purple.com.mypurple.com.my/kualalumpurkepong/wp-content/uploads/2017/... · 2017-07-21 · kuala...

Report and Accounts to 30th September

KUALA LUMPUR KEPONG BERHAD(15043-V)

(INCORPORATED IN MALAYSIA)

1999

KUALA LUMPUR KEPONG BERHAD(INCORPORATED IN MALAYSIA)

Contents

Page

Board of Directors 2

Corporate Information 3

Notice of Meeting 4 - 5

Corporate Calendar 6 - 7

Group Highlights 8

Chairman’s Review 9 - 19

Audit Committee 20

Report of the Directors 21 - 25

Consolidated Profit & Loss Account 26

Consolidated Balance Sheet 27

Profit & Loss Account of the Holding Company 28

Balance Sheet of the Holding Company 29

Consolidated Cash Flow Statement 30 - 32

Notes on the Accounts 33 - 52

Directors’ Statement and Statutory Declaration 53

Report of the Auditors 54

Area Statement 55

Five Year Plantation Statistics 56

Five Year Financial Statistics 57

Planted Area/Production Graphs 58

Earnings Per Share/Net Tangible Asset Per Share/Shareholders’ Funds Graphs 59

Properties of the Group 60 - 65

Location of the Plantations in Malaysia 66

Location of the Group’s Overseas Agricultural Operations 67

Shareholding Statistics 68 - 69

BOARD OF DIRECTORS

Front row from left to right:Yeoh Eng Khoon, YM Dato’ Tengku Robert Hamzah, Yeoh Chin Hin, Dato’ Lee Oi Hian, R. M. Alias, Datuk Abdul Rahman bin Mohd. Ramli

Back row from left to right:Maj-Gen (R) Dato’ Dr. Mahmood B Sulaiman, Ong Beng Kee, Lee Soon Hian, Tan Sri Dato’ Thong Yaw Hong, Lee Hau Hian, Charles Letts

CORPORATEINFORMATION

BOARD OF DIRECTORS

Dato’ Lee Oi Hian - Executive Chairman

Yeoh Chin Hin @

Charles Letts

YM Dato’ Tengku Robert Hamzah

R. M. Alias @

Maj-Gen (R) Dato’ Dr. Mahmood B Sulaiman @

Ong Beng Kee - Executive Director

Lee Hau Hian

Tan Sri Dato’ Thong Yaw Hong

Lee Soon Hian - Executive Director

Datuk Abdul Rahman bin Mohd. Ramli

(Appointed on 11th September, 1999)

Yeoh Eng Khoon

(Alternate to Yeoh Chin Hin)

Dato’ Mohd. Hilmey bin Mohd. Taib

(Resigned with effect from 13th August, 1999)

Mohd. Ridza bin Yahya(Resigned as alternate director to Dato’ Mohd. Hilmey bin Mohd. Taib with effect from 13th August, 1999)

Company Secretaries

J. C. LimFan Chee Kum

Auditors

KPMG

Principal Registrar and Registered Office

Kuala Lumpur Kepong Berhad,Wisma Taiko,1, Jalan S. P. Seenivasagam,30000 Ipoh, Perak Darul Ridzuan, Malaysia.Telephone: 605-2417844

Branch Registrar

M. P. Evans (UK) Ltd.,3, Clanricarde Gardens,Tunbridge Wells,Kent TN1 1HQ, England.Telephone: (01892) 516333

Bankers

Malayan Banking BerhadHSBC Bank Malaysia BerhadPublic Bank BerhadRHB Bank Berhad

Stock Exchange Listings

Kuala Lumpur Stock ExchangeLondon Stock Exchange

@ Member of Remuneration Committee

4


Notice of Meeting

Notice is hereby given that the Twenty-seventh Annual General Meeting of the Company will be held at theregistered office, Wisma Taiko, 1, Jalan S.P. Seenivasagam, 30000 Ipoh, Perak Darul Ridzuan, Malaysia onWednesday, 23rd February, 2000 at 12.00 noon for the following purposes:-

1. To receive and consider the accounts for the year ended 30th September, 1999 and the Directors’ andAuditors’ reports thereon. [Resolution 1]

2. To sanction the payment of a final dividend of 9 sen per share less 28% Malaysian Income Tax and aspecial dividend of 5 sen per share less 28% Malaysian Income Tax. [Resolution 2]

3. To re-elect the following Directors:-(i) Dato’ Lee Oi Hian [Resolution 3](ii) YM Dato’ Tengku Robert Hamzah [Resolution 4](iii) Datuk Abdul Rahman bin Mohd. Ramli [Resolution 5]

4. To consider and, if thought fit, pass a resolution pursuant to Section 129(6) of the Companies Act, 1965 tore-appoint the following as Directors of the Company and to hold office until the next Annual GeneralMeeting of the Company:-(i) Yeoh Chin Hin [Resolution 6](ii) Charles Letts [Resolution 7](iii) Maj-Gen (R) Dato’ Dr. Mahmood B Sulaiman [Resolution 8]

5. To fix and approve Directors’ fees for the year ended 30th September, 1999 amounting to RM666,000 (1998: RM581,000). [Resolution 9]

6. To appoint Auditors and to authorise the Directors to fix their remuneration. [Resolution 10]

7. As SPECIAL BUSINESS, to consider and, if thought fit, pass the following as an Ordinary Resolution :-[Resolution 11]

PROPOSED AUTHORITY TO BUY BACK ITS OWN SHARES BY THE COMPANY

THAT authority be given to the Directors for the Company to buy back such amount of ordinary shares ofRM1.00 each in the Company (“Authority to Buy Back Shares”) as may be determined by the Directorsfrom time to time through the Kuala Lumpur Stock Exchange upon such terms and conditions as theDirectors may deem fit and expedient in the best interests of the Company provided that the aggregatenumber of shares purchased pursuant to this resolution does not exceed 2.8% of the total issued andpaid-up share capital of the Company (equivalent to 20,000,000 shares in the Company based on itscurrent issued and paid-up share capital [excluding treasury shares] of 710,177,128 shares of RM1.00 eachas at 10th December, 1999) and that an amount not exceeding the total retained profits of the Companybe allocated for the Authority to Buy Back Shares (the audited retained profits of the Company as at 30thSeptember, 1999 was RM646 million) AND THAT the Directors may resolve to cancel the shares sopurchased and/or retain the shares so purchased as treasury shares;

AND THAT the Directors be and are hereby empowered to do all such acts and things to give full effect tothe Authority to Buy Back Shares with full powers to assent to any conditions, modifications, revaluations,variations and/or amendments (if any) as may be imposed by the relevant authorities AND THAT suchauthority shall commence upon passing of this ordinary resolution and will expire at the conclusion of thenext Annual General Meeting (“AGM”) of the Company following the passing of this ordinary resolution orthe expiry of the period within which the next AGM is required by law to be held (unless earlier revoked orvaried by ordinary resolution of the shareholders of the Company in general meeting) but not so as toprejudice the completion of a purchase by the Company before the aforesaid expiry date and, in any event,in accordance with the provisions of the guidelines issued by the Kuala Lumpur Stock Exchange or anyother relevant authority.

5


Notice of Meeting (Continued)

8. To transact any other ordinary business of the Company.

By Order of the BoardJ. C. LIM

FAN CHEE KUM

Company Secretaries

Ipoh, Perak Darul Ridzuan,Malaysia.

7th January, 2000.

Notes

(1) A member of the Company entitled to attend and vote at the meeting is entitled to appoint not more thantwo proxies to vote in his stead. A proxy need not be a member of the Company.

(2) The instrument appointing a proxy must be deposited at the registered office of the Company not less than48 hours before the time set for the meeting.

(3) The final and special dividends, if approved, will be paid on 20th March, 2000 to all shareholders on theRegister of Members as at 24th February, 2000.

A Depositor with the Malaysian Central Depository shall qualify for entitlement to the dividends only inrespect of:-

(i) Shares deposited into the Depositor’s securities account before 12.30 p.m. on 22nd February, 2000in respect of shares which are exempted from Mandatory Deposit;

(ii) Shares transferred into the Depositor’s securities account before 12.30 p.m. on 24th February, 2000in respect of ordinary transfers; and

(iii) Shares bought on the Kuala Lumpur Stock Exchange on a cum entitlement basis according to theRules of the Kuala Lumpur Stock Exchange.

Registrable transfers received by the Company’s Branch Registrar in United Kingdom on or before 24thFebruary, 2000 will be registered for entitlements to the dividend payments.

(4) For Resolution 11, further information on the Share Buy Back is set out in the Circular to Shareholders ofthe Company dated 7th January, 2000 which is despatched together with the Company’s 1999 Report andAccounts.

(A proxy form is enclosed with this Report and Accounts).

Corporate Calendar

25th November, 1998The Group announced theincorporation of a new subsidiary,namely, Crabtree & Evelyn (HongKong) Limited for its retailingoperations of Crabtree & Evelynproducts in Hong Kong.

27th November, 1998His Excellency, Mr Liu Tong Kiao,the Chinese Ambassador toMalaysia and entourage togetherwith the President of the TawauChinese Chamber of Commerce,Datuk Kho Choon Seng, paid afamiliarisation visit to theKulumpang DevelopmentCorporation Complex in Sabah.

4th December, 1998The Group completed theacquisition of 25% and 10%ordinary shareholding in KL-KepongCocoa Products Sdn Bhd from BatuKawan Berhad and TaikoManagement Sdn Bhd respectively

for a total cash consideration ofRM11,550,000 and 100% ordinaryshareholding in B.K.B. HeveaProducts Sdn Bhd from BatuKawan Berhad for cashconsideration of RM24,000,000.

10th December, 1998Announcement of annual results ofthe Group for the year ended 30thSeptember, 1998.

Mohd. Ridza bin Yahya wasappointed as an alternate directorto Dato’ Mohd. Hilmey bin Mohd.Taib, replacing Sharifatul Hanizahbinti Said Ali who resigned on 17thNovember, 1998.

12th December, 1998The Group entered into a Joint-Venture Agreement with ZuelligClassics Marketing Corporation inthe Philippines for the marketing ofCrabtree & Evelyn products in thatcountry.

2nd January, 1999Commencement of earthworks atthe 40 tn/hr Pinang Palm Oil Mill inSemporna, Sabah.

3rd February, 1999The Company’s 26th AnnualGeneral Meeting was held at itsCorporate Head Office, WismaTaiko, Ipoh.

12th February, 1999KLK’s subsidiary,Masif HealthcareProducts Sdn Bhdwas awarded theCertificate ofAccreditation forthe production ofPowderedStandardMalaysian Gloveand Powder-free StandardMalaysian Glove.

2nd March, 1999Payment of a final dividend of 9 senper share, less 28% income tax anda special dividend of 10 sen pershare, less 28% income tax for thefinancial year ended 30thSeptember, 1998.

23rd April, 1999The annual Assistant Managers’Conference (Plantations) was heldat Heritage Hotel, Ipoh.

25th May, 1999Announcement of interim resultsfor half year ended 31st March,1999.

9th to 13th June, 1999KLK participated in the MingguPelaburan Bersama PNB organisedby Permodalan Nasional Berhad,held at the Putra World TradeCentre, Kuala Lumpur.

C & E 1st

Asia-Pacific

Workshop,

Paradise

Sandy Bay,

Penang

His Excellency, the Ambassador of the People’s Republic of China

to Malaysia at the KDC Complex

23rd to 26th June, 1999Crabtree & Evelyn 1st Asia-PacificWorkshop was held at ParadiseSandy Bay, Penang.

28th June, 1999KLK’s 55% owned subsidiary,Voray Holdings Limited, HongKong, disposed of a 30% equity inBeijing King Voray Edible Oil Co Ltd(“BKVEO”). On completion of thetransaction, BKVEO became a 25%associate of the KLK Group.

29th June, 1999KLK’s Palm Oil Mill at TanjongMalim, Perak Darul Ridzuan wasawarded the “Anugerah IndustriSawit Malaysia Tahun 1998” forachieving the highest Oil ExtractionRate in the Wilayah Tengah region.

28th July, 1999KLK’s subsidiary, B.K.B. HeveaProductsSdn Bhdwasawarded theMS ISO9002certificationfor themanufactureof 3-layerparquet.

9th August, 1999Payment of an interim dividend of 6sen per share, less 28% income taxfor the financial year ending 30thSeptember, 1999.

13th August, 1999Dato’ Mohd. Hilmey bin Mohd. Taiband Mohd. Ridza bin Yahyaresigned as Director and AlternateDirector respectively.

11th September, 1999The Managers’ Conference(Plantations) was held at the HotelEquatorial, Penang.

Datuk Abdul Rahman bin Mohd.Ramli was appointed as Director ofKLK and Member of the AuditCommittee.

Mr Lee Soon Hian was appointedas an Executive Director of KLK.

30th September, 1999Successful commissioning of 80tn/hr SWP Palm Oil Mill, Belitung,Indonesia.

SWP Palm Oil Mill, Belitung, Indonesia

Managers’

Conference,

Penang

Malaysian

Palm Oil

Industries

Award

1998

Minggu Pelaburan Bersama PNB, Putra

World Trade Centre, Kuala Lumpur

8


Financial 1999 1998

Turnover - RM’000 2,404,255 2,334,725

Profit:-

before taxation - RM’000 399,326 367,943

after taxation and minority shareholders’ interest - RM’000 370,406 273,964

Earnings per share:-

before taxation - sen 56.2 51.6

after taxation - sen 52.1 38.4

Dividend per share:-

gross - sen 20.0 25.0

net - sen 14.4 18.0

Net tangible asset - RM’000 3,180,103 2,931,558

Net tangible asset per share - RM 4.48 4.11

Production

Fresh Fruit Bunches - tonnes 1,271,165 1,128,694

Rubber - ‘000 kgs 26,900 25,301

Cocoa - ‘000 kgs 2,230 2,092

Group Highlights


9

Chairman’s Review

It gives me great pleasure to present on behalf of the Board, the Annual Report of the KLKGroup for the financial year ended 30 September, 1999.

For the year under review your Group achieved a profit before tax of RM399.33 million,which exceeds last year’s figure of RM367.94 million by RM31.39 million or 8.5%.However, profit after tax and minority shareholders’ interests rose by an even bigger marginof 35.2% from RM273.96 million to RM370.41 million. This is on account of theGovernment’s one-off tax waiver on operating profits for fiscal year 1999. As a result,earnings per share increased substantially from 38.4 sen to 52.1 sen.

The bulk of the Group’s profit are derived from its core business of plantations, principallythat of the oil palms sector. Results from our resource-based manufacturing subsidiarieswere mixed, but as a whole this sector managed a significant turnaround. The retailingsector however, performed below expectations.

Your Board has recommended a final dividend payment of 9 sen per share less tax, plus aspecial dividend of 5 sen per share less tax, which when added to the interim dividend of 6sen per share paid earlier will make up a total of 20 sen per share for the year. As acomparison, last year’s total dividends amounted to 25 sen per share and in terms ofabsolute quantum this year’s dividend payment will amount to RM102.27 million as againstlast year’s RM128.27 million.

PLANTATIONS

Plantation profit reached a record high of RM301.33 million, exceeding last year’s result ofRM287.74 million by RM13.59 million or 4.7%. Oil palms remained by far the single largestprofit generator in line with past years’ pattern, contributing in this instance 98.8% of thetotal plantation profit, whilst the other two crops, rubber and cocoa saw their rolesdiminishing further, as they are being progressively replaced with oil palms.

Although the year’s average price of crude palm oil (CPO) realised at RM1,711 per tonnemay not seem to be that significantly lower than last year’s figure of RM1,847 per tonne, ithowever, belies the fact that there was a sharp plunge in the price level from over RM2,500per tonne achieved at the beginning of the year to an intra-year low of below RM1,000 pertonne before recovering to the current level of around RM1,200 per tonne, at which itappears to have found support. Nevertheless, the increase in FFB production by 12.6% to

Plantation Activities

Tissue-cultured oil palms

Newly matured oil palms in Ladang Paloh

Oil palm nursery at PT ADEI, Indonesia

Young plantings at PT ADEI, Indonesia

Chairman’s Review (Continued)

1.27 million tonnes, equivalent to 21.21 tonnes per hectare, and the correspondingreduction in production costs have mitigated the price decline somewhat to enable a profitper mature hectare of RM5,154 to be made, compared to RM5,753, achieved last year.

The increase in FFB production came mainly from the substantial areas of new plantingsbrought into harvesting from our GSSB Complex, Sabah and also, for the first time, from ourSWP Complex, Belitung, Indonesia. The other factor was the ability of the palms to recoverfrom the drought-induced stress associated with the El Nino phenomenon of last year, witha strong pick-up in crop harvests evidenced during the second half of the financial year,during which period CPO prices had already weakened.

The total rubber production increased by 6.3% to 26,900 tonnes of which 2,000 tonnescame from our Indonesian plantation PT ADEI. In our Peninsular estates, the 14,000hectares of matured rubber put up a good performance, yielding 1,748 kg per hectare, dueto a less severe wintering experienced, whilst our younger Indonesian estates yielded only747 kg per hectare, to cause a dilution of the overall Group average to 1,585 kg per hectare.The low yield in PT ADEI is due largely to the predominance of clone GT.1 with itscharacteristic slow-rising yield trend. With steps taken to rapidly increase housing units on-site, thus facilitating recruitment of more skilled tappers to bring the rest of the rubber intotapping, a marked increase in production is expected for the future. With eventually some5,100 hectares of rubber fully in tapping, equivalent to about 20% of the Group’s totalrubber, PT ADEI’s rubber is expected to contribute positively in the years ahead. On theother hand, the total rubber area in our Peninsular estates continued to shrink by another1,950 hectares to 19,770 hectares and this trend to replace uneconomic rubber fields withoil palms in the Peninsular estates will continue in the coming years.


Plantation ActivitiesHuman resource development is a key factor in improving productivity

Overview of workers’ quarters at Ladang Sg Silabukan, SabahNew staff houses at PT SWP, Belitung, Indonesia

Plantation executives from our Southern Region at the Field Mechanisation Course at Ladang Landak

Our most productive harvesters (Northern Region) with GM Abdul Rahman (left) and Manager Heh Wun Yee (right)

Demonstration at Ladang Sigalong on use of AA+ Mulch™for Sabah Executives

Staff’s children performing Sumazau dance at Sabah HarvestFestival’s celebration

Chief clerks attending a computer course at our Training Centre in Ipoh



13

Notwithstanding the higher production figures, profit from the rubber sector declinedsharply on account of the rather depressed selling prices, which have fallen from an averageof 337 sen per kg to only 273 sen per kg to result in a disappointing profit per maturehectare of RM389, in part accentuated by the loss recorded from the young matured rubberin PT ADEI.

Cocoa has become a minor crop to the Group, occupying some 1,964 hectares or 2% of theGroup’s planted hectareage and although for the year, it has managed to maintain itsproduction level of 2,230 tonnes at a yield per hectare of 982 kg and a profit per maturehectare of RM1,641, its hectareage is set to decline further.

Slow headway was made in the development of our plantations under PT ADEI, in the RiauProvince over the past two years due to the political uncertainties and other related socio-economic problems. However despite this it has been possible todate to plant up some5,500 hectares of jungle reserve with oil palms and another 5,000 hectares cleared andreadied for planting. With the recent election of a new government and the restoration ofstability in general, it is envisaged that within the next two years it should be possible toplant up the remaining area to ultimately make our ADEI Complex into an attractive unit of5,100 hectares of rubber and some 20,000 plus hectares of oil palms, complete with theirown processing facilities.

Insulated from the mainland, our SWP Complex on the island of Belitung, comprising some14,000 hectares of oil palms, was relatively free from the vicissitudes that afflicted the ADEIComplex and it is projected that the entire Complex, in which harvesting has commenced inthe first-phase planting, should be in full production within the next two years as each of thephases is progressively brought into harvesting. A new 80 tonne/hour mill has beensuccessfully commissioned on site in time to take in the crop from the first-phase planting.

It is clear from the above that the focus of new plantings of oil palms has shifted from ourplantations in Sabah, which has since completed all their plantings, to our plantations inIndonesia. The substantial 39,500 hectares of immature oil palms, representing 39% of theGroup’s oil palms, of which a large portion is in our Indonesian Complexes will assure theGroup of a constant stream of sizeable new productive areas annually for the next fewyears.

Cox Building Products Ltd in Great Britain –Llanelli Shopping Centre in the UK provides ashowcase for the thermoplastic rooflight systems

James Robinson Gmbh in Dieburg, Germany producesintermediates for use in hair dyes for the cosmetics industry

Fine Chemicals by PFW Aroma Chemicals BV in Holland is aworld leader in producing polycyclic musks for use in fragrances

C&E Store at World Trade Centre, New YorkOur store at the new Mid-Valley Megamall, Kuala Lumpur

Retailing



15

ASSOCIATE – YULE CATTO & CO. PLC

Following the acquisition of Holliday Chemical Holdings last year, our Associate, Yule Cattocontinues with its consolidation of the various businesses acquired, whose main activitiesare in speciality fine chemicals and in pharmaceutical intermediates. Trading conditions inthe chemical industry are reported to have improved after a particularly slow start andmarket shares have been successfully maintained. In view of the heightened merger andacquisition activities within the chemical industry globally, the Yule Catto Group is well-placed to benefit from trading opportunities created by these structural changes. Our shareof Yule Catto’s profit has increased to £11.0 million.

MANUFACTURING

Our Group’s manufacturing subsidiaries have shown a significant turnaround andcollectively they have achieved a profit of RM33.5 million against a loss of RM12.8 millionpreviously. A notable contribution came from our oleochemicals business which benefitedfrom favourable raw material prices and improved demand internationally. Other resource-based activities like cocoa-grinding, parquet production and our 50% joint-venture company,Esterol which produces food esters have all registered satisfactory improvements, althoughour glove plants were faced with keen competition and had their profits reduced.

An excellent improvement in profits was also realised from our bulking installation at Tianjinand our vegetable oil refining at Wuhan, in the People’s Republic of China. The Tianjinoperation has embarked on an expansion programme to increase its tank farm capacity by42%, using internally generated funds and this project is scheduled for completion byMarch 2000.

During the year, the operations of Standard Soap, U.K. were streamlined resulting in theclosure of one of its manufacturing plants. The resultant redundancy payments gave rise toa loss, however, with the steps taken, an improved performance is expected hereafter.

RETAILING

Crabtree & Evelyn ended the year with a higher loss before minority interest of RM32.3million on the back of a marginally lower turnover of RM491.0 million, and after provisions

Resource-Based Manufacturing

Cocoa powderproduced by KL-Kepong Cocoa

Products Sdn Bhd

– meets ISO 9002standards

Packaging line at Palm-Oleo Sdn Bhd

Laminatednaturalhardwoodfloors with non-allergenicqualities

B.K.B. Hevea Products Sdn Bhd – An aerial photograph of its ISO 9002 accredited plant



17

were made in respect of the closure of one of its manufacturing facilities. Sales in the U.S.operations were lower and margins were insufficient to cover higher general andadministrative expenses. However, other overseas operations outside the U.S. wereprofitable.

Mindful of the attractive attributes associated with the brand name and the global growthpotential, management has launched a coordinated and focused strategy in the U.S. torestructure and revitalise its operations.

PROPERTY DEVELOPMENT

It was a difficult year for the property market and this has impacted the performance of ourjoint-venture property investments. However, with the general improvement in theeconomy and other positive measures initiated by the Government such as lowering ofinterest rates, easier access to housing loans and the Home Ownership Campaigns,interest has been stimulated in this sector and the improved sentiments should bring inbenefit in the near future.

Y2K ISSUE

All necessary internal rectification works in relation to the Millennium Bug have beencompleted and although the Y2K glitch is not expected to have any significant impact on theGroup due to the nature of its business, the Group is nevertheless prepared for anyeventualities that may arise to ensure a smooth transition into Year 2000.

PROSPECTS

The economy has emerged from its worst recession in recent years and GDP growth hasbeen confidently predicted to be in excess of 4% for 1999, due in no small measure to thebold and unprecedented fiscal stimulus and selective currency control measures taken byour Government. The recently concluded General Election has also seen the BarisanNasional ruling coalition returned to power with more than two-thirds majority in Parliament.Both these events should augur well for the stability, peace and progress as well as furthergrowth of the country in the new millennium.

Quality Control

KL-Kepong Cocoa Products Sdn Bhd using sophisticatedcomputer system for monitoring colours of cocoa powder

Palm-Oleo Sdn Bhd

Distributed Control System (DCS) is used to monitorand control the automated production line (left)

Autotitration is used in determining iodine values inoleochemicals (below)

Evaluation of household gloves to ensure high quality

Computer generated Digital Elevation Models (DEM)used in estate planning based on actual groundconditions



19

The plantation industry, on the other hand, is now undergoing a cyclical downturn in termsof selling prices, especially that of palm oil. With the strong recovery in palm oil productionin 1999 from the El Nino affected year of 1998, and with world oil seeds production beingsustained at high levels, the prices of palm oil are suppressed at a competitively andhistorically low level. Given this scenario, it will be hard to repeat this year’s performance inthe coming year, barring any late upsurge in price trends.

Heavy capital expenditures to the tune of RM170.5 million have been earmarked largely forthe substantial areas of new plantings in Sabah and Indonesia together with the requisitemilling facilities. However, the cash flow from our operations backed by our cash reservesare more than adequate to meet these purposes.

ACKNOWLEDGEMENT

On behalf of the Board, I would like to thank Dato’ Mohd. Hilmey bin Mohd. Taib for hisvaluable contributions during his tenure of directorship with the Group and to extend awarm welcome to Datuk Abdul Rahman bin Mohd. Ramli, his replacement asrepresentative of the PNB Group. With the latter’s many years of service as the GroupChief Executive of Golden Hope Plantations Berhad, I am sure KLK will stand to benefitimmensely from his experience.

The Board would like to congratulate Mr Lee Soon Hian, on his appointment as the otherExecutive Director in charge of the non-plantation interests.

I also take this opportunity to express the Board’s appreciation to the management staff andemployees for their hard work and dedicated services to the Group during all these yearsand to all the shareholders for their continued support.

Dato’ Lee Oi Hian

Executive Chairman

Ipoh, Perak Darul Ridzuan,Malaysia.17th December, 1999.

Members

Yeoh Chin Hin - Chairman(Independent Non-Executive Director)

YM Dato’ Tengku Robert Hamzah(Independent Non-Executive Director)

Datuk Abdul Rahman bin Mohd. Ramli(Independent Non-Executive Director appointed on 11th September, 1999)

Dato’ Mohd. Hilmey bin Mohd. Taib(Independent Non-Executive Director resigned with effect from 13th August, 1999)

Secretaries


Terms of Reference

The Audit Committee was established in 1993.

The establishment of the Audit Committee will ensure a more effective corporate governance especially in relation tothe internal and external audit functions within the Group. The terms of reference of the Audit Committee are asfollows:-

(a) Review with the External Auditors:-- the audit plan;- the evaluation of internal accounting controls; and- the audit reports together with the management letter.

(b) Review with the External Auditors the Group’s accounting policies and reporting requirements.

(c) Review the adequacy and the maintenance of an effective accounting system and controls therein and make itsrecommendation to the Board where necessary.

(d) Liaise directly between External Auditors, the Internal Auditor, the Management and the Board.

(e) Recommend the appointment and remuneration of the External Auditors of the Company and its subsidiaries.

(f) Any other functions that may be agreed from time to time between the Audit Committee and the Board.

20


Audit Committee

The Directors of Kuala Lumpur Kepong Berhad have pleasure in submitting their Report together with the auditedaccounts of the Group consisting of the Company and its subsidiaries and of the Company for the year ended 30thSeptember, 1999.

PRINCIPAL ACTIVITIES

The Company carries on the business of producing and processing palm products, natural rubber and cocoa on itsplantations. The Group’s subsidiary and associated companies are involved in the business of plantation,manufacturing, retailing, property development and investment holding. There have been no significant changesin the nature of these activities during the year ended 30th September, 1999.

RESULTS

Group Company

RM’000 RM’000

Profit before taxation 399,326 302,773Taxation 20,690 39,837

––––––––––– –––––––––––Profit after taxation 378,636 262,936Minority shareholders’ interest (8,230) -

––––––––––– –––––––––––Profit after taxation and minority shareholders’ interest 370,406 262,936Unappropriated profit brought forward 830,305 489,893

––––––––––– –––––––––––Profit available for appropriation 1,200,711 752,829Cancellation of shares bought back (1,284) (1,284)

––––––––––– –––––––––––1,199,427 751,545

Appropriations:-Interim dividend of 6 sen gross per share, less income tax, paid on

9th August, 1999 30,680 30,680Proposed final dividend of 9 sen gross per share, less income tax 46,020 46,020Proposed special dividend of 5 sen gross per share, less income tax 25,566 25,566Transfer to reserves 11,704 3,515

113,970 105,781––––––––––– –––––––––––

1,085,457 645,764Share of associated company’s exchange adjustment 5,446 -

––––––––––– –––––––––––Unappropriated profit carried forward 1,090,903 645,764

––––––––––– –––––––––––––––––––––– –––––––––––

DIVIDENDS

The amounts paid or declared by way of dividend by the Company since the end of the previous financial yearwere:-

(i) a final dividend of 9 sen gross per share, less 28% income tax, amounting to RM46,171,000 in respect of theyear ended 30th September, 1998 was paid on 2nd March, 1999, as proposed in last year’s report;

(ii) a special dividend of 10 sen gross per share, less 28% income tax, amounting to RM51,301,000 in respect ofthe year ended 30th September, 1998 was paid on 2nd March, 1999, as proposed in last year’s report;

(iii) an interim dividend of 6 sen gross per share, less 28% income tax, amounting to RM30,680,000 in respect ofthe year ended 30th September, 1999 was paid on 9th August, 1999.

21


Report of the Directors

The Directors recommend the payment of a final dividend of 9 sen gross per share, less 28% income tax and aspecial dividend of 5 sen gross per share, less 28% income tax, totalling RM71,586,000 which, subject to approvalat the Annual General Meeting of the Company, will be paid on 20th March, 2000 to shareholders on theCompany’s register of members at the close of business on 24th February, 2000.

RESERVES AND PROVISIONS

All material transfers to and from reserves and provisions during the year are shown in Note 20 on the accounts.

ISSUED AND PAID-UP CAPITAL

During the financial year, the Company implemented the shares buy back scheme which was approved byshareholders at the Extraordinary General Meeting held on 17th February, 1998 and subsequently renewed at theAnnual General Meeting (“AGM”) held on 3rd February, 1999. Details of the shares bought back are as follows:-

No. of shares Highest price Lowest price Average price Total

Month bought back paid per share paid per share paid per share Consideration

RM RM RM RM ‘000

Shares Cancelled

October, 1998 285,000 4.46 4.44 4.45 1,284––––––––––– –––––––

Held as Treasury Shares

February, 1999 1,208,000 5.90 5.10 5.58 6,823March, 1999 1,131,000 5.25 4.72 4.86 5,559

––––––––––– –––––––2,339,000 12,382

––––––––––– –––––––

Total 2,624,000 13,666––––––––––– –––––––––––––––––– –––––––

The mandate given by shareholders will expire at the forthcoming AGM and an ordinary resolution will be tabled atthe AGM for shareholders to renew the mandate for another year.

DIRECTORS OF THE COMPANY

Directors who serve since the date of the last report are shown on page 3.

In accordance with the Company’s Articles of Association, Dato’ Lee Oi Hian and YM Dato’ Tengku RobertHamzah retire by rotation at the forthcoming Annual General Meeting, and being eligible, offer themselves for re-election.

Datuk Abdul Rahman bin Mohd. Ramli, who was appointed since the last Annual General Meeting, retires inaccordance with the Company’s Articles of Association at the forthcoming Annual General Meeting, and beingeligible, offers himself for re-election.

Yeoh Chin Hin, Charles Letts and Maj-Gen (R) Dato’ Dr. Mahmood B Sulaiman retire at the forthcoming AnnualGeneral Meeting pursuant to Section 129(2) of the Companies Act, 1965, and resolutions will be proposed for theirre-appointments as Directors under the provision of Section 129(6) of the said Act to hold office until theconclusion of the following Annual General Meeting of the Company.

22


Report of the Directors (Continued)

DIRECTORS’ SHAREHOLDINGS

Details of the Directors’ shareholdings in the Company during the year are as follows:-

Number of Shares of RM1 each –––––––––––––––––––––––––––––––––––––––––––––––––––––––

Balance at Balance at

Name 1.10.1998 Bought Sold 30.9.1999

Dato’ Lee Oi Hian- held directly 48,000 - - 48,000- deemed interested 310,005,896 10,020,000 - 320,025,896

Yeoh Chin Hin- held directly 1,050,000 - - 1,050,000- deemed interested 60,000 - - 60,000

Charles Letts- held directly 456,000 - - 456,000- deemed interested - - - -

YM Dato’ Tengku Robert Hamzah- held directly 60,000 13,000 - 73,000- deemed interested 150,000 20,000 - 170,000

R. M. Alias- held directly 225,000 - - 225,000- deemed interested - - - -

Lee Hau Hian- held directly 55,500 - - 55,500- deemed interested 310,005,896 10,020,000 - 320,025,896

Tan Sri Dato’ Thong Yaw Hong- held directly 24,000 10,000 - 34,000- deemed interested 40,500 - - 40,500

Lee Soon Hian- held directly 140,000 - - 140,000- deemed interested 310,005,896 10,020,000 - 320,025,896

Yeoh Eng Khoon (alternate to Yeoh Chin Hin)- held directly 240,000 - - 240,000- deemed interested 2,013,000 50,000 - 2,063,000

Other than the abovementioned Directors, no other Director in office at the end of the year held any shares in theCompany.

Except for Lee Hau Hian who holds 358,668 shares in the Company as a bare trustee, none of the other Directorshas any non-beneficial interest in the shares of the Company during the financial year.

There were no changes notified by the Directors in any of their direct beneficial interest in the share capital of theCompany between 30th September, 1999 and 10th December, 1999.

23



By virtue of their deemed interests in the shares of the Company, Dato’ Lee Oi Hian, Lee Hau Hian and Lee SoonHian are deemed to have an interest in the shares of the subsidiaries of the Company to the extent of theCompany’s interest in the respective subsidiaries as disclosed under Note 26 on the accounts. In addition theyalso have an interest in the shares held by other companies in a related corporation of the Company untilDecember, 1998 as detailed below:-

Number of Ordinary Shares of RM1 each and

Number of Redeemable Preference Shares of RM0.10 each*––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Subsidiary Balance at Balance at

KL-Kepong Cocoa Products Sdn. Bhd. 1.10.1998 Bought Sold 30.9.1999

Dato’ Lee Oi Hian- held directly - - - -- deemed interested 5,250,000 - 5,250,000 -

5,250,000* - 5,250,000* -Lee Hau Hian

- held directly - - - -- deemed interested 5,250,000 - 5,250,000 -

5,250,000* - 5,250,000* -Lee Soon Hian

- held directly - - - -- deemed interested 5,250,000 - 5,250,000 -

5,250,000* - 5,250,000* -

Other than the abovementioned Directors, no other Director in office has any beneficial interest in the shares ofrelated corporations of the Company during the financial year.

DIRECTORS’ BENEFITS

Since the end of the previous financial year, no Director of the Company has received or become entitled toreceive any benefits (other than a benefit included in the aggregate amount of emoluments received or due andreceivable by Directors shown in the Group accounts, or of a related company) by reason of a contract made bythe Company or a related company with a Director or with a firm of which the Director is a member, or with acompany in which the Director has a substantial financial interest, except for any deemed benefits that may accrueto certain Directors by virtue of normal trading transactions by the Group and the Company with related parties asdisclosed under Note 23 on the accounts.

There were no arrangements during and at the end of the year which the Company was a party to which had theobject of enabling Directors of the Company to acquire benefits by means of the acquisition of shares ordebentures of the Company or any other body corporate.

OTHER STATUTORY INFORMATION

Before the profit and loss account and balance sheet of the Group and of the Company were made out, theDirectors took reasonable steps to ascertain that:-

(i) all known bad debts have been written off and adequate provision made for doubtful debts; and

(ii) all current assets have been stated at the lower of cost and net realisable value.

24



At the date of this report, the Directors of the Company are not aware of any circumstances:-

(i) that would render the amount written off for bad debts, or the amount of the provision for doubtful debts, inthe Group and Company, inadequate to any substantial extent;

(ii) that would render the values attributed to the current assets in the Group and Company accounts misleading;

(iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of theGroup and of the Company misleading or inappropriate; and

(iv) not otherwise dealt with in this report or the accounts, that would render any amount stated in the accountsof the Group and of the Company misleading.

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 yearand which secures the liabilities of any other person; or

(ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financialyear.

No contingent liability or other liability of any company in the Group has become enforceable, or is likely to becomeenforceable within the period of twelve months after the end of the financial year which will or may substantiallyaffect the ability of the Company or of the Group to meet their obligations as and when they fall due.

In the opinion of the Directors, the results of the operations of the Group and of the Company for the financial yearended 30th September, 1999 have not been substantially affected by any item, transaction or event of a materialand unusual nature other than the exceptional items disclosed under Note 5 on the accounts, nor have any suchitem, transaction or event occurred in the interval between the end of that financial year and the date of thisreport.

AUDITORS

The retiring auditors, KPMG (formerly known as KPMG Peat Marwick), have indicated their willingness to acceptre-appointment.

On Behalf of the Board

DATO’ LEE OI HIAN YEOH CHIN HIN

(Executive Chairman) (Director)


3rd January, 2000.

25



26


1998Note RM’000 RM’000

Turnover 2 2,404,255 2,334,725––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Cost of sales 1,602,178 1,550,959––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Operating profit 3 289,650 247,216Investment income 4 27,999 41,579Exceptional items 5 2,986 5,838Share of profits of associated companies 78,691 73,310

––––––––––––– –––––––––––––Profit before taxation 399,326 367,943Taxation 6 20,690 109,808

––––––––––––– –––––––––––––Profit after taxation 378,636 258,135Minority shareholders’ interest (8,230) 15,829

––––––––––––– –––––––––––––Profit after taxation and minority shareholders’ interest 370,406 273,964Unappropriated profit brought forward 830,305 712,816

––––––––––––– –––––––––––––Profit available for appropriation 1,200,711 986,780Cancellation of shares bought back (1,284) -

––––––––––––– –––––––––––––1,199,427 986,780

Appropriations:-Dividends 7 102,266 128,265Reserves 20 11,704 22,512

113,970 150,777––––––––––––– –––––––––––––

1,085,457 836,003Share of associated company’s:-

Goodwill written off - (233)Exchange adjustment 5,446 (5,465)

5,446 (5,698)––––––––––––– –––––––––––––

Unappropriated profit carried forward 20 1,090,903 830,305––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Retained by:-Holding company 645,764 489,893Subsidiary companies 335,119 255,839Associated companies 110,020 84,573

––––––––––––– –––––––––––––1,090,903 830,305

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Sen Sen

Earnings per share 21 52.1 38.4––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Consolidated Profit and Loss Accountfor the year ended 30th September, 1999

The notes set out on pages 33 to 52 form an integral part of,and should be read in conjunction with, these accounts.

27


Consolidated Balance Sheetat 30th September, 1999


1998Note RM’000 RM’000

FIXED ASSETS 8 1,954,493 1,894,870PROPERTY DEVELOPMENT 9 66,010 65,391ASSOCIATED COMPANIES 11 580,574 573,287OTHER INVESTMENTS 12 61,310 42,660INTANGIBLE ASSETS 23,347 24,331GOODWILL ON CONSOLIDATION 14,929 -

––––––––––––– –––––––––––––2,700,663 2,600,539

CURRENT ASSETSStocks 13 330,598 354,785Trade debtors 166,813 182,391Other debtors 14 85,262 90,179Deposits 15 485,605 391,204Cash and bank balances 32,948 51,126

––––––––––––– –––––––––––––1,101,226 1,069,685

Less:- ––––––––––––– –––––––––––––CURRENT LIABILITIES

Trade creditors 92,402 113,747Other creditors 130,015 125,747Taxation 28,182 102,667Bank overdrafts 16 71,753 35,234Term loans 17 6,969 58,872Short term borrowings 18 59,521 44,921Finance leases 624 2,275Dividends (net) 71,586 97,472

––––––––––––– –––––––––––––461,052 580,935

NET CURRENT ASSETS 640,174 488,750––––––––––––– –––––––––––––

3,340,837 3,089,289––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Financed by:-

SHARE CAPITAL 19 712,516 712,801RESERVES 20 2,518,245 2,243,088

––––––––––––– –––––––––––––3,230,761 2,955,889

Less: COST OF TREASURY SHARES 12,382 -––––––––––––– –––––––––––––

3,218,379 2,955,889MINORITY SHAREHOLDERS’ INTEREST 92,092 100,537DEFERRED TAXATION 22 9,318 7,391PROVISION FOR RETIREMENT BENEFITS 9,515 8,735FINANCE LEASES 7,424 9,331TERM LOANS 17 4,109 7,406

––––––––––––– –––––––––––––3,340,837 3,089,289

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

28


Profit and Loss Account of the Holding Companyfor the year ended 30th September, 1999


1998Note RM’000 RM’000

Turnover 2 612,287 625,605––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Cost of sales 265,768 296,783––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Operating profit 3 102,436 102,255Investment income 4 196,822 179,381Exceptional items 5 3,515 9,268

––––––––––––– –––––––––––––Profit before taxation 302,773 290,904Taxation 6 39,837 71,952

––––––––––––– –––––––––––––Profit after taxation 262,936 218,952Unappropriated profit brought forward 489,893 408,474

––––––––––––– –––––––––––––Profit available for appropriation 752,829 627,426Cancellation of shares bought back (1,284) -

––––––––––––– –––––––––––––751,545 627,426

Appropriations:-Dividends 7 102,266 128,265Reserves 20 3,515 9,268

105,781 137,533––––––––––––– –––––––––––––

Unappropriated profit carried forward 20 645,764 489,893––––––––––––– –––––––––––––––––––––––––– –––––––––––––

29


Balance Sheet of the Holding Companyat 30th September, 1999


1998Note RM’000 RM’000

FIXED ASSETS 8 646,184 646,424SUBSIDIARY COMPANIES 10 1,804,260 1,763,678ASSOCIATED COMPANIES 11 94,735 87,709OTHER INVESTMENTS 12 652 652

––––––––––––– –––––––––––––2,545,831 2,498,463

CURRENT ASSETSStocks 13 14,720 17,460Trade debtors 7,016 8,358Other debtors 52,469 29,164Deposits 15 354,620 326,180Cash and bank balances 2,226 4,924

––––––––––––– –––––––––––––431,051 386,086

––––––––––––– –––––––––––––Less:-CURRENT LIABILITIES

Trade creditors 4,868 10,027Other creditors 34,649 40,672Taxation - 54,379Dividends (net) 71,586 97,472

––––––––––––– –––––––––––––111,103 202,550

NET CURRENT ASSETS 319,948 183,536––––––––––––– –––––––––––––

2,865,779 2,681,999––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Financed by:-

SHARE CAPITAL 19 712,516 712,801RESERVES 20 2,119,884 1,961,137

––––––––––––– –––––––––––––2,832,400 2,673,938

Less: COST OF TREASURY SHARES 12,382 -––––––––––––– –––––––––––––

2,820,018 2,673,938DEFERRED TAXATION 22 39,174 2,144PROVISION FOR RETIREMENT BENEFITS 6,587 5,917

––––––––––––– –––––––––––––2,865,779 2,681,999

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

30


Consolidated Cash Flow Statementfor the year ended 30th September, 1999

1998RM’000 RM’000

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 399,326 367,943Adjustments for:-

Depreciation 73,463 77,907Amortisation of leasehold land 9,082 7,023Fixed assets written off 165 2,082Loss on disposal of fixed assets 213 2,479Retirement benefits provision 1,317 2,764Interest expenses 9,500 16,160Dividends income (4,345) (5,320)Interest income (23,654) (36,259)Exceptional items (2,986) (5,838)Share of associated companies’ profits (78,691) (73,310)

––––––––––––– –––––––––––––Operating profit before working capital changes 383,390 355,631Working capital changes:-

Stocks 14,837 (32,576)Debtors 14,204 (43,384)Creditors 12,661 17,718

––––––––––––– –––––––––––––Cash generated from operations 425,092 297,389Interest paid (9,580) (16,160)Tax paid (77,212) (71,749)Retirement benefits paid (537) (2,354)

––––––––––––– –––––––––––––Net cash from operating activities 337,763 207,126

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of fixed assets (110,734) (112,894)Plantation development expenditure (36,248) (31,690)Property development expenditure (619) (7)Purchase of subsidiaries, net of cash acquired (25,316) (4,521)Purchase of additional shares in subsidiary companies (16,843) (2,934)Investment in associated companies (17) (34,334)Purchase of investments (21,707) (23,246)Sales of fixed assets 2,416 1,528Sales of properties 1,984 -Compensation from government on land acquired 4,612 13,643Disposal of a subsidiary company (5,889) (843)Sales of investments 28,753 52,817(Advances to)/Repayment from associated companies (438) 1,397Dividends received from associated companies 15,331 9,593Dividends received from investments 2,995 2,993Interest received 23,026 33,588Liquidation of an associated company 100 2,920Liquidation of investment - 390

––––––––––––– –––––––––––––Net cash used in investing activities (138,594) (91,600)

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

31


1998RM’000 RM’000

CASH FLOWS FROM FINANCING ACTIVITIES

Drawdown of short term borrowings 14,600 5,668Term loans received 27,809 65,246Repayment of term loans (45,410) (100,821)Payment of finance leases (3,416) (1,606)Dividends paid by holding company (128,152) (82,115)Dividends paid to minority shareholders (2,378) (1,427)Issue of share by a subsidiary company to minority shareholders 279 4,920Return of loan capital to minority shareholders (2,039) -Redemption of redeemable cumulative preference shares (10,000) -Share buy back (13,666) -

––––––––––––– –––––––––––––Net cash used in financing activities (162,373) (110,135)

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Net increase in cash and cash equivalents 36,796 5,391Cash and cash equivalents at beginning of year 410,004 401,705

––––––––––––– –––––––––––––Cash and cash equivalents at end of year 446,800 407,096

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

NOTES ON THE CONSOLIDATED CASH FLOW STATEMENT

A. CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of:-Cash and bank balances 32,948 51,126Deposits 485,605 391,204Bank overdrafts (71,753) (35,234)

––––––––––––– –––––––––––––Cash and cash equivalents 446,800 407,096Effect of exchange rate changes - 2,908

––––––––––––– –––––––––––––Cash and cash equivalents as restated 446,800 410,004

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

B. ANALYSIS OF ACQUISITION OF SUBSIDIARY COMPANIES

The fair values of assets and liabilities of subsidiaries acquired were as follows:-Fixed assets 18,022 1,714Current assets 13,465 2,880Current liabilities (6,641) (15)Deferred taxation (774) -Redeemable cumulative preference shares (10,000) -Minority interest - (89)

––––––––––––– –––––––––––––Net assets acquired 14,072 4,490Goodwill on acquisition 11,784 31

––––––––––––– –––––––––––––Total purchase price 25,856 4,521Less: Cash and bank balances (540) -

––––––––––––– –––––––––––––Cash flow on acquisition, net of cash acquired 25,316 4,521

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Consolidated Cash Flow Statementfor the year ended 30th September, 1999 (Continued)

32


Consolidated Cash Flow Statementfor the year ended 30th September, 1999 (Continued)


1998RM’000 RM’000

C. ANALYSIS OF DISPOSAL OF A SUBSIDIARY COMPANY

The fair values of assets and liabilities of a subsidiary company disposed were as follows:-Fixed assets 37,650 248Current assets 30,676 17,533Current liabilities (33,416) (17,812)Minority interest (5,199) (737)Exchange reserve (1,107) -Term loans (37,199) -

––––––––––––– –––––––––––––Net liabilities (8,595) (768)Profit/(Loss) on disposal 3,774 (75)Transfer to investment in associated company (1,068) -

––––––––––––– –––––––––––––Cash flow on disposal (5,889) (843)

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

33


1. ACCOUNTING POLICIES

Summarised below are the more significant accounting policies of the Company and its subsidiaries.

1.1 Basis of accounting

The accounts are prepared under the historical cost convention, modified to include certain fixedassets and investments at valuation and in compliance with applicable approved accountingstandards in Malaysia and the provisions of the Companies Act, 1965.

1.2 Basis of consolidation

The consolidated profit and loss account and consolidated balance sheet include the accounts of theCompany and all its subsidiaries made up to the end of the financial year, except for a subsidiarycompany which is in members’ voluntary liquidation. All inter-company transactions have beeneliminated on consolidation.

The results of subsidiary companies acquired during the year are included in the Group accountsfrom their respective effective dates of acquisitions.

Goodwill or reserve arising on consolidation represents the difference between the acquisition costof shares in the subsidiary companies and the fair value of attributable net assets acquired at thedate of acquisition. Goodwill is stated at cost and is not amortised.

1.3 Associated companies

The Group treats as associated companies those actively trading companies in which a long termequity interest of between 20% and 50% is held and where there is management participationthrough Board representation.

The Group’s share of post-acquisition results and reserves of associated companies is included inthe consolidation accounts and is based on the latest audited and published interim reports inrespect of listed companies and latest audited accounts and unaudited management accounts inrespect of unlisted companies.

1.4 Fixed assets

(a) Depreciation and amortisation

Fixed assets are depreciated on a straight line basis over their estimated useful lives exceptfor freehold land on which no depreciation is provided.

For the freehold land and buildings at valuation, of an overseas subsidiary whereby theproperty is held as investment property, no depreciation is provided on the buildings. Suchinvestment property is revalued annually by the Directors and the aggregate surplus or deficitis transferred to revaluation reserve.

The principal depreciation rates are as follows:-

Leasehold property - Amortised by equal annual instalments overthe remaining life of the lease.

Palm oil mill machinery - 10% per annumPlant and machinery - 8 to 20% per annumMotor vehicles - 20 to 25% per annumFurniture, fittings and equipment - 10 to 331⁄3% per annumBuildings, factories and mills - 2 to 10% per annumEmployees’ quarters - 10% per annumEffluent ponds, roads and bridges - 5 to 10% per annum

Notes on the Accounts

(b) New planting expenditure

New planting expenditure incurred on land clearing and upkeep of trees to maturity iscapitalised under Plantation Development and is not amortised other than those short landleases held in Indonesia where the Plantation Development is amortised over the life of thelease.

(c) Replanting expenditure

Replanting expenditure is charged to the profit and loss account in the year in which theexpenditure is incurred.

(d) Disposal of fixed assets

Profits or losses arising from the disposal of fixed assets are taken up in the profit and lossaccount.

1.5 Leases

Assets acquired under finance lease agreements are included in fixed assets and the capital elementof the leasing commitments is shown as finance leases.

Leased assets are depreciated over the shorter of its expected useful life and the term of the lease.

1.6 Property development

Property development consists of freehold land held for future development and is stated at costand includes all related costs incurred on activities necessary to prepare the land for its intended use.

1.7 Intangible assets

These assets relate to trade marks which are stated at cost. No amortisation is provided as in theopinion of the Directors they do not have a finite useful economic life.

1.8 Stocks

Stocks of produce are valued at the lower of cost and net realisable value. Cost includesmanufacturing charges, where applicable, and is determined on a weighted average basis.Growing crops are valued at the cost of seed, fertiliser and sprays.Livestock (sheep) is valued at net realisable value.Stores and materials are valued at weighted average cost.

1.9 Treatment of replanting cess

Replanting cess refundable is included in the accounts in respect of the total eligible crop producedduring the year.

1.10 Investments

(a) Investment income

Investment income from subsidiaries is included in the profit and loss account on a receivablebasis. Investment income from other investments is included on a receipts basis.

(b) Disposal of investments

Profits and losses arising from the disposal of investments held on a long term basis areincluded in the profit and loss account as exceptional items.

(c) Value of investments

Investments in subsidiaries and associated companies are stated at cost or Directors’valuation unless the market value is less than book value and in the opinion of the Directors apermanent diminution in value has arisen.

Other investments are stated at cost unless the market value is lower than cost, a provision isset aside for diminution in value.

34


Notes on the Accounts (Continued)

1.11 Deferred taxation

Deferred taxation is provided on the liability method for the timing differences between theaccounting and taxation treatment of depreciation and capital allowances respectively on fixedassets and for other timing differences except where no liability is expected to arise in theforeseeable future. Deferred tax benefits arising from unutilised tax losses and capital allowancesare only recognised when there is a reasonable expectation of realisation in the near future.

1.12 Currency conversion

Transactions in foreign currencies are converted at the rates of exchange ruling on the transactiondates. Foreign currency assets and liabilities are converted into Ringgit Malaysia at the rates ofexchange approximate to those at balance sheet date. Where forward exchange contracts havebeen arranged in respect of assets and liabilities, the contracted rates of exchange are used.

All exchange differences are dealt with in the profit and loss account except for long term assetswhich are dealt with in the “Exchange Fluctuation Account”.

The assets and liabilities of foreign subsidiaries are translated into Ringgit Malaysia at the rates ofexchange approximate to those at balance sheet date. The results of the foreign subsidiaries andassociated companies are translated at the average rates of exchange for the year. Exchangedifferences arising from the translation of assets and liabilities at rates of exchange approximate tothose at balance sheet date and results at average rates of exchange for the year, and therestatement of the opening net investments in foreign subsidiaries and associated companies atrates of exchange approximate to those at balance sheet date are shown in the “ExchangeFluctuation Account”.

1.13 Research and development expenditure

All general research and development expenditure is charged to the profit and loss account in theyear in which the expenditure is incurred.

2. TURNOVER

Group Company

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

Palm products 950,015 966,613 341,630 360,055Rubber 78,689 93,198 70,097 82,089Cocoa beans 3,133 3,141 3,738 4,080Manufacturing 845,543 712,820 - -Retailing 490,983 508,880 - -Investment income 27,999 41,579 196,822 179,381Others 7,893 8,494 - -

––––––––––– ––––––––––– ––––––––––– –––––––––––2,404,255 2,334,725 612,287 625,605

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

In the case of the Group, turnover comprises sales to third parties only.

35



3. OPERATING PROFIT

Group Company

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

Operating profit before taxation is arrivedat after charging and (crediting) the following:-

Directors’ remuneration- fees provided 708 612 666 581- other emoluments 1,303 2,778 1,303 2,778

Auditors’ remuneration 1,484 2,146 65 65Hire of plant and machinery 3,581 6,696 - -Rent on buildings 57,365 58,328 600 426Overdraft and other interest 6,637 9,693 - -Term loans interest 2,863 6,467 - -Amortisation of leasehold land (Note 8) 9,082 7,023 388 388Depreciation (Note 8) 73,463 77,907 8,908 8,795Replanting expenditure 44,865 34,569 24,754 24,656Fixed assets written off 165 2,082 139 492Research and development expenditure 2,291 5,288 2,291 2,080Retirement benefits provision 1,317 1,164 1,122 681Realised gain in foreign exchange (1,208) (6,020) (1,208) (945)Loss/(Gain) on disposal of fixed assets 213 2,479 (177) (64)Rental income from land and buildings (1,349) (1,545) (201) (132)

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

4. INVESTMENT INCOME

Group Company

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

Gross dividend received from:-Shares quoted in Malaysia 947 863 - -Shares quoted outside Malaysia 1,963 3,187 - -Unquoted shares 1,435 1,270 1,435 1,270

Dividends from unquoted subsidiaries - - 145,202 102,662Dividends from associated companies:-

Quoted outside Malaysia - - 22,724 22,912Unquoted - - 150 1,800

Interest 23,654 36,259 27,311 50,737––––––––––– ––––––––––– ––––––––––– –––––––––––

27,999 41,579 196,822 179,381––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

36



5. EXCEPTIONAL ITEMSGroup Company

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

Surplus arising from government acquisitionsof land 4,007 1,639 3,415 568

Surplus on sale of land - 7,604 - 7,604Surplus on sale of properties 1,225 - - -Gain/(Loss) on sale of a subsidiary company 3,774 (75) - -Surplus on sales of investments 6,371 10,716 - -Surplus on liquidation of an associated company 100 716 100 920Surplus on liquidation of an investment - 176 - 176Provision for diminution in value of an

associated company (1,068) - - -Provision for diminution in value of investments - (8,363) - -Write back of provision for diminution in value

of investments 5,713 - - -Share of associated companies’ exceptional

items (17,136) (6,575) - -–––––––––– –––––––––– –––––––––– ––––––––––

2,986 5,838 3,515 9,268–––––––––– –––––––––– –––––––––– –––––––––––––––––––– –––––––––– –––––––––– ––––––––––

6. TAXATIONGroup Company

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

Malaysian taxation 653 83,887 23,600 67,516Overseas taxation 2,559 4,878 3,304 4,796Transfer to/(from) deferred taxation 1,084 842 37,030 (360)

–––––––––– –––––––––– –––––––––– ––––––––––4,296 89,607 63,934 71,952

Less: Over provision in respect of previous years (1,316) (287) (24,097) -–––––––––– –––––––––– –––––––––– ––––––––––

2,980 89,320 39,837 71,952Add: Share of associated companies’ taxation 17,710 20,488 - -

–––––––––– –––––––––– –––––––––– ––––––––––20,690 109,808 39,837 71,952

–––––––––– –––––––––– –––––––––– –––––––––––––––––––– –––––––––– –––––––––– ––––––––––

The Company has sufficient credit under Section 108 of the Income Tax Act, 1967 to frank the payment ofnet dividends of approximately RM286 million (1998: RM391 million) out of its distributable reserveswithout having to incur additional taxation.

Subject to agreement by the Inland Revenue Board, the Company has about RM270 million (1998: RM110million) tax exempt profit available to be distributed as tax exempt dividends.

The tax charge for the Company relates to taxable dividend income only. There is no tax charge for thecurrent financial year in respect of all business income due to the tax waiver of 1999 income as provided inthe Income Tax (Amendment) Act, 1999.

7. DIVIDENDSGroup and Company

1999 1998RM’000 RM’000

Interim 6 sen gross per share less 28% income tax(1998: 6 sen gross per share less 28% income tax) 30,680 30,793

Proposed final 9 sen gross per share less 28% income tax(1998: 9 sen gross per share less 28% income tax) 46,020 46,171

Proposed special 5 sen gross per share less 28% income tax(1998: 10 sen gross per share less 28% income tax) 25,566 51,301

–––––––––– ––––––––––102,266 128,265

–––––––––– –––––––––––––––––––– ––––––––––37



8. FIXED ASSETS

Freehold Plant,

Land Machinery,

and Leasehold Plantation Other Vehicles,

Buildings Land Development Buildings etc. Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

GROUP

Cost or valuation

At beginning of the year 299,306 209,878 918,105 231,081 714,979 2,373,349

Reclassification - - - 11 (11) -

Additions 3,836 22,731 36,248 5,306 78,861 146,982

Disposals/Written off (914) (3,427) (797) (2,994) (13,798) (21,930)

Acquisition of subsidiarycompany - 2,812 - 7,100 16,480 26,392

Disposal of subsidiarycompany - (4,803) - (14,155) (29,213) (48,171)

Exchange adjustment (1,759) 1,946 17,850 4,340 (80) 22,297–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

At end of the year 300,469 229,137 971,406 230,689 767,218 2,498,919––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Accumulated depreciation

At beginning of the year 7,848 26,496 - 124,626 319,509 478,479

Charge for the year 2,504 9,082 1,482 10,079 59,398 82,545

Disposals/Written off (250) (3,035) - (1,284) (11,794) (16,363)

Acquisition of subsidiary - 109 - 1,451 6,810 8,370

companyDisposal of subsidiary

company - (408) - (1,908) (8,205) (10,521)

Exchange adjustment 2,642 683 30 200 (1,639) 1,916–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

At end of the year 12,744 32,927 1,512 133,164 364,079 544,426––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Net book value

At 30th September, 1999 287,725 196,210 969,894 97,525 403,139 1,954,493––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

At 30th September, 1998 291,458 183,382 918,105 106,455 395,470 1,894,870––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Fixed assets are included

at cost or valuation as

follows:

Cost 210,649 119,622 721,844 230,408 767,213 2,049,736

Valuation 89,820 109,515 249,562 281 5 449,183–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

300,469 229,137 971,406 230,689 767,218 2,498,919––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

1999 1998 RM’000 RM’000

The net book value of leasehold land comprises:Long term 136,613 132,206Short term 59,597 51,176

––––––––––––––––––––––196,210 183,382

––––––––––––––––––––––––––––––––––––––––––––

38



Plant,

Long Term Machinery,

Freehold Leasehold Plantation Vehicles,

Land Land Development Buildings etc. Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

COMPANY

Cost or valuation

At beginning of the year 148,504 35,883 436,477 65,256 109,343 795,463

Reclassification - - - 10 (10) -

Additions - - - 1,830 7,854 9,684

Disposals/Written off (76) - (287) (697) (2,359) (3,419)–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

At end of the year 148,428 35,883 436,190 66,399 114,828 801,728––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Accumulated depreciation

At beginning of the year - 7,187 - 50,910 90,942 149,039

Charge for the year - 388 - 2,266 6,642 9,296

Disposals/Written off - - - (628) (2,163) (2,791)–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

At end of the year - 7,575 - 52,548 95,421 155,544––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Net book value

At 30th September, 1999 148,428 28,308 436,190 13,851 19,407 646,184––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

At 30th September, 1998 148,504 28,696 436,477 14,346 18,401 646,424––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Fixed assets are included

at cost or valuation as

follows:

Cost 75,660 - 238,102 66,399 114,828 494,989

Valuation 72,768 35,883 198,088 - - 306,739–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

148,428 35,883 436,190 66,399 114,828 801,728––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

The net book value of the revalued assets of the Group and the Company had these assets been carried atcost less depreciation are RM159.3 million (1998: RM161.4 million) and RM103.7 million (1998: RM104.0million) respectively.

The net book value of the assets of a subsidiary company held under finance leases amounted to RM2.6million (1998: RM2.9 million).

Freehold land, leasehold land and plantation development expenditure shown at Directors’ valuation on 1stOctober, 1980 are based on an opinion of value, using the “Investment Method Approach”, by aprofessional firm of Chartered Surveyors on 22nd November, 1979. Freehold land and buildings of anoverseas subsidiary are shown at Directors’ valuation on 30th September, 1992 based on open marketvalue, as expressed by a firm of professional valuers. The leasehold land and plantation developmentbelonging to certain subsidiaries acquired during the year ended 30th September, 1991 were revalued bythe Directors in 1990 based on the comparison method. The freehold land belonging to an overseassubsidiary was revalued by the Directors based on existing use and has been incorporated in the accounts.Subsequent additions are shown at cost while deletions are at valuation or cost as appropriate. As allowedby the transitional provisions of International Accounting Standard 16 – Property, Plant and Equipmentissued by the Malaysian Accounting Standards Board, these assets have continued to be stated on thebasis of their valuations.

The details of the properties of the Group are shown on pages 60 to 65.

39



9. PROPERTY DEVELOPMENT

Group

1999 1998RM’000 RM’000

Freehold land at cost 58,660 58,660Development expenditure 7,350 6,731

––––––––––– –––––––––––66,010 65,391

––––––––––– –––––––––––––––––––––– –––––––––––

10. SUBSIDIARY COMPANIES

Company

1999 1998RM’000 RM’000

Unquoted shares at cost 796,273 762,023Advances to subsidiaries 1,046,886 935,688Advances from subsidiaries (146,944) (13,549)

––––––––––– –––––––––––1,696,215 1,684,162

Dividends receivable 108,045 79,516––––––––––– –––––––––––1,804,260 1,763,678

––––––––––– –––––––––––––––––––––– –––––––––––

11. ASSOCIATED COMPANIES

Group Company

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

Shares at costIn overseas quoted corporations 156,322 161,474 90,803 82,845In unquoted corporations 67,560 66,492 3,872 3,872

––––––––––– ––––––––––– ––––––––––– –––––––––––223,882 227,966 94,675 86,717

Provision for diminution in value (1,068) - - -––––––––––– ––––––––––– ––––––––––– –––––––––––

222,814 227,966 94,675 86,717Post-acquisition reserves 356,330 344,329 - -Amount due from associated companies 1,430 992 60 992

––––––––––– ––––––––––– ––––––––––– –––––––––––580,574 573,287 94,735 87,709

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

Market value of sharesIn overseas quoted corporations 610,875 481,346 559,396 426,203

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

40



12. OTHER INVESTMENTS

Group Company

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

Shares at costIn Malaysia quoted corporations 29,387 31,191 - -In overseas quoted corporations 27,936 14,311 - -In unquoted corporations 18,803 11,948 7,079 7,079

––––––––––– ––––––––––– ––––––––––– –––––––––––76,126 57,450 7,079 7,079

Provision for diminution in value (14,816) (14,790) (6,427) (6,427)––––––––––– ––––––––––– ––––––––––– –––––––––––

61,310 42,660 652 652––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

Market value of sharesIn quoted corporations 48,249 89,404 - -

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

13. STOCKS

Group Company

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

These comprise the following:-Stocks of produce 203,564 243,804 8,983 11,501Growing crops 1,291 1,112 - -Livestock 2,658 2,111 - -Stores and materials 123,085 107,758 5,737 5,959

––––––––––– ––––––––––– ––––––––––– –––––––––––330,598 354,785 14,720 17,460

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

14. OTHER DEBTORS

Included in other debtors of the Group are loans of RM145,000 (1998: RM109,000) granted to full-timedirectors of subsidiary companies in accordance with the terms and conditions set out in the approvedHousing Loan Scheme for all eligible employees of those subsidiary companies.

15. DEPOSITS

Group Company

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

Deposits with:-Licensed banks 363,358 287,481 294,000 243,140Licensed finance companies 122,247 103,723 60,620 83,040

––––––––––– ––––––––––– ––––––––––– –––––––––––485,605 391,204 354,620 326,180

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

41



16. BANK OVERDRAFTS

Group

1999 1998RM’000 RM’000

Secured 67,024 28,719Unsecured 4,729 6,515

––––––––––– –––––––––––71,753 35,234

––––––––––– –––––––––––––––––––––– –––––––––––

The bank overdrafts are secured on a corporate guarantee issued by the Company and properties of certainoverseas subsidiary companies.

17. TERM LOANS

Group

1999 1998RM’000 RM’000

Repayable within 12 months:-- Secured 6,969 527- Unsecured - 58,345

––––––––––– –––––––––––6,969 58,872

Repayable after 12 months (secured) 4,109 7,406––––––––––– –––––––––––

11,078 66,278––––––––––– –––––––––––––––––––––– –––––––––––

The interest rates applicable to these term loans for the year ranged from 0.5% to 1.0% (1998: 0.5% to1.5%) per annum above the banks’ base lending rates. These term loans are secured on a corporateguarantee issued by the Company and assets of certain subsidiary companies.

18. SHORT TERM BORROWINGS

Group

1999 1998RM’000 RM’000

Export credit refinancing loans 40,795 12,624Bankers’ acceptances 18,726 32,297

––––––––––– –––––––––––59,521 44,921

––––––––––– –––––––––––––––––––––– –––––––––––

These short term borrowings are unsecured. The interest and discount rates charged ranged from 2.80%to 10.35% (1998: 7.00% to 14.00%) per annum.

42



19. SHARE CAPITAL

Group and Company

1999 1998RM’000 RM’000

Shares of RM1 each:-Authorised 1,000,000 1,000,000

––––––––––– –––––––––––––––––––––– –––––––––––

Issued and fully paidBalance at beginning of the year 712,801 712,801Shares cancelled on repurchased (285) -

––––––––––– –––––––––––Balance at end of the year 712,516 712,801

––––––––––– –––––––––––––––––––––– –––––––––––

The shareholders of the Company granted the authority to the Directors to repurchase its own shares atthe Extraordinary General Meeting held on 17th February, 1998 and subsequently renewed at the AnnualGeneral Meeting held on 3rd February, 1999. The Directors of the Company are committed to enhancingthe value of the Company to its shareholders and believe that the repurchase plan can be applied in thebest interests of the Company and its shareholders.

During the year, the Company repurchased a total of 2,624,000 of its issued shares from the open marketfor a total cost of RM13,665,695. The average cost paid for the shares repurchased was RM5.21 pershare. The repurchase transactions were financed by internally generated funds. Of the total sharesbought back, 285,000 shares were cancelled and an amount equivalent to their nominal value wastransferred to the capital redemption reserve in accordance with the requirement of Section 67A of theCompanies Act, 1965. The transfer to capital redemption reserve and the premium paid on the sharesrepurchased were made out of the retained profits. The balance of 2,339,000 of the repurchased sharesare being held as treasury shares in accordance with the requirement of Section 67A of the CompaniesAct, 1965.

Of the total 712,516,128 issued and fully paid shares, 2,339,000 are held as treasury shares by theCompany. As at 30th September, 1999, the number of outstanding shares in issue and fully paid is710,177,128 shares of RM1.00 each.

43



20. RESERVES

Group Company

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

Capital

Capital reserveBalance at beginning of the year 1,266,144 1,065,893 1,326,946 1,317,678Transfer from revaluation reserve 93 - 93 -Increase in share of associated

companies’ capital reserve 951 177,739 - -Transfer from Profit and Loss Account 11,704 22,512 3,515 9,268

––––––––––– ––––––––––– ––––––––––– –––––––––––Balance at end of the year 1,278,892 1,266,144 1,330,554 1,326,946Revaluation reserveBalance at beginning of the year 53,438 53,438 38,429 38,429Realised on disposal (93) - (93) -

Balance at end of the year 53,345 53,438 38,336 38,429––––––––––– ––––––––––– ––––––––––– –––––––––––

1,332,237 1,319,582 1,368,890 1,365,375Reserve on consolidationBalance at beginning of the year 6,477 6,484 - -Goodwill on consolidation during the year - (7) - -Transfer to goodwill on consolidation (6,477) - - -

Balance at end of the year - 6,477 - -––––––––––– ––––––––––– ––––––––––– –––––––––––

1,332,237 1,326,059 1,368,890 1,365,375Capital redemption reserveBalance at beginning of the year - - - -Cancellation of shares bought back 285 - 285 -

Balance at end of the year 285 - 285 -––––––––––– ––––––––––– ––––––––––– –––––––––––

1,332,522 1,326,059 1,369,175 1,365,375Exchange fluctuation accountBalance at beginning of the year 72,387 84,921 91,532 46,151Realised gain - - (1,208) (945)Exchange adjustment 8,096 (12,534) 284 46,326

Balance at end of the year 80,483 72,387 90,608 91,532––––––––––– ––––––––––– ––––––––––– –––––––––––

1,413,005 1,398,446 1,459,783 1,456,907––––––––––– ––––––––––– ––––––––––– –––––––––––

Revenue

General 14,337 14,337 14,337 14,337Unappropriated profit carried forward 1,090,903 830,305 645,764 489,893

––––––––––– ––––––––––– ––––––––––– –––––––––––1,105,240 844,642 660,101 504,230

––––––––––– ––––––––––– ––––––––––– –––––––––––Total 2,518,245 2,243,088 2,119,884 1,961,137

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––Analysed as:-Non-distributable 375,575 360,429 141,611 129,961Distributable 2,142,670 1,882,659 1,978,273 1,831,176

––––––––––– ––––––––––– ––––––––––– –––––––––––2,518,245 2,243,088 2,119,884 1,961,137

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

Included under the non-distributable reserves is an amount of RM12,382,000 (1998: Nil) which was utilisedfor the purchase of the treasury shares and is considered as non-distributable.

44



21. EARNINGS PER SHARE

The earnings per share is calculated by dividing the Group earnings of RM370,406,000 (1998:RM273,964,000) by the weighted average number of 711,051,042 (1998: 712,801,128) shares of theCompany in issue during the year.

22. DEFERRED TAXATION

Group Company

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

Balance at beginning of the year 7,391 6,727 2,144 2,504Acquired during the year 774 - - -Transfer from/(to) Profit and Loss Account 1,084 842 37,030 (360)

––––––––––– ––––––––––– ––––––––––– –––––––––––9,249 7,569 39,174 2,144

Exchange difference 69 (178) - -––––––––––– ––––––––––– ––––––––––– –––––––––––

Balance at end of the year 9,318 7,391 39,174 2,144––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

The timing differences on which deferred taxation has been provided for in full are in respect of the excessof taxation capital allowances over depreciation on fixed assets, provision for retirement benefits anddividend income receivable from subsidiaries by the Company which is taxed based on receipt basis.

23. SIGNIFICANT RELATED PARTY TRANSACTIONS

(a) Significant inter-company transactions of the Company are as follows:-1999 1998

RM’000 RM’000

Purchases from subsidiaries 23,410 25,030Sales to subsidiaries 231,527 265,946Interest receivable 8,588 20,655Other expenses 3,981 3,980

––––––––––– –––––––––––––––––––––– –––––––––––

(b) Significant related party transactions of the Group and of the Company are as follows:-

Group Company

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

Purchases of goods 14,038 16,829 9,074 10,935Manufacturing charges payable 975 827 622 337Management fees receivable 225 224 21 21Management fees payable 851 391 - -

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

The above transactions have been entered into in the ordinary course of business and transacted atprices agreed between parties.

45



24. COMMITMENTS

Group Company

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

Capital

Contracts placed but not completedat 30th September 23,039 3,911 9 220

Capital expenditure approved by theBoard but not contracted for at30th September 45,884 22,954 279 73

––––––––––– ––––––––––– ––––––––––– –––––––––––68,923 26,865 288 293

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

25. LEASE COMMITMENTS

Group

1999 1998RM’000 RM’000

Commitments under non-cancellable operating leases:-Expiring within one year 3,047 5,741Expiring between two to five years 21,199 30,130Expiring after five years 29,222 27,152

––––––––––– –––––––––––53,468 63,023

––––––––––– –––––––––––––––––––––– –––––––––––

The majority of the overseas subsidiaries’ leases of land and buildings are subject to rent review periodsranging between 1 and 5 years.

26. SUBSIDIARIES AND ASSOCIATES

The names of subsidiary and associated companies are detailed below:-

Principal Group’s

Country of country of percentage

Subsidiary companies incorporation operation interest Principal activities

1999 1998PLANTATIONS

PENINSULAR MALAYSIA

Gunong Pertanian Sdn. Bhd. Malaysia Malaysia 100 100 PlantationK. H. Syndicate Limited † England Malaysia 100 100 PlantationThe Kuala Pertang England Malaysia 100 100 Plantation

Syndicate Limited †The Shanghai Kelantan Rubber Hong Kong Malaysia 100 100 Plantation

Estates (1925) Limited †Uni-Agro Multi Plantations Malaysia Malaysia 51 51 Plantation

Sdn. Bhd.KL-Kepong Edible Oils Sdn. Bhd. Malaysia Malaysia 100 100 Refining of palm

productsKL-Kepong Plantation Holdings Malaysia Malaysia 100 100 Investment holding

Sdn. Bhd.Taiko Plantations Sdn. Berhad † Malaysia Malaysia 100 100 Management of

plantations

46



Principal Group’s



1999 1998PLANTATIONS

KDC COMPLEX

Kulumpang Development Malaysia Malaysia 100 100 PlantationCorporation Sdn. Berhad

Sri Kunak Plantation Sdn. Malaysia Malaysia 100 100 PlantationBerhad

Ladang Sumundu (Sabah) Malaysia Malaysia 100 100 PlantationSdn. Berhad

Gocoa Sdn. Bhd. Malaysia Malaysia 100 100 PlantationGolden Peak Development Malaysia Malaysia 100 100 Plantation

Sdn. Bhd.Golden Yield Sdn. Bhd. Malaysia Malaysia 100 100 PlantationKalumpang Estates Sdn Berhad Malaysia Malaysia 100 100 PlantationLadang Finari Sdn. Bhd. Malaysia Malaysia 100 100 PlantationMasawit Plantation Sdn. Bhd. Malaysia Malaysia 100 100 PlantationParit Perak Plantations Sdn. Bhd. Malaysia Malaysia 100 100 PlantationSelit Plantations (Sabah) Malaysia Malaysia 100 100 Plantation

Sdn. Bhd.Sunshine Plantation Sdn. Bhd. Malaysia Malaysia 100 100 PlantationSy Kho Trading Plantation Malaysia Malaysia 100 100 Plantation

Sdn. Bhd.Syarikat Swee Keong Malaysia Malaysia 100 100 Plantation

(Sabah) Sdn. Bhd.Pinji Horticulture Sdn. Bhd. Malaysia Malaysia 100 100 Cultivation of ramieKL-Kepong (Sabah) Sdn. Bhd. Malaysia Malaysia 100 100 Milling and refining of

palm productsFajar Palmkel Sdn. Berhad Malaysia Malaysia 100 100 Kernel crushing

GSSB COMPLEX

Golden Sphere Sdn. Bhd. † Malaysia Malaysia 100 100 PlantationRichinstock Sawmill Sdn. Bhd. † Malaysia Malaysia 100 100 PlantationSegar Usaha Sdn. Bhd. † Malaysia Malaysia 100 100 PlantationAxe Why Zed Sdn. Bhd. † Malaysia Malaysia 100 100 PlantationBandar Merchants Sdn. Bhd. † Malaysia Malaysia 100 100 PlantationSyarikat Budibumi Sdn. Bhd. † Malaysia Malaysia 100 100 PlantationSabah Cocoa Sdn. Bhd. † Malaysia Malaysia 70 70 PlantationBornion Estate Sdn. Bhd. † Malaysia Malaysia 60 60 PlantationSusuki Sdn. Bhd. † Malaysia Malaysia 100 100 Investment holdingSabah Holdings Corporation Malaysia Malaysia 70 70 Investment holding

Sdn. Bhd. †Leluasa Untung Sdn. Bhd. Malaysia Malaysia 100 100 Dormant

INDONESIA

P.T. ADEI Plantation and Indonesia * Indonesia 95 95 PlantationIndustry †

P.T. Steelindo Wahana Perkasa † Indonesia * Indonesia 95 95 PlantationP.T. KLK Agriservindo † Indonesia * Indonesia 100 100 Management of

plantationsP.T. Kreasijaya Adhikarya † Indonesia * Indonesia 95 95 Dormant

47



Principal Group’s



1999 1998MANUFACTURING

OLEOCHEMICALS

Palm-Oleo Sdn. Bhd. Malaysia Malaysia 80 60 Manufacturing ofoleochemicals

KSP Manufacturing Sdn. Bhd. Malaysia Malaysia 96 92 Manufacturing of soap noodles

Palmamide Sdn. Bhd. Malaysia Malaysia 88 51 Manufacturing of estersKL-Kepong Industrial Holdings Malaysia Malaysia 100 100 Investment holding

Sdn. Bhd.

COCOA PRODUCTS

KL-Kepong Cocoa Products Malaysia Malaysia 100 65 Manufacturing ofSdn. Bhd. cocoa products

GLOVE PRODUCTS

Masif Healthcare Products Malaysia Malaysia 100 100 Manufacturing of latexSdn. Bhd. † examination gloves

Masif Latex Products Sdn. Bhd. † Malaysia Malaysia 100 100 Manufacturing ofhousehold latexgloves

PARQUET FLOORING

B.K.B. Hevea Products Sdn. Malaysia Malaysia 100 - Manufacturing ofBhd. † parquet flooring

productsB.K.B. Flooring Sdn. Bhd. † Malaysia Malaysia 100 - Marketing of parquet

flooring products

SOAP

Standard Soap Company England England 100 100 Manufacturing ofLimited # toiletries

Allcock Products Limited # England England - 100 DormantBeauty Basics Limited # England England 100 100 DormantDe Muth Limited # England England 100 100 DormantKLK Cosmetics Limited # England England 100 100 DormantPersonality Beauty Products England England 100 100 Dormant

Limited #Premier Soap Co. Limited # England England 100 100 DormantZenithpeak Limited # England England 100 100 Dormant

OIL REFINING & BULKING

Hubei Zhong Chang People’s People’s 33 33 Edible oil refiningVegetable Oil Co. Ltd. † Republic Republic

of China of ChinaTianjin Voray Bulking People’s People’s 37 37 Bulking installation

Installation Co. Ltd. † Republic Republicof China of China

Voray Holdings Limited † Hong Kong Malaysia 55 55 Investment holding

48



Principal Group’s



1999 1998RETAILING

Crabtree & Evelyn Holdings England England 100 100 Investment holdingLimited #

Crabtree & Evelyn (Overseas) England England 100 100 Distribution of toiletriesLimited #

Crabtree & Evelyn Shop England England 100 100 Manufacturing of jamsLimited #

Crabtree & Evelyn Trading England England 100 100 Manufacturing of Limited # toiletries

Windham Toiletries Limited # England England 100 100 Distribution of toiletriesCrabtree & Evelyn London England England 100 100 Dormant

Limited #Scarborough and Company England England 100 100 Dormant

Limited #Crabtree & Evelyn Austria Austria Austria 100 100 Retailing of toiletries

GmBH #Crabtree & Evelyn Deutschland Germany Germany 100 100 Retailing and distribution

GmBH # of toiletriesCrabtree & Evelyn Espana Spain Spain 100 100 Distribution of toiletries

S.A. †Crabtree & Evelyn Europe B.V. # Netherlands Netherlands 100 100 Investment holding Crabtree & Evelyn Industrie France France 100 100 Retailing, distribution

S.A. † and manufacturingof toiletries

Crabtree & Evelyn London France France 100 100 Retailing of toiletriesS.A. †

Crabtree & Evelyn Ltd. # United United 100 100 Retailing, distributionStates of States of and manufacturingAmerica America of toiletries

Crabtree & Evelyn Canada, Canada Canada 80 80 Retailing and distribution Inc. # of toiletries

Ecemex S.A. DE C.V. # Mexico Mexico 51 51 Retailing and distribution of toiletries

Crabtree & Evelyn Australia Australia Australia 100 100 Distribution of toiletriesPty. Limited #

Crabtree & Evelyn (Hong Kong) Hong Kong Hong Kong 100 - Retailing and distribution Limited † of toiletries

CE Holdings Limited †† British Virgin British Virgin 100 100 Investment holdingIslands Islands

Crabtree & Evelyn Philippines, Philippines Philippines 70 - Retailing and distribution Inc. † of toiletries

Crabtree & Evelyn (Singapore) Singapore Singapore 100 - Retailing and distribution Pte. Ltd. † of toiletries

Crabtree & Evelyn (Malaysia) Malaysia Malaysia 100 100 Retailing of toiletriesSdn. Bhd.

49



Principal Group’s



1999 1998PROPERTIES

Betatechnic Sdn. Bhd. Malaysia Malaysia 100 100 Property developmentColville Holdings Sdn. Bhd. Malaysia Malaysia 100 100 Property developmentKL-K Holiday Bungalows Sdn. Malaysia Malaysia 100 100 Operating holiday

Berhad bungalowsKL-Kepong Complex Sdn. Bhd. Malaysia Malaysia 100 100 Property developmentKL-Kepong Country Homes Malaysia Malaysia 100 100 Property development

Sdn. Bhd.KL-Kepong Property Malaysia Malaysia 100 100 Property development

Development Sdn. Bhd.KL-Kepong Property Malaysia Malaysia 100 100 Property management

Management Sdn. Bhd.KL-Kepong Property Malaysia Malaysia 100 100 Investment holding

Holdings Sdn. Bhd.Kompleks Tanjong Malim Malaysia Malaysia 80 80 Property development

Sdn. Bhd.Palermo Corporation Sdn. Bhd. Malaysia Malaysia 100 100 Property development

INVESTMENT HOLDING

Ablington Holdings Sdn. Bhd. Malaysia Malaysia 100 100 Investment holdingJasachem Sdn. Bhd. Malaysia Malaysia 100 100 Investment holdingKL-Kepong Equity Holdings Malaysia Malaysia 100 100 Investment holding

Sdn. Bhd.Ortona Enterprise Sdn. Bhd. Malaysia Malaysia 100 100 Money lendingQuarry Lane Sdn. Bhd. Malaysia Malaysia 100 100 Investment holdingKLK Overseas Investments British Virgin British Virgin 100 100 Investment holding

Limited †† Islands IslandsKL-Kepong International Ltd. †† Cayman Cayman 100 100 Investment holding

Islands IslandsKLKI Holdings Limited # England England 100 100 Investment holdingKuala Lumpur-Kepong England Malaysia 100 100 Investment holding

Investments Limited #Quillspur Limited # England England 100 100 Investment holding

OTHERS

Kepong Plantations Berhad † Malaysia Malaysia 100 100 In members’ voluntaryliquidation

KLK Farms Pty. Limited # Australia Australia 100 100 Cereal and sheepfarming

Rubber Fibreboards Sdn. Bhd. Malaysia Malaysia 100 100 Dormant

† Companies not audited by KPMG †† Companies reviewed by KPMG# Companies audited by overseas firms of KPMG

* These subsidiaries operate in Indonesia, a country which has sought assistance from the InternationalMonetary Fund. Owing to the locality of the operations, these companies are not affected by the currenteconomic conditions in Indonesia. It is the Group’s policy to provide financial support to ensure that theplantation development is carried out as planned.

50



Group’s

Country of percentage

Associated companies incorporation interest Principal activities

1999 1998

Applied Agricultural Malaysia 50.0 50.0 Agronomic service andResearch Sdn. Bhd. research

Beijing King Voray Edible Oil People’s 13.8 30.3 Edible oil refiningCo. Ltd. Republic

of ChinaClarity Crest Sdn. Bhd. Malaysia 30.0 30.0 Property investmentEsterol Sdn. Bhd. Malaysia 50.0 50.0 Manufacturing of food

estersKey Century Sdn. Bhd. Malaysia 30.0 30.0 Investment holdingKumpulan Sierramas (M) Malaysia 33.0 33.0 Property development

Sdn. Bhd.Lembah Beringin Sdn. Bhd. Malaysia 30.0 30.0 Property developmentMalaysia Pakistan Malaysia 25.0 25.0 Investment holding

Venture Sdn. Bhd.Pearl River Tyre (Holdings) Australia 30.5 30.5 Investment holding and

Limited manufacturing of tyresTawau Bulking Installation Malaysia 49.0 49.0 Bulking installation

Sdn. Bhd.Yule Catto & Co. plc England 20.4 20.3 Chemical and building

products

27. SEGMENT INFORMATION - GROUP

Analysis by industryProfit/(Loss) Total Assets

Turnover before Tax Employed

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

Plantation 1,031,837 1,062,952 299,866 285,906 2,085,072 1,911,043Manufacturing 845,543 712,820 28,219 (13,226) 545,998 605,449Retailing 490,983 508,880 (32,330) (17,733) 369,031 354,951Investment holding 27,999 41,579 27,999 41,579 144,386 126,375Others 7,893 8,494 161 (1,165) 61,899 99,119

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––2,404,255 2,334,725 323,915 295,361 3,206,386 3,096,937

Exceptional items - - 2,986 5,838 - -Associated companies - - 78,691 73,310 580,574 573,287Corporate expenses - - (6,266) (6,566) - -

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––TOTAL 2,404,255 2,334,725 399,326 367,943 3,786,960 3,670,224

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– –––––––––––––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––

51



Analysis by geographical location

Profit/(Loss) Total Assets

Turnover before Tax Employed

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

Malaysia 1,535,578 1,440,319 345,765 299,783 2,357,975 2,274,459Australia 5,070 5,263 685 (22) 21,034 18,710People’s Republic

of China 241,440 258,419 6,620 (14,806) 112,240 172,427Europe and America 615,636 627,390 (28,900) 4,798 512,159 511,706Indonesia 4,937 3,334 (6,173) (958) 199,513 119,635Others 1,594 - (348) - 3,465 -

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––2,404,255 2,334,725 317,649 288,795 3,206,386 3,096,937

Exceptional items - - 2,986 5,838 - -Associated companies - - 78,691 73,310 580,574 573,287

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––TOTAL 2,404,255 2,334,725 399,326 367,943 3,786,960 3,670,224

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– –––––––––––––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––

28. COMPARATIVE FIGURES

GROUP AND COMPANY

Certain comparative figures have been reclassified to conform with current year’s presentation.

52



Directors’ Statement

We, Dato’ Lee Oi Hian and Yeoh Chin Hin, two of the Directors of Kuala Lumpur Kepong Berhad do hereby statethat, in our opinion, the accounts set out on pages 26 to 52 are drawn up so as to give a true and fair viewrespectively of the state of affairs of the Group and of the Company at 30th September, 1999 and of the results ofthe business of the Group and of the Company and of the cash flows of the Group for the financial year ended onthat date and have been made out in accordance with the applicable approved accounting standards in Malaysia.

On Behalf of the Board


(Executive Chairman) (Director)


3rd January, 2000.

Statutory Declaration

I, Fan Chee Kum, being the officer primarily responsible for the financial management of Kuala Lumpur KepongBerhad, do solemnly and sincerely declare that the accounts set out on pages 26 to 52 are to the best of myknowledge and belief, correct, and I make this solemn declaration conscientiously believing the same to be true andby virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declaredby the abovenamed at Ipoh in theState of Perak Darul Ridzuan this3rd day of January, 2000. FAN CHEE KUM

Before me:-

S. JAGJIT SINGH

Commissioner for OathsIpoh, Perak Darul Ridzuan,Malaysia.

53


Directors’ Statement and Statutory Declaration

to the members of Kuala Lumpur Kepong Berhad.

We have audited the accounts set out on pages 26 to 52. The preparation of the accounts is theresponsibility of the Company’s Directors. Our responsibility is to express an opinion on the accounts basedon our audit.

We conducted our audit in accordance with approved Standards on Auditing in Malaysia. These standardsrequire that we plan and perform the audit to obtain all the information and explanations which we considernecessary to provide us with evidence to give reasonable assurance that the accounts are free of materialmisstatement. An audit includes examining, on a test basis, evidence relevant to the amounts anddisclosures in the accounts. An audit also includes an assessment of the accounting principles used andsignificant estimates made by the Directors as well as evaluating the overall adequacy of the presentation ofinformation in the accounts. We believe our audit provides a reasonable basis for our opinion.

In our opinion:-

(a) the accounts are properly drawn up in accordance with the provisions of the Companies Act, 1965and applicable approved accounting standards in Malaysia so as to give a true and fair view of:

i) the state of affairs of the Group and of the Company at 30th September, 1999 and theresults of their operations and the cash flows of the Group for the year ended on thatdate; and

ii) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in theaccounts of the Group and of the Company;

and

(b) the accounting and other records and the registers required by the Companies Act, 1965 to be keptby the Company and its subsidiaries, of which we have acted as auditors, have been properly keptin accordance with the provisions of the said Act.

We have considered the accounts and the auditors’ reports of all the subsidiaries of which we have notacted as auditors, and which are indicated in Note 26 on the accounts.

We are satisfied that the accounts of the subsidiaries that have been consolidated with the Company’saccounts are in form and content appropriate and proper for the purposes of the preparation of theconsolidated accounts and we have received satisfactory information and explanations required by us forthose purposes.

The auditors’ reports on the accounts of the subsidiaries were not subject to any qualifications or anyadverse comment made under sub-section (3) of Section 174 of the Act.

KPMG

FIRM NUMBER: AF-0758Public Accountants

PETER HO KOK WAI

PARTNERAPPROVAL NUMBER: 1745/12/01 (J)


3rd January, 2000.

54


Report of the Auditors

1999 1998% Of % Of

% Total % Total Under Planted Under Planted

Hectares Crop Area Hectares Crop Area

OIL PALM

Mature 62,377 61 48 57,037 58 45Immature 39,586 39 31 40,911 42 32

–––––––– –––– –––– –––––––– –––– ––––Total 101,963 100 79 97,948 100 77

–––––––– –––– –––– –––––––– –––– ––––

RUBBER

Mature 18,173 73 14 20,055 75 16Immature 6,820 27 5 6,791 25 5

–––––––– –––– –––– –––––––– –––– ––––Total 24,993 100 19 26,846 100 21

–––––––– –––– –––– –––––––– –––– ––––

COCOA

Mature 1,964 100 2 2,421 100 2Immature - - - - - -

–––––––– –––– –––– –––––––– –––– ––––Total 1,964 100 2 2,421 100 2

–––––––– –––– –––– –––––––– –––– ––––

TOTAL PLANTED 128,920 100 127,215 100

Plantable Reserves 10,810 13,133Building Sites, etc. 6,237 5,661

–––––––– ––––––––GRAND TOTAL 145,967 146,009

–––––––– –––––––––––––––– ––––––––

55


Area Statementat 30th September

1999 1998 1997 1996 1995OIL PALM

FFB Production - own estates (tonnes) 1,271,165 1,128,694 1,228,407 1,132,956 1,096,522- sold (tonnes) 64,055 67,988 77,024 85,722 81,280- purchased (tonnes) 577,732 551,042 535,732 470,387 425,671- total processed (tonnes) 1,784,842 1,611,748 1,687,115 1,517,621 1,440,913

Yield per mature hectare (tonnes FFB) 21.21 20.28 22.62 22.62 22.93Profit per mature hectare (RM) 5,154 5,753 3,190 3,428 4,518

(before replanting expenditure)Average selling prices:-

Refined palm products (RM per tonne ex-refinery) 1,928 2,054 1,286 1,321 1,515Crude palm oil (RM per tonne ex-mill) 1,711 1,847 1,216 1,249 1,436Palm kernel oil (RM per tonne ex-mill) 2,490 2,064 1,627 1,623 1,513Palm kernel cake (RM per tonne ex-mill) 168 125 175 234 174Palm kernels (RM per tonne ex-mill) 1,086 1,013 748 806 744FFB (RM per tonne) 281 407 236 228 284

RUBBER

Production - own estates (‘000 kgs) 26,900 25,301 29,283 30,612 31,920- sold (‘000 kgs) 1,891 986 2,715 1,530 2,061- purchased (‘000 kgs) 2,047 2,224 3,343 3,419 2,516- total processed (‘000 kgs) 27,056 26,539 29,911 32,501 32,375

Yield per mature hectare (kgs) 1,585 1,446 1,569 1,613 1,627Profit per mature hectare (RM) 389 1,178 1,531 2,742 2,948

(before replanting expenditure)Average selling price (sen/kg) 273 337 344 394 396

(net of cess)

COCOA

Production - own estates (‘000 kgs) 2,230 2,092 5,578 4,575 4,961Yield per mature hectare (kgs) 982 507 873 745 789Profit/(Loss) per mature hectare (RM) 1,641 403 614 (183) (11)

(before replanting expenditure)Average selling price (RM/kg) 4.87 5.00 3.54 3.19 3.19

PLANTED AREA (weighted average hectares):-OIL PALM

Mature 59,943 55,669 54,311 50,086 47,814Immature 41,524 41,135 30,844 26,017 18,587

RUBBER

Mature 16,972 17,498 18,668 18,976 19,615Immature 8,224 9,392 9,998 8,396 7,344

COCOA

Mature 2,272 4,125 6,386 6,139 6,288Immature - - - - -

TOTAL PLANTED AREA 128,935 127,819 120,207 109,614 99,648

56


Five Year Plantation Statistics

1999 1998 1997 1996 1995RM’000 RM’000 RM’000 RM’000 RM’000

TURNOVERPalm Products 950,015 966,613 675,009 628,420 664,520Rubber 78,689 93,198 109,977 142,649 131,286Cocoa Beans 3,133 3,141 3,252 3,363 2,817Manufacturing 845,543 712,820 482,211 286,295 147,301Retailing 490,983 508,880 372,454 67,822 -Investment income 27,999 41,579 39,745 53,480 10,973Other income 7,893 8,494 8,249 7,188 4,669

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––2,404,255 2,334,725 1,690,897 1,189,217 961,566

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––GROUP PROFIT

Palm Products 297,638 272,737 171,567 168,272 201,292Rubber (1,500) 11,505 24,404 44,029 41,065Cocoa 3,728 1,664 3,923 (1,125) (195)Manufacturing 28,219 (13,226) (16,730) (8,822) 4,643Retailing (32,330) (17,733) (9,721) (1,208) -Others 161 (1,165) (269) 720 836Share of Profits of Associated Companies 78,691 73,310 63,479 53,403 43,893Investment income 27,999 41,579 39,745 53,480 10,973Exceptional items 2,986 5,838 22,097 369,870 361,829Corporate expenses less other income (6,266) (6,566) (5,071) (7,527) (8,004)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Profit before taxation 399,326 367,943 293,424 671,092 656,332Taxation (20,690) (109,808) (88,113) (92,000) (83,206)Minority Shareholders’ Interest (8,230) 15,829 16,388 4,916 (2,741)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––370,406 273,964 221,699 584,008 570,385

Retained Profits brought forward 830,305 712,816 615,038 471,578 352,025–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––1,200,711 986,780 836,737 1,055,586 922,410

Cancellation of shares bought back (1,284) - - - -–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––1,199,427 986,780 836,737 1,055,586 922,410

APPROPRIATIONSDividends (net of tax) 102,266 128,265 76,270 74,844 83,160Transferred to Reserves 11,704 22,512 20,615 366,681 362,486

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––1,085,457 836,003 739,852 614,061 476,764Share of associated company’s:-

Goodwill written off - (233) (20,574) (685) (13,304)Exchange adjustment 5,446 (5,465) (6,462) 1,662 8,118

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––RETAINED PROFIT 1,090,903 830,305 712,816 615,038 471,578

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––CAPITAL EMPLOYED

Fixed Assets 1,954,493 1,894,870 1,893,459 1,725,974 1,428,771Property Development 66,010 65,391 65,384 59,338 14,340Interest in Associated Companies 580,574 573,287 257,898 235,042 209,824Investments 61,310 42,660 102,600 64,265 31,858Intangible Assets 23,347 24,331 19,159 14,543 -Goodwill on Consolidation 14,929 - - - -Net Current Assets 640,174 488,750 446,665 477,762 348,867

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Total Assets Employed 3,340,837 3,089,289 2,785,165 2,576,924 2,033,660

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––SOURCES OF FINANCE

Share Capital 712,516 712,801 712,801 712,801 475,201Reserves 2,518,245 2,243,088 1,937,889 1,735,728 1,458,476Cost of Treasury Shares (12,382) - - - -Deferred Taxation 9,318 7,391 6,727 7,516 6,348Provision for Retirement Benefits 9,515 8,735 8,325 8,001 7,775Minority Shareholders’ Interest 92,092 100,537 106,562 101,683 81,742Term Loans 4,109 7,406 4,229 3,392 4,118Finance Leases 7,424 9,331 8,632 7,803 -

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Total 3,340,837 3,089,289 2,785,165 2,576,924 2,033,660

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––SHAREHOLDERS’ EARNINGS AND DIVIDENDS

Earnings per share - sen 52.1 38.4 31.1 81.9 80.0Dividend rate 20.0% 25.0% 15.0% 15.0% 25.0%Dividend yield at 30th September 4.3% 5.9% 1.9% 2.3% 3.2%P/E ratio at 30th September 8.8 11.1 25.7 7.9 6.5

57


Five Year Financial Statistics

1995 1996 1997 1998 1999

(’000 Hectares) (’000 Tonnes)

Mature Area in ’000 Hectares

Immature Area in ’000 Hectares

Production in ’000 Tonnes

OIL PALM PLANTED AREA / FFB PRODUCTION

RUBBER PLANTED AREA / PRODUCTION

1300

1250

1200

1150

1100

1050

1000

950

900

850

800

750

700

120

110

100

90

80

70

60

50

40

30

20

10

0

1995 1996 1997 1998 1999

(’000 Hectares) (Million Kilos)

Mature Area in ’000 Hectares

Immature Area in ’000 Hectares

Production in Million Kilos

40

35

30

25

20

15

10

5

0

40

35

30

25

20

1995 1996 1997 1998 1999

(Sen)

100

90

80

70

60

50

40

30

20

10

0

1995 1996 1997 1998 1999

EARNINGS PER SHARE

3400

3200

3000

2800

2600

2400

2200

2000

1800

1600

1400

(RM Million)

SHAREHOLDERS’ FUNDS

(RM)

6

5

4

3

2

1

0

1995 1996 1997 1998 1999

NET TANGIBLE ASSET PER SHARE

PLANTATIONSTITLED NET BOOK

LOCATION TENURE HECTAREAGE DESCRIPTION VALUERM’000

PENINSULAR MALAYSIA

Ladang Allagar, Freehold 805 Rubber and oil palm estate 12,564Trong, Perak.

Ladang Ayer Hitam, Freehold 2,640 Rubber and oil palm estate 38,710Bahau, Negeri Sembilan.

Ladang Ban Heng, Freehold 631 Oil palm estate 8,031Pagoh, Muar, Johor.

Ladang Batang Jelai, Freehold 2,170 Rubber and oil palm estate 32,984Rompin, Negeri Sembilan.

Ladang Batu Lintang, Freehold 1,470 Rubber and oil palm estate 18,674Serdang, Kedah.

Ladang Buntar, Freehold 547 Rubber and oil palm estate 13,724Serdang, Kedah.

Ladang Changkat Asa, Freehold 1,913 Rubber and oil palm estate 19,019Tanjong Malim, Perak.

Ladang Fraser, Freehold 2,970 Oil palm estate 33,620Kulai, Johor.

Ladang Ghim Khoon, Freehold 950 Rubber and oil palm estate 24,555Serdang, Kedah.

Ladang Glenealy, Freehold 1,085 Rubber and oil palm estate 15,124Parit, Perak.

Ladang Gunong Pertanian, Leasehold expiring 686 Oil palm estate 10,606Simpang Durian, in 2077Negeri Sembilan.

Ladang Jeram Padang, Freehold 2,124 Rubber and oil palm estate 30,404Bahau, Negeri Sembilan.

Ladang Kekayaan, Leasehold expiring 2,818 Oil palm estate 34,246Paloh, Johor. in 2068

Ladang Kemasul, Freehold 459 Rubber estate 1,026Mengkarak, Pahang.

Ladang Kerilla, Freehold 2,193 Rubber and oil palm estate 27,732Tanah Merah, Kelantan.

Ladang Kerling, Freehold 297 Oil palm estate 3,078Kerling, Selangor.

Ladang Kombok, Freehold 1,916 Rubber and oil palm estate 32,091Rantau, Negeri Sembilan.

Ladang Kuala Gris, Freehold 2,429 Rubber, oil palm and cocoa 29,806Kuala Krai, Kelantan. estate

Ladang Kuala Hau, Freehold 305 Rubber estate 3,083Kuala Krai, Kelantan. Leasehold expiring 242

in 2326

Ladang Kuala Kangsar, Freehold 511 Rubber estate 5,977Padang Rengas, Perak. Leasehold expiring 337

in 2896

Ladang Landak, Leasehold expiring 2,833 Oil palm estate 27,357Paloh, Johor. in 2068

60


Properties of the Groupat 30th September, 1999

TITLED NET BOOKLOCATION TENURE HECTAREAGE DESCRIPTION VALUE

RM’000

Ladang New Pogoh, Freehold 1,560 Rubber and oil palm estate 14,111Segamat, Johor.

Ladang Paloh, Freehold 2,043 Oil palm estate 28,651Paloh, Johor.

Ladang Pasir Gajah, Freehold 961 Rubber and oil palm estate 22,187Kuala Krai, Kelantan. Leasehold expiring 1,155

in 2907

Ladang Pelam, Freehold 2,526 Rubber and oil palm estate 39,731Kulim, Kedah.

Ladang Renjok, Freehold 1,479 Rubber and oil palm estate 15,875Bentong, Pahang.

Ladang See Sun, Freehold 589 Oil palm estate 9,735Renggam, Johor.

Ladang Selborne, Freehold 1,282 Rubber and cocoa estate 16,722Padang Tengku, Kuala Lipis,Pahang.

Ladang Serapoh, Freehold 938 Rubber and oil palm estate 9,145Parit, Perak.

Ladang Subur, Freehold 1,290 Rubber and oil palm estate 15,055Batu Kurau, Perak.

Ladang Sungei Bekok, Freehold 636 Oil palm estate 7,849Bekok, Johor.

Ladang Sungei Kawang, Freehold 1,890 Rubber and oil palm estate 15,739Lanchang, Pahang.

Ladang Sungei Penggeli, Leasehold expiring 959 Oil palm estate 9,583Bandar Tenggara, Johor. in 2087

Ladang Sungei Sokor, Freehold 1,603 Rubber and oil palm estate 17,579Tanah Merah, Kelantan.

Ladang Sungei Tamok, Leasehold expiring 1,619 Oil palm estate 16,126Paloh, Johor. in 2078

Ladang Tertinggi, Leasehold expiring 1,619 Oil palm estate 19,844Paloh, Johor. in 2078

Ladang Tuan, Freehold 1,011 Rubber, oil palm and cocoa 10,633Bentong, Pahang. Leasehold expiring 443 estate

between2030 and 2057

Ladang Tuan Mee, Freehold 1,715 Oil palm estate 17,604Sungei Buloh, Selangor.

Ladang Ulu Pedas, Freehold 938 Rubber and oil palm estate 18,065Pedas, Negeri Sembilan.

Ladang Voules, Freehold 2,977 Rubber and oil palm estate 25,388Segamat, Johor.

––––––––61,564

––––––––

EAST MALAYSIA

Ladang Bornion, Leasehold expiring 3,233 Oil palm estate 33,482Kinabatangan, Sabah. in 2078

61


Properties of the Groupat 30th September, 1999 (Continued)

TITLED NET BOOKLOCATION TENURE HECTAREAGE DESCRIPTION VALUE

RM’000

Ladang Bukit Tabin, Leasehold expiring 2,944 Oil palm estate 32,714Lahad Datu, Sabah. in 2079

Ladang Jatika, Leasehold expiring 3,018 Oil palm estate 39,180Tawau, Sabah. between

2068 and 2083

Ladang Lungmanis, Leasehold expiring 1,666 Oil palm estate 13,638Lahad Datu, Sabah. in 2085

Ladang Pang Burong, Leasehold expiring 1,778 Oil palm and cocoa estate 25,386Tawau, Sabah. between

2063 and 2080

Ladang Pangeran, Leasehold expiring 2,783 Oil palm estate 34,868Tawau, Sabah. between

2063 and 2080

Ladang Pinang, Leasehold expiring 2,531 Oil palm estate 32,292Tawau, Sabah. between

2067 and 2085

Ladang Rich Hill, Leasehold expiring 497 Oil palm and cocoa estate 7,669Kunak, Sabah. between

2069 and 2083

Ladang Ringlet, Leasehold expiring 985 Oil palm and cocoa estate 9,099Tawau, Sabah. between

2067 and 2077

Ladang Rimmer, Leasehold expiring 2,720 Oil palm estate 22,261Lahad Datu, Sabah. in 2085

Ladang Segar Usaha, Leasehold expiring 2,792 Oil palm estate 31,257Kinabatangan, Sabah. in 2077

Ladang Sigalong, Leasehold expiring 2,831 Oil palm and cocoa estate 31,115Tawau, Sabah. between

2063 and 2079

Ladang Sri Kunak, Leasehold expiring 2,770 Oil palm and cocoa estate 39,178Tawau, Sabah. between

2063 and 2076

Ladang Sg. Silabukan, Leasehold expiring 2,626 Oil palm estate 29,186Lahad Datu, Sabah. in 2079

Ladang Sg. Sing Sing, Leasehold expiring 858 Oil palm and cocoa estate 6,575Semporna, Sabah. between

2070 and 2080

Ladang Sumundu, Leasehold expiring 783 Oil palm and cocoa estate 13,441Tawau, Sabah. between

2065 and 2071

Ladang Tundong, Leasehold expiring 2,101 Oil palm estate 27,383Tawau, Sabah. between

2063 and 2073

Ladang Tungku, Leasehold expiring 3,418 Oil palm estate 27,978Lahad Datu, Sabah. in 2085

––––––––40,334

––––––––

62


Properties of the Group at 30th September, 1999 (Continued)

APPROXIMATE NET

TITLED AGE OF BOOK

LOCATION TENURE HECTAREAGE DESCRIPTION BUILDINGS VALUE

Years RM’000

INDONESIA

Kebun Belitung, Leasehold expiring 14,065 Oil palm estate - 60,028Belitung, Indonesia. in 2020

Kebun Mandau, Leasehold expiring 14,900 Rubber and oil - 48,726Riau, Indonesia. in 2020 palm estate

Kebun Nilo, Leasehold expiring 12,860 Oil palm estate - 12,927Riau, Indonesia. in 2028

––––––––41,825

––––––––

OTHER OPERATIONS

MALAYSIA

B.K.B. Hevea Products, Leasehold expiring 5 Parquet factory 5 8,719Ipoh, Perak. in 2089

KL-Kepong Cocoa Products, Leasehold expiring 2 Cocoa products 7 8,573Port Klang, Selangor. in 2090 factory

KL-Kepong Edible Oils, Leasehold expiring 5 Palm oil refinery 16 1,448Pasir Gudang, Johor. in 2045

KL-Kepong (Sabah), Leasehold expiring 61 Refinery, palm oil 12 to 16 3,481Tawau, Sabah. in 2073 mills and kernel

crushing plant

KSP Manufacturing, Freehold 4 Soap noodles 3 5,045Rawang, Selangor. factory

Masif Healthcare Products, Freehold 4 Rubber gloves 10 4,273Lahat, Perak. factory

Palmamide, Freehold 3 Esters factory 3 4,373Rawang, Selangor.

Palm-Oleo, Freehold 8 Oleochemicals 8 7,255Rawang, Selangor. factory

––––––––92

––––––––

Colville Holdings, Freehold 428 Property - 9,950Setul, Negeri Sembilan. development

KL-Kepong Complex, Freehold 16 Property - 3,315Sungei Buloh, Selangor. development

KL-Kepong Country Homes, Freehold 1,089 Property - 26,137Ijok, Selangor. Leasehold expiring 9 development

in 2082

KL-Kepong Property Development, Freehold 93 Property - 3,430Ijok, Selangor. development

Kompleks Tanjong Malim, Freehold 185 Property - 3,866Tanjong Malim, Perak. development

Palermo Corporation, Freehold 353 Property - 11,961Bagan Samak, Kedah. development

––––––––2,173

––––––––63



APPROXIMATE NET

TITLED AGE OF BOOK

LOCATION TENURE AREA * DESCRIPTION BUILDINGS VALUE

Years RM’000

Annex & Brunwells, Freehold 13,339 sq.m. Holiday 51 40Port Dickson, Negeri Sembilan. bungalows

Bunge & Arundel, Leasehold expiring 8,981 sq.m. Holiday 50 119Frasers Hill, Pahang. between bungalows

2021 and 2030

Wisma Taiko, Freehold 2,984 sq.m. Head Office 14 6,6441, Jalan S.P. Seenivasagam, buildingIpoh, Perak.

3, Jalan Taman U Thant, Freehold 2,092 sq.m. Residential 37 1Kuala Lumpur. bungalow

5B, Jalan Tun Dr. Ismail, Freehold 3,123 sq.m. Residential 33 1Ipoh, Perak. bungalow

10, Jalan Golf Club, Freehold 9,990 sq.m. Residential 70 38Ipoh, Perak. bungalow

146, Jalan Dedap Batik, Freehold 556 sq.m. Residential 2 707Sierramas, Sg. Buloh, Selangor. bungalow

A33, Lembah Beringin Freehold 4,317 sq.m. Bungalow lot - 284Homestead, Selangor.

Tinagat, Leasehold expiring 2 Tawau Office 6 1,137Tawau, Sabah. between

2921 and 2930

New Wharf Road, Leasehold expiring 3 Vacant land - 3,434Lahad Datu, Sabah. in 2066

––––––––10

––––––––

AUSTRALIA

Erregulla Farm, Freehold 5,290 Sheep and - 3,083Mingenew, Western Australia. cereal farm

Warrening Gully Farm, Freehold 3,089 Sheep and - 5,335Williams, Western Australia. cereal farm

Torradup Farm, Freehold 4,926 Sheep and - 4,970Munglinup, Western Australia. cattle farm

––––––––13,305

––––––––

PEOPLE’S REPUBLIC OF CHINA

Nanjiang Port Area, Leasehold expiring 2 Bulking 3 12,088Tianjin. in 2045 installation

Dingong Miao, Leasehold expiring 3 Refinery 4 16,042Baisha Zhou, in 2044Wuchang, Wuhan.

––––––––5

––––––––

* Titled area is in hectares except otherwise indicated.

64



APPROXIMATE NET

TITLED AGE OF BOOK

LOCATION TENURE AREA * DESCRIPTION BUILDINGS VALUE

Years RM’000

UNITED KINGDOM

6, Lovat Lane, Freehold 95 sq.m. Office building 149 3,903London.

55-57, South Edwardes Square, Freehold 391 sq.m. Office building 96 3,322London.

Gerrard Place, Freehold 2 Toiletries factory 26 3,340Skelmersdale, Lancashire.

Pontyclun, Freehold 2 Toiletries factory 36 10,727Wales.

Standard Soap, Freehold 2 Soap factory 34 10,023Ashby-de-la Zouch,Leicestershire.

–––––––––6

–––––––––

UNITED STATES

Woodstock, Freehold 16 Office and 16 20,481Connecticut. ––––––––– toiletries factory

CANADA

London Ontario, Freehold 2 Office and 14 1,155Canada. ––––––––– warehouse

FRANCE

Vieux Thann, Freehold 1 Toiletries factory 7 7,718France. –––––––––

Group Total 159,333––––––––––––––––––

* Titled area is in hectares except otherwise indicated.

65



Location of the Plantations in Malaysiaat 30th September, 1999

KEDAH1 Batu Lintang ▲ ■ 1,470

2 Buntar 547

3 Ghim Khoon 950

4 Pelam 2,526

PERAK5 Allagar 805

6 Glenealy 1,085

7 Kuala Kangsar 848

8 Serapoh 938

9 Subur 1,290

SELANGOR10 Changkat Asa ▲ 1,913

11 Kerling 297

12 Tuan Mee ▲ 1,715

NEGERI SEMBILAN13 Ayer Hitam 2,640

14 Batang Jelai ● 2,170

15 Gunong Pertanian 686

16 Jeram Padang ▲ ■ 2,124

17 Kombok 1,916

18 Ulu Pedas 938

JOHORE19 Ban Heng 631

20 Fraser ▲ 2,970

21 Kekayaan 2,818

22 Landak ▲ 2,833

23 New Pogoh 1,560

24 Paloh ▲ 2,043

25 See Sun 589

26 Sungei Bekok 636

27 Sungei Penggeli 959

28 Sungei Tamok 1,619

29 Tertinggi 1,619

30 Voules 2,977

PAHANG31 Kemasul 459

32 Renjok ■ 1,479

33 Selborne ■ ◆ 1,282

34 Sungei Kawang 1,890

35 Tuan 1,454

KELANTAN36 Kerilla ■ 2,193

37 Kuala Gris 2,429

38 Kuala Hau 547

39 Pasir Gajah ▲ ■ 2,116

40 Sungei Sokor 1,603

Perlis

Kedah

Penang Perak

Kelantan

SelangorNegeri

Sembilan

Malacca

Johore

Pahang

Trengganu

SABAH

SouthChina SeaStraits of

Malacca

123

4

9

5 86

7

Ipoh

KualaLumpur

10

11

12 1513

16

14

1817 23

30

19 2624

21 2229

2825

2027

35

313234

33

37

3840 39

36 42

41

42

Tawau

Lahad Datu

MALAYSIA Hectares

Location of the Group’s OverseasAgricultural Operations

4445

Pekanbaru

Perth

SUMATRA

AUSTRALIA

46

4748

43

Belitung

JakartaTanjungPandan

I N D O N E S I A

SABAH41 KDC COMPLEX

Jatika 3,018

Pang Burong 1,778

Pangeran 2,783

Pinang ◆ 2,531

Rich Hill 497

Ringlet 985

Sigalong 2,831

Sri Kunak 2,770

Sumundu 783

Sungei Sing Sing 858

Tundong ✵ ▲ ★ 2,162

42 GSSB COMPLEX

Bornion ▲ 3,233

Segar Usaha 2,792

Bukit Tabin 2,944

Lungmanis 1,666

Rimmer ▲ 2,720

Sg Silabukan 2,626

Tungku 3,418

▲ With Palm Oil Mill

■ With SMR Factory

● With Concentrate Latex Factory

With SMR and Concentrate

Latex Factory

◆ With Cocoa Factory

★ With Kernel Crushing Plant

✵ With Refinery

INDONESIA43 Kebun Belitung ▲ 14,065

44 Kebun Mandau 14,900

45 Kebun Nilo 12,860

AUSTRALIA46 Erregulla Farm 5,290

47 Warrening Gully Farm 3,089

48 Torradup Farm 4,926

AUTHORISED SHARE CAPITAL - RM1,000,000,000ISSUED & FULLY PAID-UP CAPITAL - RM712,516,128CLASS OF SHARES - Shares of RM1 each

Breakdown of Shareholdings

Size of No. of % of No. % of Issued

Shareholdings Shareholders Shareholders of Shares Share Capital #

1 - 499 255 2.71 53,236 0.01500 - 5,000 6,408 68.02 12,990,919 1.83

5,001 - 10,000 1,213 12.87 9,295,223 1.3110,001 - 100,000 1,315 13.96 37,589,003 5.29

100,001 - 1,000,000 195 2.07 58,831,812 8.28Above 1,000,000 35 0.37 591,416,935 83.28

–––––– –––––– –––––––––––– ––––––TOTAL 9,421 100.00 710,177,128 100.00

–––––– –––––– –––––––––––– –––––––––––– –––––– –––––––––––– ––––––

Twenty Largest Shareholders as in the Register of Members and the Record of Depositors:-

No. % of Issued

Name of Shares Share Capital #

1. Batu Kawan Berhad 312,382,896 43.992. Permodalan Nasional Berhad 66,049,000 9.303. Amanah Raya Nominees (Tempatan) Sdn. Bhd.

– Skim Amanah Saham Bumiputera 53,902,150 7.594. Employees Provident Fund Board (KWSP) 40,910,500 5.765. Lembaga Kemajuan Tanah Persekutuan (FELDA) 27,490,039 3.876. The Central Depository (Pte.) Limited 16,720,150 2.357. Amanah Raya Nominees (Tempatan) Sdn. Bhd.

– Sekim Amanah Saham Nasional 15,209,000 2.148. Amanah Raya Nominees (Tempatan) Sdn. Bhd.

– Amanah Saham Wawasan 2020 7,978,000 1.129. Malaysia Nominees (Tempatan) Sendirian Berhad

– Great Eastern Life Assurance (Malaysia) Berhad (MLF) 7,334,000 1.0310. Malaysia National Insurance Berhad 5,381,500 0.7611. Wan Hin Investments Sdn. Berhad 3,750,000 0.5312. Song Kee Tin Mining Company Sdn. Berhad 3,733,000 0.5313. HSBC Nominees (Asing) Sdn. Bhd.

– TMIS for United Nations Joint Staff Pension Fund 3,000,000 0.4214. Chase Malaysia Nominees (Asing) Sdn. Bhd.

– Abu Dhabi Investment Authority 2,864,000 0.4015. Lembaga Tabung Haji 2,818,000 0.4016. Asia Life (M) Berhad

– Malaysia Life Fund 2,230,000 0.3117. Yeoh Chin Hin Investments Sdn. Berhad 2,030,000 0.2918. Cartaban Nominees (Asing) Sdn. Bhd.

– SSBT Fund ZV3M for IFC Emerging Markets Fund - Malaysia 2,012,800 0.2819. Cartaban Nominees (Asing) Sdn. Bhd.

– SSBT Fund 2R26 for Bernstein Emerging Markets Value Portfolio 1,822,000 0.2620. DB (Malaysia) Nominee (Asing) Sdn. Bhd.

– DB AG Frankfurt for RG Zelfselect Fund 1,725,000 0.24–––––––––––– ––––––

TOTAL 579,342,035 81.57–––––––––––– –––––––––––––––––– ––––––

# Calculated based on 710,177,128 shares, which do not include the 2,339,000 treasury shares.

68


Shareholding Statisticsat 10th December, 1999

Substantial Shareholders

According to the register required to be kept under Section 69L of the Companies Act, 1965, the following are the substantialshareholders of the Company:-

No. % of Issued

Name of Shares Share Capital #

1. Batu Kawan Berhad * 312,382,896 43.992. Permodalan Nasional Berhad ** 66,049,000 9.303. Amanah Raya Nominees (Tempatan) Sdn. Bhd.

– Skim Amanah Saham Bumiputera 53,902,150 7.594. Employees Provident Fund Board (KWSP) 41,261,500 5.815. Lembaga Kemajuan Tanah Persekutuan (FELDA) 27,490,039 3.876. The Central Depository (Pte.) Limited 16,720,150 2.35

(As bare trustees: none of the beneficial owners is a substantial shareholder)

7. HSBC Nominees (Asing) Sdn. Bhd. 16,142,049 2.27(As bare trustees: none of the beneficial ownersis a substantial shareholder)

8. Amanah Raya Nominees (Tempatan) Sdn. Bhd.– Sekim Amanah Saham Nasional 15,209,000 2.14

* By virtue of Section 6A of the Companies Act, 1965, Wan Hin Investments Sdn. Bhd. group of companies are also deemedsubstantial shareholders of the Company. Dato’ Lee Oi Hian, Lee Hau Hian and Lee Soon Hian are substantial shareholdersof Di-Yi Sdn. Bhd., High Quest Holdings Sdn. Bhd. and Elionai Sdn. Bhd. respectively, which in turn are substantialshareholders of Wan Hin Investments Sdn. Bhd. and accordingly all these parties are also deemed substantial shareholdersof the Company by virtue of their deemed interests.

** By virtue of Section 6A of the Companies Act, 1965, Yayasan Pelaburan Bumiputra is also deemed substantial shareholderof the Company.

# Calculated based on 710,177,128 shares, which do not include the 2,339,000 treasury shares.

Voting Rights of Shareholders

Every member of the Company present in person or by proxy shall have one vote on a show of hand and in the case of a pollshall have one vote for every share of which he is the holder.

69


Shareholding Statisticsat 10th December, 1999 (Continued)

KUALA LUMPUR KEPONG BERHAD(DITUBUHKAN DI MALAYSIA)

Kandungan

Muka surat

Maklumat Syarikat 2

Notis Mesyuarat 3

Intisari Kumpulan 5

Ulasan Pengerusi 6

Jawatankuasa Audit 12

Laporan Para Pengarah 13

Akaun Untung Rugi Disatukan 18

Kunci Kira-Kira Disatukan 19

Akaun Untung Rugi Syarikat Induk 20

Kunci Kira-Kira Syarikat Induk 21

Penyata Aliran Tunai Disatukan 22

Nota-Nota Akaun 25

Kenyataan oleh Pengarah-Pengarah dan Akuan Berkanun 45

Laporan Juruaudit 46

Penyata Kawasan 47

Statistik Tanaman Lima Tahun 48

Statistik Kewangan Lima Tahun 49

Hartanah Kumpulan 50

Statistik Pemegangan Saham 56

Lembaga Pengarah - Dato’ Lee Oi Hian - Pengerusi EksekutifYeoh Chin Hin @Charles LettsYM Dato’ Tengku Robert HamzahR. M. Alias @Maj-Gen (R) Dato’ Dr. Mahmood B Sulaiman @Ong Beng Kee - Pengarah EksekutifLee Hau HianTan Sri Dato’ Thong Yaw HongLee Soon Hian - Pengarah EksekutifDatuk Abdul Rahman bin Mohd. Ramli

(Dilantik pada 11hb September, 1999)Yeoh Eng Khoon

(Silih ganti kepada Yeoh Chin Hin)Dato’ Mohd. Hilmey bin Mohd. Taib

(Meletakkan jawatan pada 13hb Ogos, 1999)Mohd. Ridza bin Yahya

(Meletakkan jawatan sebagai silih ganti kepada Dato’ Mohd.Hilmey bin Mohd. Taib pada 13hb Ogos, 1999))

@ Ahli Jawatankuasa Ganjaran

Setiausaha Syarikat - J. C. LimFan Chee Kum

Juruaudit - KPMG

Pendaftar Utama dan - Kuala Lumpur Kepong Berhad,Pejabat Berdaftar Wisma Taiko,

1, Jalan S. P. Seenivasagam,30000 Ipoh, Perak Darul Ridzuan, Malaysia.Telefon: 605-2417844

Pendaftar Cawangan - M. P. Evans (UK) Ltd.,3, Clanricarde Gardens,Tunbridge Wells,Kent TN1 1HQ, England.Telefon: (01892) 516333

Bank - Malayan Banking BerhadHSBC Bank Malaysia BerhadPublic Bank BerhadRHB Bank Berhad

Bursa Saham - Bursa Saham Kuala LumpurBursa Saham London

2


Maklumat Syarikat

3


Notis Mesyuarat

Dengan ini adalah diberitahu bahawa Mesyuarat Agung Tahunan Syarikat yang Keduapuluh Tujuh akan diadakandi pejabat berdaftar, Wisma Taiko, 1, Jalan S. P. Seenivasagam, 30000 Ipoh, Perak Darul Ridzuan, Malaysia padahari Rabu, 23hb Februari, 2000 pada pukul 12.00 tengahari untuk tujuan berikut:-

1. Menerima dan meluluskan akaun-akaun bagi tahun berakhir 30hb September, 1999 dan laporan paraPengarah dan Juruaudit yang terkandung. [Resolusi 1]

2. Meluluskan bayaran dividen akhir sebanyak 9 sen sesaham, ditolak 28% Cukai Pendapatan Malaysia dandividen khas sebanyak 5 sen sesaham, ditolak 28% Cukai Pendapatan Malaysia. [Resolusi 2]

3. Memilih semula Pengarah berikut:-(i) Dato’ Lee Oi Hian [Resolusi 3](ii) YM Dato’ Tengku Robert Hamzah [Resolusi 4](iii) Datuk Abdul Rahman bin Mohd. Ramli [Resolusi 5]

4. Menimbangkan dan sekiranya difikirkan sesuai, meluluskan resolusi yang selaras dengan Seksyen 129(6)Akta Syarikat, 1965 untuk melantik semula penama berikut sebagai Pengarah Syarikat untuk berkhidmathingga Mesyuarat Agung Tahunan Syarikat berikutnya:-(i) Yeoh Chin Hin [Resolusi 6](ii) Charles Letts [Resolusi 7](iii) Maj-Gen (R) Dato’ Dr. Mahmood B Sulaiman [Resolusi 8]

5. Menetapkan dan meluluskan yuran Pengarah-Pengarah bagi tahun berakhir 30hb September, 1999 yangberjumlah RM666,000 (1998: RM581,000). [Resolusi 9]

6. Melantik Juruaudit dan memberi kuasa kepada para Pengarah menetapkan ganjaran mereka.[Resolusi 10]

7. Sebagai URUSAN KHAS, untuk menimbangkan dan sekiranya bersesuaian meluluskan Resolusi Biasaberikut:- [Resolusi 11]

CADANGAN MEMBERI KUASA MEMBELI BALIK SAHAM SENDIRI OLEH SYARIKAT

BAHAWA kuasa diberi kepada Pengarah-Pengarah untuk Syarikat membeli balik saham biasa bernilaiRM1.00 tiap satu dalam Syarikat (“Kuasa Membeli Balik Saham”) dengan amaunnya ditentukan olehPengarah-Pengarah dari masa ke semasa melalui Bursa Saham Kuala Lumpur mengikut syarat-syaratPengarah-Pengarah menganggap sesuai dan wajar dari segi kepentingan Syarikat tertakluk jumlah sahamyang dibeli melalui resolusi ini tidak melebihi 2.8% jumlah modal saham terbit dan terbayar Syarikat(bersamaan dengan 20,000,000 saham Syarikat berdasarkan modal saham terbit dan terbayar semasa[tidak termasuk saham perbendaharaan] sebanyak 710,177,128 saham bernilai RM1.00 tiap satu pada 10hbDisember, 1999) dan amaun yang tidak melebihi jumlah keuntungan terkumpul Syarikat akandiperuntukkan untuk Kuasa Membeli Balik Saham (keuntungan terkumpul Syarikat yang telah diaudit pada30hb September, 1999 adalah RM646 juta) DAN BAHAWA Pengarah-Pengarah boleh meresolusikan untukmembatalkan saham yang dibeli dan/atau menyimpan saham yang dibeli sebagai saham perbendaharaan;

DAN BAHAWA Pengarah-Pengarah diberi kuasa membuat segala perbuatan dan tindakan yang perlusupaya melaksanakan dengan penuh Kuasa Membeli Balik Saham dengan penuh kuasa untuk bersetujuisebarang syarat, ubahsuaian, nilaian semula, perubahan dan/atau pindaan (jika ada) yang dikuatkuasakanoleh pihakberkuasa berkenaan DAN BAHAWA kuasa tersebut akan bermula apabila resolusi diluluskan danakan tamat pada penghabisan Mesyuarat Agung Tahunan (“MAT”) Syarikat hadapan berikut kelulusanresolusi biasa ini atau penamatan tempoh di mana MAT berikutnya perlu diadakan mengikut undang(kecuali ianya dibatalkan atau diubahsuai melalui resolusi biasa pemegang-pemegang saham Syarikat dalammesyuarat agung) tetapi tidak terjejas selesaian pembelian oleh Syarikat sebelum tarikh tamat danseharusnya mengikut peruntukan dalam garis panduan dikeluarkan oleh Bursa Saham Kuala Lumpur ataumana-mana pihakberkuasa berkenaan.

4


Notis Mesyuarat (Bersambung)

8. Menguruskan sebarang urusan biasa Syarikat.

Dengan Perintah Lembaga PengarahJ. C. LIM

FAN CHEE KUM

Setiausaha Syarikat Ipoh, Perak Darul Ridzuan,Malaysia.

7hb Januari, 2000.

Nota

(1) Seorang ahli Syarikat yang berhak menghadiri dan mengundi adalah berhak melantik tidak melebihi duaorang proksi atau proksi-proksi untuk menghadiri dan mengundi bagi pihak dirinya. Seorang proksi tidaksemestinya seorang ahli Syarikat.

(2) Suratcara perlantikan proksi mesti sampai di pejabat berdaftar Syarikat tidak kurang daripada 48 jamsebelum masa mesyuarat ini diadakan.

(3) Sekiranya bayaran dividen akhir diluluskan, ia akan dibayar pada 20hb Mac, 2000 kepada pemegang-pemegang saham dalam Daftar Ahli pada 24hb Februari, 2000.

Dengan ini juga diberitahu bahawa seorang Pendeposit hanya layak menerima hak dividen bagi:-

(i) Saham-saham yang didepositkan ke dalam akaun sekuriti Pendeposit pada atau sebelum 12.30tengah hari pada 22hb Februari, 2000 bagi saham-saham yang dikecualikan dari Deposit Mandatori;

(ii) Saham-saham yang dipindahkan kepada akaun sekuriti Pendeposit sebelum 12.30 tengah hari pada24hb Februari, 2000 berkaitan dengan pemindahan biasa; dan

(iii) Saham-saham yang dibeli di Bursa Saham Kuala Lumpur berasaskan hak dividen mengikut Peraturan-peraturan Bursa Saham Kuala Lumpur.

Pemindahan saham yang boleh didaftar yang diterima oleh Pendaftar Cawangan Syarikat di UnitedKingdom pada atau sebelum 24hb Februari, 2000 akan didaftarkan kelayakannya untuk pembayarandividen.

(4) Untuk Resolusi 11, keterangan selanjutnya berkenaan Kuasa Membeli Balik Saham adalah didapati dalamSurat Pekeliling kepada Pemegang Saham Syarikat bertarikh 7hb Januari, 2000 yang dihantarkan bersamadengan Akaun dan Laporan Syarikat 1999.

(Sekeping borang proksi dikembar bersama Laporan dan Akaun-Akaun ini).

5


Intisari Kumpulan

Kewangan 1999 1998

Perolehan Jualan - RM’000 2,404,255 2,334,725

Keuntungan:-

sebelum cukai - RM’000 399,326 367,943

selepas cukai dan kepentingan pemegang

saham minoriti - RM’000 370,406 273,964

Pendapatan sesaham:-

sebelum cukai - sen 56.2 51.6

selepas cukai - sen 52.1 38.4

Dividen sesaham:-

kasar - sen 20.0 25.0

bersih - sen 14.4 18.0

Harta ketara bersih - RM’000 3,180,103 2,931,558

Harta ketara bersih sesaham - RM 4.48 4.11

Pengeluaran

Buah Tandan Basah - tan metrik 1,271,165 1,128,694

Getah - ‘000 kilo 26,900 25,301

Koko - ‘000 kilo 2,230 2,092

Bagi pihak Lembaga Pengarah, saya dengan sukacitanya membentangkan Laporan TahunanKumpulan KLK bagi tahun kewangan berakhir 30 September 1999.

Untuk tahun dalam tinjauan, Kumpulan kami telah mencapai keuntungan sebelum cukaisebanyak RM399.33 juta, di mana ianya melebihi angka tahun lepas, iaitu sebanyakRM367.94 juta, dengan kenaikan sebanyak RM31.39 juta atau 8.5%. Bagaimanapun,keuntungan selepas cukai dan kepentingan pemegang-pemegang saham minoriti telahmelonjak sebanyak 35.2% dari RM273.96 juta ke RM370.41 juta. Ini setelah mengambilkira pengecualian satu tahun cukai oleh Kerajaan untuk keuntungan operasi bagi tahun fiskal1999. Hasilnya, pendapatan sesaham telah meningkat dari 38.4 sen ke 52.1 sen.

Perniagaan teras dari sektor perladangan, terutamanya dari sektor kelapa sawit telahmenyumbangkan sebahagian besar keuntungan Kumpulan tersebut. Keputusan darisubsidiari perkilangan berdasarkan sumber adalah bercampur-campur tetapi secarakeseluruhan sektor ini telah mengalih dengan begitu baik sekali. Akan tetapi, sektorperuncitan tidak menunjukkan prestasi seperti yang dijangkakan.

Pihak Lembaga Pengarah anda telah mengesyorkan bayaran dividen akhir sebanyak 9 sensesaham ditolak cukai, dan dividen khas sebanyak 5 sen sesaham ditolak cukai, di mana jikadikira kesemuanya termasuk dividen interim sebanyak 6 sen sesaham dibayar terdahulu,menjadikan jumlah keseluruhan sebanyak 20 sen sesaham untuk tahun ini. Sebagaipembandingan, tahun lepas jumlah keseluruhan dividen adalah sebanyak 25 sen sesahammanakala dari segi amaun dividen dibayar pula adalah sebanyak RM102.27 juta berbandingdengan tahun lepas iaitu sebanyak RM128.27 juta.

PERLADANGAN

Keuntungan perladangan telah mencapai rekod keuntungan tertinggi sebanyak RM301.33juta yang melebihi keputusan tahun lalu iaitu RM287.74 juta dengan kenaikan sebanyakRM13.59 juta atau 4.7%. Seperti tahun-tahun kebelakangan, kelapa sawit masih lagimerupakan penyumbang utama keuntungan dan tahun ini menyumbangkan 98.8% darijumlah keseluruhan keuntungan perladangan, manakala peranan daripada dua tanaman lain,iaitu getah dan koko kian merosot dengan kedua-dua tanaman telah digantikan secaraberperingkat-peringkat dengan tanaman kelapa sawit.

Walaupun harga kelapa sawit mentah (CPO) secara puratanya telah mencapai ke parasRM1,711 setan metrik dan tidak menunjukkan pengurangan yang nyata berbanding dengan

6


Ulasan Pengerusi

angka RM1,847 setan metrik dicapai tahun lepas, ianya tidak menggambarkan menjunamdengan nyata paras harga dari RM2,500 setan metrik yang dicapai pada awal tahun ke parassekarang, iaitu dalam lingkungan RM1,200 setan metrik, di mana ianya dilihat telahmendapat sokongan. Namun begitu, dengan meningkatnya keluaran BTB sebanyak 12.6%kepada 1.27 juta tan metrik, bersamaan dengan 21.21 tan metrik sehektar, dan pengurangandalam kos pengeluaran telah meringankan kesan kejatuhan harga dan membolehkankeuntungan bagi setiap hektar matang sebanyak RM5,154 diperolehi, berbanding denganRM5,753 yang dicapai tahun lalu.

Peningkatan dalam keluaran BTB adalah disebabkan oleh kebanyakan kawasan tanamanbaru yang dibawa untuk dituai dari Kompleks GSSB kita di Sabah dan juga untuk pertamakalinya, dari Kompleks SWP kita di Belitung, Indonesia. Faktor lain adalah kemampuankelapa sawit untuk memulih dari kemarau disebabkan oleh fenomena El Nino tahun lalu,dengan banyak buah dihasilkan semasa pertengahan kedua tahun kewangan, di mana ketikaitu harga minyak sawit mentah sememangnya telah merosot.

Jumlah keluaran getah telah meningkat sebanyak 6.3% ke 26,900 tan metrik di mana 2,000tan metrik datangnya dari ladang PT ADEI kita di Indonesia. Ladang-ladang kita diSemenanjung dengan 14,000 hektar getah matang telah memberikan prestasi yang baik danmenghasilkan 1,748 kilo sehektar, disebabkan kurang mengalami luruhan daun, manakalaladang-ladang muda di Indonesia menghasilkan hanya 747 kilo sehektar yang menyebabkankurangnya jumlah purata keseluruhan Kumpulan ke 1,585 kilo sehektar. Pengurangan hasildi PT ADEI disebabkan tanaman kebanyakannya klon GT.1 dengan ciri-cirinya yangmeningkat hasil secara perlahan-perlahan. Dengan langkah-langkah yang diambil untukmemesatkan pertambahan unit-unit rumah di kawasan tanaman bagi memudahkanpengambilan penoreh-penoreh getah mahir untuk menoreh pokok getah matang.Peningkatan dalam keluaran adalah dijangkakan di masa akan datang. Dengan sebanyak5,100 hektar pokok getah ditoreh sepenuhnya, bersamaan dengan 20% dari jumlah pokokgetah Kumpulan, kawasan getah PT ADEI dijangka akan menyumbang lebih di tahun-tahunakan datang. Sementara itu, jumlah keseluruhan kawasan tanaman getah di ladangSemenanjung telah dikurangkan sebanyak 1,950 hektar kepada 19,770 hektar dan langkah dimana ladang getah yang tidak berekonomi akan digantikan dengan kelapa sawit di ladangSemenanjung akan diteruskan di tahun-tahun akan datang.

Tanpa mengira angka peningkatan keluaran, keuntungan dari sektor perladangan getah telahmerosot akibat dari jatuhnya harga jualan iaitu dari harga purata 337 sen sekilo kepada hanya273 sen sekilo yang mengakibatkan kurangnya keuntungan sehektar matang ke sebanyakRM389 yang sebahagiannya juga disebabkan oleh kerugian yang dicatatkan oleh getah barumatang di PT ADEI.

7


Ulasan Pengerusi (Bersambung)

Koko telah menjadi tanaman kecilan Kumpulan, dengan kira-kira 1,964 hektar atau 2% darijumlah hektar tanaman Kumpulan walaupun dalam tahun ini mengekalkan paraspengeluaran sebanyak 2,230 tan metrik pada hasil 982 kilo sehektar dan keuntungansehektar matang sebanyak RM1,641. Jumlah hektar tanaman ini akan terus berkurangan.

Pembangunan perladangan kita di PT ADEI, Wilayah Riau agak perlahan disebabkanketidakstabilan politik dan masalah-masalah berkaitan sosio-ekonominya. Namun begitu,5,500 hektar kawasan rizab hutan dapat ditanam dengan kelapa sawit dan 5,000 hektar lagitelah dipugar dan sedia untuk ditanam dengan kelapa sawit. Dengan pemilihan kerajaanbaru dan secara am, kestabilan kembali pulih adalah dijangka dalam masa dua tahun lagi bakikawasan akan dapat ditanam dan seterusnya menjadikan Kompleks ADEI kita lebih menarikdengan 5,100 hektar tanaman getah dan lebih kurang 20,000 hektar kelapa sawit dilengkapidengan kemudahan pemerosesannya sendiri.

Disisih dari tanah besarnya, Kompleks SWP kita di Pulau Belitung, mengandungi 14,000hektar tanaman kelapa sawit, kini bebas dari masalah yang dialami oleh Kompleks ADEI dandijangka keseluruhan Kompleks tersebut, di mana pemetikan fasa pertamanya telah bermulaakan mengeluarkan keluaran penuh dalam jangka masa dua tahun secara sedikit demisedikit. Kilang kelapa sawit baru berkeupayaan 80 tan metrik sejam mula beroperasi denganjayanya dan bersedia memproses hasil dari fasa tanaman pertama.

Adalah jelas dari penerangan di atas bahawa penumpuan terhadap tanaman baru kelapasawit telah bertukar dari ladang-ladang di Sabah, yang telah sempurna ditanam ke ladang-ladang di Indonesia. Sejumlah 39,500 hektar kelapa sawit belum matang merupakan 39%dari keluaran kelapa sawit Kumpulan, di mana sebahagian besarnya dari Kompleks-kompleksIndonesia kita akan memastikan Kumpulan akan mendapat kawasan produktif yang konstansetiap tahun untuk tahun-tahun akan datang.

SYARIKAT BERSEKUTU – YULE CATTO & CO. PLC

Berikutan dengan pengambilalihan Holliday Chemical Holdings tahun lalu, syarikat bersekutukita, Yule Catto akan meneruskan langkah-langkah untuk menyatukan berbagai perniagaanyang diperolehinya, yang mana aktiviti utamanya adalah dalam bidang bahan kimia khas danbahan perantaraan dalam perubatan. Iklim dagangan alam industri kimia dilaporkan telahmeningkat setelah permulaan yang agak perlahan dan bahagian pasaran juga dapatdikekalkan. Memandangkan aktiviti penggabungan dan pengambilalihan dalam industrikimia di dunia sekarang, Kumpulan Yule Catto adalah dalam kedudukan yang baik untuk

8



mendapat manfaat dari peluang dagangan hasil dari perubahan struktur tersebut. Bahagiankeuntungan kita daripada Yule Catto telah meningkat ke £11.0 juta.

PENGILANGAN

Subsidiari perkilangan Kumpulan kita telah menunjukkan perubahan yang positif dan secarakolektif telah mencapai keuntungan sebanyak RM33.5 juta berbanding dengan kerugiansebanyak RM12.8 juta sebelumnya. Sumbangan utama datangnya dari perniagaan kimiaoleo kita yang telah mendapat manfaat dari harga yang baik untuk bahan mentahnya danpeningkatan permintaan antarabangsa. Aktiviti lain berdasarkan sumber seperti pengisarankoko, keluaran parket dan syarikat 50% usahasama kita, Esterol yang mengeluarkan bahanmakanan esters telah mencatatkan peningkatan yang memuaskan, walaupun kilang sarungtangan kita kini menghadapi persaingan hebat yang menyebabkan keuntungan berkurangan.

Kecemerlangan peningkatan keuntungan juga diperolehi dari instolasi bulking kita di Tianjindan kilang penapis minyak sayuran di Wuhan, Republik Rakyat China. Operasi di Tianjintelah melaksanakan program pembesarannya untuk menambah keupayaan tangkinyasebanyak 42% menggunakan sumber kewangan dalaman. Projek ini dijangka siap padabulan Mac 2000.

Dalam tahun ini, operasi Standard Soap di UK telah disatukan yang mengakibatkanpenutupan salah satu daripada kilangnya. Akibat dari pembayaran untuk lebihan pekerjatelah menyebabkannya menanggung kerugian. Walau bagaimanapun, langkah-langkah telahdiambil untuk mengatasinya dan seterusnya prestasi yang lebih baik adalah dijangkakan dimasa akan datang.

JUALAN RUNCIT

Crabtree & Evelyn telah mengakhiri tahun ini dengan kerugian sebelum kepentingan minoritisebanyak RM32.3 juta berdasarkan kepada perolehan yang sedikit rendah iaitu RM491.0juta dan setelah peruntukan dibuat berhubung dengan penutupan salah satu darikemudahan perkilangannya. Jualan di operasi Amerika Syarikat telah berkurangan danmarginnya tidak mencukupi untuk menampung perbelanjaan am dan pentadbirannya yangtinggi. Akan tetapi, operasi-operasi lain di luar negeri selain dari Amerika Syarikat adalahmenguntungkan.

9



Memandangkan ciri-ciri yang menarik berkenaan dengan jenama barangan dan potensisedunia, pihak pengurusan telah melancarkan strategi yang selaras dan menfokuskanpenumpuannya di Amerika Syarikat untuk menstrukturkan semula dan mengukuhkanoperasinya.

PEMBANGUNAN HARTANAH

Tahun ini merupakan tahun yang agak rumit bagi pasaran hartanah dan ianya telah memberikesan buruk kepada prestasi pelaburan hartanah usahasama kita. Akan tetapi, denganpeningkatan ekonomi secara am dan langkah positif lain diambil oleh Kerajaan sepertimengurangkan kadar faedah, kemudahan mendapat pinjaman perumahan dan KempenPemilikan Rumah telah merangsangkan minat dalam sektor ini dan peningkatan sentimenseharusnya memberi manfaat di masa depan.

ISU Y2K

Semua kerja-kerja pembetulan dalaman berhubung dengan Pepijat Alaf telah disempurnakandan walaupun masalah Y2K dijangka tidak akan memberi sebarang kesan besar terhadapKumpulan, disebabkan jenis perniagaan kita namun demikian Kumpulan akan terusmelengkapkan diri untuk menghadapi sebarang kemungkinan sekiranya berlaku, untukmemastikan perlicinan ke Tahun 2000.

PROSPEK

Ekonomi kita kini telah kembali pulih dari kegawatan yang dialaminya dan pertumbuhanKeluaran Domestik Kasar diyakini boleh melebihi paras 4% untuk tahun 1999. Inidisebabkan oleh langkah-langkah berani, dasar fiskal yang unik dan kawalan matawang asingterpilih yang diambil oleh Kerajaan kita. Pilihanraya umum yang baru berakhir jugamenyaksikan Barisan Nasional kembali berkuasa dengan memperolehi majoriti dua pertigadi Parlimen. Kedua-dua peristiwa tersebut akan memberikan kestabilan, aman dankemajuan masa depan negara ini.

Industri perladangan, disebaliknya pula mengalami pusingan penurunan dari segi hargajualan, terutamanya kelapa sawit. Dengan pemulihan kukuh dalam pengeluaran minyaksawit dalam tahun 1999 akibat dari El Nino pada tahun 1998, dan dengan keluaran biji

10



minyak sedunia dikekalkan ke paras tinggi, harga minyak kelapa sawit yang menerimatekanan persaingan telah jatuh ke paras terendah dalam sejarah. Berdasarkan pada senariotersebut dan selain daripada berlaku kenaikan harga secara tiba-tiba, adalah sukar bagi kitauntuk mengulangi prestasi tahun ini di tahun-tahun akan datang.

Perbelanjaan modal yang tinggi iaitu sebanyak RM170.5 juta adalah disebabkan olehpenambahan kawasan tanaman baru di Sabah dan Indonesia serta keperluan kemudahanpemerosesan. Bagaimanapun, aliran tunai dari operasi dan rizab tunai kita lebih darimencukupi untuk menampung perbelanjaan tersebut.

PENGHARGAAN

Bagi pihak Lembaga Pengarah, saya ingin mengucapkan ribuan terima kasih kepada Dato’Mohd. Hilmey bin Mohd. Taib atas sumbangan beliau dalam tempoh masa beliau menjadiPengarah dengan Kumpulan dan juga ingin merakamkan ucapan alu-aluan kepada DatukAbdul Rahman bin Mohd. Ramli, pengganti Dato’ Mohd. Hilmey selaku wakil kepadaKumpulan PNB. Dengan perkhidmatan Datuk Abdul Rahman selama beberapa tahunsebagai ketua Eksekutif Kumpulan Golden Hope Plantations Berhad, saya yakin KLK akanmendapat manfaat yang besar dari pengalaman beliau.

Pihak Lembaga Pengarah juga ingin menyampaikan sekalung tahniah kepada Encik LeeSoon Hian, atas perlantikkannya sebagai salah seorang Pengarah Eksekutif yangbertanggungjawab ke atas kepentingan sektor bukan perladangan.

Saya juga ingin mengambil kesempatan ini untuk merakamkan penghargaan LembagaPengarah kepada pihak pengurusan dan kakitangan-kakitangan atas kerja tekun dan dedikasimereka kepada Kumpulan selama ini dan kepada semua pemegang saham atas sokonganmereka.

Dato’ Lee Oi Hian

Pengerusi Eksekutif

Ipoh,Perak Darul Ridzuan,Malaysia.17hb Disember, 1999

11



Ahli

Yeoh Chin Hin - Pengerusi(Pengarah bebas bukan eksekutif)

YM Dato’ Tengku Robert Hamzah(Pengarah bebas bukan eksekutif)

Datuk Abdul Rahman bin Mohd. Ramli(Pengarah bebas bukan eksekutif yang dilantik pada 11hb September, 1999)

Dato’ Mohd. Hilmey bin Mohd. Taib(Pengarah bebas bukan eksekutif yang meletakkan jawatan pada 13hb Ogos, 1999)

Setiausaha


Bidang Tugas

Jawatankuasa audit telah ditubuhkan dalam tahun 1993.

Penubuhan Jawatankuasa Audit akan memastikan keberkesanan pentadbiran korporat dalam Kumpulan terutamadalam hubungan fungsi audit dalaman dan luar. Bidang tugas Jawatankuasa Audit adalah seperti berikut:-

(a) Semakan semula dengan Juruaudit Luar:-- rancangan audit;- taksiran ke atas kawalan perakaunan dalaman; dan- laporan audit bersama dengan surat pengurusan.

(b) Semakan semula dengan Juruaudit Luar polisi perakaunan Kumpulan dan syarat-syarat pelaporan.

(c) Semakan semula kemantapan dan penyelenggaraan sistem, kawalan perakaunan yang berkesan sertamembuat cadangan kepada Lembaga di mana wajar.

(d) Berhubung terus di antara Juruaudit Luar, Juruaudit Dalaman, pihak Pengurusan dan pihak Lembaga.

(e) Mengesyorkan perlantikan dan yuran Juruaudit Luar Syarikat dan subsidiarinya.

(f) Fungsi-fungsi lain yang mungkin dipersetujui dari masa ke semasa di antara pihak Jawatankuasa Audit danpihak Lembaga Pengarah.

12


Jawatankuasa Audit

Para Pengarah Kuala Lumpur Kepong Berhad dengan bangganya membentangkan Laporan mereka serta akaun-akaun yang telah diaudit bagi Kumpulan yang terdiri daripada Syarikat ini dan syarikat-syarikat subsidiarinya bagitahun berakhir 30hb September, 1999.

KEGIATAN UTAMA

Syarikat ini terus menjalankan perniagaan mengeluarkan dan memproses barangan kelapa sawit, getah asli dankoko daripada perladangan-perladangannya. Syarikat subsidiari dan bersekutu Kumpulan terlibat dalam perniagaanperladangan, perkilangan, penjualan runcit, kemajuan hartanah dan pemegangan pelaburan. Tidak ada berlaku apa-apa perubahan penting dalam aktiviti-aktiviti pada tahun berakhir 30hb September, 1999.

KEPUTUSAN

Kumpulan Syarikat

RM’000 RM’000

Keuntungan sebelum cukai 399,326 302,773Cukai 20,690 39,837

––––––––––– –––––––––––Keuntungan selepas cukai 378,636 262,936Kepentingan pemegang saham minoriti (8,230) -

––––––––––– –––––––––––Kepentingan selepas cukai dan kepentingan pemegang saham minoriti 370,406 262,936Keuntungan belum dibahagikan dibawa ke hadapan 830,305 489,893

––––––––––– –––––––––––Keuntungan untuk pembahagian 1,200,711 752,829Pembatalan saham dibeli balik (1,284) (1,284)

––––––––––– –––––––––––1,199,427 751,545

Pembahagian:-

Dividen interim sebanyak 6 sen kasar sesaham, tolak cukai pendapatan,telah dibayar pada 9hb Ogos, 1999 30,680 30,680

Cadangan dividen akhir sebanyak 9 sen kasar sesaham, tolak cukai pendapatan 46,020 46,020Cadangan dividen khas sebanyak 5 sen kasar sesaham, tolak cukai pendapatan 25,566 25,566Pindahan ke simpanan 11,704 3,515

113,970 105,781––––––––––– –––––––––––

1,085,457 645,764Bahagian ubahsuaian tukaran mata wang dari syarikat bersekutu 5,446 -

––––––––––– –––––––––––Keuntungan belum dibahagikan dihantar ke hadapan 1,090,903 645,764

––––––––––– –––––––––––––––––––––– –––––––––––

DIVIDEN

Amaun yang telah dibayar atau isytiharkan sebagai dividen oleh Syarikat semenjak tamat tahun kewangan laluadalah berikut:-

(i) dividen akhir sebanyak 9 sen kasar sesaham, tolak 28% cukai pendapatan, berjumlah RM46,171,000 bagitahun berakhir 30hb September, 1998 telah dibayar pada 2hb Mac, 1999 sepertimana yang dicadangkan dalamlaporan tahun lalu;

(ii) dividen khas sebanyak 10 sen kasar sesaham, tolak 28% cukai pendapatan, berjumlah RM51,301,000 bagitahun berakhir 30hb September, 1998 telah dibayar pada 2hb Mac, 1999 sepertimana yang dicadangkan dalamlaporan tahun lalu;

(iii) dividen interim sebanyak 6 sen kasar sesaham, tolak 28% cukai pendapatan, berjumlah RM30,680,000 bagitahun berakhir 30hb September, 1999 telah dibayar pada 9hb Ogos, 1999.

13


Laporan Para Pengarah

Para Pengarah mengesyorkan bayaran dividen akhir sebanyak 9 sen kasar sesaham, tolak 28% cukai pendapatandan dividen khas sebanyak 5 sen kasar sesaham, tolak 28% cukai pendapatan, berjumlah RM71,586,000, tertaklukkepada kelulusan di Mesyuarat Agung Tahunan Syarikat, akan dibayar pada 20hb Mac, 2000 kepada ahli-ahli dalambuku daftar Syarikat mengikut masa perniagaan ditutup pada 24hb Februari, 2000.

SIMPANAN DAN PERUNTUKAN

Segala pindahan nyata kepada dan dari simpanan serta peruntukan untuk tahun ini telah dicatatkan dalam NotaAkaun 20.

MODAL TERBIT DAN TERBAYAR PENUH

Selepas tahun kewangan berakhir, Syarikat telah melaksanakan satu skim pembelian balik saham yang telahdiluluskan oleh pemegang-pemegang saham pada 17hb Februari, 1998 dalam satu Mesyuarat Agung Luarbiasadan selepas itu dibarui pada Mesyuarat Agung Tahunan (“MAT”) pada 3hb Februari 1999. Butir-butir pembelianbalik saham adalah berikut:

Bilangan saham Harga tertinggi Harga terendah Harga purata Jumlah

Bulan dibeli balik dibayar sesaham dibayar sesaham dibayar Dibayar

RM RM RM RM ‘000

Saham dibatalkan

Oktober, 1998 285,000 4.46 4.44 4.45 1,284––––––––––– –––––––

Dipegang sebagaisaham perbendaharaan

Februari, 1999 1,208,000 5.90 5.10 5.58 6,823Mac, 1999 1,131,000 5.25 4.72 4.86 5,559

––––––––––– –––––––2,339,000 12,382

––––––––––– –––––––

Jumlah 2,624,000 13,666––––––––––– –––––––––––––––––– –––––––

Mandat yang diberi oleh pemegang-pemegang saham akan tamat pada MAT yang akan datang dan satu resolusibiasa akan dibentangkan dalam MAT untuk pemegang-pemegang saham membarui mandat untuk satu tahun lagi.

PARA PENGARAH SYARIKAT

Para Pengarah yang berkhidmat semenjak tarikh laporan lalu adalah seperti yang dicatatkan di mukasurat 2.

Menurut kehendak Tataurusan Syarikat, Dato’ Lee Oi Hian dan YM Dato’ Tengku Robert Hamzah bersara padaMesyuarat Agung Tahunan yang akan datang, dan oleh kerana layak, menawarkan diri untuk dilantik semula.

Datuk Abdul Rahman bin Mohd. Ramli, yang dilantik semenjak Mesyuarat Agung Tahunan lalu, bersara menurutkehendak Tataurusan Syarikat pada Mesyuarat Agung Tahunan yang akan datang, dan oleh kerana layak,menawarkan diri untuk dilantik semula.

Yeoh Chin Hin, Charles Letts dan Maj-Gen (R) Dato’ Dr. Mahmood B Sulaiman bersara di Mesyuarat AgungTahunan akan datang menurut Seksyen 129(2), Akta Syarikat, 1965, dan satu resolusi akan dicadangkan untukperlantikan semula mereka sebagai Pengarah di bawah peruntukan Seksyen 129(6) Akta tersebut untukberkhidmat sehingga penutup Mesyuarat Agung Tahunan Syarikat pada tahun berikutnya.

14


Laporan Para Pengarah (Bersambung)

PEMEGANGAN SAHAM PENGARAH

Butir-butir pemegangan saham Pengarah dalam Syarikat pada tahun ini adalah seperti berikut:-

Bilangan saham berharga RM1 setiap satu–––––––––––––––––––––––––––––––––––––––––––––––––––––––

Baki pada Baki pada

Nama 1.10.1998 Dibeli Dijual 30.9.1999

Dato’ Lee Oi Hian- dipegang terus 48,000 - - 48,000- dijangka mempunyai kepentingan 310,005,896 10,020,000 - 320,025,896

Yeoh Chin Hin- dipegang terus 1,050,000 - - 1,050,000- dijangka mempunyai kepentingan 60,000 - - 60,000

Charles Letts- dipegang terus 456,000 - - 456,000- dijangka mempunyai kepentingan - - - -

YM Dato’ Tengku Robert Hamzah- dipegang terus 60,000 13,000 - 73,000- dijangka mempunyai kepentingan 150,000 20,000 - 170,000

R. M. Alias- dipegang terus 225,000 - - 225,000- dijangka mempunyai kepentingan - - - -

Lee Hau Hian- dipegang terus 55,500 - - 55,500- dijangka mempunyai kepentingan 310,005,896 10,020,000 - 320,025,896

Tan Sri Dato’ Thong Yaw Hong- dipegang terus 24,000 10,000 - 34,000- dijangka mempunyai kepentingan 40,500 - - 40,500

Lee Soon Hian- dipegang terus 140,000 - - 140,000- dijangka mempunyai kepentingan 310,005,896 10,020,000 - 320,025,896

Yeoh Eng Khoon (silih ganti kepada Yeoh Chin Hin)- dipegang terus 240,000 - - 240,000- dijangka mempunyai kepentingan 2,013,000 50,000 - 2,063,000

Selain daripada para Pengarah di atas, tiada Pengarah lain dalam pejabat pada akhir tahun memiliki sebarang sahamSyarikat.

Selain daripada Lee Hau Hian yang memegang 358,668 saham Syarikat sebagai amanah kosong, tiada Pengarahmempunyai kepentingan tak bermanfaat dalam saham Syarikat dalam tempoh tahun kewangan.

Tiada perubahan telah diumumkan oleh Para Pengarah mengenai mana-mana kepentingan bermanfaat merekayang dimiliki secara langsung dalam modal saham Syarikat di antara 30hb September, 1999 dan 10hb Disember,1999.

15



Menurut kepentingan anggapan mereka dalam Syarikat, Dato’ Lee Oi Hian, Lee Hau Hian dan Lee Soon Hianadalah dianggap memiliki kepentingan dalam saham subsidiari-subsidiari Syarikat kepada tahap kepentinganSyarikat memiliki dalam subsidiari masing-masing seperti yang tercatat dalam Nota Akaun 26. Tambahan pula,mereka juga ada kepentingan dalam saham dipegang oleh syarikat-syarikat lain dalam perbadanan berkaitansehingga Disember, 1998 adalah seperti berikut:-

Bilangan saham biasa berharga RM1 setiap satu dan

Bilangan Saham Terutama Boleh Ditebus bernilai RM0.10 setiap satu*––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Subsidiari Baki pada Baki pada

KL-Kepong Cocoa Products Sdn. Bhd. 1.10.1998 Dibeli Dijual 30.9.1999

Dato’ Lee Oi Hian- dipegang terus - - - -- dijangka mempunyai kepentingan 5,250,000 - 5,250,000 -

5,250,000* - 5,250,000* -Lee Hau Hian

- dipegang terus - - - -- dijangka mempunyai kepentingan 5,250,000 - 5,250,000 -

5,250,000* - 5,250,000* -Lee Soon Hian

- dipegang terus - - - -- dijangka mempunyai kepentingan 5,250,000 - 5,250,000 -

5,250,000* - 5,250,000* -

Selain daripada para Pengarah di atas, tiada Pengarah lain dalam pejabat memiliki sebarang kepentinganbermanfaat dalam saham perbadanan berkaitan dengan Syarikat dalam tahun kewangan ini.

MANFAAT PARA PENGARAH

Semenjak akhir tahun kewangan lalu, tiada Pengarah Syarikat telah menerima atau layak menerima sebarangfaedah (selain daripada faedah yang dicatatkan di dalam akaun Kumpulan atau syarikat berkaitan sebagai bayaranterkumpul telah terima atau akan terima oleh Pengarah-Pengarah) melalui perjanjian yang dibuat oleh Syarikat atausyarikat berkaitan dengan Pengarah atau sebuah firma di mana Pengarah tersebut adalah ahli, atau sebuah syarikatdi mana Pengarah tersebut mempunyai kepentingan kewangan yang besar kecuali manfaat dijangka berakrukepada Pengarah-Pengarah tertentu melalui urusniaga biasa oleh Kumpulan dan Syarikat dengan pihak-pihakberkaitan sepertimana yang tercatat di bawah Nota 23 dalam akaun.

Tiada sebarang persetujuan dibuat dalam sepanjang tahun dan pada akhir tahun di mana Syarikat sebagai satupihak yang terlibat membolehkan para Pengarah Syarikat memperolehi manfaat melalui penerimaan saham ataudebentur Syarikat atau perbadanan lain.

MAKLUMAT BERKANUN LAIN

Sebelum akaun untung rugi dan kunci kira-kira Kumpulan dan Syarikat disediakan, para Pengarah telah mengambiltindakan yang wajar bagi mempastikan:-

(i) segala hutang lapuk yang diketahui dihapuskan dan peruntukan cukup telah dibuat untuk hutang ragu; dan

(ii) segala harta semasa telah dinyatakan pada nilai terendah dari kos dan nilaian bersih dari jualan.

16



Pada tarikh laporan ini, para Pengarah Syarikat tidak mengetahui akan adanya perkara yang boleh menyebabkan:-

(i) jumlah hutang lapuk yang dihapuskan atau jumlah peruntukan untuk hutang ragu dalam Kumpulan dan Syarikat,jauh tidak mencukupi;

(ii) nilai harta semasa yang ditunjukkan dalam akaun Kumpulan dan Syarikat menjadi mengelirukan;

(iii) sebarang perkara yang boleh mengakibatkan kaedah penilaian harta atau tanggungan yang digunakan olehKumpulan dan Syarikat pada masa ini mengelirukan atau tidak sesuai; dan

(iv) wujudnya sebarang perkara yang tidak disebutkan dalam laporan ini atau di dalam akaun yang akanmengakibatkan sebarang jumlah yang dinyatakan dalam akaun Kumpulan dan Syarikat menjadi mengelirukan.

Pada tarikh laporan ini tidak terdapat:-

(i) sebarang cagaran atas harta Kumpulan atau Syarikat yang diwujudkan semenjak akhir tahun kewangan yangmenjadi cagaran terhadap tanggungan orang lain; atau

(ii) sebarang tanggungan luar jangka Kumpulan atau Syarikat yang wujud semenjak akhir tahun kewangan ini.

Tiada tanggungan luar jangka atau tanggungan lain syarikat dalam Kumpulan yang mungkin atau berkemungkinanakan berkuatkuasa dalam tempoh dua belas bulan yang menyusul selepas akhir tahun kewangan ini yang bolehatau mungkin menjejaskan dengan nyata kemampuan Kumpulan atau Syarikat menyelesaikan tanggungan merekaapabila tiba masanya.

Para Pengarah berpendapat keputusan kendalian Kumpulan dan Syarikat bagi tahun berakhir 30hb September,1999 tidak terjejas dengan nyata oleh sebarang perkara, urusniaga atau hal penting dan luar biasa selain daripadabutir terkecuali dicatatkan di dalam Nota Akaun 5 dan juga tiada perkara, urusniaga atau hal seperti tersebut telahwujud dalam tempoh masa di antara akhir tahun kewangan dan tarikh laporan ini.

JURUAUDIT

Juruaudit yang akan bersara, KPMG (dahulu dikenali sebagai KPMG Peat Marwick), telah memberi persetujuanmereka untuk dilantik semula.

Bagi Pihak Lembaga Pengarah


(Pengerusi Eksekutif) (Pengarah)


3hb Januari, 2000.

17



18


1998Nota RM’000 RM’000

Perolehan 2 2,404,255 2,334,725––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Kos penjualan 1,602,178 1,550,959––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Keuntungan kendalian 3 289,650 247,216Pendapatan pelaburan 4 27,999 41,579Butir terkecuali 5 2,986 5,838Bahagian keuntungan dari syarikat-syarikat bersekutu 78,691 73,310

––––––––––––– –––––––––––––Keuntungan sebelum cukai 399,326 367,943Cukai 6 20,690 109,808

––––––––––––– –––––––––––––Keuntungan selepas cukai 378,636 258,135Kepentingan pemegang saham minoriti (8,230) 15,829

––––––––––––– –––––––––––––Kepentingan selepas cukai dan kepentingan pemegang saham

minoriti 370,406 273,964Keuntungan belum dibahagikan dibawa ke hadapan 830,305 712,816

––––––––––––– –––––––––––––Keuntungan tersedia untuk dibahagikan 1,200,711 986,780Pembatalan saham dibeli balik (1,284) -

––––––––––––– –––––––––––––1,199,427 986,780

Pembahagian:-Dividen 7 102,266 128,265Simpanan 20 11,704 22,512

113,970 150,777––––––––––––– –––––––––––––

1,085,457 836,003Bahagian dari syarikat bersekutu:-

Muhibah dihapuskira - (233)Ubahsuaian tukaran mata wang 5,446 (5,465)

5,446 (5,698)––––––––––––– –––––––––––––

Keuntungan yang belum dibahagikan di hantar ke hadapan 20 1,090,903 830,305––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Terkumpul oleh:-Syarikat induk 645,764 489,893Syarikat-syarikat subsidiari 335,119 255,839Syarikat-syarikat bersekutu 110,020 84,573

––––––––––––– –––––––––––––1,090,903 830,305

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Sen SenPendapatan sesaham 21 52.1 38.4

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Akaun Untung Rugi Disatukanbagi tahun berakhir 30hb September, 1999

Nota-nota di halaman 25 hingga 44 merupakan sebahagian dariakaun-akaun ini dan haruslah dibaca bersekali dengannya.

19


Kunci Kira-Kira Disatukanpada 30hb September, 1999


1998Nota RM’000 RM’000

HARTA TETAP 8 1,954,493 1,894,870KEMAJUAN HARTANAH 9 66,010 65,391SYARIKAT BERSEKUTU 11 580,574 573,287PELABURAN LAIN 12 61,310 42,660HARTA TAK KETARA 23,347 24,331MUHIBAH PADA PENYATUAN 14,929 -

––––––––––––– –––––––––––––2,700,663 2,600,539

HARTA SEMASAStok 13 330,598 354,785Siberhutang perniagaan 166,813 182,391Siberhutang lain 14 85,262 90,179Deposit 15 485,605 391,204Tunai dan baki di bank 32,948 51,126

––––––––––––– –––––––––––––1,101,226 1,069,685

Tolak:- ––––––––––––– –––––––––––––TANGGUNGAN SEMASA

Sipiutang perniagaan 92,402 113,747Sipiutang lain 130,015 125,747Cukai 28,182 102,667Overdraf bank 16 71,753 35,234Pinjaman berpenggal 17 6,969 58,872Pinjaman jangka pendek 18 59,521 44,921Pajakan kewangan 624 2,275Dividen (bersih) 71,586 97,472

––––––––––––– –––––––––––––461,052 580,935

HARTA SEMASA BERSIH 640,174 488,750––––––––––––– –––––––––––––

3,340,837 3,089,289––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Dibiayai oleh:-

MODAL SAHAM 19 712,516 712,801SIMPANAN 20 2,518,245 2,243,088

––––––––––––– –––––––––––––3,230,761 2,955,889

Tolak: KOS SAHAM PERBENDAHARAAN 12,382 -––––––––––––– –––––––––––––

3,218,379 2,955,889KEPENTINGAN PEMEGANG SAHAM MINORITI 92,092 100,537CUKAI TERTUNDA 22 9,318 7,391PERUNTUKAN GANJARAN PERSARAAN 9,515 8,735PAJAKAN KEWANGAN 7,424 9,331PINJAMAN BERPENGGAL 17 4,109 7,406

––––––––––––– –––––––––––––3,340,837 3,089,289

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

20


Akaun Untung Rugi Syarikat Indukbagi tahun berakhir 30hb September, 1999


1998Nota RM’000 RM’000

Perolehan 2 612,287 625,605––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Kos penjualan 265,768 296,783––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Keuntungan kendalian 3 102,436 102,255Pendapatan pelaburan 4 196,822 179,381Butir terkecuali 5 3,515 9,268

––––––––––––– –––––––––––––Keuntungan sebelum cukai 302,773 290,904Cukai 6 39,837 71,952

––––––––––––– –––––––––––––Keuntungan selepas cukai 262,936 218,952Keuntungan belum dibahagikan dibawa ke hadapan 489,893 408,474

––––––––––––– –––––––––––––Keuntungan boleh dibahagikan 752,829 627,426Pembatalan saham dibeli balik (1,284) -

––––––––––––– –––––––––––––751,545 627,426

Pembahagian-Dividen 7 102,266 128,265Simpanan 20 3,515 9,268

105,781 137,533––––––––––––– –––––––––––––

Keuntungan belum dibahagikan di hantar ke hadapan 20 645,764 489,893––––––––––––– –––––––––––––––––––––––––– –––––––––––––

21


Kunci Kira-Kira Syarikat Indukpada 30hb September, 1999


1998Nota RM’000 RM’000

HARTA TETAP 8 646,184 646,424SYARIKAT SUBSIDIARI 10 1,804,260 1,763,678SYARIKAT BERSEKUTU 11 94,735 87,709PELABURAN LAIN 12 652 652

––––––––––––– –––––––––––––2,545,831 2,498,463

HARTA SEMASAStok 13 14,720 17,460Siberhutang perniagaan 7,016 8,358Siberhutang lain 52,469 29,164Deposit 15 354,620 326,180Tunai dan baki di bank 2,226 4,924

––––––––––––– –––––––––––––431,051 386,086

––––––––––––– –––––––––––––Tolak:-TANGGUNGAN SEMASA

Sipiutang perniagaan 4,868 10,027Sipiutang lain 34,649 40,672Cukai - 54,379Dividen (bersih) 71,586 97,472

––––––––––––– –––––––––––––111,103 202,550

HARTA SEMASA BERSIH 319,948 183,536––––––––––––– –––––––––––––

2,865,779 2,681,999––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Dibiayai oleh:-

MODAL SAHAM 19 712,516 712,801SIMPANAN 20 2,119,884 1,961,137

––––––––––––– –––––––––––––2,832,400 2,673,938

Tolak: KOS SAHAM PERBENDAHARAAN 12,382 -––––––––––––– –––––––––––––

2,820,018 2,673,938CUKAI TERTUNDA 22 39,174 2,144PERUNTUKAN GANJARAN PERSARAAN 6,587 5,917

––––––––––––– –––––––––––––2,865,779 2,681,999

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

22


Penyata Aliran Tunai Disatukanbagi tahun berakhir 30hb September, 1999

1998RM’000 RM’000

ALIRAN TUNAI DARIPADA AKTIVITI KENDALIAN

Keuntungan sebelum cukai 399,326 367,943Ubahsuaian untuk:-

Susut nilai 73,463 77,907Pelunasan tanah pegangan pajak 9,082 7,023Harta tetap dihapuskira 165 2,082Rugi dari lupusan harta tetap 213 2,479Peruntukan ganjaran persaraan 1,317 2,764Perbelanjaan faedah 9,500 16,160Pendapatan dividen (4,345) (5,320)Pendapatan faedah (23,654) (36,259)Butir terkecuali (2,986) (5,838)Bahagian keuntungan syarikat-syarikat bersekutu (78,691) (73,310)

––––––––––––– –––––––––––––383,390 355,631

Keuntungan operasi sebelum perubahan dalam modal kerjaPerubahan dalam modal kerja:-

Stok 14,837 (32,576)Siberhutang 14,204 (43,384)Sipiutang 12,661 17,718

––––––––––––– –––––––––––––Tunai dijanakan daripada aktiviti kendalian 425,092 297,389Faedah dibayar (9,580) (16,160)Cukai dibayar (77,212) (71,749)Ganjaran persaraan dibayar (537) (2,354)

––––––––––––– –––––––––––––Tunai bersih daripada aktiviti kendalian 337,763 207,126

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

ALIRAN TUNAI DARIPADA AKTIVITI PELABURAN

Pembelian harta tetap (110,734) (112,894)Perbelanjaan pembangunan perladangan (36,248) (31,690)Perbelanjaan kemajuan hartanah (619) (7)Pembelian subsidiari, tunai bersih diperolehi (25,316) (4,521)Pembelian saham tambahan di subsidiari (16,843) (2,934)Pelaburan dalam syarikat sekutu (17) (34,334)Perolehan pelaburan (21,707) (23,246)Penjualan harta tetap 2,416 1,528Penjualan harta 1,984 -Pampasan dari Kerajaan bagi tanah yang diambilalih 4,612 13,643Pelupusan sebuah subsidiari (5,889) (843)Penjualan pelaburan 28,753 52,817(Pendahuluan kepada)/Pembayaran balik dari syarikat bersekutu (438) 1,397Dividen diterima dari syarikat bersekutu 15,331 9,593Dividen diterima dari pelaburan 2,995 2,993Faedah diterima 23,026 33,588Pembubaran sebuah syarikat sekutu 100 2,920Pelupusan pelaburan - 390

––––––––––––– –––––––––––––Tunai bersih digunakan dalam aktiviti pelaburan (138,594) (91,600)

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

23


1998RM’000 RM’000

ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAAN

Pengeluaran pinjaman jangka pendek 14,600 5,668Pinjaman berpenggal diterima 27,809 65,246Pembayaran balik pinjaman berpenggal (45,410) (100,821)Pembayaran pajakan kewangan (3,416) (1,606)Dividen dibayar oleh syarikat induk (128,152) (82,115)Dividen dibayar kepada pemegang saham minoriti (2,378) (1,427)Terbitan saham oleh syarikat subsidiari kepada pemegang saham minoriti 279 4,920Pemulangan modal kepada pemegang saham minoriti (2,039) -Tebusan saham keutamaan kumulatif (10,000) -Pembelian balik saham sendiri (13,666) -

––––––––––––– –––––––––––––Tunai bersih digunakan dalam aktiviti pembiayaan (162,373) (110,135)

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Tambahan bersih dalam tunai dan kesetaraan tunai 36,796 5,391Tunai dan kesetaraan tunai pada awal tahun 410,004 401,705

––––––––––––– –––––––––––––Tunai dan kesetaraan tunai pada akhir tahun 446,800 407,096

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

NOTA PADA PENYATA ALIRAN TUNAI YANG DISATUKAN

A. TUNAI DAN KESETARAAN TUNAI

Tunai dan kesetaraan tunai mengandungi:-Tunai dan baki di bank 32,948 51,126Deposit 485,605 391,204Overdraf bank (71,753) (35,234)

––––––––––––– –––––––––––––Tunai dan kesetaraan tunai 446,800 407,096Kesan perubahan bagi kadar tukaran wang - 2,908

––––––––––––– –––––––––––––Tunai dan kesetaraan tunai dinyatakan semula 446,800 410,004

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

B. ANALISIS PEMEROLEHAN SYARIKAT-SYARIKAT SUBSIDIARI

Nilai wajar bagi harta dan tanggungan untuk syarikat subsidiari yangdiambilalih adalah seperti berikut:-Harta tetap 18,022 1,714Harta semasa 13,465 2,880Tanggungan semasa (6,641) (15)Cukai tertunda (774) -Saham keutamaan kumulatif (10,000) -Kepentingan minoriti - (89)

––––––––––––– –––––––––––––Harta bersih diambilalih 14,072 4,490Muhibah pada perolehan 11,784 31

––––––––––––– –––––––––––––Jumlah harga perolehan 25,856 4,521Tolak: Tunai dan baki di bank (540) -

––––––––––––– –––––––––––––Aliran tunai pada perolehan, tunai bersih diambilalih 25,316 4,521

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

Penyata Aliran Tunai Disatukanbagi tahun berakhir 30hb September, 1999 (Bersambung)

24


Penyata Aliran Tunai Disatukanbagi tahun berakhir 30hb September, 1999 (Bersambung)


1998RM’000 RM’000

C. ANALISIS PELUPUSAN SEBUAH SUBSIDIARI

Nilai wajar bagi harta dan tanggungan untuk syarikat subsidiari yang dilupuskan adalah seperti berikut:-Harta tetap 37,650 248Harta semasa 30,676 17,533Tanggungan semasa (33,416) (17,812)Kepentingan minoriti (5,199) (737)Simpanan pertukaran wang (1,107) -Pinjaman berpenggal (37,199) -

––––––––––––– –––––––––––––Tanggungan bersih (8,595) (768)Untung/(Rugi) pada lupusan 3,774 (75)Pemindahan ke pelaburan dalam syarikat sekutu (1,068) -

––––––––––––– –––––––––––––Aliran tunai pada pelupusan (5,889) (843)

––––––––––––– –––––––––––––––––––––––––– –––––––––––––

25


1. DASAR PERAKAUNAN

Dasar-dasar perakaunan penting bagi Syarikat dan syarikat-syarikat subsidiarinya diringkaskan sepertiberikut:-

1.1 Asas perakaunan

Akaun-akaun ini telah disediakan menurut konvensyen kos silam, diubahsuaikan untuk penilaian hartatetap dan pelaburan yang tertentu pada nilaian dan mematuhi standard perakaunan yang diterimapakai di Malaysia dan peruntukan dalam Akta Syarikat, 1965.

1.2 Asas penyatuan

Akaun untung rugi disatukan dan kunci kira-kira disatukan mengandungi akaun-akaun Syarikat dansemua syarikat subsidiarinya pada penutup tahun kewangan, kecuali sebuah syarikat subsidiari dibawah pembubaran ahli secara sukarela. Segala urusniaga antara syarikat dimansuhkan padapenyatuan.

Keputusan dari syarikat-syarikat subsidiari yang diperolehi dalam tahun ini telah dimasukkan dalamakaun Kumpulan berkuatkuasa dari tarikh mereka diperolehi.

Muhibah atau simpanan dari penyatuan merupakan perbezaan di antara kos saham diperolehi dalamsyarikat subsidiari dan nilai adil berdasarkan harta bersih diperolehi pada tarikh perolehan. Muhibahdinyatakan pada kos dan tidak dilunaskan.

1.3 Syarikat bersekutu

Syarikat aktif berniaga, di mana ekuitinya dipegang oleh Kumpulan sebagai kepentinganjangkapanjang di antara 20% hingga 50% dan terdapat penyertaan dalam pengurusan melaluiperwakilan dalam Lembaga Pengarah, adalah dianggap sebagai syarikat bersekutu Kumpulan.

Bahagian keputusan perniagaan selepas pengambilan dan simpanan bagi syarikat-syarikat bersekutuKumpulan telah diambilkira dalam akaun-akaun disatukan dan berdasarkan kepada akaun terbaru yangtelah diaudit dan laporan interim yang telah diterbitkan bagi syarikat yang disenaraikan danberdasarkan akaun-akaun terbaru yang telah diaudit dan akaun pengurusan yang belum diaudit bagisyarikat yang tidak disenaraikan.

1.4 Harta tetap

(a) Susutnilai dan pelunasan

Harta tetap telah disusutnilaikan secara purata lurus ke atas jangkamasa hayat penggunaannyamelainkan tanah milikbebas yang mana susutnilai tidak diperuntukkan.

Tanah milikbebas dan bangunan pada nilaian, di mana susutnilai bangunan tidak diperuntukkanadalah berkaitan dengan sebuah subsidiari seberang laut di mana hartanah tersebut dipegangsebagai hartanah pelaburan. Hartanah pelaburan tersebut dinilai semula tiap-tiap tahun olehpara Pengarah dan jumlah lebihan atau kurangan dipindah ke simpanan nilaian semula.

Kadar susutnilai utama adalah seperti berikut:-

Hartanah milikpajak - Dilunaskan dengan jumlah sama rata pada tiap-tiaptahun ke atas baki tempoh pajakan.

Jentera kilang kelapa sawit - 10% setahunLoji dan jentera - 8 hingga 20% setahunKenderaan - 20 hingga 25% setahunPerabot, kelengkapan dan peralatan - 10 hingga 33 1/3% setahunBangunan dan kilang - 2 hingga 10% setahunRumah pekerja - 10% setahunKolam effluen, jalan dan jambatan - 5 hingga 10% setahun

Nota-Nota Akaun

(b) Perbelanjaan tanaman baru

Perbelanjaan tanaman baru bersabit dengan mencerang tanah dan senggaraan pokok-pokoksehingga matang telah dipermodalkan di bawah Pembangunan Perladangan dan perbelanjaantersebut tidak dilunaskan selain daripada pajakan tanah tempoh jangka pendek di Indonesia dimana Pembangunan Perladangan dilunaskan ke atas jangkamasa hayat pajakan.

(c) Perbelanjaan tanaman semula

Perbelanjaan tanaman semula diambilkira dalam akaun untung rugi pada tahun di manaperbelanjaan tersebut berlaku.

(d) Pelupusan harta tetap

Untung atau rugi dari pelupusan harta tetap telah dimasukkan dalam akaun untung rugi.

1.5 Pajakan

Harta diperolehi di bawah perjanjian pajakan kewangan adalah diambilkira dalam harta tetap danunsur modal pada komitmen pajakan adalah ditunjukkan sebagai pajakan kewangan.

Harta pajakan adalah disusutnilaikan mengikut jangka hayat penggunaannya dan jangkaan pajakanyang mana lebih pendek.

1.6 Kemajuan hartanah

Kemajuan hartanah terdiri daripada tanah milikbebas yang dimiliki untuk pembangunan masa depandan dicatatkan pada kos dan merangkumi segala kos yang dikenakan dalam aktiviti-aktiviti yang perluuntuk menyediakan tanah tersebut bagi penggunaan yang ditujuinya.

1.7 Harta tak ketara

Semua harta ini berkaitan dengan cap dagang dicatatkan pada kos. Pada pandangan para Pengarah,tiada penulasan diperuntukkan atas harta ini kerana ia tiada penggunaan hayat ekonomi yangterbatas.

1.8 Stok

Stok pengeluaran telah dinyatakan pada nilai terendah dari kos dan jangkaan nilaian bersih dari jualan.Kos termasuk perbelanjaan perkilangan yang mana berkenaan dan ditentukan berasas puratatimbunan.Tanaman bertumbuh dinilaikan pada kos benih, baja dan semburan.Ternakan binatang (biri-biri) dinilaikan pada jangkaan nilaian bersih dari jualan.Barang simpanan dan bahan-bahan dinilaikan pada kos purata timbunan.

1.9 Penetapan pengembalian ses tanaman semula

Ses tanaman semula yang akan dikembalikan diambilkira dalam akaun sehubungan dengan jumlahhasil yang boleh didapat dalam tahun berkenaan.

1.10 Pelaburan

(a) Pendapatan pelaburan

Pendapatan pelaburan dari syarikat-syarikat subsidiari dimasukkan ke dalam akaun untung rugiatas dasar akan terima. Pendapatan pelaburan dari pelaburan lain dimasukkan atas dasar telahterima.

(b) Pelupusan pelaburan

Untung rugi dari pelupusan pelaburan jangka panjang dimasukkan ke dalam akaun untung rugisebagai butir terkecuali.

(c) Nilai pelaburan

Pelaburan dalam syarikat subsidiari dan sekutu telah dicatatkan pada kos atau nilaian Pengarahkecuali nilai pasaran lebih rendah dari nilai buku dan pada pendapat para Pengarah penurunantetap dalam nilai telah berlaku.

Pelaburan lain telah dicatatkan pada kos kecuali nilai pasaran lebih rendah daripada kos yangmana penurunan nilai diperuntukan.

26


Nota-Nota Akaun (Bersambung)

1.11 Cukai tertunda

Peruntukan untuk cukai tertunda diambil kira melalui kaedah tanggungan mengikut perbezaan suaimasa di antara cara perakaunan dan cukai terhadap susutnilai dan elaun modal masing-masing padaharta tetap dan untuk perbezaan suai masa lain di mana tiada tanggungan dijangka berbangkit padamasa depan. Faedah cukai tertunda dari kerugian cukai dan elaun modal yang belum digunakanhanya diiktirafkan bila ia dijangka dilakukan pada masa akan datang.

1.12 Tukaran mata wang

Urusniaga mata wang asing telah ditukarkan pada kadar yang terdapat di masa urusniaga dijalankan.Harta dan tanggungan dalam matawang asing telah ditukarkan ke Ringgit Malaysia pada kadar ditarikh kunci kira-kira. Di mana kontrak penukaran masa depan telah ditetapkan berhubung denganharta dan tanggungan, kadar pertukaran kontrak digunakan.

Segala perbezaan tukaran telah dimasukkan dalam akaun untung rugi kecuali untuk harta jangkapanjang dicatat di bawah “Akaun Tidak Tetap Tukaran Matawang”.

Harta dan tanggungan subsidiari asing ditukarkan kepada Ringgit Malaysia pada kadar pertukaran ditarikh kunci kira-kira. Keputusan syarikat-syarikat subsidiari dan sekutu telah ditukarkan pada kadarpurata pertukaran sepanjang tahun. Perbezaan pertukaran berbangkit dari pertukaran harta dantanggungan pada kadar pertukaran di tarikh kunci kira-kira dan keputusan pada kadar puratapertukaran sepanjang tahun, dan catatan semula pembukaan pelaburan bersih dalam syarikatsubsidiari dan sekutu pada kadar di tarikh kunci kira-kira dicatatkan dalam “Akaun Tidak Tetap TukaranMatawang”.

1.13 Perbelanjaan penyelidikan dan pembangunan

Segala perbelanjaan untuk penyelidikan dan pembangunan am dimasukkan dalam akaun untung rugidalam tahun di mana perbelanjaan tersebut dilakukan.

2. PEROLEHAN

Kumpulan Syarikat

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

Barangan sawit 950,015 966,613 341,630 360,055Getah 78,689 93,198 70,097 82,089Biji koko 3,133 3,141 3,738 4,080Perkilangan 845,543 712,820 - -Penjualan runcit 490,983 508,880 - -Pendapatan pelaburan 27,999 41,579 196,822 179,381Lain-lain 7,893 8,494 - -

––––––––––– ––––––––––– ––––––––––– –––––––––––2,404,255 2,334,725 612,287 625,605

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

Perolehan untuk Kumpulan terdiri dari jualan kepada pihak ketiga sahaja.

27



3. KEUNTUNGAN KENDALIAN

Kumpulan Syarikat

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

Keuntungan kendalian sebelum cukai dihitungsetelah ditolak dan (dicampur) perkara-perkara berikut:-

Pembayaran kepada para Pengarah- peruntukan yuran 708 612 666 581- ganjaran lain 1,303 2,778 1,303 2,778

Bayaran juruaudit 1,484 2,146 65 65Sewaan loji dan jentera 3,581 6,696 - -Sewaan bangunan 57,365 58,328 600 426Overdraf dan faedah lain 6,637 9,693 - -Faedah pinjaman berpenggal 2,863 6,467 - -Pelunasan tanah milikpajak (Nota 8) 9,082 7,023 388 388Susutnilai (Nota 8) 73,463 77,907 8,908 8,795Perbelanjaan tanaman semula 44,865 34,569 24,754 24,656Harta tetap dihapuskira 165 2,082 139 492Perbelanjaan penyelidikan dan pembangunan 2,291 5,288 2,291 2,080Peruntukan ganjaran persaraan 1,317 1,164 1,122 681Untung dalam tukaran mata wang asing (1,208) (6,020) (1,208) (945)Rugi/(Untung) dari jualan harta tetap 213 2,479 (177) (64)Pendapatan sewa dari tanah dan bangunan (1,349) (1,545) (201) (132)

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

4. PENDAPATAN PELABURAN

Kumpulan Syarikat

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

Penerimaan dividen kasar dari:-Saham tersiarharga di Malaysia 947 863 - -Saham tersiarharga di luar Malaysia 1,963 3,187 - -Saham tidak siarharga 1,435 1,270 1,435 1,270

Dividen dari subsidiari tidak diisytiharkan - - 145,202 102,662Dividen dari syarikat bersekutu:-

Tersiarharga di luar Malaysia - - 22,724 22,912Tidak diisytiharkan - - 150 1,800

Faedah 23,654 36,259 27,311 50,737––––––––––– ––––––––––– ––––––––––– –––––––––––

27,999 41,579 196,822 179,381––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

28



5. BUTIR TERKECUALIKumpulan Syarikat

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

Lebihan dari pengambilan tanah oleh Kerajaan 4,007 1,639 3,415 568Lebihan dari jualan tanah - 7,604 - 7,604Lebihan dari jualan harta 1,225 - - -Untung/(Rugi) dari penjualan sebuah subsidiari 3,774 (75) - -Lebihan dari penjualan pelaburan 6,371 10,716 - -Lebihan dari pembubaran syarikat bersekutu 100 716 100 920Lebihan dari pelupusan pelaburan - 176 - 176Peruntukan bagi penurunan nilai di syarikat bersekutu (1,068) - - -Peruntukan bagi penurunan nilai pelaburan - (8,363) - -Ambil kira semula peruntukan bagi penurunan

nilai pelaburan 5,713 - - -Bahagian butir terkecuali syarikat bersekutu (17,136) (6,575) - -

–––––––––– –––––––––– –––––––––– ––––––––––2,986 5,838 3,515 9,268

–––––––––– –––––––––– –––––––––– –––––––––––––––––––– –––––––––– –––––––––– ––––––––––6. CUKAI

Kumpulan Syarikat

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

Cukai Malaysia 653 83,887 23,600 67,516Cukai luar negeri 2,559 4,878 3,304 4,796Pindahan ke/(dari) cukai tertunda 1,084 842 37,030 (360)

–––––––––– –––––––––– –––––––––– ––––––––––4,296 89,607 63,934 71,952

Ditolak:- Peruntukan lebih dalam tahun-tahunsebelumnya (1,316) (287) (24,097) -

–––––––––– –––––––––– –––––––––– ––––––––––2,980 89,320 39,837 71,952

Dicampur:- Bahagian cukai syarikat bersekutu 17,710 20,488 - -–––––––––– –––––––––– –––––––––– ––––––––––

20,690 109,808 39,837 71,952–––––––––– –––––––––– –––––––––– –––––––––––––––––––– –––––––––– –––––––––– ––––––––––

Syarikat mempunyai kredit cukai yang mencukupi di bawah Seksyen 108, Akta Cukai Pendapatan, 1967untuk membayar dividen bersih lebih kurang RM286 juta (1998: RM391 juta) dari simpanan yang bolehdibahagikan dengan tidak mengenakan cukai tambahan.

Tertakluk kepada persetujuan Lembaga Hasil Dalam Negeri, Syarikat mempunyai keuntungan lebih kurangRM270 juta (1998: RM110 juta) dikecualikan dari cukai yang boleh dibahagikan sebagai dividen dikecualikandari cukai.

Cukai Syarikat adalah berkaitan dengan pendapatan dividen yang kena cukai. Tiada cukai dikenakan di tahunkewangan semasa berhubung dengan segala pendapatan perniagaan kerana pendapatan tahun 1999dikecualikan daripada cukai seperti diperuntukan di Akta (Pindaan) Cukai Pendapatan, 1999.

7. DIVIDENKumpulan dan Syarikat

1999 1998RM’000 RM’000

Dividen interim 6 sen kasar sesaham ditolak 28% cukai pendapatan(1998: 6 sen kasar sesaham ditolak 28% cukai pendapatan) 30,680 30,793

Dicadangkan dividen akhir 9 sen kasar sesaham ditolak 28% cukaipendapatan (1998: 9 sen kasar sesaham ditolak 28% cukai pendapatan) 46,020 46,171

Dicadangkan dividen khas 5 sen kasar sesaham ditolak 28% cukaipendapatan (1998: 10 sen kasar sesaham ditolak 28% cukai pendapatan) 25,566 51,301

–––––––––– ––––––––––102,266 128,265

–––––––––– –––––––––––––––––––– ––––––––––

29



8. HARTA TETAP

Tanah Loji,

Milikbebas Jentera,

dan Tanah Pembangunan Bangunan Kenderaan,

Bangunan Pajakan Perladangan Lain dll. Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

KUMPULAN

Kos atau nilaian

Pada awal tahun 299,306 209,878 918,105 231,081 714,979 2,373,349

Klasifikasi semula - - - 11 (11) -

Tambahan 3,836 22,731 36,248 5,306 78,861 146,982

Lupusan/Hapuskira (914) (3,427) (797) (2,994) (13,798) (21,930)

Perolehan subsidiari - 2,812 - 7,100 16,480 26,392

Lupusan subsidiari - (4,803) - (14,155) (29,213) (48,171)

Ubahsuaian pertukaran (1,759) 1,946 17,850 4,340 (80) 22,297

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Pada akhir tahun 300,469 229,137 971,406 230,689 767,218 2,498,919

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Susutnilai terkumpul

Pada awal tahun 7,848 26,496 - 124,626 319,509 478,479

Caj untuk tahun 2,504 9,082 1,482 10,079 59,398 82,545

Lupusan/Hapuskira (250) (3,035) - (1,284) (11,794) (16,363)

Perolehan subsidiari - 109 - 1,451 6,810 8,370

Lupusan subsidiari - (408) - (1,908) (8,205) (10,521)

Ubahsuaian pertukaran 2,642 683 30 200 (1,639) 1,916

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Pada akhir tahun 12,744 32,927 1,512 133,164 364,079 544,426

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Nilai buku bersih

Pada 30hb September, 1999 287,725 196,210 969,894 97,525 403,139 1,954,493

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Pada 30hb September, 1998 291,458 183,382 918,105 106,455 395,470 1,894,870––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Harta tetap pada kos

atau nilaian adalah

berikut:-

Kos 210,649 119,622 721,844 230,408 767,213 2,049,736

Nilaian 89,820 109,515 249,562 281 5 449,183

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––300,469 229,137 971,406 230,689 767,218 2,498,919

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

1999 1998RM’000 RM’000

Nilai buku bersih tanah pajakan termasuk:Jangka panjang 136,613 132,206Jangka pendek 59,597 51,176

––––––––––––––––––––––196,210 183,382

––––––––––––––––––––––––––––––––––––––––––––

30



Tanah Loji,

Milikbebas Jentera,

dan Tanah Pembangunan Bangunan Kenderaan,

Bangunan Pajakan Perladangan Lain dll. Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

SYARIKAT

Kos atau nilaian

Pada awal tahun 148,504 35,883 436,477 65,256 109,343 795,463

Klasifikasi semula - - - 10 (10) -

Tambahan - - - 1,830 7,854 9,684

Lupusan/Hapuskira (76) - (287) (697) (2,359) (3,419)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Pada akhir tahun 148,428 35,883 436,190 66,399 114,828 801,728

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Susutnilai terkumpul

Pada awal tahun - 7,187 - 50,910 90,942 149,039

Caj untuk tahun - 388 - 2,266 6,642 9,296

Lupusan/Hapuskira - - - (628) (2,163) (2,791)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Pada akhir tahun - 7,575 - 52,548 95,421 155,544

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Nilai buku bersih

Pada 30hb September, 1999 148,428 28,308 436,190 13,851 19,407 646,184

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Pada 30hb September, 1998 148,504 28,696 436,477 14,346 18,401 646,424––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Harta tetap pada kos

atau nilaian adalah

berikut:

Kos 75,660 - 238,102 66,399 114,828 494,989

Nilaian 72,768 35,883 198,088 - - 306,739

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––148,428 35,883 436,190 66,399 114,828 801,728

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Nilai buku bersih harta dinilai semula Kumpulan dan Syarikat sekiranya harta tersebut dibawa ke hadapanpada kos ditolak susutnilai adalah RM159.3 juta (1998: RM161.4 juta) dan RM103.7 juta (1998: RM104.0juta) masing-masing.

Nilai buku bersih bagi harta sebuah syarikat subsidiari dimiliki di bawah pajakan kewangan berjumlah RM2.6juta (1998: RM2.9 juta).

Tanah milikbebas, tanah milikpajak dan perbelanjaan pembangunan perladangan yang dinyatakan menurutnilaian Pengarah pada 1hb Oktober, 1980 adalah berasaskan pendapat nilaian melalui “Investment MethodApproach”, oleh sebuah firma Jurukur Berkanun profesional pada 22hb. November, 1979. Tanah milikbebasdan bangunan yang dinyatakan pada nilaian Pengarah pada 30hb September, 1992 adalah berasaskan nilaipasaran terbuka oleh sebuah firma jurunilai profesional. Tanah milikpajak dan pembangunan perladanganyang dimiliki oleh syarikat-syarikat subsidiari yang diperolehi pada tahun berakhir 30hb September, 1991,telah dinilai semula oleh para Pengarah pada tahun 1990 berasaskan kaedah perbandingan. Tanahmilikbebas kepunyaan sebuah subsidiari luar negeri telah dinilai semula oleh para Pengarah berdasarkankegunaannya semasa dan telah dimasukkan dalam akaun. Perkara-perkara tambahan selepas itu telahdinyatakan pada kos sedangkan hapusan dinyatakan pada nilaian atau kos yang mana wajar. Seperti yangdibenarkan oleh peruntukan peralihan Piawaian Perakaunan Antarabangsa 16 – Harta, Jentera dan Peralatanyang dikeluarkan oleh Lembaga Piawaian Perakaunan Malaysia, harta tersebut telah terus dinyatakanberasas nilaian masing-masing.

Butir-butir hartanah Kumpulan adalah dicatatkan di muka surat 50 ke 55.31



9. KEMAJUAN HARTANAH

Kumpulan

1999 1998RM’000 RM’000

Tanah milikbebas pada kos 58,660 58,660Perbelanjaan pembangunan 7,350 6,731

––––––––––– –––––––––––66,010 65,391

––––––––––– –––––––––––––––––––––– –––––––––––

10. SYARIKAT SUBSIDIARI

Syarikat

1999 1998RM’000 RM’000

Saham tidak diisytiharkan pada kos 796,273 762,023Pendahuluan kepada subsidiari 1,046,886 935,688Pendahuluan dari subsidiari (146,944) (13,549)

––––––––––– –––––––––––1,696,215 1,684,162

Dividen akanterima 108,045 79,516––––––––––– –––––––––––1,804,260 1,763,678

––––––––––– –––––––––––––––––––––– –––––––––––

11. SYARIKAT BERSEKUTU

Kumpulan Syarikat

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

Saham pada kosDalam perbadanan yang tersiarharga

di luar negeri 156,322 161,474 90,803 82,845Dalam perbadanan yang tidak diisytiharkan 67,560 66,492 3,872 3,872

––––––––––– ––––––––––– ––––––––––– –––––––––––223,882 227,966 94,675 86,717

Peruntukan untuk penurunan nilai (1,068) - - -––––––––––– ––––––––––– ––––––––––– –––––––––––

222,814 227,966 94,675 86,717Simpanan selepas pengambilan alih 356,330 344,329 - -Jumlah dari syarikat bersekutu 1,430 992 60 992

––––––––––– ––––––––––– ––––––––––– –––––––––––580,574 573,287 94,735 87,709

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––Nilai pasaran saham

Dalam perbadanan yang tersiarharga di luar negeri 610,875 481,346 559,396 426,203

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

32



12. PELABURAN LAIN

Kumpulan Syarikat

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

Saham pada kosDalam perbadanan yang tersiarharga

di Malaysia 29,387 31,191 - -Dalam perbadanan yang tersiarharga

di luar negeri 27,936 14,311 - -Dalam perbadanan yang tidak diisytiharkan 18,803 11,948 7,079 7,079

––––––––––– ––––––––––– ––––––––––– –––––––––––76,126 57,450 7,079 7,079

Peruntukan untuk penurunan nilai (14,816) (14,790) (6,427) (6,427)––––––––––– ––––––––––– ––––––––––– –––––––––––

61,310 42,660 652 652––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

Nilai pasaran sahamDalam perbadanan yang tersiarharga 48,249 89,404 - -

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

13. STOK

Kumpulan Syarikat

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

Ini merupakan:-Stok pengeluaran 203,564 243,804 8,983 11,501Tanaman bertumbuh 1,291 1,112 - -Ternakan binatang 2,658 2,111 - -Barang simpanan dan bahan-bahan 123,085 107,758 5,737 5,959

––––––––––– ––––––––––– ––––––––––– –––––––––––330,598 354,785 14,720 17,460

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

14. SIBERHUTANG LAIN

Siberhutang lain termasuk pinjaman RM145,000 (1998: RM109,000) diberi kepada pengarah berkhidmatpenuh masa dalam syarikat subsidiari mengikut syarat-syarat yang terkandung dalam Skim Pinjaman Rumahyang diluluskan untuk semua pekerja yang layak dalam syarikat subsidiari tersebut.

15. DEPOSIT

Kumpulan Syarikat

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

Deposit dengan:-Bank berlesen 363,358 287,481 294,000 243,140Syarikat kewangan berlesen 122,247 103,723 60,620 83,040

––––––––––– ––––––––––– ––––––––––– –––––––––––485,605 391,204 354,620 326,180

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

33



16. OVERDRAF BANK

Kumpulan

1999 1998RM’000 RM’000

Dicagar 67,024 28,719Tidak dicagar 4,729 6,515

––––––––––– –––––––––––71,753 35,234

––––––––––– –––––––––––––––––––––– –––––––––––

Overdraf bank telah dicagarkan melalui jaminan korporat dikeluarkan oleh Syarikat dan atas hartanahsyarikat-syarikat subsidiari tertentu.

17. PINJAMAN BERPENGGAL

Kumpulan

1999 1998RM’000 RM’000

Kena dibayar balik dalam tempoh 12 bulan:-- Dicagarkan 6,969 527- Tidak dicagarkan - 58,345

––––––––––– –––––––––––6,969 58,872

Kena dibayar balik selepas 12 bulan (dicagarkan) 4,109 7,406––––––––––– –––––––––––

11,078 66,278––––––––––– –––––––––––––––––––––– –––––––––––

Kadar faedah yang dikenakan atas pinjaman berpenggal untuk tahun ini adalah dari 0.5% ke 1.0% (1998:0.5% ke 1.5%) setahun lebih daripada kadar asas bank. Pinjaman berpenggal ini adalah dicagarkan melaluijaminan korporat dikeluarkan oleh Syarikat dan atas harta syarikat-syarikat subsidiari tertentu.

18. PINJAMAN JANGKA PENDEK

Kumpulan

1999 1998RM’000 RM’000

Pinjaman pembiayaan semula kredit eksport 40,795 12,624Penerimaan bank 18,726 32,297

––––––––––– –––––––––––59,521 44,921

––––––––––– –––––––––––––––––––––– –––––––––––

Pinjaman jangka pendek tersebut tidak bercagar. Kadar faedah dan diskaun yang dikenakan adalah dari2.80% ke 10.35% (1998: 7.00% ke 14.00%) setahun.

34



19. MODAL SAHAM

Kumpulan dan Syarikat

1999 1998RM’000 RM’000

Saham bernilai RM1 setiap satu:-Dibenarkan 1,000,000 1,000,000

––––––––––– –––––––––––––––––––––– –––––––––––

Diterbitkan dan dibayar penuhBaki pada awal tahun 712,801 712,801Saham dibatalkan selepas dibeli balik (285) -

––––––––––– –––––––––––Baki pada akhir tahun 712,516 712,801

––––––––––– –––––––––––––––––––––– –––––––––––

Pemegang-pemegang saham Syarikat telah memberi kuasa kepada para Pengarah untuk membeli baliksahamnya dalam satu Mesyuarat Agung Luarbiasa pada 17hb Februari, 1998 dan selepas itu membaruinyadalam Mesyuarat Agung Tahunan pada 3hb Februari, 1999. Para Pengarah Syarikat telah terikat untukmeninggikan nilai Syarikat bagi pemegang-pemegang saham dan percaya bahawa pelan membeli baliksaham adalah untuk kepentingan yang baik sekali untuk Syarikat dan pemegang-pemegang saham.

Pada tahun, Syarikat telah membeli balik sebanyak 2,624,000 saham yang terbit daripada pasaran terbukadengan jumlah kos RM13,665,695. Kos purata dibayar untuk saham dibeli balik adalah RM5.21 sesaham.Urusniaga tersebut dibiayai oleh dana dalaman. Daripada jumlah tersebut, 285,000 saham telah dibatalkandan satu amaun bersamaan dengan nilai nominal telah dipindahkan kepada simpanan tebusan modal selarasdengan kehendak Seksyen 67A Akta Syarikat, 1965. Pindahan ke simpanan tebusan modal dan premiumdibayar atas saham dibeli balik telah dikeluarkan daripada keuntungan terkumpul. Baki 2,339,000 sahamyang dibeli balik telah dipegang sebagai saham perbendaharaan selaras dengan kehendak Seksyen 67A AktaSyarikat, 1965.

Daripada jumlah 712,516,128 saham terbit dan terbayar, 2,339,000 saham dipegang sebagai sahamperbendaharaan oleh Syarikat. Pada 30hb September, 1999 baki saham terbit dan terbayar adalah710,177,128 saham bernilai RM1.00 tiap satu.

35



20. SIMPANAN

Kumpulan Syarikat

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

Modal

Modal simpananBaki pada awal tahun 1,266,144 1,065,893 1,326,946 1,317,678Pindahan dari simpanan nilaian semula 93 - 93 -Tambahan bahagian simpanan modal

dalam syarikat-syarikat bersekutu 951 177,739 - -Pindahan dari Akaun Untung Rugi 11,704 22,512 3,515 9,268

––––––––––– ––––––––––– ––––––––––– –––––––––––Baki pada akhir tahun 1,278,892 1,266,144 1,330,554 1,326,946Simpanan nilaian semulaBaki pada awal tahun 53,438 53,438 38,429 38,429Jualan dari pelupusan (93) - (93) -

Baki pada akhir tahun 53,345 53,438 38,336 38,429––––––––––– ––––––––––– ––––––––––– –––––––––––

1,332,237 1,319,582 1,368,890 1,365,375Simpanan pada penyatuanBaki pada awal tahun 6,477 6,484 - -Muhibah bagi penyatuan pada tahun - (7) - -Pemindahan ke muhibah pada penyatuan (6,477) - - -

Baki pada akhir tahun - 6,477 - -––––––––––– ––––––––––– ––––––––––– –––––––––––

1,332,237 1,326,059 1,368,890 1,365,375Simpanan tebusan modalBaki pada awal tahun- - - - -Akibat dari pembatalan saham dibeli balik 285 - 285 -

Baki pada akhir tahun 285 - 285 -––––––––––– ––––––––––– ––––––––––– –––––––––––

1,332,522 1,326,059 1,369,175 1,365,375Akaun tidak tetap tukaran matawangBaki pada awal tahun 72,387 84,921 91,532 46,151Keuntungan - - (1,208) (945)Ubahsuaian tukaran 8,096 (12,534) 284 46,326

Baki pada akhir tahun 80,483 72,387 90,608 91,532––––––––––– ––––––––––– ––––––––––– –––––––––––

1,413,005 1,398,446 1,459,783 1,456,907––––––––––– ––––––––––– ––––––––––– –––––––––––

Hasil

Am 14,337 14,337 14,337 14,337Keuntungan yang belum dibahagikan

dihantarkan ke hadapan 1,090,903 830,305 645,764 489,893––––––––––– ––––––––––– ––––––––––– –––––––––––

1,105,240 844,642 660,101 504,230––––––––––– ––––––––––– ––––––––––– –––––––––––

Jumlah 2,518,245 2,243,088 2,119,884 1,961,137––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

Dianalisiskan sebagai:-Tidak boleh dibahagikan 375,575 360,429 141,611 129,961Boleh dibahagikan 2,142,670 1,882,659 1,978,273 1,831,176

––––––––––– ––––––––––– ––––––––––– –––––––––––2,518,245 2,243,088 2,119,884 1,961,137

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

Termasuk di bawah simpanan yang tidak boleh dibahagikan adalah amaun RM12,382,000 (1998: Tiada) yangdigunakan untuk pembelian saham perbendaharaan dan dianggap tidak boleh dibahagikan.

36



21. PENDAPATAN SESAHAM

Pendapatan sesaham telah dikira dengan membahagikan pendapatan Kumpulan sebanyak RM370,406,000(1998: RM273,964,000) dengan purata timbunan sebanyak 711,051,042 (1998: 712,801,128) sahamSyarikat yang diterbitkan pada tahun ini.

22. CUKAI TERTUNDA

Kumpulan Syarikat

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

Baki pada awal tahun 7,391 6,727 2,144 2,504Perolehan dalam tahun 774 - - -Pindahan dari/(ke) Akaun Untung Rugi 1,084 842 37,030 (360)

––––––––––– ––––––––––– ––––––––––– –––––––––––9,249 7,569 39,174 2,144

Perbezaan tukaran matawang 69 (178) - -––––––––––– ––––––––––– ––––––––––– –––––––––––

Baki pada akhir tahun 9,318 7,391 39,174 2,144––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

Perbezaan suai masa yang mana cukai tertunda diperuntukkan dengan penuh adalah untuk lebihan elaunmodal cukai ke atas susutnilai harta tetap, peruntukan untuk ganjaran persaraan dan pendapatan dividenakanterima daripada subsidiari-subsidiari oleh Syarikat yang ditaksirkan berdasarkan akanterima.

23. URUSNIAGA PENTING ANTARA PIHAK BERKAITAN

(a) Urusniaga penting antara syarikat dalam Syarikat adalah seperti berikut:-1999 1998

RM’000 RM’000

Pembelian dari subsidiari 23,410 25,030Penjualan kepada subsidiari 231,527 265,946Faedah akanterima 8,588 20,655Perbelanjaan lain 3,981 3,980

––––––––––– –––––––––––––––––––––– –––––––––––

(b) Urusniaga penting antara pihak berkaitan untuk Kumpulan dan Syarikat adalah seperti berikut:-

Kumpulan Syarikat

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

Pembelian barangan 14,038 16,829 9,074 10,935Bayaran pengilangan akanbayar 975 827 622 337Yuran pengurusan akanterima 225 224 21 21Yuran pengurusan akanbayar 851 391 - -

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

Urusniaga tersebut telah dilakukan dalam urusan biasa dan telah diuruskan pada harga dipesetujui diantara pihak berkenaan.

37



24. KOMITMEN

Kumpulan Syarikat

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

Modal

Kontrak yang diberikan tetapi belum siappada 30hb. September 23,039 3,911 9 220

Perbelanjaan modal yang diluluskan olehLembaga Pengarah tetapi belumdikontrakkan pada 30hb. September 45,884 22,954 279 73

––––––––––– ––––––––––– ––––––––––– –––––––––––68,923 26,865 288 293

––––––––––– ––––––––––– ––––––––––– –––––––––––––––––––––– ––––––––––– ––––––––––– –––––––––––

25. KOMITMEN PAJAKAN

Kumpulan

1999 1998RM’000 RM’000

Komitmen di bawah pajakan operasi yang tidak boleh dibatalkan:-Tamat dalam tempoh satu tahun 3,047 5,741Tamat di antara dua hingga lima tahun 21,199 30,130Tempoh melebihi lima tahun 29,222 27,152

––––––––––– –––––––––––53,468 63,023

––––––––––– –––––––––––––––––––––– –––––––––––

26. SYARIKAT SUBSIDIARI DAN BERSEKUTU

Nama syarikat subsidiari dan bersekutu adalah seperti berikut:-

Negeri

utama Keputusan

Negeri perniagaan kepentingan

Syarikat subsidiari ditubuhkan dijalankan Kumpulan Kegiatan utama

1999 1998PERLADANGAN

SEMENANJUNG MALAYSIA

Gunong Pertanian Sdn. Bhd. Malaysia Malaysia 100 100 PerladanganK. H. Syndicate Limited † England Malaysia 100 100 PerladanganThe Kuala Pertang England Malaysia 100 100 Perladangan

Syndicate Limited †The Shanghai Kelantan Rubber Hong Kong Malaysia 100 100 Perladangan

Estates (1925) Limited †Uni-Agro Multi Plantations Malaysia Malaysia 51 51 Perladangan

Sdn. Bhd.KL-Kepong Edible Oils Sdn. Bhd. Malaysia Malaysia 100 100 Penapisan barangan

minyak sawitKL-Kepong Plantation Holdings Malaysia Malaysia 100 100 Pemegangan pelaburan

Sdn. Bhd.Taiko Plantations Sdn. Berhad † Malaysia Malaysia 100 100 Pengurusan

perladangan

38



Negeri

utama Keputusan



1999 1998PERLADANGAN

KOMPLEKS KDC

Kulumpang Development Malaysia Malaysia 100 100 PerladanganCorporation Sdn. Berhad

Sri Kunak Plantation Sdn. Malaysia Malaysia 100 100 PerladanganBerhad

Ladang Sumundu (Sabah) Malaysia Malaysia 100 100 PerladanganSdn. Berhad

Gocoa Sdn. Bhd. Malaysia Malaysia 100 100 PerladanganGolden Peak Development Malaysia Malaysia 100 100 Perladangan

Sdn. Bhd.Golden Yield Sdn. Bhd. Malaysia Malaysia 100 100 PerladanganKalumpang Estates Sdn Berhad Malaysia Malaysia 100 100 PerladanganLadang Finari Sdn. Bhd. Malaysia Malaysia 100 100 PerladanganMasawit Plantation Sdn. Bhd. Malaysia Malaysia 100 100 PerladanganParit Perak Plantations Sdn. Bhd. Malaysia Malaysia 100 100 PerladanganSelit Plantations (Sabah) Malaysia Malaysia 100 100 Perladangan

Sdn. Bhd.Sunshine Plantation Sdn. Bhd. Malaysia Malaysia 100 100 PerladanganSy Kho Trading Plantation Malaysia Malaysia 100 100 Perladangan

Sdn. Bhd.Syarikat Swee Keong Malaysia Malaysia 100 100 Perladangan

(Sabah) Sdn. Bhd.Pinji Horticulture Sdn. Bhd. Malaysia Malaysia 100 100 Tanaman ramieKL-Kepong (Sabah) Sdn. Bhd. Malaysia Malaysia 100 100 Penapisan dan

perkilangan baranganminyak sawit

Fajar Palmkel Sdn. Berhad Malaysia Malaysia 100 100 Perkilangan irisong

KOMPLEKS GSSB

Golden Sphere Sdn. Bhd. † Malaysia Malaysia 100 100 PerladanganRichinstock Sawmill Sdn. Bhd. † Malaysia Malaysia 100 100 PerladanganSegar Usaha Sdn. Bhd. † Malaysia Malaysia 100 100 PerladanganAxe Why Zed Sdn. Bhd. † Malaysia Malaysia 100 100 PerladanganBandar Merchants Sdn. Bhd. † Malaysia Malaysia 100 100 PerladanganSyarikat Budibumi Sdn. Bhd. † Malaysia Malaysia 100 100 PerladanganSabah Cocoa Sdn. Bhd. † Malaysia Malaysia 70 70 PerladanganBornion Estate Sdn. Bhd. † Malaysia Malaysia 60 60 PerladanganSusuki Sdn. Bhd. † Malaysia Malaysia 100 100 Pemegangan pelaburanSabah Holdings Corporation Malaysia Malaysia 70 70 Pemegangan pelaburan

Sdn. Bhd. †Leluasa Untung Sdn. Bhd. Malaysia Malaysia 100 100 Belum beroperasi

INDONESIA

P.T. ADEI Plantation and Indonesia * Indonesia 95 95 PerladanganIndustry †

P.T. Steelindo Wahana Perkasa † Indonesia * Indonesia 95 95 PerladanganP.T. KLK Agriservindo † Indonesia * Indonesia 100 100 Pengurusan perladanganP.T. Kreasijaya Adhikarya † Indonesia * Indonesia 95 95 Belum beroperasi

39



Negeri

utama Keputusan



1999 1998PERKILANGAN

OLEO-KIMIA

Palm-Oleo Sdn. Bhd. Malaysia Malaysia 80 60 Perkilangan kimia oleoKSP Manufacturing Sdn. Bhd. Malaysia Malaysia 96 92 Pengilangan mi sabunPalmamide Sdn. Bhd. Malaysia Malaysia 88 51 Perkilangan “esters”KL-Kepong Industrial Holdings Malaysia Malaysia 100 100 Pemegangan pelaburan

Sdn. Bhd.

BARANGAN KOKO

KL-Kepong Cocoa Products Malaysia Malaysia 100 65 Perkilangan baranganSdn. Bhd. koko

BARANGAN SARUNG TANGAN

Masif Healthcare Products Malaysia Malaysia 100 100 Mengilang sarungSdn. Bhd. † tangan getah

pemeriksaanMasif Latex Products Sdn. Bhd. † Malaysia Malaysia 100 100 Mengilang sarung

tangan rumah

BARANGAN PARKET

B.K.B. Hevea Products Sdn. Malaysia Malaysia 100 - Mengilang baranganBhd. † lantai parket

B.K.B. Flooring Sdn. Bhd. † Malaysia Malaysia 100 - Pemasaran baranganlantai parket

SABUN

Standard Soap Company England England 100 100 Mengilang kelengkapanLimited # dandanan diri

Allcock Products Limited # England England - 100 Belum beroperasiBeauty Basics Limited # England England 100 100 Belum beroperasiDe Muth Limited # England England 100 100 Belum beroperasiKLK Cosmetics Limited # England England 100 100 Belum beroperasiPersonality Beauty Products England England 100 100 Belum beroperasi

Limited #Premier Soap Co. Limited # England England 100 100 Belum beroperasiZenithpeak Limited # England England 100 100 Belum beroperasi

PENAPISAN MINYAK DAN BULKING

Hubei Zhong Chang Republik Republik 33 33 Penapisan minyakVegetable Oil Co. Ltd. † Rakyat China Rakyat China makan

Tianjin Voray Bulking Republik Republik 37 37 Instolasi bulkingInstallation Co. Ltd. † Rakyat China Rakyat China

Voray Holdings Limited. † Hong Kong Malaysia 55 55 Pemegangan pelaburan

40



Negeri

utama Keputusan



1999 1998JUALAN RUNCIT

Crabtree & Evelyn Holdings England England 100 100 Pemegangan pelaburanLimited. #

Crabtree & Evelyn (Overseas) England England 100 100 Pembekalan kelengkapanLimited # dandanan diri

Crabtree & Evelyn Shop England England 100 100 Mengilang jemLimited #

Crabtree & Evelyn Trading England England 100 100 Mengilang kelengkapanLimited # dandanan diri

Windham Toiletries Limited # England England 100 100 Pembekalan kelengkapandandanan diri

Crabtree & Evelyn London England England 100 100 Belum beroperasiLimited #

Scarborough and Company England England 100 100 Belum beroperasiLimited #

Crabtree & Evelyn Austria Austria Austria 100 100 Penjualan runcit kelengkapanGmBH # dandanan diri

Crabtree & Evelyn Deutschland Jerman Jerman 100 100 Meruncit dan membekalGmBH # kelengkapan dandanan diri

Crabtree & Evelyn Espana S.A. † Sepanyol Sepanyol 100 100 Pembekalan kelengkapandandanan diri

Crabtree & Evelyn Europe B.V. # Belanda Belanda 100 100 Pemegangan pelaburanCrabtree & Evelyn Industrie Perancis Perancis 100 100 Meruncit, membekal dan

S.A. † mengilang kelengkapandandanan diri

Crabtree & Evelyn London Perancis Perancis 100 100 Meruncit kelengkapanS.A. † dandanan diri

Crabtree & Evelyn Ltd. # Amerika Amerika 100 100 Meruncit, membekal dan Syarikat Syarikat mengilang kelengkapan

dandanan diriCrabtree & Evelyn Canada, Kanada Kanada 80 80 Meruncit dan membekal

Inc. # kelengkapan dandanan diriEcemex S.A. DE C.V. # Mexico Mexico 51 51 Meruncit dan membekal

kelengkapan dandanan diriCrabtree & Evelyn Australia Australia Australia 100 100 Pembekalan kelengkapan

Pty. Limited # dandanan diriCrabtree & Evelyn (Hong Kong) Hong Kong Hong Kong 100 - Meruncit dan membekal

Limited † kelengkapan dandanan diriCE Holdings Limited †† Pulau British Pulau British 100 100 Pemegangan pelaburan

Virgin VirginCrabtree & Evelyn Philippines, Philippines Philippines 70 - Meruncit dan membekal

Inc. † kelengkapan dandanan diriCrabtree & Evelyn (Singapore) Singapura Singapura 100 - Meruncit dan membekal

Pte. Ltd. † kelengkapan dandanan diriCrabtree & Evelyn (Malaysia)

Sdn. Bhd. Malaysia Malaysia 100 100 Meruncit kelengkapandandanan diri

41



Negeri

utama Keputusan



1999 1998HARTANAH

Betatechnic Sdn. Bhd. Malaysia Malaysia 100 100 Kemajuan hartanahColville Holdings Sdn. Bhd. Malaysia Malaysia 100 100 Kemajuan hartanahKL-K Holiday Bungalows Sdn. Malaysia Malaysia 100 100 Kendalian banglo

Berhad peranginanKL-Kepong Complex Sdn. Bhd. Malaysia Malaysia 100 100 Kemajuan hartanahKL-Kepong Country Homes Malaysia Malaysia 100 100 Kemajuan hartanah

Sdn. Bhd.KL-Kepong Property Malaysia Malaysia 100 100 Kemajuan hartanah

Development Sdn. Bhd.KL-Kepong Property Malaysia Malaysia 100 100 Pengurusan hartanah

Management Sdn. Bhd.KL-Kepong Property Malaysia Malaysia 100 100 Pemegangan pelaburan

Holdings Sdn. Bhd.Kompleks Tanjong Malim Malaysia Malaysia 80 80 Kemajuan hartanah

Sdn. Bhd.Palermo Corporation Sdn. Bhd. Malaysia Malaysia 100 100 Kemajuan hartanah

PEMEGANGAN PELABURAN

Ablington Holdings Sdn. Bhd. Malaysia Malaysia 100 100 Pemegangan pelaburanJasachem Sdn. Bhd. Malaysia Malaysia 100 100 Pemegangan pelaburanKL-Kepong Equity Holdings Malaysia Malaysia 100 100 Pemegangan pelaburan

Sdn. Bhd.Ortona Enterprise Sdn. Bhd. Malaysia Malaysia 100 100 Pinjaman wangQuarry Lane Sdn. Bhd. Malaysia Malaysia 100 100 Pemegangan pelaburanKLK Overseas Investments Pulau British Pulau British 100 100 Pemegangan pelaburan

Ltd. †† Virgin VirginKL-Kepong International Ltd. †† Pulau Pulau 100 100 Pemegangan pelaburan

Cayman CaymanKLKI Holdings Limited # England England 100 100 Pemegangan pelaburanKuala Lumpur-Kepong England Malaysia 100 100 Pemegangan pelaburan

Investments Limited #Quillspur Limited # England England 100 100 Pemegangan pelaburan

LAIN-LAIN

Kepong Plantations Berhad † Malaysia Malaysia 100 100 Pembubaran ahlisukarela

KLK Farms Pty. Limited # Australia Australia 100 100 Tanaman gandum danpenternakan biri-biri

Rubber Fibreboards Sdn. Bhd. Malaysia Malaysia 100 100 Belum beroperasi

† Syarikat tidak diaudit oleh KPMG †† Syarikat diulangkaji oleh KPMG# Syarikat diaudit oleh firma seberang laut KPMG

* Subsidiari-subsidiari tersebut beroperasi di negeri Indonesia, sebuah negara yang telah dapat bantuandaripadaTabung Kewangan Antarabangsa. Oleh kerana lokasi operasi, syarikat tersebut tidak terjejas olehkeadaan ekonomik semasa di Indonesia. Adalah polisi Kumpulan untuk memberi bantuan kewangan untukmemastikan pembangunan perladangan berjalan sepertimana yang dirancangkan.

42



Peratusan

Negeri kepentingan

Syarikat bersekutu ditubuhkan Kumpulan Kegiatan utama

1999 1998

Applied Agricultural Malaysia 50.0 50.0 Perkhidmatan agronomiResearch Sdn. Bhd. dan penyelidikan

Beijing King Voray Edible Oil Republik 13.8 30.3 Penapisan minyakCo. Ltd. Rakyat China makanan

Clarity Crest Sdn. Bhd. Malaysia 30.0 30.0 Pelaburan hartanahEsterol Sdn. Bhd. Malaysia 50.0 50.0 Mengilang “ester”

makananKey Century Sdn. Bhd. Malaysia 30.0 30.0 Pemegangan pelaburanKumpulan Sierramas (M) Malaysia 33.0 33.0 Kemajuan hartanah

Sdn. Bhd.Lembah Beringin Sdn. Bhd. Malaysia 30.0 30.0 Kemajuan hartanahMalaysia Pakistan Malaysia 25.0 25.0 Pemegangan pelaburan

Venture Sdn. Bhd.Pearl River Tyre (Holdings) Australia 30.5 30.5 Pemegangan pelaburan

Limited dan pengilangan tayarTawau Bulking Malaysia 49.0 49.0 Instolasi bulking

Installation Sdn. Bhd.Yule Catto & Co. plc England 20.4 20.3 Bahan kimia dan bahan

bangunan

27. MAKLUMAT MENGIKUT BAHAGIAN - KUMPULAN

Analisis mengikut industriKeuntungan/(Kerugian) Jumlah Harta

Perolehan sebelum Cukai Digunakan

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

Perladangan 1,031,837 1,062,952 299,866 285,906 2,085,072 1,911,043Perkilangan 845,543 712,820 28,219 (13,226) 545,998 605,449Penjualan runcit 490,983 508,880 (32,330) (17,733) 369,031 354,951Pemegangan pelaburan 27,999 41,579 27,999 41,579 144,386 126,375Lain-lain 7,893 8,494 161 (1,165) 61,899 99,119

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––2,404,255 2,334,725 323,915 295,361 3,206,386 3,096,937

Butir terkecuali - - 2,986 5,838 - -Syarikat bersekutu - - 78,691 73,310 580,574 573,287Perbelanjaan korporat - - (6,266) (6,566) - -

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––JUMLAH 2,404,255 2,334,725 399,326 367,943 3,786,960 3,670,224

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– –––––––––––––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––

43



Analisis mengikut lokasi geografi

Keuntungan/(Kerugian) Jumlah Harta

Perolehan sebelum Cukai Digunakan

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

Malaysia 1,535,578 1,440,319 345,765 299,783 2,357,975 2,274,459Australia 5,070 5,263 685 (22) 21,034 18,710Republik Rakyat China 241,440 258,419 6,620 (14,806) 112,240 172,427Eropah dan Amerika 615,636 627,390 (28,900) 4,798 512,159 511,706Indonesia 4,937 3,334 (6,173) (958) 199,513 119,635Lain-lain 1,594 - (348) - 3,465 -

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––2,404,255 2,334,725 317,649 288,795 3,206,386 3,096,937

Butir terkecuali - - 2,986 5,838 - -Syarikat bersekutu - - 78,691 73,310 580,574 573,287

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––JUMLAH 2,404,255 2,334,725 399,326 367,943 3,786,960 3,670,224

–––––––––– –––––––––– –––––––––– –––––––––– –––––––––– –––––––––––––––––––– –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––

28. ANGKA PERBANDINGAN

KUMPULAN DAN SYARIKAT

Angka perbandingan tertentu telah dikelaskan semula supaya selaras dengan penyampaian tahun ini.

44



Kenyataan oleh Pengarah-Pengarah

Kami, Dato’ Lee Oi Hian dan Yeoh Chin Hin, dua daripada Para Pengarah Kuala Lumpur Kepong Berhad, menyatakandi sini bahawa, pada pendapat kami, akaun-akaun yang terdapat dari halaman 18 hingga 44 telah disediakan supayamenunjukkan pandangan yang benar dan saksama ke atas keadaan hal ehwal Kumpulan dan Syarikat pada 30hbSeptember, 1999, dan ke atas keputusan perniagaan Kumpulan dan Syarikat serta aliran tunai Kumpulan bagi tahunberakhir pada tarikh tersebut dan dilaksanakan mengikut standard perakaunan di Malaysia yang diterima pakai.

Bagi Pihak Lembaga Pengarah


(Pengerusi Eksekutif) (Pengarah)


3hb Januari, 2000.

Akuan Berkanun

Saya, Fan Chee Kum, sebagai pegawai yang terutamanya bertanggungjawab ke atas pengurusan kewangan KualaLumpur Kepong Berhad, dengan sesungguh dan sebenarnya mengakui bahawa akaun-akaun yang terdapat darihalaman 18 hingga 44 adalah dalam sepanjang pengetahuan dan kepercayaan saya, betul, dan saya membuatperakuan ini dengan ikhlas, mempercayainya sebagai benar, dan menurut peruntukan Akta Akuan Berkanun, 1960.

Ditandatangani dan diakui olehyang tersebut di atas di Ipohdalam Negeri Perak Darul Ridzuanpada 3hb Januari, 2000. FAN CHEE KUM

Di hadapan saya:-

S. JAGJIT SINGH

Pesuruhjaya SumpahIpoh, Perak Darul Ridzuan,Malaysia.

45


Kenyataan oleh Pengarah-Pengarahdan Akuan Berkanun

kepada ahli-ahli Kuala Lumpur Kepong Berhad.

Kami telah mengaudit akaun yang terdapat pada halaman 18 hingga 44. Persediaan akaun adalahtanggungjawab para Pengarah Syarikat. Tanggungjawab kami adalah untuk memberi pendapat kami ke atasakaun berdasarkan pengauditan kami.

Kami melakukan pengauditan kami mengikut Standard Pengauditan yang telah diluluskan di Malaysia.Standard tersebut memerlukan kami merancang and melaksanakan pengauditan untuk mendapatkan segalamaklumat dan penjelasan yang kami memikir memberi keyakinan yang wajar bahawa akaun adalah bebasdari salah yang penting. Pengauditan merangkumi pemeriksaan, secara uji periksa, bukti yang menyokongjumlah dan penyataan di dalam akaun. Pengauditan juga termasuk penilaian terhadap prinsip perakaunanyang digunakan dan anggaran penting yang dibuat oleh pengarah-pengarah, serta penilaian yang menyeluruhterhadap akaun yang dibentangkan. Kami percaya pengauditan kami memberi asas yang wajar terhadappendapat kami.

Pada pendapat kami:-

(a) akaun telah disediakan menurut peruntukan Akta Syarikat, 1965 dan standard perakaunan yangdiluluskan di Malaysia supaya memberikan pandangan yang benar dan saksama mengenai:

i) kedudukan hal ehwal Kumpulan dan Syarikat pada 30hb September, 1999 dan ke ataskeputusan operasi serta aliran tunai Kumpulan bagi tahun berakhir pada tarikh terseut; dan

ii) perkara-perkara yang dikehendaki oleh Seksyen 169, Akta Syarikat, 1965 untuk dinyatakandi dalam akaun-akaun Kumpulan dan Syarikat;

dan

(b) rekod perakaunan dan rekod-rekod lain dan daftar-daftar yang dikehendaki oleh Akta disimpan olehSyarikat dan subsidiari-subsidiarinya yang kami menjadi juruaudit, dengan sempurna menurutperuntukan Akta tersebut.

Kami telah mempertimbangkan akaun dan laporan juruaudit kesemua subsidiari yang mana kami bukanjuruaudit seperti dicatatkan dalam Nota akaun 26.

Kami berpuashati bahawa akaun-akaun subsidiari yang telah disatukan dengan akaun Syarikat adalah dalambentuk dan kandungan yang sesuai dan wajar bagi tujuan menyediakan akaun-akaun disatukan dan kamitelah menerima maklumat dan penjelasan yang memuaskan seperti yang kami kehendaki bagi tujuantersebut.

Laporan-laporan juruaudit bagi akaun-akaun subsidiari adalah bebas dari sebarang teguran dan tidaktermasuk sebarang ulasan yang perlu dibuat di bawah seksyen kecil (3) Seksyen 174 Akta tersebut.

KPMG

NOMBOR FIRMA: AF-0758Akauntan Awam

PETER HO KOK WAI

RAKAN FIRMANOMBOR KELULUSAN: 1745/12/01 (J)


3hb Januari, 2000.

46


Laporan Juruaudit

1999 1998% Dari % Dari

% Jumlah % JumlahDengan Kawasan Dengan Kawasan

Hektar Tanaman Ditanam Hektar Tanaman Ditanam

KELAPA SAWIT

Matang 62,377 61 48 57,037 58 45Belum Matang 39,586 39 31 40,911 42 32

–––––––– –––– –––– –––––––– –––– ––––Jumlah 101,963 100 79 97,948 100 77

–––––––– –––– –––– –––––––– –––– ––––

GETAH

Matang 18,173 73 14 20,055 75 16Belum Matang 6,820 27 5 6,791 25 5

–––––––– –––– –––– –––––––– –––– ––––Jumlah 24,993 100 19 26,846 100 21

–––––––– –––– –––– –––––––– –––– ––––

KOKO

Matang 1,964 100 2 2,421 100 2Belum Matang - - - - - -

–––––––– –––– –––– –––––––– –––– ––––Jumlah 1,964 100 2 2,421 100 2

–––––––– –––– –––– –––––––– –––– ––––

JUMLAH KAWASAN

DITANAM 128,920 100 127,215 100

Rizab yang boleh ditanam 10,810 13,133Tapak Bangunan, dll. 6,237 5,661

–––––––– ––––––––JUMLAH BESAR 145,967 146,009

–––––––– –––––––––––––––– ––––––––

47


Penyata Kawasanpada 30hb September

1999 1998 1997 1996 1995KELAPA SAWIT

Pengeluaran - ladang sendiri (tan metrik) 1,271,165 1,128,694 1,228,407 1,132,956 1,096,522- dijual (tan metrik) 64,055 67,988 77,024 85,722 81,280- dibeli (tan metrik) 577,732 551,042 535,732 470,387 425,671- jumlah diproses (tan metrik) 1,784,842 1,611,748 1,687,115 1,517,621 1,440,913

Hasil sehektar kawasan matang (BTB tan metrik) 21.21 20.28 22.62 22.62 22.93Keuntungan sehektar kawasan matang (RM) 5,154 5,753 3,190 3,428 4,518

(sebelum perbelanjaan tanaman semula)Harga jualan purata:-

Barangan sawit ditapis (RM/tan metrik di kilang) 1,928 2,054 1,286 1,321 1,515Minyak sawit mentah (RM/tan metrik di kilang) 1,711 1,847 1,216 1,249 1,436Minyak isirong (RM/tan metrik di kilang) 2,490 2,064 1,627 1,623 1,513Kek isirong (RM/tan metrik di kilang) 168 125 175 234 174Isirong (RM/tan metrik di kilang) 1,086 1,013 748 806 744BTB (RM/tan metrik) 281 407 236 228 284

GETAH

Pengeluaran - ladang sendiri (‘000 kilo) 26,900 25,301 29,283 30,612 31,920- dijual (‘000 kilo) 1,891 986 2,715 1,530 2,061- dibeli (‘000 kilo) 2,047 2,224 3,343 3,419 2,516- jumlah diproses (‘000 kilo) 27,056 26,539 29,911 32,501 32,375

Hasil sehektar kawasan matang (kilo) 1,585 1,446 1,569 1,613 1,627Keuntungan sehektar kawasan matang (RM) 389 1,178 1,531 2,742 2,948

(sebelum perbelanjaan tanaman semula)Harga jualan purata (sen/kilo) 273 337 344 394 396

(bersih dari ses)

KOKO

Pengeluaran - ladang sendiri (‘000 kilo) 2,230 2,092 5,578 4,575 4,961Hasil sehektar kawasan matang (kilo) 982 507 873 745 789Keuntungan/(Kerugian) sehektar kawasan (RM) 1,641 403 614 (183) (11)

matang (sebelum perbelanjaantanaman semula)

Harga jualan purata (RM/kilo) 4.87 5.00 3.54 3.19 3.19

KAWASAN TANAMAN (purata timbunan hektar):-KELAPA SAWIT

Matang 59,943 55,669 54,311 50,086 47,814Belum Matang 41,524 41,135 30,844 26,017 18,587

GETAH

Matang 16,972 17,498 18,668 18,976 19,615Belum Matang 8,224 9,392 9,998 8,396 7,344

KOKO

Matang 2,272 4,125 6,386 6,139 6,288Belum Matang - - - - -

JUMLAH KAWASAN TANAMAN 128,935 127,819 120,207 109,614 99,648

48


Statistik Tanaman Lima Tahun

1999 1998 1997 1996 1995RM’000 RM’000 RM’000 RM’000 RM’000

PEROLEHANBarangan sawit 950,015 966,613 675,009 628,420 664,520Getah 78,689 93,198 109,977 142,649 131,286Biji koko 3,133 3,141 3,252 3,363 2,817Perkilangan 845,543 712,820 482,211 286,295 147,301Penjualan runcit 490,983 508,880 372,454 67,822 -Pendapatan pelaburan 27,999 41,579 39,745 53,480 10,973Pendapatan lain 7,893 8,494 8,249 7,188 4,669

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––2,404,255 2,334,725 1,690,897 1,189,217 961,566

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––KEUNTUNGAN KUMPULAN

Barangan sawit 297,638 272,737 171,567 168,272 201,292Getah (1,500) 11,505 24,404 44,029 41,065Koko 3,728 1,664 3,923 (1,125) (195)Perkilangan 28,219 (13,226) (16,730) (8,822) 4,643Penjualan runcit (32,330) (17,733) (9,721) (1,208) -Lain-lain 161 (1,165) (269) 720 836Bahagian keuntungan dari syarikat bersekutu 78,691 73,310 63,479 53,403 43,893Pendapatan pelaburan 27,999 41,579 39,745 53,480 10,973Butir terkecuali 2,986 5,838 22,097 369,870 361,829Perbelanjaan korporat ditolak pendapatan lain (6,266) (6,566) (5,071) (7,527) (8,004)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Keuntungan sebelum cukai 399,326 367,943 293,424 671,092 656,332Cukai (20,690) (109,808) (88,113) (92,000) (83,206)Kepentingan pemegang saham minoriti (8,230) 15,829 16,388 4,916 (2,741)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––370,406 273,964 221,699 584,008 570,385

Keuntungan terkumpul dibawa hadapan 830,305 712,816 615,038 471,578 352,025–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––1,200,711 986,780 836,737 1,055,586 922,410

Pembatalan saham dibeli balik (1,284) - - - -–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––1,199,427 986,780 836,737 1,055,586 922,410

PEMBAHAGIANDividen (bersih dari cukai) 102,266 128,265 76,270 74,844 83,160Pindah ke simpanan 11,704 22,512 20,615 366,681 362,486

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––1,085,457 836,003 739,852 614,061 476,764Bahagian dari syarikat bersekutu:-

Muhibah dihapuskira - (233) (20,574) (685) (13,304)Ubahsuaian tukaran mata wang 5,446 (5,465) (6,462) 1,662 8,118

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––KEUNTUNGAN TERKUMPUL 1,090,903 830,305 712,816 615,038 471,578

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––PENGGUNAAN MODAL

Harta tetap 1,954,493 1,894,870 1,893,459 1,725,974 1,428,771Pembangunan hartanah 66,010 65,391 65,384 59,338 14,340Kepentingan dalam syarikat bersekutu 580,574 573,287 257,898 235,042 209,824Pelaburan 61,310 42,660 102,600 64,265 31,858Harta tak ketara 23,347 24,331 19,159 14,543 -Muhibah pada penyatuan 14,929 - - - -Harta Semasa bersih 640,174 488,750 446,665 477,762 348,867

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Jumlah harta digunakan 3,340,837 3,089,289 2,785,165 2,576,924 2,033,660

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––PUNCA KEWANGAN

Modal saham 712,516 712,801 712,801 712,801 475,201Simpanan 2,518,245 2,243,088 1,937,889 1,735,728 1,458,476Kos saham perbendaharaan (12,382) - - - -Cukai tertunda 9,318 7,391 6,727 7,516 6,348Peruntukan untuk ganjaran persaraan 9,515 8,735 8,325 8,001 7,775Kepentingan pemegang saham minoriti 92,092 100,537 106,562 101,683 81,742Pinjaman berpenggal 4,109 7,406 4,229 3,392 4,118Pajakan kewangan 7,424 9,331 8,632 7,803 -

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Jumlah 3,340,837 3,089,289 2,785,165 2,576,924 2,033,660

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––PENDAPATAN DAN DIVIDEN PEMEGANG SAHAM

Pendapatan sesaham - sen 52.1 38.4 31.1 81.9 80.0Kadar dividen 20.0% 25.0% 15.0% 15.0% 25.0%Kadar hasil dividen pada 30hb. September 4.3% 5.9% 1.9% 2.3% 3.2%Nisbah harga/Pendapatan pada 30hb. September 8.8 11.1 25.7 7.9 6.5

49


Statistik Kewangan Lima Tahun

PERLADANGANKELUASANMENGIKUT

SURAT NILAIHAKMILIK BUKU

LOKASI JENIS HAKMILIK (HEKTAR) BUTIR-BUTIR BERSIHRM’000

SEMENANJUNG MALAYSIA

Ladang Allagar, Milikbebas 805 Ladang getah dan kelapa sawit 12,564Trong, Perak.

Ladang Ayer Hitam, Milikbebas 2,640 Ladang getah dan kelapa sawit 38,710Bahau, Negeri Sembilan.

Ladang Ban Heng, Milikbebas 631 Ladang kelapa sawit 8,031Pagoh, Muar, Johor.

Ladang Batang Jelai, Milikbebas 2,170 Ladang getah dan kelapa sawit 32,984Rompin, Negeri Sembilan.

Ladang Batu Lintang, Milikbebas 1,470 Ladang getah dan kelapa sawit 18,674Serdang, Kedah.

Ladang Buntar, Milikbebas 547 Ladang getah dan kelapa sawit 13,724Serdang, Kedah.

Ladang Changkat Asa, Milikbebas 1,913 Ladang getah dan kelapa sawit 19,019Tanjong Malim, Perak.

Ladang Fraser, Milikbebas 2,970 Ladang kelapa sawit 33,620Kulai, Johor.

Ladang Ghim Khoon, Milikbebas 950 Ladang getah dan kelapa sawit 24,555Serdang, Kedah.

Ladang Glenealy, Milikbebas 1,085 Ladang getah dan kelapa sawit 15,124Parit, Perak.

Ladang Gunong Pertanian, Milikpajak berakhir 686 Ladang kelapa sawit 10,606Simpang Durian, pada 2077Negeri Sembilan.

Ladang Jeram Padang, Milikbebas 2,124 Ladang getah dan kelapa sawit 30,404Bahau, Negeri Sembilan.

Ladang Kekayaan, Milikpajak berakhir 2,818 Ladang kelapa sawit 34,246Paloh, Johor. pada 2068

Ladang Kemasul, Milikbebas 459 Ladang getah 1,026Mengkarak, Pahang.

Ladang Kerilla, Milikbebas 2,193 Ladang getah dan kelapa sawit 27,732Tanah Merah, Kelantan.

Ladang Kerling, Milikbebas 297 Ladang kelapa sawit 3,078Kerling, Selangor.

Ladang Kombok, Milikbebas 1,916 Ladang getah dan kelapa sawit 32,091Rantau, Negeri Sembilan.

Ladang Kuala Gris, Milikbebas 2,429 Ladang getah, kelapa sawit 29,806Kuala Krai, Kelantan. dan koko

Ladang Kuala Hau, Milikbebas 305 Ladang getah 3,083Kuala Krai, Kelantan. Milikpajak berakhir 242

pada 2326

Ladang Kuala Kangsar, Milikbebas 511 Ladang getah 5,977Padang Rengas, Perak. Milikpajak berakhir 337

pada 2896

Ladang Landak, Milikpajak berakhir 2,833 Ladang kelapa sawit 27,357Paloh, Johor. pada 2068

50


Hartanah Kumpulanpada 30hb September, 1999

KELUASANMENGIKUT



Ladang New Pogoh, Milikbebas 1,560 Ladang getah dan kelapa sawit 14,111Segamat, Johor.

Ladang Paloh, Milikbebas 2,043 Ladang kelapa sawit 28,651Paloh, Johor.

Ladang Pasir Gajah, Milikbebas 961 Ladang getah dan kelapa sawit 22,187Kuala Krai, Kelantan. Milikpajak berakhir 1,155

pada 2907

Ladang Pelam, Milikbebas 2,526 Ladang getah dan kelapa sawit 39,731Kulim, Kedah.

Ladang Renjok, Milikbebas 1,479 Ladang getah dan kelapa sawit 15,875Bentong, Pahang.

Ladang See Sun, Milikbebas 589 Ladang kelapa sawit 9,735Renggam, Johor.

Ladang Selborne, Milikbebas 1,282 Ladang getah dan koko 16,722Padang Tengku, Kuala Lipis,Pahang.

Ladang Serapoh, Milikbebas 938 Ladang getah dan kelapa sawit 9,145Parit, Perak.

Ladang Subur, Milikbebas 1,290 Ladang getah dan kelapa sawit 15,055Batu Kurau, Perak.

Ladang Sungei Bekok, Milikbebas 636 Ladang kelapa sawit 7,849Bekok, Johor.

Ladang Sungei Kawang, Milikbebas 1,890 Ladang getah dan kelapa sawit 15,739Lanchang, Pahang.

Ladang Sungei Penggeli, Milikpajak berakhir 959 Ladang kelapa sawit 9,583Bandar Tenggara, Johor. pada 2087

Ladang Sungei Sokor, Milikbebas 1,603 Ladang getah dan kelapa sawit 17,579Tanah Merah, Kelantan.

Ladang Sungei Tamok, Milikpajak berakhir 1,619 Ladang kelapa sawit 16,126Paloh, Johor. pada 2078

Ladang Tertinggi, Milikpajak berakhir 1,619 Ladang kelapa sawit 19,844Paloh, Johor. pada 2078

Ladang Tuan, Milikbebas 1,011 Ladang getah, kelapa sawit 10,633Bentong, Pahang. Milikpajak berakhir 443 dan koko

di antara2030 dan 2057

Ladang Tuan Mee, Milikbebas 1,715 Ladang kelapa sawit 17,604Sungei Buloh, Selangor.

Ladang Ulu Pedas, Milikbebas 938 Ladang getah dan kelapa sawit 18,065Pedas, Negeri Sembilan.

Ladang Voules, Milikbebas 2,977 Ladang getah dan kelapa sawit 25,388Segamat, Johor. ––––––––

61,564––––––––

MALAYSIA TIMUR

Ladang Bornion, Milikpajak berakhir 3,233 Ladang kelapa sawit 33,482Kinabatangan, Sabah. pada 2078

51


Hartanah Kumpulanpada 30hb September, 1999 (Bersambung)

KELUASANMENGIKUT



Ladang Bukit Tabin, Milikpajak berakhir 2,944 Ladang kelapa sawit 32,714Lahad Datu, Sabah. pada 2079

Ladang Jatika, Milikpajak berakhir 3,018 Ladang kelapa sawit 39,180Tawau, Sabah. di antara

2068 dan 2083

Ladang Lungmanis, Milikpajak berakhir 1,666 Ladang kelapa sawit 13,638Lahad Datu, Sabah. pada 2085

Ladang Pang Burong, Milikpajak berakhir 1,778 Ladang kelapa sawit dan koko 25,386Tawau, Sabah. di antara

2063 dan 2080

Ladang Pangeran, Milikpajak berakhir 2,783 Ladang kelapa sawit 34,868Tawau, Sabah. di antara

2063 dan 2080

Ladang Pinang, Milikpajak berakhir 2,531 Ladang kelapa sawit 32,292Tawau, Sabah. di antara

2067 dan 2085

Ladang Rich Hill, Milikpajak berakhir 497 Ladang kelapa sawit dan koko 7,669Kunak, Sabah. di antara

2069 dan 2083

Ladang Ringlet, Milikpajak berakhir 985 Ladang kelapa sawit dan koko 9,099Tawau, Sabah. di antara

2067 dan 2077

Ladang Rimmer, Milikpajak berakhir 2,720 Ladang kelapa sawit 22,261Lahad Datu, Sabah. pada 2085

Ladang Segar Usaha, Milikpajak berakhir 2,792 Ladang kelapa sawit 31,257Kinabatangan, Sabah. pada 2077

Ladang Sigalong, Milikpajak berakhir 2,831 Ladang kelapa sawit dan koko 31,115Tawau, Sabah. di antara

2063 dan 2079

Ladang Sri Kunak, Milikpajak berakhir 2,770 Ladang kelapa sawit dan koko 39,178Tawau, Sabah di antara

2063 dan 2076

Ladang Sg. Silabukan, Milikpajak berakhir 2,626 Ladang kelapa sawit 29,186Lahad Datu, Sabah. pada 2079

Ladang Sg. Sing Sing, Milikpajak berakhir 858 Ladang kelapa sawit dan koko 6,575Semporna, Sabah. di antara

2070 dan 2080

Ladang Sumundu, Milikpajak berakhir 783 Ladang kelapa sawit dan koko 13,441Tawau, Sabah. di antara

2065 dan 2071

Ladang Tundong, Milikpajak berakhir 2,101 Ladang kelapa sawit 27,383Tawau, Sabah. di antara

2063 dan 2073

Ladang Tungku, Milikpajak berakhir 3,418 Ladang kelapa sawit 27,978Lahad Datu, Sabah. pada 2085 ––––––––

40,334––––––––

52



KELUASAN

MENGIKUT

SURAT NILAI

HAKMILIK USIA BUKU

LOKASI JENIS HAKMILIK (HEKTAR) BUTIR-BUTIR BANGUNAN BERSIH

Tahun RM’000

INDONESIA

Kebun Belitung, Milikpajak berakhir 14,065 Ladang kelapa sawit - 60,028Belitung, Indonesia. pada 2020

Kebun Mandau, Milikpajak berakhir 14,900 Ladang getah dan kelapa 48,726Riau, Indonesia. pada 2020 sawit

Kebun Nilo, Milikpajak berakhir 12,860 Ladang kelapa sawit 12,927Riau, Indonesia. pada 2028 ––––––––

41,825––––––––

OPERASI LAIN

MALAYSIA

B.K.B. Hevea Products, Milikpajak berakhir 5 Kilang parket 5 8,719Ipoh, Perak. pada 2089

KL-Kepong Cocoa Products, Milikpajak berakhir 2 Kilang barangan koko 7 8,573Port Klang, Selangor. pada 2090

KL-Kepong Edible Oils, Milikpajak berakhir 5 Kilang penapis minyak 16 1,448Pasir Gudang, Johor. pada 2045 sawit

KL-Kepong (Sabah), Milikpajak berakhir 61 Kilang penapis, kilang 12 ke 16 3,481Tawau, Sabah. pada 2073 kelapa sawit dan kilang

pelumat isirong

KSP Manufacturing, Milikbebas 4 Kilang mi sabun 3 5,045Rawang, Selangor.

Masif Healthcare Products, Milikbebas 4 Kilang sarung tangan 10 4,273Lahat, Perak. getah

Palmamide, Milikbebas 3 Kilang “esters“ 3 4,373Rawang, Selangor.

Palm-Oleo, Milikbebas 8 Kilang kimia oleo 8 7,255Rawang, Selangor. ––––––––

92––––––––

Colville Holdings, Milikbebas 428 Kemajuan hartanah - 9,950Setul, Negeri Sembilan.

KL-Kepong Complex, Milikbebas 16 Kemajuan hartanah - 3,315Sungei Buloh, Selangor.

KL-Kepong Country Homes, Milikbebas 1,089 Kemajuan hartanah - 26,137Ijok, Selangor. Milikpajak berakhir 9

pada 2082

KL-Kepong Property Development, Milikbebas 93 Kemajuan hartanah - 3,430Ijok, Selangor.

Kompleks Tanjong Malim, Milikbebas 185 Kemajuan hartanah - 3,866Tanjong Malim, Perak.

Palermo Corporation, Milikbebas 353 Kemajuan hartanah - 11,961Bagan Samak, Kedah. ––––––––

2,173––––––––

53



KELUASAN

MENGIKUT NILAI

SURAT USIA BUKU

LOKASI JENIS HAKMILIK HAKMILIK * BUTIR-BUTIR BANGUNAN BERSIH

Tahun RM’000

Annex & Brunwells, Milikbebas 13,339 m.p. Banglo peranginan 51 40Port Dickson, Negeri Sembilan.

Bunge & Arundel, Milikpajak berakhir 8,981 m.p. Banglo peranginan 50 119Frasers Hill, Pahang. di antara

2021 dan 2030

Wisma Taiko, Milikbebas 2,984 m.p. Bangunan Ibu 14 6,6441, Jalan S.P. Seenivasagam, PejabatIpoh, Perak.

3, Jalan Taman U Thant, Milikbebas 2,092 m.p. Banglo kediaman 37 1Kuala Lumpur.

5B, Jalan Tun Dr. Ismail, Milikbebas 3,123 m.p. Banglo kediaman 33 1Ipoh, Perak.

10, Jalan Golf Club, Milikbebas 9,990 m.p. Banglo kediaman 70 38Ipoh, Perak.

146, Jalan Dedap Batik, Milikbebas 556 m.p. Banglo kediaman 2 707Sierramas, Sg. Buloh,Selangor.

A33, Lembah Beringin, Milikbebas 4,317 m.p. Lot banglo - 284Homestead, Selangor.

Tinagat, Milikpajak berakhir 2 Pejabat Tawau 6 1,137Tawau, Sabah. di antara

2921 dan 2930

New Wharf Road, Milikpajak berakhir 3 Tanah kosong - 3,434Lahad Datu, Sabah. pada 2066 ––––––––

10––––––––

AUSTRALIA

Erregulla Farm, Milikbebas 5,290 Ladang biri-biri - 3,083Mingenew, Australia Barat. dan gandum

Warrening Gully Farm, Milikbebas 3,089 Ladang biri-biri - 5,335Williams, Australia Barat. dan gandum

Torradup Farm, Milikbebas 4,926 Ladang biri-biri - 4,970Munglinup, Australia Barat. dan lembu––––––––

13,305––––––––

REPUBLIK RAKYAT CHINA

Nanjiang Port Area, Milikpajak berakhir 2 Instolasi bulking 3 12,088Tianjin. pada 2045

Dingong Miao, Milikpajak berakhir 3 Kilang penapis 4 16,042Baisha Zhou, pada 2044 minyakWuchang, Wuhan. ––––––––

5––––––––

* Keluasan dalam hektar kecuali dicatatkan berlainan.

54



KELUASAN

MENGIKUT NILAI

SURAT USIA BUKU

LOKASI JENIS HAKMILIK HAKMILIK * BUTIR-BUTIR BANGUNAN BERSIH

Tahun RM’000UNITED KINGDOM

6, Lovat Lane, Milikbebas 95 m.p. Pejabat 149 3,903London.

55-57, South Edwardes Square, Milikbebas 391 m.p. Pejabat 96 3,322London.

Gerrard Place, Milikbebas 2 Kilang kelenggapan 26 3,340Skelmersdale, Lancashire. dandanan diri

Pontyclun, Milikbebas 2 Kilang kelenggapan 36 10,727Wales. dandanan diri

Standard Soap, Milikbebas 2 Kilang sabun 34 10,023Ashby-de-la Zouch,Leicestershire.

–––––––––6

–––––––––

AMERIKA SYARIKAT

Woodstock, Milikbebas 16 Pejabat dan kilang 16 20,481Connecticut. ––––––––– kelenggapan

dandanan diri

KANADA

London Ontario, Milikbebas 2 Pejabat dan gudang 14 1,155Kanada. –––––––––

PERANCIS

Vieux Thann, Milikbebas 1 Kilang kelenggapan 7 7,718Perancis. ––––––––– dandanan diri

Jumlah Besar 159,333–––––––––

* Keluasan dalam hektar kecuali dicatatkan berlainan.

55



MODAL SAHAM DIBENARKAN - RM1,000,000,000MODAL TERBIT DAN TERBAYAR - RM712,516,128KELAS SAHAM - Saham berharga RM1 setiap satu

Huraian Pemegangan Saham

Saiz Bilangan % Pemegang Bilangan % Modal

Pemegang Saham Pemegang Saham Saham Saham Saham Terbit #

1 - 499 255 2.71 53,236 0.01500 - 5,000 6,408 68.02 12,990,919 1.83

5,001 - 10,000 1,213 12.87 9,295,223 1.3110,001 - 100,000 1,315 13.96 37,589,003 5.29

100,001 - 1,000,000 195 2.07 58,831,812 8.28Lebih 1,000,000 35 0.37 591,416,935 83.28

–––––– –––––– –––––––––––– ––––––JUMLAH 9,421 100.00 710,177,128 100.00

–––––– –––––– –––––––––––– –––––––––––– –––––– –––––––––––– ––––––

Duapuluh Pemegang Saham Yang Terbesar dalam Daftar Ahli dan Rekod Pendeposit:-

Bilangan % Modal

Nama Saham Saham Terbit #

1. Batu Kawan Berhad 312,382,896 43.992. Permodalan Nasional Berhad 66,049,000 9.303. Amanah Raya Nominees (Tempatan) Sdn. Bhd.

- Skim Amanah Saham Bumiputera 53,902,150 7.594. Employees Provident Fund Board (KWSP) 40,910,500 5.765. Lembaga Kemajuan Tanah Persekutuan (FELDA) 27,490,039 3.876. The Central Depository (Pte.) Limited 16,720,150 2.357. Amanah Raya Nominees (Tempatan) Sdn. Bhd.

- Sekim Amanah Saham Nasional 15,209,000 2.148. Amanah Raya Nominees (Tempatan) Sdn. Bhd.

- Amanah Saham Wawasan 2020 7,978,000 1.129. Malaysia Nominees (Tempatan) Sendirian Berhad

- Great Eastern Life Assurance (Malaysia) Berhad (MLF) 7,334,000 1.0310. Malaysia National Insurance Berhad 5,381,500 0.7611. Wan Hin Investments Sdn. Berhad 3,750,000 0.5312. Song Kee Tin Mining Company Sdn. Berhad 3,733,000 0.5313. HSBC Nominees (Asing) Sdn. Bhd.

- TMIS for United Nations Joint Staff Pension Fund 3,000,000 0.4214. Chase Malaysia Nominees (Asing) Sdn. Bhd.

- Abu Dhabi Investment Authority 2,864,000 0.4015. Lembaga Tabung Haji 2,818,000 0.4016. Asia Life (M) Berhad

- Malaysia Life Fund 2,230,000 0.3117. Yeoh Chin Hin Investments Sdn. Berhad 2,030,000 0.2918. Cartaban Nominees (Asing) Sdn. Bhd.

- SSBT Fund ZV3M for IFC Emerging Markets Fund-Malaysia 2,012,800 0.2819. Cartaban Nominees (Asing) Sdn. Bhd.

- SSBT Fund 2R26 for Bernstein Emerging Markets Value Portfolio 1,822,000 0.2620. DB (Malaysia) Nominee (Asing) Sdn. Bhd.

- DB AG Frankfurt for RG Zelfselect Fund 1,725,000 0.24–––––––––––– ––––––

JUMLAH 579,342,035 81.57–––––––––––– –––––––––––––––––– ––––––

# Pengiraan dibuat berdasarkan 710,177,128 saham yang tidak termasuk 2,339,000 saham perbendaharaan.

56


Statistik Pemegangan Sahampada 10hb Disember, 1999

Pemegang Saham Utama

Mengikut daftar yang dikehendaki disimpan di bawah Seksyen 69L, Akta Syarikat, 1965, berikut adalah pemegang saham utamasyarikat:-

Bilangan % Modal

Nama Saham Saham Terbit #

1. Batu Kawan Berhad * 312,382,896 43.992. Permodalan Nasional Berhad ** 66,049,000 9.303. Amanah Raya Nominees (Tempatan) Sdn. Bhd.

- Skim Amanah Saham Bumiputera 53,902,150 7.594. Employees Provident Fund Board (KWSP) 41,261,500 5.815. Lembaga Kemajuan Tanah Persekutuan (FELDA) 27,490,039 3.876. The Central Depository (Pte.) Limited 16,720,150 2.35

(Sebagai amanah kosong; tiada sebarang pemilik benefisialadalah pemegang saham utama)

7. HSBC Nominees (Asing) Sdn. Bhd. 16,142,049 2.27(Sebagai amanah kosong; tiada sebarang pemilik benefisialadalah pemegang saham utama)

8. Amanah Raya Nominees (Tempatan) Sdn. Bhd.- Sekim Amanah Saham Nasional 15,209,000 2.14

* Menurut Seksyen 6A, Akta Syarikat, 1965, kumpulan Wan Hin Investments Sdn. Bhd. juga dijangka sebagai pemegangutama Syarikat. Dato’ Lee Oi Hian, Lee Hau Hian dan Lee Soon Hian masing-masing adalah pemegang saham utama Di-YiSdn. Bhd., High Quest Holdings Sdn. Bhd. dan Elionai Sdn. Bhd. di mana seterusnya menjadi pemegang utama Wan HinInvestments Sdn. Bhd. dan oleh demikian, semua pihak tersebut adalah juga dianggap sebagai pemegang saham utamaSyarikat menurut kepentingan anggapan mereka.

** Menurut Seksyen 6A, Akta Syarikat, 1965, Yayasan Pelaburan Bumiputra juga dijangka sebagai pemegang utama Syarikat.

# Pengiraan dibuat berdasarkan 710,177,128 saham yang tidak termasuk 2,339,000 saham perbendaharaan.

Hak Undi Pemegang Saham

Tiap-tiap ahli Syarikat yang menghadiri diri atau diwakili oleh proksi berhak satu undi dalam undian melalui tunjukan tangan, danjika diadakan undian melalui pol berhak satu undi bagi tiap-tiap saham dimiliki.

57


Statistik Pemegangan Sahampada 10hb Disember, 1999 (Bersambung)

purple.com.mypurple.com.my/kualalumpurkepong/wp-content/uploads/2017/... · 2017-07-21 · kuala...

Documents