gamuda final cvr - gamuda.listedcompany.comgamuda.listedcompany.com/misc/ar2003.pdf · inovasi...

The Stormwater Management and Road Tunnel (SMART)

project, a RM2 billion initiative is a unique Malaysian

engineering innovation, the first of its kind in the world.

It will not only convey storm water, but also serve

as a motorway tunnel that provides an alternative route

from the city’s southern gateway at Sungai Besi

direct to the city centre.

Projek Pengurusan Air Banjir dan Terowong Jalanraya

(SMART), satu inisiatif bernilai RM2 bilion, merupakan

inovasi kejuruteraan Malaysia yang unik dan pertama

sepertinya di dunia. Ia bukan sahaja akan menyalurkan

air hujan tetapi juga berfungsi sebagai terowong lalu lintas

yang menyediakan laluan alternatif, dari pintu masuk

selatan di Sungei Besi terus ke pusat bandaraya.

safetyKESELAMATAN

innovationINOVASI

technologyTEKNOLOGI

la pora n t a h un a n 2003 annual repor t

5 Years’Financial HighlightsMAKLUMAT PENT ING KEWANG AN

5 TAHUNNet Profit (RM Million)

Keuntungan Bersih (RM Juta)

Revenue (RM Million)

Hasil (RM Juta)

Group Earnings Per Share (Sen)

Perolehan Kumpulan Sesaham (Sen)

Shareholders’ Equity (RM Million)

Ekuiti Pemegang Saham (RM Juta)

20032002200120001999

36

29

24

1717

0

5

10

15

20

25

30

35

40

During the financial year, the Group applied new Malaysian Accounting Standards Board (“MASB”) Standards and recognised the

share of capital reserves arising from deemed disposal in an associated company (as disclosed in the Financial Statements) and these

have been adjusted retrospectively. The comparative figures for the preceding years are restated for comparison purposes.

Bagi tahun kewangan ini, Kumpulan telah mengambilguna Piawaian Perakaunan Malaysian Accounting Standards Board (“MASB”)

dan pengiktirafan perkongsian rizab modal timbul daripada pelupusan yang dianggap dalam syarikat bersekutu (seperti dinyatakan

dalam nota-nota kepada Penyata Kewangan) dan ini telah dilaraskan secara retrospektif. Angka-angka perbandingan bagi tahun lepas

telah dinyatakan semula.

1999 2000 2001 2002 2003

RM’000

Revenue / 315,514 637,488 831,283 1,042,752 1,442,069

Hasil

Profit Before Taxation / 101,751 154,599 227,348 321,374 406,002

Keuntungan Sebelum Cukai

Net Profit / 97,046 108,411 156,823 193,899 241,773

Keuntungan Bersih

Total Assets / 1,151,500 1,366,634 2,383,898 2,640,482 2,750,991

Jumlah Aset

Net Tangible Assets / 799,434 1,034,399 1,055,626 1,268,933 1,495,691

Aset Ketara Bersih

Shareholders’ Equity / 804,893 1,039,611 1,148,259 1,358,398 1,581,988

Ekuiti Pemegang Saham

Total number of shares / 295,904 665,191 665,355 672,839 683,447

Jumlah Bilangan Saham

Group Earnings Per Share (sen) /

Perolehan Kumpulan Sesaham (sen) 17 17 24 29 36

Net Tangible Assets Per Share (sen) /

Aset Ketara Bersih Sesaham (sen) 270 156 159 189 219

20032002200120001999

1,582.0

1,358.4

1,148.3

1,039.6

804.9

0

200

400

600

800

1,000

1,200

1,400

1,600

20032002200120001999

241.8

193.9

156.8

108.4

97.0

0

35

70

105

140

175

210

245

280

20032002200120001999

1,442.1

1,042.8

831.3

637.5

315.5

0

200

400

600

800

1,000

1,200

1,400

1,600

1

gamuda berhad (29579-T)

Twenty-Seventh Annual General Meeting Mesyuarat Agung Tahunan Kedua Puluh Tujuh

The Ballroom of Kota Permai Golf & Country Club

No. 1, Jalan 31/100A, Kota Kemuning, Section 31, 40460 Shah Alam, Selangor Darul Ehsan

Wednesday, 14 January 2004 Hari Rabu, 14 Januari 2004

10.00 a.m. Jam 10.00 pagi

ContentsKANDUNGAN

3 Anugerah & Pencapaian

5 Mercutanda Korporat

6 Struktur Korporat

7 Maklumat Korporat

8 Lembaga Pengarah

10 Profil Para Pengarah

20 Penyata Pengerusi

23 Tinjauan Operasi

39 Penyata Tadbir Urus Korporat

47 Penyata Kawalan Dalaman

49 Laporan Jawatankuasa Audit

53 Penyata Kepentingan Para Pengarah

55 Maklumat Tambahan

57 Dasar Kualiti

58 Kod Amalan

58 Prinsip Semangat Kerja Berpasukan

59 Takwim Korporat

125 Penyata Kewangan

191 Maklumat Para Pemegang Saham

& Pemegang Waran

199 Senarai Hartanah Utama

200 Notis Mesyuarat Agung Tahunan

204 Penyata Berserta

Notis Mesyuarat Agung Tahunan

• Borang Proksi

2 Awards & Achievements

4 Corporate Milestones

6 Corporate Structure

7 Corporate Information

8 Board of Directors

10 Profile of Directors

20 Chairman’s Statement

23 Review of Operations

39 Statement of Corporate Governance

47 Statement of Internal Control

49 Audit Committee Report

53 Statement of Directors’ Interests

55 Additional Information

57 Quality Policy

58 Code of Practice

58 Teamwork Principles

59 Corporate Calendar

61 Financial Statements

191 Shareholders’ & Warrantholders’

Information

199 List of Major Properties

200 Notice of Annual General Meeting

204 Statement Accompanying

Notice of Annual General Meeting

• Form of Proxy


2

& 2003Gamuda Land has obtained further recognition as the leading developer

in the industry both locally and internationally.

Bandar Botanic received the FIABCI Property Award of Distinction 2003

for the Best Master Plan category from the FIABCI International

Malaysian Chapter.

Kota Kemuning was awarded the Best Maintained Township

from the Ministry of Housing and Local Government.

Testimony to Gamuda Land’s quality standards in planning, design,

implementation and maintenance, Bandar Botanic and Kota Kemuning

was picked among established developers in the country.

Chairman Y Bhg Tan Sri Dato’ Ir Talha Hj Mohd Hashim received

the award from Seri Paduka Baginda Yang di-Pertuan Agong Tuanku

Syed Sirajuddin Tuanku Syed Putra Jamalullail on October 3.

The FIABCI International Prix d’Excellence is an international real estate

awards programme that honours outstanding developments worldwide.

Considered the property industry’s most acclaimed authority,

it is indeed a privilege to have won the award.

Kota Kemuning won the first prize in this category for its quality

Township Management and Maintenance. The Township Management

office comprises maintenance personnel who adhere to stringent quality system,

a landscaping services under Kota Kemuning Nursery to specially meet

with landscaping and beautification requirements and to ensure clean and

healthy environment for the township.

Kota Kemuning’s past awards: ‘Planning, Innovation & Concept Award 2000’

by the Malaysian Institute of Planners.

Kota Permai Golf & Country Club: ‘Most Scenic, Most Memorable &

No. 1 Golf Course in Malaysia 2001/2002’ by Golf Malaysia Poll 2001/2002.

AwardsAchievements


2

3


ANUGERAH & PENC APAIAN 200 3

Gamuda Land telah mendapat pengiktirafan sebagai pemaju projek

pembangunan yang ulung dalam industri tempatan dan juga antarabangsa.

Bandar Botanic menerima Anugerah Kecemerlangan Hartanah FIABCI 2003

bagi kategori Pelan Induk Terbaik daripada FIABCI International

Cawangan Malaysia.

Kota Kemuning pula menerima anugerah Taman Perumahan Yang

Disenggarakan Secara Paling Baik daripada Kementerian Perumahan

dan Kerajaan Tempatan.

Pemilihan Bandar Botanic dan Kota Kemuning di antara begitu banyak projek

pembangunan taman perumahan di negara ini membuktikan piawaian kualiti

Gamuda Land yang tiada tandingan dalam perancangan, reka bentuk,pelaksanaan dan penyenggaraan projek pembangunannya.

Sebagai Pengerusi Gamuda, Y Bhg Tan Sri Dato’ Ir Talha Hj Mohd Hashim

menerima anugerah tersebut pada 3 Oktober daripada Seri Paduka Baginda

Yang di-Pertuan Agong Tuanku Syed Sirajuddin Tuanku Syed Putra Jamalullail.

FIABCI International Prix d’Excellence adalah program anugerah hartanah

antarabangsa yang mengiktiraf kecemerlangan pemaju projek pembangunan

di seluruh dunia. Kejayaan Gamuda Land memenangi anugerah ini adalah

satu penghormatan memandangkan FIABCI dianggap sebagai lembaga industri

hartanah yang paling berpengaruh dan dihormati.

Kota Kemuning memenangi hadiah pertama dalam kategori tersebut kerana

Pengurusan dan Penyenggaraan Taman Perumahan yang bermutu tinggi.

Pejabat pengurusannya dikendalikan oleh kakitangan penyenggaraan yang

mematuhi sistem kualiti yang ketat dalam usaha menyediakan perkhidmatan

landskap di bawah Kota Kemuning Nursery, yang secara khusus memenuhi

keperluan landskap dan pengindahan taman perumahan itu, untuk memastikan

persekitaran yang bersih dan sihat.

Anugerah terdahulu yang telah dimenangi oleh Kota Kemuning ialah:

‘Anugerah Perancangan, Inovasi & Konsep 2000’ daripada

Institut Perancang Malaysia.

Kota Permai Golf & Country Club: ‘Anugerah Padang Golf Paling Indah,

Paling Menjadi Kenangan & No. 1 di Malaysia 2001/2002’ daripada

Golf Malaysia Poll 2001/2002.

3



4

October 2003Gamuda Berhad (“Gamuda”) and joint venture partner Malaysia Mining Corporation

Berhad (“MMC”) received the Letter of Award from the Government of Malaysia

(“Government”) in respect of works identified as the ’Electrified Double-Tracking

Between Ipoh-Padang Besar (“Northern Section”) And Seremban-Johor Bahru

(“Southern Section”) Project’ (“the Contract”) for a lump sum of RM14.448 billion.

The works involve the design and construction of the electrified railway double-tracking

between the Northern and the Southern Sections.

MMC-Gamuda JV has been appointed as the Main Contractor for the infrastructure

components (civil works) and Lead Contractor for the whole Project encompassing

interfacing, testing, commissioning and maintenance including responsibility for managing

the interfacing between the infrastructure components and system.

The completion period for the whole of the Contract is stipulated to be three (3) years

for infrastructure works and an additional one (1) year for system works.

October 2002Gamuda and New Asia Construction & Development Corporation, Taiwan signed an

agreement with Kaohsiung Rapid Transit Corporation, Taiwan to undertake the Kaohsiung

Mass Rapid Transit (MRT) System Project, Orange line Package C04.

July 2002Gamuda signed joint venture agreement with MMC Engineering Berhad to form an

unincorporated joint venture known as “MMCEG-Gamuda Joint Venture” to collaborate

with each other to jointly negotiate and undertake the design, engineering, procurement,

construction, installation, testing and commissioning as an Engineering Procurement

and Construction (“EPC”) contractor of the project for the construction of an integrated

Bypass Tunnel cum Motorway in the city of Kuala Lumpur to alleviate the flood

and traffic congestion problems in the city known as “Stormwater Management And

Road Tunnel” (SMART).

2002/03MilestonesCorporate

5


MERCUTANDA KORPORAT 2002 /0 3

Oktober 2003Gamuda Berhad (“Gamuda”) dan rakan usaha samanya, Malaysia Mining Corporation

Berhad (“MMC”) menerima Surat Pemberian Kontrak daripada Kerajaan Malaysia

(“Kerajaan”) bagi kerja-kerja yang dikenali sebagai ‘Projek Landasan Kembar Elektrik

Antara Ipoh-Padang Besar” (“Seksyen Utara”) dan Seremban-Johor Bahru (“Seksyen

Selatan”)’ (“Kontrak”) untuk jumlah besar RM14.448 bilion.

Kerja-kerja ini melibatkan reka bentuk dan pembinaan landasan kembar kereta api

elektrik antara Seksyen Utara dan Seksyen Selatan.

Usaha sama antara MMC-Gamuda dilantik sebagai Kontraktor Utama bagi komponen

infrastruktur (kerja-kerja sivil) dan Kontraktor Utama bagi seluruh projek yang merangkumi

perhubungan, ujian, pelaksanaan dan penyenggaraan, termasuk tanggungjawab untuk

menguruskan perhubungan antara komponen dan sistem infrastruktur.

Tempoh pelaksanaan bagi seluruh Kontrak dianggarkan memakan masa tiga (3) tahun

bagi kerja-kerja infrastruktur dan tambahan satu (1) tahun bagi kerja-kerja sistem.

Oktober 2002Gamuda bersama-sama New Asia Construction & Development Corporation, Taiwan

menandatangani perjanjian dengan Kaohsiung Rapid Transit Corporation, Taiwan untuk

melaksanakan projek Mass Rapid Transit (MRT) Kaohsiung, Pakej C04 Orange line.

Julai 2002Gamuda menandatangani perjanjian usahasama dengan MMC Engineering Berhad untuk

menubuhkan usahasama tanpa diperbadankan dikenali sebagai “MMCEG-Gamuda

Joint Venture” untuk bekerjasama dalam merunding dan melaksanakan bersama

rekabentuk, kejuruteraan, pemerolehan, pemasangan, pembinaan, pengujian dan

pentauliahan sebagai kontraktor Kejuruteraan Pemerolehan dan Pentauliahan (“EPC”) bagi

projek untuk pembinaan Terowong Lencongan/Lebuhraya di bandaraya Kuala Lumpur

sebagai langkah mengatasi masalah banjir dan kesesakan lalulintas yang dikenali

sebagai “Pengurusan Air Banjir dan Terowong Jalanraya” (SMART).

5



6


6

Expressway Tolling

& Management /

Kutipan Tol &

Pengurusan Lebuhraya

30% Kesas Sdn Bhd39% Lingkaran Trans Kota Sdn Bhd49% Sistem Penyuraian Trafik KL Barat Sdn Bhd36% Madang Permai Sdn Bhd50% Mapex Infrastructure Private Limited50% Emas Expressway Private Limited

Water Related /

Berkaitan Air

30% Syarikat Pengeluar Air Sungai Selangor Sdn Bhd80% Gamuda Water Sdn Bhd50% Syarikat Mengurus Air Banjir & Terowong Sdn Bhd

Construction /

Pembinaan

100% Gammau Construction Sdn Bhd100% Gamuda Engineering Sdn Bhd100% Masterpave Sdn Bhd100% Ganaz Bina Sdn Bhd100% Gamuda (India) Private Limited70% Gamuda-WCT (India) Private Limited

Trading /

Perdagangan

100% Gamuda Trading Sdn Bhd

Township Development /

Pembangunan Perbandaran

50% Hicom-Gamuda Development Sdn Bhd99% Valencia Development Sdn Bhd

100% Harum Intisari Sdn Bhd100% Gamuda Land Sdn Bhd

Golf Club /

Kelab Golf

50% Danau Permai Resort Berhad

Quarrying, Plant Hire

& Others /

Perkuarian, Penyewaan Loji

& Lain-lain

Investment /

Pelaburan

100% Gamuda Overseas Investment Ltd100% Megah Capital Sdn Bhd30% Syarikat Pengeluar Air Selangor Holdings Berhad

100% Gamuda (Offshore) Private Limited50% Gamuda-WCT (Offshore) Private Limited50% Suria Holding (O) Pvt Ltd30% Kesas Holdings Berhad39% Lingkaran Trans Kota Holdings Berhad49% Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd50% Projek Smart Holdings Sdn Bhd

Information Technology /

Teknologi Maklumat

100% GIT Services Sdn Bhd

Landscaping /

Seni Taman

100% Megah Landscape Sdn Bhd50% Kota Kemuning Nursery & Landscaping Sdn Bhd

Corporate StructureCorporate StructureCorporate StructureCorporate StructureCorporate StructureSTRUKTUR KORPORAT pada 7 November 2003

as at 7 November 2003

Gamuda

Berhad

100% G. B. Kuari Sdn Bhd41% Dyna Plastics Sdn Bhd

100% Megah Management Services Sdn Bhd100% Megah Sewa Sdn Bhd95% Gamuda Paper Industries Sdn Bhd95% GPI Trading Sdn Bhd

100% Reka Strategi Sdn Bhd100% Setara Hati Sdn Bhd100% Idaman Lantas Sdn Bhd

Township Management &

Golf Club /

Pengurusan Perbandaran &

Kelab Golf

99% Valencia Township Sdn Bhd(formerly known as / dahulu dikenali sebagai Tower Symbol Sdn Bhd)

7


Corporate InformationCorporate InformationCorporate InformationCorporate InformationCorporate InformationMAKLUMAT KORPORAT

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

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

Y Bhg Tan Sri Dato’ Ir Talhabin Haji Mohd HashimChairman / Pengerusi

Y Bhg Dato’ Lin Yun LingManaging Director / Pengarah Urusan

Y Bhg Tan Sri Dato’ Mohd Ramlibin Kushairi

Y Bhg Tan Sri Ab Rahman bin Omar

Y A M Raja Dato’ Seri Eleena Azlan Shah

Y M Raja Dato’ Seri Abdul Azizbin Raja Salim

Y Bhg Dato’ Ir Kamarul Zamanbin Mohd Ali

Y Bhg Dato’ Haji Azmi Mat Nor

Mr Ng Kee Leen

Mr Goon Heng Wah

Mr Ha Tiing Tai

Ms Wong Chin Yen

Mr Saw Wah Theng

Mr Chow Chee WahAlternate to Y Bhg Dato’ Lin Yun Ling /

Pengganti kepada Y Bhg Dato’ Lin Yun Ling

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

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

Y M Raja Dato’ Seri Abdul Azizbin Raja SalimChairman / Pengerusi


Mr Ng Kee Leen

Ms Wong Chin Yen

N O M I N AT I O N C O M M I T T E E

J A W ATA N K U A S A P E N C A L O N A N



Ms Wong Chin Yen

R E M U N E R AT I O N C O M M I T T E E

J A W ATA N K U A S A I M B U H A N


Y Bhg Dato’ Lin Yun Ling

Y M Raja Dato’ Seri Abdul Azizbin Raja Salim

C O M PA N Y S E C R E TA R I E S

S E T I A U S A H A - S E T I A U S A H A S YA R I K AT

Ms Lim Soo Lye

Ms Tee Yew Chin

R E G I S T E R E D O F F I C E

P E J A B AT B E R D A F TA R

78, Jalan SS22/21Damansara Jaya47400 Petaling JayaSelangor Darul EhsanTel / Tel : 03-7726 9210Fax / Faks : 03-7728 9811E-mail / E-mel : [email protected]

R E G I S T R A R

P E N D A F TA R

(For Ordinary Shares, Warrants 1996/2006and Warrants 2001/2007)(Bagi Saham Biasa, Waran 1996/2006 danWaran 2001/2007)Insurban Corporate Services Sdn. Bhd.149, Jalan Aminuddin BakiTaman Tun Dr. Ismail60000 Kuala LumpurTel / Tel : 03-7729 5529Fax / Faks : 03-7728 5948

A U D I TO R S

J U R U A U D I T

Ernst & YoungChartered AccountantsAkauntan Berkanun

P R I N C I PA L B A N K E R

B A N K U TA M A

Malayan Banking Berhad

S T O C K E X C H A N G E L I S T I N G

P E N Y E N A R A I A N B U R S A S A H A M

Main BoardKuala Lumpur Stock Exchange /Papan UtamaBursa Saham Kuala Lumpur

W E B S I T E

L A M A N W E B

www.gamuda.com.my


8

Board of DirectorsLEM BAG A PENGARAH

9


first row (from left to right) / barisan pertama (dari kiri ke kanan)

Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim Y Bhg Dato’ Lin Yun Ling

second row (from left to right) / barisan kedua (dari kiri ke kanan)

Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali Ms Wong Chin Yen Y Bhg Tan Sri Ab Rahman bin Omar Mr Goon Heng Wah

third row (from left to right) / barisan ketiga (dari kiri ke kanan)

Mr Ng Kee Leen Y A M Raja Dato’ Seri Eleena Azlan Shah Mr Ha Tiing Tai Mr Saw Wah Theng Y Bhg Dato’ Haji Azmi Mat Nor Mr Chow Chee Wah


10

Profile ofDirectorsPROFIL PARA PENG ARAH

Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim obtained a Diploma in Civil Engineering

from Brighton Technical College, UK in 1959 and a Masters degree in Management from

Asian Institute Of Management, Manila, Philippines in 1976. He is a Professional Engineer

registered with the Board of Engineers, Malaysia; Chartered Engineer registered with the

Engineering Council, UK; Fellow of the Institution of Engineers Malaysia; Fellow of the

Institution of Civil Engineers, UK and Fellow of the Institution of Highways And Transportation,

UK. He had worked with Jabatan Kerja Raya Malaysia (JKR) for 31 years from 1959-1990

where he last served as the Director-General overseeing the planning, design, construction

and maintenance of public roads, water supplies, government buildings, airports and marine

ports. He was formerly President of the Board of Engineers, Malaysia; a member of the Board

of Directors of the Malaysian Highway Authority; Chairman of the Central Registration

Committee of Government Contractors; Council Member of Universiti Teknologi Malaysia

and Council Member of the Scientific and Research Institute of Malaysia. Y Bhg Tan Sri Dato’

Ir Talha bin Haji Mohd Hashim was appointed to the Board of Gamuda on 26 March 1992.

He also serves as the Chairman of the Remuneration Committee and Nomination Committee

of the Board. He attended all the 4 Board meetings held in the financial year. His directorships

in other public companies are in Hume Industries (Malaysia) Berhad, Sapura Telecommunications

Berhad, SHL Consolidated Berhad, Sunway City Berhad, Phillip Mutual Berhad and APP

Industries Berhad.

Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim berkelulusan Diploma Kejuruteraan Awam

dari Brighton Technical College, UK pada tahun 1959 dan Ijazah Sarjana Pengurusan dari Asian

Institute Of Management, Manila, Filipina pada tahun 1976. Beliau adalah seorang Jurutera

Profesional yang berdaftar dengan Lembaga Jurutera Malaysia; Jurutera Bertauliah yang

berdaftar dengan Engineering Council UK; Fellow Institut Jurutera Malaysia; Fellow Institution

of Civil Engineers, UK dan Fellow Institution of Highways And Transportation, UK. Beliau telah

berkhidmat dengan Jabatan Kerja Raya Malaysia (JKR) selama 31 tahun dari tahun 1959-1990

di mana beliau bersara sebagai Ketua Pengarah yang bertanggungjawab mengawasi

perancangan, reka bentuk, pembinaan dan penyenggaraan jalan awam, bekalan air, bangunan

kerajaan, lapangan terbang dan pelabuhan. Beliau adalah bekas Presiden Lembaga Jurutera,

Malaysia; ahli Lembaga Pengarah Lembaga Lebuhraya Malaysia; Pengerusi Jawatankuasa

Pendaftaran Pusat Kontraktor Kerajaan; Ahli Majlis Universiti Teknologi Malaysia dan Ahli

Majlis Institut Saintifik dan Penyelidikan Malaysia. Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd

Hashim dilantik menganggotai Lembaga Pengarah Gamuda pada 26 Mac 1992. Beliau juga

berkhidmat sebagai Pengerusi Jawatankuasa Imbuhan dan Jawatankuasa Pencalonan. Beliau

telah menghadiri kesemua 4 mesyuarat Lembaga Pengarah yang diadakan pada tahun

kewangan. Syarikat-syarikat awam lain yang turut dianggotainya sebagai ahli Lembaga

Pengarah ialah Hume Industries (Malaysia) Berhad, Sapura Telecommunications Berhad,

SHL Consolidated Berhad, Sunway City Berhad, Phillip Mutual Berhad dan APP Industries

Berhad.

Y Bhg Tan Sri Dato’ Ir Talha

bin Haji Mohd Hashim

PSM, DPCM, DSDK, KMN, AMN, BCK,

Dip C Eng (BTC), MM (AIM), C. Eng. P. Eng,

FICE, FIEM, FIHT, MMIM, MACEM, Hon. FISM

68, Malaysian 68, Warganegara Malaysia

Chairman Pengerusi

Non Independent Non-Executive Director

Pengarah Bukan Eksekutif Bukan Bebas

11


Y Bhg Dato’ Lin Yun Ling holds a Bachelor of Science

(Honours) degree in Civil Engineering from King’s College,

University of London, UK. He is a civil engineer with more

than 26 years of working experience in civil engineering

and construction. He joined Gamuda in 1978 as a Senior

Project Manager. Under his leadership over the years,

Gamuda is now a diversified group with major activities

in construction and infrastructure concessions both locally

and abroad and, in property development. Y Bhg Dato’

Lin Yun Ling was appointed to the Board of Gamuda on

10 February 1981 as Managing Director. He is a member

of the Remuneration Committee of the Board and a major

shareholder of Gamuda. He attended 2 out of the 4 Board

meetings held in the financial year. His directorships in other

public companies are in Lingkaran Trans Kota Holdings

Berhad, Danau Permai Resort Berhad and Syarikat

Pengeluar Air Selangor Holdings Berhad.

Y Bhg Dato’ Lin Yun Ling berkelulusan Ijazah Sarjana

Muda Sains (Kepujian) dalam jurusan Kejuruteraan Awam

dari King’s College, University of London, UK. Beliau

adalah seorang jurutera awam yang telah menimba

pengalaman bekerja selama lebih 26 tahun dalam bidang

kejuruteraan awam dan pembinaan. Beliau menyertai

Gamuda pada tahun 1978 sebagai Pengurus Kanan Projek.

Selepas beberapa tahun di bawah pucuk pimpinan beliau,

Gamuda kini adalah sebuah kumpulan syarikat yang

terlibat dalam pelbagai aktiviti, dengan tumpuan utama

dalam bidang pembinaan dan konsesi infrastruktur di

dalam dan di luar negara dan, dalam bidang pembangunan

hartanah. Y Bhg Dato’ Lin Yun Ling dilantik menganggotai

Lembaga Pengarah Gamuda sebagai Pengarah Urusan

pada 10 Februari 1981. Beliau juga merupakan ahli

Jawatankuasa Imbuhan dan pemegang saham utama

Gamuda. Beliau telah menghadiri 2 daripada 4 mesyuarat

Lembaga Pengarah yang diadakan pada tahun kewangan.

Syarikat-syarikat awam lain yang turut dianggotainya

sebagai ahli Lembaga Pengarah ialah Lingkaran Trans

Kota Holdings Berhad, Danau Permai Resort Berhad dan

Syarikat Pengeluar Air Selangor Holdings Berhad.

Y Bhg Dato’ Lin Yun Ling


Managing Director Pengarah Urusan


12

Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi holds a Bachelor of Arts (Honours) degree in Social

Science from Hull University, England, UK and did his post-graduate studies at King’s College,

University of London, UK. He began his career in the public service in 1961 as Assistant Secretary

at Bank Negara Malaysia. From 1965-1972, he served in senior positions at the Tariff Advisory

Board and Federal Agricultural Marketing Authority. From 1972-1983, he was a Director and

subsequently Group Managing Director of Kumpulan FIMA Berhad. He was the past Vice-

President of the Dewan Perniagaan Melayu Malaysia and past Secretary-General of the National

Chamber Of Commerce And Industry Malaysia and ASEAN-Chambers Of Commerce And

Industry. He had also served as UMNO Liaison Secretary for Federal Territory from 1980-1982,

and a member of the Advisory Board of Dewan Bandaraya Kuala Lumpur. He is presently a

member of the Malaysian Business Council (MBC), Board of the National Productivity Corporation

(NPC), the National Standards & Accreditation Council and Chairman of the Council’s Standards

Committee. He was appointed a member of the Board of Trustees of Yayasan Tuanku Bainun on

10 June 2002 and Yayasan Suluh Budiman Universiti Pendidikan Sultan Idris on 1 October 2002.

Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi was appointed to the Board of Gamuda on 22

October 2001. He is a member of the Audit Committee and Nomination Committee of the

Board. He attended 3 out of the 4 Board meetings held in the financial year. His directorships in

other public companies are in South Malaysia Industries Berhad (Chairman), Meda Inc. Berhad

(Chairman), Masscorp Berhad and Sime Engineering Services Berhad (formerly known as CMF

Technology Sdn Bhd).

Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi berkelulusan Ijazah Sarjana Muda Sastera

(Kepujian) dalam jurusan Sains Sosial dari Hull University, England, UK dan melanjutkan

pengajiannya ke peringkat Sarjana di King’s College, University of London, UK. Beliau

memulakan kerjaya dalam perkhidmatan awam pada tahun 1961 sebagai Penolong Setiausaha

di Bank Negara Malaysia. Dari tahun 1965-1972, beliau memegang beberapa jawatan kanan

di Lembaga Penasihat Tarif dan Lembaga Pemasaran Pertanian Persekutuan. Dari tahun

1972-1983, beliau berkhidmat sebagai Pengarah dan seterusnya Pengarah Urusan Kumpulan

FIMA Berhad. Beliau adalah bekas Naib Presiden Dewan Perniagaan Melayu Malaysia dan

bekas Setiausaha Agung Dewan Perniagaan dan Industri Kebangsaan Malaysia dan Dewan

Perniagaan dan Industri ASEAN. Beliau juga pernah berkhidmat sebagai Setiausaha

Perhubungan UMNO Wilayah Persekutuan dari tahun 1980-1982, dan ahli Lembaga Penasihat

Dewan Bandaraya Kuala Lumpur. Kini beliau merupakan seorang ahli Majlis Perniagaan

Malaysia (MBC), Lembaga Perbadanan Produktiviti Negara (NPC), Majlis Piawaian & Akreditasi

Negara dan Pengerusi Jawatankuasa Piawaiannya. Beliau dilantik menganggotai Lembaga

Pemegang Amanah Yayasan Tuanku Bainun pada 10 Jun 2002 dan Yayasan Suluh Budiman

Universiti Pendidikan Sultan Idris pada 1 Oktober 2002. Y Bhg Tan Sri Dato’ Mohd Ramli bin

Kushairi dilantik menganggotai Lembaga Pengarah Gamuda pada 22 Oktober 2001. Beliau

adalah ahli Jawatankuasa Audit dan Jawatankuasa Pencalonan. Beliau telah menghadiri

3 daripada 4 mesyuarat Lembaga Pengarah yang diadakan pada tahun kewangan. Syarikat-

syarikat awam lain yang turut dianggotainya sebagai ahli Lembaga Pengarah ialah South

Malaysia Industries Berhad (Pengerusi), Meda Inc. Berhad (Pengerusi), Masscorp Berhad dan

Sime Engineering Services Berhad (dahulu dikenali sebagai CMF Technology Sdn Bhd).

Profile of DirectorsP RO F I L PA R A P E N G A R A H

Y Bhg Tan Sri Dato’ Mohd Ramli

bin Kushairi


Independent Non-Executive Director

Pengarah Bukan Eksekutif Bebas

13


Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim is a Honorary Fellow of the Malaysian

Institute of Taxation; Fellow of the Chartered Association of Certified Accountants,

UK; Fellow of the Chartered Institute of Management Accountants (CIMA), UK;

Council Member of the Malaysian Institute of Accountants (MIA) and Chartered

Accountant (Malaysia). He had a distinguished career in the Malaysian Civil Service.

He was the Director-General of Inland Revenue Malaysia from 1980-1990 and

Accountant-General Malaysia from 1990-1994. He was the President of CIMA,

Malaysia Division from 1976-1993 and Council Member of CIMA, UK from 1990-

1996. He was awarded the CIMA Gold Medal in recognition of his outstanding

service to the accounting profession. Presently, he is the Chairman of the MIA

Committee on Internal Audit. Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim was

appointed to the Board of Gamuda on 22 October 2001. He is the Chairman of the

Audit Committee and a member of the Remuneration Committee of the Board.

He attended all the 4 Board meetings held in the financial year. His directorships

in other public companies are in Amanah Saham Mara Berhad, Kenanga Unit Trust

Berhad, Jerneh Insurance Berhad, Tasek Corporation Berhad, PBB (Oil Palms)

Berhad, Matsushita Electric Company (M) Berhad, Gran Asia Corporation Berhad,

PPB Group Berhad and Southern Steel Berhad. He is also a Director and Chairman

of the Audit Committee of K&N Kenanga Holdings Berhad, Camerlin Group Berhad

and Jerneh Asia Berhad.

Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim adalah seorang Fellow Kehormat

Institut Percukaian Malaysia; Fellow Chartered Association of Certified

Accountants, UK; Fellow Chartered Institute of Management Accountants

(CIMA), UK; Ahli Majlis Institut Akauntan Malaysia (MIA) dan Akauntan

Bertauliah (Malaysia). Beliau telah membina kerjaya yang cemerlang dalam

Perkhidmatan Awam Malaysia. Beliau berkhidmat sebagai Ketua Pengarah Hasil

Dalam Negeri Malaysia dari tahun 1980-1990 dan Akauntan Negara dari tahun

1990-1994. Beliau merupakan Presiden CIMA, Bahagian Malaysia dari tahun

1976-1993 dan Ahli Majlis CIMA, UK dari tahun 1990-1996. Beliau dianugerahkan

Pingat Emas CIMA sebagai pengiktirafan atas khidmat cemerlang beliau dalam

profesion perakaunan. Kini beliau menyandang jawatan sebagai Pengerusi

Jawatankuasa Audit Dalaman MIA. Y M Raja Dato’ Seri Abdul Aziz bin Raja

Salim dilantik menganggotai Lembaga Pengarah Gamuda pada 22 Oktober

2001. Beliau merupakan Pengerusi Jawatankuasa Audit dan ahli Jawatankuasa

Imbuhan. Beliau telah menghadiri kesemua 4 mesyuarat Lembaga Pengarah

yang diadakan pada tahun kewangan. Syarikat-syarikat awam lain yang turut

dianggotainya sebagai ahli Lembaga Pengarah ialah Amanah Saham Mara Berhad,

Kenanga Unit Trust Berhad, Jerneh Insurance Berhad, Tasek Corporation

Berhad, PBB (Oil Palms) Berhad, Matsushita Electric Company (M) Berhad,

Gran Asia Corporation Berhad, PPB Group Berhad dan Southern Steel Berhad.

Beliau juga merupakan Pengarah dan Pengerusi Jawatankuasa Audit K&N

Kenanga Holdings Berhad, Camerlin Group Berhad dan Jerneh Asia Berhad.

Y M Raja Dato’ Seri Abdul Aziz

bin Raja Salim





14


Mr Ng Kee Leen has been with Gamuda since 1977 during which time he held various seniormanagement positions. He has extensive working experience in tender, finance andimplementation of infrastructure projects. Mr Ng Kee Leen was appointed to the Board of Gamudaon 20 September 1986. He serves as a member of the Audit Committee of the Board. Heattended all the 4 Board meetings held in the financial year. His directorships in other publiccompanies are in Lingkaran Trans Kota Holdings Berhad and Kesas Holdings Berhad.

Encik Ng Kee Leen mula berkhidmat di Gamuda semenjak tahun 1977 dan telah memegangpelbagai jawatan pengurusan kanan. Beliau mempunyai pengalaman yang luas dalam bidangtender, kewangan dan perlaksanaan projek infrastruktur. Encik Ng Kee Leen dilantik menganggotaiLembaga Pengarah Gamuda pada 20 September 1986. Beliau merupakan ahli JawatankuasaAudit. Beliau telah menghadiri kesemua 4 mesyuarat Lembaga Pengarah yang diadakan padatahun kewangan. Syarikat-syarikat awam lain yang turut dianggotainya sebagai ahli LembagaPengarah ialah Lingkaran Trans Kota Holdings Berhad dan Kesas Holdings Berhad.

Y A M Raja Dato’ Seri Eleena Azlan Shah is a Barrister-at-Law from Lincoln’s Inn, London, UK.She was called to the English Bar in 1985. Upon returning to Malaysia, she joined Messrs Skrine& Co and was called to the Malaysian Bar in 1986. She set-up her own legal practice MessrsRaja Eleena, Siew Ang & Associates in 1987 of which she is presently a senior partner. Y A MRaja Dato’ Seri Eleena Azlan Shah was appointed to the Board of Gamuda on 1 June 1992. Sheattended all the 4 Board meetings held in the financial year. She is the niece of Y Bhg Dato’ IrKamarul Zaman bin Mohd Ali. She is a Director and major shareholder of Generasi Setia (M) SdnBhd, which is a major shareholder of Gamuda. Her directorships in other public companies are inKAF-Seagroatt & Campbell Holdings Berhad and Danau Permai Resort Berhad.

Y A M Raja Dato’ Seri Eleena Azlan Shah berkelulusan Barrister-at-Law dari Lincoln’s Inn,London, UK. Beliau diterima sebagai peguam oleh Majlis Peguam Inggeris pada tahun 1985.Sekembalinya ke Malaysia, beliau menyertai Tetuan Skrine & Co dan diterima sebagai peguamoleh Majlis Peguam Malaysia pada tahun 1986. Beliau telah menubuhkan firma guamannyasendiri, Tetuan Raja Eleena, Siew Ang & Associates pada tahun 1987, yang mana beliaukini merupakan rakan kongsi kanannya. Y A M Raja Dato’ Seri Eleena Azlan Shah dilantikmenganggotai Lembaga Pengarah Gamuda pada 1 Jun 1992. Beliau telah menghadirikesemua 4 mesyuarat Lembaga Pengarah yang diadakan pada tahun kewangan. Beliau adalahanak saudara Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali. Beliau merupakan seorangPengarah dan pemegang saham utama Generasi Setia (M) Sdn Bhd, yang merupakanpemegang saham utama Gamuda. Syarikat-syarikat awam lain yang turut dianggotainyasebagai ahli Lembaga Pengarah ialah KAF-Seagroatt & Campbell Holdings Berhad dan DanauPermai Resort Berhad.

Mr Ng Kee Leen


Executive Director Pengarah Eksekutif

Y A M Raja Dato’ Seri Eleena

Azlan Shah


Non Independent Non-Executive Director

Pengarah Bukan Eksekutif Bukan Bebas

15


Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali holds a Bachelor of Science degree in Engineeringfrom Institute of Technology, Brighton, UK. He was attached to Jabatan Kerja Raya (JKR), Penangfor 17 years as a Quarry Manager. Subsequently, he joined Penang Development Corporation asa Senior Engineer for 9 years prior to joining G.B. Kuari Sdn Bhd, a subsidiary of Gamuda, on 1June 1990. Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali was appointed to the Board of Gamudaon 1 June 1992. He is the uncle of Y A M Raja Dato’ Seri Eleena Azlan Shah. He attended 3 outof the 4 Board meetings held in the financial year. His directorships in other public companiesare in Intan Utilities Bhd and Unza Holdings Berhad.

Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali berkelulusan Ijazah Sarjana Muda Sains dalam

jurusan Kejuruteraan dari Institute of Technology, Brighton, UK. Beliau telah berkhidmat

dengan Jabatan Kerja Raya (JKR), Pulau Pinang selama 17 tahun sebagai Pengurus Kuari.

Selepas itu, beliau berkhidmat dengan Perbadanan Kemajuan Pulau Pinang sebagai seorang

Jurutera Kanan selama 9 tahun sebelum menyertai G.B. Kuari Sdn Bhd, subsidiari Gamuda,

pada 1 Jun 1990. Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali dilantik menganggotai Lembaga

Pengarah Gamuda pada 1 Jun 1992. Beliau adalah bapa saudara Y A M Raja Dato’ Seri Eleena

Azlan Shah. Beliau telah menghadiri 3 daripada 4 mesyuarat Lembaga Pengarah yang

diadakan pada tahun kewangan. Syarikat-syarikat awam lain yang turut dianggotainya sebagai

ahli Lembaga Pengarah ialah Intan Utilities Bhd dan Unza Holdings Berhad.

Ms Wong Chin Yen holds a Bachelor of Arts (Honours) degree in Law from Polytechnic of NorthLondon, UK. She joined the Honourable Society of Middle Temple in 1983 and thereafter obtainedher Masters of Law degree from London School of Economics and Political Science in 1984.From 1985-1987, she practised law at Shearn Delamore & Co. before moving on to the LegalDepartment of American Express (M) Sdn Bhd. She managed her own business providing processservice to legal firms from 1990-1997. Henceforth, she joined the stockbroking industry and ispresently a Dealer’s Representative with HLG Securities Sdn Bhd. Ms Wong Chin Yen wasappointed to the Board of Gamuda on 1 June 1992. She is a member of the Audit Committeeand Nomination Committee of the Board. She attended all the 4 Board meetings held in thefinancial year. She is not a Director of any other public companies.

Cik Wong Chin Yen berkelulusan Ijazah Sarjana Muda Sastera (Kepujian) dalam jurusanUndang-Undang dari Polytechnic of North London, UK. Beliau menyertai Honourable Societyof Middle Temple pada tahun 1983 dan kemudian memperolehi Ijazah Sarjana Undang-Undangdari London School of Economics and Political Science pada tahun 1984. Beliau mempraktikperundangan di Shearn Delamore & Co dari tahun 1985-1987 sebelum menyertai JabatanUndang-Undang, American Express (M) Sdn Bhd. Beliau menguruskan perniagaan sendiriyang menyediakan khidmat pemprosesan kepada firma-firma guaman dari tahun 1990-1997.Seterusnya, beliau menyertai industri pembrokeran stok dan kini merupakan Wakil Penjual,HLG Securities Sdn Bhd. Cik Wong Chin Yen dilantik menganggotai Lembaga PengarahGamuda pada 1 Jun 1992. Beliau adalah ahli Jawatankuasa Audit dan JawatankuasaPencalonan. Beliau telah menghadiri kesemua 4 mesyuarat Lembaga Pengarah yang diadakanpada tahun kewangan. Beliau tidak memegang jawatan Pengarah dalam mana-mana syarikatawam yang lain.

Y Bhg Dato’ Ir Kamarul Zaman

bin Mohd Ali



Ms Wong Chin Yen





16


Y Bhg Tan Sri Ab Rahman bin Omar holds a Bachelor of Economics (Honours) degree fromUniversity of Malaya. He started his career in the prestigious Administrative And DiplomaticServices, serving various government departments. He joined the private sector in 1978 and ispresently the Managing Director of Perusahaan Otomobil Kedua Sdn Bhd. He was appointed amember of the Board of Kolej Universiti Teknologi Tun Hussein Onn on 1 April 2003. Y Bhg TanSri Ab Rahman bin Omar was appointed to the Board of Gamuda on 22 October 2001. Heattended all the 4 Board meetings held in the financial year. His directorships in other publiccompanies are in Perusahaan Sadur Timah Malaysia (Perstima) Berhad (Chairman) and WahSeong Corporation Berhad.

Y Bhg Tan Sri Ab Rahman bin Omar berkelulusan Ijazah Sarjana Muda Ekonomi (Kepujian) dari

Universiti Malaya. Beliau telah memulakan kerjaya dalam Perkhidmatan Tadbir dan Diplomatik

yang berprestij di beberapa jabatan kerajaan sebelum menyertai sektor swasta pada tahun

1978. Kini beliau adalah Pengarah Urusan Perusahaan Otomobil Kedua Sdn Bhd. Beliau telah

dilantik sebagai ahli Lembaga Kolej Universiti Teknologi Tun Hussein Onn pada 1 April 2003.

Y Bhg Tan Sri Ab Rahman bin Omar dilantik menganggotai Lembaga Pengarah Gamuda pada

22 Oktober 2001. Beliau telah menghadiri kesemua 4 mesyuarat Lembaga yang diadakan

pada tahun kewangan. Syarikat-syarikat awam lain yang turut dianggotainya sebagai ahli

Lembaga Pengarah ialah Perusahaan Sadur Timah Malaysia (Perstima) Berhad (Pengerusi) dan

Wah Seong Corporation Berhad.

Mr Goon Heng Wah holds a Bachelor of Engineering (Honours) degree from Polytechnic ofSouth Bank, UK. He has many years of working experience in the fields of engineering,construction and infrastructure works. He held several senior management positions since joiningGamuda in 1978 with responsibilities including management and supervision of major projects.Mr Goon Heng Wah was appointed to the Board of Gamuda on 11 November 1986, resigned on30 October 1988 and re-joined the Board on 1 June 1992. He attended all the 4 Board meetingsheld in the financial year. His directorship in other public company is in Danau Permai ResortBerhad.

Encik Goon Heng Wah berkelulusan Ijazah Sarjana Muda Kejuruteraan (Kepujian) dari Polytechnicof South Bank, UK. Beliau mempunyai banyak pengalaman dalam bidang kejuruteraan,pembinaan dan kerja-kerja infrastruktur. Sejak menyertai Gamuda pada tahun 1978, beliautelah memegang beberapa jawatan pengurusan kanan, dengan tanggungjawab yang meliputipengurusan dan penyeliaan projek-projek utama. Encik Goon Heng Wah dilantik menganggotaiLembaga Pengarah Gamuda pada 11 November 1986, meletakkan jawatan pada 30 Oktober1988 dan menyertai semula Lembaga Pengarah pada 1 Jun 1992. Beliau telah menghadirikesemua 4 mesyuarat Lembaga Pengarah yang diadakan pada tahun kewangan. Syarikat awamlain yang turut dianggotainya sebagai ahli Lembaga Pengarah ialah Danau Permai Resort Berhad.

Y Bhg Tan Sri Ab Rahman bin Omar




Mr Goon Heng Wah



17


Mr Ha Tiing Tai holds a Bachelor of Engineering (Honours) degree from University of Malaya. Heis a Professional Engineer registered with the Board of Engineers, Malaysia; Chartered Engineerregistered with the Engineering Council, UK; Fellow of the Institution of Engineers Malaysia;Member of the Institution of Civil Engineers, UK and Fellow of the Institution of Highways AndTransportation, UK. He has more than 25 years of experience in the engineering and constructionsectors. Prior to joining Gamuda, he was Associate Director of an engineering consultancy firmspecialising in turnkey projects. Mr Ha Tiing Tai was appointed to the Board of Gamuda on1 February 1990. He attended all the 4 Board meetings held in the financial year. His directorshipin other public company is in Danau Permai Resort Berhad (Alternate Director).

Encik Ha Tiing Tai berkelulusan Ijazah Sarjana Muda Kejuruteraan (Kepujian) dari UniversitiMalaya. Beliau adalah seorang Jurutera Profesional yang berdaftar dengan Lembaga Jurutera,Malaysia; Jurutera Bertauliah yang berdaftar dengan Engineering Council, UK; Fellow InstitutJurutera Malaysia; Ahli Institution of Civil Engineers, UK dan Fellow Institution of HighwaysAnd Transportation, UK. Beliau telah menimba lebih 25 tahun pengalaman dalam sektorkejuruteraan dan pembinaan. Sebelum menyertai Gamuda, beliau merupakan PengarahBersekutu sebuah firma perundingan kejuruteraan yang mempunyai pengkhususan dalamprojek-projek serah kunci. Encik Ha Tiing Tai dilantik menganggotai Lembaga PengarahGamuda pada 1 Februari 1990. Beliau telah menghadiri kesemua 4 mesyuarat LembagaPengarah yang diadakan pada tahun kewangan. Syarikat awam lain yang turut dianggotainyasebagai ahli Lembaga Pengarah ialah Danau Permai Resort Berhad (Pengarah Pengganti).

Mr Saw Wah Theng was admitted as an Associate of the Institute of Chartered Accountants(England and Wales) in 1985 and is a member of the Malaysian Institute of Accountants. He hasextensive working experience in accounting, finance and corporate finance. He was attached toan accounting firm in UK from 1981-1985. Prior to joining the Gamuda Group, he was the GroupFinancial Controller of Hong Leong Industries Berhad. He is presently responsible for the Group’sbudgetary control, treasury, tax and corporate finance including mergers and corporaterestructuring exercises. Mr Saw Wah Theng was appointed to the Board of Gamuda on 1 February1998. He attended all the 4 Board meetings held in the financial year. His directorships in otherpublic companies are in Lingkaran Trans Kota Holdings Berhad, Kesas Holdings Berhad andDanau Permai Resort Berhad (Alternate Director).

Encik Saw Wah Theng diterima sebagai Ahli Bersekutu Institute of Chartered Accountants(England dan Wales) pada tahun 1985 dan adalah ahli Institut Akauntan Malaysia. Beliaumempunyai pengalaman luas dalam bidang perakaunan, kewangan dan kewangan korporat.Beliau pernah berkhidmat dengan sebuah firma perakaunan di UK dari tahun 1981-1985.Sebelum menyertai Kumpulan Gamuda, beliau merupakan Pengawal Kewangan KumpulanHong Leong Industries Berhad. Beliau kini bertanggungjawab terhadap pengawalan belanjawan,perbendaharaan, cukai dan kewangan korporat Kumpulan, termasuk langkah-langkahpenggabungan dan penyusunan semula korporat. Encik Saw Wah Theng dilantikmenganggotai Lembaga Pengarah Gamuda pada 1 Februari 1998. Beliau telah menghadirikesemua 4 mesyuarat Lembaga Pengarah yang diadakan pada tahun kewangan. Syarikat-syarikat awam lain yang turut dianggotainya sebagai ahli Lembaga Pengarah ialah LingkaranTrans Kota Holdings Berhad, Kesas Holdings Berhad dan Danau Permai Resort Berhad(Pengarah Pengganti).

Mr Ha Tiing Tai



Mr Saw Wah Theng




18


Y Bhg Dato’ Haji Azmi Mat Nor holds a Bachelor of Science degreein Civil Engineering and a Masters of Science degree in HighwayEngineering, both from University of Strathclyde, Glasgow, Scotland,UK. He was a Resident Engineer in Jabatan Kerja Raya (JKR), Pahangfrom 1983-1984 and a Resident Engineer in JKR, Selangor from1984-1986. As the Resident Engineer, he was responsible forsupervising the construction of army complex, civil work and airforce building. He was promoted to Maintenance Engineer of JKR,Selangor in 1986 and was responsible for the management ofmaintenance work for the army complex. He was the AssistantDirector in charge of the design and coordination of Central ZoneDesign Unit under JKR Cawangan Jalan from 1987-1997. Y BhgDato’ Haji Azmi Mat Nor was appointed to the Board of Gamuda asAlternate Director to Mr Heng Teng Kuang on 22 December 2000and ceased to be so on 1 August 2001. He re-joined the Board as aDirector on 24 September 2001. He attended 2 out of the 4 Boardmeetings held in the financial year. His directorships in other publiccompanies are in Lingkaran Trans Kota Holdings Berhad, KesasHoldings Berhad and Syarikat Pengeluar Air Selangor HoldingsBerhad.

Y Bhg Dato’ Haji Azmi Mat Nor berkelulusan Ijazah Sarjana MudaSains dalam jurusan Kejuruteraan Awam dan Ijazah SarjanaSains dalam jurusan Kejuruteraan Lebuhraya. Kedua-dua Ijazah itudiperolehi daripada University of Strathclyde, Glasgow, Scotland,UK. Beliau pernah berkhidmat sebagai Jurutera Residen JabatanKerja Raya (JKR) Pahang dari tahun 1983-1984 dan JuruteraResiden JKR Selangor dari tahun 1984-1986. Sebagai JuruteraResiden, beliau bertanggungjawab terhadap penyeliaan pembinaankompleks angkatan tentera, kerja-kerja awam dan bangunantentera udara. Beliau telah dinaikkan pangkat ke jawatanJurutera Penyenggaraan JKR Selangor pada tahun 1986 danbertanggungjawab terhadap pengurusan kerja penyenggaraankompleks angkatan tentera. Beliau merupakan Penolong Pengarahyang bertanggungjawab terhadap reka bentuk dan penyelarasanUnit Reka Bentuk Zon Tengah di bawah JKR Cawangan Jalan daritahun 1987-1997. Y Bhg Dato’ Haji Azmi Mat Nor dilantikmenganggotai Lembaga Pengarah Gamuda sebagai PengarahPengganti kepada Encik Heng Teng Kuang pada 22 Disember2000 dan berhenti menjadi Pengarah Pengganti pada 1 Ogos2001. Beliau menyertai semula Lembaga Pengarah sebagaiPengarah pada 24 September 2001. Beliau telah menghadiri2 daripada 4 mesyuarat Lembaga Pengarah yang diadakanpada tahun kewangan. Syarikat-syarikat awam lain yang turutdianggotainya sebagai ahli Lembaga Pengarah ialah LingkaranTrans Kota Holdings Berhad, Kesas Holdings Berhad dan SyarikatPengeluar Air Selangor Holdings Berhad.

Y Bhg Dato’ Haji Azmi Mat Nor



19


Mr Chow Chee Wah holds a Bachelor of Science degree in Engineering from University ofLondon, UK. He is a member of the Institute of Engineers, Malaysia and a Professional Engineerregistered with the Board of Engineers, Malaysia. He is a Chartered Engineer since 1989 andhas more than 21 years of working experience in the design of roads, expressways and buildings.He was with Sepakat Setia Perunding Sdn Bhd, an engineering consultancy company, for 15years and his last appointment was as Associate Director. He joined Gamuda on 1 April 1995 asProject Coordinator and is presently the Senior General Manager of its Design & Technical Division.Mr Chow Chee Wah joined the Board of Gamuda as Alternate Director to Mr Chan Kuan Nam @Chan Yong Foo on 22 December 2000, ceased to be so on 1 August 2001 and was re-appointedas Alternate Director to Y Bhg Dato’ Lin Yun Ling on 24 September 2001. He attended all the 4Board meetings held in the financial year as an Alternate Director. He is not a Director of anyother public companies.

Encik Chow Chee Wah berkelulusan Ijazah Sarjana Muda Sains dalam jurusan Kejuruteraan

dari University of London, UK. Beliau adalah ahli Institut Jurutera Malaysia dan seorang

Jurutera Profesional yang berdaftar dengan Lembaga Jurutera Malaysia. Beliau menjadi

Jurutera Bertauliah sejak tahun 1989 dan mempunyai lebih 21 tahun pengalaman bekerja

dalam bidang reka bentuk jalan raya, lebuh raya dan bangunan. Beliau berkhidmat selama 15

tahun dengan syarikat perundingan kejuruteraan Sepakat Setia Perunding Sdn Bhd dan

memegang jawatan terakhir sebagai Pengarah Bersekutu. Beliau menyertai Gamuda pada 1

April 1995 sebagai Penyelaras Projek dan kini merupakan Pengurus Besar Kanan Bahagian

Reka Bentuk & Teknikal. Encik Chow Chee Wah menyertai Lembaga Pengarah Gamuda

sebagai Pengarah Pengganti kepada Encik Chan Kuan Nam @ Chan Yong Foo pada 22

Disember 2000, berhenti menjadi Pengarah Pengganti pada 1 Ogos 2001 dan dilantik semula

sebagai Pengarah Pengganti kepada Y Bhg Dato’ Lin Yun Ling pada 24 September 2001.

Beliau telah menghadiri kesemua 4 mesyuarat Lembaga Pengarah yang diadakan pada tahun

kewangan sebagai Pengarah Pengganti. Beliau tidak memegang jawatan Pengarah dalam

mana-mana syarikat awam lain.

1. Family Relationship of Directors / Hubungan Kekeluargaan Para Pengarah

Save as disclosed, none of the Directors has any family relationship with any Director and/or major shareholder of the Company.Selain daripada yang dinyatakan, tiada Pengarah mempunyai sebarang hubungan kekeluargaan dengan mana-mana Pengarah dan/atau pemegangsaham utama Syarikat.

2. Conflict of Interest / Konflik Kepentingan

None of the Directors has any conflict of interest with the Company.Tiada Pengarah mempunyai sebarang konflik kepentingan dengan Syarikat.

3. Conviction of Offence / Sabitan Kesalahan

None of the Directors has been convicted of any offence within the past 10 years other than traffic offences.Tiada Pengarah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun yang lalu selain daripada kesalahan lalu lintas.

4. Securities Holdings / Pegangan Sekuriti

The particulars of the Directors’ securities holdings are set out in the Statement of Directors’ Interests on page 53.Butir-butir pegangan sekuriti para Pengarah dibentangkan dalam Penyata Kepentingan Para Pengarah di muka surat 53.

Mr Chow Chee Wah


Alternate Director Pengarah Pengganti

39


The Board continues to endorse and apply the principles and best

practices of good governance reflected in the Malaysian Code on

Corporate Governance (the Code) and, acknowledges the importance

of good governance as being in the best interests of the Company,

its shareholders and employees.

This Statement has been prepared in accordance with Part 1 and Part 2

of the Code. It explains how the Company has applied the principles

and best practices of good governance throughout the financial year

ended 31 July 2003 (“2003”).

T H E B O A R D

The Board leads and maintains full and effective control over the

Company’s activities. The Board comprises the non-executive Chairman,

the Managing Director, four independent directors, one non-executive

director and, six executive directors. The directors have a range of skills

and experience and each brings an independent judgement and

considerable knowledge to the Board’s discussions. Independent

directors comprise not less than one third of the Board. The independent

directors fulfil a key role in corporate accountability and participate fully

in the review of strategic proposals to help ensure that the interests of

shareholders and relevant stakeholders in the Company are safeguarded.

The Board believes that, at a time when the role of independent directors

is under particularly keen scrutiny, the Company has a strong Board

with independent directors of great experience and of independent

character. Separate directors hold the roles of the Chairman and the

Managing Director and there is a clear division of responsibilities

between them. Tan Sri Dato’ Mohd Ramli bin Kushairi has served

throughout the year as Senior Independent Non-Executive director to

whom shareholders’ concerns regarding the Group may be conveyed

following his appointment to this position in 2001.

All directors are equally accountable for the proper stewardship of the

Company’s affairs. The non-executive directors have a particular

responsibility for providing critical and independent oversight to the

Company’s business and in ensuring that business strategies proposed

are fully discussed and sufficiently reviewed. This ensures the directors

act in the best long-term interests of shareholders, whilst taking into

account the interests of employees, customers, suppliers and the

communities in which the businesses operate. The non-executive

directors also test fully the operational performance of the whole Group

including joint ventures and associate companies.

Statement of Corporate GovernanceStatement of Corporate GovernanceStatement of Corporate GovernanceStatement of Corporate GovernanceStatement of Corporate GovernancePENYATA TADBIR URUS KORPORAT

Lembaga Pengarah terus menyokong dan mengamalkan prinsip dan

amalan terbaik tadbir urus dalam Kod Tadbir Urus Korporat Malaysia

(Kod), dan mengakui betapa pentingnya melaksanakan tadbir urus

yang baik demi kepentingan Syarikat, para pemegang saham dan

kakitangannya.

Penyata ini telah disediakan mengikut Bahagian I dan Bahagian II Kod.

Ia menjelaskan bagaimana Syarikat telah mengamalkan prinsip dan

amalan terbaik tadbir urus sepanjang tahun kewangan berakhir 31 Julai

2003 (“2003”).

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

Lembaga Pengarah mengetuai dan mengekalkan kawalan sepenuhnya

dan berkesan ke atas kegiatan Syarikat. Lembaga Pengarah terdiri

daripada Pengerusi bukan eksekutif, Pengarah Urusan, empat pengarah

bebas, seorang pengarah bukan eksekutif dan enam pengarah eksekutif.

Para pengarah mempunyai kemahiran dan pengalaman yang berpelbagai

dan setiap seorang memberikan pertimbangan yang berkecuali dan

menyumbangkan pengetahuan yang mendalam kepada perbincangan

Lembaga Pengarah. Pengarah bebas merangkumi tidak kurang daripada

satu pertiga daripada ahli Lembaga Pengarah. Pengarah bebas

memainkan peranan penting dalam kebertanggungjawaban korporat dan

mengambil bahagian sepenuhnya dalam kajian cadangan-cadangan

strategik untuk membantu memastikan supaya kepentingan para

pemegang saham dan pemegang kepentingan Syarikat yang berkenaan

dilindungi. Lembaga Pengarah percaya bahawa dalam keadaan semasa

di mana peranan pengarah bebas sentiasa diteliti, Syarikat mempunyai

Lembaga Pengarah yang kukuh, dengan pengarah bebas yang

berpengalaman luas dan berpendirian berkecuali. Pengarah yang berbeza

memegang jawatan Pengerusi dan Pengarah Urusan dan terdapat

perbezaan tanggungjawab yang jelas di antara kedua-duanya. Tan Sri

Dato’ Mohd Ramli bin Kushairi telah berkhidmat sepanjang tahun sebagai

Pengarah Bukan Eksekutif Bebas Kanan yang mana segala kemusykilan

pemegang saham mengenai Kumpulan boleh dikemukakan kepadanya,

selepas beliau dilantik memegang jawatan tersebut pada 2001.

Kesemua pengarah mempunyai tanggungjawab yang sama rata dalam

mengawasi dengan betul hal-ehwal Syarikat. Pengarah bukan eksekutif

mempunyai tanggungjawab khusus membuat pemantauan yang kritikal

dan bebas terhadap perniagaan Syarikat dan memastikan strategi-strategi

perniagaan yang dicadangkan dibincangkan dan dikaji dengan

sewajarnya. Ini memastikan pengarah bertindak untuk kepentingan

jangka panjang pemegang saham, sambil mengambilkira kepentingan

kakitangan, para pelanggan, pembekal dan komuniti di mana perniagaan

beroperasi. Pengarah bukan eksekutif juga menilai sepenuhnya prestasi

operasi dalam seluruh Kumpulan, termasuk syarikat-syarikat usahasama

dan bersekutu.


40

The Board has mechanism to evaluate and improve its performance in

representing the shareholders in governing the corporation. At the

minimum, there is an annual assessment by the Board of its overall

performance, the effectiveness of its committees and the contribution

of each individual director, via a self-assessment process.

All directors have full access to the advice and services of the Company

Secretaries, who, with the Chairman, are responsible for the proper

conduct of Board procedures. Directors may take independent

professional advice at the Company’s expense in the performance

of their duties. To promote awareness of directors’ responsibility, the

Company has developed a Directors’ Handbook and each director has

been given a copy. The Directors’ Handbook highlights amongst others,

the major duties and responsibilities of a director vis-a-vis various laws,

regulations and guidelines governing the same. Directors are also

updated from time to time of any new or change to companies and

securities legislations, rules and regulations.

All directors are subject to election by shareholders at the first

opportunity following their appointment by the Board. Thereafter, they

must seek re-election at least every three years.

The full Board meets regularly, at least four times a year, and has a

formal schedule of matters reserved for it. Agendas and Board papers

are normally provided to directors seven days prior to a meeting being

held so that they can maintain full and effective control over strategic,

financial, operational, compliance and governance issues.

The full Board receives the minutes of Board committee meetings and

is briefed on issues raised at meetings to ensure that all directors are

kept informed of the committees’ activities. The Chairman of the audit

committee reports on matters deliberated by the audit committee and

highlights any business and financial risks, at the Board meeting following

each audit committee meeting. During 2003, four scheduled Board

meetings were held.

Lembaga Pengarah mempunyai mekanisme untuk menilai dan

memperbaiki prestasinya sebagai wakil pemegang saham dalam

mentadbir syarikat. Sekurang-kurangnya, satu penilaian tahunan diadakan

oleh Lembaga Pengarah terhadap prestasi keseluruhannya,

keberkesanan jawatankuasa dan sumbangan setiap pengarah individu,

menerusi proses penilaian diri.

Semua pengarah boleh mendapatkan nasihat dan khidmat Setiausaha-

setiausaha Syarikat, yang bersama-sama dengan Pengerusi,

bertanggungjawab melaksanakan prosedur-prosedur Lembaga Pengarah

dengan betul. Pengarah boleh mendapatkan nasihat profesional bebas

dengan perbelanjaan ditanggung oleh Syarikat semasa melaksanakan

tanggungjawab mereka. Untuk mewujudkan kesedaran tentang

tanggungjawab pengarah, Syarikat telah menerbitkan Buku Panduan

Pengarah dan setiap pengarah telah diberikan satu salinan. Buku Panduan

Pengarah, antara lain, memaparkan tugas dan tanggungjawab utama

pengarah di bawah pelbagai undang-undang, peraturan dan garis

panduan yang berkuatkuasa ke atas mereka. Pengarah juga diberikan

maklumat terkini dari semasa ke semasa tentang sebarang pembaharuan

atau pindaan kepada undang-undang, syarat-syarat dan peraturan-

peraturan syarikat dan sekuriti.

Semua pengarah perlu dipilih oleh pemegang saham pada peluang yang

pertama selepas perlantikan mereka oleh Lembaga Pengarah. Selepas

itu, mereka mesti dipilih semula sekurang-kurangnya setiap tiga tahun.

Lembaga Pengarah penuh bermesyuarat secara kerap, sekurang-kurangnya

empat kali setahun, dan mempunyai satu jadual formal perkara-perkara

yang khusus untuknya. Agenda dan kertas Lembaga Pengarah biasanya

diedarkan kepada pengarah tujuh hari sebelum mesyuarat diadakan

supaya mereka mempunyai kawalan sepenuhnya dan berkesan ke atas

isu-isu strategik, kewangan, operasi, pematuhan dan tadbir urus.

Lembaga Pengarah penuh menerima minit-minit mesyuarat

jawatankuasa-jawatankuasa Lembaga Pengarah dan diberi taklimat

mengenai isu-isu yang ditimbulkan di mesyuarat tersebut untuk

memastikan semua pengarah dimaklumkan tentang kegiatan

jawatankuasa-jawatankuasa Lembaga. Pengerusi jawatankuasa audit

melaporkan tentang perkara-perkara yang dibincangkan oleh

jawatankuasa audit dan kemukakan sebarang risiko perniagaan dan

kewangan di mesyuarat Lembaga Pengarah yang diadakan selepas

setiap mesyuarat jawatankuasa audit. Pada 2003, empat mesyuarat

Lembaga Pengarah yang terjadual telah diadakan.

Statement of Corporate Governance

PENYATA TADBIR URUS KORPORATPENYATA TADBIR URUS KORPORATPENYATA TADBIR URUS KORPORATPENYATA TADBIR URUS KORPORATPENYATA TADBIR URUS KORPORAT

41


The frequency of attendance at Board meetings during the year

was as follows:

Number of meetings %

attended during 2003

The Board

Tan Sri Dato’ Ir Talha bin 4 100

Haji Mohd Hashim (Chairman)

Dato’ Lin Yun Ling 2 50

Tan Sri Dato’ Mohd Ramli bin Kushairi 3 75

Tan Sri Ab Rahman bin Omar 4 100

Raja Dato’ Seri Eleena Azlan Shah 4 100

Raja Dato’ Seri Abdul Aziz bin Raja Salim 4 100

Dato’ Ir Kamarul Zaman bin Mohd Ali 3 75

Dato’ Haji Azmi Mat Nor 2 50

Mr Ng Kee Leen 4 100

Mr Goon Heng Wah 4 100

Mr Ha Tiing Tai 4 100

Ms Wong Chin Yen 4 100

Mr Saw Wah Theng 4 100

Mr Chow Chee Wah 4 100

(Alternate to Dato’ Lin Yun Ling)

No. of meetings held: 4

Certain of the responsibilities of the Board are delegated to its

committees, each of which has specific written terms of reference.

The main committees are:

Audit committee

The membership of this committee, which is chaired by Raja Dato’ Seri

Abdul Aziz bin Raja Salim, an independent director and who is a member

of the Malaysian Institute of Accountants (MIA), is comprised of two

other independent directors and one executive director. It normally

meets at least four times each year and met five times during 2003.

The committee has overall responsibility for monitoring the Group’s

system of internal financial control. It reviews the scopes and results of

the audit and the independence and objectivity of the auditors.

Kehadiran pengarah dalam mesyuarat Lembaga Pengarah pada tahun

yang dilaporkan adalah seperti berikut:

Bilangan mesyuarat %

yang dihadiri pada 2003

Lembaga Pengarah

Tan Sri Dato’ Ir Talha bin 4 100

Haji Mohd Hashim (Pengerusi)

Dato’ Lin Yun Ling 2 50

Tan Sri Dato’ Mohd Ramli bin Kushairi 3 75

Tan Sri Ab Rahman bin Omar 4 100

Raja Dato’ Seri Eleena Azlan Shah 4 100

Raja Dato’ Seri Abdul Aziz bin Raja Salim 4 100

Dato’ Ir Kamarul Zaman bin Mohd Ali 3 75

Dato’ Haji Azmi Mat Nor 2 50

Encik Ng Kee Leen 4 100

Encik Goon Heng Wah 4 100

Encik Ha Tiing Tai 4 100

Cik Wong Chin Yen 4 100

Encik Saw Wah Theng 4 100

Encik Chow Chee Wah 4 100

(Pengganti kepada Dato’ Lin Yun Ling)

Bil. mesyuarat yang diadakan: 4

Tanggungjawab tertentu Lembaga Pengarah diagihkan kepada

jawantankuasa-jawatankuasanya, yang masing-masing mempunyai

bidang rujukan bertulis yang khusus.

Jawatankuasa-jawatankuasa utama ialah:

Jawatankuasa audit

Keahlian jawatankuasa ini, yang dipengerusikan oleh Raja Dato’ Seri

Abdul Aziz bin Raja Salim, seorang pengarah bebas dan ahli Institut

Akauntan Malaysia (MIA) terdiri daripada dua pengarah bebas lain dan

seorang pengarah eksekutif. Jawatankuasa ini biasanya bermesyuarat

sekurang-kurangnya empat kali setahun dan telah bermesyuarat lima

kali pada 2003. Jawatankuasa ini mempunyai tanggungjawab

keseluruhan memantau sistem kawalan kewangan dalaman Kumpulan.

Ia mengkaji skop dan keputusan audit dan keberkecualian dan objektiviti

para juruaudit.


42



Meetings are attended by the external auditors, the Head of Group

Internal Audit and the Finance Director, at the invitation of the committee

Chairman. The committee meetings provide, among other things, an

important forum for regular and formal communication between the

committee and the Group’s external and internal auditors. The external

auditors may avail themselves of the opportunity for discussion with

the committee members in the absence of management and

executive directors.

Nomination committee

The membership of this committee, which is chaired by Tan Sri Dato’ Ir

Talha bin Haji Mohd Hashim, is comprised wholly of non-executive

directors, two of whom are independent directors. The committee is

responsible for nominating Board candidates with required skills and

attributes for approval by the full Board and ensures that the Board

has an appropriate balance of expertise and ability. The committee

meets at least once a year and met twice during 2003 to consider and

propose to the Board the procedure and process for annual assessment

of the effectiveness of the Board as a whole, its committees and the

contribution of each individual director (Annual Assessment). The Board

has adopted the committee’s proposal for Annual Assessment based

on the self-assessment approach, with the committee appointed as

the moderator.

Remuneration committee

The membership of this committee, which is chaired by Tan Sri Dato’ Ir

Talha bin Haji Mohd Hashim, is comprised mainly of non-executive

directors. The committee seeks to establish remuneration policies which

reflect the need to provide a competitive compensation package

designed to attract, retain and motivate members of the senior

management team, having regard to the best interests of the Company

and the shareholders. The committee meets at least once a year

and met twice during 2003. During 2003, the General Manager of

Group Human Resources & Administration provided comparative

remuneration market survey information in respect of executive

directors’ remuneration to the committee. The committee makes

recommendations to the Board on all elements of executive and

non-executive directors’ remuneration and the Board as a whole

determines their remuneration. No director plays a part in any discussion

about and voting on his or her own remuneration. Fees are paid to

non-executive directors with the approval of shareholders at the

Annual General Meeting. Details of the remuneration of the directors

are shown on page 87.

Mesyuarat dihadiri oleh juruaudit luar, Ketua Audit Dalaman Kumpulan

dan Pengarah Kewangan, atas jemputan Pengerusi Jawatankuasa.

Mesyuarat jawatankuasa, antara lain, mewujudkan forum penting bagi

komunikasi kerap dan formal antara jawatankuasa dan juruaudit luar

dan dalaman Kumpulan. Juruaudit luar berpeluang berbincang dengan

ahli-ahli jawatankuasa tanpa kehadiran pihak pengurusan dan pengarah

eksekutif.

Jawatankuasa pencalonan

Keahlian jawatankuasa ini, yang dipengerusikan oleh Tan Sri Dato’ Ir

Talha bin Haji Mohd Hashim, terdiri sepenuhnya daripada pengarah bukan

eksekutif, yang mana dua daripadanya adalah pengarah bebas.

Jawatankuasa pencalonan bertanggungjawab mencalonkan ahli

Lembaga Pengarah yang mempunyai kemahiran dan ciri-ciri yang

dikehendaki, untuk kelulusan Lembaga Pengarah penuh dan memastikan

Lembaga Pengarah mempunyai kepakaran dan kemahiran yang

seimbang. Jawatankuasa ini bermesyuarat sekurang-kurangnya sekali

setahun dan telah bermesyuarat dua kali pada 2003 untuk

mempertimbangkan dan mencadangkan kepada Lembaga Pengarah

tentang prosedur dan proses bagi penilaian tahunan mengenai

keberkesanan Lembaga Pengarah secara keseluruhannya, jawatankuasa-

jawatankuasanya, dan sumbangan setiap pengarah individu (Penilaian

Tahunan). Lembaga Pengarah telah menerima pakai Penilaian Tahunan

yang dicadangkan oleh jawatankuasa yang berasaskan pendekatan

penilaian sendiri dan jawatankuasa pencalonan telah dilantik sebagai

penyelarasnya.

Jawatankuasa imbuhan

Keahlian jawatankuasa ini, yang dipengerusikan oleh Tan Sri Dato’ Ir

Talha bin Haji Mohd Hashim, terdiri terutamanya daripada pengarah

bukan eksekutif. Jawatankuasa ini berusaha menetapkan dasar-dasar

imbuhan yang mencerminkan keperluan menyediakan pakej pampasan

kompetitif yang dirangka untuk menarik minat, mengekalkan dan

mendorong ahli-ahli pasukan pengurusan kanan, setelah mengambilkira

kepentingan terbaik untuk Syarikat dan para pemegang saham.

Jawatankuasa imbuhan bermesyuarat sekurang-kurangnya sekali

setahun dan telah bermesyuarat dua kali pada 2003. Pada 2003,

Pengurus Besar Sumber Manusia & Pentadbiran Kumpulan memberikan

maklumat perbandingan daripada kaji selidik pasaran tentang imbuhan

pengarah eksekutif kepada jawatankuasa. Jawatankuasa imbuhan

mengemukakan cadangannya kepada Lembaga Pengarah dalam semua

perkara yang berkaitan dengan imbuhan pengarah eksekutif dan bukan

eksekutif dan Lembaga Pengarah secara keseluruhannya akan

menentukan imbuhan mereka. Tiada pengarah mengambil bahagian

dalam sebarang perbincangan dan undian mengenai imbuhannya sendiri.

Para pengarah bukan eksekutif dibayar yuran, dengan kelulusan para

pemegang saham di Mesyuarat Agung Tahunan. Butir-butir mengenai

imbuhan para pengarah dipaparkan di muka surat 152.

43


The membership of each of the committees and the frequency of

attendance at committee meetings during the year were as follows:

Number of meetings


Audit committee

Raja Dato’ Seri Abdul Aziz 5

bin Raja Salim (Chairman)

Tan Sri Dato’ Mohd Ramli bin Kushairi 5

Ms Wong Chin Yen 5

Mr Ng Kee Leen 5


Number of meetings


Nomination committee

Tan Sri Dato’ Ir Talha 2

bin Haji Mohd Hashim (Chairman)


Ms Wong Chin Yen 2


Number of meetings


Remuneration committee


bin Haji Mohd Hashim (Chairman)

Dato’ Lin Yun Ling 2

Raja Dato’ Seri Abdul Aziz bin Raja Salim 2


Keahlian setiap jawatankuasa dan kehadiran pengarah berkenaan dalam

mesyuarat jawatankuasa pada tahun yang dilaporkan adalah seperti berikut:

Bilangan mesyuarat


Jawatankuasa audit

Raja Dato’ Seri Abdul Aziz 5

bin Raja Salim (Pengerusi)


Cik Wong Chin Yen 5

Encik Ng Kee Leen 5


Bilangan mesyuarat


Jawatankuasa pencalonan


bin Haji Mohd Hashim (Pengerusi)


Cik Wong Chin Yen 2


Bilangan mesyuarat


Jawatankuasa imbuhan


bin Haji Mohd Hashim (Pengerusi)

Dato’ Lin Yun Ling 2

Raja Dato’ Seri Abdul Aziz bin Raja Salim 2



44



D I R E C T O R S ’ A C T I V I T I E S

The Company’s non-executive directors have taken a keen interest

in the operations of the Group. Various site visits to the Group’s

facilities and operations were arranged upon their requests. Apart from

having visited the Group’s SSP3 dam project, water treatment plants,

Bandar Botanic and Valencia property development projects last year,

Y A M Raja Dato’ Seri Eleena Azlan Shah and Ms Wong Chin Yen had

also, on 8 July 2003, visited the SMART project site to obtain a better

perspective of the operations.

Directors are also provided with the opportunity for training to ensure

they are kept up to date on relevant new legislation and changing

commercial risks. Having successfully completed the Mandatory

Accreditation Programme (MAP), all directors are also committed to

attend the Continuous Education Programme (CEP) prescribed by the

Kuala Lumpur Stock Exchange (KLSE).

A C C O U N TA B I L I T Y A N D A U D I T

The Board seeks to present a balanced and understandable assessment

of the Group’s financial position and prospects. The work undertaken

by the audit committee in reviewing published financial statements,

allows the directors to make their responsibility statement on the annual

audited financial statements below.

DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

The directors are required by the Companies Act, 1965 to prepare

financial statements for each financial year which have been made out

in accordance with the applicable approved accounting standards and

give a true and fair view of the state of affairs of the Group and Company

at the end of the financial year and of the results and cash flows of the

Group and Company for the financial year.

In preparing the financial statements, the directors have:

• selected suitable accounting policies and applied them consistently;

• made judgements and estimates that are reasonable and prudent;

• ensured that all applicable accounting standards have been followed; and

• prepared financial statements on the going concern basis as the

directors have a reasonable expectation, having made enquiries,

that the Group and Company have adequate resources to continue in

operational existence for the foreseeable future.

K E G I ATA N P E N G A R A H

Pengarah bukan eksekutif Syarikat telah menunjukkan minat yang

mendalam terhadap operasi Kumpulan. Beberapa lawatan ke tapak

kemudahan dan operasi Kumpulan telah diatur atas permintaan mereka.

Selain daripada mengunjungi projek empangan SSP3, loji rawatan air

dan projek pembangunan hartanah Bandar Botanic dan Valencia milik

Kumpulan tahun lepas, Y A M Raja Dato’ Seri Eleena Azlan Shah dan

Cik Wong Chin Yen juga telah mengunjungi tapak projek SMART pada

8 Julai 2003 untuk mendapatkan perspektif yang lebih baik tentang

operasinya.

Para pengarah juga diberi peluang menjalani latihan supaya mereka dapat

mengikuti perkembangan terkini tentang undang-undang baru yang

berkaitan dan perubahan dalam risiko komersial. Selepas berjaya

menamatkan Program Akreditasi Mandatori (PAM), semua pengarah

juga komited untuk menghadiri Program Pendidikan Berterusan (PPB)

yang disyaratkan oleh Bursa Saham Kuala Lumpur (BSKL).

A U D I T D A N K E B E R TA N G G U N G J A W A B A N

Lembaga Pengarah beriltizam untuk menyampaikan satu penilaian

yang seimbang dan mudah difahami tentang kedudukan dan prospek

Kumpulan. Tugas yang dijalankan oleh jawatankuasa audit dalam

mengkaji penyata kewangan yang diterbitkan membolehkan para

pengarah membuat kenyataan tanggungjawab mereka mengenai

penyata kewangan teraudit yang di bawah.

T A N G G U N G J A W A B P E N G A R A H T E R H A DA P P E N YATA K E W A N G A N

Menurut Akta Syarikat 1965, para Pengarah dikehendaki supaya

menyediakan penyata kewangan bagi setiap tahun kewangan, yang perlu

dibuat mengikut piawaian perakaunan diluluskan yang diguna pakai dan

memberi gambaran yang benar dan saksama tentang hal-ehwal

Kumpulan dan Syarikat pada akhir tahun kewangan dan keputusan dan

aliran tunai Kumpulan dan Syarikat untuk tahun kewangan yang dilaporkan.

Dalam menyediakan penyata kewangan, para pengarah telah:

• memilih dasar-dasar perakaunan yang sesuai dan meggunakannya

secara konsisten;

• membuat pertimbangan dan anggaran yang berpatutan dan berhemat;

• memastikan bahawa semua piawaian perakaunan yang berkenaan

telah dipatuhi; dan

• menyediakan penyata kewangan atas dasar perniagaan berterusan

kerana selepas membuat pertanyaan, pengarah mempunyai jangkaan

yang berpatutan bahawa Kumpulan dan Syarikat mempunyai sumber

yang secukupnya untuk meneruskan operasi bagi masa depan yang

boleh diramalkan.

45


The directors have responsibility for ensuring that the Company keeps

accounting records which disclose with reasonable accuracy the financial

position of the Group and the Company and which enable them to ensure

that financial statements comply with the requirements of the

Companies Act, 1965.

The directors have overall responsibilities for taking such steps as are

reasonably open to them to safeguard the assets of the Group to prevent

and detect fraud and other irregularities.

I N T E R N A L C O N T R O L S

The Board is responsible for ensuring that there is a system of internal

control and for reviewing its adequacy and effectiveness. Such a system

is designed to manage rather than eliminate the risk of failure to achieve

business objectives and can only provide reasonable and not absolute

assurance against material misstatement or loss. The basis of the Group’s

system of internal control is the risk management framework. This aspect

is dealt with at greater length under the Statement of Internal Control.

The management of each business unit is responsible for internal control

and risk management within its own business and for ensuring

compliance with the Group’s risk management and internal control

programme. Reports from management are reviewed to consider

whether significant risks are identified, evaluated, managed and

controlled and whether any significant weaknesses are promptly

remedied and indicate a need for more extensive monitoring. The audit

committee assists the Board in discharging its internal control review

responsibilities. The Board continues to take steps to embed internal

control and risk management further into the operations of the business

and to deal with areas of improvement which come to management’s

and the Board’s attention.

Compliance with the Code in relation to internal control, supported by

the external auditors, is reported in the Statement of Internal Control

on page 47.

Para pengarah bertanggungjawab untuk memastikan bahawa Kumpulan

menyimpan rekod-rekod perakaunan yang mendedahkan dengan setepat

yang munasabah tentang kedudukan kewangan Kumpulan dan Syarikat,

dan yang membolehkan mereka memastikan bahawa penyata kewangan

mematuhi keperluan Akta Syarikat 1965.

Para pengarah mempunyai tanggungjawab menyeluruh untuk

mengambil langkah-langkah yang sewajarnya bagi melindungi aset

Kumpulan untuk mencegah dan mengesan sebarang pemalsuan dan

tindakan lain yang tidak mematuhi peraturan.

K A W A L A N D A L A M A N

Lembaga Pengarah bertanggungjawab untuk memastikan kewujudan

satu sistem kawalan dalaman dan untuk menilai kecukupan dan

keberkesanannya. Sistem tersebut dirangka untuk mengurus dan

bukannya menghapuskan risiko kegagalan mencapai objektif-objektif

perniagaan dan hanya boleh memberikan kepastian yang berpatutan

tetap tidak muktamad terhadap salah nyata atau kerugian ketara. Asas

sistem kawalan dalaman Kumpulan ialah rangka kerja pengurusan

risikonya. Aspek ini dijelaskan dengan lebih lanjut di dalam Penyata

Kawalan Dalaman.

Pihak pengurusan setiap unit perniagaan bertanggungjawab terhadap

kawalan dalaman dan pengurusan risiko di dalam perniagaan mereka

sendiri dan memastikan pematuhan kepada program pengurusan risiko

dan kawalan dalaman Kumpulan. Laporan daripada pihak pengurusan

dikaji untuk mempertimbangkan sama ada risiko-risiko penting telah

dikenal pasti, dinilai, diuruskan dan dikawal dan sama ada sebarang

kelemahan ketara telah diperbetulkan dan menilai sama ada kelemahan

tersebut memerlukan pemantauan lebih lanjut. Jawatankuasa audit

membantu Lembaga Pengarah melaksanakan tanggungjawabnya untuk

mengkaji kawalan dalaman. Lembaga Pengarah terus mengambil

langkah-langkah untuk menerapkan kawalan dalaman dan pengurusan

risiko ke dalam operasi perniagaan dan menangani perkara-perkara untuk

diperbaiki yang dibawa kepada perhatian pihak Pengurusan dan Lembaga

Pengarah.

Pematuhan kepada Kod, dari segi peruntukan mengenai kawalan

dalaman, dengan sokongan juruaudit luar, dilaporkan dalam Penyata

Kawalan Dalaman di muka surat 47.


46



I N T E R N A L A U D I T

This function exists at central Group level. The Head of Group Internal

Audit has direct reporting line to the audit committee. The internal audit

department supports the audit committee in discharging its duties and

responsibilities, giving assurance that adequate, efficient and effective

internal control systems are in place. Under the internal audit procedures,

reviews of critical processes and controls, operational and central,

are carried out and risks assessed. In selected high risk areas, spot

checks are conducted. These procedures form part of the risk

management framework.

S H A R E H O L D E R A N D I N V E S T O R C O M M U N I C AT I O N S

Our annual reports, regular dialogues and participation in road shows,

investor conferences and forums, both locally and abroad, along with

our Annual General Meetings have been the prime tools of

communication with our shareholders, investors and fund managers.

The Company places a high priority on communications with its

shareholders and investors. Members of the senior management team

meet regularly with equity research analysts, fund managers and

institutional investors including presentations in respect of both the

quarterly and annual results and holding discussions in respect of future

growth and strategy. The Company welcomes and encourages such

dialogue within the constraints of the Listing Requirements of the KLSE.

An investor relations section exists within the Company’s website

www.gamuda.com.my to provide shareholders with all relevant

information including public announcements and news about the

activities of the Group. Shareholders are able to put questions to the

Company and request for the Company’s Annual Report and corporate

brochures via its website. It has been the Board’s view that the

Company’s shareholders and investors audience are kept well informed

about the Group.

A U D I T D A L A M A N

Fungsi ini wujud di peringkat pusat Kumpulan. Ketua Audit Dalaman

Kumpulan melapor secara langsung kepada jawatankuasa audit. Jabatan

audit dalaman menyokong jawatankuasa audit dalam melaksanakan

tugas dan tanggungjawabnya, dan memberikan jaminan bahawa sistem

kawalan dalaman yang secukupnya, cekap dan berkesan diwujudkan.

Di bawah prosedur-prosedur audit dalaman, penilaian proses-proses dan

kawalan-kawalan kritikal dijalankan di peringkat operasi dan pusat dan

risikonya dinilai. Dalam bidang-bidang tertentu yang berisiko tinggi,

pemeriksaan mengejut dilakukan. Prosedur ini membentuk sebahagian

daripada rangka kerja pengurusan risiko.

K O M U N I K A S I P E M E G A N G S A H A M D A N P E L A B U R

Laporan tahunan kami, dialog dan penyertaan kami dalam pameran

bergerak, persidangan pelabur dan forum, di dalam dan luar negara,

serta Mesyuarat Agung Tahunan kami menjadi saluran komunikasi utama

dengan para pemegang saham, pelabur dan pengurus dana. Syarikat

memberi keutamaan kepada komunikasi dengan pemegang saham dan

pelabur. Pihak pengurusan kanan kerap bertemu dengan penganalisis

penyelidikan ekuiti, pengurus dana dan pelabur institusi, di samping

mengadakan taklimat mengenai keputusan suku tahunan dan tahunan

dan mengadakan perbincangan tentang strategi dan perkembangan

masa depan Syarikat. Syarikat mengalu-alukan dan menggalakkan

dialog seperti ini, selagi ia mematuhi Keperluan Penyenaraian BSKL.

Satu seksyen mengenai hubungan pelabur disediakan di laman web

syarikat www.gamuda.com.my untuk memberikan pemegang saham

segala maklumat yang berkenaan, termasuk pengumuman awam

dan berita tentang kegiatan Kumpulan. Pemegang saham boleh

mengemukakan soalan kepada Syarikat, dan meminta Laporan Tahunan

dan Brosur Korporat Syarikat menerusi laman web ini. Adalah memang

pendapat Lembaga Pengarah bahawa para pemegang saham dan

pelabur Syarikat perlu dimaklumkan dengan baik tentang Kumpulan.

47


Statement of Internal ControlStatement of Internal ControlStatement of Internal ControlStatement of Internal ControlStatement of Internal ControlPENYATA K AWAL AN DAL AMAN

B O A R D R E S P O N S I B I L I T Y

The Board of Directors is responsible for the Group’s system of internal

control and for reviewing its adequacy and integrity. The system of

internal control is designed to manage risks in order to achieve the

Group’s business objectives. As with any internal control system,

controls can only provide reasonable and not absolute assurance against

material misstatement or loss.

R I S K M A N A G E M E N T

The Board confirms that a continuous process has been established for

identifying, evaluating and managing significant risks faced by the Group.

This process has been in operation during the financial year ended

31 July 2003 and up to the date of approval of the annual report and its

financial statement.

The risk management process includes continuous identification of new

risks, evaluation of existing risks and formulation of risk mitigation

measures. The process has been reviewed by the Board and is in

accordance with the Statement on Internal Control: Guidance for

Directors of Public Listed Companies issued by the KLSE’s Task Force

on Internal Control.

Risk assessment and evaluation is an integral part of the annual business

and budget planning process. Each business unit, in establishing its

business objectives is required to identify and document those significant

risks that can affect their achievements as well as their mitigating

controls.

Under this system, each business unit summarises the risks, controls

and processes for managing them into a risk map and risk assessment

report. These documents are presented to the Audit Committee for

their consideration.

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

The Group has an adequately resourced Internal Audit Department which

provides assurance to the Board on the effectiveness and integrity of

its system of internal controls.

Internal Audit prepares an annual audit plan, which is presented and

approved by the Audit Committee, and adopts a risk-based approach in

carrying out its work. Internal Audit independently reviews the risk

management and control process implemented by Management and

reports to the Audit Committee on a regular basis.

The Audit Committee reviews internal audit reports and keeps the Board

informed of key audit findings on a regular basis. It confirms that

corrective actions as suggested in the reports have been taken by

Management to rectify and control weaknesses identified.

T A N G G U N G J A W A B L E M B A G A

Lembaga Pengarah bertanggungjawab terhadap sistem kawalandalaman Kumpulan, di samping mengkaji kecukupan dan keutuhannya.Sistem kawalan dalaman direka untuk menguruskan risiko agar objektif-objektif perniagaan Kumpulan dapat dicapai. Dalam sesebuah sistemkawalan dalaman, kawalan hanya boleh memberikan jaminan munasabahdan bukannya jaminan mutlak terhadap salah nyata atau kerugian ketara.

P E N G U R U S A N R I S I K O

Lembaga Pengarah mengesahkan bahawa satu proses berterusan telahdiwujudkan bagi mengenal pasti, menilai dan menguruskan risiko pentingyang dihadapi oleh Kumpulan. Proses ini telah beroperasi sepanjangtahun kewangan berakhir 31 Julai 2003 dan sehingga tarikh kelulusanlaporan kewangan dan penyata kewangan.

Proses pengurusan risiko termasuk mengenal pasti risiko baru secaraberterusan, penilaian risiko semasa dan merumuskan langkah-langkahuntuk mengurangkan risiko. Proses ini telah dikaji oleh LembagaPengarah dan mematuhi Penyata Kawalan Dalaman: Panduan BagiPengarah Syarikat-Syarikat Tersenarai Umum yang diterbitkan olehPasukan Petugas Kawalan Dalaman BSKL.

Kajian dan penilaian risiko ialah sebahagian daripada proses perancanganperniagaan dan belanjawan tahunan. Setiap unit perniagaan, semasamenetapkan objektif perniagaan masing-masing, perlu mengenal pastidan mendokumenkan risiko-risiko penting yang boleh menjejaskanpencapaiannya serta mengawal risiko-risiko tersebut.

Di bawah sistem ini, setiap unit perniagaan merumuskan risiko, kawalandan proses untuk memasukkannya ke dalam peta risiko dan laporanpenilaian risiko. Dokumen-dokumen ini dibentangkan kepadaJawatankuasa Audit untuk pertimbangan mereka.

F U N G S I A U D I T D A L A M A N

Kumpulan mempunyai Jabatan Audit Dalaman yang diberikan sumbersecukupnya untuk memberi jaminan kepada Lembaga Pengarah tentangkeberkesanan dan keutuhan sistem kawalan dalamannya.

Audit Dalaman menyediakan rancangan audit tahunan, yangdibentangkan dan diluluskan oleh Jawatankuasa Audit, dan menggunapakai pendekatan berasaskan risiko apabila menjalankan tugasnya. AuditDalaman mengkaji secara bebas proses pengurusan risiko dan kawalanyang dilaksanakan oleh Pengurusan dan mengemukakan laporan kepadaJawatankuasa Audit dari masa ke masa.

Jawatankuasa Audit mengkaji laporan audit dalaman dan memaklumkanLembaga Pengarah tentang sebarang penemuan audit penting dari masake masa. Jawatankuasa tersebut mengesahkan bahawa tindakanpembetulan yang dicadangkan dalam laporan telah dilaksanakan olehPengurusan untuk memperbaiki dan mengawal kelemahan-kelemahanyang dikenal pasti.


48

O T H E R I N T E R N A L C O N T R O L P R O C E S S

Beside risk management and internal audit, key structures and processes

established which can contribute to a sound system of internal control

are as follows:

• Board Committees with clearly defined terms of reference, authorities

and responsibilities. The Committees include:

- Audit Committee.

- Nomination Committee.

- Remuneration Committee.

• An organisation structure with distinct lines of responsibility and

delegated authority limits established for major capital expenditure,

contract award and other significant transactions.

• Policies, Procedures and Standard Operating Procedures which are

systematically documented, revised and made available to guide staff

in their day-to-day work.

• An information reporting system which provides regular financial

performance results and key business indicators on operations to

Management and the Board.

• A budgetary planning and control process in which annual budgets

are prepared and agreed with operating units for subsequent results

to be monitored against budget. Major variances in revenue, profit

and expenditure are explained and Management action is taken,

where necessary.

• An ISO 9001 Quality Management System which has been

implemented to manage and control the quality requirement for the

Company’s products and services.

• A Performance Management System which assists employees plan

their targets to achieve business objectives. Employee’s performance

is appraised and rewarded according to the achievement of targets

set.

The Group has board representations in its associated companies.

Information on the financial performance of these associated companies

are provided regularly to the Management of the Company via Group

management reporting procedures.

In respect of joint ventures entered into by the Group, the Management

of the joint ventures, which consist of representations from the Group

and other joint venture partners is responsible to oversee the

administration, operation, performance and executive management of

the joint venture. Financial and operational information of these joint

ventures are provided regularly to the Management of the Company.

P R O S E S K A W A L A N D A L A M A N L A I N

Selain daripada pengurusan risiko dan audit dalaman, struktur dan prosespenting berikut telah diwujudkan untuk membina satu sistem kawalandalaman yang mantap:

• Jawatankuasa Lembaga dengan bidang rujukan, kuasa dantanggungjawab yang ditakrifkan dengan jelas. Jawatankuasa tersebuttermasuk:

- Jawatankuasa Audit

- Jawatankuasa Pencalonan

- Jawatankuasa Imbuhan

• Struktur organisasi dengan aliran tanggungjawab yang jelas dan hadkuasa teragih yang ditetapkan untuk perbelanjaan modal besar,pemberian kontrak dan urus niaga penting yang lain.

• Dasar, Prosedur dan Prosedur Operasi Piawai yang didokumenkansecara sistematik, disemak semula dan disediakan sebagai panduankepada kakitangan dalam tugas harian mereka.

• Sistem laporan maklumat yang memberikan keputusan prestasikewangan dan petunjuk perniagaan penting tentang operasi kepadapihak Pengurusan dan Lembaga Pengarah dari masa ke masa.

• Proses perancangan dan kawalan belanjawan di mana belanjawantahunan disediakan dan dipersetujui dengan unit-unit operasi dankeputusan sebenar dibandingkan dengan belanjawan. Perbezaanbesar dari segi hasil, keuntungan dan perbelanjaan dijelaskan dan dimana perlu, pihak Pengurusan akan mengambil tindakan sewajarnya.

• Sistem Pengurusan Kualiti ISO 9001 yang telah dilaksanakan untukmenguruskan dan mengawal keperluan kualiti produk danperkhidmatan Syarikat.

• Sistem Pengurusan Prestasi yang membantu kakitangan merancangsasaran mereka demi mencapai objektif-objektif perniagaan. Prestasikakitangan dinilai dan diberi ganjaran mengikut pencapaian sasaranyang ditetapkan.

Kumpulan mempunyai perwakilan Lembaga Pengarah dalam syarikat-syarikat bersekutunya. Maklumat mengenai prestasi kewangan syarikat-syarikat bersekutu ini disediakan dari masa ke masa untuk perhatianpihak Pengurusan Syarikat menerusi prosedur laporan pengurusanKumpulan.

Bagi usaha sama yang disertai oleh Kumpulan, Pengurusan syarikatusaha sama tersebut, yang terdiri daripada wakil-wakil Kumpulan danrakan-rakan usaha sama lain, bertanggungjawab memantau pentadbiran,operasi dan prestasi pihak pengurusan eksekutif usaha sama itu.Maklumat kewangan dan operasi syarikat usaha sama tersebutdisediakan untuk perhatian Pengurusan Syarikat dari masa ke masa.

Statement of Internal Control

PENYATA KAWALAN DALAMANPENYATA KAWALAN DALAMANPENYATA KAWALAN DALAMANPENYATA KAWALAN DALAMANPENYATA KAWALAN DALAMAN

49


Audit Committee ReportAudit Committee ReportAudit Committee ReportAudit Committee ReportAudit Committee ReportL APORAN JAWATANKUA SA AUDIT

M E M B E R S H I P A N D AT T E N D A N C E

The Audit Committee comprises the following members and details of

attendance of each member at meetings held during the financial year

are as follows:

Members Number of Meetings

Held Attended

YM Raja Dato’ Seri Abdul Aziz 5 5bin Raja SalimChairman of Audit Committee

(Independent Non-Executive Director)

YBhg Tan Sri Dato’ Mohd Ramli 5 5bin KushairiMember


Ms Wong Chin Yen 5 5Member


Mr Ng Kee Leen 5 5Member

(Executive Director)

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

The Audit Committee shall be appointed by the Board of Directors and

shall consist of not less than three (3) members. The majority of the

Committee members shall be independent directors and no alternate

director is appointed as a member of the Audit Committee.

At least one member of the Committee:

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

or

• if he is not a member of MIA, he must have at least three years

working experience and:

- he must have passed the examinations specified in Part I of the

1st Schedule of the Accountants Act 1967; or

- he must be a member of one of the associations of accountants

specified in Part II of the 1st Schedule of the Accountants Act 1967.

K E A H L I A N D A N K E H A D I R A N

Jawatankuasa Audit terdiri daripada ahli-ahli di bawah dan butir-butir

kehadiran setiap ahli di mesyuarat yang diadakan dalam tahun kewangan

adalah seperti berikut:

Ahli Bilangan Mesyuarat

Diadakan Dihadiri

YM Raja Dato’ Seri Abdul Aziz 5 5bin Raja SalimPengerusi Jawatankuasa Audit

(Pengarah Bukan Eksekutif Bebas)

YBhg Tan Sri Dato’ Mohd Ramli 5 5bin KushairiAhli


Cik Wong Chin Yen 5 5Ahli


Encik Ng Kee Leen 5 5Ahli

(Pengarah Eksekutif)

K O M P O S I S I D A N B I D A N G R U J U K A N

Jawatankuasa Audit dilantik oleh Lembaga Pengarah dan terdiri daripada

sekurang-kurangnya tiga (3) orang ahli. Majoriti ahli Jawatankuasa

hendaklah merupakan pengarah bebas dan tiada pengarah silih ganti

yang dilantik sebagai ahli Jawatankuasa Audit.

Sekurang-kurangnya seorang ahli Jawatankuasa:

• mestilah seorang anggota Institut Akauntan Malaysia (MIA); atau

• sekiranya beliau bukan anggota MIA, beliau mesti mempunyai

pengalaman kerja sekurang-kurangnya tiga tahun dan:

- mesti lulus peperiksaan yang disebutkan pada Bahagian 1 Jadual

Pertama Akta Akauntan 1967; atau

- beliau mesti menjadi anggota persatuan akauntan yang disebutkan

pada Bahagian II Jadual Pertama Akta Akauntan 1967.


50

C H A I R M A N

The Chairman of the Committee shall be approved by the Board of

Directors and shall be an independent non-executive director.

S E C R E TA R Y

The Company Secretary shall act as secretary of the Committee.

M E E T I N G S

The Committee shall hold at least four (4) meetings per year. Additional

meetings may be held upon request by any Committee member, the

Management, Internal or External Auditors. The Committee may invite

any person to be in attendance to assist in its deliberations.

Q U O R U M

A quorum shall consist of a majority of independent directors and shall

not be less than two (2).

A T T E N D A N C E

The Head of Finance and the Head of Internal Audit shall normally attend

meetings. Other directors, employees and representative of the external

auditors shall attend meetings upon invitation by the Audit Committee.

R E P O R T I N G P R O C E D U R E

The minutes of each meeting shall be circulated to the Audit Committee

members and to all Board members.

A U T H O R I T Y A N D D U T I E S

Authority

In carrying out their duties and responsibilities, the Committee shall

have the authority to investigate any matter within its terms of reference

with full and unrestricted access to all the Company’s records, properties

and personnel. The Committee is entitled to obtain independent

professional or other advice to enable it to discharge its duties.

P E N G E R U S I

Pengerusi Jawatankuasa hendaklah diluluskan oleh Lembaga Pengarah

dan merupakan seorang pengarah bebas bukan eksekutif.

S E T I A U S A H A

Setiausaha Syarikat hendaklah bertugas sebagai setiausaha

Jawatankuasa.

M E S Y U A R AT

Jawatankuasa Audit hendaklah mengadakan sekurang-kurangnya (4)

mesyuarat setahun. Mesyuarat tambahan boleh diadakan atas

permintaan mana-mana ahli Jawatankuasa, Pengurusan, Juruaudit

Dalaman atau Luaran. Jawatankuasa boleh menjemput mana-mana pihak

untuk hadir bagi membantu mereka membuat pertimbangan.

K U O R U M

Kuorum hendaklah terdiri daripada sekurang-kurangnya dua (2) orang

pengarah, di mana majoritinya ialah pengarah bebas.

K E H A D I R A N

Ketua Kewangan dan Ketua Audit Dalaman biasanya menghadiri

mesyuarat. Pengarah lain, kakitangan dan wakil juruaudit luaran boleh

menghadiri mesyuarat atas jemputan Jawatankuasa Audit.

P R O S E D U R L A P O R A N

Minit setiap mesyuarat hendaklah diedarkan kepada ahli-ahli

Jawatankuasa Audit dan kepada semua ahli Lembaga Pengarah.

K U A S A D A N T U G A S

Kuasa

Dalam menjalankan tugas dan tanggungjawabnya, Jawatankuasa Audit

mempunyai kuasa untuk menyiasat sebarang perkara di dalam bidang

rujukannya dengan diberi kuasa sepenuhnya dan tanpa halangan

untuk meneliti semua rekod, harta benda dan kakitangan syarikat.

Jawatankuasa berhak untuk mendapatkan nasihat profesional bebas

dan nasihat lain untuk membolehkannya melaksanakan tugasnya.

Audit Committee Report

LAPORAN JAWATANKUASA AUDITLAPORAN JAWATANKUASA AUDITLAPORAN JAWATANKUASA AUDITLAPORAN JAWATANKUASA AUDITLAPORAN JAWATANKUASA AUDIT

51


Duties

The duties of the Committee shall include a review of the following and

the findings and recommendations, if any, shall be submitted to the

Board of Directors:

i. The effectiveness of management information system and other

systems of internal control within the Company and the Group;

ii Management’s compliance with laws, regulations, established

policies, plans and procedures;

iii. Evaluation of factors relating to the independence of the External

Auditors and to provide a framework within which the External

Auditors can assert their independence;

iv. Together with the External Auditors, assessment and evaluation of

the scope of their audit plan, their evaluation of the system of internal

control and the audit reports on the financial statements;

v. The quarterly financial results and year-end financial statements with

Management prior to deliberation and approval by the Board,

focusing particularly on:

a. changes in major accounting policies;

b. significant and unusual events;

c. compliance with accounting standards and other legal

requirements.

vi. The scope, function and resources of Internal Audit function and

authority necessary to carry out its duties;

vii. The Internal Audit programme, processes and results of the audit

work, process of investigation undertaken and whether or not

appropriate action is taken on the recommendations of the Internal

Audit function;

viii. Any related party transaction and conflict of interest situation that

may arise including any transaction, procedure or course of conduct

concerning Management’s integrity; and

ix. The selection, remuneration and resignation or dismissal of the

External Auditors.

Tugas

Tugas Jawatankuasa Audit termasuk mengkaji perkara-perkara berikut

dan sebarang hasil penemuan dan cadangan, sekiranya ada, hendaklah

dikemukakan kepada Lembaga Pengarah:

i. Keberkesanan sistem maklumat pengurusan dan sistem lain bagi

kawalan dalaman di dalam Syarikat dan Kumpulan;

ii. Pematuhan pihak pengurusan terhadap undang-undang, peraturan

dan dasar-dasar, rancangan dan prosedur yang telah ditetapkan;

iii. Penilaian faktor-faktor yang berkaitan dengan kebebasan Juruaudit

Luaran dan menyediakan rangka kerja di mana Juruaudit Luaran

dapat melaksanakan tugas mereka dengan bebas;

iv. Penilaian dan kajian skop rancangan audit, penilaian sistem kawalan

dalaman dan laporan audit ke atas penyata kewangan, bersama

Juruaudit Luaran.

v. Keputusan kewangan suku tahun dan akhir tahun bersama pihak

Pengurusan sebelum dipertimbangkan dan diluluskan oleh Lembaga

Pengarah, dengan memberi tumpuan khusus kepada:

a. perubahan dalam dasar-dasar kewangan penting;

b. perkara-perkara yang penting dan luar biasa

c. pematuhan kepada piawaian perakaunan dan keperluan undang-

undang lain.

vi. Skop, fungsi dan sumber fungsi Audit Dalaman dan kuasa yang

diperlukan untuk melaksanakan tanggungjawab mereka.

vii. Program, proses dan keputusan kerja-kerja Audit Dalaman, proses

penyiasatan yang dilaksanakan dan sama ada tindakan sewajarnya

telah diambil terhadap cadangan fungsi Audit Dalaman;

viii. Sebarang urus niaga pihak berkaitan dan situasi konflik kepentingan

yang mungkin timbul, termasuk mana-mana urus niaga, prosedur

atau tatalaku yang melibatkan keutuhan pihak Pengurusan; dan

ix. Pemilihan, imbuhan dan perletakan jawatan atau pemecatan

Juruaudit Luaran.


52

S U M M A R Y O F A U D I T C O M M I T T E E ’ S A C T I V I T I E S

In line with the terms of reference of the Committee, activities carried

out by the Committee during the financial year ended 31 July 2003 in

the discharge of its duties and responsibilities included the review of:

i. The risk assessment reports prepared by Management prior to

submission for the Board’s consideration;

ii. The Group’s quarterly and year-end results prior to submission to

the Board for consideration and approval;

iii. The audit plan presented by the External Auditors prior to their annual

audit as to their scope of work and audit strategy;

iv. The performance of the External Auditors and recommendations

made to the Board on their reappointment and remuneration;

v. The annual audit plan for the Company and the Group prepared by

Internal Auditors to ensure adequate scope and coverage on their

activities;

vi. The audit reports prepared by Internal Auditors, especially with

regard to the issues raised, audit recommendations made and

management response to their recommendations. Where

necessary, the Committee has directed action to be taken by

Management to rectify and improve the system of internal controls

and procedures.

vii. The related party transactions as required to be disclosed by the

Listing Requirements of KLSE which were submitted for the Board’s

consideration and also where appropriate, shareholders’ approval.

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

The Company has an Internal Audit function which assists the

Committee in the discharge of its duties and responsibilities. The role

and responsibilities of the Internal Audit function are as follows:

i. To undertake independent and regular reviews of the system of

internal controls so as to provide reasonable assurance that such

system continues to operate satisfactorily and effectively;

ii. To review the risk identification and evaluation process, and ensure

controls implemented by the Management are consistent with the

Company’s risk management policy.

R I N G K A S A N K E G I A TA N J A W ATA N K U A S A A U D I T

Sejajar dengan bidang rujukannya, aktiviti yang dijalankan oleh

Jawatankuasa Audit pada tahun kewangan berakhir 31 Julai 2003 untuk

melaksanakan tugas dan tanggungjawabnya termasuk kajian:

i. Laporan penilaian risiko yang disediakan oleh Pengurusan sebelum

dikemukakan untuk pertimbangan Lembaga Pengarah;

ii. Keputusan suku tahunan dan hujung tahun sebelum dikemukakan

kepada Lembaga Pengarah untuk pertimbangan dan kelulusan;

iii. Rancangan audit yang dikemukakan oleh Juruaudit Luaran mengenai

skop kerja dan strategi audit mereka, sebelum menjalankan audit

tahunan;

iv. Prestasi Juruaudit Luaran dan cadangan yang dibuat kepada

Lembaga Pengarah berkenaan pelantikan semula dan imbuhan

mereka;

v. Rancangan audit tahunan untuk Syarikat dan Kumpulan yang

disediakan oleh Juruaudit Dalaman untuk memastikan skop dan

liputan sewajarnya bagi kegiatan mereka;

vi. Laporan audit yang disediakan oleh Juruaudit Dalaman, khususnya

berkenaan dengan isu-isu yang dibangkitkan, cadangan audit yang

dibuat dan tindak balas pengurusan terhadap cadangan mereka. Di

mana perlu, Jawatankuasa Audit telah mengarahkan agar tindakan

sewajarnya diambil oleh Pihak Pengurusan untuk membetulkan dan

memperbaiki sistem dan prosedur kawalan dalaman.

vii. Urus niaga pihak berkaitan yang perlu didedahkan mengikut

Keperluan Penyenaraian BSKL, yang telah dikemukakan untuk

pertimbangan Lembaga Pengarah, dan di mana perlu, untuk

kelulusan para pemegang saham.

F U N G S I A U D I T D A L A M A N

Syarikat mempunyai fungsi Audit Dalaman yang membantu

Jawatankuasa Audit menjalankan tugas dan tanggungjawabnya. Peranan

dan tanggungjawab fungsi audit dalaman adalah seperti berikut:

i. Melaksanakan kajian bebas dari masa ke masa terhadap sistem

kawalan dalaman untuk memberikan jaminan sewajarnya bahawa

sistem tersebut terus beroperasi dengan cara yang memuaskan

dan berkesan;

ii. Mengkaji proses mengenal pasti dan menilai risiko dan memastikan

kawalan yang dilaksanakan oleh Pihak Pengurusan adalah konsisten

dengan dasar pengurusan risiko Syarikat.

Audit Committee Report

LAPORAN JAWATANKUASA AUDITLAPORAN JAWATANKUASA AUDITLAPORAN JAWATANKUASA AUDITLAPORAN JAWATANKUASA AUDITLAPORAN JAWATANKUASA AUDIT

53


As shown in the Register of Directors’ Shareholdings / Seperti yang terkandung di dalam Daftar Pegangan Saham Pengarah

Other than disclosed below, there is no other Director of the Company who has interest, direct or indirect, in Gamuda Berhad and its relatedcorporations.Selain daripada yang dinyatakan di bawah, tiada Pengarah Syarikat lain mempunyai kepentingan, secara langsung ataupun tidak langsung, dalamGamuda Berhad dan syarikat-syarikat berkaitannya.

GAMUDA BERHAD

No. of ordinary shares of RM1.00 each / Bil. saham biasa bernilai RM1.00 setiap satu

Name of Director Direct Indirect

Nama Pengarah Langsung % Tidak Langsung %

Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 325,828 0.05 – –Dato’ Lin Yun Ling 46,848,818^ 6.59 – –Raja Dato’ Seri Eleena Azlan Shah – – 92,386,928* 12.99Dato’ Ir Kamarul Zaman bin Mohd Ali 1,097,000 0.15 – –Dato’ Haji Azmi Mat Nor 10,000 # – –Ng Kee Leen 12,516,114 1.76 – –Goon Heng Wah 10,000,000^ 1.41 – –Ha Tiing Tai 11,707,938 1.65 – –Saw Wah Theng 200,000 0.03 – –Chow Chee Wah 132,000 0.02 – –(Alternate Director to Dato’ Lin Yun Ling /

Pengarah Pengganti kepada Dato’ Lin Yun Ling)

N O T E / N O TA :

^ Include ordinary shares held through a nominee company / Termasuk saham biasa yang dipegang melalui syarikat nomini

* Deemed interested through Generasi Setia (M) Sdn Bhd / Dianggap berkepentingan melalui Generasi Setia (M) Sdn Bhd

Include ordinary shares held by Generasi Setia (M) Sdn Bhd through a nominee company /

Termasuk saham biasa yang dipegang oleh Generasi Setia (M) Sdn Bhd melalui syarikat nomini

# Less than 0.01% / Kurang daripada 0.01%

No. of Warrants 1996/2006 / Bil. Waran 1996/2006



Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 110 ## – –Dato’ Lin Yun Ling 8,053,442^^ 11.09 – –Raja Dato’ Seri Eleena Azlan Shah – – 7,950,000** 10.94Dato’ Ir Kamarul Zaman bin Mohd Ali 172,000 0.24 – –Ng Kee Leen 2,288,000 3.15 – –Goon Heng Wah 1,788,158 2.46 – –Ha Tiing Tai 1,704,000 2.35 – –

N O T E / N O TA :

## Less than 0.01% / Kurang daripada 0.01%

^^ Include Warrants 1996/2006 held through a nominee company / Termasuk Waran 1996/2006 yang dipegang melalui syarikat nomini

** Deemed interested through Generasi Setia (M) Sdn Bhd / Dianggap berkepentingan melalui Generasi Setia (M) Sdn Bhd

pada 7 November 2003

as at 7 November 2003Statement of Directors’ InterestsStatement of Directors’ InterestsStatement of Directors’ InterestsStatement of Directors’ InterestsStatement of Directors’ InterestsPENYATA KEPENTINGAN PARA PENG ARAH


54

No. of Warrants 2001/2007 / Bil. Waran 2001/2007



Dato’ Lin Yun Ling 12,240,551 8.49 – –Raja Dato’ Seri Eleena Azlan Shah – – 16,000,000*** 11.10Dato’ Ir Kamarul Zaman bin Mohd Ali 271,500 0.19 – –Ng Kee Leen 4,308,335 2.99 – –Goon Heng Wah 2,996,000 2.08 – –Ha Tiing Tai 3,477,000 2.41 – –Saw Wah Theng 96,000 0.07 – –

N O T E / N O TA :

***Deemed interested through Generasi Setia (M) Sdn Bhd / Dianggap berkepentingan melalui Generasi Setia (M) Sdn Bhd

Employees’ Share Option Scheme of Gamuda Berhad / Skim Opsyen Saham Kakitangan Gamuda Berhad

Name of Director Option Price / No. of

Nama Pengarah Harga Opsyen Option Shares (“Ops”) /

Bil. Saham

Opsyen (“Ops”)

RM3.25 RM4.26

Dato’ Lin Yun Ling 500,000 Ops 500,000 Ops 1,000,000Dato’ Ir Kamarul Zaman bin Mohd Ali 500,000 Ops 300,000 Ops 800,000Dato’ Haji Azmi Mat Nor – 700,000 Ops 700,000Ng Kee Leen 500,000 Ops 300,000 Ops 800,000Goon Heng Wah 500,000 Ops 300,000 Ops 800,000Ha Tiing Tai 500,000 Ops 300,000 Ops 800,000Saw Wah Theng 200,000 Ops 300,000 Ops 500,000Chow Chee Wah 300,000 Ops 250,000 Ops 550,000(Alternate Director to Dato’ Lin Yun Ling /

Pengarah Pengganti kepada Dato’ Lin Yun Ling)

Statement of Directors’ Interests

PENYATA KEPENTINGAN PARA PENGARAHPENYATA KEPENTINGAN PARA PENGARAHPENYATA KEPENTINGAN PARA PENGARAHPENYATA KEPENTINGAN PARA PENGARAHPENYATA KEPENTINGAN PARA PENGARAH pada 7 November 2003


55


Additional InformationAdditional InformationAdditional InformationAdditional InformationAdditional InformationMAKLUMAT TAMBAHAN

N O N - A U D I T F E E S

The amount of non-audit fees paid to external auditors by the Companyand its subsidiaries for the financial year 2003 was RM207,055.

S H A R E B U Y - B A C K

The Company did not purchase any of its own shares during the financialyear 2003.

O P T I O N S , W A R R A N T S O R C O N V E R T I B L E S E C U R I T I E S

Save for the exercise of options pursuant to the Employees’ ShareOption Scheme and the conversion of warrants, the amount of each isdisclosed in Note 26 of the Financial Statements, there were no otherexercises of options, warrants or convertible securities during thefinancial year 2003.

M A T E R I A L C O N T R A C T S I N V O LV I N G D I R E C T O R S ’ / M A J O RS H A R E H O L D E R S ’ I N T E R E S T S

Other than as disclosed in Note 33 of the Financial Statements andthe Circular to Shareholders dated 15 December 2003, there were nomaterial contracts entered into by the Company or its subsidiariesinvolving Directors’ and major shareholders’ interests since 1 August2002.

R E V A L U AT I O N P O L I C Y O N L A N D E D P R O P E R T I E S

The Group does not adopt a policy of regular revaluation.

S A N C T I O N S A N D / O R P E N A LT I E S

There were no material sanctions or penalties imposed by the relevantregulatory bodies on the Company or its subsidiaries, directors ormanagement during the financial year 2003.

S TAT U S O F U T I L I S AT I O N O F B O N D S ’ A N D R I G H T S I S S U EO F W A R R A N T S ’ P R O C E E D S

The status of utilisation of proceeds from the 3% RedeemableUnsecured Bonds 2000/2007 and Rights Issue of Warrants as at31 July 2003 was as follows:

Activities Proposed Utilised

RM’000 RM’000

Repayment of borrowings 115,000 115,000Part payment for land acquisition 60,000 60,000Working capital 70,700 70,700Expenses of Bonds Issue 4,300 4,300Investment in Syarikat Pengeluar Air 150,000 96,000

Selangor Holdings Berhad(Holding company of SPLASH)

Total 400,000 346,000

Y U R A N B U K A N A U D I T

Yuran bukan audit yang dibayar kepada juruaudit luar oleh Syarikat dansyarikat-syarikat subsidiarinya bagi tahun kewangan 2003 adalahRM207,055.

P E M B E L I A N B A L I K S A H A M

Syarikat tidak membeli balik sahamnya sendiri pada tahun kewangan 2003.

O P S Y E N , W A R A N ATA U S E K U R I T I B O L E H T U K A R

Selain daripada pelaksanaan opsyen menurut Skim Opsyen SahamKakitangan dan penukaran waran, yang mana jumlah setiap satunyadinyatakan dalam Nota 26 Penyata Kewangan, tiada sebarangperlaksanaan opsyen, waran atau sekuriti boleh tukar yang laindilaksanakan pada tahun kewangan 2003.

K O N T R A K P E N T I N G M E L I B AT K A N K E P E N T I N G A N P E N G A R A H /P E M E G A N G S A H A M U TA M A

Selain daripada yang dinyatakan dalam Nota 33 Penyata Kewangandan Pekeliling kepada Pemegang Saham bertarikh 15 Disember 2003,tiada sebarang kontrak penting yang lain dimeterai oleh Syarikat atausyarikat-syarikat subsidiarinya yang melibatkan kepentingan Pengarahdan pemegang saham utama sejak 1 Ogos 2002.

D A S A R P E N I L A I A N S E M U L A H A R TA B E R TA N A H

Kumpulan tidak mengguna pakai dasar penilaian semula yang kerap.

S E K ATA N D A N / ATA U P E N A LT I

Tiada sekatan atau penalti penting yang dikenakan oleh badan-badan kawalselia yang berkenaan ke atas Syarikat atau syarikat-syarikat subsidiarinya,pengarah atau pihak pengurusan pada tahun kewangan 2003.

S TAT U S P E N G G U N A A N P E R O L E H A N D A R I PA D A T E R B I TA NB O N D A N T E R B I TA N H A K W A R A N

Status penggunaan perolehan daripada 3% Bon Boleh Tebus TidakBercagar 2000/2007 dan Terbitan Hak Waran pada 31 Julai 2003adalah seperti berikut:

Kegiatan Dicadangkan Digunakan

RM’000 RM’000

Pembayaran balik pinjaman 115,000 115,000Sebahagian daripada pembayaran

untuk pembelian tanah 60,000 60,000Modal kerja 70,700 70,700Perbelanjaan Terbitan Bon 4,300 4,300Pelaburan dalam Syarikat Pengeluar Air 150,000 96,000

Selangor Holdings Berhad(Syarikat Pegangan SPLASH)

Total 400,000 346,000


56

R E C U R R E N T R E L AT E D P A R T Y T R A N S A C T I O N

The recurrent related party transaction conducted pursuant toShareholders’ Mandate during the financial year 2003 was as follows:

Nature of Party Transacted Relationship

Transaction Transacting Value of Interested

with (RM‘000) Related Party

Gamuda

Engineering

Sdn Bhd

(“GESB”)*

Design and Lingkaran 31,609 Dato’ Lin Yun Ling andconstruction Trans Kota Mr Ng Kee Leen arefor upgrading Sdn Bhd common directors ofworks on (“LTKSB”)# Gamuda and Litrak.Lebuhraya Dato’ Lin Yun Ling is alsoDamansara- a major shareholder ofPuchong Gamuda and a shareholder

of Litrak. Mr Ng Kee Leenis also a shareholder ofGamuda and Litrak.

* GESB is a wholly-owned subsidiary of Gamuda Berhad (“Gamuda”).# LTKSB is a wholly-owned subsidiary of Lingkaran Trans Kota Holdings Berhad

(“Litrak”).

U R U S N I A G A P I H A K B E R K A I TA N YA N G B E R U L A N G A N

Urusniaga pihak berkaitan yang berulangan yang dijalankan mengikutMandat Para Pemegang Saham pada tahun kewangan 2003 adalahseperti berikut:

Jenis Pihak yang Nilai Hubungan

Urusniaga Berurusan Urusniaga Pihak Berkaitan

dengan (RM‘000) Berkepentingan

Gamuda

Engineering

Sdn Bhd

(“GESB”)*

Reka bentuk Lingkaran 31,609 Dato’ Lin Yun Ling dandan Trans Kota En Ng Kee Leen ialahpembinaan Sdn Bhd pengarah Gamuda danuntuk (“LTKSB”)# Litrak. Dato’ Lin Yun Lingkerja-kerja juga merupakannaik taraf pemegang saham utamaLebuhraya Gamuda dan pemegangDamansara- saham Litrak. En NgPuchong Kee Leen juga merupakan

pemegang sahamGamuda dan Litrak.

* GESB ialah subsidiari milik penuh Gamuda Berhad (“Gamuda”).# LTKSB ialah subsidiari milik penuh Lingkaran Trans Kota Holdings Berhad

(“Litrak”).

Additional Information

MAKLUMAT TAMBAHANMAKLUMAT TAMBAHANMAKLUMAT TAMBAHANMAKLUMAT TAMBAHANMAKLUMAT TAMBAHAN

57


Quality Policy

Our commitment to our customers and shareholders, and our socialresponsibility requires that we continuously improve our products andthe process that deliver these products. We do this by activelydeploying continuous quality improvement activities and implementinga comprehensive Quality Management System.

Quality Management is simply how we manage and improve ouroperations to consistently provide high quality, cost effective andreliable products and services to our customers. The QualityManagement concept is universal, and applies to all areas of thecompany’s operations.

This requires that we,

• understand and consistently satisfy the needs and expectations ofour customers

• systematically plan to achieve our objectives

• implement our operations in a focused, consistent and systematicmanner

• continuously improve our products and processes company-wide

• measure, monitor and optimize the performance of our products,processes and systems

• challenge and develop our people in the realization of the company’sgoals

• manage our financial resources effectively

• develop strategic partnership with suppliers and subcontractors

so that we are strategic, cost effective and efficient in whatever we do.

With this in mind, the Directors, jointly with the Heads of Divisions,Departments and Projects have agreed upon the following QualityObjectives to support the implementation of the Quality Policy.

a) Meet customers requirements and strive to exceed customerexpectations

b) Continuously improve the quality of our products and services, andthe efficiency of our processes

c) Challenge and develop our people for growth and success of thecompany

d) Complete all projects ahead of time, exceeding the businessrequirements

Management must set the standards for this policy, lead by exampleand ensure sufficient time is spent building for the future while dealingwith today’s requirements.

Dato’ Lin Yun Ling Chan Kong Wah

Managing Director Managing Director

Gamuda Berhad Gamuda Engineering Sdn Bhd

Date: 2 May 2002

Komitmen kami kepada para pelanggan dan pemegang saham,serta tanggungjawab sosial kami menghendaki supaya kami sentiasamemperbaiki produk dan proses yang menghasilkan produk ini. Kamilakukan ini melalui aktiviti-aktiviti peningkatan kualiti dan pelaksanaanSistem Pengurusan Kualiti yang komprehensif dengan giatnya.

Secara ringkas, Pengurusan Kualiti menghuraikan bagaimana kamimengurus dan memperbaiki operasi kami untuk membekalkanproduk dan perkhidmatan yang berkualiti tinggi, kos efektif dan bolehdipercayai kepada para pelanggan kami dengan konsisten. KonsepPengurusan Kualiti berciri sejagat, dan diamalkan dalam semua bidangoperasi syarikat.

Ini menghendaki supaya kami,

• memahami dan memenuhi keperluan dan jangkaan para pelanggankami dengan konsisten

• merancang pencapaian matlamat kami secara sistematik

• melaksanakan operasi kami secara berfokus, konsisten dan sistematik

• sentiasa memperbaiki produk dan proses kami di seluruh syarikat

• mengukur, mengawasi dan mengoptimumkan prestasi produk, prosesdan sistem kami

• mencabar dan memajukan para pekerja kami ke arah merealisasikanmatlamat syarikat

• mengurus sumber kewangan dengan berkesan

• mewujudkan perkongsian strategik dengan para pembekal dansubkontraktor

supaya kami menjadi strategik, kos efektif dan efisyen dalam apasahaja yang kami buat.

Menyedari akan hakikat ini, para Pengarah, bersama dengan Ketua-ketuaBahagian, Jabatan dan Projek telah bersetuju dengan Matlamat Kualitiseperti berikut sebagai sokongan kepada pelaksanaan Dasar Kualiti ini.

a) Memenuhi kehendak para pelanggan dan berusaha untuk melebihijangkaan pelanggan

b) Sentiasa memperbaiki kualiti produk dan perkhidmatan kami, dankecekapan proses kami

c) Mencabar dan memajukan para pekerja kami ke arah pertumbuhandan kejayaan syarikat

d) Menyiapkan semua projek lebih awal daripada masanya, melebihituntutan perniagaan

Pengurusan mestilah menetapkan piawaian bagi dasar ini, memimpinmelalui teladan dan memastikan masa yang mencukupi diberikanterhadap kepentingan masa depan di samping menangani keperluanmasa kini.

Dato’ Lin Yun Ling Chan Kong Wah

Pengarah Urusan Pengarah Urusan

Gamuda Berhad Gamuda Engineering Sdn Bhd

Tarikh: 2 Mei 2002

D A S A R K U A L I T I

57



58

Solve the problem – Concentrate on solving problems and meeting objectivesMenyelesaikan masalah – Menumpukan perhatian untuk menyelesai masalah dan memenuhi objektif

Lead by setting the right example – Displaying the right behaviour shows commitment and will motivate others to followMemimpin melalui teladan baik – Berkelakuan baik mencerminkan komitmen dan akan menjadi ikutan orang lain

Maintain constructive relationships – Cultivate positive attitudes and interpersonal relationshipsMengekalkan hubungan yang membina – Memupuk sikap dan hubungan antara peribadi yang positif

Communicate openly – Open and honest communication provides the flow of information to make the right decisionsKomunikasi secara terbuka – Komunikasi secara terbuka dan jujur menyediakan aliran maklumat yang diperlukan untuk membuatkeputusan yang betul

Demonstrate mutual trust and respect – Trust is what makes teamwork possibleTunjukkan saling kepercayaan dan rasa hormat – Kepercayaanlah yang menjayakan prinsip semangat kerja berpasukan

1

2

3

4

5

Code of Practice

1. Get Results

• Consistently focus on achieving our visionand objectives

2. Foster Teamwork

• Harness the power of our combined knowledgeand energy through teamwork

3. Maintain Integrity

• Adopt the correct values and maintain the highestethical standards

4. Act with Urgency

• We must meet our commitments on time

5. Improve Constantly

• Find better ways of doing business

1. Dapatkan Keputusan

• Fokus secara konsisten terhadap pencapaian wawasandan objektif kita

2. Pupuk Semangat Kerja Berpasukan

• Manfaatkan kelebihan pengetahuan dan tenaga yangdigabungkan melalui semangat kerja berpasukan

3. Kekalkan Kewibawaan

• Terima pakai nilai-nilai sesuai dan kekalkan piawaianetika yang paling tinggi

4. Bertindak dengan Segera

• Kita mesti memenuhi komitmen tepat pada masanya

5. Sentiasa Membaiki Diri

• Cari cara terbaik melakukan kerja

K O D A M A L A N

Teamwork PrinciplesP R I N S I P S E M A N G A T K E R J A B E R P A S U K A N

59


Corporate Calendar 2002/03Corporate Calendar 2002/03Corporate Calendar 2002/03Corporate Calendar 2002/03Corporate Calendar 2002/03TAKWIM KORPORAT 2002/0 3

Kota Permai Golf & Country Club hosted the first ever VolvoMasters of Asia. 19-year-old Kevin Na from South Korea clinchedthe Asian title. KPGCC has been home to the Volvo MastersMalaysia for four consecutive years (1998-2001).

Kota Permai Golf & Country Club menganjurkan Volvo Masters ofAsia yang pertama. Kevin Na, seorang pemain berusia 19 tahun dariKorea Selatan berjaya merampas takhta kejuaraan Asia. KPGCCsebelum ini menjadi tuan rumah kepada Volvo Masters Malaysiaselama empat tahun berturut-turut (1998-2001).

5 -8 DECEMBER / D ISEMBER 2002

59

Gamuda Berhad (Gamuda) held its 26th AGM at Kota Permai Golf &Country Club in Kota Kemuning.

Gamuda Berhad (Gamuda) mengadakan Mesyuarat Agung TahunanKe-26 di Kota Permai Golf & Country Club, Kota Kemuning.

14 JANUARY / JANUARI 2003

Kota Kemuning Wetland Park and Hillpark successfully launched byYB Dato’ Haji Salamon bin Selamat, Datuk Bandar Shah Alam inKota Kemuning.

Taman Wetland dan Taman Bukit Kota Kemuning dilancarkan olehYB Dato’ Salamon Selamat, Datuk Bandar Shah Alam di Kota Kemuning.


Gamuda contributed to wildlife preservation in the WWF Golf ForNature.

Gamuda menyumbang kepada pemuliharaan alam sekitar menerusipertandingan WWF Golf For Nature.


His Excellency Rashed M. R. Al-Qasemi, Director of AdministrativeAffairs of the Presidential Court of U.A.E., visited Gamuda head officeand our project sites.

Tuan Yang Terutama Rashed M.R. Al-Qasemi, Pengarah Hal-EhwalPentadbiran, Istana Presiden, U.A.E., mengunjungi ibu pejabat Gamudadan tapak projek kami.

10 FEBRUARY / FEBRUARI 2003

Minister of Works YB Dato’ Seri S. Samy Vellu visited SPRINT’s710m Penchala twin tunnel. The Penchala Link is a vital link thatwould eventually link Kg. Sungai Penchala and Mont Kiara.

Menteri Kerja Raya YB Dato’ Seri S. Samy Vellu melawat terowongkembar Hubungan Penchala SPRINT sepanjang 710m. HubunganPenchala ialah jalan sambungan penting yang akan menghubungkanKg. Sungai Penchala dan Mont Kiara.

17 FEBRUARY / FEBRUARI 2003

The plugging ceremony for the Sungai Selangor Dam was officiatedby Selangor Menteri Besar YAB Dato’ Seri Dr Mohamad Khir bin Toyo.

Upacara penyempurnaan Empangan Sungai Selangor dirasmikan olehMenteri Besar Selangor, YAB Dato’ Seri Dr Mohamad Khir bin Toyo.

25 APR IL / APR IL 2003

Media Communications Workshop for SMART and SPLASH seniormanagement team.

Bengkel Komunikasi Media bagi pasukan pengurusan kanan SMARTdan SPLASH.

22 MAY / ME I 2003

a

a b c

b c



60

Corporate Calendar 2002/03

TAKWIM KORPORAT 2002/03TAKWIM KORPORAT 2002/03TAKWIM KORPORAT 2002/03TAKWIM KORPORAT 2002/03TAKWIM KORPORAT 2002/03


60

40 delegates from Ketua-Ketua Eksekutif Badan Berkanun PersekutuanMalaysia (KKEBBP) visited the Penchala tunnel as part of the KKEBBPmeeting, which was hosted by the Malaysian Highway Authority.

40 wakil Ketua-Ketua Eksekutif Badan Berkanun Persekutuan Malaysia(KKEBBP) mengunjungi terowong Penchala sebagai sebahagaindaripada mesyuarat KKEBBP, yang dianjurkan oleh Lembaga LebuhRaya Malaysia.

16 JUNE / JUN 2003

Four outstanding students received the LITRAK Scholarship Awardto further their studies in local and foreign institutions of higherlearning.

Empat pelajar cemerlang menerima Anugerah Biasiswa LITRAK untukmelanjutkan pengajian mereka ke institusi pengajian tinggi tempatandan luar negara.

15 AUGUST / OGOS 2003

Delegates from Afghanistan visited and toured the SPRINT Highway.

Perwakilan dari Afghanistan melawat dan meninjau Lebuhraya SPRINT.

4 JULY / JULAI 2003

SPRINT once again played host to foreign delegates, this time TheHonorable Eng. Raila Amolo Odinga EGH. MP., Minister of Roads,Public Works and Housing, Kenya and entourage.

SPRINT sekali lagi menjadi tuan rumah kepada perwakilan asing,kali ini Yang Berhormat Eng. Raila Amolo Odinga EGH. MP., MenteriJalan Raya, Kerja Awam dan Perumahan, Kenya dan rombonganpengiringnya.

6 JULY / JULAI 2003

Six undergraduates received the Gamuda Scholarship Award in aceremony at Kota Permai Golf & Country Club. About 400 studentsfrom around the country applied for the scholarship this year.

Enam mahasiswa menerima Anugerah Biasiswa Gamuda dalam satumajlis yang diadakan di Kota Permai Golf & Country Club. Kira-kira400 pelajar dari seluruh negara telah memohon biasiswa tersebuttahun ini.

12 JULY / JULAI 2003

Delegates from Bangladesh paid SPRINT a visit.

Perwakilan dari Bangladesh mengunjungi SPRINT.

27 AUGUST / OGOS 2003

A group of senior engineers who came to attend the 10th Sessionof the Islamic Summit Conference 2003 (or the OIC Summit) visitedSPRINT Highway.

Sekumpulan jurutera kanan yang menghadiri Sesi Ke-10 SidangKemuncak Negara-Negara Islam 2003 (Persidangan OIC) mengunjungiLebuhraya SPRINT.

11 SEPTEMBER / SEPTEMBER 2003

Annual Dinner & Dance which carried the theme “Samba Carnival”.32 employees received recognition for their long service.

Majlis Makan Malam & Tari-Menari Tahunan, dengan tema “KarnivalSamba”. Seramai 32 kakitangan diberi pengiktirafan di atas perkhidmatanlama mereka.

4 OCTOBER / OKTOBER 2003

Delegates from PROJACS International (from the Mid-East countries)toured the SPRINT Highway.

Perwakilan dari PROJACS International (dari negara-negara Timur Tengah)melawat Lebuhraya SPRINT.

17 OCTOBER / OKTOBER 2003

d

d

e

e


20

To our shareholders, customers, employees, partners, suppliers

and friends,

ON BEHALF OF THE BOARD OF DIRECTORS, I AM PLEASED TO

PRESENT THE 13TH ANNUAL REPORT AND AUDITED FINANCIAL

STATEMENTS OF GAMUDA BERHAD FOR THE FINANCIAL YEAR

ENDED 31 JULY 2003.

Building on the strong business momentum of recent years, the group

finished the financial year with record results from all major business

divisions. Turnover surged 38% to RM1.44 billion while net profit

rose 25% to RM241.8 million. Similarly, earnings per share rose 24%

to 36 sen.

Capping a year of record achievements, the group improved upon its

already substantial order book by securing, through the MMC-Gamuda

JV, the award for the electrified double-tracking railway project for

the Malaysian government, a project worth RM14.448 billion. This would

strengthen an already healthy level of order books further to last another

four years.

Chairman’sStatementPENYATA PENGERUSI

Y Bhg Tan Sri Dato’ Ir Talha

bin Haji Mohd Hashim

Kepada para pemegang saham, pelanggan, kakitangan, rakan

niaga, pembekal dan rakan-rakan kami,

BAGI PIHAK LEMBAGA PENGARAH, SAYA DENGAN SUKACITANYA

MEMBENTANGKAN LAPORAN TAHUNAN DAN PENYATA KEWANGAN

GAMUDA BERHAD YANG TELAH DIAUDIT KE-13 BAGI TAHUN

KEWANGAN BERAKHIR 31 JULAI 2003.

Kekukuhan perniagaan dalam beberapa tahun kebelakangan

membolehkan semua bahagian perniagaan utama dalam Kumpulan

mengakhir tahun kewangan dengan rekod pencapaian yang cemerlang.

Perolehan Kumpulan meningkat 38% kepada RM1.44 bilion, manakala

keuntungan bersih bertambah 25% kepada RM241.8 juta. Selaras

dengan itu, pendapatan sesaham juga meningkat 24% kepada 36 sen.

Di samping itu, projek landasan berkembar elektrik yang diperolehi

menerusi usaha sama MMC-Gamuda memperkukuhkan lagi buku

pesanan pembinaan syarikat yang sememangnya kukuh untuk empat

tahun lagi. Projek kerajaan Malaysia ini bernilai RM14.448 bilion.

21


Construction continues to be the anchor of the group’s business activities

with good progress achieved in our water and highway projects

within the country as well as the Mass Rapid Transit (“MRT”) project in

Taiwan and highway projects in India. During the year, the Sg. Selangor

dam as well as the new water treatment plant in Bukit Badong was

completed. SPRINT’s Penchala Link has passed critical milestones and

on track to open by early next year.

During the year, we started work on the innovative SMART (Stormwater

Management and Road Tunnel) project which costs RM2 billion and

is being undertaken through MMCEG-Gamuda JV. The ability of the

group to implement this project has attracted the attention of the

international construction tunneling industry and further evidence that

Malaysian contractors have come of age.

Our infrastructure concessions in water and toll-roads continue to see

steady growth. Driven by new water treatment facilities coming on

stream from the SSP3 project as well as increased production of treated

water from existing plants, the group’s associate SPLASH is well

on the way to becoming the country’s largest water treatment player

in 2005. Daily tollable traffic volumes on the group’s Shah Alam

Expressway, Lebuhraya Damansara-Puchong and SPRINT Highway has

exceeded 700,000 vehicles per day, making us the largest urban toll

operator in the country.

The group improved upon its already substantial order book by securing,

through the MMC-Gamuda JV, the award for the electrified double-tracking railway

project for the Malaysian government, a project worth RM14.448 billion.

Projek landasan berkembar elektrik yang diperolehi menerusi usaha sama

MMC-Gamuda memperkukuhkan lagi buku pesanan pembinaan syarikat.

Projek kerajaan Malaysia ini bernilai RM14.448 bilion.

Kegiatan pembinaan terus menjadi tunggak perniagaan kumpulan.

Projek-projek air dan lebuh raya dalam negara dan juga projek Mass

Rapid Transit (“MRT”) di Taiwan dan projek lebuh raya di India berjalan

lancar. Empangan Sungai Selangor dan loji rawatan air baru di Bukit

Badong telah berjaya disiapkan pada tahun kewangan dalam tinjauan.

Pembinaan Hubungan Penchala Lebuhraya SPRINT telah melepasi

peringkat kritikal dan berjalan mengikut jadual untuk membolehkannya

dibuka awal tahun depan.

Syarikat juga telah memulakan kerja-kerja bagi satu lagi projek inovatif,

iaitu projek kawalan banjir Kuala Lumpur atau SMART (Pengurusan

Air Banjir dan Terowong Jalanraya) dengan kos RM2 bilion, yang

dilaksanakan menerusi usaha sama MMCEG-Gamuda. Keupayaan

kumpulan untuk melaksanakan projek ini telah menarik perhatian industri

pembinaan terowong antarabangsa dan seterusnya membuktikan

keupayaan dan kematangan kontraktor Malaysia.

Konsesi infrastruktur syarikat dalam industri bekalan air dan jalan

bertol terus menjana pertumbuhan. Pelancaran kemudahan rawatan

baru daripada projek SSP3 serta peningkatan pengeluaran dari loji-loji

rawatan air yang sedia ada akan membolehkan SPLASH, syarikat

sekutu kumpulan, mencipta nama sebagai pengeluar air yang terbesar

menjelang tahun 2005. Jumlah kenderaan menggunakan Lebuhraya

Shah Alam, Lebuhraya Damansara-Puchong dan SPRINT yang melebihi

700,000 sehari menjadikan Gamuda pengendali tol kawasan bandar

terbesar di negara ini.


22

Given our excellent performance

during the year, the Board has

recommended that the full year

dividend be increased by 60%

to 16 sen gross, from last year’s

10 sen per share.

Berasaskan pencapaian cemerlang

pada tahun kewangan ini,

Lembaga Pengarah telah

mencadangkan pembayaran dividen

kasar setahun penuh dinaikkan

60% kepada 16 sen, daripada 10 sen

sesaham pada tahun sebelumnya.

Property contributions surged on the back of strong sales and high level

of site progress from the group’s three property townships at Kota

Kemuning, Bandar Botanic and Valencia. The group has maintained an

order book of RM700 million of unbilled sales at our townships, making

us among the country’s leading property developers.

Given our excellent performance during the year, the Board has

recommended that the full year dividend be increased by 60% to 16

sen gross, from last year’s 10 sen per share.

On behalf of the Board, I thank the management and staff for their

continued dedication and commitment to enable the group to achieve

its good performance. To our clients and suppliers, thank you for your

continued support, and we are grateful to the authorities for their

guidance and assistance. I wish to also record my appreciation to fellow

board members for their advice and support.

Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim

Chairman Pengerusi

Chairman’s StatementP E N YATA P E N G E R U S I

Jualan yang laris dan kemajuan di tapak pembinaan tiga taman

perumahan di Kota Kemuning, Bandar Botanic dan Valencia telah

meningkatkan sumbangan daripada bahagian hartanah. Kumpulan telah

mengekalkan buku pesanan jualan hartanah belum dibil sebanyak

RM700 juta di ketiga-tiga projek pembangunan perumahan ini,

menjadikan kami antara pemaju hartanah yang terulung di negara ini.

Berasaskan pencapaian cemerlang pada tahun kewangan ini, Lembaga

Pengarah telah mencadangkan pembayaran dividen kasar setahun penuh

dinaikkan 60% kepada 16 sen, daripada 10 sen sesaham pada tahun

sebelumnya.

Bagi pihak Lembaga Pengarah, saya mengucapkan ribuan terima kasih

kepada pihak pengurusan dan semua kakitangan kami kerana dedikasi

dan komitmen berterusan mereka untuk membolehkan kumpulan

mencapai keputusan yang memberangsangkan. Kepada para pelanggan

dan pembekal, kami juga mengucapkan terima kasih kerana memberikan

sokongan yang berterusan, dan kami terhutang budi kepada pihak-pihak

berkuasa di atas bimbingan dan bantuan mereka. Saya juga ingin

merakamkan penghargaan saya kepada rakan-rakan sejawat dalam

Lembaga Pengarah kerana nasihat dan sokongan mereka.

23


Review ofOperations

T I N J AUA N O P E R A S I

E N G I N E E R I N G &

C O N S T R U C T I O N

I N F R A S T R U C T U R E

C O N C E S S I O N S

TO W N S H I P

D E V E L O P M E N T

23

30 - 3326 - 29 34 - 37

PEMBANGUNAN

PERBANDARAN

KON SESI

INFRA STRUKTUR

KE JURUTERA AN &

PEMBINA AN



24

Engineering & construction, infrastructure

concessions and township development are

the cornerstones of our business activities

and our focus has been to consistently grow

and improve these areas which contributed

a total of 96% of the group’s operating profits.

Kejuruteraan & pembinaan, konsesi infrastruktur

dan pembangunan perbandaran adalah tunggak

kegiatan perniagaan syarikat. Justeru itu,

kami sentiasa berusaha untuk memperbaiki dan

meningkatkan pertumbuhan bahagian-bahagian

perniagaan ini, yang menyumbang 96% daripada

keuntungan operasi kumpulan.


24

Review of OperationsT I N J AU A N O P E R A S I

25


Engineering &

Construction /

Kejuruteraan &

Pembinaan

57%

Water Concession /

Konsesi Air

9%

Others /

Lain-lain

4%

Township

Development /

Pembangunan

Perbandaran

22%

Expressway

Concessions /

Konsesi

Lebuhraya

8%

Contribution byBusiness SegmentsOperating profit before taxation*

SUMBANGAN MENGIKUT SEGMEN PERNIAG A ANKeuntungan operasi sebelum cukai*

* before one-off charge in respect of impairment of goodwill in an associated company.

* sebelum ditolak caj sekali akibat rosotnilai muhibah ke atas syarikat bersekutu.


26

Engineering &ConstructionK E JU RUTERA AN &PEMBINA AN

left: Toll plaza nearing completion at the

East Portal of SPRINT’s Penchala Link.

kiri: Plaza tol yang hampir siap di Gerbang

Timur Hubungan Penchala SPRINT.

bottom left: East Portal of the

Penchala tunnel.

bawah kiri: Gerbang Timur terowong

Penchala.

27


Good progress of ongoing projects and the start of new projects

locally and overseas saw the engineering & construction division

delivering 57% of the group’s earnings.

Kemajuan dalam projek-projek yang sedang dilaksanakan

dan permulaan projek-projek baru di dalam dan di luar negara

membolehkan bahagian kejuruteraan & pembinaan menyumbang

57% daripada perolehan kumpulan.

The 710 m Penchala twin tunnels

are equipped with state-of-the-art

technology to ensure the safety and

smooth flow of motorists.

Terowong kembar Penchala sepanjang

710 m dilengkapi teknologi canggih

terkini untuk memastikan keselamatan

dan kelancaran lalu lintas.


28

Engineering & ConstructionK E J U R U T E R A A N & P E M B I N A A N

Good progress of ongoing projects and the start of new projects locally

and overseas saw the engineering & construction division delivering

57% of the group’s earnings.

On the home front, we completed and impounded the Sungai Selangor

Dam as well as Stage 1 of Bukit Badong’s 800 million litres per day

water treatment plant. Work on Rasa treatment plant’s Phase 2 that is

also currently under progress will add an additional 125 million litres per

day capacity.

SPRINT’s Penchala Link, also known as Package C, is well on its way to

completion by early 2004, as the crucial twin tunnels have punched

through the hills.

Kemajuan dalam projek-projek yang sedang dilaksanakan dan permulaan

projek-projek baru di dalam dan di luar negara membolehkan bahagian

kejuruteraan & pembinaan menyumbang 57% daripada perolehan

kumpulan.

Di dalam negara, kami telah menyiap dan menyempurnakan pembinaan

Empangan Sungai Selangor serta Fasa 1 loji rawatan air Bukit Badong

yang mempunyai keupayaan untuk merawat 800 juta liter air sehari.

Kerja-kerja pembinaan loji rawatan air Rasa Fasa 2 yang sedang berjalan

lancar akan menambah keupayaan pengeluaran sebanyak 125 juta liter

sehari.

Pembinaan Hubungan Penchala Lebuhraya SPRINT, juga dikenali

sebagai Pakej C, juga berjalan lancar dan dijangka siap awal tahun 2004,

memandangkan peringkat kritikal kerja-kerja pembinaan terowong

kembar menembusi bukit telah selesai.

Tunnel-boring

machine (TBM).

Jentera pengorek

terowong (TBM).

From this central shaft, two tunnel-boring machines (TBMs)

will move in opposite directions toward Kampung Berembang (5.5 km)

and Taman Desa (4.2 km).

Dari syaf pusat ini, dua jentera pengorek terowong (TBM) akan bergerak

ke arah bertentangan menghala ke Kampung Berembang (5.5 km)

dan Taman Desa (4.2 km).

29


Work on the SMART (Stormwater Management and Road Tunnel)

project, the first of its kind in the world, commenced at the end of

2002. The construction of the launch shaft is in full swing to receive the

delivery of the two Tunnel Boring Machines (TBMs) in early 2004.

Overseas Projects

The construction of both the Panagarh-Palsit and the Durgapur highway

packages of the Golden Quadrilateral Highway project in India is

progressing at an advanced stage, with completion expected by

early 2005.

In Kaohsiung, work on the MRT Project, which involves the construction

of an underground railway and 2 underground stations is progressing

smoothly. It will be completed at the end of 2006.

Kerja-kerja bagi projek SMART (Pengurusan Air Banjir dan Terowong

Jalanraya) yang pertama sepertinya di dunia telah dimulakan pada akhir

2002. Pembinaan laluan masuk sedang berjalan lancar untuk persediaan

menerima dua Mesin Pengorek Terowong (TBM) pada awal 2004.

Projek-projek Luar Negara

Pembinaan kedua-dua pakej lebuhraya Panagarh-Palsit dan Durgapur

bagi projek Lebuhraya Golden Quadrilateral di India sudah sampai ke

peringkat lanjut dan dijadualkan siap pada awal 2005.

Di Kaohsiung, kerja-kerja bagi Projek MRT, yang melibatkan pembinaan

landasan kereta api bawah tanah dan 2 stesen bawah tanah sedang

berjalan lancar. Projek ini dijangka siap pada akhir 2006.

left: MRT station in Taiwan.

kiri: Stesen MRT di Taiwan.

bottom: The two national highway projects

in West Bengal, India encompass

a total length of 130 km.

bawah: Dua projek lebuhraya kebangsaan

di Bengal Barat, India meliputi

jarak berjumlah 130 km.


30

left: Impoundment ceremony at the SSP3 dam.

kiri: Upacara penakungan air di empangan SSP3.

bottom left: The Rasa water treatment plant

will supply 250 million litres of water per day

to Northern Selangor.

bawah kiri: Loji rawatan air Rasa akan

membekalkan 250 juta liter air sehari

kepada kawasan utara Selangor.

InfrastructureConcessionsK ON SESI INFRA STRUKTUR

31


We continue to see steady growth from our tolled highways

and water treatment concessions, which contributed

a total of 17% to group earnings.

Bahagian konsesi lebuhraya bertol dan rawatan air,

yang menyumbang 17% daripada jumlah pendapatan kumpulan,

terus menjana pertumbuhan.

When completed in 2005, both SSP3

and SSP1 have the combined capacity

to treat and supply 2,000 million litres

of water per day to Selangor and

the Federal Territory.

Apabila siap pada tahun 2005,

SSP3 dan SSP1 secara tergabung

akan mempunyai keupayaan untuk

merawat dan membekalkan 2,000 juta

liter air sehari kepada Selangor dan

Wilayah Persekutuan.


32

Infrastructure ConcessionsK O N S E S I I N F R A ST R U K T U R

Bahagian konsesi lebuhraya bertol dan rawatan air, yang menyumbang

17% daripada jumlah pendapatan kumpulan, terus menjana

pertumbuhan.

Lebuhraya Bertol

Penggunaan rangkaian jalan bandar bertol kami, iaitu yang terbesar dan

paling strategik di negara ini, meningkat kepada 700,000 kenderaan

sehari.

Bilangan lalu lintas di Lebuhraya Shah Alam, yang juga dikenali sebagai

Lebuhraya KESAS, melebihi tahun lalu apabila kesan kenaikan tol pada

bulan April 2002 semakin tidak dirasakan.

Pembangunan berterusan sepanjang koridor lebuhraya ini, yang menjalar

dari timur ke barat dan menghubungkan Pelabuhan Klang dengan koridor

selatan Kuala Lumpur, juga ternyata membantu meningkatkan bilangan

lalu lintas.

Sebagai jalan lingkaran sambungan utama di antara ibu kota dan

Putrajaya, Lebuhraya Damansara-Puchong telah mencatat pertumbuhan

dua angka. Pertumbuhan kukuh ini disokong oleh peningkatan aktiviti

ekonomi di sepanjang jajarannya dan kawasan-kawasan yang berhampiran.

left: The LDP toll plaza

at Bandar Sunway.

kiri: Plaza tol LDP

di Bandar Sunway.

bottom: The RM420 million,

5.5 km three-lane Penchala Link

connects Damansara, Kiara and

KL city.

bawah: Laluan tiga lorong

Hubungan Penchala sepanjang

5.5 km yang menelan belanja

RM420 juta menghubungkan

Damansara, Kiara dan

bandar raya KL.

We continue to see steady growth from our tolled highways and water

treatment concessions, which contributed a total of 17% to group

earnings.

Tolled Highways

Our network of urban tollroads, which are the largest and most strategic

in the country, continues to see good growth with overall tollable traffic

volume rising strongly to 700,000 vehicles per day.

Lebuhraya Shah Alam, also known as the KESAS Highway saw traffic

volume surpassing the previous year’s level as the impact of the toll

increase in April 2002 wore off. Continued developments along the

corridor of this highway which runs east to west, linking Port Klang

with the southern corridor of Kuala Lumpur is also evident, helping to

boost traffic volume.

As the primary link between the city and Putrajaya, Lebuhraya

Damansara-Puchong has seen very strong double-digit growth, aided

by ever increasing density of economic activity along its alignment as

well as the broader hinterland that it serves.

33


top: Works at LDP’s Kelana Jaya Interchange

is progressing ahead of schedule.

atas: Kerja-kerja pembinaan persimpangan

bertingkat LDP di Kelana Jaya berjalan

lebih awal daripada jadual.

left: The third and final link of SPRINT Highway

is scheduled to open in early 2004.

kiri: Sambungan ketiga dan akhir Lebuhraya

SPRINT dijadualkan dibuka pada awal

tahun 2004.

Lebuhraya SPRINT

Apabila Hubungan Penchala yang membentuk bahagian akhir Lebuhraya

SPRINT siap pada awal tahun depan, ia akan melengkapkan rangkaian

jalan bagi kawasan barat Kuala Lumpur dan zon komersil di sebelah-

menyebelahnya. Secara khusus, ia akan menyediakan laluan yang lebih

cepat dan lebih menyenangkan bagi penduduk Sg. Buloh, Kepong dan

Kota Damansara untuk keluar masuk ke ibu kota. Ia juga akan

mengurangkan kesesakan teruk di Jalan Damansara pada waktu-waktu

puncak.

Bekalan Air

Pembinaan Loji Rawatan Air Bukit Badong Fasa 1 yang siap pada tahun

2003 menambah keupayaan pengeluaran sebanyak 400 juta liter sehari,

untuk membekalkan air yang sangat diperlukan ke Ulu Selangor dan

Rawang, serta seluruh Lembah Klang. Pengeluaran semasa, termasuk

dari Loji Rawatan Air Rasa Fasa 1 dan juga loji sedia ada di SSP1, juga

dikendalikan di bawah konsesi SSP3 oleh SPLASH, syarikat sekutu

kumpulan.

SPRINT Highway

The completion of the Penchala Link early next year, which forms the

final leg of the SPRINT Highway will realize the network of roads for

western Kuala Lumpur and adjacent commercial zones. In particular,

it will provide faster and more convenient travel for residents from

Sg. Buloh, Kepong, Kota Damansara into and out of the city. It will

also relieve the heavily congested Jalan Damansara that is at a crawl

at peak hours.

Water Supply

During the year, the Bukit Badong Water Treatment Plant Phase 1

was completed, bringing an additional 400 million litres per day

capacity to the system, and providing much needed water relief for

Ulu Selangor and Rawang as well as the greater Klang Valley. Current

capacity includes Rasa Water Treatment Plant Phase 1 as well as

the existing plant at SSP1 which SPLASH, the group’s associate,

also operates under the SSP3 concession.


34

TownshipDevelopmentPEMBANGUNAN PERBANDARAN

left: Quality finishes have become the

hallmark of Gamuda Land.

kiri: Kemasan yang berkualiti telah

menjadi mercutanda Gamuda Land.

bottom left: The unique alphabet garden

at Bandar Botanic’s 80-acre botanical

park land.

bawah kiri: Taman abjad yang unik

di taman botani Bandar Botanic.

35


Increased sales and construction progress from Bandar Botanic,

Kota Kemuning and Valencia boosted contributions from

this division to 22%.

Jualan yang meningkat dan kemajuan kerja-kerja pembinaan

di Bandar Botanic, Kota Kemuning dan Valencia telah meningkatkan

sumbangan daripada bahagian ini kepada 22%.

Innovative township planning at the

award winning Bandar Botanic is the

pride of Gamuda Land.

Perancangan perbandaran yang inovatif

di Bandar Botanic yang memenangi

anugerah menjadi kebanggaan

Gamuda Land.


36

Township DevelopmentP E M B A N G U N A N P E R B A N DA R A N

from top / dari atas:

Well designed homes amidst

lush greenery at Bandar Botanic.

Rumah-rumah dengan reka

bentuk menarik dalam suasana

kehijauan di Bandar Botanic.

View of the serpentine lake

at Bandar Botanic.

Pemandangan tasik serpentine

di Bandar Botanic.

Increased sales and construction progress from Bandar Botanic,

Kota Kemuning and Valencia boosted contributions from this division

to 22% of group’s earnings. Good take-up rates from launches over

the year have enabled the division to sustain an unbilled order book of

RM700 million, among the largest in the industry.

Bandar Botanic

Winner of the FIABCI 2003 Award for Best Master Planning, Bandar

Botanic has set a new benchmark for township development in the

Klang Valley. Its signature 80 acre Central park and 3 km lake set amidst

themed gardens and other amenities in Parcel A, has created a strong

impression on discerning house-buyers who continue to seek out Bandar

Botanic’s uniquely planned properties.

Initial deliveries of the first phase in Parcel A will begin from the end of

2003 while initial launches of Ambang Botanic which is located in Parcel

B has started. The interchange connecting Parcels A and B is well

underway and should be ready by the end of 2004. Parcel B will contain

Klang town’s only gated development with 24-hour security. A clubhouse

with superior amenities is also under development.

Jualan yang meningkat dan kemajuan kerja-kerja pembinaan di Bandar

Botanic, Kota Kemuning dan Valencia telah meningkatkan sumbangan

daripada bahagian ini kepada 22% daripada perolehan kumpulan.

Sambutan yang menggalakkan daripada pelancaran jualan pada tahun

kewangan telah membolehkan bahagian ini mengekalkan buku

pesanan belum dibil sebanyak RM700 juta. Jumlah ini adalah di antara

yang terbesar dalam industri.

Bandar Botanic

Bandar Botanic, yang memenangi Anugerah Kecemerlangan Hartanah

FIABCI 2003 bagi kategori Pelan Induk Terbaik, telah membawa piawaian

baru ke dalam pembangunan taman perumahan di Lembah Klang.

Daya tarikan utamanya, Central Park seluas 80 ekar dan tasik 3 km yang

dikelilingi taman tema dan kemudahan-kemudahan lain dalam Parcel B,

telah memberikan paparan yang mengagumkan dan menarik pembeli

yang memilih dan mencari kediaman dalam persekitaran unik Bandar Botanic.

Penyerahan fasa pertama Parcel A akan bermula pada hujung 2003 manakala

jualan Ambang Botanic yang terletak dalam Parcel B telah dimulakan.

Pembinaan persimpangan bertingkat yang menghubungkan Parcel A

dan B sedang berjalan lancar dan seharusnya siap menjelang akhir 2004.

Parcel B akan menempatkan satu-satunya taman perumahan berpagar

dengan kawalan keselamatan 24 jam di bandar Klang. Sebuah rumah

kelab dengan pelbagai kemudahan yang menarik juga sedang dibangunkan.

37


top: Residents-only golf course at the exclusive

Valencia development.

atas: Padang golf eksklusif untuk penghuni

di taman perumahan Valencia.

left: Kemuning Hills, a gated development,

overlooks the Ross Watson-designed Kota

Permai golf course.

kiri: Kemuning Hills, projek kediaman berpagar,

menghala ke padang golf Kota Permai yang

direka bentuk oleh Ross Watson.

Kota Kemuning

This township continues to draw on its award-winning reputation for

best township design and has seen good sales of its recent launches at

Kemuning Hills and the Canal Gardens. The maturation of the township

is evident as more businesses set up in the town centre attracted by

the high occupancy of completed properties as well as visitors from

surrounding catchments.

Valencia

Much of the infrastructure for this exclusive gated residential

development is now ready to welcome the initial buyers who will be

receiving their properties from the end of the year. The 9-hole residents-

only golf course is ready and playable and the clubhouse will have a

soft opening by the end of the year.

Kota Kemuning

Pelancaran jualan Kemuning Hills dan Canal Gardens baru-baru ini

mendapat sambutan hebat, membolehkan Kota Kemuning yang

memenangi anugerah reka bentuk taman perumahan terbaik ini terus

mencipta nama. Kematangan taman perumahan ini terbukti apabila

semakin banyak syarikat membuka perniagaan di pusat bandarnya kerana

tertarik dengan kadar penghunian bangunan-bangunannya yang tinggi

dan juga kedatangan ramai pelawat dari kawasan-kawasan berhampiran.

Valencia

Sebahagian besar infrastruktur pembangunan perumahan berpagar ini

telah siap untuk mengalu-alukan pembeli awal yang akan menerima

rumah mereka mulai hujung tahun ini. Di antaranya ialah padang golf 9

lubang khusus untuk penghuni yang sudah boleh digunakan dan rumah

kelab akan dibuka secara tidak rasmi akhir tahun ini.


38

Review of OperationsT I N J AU A N O P E R A S I

Quarrying and Others

GB Kuari, which is one of Perak’s premier quarries and suppliers of roadpaving materials and services, has been a steady and consistentperformer for the group.

The group’s construction plant hire operator, Megah Sewa also had agood year, with low plant downtime and high availability, helping tofacilitate the early completion of the Sg Selangor Dam as well as thegroup’s other projects, like SPRINT and SMART.

In line with the strategy of streamlining our focus on our core businessesof construction, infrastructure concessions and township development,the group wrote off the balance of its investment in Dyna Plastics.

Corporate Developments

The company, through the MMC-Gamuda Joint Venture received a letterof award in October 2003 for the construction of the electrified double-tracking project from Ipoh to Padang Besar and from Seremban to JohorBahru for a lump sum price of RM14.448billion. This project will beimplemented over four years, with three years for the construction ofthe infrastructure and an additional year for the systems work.

As this is the country’s largest ever infrastructure undertaking, this projectwill impact positively on the group’s future earnings and further strengthenour reputation as a major infrastructure player within the region.

SPLASH, the group’s associate that is the concessionaire for theSungai Selangor Water Supply Scheme Phase 3 (SSP3) is workingtowards a listing on the Kuala Lumpur Stock Exchange, after it hascompleted the resolution of the unpaid receivables with the relevantauthorities.

Prospects for 2004

Economies within the region, including Malaysia, have gone well pastthe stage of recovery and are clearly on the path of healthy growth again,supported by favourable demographics and improving business conditions.

Even in the past when the group was able to find opportunities duringslow economic cycles, we believe that there will be even betteropportunities in more vibrant economic times. The key requirement tosucceed for the group, as always, has been our ability to identify viableopportunities in infrastructure development and then being able to securethem through innovative proposals backed by a strong operational capability.

With the record order books that we have already secured, we anticipatea busy year ahead, with even better results for the group next year.

Kuari dan Lain-lain

GB Kuari, yang merupakan salah sebuah kuari dan pembekal bahan-bahandan perkhidmatan penurap jalan yang terulung di Perak, telah menjadipenyumbang tetap kepada perolehan kumpulan.

Syarikat kumpulan yang menyewakan jentera pembinaan, MegahSewa, juga memperlihatkan prestasi yang baik. Masa kerosakan yangdapat dikurangkan dan kadar penggunaan yang tinggi membantumempercepatkan pembinaan Empangan Sungai Selangor dan jugaprojek-projek kumpulan yang lain, seperti SPRINT dan SMART.

Selaras dengan strategi penyelarasan tumpuan kepada kegiatanpembinaan yang menjadi tunggak perniagaan kami, serta konsesiinfrastruktur dan pembangunan taman perumahan, kumpulanmenghapus kira baki pelaburannya dalam Dyna Plastics.

Pembangunan Korporat

Syarikat menerima surat pemberian kontrak pembinaan landasan kembarelektrik dari Ipoh ke Padang Besar dan dari Seremban ke Johor Bahrupada bulan Oktober 2003. Projek bernilai RM14.448 bilion ini diperolehimenerusi Usaha Sama MMC-Gamuda dan akan dilaksanakan dalamtempoh empat tahun, iaitu tiga tahun untuk pembinaan infrastrukturdan tambahan satu tahun untuk kerja sistem.

Oleh kerana kontrak pembinaan landasan kembar elektrik ini merupakanprojek infrastruktur terbesar di negara ini, ia akan memberi kesan positifkepada pendapatan kumpulan pada masa hadapan dan mengukuhkanlagi reputasi kami sebagai pembina infrastruktur utama di rantau ini.

SPLASH, sekutu kumpulan yang memegang konsesi Skim Bekalan AirSungai Selangor Fasa 3 (SSP3), sedang membuat persediaan untukpenyenaraian di Bursa Saham Kuala Lumpur, selepas ia mencapaipenyelesaian mengenai bayaran belum terima dengan pihak berkuasaberkenaan.

Prospek bagi Tahun 2004

Ekonomi rantau ini, termasuk Malaysia, telah melepasi peringkatpemulihan dan sudah kembali ke landasan pertumbuhan yang sihat,disokong pasaran pengguna yang kukuh dan iklim perniagaan yangbertambah baik.

Jika dalam keadaan kelembapan ekonomi pada masa lalu kumpulanmampu mencari peluang pertumbuhan, kami percaya dalam keadaanekonomi semasa yang lebih kukuh, terdapat lebih banyak peluang yanglebih baik untuk dimanfaatkan. Namun, seperti lazimnya, kejayaankumpulan bergantung kepada keupayaan untuk mengenal pasti danmerebut peluang-peluang yang berdaya maju dalam pembangunaninfrastruktur, menerusi cadangan-cadangan yang inovatif dan disokongoleh keupayaan operasi yang kukuh.

Berdasarkan buku pesanan yang mencatatkan rekod terbaik, kamimeramalkan bahawa kegiatan yang sibuk pada tahun akan datang akanmembolehkan kami mencapai keputusan yang lebih baik bagi kumpulanpada tahun hadapan.

FinancialSTATEMENTS

62 Directors’ Report

68 Statement by Directors

68 Statutory Declaration

69 Report of the Auditors

to the Members of Gamuda Berhad

70 Consolidated Income Statement

71 Consolidated Balance Sheet

72 Consolidated Statement of Changes in Equity

73 Consolidated Cash Flow Statement

75 Income Statement

76 Balance Sheet

77 Statement of Changes in Equity

78 Cash Flow Statement

79 Notes to the Financial Statements

61



62

The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Company for the

financial year ended 31 July 2003.

P R I N C I PA L A C T I V I T I E S

The principal activities of the Company are that of investment holding and civil engineering construction.

The principal activities of the subsidiaries are described in Note 11 to the financial statements.

There have been no significant changes in the nature of these activities during the financial year, except for the cessation of the paper

manufacturing and paper trading operations of Gamuda Paper Industries Sdn. Bhd. and GPI Trading Sdn. Bhd. respectively.

R E S U LT S

Group Company

RM’000 RM’000

Profit after taxation 267,395 74,892

Minority interests (25,622) –

Net profit attributable to shareholders 241,773 74,892

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

changes in equity.

In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were not substantially

affected by any item, transaction or event of a material and unusual nature other than:

(a) the effects arising from the changes in accounting policies resulting in a decrease in the Group’s net profit for the year by RM45,935,000 as

disclosed in Note 30 to the financial statements; and

(b) the effect of the impairment of goodwill and cost of investment in an associated company, Dyna Plastics Sdn. Bhd. of RM26,431,000 and

RM68,081,000 respectively as disclosed in the income statements of the Group and of the Company.

D I V I D E N D S

The amount of dividends paid by the Company since 31 July 2002 were as follows:

RM’000

In respect of the financial year ended 31 July 2002

Final dividend of 5% less 28% taxation paid on 24 January 2003 24,340

In respect of the financial year ended 31 July 2003

Interim dividend of 7% less 28% taxation paid on 30 April 2003 34,137

At the forthcoming Annual General Meeting, a final dividend in respect of the current financial year ended 31 July 2003, of 9% on 683,447,274

ordinary shares less 28% taxation amounting to a total dividend payable of RM44,287,383 (6.48 sen per share) will be proposed for

shareholders’ approval. The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved

by the shareholders, will be accounted for in the shareholders’ equity as an appropriation of retained profits in the financial year ending

31 July 2004.

Directors’ ReportDirectors’ ReportDirectors’ ReportDirectors’ ReportDirectors’ Report

63


D I R E C T O R S

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

Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd HashimY Bhg Dato’ Lin Yun LingY Bhg Tan Sri Dato’ Mohd. Ramli bin KushairiY Bhg Tan Sri Ab. Rahman bin OmarYAM Raja Dato’ Seri Eleena Azlan ShahY M Raja Dato’ Seri Abdul Aziz bin Raja SalimY Bhg Dato’ Kamarul Zaman bin Mohd AliY Bhg Dato’ Haji Azmi Mat NorNg Kee LeenGoon Heng WahHa Tiing TaiWong Chin YenSaw Wah ThengChow Chee Wah (alternate to Y Bhg Dato’ Lin Yun Ling)

D I R E C T O R S ’ B E N E F I T S

Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company was a party,whereby the directors might acquire benefits by means of acquisition of shares in or debentures of the Company or any other body corporate,other than as may arise from the share options granted pursuant to the Employees’ Share Option Scheme.

Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits included in theaggregate amount of emoluments received or due and receivable by the directors as shown in Note 5 to the financial statements or the fixedsalary of a full-time employee of the Company) by reason of a contract made by the Company or a related corporation with any director or witha firm of which he is a member, or with a company in which he has a substantial financial interest, except as disclosed in Note 33 to thefinancial statements.

D I R E C T O R S ’ I N T E R E S T S

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

Number of Ordinary Shares of RM1 Each

1 August 31 July

2002 Bought Sold 2003

Gamuda Berhad

Direct Holding

Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd Hashim 525,828 – 200,000 325,828

Y Bhg Dato’ Lin Yun Ling 46,848,818 – – 46,848,818

Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 1,188,000 – – 1,188,000

Y Bhg Dato’ Haji Azmi Mat Nor 10,000 – – 10,000

Ng Kee Leen 12,516,114 – – 12,516,114

Goon Heng Wah 11,471,158 – – 11,471,158

Ha Tiing Tai 11,707,938 – – 11,707,938

Saw Wah Theng 100,000 – 100,000 –

Chow Chee Wah 52,000 – – 52,000

Indirect Holding

YAM Raja Dato’ Seri Eleena Azlan Shah* 92,486,928 – 100,000 92,386,928

* Deemed interest through Generasi Setia (M) Sdn. Bhd.

DIRECTOR S’ REPORT


64

D I R E C T O R S ’ I N T E R E S T S ( C O N T ’ D . )

Employees’ Share Option Scheme

Number of Options

1 August 31 July

2002 Allotted Exercised 2003


Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 800,000 – – 800,000


Ng Kee Leen 800,000 – – 800,000

Goon Heng Wah 800,000 – – 800,000

Ha Tiing Tai 800,000 – – 800,000

Saw Wah Theng 700,000 – – 700,000

Chow Chee Wah 650,000 – – 650,000

Warrants 1996/2006

Number of Warrants

1 August 31 July


Direct Holding

Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd Hashim 110 – – 110



Ng Kee Leen 2,288,000 – – 2,288,000

Goon Heng Wah 1,788,158 – – 1,788,158

Ha Tiing Tai 1,704,000 – – 1,704,000

Indirect Holding

YAM Raja Dato’ Seri Eleena Azlan Shah* 11,400,000 – 1,740,000 9,660,000


Each Warrant 1996/2006 entitles the registered holder to subscribe for one new share in the Company at any time within ten years followingthe date of issue on 30 December 1996.

Warrants 2001/2007

Number of Warrants

1 August 31 July


Direct Holding



Ng Kee Leen 4,308,335 – – 4,308,335

Goon Heng Wah 2,996,000 – – 2,996,000

Ha Tiing Tai 3,477,000 – – 3,477,000

Saw Wah Theng 96,000 – – 96,000

Indirect Holding




65



D I R E C T O R S ’ I N T E R E S T S ( C O N T ’ D . )

Each Warrant 2001/2007 entitles the registered holder to subscribe for one new share in the Company at any time within six and a half years

following the date of issue on 22 February 2001.

None of the other directors in office at the end of the financial year had any interest in shares, options and warrants in the Company or its

related corporations during the financial year.

I S S U E O F S H A R E S

During the year, the Company increased its issued and paid up capital from RM672,838,672 to RM683,447,274 via the issuance of:

(a) 8,151,000 new ordinary shares of RM1.00 each pursuant to the exercise of ESOS;

(b) 2 new ordinary shares of RM1.00 each pursuant to the conversion of Warrants 1996/2006; and

(c) 2,457,600 new ordinary shares of RM1.00 each pursuant to the conversion of Warrants 2001/2007.

W A R R A N T S

The Warrants 1996/2006, previously the Warrants 1996/2001, which were constituted by a Deed Poll dated 23 December 1996, may be

exercised at any time on and after 30 December 1996 up to 29 December 2006. Each Warrant 1996/2006 carries the entitlement to subscribe

for one new ordinary share of RM1.00 each in the Company at an exercise price of RM4.21 each, which is subject to adjustment in accordance

with the provisions in the Deed Poll. Any Warrants 1996/2006 which have not been exercised at the date of maturity will lapse and cease to be

valid for any purpose.

The shares arising from the exercise of Warrants 1996/2006 shall rank pari passu in all respects with the ordinary shares of the Company

except that they shall not be entitled to any rights, dividends or other distributions unless the exercise of Warrants 1996/2006 was effected

before the book closure of the share registers for the determination of the entitlement to such rights or distributions.

As at the balance sheet date, the total number of Warrants 1996/2006 which remain unexercised amounted to 76,650,640 units.

The Warrants 2001/2007 which were constituted by a Deed Poll dated 27 November 2000, may be exercised at any time on and after 22

February 2001 up to 21 August 2007. Each Warrant 2001/2007 carries the entitlement to subscribe for one new ordinary share of RM1.00 each

in the Company at an exercise price of RM3.75 each, which is subject to adjustment in accordance with the provisions in the Deed Poll. Any

Warrants 2001/2007 which have not been exercised at the date of maturity will lapse and cease to be valid for any purpose.

The shares arising from the exercise of Warrants 2001/2007 shall rank pari passu in all respects with the ordinary shares of the Company

except that they shall not be entitled to any rights, dividends or other distributions unless the exercise of Warrants 2001/2007 was effected

before the book closure of the share registers for the determination of the entitlement to such rights or distributions.

As at the balance sheet date, the total number of Warrants 2001/2007 which remain unexercised amounted to 163,838,068 units.

E M P L O Y E E S ’ S H A R E O P T I O N S C H E M E

The Gamuda Berhad Second Employees’ Share Option Scheme (“ESOS”) was approved by shareholders at the Extraordinary General Meeting

held on 31 October 2000 and became effective on 26 December 2000 upon final approval by the Securities Commission. The principal features

of the ESOS are as disclosed in Note 26(b) to the financial statements.


66

E M P L O Y E E S ’ S H A R E O P T I O N S C H E M E ( C O N T ’ D . )

Information with respect to the number of options granted under ESOS is as follows:Number of Share Options

2003 2002

At 1 August 2002/2001 47,828,000 27,349,000Granted 7,287,000 29,347,000Retracted* (4,372,000) (1,420,000)Exercised (8,151,000) (7,448,000)

At 31 July 2003/2002 42,592,000 47,828,000

* Due to resignation or offer not taken-up

Details of share options exercised during the financial year are as follows:Number of Considerations

Exercised Price Share Options Received

RM Exercised RM

3.25 3,232,000 10,504,0003.45 1,372,000 4,733,4004.07 1,761,000 7,167,2704.26 1,103,000 4,698,7804.55 250,000 1,137,5004.92 179,000 880,6805.33 254,000 1,353,820

8,151,000 30,475,450

Details of share options outstanding as at the end of the financial year are as follows:Number of Share Options

Exercised Price Outstanding

RM 2003 2002

3.25 10,314,000 14,697,0003.45 3,817,000 5,723,0004.07 8,344,000 11,370,0004.26 9,299,000 10,944,0004.55 1,990,000 –4.92 4,615,000 –5.33 4,213,000 5,094,000

42,592,000 47,828,000

O T H E R S TAT U T O R Y I N F O R M AT I O N

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

(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debtsand satisfied themselves that there were no known bad debts and that adequate provision had been made for doubtful debts; and

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


67



O T H E R S TAT U T O R Y I N F O R M AT I O N ( C O N T ’ D . )

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

(i) it necessary to write off any bad debts or the amount of the provision for doubtful debts inadequate to any substantial extent; and

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

(c) At the date of this report, the directors are not aware of any circumstances which have arisen which render adherence to the existing

method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.

(d) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial statements of

the Group and of the Company which would render any amount stated in the financial statements misleading.

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

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

liabilities of any other person; or

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

(f) In the opinion of the directors:

(i) no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the

end of the financial year which will or may affect the ability of the Group or of the Company to meet their obligations when they fall

due; and

(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the

date of this report which is likely to affect substantially the results of the operations of the Group or of the Company for the financial

year in which this report is made.

S I G N I F I C A N T E V E N T S

The significant events during the financial year are as disclosed in Note 34 to the financial statements.

S U B S E Q U E N T E V E N T S

The subsequent events are as disclosed in Note 35 to the financial statements.

A U D I T O R S

The auditors, Ernst & Young, have expressed their willingness to continue in office.

Signed on behalf of the Board

in accordance with a resolution

of the directors

Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd Hashim

Chairman

Petaling Jaya, Selangor Darul Ehsan

28 October 2003

Saw Wah Theng

Finance Director


68

Statement by DirectorsStatement by DirectorsStatement by DirectorsStatement by DirectorsStatement by DirectorsPursuant to Section 169(15) of the Companies Act, 1965

We, Y BHG TAN SRI DATO’ IR. TALHA BIN HAJI MOHD HASHIM and SAW WAH THENG, being two of the directors of GAMUDA BERHAD,

do hereby state that, in the opinion of the directors, the accompanying financial statements set out on pages 70 to 124 are drawn up in

accordance with applicable Approved Accounting Standards in Malaysia and the provisions of the Companies Act, 1965 so as to give a true and

fair view of the financial position of the Group and of the Company as at 31 July 2003 and of the results and the cash flows of the Group and of

the Company for the year then ended.

Signed on behalf of the Board

in accordance with a resolution

of the directors


Saw Wah Theng


28 October 2003

Statutory DeclarationStatutory DeclarationStatutory DeclarationStatutory DeclarationStatutory DeclarationPursuant to Section 169(16) of the Companies Act, 1965

I, SAW WAH THENG, being the director primarily responsible for the financial management of GAMUDA BERHAD, do solemnly and sincerely

declare that the financial statements set out on pages 70 to 124 are in my opinion correct, and I make this solemn declaration conscientiously

believing the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by ]

the abovenamed SAW WAH THENG ]

at Kuala Lumpur in Wilayah Persekutuan ]

on 28 October 2003 ]

Before me,

Soh Ah Kau (W315)

Commissioner for Oaths

Saw Wah Theng

69


Report of the Auditors to the Members of Gamuda BerhadReport of the Auditors to the Members of Gamuda BerhadReport of the Auditors to the Members of Gamuda BerhadReport of the Auditors to the Members of Gamuda BerhadReport of the Auditors to the Members of Gamuda Berhad(Incorporated in Malaysia)

Abraham Verghese a/l T.V. Abraham

1664/10/04(J)

Partner

We have audited the accompanying financial statements set out on pages 70 to 124. These financial statements are the responsibility of the

Company’s directors. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with applicable Approved Standards on Auditing in Malaysia. Those standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes

examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the

accounting principles used and significant estimates made by the directors, as well as evaluating the overall presentation of the financial

statements. We believe that our audit provides a reasonable basis for our opinion.

In our opinion:

(a) the financial statements have been properly drawn up in accordance with the provisions of the Companies Act, 1965 and applicable

Approved Accounting Standards in Malaysia so as to give a true and fair view of:

(i) the financial position of the Group and of the Company as at 31 July 2003 and of the results and the cash flows of the Group and of the

Company for the year then ended; and

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

(b) the accounting and other records and the registers required by the Act to be kept by the Company and by its subsidiaries of which we have

acted as auditors have been properly kept in accordance with the provisions of the Act.

We have considered the financial statements and auditors’ reports thereon of the subsidiaries of which we have not acted as auditors, as

indicated in Note 11 to the financial statements, being financial statements that have been included in the consolidated financial statements.

We are satisfied that the financial statements of the subsidiaries that have been consolidated with the financial statements of the Company are

in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we have received

satisfactory information and explanations required by us for those purposes.

The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification material to the consolidated financial

statements and did not include any comment required to be made under Section 174(3) of the Act.

Ernst & Young

AF: 0039

Chartered Accountants

Kuala Lumpur, Malaysia

28 October 2003


70

Consolidated Income StatementConsolidated Income StatementConsolidated Income StatementConsolidated Income StatementConsolidated Income Statementfor the year ended 31 July 2003

2003 2002

Note RM’000 RM’000

Revenue 3 1,442,069 1,042,752

Other operating income 27,590 6,123

Construction contract costs recognised as contract expenses (561,640) (614,701)

Land and development costs (344,059) (82,220)

Changes in inventory of finished goods and work in progress (8,615) (9,753)

Purchases – raw materials (27,061) (25,286)

– trading materials (102,954) (15,396)

Production overheads (2,515) (1,887)

Staff costs (33,238) (27,492)

Depreciation (8,335) (9,578)

Other operating expenses (46,309) (34,608)

Profit from operations 4 334,933 227,954

Finance costs 6 (12,025) (14,230)

Interest income 15,628 19,197

Impairment of goodwill of an associated company (26,431) –

Share of profits of associated companies 93,897 88,453

Profit before taxation 406,002 321,374

Taxation 7 (138,607) (102,251)

Company and subsidiaries (107,680) (72,842)

Associated companies (30,927) (29,409)

Profit after taxation 267,395 219,123

Minority interests (25,622) (25,224)

Net profit for the year 241,773 193,899

Earnings per share (sen)

Basic 8 36 29

Diluted 8 32 26

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

71


Consolidated Balance SheetConsolidated Balance SheetConsolidated Balance SheetConsolidated Balance SheetConsolidated Balance Sheetas at 31 July 2003

2003 2002


NON-CURRENT ASSETS

Property, plant and equipment 10 138,515 132,259

Associated companies 12 1,030,580 935,090

Jointly controlled entities 13 – –

Other investments 14 3,176 3,579

Goodwill arising on consolidation 15 20,963 21,798

Concession rights 16 65,334 67,667

Deferred tax assets 28 708 666

1,259,276 1,161,059

CURRENT ASSETS

Development properties 17 400,302 418,218

Inventories 18 4,467 8,707

Receivables 19 554,031 579,820

Cash and bank balances 22 532,915 472,678

1,491,715 1,479,423

CURRENT LIABILITIES

Short term borrowings 23 27,294 330

Payables and provisions 24 634,650 714,681

Tax payable 32,126 15,621

694,070 730,632

NET CURRENT ASSETS 797,645 748,791

2,056,921 1,909,850

FINANCED BY:

Share capital 26 683,447 672,839

Reserves 898,541 685,559

Shareholders’ equity 1,581,988 1,358,398

Minority interests 8,619 28,727

1,590,607 1,387,125

Provision for liabilities 27 5,995 4,990

Deferred tax liabilities 28 22,119 27,604

Other long term liabilities 29 438,200 490,131

Non-current liabilities 466,314 522,725

2,056,921 1,909,850



72

Consolidated Statement of Changes in EquityConsolidated Statement of Changes in EquityConsolidated Statement of Changes in EquityConsolidated Statement of Changes in EquityConsolidated Statement of Changes in Equityfor the year ended 31 July 2003

Non-distributable Distributable

Foreign

Share Share Capital exchange Retained

capital premium reserve reserve profits Total

Group Note RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

At 1 August 2001

as previously stated 665,389 36,307 – – 514,319 1,216,015

Prior year adjustments 30 – – 60,779 – (128,535) (67,756)

At 1 August 2001

as restated 665,389 36,307 60,779 – 385,784 1,148,259

Exercise of ESOS 7,448 18,488 – – – 25,936

Conversion of warrants 2 4 – – – 6

Share of capital reserve in

an associated company 30 – – 14,431 – – 14,431

Net profit for the year – – – – 193,899 193,899

Dividends 9 – – – – (24,133) (24,133)

At 31 July 2002 672,839 54,799 75,210 – 555,550 1,358,398

At 1 August 2002

as previously stated 672,839 54,799 – – 728,974 1,456,612

Prior year adjustments 30 – – 75,210 – (173,424) (98,214)

At 1 August 2002

as restated 672,839 54,799 75,210 – 555,550 1,358,398

Exercise of ESOS 8,151 22,324 – – – 30,475

Conversion of warrants 2,457 6,759 – – – 9,216

Currency translation

differences – – – 109 – 109

Share of capital reserve in

an associated company 30 – – 494 – – 494

Net profit for the year – – – – 241,773 241,773

Dividends 9 – – – – (58,477) (58,477)

At 31 July 2003 683,447 83,882 75,704 109 738,846 1,581,988


73


2003 2002

RM’000 RM’000

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 406,002 321,374Adjustment for:

Amortisation of concession rights 2,333 2,333Amortisation of goodwill on consolidation:

– Subsidiaries 835 835– Associated company 6,608 10,903

Depreciation 8,335 9,578(Reversal of impairment losses)/impairment losses on

property, plant and equipment (1,070) 2,750Impairment of goodwill of an associated company 26,431 –Inventories written off – 817Property, plant and equipment written off 104 162Provision for contracts 24,286 –Provision for doubtful debts 41 893Provision for rebates 3,662 –Provision for retirement benefits 1,284 160Gain on disposal of quoted investments (104) (789)Gain on disposal of property, plant and equipment (966) (1,073)Share of associated companies’ profits (93,897) (88,453)Unrealised gain on foreign exchange (29) (12)Write back of provision for doubtful debts (467) (605)Write back of provision for diminution in value of investment – (46)Interest income (15,628) (19,197)Interest expense 12,025 14,230

Operating profit before working capital changes 379,785 253,860Decrease/(increase) in development properties 21,995 (55,511)Decrease in inventories 4,240 6,087Decrease in receivables 25,960 262,210Decrease in payables (138,728) (100,557)

Cash generated from operations 293,252 366,089Dividend received from associated companies 27,750 6,682Income taxes paid (96,202) (61,095)Interest paid (15,815) (16,189)Retirement benefits paid (191) (195)

Net cash generated from operating activities 208,794 295,292

Consolidated Cash Flow StatementConsolidated Cash Flow StatementConsolidated Cash Flow StatementConsolidated Cash Flow StatementConsolidated Cash Flow Statementfor the year ended 31 July 2003


74

2003 2002

RM’000 RM’000

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of additional interest in a subsidiary (150) –Acquisition of subsidiaries net of cash acquired – 84Proceeds from disposal of quoted investments 507 1,235Proceeds from disposal of property, plant and equipment 3,462 4,964Proceeds from a minority shareholder for issuance of shares

in a subsidiary 7,279 150Acquisition of quoted investments – (92)Interest received 15,628 19,197Investment in associated companies (92,815) (74,381)Purchase of property, plant and equipment (24,771) (35,785)

Net cash used in investing activities (90,860) (84,628)

CASH FLOWS FROM FINANCING ACTIVITIES

Drawdown of term loans 52,641 47,041

Drawdown of revolving credit 22,714 –

Proceeds from conversion of warrants 9,216 6

Proceeds from exercise of ESOS 30,475 25,936

Distribution of profit to minority interests

of an unincorporated subsidiary (52,859) –

Dividend paid to shareholders (58,477) (43,296)

Repayment of bond – (115,000)

Repayment of term loans (60,647) (3,952)

Repayment of short term borrowings (330) (8,277)

Repayment of lease liabilities (539) –

Net cash used in financing activities (57,806) (97,542)

NET INCREASE IN CASH AND CASH EQUIVALENTS 60,128 113,122

EFFECTS OF EXCHANGE RATE CHANGES 109 –

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 472,678 359,556

CASH AND CASH EQUIVALENTS AT END OF YEAR (Note 22) 532,915 472,678


CON SOLIDATED C A SH FLOW STATEMENT

for the year ended 31 July 2003

75


Income StatementIncome StatementIncome StatementIncome StatementIncome Statementfor the year ended 31 July 2003

2003 2002


Revenue 3 162,732 195,530

Other operating income 176,952 131,031

Construction contract costs recognised as contract expenses (124,669) (123,491)

Changes in inventories of finished goods – (1,099)

Staff costs (11,879) (8,993)

Depreciation (3,945) (4,037)

Other operating expenses (7,937) (15,176)

Profit from operations 4 191,254 173,765

Finance costs 6 (12,025) (13,903)

Interest income 10,135 18,009

Impairment loss on investments in

– an associated company (68,081) –

– subsidiaries – (16,290)


Taxation 7 (46,391) (57,947)

Net profit for the year 74,892 103,634



76

2003 2002


NON-CURRENT ASSETS

Property, plant and equipment 10 57,201 60,408

Subsidiaries 11 335,631 335,631

Associated companies 12 611,339 638,830

Jointly controlled entities 13 – –

Other investments 14 718 718

Deferred tax assets 28 258 666

1,005,147 1,036,253

CURRENT ASSETS

Receivables 19 190,043 140,932

Due from subsidiaries 21 358,201 296,750

Cash and bank balances 22 69,682 95,126

617,926 532,808

CURRENT LIABILITIES

Short term borrowings 23 22,714 –

Payables 24 48,469 32,206

Due to subsidiaries 25 76,296 102,579

Tax payable – 15,640

147,479 150,425

NET CURRENT ASSETS 470,447 382,383

1,475,594 1,418,636

FINANCED BY:

Share capital 26 683,447 672,839

Reserves 387,499 342,001

Shareholders’ equity 1,070,946 1,014,840

Provision for liabilities 27 4,648 3,796

Other long term liabilities 29 400,000 400,000

Non-current liabilities 404,648 403,796

1,475,594 1,418,636


Balance SheetBalance SheetBalance SheetBalance SheetBalance Sheetas at 31 July 2003

77


Statement of Changes in EquityStatement of Changes in EquityStatement of Changes in EquityStatement of Changes in EquityStatement of Changes in Equityfor the year ended 31 July 2003

Non-

distributable Distributable

Share Share Retained

capital premium profits Total

Note RM’000 RM’000 RM’000 RM’000

At 1 August 2001 as previously stated 665,389 36,307 201,429 903,125

Prior year adjustment 30 – – 6,272 6,272

At 1 August 2001 as restated 665,389 36,307 207,701 909,397

Exercise of ESOS 7,448 18,488 – 25,936

Conversion of warrants 2 4 – 6

Net profit for the year – – 103,634 103,634

Dividends 9 – – (24,133) (24,133)

At 31 July 2002 672,839 54,799 287,202 1,014,840

At 1 August 2002 as previously stated 672,839 54,799 280,264 1,007,902

Prior year adjustment 30 – – 6,938 6,938

At 1 August 2002 as restated 672,839 54,799 287,202 1,014,840

Exercise of ESOS 8,151 22,324 – 30,475

Conversion of warrants 2,457 6,759 – 9,216

Net profit for the year – – 74,892 74,892

Dividends 9 – – (58,477) (58,477)

At 31 July 2003 683,447 83,882 303,617 1,070,946



78

Cash Flow StatementCash Flow StatementCash Flow StatementCash Flow StatementCash Flow Statementfor the year ended 31 July 2003

2003 2002

RM’000 RM’000

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 121,283 161,581Adjustment for:

Depreciation 3,945 4,037Gain on disposal of an associated company – (110)Impairment loss on investment in an associated company 68,081 –Impairment loss on investment in subsidiaries – 16,290Property, plant and equipment written off 25 15Provision for retirement benefits 1,000 –Provision for doubtful debts – 22,512Gain on disposal of property, plant and equipment (826) (179)Write back of provision for doubtful debts – (605)Interest income (10,135) (18,009)Dividend income (38,542) (43,530)Interest expense 12,025 13,903

Operating profit before working capital changes 156,856 155,905Decrease in inventories – 1,099Decrease/(increase) in due from subsidiaries 13,740 (5,906)(Decrease)/increase in due to subsidiaries (33,620) 11,684(Increase)/decrease in receivables (35,783) 215,394Increase/(decrease) in payables 16,304 (45,110)

Cash generated from operations 117,497 333,066Income taxes paid (64,151) (22,703)Interest paid (12,066) (16,600)Retirement benefits paid (148) (195)

Net cash generated from operating activities 41,132 293,568

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from disposal of an associated company – 610Proceeds from sale of property, plant and equipment 1,200 504Proceeds on transfer of property, plant and equipment to related companies – 80Investment in associated companies (40,590) (31,200)Investment in subsidiaries – (170,781)(Advances)/repayment of non-trade amount due from subsidiaries (75,191) 515Advances of non-trade amount due to subsidiaries 7,337 33,145Purchase of property, plant and equipment from related companies – (72)Purchase of property, plant and equipment (1,145) (5,344)Interest received 10,135 17,171Dividend received 27,750 30,442

Net cash used in investing activities (70,504) (124,930)

CASH FLOWS FROM FINANCING ACTIVITIES

Drawdown of revolving credit 22,714 –Proceeds from conversion of warrants 9,216 6Proceeds from exercise of ESOS 30,475 25,936Dividend paid to shareholders (58,477) (43,296)Repayment of bonds – (115,000)

Net cash generated from/(used in) financing activities 3,928 (132,354)

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (25,444) 36,284CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 95,126 58,842

CASH AND CASH EQUIVALENTS AT END OF YEAR (Note 22) 69,682 95,126


79


Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements31 July 2003

1 . C O R P O R AT E I N F O R M AT I O N

The principal activities of the Company are that of investment holding and civil engineering construction. The principal activities of the

subsidiaries are described in Note 11. There have been no significant changes in the nature of these activities during the financial year,

except for the cessation of the paper manufacturing and paper trading operations of Gamuda Paper Industries Sdn. Bhd. and GPI Trading

Sdn. Bhd. respectively.

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Board of the Kuala

Lumpur Stock Exchange. The registered office and principal place of business of the Company is located at 78, Jalan SS22/21,

Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan.

The number of employees in the Group and in the Company at the end of the financial year were 1,295 (2002 : 1,379) and 105 (2002 :

103) respectively.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 28

October 2003.

2 . S I G N I F I C A N T A C C O U N T I N G P O L I C I E S

(a) Basis of Preparation

The financial statements of the Group and of the Company have been prepared under the historical cost convention unless otherwise

indicated in the accounting policies below. The financial statements comply with the provisions of the Companies Act, 1965 and

applicable Approved Accounting Standards in Malaysia.

During the financial year ended 31 July 2003, the following Malaysian Accounting Standards Board (“MASB”) Standards became

effective and the Group has adopted these standards for the first time:

MASB 22 Segment Reporting

MASB 23 Impairment of Assets

MASB 24 Financial Instruments: Disclosure and Presentation

MASB 25 Income Taxes

MASB 27 Borrowing Costs

The effects of adopting MASB 25 and MASB 27 are summarised in the Statements of Changes in Equity and further information is

disclosed in Note 30. The adoption of MASB 22, MASB 23 and MASB 24 have not given rise to any retrospective adjustments or

changes in comparatives.

(b) Basis of Consolidation

(i) Subsidiaries

The consolidated financial statements include the financial statements of the Company and all its subsidiaries. Subsidiaries are

those companies in which the Group has a long term equity interest and where it has power to exercise control over the financial

and operating policies so as to obtain benefits therefrom. A joint venture is deemed to be a subsidiary when the Group has

power to exercise control over the financial and operating policies so as to obtain benefits therefrom.

Subsidiaries are consolidated using the acquisition method of accounting. Under the acquisition method of accounting, the

results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the

effective date of acquisition or up to the effective date of disposal, as appropriate. The assets and liabilities of a subsidiary are

measured at their fair values at the date of acquisition and these values are reflected in the consolidated balance sheet. The

difference between the cost of an acquisition and the fair value of the Group’s share of the net assets of the acquired subsidiary

at the date of acquisition is included in the consolidated balance sheet as goodwill or reserve arising on consolidation.

Intragroup transactions, balances and resulting unrealised gains are eliminated on consolidation and the consolidated financial

statements reflect external transactions only. Unrealised losses are eliminated on consolidation unless costs cannot be recovered.


80

2 . S I G N I F I C A N T A C C O U N T I N G P O L I C I E S ( C O N T ’ D . )

(b) Basis of Consolidation (Cont’d.)

(i) Subsidiaries (Cont’d.)

The gain or loss on disposal of a subsidiary is the difference between net disposal proceeds and the Group’s share of its net

assets together with any unamortised balance of goodwill and exchange differences which were not previously recognised in the

consolidated income statement.

Minority interest is measured at the minorities’ share of the post acquisition fair values of the identifiable assets and liabilities of

the acquiree.

(ii) Associated Companies

Associated companies are those companies in which the Group has a long term equity interest and where it exercises significant

influence over the financial and operating policies.

Investments in associated companies are accounted for in the consolidated financial statements by the equity method of

accounting based on the audited or management financial statements of the associated companies. Under the equity method of

accounting, the Group’s share of post acquisition profits less losses of associated companies during the year is included in the

consolidated income statement. The Group’s interest in associated companies is carried in the consolidated balance sheet at

cost plus the Group’s share of post-acquisition retained profits or accumulated losses and other reserves as well as goodwill on

acquisition.

Unrealised gains on transactions between the Group and the associated companies are eliminated to the extent of the Group’s

interest in the associated companies. Unrealised losses are eliminated unless cost cannot be recovered.

(iii) Jointly Controlled Entities

A jointly controlled entity is a joint venture that involves the establishment of a corporation, partnership or other entity in which

the Group has joint control over its economic activity established under a contractual arrangement.

Investments in jointly controlled entities are accounted for in the consolidated financial statements by the equity method of

accounting based on the audited or management financial statements of the jointly controlled entities. Under the equity method

of accounting, the Group’s share of profits less losses of jointly controlled entities during the year is included in the consolidated

income statement. The Group’s interest in jointly controlled entities is carried in the consolidated balance sheet at cost plus the

Group’s share of post-acquisition retained profits or accumulated losses and other reserves as well as goodwill on acquisition.

Unrealised gains on transactions between the Group and its jointly controlled entities are eliminated to the extent of the Group’s

interest in the jointly controlled entities. Unrealised losses are eliminated unless the transaction provides evidence of impairment

of the assets transferred.

(c) Goodwill

Goodwill represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifiable assets and

liabilities of a subsidiary, associated company or jointly controlled entity at the date of acquisition.

Goodwill is stated at cost less accumulated amortisation and impairment losses. The policy for the recognition and measurement of

impairment losses is in accordance with Note 2(o). Goodwill arising on the acquisition of subsidiaries is presented separately in the

balance sheet while goodwill arising on the acquisition of associated companies and jointly controlled entities is included within the

carrying amount of investments in associated companies and investments in jointly controlled entities respectively.

Goodwill is amortised on a systematic basis over its estimated useful life. The amortisation period reflects the best estimate of the

period during which future economic benefits are expected to flow to the Group. The estimated useful life of goodwill on the

acquisition of associated companies and subsidiaries are disclosed in Notes 12 and 15 respectively.

NOTES TO THE FINANCIAL STATEMENTS

31 July 2003

81



(d) Investment in Subsidiaries, Associated Companies and Joint Ventures

(i) The Company’s investments in subsidiaries, associated companies and joint ventures are stated at cost less impairment losses.

The policy for the recognition and measurement of impairment losses is in accordance with Note 2(o).

On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is recognised in the

income statement.

(ii) A jointly controlled operation is a joint venture that involves the use of the assets and other resources of the venturers rather

than the establishment of a corporation, partnership or other entity, or a financial structure that is separate from the venturers

themselves.

The share of profits or losses of the joint ventures are incorporated in the venturer’s financial statements based on the

percentage share of profit or loss of each joint venture.

(e) Property, Plant and Equipment and Depreciation

Property, plant and equipment are stated at cost or valuation less accumulated depreciation and impairment losses. The policy for the

recognition and measurement of impairment losses is in accordance with Note 2(o).

Freehold land and construction-in-progress are not depreciated. Leasehold land is depreciated over the period of the respective

leases. Depreciation of other property, plant and equipment is provided for on a straight line basis to write off the cost or valuation of

each asset to its residual value over the estimated useful life at the following annual rates:

Long term leasehold land and buildings Over a period of 50 to 60 years

Short term leasehold land and buildings Over a period of 30 years

Buildings on freehold land 2%

Plant, machinery and equipment 12% – 33%

Office equipment, furniture and fittings 10% – 33%

Motor vehicles 12% – 25%

Long term and short term leasehold land and buildings and certain freehold land of the Group and of the Company have not been

revalued since they were first revalued in 1991. The directors have not adopted a policy of regular revaluation of such assets. As

permitted under the transitional provision of IAS 16 (Revised): Property, Plant and Equipment, these assets continue to be stated at

their 1991 valuation less accumulated depreciation and impairment losses.

Upon the disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and the net

carrying amount is charged or credited to the income statement.

(f) Development Properties

Land and development expenditure are classified as development properties when significant development work has been

undertaken and is expected to be completed within the normal operating cycle. Development properties are stated at cost plus

attributable profits less foreseeable losses and progress billings. Cost includes cost of land, all direct building costs, and other related

development expenditure, including interest expenses incurred during the period of active development.

(g) Construction Contracts

Where the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised as

revenue and expenses respectively by reference to the stage of completion of the contract activity at the balance sheet date. The

stage of completion is measured by reference to the proportion of contract costs incurred for work performed to date to the

estimated total contract costs.


31 July 2003


82


31 July 2003


(g) Construction Contracts (Cont’d.)

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract

costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in the period in which they are

incurred.

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

immediately.

When costs incurred on construction contracts plus recognised profits (less recognised losses) exceeds progress billings, the

balance is shown as amount due from customers on contracts. When progress billings exceed costs incurred plus recognised profits

(less recognised losses), the balance is shown as amount due to customers on contracts.

(h) Cash and Cash Equivalents

For the purposes of the cash flow statements, cash and cash equivalents include cash in hand and at bank, deposits at call and short

term highly liquid investments which have an insignificant risk of changes in value, net of outstanding bank overdrafts.

(i) Finance Leases

A lease is recognised as a finance lease if it transfers substantially to the Group all the risks and rewards incident to ownership. All

other leases are classified as operating leases.

Assets acquired by way of finance leases are stated at an amount equal to the lower of their fair values and the present value of the

minimum lease payments at the inception of the leases, less accumulated depreciation and impairment losses. The corresponding

liability is included in the balance sheet as borrowings. In calculating the present value of the minimum lease payments, the discount

factor used is the interest rate implicit in the lease, when it is practicable to determine; otherwise, the Company’s incremental

borrowing rate is used.

Lease payments are apportioned between the finance costs and the reduction of the outstanding liability. Finance costs, which

represent the difference between the total leasing commitments and the fair value of the assets acquired, are recognised as an

expense in the income statement over the term of the relevant lease so as to produce a constant periodic rate of charge on the

remaining balance of the obligations for each accounting period.

The depreciation policy for leased assets is consistent with that for depreciable property, plant and equipment as described in Note 2(e).

(j) Inventories

Inventories are stated at the lower of cost (determined on the weighted average cost basis) and net realisable value. Cost of finished

goods and work-in-progress includes direct materials, direct labour, other direct costs and appropriate production overheads. Cost of

raw materials includes the cost of purchase and other direct charges. Net realisable value represents the estimated selling price less

all estimated costs to completion and costs to be incurred in marketing, selling and distribution.

(k) Provisions for Liabilities

Provisions for liabilities are recognised when the Group has a present obligation as a result of a past event and it is probable that an

outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount

can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Where the

effect of the time value of money is material, the amount of a provision is the present value of the expenditure expected to be

required to settle the obligation.

83



31 July 2003


(l) Income Tax

Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the expected amount of income taxes

payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted at the balance sheet date.

Deferred tax is provided for, using the liability method, on temporary differences at the balance sheet date between the tax bases of

assets and liabilities and their carrying amounts in the financial statements. In principle, deferred tax liabilities are recognised for all

taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and

unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible temporary

differences, unused tax losses and unused tax credits can be utilised. Deferred tax is not recognised if the temporary difference

arises from goodwill or negative goodwill or from the initial recognition of an asset or liability in a transaction which is not a business

combination and at the time of the transaction, affects neither accounting profit nor taxable profit.

Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled,

based on tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised in the

income statement, except when it arises from a transaction which is recognised directly in equity, in which case the deferred tax is

also charged or credited directly in equity, or when it arises from a business combination that is an acquisition, in which case the

deferred tax is included in the resulting goodwill or negative goodwill.

Prior to the adoption of MASB 25: Income Taxes on 1 August 2002, deferred tax was provided for using the liability method in

respect of significant timing differences and deferred tax assets were not recognised unless there was reasonable expectation of

their realisation. This change in accounting policy has been accounted for retrospectively and the effects of this change are disclosed

in Note 30.

(m) Concession Rights

Concession rights are attributable to costs incurred which are related to arrangement whereby the Group is able to obtain economic

benefits over future years. The concession rights is amortised on a straight-line basis over its estimated useful economic life of 30

years. Concession rights is stated at cost less accumulated amortisation and impairment losses. The policy for the recognition and

measurement of impairment losses is in accordance with Note 2(o).

(n) Retirement Benefits

Contributions are made to the Group’s Retirement Benefit Scheme, a defined benefit plan. The retirement benefits scheme is non-

funded and the cost of retirement benefits under this scheme is determined based on accrued benefit valuation method. Current

service costs, past service costs and experience adjustments in respect of the Group’s Retirement Benefit Scheme are dealt with

through the income statement systematically over the expected remaining service lives of members. The Group adopted a triennial

actuarial valuation using the Projected Unit Credit Method to determine the cost of retirement benefit. The last valuation was

performed in financial year 2002.

(o) Impairment of Assets

At each balance sheet date, the Group reviews the carrying amounts of its assets to determine whether there is any indication of

impairment. If any such indication exists, impairment is measured by comparing the carrying values of the assets with their

recoverable amounts. Recoverable amount is the higher of net selling price and value in use, which is measured by reference to

discounted future cash flows.

An impairment loss is recognised as an expense in the income statement immediately, unless the asset is carried at a revalued

amount. Any impairment loss of a revalued asset is treated as a revaluation decrease to the extent of any unutilised previously

recognised revaluation surplus for the same asset. Reversal of impairment losses recognised in prior years is recorded when the

impairment losses recognised for the asset no longer exist or have decreased.


84


31 July 2003


(p) Revenue Recognition

Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the enterprise and

the amount of the revenue can be measured reliably.

(i) Development Properties

Revenue from sale of development properties is accounted for by the stage of completion method in respect of all building units

that have been sold. The stage of completion is determined by reference to the costs incurred to date to the total estimated

costs where the outcome of the projects can be reliably estimated. All anticipated losses are fully provided for.

(ii) Construction Contracts

Revenue from construction contracts is accounted for by the stage of completion method as described in Note 2(g). All

anticipated losses are fully provided for.

(iii) Sales of Goods and Services

Revenue relating to the sale of goods is recognised net of sales taxes and discounts upon the transfer of risks and rewards.

Revenue from services rendered is recognised net of service taxes and discount as and when the services are performed.

(iv) Interest Income

Interest is recognised on a time proportion basis that reflect the effective yield on the asset.

(v) Dividend Income

Dividend income is recognised when the right to receive payment is established.

(q) Foreign Currencies

(i) Foreign Currency Translations

Transactions in foreign currencies are converted into Ringgit Malaysia at rates of exchange ruling at the date of the transaction.At each balance sheet date, foreign currency monetary items are translated into Ringgit Malaysia at exchange rates ruling at thedate. Non-monetary items initially denominated in foreign currencies, which are carried at historical cost are translated using thehistorical rate as of the date of acquisition and non-monetary items which are carried at fair value are translated using theexchange rate that existed when the values were determined.

All exchange rate differences are taken to the income statement with the exception of differences on foreign currencyborrowings that provide a hedge against a net investment in a foreign entity. These exchange differences are taken directly toequity until the disposal of the net investment, at which time they are recognised in the income statement.

(ii) Foreign Operations

Where the operations of a foreign company are integral to the operations of the Company, the translation principles describedabove are applied as if the transactions of the foreign operation has been those of the Company.

(iii) Foreign Entities

Financial statements of foreign consolidated subsidiaries are translated at year-end exchange rates with respect to the assetsand liabilities, and at exchange rates at the dates of transactions with respect to the income statement. All resulting translationdifferences are included in the foreign exchange reserve in shareholders’ equity.

The principal exchange rates used for every unit of foreign currency ruling at the balance sheet date used are as follows:

2003 2002

RM RM

United States Dollar 3.80 3.80Singapore Dollar 2.17 2.15Indian Rupee 0.08 0.08New Taiwan Dollar 0.11 –*

* Operation in Taiwan, Republic of China was commenced during the financial year

85



31 July 2003


(r) Financial Instruments

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

Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual agreement. Interest,dividends, gains and losses relating to a financial instrument classified as a liability, are reported as expense or income. Distributionsto holders of financial instruments classified as equity are charged directly to equity. Financial instruments are offset when the Grouphas a legally enforceable right to offset and intends to settle either on a net basis or to realise the asset and settle the liabilitysimultaneously. The financial risk management objectives and policies are disclosed in Note 37.

(i) Other Non-current Investments

Non-current investments other than investments in subsidiaries, associated companies and joint ventures are stated at cost lessimpairment losses. The policy for the recognition and measurement of impairment losses is in accordance with Note 2(o).

On disposal of an investment, the difference between net disposal proceeds and its carrying amount is recognised in the incomestatement.

(ii) Receivables

Receivables are carried at anticipated realisable values. Bad debts are written off when identified. An estimate is made fordoubtful debts based on a review of all outstanding amounts at the balance sheet date.

(iii) Payables

Payables are stated at cost which is the fair value of the consideration to be paid in the future for goods and services received.

(iv) Interest-bearing Borrowings

Interest-bearing bank loans and Redeemable Unsecured Bonds are recorded at the face value of the loan amount.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets thatnecessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of thoseassets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised as an expense in the income statement in the period in which they are incurred.

(v) Equity Instruments

Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in which they are declared.

The transaction costs of an equity transaction are accounted for as deduction from equity, net of tax. Equity transaction costscomprise only those incremental external costs directly attributable to the equity transaction which would otherwise have been avoided.

3 . R E V E N U E

Revenue of the Group and of the Company consists of the following:

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Engineering and construction contracts 828,113 859,514 162,732 195,530Sales of development properties 418,920 103,103 – –Quarry sales 35,380 31,113 – –Trading of construction materials 105,574 22,386 – –Manufacturing 37,325 3,848 – –Paper sales 6,249 15,282 – –Others 10,508 7,506 – –

1,442,069 1,042,752 162,732 195,530


86


31 July 2003

4 . P R O F I T F R O M O P E R AT I O N S

Profit from operations is stated after charging/(crediting):Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Amortisation of concession rights 2,333 2,333 – –

Amortisation of goodwill on consolidation

– Subsidiaries 835 835 – –

– Associated company 6,608 10,903 – –

Auditors’ remuneration

– Statutory audits 254 209 55 55

– Other services 207 157 95 99

Executive directors’ remuneration

(Note 5, included in staff costs) 3,390 3,286 2,776 2,697

Hire of plant and equipment 3,067 4,350 – –

Inventories written off – 817 – –

Non-executive directors’ remuneration (Note 5) 244 244 244 244

Property, plant and equipment written off 104 162 25 15

Provision for contracts (Note 27) 24,286 – – –

Provision for doubtful debts

– Others 41 893 – –

– Subsidiaries – – – 22,512

Provision for rebates (Note 27) 3,662 – – –

Provision for retirement benefits (Note 27) 1,284 160 1,000 –

Rental expense of land 174 253 51 51

Rental expense of premises 1,181 1,263 488 560

Appropriation of profits from unincorporated subsidiaries – – (110,514) (77,578)

Net bad debts recovered (50) (267) – –

Dividends received/receivable from

– Subsidiaries – – – (34,250)

– Associated companies – – (38,542) (9,280)

Gain on disposal of property, plant and equipment (966) (1,073) (826) (179)

Gain on disposal of quoted investments (104) (789) – (110)

(Reversal of impairment losses)/impairment losses on property,

plant and equipment (1,070) 2,750 – –

Realised gain on foreign exchange – (34) – –

Recovery by a previous joint venture (22,029) – (22,029) –

Rental income

– Subsidiaries – – (649) (570)

– Others (506) (461) (177) (134)

Unrealised gain on foreign exchange (29) (12) – –

Write back of provision for diminution in value of investment – (46) – –

Write back of provision for doubtful debts (467) (605) – (605)

87



31 July 2003

5 . D I R E C T O R S ’ R E M U N E R AT I O N

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Directors of the Company

Executive:Salaries and other emoluments 3,390 3,286 2,776 2,697Benefits-in-kind 290 268 254 226

3,680 3,554 3,030 2,923

Non-executive:Fees 244 244 244 244Benefits-in-kind 27 44 27 44

271 288 271 288

3,951 3,842 3,301 3,211

Analysis excluding benefits-in-kind:Total executive directors’

remuneration excluding benefits-in-kind 3,390 3,286 2,776 2,697

Total non-executive directors’remuneration excluding benefits-in-kind 244 244 244 244

Total directors’ remunerationexcluding benefits-in-kind 3,634 3,530 3,020 2,941

The number of directors of the Company whose total remuneration (including benefits-in-kind) during the year fall within the followingbands are:

Number of Share Options

2003 2002

Executive directors:RM250,001 – RM300,000 1 1RM300,001 – RM350,000 – –RM350,001 – RM400,000 1 2RM400,001 – RM450,000 – 1RM450,001 – RM500,000 5 3RM500,001 – RM550,000 – –RM550,001 – RM600,000 – –RM600,001 – RM650,000 – –RM650,001 – RM700,000 1 1

8 8

Non-executive directors:RM1 – RM50,000 5 5RM50,001 – RM100,000 – –RM100,001 – RM150,000 1 1

6 6

Total 14 14


88


31 July 2003

6 . F I N A N C E C O S T S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Interest expense on RedeemableUnsecured Bonds 12,000 14,230 12,000 13,903

Interest expense on other borrowings 3,815 1,959 25 –

15,815 16,189 12,025 13,903

Less: Amount capitalised in qualifying assets:Development properties (Note 17) (3,574) (1,959) – –Costs of construction contracts (Note 20) (216) – – –

12,025 14,230 12,025 13,903

7 . T A X AT I O N

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

(restated) (restated)

In Malaysia:Tax expense for the year 110,730 63,566 42,781 52,313Relating to origination and reversal of temporary

differences (Note 28) (5,527) 4,348 408 (666)Taxation under provided in prior years 2,477 4,928 3,202 6,300Share of taxation for associated companies 30,927 29,409 – –

138,607 102,251 46,391 57,947

Domestic income tax is calculated at the Malaysian statutory tax rate of 28% (2002: 28%) of the estimated assessable profit for the year.Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.

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

2003 2002

RM’000 RM’000

(restated)

Group


Taxation at Malaysian statutory tax rate of 28% (2002: 28%) 113,681 89,985Income not subject to tax (6,372) (85)Expenses not deductible for tax purposes 16,414 9,312Utilisation of previously unrecognised tax losses – (56)Deferred tax assets/(liabilities) not recognised 12,660 (1,619)Overprovision of deferred tax in prior years (253) (214)Underprovision of income tax in prior years 2,477 4,928

Tax expense for the year 138,607 102,251

89



31 July 2003

7 . T A X AT I O N ( C O N T ’ D . )

2003 2002

RM’000 RM’000

(restated)

Company


Taxation at Malaysian statutory tax rate of 28% (2002: 28%) 33,959 45,243

Income not subject to tax (10,712) (4,306)

Expenses not deductible for tax purposes 19,942 10,710

Underprovision of income tax in prior years 3,202 6,300

Tax expense for the year 46,391 57,947

As at 31 July 2003, the Company has tax exempt profit available for distribution of approximately RM11,039,000 (2002: RM11,039,000).

The Company has sufficient tax credit under Section 108 of the Income Tax Act, 1967 and the balance in the tax exempt income account

to frank the payment of dividends out of its entire retained profits as at 31 July 2003.

8 . E A R N I N G S P E R S H A R E

(a) Basic

Basic earnings per share is calculated by dividing the Group’s net profit for the year by the weighted average number of ordinary

shares in issue during the financial year.

Group

2003 2002

(restated)

Net profit for the year (RM’000) 241,773 193,899

Weighted average number of ordinary shares in issue (’000) 676,456 668,093

Basic earnings per share (sen) 36 29

The comparative basic earnings per share has been restated to take into account the effect of the change in accounting policies on

the net profit for the year as elaborated in Note 30.

(b) Diluted

For the purpose of calculating diluted earnings per share, the net profit for the year and the weighted average number of ordinary

shares in issue during the financial year have been adjusted for the effects of dilutive potential ordinary shares from conversion of

ESOS and Warrants. The adjusted weighted average number of ordinary shares is the weighted average number of ordinary shares

in issue during the financial year plus the weighted average number of ordinary shares which would be issued on the full conversion

of the outstanding ESOS and Warrants into ordinary shares. The ESOS and Warrants are deemed to have been converted into

ordinary shares at the date of the issue of the ESOS and Warrants.


90


31 July 2003

8 . E A R N I N G S P E R S H A R E ( C O N T ’ D . )

(b) Diluted (Cont’d.)

Group

2003 2002

(restated)

Net profit for the year (RM’000) 241,773 193,899

Weighted average number of ordinary shares in issue (’000) 676,456 668,093

Adjusted for:

Assumed shares issued from the exercise of ESOS (’000) 11,908 17,187

Assumed shares issued from the exercise of Warrants 1996/2006 (’000) 19,901 15,009

Assumed shares issued from the exercise of Warrants 2001/2007 (’000) 55,791 47,176

Adjusted weighted average number of ordinary shares in issue and issuable (‘000) 764,056 747,465

Fully diluted earnings per share (sen) 32 26

The comparative diluted earnings per share has been restated to take into account the effect of the change in accounting policies on

the net profit for the year as elaborated in Note 30.

9 . D I V I D E N D S

Group and Company

Amount Dividend per share

2003 2002 2003 2002

RM’000 RM’000 sen sen

Final dividend paid for financial year 2002, of 5% less 28% taxation 24,340 – 4 –

Interim dividend paid for financial year 2003, of 7% less 28% taxation

(2002 : 5% less 28% taxation) 34,137 24,133 5 4

58,477 24,133

At the forthcoming Annual General Meeting, a final dividend in respect of the current financial year ended 31 July 2003, of 9% on

683,447,274 ordinary shares less 28% taxation amounting to a total dividend payable of RM44,287,383 (6.48 sen per share) will be

proposed for shareholders’ approval. The financial statements for the current financial year do not reflect this proposed dividend. Such

dividend, if approved by shareholders, will be accounted for in the shareholders’ equity as an appropriation of retained profits in the

financial year ending 31 July 2004.

91



31 July 2003

1 0 . P R O P E R T Y , P L A N T A N D E Q U I P M E N T

Other

property,

Land and Construction plant and

building* -in-progress equipment** Total

RM’000 RM’000 RM’000 RM’000

Group

Valuation/Cost

At 1 August 2002 49,033 25,590 187,187 261,810

Additions 13 2,575 30,418 33,006

Disposals – – (20,819) (20,819)

Reclassification 1,753 (2,113) 360 –

Write-offs – – (1,159) (1,159)

At 31 July 2003 50,799 26,052 195,987 272,838

Accumulated Depreciation

At 1 August 2002 7,391 – 119,410 126,801

Charge for the year: 813 – 24,407 25,220

Recognised in income statement 813 – 7,522 8,335

Capitalised in development expenditure (Note 17) – – 504 504

Capitalised in construction costs (Note 20) – – 16,381 16,381

Disposals – – (16,643) (16,643)

Write-offs – – (1,055) (1,055)

At 31 July 2003 8,204 – 126,119 134,323

Accumulated Impairment Losses

At 1 August 2002 – – 2,750 2,750

Reversal – – (1,070) (1,070)

Disposals – – (1,680) (1,680)

At 31 July 2003 – – – –

Net Book Value

At 31 July 2003 42,595 26,052 69,868 138,515

At 31 July 2002 41,642 25,590 65,027 132,259

Depreciation charge for 2002 780 – 17,208 17,988


92


31 July 2003

1 0 . P R O P E R T Y , P L A N T A N D E Q U I P M E N T ( C O N T ’ D . )

* Land and buildings

At valuation At cost

Buildings Long term Long term Short term Short term Buildings

Freehold on freehold leasehold leasehold leasehold leasehold Freehold on freehold

land land land buildings land buildings land land Total

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

Group

Valuation/Cost

At 1 August 2002 1,192 1,148 1,349 674 14,313 187 18,105 12,065 49,033

Additions – – – – – – – 13 13

Reclassification – – – – – – – 1,753 1,753

At 31 July 2003 1,192 1,148 1,349 674 14,313 187 18,105 13,831 50,799


At 1 August 2002 – 252 257 132 5,201 70 – 1,479 7,391

Charge for the year – 23 23 13 472 6 – 276 813

At 31 July 2003 – 275 280 145 5,673 76 – 1,755 8,204

Net Book Value

At 31 July 2003 1,192 873 1,069 529 8,640 111 18,105 12,076 42,595

At 31 July 2002 1,192 896 1,092 542 9,112 117 18,105 10,586 41,642

Depreciation charge

for 2002 – 23 23 13 472 6 – 243 780

93



31 July 2003


** Other property, plant and equipment

Office Plant,

equipment, machinery

Motor furniture and

vehicles and fittings equipment Total

RM’000 RM’000 RM’000 RM’000

Group

Cost

At 1 August 2002 38,817 19,597 128,773 187,187

Additions 830 4,407 25,181 30,418

Disposals (3,775) (501) (16,543) (20,819)

Reclassification – 360 – 360

Write-offs (75) (639) (445) (1,159)

At 31 July 2003 35,797 23,224 136,966 195,987


At 1 August 2002 23,898 13,710 81,802 119,410

Charge for the year: 4,095 3,014 17,298 24,407

Recognised in income statement 3,209 1,807 2,506 7,522

Capitalised in development expenditure (Note 17) 48 90 366 504

Capitalised in construction costs (Note 20) 838 1,117 14,426 16,381

Disposals (3,236) (410) (12,997) (16,643)

Write-offs (16) (612) (427) (1,055)

At 31 July 2003 24,741 15,702 85,676 126,119

Accumulated Impairment Losses

At 1 August 2002 – 129 2,621 2,750

Reversal – – (1,070) (1,070)

Disposals – (129) (1,551) (1,680)

At 31 July 2003 – – – –

Net Book Value

At 31 July 2003 11,056 7,522 51,290 69,868

At 31 July 2002 14,919 5,758 44,350 65,027

Depreciation charge for 2002 3,633 2,563 11,012 17,208


94


31 July 2003


Other

property,

Land and Construction plant and

building^ -in-progress equipment^^ Total

RM’000 RM’000 RM’000 RM’000

Company

Valuation/Cost

At 1 August 2002 25,587 24,220 38,007 87,814Additions – 274 871 1,145Transfer in – – 53 53Disposals – – (3,108) (3,108)Reclassifications 1,753 (2,113) 360 –Write-offs – – (377) (377)

At 31 July 2003 27,340 22,381 35,806 85,527


At 1 August 2002 1,239 – 26,167 27,406Charge for the year: 232 – 3,721 3,953

Recognised in income statement 232 – 3,713 3,945Capitalised in construction costs (Note 20) – – 8 8

Transfer in – – 53 53Disposals – – (2,734) (2,734)Write-offs – – (352) (352)

At 31 July 2003 1,471 – 26,855 28,326

Net Book Value

At 31 July 2003 25,869 22,381 8,951 57,201

At 31 July 2002 24,348 24,220 11,840 60,408

Depreciation charge for 2002 200 – 3,880 4,080

^ Land and buildings

At valuation At cost

Buildings Long term Long term Buildings

Freehold on freehold leasehold leasehold Freehold on freehold

land land land buildings land land Total

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

Company

Valuation/Cost

At 1 August 2002 780 860 1,204 559 14,572 7,612 25,587Reclassification – – – – – 1,753 1,753

At 31 July 2003 780 860 1,204 559 14,572 9,365 27,340


At 1 August 2002 – 189 225 108 – 717 1,239Charge for the year – 17 20 11 – 184 232

At 31 July 2003 – 206 245 119 – 901 1,471

Net Book Value

At 31 July 2003 780 654 959 440 14,572 8,464 25,869

At 31 July 2002 780 671 979 451 14,572 6,895 24,348

Depreciation charge for 2002 – 17 20 11 – 152 200

95



31 July 2003


^^ Other property, plant and equipment

Office Plant,

equipment, machinery

Motor furniture and

vehicles and fittings equipment Total

RM’000 RM’000 RM’000 RM’000

Company

Cost

At 1 August 2002 23,323 11,076 3,608 38,007Additions 70 801 – 871Transfer in 53 – – 53Disposals (3,072) (36) – (3,108)Reclassification – 360 – 360Write-offs – (337) (40) (377)

At 31 July 2003 20,374 11,864 3,568 35,806


At 1 August 2002 14,269 8,700 3,198 26,167Charge for the year: 2,404 1,167 150 3,721

Recognised in income statement 2,404 1,167 142 3,713Capitalised in construction costs (Note 20) – – 8 8

Transfer in 53 – – 53Disposals (2,698) (36) – (2,734)Write-offs – (322) (30) (352)

At 31 July 2003 14,028 9,509 3,318 26,855

Net Book Value

At 31 July 2003 6,346 2,355 250 8,951

At 31 July 2002 9,054 2,376 410 11,840

Depreciation charge for 2002 2,610 1,094 176 3,880

(a) Details of independent professional valuation of land and buildings owned by the Group at 31 July 2003 are as follows:

Long term and short term leasehold land and buildings:

Year of Basis of Leases

valuation Description of property Amount valuation expiring in

RM’000

1991 Long term leasehold land and building 260 Open 2078at Jalan Gopeng, Ipoh, Perak Darul Ridzuan market value

1991 Long term leasehold land and building 592 Open 2043at Jelapang, Ipoh, Perak Darul Ridzuan market value

1991 Long term leasehold land and building 911 Open 2050at Jelapang, Ipoh, Perak Darul Ridzuan market value

1991 Short term leasehold quarry land and building 14,500 Open 2022at Kuala Dipang, Perak Darul Ridzuan market value

1991 Long term leasehold land and building 260 Open 2078at Jalan Gopeng, Ipoh, Perak Darul Ridzuan market value

16,523


96


31 July 2003


(a) Details of independent professional valuation of land and buildings owned by the Group at 31 July 2003 are as follows (Cont’d.):

Freehold land and buildings:

Year of Basis of

valuation Description of property Amount valuation

RM’000

1991 Freehold land and building at 1,240 Open market valuePetaling Jaya, Selangor Darul Ehsan

1991 Freehold land and building at 400 Open market valuePetaling Jaya, Selangor Darul Ehsan

1991 Freehold land at Petaling 412 Open market valueJaya, Selangor Darul Ehsan

1991 Building at Petaling Jaya, 288 Open market valueSelangor Darul Ehsan

2,340

(b) Certain property, plant and equipment of the Group with net book value of Nil (2002: RM7,097,000) have been pledged to a financialinstitution for credit facilities granted to the Group. The security was released during the year upon full settlement of facilities by asubsidiary of the Company.

(c) Included in property, plant and equipment of the Group and the Company are fully depreciated property, plant and equipment whichare still in use costing RM62,780,000 (2002: RM53,671,000) and RM15,612,000 (2002: RM14,628,000) respectively.

(d) Had the revalued land and buildings been carried at historical cost less accumulated depreciation, the net book value of the land andbuildings that would have been included in the financial statements of the Group and of the Company are as follows:

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Freehold land and buildings 1,503 1,544 1,110 1,130Long term leasehold land and buildings 917 945 725 748

Short term leasehold land and building 135 142 – –

(e) As at 31 July 2003, net book values of plant, machinery and equipment amounting to RM8,038,000 (2002: Nil) were acquired underfinance lease arrangements.

(f) During the year, the Group acquired property, plant and equipment with an aggregate cost of RM33,006,000 (2002: RM35,785,000)of which RM8,235,000 (2002: Nil) were acquired by means of finance lease arrangements.

1 1 . S U B S I D I A R I E S

Company

2003 2002

RM’000 RM’000

Unquoted shares, at cost 351,921 351,921Less: Accumulated impairment losses (16,290) (16,290)

335,631 335,631

97



31 July 2003

1 1 . S U B S I D I A R I E S ( C O N T ’ D . )

Paid-up Effective Interests

Name of Company Capital 2003 2002 Principal Activities

RM % %

Subsidiaries incorporated

in Malaysia

Gammau Construction Sdn. Bhd. 6,000,000 100 100 Civil engineering and construction

Gamuda Engineering Sdn. Bhd. 770,000 100 100 Civil engineering and construction

Megah Landscape Sdn. Bhd. 500,000 100 70 Supplying of landscaping materials andprovision of landscaping services

Gamuda Land Sdn. Bhd. 2 100 100 Dormant

Gamuda Paper Industries Sdn. Bhd. 18,000,000 95 95 Ceased paper operation

GPI Trading Sdn. Bhd. 2 95 95 Ceased paper operation

Gamuda Trading Sdn. Bhd. 109,000 100 100 Trading of construction materials

Gamuda Water Sdn. Bhd. 2,000,000 80 80 Operation and maintenanceof water treatment plants

G.B. Kuari Sdn. Bhd. 750,000 100 100 Operation of quarry, laying of road and manufacture of premix

Ganaz Bina Sdn. Bhd. 3,000,000 100 100 Civil engineering and construction

GIT Services Sdn. Bhd. 100,000 100 100 Information technology services and trading

Harum Intisari Sdn. Bhd. 6,450,000 100 100 Property investment and development

Masterpave Sdn. Bhd. 2,500,000 100 100 Manufacture, supply and laying of roadsurfacing materials

Megah Capital Sdn. Bhd. 2 100 100 Investment holding and trading

Megah Management Services Sdn. Bhd. 50,000 100 100 Insurance agency

Megah Sewa Sdn. Bhd. 100,002 100 100 Hire and rental of plant and machinery

Reka Strategi Sdn. Bhd.* 2 100 100 Dormant

Valencia Development Sdn. Bhd. 5,370,000 98.8 98.8 Property development

Idaman Lantas Sdn. Bhd.* ^ 2 100 – Dormant

Setara Hati Sdn. Bhd.* ^ 2 100 – Dormant


98


31 July 2003




% %

Subsidiary incorporated in

British Virgin Islands

Gamuda Overseas Investment Ltd. US$100,000 100 100 Investment holding

Subsidiary incorporated in Mauritius

Gamuda (Offshore) Private Limited* US$1,000 100 100 Investment holding

Subsidiary incorporated in India

Gamuda (India) Pte. Ltd.* Rps100,000 100 100 Dormant

Held by Gamuda (Offshore)

Private Limited:

Gamuda – WCT (India) Rps100,000 70 70 Civil engineering and construction

Private Limited#

Unincorporated subsidiaries

Gamuda Berhad – – 70 70 Civil engineering and construction

Kumpulan Darul Ehsan Berhad

– The Sweet Water Alliance Sdn. Bhd.

Joint Venture (“GKTJV”)

Gamuda Berhad – – 70 70 Civil engineering and construction

Mujur Minat Sdn. Bhd.

Joint Venture (“GMMJV”)

* Audited by firms of auditors other than Ernst & Young

^ Newly acquired subsidiaries during the year

# Audited by an overseas firm associated with Ernst & Young, Malaysia

The details of the unincorporated subsidiaries are as follows:

Entity Joint Venture Partners Economic Activity

GKTJV Gamuda Berhad, Kumpulan Darul Ehsan Berhad To undertake civil engineering construction of the dam and

and The Sweet Water Alliance Sdn. Bhd. water treatment facilities of Sungai Selangor Water Supply

Scheme Phase 3

GMMJV Gamuda Berhad and Mujur Minat Sdn. Bhd. To undertake civil engineering construction of the

Western Kuala Lumpur Traffic Dispersal Scheme

Both GKTJV and GMMJV are unincorporated joint ventures formed under a contractual agreement. Pursuant to MASB 16: Financial

Reporting of Interests in Joint Ventures, both GKTJV and GMMJV are deemed to be the subsidiaries of Gamuda Berhad by virtue of its

power to govern the financial and operating policies of the economic activities of these entities.

99



31 July 2003


Acquisition of Shares in Subsidiaries

(a) On 13 January 2003, the Company acquired the entire issued and paid-up share capital of both Idaman Lantas Sdn. Bhd. and SetaraHati Sdn. Bhd., each comprising 2 ordinary shares of RM1.00 per share for cash. Both companies have not commenced operations.

(b) On 25 July 2003, Gamuda Engineering Sdn. Bhd., a wholly owned subsidiary of the Company acquired the remaining issued andpaid-up share capital of its subsidiary, Megah Landscape Sdn. Bhd. comprising 150,000 ordinary shares of RM1.00 each for cash; and

There has been no effect of the acquisition of ordinary shares in the subsidiaries on the financial results of the Group from the date ofacquisition to 31 July 2003 because the results of the external transactions are immaterial.

1 2 . A S S O C I AT E D C O M P A N I E S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

(Restated)

Unquoted shares in Malaysia:At cost:– Ordinary shares 125,185 125,185 125,185 125,185– Redeemable preference shares 375,215 334,625 375,215 334,625

500,400 459,810 500,400 459,810Group’s share of post-acquisition reserves 148,662 133,894 – –Less: Accumulated impairment loss (26,431) – (68,081) –

622,631 593,704 432,319 459,810

Unquoted shares outside Malaysia:At cost:– Ordinary shares 22,555 5 – –– Redeemable preference shares 72,851 43,176 – –Group’s share of post-acquisition reserves 134 (14) – –

95,540 43,167 – –

718,171 636,871 432,319 459,810

Quoted shares in Malaysia:At cost: 179,020 179,020 179,020 179,020Group’s share of capital reserves 75,704 75,210 – –Group’s share of post-acquisition profits,

net of dividends receivable 57,685 43,989 – –

312,409 298,219 179,020 179,020

1,030,580 935,090 611,339 638,830

Represented by:Unquoted shares– Share of net assets 718,171 603,832 – –– Goodwill, net of amortisation and impairment loss – 33,039 – –

718,171 636,871 – –Quoted shares in Malaysia– Share of net assets 312,409 298,219 – –

1,030,580 935,090 – –

Market value:

Quoted shares, in Malaysia 501,154 519,715 501,154 519,715


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31 July 2003

1 2 . A S S O C I AT E D C O M P A N I E S ( C O N T ’ D . )

Goodwill arising on the acquisition of an associated company is amortised over the estimated useful life of 7 years. However, thegoodwill has impaired and fully written-off to income statement during the financial year.

Details of the associated companies are as follows:



RM % %

Associated companies incorporated

in Malaysia

Dyna Plastics Sdn. Bhd. 48,001,720 41 41 Manufacturing and sale ofPolymer Lithium ion batteries andrelated accessories

Syarikat Pengeluar Air 171,500,000 30 30 Investment holding andSelangor Holdings Berhad provision of management services(formerly known asGabungan Cekap Berhad)

Syarikat Pengeluar Air 50,000,001 30 30 Concession holder of Sungai SelangorSungai Selangor Sdn. Bhd. Water Supply Scheme Phases 1 and 3

Hicom-Gamuda 6,053,004 50 50 Property developmentDevelopment Sdn. Bhd.

Danau Permai Resort Berhad 5,500,000 50 50 Owner and operator of a golf club

Kota Kemuning Nursery 800,000 50 50 Supply of landscaping materials& Landscaping Sdn. Bhd. and provision of landscaping services

HGD Property Services Sdn. Bhd. 2 50 50 Property maintenance services

Kesas Holdings Berhad 470,914,840 30 30 Investment holding

Kesas Sdn. Bhd. 5,000,000 30 30 Concession holder of an expressway

Lingkaran Trans 481,515,618 39 39 Investment holding andKota Holdings Berhad* provision of management services

Lingkaran Trans Kota Sdn. Bhd. 50,000,000 39 39 Concession holder of an expressway

Penyenggaraan Litrak Sdn. Bhd. 2 39 39 Highway maintenance

Sukma Sinaran Sdn. Bhd. 2 39 39 Investment holding

Litrak Sdn. Bhd. 2 39 39 Dormant

Semarak Zaman Sdn. Bhd. 2 39 39 Dormant

Midawasa Sdn. Bhd. 1,000 39 39 Investment holding

* Quoted shares in Malaysia

101



31 July 2003

1 2 . A S S O C I AT E D C O M P A N I E S ( C O N T ’ D . )

Details of the associated companies are as follows (Cont’d.):



% %


in Malaysia

Madang Permai Sdn. Bhd. RM5,000,000 36 36 Concession holder of an expressway

Sistem Penyuraian Trafik RM10,540,000 49 49 Investment holdingKL Barat Holdings Sdn. Bhd.

Sistem Penyuraian RM50,000,000 49 49 Concession holder of an expresswayTrafik KL Barat Sdn. Bhd.

Held by Kesas Holdings Berhad,Lingkaran Trans Kota Holdings Berhadand Sistem Penyuraian TrafikKL Barat Holdings Sdn. Bhd.:

ETC Links Sdn. Bhd. RM600,003 40 40 Rental of software and related equipment

Projek Smart Holdings Sdn. Bhd. RM10 50 – Investment holding

Syarikat Mengurus Air Banjir RM2 50 – Undertake, carry out and implement& Terowong Sdn. Bhd. an integrated Bypass Tunnel cum

Motorway in Kuala Lumpur


in Mauritius

Held by Gamuda(Offshore) Private Limited:

Suria Holding (O) Pvt. Ltd. US$13,909,096 50 50 Investment holding

Gamuda – WCT (Offshore) US$13,484,429 50 50 Investment holdingPrivate Limited


in India

Held by Suria Holding (O) Pvt. Ltd.:

Emas Expressway Rps670,111,000 50 50 Concession holder of an expresswayPrivate Limited

Held by Gamuda – WCT (Offshore)Private Limited:

Mapex Infrastructure Rps803,978,000 50 50 Concession holder of an expresswayPrivate Limited


102


31 July 2003

1 3 . J O I N T LY C O N T R O L L E D E N T I T I E S

Group and Company

2003 2002

RM’000 RM’000

Unincorporated entities, at cost – –

Details of the jointly controlled entities are as follows:

Effective Interests

Name of Jointly Controlled Entities 2003 2002 Economic Activity

% %

MMC Engineering Group Berhad 50 – To undertake engineering, procurement and- Gamuda Berhad Joint Venture construction of an integrated Bypass Tunnel(“MMCEG - Gamuda JV”) cum Motorway in Kuala Lumpur

New Asia Construction & 50 – To undertake civil engineering constructionDevelopment Corporation - of the Orange Line Package CO4 of theGamuda Berhad Joint Venture Kaohsiung Metropolitan Mass Rapid Transit(“New Asia - Gamuda JV”) System in Kaohsiung, Taiwan

The Group’s aggregate share of the assets, liabilities, income and expenses of the jointly controlled entities is as follows:

2003 2002

RM’000 RM’000

Current assets 64,922 –Current liabilities (64,922) –

Net assets – –

Revenue 62,435 –

Expenses 62,435 –

1 4 . O T H E R I N V E S T M E N T S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

At costQuoted shares, in Malaysia 3,439 3,842 3 3Unquoted shares, in Malaysia 50 50 50 50Investment in transferable club memberships 665 665 665 665

4,154 4,557 718 718Accumulated impairment loss of investment

in quoted shares, in Malaysia (978) (978) – –

3,176 3,579 718 718

Market valueQuoted shares, in Malaysia 3,125 3,720 9 20

103



31 July 2003

1 5 . G O O D W I L L A R I S I N G O N C O N S O L I D AT I O N

Group

2003 2002

RM’000 RM’000

(restated)

Goodwill arising on consolidation 25,048 25,048Less: Accumulated amortisation (4,085) (3,250)

20,963 21,798

The goodwill on consolidation is attributable to the acquisition of G.B. Kuari Sdn. Bhd. and Gamuda Water Sdn. Bhd. respectively. Thegoodwill is amortised over a period of 30 years in line with the lease period of the quarry which is the principal asset of G.B. Kuari Sdn.Bhd. and the concession period of Gamuda Water Sdn. Bhd.’s water treatment rights respectively.

1 6 . C O N C E S S I O N R I G H T S

Group

2003 2002

RM’000 RM’000

Concession rights 70,000 70,000Less: Accumulated amortisation (4,666) (2,333)

65,334 67,667

The concession rights is attributable to the acquisition of a subsidiary, Gamuda Water Sdn. Bhd., which has been granted the rights tooperate and maintain the water treatment plants of Sungai Selangor Water Supply Scheme Phase 3 for a period of 30 years.

1 7 . D E V E L O P M E N T P R O P E R T I E S

Group

2003 2002

RM’000 RM’000

Freehold land, at cost 354,031 354,031Leasehold land, at cost 59,540 59,540Development expenditure 417,627 91,484Attributable profits 96,510 21,657

927,708 526,712Less: Progress billings received and receivable (527,406) (108,494)

400,302 418,218

Included in development expenditure incurred during the year are:Interest expense (Note 6) 3,574 1,959Depreciation (Note 10) 504 391Staff costs 2,491 1,777

The freehold land with carrying value of RM314,900,000 (2002 : RM314,900,000) are pledged to a licensed bank for bank guarantee ofRM47,042,000 (2002: RM94,083,000) and term loan of RM35,084,000 (2002: RM43,089,000), granted to a subsidiary for the landacquired by the subsidiary as referred to in Notes 29(b) and (c).

The land title of a freehold land with carrying amount of RM100,332,000 (2002: RM100,332,000) was registered in the name of asubsidiary subsequent to the financial year end.


104

1 8 . I N V E N TO R I E S

Group

2003 2002

RM’000 RM’000

At cost:Raw materials 105 –Finished goods 1,860 302Crusher run and aggregates 2,151 1,320Consumable stores and spares 351 1,971

4,467 3,593

At net realisable value:Raw materials – 2,593Work-in-progress – 1,340Finished goods – 1,181

– 5,114

4,467 8,707

1 9 . R E C E I V A B L E S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Trade receivables

Joint ventures 143,931 195,153 74,100 89,767Associated companies 75,851 84,834 – –Retention sum 23,384 26,768 2,532 12,534Others 112,680 104,938 16,035 11,350Due from customers on contracts (Note 20) 47,114 108,234 57 –

402,960 519,927 92,724 113,651Less: Provision for doubtful debts (1,111) (1,587) – –

401,849 518,340 92,724 113,651

Other receivables

Joint ventures 84,418 1,148 63,687 –Associated companies 4,608 3,011 2,776 1,931Sundry receivables 48,397 33,762 19,795 7,267Dividends receivable 8,533 16,833 8,533 18,083Tax recoverable 6,226 6,726 2,528 –

152,182 61,480 97,319 27,281

554,031 579,820 190,043 140,932

The Group’s and the Company’s normal trade credit term ranges from 14 to 90 days. Other credit terms are assessed and approved on acase-by-case basis.

The Group and the Company have no significant concentration of credit risk that may arise from exposures to a single debtor or togroups of debtors.

The non-trade amounts due from joint ventures and associated companies are unsecured, interest free and have no fixed terms of repayment.


31 July 2003

105



31 July 2003

2 0 . A M O U N T D U E F R O M / ( T O ) C U S TO M E R S O N C O N T R A C T S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Construction contract costs incurred to date 1,926,665 3,295,587 460,910 2,512,659

Recognised profits less recognised losses 447,402 409,331 17,887 210,985

Progress billings received and receivable (2,544,848) (3,888,136) (494,487) (2,737,761)

(170,781) (183,218) (15,690) (14,117)

Represented by:

Due from customers on contracts (Note 19) 47,114 108,234 57 –

Due to customers on contracts (Note 24) (217,895) (291,452) (15,747) (14,117)

(170,781) (183,218) (15,690) (14,117)

Included in the amount due from/(to) customers on contracts are:

Construction contract costs incurred during the year 755,244 717,208 164,680 325,874

The costs incurred to date on construction contracts include the following charges made during the financial year:

Depreciation (Note 10) 16,381 8,019 8 43

Interest expense (Note 6) 216 – – –

Staff costs 19,374 21,208 54 367

Hire of plant and equipment 38,444 43,844 29 –

Rental of premises 539 580 7 19

2 1 . D U E F R O M S U B S I D I A R I E S

Company

2003 2002

RM’000 RM’000

Due from subsidiaries

– trade 61,892 75,632

– non-trade 296,309 243,630

358,201 319,262

Less: Provision for doubtful debts – (22,512)

358,201 296,750

Included in amount due from subsidiaries is an amount due from an unincorporated subsidiary of RM45,372,000 (2002: RM38,135,000).

The non-trade amounts due from subsidiaries are unsecured, interest free and have no fixed terms of repayment except for an advance

of RM163,598,000 (2002 : RM145,277,000) given to subsidiaries which bore interest of 6.0% to 7.0% (2002 : 6.0% to 7.4%) per annum.

The trade amounts due from subsidiaries have a normal credit term which ranges from 30 to 90 days.


106


31 July 2003

2 2 . C A S H A N D B A N K B A L A N C E S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Cash in hand and at banks 11,821 16,917 3,649 496Housing Development Accounts 116,489 33,040 – –Deposits with licensed banks 368,898 371,978 50,389 73,397Deposits with discount houses 35,707 50,743 15,644 21,233

532,915 472,678 69,682 95,126

Included in deposits with a licensed bank is deposits pledged for the term loan’s interest amounting to RM1,467,000 (2002 : RM899,666)as referred to in Note 29(c).

The Housing Development Accounts are held pursuant to Section 7A of the Housing Development (Control and Licensing) Act 1966 andtherefore restricted from use in other operations.

The range of interest rates and maturities of deposits as at 31 July 2003 were as follows:

Range of Interest Rates Range of Maturities

% Days

Licensed banks 2.1 – 2.3 2 – 184

Discount Houses 2.7 – 2.8 2 – 32

Housing Development Accounts 2.0 – 2.2 No fixed terms of maturity

2 3 . S H O R T T E R M B O R R O W I N G S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Secured:Lease payables (Note 29(d)) 4,580 – – –Bankers acceptance – 330 – –

4,580 330 – –Unsecured:Revolving credits 22,714 – 22,714 –

27,294 330 22,714 –

The bankers acceptance was secured against certain assets of the Group as referred to in Note 10. The security is released during theyear upon settlement of the said bankers acceptance.

The interest rates for borrowings as at 31 July 2003 were as follows:Interest Rates

%

Revolving credits 1.6

Bankers acceptance 3.1

107



31 July 2003

2 4 . P AYA B L E S A N D P R O V I S I O N S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Trade payables

Trade payables 222,136 181,374 424 2,101

Retention sums 54,926 35,543 – 569

Due to customers on contracts (Note 20) 217,895 291,452 15,747 14,117

494,957 508,369 16,171 16,787

Other payables

Sundry payables 99,744 116,862 32,298 15,419

Due to associated companies 11,873 89,410 – –

111,617 206,272 32,298 15,419

Provision for liabilities (Note 27) 28,076 40 – –

634,650 714,681 48,469 32,206

The normal trade credit term granted to the Group and the Company ranges from 30 to 90 days.

Included in sundry payables of the Group is an amount due within twelve months of RM47,042,000 (2002 : RM47,041,000) as referred to

in Note 29(b) in respect of remaining purchase considerations for the land acquired by its subsidiary.

The amount due to associated companies are in respect of advances received for construction contracts and the amounts are unsecured,

interest free and repayable through contra with future progress billings.

2 5 . D U E TO S U B S I D I A R I E S

Company

2003 2002

RM’000 RM’000

Due to subsidiaries

– trade 35,344 68,964

– non-trade 40,952 33,615

76,296 102,579

Included in amount due to subsidiaries is an amount due to an unincorporated subsidiary of RM16,037,000 (2002 : RM38,532,000).

The non-trade amounts due to subsidiaries are unsecured, interest free and have no fixed terms of repayment.

The trade amounts due to subsidiaries have a normal credit term which ranges from 30 to 90 days.


108


31 July 2003

2 6 . S H A R E C A P I TA L

Number of Ordinary

Shares of RM1 Each Amount

2003 2002 2003 2002

RM’000 RM’000

Authorised:

At beginning/end of year 2,000,000 2,000,000 2,000,000 2,000,000

Issued and fully paid:

At 1 August 2002/2001 672,839 665,355 672,839 665,355Exercise of ESOS 8,151 7,448 8,151 7,448Conversion of share application monies from

exercise of ESOS to paid up share capital – 34 – 34Conversion of warrants 2,457 2 2,457 2

At 31 July 2003/2002 683,447 672,839 683,447 672,839

(a) During the financial year, the Company increased its issued and paid-up share capital from RM672,838,672 to RM683,447,274 via theissuance of 8,151,000 and 2,457,602 new ordinary shares of RM1.00 each pursuant to the exercise of ESOS and conversion ofwarrants respectively. The new shares issued rank pari passu in all respects with the existing ordinary shares of the Company.

(b) The principal features of the ESOS are as follows:-

(i) Eligible employees are full-time monthly paid employees and Executive Directors of the Group (including contract and non-Malaysian employees with a minimum three years of contract of service) whose employment has been confirmed and havebeen in the employment of the Group for a continuous period for at least one year as at the date of offer. The selection ofeligible employee for participation in the ESOS shall be at the discretion of the Option Committee.

(ii) The ESOS shall be in force for a period of 5 years from 26 December 2000 subject however to any extension or renewal for afurther period of not exceeding 5 years commencing from the day after the date of expiration of the original 5 years period asmay be approved by all relevant parties.

(iii) The total number of shares to be offered shall not exceed 10% of the issued and paid-up share capital of the Company at anypoint of time during the duration of the ESOS.

(iv) The subscription price under the ESOS shall be the weighted average market price of the shares as shown in the Daily OfficialList issued by the Kuala Lumpur Stock Exchange for the 5 market days immediately preceding the date of offer of the optionssubject to a discount of not more than ten per cent (10%), or at par value of the share, whichever is higher.

(v) The aggregate number of shares to be offered to an eligible employee in accordance with the ESOS shall be determined at thediscretion of the Option Committee after taking into consideration, amongst other factors, the position, performance, seniorityand the length of service that the eligible employee has rendered and subject to the maximum allowable allotment of shares foreach eligible employee.

(vi) The number of shares under the ESOS remaining unexercised or the option price or both may be adjusted following anyalteration in the capital structure of the Company during the option period, whether such alteration is by way of capitalisation ofprofits or reserves, right issues, consolidation of shares, sub-division of shares or reduction of capital or otherwise howsoevertaking place, made by the Company.

(vii) The options shall not carry any right to vote at any general meeting of the Company and a grantee shall not be entitled to anydividends, right or other entitlements on his unexercised options.

(viii) The options granted under the ESOS are not assignable.

109



31 July 2003

2 6 . S H A R E C A P I TA L ( C O N T ’ D . )

(b) The principal features of the ESOS are as follows (Cont’d.):-

(ix) The new shares allotted upon any exercise of the option shall rank pari passu in all respects with the then existing issued andpaid-up ordinary shares of the Company except that the new shares so issued will not rank for any dividends, rights, allotmentsand/or other distributions, the entitlement date (namely the date as at the close of business on which shareholders must beregistered in order to be entitled to any dividends, rights, allotments or other distributions) of which is prior to the date ofallotment of the new shares.

(x) The employees to whom the options have been granted have no right to participate by virtue of the options in any share issueof any other company.

2 7 . P R O V I S I O N F O R L I A B I L I T I E S

Provision

Provision for retirement Provision

for contracts benefits for rebates Total

RM’000 RM’000 RM’000 RM’000

Group

At 1 August 2002/2001 – 5,030 – 5,030Provision for the year (Note 4) 24,286 1,284 3,662 29,232Utilised during the year – (191) – (191)

At 31 July 2003/2002 24,286 6,123 3,662 34,071

At 31 July 2003/2002Current (Note 24) 24,286 128 3,662 28,076

Non-current – 5,995 – 5,995

24,286 6,123 3,662 34,071

At 31 July 2002/2001Current (Note 24) – 40 – 40Non-current – 4,990 – 4,990

– 5,030 – 5,030

Company

At 1 August 2002/2001 – 3,796 – 3,796Provision for the year (Note 4) – 1,000 – 1,000Utilised during the year – (148) – (148)

At 31 July 2003/2002 – 4,648 – 4,648

At 31 July 2003/2002Current (Note 24) – – – –

Non-current – 4,648 – 4,648

– 4,648 – 4,648

At 31 July 2002/2001Current (Note 24) – – – –Non-current – 3,796 – 3,796

– 3,796 – 3,796


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31 July 2003

2 8 . D E F E R R E D T A X

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

(Restated) (Restated)

At 1 August 2002/2001 26,938 22,590 (666) –Recognised in the income statement (Note 7) (5,527) 4,348 408 (666)

At 31 July 2003/2002 21,411 26,938 (258) (666)

Presented after appropriate offsetting as follows:Deferred tax assets (708) (666) (258) (666)Deferred tax liabilities 22,119 27,604 – –

21,411 26,938 (258) (666)

The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows:

Deferred Tax Liabilities of the Group:

Accelerated

Capital Development

Allowances Properties Receivables Others Total

RM’000 RM’000 RM’000 RM’000 RM’000

At 1 August 2002 29,434 431 144 (22) 29,987Recognised in the income statement (5,094) (139) 19 (210) (5,424)

At 31 July 2003 24,340 292 163 (232) 24,563

Deferred Tax Assets of the Group:

Tax Losses

Retirement and Unabsorbed

Benefits Provision Capital

Obligation and Accruals Allowances Total

RM’000 RM’000 RM’000 RM’000

At 1 August 2002 (1,409) (1,640) – (3,049)Recognised in the income statement (306) 238 (35) (103)

At 31 July 2003 (1,715) (1,402) (35) (3,152)

Deferred Tax Liabilities of the Company:

Accelerated

Capital

Allowances Receivables Others Total

RM’000 RM’000 RM’000 RM’000

At 1 August 2002 1,918 102 12 2,032Recognised in the income statement (539) (4) 4 (539)

At 31 July 2003 1,379 98 16 1,493

111



31 July 2003

2 8 . D E F E R R E D T A X ( C O N T ’ D . )

Deferred Tax Assets of the Company:

Retirement

Benefits Other

Obligations Payables Total

RM’000 RM’000 RM’000

At 1 August 2002 (1,063) (1,635) (2,698)Recognised in the income statement (239) 1,186 947

At 31 July 2003 (1,302) (449) (1,751)

Deferred tax assets have not been recognised in respect of the following items:

Group

2003 2002

RM’000 RM’000

Unused tax losses 30,281 27,093Unabsorbed capital allowances 8,929 10,212

The unused tax losses and unabsorbed capital allowances are available indefinitely for offset against future taxable profits of thesubsidiaries in which those items arose. Deferred tax assets have not been recognised in respect of these items as they may not beused to offset taxable profit of other subsidiaries in the Group and they have arisen in subsidiaries that have a recent history of losses.

2 9 . O T H E R L O N G T E R M L I A B I L I T I E S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Bonds (a) 400,000 400,000 400,000 400,000Long term payable (b) – 47,042 – –Term loan - secured (c) 35,084 43,089 – –Finance lease (d) 3,116 – – –

438,200 490,131 400,000 400,000

(a) BondsGroup and Company

2003 2002

RM’000 RM’000

Nominal amount of 3%Redeemable Unsecured Bonds 2000/2007 400,000 400,000

Due within 12 months – –

400,000 400,000

The principal features of the bonds are as follows:

(i) The RM400,000,000 nominal amount of 3% Redeemable Unsecured Bonds 2000/2007 were issued with 166,297,668 detachablewarrants to a primary subscriber and subsequently resold to the shareholders of the Company on the basis of one warrant forevery four existing ordinary shares held at an offer price of 61.0 sen per warrant. Each warrant entitles the registered holder tosubscribe for one new share in the Company at any time on or before the expiry date at the end of six and half years followingthe date of issue on 22 February 2001 at an exercise price of RM3.75 per share. The exercise price is subject to adjustmentsfrom time to time in accordance with the conditions set out in the Deed Poll created on 22 February 2001.

The bonds carry a fixed coupon rate of 3% per annum payable semi annually in arrears. At the end of its tenure, the bonds will beredeemed at 100% nominal value together with interest accrued to the date of maturity on 28 September 2007.


112


31 July 2003

2 9 . O T H E R L O N G T E R M L I A B I L I T I E S ( C O N T ’ D . )

(b) Long term payable is in respect of obligation due to a third party for the acquisition of land held for development, referred to in Note 17.The obligation is payable in accordance with the terms and conditions of the sale and purchase agreement as follows:

Group

2003 2002

RM’000 RM’000

Long term payable 47,042 94,083Due within 12 months (Note 24) (47,042) (47,041)

Due after 12 months – 47,042

Repayable:

Within one year 47,042 47,041Between one and two years – 47,042Between two and five years – –

47,042 94,083

(c) Term loan (secured)Group

2003 2002

RM’000 RM’000

Due after 12 months 35,084 43,089

The term loan bears interest of 7.15% (2002: 7.65%) per annum and will be repaid through redemption of proceeds from propertyunits sold. The term loan is secured by the following:

(i) First legal charge over the freehold land as disclosed in Note 17;

(ii) Debenture for RM250 million over all property, plant and equipment and floating assets of a subsidiary, Harum Intisari Sdn. Bhd.;and

(iii) Fixed deposits equivalent to not less than 3 months interest of the outstanding balance of the loan as disclosed in Note 22.

(d) Finance lease payablesGroup

2003 2002

RM’000 RM’000

Minimum lease payments:

Not later than one year 5,058 –Later than 1 year and not later than 2 years 3,225 –

8,283 –Less: Future finance charges (587) –

Present value of lease liabilities 7,696 –

Present value of lease liabilities

Not later than 1 year (Note 23) 4,580 –Later than 1 year and not later than 2 years 3,116 –

7,696 –

The finance lease liabilities bore effective interest of 8.5% to 8.9% (2002: Nil) per annum.

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31 July 2003

3 0 . C H A N G E S I N A C C O U N T I N G P O L I C I E S A N D P R I O R Y E A R A D J U S T M E N T S

(a) Changes in Accounting Policies

During the financial year, the Group applied five new MASB Standards as disclosed in Note 2(a), which became effective from 1August 2002, and accordingly modified certain accounting policies. The changes in accounting policies which resulted in prior yearadjustments are discussed below:

(i) MASB Standard No. 25: Income Taxes (“MASB 25”)

Under MASB 25, deferred tax liabilities are recognised for all taxable temporary differences. Previously, deferred tax liabilitieswere provided for on account of timing differences only to the extent that a tax liability was expected to materialise in theforeseeable future. In addition, the Company has commenced recognition of deferred tax assets for all deductible temporarydifferences, when it is probable that sufficient taxable profit will be available against which the deductible temporary differencescan be utilised. Previously, deferred tax assets were not recognised unless there was reasonable expectation of their realisation.

Under MASB 25, the acquisition cost is allocated to the identifiable assets and liabilities acquired by reference to their fair valuesat the date of the transaction. Previously, the effect on the temporary difference of RM19,600,000 between the tax bases andcarrying value of the identifiable assets and liabilities arising from the acquisition of Gamuda Water Sdn. Bhd. was notrecognised.

(ii) MASB Standard No. 27: Borrowing Costs (“MASB 27”)

Previously, certain associated companies adopted the accounting policy to capitalise interest incurred on borrowings for theconstruction of the expressway already in use. The post-construction finance costs incurred were deferred via an InterestEqualisation Account which was amortised to each balance sheet date.

During the year, the associated companies have adopted MASB 27, charged the finance costs and wrote off the InterestEqualisation Account to the income statements and retained earnings respectively. The adjustments have decreased the Group’sshare of results and net assets in the associated companies and have been applied retrospectively.

(b) Prior Year Adjustments

(i) The changes in accounting policies have been applied retrospectively and comparatives have been restated. The effect of thechanges in accounting policies are as follows:

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Effects on retained profits:

At 1 August 2002/2001, as previously stated 728,974 514,319 280,264 201,429

Effects of adopting:

– MASB 25 6,598 6,169 6,938 6,272

– MASB 27 (180,022) (134,704) – –

(173,424) (128,535) 6,938 6,272

At 1 August 2002/2001, as restated 555,550 385,784 287,202 207,701

Effects on net profit for the year:

Net profit before changes in accounting policies 287,708 238,788 74,892 102,968

Effects of adopting:

– MASB 25 (407) 429 – 666

– MASB 27 (45,528) (45,318) – –

(45,935) (44,889) – 666

Net profit for the year 241,773 193,899 74,892 103,634


114


31 July 2003

3 0 . C H A N G E S I N A C C O U N T I N G P O L I C I E S A N D P R I O R Y E A R A D J U S T M E N T S ( C O N T ’ D . )

(b) Prior Year Adjustments (Cont’d.)

(ii) Recognition of share of capital reserves arising from deemed disposal in an associated company.

Previously, the dilution of the Group’s interest in an associated company has resulted in an increase in its share of net assets in

the said associated company. The gain arising from the above dilution has resulted in an increase of the Group’s carrying amount

in associated companies and capital reserve by RM494,000 (2002: RM14,431,000). The corresponding effects relating to period

prior to 1 August 2001 of RM60,779,000 has been adjusted against the Group’s opening carrying amount in associated

companies and capital reserve for the year ended 31 July 2001.

(iii) Comparative amounts as at 31 July 2002 have been restated as follows:

Previously

Stated Adjustments Restated

RM’000 RM’000 RM’000

Income Statements

Group

Other operating expenses (33,955) (653) (34,608)

Taxation (73,924) 1,082 (72,842)

Share of profits of associated companies 151,392 (62,939) 88,453

Share of taxation of associated companies (47,030) 17,621 (29,409)

Company

Taxation (58,613) 666 (57,947)

Balance Sheets

Group

Associated companies 1,039,902 (104,812) 935,090

Deferred tax assets – 666 666

Goodwill arising on consolidation 2,851 18,947 21,798

Reserves (783,773) 98,214 (685,559)

Deferred tax liabilities (14,589) (13,015) (27,604)

Company

Deferred tax (liabilities)/assets (6,272) 6,938 666

Reserves (335,063) (6,938) (342,001)

115



31 July 2003

3 1 . C O M M I T M E N T S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Approved and contracted for 100,395 102,497 53 64

Included in commitments of the Group is an amount of RM100,332,000 (2002 : RM100,332,000) relating to the purchase of land by the

Company’s subsidiary, Harum Intisari Sdn. Bhd..

3 2 . C O N T I N G E N T L I A B I L I T I E S ( U N S E C U R E D )

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Indemnities and guarantees given to trade suppliers for credit

facilities granted to a subsidiary – – 6,263 2,000

Performance and retention sum guarantees 355,835 275,946 396,116 368,370

355,835 275,946 402,379 370,370

3 3 . S I G N I F I C A N T R E L AT E D P A R T Y T R A N S A C T I O N S

Group Company

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Contract services rendered by Pioneer Continental Sdn. Bhd.,

a company in which a director, Y Bhg Tan Sri Dato’ Ir. Talha

bin Haji Mohd Hashim has interest 624 1,197 – –

Contract services rendered by subsidiaries – – 102,010 140,231

Contract services rendered by GLC Architect,

a company in which a person connected with

a director, Goon Heng Wah, has interest 1,069 409 – –

Contract services rendered to a jointly controlled entity,

MMCEG - Gamuda JV (56,962) – (56,962) –

Contract services rendered to GKTJV, an unincorporated subsidiary – – (105,770) (139,789)

Contract services rendered to Syarikat Pengeluar Air Sungai

Selangor Sdn. Bhd., an associated company (422,071) (695,366) – –

Contract services rendered to Lingkaran Trans Kota Sdn. Bhd.,

an associated company (31,609) (2,822) – (29)

Contract services rendered to Sistem Penyuraian

Trafik KL Barat Sdn. Bhd., an associated company (232,723) (148,826) – (54,660)

Gross dividends receivable from subsidiaries – – – (34,250)

Rental received from subsidiaries – – (641) (570)

Interest receivable from subsidiaries – – (8,335) (12,817)

The directors are of the opinion that the transactions above have been entered into in the normal course of business and have been

established on terms and conditions that are not materially different from those obtainable in transactions with unrelated parties.


116


31 July 2003

3 4 . S I G N I F I C A N T E V E N T S

(a) During the year, the Company entered into the following agreements:

(i) a sale and purchase agreement dated 12 September 2002 with its wholly owned subsidiary, Reka Strategi Sdn. Bhd. (“RSSB”),

for the disposal of its 80% equity interest in Gamuda Water Sdn. Bhd. (“G-Water”) comprising 1,600,000 ordinary shares of

RM1.00 each (“G-Water Sale Shares”) to RSSB for a total cash consideration of RM120 million (“Proposed Disposal of

G-Water”); and

(ii) a sale and purchase agreement dated 13 September 2002 with its 30% owned associate company, Syarikat Pengeluar Air

Selangor Holdings Berhad (“SPLASH Bhd”, formerly known as Gabungan Cekap Berhad), for the disposal of its entire equity

interest in RSSB comprising 2 ordinary shares of RM1.00 each (“RSSB Sale Shares”) to SPLASH Bhd. for a total cash

consideration of RM2.00 (“Proposed Disposal of RSSB”).

Upon completion of the disposal of G-Water and RSSB (“Proposed Disposals”), G-Water and RSSB will cease to be subsidiaries of

the Company. However, they will remain as associate companies of the Company via SPLASH Bhd.

As at to date, the Proposed Disposals have not been completed yet.

(b) On 2 October 2002, the Kaohsiung Rapid Transit Corporation, Taiwan, Republic of China accepted the joint bid by the Company and

New Asia Construction & Development Corporation, a company incorporated in Taiwan, Republic of China and listed on the Taiwan

Stock Exchange, to design, construct and complete the Kaohsiung Mass Rapid Transit System Project, Orange Line Package C04

which forms part of the overall Kaohsiung Underground Mass Rapid Transit System in the City of Kaohsiung, Taiwan, Republic of

China. An unincorporated joint venture of Gamuda Berhad and New Asia Construction & Development Corporation was formed to

undertake the civil works.

(c) On 4 October 2002, Gamuda Engineering Sdn. Bhd., a wholly owned subsidiary of the Company, was awarded a contract for the

design, construction and upgrading works of six interchanges on Lebuhraya Damansara-Puchong by Lingkaran Trans Kota Sdn. Bhd.,

a subsidiary of an associated company.

(d) On 23 July 2003, the Company entered into a Shareholders’ Agreement with Malaysia Mining Corporation Berhad’s (“MMC”) wholly-

owned subsidiary, Anglo-Oriental (Annuities) Sdn Bhd (“AOA”) and MMC’s subsidiary, MMC Engineering Group Berhad (“MMCEG”).

The purpose of the Shareholders’ Agreement is for the parties, Gamuda Berhad, AOA and MMCEG to form a special purpose vehicle

known as Projek Smart Holdings Sdn Bhd which will be the holding company of Syarikat Mengurus Air Banjir & Terowong Sdn Bhd

(“SMART”). SMART will undertake, carry out and implement an integrated Bypass Tunnel cum Motorway in Kuala Lumpur.

3 5 . S U B S E Q U E N T E V E N T S

(a) On 6 October 2003, Valencia Development Sdn. Bhd., a 98.8% owned subsidiary of the Company, acquired 2 ordinary shares of

RM1.00 each in the issued and paid-up capital of Tower Symbol Sdn. Bhd. for a cash consideration of RM2.00.

(b) On 21 October 2003, the Company and Malaysia Mining Corporation Berhad (“MMC”) received the Letter of Award from the

Government of Malaysia in respect of the works identified as the “Electrified Double-Tracking Between Ipoh-Padang Besar and

Seremban-Johor Bahru Project” (“the Contract”) for a total contract sum of RM14.448 billion. The works involved the design and

construction of the electrified railway double-tracking between Ipoh-Padang Besar (“Northern Section”) and Seremban-Johor Bahru

(“Southern Section”).

The Contract was awarded to MMC-Gamuda Joint Venture (“MMC-Gamuda JV”), a joint venture comprising the Company and

MMC. The rights and liabilities of the Company and MMC in MMC-Gamuda JV shall be in the proportion of 50:50 respectively.

117



31 July 2003

3 6 . C O M PA R AT I V E S

Comparatives are not disclosed for certain information relating to financial instruments as permitted by MASB 24 - Financial Instruments:

Disclosure and Presentation upon first application.

The following balance sheets and income statements comparative figures have been reclassified to conform with current year’s presentation:

Previously As

Stated Reclassifications Restated

RM’000 RM’000 RM’000

Group

Amount due from customers on contracts 108,234 (108,234) –

Receivables 471,586 108,234 579,820

Payables and provisions (423,189) (291,492) (714,681)

Amount due to customers on contracts (291,452) 291,452 –

Company

Payables (18,089) (14,117) (32,206)

Amount due to customers on contracts (14,117) 14,117 –

Other operating expenses (31,466) 16,290 (15,176)

Impairment loss on investment in subsidiaries – (16,290) (16,290)

The presentation and classification of items in the current year financial statements have been consistent with the previous financial year

except for the above and certain comparative amounts which have been adjusted as a result of changes in accounting policies and prior

year adjustments as disclosed in Note 30.

3 7 . F I N A N C I A L I N S T R U M E N T S

(a) Financial Risk Management Objectives and Policies

The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for the development of

the Group’s businesses whilst managing its interest rate, foreign exchange, liquidity and credit risks. The Group operates within

clearly defined guidelines that are approved by the Board.

(b) Interest Rate Risk

The Group’s primary interest rate risk relates to deposits and interest-bearing debts. The investments in financial asset are mainly

short term in nature and mostly have been placed in repo and fixed deposits.

The Group manages its interest exposure on interest-bearing financial liabilities by maintaining a prudent mix of fixed and floating rate

borrowings. The Group also regularly reviews its debt portfolio and such strategy enable it to source low interest funding from the

market and achieve a certain level of protection against rate hike.

The information on the terms and maturity dates of borrowings and deposits are disclosed in their respective notes.


118


31 July 2003

3 7 . F I N A N C I A L I N S T R U M E N T S ( C O N T ’ D . )

(c) Foreign Exchange Risk

The Group operates in India and Taiwan and is exposed to Indian Rupee and New Taiwan Dollar currencies. Foreign currency

denominated assets and liabilities together with expected cash flows from anticipated transactions denominated in foreign

currencies give rise to foreign exchange exposure.

The Group maintains a natural hedge, whenever possible, by borrowing in the currency of the country in which the business is located.

Included in the following balance sheet captions of the Group as at 31 July 2003 are balances denominated in the following major

foreign currencies:

Cash, deposits

and bank

balances Receivables Payables

RM’000 RM’000 RM’000

Group

Indian Rupee 1,326 15,192 43,787

New Taiwan Dollar 343 28,254 2,195

United States Dollar 673 43 113,393

2,342 43,489 159,375

(d) Liquidity Risk

The Group actively manages its debts maturity profile, operating cash flows and the availability of funding through an adequate

amount of committed credit facilities, so as to ensure that all refinancing, repayment and funding needs are met. As part of its overall

prudent liquidity management, the Group maintains sufficient levels of cash to fund the Group’s operations.

(e) Credit Risk

Credit risks are controlled by the application of credit approvals, limits and monitoring procedures. Trade receivables are monitored

on an ongoing basis via the Group management reporting procedures.

(f) Fair Values

(i) Recognised Financial Instruments

The aggregate net fair values of financial assets and financial liabilities which are not carried at fair value on the balance sheets of

the Group and of the Company as at the end of the financial year are represented as follows:

Group Company

Carrying Fair Carrying Fair

At 31 July 2003 Note Amount Value Amount Value

RM’000 RM’000 RM’000 RM’000

Non-current Assets

Other investments:

– Quoted (net of impairment) 14 2,461 3,125 3 9

– Unquoted 14 50 * 50 *

– Investment in transferable club memberships 14 665 * 665 *

3,176 718

119



31 July 2003


(f) Fair Values (Cont’d.)

(i) Recognised Financial Instruments (Cont’d.)

Group Company

Carrying Fair Carrying Fair

At 31 July 2003 Note Amount Value Amount Value

RM’000 RM’000 RM’000 RM’000

Non-current Assets (Cont’d.)

Quoted investment in an associated company 12 312,409 501,154 179,020 501,154

Concession rights 16 65,334 118,155 – –

Current Assets

Amount due from associated companies (non-trade) 19 4,608 ** 2,776 **

Amount due from joint ventures (non-trade) 19 84,418 ** 63,687 **

Amount due from subsidiaries (non-trade) 21 – – 296,309 **

Non-current liabilities

Other long term liabilities

– Bonds 29 400,000 382,749 400,000 382,749

– Term loan 29 35,084 35,084# – –

– Finance lease 29 3,116 3,116## – –

Current liabilities

Finance lease 23 4,580 4,580## – –

Amount due to associated companies (non-trade) 24 11,873 ** – –

Amount due to subsidiaries (non-trade) 25 – – 40,952 **

* It is not practical to estimate the fair value of the Group’s non-current unquoted shares because of the lack of quoted market price and without

incurring excessive costs.

** It is not practical to estimate the fair value of non-trade amounts due to/from subsidiaries, associated companies and joint ventures due

principally to a lack of fixed repayment term entered into by the parties involved and without incurring excessive costs.

# The carrying value of the long term loan, which have predominantly floating rate of interest, approximates the fair value determined using

discounted cash flow analysis based on current interest rate for similar type of borrowing arrangement.

## The fair value for finance lease drawndown is equivalent to its book value as its effective rates is considered to be market rate in view of its

recent drawndown.


120


(f) Fair Values (Cont’d.)

(i) Recognised Financial Instruments (Cont’d.)

The nominal/notional amount and net fair value of financial instruments not recognised in the balance sheets of the Group and of

the Company as at the end of the financial year are:

Group Company

Nominal/ Nominal/

Notional Notional

At 31 July 2003 Note Amount Fair Value Amount Fair Value

RM’000 RM’000 RM’000 RM’000

Contingent liabilities 32 355,835 ^ 402,379 ^

^ It is not practical to estimate the fair value of contingent liabilities reliably due to the uncertainties of timing, costs and eventual outcome.

(ii) Methods and Assumptions

The following methods and assumptions are used to estimate the fair values of the following classes of financial instruments:

Cash and Cash Equivalents, Receivables/Payables, Amount Due from/to Customers on Contracts, Short Term

Borrowings, Amount Due from Joint Ventures (trade in nature), Amount Due from Associated Companies (trade in

nature) and Amount Due from/to Subsidiaries (trade in nature)

The carrying amounts approximate fair values due to the relatively short term nature of these financial instruments.

Amount Due from Joint Ventures (non-trade in nature), Amount Due from/to Associated Companies (non-trade in

nature) and Amount Due from/to Subsidiaries (non-trade in nature)

It is not practical to estimate the fair values due principally to a lack of fixed repayment term entered into by the parties involvedand without incurring excessive costs.

Long Term Borrowings

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


31 July 2003

121


3 8 . S E G M E N T I N F O R M AT I O N

(a) Business Segments:

The Group is organised on a worldwide basis into five major business segments:

(i) Engineering and construction – the construction of highways, water treatment plants, dams and residential and commercialproperties;

(ii) Property development – the development of residential and commercial properties;

(iii) Water concession – the management of water supply;

(iv) Expressway concessions – the management and tolling of highway operations; and

(v) Trading, manufacturing, quarrying and others*.

* Others are mainly provision of management and IT services, none of which are of a sufficient size to be reported separately.

The directors are of the opinion that the inter-segment transactions have been entered into in the normal course of business and havebeen established on terms and conditions that are not materially different from those obtainable in transactions with unrelated parties.

(b) Geographical Segments:

Although the Group’s five major business segments are managed on a worldwide basis, the Group operates principally in fourgeographical areas of the world. In Malaysia, its home country, the Group’s areas of operation are principally engineering andconstruction, property development, water concession and expressway concessions. Additionally, all of the Group’s manufacturingand quarrying activities are also conducted in Malaysia.

The Group also operates in other countries in the Asia Pacific region:

(i) India - construction of expressways, expressway concessions and investment holding;

(ii) Taiwan, Republic of China – construction of Mass Rapid Transit System; and

(iii) Mauritius – investment holding.

The operations in India, Taiwan, Republic of China and Mauritius are not of sufficient size to be reported separately and are reportedcollectively as operations outside Malaysia.


31 July 2003


122


31 July 2003

3 8 . S E G M E N T I N F O R M AT I O N ( C O N T ’ D . )

(a) Business Segments:

Trading,

Engineering Manufacturing,

and Property Water Expressway Quarrying

Construction Development Concession Concessions and Others Eliminations Consolidated

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

2003

REVENUE AND

RESULT

Revenue

External sales 828,113 418,920 5,089 – 189,947 – 1,442,069

Inter-segment sales 126,755 – – – 78,476 (205,231) –

Total revenue 954,868 418,920 5,089 – 268,423 (205,231) 1,442,069

Result

Segmentresults beforeamortisations 248,020 68,345 1,517 – 26,827 344,709

Amortisation ofgoodwill andconcession rights – – (2,986) – (6,790) (9,776)

Profit fromoperations 248,020 68,345 (1,469) – 20,037 334,933

Finance costs (12,025) – – – – (12,025)

Interest income 11,772 1,707 21 – 2,128 15,628

Impairment ofgoodwill of anassociatedcompany – – – – (26,431) (26,431)

Share of resultsof associatedcompanies – 27,193 40,747 31,757 (5,800) 93,897

Profit before taxation 406,002

Taxation (138,607)

Profit after taxation 267,395

Minority interests (25,622)

Net profit for the year 241,773

ASSETS AND

LIABILITIES

Segment assets 1,101,598 380,484 90,015 – 148,314 1,720,411

Investment inequity methodof associatedcompanies 95,539 192,254 189,034 551,949 1,804 1,030,580

2,750,991

Segment liabilities 968,399 136,327 304 – 55,354 1,160,384

OTHER INFORMATION

Capital expenditure 29,201 659 73 – 3,073 33,006

Depreciation 4,420 594 94 – 3,227 8,335

Non-cash expensesother thandepreciation,amortisation andimpairment losses 898 3,662 – – 340 4,900

123



31 July 2003


(a) Business Segments (Cont’d.):

Trading,

Engineering Manufacturing,

and Property Water Expressway Quarrying

Construction Development Concession Concessions and Others Eliminations Consolidated

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

2002

REVENUE AND

RESULT

Revenue

External sales 859,514 103,103 2,099 – 78,036 – 1,042,752Inter-segment sales 112,936 – – – 31,600 (144,536) –

Total revenue 972,450 103,103 2,099 – 109,636 (144,536) 1,042,752

Result

Segmentresults beforeamortisations 210,843 16,260 32 – 14,890 242,025

Amortisation ofgoodwill andconcession rights – – (2,986) – (11,085) (14,071)

Profit fromoperations 210,843 16,260 (2,954) – 3,805 227,954

Finance costs (13,936) – – – (294) (14,230)Interest income 16,168 728 30 – 2,271 19,197Share of results

of associatedcompanies (14) 29,858 45,392 29,774 (16,557) 88,453

Profit before taxation 321,374Taxation (102,251)

Profit after taxation 219,123Minority interests (25,224)

Net profit for the year 193,899

ASSETS AND

LIABILITIES

Segment assets 1,140,941 325,122 92,594 – 146,735 1,705,392Investment in

equity methodof associatedcompanies 49,775 189,625 141,695 519,812 34,183 935,090

2,640,482

Segment liabilities 1,059,121 143,925 154 – 50,157 1,253,357

OTHER INFORMATION

Capital expenditure 31,068 1,432 358 – 3,286 36,144Depreciation 4,442 664 69 – 4,403 9,578Impairment losses – – – – 2,750 2,750Non-cash expenses

other thandepreciation,amortisation andimpairment losses 27 135 – – 1,902 2,064


124


(b) Geographical Segments:

Total Revenue from

External Customers Segment Assets Capital Expenditure

2003 2002 2003 2002 2003 2002

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

Malaysia 1,357,311 1,031,069 2,578,483 2,549,781 5,508 12,414Outside Malaysia 84,758 11,683 172,508 90,701 27,498 23,730

Consolidated 1,442,069 1,042,752 2,750,991 2,640,482 33,006 36,144


31 July 2003

PENYATA

Kewangan

126 Laporan Para Pengarah

132 Penyata Para Pengarah

132 Akuan Berkanun

133 Laporan Juruaudit kepada

Pemegang-pemegang Saham Gamuda Berhad

134 Penyata Pendapatan Disatukan

135 Lembaran Imbangan Disatukan

136 Penyata Perubahan dalam Ekuiti Disatukan

137 Penyata Aliran Tunai yang Disatukan

139 Penyata Pendapatan

140 Lembaran Imbangan

141 Penyata Perubahan dalam Ekuiti

142 Penyata Aliran Tunai

143 Nota-nota kepada Penyata Kewangan

125



126

Para pengarah dengan sukacitanya membentangkan laporan mereka berserta penyata kewangan beraudit Kumpulan dan Syarikat yang telah

diaudit bagi tahun kewangan berakhir 31 Julai 2003.

A K T I V I T I - A K T I V I T I U TA M A

Aktiviti-aktiviti utama Syarikat adalah pegangan pelaburan dan pembinaan kejuruteraan awam.

Aktiviti-aktiviti utama subsidiari-subsidiari adalah seperti yang dinyatakan dalam Nota 11 kepada penyata kewangan.

Tiada sebarang perubahan ketara dalam aktiviti-aktiviti utama tersebut di sepanjang tahun kewangan, selain daripada pemberhentian perkilangan

dan penjualan barangan kertas Gamuda Paper Industries Sdn. Bhd. dan GPI Trading Sdn. Bhd. masing-masing.

K E P U T U S A N

Kumpulan Syarikat

RM’000 RM’000

Keuntungan selepas cukai 267,395 74,892

Kepentingan minoriti (25,622) –

Keuntungan bersih bagi tahun semasa 241,773 74,892

Tiada sebarang pemindahan ketara kepada atau daripada rizab atau peruntukan di sepanjang tahun kewangan ini selain daripada yang dinyatakan

di dalam penyata perubahan dalam ekuiti.

Pada pendapat para pengarah, keputusan operasi Kumpulan dan Syarikat bagi tahun kewangan tersebut tidak dipengaruhi secara berkesan oleh

sebarang butiran, urusniaga atau peristiwa yang bersifat penting dan luar biasa selain daripada:

(a) kesan yang timbul akibat perubahan dalam polisi perakaunan yang mengakibatkan kurangan terhadap keuntungan bersih bagi tahun semasa

Kumpulan sebanyak RM45,935,000 seperti dinyatakan dalam Nota 30 kepada penyata kewangan; dan

(b) kesan akibat rosotnilai muhibah dan pelaburan ke atas syarikat bersekutu, Dyna Plastics Sdn. Bhd. sebanyak RM26,431,000 dan

RM68,081,000 masing-masing seperti dinyatakan dalam penyata pendapatan Kumpulan dan Syarikat.

D I V I D E N

Jumlah dividen yang telah dibayar oleh Syarikat semenjak 31 Julai 2002 adalah seperti berikut:

RM’000

Bagi tahun kewangan berakhir 31 Julai 2002

Dividen akhir sebanyak 5% ditolak 28% cukai, dibayar pada 24 Januari 2003 24,340

Bagi tahun kewangan berakhir 31 July 2003

Dividen interim sebanyak 7% ditolak 28% cukai, dibayar pada 30 April 2003 34,137

Pada Mesyuarat Agung Tahunan yang akan datang, dividen akhir bagi tahun kewangan semasa yang berakhir 31 Julai 2003 sebanyak 9% ke

atas 683,447,274 saham biasa ditolak 28% cukai berjumlah RM44,287,383 (6.48 sen sesaham) akan dicadangkan untuk kelulusan para

pemegang saham. Penyata kewangan untuk tahun semasa tidak mengambilkira cadangan dividen tersebut. Dividen tersebut, sekiranya

diluluskan oleh para pemegang saham, akan diambilkira di dalam ekuiti para pemegang saham sebagai pengagihan daripada keuntungan

tertahan pada tahun kewangan berakhir berikutnya, 31 Julai 2004.

Laporan Para PengarahLaporan Para PengarahLaporan Para PengarahLaporan Para PengarahLaporan Para Pengarah

127


PA R A P E N G A R A H

Nama-nama para pengarah Syarikat yang memegang jawatan semenjak tarikh laporan terakhir dan pada tarikh laporan ini ialah:

Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd HashimY Bhg Dato’ Lin Yun LingY Bhg Tan Sri Dato’ Mohd. Ramli bin KushairiY Bhg Tan Sri Ab. Rahman bin OmarYAM Raja Dato’ Seri Eleena Azlan ShahY M Raja Dato’ Seri Abdul Aziz bin Raja SalimY Bhg Dato’ Kamarul Zaman bin Mohd AliY Bhg Dato’ Haji Azmi Mat NorNg Kee LeenGoon Heng WahHa Tiing TaiWong Chin YenSaw Wah ThengChow Chee Wah (Bergilir-gilir dengan Y Bhg Dato’ Lin Yun Ling)

M A N F A AT P A R A P E N G A R A H

Tidak pada akhir tahun kewangan, mahupun pada bila-bila masa sepanjang tahun, Syarikat menjadi pihak kepada sebarang persetujuan yang

bertujuan untuk membolehkan para Pengarah mendapat manfaat melalui perolehan saham atau debentur Syarikat atau sebarang badan

korporat, selain daripada opsyen saham yang ditawarkan di bawah Skim Opsyen Saham Pekerja Syarikat (“SOSP”).

Sejak akhir tahun kewangan yang lepas, tiada pengarah yang telah menerima atau berhak menerima sebarang manfaat (selain daripada manfaat

yang termasuk dalam jumlah agregat ganjaran yang diterima atau terhutang kepada para pengarah yang dinyatakan dalam Nota 5 kepada

penyata kewangan atau gaji tetap bagi pekerja sepenuh masa Syarikat) disebabkan oleh sesuatu kontrak yang dibuat oleh Syarikat atau badan-

badan korporat berkaitan dengan pengarah atau dengan sebuah firma di mana pengarah tersebut adalah seorang ahli atau dengan sebuah

syarikat di mana pengarah itu mempunyai kepentingan kewangan yang nyata selain yang dinyatakan dalam Nota 33 kepada penyata kewangan.

K E P E N T I N G A N PA R A P E N G A R A H

Menurut daftar pegangan saham para pengarah, kepentingan para pengarah yang memegang jawatan pada akhir tahun kewangan di dalam

saham, opsyen dan waran Syarikat dan badan-badan korporat berkaitan di sepanjang tahun kewangan adalah seperti berikut:

Bilangan Saham Biasa Bernilai RM1 Setiap Satu

1 Ogos 31 Julai

2002 Beli Jual 2003

Gamuda Berhad

Pegangan Langsung

Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd Hashim 525,828 – 200,000 325,828


Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 1,188,000 – – 1,188,000


Ng Kee Leen 12,516,114 – – 12,516,114

Goon Heng Wah 11,471,158 – – 11,471,158

Ha Tiing Tai 11,707,938 – – 11,707,938

Saw Wah Theng 100,000 – 100,000 –

Chow Chee Wah 52,000 – – 52,000

Pegangan Tidak Langsung

YAM Raja Dato’ Seri Eleena Azlan Shah* 92,486,928 – 100,000 92,386,928

* Dianggap bermanfaat menerusi Generasi Setia (M) Sdn. Bhd.

L APORAN PARA PENG ARAH


128

K E P E N T I N G A N PA R A P E N G A R A H ( S A M B . )

Skim Opsyen Saham Pekerja Syarikat

Jumlah Opsyen

1 Ogos 31 Julai

2002 Diberikan Dilaksanakan 2003




Ng Kee Leen 800,000 – – 800,000

Goon Heng Wah 800,000 – – 800,000

Ha Tiing Tai 800,000 – – 800,000

Saw Wah Theng 700,000 – – 700,000

Chow Chee Wah 650,000 – – 650,000

Waran 1996/2006

Jumlah Waran

1 Ogos 31 Julai

2002 Beli Jual 2003

Pegangan Langsung

Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd Hashim 110 – – 110



Ng Kee Leen 2,288,000 – – 2,288,000

Goon Heng Wah 1,788,158 – – 1,788,158

Ha Tiing Tai 1,704,000 – – 1,704,000




Setiap Waran 1996/2006 memberi pemegang berdaftarnya hak untuk melanggan satu saham baru Syarikat pada bila-bila masa dalam tempoh

sepuluh tahun selepas tarikh terbitan iaitu 30 Disember 1996.

Waran 2001/2007

Jumlah Waran

1 Ogos 31 Julai

2002 Beli Jual 2003

Pegangan Langsung



Ng Kee Leen 4,308,335 – – 4,308,335

Goon Heng Wah 2,996,000 – – 2,996,000

Ha Tiing Tai 3,477,000 – – 3,477,000

Saw Wah Theng 96,000 – – 96,000





129



K E P E N T I N G A N PA R A P E N G A R A H ( S A M B . )

Setiap Waran 2001/2007 memberi pemegang berdaftarnya hak untuk melanggan satu saham baru Syarikat pada bila-bila masa dalam tempoh

enam setengah tahun selepas tarikh terbitan iaitu 22 Februari 2001.

Para pengarah yang lain yang memegang jawatan pada akhir tahun kewangan tidak mempunyai sebarang kepentingan di dalam saham-saham,

opsyen dan waran Syarikat atau badan-badan korporat yang berkaitan di sepanjang tahun kewangan.

T E R B I TA N S A H A M

Pada tahun kewangan semasa, Syarikat telah menambahkan modal saham diterbitkan dan dibayar daripada RM672,838,672 ke RM683,447,274

melalui terbitan:

(a) 8,151,000 saham biasa baru bernilai RM1.00 setiap satu berkaitan dengan perlaksanaan SOSP;

(b) 2 saham biasa baru bernilai RM1.00 setiap satu berkaitan dengan perlaksanaan Waran 1996/2006; dan

(c) 2,457,600 saham biasa baru bernilai RM1.00 setiap satu berkaitan dengan perlaksanaan Waran 2001/2007.

W A R A N

Waran-waran 1996/2006 dahulunya dikenali sebagai Waran-waran 1996/2001, yang dibentuk oleh Surat Ikatan Cabutan bertarikh 23 Disember

1996, boleh dilaksanakan pada bila-bila masa pada dan selepas 30 Disember 1996 sehingga 29 Disember 2006. Setiap Waran 1996/2006

membolehkan pemegang waran untuk melanggan satu saham biasa baru Syarikat bernilai RM1.00 setiap satu pada harga perlaksanaan RM4.21

setiap satu tertakluk kepada perubahan mengikut syarat-syarat yang terkandung di dalam Surat Ikatan Cabutan. Waran-waran 1996/2006 yang

tidak dilaksanakan pada tarikh matang, akan kehilangan haknya dan menjadi tidak sah untuk apa-apa kegunaan.

Saham-saham yang diterbitkan daripada perlaksanaan Waran-waran 1996/2006 mempunyai taraf yang sama dalam semua hal dengan saham-

saham biasa Syarikat kecuali pemegang-pemegang saham tersebut tidak akan layak untuk sebarang hak, dividen atau pengagihan yang lain

melainkan perlaksanaan Waran 1996/2006 tersebut telah dijalankan sebelum tarikh tutup buku daftar-daftar saham untuk penentuan kelayakan

pada hak-hak dan pengagihan tersebut.

Pada tarikh lembaran imbangan, jumlah Waran-waran 1996/2006 yang masih belum dilaksanakan berjumlah 76,650,640 unit.

Waran-waran 2001/2007 yang dibentuk oleh Surat Ikatan Cabutan bertarikh 27 November 2000, boleh dilaksanakan pada bila-bila masa pada

dan selepas 22 Februari 2001 hingga 21 Ogos 2007. Setiap Waran 2001/2007 membolehkan pemegang waran untuk melanggan satu saham

biasa baru Syarikat bernilai RM1.00 setiap satu pada harga perlaksanaan RM3.75 setiap satu tertakluk kepada perubahan mengikut syarat-syarat

yang terkandung di dalam Surat Ikatan Cabutan. Waran-waran 2001/2007 yang tidak dilaksanakan pada tarikh matang, akan kehilangan haknya

dan menjadi tidak sah untuk apa-apa kegunaan.

Saham-saham yang diterbitkan daripada perlaksanaan Waran-waran 2001/2007 mempunyai taraf yang sama dalam semua hal dengan saham

biasa Syarikat kecuali pemegang-pemegang hak tersebut tidak akan layak untuk sebarang hak, dividen atau pengagihan yang lain melainkan

perlaksanaan Waran-waran 2001/2007 tersebut telah dijalankan sebelum tarikh tutup buku daftar-daftar syer untuk penentuan kelayakan pada

hak-hak dan pengagihan tersebut.

Pada tarikh lembaran imbangan, jumlah Waran-waran 2001/2007 yang masih belum dilaksanakan berjumlah 163,838,068 unit.

S K I M O P S Y E N S A H A M P E K E R J A

Skim Opsyen Saham Pekerja (“SOSP”) Kedua bagi Gamuda Berhad telah diluluskan oleh para pemegang saham di Mesyuarat Agung Luarbiasa

pada 31 Oktober 2000 dan berkuatkuasa pada 26 Disember 2000 selepas pengesahan muktamad diperolehi daripada Suruhanjaya Sekuriti. Ciri-

ciri utama SOSP ini adalah seperti yang dinyatakan dalam Nota 26(b) kepada penyata kewangan.


130

S K I M O P S Y E N S A H A M P E K E R J A ( S A M B . )

Maklumat berkaitan jumlah opsyen yang diberikan di bawah perlaksanaan SOSP adalah seperti berikut:

Jumlah Opsyen Saham

2003 2002

Pada 1 Ogos 2002/2001 47,828,000 27,349,000Diberikan 7,287,000 29,347,000Ditarik balik* (4,372,000) (1,420,000)Dilaksanakan (8,151,000) (7,448,000)

Pada 31 Julai 2003/2002 42,592,000 47,828,000

* Disebabkan oleh perletakan jawatan atau tawaran tidak diterima

Maklumat saham opsyen yang dilaksanakan di sepanjang tahun kewangan semasa adalah seperti berikut:

Jumlah Balasan

Harga Pelaksanaan Opsyen saham Tunai Diterima

RM Dilaksanakan RM

3.25 3,232,000 10,504,0003.45 1,372,000 4,733,4004.07 1,761,000 7,167,2704.26 1,103,000 4,698,7804.55 250,000 1,137,5004.92 179,000 880,6805.33 254,000 1,353,820

8,151,000 30,475,450

Maklumat saham opsyen yang belum dilaksanakan pada akhir tahun kewangan adalah seperti berikut:Jumlah Opsyen Saham

Harga Pelaksanaan Belum Dilaksanakan

RM 2003 2002

3.25 10,314,000 14,697,0003.45 3,817,000 5,723,0004.07 8,344,000 11,370,0004.26 9,299,000 10,944,0004.55 1,990,000 –4.92 4,615,000 –5.33 4,213,000 5,094,000

42,592,000 47,828,000

L A I N - L A I N M A K L U M AT B E R K A N U N

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

yang sewajarnya:

(i) untuk memastikan bahawa tindakan sewajarnya telah diambil berkaitan dengan penghapuskiraan hutang lapuk dan dalam membuat

peruntukan hutang ragu, dan telah berpuas hati bahawa semua hutang lapuk yang diketahui telah dihapuskirakan dan peruntukan yang

memadai telah dibuat bagi hutang ragu; dan

(ii) untuk memastikan bahawa sebarang aset semasa yang tidak mungkin direalisasikan nilainya seperti yang dinyatakan dalam rekod

perakaunan urusniaga biasa telahpun dikurangkan nilainya kepada suatu jumlah yang dianggap boleh direalisasikan.


131



L A I N - L A I N M A K L U M AT B E R K A N U N ( S A M B . )

(b) Pada tarikh laporan ini, para pengarah tidak mengetahui sebarang keadaan yang akan menyebabkan:

(i) sebarang hutang lapuk yang perlu dihapuskirakan atau jumlah diperuntukkan bagi hutang ragu tidak memadai secara material; dan

(ii) nilai aset semasa yang dinyatakan di dalam penyata kewangan Kumpulan dan Syarikat mengelirukan.

(c) Pada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang boleh menjadikan pematuhan kepada kaedah

penilaian yang sedia ada bagi penilaian aset atau liabiliti Kumpulan dan Syarikat mengelirukan atau tidak sesuai.

(d) Pada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang tidak diambilkira di dalam laporan ini atau dalam

penyata-penyata kewangan Kumpulan atau Syarikat yang akan mengakibatkan sebarang jumlah yang dinyatakan di dalam penyata-penyata

kewangan mengelirukan.

(e) Pada tarikh laporan ini, tidak wujud:

(i) sebarang cagaran ke atas aset-aset Kumpulan atau Syarikat yang timbul sejak akhir tahun kewangan yang menjamin liabiliti pihak lain;

atau

(ii) sebarang liabiliti luarjangka Kumpulan atau Syarikat yang timbul sejak akhir tahun kewangan.

(f) Para pengarah berpendapat:

(i) tiada liabiliti luarjangka atau liabiliti lain yang telah dikuatkuasakan atau mungkin akan dikuatkuasakan dalam tempoh dua belas bulan

selepas tahun kewangan berakhir, yang akan atau mungkin menjejaskan keupayaan Kumpulan atau Syarikat menunaikan kewajipan

mereka apabila tiba masanya kelak; dan

(ii) tiada butiran, urusniaga atau peristiwa ketara dan luar biasa yang berlaku dalam tempoh di antara akhir tahun kewangan dan tarikh

laporan ini yang mungkin mempengaruhi secara berkesan keputusan operasi Kumpulan atau Syarikat bagi tahun kewangan di mana

laporan ini dibuat.

P E R I S T I W A - P E R I S T I W A P E N T I N G

Peristiwa-peristiwa penting di sepanjang tahun kewangan semasa adalah seperti yang dinyatakan dalam Nota 34 kepada penyata kewangan.

P E R I S T I W A - P E R I S T I W A S U S U L A N

Peristiwa-peristiwa susulan adalah seperti yang dinyatakan dalam Nota 35 kepada penyata kewangan.

J U R U A U D I T

Juruaudit Ernst & Young, telah menyatakan kesanggupan mereka untuk menerima perlantikan semula.

Ditandatangani bagi pihak Lembaga menurut resolusi para pengarah

Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd Hashim Saw Wah Theng

Pengerusi Pengarah Kewangan


28 Oktober 2003


132

Penyata Para PengarahPenyata Para PengarahPenyata Para PengarahPenyata Para PengarahPenyata Para PengarahMenurut Seksyen 169(15) Akta Syarikat, 1965

Kami, Y BHG TAN SRI DATO’ IR. TALHA BIN HAJI MOHD HASHIM dan SAW WAH THENG, dua daripada para pengarah GAMUDA BERHAD,

dengan ini menyatakan bahawa, pada pendapat para pengarah, penyata kewangan yang disertakan di muka surat 134 hingga 190, telah

disediakan menurut Piawaian Perakaunan berkenaan yang diluluskan di Malaysia dan peruntukan Akta Syarikat, 1965 untuk memberi gambaran

yang benar dan saksama mengenai kedudukan kewangan Kumpulan dan Syarikat pada 31 Julai 2003 dan keputusan serta aliran tunai Kumpulan

dan Syarikat bagi tahun berakhir pada tarikh tersebut.

Ditandatangani bagi pihak Lembaga menurut resolusi para pengarah


Saw Wah Theng


28 Oktober 2003

Akuan BerkanunAkuan BerkanunAkuan BerkanunAkuan BerkanunAkuan BerkanunMenurut Seksyen 169(16) Akta Syarikat, 1965

Saya, SAW WAH THENG, pengarah yang terutamanya bertanggungjawab terhadap pengurusan kewangan GAMUDA BERHAD, dengan

sesungguh dan seikhlasnya mengaku bahawa penyata kewangan yang disertakan di muka surat 134 hingga 190, adalah pada pendapat saya

betul, dan saya membuat pengakuan ini sesungguhnya dengan hemat mempercayai bahawa ianya benar dan menurut peruntukan Akta Akuan

Berkanun, 1960.

Ditandatangani dan diakui sesungguhnya ]

oleh penama di atas SAW WAH THENG ]

di Kuala Lumpur dalam Wilayah Persekutuan ]

pada 28 Oktober 2003 ]

Di hadapan saya,

Soh Ah Kau (W315)

Pesuruhjaya Sumpah

Saw Wah Theng

133


Laporan Juruaudit kepada Pemegang-pemegang Saham Gamuda BerhadLaporan Juruaudit kepada Pemegang-pemegang Saham Gamuda BerhadLaporan Juruaudit kepada Pemegang-pemegang Saham Gamuda BerhadLaporan Juruaudit kepada Pemegang-pemegang Saham Gamuda BerhadLaporan Juruaudit kepada Pemegang-pemegang Saham Gamuda Berhad(Diperbadankan di Malaysia)

Kami telah mengaudit penyata kewangan yang disertakan di muka surat 134 hingga 190. Penyata kewangan tersebut adalah tanggungjawab

para pengarah Syarikat. Tanggungjawab kami adalah untuk menyatakan pendapat mengenai penyata kewangan tersebut berdasarkan audit

kami.

Kami melaksanakan audit mengikut Piawaian Pengauditan yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami merancang dan

melaksanakan audit untuk mencapai kepastian munasabah mengenai samada penyata kewangan tersebut bebas daripada salah nyata yang

ketara. Sesuatu audit merangkumi pemeriksaan, berdasarkan ujian, bukti yang menyokong jumlah dan penyataan dalam penyata kewangan.

Sesuatu audit juga merangkumi penilaian prinsip perakaunan yang digunakan dan anggaran penting yang dibuat oleh para pengarah, serta

penilaian pembentangan penyata kewangan secara keseluruhannya. Kami percaya bahawa audit kami telah memberi asas munasabah untuk

menyatakan pendapat kami.

Pada pendapat kami:

(a) penyata kewangan tersebut telah disediakan dengan wajarnya menurut peruntukan Akta Syarikat, 1965 dan Piawaian Perakaunan

berkenaan yang diluluskan di Malaysia dan memberi gambaran yang benar dan saksama mengenai:

(i) kedudukan kewangan Kumpulan dan Syarikat pada 31 Julai 2003 dan keputusan serta aliran tunai Kumpulan dan Syarikat bagi tahun

berakhir pada tarikh tersebut; dan

(ii) perkara-perkara yang dikehendaki oleh Seksyen 169 Akta Syarikat, 1965 yang perlu diturutikan di dalam penyata kewangan; dan

(b) rekod perakaunan dan lain-lain rekod serta daftar yang dikehendaki oleh Akta untuk disimpan oleh Syarikat dan subsidiari-subsidiari yang

mana kami adalah juruaudit telah disimpan dengan wajarnya menurut peruntukan Akta.

Kami telah mempertimbangkan penyata kewangan dan laporan juruaudit bagi subsidiari-subsidiari di mana kami tidak bertindak sebagai juruaudit

seperti dinyatakan dalam Nota 11 kepada penyata kewangan, yang telah dimasukkan ke dalam penyata kewangan disatukan.

Kami berpuas hati bahawa penyata kewangan subsidiari-subsidiari yang telah disatukan dengan penyata kewangan Syarikat adalah dalam

bentuk dan kandungan yang sesuai dan wajar bagi tujuan penyediaan penyata kewangan disatukan dan kami telah menerima maklumat dan

penjelasan yang memuaskan sebagaimana dikehendaki oleh kami bagi tujuan tersebut.

Laporan juruaudit bagi penyata kewangan subsidiari-subsidiari tidak tertakluk kepada sebarang persyaratan yang material kepada penyata

kewangan disatukan dan tidak megandungi sebarang teguran yang perlu dibuat dibawah Seksyen 174(3) Akta tersebut.

Ernst & Young Abraham Verghese a/l T.V. Abraham

AF: 0039 1664/10/04(J)

Akauntan Berkanun Rakankongsi

Kuala Lumpur, Malaysia

28 Oktober 2003


134

Penyata Pendapatan DisatukanPenyata Pendapatan DisatukanPenyata Pendapatan DisatukanPenyata Pendapatan DisatukanPenyata Pendapatan Disatukanbagi tahun berakhir 31 Julai 2003

2003 2002

Nota RM’000 RM’000

Hasil 3 1,442,069 1,042,752

Lain-lain pendapatan operasi 27,590 6,123

Kos kontrak pembinaan diiktirafkan sebagai perbelanjaan kontrak (561,640) (614,701)

Kos tanah dan pembangunan (344,059) (82,220)

Perubahan dalam inventori barangan siap dan kerja dalam proses (8,615) (9,753)

Pembelian – bahan mentah (27,061) (25,286)

– bahan perdagangan (102,954) (15,396)

Kos pasti pengeluaran (2,515) (1,887)

Kos kakitangan (33,238) (27,492)

Susutnilai (8,335) (9,578)

Lain-lain kos operasi (46,309) (34,608)

Keuntungan dari operasi 4 334,933 227,954

Kos kewangan 6 (12,025) (14,230)

Pendapatan faedah 15,628 19,197

Rosotnilai muhibah daripada sebuah syarikat bersekutu (26,431) –

Perkongsian keuntungan syarikat-syarikat bersekutu 93,897 88,453

Keuntungan sebelum cukai 406,002 321,374

Cukai 7 (138,607) (102,251)

Syarikat dan subsidiari-subsidiari (107,680) (72,842)

Syarikat-syarikat bersekutu (30,927) (29,409)

Keuntungan selepas cukai 267,395 219,123

Kepentingan minoriti (25,622) (25,224)


Pendapatan sesaham (sen)

Asas 8 36 29

Cair 8 32 26

Nota-nota yang disertakan merupakan sebahagian asasi penyata kewangan ini.

135


Lembaran Imbangan DisatukanLembaran Imbangan DisatukanLembaran Imbangan DisatukanLembaran Imbangan DisatukanLembaran Imbangan Disatukanpada 31 Julai 2003

2003 2002


ASET TAK SEMASA

Hartanah, loji dan peralatan 10 138,515 132,259

Syarikat-syarikat bersekutu 12 1,030,580 935,090

Entiti-entiti usahasama dikawal bersama 13 – –

Lain-lain pelaburan 14 3,176 3,579

Muhibah dari penyatuan 15 20,963 21,798

Hak-hak konsesi 16 65,334 67,667

Aset cukai tertunda 28 708 666

1,259,276 1,161,059

ASET SEMASA

Hartanah pembangunan 17 400,302 418,218

Inventori 18 4,467 8,707

Penerimaan 19 554,031 579,820

Tunai dan baki di bank 22 532,915 472,678

1,491,715 1,479,423

LIABILITI SEMASA

Pinjaman jangka pendek 23 27,294 330

Pembayaran dan peruntukan 24 634,650 714,681

Cukai 32,126 15,621

694,070 730,632

ASET SEMASA BERSIH 797,645 748,791

2,056,921 1,909,850

DIBIAYAI OLEH:

Modal saham 26 683,447 672,839

Rizab-rizab 898,541 685,559

Ekuiti pemegang saham 1,581,988 1,358,398

Kepentingan minoriti 8,619 28,727

1,590,607 1,387,125

Peruntukan bagi liabiliti-liabiliti 27 5,995 4,990

Liabiliti cukai tertunda 28 22,119 27,604

Lain-lain liabiliti jangka panjang 29 438,200 490,131

Liabiliti bukan semasa 466,314 522,725

2,056,921 1,909,850



136

Penyata Perubahan dalam Ekuiti DisatukanPenyata Perubahan dalam Ekuiti DisatukanPenyata Perubahan dalam Ekuiti DisatukanPenyata Perubahan dalam Ekuiti DisatukanPenyata Perubahan dalam Ekuiti Disatukanbagi tahun berakhir 31 Julai 2003

Tidak boleh diagih Boleh diagih

Rizab

Modal Premium Rizab tukaran Keuntungan

saham saham modal asing tertahan Jumlah

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

Pada 1 Ogos 2001

seperti yang

dinyatakan dahulu 665,389 36,307 – – 514,319 1,216,015

Pelarasan tahun lepas 30 – – 60,779 – (128,535) (67,756)

Pada 1 Ogos 2001

seperti yang

dinyatakan semula 665,389 36,307 60,779 – 385,784 1,148,259

Perlaksanaan SOSP 7,448 18,488 – – – 25,936

Penukaran waran-waran 2 4 – – – 6

Perkongsian rizab modal

dalam sebuah syarikat

bersekutu 30 – – 14,431 – – 14,431

Keuntungan bersih bagi

tahun semasa _ _ _ _ 193,899 193,899

Dividen 9 – – – – (24,133) (24,133)

Pada 31 Julai 2002 672,839 54,799 75,210 – 555,550 1,358,398

Pada 1 Ogos 2002

seperti yang

dinyatakan dahulu 672,839 54,799 – – 728,974 1,456,612

Pelarasan tahun lepas 30 – – 75,210 – (173,424) (98,214)

Pada 1 Ogos 2002

seperti yang

dinyatakan semula 672,839 54,799 75,210 – 555,550 1,358,398

Perlaksanaan SOSP 8,151 22,324 – – – 30,475

Penukaran waran-waran 2,457 6,759 – – – 9,216

Perbezaan terjemahan

tukaran asing – – – 109 – 109

Perkongsian rizab modal

dalam sebuah syarikat

bersekutu 30 – – 494 – – 494

Keuntungan bersih bagi

tahun semasa – – – – 241,773 241,773

Dividen 9 – – – – (58,477) (58,477)

Pada 31 Julai 2003 683,447 83,882 75,704 109 738,846 1,581,988


137


2003 2002

RM’000 RM’000

ALIRAN TUNAI DARI AKTIVITI-AKTIVITI OPERASI

Kentungan sebelum cukai 406,002 321,374Pelarasan untuk:

Pelunasan hak-hak konsesi 2,333 2,333Pelunasan muhibah dari penyatuan

– Subsidiari-subsidiari 835 835– Syarikat bersekutu 6,608 10,903

Susutnilai 8,335 9,578(Pembalikan kerugian rosotnilai)/kerugian daripada rosotnilai atas

hartanah, loji dan peralatan (1,070) 2,750Rosotnilai muhibah daripada sebuah syarikat bersekutu 26,431 –Inventori dihapuskira – 817Hartanah, loji dan peralatan dihapuskira 104 162Peruntukan bagi kontrak 24,286 –Peruntkan bagi hutang ragu 41 893Peruntukan bagi rebat 3,662 –Peruntukan bagi manfaat persaraan 1,284 160Keuntungan daripada penjualan pelaburan tersiarharga (104) (789)Keuntungan daripada penjualan hartanah, loji dan peralatan (966) (1,073)Perkongsian keuntungan syarikat-syarikat bersekutu (93,897) (88,453)Keuntungan matawang asing tidak direalisasi (29) (12)Pemulihan peruntukan hutang ragu (467) (605)Pemulihan peruntukan penyusutan nilai pelaburan – (46)Pendapatan faedah (15,628) (19,197)Perbelanjaan faedah 12,025 14,230

Keuntungan operasi sebelum perubahan modal kerja 379,785 253,860Pengurangan/(penambahan) hartanah pembangunan 21,995 (55,511)Pengurangan inventori 4,240 6,087Pengurangan penerimaan 25,960 262,210Pengurangan pembayaran (138,728) (100,557)

Tunai dihasilkan daripada operasi 293,252 366,089Dividen diterima dari syarikat-syarikat bersekutu 27,750 6,682Cukai dibayar (96,202) (61,095)Perbelanjaan faedah dibayar (15,815) (16,189)Manfaat persaraan dibayar (191) (195)

Tunai bersih dihasilkan aktiviti-aktiviti operasi 208,794 295,292

Penyata Aliran Tunai yang DisatukanPenyata Aliran Tunai yang DisatukanPenyata Aliran Tunai yang DisatukanPenyata Aliran Tunai yang DisatukanPenyata Aliran Tunai yang Disatukanbagi tahun berakhir 31 Julai 2003


138

2003 2002

RM’000 RM’000

ALIRAN TUNAI DARI AKTIVITI-AKTIVITI PELABURAN

Pembelian kepentingan tambahan dalam sebuah subsidiari (150) –Tunai bersih untuk mengambilalih subsidiari-subsidiari – 84Perolehan daripada penjualan pelaburan tersiarharga 507 1,235Perolehan daripada penjualan hartanah, loji dan peralatan 3,462 4,964Perolehan daripada pemegang saham minoriti untuk terbitan

saham dalam subsidiari 7,279 150Pembelian pelaburan tersiarharga – (92)Pendapatan faedah diterima 15,628 19,197Pelaburan dalam syarikat-syarikat bersekutu (92,815) (74,381)Pembelian hartanah, loji dan peralatan (24,771) (35,785)

Tunai bersih digunakan dalam aktiviti-aktiviti pelaburan (90,860) (84,628)

ALIRAN TUNAI DARI AKTIVITI-AKTIVITI PEMBIAYAAN

Pengeluaran pinjaman berjangka 52,641 47,041

Pengeluaran kredit pusingan 22,714 –

Perolehan daripada penukaran waran-waran 9,216 6

Perolehan daripada perlaksanaan SOSP 30,475 25,936

Pengagihan keuntungan kepada kepentingan minoriti bagi

subsidiari yang tidak diperbadankan (52,859) –

Dividen dibayar kepada pemegang-pemegang saham (58,477) (43,296)

Pembayaran balik bon – (115,000)

Pembayaran balik pinjaman berjangka (60,647) (3,952)

Pembayaran balik pinjaman jangka pendek (330) (8,277)

Pembayaran balik liabiliti pajakan (539) –

Tunai bersih digunakan daripada aktiviti-aktiviti pembiayaan (57,806) (97,542)

PENAMBAHAN BERSIH TUNAI DAN TUNAI SETARA 60,128 113,122

KESAN-KESAN PERUBAHAN TUKARAN ASING 109 –

TUNAI DAN TUNAI SETARA PADA AWAL TAHUN 472,678 359,556

TUNAI DAN TUNAI SETARA PADA AKHIR TAHUN (Nota 22) 532,915 472,678


PENYATA ALIRAN TUNAI YANG DISATUK AN

bagi tahun berakhir 31 Julai 2003

139


Penyata PendapatanPenyata PendapatanPenyata PendapatanPenyata PendapatanPenyata Pendapatanbagi tahun berakhir 31 Julai 2003

2003 2002


Hasil 3 162,732 195,530

Lain-lain pendapatan operasi 176,952 131,031

Kos kontrak pembinaan diiktirafkan sebagai perbelanjaan kontrak (124,669) (123,491)

Perubahan dalam inventori barangan siap – (1,099)

Kos kakitangan (11,879) (8,993)

Susutnilai (3,945) (4,037)

Lain-lain kos operasi (7,937) (15,176)

Keuntungan dari operasi 4 191,254 173,765

Kos kewangan 6 (12,025) (13,903)

Pendapatan faedah 10,135 18,009

Rosotnilai atas pelaburan dalam

– sebuah syarikat bersekutu (68,081) –

– subsidiari-subsidiari – (16,290)


Cukai 7 (46,391) (57,947)




140

2003 2002


ASET TAK SEMASA

Hartanah, loji dan peralatan 10 57,201 60,408

Subsidiari-subsidiari 11 335,631 335,631

Syarikat-syarikat bersekutu 12 611,339 638,830

Entiti-entiti usahasama dikawal bersama 13 – –

Lain-lain pelaburan 14 718 718

Aset cukai tertunda 28 258 666

1,005,147 1,036,253

ASET SEMASA

Penerimaan 19 190,043 140,932

Hutang daripada subsidiari-subsidiari 21 358,201 296,750

Tunai dan baki bank 22 69,682 95,126

617,926 532,808

LIABILITI SEMASA

Pinjaman jangka pendek 23 22,714 –

Pembayaran 24 48,469 32,206

Hutang daripada subsidiari-subsidiari 25 76,296 102,579

Cukai kena bayar – 15,640

147,479 150,425

ASET SEMASA BERSIH 470,447 382,383

1,475,594 1,418,636

DIBIAYAI OLEH:

Modal saham 26 683,447 672,839

Rizab-rizab 387,499 342,001

Ekuiti pemegang saham 1,070,946 1,014,840

Peruntukan bagi liabiliti-liabiliti 27 4,648 3,796

Lain-lain liabiliti jangka panjang 29 400,000 400,000

Liabiliti tak semasa 404,648 403,796

1,475,594 1,418,636


Lembaran ImbanganLembaran ImbanganLembaran ImbanganLembaran ImbanganLembaran Imbanganpada 31 Julai 2003

141


Penyata Perubahan dalam EkuitiPenyata Perubahan dalam EkuitiPenyata Perubahan dalam EkuitiPenyata Perubahan dalam EkuitiPenyata Perubahan dalam Ekuitibagi tahun berakhir 31 Julai 2003

Tidak boleh Boleh

diagih diagih

Modal Premium Keuntungan

saham saham tertahan Jumlah

Nota RM’000 RM’000 RM’000 RM’000

Pada 1 Ogos 2001, seperti yang dinyatakan dahulu 665,389 36,307 201,429 903,125

Pelarasan tahun lepas 30 – – 6,272 6,272

Pada 1 Ogos 2001, seperti yang dinyatakan semula 665,389 36,307 207,701 909,397

Perlaksanaan SOSP 7,448 18,488 – 25,936

Penukaran waran-waran 2 4 – 6

Keuntungan bersih bagi tahun semasa – – 103,634 103,634

Dividen 9 – – (24,133) (24,133)

Pada 31 Julai 2002 672,839 54,799 287,202 1,014,840

Pada 1 Ogos 2002, seperti yang dinyatakan dahulu 672,839 54,799 280,264 1,007,902

Pelarasan tahun lepas 30 – – 6,938 6,938

Pada 1 Ogos 2002, seperti yang dinyatakan semula 672,839 54,799 287,202 1,014,840

Perlaksanaan SOSP 8,151 22,324 – 30,475

Penukaran waran-waran 2,457 6,759 – 9,216

Keuntungan bersih bagi tahun semasa – – 74,892 74,892

Dividen 9 – – (58,477) (58,477)

Pada 31 Julai 2003 683,447 83,882 303,617 1,070,946



142

Penyata Aliran TunaiPenyata Aliran TunaiPenyata Aliran TunaiPenyata Aliran TunaiPenyata Aliran Tunaibagi tahun berakhir 31 Julai 2003

2003 2002

RM’000 RM’000

ALIRAN TUNAI DARI AKTIVITI-AKTIVITI OPERASI

Keuntungan sebelum cukai 121,283 161,581Pelarasan untuk:

Susutnilai 3,945 4,037Keuntungan daripada pelupusan sebuah syarikat bersekutu – (110)Rosotnilai pelaburan dalam sebuah syarikat bersekutu 68,081 –Rosotnilai pelaburan dalam subsidiari-subsidiari – 16,290Hartanah, loji dan peralatan dihapuskira 25 15Peruntukan bagi manfaat persaraan 1,000 –Peruntukan bagi hutang ragu – 22,512Keuntungan daripada penjualan hartanah, loji dan peralatan (826) (179)Peruntukan semula bagi hutang ragu – (605)Pendapatan faedah (10,135) (18,009)Pendapatan dividen (38,542) (43,530)Perbelanjaan faedah 12,025 13,903

Keuntungan operasi sebelum perubahan modal kerja 156,856 155,905Pengurangan inventori – 1,099Pengurangan/(penambahan) dalam hutang daripada subsidiari-subsidiari 13,740 (5,906)(Pengurangan)/penambahan hutang kepada subsidiari-subsidiari (33,620) 11,684(Penambahan)/pengurangan penerimaan (35,783) 215,394Penambahan/(pengurangan) pembayaran 16,304 (45,110)

Tunai dihasilkan daripada operasi 117,497 333,066Cukai dibayar (64,151) (22,703)Faedah dibayar (12,066) (16,600)Manfaat persaraan dibayar (148) (195)

Tunai bersih dihasilkan daripada aktiviti-aktiviti operasi 41,132 293,568

ALIRAN TUNAI DARI AKTIVITI-AKTIVITI PELABURAN

Perolehan daripada penjualan syarikat bersekutu – 610Perolehan daripada penjualan hartanah, loji dan peralatan 1,200 504Perolehan daripada pemindahan hartanah, loji dan peralatan kepada syarikat-syarikat berkaitan – 80Pelaburan dalam syarikat-syarikat bersekutu (40,590) (31,200)Pelaburan dalam subsidiari-subsidiari – (170,781)(Pendahuluan)/pembayaran balik jumlah hutang bukan perdagangan daripada subsidiari-subsidiari (75,191) 515Pendahuluan jumlah hutang bukan perdagangan kepada subsidiari-subsidiari 7,337 33,145Pembelian hartanah, loji dan peralatan daripada syarikat-syarikat berkaitan – (72)Pembelian hartanah, loji dan peralatan (1,145) (5,344)Pendapatan faedah diterima 10,135 17,171Pendapatan dividen diterima 27,750 30,442

Tunai bersih digunakan dalam aktiviti-aktiviti pelaburan (70,504) (124,930)

ALIRAN TUNAI DARI AKTIVITI-AKTIVITI PEMBIAYAAN

Pengeluaran kredit pusingan 22,714 –Perolehan daripada penukaran waran-waran 9,216 6Perolehan daripada perlaksanaan SOSP 30,475 25,936Dividen dibayar kepada pemegang-pemegang saham (58,477) (43,296)Pembayaran balik bon – (115,000)

Tunai bersih dihasilkan daripada/(digunakan) aktiviti-aktiviti pembiayaan 3,928 (132,354)

(PENGURANGAN)/PENAMBAHAN BERSIH DALAM TUNAI DAN TUNAI SETARA (25,444) 36,284TUNAI DAN TUNAI SETARA PADA AWAL TAHUN 95,126 58,842

TUNAI DAN TUNAI SETARA PADA AKHIR TAHUN (Nota 22) 69,682 95,126


143


Nota-nota kepada Penyata KewanganNota-nota kepada Penyata KewanganNota-nota kepada Penyata KewanganNota-nota kepada Penyata KewanganNota-nota kepada Penyata Kewangan31 Julai 2003

1 . M A K L U M AT KO R P O R AT

Aktiviti-aktiviti utama Syarikat adalah pegangan pelaburan dan pembinaan kejuruteraan awam. Aktiviti-aktiviti utama subsidiari-subsidiari

adalah seperti yang dinyatakan dalam Nota 11. Tiada sebarang perubahan ketara dalam aktiviti-aktiviti utama tersebut di sepanjang tahun

kewangan selain daripada pemberhentian perkilangan dan penjualan barangan kertas Gamuda Paper Industries Sdn. Bhd. dan GPI Trading

Sdn. Bhd. masing-masing.

Syarikat adalah syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia, dan disenaraikan di Papan Utama Bursa

Saham Kuala Lumpur. Pejabat berdaftar Syarikat terletak di 78, Jalan SS22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan.

Bilangan kakitangan dalam Kumpulan dan Syarikat pada akhir tahun kewangan masing-masing adalah seramai 1,295 (2002: 1,379) dan

105 (2002: 103) orang.

Penyata kewangan telah diluluskan untuk pembentangan oleh Lembaga Pengarah menurut resolusi para pengarah pada 28 Oktober 2003.

2 . D A S A R - D A S A R P E R A K A U N A N P E N T I N G

(a) Asas Penyediaan

Penyata kewangan Kumpulan dan Syarikat telah disediakan menurut kelaziman kos sejarah selain daripada yang dinyatakan

sebaliknya oleh dasar-dasar perakaunan di bawah. Penyata kewangan mematuhi peruntukan Akta Syarikat, 1965 dan Piawaian

Perakaunan berkenaan yang diluluskan di Malaysia.

Dalam tahun kewangan berakhir 31 Julai 2003, Piawaian Perakaunan Malaysian Accounting Standards Board (“MASB”) berikut

menjadi efektif Kumpulan dan Syarikat telah mengambilguna Piawaian Perakaunan tersebut untuk kali pertama:

MASB 22 Pelaporan Bersegmen

MASB 23 Rosotnilai Aset-Aset

MASB 24 Instrumen Kewangan: Pendedahan dan Pembentangan

MASB 25 Cukai Pendapatan

MASB 27 Kos Pinjaman

Kesan-kesan mengambilguna MASB 25 dan MASB 27 telah diringkaskan dalam Penyata Perubahan Dalam Ekuiti dan maklumat

selanjutnya seperti telah dinyatakan dalam Nota 30. Pengambilgunaan MASB 22, MASB 23 dan MASB 24 tidak menimbulkan

sebarang pelarasan secara retrospektif atau perubahan kepada angka-angka bandingan.

(b) Asas Penyatuan

(i) Subsidiari-subsidiari

Penyata kewangan yang disatukan termasuk penyata kewangan Syarikat dan kesemua subsidiarinya. Subsidiari-subsidiari adalah

syarikat-syarikat di mana Kumpulan mempunyai kepentingan ekuiti jangka panjang dan mempunyai kuasa untuk melaksanakan

kawalan ke atas polisi-polisi kewangan dan operasi untuk memperolehi manfaat daripada aktiviti-aktiviti subsidiari-subsidiari

tersebut. Sesebuah usahasama adalah dianggap sebagai sebuah subsidiari apabila Kumpulan memiliki kuasa untuk mengawal

polisi-polisi kewangan dan operasinya untuk memperolehi manfaat daripada aktiviti-aktivitinya.

Subsidiari-subsidiari disatukan dengan menggunakan kaedah perakaunan pengambilalihan. Di bawah kaedah pengambilalihan,

subsidiari-subsidiari yang diambilalih atau dilupuskan sepanjang tahun diambilkira dalam penyata kewangan disatukan dari tarikh

kuatkuasa pengambilalihan atau sehingga tarikh kuatkuasa pelupusan mengikut kesesuaian. Aset-aset dan liabiliti-liabiliti subsidiari-

subsidiari dinilai pada nilai saksama pada tarikh pengambilalihan dan nilai ini diambilkira dalam lembaran imbangan disatukan.

Perbezaan kos pengambilalihan dan nilai saksama aset-aset bersih bahagian Kumpulan ke atas subsidiari yang diambilalih pada tarikh

pengambilalihan dimasukkan dalam lembaran imbangan disatukan sebagai muhibah atau rizab atas penyatuan.


144

2 . D A S A R - D A S A R P E R A K A U N A N P E N T I N G ( S A M B . )

(b) Asas Penyatuan (Samb.)

Urusniaga di antara syarikat dalam Kumpulan, baki dan keuntungan belum realisasi telah dihapuskan semasa penyatuan dan

penyata kewangan disatukan hanya mencerminkan urusniaga dengan pihak luaran sahaja. Kerugian belum direalisasi dihapuskan

semasa penyatuan melainkan kos tersebut tidak dapat diperolehi semula.

Keuntungan atau kerugian daripada pelupusan subsidiari-subsidiari adalah perbezaan di antara nilai bersih pelupusan dan bahagian

aset-aset bersih yang dimiliki oleh Kumpulan beserta dengan sebarang baki muhibah yang belum dilunaskan dan perbezaan

matawang yang belum diiktirafkan dalam penyata pendapatan disatukan.

Kepentingan minoriti dinilai pada nilai saham minoriti yang berdasarkan kepada nilai saksama aset-aset dan liabiliti-liabiliti yang

boleh dikenalpasti selepas tarikh pengambilalihan.

(ii) Syarikat-syarikat Bersekutu

Syarikat-syarikat bersekutu adalah syarikat-syarikat dimana Kumpulan mempunyai kepentingan ekuiti jangka panjang dan

mempunyai pengaruh penting ke atas polisi kewangan dan operasi syarikat tersebut. Pelaburan dalam syarikat-syarikat bersekutu

diambilkira dalam penyata kewangan disatukan dengan kaedah perakaunan ekuiti yang berdasarkan penyata kewangan yang telah

diaudit atau penyata kewangan pengurusan.

Berdasarkan kaedah perakaunan ekuiti, perkongsian Kumpulan di dalam keuntungan selepas pemgambilalihan setelah ditolak

kerugian syarikat-syarikat bersekutu bagi tempoh semasa diambilkira dalam penyata pendapatan disatukan. Kepentingan

Kumpulan dalam syarikat-syarikat bersekutu dinyatakan dalam lembaran imbangan disatukan pada kos beserta bahagian

Kumpulan dalam keuntungan atau kerugian tertahan dan rizab tertahan serta muhibah selepas pengambilalihan.

Keuntungan tidak direalisasi atas urusniaga antara Kumpulan dan syarikat-syarikat bersekutu dihapuskan setakat kepentingan

Kumpulan dalam syarikat-syarikat bersekutu. Kerugian tidak direalisasi dihapuskan melainkan kos tidak boleh diperolehi semula.

(iii) Entiti-entiti Usahasama Dikawal Bersama

Entiti usahasama adalah usahasama yang melibatkan perbadanan sebuah syarikat di mana Kumpulan mempunyai kawalan sama

di atas aktiviti ekonomi yang telah dinyatakan dalam persetujuan kontrak.

Pelaburan dalam entiti usahasama dinyatakan di dalam penyata kewangan disatukan atas kaedah perakaunan ekuiti berasaskan

penyata kewangan diaudit atau pengurusan entiti usahasama tersebut. Menurut kaedah perakaunan ekuiti, bahagian keuntungan

Kumpulan ditolak bahagian kerugian Kumpulan entiti usahasama sepanjang tahun dan dimasukkan dalam penyata pendapatan

disatukan. Kepentingan Kumpulan dalam entiti usahasama ini dibawa dalam lembaran imbangan disatukan pada kos dan bahagian

keuntungan atau bahagian kerugian tertahan Kumpulan selepas pengambilalihan dan lain-lain rizab serta muhibah atas

pengambilalihan.

Keuntungan tidak direalisasi atas urusniaga dalam Kumpulan dan entiti usahasama dihapuskan setakat kepentingan Kumpulan

dalam entiti usahasama itu. Kerugian tidak direalisasi dihapuskan kecuali jika transaksi tersebut membuktikan kerosotan nilai aset

yang dialihkan.

NOTA-NOTA KEPADA PENYATA KEWANGAN

31 Julai 2003

145



(c) Muhibah

Muhibah adalah lebihan dari kos pengambilalihan pada kepentingan Kumpulan ke atas nilai saksama aset-aset dan liabiliti-liabiliti

subsidiari-subsidiari, syarikat-syarikat bersekutu atau entiti usahasama pada tarikh pengambilalihan.

Muhibah dinyatakan pada nilai kos tolak pelunasan dan kerugian rosotnilai terkumpul. Dasar bagi pengiktirafan dan pengukuran

kerugian rosotnilai adalah berpandukan Nota 2(o). Muhibah yang terhasil daripada pengambilalihan subsidiari-subsidiari adalah

dibentangkan secara berasingan dalam lembaran imbangan manakala muhibah yang terhasil daripada pengambilalihan syarikat-

syarikat bersekutu dan entiti-entiti usahasama dimasukkan dalam nilai buku pelaburan dalam syarikat-syarikat bersekutu dan entiti-

entiti usahasama masing-masing.

Muhibah dilunas secara sistematik pada kaedah garis lurus sepanjang tempoh jangkaan hayat. Tempoh pelunasan menunjukkan

jangkaan terbaik bagi tempoh yang mana manfaat ekonomi masa depan yang diramal akan mengalir ke dalam Kumpulan. Tempoh

jangkaan muhibah atas pengambilalihan syarikat-syarikat bersekutu dan subsidiari-subsidiari adalah seperti dinyatakan dalam Nota-

Nota 12 dan 15 masing-masing.

(d) Pelaburan ke atas Subsidiari-subsidiari, Syarikat-syarikat Bersekutu dan Usahasama

(i) Pelaburan Syarikat ke atas subsidiari-subsidiari, syarikat-syarikat bersekutu dan usahasama dinyatakan pada kos tolak sebarang

peruntukan rosotnilai. Dasar bagi pengiktirafan dan pengukuran kerugian rosotnilai adalah berpandukan Nota 2(o).

Semasa pelupusan pelaburan-pelaburan peruntukan tersebut, perbezaaan di antara nilai perolehan bersih dan nilai buku akan

diiktirafkan dalam penyata pendapatan.

(ii) Operasi usahasama adalah usahasama yang melibatkan pengunaan aset-aset dan lain-lain sumber pengusahasama dan bukannya

penubuhan perbadanan, perkongsian atau lain-lain entiti, atau struktur kewangan yang berasingan daripada pengusahasama itu sendiri.

Perkongsian keuntungan dan kerugian usahasama dimasukkan dalam penyata kewangan pengusahasama berdasarkan peratusan

perkongsian keuntungan atau kerugian sesuatu usahasama.

(e) Hartanah, Loji dan Peralatan dan Susutnilai

Hartanah, loji dan peralatan dinyata pada kos tolak susutnilai dan kerugian rosotnilai terkumpul. Dasar bagi pengiktirafan dan

pengukuran kerugian rosotnilai adalah berpandukan Nota 2(o).

Tanah pegangan bebas dan kerja pembinaan sedang dijalankan tidak disusutnilai. Tanah pajakan dilunaskan sama rata sepanjang

tempoh pajakan. Susutnilai untuk hartanah, loji dan peralatan lain diperuntukkan berdasarkan pada kaedah garis lurus untuk

menghapuskirakan kos atau nilai penilaian setiap aset di sepanjang anggaran hayat kegunaan pada kadar tahunan seperti berikut:

Tanah dan bangunan milikpajak jangka panjang Sepanjang tempoh 50 – 60 tahun

Tanah dan bangunan milikpajak jangka pendek Sepanjang tempoh 30 tahun

Bangunan atas tanah pegangan bebas 2%

Loji, mesin dan peralatan 12% – 33%

Alat pejabat, perabot dan kelengkapan pejabat 10% – 33%

Kenderaan bermotor 12% – 25%

Tanah dan bangunan milikpajak jangka panjang dan pendek serta beberapa tanah pegangan bebas Kumpulan dan Syarikat belum

dinilaikan semula semenjak penilaian semula yang pertama pada tahun 1991. Para pengarah belum mengamalkan dasar penilaian

semula secara teratur untuk aset-aset tersebut. Sepertimana yang dibenarkan di bawah peruntukan peralihan Piawaian Perakaunan

Antarabangsa No. 16 (Edisi semakan): Hartanah, Loji dan Peralatan, aset-aset tersebut akan terus dinyatakan pada nilai penilaian

tahun 1991 ditolak susutnilai terkumpul dan kerugian rosotnilai terkumpul.

Semasa pelupusan sesuatu hartanah, loji dan peralatan, perbezaan nilai di antara hasil pelupusan dan nilai dibawa bersih dikenakan

atau dikreditkan ke penyata pendapatan.


31 Julai 2003


146


(f) Hartanah Pembangunan

Perbelanjaan untuk tanah dan pembangunan di mana kerja pembangunan penting telah dilaksanakan dan dijangka akan siap dalam

masa kitaran operasi biasa dikelaskan sebagai hartanah pembangunan. Hartanah pembangunan dinyatakan pada kos dicampur

keuntungan ditolak kerugian dianggarkan dan tuntutan kemajuan kerja yang berkenaan. Kos termasuk kos tanah, semua kos

bangunan langsung dan lain-lain perbelanjaan pembangunan yang berkaitan, termasuk perbelanjaan faedah yang ditanggung

sepanjang tempoh pembangunan yang aktif.

(g) Kontrak Pembinaan

Di mana keputusan daripada sesuatu kontrak pembinaan boleh dianggarkan dengan kebolehpercayaan, pendapatan kontrak dan

kontrak kos diiktiraf sebagai pendapatan dan perbelanjaan masing-masing dengan merujuk kepada tahap kesudahan aktiviti kontrak

pada tarikh lembaran imbangan. Tahap kesudahan kontrak dikira dengan merujuk kepada bahagian kos kontrak yang terlibat bagi kerja

yang dilakukan hingga kini kepada jumlah kos kontrak yang dijangkakan.

Di mana keputusan kontrak pembinaan tidak boleh dianggarkan dengan kebolehpercayaan, pendapatan kontrak diiktiraf setakat mana

kos kontrak yang terlibat dan kemungkinan besar boleh diterima semula. Kontrak kos diiktiraf sebagai perbelanjaan dalam tempoh di

mana kos kontrak yang terlibat.

Apabila kemungkinan bahawa jumlah kontrak kos akan melebihi pendapatan kontrak, kerugian yang diramalkan diiktiraf sebagai

perbelanjaan dengan serta-merta.

Apabila kos yang terlibat ke atas kontrak pembinaan ditambah keuntungan yang diiktiraf (ditolak kerugian diiktiraf) melebihi tuntutan

kemajuan kerja, baki ditunjukkan sebagai hutang daripada pelanggan-pelanggan ke atas kontrak. Apabila tuntutan kemajuan kerja

melebihi kos yang terlibat ditambah keuntungan yang diiktiraf (ditolak kerugian diiktiraf), baki ditunjukkan sebagai hutang kepada

pelanggan-pelanggan ke atas kontrak.

(h) Tunai dan Setara Tunai

Bagi tujuan kegunaan di dalam penyata-penyata aliran tunai, tunai dan setara tunai termasuk tunai di tangan dan baki di bank, deposit

panggilan dan pelaburan jangka pendek yang amat cair serta sedia ditukar kepada nilai tunai dengan risiko perubahan nilai yang tidak

ketara, ditolak baki overdraft bank tertunggak.

(i) Pajakan Kewangan

Pajakan diiktiraf sebagai pajakan kewangan jika ia memindahkan sebahagian besar risiko dan manfaat akibat daripada hakmilik.

Pajakan-pajakan lain diklasifikasikan sebagai pajakan operasi.

Aset diambilalih secara sewa beli atau pajakan kewangan dinyatakan pada nilai setara dengan nilai terendah nilai saksama dan nilai

semasa pembayaran pajakan minima pada permulaan pajakan, ditolak susutnilai terkumpul dan kerugian rosotnilai. Liabiliti berkaitan

dinyatakan dalam lembaran imbangan sebagai pinjaman. Dalam pengiraan nilai semasa pembayaran pajakan minima, faktor diskaun

yang digunakan ialah kadar faedah yang terkandung di dalam pajakan bila ia boleh ditentukan secara praktikal, jika tidak, kadar faedah

peningkatan Syarikat digunakan.

Bayaran pajakan diagihkan di antara kos kewangan dan pengurangan baki liabiliti. Kos kewangan, yang mewakili perbezaan di antara

keseluruhan komitmen pajakan dan nilai saksama aset diambilalih, dikenakan ke penyata pendapatan di sepanjang penggal pajakan

berkenaan untuk menghasilkan kadar faedah berkala yang tetap atas baki tanggungan untuk setiap tempoh akaun.

Dasar susutnilai bagi aset pajakan adalah konsisten dengan susutnilai hartanah, loji dan peralatan seperti yang dinyatakan dalam Nota 2(e).


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(j) Inventori

Inventori dinyatakan pada harga lebih rendah di antara kos dan nilai boleh direalisasi bersih (ditentukan pada asas purata wajaran). Kos

barangan siap dan kerja dalam perlaksanaan termasuk kos bahan langsung, buruh langsung, lain-lain kos langsung dan kos overhed

pengeluaran yang sewajarnya. Nilai boleh direalisasi bersih mewakili anggaran harga jualan ditolak semua anggaran kos untuk

penyiapan dan anggaran kos yang akan dikenakan untuk pemasaran, jualan dan pengedaran.

(k) Peruntukan bagi Liabiliti-liabiliti

Peruntukan bagi liabiliti-liabiliti diiktiraf apabila Kumpulan mempunyai kewajipan kini hasil daripada peristiwa lampau dan adalah

berkemungkinan aliran keluar sumber yang mengandungi manfaat ekonomi diperlukan untuk menyelesaikan kewajipan tersebut dan

anggaran yang munasabah boleh dibuat bagi jumlah tersebut. Peruntukan akan dikaji semula pada setiap tarikh lembaran imbangan

dan diselaraskan untuk menggambarkan anggaran semasa yang terbaik. Di mana kesan nilai masa wang adalah material, jumlah

peruntukan adalah nilai kini perbelanjaan yang dijangka perlu untuk menjelaskan kewajipan tersebut.

(l) Cukai Pendapatan

Cukai pendapatan atas keuntungan atau kerugian untuk tahun-tahun semasa terdiri daripada cukai semasa dan cukai tertunda. Cukai

semasa mewakili cukai pendapatan yang dijangka akan dikenakan ke atas keuntungan tahun semasa yang boleh dicukai dan dikira

pada kadar cukai yang berkuatkuasa pada tarikh lembaran imbangan.

Cukai tertunda diperuntukkan menggunakan kaedah liabiliti atas perbezaan sementara antara asas cukai dan nilai dibawa aset dan

liabiliti pada tarikh lembaran imbangan. Mengikut prinsip, liabiliti cukai tertunda diiktiraf untuk semua perbezaan sementara yang boleh

dicukai dan aset cukai tertunda diiktiraf untuk semua perbezaan sementara deduktibel, kerugian cukai belum diguna dan kredit cukai

belum diguna setakat mana keuntungan boleh dicukai terdapat untuk digunakan atas perbezaan sementara deduktibel, kerugian cukai

belum diguna dan kredit cukai belum diguna. Cukai tertunda tidak diiktiraf jika perbezaan sementara timbul dari muhibah atau

muhibah negatif atau dari pengiktirafan pertama sesuatu aset atau liabiliti dalam urusniaga yang bukan kombinasi perniagaan dan

pada waktu urusniaga, tidak menjejaskan keuntungan perakaunan atau keuntungan yang boleh dicukai.

Cukai tertunda dikira pada kadar cukai yang dijangka akan digunakan dalam tempoh di mana aset direalisasi atau liabiliti diselesaikan,

berasaskan kadar cukai yang berkuatkuasa pada tarikh lembaran imbangan. Cukai tertunda diiktiraf dalam penyata pendapatan kecuali

jika ia timbul dari urusniaga yang diiktiraf secara langsung di ekuiti, di mana cukai tertunda itu juga dikenakan atau dikreditkan secara

langsung di ekuiti, atau jika ia timbul dari kombinasi perniagaan secara pengambilalihan, cukai tertunda itu dimasukkan ke dalam

muhibah atau muhibah negatif.

Sebelum pengambilgunaan MASB 25: Cukai Pendapatan pada 1 Ogos 2002, cukai tertunda diperuntukkan menggunakan kaedah

liabiliti atas perbezaan sementara ketara dan aset cukai tertunda tidak diiktiraf kecuali apabila aset tersebut dijangka dengan

munasabah akan direalisasi. Penukaran dasar perakaunan ini telah diambilkira secara retrospektif dan kesan penukaran ini telah

dinyatakan di Nota 30.

(m) Hak-hak Konsesi

Hak-hak konsesi dirujuk dengan kos yang dihadapi berkaitan dengan suatu penyusunan di mana Kumpulan berupaya mendapatkan

manfaat ekonomi bagi tahun-tahun hadapan. Hak-hak konsesi ini dilunaskan pada garis lurus sepanjang tempoh hayat gunanya. Hak-

hak konsesi ini dinyatakan pada kos ditolak pelunasan terkumpul dan kerugian rosotnilai. Dasar bagi pengiktirafan dan pengukuran

kerugian rosotnilai adalah berpandukan Nota 2(o).


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(n) Manfaat Persaraan

Caruman dibuat kepada Skim Manfaat Persaraan Kumpulan, satu pelan manfaat tertakrif. Skim manfaat persaraan ini adalah tidak

dibiayai dan kos manfaat persaraan di bawah skim ini ditentukan berdasarkan kaedah penilaian manfaat terakru. Kos perkhidmatan

semasa, kos perkhidmatan lampau dan pelarasan pengalaman yang berhubung kait dengan Skim Manfaat Persaraan adalah

diambilkira menerusi penyata pendapatan secara sistematik sepanjang baki tempoh perkhidmatan ahli yang boleh dijangka. Setiap

tiga tahun sekali, Kumpulan mengambil guna penilaian aktuarial yang menggunakan Kaedah Unit Kredit Peramalan untuk menentukan

kos manfaat persaraan. Penilaian terakhir telah dilakukan dalam tahun kewangan 2002.

(o) Rosotnilai Aset

Pada setiap tarikh lembaran imbangan, Kumpulan meneliti nilai dibawa bagi aset-asetnya untuk menentukan samada terdapat

sebarang petunjuk yang aset-aset telah mengalami kerugian rosotnilai. Jika sebarang petunjuk wujud, rosotnilai dikira dengan

membandingkan nilai dibawa aset dengan nilai yang boleh diperolehi dari aset tersebut. Nilai yang boleh diperolehi adalah nilai yang

lebih tinggi di antara harga pasaran bersih dan nilai digunapakai, yang mana dikira dengan merujuk kepada aliran tunai hadapan

didiskaunkan.

Kerugian rosotnilai dikenakan kepada penyata pendapatan serta merta, kecuali aset yang dinyatakan pada nilai penilaian semula.

Rosotnilai bagi aset penilaian semula diiktiraf sebagai kurangan penilaian semula setakat penambahan penilaian semula tersebut

belum digunakan bagi aset yang sama itu. Pembalikan semula kerugian rosotnilai yang diiktiraf tahun terdahulu direkodkan bila

terdapat petunjuk yang kerugian rosotnilai diiktiraf untuk aset tidak lagi wujud ataupun telah berkurangan.

(p) Pengiktirafan Pendapatan

Pendapatan diiktiraf apabila kemungkinan yang manfaat ekonomi berkaitan dengan transaksi akan mengalir kepada Kumpulan atau

Syarikat dan jumlah pendapatan boleh dianggar dengan pasti.

(i) Hartanah Pembangunan

Hasil daripada jualan hartanah pembangunan diiktiraf mengikut kaedah peratusan penyiapan atas semua unit bangunan yang telah

dijual. Peratusan penyiapan ditentukan berdasarkan kepada kos yang terlibat sehingga sekarang dibandingkan kepada jumlah

keseluruhan kos dijangkakan di mana keputusan projek-projek tersebut boleh dianggarkan dengan kebolehpercayaan. Semua

kerugian yang dijangka telah diperuntukkan sepenuhnya.

(ii) Kontrak Pembinaan

Pendapatan daripada kontrak pembinaan dikira dengan peratusan siap seperti dinyatakan dalam Nota 2(g). Semua kerugian yang

dijangka telah diperuntukkan sepenuhnya.

(iii) Jualan Barangan dan Perkhidmatan

Hasil berkaitan dengan penjualan barangan adalah diiktiraf bersih daripada cukai jualan dan diskaun, apabila pindahan risiko dan

ganjaran telah selesai. Hasil daripada perkhidmatan adalah diiktiraf bersih daripada cukai perkhidmatan dan diskaun apabila

perkhidmatan tersebut dilaksanakan.

(iv) Pendapatan Faedah

Pendapatan faedah diiktiraf atas asas pembahagian masa untuk menggambarkan hasil faedah berkesan ke atas aset.

(v) Pendapatan Dividen

Pendapatan dividen diktiraf apabila hak pemegang saham untuk menerima bayaran telah terbukti.


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(q) Matawang Asing

(i) Pertukaran dan Terjemahan Matawang Asing

Urusniaga dalam matawang asing telah ditukar kepada Ringgit Malaysia pada kadar pertukaran yang berkuatkuasa pada tarikh

ususniaga. Aset dan liabiliti matawang asing yang bersifat kewangan pada tarikh lembaran imbangan telah diterjemahkan kepada

Ringgit Malaysia pada kadar pertukaran yang berkuatkuasa pada tarikh tersebut kecuali jika dilindung nilai oleh kontrak hadapan, di

mana kadar kontrak hadapan digunakan. Butiran tidak bersifat kewangan yang dibawa pada kos sejarah diterjemahkan

menggunakan kadar pertukaran yang wujud pada tarikh pengambilalihan dan butiran tidak bersifat kewangan yang dibawa pada

nilai saksama diterjemahkan menggunakan kadar pertukaran yang wujud semasa nilai saksama ditentukan.

Semua perbezaan pertukaran yang terhasil dibawa ke penyata pendapatan kecuali terdapat perbezaan di atas peminjaman mata

wang asing, yang memberi lindung nilai kepada satu pelaburan bersih di dalam entiti asing. Perbezaan pertukaran ini dibawa terus

ke ekuiti sehingga pelupusan pelaburan bersih tersebut, di mana ia akan diiktiraf di dalam penyata pendapatan.

(ii) Pengendalian Asing

Di mana pengendalian syarikat asing adalah sebati dengan pengendalian Syarikat, prinsip-prinsip penterjemahan seperti yang

dinyatakan di atas digunakan sepertimana urusniaga pengendalian asing adalah dari pengendalian Syarikat.

(iii) Entiti-entiti Asing

Penyata kewangan subsidiari-subsidiari asing yang disatukan telah diterjemahkan pada kadar pertukaran akhir tahun bagi perkara-

perkara berhubung aset dan liabiliti, dan pada kadar purata pertukaran yang berkenaan di sepanjang tahun bagi perkara-perkara

berhubung penyata pendapatan. Semua kesan perbezaan pertukaran dimasukkan ke rizab terjemahan asing di dalam ekuiti

pemegang saham.

Kadar pertukaran utama yang digunakan untuk setiap mata wang asing pada tarikh lembaran imbangan adalah seperti berikut:

2003 2002

RM RM

Dollar Amerika Syarikat 3.80 3.80Dollar Singapura 2.17 2.15Rupee India 0.08 0.08New Dollar Taiwan 0.11 –*

* Operasi di Taiwan, Republik China hanya bermula pada tahun kewangan semasa.

(r) Instrumen Kewangan

Instrument kewangan diiktirafkan dalam lembaran imbangan apabila Kumpulan menjadi salah satu pihak kepada peruntukan kontrak

dalam instrumen tersebut.

Instrumen kewangan adalah digolongkan sebagai liabiliti atau ekuiti menurut dasar dalam perjanjian kontrak. Faedah, dividen,

keuntungan dan kerugian berkenaan dengan instrumen kewangan yang digolongkan sebagai liabiliti dilaporkan sebagai belanja atau

pendapatan. Pengagihan kepada pemegang instrumen kewangan digolongkan sebagai ekuiti dikenakan terus kepada ekuiti.

Instrumen kewangan diselaraskan apabila Kumpulan mempunyai hak mengikut undang-undang untuk pelarasan dan berniat untuk

menyelesaikan secara bersih atau merealisasikan aset dan menyelesaikan liabiliti secara serentak. Objektif pengurusan risiko

kewangan dan polisi-polisinya seperti dinyatakan dalam Nota 37.


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(r) Instrumen Kewangan (Samb.)

(i) Pelaburan Tidak Semasa

Pelaburan tidak semasa selain daripada pelaburan dalam subsidiari-subsidiari, syarikat-syarikat bersekutu dan syarikat-syarikat

usahasama adalah dinyatakan pada kos ditolak kerugian rosotnilai. Dasar pengiktirafan dan pengukuran kerugian rosotnilai adalah

berpandukan Nota 2(o).

Pada pelupusan pelaburan, perbezaan di antara nilai bersih perolehan pelupusan dan nilai buku bersih dimasukkan ke dalam

penyata pendapatan.

(ii) Penerimaan

Penerimaan dibawa pada nilai yang dijangka boleh direalisasi. Hutang lapuk dihapuskira apabila dikenalpasti. Anggaran dibuat bagi

hutang ragu berdasarkan penelitian ke atas semua baki yang belum dijelaskan pada tarikh lembaran imbangan.

(iii) Pembayaran

Pembayaran dinyatakan pada kos di mana nilai saksama ganjaran perlu dibayar pada masa hadapan untuk barangan dan

perkhidmatan yang diterima.

(iv) Pinjaman-pinjaman Pembawa Faedah

Pinjaman bank pembawa faedah dan Bon Bolehtebus Tidak Bercagar direkodkan pada nilai muka jumlah pinjaman.

Kos pinjaman yang secara langsung disebabkan pengambilalihan, pembinaan atau pengeluaran aset layak, iaitu aset yang

sememangnya mengambil masa panjang untuk disiapkan untuk digunakan atau dijual, dipermodalkan sebagai sebahagian kos

aset-aset tersebut, sehingga tiba masanya aset itu sedia atau hampir sedia untuk diguna atau dijual.

Semua kos pinjaman lain diiktiraf sebagai perbelanjaan dalam penyata pendapatan dalam tempoh penglibatan.

(v) Modal Saham

Modal saham biasa adalah diklasifikasikan sebagai ekuiti. Dividen dari modal saham biasa dimasukkan dalam ekuiti di tempoh di

mana dividen tersebut dicadangkan.

Kos berkaitan dengan penerbitan ekuiti dikira sebagai kurangan daripada ekuiti selepas cukai. Kos urusniaga ekuiti terdiri daripada

kos luaran yang menaik secara langsung digunakan dalam urusniaga ekuiti yang mana jika tidak sedemikian, boleh dihindarkan.

3 . H A S I L

Hasil Kumpulan dan Syarikat terdiri daripada:

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Kejuruteraan dan kontrak pembinaan 828,113 859,514 162,732 195,530Jualan hartanah dalam pembangunan 418,920 103,103 – –Jualan hasil kuari 35,380 31,113 – –Jualan barang pembinaan 105,574 22,386 – –Perkilangan 37,325 3,848 – –Jualan barangan kertas 6,249 15,282 – –Lain-lain 10,508 7,506 – –

1,442,069 1,042,752 162,732 195,530


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4 . K E U N T U N G A N D A R I O P E R A S I

Keuntungan dari operasi selepas dikenakan/(dikreditkan):Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Pelunasan hak-hak konsesi 2,333 2,333 – –

Pelunasan muhibah dari penyatuan

– Subsidiari-subsidiari 835 835 – –

– Syarikat bersekutu 6,608 10,903 – –

Ganjaran juruaudit

– Audit berkanun 254 209 55 55

– Lain-lain 207 157 95 99

Ganjaran pengarah-pegarah eksekutif

(Nota 5, termasuk dalam kos kakitangan) 3,390 3,286 2,776 2,697

Sewa loji dan peralatan 3,067 4,350 – –

Inventori dihapuskira – 817 – –

Ganjaran pengarah-pengarah bukan eksekutif (Nota 5) 244 244 244 244

Hartanah, loji dan peralatan dihapuskira 104 162 25 15

Peruntukan bagi kontrak (Nota 27) 24,286 – – –

Peruntukan bagi hutang ragu

– Lain-lain 41 893 – –

– Subsidiari-subsidiari – – – 22,512

Peruntukan bagi rebat (Nota 27) 3,662 – – –

Peruntukan bagi manfaat persaraan ( Nota 27) 1,284 160 1,000 –

Sewa tanah 174 253 51 51

Sewa premis 1,181 1,263 488 560

Pengagihan keuntungan dari subsidiari-subsidiari yang tidak diperbadankan – – (110,514) (77,578)

Hutang lapuk dibaikpulih bersih (50) (267) – –

Dividen diterima/akan diterima daripada

– Subsidiari-subsidiari – – – (34,250)

– Syarikat-syarikat bersekutu – – (38,542) (9,280)

Keuntungan daripada penjualan hartanah, loji dan peralatan (966) (1,073) (826) (179)

Keuntungan daripada penjualan pelaburan tersiarharga (104) (789) – (110)

(Pembalikan kerugian rosotnilai)/kerugian rosotnilai atas hartanah,

loji dan peralatan (1,070) 2,750 – –

Keuntungan direalisasikan atas tukaran asing – (34) – –

Pemulihan oleh usahasama dahulu (22,029) – (22,029) –

Pendapatan sewa

– Subsidiari-subsidiari – – (649) (570)

– Lain-lain (506) (461) (177) (134)

Keuntungan tidak direalisasikan atas tukaran asing (29) (12) – –

Pemulihan peruntukan penyusutan nilai pelaburan – (46) – –

Pemulihan peruntukan hutangan ragu (467) (605) – (605)


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5 . G A N J A R A N PA R A P E N G A R A H

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Para pengarah Syarikat

Eksekutif:Gaji dan emolumen lain 3,390 3,286 2,776 2,697Manfaat barangan 290 268 254 226

3,680 3,554 3,030 2,923

Bukan Eksekutif:Yuran 244 244 244 244Manfaat barangan 27 44 27 44

271 288 271 288

3,951 3,842 3,301 3,211

Analisa tidak termasuk manfaat barangan:Jumlah ganjaran pengarah eksekutif

tidak termasuk manfaat barangan 3,390 3,286 2,776 2,697

Jumlah ganjaran pengarah bukan eksekutiftidak termasuk manfaat barangan 244 244 244 244

Jumlah ganjaran pengarah tidaktermasuk manfaat barangan 3,634 3,530 3,020 2,941

Bilangan pengarah-pengarah Syarikat di mana jumlah ganjaran (termasuk manfaat barangan) di sepanjang tahun terangkum dalam

lingkungan berikut adalah:Bilangan Pengarah

2003 2002

Pengarah eksekutif:RM250,001 – RM300,000 1 1RM300,001 – RM350,000 – –RM350,001 – RM400,000 1 2RM400,001 – RM450,000 – 1RM450,001 – RM500,000 5 3RM500,001 – RM550,000 – –RM550,001 – RM600,000 – –RM600,001 – RM650,000 – –RM650,001 – RM700,000 1 1

8 8

Pengarah bukan eksekutif:RM1 – RM50,000 5 5RM50,001 – RM100,000 – –RM100,001 – RM150,000 1 1

6 6

Jumlah 14 14


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6 . KO S K E W A N G A N

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Perbelanjaan faedah atas Bon Bolehtebus Tidak Bercagar 12,000 14,230 12,000 13,903Perbelanjaan faedah atas lain-lain pinjaman 3,815 1,959 25 –

15,815 16,189 12,025 13,903Tolak: Jumlah dipermodalkan dalam aset-aset layak:

Hartanah pembangunan (Nota 17) (3,574) (1,959) – –Kos kontrak-kontrak pembinaan (Nota 20) (216) – – –

12,025 14,230 12,025 13,903

7 . C U K A I

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

(dinyatakan (dinyatakan

semula) semula)

Di Malaysia:Cukai tahun semasa 110,730 63,566 42,781 52,313Cukai tertunda berkaitan dengan perbezaan sementara asal

dengan perbezaan sementara dibalik semula (Nota 28) (5,527) 4,348 408 (666)Peruntukan cukai terkurang dalam tahun-tahun sebelumnya 2,477 4,928 3,202 6,300Perkongsian cukai syarikat-syarikat bersekutu 30,927 29,409 – –

138,607 102,251 46,391 57,947

Cukai pendapatan domestik dikira pada kadar cukai berkanun Malaysia sebanyak 28% (2002: 28%) daripada jumlah anggaran keuntungan

boleh ditaksir sepanjang tahun. Cukai bagi lain-lain bidang kuasa dikira pada kadar yang digunakan oleh bidang kuasa tersebut.

Penyata penyesuaian cukai yang dikenakan ke atas keuntungan sebelum cukai pada kadar cukai berkanun dengan perbelanjaan cukai

pada kadar cukai efektif Kumpulan dan Syarikat adalah seperti berikut:2003 2002

RM’000 RM’000

(dinyatakan

semula)

Kumpulan


Cukai pada kadar berkanun Malaysia 28% (2002: 28%) 113,681 89,985Pendapatan tidak tertakluk kepada cukai (6,372) (85)Perbelanjaan yang tidak deduktibel untuk tujuan pencukaian 16,414 9,312Penggunaan kerugian cukai yang sebelumnya tidak diiktiraf – (56)Aset/(liabiliti) cukai tertunda yang tidak diiktiraf 12,660 (1,619)Lebihan peruntukan cukai dalam tahun sebelumnya (253) (214)Kurangan peruntukan cukai dalam tahun sebelumnya 2,477 4,928

Perbelanjaan cukai bagi tahun semasa 138,607 102,251


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154

7 . C U K A I ( S a m b . )

2003 2002

RM’000 RM’000

(dinyatakan

semula)

Syarikat


Cukai pada kadar berkanun Malaysia 28% (2002: 28%) 33,959 45,243

Pendapatan tidak tertakluk kepada cukai (10,712) (4,306)

Perbelanjaan yang tidak deduktibel untuk tujuan pencukaian 19,942 10,710

Kurangan peruntukan cukai dalam tahun-tahun sebelumnya 3,202 6,300

Perbelanjaan cukai bagi tahun semasa 46,391 57,947

Pada 31 Julai 2003, Syarikat mempunyai keuntungan pengecualian cukai yang boleh diagihkan berjumlah kira-kira RM11,039,000 (2002 :

RM11,039,000).

Syarikat mempunyai kredit cukai yang mencukupi di bawah Seksyen 108, Akta Cukai Pendapatan, 1967 dan baki keuntungan

pengecualian cukai untuk membolehkan pembayaran dividen dibuat daripada keseluruhan keuntungan tertahannya pada 31 Julai 2003.

8 . P E N D A PATA N S E S A H A M

(a) Asas

Pendapatan asas sesaham telah dikira dengan membahagikan keuntungan bersih pada tahun semasa Kumpulan dengan bilangan

purata wajaran saham dalam terbitan di sepanjang tahun.Kumpulan

2003 2002

(dinyatakan

semula)

Keuntungan bersih bagi tahun semasa (RM’000) 241,773 193,899

Bilangan purata wajaran saham dalam terbitan (’000) 676,456 668,093

Pendapatan asas sesaham (sen) 36 29

Angka bandingan pendapatan asas sesaham telah dinyatakan semula bagi mengambilkira kesan perubahan dalam dasar-dasar

perakaunan ke atas keuntungan bersih tahun semasa seperti dinyatakan dalam Nota 30.

(b) Cair

Untuk mengira pendapatan cair sesaham, keuntungan bersih pada tahun semasa dengan bilangan purata wajaran saham biasa dalam

terbitan di sepanjang tahun kewangan telah diselaraskan untuk memberi kesan potensi pencairan atas saham biasa daripada

pelaksanaan SOSP dan penukaran Waran-waran. Purata wajaran saham terbitan yang telah diselaraskan adalah jumlah saham terbitan

dalam terbitan pada tahun semasa ditambah dengan purata wajaran jumlah saham yang sepatutnya diterbitkan secara perlaksanaan

penuh SOSP dan penukaran penuh Waran-waran yang tertunggak dalam bentuk saham biasa. SOSP dan Waran-waran dianggap telah

ditukarkan kepada saham biasa pada tarikh terbitan SOSP dan Waran-waran.


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155


8 . P E N D A PATA N S E S A H A M ( S A M B . )

(b) Cair (Samb.)

Kumpulan

2003 2002

(dinyatakan

semula)

Keuntungan bersih bagi tahun semasa (RM’000) 241,773 193,899

Bilangan purata wajaran saham dalam terbitan (’000) 676,456 668,093

Dilaraskan untuk:

Anggaran saham diterbit dari perlaksanaan SOSP (’000) 11,908 17,187

Anggaran saham diterbit dari penukaran Waran-waran 1996/2006 (’000) 19,901 15,009

Anggaran saham diterbit dari penukaran Waran-waran 2001/2007 (’000) 55,791 47,176

Bilangan purata wajaran saham dalam terbitan dan boleh diterbitkan yang telah dilaraskan 764,056 747,465

Pendapatan cair sesaham (sen) 32 26

Angka bandingan bagi pendapatan cair sesaham telah dinyatakan semula bagi mengambilkira kesan perubahan dasar-dasar

perakaunan ke atas keuntungan bersih tahun semasa seperti dinyatakan dalam Nota 30.

9 . D I V I D E N

Kumpulan dan Syarikat

Jumlah Dividen sesaham

2003 2002 2003 2002

RM’000 RM’000 sen sen

Dividen akhir dibayar bagi tahun kewangan 2002, sebanyak5% ditolak 28% cukai 24,340 – 4 –

Dividen interim dibayar bagi tahun kewangan 2003, sebanyak7% ditolak 28% cukai (2002 : 5% ditolak 28% cukai) 34,137 24,133 5 4

58,477 24,133

Pada Mesyuarat Agung yang akan datang, dividen akhir bagi tahun kewangan semasa yang berakhir 31 Julai 2003 sebanyak 9% ke atas

683,447,274 saham biasa ditolak 28% cukai berjumlah RM44,287,383 (6.48 sen sesaham) akan dicadangkan untuk kelulusan para

pemegang saham. Penyata kewangan untuk tahun semasa tidak mengambilkira cadangan dividen tersebut. Dividen tersebut, sekiranya

diluluskan oleh para pemegang saham, akan diambilkira di dalam ekuiti pemegang saham sebagai pengagihan daripada keuntungan

tertahan pada tahun berakhir berikutnya, 31 Julai 2004.


31 Julai 2003


156

1 0 . H A R TA N A H , L O J I D A N P E R A L ATA N

Lain-lain

Pembinaan hartanah,

Tanah dan sedang loji dan

bangunan* dijalankan peralatan** Jumlah

RM’000 RM’000 RM’000 RM’000

Kumpulan

Penilaian/Kos

Pada 1 Ogos 2002 49,033 25,590 187,187 261,810

Penambahan 13 2,575 30,418 33,006

Pelupusan – – (20,819) (20,819)

Klasifikasi semula 1,753 (2,113) 360 –

Hapuskira – – (1,159) (1,159)

Pada 31 Julai 2003 50,799 26,052 195,987 272,838

Susutnilai Terkumpul

Pada 1 Ogos 2002 7,391 – 119,410 126,801

Caj bagi tahun semasa: 813 – 24,407 25,220

Diiktiraf dalam penyata pendapatan 813 – 7,522 8,335

Dipermodalkan dalam pendapatan pembangunan (Nota 17) – – 504 504

Dipermodalkan dalam kos pembinaan (Nota 20) – – 16,381 16,381

Pelupusan – – (16,643) (16,643)

Hapuskira – – (1,055) (1,055)

Pada 31 Julai 2003 8,204 – 126,119 134,323

Kerugian Rosotnilai Terkumpul

Pada 1 Ogos 2002 – – 2,750 2,750

Pembalikan – – (1,070) (1,070)

Pelupusan – – (1,680) (1,680)

Pada 31 Julai 2003 – – – –

Nilai Buku Bersih

Pada 31 Julai 2003 42,595 26,052 69,868 138,515

Pada 31 Julai 2002 41,642 25,590 65,027 132,259

Susutnilai untuk 2002 780 – 17,208 17,988


31 Julai 2003

157


1 0 . H A R TA N A H , L O J I D A N P E R A L ATA N ( S A M B . )

* Tanah dan bangunan

Pada penilaian Pada kos

Tanah Bangunan Tanah Bangunan Bangunan

Bangnan pegang- pegang- pegang- pegang- atas

Tanah atas tanah pajak pajak pajak pajak Tanah tanah

milik milik jangka jangka jangka jangka milik milik

bebas bebas panjang panjang pendek pendek bebas bebas Jumlah

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

Kumpulan

Penilaian/Kos

Pada 1 Ogos 2002 1,192 1,148 1,349 674 14,313 187 18,105 12,065 49,033

Penambahan – – – – – – – 13 13

Klasifikasi semula – – – – – – – 1,753 1,753

Pada 31 Julai 2003 1,192 1,148 1,349 674 14,313 187 18,105 13,831 50,799


Pada 1 Ogos 2002 – 252 257 132 5,201 70 – 1,479 7,391

Caj untuk tahun

semasa – 23 23 13 472 6 – 276 813

Pada 31 Julai 2003 – 275 280 145 5,673 76 – 1,755 8,204

Nilai Buku Bersih

Pada 31 Julai 2003 1,192 873 1,069 529 8,640 111 18,105 12,076 42,595

Pada 1 Ogos 2002 1,192 896 1,092 542 9,112 117 18,105 10,586 41,642

Susutnilai untuk

2002 – 23 23 13 472 6 – 243 780


31 Julai 2003


158


** Lain-lain hartanah, loji dan peralatan

Peralatan

pejabat Loji, mesin

Kenderaan perabot, dan dan

bermotor kelengkapan peralatan Jumlah

RM’000 RM’000 RM’000 RM’000

Kumpulan

Kos

Pada 1 Ogos 2002 38,817 19,597 128,773 187,187

Penambahan 830 4,407 25,181 30,418

Pelupusan (3,775) (501) (16,543) (20,819)

Klasifikasi semula – 360 – 360

Hapuskira (75) (639) (445) (1,159)

Pada 31 Julai 2003 35,797 23,224 136,966 195,987


Pada 1 Ogos 2002 23,898 13,710 81,802 119,410

Caj bagi tahun semasa: 4,095 3,014 17,298 24,407

Diiktiraf dalam penyata pendapatan 3,209 1,807 2,506 7,522

Dipermodalkan dalam perbelanjaan pembangunan (Nota 17) 48 90 366 504

Dipermodalkan dalam kos pembinaan (Nota 20) 838 1,117 14,426 16,381

Pelupusan (3,236) (410) (12,997) (16,643)

Hapuskira (16) (612) (427) (1,055)

Pada 31 Julai 2003 24,741 15,702 85,676 126,119

Kerugian Rosotnilai Terkumpul

Pada 1 Ogos 2002 – 129 2,621 2,750

Pembalikan – – (1,070) (1,070)

Pelupusan – (129) (1,551) (1,680)

Pada 31 Julai 2003 – – – –

Nilai Buku Bersih

Pada 31 Julai 2003 11,056 7,522 51,290 69,868

Pada 31 Julai 2002 14,919 5,758 44,350 65,027

Susutnilai untuk 2002 3,633 2,563 11,012 17,208


31 Julai 2003

159



Lain-lain

Pembinaan Hartanah,

Tanah dan sedang Loji dan

Bangunan^ dijalankan peralatan^^ Jumlah

RM’000 RM’000 RM’000 RM’000

Syarikat

Penilaian/Kos

Pada 1 Ogos 2002 25,587 24,220 38,007 87,814Penambahan – 274 871 1,145Pindahan masuk – – 53 53Pelupusan – – (3,108) (3,108)Klasifikasi semula 1,753 (2,113) 360 –Hapuskira – – (377) (377)

Pada 31 Julai 2003 27,340 22,381 35,806 85,527


Pada 1 Ogos 2002 1,239 – 26,167 27,406Caj bagi tahun semasa: 232 – 3,721 3,953

Diiktiraf dalam penyata pendapatan 232 – 3,713 3,945Dipermodalkan dalam kos pembinaan (Nota 20) – – 8 8

Pindahan masuk – – 53 53Pelupusan – – (2,734) (2,734)Hapuskira – – (352) (352)

Pada 31 Julai 2003 1,471 – 26,855 28,326

Nilai Buku Bersih

Pada 31 Julai 2003 25,869 22,381 8,951 57,201

Pada 31 Julai 2002 24,348 24,220 11,840 60,408

Susutnilai untuk 2002 200 – 3,880 4,080

^ Tanah dan bangunan

Pada penilaian Kos

Tanah Bangunan

Tanah Bangunan pegangpajak pegang- Tanah Bangunan

milik atas tanah jangka pajak jangka milik atas tanah

bebas milik bebas panjang panjang bebas milik bebas Jumlah

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

Syarikat

Penilaian/Kos

Pada 1 Ogos 2002 780 860 1,204 559 14,572 7,612 25,587Klasifikasi semula – – – – – 1,753 1,753

Pada 31 Julai 2003 780 860 1,204 559 14,572 9,365 27,340


Pada 1 Ogos 2002 – 189 225 108 – 717 1,239Caj bagi tahun semasa – 17 20 11 – 184 232

Pada 31 Julai 2003 – 206 245 119 – 901 1,471

Nilai Buku Bersih

Pada 31 Julai 2003 780 654 959 440 14,572 8,464 25,869

Pada 31 Julai 2002 780 671 979 451 14,572 6,895 24,348

Susutnilai untuk 2002 – 17 20 11 – 152 200


31 Julai 2003


160


^^ Lain-lain hartanah, loji dan peralatan

Peralatan

pejabat, Loji, mesin

Kenderaan perabot dan dan

bermotor kelengkapan peralatan Jumlah

RM’000 RM’000 RM’000 RM’000

Syarikat

Kos

Pada 1 Ogos 2002 23,323 11,076 3,608 38,007Penambahan 70 801 – 871Pindahan masuk 53 – – 53Pelupusan (3,072) (36) – (3,108)Klasifikasi semula – 360 – 360Hapuskira – (337) (40) (377)

Pada 31 Julai 2003 20,374 11,864 3,568 35,806


Pada 1 Ogos 2002 14,269 8,700 3,198 26,167Caj bagi tahun semasa: 2,404 1,167 150 3,721

Diiktiraf dalam penyata pendapatan 2,404 1,167 142 3,713Dipermodalkan dalam kos pembinaan (Nota 20) – – 8 8

Pindahan masuk 53 – – 53Pelupusan (2,698) (36) – (2,734)Hapuskira – (322) (30) (352)

Pada 31 Julai 2003 14,028 9,509 3,318 26,855

Nilai Buku Bersih

Pada 31Julai 2003 6,346 2,355 250 8,951

Pada 31 Julai 2002 9,054 2,376 410 11,840

Susutnilai untuk 2002 2,610 1,094 176 3,880

(a) Tanah dan bangunan Kumpulan mengikut penilaian jurunilai professional bebas pada 31 Julai 2003 adalah seperti berikut:

Tanah dan bangunan pegangpajak jangka panjang dan jangka pendek

Tahun Asas Tahun

penilaian Butir-butir hartanah Jumlah penilaian pajakan tamat

RM’000

1991 Tanah dan bangunan pegangpajak jangka panjang 260 Harga pasaran 2078di Jalan Gopeng, Ipoh, Perak Darul Ridzuan bebas

1991 Tanah dan bangunan pegangpajak jangka panjang 592 Harga pasaran 2043di Jelapang, Ipoh, Perak Darul Ridzuan beas

1991 Tanah dan bangunan pegangpajak jangka panjang 911 Harga pasaran 2050di Jelapang, Ipoh, Perak Darul Ridzuan bebas

1991 Tanah kuari dan bangunan pegangpajak jangka 14,500 Harga pasaran 2022pendek di Kuala Dipang, Perak Darul Ridzuan bebas

1991 Tanah dan bangunan pegangpajak jangka panjang 260 Harga pasaran 2078di Jalan Gopeng, Ipoh, Perak Darul Ridzuan bebas

16,523


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161



(a) Tanah dan bangunan Kumpulan mengikut penilaian jurunilai professional bebas pada 31 Julai 2003 adalah seperti berikut: (Samb.)

Tanah dan bangunan milik bebas

Tahun Asas

penilaian Butir-butir hartanah Jumlah penilaian

RM’000

1991 Tanah dan bangunan milik bebas 1,240 Harga pasaran bebasdi Petaling Jaya, Selangor Darul Ehsan

1991 Tanah dan bangunan milik bebas 400 Harga pasaran bebasdi Petaling Jaya, Selangor Darul Ehsan

1991 Tanah milik bebas di Petaling 412 Harga pasaran bebasJaya, Selangor Darul Ehsan

1991 Bangunan di Petaling Jaya, 288 Harga pasaran bebasSelangor Darul Ehsan

2,340

(b) Hartanah, loji dan peralatan Kumpulan dengan nilai buku sifar (2002: RM7,097,000) telah dicagarkan kepada sebuah institusikewangan untuk kemudahan kredit yang diberikan kepada Kumpulan. Cagaran tersebut telah dibebaskan pada tahun semasa selepaspembayaran penuh kemudahan tersebut oleh subsidiari Syarikat.

(c) Termasuk di dalam hartanah, loji dan peralatan Kumpulan dan Syarikat ialah hartanah, loji dan peralatan yang telah disusutnilaikanpenuh, masih digunakan pada kos masing-masing berjumlah RM62,780,000 (2002: RM53,671,000) dan RM15,612,000 (2002:RM14,628,000)

(d) Sekiranya hartanah, loji dan peralatan pada penilaian dinyatakan pada kos sejarah ditolak susutnilai terkumpul, nilai buku bersih untuk setiapkelas hartanah, loji dan peralatan yang sepatutnya direkodkan dalam penyata kewangan Kumpulan dan Syarikat adalah seperti berikut:

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Tanah dan bangnan milik bebas 1,503 1,544 1,110 1,130Tanah dan bangunan pegangpajak jangka panjang 917 945 725 748Tanah dan bangunan pegangpajak jangka pendek 135 142 – –

(e) Pada 31 Julai 2003, nilai buku bersih hartanah, loji, hartanah dan peralatan berjumlah RM8,038,000 (2002: Tiada) telah diperolehimelalui pengaturan pajakan kewangan.

(f) Pada tahun kewangan semasa, Kumpulan telah memperolehi hartanah, loji dan peralatan dengan kos agregat sebanyakRM33,006,000 (2002: RM35,785,000) yang mana RM8,235,000 (2002: Tiada) telah diperolehi dengan pengaturan pajakan kewangan.

1 1 . S U B S I D I A R I - S U B S I D I A R I

Syarikat

2003 2002

RM’000 RM’000

Saham tidak tersiarharga, pada kos 351,921 351,921Tolak: Kerugian rosotnilai terkumpul (16,290) (16,290)

335,631 335,631


31 Julai 2003


162

1 1 . S U B S I D I A R I - S U B S I D I A R I ( S A M B . )

Modal Kepentingan Berkesan

Nama Syarikat Berbayar 2003 2002 Aktiviti-aktiviti Utama

RM % %

Subsidiari-subsidiari berdaftar

di Malaysia

Gammau Construction Sdn. Bhd. 6,000,000 100 100 Pembinaan infrastruktur dan kejuruteraanawam

Gamuda Engineering Sdn. Bhd. 770,000 100 100 Pembinaan infrastruktur dan kejuruteraanawam

Megah Landscape Sdn. Bhd. 500,000 100 70 Pembekalan bahan landskap danperuntukan servis landskap

Gamuda Land Sdn. Bhd. 2 100 100 Tidak aktif

Gamuda Paper Industries Sdn. Bhd. 18,000,000 95 95 Tamat operasi kertas

GPI Trading Sdn. Bhd. 2 95 95 Tamat operasi kertas

Gamuda Trading Sdn. Bhd. 109,000 100 100 Perdagangan bahan pembinaan

Gamuda Water Sdn. Bhd. 2,000,000 80 80 Pengendalian dan penyelenggaraan loji-lojipenapisan air

G.B. Kuari Sdn. Bhd. 750,000 100 100 Pengendalian kuari dan perataan jalanrayadan perkilangan “premix”

Ganaz Bina Sdn. Bhd. 3,000,000 100 100 Pembinaan infrastruktur dan kejuruteraanawam

GIT Services Sdn. Bhd. 100,000 100 100 Perdagangan dan perkhidmatan teknolojimaklumat

Harum Intisari Sdn. Bhd. 6,450,000 100 100 Pelaburan dan pembangunan hartanah

Masterpave Sdn. Bhd. 2,500,000 100 100 Perkilangan, pengedaran dan perletakanbarangan perataan jalanraya

Megah Capital Sdn. Bhd. 2 100 100 Perdagangan dan pegangan pelaburan

Megah Management Services Sdn. Bhd. 50,000 100 100 Ejen insurans

Megah Sewa Sdn. Bhd. 100,002 100 100 Penyewaan loji dan mesin

Reka Strategi Sdn. Bhd.* 2 100 100 Tidak aktif

Valencia Development Sdn. Bhd. 5,370,000 98.8 98.8 Pembangunan hartanah

Idaman Lantas Sdn. Bhd.* ^ 2 100 – Tidak aktif

Setara Hati Sdn. Bhd.* ^ 2 100 – Tidak aktif


31 Julai 2003

163





% %

Subsidiari berdaftar

di British Virgin Islands

Gamuda Overseas Investment Ltd. US$100,000 100 100 Pegangan pelaburan

Subsidiari berdaftar di Mauritius

Gamuda (Offshore) Private Limited* US$1,000 100 100 Pegangan pelaburan

Subsidiari-subsidiari berdaftar di India

Gamuda (India) Pte. Ltd.* Rps100,000 100 100 Tidak aktif

Dipegang oleh Gamuda (Offshore)

Private Limited:

Gamuda – WCT (India) Rps100,000 70 70 Pembinaan infrastruktur dan kejuruteraan

Private Limited# awam

Subsidiari-subsidiari yang

tidak berdaftar

Gamuda Berhad – – 70 70 Pembinaan infrastruktur dan kejuruteraan

Kumpulan Darul Ehsan Berhad awam

– The Sweet Water Alliance Sdn. Bhd.

Joint Venture (“GKTJV”)

Gamuda Berhad – – 70 70 Pembinaan infrastruktur dan kejuruteraan

Mujur Minat Sdn. Bhd. awam

Joint Venture (“GMMJV”)

* Diaudit oleh firma akauntan berkanun selain daripada Ernst & Young

^ Subsidiari yang baru diperolehi pada tahun semasa

# Diaudit oleh firma luar negeri berkaitan dengan Ernst & Young, Malaysia

Butiran subsidiari-subsidiari yang tidak berdaftar adalah seperti berikut:

Entiti Rakan Kongsi Usahasama Aktiviti Ekonomi

GKTJV Gamuda Berhad, Kumpulan Darul Ehsan Berhad Pengendalian kejuruteraan awam dan pembinaan infrastruktur

dan The Sweet Water Alliance Sdn. Bhd. empangan dan kemudahan perawatan air bagi Skim Bekalan

Air Sungai Selangor Fasa 3

GMMJV Gamuda Berhad and Mujur Minat Sdn. Bhd. Pengendalian kejuruteraan awam dan pembinaan infrastruktur

Skim Sistem Penyuraian Trafik Kuala Lumpur Barat

Kedua-dua GKTJV and GMMJV adalah usahasama tidak berdaftar yang dibentuk di bawah perjanjian usahasama. Menurut Lembaga

Piawaian Perakaunan Malaysia No.16: Penyata Kewangan bagi Usahasama, kedua-dua GKTJV dan GMMJV dianggap sebagai subsidiari

kepada Gamuda Berhad berdasarkan kuasa Syarikat dalam mempengaruhi pengendalian kewangan dan polisi operasi entiti-entiti

tersebut.


31 Julai 2003


164


Pembelian Saham dalam Subsidiari-subsidiari

(a) Pada 13 Januari 2003, Syarikat telah membeli kesemua modal saham terbitan dan berbayar, Idaman Lantas Sdn. Bhd. dan Setara HatiSdn. Bhd., setiap satu terdiri daripada 2 saham biasa pada RM1.00 sesaham untuk tunai. Kedua-dua syarikat masih belummemulakan operasi mereka.

(b) Pada 25 Julai 2003, Gamuda Engineering Sdn. Bhd., subsidiari milik sepenuhnya Syarikat telah membeli lebihan modal sahamterbitan dan berbayar subsidiarinya, Megah Landscape Sdn. Bhd. yang terdiri daripada 150,000 saham biasa bernilai RM1.00 setiapsatu untuk tunai; dan

Pembelian saham biasa dalam subsidiari-subsidiari tidak memberi kesan kepada penyata kewangan Kumpulan dari tarikh kuatkuasapembelian ke 31 Julai 2003 kerana perolehan daripada pihak luar adalah tidak material.

1 2 . S Y A R I K AT - S YA R I K AT B E R S E K U T U

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

(dinyatakan

semula)

Saham tidak tersiarharga di Malaysia:Pada kos:– Saham biasa 125,185 125,185 125,185 125,185– Saham keutamaan boleh tebus 375,215 334,625 375,215 334,625

500,400 459,810 500,400 459,810Perkongsian rizab Kumpulan selepas pengambilalihan 148,662 133,894 – –Tolak: Kerugian rosotnilai terkumpul (26,431) – (68,081) –

622,631 593,704 432,319 459,810

Saham tidak tersiarharga di luar Malaysia:Pada kos:– Saham biasa 22,555 5 – –– Saham keutamaan boleh tebus 72,851 43,176 – –Perkongsian rizab Kumpulan selepas pengambilalihan 134 (14) – –

95,540 43,167 – –

718,171 636,871 432,319 459,810

Saham tersiarharga di Malaysia:Pada kos: 179,020 179,020 179,020 179,020Perkongsian rizab modal 75,704 75,210 – –Perkongsian keuntungan Kumpulan selepas pengambilalihan,

bersih daripada dividen boleh terima 57,685 43,989 – –

312,409 298,219 179,020 179,020

1,030,580 935,090 611,339 638,830

Diwakili oleh:Saham tidak tersiarharga– Perkongsian aset bersih 718,171 603,832 – –– Muhibah, bersih daripada pelunasan dan kerugian rosotnilai – 33,039 – –

718,171 636,871 – –Saham tersiarharga– Perkongsian aset bersih 312,409 298,219 – –

1,030,580 935,090 – –

Nilai pasaran:

Saham tersiarharga di Malaysia 501,154 519,715 501,154 519,715


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165


1 2 . S Y A R I K AT - S YA R I K AT B E R S E K U T U ( S A M B . )

Muhibah yang timbul daripada pengambilalihan syarikat dilunaskan sepanjang tempoh hayat selama 7 tahun. Namun, muhibah tersebuttelah rosotnilai dan dihapuskirakan sepenuhnya ke penyata pendapatan pada tahun semasa.

Butiran syarikat-syarikat bersekutu adalah seperti berikut:



RM % %

Syarikat-syarikat Bersekutu

diperbadankan di Malaysia

Dyna Plastics Sdn. Bhd. 48,001,720 41 41 Pengilangan dan penjualan bateri ionLithium Polimer dan aksesori berkaitan

Syarikat Pengeluar Air 171,500,000 30 30 Pegangan pelabruan dan peruntukanSelangor Holdings Berhad perkhidmatan pengurusan(dahulunya dikenali sebagaiGabungan Cekap Berhad)

Syarikat Pengeluar Air 50,000,001 30 30 Pegangan konsesi Skim Bekalan Air SungaiSungai Selangor Sdn. Bhd. Fasa 1 dan 3

Hicom-Gamuda 6,053,004 50 50 Pembangunan hartanahDevelopment Sdn. Bhd.

Danau Permai Resort Berhad 5,500,000 50 50 Pemilik dan pengurus kelab golf

Kota Kemuning Nursery 800,000 50 50 Pembekalan bahan landskap dan& Landscaping Sdn. Bhd. peruntukan servis landskap

HGD Property Services Sdn. Bhd. 2 50 50 Pengendalian servis hartanah

Kesas Holdings Berhad 470,914,840 30 30 Pegangan pelaburan

Kesas Sdn. Bhd. 5,000,000 30 30 Pegangan konsesi Lebuhraya

Lingkaran Trans 481,515,618 39 39 Pegangan pelaburan dan peruntukanKota Holdings Berhad* perkhidmatan pengurusan

Lingkaran Trans Kota Sdn. Bhd. 50,000,000 39 39 Pegangan konsesi Lebuhraya

Penyenggaraan Litrak Sdn. Bhd. 2 39 39 Pengendalian servis lebuhraya

Sukma Sinaran Sdn. Bhd. 2 39 39 Pegangan pelaburan

Litrak Sdn. Bhd. 2 39 39 Tidak aktif

Semarak Zaman Sdn. Bhd. 2 39 39 Tidak aktif

Midawasa Sdn. Bhd. 1,000 39 39 Pegangan pelaburan


31 Julai 2003

* Saham tersiarharga di Malaysia


166

1 2 . S Y A R I K AT - S YA R I K AT B E R S E K U T U ( S A M B . )

Butiran syarikat-syarikat bersekutu adalah seperti berikut. (Samb.):



% %


diperbadankan di Malaysia

Madang Permai Sdn. Bhd. RM5,000,000 36 36 Pegangan konsesi Lebuhraya

Sistem Penyuraian Trafik RM10,540,000 49 49 Pegangan pelaburanKL Barat Holdings Sdn. Bhd.

Sistem Penyuraian RM50,000,000 49 49 Pegangan konsesi LebuhrayaTrafik KL Barat Sdn. Bhd.

Dipegang oleh Kesas Holdings Berhad,Lingkaran Trans Kota Holdings Berhaddan Sistem Penyuraian TrafikKL Barat Holdings Sdn. Bhd.:

ETC Links Sdn. Bhd. RM600,003 40 40 Penyewaan perisian dan peralatan yangberkenaan

Projek Smart Holdings Sdn. Bhd. RM10 50 – Pegangan pelaburan

Syarikat Mengurus Air Banjir RM2 50 – Menjalan, mengendali dan melaksana& Terowong Sdn. Bhd. terowong bersepadu merangkap laluan

lebuhraya di Kuala Lumpur


diperbadankan di Mauritius

Dipegang oleh Gamuda(Offshore) Private Limited:

Suria Holding (O) Pvt. Ltd. US$13,909,096 50 50 Pegangan pelaburan

Gamuda - WCT (Offshore) US$13,484,429 50 50 Pegangan pelaburanPrivate Limited


diperbadankan di India

Dipegang oleh Suria Holding (O)Pvt. Ltd.:

Emas Expressway Rps670,111,000 50 50 Pegangan konsesi LebuhrayaPrivate Limited

Dipegang oleh Gamuda – WCT (Offshore)Private Limited:

Mapex Infrastructure Rps803,978,000 50 50 Pegangan konsesi LebuhrayaPrivate Limited


31 Julai 2003

167


1 3 . E N T I T I - E N T I T I U S A H A S A M A D I K A W A L B E R S A M A

Kumpulan dan Syarikat

2003 2002

RM’000 RM’000

Entiti tidak diperbadankan, pada kos – –

Butiran berkenaan entiti-entiti usahasama dikawal bersama adalah seperti berikut:

Kepentingan Berkesan

Nama Entiti Dikawal Bersama 2003 2002 Aktiviti Ekonomi

% %

MMC Engineering Group Berhad 50 – Untuk menjalan kejuruteraan infrastruktur,– Gamuda Berhad Joint Venture membeli keperluan binaan dan membina(“MMCEG – Gamuda JV”) terowong bersepadu merangkap laluan

lebuhraya di Kuala Lumpur

New Asia Construction & 50 – Menjalankan pembinaan kejuruteraanDevelopment Corporation – infrastruktur bagi Orange Line Package CO4,Gamuda Berhad Joint Venture Kaohsiung Metropolitan Sistem Transit(“New Asia – Gamuda JV”) Aliran Berat di Taiwan

Jumlah agregat perkongsian hak Kumpulan ke atas aset, liabiliti, pendapatan dan perbelanjaan entiti-entiti dikawal bersama adalah seperti berikut:

2003 2002

RM’000 RM’000

Aset semasa 64,922 –Liabiliti semasa (64,922) –

Aset bersih – –

Pendapatan 62,435 –

Perbelanjaan 62,435 –

1 4 . L A I N - L A I N P E L A B U R A N

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Pada kos:Saham tersiarharga di Malaysia 3,439 3,842 3 3Saham tidak tersiarharga di Malaysia 50 50 50 50Pelaburan dalam keanggotaan kelab yang boleh dipindahmilik 665 665 665 665

4,154 4,557 718 718Kerugian rosotnilai terkumpul dalam nilai pelaburan saham

tersiarharga di Malaysia (978) (978) – –

3,176 3,579 718 718

Harga pasaran:Saham tersiarharga di Malaysia 3,125 3,720 9 20


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168

1 5 . M U H I B A H D A R I P E N YAT U A N

Syarikat

2003 2002

RM’000 RM’000

(dinyatakan

semula)

Muhibah dari penyatuan 25,048 25,048Tolak: Pelunasan terkumpul (4,085) (3,250)

20,963 21,798

Muhibah dari penyatuan adalah berhubung dengan pembelian G.B. Kuari Sdn. Bhd. dan Gamuda Water Sdn. Bhd. masing-masing.Muhibah tersebut akan dilunaskan sepanjang tempoh 30 tahun selaras dengan tempoh pajakan kuari, yang merupakan aset utama G. B.Kuari Sdn. Bhd. dan tempoh konsesi bagi hak perawatan air Gamuda Water Sdn. Bhd. masing-masing.

1 6 . H A K - H A K KO N S E S I

Kumpulan

2003 2002

RM’000 RM’000

Hak-hak konsesi 70,000 70,000Tolak: Pelunasan terkumpul (4,666) (2,333)

65,334 67,667

Hak-hak konsesi adalah berhubung dengan pembelian sebuah subsidiari, Gamuda Water Sdn. Bhd., yang telah diberikan hak-hak untukmengendali dan menyelenggarakan loji-loji penapisan dan perawatan air Skim Bekalan Air Sungai Selangor Fasa 3 untuk tempoh 30 tahun.

1 7 . H A R TA N A H P E M B A N G U N A N

Kumpulan

2003 2002

RM’000 RM’000

Tanah pegangan bebas, pada kos 354,031 354,031Tanah pegangpajak, pada kos 59,540 59,540Perbelanjaan pembangunan 417,627 91,484Keuntungan diiktiraf 96,510 21,657

927,708 526,712Tolak: Tuntutan kemajuan kerja diterima dan akan diterima (527,406) (108,494)

400,302 418,218

Termasuk dalam perbelanjaan pembangunan Kumpulan adalah perbelanjaan berikut yang ditanggung dalam tahun semasa:

Perbelanjaan faedah (Nota 6) 3,574 1,959Susutnilai (Nota 10) 504 391Kos kakitangan 2,491 1,777

Tanah pegangan bebas dengan jumlah nilai buku sebanyak RM314,900,000 (2002: RM314,900,000) telah dicagarkan kepada sebuah bankberlesen untuk jaminan bank yang diberikan sebanyak RM47,042,000 (2002: RM94,083,000) dan pinjaman berjangka sebanyakRM35,084,000 (2002: RM 43,089,000), diberikan kepada sebuah subsidiari untuk tanah yang dibeli oleh subsidiari tersebut sepertidinyatakan dalam Nota 29(b) dan (c).

Hak milik tanah bagi sebidang tanah pegangan bebas dengan nilai buku RM100,332,000 (2002: RM100,332,000) telah dipindahmilikkepada subsidiari tersebut selepas akhir tahun kewangan.


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1 8 . I N V E N TO R I

Kumpulan

2003 2002

RM’000 RM’000

Pada kos:Bahan-bahan mentah 105 –Barangan siap 1,860 302“Crusher run” dan kelompok-kelompok 2,151 1,320Barangan penggunaan setor dan bekalan 351 1,971

4,467 3,593

Pada nilai boleh realisasi bersih:Bahan-bahan mentah – 2,593Kerja dalam proses – 1,340Barangan siap – 1,181

– 5,114

4,467 8,707

1 9 . P E N E R I M A A N

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Penerimaan perdagangan

Usahasama-usahasama 143,931 195,153 74,100 89,767Syarikat-syarikat bersekutu 75,851 84,834 – –Wang tertahan 23,384 26,768 2,532 12,534Lain-lain 112,680 104,938 16,035 11,350Hutang daripada pelanggan untuk kontrak (Nota 20) 47,114 108,234 57 –

402,960 519,927 92,724 113,651Tolak: Peruntukan bagi hutang ragu (1,111) (1,587) – –

401,849 518,340 92,724 113,651

Lain-lain Penerimaan

Usahasama-usahasama 84,418 1,148 63,687 –Syarikat-syarikat bersekutu 4,608 3,011 2,776 1,931Pelbagai penerimaan 48,397 33,762 19,795 7,267Dividen akan diterima 8,533 16,833 8,533 18,083Cukai boleh terima 6,226 6,726 2,528 –

152,182 61,480 97,319 27,281

554,031 579,820 190,043 140,932

Syarat kredit biasa Kumpulan dan Syarikat adalah di antara 14 hingga 90 hari. Syarat-syarat lain ditaksirkan dan diluluskan berdasarkan kes

demi kes.

Kumpulan dan Syarikat tidak mempunyai penumpuan risiko kredit yang ketara yang mungkin timbul daripada pendedahan kepada seorang

penghutang atau sekumpulan penghutang.

Jumlah hutang bukan perdagangan dari usahasama-usahasama dan syarikat-syarikat bersekutu adalah tidak bercagar, tidak berfaedah dan

tidak mempunyai syarat pembayaran balik yang tetap.


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2 0 . H U TA N G D A R I PA D A / ( K E PA D A ) P E L A N G G A N U N T U K KO N T R A K

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Kos pembinaan 1,926,665 3,295,587 460,910 2,512,659

Keuntungan diiktiraf selepas ditolak kerugian 447,402 409,331 17,887 210,985

Tuntutan kemajuan kerja diterima dan akan diterima (2,544,848) (3,888,136) (494,487) (2,737,761)

(170,781) (183,218) (15,690) (14,117)

Diwakili oleh:

Hutang daripada pelanggan untuk kontrak (Nota 19) 47,114 108,234 57 –

Hutang kepada pelanggan untuk kontrak (Nota 24) (217,895) (291,452) (15,747) (14,117)

(170,781) (183,218) (15,690) (14,117)

Termasuk di dalam hutang daripada/(kepada) pelanggan untuk

kontrak pembinaan

Kos kontrak pembinaan yang dibelanjakan sepanjang tahun 755,244 717,208 164,680 325,874

Kos-kos yang telah ditanggung sehingga tempoh lembaran imbangan atas kontrak pembinaan termasuk caj-caj berikut yang dibuat

sepanjang tempoh tahun kewangan:

Susutnilai (Nota 10) 16,381 8,019 8 43

Perbelanjaan faedah (Nota 6) 216 – – –

Kos kakitangan 19,374 21,208 54 367

Sewa peralatan dan jentera 38,444 43,844 29 –

Sewa premis 539 580 7 19

2 1 . H U TA N G D A R I PA D A S U B S I D I A R I - S U B S I D I A R I

Syarikat

2003 2002

RM’000 RM’000

Hutang daripada subsidiari-subsidiari

– perdagangan 61,892 75,632

– bukan perdagangan 296,309 243,630

358,201 319,262

Tolak: Peruntukan bagi hutang ragu – (22,512)

358,201 296,750

Termasuk dalam hutang daripada subsidiari-subsidiari ialah hutang daripada sebuah subsidiari yang tidak diperbadankan sebanyakRM45,372,000 (2002: RM38,135,000).

Hutang bukan perdagangan daripada subsidiari-subsidiari adalah tidak bercagar, tidak berfaedah dan tidak mempunyai syarat pembayaranbalik yang tetap kecuali jumlah pendahuluan sebanyak RM163,598,000 (2002 : RM145,277,000) yang diberi kepada sebuah subsidiariyang dikenakan faedah pada kadar 6.0% hingga 7.0% (2002 : 6.0% hingga 7.4% ) setahun.

Hutang perdagangan daripada subsidiari-subsidiari mempunyai syarat kredit biasa di antara 30 hingga 90 hari.


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2 2 . T U N A I D A N B A K I B A N K

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Tunai di tangan dan baki bank 11,821 16,917 3,649 496Akaun Pembangunan Perumahan 116,489 33,040 – –Deposit tetap di bank-bank berlesen 368,898 371,978 50,389 73,397Deposit tetap di syarikat-syarikat diskaun 35,707 50,743 15,644 21,233

532,915 472,678 69,682 95,126

Temasuk dalam deposit tetap di bank ialah deposit bercagar untuk faedah pinjaman bank sebanyak RM1,467,000 (2002 : RM899,666)

seperti yang dinyatakan dalam Nota 29(c).

Akaun Pembangunan Perumahan adalah jumlah deposit yang disimpan menurut Seksyen 7A, Akta Pembangunan Perumahan (Kawalan

dan Perlesenan) 1966 dan terbatas daripada pengunaan untuk operasi lain.

Lingkungan kadar faedah dan kematangan deposit pada 31 Julai 2003 adalah seperti berikut:

Lingkungan

Kadar Faedah Tempoh hari

% kematangan

Bank-bank berlesen 2.1 – 2.3 2 –184

Syarikat-syarikat diskaun 2.7 – 2.8 2 – 32

Akaun Pembangunan Perumahan 2.0 – 2.2 Tiada syarat tetap

kematangan

2 3 . P I N J A M A N J A N G K A P E N D E K

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Bercagar:Pajakan kena bayar (Nota 29(d)) 4,580 – – –Resit Amanah – 330 – –

4,580 330 – –Tidak bercagar:Kredit pusingan 22,714 – 22,714 –

27,294 330 22,714 –

Resit amanah telah dicagarkan kepada beberapa aset Kumpulan seperti yang dinyatakan dalam Nota 10. Cagaran tersebut telah

dibebaskan di tahun semasa selepas penjelasan sepenuhnya resit amanah tersebut.

Kadar faedah bagi pinjaman-pinjaman pada 31 Julai 2003 adalah seperti berikut:Kadar Faedah

%

Kredit pusingan 1.6

Resit amanah 3.1


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2 4 . P E M B A YA R A N D A N P E R U N T U K A N

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Pembayaran perdagangan

Pembayaran perdagangan 222,136 181,374 424 2,101

Wang tertahan 54,926 35,543 – 569

Hutang kepada pelanggan untuk kontrak (Nota 20) 217,895 291,452 15,747 14,117

494,957 508,369 16,171 16,787

Lain-lain pembayaran

Pelbagai pembayaran 99,744 116,862 32,298 15,419

Hutang kepada syarikat-syarikat bersekutu 11,873 89,410 – –

111,617 206,272 32,298 15,419

Peruntukan liabiliti (Nota 27) 28,076 40 – –

634,650 714,681 48,469 32,206

Syarat kredit biasa diberi kepada Kumpulan dan Syarikat adalah di antara 30 hingga 90 hari.

Termasuk di dalam pelbagai pembayaran Kumpulan adalah jumlah sebanyak RM47,042,000 (2002: RM47,041,000) yang perlu dibayar

balik dalam tempoh 12 bulan seperti yang dinyatakan dalam Nota 29(b) berhubung dengan baki pertimbangan pembelian tanah yang telah

dibeli oleh subsidiarinya.

Hutang kepada syarikat-syarikat bersekutu adalah berhubung pendahuluan yang diterima untuk kontrak-kontrak pembinaan dan

pendahuluan tersebut adalah tidak bercagar, tidak berfaedah dan akan dibayar balik dengan mengenakan kontra terhadap tuntutan

kemajuan kerja masa hadapan.

2 5 . H U TA N G K E PA D A S U B S I D I A R I - S U B S I D I A R I

Syarikat

2003 2002

RM’000 RM’000

Hutang kepada subsidiari-subsidiari

– perdagangan 35,344 68,964

– bukan perdagagnan 40,952 33,615

76,296 102,579

Termasuk dalam hutang kepada subsidiari-subsidiari adalah jumlah hutang kepada sebuah subsidiari yang tidak diperbadankan sebanyak

RM16,037,000 (2002: RM38,532,000).

Hutang bukan perdagangan kepada subsidiari-subsidiari adalah tidak bercagar, tidak berfaedah dan tidak mempunyai syarat pembayaran

balik yang tetap. Hutang perdagangan kepada subsidiari-subsidiari mempunyai syarat kredit biasa di antara 30 hingga 90 hari.


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2 6 . M O D A L S A H A M

Bilangan Saham Biasa

bernilai RM1 Setiap Satu Jumlah

2003 2002 2003 2002

RM’000 RM’000

Dibenarkan:

Pada awal/akhir tahun 2,000,000 2,000,000 2,000,000 2,000,000

Diterbitkan dan dibayar penuh:

Pada 1 Ogos 2002/2001 672,839 665,355 672,839 665,355Perlaksanaan SOSP 8,151 7,448 8,151 7,448Pelaksanaan wang permohonan saham daripada

SOSP ke saham biasa – 34 – 34Penukaran waran-waran 2,457 2 2,457 2

Pada 31 Julai 2003/2002 683,447 672,839 683,447 672,839

(a) Pada tahun kewangan semasa, Syarikat telah meningkatkan saham terbitan dan berbayar daripada RM672,838,672 kepada

RM683,447,274 melalui terbitan 8,151,000 dan 2,457,602 saham biasa baru bernilai RM1.00 setiap satu sejajar dengan perlaksanaan

SOSP dan penukaran waran-waran masing-masing. Saham-saham baru diterbitkan mempunyai taraf yang sama dalam semua aspek

dengan saham-saham biasa Syarikat yang sedia ada.

(b) Ciri-ciri utama SOSP adalah seperti berikut:

(i) Mereka yang layak adalah pekerja-pekerja dan Pengarah Eksekutif sepenuh masa Kumpulan (termasuk pekerja kontrak dan

warganegara asing dengan kontrak perkhidmatan sekurang-kurangnya tiga tahun) yang telah disahkan jawatan dan telah bekerja

dengan Kumpulan untuk tempoh yang berterusan selama sekurang-kurangnya satu tahun pada tarikh tawaran. Kelayakan untuk

mengambil bahagian dalam SOSP adalah tertakluk kepada pertimbangan Ahli Jawatankuasa Opsyen.

(ii) SOSP akan berkuatkuasa bagi tempoh 5 tahun bermula dari 26 Disember 2000 tertakluk kepada sebarang pelanjutan atau

pembaharuan untuk tempoh selanjutnya yang tidak melebihi 5 tahun bermula dari hari berikutan tarikh tamatnya tempoh 5

tahun yang asal, yang boleh diluluskan oleh semua pihak berkenaan.

(iii) Jumlah bilangan saham yang akan ditawarkan tidak boleh melebihi 10% daripada modal saham Syarikat yang diterbitkan dan

dibayar penuh pada bila-bila masa sepanjang tempoh SOSP.

(iv) Harga langganan di bawah SOSP ini adalah harga purata wajaran bagi harga pasaran saham-saham Syarikat sebagaimana

dinyatakan dalam Senarai Rasmi Harian yang diterbitkan oleh Bursa Saham Kuala Lumpur bagi 5 hari pasaran sebelum tarikh

tawaran opsyen tersebut tertakluk kepada diskaun tidak melebihi sepuluh peratus (10%), atau pada nilai tara saham tersebut,

yang mana lebih tinggi.

(v) Bilangan saham yang akan ditawarkan kepada seseorang pekerja yang layak mengikut SOSP akan ditentukan berdasarkan

pertimbangan Ahli Jawatankuasa Opsyen selepas mengambilkira faktor-faktor seperti jawatan, prestasi, senioriti dan tempoh

perkhidmatan pekerja yang layak tersebut dan tertakluk kepada peruntukan maksima yang dibenarkan untuk seseorang pekerja

yang layak.

(vi) Bilangan saham di bawah SOSP yang tidak diterbitkan atau harga opsyen atau kedua-duanya boleh diselaraskan jika berlaku sebarang

perubahan dalam struktur modal Syarikat di sepanjang tempoh opsyen, sama ada secara permodalan keuntungan atau rizab, terbitan

hak, penyatuan saham-saham, pembahagian kecil atau pengurangan modal dan sebagainya, yang dilakukan oleh Syarikat.

(vii) Opsyen tersebut tidak akan layak untuk sebarang hak untuk mengundi di sebarang mesyuarat agung Syarikat dan seseorang

penerima tidak akan layak untuk sebarang dividen, hak atau kelayakan-kelayakan lain atas opsyen yang belum dilaksanakan.

(viii) Opsyen yang dberi di bawah SOSP tidak boleh ditukar hakmilik


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2 6 . M O D A L S A H A M ( S A M B . )

(b) Ciri-ciri utama SOSP adalah seperti berikut (Samb.):

(ix) Saham-saham baru Syarikat yang akan diperuntukkan dengan perlaksanaan opsyen tersebut akan mempunyai taraf yang samadalam semua hal dengan saham-saham biasa Syarikat yang diterbitkan dan dibayar penuh yang sedia ada melainkan saham-saham baru yang diterbitkan tidak akan layak untuk sebarang dividen, hak, peruntukan dan/atau pengagihan lain, sebelum tarikhkelayakan (iaitu tarikh tutup perniagaan di mana para pemegang saham mesti berdaftar agar melayakkan diri mereka untuksebarang dividen, hak, peruntukan atau pengagihan lain), yang mana sebelum tarikh peruntukan saham-saham baru.

(x) Para pekerja yang diperuntukan opsyen tidak mempunyai hak untuk menyertai sebarang terbitan saham dalam sebarangsyarikat lain.

2 7 . P E R U N T U K A N B A G I L I A B I L I T I - L I A B I L I T I

Peruntukan Peruntukan

bagi bagi manfaat Peruntukan

kontrak persaraan bagi rebat Jumlah

RM’000 RM’000 RM’000 RM’000

Kumpulan

Pada 1 Ogos 2002/2001 – 5,030 – 5,030Peruntukan tahun semasa (Nota 4) 24,286 1,284 3,662 29,232Digunakan dalam tahun semasa – (191) – (191)

Pada 31 Julai 2003/2002 24,286 6,123 3,662 34,071

Pada 31 Julai 2003/2002Semasa (Nota 24) 24,286 128 3,662 28,076Tak Semasa – 5,995 – 5,995

24,286 6,123 3,662 34,071

Pada 31 Julai 2002/2001Semasa (Nota 24) – 40 – 40Tak semasa – 4,990 – 4,990

– 5,030 – 5,030

Syarikat

Pada 1 Ogos 2002/2001 – 3,796 – 3,796Peruntukan tahun semasa (Nota 4) – 1,000 – 1,000Digunakan dalam tahun semasa – (148) – (148)

Pada 31 Julai 2003/2002 – 4,648 – 4,648

Pada 31 Julai 2003/2002Semasa (Nota 24) – – – –Tak semasa – 4,648 – 4,648

– 4,648 – 4,648

Pada 31 Julai 2002/2001Semasa (Nota 24) – – – –Tak semasa – 3,796 – 3,796

– 3,796 – 3,796


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2 8 . C U K A I T E R T U N D A

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

(dinyatakan (dinyatakan

semula) semula)

Pada 1 Ogos 2002/2001 26,938 22,590 (666) –Diiktiraf dalam penyata pendapatan (Nota 7) (5,527) 4,348 408 (666)

Pada 31 Julai 2003/2002 21,411 26,938 (258) (666)

Dibentangkan selepas imbangan sewajarnya seperti berikut:Aset cukai tertunda (708) (666) (258) (666)Liabiliti cukai tertunda 22,119 27,604 – –

21,411 26,938 (258) (666)

Komponen-komponen dan perubahan liabiliti-liabiliti dan aset-aset cukai tertunda sepanjang tahun kewangan sebelum imbangan adalahseperti berikut:

Liabiliti-liabiliti Cukai Tertunda Kumpulan:

Elaun

Modal Hartanah

Dipercepat Pembangunan Penerimaan Lain-lain Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000

Pada 1 Ogos 2002 29,434 431 144 (22) 29,987Diiktiraf dalam penyata pendapatan (5,094) (139) 19 (210) (5,424)

Pada 31 Julai 2003 24,340 292 163 (232) 24,563

Aset-aset Cukai Tertunda Kumpulan:

Kerugian

Cukai belum

Tanggungan Diguna dan

Manfaat Peruntukan Elaun Modal

Persaraan dan akruan tidak diserap Jumlah

RM’000 RM’000 RM’000 RM’000

Pada 1 Ogos 2002 (1,409) (1,640) – (3,049)Diiktiraf dalam penyata pendapatan (306) 238 (35) (103)

Pada 31 Julai 2003 (1,715) (1,402) (35) (3,152)

Liabiliti-liabiliti Cukai Tertunda Syarikat:

Elaun

Modal

Dipercepat Penerimaan Lain-lain Jumlah

RM’000 RM’000 RM’000 RM’000

Pada 1 Ogos 2002 1,918 102 12 2,032Diiktiraf dalam penyata pendapatan (539) (4) 4 (539)

Pada 31 Julai 2003 1,379 98 16 1,493


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2 8 . C U K A I T E R T U N D A ( S A M B . )

Aset-aset Cukai Tertunda Syarikat:

Tanggungan

Manfaat Lain-lain

Persaraan Pembayaran Jumlah

RM’000 RM’000 RM’000

Pada 1 Ogos 2002 (1,063) (1,635) (2,698)

Diiktiraf dalam penyata pendapatan (239) 1,186 947

Pada 31 Julai 2003 (1,302) (449) (1,751)

Aset cukai tertunda tidak diiktiraf bagi butiran berikut:

Kumpulan

2003 2002

RM’000 RM’000

Kerugian cukai belum diguna 30,281 27,093

Elaun modal tidak diserap 8,929 10,212

Kerugian cukai belum diguna dan elaun modal tidak diserap boleh diimbang dengan keuntungan subsidiari-subsidiari berkenaan yang

boleh dikenakan cukai pada masa hadapan. Aset cukai tertunda tidak diiktiraf bagi butiran tersebut kerana ia mungkin tidak boleh

diimbang dengan keuntungan subsidiari-subsidiari lain yang boleh dikenakan cukai dalam Kumpulan kerana ia berasal dari subsidiari-

subsidiari yang kebelakangan ini mengalami kerugian.

2 9 . L A I N - L A I N L I A B I L I T I J A N G K A PA N J A N G

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Bon (a) 400,000 400,000 400,000 400,000Pembayaran jangka panjang (b) – 47,042 – –Pinjaman berjangka – bercagar (c) 35,084 43,089 – –Pajakan kewangan (d) 3,116 – – –

438,200 490,131 400,000 400,000

(a) BonKumpulan dan Syarikat

2003 2002

RM’000 RM’000

Jumlah nominal sebanyak 3%

Bon Boleh Tebus Tidak Bercagar 2000/2007 400,000 400,000

Jumlah perlu dibayar balik dalam tempoh 12 bulan – –

400,000 400,000


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2 9 . L A I N - L A I N L I A B I L I T I J A N G K A PA N J A N G ( S A M B . )

(a) Bon (Samb.)

Ciri-ciri utama bon adalah seperti berikut:

(i) Bon Bolehtebus Tidak Bercagar 3% 2000/2007 yang berjumlah nominal RM400,000,000 telah diterbitkan bersama-sama

166,297,668 waran ceraian kepada pembeli utama dan kemudiannya dijual kepada pemegang saham Syarikat dengan nisbah satu

waran untuk setiap empat saham biasa sedia ada pada harga tawaran 61.0 sen setiap waran. Setiap waran memberi hak kepada

pemegang berdaftarnya untuk melanggan satu saham baru pada bila-bila masa pada atau sebelum tarikh akhir iaitu enam

setengah tahun selepas tarikh penerbitannya iaitu pada 22 Febuari 2001 pada harga perlaksanaan RM3.75 sesaham. Harga

perlaksanaannya adalah tertakluk kepada sebarang perubahan dari semasa ke semasa selaras dengan keadaan-keadaan yang

dinyatakan dalam Surat Ikatan Cabutan bertarikh 22 Februari 2001.

Bon tersebut mempunyai kadar kupon tetap sebanyak 3% setahun dan dibayar tertunggak setiap setengah tahun. Apabila tamat

tempohnya, bon-bon akan ditebus pada 100% nilai nominal bersama-sama dengan faedah terakru sehingga tarikh matangnya

pada 28 September 2007.

(b) Pembayaran jangka panjang adalah berkenaan tanggungan terhadap pihak ketiga berhubung dengan pembelian tanah untuk

pembangunan, seperti yang dinyatakan dalam Nota 17. Tanggungan tersebut akan dibayar mengikut syarat-syarat perjanjian jualan

dan belian seperti berikut:Kumpulan

2003 2002

RM’000 RM’000

Pembayaran jangkapanjang 47,042 94,083Jumlah perlu dibayar balik dalam tempoh 12 bulan (Nota 24) (47,042) (47,041)

Jumlah perlu dibayar balik selepas tempoh 12 bulan – 47,042

Jumlah perlu dibayar:

Dalam tempoh setahun 47,042 47,041Diantara satu dan dua tahun – 47,042Diantara dua dan lima tahun – –

47,042 94,083

(c) Pinjaman berjangka (bercagar)Kumpulan

2003 2002

RM’000 RM’000

Perlu dibayar selepas tempoh 12 bulan 35,084 43,089

Pinjaman berjangka dikenakan faedah sebanyak 7.15% (2002: 7.65%) setahun dan akan dibayar melalui penebusan melalui perolehan

daripada unit-unit hartanah yang telah dijual. Pinjaman berjangka tersebut dicagarkan dengan yang berikut:

(i) Caj pertama ke atas tanah pegangan bebas seperti dinyatakan dalam Nota 17;

(ii) Debentur bernilai RM250 juta ke atas semua hartanah, loji dan peralatan dan aset-aset terapung sebuah subsidiari, Harum Intisari

Sdn. Bhd.; dan

(iii) Deposit tetap bersamaan dengan, tidak kurang daripada 3 bulan faedah ke atas baki pinjaman tertunggak seperti dinyatakan

dalam Nota 22.


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2 9 . L A I N - L A I N L I A B I L I T I J A N G K A PA N J A N G ( S A M B . )

(d) Pajakan kewangan perlu dibayarKumpulan

2003 2002

RM’000 RM’000

Bayaran pajakan minima:

Tidak lebih daripada satu tahun 5,058 –Melebihi satu tahun dan tidak kurang daripada 2 tahun 3,225 –

8,283 –Ditolak: Caj-caj kewangan masa hadapan (587) –

Nilai kini liabiliti pajakan kewangan 7,696 –

Nilai kini liabiliti pajakan kewangan

Tidak lebih daripada 1 tahun (Nota 23) 4,580 –Melebihi 1 tahun dan tidak kurang daripada 2 tahun 3,116 –

7,696 –

Liabiliti pajakan kewangan tersebut dikenakan kadar faedah efektif di antara 8.5% hingga 8.9% (2002: Tiada) setiap tahun.

3 0 . P E R U B A H A N D A S A R P E R A K A U N A N D A N P E L A R A S A N TA H U N L E PA S

(a) Perubahan-perubahan dalam Dasar Perakaunan

Pada tahun kewangan semasa, Kumpulan telah mengambilguna lima Piawaian Perakaunan baru (“MASB”) seperti yang dinyatakan

dalam Nota 2(a), yang menjadi efektif dari 1 Ogos 2002, dan seterusnya, mengubahsuai beberapa dasar perakaunan. Perubahan-

perubahan dasar perakaunan telah menyebabkan pelarasan ke atas tahun-tahun lepas seperti yang dibincangkan di bawah:

(i) Piawaian MASB 25: Cukai Pendapatan (“MASB 25”)

Di bawah MASB 25, liabiliti cukai tertunda diiktiraf bagi semua perbezaan sementara. Sebelum ini, liabiliti cukai tertunda

diperuntukkan dengan mengambilkira perbezaan masa setakat mana liabiliti cukai itu dijangka akan dimaterialisasi dalam masa-

masa hadapan. Tambahan pula, Syarikat telah mula mengiktiraf aset cukai tertunda bagi semua perbezaan semasa yang

deduktibel, apabila berkemungkinan bahawa keuntungan boleh dicukai mencukupi untuk perbezaan semasa yang deduktibel itu

digunakan. Sebelum ini, aset cukai tertunda tidak akan diiktiraf melainkan ada jangkaan yang munasabah bahawa mereka akan

direalisasikan.

Di bawah MASB 25, kos pengambilalihan diagihkan kepada aset dan liabiliti yang boleh dikenalpasti dengan merujuk kepada nilai

saksamanya pada masa urusniaga. Sebelum ini, kesan ke atas perbezaan sementara sebanyak RM19,600,000 di antara asas

cukai dan nilai buku aset-aset dan liabiliti-liabiliti yang boleh dikenalpasti, yang timbul daripada pemgambilalihan Gamuda Water

Sdn. Bhd. tidak diiktiraf.

(ii) Piawaian MASB 27: Kos Pinjaman (“MASB 27”)

Sebelum ini, sesetengah syarikat bersekutu menggunakan dasar perakaunan mempermodalkan faedah yang dihadapi atas

pinjaman bagi pembinaan lebuhraya yang sudah sedia digunakan. Kos faedah selepas pembinaan ditangguhkan melalui Akaun

Penyamaan Faedah yang akan dilunaskan pada setiap tarikh lembaran imbangan.

Dalam tahun semasa, syarikat-syarikat bersekutu tersebut telah mengambilguna MASB 27, kos faedah telah dicaj dan Akaun

Penyamaan Faedah telah di hapuskira ke penyata pendapatan dan keuntungan tertahan masing-masing. Pelarasan tersebut telah

menyusutkan perkongsian keputusan dan aset bersih Kumpulan dalam syarikat-syarikat bersekutu dan telah dilaraskan secara

retrospektif.


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3 0 . P E R U B A H A N D A S A R P E R A K A U N A N D A N P E L A R A S A N TA H U N L E PA S ( S A M B . )

(b) Pelarasan Tahun Lepas

(i) Perubahan dalam dasar-dasar perakaunan telah digunakan secara retrospektif dan angka-angka perbandingan telah dinyatakan

semula. Kesan-kesan daripada perubahan dasar-dasar perakaunan adalah seperti berikut:

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Kesan ke atas keuntungan tertahan:

Pada 1 Ogos 2002/2001, seperti yang dinyatakan semula 728,974 514,319 280,264 201,429

Kesan mengambilguna:

– MASB 25 6,598 6,169 6,938 6,272

– MASB 27 (180,022) (134,704) – –

(173,424) (128,535) 6,938 6,272

Pada 1 Ogos 2002/2001, seperti dinyatakan semula 555,550 385,784 287,202 207,701

Kesan ke atas keuntungan bersih tahun semasa:

Keuntungan bersih sebelum perubahan dalam dasar-dasar

perakaunan 287,708 238,788 74,892 102,968

Kesan mengambilguna:

– MASB 25 (407) 429 – 666

– MASB 27 (45,528) (45,318) – –

(45,935) (44,889) – 666

Keuntungan bersih tahun semasa 241,773 193,899 74,892 103,634

(ii) Pengiktirafan perkongsian rizab modal timbul daripada pelupusan yang dianggap dalam syarikat bersekutu.

Sebelum ini, penyusutan kepentingan Kumpulan dalam syarikat bersekutu telah menyebabkan kenaikan dalam perkongsian aset

bersih dalam syarikat bersekutu tersebut. Keuntungan daripada penyusutan tersebut telah meningkatkan nilai dibawa syarikat-

syarikat bersekutu dan rizab modal sebanyak RM494,000 (2002: RM14,431,000). Kesan setara berkaitan dengan tempoh

sebelum 1 Ogos 2001 sebanyak RM60,779,000 telah dilaraskan terhadap nilai dibawa awal tahun Kumpulan dalam syarikat-

syarikat bersekutu dan rizab modal bagi tahun berakhir 31 Julai 2001.


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3 0 . P E R U B A H A N D A S A R P E R A K A U N A N D A N P E L A R A S A N TA H U N L E PA S ( S A M B . )

(b) Pelarasan Tahun Lepas (Samb.)

(iii) Angka-angka perbandingan pada 31 Julai 2002 telah dinyatakan semula seperti berikut:

Dinyatakan Dinyatakan

Sebelumnya Pelarasan Semula

RM’000 RM’000 RM’000

Penyata Pendapatan

Kumpulan

Lain-lain perbelanjaan operasi (33,955) (653) (34,608)

Perbelanjaan cukai (73,924) 1,082 (72,842)

Perkongsian keuntungan syarikat-syarikat bersekutu 151,392 (62,939) 88,453

Perkongsian cukai syarikat-syarikat bersekutu (47,030) 17,621 (29,409)

Syarikat

Perbelanjaan cukai (58,613) 666 (57,947)

Lembaran Imbangan

Kumpulan

Syarikat-syarikat bersekutu 1,039,902 (104,812) 935,090

Aset cukai tertunda – 666 666

Muhibah atas penyatuan 2,851 18,947 21,798

Rizab-rizab (783,773) 98,214 (685,559)

Liabiliti cukai tertunda (14,589) (13,015) (27,604)

Syarikat

(Liabiliti)/aset cukai tertunda (6,272) 6,938 666

Rizab-rizab (335,063) (6,938) (342,001)

3 1 . KO M I T M E N

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Diluluskan dan dikontrakkan 100,395 102,497 53 64

Termasuk dalam komitmen Kumpulan adalah jumlah sebanyak RM100,332,000 (2002: RM100,332,000) berhubung dengan pembelian

tanah oleh sebuah subsidiari Syarikat, Harum Intisari Sdn. Bhd..


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3 2 . L I A B I L I T I - L I A B I L I T I L U A R J A N G K A ( T I D A K B E R C A G A R )

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Jaminan dan tanggung rugi diberikan kepada pembekal

perdagangan bagi kemudahan kredit kepada subsidiari – – 6,263 2,000

Jaminan prestasi dan wang jaminan tertahan 355,835 275,946 396,116 368,370

355,835 275,946 402,379 370,370

3 3 . U R U S N I A G A - U R U S N I A G A P E N T I N G D E N G A N P I H A K B E R K A I TA N

Kumpulan Syarikat

2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Perkhidmatan kontrak yang diberikan oleh Pioneer Continental Sdn. Bhd.,

syarikat di mana pengarah, Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim

mempunyai kepentingan 624 1,197 – –

Perkhidmatan kontrak yang diberikan oleh subsidiari – – 102,010 140,231

Perkhidmatan kontrak yang diberikan oleh GLC Architect,

syarikat di mana orang-perseorangan berkaitan dengan

pengarah, Goon Heng Wah, mempunyai kepentingan 1,069 409 – –

Perkhidmatan kontrak yang diberikan oleh entiti

dikawal bersama, MMCEG – Gamuda JV (56,962) – (56,962) –

Perkhidmatan kontrak yang diberikan kepada GKTJV,

sebuah subsidiari yang tidak diperbadankan – – (105,770) (139,789)

Perkhidmatan kontrak diberikan kepada Syarikat Pengeluar Air Sungai

Selangor Sdn. Bhd., sebuah syarikat bersekutu (422,071) (695,366) – –

Perkhidmatan kontrak diberikan kepada Lingkaran Trans Kota Sdn. Bhd.,

sebuah syarikat bersekutu (31,609) (2,822) – (29)

Perkhidmatan kontrak diberikan kepada Sistem Penyuraian

Trafik KL Barat Sdn. Bhd., sebuah syarikat bersekutu (232,723) (148,826) – (54,660)

Dividen kasar boleh diterima daripada subsidiari-subsidiari – – – (34,250)

Sewa diterima daripada subsidiari-subsidiari – – (641) (570)

Faedah boleh terima daripada subsidiari-subsidiari – – (8,335) (12,817)

Para pengarah berpendapat bahawa urusniaga-urusaniaga di atas telah dijalankan menurut operasi perniagaan yang normal dan

berdasarkan kepada syarat-syarat yang tidak mempunyai perbezaan ketara jika dibandingkan dengan urusniaga-urusniaga perniagaan yang

dijalankan dengan pihak-pihak yang tidak berkaitan.


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3 4 . P E R I S T I W A - P E R I S T I W A P E N T I N G

(a) Pada tahun kewangan semasa, Syarikat telah memeterai perjanjian-perjanjian berikut:

(i) perjanjian jual beli bertarikh 12 September 2002 dengan subsidiari milik penuhnya, Reka Strategi Sdn. Bhd. (“RSSB”), bagi

pelupusan 80% kepentingan ekuitinya dalam Gamuda Water Sdn. Bhd. (“G-Water”) yang terdiri daripada 1,600,000 saham biasa

bernilai RM1.00 setiap satu (“G-Water Sale Shares”) kepada RSSB dengan jumlah pertimbangan tunai sebanyak RM120 juta

(“Cadangan Pelupusan G-Water”); dan

(ii) perjanjian jual beli bertarikh 13 September 2002 dengan syarikat bersekutu yang 30% ekuiti dimiliki Syarikat, Syarikat Pengeluar

Air Selangor Berhad (“SPLASH Bhd”, dahulunya dikenali sebagai Gabungan Cekap Berhad), untuk pelupusan kesemua

kepentingan ekuitinya di dalam RSSB yang terdiri daripada 2 saham biasa bernilai RM1.00 setiap satu (“Jualan Saham RSSB”)

kepada SPLASH Bhd. untuk pertimbangan tunai sebanyak RM2.00 (“Cadangan pelupusan RSSB”).

Setelah selesai pelupusan G-Water dan RSSB (“Cadangan Pelupusan”), G-Water dan RSSB tidak lagi menjadi subsidiari-subsidiari

Syarikat. Walaubagaimanapun, kedua-duanya akan tetap menjadi syarikat bersekutu Syarikat menerusi SPLASH Bhd.

Pada tarikh ini, Cadangan Pelupusan belum selesai sepenuhnya.

(b) Pada 2 Oktober 2002, Kaohsiung Rapid Transit Corporation, Taiwan, Republik China telah menerima permohonan bersama yang

dibuat oleh Syarikat dan New Asia Construction & Development Corporation, sebuah syarikat yang diperbadankan di Taiwan, Republic

China dan disenaraikan di Bursa Saham Taiwan, untuk merekacipta, membina dan menyiapkan Projek Sistem Transit Aliran Berat

Kaohsiung, “Orange Line Package C04” yang terdiri daripada sebahagian “Kaohsiung Underground Mass Rapid Transit System”

dalam Bandar Kaohsiung, Taiwan, Republik China. Sebuah usahasama yang tidak diperbadankan telah dibentuk oleh Gamuda Berhad

dan New Asia Construction & Development Corporation untuk melaksanakan pembinaan infrastruktur tersebut.

(c) Pada 4 Oktober 2002, Gamuda Engineering Sdn. Bhd., syarikat milik penuh Syarikat, telah ditawarkan untuk merekacipta, membina

dan melakukan kerja-kerja membaikpulih 6 “interchanges” di Lebuhraya Damansara-Puchong oleh Lingkaran Trans Kota Sdn. Bhd.,

subsidiari kepada sebuah syarikat bersekutu Syarikat.

(d) Pada 23 Julai 2003, Syarikat telah memeterai perjanjian dengan sebuah subsidiari milik penuh Malaysia Mining Corporation Berhad

(“MMC”), Anglo-Oriental (Annuties) Sdn Bhd (“AOA”) dan subsidiari MMC, MMC Engineering Group Berhad (“MMCEG”). Tujuan

perjanjian Rakan Kongsi ini adalah untuk Gamuda Berhad, AOA dan MMCEG menubuhkan sebuah entiti bertujuan khas yang dikenali

sebagai Projek Smart Holdings Sdn Bhd di mana akan memegang kesemua equiti dalam Syarikat Mengurus Air Banjir & Terowong

Sdn. Bhd. (“SMART”). SMART akan menjalan, mengendali dan melaksana terowong bersepadu merangkap laluan lebuhraya di Kuala

Lumpur.

3 5 . P E R I S T I W A - P E R I S T I W A S U S U L A N

(a) Pada 6 Oktober 2003, Valencia Development Sdn. Bhd., sebuah subsidiari yang 98.8% ekuiti dimiliki Syarikat telah membeli 2 saham

biasa bernilai RM1.00 setiap satu dalam saham terbitan dan berbayar Tower Symbol Sdn. Bhd. untuk tunai sebanyak RM2.00.

(b) Pada 21 Oktober 2003, Syarikat dan Malaysia Mining Corporation Berhad (“MMC”), menerima surat setuju kontrak daripada Kerajaan

Malaysia berkenaan dengan kerja-kerja yang dikenalpasti sebagai project “Electrified Double-Tracking” di antara Ipoh-Padang Besar

dan Seremban-Johor Bahru untuk jumlah harga kontrak sebanyak RM14.448 bilion. Kerja-kerja tersebut melibatkan pengendalian

rekaan dan pembinaan landasan keretapi aliran elektrik dua laluan di antara Ipoh-Padang Besar (“Seksyen Utara”) dan Seremban-

Johor Bahru (“Seksyen Selatan”).

Kontrak ini telah diputuskan kepada MMC-Gamuda Joint Venture (“MMC-Gamuda JV”), usahasama di antara Syarikat dan MMC.

Hak-hak dan liabiliti-liabiliti Syarikat dan MMC dalam MMC-Gamuda JV adalah dalam kadar peratusan 50:50 masing-masing.


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3 6 . A N G K A - A N G K A B A N D I N G A N

Maklumat bandingan tidak didedahkan bagi sesetengah maklumat berhubung dengan instrumen kewangan seperti yang dibenarkan oleh

MASB 24 - Instrumen Kewangan: Pendedahan dan Persembahan bagi penggunaan kali pertama piawaian.

Angka-angka bandingan bagi lembaran imbangan dan penyata pendapatan berikut telah diklasifikasi semula selaras dengan persembahan

tahun semasa:Dinyatakan Dinyatakan

Sebelumnya Klasifikasi Semula

RM’000 RM’000 RM’000

Kumpulan

Hutang daripada kontrak pembinaan 108,234 (108,234) –

Penerimaan 471,586 108,234 579,820

Pembayaran dan peruntukan (423,189) (291,492) (714,681)

Hutang kepada pelanggan bagi kontrak (291,452) 291,452 –

Syarikat

Pambayaran (18,089) (14,117) (32,206)

Hutang kepada pelanggan bagi kontrak (14,117) 14,117 –

Lain-lain perbelanjaan operasi (31,466) 16,290 (15,176)

Kerugian rosotnilai pelaburan dalam subsidari-subsidiari – (16,290) (16,290)

Persembahan dan klasifikasi item-item dalam penyata kewangan tahun semasa adalah konsisten dengan tahun-tahun sebelumnya kecuali

bagi sesetengah angka perbandingan yang telah dilaraskan berikutan perubahan dalam polisi-polisi perakaunan dan pelarasan tahun

sebelumnya seperti dinyatakan dalam Nota 30.

3 7 . I N S T R U M E N K E W A N G A N

(a) Polisi dan Objektif Pengurusan Risiko Kewangan

Dasar pengurusan risiko kewangan Kumpulan bertujuan memastikan sumber-sumber kewangan yang mencukupi sedia ada bagi

membangunkan perniagaan Kumpulan di samping mengurus risiko-risiko kadar faedah, tukaran wang asing, kecairan dan kredit.

Kumpulan beroperasi dalam tatacara yang telus yang telah diluluskan oleh Lembaga Pengarah.

(b) Risiko Kadar Faedah

Risiko utama kadar faedah Kumpulan merujuk kepada deposit dan pinjaman berfaedah. Pelaburan dalam aset kewangan

kebanyakannya adalah untuk jangka masa pendek dan dibuat melalui repo dan simpanan tetap.

Risiko ini diuruskan oleh Kumpulan dengan mengendalikan campuran pinjaman tetap dan berubah. Kumpulan juga sentiasa mengkaji

portfolio pinjamannya dan strategi terbabit membolehkannya mendapat kadar faedah pembiayaan rendah daripada pasaran dan

memperolehi sedikit sebanyak perlindungan daripada kenaikan kadar faedah.

Maklumat berkaitan terma dan tempoh matang pinjaman dan deposit dinyatakan dalam nota masing-masing.


31 Julai 2003


184

3 7 . I N S T R U M E N K E W A N G A N ( S A M B . )

(c) Risiko Tukaran Wang Asing

Kumpulan beroperasi di India dan Taiwan dan terdedah kepada nilai matawang Rupee India dan New Dollar Taiwan. Aset-aset dan

liabiliti-liabiliti denominasi tukaran asing berserta jangkaan aliran tunai daripada kemungkinan urusniaga denominasi dalam tukaran

asing menyebabkan berlakunya pendedahan kepada tukaran wang asing.

Kumpulan telah mengekalkan perlindungan semulajadi, di mana wajar, melalui pinjaman dalam bentuk mata wang asing negara di

mana perniagaan itu beroperasi.

Termasuk dalam lembaran imbangan Kumpulan pada 31 Julai 2003 adalah baki-baki berikut denominasi dalam matawang asing utama:

Tunai, deposit

dan baki

di bank Penerimaan Pembayaran

RM’000 RM’000 RM’000

Kumpulan

Rupee India 1,326 15,192 43,787

New Dollar Taiwan 343 28,254 2,195

Dollar Amerika Syarikat 673 43 113,393

2,342 43,489 159,375

(d) Risiko Kecairan

Kumpulan menguruskan profil kematangan hutang, aliran tunai dari operasi dan kesediaan kemudahan dana bagi memastikan

kesemua keperluan pembiayaan semula, pembayaran semula dan pembiayaan dapat dipenuhi. Sebagai sebahagian daripada

pengurusan kecairan keseluruhan, Kumpulan menyimpan jumlah instrumen-instrumen tunai atau tunai setara yang mencukupi bagi

memenuhi keperluan modal kerjanya Kumpulan.

(e) Risiko Kredit

Risiko kredit dikawal dengan menggunakan permohonan kelulusan kredit, had kredit dan prosedur-prosedur kawalan. Penerimaan

perdagangan diawasi secara berterusan melalui prosedur laporan pengurusan Kumpulan.

(f) Nilai Saksama

(i) Instrumen Kewangan Yang Telah Diiktiraf

Nilai agregat saksama bersih aset-aset dan liabiliti-liabiliti kewangan yang tidak dinyatakan pada nilai saksama di lembaran

imbangan Kumpulan dan Syarikat pada akhir tahun kewangan dinyatakan seperti berikut:

Kumpulan Syarikat

Nilai Nilai Nilai Nilai

Pada 31 Julai 2003 Nota dibawa saksama dibawa saksama

RM’000 RM’000 RM’000 RM’000

Aset-aset bukan semasa

Lain-lain pelaburan:

– Tersiarharga (bersih daripada rosotnilai) 14 2,461 3,125 3 9

– Tidak tersiarharga 14 50 * 50 *

– Pelaburan dalam keahlian kelab boleh

dipindahmilik 14 665 * 665 *

3,176 718


31 Julai 2003

185



(f) Nilai Saksama (Samb.)

(i) Instrumen Kewangan Yang Telah Diiktiraf (Samb.)

Kumpulan Syarikat

Nilai Nilai Nilai Nilai

Pada 31 Julai 2003 Nota dibawa saksama dibawa saksama

RM’000 RM’000 RM’000 RM’000

Aset-aset bukan semasa (Samb.)

Pelaburan tersiarharga dalam syarikat bersekutu 12 312,409 501,154 179,020 501,154

Hak-hak konsesi 16 65,334 118,155 – –

Aset-aset semasa

Hutang dari syarikat-syarikat bersekutu

(bukan perdagangan) 19 4,608 ** 2,776 **

Hutang dari entiti usahasama (bukan perdagangan) 19 84,418 ** 63,687 **

Hutang dari subsidiari-subsidiari (bukan perdagangan) 21 – – 296,309 **

Liabilit-Liabiliti Bukan Semasa

Lain-lain liabiliti jangka panjang

– Bon 29 400,000 382,749 400,000 382,749

– Pinjaman berjangka 29 35,084 35,084# – –

– Pajakan kewangan 29 3,116 3,116## – –

Liabiliti-Liabiliti Semasa

Pajakan kewangan 23 4,580 4,580## – –

Hutang kepada syarikat-syarikat bersekutu

(bukan perdagangan) 24 11,873 ** – **

Hutang kepada subsidiari-subsidiari

(bukan perdagangan) 25 – – 40,952 **

* Adalah tidak praktikal untuk menganggarkan nilai saksama bagi saham tidak tersiarharga bukan semasa kerana kekurangan sebut harga pasaran

dan tanpa mengalami kos yang berlebihan.

** Adalah tidak praktikal untuk menganggarkan nilai saksama untuk jumlah hutang bukan perdagangan kepada/daripada subsidiari-subsidiari,

syarikat-syarikat bersekutu dan usahasama-usahasama kerana ketiadaan syarat pembayaran-pembayaran balik tetap dan tanpa mengalami kos

yang berlebihan.

# Nilai dibawa pinjaman jangka panjang, yang didenominasi oleh kadar faedah terapung, adalah dianggarkan bersamaan dengan nilai saksama

ditetapkan dengan menggunakan analisis aliran tunai yang didiskaunkan berdasarkan kadar faedah semasa bagi jenis pinjaman yang sama.

## Nilai saksama bagi pajakan kewangan yang dikeluarkan adalah sama dengan nilai bukunya memandangkan kadar berkesannya dikira sebagai

kadar pasaran disebabkan keluaran yang masih kini.


31 Julai 2003


186


(f) Nilai Saksama (Samb.)

(i) Instrumen Kewangan Yang Telah Diiktiraf (Samb.)

Nilai nominal/nosional dan nilai saksama bersih bagi instrumen kewangan yang tidak diiktirafkan di lembaran imbangan Kumpulan

dan Syarikat pada akhir tahun kewangan adalah seperti berikut:

Kumpulan Syarikat

Nilai Nilai

Nominal/ Nilai Nominal/ Nilai

Pada 31 Julai 2003 Nota Nosional Saksama Nosional Saksama

RM’000 RM’000 RM’000 RM’000

Liabiliti luarjangka 32 355,835 ^ 402,379 ^

^ Adalah tidak praktikal untuk menganggar nilai saksama bagi liabiliti luarjangka secara teratur disebabkan oleh ketidakpastian tempoh, kos dan

kesudahannya.

(ii) Kaedah dan Andaian-andaian

Berikut adalah kaedah dan andaian yang digunakan untuk menganggarkan nilai saksama bagi kelas-kelas instrumen kewangan

berikut:

Tunai dan Setara Tunai, Penerimaan/Pembayaran, Hutang daripada/kepada Pelanggan bagi Kontrak, Pinjaman Jangka

Pendek, Hutang daripada Usahasama-usahasama (perdagangan), Hutang daripada Syarikat-syarikat Bersekutu

(perdagangan) dan Hutang daripada/kepada Subsidiari-subsidiari (perdagangan)

Nilai dibawa lebih kurang nilai saksama disebabkan tempoh matang yang agak pendek untuk instrumen-instrumen kewangan ini.

Hutang daripada Usahasama-usahasama (perdagangan), Hutang daripada Syarikat-syarikat Bersekutu (perdagangan)

dan Hutang daripada/kepada Subsidiari-subsidiari (perdagangan)

Adalah tidak praktikal untuk menganggarkan nilai saksama kerana ketiadaan syarat pembayaran balik tetap dan tanpa mengalami

kos yang berlebihan.

Pinjaman-pinjaman Jangka Panjang

Nilai saksama pinjaman-pinjaman jangka panjang dianggarkan menggunakan analisa aliran tunai didiskaunkan, berdasarkan kadar

faedah semasa bagi liabiliti yang mempunyai profail risiko yang sama.


31 Julai 2003

187


3 8 . M A K L U M AT S E G M E N

(a) Segmen Perniagaan:

Organisasi Kumpulan secara globalnya terbahagi kepada lima segmen perniagaan utama:

(i) Kejuruteraan dan pembinaan – pembinaan lebuhraya, loji perawatan air, empangan dan perumahan dan hartanah komersil;(ii) Pembangunan hartanah – pembangunan perumahan dan hartanah komersil;(iii) Konsesi air – pengurusan pembekalan air;(iv) Konsesi-konsesi Lebuhraya – pengurusan dan pungutan tol operasi lebuh raya;(v) Perdagangan, perkilangan, kuari dan lain-lain*.

* Lain-lain adalah terdiri daripada penyediaan perkhidmatan pengurusan dan teknologi maklumat, di mana jumlahnya tidak begitu ketara untuk

dilaporkan secara berasingan.

Para pengarah berpendapat bahawa semua urusniaga-urusniaga di antara segmen adalah dalam urusan perniagaan dan berdasarkan

kepada syarat-syarat yang tidak mempunyai perbezaan ketara jika dibandingkan dengan urusniaga-urusniaga yang dijalankan dengan

pihak-pihak yang tidak berkaitan.

(b) Segmen Geografi:

Walaupun lima segmen Kumpulan diuruskan secara global, Kumpulan beroperasi secara utamanya di empat kawasan geografi di

dunia. Di Malaysia, negara asalnya, operasi Kumpulan adalah dalam bentuk kejuruteraan dan pembinaan, pembangunan hartanah dan

konsesi air dan konsesi lebuhraya. Tambahan pula, aktiviti perkilangan dan kuari Kumpulan juga dijalankan di Malaysia.

Kumpulan juga beroperasi dalam negara-negara lain di rantau Asia Pasifik:

(i) India – pembinaan lebuhraya, konsesi lebuhraya dan pegangan pelaburan;

(ii) Taiwan, Republik China – pembinaan sistem transit aliran berat (“Mass Rapid Transit System”); dan

(iii) Mauritius – pegangan pelaburan.

Operasi di India, Taiwan, Republik China dan Mauritius adalah tidak begitu ketara untuk dilaporkan secara berasingan dan oleh itu,

telah dilaporkan secara kolektif sebagai operasi di luar Malaysia.


31 Julai 2003


188

3 8 . M A K L U M AT S E G M E N ( S A M B . )

(a) Segmen Perniagaan:

Perdagangan,

Kejuruteraan Konsesi- Perkilangan,

dan Pembangunan Konsesi Konsesi Kuari,

Pembinaan Hartanah Air Lebuhraya dan Lain-lain Penghapusan Penyatuan

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

2003

HASIL DAN KEPUTUSAN

Hasil

Jualan pihak luar 828,113 418,920 5,089 – 189,947 – 1,442,069

Jualan antarasegmen 126,755 – – – 78,476 (205,231) –

Jumlah hasil 954,868 418,920 5,089 – 268,423 (205,231) 1,442,069

Keputusan

Keputusan segmensebelumpelunasan 248,020 68,345 1,517 – 26,827 344,709

Pelunasan muhibahdan hak-hakkonsesi – – (2,986) – (6,790) (9,776)

Keuntungan darioperasi 248,020 68,345 (1,469) – 20,037 334,933

Kos kewangan (12,025) – – – – (12,025)

Pendapatan faedah 11,772 1,707 21 – 2,128 15,628

Kerugian rosotnilaimuhibah sebuahsyarikat bersekutu – – – – (26,431) (26,431)

Perkongsiankeputusan syarikatbersekutu – 27,193 40,747 31,757 (5,800) 93,897

Keuntungan sebelumcukai 406,002

Cukai (138,607)

Keuntungan selepascukai 267,395

Kepentingan minoriti (25,622)

Keuntungan bersihtahun semasa 241,773

ASET DAN LIABILITI

Aset segmen 1,101,598 380,484 90,015 – 148,314 1,720,411

Pelaburanmengikutkaedah ekuitidalam syarikatbersekutu 95,539 192,254 189,034 551,949 1,804 1,030,580

2,750,991

Segmen liabiliti 968,399 136,327 304 – 55,354 1,160,384

LAIN-LAIN

MAKLUMAT

Perbelanjaan modal 29,201 659 73 – 3,073 33,006

Susutnilai 4,420 594 94 – 3,227 8,335

Perbelanjaan bukantunai selain susutnilai,pelunasan dankerugian rosotnilai 898 3,662 – – 340 4,900


31 Julai 2003

189



(a) Segmen Perniagaan (Samb.):

Perdagangan,

Kejuruteraan Konsesi- Perkilangan,

dan Pembangunan Konsesi Konsesi Kuari,

Pembinaan Hartanah Air Lebuhraya dan Lain-lain Penghapusan Penyatuan

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

2002

HASIL DAN KEPUTUSAN

Hasil

Jualan pihak luar 859,514 103,103 2,099 – 78,036 – 1,042,752Jualan antara

segmen 112,936 – – – 31,600 (144,536) –

Jumlah hasil 972,450 103,103 2,099 – 109,636 (144,536) 1,042,752

Keputusan

Keputusan segmensebelumpelunasan 210,843 16,260 32 – 14,890 242,025

Pelunasan muhibahdan hak-hakkonsensi – – (2,986) – (11,085) (14,071)

Keuntungan darioperasi 210,843 16,260 (2,954) – 3,805 227,954

Kos kewangan (13,936) – – – (294) (14,230)Pendapatan faedah 16,168 728 30 – 2,271 19,197Perkongsian

keputusan syarikatbersekutu (14) 29,858 45,392 29,774 (16,557) 88,453

Keuntungan sebelumcukai 321,374

Cukai (102,251)

Keuntungan selepascukai 219,123

Kepentingan minoriti (25,224)

Keuntungan bersihtahun 193,899

ASET DAN LIABILITI

Segmen aset 1,140,941 325,122 92,594 – 146,735 1,705,392Pelaburan mengikut

kaedah ekuitisyarikat bersekutu 49,775 189,625 141,695 519,812 34,183 935,090

2,640,482

Segmen liabiliti 1,059,121 143,925 154 – 50,157 1,253,357

LAIN-LAIN

MAKLUMAT

Perbelanjaanmodal 31,068 1,432 358 – 3,286 36,144

Susutnilai 4,442 664 69 – 4,403 9,578Kerugian rosotnilai – – – – 2,750 2,750Perbelanjaan bukan

tunai selainsusutnilai,pelunasan dankerugian rosotnilai 27 135 – – 1,902 2,064


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190


(b) Segmen Geografi:

Jumlah Hasil dari

Pelanggan Luar Segmen Aset Perbelanjaan Modal

2003 2002 2003 2002 2003 2002

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

Malaysia 1,357,311 1,031,069 2,578,483 2,549,781 5,508 12,414Di luar Malaysia 84,758 11,683 172,508 90,701 27,498 23,730

Penyatuan 1,442,069 1,042,752 2,750,991 2,640,482 33,006 36,144


31 Julai 2003

191


pada 7 November 2003

Shareholders’ & Warrantholders’ InformationShareholders’ & Warrantholders’ InformationShareholders’ & Warrantholders’ InformationShareholders’ & Warrantholders’ InformationShareholders’ & Warrantholders’ InformationMAKLUMAT PARA PEMEGANG SAHAM & PEMEGANG WARAN


O R D I N A R Y S H A R E S / S A H A M B I A S A

Authorised capital / Modal dibenarkan : RM2,000,000,000.00

Issued and fully paid / Diterbitkan dan dibayar penuh : RM710,992,892.00

Type of shares / Jenis saham : Ordinary shares of RM1.00 each / Saham biasa bernilai RM1.00 sesaham

Voting rights / Hak mengundi : 1 vote per shareholder on a show of hands /1 undi bagi setiap pemegang saham dengan cara mengangkat tangan1 vote per ordinary share on a poll /1 undi bagi setiap saham biasa dengan cara pol

No. of shareholders / Bil. pemegang saham : 7,906

D I S T R I B U T I O N O F S H A R E H O L D I N G S / P E N G A L I H A N P E G A N G A N S A H A M

Size of shareholdings / No. of shareholders / % No. of shares held / %

Saiz pegangan saham Bil. pemegang saham % Bil. saham dipegang %

Less than / Kurang daripada 100 274 3.47 3,392 0.00

100 - 1,000 2,491 31.51 2,384,379 0.34

1,001 - 10,000 3,602 45.56 14,323,369 2.01

10,001 - 100,000 922 11.66 34,069,985 4.79

100,001 - 35,549,643 615 7.78 538,362,633 75.72

35,549,644* and above / dan ke atas 2 0.02 121,849,134 17.14

Total / Jumlah 7,906 100.00 710,992,892 100.00

N O T E / N O TA :

* Denotes 5% of the issued capital / Menandakan 5% daripada modal terbitan

S U B S TA N T I A L S H A R E H O L D E R S / P A R A P E M E G A N G S A H A M U TA M AAs shown in the Register of Substantial Shareholders /Seperti yang ditunjukkan di dalam Daftar Para Pemegang Saham Utama

No. of shares held /

Bil. saham dipegang

Name of substantial shareholder / Direct interest / Deemed interest / %

Nama pemegang saham utama Kepentingan Dianggap

langsung Berkepentingan %

Generasi Setia (M) Sdn Bhd 92,386,928(a) – 12.99

Raja Dato’ Seri Eleena Azlan Shah – 92,386,928(b) 12.99

Dato’ Lin Yun Ling 46,848,818(a) – 6.59

Employees Provident Fund Board 36,678,550(c) – 5.16

N O T E / N O TA :

(a) Include shares held through a nominee company / Termasuk saham yang dipegang melalui syarikat nomini(b) Deemed interested through Generasi Setia (M) Sdn Bhd / Dianggap berkepentingan melalui Generasi Setia (M) Sdn Bhd(c) Include shares held by portfolio managers / Termasuk saham yang dipegang oleh pengurus-pengurus portfolio


192

TO P 3 0 S H A R E H O L D E R S / 3 0 P E M E G A N G S A H A M T E R B E S A RAs per the Record of Depositors (without aggregating the securities from different securities accounts belonging to the same person) /Mengikut Rekod Pendeposit (tanpa mengagregat sekuriti daripada akaun-akaun sekuriti yang berbeza milik orang yang sama)

Name of shareholder / No. of shares held / %

Nama pemegang saham Bil. saham dipegang %

1. Generasi Setia (M) Sdn Bhd 82,886,928 11.66

2. Dato’ Lin Yun Ling 38,962,206 5.48

3. Employees Provident Fund Board 20,902,250 2.94

4. Ha Tiing Tai 11,207,938 1.58

5. PAB Nominee (Tempatan) Sdn Bhd 9,500,000 1.34– Pledged Securities Account for Generasi Setia (M) Sdn Bhd /

Akaun Sekuriti Dicagarkan bagi Generasi Setia (M) Sdn Bhd

6. Valuecap Sdn Bhd 8,811,500 1.24

7. Citicorp Nominees (Asing) Sdn Bhd 8,800,000 1.24– Colonial First State Investment Limited for Colonial First State Wholesale International Share Fund (CBHK) /

Colonial First State Investment Limited bagi Colonial First State Wholesale International Share Fund (CBHK)

8. Cartaban Nominees (Asing) Sdn Bhd 7,966,900 1.12– Government Of Singapore Investment Corporation Pte Ltd for Government Of Singapore (C) /

Government Of Singapore Investment Corporation Pte Ltd bagi Government Of Singapore (C)

9. Citicorp Nominees (Asing) Sdn Bhd 7,811,250 1.10– CBHK PBGSGP for Keyport Limited / CBHK PBGSGP bagi Keyport Limited

10. HSBC Nominees (Asing) Sdn Bhd 7,572,300 1.07– JPMCB for Stichting Emerging Markets Pvf I / JPMCB bagi Stichting Emerging Markets Pvf I

11. Citicorp Nominees (Asing) Sdn Bhd 7,500,000 1.05– CB LDN for First State Asia Pacific Fund / CB LDN bagi First State Asia Pacific Fund

12. Lembaga Tabung Haji 7,457,032 1.05

13. HSBC Nominees (Asing) Sdn Bhd 7,090,100 1.00– Abu Dhabi Investment Authority

14. HSBC Nominees (Asing) Sdn Bhd 6,971,300 0.98– Stichting Pensioenfonds Abp.

15. Amanah Raya Nominees (Tempatan) Sdn Bhd 5,910,100 0.83– Amanah Saham Wawasan 2020

16. HSBC Nominees (Asing) Sdn Bhd 5,806,400 0.82– JPMCB for Fleming Flagship Asian Opportunities Fund /

JPMCB bagi Fleming Flagship Asian Opportunities Fund

Shareholders’ & Warrantholders’ Information

MAKLUMAT PARA PEMEGANG SAHAM & PEMEGANG WARAN pada 7 November 2003


193


T O P 3 0 S H A R E H O L D E R S ( C O N T ’ D ) / 3 0 P E M E G A N G S A H A M T E R B E S A R ( S A M B . )

Name of shareholder / No. of shares held / %

Nama pemegang saham Bil. saham dipegang %

17. Goon Heng Wah 5,600,000 0.79

18. Ng Kee Leen 5,516,114 0.78

19. HSBC Nominees (Asing) Sdn Bhd 5,500,000 0.77– RTCC London for Edinburgh Dragon Trust Plc /

RTCC London bagi Edinburgh Dragon Trust Plc

20. EB Nominees (Tempatan) Sendirian Berhad 5,138,300 0.72– Pledged Securities Account for Heng Teng Kuang /

Akaun Sekuriti Dicagarkan bagi Heng Teng Kuang

21. Cartaban Nominees (Asing) Sdn Bhd 4,955,200 0.70– Mellon Bank, N.A. for Mellon Newton Universal Growth Funds Limited (Asian Gwth Fd) /

Mellon Bank, N.A. bagi Mellon Newton Universal Growth Funds Limited (Asian Gwth Fd)

22. HLG Nominee (Tempatan) Sdn Bhd 4,444,000 0.63– PB Trustee Services Berhad for HLG Growth Fund /

PB Trustee Services Berhad bagi HLG Growth Fund

23. EB Nominees (Tempatan) Sendirian Berhad 4,300,000 0.60– Pledged Securities Account for Shang Yong @ Chung Koon Yee /

Akaun Sekuriti Dicagarkan bagi Shang Yong @ Chung Koon Yee

24. Heng Teng Kuang 4,117,494 0.58

25. EB Nominees (Tempatan) Sendirian Berhad 4,000,000 0.56– Pledged Securities Account for Chan Yong Foo @ Chan Kuan Nam /

Akaun Sekuriti Dicagarkan bagi Chan Yong Foo @ Chan Kuan Nam

26. AM Nominees (Tempatan) Sdn Bhd 3,949,000 0.56– Employees Provident Fund Board (A/C 1) /

Kumpulan Wang Simpanan Pekerja (A/C 1)

27. HSBC Nominees (Asing) Sdn Bhd 3,832,337 0.54– MSCO NY for Standard Pacific Capital Offshore Fund Ltd /

MSCO NY bagi Standard Pacific Capital Offshore Fund Ltd

28. HSBC Nominees (Asing) Sdn Bhd 3,461,000 0.49– RTCC London for British Columbia Investment Management Corporation (PAC BAS FAM) /

RTCC London bagi British Columbia Investment Management Corporation (PAC BAS FAM)

29. Amanah Raya Nominees (Tempatan) Sdn Bhd 3,107,000 0.44– Public Growth Fund

30. Shang Yong @ Chung Koon Yee 3,089,700 0.43

Total / Jumlah 306,166,349 43.06


194

W A R R A N T S 1 9 9 6 / 2 0 0 6 / W A R A N 1 9 9 6 / 2 0 0 6

Type of securities / Jenis sekuriti : Warrants / Waran

No. of warrants unexercised /Bil. waran yang belum dilaksanakan : 72,645,640

Exercise period / Tempoh perlaksanaan : 30/12/1996 - 29/12/2006

Exercise price / Harga perlaksanaan : RM4.21 each warrant / RM4.21 setiap waran

Exercise rights / Hak perlaksanaan : Each warrant entitles the holder to subscribe for one (1) new ordinary share of RM1.00 in the Companyat any time during the exercise period /Setiap waran memberi hak kepada pemegangnya untuk melanggan satu (1) saham biasa barubernilai RM1.00 dalam Syarikat pada bila-bila masa sepanjang tempoh perlaksanaan

Voting rights / Hak mengundi : 1 vote per warrantholder on a show of hands /1 undi bagi setiap pemegang waran dengan cara mengangkat tangan1 vote per warrant on a poll /1 undi bagi setiap waran dengan cara pol

No. of warrantholders /Bil. pemegang waran : 2,189

D I S T R I B U T I O N O F W A R R A N T S 1 9 9 6 / 2 0 0 6 H O L D I N G S / P E N G A L I H A N P E G A N G A N W A R A N 1 9 9 6 / 2 0 0 6

Size of warrantholdings / No. of warrantholders / % No. of warrants held / %

Saiz pegangan waran Bil. pemegang waran % Bil. waran dipegang %


100 - 1,000 577 26.36 547,589 0.75

1,001 - 10,000 1,245 56.88 5,081,434 7.00

10,001 - 100,000 280 12.79 7,974,004 10.98

100,001 - 3,632,281 60 2.74 36,025,668 49.59


Total / Jumlah 2,189 100.00 72,645,640 100.00

N O T E / N O TA :

* Denotes 5% of the total unexercised warrants / Menandakan 5% daripada jumlah waran yang belum dilaksanakan

in the meeting ofwarrantholders /di mesyuaratpara pemegang waran




195


T O P 3 0 W A R R A N T S 1 9 9 6 / 2 0 0 6 H O L D E R S / 3 0 P E M E G A N G W A R A N 1 9 9 6 / 2 0 0 6 T E R B E S A RAs per the Record of Depositors (without aggregating the securities from different securities accounts belonging to the same person) /Mengikut Rekod Pendeposit (tanpa mengagregat sekuriti daripada akaun-akaun sekuriti yang berbeza milik orang yang sama)

Name of Warrants 1996/2006 holder / No. of Warrants

Nama pemegang Waran 1996/2006 1996/2006 held / %

Bil. Waran

1996/2006 dipegang %


2. Dato’ Lin Yun Ling 6,453,410 8.88

3. Malaysia National Insurance Berhad 4,655,000 6.41

4. Chan Yong Foo @ Chan Kuan Nam 3,957,332 5.45

5. Heng Teng Kuang 3,553,076 4.89


7. Ng Kee Leen 2,288,000 3.15

8. Universal Trustee (Malaysia) Berhad 1,886,900 2.60– SBB Premium Capital Fund

9. Goon Heng Wah 1,788,158 2.46

10. Ha Tiing Tai 1,704,000 2.35

11. Citicorp Nominees (Asing) Sdn Bhd 1,574,832 2.17– CBHK PBGSGP for Keyport Limited /

CBHK PBGSGP bagi Keyport Limited

12. JF Apex Nominees (Tempatan) Sdn Bhd 1,542,300 2.12– Pledged Securities Account for Lim Kok Liong /

Akaun Sekuriti Dicagarkan bagi Lim Kok Liong

13. JF Apex Nominees (Tempatan) Sdn Bhd 1,487,400 2.05– Pledged Securities Account for Lim Soo Ming /

Akaun Sekuriti Dicagarkan bagi Lim Soo Ming

14. JF Apex Nominees (Tempatan) Sdn Bhd 1,399,800 1.93– Pledged Securities Account for Lim Cheng Aik /

Akaun Sekuriti Dicagarkan bagi Lim Cheng Aik

15. Tiong Nam Transport Holdings Berhad 1,276,000 1.76

16. AMMB Nominees (Tempatan) Sdn Bhd 1,148,000 1.58– AmTrustee Berhad for HLG Penny Stock Fund (5/4-3) /

AmTrustee Berhad bagi HLG Penny Stock Fund (5/4-3)


196

TO P 3 0 W A R R A N T S 1 9 9 6 / 2 0 0 6 H O L D E R S ( C O N T ’ D ) / 3 0 P E M E G A N G W A R A N 1 9 9 6 / 2 0 0 6 T E R B E S A R ( S A M B . )



Bil. Waran


17. Takaful Nasional Sdn Berhad 1,023,000 1.41

18. Lee Kuan Chen 1,000,000 1.38

19. RHB Capital Nominees (Tempatan) Sdn Bhd 880,056 1.21– Pledged Securities Account for Chan Kok Wah /

Akaun Sekuriti Dicagarkan bagi Chan Kok Wah

20. Southern Nominees (Tempatan) Sdn Bhd 602,000 0.83– Southern Bank Berhad

21. Mayban Nominees (Tempatan) Sdn Bhd 587,000 0.81– Mayban Trustees Berhad for RHB Capital Fund /

Mayban Trustees Berhad bagi RHB Capital Fund

22. BHLB Trustee Berhad 583,000 0.80– TA Growth Fund

23. Lee Kuan Chen 556,000 0.77

24. Universal Trustee (Malaysia) Berhad 487,388 0.67– SBB Emerging Companies Growth Fund

25. Citicorp Nominees (Asing) Sdn Bhd 457,666 0.63– CBHK PBGSGP for Su Zhou Investments Ltd /

CBHK PBGSGP bagi Su Zhou Investments Ltd

26. Cartaban Nominees (Asing) Sdn Bhd 427,000 0.59– Credit Agricole Investor Services Bank Luxembourg for Credit Agricole Funds-Asian Renaissance /

Credit Agricole Investor Services Bank Luxembourg bagi Credit Agricole Funds-Asian Renaissance

27. Omega Nominees (Tempatan) Sdn Bhd 420,000 0.58– Pledged Securities Account for Tan Kai Ann @ Tan Teck Chuan /

Akaun Sekuriti Dicagarkan bagi Tan Kai Ann @ Tan Teck Chuan

28. SBBAM Nominees (Tempatan) Sdn Bhd 380,000 0.52– Malaysian Assurance Alliance Bhd

29. Kenanga Nominees (Tempatan) Sdn Bhd 310,900 0.43– Pledged Securities Account for Ong Yoong Nyock /

Akaun Sekuriti Dicagarkan bagi Ong Yoong Nyock

30. Lim Thin Peng 294,000 0.40

Total / Jumlah 53,172,538 73.19




197


W A R R A N T S 2 0 0 1 / 2 0 0 7 / W A R A N 2 0 0 1 / 2 0 0 7

Type of securities / Jenis sekuriti : Warrants / Waran

No. of warrants unexercised /Bil. waran yang belum dilaksanakan : 144,190,450

Exercise period / Tempoh perlaksanaan : 22/2/2001 - 21/8/2007

Exercise price / Harga perlaksanaan : RM3.75 each warrant / RM3.75 setiap waran

Exercise rights / Hak perlaksanaan : Each warrant entitles the holder to subscribe for one (1) new ordinary share of RM1.00 in the Companyat any time during the exercise period /Setiap waran memberi hak kepada pemegangnya untuk melanggan satu (1) saham biasa barubernilai RM1.00 dalam Syarikat pada bila-bila masa sepanjang tempoh perlaksanaan

Voting rights / Hak mengundi : 1 vote per warrantholder on a show of hands /1 undi bagi setiap pemegang waran dengan cara mengangkat tangan1 vote per warrant on a poll /1 undi bagi setiap waran dengan cara pol

No. of warrantholders /Bil. pemegang waran : 4,341

D I S T R I B U T I O N O F W A R R A N T S 2 0 0 1 / 2 0 0 7 H O L D I N G S / P E N G A L I H A N P E G A N G A N W A R A N 2 0 0 1 / 2 0 0 7

Size of warrantholdings / No. of warrantholders / % No. of warrants held / %

Saiz pegangan waran Bil. pemegang waran % Bil. waran dipegang %


100 - 1,000 1,796 41.37 1,612,594 1.12

1,001 - 10,000 1,843 42.46 7,509,068 5.21

10,001 - 100,000 514 11.84 17,170,671 11.91

100,001 - 7,209,521 152 3.50 79,587,874 55.19


Total / Jumlah 4,341 100.00 144,190,450 100.00

N O T E / N O TA :

* Denotes 5% of the total unexercised warrants / Menandakan 5% daripada jumlah waran yang belum dilaksanakan

in the meeting ofwarrantholders /di mesyuaratpara pemegang waran


198

TO P 3 0 W A R R A N T S 2 0 0 1 / 2 0 0 7 H O L D E R S / 3 0 P E M E G A N G W A R A N 2 0 0 1 / 2 0 0 7 T E R B E S A R

As per the Record of Depositors (without aggregating the securities from different securities accounts belonging to the same person) /Mengikut Rekod Pendeposit (tanpa mengagregat sekuriti daripada akaun-akaun sekuriti yang berbeza milik orang yang sama)



Bil. Waran



2. Dato’ Lin Yun Ling 12,240,551 8.49

3. Employees Provident Fund Board 10,068,162 6.98

4. Chan Yong Foo @ Chan Kuan Nam 3,564,000 2.47

5. Ha Tiing Tai 3,177,000 2.20


7. Citicorp Nominees (Asing) Sdn Bhd 2,952,812 2.05– CBHK PBGSGP for Keyport Limited / CBHK PBGSGP bagi Keyport Limited

8. Ng Kee Leen 2,835,000 1.97

9. Sukma Sinaran Sdn Bhd 2,661,000 1.85

10. EB Nominees (Tempatan) Sendirian Berhad 2,535,000 1.76– Pledged Securities Account for Heng Teng Kuang / Akaun Sekuriti Dicagarkan bagi Heng Teng Kuang

11. Lee Kuan Chen 2,500,000 1.73

12. Lembaga Tabung Haji 1,946,100 1.35

13. AMMB Nominees (Tempatan) Sdn Bhd 1,906,999 1.32– AmTrustee Berhad for HLG Penny Stock Fund (5/4-3) / AmTrustee Berhad bagi HLG Penny Stock Fund (5/4-3)

14. Goon Heng Wah 1,703,000 1.18

15. Mayban Nominees (Tempatan) Sdn Bhd 1,697,100 1.18– Mayban Trustees Berhad for Public Ittikal Fund / Mayban Trustees Berhad bagi Public Ittikal Fund

16. Citicorp Nominees (Tempatan) Sdn Bhd 1,685,800 1.17– CMS Dresdner Asset Management Sdn Bhd for Malaysian Assurance Alliance Bhd /

CMS Dresdner Asset Management Sdn Bhd bagi Malaysian Assurance Alliance Bhd

17. Heng Teng Kuang 1,590,000 1.10

18. Ng Kee Leen 1,473,335 1.02

19. Allianz General Insurance Malaysia Berhad 1,313,500 0.91

20. Goon Heng Wah 1,293,000 0.90

21. EB Nominees (Tempatan) Sendirian Berhad 1,250,000 0.87– Pledged Securities Account for Chan Kok Wah / Akaun Sekuriti Dicagarkan bagi Chan Kok Wah

22. Universal Trustee (Malaysia) Berhad 1,234,000 0.86– CMS Premier Fund

23. Lee Kuan Chen 976,000 0.68

24. Malaysia Nominees (Tempatan) Sendirian Berhad 973,000 0.67– Great Eastern Life Assurance (Malaysia) Berhad (LGF)

25. BHLB Trustee Berhad 885,300 0.61– Prugrowth Fund

26. John Hancock Life Insurance (Malaysia) Berhad 814,000 0.56

27. HDM Nominees (Asing) Sdn Bhd 760,000 0.53– UOB Kay Hian Pte Ltd for Mak Wai Nam / UOB Kay Hian Pte Ltd bagi Mak Wai Nam

28. Foo Ai Chin 750,000 0.52

29. HSBC Nominees (Tempatan) Sdn Bhd 690,600 0.48– HSBC (M) Trustee Bhd for OSK-UOB Equity Trust / HSBC (M) Trustee Bhd bagi OSK-UOB Equity Trust

30. Mayban Nominees (Tempatan) Sdn Bhd 650,000 0.45– Mayban Trustees Berhad for Balanced Returns Fund / Mayban Trustees Berhad bagi Balanced Returns Fund

Total / Jumlah 85,124,259 59.04




199


Date ofNet book Approximate valuation/

Year value age of building acquisitionof expiry Nilai buku Anggaran Tarikh

Location Tenure Area Description Tempoh bersih usia bangunan penilaian/Lokasi Pegangan Kawasan Keterangan tamat (RM) (Years / Tahun) perolehan

No. 36/38, Jalan SS21/62 Freehold 1,078 sq m 2 blocks, 4 storey – 1,084,000 15 199147400 Petaling Jaya Bebas 1,078 meter shoplot/officeSelangor persegi 2 blok, rumah kedai/

pejabat 4 tingkat

No. 30, Jalan SS2/44 Freehold 501 sq m Bungalow/ – 349,600 23 199147300 Petaling Jaya Bebas 501 meter staff quartersSelangor persegi Banglo/kuarter kakitangan

No. 39, Jalan SS22/23 Freehold 499 sq m 4 storey – 630,880 15 199147400 Petaling Jaya Bebas 499 meter shoplot/officeSelangor persegi Rumah kedai/

pejabat 4 tingkat

No. 55-61, Jalan SS22/23 Freehold 1,996 sq m 4 blocks, 4 storey – 5,735,795 18 199247400 Petaling Jaya Bebas 1,996 meter shoplot/officeSelangor persegi 4 blok, rumah kedai/

pejabat 4 tingkat

Lot 6, Jalan U1/17 Freehold 3,527 acres Industrial estate/ – 7,011,092 13 1991Seksyen U1 Bebas 3,527 ekar factory/office40000 Shah Alam Kawasan perindustrian/Selangor kilang/pejabat

No. 152, Jalan Gopeng Leasehold 164 sq m 3 storey 2078 202,820 23 199131350 Ipoh Berpajak 164 meter shoplot/officePerak persegi Rumah kedai/

pejabat 3 tingkat

No. 158, Jalan Gopeng Leasehold 163 sq m 3 storey 2078 197,600 23 199131350 Ipoh Berpajak 163 meter shoplot/officePerak persegi Rumah kedai/

pejabat 3 tingkat

PT 51683, Jalan Jelapang Leasehold 4,353 sq m Industrial estate/ 2043 466,000 19 199130020 Ipoh Berpajak 4,353 meter workshopPerak persegi Kawasan perindustrian/

bengkel

PT 183485 Leasehold 12,144 sq m Industrial estate/ 2050 730,355 13 1991Meru Industrial Estate Berpajak 12,144 meter storeJelapang, 30020 Ipoh persegi Kawasan perindustrian/Perak stor

Lot 195821, 195822, Leasehold 45 hectares Granite hill, 2022 8,886,044 – 1991195823, 195824, 195825, Berpajak 45 hektar limestone hill and195826, 195827, 46482 industrial land/quarry57417 all in the Bukit granit,Mukim Kampar bukit batu kapur danDistrict of Kinta, 31350 Ipoh tanah perindustrian/kuariPerak

HS (D) 54871, Freehold 16,898 sq ft Industrial estate/ – 8,196,103 – 1995PT No. 56274 Mukim & Bebas 16,898 kaki workshopDistrict of Kelang persegi Kawasan perindustrian/Selangor bengkel

HS (D) 52561, Freehold 42,217 sq ft Commercial land – 9,104,000 – 1996PT No. 53932 Bebas 42,217 kaki Tanah komersialMukim & District of Kelang persegiSelangor

pada 31 Julai 2003

List of Major PropertiesList of Major PropertiesList of Major PropertiesList of Major PropertiesList of Major PropertiesSENARAI HARTANAH UTAMA

as at 31 July 2003


200

Notice of Annual General MeetingNotice of Annual General MeetingNotice of Annual General MeetingNotice of Annual General MeetingNotice of Annual General MeetingNOTIS MESYUARAT AGUNG TAHUNAN

NOTICE IS HEREBY GIVEN that the Twenty-Seventh AnnualGeneral Meeting of the Company will be held at the Ballroomof Kota Permai Golf & Country Club, No. 1, Jalan 31/100A,Kota Kemuning, Section 31, 40460 Shah Alam, SelangorDarul Ehsan on Wednesday, 14 January 2004 at 10.00 a.m.for the purpose of transacting the following businesses:

DENGAN INI DIMAKLUMKAN bahawa Mesyuarat Agung

Tahunan Kedua Puluh Tujuh Syarikat akan diadakan di Dewan

Besar Kota Permai Golf & Country Club, No. 1, Jalan 31/100A,

Kota Kemuning, Seksyen 31, 40460 Shah Alam, Selangor Darul

Ehsan pada hari Rabu, 14 Januari 2004 jam 10.00 pagi untuk

tujuan melaksanakan urusan-urusan berikut:

A G E N D A

1. To receive and adopt the Audited Financial Statements for the yearended 31 July 2003 and the Reports of the Directors andAuditors thereon. (Resolution 1)

2. To declare a final dividend of 9% per share less 28% income taxfor the year ended 31 July 2003. (Resolution 2)

3. To approve the payment of Directors’ fees for the year ended31 July 2003. (Resolution 3)

4. To re-elect the following Directors who retire pursuant to Article 97of the Company’s Articles of Association:

a) Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim (Resolution 4)

b) Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi (Resolution 5)

c) Y Bhg Tan Sri Ab Rahman bin Omar (Resolution 6)

d) Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim (Resolution 7)

e) Y Bhg Dato’ Haji Azmi Mat Nor (Resolution 8)

5. To re-appoint Messrs Ernst & Young, the retiring Auditors and toauthorise the Directors to fix their remuneration. (Resolution 9)

6. As Special Business:To consider and if thought fit, to pass the following resolutions withor without modifications as Ordinary Resolutions:

a) Authority to Allot and Issue Shares

“THAT pursuant to Section 132D of the Companies Act, 1965,the Directors be and are hereby empowered to allot and issueshares in the Company at any time and upon such terms andconditions and for such purposes as the Directors may, in theirabsolute discretion deem fit including but not limited to suchshares as may be issued pursuant to the Employees’ Share OptionScheme of the Company, provided that the aggregate number ofshares issued pursuant to this resolution does not exceed 10%of the issued share capital of the Company for the time beingand that the Directors be and are also empowered to obtain theapproval for the listing of and quotation for the additional sharesso issued on the Kuala Lumpur Stock Exchange and that suchauthority shall continue in force until the conclusion of the nextAnnual General Meeting of the Company.” (Resolution 10)

A G E N D A

1. Untuk menerima dan meluluskan Penyata Kewangan Yang TelahDiaudit bagi tahun berakhir 31 Julai 2003 dan Laporan para Pengarahdan Juruaudit mengenainya. (Resolusi 1)

2. Untuk mengisytiharkan dividen akhir sebanyak 9% sesahamditolak 28% cukai pendapatan bagi tahun berakhir 31 Julai 2003.

(Resolusi 2)

3. Untuk meluluskan bayaran yuran para Pengarah bagi tahun berakhir31 Julai 2003. (Resolusi 3)

4. Untuk memilih semula para Pengarah berikut yang bersara selarasdengan Artikel 97 Tataurusan Pertubuhan Syarikat:

a) Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim (Resolusi 4)

b) Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi (Resolusi 5)

c) Y Bhg Tan Sri Ab Rahman bin Omar (Resolusi 6)

d) Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim (Resolusi 7)

e) Y Bhg Dato’ Haji Azmi Mat Nor (Resolusi 8)

5. Untuk melantik semula Tetuan Ernst & Young, Juruaudit yangakan bersara dan memberi kuasa kepada para Pengarah untukmenetapkan ganjaran mereka. (Resolusi 9)

6. Sebagai Urusan Khas:Untuk mempertimbangkan dan sekiranya difikirkan wajar, meluluskanresolusi-resolusi berikut dengan atau tanpa pengubahsuaian sebagaiResolusi-resolusi Biasa:

a) Kuasa untuk Memperuntuk dan Menerbit Saham

“BAHAWA selaras dengan Seksyen 132D Akta Syarikat, 1965,para Pengarah adalah dan dengan ini diberi kuasa untukmemperuntuk dan menerbit saham dalam Syarikat pada bila-bilamasa dan menurut terma dan syarat dan untuk tujuan-tujuan yangmungkin atas budi bicara muktamad para Pengarah sesuai,termasuk tetapi tidak terhad kepada saham yang mungkinditerbitkan menurut Skim Opsyen Saham Kakitangan Syarikat,dengan syarat bahawa bilangan agregat saham yang diterbitkanmenurut resolusi ini tidak melebihi 10% daripada modal sahamterbitan Syarikat buat masa itu dan bahawa para Pengarah adalahdan dengan ini diberi kuasa untuk mendapatkan kelulusan bagipenyenaraian dan sebutharga saham tambahan yang diterbitkandi Bursa Saham Kuala Lumpur dan bahawa kuasa tersebut akanterus berkuatkuasa sehingga tamat Mesyuarat Agung TahunanSyarikat yang berikutnya.” (Resolusi 10)

201


b)Proposed Renewal of Share Buy-Back Authority

“THAT subject to the provisions of the Companies Act, 1965,the Articles of Association of the Company, the requirements ofthe Kuala Lumpur Stock Exchange (“KLSE”) and the approvalsof all relevant government and/or regulatory authorities,the Company be and is hereby authorised to purchase suchnumber of ordinary shares of RM1.00 each of the Company(“Proposed Share Buy-Back”) as may be determined by theDirectors of the Company from time to time through the KLSEupon such terms and conditions as the Directors may deem fit inthe interest of the Company provided that the aggregate numberof shares to be purchased pursuant to this resolution does notexceed ten per cent (10%) of the total issued and paid-up sharecapital for the time being of the Company and an amount notexceeding the retained profits and/or share premium of theCompany be allocated by the Company for the Proposed ShareBuy-Back AND THAT at the discretion of the Directors, upon suchpurchase by the Company of its own shares, the purchased shareswill be cancelled and/or retained as treasury shares andsubsequently be cancelled, distributed as dividends or resold onthe KLSE AND THAT the Directors be and are hereby empoweredto do all acts and things and to enter into and execute allcommitments, transactions, deeds, agreements, arrangements,undertakings, indemnities, transfers, assignments and/orguarantees as the Directors may deem fit and expedient in orderto implement, finalise and give full effect to the Proposed ShareBuy-Back with full powers to assent to any conditions,modifications, revaluations, variations and/or amendments as maybe required or imposed by any relevant authority or authoritiesand/or any amendments, variations and/or modifications in theinterest of the Company as may be approved by any relevantauthority or authorities if such approval(s) are required ANDFURTHER THAT the authority hereby given shall commenceimmediately upon the passing of this resolution and shallcontinue to be in force until the conclusion of the next AnnualGeneral Meeting (“AGM”) of the Company at which time itshall lapse, unless by ordinary resolution passed at that AGM,the authority is renewed either unconditionally or subject toconditions or the expiration of the period within which the nextAGM after that date is required by law to be held or revoked orvaried by ordinary resolution passed by the shareholders of theCompany in a general meeting, whichever occurs first, but notso as to prejudice the completion of the purchase of its ownshares by the Company before the aforesaid expiry date and,in any event, in accordance with the provisions of the ListingRequirements of the KLSE or any other relevant authorities.”

(Resolution 11)

b)Cadangan Pembaharuan Kuasa Membeli Balik Saham

“BAHAWA tertakluk kepada peruntukan Akta Syarikat, 1965,Tataurusan Pertubuhan Syarikat, keperluan Bursa Saham KualaLumpur (“BSKL”) dan kelulusan semua pihak berkuasapengawalselia dan/atau kerajaan berkenaan, Syarikat adalah dandengan ini diberi kuasa untuk membeli sejumlah saham biasaSyarikat bernilai RM1.00 sesaham (“Cadangan Pembelian BalikSaham”) sepertimana yang mungkin ditentukan oleh paraPengarah Syarikat dari semasa ke semasa menerusi BSKL,menurut terma dan syarat yang mungkin menurut para Pengarahadalah sesuai demi kepentingan Syarikat dengan syarat bahawajumlah agregat saham yang akan dibeli menurut resolusi ini tidakmelebihi sepuluh peratus (10%) daripada jumlah modal sahamterbitan dan berbayar Syarikat pada masa itu dan satu jumlah yangtidak melebihi keuntungan tersimpan dan/atau premium sahamSyarikat diperuntukkan oleh Syarikat bagi Cadangan PembelianBalik Saham DAN BAHAWA, apabila Syarikat telah membelisahamnya sendiri, saham yang dibeli akan dibatalkan dan/ataudikekalkan sebagai saham perbendaharaan dan seterusnyadibatalkan, diagihkan sebagai dividen atau dijual semula di BSKL,atas budi bicara para Pengarah DAN BAHAWA para Pengarahadalah dan dengan ini diberi kuasa untuk mengambil segalatindakan dan melakukan segala perkara dan melaksanakan semuakomitmen, urusniaga, surat ikatan, perjanjian, pengaturan,perlaksanaan, indemniti, pemindahan, penyerahan hak dan/ataujaminan yang dianggap sesuai dan wajar oleh para Pengarahuntuk melaksanakan, menyempurnakan dan memberi kesansepenuhnya kepada Cadangan Pembelian Balik Saham, dengankuasa penuh untuk menyetujui mana-mana syarat, pengubahsuaian,penilaian semula, perubahan dan/atau pindaan yang mungkindiperlukan atau dikenakan oleh mana-mana pihak berkuasa dan/atau mana-mana pindaan, perubahan dan/atau pengubahsuaiandemi kepentingan Syarikat yang mungkin diluluskan oleh mana-mana pihak berkuasa yang berkenaan sekiranya kelulusantersebut diperlukan DAN BAHAWA SETERUSNYA kuasa yangdiberikan ini akan berkuatkuasa sebaik sahaja resolusi inidiluluskan dan akan terus berkuatkuasa sehingga tamatnyaMesyuarat Agung Tahunan (“MAT”) Syarikat yang berikutnya,di mana ia akan luput, melainkan kuasa tersebut diperbaharuimenerusi resolusi yang diluluskan di MAT berkenaan, tanpasyarat atau bersyarat atau pada tamat tempoh di mana MATyang berikutnya harus diadakan mengikut undang-undang ataudimansuhkan atau diubah menerusi resolusi biasa yang diluluskanoleh para pemegang saham Syarikat di mesyuarat agung, yangmana berlaku terlebih dahulu, tetapi ia tidak menjejaskanpenyelesaian pembelian saham sendiri oleh Syarikat sebelumtarikh luput yang dinyatakan di atas, dan walau apa pun yangberlaku, selaras dengan peruntukan Keperluan Penyenaraian BSKLatau mana-mana pihak berkuasa yang berkenaan.” (Resolusi 11)


202

c) Proposed Renewal of Shareholders’ Mandate for Recurrent

Related Party Transaction with Lingkaran Trans Kota Sdn Bhd

“THAT approval be and is hereby given for the renewal ofShareholders’ Mandate for the Company and its subsidiaries(the “Gamuda Group”) to enter into recurrent related partytransaction of a revenue or trading nature which is necessary forthe Gamuda Group’s day-to-day operations with Lingkaran TransKota Sdn Bhd as detailed in Section 3.2 of the Circular toShareholders of the Company dated 15 December 2003 subjectto the following:

i) the transaction is carried out in the ordinary course of businessand on normal commercial terms which are not more favourableto the related parties than those generally available to the publicand are not to the detriment of the minority shareholders ofthe Company; and

ii) disclosure is made in the annual report of the aggregate valueof transactions conducted pursuant to the Shareholders’Mandate during the financial year based on the followinginformation:

• the type of the recurrent related party transactions made;and

• the names of the related parties involved in each type of therecurrent related party transactions made and theirrelationship with the Company,

and any other arrangements and/or transactions as areincidental thereto;

AND THAT authority conferred by this resolution will commenceimmediately upon the passing of this Ordinary Resolution until:

i) the conclusion of the next Annual General Meeting (“AGM”)of the Company, at which time it will lapse, unless by aresolution passed at the said AGM, the authority is renewed;or

ii) the expiration of the period within which the next AGM of theCompany is required to be held pursuant to Section 143(1) ofthe Companies Act, 1965 (the “Act”) but shall not extend tosuch extension as may be allowed pursuant to Section 143(2)of the Act; or

iii) revoked or varied by resolution passed by the shareholders ina general meeting;

whichever is the earlier;

AND THAT the Directors of the Company be empowered tocomplete and do all such acts and things as they may considerexpedient or necessary to give effect to the Proposed Renewalof Shareholders’ Mandate and transactions contemplated and/orauthorised by this Ordinary Resolution.” (Resolution 12)

7. To transact any other business for which due notice shall havebeen given.

c) Cadangan Pembaharuan Mandat Para Pemegang Saham bagi

Urusniaga Pihak Berkaitan Yang Berulangan dengan

Lingkaran Trans Kota Sdn Bhd

“BAHAWA kelulusan adalah dan dengan ini diberikan untukmemperbaharui Mandat Para Pemegang Saham bagi Syarikat dansubsidiari-subsidiarinya (“Kumpulan Gamuda”) untuk melaksanakanurusniaga pihak berkaitan berbentuk hasil atau perdagangan yangperlu untuk operasi harian Kumpulan Gamuda, dengan LingkaranTrans Kota Sdn Bhd sepertimana yang dihuraikan dalam Seksyen3.2 Pekeliling kepada Pemegang Saham Syarikat bertarikh15 Disember 2003, tertakluk kepada yang berikut:

i) urusniaga tersebut dijalankan dalam urusan perniagaan biasasyarikat dan mengikut terma komersial biasa yang tidakmemihak kepada pihak-pihak berkaitan berbanding denganterma yang diberikan kepada umum dan tidak menjejaskankepentingan para pemegang saham minoriti Syarikat; dan

ii) pendedahan adalah dibuat dalam laporan tahunan tentang nilaiagregat urusniaga yang dijalankan menurut Mandat ParaPemegang Saham pada tahun kewangan berasaskan maklumatyang berikut:

• jenis urusniaga pihak berkaitan berulangan yang dilaksanakan;dan

• nama pihak-pihak berkaitan yang terbabit dalam setiap jenisurusniaga pihak berkaitan yang berulangan yang dilaksanakanserta perhubungan mereka dengan Syarikat,

dan mana-mana pengaturan dan/atau urusniaga yang kebetulanberkaitan dengannya;

DAN BAHAWA kuasa yang diberikan oleh resolusi ini akanberkuatkuasa sebaik sahaja Resolusi Biasa ini diluluskan sehingga:

i) tamat Mesyuarat Agung Tahunan (“MAT”) Syarikat yangberikutnya, pada masa yang mana ia akan luput, melainkankuasa tersebut diperbaharui menerusi resolusi yang diluluskandi MAT berkenaan; atau

ii) pada tamatnya tempoh di mana MAT syarikat yang berikutnyaharus diadakan menurut Seksyen 143(1) Akta Syarikat, 1965(“Akta”) tetapi tidak boleh dilanjutkan sehingga tempoh lanjutanyang mungkin dibenarkan di bawah Seksyen 143(2) Akta; atau

iii) dibatalkan atau diubah menerusi resolusi yang diluluskan olehpara pemegang saham di mesyuarat agung;

yang mana lebih awal;

DAN BAHAWA para Pengarah Syarikat adalah diberi kuasa untukmenyempurnakan dan melakukan segala tindakan dan perkarayang mungkin dianggap mereka wajar atau perlu untuk memberikesan kepada Cadangan Pembaharuan Mandat Para PemegangSaham dan urusniaga yang dipertimbangkan dan/atau dibenarkanoleh Resolusi Biasa ini.” (Resolusi 12)

7. Untuk melaksanakan sebarang urusan lain yang mana notissewajarnya telah diberikan.

Notice of Annual General Meeting

NOTIS MESYUARAT AGUNG TAHUNAN

203


N O T I C E O F D I V I D E N D E N T I T L E M E N T A N D P AY M E N T

NOTICE IS ALSO HEREBY GIVEN that a final dividend of 9% less incometax at 28% per RM1.00 ordinary share for the year ended 31 July 2003,if approved at the Twenty-Seventh Annual General Meeting will be paidon 28 January 2004 to depositors registered in the Record of Depositorson 15 January 2004.

A Depositor shall qualify for entitlement only in respect of:

a) Shares transferred into the Depositor’s Securities Account before4.00 p.m. on 15 January 2004, in respect of ordinary transfers; and

b) Shares bought on the Kuala Lumpur Stock Exchange on a cumentitlement basis according to the Rules of the Kuala LumpurStock Exchange.

By Order of the Board

Lim Soo Lye

Tee Yew Chin

Company Secretaries

Petaling Jaya15 December 2003

N O T E S :

1. Appointment of Proxy(ies)

a) A member of the Company who is entitled to attend and vote at this meeting isentitled to appoint a proxy or not more than two (2) proxies to attend and vote inhis stead. A proxy need not be a member of the Company.

b) Where a member appoints two (2) proxies, the appointments shall be invalid unlesshe specifies the proportions of his holdings to be represented by each proxy.

c) Where a member is an authorised nominee as defined under the Securities Industry(Central Depositories) Act, 1991, it may appoint at least one (1) proxy in respect ofeach securities account it holds with ordinary shares of the Company standing tothe credit of the said securities account.

d) If no name is inserted in the space provided for the name of your proxy, theChairman of the meeting will act as your proxy.

e) In the case of a corporate member, the Form of Proxy shall be under its CommonSeal or under the hand of its attorney.

f) The Form of Proxy must be deposited at the Company’s Registered Office situatedat No. 78, Jalan SS22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor DarulEhsan, Malaysia, not less than forty-eight (48) hours before the time fixed forholding the meeting or at any adjournment thereof.

2. Explanatory Notes on Special Business

a) Resolution 10

The proposed Resolution 10 if passed, will empower the Directors to issue sharesof the Company up to a maximum of 10% of the issued share capital of theCompany for the time being for such purposes as the Directors consider wouldbe in the interest of the Company. This authority, unless revoked or varied at ageneral meeting will expire at the conclusion of the next Annual General Meetingof the Company. The rationale for this resolution is to save cost and time forconvening a general meeting.

b) Resolution 11 and 12

Please refer to the Circular dated 15 December 2003.

N O T I S K E L AY A K A N D A N P E M B A YA R A N D I V I D E N

ADALAH DENGAN INI JUGA DIMAKLUMKAN bahawa dividen akhirsebanyak 9% ditolak 28% cukai pendapatan bagi setiap saham biasabernilai RM1.00 sesaham bagi tahun berakhir 31 Julai 2003, sekiranyadiluluskan di Mesyuarat Agung Tahunan Kedua Puluh Tujuh akan dibayarpada 28 Januari 2004 kepada para pendeposit yang berdaftar dalamRekod Pendeposit pada 15 Januari 2004.

Seseorang Pendeposit akan berhak untuk kelayakan hanya berkenaan:

a) Saham yang dipindahmilik dalam Akaun Sekuriti Pendeposit sebelumjam 4.00 petang pada 15 Januari 2004 bagi pindahmilik biasa; dan

b) Saham yang dibeli di Bursa Saham Kuala Lumpur atas dasar bersamakelayakan menurut Peraturan Bursa Saham Kuala Lumpur.

Dengan Perintah Lembaga Pengarah

Lim Soo Lye

Tee Yew Chin

Setiausaha-setiausaha Syarikat

Petaling Jaya15 Disember 2003

N O TA - N O TA :

1. Perlantikan Proksi (Proksi-Proksi)

a) Ahli Syarikat yang layak hadir dan mengundi di mesyuarat ini adalah layak untukmelantik seorang proksi atau tidak lebih daripada dua (2) proksi untuk hadir danmengundi bagi pihaknya. Proksi tidak semestinya ahli syarikat.

b) Apabila seseorang ahli melantik dua (2) proksi, perlantikan tersebut akan menjaditidak sah melainkan beliau menyatakan nisbah pegangan yang akan diwakili olehsetiap proksi.

c) Di mana ahli ialah nomini dibenarkan seperti yang ditakrifkan di bawah AktaPerindustrian Sekuriti (Depositori Pusat) 1991, ia boleh melantik sekurang-kurangnya satu (1) proksi bagi setiap akaun sekuriti yang dipegang yang masihmempunyai kredit saham biasa Syarikat.

d) Sekiranya tiada nama diisi dalam ruang yang disediakan untuk nama proksi,Pengerusi Syarikat akan bertindak sebagai proksi anda.

e) Sekiranya anda ahli korporat, Borang Proksi hendaklah dimeterai atau ditandatanganioleh peguam yang diberi kuasa.

f) Borang Proksi ini mesti diserahkan ke Pejabat Berdaftar Syarikat di No. 78, JalanSS22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia,tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkan untukmengadakan mesyuarat atau pada sebarang penangguhannya.

2. Nota-nota Penjelasan mengenai Urusan Khas

a) Resolusi 10

Resolusi 10 yang dicadangkan, jika diluluskan, akan memberi kuasa kepada paraPengarah untuk menerbit saham Syarikat sehingga maksimum10% daripada modalsaham terbitan Syarikat buat masa itu untuk tujuan tertentu sepertimana yangdifikirkan oleh para Pengarah sebagai demi kepentingan Syarikat. Kuasa ini, melainkandimansuhkan atau diubah di mesyuarat agung akan tamat pada penamatanMesyuarat Agung Tahunan Syarikat yang berikutnya. Rasional bagi resolusi iniadalah untuk menjimatkan kos dan masa bagi menganjurkan mesyuarat agung.

b) Resolusi 11 dan 12

Sila rujuk kepada Pekeliling bertarikh 15 Disember 2003.


204

Statement Accompanying Notice of Annual General Meeting (AGM)Statement Accompanying Notice of Annual General Meeting (AGM)Statement Accompanying Notice of Annual General Meeting (AGM)Statement Accompanying Notice of Annual General Meeting (AGM)Statement Accompanying Notice of Annual General Meeting (AGM)PENYATA BERSERTA NOTIS MESYUARAT AGUNG TAHUNAN

1. Twenty-Seventh AGM of Gamuda Berhad

Place : Ballroom of Kota Permai Golf & Country Club

No. 1, Jalan 31/100A

Kota Kemuning, Section 31

40460 Shah Alam

Selangor Darul Ehsan

Malaysia

Date : Wednesday, 14 January 2004

Time : 10.00 a.m.

2. Directors Standing for Re-election at the Twenty-Seventh AGM

a) Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim

b) Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi

c) Y Bhg Tan Sri Ab Rahman bin Omar

d) Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim

e) Y Bhg Dato’ Haji Azmi Mat Nor

The profile and Board meetings attendance of the above Directors

are presented in the Profile of Directors on page 10 to page 19 and

their securities holdings in the Group are presented in the Statement

of Directors’ Interests on page 53.

3. Attendance of Directors at Board Meetings

Four (4) Board meetings were held during the financial year

ended 31 July 2003. The attendance of the Directors at the Board

meetings is presented in the Statement of Corporate Governance

on page 39.

1. Mesyuarat Agung Tahunan Gamuda Berhad Yang Kedua

Puluh Tujuh

Tempat : Dewan Besar Kota Permai Golf & Country Club

No. 1, Jalan 31/100A

Kota Kemuning, Seksyen 31

40460 Shah Alam

Selangor Darul Ehsan

Malaysia

Tarikh : Rabu, 14 Januari 2004

Waktu : 10.00 pagi

2. Pengarah-Pengarah Yang Menawarkan Diri Untuk Dipilih

Semula di Mesyuarat Agung Tahunan Kedua Puluh Tujuh

a) Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim

b) Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi

c) Y Bhg Tan Sri Ab Rahman bin Omar

d) Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim

e) Y Bhg Dato’ Haji Azmi Mat Nor

Profil dan kehadiran para Pengarah di atas di mesyuarat Lembaga

Pengarah dibentangkan dalam Profil Para Pengarah di muka surat

10 hingga 19 dan pegangan sekuriti mereka dalam Kumpulan

dibentangkan dalam Penyata Kepentingan Para Pengarah di muka

surat 53.

3. Kehadiran Para Pengarah di Mesyuarat Lembaga Pengarah

Sebanyak empat (4) mesyuarat Lembaga Pengarah telah diadakan

pada tahun kewangan berakhir 31 Julai 2003. Kehadiran para

Pengarah di mesyuarat Lembaga Pengarah dibentangkan dalam

Penyata Tadbir Urus Korporat di muka surat 39.

I/We(FULL NAME IN CAPITALS)

of(ADDRESS)

being a member/members of GAMUDA BERHAD, hereby appoint(FULL NAME)

of(ADDRESS)

or failing him/her,(FULL NAME)

of(ADDRESS)

or failing him/her, the Chairman of the Meeting as my/our *first proxy to attend and vote for me/us on my/our behalf at the Annual General Meetingof the Company to be held at the Ballroom of Kota Permai Golf & Country Club, No.1, Jalan 31/100A, Kota Kemuning, Section 31, 40460 ShahAlam, Selangor Darul Ehsan, Malaysia on Wednesday, 14 January 2004 at 10.00 a.m., and at any adjournment thereof.

Where it is desired to appoint a second proxy, this section must also be completed. Otherwise it should be deleted.

I/We(FULL NAME IN CAPITALS)

of(ADDRESS)

being a member/members of GAMUDA BERHAD, hereby appoint(FULL NAME)

of(ADDRESS)

or failing him/her,(FULL NAME)

of(ADDRESS)

or failing him/her, the Chairman of the Meeting as my/our *second proxy to attend and vote for me/us on my/our behalf at the Annual GeneralMeeting of the Company to be held at the Ballroom of Kota Permai Golf & Country Club, No.1, Jalan 31/100A, Kota Kemuning, Section 31, 40460Shah Alam, Selangor Darul Ehsan, Malaysia on Wednesday, 14 January 2004 at 10.00 a.m., and at any adjournment thereof.

The proportions of my/our holding to be represented by my/our proxies are as follows:-First Proxy A %Second Proxy B %

100 %

In case of a vote by a show of hands, *First Proxy A/*Second Proxy B shall vote on my/our behalf.

My/our proxy shall vote as follows:-(Please indicate with an “X” or “√” in the space provided below how you wish your votes to be cast on the resolutions specified in the Notice ofAnnual General Meeting. If you do not do so, the proxy/proxies will vote or abstain from voting on the resolutions as he/they may think fit.)

First Proxy A Second Proxy B

No. Resolution For Against For Against

1. Adoption of Audited Financial Statements and Reports for the year ended31 July 2003

2. Declaration of a final dividend

3. Approval of Directors’ fees

4. Re-election of Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim as Director

5. Re-election of Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi as Director

6. Re-election of Y Bhg Tan Sri Ab Rahman bin Omar as Director

7. Re-election of Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim as Director

8. Re-election of Y Bhg Dato’ Haji Azmi Mat Nor as Director

9. Re-appointment of Auditors

10. Authority to Directors to allot and issue shares

11. Proposed renewal of share buy-back authority

12. Proposed renewal of shareholders’ mandate for recurrent related partytransaction with Lingkaran Trans Kota Sdn Bhd

Signed this day of 2003/2004

Signature of Member and/or Common Seal


(Incorporated in Malaysia)

Form of ProxyForm of ProxyForm of ProxyForm of ProxyForm of Proxy

A

B

Number of shares held CDS account no.

* Delete if inapplicable

N O T E S : -

1. A member of the Company who is entitled to attend and vote at this meeting is entitled to appoint a proxy or not more than two (2) proxies to attend and vote in hisstead. A proxy need not be a member of the Company.

2. Where a member appoints two (2) proxies, the appointment shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.

3. Where a member is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991, it may appoint at least one (1) proxy in respectof each securities account it holds with ordinary shares of the Company standing to the credit of the said securities account.

4. If no name is inserted in the space provided for the name of your proxy, the Chairman of the meeting will act as your proxy.

5. In the case of a corporate member, the Form of Proxy shall be under its Common Seal or under the hand of its attorney.

6. This Form of Proxy must be deposited at the Company’s Registered Office situated at No. 78, Jalan SS22/21, Damansara Jaya, 47400 Petaling Jaya,Selangor Darul Ehsan, Malaysia, not less than forty-eight (48) hours before the time fixed for holding the meeting or at any adjournment thereof.

Registered OfficeGamuda Berhad

No. 78, Jalan SS22/21Damansara Jaya47400 Petaling JayaSelangor Darul EhsanMalaysia

STAMP

FOLD HERE

FOLD HERE

Saya/Kami(NAMA PENUH DALAM HURUF BESAR)

beralamat(ALAMAT)

sebagai ahli/ahli-ahli GAMUDA BERHAD, dengan ini melantik(NAMA PENUH)

beralamat(ALAMAT)

atau jika beliau tidak hadir,(NAMA PENUH)

beralamat(ALAMAT)

atau jika beliau tidak hadir, Pengerusi Mesyuarat sebagai proksi pertama* saya/kami untuk menghadiri dan mengundi untuk saya/kami bagi pihaksaya/kami di Mesyuarat Agung Tahunan Syarikat yang akan diadakan di Dewan Besar, Kota Permai Golf & Country Club, No.1, Jalan 31/100A,Kota Kemuning, Seksyen 31, 40460 Shah Alam, Selangor Darul Ehsan, Malaysia pada hari Rabu, 14 Januari 2004 pada jam 10.00 pagi, dandi sebarang penangguhannya.

Bahagian ini hendaklah diisi sekiranya anda ingin melantik proksi kedua. Jika tidak bahagian ini hendaklah dibatalkan.

Saya/Kami(NAMA PENUH DALAM HURUF BESAR)

beralamat(ALAMAT)

sebagai ahli/ahli-ahli GAMUDA BERHAD, dengan ini melantik(NAMA PENUH)

beralamat(ALAMAT)

atau jika beliau tidak hadir,(NAMA PENUH)

beralamat(ALAMAT)

atau jika beliau tidak hadir, Pengerusi Mesyuarat sebagai proksi kedua* saya/kami untuk menghadiri dan mengundi untuk saya/kami bagi pihaksaya/kami di Mesyuarat Agung Tahunan Syarikat yang akan diadakan di Dewan Besar, Kota Permai Golf & Country Club, No.1, Jalan 31/100A,Kota Kemuning, Seksyen 31, 40460 Shah Alam, Selangor Darul Ehsan, Malaysia pada hari Rabu, 14 Januari 2004 pada jam 10.00 pagi, dandi sebarang penangguhannya.

Nisbah pegangan saya/kami yang akan diwakili oleh proksi saya/kami adalah seperti berikut:-Proksi Pertama A %Proksi Kedua B %

100 %

Sekiranya pengundian dibuat secara mengangkat tangan, *Proksi Pertama A/*Proksi Kedua B akan mengundi bagi pihak saya/kami.

Proksi saya/kami akan mengundi seperti berikut:-(Sila tandakan dengan “X” atau “√” dalam ruang yang disediakan di bawah bagaimana undian anda ingin dilakukan mengenai resolusi-resolusiyang dinyatakan dalam Notis Mesyuarat Agung Tahunan. Sekiranya anda tidak berbuat demikian, proksi/proksi-proksi akan mengundi ataumengecualikan diri daripada mengundi mengenai resolusi-resolusi tersebut mengikut budi bicara mereka.)

Proksi Pertama A Proksi Kedua B

No. Resolusi Menyokong Menentang Menyokong Menentang

1. Menerima Penyata Kewangan Teraudit dan Laporan-laporan bagi tahun kewanganberakhir 31 Julai 2003

2. Mengisytiharkan dividen akhir

3. Meluluskan yuran Pengarah

4. Memilih semula Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim sebagai Pengarah

5. Memilih semula Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi sebagai Pengarah

6. Memilih semula Y Bhg Tan Sri Ab Rahman bin Omar sebagai Pengarah

7. Memilih semula of Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim sebagai Pengarah

8. Memilih semula Y Bhg Dato’ Haji Azmi Mat Nor sebagai Pengarah

9. Melantik semula Juruaudit

10. Memberi kuasa kepada para Pengarah untuk memperuntuk dan menerbit saham

11. Mencadangkan pembaharuan kuasa membeli balik saham

12. Mencadangkan pembaharuan mandat para pemegang saham bagi urusniagapihak berkaitan yang berulangan dengan Lingkaran Trans Kota Sdn Bhd

Ditandatangani pada haribulan 2003/2004

Tandatangan dan/atau Meterai Rasmi Ahli


(Diperbadankan di Malaysia)

Borang ProksiBorang ProksiBorang ProksiBorang ProksiBorang Proksi

A

Bilangan saham dipegang

B

No. akaun CDS

* Potong jika tidak berkenaan

N O TA - N O TA : -

1. Ahli Syarikat yang layak hadir dan mengundi di mesyuarat ini adalah layak untuk melantik seorang proksi atau tidak melebihi dua (2) proksi untuk hadir dan mengundibagi pihaknya. Proksi tidak semestinya ahli syarikat.

2. Apabila seseorang ahli melantik dua (2) proksi, perlantikan tersebut akan menjadi tidak sah melainkan beliau menyatakan nisbah pegangan yang akan diwakili olehsetiap proksi.

3. Di mana ahli ialah nomini dibenarkan seperti yang ditakrifkan di bawah Akta Perindustrian Sekuriti (Depositori Pusat) 1991, ia boleh melantik sekurang-kurangnyasatu (1) proksi bagi setiap akaun sekuriti yang dipegangnya yang masih mempunyai kredit saham biasa Syarikat.

4. Sekiranya tiada nama diisi dalam ruang yang disediakan untuk nama proksi, Pengerusi Syarikat akan bertindak sebagai proksi anda.

5. Sekiranya anda ahli korporat, Borang Proksi hendaklah dimeterai atau ditandatangani oleh peguam yang diberi kuasa.

6. Borang Proksi ini mesti diserahkan ke Pejabat Berdaftar Syarikat di No. 78, Jalan SS22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia,tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkan untuk mengadakan mesyuarat atau pada sebarang penangguhannya.

Pejabat BerdaftarGamuda Berhad

No. 78, Jalan SS22/21Damansara Jaya47400 Petaling JayaSelangor Darul EhsanMalaysia

SETEM

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