board of directors -...

L E M B A G A P E N G A R A H

B O A R D O F D I R E C T O R S

Dr Han Cheng Fong

(Deputy Chairman/Naib Pengerusi)

YM Tunku Tan Sri Dato’ ShahrimanBin Tunku Sulaiman

(Chairman/Pengerusi)

YBhg Dato’ Ng Eng Tee

(Managing Director & GroupChief Executive Officer/

Pengarah Urusan & KetuaPegawai Eksekutif Kumpulan)

Encik Fan Kow Hin Encik Pee Tong Lim

YBhg Datuk Syed Ahmad KhalidBin Syed Mohammed

Encik Nur Jazlan Bin MohamedTuan Syed Abu Bakar Bin SyedMohsin Almohdzar

Encik Ng Eng Soon

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M A K L U M A T K O R P O R A T

BOARD OF DIRECTORS/LEMBAGA PENGARAH

YM Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman(Chairman/Pengerusi)

Dr Han Cheng Fong(Deputy Chairman/Naib Pengerusi)

YBhg Dato’ Ng Eng Tee(Managing Director & Group Chief Executive Officer/Pengarah Urusan & Ketua Pegawai Eksekutif Kumpulan)

YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed

Tuan Syed Abu Bakar bin Syed Mohsin Almohdzar

Encik Fan Kow Hin

Encik Ng Eng Soon

Encik Nur Jazlan bin Mohamed

Encik Pee Tong Lim

Puan Lim Joke Mui(Alternate Director to/Pengarah Gilir kepadaDr Han Cheng Fong)

Encik Koo Shuang Yuan(Alternate Director to/Pengarah Gilir kepadaEncik Fan Kow Hin)

AUDIT COMMITTEE/JAWATAN KUASA AUDIT

YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed(Independent Non-Executive Director/Pengarah Bukan Eksekutif Berkecuali)

Tuan Syed Abu Bakar bin Syed Mohsin Almohdzar(Independent Non-Executive Director/Pengarah Bukan Eksekutif Berkecuali)

Encik Nur Jazlan bin Mohamed(Independent Non-Executive Director/Pengarah Bukan Eksekutif Berkecuali)

COMPANY SECRETARY/SETIAUSAHA SYARIKAT

Puan Zuraidah Mohd Yusoff (MAICSA 7001552)

MANAGEMENT/PENGURUSAN

UNITED MALAYAN LAND BHD

YBhg Dato’ Ng Eng TeeManaging Director & Group Chief Executive OfficerPengarah Urusan & Ketua Pegawai Eksekutif Kumpulan

Encik Pee Tong LimSenior General Manager, Corporate Division/Pengurus Besar Kanan, Bahagian Korporat

Encik Mokhtar bin HamidSenior General Manager, Special Projects, PublicAffairs & Communication/ Pengurus Besar Kanan,Projek Khas, Perhubungan Awam & Komunikasi

Encik Chong Sumi LeongSenior General Manager, Properties Division/Pengurus Besar Kanan, Bahagian Hartanah

Encik Mohd Dinniah bin Hj YusofSenior General Manager, Tax Planning/Pengurus Besar Kanan, Perancangan Cukai

Encik Lau Boon AnnGeneral Manager, Marketing/Pengurus Besar, Pemasaran

Encik Chia Lui MengAssistant General Manager, CEO’s Office/Penolong Pengurus Besar, Pejabat CEO

Encik Lee Kar FookFinancial Controller/Pengawal Kewangan

Encik Abdul Aziz bin Abdul HamidSecurity Advisor/Penasihat Sekuriti

Puan Zuraidah Mohd YusoffCompany Secretary and Senior Manager, HumanResource & Administration/ Setiausaha Syarikat danPengurus Kanan, Sumber Manusia & Pentadbiran

Cik Leong Chooi KuenSenior Manager, Corporate Division/Pengurus Kanan, Bahagian Korporat

Cik Janice Teoh Mei MeiManager, Public Affairs & Communications/Pengurus, Perhubungan Awam & Komunikasi

C O R P O R A T E I N F O R M A T I O N

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SERI ALAM PROPERTIES SDN BHD

Encik Han Ann FoongGeneral Manager/ Pengurus Besar

Encik Goh Hong SeongSenior Manager, Project Division/Pengurus Kanan, Bahagian Projek

Encik Chan Wai HoongSenior Manager, Project Division/Pengurus Kanan, Bahagian Projek

Encik Mohd Saifuddin SalehuddinSenior Manager, Township Management/Pengurus Kanan, Pengurusan Projek

Encik Wong Kuen KongSenior Manager, Corporate Division/ Pengurus Kanan,Bahagian Korporat

Encik Lim Kek HarSenior Manager, Marketing/ Pengurus Kanan,Pemasaran

Puan Aminah AbdullahSenior Manager, Corporate Division/ Pengurus Kanan,Bahagian Korporat

BANGI HEIGHTS DEVELOPMENT SDN BHD

Encik Ng Tay GuanAssistant General Manager/Penolong Pengurus Besar

Encik Beh Chee HwaSenior Project Manager / Pengurus Kanan Projek

Encik Choong Chean YinSenior Project Manager/ Pengurus Kanan Projek

Encik Chek Seong OngManager, Planning/Pengurus, Perancangan

Cik Wong Sau FoongManager, Finance & Accounts/Pengurus, Kewangan & Akaun

REGISTERED OFFICE/PEJABAT BERDAFTAR

Suite 1.1, 1st Floor, Kompleks Antarabangsa,Jalan Sultan Ismail, 50250 Kuala LumpurTel No: 03-242 1611Fax No: 03-242 1826

SHARE REGISTRAR/PENDAFTAR SAHAM

Securities Services (Holdings) Sdn Bhd,Level 22, Menara Milenium, Jalan Damanlela,Pusat Bandar Damansara, Damansara Heights,50490 Kuala LumpurTel No: 03-2557077

AUDITORS/JURUAUDIT

PricewaterhouseCoopers 11th Floor,Wisma Sime Darby, Jalan Raja Laut50350 Kuala Lumpur

SOLICITORS/PEGUAM

Soh Hayati & CoLogan Sabapathy & Co

PRINCIPAL BANKERS/BANK-BANK UTAMA

Bumiputra-Commerce Bank BerhadBank of Nova ScotiaMulti-Purpose Bank BerhadOCBC Bank (Malaysia) Berhad

STOCK EXCHANGE LISTING/PENYENARAIAN BURSA SAHAM

Main Board, Kuala Lumpur Stock Exchange/Papan Utama, Bursa Saham Kuala Lumpur

Stock Short Name/Nama Ringkas Saham : UMLANDCode/Kod Saham : 4561Classification/Klasifikasi : Properties/

HartanahISIN : MYL 4561 00006

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P E N Y A T A P E N G E R U S I

C H A I R M A N ’ S S T A T E M E N T

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It is my pleasure to present to you the Annual Reportand Accounts of your Group and Company for thefinancial year (FY) ended 31 July 1999.

Trading conditions during the financial year were stillvery difficult and challenging due to the continuingregional financial turmoil. I am pleased to report thatthe UM Land Group has achieved more than a threefold increase in profits before tax to RM35.01 million inFY 1999 compared to RM10.62 million the previousyear.

ECONOMIC SCENARIO

This financial year spanned the period August 1998 toJuly 1999. During this period, the Malaysian economywas afflicted by major economic catastrophes broughtabout by the Asian Economic Crisis. Speculative attacksforced the Ringgit to an all time low of RM4.80 to theUS Dollar. The Malaysian economy experienced its worstever recession resulting in a negative growth rate of7.5% for the whole of 1998. This was unprecedented,especially after decades of strong economic growth, androcked the economic fabric of the nation.

Dengan sukacita saya membentangkan Laporan Tahunandan Akaun Kumpulan dan Syarikat bagi tahun kewangan(TK) berakhir 31 Julai 1999.

Keadaan perniagaan sepanjang tahun kewangan masihagak sukar dan mencabar disebabkan masalah pergolakankewangan rantau yang berpanjangan. Kami amat berbesarhati melaporkan bahawa Kumpulan UM Land telahmencapai keuntungan sebelum cukai sebanyak RM35.01juta dalam TK 1999 berbanding dengan RM10.62 jutapada tahun sebelumnya, iaitu kenaikan melebihi tiga kaliganda.

SENARIO EKONOMI

Tahun kewangan kami merentangi tempoh dari Ogos 1998kepada Julai 1999. Sepanjang jangkamasa tersebut,ekonomi Malaysia telah di landa berbagai bencana ekonomiyang di bawa oleh Krisis Ekonomi Asia. Serangan spekulatiftelah memaksa penurunan Ringgit kepada RM4.80berbanding kepada Dollar US. Ekonomi Malaysiamengalami keadaan kegawatan yang paling buruk dengankadar pertumbuhan negatif sebanyak 7.5% sepanjangtahun 1998. Belum pernah terjadi sebelum ini, terutamasekali setelah mengalami pertumbuhan ekonomi yangkukuh berdekad lamanya, dan menggegarkan ekonominegara.

Langkah-langkah kawalan, seperti kawalan pertukaranasing, penyusunan semula sistem kewangan danpertahanan kadar faedah yang rendah telah di ambil olehKerajaan untuk menangani kegelinciran penurunanekonomi. Langkah-langkah yang di ambil terbukti berkesandengan pantulan balik ekonomi. Pada suku pertama 1999kadar pertumbuhan telah menurun kepada tolak 1.3%(daripada tolak 7.5% dalam tahun 1998).

KESAN KEGAWATAN

Sektor hartanah telah mengalami tamparan hebat akibatdaripada kegawatan ekonomi. Kesemua sub-sektor keciltelah mengalami kesan buruk dengan urusan daganganyang merosot. Akibatnya, terdapat lebihan mendadakbangunan-bangunan siap yang tidak dapat di jual. Kerajaantelah sekali lagi mengambil inisiatif danmengimplimentasikan langkah-langkah bagimerangsangkan sektor perumahan seperti peningkatanpinjaman bank bagi kewangan akhir, kadar faedah yang

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Defensive actions, such as exchange controls,restructuring of the financial system and low interestregime were taken by the Government to combat thedownward slide of the economy. The implementationof these measures proved to be effective and theeconomy rebounded. In the first quarter of 1999, thenegative growth rate was reduced to minus 1.3% (fromminus 7.5% in 1998).

IMPACT OF RECESSION

The impact of the recession on the property sectorwas very severe. All sub-sectors were badly affectedwith few transactions taking place. As a result, therewas a huge overhang of completed and unsoldproperties. Again the Government took the initiativeand implemented various measures such as increasedbank lending for end financing, lower interest rates,relaxation of rules on foreign purchasers, etc. to stimulatethe housing sector. The Prime Minister himself launcheda successful Home Ownership Campaign with variousincentives, the first of which was held in the fourthquarter of 1998. Since then, the property market,especially the lower-end residential sub-sector, has begunto recover with renewed buyer interest.

OUR STRATEGY

For this financial period, your Directors, taking cognisanceof the prevailing economic circumstances and the fiscalincentives provided by the Government, embarked ona two-prong strategy, that is, to dispose of the Group’sstock of completed properties, mainly in Bandar SeriAlam in Johor Bahru, and to develop and marketaffordable homes below the RM100,000 price tag atBandar Seri Putra in Bangi.

Our strategy paid off when we successfully sold all ourcompleted ready-for-occupancy residential houses (226units) in Bandar Seri Alam at our original launch pricesunder a purchaser friendly Installment Payment Schemeduring FY l999. This is a significant milestone for yourGroup. At a time when price reductions were prevalentin the industry, your Group’s ability to successfully disposeof these completed units, without any price reduction,sent a strong positive signal to our purchasers that theirinvestment values were preserved.

rendah, pelonggaran peraturan bagi pembeli asing, dansebagainya. Perdana Menteri sendiri telah dengan jayanyamelancarkan Kempen Memiliki Rumah dengan berbagaiinsentif yang diadakan dalam suku ke empat 1998.Semenjak itu, pasaran hartanah, terutama sekali sub-sektorperumahan kos rendah, telah mula pulih dengan minatbaru para pembeli.

STRATEGI KAMI

Untuk tempoh kewangan ini, Para Pengarah, denganberpandukan latarbelakang keadaan ekonomi serta insentiffiskal yang disediakan oleh Kerajaan, telah mengambil duastrategi, iaitu, menjual kesemua stok hartanah siap terutamadi Bandar Seri Alam, Johor Bahru, dan membangunkan sertamemasarkan kediaman berkemampuan berhargaRM100,000 kebawah di Bandar Seri Putra, Bangi.

Strategi kami telah memberi pulangan balik yang tinggiapabila kami berjaya menjual kesemua rumah-rumah yangtelah siap untuk didiami (226 unit) di Bandar Seri Alampada harga pelancaran asal di bawah Skim BayaranAnsuran menarik dalam TK 1999. Ini adalah detik pentingbagi Kumpulan anda. Pada masa ketika penurunan hargamempengaruhi industri, kejayaan Kumpulan menjualkesemua unit-unit siap ini tanpa sebarang penurunan harga,telah memberi satu petanda positif yang kuat kepada parapembeli kami bahawa nilai pelaburan mereka masih dipelihara.

Strategi harga serta pembangunan yang sama bagi BandarSeri Putra telah juga beroleh kejayaan. Dalam TK 1999,kami telah melancarkan tiga jenis produk yang di kenalisebagai Vista Seri Putra, Seri Mawar dan Seri Melati.Lingkungan harga purata produk-produk ini ialah daripadaRM59,000 hingga RM86,000. Kadar pembelian bagipelancaran produk ini adalah teguh dengan hampir 100%telah di jual. Kami telah di bantu oleh sejumlah bank-bank yang telah menyediakan pinjaman akhir kepadapembeli-pembeli kami dengan syarat-syarat yang bersaing.

Para Pengarah menekankan keutamaan penyampaianproduk-produk yang berkualiti bagi memastikan kepuasanmaksima pembeli dan kesetiaan produk. Sehubungandengan ini pihak pengurusan sentiasa berusahameningkatkan kualiti rekaan dan memperbaiki mutuproduk.

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Similarly our pricing and development strategy in BandarSeri Putra also served us well. During FY 1999, welaunched three product types known as Vista Seri Putra,Seri Mawar and Seri Melati. The average price range ofthese products is from RM59,000 to RM86,000. Thetake-up rate of these launches was strong with almost100% sold. We were supported by many banks, whichprovided end financing to our purchasers at favourableand competitive terms.

Your Directors wish to emphasize the importance ofdelivering good quality products to ensure maximumcustomer satisfaction. In this regard, your Managementis constantly seeking ways to upgrade and improve ondesign and product quality.

FINANCIAL HIGHLIGHTS

Against the backdrop of a recovering economy and agradually recovering property market, the measures andstrategies taken by your Directors have led to a positiveresult, yielding a more profitable year for ourshareholders and thereby enhancing further shareholdervalue.

PROFITS

For the financial year August 1998 to July 1999 (FY 1999),audited profit before tax rose to RM35.01 million, fromthe previous years’ figure of RM10.62 million. Thistranslates to a strong growth of 230% in FY 1999 overFY 1998. For the same period under review, your Groupregistered a higher turnover of RM114.74 millioncompared to RM103.70 million in FY 1998. Earningsper share in FY 1999 is 14 sen compared to 3 sen in FY1998.

The improved results reflect not only stronger demandfor residential properties in the second half of FY1999but also the positive effect of cost-saving measures takenin the last financial year, such as the re-structuring orrescheduling of your Group’s property-related projectsaimed at preventing unnecessary drain on cash flow.

At Company level, pre-tax profit for the year increasedto RM 26.76 million, compared to RM 22.59 millionrecorded in FY 1998.

TINJAUAN KEWANGAN

Di sebalik tabir pemulihan ekonomi dan pemulihan ansuranpasaran hartanah, langkah dan strategi yang telah di ambiloleh Para Pengarah adalah berkesan dan meraihkan lebihkeuntungan pada tahun ini bagi para pemegang sahamyang akan meninggikan lagi nilai pemegang saham.

KEUNTUNGAN

Bagi tahun kewangan Ogos 1998 hingga Julai 1999 (TK1999), keuntungan sebelum cukai telah meningkat kepadaRM35.01 juta, berbanding RM10.62 juta yang di catatkanpada tahun sebelumnya. Ini mecatatkan pertumbuhan yangmantap sebanyak 230% dalam TK 1999 berbanding TK1998. Bagi tempoh yang sama, Kumpulan telahmencatatkan perolehan yang tinggi sebanyak RM114.74juta berbanding RM103.70 juta dalam TK 1998.Pendapatan sesaham dalam TK 1999 ialah 14 senberbanding dengan 3 sen dalam TK 1998.

Keputusan yang memberangsangkan ini bukan sahajamembuktikan permintaan yang tinggi bagi hartanah rumahkediaman dalam setengah tahun TK 1999 tetapi jugadengan langah-langkah penjimatan kos yang telah di ambilpada tahun kewangan yang lepas seperti penyusunansemula atau penjadualan semula projek-projek Kumpulanyang berkaitan dengan hartanah bagi menghindarpembaziran pengeluaran tunai.

Di peringkat Syarikat, keuntungan sebelum cukai telahbertambah kepada RM 26.76 juta, berbanding RM22.59juta yang di catatkan di dalam TK 1998.

DIVIDEN

Para Pengarah telah mengesyorkan dividen akhir sebanyak2.5 sen kasar di kecualikan cukai sesaham bagi tahunkewangan berakhir 31 Julai 1999. Ini merupakanpenambahan kepada dividen interim sebanyak 2.5 sensesaham tolak cukai yang telah di bayar pada 13 Julai1999, dan dividen istimewa sebanyak 2.5 sen kasar dikecualikan cukai yang di bayar pada 20 Disember 1999.

Jumlah kasar keseluruhan dividen bagi tahun kewanganterkini ialah 7.5 sen. Cukai tidak akan dikenakan kepadadividen-dividen istimewa dan akhir yang akan di bayarmelalui keuntungan TK 1999 yang dikecualikan cukai.

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DIVIDENDS

Your Directors have proposed a final dividend of 2.5sen gross tax-waived per share for the financial yearended 31 July 1999. This is in addition to the interimdividend of 2.5 sen less tax per share, which was paidon 13 July 1999, and a special dividend of 2.5 sen grosstax-waived per share paid on 20 December 1999.

Total dividends for the current financial year thus amountto 7.5 sen gross. No tax is applicable for the special andfinal dividends which will be paid out of the tax-waivedprofits of FY 1999.

SHARE BUY BACK

As part of our efforts to preserve investor value, yourDirectors exercised the mandate under the sharebuyback scheme and bought back 45,000 ordinaryshares of RM1.00 each for a total consideration ofRM119, 700. The average price of the shares boughtback was RM 2.69 per share. These shares have beenretained as treasury shares.

CORPORATE ACHIEVEMENTS

Your Group has successfully implemented all measuresand precautions to ensure Y2K readiness and a smoothroll-over into the year 2000.

Seri Alam Properties Sdn Bhd (Seri Alam), the UM LandBhd subsidiary developing Bandar Seri Alam successfullyattained ISO 9002 certification on 11 June 1999 withthe scope of registration in property management,project management, maintenance and landscapingcategory. The coveted ISO 9002 certification is atestimony of the consistent quality of our professionaland systematic service to our residents, investors andother members of the public.

For the second consecutive year, Bandar Seri Alam haswon two awards. The first was the Certificate ofAppreciation for the best achievement in maintenanceof landscape and beautification of housing area for 1998presented by the Majlis Daerah Johor Bahru Tengah, thelocal authority for Bandar Seri Alam. The other awardwas the Beautiful Surrounding / Landscape Competition1999 (private building and main access road category)organised by the Johor State Town and Country PlanningDepartment.

BELIAN BALIK SAHAM

Sebahagian daripada usaha kami untuk memelihara nilai

pelabur, Para Pengarah telah melaksanakan mandat di

bawah skim pembelian balik saham dengan belian balik

45,000 saham-saham biasa bernilai RM1.00 sesaham

dengan balasan sebanyak RM119,700. Harga purata

belian balik saham adalah RM2.69 se saham. Saham-

saham tersebut disimpan sebagai saham-saham

perbendaharaan.

PENC APAIAN KOPERAT

Kumpulan telah berjaya melaksanakan segala langkah-langkah berjaga-jaga bagi memastikan kesediaan Y2K danmenjamin peralihan yang lancar ke tahun 2000.

Seri Alam Properties Sdn Bhd (Seri Alam), anak syarikatUM Land yang membangunkan Bandar Seri Alam telahberjaya mencapai sijil ISO 9002 pada 11 Jun 1999 dalampengurusan hartanah, pengurusan projek, penjagaan danlanskap. Pengiktirafan sijil ISO 9002 ialah suatupenghargaan terhadap keselarasan mutu perkhidmatankami yang profesional dan teratur kepada para penghuni,para pelabur dan masyarakat sekeliling.

Bagi dua tahun berturut-turut, Bandar Seri Alam telahmemenangi dua anugerah. Anugerah pertama adalah SijilPenghargaan bagi penjagaan lanskap yang terbaik danpencantikan kawasan perumahan bagi tahun 1998 olehMajlis Daerah Johor Bahru Tengah, majlis daerah bagiBandar Seri Alam. Anugerah yang kedua adalah anugerahbagi Pertandingan Mencantikan Kawasan Sekeliling /Lanskap 1999 (kategori bangunan persendirian dan jalanmasuk utama) yang dianjurkan oleh Jabatan PerancanganBandar dan Negeri Johor.

PROSPEK

Menurut Laporan Ekonomi Kementerian Kewangan bagi

1999/2000, ekonomi Malaysia dijangka akan tumbuh 5%

dalam tahun 2000. Ini dijangka akan membawa kepada

pertumbuhan pendapatan per kapita negara. Insentif-

insentif Kerajaan serta langkah-langkah Bank Negara

seperti penurunan kadar faedah dan kemudahan pinjaman

perumahan yang merangsangkan suasana perniagaan,

menjadikan sektor hartanah lebih memberangsangkan

dalam tahun 2000.

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PROSPECTS

According to the Ministry of Finance Economic Reportfor 1999/2000, Malaysia’s economy is expected to growby 5% in year 2000. This is expected to lead to anincrease in the nation’s per capita income. Governmentincentives and Bank Negara measures such as loweringof interest rates and the greater availability of housingloans should continue to stimulate the businessenvironment, making the outlook for the property sectorin year 2000 more buoyant.

The Government is also expected to be a major sourceof growth in the housing sector, as it has relaxed housingloan conditions for civil servants.

Another encouraging factor is the waiver of RM100,000levy for foreign purchases of proper ty priced atRM250,000 and above and the quota of condominiumsales to foreigners remains at 50%. The HousingDevelopers Association, of which UM Land is a member,is making concerted efforts to boost property purchasesthrough Home Ownership Campaigns. UM Landparticipated in the Second Home Ownership Campaignheld in November/December 1999, and registeredencouraging sales.

These positive Government incentives and othermeasures coupled with encouraging economic prospectsare expected to have a positive impact on the housingsector for year 2000. Your Directors are optimistic thatthis will lead to an improvement in your Group’sperformance in year 2000 and beyond.

Nevertheless, we will continue to review our productmix in order to respond to the market needs anddemands quickly. Building attractive and affordablehouses aimed at the middle-income group will remainas our focus. As part of our strategy to ensure continuityof profitability and enhance investor value, yourDirectors will continue to source for land banks withpotential for high-yield developments, in new growthareas.

THE WAY FORWARD

Your Directors are intensely focused on making yourGroup’s townships the township of choice for propertybuyers. We will continue to uphold the fine reputationof UM Land as an innovative township developer thatcreates model communities enr iched by acomprehensive range of amenities, such as educationalfacilities at primary, secondary and tertiary levels, medicalcentres, hotels, serviced apartments and shopping malls.

Kerajaan juga dijangka menjadi penggerak utama dalam

sektor hartanah, dengan pelonggaran syarat-syarat

pinjaman perumahan bagi kakitangan kerajaan.

Satu lagi faktor yang menggalakkan ialah penghapusan

levi sebanyak RM100,000 bagi rakyat asing ke atas

hartanah bernilai RM250,000 ke atas, serta kuato

penjualan kondominium kepada rakyat asing yang

dikekalkan pada 50%. Persatuan Pemaju Perumahan,

dimana UM Land menjadi ahli, juga melaksanakan langkah-

langkah bersama bagi meningkatkan pembelian hartanah

melalui Kempen-Kempen Pemilikan Rumah. UM Land telah

menyertai Kempen Pemilikan Rumah Kedua yang diadakan

dalam bulan November/Disember 1999 dan telah

mencatatkan penjualan yang menggalakkan.

Kesemua insentif-insentif positif Kerajaan dan langkah-

langkah lain berserta prospek-prospek ekonomi yang

menggalakkan dijangka memberi kesan yang positif keatas

sektor perumahan bagi tahun 2000. Para Pengarah yakin

bahawa ini akan memperbaiki prestasi Kumpulan dalam

tahun 2000 dan seterusnya.

Walaubagaimanapun, kami akan sentiasa mengkaji

campuran produk berasaskan gerakbalas serta permintaan

pasaran. Membina rumah-rumah yang menarik serta

berkemampuan bagi kumpulan berpendapatan sederhana

masih menjadi tumpuan kami.

Sebagai strategi kami untuk memastikan kesinambungan

keuntungan serta peningkatan nilai pelabur, Para Pengarah

akan berusaha untuk mendapatkan bidang-bidang tanah

bagi pembangunan yang berpotensi berhasil tinggi di

kawasan-kawasan pertumbuhan baru.

MENUJU KE HADAPAN

Para Pengarah akan mengutamakan perhatian untukmenjadikan bandar-bandar Kumpulan sebagai bandarutama pilihan pembeli. Kami akan terus mempertahankanreputasi UM Land sebagai pemaju bandar yang berinovasi,membentuk masyarakat contoh dengan diperkayakanberbagai kemudahan bandar yang komprehensif, sepertikemudahan pendidikan rendah, menengah dan peringkatijazah, pusat perubatan, hotel, apartmen servis dan pusatmembeli-belah.

TUNKU TAN SRI DATO’ SHAHRIMAN B. TUNKU SULAIMANChairman / Pengerusi

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ACKNOWLEDGEMENT

On behalf of the Board of Directors, I wish to thank allour valued customers, business associates andshareholders for their sustained strong support andencouragement. I also thank the various governmentauthorities, consultants and advisors whose constantassistance have enabled us to reach our level ofachievement.

I would like to express my thanks and appreciation tomy fellow Directors, and the management and staff ofUM Land Bhd and its subsidiaries for their dedication,commitment and valuable contributions. The whole-hearted effort by the staff and management of Seri Alam,which led to their attainment of ISO 9002 certificationand the winning of two property awards during theyear under review, is a good indicator of the team spirit,cooperation and support of company’s goals that existthroughout the UM Land Group.

Our valued shareholders can remain assured that yourDirectors, the management and staff will continue towork diligently for the sustained progress of your Groupwell into the new millennium.

PENGHARGAAN

Bagi pihak Lembaga Pengarah, saya ingin mengucapkanterima kasih kepada semua pelanggan-pelanggan, rakan-rakan niaga dan pemegang-pemegang saham terhadapsokongan dan galakan yang berterusan. Saya juga inginmerakamkan penghargaan kepada pelbagai pihakberkuasa, para perunding dan juga penasihat, yang sentiasamembantu dan membolehkan kami mencapai tahapkejayaan seperti sekarang.

Saya juga ingin merakamkan ucapan terima kasih danpenghargaan kepada rakan-rakan Pengarah sejawat, pihakpengurusan dan kakitangan Syarikat serta anak-anaksyarikat UM Land Bhd di atas dedikasi, komitmen dandaya usaha yang tidak ternilai. Usaha yang bersungguh-sungguh yang diberikan oleh kakitangan dan pengurusanSeri Alam yang membawa kepada pencapaian Sijil ISO9002 dan perolehan dua anugerah sepanjang tahuntinjauan, adalah satu petanda semangat berkumpulan yangbaik, kerjasama yang padu dan pendokong cita-citaKumpulan yang sediada di kalangan Kumpulan UM Land.

Para pemegang saham yang kami hargai, kami memberijaminan bahawa Para Pengarah, pihak pengurusan dankakitangan akan terus bekerja dengan bersungguh-sungguhbagi mempertahankan pencapaian Kumpulan ke arah alafbaru.

K E M U N C A K K E W A N G A N

F I N A N C I A L H I G H L I G H T S

NET EARNINGS PER SHAREPENDAPATAN BERSIH SE SAHAMSen

95 96 97 98 99

15

24

34

3

14

95 96 97 98 99

TURNOVERPEROLEHANRM Million/Juta

207.17

202.78 182.15

103.70

114.74

PROFIT BEFORE TAXKEUNTUNGAN SEBELUM CUKAIRM Million/Juta

95 96 97 98 99

50.13

74.08

88.24

10.62

35.01

TOTAL SHAREHOLDERS' FUNDSJUMLAH DANA PEMEGANG SAHAMRM Million/Juta

95 96 97 98 99

280.56

336.98

661.01

739.72

724.19

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1995 1996 1997 1998 1999RM MILLION / JUTA

Turnover 207.17 202.78 182.15 103.70 114.74Perolehan

Profit before tax 50.13 74.08 88.24 10.62 35.01Keuntungan sebelum cukai

Total Shareholders’ funds 280.56 336.98 661.01 724.19 739.72Jumlah dana pemegang saham

Total assets 338.01 423.03 767.12 882.04 924.54Jumlah aset

Issued and paid-up capital 73.38 73.38 220.13 231.49 231.49Modal terbitan dan berbayar

Gross dividend rate (%) 12.5 15.0 12.5 7.5 7.5Kadar dividen kasar (%)

Net earnings per share (sen) 15 24 34 3 14*Pendapatan bersih sesaham (sen)

Net tangible assets per share (RM) 1.27 1.53 3.00 3.12 3.19**Aset ketara bersih sesaham (RM)

FIVE-YEAR GROUP FINANCIAL HIGHLIGHTSKEMUNC AK KEWANGAN KUMPULAN B AGI LIMA TAHUN

* Net earnings per share (EPS) is calculated based on the weighted average number of shares of 231,480,882 in issue during the year.Pendapatan bersih sesaham di hitung berdasarkan nilai purata 231,446,033 saham-saham terbitan dalam tahun.

** Net tangible assets (NTA) per share is calculated based on the reduced share capital of 231,446,033 number of shares after the share buyback.Aset ketara bersih sesaham di hitung berdasarkan modal saham dikurangkan kepada 231, 446,033 bilangan saham selepas pembelian balik saham.

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S T R U K T U R K O R P O R A T

U n i t e d M a l a y a n L a n d B h d(4131-M)

70%BANGI HEIGHTS DEVELOPMENT

SDN BHD

99.998%COUNTRY EQUITY

SDN BHD

(414959-M)Investment Holding/

Pelaburan Induk

100%UM LAND ASSETS

SDN BHD

(446767-U)Property Investment/Pelaburan Hartanah

100%UM LAND BENA

SDN BHD(formerly known as UM Land (Sabah) Sdn Bhd/

dahulu dikenali sebagai UM Land (Sabah) Sdn Bhd

(438767-U)Property Developement/Pembangunan Hartanah

(433666-V)Recreational club and

related activities/Kelab rekreasi danaktiviti berkaitan

(331497-M)Development of service

apartments/Pembangunan pangsapuri

servis

(236433-V)Property development/Pembangunan hartanah

100%UM LEISURE

SDN BHD

(402921-V)General Trading/Perdagangan Am

(225645-A)Project Management/

Pengurusan Projek

100%SERI ALAM LEISURE

SDN BHD

(432334-X)Investment Holding/

Pelaburan Induk

100%SERI ALAM

PROPERTIES SDN BHD

(41628-A)Property Development/Pembangunan Hartanah

(267216-A)Township Management Services/

Khidmat Pengurusan Bandar

100%SERI ALAM

SERVICES SDN BHD

100%PMS SERVICES

SDN BHD

100%SERI ALAM GOLF & EQUESTRIAN CLUB

SDN BHD

40%IPJORA HOLDINGS

SDN BHD

C O R P O R A T E S T R U C T U R E

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2 December 1998 Signing of two separate Deed of Rescission and Revocation for the termination of followingagreements:-a) Sale and Purchase Agreement dated 3 November 1997 between UM Land (Sabah) Sdn

Bhd and PERNAS Hotel Chain (Sabah) Sdn Bhd.b) Sale and Purchase Agreement dated 13 November 1997 between Bangi Heights Development

Sdn Bhd and PERNAS Properties Sdn Berhad.

2 Disember 1998 Upacara menandatangani dua Suratikatan Pemansuhan dan Penarikbalikan yang berasingan untukpembatalan perjanjian-perjanjian berikut:-a) Perjanjian Jual Beli bertarikh 3 November 1997 diantara UM Land (Sabah) Sdn Bhd dan PERNAS

Hotel Chain (Sabah) Sdn Bhd.b) Perjanjian Jual Beli bertar ikh 13 November 1997 diantara Bangi Heights Development

Sdn Bhd dan PERNAS Properties Sdn Berhad.

30 December 1998 Despatch of the Company’s Annual Report 199830 Disember 1998 Penghantaran Lapuran Tahunan Syarikat 1998.

26 January 1999 38th Annual General Meeting at Kuala Lumpur Hilton International, Kuala Lumpur.26 Januari 1999 Mesyuarat Agung Tahunan ke 38 di Kuala Lumpur Hilton International, Kuala Lumpur.

9 March 1999 Announcement to KLSE on the termination of the following agreements:-a) Joint Venture Agreement dated 4 December 1997 between Primal Advancement Sdn Bhd and

Opal Holdings Pte Ltd in Lavish Strata Sdn Bhdb) Joint Venture Agreement dated 4 December 1997 between Primal Advancement Sdn Bhd and

Stamford Residences Pte Ltd in Longterm Strata Sdn Bhd

9 Mac 1999 Pengumuman kepada BSKL berkenaan dengan pembatalan perjanjian-perjanjian berikut:-a) Perjanjian Usahasama bertarikh 4 Disember 1997 diantara Primal Advancement Sdn Bhd dan

Opal Holdings Pte Ltd dalam Lavish Strata Sdn Bhd.b) Perjanjian Usahasama bertarikh 4 Disember 1997 diantara Primal Advancement Sdn Bhd dan

Stamford Residences Pte Ltd dalam Longterm Strata Sdn Bhd.

6 April 1999 Books Closure for purpose of determining shareholders’ entitlement to the final dividend of 5%less tax for the financial year ended 31 July 1998

6 April 1999 Penutupan Buku bagi tujuan penentuan hak pemegang saham ke atas dividen akhir sebanyak 5% tolakcukai bagi tahun kewangan berakhir 31 Julai 1998.

15 April 1999 Financial results for the half year ended 31 January 1999 released to KLSE.

15 April 1999 Keputusan kewangan bagi setengah tahun berakhir 31 Januari 1999 diumumkan ke BSKL.

23 April 1999 Payment of final dividend of 5% less tax for the financial year ended 31 July 1998.

23 April 1999 Pembayaran dividen akhir sebanyak 5% tolak cukai bagi tahun kewangan berakhir 31 Julai 1998.

2 July 1999 Books Closure for purpose of determining shareholders’ entitlement to the interim dividend of2.5% for the financial year ending 31 July 1999.

2 Julai 1999 Penutupan Buku bagi tujuan penentuan hak pemegang saham ke atas dividen interim sebanyak 2.5%bagi tahun kewangan berakhir 31 Julai 1999.

13 July 1999 Payment of interim dividend of 2.5% for the financial year ending 31 July 1999.

13 Julai 1999 Pembayaran dividen interim sebanyak 2.5% bagi tahun kewangan berakhir 31 Julai 1999.

27 September 1999 Quarterly report on consolidated results for the financial period ended 31 July 1999 released toKLSE.

27 September 1999 Lapuran Suku Tahunan bagi keputusan cantuman bagi tempoh kewangan berakhir 31 Julai 1999diumumkan ke BSKL.

18 October 1999 Relocation of Share Registrars to new premises.

18 Oktober 1999 Perpindahan Pendaftar Saham ke bangunan baru.

C O R P O R A T E A N D F I N A N C I A L C A L E N D A R

K A L E N D A R K O R P O R A T D A N K E W A N G A N

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S E N A R A I H A R T A N A H P A D A 3 1 J U L A I 1 9 9 9

688.37

186.84

68.74

66.00

6.30

919.90

21.17

25.90

11.30

10.30

610.84

Development inprogress/ Pembangunan

dalam perlaksanaan

Future Development/Pembangunan masa depan

Location/Lokasi

Description/Keterangan

Usage/Kegunaan

Tenure/Hak Milik Area/

Keluasan(acre/ekar)

Net Book Valueas at 31/7/99

Nilai Buku Bersihpada 31/7/99

(RM)



(RM)

JOHOR

Mukim PlentongDistrict of Johor BahruMukim PlentongDaerah Johor Bahru




6 Jalan LembahBandar Seri Alam81750 Johor DarulTakzim







Land & BuildingTanah & Bangunan


LandTanah

LandTanah



LandTanah

LandTanah

LandTanah

LandTanah

LandTanah

ResidentialPerumahan

CommercialPerdagangan

IndustrialPerindustrian

Business ParkTaman Perniagaan

Corporate OfficePejabat Korporat

Recreational & OthersRiadah & Lain-lain

School & HostelSekolah & Hostel

Agriculture ReserveRizab Pertanian

Private CemeteryTanah Perkuburan

NurseryTapak Semaian

Government ReserveRizab Kerajaan

FreeholdPegangan

bebas

FreeholdPegangan

bebas

FreeholdPegangan

bebas

FreeholdPegangan

bebas

FreeholdPegangan

bebas

FreeholdPegangan

bebas

FreeholdPegangan

bebas

FreeholdPegangan

bebas

FreeholdPegangan

bebas

FreeholdPegangan

bebas

FreeholdPegangan

bebas

115,594,886

116,418,770

4,946,039

32,395,209

12,833,818

117,507,794

1,129,510

5,797,210

741,894

1,320,003

-

-

3.85

-

-

-

-

-

-

-

-

-

-

403,369

-

-

-

-

-

-

-

-

-

Area/Keluasan

(acre/ekar)

TOTAL / JUMLAH 2,615.66 408,685,133 3.85 403,369

L I S T O F P R O P E R T I E S A S A T 3 1 J U L Y 1 9 9 9

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Development inprogress/Pembangunan

dalam perlaksanaan

Future Development/Pembangunan masa depan

Location/Lokasi

Description/Keterangan

Usage/Kegunaan

Tenure/Hak Milik Area/

Keluasan(acre/ekar)



(RM)



(RM)

SELANGOR

Mukim KajangDistrict of Ulu Langat,SelangorMukim KajangDaerah Ulu Langat,Selangor




Bangi Old Town,District of Ulu Langat,SelangorPekan Bangi LamaDaerah Ulu Langat,Selangor

Mukim DengkilDistrict of Sepang,SelangorMukim DengkilDaerah Sepang,Selangor



LandTanah

LandTanah




CommercialKomersil

Private MedicalCentre/PrivateCollegePusat PerubatanSwasta/Kolej Swasta

Government ReserveRizab Kerajaan


IndustrialPerindustrian

FreeholdPegangan

Bebas

FreeholdPegangan

Bebas

FreeholdPegangan

Bebas

FreeholdPegangan

Bebas

FreeholdPegangan

Bebas

FreeholdPegangan

Bebas

17,391,149

60,388,525

8,132,604

-

1,617,198

5,041,784

63.58

48.04

-

-

57.70

-

10,825,112

12,407,025

-

-

13,115,437

-

Area/Keluasan

(acre/ekar)

84.06

119.08

21.00

468.83

10.91

25.75

TOTAL / JUMLAH 729.63 92,571,260 169.32 36,347,57423

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A U D I T C O M M I T T E E

COMPOSITION AND TERMS OF REFERENCE

COMPOSITION

The Audit Committee shall be appointed by the Board from amongst the non-executive directors of the Companyand shall consist of not less than 3 members. A quorum shall be 2 members. The Chairman of the Committee shall beappointed by the Board.

ATTENDANCE AT MEETINGS

In addition to the Committee members, the meetings will normally be attended by a representative of the departmentsin the Company and of the external auditors as and when required. The Secretary to the Audit Committee shall be theCompany Secretary or Assistant Company Secretary or any other person appointed by the Committee.

FREQUENCY OF MEETINGS

Meetings shall be held not less than three times a year.

AUTHORITY

The Committee is authorised by the Board to investigate any activity within its terms of reference. The Committee isauthorised by the Board to obtain outside legal or other independent professional advice and to secure the attendanceof outsiders with relevant experience and expertise if it considers this necessary.

DUTIES

The duties of the Committee shall be:-

• to review with the Auditors- the audit plan- their evaluation of the system of internal accounting- the audit report on the financial statement

• to review the assistance given by the Company’s officers to the auditors;

• to review the scope and results of the internal audit procedures, if any;

• to review the half year and annual financial statements with management and the auditors prior to them beingapproved by the full Board;

• to review any significant related party transactions that may arise within the Company or Group;

• to consider the appointment of the external auditors, the audit fee, and any questions of resignation or dismissal;

• to consider any matters the auditors wish to bring to the attention of directors or shareholders;

• to review all announcements prior to being released to the Kuala Lumpur Stock Exchange, shareholders and thepublic; and

• such other responsibilities as may be agreed to by the Audit Committee and the Board of Directors.24

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J A W A T A N K U A S A A U D I T

KOMPOSISI DAN BIDANG KUASA

KOMPOSISI

Lembaga Pengarah akan melantik Jawatankuasa Audit daripada kalangan pengarah bukan eksekutif Syarikat dan hendaklahterdiri tidak kurang daripada tiga orang ahli. Jumlah korum adalah seramai dua orang ahli.

Pengerusi Jawatankuasa akan dilantik oleh Lembaga Pengarah.

KEHADIRAN DI MESYUARAT

Selain daripada Ahli-Ahli Jawatankuasa, mesyuarat ini lazimnya akan dihadiri oleh wakil daripada jabatan dalam Syarikatdan wakil Juruaudit luaran bila diperlukan.

Setiausaha Syarikat atau Penolong Setiausaha Syarikat atau orang lain yang dilantik oleh Jawatankuasa akan bertindaksebagai Setiausaha kepada Jawatankuasa Audit.

KEKERAPAN MESYUARAT

Mesyuarat akan diadakan tidak kurang daripada tiga kali setahun.

BIDANG KUASA

Jawatankuasa adalah diberikuasa oleh Lembaga Pengarah untuk menyiasat sebarang aktiviti yang terkandung di dalambidang kuasa mereka.

Jawatankuasa adalah diberikuasa oleh Lembaga Pengarah untuk mendapatkan khidmat nasihat perundangan atau lain-lain khidmat nasihat profesional bebas luar dan memastikan kehadiran pihak luaran yang mempunyai pengalaman dankepakaran yang berkaitan sekiranya difikirkan perlu.

TUGAS

Tugas-tugas Jawatankuasa adalah:-• mengkaji bersama Juruaudit

- perancangan audit;- penilaian mereka terhadap sistem kawalan perakaunan dalaman;- laporan audit ke atas penyata kewangan;

• mengkaji bantuan yang diberikan oleh pegawai-pegawai Syarikat kepada Juruaudit;• mengkaji skop dan keputusan prosedur dalaman, jika ada;• menyemak penyata-penyata kewangan setengah tahun dan akhir tahun dengan pihak pengurusan dan juruaudit

sebelum dikemukakan kepada Lembaga Pengarah untuk kelulusan;• mengkaji sebarang urusniaga penting antara pihak yang berkaitan yang mungkin timbul dari dalam Syarikat atau

Kumpulan;• mempertimbangkan dan mengesyorkan perlantikan juruaudit luaran, bayaran khidmat serta sebarang pertanyaan

tentang perletakan jawatan atau pemecatan;• mempertimbangkan sebarang perkara yang mungkin dikemukakan oleh Juruaudit bagi perhatian Lembaga Pengarah

atau pemegang-pemegang saham;• mengkaji semua pengumuman sebelum ianya diumumkan kepada Bursa Saham Kuala Lumpur, pemegang-pemegang

saham dan orang ramai; dan• tanggungjawab-tanggungjawab lain yang mungkin dipersetujui oleh Jawatankuasa Audit dan Lembaga Pengarah

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A N A L I S A P E G A N G A N S A H A M P A D A 1 9 N O V E M B E R 1 9 9 9

A N A L Y S I S O F S H A R E H O L D I N G SA S A T 1 9 N O V E M B E R 1 9 9 9

Authorised Share CapitalModal Saham Dibenarkan : RM500,000,000

Issued and Paid-up Share CapitalModal Saham Diterbit and Dibayar : RM231,504,033

Class of Shares : Ordinary shares of RM1.00 eachJenis Saham Saham biasa bernilai RM1.00 sesaham

SIZE OF SHAREHOLDINGSSAIZ PEGANGAN SAHAM

Size of shareholdingsSaiz pegangan saham

1 - 499

500 - 5,000

5,001 - 10,000

10,001 - 100,000

100,001 - 1,000,000

more than/lebih daripada 1,000,000

TOTAL/JUMLAH

No. of holdersBil. Pemegang

% of holders% pemegang

No. of sharesBil. saham

% of shares% saham

CLASSIFICATION OF SHAREHOLDERSPENGKELASAN PEMEGANG SAHAM

Type of ownershipJenis pemilikan

Malaysians/Warganegara Malaysia

Government AgenciesAgensi Kerajaan

Bumiputra/Bumiputera- Individuals/Perseorangan- Companies/Syarikat

Non-Bumiputra/Bukan Bumiputera- Individuals/Perseorangan- Companies/Syarikat

Nominee CompaniesSyarikat Penama

Total for Malaysians/Jumlah Warganegara Malaysia

Foreigners/Warganegara Asing

Individuals/Perseorangan

Companies/Syarikat

Nominee Companies/Syarikat Penama

Total for Foreigners/Jumlah Warganegara Asing

Total/Jumlah

No. of ShareholdersBil. Pemegang Saham

% No. of sharesBil. Saham

%

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67

653

142

155

42

19

1,078

6.22

60.57

13.17

14.38

3.90

1.76

100.00

6,200

1,372,375

1,049,550

4,113,000

13,068,750

211,894,158

231,504,033

0.00

0.59

0.45

1.78

5.65

91.53

100.00

2

4326

68433

89

877

0.19

3.992.41

63.453.06

8.26

81.36

1,062,000

184,850113,610,399

3,499,2254,783,350

19,537,000

142,676,824

0.46

0.0849.07

1.522.07

8.44

61.64

91 8.42

1.31

8.91

18.64

100.00

1,594,150

80,357,059

6,876,000

88,827,209

231,504,033

0.69

34.70

2.97

38.36

100.00

14

96

201

1,078

LIST OF TWENTY LARGEST SHAREHOLDERSSENARAI DUA PULUH PEMEGANG-PEMEGANG SAHAM YANG TERBESAR

According to the Register of Members and the Record of Depositors, the following are the twenty largest shareholdersof the Company.Mengikut Daftar Pemegang Saham dan Rekod Pendeposit, berikut adalah dua puluh pemegang-pemegang saham terbesar

Syarikat.

SUBSTANTIAL SHAREHOLDERSPEMEGANG-PEMEGANG SAHAM TERBESAR

According to the register required to be kept under Section 69L of the Companies Act, 1965, the following are thesubstantial shareholders of the Company having an interest of 2% or more of the issued capital in the Company:-Mengikut daftar yang perlu disimpan di bawah Seksyen 69L Akta Syarikat, 1965, berikut adalah pemegang-pemegangsaham terbesar Syarikat yang mempunyai kepentingan 2% atau lebih daripada jumlah modal diterbit Syarikat:-

Name of substantial shareholdersNama pemegang-pemegang saham terbesar

No. of shares held as at 19.11.99Jumlah saham yang dipegang pada 19.11.99

% of issued capital% daripada modal diterbitkan

PERNAS International Holdings Berhad 57,153,500 24.69

Opal Holdings Pte Ltd 48,084,500 20.77

New Brillance Sdn Bhd 25,320,789 10.94

Chee Tat Holdings (S) Pte Ltd 17,828,634 7.70

PERNAS Securities Sdn Berhad 17,826,000 7.70

Khong Guan Flour Milling Limited 11,400,000 4.92

Legendary Edge Sdn Bhd 11,300,610 4.88

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Name of ShareholdersNama Pemegang-Pemegang Saham

1. Mayban Trustees BerhadPledge Securities Acc. for Pernas International Holdings Berhad

2. Opal Holdings Pte Ltd

3. New Brillance Sdn Bhd

4. Chee Tat Holdings (S) Pte Ltd

5. Khong Guan Flour Milling Limited

6. Legendary Edge Sdn Bhd

7. Pernas International Holdings Berhad

8. Pacific Nominees (Tempatan) Sdn BhdPledge Securities Acc. for Air Terang Sdn BhdPledge Securities Acc. for Musa Michael Lee Abdullah

9. Arab-Malaysian Nominees (Tempatan) Sdn BhdPledge Securities Acc. for Westlodge Sdn BhdPledge Securities Acc. for AT Capital Sdn BhdPledge Securities Acc. for Amal Mantap Sdn Bhd

10. Khong Guan Group Pte Ltd

11. Malpac Nominees (Asing) Sdn BhdVickers Ballas & Company Pte Ltd for Gan Kheng JooVickers Ballas & Company Pte Ltd for Lian Hee YoonVickers Ballas & Company Pte Ltd for Chew Lay TinVickers Ballas & Company Pte Ltd for Teo Lan NeoVickers Ballas & Company Pte Ltd for Ng Yew WahVickers Ballas & Company Pte Ltd for Siong Siew WoonVickers Ballas & Company Pte LtdVickers Ballas & Company Pte Ltd

No. of SharesBil . saham

%

65,822,000

48,084,500

25,320,789

17,828,634

11,400,000

11,300,610

9,157,500

4,317,0004,325,000

8,642,000

3,490,0001,190,0003,441,000

8,121,000

2,830,875

9,000750750

2,0003,000

13,5001,980,000

67,500

2,075,500

28.43

20.77

10.94

7.70

4.92

4.88

3.96

3.73

3.51

1.22

0.90

SUMMARY OF SHARE BUY BACKRINGKASAN PEMBELIAN BALIK SAHAM

Details of share purchases made by the Company during the financial year are as follows:Butiran belian saham oleh Syarikat dalam tahun kewangan adalah seperti berikut:-

All shares purchased by the Company during the financial year are held as treasury shares. None of the treasury shares have beenresold in the market.Kesemua saham yang dibeli oleh Syarikat dalam tahun kewangan disimpan sebagai saham perbendaharaan. Saham perbendaharaantersebut belum dijualbalik dalam pasaran.28

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Name of ShareholdersNama Pemegang-Pemegang Saham

No. of SharesBil . saham

%

12. Hwang-DBS Custodian Nominees (Asing) Sdn BhdDBS Bank for Khong Guan Development Pte LtdDBS Bank for Kah Hong Pte LtdDBS Bank for Cepheus Corporation Pte Ltd

13. Hup Hock Trading Sendirian Berhad

14. Lembaga Tabung Haji

15. Amanah Raya Nominees (Tempatan) Sdn BhdAmanah saham Bank Simpanan Nasional

16. Universal Trustee (Malaysia) BerhadBHLB Pacific Emerging Companies Growth FundBHLB Pacific Savings FundBHLB Pacific High Growth Fund

17. Taisho Company Sdn Berhad

18. Amsec Nominees (Asing) Sdn BhdG K Goh Stockbrokers Pte Ltd for Lua Say KoonFraser Securities Pte Ltd for Sita Ponnu DuraiPledged Securities Account for Ng Eng Tee

19. Khong Guan Biscuit Factory Sdn Berhad

20. Thong & Kay Hian Nominees (Asing) Sdn BhdUOB Securities Pte LtdUOB Securities Pte Ltd for Kwan Peck LengKay Hian Pte Ltd for Mary TanKay Hian Pte Ltd for Lau Kheng Yong @ Lau Theng SiakKay Hian Pte Ltd for Lau Phay Kian StephenKay Hian Pte Ltd for Interocean Shipping Co. Pte LtdKay Hian Pte Ltd for Chew Siok WoonKay Hian Pte Ltd for Esing Long Nominees Pte LtdKay Hian Pte Ltd for Ang Cheng Ho PatrickKay Hian Pte LtdKay Hian Pte Ltd for Lee Hong

TOTAL/JUMLAH

465,500930,000159,000

1,554,500

1,406,250

1,062,000

1,000,000

250,000150,000600,000

1,000,000

927,000

2,0001,000

800,000

803,000

574,500

15,00038,00013,50012,0003,7502,2507,000

340,0008,000

129,0003,000

571,500

219,482,158

0.67

0.61

0.46

0.43

0.43

0.40

0.35

0.25

0.25

94.81

Averageprice paidper share

Harga puratadibayar bagi

sesahamRM

2.29

2.44

2.96

2.95

3.02

No. of ordinaryshares of RM1.00

eachBil saham biasabernilai RM1.00

sesaham

9,000

15,000

7,000

9,000

5,000

45,000

Totalconsideration

Jumlah balasanRM

20,600

36,680

20,740

26,580

15,100

119,700

Month/Bulan

March/Mac 1999

April/April 1999

May/Mei 1999

June/Jun 1999

July/Julai 1999

Total/Jumlah

Highestprice paidper share

Hargatertinggi

dibayar bagisesaham

RM

2.30

2.70

3.18

3.12

3.02

Lowest pricepaid per share

Harga terendahdibayar bagi

sesahamRM

2.20

2.38

2.90

2.90

3.02

N O T I C E O F A N N U A L G E N E R A L M E E T I N G

NOTICE IS HEREBY GIVEN THAT the 39th Annual General Meeting of United Malayan Land Bhd will beheld on Thursday, 20 January 2000 at 12.00 noon at Nirwana Ballroom II, Hilton Kuala Lumpur, Jalan Sultan Ismail,50250 Kuala Lumpur to transact the following businesses:-

UMLAND

Resolution 1

ORDINARY BUSINESS:

1. To receive the Audited Accounts together with the Reports of the Directors and Auditors forthe financial year ended 31 July 1999.

2. To approve the payment of a Final Dividend of 2.5% in respect of the financial year ended 31 July1999.

3. To re-elect the following Directors pursuant to Article 94 of the Company’s Articles of Association:-i) YM Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaimanii) Datuk Syed Ahmad Khalid bin Syed Mohammed

4. To approve the payment of Directors’ fees for the financial year ended 31 July 1999.

5. To re-appoint Auditors to hold office until the conclusion of the next annual general meetingand to authorise the Directors to fix their remuneration.

SPECIAL BUSINESS:

6. To consider and, if thought fit, to pass the following resolutions as Ordinary Resolutions:-

a) Authority to Directors to Issue Shares

“THAT pursuant to Section 132D of the Companies Act, 1965, and subject to the approvalof all relevant authorities being obtained, the Directors be and are hereby empowered toissue shares in the Company at any time and upon such terms and conditions and for suchpurposes as the Directors may, in their absolute discretion deem fit, provided that the aggregatenumber of shares issued pursuant to this resolution in any one financial year does not exceedten per centum (10%) of the issued capital of the Company for the time being and that theDirectors be and are also empowered to obtain the approval for the listing of and quotationfor the additional shares so issued on the Kuala Lumpur Stock Exchange and that suchauthority shall continue in force until the conclusion of the next annual general meeting ofthe Company.”

b) Authority to Directors on Purchase of the Company’s Own Shares

“THAT subject to the Companies Act, 1965 (the “Act”), rules, regulations and orders madepursuant to the Act, provisions of the Company’s Memorandum and Articles of Associationand the requirements of the Kuala Lumpur Stock Exchange (“KLSE”) and any other relevantauthority, the Directors of the Company be and are hereby authorised to make purchases ofordinary shares of RM1.00 each in the Company’s issued and paid-up capital through theKLSE subject further to the following:-

i) the maximum number of shares which may be purchased by the Company shall notexceed 3,047,000 ordinary shares of RM1.00 each equivalent to approximately 1.32% ofthe total existing issued and paid-up share capital of the Company (“Shares”) for thetime being;

ii) the maximum fund to be allocated by the Company for the purpose of purchasing theShares shall not exceed the total retained earnings and share premium of the Companyotherwise available for dividend for the time being. As at 31 July 1999, the auditedretained earnings and share premium of the Company is RM49,824,000 and RM60,062,000respectively. The unaudited retained earnings and share premium based on themanagement accounts of the Company as at 31 October 1999 is RM50,186,000 andRM60,093,000 respectively;

Resolution 2

Resolution 3Resolution 4

Resolution 5

Resolution 6

Resolution 7

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iii) the authority conferred by this resolution will commence immediately upon obtainingall necessary approvals for the purchase(s) of the shares until the conclusion of thenext annual general meeting of the Company, unless earlier revoked or varied byordinary resolution of the shareholders of the Company in general meeting but notso as to prejudice the completion of purchase(s) by the Company before the aforesaidexpiry date and, in any event, in accordance with the provisions of the guidelinesissued by the KLSE or any other relevant authority;

iv) the Directors may retain the Shares so purchased as treasury shares or cancel themor both. The Directors shall consider the interests of the Company and its subsidiarycompanies and its shareholders in deciding whether to retain the Shares as treasuryshares, cancel them or have a combination of both;

v) upon completion of the purchase(s) of the Shares by the Company, the Directors ofthe Company be and are hereby authorised to deal with the shares in the mannerprescribed by the Act, rules, regulations and orders made pursuant to the Act andthe requirements of the KLSE and any other relevant authority for the time being inforce; and

vi) the Directors of the Company be and are hereby authorised to take all such steps asare necessary or expedient to implement or to effect the purchase(s) of the Shares.”

7. To transact any other businesses of the Company for which due notice shall have been givenin accordance with the Companies Act, 1965.

BY ORDER OF THE BOARD

ZURAIDAH MOHD YUSOFFCompany SecretaryMAICSA 7001552

Kuala LumpurDate: 28 December 1999

Resolution 8

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NOTE:1. Proxy

• A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote instead of him. A proxy need not be a member of the Company. The instrumentappointing a proxy shall be in writing under the hand of the appointor or his attorney duly authorised in writing, or if the appointor is a corporation, either under its common seal or in some othermanner approved by its directors.

• The instrument of proxy must be deposited at the Company’s Share Registrars, Securities Services (Holdings) Sdn Bhd at Level 22, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara,Damansara Heights, 50490 Kuala Lumpur not less than 48 hours before the time set for the meeting or any adjournment thereof.

2. Resolution 8 – Authority to Directors on Purchase of the Company’s Own Shares• The Directors be empowered to exercise the power of the Company to purchase its own shares (“Proposed Share Buyback”) by utilising its financial resources not immediately required for use. The

Proposed Share Buyback will likely have a positive impact on the market price of the Company’s shares. This authority, unless revoked or varied at a general meeting, will expire at the conclusion ofthe next annual general meeting of the Company.

Further information on the Proposed Share Buyback are set out in the Circular to Shareholders of the Company which is despatched together with the Company’s 1999 Annual Report.

DENGAN INI ADALAH DI BERITAHU BAHAWA Mesyuarat Agung Tahunan United Malayan Land Bhd yangke 39 akan diadakan pada hari Khamis, 20 Januari 2000 jam 12.00 tengahari di Nirwana Ballroom II, Kuala LumpurHilton, Jalan Sultan Ismail, 50250 Kuala Lumpur untuk urusan-urusan berikut:-

Resolusi 1

URUSAN BIASA:

1. Untuk menerima Akaun Beraudit Syarikat berserta Laporan-Laporan Para Pengarah dan Juruauditbagi tahun kewangan berakhir 31 Julai 1999.

2. Untuk meluluskan pembayaran Dividen Akhir sebanyak 2.5% bagi tahun kewangan berakhir 31Julai 1999.

3. Untuk melantik semula Para Pengarah berikut yang bersara menurut Artikel 94 Tataurusan Syarikat:

i) YM Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman

ii) Datuk Syed Ahmad Khalid bin Syed Mohammed

4. Untuk meluluskan pembayaran yuran Para Pengarah bagi tahun kewangan berakhir 31 Julai 1999.

5. Untuk melantik semula Juruaudit Syarikat bagi tahun berikutnya dan memberi kuasa kepada ParaPengarah untuk menetapkan bayaran khidmat mereka.

URUSAN KHAS

6. Untuk mempertimbangkan dan sekiranya difikirkan sesuai, meluluskan resolusi-resolusi berikutsebagai Resolusi-Resolusi Biasa:-

a) Kuasa kepada Para Pengarah untuk Menerbitkan Saham- Saham

“BAHAWA menurut Seksyen 132D Akta Syarikat, 1965 dan tertakluk kepada kelulusandaripada pihak berkuasa yang berkenaan, Para Pengarah adalah dengan ini di berikuasa untukmenerbitkan saham-saham Syarikat dari masa ke semasa berdasarkan atas terma-terma sertasyarat-syarat dan bagi tujuan-tujuan di mana Para Pengarah dengan pemilihan mutlak yangmereka fikirkan bersesuaian, tertakluk kepada jumlah agreget saham yang diterbitkan menurutresolusi ini dan dalam mana-mana tahun kewangan tidak melebihi sepuluh peratus (10%)daripada jumlah semasa saham-saham diterbit Syarikat dan bahawa kuasa adalah dengan inijuga di beri kepada Para Pengarah untuk memperolehi kebenaran menyenaraikan dan sebutharga saham-saham di Bursa Saham Kuala Lumpur dan bahawa kuasa ini akan berlanjutansehingga tamatnya mesyuarat agung tahunan Syarikat berikutnya.”

b) Kuasa kepada Para Pengarah untuk Membeli Balik Saham-Saham Syarikat

“BAHAWA tertakluk kepada Akta Syarikat, 1965 (“Akta”), undang-undang, peraturan-peraturan dan urutan dari Akta tersebut, peruntukan-peruntukan yang terkandung di dalamTatacara dan Tataurusan Syarikat dan garis panduan Bursa Saham Kuala Lumpur (“BSKL”)dan juga pihak-pihak berkuasa yang berkenaan, Para Pengarah Syarikat dengan ini di berikuasa untuk membeli saham-saham biasa bernilai RM1.00 sesaham yang diterbit dan berbayardalam Syarikat melalui BSKL tertakluk kepada yang berikut:-

i) bilangan maksima saham-saham yang boleh di beli oleh Syarikat tidak melebihi 3,047,000saham-saham biasa bernilai RM1.00 sesaham bersamaan 1.32% daripada jumlahkeseluruhan saham-saham semasa Syarikat (“saham-saham”) yang diterbitkan dan berbayardari masa ke semasa;

ii) jumlah dana maksima yang diperuntukan oleh Syarikat bagi tujuan belian balik saham-saham tidak melebihi jumlah keseluruhan pendapatan tertahan dan premium sahamSyarikat bagi tujuan pengagihan dividen semasa. Pada 31 Julai 1999, pendapatan tertahandan premium saham Syarikat yang telah di audit adalah sebanyak RM49,824,000 danRM60,062,000 masing-masing. Pendapatan tertahan dan premium saham yang belum diaudit berdasarkan akaun pengurusan syarikat pada 31 October 1999 adalah sebanyakRM50,186,000 dan RM60,093,000 masing-masing;

Resolusi 2

Resolusi 3

Resolusi 4

Resolusi 5

Resolusi 6

Resolusi 7

N O T I S M E S Y U A R A T A G U N G T A H U N A N

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UMLAND

iii) kuasa yang di beri menerusi resolusi ini akan berkuatkuasa ser ta-mer ta setelahmemperolehi kelulusan dari pihak-pihak berkenaan untuk pembelian saham-saham sehinggatamatnya mesyuarat agung tahunan Syarikat yang berikutnya, melainkan dibatalkan ataudi pinda menerusi resolusi biasa oleh para pemegang saham di mesyuarat agung tetapitidak sehingga memudaratkan penyempurnaan belian saham-saham oleh Syarikat sebelumtamat tempuh dan di dalam apa hal jua, menurut peruntukan garispanduan yang dikeluarkanoleh BSKL atau pihak-pihak berkuasa yang berkenaan;

iv) Para Pengarah dibenarkan memegangmilik saham-saham yang di beli sebagai saham-sahamperbendaharaan atau meluputkan saham-saham berkenaan atau campuran kedua-duanyasekali. Para Pengarah akan mengambilkira kepentingan Syarikat dan kesemua anak syarikatserta para pemegang saham dalam mengambil keputusan samada memegang saham-saham sebagai saham perbendeharaan, meluputkan saham-saham tersebut atau campurankedua-duanya sekali;

v) dengan penyempurnaan pembelian saham-saham oleh Syarikat, Para Pengarah di berikuasauntuk menyelaraskan saham-saham tersebut dalam apa cara menurut Akta, undang-undang,peraturan-peraturan dan arahan yang diperuntukan menurut Akta dan garispanduan BSKLdan pihak-pihak berkuasa yang berkenaan dari masa ke semasa; dan

vi) Para Pengarah Syarikat dengan ini di berikuasa untuk mengambil langkah-langkah yangsesuai dan berpatutan bagi melaksanakan atau menguatkuasakan pembelian saham-saham.

7. Untuk menguruskan lain-lain perkara Syarikat di mana notis yang sewajarnya telah di beri menurutAkta Syarikat, 1965.

DENGAN PERINTAH LEMBAGA PENGARAH

ZURAIDAH MOHD YUSOFFSetiausaha SyarikatMAICSA 7001552

Kuala LumpurTarikh : 28 Disember 1999

Resolusi 8

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NOTA:1. Proksi

• Seseorang ahli yang berhak hadir dan mengundi di Mesyuarat adalah berhak melantik proksi untuk hadir dan mengundi bagi pihaknya. Seorang proksi itu tidak semestinya ahli Syarikat. Borang Proksimestilah di isi oleh sipelantik atau ahli guaman yang diperakukan atau jika sipelantik itu sebuah Perbadanan, ianya hendaklah di bawah meterinya atau dikuatkuasakan dalam cara lain yangdiluluskan oleh Para Pengarahnya.

• Borang Proksi yang lengkap hendaklah diserahkan kepada Pendaftar Saham Syarikat, Securities Services (Holdings) Sdn Bhd di Level 22, Menara Milenium, Jalan Damanlela, Pusat BandarDamansara, Damansara Heights, 50490 Kuala Lumpur tidak lewat daripada 48 jam sebelum masa yang ditetapkan bagi mesyuarat atau sebarang penangguhan.

2. Resolusi 8 - Kuasa kepada Para Pengarah untuk Membeli Balik Saham-Saham Syarikat

• Para Pengarah di berikuasa untuk membeli balik saham-saham Syarikat (“Pembelian Balik Saham yang dicadangkan”) dengan mempergunakan sumber kewangan Syarikat yang tidak dipergunakanuntuk masa kini. Cadangan pembelian balik saham mungkin mempunyai pengaruh positif terhadap harga pasaran saham-saham Syarikat. Bidang kuasa ini, melainkan dibatalkan atau dipinda dimesyuarat agung, akan ditamatkan di mesyuarat agung tahunan Syarikat yang berikutnya.

Maklumat lanjut mengenai Pembelian Balik Saham yang dicadangkan terkandung di dalam Surat Pekeliling kepada Pemegang-Pemegang Saham Syarikat yang dikepilkan bersama Laporan Tahunan Syarikat1999.

F I N A N C I A LS T A T E M E N T S

The Directors have pleasure in submitting their report together with the audited accounts of the Group and of the Company forthe financial year ended 31 July 1999.

PRINCIPAL ACTIVITIES

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

The principal activities of the subsidiary companies are set out in Note 9 to the accounts.

There were no significant changes in the nature of these activities during the financial year.

FINANCIAL RESULTSGroup Company

RM RM

Profit after taxation 32,092,121 20,998,557

DIVIDENDS

The amount of dividends paid by the Company since 31 July 1998 were as follows:

In respect of the financial year ended 31 July 1998: RM

Final dividend of 5 sen gross per share, less tax,paid on 23 April 1999 8,333,353

In respect of the financial year ended 31 July 1999:

Interim dividend of 2.5 sen gross per share, less tax,paid on 13 July 1999 4,166,209

The Directors have approved the payment of a special dividend of 2.5 sen gross per share, amounting to RM5,786,151 from theCompany’s tax-exempt income in respect of the financial year ended 31 July 1999 which will be payable on 20 December 1999.

The Directors now recommend the payment of a final dividend of 2.5 sen gross per share amounting to RM5,786,151 from theCompany’s tax-exempt income in respect of the financial year ended 31 July 1999, subject to the approval of members at theforthcoming Annual General Meeting of the Company.

RESERVES AND PROVISIONS

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

EMPLOYEES ’ SHARE OPTION SCHEME

Pursuant to the Employees’ Share Option Scheme of United Malayan Land Bhd (the “ESOS”) which was approved by the shareholdersat an Extraordinary General Meeting on 9 October 1997, options to subscribe for 4,867,000 ordinary shares at the exercise priceof RM3.37 per share were granted to eligible employees and Executive Directors of the Group.

The main features of the ESOS are:

(a) The maximum number of shares to be allotted under the ESOS shall not exceed 10% of the issued and paid-up share capitalof the Company at any time during the duration of the ESOS;

(b) Eligible employees (including full-time Executive Directors) must be at least eighteen years of age and have been confirmed inservice and served at least a continuous period of one year in the Group including the service during the probation period asat the Date of Offer. For an employee of one of the subsidiary companies of the Group, the employee must complete at leastone year continuous service following the date such company is deemed to be a subsidiary company of the Group, providedthat the subsidiary company is not dormant;

(c) The options granted must be exercised within a period of five years from the Date of Offer of the options to the respectiveemployees or before the expiry of the ESOS, which shall continue to be in force for a period of five years from 19 March 1998(the date the share options were first granted to the eligible employees) subject to the ESOS not being extended for anadditional five years;

D I R E C T O R S ’ R E P O R T

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(d) The price at which the eligible employees are entitled to subscribe for the shares under the ESOS shall be the average of themean market quotation (calculated as the average of the highest and lowest price transacted) of the shares as shown in theDaily Official List issued by the Kuala Lumpur Stock Exchange for the five market days preceding the Date of Offer or at thepar value of the shares, whichever is higher.

During and at the end of the financial year, there were no options exercised and no shares issued pursuant to the ESOS.

DIRECTORS

The Directors who have held office during the financial period since the date of the last report are as follows:

Alternate director

Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman

Dr. Han Cheng Fong Ngiam Joke Mui

Dato’ Ng Eng Tee

Datuk Syed Ahmad Khalid bin Syed Mohammed

Syed Abu Bakar bin Syed Mohsin Almohdzar

Fan Kow Hin Koo Shuang Yuan

Ng Eng Soon

Nur Jazlan bin Mohamed

Pee Tong Lim

In accordance with Article 94 of the Company’s Articles of Association, Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman andDatuk Syed Ahmad Khalid bin Syed Mohammed retire by rotation at the forthcoming Annual General Meeting and, being eligible,offer themselves for re-election.

DIRECTORS ’ BENEFITS

During and at the end of the financial year, no arrangements subsisted to which the Company is a party, with the object or objectsof enabling the Directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of theCompany or any other body corporate except for the options over shares granted by the Company to eligible employees, includingcertain Directors of the Company, pursuant to the ESOS.

Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other than benefitsdisclosed in Note 4 to the accounts) by reason of a contract made by the Company or a related corporation with the Director orwith a firm of which he is a member, or with a company in which he has a substantial financial interest.

DIRECTORS ’ INTERESTS IN SHARES AND DEBENTURES

According to the register of Directors’ shareholdings, the interests of Directors in office at the end of the financial year in shares inthe Company were as follows:

Number of ordinary shares of RM1 eachAs at As at

1.8.1998 Acquired Disposed 31.7.1999Deemed interest

Tunku Tan Sri Dato’ Shahriman Bin Tunku Sulaiman 75,056,500 - - 75,056,500Dato’ Ng Eng Tee 18,978,634 - - 18,978,634Ng Eng Soon 17,828,634 - - 17,828,634Pee Tong Lim 48,000 - - 48,000

Number of ordinary shares of RM1 each under ESOS optionAs at As at

1.8.1998 Granted Exercised 31.7.1999

Dato’ Ng Eng Tee 500,000 - - 500,000Pee Tong Lim 400,000 - - 400,000

EMPLOYEES ’ SHARE OPTION SCHEME (Continued)

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Tunku Tan Sri Dato’ Shahriman Bin Tunku Sulaiman, Dato’ Ng Eng Tee, Ng Eng Soon and Pee Tong Lim by virtue of their direct andindirect interests in the Company, are deemed to have an interest in the shares of the subsidiary companies to the extent theCompany has an interest.

No other Director in office at the end of the financial year held any interest in shares in or debentures of the Company or its relatedcorporations.

STATUTORY INFORMATION ON THE ACCOUNTS

Before the profit and loss accounts and balance sheets of the Group and of the Company were made out, the Directors tookreasonable steps:

(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision fordoubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had beenmade for doubtful debts; and

(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of business their valueas shown in the accounting records of the Group and of the Company have been written down to an amount which theymight be expected so to realise.

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

(a) which would render the amounts written off for bad debts or the amount of the provision for doubtful debts in the accountsof the Group and of the Company inadequate to any substantial extent; or

(b) which would render the values attributed to current assets in the accounts of the Group and of the Company misleading; or

(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of theCompany misleading or inappropriate.

No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve monthsafter the end of the financial year which, in the opinion of the Directors, will or may substantially affect the ability of the Group andof the Company to meet their obligations when they fall due.

At the date of this report, there does not exist:

(a) any charge on the assets of the Group and of the Company which has arisen since the end of the financial year which securesthe liability 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.

OTHER STATUTORY INFORMATION

At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the accountswhich would render any amount stated in the accounts misleading.

In the opinion of the Directors,

(a) the results of the operations of the Group and of the Company during the financial year were not substantially affected by anyitem, transaction or event of a material and unusual nature; and

(b) there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction orevent of a material and unusual nature likely to affect substantially the results of the operations of the Group and of theCompany for the financial year in which this report is made.

AUDITORS

The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.

On behalf of the Board

TUNKU TAN SRI DATO’ SHAHRIMAN BIN TUNKU SULAIMAN DATO’ NG ENG TEEDIRECTOR DIRECTOR

Kuala Lumpur10 November, 1999

DIRECTORS ’ INTERESTS IN SHARES AND DEBENTURES (continued)

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FOR THE FINANCIAL YEAR ENDED 31 JULY 1999

Group CompanyNote 1999 1998 1999 1998

RM RM RM RM

TURNOVER 3 114,736,650 103,702,322 32,967,593 28,786,121

OPERATING PROFIT 4 35,566,200 10,714,449 26,761,958 22,591,629

SHARE OF AN ASSOCIATED COMPANY’S LOSS (551,366) (92,657) - -

PROFIT BEFORE TAXATION 35,014,834 10,621,792 26,761,958 22,591,629

TAXATION 5 (2,922,713) (3,510,721) (5,763,401) (5,115,101)

PROFIT AFTER TAXATION 32,092,121 7,111,071 20,998,557 17,476,528

MINORITY INTERESTS (697,680) (597,403) - -

PROFIT ATTRIBUTABLE TO SHAREHOLDERS 31,394,441 6,513,668 20,998,557 17,476,528

RETAINED PROFITS BROUGHT FORWARD 158,216,093 164,533,128 44,563,374 39,917,549

189,610,534 171,046,796 65,561,931 57,394,077

DIVIDENDS 6 (15,738,187) (12,830,703) (15,738,187) (12,830,703)

RETAINED PROFITS CARRIED FORWARD 173,872,347 158,216,093 49,823,744 44,563,374

EARNINGS PER SHARE 7 14 sen 3 sen

The notes set out on pages 40 to 53 form an integral part of these accounts.

P R O F I T A N D L O S S A C C O U N T S

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AS AT 31 JULY 1999

Group CompanyNote 1999 1998 1999 1998

RM RM RM RM

FIXED ASSETS 8 398,719,419 384,335,146 1,785,925 2,208,962SUBSIDIARY COMPANIES 9 - - 524,146,719 523,396,721ASSOCIATED COMPANY 10 5,438,381 5,993,752 - -INVESTMENTS 11 8,642 8,642 - -DEFERRED EXPENDITURE 12 2,281,000 2,976,456 - -LONG TERM DEBTORS 13 63,901,591 - - -

CURRENT ASSETSCompleted properties 41,144,617 38,493,779 - -Development properties 14 332,750,451 361,617,061 - -Debtors 13 53,327,331 60,431,152 729,598 1,056,196Amounts due from subsidiary companies - - 165,387,325 159,099,717Fixed deposits 15 6,307,584 1,813,991 6,307,584 1,813,991Cash and bank balances 16 5,593,179 10,655,985 3,475,807 4,883,728

439,123,162 473,011,968 175,900,314 166,853,632

CURRENT LIABILITIESCreditors 17 33,956,150 40,920,437 4,793,379 5,831,934Short term bank borrowings 18 65,469,392 34,737,060 - -Taxation 15,138,559 21,650,552 3,283,753 1,249,462Proposed dividend 11,572,302 8,333,677 11,572,302 8,333,677

126,136,403 105,641,726 19,649,434 15,415,073

NET CURRENT ASSETS 312,986,759 367,370,242 156,250,880 151,438,559DEFERRED TAX ASSET 19 15,065,714 15,708,714 - -

798,401,506 776,392,952 682,183,524 677,044,242

Represented by:

SHARE CAPITAL 20 231,491,033 231,491,033 231,491,033 231,491,033RESERVES 21 508,233,854 492,698,688 450,692,491 445,553,209

SHAREHOLDERS’ FUNDS 739,724,887 724,189,721 682,183,524 677,044,242

MINORITY INTERESTS 37,368,072 30,670,392 - -DEFERRED TAXATION 22 21,308,547 21,532,839 - -

798,401,506 776,392,952 682,183,524 677,044,242

NET TANGIBLE ASSETS PER SHARE 7 RM3.19 RM3.12


B A L A N C E S H E E T S

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FOR THE FINANCIAL YEAR ENDED 31 JULY 1999

Note 1999 1998RM RM

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 35,014,834 10,621,792

Adjustments for : Amortisation of deferred expenditure 703,416 514,708 Deferred expenditure written off - 61,803 Development expenditure written off - 1,314,564 Overprovision of development expenditure written back (168,042) - Depreciation of fixed assets 1,838,380 1,392,417 Fixed assets written off 23,962 68,533 Loss on disposal of fixed assets 1,613 75,921 Interest expense 244,338 2,996,560 Interest income (451,275) (3,197,783) Share of loss in associated company 551,366 92,657 Provision for doubtful debts 3,229,289 1,095,524

Operating profit before working capital changes 40,987,881 15,036,696

Decrease/(increase) in development properties 10,517,850 (63,905,427)(Increase)/decrease in debtors (60,027,059) 46,520,849Decrease in creditors (6,964,287) (13,394,011)

Net cash used in operations (15,485,615) (15,741,893)

Interest paid (244,338) (2,996,560)Interest received 451,275 3,197,783Taxation paid (9,011,993) (16,029,276)

Net cash outflow from operating activities (24,290,671) (31,569,946)

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of subsidiary, net of cash acquired 23 - (68,487,106)Acquisition of investments - (8,642)Deferred expenditure paid (7,960) (936,626)Development expenditure recovered 168,042 -Investment in associated company - (6,120,000)Proceeds from disposal of fixed assets 14,601 58,965Purchase of fixed assets (564,907) (2,663,048)Share buy back (121,088) -

Net cash outflow from investing activities (511,312) (78,156,457)

CASH FLOWS FROM FINANCING ACTIVITIESDividends paid (12,499,562) (16,053,590)Drawdown of revolving credit 31,999,876 15,000,000Proceeds from issuance of cumulative redeemable preference shares to minority shareholder in a subsidiary company 6,000,000 68,196,000Repayment of revolving credit - (18,730,000)

Net cash inflow from financing activities 25,500,314 48,412,410

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 698,331 (61,313,993)

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL YEAR 1,732,916 63,046,909

CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR 2,431,247 1,732,916

Cash and cash equivalents comprise:

Cash and bank balances (Note 16) 5,593,179 10,655,985Fixed deposits (Note 15) 6,307,584 1,813,991Bank overdraft (Note 18) (9,469,516) (10,737,060)

2,431,247 1,732,916


C O N S O L I D A T E D C A S H F L O W S T A T E M E N T S

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31 JULY 1999

1 BASIS OF ACCOUNTING

The accounts of the Group and of the Company are prepared under the historical cost convention, modified to include therevaluation of certain fixed assets and investment in a subsidiary company, in accordance with the applicable approvedAccounting Standards in Malaysia.

2 SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of consolidation

The Group profit and loss accounts and balance sheets include those of the Company and all its subsidiary companies madeup to the end of the financial year.

All the subsidiary companies are consolidated based on the acquisition method of accounting except for a subsidiary companydisclosed in Note 9 which is consolidated based on the merger method of accounting. All inter-company transactions areeliminated on consolidation and the consolidated accounts reflect external transactions only.

Under the acquisition method of accounting, the results of the subsidiary companies acquired or disposed of during thefinancial year are included in the consolidated financial statements from the effective date of acquisition or up to the date ofdisposal respectively.

Under the merger method of accounting, the results of the subsidiary company are presented as if the merger had beeneffected throughout the current and previous financial years.

(b) Goodwill on consolidation

Goodwill or capital reserve (negative goodwill) arising on consolidation represents the excess or deficit of the purchase priceover the fair value of the net assets of the subsidiary companies at the date of acquisition.

Goodwill on consolidation is written off against capital reserve on consolidation. Negative goodwill on consolidation iscredited to capital reserve.

(c) Foreign currencies

Foreign currency transactions are converted into Ringgit Malaysia at rates of exchange ruling at the transaction dates. Assetsand liabilities denominated in foreign currencies at the balance sheet date are translated into Ringgit Malaysia at the exchangerates ruling at that date. Exchange gains and losses on translation are dealt with in the profit and loss account.

(d) Income recognition

Gross dividends from investments are taken up in the accounts when the Company’s right to receive payment is established.

Income from the sale of development properties is recognised based on the percentage of completion method.

Income from the sale of land and bungalow lots is recognised based on progress billings done in accordance with the termsof the sale and purchase agreements.

Management fees, project management fees and rental income are recognised on a receivable basis.

(e) Fixed assets and depreciation

Freehold land are stated at cost or valuation. The freehold land were revalued by the Directors based on professionalvaluations carried out by independent professional valuers. The Directors have applied the transitional provision of InternationalAccounting Standards No. 16 (Revised): Property, Plant and Equipment as adopted by the Malaysian Accounting StandardsBoard which allow these assets to be stated at their 1990 and 1996 valuations. Accordingly, the above valuations have notbeen updated.

Freehold land and capital work-in-progress are not depreciated.

All other fixed assets are stated at cost less accumulated depreciation. Depreciation of all other fixed assets is calculated ona straight line basis over their estimated useful lives at the following annual rates:

Buildings 5%

Furniture, fittings, equipment and renovations 8% - 33 1/3%

Horses and ponies, stable and equestrian equipment 10%

Plant and machinery 10%

Motor vehicles 16% - 20%

N O T E S T O T H E A C C O U N T S

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(f) Subsidiary companies

Investment in subsidiary companies are stated at valuation based on the net tangible assets value of the subsidiary companies.Acquisitions subsequent to valuation date are stated at cost until the next revaluation. A valuation will be conducted at leastonce in every five years. A provision is made when the Directors are of the view that there is a permanent diminution in thevalue of the investments.

(g) Associated companies

Associated companies are those in which the Group has a long-term interest of between 20% and 50% of the equity capitaland in which it exercises significant influence over the financial and operating policies through board representation.

The Group’s share of profits less losses of the associated companies acquired are included in the consolidated profit and lossaccount. The Group’s share of post acquisition retained profits and reserves less accumulated losses is added to the cost ofinvestment in the consolidated balance sheet. These amounts are taken from the latest audited accounts of associatedcompanies with the same financial year end as the Group and where the financial year ends are not coterminous, the amountsare taken from unaudited management accounts made up to the financial year end of the Group.

(h) Investments

Investments in quoted and unquoted shares are held on a long term basis. These are shown at cost unless in the opinion ofthe Directors there has been a permanent diminution in their value in which case provision is made for such diminution invalue.

(i) Deferred expenditure

Deferred expenditure comprises preliminary and pre-operating expenses which are stated at cost and are amortised over aperiod of five years upon commencement of operations.

(j) Development properties

Development properties consist of freehold land at cost or valuation, development expenditure at cost, plus attributableprofit less progress billings and provision for foreseeable losses.

Development expenditure includes borrowing costs related to the financing of the land and development, related developmentcosts common to the development project and direct construction costs. Borrowing costs are included in the developmentexpenditure until the completion of the development projects.

Provision for foreseeable losses on uncompleted projects are made in the period in which such losses are determined.

Properties which have been completed but not sold are classified as completed properties and are stated at the lower of costand net realisable value.

Development properties are classified as current assets when significant development work have been undertaken and areexpected to be completed within the normal operating cycle.

(k) Deferred taxation

Provision is made using the liability method for taxation deferred by capital allowances and other timing differences betweentaxable income and accounting income except where the timing differences are not expected to reverse in the foreseeablefuture.

Deferred tax asset represents the tax benefit arising from the surplus between the market value and the book value of theland at the date of transfer of land from fixed assets to development properties. The deferred tax asset is recognised to theextent of the amount of real property gains tax payable on the transfer of land from fixed assets to development properties.The amount will be charged to the profit and loss account upon the sale or progress billing of the related developmentproperties.

(l) Trade debtors

Trade debtors are carried at anticipated realisable value. An estimate is made for doubtful debts based on a review of alloutstanding amounts at year end.

(m) Cash and cash equivalents

Cash comprise cash in hand and balances with licensed financial institutions. Cash equivalents are short-term, highly liquidinvestments that are readily convertible to known amounts of cash, net of short-term bank borrowings which are repayableon demand.

3 TURNOVER

Turnover of the Company comprises management fees, dividend and interest income.

Turnover of the Group includes progress billings, net of discounts, from the sales of development properties in proportion tothe stage of completion, progress billings, net of discounts, from the sales of land and bungalow lots in accordance with theterms of the sale and purchase agreements, quarry lease rental income, plantation lease rental income, land lease rentalincome, project management fees, invoiced value on fees, monthly subscription and services rendered for an equestrian cluband excludes any intra-Group sales.

2 SIGNIFICANT ACCOUNTING POLICIES (Continued)

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4 OPERATING PROFIT

Group Company1999 1998 1999 1998

RM RM RM RMOperating profit is arrived at after crediting:

Gross dividend income from subsidiary companies - - 23,310,005 17,482,504 Interest income on - Short term deposits 82,001 3,197,783 82,001 2,297,140 - Advances to subsidiary companies - - 6,600,291 5,517,477 - Others 369,274 - - - Land lease rental income 18,240 18,240 - - Management fees from subsidiary companies - - 3,000,000 2,800,000 Overprovision of development expenditure written back 168,042 - - - Quarry and plantation lease rental income 430,734 515,559 - - Rental income from properties 562,283 580,592 - -

and after charging:

Auditors’ remuneration 61,000 56,000 18,000 15,000 Amortisation of deferred expenditure 703,416 514,708 - - Depreciation of fixed assets 1,838,380 1,392,417 421,434 492,367 Deferred expenditure written off - 61,803 - - Development expenditure written off - 1,314,564 - - Directors’ fees 151,000 151,000 151,000 151,000 Directors’ emoluments other than fees 1,108,380 972,000 1,106,180 930,000 Fixed assets written off 23,962 68,533 11,381 7,275 Interest expense on: - Short term bank borrowings 244,338 2,996,560 - - Loss on disposal of fixed assets 1,613 75,921 7,301 20,306 Management fees paid to a related party 62,274 77,836 - - Provision for doubtful debts 3,229,289 1,095,524 200,000 - Rental of premises 697,063 491,076 369,506 313,809 Reversal of profit due to revocation of sale - 14,008,617 - -

The estimated monetary value of benefits provided to Directors of the Company during the financial year by way of usage of theCompany’s assets and provision of other benefits amounted to RM44,367 (1998: RM38,650).

5 TAXATION Group Company

1999 1998 1999 1998RM RM RM RM

Current taxation - 3,932,150 3,263,401 5,115,101Underprovision in prior years 2,500,000 - 2,500,000 -Deferred taxation (Notes 19 and 22) 418,708 (448,000) - -Associated company 4,005 26,571 - -

2,922,713 3,510,721 5,763,401 5,115,101

Underprovision for taxation in prior years is in respect of interest earned in prior years not brought to tax yet.

No provision is required for Malaysian income tax in respect of the Company’s or Group’s chargeable income other than dividendincome for the financial year ended 31 July 1999 as the tax liability has been waived in accordance with the provision of the IncomeTax (Amendment) Act 1999. The tax waived amounted to approximately RM9,254,000 and RM1,010,000 for the Group and theCompany respectively.

The effective tax rate of the Group for the previous financial year was higher than the statutory tax rate due to the tax effect of thetransfer of a subsidiary company’s freehold land from fixed assets to development properties. In determining the chargeableincome of the subsidiary company from the sale of the development properties, the profit is calculated based on the market valueof the land at the date of the transfer.42

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Subject to the approval by the Inland Revenue Board, the amount of tax saving of the Group as a result of the utilisation of broughtforward capital allowances and tax losses are approximately RM148,000 (1998: RM Nil) and RM316,000 (1998: RM Nil) respectively.

Subject to the approval by the Inland Revenue Board, the unutilised capital allowances available to be carried forward to set-offagainst future taxable profits for the Group and the Company is approximately RM1,183,000 (1998: RM1,183,000).

Subject to the approval by the Inland Revenue Board, the unutilised tax losses available to be carried forward to set-off againstfuture taxable profits for the Group and the Company are approximately RM6,519,000 (1998: RM4,176,000) and RM1,132,000(1998: RM1,132,000) respectively for which the related tax benefits have not been recognised in the accounts.

6 DIVIDENDS Group and Company

1999 1998RM RM

Interim dividend of 2.5 sen (1998: 2.5 sen) gross per share, less tax 4,166,209 4,166,838

Special dividend of 2.5 sen (1998: Nil) gross per share, tax exempt 5,786,151 -

Proposed final dividend of 2.5 sen gross per share, tax exempt (1998: 5 sen gross per share, less tax) 5,786,151 8,333,677

Underprovision of net final dividend for financial year ended 31 July 1997 due to change in tax rate - 330,188

Overprovision of net final dividend for financial year ended 31 July 1998 due to share buyback (324) -

15,738,187 12,830,703

7 EARNINGS AND NET TANGIBLE ASSETS PER SHARE

The earnings per share is calculated by dividing the Group’s profit after taxation and minority interests for the financial year ofRM31,394,441 (1998: RM6,513,668) by the weighted average number of shares in issue of 231,480,882 (1998: 229,311,252)shares during the financial year.

The net tangible assets per share is calculated by dividing the net tangible asset as at the financial year end of RM737,443,887 (1998:RM721,213,265) by the issued share capital of 231,446,033 (1998: 231,491,033) shares of the Company at the end of the financialyear.

In accordance with Malaysian Accounting Standards No. 1, the fully diluted earnings per share, on the assumption that share optionsoutstanding as at the balance sheet date were fully exercised at the beginning of the financial year, and the monies received wereplaced in short term deposits to earn interest income at 3% per annum, tax waived, is not shown as the effect of the dilution is notmaterial. As at the end of the financial year, there were options on 4,867,000 ordinary shares granted but not exercised pursuantto the Employees’ Share Option Scheme of the Company.

8 FIXED ASSETS

Furniture, Horsesfittings, and ponies, Plant and

equipment stable and machineryFreehold and equestrian and motor

land Buildings renovations equipment vehicles TotalRM RM RM RM RM RM

Group

1999

Cost/Valuation

As at 1.8.1998 373,448,433 6,745,974 3,608,721 467,314 3,360,345 387,630,787Additions 13,125 155,124 267,299 - 129,359 564,907Transfer from development properties 6,525,027 9,172,895 - - - 15,697,922Disposals - - (27,809) - (38,667) (66,476)Write off - - (50,202) - - (50,202)

As at 31.7.1999 379,986,585 16,073,993 3,798,009 467,314 3,451,037 403,776,938

5 TAXATION (Continued)

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Furniture, Horsesfittings, and ponies, Plant and

equipment stable and machineryFreehold and equestrian and motor land Buildings renovations equipment vehicles Total

RM RM RM RM RM RMAccumulated depreciation

As at 1.8.1998 - 669,533 927,331 46,731 1,652,046 3,295,641Charge for the financial year - 849,823 421,488 46,731 520,338 1,838,380Disposals - - (11,597) - (38,665) (50,262)Write off - - (26,240) - - (26,240)

As at 31.7.1999 - 1,519,356 1,310,982 93,462 2,133,719 5,057,519

Net book value

As at 31.7.1999 379,986,585 14,554,637 2,487,027 373,852 1,317,318 398,719,419

Group

1998

Cost/Valuation

As at 1.8.1997 373,448,433 6,631,850 2,009,873 - 2,854,338 384,944,494On acquisition of subsidiary company - - 263,777 - 205,620 469,397Additions - 114,124 1,606,382 543,847 398,695 2,663,048Disposals - - (33,069) (57,219) (98,308) (188,596)Write off - - (238,242) (19,314) - (257,556)

As at 31.7.1998 373,448,433 6,745,974 3,608,721 467,314 3,360,345 387,630,787

Accumulated depreciation

As at 1.8.1997 - 332,227 608,954 - 967,851 1,909,032On acquisition of subsidiary company - - 32,002 - 195,866 227,868Charge for the financial year - 337,306 481,454 54,384 528,330 1,401,474Disposals - - (7,987) (5,722) (40,001) (53,710)Write off - - (187,092) (1,931) - (189,023)

As at 31.7.1998 - 669,533 927,331 46,731 1,652,046 3,295,641

Net book value

As at 31.7.1998 373,448,433 6,076,441 2,681,390 420,583 1,708,299 384,335,146

8 FIXED ASSETS (Continued)

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Furnitureand Motor Office

fittings vehicles equipment TotalRM RM RM RM

Company

1999

Cost

As at 1.8.1998 708,648 2,021,542 393,359 3,123,549Additions 70,491 125,000 27,729 223,220Disposals - (262,492) (23,909) (286,401)Write off (15,080) - (210) (15,290)

As at 31.7.1999 764,059 1,884,050 396,969 3,045,078


As at 1.8.1998 79,882 713,485 121,220 914,587Charge for the financial year 61,251 301,448 58,735 421,434Disposals - (64,352) (8,607) (72,959)Write off (3,820) - (89) (3,909)

As at 31.7.1999 137,313 950,581 171,259 1,259,153

Net book value

As at 31.7.1999 626,746 933,469 225,710 1,785,925

Furnitureand Motor Office

fittings vehicles equipment Renovations TotalRM RM RM RM RM

Company

1998

Cost

As at 1.8.1997 146,144 1,813,742 286,946 161,961 2,408,793Additions 562,504 272,108 106,413 - 941,025Disposals - (64,308) - - (64,308)Write off - - - (161,961) (161,961)

As at 31.7.1998 708,648 2,021,542 393,359 - 3,123,549


As at 1.8.1997 23,190 390,039 64,481 105,198 582,908Charge for the financial year 56,692 329,448 56,739 49,488 492,367Disposals - (6,002) - - (6,002)Write off - - - (154,686) (154,686)

As at 31.7.1998 79,882 713,485 121,220 - 914,587

Net book value

As at 31.7.1998 628,766 1,308,057 272,139 - 2,208,962

The freehold land was revalued by the Directors in 1990 based on a valuation carried out by an independent firm of professionalvaluers using the comparison method basis. The surplus on revaluation of RM178,686,417 was incorporated into the accounts.


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A certain portion of the freehold land was revalued again by the Directors in October 1996 based on a valuation carried out by anindependent firm of professional valuers using the open market valuation basis and as approved by the Securities Commission. Thesurplus on revaluation of RM268,527,963 was incorporated into the accounts.

Group1999 1998

RM RMThe freehold land consist of the following:

At cost or valuation

Land, at 1990 valuation 45,365,726 43,110,187Land, at 1996 valuation 324,102,686 324,102,686Development expenditure, at cost 10,518,173 6,235,560

379,986,585 373,448,433

If the freehold land had been determined in accordance with the historical cost convention, the cost of the freehold land for theGroup is RM25,805,759 (1998: RM21,284,843).

The Group’s depreciation charge was dealt with as follows: Group

1999 1998RM RM

Profit and loss accounts (Note 4) 1,838,380 1,392,417Deferred expenditure incurred during the financial year (Note 12) - 9,057

1,838,380 1,401,474

9 SUBSIDIARY COMPANIES Company

1999 1998RM RM

Unquoted shares

At cost 51,725,013 50,975,015At Directors’ valuation 472,421,706 472,421,706

524,146,719 523,396,721

The revaluation of the Company’s investment in a subsidiary company was based on the net tangible assets of that subsidiarycompany as at 31 October 1996.

Details of the subsidiary companies, all of which were incorporated in Malaysia, are as follows:Percentage of

equity holdingsName of company Principal activities 1999 1998

% %

@ Seri Alam Properties Sdn Bhd Property development 100 100

* UM Leisure Sdn Bhd General trading 100 100

* UM Land Assets Sdn Bhd Property investment 100 100

UM Land Bena Sdn Bhd Property development 100 100 (formerly known as and related activities UM Land (Sabah) Sdn Bhd)

Country Equity Sdn Bhd Investment holding 99.998 99.998


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Percentage of equity holdings

Name of company Principal activities 1999 1998% %

Subsidiaries of Seri Alam Properties Sdn Bhd

* PMS Services Sdn Bhd Project management 100 100

* Seri Alam Services Sdn Bhd Upkeep and maintenance 100 100services for housing projects

Seri Alam Leisure Sdn Bhd Investment holding 100 100

Subsidiary of Seri Alam Leisure Sdn Bhd

Seri Alam Golf and Equestrian Club Operation of a recreational 100 100 Sdn Bhd club and related activities

Subsidiary of Country Equity Sdn Bhd

Bangi Heights Development Sdn Bhd Property development and 70 70property investment

* These subsidiary companies have not commenced operations.

@ Subsidiary company consolidated on the merger method of accounting.

10 ASSOCIATED COMPANY Group1999 1998

RM RM

Unquoted shares, at cost 6,120,000 6,120,000Share of post-acquisition losses (674,599) (119,228)Goodwill on acquisition written off against capital reserve (Note 21) (7,020) (7,020)

5,438,381 5,993,752

Represented by:

Share of net tangible assets 5,438,381 5,993,752

Details of the associated company, which was incorporated in Malaysia, are as follows:Percentage of

equity holdingsName of company Principal activities 1999 1998

% %

Ipjora Holdings Sdn Bhd Developing, building, 40 40owning and operatingserviced apartments

11 INVESTMENTS Group

1999 1998RM RM

Unquoted shares, at cost 8,642 8,642

9 SUBSIDIARY COMPANIES (Continued)

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12 DEFERRED EXPENDITURE Group

1999 1998RM RM

At beginning of the financial year 2,976,456 -On acquisition of subsidiary company - 2,607,284Incurred during the financial year 7,960 945,683

2,984,416 3,552,967

Amortisation charge for the financial year (703,416) (514,708)Written off during the financial year - (61,803)

At end of the financial year 2,281,000 2,976,456

Deferred expenditure incurred during the financial year includes the following charges:

Auditors’ remuneration 5,000 6,000 Depreciation of fixed assets - 9,057

13 LONG TERM DEBTORS AND DEBTORS

Group Company1999 1998 1999 1998

RM RM RM RM

Trade debtors 114,193,083 50,965,182 296,774 452,776Less: Provision for doubtful debts (4,226,955) (1,095,524) (200,000) -

109,966,128 49,869,658 96,774 452,776Less: Long term debtors - receivable after 12 months (63,901,591) - - -

Trade debtors - receivable within 12 months 46,064,537 49,869,658 96,774 452,776

Other debtors 7,360,652 10,561,494 632,824 603,420Less: Provision for doubtful debts (97,858) - - -

7,262,794 10,561,494 632,824 603,420

53,327,331 60,431,152 729,598 1,056,196

The long term debtors are in respect of amounts recognised under the interest-free instalment scheme for sales of completedhouses for which the instalments are receivable over four to five years. The instalments receivable within twelve months amountingto RM7,773,823 (1998: RM Nil) are included in current assets.

Included in the trade debtors of the Group are balances due from Directors and related parties amounting to RM227,845 (1998:RM64,193) representing outstanding amounts in respect of sale of development properties.

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14 DEVELOPMENT PROPERTIESGroup

1999 1998RM RM

Freehold land - at cost 128,918,834 130,139,096- at valuation 33,260,976 37,427,637

Development expenditure - at cost 205,963,161 275,034,177

368,142,971 442,600,910Add: Attributable profits recognised 16,193,651 50,501,375

384,336,622 493,102,285Less: Progress billings-to-date (35,888,249) (130,170,660)

Written off during the financial year - (1,314,564)Transfer to fixed assets (Note 8) (15,697,922) -

332,750,451 361,617,061

Included in the development expenditure is interest capitalised during the financial year amounting to RM3,560,262 (1998: RM143,101).Interest charged were at rates ranging from 4.75% to 15.15% (1998: 11.90% to 20.00%) per annum during the financial year.

15 FIXED DEPOSITS

Group and Company1999 1998

RM RM

Deposits with licensed merchant banks 6,307,584 1,813,991

16 CASH AND BANK BALANCES Group Company

1999 1998 1999 1998RM RM RM RM

Cash at bank and in hand 3,731,669 4,936,884 3,475,807 4,883,728Bank balances under Housing Development Account 1,861,510 5,719,101 - -

5,593,179 10,655,985 3,475,807 4,883,728

17 CREDITORS Group Company

1999 1998 1999 1998RM RM RM RM

Trade creditors 14,940,836 23,257,763 - -Other creditors 19,015,314 17,662,674 4,793,379 5,831,934

33,956,150 40,920,437 4,793,379 5,831,934

18 SHORT TERM BANK BORROWINGS Group

1999 1998RM RM

Unsecured

Revolving credit 55,999,876 24,000,000Bank overdraft 9,469,516 10,737,060

65,469,392 34,737,060

Interest charged on the bank borrowings were at rates ranging from 4.75% to 15.15% (1998: 9.55% to 15.50%) per annum duringthe financial year.

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19 DEFERRED TAX ASSET Group

1999 1998RM RM

At beginning of the financial year 15,708,714 15,260,714Transfer (to)/from profit and loss account (Note 5) (643,000) 448,000


The deferred tax asset is recognised to the extent of the amount of real property gains tax payable on the transfer of the freeholdland from fixed assets to development properties and is charged to the profit and loss account upon the sale or progress billings ofthe related development properties.

20 SHARE CAPITAL Group and Company

1999 1998RM RM

Ordinary shares of RM1.00 each

Authorised: 500,000,000 500,000,000

Issued and fully paid: At beginning of the financial year 231,491,033 220,125,033 Issued during the financial year - 11,366,000


The shareholders of the Company, by an ordinary resolution passed in an Extraordinary General Meeting held on 22 October1998, approved the Company’s plan to repurchase its own shares.

During the year, the Company repurchased 45,000 of its own shares from the open market. The average price paid for the sharesrepurchased was RM2.69 per share. The repurchase transactions were financed by internally generated funds. The shares repurchasedare being held as treasury shares in accordance with the requirement of Section 67A of the Companies Act, 1965 (Note 21). Noneof these treasury shares repurchased have been sold.

As at 31 July 1999, the number of outstanding shares in issue and fully paid is 231,446,033 ordinary shares of RM1 each.

21 RESERVES Non-distributable Distributable

TreasuryShare Capital shares, Retained Capital

1999 premium reserves at cost profits reserves TotalRM RM RM RM RM RM

Group

As at 1.8.1998 60,062,230 268,566,665 - 158,216,093 5,853,700 492,698,688Retained profit for the financial year - - - 15,656,254 - 15,656,254Treasury shares acquired during the financial year - - (121,088) - - (121,088)

As at 31.7.1999 60,062,230 268,566,665 (121,088) 173,872,347 5,853,700 508,233,854

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Non-distributable DistributableTreasury

Share Capital shares, Retained Capital1998 premium reserves at cost profits reserves Total

RM RM RM RM RM RM

Group

As at 1.8.1997 3,232,230 267,264,829 - 164,533,128 5,853,700 440,883,887Arising from issue of new shares 56,830,000 - - - - 56,830,000Capital reserves on consolidation (Note 23) - 1,308,856 - - - 1,308,856Goodwill on acquisition written off (Note 10) - (7,020) - - - (7,020)Accumulated loss for the financial year - - - (6,317,035) - (6,317,035)

As at 31.7.1998 60,062,230 268,566,665 - 158,216,093 5,853,700 492,698,688

1999

Company

As at 1.8.1998 60,062,230 336,986,151 - 44,563,374 3,941,454 445,553,209Retained profit for the financial year - - - 5,260,370 - 5,260,370Treasury shares acquired during the financial year - - (121,088) - - (121,088)

As at 31.7.1999 60,062,230 336,986,151 (121,088) 49,823,744 3,941,454 450,692,491

1998

Company

As at 1.8.1997 3,232,230 336,986,151 - 39,917,549 3,941,454 384,077,384Arising from issue of new shares 56,830,000 - - - - 56,830,000Retained profit for the financial year - - - 4,645,825 - 4,645,825

As at 31.7.1998 60,062,230 336,986,151 - 44,563,374 3,941,454 445,553,209

Subject to the approval by the Inland Revenue Board, the Company has sufficient Section 108 tax credits and tax-exempt incometo frank the payment of net dividends of approximately RM41,878,000 (1998: RM27,645,000) and tax-exempt dividends ofapproximately RM7,305,000 (1998: RM3,528,000) respectively out of its retained profits as at 31 July 1999.

21 RESERVES (Continued)

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22 DEFERRED TAXATION Group

1999 1998RM RM

At beginning of the financial year 21,532,839 -Arising on acquisition of a subsidiary company (Note 23) - 21,532,839Transfer to profit and loss account (Note 5) (224,292) -


The deferred taxation is in respect of the following:

Amount arising from revaluation of freehold land in a subsidiary company 19,725,547 21,532,839 Excess of capital allowances over depreciation 52,640 - Other timing differences 1,530,360 -

21,308,547 21,532,839

23 ACQUISITION OF SUBSIDIARY COMPANY

On 10 October 1997, a subsidiary company, Country Equity Sdn Bhd acquired a 70% equity interest in Bangi Heights DevelopmentSdn Bhd. The net assets acquired and the fair value adjustments made to achieve consistency of accounting policies with the Groupare shown below. The capital reserve arising on consolidation of RM1,308,856 had been capitalised.

1999 1998RM RM

The acquisition has been accounted for using the acquisition method of accounting: Fixed assets - 241,529 Deferred expenditure - 2,607,284 Other debtors and prepayments - 21,008 Cash and bank balances - 374,341 Development properties - 139,773,959 Other creditors and accruals - (2,511,992) Short term borrowings - (18,730,000) Deferred taxation (Note 22) - (21,532,839) Minority interest - (30,072,987)

Share of net assets acquired - 70,170,303 Capital reserve on consolidation (Note 21) - (1,308,856)

Total purchase consideration - 68,861,447 Less: Cash of Bangi Heights Development Sdn Bhd - (374,341)

Cash outflow on acquisition, net of cash acquired - 68,487,106

24 CAPITAL COMMITMENTS Group

1999 1998RM RM

Authorised capital expenditure not provided for in the accounts:- Not contracted - 19,378

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25 SIGNIFICANT RELATED PARTY TRANSACTIONS

The significant related party transactions during the financial year were as follows: Group Company

1999 1998 1999 1998RM RM RM RM

Gross dividends received and receivable from a subsidiary company - - 23,310,005 17,482,504Management fees received and receivable from subsidiary companies - - 3,000,000 2,800,000Management fees paid to a related party 62,274 77,836 - -Interest received and receivable from subsidiary companies - - 6,600,291 5,517,477Rental of premises paid and payable to a related party 682,706 56,799 369,506 30,699Rental income received from a related party 4,000 - - -Disposal of fixed assets to a subsidiary company - - 198,140 -Progress billings in respect of sale of development properties to Directors and related parties 324,134 232,138 - -

The above transactions have been entered into in the normal course of business and have been established under terms mutuallyagreed upon by the parties.

26 CONTINGENT LIABILITIES (UNSECURED)

(a) A claim for damages has been made against a subsidiary company for encroachment of land made by its quarry operator. AConsent Order dated 12 January 1998 was entered into between the subsidiary company and the claimants in the Johor BahruHigh Court whereby the subsidiary company is to pay compensation for the said encroachment of land. However, thequantum of compensation is not specified in the Consent Order and will be subject to further agreement between theconcerned parties. The Directors are of the view that the claim will not have any material financial impact on the earnings ornet tangible assets of the Group as the subsidiary company has obtained an indemnity from the quarry operator. Accordingly,this claim has not been provided for in the accounts.

(b) On 7 October 1996, UM Leisure Sdn Bhd (‘UM Leisure’), a wholly-owned subsidiary of the Company, entered into a JointVenture Agreement (‘JVA’) with Ultrapolis 3000 Holding Bermuda Ltd (‘UPH’), with respect to the organisation, managementand operation of Agarta Universe Sdn Bhd (‘Agarta Universe’), a company incorporated in Malaysia, to undertake the developmentand management of the Agarta Universe Theme Park Resort together with theme-based hotels and shopping centre in SeriAlam, Johor, a township currently being developed by a wholly-owned subsidiary company, Seri Alam Properties Sdn Bhd(‘SAP’).

Pursuant to Clause 10.1(c) of the JVA, the Company issued a Letter of Guarantee of payment dated 3 January 1997 to TransResources Corporation Sdn Bhd (‘TRC’). TRC was to undertake earthworks on a piece of land, upon which the AgartaUniverse Theme Park Resort will be built, under a contract with Sanwell Corporation (‘Sanwell’), whose principal is AgartaUniverse.

There is at present an action commenced by TRC against Sanwell for RM17,459,455.69 being amount due in respect ofearthworks allegedly carried out. TRC has also claimed against the Company for RM15,500,000 being the sum allegedlypayable by the Company under the abovesaid Letter of Guarantee.

TRC applied for summary judgement but on 19 August 1999, the application was dismissed by the Court and on 21 October1999, the appeal on the summary judgement by TRC was dismissed. The matter shall now go for full trial.

The Directors are of the view that TRC’s claim will not have any material impact on the earnings or net tangible assets of theGroup except for the cash outflow to the extent of RM15,500,000 should the action by TRC be successful. Accordingly, thisclaim has not been provided for in the accounts.

27 SEGMENTAL INFORMATION

No segmental analysis has been prepared as the Group is primarily engaged in property development and related activities inMalaysia. The other activities of the Group are insignificant.

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S T A T E M E N T B Y D I R E C T O R S P U R S U A N T T OSECTION 169 (15) OF THE COMPANIES ACT, 1965

D E C L A R A T I O N P U R S U A N T T OSECTION 169 (16) OF THE COMPANIES ACT, 1965

We, Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman and Dato’ Ng Eng Tee, two of the Directors of United MalayanLand Bhd, do hereby state that, in the opinion of the Directors, the accounts set out on pages 37 to 53 are drawn upso as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 July 1999 and of theresults of the Group and of the Company and the cash flows of the Group for the financial year ended on that datein accordance with the applicable approved Accounting Standards in Malaysia.

On behalf of the Board

TUNKU TAN SRI DATO’ SHAHRIMANBIN TUNKU SULAIMAN DATO’ NG ENG TEE

DIRECTOR DIRECTOR


I, Lee Kar Fook, the officer primarily responsible for the financial management of United Malayan Land Bhd, do solemnlyand sincerely declare that the accounts set out on pages 37 to 53 are, in my opinion, correct and I make this solemndeclaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory DeclarationsAct, 1960.

LEE KAR FOOK

Subscribed and solemnly declared by the abovenamed Lee Kar Fook at Kuala Lumpur, Malaysia on 10 November, 1999before me.

RALPH KINNY FERNANDEZW164COMMISSIONER FOR OATHS54

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R E P O R T O F T H E A U D I T O R STO THE MEMBERS OF UNITED MALAYAN LAND BHD

We have audited the accounts set out on pages 37 to 53. These accounts are the responsibility of the Company’sDirectors. Our responsibility is to express an opinion on these accounts based on our audit.

We conducted our audit in accordance with approved auditing standards in Malaysia. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the accounts are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. Anaudit also includes assessing the accounting principles used and significant estimates made by Directors, as well asevaluating the overall accounts presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion:

(a) the accounts give a true and fair view of the state of affairs of the Group and of the Company as at 31 July 1999and of the results of the Group and of the Company and cash flows of the Group for the financial year ended onthat date in accordance with the applicable approved Accounting Standards in Malaysia and comply with theCompanies Act, 1965; and

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

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

Our audit reports on the accounts of the subsidiary companies were not subject to any qualification and did notinclude any comment made under subsection (3) of section 174 of the Act.

PRICEWATERHOUSECOOPERS(No. AF: 1146)Public Accountants

CHIN KWAI YOONG(No. 890/4/00 (J/PH))Partner of the firm

Kuala Lumpur

10 November, 1999

(Company No: 4131 M)(Incorporated in Malaysia)

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This page has been intentionally left blankMukasurat ini sengaja dibiarkan kosong

P E N Y A T AK E W A N G A N

Para Pengarah dengan sukacitanya membentangkan laporan mereka bersama-sama dengan akaun beraudit Kumpulan dan Syarikatbagi tahun kewangan berakhir 31 Julai 1999.

KEGIATAN UTAMA

Kegiatan utama Kumpulan adalah pelaburan induk dan perkhidmatan pengurusan.

Kegiatan utama anak-anak syarikat tertera di dalam Nota 9 kepada akaun

Tidak ada perubahan yang ketara ke atas kegiatan-kegiatan utama dalam tahun kewangan.

KEPUTUSAN KEWANGANKumpulan Syarikat

RM RM

Keuntungan selepas cukai 32,092,121 20,998,557

DIVIDEN

Jumlah dividen yang dibayar oleh Syarikat semenjak 31 Julai 1998 adalah seperti berikut:

Berhubung dengan tahun kewangan berakhir 31 Julai 1998: RM

Dividen akhir sebanyak 5 sen kasar sesaham, tolak cukai,dibayar pada 23 April 1999 8,333,353

Berhubung dengan tahun kewangan berakhir 31 Julai 1999:

Dividen interim sebanyak 2.5 sen kasar sesaham, tolak cukai,dibayar pada 13 Julai 1999 4,166,209

Para Pengarah telah meluluskan pembayaran dividen istimewa sebanyak 2.5 sen kasar sesaham, berjumlah RM5,786,151 daripadapendapatan Syarikat yand dikecualikan daripada cukai berhubung dengan tahun kewangan berakhir 31 Julai 1999 yang akan dibayarpada 20 Disember 1999.

Para Pengarah telah mencadangkan pembayaran dividen akhir sebanyak 2.5 sen kasar sesaham, berjumlah RM5,786,151 daripadapendapatan Syarikat yang dikecualikan daripada cukai berhubung dengan tahun kewangan berakhir 31 Julai 1999, tertakluk kepadakelulusan ahli-ahli dalam Mesyuarat Agung Tahunan Syarikat yang akan datang.

RIZAB DAN PERUNTUKKAN

Tiada pindahan penting kepada atau daripada rizab dan peruntukkan dalam tahun selain daripada yang dinyatakan di dalam akaun.

SKIM OPSYEN SAHAM KAKITANGAN

Berhubung dengan Skim Opsyen Saham Kakitangan United Malayan Land Bhd (“ESOS”) yang telah diluluskan oleh pemegang-pemegang saham di Mesyuarat Agung Luarbiasa Syarikat pada 9 Oktober 1997, opsyen-opsyen bagi melanggan sebanyak 4,867,000saham-saham biasa pada harga langganan bernilai RM3.37 sesaham telah ditawarkan kepada kakitangan serta Pengarah-PengarahEksekutif Kumpulan yang layak.

Ciri-ciri utama ESOS adalah:-

(a) Jumlah bilangan saham-saham yang akan ditawarkan di bawah ESOS tidak boleh melebihi 10% daripada jumlah keseluruhansaham diterbit dan berbayar Syarikat pada bila-bila masa sepanjang hayat ESOS;

(b) Kakitangan yang berkelayakan (termasuk Pengarah-Pengarah Eksekutif sepenuh masa) mestilah berumur lapan belas tahun keatas dan telah ditetapkan dalam perkhidmatan dan berkhidmat sekurang-kurangnya selama setahun termasuk perkhidmatansemasa percubaan pada tarikh tawaran. Bagi kakitangan anak syarikat dalam Kumpulan, mereka mestilah berkhidmat sekurang-kurangnya setahun berikutan tarikh syarikat tersebut menjadi anak syarikat Kumpulan, dengan syarat anak syarikat tersebutmestilah aktif;

(c) Opsyen-opsyen yang ditawarkan mesti dilanggan dalam tempoh lima tahun dari tarikh ianya ditawarkan kepada kakitanganberkenaan atau sebelum tarikh tamat ESOS, yang akan berlanjutan selama lima tahun dari 19 Mac 1998 (tarikh pertamaopsyen ditawarkan kepada kakitangan yang berkelayakan) dengan syarat tempoh ESOS tersebut tidak dilanjutkan bagi limatahun seterusnya;

L A P O R A N P A R A P E N G A R A H

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SKIM OPSYEN SAHAM KAKITANGAN (Sambungan)

(d) Harga langgan di mana kakitangan yang layak melanggan saham-saham ESOS adalah purata sebutharga minima pasaran (dikirasebagai purata harga tertinggi dan terendah yang diniagakan) menurut Senarai Harian yang diterbitkan oleh Bursa SahamKuala Lumpur bagi lima hari pasaran sebelum tarikh tawaran atau pada nilai tara saham, yang mana lebih tinggi.

Dalam dan pada akhir tahun kewangan, tiada opsyen-opsyen yang dilanggan dan tiada saham-saham baru yang diterbitkan menurutESOS.

PARA PENGARAH

Para Pengarah yang berkhidmat dalam tempoh kewangan semenjak tarikh laporan lepas adalah seperti berikut:

Pengarah Gilir

Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman

Dr. Han Cheng Fong Ngiam Joke Mui

Dato’ Ng Eng Tee

Datuk Syed Ahmad Khalid bin Syed Mohammed

Syed Abu Bakar bin Syed Mohsin Almohdzar

Fan Kow Hin Koo Shuang Yuan

Ng Eng Soon

Nur Jazlan bin Mohamed

Pee Tong Lim

Menurut Artikel 94 Tataurusan Syarikat, Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman and Datuk Syed Ahmad Khalid bin SyedMohammed bersara mengikut giliran pada Mesyuarat Agung Tahunan yang akan datang dan, kerana layak, menawarkan diri merekauntuk dilantik semula.

MANFAAT PARA PENGARAH

Sepanjang dan pada akhir tahun kewangan, tidak terdapat rancangan di mana Syarikat adalah terbabit, yang mempunyai tujuan atautujuan-tujuan untuk membolehkan Para Pengarah Syarikat mendapat manfaat dengan cara pembelian saham atau debentur dalamSyarikat atau badan korporat yang lain melainkan bagi opsyen-opsyen ke atas saham-saham yang ditawarkan oleh Syarikat kepadakakitangan yang berkelayakan, termasuk beberapa Pengarah Syarikat United Malayan Land Bhd, tertakluk kepada ESOS.

Semenjak akhir tahun kewangan yang lalu, tiada Pengarah yang menerima atau menjadi berhak untuk menerima sebarang manfaat(selain daripada manfaat yang dinyatakan dalam Nota 4 kepada akaun) atas alasan kontrak yang dibuat oleh Syarikat atau perbadananyang berhubung kait dengan Pengarah atau dengan firma yang mana beliau adalah seorang ahli atau dengan sebuah syarikat dalammana beliau mempunyai kepentingan kewangan yang besar.

KEPENTINGAN PARA PENGARAH DALAM SAHAM DAN DEBENTUR

Menurut Daftar Pemegangan Saham Para Pengarah, kepentingan Para Pengarah yang berkhidmat pada akhir tahun kewangan dalamsaham-saham syarikat adalah seperti berikut:

Bilangan saham biasa bernilai RM1.00 sesahamPada Pada

1.8.1998 Acquired Disposed 31.7.1999Dianggap berkepentingan

Tunku Tan Sri Dato’ Shahriman Bin Tunku Sulaiman 75,056,500 - - 75,056,500Dato’ Ng Eng Tee 18,978,634 - - 18,978,634Ng Eng Soon 17,828,634 - - 17,828,634Pee Tong Lim 48,000 - - 48,000

Bilangan saham biasa bernilai RM1.00 sesaham di bawah opsyen ESOSPada Pada

1.8.1998 Granted Exercised 31.7.1999

Dato’ Ng Eng Tee 500,000 - - 500,000Pee Tong Lim 400,000 - - 400,000 59

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Tunku Tan Sri Dato’ Shahriman Bin Tunku Sulaiman, Dato’ Ng Eng Tee, Ng Eng Soon dan Pee Tong Lim selaras dengan kepentinganlangsung dan tidak langsung mereka dalam Syarikat, dianggap mempunyai kepentingan dalam saham anak-anak syarikat setakatmana Syarikat mempunyai kepentingan.

Tidak ada Pengarah lain yang berkhidmat pada akhir tahun kewangan memegang apa-apa kepentingan dalam saham atau debenturSyarikat atau perbadanan yang berhubung kait dengannya.

MAKLUMAT BERKANUN KE ATAS AKAUN

Sebelum akaun untung rugi dan lembaran imbangan Kumpulan dan Syarikat disediakan, Para Pengarah telah mengambil langkah–langkah yang munasabah:

(a) untuk memastikan bahawa tindakan telah diambil berhubung dengan penghapusan kira hutang lapuk dan membuat peruntukkanbagi hutang ragu dan mereka berpuashati bahawa semua hutang lapuk yang diketahui telah dihapuskira dan peruntukkansecukupnya telah dibuat untuk hutang ragu; dan

(b) untuk memastikan bahawa mana-mana aset semasa, selain daripada hutang-hutang, yang tidak mungkin dapat diperolehinilainya dalam perniagaan biasa seperti yang ditunjukkan dalam rekod perakaunan Kumpulan dan Syarikat telah dikurangkannilainya kepada satu jumlah yang dijangka dapat diperolehi.

Pada tarikh laporan ini, Para Pengarah tidak mengetahui akan sebarang keadaan:

(a) yang boleh menyebabkan jumlah yang dihapus kira bagi hutang lapuk atau jumlah yang diperuntukkan bagi hutang ragu dalamakaun Kumpulan dan Syarikat tidak mencukupi dengan perbezaan yang besar; atau

(b) yang boleh menyebabkan nilai yang dikaitkan kepada aset semasa dalam akaun Kumpulan dan Syarikat mengelirukan; atau

(c) yang telah timbul yang boleh menyebabkan pematuhan kepada kaedah semasa penilaian aset atau liabiliti Kumpulan atauSyarikat mengelirukan atau tidak sesuai.

Tidak ada liabiliti kontingen atau liabiliti lain yang mungkin atau berkemungkinan menjadi boleh dikuatkuasakan dalam tempohduabelas bulan selepas akhir tahun kewangan yang, pada pendapat Para Pangarah, akan atau mungkin boleh menjejaskan keupayaanKumpulan dan Syarikat untuk memenuhi segala obligasi mereka apabila tiba masanya.

Pada tarikh laporan ini, tidak terdapat:

(a) sebarang gadaian ke atas aset Kumpulan dan Syarikat yang telah timbul semenjak akhir tahun kewangan yang menjamin liabilitimana-mana pihak lain; atau

(b) sebarang liabiliti kontingen ke atas Kumpulan dan Syarikat yang telah timbul semenjak akhir tahun kewangan.

LAIN-LAIN MAKLUMAT BERKANUN

Pada tarikh laporan ini, Para Pengarah tidak mengetahui akan sebarang keadaan yang tidak disebutkan dalam laporan ini atau dalamakaun yang boleh menyebabkan jumlah yang dinyatakan dalam akaun mengelirukan.

Pada pendapat Para Pengarah ,

(a) keputusan operasi Kumpulan dan Syarikat dalam tahun kewangan tidak terjejas dengan banyaknya oleh mana-mana perkara,urusniaga atau peristiwa yang penting dan bersifat luarbiasa; dan

(b) tidak timbul dalam tempoh masa di antara akhir tahun kewangan dan tarikh laporan ini mana-mana perkara, urusniaga atauperistiwa yang penting dan luar biasa yang berkemungkinan menjejaskan keputusan operasi Kumpulan dan Syarikat bagi tahunkewangan dalam mana laporan ini dibuat.

JURUAUDIT

Juruaudit, PricewaterhouseCoopers telah menyatakan kesanggupan mereka untuk terus berkhidmat.

Bagi pihak Lembaga Pengarah

TUNKU TAN SRI DATO’ SHAHRIMAN BIN TUNKU SULAIMAN DATO’ NG ENG TEEPENGARAH PENGARAH


KEPENTINGAN PARA PENGARAH DALAM SAHAM DAN DEBENTUR (Sambungan)

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BAGI TAHUN KEWANGAN BERAKHIR 31 JULAI 1999

A K A U N U N T U N G R U G I

Kumpulan SyarikatNota 1999 1998 1999 1998

RM RM RM RM

PEROLEHAN 3 114,736,650 103,702,322 32,967,593 28,786,121

KEUNTUNGAN OPERASI 4 35,566,200 10,714,449 26,761,958 22,591,629

BAHAGIAN KERUGIAN SYARIKAT BERSEKUTU (551,366) (92,657) - -

KEUNTUNGAN SEBELUM CUKAI 35,014,834 10,621,792 26,761,958 22,591,629

CUKAI 5 (2,922,713) (3,510,721) (5,763,401) (5,115,101)

KEUNTUNGAN SELEPAS CUKAI 32,092,121 7,111,071 20,998,557 17,476,528

KEPENTINGAN MINORITI (697,680) (597,403) - -

KEUNTUNGAN BOLEH DIAGIH KEPADA PEMEGANG SAHAM 31,394,441 6,513,668 20,998,557 17,476,528

KEUNTUNGAN TERTAHAN DIBAWA KEHADAPAN 158,216,093 164,533,128 44,563,374 39,917,549

189,610,534 171,046,796 65,561,931 57,394,077

DIVIDEN 6 (15,738,187) (12,830,703) (15,738,187) (12,830,703)

KEUNTUNGAN TERTAHAN DIHANTAR KEHADAPAN 173,872,347 158,216,093 49,823,744 44,563,374

PENDAPATAN SESAHAM 7 14 sen 3 sen

Nota-nota yang dibentangkan pada muka surat 64 hingga 77 merupakan sebahagian daripada akaun ini. 61

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PADA 31 JULAI 1999

Kumpulan SyarikatNota 1999 1998 1999 1998

RM RM RM RM

ASET-ASET TETAP 8 398,719,419 384,335,146 1,785,925 2,208,962ANAK-ANAK SYARIKAT 9 - - 524,146,719 523,396,721SYARIKAT BERSEKUTU 10 5,438,381 5,993,752 - -PELABURAN 11 8,642 8,642 - -PERBELANJAAN TERTUNDA 12 2,281,000 2,976,456 - -PENGHUTANG JANGKA 13 63,901,591 - - - PANJANG

ASET-ASET SEMASAHartanah disiapkan 41,144,617 38,493,779 - -Hartanah pembangunan 14 332,750,451 361,617,061 - -Penghutang 13 53,327,331 60,431,152 729,598 1,056,196Jumlah hutang daripada anak- anak Syarikat - - 165,387,325 159,099,717Simpanan Tetap 15 6,307,584 1,813,991 6,307,584 1,813,991Tunai dan baki dalam bank 16 5,593,179 10,655,985 3,475,807 4,883,728

439,123,162 473,011,968 175,900,314 166,853,632

LIABILITI SEMASAPemiutang 17 33,956,150 40,920,437 4,793,379 5,831,934Pinjaman jangka pendek 18 65,469,392 34,737,060 - -Cukai 15,138,559 21,650,552 3,283,753 1,249,462Dividen dicadangkan 11,572,302 8,333,677 11,572,302 8,333,677

126,136,403 105,641,726 19,649,434 15,415,073

ASET SEMASA BERSIH 312,986,759 367,370,242 156,250,880 151,438,559ASET CUKAI TERTUNDA 19 15,065,714 15,708,714 - -

798,401,506 776,392,952 682,183,524 677,044,242

Dibiayai oleh:

MODAL SAHAM 20 231,491,033 231,491,033 231,491,033 231,491,033RIZAB 21 508,233,854 492,698,688 450,692,491 445,553,209

DANA PEMEGANG SAHAM 739,724,887 724,189,721 682,183,524 677,044,242KEPENTINGAN MINORITI 37,368,072 30,670,392 - -CUKAI TERTUNDA 22 21,308,547 21,532,839 - -

798,401,506 776,392,952 682,183,524 677,044,242

ASET KETARA BERSIH SESAHAM 7 RM3.19 RM3.12

Nota-nota yang dibentangkan pada muka surat 64 hingga 77 merupakan sebahagian daripada akaun ini.

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BAGI TAHUN KEWANGAN BERAKHIR 31 JULAI 1999

Nota 1999 1998RM RM

ALIRAN TUNAI DARIPADA KEGIATAN OPERASI

Keuntungan sebelum cukai 35,014,834 10,621,792

Pelarasan bagi: Pemberesan perbelanjaan tertunda 703,416 514,708 Pelunasan perbelanjaan tertunda - 61,803 Pelunasan perbelanjaan pembangunan - 1,314,564 Peruntukan perbelanjaan pembangunan dikira balik (168,042) - Susutnilai aset-aset tetap 1,838,380 1,392,417 Aset tetap dihapuskira 23,962 68,533 Kerugian ke atas penjualan aset tetap 1,613 75,921 Faedah Perbelanjaan 244,338 2,996,560 Faedah Pendapatan (451,275) (3,197,783) Bahagian kerugian keatas Syarikat bersekutu 551,366 92,657 Peruntukan hutang ragu 3,229,289 1,095,524

Keuntungan operasi sebelum perubahan modal kerja 40,987,881 15,036,696

Pengurangan/(penambahan) hartanah pembangunan 10,517,850 (63,905,427)(Penambahan)/pengurangan dalam penghutang (60,027,059) 46,520,849Pengurangan dalam pemiutang (6,964,287) (13,394,011)

Tunai bersih digunakan dalam operasi (15,485,615) (15,741,893)

Faedah dibayar (244,338) (2,996,560)Faedah diterima 451,275 3,197,783Cukai dibayar (9,011,993) (16,029,276)

Tunai bersih keluar daripada kegiatan (24,290,671) (31,569,946)

ALIRAN TUNAI DARIPADA KEGIATAN PELABURAN

Perolehan anak syarikat, tunai bersih yang diperolehi 23 - (68,487,106)Perolehan daripada pelaburan - (8,642)Perbelanjaan tertunda yang dibayar (7,960) (936,626)Perolehan semula perbelanjaan pembangunan 168,042 -Pelaburan dalam syarikat bersekutu - (6,120,000)Pendapatan daripada penjualan aset-aset tetap 14,601 58,965Pembelian aset-aset tetap (564,907) (2,663,048)Pembelian balik saham (121,088) -

Tunai bersih keluar daripada kegiatan pelaburan (511,312) (78,156,457)

ALIRAN TUNAI DARIPADA KEGIATAN KEWANGANPembayaran dividen (12,499,562) (16,053,590)Pengeluaran kredit berpusing 31,999,876 15,000,000Pendapatan daripada terbitan saham keutamaan kumulatif boleh tebus kepada pemegang saham minoriti dalam anak syarikat 6,000,000 68,196,000Pembayaran balik kredit berpusing - (18,730,000)

Aliran tunai bersih diperolehi daripada kegiatan kewangan 25,500,314 48,412,410

PENAMBAHAN/(PENGURANG) BERSIH DALAM TUNAI DAN PERSAMAAN TUNAI 698,331 (61,313,993)

TUNAI DAN PERSAMAAN TUNAI PADA AWAL TAHUN KEWANGAN 1,732,916 63,046,909

TUNAI DAN PERSAMAAN TUNAI PADA AKHIR TAHUN KEWANGAN 2,431,247 1,732,916

Tunai dan persamaan tunai terdiri daripada:

Tunai dan baki bank (Note 16) 5,593,179 10,655,985Deposit tetap (Note 15) 6,307,584 1,813,991Overdraf bank (Note 18) (9,469,516) (10,737,060)

2,431,247 1,732,916

Nota-nota yang dibentangkan pada muka surat 64 hingga 77 merupakan sebahagian daripada akaun ini.

P E N Y A T A A L I R A N T U N A I D I S A T U K A N

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31 JULAI 1999N O T A - N O T A K E P A D A A K A U N

1 ASAS PERAKAUNAN

Akaun telah disediakan mengikut konvensyen kos sejarah yang diubahsuai untuk mengambilkira penilaian semula aset tetap tertentudan pelaburan dalam anak syarikat, yang mematuhi Piawaian Perakaunan Malaysia yang diluluskan.

2 POLISI-POLISI PERAKAUNAN PENTING

(a) Asas penyatuan

Akaun untungrugi dan lembaran imbangan Kumpulan merangkumi akaun untungrugi Syarikat dan semua anak-anak syarikatnyayang disediakan hingga akhir tahun kewangan.

Semua anak-anak syarikat telah disatukan mengikut kaedah perakaunan pengambilalihan kecuali bagi sebuah anak syarikat yangdinyatakan dalam Nota 9 yang telah disatukan mengikut kaedah perakaunan percantuman. Semua pengurusan antara syarikattelah diluputkan semasa penyatuan dan penyatuan akaun mencerminkan pengurusan luaran sahaja.

Di bawah kaedah perakaunan pengambilalihan, keputusan anak-anak syarikat yang diambilalih atau dilupus dalam tahun kewangandiambilkira dalam penyata kewangan disatukan dari tarikh pengambilalihan atau tarikh pelupusan masing-masing.

Di bawah kaedah perakaunan percantuman, keputusan anak-anak syarikat dikemukakan seolah-olah percantuman telahdikuatkuasakan sepanjang tahun kewangan semasa dan sebelumnya.

(b) Muhibbah yang disatukan

Muhibbah atau rezab modal (muhibbah negatif) yang timbul atas penyatuan mewakili lebihan atau pengurangan atas hargabelian ke atas nilai saksama aset bersih anak-anak syarikat pada tarikh perolehan.

Muhibbah yang disatukan dihapuskan terhadap rizab modal atas penyatuan. Muhibbah negatif yang disatukan dikreditkankepada rezab modal.

(c) Matawang asing

Urusniaga matawang asing ditukarkan kepada Ringgit Malaysia pada kadar pertukaran yang wujud pada tarikh urusniagatersebut. Aset dan liabiliti yang menggunakan matawang asing pada tarikh lembaran imbangan ditukarkan kepada RinggitMalaysia pada kadar pertukaran yang wujud pada tarikh urusniaga tersebut. Laba dan kerugian ke atas pertukaran diuruskandalam akaun untungrugi.

(d) Pengiktirafan pendapatan

Dividen kasar daripada pelaburan diambilkira dalam akaun apabila hak Syarikat untuk menerima pembayaran telah dipastikan.

Pendapatan daripada penjualan hartanah diiktiraf berdasarkan kaedah peratusan siap.

Pendapatan daripada penjualan tanah dan lot-lot bungalow berdasarkan daripada bil-bil progres yang mematuhi syarat-syaratperjanjian jual-beli.

Yuran pengurusan, yuran pengurusan projek dan pendapatan sewa, diiktiraf atas dasar penerimaan.

(e) Aset tetap dan susut nilai

Aset tetap dinyatakan pada kos atau penilaian. Tanah pegangan bebas dinilai oleh Para Pengarah berdasarkan penilaian profesionalyang dilaksanakan oleh penilai professional bebas. Para Pengarah telah menggunakan Peruntukan Peralihan dari PiawaianPerakaunan Antarabangsa No. 16 (Pindaan): Harta, Loji dan Peralatan yang diterima pakai oleh Lembaga Piawaian PerakaunanMalaysia yang membenarkan harta-harta dicatat atas penilaian yang dilakukan pada tahun-tahun 1990 dan 1996. Oleh keranaitu, penilaian-penilaian tersebut belum dikemaskinikan.

Tanah pegangan bebas dan modal kerja dalam perlaksanaan tidak disusutnilaikan.

Semua aset tetap yang lain dinyatakan pada kos tolak susutnilai terkumpul. Susutnilai semua aset tetap yang lain dikira atasdasar garisan lurus ke atas anggaran hayat berguna pada kadar tahunan berikut:

Bangunan 5%

Perabot, perhiasan, peralatan dan pengubahsuaian 8% - 33 1/3%

Kuda dan anak kuda, kandang kuda dan peralatan ekuastiran 10%

Loji dan jentera 10%

Kenderaan bermotor 16% - 20%64

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(f) Anak-anak syarikat

Pelaburan dalam anak-anak syarikat dinyatakan pada penilaian berasaskan nilai aset ketara bersih anak-anak syarikat tersebut.Pengambilalihan anak-anak syarikat berikutan tarikh penilaian adalah dinyatakan pada kosnya. Penilaian ini dilakukan sekurang-kurangnya satu kali setiap lima tahun. Peruntukkan akan dibuat apabila Para Pengarah berpendapat bahawa ada penguranganrosotnilai kekal dalam pelaburan tersebut.

(g) Syarikat bersekutu

Syarikat bersekutu adalah dimana Kumpulan mempunyai kepentingan ekuiti jangka panjang di antara 20% dan 50% danmempunyai pengaruh penting dalam polisi-polisi kewangan dan operasi melalui perwakilan dalam lembaga pengarah.

Perkongsian Kumpulan dalam keputusan dan rezab dalam syarikat bersekutu dinyatakan dalam akaun untung rugi. PerkongsianKumpulan bagi keuntungan dan rezab tertahan selepas pengambilalihan tolak kerugian terkumpul dicampurkan kepada kospelaburan dalam lembaran imbangan yang disatukan. Jumlah tersebut diambil daripada akaun beraudit terkini Syarikat-Syarikatbersekutu yang mempunyai tahun kewangan yang sama dengan Kumpulan dan dimana tahun kewangan berlainan, jumlahtersebut diambil daripada akaun pentadbiran yang tidak diaudit yang diambilkira sehingga akhir tahun kewangan Kumpulan.

(h) Pelaburan

Pelaburan dalam saham-saham tersiarharga atau tidak tersiarharga dipegang untuk jangkamasa panjang. Ianya dinyatakan padakos melainkan jika Para Pengarah berpendapat bahawa rosotnilai kekal telah berlaku dimana peruntukkan akan dibuat terhadappengecilan nilai.

(i) Perbelanjaan tertunda

Perbelanjaan tertunda terdiri daripada perbelanjaan awalan dan pra-operasi yang dinyatakan pada kos yang akan dilunaskandalam tempoh lima tahun daripada tarikh operasi dimulakan.

(j) Hartanah pembangunan

Hartanah pembangunan merangkumi tanah pegangan bebas pada kos atau penilaian semula, belanjawan pembangunan padakos, dicampur dengan keuntungan boleh agih tolak bil-bil progres dan peruntukan bagi kerugian yang boleh dijangka

Belanjawan pembangunan merangkumi kos-kos pinjaman pembiayaian kewangan tanah dan pembangunan, kos pembangunanprojek biasa yang berkaitan dan kos pembangunan terus. Kos pinjaman dimasukkan dalam perbelanjaan pembangunan sehinggaprojek pembangunan diselesaikan.

Peruntukkan bagi kerugian-kerugian yang boleh dijangka terhadap projek-projek yang terbengkalai dibuat dalam tempohkerugian tersebut dikenalpasti.

Hartanah yang telah disiapkan tapi belum dijual dikelaskan sebagai hartanah siap dan dinyatakan dibawah kos dan nilai bolehrealis bersih.

Hartanah pembangunan dikelaskan sebagai aset semasa apabila terhadap kerja-kerja pembangunan yang dilaksanakan danjangka siap dalam tempoh operasi biasa.

(k) Cukai tertunda

Peruntukkan dibuat menggunakan kaedah liabiliti untuk cukai tertunda bagi elaun modal serta lain-lain perubahan masadiantara pendapatan boleh cukai dan pendapatan perakaunan kecuali di mana perubahan masa tidak disangka akan dibalikkandi masa depan.

Aset cukai tertunda mewakili manfaat cukai yang timbul daripada lebihan di antara nilai pasaran dan nilai buku bagi tanah padatarikh pindahan tanah daripada aset tetap kepada hartanah pembangunan. Aset cukai tertunda diiktiraf pada jumlah hartasebenar bagi cukai laba hartanah yang perlu dibayar terhadap pindaan daripada aset tetap kepada harta pembangunan. Jumlahini akan dibalikkan kepada akaun untungrugi apabila penjualan atau bil-bil progres harta pembangunan berkaitan dikeluarkan.

(l) Penghutang dagangan

Penghutang dagangan dinyatakan pada nilai jangkaan boleh realis. Anggaran bagi hutang-hutang ragu dibuat berdasarkanpertimbangan ke atas jumlah tunggakkan pada hujung tahun.

(m) Tunai dan persamaan tunai

Tunai terdiri daripada tunai dalam tangan dan baki pada institusi-institusi kewangan yang berlesen. Persamaan tunai adalahpelaburan cair tinggi jangka pendek yang boleh ditukar ganti dengan tunai serta pinjaman jangka pendek bersih yang dibayarbalikapabila dituntut.

3 PEROLEHAN

Perolehan Syarikat mewakili yuran pengurusan, dividen dan pendapatan faedah.

Perolehan Kumpulan merangkumi bil-bil progres, diskaun bersih daripada penjualan hartanah pembangunan peringkat mengikutpembinaan, bil-bil progres, diskaun bersih daripada penjualan tanah dan lot-lot bungalow menurut syarat-syarat perjanjian jual beli,pendapatan daripada sewa pajakan kuari, pendapatan daripada sewa pajakan perladangan, pendapatan daripada sewa pajakan tanah,yuran pentadbiran projek, yuran daripada nilai inbois, yuran bulanan dan perkhidmatan untuk kelab “equestrian” dan tidak termasuksebarang penjualan dalam Kumpulan.

2 POLISI-POLISI PERAKAUNAN PENTING (Sambungan)

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4 KEUNTUNGAN OPERASI

Kumpulan Syarikat1999 1998 1999 1998

RM RM RM RMKeuntungan operasi dicapai selepas dikreditkan:

Pendapatan dividen kasar daripada anak-anak syarikat - - 23,310,005 17,482,504 Pendapatan faedah bagi - Simpanan jangka pendek 82,001 3,197,783 82,001 2,297,140 - Pinjaman kepada anak-anak syarikat - - 6,600,291 5,517,477 - Lain-lain 369,274 - - - Pendapatan sewa pajak tanah 18,240 18,240 - - Yuran pengurusan daripada anak-anak syarikat - - 3,000,000 2,800,000 Peruntukan lebihan daripada perbelanjaan pembangunan ditulis 168,042 - - - balik Pendapatan sewa pajakan kuari dan perladangan 430,734 515,559 - - Pendapatan sewa daripada hartanah 562,283 580,592 - -

dan selepas dikenakan:

Ganjaran Juruaudit 61,000 56,000 18,000 15,000 Rosotnilai perbelanjaan tertunda 703,416 514,708 - - Susutnilai aset tetap 1,838,380 1,392,417 421,434 492,367 Pelunasan perbelanjaan tertunda - 61,803 - - Pelunasan perbelanjaan pembangunan - 1,314,564 - - Yuran Para Pengarah 151,000 151,000 151,000 151,000 Ganjaran Para Pengarah selain daripada yuran 1,108,380 972,000 1,106,180 930,000 Pelunasan harta tetap 23,962 68,533 11,381 7,275 Perbelanjaan faedah atas: - Pinjaman bank jangka pendek 244,338 2,996,560 - - Kerugian dalam penjualan harta tetap 1,613 75,921 7,301 20,306 Yuran pengurusan dibayar kepada syarikat berkaitan 62,274 77,836 - - Peruntukan bagi hutang ragu 3,229,289 1,095,524 200,000 - Sewa bangunan 697,063 491,076 369,506 313,809 Pembalikkan keuntungan akibat pembatalan penjualan - 14,008,617 - -

Anggaran nilai wang bagi manfaat yang diberikan kepada Para Pengarah Syarikat dalam tahun kewangan dengan cara penggunaanaset Syarikat dan peruntukkan manfaat yang lain berjumlah RM44,367 (1998:RM38,650)

5 CUKAI Kumpulan Syarikat

1999 1998 1999 1998RM RM RM RM

Cukai semasa - 3,932,150 3,263,401 5,115,101Peruntukan kurang bagi tahun- tahun sebelum 2,500,000 - 2,500,000 -Cukai tertunda (Nota 19 dan 22) 418,708 (448,000) - -Syarikat bersekutu 4,005 26,571 - -

2,922,713 3,510,721 5,763,401 5,115,101

Kekurangan peruntukan bagi cukai pada tahun-tahun lepas adalah berhubung-kait dengan perolehan faedah tahun-tahun lepas yangbelum dicukai.

Tiada peruntukan diperlukan bagi cukai pendapatan Malaysia berhubung dengan pendapatan boleh dicaj Syarikat dan Kumpulanselain daripada pendapatan dividen bagi tahun kewangan berakhir 31 Julai 1999 oleh kerana liabiliti cukai telah dikecualikan menurutperuntukan Akta Cukai Pendapatan (Pindaan) 1999. Pengecualian cukai ini dianggarkan berjumlah RM9,254,000 bagi Kumpulan danRM1,010,000 bagi Syarikat.

Pada tahun-tahun kewangan yang lalu kadar cukai berkesan untuk Kumpulan adalah lebih tinggi daripada kadar cukai berkanunakibat daripada kesan cukai pemindahan tanah anak syarikat daripada aset-aset tetap kepada hartanah pembangunan. Di dalammengenalpasti pendapatan yang boleh dikenakan cukai anak syarikat yang dicaj daripada penjualan hartanah pembangunan, keuntungandikira berdasarkan nilai pasaran tanah pada tarikh pemindahan.

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Tertakluk kepada kelulusan daripada Lembaga Hasil Dalam Negeri, jumlah cukai Kumpulan yang dapat diselamatkan akibat daripadapenggunaan elaun modal yang dibawa kehadapan dan kerugian cukai berjumlah lebih kurang RM148,000 (1998: RM Tiada) danRM316,000 (1998: RM Tiada) masing-masing.

Tertakluk kepada kelulusan daripada Lembaga Hasil Dalam Negeri, elaun modal yang tidak digunakan yang boleh dibawa kehadapanuntuk ditolak dengan keuntungan cukai hadapan Kumpulan dan Syarikat berjumlah RM1,183,000 (1998: RM1,183,000).

Tertakluk kepada kelulusan daripada Lembaga Hasil Dalam Negeri, kerugian cukai tidak digunakan yang ada akan dibawa kehadapandan ditolak dengan keuntungan cukai hadapan Kumpulan dan Syarikat berjumlah RM6,519,000 (1998: RM4,176,000) dan RM1,132,000(1998: RM1,132,000) masing-masing dimana keuntungan cukai berkenaan belum dikenalpasti didalam akaun.

6 DIVIDEN Kumpulan dan Syarikat

1999 1998RM RM

Dividen interim sebanyak 2.5 sen (1998: 2.5 sen) kasar sesaham, dikecualikan cukai 4,166,209 4,166,838

Dividen istimewa sebanyak 2.5 sen (1998: Tiada) kasar sesaham, dikecualikan cukai 5,786,151 -

Dividen akhir yang dicadangkan sebanyak 2.5 sen kasar sesaham, dikecualikan cukai (1998: 5 sen kasar sesaham, tolak cukai) 5,786,151 8,333,677

Kekurangan peruntukan bagi dividen akhir bersih bagi tahun kewangan berakhir 31 Julai 1997 di atas sebab pertukaran ke atas kadar cukai - 330,188

Peruntukan lebihan bagi dividen akhir bagi tahun kewangan berakhir 31 Julai 1998 di atas sebab pembelian balik saham (324) -

15,738,187 12,830,703

7 PEROLEHAN DAN ASET KETARA BERSIH SESAHAM

Perolehan sesaham dikira dengan membahagikan keuntungan Kumpulan selepas cukai dan kepentingan minoriti bagi tahun kewangansebanyak RM31,394,441 (1998:RM6,513,668) berdasarkan timbangan purata bilangan saham-saham sebanyak 231,480,882 (1998:229,311,252) dalam tahun kewangan.

Aset ketara bersih sesaham juga dikira dengan membahagikan aset ketara bersih pada akhir tahun kewangan berjumlah RM737,443,887(1998: RM721,213,265) dengan modal saham terbitan syarikat pada akhir tahun kewangan berjumlah 231,446,033 (1998: 231,491,033).

Menurut Piawaian Perakaunan Malaysia No. 1, pendapatan sesaham cair penuh, berdasarkan andaian baki opsyen saham pada tarikhimbangan pembayaran telah dilanggar sepenuhnya pada permulaan tahun kewangan, dan wang yang diterima diletakan dalamdeposit jangka pendek bagi memperolehi faedah pada kadar 3% setahun, dikecualikan cukai, tidak ditunjukkan kerana kesan cairantidak material. Pada akhir tahun kewangan, terdapat 4,867,000 opsyen-opsyen saham yang diagihkan tetapi belum dilanggan menurutOpsyen Saham Kakitangan Syarikat.

8 ASET-ASET TETAPPerabot, Kuda

perkakas, anak kuda, Logi danperalatan kandang jentera

Tanah dan kuda dan sertapegangan pengubah- peralatan kenderaan

bebas Bangunan suaian ekuastrian bermotor JumlahRM RM RM RM RM RM

Kumpulan

1999

Kos/PenilaianPada 1.8.1998 373,448,433 6,745,974 3,608,721 467,314 3,360,345 387,630,787Penambahan 13,125 155,124 267,299 - 129,359 564,907Pindahan dari hartanah pembangunan 6,525,027 9,172,895 - - - 15,697,922Pelucutan - - (27,809) - (38,667) (66,476)Pelunasan - - (50,202) - - (50,202)

Pada 31.7.1999 379,986,585 16,073,993 3,798,009 467,314 3,451,037 403,776,938

5 CUKAI (Sambungan)

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Perabot, Kudaperkakas, anak kuda, Logi danperalatan kandang jentera

Tanah dan kuda dan sertapegangan pengubah- peralatan kenderaan

bebas Bangunan suaian ekuastrian bermotor JumlahRM RM RM RM RM RM

Susutnilai terkumpul

Pada 1.8.1998 - 669,533 927,331 46,731 1,652,046 3,295,641Dikenakan dalam tahun kewangan - 849,823 421,488 46,731 520,338 1,838,380Pelucutan - - (11,597) - (38,665) (50,262)Pelunasan - - (26,240) - - (26,240)

Pada 31.7.1999 - 1,519,356 1,310,982 93,462 2,133,719 5,057,519

Nilai buku bersih

Pada 31.7.1999 379,986,585 14,554,637 2,487,027 373,852 1,317,318 398,719,419

Kumpulan

1998

Kos/Penilaian

Pada 1.8.1997 373,448,433 6,631,850 2,009,873 - 2,854,338 384,944,494Atas pengambilalihan anak syarikat - - 263,777 - 205,620 469,397Penambahan - 114,124 1,606,382 543,847 398,695 2,663,048Pelucutan - - (33,069) (57,219) (98,308) (188,596)Pelunasan - - (238,242) (19,314) - (257,556)

Pada 31.7.1998 373,448,433 6,745,974 3,608,721 467,314 3,360,345 387,630,787


Pada 1.8.1997 - 332,227 608,954 - 967,851 1,909,032Atas pengambilalihan anak syarikat - - 32,002 - 195,866 227,868Dikenakan dalam tahun kewangan - 337,306 481,454 54,384 528,330 1,401,474Pelucutan - - (7,987) (5,722) (40,001) (53,710)Pelunasan - - (187,092) (1,931) - (189,023)

Pada 31.7.1998 - 669,533 927,331 46,731 1,652,046 3,295,641

Nilai buku bersih

Pada 31.7.1998 373,448,433 6,076,441 2,681,390 420,583 1,708,299 384,335,146

8 ASET-ASET TETAP (Sambungan)

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Perabotdan Kenderaan Peralatan

perkakas bermotor pejabat JumlahRM RM RM RM

Syarikat

1999

Kos

Pada 1.8.1998 708,648 2,021,542 393,359 3,123,549Pebambahan 70,491 125,000 27,729 223,220Pelucutan - (262,492) (23,909) (286,401)Pelunasan (15,080) - (210) (15,290)

Pada 31.7.1999 764,059 1,884,050 396,969 3,045,078


Pada 1.8.1998 79,882 713,485 121,220 914,587Dikenakan dalam tahun kewangan 61,251 301,448 58,735 421,434Pelucutan - (64,352) (8,607) (72,959)Pelunasan (3,820) - (89) (3,909)

Pada 31.7.1999 137,313 950,581 171,259 1,259,153

Nilai buku bersih

Pada 31.7.1999 626,746 933,469 225,710 1,785,925

Perabotdan Kenderaan Peralatan Pengubah-

perkakas bermotor pejabat suaian JumlahRM RM RM RM RM

Syarikat

1998

Kos

Pada 1.8.1997 146,144 1,813,742 286,946 161,961 2,408,793Penambahan 562,504 272,108 106,413 - 941,025Pelucutan - (64,308) - - (64,308)Pelunasan - - - (161,961) (161,961)

Pada 31.7.1998 708,648 2,021,542 393,359 - 3,123,549


Pada 1.8.1997 23,190 390,039 64,481 105,198 582,908Dikenakan dalam tahun kewangan 56,692 329,448 56,739 49,488 492,367Pelucutan - (6,002) - - (6,002)Pelunasan - - - (154,686) (154,686)

Pada 31.7.1998 79,882 713,485 121,220 - 914,587

Nilai buku bersih

Pada 31.7.1998 628,766 1,308,057 272,139 - 2,208,962

Tanah pegangan bebas telah dinilai semula oleh Para Pengarah dalam tahun 1990 berdasarkan penilaian oleh firma jurunilai profesionalbebas atas dasar kaedah perbandingan. Lebihan penilaian semula sebanyak RM178,686,417 telah disatukan dalam akaun.


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Sebahagian daripada tanah pegangan bebas telah dinilai semula oleh Para Pengarah pada bulan Oktober 1996 berdasarkan penilaianoleh firma jurunilai profesional bebas dengan menggunakan asas penilaian pasaran terbuka yang diluluskan oleh Suruhanjaya Sekuriti.Lebihan ke atas penilaian semula sebanyak RM268,527,963 telah digabungkan ke dalam akaun.

Kumpulan1999 1998

RM RMTanah pegangan bebas adalah seperti berikut:-

Pada kos atau penilaian

Tanah, dinilai pada 1990 45,365,726 43,110,187Tanah, dinilai pada 1996 324,102,686 324,102,686Perbelanjaan pembangunan, pada kos 10,518,173 6,235,560

379,986,585 373,448,433

Sekiranya tanah pegangan bebas ditentukan mengikut konvensyen kos sejarah, kos tanah pegangan bebas Kumpulan ialah RM25,805,759(1998: RM21,284,843).

Susutnilai Kumpulan dikendalikan seperti berikut:- Kumpulan

1999 1998RM RM

Akaun untung dan rugi (Nota 4) 1,838,380 1,392,417Perbelanjaan tertunda yang dikenakan dalam tahun kewangan (Nota 12) - 9,057

1,838,380 1,401,474

9 ANAK-ANAK SYARIKAT

Syarikat Kumpulan

1999 1998RM RM

Saham tak disebut harga

Pada kos 51,725,013 50,975,015Pada penilaian Para Pengarah 472,421,706 472,421,706

524,146,719 523,396,721

Penilaian semula pelaburan Syarikat dalam anak-anak syarikat adalah berdasarkan aset ketara bersih anak-anak syarikat tersebutpada 31 Oktober 1996.

Butiran mengenai anak-anak syarikat, yang kesemuanya diperbadankan di Malaysia, adalah seperti berikut:

Peratusan Pemegangan ekuiti

Nama syarikat Kegiatan utama 1999 1998% %

@ Seri Alam Properties Sdn Bhd Pembangunan Hartanah 100 100

* UM Leisure Sdn Bhd Pedagangan Am 100 100

* UM Land Assets Sdn Bhd Pelaburan Hartanah 100 100

UM Land Bena Sdn Bhd Pembangunan Hartanah 100 100 (dahulunya dikenali sebagai dan aktiviti berkaitan UM Land (Sabah) Sdn Bhd)

Country Equity Sdn Bhd Pelaburan Induk 99.998 99.998


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Peratusan pemegangan ekuiti

Nama syarikat Kegiatan utama 1999 1998% %

Anak syarikat Seri Alam Properties Sdn Bhd

* PMS Services Sdn Bhd Pengurusan Projek 100 100

* Seri Alam Services Sdn Bhd Pengurusan dan Penyelenggaraan 100 100Projek Perumahan

Seri Alam Leisure Sdn Bhd Pelaburan Induk 100 100

Anak syarikat Seri Alam Leisure Sdn Bhd

Seri Alam Golf and Equestrian Club Operasi kelab rekreasi dan 100 100 Sdn Bhd aktiviti berkaitan

Anak syarikat Country Equity Sdn Bhd

Bangi Heights Development Sdn Bhd Pembangunan dan Pelaburan 70 70Hartanah

* Anak-anak syarikat yang belum beroperasi.

@ Anak-anak syarikat yang disatukan dibawah kaedah perakaunan percantuman.

10 SYARIKAT BERSEKUTU Kumpulan

1999 1998RM RM

Saham-saham tidak disebutharga, pada kos 6,120,000 6,120,000Perkongsian ke atas kerugian selepas pengambilalihan (674,599) (119,228)Muhibbah ke atas pengambilalihan yang dilunaskan terhadap rezab modal (Nota 21) (7,020) (7,020)

5,438,381 5,993,752

Diwakili oleh:

Perkongsian keatas aset ketara bersih 5,438,381 5,993,752

Butiran syarikat bersekutu, yang diperbadankan di Malaysia adalah seperti berikut:Peratusan

pemegangan ekuitiNama syarikat Kegiatan utama 1999 1998

% %

Ipjora Holdings Sdn Bhd Pembangunan, pemilikan 40 40dan operasi pangsapuriservis

11 PELABURAN Kumpulan

1999 1998RM RM

Saham-saham tidak disebutharga, pada kos 8,642 8,642

9 ANAK-ANAK SYARIKAT (Sambungan)

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12 PERBELANJAAN TERTUNDA Kumpulan

1999 1998RM RM

Pada awal tahun kewangan 2,976,456 -Pengambilalihan anak syarikat - 2,607,284Dikenakan dalam tahun kewangan 7,960 945,683

2,984,416 3,552,967

Rosotnilai yang dikenakan bagi tahun kewanganr (703,416) (514,708)Pelunasan dalam tahun kewangan - (61,803)

Pada akhir tahun kewangan 2,281,000 2,976,456

Perbelanjaan tertunda yang dikenakan dalam tahun kewangan termasuk:

Ganjaran Juruaudit 5,000 6,000 Susutnilai aset-aset tetap - 9,057

13 PENGHUTANG JANGKAPANJANG DAN PENGHUTANG

Kumpulan Syarikat1999 1998 1999 1998

RM RM RM RM

Penghutang dagangan 114,193,083 50,965,182 296,774 452,776Tolak: Peruntukkan hutang ragu (4,226,955) (1,095,524) (200,000) -

109,966,128 49,869,658 96,774 452,776Tolak: Penghutang jangkapanjang penerimaan selepas 12 bulan (63,901,591) - - -

Penghutang dagangan - penerimaan dalam 12 bulan 46,064,537 49,869,658 96,774 452,776

Lain-lain penghutang 7,360,652 10,561,494 632,824 603,420Tolak: Peruntukkan hutang ragu (97,858) - - -

7,262,794 10,561,494 632,824 603,420

53,327,331 60,431,152 729,598 1,056,196

Jumlah-jumlah yang dikenalpasti bagi penghutang jangkapanjang adalah dibawah skim pembiayaan ansuran faedah percuma untukpenjualan rumah-rumah yang telah siap dimana bayaran ansuran diterima selepas empat hingga lima tahun. Jumlah ansuran diterimadalam duabelas bulan ialah RM7,773,823 (1998: RMTiada) dimasukkan didalam aset-aset semasa.

Penghutang jangkapanjang bagi Kumpulan adalah jumlah baki daripada Para Pengarah dan pihak-pihak terbabit berjumlah RM227,845(1998: RM64,193) yang mewakili baki jumlah-jumlah penjualan hartanah pembangunan.

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14 HARTANAH PEMBANGUNANKumpulan

1999 1998RM RM

Tanah pegangan bebas - pada kos 128,918,834 130,139,096 - pada penilaian 33,260,976 37,427,637

Perbelanjaan pembangunan - pada kos 205,963,161 275,034,177

368,142,971 442,600,910Tambah: Agihan keuntungan yang dikenalpasti 16,193,651 50,501,375

384,336,622 493,102,285Tolak: Bil-bil progres terkini (35,888,249) (130,170,660)

Pelunasan dalam tahun kewangan - (1,314,564)Pindahan kepada aset tetap (Nota 8) (15,697,922) -

332,750,451 361,617,061

Permodalan faedah yang terkandung didalam perbelanjaan pembangunan pada tahun kewangan semasa berjumlah RM3,560,262(1998: RM143,101). Faedah yang dikenakan adalah pada kadar antara 4.75% hingga 15.15% (1998: 11.90% hingga 20.00%) setahunpada tahun kewangan semasa.

15 DEPOSIT TETAP

Kumpulan dan Syarikat1999 1998

RM RM

Deposit dengan bank-bank saudagar berlesen 6,307,584 1,813,991

16 TUNAI DAN BAKI BANK Kumpulan Syarikat

1999 1998 1999 1998RM RM RM RM

Tunai di bank dan dalam tangan 3,731,669 4,936,884 3,475,807 4,883,728Baki bank di bawah Akaun Pembangunan Perumahan 1,861,510 5,719,101 - -

5,593,179 10,655,985 3,475,807 4,883,728

17 PEMIUTANG Kumpulan Syarikat

1999 1998 1999 1998RM RM RM RM

Pemiutang dagangan 14,940,836 23,257,763 - -Lain-lain pemiutang 19,015,314 17,662,674 4,793,379 5,831,934

33,956,150 40,920,437 4,793,379 5,831,934

18 PINJAMAN BANK JANGKA PENDEK Kumpulan

1999 1998RM RM

Tidak dicagarkan

Kredit berpusing 55,999,876 24,000,000Overdraf Bank 9,469,516 10,737,060

65,469,392 34,737,060

Pinjaman bank adalah atas kadar faedah dari 4.75% hingga 15.15% (1998: 9.55% hingga 15.50%) setahun dalam tahun kewangan.

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19 ASET CUKAI TERTUNDA Kumpulan

1999 1998RM RM

Pada awal tahun kewangan 15,708,714 15,260,714Pindahan (kepada)/daripada akaun untungrugi (Nota 5) (643,000) 448,000


Aset cukai tertunda dikenalpasti setakat jumlah cukai laba hartanah yang perlu dibayar atas pindahan tanah pegangan bebas dari asettetap kepada stok pembangunan dan dimasukkan kepada akaun untungrugi diatas penjualan atau bil-bil progres hartanah pembangunanyang berkenaan.

20 MODAL SAHAM Kumpulan dan Syarikat

1999 1998RM RM

Saham biasa bernilai RM1.00 sesaham

Dibenarkan: 500,000,000 500,000,000

Diterbit dan berbayar: Pada awal tahun kewangan 231,491,033 220,125,033 Diterbit dalam tahun kewangan - 11,366,000


Pemegang-pemegang saham Syarikat, melalui Resolusi Biasa pada Mesyuarat.Agung Luarbiasa pada 22 Oktober 1998 telah meluluskancadangan Syarikat untuk membeli balik saham-saham Syarikat.

Dalam tahun kewangan, Syarikat telah membeli balik 45,000 saham-saham Syarikat daripada pasaran saham terbuka. Harga puratayang dibayar bagi belian balik saham ialah RM2.69 sesaham. Urusniaga pembelian telah dibayar melalui tabungan dalaman. Saham-saham yang dibelibalik disimpan sebagai saham-saham perbendaharaan menurut peruntukkan Seksyen 67A Akta Syarikat 1965(Nota 21). Saham-saham perbendaharaan tersebut yang dibelibalik belum dijual semula.

Pada 31 Julai 1999, baki jumlah saham-saham yang diterbitkan dan berbayar ialah 231,446,033 saham-saham biasa bernilai RM1.00sesaham.

21 RIZAB Tidak boleh diagih Boleh diagih

Sahamperben-

Premium Rizab daharaan Keuntungan Rizab1999 saham Modal pada kos Tertahan Modal Jumlah

RM RM RM RM RM RMKumpulan

Pada 1.8.1998 60,062,230 268,566,665 - 158,216,093 5,853,700 492,698,688Keuntungan tertahan bagi tahun kewangan - - - 15,656,254 - 15,656,254Saham-saham perbendaharaan yang diperolehi dalam tahun kewangan - - (121,088) - - (121,088)

Pada 31.7.1999 60,062,230 268,566,665 (121,088) 173,872,347 5,853,700 508,233,854

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Tidak boleh diagih Boleh diagihSaham

perben-Premium Rizab daharaan Keuntungan Rizab

1998 saham Modal pada kos Tertahan Modal JumlahRM RM RM RM RM RM

KumpulanPada 1.8.1997 3,232,230 267,264,829 - 164,533,128 5,853,700 440,883,887Timbul daripada terbitan saham- saham baru 56,830,000 - - - - 56,830,000Rizab modal yang disatukan (Nota 23) - 1,308,856 - - - 1,308,856Muhibbah keatas pengambilalihan yang dilunaskan (Nota 10) - (7,020) - - - (7,020)Kerugian terkumpul bagi tahun kewangan - - - (6,317,035) - (6,317,035)

Pada 31.7.1998 60,062,230 268,566,665 - 158,216,093 5,853,700 492,698,688

1999

Syarikat

Pada 1.8.1998 60,062,230 336,986,151 - 44,563,374 3,941,454 445,553,209Keuntungan tertahan bagi tahun kewangan - - - 5,260,370 - 5,260,370Saham-saham perbendaharaan diperolehi pada tahun kewangan - - (121,088) - - (121,088)

Pada 31.7.1999 60,062,230 336,986,151 (121,088) 49,823,744 3,941,454 450,692,491

1998

Syarikat

Pada 1.8.1997 3,232,230 336,986,151 - 39,917,549 3,941,454 384,077,384Timbul daripada terbitan saham- saham baru 56,830,000 - - - - 56,830,000Keuntungan tertahan bagi tahun kewangan - - - 4,645,825 - 4,645,825

Pada 31.7.1998 60,062,230 336,986,151 - 44,563,374 3,941,454 445,553,209

Tertakluk kepada kelulusan daripada Lembaga Hasil Dalam Negeri, Syarikat mempunyai kredit cukai Seksyen 108 yang mencukupidan pendapatan cukai yang dikecualikan bagi pembayaran dividen bersih yang dianggarkan berjumlah RM41,878,000 (1998:RM27,645,000) dan dividen yang dikecualikan daripada cukai dianggarkan sebanyak RM7,305,000 (1998: RM3,528,000) masing-masing daripada keuntungan tertahan pada 31 Julai 1999.

21 RIZAB (Sambungan)

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22 CUKAI TERTUNDA Kumpulan

1999 1998RM RM

Pada awal tahun kewangan 21,532,839 -Atas pengambilalihan anak syarikat (Nota 23) - 21,532,839Pindahan kepada akaun untungrugi (Nota 5) (224,292) -


Cukai tertunda adalah seperti berikut:

Jumlah daripada penilaian tanah pegangan bebas anak syarikat 19,725,547 21,532,839 Lebihan elaun modal atas susutnilai 52,640 - Lain-lain perbezaan masa 1,530,360 -

21,308,547 21,532,839

23 PENGAMBILALIHAN ANAK SYARIKAT

Pada 10 Oktober 1997, sebuah anak syarikat, Country Equity Sdn Bhd telah mengambilalih 70% kepentingan ekuiti dalam BangiHeights Development Sdn Bhd. Aset-aset bersih yang diambilalih dan penyesuaian keatas nilai adil bagi mencapai ketetapan polisi-polisi perakaunan Kumpulan dinyatakan dibawah. Rezab modal yang timbul akibat penyatuan sebanyak RM1,308,856 telah dimodalkan.

1999 1998RM RM

Pengambilalihan telah diambilkira berdasarkan kaedah perakaunan pengambilalihan:- Aset-aset tetap - 241,529 Perbelanjaan tertunda - 2,607,284 Lain-lain penghutang dan pembayaran terdahulu - 21,008 Tunai dan baki dalam bank - 374,341 Hartanah pembangunan - 139,773,959 Lain-Lain pemiutang dan pengakru - (2,511,992) Pinjaman jangka pendek - (18,730,000) Cukai tertunda (Nota 22) - (21,532,839) Kepentingan minoriti - (30,072,987)

Perkongsian aset-aset bersih yang diambilalih - 70,170,303 Rizab modal yang disatukan (Nota 21) - (1,308,856)

Jumlah balasan pengambilalihan - 68,861,447 Tolak: Tunai dalam Bangi Heights Development Sdn Bhd - (374,341)

Aliran keluar tunai ke atas pengambilalihan, tunai bersih - 68,487,106 pengambilalihan

24 KOMITMEN MODAL Kumpulan

1999 1998RM RM

Perbelanjaan modal yang dibenarkan tetapi tidak diperuntukkan dalam akaun:- Tidak dikontrakkan - 19,378

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25 URUSNIAGA PENTING PIHAK BERKAITAN

Urusniaga penting antara pihak berkaitan dalam tahun kewangan adalah seperti berikut: Kumpulan Syarikat

1999 1998 1999 1998RM RM RM RM

Dividen kasar diterima dan akan diterima daripada anak syarikat - - 23,310,005 17,482,504Yuran pengurusan diterima dan akan diterima daripada anak syarikat - - 3,000,000 2,800,000Yuran pengurusan dibayar kepada pihak berkaitan 62,274 77,836 - -Faedah diterima dan akan diterima daripada anak-anak syarikat - - 6,600,291 5,517,477Penyewaan premis berbayar dan akan dibayar kepada pihak berkaitan 682,706 56,799 369,506 30,699Pendapatan penyewaan diterima daripada pihak berkaitan 4,000 - - -Pelucutan aset tetap kepada anak syarikat - - 198,140 -Bil-bil progres berhubung dengan penjualan hartanah pembangunan kepada Para Pengarah dan pihak berkaitan 324,134 232,138 - -

Urusniaga diatas telah dimasukkan kedalam urusan perniagaan biasa dan telah dinyatakan dibawah terma-terma yang dipersetujuibersama oleh pihak-pihak yang terbabit.

26 LIABILITI KONTINGEN (TIDAK BERCAGAR)

(a) Satu tuntutan gantirugi telah dikenakan terhadap anak syarikat bagi pencerobohan tanah oleh pengendali kuari. Satu PerintahPersetujuan bertarikh 12 Januari, 1998 telah dimasuki diantara anak syarikat dan penuntut gantirugi di Mahkamah Tinggi JohorBahru dimana anak syarikat akan membayar pampasan bagi pencerobohan tersebut. Walau bagaimanapun, jumlah pampasantidak dinyatakan dalam Perintah Persetujuan dan akan tertakluk kepada perjanjian diantara pihak-pihak berkenaan. ParaPengarah berpendapat bahawa tuntutan tersebut tidak mempunyai implikasi kewangan yang penting terhadap pendapatanatau aset ketara bersih Kumpulan kerana anak syarikat telah memperolehi indemniti daripada pengendali kuari. Oleh yangdemikian, tuntutan tersebut tidak diperuntukkan dalam akaun.

(b) Pada 7 Oktober, 1996, UM Leisure Sdn Bhd (“UM Leisure”), anak syarikat milik penuh Syarikat telah menandatangani PerjanjianUsahasama (“JVA”) dengan Ultrapolis 3000 Holding Bermuda Limited (“UPH”) berhubung dengan organisasi, pengurusandan operasi Agarta Universe Sdn Bhd (“Agarta Universe”), sebuah syarikat diperbadankan di Malaysia, untuk melaksanakanpembangunan dan pengurusan hotel-hotel tema dan pusat membeli belah di Seri Alam, Johor, satu bandar baru yang sedangdibangunkan oleh anak syarikat milik penuh Syarikat, Seri Alam Properties Sdn Bhd.

Di bawah Klausa 10.1(c) dalam JVA, Syarikat telah mengeluarkan Surat Jaminan bertarikh 3 Januari 1997 kepada Trans ResourcesCorporation Sdn Bhd (“TRC”). TRC akan melaksanakan kerja-kerja atas sebidang tanah, di mana Resort Tema Agarta Universeakan dibina, di bawah kontrak dengan Sanwell Corporation (“Sanwell”), di mana prinsipalnya adalah Agarta Universe.

Buat masa sekarang, satu tindakan telah dikuatkuasakan oleh TRC ke atas Sanwell untuk bayaran sebanyak RM17,459,455.69bagi tuduhan kerja-kerja tanah yang dilaksanakan. TRC juga telah menuntut Syarikat untuk bayaran sebanyak RM15,500,000sebagai gantirugi di bawah Surat Jaminan yang dinyatakan di atas.

TRC telah memohon untuk ringkasan pengadilan tetapi pada 19 Ogos 1999, permohonan tersebut telah ditolak oleh mahkamahdan pada 21 Oktober 1999 rayuan keatas ringkasan pengadilan telah ditolak. Perkara ini akan dibawa kepada perbicaraanpenuh.

Para Pengarah berpendapat bahawa tuntutan TRC tidak akan mempunyai implikasi kewangan yang penting terhadap pendapatanatau aset ketara bersih Kumpulan melainkan aliran tunai sebanyak RM15,500,000 jika tuntutan TRC itu berjaya. Oleh yangdemikian, tuntutan tersebut tidak diperuntukkan dalam akaun.

27 MAKLUMAT MENGIKUT SEGMEN

Tiada maklumat mengikut segmen disediakan atas sebab Kumpulan menjalankan aktiviti utama dalam pembangunan hartanah dankegiatan yang berkaitan di Malaysia. Kegiatan-kegiatan lain dalam Kumpulan dianggap tidak penting.

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SEKSYEN 169(15) AKTA SYARIKAT, 1965

SEKSYEN 169(16) AKTA SYARIKAT, 1965

P E N Y A T A O L E H P A R A P E N G A R A H M E N U R U T

P E N G A K U A N M E N U R U T

Kami, Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman dan Dato’ Ng Eng Tee, dua orang Pengarah United MalayanLand Bhd, dengan ini menyatakan bahawa, pada pendapat Para Pengarah, akaun-akaun yang dibentangkan pada mukasurat61 hingga 77 dikemukakan untuk memberi gambaran sebenar dan saksama mengenai hal ehwal Kumpulan dan Syarikatpada 31 Julai 1999 dan keputusan Kumpulan dan Syarikat dan penyata aliran tunai Kumpulan bagi tahun kewanganberakhir pada tarikh tersebut mematuhi Piawaian Perakaunan yang diluluskan di Malaysia.

Bagi pihak Lembaga Pengarah

TUNKU TAN SRI DATO’ SHAHRIMANBIN TUNKU SULAIMAN DATO’ NG ENG TEE

PENGARAH PENGARAH


Saya, Lee Kar Fook, pegawai yang bertanggungjawab ke atas pengurusan kewangan United Malayan Land Bhd, dengansesungguhnya dan seikhlasnya mengaku bahawa set akaun yang dibentangkan pada muka surat 60 hingga 76, padapendapat saya, adalah betul dan saya membuat pengakuan ini dengan mempercayai yang sama sebagai benar, danselaras dengan peruntukkan-peruntukkan Akta Akuan Berkanun, 1960.

LEE KAR FOOKDitandatangani dan diikrarkan oleh Lee Kar Fook di Kuala Lumpur, Malaysia pada 10 November 1999.

Di hadapan saya,

RALPH KINNY FERNANDEZW164PESURUHJAYA SUMPAH78

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AHLI-AHLI UNITED MALAYAN LAND BHDL A P O R A N J U R U A U D I T K E P A D A

Kami telah mangaudit akaun-akaun yang dibentangkan pada mukasurat 61 hingga 77. Akaun-akaun ini adalahtanggungjawab Para Pengarah Syarikat. Tanggungjawab kami adalah untuk menyatakan pendapat kami terhadap akaun-akaun ini berdasarkan audit kami.

Kami telah melaksanakan audit ini selaras dengan piawaian yang diluluskan bagi pengauditan. Piawaian tersebutmemerlukan perancangan dan pelaksanakan audit bagi memperolehi jaminan munasabah samada akaun-akaun tersebutbebas daripada salah penyataan yang mustahak. Pengauditan termasuk pemeriksaan, berasaskan pengujian, bukti sokonganke atas jumlah serta perihal di dalam akaun-akaun. Pengauditan juga merangkumi penilaian ke atas prinsip-prinsipperakaunan yang digunakan dan anggaran oleh Para Pengarah, serta menilai penyampaian keseluruhan akaun-akauntersebut. Kami percaya bahawa audit kami membekalkan dasar yang munasabah terhadap pendapat kami.

Pada pendapat kami:

(a) akaun-akaun memberi gambaran yang benar dan saksama mengenai hal ehwal Kumpulan dan Syarikat pada 31Julai 1999 dan keputusan Kumpulan dan Syarikat dan penyata aliran tunai Kumpulan bagi tahun kewangan berakhirpada tarikh tersebut selaras dengan Piawaian Perakaunan yang diluluskan dan mematuhi Akta Syarikat, 1965; dan

(b) perakaunan dan rekod-rekod lain dan daftar-daftar yang diperlukan di bawah Akta untuk disimpan oleh Syarikatdan anak-anak syarikat telah disimpan dengan teratur selaras dengan peruntukkan-peruntukkan Akta.

Kami berpuashati bahawa akaun anak-anak syarikat yang telah disatukan dengan akaun-akaun Syarikat adalah dalambentuk dan kandungan yang teratur dan sesuai bagi tujuan penyediaan akaun-akaun disatukan dan kami telah menerimamaklumat dan penjelasan yang memuaskan yang diperlukan oleh kami untuk tujuan-tujuan tersebut.

Laporan audit kami ke atas akaun-akaun anak-anak syarikat tidak tertakluk kepada apa-apa kelayakan dan tidak merangkumiapa-apa komen yang dibuat di bawah subseksyen (3) Seksyen 174 dalam Akta.

PRICEWATERHOUSECOOPERS(No. AF: 1146)Akauntan Awam

CHIN KWAI YOONG(No. 890/4/00 (J/PH))Rakan Firma

Kuala Lumpur

10 November, 1999

(No. Syarikat: 4131 M)(Diperbadankan di Malaysia)

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This page has been intentionally left blankMukasurat ini sengaja dibiarkan kosong

I/WeSaya/Kami

ofberalamat

being a member/members of UNITED MALAYAN LAND BHD hereby appoint

sebagai ahli/ahli-ahli UNITED MALAYAN LAND BHD dengan ini melantik

or failing him, The Chairman of the meeting as my/our proxy to attend and vote for me/us and on my/our behalf at the 39th AnnualGeneral Meeting of the Company to be held on Thursday, 20 January 2000 in Kuala Lumpur and at any adjournment thereof on thefollowing resolutions referred to in the Notice of the Annual General Meeting:-

atau, jika beliau tidak dapat hadir, Pengerusi Mesyuarat sebagai proksi saya/kami untuk mengundi bagi pihak saya/kami di MesyuaratAgung Tahunan Syarikat yang ke 39 yang akan diadakan pada hari Khamis, 20 Januari 2000 di Kuala Lumpur dan pada sebarangpenangguhannya atas resolusi-resolusi berikut yang dinyatakan di dalam Notis Mesyuarat Agung Tahunan:-

U n i t e d M a l a y a n L a n d B h d(4131-M)

F O R M O F P R O X Y / B O R A N G P R O K S I

(BLOCK LETTERS/HURUF BESAR)

(Please indicate with a “✓ ” in the spaces provided how you wish your vote to be cast. If you do not do so, the proxy will vote orabstain from voting at his discretion.)

(Sila tanda dengan “✓ ” di tempat yang disediakan sebagaimana tuan/puan ingin mengundi. Jika tidak berbuat demikian, proksi akanmengundi atau tidak mengundi mengikut pilihannya.)

Signature/Common Seal Date/Tarikh

Tandatangan/Meteri Syarikat

No. of SharesJumlah Saham

NOTE:

a) A member entitled to attend and vote at the AnnualGeneral Meeting is entitled to appoint a proxy to attendand vote instead of him. A proxy need not be a memberof the Company. The instrument appointing a proxy shallbe in writing under the hand of the appointor or hisattorney duly authorised in writing, or if the appointor is acorporation, either under its common seal or in someother manner approved by its directors.

b) The instrument of proxy must be deposited at theCompany’s Share Registrars, Securities Services (Holdings)Sdn Bhd at Level 22, Menara Milenium, Jalan Damanlela,Pusat Bandar Damansara, Damansara Heights, 50490 KualaLumpur not less than 48 hours before the time set forthe meeting or any adjournment thereof.

NOTA:

a) Seseorang ahli yang berhak hadir dan mengundi di MesyuaratAgung Tahunan adalah berhak melantik proksi untuk hadirdan mengundi bagi pihaknya. Seorang proksi itu tidaksemestinya ahli Syarikat. Borang Proksi mestilah di isi olehsipelantik atau ahli guaman yang diperakukan atau jikasipelantik itu sebuah Perbadanan, ianya hendaklah di bawahmeterinya atau dikuatkuasakan dalam cara lain yangdiluluskan oleh Para Pengarahnya.

b) Borang Proksi yang lengkap hendaklah diserahkan kepadaPendaftar Saham, Securities Services (Holdings) Sdn Bhd diLevel 22, Menara Milenium, Jalan Damanlela, Pusat BandarDamansara, Damansara Heights, 50490 Kuala Lumpur tidaklewat daripada 48 jam sebelum masa yang ditetapkan bagimesyuarat atau sebarang penangguhan.

1 2 3 4 5 6 7 8ORDINARY RESOLUTIONRESOLUSI BIASA

FOR/MENYOKONG

AGAINST/MENENTANG

Share Registrars / Pendaftar SahamUNITED MALAYAN LAND BHD

C/O SECURITIES SERVICES (HOLDINGS) SDN BHDLevel 22, Menara Milenium, Jalan Damanlela,

Pusat Bandar Damansara, Damansara Heights,50490 Kuala Lumpur.

Fold Here

STAMP/SETEM

Lipat Sini

Projek terkini UM Land adalah membangunkan dua buah bandar,

Bandar Seri Alam di Johor melalui Seri Alam Properties Sdn Bhd,

sebuah anak syarikat milik penuh UM Land dan Bandar Seri

Putra di Bangi, Selangor melalui Bangi Heights Development Sdn

Bhd, sebuah lagi anak syarikat UM Land.

B ANDAR SERI ALAM

Merupakan mercu pembangunan bandar oleh UM Land, Bandar

Seri Alam terbentang seluas 3,300 ekar (1,340 hektar) di dalam

lingkungan gerbang pembangunan Pasir Gudang dalam daerah

pentadbiran Johor Bahru Tengah. Terletak lebih kurang 18 km

Keunggulan,kualiti dannilai

(7.3hektar). Di dalam persekitaran yang sama terdapat Pusat

Perubatan Regency yang menempatkan 200 buah katil, yang

sedang dibangunkan di atas tanah seluas 9.39 ekar (3.8 hektar).

Projek ini adalah usahasama di antara Premier Health Corporation

International Pte Ltd dan Lembaga Pembangunan Pulau Pinang.

Sebuah taman tema yang bertaraf antarabangsa juga sedang

giat di bina di atas kawasan seluas 250 ekar (101 hektar).

Projek-projek ini bukan hanya disediakan untuk penghuni-penghuni

di Seri Alam tetapi juga penduduk yang tinggal di kawasan Pasir

Gudang dan kawasan perindustrian Tanjung Langsat dan juga di

kawasan-kawasan seperti Permas Jaya, Kota Putri dan Taman

Rinting.

BANDAR SERI PUTRA

Terletak di Gerbang Selatan Lembah Kelang, sebuah kawasan

yang pesat dengan pembangunan ekonomi negara, Bandar Seri

Putra menikmati kemudahan Lebuhraya Utara-Selatan (NSE),

terbentang di atas tanah pegangan bebas seluas 898 ekar (364

hektar) dan terletak di lokasi strategik di dalam Koridoraya

Multimedia (MSE).

Jalan keluar-masuk yang siap di bina khas di pintu masuk Bandar

Seri Putra memberi kemudahan laluan 20 minit memandu ke

Lapangan Terbang Antarabangsa Kuala Lumpur (KLIA) dan pusat

bandaraya Kuala Lumpur, dan hanya 40 minit ke Lebuhraya NSE.

Bandar berprestij ini juga di hubungkan dengan jalinan Pusat

atau 20 minit

memandu dar i

Johor Bahru, bandar

ini disediakan

dengan jalan keluar-

masuk yang menghala

terus ke Lebuhraya Pasir

Gudang dan kemudahan keluar-masuk ke Lebuhraya

Utara-Selatan dan Singapura.

Jangkaan meraih pendapatan jualan kasar lebih

daripada RM5.5 bilion kepada Kumpulan UM Land, Bandar Seri

Alam, salah sebuah projek pembangunan terbesar yang masih

dibangunkan di Johor, dengan ciri-ciri komersial yang komprehensif,

Utara-Selatan, Lebuhraya Nilai-KLIA, Lebuhraya Shah

sekolah-sekolah kebangsaan dan antarabangsa, hospital-hospital,

hotel bertaraf antarabangsa dan sekolah perhotelan, juga taman-

taman berteknologi tinggi.

Kerja-kerja di lot-lot banglo, pusat-pusat komersial dan apartmen-

apartmen kos sederhana telahpun dimulakan dan penghuni

pertama di jangka dapat menduduki rumah baru mereka pada

tahun 2001. Projek yang memakan masa selama lapan hingga

sepuluh tahun untuk di siap sepenuhnya, Bandar Seri Putra di

jangka dapat menghasil keuntungan lebih daripada RM500 juta

dalam tempoh beberapa tahun.

perumahan, industri ringan, institusi-institusi, hotel dan

pembangunan rekreasi. Dengan anggaran penduduk

Kawasan perindustrian MIEL telahpun siap dan beroperasi

semenjak tahun 1996. Kebenaran awal juga diperolehi bagi

pembinaan sebuah sekolah menengah dan dua buah sekolah

rendah di bandar ini. Kemudahan rekreasi yang sediada di bandar

ini termasuklah Kelab Golf Seri Alam dan Ekustrian dan Kelab

Golf Octville, berserta padang-padang permainan, trek jogging,

trek berbasikal dan taman-taman.

Pembangunan utama yang lain termasuklah sebuah hotel bertaraf

antarabangsa, milik penuh PERNAS, yang akan di bina di atas

tanah seluas 8.89 ekar (2.4 hektar) bertempat di pusat komersial

yang dicadangkan dan juga Setor Jusco dengan keluasan 750,000

kaki persegi di bina di atas sebidang tanah seluas 18 ekar

seramai 150,000 apabila ianya siap penuh, bandar

ini akan di bangunkan dalam empat fasa utama

yang disebarkan dalam sepuluh tahun.

Jumlah penduduk terkini ialah 20,000, dengan

lebih daripada 2,110 unit rumah kediaman

dan pejabat-kedai telahpun siap di bina dan

bertukar tangan. Unit kediaman termasuk

syarikat yang dimiliki oleh Bank Negara Malaysia.

Alam, Jalinan Susuh Lapanganterbang dan Jalan

Dilancarkan pada akhir 1997, Bandar Seri Putra

menyediakan campuran pembangunan bersepadu

seperti rumah banglo, apartmen servis yang canggih,

rumah teres dua tingkat, rumah bandar, kondominium

dan unit perumahan yang berpatutan dan juga pusat-

pusat komersial dan perindustrian. Apabila ia siap kelak,

dianggarkan jumlah penduduk di Bandar Seri Putra

menjangkau seramai 25,000 orang dengan kemudahan-

kemudahan seperti taman rekreasi, pusat membeli-belah,

unit rumah kos rendah yang akan

dimajukan oleh TPPT Sdn Bhd, sebuah

Cincin Tengah Cheras-Ampang.

UM Land is currently developing two major integrated

townships, Bandar Seri Alam in Johor through its wholly-owned

subsidiary Seri Alam Properties Sdn. Bhd., and Bandar Seri

Putra in Bangi, Selangor through another subsidiary, Bangi

Heights Develpments Sdn Bhd.

BANDAR SERI ALAM

The flagship township development of UM Land, Bandar Seri

Alam extends over 3,300 acres (1,340 hectares) within the

Pasir Gudang growth corridor in the administrative district of

Johor Bahru Tengah. Located about 18 km or about 20 minutes

UNITED MALAYAN LAND BHD(4131-M)

Suite 1.1, 1st Floor, Kompleks AntarabangsaJalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia

Website: http://www.umland.com.my

Excellence,QualityAnd Value

hectares) site in the proposed commercial centre and a Jusco

Store that will occupy some 750,000 sq. ft. on an 18-acre (7.3

hectares) piece of land. In the vicinity is the 200-bed Regency

Medical Centre currently under construction, which occupies

a 9.39 acre (3.8 hectares) site. This project is a joint-venture

between Premier Health Corporation International Pte Ltd

and Penang Development Corporation. Also in progress in

the township is a world-class theme park occupying some

250 acres (101 hectares) of land.

The various projects will not only serve Seri Alam residents

but also those from the Pasir Gudang and Tanjung Langsat

industrial areas and the surrounding established areas like

Permas Jaya, Kota Putri and Taman Rinting.

BANDAR SERI PUTRA

Located in the Klang Valley Southern Corridor, the nation’s

most economically vibrant growth region, Bandar Seri Putra

enjoys a long frontage on the North-South Expressway (NSE),

spread over 898 acres (364 hectares) of undulating freehold

land, it commands a strategic position within the Multimedia

Super Corridor (MSC).

The completed dedicated interchange at the entrance to

Bandar Seri Putra affords easy excess to the Kuala Lumpur

International Airport located only 20 minutes away and the

heart of Kuala Lumpur, some 40 minutes away via the NSE.

The prestigious township is also connected to the North-

drive from Johor Bahru,

the township is served by

two completed

interchanges that provide

direct access to the Pasir Gudang

Highway and facilitate easy accessibility

to the Nor th-South

Highway and Singapore.

Projected to generate

gross sales revenue in

excess of RM5.5 billion to

the UM Land Group, Bandar Seri Alam, one of the largest on-

going developments in Johor, features comprehensive

commercial, residential, light industrial, institutional, hotel and

recreational developments. With a target population of

150,000 when fully completed, the township will be

developed in four major phases spread over a

period of 10 years.

Current population stands at 20,000, with more

than 2,110 units of residential houses and shop-

office units completed and handed over. The

residential units include the low-cost

residential units to be developed by TPPT

Sdn Bhd, a company beneficially owned by

Band Negara Malaysia.

The MIEL industrial estate has been completed

and operational since 1996. Preliminary approval has also

been given for the construction of a secondary and two

primary schools within the township. Existing recreational

facilities in the township include the Seri Alam Golf and

Equestrian Club and the Octville Golf and Country Club, as

well as playgrounds, jogging paths, cycling tracks, open spaces

and gardens.

Other major developments include an international hotel,

wholly owned by PERNAS, to be built on an 8.89- acre (2.4

Highway, Airport Spur Link and the Cheras-

Ampang Middle Ring Road.

Launched at the end of 1997, Bandar SeriPutra offers fully integrated mixed

development comprising bungalows, high-end

serviced apartments, double-storey terraced

houses, townhouses, condominiums and

affordable residential units as well as commercial

and industrial centres. When completed Bandar

Seri Putra is expected to have a population of 25,000

supported by amenities such as recreational parks,shopping mall, international and national schools, hospital,

international-class hotel and hotel school, and hi-tech

technology parks.

Work on the bungalow lots, commercial centres and medium-

cost apartments have commenced and the first residents are

expected to move in by 2001. Projected to take eight to ten

years to complete, Bandar Seri Putra is expected to generate

in excess of RM500 million over the next few years.

South Central Link, Nilai-KLIA expressway, Shah Alam

board of directors -...

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