51 laporan tahunan 2010 annualreport risiko-risiko penting berkaitan dengan bidang-bidang perniagaan...

51laporan tahunan2010annual report

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

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

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

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

PENGURUSAN RISIKO

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

Proses ini sentiasa disemak semula olehLembaga dan selaras dengan Penyata

TANGGUNGJAWAB

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

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

RANGKA KERJA SISTEM KE ATASKAWALAN DALAMAN

Elemen-elemen utama sistemkawalan dalaman Kumpulan adalahseperti berikut:

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

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

• Penglibatan pengurusan dalampengenalpastian dan penilaian

Kawalan Dalaman - Panduan bagiPengarah Syarikat Awam Tersenarai.

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

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

KAJIAN PENYATA OLEHJURUAUDIT LUAR

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

Penyata ini telah diluluskan olehLembaga Pengarah pada 28 April 2011.

Kenyataan Kawalan Dalaman

Petra Perdana Berhad52

Board of Directors’ Statement

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

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

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

STATEMENT ON CORPORATEGOVERNANCE

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

THE BOARD OF DIRECTORS

Size and Composition

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

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

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

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

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

Board Meetings and Supply ofInformation

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

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

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

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


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

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

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

Namesof Directors Attendance

Shamsul Saad 11/12

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

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

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

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

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

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

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

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

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

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

Directors’ Training and Education

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


Board of Directors’ Statement (cont’d)

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

Director Mode of Title of Training Duration ofTraining Training

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

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

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

Seminar Managing Assets Under IFRS/FRS 2 days

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

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

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

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

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

Talk Evening talk on Corporate Governance 2 hours

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

Workshop FRS 139 Workshop - Financial Instrument 1 day

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

Seminar MBA in Asset Allocation by Terappin Financial 2 days

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

Training Making A Difference 2 days

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


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

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

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

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

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

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

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

Appointment of Board Membersand Terms of Reference ofNomination Committee

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

The Nomination Committee comprisesentirely of Independent Non-ExecutiveDirectors.

The responsibilities of the NominationCommittee are as follows:

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

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

i. skills, knowledge, expertiseand experience;

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

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

Meetings of the Nomination Committeeare held as and when required.

Directors’ Remuneration andTerm of Reference ofRemuneration Committee

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


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

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

c) To review Executive Directors’ scopeof service contracts.

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

Meetings of the Remuneration Committeeare held as and when necessary.

Re-appointment and Re-electionof Director

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

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

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

The Remuneration Committee comprisesmainly of Independent Non-ExecutiveDirectors.

The responsibilities of the RemunerationCommittee are as follows:

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

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

Board Committees

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

The Board Committees are as follows:

• Audit Committee• Nomination Committee• Remuneration Committee

The composition of the Board Committees are reflected as follows:

Audit Nomination RemunerationCommittee Committee Committee

Ganesan Sundaraj Chairman Member Member

Raja Anuar Raja Abu Hassan Member Chairman Member

Idris Zaidel Member Member Chairman

Dato’ Kho Poh Eng – – Member



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

ACCOUNTABILITY AND AUDIT

Financial Reporting

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

The Board is assisted by the AuditCommittee to oversee the financial

Internal Control

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

Directors’ Remuneration

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

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

Other RetirementGroup Fees Emoluments Benefits-in-kind Contribution Total

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

Executive Directors 199 4,004 259 23 4,485

Non-Executive Directors 172 20 – – 192

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

Number of DirectorsExecutive Non-Executive

Below RM50,000 1 6

RM50,001 to RM100,000 – 1

RM100,001 to RM150,000 1 –

RM550,001 to RM600,000 1 –

RM1,000,001 to RM1,050,000 1 –

RM1,050,001 to RM1,100,000 1 –

RM1,650,001 to RM1,700,000 1 –

6 7


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

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

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

Relationship with ExternalAuditors

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

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

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

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

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

Audit Committee

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

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

Effective Communications withShareholders

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

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

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

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



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

Investor Relations

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

Statement of Directors’Responsibility in the Preparationof Financial Statements

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

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

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

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

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

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

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

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


Kenyataan Lembaga Pengarah

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

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

KENYATAAN URUS TADBIRKORPORAT

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

LEMBAGA PENGARAH

Saiz dan Komposisi

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

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

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

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

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

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

Mesyuarat Lembaga danPenyediaan Maklumat

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

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

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


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

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

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

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

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

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

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

Nama Pengarah Kehadiran

Shamsul Saad 11/12

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

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

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

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

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

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

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

Pendidikan dan Latihan ParaPengarah

Kumpulan menyedari bahawapendidikan berterusan adalah pentingbagi ahli-ahli Lembaga untuk


Kenyataan Lembaga Pengarah (samb)

Pengarah Kaedah Tajuk Latihan TempohLatihan Latihan

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

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

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

Seminar Menguruskan Aset Di Bawah IFRS/FRS 2 hari

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

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

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

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

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

Ceramah Ceramah Urus Tadbir Korporat

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

Bengkel Bengkel FRS 139 – Instrumen Kewangan 1 hari

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

Seminar MBA dalam Peruntukan Aset melalui Terappin Financial 2 hari

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

Latihan Membawa Kelainan 2 hari

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

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

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

Syarikat untuk membiasakan merekadengan perniagaan Syarikat.

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


i. kemahiran, pengetahuan,kepakaran dan pengalaman;

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

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

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

d) Mencalonkan Pengarah untukmengisi kerusi JawatankuasaLembaga.

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

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

g) Mensesuaikan dan mendidikPengarah baru tentang sifat

Pelantikan Ahli Lembaga danTerma Rujukan JawatankuasaPelantikan

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

Tanggungjawab JawatankuasaPelantikan adalah seperti berikut:

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

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

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

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

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

Mesyuarat Jawatankuasa Pelantikandiadakan sekiranya dan apabiladiperlukan.



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

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

c) Mengkaji skop kontrakperkhidmatan Pengarah Eksekutif.

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

Mesyuarat Jawatankuasa Imbuhandiadakan sekiranya dan apabiladiperlukan.

Pelantikan Semula danPemilihan Semula Pengarah

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

Imbuhan Pengarah dan TermaRujukan JawatankuasaImbuhan

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

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

Jawatankuasa Imbuhan besarnya terdiridaripada Pengarah Bebas BukanEksekutif.

Tanggungjawab Jawatankuasa Imbuhanadalah seperti berikut:

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

Jawatankuasa Lembaga

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

Jawatankuasa-Jawatankuasa Lembagaadalah seperti berikut:

• Jawatankuasa Audit• Jawatankuasa Pelantikan• Jawatankuasa Imbuhan


Komposisi Jawatankuasa Lembaga adalah seperti berikut:

Jawatankuasa Jawatankuasa JawatankuasaAudit Pelantikan Imbuhan

Ganesan Sundaraj Pengerusi Ahli Ahli

Raja Anuar Raja Abu Hassan Ahli Pengerusi Ahli

Idris Zaidel Ahli Ahli Pengerusi

Dato’ Kho Poh Eng – – Ahli

Imbuhan Pengarah

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

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

Emolumen Manfaat CarumanKumpulan Yuran Lain Seumpamanya Pesaraan Jumlah

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

Pengarah Eksekutif 199 4,004 259 23 4,485

Pengarah Bukan Eksekutif 172 20 – – 192

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

Bilangan PengarahEksekutif Bukan Eksekutif

Di bawah RM50,000 1 6

RM50,001 hingga RM100,000 – 1

RM100,001 hingga RM150,000 1 –

RM550,001 hingga RM600,000 1 –

RM1,000,001 hingga RM1,050,000 1 –

RM1,050,001 hingga RM1,100,000 1 –

RM1,650,001 hingga RM1,700,000 1 –

6 7



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

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

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

Jawatankuasa Audit

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

AKAUNTABILITI DAN AUDIT

Pelaporan Kewangan

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

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

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

Kawalan Dalaman

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

Saiz Kumpulan dan bentuk operasinyayang kompleks bermakna Kumpulanperlu menerima dan menguruskan

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

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

Perhubungan dengan JuruauditLuar

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

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


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

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

Perhubungan Pelabur

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

Komunikasi Berkesan denganPemegang Saham

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

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

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

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

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

Kenyataan TanggungjawabPengarah dalam PenyediaanPenyata Kewangan

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

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


Additional Information

UTILISATION OF PROCEEDS RAISED FROM CORPORATE PROPOSAL

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

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

Total IntendedProposed Proposed Actual TimeframeUtilisation Adjustment Utilisation Utilisation for

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

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

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

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

Total 39,283 – 39,283 20,080

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

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

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


Sanctions and/or Penalties

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

Non-Audit Fees

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

Profit Guarantee

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

Share Buy-Back

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

Options, Warrants orConvertible Securities

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

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

The Company did not sponsor any ADRor GDR programme.

Material Contracts

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

Revaluation Policy

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

Variation in Results

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


Maklumat Tambahan

PENGGUNAAN DANA DARIPADA CADANGAN KORPORAT

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

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

Jangka MasaJumlah Penggunaan

Cadangan Cadangan Penggunaan yangTujuan Penggunaan Pelarasan Penggunaan Sebenar Dihasratkan

RM’000 RM’000 RM’000 RM’000 RM’000

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

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

Perbelanjaan berkaitan dengan 300 (38) 262 262 6 bulanPenempatan

Jumlah 39,283 – 39,283 20,080

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

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

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


Sekatan dan/atau Denda yangdikenakan

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

Yuran Bukan Audit

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

Jaminan Keuntungan

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

Belian Balik Saham

Syarikat tidak melaksanakan sebarangPembelian Balik Saham pada tahunkewangan yang ditinjau.

Opsyen, Waran atau SekuritiBoleh Tukar

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

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

Syarikat tidak menaja sebarangprogram ADR atau GDR.

Kontrak Penting

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

Dasar Penilaian Semula

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

Perbezaan Keputusan

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


Corporate ResponsibilityTanggungjawab Korporat

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

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

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

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

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


memulihkan perniagaan Kumpulansebelum mencatat pertumbuhanseterusnya.

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

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

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

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


Directors’ Report 75

Statement by Directors 81

Statutory Declaration 81

Independent Auditors’ Report 82

Statements of Financial Position 84

Statements of Comprehensive Income 86

Statement of Changes in Equity 87

Statements of Cash Flows 89

Notes to the Financial Statements 92

financial statements

752010annual report

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

PRINCIPAL ACTIVITIES

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

RESULTS

The Group The CompanyRM'000 RM'000

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

DIVIDENDS

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

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

RESERVES AND PROVISIONS

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

Directors’ Report

ISSUES OF SHARES AND DEBENTURES

During the financial year,

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

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

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

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

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

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

OPTIONS GRANTED OVER UNISSUED SHARES

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

Directors’ Report (cont’d)

76 Petra Perdana Berhad

WARRANTS 2010/2015

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

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

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

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

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

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

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

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

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

BAD AND DOUBTFUL DEBTS

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

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

CURRENT ASSETS

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

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

VALUATION METHODS

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


2010annual report 77

CONTINGENT AND OTHER LIABILITIES

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

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

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

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

CHANGE OF CIRCUMSTANCES

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

ITEMS OF AN UNUSUAL NATURE

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

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

EMPLOYEES' SHARE OPTION SCHEME ("ESOS")

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

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

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

DIRECTORS

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

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



DIRECTORS’ INTERESTS

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

Number Of Ordinary Shares Of RM0.50 EachAt At

1.1.2010 Bought Sold 31.12.2010The Company

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

Deemed InterestsShamsul Bin Saad – 9,625 – 9,625#Dato’ Kho Poh Eng 71,067 28,933 – 100,000#Koh Pho Wat 226,032 84,968 – 311,000#

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

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

Deemed InterestsShamsul Bin Saad 1,312 – – 1,312#Dato’ Kho Poh Eng 14,466 – – 14,466#Koh Pho Wat 42,484 – – 42,484#

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

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

DIRECTORS’ BENEFITS

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

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



SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

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

SIGNIFICANT EVENT OCCURRING AFTER THE REPORTING PERIOD

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

AUDITORS

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

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

Koh Pho Wat

Shamsul Bin Saad



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

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

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

Koh Pho Wat Shamsul Bin Saad

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

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

Before me

COMMISIONER OF OATHSKuala Lumpur

Statement by Directors


Report on the Financial Statements

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

Directors’ Responsibility for the Financial Statements

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

Auditors’ Responsibility

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

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

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

Opinion

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

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

Independent Auditors’ ReportTo the Members of Petra Perdana Berhad


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

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

OTHER MATTERS

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

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

28 April 2011

Kuala Lumpur

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


The Group The CompanyRestated Restated Restated Restated

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

ASSETS

NON-CURRENT ASSETS

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

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

CURRENT ASSETS

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

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

held for sale 17 – 86,361 4,501 – – –

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

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

Statements of Financial PositionAt 31 December 2010


The Group The CompanyRestated Restated Restated Restated

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

EQUITY AND LIABILITIES

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

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

MINORITY INTERESTS 217 580 118,162 – – –

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

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

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

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

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

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

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

NET ASSETS PERORDINARY SHARE (RM) 28 1.12 1.89


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


The Group The Company2010 2009 2010 2009

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

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

COST OF SALES (280,800) (491,792) – –

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

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

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

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

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

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

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

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

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

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

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

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

(57,905) (8,927) – –

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

(LOSS)/PROFIT AFTERTAXATION ATTRIBUTABLE TO:

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

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

TOTAL COMPREHENSIVE(EXPENSES)/INCOMEATTRIBUTABLE TO:

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

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

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

applicable applicable


Statements of Comprehensive IncomeFor the Financial Year Ended 31 December 2010


DistributableCapital Cash Flow Other Attributable

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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


51 laporan tahunan 2010 annualreport risiko-risiko penting berkaitan dengan bidang-bidang perniagaan...

Documents