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Isi Kandungan Penyata KewanganContents of Financial Statements

Laporan Para Pengarah Bagi 77 - 82Tahun Berakhir 30 Jun 2004

Penyata Para Pengarah Berdasarkan 83Kepada Seksyen 169(15)Akta Syarikat, 1965

Pengisytiharan Berdasarkan Kepada 84Seksyen 169(16) Akta Syarikat, 1965

Laporan Juruaudit Kepada Para Ahli 85 - 86Syarikat Takaful Malaysia Berhad

Laporan Majlis Pengawasan Shariah 87

Kunci Kira-Kira Disatukan 88 - 89Pada 30 Jun 2004

Penyata Pendapatan Disatukan 90Bagi Tahun Berakhir 30 Jun 2004

Penyata Perubahan Ekuiti Disatukan 91Bagi Tahun Berakhir 30 Jun 2004

Penyata Aliran Tunai Disatukan 92 - 93Bagi Tahun Berakhir 30 Jun 2004

Kunci Kira-Kira Pada 30 Jun 2004 94 - 95

Penyata Pendapatan 96Bagi Tahun Berakhir 30 Jun 2004

Penyata Perubahan Ekuiti 97Bagi Tahun Berakhir 30 Jun 2004

Penyata Aliran Tunai 98 - 99Bagi Tahun Berakhir 30 Jun 2004

Nota-Nota Kepada Penyata Kewangan 100 - 142

Penyata Pendapatan Terperinci 143Bagi Tahun Berakhir 30 Jun 2004

Akaun Hasil Takaful Keluarga 144 - 145Bagi Tahun Berakhir 30 Jun 2004

Akaun Hasil Takaful Am 146 - 147Bagi Tahun Berakhir 30 Jun 2004

Akaun Hasil Takaful Semula Am 148Bagi Tahun Berakhir 30 Jun 2004

Akaun Hasil Takaful Keluarga 149 - 150Berkelompok Bagi TahunBerakhir 30 Jun 2004

Directors' Report For The Financial 151 - 156Year Ended 30 June 2004

Statement by Directors Pursuant to 157Section 169(15) of theCompanies Act, 1965

Statutory Declaration Pursuant to 158Section 169(16) of the Companies Act, 1965

Report Of The Auditors To The Members 159 - 160Of Syarikat Takaful Malaysia Berhad

Report Of The Shariah Supervisory Council 161

Consolidated Balance Sheet 162 - 163As At 30 June 2004

Consolidated Income Statement 164For The Year Ended 30 June 2004

Consolidated Statement Of Changes 165In Equity For The Year Ended 30 June 2004

Consolidated Cash Flow Statement 166 - 167For The Year Ended 30 June 2004

Balance Sheet As At 30 June 2004 168 - 169

Income Statement For The Year 170Ended 30 June 2004

Statement Of Changes In Equity 171For The Year Ended 30 June 2004

Cash Flow Statement 172 - 173For The Year Ended 30 June 2004

Notes To The Financial Statements 174 - 216

Detailed Income Statement 217For The Year Ended 30 June 2004

Family Takaful Revenue Account 218 - 219For The Year Ended 30 June 2004

General Takaful Revenue Account 220 - 221For The Year Ended 30 June 2004

General Inward Retakaful Revenue Account 222For The Year Ended 30 June 2004

Group Family Takaful Revenue Account 223 - 224For The Year Ended 30 June 2004

Syarikat Takaful Malaysia Berhad (Company No. 131646-K) (Incorporated in Malaysia) and its subsidiaries

Takaful Malaysia 2004 | 151

Directors' Report For The Financial Year Ended30 June 2004

The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Companyfor the financial year ended 30 June 2004.

Principal activities

The principal activities of the Company consist of managing family and general takaful businesses, whilst the principalactivities of the subsidiaries are as stated in Note 3 to the financial statements. There has been no significant change in thenature of these activities during the financial year.

ResultsGroup Company

RM RM

Net profit for the year 24,064,244 23,011,628

Reserves and provisions

There were no material transfers to or from reserves and provisions during the financial year under review.

Dividend

Since the end of the previous financial year, the Company paid a final dividend of 4.5% less tax totalling RM4,633,200 basedon the issued and paid-up capital of 143,000,000 in respect of the year ended 30 June 2003 on 29 December 2003.

The final dividend recommended by the Directors in respect of the year ended 30 June 2004 is 6% less tax totallingRM6,177,600 based on the issued and paid-up capital of 143,000,000.

Directors of the Company

Directors who served since the date of the last report are:-

Dato Mohd Yusoff Haji NasirDato Ahmad Tajudin Abdul RahmanDato Tengku Hassan Tengku OmarHaji Taib RasakDato Fadzil YusoffDato Mohd Fadzli YusofDato Wan Abdul Wahid Wan HassanDato Ahmad Maher Abdul Manan

In accordance with Section 62 of the Company's Articles of Association, Dato' Ahmad Tajudin Abdul Rahman, Dato TengkuHassan Tengku Omar and Dato' Mohd Fadzli Yusof retire at the forthcoming Annual General Meeting and, beingeligible, offer themselves for re-election.

Takaful Malaysia 2004 | 152

Syarikat Takaful Malaysia Berhad (Company No. 131646-K) (Incorporated in Malaysia) and its subsidiaries

Directors' interests

The holdings in the ordinary shares of the Company and of its related corporations of those who were Directors at financialyear end as recorded in the Register of Directors' Shareholdings are as follows:

Number of ordinary sharesAt At

1.7.2003 Bought Sold 30.6.2004

Syarikat Takaful Malaysia Berhad

Dato' Ahmad Tajudin Abdul Rahman 10,000 16,000 - 26,000Dato' Mohd Fadzli Yusof 8,000 12,800 - 20,800

BIMB Holdings Berhad

Dato' Ahmad Tajudin Abdul Rahman 391,272 - - 391,272Dato' Fadzil Yusoff 193,700 - - 193,700Dato' Mohd Fadzli Yusof 21,000 - - 21,000

Number of options over ordinary shares of RM1.00 each Option At Atprice 1.7.2003 Granted Excercised 30.6.2004RM

Syarikat Takaful Malaysia Berhad

Dato' Mohd Fadzli Yusof 1.20 - 200,000 - 200,000

BIMB Holdings Berhad

Dato' Ahmad Tajudin Abdul Rahman 2.13 500,000 - - 500,000Dato' Fadzil Yusoff 2.13 410,000 - - 410,000

None of the other Directors holding office at 30 June 2004 had any interest in the ordinary shares of the Company and of itsrelated corporations during the financial year.

Directors' benefits

Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive anybenefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by Directorsas shown in the financial statements) by reason of a contract made by the Company or a related company with the Directoror with a firm of which the Director is a member, or with a company in which the Director has a substantial financial interest.

There were no arrangements during and at the end of the financial year which had the object of enabling Directors of theCompany to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other bodycorporate apart from the Company's and holding company's Employees' Share Option Scheme.

Directors' Report For The Financial Year Ended30 June 2004

Syarikat Takaful Malaysia Berhad (Company No. 131646-K) (Incorporated in Malaysia) and its subsidiaries

Takaful Malaysia 2004 | 153

Issue of shares

During the financial year, the Company issued 11,000,000 ordinary shares of RM1.00 each as bonus issue and 77,000,000ordinary shares of RM1.00 each at par for cash.

There were no other changes in the issued and paid-up capital of the Company during the financial year.

Options granted over unissued shares

No options were granted to any person to take up unissued shares of the Company during the year, apart from the issue ofoptions pursuant to the Company and holding company Employees' Share Option Scheme.

At an extraordinary general meeting held on 28 June 2003, the Company's shareholders approved the establishment of anemployees' share option scheme ("ESOS") of not more than 10% of the issued share capital of the Company to eligibleDirectors and employees of the Group, save for companies which are dormant and which are not incorporated in Malaysia.

The options offered to take up unissued ordinary shares of RM1.00 each and the option prices are as follows:

Number of options over ordinary shares of RM1 eachDate of Option Balance at Balance at

offer Price 1.7.2003 Granted Exercised 30.6.2004

31.10.2003 RM1.20 - 13,563,000 - 13,563,000

The external auditors have verified the allocation of options granted during the financial year.

The salient features of the scheme are as follows:

i) Eligible employees are those who have been confirmed in writing as employees of the Group (save for any subsidiarieswhich are dormant and which are not incorporated in Malaysia) for at least one year prior to the date of the offer.

ii) The option is personal to the grantee and is non-assignable.

iii) The option price shall be determined by the average of the middle market quotation of the Company's ordinary sharesas shown in the daily official list issued by the Bursa Malaysia for the five trading days preceding the respective dates ofthe offer in writing to the grantee or at the par value of the ordinary shares of the Company, whichever is higher.

iv) The options granted may be exercised at any time within a period of five years from the date of offer of the option or suchshorter period as may be specifically stated in the offer upon giving notice in writing.

v) The options granted may be exercised in full or in lesser number of ordinary shares provided that the number shall notbe less than 1,000 new shares and not more than ten per cent (10%) of the shares available under the scheme.

Directors' Report For The Financial Year Ended30 June 2004

Takaful Malaysia 2004 | 154

Syarikat Takaful Malaysia Berhad (Company No. 131646-K) (Incorporated in Malaysia) and its sub

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