609 - -

(b) Perbelanjaan

(i) Faedah perlu dibayar kepadaanak syarikat ,ASC - - 1,948 1,974

(ii) Yuran nasihat korporat dibayar kepada syarikatbersekutu, SIBB 633 42 224 -

Terma-terma dan syarat-syarat urusniaga di atas tidak berbeza secara material daripada apa yang boleh diperolehidalam urusniaga dengan pihak yang tidak berkaitan.

Baki belum dijelas penting individu yang timbul dalam tahun kewangan daripada urusniaga selain urusniaga biasadengan pihak berkaitan adalah seperti berikut:-


RM’000 RM’000 RM’000 RM’000Jumlah terhutang daripada anak-anak syarikat:-

iSynergy Sdn. Bhd.- jumlah faedah belum terima - - 2,494 2,842

Super Leisure Sdn. Bhd.- jumlah faedah belum terima - - 164 329

Jumlah terhutang kepada anak Syarikat, ASC- faedah perlu dibayar - - 1,948 1,974



45. URUSNIAGA PENTING DAN BAKI DENGAN PIHAK-PIHAK BERKAITAN (sambungan)

Waran 2000/2003 Syarikat dipegang oleh para Pengarah

Waran-waran 2000/2003 Syarikat dipegang oleh para Pengarah Syarikat dalam tahun kewangan adalah sepertiberikut:-

Bilangan Waran 2000/2003Dibeli dalam Waran tidak dilaksanakan

tahun kewangan pada akhir tahun kewangan2002 2001 2002 2001

Dato’Ahmad Sebi Bakar- kepentingan langsung - - 7,510,005 7,510,005- kepentingan tak langsung - - 13,727,000 13,727,000

Datin Masri Khaw Binti Abdullah- kepentingan langsung - - 3,000 3,000- kepentingan tak langsung - - 350,000 350,000

Terma-terma dan syarat-syarat Waran 2000/2003 diperincikan dalam Laporan Pengarah.

46. ANAK SYARIKAT DAN SYARIKAT BERSEKUTU

Anak syarikat dan syarikat bersekutu yang diperbadankan di Malaysia (selain daripada yang dinyatakan sebaliknya),adalah seperti berikut:-

Kepentingan Nama Syarikat Kegiatan Utama Berkesan Kumpulan

2002 2001Anak syarikat bagi Syarikat

Advance Synergy Capital Berhad (dahulunya dikenali sebagai United Merchant Group Berhad) Pemegangan pelaburan 50.76% 50.75%

iSynergy Sdn. Bhd. Penyediaan produk dan 51% 51%perkhidmatan berkaitan bayaran

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

Calmford Incorporated Pemegangan pelaburan 100% 100%(Diperbadankan di British Virgin Islands)

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

*Advance Synergy Realty Sdn. Bhd. Pembangunan hartanah 100% 100%

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

*Ausborn Sawmill Sdn. Bhd. Kilang papan dan perdagangan 100% 100%kayu digergaji

*Bornion Sawmill Sdn. Bhd. Kilang papan dan perdagangan 100% 100%kayu digergaji

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

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46. ANAK SYARIKAT DAN SYARIKAT BERSEKUTU (sambugan)


2002 2001Anak syarikat bagi Syarikat

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

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

Sadong Development Sdn. Bhd. Pembangunan hartanah 100% 100%

Synergy Gold Incorporated Pemegangan pelaburan 100% 100%(Diperbadankan di British Virgin Islands)

Synergy Petroleum Incorporated Pemegangan pelaburan 100% 100%(Diperbadankan di British Virgin Islands)

Alam Samudera Corporation Sdn. Bhd. Syarikat pengurusan bagi pelancongan 100% 100%asing & lawatan masuk asing

Advance Synergy Timber Sdn. Bhd. Lengai 100% 100%

Worldwide Matrix Sdn. Bhd. Pemegangan pelaburan 100% 100%

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

elektronikAnak syarikat Advance Synergy Capital Berhad (dahulunya dikenalisebagai United Merchant Group Berhad)

*ASC Equities Sdn. Bhd. Perdagangan pelaburan dan modal 50.76% 50.75%usahasama

*ASC Credit Sdn. Bhd. Kredit dan pajakan 50.76% 50.75%

*Triton-K Sdn. Bhd. Perkhidmatan pengurusan 50.76% 50.75%

*Triton Khidmat Sdn. Bhd. Penyediaan perkhidmatan 50.76% 50.75%pengurusan tenaga manusia

*Triton Engineering Sdn. Bhd. Penyediaan perkhidmatan 50.76% 50.75%penyelenggaraan bas

*Triton Commuter Sdn. Bhd. Penyediaan perkhidmatan bas feder 50.76% 50.75%

*Triton Express Sdn. Bhd. (dahulunya Penyediaan perkhidmatan bas ekspres 50.76% 50.75%dikenali sebagai Adat Ria Sdn. Bhd.)

*Triton Feeder Services Sdn. Bhd. Lengai 50.76% -

*Triton Terminal Management Sdn. Bhd. Lengai 50.76% -

*Triton Excursions Sdn. Bhd. Lengai 50.76% -

*Triton Synergy Holdings Sdn. Bhd. Lengai 50.76% -

*Triton Express Holdings Sdn. Bhd. Lengai 50.76% -







2002 2001Syarikat bersekutu Advance Synergy Capital Berhad (dahulunya dikenali sebagai United Merchant Group Berhad)

*Southern Investment Bank Berhad Perniagaan perbankan saudagar 10.15% 10.15%

*Powernet Industries Sdn. Bhd. Pengilangan fabrik berkait lungsin - 12.06%

*Kumpulan Powernet Berhad Pemegangan pelaburan 10.15% -

Anak syarikat Southern Investment Bank Berhad

*Perdana Nominees (Tempatan) Sdn. Bhd. Perkhidmatan nomini 10.15% 10.15%

*Perdana Nominees (Asing) Sdn. Bhd. Perkhidmatan nomini 10.15% 10.15%

*Perdana Mutual Fund Berhad Lengai 10.15% 10.15%

Anak syarikat iSynergy Sdn. Bhd.

Cosmocourt.com (Malaysia) Sdn. Bhd. Pemasaran kad diskaun 51% 51%

Rewardstreet.com (Malaysia) Sdn. Bhd. Pemasaran kad kesetiaan 51% 51%

Datakey Sdn. Bhd. Lengai 51% 51%

Anak syarikat Alangka-SukaHotels & Resorts Berhad

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

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

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

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

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

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

Alangka-Suka International Limited Pemegangan pelaburan 99.63% 99.63%(Diperbadankan di British Virgin Islands)

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

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2002 2001Anak syarikat Alangka-SukaHotels & Resorts Berhad

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

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

Holiday Villa Subang Sdn. Bhd. Lengai 99.63% 99.63%

*Suntop Corporation Sdn. Bhd. Lengai 99.63% 99.63%

Anak syarikat Asbina Hotel &Property Sdn. Bhd.

*Asbina Hotel & Property Mengendali Monorom Holiday Villa, 99.63% 99.63%(Cambodia) Pte. Ltd. Phnom Penh(Diperbadankan di Kingdom of Cambodia)

Anak syarikat Alangka-SukaInternational Limited

Asbina Shenzhen Limited Lengai 89.67% 89.67%(Diperbadankan di British Virgin Islands)

*Grand Holiday Villa Khartoum Co. Ltd. Mengendali Grand Holiday Villa, 99.63% 99.63%(Diperbadankan di Republik Sudan) Khartoum

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

Anak syarikat Interwell International Limited

*Interwell Management Limited Lengai 99.63% 99.63%(Diperbadankan di England dan Wales)

Anak syarikat Holiday VillasInternational Limited

*Holiday Villa (UK) Ltd. Mengendali Holiday Villa, 99.63% 99.63%(Diperbadankan di England dan Wales) London

Anak syarikat Calmford Incorporated

*Jarrett Synergy Pty Ltd Mengilang dan menjual produk logam 100% 100%(Diperbadankan di Australia)

*Synergy Lifestyle Concepts Pty Ltd Peruncit peralatan hiburan rumah 100% -(Diperbadankan di Australia)

Anak syarikat Advance SynergyProperties Sdn. Bhd.

Synergy Realty Incorporated Pemegangan pelaburan 100% 100%(Diperbadankan di British Virgin Islands)



46. ANAK SYARIKAT DAN SYARIKAT BERSEKUTU (sambugan)Kepentingan

Nama Syarikat Kegiatan Utama Berkesan Kumpulan2002 2001

Anak syarikat Synergy RealtyIncorporated

*Synergy Investments Australia Pty Ltd Pembangunan hartanah dan 100% 100%(Diperbadankan di Australia) pelaburan

Anak syarikat Excellent Arch Sdn. Bhd.

Advance Synergy Furniture Sdn. Bhd. Pengilangan dan pemasaran perabot 100% 100%(Penyelesai Dilantik)

Anak syarikat Excellent DisplaySdn. Bhd.

Super Leisure Sdn. Bhd. Operasi dan pengurusan restoran 100% 70%

Visage Synergy Sdn. Bhd. Lengai 100% 70%

Anak syarikat Nagapura ManagementCorporation Sdn. Bhd.

e-go.com Sdn. Bhd. Penyediaan aplikasi dan perkhidmatan e-dagang 100% 60%

Syarikat Fit and Weld Engineering (M) Kontraktor pengimpalan dan 70% 70%Sdn. Bhd. (Penyelesai Sementara fabrikasi keluli Dilantik)

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

Anak syarikat Sadong Development Sdn. Bhd.

Hotel Golden Dragon Sdn. Bhd. Pembangunan hartanah 95% 95%

Anak syarikat Hotel Golden Dragon Sdn. Bhd.

Simpang Tiga Realty Sdn. Bhd. Pembangunan hartanah 95% 95%

Anak syarikat Worldwide Matrix Sdn. Bhd.

*Unified Communications Sdn. Bhd. Penyelidikan dan pembangunan, 70% -kejuruteraan perisian, penyepaduan sistem, pengurusan projek dan penyelenggaraan dan sokongan bagi industri telekomunikasi

*Unified Communications Pte. Ltd. Pengedaran produk telekomunikasi, 70% -(Diperbadankan di Singapura) rekabentuk dan pembangunan

penyelesaian telekomunikasi, pengurusan projek dan perkhidmatan penyelenggaraan dan sokongan bagi industri telekomunikasi

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46. ANAK SYARIKAT DAN SYARIKAT BERSEKUTU (sambugan)Kepentingan

Nama Syarikat Kegiatan Utama Berkesan Kumpulan2002 2001

Anak syarikat Unified Communications Sdn. Bhd.

*AttrixTech Sdn. Bhd. Pengedaran produk telekomunikasi 70% -

Anak syarikat Unified Communications Pte Ltd

*Attrix Technology Pte Ltd Pengedaran produk telekomunikasi 70% -(Diperbadankan di Singapura)

*Unified Communications Limited Pengedaran produk telekomunikasi, 35.70% -(Diperbadankan di Hong Kong) rekabentuk dan pembangunan

penyelesaian telekomunikasi,pengurusan projek dan perkhidmatan penyelenggaraan dan sokongan industri telekomunikasi

Syarikat bersekutu bagi Syarikat

*ACE Synergy Insurance Berhad Pengunderaitan insurans am 49% 49%

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

Anak syarikat Diversified GainSdn. Bhd.

Inter-Pacific Travel & Tours Ejen percutian dan pelancongan 50% 50%Sdn. Bhd. dan penukar wang berlesen

Anak syarikat Inter-Pacific Travel & Tours Sdn. Bhd.

Columbus Travel & Tours Sdn. Bhd. Ejen percutian dan pelancongan 50% 50%

Inter-Pacific Leisure Sdn. Bhd. Tidak aktif 50% 50%

Motorsports Adventure Sdn. Bhd. Mengendali kegiatan pengembaraan 50% 50%sukan motor dan kegiatan berkaitan

Marketing and Event Management Tidak aktif 50% 50%Integrated Sdn. Bhd.

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

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

*Syarikat-syarikat yang tidak di audit oleh BDO Binder



47. PERISTIWA PENTING DALAM TAHUN KEWANGAN

Kumpulan

(i) Pada 10 Januari 2002, ASC melupuskan keseluruhan kepentingan ekuitinya sebanyak 23.77% terdiri daripada7,915,000 saham biasa bernilai RM1.00 setiap unit dalam PISB kepada KPB. Balasan telah dijelaskan melaluiterbitan 8,152,064 saham biasa bernilai RM1.00 setiap unit dalam KPB dan pada masa ini, ASC memegang20% kepentingan ekuiti dalam modal diperbesarkan KPB.

(ii) Pada 23 Februari 2002, ASC telah menandatangani Perjanjian Jual Beli ("PJB KBES ") dengan En. Lau ChanSeng ("Penjamin") dan enam (6) Penjual lain untuk mengambil alih keseluruhan kepentingan ekuiti yang terdiridaripada 7,915,000 saham biasa bernilai RM1.00 setiap unit dalam Konsortium Bas Ekspres Semenanjung (M)Sdn Bhd ("KBES") bagi jumlah balasan tunai sebanyak RM65,389,000 ("Cadangan Pengambilalihan KBES").

Walau bagaimanapun, pada 13 November 2002, ASC selepas pertimbangan penuh keputusan FIC, telahmemutuskan untuk membatalkan Cadangan Pengambilalihan KBES. Selaras dengan itu, ASC telah mengarahkanpeguamcaranya untuk mendapat semula deposit sebanyak RM6,538,000 yang dibayar kepada pemegangamanah hartanah selaras dengan PJB KBES. Deposit tersebut telah dipulangkan kepada ASC pada 13 Januari 2003.

(iii) Pada 19 Mac 2002, ASC telah mengumumkan bahawa ia telah menandatangani Perjanjian Jual Beli ("PJBSTC") dengan Super Trans Capital Sdn Bhd ("Penjual") dan En. Lau Chan Seng ("Penjamin") untuk mengambilalih keseluruhan kepentingan ekuiti dalam Super Trans Corporation Sdn Bhd ("STC") yang terdiri daripada5,000,000 saham biasa bernilai RM1.00 setip unit bagi jumlah balasan tunai sebanyak RM21,604,000("Cadangan Pengambilalihan STC").

Pada 6 Mei 2002, ASC telah menandatangani perjanjian tambahan dengan Penjual untuk mengubah terma-terma tertentu dalam PJB STC, antara lain, untuk menggantung Cadangan Pengambilalihan STC sementaramenunggu penyelesaian isu penggulungan yang ditemui semasa langkah usaha wajar.

(iv) Pada 19 Mac 2002, ASC mengumumkan butir-butir cadangan berikut:-

(a) Cadangan pulangan 90 sen setiap saham biasa bernilai RM1.00 setiap unit kepada pemegang-pemegang sahamnya berjumlah RM282,349,504 dan penyatuan sepuluh (10) saham biasa yang terhasilbernilai 10 sen setiap unit menjadi satu saham biasa bernilai RM1.00 setiap unit ("Cadangan PulanganModal") ; dan

(b) Cadangan terbitan bonus 125,488,668 saham biasa baru bernilai RM1.00 setiap unit berasaskan empat(4) saham biasa baru bernilai RM1.00 setiap unit bagi setiap saham biasa sedia ada bernilai RM1.00setiap unit dipegang selepas Cadangan Pulangan Modal ("Cadangan Terbitan Bonus").

Pada 23 Oktober 2002, Suruhanjaya Sekuriti ("SC") meluluskan Cadangan Pulangan Modal danCadangan Terbitan Bonus.

Pada 31 Disember 2002, ASC telah memulangkan RM282,349,504 secara tunai kepada pemegang-pemegang sahamnya selaras dengan Cadangan Pulangan Modal dan melaksanakan CadanganTerbitan Bonus 125,488,668 saham biasa baru bernilai RM1.00 setiap unit.

(v) Pada 29 Ogos 2002, Worldwide Matrix Sdn Bhd, sebuah anak syarikat milik penuh, telah mengambil alih 70%kepentingan ekuiti dalam dua syarikat iaitu UCSB dan UCPL yang terdiri daripada 700,140 saham biasa bernilaiRM1.00 setiap unit untuk balasan tunai masing-masing sebanyak RM54 juta dan 700,000 saham biasa bernilaiSGD1.00 setiap unit untuk balasan tunai sebanyak RM45 juta, daripada En. Wong Tze Leng.

(vi) Pada 3 Disember 2002, ASC telah mengumumkan bahawa ia telah memulakan perniagaan utama barunya iaituperkhidmatan bas umum. Dengan ini, BSKLtelah melalui suratnya bertarikh 26 November 2002, mengesahkanbahawa ASC masih lagi penerbit tersenarai terbabit selaras dengan perenggan 2.1 Nota Amalan 10/2001Syarat-syarat Penyenaraian BSKL("PN 10") disebabkan oleh tahap operasi ASC yang tidak mencukupi.

Pada 12 Disember 2002, ASC menulis kepada BSKL untuk meminta pelanjutan masa sehingga 30 September2003, untuk ASC menyelaras tahap operasinya selaras dengan peruntukan-peruntukan PN 10.

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47. PERISTIWA PENTING DALAM TAHUN KEWANGAN (sambungan)

Syarikat

(vii) Advance Synergy Furniture Sdn Bhd (Pentadbir Khas Dilantik) ("ASF"), adalah anak syarikat milik penuh dibawah Pentadbiran Khas. Cadangan skim penyusunan semula yang dirumuskan oleh Pentadbir Khas ASFmelalui Perjanjian Langganan Saham bertarikh 28 Februari 2001 ditandatangani oleh ASF dengan HotlineFurniture Berhad dan Pengurusan Danaharta Nasional Berhad yang membentuk bahagian penting cadanganskim penyusunan semula telah dibatalkan melalui Notis Penamatan bertarikh 9 April 2002 dan berkuatkuasapada tarikh yang sama.

Pada 25 Oktober 2002, Syarikart telah dimaklumkan oleh Pentadbir Khas, bahawa Ubahsuaian kepadaCadangan Pentadbir Khas bertarikh 16 September 2002 ("Ubahsuaian kepada Cadangan") telah diluluskanselaras dengan Seksyen 46(4) Akta Pengurusan Danaharta Nasional Berhad, 1998 dalam mesyuarat pemiutangbercagar yang diadakan pada 24 Oktober 2002.

Ubahsuaian kepada Cadangan mencadangkan agar aset-aset ASF dicairkan dan bahawa PenyelesaiDiluluskan dilantik bila mana pelantikan Pentadbir Khas akan ditamatkan.

Penamatan Pentadbir Khas berkuatkuasa dari 24 Oktober 2002 dengan pelantikan Penyelesai, En. Saw EngGuan daripada Tetuan Saw & Co, Akauntan Bertauliah.

(viii) Pada 24 April 2002, ASC telah menandatangani Perjanjian Tambahan dengan Syarikat untuk mengubah beberapaterma Perjanjian Jual Beli yang ditandatangani pada 13 Julai 2001 berhubung dengan cadangan pengambilalihan49% kepentingan ekuiti dalam ACE terdiri daripada 49 juta saham biasa bernilai RM1.00 setiap unit daripadaSyarikat bagi jumlah balasan tunai sebanyak RM71.0 juta ("Cadangan Pengambilalihan ACE").

Pada 23 Oktober 2002, SC meluluskan Cadangan Pengambilalihan ACE. Pada tarikh yang sama, FIC telahmenyatakan bahawa ia tidak mempunyai bantahan untuk Cadangan Pengambilalihan ACE tertakluk kepadaACE memenuhi sekurang-kurangnya 30% kepentingan ekuiti Bumiputera dan untuk mengurangkan kepentinganekuiti asingnya kepada tidak lebih daripada 51% sebelum 31 Disember 2003.

Pada 8 November 2002, ASC telah membuat permohonan kepada FIC meminta penepian sewajarnya ke atasdua syarat tersebut di atas.

48. PERISTIWA PENTING SELEPAS TARIKH KUNCI KIRA-KIRA

Kumpulan

(i) Pada 9 Januari 2003, saham biasa baru ASC timbul daripada terbitan bonus telah disenaraikan dan disebutharga pada BSKL.

(ii) Berikutan penyelesaian Pulangan Modal yang diluluskan oleh ASC, Syarikat telah menerima sebanyakRM143.3 juta dalam tunai yang mana RM90.46 juta daripadanya telah digunakan untuk penebusan awal RLSSyarikat dan pembelian semula CLS bersama dengan faedah yang terakru sehingga tarikh penebusan danpembelian semula pada 10 Januari 2003 dan 13 Februari 2003. Persamaan Ringgit jumlah nilai nominal RLSyang ditebus berjumlah RM83.114 juta daripada jumlah sebanyak RM185.874 juta dalam terbitan dan nilainominal CLS yang dibeli semula berjumlah RM0.699 juta daripada jumlah sebanyak RM183.461 juta dalam ter-bitan.

(iii) Pada 13 Januari 2003, BSKLtelah meluluskan pelanjutan masa yang diperlukan sehingga 30 September 2003,untuk ASC menyelaraskan tahap operasinya selaras dengan peruntukan PN 10.



48. PERISTIWA PENTING SELEPAS TARIKH KUNCI KIRA-KIRA (sambungan)

(iv) Pada 19 Mac 2003, ASC mengumumkan bahawa ia telah membatal cadangan pengambilalihan keseluruhankepentingan ekuiti dalam Super Trans Corporation Sdn. Bhd. ("STC") daripada Super Trans Capital Sdn. Bhd.("Penjual") dan En Lau Chan Seng ("Penjamin") untuk balasan tunai sebanyak RM21,604,000 ("CadanganPengambilalihan STC"). Penjual dan Penjamin telah diberi sehingga tempoh enam (6) bulan untuk menyelesaikanperintah penggulungan STC, dan kegagalan untuk menyelesaikan perintah penggulungan STC mengakibatkanLembaga Pengarah ASC memutuskan untuk membatalkan Cadangan Pengambilalihan STC. Selaras denganitu, ASC telah mengarahkan peguamcaranya untuk mendapatkan semula deposit sebanyak RM2,160,400.Deposit telah dipulangkan kepada ASC pada 17 Mac 2003.

Syarikat

(v) Pada 7 Januari 2003, FIC bersetuju untuk mengenepikan dua syarat yang dikenakan ke atas cadanganpengambilalihan ASC akan 49% kepentingan ekuiti dalam ACE yang terdiri daripada 49,000,000 saham biasabernilai RM1.00 setiap unit daripada Syarikat bagi jumlah balasan tunai sebanyak RM71.0 juta ("CadanganPengambilalihan ACE") (Kedua-dua syarat dikenakan terlebih dahulu untuk Cadangan Pengambilalihan ACEdinyatakan dalam Nota 47(viii)).

Cadangan Pengambilalihan ACE oleh ASC telah diselesaikan pada 15 Januari 2003.

(vi) Pada 9 April 2003, Syarikat mengumumkan cadangan untuk melanjutkan jangka masa dan tempoh pelaksanaanbagi Waran-waran 2000/2003 yang belum dilaksanakan selama lima (5) tahun dari 28 Ogos 2003 sehinggad a n termasuk 28 Ogos 2008 dan selepas itu opsyen untuk melanjutkan tempoh pelaksanaan selama dua (2)tahun selanjutnya yang akan tamat pada 28 Ogos 2010. Cadangan tersebut masih lagi menunggu kelulusan yangakan diperolehi daripada pemegang-pemegang stok Syarikat dan mana-mana pihak berkuasa berkenaan lain.

49. BILANGAN KAKITANGAN DAN KOS PEKERJAKumpulan Syarikat

2002 2001 2002 2001Bilangan kakitangan Kumpulan

dan Syarikat, pada akhir tahun kewangan 1,228 1,059 28 30


RM’000 RM’000 RM’000 RM’000Kos kakitangan bagi tahun

kewangan 32,318 27,895 2,028 2,018

50. ANGKA PERBANDINGAN

Berikut adalah butir-butir angka perbandingan yang telah dikelaskan semula untuk mematuhi syarat-syarat LembagaPiawaian Perakaunan Malaysia (MASB) Piawaian No. 1 – Pembentangan Penyata Kewangan.

Jumlah Jumlahdilaporkan sebagaimana

sebagaimana Pengkelasan dinyatakansebelum ini semula semula

Kumpulan RM’000 RM’000 RM’000

Muhibah atas penyatuan 91,027 12,575 103,602Rizab atas penyatuan - 12,575 12,575

51. KEBENARAN UNTUK MENGELUARKAN PENYATA KEWANGAN

Penyata kewangan ini telah dibenarkan untuk dikeluarkan oleh Lembaga Pengarah pada 28 April 2003.

118

2002financial statements

119

advance synergy berhad

Directors’ ReportD i r e c t o r s ’ R e p o r t

The Directors hereby submit their report together with the audited financial statements of the Group and of the Company forthe financial year ended 31 December 2002.

PRINCIPAL ACTIVITIES

The principal activities of the Company are that of investment holding and providing full corporate and financial support to itssubsidiary companies. The principal activities of the subsidiary companies are set out in Note 46 to the Financial Statements.There have been no significant changes in the nature of these activities during the financial year.

RESULTS

Group CompanyRM’000 RM’000

Loss after taxation 60,139 102,812Minority interests 8,008 -

Net loss for the financial year 68,147 102,812

DIVIDENDS

No dividend has been paid or declared by the Company since the end of the previous financial year. The Directors do notrecommend any dividend payment in respect of the financial year ended 31 December 2002.

ISSUE OF SHARES AND DEBENTURES

The Company has not issued any shares or debentures during the financial year ended 31 December 2002.

WARRANTS 2000/2003

In the financial year 2000, the Company had issued RM185,874,269 nominal value of 7% Redeemable Loan Stocks2000/2005 and RM183,460,787 nominal value of 7% Convertible Loan Stocks 2000/2005 together with 168,896,809 detachableWarrants 2000/2003.

The Warrants 2000/2003 were issued to the entitled stockholders of the Company at an offer price of 20 sen per Warrant2000/2003 on the basis of one (1) Warrant for every two (2) existing stock units held in the Company.

Each Warrant 2000/2003 entitles the registered holder at any time during the exercise period to subscribe for one new s t o c kunit of RM1.00 each at the exercise price of RM1.00 per stock unit during the exercise period expiring 28 August 2003.

The registered holders have no right to participate by virtue of the Warrants 2000/2003 in any other share issue of theCompany and its subsidiary companies.

Upon expiry of the exercise period, any unexercised warrants will lapse and cease to be valid for any purpose.

As at the end of the current financial year, no exercise of warrants had taken place.

On 9 April 2003, the Company announced the proposal to extend the duration and exercise period of the outstanding Warrants2000/2003 by five (5) years from 28 August 2003 up to and including 28 August 2008 and thereafter the option to extend theexercise period for a further period of two (2) years expiring on 28 August 2010. The proposal is still pending approval to beobtained from the stockholders of the Company and any other relevant authorities.

120

Directors’ReportD i r e c t o r s ’ R e p o r t

RESERVES AND PROVISIONS

There were no material transfers to or from reserves or provisions during the financial year ended 31 December 2002 otherthan those as disclosed in the financial statements.

DIRECTORS

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

Dato’Ahmad Sebi BakarAznan Bin Haji IsmailTan Sri Dato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad KamilWong Ah Nam @ Wong Joon TuangDatin Masri Khaw Binti Abdullah Chim Wai Khuan

In accordance with the Company’s Articles of Association, Datin Masri Khaw Binti Abdullah and Chim Wai Khuan retire fromthe Board by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.

DIRECTORS’ INTERESTS

The Directors holding office at the end of the financial year and their beneficial interests in the stock units and/or warrants ofthe Company and shares of its related corporations during the financial year ended 31 December 2002 as recorded in theRegister of Directors’ Stockholdings kept by the Company under Section 134 of the Companies Act, 1965, were as follows:-

Number of stock units/ordinary shares of RM1.00 eachBalance Balance

as at as at1.1.2002 Bought Sold 31.12.2002

Direct Interest

Interest of:-

Dato’Ahmad Sebi Bakar in:-- Advance Synergy Berhad 15,020,009 - - 15,020,009

Datin Masri Khaw Binti Abdullah in:-- Advance Synergy Berhad 6,000 - - 6,000- Alangka-Suka Hotels & Resorts Berhad 308,000 - - 308,000

Indirect Interest

Interest of:-

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

Datin Masri Khaw Binti Abdullah in:-- Advance Synergy Berhad 700,000 100,000 - 800,000

121


122

DIRECTORS’ INTERESTS (continued)--------- Number of Warrants 2000/2003 ----------

Balance Balanceas at as at

1.1.2002 Bought Sold 31.12.2002Direct Interest

Interest of:-


Indirect Interest

Interest of:-


No other Directors holding office at the end of the financial year had any beneficial interests in the stock units or warrants ofthe Company and shares of its related corporations during the financial year ended 31 December 2002.

DIRECTORS’ BENEFITS

Since the end of the previous financial year, none of the Directors of the Company has received or become entitled to receivea benefit, other than the benefits as disclosed in Note 9 to the Financial Statements, by reason of a contract made by theCompany or a related corporation with the Directors, or with a firm of which the Director is a member, or with a company inwhich the Director has a substantial financial interest.

There were no arrangements made or entered into during and at the end of the financial year, to which the Company is aparty, which had the object of enabling Directors of the Company to acquire benefits by means of the acquisition of shares inor debentures of the Company or any other body corporate except for the issuance of warrants as disclosed in Note 29(a) tothe Financial Statements.


123

OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY:-

(I) AS AT THE END OF THE FINANCIAL YEAR

(a) Before the income statements and balance sheets of the Group and of the Company were made out, theDirectors took reasonable steps:-

(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the makingof provision for doubtful debts and have satisfied themselves that all known bad debts had been writtenoff and that adequate provision had been made for doubtful debts; and

(ii) to ensure that any current assets which were unlikely to realise their book values in the ordinary courseof business had been written down to their estimated realisable values.

(b) In the opinion of the Directors, the results of the operations of the Group and of the Company during the financialyear have not been substantially affected by any item, transaction or event of a material and unusual natureexcept as disclosed in the Notes to the Financial Statements.

(II) FROM THE END OF THE FINANCIAL YEAR TO THE DATE OF THIS REPORT

(c) The Directors are not aware of any circumstances:-

(i) which would render the amount written off for bad debts or the amount of the provision for doubtful debtsin the financial statements of the Group and of the Company inadequate to any material extent; or

(ii) which would render the values attributed to current assets in the financial statements of the Group and ofthe Company misleading; and

( i i i ) which have arisen which would render adherence to the existing methods of valuation of assets or liabilitiesof the Group and of the Company misleading or inappropriate.

(d) In the opinion of the Directors, except as disclosed in the Notes to the Financial Statements:-

( i ) there has not arisen any item, transaction or event of a material and unusual nature likely to aff e c tsubstantially the results of the operations of the Group and of the Company for the financial year in whichthis report is made; and

( i i ) no contingent or other liability has become enforceable, or is likely to become enforceable, within the periodof twelve months after the end of the financial year which will or may substantially affect the abilities ofthe Group and of the Company to meet their obligations as and when they fall due.

124

OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY:- (continued)

(III) AS AT THE DATE OF THIS REPORT

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

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

(g) The Directors are not aware of any circumstances not otherwise dealt with in the report or financial statementswhich would render any amount stated in the financial statements of the Group and of the Company misleading.

AUDITORS

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

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


)))) DIRECTORS)))




125

In the opinion of the Directors, the financial statements set out on pages 127 to 188 have been drawn up in accordance withapplicable approved accounting standards in Malaysia so as to give a true and fair view of:-

(i) the state of affairs of the Group and of the Company as at 31 December 2002 and of their results for the financial yearthen ended; and

(ii) the cash flows of the Group and of the Company for the financial year ended 31 December 2002.

On behalf of the Board,


)) DIRECTORS)



I, Sng Ngiap Koon, being the officer primarily responsible for the financial management of Advance Synergy Berhad, dosolemnly and sincerely declare that the financial statements set out on pages 127 to188 are, to the best of my knowledge andbelief, correct and I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisionsof the Statutory Declarations Act, 1960.

Subscribed and solemnly )declared by the abovenamed at )Kuala Lumpur this )28 April 2003 )

Before me:-

Karam Singh A/L Sudagar Singh PMCNo. W353

Commissioner for Oaths

Malaysia

Statement by DirectorsS t a t e m e n t b y D i r e c t o r s

Statutory DeclarationS t a t u t o r y D e c l a r a t i o n

Report of The Auditors to the Members of Advance Synergy Berhad

R e p o r t o f T h e A u d i t o r s

126

We have audited the financial statements set out on pages 127 to 188. These financial statements are the responsibility ofthe Company’s Directors. Our responsibility is to express an opinion on the financial statements based on our audit.

We conducted our audit in accordance with approved standards on auditing in Malaysia. These standards require that we planand perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles used and significant estimates made by the Directors, as well asevaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion:-

(a) the financial statements have been properly drawn up in accordance with applicable approved accounting standardsin Malaysia and the provisions of the Companies Act, 1965 so as to give a true and fair view of:-

(i) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements ofthe Group and of the Company; and

(ii) the state of affairs of the Group and of the Company as at 31 December 2002 and of their results and cash flowsfor the financial year then ended; and

( b ) the accounting and other records and the registers required by the Act to be kept by the Company and by thesubsidiary companies of which we have acted as auditors have been properly kept in accordance with the provisionsof the said Act.

We have considered the financial statements and the auditors’reports of the subsidiary companies of which we have not actedas auditors, as indicated in Note 46 to the Financial Statements, being financial statements that are included in the consolidatedfinancial statements.

We are satisfied that the financial statements of the subsidiary companies that are consolidated with the Company’s financialstatements are in form and content appropriate and proper for the purposes of the preparation of the consolidated financialstatements and we have received satisfactory information and explanations required by us for those purposes.

The auditors’reports on the financial statements of the subsidiary companies were not subject to any qualification and did notinclude any comment made under Section 174(3) of the Act.

BDO BinderAF : 0206Chartered Accountants

Siew Kah Toong1045/03/04 (J)Partner


Income Statements for the financial year ended 31 December 2002

I n c o m e S t a t e m e n t s

127

Group Company2002 2001 2002 2001

NOTE RM’000 RM’000 RM’000 RM’000

Revenue 6 203,615 199,530 1,662 8,926

Cost of sales (105,984) (121,453) - -

Gross profit 97,631 78,077 1,662 8,926

Other operating income 24,033 21,595 14,097 14,549

Distribution costs (7,514) (6,097) - -

Administration expenses (31,531) (21,644) (438) (360)

Other operating expenses (58,415) (34,490) (38,147) (6,352)

Impairment loss on goodwill on consolidation 7 (50,224) - - -

Impairment loss on investments 7 - - (54,914) -

Loss on disposal of subsidiary company 8 - (26,170) - (91)

(Loss)/Profit from operations (26,020) 11,271 (77,740) 16,672

Finance cost (31,367) (32,313) (25,072) (24,533)

Share of results of associated companies 7,933 7,157 - -

Loss before taxation 9 (49,454) (13,885) (102,812) (7,861)

Taxation 10 (10,685) (8,977) - (2,290)

Loss after taxation (60,139) (22,862) (102,812) (10,151)

Minority interests (8,008) (5,675) - -

Net loss for the financial year (68,147) (28,537) (102,812) (10,151)

Loss per stock unit (sen)

Basic 11 (20.17) (8.45)

The attached notes form an integral part of the financial statements.

Balance Sheets as at 31 December 2002

B a l a n c e S h e e t s

128


Group Company2002 2001 2002 2001

NOTE RM’000 RM’000 RM’000 RM’000ASSETS EMPLOYED

Non current assets

Property, plant and equipment 12 362,929 333,886 854 81

Investment in subsidiary companies 13 - - 419,536 612,401

Investment in associated companies 14 90,266 84,795 29,018 32,027

Land held for development 15 13,774 13,774 - -

Investment securities 16 51,249 53,391 39,633 39,633

Goodwill on consolidation 17 131,207 103,602 - -

Purchased goodwill 18 1,298 1,257 - -

Intangible assets 19 499 998 - -

Deposit 20 30,000 - - -

Current assets

Development properties and expenditure 21 42,858 54,487 - -

Inventories 22 30,081 14,569 - -Receivables 23 82,854 142,790 368,268 230,811Tax recoverable 8,867 8,611 8,372 8,307Dealing securities 24 4,623 4,758 - -Deposits with financial institutions 25 129,964 484,519 2,700 1,100Cash and bank balances 178,268 24,511 986 2,335

477,515 734,245 380,326 242,553

Less: Current liabilities

Payables 26 149,803 109,760 178,558 133,074Bank overdrafts - unsecured 27 957 5,633 - -Short term borrowings 28 8,394 19,238 - -Taxation 8,927 10,000 4,931 4,931

168,081 144,631 183,489 138,005

Net current assets 309,434 589,614 196,837 104,548

990,656 1,181,317 685,878 788,690

Balance Sheets as at 31 December 2002

B a l a n c e S h e e t s

129

Group Company2002 2001 2002 2001

NOTE RM’000 RM’000 RM’000 RM’000

FINANCED BY

Share capital 29 337,794 337,794 337,794 337,794

Reserves 30 34,386 100,430 (21,251) 81,561

Stockholders’ equity 372,180 438,224 316,543 419,355

Minority interests 207,277 327,548 - -

7% redeemable loan stocks 2000/2005 31 185,874 185,874 185,874 185,874

7% convertible loan stocks 2000/2005 31 183,461 183,461 183,461 183,461

Term loans 32 39,455 41,648 - -

Hire-purchase and lease creditors 33 701 3,167 - -

Deferred taxation 34 1,508 1,092 - -

Retirement benefits 35 163 264 - -

Deferred income 36 37 39 - -

990,656 1,181,317 685,878 788,690


Statements of Changes in Equity for the financial year ended 31 December 2002

S t a t e m e n t s o f C h a n g e s i n E q u i t y

130


Exchange Reserve Share Share Capital Revaluation fluctuation on con- Accumulatedcapital premium reserve reserve reserve solidation losses Total

Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Balance as at 31 December 2000

As previously reported 337,794 430,451 69 50,596 2,788 - (364,420) 457,278

Reclassification (Note 50) - - - - - 13,414 - 13,414

Restated balance 337,794 430,451 69 50,596 2,788 13,414 (364,420) 470,692

Debt restructuring expenses - (14) - - - - - (14)Translation loss - - - - (1,217) - - (1,217)Reserve arising on

reorganisation - - (1,861) - - - - (1,861)

Net gains and losses not recognised in the income statements - (14) (1,861) - (1,217) - - (3,092)

Amortisation of reserve onconsolidation - - - - - (839) - (839)

Net loss for the financial year - - - - - - (28,537) (28,537)

Balance as at 31 December 2001 337,794 430,437 (1,792) 50,596 1,571 12,575 (392,957) 438,224

Translation gain - - - - 2,942 - - 2,942

Net gains not recognised in the income statements - - - - 2,942 - - 2,942

Amortisation of reserve onconsolidation - - - - - (839) - (839)

Net loss for the financial year - - - - - - (68,147) (68,147)

Balance as at 31 December 2002 337,794 430,437 (1,792) 50,596 4,513 11,736 (461,104) 372,180

Statements of Changes in Equity for the financial year ended 31 December 2002

S t a t e m e n t s o f C h a n g e s i n E q u i t y

131

Share Share Capital Accumulatedcapital premium reserve losses Total

Company RM’000 RM’000 RM’000 RM’000 RM’000

Balance as at 31 December 2000 337,794 430,451 69 (338,794) 429,520

Debt restructuring expenses - (14) - - (14)

Net loss not recognised in theincome statements - (14) - - (14)

Net loss for the financial year - - - (10,151) (10,151)


Net loss for the financial year - - - (102,812) (102,812)



Cash Flow Statements for the financial year ended 31 December 2002

C a s h F l o w S t a t e m e n t s

132

Group Company2002 2001 2002 2001

NOTE RM’000 RM’000 RM’000 RM’000Cash flows from operating activities

Loss before taxation (49,454) (13,885) (102,812) (7,861)

Adjustments for:-Allowance for doubtful debts 8,562 1,019 24,103 3,324Amortisation of goodwill on consolidation- subsidiary companies 1,485 388 - -- associated companies 64 - - -Amortisation of reserve on consolidation (839) (839) - -Amortisation of intangible assets 499 499 - -Amortisation of purchased goodwill 85 79 - -Bad debts written off 10,719 264 10,500 -Bad debts and financing recovered (208) (185) - -Depreciation/amortisation 12,995 14,046 115 44Deferred income recognised (2) (1) - -Gross dividend income (3,380) (1,889) (1,592) (8,874)Impairment loss on goodwill on

consolidation 50,224 - - -Impairment loss on investments - - 54,914 -Impairment on property, plant and

equipment 3,583 - - -Interest expenses 31,367 32,313 25,073 24,533Interest income (1,207) (1,055) (80) (52)Inventories written off - 634 - -Net loss on disposal of investments 369 44 - -Net loss on disposal of subsidiary

company - 26,170 - 91Net gain on disposal of property,

plant and equipment (1,592) (306) (4) -Property, plant and equipment written off 82 133 5 53(Overprovision)/Provision for

retirement benefits (101) 264 - -Share of results of associated companies (7,933) (7,157) - -Unrealised gain on foreign exchange - (8) - -Write back of payables (14,083) - (14,083) -Allowance for doubtful debts no

longer required (12) (5) - -Write back of provision for property,

plant and equipment - (123) - -Write back of provision for service charges - (211) - -Write back of provision for damages (54) (120) - -Write back of interest expenses - (14,549) - (14,549)

Operating profit/(loss) before working capital changes 41,169 35,520 (3,861) (3,291)




133


Group Company2002 2001 2002 2001

NOTE RM’000 RM’000 RM’000 RM’000

Decrease/(Increase) in development properties and expenditure 11,628 (1,760) - -

Increase in inventories (1,200) (1,588) - -Decrease/(Increase) in receivables 29,891 (65,370) (30,801) (25,168)Decrease in dealing securities 135 4,324 - -Increase in deposits with financial

institutions (2,247) (694) - -Increase in payables 4,720 3,754 45,503 18,620

Cash generated from/(used in) operations 84,096 (25,814) 10,841 (9,839)

Taxation paid (11,099) (6,322) - -

Net cash from/(used in) operatingactivities 72,997 (32,136) 10,841 (9,839)

Cash flows from investing activities

Proceeds from disposal of investmentsecurities 2,865 764 - -

Proceeds from disposal of subsidiarycompany - - - 28,000

Additional investment in subsidiary company - (2,990) (300) -

Net increase in cash and cashequivalents arising from disposal of subsidiary company 8(b)(iv) - 31,113 - -

Increase in land held for development - (29) - -Capital return of subsidiary company

to minority interests (139,050) - - -Dividend received 3,790 1,889 1,528 6,585Interest received 1,207 1,055 80 52Proceeds from disposal of property,

plant and equipment 4,054 457 5 -Purchase of property, plant and equipment 37 (34,639) (8,883) (894) (7)Additional investment in associated company (56) (12,250) - (12,250)Acquisition of investment in associated

companies - (12,702) - -Acquisition of subsidiary companies net of

cash and cash equivalents acquired 38 (66,808) - - -

Net cash (used in)/from investingactivities (228,637) (1,576) 419 22,380



134

Group Company2002 2001 2002 2001

NOTE RM’000 RM’000 RM’000 RM’000

Cash flows from financing activities

Drawdown from term loan 605 8,560 - -Drawdown from short term borrowings 14,027 11,866 - -Debt restructuring expenses paid - (14) - (14)Interest paid (19,251) (17,540) (11,009) (10,954)Repayment of hire-purchase and lease

creditors (4,549) (2,126) - -Repayment of short term borrowings (21,687) (18,584) - -Repayment of term loans (10,175) (3,301) - -

Net cash used in financing activities (41,030) (21,139) (11,009) (10,968)

Effect of exchange rate changes (1,838) (221) - -

Net (decrease)/increase in cash and cash equivalents (198,508) (55,072) 251 1,573

Cash and cash equivalents as at beginning of financial year

As previously reported 501,055 556,212 3,435 1,862Effect of exchange rate changes 139 (85) - -

As restated 501,194 556,127 3,435 1,862

Cash and cash equivalents as at end of financial year 39 302,686 501,055 3,686 3,435


Notes to the Financial Statements 31 December 2002

F i n a n c i a l S t a t e m e n t s

135

1. GENERAL INFORMATION

The Company is a public company with limited liability, incorporated and domiciled in Malaysia and listed on the MainBoard of the Kuala Lumpur Stock Exchange ("KLSE").

The registered office and principal place of business of the Company is located at Level 3A (Tower Block), MenaraMilenium, 8 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur.

The financial statements are presented in Ringgit Malaysia.

2. PRINCIPAL ACTIVITIES

The principal activities of the Company are that of investment holding and providing full corporate and financialsupport to its subsidiary companies. The principal activities of the subsidiary companies are set out in Note 46. Therehave been no significant changes in the nature of these activities during the financial year.

3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESThe Board of Directors recognises the importance of financial risk management in the overall management of theGroup’s businesses. A sound risk management system will not only mitigate financial risk but will be able to createopportunities if risk elements are properly managed.

The Group’s overall financial risk management objective is to ensure that the Group creates value for its stockholderswhile minimising potential adverse effects on the performance of the Group. Financial risk management is carried outthrough risk reviews, internal control systems and adherence to the Group’s financial risk management policies, as setout below:-

3.1 Foreign currency exchange risk

The Group is exposed to currency risk as a result of the Group’s transactions with foreign trade receivables andpayables. The Group monitors the movement in foreign currency exchange rates closely to ensure theirexposure are minimised.

3.2 Interest rate risk

The Group’s income and operating cash flows are substantially independent of changes in market interestrates. Interest rate exposure arises from the Group’s borrowings and is managed through the use of fixed andfloating rate debts. The Group does not use derivative financial instruments to hedge its risk.

3.3 Credit risk

Credit risk arises when sales are made on deferred credit terms. The Group seeks to invest cash assets safelyand profitably. Loss will be recognised if a counter party fails to perform as contracted. It is the Group’s policyto monitor the financial standing of these counter parties on a going concern basis and perform credit evaluationon customers requiring credit to ensure that the Group is exposed to minimal credit risk.



3.4 Liquidity and cash flow risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the a v a i l a b i l i t yof funding through an adequate amount of committed credit facilities and the ability to secure the requisite fundingat acceptable terms. It is the Group’s policy to ensure continuity in serving its cash obligation in the futureby way of measures and forecasts of its cash commitments and monitoring and maintaining a level of cashand cash equivalents deemed adequate for the Group’s requirements. The Group also aims at maintainingflexibility in funding by keeping committed credit lines available.

4. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTSThe financial statements of the Group and of the Company have been prepared in accordance with the applicableapproved accounting standards in Malaysia and the provisions of the Companies Act, 1965.

5. SIGNIFICANT ACCOUNTING POLICIES

5.1 Basis of accounting

The financial statements of the Group and of the Company have been prepared under the historical costconvention (as modified by the revaluation of certain properties) unless otherwise indicated in the significantaccounting policies.

The preparation of financial statements, in conformity with applicable approved accounting standards inMalaysia and the provisions of the Companies Act, 1965, requires the Directors to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at thedate of the financial statements and the reported amounts of revenue and expenses during the reporting period.Actual results could differ from those estimates.

5.2 Basis of consolidation

Subsidiaries are those enterprises controlled by the Company. Control exists when the Company has thep o w e r, directly or indirectly, to govern the financial and operating policies of an enterprise so as to obtainbenefits from its activities. The financial statements of subsidiaries are included in the consolidated financialstatements from the date that control effectively commences until the date that control effectively ceases. TheGroup adopts acquisition method of consolidation, as appropriate.

When the acquisition method is adopted, the difference between the purchase consideration and the fair valueof the net assets of each subsidiary company at the date of acquisition is treated as goodwill or reserve onconsolidation. Except for a quoted subsidiary company, goodwill and reserve on consolidation arising from othersubsidiary companies is amortised over 20 years or over the expected useful life, whichever is shorter. Goodwillon consolidation is stated at cost less impairment losses, if any.

All intercompany transactions and balances are eliminated and the consolidated financial statements reflectexternal transactions only. Where necessary, accounting policies for subsidiary companies have been changedto ensure consistency with the policies adopted by the Group.

The difference between the proceeds from the disposal of a subsidiary and the carrying amount of its assetsless liabilities, together with any goodwill or reserve on consolidation, as of the date of disposal is r e c o g n i s e din the consolidated income statements as the gain or loss on the disposal of the subsidiary.

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5.3 Revenue recognition

RevenueRevenue of the Company consists of dividend and interest income.

Revenue of the Group includes the following:-

- trading sales at invoiced value and services rendered.- management fees, dividend, interest and rental income.- membership fees in respect of vacation investment timesharing facilities.- income earned from hotel and resort operations net of discounts.- sales value of completed development properties sold and proportionate sales value of development properties

to stage of completion.- billing of card fees, cash advance fees, interest revenue and discount revenue.- contract revenue from information and telecommunication technology related services.- bus fare collections

Revenue is recognised upon delivery of products and customer acceptance, if any, or performance of services,net of sales taxes and discounts.

Dividend income

Dividends from investments in subsidiaries, associated companies and other investments are recognised whenthe shareholders’ right to receive payment is established.

Development properties and contract work in progress

Profits from sale of development properties and contract work in progress are recognised on the percentage ofcompletion method which is determined on the proportion of development costs incurred to date bear to thetotal estimated costs where the outcome of the project can be reliably estimated. Foreseeable losses, if any,are recognised immediately in the income statement.

Discount and cash advance fees

Revenue from discount and cash advance fees are recognised upon receipt of billings from merchants.Revenue from joining fees is recognised upon issuance of cards to approved members.

Membership fees

Membership fees in respect of vacation investment timesharing facilities are recognised on the basis of 50% inthe first year and the balance over the period of 30 years.

Information and telecommunication technology related services

Revenue and profit from contracts are recognised on an individual contract basis using the percentage ofcompletion method, when the stage of contract completion can be reliably determined, costs to date can beclearly identified, and the total contract revenue to be received and costs to complete can be reliably estimated.The percentage of completion is estimated by the management of the subsidiary companies with reference tothe stage of completion of the work as accepted by the customer. Where it is probable that a loss will arise froma contract, the excess of total estimated costs over revenue is recognised as an expense immediately.

Revenue from maintenance contracts is recognised on a straight line basis over the period of the respectivecontracts.

Bus fares

Revenue from bus fare is recognised on the collection basis.

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5.4 Finance lease and factoring receivables

When assets are leased out under a finance lease, the present value of the lease payments is recognised asa receivable. The difference between the gross receivable and the present value of the receivable is recognisedas unearned finance income. Lease income is recognised over the terms of the lease using the net investmentmethod so as to reflect a constant periodic rate of return of the balance outstanding.

Factoring receivables are carried at the factored amount including the interest receivable. Factoring income isrecognised on the effective yield basis.

An estimate is made for doubtful debts upon the review of outstanding amounts. Bad debts are written off whenidentified.

5.5 Foreign currency transactions and translations

Transactions in foreign currencies are converted into Ringgit Malaysia at the rates of exchange ruling on thetransaction dates. Monetary assets and liabilities denominated in foreign currencies at the balance sheet dateare translated into Ringgit Malaysia at the approximate rates of exchange prevailing on that date. All gains orlosses from currency transactions are taken up in the income statement.

For consolidation purpose, the assets and liabilities of foreign subsidiary companies are translated into RinggitMalaysia at the rates ruling at the balance sheet date. Income statement items are translated at the averageexchange rates for the financial year. All exchange translation differences arising therefrom are dealt withthrough the exchange fluctuation reserve.

Goodwill arising on the acquisition of a foreign entity and fair value adjustments to the carrying amounts ofassets and liabilities acquired are translated at the exchange rate at the date of transaction.

The principal closing rates used in the translation of foreign currencies are as follows:-

2002 2001

1 Ringgit Malaysia: Singapore Dollar 0.452 0.4831 Ringgit Malaysia: US Dollar 0.262 0.2621 Ringgit Malaysia: Australian Dollar 0.463 0.5101 Ringgit Malaysia: Pound Sterling 0.163 0.1801 Ringgit Malaysia: Sudanese Dinar 66.667 66.6671 Ringgit Malaysia: UAE Dirham 0.962 0.962

5.6 Property, plant and equipment

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

The gross carrying amount of property, plant and equipment is initially measured at cost.

Hotel properties comprise land and hotel buildings. Where hotel properties have been revalued, the grossc a r r y i n g amount is stated at valuation. Hotel properties are revalued at a regular interval of at least once in everyfive years with additional valuations in the intervening years where market conditions indicate that the carryingvalues of the revalued land and buildings materially differ from the market values. Surplus arising from suchvaluations is credited to the respective companies’ shareholders equity as a revaluation surplus and anysubsequent deficit is charged against such surplus to the extent of the surplus credited from the previousrevaluations. In all other cases, the deficit will be charged to the income statement. Subsequent to the date ofvaluation, additions to the hotel properties are stated at cost.



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5.6 Property, plant and equipment (continued)

Freehold land, hotel properties and construction in progress are not depreciated.

It is the Company’s practice to maintain the hotel properties in such condition that the residual value is so highthat depreciation would be insignificant. The related maintenance expenditure is dealt with in the income statement.

Depreciation on other property, plant and equipment is calculated to write off the cost or valuation of the assetson the straight line basis over their estimated useful lives. The principal annual depreciation rates are as follows:-

Leasehold land and buildings Over lease period of 25 to 99 yearsBuildings 0.5% - 5%Plant and machinery 10% - 20%Motor vehicles 15% - 20%Furniture, fittings and equipment 2% - 20%Renovation 10% - 20%Computer equipment and software 20% - 33.33%Buses Over 7 yearsTelecommunication and research and

development equipment 20%

C r o c k e r y, glassware, cutleries, linen and kitchen utensils are capitalised at the minimum level required for normaloperations. Replacements are written off to the income statements in the financial year in which they areincurred.

Interest incurred on external borrowings to finance assets under construction is capitalised until the assets areready for their intended use after which such expense is charged to the income statement.

5.7 Investments

5.7.1 Subsidiary companies

Investment in subsidiary companies are eliminated on consolidation and stated at cost less impairmentlosses, if any.

5.7.2 Associated companies

Associated company is a company in which the Group and the Company have a long term equityinterest of between 20% to 50% and where the Group and the Company is in a position to exercisesignificant influence over the financial and operating policies of the investee company.

The Company’s investment in associated companies is stated at cost less impairment losses, if any.

Investment in associated companies are accounted for in the consolidated financial statements usingthe equity method. The Group’s share of results and reserves in the associated companies acquiredor disposed off are included in the consolidated financial statements from the effective date of acquisitionor up to the effective date of disposal, respectively.

Goodwill or negative goodwill arising on acquisition represents the difference between the cost ofinvestment and the Group’s share of the value of net assets of the associated companies at the dateof acquisition.



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5.8 Land held for development and development properties

Land held for development is stated at cost or valuation together with the related development expenditure. Itis reclassified as development property upon commencement of development work on the said land.Development expenditure comprises construction and other related costs including interest and administrativeoverheads relating to the projects. Interest cost on borrowings used to finance the relevant projects is includedas development expenditure from commencement to the completion of development.

The portion of property development projects in which sales have been launched and/or the projects are expectedto be completed within the normal operating cycle of two to three years are considered as current assets.

5.9 Investment securities

Investment securities are stated at cost and impairment loss is recognised, if in the opinion of the Directors,there is a decline other than temporary in the value of investment.

5.10 Purchased goodwill

Goodwill arising on the acquisition of a business which represents the excess of the acquisition cost over thefair value of the underlying net assets acquired is stated at cost and amortised over a period of 20 years on thestraight line basis.

5.11 Intangible assets

Intangible assets are stated at cost less accumulated amortisation.

5.11.1 Software development expenditure

Software development expenditure relates to development work carried out in developingspecialised software packages. Costs that are associated with an identifiable and unique productwhich will be controlled by the Group and has a probable benefit exceeding the cost beyond oneyear, are recognised as software development expenditure. Costs incurred in software development,which are not or have ceased to be commercially viable, are written off to the income statement.

Software development expenditures which are recognised as assets are amortised on the straightline basis over a period of three years from the date the assets are ready for their use.

5.11.2 Intellectual properties

Intellectual properties relate to proprietary rights and technical know-how, which form the platform forportal building. Costs recognised as intellectual properties comprise amounts that the enterprise haspaid, at the date of acquisition and have a probable benefit exceeding the cost. The carrying amountof the intellectual properties is reviewed annually and adjusted for impairment where it is considerednecessary.

Intellectual properties recognised as an asset are amortised on the straight line basis over a periodof three years from the date that asset is ready for its intended use.



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5.12 Impairment of assets

The carrying amount of the assets of the Group and Company are reviewed at each balance sheet date todetermine whether there are any indications of impairment. If any such indication exist, the asset’s recoverableamount is estimated and the impairment loss is recognised when the recoverable amount is less than the carryingamount of the asset. The impairment loss is recognised immediately as a charge in the income statementexcept for the impairment on a revalued asset where the impairment loss is recognised directly against therevaluation surplus account to the extent of the surplus credited from the previous revaluation for the sameasset with the excess of the impairment loss charged to the income statement. A reversal of an impairment lossis recognised immediately as income in the income statement except for the reversal of an impairment loss ona revalued asset where the reversal of the impairment loss is treated as a revaluation increase and credited tothe revaluation surplus account of the same asset.

The impairment loss in respect of goodwill is not reversed unless the loss was caused by a specific externalevent of an exceptional nature that is not expected to recur, or subsequent external events have occurred thatreverse the effect of the specific event. In respect of other assets, an impairment loss is reversed if there hasbeen a change in estimates used to determine the recoverable amount.

An impairment loss is only reversed to the extent that the asset’s carrying amount does not exceed the carryingamount that would have been determined, net of depreciation or amortisation, if no impairment loss had beenrecognised. The reversal is recognised in the income statement.

5.13 Inventories

Inventories are stated at the lower of cost and net realisable value.

Cost is determined on the first-in, first-out basis. Cost of raw materials comprises the original cost of purchaseplus the cost of bringing the inventories to their present location and condition. The cost of work-in-progressand finished goods includes the cost of raw materials, direct labour and a proportion of production overheads.Cost of completed properties comprises the cost of land and the related development expenditure.

Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completionand selling expenses.

5.14 Receivables

Known bad debts are written off and specific allowance is made for debts considered to be doubtful of collection.

5.15 Dealing securities

Dealing securities are marketable securities that are acquired and held with the intention of resale in the short-term, and are stated at the lower of cost and market value, determined on an aggregate portfolio basis bycategory of investment. Cost is derived at on the weighted average basis.

5.16 Assets acquired under hire-purchase and lease arrangements

Assets financed by hire-purchase agreements and lease arrangements which transfer substantially all the risksand benefits of ownership to the Group are capitalised as property, plant and equipment and the correspondingobligations are treated as liabilities. The property, plant and equipment capitalised are depreciated on the samebasis as that of the Group’s property, plant and equipment. Finance charges are allocated to the incomestatement over the period of the agreements to give a constant periodic rate of charge on the remaining hire-purchase and lease liabilities.

Leases which do not meet the above criteria are treated as operating leases and the related rentals are chargedto the income statement as and when incurred.

5.17 Deferred taxation

Deferred taxation is provided under the liability method at the current taxation rate in respect of all materialtiming differences except where there is reasonable evidence that these timing differences will not reverse inthe foreseeable future. Deferred taxation benefits are recognised only when there is reasonable assurance oftheir realisation.

5.18 Provisions

Provisions are recognised when there is a present obligation, legal or constructive, as a result of a past event,when it is probable that an outflow of resources embodying economic benefits will be required to settle theobligation and a reliable estimate can be made of the amount of the obligation.

5.19 Retirement benefits

Certain subsidiary companies operate an unfunded retirement benefit plan for rank and file employees inaccordance with an article contained in the collective union agreement. The liabilities in respect of theretirement benefits plan is determined by an actuarial valuation for its defined benefit obligations under theProjected Unit Credit Method. Under this method, the current service cost is calculated as the present value ofbenefits that will accrue on valuation date (by reference to the number of employees providing the service inthat year and projected final salaries). The liabilities will be recognised immediately in the year they areincurred.

5.20 Segment information

Segment information is presented in respect of the Group’s business and geographical segments. The primaryreporting segment information is in respect of business segments as the Group risk and rates of return areaffected predominantly by differences in the products it produces, while the secondary information is reportedgeographically.

Segment results, assets and liabilities include items directly attributable to a segment as well as those that canbe allocated on a reasonable basis.

Segment capital expenditure is the total cost incurred during the period to acquire segment assets that areexpected to be used for more than one period.



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5.21 Financial instruments

(a) Financial instruments recognised on the balance sheet

The particular recognition method adopted for financial instruments recognised on the balance sheet isdisclosed in the individual policy statements associated with each item.

(b) Disclosures of fair values

The carrying value of the financial assets and liabilities maturing within 12 months are assumed toapproximate their fair values.

The fair values of quoted investments are estimated based on quoted market prices. For investmentsfor which there are no quoted market prices, a reasonable estimate of fair value could not be madewithout incurring excessive costs. Therefore, such investments are valued at cost subject to review forimpairment.

The fair value of the deposit is estimated by discounting the estimated future cash flows using the fixeddeposit rate offered to a quoted subsidiary company.

The fair values of term loans are estimated based on the market rates for the same or similar loans withthe same remaining maturities.

The fair values of the redeemable loan stocks and convertible loan stocks are estimated by discountingthe future contractual cash flows at the current market interest rate available to the Group and onassumptions that are based on market conditions existing at balance sheet date.

5.22 Borrowing costs

Costs incurred on borrowings to finance a qualifying asset is capitalised until the asset is ready for their intendeduse after which such expense is charged to the income statement.

5.23 Cash and cash equivalents

Cash and cash equivalents include cash and bank balances, bank overdrafts, deposits and other short-term,highly liquid investments which are readily convertible to cash and are subject to insignificant risk of changesin value.



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6. REVENUEGroup Company

2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000

Sales of goods 43,768 70,172 - -Rendering of services 81,350 56,511 - -Interest and financing income 16,152 20,933 70 52 Property development 58,325 49,454 - -Rental income 640 571 - -Gross dividend income 3,380 1,889 1,592 8,874

203,615 199,530 1,662 8,926

7. IMPAIRMENT LOSS Group Company

2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000

Impairment loss on:-(a) goodwill on consolidation 50,224 - - -

(b) Investment in:-(i) quoted subsidiary company - - 50,224 -(ii) others - - 4,690 -

50,224 - 54,914 -

As at the end of the financial year, the Group and the Company have provided an impairment loss of RM50.224 millionagainst the goodwill on consolidation and on the investment in Advance Synergy Capital Berhad (formerly known asUnited Merchant Group Berhad)("ASC"), respectively based on the discounted cash flow computed on ASC’s profitprojection of the current and new business undertaken by ASC and its subsidiary companies.



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8. DISPOSAL OF SUBSIDIARY COMPANY

(a) On 14 September 2001, the Company entered into a Supplemental Agreement with Inisiatif Ikhlas Sdn. Bhd.("IISB") to complete the Sale and Purchase Agreement dated 27 April 1999 entered into between the Companyand IISB for the disposal of the Company’s entire shareholding of 3,850,000 ordinary shares of RM1.00 eachrepresenting 70% equity interest in Plastic Centre Sdn. Bhd. ("PCSB") to IISB for a sale consideration ofRM28.0 million.

On the same date, the Company entered into a Supplementary Agreement with PCSB to revoke and rescindthe Sale and Purchase Agreement dated 27 April 1999 entered into by the Company and PCSB in so far as itrelates to the acquisition by the Company of 49% equity interest in PC Ventures Sdn. Bhd. ("PCV") from PCSBfor a purchase consideration of RM14,002,584 and to complete the acquisition by the Company of 100% equityinterest in Calmford Incorporated ("CI") from PCSB for a purchase consideration of RM1.00.

(b) Effect on the disposal of subsidiary in the financial year ended 31 December 2001.

(i) Effect on Company results

The disposal of PCSB resulted in a loss of RM91,015 in respect of the Company for the financial yearended 31 December 2001.

(ii) Effect on the consolidated results

The effects of the disposal of PCSB on the results of the Group for the financial year ended 31December 2001 were as follows:-

As at date of disposal RM’000

Revenue 37,780Cost of sales (33,082)

Gross profit 4,698Other operating income 1,040Distribution costs (1,021)Administration expenses (2,692)

Profit from operations 2,025Finance cost (528)Share of results of associated company 1,656

Profit before taxation 3,153Taxation - associated company (341)

Profit after taxation 2,812Minority interest 6

Net profit for the financial year 2,818



145



146

8. DISPOSAL OF SUBSIDIARY COMPANY (continued)

(iii) Effect on financial position

The effects of the disposal of subsidiary on the financial position of the Group were as follows:-


Property, plant and equipment 27,852Investment in associated companies 18,055Goodwill on consolidation 264Investment securities 143Purchased goodwill 1,238Inventories 8,844Inter-company balances (69)Receivables 64,715Deposit with licensed banks 94Cash and bank balances 7,999Reserve on consolidation (5,144)Payables (21,958)Bank overdraft (11,103)Borrowings (27,338)Taxation (154)Minority interest (1,451)

Net assets 61,987Retained as subsidiaries 5,199Minority interest (19,120)

48,066Goodwill realised on disposal of subsidiary

company 6,104

Share of net assets disposed 54,170Proceeds from disposal (28,000)

Loss on disposal of subsidiary company 26,170

(iv) Effect on the Group’s cash flow statement


Total proceeds from disposal 28,000Negative cash and cash equivalents of subsidiary disposed 3,113

Net increase in cash and cash equivalents arising fromdisposal of subsidiary company 31,113



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9. LOSS BEFORE TAXATION

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000 The results for the financial year

have been arrived at:-

After charging:-

Allowance for doubtful debts 8,562 1,019 24,103 3,324Amortisation of goodwill on consolidation- subsidiary companies 1,485 388 - -- associated companies 64 - - -Amortisation of intangible assets 499 499 - -Amortisation of purchased goodwill 85 79 - -Auditors’ remuneration - holding company 75 75 75 75- subsidiary companies 294 353 - -- (over)/under provision in prior year (6) 39 - -Bad debts written off 10,719 264 10,500 -Depreciation/amortisation 12,995 14,046 115 44Directors’ remuneration - fees 769 438 264 144- other emoluments 1,577 2,121 - -Impairment loss on goodwill on consolidation 50,224 - - -Impairment loss on investment - - 54,914 -Interest expenses- advances from subsidiary companies - - 1,948 1,977- advances to subsidiary companies - - (2,658) (3,171)- bank overdrafts 135 577 - -- convertible loan stocks 12,761 12,731 12,761 12,731- hire-purchase and lease 135 961 - -- loans 3,976 4,185 - -- others 1,356 498 22 -- redeemable loan stocks 13,000 12,996 13,000 12,996- revolving credit 4 365 - -Impairment on property, plant and equipment 3,583 - - -Inventories written off - 634 - -Lease rental 1,571 37 - -Loss on disposal of investments 369 44 - -Loss on disposal of property, plant and

equipment - 12 - -Loss on foreign exchange- unrealised - 64 - -- realised - 1 - 1Property, plant and equipment written off 82 133 5 53Provision for retirement benefits - 264 - -Rental expenses - equipment 129 19 - -- others 17 49 - -- premises 9,722 7,401 307 267



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9. LOSS BEFORE TAXATION (continued)

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000

And crediting:-

Allowance for doubtful debts no longer required 12 5 - -Amortisation of reserve on consolidation 839 839 - -Bad debts and financing recovered 208 185 - -Gain on disposal of property, plant and

equipment 1,592 318 4 -Gain on foreign exchange- unrealised - 72 - -- realised 1,092 83 - -Gross dividend income from Malaysia- quoted subsidiary company - - - 7,961- associated companies - 504 - 855- unquoted investments 3,236 1,137 1,534 -- quoted investments 144 248 58 58Interest income- fixed deposit 553 595 70 52- others 654 460 10 -Overprovision of retirement

benefits in previous year 101 - - -Rental income 1,646 2,569 - -Write back of payables 14,083 - 14,083 -Write back of interest expenses - 14,549 - 14,549Write back of provision for damages 54 120 - -Write back of provision for

property, plant and equipment - 123 - -Write back of provision for service charges - 211 - -

The estimated monetary value of other benefits, not included in the above, received by Directors of the Company andits subsidiary companies were RM5,300 (2001: RM26,008) for the Company and RM82,500 (2001: RM113,008) forthe Group.



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10. TAXATION

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000 Taxation based on the profit for

the financial year:-

Malaysian income tax 8,009 8,333 - 2,290Overseas taxation 558 136 - -

8,567 8,469 - 2,290Transfer from deferred taxation

(Note 34) (220) (72) - -

8,347 8,397 - 2,290Underprovision of taxation in

respect of prior years 294 36 - -

8,641 8,433 - 2,290Share of taxation in associated

companies 2,044 544 - -

10,685 8,977 - 2,290

The effective tax rate of the Group for the current financial year is higher than the statutory tax rate mainly due tocertain expenses which were not deductible for taxation purposes and the non-availability of group relief where taxlosses of certain subsidiary companies cannot be set-off against the taxable income of other subsidiary companies.

11. LOSS PER STOCK UNITThe basic loss per stock unit for the financial year has been calculated based on the consolidated net loss for the financialyear divided by the weighted average number of stock units in issue during the financial year.

Group2002 2001

Consolidated net loss for the financial year (RM’000) 68,147 28,537

Weighted average number of stock units in issue (’000) 337,794 337,794

Basic loss per stock unit (sen) 20.17 8.45



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12. PROPERTY, PLANT AND EQUIPMENT

Balance Subsidiary Exchange Balanceas at companies Written translation as at

Group 1.1.2002 Additions Disposals acquired off adjustments 31.12.20022002 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Cost unless

otherwise statedFreehold land 3,486 - - - - 289 3,775Hotel properties- at valuation 155,800 - - - - - 155,800- at cost 72,148 433 - - - 4,350 76,931Long term leasehold land 1,274 - - - - - 1,274Buildings 64,516 1,177 (30) - - 538 66,201Plant and machinery 15,337 180 (2,182) - - 963 14,298Furniture, fittings

and equipment 55,293 2,783 (194) 2,162 (95) 471 60,420Renovation 2,752 1,145 - 202 (60) 9 4,048Motor vehicles 6,664 753 (796) 63 - 26 6,710Buses - 25,562 - - - - 25,562Computer equipment

and software 19,634 2,311 (7,868) 359 (11) 16 14,441Crockeries, glassware,

cutleries, linen andkitchen utensils 4,539 164 (140) - - - 4,563

Telecommunication,research and development equipment - 504 (658) 6,336 - 153 6,335

Construction in progress - 292 - - - - 292

401,443 35,304 (11,868) 9,122 (166) 6,815 440,650

Balance Charge Subsidiary Exchange Balanceas at for the companies Written translation as at

1.1.2002 financial year Disposals acquired off adjustments 31.12.20022002 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Accumulated

DepreciationFreehold land - - - - - - -Hotel properties- at valuation - - - - - - -- at cost - - - - - - -Long term leasehold land 293 19 - - - - 312Buildings 4,769 1,344 (1) - - - 6,112Plant and machinery 8,468 1,207 (1,740) - - 397 8,332Furniture, fittings

and equipment 30,202 5,363 (102) 436 (36) 145 36,008Renovation 1,327 293 - 61 (37) 3 1,647Motor vehicles 5,707 345 (791) 1 - 13 5,275Buses - 310 - - - - 310Computer equipment

and software 15,685 3,224 (6,585) 138 (11) 6 12,457Crockeries, glassware,

cutleries, linen andkitchen utensils 1,106 515 - - - - 1,621

Telecommunication,research and development equipment - 375 (189) 1,826 - 52 2,064

Construction in progress - - - - - - -

67,557 12,995 (9,408) 2,462 (84) 616 74,138



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12. PROPERTY, PLANT AND EQUIPMENT (continued)

Balance Impairment losses Balanceas at for the as at

1.1.2002 financial year 31.12.20022002 RM’000 RM’000 RM’000Impairment loss Furniture, fittings and equipment - 3,583 3,583

Balance Exchange Balanceas at Written Reclassi- translation as at

Group 1.1.2001 Additions Disposals off fication adjustments 31.12.20012001 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Cost unless

otherwise statedFreehold land 23,522 18 (13,687) - (5,701) (666) 3,486Hotel properties- at valuation 155,800 - - - - - 155,800- at cost 72,018 894 - - - (764) 72,148Long term leasehold land 59,687 2,076 - - (60,489) - 1,274Short term leasehold

land and buildings 60 - (60) - - - -Buildings - - - - 64,516 - 64,516Plant and machinery 30,584 786 (15,145) - - (888) 15,337Motor vehicles 7,881 554 (1,760) - - (11) 6,664Furniture, fittings

and equipment 54,255 2,930 (1,251) (10) (511) (120) 55,293Renovation 3,692 1,077 (1,169) (848) - - 2,752Crockeries, glassware,

cutleries, linen andkitchen utensils 2,200 154 - - 2,185 - 4,539

Computer equipment and software 19,419 534 - (319) - - 19,634

429,118 9,023 (33,072) (1,177) - (2,449) 401,443

ChargeBalance for the Exchange Balance

as at financial Written Reclassi- translation as at2001 1.1.2001 year Disposals off fication adjustments 31.12.2001

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Accumulated

DepreciationFreehold land 1,137 189 (1,245) - (81) - -Hotel properties - - - - - - -Long term leasehold

land and buildings 3,992 2,218 - - (5,917) - 293Short term leasehold land 14 1 (15) - - - -Buildings - - - - 4,769 - 4,769Plant and machinery 14,138 2,029 (7,429) - - (270) 8,468Motor vehicles 6,488 635 (1,411) - - (5) 5,707Furniture, fittings

and equipment 25,938 4,267 (642) (8) 681 (34) 30,202Renovation 2,185 282 (345) (795) - - 1,327Crockeries, glassware,

cutleries, linen andkitchen utensils 93 465 - - 548 - 1,106

Computer equipmentand software 11,809 3,960 - (84) - - 15,685

65,794 14,046 (11,087) (887) - (309) 67,557



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Balance BalanceCompany as at Written as at2002 1.1.2002 Additions Disposals Off 31.12.2002

RM’000 RM’000 RM’000 RM’000 RM’000Cost

Motor vehicles 195 - - - 195Furniture, fittings and equipment 805 54 (17) (6) 836Renovation - 840 - - 840

1,000 894 (17) (6) 1,871

ChargeBalance for the Balance

as at financial Written as at2002 1.1.2002 year Disposals off 31.12.2002

RM’000 RM’000 RM’000 RM’000 RM’000Accumulated

depreciation

Motor vehicles 195 - - - 195Furniture, fittings and equipment 724 31 (16) (1) 738Renovation - 84 - - 84

919 115 (16) (1) 1,017

Balance BalanceCompany as at Written as at2001 1.1.2001 Additions off 31.12.2001

RM’000 RM’000 RM’000 RM’000Cost

Motor vehicles 195 - - 195Furniture, fittings and equipment 798 7 - 805Renovation 848 - (848) -

1,841 7 (848) 1,000

ChargeBalance for the Balance

as at financial Written as at2001 1.1.2001 year off 31.12.2001

RM’000 RM’000 RM’000 RM’000Accumulated

depreciation

Motor vehicles 194 1 - 195Furniture, fittings and equipment 694 30 - 724Renovation 782 13 (795) -

1,670 44 (795) 919



153


Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000Net book value

Freehold land 3,775 3,486 - -Hotel properties- at valuation 155,800 155,800 - -- at cost 76,931 72,148 - -Long term leasehold land 962 981 - -Buildings 60,089 59,747 - -Plant and machinery 5,966 6,869 - -Furniture, fittings and equipment 20,829 25,091 98 81Renovation 2,401 1,425 756 -Motor vehicles 1,435 957 - -Buses 25,252 - - -Computer equipment and software 1,984 3,949 - -Crockeries, glassware, cutleries, linen and

kitchen utensils 2,942 3,433 - -Telecommunication and research and

development equipment 4,271 - - -Construction in progress 292 - - -

362,929 333,886 854 81

( a ) Hotel properties amounting to RM155.8 million (2001: RM155.8 million) have been pledged to financialinstitutions as securities for credit facilities granted to the Company, which had been restructured by way of a nissue of redeemable and convertible loan stocks, both with detachable warrants by the Company as disclosedin Note 31.

( b ) The carrying amounts of certain freehold land, hotel properties and buildings of the Group charged to financialinstitutions for credit facilities granted to the subsidiary companies are as follows:-

2002 2001RM’000 RM’000

Freehold land 3,129 2,840Hotel properties 76,931 72,148Buildings 6,869 6,347

86,929 81,335

(c) The strata title for a hotel property of the Group costing RM29.561 million (2001: RM29.561 million) has yet tobe issued by the relevant authorities.

154


(d) The hotel properties of the Group were revalued by Directors on 31 December 2000 based on the valuationcarried out by an independent firm of professional valuers, using the open market value basis.

Had the revalued assets been carried at cost less accumulated depreciation and accumulated impairment loss,the carrying amounts would have been as follows:-

Accumulated Net bookCost depreciation value

2002 RM’000 RM’000 RM’000

Hotel properties 106,336 - 106,336

2001

Hotel properties 105,903 - 105,903

( e ) The impairment loss recognised for certain property, plant and equipment of the Group in the incomestatement during the financial year is as follows:-

Group2002 2001

RM’000 RM’000

Obsolescence due to decline in market valueresulting from normal use 3,583 -

13. INVESTMENT IN SUBSIDIARY COMPANIES

Company2002 2001

RM’000 RM’000

Quoted shares - at cost 450,302 593,602Impairment losses (207,570) (157,346)

242,732 436,256

Unquoted shares - at cost 209,461 207,121Impairment losses (32,657) (30,976)

176,804 176,145

419,536 612,401

Market value of quoted shares 62,097 214,949



155

13. INVESTMENT IN SUBSIDIARY COMPANIES (continued)

(a) The details of the subsidiary companies are set out in Note 46.

(b) Some of the shares of a quoted subsidiary company and an unquoted subsidiary company with the cost ofRM435.155 million (2001: RM573.665 million) and RM117.774 million (2001: RM117.774 million), respectively,have been pledged to financial institutions as security for credit facilities granted to the Company and theGroup, which had been restructured by way of an issue of redeemable and convertible loan stocks, both withdetachable warrants by the Company as disclosed in Note 31.

(c) On 31 December 2002, the quoted subsidiary company, ASC, returned 90 sen cash per ordinary share ofRM1.00 each to its shareholders amounting to RM282,349,504 by the cancellation of 90 sen from every oneexisting ordinary share of RM1.00 each and consolidated ten of the resulting ordinary shares of 10 sen eachinto one ordinary share of RM1.00 each ("Proposed Return of Capital"). On the same date, ASC alsoimplemented a bonus issue of 125,488,688 new ordinary shares of RM1.00 each on the basis of four newordinary shares of RM1.00 each for each existing ordinary share of RM1.00 each held after the ProposedReturn of Capital.

(d) As at the balance sheet date, the carrying value of investment in the quoted subsidiary company, ASC, amountingto RM242.732 million (2001: RM436.256 million) is stated after accounting for the return of capital [as referredto in Note 13(c)] and the impairment in value as determined in accordance with MASB Standard No. 23,Accounting for Impairment of Assets.

(e) On 29 August 2002, the Group completed the acquisition of the following subsidiary companies:-

(a) 70% equity interest in Unified Communications Sdn. Bhd. ("UCSB") comprising 700,140 ordinary sharesof RM1.00 each for a cash consideration of RM54 million.

(b) 70% equity interest in Unified Communications Pte. Ltd. ("UCPL") (a company incorporated inSingapore) comprising 700,000 ordinary shares of SGD1.00 each for a cash consideration of RM45million.

Goodwill arising on these acquisitions amounting to RM79.314 million have been accounted for using the acquisitionmethod of accounting.

The effect of these acquisitions on the financial results of the Group during the financial year is as follows:-

RM’000

Revenue 33,245Operating costs (23,038)

Profit before tax and before minority interest 10,207Taxation (416)

Profit before minority interest 9,791Minority interest (3,883)

Increase in the net profit of the Group 5,908





156

13. INVESTMENT IN SUBSIDIARY COMPANIES (continued)

The effect of these acquisitions on the financial position of the Group at the end of the financial year is as follows:-

RM’000

Property, plant and equipment 6,660Inventories 14,313Trade receivables 18,870Other receivables, deposits and prepayment 7,179Cash and bank balances 184Trade payables (7,096)Other payables and accruals (7,945)Taxation (910)Inter-company balances (163)Deferred taxation (636)Short term borrowings (1,558)Minority interest (8,670)

Increase in the net assets of the Group 20,228

14. INVESTMENT IN ASSOCIATED COMPANIES

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000

Quoted shares - at cost 12,758 - - -

Unquoted shares - at cost 37,541 50,244 32,027 32,027Impairment loss - - (3,009) -

37,541 50,244 29,018 32,027

50,299 50,244 29,018 32,027Group’s share of post

acquisition results 39,967 34,551 - -

90,266 84,795 29,018 32,027

Market value of quoted shares 8,610 - - -



157

14. INVESTMENT IN ASSOCIATED COMPANIES (continued)

The Group’s investment in associated companies are represented by:-

2002 2001RM’000 RM’000

Share of net assets other than goodwill of associates 89,109 83,574Goodwill on acquisition 1,157 1,221

90,266 84,795

The details of the associated companies are set out in Note 46.

On 10 January 2002, the Group disposed of its entire equity interest in Powernet Industries Sdn. Bhd. ("PISB") toKumpulan Powernet Berhad ("KPB"). The consideration was satisfied by the issuance of 8,152,064 ordinary shares ofRM1.00 each in KPB and the Group now holds 20% equity interest in the enlarged capital of KPB as disclosed in Note47(i).

The unquoted shares of an associated company of the Group and of the Company costing RM16.669 million (2001:RM16.669 million) have been pledged to a quoted subsidiary company to secure an inter-company advance.

In the previous financial year:-

(a) The Group had acquired a total of 7,915,000 ordinary shares of RM1.00 each representing approximately23.77% of the issued and paid-up share capital of Powernet Industries Sdn. Bhd. ("PISB") for a total cashconsideration of RM12,664,000.

(b) By virtue of the disposal of 70% equity interest in PCSB, the investment in associated company, PCV, waseffectively disposed off as disclosed in Note 8(a).

15. LAND HELD FOR DEVELOPMENTGroup

2002 2001RM’000 RM’000

Long term leasehold land- at valuation 9,296 9,296- at cost 327 327Development expenditure 4,151 4,151

13,774 13,774

The entire long term leasehold land held for development of the Group have been pledged to financial institutions assecurity for credit facilities granted to the Company and a subsidiary company, which had been restructured by way ofan issue of redeemable and convertible loan stocks, both with detachable warrants as disclosed in Note 31.

Leasehold land held for development at valuation of the Group were revalued by the Directors on an open market valuebasis in 1981 and 1983 based on valuations carried out by independent professional firms of valuers and since then,the revaluation has not been updated.



158

16. INVESTMENT SECURITIES

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000Quoted Securities

In Malaysia:-Shares 4,458 4,458 4,458 4,458

Outside Malaysia:-Shares stated at cost 27,558 27,558 - -Impairment losses (23,448) (23,448) - -

4,110 4,110 - -

8,568 8,568 4,458 4,458Unquoted Securities

In Malaysia:-Shares stated at cost 52,662 52,662 52,658 52,658Impairment losses (17,483) (17,483) (17,483) (17,483)

35,179 35,179 35,175 35,175Outside Malaysia:-Shares 7,502 9,644 - -

42,681 44,823 35,175 35,175

51,249 53,391 39,633 39,633

Market value:-

Quoted shares in Malaysia 3,724 3,587 3,724 3,587Quoted shares outside

Malaysia 6,001 9,564 - -

The quoted securities of the Company have been pledged to financial institutions as a security for credit facilities grantedto the Company, which had been restructured by way of an issue of redeemable and convertible loan stocks, both withdetachable warrants as disclosed in Note 31.

The unquoted securities in Malaysia of the Company comprising shares with a carrying value of RM35.175 million(2001: RM35.175 million) have been pledged to a quoted subsidiary company to secure an inter-company advance.



159

17. GOODWILL ON CONSOLIDATIONGroup

2002 2001RM’000 RM’000

Balance as at 1 January 103,602 94,535Reclassification - 13,414

As restated 103,602 107,949

Goodwill arising from acquisition of subsidiaries during the financial year 79,314 2,409Realisation of goodwill on disposal of subsidiaries - (6,368)

182,916 103,990Impairment loss (Note 7) (50,224) -Amortisation during the financial year (1,485) (388)

Balance as at 31 December 131,207 103,602

18. PURCHASED GOODWILLGroup

2002 2001RM’000 RM’000

Balance as at 1 January 1,257 1,459Exchange translation adjustment 126 (123)

1,383 1,336Amortisation during the financial year (85) (79)


19. INTANGIBLE ASSETSGroup

2002 2001RM’000 RM’000

Intellectual property

Balance as at 1 January 533 800Amortisation during the financial year (267) (267)

Balance as at 31 December 266 533

Software development expenditure

Balance as at 1 January 465 697Amortisation during the financial year (232) (232)


499 998



160

20. DEPOSITGroup

2002 2001RM’000 RM’000

Deposit for proposed acquisition of 32.9% equityinterest in Malpac Holdings Berhad ("Malpac") 30,000 -

On 14 August 1997, a quoted subsidiary company, ASC entered into a conditional share sale and purchase agreementwith the vendors of Malpac to acquire a 32.9% equity interest comprising 24,675,000 ordinary shares of RM1.00 eachin Malpac for a cash consideration of RM166,556,250 or RM6.75 per ordinary share. Approvals from the relevantauthorities were obtained during the financial year ended 31 December 1997.

A deposit of RM30 million (2001: RM30 million) was paid to the vendors of the shares of Malpac pursuant to the saleand purchase agreement for the said shares.

The Directors of ASC continued to negotiate with the vendors to terminate the proposed acquisition of Malpac. Underthe termination proposal, ASC’s rights and obligations under the conditional sales and purchase agreement dated 14August 1997 would be rescinded and the initial deposit provided by the Group would be refunded.

The Directors of ASC are of the view that the initial deposit may not be refunded within the next twelve months.H o w e v e r, allowance for doubtful debts is not required for the current financial year as the Directors of ASC are confidentthat the said deposit will be refunded.

21. DEVELOPMENT PROPERTIES AND EXPENDITURE

Group2002 2001

RM’000 RM’000Leasehold land - at cost 12,430 9,831- at valuation 6,562 10,144Development expenditure 111,291 92,933Attributable profit 14,235 10,026

144,518 122,934Less: Progress billings (101,660) (68,447)

42,858 54,487

Included in the development expenditure is interest capitalised and plant hire expenses amounting to RM1.143 million(2001: RM1.273 million) and RM8,980 (2001: RM273,300) respectively.

Certain leasehold land under development have been charged to financial institutions as security for credit facilitiesgranted to a subsidiary company.



161

22. INVENTORIESGroup

2002 2001RM’000 RM’000

At cost:-

Completed development properties 10,122 10,104Raw materials 1,117 1,289Work-in-progress 1,085 641Finished goods 15,638 1,459Food and beverages 419 459Operating supplies 1,700 617

30,081 14,569

There are no inventories that are stated at net realisable value.

Certain inventories of completed development properties of RM7.591 million (2001: RM7.591 million) have beenpledged to financial institutions as security for credit facilities granted to the Company, which had been restructured byway of an issue of redeemable and convertible loan stocks, both with detachable warrants as disclosed in Note 31.

Certain inventories of completed development properties of RM1.758 million (2001: RM2.513 million) have beenpledged to financial institutions for credit facilities granted to a subsidiary company.

23. RECEIVABLESGroup Company

2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000

Amounts owing by subsidiary companies - - 465,804 273,601Allowance for doubtful debts - - (97,925) (73,824)

- - 367,879 199,777

Amounts owing by associated companies 15,211 15,294 39 27

Trade receivables 57,774 32,753 - -Allowance for doubtful debts (2,956) (2,744) - -

54,818 30,009 - -

Other receivables, deposits and prepayments 13,908 68,196 399 31,053

Deposit for proposed acquisition of Malpac (Note 20) - 30,000 - -

Allowance for doubtful debts (1,083) (709) (49) (46)

12,825 97,487 350 31,007

82,854 142,790 368,268 230,811



162

23. RECEIVABLES (continued)

(a) The credit terms of trade receivables range from payment in advance to 90 days.

(b) The currency exposure of trade receivables of the Group are as follows:-

Group2002 2001

RM’000 RM’000

Ringgit Malaysia 23,150 20,212US Dollar 20,734 607Pound Sterling 702 427UAE Dirham 872 752Sudanese Dinar 3,514 5,521Singapore Dollar 3,486 -Australian Dollar 2,360 2,490

54,818 30,009

(c) Included in the amounts owing by subsidiary companies are balances amounting to RM19.721 million (2001:RM19.102 million) which are unsecured, bearing interest at 9% (2001: 9%) per annum and have no fixed termsof repayment.

(d) Included in the amounts owing by associated companies is an Unsecured Subordinated Loan ("USL") of RM15million (2001: RM15 million) provided by a quoted subsidiary company on 3 February 2000, to SouthernInvestment Bank Berhad ("SIBB") to repay its existing RM50 million Exchangeable Subordinated Capital Loangranted by Danamodal Nasional Berhad. The USL carries interest at the rate of 7.0% per annum and isrepayable by way of 5 equal annual instalments of RM3 million each, the first of which is to be paid on the lastday of the period of 3 years commencing on the drawdown date, 2 February 2003 and each subsequent instalmentshall be paid on the same day of each succeeding year thereafter until the loan is repaid or settled in full. Theremaining amounts owing by associated companies are unsecured, bear no interest and have no fixed termsof repayment.

(e) The allowance for doubtful debts is net of bad debts written off as follows:-

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000

Bad debts written off 1,296 2,792 - -



163

24. DEALING SECURITIESGroup

2002 2001RM’000 RM’000

Quoted securities:-Shares in Malaysia 2,496 2,631

Unquoted securities:-Private debt securities in Malaysia 2,127 2,127

4,623 4,758

Market value of shares quoted in Malaysia 2,496 2,631

25. DEPOSITS WITH FINANCIAL INSTITUTIONS

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000

Licensed banks 128,950 111,974 2,700 1,100Licensed finance institutions 1,014 280,694 - -Other financial institutions - 91,851 - -

129,964 484,519 2,700 1,100

Certain deposits of the Group amounting to RM4.589 million (2001: RM2.342 million) have been pledged to financialinstitutions for banking facilities granted to certain subsidiary companies.

26. PAYABLES

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000

Trade payables 34,794 33,814 - -Other payables and accruals 112,654 73,237 116,007 73,738Amounts owing to

subsidiary companies - - 62,551 59,336Amount owing to a director 1,063 - - -Hire-purchase and lease

creditors portion payablenot later than one year(Note 33) 1,292 2,709 - -

149,803 109,760 178,558 133,074



164

26. PAYABLES (continued)

(a) An amount owing to a quoted subsidiary company of RM62.542 million (2001: RM59.336 million) is secured byunquoted shares of an associated company and unquoted securities. There are no fixed terms of repaymentand interest is charged at Southern Finance Berhad’s 3 months fixed deposit rate of 3.20% (2001: 3.25% to3.45%) per annum.

(b) The credit terms of trade payables range from 30 to 90 days.

(c) The currency exposure of trade payables of the Group are as follows:-

Group2002 2001

RM’000 RM’000

Ringgit Malaysia 24,136 30,563US Dollar 2,735 129Pound Sterling 745 501UAE Dirham 1,192 1,014Sudanese Dinar 563 239Singapore Dollar 4,264 -Australian Dollar 1,159 1,368

34,794 33,814

Included in the other payables and accruals are:-

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000

Other payables 46,294 9,165 29 40Provisions and accruals 19,378 30,422 1,231 15,239Accrued interest 46,782 32,755 46,782 32,009Deposit received - - 67,965 26,450Initial franchise and technical service fee 200 895 - -

112,654 73,237 116,007 73,738

Included in other payables is an amount of RM32.550 million (2001: Nil) in respect of the balance of the purchaseconsideration outstanding for the acquisition of subsidiaries as stated in Note 38.

The deposit received represents the amount received from ASC for the disposal of ACE Synergy Insurance Berhad("ACE"), an associated company, pursuant to a Sale and Purchase Agreement as disclosed in Note 47(viii).

27. BANK OVERDRAFTS - UnsecuredThere is a negative covenant over all the present and future assets of a subsidiary company to secure the bankoverdraft facilities of the Group.

The bank overdrafts bear interest rate of 8.9% (2001: 8.40% to 8.80%) per annum.



165

28. SHORT TERM BORROWINGS

Group2002 2001

RM’000 RM’000Secured:-

Revolving credit 2,848 10,192Term loans (Note 32) 3,869 7,558

6,717 17,750Unsecured:-

Revolving credit - 316Term loans (Note 32) 1,677 1,172

1,677 1,488

8,394 19,238

The borrowings of the Group are secured by:-

(i) Registered charges over development properties, land and buildings and a hotel property;

(ii) Registered charges over certain fixed and floating assets of certain subsidiary companies; and

(iii) Negative covenant over all the present and future assets of a subsidiary company.

Interest rates on the borrowings range from 7.31% to 9.95% (2001: 7.00% to 10.45%) per annum.

29. SHARE CAPITALGroup and Company

2002 2001RM’000 RM’000

Authorised:-

Ordinary shares of RM1.00 each 800,000 800,000

Issued and fully paid-up:-

Ordinary shares of RM1.00 each fully paid andconverted into stock units of RM1.00 each 337,794 337,794

(a) Warrants 2000/2003

As at 31 December 2002, the Company has 168,896,809 outstanding Warrants 2000/2003 which wereoriginally issued to the entitled stockholders in conjunction with the restructuring of bank borrowings of theCompany. The Warrants are constituted by a Deed Poll dated 28 April 2000. Each Warrant 2000/2003 e n t i t l e sthe registered holder to subscribe for one new stock unit of RM1.00 each at the exercise price of RM1.00 perstock unit during the exercise period expiring on 28 August 2003.

No exercise of any Warrants had taken place during the financial year.



29. SHARE CAPITAL (continued)

On 9 April 2003, the Company announced the proposal to extend the duration and exercise period of theoutstanding Warrants 2000/2003 by five (5) years from 28 August 2003 up to and including 28 August 2008 andthereafter the option to extend the exercise period for a further period of two (2) years expiring on 28 August2010. The proposal is still pending approval to be obtained from the stockholders of the Company and any otherrelevant authorities.

(b) 7% Convertible Loan Stocks 2000/2005 ("CLS")

The CLS were issued pursuant to the restructuring of bank borrowings undertaken by the Company with itsidentified financial institutions. The CLS may be converted in proportions of up to 20% and 30% commencingfrom the end of the third and fourth year respectively from 1 May 2000 and the balance of 50% at end of thefifth year from 1 May 2000.

During the financial year, no conversion of CLS into new stock units had taken place.

Upon exercise of the Warrants and conversion of CLS into new stock units, such stock units shall rank paripassu in all respects with the then existing issued stock units of the Company, except that such new stock unitsshall not be entitled to any rights, allotment, dividends or other distributions declared or to be declared in respectof the financial period prior to the financial period in which such new stock units are issued or for any interimdividends or distributions that may be declared prior to the date of allotment of such new stock units.

30. RESERVESGroup Company

2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000

Share premium 430,437 430,437 430,437 430,437Capital reserve (1,792) (1,792) 69 69Revaluation reserve 50,596 50,596 - -Exchange fluctuation reserve 4,513 1,571 - -Reserve on consolidation 11,736 12,575 - -

Total non - distributable reserves 495,490 493,387 430,506 430,506

Accumulated losses (461,104) (392,957) (451,757) (348,945)

34,386 100,430 (21,251) 81,561

The movements in reserves are shown in the Statements of Changes in Equity.

The revaluation reserve represents surplus on the revaluation of certain hotel properties of the Group.

166



167

31. 7% REDEEMABLE AND CONVERTIBLE LOAN STOCKS 2000/2005

Group and Company2002 2001

RM’000 RM’000

7% redeemable secured loan stocks 185,874 185,8747% convertible secured loan stocks 172,942 172,942

Total secured loan stocks 358,816 358,8167% convertible unsecured loan stocks 10,519 10,519

369,335 369,335

The main features of the 7% Redeemable Loan Stocks 2000/2005 ("RLS") and CLS are as follows:-

(i) The redemption of the RLS will be in proportions of up to 20%, 30% and the balance at the end of the third,fourth and fifth year respectively from 1 May 2000. The CLS may be converted in proportions of up to 20% and30% commencing from the end of the third and fourth year respectively from 1 May 2000 and the balance of50% at the end of the fifth year from 1 May 2000. Both RLS and CLS bear interest at a rate of 7% per annumto be satisfied to the registered holders as follows:-

(a) 3% coupon to be satisfied by cash annually in arrears;

(b) the remaining 4% coupon in respect of the RLS shall be cumulative up to the date of redemption of theproportion of RLS to be redeemed and will be satisfied by cash at the redemption price of:-

(i) RM0.95 per RLS for the portion of 20%;(ii) RM0.98 per RLS for the portion of 30%;(iii) RM1.01 per RLS for the balance redeemed; and

(c) the remaining 4% coupon in respect of the CLS shall be cumulative up to the date of conversion and willbe satisfied by way of conversion into new stock unit of RM1.00 each in the Company at the conversionprice of RM1.20 per stock unit.

(ii) The RLS amounting to an equivalent of RM185.874 million nominal value and CLS amounting to an equivalentof RM172.942 million nominal value are secured by:-

(a) certain shares of a quoted subsidiary company and an unquoted subsidiary company at cost ofRM435.155 million and RM117.774 million, respectively;

(b) the entire quoted securities of the Group and of the Company in Malaysia at cost amounting to RM4.458million;

(c) the entire quoted securities of the Group outside Malaysia at cost amounting to equivalent of RM27.558million;

(d) certain quoted shares beneficially owned by a Director of the Company; and

(e) certain properties of the Group.



168

32. TERM LOANS

Group2002 2001

RM’000 RM’000Term loans:-Secured 43,201 48,152Unsecured 1,800 2,226

45,001 50,378

Repayable as follows:-Within the next 12 months included under

short term borrowings (Note 28) 5,546 8,730

After next 12 months included under longterm liabilities - later than 1 year but not later than 5 years 20,510 32,077- later than 5 years 18,945 9,571

39,455 41,648

45,001 50,378

The term loans are secured by:-

(i) Registered charges over certain land and buildings and a hotel property; and

( i i ) A debenture of RM21.06 million by way of first fixed and floating charges on the assets of a subsidiary company.

Group2002 2001

RM’000 RM’000

Term loan I repayable by 144 (2001: 72) equal monthly instalments of RM225,000 (2001: RM317,831) each commencing July 2002 (2001: 1 November 2001) 19,736 22,560

Term loan II repayable by 8 followed by 28 and then 4 equal quarterly instalments amounting to approximately RM431,716 (GBP70,312), RM611,605 (GBP99,610) and RM611,581 (GBP99,606) each respectively with the first instalment commencing February 2000 17,125 17,723

Term loan III repayable by 10 equal annual instalments of RM33,936 each commencing on the following month after the full release of the loan 166 -

Term loan IV repayable by 59 equal monthly instalments of RM54,976 each and the final instalment, the amount of which to be notified in due course commencing 31 December 1998 1,333 1,291



169

32. TERM LOANS (continued)Group

2002 2001RM’000 RM’000

Term loan V repayable by 20 equal quarterly instalments of approximately RM32,400 (AUD15,000) each commencing January 2001, and the final instalment of lump sum payment of approximately RM4,320,000 (AUD2,000,000)payable at maturity or in full on any demand following an event of default 1,512 4,390

Term loan VI repayable by 2 equal annual instalments followed by 8 equal quarterly instalments of RM467,500 and RM116,875, respectively,commencing March 2000 468 935

Term loan VII repayable by 24 equal monthly instalments of approximately RM43,200 (AUD20,000) each commencing January 2002, and the final instalment of lump sum payment of approximately RM2,203,200 (AUD1,020,000)payable at maturity or in full on any demand following an event of default 3,715 2,940

Term loan VIII repayable over a period of ten years in equal quarterly instalments of approximately RM46,787 (2001: RM46,700)(GBP7,620)(2001: GBP8,196) each, commencing October 1995 432 539

Term loan IX repayable by 42 equal monthly instalments of RM16,468 each, commencing November 2002 514 -

45,001 50,378

The weighted average effective interest rates are as follows:-2002 2001

% %

Term loan I 8.40 8.60Term loan II 8.40 8.40Term loan III 7.90 -Term loan IV 9.95 10.20Term loan V 7.33 7.31Term loan VI -* -*Term loan VII 7.33 7.31Term loan VIII 6.00 7.60Term loan IX 8.15 -

*Interest free with repayment terms over a period of four (4) years.

The currency exposure of term loans of the Group are as follows:-Group

2002 2001RM’000 RM’000

Ringgit Malaysia 22,217 24,786Pound Sterling 17,557 18,262Australian Dollar 5,227 7,330

45,001 50,378



170

33. HIRE-PURCHASE AND LEASE CREDITORSGroup

2002 2001RM’000 RM’000

Hire-purchase and lease instalments payable:-- not later than one year 1,560 2,871- later than one year and not later than five years 771 3,842- later than five years - 26

2,331 6,739Less: Future interest charges (338) (863)

1,993 5,876

Group2002 2001

RM’000 RM’000Portion payable:- - not later than one year included under current

liabilities (Note 26) 1,292 2,709

- later than one year and not later than five years 701 3,142- later than five years - 25

Hire-purchase and lease creditors included under long term liabilities 701 3,167

1,993 5,876

34. DEFERRED TAXATIONGroup

2002 2001RM’000 RM’000

Balance as at 1 January 1,092 1,186Acquisition of subsidiary companies 636 -Disposal of subsidiary company - (22)Transfer to income statement (Note 10) (220) (72)




171

34. DEFERRED TAXATION (continued)

The deferred taxation provision at the end of the financial year are in respect of the tax effect on the following timingdifferences:-

Group2002 2001

RM’000 RM’000Differences between depreciation and capital allowances

on property, plant and equipment 477 519Differences arising from revaluation surplus on land held

for development 353 573Other timing differences 678 -

1,508 1,092

Deferred taxation on the revaluation of certain hotel properties is not provided for in the financial statements of theGroup as the Directors have no intention to dispose of these properties in the foreseeable future.

35. RETIREMENT BENEFITSGroup

2002 2001RM’000 RM’000

Balance as at 1 January 264 -Provision during the financial year - 264

264 264Reversal of overprovision (101) -


An actuarial valuation using the "Projected Unit Credit Method" was carried out during the financial year. Based on thatvaluation, the provision is sufficient to meet the actuarially determined value of vested benefits.

36. DEFERRED INCOME

This represents the remaining 50% of the timeshare membership subscription fee received which is to be recognisedas income over the validity period of the timeshare membership agreement, ie. 30 years, from the admission date ofthe member.

37. PURCHASE OF PROPERTY, PLANT AND EQUIPMENT

Group

During the financial year, the Group acquired property, plant and equipment with an aggregate cost of RM35.304m i llion (2001: RM9.023 million) of which RM0.665 million (2001: RM0.140 million) were acquired by means ofhire-purchase arrangements. Cash payments of RM34.639 million (2001: RM8.883 million) were made topurchase the assets.



172

38. ACQUISITION OF SUBSIDIARY COMPANIESOn 29 August 2002, the Group acquired UCSB and UCPL. The fair value of the assets acquired and the liabilitieswere as follows:-

RM’000

Property, plant and equipment 6,660Inventories 14,313Trade receivables 18,870 Other receivables, deposits and prepayment 7,179Cash and bank balances 184Trade payables (7,096)Other payables and accruals (7,945)Taxation (910)Inter-company balances (163)Deferred taxation (636)Short term borrowings (1,558)Minority interest (8,670)

Net assets acquired 20,228Goodwill on consolidation 79,314

Total cost of acquisition 99,542Less: Cash and bank balances of the subsidiary companies

acquired (184)

99,358Less: Balance of purchase consideration outstanding

as at end of financial year (Note 26) (32,550)

Cash flow on acquisition, net of cash acquired 66,808

39. CASH AND CASH EQUIVALENTSCash and cash equivalents included in the cash flow statements as at the end of the financial year comprise thefollowing balance sheet amounts:-

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000

Deposits with financial institutions 129,964 484,519 2,700 1,100Cash and short term funds 178,268 24,511 986 2,335Bank overdrafts (957) (5,633) - -

307,275 503,397 3,686 3,435Less: Deposits pledged to

financial institutions (4,589) (2,342) - -

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



173

40. CONTINGENT LIABILITIES - UNSECUREDGroup Company

2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000

Guarantees in favour of third parties 235 408 - -Obligation involving claims

by supplier due to non-performance of contract 19 19 - -

Guarantees given on behalf of subsidiary companies - - 72,362 125,107

254 427 72,362 125,107

The Company has received notice of a legal action taken by a stockholder who is disputing the basis of determining theentitlement to the Bonus Issue carried out by the Company in 1993. Although the final outcome of this matter iscurrently uncertain, the Directors are of the opinion that the legal suit has no merit and will not succeed.

41. LEASE COMMITMENTSThe Group has lease commitments under non-cancellable operating leases, which are payable as follows:-

Group2002 2001

RM’000 RM’000

Not later than one year 3,368 1,829Later than one year but not later than five years 2,121 3,316

5,489 5,145

42. COMMITMENTS

(i) Capital commitments in respect of:- Group2002 2001

RM’000 RM’000Capital expenditure:-- authorised and contracted for 136,556 214,284- authorised but not contracted for 64 -

136,620 214,284

Analysed as follows:-- hotel property 64 -- property, plant and equipment - 528- proposed acquisition of shares of Malpac 136,556 136,556- proposed acquisition of shares of UCSB and UCPL - 77,200

136,620 214,284



174

42. COMMITMENTS (continued)

On 14 August 1997, a quoted subsidiary company, ASC, entered into a conditional share sale and purchasea g r e ement with the vendors of Malpac to acquire a 32.9% equity interest comprising 24,675,000 ordinary sharesof RM1.00 each in Malpac for a total cash purchase consideration of RM166,556,250 or RM6.75 per ordinaryshare. Approvals from the relevant authorities namely the Ministry of Finance, the Securities Commission ("SC")and the Foreign Investment Committee ("FIC") were obtained on 20 November 1997, 20 December 1997 and 26December 1997, respectively.

The capital commitment authorised and contracted for, by the Group is in respect of the balance of the purchaseprice on the proposed acquisition of the shares of Malpac of RM136,556,000 (2001: RM136,556,000).

During the financial year ended 31 December 1999, the Directors of ASC, had commenced negotiations with thevendors to terminate the proposed acquisition of Malpac. Under the termination proposal, A S C ’s rights ando b l i gations under the conditional sale and purchase agreement dated 14 August 1997 would be rescinded and theinitial deposit (as disclosed in Note 20) provided by ASC would be refunded.

(ii) A subsidiary company entered into a lease agreement on 31 January 1996 with the Municipality Council of PhnomPenh which stipulated that the subsidiary company has an obligation to construct a new hotel building and carryout renovation and refurbishment works on the existing hotel building. The expected date of completion is within 36months from 1 October 1999. The amount contracted shall not be less than USD3 million for both buildings. Anextension of time has been granted for the subsidiary company to commence the construction of the new hotelbuilding not later than 1 October 2002 and to be completed by 1 October 2004. The refurbishment work on theexisting hotel building has since been completed but construction of the new building has not begun as at todateas the Directors of the subsidiary company are in the midst of negotiating with the relevant authorities for a furtherextension of time.

43. SEGMENTAL REPORTING(i) Business segments

The Group’s operations comprise the following business segments:

Investment holding : Investment income and providing full corporate and financial supportto the Group

Property development : Development of residential and commercial properties

Hotels and resorts : Operate and manage hotels and resorts and other related services

Information and communication : Provision of project management and support services, researchtechnology and development for the telecommunication industry and trading of

telecommunications projects

Others : Businesses involving manufacturing, trading and card and payment related services.



175

43. SEGMENTAL REPORTING (continued)(i) Business segments (continued)

Informationand

Hotels communica-Investment Property and tion Elimina-

2002 holding development resorts technology Others tions TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

RevenueExternal 23,183 58,990 62,096 33,245 26,101 - 203,615Inter-segment 2,722 23 - - - (2,745) -

Total revenue 25,905 59,013 62,096 33,245 26,101 (2,745) 203,615

Results(Loss)/Profit before

taxation (41,618) 6,177 (128) 10,207 6,572 11,627 (7,163)

Impairment loss (50,224) - - - - - (50,224)

Share of results of associated companies 7,933 - - - - - 7,933

Consolidated lossbefore taxation (49,454)

Taxation (10,685)

Loss after taxation (60,139)

Minority interests (8,008)

Net loss for thefinancial year (68,147)

Informationand



Other informationSegment assets 473,729 88,689 341,910 133,590 21,685 - 1,059,604Investment in

associated companies 90,266 - - - - - 90,266

Total assets 1,149,870

Segment Liabilities 423,652 17,971 54,272 44,010 28,940 - 568,845

Total liabilities 568,845

Capital expenditure 27,663 421 4,107 608 2,505 - 35,304Depreciation 1,146 167 6,744 581 4,357 - 12,995Impairment loss on

property, plant and equipment - - 3,583 - - - 3,583

Non cash expenses other than depreciation 68,923 215 1,176 1,415 360 - 72,089



176

43. SEGMENTAL REPORTING (continued)Information

andHotels communica-

Investment Property and tion Elimina-2001 holding development resorts technology Others tions Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

RevenueExternal 25,361 50,003 62,717 - 61,449 - 199,530Inter-segment 9,226 32 - - - (9,258) -

Total revenue 34,587 50,035 62,717 - 61,449 (9,258) 199,530

ResultsProfit/(Loss) before

taxation 9,333 3,743 4,697 - (11,226) (1,419) 5,128

Loss on disposal of subsidiary company - - - - (26,170) - (26,170)

Share of results ofassociated companies 7,157

Consolidated loss before taxation (13,885)

Taxation (8,977)

Loss after taxation (22,862)

Minority interests (5,675)

Net loss for the financial year (28,537)

Informationand



Other informationSegment assets 754,563 94,452 345,879 - 37,648 - 1,232,542Investment in

associated companies 84,795 - - - - - 84,795

Total assets 1,317,337

Segment liabilities 407,263 28,200 57,412 - 56,209 - 549,084

Total liabilities 549,084

Capital expenditure 1,452 65 6,112 - 1,394 - 9,023Depreciation 773 160 6,698 - 6,415 - 14,046Impairment losses

on property, plantand equipment - - - - - - -

Non cash expenses other than depreciation 27,156 5 1,353 - 1,059 - 29,573



177

43. SEGMENTAL REPORTING (continued)(i) Geographical segments

In determining the geographical segments of the Group, revenue is based on the geographical locations of thecustomers. Total assets and capital expenditure are based on the geographical locations of the assets.

CapitalRevenue Total assets expenditure

2002 2001 2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Malaysia 134,895 163,212 807,854 1,011,422 32,366 5,394Singapore 20,237 - 29,069 - 169 -Africa and Middle East 21,633 20,687 66,370 67,750 2,224 2,343Europe 9,757 8,595 55,048 48,179 246 844Australasia 15,161 3,970 24,674 22,740 296 214Others 1,932 3,066 175,722 175,857 3 228

203,615 199,530 1,158,737 1,325,948 35,304 9,023

44. FINANCIAL INSTRUMENTS

(a) Interest rate risk

The table below summarises the carrying amount of the Group’s financial assets and liabilities as at 31December 2002, categorised by their maturity dates, which represent the Group’s exposure to interest rate risk:-

Not later Effectivethan Later than interest

1 year 2 to 5 years 5 years Total rateRM’000 RM’000 RM’000 RM’000

Financial assets

Fixed deposits 125,375 4,589 - 129,964 3.2%

Financial liabilities

Bank overdrafts 957 - - 957 8.9%Hire purchase creditors 1,292 701 - 1,993 3.4%Term loans 5,546 20,510 18,945 45,001 8.2%7% redeemable loan stocks

2000/2005* 37,175 148,699 - 185,874 7.0%7% convertible loan stocks

2000/2005* 36,692 146,769 - 183,461 7.0%

81,662 316,679 18,945 417,286

* The Company carried out an early redemption of the Company’s RLS and repurchase of CLS together withthe interest accrued up to the dates on redemption and repurchase on 10 January 2003 and 13 February2003. The Ringgit equivalent of the nominal value of RLS redeemed amounted to RM83.114 million out ofa total of RM185.874 million in issue and the nominal value of the CLS repurchased amounted to RM0.699million out of a total of RM183.461 million in issue.



178

44. FINANCIAL INSTRUMENTS (continue)

(b) Credit risk

Credit period in respect of trade receivables range from payment in advance to an average of 90 days.Concentration of credit risk in respect of trade receivables are limited due to the Group’s large number ofcustomers, who are internationally dispersed.The Group’s historical experience in collection of accounts receivablefalls within the recorded allowances. Due to these factors, management believes that no additional credit riskamounts for collection losses is inherent to the Group’s trade receivables.

Other receivables, deposits and prepayments

The concentration of credit risk in other receivables, deposits and prepayments are in respect of a deposit ofRM30 million paid to the vendors of Malpac by ASC for the proposed acquisition of Malpac (as disclosed in Note20). The Directors of ASC are of the view that the initial deposit may not be refunded within the next twelvemonths. However, allowance for doubtful debts is not required for the current financial year as the Directors ofASC are confident that the said deposit will be refunded.

(c) Fair values

The carrying amount of the financial assets and liabilities of the Group and the Company as at 31 December2002 approximate their fair values except as set out below:-

Group CompanyCarrying Fair Carrying Fairamount value amount valueRM’000 RM’000 RM’000 RM’000

Investment securities- quoted shares in

Malaysia 4,458 3,724 4,458 3,724- quoted shares outside

Malaysia 4,110 6,001 - -- unquoted shares in

Malaysia 35,179 * 35,175 *- unquoted shares

outside Malaysia 7,502 * - -Deposit 30,000 28,168 - -7% redeemable loan

stocks 2000/2005

- nominal value 185,874 - 185,874 -- interest accrued 23,544 - 23,544 -

209,418 202,021 209,418 202,0217% convertible loan

stocks 2000/2005

- nominal value 183,461 - 183,461 -- interest accrued 23,238 - 23,238 -

206,699 204,643 206,699 204,643

* A reasonable estimate of fair value could not be made without incurring excessive costs. Such, investmentsare valued at cost subject to review for impairment.



179

45. SIGNIFICANT TRANSACTIONS AND BALANCES WITH RELATED PARTIESGroup Company

2002 2001 2002 2001RM’000 RM’000 RM’000 RM’000

(a) Income

(i) Interest receivable fromsubsidiary companies- iSynergy Sdn. Bhd. - - 2,494 2,842- Super Leisure Sdn. Bhd. - - 164 329

(ii) Interest receivable fromassociated company,SIBB on:-- USL 1,047 1,047 - -- placements 482 609 - -

(b) Expenses

(i) Interest payable tosubsidiary company,ASC - - 1,948 1,974

(ii) Corporate advisory fees paid to associatedcompany, SIBB 633 42 224 -

The terms and conditions of the above transactions are not materially different from that obtainable in transactions withunrelated parties.

Individually significant outstanding balances arising during the financial year from transactions other than normaltransactions with related parties are as follows:-

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000Amount owing by subsidiary companies:-

iSynergy Sdn. Bhd.- interest receivable - - 2,494 2,842

Super Leisure Sdn. Bhd.- interest receivable - - 164 329

Amount owing to subsidiary company, ASC- interest payable - - 1,948 1,974

180

45. SIGNIFICANT TRANSACTIONS AND BALANCES WITH RELATED PARTIES (continued)Warrants 2000/2003 of the Company held by the Directors

The Warrants 2000/2003 of the Company held by the Directors of the Company during the financial year are as follows:-

Number of Warrants 2000/2003Bought during Unexercised warrants

the financial year at end of financial year2002 2001 2002 2001

Dato’Ahmad Sebi Bakar- direct interest - - 7,510,005 7,510,005- indirect interest - - 13,727,000 13,727,000

Datin Masri Khaw Binti Abdullah- direct interest - - 3,000 3,000- indirect interest - - 350,000 350,000

The terms and conditions of the Warrants 2000/2003 are detailed in the Directors’ Report.

46. SUBSIDIARY AND ASSOCIATED COMPANIES

The subsidiary and associated companies which are incorporated in Malaysia (other than those specified otherwise),are as follows:-

Group’sName of company Principal activities effective interest

2002 2001Subsidiaries of the Company

Advance Synergy Capital Berhad (formerly known as United MerchantGroup Berhad) Investment holding 50.76% 50.75%

iSynergy Sdn. Bhd. Provision of payment related 51% 51%products and services

Alangka-Suka Hotels & Resorts Investment holding 99.63% 99.63%Berhad

Calmford Incorporated Investment holding 100% 100%(Incorporated in the British Virgin Islands)

Advance Synergy Properties Sdn. Bhd. Investment holding 100% 100%

*Advance Synergy Realty Sdn. Bhd. Property development 100% 100%

ASB Timber (PNG) Limited Forest industry 100% 100%(Incorporated in Papua New Guinea)

*Ausborn Sawmill Sdn. Bhd. Sawmill and trading of sawn timber 100% 100%

*Bornion Sawmill Sdn. Bhd. Sawmill and trading of sawn timber 100% 100%

Excellent Arch Sdn. Bhd. Investment holding 100% 100%



181

46. SUBSIDIARY AND ASSOCIATED COMPANIES (continued)Group’s

Name of company Principal activities effective interest 2002 2001

Subsidiaries of the Company

Excellent Display Sdn. Bhd. Investment holding 100% 100%

Nagapura Management Provision of management 100% 100%Corporation Sdn. Bhd. services

Sadong Development Sdn. Bhd. Property development 100% 100%

Synergy Gold Incorporated Investment holding 100% 100%(Incorporated in the British Virgin Islands)

Synergy Petroleum Incorporated Investment holding 100% 100%(Incorporated in the British Virgin Islands)

Alam Samudera Corporation Sdn. Bhd. Management company for foreign 100% 100%inbound travel and tours

Advance Synergy Timber Sdn. Bhd. Dormant 100% 100%

Worldwide Matrix Sdn. Bhd. Investment holding 100% 100%

*P.T. Asbindo Infocitra Services on design and engineering 51% 51%(Incorporated in Indonesia) electronic data processing

Subsidiaries of Advance Synergy Capital Berhad (formerly known asUnited Merchant Group Berhad)

*ASC Equities Sdn. Bhd. Investment trading and venture capital 50.76% 50.75%

*ASC Credit Sdn. Bhd. Credit and leasing 50.76% 50.75%

*Triton-K Sdn. Bhd. Management services 50.76% 50.75%

*Triton Khidmat Sdn. Bhd. Provision of manpower 50.76% 50.75%management services

*Triton Engineering Sdn. Bhd. Provision of bus maintenance services 50.76% 50.75%

*Triton Commuter Sdn. Bhd. Provision of feeder bus services 50.76% 50.75%

*Triton Express Sdn. Bhd. (formerly known as Adat Ria Sdn. Bhd.) Provision of express bus services 50.76% 50.75%

*Triton Feeder Services Sdn. Bhd. Dormant 50.76% -

*Triton Terminal Management Sdn. Bhd. Dormant 50.76% -

*Triton Excursions Sdn. Bhd. Dormant 50.76% -

*Triton Synergy Holdings Sdn. Bhd. Dormant 50.76% -

*Triton Express Holdings Sdn. Bhd. Dormant 50.76% -





182



Associated companies of Advance Synergy Capital Berhad (formerly known as United Merchant Group Berhad)

*Southern Investment Bank Berhad Merchant banking business 10.15% 10.15%

*Powernet Industries Sdn. Bhd. Manufacturer of warp knitted fabrics - 12.06%

*Kumpulan Powernet Berhad Investment holding 10.15% -

Subsidiary companies ofSouthern Investment Bank Berhad

*Perdana Nominees (Tempatan) Sdn. Bhd. Nominee services 10.15% 10.15%

*Perdana Nominees (Asing) Sdn. Bhd. Nominee services 10.15% 10.15%

*Perdana Mutual Fund Berhad Dormant 10.15% 10.15%

Subsidiaries of iSynergy Sdn. Bhd.

Cosmocourt.com (Malaysia) Sdn. Bhd. Marketing of discount cards 51% 51%

Rewardstreet.com (Malaysia) Sdn. Bhd. Marketing of loyalty cards 51% 51%

Datakey Sdn. Bhd. Dormant 51% 51%

Subsidiaries of Alangka-SukaHotels & Resorts Berhad

Asbina Hotel & Property Sdn. Bhd. Leasehold owner of Monorom 99.63% 99.63%Holiday Villa, Phnom Penh

Alor Setar Holiday Villa Sdn. Bhd. Owns and operates Alor Setar 89.67% 89.67%Holiday Villa

Cherating Holiday Villa Berhad Owns and operates Cherating 99.63% 99.63%Holiday Villa Resort

Langkawi Holiday Villa Sdn. Bhd. Owns and operates Langkawi 99.63% 99.63%Holiday Villa Resort

Mayor Hotels Berhad Owns and operates City Villa 99.63% 99.63%Kuala Lumpur

Grand Hotel Sudan Limited Leasehold owner of Grand 99.63% 99.63%(Incorporated in the British Virgin Islands) Holiday Villa, Khartoum

Alangka-Suka International Limited Investment holding 99.63% 99.63%(Incorporated in the British Virgin Islands)

Antara Holiday Villas Sdn. Bhd. Hotel management services 99.63% 99.63%



183



Subsidiaries of Alangka-SukaHotels & Resorts Berhad

Holiday Villas International Limited Hotel management services 99.63% 99.63%(Incorporated in the British Virgin Islands)

Holiday Villa Travel & Tours Sdn. Bhd. Limousine services 99.63% 99.63%

Holiday Villa Subang Sdn. Bhd. Dormant 99.63% 99.63%

*Suntop Corporation Sdn. Bhd. Dormant 99.63% 99.63%

Subsidiary of Asbina Hotel &Property Sdn. Bhd.

*Asbina Hotel & Property Operates Monorom Holiday Villa, 99.63% 99.63%Cambodia) Pte. Ltd. Phnom Penh(Incorporated in the Kingdom of Cambodia)

Subsidiaries of Alangka-SukaInternational Limited

Asbina Shenzhen Limited Dormant 89.67% 89.67%(Incorporated in the British Virgin Islands)

*Grand Holiday Villa Khartoum Co. Ltd. Operates Grand Holiday Villa, 99.63% 99.63%(Incorporated in the Republic of Sudan) Khartoum

*Interwell International Limited Owns Holiday Villa, London 99.63% 99.63%(Incorporated in the British Virgin Islands)

Subsidiary of Interwell InternationalLimited

*Interwell Management Limited Dormant 99.63% 99.63%(Incorporated in England and Wales)

Subsidiary of Holiday VillasInternational Limited

*Holiday Villa (UK) Ltd. Operates Holiday Villa, London 99.63% 99.63%(Incorporated in England and Wales)

Subsidiary of Calmford Incorporated

*Jarrett Synergy Pty Ltd Manufacture and sale of 100% 100%(Incorporated in Australia) metal products

*Synergy Lifestyle Concepts Pty Ltd Retailer of home entertainment 100% -(Incorporated in Australia) equipment

Subsidiary of Advance SynergyProperties Sdn. Bhd.

Synergy Realty Incorporated Investment holding 100% 100%(Incorporated in the British Virgin Islands)



184



Subsidiary of Synergy Realty Incorporated

*Synergy Investments Australia Pty Ltd Property development and 100% 100%(Incorporated in Australia) investment

Subsidiary of Excellent Arch Sdn. Bhd.

Advance Synergy Furniture Sdn. Bhd. Manufacturing and marketing of 100% 100%(Liquidator Appointed) furniture

Subsidiaries of Excellent Display Sdn. Bhd.

Super Leisure Sdn. Bhd. Operation and management of 100% 70%restaurants

Visage Synergy Sdn. Bhd. Dormant 100% 70%

Subsidiaries of Nagapura Management Corporation Sdn. Bhd.

e-go.com Sdn. Bhd. Provision of e-commerce 100% 60%applications and services

Syarikat Fit and Weld Engineering (M) Welding and steel fabrication 70% 70%Sdn. Bhd. (Provisional Liquidator contractorAppointed)

Acrylic Synergy Sdn. Bhd. Inactive 81% 81%

Subsidiary of Sadong DevelopmentSdn. Bhd.

Hotel Golden Dragon Sdn. Bhd. Property development 95% 95%

Subsidiary of Hotel Golden Dragon Sdn. Bhd.

Simpang Tiga Realty Sdn. Bhd. Property development 95% 95%

Subsidiaries of Worldwide Matrix Sdn. Bhd.

*Unified Communications Sdn. Bhd. Research and development, software 70% -engineering, system integration, project management and maintenance and support for telecommunication industry

*Unified Communications Pte. Ltd. Distribution of telecommunication 70% -(Incorporated in Singapore) products, design and development

of telecommunication solutions, project management and maintenance and support services for telecommunication industry



185



Subsidiary of Unified Communications Sdn Bhd

*AttrixTech Sdn. Bhd. Distribution of telecommunication 70% -products

Subsidiaries of Unified Communications Pte Ltd

*Attrix Technology Pte Ltd Distribution of telecommunication 70% -(Incorporated in Singapore) products

*Unified Communications Limited Distribution of telecommunication 35.70% -(Incorporated in Hong Kong) products, design and development

of telecommunication solutions, project management and maintenance and support services for telecommunication industry

Associated companies of theCompany

*ACE Synergy Insurance Berhad Underwriting of general insurance 49% 49%

Diversified Gain Sdn. Bhd. Investment holding 50% 50%

Subsidiary of Diversified GainSdn. Bhd.

Inter-Pacific Travel & Tours Travel and tour agent and licensed 50% 50%Sdn. Bhd. money changer

Subsidiaries of Inter-Pacific Travel & Tours Sdn. Bhd.

Columbus Travel & Tours Travel and tour agent 50% 50%Sdn. Bhd.

Inter-Pacific Leisure Sdn. Bhd. Inactive 50% 50%

Motorsports Adventure Sdn. Bhd. Conduct motorsports adventure 50% 50%and related activities

Marketing and Event Management Inactive 50% 50%Integrated Sdn. Bhd.

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

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

*Companies not audited by BDO Binder



186

47. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

Group

(i) On 10 January 2002, ASC disposed of its entire equity interest of 23.77% comprising 7,915,000 ordinary sharesof RM1.00 each in PISB to KPB. The consideration was satisfied by the issuance of 8,152,064 ordinary sharesof RM1.00 each in KPB and presently, ASC holds 20% equity interest in the enlarged capital of KPB.

(ii) On 23 February 2002, ASC had entered into a Sale and Purchase Agreement ("KBES SPA") with Mr. Lau ChanSeng ("Guarantor") and six (6) other vendors to acquire the entire equity interest comprising 7,915,000 ordinaryshares of RM1.00 each in Konsortium Bas Ekspres Semenanjung (M) Sdn Bhd ("KBES") for a total cashconsideration of RM65,389,000 ("Proposed Acquisition of KBES").

However, on 13 November 2002, ASC upon full deliberation of the FIC’s decision, had decided to rescind theProposed Acquisition of KBES. Accordingly, ASC had instructed its solicitors to recover the deposit ofRM6,538,000 paid to the stakeholder pursuant to the KBES SPA. The said deposit was refunded to ASC on 13January 2003.

(iii) On 19 March 2002, ASC had announced that it had entered into a Sale and Purchase Agreement ("STC SPA")with Super Trans Capital Sdn Bhd ("Vendor") and Mr. Lau Chan Seng ("Guarantor") to acquire the entire equityinterest in Super Trans Corporation Sdn Bhd ("STC") comprising 5,000,000 ordinary shares of RM1.00 each fora total cash consideration of RM21,604,000 ("Proposed Acquisition of STC").

On 6 May 2002, ASC had entered into a supplemental agreement with the vendor to vary certain terms in theSTC SPA, inter alia, to suspend the Proposed Acquisition of STC pending resolution of the winding-up issuediscovered in the due diligence exercise.

(iv) On 19 March 2002, ASC announced details of the following proposals:-

(a) Proposed return of 90 sen per ordinary share of RM1.00 each to its shareholders amounting toRM282,349,504 and the consolidation of ten (10) of the resulting ordinary shares of 10 sen each intoone ordinary share of RM1.00 each ("Proposed Return of Capital") ; and

(b) Proposed bonus issue of 125,488,668 new ordinary shares of RM1.00 each on the basis of four (4) newordinary shares of RM1.00 each for each existing ordinary share of RM1.00 each held after theProposed Return of Capital ("Proposed Bonus Issue").

On 23 October 2002, the Securities Commission ("SC") approved the Proposed Return of Capital and ProposedBonus Issue.

On 31 December 2002, ASC had returned RM282,349,504 in cash to its shareholders pursuant to the ProposedReturn of Capital and implemented the Proposed Bonus Issue of 125,488,668 new ordinary shares of RM1.00each.

(v) On 29 August 2002, Worldwide Matrix Sdn Bhd, a wholly owned subsidiary, had acquired 70% equity interestin two companies namely UCSB and UCPL comprising 700,140 ordinary shares of RM1.00 each for a cashconsideration of RM54 million and 700,000 ordinary shares of SGD1.00 each for a cash consideration of RM45million, respectively, from Mr. Wong Tze Leng.

(vi) On 3 December 2002, ASC had announced that it has commenced its new core business of public bus transportservices. In this regard, KLSE has on 26 November 2002, confirmed that ASC is still an affected listed issuerpursuant to paragraph 2.1 of Practice Note 10/2001 of the Listing Requirements of the KLSE ("PN 10") due toASC’s inadequate level of operations.

On 12 December 2002, ASC wrote to KLSE to seek for an extension of time of up to 30 September 2003, forASC to regularise its level of operations in accordance with the provisions of PN 10.



187

47. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (continued)

Company

(vii) Advance Synergy Furniture Sdn Bhd (Special Administrators Appointed) ("ASF"), is a wholly-owned subsidiaryunder Special Administration. The proposed restructuring scheme formulated by the Special Administrators ofASF through the Share Subscription Agreement dated 28 February 2001 entered into by ASF with HotlineFurniture Berhad and Pengurusan Danaharta Nasional Berhad which formed the integral part of the proposedrestructuring scheme has been aborted by a Notice of Termination dated 9 April 2002 and effective on the samedate.

On 25 October 2002, the Company had been notified by the Special Administrators, that the Modifications tothe Proposal of the Special Administrators dated 16 September 2002 ("Modifications to the Proposal") wereapproved in accordance with Section 46(4) of the Pengurusan Danaharta Nasional Berhad Act, 1998 at asecured creditors meeting held on 24 October 2002.

The Modifications to the Proposal proposed that the assets of ASF be liquidated and that an ApprovedLiquidator be appointed whereupon the Special Administrators’ appointment will be terminated.

The termination of the Special Administration took effect from 24 October 2002 with the appointment of theLiquidator, Mr. Saw Eng Guan of Messrs. Saw & Co, Chartered Accountants.

(viii) On 24 April 2002, ASC had entered into a Supplemental Agreement with the Company to vary certain terms ofthe Sale and Purchase Agreement entered into on 13 July 2001 in relation to the proposed acquisition of 49%equity interest in ACE comprising 49 million ordinary shares of RM1.00 each from the Company for a total cashconsideration of RM71.0 million ("Proposed ACE Acquisition").

On 23 October 2002, the SC approved the Proposed ACE Acquisition. On the same date, the FIC had statedthat it had no objection for the Proposed ACE Acquisition subject to ACE meeting at least 30% Bumiputera equityinterest and to reduce its foreign equity interest to not more than 51% before 31 December 2003.

On 8 November 2002, ASC made an application to the FIC seeking the necessary waivers on the twoaforesaid conditions.

48. SIGNIFICANT EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE

Group

(i) On 9 January 2003, the new ordinary shares of ASC arising from the bonus issue were listed and quoted onthe KLSE.

(ii) Following the completion of the approved Return of Capital by ASC, the Company received a total of RM143.3million in cash out of which RM90.46 million was utilised for the early redemption of the Company's RLS andrepurchase of CLS together with the interest accrued up to the dates on redemption and repurchase on 10January 2003 and 13 February 2003. The Ringgit equivalent of the nominal value of RLS redeemed amountedto RM83.114 million out of a total of RM185.874 million in issue and the nominal value of the CLS repurchasedamounted to RM0.699 million out of a total of RM183.461 million in issue.

(iii) On 13 January 2003, KLSE had approved the required extension of time of up to 30 September 2003, for ASCto regularise its level of operations in accordance with the provision of PN 10.



188

48. SIGNIFICANT EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE (continued)

(iv) On 19 March 2003, ASC announced that it has rescinded the proposed acquisition of the entire equity interestin Super Trans Corporation Sdn. Bhd. ("STC") from Super Trans Capital Sdn. Bhd. ("Vendor") and Mr. Lau ChanSeng ("Guarantor") for a cash consideration of RM21,604,000 ("Proposed STC Acquisition"). The Vendor andthe Guarantor were given up to a period of six (6) months to resolve a winding-up order of STC, and the failureto resolve the winding-up order of STC resulted in the Board of Directors of ASC resolving to rescind theProposed STC Acquisition. Accordingly, ASC has instructed its solicitors to recover the deposit of RM2,160,400.The deposit was refunded to ASC on 17 March 2003.

Company

(v) On 7 January 2003, the FIC agreed to waive the two conditions imposed on ASC’s proposed acquisition of 49%equity interest in ACE comprising 49,000,000 ordinary shares of RM1.00 each from the Company for a totalcash consideration of RM71.0 million ("Proposed ACE Acquisition") (The two conditions imposed earlier for theProposed ACE Acquisition are disclosed in Note 47(viii)).

The Proposed ACE Acquisition by ASC was completed on 15 January 2003.

( v i ) On 9 April 2003, the Company announced the proposal to extend the duration and exercise period of theoutstanding Warrants 2000/2003 by five (5) years from 28 August 2003 up to and including 28 August 2008 andthereafter the option to extend the exercise period for a further period of two (2) years expiring on 28 August2010. The proposal is still pending approval to be obtained from the stockholders of the Company and any otherrelevant authorities.

49. NUMBER OF EMPLOYEES AND STAFF COSTS

Group Company2002 2001 2002 2001

Number of employees of the Group and the Company, at the end of the financial year 1,228 1,059 28 30

Group Company2002 2001 2002 2001

RM’000 RM’000 RM’000 RM’000

Staff costs for the financial year 32,318 27,895 2,028 2,018

50. COMPARATIVE FIGURESThe following are the details of the comparative figures which have been reclassified to conform with the requirements ofMalaysian Accounting Standards Board (MASB) Standard No. 1 - Presentation of Financial Statements.

Amount aspreviously Reclassi- Amount asreported fication restated

Group RM’000 RM’000 RM’000

Goodwill on consolidation 91,027 12,575 103,602Reserve on consolidation - 12,575 12,575

51. AUTHORISATION FOR ISSUE OF FINANCIAL STATEMENTS

These financial statements were authorised for issue by the Board of Directors on 28 April 2003.

Statistik Pemegangan Stok pada 5 Mei 2003

S t a t i s t i c s o n S t o c k h o l d i n g s a s a t 5 M a y 2 0 0 3

189

MODAL SAHAM DIBENARKAN : RM800,000,000 dibahagikan kepada 800,000,000 saham biasaRM1.00 setiap unit.

AUTHORISED SHARE CAPITAL : RM800,000,000 divided into 800,000,000 ordinary shares of RM1.00 each.

MODAL DITERBITKAN DAN DIBAYAR PENUH : RM337,793,619 dibahagikan kepada 337,793,619 saham biasadan ditukarkan kepada unit stok pada RM1.00 setiap unit.

ISSUED AND FULLY PAID-UP CAPITAL : RM337,793,619 divided into 337,793,619 ordinary shares and converted into stock units of RM1.00 each.

HAK MENGUNDI : 1 undi untuk seunit stok

VOTING RIGHT : 1 vote per stock unit

ANALISA PEMEGANGAN STOK / ANALYSIS OF STOCKHOLDINGS

Bilangan % Bilangan % modal stok

Saiz pemegangan stok pemegang stok pemegang stok unit stok diterbitkan

No. of % of No. of % of issuedSize of stockholdings stockholders stockholders stock units stock capital

Less than 1,000 972 2.90 289,279 0.091,000 – 10,000 28,711 85.58 93,023,781 27.5410,001 – 100,000 3,637 10.84 94,085,817 27.85100,001 – less than 5% of issued stock units 229 0.68 150,394,742 44.525% and above of issued stock units - - - -

33,549 100.00 337,793,619 100.00

PEMEGANG STOK UTAMA / SUBSTANTIAL STOCKHOLDER

Bilangan unit stok dipegang atau Peratusan stok modal

Nama pemegang stok utama mempunyai kepentingan benefisial yang diterbitkan

No. of stock units held or Percentage of issued Name of substantial stockholder beneficially interested in stock capital

Dato’Ahmad Sebi Bakar 42,471,118 12.57

190

SENARAI 30 PEMEGANG-PEMEGANG STOK TERBANYAKLIST OF TOP 30 STOCKHOLDERS

Bilangan unit stok Peratusan

Number of stock units Percentage

SJ Sec Nominees (Tempatan) Sdn Bhd 15,912,099 4.71Suasana Dinamik Sdn Bhd

SJ Sec Nominees (Tempatan) Sdn Bhd 11,539,010 3.41Bright Existence Sdn Bhd

Bumiputra-Commerce Nominees (Tempatan) Sdn Bhd 10,314,782 3.05Pledged securities account for Malpac Management Sdn Bhd


Lim Hong Liang 8,374,050 2.48

PM Nominees (Tempatan) Sdn Bhd 5,899,397 1.75Malpac Management Sdn Bhd for Eighth Review (M) Sdn Bhd

HDM Nominees (Tempatan) Sdn Bhd 5,000,000 1.48DBS Vickers Secs (S) Pte Ltd for Malpac Securities Sdn Bhd

Zulkifli bin Hussain 4,101,000 1.21

Shoptra Jaya (M) Sdn Bhd 4,050,000 1.20

SJ Sec Nominees (Tempatan) Sdn Bhd 3,796,000 1.12Pledged securities account for Chan Sai Kim

SJ Sec Nominees (Tempatan) Sdn Bhd 3,577,000 1.06Pledged securities account for Tan Saw Sim

Mayfin Nominees (Tempatan) Sdn Bhd 2,751,800 0.81Pledged securities account for Growthfolio Sdn Bhd

PM Nominees (Tempatan) Sdn Bhd 2,320,000 0.69Malpac Management Sdn Bhd for Hii Tiong Kuoh

Tan Kim Wah 2,072,000 0.61

Perbadanan Kemajuan Negeri Kedah 2,013,090 0.60

PM Nominees (Tempatan) Sdn Bhd 1,567,003 0.46Malpac Management Sdn Bhd for Gedong Bakti Sdn Bhd

United Overseas Nominees (Tempatan) Sdn Bhd 1,271,000 0.38Pledged securities account for Siau Teng Chong

UOBM Nominees (Asing) Sdn Bhd 1,115,000 0.33United Overseas Bank Nominees (Pte) Ltd for Winfull International Inc.



191

SENARAI 30 PEMEGANG-PEMEGANG STOK TERBANYAK (sambungan)LIST OF TOP 30 STOCKHOLDERS (continued)

Bilangan unit stok Peratusan

Number of stock units Percentage

Mayban Nominees (Tempatan) Sdn Bhd 1,090,191 0.32Pledged securities account for Malpac Securities Sdn Bhd

SJ Securities Sdn Bhd 1,081,000 0.32

Chan Kim Gek 1,047,000 0.31

Lim Seng Chee 1,009,000 0.30

Chua Kee Say 1,000,000 0.30

Saw Chee Meng 1,000,000 0.30

SJ Sec Nominees (Tempatan) Sdn Bhd 921,000 0.27Pledged securities account for Chan Sai Kim

HSBC Nominees (Asing) Sdn Bhd 920,000 0.27Coutts Bank (Schweiz) AG SG for El Dorado Asset Limited

HSBC Nominees (Asing) Sdn Bhd 806,000 0.24Coutts Bank (Schweiz) AG SG for Quek Leng Chye

Law Ngee Hieng 800,000 0.24

JB Nominees (Tempatan) Sdn Bhd 800,000 0.24Pledged securities account for Leu Kan & Liew Swee Choon

Menteri Kewangan Malaysia 771,629 0.23Section 29 (SICDA)

106,609,051 31.56

PENYATA KEPENTINGAN PARA PENGARAHDalam Syarikat dan syarikat berkaitan pada 5 Mei 2003

Kepentingan Para Pengarah dalam Syarikat dan syarikat berkaitan pada 5 Mei 2003 adalah sama seperti yangdilaporkan dalam Laporan Para Pengarah di Penyata Kewangan untuk tahun kewangan berakhir 31 Disember 2002 dalamLaporan Tahunan ini.

STATEMENT ON DIRECTORS’ INTERESTSIn the Company and related corporations as at 5 May 2003

The Directors’ interests in the Company and in related corporations as at 5 May 2003 remain the same as reported in theDirectors’ Report of the Financial Statements for the financial year ended 31 December 2002 of this Annual Report.



192

JUMLAH WARAN 2000/2003 YANG DITERBITKAN : 168,896,809

NO. OF WARRANTS 2000/2003 IN ISSUE : 168,896,809

HAK MENGUNDI : 1 undi untuk setiap Waran 2000/2003 di Mesyuarat Pemegang Waran.

VOTING RIGHT : 1 vote per Warrant 2000/2003 in respect of Warrantholders’ Meeting.

ANALISA PEMEGANGAN WARAN 2000/2003 ("WARAN")ANALYSIS OF WARRANTS 2000/2003 ("WARRANTS") HOLDINGS

%

Bilangan % Bilangan waran pemegangan

Saiz pemegangan waran pemegang waran pemegang waran dipegang waran

No. of % of No. of % of warrant Size of Warrantholdings warrantholders warrantholders warrants held holdings

Less than 1,000 557 3.42 273,313 0.161,000 – 10,000 13,921 85.56 41,336,655 24.4810,001 – 100,000 1,661 10.21 48,052,151 28.45100,001 – less than 5% of the warrants in issue 132 0.81 79,234,690 46.915% and above of the warrants in issue - - - -

16,271 100.00 168,896,809 100.00

Statistik Pemegangan Waran pada 5 Mei 2003

S t a t i s t i c s o n Wa r r a n t h o l d i n g s a s a t 5 M a y 2 0 0 3

193

SENARAI 30 PEMEGANG-PEMEGANG WARAN TERBANYAKLIST OF TOP 30 WARRANTHOLDERS

Bilangan unit waran Peratusan

Number of warrants Percentage

SJ Sec Nominees (Tempatan) Sdn Bhd 7,957,000 4.71Suasana Dinamik Sdn Bhd

PM Nominees (Tempatan) Sdn Bhd 7,738,000 4.58Malpac Management Sdn Bhd for Eighth Review (M) Sdn Bhd

SJ Sec Nominees (Tempatan) Sdn Bhd 5,770,000 3.42Bright Existence Sdn Bhd


Tan Pak Nang 3,950,000 2.34

PM Nominees (Tempatan) Sdn Bhd 2,665,005 1.58Malpac Management Sdn Bhd for Dato’Ahmad Sebi Bakar

Lim Hong Liang 2,283,719 1.35

Ting Poi Ling 2,077,000 1.23

Shoptra Jaya (M) Sdn Bhd 2,000,000 1.18

Chan Sai Kim 1,738,000 1.03

Public Nominees (Tempatan) Sdn Bhd 1,606,000 0.95Pledged securities account for Ting Poi Ling

Mayban Nominees (Tempatan) Sdn Bhd 1,596,000 0.94Pledged securities account for Ting Poi Ling

Young Pey Feei 1,319,000 0.78

Chan Kim Gek 1,221,000 0.72

JB Nominees (Tempatan) Sdn Bhd 1,165,000 0.69Pledged securities account for Yeo Ban Hun

Tan Kim Wah 1,036,000 0.61

Mayban Securities Nominees (Tempatan) Sdn Bhd 1,010,000 0.60Pledged securities account for Low Soon Aik

Muhammad Fariz bin Zulkifli 1,000,000 0.59

Lee Ung Mooi 994,000 0.59

SJ Securities Sdn Bhd 991,000 0.59



194

SENARAI 30 PEMEGANG-PEMEGANG WARAN TERBANYAK (sambungan)LIST OF TOP 30 WARRANTHOLDERS (continued)

Bilangan unit waran Peratusan

Number of warrants Percentage

Poh Lian Hong 650,000 0.38

Zulkifli bin Hussain 634,000 0.38

Khong Peck Fah 604,880 0.36

Amsec Nominees (Tempatan) Sdn Bhd 600,000 0.35Pledged securities account for Gan Chong Seng

Tay Teck Ho 550,000 0.33

Woon Wee Peow 525,000 0.31

Chua Kee Say 500,000 0.30

Lim Peng Hock 490,000 0.29

Muhammad Asrar bin Zulkifli 466,000 0.28

HSBC Nominees (Asing) Sdn Bhd 460,000 0.27Coutts Bank (Schweiz) AG SG for El Dorado Asset Limited

58,441,604 34.60



195

Anggaran Tarikh Usia Nilai Penilaian / Bangunan Buku Pembelian

Lokasi / Keterangan / Keluasan / (Tahun) / Pegangan / Bersih / Akhir / Location Description Area Approx. Age Tenure Net Book Date of Last

of Building Value Revaluation /(Years) (RM’000) Acquisition

30-42, Regency Road KilkennySouth Australia5009

9, Evesham HouseHereford RoadLondon W2 4PDUnited Kingdom

CL 135193725Daerah KeningauUlu PatikangSabah

CL 135326055 Daerah Keningau Ulu PatikangSabah

Geran No. NT 11362, NT 11363, NT 11364,NT 11365 danNT 023150843Daerah PaparKampung LanasSabah

Geran No. NT 9320Daerah PaparKampung KimanisSabah

Geran No.CL 025282571Daerah PaparKampung KimanisSabah

Tanah perindustrian ringandengan pejabat, bilik pameran dan kilangLight industry land with office, showroom and factory

ApartmenApartment

Tanah dengan bangsal balak dan tempat tinggal kakitanganLand with timber shed and staff quarters

Tanah dengan kilang papan,bangsal balak, bangunanpejabat, tempat tinggal kaki-tangan dan bilik set janakuasaLand with sawmill, timbershed, office building, quartersand generator set room

Tanah kosong Vacant land



20,850 m.p.s. / sq. m.

120 m.p.s. /sq. m.

10.25 ekar /acres

9.22 ekar /acres

61ekar /acres

11.73 ekar /acres

19.61 ekar /acres

-

12

201/2

201/2

-

-

-

Tempoh kekalFreehold

Pegangan pajaktamat pada 2987Leasehold expiring in 2987



Tempoh kekal Freehold



4.12.1997

23.6.1995

1977

1980

30.4.1979

30.4.1979

30.8.1979

8,940

1,058

59

164

186

53

66

Hartanah Kumpulan pada 31 Disember 2002 adalah seperti berikut:-The properties of the Group as at 31 December 2002 are as follows:-

Senarai Hartanah pada 31 Disember 2002

L i s t o f P ro p e r t i e s a s a t 3 1 De ce m b e r 2 0 0 2

196




Geran No. CL 0135326046Daerah KeningauUlu PatikangSabah

Unit No. 103 & 302Block B, 11 Jalan SS 12/147500 Petaling JayaSelangor

GM1126 Lot 1301, GM424 Lot 1302, GM857 Lot 1303, GM405 Lot 1305, HS(M) 1096 PT 1300 & HS(M) 1082 PT 1303Mukim Sungai KarangCherating Pahang Darul Makmur

CT 1320 Lot No. 2735Mukim Kuala KuantanCherating Pahang Darul Makmur

Lot 1901, 1902, 1698,1699 & PT 344Mukim KedawangKedah Darul Aman

Lot 1093Mukim SemilingDaerah Kuala MudaKedah Darul Aman

Geran 85, Lot 2034 69, Jalan Haji Hussein50300 Kuala Lumpur

Tanah dengan kilang papan,bangsal balak, bangunanpejabat, tempat tinggal kaki-tangan dan bilik set janakuasaLand with sawmill, timbershed, office building, quartersand generator set room

2 unit kondominium2 units condominium

Tanah dengan bangunanhotel, kemudahan rekreasi,restoran dan blok apartmenLand with hotel building,recreational facilities,restaurants and apartment block


Tanah dengan bangunanhotel, kemudahan rekreasidan restoran Land with hotel building,recreational facilities and restaurants


Bangunan hotel 18 tingkat18 storey hotel building

75.70 ekar /acres

370m.p.s. /sq. m.

15 ekar/acres

16 ekar/acres

13.20 ekar/acres

20 ekar/acres

3,214m.p.s. /sq. m.

12

7

91/2 - 15

-

10

-

27

Pegangan pajaktamat pada 2052 Leasehold expiring in 2052

Pegangan pajaktamat pada 2089 Leasehold expiring in 2089


Tempoh kekal Freehold




1,329

582

36,175

179

71,245

228

49,700

22.11.1989

7.8.1996

31.12.2000

7.9.1993

31.12.2000

24.11.1991

31.12.2000


L i s t o f P ro p e r t i e s a s a t 3 1 D e c e m b e r 2 0 0 2

197




H.S. (D) 1100 / 1985 Geran 7040, Lot 162 Bandar Alor SetarDaerah Kota SetarKedah Darul Aman

35-39 Leinster Garden London W2 3ARUnited Kingdom

89, Monivong Blvd.Sangkat MonoromKhan 7 MakaraPhnom PenhCambodia

Nile AvenueKhartoumSudan

Bangunan hotel 21 tingkat21 storey hotel building

Bangunan hotelHotel building

Bangunan hotel Hotel building

Tanah dengan bangunanhotel dan kemudahanrekreasi Land with hotel building and recreational facilities

6,882m.p.s. /sq. m.

990m.p.s. /sq. m.

750m.p.s. /sq. m.

30,550m.p.s. /sq. m.

7

152

3

90


Tenpoh kekalFreehold

Pegangan pajaktamat pada 2066 Leaseholdexpiring in 2066

Pegangan pajaktamat pada 2039Leaseholdexpiring in 2039

26.6.1995

22.6.1999

31.1.1996

4.9.1996

29,561

46,050

19,356

32,625


L i s t o f P ro p e r t i e s a s a t 3 1 D e c e m b e r 2 0 0 2

Saya/KamiI/We ........………………………………………………...………………………………………………………………………………..

NRIC/No Syarikat atau No Akaun CDSNRIC/Company No ……………………………………….............................or CDS Account No ………………….....................……..

dariof …………...............................................................................................................…………………………………………….........

sebagai Ahli/Ahli-ahli ADVANCE SYNERGY BERHAD dengan ini melantikbeing a Member/Members of ADVANCE SYNERGY BERHAD hereby appoint ……………...................................………...............

………………………………………………………………………………………….................................................................................

dariof …………………………………………………………………......................................………………………………………...............

atau jika beliau tidak dapat hadir, PENGERUSI MESYUARAT sebagai proksi saya/kami untuk mengundi bagi pihaksaya/kami pada Mesyuarat Agung Tahunan Syarikat yang akan diadakan di Dewan Thai, City Villa Kuala Lumpur, 69Jalan Haji Hussein, 50300 Kuala Lumpur pada hari Sabtu, 28 Jun 2003 jam 10.30 pagi dan pada sebarangpenangguhannya, dan untuk mengundi seperti yang dinyatakan di bawah:-

or failing him, THE CHAIRMAN OFTHE MEETING as my/our proxy to vote for me/us and on my/our behalf at the Annual GeneralMeeting of the Company to be held at Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur onSaturday, 28 June 2003 at 10.30 a.m. and at any adjournment thereof, and thereat to vote as indicated below:-

Sila tanda dengan ( ✓ ) sebagaimana anda mahu undi anda diundi.Please indicate with ( ✓ ) how you wish to cast your vote.

BIL. RESOLUSI MENYOKONG MENENTANGNO. RESOLUTION FOR AGAINST

1. Meluluskan Laporan Para Pengarah dan Penyata Kewangan bagi tahun berakhir 31 Disember 2002.The adoption of the Directors’ Report and the Financial Statements for the year ended 31 December 2002.

2. Untuk meluluskan pembayaran fi Para Pengarah.To approve the payment of Directors’fees.

Pelantikan semula Para Pengarah :-The re-election of Directors :-

3. DATIN MASRI KHAW BINTI ABDULLAH

4. CHIM WAI KHUAN

5. Pelantikan semula BDO Binder sebagai juruaudit dan memberi kuasa kepada Para Pengarah untuk menetapkan imbuhan mereka.The re-appointment of BDO Binder as auditors and to authorise the Directors to fix their remuneration.

6. Pemberian kuasa kepada Para Pengarah untuk memperumpuk dan menerbitkan unit-unit stok baru selaras dengan Seksyen 132D Akta Syarikat, 1965.Authorisation for Directors to allot and issue new stock units pursuant to Section 132D of the Companies Act, 1965.

Bertarikh haribulan 2003Dated this day of

...........….…………………….......................Tandatangan /Signature

Bilangan unit stok dipegangNo. of stock units held

Nota:

(1) Seorang ahli Syarikat yang layak untuk menghadiri dan mengundi dalammesyuarat agung layak untuk melantik seorang proksi untuk menghadiri danmengundi bagi pihak dirinya. Seorang proksi tidak semestinya seorang ahliSyarikat.

(2) Instrumen pelantikan proksi bagi individu hendaklah ditandatangani oleh p e l a n t i katau peguamnya yang telah diberi kuasa dan bagi syarikat, instrumen pelantikanproksi mestilah dengan menggunakan meterai syarikat atau ditandatangani olehseorang pegawai atau peguam yang telah diberi kuasa.

(3) Instrumen pelantikan proksi mesti dihantar ke Pejabat Berdaftar Syarikat di Paras3A (Tower Block) Menara Milenium, No. 8 Jalan Damanlela, Bukit Damansara,50490 Kuala Lumpur tidak lewat daripada 48 jam sebelum masa yang ditetapkanuntuk mengadakan mesyuarat atau sebarang penangguhannya.

(4) Jika tidak dinyatakan sama ada untuk mengundi "MENYOKONG" atau" M E N E N TANG", proksi akan mengundi atau berkecuali daripada mengundimengikut budi bicaranya.

Notes:

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

(2) The instrument appointing a proxy in the case of an individual shall be signed by theappointer of his/her attorney and in the case of a corporation, the instrument appointinga proxy must be under its common seal or under the hand of an officer or attorney dulyauthorised.

(3) The instrument appointing a proxy must be deposited at the Registered Office of theCompany at Level 3A (Tower Block) Menara Milenium, No. 8 Jalan Damanlela, BukitDamansara, 50490 Kuala Lumpur not less than 48 hours before the time appointed forholding the meeting or any other adjournment thereof.

(4) If neither "FOR" nor "AGAINST" is indicated above, the proxy will vote or abstain fromvoting at his/her discretion.

Borang Proksi Proxy Form

(untuk syarikat-syarikat nomini sahaja / for nominee companies only)

(Huruf Besar /Block Letters)

SETIAUSAHATHE SECRETARY

ADVANCE SYNERGY BERHADLEVEL 3A (TOWER BLOCK) MENARA MILENIUMNO. 8 JALAN DAMANLELABUKIT DAMANSARA50490 KUALA LUMPUR

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laporan tahunan / annual report -...

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