letter from chairman perutusan pengerusi dalam kumpulan wang simpanan pekerja untuk melunaskan...

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In support for the development of sports within the region, the Group became the sponsor of the Pasdec Veterans Cup Football Tournament. This yearly event is co-organised by Pasdec and the Football Association of Pahang.

Moving forward, the Group plans to initiate the formation of residents’ association within its development projects to enhance community interaction and neighbourhood networking.

LOOKING AHEAD

The year to come will be a mixed bag of challenges and increased competition for an ever-shrinking ‘piece of pie’. The Group has undertaken effective strategic planning and has positioned itself to weather these challenges.

At the onset, the Malaysian economy thus far has been somewhat resilient to the sub-prime crisis affecting most parts of the world. Indications are that the Malaysian economy in the year to come will still remain favourable, with growth expected between 5 to 6%.

Record high oil prices will have a significant effect on the overall cost of living, affecting particularly the middle to lower income groups. The trend towards a rise in building material costs will subsequently increase the cost of construction, thus putting pressure on purchaser affordability vis-à-vis the price of properties.

Menuju kehadapan, Kumpulan merancang untuk memulakan penubuhan persatuan penduduk dalam projek pembangunan yang dilaksanakan untuk meningkatkan interaksi komuniti dan perangkaian kawasan kejiranan.

MENINJAu MASA HADAPAN

Tahun hadapan dijangka menyaksikan pelbagai cabaran dan peningkatan persaingan dalam ‘pembahagian pai’ yang semakin mengecil. Kumpulan telah membuat perancangan strategik yang teliti dan bersiap sedia dalam menghadapi segala cabaran mendatang.

Setakat ini, ekonomi Malaysia menunjukkan daya tahan dalam menghadapi krisis sub prima yang menjejaskan kebanyakan negara dunia. Petunjuk membayangkan ekonomi Malaysia untuk tahun yang akan datang tetap menggalakkan, dengan jangkaan pertumbuhan di antara 5-6%.

Kenaikan harga minyak yang telah mencatat rekod tertinggi dijangka akan memberi kesan signifikan kepada kos sara hidup, menjejaskan terutamanya kumpulan pendapatan pertengahan dan rendah. Aliran ke arah peningkatan kos bahan-bahan pembinaan akan seterusnya meningkatkan kos pembinaan, dan memberikan kesan terhadap kemampuan membeli dalam hubungannya dengan harga hartanah kediaman.

LETTER FROM CHAIRMANPERUTUSAN PENGERUSI

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Kekurangan tenaga kerja mahir dan kebergantungan berlebihan kepada pekerja asing telah memberikan lebih cabaran dengan peningkatan kos kepada industri secara keseluruhannya.

walau bagaimanapun, Kumpulan memuji keputusan Kerajaan Pusat membenarkan penyimpan menggunapakai simpanan dalam Kumpulan wang Simpanan Pekerja untuk melunaskan ansuran bulanan pinjaman perumahan mereka. Adalah dijangkakan skim ini akan beransur-ansur beri kesan kepada pertumbuhan pasaran. Tambahan pula, polisi Kerajaan yang telah disemak semula dengan pengurangan duti setem sebanyak 50% untuk rumah bernilai RM250,000 atau kurang, akan menggalakkan pasaran hartanah kediaman.

Paling menggalakkan ialah Pelan Induk wilayah Pembangunan Ekonomi Koridor Pantai Timur (ECER), yang telah membayangkan sentimen pasaran yang positif untuk pasaran hartanah Pahang. Pelaksanaan Pelan Induk ini kelak, bukan sahaja akan memanfaatkan sektor kediaman dan industri, tetapi juga sektor pertanian dan pelancongan, sekaligus menggalakkan penambahan kegiatan ekonomi di wilayah ini.

Kumpulan telah bergerak secara strategik ke arah menceburi perniagaan yang bukan berkaitan dengan hartanah untuk mengurangkan kebergantungan pada pembangunan hartanah. Kumpulan sedang mempertimbangkan penerokaan dalam bidang seperti industri berasaskan pembuatan, perkhidmatan dan industri gas dan minyak dengan penuh pengharapan.

Furthermore, a shortage of skilled labour and over dependency on migrant workers presents further cost challenges for the industry as a whole.

However, the Group applauds the decision by the Federal Government to allow the use of savings in the Employees Provident Fund for monthly repayments of housing loans. The Group predicts that the effects of this scheme have already begun to filter into the market. In addition, the Government’s revised policy in reducing the stamp duty by 50% on houses worth RM250,000 or less will go far in spurring the residential property market.

Encouragingly, the positive market sentiment for the Pahang property market is a reflection of the Eastern Corridor Economic Region (ECER) Masterplan. The Masterplan will benefit not only the residential and industrial sectors, but also the agricultural and tourism sectors, thus spurring increased economic activity in the region.

The Group has strategically moved into non-property related businesses to reduce our reliance on property development. The Group views areas such as manufacturing-based industries, services and oil and gas industry with much anticipation.

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ACKNOWLEDGEMENT

On behalf of the Board of Directors, I wish to express my sincere appreciation to our customers, shareholders, business partners and government authorities. your contribution, trust, wisdom and confidence over the past 10 years guide our strength and ensure our continued growth.

I would like to express my gratitude to my fellow Directors for their invaluable views, insights and support. I must thank the State EXCO members and the State Government of Pahang for the uncompromising and continued support of PASDEC.

Finally, to all staff, your commitment and dedication to the Group is admirable and provides the impetus for sustained success and excellence.

Thank you.

DATO’ SRI HAJI ADNAN BIN HAJI YAAKOBChairman Pasdec Holdings Berhad21 May 2008

PENGHARGAAN

Bagi pihak Lembaga Pengarah, saya ingin merakamkan penghargaan ikhlas saya kepada pelanggan, pemegang saham, rakan niaga kami dan jabatan-jabatan Kerajaan. Sumbangan, kepercayaan, kearifan dan keyakinan anda sepanjang 10 tahun yang lepas memandu kekuatan kami dan memastikan pertumbuhan kami secara berterusan.

Saya ingin merakamkan penghargaan kepada rakan-rakan Pengarah atas pandangan, pendapat dan sokongan mereka. Saya mesti berterima kasih kepada barisan Ahli-Ahli Majlis Mesyuarat Kerajaan Negeri Pahang dan Kerajaan Negeri Pahang atas sokongan yang tidak berbelah bahagi dan berterusan kepada PASDEC.

Akhir kata, kepada semua kakitangan, komitmen dan dedikasi anda kepada Kumpulan mengkagumkan dan menjadi penggerak kepada kejayaan dan kegemilangan berterusan.

Terima Kasih.

DATO’ SRI HAJI ADNAN BIN HAJI YAAKOBPengerusi Pasdec Holdings Berhad21 Mei 2008


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... to spread our wings to greater heights

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... to spread our wings to greater heights

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CORPORATE GOVERNANCE STATEMENTPENyATA URUS TADBIR KORPORAT

TheBoardofDirectorsofPasdecHoldingsBerhadrecognizestheimportanceofpracticinggoodcorporategovernanceasafundamentalpartofdischargingitsresponsibilitiestoprotectandenhanceshareholders’value.

TheBoardispleasedtodisclosetoshareholdersonthemannerthe Group has applied the principles of good corporategovernanceandextentofcompliancewiththebestpracticesas set out in the Malaysian Code of Corporate GovernanceRevised2007(“Code”),duringtheyearended31December2007.

THE BOARD OF DIRECTORS

Composition of the Board

The Board currently has ten (10) members comprising of a Non-Executive Chairman, a Non-Executive Deputy Chairman, a Managing Director, three (3) Independent Non-Executive Directors and four (4) Non-Independent Non-Executive Directors

The Board’s composition represents a mix of knowledge, skills and expertise relevant to the Company’s operations to provide strong and effective leadership and control of the Group. The profile of each Director is set out on pages 10 to 19 of this Annual Report.

The Non-Executive Directors, all of whom are respected business leaders in their own right, play an important role in the Board’s decisions, and provide unbiased and independent views, advice and judgment in the decision making process.

The roles of the Chairman and the Managing Director are distinct and each has clearly defined responsibilities to ensure a balance of power and authority. The Chairman is primarily responsible for ensuring orderly conduct and effectiveness of the Board whilst the Managing Director, being the only Executive Director, has the principal responsibility of reporting, clarifying and communication matters relating to the day-to-day operations of the Company to the Board.

Board Responsibility

The Board of Directors is responsible for planning the strategic direction of the Group, the allocation of resources, the continuous review of the Group’s business operations and performance, the monitoring, implementation and review of appropriate processes and internal controls to manage business risk, and generally, for ensuring that the Company is being managed and its business conducted in accordance with high standards of accountability and transparency.

Lembaga Pengarah Pasdec Holdings Berhad memperakuikepentingantadbiruruskorporatyangbaiksebagaisebahagianasas penting dalam tanggungjawab untuk memelihara danmelindungikepentinganparapemegangsaham.

Lembaga Pengarah dengan sukacitanya memaklumkankepadaparapemegangsahambahawaKumpulanPasdectelah menggunapakai prinsip-prinsip tadbir urus korporatyang baik sepertimana terkandung dalam Kod Tadbir UrusKorporatMalaysia2007. (“Kod”), sepanjang tempohberakhir31Disember2007.

LEMBAGA PENGARAH

Komposisi Pengarah

Ahli Lembaga Pengarah merangkumi sepuluh (10) orang anggota yang terdiri daripada seorang Pengerusi Bukan Eksekutif, seorang Timbalan Pengerusi Bukan Eksekutif, seorang Pengarah Urusan, tiga (3) orang Pengarah Bebas Bukan Eksekutif dan empat (4) orang Pengarah Bukan Bebas Bukan Eksekutif.

Ahli-ahli Lembaga Pengarah adalah gabungan dari pengalaman pengurusan perniagaan dan kewangan yang luas, serta berkepakaran dan berpandangan bernas dalam perbincangan dan proses membuat keputusan Lembaga. Profil setiap Pengarah dimuatkan di dalam muka surat 10 hingga 19 dalam Laporan Tahunan ini.

Para Pengarah Bukan Eksekutif, yang semuanya terdiri daripada ahli-ahli yang dihormati dalam bidang masing-masing, memainkan peranan penting dalam keputusan Lembaga. Para Pengarah Bebas menyediakan pandangan, nasihat dan pertimbangan bebas yang tidak berpihak dalam proses membuat keputusan.

Peranan Pengerusi dan Pengarah Urusan adalah ketara berbeza dan setiapnya mempunyai tanggungjawab jelas bagi memastikan keseimbangan kuasa dan kewibawaan. Tanggungjawab utama Pengerusi adalah untuk memastikan pengendalian rapi dan keberkesanan Lembaga manakala Pengarah Urusan, yang merupakan satu-satunya Pengarah Eksekutif, mempunyai tanggungjawab utama untuk melaporkan, menjelaskan dan menyampaikan perkara-perkara berkaitan operasi harian Syarikat kepada Lembaga.

Tanggungjawab Lembaga Pengarah

Lembaga Pengarah bertanggungjawab ke atas arah perancangan strategik Syarikat dan Kumpulan secara menyeluruh yang menjurus kepada pencapaian wawasan, misi dan prestasi tinggi Syarikat. Lembaga Pengarah bertindak memastikan Syarikat dan Kumpulan diuruskan selaras dengan kawalan dalaman yang baik serta prosidur sistematik yang telah ditetapkan mengikut standard ketelusan pengurusan syarikat yang tinggi.

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Mesyuarat Lembaga Pengarah

Lembaga hendaklah bermesyuarat sekurang-kurangnya lima (5) kali setahun dengan mesyuarat tambahan diadakan mengikut keperluan. Sepanjang tahun kewangan berakhir 31 Disember 2007, sejumlah tujuh (7) mesyuarat telah diadakan dan kehadiran setiap Pengarah ke Mesyuarat Lembaga adalah seperti di bawah:-

Pengarah Bilangan Kehadiran Mesyuarat

Dato’ Sri Haji Adnan bin Haji yaakob 7/7Dato’ Abdul Ghani bin Sulaiman 6/7yusof Ali bin Haji Mohamed Zain 7/7Dato’ Haji Lias bin Mohd Noor 5/7Dato’ Hamdan bin Jaafar 6/7Dato’ Haji Mohamad Nor bin Ali 6/7Majid bin Mohamed 6/7Dato’ Mohamed Amin bin Haji Daud 7/7Dato’ Sri Khalid bin Mohamad Jiwa 5/7Abdullah bin A. Rasol 5/7

Pembekalan Maklumat

Sebelum mesyuarat diadakan, kertas-kertas mesyuarat diedarkan lebih awal kepada ahli-ahli Lembaga untuk membolehkan mereka melaksanakan tanggungjawab mereka dengan berkesan dan memudahkan keputusan dibuat. Kakitangan pengurusan kanan sekiranya perlu boleh dijemput menghadiri mesyuarat jika Lembaga Pengarah memerlukan penjelasan mengenai sesuatu isu.

Lembaga mempunyai akses sepenuhnya kepada pengurusan kanan dan berhak mendapatkan nasihat serta khidmat Setiausaha Syarikat. Sekiranya perlu, para Pengarah boleh mendapatkan khidmat profesional bebas dengan perbelanjaan ditanggung oleh Syarikat.

Jawatankuasa Lembaga Pengarah

Lembaga Pengarah telah mengagihkan tanggungjawabnya kepada beberapa jawatankuasa, yang mempunyai takrif bidang kerja serta tanggungjawab yang jelas.

(a) Jawatankuasa Audit Komposisi, bidang kerja dan aktiviti-aktiviti Jawatankuasa

Audit dibentangkan di muka surat 43 hingga 47 dalam Laporan Tahunan ini.

(b) Jawatankuasa Pencalonan Keahlian Jawatankuasa Pencalonan terdiri daripada tiga

(3) Pengarah Bukan Eksekutif, yang mana majoriti terdiri daripada Pengarah Bebas:-

1. Dato’ Mohamed Amin bin Haji Daud (Pengerusi – Bebas Kanan Bukan Eksekutif) 2. Dato’ Sri Khalid bin Mohamad Jiwa (Bebas Bukan Eksekutif) 3. Dato’ Haji Lias bin Mohd Noor (Bukan Eksekutif)

Board Meetings

The Board meets at least five (5) times a year. Additional meetings are convened when necessary. During the financial year ended 31 December 2007, there were seven (7) Board meetings held. The attendance of each Director at the Board meeting are as follows:-

Director no. of Meetings Attended

Dato’ Sri Haji Adnan bin Haji yaakob 7/7Dato’ Abdul Ghani bin Sulaiman 6/7yusof Ali bin Haji Mohamed Zain 7/7Dato’ Haji Lias bin Mohd Noor 5/7Dato’ Hamdan bin Jaafar 6/7Dato’ Haji Mohamad Nor bin Ali 6/7Majid bin Mohamed 6/7Dato’ Mohamed Amin bin Haji Daud 7/7Dato’ Sri Khalid bin Mohamad Jiwa 5/7Abdullah bin A. Rasol 5/7

Supply of Information

The agenda and Board papers are distributed well in advance of each Board meeting to enable the Directors to fully consider and appreciate the matters arising for discussion, and to seek additional information of the same, if necessary. Senior management staff may also be invited to participate in the meetings to provide the Board with detailed explanations and clarifications on issues that are being deliberated.

All the Directors have access to the advice and services of the Company Secretary and the senior management staff in the Group. If necessary, the Directors may also seek independent professional advice to discharge their duties at the Group’s expense.

Board Committees

The Board has delegated specific responsibilities to other Board committees, which operate with clearly defined terms of reference.

(a) Audit Committee The Audit Committee report detailing its membership, its

terms of reference and activities during the year is set out in pages 43 to 47 of this Annual Report.

(b) Nomination Committee The nomination committee comprises of three (3)

Non-Executive Directors, the majority of whom are Independent:-

1. Dato’ Mohamed Amin bin Haji Daud (Chairman – Senior Independent, Non-Executive) 2. Dato’ Sri Khalid bin Mohamad Jiwa (Independent, Non-Executive) 3. Dato’ Haji Lias bin Mohd Noor (Non-Executive)

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The Committee is primarily responsible for the following:-

• To review and recommend new candidates for appointment to the Board

• To review and recommend appointments to committees of the Board; and

• To assist the Board in reviewing on an annual basis the required mix of skills and experience of the Directors of the Company

(c) Remuneration Committee The Remuneration Committee comprises of four (4) non-

executive Directors, one of whom is independent:-

1. Dato’ Abdul Ghani bin Sulaiman (Chairman – Non Executive) 2. Dato’ Mohamed Amin bin Haji Daud (Senior Independent, Non-Executive) 3. Dato’ Haji Lias bin Mohd Noor (Non-Executive) 4. Dato’ Haji Mohamad Nor bin Ali (Non-Executive)

The Committee is primarily responsible for making recommendation to the Board on all elements of remuneration and terms of employment of the Executive Director, drawing from outside advice if necessary.

(d) other Committee In addition to the aforementioned committees, the Board

has also established a Tender Committee.

Re-election of Directors

In accordance with the Company’s Articles of Association, all Directors who are appointed by the Board during the year are subject to re-election by shareholders at the following Annual General Meeting.

The Company’s Articles of Association also provide that at least one-third (1/3) of the Directors including the Managing Director shall retire from office at each Annual General Meeting. All Directors shall retire from office once at least in every three (3) years but shall be eligible for re-election.

Director’s Training

All the Directors have attended the Mandatory Accreditation Programme conducted by Bursa Malaysia Securities Berhad (“Bursa Malaysia”). The Board encourages its Directors to attend seminars, workshops to update their skills and knowledge to enable them to carry out their roles effectively as director in discharging their responsibilities towards corporate governance, operational and regulatory issues.

During the year, the Directors have attended various courses and seminars to further enhance thier knowledge and skills.

Tanggungjawab Jawatankuasa ini meliputi perkara-perkara berikut :-

• Mengkaji dan mencadangkan perlantikan calon-calon baru ke Lembaga

• Mengkaji dan mengesyorkan kepada Lembaga, perlantikan bagi mengisi jawatan di dalam jawatankuasa-jawatankuasa; dan

• Membantu Lembaga membuat penilaian tahunan terhadap gabungan kemahiran dan pengalaman para Pengarah Syarikat.

(c) Jawatankuasa Imbuhan Keahlian jawatankuasa ini terdiri dari empat (4) Pengarah

Bukan Eksekutif, yang mana seorang (1) adalah merupakan Pengarah Bebas:-

1. Dato’ Abdul Ghani bin Sulaiman (Pengerusi – Bukan Eksekutif) 2. Dato’ Mohamed Amin bin Haji Daud (Bebas Kanan Bukan Eksekutif) 3. Dato’ Haji Lias bin Mohd Noor (Bukan Eksekutif) 4. Dato’ Haji Mohamad Nor bin Ali (Bukan Eksekutif)

Jawatankuasa Imbuhan bertanggungjawab mengemukakan syor-syor kepada Lembaga berhubung semua elemen imbuhan dan terma-terma pekerjaan Pengarah Eksekutif, dan sekiranya perlu, mendapatkan nasihat dari luar.

(d) Lain-lain Jawatankuasa Selain dari jawatankuasa-jawatankuasa yang telah

dinyatakan Lembaga juga turut menubuhkan Jawatankuasa Tender.

Pelantikan Pengarah dan Pemilihan Semula

Selaras dengan Artikel Tataurus Penubuhan Syarikat, semua Pengarah yang dilantik oleh Lembaga adalah tertakluk kepada pemilihan semula oleh para pemegang saham pada Mesyuarat Agung Tahunan.

Sekurang-kurangnya satu pertiga (1/3) daripada bilangan Pengarah termasuk Pengarah Urusan hendaklah bersara dari perkhidmatan pada setiap Mesyuarat Agung Tahunan dan tertakluk kepada pemilihan semula oleh para pemegang saham.

Latihan Berterusan Pengarah

Semua Pengarah telah menghadiri Program Akreditasi Mandatori, sepertimana disyaratkan oleh Bursa Malaysia Securities Berhad (“Bursa Malaysia”). Semua Pengarah digalakkan menyertai latihan dan program profesional tersebut bagi meningkatkan skil dan pengetahuan mereka dalam menjalankan tugas-tugas secara lebih berkesan.

Sepanjang tahun kewangan, Para Pengarah telah menghadiri beberapa kursus dan seminar bagi tujuan peningkatan skil dan pengetahuan mereka.


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DIRECTORS’ REMuNERATION

Remuneration of the Executive Director is recommended by the Remuneration Committee to the Board and is structured to link rewards to corporate and individual performance.

The Board as a whole decides on the remuneration of Non Executive Directors, with the individual Director concerned abstaining from discussion of his own remuneration. Directors’ fees are paid to the Directors with approval by the shareholders at the Annual General Meeting.

The aggregate remuneration of Directors of the Company for the financial year ended 31 December 2007 categorised by components and range of remuneration can be found in Note 8 (page 83) of Notes to the Financial Statements in this Annual Report.

SHAREHOLDERS

Relations with Shareholders and Investors The Board recognises the importance of transparency and accountability to its shareholders and communicates with its shareholders and stakeholders regularly through timely release of financial results on a quarterly basis, press releases and announcements, which provide shareholders with an overview of the Group’s performance, operations and major developments.

The Annual General Meeting serves as the primary channel for communicating with shareholders. Shareholders who are unable to attend are allowed to appoint proxies to attend and vote on their behalf. The Chairman and the Board will respond to the questions raised by the shareholders during the Annual General Meeting.

Shareholders and the general public may obtain up-to-date information relating to the various activities of the Group by assessing its website at www.pasdec.com.my. The Group’s press releases and latest financial and non-financial announcements can also be found there.

ACCOuNTABILITY AND AuDIT

Financial Reporting

In presenting the annual financial statements and quarterly announcement to the shareholders, the Board is committed to presenting a balanced and fair assessment of the Group’s financial position, performance and prospects while complying with all applicable regulations and accounting standards. To this end, the Audit Committee assists the Board in discharging its fiduciary duties relating to corporate accountability and reporting practices of the Group.

The Directors’ Responsibility Statement in respect of the preparation of the annual audited financial statements of the Company and Group is set out in page 41 of this Annual Report.

IMBuHAN PENGARAH

Imbuhan kepada Pengarah Eksekutif adalah disyorkan oleh Jawatankuasa Imbuhan kepada Lembaga Pengarah yang mana dibuat selaras dengan imbuhan prestasi korporat dan prestasi individu.

Penetapan imbuhan Pengarah Bukan Eksekutif pada keseluruhannya ditentukan oleh Lembaga Pengarah dengan setiap Pengarah berkenaan tidak terlibat dalam perbincangan untuk menentukan imbuhannya sendiri. yuran para Pengarah dibayar kepada para Pengarah dengan kelulusan daripada para pemegang saham di Mesyuarat Agung Tahunan.

Butiran berkenaan imbuhan para Pengarah Syarikat bagi tahun kewangan berakhir 31 Disember 2007 yang dikategorikan mengikut komponen dan julat ganjaran boleh dilihat di dalam Nota 8 (mukasurat 141) kepada Nota-Nota Penyata Kewangan dalam Laporan Tahunan ini.

PARA PEMEGANG SAHAM

Hubungan Dengan Para Pemegang Saham dan Pelabur

Lembaga menyedari kepentingan ketelusan penyebaran maklumat kepada para pemegang saham, dan komunikasi berterusan melalui laporan tahunan syarikat, keputusan kewangan dan pengumuman melalui Bursa Malaysia serta pekeliling merupakan cara perhubungan yang berkesan dengan pemegang saham dalam mendapat pandangan terhadap prestasi, operasi dan perancangan pembangunan Syarikat.

Mesyuarat Agung Tahunan merupakan forum utama untuk berdialog dengan pemegang-pemegang saham. Pemegang saham dibenarkan menghantar wakil ke mesyuarat tersebut. Pengerusi dan Lembaga akan menjawab soalan-soalan yang dikemukakan oleh pemegang saham semasa mesyuarat agung itu.

Pemegang saham dan orang awam boleh mendapatkan maklumat yang terkini berhubung pelbagai aktiviti Kumpulan dengan melayari laman web Syarikat di www.pasdec.com.my. Siaran akhbar dan pengumuman terkini kewangan dan bukan kewangan boleh diperolehi menerusi laman web ini.

KEBERTANGGuNGJAWABAN DAN AuDIT

Laporan Kewangan

Dalam menyampaikan penyata kewangan tahunan dan pengumuman keputusan suku tahunan kepada pemegang saham, Lembaga dengan bantuan Jawatankuasa Audit bertanggungjawab mengemukakan penilaian adil dan saksama prestasi dan tentang kedudukan kewangan serta prospek Syarikat dan Kumpulan.

Penyata Tanggungjawab Para Pengarah Syarikat dan Kumpulan adalah terkandung dalam mukasurat 41 di dalam Laporan Tahunan ini.


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Internal Control

The Directors acknowledge their responsibilities for the internal control system in the Group, which includes financial controls, operational controls, compliance monitoring as well as risk management in order to safeguard shareholders’ investment and the Company’s assets. The Group’s Statement on Internal Control is set out on page 42 of the Annual Report.

Relationship with External Auditors

The Board maintains a formal and transparent professional relationship with the external auditors through the Audit Committee. The Audit Committee has been empowered to communicate directly with the external auditors.

The external auditors have an obligation to bring significant defects to the Group’s system of control and compliance to the attention of the management and if necessary, to the Audit Committee and the Board.

ADDITIONAL COMPLIANCE INFORMATION

Material Contracts Involving Directors’ and Major Shareholder’s Interests

None of the Directors and major shareholders had any material contracts with the Company during the financial year ended 31 December 2007.

Sanctions and/or Penalties Imposed

There were no sanctions and/or penalties imposed on the Company by the relevant regulatory bodies during the financial year ended 31 December 2007.

Non-Audit Fees

The amount for non-audit fees paid or payable to the external auditors and their associates for the financial year ended 31 December 2007 is RM27,420.00.

Variation in Financial Result

The Group’s audited consolidated profit for the financial year ended 31 December 2007 of RM26.4 million differed by RM15.4 million or 36.8% from the consolidated unaudited profit of RM41.8 million for the year previously announced on 29 February 2008 due to provision made relating to impairment of land in Labuan. Announcement on the variance in results was made on 29 April 2008.

Kawalan Dalaman

Lembaga mempunyai tanggungjawab menyeluruh untuk mengekalkan sistem kawalan dalaman yang mantap, termasuk kawalan kewangan, kawalan operasi, pemantauan kepatuhan di samping pengurusan risiko demi melindungi kepentingan pelaburan para pemegang saham dan aset-aset Syarikat. Penyata Kawalan Dalaman Kumpulan dipaparkan di muka surat 42 Lapuran Tahunan ini.

Hubungan dengan Juruaudit

Lembaga melalui Jawatankuasa Audit mengekalkan hubungan formal dan telus dengan Juruaudit Luaran Syarikat bagi mendapatkan khidmat dan nasihat profesional mereka. Jawatankuasa Audit telah diberi mandat untuk berkomunikasi secara terus dengan juruaudit luaran.

Juruaudit luaran mempunyai obligasi untuk memberi perhatian kepada pihak pengurusan terhadap kepatuhan sistem kawalan dan jika perlu kepada pihak Jawatankuasa Audit dan Lembaga bagi sebarang kelemahan ketara terhadap kepatuhan pada sistem kawalan tersebut.

MAKLuMAT KEPATuHAN TAMBAHAN

Kontrak Penting Melibatkan Kepentingan Pengarah Dan Pemegang Saham utama

Tidak ada Pengarah atau pemegang saham utama yang mempunyai kontrak penting dengan Syarikat dalam tahun kewangan berakhir 31 Disember 2007.

Pengenaan Sekatan dan/atau Hukuman

Tiada sekatan dan / atau denda yang dikenakan ke atas Syarikat dan / atau subsidiari oleh badan-badan penguatkuasaan akibat ketidakpatuhan terhadap peraturan / undang-undang.

Yuran Bukan Audit

Jumlah yuran bukan audit yang telah dibayar atau perlu dibayar kepada juruaudit luar dan sekutunya bagi tahun kewangan berakhir 31 Disember 2007 ialah RM27,420.00.

Perbezaan Keputusan Kewangan

Keuntungan Kumpulan beraudit bagi tahun berakhir 31 Disember 2007 ialah sebanyak RM26.4 juta, RM15.4 juta atau 36.8% lebih rendah dari keuntungan Kumpulan belum diaudit sebanyak RM41.8 juta yang diumumkan pada 29 Februari 2008. Perbezaan ini adalah disebabkan oleh peruntukan rosot nilai tanah di Labuan. Pengumuman berhubung dengan perbezaan ini telah dibuat pada 29 April 2008.


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DIRECTORS’ RESPONSIBILITY STATEMENTPENyATA TANGGUNGJAwAB PARA PENGARAH

The Directors are responsible for the preparation of financial statements prepare for each financial year to give a true and fair view of the state of affairs of the Group and of the Company and of the results and cash flows of the Group and of the Company for the financial year then ended.

In the preparation of these financial statements the Director have:-

• ensured compliance with applicable approved accounting standards;

• adopted suitable accounting policies and apply them consistently; and

• made judgments and estimates that are reasonable and prudent.

The Directors are responsible for ensuring that the Company and Group maintain accounting records that disclose with reasonable accuracy the financial position in order to ensure that the financial statements comply with the Companies Act, 1965. The Statement of Directors pursuant to Section 168(15) of the Companies Act, 1965 is set out on page 60 of this Annual Report.

The Directors have general responsibilities for taking such steps that are reasonably available to them to safeguard the assets of the Group, and to prevent and detect fraud and other irregularities.

Lembaga Pengarah bertanggungjawab untuk memastikan bahawa penyata-penyata kewangan Syarikat dan Kumpulan memberikan gambaran sebenar dan saksama mengenai hal ehwal Syarikat dan Kumpulan.

Lembaga Pengarah telah memastikan bahawa dalam penyediaan penyata-penyata kewangan:-

• Segala piawaian-piawaian perakaunan yang diluluskan dan terpakai di Malaysia telah diikuti.

• Kumpulan dan Syarikat menerima pakai polisi-polisi perakaunan yang wajar secara konsisten;

• Keputusan dan anggaran yang munasabah dan bijaksana dibuat di mana berkaitan; dan

Para Pengarah bertanggungjawab untuk memastikan bahawa Syarikat menyimpan rekod-rekod perakaunan yang menggambarkan dengan ketetapan yang munasabah kedudukan kewangan Kumpulan dan Syarikat, dan membolehkan mereka memastikan penyata-penyata kewangan mematuhi Akta Syarikat, 1965. Penyata oleh Pengarah-Pengarah selaras dengan Seksyen 169(15) Akta Syarikat, 1965 dikemukakan pada muka surat 118 Laporan Tahunan ini.

Para Pengarah mempunyai tanggungjawab umum untuk mengambil tindakan-tindakan yang sewajarnya bagi memelihara aset-aset Kumpulan dan mengelakkan serta mengesan penipuan dan lain-lain yang di luar aturan.

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STATEMENT ON INTERNAL CONTROLPENyATA KAwALAN DALAMAN

“Inordertoimprovethetransparency,integrityandincreasingmanagerialefficiency–Wearefullyresponsibletoassurecertaintytotheboardofdirectorsandshareholdersofthecontinuousbusinessprocessimprovementthroughoutasystematicandethicalriskmanagementandinternalcontrolsystem”

DATO’ MOHAMED AMIN HAJI DAuDSENIOR INDEPENDENT, NON EXECUTIVE DIRECTOR

BOARD’S RESPONSIBILITIES

Paragraph 15.27(b) of the Listing Requirements of the Bursa Malaysia Securities Berhad requires the Board of Directors of a listed company to include in its annual report a “statement about the state of internal control of the company as a group”.

The Board acknowledges its responsibility of ensuring the effectiveness and adequacy of the internal control system to cover risk management, financial, operational and compliance controls within the Group. The Board shall also periodically review all internal control mechanism so as to ensure its strengths are being maintained and weaknesses are being remedied. The Board, however, does not regularly review the internal control system of its associate companies, as the Board does not have any direct control over their operations.

“Selaras dengan usaha memastikan peningkatan ketelusan, integriti dan effisiensi pihak pengurusan, pihak kamibertanggungjawab memberi keyakinan kepada Jemaah Pengarah dan Pemegang Saham melalui pengurusan risiko dankawalanauditdalamanyangbersistematikdanberetika”

DATO’ MOHAMED AMIN HAJI DAuDPENGARAH BEBAS KANAN BUKAN EKSEKUTIF

TANGGuNGJAWAB JEMAAH PENGARAH

Para 15.27(b) di dalam syarat penyenaraian Bursa Saham Malaysia Securities Berhad (“Bursa Malaysia”) menyatakan bahawa syarikat yang disenaraikan di dalam Bursa Malaysia perlu membuat “kenyataan berkenaan status kawalan dalaman syarikat sebagai sebuah Kumpulan”

Lembaga Pengarah mempunyai tanggungjawab secara keseluruhan untuk memastikan kadar keberkesanan dan kecukupan sistem kawalan dalaman yang merangkumi pengurusan risiko, kewangan, operasi dan tahap kepatuhan terhadap sistem kawalan dalaman Kumpulan. Lembaga Pengarah juga akan dari masa ke semasa memantau kadar keutuhan sistem kawalan dalaman bagi memastikan tahap keutuhan yang tinggi dikekalkan dan kelemahan diperbaiki.

walau bagaimanapun, Lembaga tidak melaksanakan kajian dan penilaian berkala terhadap status kawalan dalaman syarikat-syarikat bersekutu kerana pihak Lembaga tidak mempunyai kuasa mutlak untuk mengawasi operasi syarikat-syarikat tersebut.

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AuDIT COMMITTEE REPORTLAPORAN JAwATANKUASA AUDIT

INTERNAL AuDIT

During the financial year ended 31 December 2007, the Group outsourced some of its internal audit function to an independent firm of consultants.

The internal audit team assists the Audit Committee in providing assurance that a sound system of internal controls exists by reviewing such controls and procedures of the Group. At the onset, the audit programme is presented to the Audit Committee for perusal and agreement and findings are presented to the Committee accordingly. The internal audit team is totally independent. It has no involvement in the operations of the Group and is not involved in providing advisory services to the management of the Group.

COMPOSITION OF AuDIT COMMITTEE

The present members of the Audit Committee of the Company are:-

1. Dato’ Mohamed Amin bin Haji Daud (Chairman / Senior Independent Non-Executive Director)

2. Dato’ Sri Khalid bin Mohamad Jiwa (Member / Independent Non-Executive Director)

3. Encik Abdullah bin A. Rasol (Member / Independent Non-Executive Director)

4. Dato’ Haji Mohamad Nor bin Ali (Member / Non -Independent Non-Executive Director)

5. Dato’ Haji Lias bin Mohd Noor (Member / Non-Independent Non-Executive Director)

MEETINGS

The Audit Committee convened thirteen (13) meetings in the financial year ended 31 December 2007. The details of attendance of each Audit Committee member at the Audit Committee meetings are as follows:-

Audit Committee Member no. of Meetings Attended

Dato’ Mohamed Amin bin Haji Daud 13/13Dato’ Sri Khalid bin Mohamad Jiwa 12/13Encik Abdullah bin A. Rasol 11/13Dato’ Haji Mohamad Nor bin Ali 13/13Dato’ Haji Lias bin Mohd Noor 13/13

AuDIT DALAMAN

Sepanjang tempoh kewangan berakhir 31 Disember 2007, Jawatankuasa Audit telah melantik perunding juruaudit luar profesional dalam menjalankan kerja audit dalaman Syarikat dan Kumpulan.

Juruaudit-juruaudit bebas tersebut bertindak membantu Jawatankuasa Audit dalam memastikan ketelusan sistem kawalan dalaman dilaksanakan secara berkesan melalui kawalan dan prosidur yang telah ditetapkan oleh Kumpulan. Program-program audit dalaman telah dibentangkan dan diluluskan oleh Ahli Jawatankuasa Audit. Juruaudit-juruaudit yang dilantik adalah merupakan badan bebas yang tidak terlibat langsung dalam operasi Kumpulan serta tidak terlibat dalam memberi khidmat nasihat kepada pihak pengurusan Kumpulan.

KEAHLIAN JAWATANKuASA AuDIT

Jawatankuasa ini terdiri daripada ahli-ahli seperti berikut:- 1. Dato’ Mohamed Amin bin Haji Daud (Pengerusi / Pengarah Bebas Kanan Bukan Eksekutif)

2. Dato’ Sri Khalid bin Mohamad Jiwa (Ahli / Pengarah Bebas Bukan Eksekutif)

3. Encik Abdullah bin A. Rasol (Ahli / Pengarah Bebas Bukan Eksekutif)

4. Dato’ Haji Mohamad Nor bin Ali (Ahli / Pengarah Bukan Bebas Bukan Eksekutif)

5. Dato’ Haji Lias bin Mohd Noor (Ahli / Pengarah Bukan Bebas Bukan Eksekutif)

KEHADIRAN MESYuARAT

Tiga belas (13) Mesyuarat Jawatankuasa Audit telah diadakan sepanjang tahun dan kehadiran setiap ahli ke mesyuarat tersebut adalah seperti berikut :

Ahli Jawatankuasa Audit Kehadiran Ke Mesyuarat Jawatankuasa Audit

Dato’ Mohamed Amin bin Haji Daud 13/13Dato’ Sri Khalid bin Mohamad Jiwa 12/13Encik Abdullah bin A. Rasol 11/13Dato’ Haji Mohamad Nor bin Ali 13/13Dato’ Haji Lias bin Mohd Noor 13/13

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TERMS OF REFERENCE

Objectives

The primary objectives of the Audit Committee is to assist the Board of Directors in the effective discharge of its fiduciary responsibilities for corporate governance, financial reporting, risk management, internal control and compliance of statutory and legal requirements. The Audit Committee is to review the quality of the audits conducted both by the internal and external auditors of the Company.

Membership

The members of the Audit Committee shall be appointed by the Board from amongst their number and shall be composed of no fewer than three (3) members with a majority of Independent Non-Executive Directors.

At least one member of the Audit Committee:-

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

(b) if he is not a member of the Malaysia Institute of Accountants, he must have at least 3 years, working experience and:-

(i) he must have passed the examinations specified in Part I of the Schedule of the Accountants Act 1967; or

(ii) he must be a member of one of the associations of accountants specified in Part II of the 1st Schedule of the Accountants Act, 1967.

The Chairman of the Audit Committee shall be an independent Non-Executive Director appointed by the Board. No alternate director shall be appointed as a member of the Audit Committee.

The Board shall review the performance of the Audit Committee and each of its members at least once in every three (3) years to determine that they have carried out their duties in accordance with their terms of reference.

The Board shall, within three (3) months of a vacancy occurring in the Audit Committee which results in the number of members reduced to below three(3), appoint such number of new members as may be required to make up the minimum number of three (3) members.

BIDANG-BIDANG RuJuKAN

Objektif

Objektif utama Jawatankuasa Audit ialah membantu Lembaga Pengarah dalam melaksanakan tanggungjawabnya dengan mengkaji keutuhan sistem tadbir urus korporat, laporan kewangan, keberkesanan sistem pengurusan risiko dan kawalan dalaman dan memastikan pematuhan kepada undang-undang, syarat-syarat, peraturan-peraturan dan garis panduan yang berkaitan. Jawatankuasa Audit juga bertindak menilai tahap kualiti yang dijalankan oleh juruaudit dalaman dan luaran Syarikat dan Kumpulan.

Keanggotaan

Ahli Jawatankuasa Audit adalah dilantik oleh Lembaga Pengarah di kalangan para ahlinya dan terdiri daripada sekurang-kurangnya tiga (3) ahli, yang majoritinya merupakan Pengarah Bebas.

Sekurang-kurangnya seorang Ahli Jawatankuasa Audit:-

(a) mestilah merupakan ahli Institut Perakaunan Malaysia; atau

(b) sekiranya beliau bukan ahli Institut Perakaunan Malaysia, beliau mesti mempunyai pengalaman kerja sekurang-kurangnya 3 tahun dan:-

(i) beliau mestilah lulus peperiksaan yang ditetapkan pada Bahagian 1 Jadual Pertama Akta Perakaunan 1967; atau

(ii) beliau mestilah merupakan ahli salah satu persatuan akauntan yang ditetapkan pada Bahagian II, Jadual Akta Akauntan 1967.

Pengerusi Jawatankuasa Audit hendaklah merupakan Pengarah Bebas Bukan Eksekutif yang dilantik oleh Lembaga Pengarah. Pengarah ganti tidak boleh dilantik sebagai Ahli Jawatankuasa Audit.

Lembaga Pengarah akan mengkaji tempoh pemegangan jawatan dan prestasi Jawatankuasa Audit dan setiap ahlinya sekurang-kurangnya sekali setiap tiga (3) tahun untuk menentukan sama ada Jawatankuasa Audit telah menjalankan tugasnya mengikut bidang rujukannya yang telah ditentukan.

Sekiranya terdapat kekosongan dalam Jawatankuasa Audit, iaitu Ahli Jawatankuasa Audit kurang daripada tiga (3), Lembaga Pengarah mesti memenuhkan kekosongan tersebut dalam tempoh tiga (3) bulan.


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Notice of Meeting and Attendance

The agenda for Audit Committee meetings shall be circulated before each meeting to members of the Committee. The quorum for each meeting shall comprise of at least two (2) members and the majority of members present shall be Independent Directors.

The Audit Committee has the discretion to invite other Directors, members of the management and employees of the Group, and/or the external auditors to its meetings.

The Company Secretary of the Company shall be the Secretary of the Committee.

Frequency of Meetings

The Committee shall meet at least four (4) times during each financial year. Additional meeting may be called any time at the discretion of the Chairman of the Committee.

Authority The Audit Committee has the following authority as empowered by the Board:-

(a) to investigate any activity of the Company within its term of reference;

(b) have the resources which are required to perform its duties;

(c) have full and unrestricted access to any information and personnel pertaining to the Group;

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

(e) to convene meetings with the external auditors excluding the attendance of the executive members of the Committee, whenever deemed necessary; and

(f) to obtain independent professional advice as necessary.

Duties and Responsibilities

In fulfilling its primary objectives, the Audit Committee shall undertake the following duties and responsibilities:-

1. Review the quarterly results and year end financial statements, prior to the approval by the Board of Directors, focusing particularly on:-

(a) going concern assumptions;(b) changes in or implementation of major accounting

policy;(c) significant and unusual events; and(d) compliance with accounting standards, regulatory

and other legal requirements.

Notis dan Kehadiran Mesyuarat

Bagi setiap mesyuarat Jawatankuasa Audit, agenda mesyuarat diedarkan sebelum mesyuarat diadakan. Kehadiran setiap mesyuarat hendaklah sekurang-kurangnya dua (2) ahli yang majoritinya adalah Pengarah Bebas Syarikat.

Jawatankuasa Audit atas budi bicaranya, boleh menjemput Pengarah lain, pihak pengurusan, kakitangan Kumpulan, dan/atau juruaudit luaran ke mesyuarat jawatankuasa.

Setiausaha Syarikat adalah sebagai Setiausaha Jawatankuasa Audit.

Kekerapan Mesyuarat

Mesyuarat perlu diadakan sekurang-kurangnya empat (4) kali setahun. Mesyuarat tambahan boleh dipanggil pada bila-bila masa atas budi bicara Pengerusi Jawatankuasa Audit.

Kuasa Jawatankuasa Audit Jawatankuasa Audit diberikuasa oleh Lembaga Pengarah bagi menjalankan bidangkuasa seperti berikut:-

(a) untuk menyiasat sebarang perkara dalam bidang rujukannya;

(b) untuk mendapatkan segala sumber yang diperlukannya;(c) untuk diberi akses penuh dan tidak terhad kepada

maklumat berkenaan Syarikat dan Kumpulan; (d) mempunyai komunikasi langsung dengan juruaudit luaran

dan juruaudit dalaman.(e) untuk mengadakan mesyuarat dengan juruaudit luaran

tanpa menjemput ahli-ahli eksekutif jawatankuasa, sekiranya perlu; dan

(f) untuk mendapatkan khidmat nasihat pihak profesional bebas sekiranya dianggap perlu.

Tugas dan Tanggungjawab

Dalam memenuhi objektif utamanya, Jawatankuasa Audit bertanggungjawab terhadap:-

1. Mengkaji keputusan suku tahunan dan penyata kewangan akhir tahun Syarikat dan Kumpulan sebelum mencadangkan agar diluluskan oleh Lembaga Pengarah, dengan memberi tumpuan khususnya kepada:-

(a) andaian-andaian terhadap syarikat sebagai entiti yang berterusan;

(b) sebarang perubahan dalam polisi dan amalan perakaunan;

(c) keadaan luar jangka yang memberi kesan; dan(d) pematuhan kepada piawaian perakaunan dan

keperluan statutori dan undang undang lain yang berkaitan.


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2. Review and discuss with the external auditors of the following:-

(a) the audit plan prior to the commencement of audit;(b) their audit report;(c) their evaluation of the system of internal control;(d) problems and reservations arising from interim and final

external audits, and any matters the external auditors may wish to discuss (in the absence of management, where necessary); and

(e) their management letter and management’s response.

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

4. Review the following in respect of Internal Auditors:-

(a) adequacy of the scope, functions and resources of the internal audit function and that it has the necessary authority to carry out its work;

(b) internal audit programme, processes and results of the internal audit programme, processes or investigation undertaken and whether or not appropriate actions are taken on the recommendations of the internal audit function;

(c) effectiveness of the system of internal control;(d) major findings of internal audit investigations and

management’s response;(e) review any appraisal or assessment of the performance

of the staff of the internal audit function;(f) approve any appointment or termination of senior staff

member of the internal audit function; and(g) note resignations of internal audit staff members and

provide the resigning staff member an opportunity to submit his/her reason for resignation.

5. Consider and recommend the nomination and appointment, the audit fee and any questions of resignation, dismissal or re-appointment of the external auditors.

6. Report promptly to Bursa Malaysia Securities Berhad on any matter reported by it to the Board of Directors which has not been satisfactorily resolved resulting in the breach of the Listing Requirements.

7. Carry out such other responsibilities, functions or special assignments as may be defined jointly by the Audit Committee and Board of Directors from time to time.

2. Mengkaji dan membincangkan dengan juruaudit luaran:-

(a) pelan audit dalam menjalankan kerja-kerja audit;(b) laporan audit;(c) penilaian sistem kawalan dalaman;(d) membincangkan sebarang perkara yang ingin

ditimbulkan oleh juruaudit luaran, tanpa kehadiran pihak pengurusan, sekiranya perlu; dan

(e) surat kepada pengurusan dan maklumbalas pengurusan.

3. Mengkaji sebarang urus niaga dengan syarikat-syarikat berkaitan yang mungkin berlaku di dalam Syarikat atau Kumpulan, termasuk sebarang urus niaga, prosedur atau tindakan yang boleh menimbulkan persoalan tentang ketelusan pihak pengurusan.

4. Mengkaji perkara-perkara berkenaan dengan Audit Dalaman, seperti berikut:-

(a) mengkaji sama ada skop, fungsi, sumber dan kuasa yang diperlukan oleh audit dalaman untuk menjalankan tugasnya adalah mencukupi.

(b) mengkaji rancangan, proses, keputusan audit atau penyiasatan yang dilakukan, dan mengkaji sama ada tindakan yang sewajarnya telah diambil oleh pihak pengurusan terhadap cadangan-cadangan yang dikemukakan oleh juruaudit dalaman.

(c) mengkaji keberkesanan sistem kawalan audit dalaman.

(d) mengkaji maklumbalas pengurusan terhadap keputusan penyiasatan audit .

(e) mengkaji dan menilai prestasi setiap kakitangan audit dalaman.

(f) meluluskan sebarang perlantikan atau pemberhentian kakitangan kanan audit dalaman.

(g) mengenalpasti sebab-sebab pemberhentian kakitangan audit dalaman dan memberi peluang kakitangan untuk menyatakan sebab berhenti.

5. Membantu Lembaga Pengarah dalam hal ehwal berkaitan pelantikan dan perletakan jawatan juruaudit luaran dan mencadangkan pencalonan pihak-pihak tertentu sebagai juruaudit luaran dan keberkesanan audit mereka dari segi kos.

6. Apabila Jawatankuasa Audit berpendapat bahawa sesuatu perkara yang dilapurkan ke Lembaga Pengarah tidak diselesaikan dengan cara yang memuaskan, dan menyebabkan ketidakpatuhan kepada syarat-syarat penyenaraian Bursa Malaysia Securities Berhad (“Bursa Securities”), Jawatankuasa Audit akan melapurkan perkara tersebut dengan serta merta kepada pihak Bursa Securities.

7. Menjalankan sebarang tugas-tugas lain yang telah dipersetujui oleh Ahli Jawatankuasa Audit dan Lembaga Pengarah.


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SuMMARY OF ACTIVITIES OF THE AuDIT COMMITTEE

The Audit Committee has discharged its functions and duties by introducing a systematic and disciplined method to improve the effectiveness of risk management, internal control and governance process for the Group. Summary of the key activities are as follows:-

(a) Reviewed the quarterly financial result announcements;(b) Reviewed the Group’s annual audited financial statements

and recommended to the Board for approval;(c) Reviewed related party transactions within the Group;(d) Reviewed the results of the risk assessment exercise and

audit plan for internal audit; and(e) Reviewed and deliberated on issues raised in the audit

reports by internal auditors in relation to weaknesses in internal controls.

The Audit Committee concentrated on strengthening the corporate governance structure of the Company and the Group, i.e. Policies & Procedures, Authority Limits and structured processes governed by the ISO 9001:2000 Operational Manual.

During the financial year, the Audit Committee also conducted and completed two (2) special audit assignments, to improve the system of internal controls and procedures of the Group.

RINGKASAN AKTIVITI JAWATANKuASA AuDIT

Jawatankuasa Audit telah melaksanakan tanggungjawab dan tugas melalui carakerja yang sistematik dan berdisplin untuk menambahbaik keberkesanan pengurusan risiko, kawalan dalaman dan proses tadbir urus Kumpulan. Ringkasan aktiviti-aktiviti utama adalah seperti berikut:-

(a) Telah mengkaji pengumuman keputusan kewangan suku tahunan.

(b) Telah mengkaji dan mencadangkan untuk kelulusan Lembaga Pengarah bagi Laporan Kewangan Audit Tahunan Kumpulan.

(c) Telah mengkaji urusniaga-urusniaga dengan syarikat-syarikat berkaitan yang berlaku di dalam Syarikat atau Kumpulan, termasuk sebarang urusniaga, prosidur atau tindakan yang boleh menimbulkan persoalan tentang ketelusan pihak pengurusan.

(d) Telah mengkaji keberkesanan sistem dan pelan kawalan audit dalaman.

(e) Telah mengkaji dan menyelesaikan kelemahan-kelemahan kawalan audit dalaman yang dikenalpasti dalam laporan-laporan audit dalaman oleh juruaudit dalaman dan luaran.

Jawatankuasa Audit memberi tumpuan untuk mengukuhkan struktur tadbir urus Syarikat dan Kumpulan iaitu, Polisi dan Prosidur Syarikat, ‘Pasdec Authority Limit’ dan juga proses-proses yang dikawal di bawah Manual Prosedur Operasi ISO 9001:2000.

Sepanjang tahun, Jawatankuasa Audit juga telah melaksanakan dan menyempurnakan dua (2) tugasan audit dalaman khas, selaras dengan usaha meneguhkan ketelusan sistem kawalan dalaman dan prosidur dalaman Syarikat dan Kumpulan.


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... exploring opportunities here and beyond

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... exploring opportunities here and beyond

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CORPORATE EVENTS ‘07ACARA KORPORAT ‘07

JANuARY / JANuAR1 PKNP and PASDEC’s Group ‘ Ibadah Programme’ at SurauAl-Ikhwan, Bukit Setongkol, Kuantan.

Program Ibadah Korban Kumpulan PKNP and PASDEC di Surau Al-Ikhwan Bukit Setongkol, Kuantan.

FEBRuARY / FEBRuARIPASDEC’s 2007 Staff and Management Gathering at MS Garden, Kuantan.

Majlis Perjumpaan Awal Tahun Pengurusan dan Anggota Kerja PASDEC 2007 di MS Garden, Kuantan.

PKNP and PASDEC’s 2007 Family Day at Recreational Centre,Pantai Balok, Kuantan.

Hari Keluarga Kumpulan PKNP dan PASDEC’s 2007 di Pusat Rekreasi Pantai Balok Kuantan.

MARCH / MAC‘Corporate Grooming & Etiquette’ Seminar at Vistana Hotel, Kuantan.

Seminar ‘Corporate Grooming & Etiquette’ di Vistana Hotel, Kuantan.

The Official Launching and Opening of Sample Houses of PASDEC Damansara Project

Pelancaran dan pembukaan rumah contoh Projek PASDEC Damansara.

APRIL / APRILworkshop On 5S System Audit Practical at Hotel Sri Malaysia, Genting Highlands, Pahang.

Bengkel Praktikal Audit Sistem 5S di Hotel Sri Malaysia, Genting Highlands, Pahang.

Participation in MAPEX I Pahang 2007 Exhibition at Megamall, Kuantan.

Penyertaan di Pameran MAPEX I Pahang 2007 di Megamall, Kuantan.

PASDEC’s Friendly Bowling Tournament with the State Goverment Department Head at Premium Lanes, Kuantan Plaza, Kuantan.

Kejohanan Bowling Persahabatan PASDEC dengan Ketua-ketua Jabatan Kerajaan di Premium Lanes, Kuantan Plaza, Kuantan.

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11th Annual General Meeting of PASDEC at Meranti 1, Hyatt Regency Kuantan Resort, Kuantan.

Mesyuarat Agung Tahunan PASDEC ke-11 di Meranti 1, Resort Hyatt Regency Kuantan, Kuantan.

Sales Promotion during of Islam Hadhari Exhibition at Kompleks yayasan Pahang, Kuantan.

Promosi Jualan sempena Pameran Islam Hadhari, di Kompleks yayasan Pahang, Kuantan.

JuLY / JuLAI PASDEC’s Friendly Golf Tournament at Astana Golf Resort, Kuantan. Kejohanan Golf Persahabatan PASDEC di Astana Golf Resort, Kuantan.

workshop on “Benchmarking Application and Skills” at Kuantan Tembeling Resort, Kuantan.

Bengkel ‘Kemahiran & Aplikasi Penandaarasan’ di Kuantan Tembeling Resort, Kuantan.

Internal Quality Audit Programme. Program Audit Kualiti Dalaman.

MAY / MEI

Handing Over Ceremony of Taman Samodera, (the Royal Navy Force Housing Complex) to the Honourable Deputy Prime Minister, yAB Dato’ Sri Mohd Najib bin Tun Abdul Razak.

Majlis Penyerahan Kompleks Perumahan Tentera Laut Diraja Malaysia (“TLDM”) Taman Samudera, Baluk Perdana, Kuantan kepada Timbalan Perdana Menteri, yAB Dato’ Sri Mohd Najib bin Tun Abdul Razak.

Participation in Sales Exhibition for Pekan Fest Festival, Pekan, Pahang.

Penyertaan dalam Pameran Jualan sempena Festival Pekan Fest, Pekan, Pahang.

JuNE / JuN Sales exhibition in conjunction with the 25 years Celebration of yayasan Pahang and the Opening of its new office complex.

Pameran Jualan sempena Majlis Perasmian Bangunan dan Perayaan 25 Tahun yayasan Pahang di Tanjung Lumpur, Kuantan.

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AuGuST / OGOS High Tea at the Sample House of Pasdec’s Damansara Project, Kuantan. Majlis Minum Petang di Rumah Contoh Pasdec Damansara, Kuantan.

workshop on ‘Building Quality Culture For Organizational Effectiveness’ at the De Rhu Beach Resort, Kuantan.

Bengkel ‘Building Quality Culture For Organisational Effectiveness’ di De Rhu Resort, Kuantan.

Sales Promotion at Rompin Fest Festival , Rompin, Pahang.

Promosi Jualan sempena Festival Rompin Fest, Rompin, Pahang.

Participation in Mega Properties Fair at Megamall, Kuantan.

Penyertaan di Mega Properties Fair di Megamall, Kuantan.

PASDEC Staff and Management Gathering at MS Garden, Kuantan. Majlis Perjumpaan Pengurusan dengan kakitangan PASDEC di MS Garden, Kuantan.

Sales Promotion in conjuction with 50 years of Independence week Celebration at Kuantan Parade, Kuantan.

Pameran Jualan sempena Minggu Kemerdekan ke-50 Tahun di Kuantan Parade, Kuantan.

Participation in Marching of 50th Independence Day Celebration.

Penyertaan Pembarisan Hari Kemerdekaan Malaysia ke-50.

SEPTEMBER / SEPTEMBER

PASDEC‘s Friendly Bowling Tournament with Pahang State Technical Departments at Premium Lanes, Kuantan Plaza, Kuantan.

Kejohanan Boling Ramah Mesra Pasdec dengan Jabatan-Jabatan Teknikal Kerajaan Negeri Pahang di Premium Lanes, Kuantan Plaza, Kuantan.

High Tea at Astana Villa Project, Bandar Indera Mahkota, Kuantan.

Majlis Minum Petang di Projek Astana Villa, Bandar Indera Mahkota, Kuantan.

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PASDEC’s 10th year Listing Anniversary Dinner at Dewan Jubli Perak Sultan Hj Ahmad Shah, Kuantan.

Majlis Santapan/Jamuan Malam 10 Tahun Penyenaraian PASDEC, di Dewan Jubli Perak Sultan Hj Ahmad Shah, Kuantan.

Hand Over of Keys to the purchasers of Baluk Permai Phase 1 Baluk Permai, Kuantan.

Majlis Serah Kunci Projek Perumahan Balok Permai Fasa 1 di Baluk Permai, Kuantan.

DECEMBER / DISEMBERworkshop on ‘Key Performance Criteria workshop for Process within QMS’ at Awana Genting Highlands, Pahang.

Bengkel ‘Key Performance Criteria for Processes within QMS’ di Awana Genting Highlands, Pahang.

PASDEC’s Veteran Cup Football Tournament co-organised by PASDEC and Pahang Football Association (PNB) at Padang MPK 2, Kuantan.

Kejohanan Bola Sepak Piala Veteran PASDEC 2007 anjuran bersama PASDEC dan Persatuan Bola Sepak Pahang(PBNP) di Padang MPK2, Kuantan.

OCTOBER / OKTOBERPasdec Sales Exhibition for the month of Ramadhan in Kuantan Parade, Kuantan.

Pameran Jualan Pasdec sempena bulan Ramadhan di Kuantan Parade, Kuantan.

NOVEMBER / NOVEMBER

Participation in MAPEX II 2007 at Kuantan Parade, Kuantan.

Penyertaan di Pameran MAPEX II 2007, di Kuantan Parade, Kuantan.

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Flood Aid distribution to 300 residents at Sekolah Kebangsaan Ubai Relieve Centre.

Pengagihan Bantuan Banjir kepada 300 penduduk di pusat Pemindahan Sekolah Kebangsaan Ubai, Pekan.

Handover of the Group’s business ‘Zakat’ 2007 to His Royal Highness ‘KDyTM’, the Regent of Pahang.

Penyerahan Zakat perniagaan Kumpulan 2007 kepada KDyTM, Tengku Mahkota Pahang.

PASDEC’s Sales Carnival co-organised with NGO (Retarded Children Day Care Centre, Kuantan) at Atrium II, Kuantan parade, Kuantan.

Karnival Jualan PASDEC 2007 anjuran bersama Badan NGO (Pusat Jagaan Kanak-kanak Terencat Akal, Kuantan) di Atrium 2, Kuantan Parade, Kuantan.

Blood Donation Campaign at PASDEC’s Sales Carnival in Kuantan Parade, Kuantan.

Kempen Derma Darah di Karnival Jualan PASDEC di Kuantan Parade, Kuantan.

Hand Over of Keys to the purchasers of Chendor Utama Phase 1 Project and Chendor Phase 2 at Chendor, Kuantan.

Majlis Serah Kunci Projek Chendor Utama Fasa 1 dan Chendor Fasa 2, di Chendor, Kuantan.


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FINANCIAL STATEMENTS56 Directors’ Report

60 Statement by Directors

60 Statutory Declaration

61 Report of the Auditors

62 Income Statements

63 Balance Sheets

64 Consolidated Statement of Changes in Equity

65 Company Statement of Changes in Equity

66 Cash Flow Statements

68 Notes to the Financial Statements

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The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2007.

PRINCIPAL ACTIVITIES

The principal activities of the Company are investment holding and provision of management services to the subsidiaries.

The principal activities of the subsidiaries are described in Note 17 to the financial statements.

There have been no significant changes in the nature of the principal activities during the financial year.

RESULTS Group Company RM RM Profit for the year 26,404,339 6,300,288

Attributable to:Equity holders of the Company 31,603,614 6,300,288Minority interests (5,199,275) -

26,404,339 6,300,288

There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements.

In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature other than the gain of RM34,392,919 on disposal of investments as disclosed in Note 6 and impairment of land held for property development of RM20,116,367 as disclosed in Note 6 and Note 36(e).

DIVIDENDS

The amount of dividends paid by the Company since 31 December 2006 were as follows: RM

In respect of the financial year ended 31 December 2006 as reported in the directors’ report of that year:

First and final dividend of 2% less 27% taxation on 205,978,000 ordinary shares, declared on 22 June 2007 and paid on 27 August 2007 3,008,000 At the forthcoming Annual General Meeting, a final dividend in respect of the financial year ended 31 December 2007, of 2% less 26% taxation on 205,978,000 ordinary shares, amounting to a dividend payable of RM3,048,474 (1.48 sen net per ordinary share) will be proposed for shareholders’ approval. The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be accounted for in equity as an appropriation of retained earnings in the financial year ending 31 December 2008.

DIRECTORS’ REPORT

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DIRECTORS

The names of the directors of the Company in office since the date of the last report and at the date of this report are:

Dato’ Sri Haji Adnan bin Haji YaakobDato’ Abdul Ghani bin L. SulaimanYusof Ali bin Haji Mohamed ZainDato’ Haji Lias bin Mohd. NoorDato’ Hamdan bin JaafarDato’ Abdullah @ Mohamad Nor bin AliMajid bin MohamadDato’ Mohamed Amin bin Haji DaudDato’ Khalid bin Mohamad JiwaAbdullah bin A. Rasol

DIRECTORS’ BENEFITS

Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company was a party, whereby the directors might acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.

Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits included in the aggregate amount of emoluments received or due and receivable by the directors or the fixed salary of a full-time employee of the Company as shown in Note 8 to the financial statements) by reason of a contract made by the Company or a related corporation with any director or with a firm of which he is a member, or with a company in which he has a substantial financial interest.

DIRECTORS’ INTERESTS

None of the directors in office at the end of the financial year had any interest in shares in the Company or its related corporations during the financial year.

EXCHANGEABLE BONDS

On 15 November 2006, the Company issued RM150 million Rainbow Exchangeable Bonds (“REBs”) at 100% of its nominal value comprising two (2) series as follows:- (a) RM15 million REBs (“Series I”) exchangeable into 4,792,333 ordinary shares of Road Builder (M) Holdings Berhad issued for a

maturity of 5 years from the issue date; and

(b) RM135 million REBs (“Series II”) exchangeable into 40,785,500 ordinary shares of YTL Cement Berhad issued for a maturity of 7 years from the issue date.

During the year, the entire Series I of RM15 million and RM74 million of Series II have been exchanged.

DIRECTORS’ REPORT

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OTHER STATUTORY INFORMATION

(a) Before the income statements and balance sheets of the Group and of the Company were made out, the directors took reasonable steps:

(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for

doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts; and

(ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected so to realise.

(b) At the date of this report, the directors are not aware of any circumstances which would render:

(i) the amount written off for bad debts or the amount of the provision for doubtful debts in the financial statements of the Group and of the Company inadequate to any substantial extent; and

(ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading.

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

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

(e) As at the date of this report, there does not exist:

(i) any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which secures the liabilities of any other person; or

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

(f) In the opinion of the directors:

(i) no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet their obligations when they fall due; and

(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the Company for the financial year in which this report is made.

DIRECTORS’ REPORT

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SIGNIFICANT EVENTS

The significant events during the year are as disclosed in Note 36 to the financial statements.

SUBSEQUENT EVENTS

Details of the subsequent events are disclosed in Note 37 to the financial statements.

AUDITORS

The auditors, Hanafiah Raslan & Mohamad, have expressed their willingness to continue in office.

Signed on behalf of the Board in accordance with a resolution of the directors dated 25 April 2008.

DATO’ SRI HAJI ADNAN BIN HAJI YAAKOB

YUSOF ALI BIN HAJI MOHAMED ZAIN

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We, DATO’ SRI HAJI ADNAN BIN HAJI YAAKOB and YUSOF ALI BIN HAJI MOHAMED ZAIN, being two of the directors of PASDEC HOLDINGS BERHAD, do hereby state that, in the opinion of the directors, the accompanying financial statements set out on pages 62 to 112 are drawn up in accordance with the provisions of the Companies Act, 1965 and applicable Financial Reporting Standards in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2007 and of the results and the cash flows of the Group and of the Company for the year then ended.

Signed on behalf of the Board in accordance with a resolution of the directors dated 25 April 2008.



STATUTORY DECLARATIONPURSUANT TO SECTION 169 (16) OF THE COMPANIES ACT, 1965

I, GOH SONG HAN, being the officer primarily responsible for the financial management of PASDEC HOLDINGS BERHAD, do solemnly and sincerely declare that the accompanying financial statements set out on pages 62 to 112 are in my opinion correct, and I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by the abovenamedGOH SONG HAN at Kuantan in the state of Pahang DarulMakmur on 25 April 2008 GOH SONG HAN

Before me,

STATEMENT BY DIRECTORSPURSUANT TO SECTION 169 (15) OF THE COMPANIES ACT, 1965

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We have audited the financial statements set out on pages 62 to 112. These financial statements are the responsibility of the Company’s directors.

It is our responsibility to form an independent opinion, based on our audit, on the financial statements and to report our opinion to you, as a body, in accordance with Section 174 of the Companies Act, 1965 and for no other purpose. We do not assume responsibility to any other person for the content of this report.

We conducted our audit in accordance with applicable Approved Standards on Auditing in Malaysia. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall presentation of the financial statements. 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 the provisions of the Companies Act, 1965 and applicable Financial Reporting Standards in Malaysia so as to give a true and fair view of:

(i) the financial position of the Group and of the Company as at 31 December 2007 and of the results and the cash flows of the Group and of the Company for the year then ended; and

(ii) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and

(b) the accounting and other records and the registers required by the Act to be kept by the Company and by its subsidiaries have been properly kept in accordance with the provisions of the Act.

We are satisfied that the financial statements of the subsidiaries that have been consolidated with the financial statements of the Company are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we have received satisfactory information and explanations required by us for those purposes.

The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification and did not include any comment required to be made under Section 174(3) of the Act.

HANAFIAH RASLAN & MOHAMADAF: 0002Chartered Accountants

Kuantan, Pahang Darul Makmur, Malaysia25 April 2008

REPORT OF THE AUDITORS TO THE MEMBERS OF PASDEC HOLDINGS BERHAD (367122 D)

NIK RAHMAT KAMARULZAMAN BIN NIK AB. RAHMANNo. 1759/02/10 (J)Partner

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INCOME STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2007

Group Company Note 2007 2006 2007 2006 RM RM RM RM

Revenue 3 107,229,338 105,659,001 14,376,235 13,284,555Cost of sales 4 (56,442,400) (72,771,641) - -

Gross profit 50,786,938 32,887,360 14,376,235 13,284,555Other income 37,387,347 693,938 3,042,985 794,753Administrative expenses (15,975,199) (17,528,715) (3,502,390) (5,943,852)Other expenses (31,336,585) (5,030,536) (1,416,630) (1,250,098)

Operating profit 40,862,501 11,022,047 12,500,200 6,885,358Finance costs 5 (9,244,350) (6,657,373) (7,138,638) (3,243,367)Share of (loss)/profit of associates (241,116) 308,863 - -

Profit before tax 6 31,377,035 4,673,537 5,361,562 3,641,991Income tax expense 9 (4,972,696) (3,422,630) 938,726 -

Profit for the year 26,404,339 1,250,907 6,300,288 3,641,991

Attributable to: Equity holders of the Company 31,603,614 1,138,987 6,300,288 3,641,991 Minority interests (5,199,275) 111,920 - -

26,404,339 1,250,907 6,300,288 3,641,991

Earnings per share attributable to equity holders of the Company (sen):Basic, for profit for the year 10 15.34 0.55

The accompanying notes form an integral part of the financial statements.

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BALANCE SHEETSAS AT 31 DECEMBER 2007

Group Company Note 2007 2006 2007 2006 RM RM RM RM (restated)

ASSETSNon-current assetsProperty, plant and equipment 12 16,171,891 13,058,830 120,638 138,002 Land held for property development 13(a) 138,211,352 154,566,910 - - Investment properties 14 7,505,242 7,671,299 - - Prepaid land lease payments 15 83,898 86,106 - - Investments in subsidiaries 17 - - 59,406,316 60,374,442 Investments in associates 18 3,613,951 3,865,068 - - Marketable securities 23 67,803,643 163,743,367 15,614,022 47,000,000 Intangible assets 16 823,258 1,942,989 - -

234,213,235 344,934,569 75,140,976 107,512,444

Current assetsProperty development costs 13(b) 147,106,809 89,467,922 - - Inventories 19 15,676,819 12,509,432 - - Trade receivables 20 63,617,953 57,566,740 - - Other receivables 21 23,078,593 27,819,302 219,111,986 260,440,296 Cash and bank balances 24 27,010,892 25,919,608 5,437,354 6,500,402

276,491,066 213,283,004 224,549,340 266,940,698

TOTAL ASSETS 510,704,301 558,217,573 299,690,316 374,453,142

EQUITY AND LIABILITIES Equity attributable to equity holders of the CompanyShare capital 31 205,978,000 205,978,000 205,978,000 205,978,000 Share premium 43,007,997 43,007,997 45,515,750 45,515,750 Retained earnings/ (Accumulated losses) 105,112,871 77,590,357 (27,073,090) (30,365,378)

Shareholders’ equity 354,098,868 326,576,354 224,420,660 221,128,372 Minority interests 10,446,720 15,308,671 - -

Total equity 364,545,588 341,885,025 224,420,660 221,128,372

Non-current liabilitiesRetirement benefit obligations 25 1,864,802 1,592,817 - - Borrowings 26 69,812,347 152,937,015 64,561,002 151,163,101 Deferred tax liabilities 32 73,878 3,672,424 - -

71,751,027 158,202,256 64,561,002 151,163,101

Current liabilitiesRetirement benefit obligations 25 27,378 24,887 - - Borrowings 26 31,386,985 25,512,865 19,762 18,725 Trade payables 29 25,634,186 22,387,978 - - Other payables 30 14,004,270 8,683,735 9,801,331 1,255,383 Tax payable 3,354,867 1,520,827 887,561 887,561

74,407,686 58,130,292 10,708,654 2,161,669

Total liabilities 146,158,713 216,332,548 75,269,656 153,324,770

TOTAL EQUITY AND LIABILITIES 510,704,301 558,217,573 299,690,316 374,453,142


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CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2007

Attributable to Equity Holders of the Company Non-Distributable Distributable Share Share Retained Minority Capital Premium Earnings Total Interests Total RM RM RM RM RM RM

At 1 January 2006 205,978,000 43,007,997 75,763,279 324,749,276 15,196,751 339,946,027

Effects of adopting FRS 3 - - 688,091 688,091 - 688,091

205,978,000 43,007,997 76,451,370 325,437,367 15,196,751 340,634,118

Profit for the year - - 1,138,987 1,138,987 111,920 1,250,907 At 31 December 2006 205,978,000 43,007,997 77,590,357 326,576,354 15,308,671 341,885,025 At 1 January 2007 205,978,000 43,007,997 77,590,357 326,576,354 15,308,671 341,885,025 Profit for the year - - 31,603,614 31,603,614 (5,199,275) 26,404,339 Dividends (Note 11) - - (4,081,100) (4,081,100) - (4,081,100) Acquisition of interest in a subsidiary - - - - 337,324 337,324 At 31 December 2007 205,978,000 43,007,997 105,112,871 354,098,868 10,446,720 364,545,588


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COMPANY STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2007

Non-Distributable Share Share Accumulated Capital Premium Losses Total RM RM RM RM At 1 January 2006 205,978,000 45,515,750 (34,007,369) 217,486,381 Profit for the year - - 3,641,991 3,641,991 At 31 December 2006 205,978,000 45,515,750 (30,365,378) 221,128,372 At 1 January 2007 205,978,000 45,515,750 (30,365,378) 221,128,372 Profit for the year - - 6,300,288 6,300,288 Dividends (Note 11) - - (3,008,000) (3,008,000) At 31 December 2007 205,978,000 45,515,750 (27,073,090) 224,420,660


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CASH FLOW STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2007

Group Company 2007 2006 2007 2006 RM RM RM RM Cash Flows From Operating Activities Profit before taxation 31,377,035 4,673,537 5,361,562 3,641,991 Adjustments for: Amortisation of prepaid land lease payments 2,208 2,208 - - Property, plant and equipment written off 51,492 2,760 - - Reversal of provision for doubtful debts (191,855) (31,200) - - Bad debts recovered - (85,112) - - Depreciation of property, plant and equipment 920,891 968,418 17,364 17,365 Depreciation of investment properties 166,057 39,968 - - Gain on disposal of investments (34,392,919) (14,250) (355,283) - Loss/(gain) on disposal of land held for property development 3,915 (4,855,946) - - Gain on disposal of property, plant and equipment (17,666) (52,000) - - Gain on disposal of property development costs - (1,515,328) - - Impairment of property, plant and equipment 176,778 - - - Reversal of impairment losses in inventories - (98,151) - - Provision for impairment losses in investments in marketable securities 330,093 - 330,093 - Provision for impairment losses in investment in an associate 10,000 - - - Provision for impairment losses in investments in subsidiaries - - 3,419,957 279,559 Reversal of provision for impairment losses in investments - - (1,651,831) (76,159) Reversal of provision for impairment losses in investments in marketable securities (243,600) (155,496) - - Provision for doubtful debts 5,504,567 244,471 - 48,690 Impairment loss of goodwill 1,132,643 - - - Impairment of land held for property development 20,116,367 - - - Income from forfeited sales - (44,870) - - Share of loss/(profit) of associated companies 241,116 (216,094) - - Provision for retirement benefits 590,441 568,974 - - Interest expense 9,244,350 6,657,373 7,138,638 3,243,367 Interest income (849,040) (398,886) (2,390,478) (694,129) Dividend income (7,073,388) (5,911,568) (13,797,595) (12,675,195)

Operating profit/(loss) before working capital changes 27,099,485 (221,192) (1,927,573) (6,214,511) Increase in receivables (6,666,925) (21,821,318) (35,790,995) (69,714,896) Increase in inventories (3,167,387) (3,190,677) - - (Increase)/decrease in land held for development (5,615,878) 4,670,438 - - Increase in property development costs (57,638,887) (12,164,878) - - Increase in payables 7,389,590 1,996,395 9,250,115 2,094,321

Cash used in operations (38,600,002) (30,731,232) (28,468,453) (73,835,086) Interest paid (2,110,855) (6,657,373) (5,143) (3,243,367) Interest received 849,040 398,886 2,390,478 694,129 Taxes (paid)/recovered (4,954,267) (279,956) 938,726 - Retirement benefits paid (315,965) (90,806) - -

Net cash used in operating activities (45,132,049) (37,360,481) (25,144,392) (76,384,324)

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CASH FLOW STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2007

Group Company 2007 2006 2007 2006 RM RM RM RM

Cash Flows From Investing Activities Acquisition of a subsidiary (763,347) - - - Acquisition of an associate - (10,000) - - Additional investment in marketable securities - (47,000,000) - (47,000,000)Proceeds from disposal of investment 41,068,863 32,249 31,411,168 - Purchase of property, plant and equipment (1,437,703) (2,960,274) - - Proceeds from disposal of property, plant and equipment 49,723 52,000 - - Proceeds from disposal of land held for development 1,851,154 8,411,168 - - Proceeds from disposal of property development costs - 203,512 - - Dividends received 5,169,931 4,254,050 1,116,900 -

Net cash generated from/(used in) investing activities 45,938,621 (37,017,295) 32,528,068 (47,000,000)

Cash Flows From Financing Activities

Drawdown of term loan 5,185,000 2,200,000 - -Proceeds from issuance of Rainbow Exchangeable Bonds - 150,000,000 - 150,000,000Drawdown of revolving credits - 12,500,000 - -Repayment of bankers’ acceptances (246,000) - - -Repayment of borrowings (2,779,836) (4,238,899) - -Repayment of revolving credits (6,000,000) (22,000,000) - (10,000,000)Payment of hire purchase creditors (157,494) (79,231) (18,724) (17,688)Proceeds from bankers’ acceptances - 520,000 - - Fees on bonds issuance exercise - (4,631,012) - - Interest paid (5,420,000) - (5,420,000) - Dividends paid (3,008,000) - (3,008,000) -

Net cash (used in)/generated from financing activities (12,426,330) 134,270,858 (8,446,724) 139,982,312

Net (decrease)/increase in cash and cash equivalents (11,619,758) 59,893,082 (1,063,048) 16,597,988

Cash and cash equivalents at beginning of year 19,579,503 (40,313,579) 6,500,402 (10,097,586)

Cash and cash equivalents at end of year (Note 24) 7,959,745 19,579,503 5,437,354 6,500,402


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NOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2007

1. CORPORATE INFORMATION

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Board of Bursa Malaysia Securities Berhad. The registered office of the Company is located at 14th Floor, Kompleks Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur.

The holding corporation of the Company is Perbadanan Kemajuan Negeri Pahang, a statutory body incorporated in Malaysia under the Pahang State Enactment No. 12, 1965.

The principal activities of the Company are investment holding and provision of management services to the subsidiaries. The principal activities of the subsidiaries are described in Note 17. There have been no significant changes in the nature of the principal activities during the financial year.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 25 April 2008.

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Preparation

The financial statements comply with the provisions of the Companies Act, 1965 and applicable Financial Reporting Standards (“FRSs”) in Malaysia. At the beginning of the current financial year, the Group and the Company had adopted new and revised FRSs which are mandatory for financial periods beginning on or after 1 January 2007 as described in Note 2.3.

The financial statements of the Group and of the Company have also been prepared on a historical cost basis.

The financial statements are presented in Ringgit Malaysia (RM).

2.2 Summary of Significant Accounting Policies

(a) Subsidiaries and Basis of Consolidation

(i) Subsidiaries Subsidiaries are entities over which the Group has the ability to control the financial and operating policies so as to

obtain benefits from their activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group has such power over another entity.

In the Company’s separate financial statements, investments in subsidiaries are stated at cost less impairment losses. On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is included in profit or loss.

(ii) Basis of consolidationThe consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the balance sheet date. The financial statements of the subsidiaries are prepared for the same reporting date as the Company.

Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. In preparing the consolidated financial statements, intragroup balances, transactions and unrealised gains or losses are eliminated in full. Uniform accounting policies are adopted in the consolidated financial statements for like transactions and events in similar circumstances.

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2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

2.2 Summary of Significant Accounting Policies (Cont’d)

(a) Subsidiaries and Basis of Consolidation (Cont’d)

(ii) Basis of consolidation (Cont’d)Acquisitions of subsidiaries are accounted for using the purchase method. The purchase method of accounting involves allocating the cost of the acquisition to the fair value of the assets acquired and liabilities and contingent liabilities assumed at the date of acquisition. The cost of an acquisition is measured as the aggregate of the fair values, at the date of exchange, of the assets given, liabilities incurred or assumed, and equity instruments issued, plus any costs directly attributable to the acquisition.

Any excess of the cost of the acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities represents goodwill. Any excess of the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition is recognised immediately in profit or loss.

Minority interests represent the portion of profit or loss and net assets in subsidiaries not held by the Group. It is measured at the minorities’ share of the fair value of the subsidiaries’ identifiable assets and liabilities at the acquisition date and the minorities’ share of changes in the subsidiaries’ equity since then.

(b) Associates

Associates are entities in which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but not in control or joint control over those policies.

Investments in associates are accounted for in the consolidated financial statements using the equity method of accounting. Under the equity method, the investment in associate is carried in the consolidated balance sheet at cost adjusted for post-acquisition changes in the Group’s share of net assets of the associate. The Group’s share of the net profit or loss of the associate is recognised in the consolidated profit or loss. Where there has been a change recognised directly in the equity of the associate, the Group recognises its share of such changes.

In applying the equity method, unrealised gains and losses on transactions between the Group and the associate are eliminated to the extent of the Group’s interest in the associate. After application of the equity method, the Group determines whether it is necessary to recognise any additional impairment loss with respect to the Group’s net investment in the associate. The associate is equity accounted for from the date the Group obtains significant influence until the date the Group ceases to have significant influence over the associate.

When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any long-term interests that, in substance, form part of the Group’s net investment in the associates, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

The most recent available audited financial statements of the associates are used by the Group in applying the equity method. Where the dates of the audited financial statements used are not coterminous with those of the Group, the share of results is arrived at from the last audited financial statements available and management financial statements to the end of the accounting period. Uniform accounting polices are adopted for like transactions and events in similar circumstances.

On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is included in profit or loss.


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(c) Intangible Assets

GoodwillGoodwill acquired in a business combination is initially measured at cost being the excess of the cost of business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. Following the initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not amortised but instead, it is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

(d) Property, Plant and Equipment and Depreciation

All items of property, plant and equipment are initially recorded at cost. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred.

Subsequent to recognition, property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Construction work-in-progress is not depreciated. Depreciation of other property, plant and equipment is provided for on a straight-line basis to write off the cost of each asset to its residual value over the estimated useful life, at the following annual rates:

Buildings 2%Plant and machinery 10% - 20%Motor vehicles 10% - 20%Office equipment 10% - 20%Office renovation 8% - 10%Furniture and fittings 10% - 20%Signboard 10%

The residual values, useful life and depreciation method are reviewed at each financial year- end to ensure that the amount, method and period of depreciation are consistent with previous estimates and the expected pattern of consumption of the future economic benefits embodied in the items of property, plant and equipment.

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The difference between the net disposal proceeds, if any and the net carrying amount is recognised in profit or loss and the unutilised portion of the revaluation surplus on that item is taken directly to retained earnings.

(e) Investment Properties

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Such properties are measured at cost, including transaction costs.

Investment properties are derecognised when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognised in profit or loss in the year in which they arise.

The depreciation policy for investment properties is in accordance with that for depreciable property, plant and equipment as described in Note 2.2(d).


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(f) Land Held for Property Development and Property Development Costs

(i) Land Held for Property DevelopmentLand held for property development consists of land where no development activities have been carried out or where development activities are not expected to be completed within the normal operating cycle. Such land is classified within non-current assets and is stated at cost less any accumulated impairment losses.

Land held for property development is reclassified as development properties at the point when development activities have commenced and where it can be demonstrated that the development activities can be completed within the normal operating cycle.

(ii) Property Development CostsProperty development costs comprise all costs that are directly attributable to development activities or that can be allocated on a reasonable basis to such activities.

When the financial outcome of a development activity can be reliably estimated, property development revenue and expenses are recognised in the income statement by using the stage of completion method. The stage of completion is determined by the proportion that property development costs incurred for work performed to date to the estimated total property development costs.

Where the financial outcome of a development activity cannot be reliably estimated, property development revenue is recognised only to the extent of property development costs incurred that is probable will be recoverable, and property development costs on properties sold are recognised as an expense in the period in which they are incurred.

Any expected loss on a development project, including costs to be incurred over the defects liability period, is recognised as an expense immediately.

Property development costs not recognised as an expense are recognised as an asset, which is measured at the lower of cost and net realisable value.

The excess of revenue recognised in the income statement over billings to purchasers is classified as accrued billings within trade receivables and the excess of billings to purchasers over revenue recognised in the income statement is classified as progress billings within trade payables.

(g) Construction Contracts

Where the outcome of a construction contract can be reliably estimated, contract revenue and contract costs are recognised as revenue and expenses respectively by using the stage of completion method. The stage of completion is measured by reference to the proportion of contract costs incurred for work performed to date to the estimated total contract costs.

Where the outcome of a construction contract cannot be reliably estimated, contract revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

When the total of costs incurred on construction contracts plus, recognised profits (less recognised losses), exceeds progress billings, the balance is classified as amount due from customers on contracts. When progress billings exceed costs incurred plus, recognised profits (less recognised losses), the balance is classified as amount due to customers on contracts.


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(h) Inventories

Inventories are stated at lower of cost and net realisable value.

Cost is determined using the first in, first out method. The cost of raw materials comprises cost of purchase. The costs of finished goods and work-in-progress comprise raw materials, direct labour, other direct costs and appropriate proportions of production overheads.

The cost of unsold properties comprises cost associated with the purchase of land, direct costs and appropriate proportions of common costs.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

(i) Impairment of Non-Financial Assets

The carrying amounts of assets, other than investment property, construction contract assets, property development costs and inventories are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated to determine the amount of impairment loss.

For goodwill, the recoverable amount is estimated at each balance sheet date or more frequently when indicators of impairment are identified.

For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, recoverable amount is determined for the cash-generating unit (CGU) to which the asset belongs to. Goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.

An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses recognised in respect of a CGU or groups of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to those units or groups of units and then, to reduce the carrying amount of the other assets in the unit or groups of units on a pro-rata basis.

An impairment loss is recognised in profit or loss in the period in which it arises, unless the asset is carried at a revalued amount, in which case the impairment loss is accounted for as a revaluation decrease to the extent that the impairment loss does not exceed the amount held in the asset revaluation reserve for the same asset.

Impairment loss on goodwill is not reversed in a subsequent period. An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. The carrying amount of an asset other than goodwill is increased to itsrevised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognised in profit or loss, unless the asset is carried atrevalued amount, in which case, such reversal is treated as a revaluation increase.


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(j) Financial Instruments

Financial instruments are recognised in the balance sheet when the Group has become a party to the contractual provisions of the instrument.

Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. Interest, dividends, gains and losses relating to a financial instrument classified as a liability, are reported as expense or income. Distributions to holders of financial instruments classified as equity are charged directly to equity. Financial instruments are offset when the Group has a legally enforceable right to offset and intends to settle either on a net basis or to realise the asset and settle the liability simultaneously.

(i) Cash and Cash Equivalents For the purposes of the cash flow statements, cash and cash equivalents include cash on hand and at bank and

deposits at call which have an insignificant risk of changes in value, net of outstanding bank overdrafts.

(ii) Marketable Securities Marketable securities are carried at the lower of cost and market value, determined on an aggregate basis. Cost

is determined on the weighted average basis while market value is determined based on quoted market values.Increases or decreases in the carrying amount of marketable securities are credited or charged to the income statement. On disposal of marketable securities, the difference between net disposal proceeds and the carrying amount is charged or credited to the income statement.

(iii) Trade Receivables Trade receivables are carried at anticipated realisable values. Bad debts are written off when identified. An estimate

is made for doubtful debts based on a review of all outstanding amounts as at the balance sheet date.

(iv) Trade Payables Trade payables are stated at the fair value of the consideration to be paid in the future for goods and services

received. (v) Interest Bearing Loans and Borrowings All loans and borrowings are initially recognised at the fair value of the consideration received less directly

attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.

(vi) Equity Instruments Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in

which they are declared.


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(k) Leases (i) Classification A lease is recognised as a finance lease if it transfers substantially to the Group all the risks and rewards incidental

to ownership. Leases of land and buildings are classified as operating or finance leases in the same way as leases of other assets and the land and buildings elements of a lease of land and buildings are considered separately for the purposes of lease classification. All leases that do not transfer substantially all the risks and rewards are classified as operating leases.

(ii) Finance Leases - the Group as lessee Assets acquired by way of hire purchase or finance leases are stated at an amount equal to the lower of their fair

values and the present value of the minimum lease payments at the inception of the leases, less accumulated depreciation and impairment losses. The corresponding liability is included in the balance sheet as borrowings. In calculating the present value of the minimum lease payments, the discount factor used is the interest rate implicit in the lease, when it is practicable to determine; otherwise, the Company’s incremental borrowing rate is used. Any initial direct costs are also added to the carrying amount of such assets.

Lease payments are apportioned between the finance costs and the reduction of the outstanding liability. Finance costs, which represent the difference between the total leasing commitments and the fair value of the assets acquired, are recognised in the profit or loss over the term of the relevant lease so as to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period.

The depreciation policy for leased assets is in accordance with that for depreciable property, plant and equipment as described in Note 2.2(d).

(iii) Operating Leases - the Group as lessee Operating lease payments are recognised as an expense on a straight-line basis over the term of the relevant

lease. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis.

In the case of a lease of land and buildings, the minimum lease payments or the up-front payments made are allocated, whenever necessary, between the land and the buildings elements in proportion to the relative fair values for leasehold interests in the land element and buildings element of the lease at the inception of the lease. The up-front payment represents prepaid lease payments and are amortised on a straight-line basis over the lease term.

(l) Income Tax

Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted at the balance sheet date.

Deferred tax is provided for, using the liability method. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilised. Deferred tax is not recognised if the temporary difference arises from goodwill or negative goodwill or from the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit.


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(l) Income Tax (Cont’d)

Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised as income or an expense and included in the profit or loss for the period, except when it arises from a transaction which is recognised directly in equity, in which case the deferred tax is also recognised directly in equity, or when it arises from a business combination that is an acquisition, in which case the deferred tax is included in the resulting goodwill or the amount of any excess of the acquirer’s interest is the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over the cost of the combination.

(m) Employee Benefits (i) Short Term Benefits Wages, salaries, bonuses and social security contributions are recognised as an expense in the year in which the

associated services are rendered by employees. Short term accumulating compensated absences such as paid annual leave are recognised when services are rendered by employees that increase their entitlement to future compensated absences, and short term non-accumulating compensated absences such as sick leave are recognised when the absences occur.

(ii) Defined Contribution Plans Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into

separate entities or funds and will have no legal or constructive obligation to pay further contributions if any of the funds do not hold sufficient assets to pay all employee benefits relating to employee services in the current and preceding financial years. Such contributions are recognised as an expense in the profit or loss as incurred. As required by law, the Group and the Company make such contributions to the Employees Provident Fund (“EPF”).

(iii) Defined Benefit Plans The Group operates an unfunded, defined benefit Retirement Benefit Scheme (“the Scheme”) for its eligible

employees. The Group’s obligation under the Scheme, calculated using the Projected Unit Credit Method, through which the amount of benefit that employees have earned in return for their services in the current and prior years is estimated. That benefit is discounted in order to determine its present value.

Actuarial gains and losses are recognised as income or expense over the expected average remaining working lives of the participating employees when the cumulative unrecognised actuarial gains or losses for the Scheme exceed 10% of the higher of the present value of the defined benefit obligation and the fair value of plan assets. Past service costs are recognised as an expense on a straight-line basis over the average period until the benefits become vested. If the benefits are already vested immediately following the introduction of, or changes to, a pension plan, past service costs are recognised immediately.

The amount recognised in the balance sheet represents the present value of the defined benefit obligations adjusted for unrecognised actuarial gains and losses and unrecognised past service costs, and reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to the net total of any unrecognised past service costs and present value of any economic benefits in the form of refunds from the plan or reductions in future contributions to the plan.


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(n) Revenue Recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the

revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:

(i) Sale of Properties Revenue from sale of properties is accounted for by the stage of completion method as described in

Note 2.2(f)(ii). (ii) Construction Contracts Revenue from construction contracts is accounted for by the stage of completion method as described in

Note 2.2(g).

(iii) Sale of Goods Revenue is recognised net of sales taxes and upon transfer of significant risks and rewards of ownership to the

buyer. Revenue is not recognised to the extent where there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods.

(iv) Revenue from Services Revenue from services is recognised net of service taxes and discounts as and when the services are

performed.

(v) Dividend Income Dividend income is recognised when the right to receive payment is established. (vi) Rental Income Rental income from investment property is recognised on a straight-line basis over the term of the lease. (vii) Interest income Interest income is recognised on an accrual basis using the effective interest method.

(viii) Management Fees Management fees are recognised when services are rendered.

(o) Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets

that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

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


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2.2 Summary of Significant Accounting Policies (Cont’d) (p) Provisions Provisions are recognised when the Group has a present obligation as a result of a past event and it is probable that

an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Where the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as finance cost.

(q) Functional and Presentation Currency The individual financial statements of each entity in the Group are measured using the currency of the primary

economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in Ringgit Malaysia (RM), which is also the Company’s functional currency.

2.3 Changes in Accounting Policies and Effects Arising from Adoption of New and Revised FRSs

On 1 January 2007, the Group and the Company adopted the following revised FRSs and amendment to FRS:

FRS 117 : Leases FRS 124 : Related Party Disclosure

Amendment to FRS 1192004 : Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures

The MASB has also issued FRS 6: Exploration for and Evaluation of Mineral Resources which will be effective for annual periods beginning on or after 1 January 2007. This FRS is, however, not applicable to the Company.

The adoption of the revised FRS 124 and Amendment to FRS 1192004 to give rise to additional disclosures but did not result in significant changes in accounting policies of the Group and of the Company.

The principal changes in accounting policies and their effects resulting from the adoption of the revised FRS 117 are discussed below:

(a) Leasehold land held for own use

Prior to 1 January 2007, leasehold land held for own use was classified as property, plant and equipment and was stated at cost less accumulated depreciation and impairment losses. The adoption of the revised FRS 117 has resulted in a change in the accounting policy relating to the classification of leases of land and buildings. Leases of land and buildings are classified as operating or finance leases in the same way as leases of other assets and the land and buildings elements of a lease of land and buildings are considered separately for the purposes of lease classification. Leasehold land held for own use is now classified as operating lease and where necessary, the minimum lease payments or the up-front payments made are allocated between the land and the buildings elements in proportion to the relative fair values for leasehold interests in the land element and buildings element of the lease at the inception of the lease. The up-front payment relating to the land element represents prepaid lease payments and are amortised on a straight-line basis over the lease term.


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2.3 Changes in Accounting Policies and Effects Arising from Adoption of New and Revised FRSs (Cont’d)

(a) Leasehold land held for own use (Cont’d)

The Group has applied the change in accounting policy in respect of leasehold land in accordance with the transitional provisions of FRS 117. At 1 January 2007, the unamortised amount of leasehold land is retained as the surrogate carrying amount of prepaid lease payments as allowed by the transitional provisions. The effects on the consolidated balance sheet as at 31 December 2007 are set out below:

2007 RM Decrease in property, plant and equipment (83,898) Increase in prepaid land lease payments 83,898

There were no effects on the consolidated income statement for the year ended 31 December 2007 and the Company’s separate financial statements.

The reclassification of leasehold land as prepaid lease payments has been accounted for retrospectively and as such, certain comparatives have been restated.

Previously Stated Adjustment Restated RM RM RM

Group Property, plant and equipment 13,144,936 (86,106) 13,058,830 Prepaid land lease payments - 86,106 86,106

(b) Initial direct costs

Prior to 1 January 2007, the Group, as a lessor in operating lease arrangements, had recognised initial direct costs incurred in negotiating and arranging leases as an expense in the profit or loss in the period in which they were incurred. The revised FRS 117 requires such costs to be added to the carrying amount of the leased asset and recognised as an expense over the lease term on the same basis as the lease income. According to the revised FRS 117, this change in accounting policy should be applied retrospectively. In general, the Company does not incur significant initial direct costs on negotiating and arranging leases and as a result, this change in accounting policy did not materially affect the financial statements of the Company.


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2.4 FRSs, Amendment to FRS and Interpretations Issued but Not Yet Effective At the date of authorisation of these financial statements, the following new and revised FRSs, amendment to FRS and

Interpretations were issued but not yet effective and have not been applied by the Company:

Effective for financial periods beginning FRSs, Amendment to FRS and Interpretations on or after

FRS 107 : Cash Flow Statements 1 July 2007 FRS 111 : Construction Contracts 1 July 2007 FRS 112 : Income Taxes 1 July 2007 FRS 118 : Revenue 1 July 2007 FRS 120 : Accounting for Government Grants and Disclosure of Government Assistance 1 July 2007 FRS 134 : Interim Financial Reporting 1 July 2007 FRS 137 : Provisions, Contingent Liabilities and Contingent Assets 1 July 2007 FRS 139 : Financial Instruments: Recognition and Measurement Deferred Amendment to FRS 121 : The Effects of Changes in Foreign Exchange Rates - Net Investment in a Foreign Operation 1 July 2007 IC Interpretation 1 : Changes in Existing Decommissioning, Restoration and Similar Liabilities 1 July 2007 IC Interpretation 2 : Members’ Shares in Co-operative Entities and Similar Instruments 1 July 2007 IC Interpretation 5 : Rights to Interests arising from Decommissioning,

Restoration and Environmental Rehabilitation Funds 1 July 2007 IC Interpretation 6 : Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment 1 July 2007 IC Interpretation 7 : Applying the Restatement Approach under FRS 1292004 - Financial Reporting in Hyperinflationary Economies 1 July 2007 IC Interpretation 8 : Scope of FRS 2 Share-based Payment 1 July 2007

The above FRSs, amendment to FRS and Interpretations are expected to have no significant impact to the financial statements of the Group and the Company upon their initial application.

The Group and the Company is exempted from disclosing the possible impact, if any, to the financial statements upon the initial application of FRS 139.

2.5 Significant Accounting Estimates and Judgements (a) Critical Judgements Made in Applying Accounting Policies There were no significant judgements made in applying the accounting policies of the Group which may have

significant effects on the amounts recognised in the financial statements.

(b) Key Sources of Estimation Uncertainty The Key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date,

that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below :

(i) Depreciation of property, plant and equipment The cost of plant and machinery is depreciated on a straight-line basis over the assets’ useful lives. Management

estimates the useful lives of these property, plant and equipment to be within 5 to 20 years. These are common life expectancies applied for the assets owned by the Group. Changes in the expected level of usage and technological developments would not significantly impact the economic useful lives and the residual values of these assets, therefore the future depreciation charges would not vary significantly.


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2.5 Significant Accounting Estimates and Judgements (Cont’d)

(b) Key Sources of Estimation Uncertainty (Cont’d)

(ii) Property development The Group recognises property development revenue and expenses in the income statement by using the stage

of completion method. The stage of completion is determined by the proportion that property development costs incurred for work performed to date bear to the estimated total property development costs.

Significant judgement is required in determining the stage of completion, the extent of the property development costs incurred, the estimated total property development revenue and costs, as well as the recoverability of the development projects. In making the judgement, the Group evaluates based on past experience and by relying on the work of specialists.

(iii) Impairment of goodwill The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the

value-in-use of the cash-generating units (“CGU”) to which goodwill is allocated. Estimating a value-in-use amount requires management to make an estimate of the expected future cash flows from the CGU and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amount of goodwill as at 31 December 2007 was RM823,258.

3. REVENUE Group Company 2007 2006 2007 2006 RM RM RM RM Sale of properties 76,704,714 73,296,519 - - Project management fees 186,614 266,338 - - Construction contracts 9,736,768 20,115,094 - - Sale of goods 9,726,107 3,987,169 - - Management fees 875,720 669,360 578,640 609,360 Rental income 1,972,970 1,412,953 - - Dividend income 7,073,388 5,911,568 13,797,595 12,675,195 Sand mining income 953,057 - - -

107,229,338 105,659,001 14,376,235 13,284,555 4. COST OF SALES Group 2007 2006 RM RM Property development costs (Note 13(b)) 33,481,302 37,526,067 Additional costs for completed project 47,553 - Cost of land held for property development sold (Note 13(a)) 1,855,070 5,810,454 Cost of inventories sold 9,977,373 9,376,577 Cost of services rendered 704,420 538,737 Cost of construction contracts 9,799,460 19,519,806 Sand mining operations 577,222 -

56,442,400 72,771,641


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5. FINANCE COSTS Group Company 2007 2006 2007 2006 RM RM RM RM Interest expense on: Hire purchase 40,867 13,782 5,143 6,181 Term loans 84,935 89,765 - - Overdrafts 1,130,657 3,081,799 - 805,060 Revolving credits 677,253 1,420,702 - 405,741 Bankers’ acceptances 10,475 10,720 - - Commitment fees 68,364 15,009 - - Rainbow Exchangeable Bonds 7,133,495 2,025,596 7,133,495 2,026,385 Other interests 98,304 - - -

9,244,350 6,657,373 7,138,638 3,243,367 6. PROFIT BEFORE TAX The following amounts have been included in arriving at profit before tax: Group Company 2007 2006 2007 2006 RM RM RM RM Employee benefits expense (Note 7) 11,332,274 10,074,400 1,194,265 1,027,732 Non-executive directors’ remuneration (Note 8) 811,450 815,050 733,200 701,550 Auditors’ remuneration: - Current year 133,000 127,000 10,000 9,000 - Underprovision in prior year 400 6,500 - - Provision for doubtful debts 5,504,567 244,471 - 48,690 Property, plant and equipment written off 51,492 2,760 - - Office rental 586,516 499,514 - - Rental income (123,400) - - - Bad debts recovered - (85,112) - - Reversal of impairment losses in inventories - (98,151) - - Amortisation of prepaid land lease payments (Note 15) 2,208 2,208 - - Income from forfeited sales - (44,870) - - Depreciation of property, plant and equipment (Note 12) 920,891 968,418 17,364 17,365 Depreciation of investment properties (Note 14) 166,057 39,968 - - Impairment loss of goodwill (Note 16) 1,132,643 - - - Impairment of property, plant and equipment 176,778 - - - Impairment of land held for property development 20,116,367 - - - Provision for impairment losses in investment in an associate 10,000 - - - Provision for impairment losses in investments in subsidiaries - - 3,419,957 279,559


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6. PROFIT BEFORE TAX (CONT’D) Group Company 2007 2006 2007 2006 RM RM RM RM

Provision for impairment losses in investments in marketable securities 330,093 - 330,093 - Interest income (849,040) (398,886) (2,390,478) (694,129) Reversal of provision for impairment losses in investments in subsidiaries - - (1,651,831) (76,159) Reversal of provision for impairment losses in investments in marketable securities (243,600) (155,496) - - Reversal of provision for doubtful debts (191,855) (31,200) - - Loss/(gain) on disposal of land held for development 3,915 (4,855,946) - - Gain on disposal of property, plant and equipment (17,666) (52,000) - - Gain on disposal of property development costs - (1,515,328) - - Gain on disposal of investments (34,392,919) (14,250) (355,283) - Reversal of provision for contingencies (1,781,682) - - -

7. EMPLOYEE BENEFITS EXPENSE Group Company 2007 2006 2007 2006 RM RM RM RM Wages and salaries 7,768,461 6,609,635 386,017 340,210 Social security contributions 89,719 81,304 18 303 Short-term accumulating compensated absences 4,510 96,236 - - Contributions to defined contribution plan 1,055,982 873,300 58,080 43,850 Pension costs - defined benefit plan (Note 25) 590,441 568,974 - - Other staff related expenses 1,823,161 1,844,951 750,150 643,369

11,332,274 10,074,400 1,194,265 1,027,732 Included in employee benefits expense of the Group and of the Company are executive directors’ remuneration amounting

to RM866,356 (2006: RM514,380) and RM440,724 (2006: RM370,500) respectively as further disclosed in Note 8.


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8. DIRECTORS’ REMUNERATION Group Company 2007 2006 2007 2006 RM RM RM RM Executive directors’ remuneration (Note 7): Fees 164,000 142,880 20,000 20,000 Other emoluments 702,356 371,500 420,724 350,500

866,356 514,380 440,724 370,500 Non-executive directors’ remuneration (Note 6): Fees 185,000 185,000 185,000 185,000 Other emoluments 626,450 630,050 548,200 516,550

811,450 815,050 733,200 701,550

Total directors’ remuneration 1,677,806 1,329,430 1,173,924 1,072,050 The number of directors of the Company whose total remuneration during the financial year fell within the following bands is

analysed below:

Number of Directors 2007 2006 Executive directors: RM350,001 - RM400,000 - 1 RM400,001 – RM500,000 1 - Non-executive directors: RM50,001 – RM100,000 8 8 RM100,001 – RM150,000 1 1

9. INCOME TAX EXPENSE Group Company 2007 2006 2007 2006 RM RM RM RM Income tax: Malaysian income tax 8,566,486 3,351,731 (938,726) - Under/(overprovision) in prior years 4,756 (5,586) - - Tax credit recognised during the year - (1,554) - -

8,571,242 3,344,591 (938,726) - Deferred tax (Note 32): Relating to originating and reversal of temporary differences (3,586,248) 74,645 - - Relating to changes in tax rates (3,665) - - - Underprovided in prior year (8,633) 3,394 - -

(3,598,546) 78,039 - -

Total income tax expense 4,972,696 3,422,630 (938,726) - Domestic current income tax is calculated at the statutory tax rate of 27% (2006: 28%) of the estimated assessable profit

for the year. The domestic statutory tax rate will be reduced to 26% from the current year’s tax rate of 27%, effective year of assessment 2008 and to 25% in subsequent years of assessment.


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9. INCOME TAX EXPENSE (CONT’D.)

A reconciliation of income tax expense applicable to profit before taxation at the statutory income tax rate to income tax expense at the effective income tax rate of the Group and of the Company is as follows:

2007 2006 RM RM

Group Profit before taxation 31,377,035 4,673,537 Taxation at Malaysian statutory tax rate of 27% (2006: 28%) 8,471,799 1,308,590 Effect of changes in tax rates on opening balance of deferred tax (2,245) (6,420) Effect of income subject to tax rate of 20%* - (25,772) Effect of income not subject to tax (9,671,216) (74,051) Effect of expenses not deductible for tax purposes 6,040,462 3,819,597 Effect of utilisation of previously unrecognised tax losses and unabsorbed capital allowances (695,565) (1,812,622) Deferred tax assets not recognised in respect of current year’s tax losses and unabsorbed capital allowances 833,339 217,054 (Over)/underprovision of deferred tax in prior year (8,634) 3,394 Under/(overprovision) of income tax in prior year 4,756 (5,586) Tax credit recognised in current year - (1,554)

Tax expense for the year 4,972,696 3,422,630 * Certain subsidiaries with paid up capital less than RM2.5 million are eligible for this incentive. Company 2007 2006 RM RM

Profit before taxation 5,361,562 3,641,991 Taxation at Malaysian statutory tax rate of 27% (2006: 28%) 1,447,622 1,019,757 Effect of income not subject to tax (3,114,532) (3,467,714) Effect of expenses not deductible for tax purposes 727,736 2,447,492 Deferred tax assets not recognised in respect of current year’s tax losses 448 465

Tax expense for the year (938,726) - Tax savings during the financial year arising from: Group Company 2007 2006 2007 2006 RM RM RM RM

Utilisation of current year tax losses 1,550,339 275,696 1,550,339 275,696 Utilisation of previously unrecognised tax losses 44,272 1,691,101 - -


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10. EARNINGS PER SHARE (a) Basic Basic earnings per share amount is calculated by dividing profit for the year attributable to ordinary equity holders of the

Company by the weighted average number of ordinary shares in issue during the financial year.

2007 2006 Profit attributable to ordinary equity holders of the Company (RM) 31,603,614 1,138,987 Weighted average number of ordinary shares in issue (unit) 205,978,000 205,978,000 Basic earnings per share (sen) 15.34 0.55 (b) Diluted No diluted earnings per share were presented as there were no potential dilutive ordinary shares outstanding as at 31

December 2007.

11. DIVIDENDS Dividends Dividends in respect of Year Recognised in Year 2007 2006 2007 2006 RM RM RM RM Group Recognised during the year: First and final dividend for 2006: 2% less 27% taxation on 205,978,000 ordinary shares (1.46 sen per ordinary share) - 3,008,000 3,008,000 - Interim dividend for 2007: 15% less 27% taxation on 20,000,000 ordinary shares (11 sen per ordinary share) - 1,073,100 1,073,100 -

- 4,081,100 4,081,100 - Proposed for approval at AGM (not recognised as at 31 December 2007) First and final dividend for 2007: 2% less 26% taxation on 205,978,000 ordinary shares (1.48 sen per ordinary share) 3,048,474 - - -

3,048,474 4,081,100 4,081,100 - Company

Recognised during the year: First and final dividend for 2006: 2% less 27% taxation on 205,978,000 ordinary shares (1.46 sen per ordinary share) - 3,008,000 3,008,000 -


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11. DIVIDENDS (CONT’D) Dividends Dividends in respect of Year Recognised in Year 2007 2006 2007 2006 RM RM RM RM

Company

Proposed for approval at AGM (not recognised as at 31 December 2007) First and final dividend for 2007: 2% less 26% taxation on 205,978,000 ordinary shares (1.48 sen per ordinary share) 3,048,474 - - -

At the forthcoming Annual General Meeting, a final dividend in respect of the financial year ended 31 December 2007, of 2% less 26% taxation on 205,978,000 ordinary shares, amounting to a dividend payable of RM3,048,474 (1.48 sen net per ordinary share) will be proposed for shareholders’ approval. The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be accounted for in equity as an appropriation of retained earnings in the financial year ending 31 December 2008.

12. PROPERTY, PLANT AND EQUIPMENT Construction Work-in- Plant and Other Buildings Progress Machinery Assets* Total RM RM RM RM RM

Group At 31 December 2007 Cost At 1 January 2007 10,785,856 - 1,670,716 6,847,814 19,304,386 Additions 19,699 - 712,365 1,324,714 2,056,778 Acquisition of a subsidiary - 2,237,500 - - 2,237,500 Disposals - - - (103,332) (103,332) Written off - - - (204,247) (204,247)

At 31 December 2007 10,805,555 2,237,500 2,383,081 7,864,949 23,291,085 Accumulated depreciation At 1 January 2007 585,468 - 1,418,305 4,241,783 6,245,556 Charge for the year (Note 6) 218,636 - 107,074 595,181 920,891 Disposals - - - (71,276) (71,276) Written off - - - (152,755) (152,755) Impairment losses - - 176,778 - 176,778

At 31 December 2007 804,104 - 1,702,157 4,612,933 7,119,194 Net carrying amount At 31 December 2007 10,001,451 2,237,500 680,924 3,252,016 16,171,891


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12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.) Construction Work-in- Plant and Other Buildings Progress Machinery Assets* Total RM RM RM RM RM Group (Cont’d) At 31 December 2006 Cost At 1 January 2006 2,933,686 - 1,228,775 7,064,343 11,226,804 Additions 2,884,347 - - 75,927 2,960,274 Disposals - - - (229,598) (229,598) Written off - - - (62,858) (62,858) Reclassification (441,941) - 441,941 - - Transfer from inventory 5,409,764 - - - 5,409,764

At 31 December 2006 10,785,856 - 1,670,716 6,847,814 19,304,386 Accumulated depreciation At 1 January 2006 448,151 - 1,194,381 3,924,302 5,566,834 Charge for the year (Note 6) 181,512 - 179,729 607,177 968,418 Disposals - - - (229,598) (229,598) Written off - - - (60,098) (60,098) Reclassification (44,195) - 44,195 - -

At 31 December 2006 585,468 - 1,418,305 4,241,783 6,245,556

Net carrying amount At 31 December 2006 10,200,388 - 252,411 2,606,031 13,058,830

* Other assets consist of office renovation, furniture and fittings, office equipment, motor vehicles and signboard.

Office Motor Equipment Vehicle Total RM RM RM Company At 31 December 2007 Cost At 1 January 2007/31 December 2007 8,300 157,051 165,351 Accumulated depreciation At 1 January 2007 1,802 25,547 27,349 Charge for the year (Note 6) 1,660 15,704 17,364

At 31 December 2007 3,462 41,251 44,713 Net carrying amount At 31 December 2007 4,838 115,800 120,638


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12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.) Office Motor Equipment Vehicle Total RM RM RM

Company (Cont’d)

At 31 December 2006 Cost At 1 January 2006/31 December 2006 8,300 157,051 165,351

Accumulated depreciation At 1 January 2006 142 9,842 9,984 Charge for the year (Note 6) 1,660 15,705 17,365

At 31 December 2006 1,802 25,547 27,349

Net carrying amount At 31 December 2006 6,498 131,504 138,002 (a) During the financial year, the Group acquired property, plant and equipment at aggregate costs of RM2,056,778 (2006:

RM2,960,274) of which RM 745,163 (2006: RM Nil) were acquired by means of hire purchase. Net carrying amounts of property, plant and equipment held under hire purchase arrangements are as follows:

Group 2007 2006 RM RM Motor vehicles 369,164 395,510 Plant and machineries 501,417 -

870,581 395,510

(b) Part of the leasehold building of a subsidiary with carrying value amounting to RM157,765 (2006: RM162,993) is pledged to financial institutions for credit facilities granted to the subsidiary as detailed in Note 26.

(c) Included in property, plant and equipment of the Group are fully depreciated assets which are still in use costing RM3,195,922 (2006: RM2,991,632).

13. LAND HELD FOR PROPERTY DEVELOPMENT AND PROPERTY DEVELOPMENT COSTS (a) Land held for property development Freehold Leasehold Land Land Total RM RM RM

Group At 31 December 2007 Cost At 1 January 2007 55,937,903 98,629,007 154,566,910 Additions 21,289,770 1,378,336 22,668,106 Disposals (1,855,070) - (1,855,070) Transfer from property development costs (Note 13(b)) 7,389,096 - 7,389,096 Transfer to property development costs (Note 13(b)) (24,279,145) (162,178) (24,441,323)

At 31 December 2007 58,482,554 99,845,165 158,327,719


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13. LAND HELD FOR PROPERTY DEVELOPMENT AND PROPERTY DEVELOPMENT COSTS (CONT’D) (a) Land held for property development (Cont’d) Freehold Leasehold Land Land Total RM RM RM

Group (Cont’d) At 31 December 2007 Accumulated impairment losses At 1 January 2007 - - - Impairment loss for the year - 20,116,367 20,116,367

At 31 December 2007 - 20,116,367 20,116,367

Carrying amount at 31 December 2007 58,482,554 79,728,798 138,211,352 At 31 December 2006 Cost At 1 January 2006 69,223,368 93,569,202 162,792,570 Additions 1,625,372 8,751,681 10,377,053 Disposals (5,187,281) (623,173) (5,810,454) Transfer to property development costs (Note 13(b)) (9,723,556) (3,068,703) (12,792,259)

At 31 December 2006 55,937,903 98,629,007 154,566,910

Carrying amount at 31 December 2006 55,937,903 98,629,007 154,566,910

(b) Property development costs Freehold Leasehold Development land land costs Total RM RM RM RM Group At 31 December 2007 Cumulative property development costs At 1 January 2007 19,997,147 34,550,996 119,636,799 174,184,942 Costs incurred during the year 2,087,931 3,087,741 74,111,021 79,286,693 Transfer from land held for property development (Note 13(a)) 24,279,145 162,178 - 24,441,323 Reclassification (24,279,145) - 24,279,145 - Transfer to land held for property development (Note 13(a)) (7,389,096) - - (7,389,096) Unsold units transferred to inventories - (178,385) (5,040,346) (5,218,731) Reversal of completed projects - (1,344,539) (7,602,900) (8,947,439)

At 31 December 2007 14,695,982 36,277,991 205,383,719 256,357,692


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13. LAND HELD FOR PROPERTY DEVELOPMENT AND PROPERTY DEVELOPMENT COSTS (CONT’D)

(b) Property development costs (Cont’d) Freehold Leasehold Development land land costs Total RM RM RM RM Group (Cont’d) At 31 December 2007

Cumulative costs recognised in income statement At 1 January 2007 (3,004,923) (826,585) (80,885,512) (84,717,020) Recognised during the year (Note 4) - (2,002,531) (31,478,771) (33,481,302) Reversal of completed projects - 1,344,539 7,602,900 8,947,439

At 31 December 2007 (3,004,923) (1,484,577) (104,761,383) (109,250,883)

Property development costs at 31 December 2007 11,691,059 34,793,414 100,622,336 147,106,809 At 31 December 2006 Cumulative property development costs At 1 January 2006 7,523,984 33,191,680 147,785,562 188,501,226 Costs incurred during the year 2,780,508 7,248,110 37,932,996 47,961,614 Transfer from inventories 204,853 - - 204,853 Transfer from land held for property development (Note 13(a)) 9,723,556 3,068,703 - 12,792,259 Unsold units transferred to inventories - (114,143) (4,802,051) (4,916,194) Reversal of completed projects (204,853) (6,596,311) (52,402,482) (59,203,646) Disposal of project during the year (30,901) (1,873,624) (2,930,393) (4,834,918) Unsold units transferred to investment properties - (373,419) (5,946,833) (6,320,252)

At 31 December 2006 19,997,147 34,550,996 119,636,799 174,184,942 Cumulative costs recognised in income statement At 1 January 2006 (98,249) (5,126,603) (100,964,894) (106,189,746) Recognised during the year (Note 4) (2,906,674) (2,296,293) (32,323,100) (37,526,067) Transfer from inventories (204,853) - - (204,853) Reversal of completed projects 204,853 6,596,311 52,402,482 59,203,646

At 31 December 2006 (3,004,923) (826,585) (80,885,512) (84,717,020) Property development costs at 31 December 2006 16,992,224 33,724,411 38,751,287 89,467,922


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13. LAND HELD FOR PROPERTY DEVELOPMENT AND PROPERTY DEVELOPMENT COSTS (CONT’D) The freehold land and leasehold land of certain subsidiaries with a carrying value of RM42,408,934 (2006: RM16,421,913) have

been charged as security for short term borrowings.

Titles to leasehold land of a subsidiary with a carrying value of RM1,066,973 (2006: RM2,043,109) are registered under the name of its holding corporation. The transfer of the title will be done upon the completion of the properties development.

The title of leasehold land held for development of a subsidiary with a carrying value of RM27,324,277 (2006: RM27,427,232) is still pending transfer to the subsidiary’s name from the ultimate holding corporation, Perbadanan Kemajuan Negeri Pahang.

The title of freehold land held for development of a subsidiary with a carrying value of RM19,582,312 (2006: RM7,389,096) is still pending transfer to the subsidiary’s name from the vendor.

14. INVESTMENT PROPERTIES Group 2007 2006 RM RM

Buildings Cost At 1 January 8,354,382 2,034,130 Transfer from property development costs (Note 13(b)) - 6,320,252

At 31 December 8,354,382 8,354,382 Accumulated depreciation At 1 January 683,083 643,115 Charge for the year (Note 6) 166,057 39,968

At 31 December 849,140 683,083 Net carrying amount At 31 December 7,505,242 7,671,299

15. PREPAID LAND LEASE PAYMENTS Group 2007 2006 RM RM At 1 January 86,106 88,314 Amortisation for the year (Note 6) (2,208) (2,208)

At 31 December 83,898 86,106 Analysed as: Long term leasehold land 83,898 86,106 The long term leasehold land of the Group was pledged to a licensed bank for credit facility granted to a subsidiary. The credit

facility was fully settled during the year.


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16. INTANGIBLE ASSETS Group 2007 2006 RM RM

Goodwill Cost At 1 January 4,564,733 3,552,818 Effects of adopting FRS 3 - 1,011,915 Arising from acquisition of a subsidiary (Note 17) 12,912 -

At 31 December 4,577,645 4,564,733 Accumulated amortisation and impairment At 1 January 2,621,744 2,297,931 Effects of adopting FRS 3 - 323,813 Impairment loss (Note 6) 1,132,643 -

At 31 December 3,754,387 2,621,744 Net carrying amount At 31 December 823,258 1,942,989

17. INVESTMENTS IN SUBSIDIARIES Company 2007 2006 RM RM Unquoted shares at cost 81,624,753 80,824,755 Less: Accumulated impairment losses (22,218,437) (20,450,313)

59,406,316 60,374,442 Details of the subsidiaries are as follows: Proportion of Name of Country of Ownership Subsidiaries Incorporation Principal activities 2007 2006 % % Pasdec Corporation Sdn. Bhd. Malaysia Property development, project 100 100 management and provision of management services Kuantan Tembeling Malaysia Property development and 100 100 Resort Sdn. Bhd. management of resort and condominium Pasdec Land Sdn. Bhd. Malaysia Property development 100 100 Pasdec Bina Sdn. Bhd. Malaysia Trading of building materials, 100 100 hiring of machineries and to engage in construction business Kimdec Corporation Sdn. Bhd. Malaysia Property development 51 51


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17. INVESTMENTS IN SUBSIDIARIES (CONT’D) Proportion of Name of Country of Ownership Subsidiaries Incorporation Principal activities 2007 2006 % % Kuantan Bricks Sdn. Bhd.* Malaysia Bricks manufacturing 100 100 Sumbangan Sakti Sdn. Bhd. Malaysia Property development 100 100 Pasdec Mega Sdn. Bhd. Malaysia Property development 100 100 Pasdec Pintas Sdn. Bhd. Malaysia Dormant 70 70 Pasdec Putra Sdn. Bhd.** Malaysia Property development 100 100 Mutiara Pasdec Sdn. Bhd. Malaysia Dormant 100 100 Pahang Aircraft Industries Malaysia Manufacturing, selling and leasing Sdn. Bhd.*** of aircraft and related components 100 100 Pasdec Trading Sdn. Bhd.*** Malaysia Trading of building materials and 100 - provision of insurance services

Bentong Aquarium & Malaysia Operator of aquarium and theme park 70 - Sanctuary Park Sdn. Bhd. * Subsidiary of Pasdec Bina Sdn. Bhd. The auditors’ report of this company refers to the going concern assumption and that

the company is dependent upon the financial support of the Company. The report is not qualified. ** Subsidiary of Pasdec Corporation Sdn. Bhd..

*** Subsidiary of Mutiara Pasdec Sdn. Bhd.. Acquisition of a subsidiary On 23 July 2007, the Company subscribed to 800,000 ordinary shares of RM1.00 each representing 70% equity interest in

Bentong Aquarium & Sanctuary Park Sdn. Bhd. pursuant to a Joint Venture Agreement dated 28 January 2006.

The effects of the acquisition on the financial position of the Group as at 31 December 2007 is as follows: RM Property, plant and equipment 2,237,500 Cash and bank balances 32,982 Other debtor 400 Other payables (1,159,843) Minority interests (33,312)

Group’s share of net assets 1,077,727


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17. INVESTMENTS IN SUBSIDIARIES (CONT’D)

The fair value of the assets acquired and liabilities assumed from the acquisition of the subsidiary is as follows: Fair value Acquiree’s recognised on carrying acquisition amount RM RM Net assets acquired: Property, plant and equipment 2,237,500 2,237,500 Other receivables 400 400 Cash and bank balances 36,653 36,653 Other payables (1,150,141) (1,150,141)

Fair value of net assets 1,124,412 1,124,412 Less: Minority interests (337,324)

Group’s share of net assets 787,088 Goodwill on consolidation (Note 16) 12,912

Total cost of acquisition 800,000

Net cash outflow arising from acquisition: Cash and cash equivalents of subsidiary 36,653 Cash consideration paid (800,000)

(763,347)

18. INVESTMENTS IN ASSOCIATES Group 2007 2006 RM RM

In Malaysia: Unquoted shares, at cost 1,270,000 1,270,000 Share of post-acquisition reserves 2,413,951 2,655,068

3,683,951 3,925,068 Less: Accumulated impairment losses (70,000) (60,000)

3,613,951 3,865,068

Represented by: Share of net assets 3,613,951 3,865,068


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18. INVESTMENTS IN ASSOCIATES (CONT’D)

Details of the associates are as follows:

Name of Country of Principal Proportion of Proportion of Associates Incorporation Activities Ownership Interest Voting Power 2007 2006 2007 2006 % % % % Prima Prai Malaysia Property 20 20 20 20 Sdn. Bhd. development Genting View Malaysia Developer 40 40 40 40 Resort and contractor Development Sdn. Bhd. Pasdec Malaysia Dormant 40 - 40 - Cempaka Sdn. Bhd.

The financial statements of the above associates are coterminous with those of the Group, except for Prima Prai Sdn. Bhd. which has a financial year end of 31 March. For the purpose of applying the equity method of accounting, the management accounts of Prima Prai Sdn. Bhd. for the period ended 31 December 2007 have been used.

19. INVENTORIES Group 2007 2006 RM RM Properties held for sale 14,526,266 11,177,787 Land 950,493 1,133,296 Finished goods 166,699 188,353 Diesel and lubricant 33,361 9,996

15,676,819 12,509,432 20. TRADE RECEIVABLES Group 2007 2006 RM RM Trade receivables 31,675,347 31,732,190 Construction contracts: Due from customers (Note 22) 483,708 795,225 Retention sum receivables (Note 22) - 1,386,740 Progress billings receivable 30,522,865 26,517,962 Accrued billings in respect of property development costs 3,844,170 -

66,526,090 60,432,117 Less: Provision for doubtful debts (2,908,137) (2,865,377)

63,617,953 57,566,740 The Group’s primary exposure to credit risk arises through its trade receivables. The Group’s trading terms with its customers are

mainly on credit. The credit term is generally for a period of 30 to 120 days. The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue balances are reviewed regularly by senior management. In view of the aforementioned and the fact that the Group’s trade receivables relate to a large number of diversified customers, there is no significant concentration of credit risk. Trade receivables are non-interest bearing.


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21. OTHER RECEIVABLES Group Company 2007 2006 2007 2006 RM RM RM RM Amount due from related parties: Subsidiaries - - 207,734,256 249,406,604 Holding corporation 28,784,578 29,513,584 25,646,748 25,703,442 Related companies 24,087,041 21,545,498 4,022,499 4,022,499

52,871,619 51,059,082 237,403,503 279,132,545 Deposit 551,450 526,761 - - Prepayments 557,969 497,897 120,303 327,083 Sundry receivables 5,191,195 6,559,245 1,489,955 882,444

59,172,233 58,642,985 239,013,761 280,342,072 Less: Provision for doubtful debts (36,093,640) (30,823,683) (19,901,775) (19,901,776)

23,078,593 27,819,302 219,111,986 260,440,296 Amounts due from subsidiaries amounting to RM27,146,414 (2006: RM71,124,327) bear interest of 6% (2006: 6%) per annum

and are repayable on demand. The amounts are unsecured and are to be settled in cash.

The remaining amounts due from related parties of the Group and of the Company are non-interest bearing and repayable on demand. These amounts are unsecured and are to be settled in cash.

22. DUE FROM/(TO) CUSTOMERS ON CONTRACTS Group 2007 2006 RM RM Construction costs incurred todate 21,663,502 11,396,219 Attributable profits 247,931 297,425

21,911,433 11,693,644 Less : Progress billings (21,427,725) (10,930,132)

483,708 763,512

Due from customers on contract (Note 20) 483,708 795,225 Due to customers on contract - (31,713)

483,708 763,512

Retention sum on contracts, included within trade receivables (Note 20) - 1,386,740


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23. MARKETABLE SECURITIES Group Company 2007 2006 2007 2006 RM RM RM RM

At cost: Shares quoted in Malaysia 51,720,296 116,517,642 - - Unit trusts quoted in Malaysia 17,030,218 48,086,103 15,944,115 47,000,000

68,750,514 164,603,745 15,944,115 47,000,000 Less: Accumulated impairment losses Shares quoted in Malaysia (14,670) (194,252) - - Unit trusts quoted in Malaysia (932,201) (666,126) (330,093) -

(946,871) (860,378) (330,093) -

67,803,643 163,743,367 15,614,022 47,000,000 Market value of: Shares quoted in Malaysia 143,380,214 228,385,139 - - Unit trusts quoted in Malaysia 16,098,017 39,414,809 15,614,022 38,994,832

159,478,231 267,799,948 15,614,022 38,994,832 Certain investments in quoted shares by a subsidiary with carrying amount of RM Nil (2006: RM2,207,667) are pledged to

financial institutions for term loan facilities granted to the subsidiary.

Investments in Road Builder (M) Holdings Berhad and YTL Cement Berhad with a carrying amount of RM33,225,370 (2006: RM73,531,551) by a subsidiary are pledged to financial institutions for issuance of RM150 million Rainbow Exchangeable Bonds (“REBs”) (Note 28).

Certain investments in quoted shares by a subsidiary with carrying amount of RM18,389,423 (2006: RM Nil) are pledged to banks for certain facilities granted to a related company.

24. CASH AND CASH EQUIVALENTS Group Company 2007 2006 2007 2006 RM RM RM RM Cash on hand and at banks 7,751,042 18,048,218 121,568 105,264 Deposits with licensed banks 19,259,850 7,871,390 5,315,786 6,395,138

Cash and bank balances 27,010,892 25,919,608 5,437,354 6,500,402 Included in cash at banks of the Group is an amount of RM6,393,859 (2006: RM3,523,453) held pursuant to Section 7A of the

Housing Development (Control and Licensing) Act 1966 and therefore restricted from use in other operations.

Deposits with licensed banks of the Group amounting to RM13,828,562 (2006: RM1,290,665) are pledged to banks for credit facilities granted to certain subsidiaries (Note 26).

Other information on financial risks of cash and cash equivalents are disclosed in Note 35.


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24. CASH AND CASH EQUIVALENTS (CONT’D)

For the purpose of the cash flow statements, cash and cash equivalents comprise the following as at the balance sheet date:

Group Company 2007 2006 2007 2006 RM RM RM RM Cash and bank balances 27,010,892 25,919,608 5,437,354 6,500,402 Bank overdrafts (Note 26) (19,051,147) (6,340,105) - -

Total cash and cash equivalents 7,959,745 19,579,503 5,437,354 6,500,402

25. RETIREMENT BENEFIT OBLIGATIONS

The Group operates an unfunded, defined benefit Retirement Benefit Scheme (“the Scheme”) for its eligible employees. Under the Scheme, eligible employees are entitled to retirement benefits with 7.5% of final salary multiplied by plan service with maximum of 300 months payable on attainment of the early retirement age of 40 upon completion of 10 or more years of plan service or retirement age of 56.

(i) Balance Sheet The amounts recognised in the balance sheets are determined as follows: Group 2007 2006 RM RM

Present value of funded defined benefit obligations 2,997,574 2,199,627 Unrecognised transition obligation (397,840) (581,923) Unrecognised actuarial losses (707,554) -

Net liability 1,892,180 1,617,704 Analysed as: Current 27,378 24,887

Non-current: Later than 1 year but not later than 2 years 152,755 34,277 Later than 2 years but not later than 5 years 1,712,047 1,558,540

1,864,802 1,592,817

1,892,180 1,617,704

The movement in the present value of the defined benefit obligations over the year is as follows:

2007 2006 RM RM At 1 January 1,617,704 1,139,536 Current service cost 233,400 216,813 Interest cost 143,634 123,721 Amortisation of transitional liability 213,407 228,440 Benefits paid (315,965) (90,806)

At 31 December 1,892,180 1,617,704


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25. RETIREMENT BENEFIT OBLIGATIONS (CONT’D)

(ii) Income Statement The amounts recognised in the income statement are as follows: Group 2007 2006 RM RM Current service cost 233,400 216,813 Interest cost 143,634 123,721 Amortisation of transitional liability 213,407 228,440

Total, included in employee benefits expense (Note 7) 590,441 568,974 All of the Group’s contribution to defined benefit plan has been included in administrative expenses.

(iii) Actuarial Assumptions The principal assumptions used for the purposes of the actuarial valuations were as follows:

2007 2006 % % Discount rate 7.0 7.0 Expected rate of salary increases 5.0 5.0 Actuarial valuation for the Scheme is conducted by an independent actuary at regular intervals. The last valuation

performed for the Scheme was on 24 January 2006.

Assumptions regarding future mortality are based on published statistics and mortality tables. The average life expectancy of an individual retiring at age 56.

(iv) Historical Information The history of experience adjustments is as follows: 2007 2006 RM RM Present value of defined benefit obligations 1,892,180 1,617,704


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26. BORROWINGS Group Company 2007 2006 2007 2006 RM RM RM RM

Short Term Borrowings Secured: Bank overdrafts 18,412,135 2,779,916 - - Revolving credits 6,500,000 12,500,000 - - Bankers’ acceptances 274,000 520,000 - - Term loans 5,374,880 6,082,110 - - Hire purchase liabilities (Note 27) 135,170 - - -

30,696,185 21,882,026 - -

Unsecured: Bank overdrafts 639,012 3,560,189 - - Hire purchase liabilities (Note 27) 51,788 70,650 19,762 18,725

690,800 3,630,839 19,762 18,725

31,386,985 25,512,865 19,762 18,725

Long Term Borrowings Secured: Term loans 4,858,025 1,745,628 - - Rainbow Exchangeable Bonds (Note 28) 64,485,714 151,068,052 64,485,714 151,068,052 Hire purchase liabilities (Note 27) 347,085 - - -

69,690,824 152,813,680 64,485,714 151,068,052

Unsecured: Hire purchase liabilities (Note 27) 121,523 123,335 75,288 95,049

69,812,347 152,937,015 64,561,002 151,163,101

Total Borrowings Bankers’acceptances 274,000 520,000 - - Bank overdrafts (Note 24) 19,051,147 6,340,105 - - Revolving credits 6,500,000 12,500,000 - - Term loans 10,232,905 7,827,738 - - Rainbow Exchangeable Bonds (Note 28) 64,485,714 151,068,052 64,485,714 151,068,052 Hire purchase liabilities (Note 27) 655,566 193,985 95,050 113,774

101,199,332 178,449,880 64,580,764 151,181,826

Maturity of borrowings: (excluding hire purchase): Within one year 31,195,777 26,042,215 - - More than 1 year and less than 2 years 3,821,025 785,628 - - More than 2 years and less than 5 years 1,041,250 360,000 - - More than 5 years 64,485,714 151,068,052 64,485,714 151,068,052

100,543,766 178,255,895 64,485,714 151,068,052


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26. BORROWINGS (CONT’D)

The bank overdrafts and bankers’ acceptances of the Group are secured against the land registered under the name of the holding corporation, first legal charge over long term leasehold land and building of certain subsidiaries, fixed and floating charges over certain assets of subsidiaries, joint and several guarantee by the directors of a corporate shareholder of a subsidiary and corporate guarantee by a subsidiary and the Company.

The secured revolving credits of the Group are for a period of six months and are secured against fixed legal charge over certain freehold land of a subsidiary, proportionate corporate guarantee by the Company of up to 51% and joint and several guarantee by the directors of a corporate shareholder.

The term loans are secured by the following:

(a) First legal charge over the freehold land and leasehold land of certain subsidiaries as disclosed in Note 13; (b) Fixed and floating charges over certain assets of subsidiaries; (c) Joint and several guarantee by the directors of a corporate shareholder of the respective subsidiary; and (d) Corporate guarantee by a subsidiary and the Company.

The Rainbow Exchangeable Bonds of the Group and of the Company are secured against part of the marketable securities as disclosed in Note 23.

The secured hire purchase liabilities of the Group are secured against corporate guarantee by a subsidiary company.

27. HIRE PURCHASE PAYABLES Group Company 2007 2006 2007 2006 RM RM RM RM Minimum lease payments: Not later than 1 year 230,747 79,089 23,868 23,868 Later than 1 year and not later than 5 years 506,542 135,068 81,490 105,358

737,289 214,157 105,358 129,226 Less: Future finance charges (81,723) (20,172) (10,308) (15,452)

Present value of lease liabilities 655,566 193,985 95,050 113,774 Analysed as: Due within 12 months (Note 26) 186,958 70,650 19,762 18,725 Due after 12 months (Note 26) 468,608 123,335 75,288 95,049

655,566 193,985 95,050 113,774


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28. RAINBOW EXCHANGEABLE BONDS On 15 November 2006, the Company issued RM150 million Rainbow Exchangeable Bonds (“REBs”) at 100% of its nominal

value comprising two series as follows:

(i) Series I - up to RM15 million REBs or such other amount exchangeable into 4,792,333 or such other appropriate number of ordinary shares in Road Builder (M) Holdings Berhad (“RBH”) (“Exchange Shares”); and

(ii) Series II - up to RM135 million REBs or such other amount exchangeable into 40,785,500 or such other appropriate

number of ordinary shares in YTL Cement Berhad (“Exchange Shares”). The salient features of REBs issued by the Company are as follows: (a) The tenors of the of Series I and II are 5 and 7 years respectively. (b) The REBs carry an interest or coupon rate of five percent per annum for both of the REBs series and payable semi-annually

in arrears from the date of issue of the REBs, with the last coupon payment to be made on the respective maturity dates. (c) Each REB entitles the REBs holders to exchange for one Exchange Share at the Exchange Price which is indicatively set at

a premium of 10% to 30% from five-day Weighted Average Market Price of the relevant Exchange Shares prior to the price fixing date or at par, whichever is higher at any time after the Securities Commission’s approval, for the relevant series at any time during the Exchange Period.

(d) The REBs are secured by the following:- (i) A Put-Option written by the Put-Option Writer to acquire the Exchange Shares at an agreed Option Price, upon the terms

and conditions contained in the Put-Option agreements; (ii) Deposit/ pledge of the Exchange Shares with the Security Trustee, for the benefit of the REBs holders; (iii) Assignment/ charge of an Escrow Account, a Disbursement Account (“DA”), and Debt Service Reserve Account (“DSRA”),

in favour of the Security Trustee for the REBs holders; and (iv) Assignment of the proceeds under an irrevocable Standby Line from a financial institution (“Liquidity Reserve Provider”)

equivalent to one (1) coupon payment payable during the tenor of the REBs, in favour of the Security Trustee for the REBs Holders; or

If no Standby Line is established, an assignment/ charge of a Liquidity Reserve Account (“LRA”), into which an amount equivalent to one (1) coupon payment payable during the tenor of the REBs shall be deposited.

(e) The Option Price with regards to Series I and II are as follows: Series I: the outstanding amounts, owing or payable by the Company to the REBs holders under the relevant Transaction

Documents, as at the date of the put option notice as referred to in the Put-Option agreements; Series II: the outstanding amounts, owing or payable by the Company to the REBs holders under the relevant Transaction

Documents, as at the date of the put option notice less the amount of:- - any standby facilities procured by the Company; and - any cash deposits by the Company into the DSRA.


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28. RAINBOW EXCHANGEABLE BONDS (CONT’D) (f) The REBs shall be redeemed by the Issuer on the respective maturity dates at approximately 122% to 140% of the Issue

Price of the relevant Series save and except for the following circumstances:-

(i) The REBs are exchangeable at any time by the REBs holders into the Exchange Shares, during the tenors of the REBs; (ii) The REBs may be redeemed by the Issuer after the expiry of three (3) years from the issue date of the REBs and subject

to the market price of the relevant Exchange Shares as traded on Bursa Malaysia Securities Berhad being at least 130% of the Exchange Price of the relevant Exchange Shares;

(iii) The Issuer may, at any time, purchase the REBs at any price in the open market or by private treaty; (iv) The REBs shall be cancelled and cannot be reissued if the REBs have been exchanged into the Exchange Shares by

the REBs holders, redeemed by the Issuer after year 3 and/or purchased by the Issuer in the open market. The REBs are accounted for in the balance sheets of the Group and of the Company as follows: Group and Company 2007 2006 RM RM Nominal value - issued and fully paid At 1 January 150,000,000 - Issued and fully paid - 150,000,000 Exchanged into Exchange Shares (89,000,000) -

At 31 December 61,000,000 150,000,000 Redemption Premium At 31 December 3,485,714 1,068,052 Total included within long term borrowings (Note 26) 64,485,714 151,068,052 29. TRADE PAYABLES Trade payables are non-interest bearing and the normal trade credit term granted to the Group ranges from 30 to 90 days.


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30. OTHER PAYABLES Group Company 2007 2006 2007 2006 RM RM RM RM Amounts due to related parties: Due to a corporate shareholder of subsidiary companies 4,758,839 - - - Due to a subsidiary company - - 9,217,764 - Due to other related companies 1,053,531 242,862 - - Due to holding corporation 1,796,473 1,542,296 - -

7,608,843 1,785,158 9,217,764 - Retention sum 787,856 1,055,301 - - Other payables 3,146,836 1,668,690 - - Accruals 2,206,569 3,216,253 329,401 297,050 Coupon on bonds 254,166 958,333 254,166 958,333 14,004,270 8,683,735 9,801,331 1,255,383 The amounts due to related parties are non-interest bearing and are repayable on demand. These amounts are unsecured

and are to be settled in cash.

31. SHARE CAPITAL Number of Ordinary Shares of RM1 Each Amount 2007 2006 2007 2006 RM RM Authorised 1 January/31 December 500,000,000 500,000,000 500,000,000 500,000,000 Issued and fully paid 1 January/31 December 205,978,000 205,978,000 205,978,000 205,978,000 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per

share at meetings of the Company. All ordinary shares rank equally with regards to the Company’s residual assets.


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32. DEFERRED TAX Group Company 2007 2006 2007 2006 RM RM RM RM At 1 January 3,672,424 3,594,385 - - Recognised in the income statement (Note 9) (3,598,546) 78,039 - -

At 31 December 73,878 3,672,424 - - Presented after appropriate offsetting as follows: Group Company 2007 2006 2007 2006 RM RM RM RM Deferred tax assets (2,489) - - - Deferred tax liabilities 76,367 3,672,424 - -

73,878 3,672,424 - - The components and movements of deferred tax liabilities during the financial year are as follows:

Deferred Tax Liabilities of the Group: Accelerated Capital Allowances RM At 1 January 2007 3,672,424 Recognised in income statement (3,596,057)

At 31 December 2007 76,367 At 1 January 2006 3,594,385 Recognised in income statement 78,039

At 31 December 2006 3,672,424 Deferred Tax Assets of the Group: At 1 January 2007 - Recognised in income statement (2,489)

At 31 December 2007 (2,489) Deferred tax assets have not been recognised in respect of the following items: Group 2007 2006 RM RM Unused tax losses 7,937,309 19,452,982 Unabsorbed capital allowances - 267,984

7,937,309 19,720,966 The unused tax losses of the respective subsidiaries are available for offsetting against future taxable profits subject to no

substantial changes in shareholdings of those subsidiaries under the Income Tax Act, 1967 and guidelines issued by the tax authority.


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33. CONTINGENT LIABILITIES Group Company 2007 2006 2007 2006 RM RM RM RM Unsecured: Corporate guarantees for facilities granted to: - subsidiaries - - 40,504,000 41,704,000 - a related company - 262,980 - - Bank guarantees 806,829 395,719 - - Performance bonds 209,829 209,829 - - Dispute with the Inland Revenue Board for years of assessment 1999 to 2004 - 1,221,436 - -

1,016,658 2,089,964 40,504,000 41,704,000

34. RELATED PARTY DISCLOSURES (a) In addition to the transactions detailed elsewhere in the financial statements, the Group and the Company had the

following transactions with related parties during the financial year: Group Company 2007 2006 2007 2006 RM RM RM RM Holding corporation - office rental and service charge 508,316 483,514 - - Subsidiaries - interest income - - (2,390,478) (538,885) - management fee income - - (540,000) (540,000) - gross dividend income - - (13,797,595) (12,675,195) Purchase of insurance from a subsidiary - - 39,223 96,205 With the exception of dividend income, the directors are of the opinion that all the transactions above have been entered

into in the normal course of business and have been established on terms and conditions that are not materially different from those obtainable in transactions with unrelated parties.

(b) Compensation of key management personnel

The remuneration of directors and other members of key management during the year was as follows:

Group Company 2007 2006 2007 2006 RM RM RM RM Short term employee benefits 2,835,430 2,552,742 1,134,150 1,036,170 Post-employment benefits - Defined contribution plan 183,251 160,149 39,774 35,880 - Defined benefit plan 275,407 - - - 3,294,088 2,712,891 1,173,924 1,072,050


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34. RELATED PARTY DISCLOSURES (CONT’D) (b) Compensation of key management personnel (Cont’d) Included in the total key management personnel are: Group Company 2007 2006 2007 2006 RM RM RM RM Directors’ remuneration 1,677,806 1,329,430 1,173,924 1,072,050

35. FINANCIAL INSTRUMENTS

(a) Financial Risk Management Objectives and Policies

The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for the development of the Group’s businesses whilst managing its interest rate risks (both fair value and cash flow), liquidity risk and credit risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. It is, and has been throughout the year under review, the Group’s policy that no trading in derivative financial instruments shall be undertaken.

(b) Interest Rate Risk

The Group is exposed to interest rate risk through the impact of rate changes on interest bearing debts and assets. The investment in financial assets is short term in nature and they are not held for speculative purposes but have been mostly placed in fixed deposits with licensed financial institutions.

The Group’s interest rate risk arises primarily from interest-bearing borrowings. Borrowings at floating rates expose the Group to cash flow interest rate risk. Borrowings obtained at fixed rates expose the Group to fair value interest rate risk. The Group manages its interest rate exposure by maintaining a mix of fixed and floating rate borrowings.

The following tables set out the carrying amounts, the weighted average effective interest rates (WAEIR) as at the balance sheet date and the remaining maturities of the Group’s financial instruments that are exposed to interest rate risk:

Note WAEIR Within 1 1 - 2 More Than 3 % Year Years Years Total RM RM RM RM

At 31 December 2007

Group

Fixed rate Term loans 26 8.72 (5,374,880) (3,838,025) (1,020,000) (10,232,905) Hire purchase liablities 27 4.81 (186,958) (225,006) (243,602) (655,566) Bankers’ acceptances 26 8.25 (274,000) - - (274,000) REBs 28 5.25 - - (64,485,714) (64,485,714)

Floating rate Fixed deposits 24 3.45 19,259,850 - - 19,259,850 Bank overdrafts 26 8.24 (19,051,147) - - (19,051,147) Revolving credits 26 5.47 (6,500,000) - - (6,500,000)


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35. FINANCIAL INSTRUMENTS (CONT’D)

(b) Interest Rate Risk (Cont’d) Note WAEIR Within 1 1 - 2 More Than 3 % Year Years Years Total RM RM RM RM

At 31 December 2007

Company

Fixed rate Due from subsidiaries 21 6.00 27,146,414 - - 27,146,414 Hire purchase liabilities 27 4.87 (19,762) (20,799) (54,489) (95,050) REBs 28 5.25 - - (64,485,714) (64,485,714)

At 31 December 2006

Group

Fixed rate Term loans 26 8.47 (6,082,110) (1,745,628) - (7,827,738) Hire purchase liablities 27 5.25 (70,650) (80,615) (39,424) (190,689) Bankers’ acceptances 26 8.25 (520,000) - - (520,000) REBs 28 5.25 - - (151,068,052) (151,068,052)

Floating rate Fixed deposits 24 3.47 7,871,390 - - 7,871,390 Bank overdrafts 26 6.63 (6,340,105) - - (6,340,105) Revolving credits 26 8.58 (12,500,000) - - (12,500,000)

Company

Fixed rate Due from subsidiaries 21 6.00 71,124,327 - - 71,124,327 Hire purchase liabilities 27 4.87 (18,725) (55,625) (39,424) (113,774) REBs 28 5.25 - - (151,068,052) (151,068,052)

Interest on financial instruments subject to floating interest rates is contractually repriced at intervals of less than 6 months and annually. Interest on financial instruments at fixed rates are fixed until the maturity of the instrument. The other financial instruments of the Group that are not included in the above tables are not subject to interest rate risks.

(c) Liquidity Risk

The Group manages its debt maturity profile, operating cash flows and the availability of funding so as to ensure that refinancing, repayment and funding needs are met. As part of its overall liquidity management, the Group maintains sufficient levels of cash or cash convertible investments to meet its working capital requirements. In addition, the Group strives to maintain available banking facilities at a reasonable level to its overall debt position. As far as possible, the Group raises committed funding from both capital markets and financial institutions and balances its portfolio with some short term funding so as to achieve overall cost effectiveness.


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35. FINANCIAL INSTRUMENTS (CONT’D)

(d) Credit Risk

The Group’s credit risk is primarily attributable to trade receivables. The Group trades only with recognised and creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis and the Group’s exposure to bad debts is not significant. The Group does not offer credit terms without the specific approval of the Head of Credit Control. Since the Group trades only with recognised and creditworthy third parties, there is no requirement for collateral.

The credit risk of the Group’s other financial assets, which comprise cash and cash equivalents, marketable securities and non-current investments, arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these financial assets.

The Group does not have any significant exposure to any individual customer or counterparty nor does it have any major concentration of credit risk related to any financial assets.

(e) Fair Values

The carrying amounts of financial assets and liabilities of the Group and of the Company at the balance sheet date approximated their fair values except for the following:

Carrying Fair Note Amount Value RM RM

Group

At 31 December 2007: Marketable securities 23 67,803,643 159,478,231 Term loans 26 10,232,905 8,976,376 Hire purchase payables 27 655,566 773,519 REBs 28 64,485,714 76,908,800

At 31 December 2006: Marketable securities 23 163,743,367 267,799,948 Term loans 26 7,827,738 7,078,167 Hire purchase payables 27 193,985 273,216 REBs 28 151,068,052 190,962,428

Company

At 31 December 2007: Marketable securities 23 15,614,022 15,614,022 Hire purchase payables 27 95,050 111,762 REBs 28 64,485,714 76,908,800

At 31 December 2006: Marketable securities 23 47,000,000 38,994,832 Hire purchase payables 27 113,774 131,462 REBs 28 151,068,052 190,962,428

The fair value of borrowings is estimated by discounting the expected future cash flows using the current interest rates for liabilities with similar risk profiles.

The method and assumption used by management to determine the fair values of marketable securities is by reference to stock exchange quoted market bid prices at the close of the business on the balance sheet date.


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36. SIGNIFICANT EVENTS (a) Pursuant to a Joint Venture Agreement entered into on 28 January 2006, the Company has subscribed for 800,000 ordinary

shares of RM1.00 each representing 70% equity interest in Bentong Aquarium & Sanctuary Park Sdn. Bhd. (“BASPSB”) for a total purchase consideration of RM800,000 during the year.

(b) On 20 June 2007, a subsidiary of the Company, Pasdec Trading Sdn. Bhd. was incorporated with an issued and paid up capital of RM2.

(c) On 26 July 2007, the Company transferred its entire investment in the shares of Pahang Aircraft Industries Sdn. Bhd. to a

subsidiary, Mutiara Pasdec Sdn. Bhd. for a consideration of RM2 representing 2 ordinary shares in Pahang Aircraft Industries Sdn. Bhd..

(d) On 3 December 2007, Pasdec Corporation Sdn. Bhd. had entered into a conditional Sale and Purchase Agreement with

Mentiga Corporation Berhad for the acquisition of a piece of land measuring approximately 28.98 acres at Mukim Kuala Kuantan, District of Kuantan, Pahang Darul Makmur for a total cash consideration of RM9,856,457. As at 31 December 2007, the Company had paid a deposit of RM851,960 for the said land.

(e) During the year, a piece of land held under a subsidiary, Pasdec Pintas Sdn. Bhd. (“PPSB”) was auctioned off without the

knowledge of the board of directors of PPSB and the Company.

Prior to the acquisition of PPSB (then known as Lancar Pintas Sdn. Bhd.) in 1997 by the Company, PPSB had entered into a sale and purchase agreement with prospective buyers of shop lots that PPSB intended to build.

In 2005, two of the prospective buyers took legal action against PPSB for failing to commence and build the said shop lots. The summon was served on PPSB on an address which is neither the registered nor the business address of PPSB, as a result of which, PPSB was not aware of such legal action.

The plaintiffs managed to obtain a judgement in default of appearance and subsequently auctioned off the land in 2007 for a price of RM2,660,000. The ownership transfer to the purchaser was completed in 2007.

The directors of PPSB are of the opinion that there were elements of fraud given the manner in which the above incident unfolded and are instituting legal action against the parties concerned.

Following this development, a full provision for impairment losses of RM20,116,367 with respect to the land has been made in the books of PPSB for the financial year ended 31 December 2007.

(f) During the year, the entire RM15 million nominal amount of Rainbow Exchangeable Bonds (“REBs”) under Series I and RM74 million from RM135 million nominal amount of REBs under Series II were redeemed.


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37. SUBSEQUENT EVENTS

(a) Effective 1 January 2008, a subsidiary of the Company, Pasdec Bina Sdn. Bhd. transferred all its activities relating to trading of construction materials and provision of insurance services to another subsidiary, Pasdec Trading Sdn. Bhd. and ceased activities relating to hiring of machinery.

(b) Subsequent to the year end, RM11 million nominal value of Rainbow Exchangeable Bonds (“REBs”) from Series II was redeemed.

38. COMPARATIVES

The following comparative amounts as at 31 December 2007 have been reclassified to conform with current year’s presentation:

Previously Stated Adjustments Restated RM RM RM Balance Sheet At 31 December 2006 Property development costs 87,986,168 1,481,754 89,467,922 Trade payables (20,906,224) (1,481,754) (22,387,978) 39. SEGMENT INFORMATION

(a) Reporting Format

The primary segment reporting format is determined to be business segments as the Group’s risks and rates of return are affected predominantly by differences in the products and services produced. Secondary information is reported geographically. The operating businesses are organised and managed separately according to the nature of the products and services provided, with each segment representing a strategic business unit that offers different products and serves different markets

(b) Business segments

The Group comprises the following main business segments: (i) Investment holding - provision of management services; (ii) Property development - the development of residential and commercial properties; (iii) Trading - in building materials; (iv) Manufacturing - manufacturing and sales of bricks; and (v) Construction - construction of residential and commercial properties.

No segment reporting by geographical area is prepared as the Group activities are mainly carried out in Malaysia.


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39.

SEGM

ENT I

NFOR

MATIO

N (C

ONT’D

)

Inve

stmen

t Hold

ing

Prope

rty D

evelo

pmen

t Tr

ading

M

anufa

ctur

ing

Con

struc

tion

Tota

l El

imina

tion

Con

solid

ated

20

07

2006

20

07

2006

20

07

2006

20

07

2006

20

07

2006

20

07

2006

20

07

2006

20

07

2006

RM

RM

RM

RM

RM

RM

RM

RM

RM

RM

RM

RM

RM

RM

RM

RM

REVE

NUE

- Sale

s to

exte

rnal c

usto

mers

72

0 7,

993,8

81

87,76

5,742

73

,562,8

57

8,65

5,096

3,

987,1

69

1,07

1,012

-

9,

736,7

68

20,11

5,094

10

7,229

,338

105,6

59,00

1 -

-

107

,229,3

38

105,6

59,00

1 - In

ter-s

egm

ent s

ales

14,37

5,515

13

,369,1

95

75,90

0 -

21

4,900

-

47

0,542

84

2,032

-

-

15

,136,8

57

14,21

1,227

(1

5,136

,857)

(14,2

11,22

7) -

-

Tota

l reve

nue

14

,376,2

35

21,36

3,076

87

,841,6

42

73,56

2,857

8,

869,9

96

3,98

7,169

1,

541,5

54

842,0

32

9,73

6,768

20

,115,0

94

122,3

66,19

5 11

9,870

,228

(15,1

36,85

7) (1

4,211

,227)

107,2

29,33

8 10

5,659

,001

RESU

LTSe

gmen

t resu

lts

12,50

0,200

8,

696,8

76

42,02

9,543

15

,457,7

76

(283

,390)

30,70

4 (8

22,98

7) (6

92,41

1) (3

18,24

7) 15

4,900

53

,105,1

19

23,64

7,845

(1

2,242

,618)

(12,6

25,79

8) 40

,862,5

01

11,02

2,047

Finan

ce c

osts

(1

1,978

,932)

(7,19

6,258

) 2,

734,5

82

538,8

85

(9,24

4,350

) (6

,657,3

73)

Shar

e of

(loss)

/ prof

it of a

ssocia

tes

-

-

(241

,116)

308,8

63

-

-

-

-

-

-

(241

,116)

308,8

63

-

-

(241

,116)

308,8

63

Profit/

(loss)

bef

ore ta

x 5,

361,5

62

3,79

5,991

37

,405,6

25

11,70

7,837

(3

49,11

5) (2

24,32

2) (8

81,98

3) (4

91,74

8) (4

00,60

2) 6,

311

41,13

5,487

14

,794,0

69

(9,50

8,036

) (1

2,086

,913)

31,37

7,035

4,

673,5

37

Incom

e ta

x exp

ense

93

8,726

(1

,811,5

18)

(5,90

9,596

) (1

,672,3

43)

(870

) -

-

-

(9

56)

-

(4,97

2,696

) (3

,483,8

61)

-

61,23

1 (4

,972,6

96)

(3,42

2,630

)

Net p

rofit f

or the

year

26

,404,3

39

1,25

0,907

Mi

nority

inte

rests

5,

199,2

75

(111

,920)

Profit

afte

r tax

31,60

3,614

1,

138,9

87

Asse

ts Se

gmen

t asse

ts

290,4

72,55

1 37

4,453

,141

492,4

09,76

7 51

2,512

,687

6,64

1,098

1,

955,3

20

2,30

2,489

2,

007,3

23

9,55

2,393

9,

864,5

33

801,3

78,29

8 90

0,793

,004

(294

,287,9

48) (

346,4

40,49

9) 50

7,090

,350

554,3

52,50

5 Inv

estm

ent in

asso

ciate

s -

-

1,

200,0

00

1,20

0,000

-

-

-

-

-

-

1,

200,0

00

1,20

0,000

2,

413,9

51

2,66

5,068

3,

613,9

51

3,86

5,068

Tota

l asse

ts

510,7

04,30

1 55

8,217

,573

Liabil

ities

Segm

ent li

abiliti

es

66,05

1,892

15

3,324

,770

295,2

45,81

1 33

0,843

,739

6,51

3,431

1,

786,3

44

4,12

8,001

2,

958,5

33

8,29

1,002

9,

012,0

28

380,2

30,13

7 49

7,925

,414

(234

,071,4

24) (

281,5

92,86

6) 14

6,158

,713

216,3

32,54

8

Ot

her s

egm

ent in

form

ation

Capit

al ex

pend

iture

-

-

1,

160,6

63

70,90

0 28

,199

719

845,5

11

680

22,40

5 3,

627

2,05

6,778

75

,926

-

-

2,05

6,778

75

,926

Depr

eciat

ion o

f prop

erty,

pla

nt &

equip

men

t 17

,364

17,36

5 73

9,970

71

6,735

10

,568

3,20

4 14

1,388

21

7,156

11

,601

16,16

7 92

0,891

97

0,627

-

-

92

0,891

97

0,627

De

prec

iation

of in

vestm

ent

prop

erty

-

-

166,0

57

39,96

8 -

-

-

-

-

-

16

6,057

39

,968

-

-

166,0

57

39,96

8 Im

pairm

ent lo

sses r

ecog

nised

in

incom

e sta

tem

ent

3,75

0,050

27

9,559

24

,795,3

33

-

-

-

179,0

91

-

-

-

28,72

4,474

27

9,559

(3

,419,9

57)

(279

,559)

25,30

4,517

-

Reve

rsal o

f impa

irmen

t

los

ses

(1,65

1,831

) (7

6,159

) (2

43,60

0) (1

52,06

6) -

(5

67)

-

-

-

(2,86

3) (1

,895,4

31)

(231

,655)

1,65

1,831

76

,159

(243

,600)

(155

,496)

Othe

r sign

ifican

t non

-cas

h

expe

nses

:

Provis

ions

-

48,69

0 9,

668,3

72

268,2

25

147,1

48

-

-

-

161,5

27

-

9,97

7,047

31

6,915

(4

,188,9

60)

(48,6

90)

5,78

8,087

26

8,225

Inc

rease

in lia

bility

for d

efine

d

bene

fit pla

n -

-

59

0,441

47

8,168

-

-

-

-

-

-

59

0,441

47

8,168

-

-

59

0,441

47

8,168


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PENYATA KEWANGAN114 Laporan Para Pengarah

118 Penyata Para Pengarah

118 Akuan Berkanun

119 Laporan Juruaudit

120 Penyata Pendapatan

121 Lembaran Imbangan

122 Penyata Perubahan Dalam Ekuiti Disatukan

123 Penyata Perubahan Dalam Ekuiti Syarikat

124 Penyata Aliran Tunai

126 Nota-Nota Kepada Penyata Kewangan

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Para pengarah dengan ini membentangkan laporan mereka dan penyata kewangan Kumpulan dan Syarikat yang telah diaudit bagi tahun kewangan berakhir 31 Disember 2007.

KEGIATAN-KEGIATAN UTAMA

Kegiatan-kegiatan utama Syarikat adalah pemegangan pelaburan dan penyediaan perkhidmatan pengurusan kepada syarikat-syarikat subsidiari.

Kegiatan-kegiatan utama subsidiari-subsidiari dinyatakan di Nota 17 kepada penyata kewangan.

Tidak ada sebarang perubahan penting dalam kegiatan-kegiatan ini di sepanjang tahun kewangan.

HASIL Kumpulan Syarikat RM RM Keuntungan bagi tahun semasa 26,404,339 6,300,288

Diagihkan kepada:Pemegang ekuiti Syarikat 31,603,614 6,300,288Kepentingan minoriti (5,199,275) -

26,404,339 6,300,288

Tidak ada pindahan yang penting kepada atau daripada rizab atau peruntukan sepanjang tahun kewangan ini selain daripada yang dinyatakan di dalam penyata kewangan.

Pada pendapat para pengarah, hasil kendalian Kumpulan dan Syarikat di sepanjang tahun kewangan tidak dipengaruhi secara besaran oleh sebarang butiran, urusniaga atau kejadian yang bersifat penting dan ganjil selain daripada kesan yang timbul daripada keuntungan daripada jualan pelaburan berjumlah RM34,392,919 seperti yang dinyatakan di Nota 6 dan rosotnilai tanah untuk pembangunan hartanah berjumlah RM20,116,367 seperti yang dinyatakan di Nota 6 dan Nota 36(e).

DIVIDEN

Jumlah dividen yang dibayar oleh Syarikat sejak 31 Disember 2006 adalah seperti berikut: RM

Berhubung tahun kewangan berakhir 31 Disember 2006 seperti yang dilaporkan dalam laporan para pengarah pada tahun tersebut:

Dividen pertama dan terakhir pada kadar 2% ke atas 205,978,000 saham-saham biasa selepas cukai 27%, diisytiharkan pada 22 Jun 2007 dan dibayar pada 27 Ogos 2007 3,008,000 Pada Mesyuarat Agung Tahunan yang akan datang, dividen terakhir pada kadar 2% ke atas 205,978,000 saham-saham biasa selepas cukai 26% yang berjumlah RM3,048,474 (1.48 sen, bersih setiap saham) berhubung tahun kewangan berakhir 31 Disember 2007 akan dicadangkan untuk kelulusan para pemegang saham. Penyata kewangan bagi tahun berakhir 31 Disember 2007 tidak mengambil kira dividen yang dicadangkan. Dividen tersebut, jika dipersetujui oleh para pemegang saham, akan diambilkira di dalam ekuiti pemegang saham sebagai pengasingan pendapatan tertahan dalam tahun kewangan yang berakhir pada 31 Disember 2008.

LAPORAN PARA PENGARAH

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PARA PENGARAH

Pengarah Syarikat yang berkhidmat sejak tarikh laporan yang terakhir dan pada tarikh laporan ini ialah:

Dato’ Sri Haji Adnan bin Haji YaakobDato’ Abdul Ghani bin L. SulaimanYusof Ali bin Haji Mohamed ZainDato’ Haji Lias bin Mohd. NoorDato’ Hamdan bin JaafarDato’ Abdullah @ Mohamad Nor bin AliMajid bin MohamadDato’ Mohamed Amin bin Haji DaudDato’ Khalid bin Mohamad JiwaAbdullah bin A. Rasol

MANFAAT PARA PENGARAH

Di sepanjang dan pada akhir tahun kewangan, Syarikat tidak menjadi pihak kepada sebarang persetujuan yang matlamatnya ialah untuk membolehkan para pengarah Syarikat mendapat manfaat melalui perolehan saham atau debentur Syarikat atau sebarang badan korporat.

Sejak akhir tahun kewangan yang lepas, tidak ada pengarah yang telah menerima atau berhak menerima manfaat (selain daripada manfaat yang termasuk dalam ganjaran diterima atau akan diterima dan patut diterima oleh para pengarah seperti yang dinyatakan di Nota 8 kepada penyata kewangan atau gaji tetap bagi pekerja sepenuh masa Syarikat) akibat daripada sebarang kontrak yang dibuat oleh Syarikat atau syarikat berkaitan dengan pengarah atau dengan firma di mana ia adalah ahli, atau dengan syarikat di mana ia mempunyai kepentingan kewangan yang nyata.

KEPENTINGAN PARA PENGARAH

Tidak ada pengarah yang memegang jawatan pada akhir tahun kewangan mempunyai sebarang kepentingan di dalam saham Syarikat atau syarikat-syarikat berkaitan di sepanjang tahun kewangan.

BON BOLEH TUKAR

Pada 15 November 2006, Syarikat telah menerbitkan Rainbow Exchangeable Bonds (“REBs”) bernilai RM150 juta pada 100% nilai nominalnya yang terdiri daripada dua (2) siri seperti berikut: (a) RM15 juta REBs (“Siri I”) boleh tukar kepada 4,792,333 saham-saham biasa Road Builder (M) Holdings Berhad telah diterbitkan

untuk tempoh matang 5 tahun dari tarikh diterbitkan; dan

(b) RM135 juta REBs (“Siri II”) boleh tukar kepada 40,785,000 saham-saham biasa YTL Cement Berhad telah diterbitkan untuk tempoh matang 7 tahun dari tarikh diterbitkan.

Di sepanjang tahun kewangan, kesemua RM15 juta nilai nominal REBs dari Siri I dan RM74 juta nilai nominal REBs dari Siri II telah ditebus.


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MAKLUMAT BERKANUN LAIN

(a) Sebelum penyata pendapatan dan lembaran imbangan Kumpulan dan Syarikat disediakan, para pengarah telah mengambil langkah-langkah yang sewajarnya:

(i) untuk menentukan bahawa tindakan yang sesuai telah diambil berkaitan dengan penghapuskiraan hutang lapuk dan

peruntukan bagi hutang ragu dan berpuashati bahawa kesemua hutang yang diketahui lapuk telah dihapuskira dan peruntukan yang memadai telah dibuat bagi hutang ragu; dan

(ii) untuk memastikan bahawa aset semasa yang berkemungkinan tidak dapat direalisasi pada nilainya seperti yang ditunjukkan di dalam rekod-rekod perakaunan dalam perjalanan perniagaan biasa telah dikurangkan nilainya kepada jumlah yang dianggap boleh direalisasi.

(b) Pada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang boleh menyebabkan:

(i) jumlah yang dihapuskira sebagai hutang lapuk atau jumlah yang diperuntukkan sebagai hutang ragu di dalam penyata kewangan Kumpulan dan Syarikat tidak memadai secara besaran; dan

(ii) nilai aset semasa di dalam penyata kewangan Kumpulan dan Syarikat mengelirukan.

(c) Pada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang timbul yang boleh menyebabkan kepatuhan kepada kaedah penilaian yang sedia ada bagi penilaian aset atau liabiliti Kumpulan dan Syarikat mengelirukan atau tidak sesuai.

(d) Pada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang tidak diperkatakan dalam laporan ini atau penyata kewangan Kumpulan dan Syarikat yang boleh menyebabkan sebarang jumlah yang dinyatakan di dalam penyata kewangan mengelirukan.

(e) Pada tarikh laporan ini, tidak wujud:

(i) sebarang tindihmilik ke atas aset Kumpulan atau Syarikat yang timbul sejak akhir tahun kewangan yang menjamin liabiliti pihak lain; atau

(ii) sebarang liabiliti luarjangka Kumpulan atau Syarikat yang timbul sejak akhir tahun kewangan.

(f) Pada pendapat para pengarah:

(i) tiada liabiliti luarjangka atau liabiliti lain yang telah berkuatkuasa atau berkemungkinan akan berkuatkuasa dalam tempoh dua belas bulan selepas akhir tahun kewangan ini yang akan atau boleh menjejaskan keupayaan Kumpulan atau Syarikat menunaikan kewajipannya apabila tiba masanya; dan

(ii) tiada butiran, urusniaga atau kejadian yang bersifat penting dan ganjil yang timbul di dalam jangkamasa di antara akhir tahun kewangan dan tarikh laporan ini, yang berkemungkinan boleh menjejaskan secara ketara hasil kendalian Kumpulan atau Syarikat bagi tahun kewangan di mana laporan ini disediakan.


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PERISTIWA-PERISTIWA PENTING

Peristiwa-peristiwa penting sepanjang tahun kewangan dinyatakan dalam Nota 36 kepada penyata kewangan.

PERISTIWA-PERISTIWA SUSULAN

Peristiwa-peristiwa susulan selepas tahun kewangan dinyatakan dalam Nota 37 kepada penyata kewangan.

JURUAUDIT

Juruaudit, Hanafiah Raslan & Mohamad, telah menyatakan kesanggupan mereka untuk menerima perlantikan semula.

Ditandatangani bagi pihak Lembaga menurut resolusi para pengarah bertarikh 25 April 2008.




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Kami, DATO’ SRI HAJI ADNAN BIN HAJI YAAKOB dan YUSOF ALI BIN HAJI MOHAMED ZAIN, dua daripada para pengarah PASDEC HOLDINGS BERHAD, dengan ini menyatakan bahawa, pada pendapat para pengarah, penyata kewangan yang dibentangkan di mukasurat 120 hingga 170 telah disediakan menurut kehendak Akta Syarikat, 1965 dan Piawaian Pelaporan Kewangan (Financial Reporting Standards atau “FRS”) di Malaysia untuk memberi gambaran yang benar dan saksama berkenaan dengan kedudukan kewangan Kumpulan dan Syarikat pada 31 Disember 2007 dan hasil serta aliran tunai Kumpulan dan Syarikat bagi tahun berakhir pada tarikh tersebut.

Ditandatangani bagi pihak Lembaga menurut resolusi para pengarah bertarikh 25 April 2008.



AKUAN BERKANUNMENURUT SEKSYEN 169(16) AKTA SYARIKAT, 1965

Saya, GOH SONG HAN, pegawai yang terutamanya bertanggungjawab ke atas pengurusan kewangan PASDEC HOLDINGS BERHAD, dengan sesungguhnya dan seikhlasnya mengaku bahawa penyata kewangan yang dibentangkan di mukasurat 120 hingga 170, pada pendapat saya adalah betul, dan saya membuat pengakuan ini dengan sesungguhnya mempercayai bahawa ianya benar dan menurut peruntukan Akta Akuan Berkanun, 1960.

Ditandatangani dan diakui sesungguhnya olehGOH SONG HAN yang tersebut di atas di Kuantandalam negeri Pahang Darul Makmur pada 25 April 2008 GOH SONG HAN

Di hadapan saya,

PENYATA PARA PENGARAHMENURUT SEKSYEN 169(15) AKTA SYARIKAT, 1965

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Kami telah mengaudit penyata kewangan yang dibentangkan di mukasurat 120 hingga 170. Penyata kewangan tersebut adalah tanggungjawab para pengarah Syarikat.

Tanggungjawab kami adalah untuk menyatakan pendapat bebas, berdasarkan audit kami, mengenai penyata kewangan dan melaporkan pendapat kami kepada anda, sebagai satu badan, menurut Seksyen 174 dalam Akta Syarikat, 1965 dan bukan untuk tujuan lain. Kami tidak bertanggungjawab kepada pihak lain terhadap isi kandungan laporan ini.

Kami melaksanakan audit mengikut Piawaian Pengauditan yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami merancang dan melaksanakan audit untuk mencapai kepastian munasabah mengenai samada penyata kewangan tersebut bebas daripada salah nyata yang ketara. Sesuatu audit juga merangkumi pemeriksaan, berdasarkan ujian, bukti yang menyokong jumlah dan penyataan dalam penyata kewangan. Sesuatu audit juga merangkumi penilaian prinsip perakaunan yang digunakan dan anggaran penting yang dibuat oleh para pengarah, serta penilaian pembentangan penyata kewangan secara keseluruhannya. Kami percaya bahawa audit kami telah memberi asas munasabah untuk menyatakan pendapat kami.

Pada pendapat kami:

(a) penyata kewangan telah disediakan dengan wajarnya menurut peruntukan Akta Syarikat, 1965 dan Piawaian Pelaporan Kewangan (Financial Reporting Standards atau “FRS”) di Malaysia dan memberi gambaran yang benar dan saksama mengenai:

(i) kedudukan kewangan Kumpulan dan Syarikat pada 31 Disember 2007 dan hasil serta aliran tunai Kumpulan dan Syarikat bagi tahun berakhir pada tarikh tersebut; dan

(ii) perkara-perkara yang diperlukan oleh Seksyen 169 dalam Akta Syarikat, 1965 untuk diambilkira dalam penyata kewangan; dan

(b) rekod perakaunan dan rekod-rekod lain dan daftar-daftar yang dikehendaki oleh Akta untuk disimpan oleh Syarikat dan subsidiari-subsidiarinya telah disimpan dengan wajar menurut peruntukan Akta.

Kami berpuas hati bahawa penyata kewangan subsidiari-subsidiari yang telah disatukan dengan penyata kewangan Syarikat adalah dalam bentuk dan kandungan yang sesuai dan wajar bagi tujuan penyediaan penyata kewangan disatukan dan kami telah menerima maklumat dan penjelasan yang memuaskan sebagaimana yang dikehendaki oleh kami bagi tujuan tersebut.

Laporan juruaudit bagi penyata kewangan subsidiari-subsidiari tersebut tidak tertakluk kepada sebarang syarat dan tidak mengandungi sebarang teguran di bawah Seksyen 174(3) dalam Akta tersebut.

HANAFIAH RASLAN & MOHAMADAF: 0002Akauntan Bertauliah

Kuantan, Pahang Darul Makmur, Malaysia25 April 2008

LAPORAN JURUAUDIT KEPADA AHLI-AHLI PASDEC HOLDINGS BERHAD (367122 D) (Diperbadankan di Malaysia)

NIK RAHMAT KAMARULZAMAN BIN NIK AB. RAHMANNo. 1759/02/10 (J)Rakankongsi

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PENYATA PENDAPATANBAGI TAHUN BERAKHIR 31 DISEMBER 2007

Kumpulan Syarikat Nota 2007 2006 2007 2006 RM RM RM RM

Pendapatan 3 107,229,338 105,659,001 14,376,235 13,284,555Kos jualan 4 (56,442,400) (72,771,641) - -

Keuntungan kasar 50,786,938 32,887,360 14,376,235 13,284,555

Pendapatan lain 37,387,347 693,938 3,042,985 794,753Belanja pengurusan (15,975,199) (17,528,715) (3,502,390) (5,943,852)Lain-lain belanja kendalian (31,336,585) (5,030,536) (1,416,630) (1,250,098)

Keuntungan daripada kendalian 40,862,501 11,022,047 12,500,200 6,885,358Kos kewangan 5 (9,244,350) (6,657,373) (7,138,638) (3,243,367)Bahagian (kerugian)/keuntungan dari syarikat bersekutu (241,116) 308,863 - -

Keuntungan sebelum cukai 6 31,377,035 4,673,537 5,361,562 3,641,991Perbelanjaan cukai pendapatan 9 (4,972,696) (3,422,630) 938,726 -

Keuntungan bagi tahun semasa 26,404,339 1,250,907 6,300,288 3,641,991

Diagihkan kepada: Pemegang ekuiti Syarikat 31,603,614 1,138,987 6,300,288 3,641,991 Kepentingan minoriti (5,199,275) 111,920 - -

26,404,339 1,250,907 6,300,288 3,641,991

Pendapatan sesaham boleh diagih kepada pemegang ekuiti Syarikat (sen):Asas, keuntungan bagi tahun semasa 10 15.34 0.55

Nota-nota yang disertakan merupakan sebahagian asasi penyata kewangan.

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LEMBARAN IMBANGANPADA 31 DISEMBER 2007

Kumpulan Syarikat Nota 2007 2006 2007 2006 RM RM RM RM (dinyatakan semula) ASETAset bukan semasa Hartanah, loji dan peralatan 12 16,171,891 13,058,830 120,638 138,002 Tanah untuk pembangunan 13(a) 138,211,352 154,566,910 - - Pelaburan hartanah 14 7,505,242 7,671,299 - - Bayaran pajakan tanah prabayar 15 83,898 86,106 - - Pelaburan dalam subsidiari-subsidiari 17 - - 59,406,316 60,374,442 Pelaburan dalam syarikat-syarikat bersekutu 18 3,613,951 3,865,068 - - Sekuriti boleh pasar 23 67,803,643 163,743,367 15,614,022 47,000,000 Aset tak nyata 16 823,258 1,942,989 - -

234,213,235 344,934,569 75,140,976 107,512,444

Aset semasaKos pembangunan hartanah 13(b) 147,106,809 89,467,922 - - Inventori 19 15,676,819 12,509,432 - - Penghutang perdagangan 20 63,617,953 57,566,740 - - Lain-lain penghutang 21 23,078,593 27,819,302 219,111,986 260,440,296 Wang tunai dan baki di bank 24 27,010,892 25,919,608 5,437,354 6,500,402

276,491,066 213,283,004 224,549,340 266,940,698

JUMALH ASET 510,704,301 558,217,573 299,690,316 374,453,142

EKUITI DAN LIABILITI Ekutiti boleh diagih kepada pemegang ekuiti SyarikatModal saham 31 205,978,000 205,978,000 205,978,000 205,978,000 Premium saham 43,007,997 43,007,997 45,515,750 45,515,750 Keuntungan/ (kerugian) terkumpul 105,112,871 77,590,357 (27,073,090) (30,365,378)

Pemegang ekuiti Syarikat 354,098,868 326,576,354 224,420,660 221,128,372 Kepentingan minoriti 10,446,720 15,308,671 - -

Jumlah ekuiti 364,545,588 341,885,025 224,420,660 221,128,372

Liabiliti bukan semasaTanggungan manfaat persaraan 25 1,864,802 1,592,817 - - Pinjaman 26 69,812,347 152,937,015 64,561,002 151,163,101 Liabiliti cukai tertunda 32 73,878 3,672,424 - -

71,751,027 158,202,256 64,561,002 151,163,101

Liabiliti semasaTanggungan manfaat persaraan 25 27,378 24,887 - - Pinjaman 26 31,386,985 25,512,865 19,762 18,725 Pemiutang perdagangan 29 25,634,186 22,387,978 - - Pemiutang lain 30 14,004,270 8,683,735 9,801,331 1,255,383 Cukai belum bayar 3,354,867 1,520,827 887,561 887,561

74,407,686 58,130,292 10,708,654 2,161,669

Jumlah Liabiliti 146,158,713 216,332,548 75,269,656 153,324,770

JUMLAH EKUITI DAN LIABILITI 510,704,301 558,217,573 299,690,316 374,453,142


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PENYATA PERUBAHAN DALAM EKUITI DISATUKANBAGI TAHUN BERAKHIR 31 DISEMBER 2007

Diagihkan kepada Pemegang Ekuiti Syarikat Tidak Boleh Diagih Boleh Diagih Modal Premium Keuntungan Kepentingan Jumlah Saham Saham Terkumpul Jumlah Minoriti Ekuiti RM RM RM RM RM RM Pada 1 Januari 2006 205,978,000 43,007,997 75,763,279 324,749,276 15,196,751 339,946,027

Kesan daripada menerima pakai FRS 3 - - 688,091 688,091 - 688,091

205,978,000 43,007,997 76,451,370 325,437,367 15,196,751 340,634,118 Keuntungan bagi tahun semasa - - 1,138,987 1,138,987 111,920 1,250,907

Pada 31 Disember 2006 205,978,000 43,007,997 77,590,357 326,576,354 15,308,671 341,885,025 Pada 1 Januari 2007 205,978,000 43,007,997 77,590,357 326,576,354 15,308,671 341,885,025 Keuntungan bagi tahun semasa - - 31,603,614 31,603,614 (5,199,275) 26,404,339 Dividen (Nota 11) - - (4,081,100) (4,081,100) - (4,081,100) Pembelian kepentingan dalam subsidiari - - - - 337,324 337,324

Pada 31 Disember 2007 205,978,000 43,007,997 105,112,871 354,098,868 10,446,720 364,545,588


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PENYATA PERUBAHAN DALAM EKUITI SYARIKATBAGI TAHUN BERAKHIR 31 DISEMBER 2007

Tidak Boleh Diagih Modal Premium Kerugian Saham Saham Terkumpul Jumlah RM RM RM RM Pada 1 Januari 2006 205,978,000 45,515,750 (34,007,369) 217,486,381 Keuntungan bagi tahun semasa - - 3,641,991 3,641,991

Pada 31 Disember 2006 205,978,000 45,515,750 (30,365,378) 221,128,372 Pada 1 Januari 2007 205,978,000 45,515,750 (30,365,378) 221,128,372 Keuntungan bagi tahun semasa - - 6,300,288 6,300,288 Dividen (Nota 11) - - (3,008,000) (3,008,000)

Pada 31 Disember 2007 205,978,000 45,515,750 (27,073,090) 224,420,660


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PENYATA ALIRAN TUNAIBAGI TAHUN BERAKHIR 31 DISEMBER 2007

Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Aliran Tunai Daripada Kegiatan Kendalian

Keuntungan sebelum cukai 31,377,035 4,673,537 5,361,562 3,641,991 Pelarasan untuk: Pelunasan pembayaran pajakan tanah prabayar 2,208 2,208 - - Hartanah, loji dan peralatan dihapuskira 51,492 2,760 - - Peruntukan hutang ragu baikpulih (191,855) (31,200) - - Hutang lapuk baikpulih - (85,112) - - Susutnilai hartanah, loji dan peralatan 920,891 968,418 17,364 17,365 Susutnilai pelaburan hartanah 166,057 39,968 - - Keuntungan daripada jualan pelaburan (34,392,919) (14,250) (355,283) - Kerugian/(keuntungan) daripada jualan tanah untuk pembangunan 3,915 (4,855,946) - - Keuntungan daripada jualan hartanah, loji dan peralatan (17,666) (52,000) - - Keuntungan daripada jualan tanah dalam pembangunan - (1,515,328) - - Rosotnilai hartanah, loji dan peralatan 176,778 - - - Turun nilai inventori baikpulih - (98,151) - - Peruntukan rosotnilai pelaburan sekuriti boleh pasar 330,093 - 330,093 - Peruntukan rosotnilai pelaburan dalam syarikat bersekutu 10,000 - - - Peruntukan rosotnilai pelaburan dalam syarikat subsidiari - - 3,419,957 279,559 Peruntukan rosotnilai pelaburan baikpulih - - (1,651,831) (76,159) Peruntukan rosotnilai sekuriti boleh pasar baikpulih (243,600) (155,496) - - Peruntukan hutang ragu 5,504,567 244,471 - 48,690 Rosotnilai muhibah 1,132,643 - - - Rosotnilai tanah untuk pembangunan 20,116,367 - - - Pendapatan daripada pembatalan jualan - (44,870) - - Bahagian keuntungan/(kerugian) dari syarikat bersekutu 241,116 (216,094) - - Peruntukan tanggungan manfaat persaraan 590,441 568,974 - - Perbelanjaan faedah 9,244,350 6,657,373 7,138,638 3,243,367 Pendapatan faedah (849,040) (398,886) (2,390,478) (694,129) Pendapatan dividen (7,073,388) (5,911,568) (13,797,595) (12,675,195)

Keuntungan/(kerugian) kendalian sebelum perubahan modal kerja 27,099,485 (221,192) (1,927,573) (6,214,511) Tambahan dalam penghutang (6,666,925) (21,821,318) (35,790,995) (69,714,896) Tambahan dalam inventori (3,167,387) (3,190,677) - - (Tambahan)/kurangan dalam tanah untuk pembangunan (5,615,878) 4,670,438 - - Tambahan dalam perbelanjaan pembangunan (57,638,887) (12,164,878) - - Tambahan dalam pemiutang 7,389,590 1,996,395 9,250,115 2,094,321

Tunai digunakan dalam kendalian (38,600,002) (30,731,232) (28,468,453) (73,835,086) Perbelanjaan faedah (2,110,855) (6,657,373) (5,143) (3,243,367) Pendapatan faedah 849,040 398,886 2,390,478 694,129 Cukai (dibayar)/dipulih (4,954,267) (279,956) 938,726 - Manfaat persaraan dibayar (315,965) (90,806) - -

Tunai bersih digunakan dalam kegiatan kendalian (45,132,049) (37,360,481) (25,144,392) (76,384,324)

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Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM

Aliran Tunai Daripada Kegiatan Pelaburan

Pembelian subsidiari (763,347) - - - Pembelian syarikat bersekutu - (10,000) - - Tambahan pelaburan dalam sekuriti boleh pasar - (47,000,000) - (47,000,000)Hasil jualan pelaburan 41,068,863 32,249 31,411,168 - Pembelian hartanah, loji dan peralatan (1,437,703) (2,960,274) - - Hasil jualan hartanah, loji dan peralatan 49,723 52,000 - - Hasil jualan tanah untuk pembangunan 1,851,154 8,411,168 - - Hasil jualan kos pembangunan hartanah - 203,512 - - Pendapatan dividen 5,169,931 4,254,050 1,116,900 -

Tunai bersih dihasilkan daripada/ (digunakan dalam) kegiatan pelaburan 45,938,621 (37,017,295) 32,528,068 (47,000,000)

Aliran Tunai Daripada Kegiatan Pembiayaan

Penerimaan pinjaman berjangka 5,185,000 2,200,000 - - Penerimaan bon - 150,000,000 - 150,000,000 Penerimaan kredit pusingan - 12,500,000 - - Pembayaran balik penerimaan jurubank (246,000) - - - Pembayaran balik pinjaman (2,779,836) (4,238,899) - - Pembayaran balik kredit pusingan (6,000,000) (22,000,000) - (10,000,000)Pembayaran ansuran sewabeli (157,494) (79,231) (18,724) (17,688)Penerimaan jurubank - 520,000 - - Yuran untuk bon - (4,631,012) - - Faedah dibayar (5,420,000) - (5,420,000) - Dividen dibayar (3,008,000) - (3,008,000) -

Tunai bersih (digunakan dalam)/ dihasilkan daripada kegiatan pembiayaan (12,426,330) 134,270,858 (8,446,724) 139,982,312 (Kurangan)/tambahan bersih dalam tunai dan kesetaraan tunai (11,619,758) 59,893,082 (1,063,048) 16,597,988

Tunai dan kesetaraan tunai pada awal tahun 19,579,503 (40,313,579) 6,500,402 (10,097,586)

Tunai dan kesetaraan tunai pada akhir tahun (Nota 24) 7,959,745 19,579,503 5,437,354 6,500,402

PENYATA ALIRAN TUNAIBAGI TAHUN BERAKHIR 31 DISEMBER 2007


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NOTA-NOTA KEPADA PENYATA KEWANGAN31 DISEMBER 2007

1. MAKLUMAT KORPORAT

Syarikat adalah syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia dan disenaraikan di Papan Utama Bursa Malaysia Securities Berhad. Pejabat berdaftar Syarikat adalah di Tingkat 14, Kompleks Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur.

Perbadanan induk bagi Syarikat ialah Perbadanan Kemajuan Negeri Pahang, sebuah badan berkanun tempatan yang diperbadankan di Malaysia di bawah Enakmen Negeri Pahang No. 12, 1965.

Kegiatan-kegiatan utama Syarikat adalah pemegangan pelaburan dan penyediaan perkhidmatan pengurusan kepada syarikat-syarikat subsidiari. Kegiatan utama syarikat-syarikat subsidiari adalah seperti dinyatakan di Nota 17. Tiada sebarang perubahan penting dalam kegiatan-kegiatan ini di sepanjang tahun kewangan.

Penyata kewangan ini telah diluluskan oleh Lembaga Pengarah untuk diterbit menurut resolusi para pengarah pada 25 April 2008.

2. POLISI-POLISI PERAKAUNAN PENTING

2.1 Asas Penyediaan

Penyata kewangan mematuhi peruntukan Akta Syarikat, 1965 dan Piawaian Pelaporan Kewangan (Financial Reporting Standards atau “FRS”) di Malaysia. Bermula dari tahun kewangan semasa, Kumpulan dan Syarikat telah menerima pakai piawaian perakaunan baru dan pindaan FRS yang mandatori bagi tempoh kewangan bermula pada atau selepas 1 Januari 2007 seperti dinyatakan di Nota 2.3.

Penyata kewangan Kumpulan dan Syarikat telah disediakan menurut kelaziman kos sejarah.

Penyata kewangan dinyatakan dalam Ringgit Malaysia (RM).

2.2 Ringkasan Polisi-Polisi Perakaunan Penting

(a) Subsidiari dan Asas Penyatuan

(i) Subsidiari Subsidiari-subsidiari adalah syarikat-syarikat di mana Kumpulan mempunyai kuasa untuk melaksanakan kawalan

terhadap polisi-polisi kewangan dan operasi untuk memperolehi manfaat daripada aktiviti-aktiviti syarikat-syarikat tersebut. Kumpulan akan mengambilkira kewujudan dan kesan potensi hak mengundi yang boleh dilaksanakan atau boleh ditukar semasa menentukan kuasa ke atas syarikat lain.

Di penyata kewangan Syarikat, pelaburan dalam subsidiari-subsidiari dinyatakan pada kos ditolak kerugian rosotnilai. Pada pelupusan pelaburan, perbezaan di antara perolehan bersih daripada pelupusan dan jumlah yang dibawa diiktiraf dalam penyata pendapatan.

(ii) Asas PenyatuanPenyata kewangan disatukan terdiri daripada penyata kewangan Syarikat dan kesemua subsidiarinya pada tarikh lembaran imbangan. Penyata kewangan subsidiari-subsidiari telah disediakan bagi tarikh laporan yang sama seperti Syarikat.

Subsidiari-subsidiari disatukan dari tarikh berkuatkuasa pengambilalihan iaitu tarikh di mana Kumpulan mempunyai kuasa dan akan terus disatukan hingga kuasa dilupuskan. Di dalam penyediaan penyata kewangan disatukan, baki, urusniaga, dan hasil atau rugi laba belum direalisasi di antara syarikat dihapuskan sepenuhnya. Polisi-polisi perakaunan seragam diterimapakai dalam penyata kewangan disatukan bagi urusniaga dan peristiwa yang sama.

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2. POLISI-POLISI PERAKAUNAN PENTING (SAMB.)

2.2 Ringkasan Polisi-Polisi Perakaunan Penting (Samb.)

(a) Subsidiari dan Asas Penyatuan (Samb.)

(ii) Asas Penyatuan (Samb.)Pengambilalihan subsidiari-subsidiari diakaunkan dengan kaedah pembelian. Kaedah perakaunan pembelian melibatkan pengagihan kos pengambilalihan kepada nilai saksama aset-aset diambilalih dan liabiliti-liabiliti, dan liabiliti luarjangka pada tarikh pengambilalihan. Kos pengambilalihan dinilaikan sebagai agregat nilai saksama pada tarikh pertukaran aset-aset diberikan, liabiliti-liabiliti berlaku atau dijangka dan instrumen ekuiti diterbitkan, ditambah kos-kos lain yang secara langsung disebabkan pengambilalihan.

Sebarang lebihan kos pengambilalihan dengan kepentingan Kumpulan bagi nilai saksama bersih aset-aset, liabiliti-liabiliti dan liabiliti luarjangka mewakili muhibah. Sebarang lebihan kepentingan Kumpulan bagi nilai saksama bersih aset-aset, liabiliti-liabiliti dan liabiliti luarjangka dengan kos pengambilalihan diiktiraf dalam keuntungan atau kerugian serta merta.

Kepentingan minoriti merupakan bahagian keuntungan atau kerugian dan aset-aset bersih dalam subsidiari-subsidiari yang tidak dipegang oleh Kumpulan. Ianya dinilai saksama atas aset-aset dan liabiliti-liabiliti bahagian minoriti yang dikenalpasti pada tarikh pengambilalihan dan atas perubahan dalam ekuiti subsidiari bahagian minoriti, selepas pengambilalihan.

(b) Syarikat-syarikat Bersekutu

Syarikat-syarikat bersekutu adalah syarikat di mana Kumpulan mempunyai pengaruh penting yang mana bukan merupakan subsidiari ataupun kepentingan dalam perjanjian usahasama. Pengaruh penting merupakan kuasa untuk mengambil bahagian dalam membuat keputusan polisi kewangan dan operasi syarikat tersebut tetapi bukan kuasa atau kuasa bersama ke atas polisi-polisi tersebut.

Pelaburan dalam syarikat-syarikat bersekutu diambilkira dalam penyata pendapatan disatukan menggunakan kaedah perakaunan ekuiti. Di bawah kaedah perakaunan ekuiti, perkongsian Kumpulan dalam keuntungan selepas pengambilalihan setelah ditolak kerugian syarikat-syarikat bersekutu diambilkira dalam penyata pendapatan disatukan. Kepentingan Kumpulan dalam syarikat- syarikat bersekutu dinyatakan pada kos berserta perkongsian Kumpulan dalam keuntungan atau kerugian terkumpul dan rizab terkumpul selepas pengambilalihan. Di mana terdapat perubahan yang dinyatakan di dalam ekuiti syarikat bersekutu, perubahan tersebut juga dinyatakan di dalam Kumpulan.

Dengan kaedah ekuiti, laba atau kerugian belum direalisasi dalam urusniaga antara Kumpulan dan syarikat-syarikat bersekutu telah dihapuskan sehingga tahap kepentingan Kumpulan dalam syarikat bersekutu tersebut. Seterusnya Kumpulan akan menentukan peruntukan rosotnilai tambahan yang sewajarnya berdasarkan pelaburan bersih Kumpulan dalam syarikat bersekutu tersebut. Syarikat bersekutu diambilkira sebagai ekuiti dari tarikh Kumpulan memperolehi pengaruh penting sehingga tarikh Kumpulan tidak lagi mempunyai pengaruh penting ke atas syarikat bersekutu tersebut.

Apabila bahagian Kumpulan dalam kerugian syarikat bersekutu adalah sama atau melebihi kepentingannya dalam syarikat bersekutu tersebut, termasuk sebarang kepentingan jangka panjang, pada dasarnya, membentuk pelaburan bersih Kumpulan dalam syarikat-syarikat bersekutu, Kumpulan tidak akan mengiktiraf kerugian tambahan melainkan ia telah menanggung kewajipan atau melakukan pembayaran untuk pihak syarikat bersekutu tersebut.

Penyata kewangan syarikat-syarikat bersekutu yang terkini digunakan oleh Kumpulan dalam penggunaan kaedah ekuiti. Jika tarikh penyata kewangan yang digunakan tidak sama dengan Kumpulan, bahagian dalam hasil diambilkira dari penyata kewangan terakhir yang sedia ada dan penyata kewangan dari pengurusan sehingga tempoh perakaunan berakhir. Polisi perakaunan yang seragam diterima pakai untuk urusniaga dan peristiwa-peristiwa yang lebih kurang sama keadaannya.

Pada pelupusan pelaburan, perbezaan di antara perolehan bersih daripada pelupusan dan jumlah yang dibawa diiktiraf dalam penyata pendapatan.


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(c) Aset Tidak Ketara

MuhibahMuhibah diperoleh dalam kombinasi perniagaan pada mulanya dinilai pada kos yang merupakan lebihan kos kombinasi perniagaan ke atas kepentingan Kumpulan dalam nilai saksama bersih aset-aset, liabiliti-liabiliti dan liabiliti luarjangka yang dikenalpasti. Selepas dikenalpasti, muhibah dinilai pada kos setelah ditolak kerugian rosotnilai terkumpul. Muhibah tidak dilunaskan tetapi dikaji semula bagi rosotnilai secara tahunan atau lebih kerap sekiranya berlaku peristiwa atau perubahan dalam keadaan yang boleh menyebabkan nilai dibawa dirosotnilai. Keuntungan atau kerugian atas pelupusan syarikat adalah termasuk nilai muhibah dibawa berkenaan syarikat yang dijual.

(d) Hartanah, Loji dan Peralatan dan Susutnilai

Kesemua hartanah, loji dan peralatan pada mulanya dinyatakan pada kos. Kos-kos berikutnya mengambilkira nilai dibawa aset atau diiktiraf sebagai aset berasingan sekiranya sesuai, apabila sudah nyata bahawa manfaat ekonomi yang berhubung dengan sebarang urusniaga akan menyalur ke Kumpulan dan kos boleh dikira dengan tepat. Nilai dibawa bagi bahagian diganti akan dinyahiktirafkan. Kesemua pembaikan dan peyelenggaraan akan diiktiraf ke penyata pendapatan dalam tempoh kewangan ianya berlaku.

Selepas pengiktirafan, hartanah, loji dan peralatan dinyatakan pada kos selepas ditolak susutnilai terkumpul dan kerugian rosotnilai terkumpul.

Pembinaan dalam perlaksanaan tidak disusutnilaikan. Susutnilai bagi hartanah, loji dan peralatan lain diperuntukkan mengikut kaedah garis lurus untuk menghapuskira kos setiap aset kepada nilai sisa sepanjang anggaran hayat kegunaan pada kadar tahunan seperti berikut:

Bangunan 2%Loji dan mesin 10% - 20%Kenderaan 10% - 20%Peralatan pejabat 10% - 20%Ubahsuai pejabat 8% - 10%Kelengkapan dan lekapan 10% - 20%Papan tanda 10%

Nilai sisa, hayat kegunaan dan kaedah susutnilai dikaji semula pada setiap penyata kewangan akhir tahun bagi memastikan amaun, kaedah dan tempoh susutnilai adalah konsisten dengan anggaran terdahulu dan anggaran corak penggunaan manfaat ekonomi bagi hartanah, loji dan peralatan tersebut.

Sesuatu hartanah, loji dan peralatan dinyahiktiraf selepas dilupuskan atau apabila tiada manfaat ekonomi dijangkakan dari penggunaan atau pelupusannya. Sekiranya ada, perbezaan antara hasil pelupusan bersih dan nilai dibawa bersih diiktiraf dalam keuntungan atau kerugian dan bahagian lebihan penilaian semula yang belum digunakan terus di masukkan dalam perolehan tertahan

(e) Pelaburan Hartanah

Pelaburan hartanah adalah hartanah yang dipegang untuk menjanakan pendapatan sewa atau peningkatan nilai hartanah atau kedua-duanya. Hartanah tersebut dinilaikan pada kos, termasuk kos transaksi.

Pelaburan hartanah akan dinyahiktirafkan selepas dilupuskan atau selepas pelaburan hartanah tersebut telah dihentikan penggunaannya dan tiada manfaat ekonomi dijangkakan daripada pelupusannya. Sebarang keuntungan atau kerugian dari persaraan atau pelupusan hartanah pelaburan akan diiktiraf dalam keuntungan atau kerugian pada tahun berkenaan.

Polisi susutnilai bagi pelaburan hartanah adalah sejajar dengan susutnilai bagi hartanah, loji dan peralatan seperti yang dinyatakan di Nota 2.2(d).


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(f) Tanah untuk Pembangunan dan Kos Pembangunan Hartanah (i) Tanah untuk Pembangunan

Tanah untuk pembangunan terdiri daripada tanah di mana tidak ada kegiatan pembangunan dilaksanakan atau di mana kegiatan pembangunan dijangka tidak akan disiapkan dalam kitaran kendalian biasa. Tanah ini diklasifikasikan sebagai aset bukan semasa dan dinyatakan pada kos tolak kerugian rosotnilai terkumpul.

Tanah untuk pembangunan diklasifikasikan semula sebagai kos pembangunan hartanah apabila kerja pembangunan telah dilaksanakan dan dijangkakan akan siap dalam masa kitaran kendalian biasa.

(ii) Kos Pembangunan HartanahKos pembangunan hartanah mengandungi kos-kos terlibat secara langsung kepada aktiviti-aktiviti pembangunan atau yang boleh diagihkan secara munasabah aktiviti tersebut.

Jika hasil aktiviti pembangunan boleh dianggarkan dengan sewajarnya, hasil pembangunan hartanah dan kos pembangunan hartanah diiktiraf dalam penyata pendapatan dengan merujuk kepada kaedah peringkat penyiapan. Peringkat penyiapan diukur dengan merujuk kepada pembahagian kos pembangunan hartanah yang ditanggung bagi kerja yang telah dijalankan sehingga kini kepada jumlah anggaran kos pembangunan hartanah.

Jika hasil pembangunan hartanah tidak boleh dianggarkan dengan sewajarnya, hasil pembangunan hartanah diiktiraf setakat kos pembangunan hartanah yang ditanggung yang mungkin akan boleh diperolehi semula, dan kos pembangunan hartanah bagi hartanah dijual diiktiraf sebagai perbelanjaan dalam tempoh ia dikenakan.

Sebarang kerugian yang dijangka atas projek pembangunan termasuk tempoh tanggungan liabiliti diiktiraf sebagai perbelanjaan dengan serta-merta.

Kos pembangunan hartanah yang tidak diiktiraf sebagai perbelanjaan akan diiktiraf sebagai aset yang dinilaikan pada harga terendah di antara kos dan nilai boleh realis bersih.

Apabila hasil diiktiraf di dalam penyata pendapatan melebihi bayaran kepada pembeli, baki ditunjukkan sebagai bayaran terhutang di dalam penghutang perdagangan dan apabila bayaran kepada pembeli melebihi hasil diiktiraf didalam penyata pendapatan, baki ditunjukkan sebagai bayaran kemajuan di dalam pemiutang perdagangan.

(g) Kontrak Pembinaan

Jika hasil kontrak pembinaan boleh dianggarkan dengan sewajarnya, hasil kontrak dan kos kontrak masing-masing diiktiraf sebagai hasil dan perbelanjaan dengan merujuk kepada peringkat penyiapan aktiviti-aktiviti kontrak. Peringkat penyiapan diukur dengan merujuk kepada bahagian kos kontrak yang ditanggung bagi kerja yang telah dijalankan sehingga kini kepada jumlah anggaran kos kontrak.

Jika hasil kontrak pembinaan tidak boleh dianggarkan dengan sewajarnya, hasil kontrak diiktiraf setakat kos kontrak yang ditanggung yang mungkin akan boleh diperolehi semula. Kos kontrak diiktiraf sebagai perbelanjaan dalam tempoh ia dikenakan.

Apabila jumlah kos kontrak berkemungkinan akan melebihi hasil kontrak, kerugian yang dijangka diiktiraf sebagai perbelanjaan dengan serta-merta.

Apabila kos ditanggung atas kontrak pembinaan ditambah keuntungan diiktiraf (tolak kerugian diiktiraf) melebihi bayaran berperingkat, baki ditunjukkan sebagai jumlah terhutang daripada pelanggan kontrak. Apabila bayaran berperingkat melebihi kos ditanggung ditambah keuntungan diiktiraf (tolak kerugian diiktiraf), baki ditunjukkan sebagai jumlah terhutang kepada pelanggan kontrak.


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(h) Inventori

Inventori dinyatakan pada harga terendah di antara kos dan nilai boleh realis bersih.

Inventori ditentukan pada asas masuk dahulu, keluar dahulu. Kos bahan mentah terdiri daripada kos pembelian. Kos barang siap dan kerja dalam perlaksanaan terdiri daripada kos bahan mentah, kos perkerja, kos langsung dan pembahagian overhed pengeluaran. Kos hartanah belum jual termasuk kos berkaitan dengan pembelian tanah, kos langsung dan pembahagian kos umum yang sewajarnya.

Nilai boleh realis bersih merupakan harga jualan anggaran di dalam urusniaga biasa perniagaan ditolak semua kos anggaran yang perlu ditanggung untuk melakukan jualan.

(i) Rosotnilai Aset-Aset Bukan Kewangan

Jumlah nilai dibawa aset, selain daripada pelaburan hartanah, aset kontrak pembinaan, kos pembangunan hartanah dan inventori dikaji semula pada setiap tarikh lembaran imbangan untuk menentukan sama ada terdapat sebarang petunjuk yang aset telah mengalami rosotnilai. Jika sebarang petunjuk wujud, jumlah yang boleh diperoleh daripada aset dianggarkan berdasarkan jumlah kerugian rosotnilai.

Bagi muhibah, nilai yang boleh diperolehi dianggar pada setiap tarikh lembaran imbangan atau lebih kerap sekiranya peristiwa atau perubahan dalam keadaan yang menunjukkan nilai dibawa mungkin mengalami kerugian rosotnilai.

Bagi tujuan menguji rosotnilai aset, nilai boleh diperoleh adalah berdasarkan asas aset individu melainkan aset tidak menjana aliran tunai yang bergantung sepenuhnya kepada aset-aset lain. Dalam kes ini, nilai boleh diperoleh adalah berdasarkan unit penjana tunai (“UPT”) kepada aset dipunyai tersebut. Muhibah diperoleh dalam kombinasi perniagaan dari tarikh pengambilalihan diagihkan kepada setiap Kumpulan UPT atau kumpulan-kumpulan UPT yang dijangka dimanfaat dari kombinasi sinergi, walaupun aset-aset atau liabiliti-liabiliti lain Kumpulan diberikan kepada unit-unit tersebut atau kumpulan-kumpulan unit.

Nilai boleh diperoleh aset adalah yang mana lebih tinggi dari aset atau nilai saksama UPT ditolak kos untuk menjual dengan nilai boleh diguna. Dalam mentaksir nilai boleh diguna, anggaran aliran tunai masa hadapan didiskaunkan kepada nilai kini menggunakan kadar diskaun sebelum cukai yang menunjukkan nilai masa tunai dalam pasaran semasa dan risiko tertentu kepada aset. Dimana nilai dibawa aset melebihi nilai boleh diperoleh, aset dikatakan telah merosotnilai dan dikurang nilai kepada nilai boleh diperoleh. Kerugian rosotnilai diiktiraf bagi UPT atau kumpulan UPT diagihkan terdahulu bagi mengurangkan nilai dibawa muhibah kepada unit-unit atau kumpulan-kumpulan unit, dan kemudiannya dikurangkan secara pro-rata kepada nilai dibawa aset-aset lain.

Rosotnilai diiktiraf dalam untung atau rugi bagi tempoh dimana ianya berlaku melainkan aset dibawa pada amaun dinilaisemula yang mana rosotnilai diakaunkan sebagai kurangan penilaian semula setakat mana rosotnilai tersebut tidak melebihi amaun aset yang sama didalam rizab penilaian semula.

Rosotnilai muhibah tidak dibalikkan semula dalam tempoh berikutnya. Rosotnilai selain daripada muhibah dibalikkan semula sekiranya ada perubahan anggaran digunakan bagi menentukan nilai boleh diperoleh dari rosotnilai diiktiraf terdahulu. Nilai dibawa bagi aset selain daripada muhibah akan ditambah kepada nilai boleh diperoleh yang dipinda, sekiranya amaun ini tidak melebihi nilai dibawa (bersih setelah susutnilai atau pelunasan) yang ditentukan sekiranya tiada rosotnilai diiktiraf bagi aset dalam tahun-tahun terdahulu. Pembalikan rosotnilai bagi aset selain muhibah diiktiraf dalam untung atau rugi, melainkan aset dibawa pada amaun nilaian semula yang mana dalam kes tersebut pembalikan ditunjukkan sebagai tambahan dalam penilaian semula.


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(j) Instrumen Kewangan

Instrumen kewangan diiktiraf dalam lembaran imbangan apabila Kumpulan menjadi pihak kepada peruntukan berkontrak instrumen berkenaan.

Instrumen kewangan adalah diklasifikasikan sebagai liabiliti atau ekuiti menurut peruntukan dalam perjanjian kontrak. Faedah, dividen, laba dan kerugian berkenaan dengan instrumen kewangan yang diklasifikasikan sebagai liabiliti, dilaporkan sebagai perbelanjaan atau pendapatan. Pengagihan kepada pemegang instrumen kewangan diklasifikasikan sebagai ekuiti dikenakan terus ke ekuiti. Instrumen kewangan dikontra apabila Kumpulan mempunyai hak mengikut undang-undang dan berniat untuk menyelesaikannya secara bersih atau dengan merealisasikan aset dan menyelesaikan liabiliti secara serentak.

(i) Tunai dan Kesetaraan Tunai Bagi tujuan penyata aliran tunai, tunai dan kesetaraan tunai termasuk tunai di tangan dan di bank, deposit tetap

dan deposit dipanggil, ditolak baki overdraf bank.

(ii) Sekuriti Boleh Pasar Sekuriti boleh pasar dibawa pada harga terendah di antara kos dan nilai pasaran, yang ditentukan atas asas

agregat. Kos ditentukan atas asas purata wajaran manakala nilai pasaran ditentukan berdasarkan nilai pasaran dicatat. Tambahan atau kurangan dalam jumlah dibawa bagi sekuriti boleh pasar diiktiraf dalam untung atau rugi. Apabila sekuriti boleh pasar dilupuskan, perbezaan antara hasil pelupusan bersih dan nilai dibawa akan diiktiraf dalam untung atau rugi.

(iii) Penghutang Perdagangan Penghutang perdagangan dibawa pada nilai yang dijangka boleh direalisasi. Hutang lapuk dihapuskira apabila

dikenalpasti. Anggaran dibuat bagi hutang ragu berdasarkan kajian semula ke atas semua jumlah yang belum dijelaskan pada tarikh lembaran imbangan.

(iv) Pemiutang Perdagangan Pemiutang perdagangan dinyata pada kos, iaitu pada nilai saksama balasan yang akan dibayar pada masa

hadapan untuk barang dan perkhidmatan yang diterima.

(v) Pinjaman Berfaedah Semua pinjaman mulanya diiktiraf pada nilai saksama pada jumlah hasil diterima ditolak kos urusniaga secara

langsung. Selepas diiktiraf, faedah pinjaman dinilaikan pada kos pelunasan menggunakan kaedah faedah berkesan.

(vi) Instrumen Ekuiti Saham biasa diklasifikasikan sebagai ekuiti. Dividen atas saham biasa diiktiraf dalam ekuiti dalam tempoh di

mana ia diisytiharkan.


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2.2 Ringkasan Polisi-Polisi Perakaunan Penting (Samb.) (k) Pajakan

(i) Pengelasan Pajakan diiktiraf sebagai pajakan kewangan jika kesemua risiko dan manfaat berkenaan dengan hakmilik

dipindahkan secara besarannya kepada Kumpulan. Pajakan tanah dan bangunan adalah dikelaskan sebagai pajakan operasi atau pajakan kewangan sama seperti pajakan aset-aset lain dan elemen tanah dan bangunan adalah ditimbang secara berasingan bagi tujuan pengelasan pajakan. Kesemua pajakan yang tidak memindahkan kesemua risiko dan manfaat dikelas sebagai pajakan operasi.

(ii) Pajakan Kewangan - Kumpulan sebagai penerima pajak Aset yang diperolehi secara sewabeli atau pajakan kewangan dinyatakan pada jumlah yang bersamaan

dengan nilai saksama atau bayaran nilai kini minimum pajakan pada permulaan pajakan, yang mana lebih rendah, setelah ditolak susutnilai terkumpul dan kerugian rosotnilai. Liabiliti yang berkaitan dimasukkan di dalam lembaran imbangan sebagai pinjaman. Dalam pengiraan bayaran nilai kini minimum pajakan, faktor diskaun yang digunakan adalah kadar faedah yang terkandung dalam pajakan, jika ia adalah praktikal untuk ditentukan; atau sebaliknya, kadar pinjaman bertambah Syarikat akan digunakan. Sebarang kos permulaan secara langsung juga ditambah kepada nilai dibawa oleh aset berkenaan.

Bayaran pajakan diagihkan di antara kos kewangan dan kurangan liabiliti tertunggak. Kos kewangan, yang merupakan perbezaan di antara jumlah komitmen pajakan dan nilai saksama perolehan aset, diiktiraf sebagai perbelanjaan dalam penyata pendapatan di sepanjang jangka masa pajakan tersebut untuk membolehkan penghasilan satu kadar tempoh faedah yang berkala ke atas baki obligasi bagi setiap tempoh perakaunan.

Polisi susutnilai bagi aset pajakan adalah sejajar dengan susutnilai bagi hartanah, loji dan peralatan seperti yang dinyatakan di Nota 2.2(d).

(iii) Pajakan Operasi - Kumpulan sebagai penerima pajak Pajakan operasi adalah diiktiraf sebagai satu perbelanjaan mengikut kaedah garis lurus sepanjang jangka

masa pajakan yang berkaitan. Insentif manfaat galakan yang disediakan oleh pemberi pajak diiktiraf sebagai pengurangan perbelanjaan sewa sepanjang jangka masa pajakan mengikut kaedah garis lurus.

Di dalam kes pajakan tanah dan bangunan, bayaran minimum pajakan atau pembayaran terdahulu diagihkan, bila perlu, antara elemen tanah dan bangunan dalam kadar nilai saksama relatif untuk faedah pajakan dalam elemen tanah dan bangunan pada permulaan pajakan. Pembayaran terdahulu mewakili pembayaran pajakan prabayar dan dilunaskan mengikut kaedah garis lurus sepanjang jangka masa pajakan.

(l) Cukai Pendapatan

Cukai pendapatan atas keuntungan atau kerugian untuk tahun semasa terdiri daripada cukai semasa dan cukai tertunda. Cukai semasa mewakili cukai pendapatan yang dijangka akan dikenakan ke atas keuntungan tahun semasa yang boleh dicukai dan dikira pada kadar cukai yang berkuatkuasa pada tarikh lembaran imbangan.

Cukai tertunda diperuntukkan menggunakan kaedah liabiliti. Mengikut prinsip, liabiliti cukai tertunda diiktiraf untuk semua perbezaan sementara yang boleh dicukai dan aset cukai tertunda diiktiraf untuk semua perbezaan sementara yang boleh ditolak, kerugian cukai belum diguna dan kredit cukai belum diguna setakat mana keuntungan boleh dicukai untuk digunakan atas perbezaan sementara yang boleh dipotong, kerugian cukai belum diguna dan kredit cukai belum diguna. Cukai tertunda tidak diiktiraf jika perbezaan sementara timbul daripada muhibah atau muhibah negatif atau daripada pengiktirafan awal sesuatu aset atau liabiliti dalam sesuatu transaksi yang bukan penggabungan perniagaan dan pada masa transaksi tersebut, tidak mengakibatkan perubahan kepada keuntungan perakaunan dan juga keuntungan bercukai.


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(l) Cukai Pendapatan (Samb.)

Cukai tertunda dikira pada kadar cukai yang dijangka akan digunakan dalam tempoh di mana aset direalisasi atau liabiliti diselesaikan, berasaskan kadar cukai yang berkuatkuasa pada tarikh lembaran imbangan. Cukai tertunda diiktiraf sebagai pendapatan atau perbelanjaan dan termasuk dalam untung atau rugi bagi tempoh kecuali jika ia timbul dari urusniaga yang diiktiraf secara langsung di ekuiti, di mana cukai tertunda itu juga dikenakan atau dikreditkan secara langsung di ekuiti, atau jika ia timbul dari kombinasi perniagaan secara pengambilalihan, cukai tertunda itu dimasukkan ke dalam muhibah atau sebarang lebihan kepentingan sipengambil dalam nilai saksama aset-aset, liabiliti-liabiliti dan liabiliti luarjangka syarikat yang diambilalih yang dikenalpasti ke atas kos pengambilalihan.

(m) Manfaat Pekerja (i) Manfaat Jangka Pendek Upah, gaji, bonus dan caruman keselamatan sosial diiktiraf sebagai perbelanjaan dalam tahun di mana

perkhidmatan berkenaan diberi oleh pekerja Kumpulan.Cuti berbayar terkumpul jangka pendek seperti cuti tahunan berbayar diiktiraf apabila perkhidmatan diberi oleh pekerja yang meningkatkan hak mereka kepada cuti berbayar di masa hadapan, dan cuti berbayar tidak terkumpul jangka pendek seperti cuti sakit diiktiraf apabila cuti berlaku.

(ii) Rancangan Caruman Tertentu Rancangan caruman tertentu adalah rancangan manfaat persaraan yang mana Kumpulan membayar caruman

tetap kepada syarikat berasingan atau tabung dan tidak mempunyai sebarang tanggungjawab disisi undang-undang atau tanggungan konstruktif untuk meneruskan bayaran caruman sekiranya mana-mana tabung tidak mempunyai aset yang mencukupi berkaitan khidmat pekerja dalam tahun kewangan semasa dan terdahulu. Caruman berkenaan diiktiraf sebagai perbelanjaan di dalam untung dan rugi apabila berlaku. Seperti yang termaktub di dalam undang-undang, Kumpulan perlu membuat caruman kepada Kumpulan Wang Simpanan Pekerja (“KWSP”).

(iii) Rancangan Manfaat Tertentu Kumpulan mengendalikan satu manfaat tertentu Skim Manfaat Persaraan (“Skim”) yang tidak dibiayai untuk pekerja

yang layak. Tanggungan Kumpulan di bawah Skim ini adalah ditentukan menggunakan Kaedah Peramalan Unit Kredit berdasarkan kepada penilaian aktuari bebas di mana jumlah manfaat yang telah diganjarkan kepada pekerja sebagai pulangan bagi perkhidmatan mereka bagi tahun semasa dan tahun sebelumnya dianggarkan. Manfaat tersebut didiskaunkan untuk menentukan nilai kininya.

Keuntungan atau kerugian aktuari diiktiraf sebagai pendapatan atau perbelanjaan kepada anggaran purata hayat kerja pekerja apabila keuntungan atau kerugian aktuari kumulatif tidak diiktiraf bagi Skim melebihi 10% dari yang tertinggi dari nilai kini rancangan manfaat tertentu dan nilai saksama rancangan aset. Kos khidmat terdahulu diiktiraf serta merta setakat mana manfaat telah diletak hak dan ataupun dilunaskan mengikut kaedah garis lurus sepanjang tempoh purata sehingga manfaat pindaan diletak hak. Sekiranya manfaat telah diletak hak sebaik sahaja Skim diperkenalkan atau dipinda, kos khidmat terdahulu diiktiraf serta-merta.

Amaun diiktiraf dalam lembaran imbangan mewakili nilai kini rancangan manfaat tertentu dilaraskan bagi keuntungan atau kerugian aktuari dan kos khidmat terdahulu tidak diiktiraf, dan dikurangkan oleh nilai saksama rancangan aset. Sebarang aset terhasil daripada pengiraan ini adalah terhad kepada jumlah bersih dari kerugian aktuari tidak diiktiraf dan kos khidmat terdahulu, dan nilai kini manfaat ekonomi dalam bentuk pulangan atau pengurangan caruman rancangan di masa hadapan.


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(n) Pengiktirafan Pendapatan Pendapatan diiktiraf apabila sudah nyata bahawa manfaat ekonomi yang berhubung dengan urusniaga akan

menyalur ke Kumpulan dan Syarikat, dan jumlah pendapatan boleh dikira dengan tepat. Berikut adalah kriteria spesifik pengiktirafan yang perlu ada sebelum pendapatan diiktiraf:

(i) Hartanah Pembangunan Pendapatan daripada jualan hartanah pembangunan diambilkira dengan merujuk kepada peringkat penyiapan

seperti yang dinyatakan di Nota 2.2(f)(ii).

(ii) Kontrak Pembinaan Pendapatan daripada kontrak pembinaan diambilkira mengikut kaedah peratusan penyiapan seperti yang

dinyatakan di Nota 2.2(g).

(iii) Jualan Barang-barang Pendapatan berkaitan dengan jualan barang-barang diiktiraf bersih cukai jualan dan diskaun, apabila risiko dan

manfaat dipindahkan dengan sempurna. Pendapatan tidak diambil kira jika terdapat kemungkinan besar wang balasan tidak dapat dipulihkan, kos berkaitan dan pemulangan barangan.

(iv) Pendapatan daripada Perkhidmatan Pendapatan daripada perkidmatan yang diberikan diiktiraf bersih daripada cukai perkhidmatan dan diskaun

apabila perkhidmatan tersebut telah dilaksanakan.

(v) Pendapatan Dividen Pendapatan dividen diiktiraf apabila hak pemegang saham untuk menerima bayaran telah terbukti. (vi) Pendapatan Sewa Pendapatan sewa daripada pelaburan hartanah diiktiraf mengikut kaedah garis lurus atas tempoh pajakan.

(vii) Pendapatan Faedah Pendapatan faedah diiktiraf berdasarkan asas akruan menggunakan kadar faedah berkesan.

(viii) Yuran Pengurusan Yuran pengurusan diiktiraf apabila perkhidmatan tersebut telah dilaksanakan.

(o) Kos Pinjaman Kos pinjaman secara langsung berkenaan pengambilalihan, pembinaan atau pengeluaran aset yang layak, iaitu aset

yang sememangnya mengambil masa yang panjang untuk disiapkan untuk digunakan atau dijual, dipermodalkan sebagai sebahagian kos aset-aset tersebut, sehingga tiba masa aset itu sedia atau hampir sedia untuk diguna atau dijual. Pendapatan pelaburan diperoleh dari pelaburan sementara sesuatu pinjaman khusus menungggu perbelanjaan ke atas aset yang layak, ditolak daripada kos pinjaman yang boleh dimodalkan.

Semua kos pinjaman lain diiktiraf sebagai perbelanjaan dalam penyata pendapatan dalam tempoh di mana ia berlaku.


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(p) Peruntukan

Peruntukan diiktiraf apabila Kumpulan mempunyai obligasi kini hasil daripada kejadian lampau dan kemungkinan terdapat aliran keluar sumber yang mengandungi manfaat ekonomi yang diperlukan untuk menyelesaikan obligasi tersebut dan jumlah anggaran yang munasabah boleh dibuat. Peruntukan dikaji pada setiap tarikh lembaran imbangan dan diselaraskan untuk menggambarkan anggaran semasa yang terbaik. Jika kesan nilai masa wang adalah penting, jumlah peruntukan adalah didiskaun pada kadar pra-cukai yang mencerminkan risiko khusus yang ditanggung. Bila kaedah mendiskaun digunakan, tambahan kepada peruntukan kerana jangka masa diiktiraf sebagai kos kewangan.

(q) Fungsi dan Pembentangan Matawang

Penyata kewangan individu setiap syarikat di dalam Kumpulan dinilai menggunakan matawang utama persekitaran ekonomi dimana syarikat beroperasi (“fungsi matawang”). Penyata kewangan disatukan dinyatakan dalam Ringgit Malaysia (RM), yang mana adalah juga fungsi matawang Syarikat.

2.3 Perubahan dalam Polisi-Polisi Perakaunan, Kesan dan Perubahan dalam Perbandingan Hasil daripada Menerima Pakai FRS Baru dan Pindaan

Pada 1 Januari 2007, Kumpulan dan Syarikat telah menerima pakai FRS baru dan pindaan yang berikut:

FRS 117 : Pajakan FRS 124 : Pembentangan Pihak Berkaitan Pindaan kepada FRS 1192004: Manfaat Pekerja - Keuntungan dan Kerugian Aktuari, Pelan Kumpulan dan Penyataan.

MASB juga menerbitkan FRS 6: Penerokaan dan Penilaian Sumber Mineral yang akan berkuatkuasa bagi tempoh

kewangan bermula pada atau selepas 1 Januari 2007. Walaubagaimanapun, FRS 6 adalah tidak berkaitan dengan operasi Kumpulan atau Syarikat.

Penggunaan FRS 124 dan Pindaan kepada FRS 1192004 menyebabkan tambahan pendedahan tetapi tidak membawa kepada perubahan penting dalam polisi-polisi perakaunan Kumpulan dan Syarikat.

Perubahan utama di dalam polisi-polisi perakaunan dan kesan-kesan menerima pakai Semakan kepada FRS 117 adalah seperti yang dibincangkan di bawah:

(a) Tanah pegang pajak dipegang untuk kegunaan sendiri

Sebelum 1 Januari 2007, tanah pegang pajak untuk kegunaan sendiri adalah dikelaskan sebagai hartanah, loji dan peralatan dan dinyatakan pada kos ditolak susutnilai terkumpul dan kerugian rosotnilai. Kesan daripada menerima pakai Semakan kepada FRS 117 mengakibatkan perubahan dalam polisi perakaunan berkaitan dengan pengelasan pajakan tanah dan bangunan. Pajakan tanah dan bangunan dikelaskan sebagai pajakan operasi atau pajakan kewangan sama seperti pajakan aset-aset lain dan elemen tanah dan bangunan adalah ditimbang secara berasingan bagi tujuan pengelasan pajakan. Pajakan tanah pegang pajak untuk kegunaan sendiri kini adalah dikelaskan sebagai pajakan operasi dan bila perlu, bayaran minimum pajakan atau pembayaran terdahulu diagihkan di antara elemen tanah dan bangunan pajakan pada permulaan pajakan. Pembayaran terdahulu berkaitan dengan elemen tanah tersebut mewakili pembayaran pajakan tanah prabayar dan dilunaskan mengikut kaedah garis lurus sepanjang jangka masa pajakan.

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2.3 Perubahan dalam Polisi-Polisi Perakaunan, Kesan dan Perubahan dalam Perbandingan Hasil daripada Menerima Pakai FRS Baru dan Pindaan (Samb.)

(a) Tanah pegang pajak dipegang untuk kegunaan sendiri (Samb.)

Kumpulan telah menerima pakai perubahan dalam polisi perakaunan berkaitan dengan tanah pegang pajak mengikut peruntukan transisi FRS 117. Pada 1 Januari 2007, baki pajakan tanah yang belum dilunaskan adalah kekal sebagai nilai pemangku pada nilai dibawa oleh pembayaran pajakan tanah prabayar seperti mana yang dibenarkan oleh peruntukan transisi. Kesan-kesan ke atas lembaran imbangan disatukan pada 31 Disember 2007 adalah seperti yang dinyatakan di bawah:

2007 RM Kurangan dalam hartanah, loji dan peralatan (83,898) Tambahan dalam Pembayaran pajakan kewangan Syarikat 83,898

Tidak ada kesan ke atas penyata pendapatan disatukan bagi tahun berakhir 31 Disember 2007 dan penyata kewangan Syarikat.

Pengelasan tanah pegang pajak sebagai pembayaran pajakan prabayar diambilkira secara retrospektif dan angka-angka perbandingan tertentu telah dinyatakan semula.

Sebagaimana Sebagaimana Dinyatakan Tambahan/ Dinyatakan Sebelumnya (kurangan) Semula RM RM RM Hartanah, loji dan peralatan 13,144,936 (86,106) 13,058,830 Pembayaran pajakan tanah prabayar - 86,106 86,106

(b) Asas kos terus

Sebelum 1 Januari 2007, Kumpulan sebagai pemberi pajakan dalam susunan pajakan operasi, telah mengenal pasti asas kos terus yang terlibat dalam perundingan dan penyusunan pajakan sebagai perbelanjaan dalam untung atau rugi dalam tempoh ia berlaku. Semakan kepada FRS 117 memerlukan kos seperti itu untuk ditambah kepada nilai dibawa aset pajakan dan dikenal pasti sebagai perbelanjaan sepanjang jangka masa pajakan atas dasar yang sama seperti pendapatan pajakan. Selaras dengan Semakan kepada FRS 117, perubahan dalam polisi perakaunan ini seharusnya digunakan secara retrospektif. Secara am, Syarikat tidak akan terlibat dengan asas kos terus dalam perundingan dan penyusunan pajakan dan akibatnya, perubahan dalam polisi perakaunan ini tidak mendatangkan kesan ketara kepada penyata kewangan Syarikat.


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2.4 FRS, Pindaan kepada FRS dan Interpretasi (“IC”) Dibentangkan tetapi Belum Berkuatkuasa Pada tarikh kelulusan penyata kewangan ini, FRS baru dan dipinda, pindaan kepada FRS dan Interpretasi Jawatankuasa

Terbitan (Issues Committee atau “IC” Interpretations) berikut telah dibentangkan tetapi belum berkuatkuasa dan belum diterima pakai oleh Kumpulan dan Syarikat:

Berkuatkuasa untuk tempoh kewangan FRS, Pindaan kepada FRS dan Interpretasi bermula dari atau selepas

FRS 107 : Penyata Aliran Tunai 1 Julai 2007 FRS 111 : Kontrak Pembinaan 1 Julai 2007 FRS 112 : Cukai Pendapatan 1 Julai 2007 FRS 118 : Pendapatan 1 Julai 2007 FRS 120 : Perakaunan untuk Pemberian daripada Kerajaan dan Pendedahan Bantuan Kerajaan 1 Julai 2007 FRS 134 : Laporan Kewangan Interim 1 Julai 2007 FRS 137 : Peruntukan, Liabiliti Luarjangka dan Aset Luarjangka 1 Julai 2007 FRS 139 : Instrumen Kewangan: Pengiktirafan dan Penilaian Ditunda Pindaan kepada FRS 121 : Kesan Perubahan dalam Kadar Tukaran Matawang Asing – Pelaburan Bersih dalam Operasi Asing 1 Julai 2007 IC Interpretasi 1 : Perubahan dalam Penghapusan yang Sedia Ada, Pembaikpulihan dan Liabiliti-Liabiliti yang Seakan Sama Dengannya 1 Julai 2007 IC Interpretasi 2 : Saham Ahli-ahli di dalam Entiti Koperasi dan Instrumen-instrumen Seakan Sama Dengannya 1 Julai 2007 IC Interpretasi 5 : Hak untuk Faedah akibat Penghapusan, Pembaikpulihan dan Dana Pemulihan Persekitaran 1 Julai 2007 IC Interpretasi 6 : Liabiliti akibat Menyertai di dalam satu Pasaran Khusus – Peralatan Elektrik dan Elektronik Buangan 1 Julai 2007 IC Interpretasi 7 : Menggunakan Kaedah Penyataan Semula di bawah FRS 1292004 – Laporan Kewangan di dalam Ekonomi Inflasi Terlampau 1 Julai 2007 IC Interpretasi 8 : Bidang FRS 2 1 Julai 2007

Penggunaan awal FRS baru dan dipinda, pindaan kepada FRS dan Interpretasi di atas dijangkakan tidak membawa kesan penting ke atas penyata kewangan Kumpulan dan Syarikat.

Kumpulan dan Syarikat dikecualikan daripada mendedahkan kesan kemungkinan, jika ada kepada penyata kewangan ketika penggunaan awal FRS 139.

2.5 Anggaran Perakaunan Ketara dan Pernilaian (a) Andaian Kritikal Dalam Menggunakan Polisi-Polisi Perakaunan Tidak ada pertimbangan penting dibuat dalam menggunakan polisi-polisi perakaunan Kumpulan yang mempunyai

kesan yang ketara kepada amaun yang diiktiraf dalam penyata kewangan.

(b) Sumber Utama Untuk Ketidakpastian Anggaran

Andaian utama berkaitan dengan masa depan dan lain-lain sumber utama ketidakpastian anggaran pada tarikh lembaran imbangan, yang mempunyai risiko ketara dan menyebabkan suatu perubahan ketara kepada nilai bawaan aset-aset dan liabiliti-liabiliti dalam tahun kewangan seterusnya dibincangkan seperti di bawah:

(i) Susutnilai hartanah, loji dan peralatan kilang Kos loji, mesin dan peralatan kilang disusutnilai mengikut kaedah garis lurus kepada jangka hayat aset. Pengurusan

menganggarkan jangka hayat loji, mesin dan peralatan kilang berkenaan adalah diantara 5 hingga 20 tahun. Ini adalah jangka hayat umum yang diguna pakai bagi hartanah, loji dan peralatan Kumpulan. Perubahan dalam tahap penggunaan dan kemajuan teknologi tidak akan memberi kesan penting kepada jangka hayat ekonomi dan nilai sisa hartanah, loji dan peralatan. Maka, susutnilai dikenakan di masa hadapan tidak akan mempunyai perbezaan yang ketara.


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2.5 Anggaran Perakaunan Ketara dan Pernilaian (Samb.)

(b) Sumber Utama Untuk Ketidakpastian Anggaran (Samb.)

(ii) Pembangunan hartanah Kumpulan mengiktiraf hasil pembangunan hartanah dan kos pembangunan hartanah dalam penyata

pendapatan dengan merujuk kepada kaedah peringkat penyiapan. Peringkat penyiapan diukur dengan merujuk kepada pembahagian kos pembangunan hartanah yang ditanggung bagi kerja yang telah dijalankan sehingga kini kepada jumlah anggaran kos pembangunan hartanah.

Andaian yang ketara diperlukan dalam menentukan peringkat penyiapan, jumlah kos pembangunan hartanah yang ditanggung bagi kerja yang telah dijalankan, dan juga pemulihan daripada projek pembangunan. Andaian dibuat oleh Kumpulan berdasarkan pengalaman lepas dan menggunakan pakar-pakar tertentu.

(iii) Kerugian rosotnilai muhibah Kumpulan menentukan sama ada muhibah mengalami rosotnilai sekurang-kurangnya setahun sekali. Ini

memerlukan anggaran ke atas nilai boleh diguna unit penjana tunai (“UPT”) dimana muhibah diperuntukkan. Penganggaran nilai digunakan memerlukan pengurusan membuat anggaran ke atas jangkaan aliran tunai daripada UPT akan datang dan juga memilih kadar diskaun yang bersesuaian untuk pengiraan nilai semasa. Nilai bawaan muhibah pada 31 Disember 2007 adalah RM823,258.

3. PENDAPATAN Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Jualan Hartanah 76,704,714 73,296,519 - - Yuran pengurusan projek 186,614 266,338 - - Hasil kontrak pembinaan 9,736,768 20,115,094 - - Jualan barangan 9,726,107 3,987,169 - - Yuran Pengurusan 875,720 669,360 578,640 609,360 Pendapatan sewa 1,972,970 1,412,953 - - Pendapatan dividen 7,073,388 5,911,568 13,797,595 12,675,195 Pendapatan jualan pasir 953,057 - - -

107,229,338 105,659,001 14,376,235 13,284,555 4. KOS JUALAN Kumpulan 2007 2006 RM RM Kos pembangunan hartanah (Nota 13(b)) 33,481,302 37,526,067 Kos tambahan bagi menyiapkan projek 47,553 - Kos jualan tanah untuk pembangunan (Nota 13(a)) 1,855,070 5,810,454 Kos inventori dijual 9,977,373 9,376,577 Kos perkhidmatan yang telah dilaksanakan 704,420 538,737 Kos kontrak pembinaan 9,799,460 19,519,806 Kos jualan pasir 577,222 -

56,442,400 72,771,641


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5. KOS KEWANGAN Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Perbelanjaan faedah di atas : Sewabeli 40,867 13,782 5,143 6,181 Pinjaman berjangka 84,935 89,765 - - Overdraf bank 1,130,657 3,081,799 - 805,060 Kredit pusingan 677,253 1,420,702 - 405,741 Penerimaan jurubank 10,475 10,720 - - Yuran komitmen 68,364 15,009 - - Rainbow Exchangeable Bonds 7,133,495 2,025,596 7,133,495 2,026,385 Lain-lain faedah 98,304 - - -

9,244,350 6,657,373 7,138,638 3,243,367 6. KEUNTUNGAN SEBELUM CUKAI Amaun-amaun berikut telah dimasukkan dalam mendapatkan keuntungan sebelum cukai:


Perbelanjaan manfaat pekerja (Nota 7) 11,332,274 10,074,400 1,194,265 1,027,732 Ganjaran para pengarah bukan eksekutif (Nota 8) 811,450 815,050 733,200 701,550 Ganjaran juruaudit: - Tahunan semasa 133,000 127,000 10,000 9,000 - Kurangan dalam peruntukan tahun-tahun lepas 400 6,500 - - Peruntukan hutang ragu 5,504,567 244,471 - 48,690 Hartanah, loji dan peralatan dihapuskira 51,492 2,760 - - Perbelanjaan sewa 586,516 499,514 - - Pendapatan sewa (123,400) - - - Hutang lapuk baikpulih - (85,112) - - Turun nilai inventori baikpulih - (98,151) - - Pelunasan pembayaran pajakan tanah prabayar (Nota 15) 2,208 2,208 - - Pendapatan daripada pembatalan jualan - (44,870) - - Susutnilai hartanah, loji dan peralatan (Nota 12) 920,891 968,418 17,364 17,365 Susutnilai pelaburan hartanah (Nota 14) 166,057 39,968 - - Rosotnilai muhibah (Nota 16) 1,132,643 - - - Rosotnilai hartana, loji dan peralatan 176,778 - - - Rosotnilai tanah untuk pembangunan 20,116,367 - - - Peruntukan rosotnilai pelaburan dalam syarikat bersekutu 10,000 - - - Peruntukan rosotnilai pelaburan dalam subsidiari - - 3,419,957 279,559


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6. KEUNTUNGAN SEBELUM CUKAI (SAMB.) Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM

Peruntukan rosotnilai pelaburan sekuriti boleh pasar 330,093 - 330,093 - Pendapatan faedah (849,040) (398,886) (2,390,478) (694,129) Peruntukan rosotnilai pelaburan dalam subsidiari baikpulih - - (1,651,831) (76,159) Peruntukan rosotnilai pelaburan sekuriti boleh pasar baikpulih (243,600) (155,496) - - Peruntukan hutang ragu baikpulih (191,855) (31,200) - - Kerugian/(keuntungan) daripada jualan tanah untuk pembangunan 3,915 (4,855,946) - - Keuntungan daripada jualan hartanah, loji dan peralatan (17,666) (52,000) - - Keuntungan daripada jualan tanah dalam pembangunan - (1,515,328) - - Keuntungan daripada jualan pelaburan (34,392,919) (14,250) (355,283) - Peruntukan luar jangka baikpulih (1,781,682) - - -

7. PERBELANJAAN MANFAAT PEKERJA Kumpulan Syari 2007 2006 2007 2006 RM RM RM RM Gaji dan upah 7,768,461 6,609,635 386,017 340,210 Kos keselamatan sosial 89,719 81,304 18 303 Cuti berbayar terkumpul jangka pendek 4,510 96,236 - - Kos persaraan - Pelan caruman tertentu 1,055,982 873,300 58,080 43,850 Kos persaraan - Pelan manfaat tertentu (Nota 25) 590,441 568,974 - - Lain-lain perbelanjaan pekerja 1,823,161 1,844,951 750,150 643,369

11,332,274 10,074,400 1,194,265 1,027,732

Termasuk dalam kos pekerja Kumpulan dan Syarikat adalah ganjaran pengarah eksekutif sebanyak RM866,356 (2006: RM514,380) dan RM440,724 (2006: RM370,500) masing-masing seperti yang dibentangkan selanjutnya di Nota 8.


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8. GANJARAN PENGARAH Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Ganjaran pengarah eksekutif (Nota 7): Yuran 164,000 142,880 20,000 20,000 Emolumen lain 702,356 371,500 420,724 350,500

866,356 514,380 440,724 370,500

Ganjaran pengarah bukan eksekutif (Nota 6): Yuran 185,000 185,000 185,000 185,000 Emolumen lain 626,450 630,050 548,200 516,550

811,450 815,050 733,200 701,550

Jumlah ganjaran pengarah 1,677,806 1,329,430 1,173,924 1,072,050

Bilangan para pengarah Syarikat mengikut turutan jumlah ganjaran sepanjang tahun adalah seperti analisa di bawah:

Bilangan Pengarah 2007 2006 Pengarah eksekutif: RM350,001 - RM400,000 - 1 RM400,001 – RM500,000 1 - Pengarah bukan eksekutif: RM50,001 – RM100,000 8 8 RM100,001 – RM150,000 1 1

9. PERBELANJAAN CUKAI PENDAPATAN Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Cukai pendapatan: Cukai pendapatan Malaysia 8,566,486 3,351,731 (938,726) - Kurangan/(lebihan) peruntukan dalam tahun sebelumnya 4,756 (5,586) - - Kredit cukai diiktiraf dalam tahun semasa - (1,554) - -

8,571,242 3,344,591 (938,726) -

Cukai tertunda (Nota 32): Berkaitan dengan perbezaan sementara asal dan dibalik semula (3,586,248) 74,645 - - Berkaitan dengan perubahan dalam kadar cukai (3,665) - - - Kurangan peruntukan dalam tahun sebelumnya (8,633) 3,394 - -

(3,598,546) 78,039 - -

Jumlah perbelanjaan cukai pendapatan 4,972,696 3,422,630 (938,726) -

Kadar cukai semasa dikira pada kadar cukai berkanun 27% (2006: 28%) ke atas keuntungan boleh taksir bagi tahun semasa. Kadar cukai berkanun akan dikurangkan dari kadar cukai semasa 27% kepada 26% berkuatkuasa daripada tahun taksiran 2008 dan kepada 25% berkuatkuasa daripada tahun-tahun taksiran berikutnya.


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9. PERBELANJAAN CUKAI PENDAPATAN (SAMB)

Penyata penyesuaian cukai yang dikenakan ke atas keuntungan sebelum cukai pada kadar cukai berkanun dengan perbelanjaan cukai pada kadar cukai berkesan Kumpulan dan Syarikat adalah seperti berikut:

2007 2006 RM RM

Kumpulan Keuntungan sebelum cukai 31,377,035 4,673,537 Cukai pada kadar cukai berkanun Malaysia sebanyak 27% (2006: 28%) 8,471,799 1,308,590 Kesan perubahan kadar cukai pada baki awal cukai tertunda (2,245) (6,420) Kesan atas pendapatan yang tertakluk kepada cukai sebanyak 20% - (25,772) Kesan atas pendapatan yang tidak tertakluk kepada cukai (9,671,216) (74,051) Kesan atas perbelanjaan yang tidak boleh ditolak untuk tujuan cukai 6,040,462 3,819,597 Penggunaan kerugian cukai yang tidak diiktiraf dan elaun modal belum diserap sebelum ini (695,565) (1,812,622) Aset cukai tertunda tidak diiktiraf atas kerugian cukai belum digunakan dan elaun modal belum diserap yang timbul dalam tahun semasa 833,339 217,054 (Lebihan)/kurangan peruntukan cukai tertunda dalam tahun-tahun sebelumnya (8,634) 3,394 Kurangan/(lebihan) peruntukan cukai dalam tahun-tahun sebelumnya 4,756 (5,586) Penggunaan cukai kredit dalam tahun semasa - (1,554)

Perbelanjaan cukai pendapatan bagi tahun 4,972,696 3,422,630

* Syarikat subsidiari yang memiliki modal berbayar kurang daripada RM2.5 juta berhak menerima insentif ini. Syarikat 2007 2006 RM RM

Keuntungan sebelum cukai 5,361,562 3,641,991

Cukai pada kadar cukai berkanun Malaysia sebanyak 27% (2006: 28%) 1,447,622 1,019,757 Kesan atas pendapatan yang tidak tertakluk kepada cukai (3,114,532) (3,467,714) Kesan atas perbelanjaan yang tidak boleh ditolak untuk tujuan cukai 727,736 2,447,492 Aset cukai tertunda tidak diiktiraf atas kerugian cukai tahun semasa 448 465

Perbelanjaan cukai pendapatan bagi tahun (938,726) -

Penjimatan cukai bagi tahun semasa adalah daripada: Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Penggunaan kerugian cukai tahun semasa 1,550,339 275,696 1,550,339 275,696 Kerugian cukai belum guna bawa ke hadapan 44,272 1,691,101 - -


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10. PENDAPATAN SESAHAM (a) Asas Pendapatan asas sesaham dikira dengan membahagikan keuntungan diagihkan kepada pemegang ekuiti biasa Syarikat

bagi tahun semasa dengan purata wajaran bilangan saham biasa yang diterbitkan di sepanjang tahun kewangan.

2007 2006 Keuntungan diagihkan kepada pemegang ekuiti biasa Syarikat (RM) 31,603,614 1,138,987 Bilangan purata wajaran saham biasa yang diterbitkan (unit) 205,978,000 205,978,000 Pendapatan asas sesaham (sen) 15.34 0.55 (b) Cair Tiada pendapatan cair sesaham bagi tahun semasa ditunjukkan kerana tiada potensi kecairan ke atas saham biasa yang

tertunggak pada 31 Disember 2007.

11. DIVIDEN Dividen Diiktiraf Dividen untuk Tahun dalam Tahun 2007 2006 2007 2006 RM RM RM RM Kumpulan Diiktiraf dalam tahun: Dividen pertama dan terakhir bagi tahun 2006: 2% ke atas 205,978,000 saham-saham biasa selepas cukai 27% (1.46 sen setiap saham biasa) - 3,008,000 3,008,000 - Dividen interim bagi tahun 2007: 15% ke atas 20,000,000 saham-saham biasa selepas cukai 27% (11 sen setiap saham biasa) - 1,073,100 1,073,100 -

- 4,081,100 4,081,100 -

Dicadangkan untuk persetujuan pada Mesyuarat Agung Tahunan (tidak diiktiraf pada 31 Disember 2007): Dividen pertama dan terakhir bagi tahun 2007: 2% ke atas 205,978,000 saham-saham biasa selepas cukai 26% (1.48 sen setiap saham biasa) 3,048,474 - - -

3,048,474 - 4,081,100 - 4,081,100

Syarikat

Diiktiraf dalam tahun: Dividen pertama dan terakhir bagi tahun 2006: 2%ke atas 205,978,000 saham-saham biasa selepas cukai 27% (1.46 sen setiap saham biasa) - 3,008,000 3,008,000 -


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11. DIVIDEN (SAMB.) Dividen Diiktiraf Dividen untuk Tahun dalam Tahun 2007 2006 2007 2006 RM RM RM RM

Syarikat

Dicadangkan untuk persetujuan pada Mesyuarat Agung Tahunan (tidak diiktiraf pada 31 Disember 2007): Dividen pertama dan terakhir bagi tahun 2007: 2% ke atas 205,978,000 saham-saham biasa selepas cukai 26% (1.48 sen setiap saham biasa) 3,048,474 - - -

Pada Mesyuarat Agung Tahunan yang akan datang, dividen terakhir pada kadar 2% ke atas 205,978,000 saham-saham biasa selepas cukai 26% yang berjumlah RM3,048,474 (1.48 sen, bersih setiap saham) berhubung tahun kewangan berakhir 31 Disember 2007 akan dicadangkan untuk kelulusan para pemegang saham. Penyata kewangan bagi tahun kewangan berakhir 31 Disember 2007 tidak mengambil kira dividen yang dicadangkan. Dividen tersebut, jika dipersetujui oleh para pemegang saham, akan diambilkira di dalam ekuiti pemegang saham sebagai pengasingan pendapatan tertahan dalam tahun kewangan yang berakhir pada 31 Disember 2008.

12. HARTANAH, LOJI DAN PERALATAN Pembinaan dalam Loji dan Aset-aset Bangunan Perlaksanaan Mesin Lain* Jumlah RM RM RM RM RM

Kumpulan

Pada 31 Disember 2007

Kos Pada 1 Januari 2007 10,785,856 - 1,670,716 6,847,814 19,304,386 Tambahan 19,699 - 712,365 1,324,714 2,056,778 Pembelian subsidiari - 2,237,500 - - 2,237,500 Pelupusan - - - (103,332) (103,332) Hapuskira - - - (204,247) (204,247)

Pada 31 Disember 2007 10,805,555 2,237,500 2,383,081 7,864,949 23,291,085

Susutnilai terkumpul Pada 1 Januari 2007 585,468 - 1,418,305 4,241,783 6,245,556 Susutnilai dikenakan bagi tahun (Nota 6) 218,636 - 107,074 595,181 920,891 Pelupusan - - - (71,276) (71,276) Hapuskira - - - (152,755) (152,755) Kerugian rosotnilai - - 176,778 - 176,778

Pada 31 Disember 2007 804,104 - 1,702,157 4,612,933 7,119,194

Nilai dibawa bersih Pada 31 Disember 2007 10,001,451 2,237,500 680,924 3,252,016 16,171,891


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12. HARTANAH, LOJI DAN PERALATAN (SAMB.) Pembinaan dalam Loji dan Aset-aset Bangunan Perlaksanaan Mesin Lain* Jumlah RM RM RM RM RM

Kumpulan (Samb.) Pada 31 Disember 2006 Kos Pada 1 Januari 2006 2,933,686 - 1,228,775 7,064,343 11,226,804 Tambahan 2,884,347 - - 75,927 2,960,274 Pelupusan - - - (229,598) (229,598) Hapuskira - - - (62,858) (62,858) Pengkelasan semula (441,941) - 441,941 - - Pindahan dari inventori 5,409,764 - - - 5,409,764

Pada 31 Disember 2006 10,785,856 - 1,670,716 6,847,814 19,304,386 Susutnilai terkumpul Pada 1 Januari 2006 448,151 - 1,194,381 3,924,302 5,566,834 Susutnilai dikenakan bagi tahun (Nota 6) 181,512 - 179,729 607,177 968,418 Pelupusan - - - (229,598) (229,598) Hapuskira - - - (60,098) (60,098) Pengkelasan semula (44,195) - 44,195 - -

Pada 31 Disember 2006 585,468 - 1,418,305 4,241,783 6,245,556

Nilai dibawa bersih Pada 31 Disember 2006 10,200,388 - 252,411 2,606,031 13,058,830 * Aset-aset lain terdiri daripada pengubahsuaian pejabat, perabot dan kelengkapan, peralatan pejabat, kenderaan

bermotor dan papan tanda.

Peralatan Kenderaan Pejabat Bermotor Jumlah RM RM RM

Syarikat


Kos Pada 1 Januari 2007/31 Disember 2007 8,300 157,051 165,351

Susutniali terkumpul Pada 1 Januari 2007 1,802 25,547 27,349 Susutnilai dikenakan bagi tahun (Nota 6) 1,660 15,704 17,364

Pada 31 Disember 2007 3,462 41,251 44,713

Nilai dibawa bersih Pada 31 Disember 2007 4,838 115,800 120,638


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Syarikat

Pada 31 Disember 2006 Kos Pada 1 Januari 2006/31 Disember 2006 8,300 157,051 165,351

Susutnilai terkumpul Pada 1 Januari 2006 142 9,842 9,984 Susutnilai dikenakan bagi tahun (Nota 6) 1,660 15,705 17,365

Pada 31 Disember 2006 1,802 25,547 27,349

Nilai dibawa bersih Pada 31 Disember 2006 6,498 131,504 138,002

(a) Sepanjang tahun kewangan, Kumpulan telah membeli hartanah, loji dan peralatan dengan kos berjumlah RM2,056,778 (2006: RM2,960,274) di mana RM 745,163 (2006: RM Tiada) adalah melalui sewabeli. Nilai dibawa bersih hartanah, loji dan peralatan yang dimiliki oleh Kumpulan secara sewabeli adalah seperti berikut:

Kumpulan 2007 2006 RM RM Kenderaan bermotor 369,164 395,510 Loji dan mesin 501,417 -

870,581 395,510

(b) Nilai dibawa bersih bangunan pegang pajak tertentu milik sebuah subsidiari berjumlah RM157,765 (2006: RM162,993) telah dicagarkan kepada bank untuk kemudahan pinjaman subsidiari tersebut seperti yang dinyatakan dalam Nota 26.

(c) Termasuk dalam hartanah, loji dan peralatan Kumpulan adalah aset yang telah disusutnilaikan sepenuhnya tetapi masih digunakan berjumlah RM3,195,992 (2006: RM2,991,632) pada kos.

13. TANAH UNTUK PEMBANGUNAN DAN KOS PEMBANGUNAN HARTANAH

(a) Tanah untuk pembangunan Tanah Tanah Milikbebas Pegang Pajak Jumlah RM RM RM

Kumpulan


Kos Pada 1 Januari 2007 55,937,903 98,629,007 154,566,910 Tambahan 21,289,770 1,378,336 22,668,106 Pelupusan (1,855,070) - (1,855,070) Pindahan dari kos pembangunan hartanah (Nota 13(b)) 7,389,096 - 7,389,096 Pindahan ke kos pembangunan hartanah (Nota 13(b)) (24,279,145) (162,178) (24,441,323)

Pada 31 Disember 2007 58,482,554 99,845,165 158,327,719


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13. TANAH UNTUK PEMBANGUNAN DAN KOS PEMBANGUNAN HARTANAH (SAMB.) (a) Tanah untuk pembangunan (Samb.) Tanah Tanah Milikbebas Pegang Pajak Jumlah RM RM RM

Kumpulan (Samb.) Pada 31 Disember 2007 Kerugian rosotnilai terkumpul Pada 1 Januari 2007 - - - Kerugian rosotnilai dikenakan bagi tahun - 20,116,367 20,116,367

Pada 31 Disember 2007 - 20,116,367 20,116,367

Nilai dibawa pada 31 Disember 2007 58,482,554 79,728,798 138,211,352 Pada 31 Disember 2006 Kos Pada 1 Januari 2006 69,223,368 93,569,202 162,792,570 Tambahan 1,625,372 8,751,681 10,377,053 Pelupusan (5,187,281) (623,173) (5,810,454) Pindahan ke kos pembangunan hartanah (Nota 13(b)) (9,723,556) (3,068,703) (12,792,259)

Pada 31 Disember 2006 55,937,903 98,629,007 154,566,910

Nilai dibawa pada 31 Disember 2006 55,937,903 98,629,007 154,566,910

(b) Kos Pembangunan Hartanah Tanah Tanah Kos Milikbebas Pegang Pajak Pembangunan Jumlah RM RM RM RM Kumpulan Pada 31 Disember 2007 Kos pembangunan hartanah terkumpul Pada 1 Januari 2007 19,997,147 34,550,996 119,636,799 174,184,942 Kos yang ditanggung dalam tahun semasa 2,087,931 3,087,741 74,111,021 79,286,693 Pindahan dari tanah untuk pembangunan (Nota 13(a)) 24,279,145 162,178 - 24,441,323 Pengelasan semula (24,279,145) - 24,279,145 - Pindahan ke tanah untuk pembangunan (Nota 13(a)) (7,389,096) - - (7,389,096) Unit yang belum dijual dipindah ke inventori - (178,385) (5,040,346) (5,218,731) Pembalikan projek yang siap - (1,344,539) (7,602,900) (8,947,439)

Pada 31 Disember 2007 14,695,982 36,277,991 205,383,719 256,357,692


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13. TANAH UNTUK PEMBANGUNAN DAN KOS PEMBANGUNAN HARTANAH (SAMB.)

(b) Kos Pembangunan Hartanah (Samb.) Tanah Tanah Kos Milikbebas Pegang Pajak Pembangunan Jumlah RM RM RM RM

Kumpulan (Samb.)


Kos terkumpul diiktiraf dalam penyata pendapatan Pada 1 Januari 2007 (3,004,923) (826,585) (80,885,512) (84,717,020) Diikitiraf dalam tahun semasa (Nota 4) - (2,002,531) (31,478,771) (33,481,302) Pembalikan projek yang siap - 1,344,539 7,602,900 8,947,439

Pada 31 Disember 2007 (3,004,923) (1,484,577) (104,761,383) (109,250,883)

Kos pembangunan hartanah pada 31 Disember 2007 11,691,059 34,793,414 100,622,336 147,106,809


Kos pembangunan hartanah terkumpul Pada 1 Januari 2006 7,523,984 33,191,680 147,785,562 188,501,226 Kos yang ditanggung dalam tahun semasa 2,780,508 7,248,110 37,932,996 47,961,614 Pindahan dari inventori 204,853 - - 204,853 Pindahan dari tanah untuk pembangunan (Nota 13(a)) 9,723,556 3,068,703 - 12,792,259 Unit yang belum dijual dipindah ke inventori - (114,143) (4,802,051) (4,916,194) Pembalikan projek yang siap (204,853) (6,596,311) (52,402,482) (59,203,646) Pelupusan projek dalam tahun semasa (30,901) (1,873,624) (2,930,393) (4,834,918) Unit yang belum dijual dipindah ke pelaburan hartanah - (373,419) (5,946,833) (6,320,252)

Pada 31 Disember 2006 19,997,147 34,550,996 119,636,799 174,184,942

Kos terkumpul diiktiraf dalam penyata pendapatan Pada 1 Januari 2006 (98,249) (5,126,603) (100,964,894) (106,189,746) Diikitiraf dalam tahun semasa (Nota 4) (2,906,674) (2,296,293) (32,323,100) (37,526,067) Pindahan dari inventori (204,853) - - (204,853) Pembalikan projek yang siap 204,853 6,596,311 52,402,482 59,203,646

Pada 31 Disember 2006 (3,004,923) (826,585) (80,885,512) (84,717,020)

Kos pembangunan hartanah pada 31 Disember 2006 16,992,224 33,724,411 38,751,287 89,467,922


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13. TANAH UNTUK PEMBANGUNAN DAN KOS PEMBANGUNAN HARTANAH (SAMB.)

(b) Kos Pembangunan Hartanah (Samb.)

Tanah milikbebas bagi subsidiari-subsidiari tertentu dengan nilai dibawa sebanyak RM42,408,934 (2006: RM16,421,913) telah dicagarkan sebagai sekuriti untuk pinjaman jangka pendek.

Tanah pegang pajak bagi subsidiari-subsidiari tertentu dengan nilai dibawa sebanyak RM1,066,973 (2006: RM2,043,109) adalah berdaftar di bawah nama perbadanan induk. Perpindahan hak milik akan dilakukan apabila pembangunan hartanah tersebut telah siap.

Tanah pegang pajak sebuah subsidiari dengan nilai dibawa sebanyak RM27,324,277 (2006: RM27,427,232) masih belum ditukar nama kepada nama subsidiari tersebut daripada perbadanan induk terakhir, Perbadanan Kemajuan Negeri Pahang.

Tanah pegang pajak untuk pembangunan sebuah subsidiari dengan nilai dibawa sebanyak RM19,582,312 (2006: RM7,389,096) masih belum ditukar nama kepada subsidiari tersebut daripada penjual.

14. PELABURAN HARTANAH Kumpulan 2007 2006 RM RM

Bangunan Kos Pada 1 Januari 8,354,382 2,034,130 Pindahan dari kos pembangunan hartanah (Nota 13(b)) - 6,320,252

Pada 31 Disember 8,354,382 8,354,382 Susutnilai terkumpul Pada 1 Januari 683,083 643,115 Susutnilai dikenakan bagi tahun (Nota 6) 166,057 39,968

Pada 31 Disember 849,140 683,083 Nilai dibawa bersih Pada 31 Disember 7,505,242 7,671,299


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15. PEMBAYARAN PAJAKAN TANAH PRABAYAR Kumpulan 2007 2006 RM RM Pada 1 Januari 86,106 88,314 Pelunasan bagi tahun (Nota 6) (2,208) (2,208)

Pada 31 Disember 83,898 86,106 Di analisa sebagai: Tanah pegang pajak dipegang dalam jangka masa panjang 83,898 86,106 Tanah pegang pajak dipegang bagi Kumpulan telah dicagarkan kepada satu bank berlesen untuk kemudahan kredit

yang telah diberikan kepada sebuah subsidiari. Kemudahan kredit tersebut telah diselesaikan sepenuhnya dalam tahun kewangan.

16. ASET TAK NYATA Kumpulan 2007 2006 RM RM

Muhibah

Kos Pada 1 Januari 4,564,733 3,552,818 Kesan daripada menerima pakai FRS 3 - 1,011,915 Wujud daripada pembelian subsidiari (Nota 17) 12,912 -

Pada 31 Disember 2007 4,577,645 4,564,733 Pelunasan dan rosotnilai terkumpul Pada 1 Januari 2,621,744 2,297,931 Kesan daripada menerima pakai FRS 3 - 323,813 Kerugian rosotnilai (Nota 6) 1,132,643 -

Pada 31 Disember 3,754,387 2,621,744

Nilai dibawa bersih Pada 31 Disember 823,258 1,942,989

17. PELABURAN DALAM SUBSIDIARI-SUBSIDIARI Syarikat 2007 2006 RM RM Saham tidak disebut harga pada kos 81,624,753 80,824,755 Tolak : Kerugian rosotnilai terkumpul (22,218,437) (20,450,313)

59,406,316 60,374,442


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17. PELABURAN DALAM SUBSIDIARI-SUBSIDIARI (SAMB.) Butiran subsidiari-subsidiari adalah seperti berikut: Pembahagian Kepentingan Nama Negara Pegangan Subsidiari-subsidiari Diperbadankan Kegiatan-kegiatan utama 2007 2006 % % Pasdec Corporation Sdn. Bhd. Malaysia Pembangunan hartanah, 100 100 pengurusan projek dan peruntukan perkhidmatan pengurusan Kuantan Tembeling Malaysia Pembangunan hartanah, dan 100 100 Resort Sdn. Bhd. pengurusan tempat peranginan dan kondominium Pasdec Land Sdn. Bhd. Malaysia Pembangunan hartanah 100 100 Pasdec Bina Sdn. Bhd. Malaysia Perniagaan bahan-bahan binaan, 100 100 penyewaaan mesin dan aktiviti pembinaan Kimdec Corporation Sdn. Bhd. Malaysia Pembangunan hartanah 51 51

Kuantan Bricks Sdn. Bhd.* Malaysia Pembuatan batu-bata 100 100 Sumbangan Sakti Sdn. Bhd. Malaysia Pembangunan hartanah 100 100 Pasdec Mega Sdn. Bhd. Malaysia Pembangunan hartanah 100 100 Pasdec Pintas Sdn. Bhd. Malaysia Tidak aktif 70 70 Pasdec Putra Sdn. Bhd.** Malaysia Pembangunan hartanah 100 100 Mutiara Pasdec Sdn. Bhd. Malaysia Tidak aktif 100 100 Pahang Aircraft Industries Malaysia Pembuatan, jualan dan pajakan 100 100 Sdn. Bhd.*** kapal terbang dan komponen-komponennya Pasdec Trading Sdn. Bhd.*** Malaysia Perniagaan bahan-bahan binaan 100 - dan menyediakan perkhidmatan insurans

Bentong Aquarium & Malaysia Operator akuarium dan taman tema 70 - Sanctuary Park Sdn. Bhd. * Subsidiari Pasdec Bina Sdn. Bhd.. Laporan juruaudit untuk syarikat ini merujuk kepada penggunaan konsep andaian

berterusan dan syarikat ini bergantung kepada sokongan kewangan daripada Syarikat. Laporan tersebut tidak bersyarat. ** Subsidiari Pasdec Corporation Sdn. Bhd..

*** Subsidiari Mutiara Pasdec Sdn. Bhd..


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17. PELABURAN DALAM SUBSIDIARI-SUBSIDIARI (SAMB.)

Pembelian subsidiari Pada 23 Julai 2007, Syarikat telah membeli 800,000 saham biasa RM1.00 setiap satu mewakili 70% kepentingan ekuiti di

dalam Bentong Aquarium & Sanctuary Park Sdn. Bhd. berikutan daripada Perjanjian Usahasama bertarikh 28 Januari 2006.

Kesan pembelian tersebut ke atas kedudukan kewangan Kumpulan pada 31 Disember 2007 adalah seperti berikut: RM Hartanah, loji dan peralatan 2,237,500 Wang tunai dan baki di bank 32,982 Lain-lain penghutang 400 Lain-lain pemiutang (1,159,843) Kepentingan minoriti (33,312)

Perkongsian aset bersih Kumpulan 1,077,727 Nilai saksama aset-aset dan liabiliti-liabiliti yang diandaikan daripada pembelian subsidiari tersebut adalah seperti berikut: Nilai saksama Nilai dibawa diiktiraf daripada oleh yang pembelian dibeli RM RM Aset bersih yang dibeli: Hartanah, loji dan peralatan 2,237,500 2,237,500 Lain-lain penghutang 400 400 Ang tunai dan baki di bank 36,653 36,653 Lain-lain pemiutang (1,150,141) (1,150,141)

Niali saksama bersih aset-aset 1,124,412 1,124,412 Tolak: Kepentingan minoriti (337,324) Perkongsian aset bersih Kumpulan 787,088 Muhibah atas penyatuan (Nota 16) 12,912 Jumlah kos pembelian 800,000 Aliran tunai keluar bersih daripada pembelian: Tunai dan kesetaraan tunai dalam subsidiari 36,653 Balasan tunai dibayar (800,000) (763,347)


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18. PELABURAN DALAM SYARIKAT-SYARIKAT BERSEKUTU Kumpulan 2007 2006 RM RM

Di Malaysia: Saham tidak disebut harga pada kos 1,270,000 1,270,000 Perkongsian rizab selepas pengambilalihan 2,413,951 2,655,068

3,683,951 3,925,068 Tolak: Peruntukan rosotnilai terkumpul (70,000) (60,000)

3,613,951 3,865,068

Diwakili oleh: Perkongsian aset bersih 3,613,951 3,865,068

Butiran syarikat-syarikat bersekutu adalah seperti berikut:

Nama Syarikat- Pembahagian Pembahagian syarikat Negara Kegiatan-kegiatan Kepentingan Pegangan Kuasa Mengundi Bersekutu Diperbadankan Utama 2007 2006 2007 2006 % % % % Prima Prai Malaysia Pembangunan 20 20 20 20 Sdn. Bhd. hartanah Genting View Malaysia Pemaju dan 40 40 40 40 Resort kontraktor Development Sdn. Bhd. Pasdec Malaysia Tidak aktif 40 - 40 - Cempaka Sdn. Bhd.

Penyata kewangan syarikat-syarikat bersekutu di atas adalah selaras dengan Kumpulan kecuali Prima Prai Sdn. Bhd. yang mana tahun kewangannya berakhir pada 31 Mac. Bagi menggunakan kaedah perakaunan ekuiti, penyata kewangan Prima Prai Sdn. Bhd. yang tidak diaudit untuk tempoh berakhir 31 Disember 2007 telah digunakan.

19. INVENTORI Kumpulan 2007 2006 RM RM Hartanah dipegang untuk dijual 14,526,266 11,177,787 Tanah 950,493 1,133,296 Barang siap 166,699 188,353 Diesel dan minyak pelincir 33,361 9,996

15,676,819 12,509,432


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20. PENGHUTANG PERDAGANGAN Kumpulan 2007 2006 RM RM Penghutang perdagangan 31,675,347 31,732,190 Kontrak pembinaan: Terhutang oleh pelanggan (Nota 22) 483,708 795,225 Wang tahanan boleh terima (Nota 22) - 1,386,740 Bayaran kemajuan boleh terima 30,522,865 26,517,962 Bayaran akruan berkaitan kos pembangunan hartanah 3,844,170 -

66,526,090 60,432,117 Tolak: Peruntukan hutang ragu (2,908,137) (2,865,377)

63,617,953 57,566,740 Pendedahan utama risiko kredit bagi Kumpulan adalah daripada penghutang perdagangannya. Terma perdagangan

antara Kumpulan dengan pelanggannya kebanyakannya adalah secara kredit. Syarat kredit perdagangan biasa Kumpulan adalah antara 30 hingga 120 hari. Kumpulan mengamalkan polisi risiko kredit yang ketat untuk mengawasi baki terhutang belum jelas dan mempunyai unit kawalan kredit untuk mengurangkan risiko kredit. Baki belum jelas diteliti dengan kerap oleh pihak pengurusan kanan. Atas sebab yang telah dinyatakan dan bahawasanya penghutang perdagangan Kumpulan terdiri daripada bilangan pelanggan yang banyak dan berbagai, Kumpulan tidak mempunyai tumpuan risiko kredit yang besar. Penghutang perdagangan tidak dikenakan faedah.

21. LAIN-LAIN PENGHUTANG Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Jumlah terhutang oleh pihak berkaitan: Subsidiari-subsidiari - - 207,734,256 249,406,604 Perbadanan induk 28,784,578 29,513,584 25,646,748 25,703,442 Syarikat-syarikat berkaitan 24,087,041 21,545,498 4,022,499 4,022,499

52,871,619 51,059,082 237,403,503 279,132,545 Deposit 551,450 526,761 - - Prabayar 557,969 497,897 120,303 327,083 Lain-lain penghutang 5,191,195 6,559,245 1,489,955 882,444

59,172,233 58,642,985 239,013,761 280,342,072 Tolak: Peruntukan hutang ragu (36,093,640) (30,823,683) (19,901,775) (19,901,776)

23,078,593 27,819,302 219,111,986 260,440,296 Jumlah terhutang oleh subsidiari-subsidiari sebanyak RM27,146,414 (2006: RM71,124,327) dikenakan faedah sebanyak 6%

(2006: 6%) setahun dan perlu dibayar balik atas permintaan. Jumlah tersebut tidak dijamin dan harus dijelaskan secara tunai.

Jumlah terhutang oleh pihak berkaitan yang lain kepada Kumpulan dan Syarikat tidak dikenakan faedah dan perlu dibayar balik atas permintaan. Jumlah tersebut tidak dijamin dan harus dijelaskan secara tunai.


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22. TERHUTANG OLEH/(KEPADA) PELANGGAN KONTRAK Kumpulan 2007 2006 RM RM Kos kontrak diiktiraf hingga kini 21,663,502 11,396,219 Keuntungan terkumpul 247,931 297,425

21,911,433 11,693,644 Tolak: Bayaran kemajuan (21,427,725) (10,930,132)

483,708 763,512 Terhutang oleh pelanggan kontrak (Nota 20) 483,708 795,225 Terhutang kepada pelanggan kontrak - (31,713)

483,708 763,512

Jumlah wang tahanan atas kontrak, termasuk dalam penghutang perdagangan (Nota 20) - 1,386,740

23. SEKURITI BOLEH PASAR Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM

Pada kos: Saham disebut harga di Malaysia 51,720,296 116,517,642 - - Unit amanah disebut harga di Malaysia 17,030,218 48,086,103 15,944,115 47,000,000

68,750,514 164,603,745 15,944,115 47,000,000 Tolak: Kerugian rosotnilai terkumpul Saham disebut harga di Malaysia (14,670) (194,252) - - Unit amanah disebut harga di Malaysia (932,201) (666,126) (330,093) -

(946,871) (860,378) (330,093) -

67,803,643 163,743,367 15,614,022 47,000,000 Nilai pasaran sekuriti boleh pasar: Saham disebut harga di Malaysia 143,380,214 228,385,139 - - Unit amanah disebut harga di Malaysia 16,098,017 39,414,809 15,614,022 38,994,832

159,478,231 267,799,948 15,614,022 38,994,832 Pelaburan dalam saham disebut harga tertentu oleh sebuah subsidiari dengan nilai dibawa sebanyak RM Tiada (2006:

RM2,207,667) telah dicagarkan kepada institusi kewangan untuk kemudahan pinjaman berjangka untuk subsidiari tersebut.

Pelaburan dalam Road Builder (M) Holdings Berhad dan YTL Cement Berhad oleh sebuah subsidiari dengan nilai dibawa sebanyak RM33,225,370 (2006: RM73,531,551) telah dicagarkan kepada institusi kewangan untuk terbitan Rainbow Exchangeable Bonds (“REBs”) berjumlah RM150 juta (Nota 28).

Pelaburan dalam saham disebut harga tertentu oleh sebuah subsidiari dengan nilai dibawa sebanyak RM18,389,423 (2006: RM Tiada) telah dicagarkan kepada bank untuk kemudahan tertentu yang diberikan kepada sebuah syarikat berkaitan.


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24. TUNAI DAN KESETARAAN TUNAI Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Tunai di tangan dan di bank 7,751,042 18,048,218 121,568 105,264 Deposit dengan bank-bank berlesen 19,259,850 7,871,390 5,315,786 6,395,138

Jumlah tunai dan kesetaraan tunai 27,010,892 25,919,608 5,437,354 6,500,402 Termasuk dalam tunai di bank bagi Kumpulan adalah sejumlah RM6,393,859 (2006: 3,523,453) yang dipegang menurut

Seksyen 7A Akta Pembangunan Perumahan (Kawalan dan Perlesenan) 1966 dan oleh itu dihadkan penggunaannya dalam lain-lain operasi.

Deposit dengan bank-bank berlesen bagi Kumpulan berjumlah RM13,828,562 (2006: RM1,290,665) telah dicagarkan kepada bank untuk kemudahan kredit yang diberikan kepada subsidiari-subsidiari tertentu (Nota 26).

Maklumat lain mengenai risiko kewangan tunai dan kesetaraan tunai adalah seperti dibentangkan di Nota 35.

Bagi tujuan penyata aliran tunai, tunai dan kesetaraan tunai pada tarikh lembaran imbangan adalah seperti berikut:

Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Tunai di tangan dan di bank 27,010,892 25,919,608 5,437,354 6,500,402 Overdraf bank (Nota 26) (19,051,147) (6,340,105) - -

Jumlah tunai dan kesetaraan tunai 7,959,745 19,579,503 5,437,354 6,500,402

25. TANGGUNGAN MANFAAT PERSARAAN

Kumpulan mengendalikan satu manfaat tertentu Skim Manfaat Persaraan (“Skim”) yang tidak dibiayai untuk pekerja yang layak. Di bawah Skim ini, pekerja yang layak berhak menerima manfaat persaraan sebanyak 7.5% daripada gaji terakhir didarab dengan pelan perkhidmatan dengan maksimum 300 bulan boleh dibayar apabila umur persaraan awal 40 tahun dicapai dengan syarat memenuhi 10 tahun atau lebih daripada pelan perkhidmatan atau usia persaraan 56 tahun.

(i) Lembaran Imbangan Jumlah yang diiktiraf dalam lembaran imbangan ditentukan seperti berikut: Kumpulan 2007 2006 RM RM

Nialai kini tanggungan manfaat tidak dibiayai 2,997,574 2,199,627 Perubahan tanggungan belum diiktiraf (397,840) (581,923) Kerugian aktuari belum diiktiraf (707,554) -

Liabiliti bersih 1,892,180 1,617,704 Dianalisa sebagai: Semasa 27,378 24,887

Bukan semasa: Lebih daripada 1 tahun tetapi tidak lebih daripda 2 tahun 152,755 34,277 Lebih daripada 2 tahun tetapi tidak lebih daripda 5 tahun 1,712,047 1,558,540

1,864,802 1,592,817

1,892,180 1,617,704


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25. TANGGUNGAN MANFAAT PERSARAAN (SAMB.)

(i) Lembaran Imbangan(Samb.)

Pergerakan dalam nilai terkini tanggungan manfaat tidak dibiayai sepanjang tahun adalah seperti berikut: : 2007 2006 RM RM Pada 1 Januari 1,617,704 1,139,536 Kos perkhidmatan semasa 233,400 216,813 Kos Faedah 143,634 123,721 Pelunasan peralihan liabiliti 213,407 228,440 Manfaat dibayar (315,965) (90,806)

Pada 31 Disember 1,892,180 1,617,704 (ii) Penyata Pendapatan Jumlah yang diiktiraf dalam penyata pendapatan adalah seperti berikut: Kumpulan 2007 2006 RM RM Kos perkhidmatan semasa 233,400 216,813 Kos faedah 143,634 123,721 Pelunasan peralihan liabiliti 213,407 228,440

Jumlah dalam perbelanjaan manfaat pekerja (Nota 7) 590,441 568,974 Semua manfaat oleh Kumpulan dalam pelan manfaat tertentu telah diambilkira dalam perbelanjaan pengurusan

(iii) Andaian Prinsip Aktuari Andaian prinsip aktuari yang digunakan adalah:

2007 2006 % % Kadar diskaun 7.0 7.0 Kadar jangkaan kenaikan gaji 5.0 5.0 Penilaian aktuari untuk Skim dilaksanakan oleh aktuari bebas secara berkala. Penilaian terakhir bagi Skim tersebut telah

dilaksanakan pada 24 Januari 2006.

Andaian mengenai mortaliti masa hadapan adalah berdasarkan pada statistik diterbitkan dan jadual mortaliti. Jangkaan purata umur individu bersara adalah 56 tahun.

(iv) Maklumat Sejarah Pelarasan pengalaman sejarah adalah seperti berikut: 2007 2006 RM RM Nilai kini tanggungan manfaat tidak dibiayai 1,892,180 1,617,704


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26. PINJAMAN Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM

Pinjaman Jangka Pendek Bercagar: Overdraf bank 18,412,135 2,779,916 - - Kredit pusingan 6,500,000 12,500,000 - - Penerimaan jurubank 274,000 520,000 - - Pinjaman berjangka 5,374,880 6,082,110 - - Pemiutang sewabeli (Nota 27) 135,170 - - -

30,696,185 21,882,026 - - Tidak bercagar: Overdraf bank 639,012 3,560,189 - - Pemiutang sewabeli (Nota 27) 51,788 70,650 19,762 18,725

690,800 3,630,839 19,762 18,725

31,386,985 25,512,865 19,762 18,725 Pinjaman Jangka Panjang Bercagar: Pinjaman berjangka 4,858,025 1,745,628 - - Rainbow Exchangeable Bonds (Nota 28) 64,485,714 151,068,052 64,485,714 151,068,052 Pemiutang sewabeli (Nota 27) 347,085 - - -

69,690,824 152,813,680 64,485,714 151,068,052 Tidak bercagar: Pemiutang sewabeli (Nota 27) 121,523 123,335 75,288 95,049

69,812,347 152,937,015 64,561,002 151,163,101 Jumlah Pinjaman Penerimaan jurubank 274,000 520,000 - - Overdraf bank (Nota 24) 19,051,147 6,340,105 - - Kredit pusingan 6,500,000 12,500,000 - - Pinjaman berjangka 10,232,905 7,827,738 - - Rainbow Exchangeable Bonds (Nota 28) 64,485,714 151,068,052 64,485,714 151,068,052 Pemiutang sewabeli (Nota 27) 655,566 193,985 95,050 113,774

101,199,332 178,449,880 64,580,764 151,181,826 Kematangan pinjaman: (tidak termasuk pemiutang sewabeli): Tidak lebih daripada 1 tahun 31,195,777 26,042,215 - - Lebih daripada 1 tahun dan tidak lebih daripada 2 tahun 3,821,025 785,628 - - Lebih daripada 2 tahun dan tidak lebih daripada 5 tahun 1,041,250 360,000 - - Lebih daripada 5 tahun 64,485,714 151,068,052 64,485,714 151,068,052

100,543,766 178,255,895 64,485,714 151,068,052


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26. PINJAMAN (SAMB.)

Overdraf bank dan penerimaan jurubank bagi Kumpulan dicagarkan dengan tanah didaftarkan di bawah nama perbadanan induk, cagaran pertama ke atas tanah pajakan jangka panjang dan bangunan subsidiari-subsidiari tertentu, cagaran tetap dan terapung ke atas aset-aset tertentu subsidiari-subsidiari, jaminan bersama dan berasingan oleh pengarah-pengarah dari pemegang saham korporat sebuah subsidiari dan jaminan korporat oleh sebuah subsidiari dan Syarikat.

Kredit pusingan bercagar Kumpulan adalah untuk tempoh enam bulan dan dicagarkan oleh cagaran tetap sah ke atas tanah milikbebas tertentu sebuah subsidiari, pembahagian jaminan korporat oleh Syarikat sehingga 51% dan jaminan bersama dan berasingan oleh pengarah-pengarah dari sebuah pemegang saham korporat.

Cagaran pinjaman berjangka adalah seperti berikut:

(a) Cagaran pertama ke atas tanah pegangpajak subsidiari-subsidiari tertentu seperti yang dibentangkan di Nota 13; (b) Cagaran tetap dan terapung ke atas aset-aset tertentu subsidiari-subsidiari; (c) Jaminan bersama dan berasingan oleh pengarah-pengarah dari sebuah pemegang saham korporat subsidiari berkenaan; dan (d) Jaminan korporat oleh sebuah subsidiari dan Syarikat.

Rainbow Exchangeable Bonds bagi Kumpulan dan Syarikat dicagarkan oleh sebahagian sekuriti boleh pasar seperti yang dibentangkan di Nota 23.

Liabiliti pemiutang sewabeli bercagar Kumpulan adalah dicagarkan oleh jaminan korporat oleh sebuah subsidiari.

27. PEMIUTANG SEWABELI Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Bayaran pajakan minimum: Tidak lebih daripada 1 tahun 230,747 79,089 23,868 23,868 Lebih daripada 1 tahun dan tidak lebih daripada 5 tahun 506,542 135,068 81,490 105,358

737,289 214,157 105,358 129,226 Tolak: Tanggungan kewangan masa hadapan (81,723) (20,172) (10,308) (15,452)

Nilai kini liabiliti pajakan 655,566 193,985 95,050 113,774 Dianalisa sebagai: Terhutang dalam tempoh 12 bulan (Nota 26) 186,958 70,650 19,762 18,725 Terhutang selepas 12 bulan (Nota 26) 468,608 123,335 75,288 95,049

655,566 193,985 95,050 113,774


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28. RAINBOW EXCHANGEABLE BONDS Pada 15 November 2006, Syarikat telah menerbitkan Rainbow Exchangeable Bonds (“REBs”) berjumlah RM150 juta pada 100%

nilai nominalnya yang terdiri daripada 2 siri seperti berikut:

(i) Siri I - sehingga RM15 juta REBs atau jumlah setara lain yang boleh ditukar kepada 4,792,333 atau bilangan saham- saham biasa yang sewajarnya dalam Road Builder (M) Holdings Berhad (“RBH”) (“Saham Pertukaran”); dan

(ii) Siri II - sehingga RM135 juta REBs atau jumlah setara lain yang boleh ditukar kepada 40,785,500 atau bilangan saham-

saham biasa yang sewajarnya dalam YTL Cement Berhad (“Saham Pertukaran”). REBs yang diterbitkan oleh Syarikat mempunyai ciri-ciri penting seperti berikut: (a) Tempoh pegangan untuk Siri I dan Siri II masing-masing adalah 5 dan 7 tahun. (b) Kedua-dua siri REBs tersebut membawa faedah atau kupon sebanyak lima peratus dan perlu dibayar dua kali

setahun secara terhutang dari tarikh penerbitan REBs, dengan bayaran kupon terakhir dibuat pada tarikh matang masing-masing.

(c) Setiap REB memberikan hak kepada pemegangnya untuk menukar satu Saham Pertukaran pada Harga Pertukaran yang

telah ditetapkan pada premium sebanyak 10% sehingga 30 % dari Harga Pasaran Wajaran untuk lima hari bagi Saham Pertukaran tersebut sebelum tarikh penentuan harga atau pada par, yang mana yang lebih tinggi pada bila-bila masa selepas persetujuan Suruhanjaya Sekuriti, untuk siri berkenaan pada bila-bila masa dalam Tempoh Pertukaran.

(d) Cagaran REBs adalah seperti berikut: (i) Opsyen-Beli yang dibuat oleh Penerbit Opsyen-Beli untuk membeli Saham Pertukaran dengan Harga Opsyen yang

dipersetujui, berdasarkan syarat dan terma di dalam perjanjian Opsyen-Belian. ; (ii) Deposit/cagaran Saham Pertukaran kepada Pemegang Amanah, untuk manfaat para pemegang REBs; (iii) Penyerahhakkan/cagaran Akaun Escrow, Disbursement Account (“DA”), dan Debt Service Reserve Account (“DRSA”),

berpihak kepada Pemegang Amanah untuk pemegang REBs; dan (iv) Penyerahhakkan hasil dalam Kemudahan Tunggusedia tak boleh mansuh daripada institusi kewangan (“Liquidity

Reserve Provider”) bersamaan dengan bayaran satu (1) kupon boleh dibayar dalam tempoh pegangan REBs, berpihak kepada Pemegang Amanah untuk pemegang REBs; atau

Jika tiada Kemudahan Tunggusedia dibuat, penyerahhakkan/cagaran untuk Liquidity Reserve Account (“LRA”), dimana jumlah bersamaan dengan bayaran satu (1) kupon semasa tempoh REBs mesti didepositkan.

(e) Harga Opsyen untuk Siri I and II adalah seperti berikut:

Siri I : jumlah tertunggak, terhutang atau bayaran oleh Syarikat kepada pemegang REBs berhubungan dengan Dokumen-Dokumen Transaksi, pada tarikh notis opsyen-jual seperti yang dirujuk di dalam Perjanjian Opsyen-Belian;

Siri II : jumlah tertunggak,terhutang atau bayaran oleh Syarikat kepada pemegang REBs berhubungan dengan

Dokumen-Dokumen Transaksi, pada tarikh notis opsyen-jual ditolak dengan jumlah berikut:- kemudahan tunggusedia yang diperoleh oleh Syarikat; dan- deposit tunai oleh Syarikat di dalam DRSA.


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28. RAINBOW EXCHANGEABLE BONDS (SAMB.) (f) REBs boleh ditebus oleh Penerbit pada tarikh tamat tempoh pegangan dengan kadar lebih kurang antara 122% dan

140% daripada Harga Terbitan Siri-siri. Walau bagaimanapun:

(i) REBs boleh ditukar pada bila-bila masa oleh pemegang REBs kepada Saham Pertukaran, dalam tempoh pegangan REBs;

(ii) REBs boleh ditebus oleh Penerbit selepas tarikh tamat tempoh tiga (3) tahun daripada tarikh terbitan REBs dan tertakluk

kepada harga pasaran Saham Pertukaran seperti yang diperdagangkan di Bursa Malaysia Securities Berhad paling kurang 130% dari Harga Pertukaran bagi Saham Pertukaran yang berkaitan;

(iii) Penerbit boleh pada bila-bila masa, membeli REBs dengan harga pasaran dari pasaran terbuka atau dengan perjanjian persendirian;

(iv) REBs boleh dibatalkan dan tidak boleh diterbitkan semula jika REBs telah ditukar kepada Saham Pertukaran oleh

pemegang REBs, ditebus oleh Penerbit selepas tahun ketiga dan/atau dibeli oleh penerbit di pasaran terbuka. REBs diambilkira dalam lembaran imbangan Kumpulan dan Syarikat seperti berikut: Kumpulan dan Syarikat 2007 2006 RM RM Nilai nominal - diterbitkan dan dibayar penuh Pada 1 Januari 150,000,000 - Diterbitkan dan dibayar penuh - 150,000,000 Pertukaran kepada Saham Pertukaran (89,000,000) -

Pada 31 Disember 61,000,000 150,000,000 Premium Penebusan Pada 31 Disember 3,485,714 1,068,052

Jumlah termasuk dalam pinjaman jangka panjang (Nota 26) 64,485,714 151,068,052 29. PEMIUTANG PERDAGANGAN Pemiutang perdagangan tidak dikenakan faedah dan syarat kredit perdagangan biasa yang diberikan kepada Kumpulan adalah antara 30 hingga 90 hari.


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30. LAIN-LAIN PEMIUTANG Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Jumlah terhutang kepada pihak berkaitan: Terhutang kepada pemegang saham korporat sebuah subsidiari 4,758,839 - - - Terhutang kepada syarikat subsidiari - - 9,217,764 - Terhutang kepada syarikat-syarikat berkaitan 1,053,531 242,862 - - Terhutang kepada perbadanan induk 1,796,473 1,542,296 - -

7,608,843 1,785,158 9,217,764 - Wang tahanan 787,856 1,055,301 - - Pemiutang lain 3,146,836 1,668,690 - - Akruan 2,206,569 3,216,253 329,401 297,050 Kupon untuk bon 254,166 958,333 254,166 958,333

14,004,270 8,683,735 9,801,331 1,255,383 Jumlah terhutang kepada pihak berkaitan adalah tidak dikenakan faedah dan perlu dibayar balik atas permintaan. Jumlah

tersebut tidak dijamin dan harus dibayar secara tunai.

31. MODAL SAHAM Bilangan Saham Biasa RM1 Setiap Satu Jumlah 2007 2006 2007 2006 RM RM Dibenarkan 1 Januari/31 Disember 500,000,000 500,000,000 500,000,000 500,000,000 Diterbitkan dan dibayar penuh 1 Januari/31 Disember 205,978,000 205,978,000 205,978,000 205,978,000 Pemegang saham biasa adalah berhak untuk menerima dividen seperti yang diisytiharkan dari masa ke semasa dan adalah

berhak untuk satu undi sesaham pada mesyuarat pemegang saham Syarikat. Saham-saham biasa adalah sama taraf dengan sisa aset Syarikat.


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32. CUKAI TERTUNDA Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Pada 1 Januari 3,672,424 3,594,385 - - Diiktiraf dalam penyata pendapatan (Nota 9) (3,598,546) 78,039 - -

Pada 31 Disember 73,878 3,672,424 - -

Dibentangkan selepas pelarasan sewajarnya seperti berikut: Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Aset cukai tertunda (2,489) - - - Liabiliti cukai tertunda 76,367 3,672,424 - -

73,878 3,672,424 - -

Komponen-komponen dan pergerakan liabiliti-liabiliti dan aset-aset cukai tertunda sepanjang tahun kewangan sebelum pelarasan adalah seperti berikut:

Liabiliti Cukai Tertunda bagi Kumpulan: Elaun Modal Dipercepatkan RM Pada 1 Januari 2007 3,672,424 Diiktiraf dalam penyata pendapatan (3,596,057)

Pada 31 Disember 2007 76,367 Pada 1 Januari 2006 3,594,385 Diiktiraf dalam penyata pendapatan 78,039

Pada 31 Disember 2006 3,672,424

Aset Cukai Tertunda bagi Kumpulan:

Pada 1 Januari 2007 - Diiktiraf dalam penyata pendapatan (2,489)

Pada 31 Disember 2007 (2,489)

Aset cukai tertunda tidak diiktiraf untuk item-item berikut: Kumpulan 2007 2006 RM RM Kerugian cukai belum diguna 7,937,309 19,452,982 Elaun modal belum diserap - 267,984

7,937,309 19,720,966

Kerugian cukai belum diguna boleh dilaras dengan keuntungan bercukai subsidiari-subsidiari yang berkenaan pada masa hadapan, tertakluk kepada tiada perubahan ketara dalam pemegang saham subsidiari-subsidiari tersebut dibawah Akta Cukai Pendapatan, 1967 dan garis panduan yang diterbitkan oleh pihak berkuasa percukaian.


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33. LIABILITI LUARJANGKA Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Tidak bercagar: Jaminan korporat bagi kemudahan yang diberikan kepada: - subsidiari-subsidiari - - 40,504,000 41,704,000 - syarikat berkaitan - 262,980 - - Jaminan bank 806,829 395,719 - - Bon prestasi 209,829 209,829 - - Perbezaan penilaian dengan Lembaga Hasil Dalam Negeri untuk tahun taksiran 1999 sehingga 2004 - 1,221,436 - -

1,016,658 2,089,964 40,504,000 41,704,000

34. URUSAN PENTING DENGAN PIHAK BERKAITAN

(a) Tambahan kepada urusniaga terperinci di dalam penyata kewangan, Kumpulan dan Syarikat mempunyai urusniaga yang berikut dengan pihak-pihak yang berkaitan sepanjang tahun kewangan:


Perbadanan induk - sewa pejabat dan caj perkhidmatan 508,316 483,514 - - Subsidiari-subsidiari - pendapatan faedah - - (2,390,478) (538,885) - pendapatan yuran pengurusan - - (540,000) (540,000) - pendapatan dividen kasar - - (13,797,595) (12,675,195) Belian insuran dari subsidiari - - 39,223 96,205

Kecuali pendapatan dividen, para pengarah berpendapat bahawa semua urusniaga di atas adalah dalam perjalanan biasa perniagaan dan berdasarkan syarat dan keadaan yang tidak mempunyai perbezaan yang ketara daripada urusniaga yang dilakukan dengan pihak-pihak yang tidak berkaitan.

(b) Pampasan kepada kakitangan pengurusan utama

Ganjaran para pengarah dan lain-lain ahli pengurusan utama adalah seperti berikut:

Kumpulan Syarikat 2007 2006 2007 2006 RM RM RM RM Manfaat jangka masa pendek pekerja 2,835,430 2,552,742 1,134,150 1,036,170 Manfaat selepas pekerjaan: - Pelan caruman tertentu 183,251 160,149 39,774 35,880 - Pelan manfaat tertentu 275,407 - - -

3,294,088 2,712,891 1,173,924 1,072,050


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34. URUSAN PENTING DENGAN PIHAK BERKAITAN (SAMB.)

(b) Pampasan kepada kakitangan pengurusan utama (Samb.)

Termasuk dalam jumlah kakitangan pengurusan utama adalah: Kumpulan Syariakt 2007 2006 2007 2006 RM RM RM RM

Ganjaran pengarah 1,677,806 1,329,430 1,173,924 1,072,050

35. INSTRUMEN KEWANGAN

(a) Polisi dan Objektif Pengurusan Risiko Kewangan

Polisi pengurusan risiko kewangan Kumpulan memastikan bahawa sumber kewangan yang mencukupi dapat diraihkan untuk pembangunan perniagaan Kumpulan di samping menguruskan risiko-risiko kadar faedah (kedua-dua nilai saksama dan aliran tunai), risiko kecairan dan risiko kredit. Lembaga Pengarah Kumpulan menyemak dan bersetuju polisi bagi menguruskan setiap risiko dan ianya diringkaskan di bawah. Di sepanjang tahun, adalah menjadi polisi Kumpulan untuk tidak melibatkan sebarang urusniaga berasaskan instrumen kewangan derivatif.

(b) Risiko Kadar Faedah

Kumpulan terdedah kepada risiko kadar faedah melalui kesan perubahan kadar ke atas pinjaman berfaedah dan aset berfaedah. Pelaburan dalam aset kewangan adalah berbentuk jangka pendek dan bukan untuk tujuan spekulasi, dan kebanyakannya adalah deposit tetap dengan institusi kewangan berlesen.

Kadar risiko faedah Kumpulan terutamanya terdiri daripada pinjaman berfaedah. Pinjaman pada kadar terapung mendedahkan Kumpulan kepada risiko kadar faedah aliran tunai. Pinjaman diperoleh pada kadar tetap mendedahkan Kumpulan kepada risiko kadar faedah nilai saksama. Kumpulan menguruskan risiko kadar faedah dengan mengimbang kadar pinjaman tetap dan terapung.

Jadual-jadual berikut menunjukkan nilai dibawa, purata wajaran kadar faedah berkesan (“PWKFB”) pada tarikh lembaran

imbangan dan baki kematangan instrumen kewangan Kumpulan yang terdedah kepada risiko kadar faedah: Lebih Nota PWKFB Dalam masa 1 - 2 Daripada % 1 Tahun Tahun 3 Tahun Jumlah RM RM RM RM

Pada 31 Disember 2007 Kumpulan Kadar tetap Pinjaman berjangka 26 8.72 (5,374,880) (3,838,025) (1,020,000) (10,232,905) Pemiutang sewabeli 27 4.81 (186,958) (225,006) (243,602) (655,566) Penerimaan jurubank 26 8.25 (274,000) - - (274,000) REBs 28 5.25 - - (64,485,714) (64,485,714) Kadar terapung Deposit tetap 24 3.45 19,259,850 - - 19,259,850 Overdraf bank 26 8.24 (19,051,147) - - (19,051,147) Kredit pusingan 26 5.47 (6,500,000) - - (6,500,000)


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35. INSTRUMEN KEWANGAN (SAMB.) (b) Risiko Kadar Faedah (Samb.) Lebih Nota PWKFB Dalam masa 1 - 2 Daripada % 1 Tahun Tahun 3 Tahun Jumlah RM RM RM RM

Pada 31 Disember 2007 Syarikat Kadar tetap Terhutang oleh syarikat subsidiari 21 6.00 27,146,414 - - 27,146,414 Pemiutang sewabeli 27 4.87 (19,762) (20,799) (54,489) (95,050) REBs 28 5.25 - - (64,485,714) (64,485,714) Pada 31 Disember 2006 Kumpulan Kadar Tetap Pinjaman berjangka 26 8.47 (6,082,110) (1,745,628) - (7,827,738) Pemiutang sewabeli 27 5.25 (70,650) (80,615) (39,424) (190,689) Penerimaan jurubank 26 8.25 (520,000) - - (520,000) REBs 28 5.25 - - (151,068,052) (151,068,052) Kadar terapung Deposit tetap 24 3.47 7,871,390 - - 7,871,390 Overdraf bank 26 6.63 (6,340,105) - - (6,340,105) Kredit pusingan 26 8.58 (12,500,000) - - (12,500,000) Syarikat Kadar tetap Terhutang oleh syarikat subsidiari 21 6.00 71,124,327 - - 71,124,327 Pemiutang sewabeli 27 4.87 (18,725) (55,625) (39,424) (113,774) REBs 28 5.25 - - (151,068,052) (151,068,052) Faedah atas instrumen kewangan yang tertakluk kepada kadar faedah terapung, ditetapkan semula secara kontrak pada

jangka masa kurang dari 6 bulan dan tahunan. Faedah atas instrumen kewangan yang tertakluk kepada kadar tetap adalah tetap sehingga instrumen matang. Instrumen kewangan lain Kumpulan dan Syarikat yang tidak termasuk dalam jadual di atas, adalah tidak tertakluk kepada risiko kadar faedah.

(c) Risiko Kecairan

Kumpulan menguruskan profil kematangan hutang, aliran wang tunai dari kegiatan kendalian dan kemudahan dana untuk memastikan kesemua keperluan kewangan, bayaran balik dan dana dapat dipenuhi. Sebagai sebahagian daripada keseluruhan pengurusan kecairan, Kumpulan menetapkan tahap tunai dan pelaburan boleh tukar tunai yang mencukupi untuk memenuhi keperluan modal kerja. Tambahan pula, Kumpulan tegas dalam pengekalan keupayaan kemudahan kewangan pada tahap yang memuaskan. Sejauh yang boleh, Kumpulan meraih dana komited dari kedua-dua pasaran modal dan institusi kewangan dan mengimbangkan portfolionya dengan dana jangka pendek untuk mencapai kos efektif yang menyeluruh.


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35. INSTRUMEN KEWANGAN (SAMB.)

(d) Risiko Kredit

Pendedahan utama risiko kredit bagi Kumpulan adalah daripada penghutang perdagangan. Kumpulan hanya menjalankan urusniaga dengan pihak-pihak yang mempunyai status kredit yang baik. Adalah menjadi polisi bagi Kumpulan untuk memastikan setiap urusniaga kredit yang akan dilakukan melalui prosedur pengesahan kredit. Di samping itu, baki terhutang diawasi secara berterusan untuk memastikan pendedahan Kumpulan kepada hutang lapuk tidak ketara. Syarat perdagangan secara kredit tidak akan ditawarkan sebelum mendapat kelulusan daripada Bahagian Kawalan Kredit. Disebabkan oleh urusniaga dijalankan dengan pihak yang mempunyai kedudukan kredit yang baik, tiada sebarang cagaran diperlukan

Risiko kredit Kumpulan untuk lain-lain aset kewangan, yang terdiri daripada tunai dan kesetaraan tunai, sekuriti boleh pasar dan pelaburan bukan semasa, yang mungkin berlaku akibat kemungkiran oleh pihak bertimbal, dengan pendedahan maksimumnya adalah bersamaan dengan nilai dibawa aset-aset kewangan tersebut

Kumpulan tidak mempunyai sebarang pendedahan yang ketara kepada mana-mana pelanggan individu atau pihak terbabit dan tidak mempunyai sebarang penumpuan risiko kredit yang tinggi berkaitan dengan aset-aset kewangannya.

(e) Nilai Saksama

Nilai pembawa aset kewangan dan liabiliti Kumpulan dan Syarikat pada tarikh lembaran imbangan adalah hampir menyamai nilai saksama kecuali yang berikut:

Nilai Nilai Nota Bawaan Saksama RM RM

Kumpulan

Pada 31 Disember 2007: Sekuriti boleh pasar 23 67,803,643 159,478,231 Pinjaman berjangka 26 10,232,905 8,976,376 Pemiutang sewabeli 27 655,566 773,519 REBs 28 64,485,714 76,908,800

Pada 31 Disember 2006: Sekuriti boleh pasar 23 163,743,367 267,799,948 Pinjaman berjangka 26 7,827,738 7,078,167 Pemiutang sewabeli 27 193,985 273,216 REBs 28 151,068,052 190,962,428

Syarikat

Pada 31 Disember 2007: Sekuriti boleh pasar 23 15,614,022 15,614,022 Pemiutang sewabeli 27 95,050 111,762 REBs 28 64,485,714 76,908,800

Pada 31 Disember 2006: Sekuriti boleh pasar 23 47,000,000 38,994,832 Pemiutang sewabeli 27 113,774 131,462 REBs 28 151,068,052 190,962,428

Nilai saksama bagi pinjaman dianggarkan dengan mendiskaunkan jangkaan aliran tunai masa hadapan dengan menggunakan kadar faedah semasa bagi liabiliti yang mempunyai profil risiko yang sama.

Kaedah dan andaian yang digunakan oleh pihak pengurusan untuk menganggarkan nilai saksama sekuriti boleh pasar adalah dengan merujuk kepada harga bida pasaran disebut di pasaran pertukaran saham ketika penutupan perniagaan pada tarikh lembaran imbangan.


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36. PERISTIWA-PERISTIWA PENTING (a) Lanjutan daripada Perjanjian Usahasama yang telah ditandatangani pada 28 Januari 2006, Syarikat telah membeli

800,000 saham biasa RM1 setiap satu mewakili 70% kepentingan ekuiti dalam Bentong Aquarium & Sanctuary Park Sdn. Bhd. (“BASPSB”) untuk jumlah balasan belian sebanyak RM800,000 dalam tahun kewangan.

(b) Pada 20 Jun 2007, sebuah subsidiari Syarikat, Pasdec Trading Sdn. Bhd. telah ditubuhkan dengan modal diterbitkan dan dibayar penuh sebanyak RM2.

(c) Pada 26 Julai 2007, Syarikat telah memindahkan seluruh pelaburannya di dalam Pahang Aircraft Industries Sdn. Bhd.

kepada sebuah subsidiari, Mutiara Pasdec Sdn. Bhd. untuk balasan RM2 mewakili 2 saham biasa dalam Pahang Aircraft Industries Sdn. Bhd..

(d) Pada 3 Disember 2007, Pasdec Corporation Sdn. Bhd. telah memasuki satu Perjanjian Jual Beli bersyarat dengan Mentiga

Corporation Berhad untuk pembelian sebidang tanah dengan anggaran ukuran 28.98 ekar di Mukim Kuala Kuantan, Daerah Kuantan, Pahang Darul Makmur untuk jumlah bayaran belian sebanyak RM9,856,457. Pada 31 Disember 2007, Syarikat telah membayar deposit sebanyak RM851,960 untuk tanah tersebut.

(e) Dalam tahun kewangan, sebidang tanah milik sebuah subsidiari, Pasdec Pintas Sdn. Bhd. (“PPSB”) telah dilelong tanpa

pengetahuan Lembaga Pengarah PPSB dan Syarikat.

Sebelum pembelian PPSB (sebelumnya dikenali sebagai Lancar Pintas Sdn. Bhd.) dalam tahun 1997 oleh Syarikat, PPSB telah memasuki satu perjanjian jual beli dengan bakal-bakal pembeli lot-lot kedai yang akan dibina oleh PPSB.

Dalam tahun 2005, dua daripada bakal-bakal pembeli tersebut telah mengambil tindakan undang-undang terhadap PPSB kerana kegagalan memulakan dan membina lot-lot kedai tersebut. Saman yang dihantar ke alamat yang bukan merupakan alamat berdaftar atau perniagaan PPSB telah menyebabkan PPSB tidak sedar tentang tindakan undang-undang tersebut.

Pihak plaintif telah berjaya mendapatkan penghakiman engkar kehadiran dan seterusnya melelong tanah tersebut dalam tahun 2007 pada harga RM2,660,000. Pemindahan hak milik kepada pembeli telah disempurnakan dalam tahun 2007.

Para pengarah PPSB berpendapat bahawa adanya unsur penipuan yang terselindung di sebalik kejadian ini dan telah memulakan tindakan undang-undang terhadap pihak yang berkenaan.

Berikutan dengan itu, peruntukan kerugian rosotnilai sebanyak RM20,116,367 terhadap tanah tersebut telah dibuat di dalam buku PPSB bagi tahun kewangan berakhir 31 Disember 2007.

(f) Dalam tahun kewangan, kesemua RM15 juta nilai nominal Rainbow Exchangeable Bonds (“REBs”) dari Siri I dan RM74 juta daripada RM135 juta nilai nominal REBs di bawah Siri II telah ditebus.


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37. PERISTIWA-PERISTIWA SUSULAN

(a) Bermula 1 Januari 2008, subsidiari Syarikat, Pasdec Bina Sdn. Bhd. telah memindahkan semua kegiatannya yang berkaitan dengan perniagaan bahan-bahan binaan kepada Pasdec Trading Sdn. Bhd. dan kegiatan yang berkaitan dengan penyewaan mesin telah diberhentikan.

(b) Susulan kepada tahun berakhir, RM11 juta nilai nominal Rainbow Exchangeable Bonds (“REBs”) daripada Siri II telah ditebus.

38. ANGKA-ANGKA PERBANDINGAN

Berikut adalah jumlah perbandingan pada 31 Disember 2007 yang telah dikelaskan semula menurut pengemukaan tahun semasa:

Sebagaimana Sebagaimana Dinyatakan Dinyatakan

Sebelumnya Perubahan Semula RM RM RM Lembaran Imbangan Pada 31 Disember 2006 Kos pembangunan hartanah 87,986,168 1,481,754 89,467,922 Pemiutang perdagangan (20,906,224) (1,481,754) (22,387,978) 39. MAKLUMAT SEGMEN

(a) Format Laporan

Format laporan segmen utama ditentukan berdasarkan segmen perniagaan disebabkan risiko dan kadar pulangan Kumpulan secara prinsipalnya dipengaruhi oleh kelainan dalam jenis produk dan perkhidmatan yang diberikan. Informasi peringkat kedua dilaporkan secara geografi. Operasi perniagaan diaturkan dan diuruskan berasingan berdasarkan jenis produk dan perkhidmatan yang diberikan, dengan setiap segmen mewakili unit strategi perniagaan yang menawarkan produk berbeza dan untuk tujuan pasaran berlainan.

(b) Segmen Perniagaan

Organisasi Kumpulan secara keseluruhannya terbahagi kepada segmen-segmen perniagaan utama: (i) Pemegang pelaburan - penyediaan perkhidmatan pengurusan; (ii) Pembangunan hartanah - pembangunan hartanah perumahan dan komersil; (iii) Perdagangan - dalam bahan-bahan binaan; (iv) Pengilangan - pembuatan dan jualan batu-bata; dan (v) Pembinaan - pembangunan hartanah perumahan dan komersil.

Tiada laporan segmen berdasarkan geografi disediakan kerana aktiviti-aktiviti Kumpulan hanya dijalankan di Malaysia.


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96)

(3,42

2,630

)

Keun

tunga

n bag

i tahu

n

26

,404,3

39

1,25

0,907

Ke

penti

ngan

mino

riti

5,19

9,275

(1

11,92

0)

Keun

tunga

n sele

pas c

ukai

31

,603,6

14

1,13

8,987

Aset

As

et se

gmen

29

0,472

,551

374,4

53,14

1 49

2,409

,767

512,5

12,68

7 6,

641,0

98

1,95

5,320

2,

302,4

89

2,00

7,323

9,

552,3

93

9,86

4,533

80

1,378

,298

900,7

93,00

4 (2

94,28

7,948

) (34

6,440

,499)

507,0

90,35

0 55

4,352

,505

Pelab

uran d

alam

sya

rikat b

ersek

utu

-

-

1,20

0,000

1,

200,0

00

-

-

-

-

-

-

1,20

0,000

1,

200,0

00

2,41

3,951

2,

665,0

68

3,61

3,951

3,

865,0

68

Jum

lah a

set

510,7

04,30

1 55

8,217

,573

Liabil

iti Lia

biliti

segm

en

66,05

1,892

15

3,324

,770

295,2

45,81

1 33

0,843

,739

6,51

3,431

1,

786,3

44

4,12

8,001

2,

958,5

33

8,29

1,002

9,

012,0

28

380,2

30,13

7 49

7,925

,414

(234

,071,4

24) (

281,5

92,86

6) 14

6,158

,713

216,3

32,54

8

Ma

klum

at la

in Pe

rbela

njaan

mod

al

-

-

1,16

0,663

70

,900

28,19

9 71

9 84

5,511

68

0 22

,405

3,62

7 2,

056,7

78

75,92

6 -

-

2,

056,7

78

75,92

6 Su

sutni

lai ha

rtana

h,

loji d

an p

eralat

an

17,36

4 17

,365

739,9

70

716,7

35

10,56

8 3,

204

141,3

88

217,1

56

11,60

1 16

,167

920,8

91

970,6

27

-

-

920,8

91

970,6

27

Susu

tnilai

pela

bura

n har

tana

h

-

-

166,0

57

39,96

8 -

-

-

-

-

-

16

6,057

39

,968

-

-

166,0

57

39,96

8 Ro

sotni

lai d

iiktira

f dala

m

pe

nyat

a pe

ndap

atan

3,

750,0

50

279,5

59

24,79

5,333

-

-

-

17

9,091

-

-

-

28

,724,4

74

279,5

59

(3,41

9,957

) (2

79,55

9) 25

,304,5

17

- Ke

rugian

roso

tnilai

baik

pulih

(1

,651,8

31)

(76,1

59)

(243

,600)

(152

,066)

-

(567

) -

-

-

(2

,863)

(1,89

5,431

) (2

31,65

5) 1,

651,8

31

76,15

9 (2

43,60

0) (1

55,49

6)La

in-lai

n perb

elanja

an

bu

kan t

unai:

Perun

tukan

-

48

,690

9,66

8,372

26

8,225

14

7,148

-

-

-

16

1,527

-

9,

977,0

47

316,9

15

(4,18

8,960

) (4

8,690

) 5,

788,0

87

268,2

25

Tam

baha

n dala

m lia

biliti

ta

nggu

ngan

man

faat

terte

ntu

-

-

590,4

41

478,1

68

-

-

-

-

-

-

590,4

41

478,1

68

-

-

590,4

41

478,1

68

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ANALYSIS OF SHAREHOLDINGS As At 30 April 2008

ANALISA PEMEGANG SAHAM Pada 30 April 2008

Authorised Share Capital/Modal Saham Dibenar : RM500,000,000

Issued and Paid-up Capital/Modal Diterbitkan dan Berbayar : RM205,978,000

Class of Shares/Jenis Saham : Ordinary Shares of RM1.00 each / Saham Biasa RM1.00 setiap satu

Voting Rights/Hak Mengundi : One vote per shareholder on a show of hands or one vote per ordinary share on a poll / Satu undi bagi setiap pemegang saham dengan mengangkat tangan atau satu undi bagi setiap saham biasa dengan cara mengundi

Analysis by Size of Shareholdings/Analisa Mengikut Saiz Pegangan Saham

Size Of Shareholdings No. Of Shareholders No. Of Shares Saiz Pegangan Saham Bil. Pemegang Saham % Bil. Saham %

1 - 99 5 0.09 161 0.00100 - 1000 1,985 35.03 1,962,972 0.951001 - 10000 2,882 50.86 12,624,684 6.1310001 - 100000 703 12.41 20,937,933 10.17100001 – 10298899 (*) 88 1.55 35,163,200 17.0710298900 and above (**) 3 0.05 135,289,050 65.68

Total/Jumlah 5,666 100.00 205,978,000 100.00

Remarks / Nota:

* Less than 5% issued shares/Tidak melebihi 5% daripada saham diterbitkan** 5% and above of issued shares/Melebihi 5% daripada saham diterbitkan

Substantial Shareholders (Excluding Bare Trustees)/Para Pemegang Saham Utama (Kecuali Bare Trustees

Name/Nama Direct/ Langsung Indirect/ Tidak Langsung No. Of Shares Held/ No. Of Shares Held/ Bil. Pegangan Saham % Bil. Pegangan Saham %

Perbadanan Kemajuan Negeri Pahang 106,395,650(1) 51.65 - -

Ciri Ehsan Sdn. Bhd. 18,563,800 9.01 - -

Hong Leong Fund Management Sdn. Bhd. for Pembinaan Sri Jati Sdn. Berhad 15,806,600 7.67 - -

Notes / Nota:-

(1) Inclusive of 4,300,000 ordinary shares held by nominee company, AIBB Nominees (Tempatan) Sdn. Bhd., whereby Perbadanan Kemajuan Negeri Pahang is the beneficial owner.

Termasuk 4,300,000 saham biasa yang dipegang oleh syarikat nominee, AIBB Nominees (Tempatan) Sdn. Bhd. yang mana Perbadanan Kemajuan Negeri Pahang merupakan pemegang saham benefisiari.

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List Of 30 Largest Shareholders/Senarai 30 Pemegang Saham Terbesar

No. Name No. Of Shares Bil Nama Bil. Saham %

1. Perbadanan Kemajuan Negeri Pahang 100,918,650 48.992. Ciri Ehsan Sdn. Bhd. 18,563,800 9.013. HLG Nominee (Tempatan) Sdn. Bhd. - Hong Leong Fund Management Sdn. Bhd. for Pembinaan Sri Jati Sdn. Berhad 15,806,600 7.674. Amanah Raya Nominees (Tempatan) Sdn. Bhd. - Skim Amanah Saham Bumiputera Permodalan Nasional Berhad 5,000,000 2.435. AIBB Nominees (Tempatan) Sdn. Bhd. - Perbadanan Kemajuan Negeri Pahang 4,300,000 2.096. Yeoh Kean Hua 2,140,000 1.047. Ke-Zan Nominees (Asing) Sdn. Bhd. - Kim Eng Securities Pte. Ltd. for Horizon Growth Fund N.V. 1,969,500 0.968. Perbadanan Kemajuan Negeri Pahang 1,177,000 0.579. Feab Properties Sdn. Bhd. 1,000,000 0.4910. Ciptaan Meriang Sdn. Bhd. 965,700 0.4711. Poo Choo @ Ong Poo Choi 905,900 0.4412. Zenith Aim Sdn. Bhd. 867,900 0.4213. Chuah Chew Hing 756,500 0.3714. Teh Bee Gaik 740,000 0.3615. Tan Kian Chuan 590,100 0.2916. Tew Kim Thin 520,000 0.2517. OSK Nominees (Tempatan) Sdn. Berhad - Pledged Securities A/C for Tan Gaik Suan 430,000 0.2118. Yeoh Meng Ghee 410,000 0.2019. Citigroup Nominees (Tempatan) Sdn. Bhd. - Pledged Securities A/C for Pheng Yin Huah 400,000 0.1920. ECML Nominees (Tempatan) Sdn. Bhd. - Pledged Securities A/C for Koo Tang Liang @ Koo Chee Meng 399,900 0.1921. Yeoh Phek Leng 371,000 0.1822. Yeoh Swee Leng 360,000 0.1723. Public Invest Nominees (Tempatan) Sdn. Bhd. - Pledged Securities A/C for Liew Fui Ngo 356,000 0.1724. Tan Kian Aik 318,500 0.1525. Mayban Nominees (Tempatan) Sdn. Bhd. - Pledged Securities A/C for Koay Boon Hooi 301,000 0.1526. Tan Suat Yong 300,000 0.1527. Yayasan Selangor 300,000 0.1528. TCL Nominees (Tempatan) Sdn. Bhd. - Pledged Securities A/C for Chin Kiam Hsung 290,500 0.1429. Public Nominees (Tempatan) Sdn. Bhd. - Pledged Securities A/C for Tan Teang Yam 260,000 0.1330. Mohd Fauzi bin Mohd Anuar 250,000 0.12

Total/Jumlah 160,968,550 78.15

Directors’ Interest In The Company Or In A Related Corporation/Kepentingan Para Pengarah Di Dalam Syarikat Atau Syarikat Berkaitan

No. Name Direct/ Langsung Indirect/ Tidak LangsungBil Nama No. Of Shares Held/ No. Of Shares Held/ Bil. Pegangan Saham % Bil. Pegangan Saham %

1. Dato’ Sri Haji Adnan bin Haji Yaakob - - - -2. Dato’ Abdul Ghani bin Sulaiman - - - -3. Yusof Ali bin Haji Mohamed Zain - - - -4. Dato’ Haji Lias bin Mohd Noor - - - -5. Dato’ Hamdan bin Jaafar - - - -6. Dato’ Haji Mohamd Nor bin Ali - - - -7. Majid bin Mohamad - - - -8. Dato’ Mohamed Amin bin Haji Daud - - - -9. Dato’ Sri Khalid bin Mohamad Jiwa - - - -10. Abdullah bin A. Rasol - - - -

ANALYSIS OF SHAREHOLDINGS As At 30 April 2008

ANALISA PEMEGANG SAHAM Pada 30 April 2008

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DESCRIPTIONOF AGEOF BUILT-UP LAND NETBOOKVALUE@

PROJET/TITLE/LOCATION TENURE PROPERTY/ BUILDING AREAS AREA 31.12.2007

EXISTINGUSE (YEARS) (M.S.Q) (ACRES) (RM)

PROJEK/HAKMILIK/LOKASI PEGANGAN JENISHARTANAH/ USIA KELUASAN KAWASAN NILAIBUKUBERSIH@

KEGUNAANSEMASA BANGUNAN KAWASAN TANAH 31.12.2007

(TAHUN) (MPS) (EKAR) (RM)

LIST OF PROPERTIES As at 31 December 2007

PEGANGAN HARTANAH Pada 31 Disember 2007

KUANTAN

(Properties/Landbank)

1 KompleksTeruntum Leasehold(99yrs) Building/Commercial

Lot2.15 22years 0.01 0.38 1,542,051

Lot2.16 “ 0.01

Lot3.13-3.15 “ 0.14

LotG-20 “ 0.02

19thfloor “ 0.20

PN398Lot146Sek.18(Mastertitle) Leasehold(99yrs) Building/Commercial

BandarKuantan,DaerahKuantan Expiring08.06.2075 (2.10Ac.)

(ProjectOnplanning)

2 HS(M)26538/PT.29080(MedanJaja-BIM) Leasehold(99yrs) Vacantland/ - - 0.31 59,183

MukimKualaKuantan,DaerahKuantan Expiring27.09.2091 Building/Commercial

3 ProjectPhg.CementS.B.(forhousing) (Properties/Landbank)

HS(D)15538/PT.992 Leasehold(99yrs) Vacantland/ - - 49.42 427,820

MukimUluKuantan,DaerahKuantan Expiring03.06.2095 Building/Residential

4 ProjectMahkotaSquare (Properties/Landbank)

PN1872Lot40Sek.5 Leasehold(99yrs) Vacantland/ - - 1.04 6,193,531

BandarKuantan,DaerahKuantan Expiring31.03.2081 Building/Commercial

5 ProjectKuantanWaterfront (ProjectOnplanning)

HS(D)313/PT.4332(MedanPelancung) Leasehold(99yrs) Commercial 30years 1.68 2.40 1,551,601

BandarKuantan,DaerahKuantan Expiring23.04.2072 (ShopLots)

6 WorkshopsJayaGading(24Lots) (ProjectOngoing)

HS(D)7677PT.15310 Leasehold(99yrs) Vacantland/ - 387.22mp. 0.96 1,611,704

HS(D)7678PT.15311 Expiring28.12.2096 Industries 148.64mp.

HS(D)7679PT.15312 148.64mp.

HS(D)7680PT.15313 148.64mp.

HS(D)7681PT.15314 148.64mp.

HS(D)7682PT.15315 148.64mp.

HS(D)7683PT.15316 148.64mp.

HS(D)7684PT.15317 148.64mp.

HS(D)7685PT.15318 148.64mp.

HS(D)7686PT.15319 148.64mp.

HS(D)7687PT.15320 148.64mp.

HS(D)7688PT.15321 148.64mp.

HS(D)7689PT.15322 372.33mp.

HS(D)7690PT.15323 148.64mp.

HS(D)7691PT.15324 148.64mp.

HS(D)7692PT.15325 148.64mp.

HS(D)7693PT.15326 148.64mp.

HS(D)7694PT.15327 148.64mp.

HS(D)7695PT.15328 148.64mp.

HS(D)7696PT.15329 148.64mp.

HS(D)7697PT.15330 148.64mp.

HS(D)7698PT.15331 148.64mp.

HS(D)7699PT.15332 148.64mp.

HS(D)7700PT.15333 390.30mp.

MukimKualaKuantan,DaerahKuantan

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7 ProjectBandarBaruGebeng(BalokPerdana) - 17,284,930

PN.4500Lot9730(HS(D)20038)(Zon4) Leasehold(99yrs) Vacantland/ 5.91Ha. 14.60

PN.4501Lot9731(HS(D)20039)(Zon6) Expiring16.01.2099 Building/Residential 13.44Ha. 33.20

PN.7467Lot11083[HS(D)23612](Zon3A2) 143,000.00mp. 35.34

HS(D)23613PT.9311(Zon3A1) 27,204.00mp. 6.72

PN.6974Lot11085[HS(D)23614](Zon2A1) (FoodCourt) 7,593.00mp. 1.88

PN.6975Lot11086[HS(D)23615](Zon2A2) (Commercial) 73,660.00mp. 18.20

HS(D)23616PT.9314(Zon2B-Comm.) (Commercial) 134,299.00mp. 33.19

HS(D)23617PT.9315(Zon2C-Comm.) (Commercial) 10,497.00mp. 2.59

HS(D)24230PT.10863(Zon5) 58,772.764mp. 14.52

MukimSg.Karang,DaerahKuantan

8 ProjectBalokPerdana(Zon1F3-Bayan) (ProjectOngoing)

HS(D)23787PT.9485 Leasehold(99yrs) Vacantland/ 287.00mp. 0.69

HS(D)23788PT.9846 Expiring16.01.2099 Building/Residential 130.00mp.

HS(D)23789PT.9847 130.00mp.

HS(D)23790PT.9488 130.00mp.

HS(D)23791PT.9489 130.00mp.

HS(D)23792PT.9490 130.00mp.

HS(D)23793PT.9491 130.00mp.

HS(D)23794PT.9492 130.00mp.

HS(D)23795PT.9493 163.00mp.

HS(D)23796PT.9494 163.00mp.

HS(D)23797PT.9495 130.00mp.

HS(D)23798PT.9496 130.00mp.

HS(D)23799PT.9497 130.00mp.

HS(D)23800PT.9498 130.00mp.

HS(D)23801PT.9499 130.00mp.

HS(D)23802PT.9500 130.00mp.

HS(D)23803PT.9501 130.00mp.

HS(D)23804PT.9502 355.00mp.


9 ProjectBalokPerdana(Zon3C) (ProjectOngoing)

HS(D)24139PT.9837 Leasehold(99yrs) Vacantland/ 288.00mp. 3.69


HS(D)24143PT.9841 130.00mp.

HS(D)24145PT.9843 130.00mp.

HS(D)24147PT.9845 130.00mp.

HS(D)24149PT.9847 130.00mp.

HS(D)24150PT.9848 156.00mp.

HS(D)24152PT.9850 249.00mp.

HS(D)24153PT.9851 Leasehold(99yrs) Vacantland/ 156.00mp.


HS(D)24155PT.9853 130.00mp.

HS(D)24156PT.9854 130.00mp.

HS(D)24157PT.9855 130.00mp.

HS(D)24158PT.9856 130.00mp.

HS(D)24159PT.9857 130.00mp.

HS(D)24160PT.9858 130.00mp.

HS(D)24161PT.9859 130.00mp.

HS(D)24162PT.9860 156.00mp.









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HS(D)24163PT.9861 378.00mp.

HS(D)24165PT.9863 156.00mp.

HS(D)24168PT.9866(Zon3C) 130.00mp.

HS(D)24169PT.9867 130.00mp.

HS(D)24170PT.9868 130.00mp.

HS(D)24171PT.9869 130.00mp.

HS(D)24172PT.9870 130.00mp.

HS(D)24175PT.9873 278.00mp.

HS(D)24176PT.9874(Zon3C) 1,907.00mp.

HS(D)24177PT.9875 288.00mp.

HS(D)24178PT.9876 156.00mp.

HS(D)24179PT.9877 143.00mp.

HS(D)24180PT.9878 143.00mp.

HS(D)24181PT.9879 143.00mp.

HS(D)24182PT.9880 156.00mp.

HS(D)24183PT.9881 288.00mp.

HS(D)24184PT.9882 304.00mp.

HS(D)24185PT.9883 156.00mp.

HS(D)24186PT.9884 143.00mp.

HS(D)24187PT.9885 143.00mp.

HS(D)24191PT.9889 399.00mp.

HS(D)24192PT.9890 156.00mp.

HS(D)24193PT.9891 143.00mp.

HS(D)24194PT.9892 143.00mp.

HS(D)24195PT.9893 143.00mp.

HS(D)24196PT.9894 143.00mp.

HS(D)24197PT.9895 143.00mp.

HS(D)24198PT.9896 143.00mp.

HS(D)24199PT.9897 156.00mp.

HS(D)24200PT.9898 190.00mp.

HS(D)24201PT.9899 368.00mp.

HS(D)24202PT.9900 156.00mp.

HS(D)24203PT.9901 143.00mp.

HS(D)24204PT.9902 143.00mp.

HS(D)24205PT.9903 143.00mp.

HS(D)24206PT.9904 143.00mp.

HS(D)24207PT.9905 143.00mp.

HS(D)24208PT.9906 143.00mp.

HS(D)24209PT.9907 156.00mp.

HS(D)24210PT.9908 190.00mp.

HS(D)24211PT.9909 190.00mp.

HS(D)24212PT.9910 156.00mp.

HS(D)24213PT.9911 143.00mp.

HS(D)24214PT.9912 143.00mp.

HS(D)24215PT.9913 143.00mp.

HS(D)24216PT.9914 143.00mp.

HS(D)24217PT.9915 143.00mp.

HS(D)24218PT.9916 143.00mp.

HS(D)24219PT.9917 156.00mp.

HS(D)24220PT.9918 302.00mp.

HS(D)24221PT.9919 337.00mp.

HS(D)24222PT.9920 156.00mp.









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HS(D)24223PT.9921 143.00mp.

HS(D)24224PT.9922 143.00mp.

HS(D)24225PT.9923 143.00mp.

HS(D)24226PT.9924 143.00mp.

HS(D)24227PT.9925 143.00mp.

HS(D)24228PT.9926 156.00mp.

HS(D)24229PT.9927(Zon3C) 255.00mp.


10 ProjectChendorUtama (ProjectOngoing) - - 8,139,655

PN4828Lot10093(HS(D)20789) Leasehold(99yrs) Vacantland/

MukimSg.Karang,DaerahKuantan Expiring30.09.2100 Building/Residential

HS(D)27730PT.11494 360.00mp. 7.35

HS(D)27731PT.11495 300.00mp.

HS(D)27732PT.11496 265.00mp.

HS(D)27733PT.11497 265.00mp.

HS(D)27734PT.11498 265.00mp.

HS(D)27735PT.11499 265.00mp.

HS(D)27736PT.11500 265.00mp.

HS(D)27737PT.11501 265.00mp.

HS(D)27738PT.11502 290.00mp.

HS(D)27739PT.11503 361.00mp.

HS(D)27740PT.11504 343.00mp.

HS(D)27741PT.11505 275.00mp.

HS(D)27742PT.11506 265.00mp.

HS(D)27743PT.11507 265.00mp.

HS(D)27744PT.11508 265.00mp.

HS(D)27745PT.11509 265.00mp.

HS(D)27746PT.11510 265.00mp.

HS(D)27747PT.11511 265.00mp.

HS(D)27748PT.11512 300.00mp.

HS(D)27749PT.11513 370.00mp.

HS(D)27750PT.11514 482.00mp.

HS(D)27751PT.11515 276.00mp.

HS(D)27752PT.11516 284.00mp.

HS(D)27753PT.11517 297.00mp.

HS(D)27754PT.11518 310.00mp.

HS(D)27755PT.11519 322.00mp.

HS(D)27756PT.11520 335.00mp.

HS(D)27757PT.11521 404.00mp.

HS(D)27758PT.11522 536.00mp.

HS(D)27759PT.11523 627.00mp.

HS(D)27760PT.11524 509.00mp.

HS(D)27761PT.11525 329.00mp.

HS(D)27762PT.11526 316.00mp.

HS(D)27763PT.11527 441.00mp.

HS(D)27764PT.11528 436.00mp.

HS(D)27765PT.11529 504.00mp.

HS(D)27838PT.11602 338.00mp.

HS(D)27839PT.11603 275.00mp.

HS(D)27840PT.11604 260.00mp.

HS(D)27841PT.11605 260.00mp.









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HS(D)27842PT.11606 260.00mp.

HS(D)27843PT.11607 260.00mp.

HS(D)27844PT.11608 260.00mp.

HS(D)27845PT.11609 260.00mp.

HS(D)27846PT.11610 260.00mp.

HS(D)27847PT.11611 260.00mp.

HS(D)27848PT.11612 260.00mp.

HS(D)27849PT.11613 260.00mp.

HS(D)27850PT.11614 260.00mp.

HS(D)27851PT.11615 260.00mp.

HS(D)27852PT.11616 260.00mp.

HS(D)27853PT.11617 260.00mp.

HS(D)27854PT.11618 260.00mp.

HS(D)27855PT.11619 260.00mp.

HS(D)27856PT.11620 260.00mp.

HS(D)27857PT.11621 260.00mp.

HS(D)27858PT.11622 260.00mp.

HS(D)27859PT.11623 260.00mp.

HS(D)27860PT.11624 275.00mp.

HS(D)27861PT.11625 338.00mp.

HS(D)27862PT.11626 502.00mp.

HS(D)27863PT.11627 429.00mp.

HS(D)27864PT.11628 429.00mp.

HS(D)27865PT.11629 591.00mp.

HS(D)27866PT.11630 366.00mp.

HS(D)27867PT.11631 293.00mp.

HS(D)27868PT.11632 293.00mp.

HS(D)27869PT.11633 293.00mp.

HS(D)27870PT.11634 293.00mp.

HS(D)27871PT.11635 454.00mp.

HS(D)27872PT.11636 495.00mp.

HS(D)27873PT.11637 293.00mp.

HS(D)27874PT.11638 293.00mp.

HS(D)27875PT.11639 293.00mp.

HS(D)27876PT.11640 293.00mp.

HS(D)27877PT.11641 293.00mp.

HS(D)27878PT.11642 293.00mp.

HS(D)27879PT.11643 293.00mp.

HS(D)27880PT.11644 293.00mp.

HS(D)27881PT.11645 293.00mp.

HS(D)27882PT.11646 542.00mp.

HS(D)27883PT.11647 300.00mp.

HS(D)27884PT.11648 260.00mp.

HS(D)27885PT.11649 260.00mp.

HS(D)27886PT.11650 290.00mp.

HS(D)27887PT.11651 354.00mp.

HS(D)27888PT.11652 386.00mp.

HS(D)27889PT.11653 322.00mp.

HS(D)27890PT.11654 322.00mp.

HS(D)27891PT.11655 584.00mp.

HS(D)27893PT.11657 TNB 411.00mp.









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(ProjectOngoing)

HS(D)27896PT.11660 Pemb.KedaiAkanDatang 24,104.00mp. 5.96


HS(D)27901PT.12469 Pemb.AkanDatangF2 313,466.70mp. 77.46

HS(D)27902PT.12470 Pemb.AkanDatangF3a 245,812.8mp. 60.74

HS(D)27900PT.12468 Pemb.AkanDatangF3b 66,260.70mp. 16.37


11 ProjectPutraSquare(TransitQuarters) Leasehold(99yrs) (ProjectOngoing)

PN5569,Lot423Sek.20(HS(D)19051) Expiring19.12.2106 Building/Commercial - - 33,289,712

BandarKuantan,DaerahKuantan

HS(D)28467PT.22584 Hotel/Office/ConventionHall 22,584.00mp. 25.30

HS(D)28468PT.92050 ShoppingComplex 31,564.00mp.

HS(D)28469PT.92051 Building/Commercial 11,644.00nmp.

HS(D)28470PT.92052 Building/Commercial 9,830.00mp.


STP 2,465.00mp.


HS(D)28473PT.92055 Building/Commercial 192.00mp.















TNB 61.00mp.















BandarKuantan,DaerahKuantan









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12 HabourPark’Gebeng(IndustrialLand) Leasehold(99yrs) (Properties/Landbank) 164.2 10,763,130

MukimSg.Karang,DaerahKuantan Expiring Vacantland/Industry

Landtitleapplication-PTK3/3/24313

13 ProjectAstanaGolfResort(Housing/Villas) (Properties/Landbank)

HS(M)28442/PT.30463 Leasehold(99yrs) Vacantland/ - 1242.70mp. 19.36 9,353,678

HS(M)28444/PT.30465 Expiring22.05.2092 Building/Residential 1101.20mp.

HS(M)28451/PT.30472 1353.50mp.

HS(M)28452/PT.30473 1088.30mp.

HS(M)28453/PT.30474 975.20mp.

HS(M)28461/PT.30482 970.60mp.

HS(M)28462/PT.30483 1275.00mp.

HS(M)28464/PT.30485 1411.60mp.

HS(M)28469/PT.30490 1093.50mp.

HS(M)28478/PT.30499 1301.10mp.

HS(M)28481/PT.30502 1002.00mp.

HS(M)28484/PT.30505 1036.90mp.

HS(M)28488/PT.30509 1077.30mp.

HS(M)28489/PT.30510 1157.60mp.

HS(M)28493/PT.30514 1025.50mp.

HS(M)28494/PT.30515 1014.50mp.

HS(M)28500/PT.30521 932.80mp.

HS(M)28503/PT.30524 1139.40mp.

HS(M)28528/PT.30549 1039.60mp.

HS(M)28531/PT.30552 1229.50mp.

HS(M)28550/PT.30571 1121.30mp.

HS(M)28558/PT.30579 772.90mp.

HS(M)28560/PT.30581 882.90mp.

HS(M)28561/PT.30582 1011.80mp.

HS(M)28565/PT.30586 910.30mp.

HS(M)28566/PT.30587 1226.00mp.

HS(M)28567/PT.30588 1067.60mp.

HS(M)28568/PT.30589 1040.70mp.

HS(M)28569/PT.30590 947.20mp.

HS(M)28570/PT.30591 1082.70mp.

HS(M)28571/PT.30592 1115.40mp.

HS(M)28572/PT.30593 955.70mp.

HS(M)28573/PT.30594 1136.10mp.

HS(M)28574/PT.30595 1216.40mp.

HS(M)28577/PT.30598 1093.70mp.

HS(M)28579/PT.30600 1087.60mp.

HS(M)28580/PT.30601 1204.10mp.

HS(M)28583/PT.30604 1136.40mp.

HS(M)28680/PT.30701 1458.10mp.

HS(M)28313/PT.30334 1110.60mp.

HS(M)28314/PT.30335 803.70mp.

HS(M)28315/PT.30336 804.90mp.

HS(M)28316/PT.30337 850.60mp.

HS(M)28317/PT.30338 802.30mp.

HS(M)28318/PT.30339 802.30mp.

HS(M)28319/PT.30340 885.50mp.

HS(M)28320/PT.30341 811.10mp.









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HS(M)28321/PT.30342 811.10mp.

HS(M)28322/PT.30343 1180.00mp.

HS(M)28328/PT.30349 836.40mp.

HS(M)28346/PT.30367 928.20mp.

HS(M)28347/PT.30368 807.20mp.

HS(M)28348/PT.30369 800.90mp.

HS(M)28349/PT.30370 802.40mp.

HS(M)28350/PT.30371 1022.70mp.

HS(M)28351/PT.30372 1037.80mp.

HS(M)28352/PT.30373 1127.00mp.

HS(M)28353/PT.30374 949.70mp.

HS(M)28354/PT.30375 857.40mp.

HS(M)28355/PT.30376 1053.30mp.

HS(M)28371/PT.30392 1275.60mp.

HS(M)28415/PT.30436 1125.20mp.

HS(M)28421/PT.30442 1000.00mp.

HS(M)28422/PT.30443 1114.60mp.

HS(M)28424/PT.30445 1095.70mp.

HS(M)28425/PT.30446 1125.10mp.

HS(M)28426/PT.30447 1283.60mp.

HS(M)28428/PT.30449 1098.00mp.

HS(M)28431/PT.30452 Leasehold(99yrs) Vacantland/ 898.00mp.

HS(M)28432/PT.30453 Expiring22.05.2092 Building/Residential 915.40mp.

HS(M)28434/PT.30455 1299.90mp.

HS(M)28435/PT.30456 1045.40mp.

HS(M)28436/PT.30457 1004.20mp.

HS(M)28437/PT.30458 997.90mp.

HS(M)28441/PT.30462 1046.20mp.

HS(M)28692/PT.30731 Commercial(Hotel) 4.93

HS(M)28693/PT.30733 MaintenanceCentre 2.51


(ProjectOnplanning)

14 ProjectPasdecVilla(BukitPerdana) Leasehold(99yrs) Vacantland/ 58.93 4,985,399

HS(D)24965[PN7220Lot105661] Expiring02.01.2104 Building/Residential


15 ProjectMahkotaIdaman(SektorIII) Leasehold(99yrs) Building/Commercial 2years - -

HS(M)44389/PT.55557 Expiring24.05.2097 233.00mp. 0.33

HS(M)44394/PT.55562 233.00mp.

HS(M)44404/PT.55572 165.00mp.

HS(M)44405/PT.55573 143.00mp.

HS(M)44406/PT.55574 143.00mp.

HS(M)44407/PT.55575 143.00mp.

HS(M)44408/PT.55576 143.00mp.

HS(M)44409/PT.55577 143.00mp.


16 ProjectMahkotaPerdanaIII(SektorIII) (ProjectOngoing) -

HS(D)24695/PT.78434 Leasehold(99yrs) Vacantland/

MukimKualaKuantan,DaerahKuantan Expiring29.04.2102 Building/Residential 10,582.00mp. 2.61









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17 ProjectBalokPermai(Fasa1) Leasehold(99yrs) (ProjectOngoing) 13,592,018

HS(M)8128/PT10454 Expiring02/08/2103 Building/Residential 133.00mp. 2.78

Building/Residential

HS(M)8152/PT10478 93.00mp.

HS(M)8231/PT10557 93.00mp.

HS(M)8236/PT10562 93.00mp.

HS(M)8253/PT10579 93.00mp.

HS(M)8254/PT10580 93.00mp.

HS(M)8255/PT10581 93.00mp.

HS(M)8256/PT10582 93.00mp.

HS(M)8257/PT10583 93.00mp.

HS(M)8258/PT10584 93.00mp.

HS(M)8259/PT10585 93.00mp.

HS(M)8260/PT10586 93.00mp.

HS(M)8261/PT10587 93.00mp.

HS(M)8262/PT10588 93.00mp.

HS(M)8263/PT10589 93.00mp.

HS(M)8264/PT10590 93.00mp.

HS(M)8265/PT10591 116.00mp.

HS(M)8266/PT10592 116.00mp.

HS(M)8267/PT10593 93.00mp.

HS(M)8268/PT10594 93.00mp.

HS(M)8269/PT10595 93.00mp.

HS(M)8270/PT10596 93.00mp.

HS(M)8271/PT10597 93.00mp.

HS(M)8272/PT10598 93.00mp.

HS(M)8273/PT10599 93.00mp.

HS(M)8274/PT10600 93.00mp.

HS(M)8275/PT10601 93.00mp.

HS(M)8276/PT10602 93.00mp.

HS(M)8277/PT10603 93.00mp.

HS(M)8278/PT10604 93.00mp.

HS(M)8279/PT10605 93.00mp.

HS(M)8280/PT10606(Fasa1) 210.00mp.

HS(M)8396/PT10722(Fasa1) 392.00mp.

HS(M)8398/PT10724 268.00mp.

HS(M)8399/PT10725 268.00mp.

HS(M)8400/PT10726 268.00mp.

HS(M)8401/PT10727 269.00mp.

HS(M)8402/PT10728 293.00mp.

HS(M)8405/PT10731 317.00mp.

HS(M)8406/PT10732 317.00mp.

HS(M)8407/PT10733 317.00mp.

HS(M)8408/PT10734 317.00mp.

HS(M)8409/PT10735 317.00mp.

HS(M)8410/PT10736 317.00mp.

HS(M)8414/PT10740 317.00mp.

HS(M)8416/PT10742 317.00mp.

HS(M)8423/PT10749(Fasa1) 307.00mp.

HS(M)8424/PT10750 305.00mp.

HS(M)8425/PT10751 309.00mp.

HS(M)8426/PT10752 354.00mp.









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HS(M)8427/PT10753 350.00mp.

HS(M)8428/PT10754 355.00mp.

HS(M)8433/PT10759 333.00mp.

HS(M)8434/PT10760 326.00mp.

HS(M)8435/PT10761 327.00mp.

HS(M)8438/PT10764 314.00mp.

HS(M)8443/PT10769(Fasa1) 484.00mp.


18 ProjectBalokPermai(Fasa2) (ProjectOngoing)

HS(M)8158/PT10484 Leasehold(99yrs) Vacantland/ 206.00mp. 6.04 7,271,682

HS(M)8159/PT10485 Expiring02/08/2103 Building/Residential 93.00mp.

HS(M)8160/PT10486 93.00mp.

HS(M)8161/PT10487 93.00mp.

HS(M)8162/PT10488 93.00mp.

HS(M)8163/PT10489 93.00mp.

HS(M)8164/PT10490 93.00mp.

HS(M)8165/PT10491 93.00mp.

HS(M)8166/PT10492 93.00mp.

HS(M)8167/PT10493 93.00mp.

HS(M)8168/PT10494 93.00mp.

HS(M)8169/PT10495 93.00mp.

HS(M)8170/PT10496 93.00mp.

HS(M)8171/PT10497 152.00mp.

HS(M)8172/PT10498 152.00mp.

HS(M)8173/PT10499 93.00mp.

HS(M)8174/PT10500 93.00mp.

HS(M)8175/PT10501 93.00mp.

HS(M)8176/PT10502 93.00mp.

HS(M)8177/PT10503 93.00mp.

HS(M)8178/PT10504 93.00mp.

HS(M)8179/PT10505 93.00mp.

HS(M)8180/PT10506 93.00mp.

HS(M)8181/PT10507 93.00mp.

HS(M)8182/PT10508 93.00mp.

HS(M)8183/PT10509 93.00mp.

HS(M)8184/PT10510 212.00mp.

HS(M)8185/PT10511 193.00mp.

HS(M)8186/PT10512 93.00mp.

HS(M)8187/PT10513 93.00mp.

HS(M)8188/PT10514 93.00mp.

HS(M)8189/PT10515 93.00mp.

HS(M)8190/PT10516 93.00mp.

HS(M)8191/PT10517 93.00mp.

HS(M)8192/PT10518 93.00mp.

HS(M)8193/PT10519 93.00mp.

HS(M)8194/PT10520 93.00mp.

HS(M)8195/PT10521 93.00mp.

HS(M)8196/PT10522 152.00mp.

HS(M)8197/PT10523 152.00mp.

HS(M)8198/PT10524 93.00mp.

HS(M)8199/PT10525 93.00mp.









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HS(M)8200/PT10526 93.00mp.

HS(M)8201/PT10527 93.00mp.

HS(M)8202/PT10528 93.00mp.

HS(M)8203/PT10529 93.00mp.

HS(M)8204/PT10530 93.00mp.

HS(M)8205/PT10531 93.00mp.

HS(M)8206/PT10532 93.00mp.

HS(M)8207/PT10533 199.00mp.

HS(M)8208/PT10534 209.00mp.

HS(M)8209/PT10535 93.00mp.

HS(M)8210/PT10536 93.00mp.

HS(M)8211/PT10537 93.00mp.

HS(M)8212/PT10538 93.00mp.

HS(M)8213/PT10539 93.00mp.

HS(M)8214/PT10540(Fasa2) 93.00mp.

HS(M)8215/PT10541(Fasa2) 93.00mp.

HS(M)8216/PT10542 93.00mp.

HS(M)8217/PT10543 93.00mp.

HS(M)8218/PT10544(Fasa2) 152.00mp.

HS(M)8281/PT10607(Fasa2) 255.00mp.

HS(M)8282/PT10608 145.00mp.

HS(M)8283/PT10609 133.00mp.

HS(M)8284/PT10610 133.00mp.

HS(M)8285/PT10611 133.00mp.

HS(M)8286/PT10612 133.00mp.

HS(M)8287/PT10613 133.00mp.

HS(M)8288/PT10614 133.00mp.

HS(M)8289/PT10615 133.00mp.

HS(M)8290/PT10616 133.00mp.

HS(M)8291/PT10617 133.00mp.

HS(M)8292/PT10618 133.00mp.

HS(M)8293/PT10619 145.00mp.

HS(M)8294/PT10620 181.00mp.

HS(M)8295/PT10621 181.00mp.

HS(M)8296/PT10622 145.00mp.

HS(M)8297/PT10623 133.00mp.

HS(M)8298/PT10624 133.00mp.

HS(M)8299/PT10625 133.00mp.

HS(M)8300/PT10626 133.00mp.

HS(M)8301/PT10627 133.00mp.

HS(M)8302/PT10628 133.00mp.

HS(M)8303/PT10629 133.00mp.

HS(M)8304/PT10630 133.00mp.

HS(M)8305/PT10631 133.00mp.

HS(M)8306/PT10632 133.00mp.

HS(M)8307/PT10633 145.00mp.

HS(M)8308/PT10634 255.00mp.

HS(M)8309/PT10635 255.00mp.

HS(M)8310/PT10636 145.00mp.

HS(M)8311/PT10637 133.00mp.

HS(M)8312/PT10638 133.00mp.

HS(M)8313/PT10639 133.00mp.









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HS(M)8314/PT10640 133.00mp.

HS(M)8315/PT10641 133.00mp.

HS(M)8316/PT10642 133.00mp.

HS(M)8317/PT10643 133.00mp.

HS(M)8318/PT10644(Fasa2) 133.00mp.

HS(M)8319/PT10645(Fasa2) 133.00mp.

HS(M)8320/PT10646 133.00mp.

HS(M)8321/PT10647 145.00mp.

HS(M)8322/PT10648 181.00mp.

HS(M)8323/PT10649 181.00mp.

HS(M)8324/PT10650 145.00mp.

HS(M)8325/PT10651 133.00mp.

HS(M)8326/PT10652 133.00mp.

HS(M)8327/PT10653 133.00mp.

HS(M)8328/PT10654 133.00mp.

HS(M)8329/PT10655 133.00mp.

HS(M)8330/PT10656 133.00mp.

HS(M)8331/PT10657 133.00mp.

HS(M)8332/PT10658 133.00mp.

HS(M)8333/PT10659 133.00mp.

HS(M)8334/PT10660 133.00mp.

HS(M)8335/PT10661 145.00mp.

HS(M)8336/PT10662 255.00mp.

HS(M)8337/PT10663 313.00mp.

HS(M)8338/PT10664 145.00mp.

HS(M)8339/PT10665 133.00mp.

HS(M)8340/PT10666 133.00mp.

HS(M)8341/PT10667 133.00mp.

HS(M)8342/PT10668 133.00mp.

HS(M)8343/PT10669 133.00mp.

HS(M)8344/PT10670 133.00mp.

HS(M)8345/PT10671 133.00mp.

HS(M)8346/PT10672 145.00mp.

HS(M)8347/PT10673 327.00mp.

HS(M)8348/PT10674 301.00mp.

HS(M)8349/PT10675 145.00mp.

HS(M)8350/PT10676 133.00mp.

HS(M)8351/PT10677 133.00mp.

HS(M)8352/PT10678 133.00mp.

HS(M)8353/PT10679 133.00mp.

HS(M)8354/PT10680 133.00mp.

HS(M)8355/PT10681 133.00mp.

HS(M)8356/PT10682 133.00mp.

HS(M)8357/PT10683 133.00mp.

HS(M)8358/PT10684 145.00mp.

HS(M)8359/PT10685 287.00mp.

HS(M)8360/PT10686 310.00mp.

HS(M)8361/PT10687 145.00mp.

HS(M)8362/PT10688 133.00mp.

HS(M)8363/PT10689 133.00mp.

HS(M)8364/PT10690 133.00mp.

HS(M)8365/PT10691 133.00mp.









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HS(M)8366/PT10692 133.00mp.

HS(M)8367/PT10693 133.00mp.

HS(M)8368/PT10694 133.00mp.

HS(M)8369/PT10695 133.00mp.

HS(M)8370/PT10696 145.00mp.

HS(M)8371/PT10697 313.00mp.

HS(M)8372/PT10698 307.00mp.

HS(M)8373/PT10699 145.00mp.

HS(M)8374/PT10700 133.00mp.

HS(M)8375/PT10701 133.00mp.

HS(M)8376/PT10702 133.00mp.

HS(M)8377/PT10703 133.00mp.

HS(M)8378/PT10704 133.00mp.

HS(M)8379/PT10705 133.00mp.

HS(M)8380/PT10706 133.00mp.

HS(M)8381/PT10707 133.00mp.

HS(M)8382/PT10708 145.00mp.

HS(M)8383/PT10709 310.00mp.

HS(M)8384/PT10710 303.00mp.

HS(M)8385/PT10711 145.00mp.

HS(M)8386/PT10712 133.00mp.

HS(M)8387/PT10713 133.00mp.

HS(M)8388/PT10714 133.00mp.

HS(M)8389/PT10715 133.00mp.

HS(M)8390/PT10716 133.00mp.

HS(M)8391/PT10717 133.00mp.

HS(M)8392/PT10718 133.00mp.

HS(M)8393/PT10719 133.00mp.

HS(M)8394/PT10720 145.00mp.

HS(M)8395/PT10721(Fasa2) 305.00mp.


19 ApartmentMedanWarisan (Properties/Landbank)

HS(D)13234/PT.4139213552.52mp. Leasehold(99yrs) 4-storeyApartment

(MasterTitle) Expiring12.04.2086 Building/Commercial

HS(D)13235/PT.4139313621.08mp.

(MasterTitle)

BandarKuantan

LotG3BlockG 12years 80.99mp. 0.26 1,600,544

LotG6BlockB 92.55mp.



Lot106BlockB 87.32mp.
















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(ProjectOnplanning)

20 ProjectPasdecPesona-PN7736Lot108560 Leasehold(99yrs) Vacantland/ 19.48 451,353

MukimKualaKuantan,DaerahKuantan Expiring18.04.2105 Building/Residential


21 KompleksTeruntum Leasehold(99yrs) 22-storey 22years 0.03 0.03 157,965

Lot2.20-2.23 Expiring08.06.2075 Building/Commercial

PN.398Lot146Sek.18(Mastertitle)

BandarKuantan

(PASDECBinaSdn.Bhd.)


22 BrickFactory(PN.472/Lot27892) Leasehold(60yrs) Industry/ 14years 1.26 20.10 83,898

MukimKualaKuantan Expiring10.05.2046 BrickFactory

DaerahKuantan

(KuantanBrickSdn.Bhd.)


23 Resort Leasehold(99yrs) Apartment/Hotel 11years 13.21 8,410,032

[HS(D)10793/PT.29819(PN4075/Lot9)] Expiring12.12.2092 Building/Commercial


(KuantanTembelingResortsSdn.Bhd.)

(ProjectOngoing)

24 ProjectBandarPutra Freehold Vacantland/ 181.50Ha. 448.305 37,429,908

MukimKualaKuantan,DaerahKuantan Agriculture

Geran5294Lot28735 (PartlyconvertedtoBuilding)

(PASDECPutraSdn.Bhd.)

(ProjectOnplanning)

25 ProjectBandarDamansara Freehold Building/Residential 41.17 18,336,800

Kuantan

HS(D)18375/PT.6945and474others

MukimSg.karang,DaerahKuantan

(ProjectOnplanning)

26 ProjectKuantanPiazza Leasehold(99yrs) Vacantland 5.93 1,879,983

HS(M)65652/PT.83065 Expiring17.04.2106 Building/Commercial


(PASDECLandSdn.Bhd.)

PEKAN

27 ShophousesBandarBaruPeramu(7lots) Leasehold(99yrs) (Properties/Unsold) 7years 0.22 282,822

HS(M)3733/PT.6738 Expiring11.04.2093 Building/Commercial 130.00mp.

HS(M)3736/PT.6741 130.00mp.

HS(M)3737/PT.6742 130.00mp.

HS(M)3738/PT.6743 130.00mp.

HS(M)3739/PT.6744 130.00mp.

HS(M)3740/PT.6755 130.00mp.

HS(M)3741/PT.6756 130.00mp.

MukimPekan,DaerahPekan









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28 ProjectPusatKomersilPeramu (Properties/Landbank)

PN2554Lot5195(MasterTitle) Leasehold(99yrs) Vacantland/ - - 119,295

MukimPekan,DaerahPekan Expiring28.09.2093 Building/Commercial 6.41

HS(D)4389PT.12186 Building/Shop/Office 193.00mp.

























































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HS(D)4464PT.12261 PedestrianMall 1,033.00mp.

HS(D)4465PT.12262 CommercialCenter 13,361.00mp.

HS(D)4466PT.12263 SRP 1,640.00mp.

HS(D)4467PT.12264 WaterTank 682.00mp.

MukimPekan,DaerahPekan

ROMPIN

29 AgriculturelandatSummersetRompin (Properties/Landbank)


HS(D)3330/PT.2546 Expiring15.01.2094 Agriculture 468.93

MukimRompin,DaerahRompin (Kg.Sembayan)

30 ProjectPontianPermai (ProjectOngoing)

HS(M)2004/PT.2392 Freehold Vacantland/ 334.00mp 4.65 5,969,692

HS(M)2005/PT.2393 Building/Residential 288.00mp

HS(M)2006/PT.2394 301.00mp

HS(M)2007/PT.2395 313.00mp

HS(M)2008/PT.2396 326.00mp

HS(M)2009/PT.2397 335.00mp

HS(M)2010/PT.2398 340.00mp

HS(M)2011/PT.2399 383.00mp

HS(M)2012/PT.2400 288.00mp

HS(M)2013/PT.2401 265.00mp

HS(M)2014/PT.2402 265.00mp

HS(M)2015/PT.2403 265.00mp









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HS(M)2016/PT.2404 265.00mp

HS(M)2017/PT.2405 265.00mp

HS(M)2018/PT.2406 265.00mp

HS(M)2019/PT.2407 324.00mp

HS(M)2020/PT.2408 324.00mp

HS(M)2021/PT.2409 265.00mp

HS(M)2022/PT.2410 265.00mp

HS(M)2023/PT.2411 265.00mp

HS(M)2024/PT.2412 265.00mp

HS(M)2025/PT.2413 265.00mp

HS(M)2026/PT.2414 401.00mp

HS(M)2027/PT.2415 401.00mp

HS(M)2028/PT.2416 265.00mp

HS(M)2029/PT.2417 265.00mp

HS(M)2030/PT.2418 265.00mp

HS(M)2031/PT.2419 265.00mp

HS(M)2032/PT.2420 265.00mp

HS(M)2033/PT.2421 324.00mp

HS(M)2034/PT.2422 324.00mp

HS(M)2035/PT.2423 265.00mp

HS(M)2036/PT.2424 265.00mp

HS(M)2037/PT.2425 265.00mp

HS(M)2038/PT.2426 265.00mp

HS(M)2039/PT.2427 265.00mp

HS(M)2040/PT.2428 265.00mp

HS(M)2041/PT.2429 284.00mp

HS(M)2042/PT.2430 284.00mp

HS(M)2043/PT.2431 265.00mp

HS(M)2044/PT.2432 265.00mp

HS(M)2045/PT.2433 265.00mp

HS(M)2046/PT.2434 265.00mp

HS(M)2047/PT.2435 265.00mp

HS(M)2048/PT.2436 265.00mp

HS(M)2049/PT.2437 324.00mp

HS(M)2050/PT.2438 189.00mp

HS(M)2051/PT.2439 93.00mp

HS(M)2052/PT.2440 93.00mp

HS(M)2053/PT.2441 93.00mp

HS(M)2054/PT.2442 93.00mp

HS(M)2055/PT.2443 93.00mp

HS(M)2056/PT.2444 93.00mp

HS(M)2057/PT.2445 93.00mp

HS(M)2058/PT.2446 93.00mp

HS(M)2059/PT.2447 93.00mp

HS(M)2060/PT.2448 93.00mp

HS(M)2061/PT.2449 93.00mp

HS(M)2062/PT.2450 156.00mp

HS(M)2063/PT.2451 156.00mp

HS(M)2064/PT.2452 93.00mp

HS(M)2065/PT.2453 93.00mp

HS(M)2066/PT.2454 93.00mp

HS(M)2067/PT.2455 93.00mp









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HS(M)2068/PT.2456 93.00mp

HS(M)2069/PT.2457 93.00mp

HS(M)2070/PT.2458 93.00mp

HS(M)2071/PT.2459 93.00mp

HS(M)2072/PT.2460 93.00mp

HS(M)2073/PT.2461 93.00mp

HS(M)2074/PT.2462 93.00mp

HS(M)2075/PT.2463 189.00mp

HS(M)2076/PT.2464 189.00mp

HS(M)2077/PT.2465 93.00mp

HS(M)2078/PT.2466 93.00mp

HS(M)2079/PT.2467 93.00mp

HS(M)2080/PT.2468 93.00mp

HS(M)2081/PT.2469 93.00mp

HS(M)2082/PT.2470 93.00mp

HS(M)2083/PT.2471 93.00mp

HS(M)2084/PT.2472 93.00mp

HS(M)2085/PT.2473 93.00mp

HS(M)2086/PT.2474 93.00mp

HS(M)2087/PT.2475 93.00mp

HS(M)2088/PT.2476 156.00mp

HS(M)2089/PT.2477 156.00mp

HS(M)2090/PT.2478 93.00mp

HS(M)2091/PT.2479 93.00mp

HS(M)2092/PT.2480 93.00mp

HS(M)2093/PT.2481 93.00mp

HS(M)2094/PT.2482 93.00mp

HS(M)2095/PT.2483 93.00mp

HS(M)2096/PT.2484 93.00mp

HS(M)2097/PT.2485 93.00mp

HS(M)2098/PT.2486 93.00mp

HS(M)2099/PT.2487 93.00mp

HS(M)2100/PT.2488 93.00mp

HS(M)2101/PT.2489 188.00mp

MukimPontian,DaerahRompin

MARAN (Properties/Landbank)

31 QuarryLandKg.KualaSentul Leasehold(21yrs) Vacantland/ - - 17.17 82,928

HS(D)605/PT.8139 Expiring14.08.2015 Industries(Quarry)

MukimChenor,DaerahMaran

TEMERLUH (Properties/Landbank)

32 PusatKomersilTemerluh(7lots) Leasehold(99yrs) Building/Commercial 3years 1,171,254

HS(D)15379PT.8124 Expiring01.04.2095 201.00mp. 0.19

HS(D)15385PT.8130 178.00mp.

HS(D)15386PT.8131 178.00mp.

HS(D)15397PT.8142 201.00mp.

MukimPerak,DaerahTemerluh









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33 PusatKomersilTemerluh (Properties/Landbank)

HS(D)15465PT.8384 Leasehold(99yrs) Building/Commercial 3years 178.00mp. 0.04

MukimPerak,DaerahTemerluh Expiring01.04.2095

(PASDECMegaSdn.Bhd.)

(ProjectOngoing)

34 Geran3617/Lot3770 Freehold Vacantland/ - - 116.83 22,452,642

MukimMentakab,DaerahTemerluh Industry/Commercial

(KimdecCoporationSdn.Bhd.)

(ProjectOngoing)

35 Geran3618/Lot3771 Freehold Vacantland/ - - 32.79 925,395

MukimMentakab,DaerahTemerluh Industry/Commercial


(ProjectOngoing)

36 CT3479Lot1207 Freehold Vacantland/ - - 25.53 22,901,175

CT1546Lot1131 Buiding/Residential 30.38

CT1169Lot1129 10.34

MukimMentakab,DaerahTemerloh


BENTUNG

37 PusatKomersilSriKetari (Properties/Unsold)

HS(D)14117/PT.18008(S.D.toStrata) Leasehold(99yrs) Building/Commercial - 590.00m.p. 0.23 1,062,567

HS(D)14119/PT.18010(S.D.toStrata) Expiring02.01.2096 183.00m.p.

BandarBentong,DaerahBentung

(PN4438Lot8Sek.17-MasterTitle)

38 BukitTinggi (Properties/Landbank)

HS(D)14686/PT.18197 Leasehold(99yrs) Vacantland/ 366,200.0mp. 90.49 35,603,227

MukimBentung,DaerahBentung Expiring01.09.2101 Buiding/Residential

RAUB (ProjectOnplanning)

39 ProjectRaubPerdana2(JVDynabumiLink) Leasehold(99yrs) Vacantland/ - - 906,640

HS(D)7725/PT.19143 Expiring02.01.2100 Building/Residential 72.92

HS(D)7737/PT.18226 4.43

MukimGali,DaerahRaub

(ProjectOngoing)

HS(D)6838/PT.16730 Leasehold(99yrs) Building/Commercial 148.64mp. 0.47

HS(D)6939/PT.16831 Expiring03.01.2093 190.19mp.

HS(D)6940/PT.16832 148.64mp.

HS(D)6941/PT.16833 148.64mp.

HS(D)6942/PT.16834 148.64mp.

HS(D)6943/PT.16835 148.64mp.

HS(D)6944/PT.16836 148.64mp.

HS(D)6945/PT.16837 148.64mp.

HS(D)6946/PT.16838 148.64mp.

HS(D)6947/PT.16839 148.64mp.

HS(D)6948/PT.16840 148.64mp.

HS(D)6949/PT.16841 233.65mp.










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40 ProjectCherohPerdana(CherohMaju3) (ProjectOngoing) - 37,750

HS(D)3007/PT.9318 Leasehold(99yrs) Vacantland/ 250.93mp. 4.93

HS(D)3008/PT.9319 Expiring19.04.2086 Building/Residential 295.62mp.

HS(D)3009/PT.9320 302.02mp.

HS(D)3010/PT.9321 302.02mp.

HS(D)3011/PT.9322 297.66mp.

HS(D)3012/PT.9342 227.61mp.

HS(D)3013/PT.9393 336.22mp.

HS(D)3014/PT.9391 242.94mp.

HS(D)3015/PT.9390 250.84mp.

HS(D)3016/PT.9388 243.87mp.

HS(D)3017/PT.9387 243.87mp.

HS(D)3018/PT.9386 243.87mp.

HS(D)3019/PT.9385 243.87mp.

HS(D)3032/PT.9352 227.61mp.

HS(D)3033/PT.9351 227.61mp.

HS(D)3036/PT.9348 227.61mp.

HS(D)3037/PT.9347 310.30mp.

HS(D)3038/PT.9346 227.61mp.

HS(D)3039/PT.9345 227.61mp.

HS(D)3040/PT.9344 227.61mp.

HS(D)3041/PT.9343 227.61mp.

HS(D)3042/PT.9394 418.71mp.

HS(D)3043/PT.9395 487.09mp.

HS(D)3044/PT.9396 335.47mp.

HS(D)3045/PT.9397 319.03mp.

HS(D)3046/PT.9398 290.79mp.

HS(D)3047/PT.9399 274.53mp.

HS(D)3048/PT.9400 266.45mp.

HS(D)3049/PT.9401 266.45mp.

HS(D)3050/PT.9402 266.45mp.

HS(D)3055/PT.9407 369.66mp.

HS(D)3057/PT.9409 227.61mp.

HS(D)3059/PT.9411 387.03mp.

HS(D)3061/PT.9413 323.12mp.

HS(D)3127/PT.9389 420.01mp.

HS(D)3128/PT.9392 422.15mp.

HS(D)3135/PT.9359 313.73mp.

HS(D)3136/PT.9360 143.07mp.

HS(D)3137/PT.9361 143.07mp.

HS(D)3138/PT.9362 143.07mp.

HS(D)3139/PT.9363 143.07mp.

HS(D)3140/PT.9364 143.07mp.

HS(D)3141/PT.9365 143.07mp.

HS(D)3142/PT.9366 143.07mp.

HS(D)3143/PT.9367 143.07mp.

HS(D)3144/PT.9368 143.07mp.

HS(D)3145/PT.9369 143.07mp.

HS(D)3146/PT.9370 143.07mp.

HS(D)3147/PT.9371 143.07mp.

HS(D)3148/PT.9372 143.07mp.

HS(D)3149/PT.9373 143.07mp.









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HS(D)3150/PT.9374 143.07mp.

HS(D)3151/PT.9375 143.07mp.

HS(D)3152/PT.9376 143.07mp.

HS(D)3153/PT.9377 143.07mp.

HS(D)3154/PT.9378 330.08mp.

HS(D)3199/PT.9533 291.43mp.

HS(D)3201/PT.9324 371.33mp.

HS(D)3202/PT.9325 374.50mp.

HS(D)3203/PT.9326 345.97mp.

HS(D)3204/PT.9327 346.06mp.

HS(D)3205/PT.9328 281.96mp.

HS(D)3206/PT.9329 281.87mp.

HS(D)3207/PT.9330 206.99mp.

HS(D)3109/PT.9494 437.76mp.

HS(D)3110/PT.9495 253.17mp.

HS(D)3112/PT.9492 327.95mp.

HS(D)3208/PT.9331 248.89mp.

HS(D)3209/PT.9332 260.12mp.

HS(D)3210/PT.9333 260.12mp.

HS(D)3211/PT.9334 260.12mp.

HS(D)3212/PT.9335 384.90mp.

HS(D)3213/PT.9336 227.61mp.

HS(D)3214/PT.9337 227.61mp.

HS(D)3215/PT.9338 227.61mp.

HS(D)3216/PT.9339 227.61mp.

HS(D)3217/PT.9340 227.61mp.

HS(D)3218/PT.9341 227.61mp.


(PasdecMegaSdn.Bhd.)


41 QuarryLandKg.Besu(Lot1595) Leasehold(21yrs) Vacantland/ - - 19.97 83,964

HS(D)10608PT.3653 Expiring11.07.2023 Industries(Quarry)

MukimSega,DaerahRaub

(PasdecMegaSdn.Bhd)

BERA (Properties/Unsold)

42 ShoplotBandarTriang Leasehold(99yrs) Building/ 20years 176,209

HS(D)3592/PT.5952 Expiring13.01.2084 Commercial 92.90mp. 0.05

HS(D)3587/PT.5945 92.90mp.

MukimTriang,DaerahBera

JERANTUT

43 PerumahanKualaTembeling (Properties/Landbank)


HS(D)392/PT.668 Expiring11.03.2076 Building/Residential 79.88

HS(D)393/PT.669 4.00

HS(D)394/PT.670 19.00

MukimK.Tembeling,DaerahJerantut









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(Properties/Unsold)

44 WorkshopIndustriJerantut(22lots) Leasehold(66yrs) Vacantland/ 7years 1,140,260

HS(M)4064/PT.6974 Expiring10.01.2058 Industrial 149.00mp. 0.55

HS(M)4066/PT.6977 149.00mp.

HS(M)4067/PT.6978 149.00mp.

HS(M)4069/PT.6980 149.00mp.

HS(M)4070/PT.6981 149.00mp.

HS(M)4071/PT.6982 149.00mp.

HS(M)4072/PT.6983 149.00mp.

HS(M)4073/PT.6984 149.00mp.

HS(M)4074/PT.6985 149.00mp.

HS(M)4075/PT.6986 149.00mp.

HS(M)4077/PT.6988 149.00mp.

HS(M)4078/PT.6989 149.00mp.

HS(M)4079/PT.6990 305.00mp.

HS(M)4080/PT.6975 149.00mp.

MukimPedah,DaerahJerantut

45 PerumahanInderapuraFasa5C Leasehold(99yrs) Vacantland/ -

HS(M)6293/PT.8230 Expiring02.04.2101 Building/Residential 157.00mp. 0.17

HS(M)6294/PT.8231 157.00mp.

HS(M)6299/PT.8239 363.00mp.

MukimPedah,DaerahJerantut 677.00mp.


46 PerumahanInderapuraFasa3 Leasehold(99yrs) Vacantland/


HS(M)6296/PT.8233 277.00mp.



47 PerumahanInderapuraFasa2 Leasehold(99yrs) Vacantland/ -


HS(M)6304/PT.8246 352.00mp.

HS(M)6301/PT.8243 277.00mp.











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SELANGOR (ProjectOngoing)

48 ProjectKotaWarisan,Sepang Freehold Building/Residential

HS(D)18793/PT.34972

-Precint1(BungalowLand) 743.20mp. 1.53 9,434,062

HS(D)18792/PT.34971 743.20mp.

HS(D)18790/PT.34969 743.20mp.

HS(D)18789/PT.34968 743.20mp.

HS(D)18805/PT.34984 806.80mp.

HS(D)18804/PT.34983 805.70mp.

HS(D)18803/PT.34982 808.60mp.

HS(D)18796/PT.34975 798.10mp.

HS(D)18895/PT.35074

-Precint2(BungalowLand) 958.90mp. 1.32

HS(D)18894/PT.35073 859.40mp.

HS(D)18893/PT.35072 883.90mp.

HS(D)18885/PT.35064 983.70mp.

HS(D)18877/PT.35056 818.90mp.

HS(D)18879/PT.35058 818.70mp.

HS(D)18911/PT.35090

-Precint3(BungalowLand) 1,039.80mp. 1.81

HS(D)18910/PT.35089 1,174.30mp.

HS(D)18909/PT.35088 1,259.10mp.

HS(D)18908/PT.35087 1,157.50mp.

HS(D)18923/PT.35102 820.10mp.

HS(D)18921/PT.35100 970.10mp.

HS(D)18928/PT.35107 892.50mp.

MukimDengkil,DaerahSepang

Selangor

(SumbanganSaktiSdn.Bhd.)


49 HS(D)11309,Lot4820 Freehold Vacantland/ - - 51.41 16,315,417

MukimRawang,DaerahUluSelangor Agriculture

Selangor


2,652.21 211,873,709.00









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PASDEC CORPORATION SDN. BHD. (55031-P)

Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur.Telephone/Telefon : 09-5133888Telefax/Telefaks : 09-5145988

KUANTAN TEMBELING RESORT SDN. BHD. (226274-V)

Jalan Padang Golf, 25050 Kuantan, Pahang Darul Makmur.Telephone/Telefon : 09-5676688Telefax/Telefaks : 09-5679988

PASDEC BINA SDN. BHD. (9248-H)

Tingkat 3, Menara TeruntumJalan Mahkota, 25000 Kuantan, Pahang Darul Makmur.Telephone/Telefon : 09-5121036Telefax/Telefaks : 09-5121037

KUANTAN BRICKS SDN. BHD. (206416-A)

Peti Surat 30, Jaya Gading26070 Kuantan, Pahang Darul Makmur.Telephone/Telefon : 09-5421481, 5421518Telefax/Telefaks : 09-5422242

PASDEC LAND SDN. BHD. (210031-A)

Tingkat 3, Menara TeruntumJalan Mahkota, 25000 Kuantan,Pahang Darul Makmur.Telephone/Telefon : 09-5179001Telefax/Telefaks : 09-5179002

PASDEC PUTRA SDN. BHD. (13735-M)

Bangunan KomunitiTanjung Lumpur, 26060 Kuantan,Pahang Darul MakmurTelephone/Telefon : 09-5513288/5519288Telefax/Telefaks : 09-5513385 PASDEC MEGA SDN. BHD. (368024-K)

No. 7, Tingkat 1, Pusat Komersial Temerloh,Jalan Dato’ Bahaman 4, 28000 Temerloh,Pahang Darul Makmur.Telephone/Telefon : 09-2965723Telefax/Telefaks : 09-2962680 KIMDEC CORPORATION SDN. BHD. (342895-U)

No. 36, Jalan Industri 2/1, Taman Perindustrian Temerloh, 28400 Mentakab, Pahang Darul Makmur.Telephine/Telefon : 09-2771888/2776888/7888/7666Telefax/ Telefaks : 09-2777333

PAHANG AIRCRAFT INDUSTRIES SDN. BHD. (551633-W)

Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur.Telephine/Telefon : 09-5133888Telefax/ Telefaks : 09-5145988

SUMBANGAN SAKTI SDN. BHD. (426838-T)


PASDEC PINTAS SDN. BHD. (358830-P)


MUTIARA PASDEC SDN. BHD. (411529-T)


PASDEC TRADING SDN. BHD. (777804-K)

Lot 106, Tingkat 1, Blok B,Medan Warisan, Lorong Sri Teruntum 1, Tanah Putih,25100 Kuantan, Pahang Darul Makmur.Telephone/Telefon : 09-5136137, 5135773Telefax/Telefaks : 09-5144851

BENTONG AQUARIUM & SANCTUARY PARK SDN. BHD.(709060-M)

Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur.Telephine/Telefon : 09-5133888Telefax/ Telefaks : 09-5145988

GENTING VIEW RESORT DEVELOPMENT SDN. BHD. (76079-K)

2nd Floor, Wisma Hing, No. 78, Jalan SS 2/72,47300 Petaling Jaya, Selangor Darul Ehsan.Telephone/Telefon : 03-61002267/60Telefax/Telefaks : 03-61001016

PRIMA PRAI SDN. BHD. (277791-V)

Suite 12-3, 12th Floor, Wisma UOA 2, 21 Jalan Pinang,50450 Kuala Lumpur.Telephone/Telefon : 03-21644800Telefax/Telefaks : 03-21649723 KTR RESORTS SDN. BHD. (327564-H)

Jalan Padang Golf, 25050 Kuantan, Pahang Darul Makmur.Telephone/Telefon : 09-5675888Telefax/Telefaks : 09-5679988

PASDEC CEMPAKA SDN. BHD. (672766-A)

Lot 13-01A, Level 13 (East Wing)Berjaya Times Square,No. 1, Jalan Imbi, 55100 Kuala Lumpur.Telephone/Telefon : 03-21491999Telefax/Telefaks : 03-21431685

CORPORATE DIRECTORYPANDUAN KORPORAT

PASDEC HOLDINGS BERHAD (367122-D)

Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul MakmurTelephone/Telefon : 09-5133888 Telefax/Telefaks: 09-5145988 Web site : www.pasdec.com.my

I/We(FULL NAME IN BLOCK LETTERS)

of (ADDRESS)

being a member of PASDEC HOLDINGS BERHAD hereby appoint

of (FULL NAME IN BLOCK LETTERS)

(ADDRESS)

or failing him/her the Chairman of the meeting as my/our proxy to attend and vote for me/us on my/our behalf at the Twelfth (12th) Annual General Meeting of the Company to be held at Meranti I, Hyatt Regency Kuantan Resort, Telok Chempedak, 25050 Kuantan, Pahang Darul Makmur on Tuesday, 24 June 2008 at 10:30 a.m. and at any adjournment thereof.

ORDINARY RESOLUTION FOR AGAINST

1. To receive the audited financial statements and reports for the year ended 31 December 2007.

2. To declare a first and final dividend of 2 sen per share less 26% Malaysian Income Tax in respect of the financial year ended 31 December 2007.

3. Re-election of Dato’ Haji Lias Mohd Noor (Article 83)

4. Re-election of Dato’ Haji Mohamed Nor bin Ali (Article 83)

5. Re-election of Majid bin Mohamad (Article 83)

6. Re-election of Dato’ Mohamed Amin bin Haji Daud (Section 129)

7. Approval of Directors’ Fees

8. Re-appointment of Messrs Hanafiah Raslan & Mohamd as Auditors

(Please indicate with an “X” in the appropriate spaces provided above as to how you wish your vote to be cast. If you do not do so, the proxy will vote or abstain from voting at his discretion.)

As witness my hand this _______________ day of _______________ 2008.

No. of shares held ___________________________

Signature/Seal

Notes:-1. A member entitled to attend and vote at the meeting may appoint not more than two proxies to attend and vote in his stead, but such

appointment shall be invalid unless he specifies the proportions of his holdings for each proxy. A proxy may, but need not be a member of the Company and the provisions of Section 149(1)(b) of the Companies Act, 1965 shall not apply to the Company.

2. A member of the Company who is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991 may appoint at least one proxy but not more than two proxies in respect of each securities account.

3. The instrument appointing a proxy must be signed by the appointer or his attorney duly authorised in writing or if the appointer is a corporation either under common seal or under the hand of an attorney or an officer duly authorised.

4. The instrument appointing a proxy must be deposited at the Registered Office of the Company at 14th Floor, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur, not less than forty-eight (48) hours before the time appointed for holding the meeting or any adjournment thereof.

PROxY FORM

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The Company SecretaryPASDEC HOLDINGS BERHAD14th Floor, Menara TeruntumJalan Mahkota25000 KuantanPahang Darul Makmur

STAMP

BORANG PROKSI

Saya/Kami(NAMA PENUH DALAM HURUF BESAR)

dari (ALAMAT)

Sebagai Ahli/Ahli-ahli PASDEC HOLDINGS BERHAD dengan ini melantik

dari (NAMA PENUH DALAM HURUF BESAR)

(ALAMAT)

atau jika beliau tidak dapat hadir, Pengerusi mesyuarat sebagai proksi saya/kami untuk mengundi bagi pihak saya/kami di Mesyuarat Agung Tahunan Syarikat yang Ke Dua Belas (12) yang akan diadakan di Meranti I, Hyatt Regency Kuantan Resort, Telok Chempedak, 25050 Kuantan, Pahang Darul Makmur pada hari Selasa, 24 Jun 2008 pada jam 10:30 pagi dan pada sebarang hari penangguhannya.

RESOLUSI BIASA SETUJU TIDAK SETUJU

1. Menerima penyata kewangan beraudit bagi tahun berakhir 31 Disember 2007 berserta dengan Laporan-Laporan.

2. Mengisytiharkan dividen pertama dan akhir sebanyak 2 sen sesaham ditolak 26% Cukai Pendapatan Malaysia bagi tahun kewangan berakhir 31 Disember 2007.

3. Perlantikan semula Dato’ Haji Lias bin Mohd Noor (Artikel 83)

4. Perlantikan semula Dato’ Haji Mohamad Nor bin Ali (Artikel 83)

5. Perlantikan semula Majid bin Mohamad (Artikel 83)

6. Perlantikan semula Dato’ Mohamed Amin bin Haji Daud (Seksyen 129)

7. Meluluskan yuran para Pengarah

8. Melantik semula Tetuan Hanafiah Raslan & Mohamad sebagai Juruaudit

(Sila tandakan “X” di dalam ruang yang disediakan di atas bagaimana anda ingin untuk membuang undi. Jika anda tidak berbuat demikian, proksi akan menggundi atau tidak mengundi di atas budi bicaranya.)

Tandatangan pada _______________ haribulan _______________ 2008.

Bil. Saham yang dipegang ___________________________

Tandatangan/Cop Mohor

Nota-nota:-1. Seorang ahli Syarikat yang layak hadir dan mengundi di mesyuarat, layak melantik tidak lebih dari dua orang proksi untuk hadir dan mengundi

bagi pihaknya, tetapi perlantikan tersebut tidak sah melainkan ahli menentukan bahagian sahamnya untuk diwakili oleh setiap proksi . Seorang proksi boleh, tetapi tidak semestinya seorang ahli Syarikat dan peruntukan di bawah Seksyen 149(1)[b] Akta Syarikat 1965, tidak terpakai ke atas Syarikat.

2. Seorang ahli Syarikat yang merupakan nomini sebagaimana dijelaskan di bawah Akta Industri Sekuriti (Depositori Pusat), 1991, boleh melantik seorang proksi tetapi tidak lebih dari dua proksi bagi setiap akaun sekuriti.

3. Suratcara perlantikan proksi hendaklah ditandatangani oleh pihak yang membuat perlantikan atau peguam yang diberi kuasa secara bertulis, atau sekiranya pihak yang membuat perlantikan ialah sebuah perbadanan, ia hendaklah dibuat di bawah cop mohor atau ditandatangani oleh pegawai atau peguam yang diberi kuasa.

4. Suratcara perlantikan proksi mestilah diserahkan ke Pejabat Berdaftar Syarikat di Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur tidak lewat daripada empat puluh lapan (48) jam sebelum masa yang dijadualkan bagi mesyuarat tersebut atau sebarang penangguhannya.

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Setiausaha SyarikatPASDEC HOLDINGS BERHADTingkat 14, Menara TeruntumJalan Mahkota25000 KuantanPahang Darul Makmur

SETEM