laporan tahunan jcorp 2003 2003.pdf · pengarah bahagian hartanah (epa management sdn berhad)...

Kandungan

2. Lembaga Pengarah

4. Jawatankuasa Tertinggi Pengurusan Kumpulan (TERAJU)

5. Jawatankuasa Eksekutif (EXCO)

6. Jawatankuasa Kewangan dan Modal (KEMUDI)

7. Jawatankuasa Induk Perjawatan

8. Jawatankuasa Perancangan Strategik

9. Jawatankuasa Pengawasan Pelaburan (JAWS)

10. Jawatankuasa Penilaian, Pertukaran dan Pelupusan Aset

11. Penyata Korporat

45. Skim Belian Balik Bersyarat Amanah Saham Johor dan Dana Johor

63. Laporan Kewangan

Contents

2. Board Of Directors

4. Group Top Management Committee (TERAJU)

5. Executive Committee (EXCO)

6. Finance And Investments Committee (KEMUDI)

7. Group Human Resource Committee

8. Strategic Planning Committee

9. Investments Review Committee (JAWS)

10. Aset Swapping, Valuation and Disposal Committee

11. Corporate Statement

45. Conditional Redemption Scheme forAmanah Saham Johor and Dana Johor

161. Financial Report

2 LaporanT ahunan2003

Pengerusi / Chairman

YAB Dato' Haji Abdul Ghani Bin OthmanMenteri Besar Johor / Chief Minister of Johor

Ketua Eksekutif Kumpulan / Group Chief ExecutiveYBhg Tan Sri Dato' Muhammad Ali Hashim

Ahli-Ahli Lembaga Pengarah / Board Members

YBhg Tan Sri Dato' Abdullah Bin AyubAhli Perniagaan / Businessman

YB Dato' Haji Mohd Razali Bin MahusinSetiausaha Kerajaan Negeri Johor / State Secretary of Johor

YB Encik Yaacob Bin Md SamPenasihat Undang-Undang Negeri Johor / State Legal Advisor, Johor(Dilantik pada 1 Jun 2003 / Appointed on 1 June 2003)

YB Dato' Haji Ishak Bin Haji AminPegawai Kewangan Negeri Johor / State Financial Officer, Johor

YBhg Tan Sri Datuk Abdul Razak Bin Haji RamliKetua Setiausaha, Kementerian Perdagangan Antarabangsa & Industri /Secretary General, Ministry of International Trade & Industry

YAB Dato' Haji Abdul Ghani Bin Othman

YBhg Tan Sri Dato' Muhammad Ali Hashim YBhg Tan Sri Dato' Abdullah Bin Ayub

YBhg Datuk Zakiah Binti Hashim

3LaporanT ahunan2003

YBhg Datuk Zakiah Binti HashimKetua Setiausaha Kementerian Pembangunan Usahawan & Koperasi /Secretary General, Ministry of Entrepreneur Development & Cooperatives

Encik Hasan Bin IsmailTimbalan Setiausaha Bahagian Pengurusan Pinjaman& Dasar Kewangan, Kementerian Kewangan Malaysia /Deputy Secretary of Loan Management& Finance Policy Division, Ministry of Finance

YB Dato' Ahmad Bin AbdullahAhli Perniagaan / Businessman

YB Senator Datuk Dr Haris Bin SallehAhli Perniagaan / Businessman(DUN Sungai Abong)

Setiausaha / Secretary

Puan Satira Binti Omar

Nota / Notes :-

YBhg Cik Umi Kalthum Binti Abdul Majid(Bersara mulai daripada 31 Mei 2003 / Retired with effect from 31 May 2003)

YB Dato' Haji Mohd Razali Bin Mahusin YB Encik Yaacob Bin Md Sam YB Dato' Haji Ishak Bin Amin YBhg Tan Sri Datuk Abdul RazakBin Haji Ramli

Encik Hasan Bin Ismail YB Dato' Ahmad Bin Abdullah YB Senator Datuk Dr Haris Bin Salleh Puan Satira Binti Omar


Jawatankuasa Tertinggi Pengurusan Kumpulan (TERAJU)

Group Top Management Committee


YBhg Tan Sri Dato' Muhammad Ali HashimKetua Eksekutif / Chief Executive

Ahli-Ahli / Members

YB Datin Paduka Siti Sa'diah Binti Sheikh BakirKetua Eksekutif (Bahagian Prisihatin)Chief Executive (Healthcare Division)

Tuan Haji Ahamad Bin MohamadKetua Eksekutif (Bahagian Minyak Sawit)Chief Executive (Palm Oils Division)

Encik Jamaludin Bin Md AliKetua Pegawai OperasiChief Operating Officer

Tuan Haji AFM Shafiqul HafizPengerusi Jawatankuasa Pemulihan SyarikatChairman of Rehabilitation Committee

Tuan Haji Rozan Bin Mohd SaatPengarah Urusan (Sindora Berhad)Managing Director (Sindora Berhad) Tuan Haji Esa Bin Mamek

Pengurus Besar KananSenior General Manager

Puan Azizah Binti Abd RahmanPengurus Besar Kanan (Jabatan Kewangan)Senior General Manager (Finance Department)

Encik Abd Razak Bin HaronPengurus Besar (Jabatan Pematuhan & Audit Kumpulan)General Manager (Group Compliance & Internal Audit Department)

Encik Ahmed Muzni Bin MohamedPengarah Urusan (Pelaburan Johor Berhad)Managing Director (Pelaburan Johor Berhad)


Jawatankuasa Eksekutif (EXCO)

Executive Committee


Tuan Haji Esa Bin MamekPengurus Besar KananSenior General Manager

Ahli-Ahli / Members

Encik Mohd Zam Bin MustamanPengurus Besar (Jabatan Khidmat Korporat)General Manager (Corporate Services Department)

Tuan Haji Yusof Bin RahmatPengarah Urusan (TPM Technopark Sdn Berhad)Managing Director (TPM Technopark Sdn Berhad)

Tuan Haji 'Ala Bin MansorPengarah Eksekutif (Harta Consult Sdn Berhad)Executive Director (Harta Consult Sdn Berhad)

Tuan Haji Mazlan Bin OthmanPengurus Besar (Tg Langsat Port Sdn Berhad)General Manager (Tg Langsat Port Sdn Berhad)

Puan Hajjah Azizah Binti AhmadPengurus Besar (Jabatan Komunikasi Korporat)General Manager (Corporate Communications Department)

Tuan Haji Lukman Bin Abu BakarSetiausaha (Pihak Berkuasa Tempatan Pasir Gudang)Secretary (Pasir Gudang Local Authority)

Tuan Haji Shahruni Bin Hj AslamTimbalan Pengurus Besar (Unit Khidmat Hartanah)Deputy General Manager (Land Services Unit)

Cik Suhana Binti ShuibPengurus Kanan (Jabatan PembangunanTenaga Insan & Pentadbiran)Senior Manager (Human Resource Development& Administration Department)

YM Raja Rozhan Bin Raja JaafarPengurus Kanan (Jabatan Kewangan)Senior Manager (Finance Department)

Puan Norishah Binti Mohd SethPengurus (Jabatan Pembangunan Bisnes)Manager (Business Development Department)

Encik Ismail Bin Mat AliEksekutif Kanan (Unit Nilai & Budaya Korporat)Senior Executive (Values & Corporate Culture Unit)



Puan Azizah Binti Abd RahmanPengurus Besar Kanan (Jabatan Kewangan)Senior General Manager (Finance Department)

Ahli-Ahli / Members


Puan Norlidza Binti DaudPengurus Kanan (Jabatan Kewangan)Senior Manager (Finance Department)


Puan Satira Binti OmarPembantu Khas Kepada Ketua Eksekutif KumpulanPersonal Assistant to Group Chief Executive

Jawatankuasa Kewangan dan Modal (KEMUDI)

Finance and Investments Committee


Jawatankuasa Induk Perjawatan

Group Human Resource Committee



Timbalan Pengerusi / Deputy Chairman

Tuan Syed Ali Bin Syed AhmadPengarah Bahagian Khidmat Am (EPA Management Sdn Berhad)Director of General Services Division (EPA Management Sdn Berhad)

Ahli-Ahli / Members



Puan Hajjah Azizah Binti AhmadPengurus Besar (Jabatan Komunikasi Korporat)General Manager (Corporate Communications Department)

Encik Halmi Bin JasminPengerusi (JCorp Intrapreneur (M) Berhad)Chairman (JCorp Intrapreneur (M) Berhad)


Tuan Haji Md Tamyes Bin Haji A. RahimPengarah Bahagian Hartanah (EPA Management Sdn Berhad)Director of Property Division (EPA Management Sdn Berhad)

Tuan Haji Malek Bin TalibKetua Pegawai Operasi (Johor Land Berhad)Chief Operating Officer (Johor Land Berhad)



Tuan Haji Lukman Bin Abu BakarSetiausaha (Pihak Berkuasa Tempatan Pasir Gudang)Secretary (Pasir Gudang Local Authority)

Tuan Haji Shahruni Bin Haji AslamTimbalan Pengurus Besar (Unit Khidmat Hartanah)Deputy General Manager (Land Services Unit)

Tuan Haji Yusof Bin IsmailPengurus Kanan Korporat (KPJ Healthcare Berhad)Corporate Senior Manager (KPJ Healthcare Berhad)

Encik Abd Rashid Bin Haji BukhairahPengurus Kanan (Sindora Berhad)Senior Manager (Sindora Berhad)

Cik Suhana Binti ShuibPengurus Kanan (Jabatan PembangunanTenaga Insan & Pentadbiran)Senior Manager (Human Resource Development& Administration Department)


Jawatankuasa Perancangan Strategik

Strategic Planning Committee


Tuan Haji Ahamad Bin MohamadKetua Eksekutif (Bahagian Bisnes Sawit)Cheif Executive (Palm Oils Division)

Ahli-Ahli / Members


Tuan Haji AFM Shafiqul HafizKetua Eksekutif (Bahagian Pembangunan Hartanah)Chief Executive (Property Development Division)

Tuan Haji Rozan Bin Mohd SaatPengarah Urusan (Sindora Berhad)Managing Director (Sindora Berhad)

Encik Kamaruzzaman Bin Abu KassimPengarah Eksekutif (Damansara Realty Berhad)Executive Director (Damansara Realty Berhad)


YM Raja Rozhan Bin Raja JaafarPengurus Kanan (Jabatan Kewangan)Senior Manager (Finance Department)

Cik Suhana Binti ShuibPengurus Kanan (Jabatan Pembangunan Tenaga Insan & Pentadbiran)Senior Manager (Human Resource Development & Administration Department)


Jawatankuasa Pengawasan Pelaburan (JAWS)

Invesment Review Committee



Ahli-Ahli / Members

Tuan Haji Ahamad Bin MohamadKetua Eksekutif (Bahagian Minyak Sawit)Chief Executive (Palm Oils Division)

Tuan Haji AFM Shafiqul HafizPengarah Urusan (Johor Land Berhad)Managing Director (Johor Land Berhad)

Tuan Haji Rozan Bin Mohd SaatPengarah Urusan (Sindora Berhad)Managing Director (Sindora Berhad)


Encik Kamaruzzaman Bin Abu KassimPengarah Eksekutif (Damansara Realty Berhad)Executive Director (Damansara Realty Berhad)

Tuan Haji Abd Rahman Bin SulaimanPengarah Urusan (Tepak Marketing Sdn Berhad)Managing Director (Tepak Marketing Sdn Berhad)

Puan Satira Binti OmarPembantu Khas Kepada Ketua Eksekutif KumpulanPersonal Assistant to Group Chief Executive

1 0 LaporanT ahunan2003

Jawatankuasa Penilaian, Pertukaran dan Pelupusan Aset

Asset Valuation, Swapping and Disposal Committee



Ahli-Ahli / Members


Tuan Haji Malek Bin TalibKetua Pegawai Operasi (Johor Land Berhad)Chief Operating Officer (Johor Land Berhad)


Tuan Haji Shahruni Bin Haji AslamTimbalan Pengurus Besar (Unit Khidmat Hartanah)Deputy General Manager (Land Services Unit)

Puan Norlidza Binti DaudPengurus Kanan (Jabatan Kewangan)Senior Manager (Finance Department)


Dengan Jemputan / With Invitation



Penyata KorporatCorporate Statement

Prospek untuk mencapai pemulihan ekonomiglobal yang lebih pantas bagi tahun 2003 telahterhalang akibat ketidakstabilan politik dunia,keganasan berunsur militan yang berleluasa sertatercetusnya wabak Sindrom Pernafasan Akut yangTeruk (SARS) di seluruh dunia.

Walau bagaimanapun, asas ekonomi Malaysiayang mampan serta perlaksanaan dasarperkembangan fiskal dan kewangan yangbersesuaian dan disokong oleh pakejrangsangan Kerajaan yang proaktif telahmembantu memastikan negara mencapaipertumbuhan sebenar Keluaran Dalam NegaraKasar (KDNK) yang tinggi.

Di atas landasan tersebut, ekonomi Malaysia telahberkembang pesat melebihi jangkaan serta berjayamerekodkan pertumbuhan yang membanggakanpada kadar 5.20 peratus pada tahun yang dikaji ini.Pertumbuhan ekonomi yang bersifat menyeluruhdan seimbang ini meliputi semua sektor yang dijanaoleh permintaan dalam negara yang kukuh disamping prestasi eksport yang lebih baik.

The prospect of a faster global economic recoveryin 2003 was dampened by the distressinggeopolitical developments, sporadic incidents ofmilitancy and the outbreak of the Severe AcuteRespiratory Syndrome (SARS) around the world.

However, Malaysia's sound economicfundamentals and expansionary fiscal andaccommodative monetary policies, supplementedby the Government's proactive stimulus package,have helped to sustain high growth in the nation'sreal Gross Domestic Product (GDP).

On that premise, the Malaysian economy hadexpanded higher than its forecast, to record acommendable growth of 5.20 percent in the yearunder review. Economic growth was broad basedand balanced across all sectors, driven by strongdomestic demand and augmented by strongerexport performance.

YAB Dato' Haji Abdul Ghani Bin OthmanPengerusi / Chairman

YBhg Tan Sri Dato' Muhammad Ali HashimKetua Eksekutif Kumpulan / Group Chief Executive

1 3LaporanT ahunan2003

Penyata Korporat Corporate Statement

Bagi tahun kajian 2003, sektor pertanian telahmencatatkan pertumbuhan terbaik dari segipengeluaran dan harga semenjak 11 tahun yanglalu, khususnya yang membabitkan harga minyaksawit mentah (MSM). Purata harga MSMmencatatkan kenaikan sebanyak 13.20 peratuspada harga RM 1,544 setan pada tahun 2003,berbanding purata RM 1,363 setan pada tahun2002. Dalam pada itu juga, jumlah eksportMalaysia telah meningkat kepada 16.78 juta tanbernilai RM 26.15 bilion, berbanding 14.69 jutatan bernilai hanya RM 19.64 bilion yangdicatatkan pada tahun sebelumnya.

Keadaan persekitaran ekonomi yangmemberangsangkan ini telah menyumbang kearah pengukuhan pencapaian bisnes JCorp yangditerajui oleh Bahagian Minyak Sawit. HargaMSM yang mantap juga telah turut menjadipemangkin kepada keuntungan dan aliran tunaiJCorp bagi tahun 2003.

Bahagian Prisihatin JCorp turut tidak terkecualidari menerima tamparan wabak SARS khususnyapada enam bulan pertama tahun 2003. Namunbegitu, langkah segera dan efektif yang diambiloleh Bahagian di setiap peringkat telah berjayauntuk mengurangkan kesan krisis tersebutsehingga membolehkan tindakan segera ke arahusaha-usaha pemulihan diambil menjelangpenghujung tahun. Tidak dinafikan krisis yangberlaku merupakan cabaran yang mengujikeupayaan Bahagian ini dan melalui hasil yangternyata positif, telah dapat membuktikankewibawaan pengurusan operasi KPJ HealthcareBerhad (KPJ Healthcare) dalam menangani risikodan mengawal situasi yang cukup mencabar ini.

In the year under review, the agriculture sectorhad recorded its strongest growth in 11 yearsdriven mainly by higher production and prices,especially for crude palm oil (CPO). Average priceof CPO increased by 13.20 percent to RM 1,544per tonne in 2003 against RM 1,363 per tonne in2002, whilst Malaysia's export volume increasedto 16.78 million tonnes with RM 26.15 billion invalue compared to 14.69 million tonnes with RM19.64 billion in value in the previous year.

The overall encouraging economic environmenthad contributed further towards enhancing JCorp'sbusiness performance that is spearheaded by itsPalm Oils Division. The strong CPO prices hadboosted JCorp's profitability and cash flowthroughout the year under review.

JCorp's Healthcare Division was not spared whenthe SARS outbreak attacked in the first half ofthe year. However, immediate and effectivecounter actions taken by the Division at all levelshad made the ordeal bearable and subsequentlyallow the Division to recover quickly by theclosing of the year. Nonetheless, the ordeal hadbeen a challenge that had fully tested theresponse capabilities of the Division and thepositive outcome is indeed proof of KPJHealthcare Berhad's (KPJ Heathcare) inherentoperational strength to fully manage risks andcontrol what could otherwise had been athreatening situation.



Pulangan pelaburan yang diperolehi oleh parapelabur hasil dari kenaikan pasaran sahamlazimnya di gunakan oleh mereka untuk membelihartanah yang akan memberi impak danlimpahan kepada sektor hartanah tersebut.Dalam hal ini, Pembangunan Hartanah yangmerekodkan pencapaian baik, turutmenyumbang kepada pencapaian lebih kukuhJCorp sungguhpun ianya berdepan denganmasalah tekanan sumber tenaga danpeningkatan kos pembangunan.

Kepercayaan kukuh JCorp yang bersandarkankepada strategi yang sistematik dan berterusan,nilai-nilai kesepakatan, struktur yang berkualitiserta sifat-sifat keusahawanan dan profesional dikalangan eksekutif-eksekutif kanannya telahmenjadi landasan penting yang diperlukan untukmeneruskan kesinambungan bisnesnya di dalammenjana nilai yang sangat kritikal bagi masadepan pertumbuhan korporatnya.

Untuk bergerak maju ke hadapan, fokus utamaJCorp kini tertumpu kepada pengukuhan sertaperkembangan bisnesnya menerusi bidang-bidang utama Bahagian Bisnes Asas, iaitu MinyakSawit, Prisihatin, "Intrapreneur Venture" danBahagian Pembangunan Hartanah yang dipacumelalui syarikat-syarikat masing-masingdengan sasaran untuk menjadi syarikat-syarikat tersenarai (PLC) yang kukuh dan utamadi Bursa Malaysia.

Mengukuhkan Kekuatan Korporat -Integrasi Bisnes

Pelan Induk Pengstrukturan Korporat (PIPK) JCorpyang kini bergerak di atas landasan yang telahditetapkan, juga mempunyai peranan di dalammenentukan halatuju serta merangka langkah-

The positive wealth effects of the rising stockmarket augurs well for the property sector whichhistorically is the recipient of spin-offinvestments from investors who wish to converttheir gains into real estates. JCorp's companiesunder the Property Development sector had alsocontributed to JCorp's performance through thecommendable performance of the Division,despite tight labour situation and consistentlyrising development costs.

Continuous systematic strategising combinedwith JCorp's strong beliefs, shared values andquality structure, further supported by theentrepreneurial and professional qualities of itskey top executives, had provided JCorp the thrustit needed to continue with its business of creatingsustainable value so critical to its futurecorporate growth.

Moving forward, JCorp's main focus is nowcentred on strengthening and building further thebusinesses under its Core Business Divisionsnamely the Palm Oils, Healthcare, IntrapreneurVenture and Property Development Divisions,with its listed vehicles in the respectivebusinesses spearheading the drive towardsbecoming premier Public Listed Company (PLC)shares in the Stock Exchange.

Further Corporate Strengthening:Group-wide Business Integration

JCorp's Corporate Restructuring Master Plan(CRMP) is well in placed and is fully taking itscourse in defining new direction and charting thestrategic options to continuously generate and



langkah strategik ke arah usaha berterusan untukmenjana pertumbuhan positif. InsyaAllah, JCorpakan lebih berjaya dalam menentukan masadepannya kelak.

Seluruh tenaga dan sumber kini difokuskankepada langkah-langkah strategik korporat bagimembolehkan tindakan proaktif dan efektifdiambil bagi menangani perubahan pasaransemasa dan membuat keputusan yang pentingdalam bisnes untuk memastikan pertambahannilai dan mencipta kekayaan baru yangberterusan. Objektif utama adalah untukmenguatkan dan mengukuhkan Kumpulan JCorp,baik di peringkat JCorp mahupun di kalangansyarikat-syarikat anak, khususnya syarikat-syarikat yang tersenarai di Bursa Malaysia.

Sebelum ini, pelbagai langkah tegas telahdiambil dalam usaha mengubah konsep,mengatur serta menyusun semula JCorp,termasuklah mengubah kedudukan dan strategibisnesnya. Paling ketara, langkah-langkah yangdiambil telah memberi definisi baru terhadapperanan, jangkauan dan bidang kuasa pelbagaientitinya. Ianya telah menjadi keutamaan bagiKumpulan untuk mengelakkan sebarang salahfaham, membentuk kefahaman dan tafsiran yangkukuh dalam mengembalikan kesejahteraan darikemungkinan berlakunya sebarangketidakstabilan. Justeru itu, Kumpulan JCorptelah bersetuju memilih tema korporat, "IntegrasiBisnes Keseluruhan Kumpulan," yang bercirikansegala falsalah dan tindakan korporat yang kekaldan relevan untuk dilaksanakan di dalamjangkamasa sederhana.

sustain value, that will result, InsyaAllah, inJCorp being in better control of its own futurecorporate destiny.

All energies and resources therefore are nowfocused on corporate strategic actions needed topro-act and effectively respond to the dynamicchanges taking place in the market and in makinghard business decisions needed to continuouslyadd value and create wealth. The fundamentalobjective is to enhance and strengthen JCorpGroup, both at JCorp and the subsidiaries level,especially so at the level of its PLCs.

Many bold measures were therefore taken in therecent past to reconceptualise, reorganise andrestructure JCorp as well as to reposition andrestrategise its businesses. Obviously, thesemeasures had led to a redefinition of roles,territories and boundaries of many entities. Ittherefore became the Group's priority to avoidconfusion, generate understanding and sustainmeaning and to take further steps to restoreorder out of possible chaos and quicklyreestablish cohesion. Hence, the JCorp Group haddeliberately chosen a corporate theme, namely"Group-Wide Business Integration", that shouldpermeate all corporate thoughts and actionswhich incidentally will remain valid andrelevant throughout the course in the mediumterm period.



Tema tersebut bukan sahaja menekankan aspekintegrasi, malah turut menekankan penumpuansemua entiti dalam mengoptimumkan keupayaankorporat Kumpulan secara menyeluruh,pencapaian pesat bidang bisnes serta rangkaianyang mantap selaku aset paling bernilai milikJCorp. Aset ini, bersama-sama dengankeupayaan tenaga, harus digembleng bagimenjana kekayaan dan peningkatan nilai.

Eksekutif yang berinovatif dan kreatif dalammerealisasikan nilai bisnes dan sinergi korporatakan menjadi tuntutan pada masa depan,sekiranya Kumpulan JCorp ingin mengambiltempat di kalangan pengusaha-pengusahakorporat yang berprestasi tinggi. Dengankelebihan dari aspek saiz dan kemampuan yangmeluas, ditambah pula dengan ketangkasan danfleksibiliti serta ciri-ciri unik di dalam ProgramPembentukan Intrapreneur, JCorp dijangka dapatmerebut peluang yang tersedia dan munculsebagai entiti yang lebih bertenaga dan kukuh.

Integrasi bisnes merupakan suatu mekanismeyang kuat, bukan hanya ditumpukan kepadapencapaian aktiviti bisnes semata-mata, malahianya turut memperbaiki operasi melaluipengukuhan aspek keberkesanan danpeningkatan produktiviti. Yang paling penting,ianya turut memberi pengertian lebih mendalamterhadap tujuan dan peranan individu. Integrasimembolehkan PLC dan syarikat intrapreneur initerlibat dalam membentuk dan berkongsi fungsiyang sama serta bersandarkan kepadakeupayaan gabungan semua kemahiran dankepakaran Kumpulan yang merupakan sumbermantap dan bernilai.

The theme emphasising integration also impliesdeliberate focus on the part of all entitiesinvolved to leverage on Group-wide corporatecritical mass, tremendous business reach andformidable networks that are indeed JCorp's mostvaluable intangible assets. These assets,together with the tangibles, must also be put tohard work to generate future wealth and sustainvalue creation.

Creative and innovative executive actions torealise full value from business and corporatesynergies will therefore become a challenge thatwill require full expression in the years to come,if JCorp Group were to take its place among top-performing corporate enterprises. Indeed suchadvantages of size and critical mass,complemented by agility and flexibility as well asthe entrepreneurial feature of JCorp's uniqueIntraprepreneur Venture programmes, shouldstrategically enable JCorp to seize growthopportunities to develop into a much stronger andforceful entity.

Business integration is a powerful mechanism asnot only will more focus be achieved in businessactivities, it will also help to improve operationsfurther through enhanced efficiency and higherproductivity. More importantly, it will alsoprovide clearer context and a deeper sense ofpurpose and meaning to individual effort.Integration enables PLCs and IntrapreneurCompanies involved to shape and share in acommon cause and capitalise on the Group'scombined expertise, skills and talent, which isindeed a formidable and invaluable resource.



Kesedaran terhadap usaha integrasi turutmenjadi penyatu kepada pengukuhan Kumpulan.Kekuatan Kumpulan JCorp turut bersandarkepada ciri-ciri budaya korporat dan kesamaannilai yang mendukung aspek setiakawan yangtinggi, melebihi kehendak individu dalammencapai satu tujuan yang sama. Perkongsianaspirasi yang dikongsi bersama inilah yang dibinalebih tiga dekad lalu telah berjaya membentukkejayaan JCorp pada masa lalu dan pencapaianmembanggakan ini dapat digunapakai dalamproses integrasi keseluruhan Kumpulan.

Sifat "kelembutan" yang menjadi khazanah asettidak nyata itu seharusnya digunakan sebaiknya.Malah, keupayaan sebeginilah yang berjayamengembangkan pemindahan ilmu, pengagihankemahiran dan kepakaran, berkongsi pengalamanmenjana pembelajaran dan persediaan korporatuntuk digunakan dalam organisasi korporat yanglebih besar pada masa akan datang.

Ia turut berkepentingan dalam membinakepercayaan, keyakinan menyeluruh yangmembolehkan transformasi JCorp ke arah sebuahinstitusi korporat, tidak hanya menunaikantuntutan ekonomi yang lebih baik tetapi padamasa yang sama mengintegrasikan nilai-nilaikemasyarakatan yang tinggi ke dalam amalankorporatnya. Ini akhirnya menjadi jambatanpenyambung di antara ekonomi dan masyarakatyang sering terpisah dalam kontekspembangunan pesat yang bersandarkan faktorekonomi dan bisnes. Kerenggangan di antarakomuniti korporat / bisnes dan masyarakat,khususnya yang membabitkan bukan komunitibisnes, merupakan asas kepada berlakunyagangguan dalam sektor ekonomi yang bergantungkepada kapitalis dan model pacuan korporat.

Conscious integrative effort also provides thenecessary glue that will strengthen the bindingtogether of the Group. The strong bonds of JCorpGroup's vibrant corporate culture and sharedvalues that uphold comradeship in the pursuit ofa common, higher course that is larger thanindividual member's interests are indeed verypowerful glues. These shared aspirations -subscribed to and built upon over more thanthree decades as cornerstones of JCorp's pastsuccesses and outstanding achievements - willcome in useful to facilitate the Group-wideintegration process.

Such "soft" sides of corporate intangible assetswill also have to be put to hard work. Indeed,these are the principal tools needed tosuccessfully transmit knowledge, disseminateskills and expertise, share experiences,institute corporate learning and cumulatecorporate memory for future use in anysizeable corporate organisation.

They are also most invaluable in building trust,mutual confidence and enabling thetransformation of JCorp into a corporateinstitution that not only serve the economic needsof society for wealth creation, but also, in thesame effort, integrate the best in society's highervalues into corporate practice. This will go a longway towards ultimately bridging the economicand social divides often observed to occur in thecontext of a fast-growing business-driveneconomy. Such divides between the corporate/business community and society, especially thenon-business community at large, is a commondisruptive feature of economies structured on thecapitalist, and corporate-driven model.



Program Integrasi Korporat Utama

Usaha ke arah integrasi korporat telah dimulakansebagai kesedaran dan suatu langkah strategik,seiring dengan langkah penyusunan semulabeberapa syarikat yang dikenalpasti. Sebahagiandaripada langkah-langkah tersebut telahpunselesai dilaksanakan di dalam Kumpulan JCorppada tahun yang dikaji ini.

Suatu penyusunan semula yang utama telahdilaksanakan oleh KPJ Healthcare melaluipengambilalihan 100 peratus kepentingan JCorpdi dalam 9 buah hospital miliknya, sekaligusmeningkatkan lagi rangkaian hospital-hospitalpakar syarikat di seluruh negara kepada 12 buah,termasuk sebuah hospital baru yang mulaberoperasi pada awal 2004. Penyusunan tersebutberjaya memartabatkan KPJ Healthcare sebagaipeneraju bidang prisihatin swasta di Malaysia,beroperasi dengan jumlah 1,395 katil berdaftar,didukung oleh 252 pakar kesihatan yangberkemahiran tinggi, profesional dan terlatihserta dibantu oleh seramai 3,700 jururawat,paramedik dan anggota pekerja sokongan.

Proses penyusunan semula ini jugamembolehkan KPJ Healthcare mempelbagaiserta mengembangkan lagi penawaranperkhidmatannya yang meliputi aspekdiagnostik, penyembuhan, teraputik,pemuliharaan dan perubatan pencegahan sertamenawarkan perawatan khusus, antaranya,untuk "interventional cardiology", pembedahan"cardiothoracic", "oncology", "radiotherapy","neonatology" dan lain-lain.

Major Corporate Integration Programmes

Corporate integrative efforts had beenundertaken as a conscious and deliberatestrategic follow-through, subsequent to theinstitution of a number of restructuring exercisesinitiated. Several of these exercises had in factbeen completed within the JCorp Group in theyear under review.

A major restructuring exercise was initiated atKPJ Healthcare which had acquired 100 percent ofJCorp's equity holdings in 9 hospitals thusenlarging its network of specialist hospitalsthroughout the country to 12, including a brandnew hospital that came into operations in early2004. This exercise had succeeded in elevatingKPJ Healthcare into the nation's leader inMalaysia's private healthcare sector, operating atotal of 1,395 licensed beds, served by 252 highlyexperienced, professional, skillful and well-trained resident medical consultants, and alsosupported by 3,700 nurses, paramedics andsupport staff.

The restructuring exercise also allowed KPJHealthcare to diversify and widen its range ofspecialist services to include diagnostic, curative,therapeutic, rehabilitative and preventivemedicine and to offer specialised treatment ininterventional cardiology, cardiothoracicsurgery, oncology, radiotherapy, neonatology,among others.



Tahun 2003 merupakan tahun pertama operasiKPJ Healthcare dijalankan sepenuhnya selepasproses penyusunan semula diadakan. Integrasiprogram KPJ Healthcare turut dianggap sebagailangkah transformasi bisnes. Secara prinsipnya,ianya melibatkan pengukuhan tanggungjawabpengurusan pada tahap lebih luas yangmembolehkan perlaksanaan perkongsianmaklumat, sumber dan tenaga kerja,perkhidmatan rujukan lebih baik dan rangkaian dikalangan pakar perubatan, yang sekaligusmembuka ruang lebih luas untuk KPJ Healthcaremempunyai kelebihan bersaing. Proses integrasiini juga membolehkan Kumpulan KPJ Healthcaresecara meluas mendapat manfaat ekonomi skalayang akan menyumbang kepada penurunan kos,yang akhirnya memberi kebaikan mutlak kepadapara pesakit dan pelanggan.

Berdasarkan kepada sumbangan penuh tahunanKumpulan KPJ Healthcare pada 2003, pendapatansyarikat meningkat sebanyak 128.72 peratus daritahun sebelumnya kepada RM 509 juta dengankeuntungan sebelum cukai yangmemberangsangkan iaitu kenaikan pada kadar43.29 peratus kepada RM 32 juta, berbandingtahun sebelumnya yang sekaligus mengukuhkanlagi program penyusunan semula tersebut.

Langkah integrasi dan penyusunan semula jugatelah diambil oleh Bahagian Minyak Sawit JCorpyang membabitkan syarikat tersenarainya, Kulim(Malaysia) Berhad (Kulim) yang menjana bisnesasas terpenting dan terbesar Kumpulan.Sehingga kini, Kulim bertanggungjawab dalammengusaha sejumlah 148,460 hektar kawasanpenanaman kelapa sawit, melepasi batassempadan Malaysia sehingga meliputi Indonesiadan Papua New Guinea.

The year under review is the first full operationalyear following the completion of the corporaterestructuring exercise in KPJ Healthcare. KPJHealthcare's integration programmes whichfollowed was also undertaken as a businesstransformation exercise. Principally, it involvedconsolidating management responsibilities on aregional basis thus allowing the sharing ofinformation, resources and manpower, providingbetter referrals and networking among medicalconsultants, and creating more opportunities tobuild KPJ Healthcare's competitive advantage.The integration process will result in the largerKPJ Healthcare Group also benefiting fromeconomies of scale thus opening possibilities forlowering of costs that can be passed on toultimately benefit patients and customers.

Based on the full year contribution from the KPJHealthcare Group in 2003, its revenue had soaredby 128.72 percent from the previous year to RM509 million, and its profit before tax recorded aremarkable 43.29 percent increase from theprevious year to RM 32 million, thus validatingthe whole restructuring programme.

Another major restructuring and integrationexercise was undertaken by JCorp's Palm OilsDivision involving its listed company Kulim(Malaysia) Berhad (Kulim), the company thatspearheads the Group's largest and mostimportant core business. To date, Kulim isresponsible for a total of 148,460 hectares of oilpalm plantations with geographical presenceextending beyond the boundaries of Malaysia intoIndonesia and Papua New Guinea.



Bagi Kulim, tahun 2003 merupakan tahun yangmemberangsangkan kerana terdapatnyapengeluaran Buah Tandan Segar (BTS) yang tinggidari ladang-ladangnya di Malaysia bersertadengan situasi terbaik industri kelapa sawitMalaysia. Harga MSM yang tinggi di tahun 2003hasil dari senario yang mengalakkan bagi pasaranminyak makan global telah mempertingkatkankeuntungan Kulim yang seterusnya disokong olehprestasi ekonomi Malaysia yang kukuh danpermintaan yang tinggi terhadap produkminyak sawit. Dengan ini, Kulim seterusnyadapat mengukuhkan fokusnya terhadapkomoditi asas tersebut dan pada masa yangsama merancang perkembangan aktiviti-aktiviti hiliran minyak sawit.

Di dalam mengejar tema Integrasi Bisnes JCorp,Kulim telah melaksanakan programpenstrukturan semulanya pada akhir tahun 2003.Program ini melibatkan peningkatan di dalamkeluasan ladang Kulim melalui pengambilalihan62.03 peratus ekuiti di dalam Bertam PlantationBerhad (Bertam) dan 100 peratus ekuiti dalamEPA Management Sdn Berhad (EPA), yang sejakdahulunya menguruskan ladang-ladang JCorp danKulim. Pengambilalihan ini tidak hanyamembawa kepada peningkatan keluasan ladangkelapa sawit seluas 72,260 hektar di Malaysiadan Indonesia tetapi yang juga lebih pentingianya memberikan kelebihan pengetahuanpengurusan ladang, anggota pekerja, jaringan,kemahiran dan kepakaran melalui kawalan teruspemilikan. Penstrukturan ini telah memberikanpenjimatan ketara kepada Kumpulan Kulimdalam bentuk yuran pengurusan yang dibayarkepada EPA sebelum ini.

For Kulim, the year 2003 is best remembered forits most encouraging high fresh fruit bunch (FFB)productivity from its Malaysian plantations aswell as the sheer resilience of the Malaysian palmoil industry. Impact of sustained high CPO pricesin 2003, brought about by the global edible oilmarket scenario on Kulim's results was furtheramplified by the continuous strong performanceof the Malaysian economy and sustained strongdemand for palm products. This had led Kulim tofurther strengthen its focus on the commodityand validates the Group's expansion plans inboth its primary production as well as itsdownstream activities.

In pursuing JCorp's Business Integration theme,Kulim had entered into a corporate restructuringprogrammes towards the end of 2003. Theprogrammes involved Kulim expanding itsplantation hectarage via acquisition of 62.03percent equity interest in Bertam PlantationBerhad (Bertam) and 100 percent equity in EPAManagement Sdn Berhad (EPA), the latter beingKulim's as well as JCorp Group's plantationmanagement agent all these years. Theacquisitions not only provided Kulim with anadditional 72,260 hectares of oil palm plantationin Malaysia and Indonesia, but more importantly,it also gave Kulim the advantage of securingplantation management knowhow, personnel,networks, skills and expertise directly under itsownership and control. This exercise had alsotranslated into substantial savings for theKulim Group in terms of management fees paidout to EPA previously.



Integrasi Kumpulan Kulim seterusnyaditerjemahkan dalam bentuk pengukuhannya didalam sektor oleokimia. Kelebihan Malaysiasebagai pengeksport terbesar dunia berasaskanminyak sawit dan oleokimia, telah dimanfaatkanoleh Kulim melalui syarikat anaknya NaturalOleochemicals Sdn Berhad (NatOleo), yangsejak diambilalih telah meningkatkan kapasitipengeluarannya sebanyak tiga kali ganda. Ianyaterus dipertingkatkan lagi ke dalam aktivitihiliran melalui NatOleo yang telah membinakilang Jejari Sabun bernilai RM 17.58 jutadalam bulan Ogos 2003.

Pencapaian cemerlang Kulim diperkukuhkan lagidi arena serantau apabila syarikat anaknya diPapua New Guinea, New Britain Palm Oil (NPBOL),memulakan operasi kilang penapisan minyak -iaitu yang pertama di Papua New Guinea di bulanJanuari 2003 dan seterusnya diikuti pula denganoperasi kilang "fractionation" pada bulanFebruari 2003. Langkah tersebut telahmeningkatkan lagi kapasiti maksimumpengeluarannya kepada 150,000 tan.

Program perkembangan dan pengukuhan bisnesasas Kulim masih jauh dari lengkap dan denganhal yang demikian, semua sumber Kumpulanakan digerakkan untuk mengekalkanmomentum pacuan-bisnes bagi membolehkanKulim muncul sebagai Kumpulan perladanganutama di rantau ini.

Sebuah lagi syarikat bisnes asas JCorp yangtersenarai iaitu Sindora Berhad (Sindora), telahjuga melaksanakan program penstrukturan dantranformasi. Bisnes asasnya iaitu pembalakanmengalami kelembapan hasil dari perubahan

Integration for the Kulim Group is furthertranslated in terms of its entrenching itself intothe oleochemicals sector. Capitalising onMalaysia's advantage as the world's leadingexporters of palm oils-based oleochemicals,Kulim through its subsidiary NaturalOleochemicals Sdn Berhad (NatOleo), had, sinceacquiring NatOleo, tripled its oleochemicalsproduction capacity. Further added valuedownstream was enhanced when NatOleocommissioned its Soap Noodle plant costing RM17.58 million in August 2003.

Kulim's outstanding expansionary track recordachieved new landmark regionally when itssubsidiary in Papua New Guinea, New BritainPalm Oil (NPBOL), commissioned a palm oilrefinery - Papua New Gunea's first - in January2003, followed by a fractionation plant inFebruary 2003. These measures had increasedproduction to the maximum capacity of150,000 tonnes.

Kulim's expansion programmes and thestrengthening of its business foundations are farfrom complete and Group resources will befurther mobilised to sustain its business-drivengrowth momentum until Kulim emerges into apremier oil palm plantation Group in the region.

Sindora Berhad (Sindora) is another of JCorp'slisted core businesses that had also undergonerestructuring and transformation. Its originalcore business, dominated by timber, suffered astructural setback as a result of shifts in the



struktur ekonomi global. Prestasi yang lemah disektor pembalakan tersebut telah melemahkanprospek masa depannya yang memaksa JCorpmengkaji semula kedudukan strategik jangkapanjang Sindora dalam bisnes pembalakan,yang mana ianya telah menjadi agenda utamadalam tahun 2003.

Sebagaimana yang telah dilaporkan sebelum ini,Sindora melancarkan model bisnes barunya bagimemperbaiki dan mengekalkan perolehan danpendapatan jangka panjangnya. Ini dilakukanmelalui konsep "Intrapreneur Venture" Sindorayang melibatkan pengambilalihan beberapabisnes yang dipacu oleh intrapreneur yang berjayauntuk pertumbuhan dan perkembangannya.

Pengambilalihan bisnes yang berpotensi adalahberdasarkan kepada penilaian yang intensif danpenelitian berpiawai dengan melalui kriteria yangketat sebelum sebarang suntikan risiko modaldibuat oleh Sindora. Kriteria ini tidak hanyatertumpu kepada keperluan mempunyai prestasikewangan yang kukuh dan berterusan, tetapitumpuan yang lebih penting ialah adanya prospekdan potensi bisnes jangka panjang, termasuklahkeperluan adanya kemahiran bisnes, bakatkeusahawanan dan kemampuan pengurusan yangterlibat di kalangan syarikat-syarikat tersebut.Adalah amat penting yang program "IntrapreneurVenture" di bawah bisnes intrapreneur JCorp danSindora diterajui oleh pengurus yang mempunyaibakat, berkemahiran dan tekad untuk memacusyarikat dan bisnes mereka yang kemudiannyaakan menjadi penggerak pertumbuhan Sindora(dan Kumpulan JCorp), serta kerjaya diri merekasendiri yang merupakan intrapreneur yang telahmenyuntik modal risiko dan mempunyai ekuiti didalam syarikat masing-masing.

global economy. This had compelled JCorp tototally review Sindora's strategic long-termposition in the timber business, which hadexceeded JCorp's bearable threshold level in theyear under review.

As reported previously, Sindora had set in motiona new business model meant to improve andsustain long-term earnings and returns. This wasundertaken through Sindora's IntrapreneurVenture concept involving the acquisition of anumber of successful intrapreneur-drivenbusinesses for its future growth and expansion.

The potential businesses to be acquired would besubjected to intensive evaluation and scrutinybenchmarked against an array of stringentcriteria before they are allowed any access to riskcapital from Sindora. These criteria are not onlyfocused on strong and sustainable financialperformances, but more importantly substantialweighting is given to long term business potentialand prospects as well as to the business skills,entrepreneurial talent and capabilities of themanagement involved. Under JCorp's andSindora's Intrapreneur Venture programmes it isalso imperative that the intrapreneur businessesare championed by managers who possess thetalent, skills and will to drive their companies andbusinesses and turn them into engines of growthfor Sindora (and the JCorp Group), as well as forthemselves as intrapreneurs with risk capital atstake in the respective enterprises.



Tahun 2003 memperlihatkan lengkapnya prosespengambilalihan Sindora di dalam empat buahsyarikat intrapreneur yang mencatat keuntungantinggi serta dinamik iaitu Pro-Office Bulk MailingSdn Berhad, JMF Asset Management Sdn Berhad,Willis (Malaysia) Sdn Berhad dan Tepak MarketingSdn Berhad. Walaupun sumbangan pencapaiankewangan kepada Sindora kurang dari setengahtahun, namun tahun 2003 mempelihatkanpendapatan Sindora meningkat kepada 55.95peratus daripada pencapaian tahun lepas kepadaRM 88.27 juta. Meskipun sebahagian kecilpeningkatan disebabkan oleh peningkatan hargaMSM, namun syarikat "Intrapreneur Venture"tersebut bersama turut menyumbang.

Setiap syarikat di dalam "Intrapreneur Venture"ini telahpun mempunyai kepakaran yangdiperlukan, jalinan rangkaian yang mantap danberjaya serta telah membina reputasi dan jenamadi dalam industri masing-masing.

Secara kasarnya, perubahan model bisnes baruSindora tidak dilihat sebagai intregasi bisnesnya.Namun demikian, ianya merupakan integrasipenting kepada penyatuan peranan korporat danarah tuju Sindora dalam konteks rangka dasarjangka panjang strategik JCorp yang merupakansebuah institusi korporat. Di pihak Sindora pula,perubahan ini adalah untuk memastikanketahanan dan kemampuannya memberi nilaikepada pemegang saham dalam suasana bisnesyang mempunyai cabaran yang besar dan tanpabatasan. Dengan perubahan ini juga, Sindoraakan berada di dalam kedudukan yang strategikuntuk menerima pelbagai cabaran dan mencapaiprestasi yang cemerlang pada masa hadapan.

The year under review saw the completion of theacquisition process of four highly profitable anddynamic intrapreneur companies, namely ProOffice Bulk Mailing Sdn Berhad, JMF AssetManagement Sdn Berhad, Willis (Malaysia) SdnBerhad and Tepak Marketing Sdn Berhad. Albeitaccounting for less than a half year's financialcontributions to Sindora, the year 2003 sawSindora's revenue soaring to an additional 55.95percent from the previous year to record a figureof RM 88.27 million. Although a substantialportion of this jump was due to the substantialincrease in CPO prices, nevertheless,Intrapreneur Venture companies alsocontributed their due share.

Each of the existing Intrapreneur Venturecompanies had amassed the necessary expertise,established valuable networks, and created anemerging reputation, brand name and leadershipin their respective industry.

Sindora's shift to a new business model may not,at first glance, appear to be a move towardsbusiness integration. Nevertheless, it is a verycrucial integration of Sindora's corporate role andpositioning within the context of JCorp's ownstrategic, long term corporate institutional designframework. On the part of Sindora, this shift isto principally ensure its survival and its ability tosustain in delivering value to shareholders in ahighly challenging and borderless businessenvironment. With this shift, Sindora isstrategically better positioned to respond tothe various challenges and deliver performancewell into the future.



Program pengambilalihan yang dibuat olehSindora masih lagi berlangsung dan tidak terhentisetakat itu sahaja. Sindora masih lagi meninjaudan mencari syarikat-syarikat yang layak danboleh bergabung dengan sektor "IntrapreneurVenture"nya untuk terus menjana kekayaan danmenambah nilai. Di dalam Kumpulan JCorp,pencarian ini masih diteruskan denganmengenalpasti syarikat-syarikat yang berpotensibesar untuk dikembangkan dan layak menyertaiprofil "Intrapreneur Venture" Sindora ini. Padamasa yang sama, persekitaran bisnes yang lebihbesar di luar Kumpulan JCorp juga turut ditinjaubagi melihat kemungkinan adanya peluang-peluang bagi menarik usahawan-usahawan luaryang bersedia dan sudi menyertai skim ini.

Salah sebuah syarikat anak di dalam KumpulanJCorp yang akan menyertai Sindora ialah MetroParking (Malaysia) Sdn Berhad (Metro Parking).Metro Parking merupakan bisnes yangdibangunkan sendiri dari mula, terlibat di dalamperkhidmatan pengurusan letak kereta yang kinigiat beroperasi di Malaysia, Singapura, Brunei,Filipina dan Indonesia menerusi syarikat-syarikat anak masing-masing. Baru-baru ini,Metro Parking telah mengembangkan bisnesnyadengan melibatkan diri di dalam pengedaranperalatan letak kereta dan sistem kad pintarmenerusi syarikat anaknya iaitu MetroEquipment System (M) Sdn Berhad. PenyatuanMetro Parking di bawah skim "IntrapreneurVenture" Sindora dijangka akan selesaisepenuhnya dalam tahun 2004.

Adalah jelas yang skim "Intrapreneur Venture"JCorp menerusi Sindora telah menyediakanlandasan dan peluang yang jarang diperolehi olehusahawan-usahawan baru di mana menerusi

Sindora's acquisition programme is far frombeing just a one-off exercise. Sindora isconstantly on the look-out for eligible companiesthat can be incorporated into its IntrapreneurVenture sector to continuously create wealth andvalue for the company. Internally within theJCorp Group, the search continues for companiesthat can be groomed so as to be eligible to fitinto Sindora's Intrapreneur Venture profile. Atthe same time, the bigger business environmentoutside the JCorp Group is also constantlyscanned for such opportunities involving externalentrepreneurs who are prepared and willing tocome on board.

One of JCorp companies that recently joinedSindora is Metro Parking (Malaysia) Sdn Berhad(Metro Parking). Metro Parking is a JCorp home-grown business specialising in car parkingmanagement services, currently operating inMalaysia, Singapore, Brunei, Philippines andIndonesia through its subsidiaries in therespective nations. Recently, Metro Parkinghad also expanded into the distribution ofparking equipment and smart card systemsthrough its subsidiary Metro Equipment System(M) Sdn Berhad. The exercise of integratingMetro Parking under Sindora's IntrapreneurVenture scheme is expected to be completed inthe year 2004.

JCorp's Intrapreneur Venture scheme, throughSindora, therefore provides a platform and a rareopportunity for entrepreneur-driven start-ups



penyertaan mererka, mereka diberikan peluangbesar untuk menjadi sebahagian daripada entitisyarikat tersenarai dan sekaligus menikmatikelebihan-kelebihan bisnes dan tawaran statusberprestij ini. Dalam hal yang demikian, potensipertumbuhan untuk Sindora (termasuklahsyarikat-syarikat "Intrapreneur Venture" tersebut)adalah sangat luas dan potensi ini harus direbutdan dimanfaatkan sepenuhnya bagi kepentinganjangka panjang bisnes.

Prospek Hartanah

Bisnes berasaskan hartanah Kumpulan JCorp kinitelah kembali memfokuskan diri setelah adanyatanda-tanda peningkatan yang menggalakkan didalam sektor ini. Masalah lebihan hartanah yangtidak terjual sudahpun berkurangan danKumpulan JCorp yang mempunyai asetberasaskan hartanah dan bisnes yang mempunyaiprospek yang cerah bagi penjanaan nilai pastinyamemerlukan penyusunan semula keutamaannya.

Peneraju utama sektor hartanah JCorp iaitu JohorLand Berhad (JLand) adalah juga merupakansebuah syarikat tersenarai yang dikategorikan dibawah Bahagian Pembangunan Hartanah. Aktivitiutama JLand melibatkan pembangunan hartanahkediaman dan komersil yang terletak di NegeriJohor. Pada masa ini, aktiviti pembangunanhartanah utama JLand adalah terletak di sekitarPasir Gudang dan Bandar Ulu Tiram.

Di penghujung tahun 2003, JLand telahmenandatangani perjanjian pembelian seluas780.66 hektar tanah dari JCorp yang manakawasan tersebut terletak di kawasan pesatTebrau, Johor Bahru. Pengambilalihan tersebut

and potentially successful companies to be partof a public listed entity, buying into the businessadvantages and the prestige that this statusoffers. At the same time, Intrapreneur Venturecompanies will have, albeit indirectly, betteraccess to the capital market. Thus, the growthpotential for Sindora (as well as its host ofIntrapreneur Venture companies) is quiteenormous, and this potential must be seized andfully leveraged upon going forward.

Property Prospects

JCorp Group's Property-related Core Businessesare now coming back into focus in view ofencouraging signs of improvement seen in thesector. Property overhang has since become lessof a drag and JCorp Group, poised and well-endowed with property-based assets andbusinesses offering substantial prospects forvalue creation, will need to reorder prioritiesin this sector.

JCorp's leading property player, Johor Land Berhad(JLand), is also a public listed companycategorised under the Property DevelopmentDivision. JLand's main activities involved thedevelopment of residential and commercialproperties primarily located in the State ofJohor. Currently, JLand's main propertydevelopment activities are located around thePasir Gudang Local Authority and the Ulu TiramTownship areas.

In late 2003, JLand had entered into anagreement to purchase a total of 780.66 hectaresof land from JCorp which is located in a primearea in Tebrau, Johor Bahru City. The acquisition



bertujuan untuk mengubah JLand menjadipeneraju syarikat pembangunan hartanah diNegeri Johor. Program ini bukan sahaja akanmeningkatkan jumlah simpanan tanah JLandbahkan juga akan turut mengubah kawasanTebrau menjadi sebuah kawasan bandarutama yang sekaligusnya menjadi mercutanda Negeri Johor.

Sebagaimana yang dilaporkan sebelum ini,Damansara Realty Berhad (DBhd), iaitu sebuahlagi syarikat tersenarai di Bursa Malaysia yangmana JCorp merupakan pemegang sahamutamanya yang terbesar, merancang untukmelaksanakan penyusunan semula korporatsecara besar-besaran. Di antara lain, penyusunansemula tersebut melibatkan cadangan menyuntikaset dan pelaburan ke dalam syarikat tersebutyang kemudiannya akan menjadikan JCorpsebagai pemegang saham terbesar dalam DBhd.Walau bagaimanapun, keputusan pelaksanaanprogram tersebut terpaksa diberhentikan setelahkajian mendalam tentang daya maju danandaian-andaian penting skim ini dibuat. Sebagaialternatifnya, kini satu program sedang dikajiyang dijangka lebih bermanfaat kepadapemegang saham khususnya denganmengambilkira kepentingan pemegang-pemegang saham minoriti.

Kemudiannya, pada Disember 2003, JCorp danJohor City Development Sdn Berhad (JCD), iaitusyarikat anak milik penuh JCorp telah memilihuntuk menukarkan sejumlah 577 juta SahamKeutamaan Kumulatif Boleh Tebus Boleh Tukar(Redeemable Convertible Cumulative PreferenceShares - RCCPS) miliknya dalam Damansara

was intended to transform JLand into Johor'sleading property development company. It willnot only increase JLand's total land bank but isenvisaged that the Tebrau land will betransformed into JLand's Premier Township inJohor, that would indeed become a prominentlandmark in Johor.

As reported previously, Damansara Realty Berhad(DBhd), the other PLC in the Property sector, withJCorp as the largest single minority shareholder,had been planning a major reconstruction andcorporate restructuring exercise. The exerciseamong others involved the proposed injection ofJCorp's assets and investments into the companywhich would ultimately make JCorp the majorityshareholder of DBhd. Nevertheless, after a morein depth study on the viability of the proposal anda review of the key assumptions to the scheme, itwas finally decided to abandon the proposal andalternatively develop a programme that would bemore beneficial to all its shareholders, especiallytaking into account the need to safeguardminority interests.

Subsequently, on December 2003, JCorp and JohorCity Development Sdn Berhad (JCD) a whollyowned subsidiary of JCorp had chosen to convertan aggregate of 577 million RedeemableConvertible Cumulative Preference Shares(RCCPS) in Damansara Town Centre Sdn Berhad



Town Centre Sdn Berhad (DTCSB) kepada 577 jutasaham biasa. Hasilnya ialah JCorp muncul sebagaipemegang saham utama DTCSB denganpegangan 99.98 peratus yang secara langsungmenjadikan JCorp sebagai pemilik 6 blokkompleks pejabat di Pusat Bandar Damansara,Kuala Lumpur.

Walaupun demikian, dalam memastikan dayasaing DBhd, satu cadangan penyusunan semulakorporat yang baru akan diwujudkan bagimenentukan kesinambungan statusnya sebagaisebuah syarikat tersenarai di Bursa Malaysia.Cadangan tesebut yang merupakan sebagai satupilihan JCorp yang akan diteruskan bersama-sama dengan pemegang saham DBhd yang lain.

Pembangunan Industri

Sebagai sebuah agensi pembangunan yang utamadi Negeri Johor, JCorp telah diberi tanggungjawabuntuk membangunkan kawasan perindustrian diseluruh Negeri Johor. Kejayaan membangunkankawasan perindustrian ini telah menjadikanJohor muncul sebagai salah sebuah negeripeneraju sektor perindustrian yang utama dinegara ini, khususnya di Kompleks PerindustrianPasir Gudang.

JCorp, melalui syarikat anaknya TPM-TechnoparkSdn Berhad (TPM-Technopark), yang menerajuibisnes pembangunan kompleks perindustriantelah menambah Kawasan Perindustrian PasirGudang melalui pembangunan KompleksPerindustrian Tanjung Langsat yang dikhususkanuntuk industri petrokimia dan kimia. Kawasanperindustrian ini turut dilengkapi dengan

(DTCSB) into 577 million ordinary shares ofDTCSB. The impact of the conversion was mostbeneficial to DBhd under the circumstances andat the same time had elevated JCorp into themajority shareholder of DTCSB with 99.98 percentshare holdings, consequently making JCorpeffective owners of 9 blocks of office buildings inDamansara Town Centre, Kuala Lumpur.

Nevertheless, in the interest of ensuring thesurvival of DBhd, a fresh proposal forreconstruction and restructuring programmewould still be imperative for DBhd to validate itsstatus as a PLC going forward, and this willcontinue to be an option that JCorp will pursuetogether with other shareholders of DBhd.

Industrial Development

As Johor's principal development agency, JCorpwas assigned the responsibility to spearheadJohor's industrial development, which itsuccessfully did, having transformed Johor intoone of Malaysia's leading industrialised states.This was achieved by JCorp principally through thedevelopment of industrial parks or estateslocated throughout Johor, the biggest and mostimportant in terms of its impact being the PasirGudang Industrial Complex.

Through TPM-Technopark Sdn Berhad (TPM-Technopark), a JCorp's fully-owned subsidiaryresponsible for driving JCorp's IndustrialDevelopment business, further extension of thePasir Gudang industrial complex was undertakenwith the development of Tanjung LangsatIndustrial Complex, developed to cater especiallyfor Petrochemicals and Chemicals industries.Tanjung Langsat's development was recentlycomplemented by the construction of an



kemudahan sebuah pelabuhan yang dikenalisebagai Pelabuhan Tanjung Langsat (TLP) di manaianya dibina khusus untuk menampungpermintaan pelabur-pelabur perkilangan yangberasaskan petrokimia dan kargo cecair.

TLP telah menerima persinggahan pertama kapalyang dikenali Star Cruise Aries pada 11 Januari2003. Selain daripada itu, TLP turut menerimalawatan rasmi bekas Timbalan Perdana Menteripada 20 Mei 2004.

Bagi tahun 2003, TLP telah memulakansebahagian dari operasinya dengan membekalkanair bersih kepada kapal-kapal yang berlabuh danmemberi perkhidmatan pembaikan kecil kapalserta kemudahan-kemudahan yang berkaitan.Pada akhir tahun 2004, TLP dijangka mendapatstatus penuh sebagai sebuah pelabuhan. Dengananggaran pelaburan melebihi RM 300 juta olehJCorp, TLP dijangka akan dapat meningkatkanperanan Pasir Gudang dan Tanjung Langsatsebagai 2 buah kawasan perindustrian yangberdaya maju dan menyumbang kepadapembangunan dan pertumbuhan ekonomi NegeriJohor. Pada masa yang sama juga, kejayaan TLPdan Kompleks Perindustrian Tanjung Langsatakan memberi perspektif baru kepadapertumbuhan bisnes masa depan Kumpulan JCorpand semua syarikat-syarikatnya di dalam sektorbisnes tersebut.

Program Menginstitusikan TanggungjawabSosial Korporat (CSR)

Sumbangan JCorp dan Kumpulannya kepadaaspirasi pembangunan nasional dan pencapaianperanan institusinya tidak seharusnya diukur

industrial port namely Tanjung Langsat Port (TLP)- a specialised and dedicated port with thecapacity to meet the demand for petrochemicalsand bulk liquid cargo handling facilities.

TLP had successfully received it first ship on 11thJanuary, 2003 when the Star Cruise Aries made itsmaiden call. Subsequently, TLP also received anofficial visit from the then Deputy Prime Ministerof Malaysia on 20th May, 2004.

In the year under review, TLP had gone on partialoperations via the provision of fresh clean waterto the ships that stop over and facilitating minorship repair and other services. TLP is expectedto be granted full port status by the end of year2004. With an estimated future investment ofmore that RM 300 million by JCorp, and based oninterests generated to date, TLP is set to enhancePasir Gudang's and Tanjung Langsat'sdevelopmental role, with tremendous prospectsfor further contributing to Johor's industrialdevelopment and growth. At the same time,TLP's and Tanjung Langsat Industrial Complex'ssuccess will add fresh perspectives to the futurebusiness growth prospects for JCorp Group and allits companies operating in this business sector.

Institutionalising Corporate SocialResponsibility (CSR) Programmes

The JCorp Group of companies' contribution tonational development aspirations and thefulfillment of its institutional role should not inthe final analysis be measured purely in terms offinancial and business criteria alone. Corporateresponsibility should not be measured only in



hanya dalam bentuk prestasi kewangan dankriteria bisnes sahaja. Tanggungjawabkorporatnya juga tidak seharusnya diukur dalambentuk pencapaian bisnesnya, sama sepertianggapan bahawa pengurusan dan tata urusyang baik bukan hanya terletak kepadapenilaian bisnes dan kemahiran mempunyaijaringan yang baik.

Penghasilan nilai, oleh itu mestilah menjangkaupenghasilan ekonomi dan yang paling utamamestilah diterjemahkan dalam bentukpeningkatan aset dan modal sosial. Dalam katalain, entiti-entiti bisnes yang beroperasi padaakhirnya mestilah membawa impak positifkepada masyarakat terbanyak, menyumbangkepada pembangunan negara dan menyalursemula faedah kepada masyarakat dalam bentuktahap pencapaian sosial yang tinggi danmembawa makna yang besar kepadakehidupan. Ringkasnya, Kumpulan JCorp akanmemberi sumbangan yang besar ke arahpenambahan nilai aset dan modal sosial diMalaysia secara berterusan.

Justeru itu, Kumpulan JCorp amat sedar akantanggungjawab sosialnya. Malah, ia tidak memilihuntuk mengambil jalan mudah dan bermurah hatimenyerahkan sumbangan wang tunai bagi tujuankebajikan. Tetapi, secara lazimnya ia akandijalankan secara menyeluruh dengan melibatkankesemua organisasi JCorp kepada usaha yanglebih bermakna dalam pembentukan nilai sosial.

Sebagai testimoni kepada komitmen jitu JCorpdalam memberikan tanggungjawab sosialnya,JCorp telah menubuhkan sebanyak 30 buah BadanBukan Kerajaan (NGO) dan Badan Perkhidmatan

terms of business and pecuniary considerations,just like good management and governance ismore than just having a sound business sense andgood networking skills.

Value creation must therefore extend beyond theeconomic and must ultimately be translated intoimprovement in value of social assets and socialcapital. Corporations must finally bring positiveimpact through enriching the larger community,contributing to nation building as well as givingback to society in terms of higher levels of socialachievements and greater significance andmeaning to life. In short, JCorp Group isexpected to contribute significantly towardsadding value to Malaysia's social assets andsocial capital on a sustained basis.

JCorp Group is therefore highly conscious of itssocial responsibility. It had, however, chosen notto adopt the familiar and easier philanthropicroute of handing over cash donations tocharitable causes. Instead, characteristically, itchose to take these measures entrepreneurially,involving total JCorp organisation into the effortfor a more meaningful social value creation.

As testimony to JCorp's solid commitment to thedischarge of its social responsibilities, JCorp hadestablished under its stable as many as 30 Non-Government Organisations (NGOs) andCommunity Service Organisations (CSO),



Masyarakat (CSO) yang diuruskan dan diterajuioleh anggota pekerjanya dari pelbagai lapisan.Pendekatan JCorp dalam operasi dan pengurusanNGO berbeza dengan yang biasa diamalkan.Secara umumnya, NGO tersebut beroperasi dandiuruskan dengan berasaskan nilai korporat dan"komersial" dengan kecekapan pengurusan,keputusan dan prestasi menjadi ciri yang palingutama ditekankan.

Antara NGO yang menonjol di dalam Kumpulanialah Klinik Waqaf An-Nur Berhad (KWAN), yangmempunyai rangkaian klinik kebajikan yangterletak di masjid-masjid yang terpilih di NegeriJohor. KWAN merupakan sebahagian programkhidmat masyarakat yang menawarkanperkhidmatan perubatan pakar dengan sokonganprofesional sepenuhnya daripada KPJ Healthcarekepada masyarakat umum dan memfokuskepada keperluan golongan yang kurangbernasib baik dari semua kaum, agama danlatar belakang sosial.

KWAN dilengkapi dengan Pusat Dialisis yangmenawarkan perkhidmatan pembersihan darahkepada pesakit buah pinggang pada kadarsubsidi. Malah dalam banyak kes, pesakit yangmemerlukan perkhidmatan tersebut bolehmendapatkan kemudahan subsidi sepenuhnyadari tabung zakat untuk golongan tidakberkemampuan yang ditadbir oleh Majlis AgamaIslam dan lain-lain badan-badan kebajikan.

Sehingga akhir Disember 2003, KWANmempunyai 4 buah rangkaian klinik dengan 3buah Pusat Dialisis yang terletak di Masjid An-Nur pusat membeli-belah KOTARAYA, MasjidJamek Pasir Gudang dan Masjid Sultan Ibrahimdi Batu Pahat.

managed and often directly led by its own peopleat all levels. JCorp's approach to the operationand management of these NGOs is also contraryto what is conventionally practiced. These NGOsare generally operated and managed strictly oncorporate and "commercial" principles withefficiency, effectiveness, results and performancebeing their outstanding features.

Among the more significant NGOs within theGroup is the Klinik Waqaf An-Nur Berhad (KWAN),which has a network of charity clinics locatedmainly at selected mosques in the State of Johor.KWAN is part of an outreach programmeextending the privileges of specialist healthcareservices with full professional backing of KPJHealthcare to the public at large, focusing on theneeds of the less fortunate from all ethnic andreligious backgrounds in the society.

KWAN clinics are complemented by DialysisCentres that offer registered patients sufferingfrom kidney failure, blood cleansing services atsubsidised rates. In fact in many cases, needypatients can have access to total subsidiesextended by Zakat funds for the pooradministered by the Johor Islamic ReligiousCouncil or other charitable organisations.

As at end of December 2003, KWAN has achain of four clinics with 3 built-in DialysisCentres located at the An-Nur Mosque in theKotaraya Shopping Complex, the Jamek Mosquein Pasir Gudang, and the Sultan IbrahimMosque in Batu Pahat.



KWAN yang terbaru telah dibuka pada 6 Oktober2003 di Seremban, Negeri Sembilan dengan PusatDialisis dijangka ditubuhkan pada tahun 2004.

KWAN Pasir Gudang dilengkapi denganperkhidmatan Klinik Bergerak yang memberikanperkhidmatan kepada penduduk di kawasanpendalaman dan sekolah terdekat di sekitar PasirGudang. Sehingga akhir 2003, 3 buah KWAN diJohor telah memberikan rawatan kepada seramailebih dari 100,000 pesakit pada kadar bayaranminima RM 5 bagi setiap rawatan dengan 125pesakit dialisis telah mendapat manfaatkemudahan perkhidmatannya.

Konsep Islam waqaf KWAN didapati sebagaiinstrumen yang berkesan di dalammemanfaatkan sumbangan derma ikhlasmasyarakat dan menjadi program khidmat sosialmasyarakat utama yang berdaya maju pada masaakan datang. Dengan sambutan yangmenggalakkan daripada pihak awam, KWANmensasarkan untuk menubuhkan sekurang-kurangnya 2 klinik atau Pusat Dialisis dalamsetahun di seluruh negara.

Antara program tanggungjawab sosial korporatJCorp yang utama melalui aktiviti NGO ialahpenyertaannya di dalam Dewan PerdaganganIslam Malaysia (DPIM). Ketua Eksekutif JCorptelah dilantik sebagai Pengerusi DPIM CawanganJohor yang secara langsung telah melibatkansyarikat-syarikat di dalam Kumpulan JCorpuntuk merealisasikan objektif utama DPIMiaitu mempromosikan perdagangan danindustri. Fokus utama JCorp ialah untukmenggalakkan penglibatan masyarakat Islamdalam bisnes dan memantau pembangunan ahli-ahli bisnes dan usahawan Islam di dalammeningkatkan kedudukan ekonomi merekadalam jangka panjang.

The latest addition to the KWAN chain of clinicswas opened on 6 October 2003 located inSeremban, Negeri Sembilan, with its DialysisCentre expected to be established by 2004.

The KWAN Pasir Gudang Centre is alsosupplemented by a Mobile Clinic service thatserves residents in the immediate ruralsurroundings as well as schools around PasirGudang. Up to end of 2003, the 3 KWAN Clinics inJohor had offered an aggregate of more than100,000 treatments and procedures at a minimalcharge of RM 5 per treatment, with 125 dialysispatients benefiting from its services.

KWAN's Islamic waqaf concept has also beenfound to be highly effective and instrumental inmobilising voluntary donations from the public,contributing further to its future viability as apowerful social outreach programme.Encouraged by the response from the public,KWAN targets to set up at least 2 clinics orDialysis centres per year, to be locatedthroughout Malaysia.

Another of JCorp's significant corporate socialresponsibility programme through NGO activitiesinvolves its participation in the Malaysian IslamicChamber of Commerce (DPIM). The ChiefExecutive of JCorp was elected as Chairman,DPIM Johor Branch, hence involving JCorp and itsGroup of companies directly into realising DPIM'sprincipal objective of promoting trade andindustry. JCorp's special focus would be onencouraging greater business participation amongthe Muslim community and facilitating thedevelopment of Muslim businessmen andentrepreneurs to spearhead improvement in theirlong-term economic position.



Tanggungjawab program korporat KumpulanJCorp menjadi lebih utama di dalam mentadbirPihak Berkuasa Tempatan Pasir Gudang. Terdapatkeperluan yang tinggi untuk mengintegrasikanindustri dan sektor bisnes ke dalam jalinan sosialmasyarakat Pasir Gudang yang lebih besar,memandangkan pembangunan bandar PasirGudang masih lagi di peringkat awalpembentukan kepada masyarakat industri. Dibawah kepimpinan JCorp, terjalin pelbagai NGOdan CSO di Pasir Gudang pada hari ini yangditerajui oleh Dana Bakti atau "Pasir GudangCommunity Chest" yang ditubuhkan sebagaijambatan di mana syarikat-syarikat yangberoperasi di Pasir Gudang boleh menyumbangkepada kepentingan masyarakat setempat.

CSO lain yang aktif dan memberi sumbanganbesar termasuklah Rumah Anak Yatim DarulHanan yang ditubuh dan diuruskan oleh MutiaraJohor Corporation atau Pertubuhan Wanita JCorp.Pelbagai jawatankuasa masjid dan khairat jugaaktif menjalankan pelbagai kegiatan mereka,manakala dari sudut yang lain pula inisiatif jugadiambil oleh Badan-badan Sukan dan Rekreasiyang menyaksikan penganjuran beberapa aktivitidi peringkat nasional dan antarabangsa. Salahsatu acara tahunan terbesar ialah FestivalLayang-Layang Antarabangsa Pasir Gudang yangmana penganjuran tersebut telah meletakkanPasir Gudang sebagai salah satu lokasi bagi acaratahunan antarabangsa yang kurang dianjurkanoleh lain-lain Pihak Berkuasa Tempatan diMalaysia. Keunggulan Pasir Gudang jugaditambah dengan adanya pembinaan sebuahMuzium Layang-Layang yang pertama dan satu-satunya di Malaysia.

JCorp Group's corporate responsibilityprogrammes become a higher priority in themanagement of the affairs of the Pasir GudangLocal Authority. Considering that Pasir Gudangtownship is still in the formative stages ofdevelopment into an industrial community, thereis greater need to integrate the industrial andbusiness sector into the social fabric of the largercommunity of Pasir Gudang. Under JCorpleadership, Pasir Gudang today boasts a widerange of CSOs and NGOs, spearheaded by DanaBakti or Pasir Gudang Community Chest whichforms the bridge through which companiesoperating in Pasir Gudang can contribute tocommunity interests.

Other active and high performing CSOs includethe Darul Hanan Orphanage established andmanaged by Mutiara Johor Corporation, or JCorp'sLadies Organisation. The various Mosques andKhairat Committees are also active with theirrespective programmes, whilst at the other endsof the spectrum Pasir Gudang bears witness toinitiatives taken by Sporting and RecreationalBodies in enhancing its overall image andstanding by hosting several national as well asinternational level activities. One such highlyregarded annual affair is the Pasir GudangInternational Kites Festival that had placed PasirGudang as one of the very few Local Authorities inMalaysia regularly hosting such an internationalevent. Pasir Gudang's stature is also furtherboosted by the establishment of Malaysia's firstand only Kites Museum.



Pembangunan Tenaga Insan

Kejayaan sesebuah organisasi kerap kalidikaitkan dengan usaha yang menyeluruh, tenagadan kreativiti dari pasukan anggota pekerjaprofesionalnya yang berdedikasi di bawahkepimpinan yang berwibawa, yang bolehmemainkan peranan kritikal dalam memastikanobjektif organisasi tercapai.

Dalam persekitaran bisnes yang dinamik, adalahamat penting bagi seluruh anggota pekerjadibekalkan dengan pengetahuan dan kemahiranyang membolehkan mereka mempertingkatkankemahiran dan bidang tugas mereka secaraberterusan. Menyedari akan hakikat ini, JCorpmensasarkan untuk membelanjakan sebanyak 10peratus daripada perbelanjaan emolumenanggota pekerjanya di dalam latihanpembangunan kerjaya anggota pekerja. Untukmemastikan anggota pekerja JCorp mencapaitahap pengurusan yang dikehendaki, JabatanPembangunan Tenaga Insan telah memainkanperanan yang penting dalam membangunkanprogram yang komprehensif dengan tujuan untukmembangunkan kerjaya setiap anggota pekerjamelalui pendekatan holistik.

Di dalam tahun yang dikaji ini, JCorp telahmembelanjakan sebanyak 6.59 peratus daripadajumlah emolumen tahunan anggota pekerja didalam latihan dan pembangunan anggota pekerjayang mana setiap daripada mereka telahpunmenghadiri latihan secara purata 46.19 jamdalam setahun. Pada tahun 2003, peratusananggota pekerja yang menerima latihan jugabertambah kepada 96.15 peratus berbanding94.23 peratus pada tahun 2002.

Human Resource Development

The success of an organisation is most oftenfounded upon the total effort, energy andcreativity of its team of dedicated professionalsand hardworking employees who, under ableleadership, can play the ever critical role inensuring that the mission and objectives of theorganisation are achieved.

In a dynamic business environment, it isimperative that all employees are constantlyprovided with the skills and knowledge tocontinuously upgrade themselves in their relevantdisciplines. Recognising this, JCorp targets tospend about 10 percent of its total annual staffemolument on staff training and careerdevelopment. To ensure that JCorp staff reach therequired level of operational competency, theHuman Resources Department of JCorp plays avital role in developing a comprehensiveemployee development programme meant toprovide a holistic approach to the development ofindividual staff.

For the year under review JCorp spent 6.59percent of the total annual staff emolument ontraining and staff development, and each staffhad attended an average of 46.19 hours oftraining for the year. The percentage ofemployees who had received training for 2003also increased to 96.15 percent compared to94.23 percent in 2002.



Dalam era K-Ekonomi, JCorp amatmenggalakkan anggota pekerjanyameningkatkan pengetahuan profesional merekamelalui tawaran pelbagai insentif kepada merekayang ingin mengikuti kursus profesional danpensijilan yang diiktiraf termasuklah ACCA,CIMA, ICSA dan CIA. Sebagai tambahan sejaktahun 1988, JCorp dan Kumpulannya telahmemberi separuh penajaan kepada 40 oranganggota pekerja Kumpulan JCorp yang menyertaiprogram MBA yang dijalankan oleh HenleyManagement College, United Kingdom dengankerjasama Akademi Pembangunan IntrapreneurJCorp. Kumpulan pertama graduan MBA dijangkaakan tamat pengajian mereka pada tahun 2004.

Sebagaimana yang telah dinyatakan sebelumini, JCorp telah menggunapakai SasaranPencapaian Prestasi (KRA) dan Kunci PetunjukPrestasi (KPI) dalam mengukur prestasiBahagian JCorp dan jabatan. Setiap Bahagiantelah mengenalpasti jumlah bilangan sasaranmerangkumi prestasi kewangan, kecekapanoperasi, penghasilan nilai yang mana ianyatelah dipersetujui melalui PerjanjianPersefahaman yang telah ditandatangani.

Pencapaian sasaran tersebut kemudian dilapordan dipantau secara tahunan oleh jawatankuasakhas yang diketuai Ketua Pegawai Operasi.Seterusnya, pencapaian sasaran ini dijadikansebagai kayu pengukur prestasi tahunan yangakan menentukan pembahagian insentif,ganjaran, bonus dan penghargaan bagi seluruhKumpulan JCorp.

In the era of K-economy, JCorp stronglyencourages its employees to upgrade theirprofessional knowledge via offering variousincentives to employees who wish to take upaccredited professional courses and certificationsincluding ACCA, CIMA, ICSA and CIA. In additionto that, since 1998, JCorp and its Group haspartially sponsored 40 employees of JCorp Groupin undergoing an MBA programme conducted bythe Henley Management College, UnitedKingdom, in collaboration with the JCorp'sIntrapreneur Development Academy. The firstbatch of MBA students is expected to graduatein year 2004.

As reported previously, JCorp had earlierinstituted the use of Key Result Areas (KRA) andKey Performance Indicators (KPI) in themeasurement of performance at the Division,JCorp and departmental level. Each level hadidentified a number of specific performancetargets encompassing areas of financialperformance, operational efficiency, and valuecreation, and agreed upon via the signing of aPerformance Memoranda.

The achievement of these performance targets isthen progressively reported and monitored duringthe course of the year by a special committeeheaded by the Chief Operating Officer.Subsequently, achievement of these targetsforms a part of the performance measuresculminating in the disbursement of year endincentives, rewards, bonuses and recognition forthe entire JCorp Group.



Secara ringkasnya, keutamaan pembangunantenaga insan JCorp ialah untuk memastikan JCorpdapat mengekalkan reputasinya sebagaiorganisasi korporat terbaik. Matlamatnya ialahuntuk menarik dan mengekalkan anggota pekerjayang cekap, berkemampuan, berkebolehan danjuga mempunyai nilai sikap yang tinggi danmempunyai integriti. Ianya juga untukmemastikan JCorp membina suasana bekerjayang selesa untuk seluruh anggota pekerjanya dimana pulangannya ialah menghasilkan organisasiyang mempunyai kumpulan anggota pekerjabermotivasi yang telah ditanam dengan kesetiaandan dedikasi yang sangat berharga.

Prestasi Kewangan

Tahun 2002 merupakan tahun pemulihan JCorp,manakala tahun 2003 merupakan tahun yanglebih mencabar terutamanya untuk mengekalkanpemulihan dan memastikan prestasi cemerlangyang berterusan.

Alhamdulillah, dalam tahun yang dikaji, JCorpdengan bangganya melaporkan keuntungansebelum cukai sebanyak RM 296.52 juta.Keuntungan ini disokong kukuh oleh harga MSMyang tinggi sepanjang tahun. JCorp jugamencatatkan pemulihan pelaburan yang besar didalam pelaburannya di DBhd apabila JCorpmenukar Saham Keutamaan Kumulatif BolehTebus milik syarikat anak penuh DBhd danpelbagai pelaburan berjumlah RM 440 juta.

Di peringkat Kumpulan, JCorp telah mencatatkankeuntungan sebelum cukai sebanyak RM 258.42juta. Keuntungan ini disokong oleh prestasi yangkukuh dari seluruh Bahagian terutamanyaBahagian Bisnes Sawit, Bahagian Prisihatin dan

To summarise, JCorp's human resourcedevelopment priority is to ensure that JCorpsustains its reputation as a much sought-afteremployer. The aim is to attract and retainemployees who are not only competent,dependable and reliable but also those with highethical value and integrity. It is also to ensurethat JCorp build a conducive and enrichingworking environment for all its employees who, inturn, will ultimately reward the organisation witha highly motivated team of people imbued withpriceless sense of loyalty and dedication fromwithin the employees themselves.

Financial Performance

The year 2002 was the turn around year for JCorp,thus making the year 2003 a more daunting andchallenging year for JCorp to sustain theturnaround and ensure that JCorp continues to bein the black.

Alhamdulillah, for the year under review, JCorpcan proudly report a commendable profit beforetax of RM 296.52 million. The profit was stronglyboosted by the sustained high price of CPOthroughout the year. JCorp also recordedsubstantial write back on its investments in DBhdwhen it converted its Redeemable ConvertibleCumulative Preference Shares belonging to awholly own subsidiary of DBhd and otherinvestments amounting to RM 440 million.

At Group level, JCorp recorded a profit before taxof RM 258.42 million. The profit is backed bystrong performance from the Palm Oils andHealthcare Division. The Oil Palm contribution



Bahagian "Intrapreneur Venture". Sumbangan dariBisnes Minyak Sawit berpunca dari hasilpeningkatan harga MSM yang tinggi sepanjangtahun dengan harga puratanya mencecah RM1,544 setan. Di samping itu, Bahagian Prisihatinjuga memperlihatkan hasil positif melaluipengambilalihan 9 buah hospital baru dan impakawal transformasi bisnes dan program integrasiyang dilaksanakan.

Kemampuan JCorp untuk membayar balikbahagian keuntungan pinjaman yangdistrukturkan di bawah PIPK buat kali keduaberturut-turut merupakan testimoni keupayaandan komitmen yang kukuh JCorp di dalammemenuhi tanggungjawabnya di bawah pelanpenstrukturan tersebut.

Secara keseluruhannya, prestasi JCorp adalahhasil daripada usaha-usaha berterusan yangdilakukan bagi memastikan integrasi programbisnes Kumpulan keseluruhannya mencapaikeputusan yang dikehendaki. Pengalaman JCorpdalam mengatasi impak krisis pada tahun-tahunlalu telah membuatkan JCorp lebih berhati-hatidan berhemat dalam perkembanganpelaburannya. InsyaAllah, JCorp akan berusahabagi memastikan kejayaannya sebagai sebuahentiti korporat yang berjaya pada tahun-tahunyang mencabar akan datang.

Menggalakkan Skim IntrapreneurVenture JCorp

Skim unik Intrapreneur JCorp yang pertama kalidilancarkan pada tahun 1999, adalah berdasarkankepada konsep baru iaitu perkongsian pulangandan risiko di antara JCorp dan Intrapreneur.Sehingga kini, skim inovatif dan berdaya maju ini

came from the sustained high price of CPOthroughout the year at an average price of RM1,544 per tonne while the Healthcare Divisionsaw the full contribution from the acquisition of 9new hospitals and the results of some initialimpact of business transformation andintegration programmes.

JCorp's ability to pay the profit portion of itsrestructured loans under its CRMP for the secondconsecutive time is testimony to JCorp's abilityand firm commitment in fulfilling its obligationsunder the corporate restructuring programmes.

On the whole, JCorp's performance is a result ofits relentless effort in ensuring that the Group-wide business integration programmes achievethe desired results. The experience that JCorphad to go through in overcoming the impact ofthe economic crisis in the last years had madeJCorp more prudent and weary in its spendingand investments. InsyaAllah, JCorp shall strive toensure its survival as a successful corporateentity in these upcoming challenging years.

Enhancement of JCorp's IntrapreneurVenture Scheme

JCorp's unique Intrapreneur Venture Scheme wasfirst launched in 1999, based on a new risk-and-reward-sharing concept between JCorp and theIntrapreneur. To date, this innovative and



telah menunjukkan kejayaan yangmembanggakan seperti yang ditunjukkanmelalui pertambahan jumlah syarikat yangmenyertainya dan terdapatnya peningkatan didalam prestasi mereka.

Di dalam tahun yang dikaji, terdapat limasyarikat intrapreneur baru JCorp yang manasetiap intrapreneur yang menyertainyaditawarkan ekuiti maksima 25 peratus di dalamsyarikat yang mereka terajui. Syarikat-syarikattersebut termasuklah HC Duraclean Sdn Berhad,Genuine Victory Sdn Berhad, Phoenix Synergy SdnBerhad, Metro Equipment Sdn Berhad dan Pro-Office Bulk Mailing Sdn Berhad.

Sehingga kini, sebanyak 21 buah syarikat dibawah skim tersebut yang melibatkan seramai 27orang intrapreneur termasuklah 14 orang yangmenyertainya di bawah konsep "intrapreneurberkumpulan" dari Aquapreneur Sdn Berhad.Walaupun skim "Intrapreneur Venture" JCorp lebihtertumpu kepada intrapreneur perseorangantetapi tumpuan juga diberikan kepada"intrapreneur berkumpulan" di dalam kes-kes dimana penyatuan kebolehan dan kepakarandiperlukan di dalam melaksanakan operasi bisnes.

Di dalam tahun yang dikaji, keuntungan sebelumcukai agregat bagi semua syarikat intrapreneursangat membanggakan iaitu sebanyak RM 13.33juta dengan pendapatan keseluruhan berjumlahRM 149.61 juta. Prestasi yang cemerlang inidicatatkan oleh syarikat seperti Epasa ShippingAgency Sdn Berhad, Perkasa Mechanical &Engineering Sdn Berhad, HC Duraclean SdnBerhad dan JMF Asset Management Sdn Berhaddengan keuntungan berkembang masing-masingsebanyak 1,085.10, 338.60, 153.40 dan 137.9peratus. Syarikat lain di bawah skim ini jugamencatatkan peningkatan keuntungan berganda.

enterprising scheme had proven to be remarkablysuccessful as shown by the increasing number ofcompanies that had entered the scheme and thenoticeable improvement in their bottom lines.

In the year under review, JCorp saw the entranceof 5 new intrapreneur companies where eachintrapreneur was offered a maximum of 25percent equity participation in the company theylead. These new additions include HC DuracleanSdn Berhad, Genuine Victory Sdn Berhad, PhoenixSynergy Sdn Berhad, Metro Equipment Sdn Berhadand Pro-Office Bulk Mailing Sdn Berhad.

To date, there are 21 companies under in thisscheme involving 37 intrapreneurs including 14intrapreneurs under the "team intrapreneuring"concept from Aquapreneur Sdn Berhad. JCorp'sIntrapreneur Venture Scheme, although morecommonly based on individual intrapreneurs, doesgive exception to "team intrapreneurs" in caseswhere a blend of expertise and capabilities maybe required to operate the business.

For the year under review, the aggregate profitbefore tax for all the Intrapreneur companiesrecorded a remarkable RM 13.33 million on theback of RM 149.61 million revenue. Outstandingperformances were recorded by companies likeEpasa Shipping Agency Sdn Berhad, PerkasaMechanical & Engineering Sdn Berhad, HCDuraclean Sdn Berhad and JMF Asset ManagementSdn Berhad with a profit before tax growth of1,085.10, 338.60, 153.40 and 137.90 percentrespectively. The other companies under thescheme also recorded double digit profit growth.



Menyedari akan daya maju skim ini sebagai satukonsep dan sangat berpotensi, JCorp telahmengkhaskan satu jabatan iaitu JabatanPembangunan Bisnes yang diberi tanggungjawabuntuk menyokong pertumbuhan serta membantudan membekalkan segala panduan yangdiperlukan oleh intrapreneur bagi membolehkanmereka berjaya dalam bisnes yang diceburi.

Lanjutan dari skim ini, JCorp secara lebih agresiftelah merencana satu program bagi mengenalpasti bisnes dan aktiviti-aktiviti di dalamKumpulan JCorp dan jabatan dalaman yangberpotensi untuk diintrapreneurkan. Ianya jugadisusuli dengan pencarian dan pelawaan kepadausahawan-usahawan luar yang layak bagimembantu mempercepatkan perkembangan danpertumbuhan skim ini.

Pemulihan Skim Harga Skim AmanahSaham Johor (ASJ) dan Dana Johor (DJ)

Pada 20 Januari 2004, YAB Dato' Haji Abdul GhaniBin Othman, Menteri Besar Johor telahmenandatangani Perjanjian Persefahaman (MOU)di antara Kerajaan Negeri Johor dan KumpulanJCorp untuk bekerjasama membantu memulihkanharga Amanah Saham Johor (ASJ) dan Dana Johor(DJ) dan secara rasmi melancarkan pemulihanharga melalui Skim Belian Balik Bersyarat.

Skim Belian Balik Bersyarat ini membolehkanpemegang-pemegang unit yang tidak dapatmenunggu pemulihan harga melalui pasaran,melupus pegangan mereka pada harga yang lebihtinggi daripada harga pasaran semasa. Hargapembelian balik unit-unit ASJ dan DJ, telahditetapkan pada harga masing-masing RM1.00

Recognising the viability of this scheme as aconcept and its tremendous potential, JCorp haddedicated a specific department, namely theBusiness Development Department, which isassigned with the principal task of supportinggrowth, facilitating and providing all the coachingneeded by intrapreneurs to enable them tosucceed in their respective businesses.

Moving forward with the scheme, JCorp hascharted a course to embark on a more aggressivestance to seek out, within the Group and fromamong JCorp's own internal departments,potential businesses and activities that can beconverted into Intrapreneur businesses under thescheme. This is also further complemented byseeking and inviting potential and eligibleentrepreneur businesses from the market whichwould surely help to expedite the growth andexpansion of the scheme.

Price Revival Scheme of Amanah SahamJohor (ASJ) and Dana Johor (DJ)

On 20 January 2004, the Chief Minister of Johor,YAB Dato' Haji Abdul Ghani Bin Othman, and theChief Executive of JCorp had signed aMemorandum of Understanding (MOU) betweenthe Johor State Government and JCorp Group tofacilitate collaboration to revive the prices ofAmanah Saham Johor (ASJ) and Dana Johor (DJ)and officially launch the price recovery through aConditional Redemption Scheme.

The Conditional Redemption Scheme allows unitholders who could not afford to wait for normalmarket recovery to redeem their investments athigher than the prevailing prices. The redemptionprices of ASJ and DJ were fixed at RM 1.00 and



seunit dan RM 0.50 seunit, iaitu berdasarkanharga pertengahan di antara harga terendah dantertinggi yang dicapai semenjak pelancaransemula kedua-dua unit amanah saham tersebutmasing-masing di tahun 1992 dan 1995.

Walau bagaimanapun, had kelayakan yangdibenarkan untuk pemegang unit menjual unit-unit mereka dengan harga skim tersebut adalahmaksimanya sebanyak 10 peratus dari peganganatau 500 unit, yang mana lebih tinggi pada tahunpertama. Perlupusan unit-unit boleh di buat ditahun-tahun seterusnya sebanyak maksima 10peratus. Tawaran ini membolehkan seramailebih dari 95,000 orang pemegang unit di bawah500 unit yang merangkumi 59 peratus darikeseluruhan jumlah pemegang unit seramai160,400 pemegang di dalam kedua-dua ASJ danDJ melupuskan kesemua pegangan pelaburanmereka pada harga yang di tetapkan serentaktanpa sebarang sekatan.

Pada asalnya, ASJ dan DJ dilancarkan bertujuanuntuk menyalurkan faedah kejayaan bisnes JCorpkepada semua lapisan masyarakat (juga kepadaBukan Bumiputera melalui DJ). Ia merupakan satulangkah yang berdaya maju di mana syarikat-syarikat JCorp yang memiliki aset yangmenguntungkan dirancang disuntik ke dalamdana tersebut bagi mendapat pulangan yangdiharapkan.

Walau bagaimanapun, krisis matawang dankegawatan ekonomi yang melanda rantau AsiaTimur termasuk Malaysia pada tahun 1997/98telah menyebabkan nilai aset dan prestasi banyakskim unit amanah tempatan merosot denganbegitu teruknya termasuklah ASJ dan DJ.Kedudukan bisnes dan prestasi korporat JCorpjuga terjejas teruk yang memaksa JCorp berjuang

RM 0.50 per unit respectively, based on themedian of the highest and lowest price achievedsince the re-launch of the two funds in 1992 and1995 respectively.

The scheme, however, allowed unit holders toredeem at the higher offer prices for up to amaximum of only 10 percent of their holding orthe first 500 units, whichever is the higher, forthe first year. An annual redemption of 10percent is envisaged to be sustained throughoutsubsequent years. This offer therefore enablesmore than 95,000 unit holders with below 500units or 59 percent of the total 160,400 unitholders of both ASJ and DJ to redeem all theirinvestments at the schemed prices all at oncewithout any restrictions.

ASJ and DJ were originally launched to serve as aconduit to distribute the fruits of JCorp's businessand corporate success to all participatingBumiputeras (and non Bumiputeras as well, in thecase of DJ). It was considered a viable move asJCorp had a number of large companies withstrategic profitable assets and companies thatwere intended to be injected into the funds toprovide the required returns.

Nonetheless, the currency and economic crisesthat swept across East Asia, including Malaysia,in 1997/98 had, however, resulted in hugedeterioration in asset values of all local unit trustfunds including ASJ and DJ. JCorp's business andcorporate performance were also badly affected,



untuk kesinambungannya. Situasi ini juga telahmemberi tekanan kepada pemegang-pemegangunit khususnya mereka yang telah membuatpinjaman menerusi institusi-institusi kewanganbagi membeli unit-unit amanah saham tersebut.

Skim Belian Balik Bersyarat yang dilancarkan olehJCorp menerusi Pelaburan Johor Berhad (PJB) inimerupakan satu mekanisma ke arah memberikelegaan yang cepat kepada para pemegang unitsementara Skim Amanah Saham tersebutmencari jalan ke arah pemulihan sepenuhnya.

(Sila lihat laporan penuh pada muka surat 45)

Prospek

Prestasi ekonomi negara dijangka akan mencapaipertumbuhan KDNK pada paras 6 hingga 6.50peratus pada tahun 2004. Pertumbuhan ekonomidijangka akan lebih menyeluruh di manadijangkakan kesemua sektor akan mencatatkanpertumbuhan yang lebih tinggi.

Pengenalan dan pelaksanaan langkah-langkaholeh Kerajaan bagi memperkukuhkan ekonomidan daya saing sektor swasta pada jangkamasasederhana dan panjang dijangka akan dapatmerangsang perbelanjaan swasta pada kadar7.50 peratus yang seterusnya di pancu olehpeningkatkan pelaburan swasta pada kadar 9.90peratus dalam tahun 2004.

Ekonomi yang memberangsangkan ini diramalkanakan dapat menyumbang kepada peningkatanpelaburan langsung asing khususnya dalamsektor minyak dan gas melalui penemuan baru

leaving JCorp in a struggle for its own survival.This situation had also caused undue pressure tothe unit trust holders especially those who tookloans from financial institutions to purchase theunit trusts.

The Conditional Scheme launched by JCorpthrough Pelaburan Johor Berhad (PJB) wastherefore a mechanism set in motion to provideimmediate and temporary relief to the unitholders while both Unit Trust Schemes seek forother viable options towards full recovery.

(Refer to page 45 for full report)

Forecast

The Malaysian economy is targeted to achievestronger GDP growth of 6.00 to 6.50 percent inyear 2004. Economic growth is expected to bebroad based, with all sectors in the economyprojected to register higher output.

Government's introduction and implementation ofcomprehensive measures to enhance vibrancy ofthe economy and the medium and long termcompetitiveness of the private sector isforecasted to spur private expenditure to 7.50percent and further accelerate private investmentto 9.90 percent in 2004.

A healthier economy is expected to generatehigher Foreign Direct Investments (FDIs)especially in the oil and gas sector with the



telaga minyak di samping kenaikan hargasemasa minyak tersebut di pasaran.Pertumbuhan ekonomi yang stabil di AmerikaSyarikat dan penurunan pertumbuhan ekonomidi negara China dijangka tidak akan memberiapa-apa kesan negatif kepada pertumbuhanekonomi negara.

Dengan senario yang memberangsangkan ini,JCorp dijangka akan terus mencatatkanpeningkatan secara menyeluruh di dalam prestasibisnesnya. Fasa "perjuangan untuk terus hidup"telah dapat dilalui dan kini JCorp sedangmenghala kepada pembinaan nilai dankekayaan yang amat kritikal yang bukan sahajabagi memenuhi tanggungjawabnya di dalamPIPK tetapi juga untuk pertumbuhan danperkembangan Kumpulan JCorp pada masaakan datang.

Agenda JCorp yang paling utama adalah untukmengekalkan kemajuannya selaras denganpembinaan semula pelan hala tuju korporatnya.Malah pada akhirnya diharapkan JCorp dapatmuncul sebagai sebuah peneraju korporatberwibawa sebagaimana sebelumnya.

Menerusi Bisnes Asas dan "IntrapreneurVenture"nya, JCorp akan terus mencari danmeneroka peluang-peluang baru selaras denganusaha ke arah mengukuhkan kedudukanbisnesnya. Syarikat-syarikat di bawah"Intrapreneur Venture" akan memberi penumpuankepada pembinaan sistem bagi memastikanpencapaian yang cemerlang di dalam operasinya,mengawal kos dan menentukan peningkatan nilaiyang berterusan.

discovery of new oil fields and the currentincrease in oil price. The stability in the UnitedStates of America's economic growth and thevoluntary slowing down of China's economicgrowth is expected not to be detrimental to theMalaysian economic growth.

Against such favourable scenario, JCorp isexpected to record further improvement inoverall business performance in all its Divisions.It is clearly out of the "struggle for survival"phase and is well on the road to sustaining valuecreation and wealth generation that is socritical, not only to fully meet with all CRMPobligations, but also for the Group's futuregrowth and expansion.

Topmost in JCorp's agenda is to constantly chartprogress in its corporate rebuilding road-mapand fully achieve and even exceed the targets andonce again emerge a robust corporate player thatit once was.

JCorp, through its Core and IntrapreneurVenture Business will continue to seek andexplore new business opportunities that wouldcontribute further to strengthening theirpositions in their respective industries andensure value creation and sustained corporategrowth. Intrapreneur Venture companies areexpected to focus on establishing systems toensure the achievement of operationalexcellence, effective cost control measures andsustainability of value enhancement.



Adalah menjadi agenda JCorp juga untukmengenalpasti mana-mana bisnesnya yang perludisusun semula pada tahun-tahun akan datang.Ini termasuklah syarikat-syarikat di bawahBahagian Pembangunan Hartanah yang perludisusun semula termasuklah DBhd dan JLand.

Program-program penstrukturan semula dijangkaakan dapat meningkatkan lagi nilai dankedudukan syarikat-syarikat di dalam pasarandengan sasaran untuk meningkatkan lagi prestasiharga-harga saham bagi menggambarkan nilaisebenar mereka.

Sementara itu, JCorp akan meneruskan usahameluaskan rangkaian syarikat-syarikatIntrapreneurnya termasuklah membawa masuksyarikat-syarikat luar yang berpotensi. Ini akandicapai melalui skim "Intrapreneur Venture"nyayang berterusan diperbaiki bagi menggambarkansuasana bisnes yang dinamik dan mencabar.

Sebagai sebuah organisasi korporat, JCorpsentiasa peka dengan tanggungjawab sosialnyaterhadap masyarakat di sekelilingnya."Pulangan" yang besar yang diterima daripenglibatannya di dalam aktiviti-aktiviti CSRtelah menjadi sebab penting JCorp untuk terusterlibat secara aktif di dalam memainkantanggungjawab sosialnya bagi memenuhikehendak masyarakat Malaysia yang memerlukanperhatian dan bantuan.

Sebagai sebuah institusi amanah korporat,Kumpulan JCorp sesungguhnya mempunyaiperanan yang penting di dalam konteks potensiperkembangan dan pacuan korporat ekonomiglobal. Kejayaannya yang berterusan di dalam

The agenda that JCorp will pursue into theforthcoming year is the reconstruction andrationalisation of those businesses that have yetto embark on their related programmes. Thiswould include corporate restructuring ofcompanies under its Property DevelopmentDivision, including DBhd and JLand.

The restructuring programmes are expected toenhance the value and visibility of the companiesin the market with the target to increase shareprice performance so as to reflect the realintrinsic value of these equities.

Meanwhile, JCorp will continue to expand andwiden its network of Intrapreneur companies toinclude potential companies external to theGroup. This would be achieved via its uniqueIntrapreneur Venture Scheme which is constantlybeing upgraded and improved to reflect thedynamic and challenging business environment.

As a corporate organisation, JCorp had alwaysbeen conscious of its corporate socialresponsibilities to the community at large. Thetremendous "dividends" received from its pastCSR programmes are compelling reasons forJCorp to invest further in integrating its corporateinstitutional role to fully meet with Malaysiansociety's call for a sustainable business climate.

The JCorp Group as a trust corporate institution,indeed has a vital role to play, in the context of apotentially divisive, corporate-driven globaleconomy. Its continued success in creating value



membina nilai dan kekayaan di jangka dapatmenyumbang ke arah transformasi Malaysiasebagai sebuah negara maju menjelang 2020yang tidak akan dapat mengakibatkanketidakadilan melampau. Kewujudan JCorp daninstitusi amanah korporat yang mempunyaikejayaan sama dan dipacu oleh bisnes sangatpenting bagi menentukan semua langkah-langkah ke arah keadilan pemilikan ekuiti dansosial dicapai di dalam pertumbuhan ekonomiyang dipacu oleh pasaran dan bisnes.

Penghargaan

Bagi pihak Ahli-Ahli JCorp, kami inginmerakamkan setinggi-tinggi penghargaankepada YB Dato' Haji Ayub Bin Mion dan YB Dato'Haji Baderi Bin Dasuki, yang telah bersara diatas sumbangan mereka selama berkhidmatsebagai Ahli JCorp.

Kami juga amat berbesar hati dan mengalu-alukan perlantikan YB Dato' Razali Bin Mahusin,Setiausaha Kerajaan Negeri Johor dan YB Dato'Haji Ishak Bin Amin, Pegawai Kewangan NegeriJohor sebagai Ahli JCorp yang baru. Kamiberharap dapat bekerjasama dengan Ahli-AhliJCorp yang baru dengan baik ke arahmempertingkatkan kecemerlangan dankejayaaan JCorp.

Kami juga ingin merakamkan setinggi-tinggipenghargaan kepada Kerajaan Negeri danKerajaan Pusat, syarikat-syarikat anak, bank danjuga institusi kewangan yang lain di ataskepercayaan dan sokongan yang berterusankepada JCorp dan kami berharap sokongan iniakan berterusan pada masa akan datang.

and generating wealth is expected to contributesignificantly towards ensuring that Malaysia'ssteady transformation into a developed nation by2020 will not be at the expense of grossinequality. The active presence of JCorp andother similar successful, business-driven trustcorporate institutions is indeed a criticalinstitutional bulwark serving to ensure that ameasure of equity and social justice for all isattained in the highly market-driven andbusiness-driven economic growth climate.

Acknowledgement

On behalf of the Board, we would like to conveyour sincere appreciation to YB Dato' Haji Ayub BinMion and YB Dato' Haji Baderi Bin Dasuki, whoretired from the Board, for their commendablecontributions to JCorp during their tenure asmembers of the Board.

It is with great pleasure that we welcome onboard YB Dato' Razali bin Mahusin, the new JohorState Secretary and YB Dato' Haji Ishak BinAmin, the new State Financial Officer as newmembers of the Board. We look forward towardsworking closely with the new Board members toelevate JCorp to new heights of achievementsand successes.

We also wish to record our sincere gratitude andappreciation to both State and FederalGovernments, associates and partners, bankers aswell as all financial institutions for theircontinuous confidence and unwavering support toJCorp and look forward to further support in theyears to come.



Tanpa keyakinan, kesungguhan, kesetiaan dansikap dedikasi yang ada pada setiap anggotapekerja JCorp dan Kumpulannya, JCorp tidak akanberada di tahap sekarang. Justeru, kamimengambil kesempatan ini juga untukmerakamkan setinggi-tinggi penghargaankepada setiap anggota pekerja JCorp danKumpulan JCorp di atas kesungguhan dankeikhlasan yang telah diberikan dan kami amatberharap kita akan dapat bersama-samamenempuhi cabaran dengan kerjasama yang jitubagi mengekalkan tradisi kejayaan JCorp.

YAB Dato' Haji Abdul Ghani Bin OthmanPengerusi / Chairman

JCorp would not be where it is now, without thefaith, confidence, hard work, loyalty anddedication of all our employees from within JCorpand throughout the JCorp Group. Thus, we takethe opportunity to convey our gratitude andappreciation to each and every member of staffin JCorp and its Group for a work well done andsincerely hope that, together, we will face theforthcoming challenges with renewed andrejuvenated energy and determination to sustainJCorp's past formidable track record.

YBhg Tan Sri Dato' Muhammad Ali HashimKetua Eksekutif Kumpulan / Group Chief Executive


Skim Belian Balik Bersyarat Amanah Saham Johor & Dana JohorConditional Redemption Scheme For Amanah Saham Johor & Dana Johor

Alhamdulillah, pada 9 Februari 2004, JCorpmelalui Pelaburan Johor Berhad (PJB) dengankerjasama Kerajaan Negeri Johor telah memberipeluang kepada seramai 160,376 pemegang unitAmanah Saham Johor (ASJ) dan Dana Johor (DJ)untuk menjual balik unit-unit pelaburan merekadi dalam kedua-dua skim unit amanah tersebutpada harga tawaran masing-masing RM 1.00seunit dan RM 0.50 seunit. Harga belian baliktersebut adalah jauh lebih tinggi dari hargasemasa ASJ dan DJ iaitu masing-masing padaRM 0.22 seunit dan RM 0.18 seunit. Penjualantersebut adalah dihadkan kepada 10 peratus,ataupun 500 unit pertama daripada jumlahunit pegangan pelaburan mengikut akaunmasing-masing.

Prestasi harga kedua-dua dana ASJ dan DJ telahmerudum kesan dari krisis kewangan tahun 1997yang menyebabkan kekecewaan di kalanganpemegang-pemegang unit khususnya bagimereka yang meminjam dari institusi kewangan.Lanjutan itu, perlaksanaan Skim Belian BalikBersyarat tersebut bertujuan memberi kelegaankepada pemegang-pemegang unit sementaramenunggu perancangan pemulihan hargajangka panjang.

Alhamdulillah, on 9 February 2004, JCorp throughPelaburan Johor Berhad (PJB), with full supportfrom the Johor State Government, had proudlymade a conditional offer to 160,376 unit holdersof Amanah Saham Johor (ASJ) and Dana Johor (DJ)to redeem their investments in both the unit trustschemes at a redemption price of RM 1.00 and RM0.50 per unit respectively. The redemptionscheme, offered at prices higher than the thenprevailing market prices of ASJ and DJ of RM 0.22and RM 0.18 respectively, however was limited to10 percent of the total unit holdings or the first500 units held by each respective unit holders.

The prices of both ASJ and DJ had been badlyaffected as a result of the 1997/98 financial crisisand had frustrated many unit trust holders,causing undue pressure especially to those whotook loans from financial institutions. Hence thisConditional Redemption Scheme was designed toprovide some relief to unit holders pending a longterm revival solution.

Johor State Goverment plans to inject RM 240 million worthof assets, whilst JCorp will inject RM 300 million in cash.


Pelancaran Skim ini adalah tepat pada masanyadan amat dinanti-nanti oleh pemegang-pemegang unit ASJ dan DJ. Pada hari pertamaperlaksanaannya sahaja, lebih dari 1,300 orangpemegang unit kedua-dua ASJ dan DJ telah hadirke 12 kaunter-kaunter khas PJB di pusatmembeli-belah Plaza Kotaraya untuk menjualbalik unit-unit pelaburan mereka. Sehingga 30Jun 2004, seramai 26,254 pemegang unit ASJ dan5,784 pemegang unit DJ telah membuat jualanbalik pegangan unit mereka kepada PengurusDana. Dari segi nilai pula, sebanyak RM 21.39juta dan RM 4.73 juta telah dibayar kepadapemegang-pemegang unit ASJ dan DJ. Jumlah inimerupakan 35.50 peratus daripada RM 73.53 jutayang telah diperuntukan untuk membeli-balikunit kedua-dua dana untuk tahun ini.

Latar Belakang ASJ dan DJ

ASJ, yang dahulunya dikenali sebagai TabungPelaburan Johor (TPJ), adalah di antara skim unitamanah tajaan Kerajaan yang pertamaditubuhkan di Malaysia dan dilancarkan lebihawal dari skim Amanah Saham Nasional. Ianyadilancarkan secara rasmi oleh bekas PerdanaMenteri Malaysia iaitu YAB Allahyarham TunHussein Onn pada 25 Oktober 1977.

The Scheme was timely and was indeed abreather that was well received by unit holders.On the first day alone, more than 1,300 unitholders of both ASJ and DJ came to the 12specially-set PJB counters at Plaza Kotarayashopping complex to redeem their units. As atJune 30th 2004, a total of 26,254 unit holders ofASJ and 5,784 of DJ had already redeemed theirunits. In terms of value, some RM 21.39 millionand RM 4.73 million had been paid to therespective unit holders of ASJ and DJ. Thisaccounted for 35.50 percent of total RM 73.53million allocated for the redemption of the twofunds this year.

Background of ASJ and DJ

ASJ, formerly known as Tabung PelaburanJohor (TPJ), was the pioneer amongGovernment-sponsored unit trust schemes inMalaysia, and was in fact launched well aheadof the Amanah Saham Nasional Scheme. Theformer Prime Minister of Malaysia, the late YABTun Hussein Onn, had officially launched TPJ on25 October 1977.



Pada masa tersebut, TPJ menawarkan sebanyak 3juta unit saham amanah kepada masyarakatBumiputera dengan harga tawaran sebanyak RM1.00 seunit. TPJ telah menunjukkan prestasi yangcemerlang sejak dari awal pelancarannyasehingga ianya dilancarkan semula pada bulanMei 1992 dengan purata pulangan tahunan, yangmerangkumi kenaikan purata tahunan nilaimodal dan pengagihan dividen sebanyak 45.90peratus setahun. Dalam tempoh tersebut,pengagihan dividen tahunan yang telah dibuatadalah di antara 8 hingga 28 sen seunit.

Pada 15 Mei 1992, TPJ telah dilancarkan semuladengan nama baru yang sekarang ini dikenalisebagai ASJ. Objektif utama pelancaran semulaadalah untuk memanjang dan menyalurkanfaedah daripada kejayaan TPJ kepada lebih ramaipemegang unit. Aspirasi dan sasaran jangkapanjangnya pula adalah supaya ASJ berfungsisebagai penyalur pengagihan yangmembolehkan masyarakat Bumiputera melaburdi dalam skim ini bagi mendapat pulanganpelaburan dari usaha-usaha menjana kekayaandan penambahan nilai yang dilaksanakan olehJCorp dan Kumpulannya.

At that time, 3 million units of TPJ were offeredto Bumiputera investors at a nominal price of RM1.00 per unit. TPJ's performance since inceptionuntil its relaunch in 1992 was commendable withan annual average total return, encompassingannual average capital appreciation and dividenddistribution of 45.90 percent per year. During thesaid period, annual dividends disbursed rangedfrom a high of 28 sen per unit to the lowest of8 sen per unit.

On 15 May 1992, TPJ was relaunched under thenew name of ASJ. The main objective was toexpand and extend the benefits of TPJ's successto a larger number of unit holders. The long termaspiration and ultimate aim was for ASJ to serveas a unit trust scheme that would pose as adistributive conduit, enabling Bumiputeras whoparticipate and invest in the Scheme to haveaccess to investment returns from the valueand wealth creation efforts generated byJCorp's corporate entities.

Perjanjian Persefahaman bagi Skim Belian Balik BersyaratASJ dan DJ dimeteraikan.


Selain daripada menjana keuntungan daripadapelaburan di dalam pasaran saham sebagaimanaskim-skim unit amanah yang lain, matlamat asalyang telah dirancang untuk ASJ dan DJ adalahuntuk menyuntik saham syarikat-syarikat JCorpdan Kumpulannya yang menguntungkan kedalam dana dari masa ke semasa untukmemberikan pulangan dalam bentuk dividen danpeningkatan ke atas nilai modal jangka panjang.Sekiranya cadangan perpindahan sahamsyarikat-syarikat tersebut dilaksanakan,pengurusan syarikat akan kekal di pihak JCorpbagi menjamin kesinambungan dan kepentinganjangkapanjang Bumiputera di dalamorganisasi bisnes dan korporat. Aspirasi danfalsafah tersebut kemudiannya telah dizahirkandi dalam cogankata ASJ, "Kejayaan KamiDinikmati Bersama".

Sejak dilancarkan semula, ASJ telah mengagihkanpendapatan kasar berjumlah RM 213.90 juta ataubersamaan 80 sen seunit yang dibayar sebanyak 9kali. Purata jumlah pengagihan pendapatansetahun semenjak pelancaran semula adalahsebanyak 6.67 sen seunit setahun, merangkumikadar pengagihan terendah dan tertinggi diantara 1.96 sen dan 12.25 sen seunit. ASJ pernahmencapai harga jualan tertinggi iaitu RM 2.12seunit pada 11 Januari 1994, manakala hargaterendah pula adalah RM 0.17 seunit pada 4 April2001. Sehingga kini, ASJ dengan saiz unit dalampusingan berjumlah 300 juta unit, mempunyailebih dari 124,000 pemegang unit yang terdiridaripada individu dan juga institusi Bumiputera.

Other than harvesting gains from investments inthe stock market, characteristic of all unit trustschemes, the original plan envisaged for ASJ andDJ was that profitable companies under the JCorpGroup would also be injected into the Funds,providing sustainable long term returns in theform of income distribution and capitalappreciation. Despite the intended injection andtransfer of ownership, the management of thecompanies would still be maintained under JCorpto sustain ownership control of Malay corporateinterests in business for the long term. Thisaspiration was subsequently embodied intoASJ's motto of "Together, Sharing in the Benefitof our Success".

Since ASJ was relaunched in 1992, the fund haddistributed a total gross dividend of RM 213.90million, or an equivalent of 80 sen per unit, over 9occasions. This translates into an average totalyearly distribution of 6.67 sen per unit, the lowestbeing a gross distribution of 1.96 sen per unit tothe highest of 12.25 sen per unit. The highestprice achieved by ASJ was RM 2.12 per unitrecorded on 11 January 1994 whilst the lowestprice of RM 0.17 per unit was registered on 4April 2001. Currently, ASJ has a total unit size of300 million, with more than 124,000 individualand Bumiputera institutional investors.



Dana Johor (DJ) pula merupakan skim unitamanah kedua yang dilancarkan oleh JCorp iaitupada 19 April 1995. Sebagaimana ASJ, DJ jugatelah dilancarkan semula daripada skim asal yangdikenali dengan nama Tabung Pelaburan Johor-Kemajuan (TPJ-K).

Semasa pelancaran asalnya 24 tahun dahulu iaitupada 26 Mei 1980, TPJ-K telah menawarkansebanyak 3.07 juta unit pada harga tawaran RM1.00 seunit kepada semua warga Malaysia tidakmengira bangsa. Sehingga kini, DJ telah dapatmenarik seramai lebih dari 35,000 pemegangunit dengan saiz unit dalam pusingan berjumlah480 juta unit.

Semenjak tahun 1980 sehingga pelancaransemula pada bulan April 1995, TPJ-K telahmempamerkan prestasi yang memberangsangkandengan pembayaran pengagihan pendapatantahunan di antara 5 hingga 16 sen seunit setahun.Setelah ianya dilancarkan semula, DJ telahmengagihkan pendapatan sebanyak 5 kali denganjumlah pengagihan kasar sebanyak RM 116.87juta iaitu bersamaan dengan 25.50 sen seunit.Jumlah pengagihan tersebut juga bersamaandengan 2.83 unit setahun sejak dilancarkanpada 1995.

Selepas pelancaran semula pada tahun 1995, DJtelah mencatatkan harga jualan tertinggi padaRM 1.20 seunit pada 1 Mei 1996 dan hargajualan terendah pada tahap RM 0.15 seunit pada1 Mei 2001.

On the other hand, DJ was the second unit trustscheme launched by JCorp on 19 April 1995.Similar to ASJ, DJ was a relaunch of a formerscheme known as Tabung Pelaburan Johor -Kemajuan or TPJ-K.

When it was originally launched some 24 yearsago on 26 May 1980, TPJ-K offered 3.07 millionunits to all Malaysians at a nominal price of RM1.00 per unit. To date, DJ has managed to attractmore than 35,000 unit holders with more than480 million units in circulation.

From 1980 to the day of its relaunch in April1995, TPJ-K had displayed exemplaryperformance with a total yearly gross dividendpayout ranging from 5 sen per unit to 16 sen perunit. After April 1995, DJ had successfully paidout dividends on 5 occasions amounting to a totalgross distribution of RM 116.87 million or 25.5sen per unit. This is equivalent of an averageyearly distribution of 2.83 sen per unit per yearsince 1995.

Since its relaunch in 1995, DJ has managed torecord the highest selling price of RM 1.20 perunit on 1 May 1996, whilst registering the lowestselling price of RM 0.15 per unit on 1 May 2001.


IMPAK DARIPADA KRISIS MATAWANG DANKEGAWATAN EKONOMI 1997/98

Krisis matawang dan kegawatan ekonomi yangmelanda rantau Asia Timur termasuk Malaysiapada tahun 1997/98 telah menyebabkankeruntuhan nilai aset kesemua skim-skim unitamanah tempatan. ASJ dan DJ, kedua-duaskim unit amanah di bawah pengurusan PJBjuga tidak terkecuali.

Sebelum kegawatan yang bermula pada 28Februari 1997, kedudukan Indeks Komposit (IK)Bursa Malaysia, yang menjadi kayu pengukur nilaipasaran saham tempatan, adalah pada parasyang tinggi iaitu pada 1,270 mata. Pada masaitu juga, harga jualan ASJ dan DJ masing-masing adalah pada tahap RM 1.70 seunit danRM 1.02 seunit.

Dalam tempoh satu setengah tahun semenjakkrisis kewangan bermula, nilai pasaran saham-saham di Bursa Malaysia telah jatuh merosotmelebihi 75 peratus yang telah meletakkanIndeks Komposit (IK) ke tahap 263 mata pada 1September 1998. Seiring dengan kejatuhan itu,harga jualan kedua-dua ASJ dan DJ juga turutmerudum ke tahap masing-masing RM 0.21seunit dan RM 0.24 seunit.

Sebagai respon terhadap krisis, terajukepimpinan JCorp dengan sendirinya telahmengambil beberapa langkah drastik untukmeningkatkan prestasi ASJ dan DJ dan jugamembaikpulih kredibiliti PJB selaku pengurusskim unit amanah.

IMPACT OF THE 1997/98 CURRENCYAND ECONOMIC CRISIS

The currency and economic crisis that sweptacross East Asia, including Malaysia, in 1997/98had resulted in the collapse of asset values in alllocal unit trust funds. Both ASJ and DJ unit trustschemes under the management of PJB werealso affected.

Before the crisis on 28 February 1997, theyardstick of the local share market, theComposite Index (CI) of Bursa Malaysia, was at animpressive 1,270 points level. At the same time,manager's selling prices of ASJ and DJ were at RM1.70 and RM 1.02 per unit, respectively.

Within a year and a half from the onset of thecrisis, the market value of the shares listed onthe Bursa Malaysia plummeted by more than 75percent placing the CI to a low of 263 points on 1September 1998. This had contributedsignificantly to the fall of both ASJ and DJ'sselling prices to RM 0.21 and RM 0.24 per unit,respectively.

In response to the crisis, JCorp undertookdrastic moves to address the depressedperformance of ASJ and DJ, with the objectiveof regaining the credibility of PJB as managersof the unit trust schemes.



JCorp telah melaksanakan kajian untuk menilaikeberkesanan proses pengurusan dana denganmenjalankan audit yang menyeluruh terhadapprosedur membuat keputusan, praktispengurusan dan semua peraturan dan garispanduan yang berkaitan dengan pengurusandana. Langkah-langkah yang telah dijalankan dandiberi keutamaan termasuklah kajian menyeluruhke atas strategi yang bertujuan untukmengenalpasti sebarang kelemahan dankekurangan supaya ianya dapat diatasi dan tidakdiulangi. Hasil daripada kajian tersebut, JCorptelah merombak semula keahlian LembagaPengarah, menstruktur semula perananJawatankuasa Pelaburan dan menerapkanlangkah-langkah untuk mengurus risiko denganlebih berkesan di peringkat PJB selain daripadamempertingkatkan kepakaran dalam pengurusandana serta memantapkan lagi pemantauanterhadap proses pengambilan keputusanpelaburan. Dua orang Ahli Lembaga Pengarahbebas berpengalaman iaitu YBhg Tan Sri Dato' DrArshad Ayub dan YBhg Datuk Yahya Yaccob jugatelah dilantik untuk menganggotai Ahli LembagaPengarah dan Ahli Jawatankuasa Pelaburan PJBpada tahun 1999.

Selain itu, barisan pengurusan PJB juga telahdisusun semula pada awal tahun 2000 denganperlantikan seorang Ketua Pegawai Eksekutifyang profesional dan berpengalaman di bidangpenganalisaan pasaran saham dan penyelidikanpelaburan.

JCorp initiated a thorough re-examination of PJB'smanagement processes of the Funds, as well acomprehensive audit of decision makingprocedures, management practices and all rulesand regulations affecting fund management. Thisexercise, which included a total review ofstrategies and priorities had left no stoneunturned to ensure that mistakes were notrepeated, and weaknesses and loopholes werenot left unplugged. The exercise had culminatedin changes to the membership of the Board ofDirectors and the restructuring of InvestmentCommittee and instituting of measures to bettermanage risks at PJB level as well as to increasethe level of professionalism of the unit trustmanagement, with clearly defined accountabilityand responsibility and enhanced decision makingprocess in investment management. Twoindependent directors, namely YBhg Tan Sri Dato'Dr Arshad Ayub and YBhg Datuk Yahya Yaccob,were also appointed to the Board and theInvestment Committee in 1999.

In addition to the above, the management teamof PJB was also restructured through theappointment of a professional and experiencedChief Executive Officer in early 2000, who, priorto joining the Company had vast experience inthe field of share market analysis andinvestment research.


PENGIKTIRAFAN TERHADAP DANA ASJDAN DJ - SELEPAS LANGKAH-LANGKAHPENSTRUKTURAN

Langkah-langkah penstrukturan yang telahdiambil oleh JCorp dan PJB bagi memulihkansemula prestasi dana akibat daripada krisiskewangan dan ekonomi 1997/98 tersebut telahdapat disaksikan melalui pemulihan prestasitahunan kedua-dua ASJ dan DJ.

Pada tahun 1999, DJ telah mempamerkanpulangan pelaburan (peningkatan nilai aset bersihtermasuk pengagihan pendapatan, sekiranya ada)yang cemerlang sehingga ianya diberi anugerahSkim Unit Amanah Terbaik dalam kategori SkimUnit Amanah Negeri bagi tempoh satu tahunsehingga ke 31 Disember 1999. Pengiktirafan inidisampaikan oleh sebuah firma penganalisapelaburan bebas, Lipper Asia Ltd yang berpusatdi Hong Kong dengan kerjasama akhbarmingguan The Edge.

RECOGNITION OF ASJ AND DJ - POSTRESTRUCTURING

The restructuring steps taken by JCorp and PJBhad helped to restore the funds' credibilityensuing the currency and economic crisis of 1997/98, as evidenced in improvements in subsequentyearly performances of ASJ and DJ.

In 1999, DJ displayed an excellent totalinvestment return (increase in net asset valueinclusive of income distribution, if any) earningsfor it to be awarded the Best Unit Trust Schemeunder the State Unit Trust Fund category for aone-year period ending 31 December 1999.Lipper Asia Ltd, an independent investmentresearch firm based in Hong Kong, incollaboration with a weekly newspaper The Edge,had awarded the recognition to DJ.

The Chief Minister of Johor was checking the list of unitholders of ASJ and DJ in the system.



Pengiktirafan yang sama daripada Lipper Asiatelah diberikan juga kepada ASJ, denganpenganugerahan Skim Unit Amanah Terbaik bagikategori Skim Unit Amanah Negeri dari segipulangan pelaburan dalam tempoh 1 tahununtuk 2 tahun berturut-turut, iaitu bagi tahun2000 dan 2001.

Untuk tahun 2002 pula, ASJ telah merangkulanugerah kategori Skim Unit Amanah Negeriuntuk pulangan pelaburan terbaik bagi tempoh 3dan 5 tahun manakala DJ pula telahdianugerahkan dalam kategori yang sama tetapisebagai pemenang untuk tempoh satu tahunsehingga ke 31 Disember 2002.

Prestasi cemerlang ASJ dan DJ tersebut bukansahaja terhad di peringkat kategori Skim UnitAmanah Negeri. Malah, kedua-duanya setandingdengan skim unit amanah komersil yang lainyang melibatkan keseluruhan 139 skim unitamanah yang dipertandingkan oleh Lipper Asia diMalaysia dalam tahun 2002.

The same recognition by Lipper was also awardedto ASJ for the next two consecutive periods,winning the Best Unit Trust Scheme award underthe State Unit Trust Fund category for the one-year period ending 31 December 2000 and 2001.

Apart from that, ASJ also received two additionalawards for being the leader in total investmentreturns for the period of 3 and 5 years for theyear ending 31 December 2002 under the StateUnit Trust Fund category. In the same year DJ wasalso honoured under the same category for aone-year period ending 31 December 2002.

However, the excellent performances of both ASJand DJ were not only limited to the category ofState Unit Trust Funds. Both Funds werecomparatively measured among all commercialunit trust funds involving a total of 139 unit trustschemes in Malaysia tracked by Lipper Asia forthe year 2002.

12 kaunter khas telah dibuka selama sebulan di AtriumPlaza KOTARAYA bagi memudahkan pemegang-pemegangunit ASJ dan DJ menjual balik unit-unit pelaburan mereka.


SKIM BELIAN BALIK BERSYARATASJ DAN DJ

Sungguhpun prestasi ASJ dan DJ bertambah baikhasil dari langkah-langkah penstukturan semula,namun adalah jelas bahawa matlamat akhirpemulihan harga ASJ dan DJ bagi memenuhiaspirasi dan pengharapan semua memerlukanmasa yang lama. Lebih-lebih lagi jika sekiranyapemulihan nilai tersebut cuma bersandarkansepenuhnya kepada pacuan pasaran sahamsedangkan pergantungannya begitu menyeluruhkepada portfolio pelaburan yang dilabursebahagian besarnya pada kos sebelumkegawatan ekonomi. Adalah amat sukar untukmemberi gambaran optimistik terhadap prospekpeningkatan nilai dan pemulihan sebagaimanayang diharapkan di dalam keadaan pasaransaham tempatan sekarang ini yang tidakmenentu.

Dengan kesedaran inilah JCorp bersama-samaKerajaan Negeri Johor telah mengambil inisiatifuntuk memulih dan meningkatkan semula hargaASJ dan DJ dengan kaedah pacuan polisi.Rancangan ini telah diutarakan sejak awal tahun2001 lagi dan telah beberapa kali diubah dandihalusi bagi memenuhi aspirasi asal kedua-duadana dengan menggerakkan nilai sambilmemelihara kepentingan jangka panjangpemegang-pemegang unit.

CONDITIONAL REDEMPTION SCHEMEFOR ASJ AND DJ

In spite of the turnaround and improvements inthe performance of both ASJ and DJ on therestructuring measures taken, it is obvious thatthe long term revival of both ASJ's and DJ's pricesto meet fully with the aspirations and expectationof unit holders would be an extremely long haul.More so if the Funds are just left purely to marketforces to drive their value enhancement, whilstdepending wholly on their current portfolios thatwere substantially acquired at pre-crisis costs. Itwould be extremely difficult to be optimisticabout prospects for value enhancement andrevival in the context of the existing domesticequity market plagued with so manyuncertainties.

Realizing this, JCorp and the Johor StateGovernment, began to initiate a policy-drivenrevival scheme to increase the selling prices ofASJ and DJ. The plan was mooted as early as inthe year 2001 aimed at resurrecting the Fundsand enhancing values to partially meet with theoriginal objectives of the Funds and protect thelong term interests of the unit holders.



Sungguhpun Skim tersebut mempunyai sekatanpenjualan pada harga yang lebih tinggi, namunianya memberi pilihan kepada pemegang-pemegang unit menjual sebahagian daripegangan jika sekiranya mereka berhasrat untukberbuat demikian. Tanpa skim ini, pemegang unitASJ dan DJ yang telah membeli unit-unit merekamelalui pinjaman daripada institusi kewanganmungkin tidak mempunyai pilihan selain darimenjual unit-unit pegangan mereka pada hargayang rendah tetapi masih terus membiayai bakipinjaman mereka. Dengan adanya skim inimereka boleh memilih untuk menjual sebahagiandaripada unit pegangan mereka pada hargatawaran dan menggunakan hasil daripada jualantersebut untuk membayar balik baki pinjaman.

Berbeza dengan skim yang telah dijalankan olehsalah sebuah skim unit amanah tajaan kerajaannegeri yang lain, pendekatan pemulihan hargayang telah dilaksanakan oleh JCorp ini tidakmemaksa kepada penutupan awal skim ASJ danDJ. Setelah mengambilkira prospek pasaransaham dan potensi ganjaran dan risiko yangditawarkan serta keperluan kewangan semasadan masa depan setiap pemegang unit, JCorptelah membuat keputusan untuk melaksanakanSkim Belian Balik Bersyarat ini demi memeliharakepentingan semua pemegang unit ASJ dan DJ.

Skim tersebut melibatkan pemeteraianMemorandum Persefahaman (MOU) pada 20Januari 2004 di antara Kerajaan Negeri Johor danKumpulan JCorp. YAB Menteri Besar Johor, Dato'Haji Abdul Ghani Bin Othman, telah

Despite its restriction in the redemption amount,the scheme was intended to give unit holders anoption to partially exit from their investment.Without it, ASJ and DJ unit holders who haveacquired their units on loan financing may havelittle choice but to redeem their units at a lowprice while still servicing their outstanding loanbalances. With the scheme, they can choose topartially redeem their units at the higher offerprice and use the proceeds to service theoutstanding loan.

Unlike other schemes devised by other state-backed unit trust fund, this policy-driven pricerevival scheme opted by JCorp will not see thepremature forced-closure of ASJ and DJ. Aftertaking into consideration the prospects of themarket, its potential risks and rewards, and eachunit holder's current and future financial needs,JCorp had decided to launch the scheme in theinterest of all the unit holders of ASJ and DJ.

The Scheme saw the formalisation of aMemorandum of Understanding (MOU) on 20January 2004, between the Johor StateGovernment and JCorp Group with Chief Ministerof Johor, YAB Dato' Abdul Ghani Bin Othman


menandatanganinya bagi pihak Kerajaan NegeriJohor manakala Ketua Eksekutif JCorp bagi pihakKumpulan JCorp dan PJB. MOU tersebut telahmemeteraikan kesefahaman dan kerjasama diantara Kerajaan Negeri Johor dan Kumpulan JCorpdalam menggembleng usaha dan menyumbangsumber untuk memulihkan harga ASJ serta DJ dansecara rasminya melancarkan pemulihan hargaASJ dan DJ melalui Skim Belian Balik Bersyarat.

Melalui skim ini, Kerajaan Negeri Johor telahmenyuntik sebanyak RM 240 juta dalam bentukaset, manakala suntikan daripada KumpulanJCorp pula adalah sebanyak RM 300 juta dalambentuk tunai sepanjang 10 tahun akan datangyang secara langsung membolehkan PJBmeningkatkan harga belian balik kedua-duaASJ dan DJ.

Peningkatan harga belian balik tersebutmembolehkan pemegang-pemegang unitmenjual sebahagian daripada pelaburan merekapada harga yang lebih tinggi dari pasaran danmendapatkan pulangan yang lebih baik. Skim inidengan itu akan dapat memberikan kelegaankepada para pemegang unit yang tidak mampuuntuk menunggu pemulihan harga berdasarkanpeningkatan pasaran saham yang dijangkamengambil masa yang lebih lama. Harga tawaranskim iaitu pada harga belian balik RM 1.00 seunitbagi ASJ dan RM 0.50 seunit bagi DJ yangditetapkan ini adalah berdasarkan kepadaharga pertengahan iaitu di antara hargatertinggi dan terendah masing-masingsemenjak pelancaran semula.

signing to represent the Johor State Governmentand the CEO of JCorp representing theCorporation and PJB. The MOU sealed theunderstanding between the State Governmentand JCorp in a combined effort and allocation ofresources to revive the prices of ASJ and DJ andofficially launched the price recovery through theConditional Redemption Scheme.

Under the Scheme, the Johor State Governmenthad injected RM 240 million in terms of assetsinto the Funds, whilst JCorp injected a total of RM300 million in cash over a period of 10 years, thuseffectively enabling PJB to raise the Funds'redemption prices.

The enhanced prices had therefore enabled anapproved portion of ASJ and DJ units to betransacted at higher than market prices, thusfacilitating needy holders to partially exit with afair value return. This would relief holders whoparticularly could not afford to wait for the lengthof time needed for full recovery in tandem withfull market revival. The redemption prices of ASJand DJ were set at of RM 1.00 and RM 0.50 perunit respectively, determined based on themedian of the highest and lowest price achievedsince the re-launch of the two funds in 1992 and1995 respectively.



Walau bagaimanapun, skim tersebut melayakkanpemegang-pemegang unit menjual peganganmereka pada kadar harga yang ditetapkan bagi10 peratus daripada jumlah pegangan merekaatau 500 unit pertama, yang mana lebih tinggi.Tahap pegangan maksima 500 unit diambilkirabagi membolehkan seramai lebih dari 95,000orang pemegang unit atau 59 peratus daripadakeseluruhan 160,400 pemegang unit kedua-duaASJ dan DJ merebut peluang menjual keseluruhanpegangan pelaburan mereka yang sekaligusdapat mengurangkan kos mengurus pemegang-pemegang unit runcit yang begitu ramai.

Berdasarkan daftar pemegang unit ASJ dan DJsehingga 31 Disember 2003, kumpulan pemegangunit mengikut pegangan dan kelayakan masing-masing adalah sebagaimana jadual :

The Scheme, however, allowed unit holders toredeem at the determined offer prices for only 10percent of the unit holders' holdings or for thefirst 500 units, whichever is the higher. The 100percent disposal for the 500 unit benchmark wasdecided upon to allow more than 95,000 unitholders with 500 units and below or 59 percent ofthe total 160,400 unit holders of both ASJ and DJ,the opportunity to redeem all their investments,hence economizing on costs of servicing a hugenumber of small unit holders.

Based on ASJ and DJ's unit holder's register as at31 December 2003, the unit holder analysiscategorized by units held and entitlements areas per table :

Amanah Saham JohorDaftar Pemegang Unit Pada 31 Disember 2003

Registered Unit Holders as at 31 December 2003

Unit Pegangan Kelayakan Jumlah Pemegang unit Jumlah UnitHolding Size Redemption Entitlement No. of Unit Holders Total Units Held

500 unit & Kurang Semua 91,424 9,406,270500 unit & Below All

510 - 5,000 unit 500 unit pertama 25,097 43,397,140510 - 5,000 unit First 500 unit

5,010 & Lebih 10% Jumlah Pegangan 8,351 246,416,670More than 5,010 units 10% of Holding

Jumlah 124,872 299,220,080


Dana JohorDaftar Pemegang Unit Pada 31 Disember 2003

Registered Unit Holders as at 31 December 2003

Unit Pegangan Kelayakan Jumlah Pemegang unit Jumlah UnitHolding Size Redemption Entitlement No. of Unit Holders Total Units Held

500 unit & Kurang Semua 3,922 1,164,700500 unit & Below All

510 - 5,000 unit 500 unit pertama 18,841 46,414,300510 - 5,000 unit First 500 unit

5,010 & Lebih 10% Jumlah Pegangan 12,741 432,802,400More than 5,010 units 10% of Holding

Jumlah 35,504 480,381,400

PROSPEK

Tahun 2003 merupakan tahun yang amatmencabar kerana negara terpaksa berdepandengan faktor-faktor di luar kawalan yang telahmenggugat pergerakan pasaran saham tempatandan antarabangsa. Antaranya ialah Perang Iraqdan wabak SARS yang telah mempengaruhiketidakyakinan pelabur terhadap prospekekonomi serantau. Kelembapan pasaran sahamakibat daripada ketidakyakinan tersebutberlarutan dalam masa setengah tahun pertamatahun 2003 yang menyebabkan Indeks Komposit(IK) hanya mampu berlegar di sekitar 630 mata.

PROSPECTS

The year 2003 was the most challenging perioddue to uncontrollable factors that had impactedboth the local and global equity markets. Amongthem are the Iraqi War and the outbreak of SARScausing uncertainty towards the economicprospects of the region. The lackluster equitymarket continued for the first half of the year2003 owing to the extended uncertainties,causing the CI to hover at only around 630 points.



Walau bagaimanapun dalam masa setengahtahun kedua, IK mencatatkan paras 818 matapada 31 Oktober 2003, iaitu paras tertinggidalam tempoh tiga tahun apabila keadaangeopolitik dunia kembali stabil, wabak SARSdapat dikawal dan ekonomi dunia semakin pulih.Ekonomi Malaysia khasnya juga menunjukkanpemulihan dan pertumbuhan yang mantap. Selaindaripada prospek ekonomi yangmemberangsangkan, kenaikan pasaran jugadidorong oleh faktor kelancaran proses peralihanpucuk pimpinan negara, di samping usaha-usahaKerajaan untuk melaksanakan projek-projekyang dianggap berupaya menaikkan taraf hidup.

Tahun 2004 dijangka menyaksikan Malaysiamencatatkan pertumbuhan ekonomi pada kadardi antara 6 hingga 6.50 peratus. Pertumbuhanekonomi global secara umumnya dan ekonomiMalaysia khasnya dijangka akan lebih mantapkesan daripada pengaruh jangkaan pemulihanpertumbuhan ekonomi di Amerika Syarikat. Initernyata apabila diperhatikan ekonomi AmerikaSyarikat telah mencatatkan pertumbuhansebanyak 8.20 peratus pada suku ketiga tahun2003. Kajiselidik oleh Institut PenyelidikanEkonomi Malaysia (MIER) juga menunjukkanterdapatnya peningkatan keyakinan di kalanganpengusaha dan pengguna tempatan.

Pemulihan sektor semi-konduktor seduniadijangka memberi impak positif yang besarterhadap sektor pembuatan di Malaysia. Lebih-lebih lagi apabila terdapat peningkatan yangstabil harga komoditi tempatan yangmerangkumi harga minyak kelapa sawit, minyak

By the second half of the year, however, the CIreached a high of 818 points on 31 October 2003,the highest level in 3 years, backed by a morestable geopolitical outlook, controlled outbreakof SARS and global economic recovery. TheMalaysian economy especially had shown a strongrecovery and growth. The smooth transition of topleadership in Government and the positiveresponse to government-initiated projectsaimed at a sustained increase in the standard ofliving had also helped to strengthen thedomestic share market.

In 2004, the Malaysian economy is forecasted togrow between 6 to 6.50 percent. The robustglobal economic growth, in Malaysia especially,will be mainly driven by the expected USeconomic recovery. This was evident especiallywhen the US economy registered an economicgrowth of 8.20 percent in the third quarter of2003. A study by the Malaysian Institute ofEconomic Research (MIER) too, showed anincrease in confidence level amongst the localproducers and consumers.

A recovery in the semi-conductor sector isexpected to have a positive impact on themanufacturing sector in Malaysia. On top of that,the sustained high commodity prices of palm oil,


mentah dan juga gas yang dijangka menjadifaktor tambahan yang akan memacupertumbuhan ekonomi domestik. Di samping itu,pertumbuhan pinjaman khasnya oleh industrihartanah dan industri pembinaan akan menjadipenggerak utama pertumbuhan sektor kewangan.

Kadar faedah pula dijangka kekal rendah padaparas 6 peratus dan sebarang kenaikan hanyadijangka pada lewat setengah tahun kedua 2004dengan jangkaan tiada kenaikan yang tinggi.Tambatan Ringgit yang menyaksikan penyusutannilai Ringgit akibat penurunan nilai DolarAmerika berbanding matawang Euro dan Yenmerupakan faktor positif yang akanmeningkatkan daya saing pengeksport. NilaiRinggit yang rendah juga memberi manfaatkepada sektor pelancongan yang sensitif ke ataskadar tukaran matawang. Setelah menanganiwabak SARS dengan jayanya, ketibaanpelancong kembali meningkat bermula darisuku ketiga tahun 2003 dan dijangka akanberterusan pada tahun 2004 terutamanya darinegara Timur Tengah.

Selain daripada itu, penyusutan nilai Ringgitjuga mempengaruhi kadar kemasukan danaasing bagi mendapatkan keuntungan ekorantukaran matawang sekiranya terdapat tanda-tanda bahawa akan berlakunya semakansemula tambatan matawang tempatan kepadaDolar Amerika.

crude oil and gas are additional factors to boosteconomic growth prospects. Meanwhile, theincreasing demand for loans especially in thelocal property market and the constructionsector will be the catalyst for growth in thefinancial sector.

Interest rates are expected to remain benign at 6percent and any increase is only expected in thelate second half of 2004 but with no significanthike. The Ringgit peg, which softened along withthe sharp depreciation of US Dollar vis-à-vis theEuro and the Yen can be a positive factor as itincreases export competitiveness. The fixedRinggit exchange regime too is expected tocontribute to the increase in the tourism sector,which is highly sensitive to foreign exchangefluctuations. Since the successful control of SARS,the number of registered tourists for the thirdquarter of 2003 has increased steadily and isexpected to spill over into 2004 especially fortourists from the middle-eastern region.

The low Ringgit also brought about foreigninflow of funds into the capital market, asinvestors scurry to take advantage of any gainon currency translation as more expect theupward re-pegging of the local currency againstthe US Dollar.



Muka surat dibiarkan kosong hanya sebagai batas panduan. Harap maaf atas segala kemusykilan.

64 Laporan Kewangan 2003

LAPORAN PARA PENGARAH

Lembaga Pengarah dengan sukacitanya mengemukakan laporan tahunan beserta dengan penyata kewanganberaudit Kumpulan dan Johor Corporation bagi tahun berakhir 31 Disember 2003.

KEGIATAN UTAMAKEGIATAN UTAMAKEGIATAN UTAMAKEGIATAN UTAMAKEGIATAN UTAMA

Johor Corporation telah ditubuhkan di bawah Enakmen Johor Corporation (Bil. 4, 1968), (SebagaimanaPindaan Enakmen Bil. 5, 1995) sebagai agensi pembangunan dan perusahaan awam. Kegiatan-kegiatanutama Johor Corporation ialah bisnes minyak sawit, pembangunan dan pengurusan hartanah dan pelaburan.Kegiatan-kegiatan utama Kumpulan terdiri terutamanya daripada bisnes minyak sawit, perkhidmatan prisihatin,pembangunan dan pengurusan hartanah dan pelaburan.

KEPUTUSAN KEWANGANKEPUTUSAN KEWANGANKEPUTUSAN KEWANGANKEPUTUSAN KEWANGANKEPUTUSAN KEWANGAN

Kumpulan Johor CorporationRM Juta RM Juta

Keuntungan Sebelum Cukai 258.4 296.5Cukai (109.9) (19.3)

HHHHHHH HHHHHHHKeuntungan Selepas Cukai Sebelum Kepentingan Minoriti 148.5 277.2Kepentingan Minoriti (88.4) -

HHHHHHH HHHHHHHKeuntungan Bagi Tahun Semasa 60.1 277.2

NNNNNNN NNNNNNN

RIZAB DAN PERUNTUKANRIZAB DAN PERUNTUKANRIZAB DAN PERUNTUKANRIZAB DAN PERUNTUKANRIZAB DAN PERUNTUKAN

Segala pindahan ketara kepada atau daripada rizab dan peruntukan dalam tahun semasa telah dinyatakan didalam penyata kewangan ini.

PERUBAHAN DI DALAM STRUKTUR KUMPULANPERUBAHAN DI DALAM STRUKTUR KUMPULANPERUBAHAN DI DALAM STRUKTUR KUMPULANPERUBAHAN DI DALAM STRUKTUR KUMPULANPERUBAHAN DI DALAM STRUKTUR KUMPULAN

Di dalam tahun semasa, tiada perubahan ketara yang berlaku di dalam struktur Kumpulan.

LEMBAGA PENGARAH JOHOR CORPORATIONLEMBAGA PENGARAH JOHOR CORPORATIONLEMBAGA PENGARAH JOHOR CORPORATIONLEMBAGA PENGARAH JOHOR CORPORATIONLEMBAGA PENGARAH JOHOR CORPORATION

Ahli Lembaga Pengarah yang memegang jawatan sejak tarikh laporan yang lalu ialah seperti berikut :-

YAB Dato’ Haji Abdul Ghani Bin Othman (Pengerusi)YBhg Tan Sri Dato’ Muhammad Ali Hashim (Ketua Eksekutif Kumpulan)YBhg Tan Sri Dato’ Abdullah Bin AyubYB Dato’ Haji Mohd Razali Bin Mahusin (Dilantik mulai 3 September 2003)YB Dato’ Haji Ayub Bin Mion (Bersara mulai 3 September 2003)YB Encik Yaacob Bin Hj Md SamYB Dato’ Haji Ishak Bin Amin (Dilantik mulai 6 Februari 2004)YB Dato’ Haji Baderi Bin Haji Dasuki (Bersara mulai 6 Februari 2004)YBhg Tan Sri Datuk Abdul Razak Bin Haji RamliYBhg Datuk Zakiah Binti HashimEncik Hasan Bin IsmailYB Dato’ Ahmad Bin AbdullahYB Senator Datuk Dr Haris Bin Salleh

65Laporan Kewangan 2003

MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGANMAKLUMAT BERKANUN KE ATAS PENYATA KEWANGANMAKLUMAT BERKANUN KE ATAS PENYATA KEWANGANMAKLUMAT BERKANUN KE ATAS PENYATA KEWANGANMAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN

Sebelum Penyata Pendapatan dan Lembaran Imbangan disediakan, para Pengarah telah mengambillangkah-langkah yang wajar :-

(a) Untuk menentukan bahawa tindakan sewajarnya telah diambil berhubung dengan pelupusan hutanglapuk dan membuat peruntukan bagi hutang ragu dan telah berpuashati bahawa semua hutang lapukyang diketahui telah dihapuskira dan peruntukan yang mencukupi telah dibuat bagi hutang ragu; dan

(b) Untuk memastikan bahawa mana-mana aset semasa, selain hutang, yang tidak mungkin memberinilai dalam urusan perniagaan biasa, nilainya seperti yang ditunjukkan dalam rekod-rekod perakaunanKumpulan dan Johor Corporation telah diturunkan kepada satu jumlah yang dijangka mungkin diperolehi.

Pada tarikh laporan ini, para Pengarah tidak menyedari tentang sebarang keadaan :-

(a) yang boleh menyebabkan jumlah hutang lapuk yang dihapuskira atau jumlah peruntukan hutang ragudi dalam Penyata Kewangan Kumpulan dan Johor Corporation tidak mencukupi dengan jumlah yangketara; atau

(b) yang boleh menyebabkan nilai bagi aset-aset semasa di dalam Penyata Kewangan Kumpulan danJohor Corporation mengelirukan; atau

(c) yang telah timbul yang menyebabkan pematuhan kepada kaedah penilaian aset atau tanggunganKumpulan dan Johor Corporation mengelirukan atau tidak munasabah.

Tiada tanggungan luar jangka atau tanggungan lain yang telah dikuatkuasakan atau mungkin dikuatkuasakandalam tempoh dua belas bulan selepas berakhir tahun kewangan, yang pada pendapat para Pengarah, akanatau boleh menjejaskan keupayaan Kumpulan atau Johor Corporation untuk memenuhi segala tanggungjawabnyaapabila tiba masanya.

Pada tarikh laporan ini, tidak ada :-

(a) sebarang gadaian ke atas aset-aset Kumpulan atau Johor Corporation yang telah timbul sejak akhirtahun sebagai sandaran terhadap tanggungan pihak lain; atau

(b) sebarang tanggungan luar jangka bagi Kumpulan atau Johor Corporation yang telah timbul sejakakhir tahun.

Pada tarikh laporan ini, para Pengarah tidak menyedari sebarang keadaan yang tidak dinyatakan di dalamlaporan atau Penyata Kewangan ini yang boleh menyebabkan sebarang jumlah yang dinyatakan di dalamPenyata Kewangan ini mengelirukan.

LAPORAN PARA PENGARAH (sambungan)


MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN (sambungan)

Pada pendapat para Pengarah :-

(a) keputusan operasi Kumpulan dan Johor Corporation bagi tahun kewangan ini tidak terjejas secaraketara oleh sebarang perkara, urusniaga atau peristiwa penting dan luarbiasa selain dari yangdinyatakan di dalam penyata pendapatan dan Nota 5 dan 32 kepada Penyata Kewangan; dan

(b) selain daripada yang dihuraikan dalam Nota 33 kepada Penyata Kewangan, di dalam tempoh diantara akhir tahun dan tarikh laporan ini, tidak timbul sebarang perkara, urusniaga atau peristiwayang material dan luarbiasa yang mungkin menjejaskan dengan ketara keputusan operasi Kumpulandan Johor Corporation bagi tahun di mana laporan ini dibuat.

Bagi pihak Lembaga Pengarah

DATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANPengerusi

TAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMKetua Eksekutif Kumpulan

Johor Bahru

16 Julai 2004

LAPORAN PARA PENGARAH (sambungan)


Kumpulan Johor CorporationNota 2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

PENDAPATAN 4 2,138,973 1,959,734 226,056 197,418

Kos Jualan (1,433,936) (1,324,315) (110,626) (115,733)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

KEUNTUNGAN KASAR 705,037 635,419 115,430 81,685

Lain-lain Pendapatan Operasi:

- Diskaun atas Pinjaman Bank - 729,087 - 729,087

- Keuntungan Di Atas Pelupusan Syarikat Anak 342 406,891 5,627 167,376

- Keuntungan di Atas Pelupusan Aset, Loji Dan Kelengkapan 7,036 88,028 6,915 87,364

- Pendapatan Faedah 21,228 22,479 13,303 15,400

- Lain-lain 130,497 52,814 18,240 13,574

159,103 1,299,299 44,085 1,012,801

Perbelanjaan Jualan Dan Pengedaran (93,958) (75,953) (2,581) (1,741)

Perbelanjaan Pentadbiran (318,191) (336,718) (45,898) (50,540)

Lain-lain Perbelanjaan Operasi

9,930 (909,068) 368,107 (672,659)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

KEUNTUNGAN DARI OPERASI 5 461,921 612,979 479,143 369,546

Kos Kewangan 8 (243,413) (204,398) (182,626) (144,999)

Bahagian keputusan Syarikat Bersekutu 39,913 24,065 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

KEUNTUNGAN DARI AKTIVITI BIASASEBELUM CUKAI 258,421 432,646 296,517 224,547

Cukai: 9- Johor Corporation Dan Syarikat Anak (105,181) (70,626) (19,333) (3,737)- Syarikat Bersekutu (4,675) (5,227) - -

(109,856) (75,853) (19,333) (3,737)KEUNTUNGAN DARIPADA AKTIVITIBIASA SELEPAS CUKAI 148,565 356,793 277,184 220,810

Kepentingan Minoriti (88,416) (100,646) - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

KEUNTUNGAN BERSIH TAHUN SEMASA 60,149 256,147 277,184 220,810NNNNNNN NNNNNNN NNNNNNN NNNNNNN

PENYATA-PENYATA PENDAPATANBAGI TAHUN BERAKHIR 31 DISEMBER 2003

(Termasuk pemulihan/(peruntukan) rosotnilai ataspelaburan sebanyak RM145,235,000 (2002:(RM149,777,00)) dan RM381,174,000 (2002:(RM9,402,000)) untuk Kumpulan dan JohorCorporation)


LEMBARAN-LEMBARAN IMBANGANPADA 31 DISEMBER 2003


RM’000 RM’000 RM’000 RM’000ASET-ASET BUKAN SEMASAASET-ASET BUKAN SEMASAASET-ASET BUKAN SEMASAASET-ASET BUKAN SEMASAASET-ASET BUKAN SEMASA

HARTA, LOJI DAN KELENGKAPAN 10 4,357,607 4,201,631 662,896 621,429

TANAH DAN PERBELANJAAN PEMBANGUNAN 11 914,454 858,051 647,434 645,875

SYARIKAT-SYARIKAT ANAK 12 - - 1,324,611 816,086

SYARIKAT-SYARIKAT BERSEKUTU 13 88,984 68,391 55,251 47,247

PELABURAN JANGKA PANJANG 14 939,992 814,748 119,643 270,315

ASET-ASET TIDAK ZAHIR 15 83,950 93,497 - -

HASIL BELUM TERIMA TERTUNDA 16 141,590 134,780 141,590 134,780

ASET-ASET CUKAI TERTUNDA 24 12,020 7,479 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH6,538,597 6,178,577 2,951,425 2,535,732HHHHHHH HHHHHHH HHHHHHH HHHHHHH

ASET SEMASAASET SEMASAASET SEMASAASET SEMASAASET SEMASA

HARTA, LOJI DAN KELENGKAPAN 10 677 808 - -

HARTANAH DALAM PEGANGAN UNTUK DIJUAL 17 - 87,866 - -

INVENTORI 18 276,619 246,822 12,822 14,142

CUKAI DIPEROLEHI SEMULA 20,082 25,963 - -

PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG 19 566,555 668,115 753,182 837,745

PELABURAN JANGKA PENDEK 20 14,481 14,083 4,231 4,019

DEPOSIT, TUNAI DAN BAKI BANK 21 372,985 234,756 104,241 25,715HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,251,399 1,278,413 874,476 881,621HHHHHHH HHHHHHH HHHHHHH HHHHHHH

TANGGUNGAN SEMASATANGGUNGAN SEMASATANGGUNGAN SEMASATANGGUNGAN SEMASATANGGUNGAN SEMASA

PEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANG 22 662,192 664,110 326,449 340,787

PINJAMAN 23 863,900 842,670 444,739 439,624

TANGGUNGAN CUKAI SEMASA 62,013 41,965 41,482 24,740HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,588,105 1,548,745 812,670 805,151HHHHHHH HHHHHHH HHHHHHH HHHHHHH

(TANGGUNGAN)/ASET(TANGGUNGAN)/ASET(TANGGUNGAN)/ASET(TANGGUNGAN)/ASET(TANGGUNGAN)/ASET SEMASA BERSIH SEMASA BERSIH SEMASA BERSIH SEMASA BERSIH SEMASA BERSIH (336,706) (270,332) 61,806 76,470

NNNNNNN NNNNNNN NNNNNNN NNNNNNN


LEMBARAN-LEMBARAN IMBANGANPADA 31 DISEMBER 2003 (sambungan)


RM’000 RM’000 RM’000 RM’000DITOLAK: TANGGUNGANDITOLAK: TANGGUNGANDITOLAK: TANGGUNGANDITOLAK: TANGGUNGANDITOLAK: TANGGUNGAN JANGKA PANJANGJANGKA PANJANGJANGKA PANJANGJANGKA PANJANGJANGKA PANJANG

PINJAMAN 23 3,822,502 3,805,881 3,200,134 3,074,315

TANGGUNGAN CUKAI TERTUNDA 24 271,800 242,514 6,747 8,721

LAIN-LAIN TANGGUNGAN TERTUNDA 25 11,712 8,598 - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHHH4,106,014 4,056,993 3,206,881 3,083,036

HHHHHHHH HHHHHHHH HHHHHHH HHHHHHHHASET/(TANGGUNGAN) BERSIHASET/(TANGGUNGAN) BERSIHASET/(TANGGUNGAN) BERSIHASET/(TANGGUNGAN) BERSIHASET/(TANGGUNGAN) BERSIH 2,095,8772,095,8772,095,8772,095,8772,095,877 1,1,1,1,1,851851851851851,,,,,252252252252252 (193,650)(193,650)(193,650)(193,650)(193,650) (470,834)(470,834)(470,834)(470,834)(470,834)

NNNNNNNN NNNNNNNN NNN NNNN NNNNNNNN

DIBIAYAI OLEH:-DIBIAYAI OLEH:-DIBIAYAI OLEH:-DIBIAYAI OLEH:-DIBIAYAI OLEH:-

RIZAB MODAL 26 1,083,362 1,127,048 83,696 83,890

RIZAB HASIL (489,542) (595,516) (277,346) (554,724)

RIZAB ATAS PENYATUAN 37,511 5,100 - -

RIZAB PERUBAHAN MATAWANG (86,914) (88,484) - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHH

544,417 448,148 (193,650) (470,834)

KEPENTINGAN MINORITI 1,551,460 1,403,104 - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHH2,095,8772,095,8772,095,8772,095,8772,095,877 1,1,1,1,1,851851851851851,,,,,252252252252252 (193,650)(193,650)(193,650)(193,650)(193,650) (470,834)(470,834)(470,834)(470,834)(470,834)NNNNNNNN NNNNNNNN NNNNNNN NNNNNNN


PENYATA PERUBAHAN EKUITI DISATUKANBAGI TAHUN BERAKHIR 31 DISEMBER 2003

Tidak Boleh Diagihkan Tidak Boleh Diagihkan Tidak Boleh Diagihkan Tidak Boleh Diagihkan Tidak Boleh Diagihkan NNNNNRizab RizabAtas Perubahan

Nota Rizab Modal Penyatuan Matawang Rizab Hasil JumlahRM’000 RM’000 RM’000 RM’000 RM’000

Pada 1 Januari 2002 1,307,034 5,385 (76,481) (933,594) 302,344Pelarasan Tahun Lalu 32 (84,054) - - (277) (84,331)

HHHHHHHHH HHHHHHH HHHHHHH HHHHHHHH HHHHHHHHSeperti DiNyatakan Semula 1,222,980 5,385 (76,481) (933,871) 218,013

Pembelian Kepentingan Tambahan DiDalam Sebuah Syarikat Anak - 1,810 - - 1,810Pindahan Daripada Rizab Modal Ke Rizab Hasil Atas Pelupusan Tanah (82,208) - - 82,208 -Perbezaan Tukaran Matawang - - (12,003) - (12,003)Penilaian Semula Tahun Semasa:-Defisit (3,824) - - - (3,824)-Lebihan 3,435 - - - 3,435Peruntukan Bagi Rizab Penggantian Modal 10 - - - 10Direalisasi Atas Pelupusan Harta, Loji Dan Kelengkapan (14,656) - - - (14,656)Bahagian Rizab Syarikat Bersekutu 1,311 - - - 1,311Kerugian Bersih Tidak Diiktiraf DiDalam Penyata Pendapatan (95,932) 1,810 (12,003) 82,208 (23,917)Pelunasan Rizab Atas Penyatuan - (2,095) - - (2,095)Keuntungan Bersih Tahun Semasa - - - 256,147 256,147

HHHHHHHHHH HHHHHHH HHHHHHHH HHHHHHHHH HHHHHHHHHPada 31 Disember 2002Pada 31 Disember 2002Pada 31 Disember 2002Pada 31 Disember 2002Pada 31 Disember 2002 1,1,1,1,1,127127127127127,,,,,048048048048048 5 , 1 0 05 , 1 0 05 , 1 0 05 , 1 0 05 , 1 0 0 (88,484) (88,484) (88,484) (88,484) (88,484) (595,516) (595,516) (595,516) (595,516) (595,516) 4 4 8 , 1 4 84 4 8 , 1 4 84 4 8 , 1 4 84 4 8 , 1 4 84 4 8 , 1 4 8

NNNNNNNNNN NNNNNNN NNNNNNNN NNNNNNNNN NNNNNNNNN

Pada 1 Januari 2003 1,211,102 5,100 (88,484) (597,691) 530,027Pelarasan Tahun Lalu 32 (84,054) - - 2,175 (81,879)

HHHHHHHHH HHHHHHH HHHHHHH HHHHHHHH HHHHHHHSeperti DiNyatakan Semula 1,127,048 5,100 (88,484) (595,516) 448,148

Pengambilalihan Kepentingan Dalam Sebuah Syarikat Anak 1,232 43,269 - - 44,501Pelupusan Syarikat-Syarikat Anak (203) (564) - - (767)Pindahan Dari Rizab Modal Ke Rizab Hasil Atas Pelupusan Tanah (44,289) - - 44,289 -Perbezaan Tukaran Matawang - - 1,570 - 1,570Rizab Sebelum Pengambilalihan Di Atas Pelupusan Sebahagian Syarikat Anak Direalisasi 742 - - - 742Reklasifikasi (1,076) (358) - 1,434 -Peruntukan Bagi Rizab Penggantian Modal 102 - - (92) 10DiRealisasi Atas Pelupusan Harta, Loji dan Kelengkapan (194) - - 194 -Kerugian Bersih Tidak DiIktiraf Dalam Penyata Pendapatan (43,686) 42,347 1,570 45,825 46,056Pelunasan Rizab Atas Penyatuan - (9,936) - - (9,936)Keuntungan Bersih Tahun Semasa - - - 60,149 60,149

HHHHHHHHHH HHHHHHHH HHHHHHHH HHHHHHHHH HHHHHHHHHPada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003 1,1,1,1,1,083083083083083 ,,,,,362362362362362 3 7 , 5 1 13 7 , 5 1 13 7 , 5 1 13 7 , 5 1 13 7 , 5 1 1 (86,914)(86 ,914)(86 ,914)(86 ,914)(86 ,914) (489,542 )(489,542 )(489,542 )(489,542 )(489,542 ) 5 4 4 , 4 1 75 4 4 , 4 1 75 4 4 , 4 1 75 4 4 , 4 1 75 4 4 , 4 1 7

NNNNNNNNNN NNNNNNNN NNNNNNNN NNNNNNNNN NNNNNNNNN


Tidak Boleh DiagihkanTidak Boleh DiagihkanTidak Boleh DiagihkanTidak Boleh DiagihkanTidak Boleh DiagihkanRizab Modal Rizab Hasil Jumlah

Nota RM’000 RM’000 RM’000

Pada 1 Januari 2002 100,736 (769,694) (668,958)Pelarasan Tahun Lalu 32 (1,280) (5,840) (7,120)

HHHHHH HHHHHH HHHHHHSeperti Dinyatakan Semula 99,456 (775,534) (676,078)

Direalisasi Dari Pelupusan Harta, Loji Dan Kelengkapan (15,566) - (15,566)

Kerugian Bersih Tidak Diiktiraf Dalam Penyata Pendapatan (15,566) - (15,566)

Keuntungan BersihTahun Semasa - 220,810 220,810HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

Pada 31 Disember 2002Pada 31 Disember 2002Pada 31 Disember 2002Pada 31 Disember 2002Pada 31 Disember 2002 83,89083,89083,89083,89083,890 (554,724)(554,724)(554,724)(554,724)(554,724) (470,834)(470,834)(470,834)(470,834)(470,834)NNNNNNN NNNNNNN NNNNNNN

Pada 1 Januari 2003 85,170 (550,483) (465,313)Pelarasan Tahun Lalu 32 (1,280) (4,241) (5,521)

HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHSeperti Dinyatakan Semula 83,890 (554,724) (470,834)

Direalisasi Dari Pelupusan Harta, Loji Dan Kelengkapan (194) 194 -

Kerugian Bersih Tidak Diiktiraf Dalam Penyata Pendapatan (194) 194 -

Keuntungan Bersih Tahun Semasa - 277,184 277,184HHHHHHH HHHHHHH HHHHHHH

Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003 83,69683,69683,69683,69683,696 (277,346)(277,346)(277,346)(277,346)(277,346) (193,650)(193,650)(193,650)(193,650)(193,650)NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN

PENYATA PERUBAHAN EKUITI JOHOR CORPORATIONBAGI TAHUN BERAKHIR 31 DISEMBER 2003


PENYATA-PENYATA ALIRAN TUNAIBAGI TAHUN BERAKHIR 31 DISEMBER 2003

Kumpulan Johor Corporation2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

AKTIVITI-AKTIVITI OPERASIAKTIVITI-AKTIVITI OPERASIAKTIVITI-AKTIVITI OPERASIAKTIVITI-AKTIVITI OPERASIAKTIVITI-AKTIVITI OPERASI

Keuntungan Bersih Tahun Semasa 60,149 256,147 277,184 220,810

Pelarasan Bagi Menyamakan Keuntungan Bersih Tahun Semasa Dan Tunai Daripada Operasi :

Harta, Loji Dan Kelengkapan :- Keuntungan Atas Jualan (7,036) (88,028) (6,915) (87,364)- Hapuskira 7,692 5,339 177 192- Susutnilai 152,315 154,300 13,186 14,307- Penyusutan Nilai 19,617 25,884 - -- Pelarasan 1,756 2,010 - -(Keuntungan)/Kerugian Atas Jualan :- Syarikat-Syarikat Anak (342) (406,891) (5,628) (167,376)- Syarikat-Syarikat Bersekutu - - (1,680) -- Lain-lain Pelaburan (83) 5,916 4,944 4,859Perbelanjaan Pembangunan :- Keuntungan Atas Jualan (21,080) (17,910) (21,080) (17,910)- Peruntukan Bagi Pengurangan Nilai 4,533 - - -- Hapuskira 2,705 16,252 1,544 16,252- Pelunasan 6,500 2,167 - -Pelaburan:- Nilai Bersih (Dinyatakan Semula)/ Peruntukan Bagi Pengurangan Nilai (145,235) 149,777 (381,174) 9,402- Hapuskira 114 168 54 -Peruntukan Bagi Rizab Penggantian Modal 102 10 - -Aset-aset Tidak Zahir :- Pelunasan 21,429 10,968 - -- Hapuskira 3,471 14,136 - -Diskaun Daripada Penstrukturan Semula Pinjaman-Pinjaman Bank - (729,087) - (729,087)Pendapatan Dividen (4,244) (5,234) (21,438) (26,734)(Keuntungan)/Kerugian Atas Perbezaan Tukaran Matawang (39,771) (24,119) 116 538Pelunasan Rizab Atas Penyatuan (9,936) (2,095) - -Perbelanjaan Faedah 243,413 312,648 182,626 233,756Pendapatan Faedah (39,148) (40,609) (31,223) (33,530)Bahagian Keputusan Dalam Syarikat Bersekutu (39,913) (24,065) - -Cukai 109,856 75,853 19,333 3,737Kepentingan Minoriti 88,416 100,646 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH415,280 (205,817) 30,026 (558,148)



RM’000 RM’000 RM’000 RM’000

Perubahan Di Dalam Modal Kerja:- Simpanan Tetap Dicagarkan Untuk Jaminan Bank (13,513) (1,272) - -- Inventori 58,069 150,090 1,321 788- Penghutang 238,824 (171,777) 105,355 1,140,788- Pemiutang (151,179) 298,868 (17,194) (130,922)- Pelaburan Jangka Pendek (501) 3,172 464 (716)- Pinjaman Jangka Pendek (37,433) 936,723 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHTunai Dari Kegiatan Operasi 509,547 1,009,987 119,972 451,790

Cukai Dibayar (77,669) (53,384) - -Cukai Dikembalikan 2,238 - - -Dividen Diterima 4,244 5,234 3,868 4,603Faedah Diterima 31,769 20,099 22,973 1,612

HHHHHHH HHHHHHH HHHHHHH HHHHHHHTunai Bersih Daripada Aktiviti Operasi 470,129 981,936 146,813 458,005

HHHHHHH HHHHHHH HHHHHHH HHHHHHHAKTIVITI PELABURANAKTIVITI PELABURANAKTIVITI PELABURANAKTIVITI PELABURANAKTIVITI PELABURAN

Perbelanjaan Pembangunan (82,441) (25,554) (19,562) (25,554)Hasil Daripada Pelupusan Pelaburan Di Dalam :- Syarikat-Syarikat Anak - - 14,089 280,236- Syarikat-Syarikat Bersekutu - - 2,520 -- Lain-lain Pelaburan 14,470 17,407 1,911 1,527Harta, Loji dan Kelengkapan :- Hasil Dari Pelupusan 15,425 113,452 9,573 102,339- Pembelian (267,103) (150,157) (53,814) (339,571)Pembelian Pelaburan Di dalam:- Syarikat-Syarikat Anak - - - (324,324)- Syarikat-Syarikat Bersekutu - - - (594)- Pelaburan - - (5,031) -- Lain-lain Pelaburan (14,216) (21,293) - (7,698)Penambahan Aset Tidak Zahir (9,620) (8,700) - -Pengambilalihan Syarikat Anak, Dari Tunai Bersih 1,338 1,643 - -Pelupusan Syarikat Anak, Dari Tunai Bersih (10) 17,355 - -Hasil Daripada Pelupusan Perbelanjaan Pembangunan 33,865 38,478 33,865 38,478Penurunan Dalam CULS - - - 1,566Tambahan Kepentingan Dalam Syarikat-Syarikat Anak 7,764 39,785 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHAliran Tunai Bersih (Digunakan Dalam) /Dijana Daripada Aktiviti Pelaburan (300,528) 22,416 (16,449) (273,595)

HHHHHHH HHHHHHH HHHHHHH HHHHHHH

PENYATA-PENYATA ALIRAN TUNAIBAGI TAHUN BERAKHIR 31 DISEMBER 2003 (sambungan)


PENYATA-PENYATA ALIRAN TUNAIBAGI TAHUN BERAKHIR 31 DISEMBER 2003 (sambungan)


RM’000 RM’000 RM’000 RM’000

AKTIVITI PEMBIAYAANAKTIVITI PEMBIAYAANAKTIVITI PEMBIAYAANAKTIVITI PEMBIAYAANAKTIVITI PEMBIAYAAN

Pembayaran Pinjaman Berjangka (136,357) (322,550) - -Pembayaran Sewa Beli Dan Pajakan (7,594) (6,787) - -Terimaan Dari Pinjaman Berjangka 214,778 151,831 - -Faedah Dibayar (105,335) (95,781) (45,815) (62,132)Pendahuluan Kepada Syarikat-Syarikat Anak - - (2,870) (120,527)Penerimaan Daripada Bon Jangka Panjang - - (3,153) 511,431

HHHHHH HHHHHHH HHHHHHH HHHHHHHTunai Bersih (Digunakan Dalam)/ Dijana Daripada Aktiviti Pembiayaan (34,508) (273,287) (51,838) 328,772

HHHHHH HHHHHHH HHHHHHH HHHHHHHPENAMBAHAN/(PENURUNAN) BERSIH TUNAI DAN PERSAMAAN TUNAI 135,093 731,065 78,526 513,182

TUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAI PADA AWAL TAHUN PADA AWAL TAHUN PADA AWAL TAHUN PADA AWAL TAHUN PADA AWAL TAHUN 175,834175,834175,834175,834175,834 (555,873)(555,873)(555,873)(555,873)(555,873) 25,71525,71525,71525,71525,715 (487,467)(487,467)(487,467)(487,467)(487,467)

PERBEZAAN TUKARAN ASING (2,724) 641 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

TUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAI PADA AKHIR TAHUN PADA AKHIR TAHUN PADA AKHIR TAHUN PADA AKHIR TAHUN PADA AKHIR TAHUN 308,203308,203308,203308,203308,203 175,833175,833175,833175,833175,833 104,241104,241104,241104,241104,241 25,71525,71525,71525,71525,715


TUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAI

Tunai Dan Baki Bank 204,635 121,495 9,481 10,064Simpanan Tetap 168,350 113,261 94,760 15,651

HHHHHHH HHHHHHH HHHHHHH HHHHHHH372,985 234,756 104,241 25,715

Simpanan Tetap DiCagarkan (17,836) (4,323) - -Overdraf Bank (46,946) (54,600) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH308,203308,203308,203308,203308,203 175,833175,833175,833175,833175,833 104,241104,241104,241104,241104,241 25,71525,71525,71525,71525,715



11111 MAKLUMAT UMUMMAKLUMAT UMUMMAKLUMAT UMUMMAKLUMAT UMUMMAKLUMAT UMUM

Johor Corporation pada asasnya terlibat di dalam bisnes minyak sawit, pembangunan dan pengurusanhartanah dan pelaburan. Kegiatan-kegiatan utama Kumpulan sebahagian besarnya adalah bisnes minyaksawit, perkhidmatan prisihatin, pembangunan dan pengurusan harta dan pelaburan.

Bilangan anggota pekerja Kumpulan dan Johor Corporation pada akhir tahun berjumlah 24,016 dan 239orang (2002 : 22,112 dan 248) masing-masing.

Johor Corporation telah ditubuhkan di bawah Enakmen Johor Corporation (Bil. 4, 1968), (Sebagaimanapindaan Enakmen Bil. 5, 1995).

Alamat perniagaan utama bagi Johor Corporation adalah seperti berikut :-

Tingkat 13, Menara Johor CorporationKOTARAYA80000 Johor Bahru, JohorMalaysia.

22222 MATLAMAT DAN DASAR PENGURUSAN RISIKO KEWANGANMATLAMAT DAN DASAR PENGURUSAN RISIKO KEWANGANMATLAMAT DAN DASAR PENGURUSAN RISIKO KEWANGANMATLAMAT DAN DASAR PENGURUSAN RISIKO KEWANGANMATLAMAT DAN DASAR PENGURUSAN RISIKO KEWANGAN

Kegiatan-kegiatan Kumpulan menyebabkan ia terdedah kepada pelbagai risiko kewangan, termasuk risikotukaran matawang asing, risiko kadar faedah, risiko pasaran, risiko kredit, risiko kecairan dan aliran tunai.Objektif keseluruhan pengurusan risiko kewangan Kumpulan adalah untuk memastikan bahawa Kumpulanmenambah nilai bagi setiap pelaburan yang diamanahkan. Kumpulan memberikan tumpuan ke atasketidaktentuan pasaran-pasaran kewangan dan berusaha untuk meminimakan potensi kesan-kesan burukke atas pencapaian kewangannya. Pengurusan risiko kewangan dilaksanakan melalui kajian-kajian semularisiko, sistem-sistem kawalan dalaman, program insurans global dan pematuhan kepada dasar-dasarpengurusan risiko kewangan Kumpulan. Lembaga Pengarah secara berkala mengkaji semula risiko-risikotersebut dan meluluskan dasar-dasar perbendaharaan, yang juga meliputi pengurusan risiko-risiko tersebut.

Kumpulan menggunakan instrumen-instrumen kewangan derivatif seperti kontrak pertukaran asing bagimelindungi nilai pendedahan tertentu. . . . . Ia tidak berurusniaga di dalam instrumen-instrumen kewangan.

Bidang-bidang utama risiko-risiko kewangan yang dihadapi Kumpulan dan dasar-dasar berkaitan bidang-bidang utama aktiviti-aktiviti perbendaharaan dibentangkan seperti berikut:

i .i .i .i .i . Risiko tukaran matawang asingRisiko tukaran matawang asingRisiko tukaran matawang asingRisiko tukaran matawang asingRisiko tukaran matawang asing

Risiko tukaran matawang asing adalah risiko yang mana nilai bagi sesuatu instrumen kewangan akanbertukar disebabkan kepada pertukaran di dalam kadar-kadar pertukaran asing.

Kumpulan terdedah kepada risiko tukaran wang asing disebabkan transaksi-transaksi yang dijalankanoleh Syarikat-Syarikat Anak dalam matawang asing selain dari matawang lazim yang digunakan. Syarikat-syarikat berkenaan membuat kontrak hadapan dalam matawang asing untuk menghadkan pendedahandiatas penghutang dan tanggungan dalam matawang asing, serta aliran tunai yang dijangka daripadatransaksi yang dinyatakan dalam matawang asing.

Bergantung kepada situasi pasaran, perlindungan nilai digunakan terutamanya dalam situasi di manaSyarikat-Syarikat Anak dapat menikmati premium daripada “swop point”. . . . . Ringkasan bulanan bagijualan dalam matawang asing yang tidak dilindungi nilai disimpan untuk membolehkan penilaian keatas pendedahan kepada risiko dan untuk membolehkan tindakan lindung nilai yang bersesuaiandiambil, sekiranya diperlukan.

NOTA-NOTA KEPADA PENYATA KEWANGANBAGI TAHUN BERAKHIR PADA 31 DISEMBER 2003


22222 OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN (sambungan)

i i .i .i .i .i . Risiko kadar faedahRisiko kadar faedahRisiko kadar faedahRisiko kadar faedahRisiko kadar faedah

Risiko kadar faedah adalah risiko di mana nilai bagi suatu instrumen kewangan akan berubah disebabkanperubahan di dalam kadar-kadar faedah pasaran.

Pendapatan Kumpulan dan aliran tunai dari operasi sebahagian besarnya tidak bergantung kepadaperubahan kadar faedah pasaran. Pendedahan kadar faedah wujud daripada pinjaman dan depositoleh Kumpulan, dan diuruskan melalui penggunaan kadar faedah terapung dan kadar faedah tetappinjaman. Tujuan kaedah percampuran di antara kadar tetap dan kadar terapung tersebut adalahditetapkan untuk mengurangkan kesan sekiranya berlaku peningkatan kadar faedah dan membolehkanmanfaat dinikmati sekiranya kadar faedah menurun. Pemantauan berkala dilakukan ke atas profilkadar faedah bagi semua pinjaman dengan membandingkannya dengan kadar faedah pasaran semasa.

i i i .i i i .i i i .i i i .i i i . Risiko pasaranRisiko pasaranRisiko pasaranRisiko pasaranRisiko pasaran

Risiko pasaran adalah risiko bahawa nilai sesuatu instrumen kewangan akan berubah akibat daripadaperubahan-perubahan di dalam harga-harga pasaran, samada perubahan-perubahan tersebut adalahdisebabkan oleh faktor-faktor yang khusus kepada sekuriti individu tersebut atau penerbitnya ataufaktor-faktor yang menjejaskan semua sekuriti yang didagangkan didalam pasaran.

Kumpulan telah mempunyai polisi bagi menguruskan pendedahan Kumpulan kepada perubahan-perubahan harga bahan-bahan mentah utama yang digunakan dalam pengeluaran barang-barang.Syarikat-syarikat dalam Kumpulan membuat kontrak pada harga yang ditetapkan untuk mengesahkanpenentuan harga bahan mentah.

Bagi pembelian barangan utama, Kumpulan menetapkan pada paras harga terapung dan tetap yangdianggap boleh diterima dan memasuki pembekalan fisikal atau perjanjian-perjanjian derivatif, di manaperlu, bagi mencapai paras-paras tersebut. Kumpulan tidak menghadapi pendedahan yang ketaradaripada risiko perubahan di dalam pinjaman dan harga-harga ekuiti.

iv.v.v.v.v. Risiko kreditRisiko kreditRisiko kreditRisiko kreditRisiko kredit

Risiko kredit adalah risiko bahawa satu pihak kepada instrumen kewangan akan gagal untuk melepaskansuatu kewajipan dan menyebabkan pihak yang lain mengalami suatu kerugian kewangan.

Risiko kredit timbul apabila instrumen derivatif digunakan atau barangan dijual pada terma kredittertangguh. Kumpulan berusaha untuk membuat pelaburan aset tunai secara selamat danmenguntungkan. Ia juga berusaha untuk mengawal risiko kredit dengan menetapkan had pesaingdan memastikan penjualan barangan dan perkhidmatan secara kredit hanya diberikan kepada pelangganyang mempunyai rekod kredit yang sesuai. Maklumat bayaran tunggakan pelanggan disemak secaramingguan dengan membuat rujukan kepada penilaian kredit yang diterbitkan oleh institusi kewanganutama. Sekiranya tidak terdapat penilaian umum, pemeriksaan kredit secara dalaman dijalankansekiranya risiko kredit adalah ketara. Pemeriksaan ini dijalankan untuk menangani sebarangkemungkinan kegagalan untuk membuat pembayaran.

Tindakan penguatkuasaan dibuat untuk kutipan hutang. Tambahan lagi, penjualan kepada pelanggandigantung apabila jumlah terhutang terawal telah melebihi terma kredit. Kumpulan beranggapanrisiko kehilangan ketara akibat dari kemungkiran oleh pihak kewangan lain tersebut adalah tipis.

Syarikat anak yang terlibat dalam aktiviti penjualan hartanah tidak akan membuat pindahmilik kepadapelanggan sekiranya bayaran penuh belum dibuat.

v .v .v .v .v . Risiko kecairan dan aliran tunaiRisiko kecairan dan aliran tunaiRisiko kecairan dan aliran tunaiRisiko kecairan dan aliran tunaiRisiko kecairan dan aliran tunai

Risiko kecairan adalah risiko di mana sesuatu perusahaan akan menghadapi kesulitan di dalammendapatkan dana untuk menyelesaikan komitmen yang berkaitan dengan instrumen kewangan.

Risiko aliran tunai adalah risiko bahawa aliran tunai masa hadapan berkaitan dengan instrumen kewanganakan berubah. Di dalam keadaan instrumen hutang yang menggunakan kadar terapung, perubahan-perubahan tersebut akan mengakibatkan perubahan di dalam kadar efektif faedah bagi instrumenkewangan berkenaan, selalunya tanpa perubahan pada nilai setaranya.

NOTA-NOTA KEPADA PENYATA KEWANGANBAGI TAHUN BERAKHIR PADA 31 DISEMBER 2003 (sambungan)


22222 OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN (sambungan)

v .v .v .v .v . Risiko kecairan dan aliran tunai Risiko kecairan dan aliran tunai Risiko kecairan dan aliran tunai Risiko kecairan dan aliran tunai Risiko kecairan dan aliran tunai (sambungan)

Di dalam jangka pendek, Kumpulan memberi tumpuan ke atas kecairan, nisbah pusingan kedudukankewangan, sumber dana untuk menaiktaraf dan pengembangan aktiviti sedia ada. Pengurusan risikokecairan berhemah adalah dengan mengekalkan aliran tunai yang mencukupi dan penyediaanpembiayaan melalui jumlah kemudahan kredit yang komited serta keupayaan untuk menutup kedudukanpasaran. Disebabkan oleh sifat dinamik perniagaan yang diceburi, sasaran Kumpulan adalah untukmengekalkan tahap pembiayaan yang fleksibel dengan kemudahan kredit sedia ada.

33333 RINGKASAN DASAR-DASAR PERAKAUNAN UTAMARINGKASAN DASAR-DASAR PERAKAUNAN UTAMARINGKASAN DASAR-DASAR PERAKAUNAN UTAMARINGKASAN DASAR-DASAR PERAKAUNAN UTAMARINGKASAN DASAR-DASAR PERAKAUNAN UTAMA

Dasar-dasar perakaunan berikut telah digunakan secara konsisten di dalam mengendalikan perkara-perkara yang dianggap memberi kesan ketara berkaitan Penyata Kewangan.

( a )( a )( a )( a )( a ) Asas PenyediaanAsas PenyediaanAsas PenyediaanAsas PenyediaanAsas Penyediaan

Penyata Kewangan bagi Kumpulan dan Johor Corporation telah disediakan mengikut konvensyen kossejarah kecuali yang didedahkan didalam ringkasan dasar-dasar perakaunan ketara ini. Sebagaicontoh, tanah dan bangunan, dan hartanah pelaburan adalah dinyatakan pada nilai saksama.

Penyata Kewangan ini telah mematuhi piawaian perakaunan berkenaan yang diluluskan dan bersesuaiandi Malaysia. Piawaian-piawaian perakaunan baru yang diterima pakai di dalam Penyata Kewangan iniadalah seperti berikut :

• Piawaian MASB 25 “Cukai Pendapatan”• Piawaian MASB 27 “Kos Pinjaman”• Piawaian MASB 28 “Pemberhentian Operasi”• Piawaian MASB 29 “Manfaat-manfaat Pekerja”

Kecuali piawaian MASB 25 dan MASB 29 (lihat nota 32) tidak terdapat perubahan-perubahan didalamdasar perakaunan yang memberi kesan keatas keuntungan bersih atau ekuiti oleh sebab Kumpulantelah menuruti prinsip-prinsip pengiktirafan dan pengukuran didalam piawaian-piawaian tersebut.

( b )( b )( b )( b )( b ) Asas PenyatuanAsas PenyatuanAsas PenyatuanAsas PenyatuanAsas Penyatuan

i. Syarikat-Syarikat Anak

Syarikat-Syarikat Anak adalah syarikat-syarikat di mana Kumpulan mempunyai kuasa untukmelaksanakan kawalan ke atas dasar-dasar kewangan dan operasinya bagi memperolehi manfaat-manfaat daripada aktiviti-aktiviti mereka.

Syarikat-Syarikat Anak disatukan dengan menggunakan kaedah pengambilalihan. Menurut kaedahperakaunan pengambilalihan, Syarikat-Syarikat Anak disatukan dari tarikh kawalan tersebutberpindah kepada Kumpulan dan tidak lagi disatukan dari tarikh kawalan tersebut terhenti. Kospengambilalihan adalah jumlah tunai dibayar dan nilai saksama pada tarikh pengambialihan ataukos pembelian yang diberi oleh pembeli, bersama dengan pembelanjaan yang terbabit denganpengambilalihan tersebut. Pada tarikh pengambilalihan, nilai saksama bersih aset-aset Syarikat-Syarikat Anak adalah ditentukan dan nilai-nilai tersebut ditunjukkan di dalam Penyata Kewangandisatukan. Perbezaan kos pengambilalihan ke atas bahagian nilai saksama Kumpulan di dalamaset-aset bersih Syarikat-Syarikat Anak yang dikenalpasti pada tarikh pengambilalihan ditunjukkansebagai muhibbah atau rizab atas penyatuan. Lihat Nota (c) mengenai dasar perakaunan atasmuhibbah.

Kepentingan minoriti diukur berdasarkan bahagian minoriti ke atas nilai saksama selepaspengambilalihan aset-aset dan tanggungan-tanggungan yang dikenalpasti bagi pihak yangdiambilalih. Pendedahan secara berasingan dibuat untuk kepentingan minoriti ini.

Bagi pengambilalihan secara berperingkat, pelarasan nilai saksama yang berkaitan kepadapegangan ekuiti sebelumnya diambilkira sebagai penilaian semula selepas pengambilalihan.



33333 RINGKASAN DASAR-DASAR PERAKAUNAN UTAMA RINGKASAN DASAR-DASAR PERAKAUNAN UTAMA RINGKASAN DASAR-DASAR PERAKAUNAN UTAMA RINGKASAN DASAR-DASAR PERAKAUNAN UTAMA RINGKASAN DASAR-DASAR PERAKAUNAN UTAMA (sambungan)

( b )( b )( b )( b )( b ) Asas PenyatuanAsas PenyatuanAsas PenyatuanAsas PenyatuanAsas Penyatuan (sambungan)

i. Syarikat-Syarikat Anak (sambungan)

Urusniaga-urusniaga di dalam Kumpulan, baki-baki dan keuntungan-keuntungan belum nyata keatas urusniaga-urusniaga adalah dihapuskan; kerugian-kerugian belum nyata juga dihapuskanmelainkan kos tidak dapat ditampung. Di mana perlu, pelarasan dibuat kepada Penyata KewanganSyarikat-Syarikat Anak untuk memastikan dasar-dasar perakaunan konsisten dengan Kumpulan.

Keuntungan atau kerugian di atas pelupusan sebuah Syarikat Anak merupakan perbezaan diantara hasil pelupusan bersih dan bahagian Kumpulan di dalam aset bersihnya bersama-samadengan sebarang baki muhibbah atas pengambilalihan yang belum dilunaskan dan perbezaan-perbezaan pertukaran yang tidak diiktiraf sebelumnya di dalam Penyata Kewangan yang disatukan.Muhibbah atas pengambilalihan yang telah dicaj sepenuhnya kepada ekuiti pemegang sahamjuga ditolak apabila menentukan untung atau rugi atas pelupusan sebuah Syarikat Anak.

ii. Syarikat-Syarikat Bersekutu

Syarikat-Syarikat Bersekutu adalah syarikat-syarikat di mana Kumpulan melaksanakan pengaruhyang ketara tetapi tidak mempunyai kawalan keatasnya. Pengaruh yang ketara ialah kuasa untukterlibat di dalam keputusan-keputusan dasar kewangan dan operasi tetapi tidak mempunyai kuasauntuk menguatkuasakan kawalan ke atas dasar-dasar tersebut. Pelaburan dalam Syarikat-SyarikatBersekutu diambilkira dalam Penyata Kewangan yang disatukan menggunakan kaedah perakaunanekuiti.

Perakaunan ekuiti melibatkan pengiktirafan bahagian Kumpulan didalam keputusan selepaspengambilalihan bagi Syarikat-Syarikat Sekutu didalam Penyata Pendapatan dan bahagiannya didalam pergerakan-pergerakan selepas pengambilalihan didalam rizab. Pergerakan selepaspengambilalihan terkumpul adalah diselaraskan kepada kos pelaburan dan termasuk muhibbahdi atas pengambilalihan (selepas pelunasan terkumpul). Perakaunan ekuiti dihentikan apabilajumlah bawa pelaburan tersebut di dalam sebuah syarikat sekutu mencapai sifar, kecuali suatuobligasi telah timbul untuk Kumpulan atau obligasi yang dijamin untuk diselesaikan oleh Kumpulanbagi pihak Syarikat Bersekutu.

Keuntungan yang belum direalisasi ke atas urusniaga-urusniaga di antara Kumpulan dan Syarikat-Syarikat Bersekutu adalah dihapuskan setakat kepentingan Kumpulan di dalam Syarikat Bersekutu;kerugian-kerugian belum direalisasi juga dihapuskan melainkan transaksi tersebut memberi buktike atas rosotnilai harta yang dipindahkan. Di mana perlu, di dalam menerima pakai kaedahperakaunan ekuiti, penyelarasan-penyelarasan dibuat kepada Penyata Kewangan Syarikat-SyarikatBersekutu bagi memastikan ia konsisten dengan dasar-dasar perakaunan Kumpulan.

( c )( c )( c )( c )( c ) Muhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas Penyatuan

Muhibbah merupakan lebihan daripada kos pengambilalihan Syarikat-Syarikat Anak dan Syarikat-SyarikatBersekutu ke atas nilai saksama daripada aset-aset bersih bahagian Kumpulan yang dikenalpasti padatarikh pengambilalihan.

Muhibbah atas pengambilalihan Syarikat-Syarikat Anak adalah dimasukkan di dalam lembaran imbangan.Muhibbah atas penyatuan dihapuskira samada di dalam tahun pengambilalihan atau dimodalkan dandilunaskan mengikut kaedah garisan lurus ke Penyata Pendapatan menurut anggaran jangka hayatberguna tetapi tidak melebihi 20 tahun. Para pengarah menetapkan anggaran jangka hayat bergunabagi muhibbah berdasarkan penilaian keatas perusahaan-perusahaan yang terbabit pada masapengambilalihan, mengambilkira faktor-faktor seperti bahagian pasaran semasa, potensi pertumbuhandan lain-lain faktor sedia ada di dalam perusahaan yang diambilalih.




( c )( c )( c )( c )( c ) Muhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas Penyatuan (sambungan)

Pada setiap tarikh Lembaran Imbangan, Kumpulan akan menilai samada terdapat tanda-tanda untukpenyusutan nilai. Sekiranya terdapat tanda-tanda berkenaan, suatu analisa dilakukan untuk menilaisamada jumlah bawa aset tersebut akan dapat diperolehi sepenuhnya. Suatu susutnilai dibuat jikajumlah bawa melebihi jumlah yang akan diperolehi. Lihat dasar perakaunan Nota (s) mengenaiPenyusutan Nilai Aset.

Keuntungan atau kerugian di atas pelupusan sebuah entiti adalah termasuk jumlah bawa muhibbahberkaitan dengan entiti yang dilupuskan.

Rizab atas penyatuan merupakan lebihan bahagian Kumpulan bagi nilai saksama aset-aset bersihyang dikenalpasti diambilalih ke atas kos pengambilalihan. Ianya samada dimodalkan di dalam tahunpengambilalihan atau dimodalkan dan dilunaskan melalui Penyata Pendapatan bagi tempoh 5 tahunatau anggaran jangkahayat berguna, yang mana lebih pendek. Rizab atas penyatuan yang dibentangkandi dalam Lembaran Imbangan diklasifikasikan juga sebagai muhibbah.

( d )( d )( d )( d )( d ) Inventori Dan Harta Dalam Pegangan Untuk JualanInventori Dan Harta Dalam Pegangan Untuk JualanInventori Dan Harta Dalam Pegangan Untuk JualanInventori Dan Harta Dalam Pegangan Untuk JualanInventori Dan Harta Dalam Pegangan Untuk Jualan

i. Inventori

Inventori terdiri daripada bahan-bahan mentah, stor, kerja dalam perlaksanaan, rumah-rumahdan kedai-kedai yang telah siap dan sekuriti-sekuriti pasaran.

Inventori dinyatakan pada nilai yang lebih rendah antara kos dan nilai realisasi bersih. Kos ditentukanberasaskan kaedah masuk-dahulu-keluar-dahulu atau atas kaedah purata berwajaran. Kos barangansiap dan kerja dalam perlaksanaan termasuk bahan-bahan mentah, buruh langsung, lain-lain koslangsung dan bahagian yang sesuai bagi overhed pengeluaran (berasaskan kapasiti operasi biasa).Inventori rumah-rumah dan kedai-kedai yang telah siap terdiri daripada kos tanah, kos pembinaandan perbelanjaan infrastruktur.

Nilai realisasi bersih adalah anggaran harga jualan di dalam perniagaan biasa, ditolak kospenyiapan dan perbelanjaan penjualan.

ii. Hartanah Dalam Pegangan Untuk Dijual

Hartanah dalam pegangan untuk dijual adalah dinyatakan pada nilai yang lebih rendah antara kos(atau, jumlah bawa di mana aset-aset telah terdahulu dipegang untuk jangka panjang dan dinyatakanpada penilaian) dan nilai realisasi bersih.

( e )( e )( e )( e )( e ) PelaburanPelaburanPelaburanPelaburanPelaburan

i. Pelaburan-pelaburan Jangka Pendek

Pelaburan-pelaburan jangka pendek (termasuk di dalam aset semasa) adalah di bawa pada nilaiyang terendah antara kos dan nilai pasaran, ditentukan berasaskan agregat portfolio mengikutkategori pelaburan. Kos didapati dengan menggunakan dasar purata berwajaran. Nilai pasaranadalah dikira dengan merujuk kepada harga jualan yang dipetik daripada bursa saham padapenutupan perniagaan pada tarikh Lembaran Imbangan. Kenaikan/penurunan di dalam jumlahbawa sekuriti-sekuriti pasaran dikreditkan/dicaj ke Penyata Pendapatan.

Di atas penjualan sesuatu pelaburan, perbezaan di antara hasil pelupusan bersih dan jumlahbawanya adalah dikreditkan/dicaj ke Penyata Pendapatan.

ii. Pelaburan-pelaburan Jangka Panjang

Pelaburan-pelaburan jangka panjang adalah ditunjukkan pada kos dan satu peruntukan bagirosotnilai dibuat di mana, pada pendapat Pengarah-Pengarah, terdapat penurunan yang bukanberbentuk sementara di dalam nilai sesuatu pelaburan, penurunan tersebut adalah diambilkirasebagai suatu perbelanjaan di dalam tempoh di mana penurunan tersebut dikenalpasti.




( e )( e )( e )( e )( e ) Pelaburan Pelaburan Pelaburan Pelaburan Pelaburan (sambungan)

iii. Syarikat-Syarikat Anak Dan Syarikat-Syarikat Bersekutu

Pelaburan-pelaburan di dalam Syarikat-Syarikat Anak dan Syarikat-Syarikat Bersekutu adalahdinyatakan pada kos atau pada penilaian pengarah-pengarah. Apabila terdapat tanda-tanda wujudpenyusutan, jumlah bawa pelaburan akan dikaji dan dirosotnilaikan serta merta kepada jumlahyang boleh diperolehi. Lihat dasar perakaunan Nota (s) bagi penyusutan aset-aset.

iv. Hartanah Pelaburan

Hartanah pelaburan dipegang untuk potensi pelaburan dan pendapatan sewa.

Hartanah pelaburan adalah dinyatakan pada penilaian Para Pengarah berdasarkan laporan jurunilaiprofesional bebas. Tambahan selepas tarikh penilaian dinyatakan pada kos. Adalah menjadi dasarKumpulan untuk menilai hartanah ini sekurang-kurangnya sekali dalam tempoh 5 tahun berdasarkanharga pasaran terbuka dan sebarang lebihan atau defisit dari penilaian tersebut akan dimasukkanke dalam buku perakaunan. Defisit akan didebitkan kepada Rizab Modal sehingga tahap persamaanlebihan sebelumnya dan sebarang lebihan itu akan dicaj kepada Penyata Pendapatan. Hartanahpelaburan pajakan dengan suatu tempoh pajakan yang belum luput yang kurang dari 20 tahunpada tarikh Lembaran Imbangan adalah tertakluk kepada susutnilai disebabkan oleh jangkahayatyang pendek dan terhad. Tiada susutnilai diperuntukkan bagi hartanah pelaburan. Baikpulihdilaksanakan secara berkala dan diambilkira sebagai perbelanjaan di dalam Penyata Pendapatan.

Apabila sebuah hartanah pelaburan dilupuskan, perbezaan di antara hasil pelupusan bersih danjumlah bawa dicaj atau dikredit kepada Penyata Pendapatan; sebarang jumlah di dalam RizabPenilaian Semula berhubung hartanah pelaburan tersebut dipindahkan pada PendapatanTerkumpul.

( f )( f )( f )( f )( f ) Perbelanjaan Tanah dan PembangunanPerbelanjaan Tanah dan PembangunanPerbelanjaan Tanah dan PembangunanPerbelanjaan Tanah dan PembangunanPerbelanjaan Tanah dan Pembangunan

Perbelanjaan tanah dan pembangunan dinyatakan pada kos termasuk keuntungan yang berkaitanyang diiktiraf sehingga tarikh berdasarkan kaedah peratus penyiapan. Kos sebahagian besarnyaditentukan di atas dasar pengenalan spesifik dan termasuk kos tanah yang berkaitan, kos pembinaandan overhead pembangunan yang bersesuaian dan berkaitan kepada tahap penyiapan.

Projek-projek pembangunan hartanah adalah dianggap sebagai aset-aset semasa di mana jualantelah dilancarkan dan/atau projek-projek adalah dijangkakan akan disiapkan di dalam pusingan operasibiasa iaitu untuk 2 hingga 3 tahun. Kos projek-projek yang dibangunkan diklasifikasikan sebagai aset-aset semasa, adalah dinyatakan pada yang lebih rendah di antara kos dan nilai realisasi bersih.Peruntukan bagi kerugian-kerugian yang dijangkakan di atas kontrak-kontrak yang belum disiapkanadalah dibuat di dalam tempoh di mana kerugian-kerugian tersebut ditentukan.

( g )( g )( g )( g )( g ) Harta, Loji Dan Kelengkapan Dan SusutnilaiHarta, Loji Dan Kelengkapan Dan SusutnilaiHarta, Loji Dan Kelengkapan Dan SusutnilaiHarta, Loji Dan Kelengkapan Dan SusutnilaiHarta, Loji Dan Kelengkapan Dan Susutnilai

Harta, Loji dan Kelengkapan dinyatakan pada kos atau penilaian semula ditolak susutnilai /pelunasanterkumpul dan kerugian penyusutan.

Tanah, perbelanjaan pembangunan ladang dan bangunan yang dipegang oleh Kumpulan tidak dinilaikansemula semenjak penilaian semula yang terakhir di dalam tahun-tahun berkenaan seperti yangdinyatakan dalam Nota 10 kepada Penyata Kewangan. Kesemua lain-lain Harta, Loji dan Kelengkapantelah dinyatakan pada kos sejarah ditolak susutnilai terkumpul. Para Pengarah tidak menerima pakaipolisi penilaian semula secara berkala terhadap aset-aset tersebut kecuali bagi Syarikat-Syarikat Anaktertentu di mana polisi penilaian semula secara berkala ke atas tanah dan bangunan diterima pakaidan dinilai oleh jurunilai profesional bebas sekali bagi setiap 5 tahun. Sepertimana yang dibenarkandi bawah peruntukan peralihan oleh Piawaian Perakaunan Antarabangsa No.16 (Semakan) (sepertiyang diterimapakai oleh Piawaian MASB No. 15 “Harta, Loji dan Kelengkapan”), aset-aset tersebutselain daripada aset-aset bagi Syarikat-Syarikat Anak tertentu yang disebutkan di atas dinyatakan padapenilaian semula di dalam tahun-tahun berkenaan ditolak susutnilai terkumpul.




( g )( g )( g )( g )( g ) Harta, Loji Dan Kelengkapan Dan Susutnilai Harta, Loji Dan Kelengkapan Dan Susutnilai Harta, Loji Dan Kelengkapan Dan Susutnilai Harta, Loji Dan Kelengkapan Dan Susutnilai Harta, Loji Dan Kelengkapan Dan Susutnilai (sambungan)

Lebihan yang timbul atas penilaian semula dikreditkan kepada Rizab Penilaian Semula. Sebarangdefisit yang timbul daripada penilaian semula dicaj terhadap Rizab Penilaian Semula sehingga tahaplebihan terdahulu yang tersimpan di dalam Rizab Penilaian Semula bagi aset yang sama. Dalam kes-kes yang lain, penurunan dalam jumlah bawa dicaj kepada Penyata Pendapatan.

i. Pelunasan

Tanah pajakan Kumpulan dan Johor Corporation dilunaskan mengikut tempoh pajakan antara 5hingga 99 tahun kecuali bagi tanah pajakan dan hartanah yang berkaitan di dalam industriperhotelan. Tiada pelunasan diperuntukkan ke atas hartanah pajakan perhotelan dengan bakitempoh pajakan selama 20 tahun atau lebih. Hartanah perhotelan terdiri dari tanah, bangunanhotel dan loji yang berkenaan. Adalah menjadi amalan Kumpulan untuk mengekalkan nilai bakisemua hartanah perhotelan pada jumlah sekurang-kurangnya bersamaan dengan nilai-nilai bukuberkenaan supaya susutnilai tidak ketara. Bagi mengesahkan bahawa nilai baki harta perhotelanadalah sekurang-kurangnya bersamaan dengan nilai buku harta tersebut, harta-harta tersebutdinilai oleh jurunilai profesional bebas sekurang-kurangnya sekali setiap 5 tahun berdasarkankegunaan semasa.

Tiada pelunasan dibuat ke atas tanah milik bebas dan perbelanjaan pembangunan ladang.

Konsesi pembalakan dilunaskan mengikut nisbah langsung kawasan yang diterokai.

ii. Susutnilai

Lain-lain Harta, Loji dan Kelengkapan disusutnilai atas dasar garis lurus untuk menghapuskankos setiap aset, atau kepada jumlah penilaian semula kepada nilai sisa mengikut jangkamasausia boleh guna dengan kadar-kadar tahunan berikut:-

Bangunan 2 % - 5%Perabot dan Kelengkapan Pejabat 5 % - 20 %Loji, Jentera dan Kenderaan 5 % - 25 %

Susutnilai atas aset yang masih dalam pembinaan akan bermula setelah aset itu sedia bagikegunaan yang dirancangkan.

Pada setiap tarikh Lembaran Imbangan, Kumpulan akan mengkaji semula untuk sebarang tandapenyusutan. Sekiranya tanda-tanda tersebut wujud, suatu analisa dibuat bagi mengkaji samadajumlah bawa bagi aset tersebut boleh diperolehi sepenuhnya. Suatu penyusutan adalah dibuatsekiranya jumlah bawa melebihi jumlah boleh diperolehi. Lihat dasar perakaunan Nota (s) bagipenyusutan aset-aset.

Keuntungan dan kerugian atas pelupusan adalah ditentukan dengan membandingkan jumlahpelupusan dengan jumlah bawa dan dimasukkan ke dalam keuntungan/(kerugian) daripada operasi.Atas pelupusan aset-aset dinilai semula, jumlah di dalam Rizab Penilaian Semula berkaitan denganaset-aset tersebut adalah dipindahkan kepada Pendapatan Terkumpul.

Baikpulih dan penyelenggaraan adalah dicaj kepada penyata pendapatan di dalam tempoh dimanaia berlaku. Kos pengubahsuaian yang besar adalah dimasukkan di dalam jumlah bawa aset-asettersebut apabila terdapat kemungkinan bahawa manfaat ekonomi pada masa hadapan daripadaprestasi aset yang sedang digunakan adalah berlebihan berbanding piawaian asal yang telahdikaji dan akan mengalir kepada Kumpulan. Ubahsuai yang besar adalah disusutnilai menurutbaki jangkahayat berguna bagi aset yang berkaitan.




(h )( h )( h )( h )( h ) Matawang AsingMatawang AsingMatawang AsingMatawang AsingMatawang Asing

i. Matawang Dalam Laporan

Penyata Kewangan yang dibentangkan adalah didalam Ringgit Malaysia.

ii. Entiti Luar Negara

Penyata-penyata Pendapatan bagi entiti-entiti luar negara diterjemahkan kepada RinggitMalaysia pada kadar pertukaran purata bagi tahun semasa dan untuk Lembaran Imbanganditerjemahkan pada kadar pertukaran pada tarikh Lembaran Imbangan. Perbezaan-perbezaanpertukaran yang timbul daripada terjemahan semula bagi pelaburan bersih di dalam entiti-entitiluar negara adalah dibawa ke ‘Rizab Tukaran Matawang Asing’ di dalam ekuiti. Bagi pelupusanentiti luar negara, perbezaan-perbezaan dalam terjemahan adalah diambilkira di dalam PenyataPendapatan sebagai sebahagian daripada keuntungan atau kerugian atas pelupusan.

Muhibbah dan pelarasan nilai saksama yang timbul daripada pengambilalihan sesebuah entitiluar negara adalah diambilkira sebagai aset-aset dan tanggungan-tanggungan Kumpulan danadalah diterjemahkan bersesuaian pada kadar tukaran yang dikuatkuasa pada tarikh urusniagaberkenaan.

iii. Urusniaga-urusniaga Dalam Matawang Asing

Urusniaga-urusniaga matawang asing bagi syarikat-syarikat dalam Kumpulan adalah diambilkirapada kadar tukaran yang lazim terdapat pada tarikh-tarikh urusniaga, melainkan dilindung nilaioleh kontrak pertukaran asing kehadapan, di dalam hal yang demikian kadar-kadar tertentu didalam kontrak-kontrak kehadapan adalah digunakan. Aset-aset dan tanggungan-tanggunganmonetari dalam matawang asing adalah diterjemahkan pada kadar tukaran yang lazim terdapatpada tarikh Lembaran Imbangan berkenaan, melainkan dilindung nilai oleh kontrak-kontrakpertukaran asing kehadapan, di dalam hal yang demikian kadar-kadar tertentu di dalam kontrak-kontrak kehadapan adalah digunakan. Perbezaan pertukaran yang timbul daripada penyelesaianurusniaga-urusniaga matawang asing dan daripada penterjemahan tanggungan-tanggungan danaset-aset monetari bagi matawang asing adalah diambilkira di dalam Penyata Pendapatan.

iv. Kadar-kadar Akhir Tahun

Kadar akhir tahun tukaran matawang asing utama yang digunakan dalam penterjemahan jumlah-jumlah matawang asing adalah seperti berikut :-

Matawang Asing 2003 2002 RM RM

1 Dolar Amerika Syarikat 3.80 3.801 Euro 4.74 3.981 Dolar Singapura 2.23 2.191 Dinar Kuwait - 12.501 Dolar Australia 2.83 2.151 Sterling Pound Great Britain 6.74 6.091 Kina Papua New Guinea 1.15 0.961 Deutschemark - 1.721 Dolar Brunei 2.23 2.191 Peso Filipina 0.07 0.071000 Rupiah Indonesia 0.45 0.43

( i )( i )( i )( i )( i ) Perbelanjaan Tanaman Baru Dan Perbelanjaan Tanaman SemulaPerbelanjaan Tanaman Baru Dan Perbelanjaan Tanaman SemulaPerbelanjaan Tanaman Baru Dan Perbelanjaan Tanaman SemulaPerbelanjaan Tanaman Baru Dan Perbelanjaan Tanaman SemulaPerbelanjaan Tanaman Baru Dan Perbelanjaan Tanaman Semula

Perbelanjaan tanaman baru untuk tanah dan penjagaan pokok-pokok sehingga matang dimodalkandalam kos tanah dan tidak dilunaskan. Perbelanjaan tanaman semula diambilkira di dalam PenyataPendapatan apabila perbelanjaan tersebut berlaku.




( j )( j )( j )( j )( j ) Cukai PendapatanCukai PendapatanCukai PendapatanCukai PendapatanCukai Pendapatan

Perbelanjaan cukai semasa adalah ditentukan mengikut Undang-undang Cukai bagi setiap kawasandi mana Kumpulan beroperasi dan termasuk segala cukai-cukai berdasarkan di atas keuntungan-keuntungan kena cukai, termasuk cukai-cukai pegangan yang perlu dibayar oleh satu Syarikat Anakluar negara, Syarikat Bersekutu dan cukai keuntungan hartanah atas penjualan hartanah.

Cukai tertunda diiktiraf sepenuhnya, menggunakan kaedah liabiliti, bagi perbezaan-perbezaan sementarayang timbul di antara jumlah-jumlah berkaitan aset-aset dan tanggungan-tanggungan untuk tujuanpercukaian dan jumlah bawa mereka di dalam Penyata Kewangan.

Aset cukai tertunda diiktiraf ketahap ada kemungkinan bahawa keuntungan yang dikenakan cukaiakan ada terhadap perbezaan-perbezaan sementara yang boleh ditolak dan tidak akan digunakan.

Cukai tertunda adalah diiktiraf diatas perbezaan sementara yang timbul atas pelaburan-pelaburan didalam Syarikat-Syarikat Anak dan Syarikat-Syarikat Bersekutu kecuali di mana pada masa perbezaansementara dikeluarkan boleh dikawal dan kemungkinan perbezaan sementara tidak akan dikeluarkanpada masa hadapan yang boleh dijangkakan.

Kadar-kadar cukai yang telah dijadikan undang-undang atau sebahagian besar dijadikan undang-undangpada tarikh Lembaran Imbangan adalah digunakan untuk menentukan cukai tertunda.

( k )( k )( k )( k )( k ) Pinjaman-PinjamanPinjaman-PinjamanPinjaman-PinjamanPinjaman-PinjamanPinjaman-Pinjaman

i. Klasifikasi

Pinjaman-pinjaman pada permulaannya diiktiraf berdasarkan penerimaan, setelah ditolakkos-kos transaksi. Di dalam tempoh-tempoh seterusnya, pinjaman-pinjaman adalah dinyatakanpada kos yang dilunaskan dengan menggunakan kaedah pulangan berkesan; sebarangperbezaan di antara penerimaan (ditolak kos-kos transaksi) dan nilai yang dilepaskan diiktiraf didalam Penyata Pendapatan ke atas tempoh pinjaman-pinjaman berkenaan.

Faedah, dividen, kerugian dan keuntungan yang berkaitan kepada suatu Instrumen Kewangan,atau suatu bahagian diklasifikasikan sebagai suatu tanggungan adalah dilaporkan di dalam koskewangan di dalam Penyata Pendapatan.

ii. Memodalkan Kos Pinjaman

Kos ke atas pinjaman bagi membiayai pembinaan Harta, Loji dan Kelengkapan adalah dimodalkansebagai sebahagian daripada kos aset tersebut semasa tempoh waktu yang diperlukan untukmenyiap dan menyediakan aset tersebut untuk penggunaan yang dirancangkan. Kos ke ataspinjaman yang timbul bagi membiayai aktiviti pembangunan harta dan kontrak-kontrak pembinaanjuga diambilkira dengan cara yang serupa. Lain-lain kos pinjaman direkodkan sebagai perbelanjaan.

( l )( l )( l )( l )( l ) Geran KerajaanGeran KerajaanGeran KerajaanGeran KerajaanGeran Kerajaan

Geran-geran daripada kerajaan adalah diiktiraf pada nilai saksama mereka di mana terdapatkepastian yang munasabah bahawa geran tersebut akan diterima dan Kumpulan akan mematuhisegala syarat-syarat yang disertakan.

Geran kerajaan berkaitan dengan kos adalah ditunda dan diiktiraf di dalam Penyata Pendapatan disepanjang tempoh yang perlu untuk disesuaikannya dengan kos-kos yang telah ditentukan.

Geran-geran kerajaan berkaitan dengan pembelian Harta, Loji dan Kelengkapan adalah termasuk didalam tanggungan-tanggungan bukan semasa sebagai pendapatan tertunda dan dikreditkan kepadaPenyata Pendapatan berasaskan kaedah garis lurus bagi sepanjang jangka hayat kegunaan aset-asetyang berkaitan.




(m)(m)(m)(m)(m) Lain-lain Aset Tidak ZahirLain-lain Aset Tidak ZahirLain-lain Aset Tidak ZahirLain-lain Aset Tidak ZahirLain-lain Aset Tidak Zahir

Perbelanjaan atas pengambilalihan hak francais induk dinyatakan pada kos dan dilunas menggunakankonsep garis lurus meliputi tempoh 10 tahun.

Kos latihan jururawat dalam bentuk biasiswa dan lain-lain kos yang berkaitan adalah ditangguhkan disepanjang tempoh latihan. Perbelanjaan tersebut akan dilunaskan mengikut tempoh ikatanperkhidmatan di antara 3 hingga 5 tahun selepas tamat latihan, melainkan manfaat berterusan darilatihan tersebut tidak akan diterima lagi.

( n )( n )( n )( n )( n ) Pengiktirafan PendapatanPengiktirafan PendapatanPengiktirafan PendapatanPengiktirafan PendapatanPengiktirafan Pendapatan

Pendapatan terdiri daripada nilai yang diinbois bagi penjualan barangan dan perkhidmatan, bersihselepas cukai jualan, rebet dan diskaun-diskaun, dan setelah menghapuskira jualan-jualan di dalamKumpulan.

Pendapatan daripada penjualan barangan diiktiraf apabila risiko ketara dan ganjaran pemilikan barang-barang dipindahkan kepada pembeli. Pendapatan daripada pemberian perkhidmatan adalahberdasarkan kepada tahap penyiapan yang ditentukan oleh perkhidmatan yang telah dilaksanakanterkini sebagai peratus daripada keseluruhan perkhidmatan untuk dilaksanakan.

Pendapatan daripada penjualan hartanah industri dan pembangunan diiktiraf secara beransur-ansurberdasarkan kaedah tahap penyiapan. Jika kerugian-kerugian boleh dijangkakan keatas projek-projekpembangunan adalah diduga, peruntukan penuh bagi kerugian tersebut dibuat di dalam PenyataKewangan.

Pendapatan faedah diiktiraf atas dasar bahagian masa, dengan mengambilkira prinsipal yang tertunggakdan kadar berkesan di atas tempoh ke peringkat kematangan, apabila ditentukan bahawa pendapatanberkenaan akan diperolehi oleh Kumpulan. Dividen-dividen adalah diiktiraf apabila hak Kumpulan untukmenerima pembayaran adalah pasti.

( o )( o )( o )( o )( o ) Penghutang-Penghutang PerdaganganPenghutang-Penghutang PerdaganganPenghutang-Penghutang PerdaganganPenghutang-Penghutang PerdaganganPenghutang-Penghutang Perdagangan

Penghutang perdagangan adalah dibawa pada jumlah yang diinboiskan ditolak dengan peruntukanyang dibuat bagi hutang-hutang ragu. Peruntukan ini dipastikan apabila terdapat bukti munasabahbahawa Kumpulan tidak akan dapat mengutip segala jumlah yang matang menurut syarat asalpenerimaan berkenaan. Jumlah peruntukan adalah perbezaan di antara jumlah bawa dan jumlahyang boleh diperolehi.

( p )( p )( p )( p )( p ) Pajakan-pajakanPajakan-pajakanPajakan-pajakanPajakan-pajakanPajakan-pajakan

i. Pajakan-pajakan Kewangan

Pajakan-pajakan bagi Harta, Loji dan Kelengkapan di mana Kumpulan mendapat sebahagianbesar manfaat dan risiko-risiko pemilikan adalah diklasifikasikan sebagai pajakan-pajakan kewangan.

Pajakan-pajakan kewangan adalah dimodalkan pada masa pajakan bermula pada nilai saksamaterendah aset yang dipajak atau nilai kini untuk pembayaran pajakan minima. Setiap pembayaranpajakan diagihkan di antara tanggungan dan caj-caj kewangan bagi mencapai kadar tetap ke atasbaki kewangan tertunggak. Obligasi-obligasi sewa yang berkenaan, ditolak caj-caj kewangan,adalah termasuk di dalam pinjaman. Elemen faedah bagi caj kewangan tersebut dicaj kepadaPenyata Pendapatan di sepanjang tempoh pajakan tersebut.

Harta, Loji dan Kelengkapan yang dibeli di bawah pajakan kewangan disusutnilai mengikut yangterlebih pendek di antara jangka hayat berguna aset tersebut dan tempoh pajakan.




( p )( p )( p )( p )( p ) Pajakan-pajakan Pajakan-pajakan Pajakan-pajakan Pajakan-pajakan Pajakan-pajakan (sambungan)

ii. Pajakan-pajakan Operasi

Pajakan-pajakan bagi aset-aset di mana sebahagian besar risiko-risiko dan pemberian ketarahakmilik disimpan oleh pemberi pajakan adalah diklasifikasikan sebagai pajakan-pajakan operasi.Pembayaran-pembayaran yang dibuat di bawah pajakan-pajakan operasi (ditolak sebarang galakanyang diterima daripada pemberi pajakan) dicaj kepada Penyata Pendapatan berasaskan garislurus untuk sepanjang tempoh pajakan.

Apabila suatu pajakan operasi dihentikan sebelum tempoh pajakan tamat, sebarang pembayaranyang perlu dibuat kepada pemberi pajakan sebagai penalti diiktiraf sebagai perbelanjaan di dalamtempoh pemberhentian tersebut berlaku.

( q )( q )( q )( q )( q ) Tunai Dan Persamaan TunaiTunai Dan Persamaan TunaiTunai Dan Persamaan TunaiTunai Dan Persamaan TunaiTunai Dan Persamaan Tunai

Bagi tujuan penyata aliran tunai, tunai dan persamaan tunai yang terdiri daripada tunai di tangan,deposit yang disimpan di bank-bank , lain-lain pelaburan jangka pendek dan kecairan amat tinggi yangtersedia ditukar kepada jumlah tunai yang diketahui dan yang tertakluk kepada risiko pertukaran nilaiyang tidak ketara dan overdraf bank. Overdraf bank adalah termasuk di dalam pinjaman di dalamtanggungan semasa pada Lembaran Imbangan.

( r )( r )( r )( r )( r ) Instrumen-instrumen KewanganInstrumen-instrumen KewanganInstrumen-instrumen KewanganInstrumen-instrumen KewanganInstrumen-instrumen Kewangan

i. Keterangan

Instrumen Kewangan adalah sebarang kontrak yang menimbulkan kepada kedua-dua asetkewangan dan suatu tanggungan kewangan atau instrumen ekuiti bagi perusahaan yang lain.

Aset kewangan ialah sebarang aset tunai, hak kontrak untuk menerima tunai atau aset kewanganlain daripada perusahaan lain, hak kontrak untuk menukarkan daripada perusahaan lain, hakkontrak untuk menukarkan Instrumen-Instrumen Kewangan dengan perusahaan lain di bawahsyarat-syarat yang berpotensi untuk memihak, atau instrumen ekuiti bagi perusahaan lain.

Tanggungan kewangan ialah sebarang tanggungan yang wajib ditunaikan atau aset kewanganlain kepada perusahaan lain, atau untuk menukar Instrumen Kewangan dengan perusahaan laindi bawah syarat-syarat yang tidak memihak kepadanya.

ii. Instrumen Kewangan yang diiktraf pada Lembaran Imbangan.

Kaedah pengiktirafan tertentu yang diguna pakai bagi Instrumen Kewangan diiktiiraf padaLembaran Imbangan adalah dinyatakan di dalam penyata-penyata dasar individu yang berkaitdengan setiap item.

iii. Instrumen Kewangan tidak diiktiraf pada Lembaran Imbangan

Kumpulan merupakan suatu pihak kepada Instrumen Kewangan yang mengandungi kontrakkehadapan matawang asing. Instrumen-instrumen tersebut tidak diiktiraf di dalam PenyataKewangan secara terus apabila ia berlaku.

Kontrak kehadapan matawang asing

Kumpulan memasuki kontrak kehadapan matawang asing untuk melindungi Kumpulan daripadapergerakan di dalam kadar-kadar pertukaran dengan menetapkan kadar pada suatu aset matawangasing atau tanggungan untuk diselesaikan.

Keuntungan dan kerugian pertukaran yang timbul daripada kontrak yang dimasuki di dalam lindungnilai bagi transaksi-transaksi masa hadapan yang boleh jangka adalah ditangguhkan sehinggatarikh transaksi berkenaan di mana pada masa tersebut mereka dimasukkan di dalam pengukurantransaksi-transaksi tersebut.




( r )( r )( r )( r )( r ) Instrumen-Instrumen KewanganInstrumen-Instrumen KewanganInstrumen-Instrumen KewanganInstrumen-Instrumen KewanganInstrumen-Instrumen Kewangan (sambungan)

iii. Instrumen Kewangan tidak diiktiraf pada Lembaran Imbangan (sambungan)

Lain-lain keuntungan dan kerugian pertukaran berkaitan kepada instrumen lindung nilai adalahdiiktiraf di dalam Penyata Pendapatan di dalam tempoh yang sama sebagai perbezaan pertukarandi atas item-item yang dilindung nilai tersebut. Keuntungan dan kerugian atas kontrak-kontrakyang tidak lagi dianggap sebagai lindung nilai adalah diambilkira di dalam Penyata Pendapatan.

iv. Anggaran nilai setara untuk tujuan pendedahan

Nilai saksama bagi sekuriti yang didagangkan secara awam adalah berdasarkan ke atas harga-harga pasaran yang disiarkan pada tarikh Lembaran Imbangan.

Nilai saksama bagi tanggungan kewangan adalah dianggarkan dengan mendiskaun aliran tunaikontrak untuk masa hadapan pada kadar faedah pasaran semasa yang didapati kepada Kumpulanbagi instrumen kewangan yang serupa.

Nilai muka bagi aset-aset kewangan dan tanggungan kewangan dengan kematangan kurangdaripada satu tahun adalah diandaikan kepada anggaran nilai muka mereka.

(s )(s )(s )(s )(s ) Penyusutan AsetPenyusutan AsetPenyusutan AsetPenyusutan AsetPenyusutan Aset

Harta, Loji dan Kelengkapan dan lain-lain aset bukan semasa, termasuk aset-aset tidak zahir, adalahdikaji untuk kerugian-kerugian penyusutan sekiranya kejadian atau perubahan di dalam keadaanmenandakan bahawa jumlah bawa mungkin tidak dapat diperolehi semula. Kerugian penyusutanadalah diiktiraf bagi jumlah yang mana jumlah nilai bawa aset melebihi jumlah yang dapat diperolehisemula. Jumlah yang dapat diperolehi semula bagi suatu aset adalah jumlah yang lebih tinggi diantara harga jualan bersih dan nilai dalam penggunaan. Bagi tujuan mengkaji penyusutan, aset-asetadalah dikumpulkan pada tahap yang paling rendah di mana terdapat aliran tunai yang dapat dikenalpastisecara berasingan.

Kerugian penyusutan adalah dicaj kepada Penyata Pendapatan melainkan ia akan menyusutkan penilaiansemula yang lalu di mana ia akan dicaj kepada lebihan penilaian semula. Selepas itu, sebarangkenaikan selepas itu di dalam jumlah yang boleh diperolehi semula adalah diiktiraf di dalam PenyataPendapatan kecuali ia memulihkan suatu kerugian penyusutan di atas suatu aset yang dinilai semuladi mana ia akan dibawa ke dalam lebihan penilaian semula.

( t )( t )( t )( t )( t ) Laporan SegmenLaporan SegmenLaporan SegmenLaporan SegmenLaporan Segmen

Laporan segmen adalah dibentangkan bagi penilaian lanjut terhadap pulangan dan risiko Kumpulan.Segmen-segmen bisnes memberikan produk-produk atau perkhidmatan-perkhidmatan yang tertaklukkepada risiko dan pulangan yang berlainan daripada segmen-segmen lain-lain bisnes. Segmen geografimenyediakan produk-produk dan perkhidmatan-perkhidmatan bagi suatu suasana ekonomi khususyang tertakluk kepada risiko dan pulangan yang tiada perbezaan daripada komponen yang beroperasidi dalam lain-lain suasana ekonomi.

Pendapatan segmen, perbelanjaan, aset dan tanggungan adalah jumlah-jumlah hasil daripada aktiviti-aktiviti operasi bagi suatu segmen yang berkait secara langsung dan bahagian berkenaan yang dapatdiperuntukkan atas suatu dasar munasabah kepada segmen. Pendapatan, perbelanjaan, aset dantanggungan segmen adalah ditentukan sebelum baki-baki dalam Kumpulan dan urusniaga-urusniagadi dalam Kumpulan dihapus sebagai sebahagian proses penyatuan, kecuali sehingga baki-baki dalamKumpulan tersebut dan urusniaga-urusniaga adalah di antara perusahaan-perusahaan Kumpulan didalam suatu segmen.




( u )( u )( u )( u )( u ) Kontrak-kontrak PembinaanKontrak-kontrak PembinaanKontrak-kontrak PembinaanKontrak-kontrak PembinaanKontrak-kontrak Pembinaan

Suatu kontrak pembinaan adalah suatu kontrak secara khusus dirundingkan bagi pembinaan suatuaset atau suatu kombinasi aset-aset yang berkait rapat satu sama lain atau saling bergantungan darisegi rekabentuk, teknologi dan fungsi atau kegunaan atau tujuan muktamad yang sama.

Apabila hasil suatu kontrak pembinaan dapat dianggarkan dengan kepastian, hasil kontrak dan koskontrak adalah diiktiraf dengan menggunakan kaedah tahap penyiapan. Tahap penyiapan diukurdengan merujuk kepada bahagian kos kontrak yang telah dilaksanakan hingga kini terhadap anggarankos keseluruhan kontrak.

Jika hasil suatu kontrak pembinaan tidak dapat dianggarkan secara pasti, pendapatan kontrak akandiiktiraf hanya sehingga tahap kos kontrak yang telah berlaku dan ia berkemungkinan akan diperolehi;kos kontrak adalah diiktiraf apabila ia dibuat.

Tanpa mengambilkira samada hasil bagi sesuatu kontrak pembinaan dapat dianggarkan secara pasti,di mana kemungkinan jumlah kos kontrak akan melebihi jumlah pendapatan kontrak, kerugian yangdijangkakan diiktiraf sebagai perbelanjaan dengan serta merta.

Jumlah kos yang dibuat dan keuntungan/kerugian yang diiktiraf ke atas setiap kontrak dibandingkankepada bil-bil kemajuan sehingga akhir tempoh. Di mana kos dibuat dan keuntungan-keuntungandiiktiraf (ditolak kerugian-kerugian yang diiktiraf) melebihi bil-bil kemajuan, bakinya ditunjukkan sebagaijumlah terhutang daripada pelanggan-pelanggan atas kontrak-kontrak pembinaan dibawah penghutang,deposit dan bayaran kehadapan (di dalam aset semasa). Di mana bil kemajuan melebihi kos yangdibuat campur keuntungan yang diiktiraf (ditolak kerugian yang diiktiraf), bakinya ditunjukkan sebagaijumlah terhutang kepada pelanggan-pelanggan atas kontrak pembinaan di bawah sipiutang (di dalamtanggungan semasa).

( v )( v )( v )( v )( v ) Manfaat Anggota PekerjaManfaat Anggota PekerjaManfaat Anggota PekerjaManfaat Anggota PekerjaManfaat Anggota Pekerja

i. Manfaat anggota pekerja jangka pendek

Upah, gaji, cuti tahunan berbayar dan cuti sakit, bonus, dan manfaat bukan berbentuk wangadalah diakru di dalam tempoh di mana perkhidmatan yang berkaitan telah diberikan oleh anggotapekerja Kumpulan.

ii. Manfaat selepas pekerjaan

Kumpulan mempunyai pelbagai skim manfaat selepas pekerjaan yang bersesuaian dengan keadaansetempat dan amalan-amalan di dalam negara-negara di mana ia beroperasi. Pelan-pelan manfaattersebut adalah samada caruman yang ditetapkan atau pelan manfaat yang ditetapkan.

Pelan-pelan Caruman DitetapkanPelan-pelan Caruman DitetapkanPelan-pelan Caruman DitetapkanPelan-pelan Caruman DitetapkanPelan-pelan Caruman Ditetapkan

Suatu pelan caruman ditetapkan adalah suatu pelan pencen di mana Kumpulan membayarcaruman-caruman tetap ke dalam suatu entiti berasingan (suatu dana) dan tidak ada kewajipanterbina atau perundangan untuk membayar caruman seterusnya sekiranya dana tidak mempunyaiaset-aset yang mencukupi untuk membayar semua manfaat anggota pekerja berkaitan kepadaperkhidmatan anggota pekerja di dalam tempoh-tempoh semasa dan terdahulu.

Caruman-caruman Kumpulan kepada pelan-pelan caruman tetap adalah dicaj kepada PenyataPendapatan dalam tempoh ianya berkaitan. Sebaik sahaja caruman-caruman tersebut telahdibayar, Kumpulan tidak lagi berkewajipan untuk membuat bayaran selanjutnya.




( v )( v )( v )( v )( v ) Manfaat Anggota Pekerja Manfaat Anggota Pekerja Manfaat Anggota Pekerja Manfaat Anggota Pekerja Manfaat Anggota Pekerja (sambungan)

ii. Manfaat Selepas Pekerjaan (sambungan)

Pelan-pelan Manfaat DitetapkanPelan-pelan Manfaat DitetapkanPelan-pelan Manfaat DitetapkanPelan-pelan Manfaat DitetapkanPelan-pelan Manfaat Ditetapkan

Tanggungan berkenaan bagi suatu pelan manfaat ditetapkan adalah nilai semasa bagi kewajipanmanfaat ditetapkan pada tarikh Lembaran Imbangan ditolak nilai saksama bagi aset-aset dalampelan, bersama dengan pelarasan-pelarasan untuk kerugian/keuntungan aktuari dan kosperkhidmatan lalu. Kumpulan menentukan nilai semasa bagi kewajipan manfaat yang ditetapkandan nilai saksama bagi sebarang aset-aset pelan dengan kekerapan yang mencukupi supayajumlah-jumlah yang diiktiraf di dalam Penyata Kewangan tidak berbeza dengan ketara daripadajumlah yang akan ditentukan pada tarikh Lembaran Imbangan.

Kewajipan manfaat ditetapkan, yang dikira menggunakan kaedah unit kredit yang diunjurkan,ditentukan oleh aktuari-aktuari bebas, mengambilkira anggaran aliran tunai masa hadapanmenggunakan penghasilan pasaran pada tarikh Lembaran Imbangan sekuriti kerajaan yangmempunyai matawang dan tempoh-tempoh untuk kematangan yang menyerupai syarat-syarattanggungan yang berkaitan.

Aset-aset dalam pelan yang melebihi kewajipan manfaat yang ditetapkan adalah tertakluk kepadahad-had harta secara khusus di dalam piawaian MASB 29.

Kerugian dan keuntungan aktuari timbul daripada pelarasan-pelarasan berpengalaman danperubahan di dalam andaian-andaian aktuari. Jumlah kerugian dan keuntungan aktuari yangdiiktiraf di dalam Penyata Pendapatan ditentukan oleh kaedah koridor yang mematuhi piawaianMASB 29 dan dicaj atau dikredit kepada pendapatan meliputi tempoh perkhidmatan berbakipurata bagi anggota pekerja-anggota pekerja yang berkaitan mengambil bahagian di dalampelan manfaat ditetapkan.

Pada permulaan menerima pakai piawaian MASB 29 pada 1 April 2003, peningkatan di dalamtanggungan manfaat yang tetap diiktiraf sebagai perbelanjaan atas garis lurus berdasarkan 5tahun bersesuaian peruntukan transisi.

iii. Manfaat Pemberhentian

Manfaat-manfaat pemberhentian sepatutnya dibayar apabila pekerjaan seseorang anggota pekerjaditamatkan sebelum tarikh persaraan biasa atau apabila seorang anggota pekerja menerimakelebihan secara sukarela bagi pertukaran bagi manfaat-manfaat tersebut. Kumpulan mengiktirafmanfaat pemberhentian apabila ia menunjukkan kesungguhan kepada samada memberhentikanpekerjaan anggota pekerja pada waktu semasa mengikut kepada suatu pelan formal tanpakemungkinan untuk menarik atau untuk memberi manfaat pemberhentian atas sebab suatutawaran dibuat untuk menggalakkan kelebihan secara sukarela. Manfaat-manfaat yang tergulungsebagai matang melebihi 12 bulan selepas tarikh Lembaran Imbangan adalah didiskaun kepadanilai semasa.




(w )(w )(w )(w )(w ) Aktiviti-aktiviti Pembangunan HartaAktiviti-aktiviti Pembangunan HartaAktiviti-aktiviti Pembangunan HartaAktiviti-aktiviti Pembangunan HartaAktiviti-aktiviti Pembangunan Harta

i. Tanah Dalam Pegangan Untuk Pembangunan Hartanah

Tanah dalam pegangan untuk pembangunan hartanah terdiri daripada tanah yang mana tiadakerja pembangunan ketara telah dipersetujui atau di mana aktiviti-aktiviiti pembangunan tidakdijangkakan akan disiapkan di dalam pusingan operasi normal. Tanah yang sedemikiandiklasifikasikan sebagai aset bukan semasa dan dinyatakan pada kos ditolak kerugian penyusutanterkumpul.

Kos yang berkaitan dengan pengambilalihan tanah adalah termasuk harga belian tanah, yuranprofesional, duti stem, komisen yuran tukar syarat dan lain-lain levi berkaitan. Jika terdapat tandapenyusutan wujud, jumlah bawa aset dikaji semula dan dikurangkan serta merta kepada jumlahboleh diperolehi.

Tanah yang dipegang untuk pembangunan hartanah akan dipindahkan kepada kos pembangunanhartanah (di bawah aset semasa) apabila aktiviti-aktiviti pembangunan telah bermula dan di manaaktiviti pembangunan akan disiapkan pada waktu pusingan operasi biasa Kumpulan 2 hingga 4tahun.

ii. Kos Pembangunan Hartanah

Kos pembangunan hartanah berkaitan dengan pengambilalihan tanah dan segala kos langsungyang terbabit kepada aktiviti pembangunan atau yang boleh diperuntukkan atas dasar munasabahkepada aktiviti-aktiviti tersebut.

Apabila keputusan aktiviti pembangunan dapat dianggarkan secara lebih pasti, pendapatan hartanahpembangunan dan perbelanjaan adalah diiktiraf dengan menggunakan kaedah tahap penyiapan.Tahap penyiapan adalah diukur berdasarkan bahagian kos pembangunan hartanah kepada jumlahkos yang dianggarkan bagi pembangunan hartanah.

Apabila keputusan untuk suatu aktiviti pembangunan tidak dapat dibuat dengan pasti, pendapatanpembangunan hartanah diiktiraf hanya kepada had kos pembangunan hartanah yang dibuat yangkemungkinan akan diperolehi; kos pembangunan hartanah di atas unit-unit yang dibangunkanyang terjual adalah diiktiraf apabila ianya berlaku.

Tanpa mengira samada keputusan bagi aktiviti pembangunan hartanah dapat dianggarkan secarapasti, apabila kemungkinan bahawa kos pembangunan hartanah (termasuk perbelanjaantanggungan kerosakan) dijangka akan melebihi jumlah pendapatan pembangunan hartanah,kerugian yang dijangka adalah diiktiraf sebagai perbelanjaan dengan serta merta.

Kos pembangunan hartanah yang tidak diiktiraf sebagai suatu perbelanjaan akan diiktiraf sebagaiaset dan dinyatakan pada yang lebih rendah antara kos dan nilai realisasi bersih.

Di mana pendapatan diiktiraf di dalam Penyata Pendapatan melebihi tuntutan-tuntutan kepadapembeli, baki berkenaan ditunjukkan sebagai tuntutan-tuntutan terakru di bawah siberhutang,deposit dan bayaran terdahulu (di dalam aset semasa). Di mana tuntutan-tuntutan kepada pembelimelebihi pendapatan diiktiraf di dalam Penyata Pendapatan, baki tersebut ditunjukkan sebagaituntutan-tuntutan kemajuan di bawah sipiutang (di dalam tanggungan semasa).




44444 PENDAPATANPENDAPATANPENDAPATANPENDAPATANPENDAPATAN Kumpulan Johor Corporation

2003 2002 2003 2002RM’000 RM’000 RM’000 RM’000

Jualan Barang-Barangan 1,289,412 1,113,998 142,887 105,771Pendapatan Daripada Pembangunan Hartanah Dan Industri 190,644 180,917 35,539 38,478Pendapatan Daripada Perkhidmatan Hospital 474,120 489,491 - -Pendapatan Daripada Hotel Dan Perkhidmatan Pelancongan 33,695 30,241 - -Pendapatan Daripada Perkhidmatan Pengurusan 18,063 8,436 - -Penjualan Pelaburan-Pelaburan Jangka Pendek 6,220 6,510 6,088 6,465Pendapatan Dividen 4,244 4,439 18,465 26,734Pendapatan Sewa 43,347 31,319 23,077 19,970Pendapatan Faedah 20 19 - -Pendapatan Daripada Perkhidmatan Pengangkutan 23,836 26,513 - -Yuran Broker - 13,468 - -Lain-lain Perkhidmatan 55,372 54,383 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH2,138,9732,138,9732,138,9732,138,9732,138,973 1,959,7341,959,7341,959,7341,959,7341,959,734 226,056226,056226,056226,056226,056 197,418197,418197,418197,418197,418NNNNNNN NNNNNNN NNNNNNN NNNNNNN

55555 KEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASI

Perkara-perkara di bawah telah dicaj dalam mencapai keuntungan dari operasi:


RM’000 RM’000 RM’000 RM’000Ganjaran Juruaudit : - Tahun Semasa 2,733 2,251 92 90 - Kurangan Peruntukan Tahun Lalu 106 7 - -Harta, Loji Dan Kelengkapan :- Susutnilai 152,315 154,300 13,186 14,307- Hapuskira 7,692 5,339 177 192- Kerugian Rosotnilai Yang Termasuk Di Dalam ‘Kos Jualan’ - 328 - -- Kerugian Rosotnilai Yang Termasuk Di Dalam ‘Perbelanjaan Pentadbiran’ 19,617 25,556 - -Kos Pekerja (Nota 6) 283,409 222,131 15,662 13,594Sewa Pejabat Dan Bangunan 39,890 5,812 118 127Sewaan Harta, Loji Dan Kelengkapan 5,622 36,803 - -Peruntukan Rosotnilai Atas Pelaburan 30,107 165,573 105,571 68,601Peruntukan Hutang Ragu 126,891 52,501 69,016 369,566Perbelanjaan Tanaman Semula 10,996 7,209 - -Pelunasan Aset Tidak Zahir 21,429 10,968 - -Peruntukan Rosotnilai Atas Perbelanjaan Pembangunan 4,533 - - -Hapuskira Pelaburan 114 168 54 -Hapuskira Hutang Lapuk 1,717 18,065 551 338,615Peruntukan Inventori Usang 146 214 - -Rosotnilai / Hapuskira Inventori 226 999 - -Perbelanjaan Pembangunan :- Hapuskira 2,705 16,252 1,544 16,252- Pelunasan 6,500 2,167 - -



55555 KEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASI (sambungan)(sambungan)(sambungan)(sambungan)(sambungan)


RM’000 RM’000 RM’000 RM’000

Kerugian Bersih Atas Pertukaran Matawang Asing :- Nyata 329 703 116 538- Belum Nyata 1,324 1,139 - -Hapuskira Muhibbah 3,471 14,136 - -Kerugian Atas Pelupusan Pelaburan Dalam :- Lain-lain Pelaburan - 5,916 4,944 4,859

NNNNNN NNNNNN NNNNNN NNNNNN

Dan setelah mengkreditkan item-item berikut :-

Dividen Kasar : - Saham Tersiar Harga Dalam Malaysia 826 3,974 19,951 18,191 - Saham Tidak Tersiar Harga Dalam Malaysia 3,418 1,260 1,486 8,543Pemulihan Peruntukan Rosotnilai Atas Pelaburan 175,342 15,796 486,745 59,199Pemulihan Peruntukan Hutang Ragu 63,946 11,697 59,482 10,114Pemulihan Hutang Lapuk 64,263 2,702 - -Pemulihan Peruntukan Rosotnilai Inventori Usang 137 399 - 347Keuntungan Di Atas Penjualan Pelaburan Dalam : - Syarikat-Syarikat Anak 342 406,891 5,628 167,376 - Syarikat-Syarikat Bersekutu 1,680 - 1,680 - - Lain-lain Pelaburan 83 - - -Keuntungan Di Atas Penjualan Harta, Loji Dan Kelengkapan 7,036 88,028 6,915 87,364Keuntungan Pertukaran Matawang Asing Belum Nyata Atas Pendahuluan Antara Syarikat 11,459 29,419 - -Keuntungan Di Atas Penjualan Perbelanjaan Pembangunan 21,080 17,910 21,080 17,910Pendapatan Faedah 21,228 22,479 13,304 15,400Faedah Di Atas Jualan Tanah Industri 17,920 18,130 17,920 18,130Pendapatan Sewa 23,555 38,484 23,077 19,970Pelunasan Rizab Atas Penyatuan 9,936 2,095 - -Keuntungan Bersih Atas Pertukaran Matawang Asing :- Nyata 13,236 109 - -- Belum Nyata 6,181 2,564 - -Pelarasan Di Atas Kos Tanah Di Bawah Pembangunan Kepada Nilai Realisasi Bersih 65,017 - - -




66666 KOS PEKERJAKOS PEKERJAKOS PEKERJAKOS PEKERJAKOS PEKERJA


RM’000 RM’000 RM’000 RM’000

Upah, Gaji Dan Bonus 250,469 198,815 13,771 11,485Pelan Persaraan Caruman Ditetapkan 22,471 15,398 1,388 1,140Pelan Persaraan Manfaat Ditetapkan - 211 - -Manfaat Pemberhentian 764 453 - -Lain-lain Faedah Pekerja 9,705 7,254 503 969



Purata anggota pekerja sepanjang tempoh tahun semasa berjumlah 24,016 orang (2002 : 22,112orang) di dalam Kumpulan dan 239 orang (2002 : 248 orang ) dalam Johor Corporation.

77777 IMBUHAN PARA PENGARAHIMBUHAN PARA PENGARAHIMBUHAN PARA PENGARAHIMBUHAN PARA PENGARAHIMBUHAN PARA PENGARAH


RM’000 RM’000 RM’000 RM’000

Pengarah Bukan Eksekutif :- Yuran 825 275 825 275Pengarah Eksekutif :- Yuran 233 173 75 25- Gaji Dan Bonus 460 385 460 385- Pelan Persaraan Caruman Ditetapkan 48 46 48 46- Lain-lain Manfaat Pekerjaan 264 230 264 230

HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,8301,8301,8301,8301,830 1,1091,1091,1091,1091,109 1,6721,6721,6721,6721,672 961961961961961



88888 KOS KEWANGANKOS KEWANGANKOS KEWANGANKOS KEWANGANKOS KEWANGAN


RM’000 RM’000 RM’000 RM’000

Faedah Overdraf Bank 4,018 25,079 - 16,547Faedah Pinjaman Jangka Pendek 25,171 38,597 15,055 10,297Faedah Pinjaman Berjangka 42,662 92,404 204 53,302Faedah Atas Sewabeli 1,634 1,609 - -Faedah Atas Stok Pinjaman 5,086 3,805 - -Faedah Atas Bon Islam Boleh Tebus Terjamin 161,438 143,397 161,438 143,397Faedah Atas Kertas-Kertas Perdagangan - 7,642 - 7,642Faedah Atas Sijil Boleh Tebus Terjamin 4,059 1,709 4,059 1,709Faedah Atas Pinjaman-Pinjaman Kerajaan Persekutuan 1,870 862 1,870 862Faedah Atas Caj Kelewatan 62 6 - -Lain-lain 1,341 140 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHJumlah Perbelanjaan Faedah 247,341 315,250 182,626 233,756

Ditolak : Jumlah Dimodalkan Kepada : Tanah Dan Perbelanjaan Pembangunan (3,138) (1,956) - - Harta, Loji Dan Kelengkapan (745) (646) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHPerbelanjaan Faedah Dicaj Kepada Penyata Pendapatan 243,458 312,648 182,626 233,756Faedah Simpanan Tetap (45) - - -Keuntungan Bersih Atas Pertukaran Pinjaman Dalam Matawang Asing:- Belum Nyata - - - -


Ditolak : Perbelanjaan Faedah Yang Dilepaskan - (108,250) - (88,757)






99999 CUKAICUKAICUKAICUKAICUKAI Kumpulan Johor Corporation

2003 2002 2003 2002RM’000 RM’000 RM’000 RM’000

Cukai Bagi Tahun Semasa :- Malaysia 62,197 37,517 21,307 5,517- Luar Negara 25,357 20,528 - -

Cukai Tertunda (Nota 24) :- Malaysia 7,878 (4,027) (1,974) (1,780)- Luar Negara 9,749 16,609 - -

Bahagian Cukai Dalam Syarikat-Syarikat Bersekutu 4,675 5,226 - -



Cukai SemasaCukai SemasaCukai SemasaCukai SemasaCukai Semasa- Tahun semasa 95,420 60,838 21,307 5,517- (Terlebih)/Terkurang akru pada tahun sebelumnya (bersih) (3,191) 2,433 - -


Cukai TertundaCukai TertundaCukai TertundaCukai TertundaCukai TertundaCukai tertunda berkaitan permulaan dan catatan semula perbezaan sementara 17,627 12,582 (1,974) (1,780)

HHHHHHH HHHHHHH HHHHHHH HHHHHHH 109,856 109,856 109,856 109,856 109,856 75,85375,85375,85375,85375,853 19,33319,33319,33319,33319,333 3,7373,7373,7373,7373,737NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Cukai Johor Corporation bagi tahun semasa merupakan cukai atas dividen dan pendapatan faedah.


99999 CUKAI CUKAI CUKAI CUKAI CUKAI (sambungan)

Penyesuaian di antara perbelanjaan cukai dan keuntungan perakaunan berbanding KadarPenyesuaian di antara perbelanjaan cukai dan keuntungan perakaunan berbanding KadarPenyesuaian di antara perbelanjaan cukai dan keuntungan perakaunan berbanding KadarPenyesuaian di antara perbelanjaan cukai dan keuntungan perakaunan berbanding KadarPenyesuaian di antara perbelanjaan cukai dan keuntungan perakaunan berbanding KadarPercukaian MalaysiaPercukaian MalaysiaPercukaian MalaysiaPercukaian MalaysiaPercukaian Malaysia


RM’000 RM’000 RM’000 RM’000

Keuntungan sebelum cukaiKeuntungan sebelum cukaiKeuntungan sebelum cukaiKeuntungan sebelum cukaiKeuntungan sebelum cukai 258,421258,421258,421258,421258,421 432,646432,646432,646432,646432,646 296,517296,517296,517296,517296,517 224,547224,547224,547224,547224,547NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Cukai di kira dari kadar percukaian Malaysia pada kadar 28% (2002 : 28%) 72,358 121,141 83,025 62,873Kesan perbezaan cukai 20% (2002 : T/B) ke atas RM100,000 pertama untuk syarikat kecil dan sederhana (80) - - -Kesan cukai di atas :- perbezaan kadar cukai luar negeri 1,718 (3,095) - -- perubahan kadar cukai luar negeri - 9,531 - -- perbelanjaan tidak dibenarkan bagi tujuan percukaian 199,084 245,861 50,433 224,900- pendapatan tidak dikenakan cukai (171,566) (333,165) (114,125) (284,036)- aset cukai tertunda tidak diiktiraf 11,533 33,147 - -(Terlebih)/terkurang akru pada tahun sebelumnya (bersih) (3,191) 2,433 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHPerbelanjaan cukaiPerbelanjaan cukaiPerbelanjaan cukaiPerbelanjaan cukaiPerbelanjaan cukai 109,856109,856109,856109,856109,856 75,85375,85375,85375,85375,853 19,33319,33319,33319,33319,333 3,7373,7373,7373,7373,737





1010101010 HARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPAN

BUKAN SEMASA

Lengkapan & KerjaPerbelanjaan Lekapan, Modal

Tanah Tanah Pembangunan Loji & Mesin Dalam Milik Bebas Pajakan Ladang Bangunan Dan Kenderaan Perlaksanaan Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003

Kos atau Penilaian Semula

Pada 1 Januari 1,486,354 607,163 917,629 1,064,050 1,046,022 105,093 5,226,311Tambahan 30,707 26,900 7,617 13,475 52,543 149,271 280,513Pelupusan (634) (413) - (7,701) (20,606) - (29,354)Hapuskira (3,697) (334) (1) (1,389) (12,766) (14) (18,201)Pindahan - - 16,839 31,209 72,341 (120,389) -Pelupusan Syarikat-Syarikat Anak - (734) - (359) (2,119) - (3,212)Pengambilalihan Syarikat-Syarikat Anak - 9,616 - 1,438 6,633 - 17,687Pelarasan - - - (227) (3,899) 660 (3,466)Perbezaan Tukaran - 2,996 22,225 24,608 24,658 15,278 89,765

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember 1,512,730 645,194 964,309 1,125,104 1,162,807 149,899 5,560,043

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Susutnilai Terkumpul

Pada 1 Januari - 52,508 98,966 218,414 627,968 - 997,856Caj Tahun Semasa - 8,952 16,765 31,386 95,566 - 152,669Pelupusan - (40) - (4,264) (14,644) - (18,948)Hapuskira - - (1) (994) (9,514) - (10,509)Pelupusan Syarikat-Syarikat Anak - (773) - (337) (1,180) - (2,290)Pengambilalihan Syarikat-Syarikat Anak - - - 381 2,989 - 3,370Pelarasan - - 1,715 (71) (3,354) - (1,710)Perbezaan Tukaran - 376 8,335 7,480 19,366 - 35,557

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember - 61,023 125,780 251,995 717,197 - 1,155,995




1010101010 HARTA, LOJI DAN KELENGKAPAN HARTA, LOJI DAN KELENGKAPAN HARTA, LOJI DAN KELENGKAPAN HARTA, LOJI DAN KELENGKAPAN HARTA, LOJI DAN KELENGKAPAN (sambungan)

BUKAN SEMASA (sambungan)




Kerugian Rosotnilai Terkumpul

Pada 1 Januari - 1,299 16,410 7,579 1,536 - 26,824Tambahan - - 20,042 (78) (681) 334 19,617

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember - 1,299 36,452 7,501 855 334 46,441

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHNilai Buku Bersih Pada 31 Disember 1,512,730 582,872 802,077 865,608 444,755 149,565 4,357,607

NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN



1010101010 HARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPAN (sambungan)





Kos atau Penilaian Semula

Pada 1 Januari 1,584,746 622,282 909,936 1,178,792 1,390,579 117,804 5,804,139Tambahan 51 6,036 13,172 18,077 59,454 67,185 163,975Pelupusan (6,752) (6,704) - (41,505) (22,004) - (76,965)Hapus Kira - - (2,347) (3,563) (12,066) (95) (18,071)Pindahan (88,740) - (7,298) (246) (1,698) - (97,982)Reklasifikasi - (1,885) - 44,255 14,520 (56,890) -Pelupusan Syarikat-Syarikat Anak - (19,772) - (123,704) (378,626) (21,408) (543,510)Pengambilalihan Syarikat-Syarikat Anak - - - - 833 - 833Penyelarasan - - - (2,000) (4) - (2,004)Perbezaan Pertukaran - 3,831 4,166 (4,569) (4,966) (1,503) (3,041)Penilaian Semula:- Lebihan - 3,375 - - - - 3,375- Defisit (2,951) - - (1,487) - - (4,438)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember 1,486,354 607,163 917,629 1,064,050 1,046,022 105,093 5,226,311



Pada 1 Januari - 51,535 84,703 253,334 706,433 - 1,096,005Susutnilai Tahun Semasa - 9,571 14,894 34,783 95,072 - 154,320Pelupusan - (1,795) - (23,347) (18,141) - (43,283)Hapus Kira - - - (2,623) (10,315) - (12,938)Pindahan - - - (62) (631) - (693)Reklasifikasi - (793) - (2,300) 3,093 - -Pelupusan Syarikat-Syarikat Anak - (6,104) - (39,819) (144,463) - (190,386)Pengambilalihan Syarikat-Syarikat Anak - - - - 605 - 605Penyelarasan - - - 5 - - 5Perbezaan Pertukaran - 155 (631) (1,557) (3,865) - (5,718)Penilaian Semula - (61) - - - - (61)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember - 52,508 98,966 218,414 627,968 - 997,856








Kerugian Rosotnilai Terkumpul

Pada 1 Januari - - - 172 964 - 1,136Tambahan - 1,299 16,410 7,407 572 - 25,688

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember - 1,299 16,410 7,579 1,536 - 26,824

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHNilai Buku Bersih Pada 31 Disember 1,486,354 553,356 802,253 838,057 416,518 105,093 4,201,631


NBBNBBNBBNBBNBBRM’000RM’000RM’000RM’000RM’000

Pindahan terdiri daripada yang berikut :- Pindahan kepada Harta Dalam Pegangan Untuk Dijual (Nota 17) 87,866- Pindahan kepada Perbelanjaan Pembangunan (Nota 11) 8,172- Pindahan kepada Harta, Loji dan Kelengkapan (Semasa) 1,251

HHHHH97,289

NNNNN

Termasuk di dalam pelarasan adalah jumlah sebanyak RM2,000,000 iaitu berkaitan dengan nilai bangunanyang dimiliki oleh sebuah syarikat anak yang telah dikurangkan nilai pada tahun semasa.



NOTA-NOTA KEPADA PENYATA KEWANGANBAGI TAHUN BERAKHIR PADA 31 DISEMBER 2003(sambungan)



Lengkapan &Perbelanjaan Lekapan,

Tanah Tanah Pembangunan Loji & MesinMilik Bebas Pajakan Ladang Bangunan Dan Kenderaan Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Johor Corporation - 2003Johor Corporation - 2003Johor Corporation - 2003Johor Corporation - 2003Johor Corporation - 2003

Kos Atau Penilaian Semula

Pada 1 Januari 233,724 243,436 - 191,005 71,846 740,011Tambahan - 16,945 3,674 34,520 2,350 57,489Pelupusan (574) (344) - (5,258) (836) (7,012)Hapuskira - (35) - (190) (1,111) (1,336)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember 233,150 260,002 3,674 220,077 72,249 789,152

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHSusutnilai Terkumpul

Pada 1 Januari - 7,219 - 58,025 53,338 118,582Caj Tahun Semasa - 747 - 8,392 4,047 13,186Pelupusan - (32) - (3,642) (680) (4,354)Hapuskira - - - (176) (982) (1,158)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember - 7,934 - 62,599 55,723 126,256

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHNilai Buku Bersih Pada 31 Disember 233,150 252,068 3,674 157,478 16,526 662,896

NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN

Johor Corporation - 2002Johor Corporation - 2002Johor Corporation - 2002Johor Corporation - 2002Johor Corporation - 2002


Pada 1 Januari 111,407 77,327 - 193,755 70,265 452,754Tambahan 137,205 171,056 - 28,646 2,664 339,571Pindahan (8,172) - - - - (8,172)Pelupusan (6,716) (4,947) - (31,424) (341) (43,428)Hapus Kira - - - - (714) (714)

Reklasifikasi - - - 28 (28) -HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Pada 31 Disember 233,724 243,436 - 191,005 71,846 740,011HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH


Pada 1 Januari - 5,838 - 69,852 49,591 125,281Caj Tahun Semasa - 1,646 - 8,076 4,585 14,307Pelupusan - (265) - (19,903) (317) (20,485)

Hapus Kira - - - - (521) (521)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember - 7,219 - 58,025 53,338 118,582

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHNilai Buku Bersih Pada 31 Disember 233,724 236,217 - 132,980 18,508 621,429





SEMASA Lengkapan &Lekapan,

Loji & MesinBangunan Dan Kenderaan Jumlah

RM’000 RM’000 RM’000Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003


Pada 1 Januari 246 1,747 1,993Hapuskira - (2) (2)

HHHHHHH HHHHHHH HHHHHHHPada 31 Disember 246 1,745 1,991

HHHHHHH HHHHHHH HHHHHHH

Ditolak : Susutnilai Terkumpul

Pada 1 Januari 76 913 989Caj Pada Tahun Semasa 14 117 131Hapuskira - (2) (2)



Ditolak : Kerugian Rosotnilai Terkumpul

Pada 1 Januari 22 174 196Tambahan - - -

HHHHHHH HHHHHHH HHHHHHHPada 31 Disember 22 174 196

HHHHHHH HHHHHHH HHHHHHHNilai Buku Bersih Pada 31 Disember 134 543 677

NNNNNNN NNNNNNN NNNNNNN



SEMASA (sambungan)

Lengkapan &Lekapan,

Loji & MesinBangunan Dan Kenderaan Jumlah

RM’000 RM’000 RM’000Kumpulan - 2002Kumpulan - 2002Kumpulan - 2002Kumpulan - 2002Kumpulan - 2002


Pada 1 Januari - - -Pindahan 246 2,045 2,291Pelupusan - (81) (81)Hapuskira - (217) (217)



Ditolak : Susutnilai Terkumpul

Pada 1 Januari - - -Pindahan 62 969 1,031Caj Pada Tahun Semasa 14 138 152Pelupusan - (73) (73)Hapuskira - (121) (121)



Ditolak: Kerugian Rosotnilai Terkumpul

Pada 1 Januari - - -Tambahan 22 174 196


HHHHHHH HHHHHHH HHHHHHHNilai Buku Bersih Pada 31 Disember 148 660 808


NBBRM’000

Pindahan terdiri daripada yang berikut :-

- Pindahan daripada Harta, Loji dan Kelengkapan bukan semasa 1,251- Pindahan daripada Lain-lain Penghutang 9

HHHHHHH1,260

NNNNNNN





Caj susutnilai dianalisa selanjutnya seperti berikut : Kumpulan

2003 2002RM’000 RM’000

Dicaj Kepada Penyata Pendapatan 152,315 154,300Dimodalkan Ke Ladang Belum Matang 485 172

HHHHHHH HHHHHHH152,800 154,472

NNNNNNN NNNNNNNNilai buku bersih Harta, Loji dan Kelengkapan Kumpulan yang dibeli melalui pajakan kewangan berjumlahRM28,665,000 (2002 : RM19,254,000).

Tambahan kepada Harta, Loji dan Kelengkapan adalah kos pinjaman berjumlah RM745,000 (2002 :RM646,000) yang dipermodalkan pada tahun semasa.

Pada tahun semasa, Kumpulan membeli Harta, Loji dan Kelengkapan dengan kos keseluruhan sebanyakRM280,513,000 (2002 : RM163,975,000), di mana RM13,410,000 (2002 : RM13,818,000) danmasing-masing dibeli melalui pajakan sewa kewangan. Pembayaran tunai sebanyak RM267,103,000(2002 : RM150,157,000) telah dibuat untuk pembelian aset-aset tersebut.

Pada 31 Disember 2003, Harta, Loji dan Kelengkapan Kumpulan dan Johor Corporation dengan nilaibuku bersih masing-masing berjumlah RM1,585,233,000 (2002 : RM1,545,709,000) danRM330,618,000 (2002 : RM334,924,000), telah dicagarkan sebagai jaminan bagi pinjaman-pinjaman.

Harta, Loji dan Kelengkapan Johor Corporation dengan nilai buku bersih RM213,198,000 (2002 :RM12,735,000) adalah didaftarkan atas nama Syarikat-Syarikat Anak dan sedang di dalam prosespertukaran nama kepada Johor Corporation.

Harta, Loji dan Kelengkapan Syarikat-Syarikat Anak dalam Penyata Kewangan Kumpulan dengan nilaibuku bersih RM19,784,000 (2002 : RM19,745,000) adalah didaftarkan di atas nama Johor Corporationdan sedang di dalam proses dipindahkan kepada Syarikat-Syarikat Anak.

Harta, Loji dan Kelengkapan bagi Syarikat-Syarikat Anak tertentu dengan nilai buku bersih RM1,228,000(2002 : RM13,792,000) adalah didaftarkan atas nama pihak-pihak ketiga dan sedang di dalam prosesuntuk dipindahkan kepada nama Syarikat-Syarikat Anak.

Tanah-tanah tertentu, perbelanjaan pembangunan ladang dan bangunan-bangunan telah dinilai semulaberdasarkan penilaian yang telah dibuat oleh jurunilai-jurunilai bebas di antara tahun 1981 dan 1997menggunakan asas pasaran terbuka, kecuali bagi tanah pajakan sebuah Syarikat Anak yang dinilaiberdasarkan nilaian para Pengarah pada tahun 1982 yang telah dipersetujui oleh para pemegang sahammengikut perjanjian usahasama, tanah milik bebas sebuah Syarikat Anak dinilai oleh para Pengarah padatahun 1980 berasaskan dasar penggunaan semasa dan bangunan-bangunan milik sebuah Syarikat Anakpula dinilai oleh jurunilai bebas pada 1995 berasaskan penggunaan semasa. Pada tahun 2000, tanahdan bangunan bagi Syarikat-Syarikat Anak tertentu dinilai semula oleh jurunilai profesional bebas untukmenggambarkan nilai pasaran bagi kegunaan semasa. Nilai buku tanah dan bangunan tersebut telahdiselaraskan untuk menggambarkan penilaian semula tersebut dan lebihan yang diperolehi telah dikreditkankepada rizab modal.




Jika jumlah kesemua tanah, perbelanjaan pembangunan ladang, konsesi pembalakan dan bangunanditentukan berdasarkan kepada konvensyen kos sejarah, ianya akan dinyatakan seperti berikut :-


RM’000 RM’000 RM’000 RM’000Kos

Tanah Milik Bebas 334,369 219,690 206,583 207,158Tanah Pajakan 366,032 412,199 226,036 209,273Perbelanjaan Pembangunan Ladang 387,596 548,778 1,131 1,134Konsesi Pembalakan 2,700 2,700 - -Bangunan 653,431 991,732 220,077 191,005

HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,744,128 2,175,099 653,827 608,570

Ditolak : Susutnilai Terkumpul (161,296) (321,165) (70,534) (65,245)HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,582,8321,582,8321,582,8321,582,8321,582,832 1,853,9341,853,9341,853,9341,853,9341,853,934 583,293583,293583,293583,293583,293 543,325543,325543,325543,325543,325NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Tanah, Perbelanjaan Pembangunan Ladang, Konsesi Pembalakan Dan Bangunan :

Kos

Tanah Milik Bebas 411,537 39,073 206,583 207,158Tanah Pajakan 409,369 240,099 226,036 209,273Perbelanjaan Pembangunan Ladang 622,898 305,387 1,131 1,134Konsesi Pembalakan - 2,700 - -Bangunan 606,524 881,137 220,077 191,005

Penilaian

Tanah Milik Bebas 1,325,365 1,447,281 25,596 25,596Tanah Pajakan 301,922 367,066 33,805 33,999Perbelanjaan Pembangunan Ladang 206,596 609,541 - -Bangunan 151,287 183,158 - -




1111111111 TANAH DAN PERBELANJAAN PEMBANGUNANTANAH DAN PERBELANJAAN PEMBANGUNANTANAH DAN PERBELANJAAN PEMBANGUNANTANAH DAN PERBELANJAAN PEMBANGUNANTANAH DAN PERBELANJAAN PEMBANGUNAN


RM’000 RM’000 RM’000 RM’000

Tanah Dalam Simpanan Untuk Pembangunan 294,305 265,446 162,776 174,444Perbelanjaan Pembangunan :- Pembangunan Industri 452,426 390,587 323,601 291,813- Pembangunan Hartanah 230,670 251,558 161,057 179,618


Ditolak : Peruntukan Rosotnilai (40,533) (36,000) - - Pelunasan Hartanah (8,667) (2,167) - -


Dicampur : Keuntungan Terkumpul Diiktiraf 10,043 8,673 - -


Ditolak : Bayaran Kemajuan (23,790) (20,046) - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH914,454914,454914,454914,454914,454 858,051858,051858,051858,051858,051 647,434647,434647,434647,434647,434 645,875645,875645,875645,875645,875


Termasuk di dalam pebelanjaan pembangunan Kumpulan dan Johor Corporation adalah faedah yangdimodalkan sebanyak RM3,138,000 (2002 : RM1,956,000) pada tahun semasa.

Tanah-tanah pembangunan Johor Corporation pada nilai bawa RM60,971,000 (2002: RM54,800,000)telah dicagarkan kepada sebuah bank berlesen bagi kemudahan Sijil-Sijil Boleh Tebus Terjamin (SBTT)berjumlah RM230,343,000 (2002 : RM230,343,000). (Rujuk Nota 23)

Pada 31 Disember 2003, tanah dengan nilai buku bersih RM280,141,000 (2002 : RM304,740,000)tidak didaftarkan atas nama Syarikat-Syarikat Anak tertentu dan sedang di dalam proses untuk dipindahkanke atas nama Syarikat-Syarikat Anak tersebut. Tanah dengan nilai buku bersih berjumlah RM7,992,000(2002 : RM7,992,000) tidak didaftarkan di atas nama sebuah Syarikat Anak tetapi dipegang secara“escrow” oleh Pihak Berkuasa Negeri Johor bagi kepentingan manfaat Syarikat Anak tersebut sehinggakeseluruhan tanah telah dijual di dalam lot-lot yang diagihkan kepada pembeli-pembeli.

Tanah milik bebas Kumpulan dengan nilai bawa sebanyak RM10,115,000 (2002 : RM12,789,000) telahdicagarkan kepada sebuah bank berlesen bagi kemudahan pinjaman berjangka sebuah Syarikat Anak.

Termasuk di dalam perbelanjaan pembangunan adalah pelaburan hartanah sebanyak RM59,451,000(2002: RM59,451,000) yang merupakan kos kepada pembinaan sebuah pasar dan terminal bas untukKerajaan Negeri dimana Kumpulan Johor Corporation telah diberikan hak untuk mengurus operasibangunan-bangunan tersebut untuk tempoh pajak selama 15 tahun berakhir pada tahun 2011. Harta-harta tersebut telah disusutnilai bagi tempoh pajakan berkenaan. Tempoh pajakan boleh dilanjutkantertakluk kepada perjanjian dengan Kerajaan Negeri. Di akhir tempoh pajakan, bangunan-bangunan tersebutakan dikembalikan kepada Kerajaan Negeri untuk tukaran dengan sebidang tanah lain.



1212121212 SYARIKAT-SYARIKAT ANAKSYARIKAT-SYARIKAT ANAKSYARIKAT-SYARIKAT ANAKSYARIKAT-SYARIKAT ANAKSYARIKAT-SYARIKAT ANAK

Johor Corporation2003 2002

RM’000 RM’000Pada Kos

Saham Tersiar Harga Di Malaysia 437,621 446,977Saham Tidak Tersiar Harga Di Malaysia 1,841,891 1,264,751Stok Pinjaman Boleh Tukar Tidak Terjamin (“SPBTTT”) 1,141 405,210

HHHHHHHH HHHHHHHH2,280,653 2,116,938

Ditolak : Peruntukan Rosotnilai (956,042) (1,300,852)HHHHHHHH HHHHHHHH1,324,6111,324,6111,324,6111,324,6111,324,611 816,086816,086816,086816,086816,086NNNNNNNN NNNNNNNN

Nilai Pasaran Saham-Saham Tersiar Harga 575,250 511,720NNNNNNNN NNNNNNNN

Saham-saham tersiar harga Johor Corporation dengan nilai buku bersih RM3,452,000 (2002 :RM4,863,000) adalah didaftarkan atas nama Syarikat-Syarikat Anak.

Laporan Audit Syarikat-Syarikat AnakLaporan Audit Syarikat-Syarikat AnakLaporan Audit Syarikat-Syarikat AnakLaporan Audit Syarikat-Syarikat AnakLaporan Audit Syarikat-Syarikat Anak

Laporan audit bagi Syarikat-Syarikat Anak berikut adalah bersyarat atas kesesuaian ketepatan penyediaanlaporan kewangan atas dasar berterusan :-

i. Tiram Air Sdn Bhdii. Orion Tours Private Limitediii. Asia Pacific Seafoods Pte Ltdiv. LY Technologies Sdn Bhd

Syarikat-Syarikat Anak tersebut mempunyai tanggungan semasa bersih terkumpul lebih kurangRM19,927,000 dan defisit modal terkumpul lebih kurang RM42,620,000.

Laporan audit bagi sebuah Syarikat Anak lain, Johor Franchise Development Sdn Bhd (“JFD”) adalahbersyarat oleh kerana Penyata Kewangan salah satu Syarikat Anaknya, PT Pharmacare Medicine Shoppeyang tidak disatukan, tidak dilampirkan kepada penyata kewangan JFD oleh sebab ketiadaan PenyataKewangan tersebut.



1212121212 SYARIKAT-SYARIKAT ANAK SYARIKAT-SYARIKAT ANAK SYARIKAT-SYARIKAT ANAK SYARIKAT-SYARIKAT ANAK SYARIKAT-SYARIKAT ANAK (sambungan)

Laporan-Laporan Audit Syarikat-Syarikat AnakLaporan-Laporan Audit Syarikat-Syarikat AnakLaporan-Laporan Audit Syarikat-Syarikat AnakLaporan-Laporan Audit Syarikat-Syarikat AnakLaporan-Laporan Audit Syarikat-Syarikat Anak (sambungan)

Perhatian telah diberikan kepada perkara-perkara khusus yang diberi penekanan di dalam laporan auditSyarikat-Syarikat Anak berikut :-

i. Diaper Technology Industries Sdn Bhdii. Freewell Sdn Bhdiii. Bayan Baru Specialist Hospital Sdn Bhdiv. Malaysia Institute of Healthcare Management Sdn Bhdv. Open Access Sports Injury Services Sdn Bhdvi. Pharmacare Surgical Technologies Sdn Bhdvii. Seremban Specialist Hospital Sdn Bhdviii. PT KPJ Medika BSDix. Sindora Ventures Sdn Bhdx. Sindora Nusantara Sdn Bhdxi. Sindora Holdings (Johor) Sdn Bhdxii. Syarikat Pengangkutan Maju Berhadxiii. Penawar Express Line Berhadxiv. Syarikat Pengangkutan dan Perniagaan Am Melayu Sdn Bhdxv. SPMB Holding Sdn Bhdxvi. Buat Niaga Sdn Bhdxvii. Johor Paper and Publishing Sdn Bhdxviii. Amiza Publishing Sdn Bhdxix. Sergam Berhadxx. Kumpulan Penambang (Johor) Sdn Bhdxxi. Johor Tea Sdn Bhdxxii. Yakin Tea Sdn Bhdxxiii. Malaysia Pharmacy (Retail) Sdn Bhdxxiv. Quality Heights Sdn Bhdxxv. Pharmacare Medicine Shoppe Sdn Bhdxxvi. Pro-Office Shoppe Sdn Bhdxxvii. Selangor Foods Industries Sdn Bhdxxviii. Johor Capital Holdings Sdn Bhdxxix. Johor City Development Sdn Bhdxxx. Larkin Sentral Sdn Bhdxxxi. PT Multrada Multi Majuxxxii. PT Bolak Jayaxxxiii. PT Trimitra Sumberperkasaxxxiv. Johor Skills Development Centre Sdn Bhdxxxv. Vibrant Hectares Sdn Bhdxxxvi. Westbury Tubular (M) Sdn Bhdxxxvii. Johor Heavy Industries Sdn Bhdxxxviii. Kilang Air Batu Perintis Sdn Bhdxxxix. PJB Pacific Advisory Services Sdn Bhdxl. PJB Pacific Capital (L) Berhad




Laporan Audit Syarikat AnakLaporan Audit Syarikat AnakLaporan Audit Syarikat AnakLaporan Audit Syarikat AnakLaporan Audit Syarikat Anak (sambungan)

Tanpa mensyaratkan pendapat mereka, laporan audit ke atas Penyata Kewangan Syarikat-Syarikat Anak(i) sehingga (xl) yang dinyatakan di atas memberikan perhatian terhadap kesesuaian penyediaan PenyataKewangan mengikut konsep berterusan pada 31 Disember 2003. Syarikat-Syarikat Anak tersebut mempunyaitanggungan semasa bersih terkumpul kira-kira RM1,002,207,000 dan defisit modal terkumpul berjumlahkira-kira RM598,027,000.

Syarikat-Syarikat Anak (xxxv) hingga (xl) telah disediakan atas dasar bahawa prinsip usaha berterusan tidakdigunapakai oleh sebab pemberhentian operasi dalam tahun kewangan semasa. Oleh yang demikian,aset-aset telah dinyatakan pada jangkaan jumlah yang boleh diperolehi, peruntukan-peruntukan telah dibuatbagi tanggungan-tanggungan yang mungkin timbul, dan aset-aset dan tanggungan-tanggungan bukan semasatelah diklasifikasikan kepada aset-aset dan tanggungan-tanggungan semasa masing-masing.

Pengambilal ihan Syarikat-Syarikat AnakPengambilal ihan Syarikat-Syarikat AnakPengambilal ihan Syarikat-Syarikat AnakPengambilal ihan Syarikat-Syarikat AnakPengambilal ihan Syarikat-Syarikat Anak

i. PT Salanok Ladang Masii. Genuine Victory Sdn Bhdiii. Damansara Town Centre Sdn Bhd

Kesan daripada pengambilalihan ini ke atas keputusan kewangan Kumpulan pada tahun semasa adalahseperti berikut :

RM’000

Pendapatan 44,849Kos Operasi (29,237)

HHHHHKeuntungan Daripada Operasi Sebelum Cukai 15,612Kepentingan Minoriti (6,459)

HHHHHKenaikan Di Dalam Keuntungan Bersih Kumpulan 9,153

NNNNN




Pengambilalihan Syarikat-Syarikat AnakPengambilalihan Syarikat-Syarikat AnakPengambilalihan Syarikat-Syarikat AnakPengambilalihan Syarikat-Syarikat AnakPengambilalihan Syarikat-Syarikat Anak (sambungan)

Kesan pengambilalihan ke atas kedudukan kewangan Kumpulan tahun semasa adalah seperti berikut :

RM’000

Harta, Loji Dan Kelengkapan 12,178Syarikat Sekutu 603Pelaburan Hartanah 577,546Muhibbah Atas Penyatuan 880Penghutang Perdagangan Dan Lain-Lain Penghutang 120,494Deposit, Baki Bank Dan Tunai 1,336Pemiutang Perdagangan Dan Lain-Lain Pemiutang (27,153)Percukaian (1,486)Cukai Tertunda (600)Kepentingan Minoriti (70,412)

HHHHHPeningkatan di dalam Aset-Aset Bersih Kumpulan 613,386

NNNNN

Butir-butir aset bersih yang diambilalih, muhibbah dan aliran tunai yang timbul daripada pengambilalihanadalah seperti berikut :

Pada Tarikh Pengambilalihan

RM’000

Harta, Loji dan Kelengkapan 12,178Pelaburan 577,546Syarikat Sekutu 603Penghutang Perdagangan Dan Lain-Lain Penghutang 120,494Deposit, Baki Bank Dan Tunai 1,336Pemiutang Perdagangan Dan Lain-Lain Pemiutang (27,154)Percukaian (1,486)Cukai Tertunda (600)Kepentingan Minoriti (70,412)

HHHHHNilai Saksama Aset Bersih Yang Diambilalih 612,505Rizab Atas Penyatuan (32,642)

HHHHHJumlah Pertimbangan Belian 579,863Ditolak : Penyelesaian Melalui Penukaran Saham Utama Boleh Tebus Boleh Tukar (577,000) Penyelesaian Melalui Pendahuluan Yang Diberikan Sebelum Penukaran Status (2,861)

HHHHHJumlah Penyelesaian Melalui Tunai 2Deposit, Tunai, Baki Bank Dan Overdraf Syarikat-Syarikat Anak Yang Diambilalih 1,336

HHHHHAliran Masuk Tunai Bersih Atas Pengambilalihan 1,338

NNNNN




Pelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat Anak

i. Epasa Shipping Agency Sdn Bhdii. Matthes & Porton BViii. Excellent Relations Sdn Bhdiv. PT Trimitra Panquest Plantation

Kesan daripada pelupusan-pelupusan ini kepada keputusan Kumpulan bagi tahun semasa sehingga tarikhpelupusan adalah seperti berikut :-

Pada Tarikh Pelupusan 2002RM’000 RM’000

Pendapatan 256 1,779Kos Operasi (193) (24,105)Keuntungan Daripada Pelupusan Syarikat Anak 292 -

HHHHHHH HHHHHHHKeuntungan/(Kerugian) Daripada Operasi 355 (22,326)Lain-Lain Pendapatan 20 5,551Lain-Lain Perbelanjaan Operasi (55) (1,930)Kos Kewangan - 10,375

HHHHHHH HHHHHHHKeuntungan/(Kerugian) Bersih Tahun Semasa 320 (8,330)

NNNNNNN NNNNNNN

Kesan daripada pelupusan-pelupusan tersebut ke atas aliran tunai Kumpulan adalah seperti berikut :-

PadaTarikh

PelupusanRM’000

Harta, Loji dan Kelengkapan 3Penghutang Perdagangan Dan Lain-Lain Penghutang 93Deposit, Baki Bank Dan Tunai 54Pemiutang Perdagangan Dan Lain-Lain Pemiutang (443)

HHHHHHH(293)

Keuntungan Daripada Pelupusan 342HHHHHHH

Jumlah Perolehan Daripada Pelupusan 49Muhibbah (5)

HHHHHHHBahagian Perolehan Diselesaikan Melalui Tunai 44Ditolak : Tunai Dan Persamaan Tunai Bagi Syarikat-Syarikat Anak Yang Dilupus (54)

HHHHHHHAliran Masuk Tunai Atas Pelupusan (10)

NNNNNNN



1313131313 SYARIKAT-SYARIKAT BERSEKUTUSYARIKAT-SYARIKAT BERSEKUTUSYARIKAT-SYARIKAT BERSEKUTUSYARIKAT-SYARIKAT BERSEKUTUSYARIKAT-SYARIKAT BERSEKUTU


RM’000 RM’000 RM’000 RM’000Pada Kos

Saham Tersiar Harga Di Malaysia 334,585 330,085 330,086 330,085Saham Tidak Tersiar Harga Di Malaysia 58,075 60,648 32,257 33,097Ditolak: Peruntukan Rosotnilai Atas Pelaburan (776) (510) (307,092) (315,935)Bahagian Keuntungan Tersimpan Dan Rizab Selepas Pengambilalihan Ditolak Kerugian (302,900) (321,832) - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNBahagian Aset Bersih Selain Dari Premium Atas Pengambilalihan 88,984 68,391 - -Premium Atas Pengambilalihan 168,489 168,489 - -Ditolak : Hapuskira Premium Atas Pengambilalihan (168,489) (168,489) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH88,98488,98488,98488,98488,984 68,39168,39168,39168,39168,391 ----- -----

NNNNNNN NNNNNNN NNNNNNN NNNNNNNNilai Pasaran Saham Tersiar Harga 22,993 14,150 22,993 14,150


Pelaburan-pelaburan di dalam Syarikat-Syarikat Bersekutu termasuk premium di atas pengambilalihanpelaburan di dalam Damansara Realty Berhad berjumlah RM168,489,000 (2002 : RM168,489,000)yang telah dihapuskira di dalam Penyata Pendapatan.

Saham-saham tersiar harga Johor Corporation dengan nilai buku bersih RM929,000 (2002 : RM571,000)adalah didaftarkan di atas nama sebuah Syarikat Anak.



1414141414 PELABURAN JANGKA PANJANGPELABURAN JANGKA PANJANGPELABURAN JANGKA PANJANGPELABURAN JANGKA PANJANGPELABURAN JANGKA PANJANG



Saham Tersiar Harga Di Malaysia 282,399 313,784 213,193 234,472Saham Tersiar Harga Luar Negara 142,425 136,532 114,085 114,547Saham Tidak Tersiar Harga Di Malaysia 264,555 682,737 - 177,000Saham Tidak Tersiar Harga Luar Negara 6,149 19,284 - -Pelaburan Hartanah 580,796 172,279 - -Lain-Lain Pelaburan 21,292 11,171 15,716 15,678Ditolak : Peruntukan Rosotnilai (357,624) (521,039) (223,351) (271,382)




Saham-saham tidak tersiar harga Kumpulan dengan nilai buku bersih RM Tiada (2002 : RM444,416,000)adalah berkenaan dengan langganan “Redeemable Convertible Cumulative Preference Shares” (“RCCPS”)pada nilai taranya RM1.00 sesaham di dalam Damansara Town Centre Sdn Bhd (“DTCSB”) sepertimanatermaktub di dalam Perjanjian Langganan Saham dengan DTCSB bertarikh 12 Januari 2000.

Pada 18 Disember 2003, Johor Corporation, pemegang 177 juta saham RCCPS “A” telah menggunakanhaknya di bawah terma-terma RCCPS, dengan menukarkan keseluruhan pegangan saham kepada 177juta saham-saham biasa baru yang bernilai tara RM1.00 sesaham di dalam DTCSB. Pada tarikh yangsama juga, Johor City Development (“JCD”), sebuah syarikat anak milik penuh Johor Corporation telahmemindahkan hak untuk menerima 400 juta saham baru bernilai tara RM1.00 sesaham didalam DTCSB,lanjutan dari penukaran 400 juta saham RCCPS “B” miliknya, kepada Johor Corporation.

Kesan dari penukaran dan pindahan hak tersebut, Johor Corporation kini memegang 577 juta sahambiasa bernilai RM1.00 sesaham di dalam DTCSB dan DTCSB tidak lagi menjadi Syarikat Anak kepadaDamansara Realty Bhd.

Saham-saham tersiar harga Johor Corporation dengan nilai buku bersih RM35 (2002 : RM3,500) adalahdidaftarkan atas nama sebuah Syarikat Anak.

Saham-saham tersiar harga Kumpulan dengan nilai buku bersih RM1,071,000 (2002 : RM1,341,000)telah dicagarkan kepada sebuah bank berlesen sebagai jaminan bagi pinjaman-pinjaman bank yang diberikankepada Johor Corporation.

Pelaburan hartanah Kumpulan dengan nilai buku RM Tiada (2002 : RM2,368,000) telah dicagarkankepada institusi kewangan sebagai jaminan bagi kemudahan bank.

Adalah tidak praktikal dari segi masa dan kos untuk menganggarkan nilai saksama bagi lain-lain pelaburanyang tidak tersiar harga. Nilai-nilai pasaran pada tarikh lembaran imbangan bagi pelaburan-pelaburantersiar harga adalah hampir kepada nilai saksama mereka.



1515151515 ASET TIDAK ZAHIRASET TIDAK ZAHIRASET TIDAK ZAHIRASET TIDAK ZAHIRASET TIDAK ZAHIR Kumpulan2003 2002

RM’000 RM’000

Muhibbah Atas Penyatuan 154,042 149,132Ditolak : Pelunasan Terkumpul (78,287) (62,653) Peruntukan Kerugian Rosotnilai (12,217) (12,217)

HHHHHHH HHHHHHH

63,538 74,262HHHHHHH HHHHHHH

Hak Francais Induk 125 125Ditolak : Pelunasan Terkumpul - -

HHHHHHH HHHHHHH

125 125HHHHHHH HHHHHHH

Kos Latihan Kejururawatan 31,298 25,270Ditolak: Perlunasan Terkumpul (11,943) (8,864)


HHHHHHH HHHHHHH

Lain-lain Aset Tidak Zahir 932 2,704HHHHHHH HHHHHHH

83,95083,95083,95083,95083,950 93,49793,49793,49793,49793,497NNNNNNN NNNNNNN

Aset tidak zahir Kumpulan adalah dinyatakan setelah mengambilkira perlunasan berjumlah RM21,429,000(2002 : RM10,968,000) dan hapuskira berjumlah RM3,471,000 (2002 : RM14,136,000) di dalamtahun semasa.

1616161616 HASIL BELUM TERIMA TERTUNDA – KUMPULAN DAN JOHOR CORPORATIONHASIL BELUM TERIMA TERTUNDA – KUMPULAN DAN JOHOR CORPORATIONHASIL BELUM TERIMA TERTUNDA – KUMPULAN DAN JOHOR CORPORATIONHASIL BELUM TERIMA TERTUNDA – KUMPULAN DAN JOHOR CORPORATIONHASIL BELUM TERIMA TERTUNDA – KUMPULAN DAN JOHOR CORPORATION

Johor Corporation telah menandatangani Perjanjian Jual Beli dengan pihak ketiga bagi penjualan tanahpajakan perindustrian pada 23 April 1998. Keseluruhan harga jualan yang perlu dibayar adalahRM999,702,000 dan kaedah pembayarannya adalah seperti berikut :

i) ansuran pertama berjumlah RM11,108,000 telah dibayar pada 1 Jun 1998;

ii) ansuran kedua dan ketiga berjumlah RM22,216,000 telah dibayar pada 31 Januari 1999; dan

iii) 87 ansuran tahunan seterusnya berjumlah RM11,108,000 dibayar pada atau sebelum hari pertamabulan Januari setiap tahun bermula daripada 7 Januari 2001 dan berakhir pada 7 Januari 2087.

Jualan diiktiraf dengan mendiskaunkan aliran tunai yang akan diterima dan berdasarkan atas tahap penyiapankerja-kerja pembangunan. Tiada jualan bagi tahun semasa yang diiktiraf berdasarkan tahap penyiapan(2002 : RM Tiada). Pendapatan faedah yang diiktiraf bagi tahun semasa adalah sebanyak RM17,920,000(2002 : RM18,130,000).

Pada 6 Januari 2004, Johor Corporation bersama dengan pihak ketiga tersebut telah menandatanganiperjanjian dengan sebuah syarikat anak, Johor Hotels International Sdn Bhd untuk memindahkan penjualantersebut daripada pihak ketiga kepada Syarikat Anak.



1717171717 HARTANAH DALAM PEGANGAN UNTUK DIJUALHARTANAH DALAM PEGANGAN UNTUK DIJUALHARTANAH DALAM PEGANGAN UNTUK DIJUALHARTANAH DALAM PEGANGAN UNTUK DIJUALHARTANAH DALAM PEGANGAN UNTUK DIJUAL

Tanah milik bebas dan perbelanjaan pembangunan ladang yang dipindahkan daripada Harta, Loji danKelengkapan kepada Hartanah Dalam Pegangan Untuk Dijual di dalam tahun 2002 telah dijual padatahun ini.

1818181818 INVENTORIINVENTORIINVENTORIINVENTORIINVENTORI



Stor Dan Bahan-Bahan 86,532 87,593 6,888 7,192Kerja Dalam Perlaksanaan 2,435 1,342 - -Stok Hasil Pengeluaran 34,966 9,585 - -Barangan Siap 43,807 38,867 - -Ditolak : Peruntukan Stok Usang (278) (132) - -


HHHHHHH HHHHHHH HHHHHHH HHHHHHHKedai Dan Rumah 106,478 101,138 3,356 3,356


Pada Nilai Realisasi Bersih

Kerja Dalam Perlaksanaan - 775 - -Stok Hasil Pengeluaran - 14 - -Barangan Siap - 3,100 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH- 3,889 - -


Kedai Dan Rumah 2,794 3,810 2,794 3,810Sekuriti Pasaran 101 946 - -Ditolak : Peruntukan Rosotnilai (216) (216) (216) (216)



NNNNNNN NNNNNNN NNNNNNN NNNNNNNNilai Pasaran Bagi Sekuriti Pasaran 108 1,083 - -



1919191919 PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANGPENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANGPENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANGPENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANGPENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG


RM’000 RM’000 RM’000 RM’000

Penghutang Perdagangan 487,058 594,551 79,159 112,758Ditolak : Peruntukan Hutang Ragu (173,422) (170,569) (1,103) (1,309)

313,636 423,982 78,056 111,449

Lain-Lain Penghutang 170,063 134,490 46,828 59,170Ditolak : Peruntukan Hutang Ragu (62,968) (68,530) (1,363) (6,800)

107,095 65,960 45,465 52,370

Terhutang Oleh Pihak Berkaitan 23,876 36,181 - -Deposit (Ditolak peruntukan sebanyak RM95,788,000 (2002 : RM Tiada) bagi Kumpulan) 10,645 16,402 2,980 1,186Bayaran Terdahulu 12,468 11,294 392 1,030Lain-Lain Pinjaman - 918 593 918



Terhutang Oleh Syarikat-Syarikat Anak - - 1,525,251 1,543,158Ditolak : Peruntukan Hutang Ragu - - (995,269) (980,677)

- - 529,982 562,481

Pendahuluan Kepada Syarikat Bersekutu 17,838 28,731 17,838 28,731Terhutang Oleh Syarikat Bersekutu 84,579 90,209 81,337 83,092Ditolak : Peruntukan Hutang Ragu (3,582) (5,562) (3,461) (3,512)

98,835 113,378 95,714 108,311HHHHHHH HHHHHHH HHHHHHH HHHHHHH566,555566,555566,555566,555566,555 668,115668,115668,115668,115668,115 753,182753,182753,182753,182753,182 837,745 837,745 837,745 837,745 837,745


Profail matawang bagi Penghutang Perdagangan adalah seperti berikut :-

- Ringgit Malaysia 213,193 383,103 78,056 111,449- Dolar Amerika 91,693 27,871 - -- Dolar Singapura 2,307 2,963 - -- Kina Papua New Guinea 978 1,048 - -- Rupiah Indonesia 3,274 322 - -- Euro - 4,424 - -- Sterling Pound Great Britain 16 4,123 - -- Lain-lain 2,175 128 - -

HHHHHHH HHHHHHHH HHHHHHH HHHHHHH 313,636 313,636 313,636 313,636 313,636 423,982423,982423,982423,982423,982 78,056 78,056 78,056 78,056 78,056 111,449 111,449 111,449 111,449 111,449NNNNNNN NNNNNNNN NNNNNNN NNNNNNN

Terma kredit bagi penghutang perdagangan adalah di antara 1 hingga 180 hari.




1919191919 PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG (sambungan)

Penumpuan risiko kredit berkaitan dengan penghutang perdagangan adalah terhad, disebabkan jumlahpelanggan-pelanggan Kumpulan yang ramai, merangkumi pelanggan antarabangsa, meliputi spektrumyang meluas bagi pengilangan dan pengedaran dan terdapatnya pelbagai pasaran di mana barangandijual. Sejarah pengalaman Kumpulan di dalam kutipan penghutang perdagangan adalah termasuk didalam peruntukan-peruntukan yang dicatatkan. Atas faktor-faktor tersebut, pihak pengurusan percayabahawa tiada risiko kredit tambahan selain daripada jumlah-jumlah peruntukan yang telah dibuat bagikerugian-kerugian kutipan pada lazimnya di dalam penghutang perdagangan Kumpulan.

Sejumlah RM1,485,303,000 (2002 : RM1,489,565,000) daripada jumlah yang terhutang oleh Syarikat-Syarikat Anak tiada mempunyai jadual pembayaran semula yang tetap, tidak dijamin dan tidak dikenakanfaedah. Sejumlah RM13,830,000 (2002 : RM27,896,000) dikenakan faedah di antara 2.00 peratushingga 7.45 peratus setahun (2002 : 2.00 peratus hingga 9.65 peratus setahun).

Pendahuluan-pendahuluan kepada Syarikat Bersekutu tidak mempunyai jadual pembayaran semula yangtetap, tidak dijamin dan tidak dikenakan faedah, kecuali sejumlah RM320,000 (2002 : RM2,317,000)yang dikenakan faedah di antara 2.00 peratus hingga 8.00 peratus setahun (2002 : 2.00 peratus hingga8.00 peratus setahun).

Pihak-pihak berkaitan adalah pemegang-pemegang saham minoriti Syarikat-Syarikat Anak tertentu. Jumlahyang terhutang sebahagian besarnya bukan berbentuk perdagangan, tidak dijamin dan tidak dikenakanfaedah dengan tiada jadual tetap untuk pembayaran semula.

Lain-lain pinjaman adalah pinjaman kepada anggota pekerja Johor Corporation dan pembayaran semulaadalah di antara 2 hingga 25 tahun (2002 : 2 dan 25 tahun) dan dikenakan faedah sebanyak 4.00peratus setahun (2002 : 4.00 peratus setahun). Sejumlah RM7,048,000 (2002 : RM5,589,000) daripadapenghutang perdagangan dan lain-lain adalah terhutang oleh Pihak Berkuasa Tempatan Pasir Gudang.Jumlah-jumlah ini adalah dengan jaminan dan tempoh bayaran balik di antara 1 hingga 3 tahun (2002 : 1hingga 3 tahun) dan dikenakan faedah di antara 4.62 peratus hingga 8.00 peratus setahun (2002 : 4.62peratus hingga 9.20 peratus setahun)

Lain-lain terimaan dan bayaran terdahulu termasuk perkara-perkara berikut :


RM’000 RM’000 RM’000 RM’000

i) Pinjaman yang tidak dikenakanfaedah dengan tiada jadual pembayaranyang tetap yang diberikan kepadasatu pemegang saham minoriti sebuahSyarikat Anak 713 675 - -

ii) Satu pinjaman kepada pihak ketiga berjumlahUSD250,000. Pinjaman berkenaan dijamindengan saham-saham luar negara yangtidak tersiar harga disandarkan kepadasebuah Syarikat Anak dan dividenyang diperolehi daripada saham-sahamtidak tersiar harga luar negara 950 950 - -

NNNNN NNNNN NNNNN NNNNN



2020202020 PELABURAN JANGKA PENDEKPELABURAN JANGKA PENDEKPELABURAN JANGKA PENDEKPELABURAN JANGKA PENDEKPELABURAN JANGKA PENDEK



Matawang Asing 278 192 278 192Saham Tersiar Harga Di Malaysia 16,376 16,186 5,792 6,343Saham Tersiar Harga Luar Negara 1,290 1,925 189 188Ditolak: Peruntukan Rosotnilai (3,463) (4,220) (2,028) (2,704)




Nilai pasaran pada tarikh Lembaran Imbangan bagi pelaburan-pelaburan tersiar harga adalah hampirbersamaan nilai saksama mereka.

2121212121 DEPOSIT, BAKI TUNAI DAN BANKDEPOSIT, BAKI TUNAI DAN BANKDEPOSIT, BAKI TUNAI DAN BANKDEPOSIT, BAKI TUNAI DAN BANKDEPOSIT, BAKI TUNAI DAN BANK


RM’000 RM’000 RM’000 RM’000

Baki Tunai Dan Bank 204,635 121,495 9,481 10,064Simpanan Tetap :- Dengan Bank Berlesen 165,806 111,797 94,760 15,651- Dengan Institusi Kewangan Berlesen 2,544 1,464 - -



Profail pendedahan matawang bagi Deposit, Baki Tunai Dan Bank adalah seperti berikut :

- Ringgit Malaysia 294,291 207,330 104,241 25,715- Dolar Amerika 2,037 4,771 - -- Dolar Singapura 174 1,554 - -- Dolar Australia 7 7 - -- Sterling Pound Great Britain 84 594 - -- Rupiah Indonesia 6,330 1,639 - -- Euro 499 472 - -- Kina Papua New Guinea 69,549 18,372 - -- Lain-lain 14 17 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHH372,985372,985372,985372,985372,985 234,756234,756234,756234,756234,756 104,241104,241104,241104,241104,241 25,71525,71525,71525,71525,715




2121212121 DEPOSIT, BAKI TUNAI DAN BANK DEPOSIT, BAKI TUNAI DAN BANK DEPOSIT, BAKI TUNAI DAN BANK DEPOSIT, BAKI TUNAI DAN BANK DEPOSIT, BAKI TUNAI DAN BANK (sambungan)

Simpanan tetap Kumpulan berjumlah RM17,836,000 (2002 : RM4,323,000) telah dicagarkan kepadabank-bank berlesen bagi lain-lain kemudahan jaminan bank yang diberikan kepada Syarikat-Syarikat Anak.

Kadar-kadar faedah purata wajaran bagi deposit, baki bank dan tunai yang berkuatkuasa pada tarikhlembaran imbangan adalah seperti berikut :


Deposit Dengan Bank-Bank Berlesen 3.11% 2.83% 2.84% 2.71%Deposit Dengan Institusi-Institusi Kewangan Berlesen 2.89% 3.04% - -


Deposit bagi Kumpulan dan Johor Corporation mempunyai purata kematangan masing-masing selama206 hari (2002 : 190 hari) dan 30 hari (2002 : 30 hari). Baki-baki bank adalah deposit simpanan secarapanggilan dengan bank-bank.

2222222222 PEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANGPEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANGPEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANGPEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANGPEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANG


RM’000 RM’000 RM’000 RM’000

Pemiutang Perdagangan 249,804 200,221 36,832 27,535Lain-lain Pemiutang 276,830 283,033 140,903 141,804Wang Tahanan 959 655 659 655Akruan Perdagangan 124,772 133,139 37,005 34,428Terhutang Kepada Lain-lain Pemegang Saham Syarikat-Syarikat Anak 8,097 10,982 - -Terhutang Kepada Syarikat-Syarikat Anak - - 109,934 131,275Terhutang Kepada Syarikat Bersekutu 1,730 36,080 1,116 5,090


NNNNNNN NNNNNNN NNNNNNN NNNNNNNProfail pendedahan matawang bagi Pemiutang Perdagangan adalah seperti berikut :

- Ringgit Malaysia 139,790 186,178 36,832 27,535- Dolar Amerika 22,844 2,109 - -- Dolar Singapura 2,225 2,650 - -- Kina Papua New Guinea 67,896 7,211 - -- Rupiah Indonesia 5,139 2,069 - -- Euro - 2 - -- Lain-lain 11,910 2 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHH249,804249,804249,804249,804249,804 200,221200,221200,221200,221200,221 36,83236,83236,83236,83236,832 27,53527,53527,53527,53527,535

NNNNNNN NNNNNNN NNNNNNN NNNNNN

Terma kredit bagi pemiutang perdagangan dan pembekal-pembekal Harta, Loji dan Kelengkapan yangdiberikan kepada Kumpulan dan Johor Corporation adalah di antara 14 hingga 150 hari.

Jumlah-jumlah yang terhutang kepada Syarikat-Syarikat Anak, Syarikat-Syarikat Bersekutu dan Lain-lainPemegang Saham Syarikat-Syarikat Anak tiada mempunyai jadual tetap pembayaran semula, tidak terjamindan tidak dikenakan faedah.



2323232323 PINJAMANPINJAMANPINJAMANPINJAMANPINJAMAN


RM’000 RM’000 RM’000 RM’000

JANGKA PENDEKJANGKA PENDEKJANGKA PENDEKJANGKA PENDEKJANGKA PENDEK

Bercagar- Overdraf Bank 9,217 17,943 - -- Kredit Pusingan 33,400 43,646 - -- Kemudahan Kredit Pusingan Islam Komited/Penyusunan Bayaran Berjadual 400,000 400,000 400,000 400,000- Lain-lain Pinjaman Bank 98,745 63,885 - -- Pajakan Kewangan 9,780 7,125 - -- - - - - Pinjaman Berjangka 104,266 51,927 - -- Stok Pinjaman Boleh Tebus Boleh Tukar 53,375 52,500 - -

Tidak Bercagar- Overdraf Bank 37,729 36,657 - -- Kredit Pusingan 64,849 118,945 - -- Lain-lain Pinjaman Bank 7,400 6,680 - -- - - - - Pinjaman Berjangka 400 3,738 - -- Pinjaman Kerajaan Persekutuan 44,739 39,624 44,739 39,624



JANGKA PANJANGJANGKA PANJANGJANGKA PANJANGJANGKA PANJANGJANGKA PANJANG

Bercagar- Sijil-Sijil Boleh Tebus Terjamin 230,343 230,343 230,343 230,343- Pajak Kewangan 18,199 15,038 - -- - - - - Pinjaman Berjangka 596,669 700,575 - -- Bon Islam Boleh Tebus Terjamin 2,941,913 2,807,997 2,941,913 2,807,997

Tidak Bercagar- Lain-lain Pinjaman Bank 7,500 15,000 - -- Pinjaman Berjangka - 953 - -- Pinjaman Kerajaan Persekutuan 27,878 35,975 27,878 35,975

HHHHHHH HHHHHHH HHHHHHH HHHHHHH3,822,5023,822,5023,822,5023,822,5023,822,502 3,805,8813,805,8813,805,8813,805,8813,805,881 3,200,1343,200,1343,200,1343,200,1343,200,134 3,074,3153,074,3153,074,3153,074,3153,074,315NNNNNNN NNNNNNN NNNNNNN NNNNNNN

JUMLAHJUMLAHJUMLAHJUMLAHJUMLAH 4,686,4024,686,4024,686,4024,686,4024,686,402 4,648,5514,648,5514,648,5514,648,5514,648,551 3,644,8733,644,8733,644,8733,644,8733,644,873 3,513,9393,513,9393,513,9393,513,9393,513,939NNNNNNN NNNNNNN NNNNNNN NNNNNNN



2323232323 PINJAMAN PINJAMAN PINJAMAN PINJAMAN PINJAMAN (sambungan)


% % % %Purata kadar faedah berkesan berwajaran pinjaman-pinjaman pada tarikh Lembaran Imbangan:- Overdraf Bank 7.34 5.99 - -- Kredit Pusingan 4.83 5.02 - -- Pinjaman Berjangka 5.60 5.54 - -- Pinjaman Kerajaan Persekutuan 6.34 6.28 6.34 6.28- Lain-lain Pinjaman Bank 1.42 0.83 - -- Pajakan Kewangan 5.68 6.14 - -- Stok Pinjaman Boleh Tebus Boleh Tukar 8.03 7.14 - -


Profil pendedahan matawang asing ke atas Pinjaman-Pinjaman adalah seperti berikut :

RM’000 RM’000 RM’000 RM’000

- Dolar Amerika 58,493 52,895 - -- Dinar Kuwait - 3,020 - 3,020- Rupiah Indonesia 7,321 13,104 - -- Ringgit Malaysia 4,620,588 4,579,532 3,644,873 3,510,919


Pinjaman Kumpulan Pinjaman Kumpulan Pinjaman Kumpulan Pinjaman Kumpulan Pinjaman Kumpulan (tidak termasuk tanggungan pajakan kewangan) : kematangan dan pendedahankepada risiko kadar faedah

Melebihi Melebihi1 Tahun Dan 2 Tahun Dan

Tidak Melebihi Tidak Melebihi Tidak Melebihi Melebihi1 Tahun 2 Tahun 5 Tahun 5 Tahun JumlahRM’000 RM’000 RM’000 RM’000 RM’000

Pada 31 Disember 2003 :- Tetap 13,967 8,798 26,151 44,271 93,187- Terapung 840,153 76,601 506,502 3,141,981 4,565,237

HHHHHH HHHHHH HHHHHH HHHHHH HHHHHH854,120 85,399 532,653 3,186,252 4,658,424

NNNNNN NNNNNN NNNNNN NNNNNN NNNNNN

Pada 31 Disember 2002 :- Tetap 11,460 19,874 34,267 14,294 79,895- Terapung 824,085 215,049 474,185 3,033,174 4,546,493






Pinjaman Johor CorporationPinjaman Johor CorporationPinjaman Johor CorporationPinjaman Johor CorporationPinjaman Johor Corporation : kematangan dan pendedahan kepada risiko kadar faedah

Melebihi Melebihi1 Tahun Dan 2 Tahun Dan

Tidak Melebihi Tidak Melebihi Tidak Melebihi Melebihi1 Tahun 2 Tahun 5 Tahun 5 Tahun JumlahRM’000 RM’000 RM’000 RM’000 RM’000

Pada 31 Disember 2003 :- Tetap 444,739 7,237 351,806 2,841,091 3,644,873



Pada 31 Disember 2002 :- Tetap 439,624 14,730 337,200 2,722,385 3,513,939



Kumpulan2003 2002

RM’000 RM’000Tanggungan pajakan kewanganTanggungan pajakan kewanganTanggungan pajakan kewanganTanggungan pajakan kewanganTanggungan pajakan kewangan

Pembayaran pajakan minima :- Tidak melebihi 1 tahun 11,300 8,653- Melebihi 1 tahun dan tidak melebihi 2 tahun 9,255 7,810- Melebihi 2 tahun dan tidak melebihi 5 tahun 11,365 8,286- Melebihi 5 tahun 37 729


Caj-caj kewangan akan datang ke atas pajakan kewangan (3,978) (3,315)HHHHHHH HHHHHHH

Nilai semasa tanggungan pajakan kewangan 27,979 22,163NNNNNNN NNNNNNN

Semasa 9,780 7,125Bukan Semasa 18,199 15,038

HHHHHHH HHHHHHH27,97927,97927,97927,97927,979 22,16322,16322,16322,16322,163

NNNNNNN NNNNNNN

Nilai semasa tanggungan-tanggungan pajakan kewangan :- Tidak melebihi 1 tahun 9,780 7,125- Melebihi 1 tahun dan tidak melebihi 2 tahun 8,361 6,844- Melebihi 2 tahun dan tidak melebihi 5 tahun 9,838 7,479- Melebihi 5 tahun - 715


NNNNNNN NNNNNNN




Anggaran nilai saksamaAnggaran nilai saksamaAnggaran nilai saksamaAnggaran nilai saksamaAnggaran nilai saksama

Jumlah bawa bagi overdraf bank, kredit pusingan dan lain-lain pinjaman bank pada tarikh LembaranImbangan hampir bersamaan nilai saksama masing-masing. Nilai saksama bagi lain-lain pinjaman padatarikh Lembaran Imbangan adalah seperti berikut :

Kumpulan Johor CorporationNilai Nilai Nilai Nilai

Bawa Saksama Bawa SaksamaRM’000 RM’000 RM’000 RM’000

20032003200320032003Pinjaman Berjangka 698,241 693,050 - -Tanggungan Pajakan Kewangan 27,979 25,327 - -Pinjaman Kerajaan Persekutuan 72,617 67,003 72,617 67,003Bon Islam Boleh Tebus Terjamin 2,941,913 2,276,395 2,941,913 2,276,395Sijil Boleh Tebus Terjamin 230,343 172,842 230,343 172,842

HHHHHHH HHHHHHH HHHHHHH HHHHHHH3,971,093 3,234,617 3,244,873 2,516,240NNNNNNN NNNNNNN NNNNNNN NNNNNNN

20022002200220022002Pinjaman Berjangka 755,541 750,453 - -Tanggungan Pajakan Kewangan 22,163 22,177 - -Pinjaman Kerajaan Persekutuan 75,599 66,762 75,599 66,762Bon Islam Boleh Tebus Terjamin 2,807,997 2,233,618 2,807,997 2,233,618Sijil Boleh Tebus Terjamin 230,343 175,910 230,343 175,910


Overdraf bercagar, pinjaman-pinjaman berjangka, lain-lain pinjaman bank dan kredit-kredit pusingan bagiKumpulan dan Johor Corporation adalah bercagar melalui caj-caj ke atas aset-aset tertentu yang dimilikioleh Syarikat-Syarikat Anak di dalam Kumpulan dan Johor Corporation, sepertimana dinyatakan di dalamNota 10 dan Nota 14.

Tanggungan-tanggungan pajakan kewangan adalah terjamin oleh kerana hak-hak kepada aset-aset yang dipajakakan dikembalikan kepada pihak yang memberi pajakan sekiranya berlaku kemungkiran pembayaran.

Lain-lain pinjaman bank kepada Kumpulan dan Johor Corporation adalah di dalam bentuk penerimaanbank, pinjaman bank persisir pantai dan kemudahan-kemudahan jaminan bank.

Pada 31 Julai 2002, Kumpulan telah melaksanakan skim penstrukturan pinjaman di bawah Pelan IndukPenstrukturan Korporat (PIPK) lanjutan kepada Perjanjian Penstrukturan Pinjaman yang dimeterai di antaraJohor Corporation, Syarikat-Syarikat Anak dan peminjam-peminjam berkenaan. Di dalam penyusunan semulatersebut, RM4.16 bilion pinjaman-pinjaman telah distruktur semula yang meliputi jumlah RM2.8 bilionuntuk Johor Corporation dan RM1.4 bilion bagi Syarikat-Syarikat Anak. Peminjam-peminjam telah jugamemberi potongan kepada pinjaman tidak bercagar yang distruktur semula berjumlah RM729.09 juta.




Dengan perlaksanaan skim tersebut, segala pinjaman-pinjaman Johor Corporation adalah ditukar kepadainstrumen-instrumen berikut :-

(i) Kemudahan Kredit Pusingan Islam Komited (“KPIK”)/Penyusunan Pembayaran Berjadual (“PPB”) dibawah Sistem Konvensional /Prinsip-Prinsip Syariah Murabahah (campur kos) sebanyak RM400.0juta. Tempoh dan kadar keuntungan instrumen-instrumen adalah seperti berikut :

TempohTempohTempohTempohTempoh Kadar KeuntunganKadar KeuntunganKadar KeuntunganKadar KeuntunganKadar Keuntungan

KPIK Komited untuk sepuluh (10) tahun Pada 0.75% setahun di atasselepasnya adalah tertakluk kepada kos dana Islam berkesankajian semula tahunan setiap pemberi pinjam

PPB Komited untuk sepuluh (10) tahun Pada 0.75% setahun di atasselepasnya adalah tertakluk kepada kos dana Islam berkesankajian semula tahunan Maybank

(ii) Bon Islam Boleh Tebus Terjamin (BIBTT) di bawah Prinsip-prinsip Syariah bagi Bai’ Bithaman Ajil(Penjualan Bayaran Tertangguh) dengan sekuriti-sekuriti Pinjaman Islam Yang Diterbitkan berjumlahRM2.752 bilion jumlah nominal yang terdiri daripada tiga (3) siri seperti berikut :

JumlahJumlahJumlahJumlahJumlah Kadar Pulangan BerkesanKadar Pulangan BerkesanKadar Pulangan BerkesanKadar Pulangan BerkesanKadar Pulangan BerkesanS i r iS i r iS i r iS i r iS i r i Nominal Nominal Nominal Nominal Nominal Tempoh Tempoh Tempoh Tempoh Tempoh kepada Kematangan/Marginkepada Kematangan/Marginkepada Kematangan/Marginkepada Kematangan/Marginkepada Kematangan/Margin

(RM‘000) (RM‘000) (RM‘000) (RM‘000) (RM‘000) (Tahun) (Tahun) (Tahun) (Tahun) (Tahun) Keuntungan (% setahun)Keuntungan (% setahun)Keuntungan (% setahun)Keuntungan (% setahun)Keuntungan (% setahun)

Siri 1 300,000 5 4.25Siri 2 500,000 7 4.75Siri 3 1,952,000 10 5.05

HHHHHHH2,752,000NNNNNNN

(iii) RM230.3 juta jumlah nominal bagi Sijil-Sijil Boleh Tebus Terjamin (“SBTT”) di bawah Prinsip-prinsipSyariah Qardhul Hassan dengan tiada kadar keuntungan seperti berikut :

JumlahJumlahJumlahJumlahJumlahS i r iS i r iS i r iS i r iS i r i Nominal Nominal Nominal Nominal Nominal Tempoh Tempoh Tempoh Tempoh Tempoh

(RM‘000) (RM‘000) (RM‘000) (RM‘000) (RM‘000) (Tahun) (Tahun) (Tahun) (Tahun) (Tahun)

Siri 1 15,983 5Siri 2 18,983 7Siri 3 195,377 10

HHHHHH 230,343 NNNNNN

Keuntungan-keuntungan di bawah pembiayaan Islam pada (i) dan (ii) di atas adalah dijamin oleh KerajaanNegeri Johor. SBTT adalah dijamin melalui hartanah-hartanah tertentu Johor Corporation (rujuk Nota 11) danKerajaan Negeri Johor dengan nilai RM10,082,000 (2002 : RM10,082,000), yang mana sedang di dalamproses pindahmilik kepada Johor Corporation. KPIK/PPB adalah dijamin oleh aset-aset Johor Corporationtertentu (rujuk Nota 10).




Kumpulan & Johor Corporation2003 2002

RM’000 RM’000Pembayaran minima ke atas BIBTT :- Tidak melebihi 1 tahun 41,283 27,522- Melebihi 1 tahun dan tidak melebihi 2 tahun 27,522 27,522- Melebihi 2 tahun dan tidak melebihi 5 tahun 433,221 436,221- Melebihi 5 tahun 3,701,298 3,725,818

HHHHHHH HHHHHHH4,203,324 4,217,083

Caj kewangan masa hadapan ke atas BIBTT (1,451,125) (1,464,884)HHHHHHH HHHHHHH

Nilai semasa ke atas BIBTT 2,752,199 2,752,199NNNNNNN NNNNNNN

Nilai semasa ke atas BIBTT :- Tidak melebihi 1 tahun - -- Melebihi 1 tahun dan tidak melebihi 2 tahun - -- Melebihi 2 tahun dan tidak melebihi 5 tahun 299,972 299,972- Melebihi 5 tahun 2,452,227 2,452,227

HHHHHHH HHHHHHH2,752,199 2,752,199NNNNNNN NNNNNNN

Pada 31 Disember 2003, Johor Corporation belum membuat pembayaran semula pinjaman-pinjamanKerajaan Persekutuan berjumlah RM36.60 juta (2002 : RM31.33 juta).

Pada 17 Julai 2002, Johor Corporation telah memohon untuk menstruktur semula pinjaman-pinjamanKerajaan Persekutuan berjumlah RM86.97 juta (termasuk faedah tertunggak) kepada KementerianKewangan dengan pilihan-pilihan berikut :-

i) untuk membayar pinjaman-pinjaman dengan cara pertukaran beberapa harta ; atauii) untuk menstruktur pinjaman-pinjaman kepada pinjaman mudah dibayar balik selepas 10 tahun dengan

faedah yang munasabah.

Permohonan ini masih menunggu kelulusan Kementerian Kewangan.

Stok Pinjaman Boleh Tebus Boleh Tukar (“SPBTBT”) yang berjumlah RM50,000,000 (2002 : 50,000,000)adalah bercagar dan dikenakan faedah sebanyak 8% setahun. SPBTBT mempunyai hak untuk menukarkanSPBTBT mereka pada saham biasa pada kadar 1 (satu) saham biasa bernilai tara RM1.00 bagi setiapRM1.00 SPBTBT dan Kumpulan mempunyai hak untuk menebus dan menukarkan SPBTBT ini selarasdengan syarat penebusan yang telah dipersetujui bila masa berlaku bahawa syarat-syarat penukaran yangtelah dipersetujui bersama tidak tercapai.

SPBTBT tersebut telah tamat tempoh pada 29 November 2003. Pemegang SPBTBT tersebut telah bersetujuterhadap lanjutan tempoh matang dari 29 November 2003 kepada 29 Mac 2004. SPBTBT tersebut telahditukarkan kepada satu pinjaman berjangka sepertimana yang terkandung di dalam Perjanjian Langgananpada April 2004. Bayaran faedah adalah 0.5% diatas dan lebih tinggi daripada kadar pinjaman asas 2buah bank perdagangan terbesar di Malaysia.

SPBTBT yang berjumlah RM3,375,000 (2002 : RM2,500,000) adalah bercagar dan kadar faedahadalah sebanyak 2% (2002 : 2%) di atas kadar pinjaman asas setahun. SPBTBT tersebut akan ditebussepenuhnya di akhir tahun kelima, pada harga terbitan RM1.35 dari tarikh mula ia diterbitkan iaitu padaFebruari 1999.



2424242424 CUKAI TERTUNDACUKAI TERTUNDACUKAI TERTUNDACUKAI TERTUNDACUKAI TERTUNDA

Aset cukai tertunda dan tanggungan adalah diimbangkan apabila dari segi perundangan membolehkanaset cukai semasa dengan tanggungan cukai semasa diimbangkan dan apabila cukai tertunda tersebutadalah berkaitan dengan penguatkuasaan percukaian yang sama. Jumlah-jumlah berikut, diperolehi setelahdiimbangkan dengan sewajarnya, ditunjukkan di dalam Lembaran Imbangan :


RM’000 RM’000 RM’000 RM’000Aset cukai tertunda:- tertakluk kepada cukai pendapatan 12,020 7,479 - -Tanggungan cukai tertunda :- tertakluk kepada cukai pendapatan (180,560) (146,936) (5,467) (7,441)- tertakluk kepada cukai keuntungan modal (91,240) (95,578) (1,280) (1,280)

(271,800) (242,514) (6,747) (8,721)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

(259,780) (259,780) (259,780) (259,780) (259,780) (233,035)(233,035)(233,035)(233,035)(233,035) (6,747)(6,747)(6,747)(6,747)(6,747) (8,721)(8,721)(8,721)(8,721)(8,721)NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Baki pada awal tahun (235,035) (233,626) (8,721) (10,501)(Caj)/dikreditkan ke penyata pendapatan (Nota 9)- Harta, Loji dan Kelengkapan (27,929) (9,077) 1,305 606- Aset Tidak Nyata 1,840 1,840 - -- Kerugian Percukaian (436) 1,746 - -- Peruntukan 490 2,937 490 1,062- Rizab Penilaian Semula 287 865 - -- Cukai keuntungan hartanah dibayar ke atas penjualan harta 4,143 8,797 - -- Lain-lain (3,101) (9,011) 179 112

HHHHHHH HHHHHHH HHHHHHH HHHHHHH(259,741) (235,529) (6,747) (8,721)

Caj kepada ekuiti 194 - - -Pengambilalihan syarikat anak (Nota 12) (600) - - -Pelupusan syarikat anak (Nota 12) 130 - - -Perbezaan tukaran matawang 237 494 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHPada hujung tahun (259,780) (235,035) (6,747) (8,721)


Tertakluk kepada cukai pendapatanTertakluk kepada cukai pendapatanTertakluk kepada cukai pendapatanTertakluk kepada cukai pendapatanTertakluk kepada cukai pendapatanAset Cukai TertundaAset Cukai TertundaAset Cukai TertundaAset Cukai TertundaAset Cukai Tertunda ( ( ( ( (sebelum diimbangkansebelum diimbangkansebelum diimbangkansebelum diimbangkansebelum diimbangkan)))))

Harta, Loji Dan Kelengkapan 4,779 13,141 - -Peruntukan - 15 5,554 5,063Bayaran 5,635 5,104 - -Kerugian cukai 7,648 14,159 - -Lain-lain 10,837 5,779 567 389


Imbangan (16,879) (30,719) (6,121) (5,452)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Aset cukai tertundaAset cukai tertundaAset cukai tertundaAset cukai tertundaAset cukai tertunda ( ( ( ( (selepas imbanganselepas imbanganselepas imbanganselepas imbanganselepas imbangan))))) 12,020 12,020 12,020 12,020 12,020 7,4797,4797,4797,4797,479 ----- -----NNNNNNN NNNNNNN NNNNNNN NNNNNNN



2424242424 CUKAI TERTUNDA CUKAI TERTUNDA CUKAI TERTUNDA CUKAI TERTUNDA CUKAI TERTUNDA (sambungan)


RM’000 RM’000 RM’000 RM’000

Tanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertunda (((((sebelum imbangansebelum imbangansebelum imbangansebelum imbangansebelum imbangan)))))

Harta, Loji dan Kelengkapan (116,764) (95,250) (11,588) (12,893)Aset Tidak Nyata (21,002) (22,841) - -Rizab Penilaian Semula (51,699) (51,783) - -Lain-lain (7,974) (7,781) - -


Imbangan (16,879) 30,719 6,121 5,452HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Tanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertunda ( ( ( ( (selepas imbanganselepas imbanganselepas imbanganselepas imbanganselepas imbangan))))) (180,560)(180,560)(180,560)(180,560)(180,560) (146,936)(146,936)(146,936)(146,936)(146,936) (5,467)(5,467)(5,467)(5,467)(5,467) (7,441)(7,441)(7,441)(7,441)(7,441)


Tertakluk kepada cukaiTertakluk kepada cukaiTertakluk kepada cukaiTertakluk kepada cukaiTertakluk kepada cukai keuntungan modal keuntungan modal keuntungan modal keuntungan modal keuntungan modalTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaHarta, Loji dan Kelengkapan (91,240) (95,578) (1,280) (1,280)


Jumlah bagi perbezaan sementara dan kerugian cukai belum digunakan (kedua-duanya yang tiadatarikh matang) yang tiada aset cukai tertunda adalah diiktiraf sepertimana berikut ;

Elaun modal tidak diambilkira 48,394 51,048 - -Nilai bagi perbezaan sementara yang boleh ditolak 534,407 414,615 - -Kerugian percukaian 1,697,725 1,600,034 - -


2525252525 LAIN-LAIN TANGGUNGAN TERTUNDALAIN-LAIN TANGGUNGAN TERTUNDALAIN-LAIN TANGGUNGAN TERTUNDALAIN-LAIN TANGGUNGAN TERTUNDALAIN-LAIN TANGGUNGAN TERTUNDA


RM’000 RM’000 RM’000 RM’000

Geran Kerajaan 11,199 8,032 - -Lain-lain Tanggungan Tertunda 513 566 - -



Geran KerajaanGeran KerajaanGeran KerajaanGeran KerajaanGeran Kerajaan

Kos 12,031 9,000 - -Ditolak : Pelunasan Terkumpul (832) (968) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHBaki Pada 31 DisemberBaki Pada 31 DisemberBaki Pada 31 DisemberBaki Pada 31 DisemberBaki Pada 31 Disember 11,199 11,199 11,199 11,199 11,199 8,0328,0328,0328,0328,032 ----- -----




2626262626 RIZAB MODALRIZAB MODALRIZAB MODALRIZAB MODALRIZAB MODAL

Rizab modal merangkumi rizab penilaian semula yang terhasil dari penilaian semula Harta, Loji danKelengkapan Kumpulan dan Johor Corporation masing-masing berjumlah RM1,075,657,000 (2002 :RM1,206,178,000) dan RM83,696,000 (2002 : RM83,890,000).

2727272727 ANALISA SEGMEN BISNES KUMPULANANALISA SEGMEN BISNES KUMPULANANALISA SEGMEN BISNES KUMPULANANALISA SEGMEN BISNES KUMPULANANALISA SEGMEN BISNES KUMPULAN

(a) Format laporan utama - Segmen BisnesUsahasama Penyelarasan

Minyak Sawit Prisihatin Hartanah Intrapreneur Lain-lain Penyatuan KumpulanRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003

JUALANJUALANJUALANJUALANJUALAN

Jualan Kepada Pihak Luar 1,242,471 454,825 174,432 103,223 164,022 - 2,138,973Penjualan Antara Segmen 36,841 11,792 650 6,309 49,933 (105,525) -

HHHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHHJumlah Jualan 1,279,312 466,617 175,082 109,532 213,955 (105,525) 2,138,973

NNNNNN NNNNN NNNNN NNNNN NNNNN NNNNN NNNNNN

KEPUTUSANKEPUTUSANKEPUTUSANKEPUTUSANKEPUTUSAN

Keputusan Segmen (Luaran) 302,199 7,634 79,262 4,193 (17,322) - 375,966Pendapatan Tidak Dapat Dibahagi Mengikut Segmen 123,844Kos Tidak Dapat Dibahagi Mengikut Segmen (37,889)

HHHHHHKeuntungan Dari Operasi 461,921Kos Kewangan (243,413)Bahagian Keputusan Di Dalam Syarikat Bersekutu 1,072 849 38,384 799 (1,191) 39,913

HHHHHHKeuntungan Dari Aktiviti Biasa Sebelum Cukai 258,421Cukai (109,856)

HHHHHHHHHKeuntungan Dari Aktiviti Biasa Selepas Cukai 148,565

Kepentingan Minoriti (88,416)HHHHHHHHH

Keuntungan Bersih Bagi Tahun Semasa 60,149

NNNNNN



2727272727 ANALISA SEGMEN BISNES KUMPULAN ANALISA SEGMEN BISNES KUMPULAN ANALISA SEGMEN BISNES KUMPULAN ANALISA SEGMEN BISNES KUMPULAN ANALISA SEGMEN BISNES KUMPULAN (sambungan)

(a) Format laporan utama - Segmen Bisnes (sambungan)

UsahasamaMinyak Sawit Prisihatin Hartanah Intrapreneur Lain-lain Kumpulan

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003

LAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMAT

Aset-Aset Segmen 3,471,615 686,704 2,006,931 92,921 1,054,366 7,312,537Syarikat Kawalan Bersama & Syarikat Bersekutu 2,303 12,513 73,844 6,338 62,255 157,253Aset-Aset Yang Tidak Dapat Dibahagi Mengikut Segmen 320,206

HHHHHH Jumlah Aset Yang Disatukan 7,789,996

NNNNNN

Tanggungan-Tanggungan Segmen 429,688 333,288 237,410 207,625 26,194 1,234,205Tanggungan Yang Tidak Dapat Dibahagi Mengikut Segmen 4,459,914

HHHHHHJumlah Tanggungan Disatukan 5,694,119

NNNNNN

Perbelanjaan Modal 168,883 72,799 3,586 8,467 26,778 280,513Susutnilai Dan Pelunasan 63,713 34,909 8,998 17,833 54,791 180,244Kerugian Rosotnilai Aset 334 - - 20,096 (813) 19,617




(a) Format laporan utama - Segmen Bisnes (sambungan)

Usahasama Penyelarasan Minyak Sawit Prisihatin Hartanah Intrapreneur Lain-lain Penyatuan Kumpulan


JUALANJUALANJUALANJUALANJUALAN

Jualan Kepada Pihak Luar 1,042,291 490,033 151,551 118,753 157,106 - 1,959,734Penjualan Antara Segmen 81,906 9,681 128 1,375 2,629 (95,719) -

HHHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHJumlah Jualan 1,124,197 499,714 151,679 120,128 159,735 (95,719) 1,959,734

NNNNNN NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN

KEPUTUSANKEPUTUSANKEPUTUSANKEPUTUSANKEPUTUSAN

Keputusan Segmen (Luaran) 187,411 141,273 30,648 (47,098) 260,136 - 572,370Pendapatan Tidak Dapat Dibahagi Mengikut Segmen 40,609

HHHHHKerugian Dari Operasi 612,979Kos Kewangan (204,398)Bahagian Keputusan Di Dalam Syarikat Bersekutu 24,065

HHHHHKerugian Dari Aktiviti Biasa Sebelum Cukai 432,646Cukai (75,853)

HHHHHKerugian Dari Aktiviti Biasa Selepas Cukai 356,793

Kepentingan Minoriti (100,646)HHHHH

Kerugian Bersih Bagi Tahun Semasa 256,147

NNNNN




(a) Format laporan utama - Segmen Bisnes (sambungan)Usahasama

Minyak Sawit Prisihatin Hartanah Intrapreneur Lain-lain KumpulanRM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kumpulan - 2002Kumpulan - 2002Kumpulan - 2002Kumpulan - 2002Kumpulan - 2002

LAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMAT

Aset-Aset Segmen 3,814,667 707,077 1,412,801 249,923 367,348 6,551,816Syarikat Kawalan Bersama & Syarikat Bersekutu 24,981 8,681 2,307 - 32,895 68,864Aset-Aset Yang Tidak Dapat Dibahagi Mengikut Segmen 836,310

HHHHHHJumlah Aset Yang Disatukan 7,456,990

NNNNNNTanggungan-Tanggungan Segmen 904,081 360,239 11,767 294,467 3,784,042 5,354,626Tanggungan Yang Tidak Dapat Dibahagi Mengikut Segmen 251,112

HHHHHHJumlah Tanggungan Disatukan 5,605,738

NNNNNNPerbelanjaan Modal 97,175 53,414 2,511 2,907 7,968 163,975Susutnilai Dan Pelunasan 59,201 25,515 5,665 14,562 64,280 169,223Kerugian Rosotnilai Aset 1,416 - - 16,410 8,058 25,884

(b) Format laporan sekunder – Segmen Geografi

Jualan (Kepada Pihak Luar) Jumlah Aset Perbelanjaan Modal2003 2002 2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000KUMPULANKUMPULANKUMPULANKUMPULANKUMPULAN

Malaysia 1,451,257 1,328,658 6,493,996 5,835,018 156,183 89,653Indonesia 27,179 4,115 161,866 191,531 43,920 14,124Papua New Guinea - 1,433 634,819 504,174 74,807 59,238United Kingdom 130,626 146,727 - - - -Seluruh Asia 173,952 154,837 - 21,093 - 960Seluruh Eropah 264,782 243,314 - - - -Lain-Lain Negara 91,177 80,650 21,855 - 5,602 -

HHHHHH HHHHHH HHHHHH HHHHHH HHHHHH HHHHHH2,138,973 1,959,734 7,312,537 6,551,816 280,513 163,975


Syarikat Kawalan Bersama Dan Syarikat Bersekutu 157,253 68,864Aset-Aset Yang Tidak Dapat Dibahagi Mengikut Segmen 320,206 836,310

HHHHHH HHHHHHJumlah Aset 7,789,996 7,456,990

NNNNNN NNNNNN



2828282828 URUSNIAGA PENTING ANTARA PIHAK-PIHAK BERKAITANURUSNIAGA PENTING ANTARA PIHAK-PIHAK BERKAITANURUSNIAGA PENTING ANTARA PIHAK-PIHAK BERKAITANURUSNIAGA PENTING ANTARA PIHAK-PIHAK BERKAITANURUSNIAGA PENTING ANTARA PIHAK-PIHAK BERKAITAN

Sebagai tambahan kepada urusniaga-urusniaga dengan pihak-pihak berkaitan seperti dinyatakan di tempatlain dalam Penyata Kewangan, berikut adalah lain-lain transaksi penting pihak-pihak berkaitan dan baki-baki urusniaga-urusniaga di antara pihak-pihak berkaitan. Urusniaga pihak-pihak berkaitan yang diterangkandi bawah telah dilaksanakan di atas terma-terma syarat-syarat yang telah dipersetujui.

Johor Corporation2003 2002

RM’000 RM’000

Pembelian Daripada Syarikat-Syarikat Anak 58,141 35,971Yuran Pengurusan Dibayar Kepada Syarikat-Syarikat Anak 5,227 3,904Pembelian Pelaburan Daripada Syarikat-Syarikat Anak - 38,901Pembelian Harta, Loji dan Kelengkapan Daripada Syarikat-Syarikat Anak 43,438 337,141Sewa Dibayar Kepada Syarikat-Syarikat Anak 663 616Perbelanjaan Faedah Dibayar Kepada Syarikat-Syarikat Anak 165 179Hutang Oleh Syarikat-Syarikat Anak Yang Dihapuskira 14,780 3,607

NNNNNNN NNNNNNN

Pinjaman Bank Dipindahkan Daripada Syarikat-Syarikat Anak - 992,585Lain-lain Hutang Yang Dipindahkan Daripada Syarikat-Syarikat Anak 14,780 11,647Jualan Kepada Syarikat-Syarikat Anak 4,316 3,387Jualan Pelaburan Kepada Syarikat-Syarikat Anak 16,581 172,000Jualan Harta, Loji dan Kelengkapan Kepada Syarikat-Syarikat Anak 675 25Pendapatan Faedah Diterima Daripada Syarikat-Syarikat Anak 12,140 13,616Yuran Pengurusan Diterima Daripada Syarikat-Syarikat Anak 1,001 897Dividen Diterima Daripada Syarikat-Syarikat Anak 264 24,606Dividen Diterima Daripada Syarikat-Syarikat Sekutu - 559Sewa Diterima Daripada Syarikat-Syarikat Anak 3,779 3,127Yuran Kursus Diterima Daripada Syarikat-Syarikat Anak 657 -

NNNNNNN NNNNNNN



2929292929 KOMITMENKOMITMENKOMITMENKOMITMENKOMITMEN

a )a )a )a )a ) KOMITMEN MODALKOMITMEN MODALKOMITMEN MODALKOMITMEN MODALKOMITMEN MODAL


RM’000 RM’000 RM’000 RM’000

Perbelanjaan Modal Dibenarkan Tidak Diperuntukkan Di Dalam Penyata Kewangan :- Telah Dikontrakkan 76,129 30,531 14,257 7,480- Tidak Dikontrakkan 277,031 47,804 - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNDianalisa Seperti Berikut :- Harta, Loji dan Kelengkapan 338,873 70,826 - -- Perbelanjaan Pembangunan 14,287 7,509 14,257 7,480



( b )( b )( b )( b )( b ) KOMITMEN PAJAKAN OPERASI TIDAK BOLEH BATALKOMITMEN PAJAKAN OPERASI TIDAK BOLEH BATALKOMITMEN PAJAKAN OPERASI TIDAK BOLEH BATALKOMITMEN PAJAKAN OPERASI TIDAK BOLEH BATALKOMITMEN PAJAKAN OPERASI TIDAK BOLEH BATAL Kumpulan

2003 2002RM’000 RM’000

Bayaran Minima Pajakan Masa Hadapan :- Dalam tempoh 1 tahun 1,119 687- Lebih dari 1 tahun dan tidak lebih dari 5 tahun 3,813 877

HHHHHHH HHHHHHH4,9324,9324,9324,9324,932 1,5641,5641,5641,5641,564

NNNNNNN NNNNNNN

3030303030 LIABILITI LUAR JANGKA (TIDAK BERCAGAR)LIABILITI LUAR JANGKA (TIDAK BERCAGAR)LIABILITI LUAR JANGKA (TIDAK BERCAGAR)LIABILITI LUAR JANGKA (TIDAK BERCAGAR)LIABILITI LUAR JANGKA (TIDAK BERCAGAR)


RM’000 RM’000 RM’000 RM’000

Jaminan Bank Yang Diberikan Kepada Institusi Kewangan Untuk Pihak Ketiga Bagi Kemudahan- Kemudahan Yang Diberikan Kepada :- Johor Corporation 93,876 93,674 - -- Syarikat-Syarikat Anak 42,632 20,083 - -- Pihak-Pihak Ketiga 7,459 7,291 - -Tuntutan Yang Mungkin Dibuat Oleh Pihak-Pihak Ketiga 15,922 16,281 1,848 2,167Jaminan Yang Diberi Daripada Bank Kepada Pihak Ketiga 743 - - -Jaminan Korporat Yang Diberikan Kepada Pihak-Pihak Ketiga 3,025 2,092 - -




3030303030 LIABILITI LUAR JANGKA (TIDAK BERCAGAR) LIABILITI LUAR JANGKA (TIDAK BERCAGAR) LIABILITI LUAR JANGKA (TIDAK BERCAGAR) LIABILITI LUAR JANGKA (TIDAK BERCAGAR) LIABILITI LUAR JANGKA (TIDAK BERCAGAR) (sambungan)

Terdapat tanggungan Cukai Keuntungan Hartanah (CKHT) berjumlah RM301,357 (2002 : RM18,475,000)yang timbul daripada keuntungan-keuntungan atas penjualan aset-aset Johor Corporation, yang belum diakru di dalam Penyata Kewangan.

Permohonan untuk pengecualian telah diluluskan oleh Kementerian Kewangan berdasarkan surat kelulusandi mana pengecualian diberikan atas penjualan harta atau saham-saham yang dimiliki Johor Corporationdan syarikat-syarikat anaknya daripada tahun 1998 sehingga 2006.

3131313131 INSTRUMEN-INSTRUMEN KEWANGANINSTRUMEN-INSTRUMEN KEWANGANINSTRUMEN-INSTRUMEN KEWANGANINSTRUMEN-INSTRUMEN KEWANGANINSTRUMEN-INSTRUMEN KEWANGAN

( i )( i )( i )( i )( i ) Kontrak-kontrak tukaran asing kehadapanKontrak-kontrak tukaran asing kehadapanKontrak-kontrak tukaran asing kehadapanKontrak-kontrak tukaran asing kehadapanKontrak-kontrak tukaran asing kehadapan

Kontrak-kontrak tukaran asing kehadapan telah dibuat oleh Kumpulan bagi menguruskan pendedahankepada perubahan-perubahan di dalam kadar pertukaran matawang asing di atas transaksi-transaksiyang khusus. Pada masa ini, dasar Kumpulan ialah untuk memasuki ke dalam kontrak pertukaranasing kehadapan sehingga 30% daripada penerimaan matawang asing sedemikian di mana Syarikatakan dapat menikmati “premium market swap point” sehingga kepada 80% bagi pembayaran matawangasing tersebut atas tahun berikutnya tetapi ia adalah tertakluk kepada kajian oleh pengurusan darimasa ke semasa disebabkan oleh keadaan pasaran matawang.

Pada 31 Disember 2003, tarikh-tarikh penyelesaian di atas kontrak-kontrak terbuka kehadapan beradadi antara 1 dan 6 bulan. Jumlah matawang asing untuk diterima dan kadar-kadar pertukaran kontrakbagi kontrak yang masih belum jelas adalah seperti berikut :

RM ‘000Item Dilindungi Matawang Bersamaan Kadar KontrakHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHPenghutang perdagangan :USD2,738,000 USD 10,419 1USD = RM3.806

Nilai saksama bagi kontrak-kontrak kehadapan tertunggak bagi Kumpulan pada tarikh LembaranImbangan adalah hampir kepada jumlah bawa mereka.

Keuntungan bersih yang belum diiktiraf pada 31 Disember 2003 di atas kontrak-kontrak terbuka bagijualan matawang asing untuk melindungi jangkaan jualan akan datang berjumlah RM15,000.Keuntungan pertukaran bersih tersebut adalah ditangguhkan sehingga jualan yang berkaitandiurusniagakan, pada masa itu ia akan diambilkira untuk menilaikan urusniaga-urusniaga berkenaan.

( i i )( i i )( i i )( i i )( i i ) Nilai SaksamaNilai SaksamaNilai SaksamaNilai SaksamaNilai Saksama

Nilai saksama bagi hartanah pelaburan dengan jumlah bawa sebanyak RM577,546,000 (2002 :RM550,000,000) ialah RM528,950,000 (2002 : RM500,000,000).

Adalah tidak praktikal di dalam kekangan masa dan kos untuk menganggarkan nilai saksama bagipelaburan-pelaburan lain yang tidak tersenarai. Nilai pasaran pada tarikh Lembaran Imbangan bagipelaburan-pelaburan tersenarai adalah hampir kepada nilai saksama mereka.

Jumlah bawa lain-lain aset kewangan dan tanggungan Kumpulan dan Johor Corporation pada tarikhLembaran Imbangan adalah amat hampir nilai-nilai saksama mereka melainkan dinyatakan di dalamNota 14 dan 23.




3232323232 PERUBAHAN DI DALAM DASAR-DASAR PERAKAUNANPERUBAHAN DI DALAM DASAR-DASAR PERAKAUNANPERUBAHAN DI DALAM DASAR-DASAR PERAKAUNANPERUBAHAN DI DALAM DASAR-DASAR PERAKAUNANPERUBAHAN DI DALAM DASAR-DASAR PERAKAUNAN

Pada tahun semasa, Kumpulan telah menukar dasar-dasar perakaunannya bagi mematuhi Piawaian MASByang baru seperti berikut :

• Piawaian MASB 25 “Cukai Pendapatan”• Piawaian MASB 29 “Manfaat-manfaat Pekerja”

Pada tahun-tahun terdahulu, cukai tertangguh adalah diiktiraf bagi perbezaan-perbezaan masa kecualiapabila terdapat bukti yang munasabah bahawa perbezaan-perbezaan masa tersebut tidak akan berbalikdi masa depan. Kesan cukai bagi perbezaan masa yang menyebabkan suatu baki debit atau suatu debitkepada baki cukai tertunda telah tidak dibawa kehadapan melainkan ada suatu kemungkinan munasabahakan direalisasi.

Penjimatan cukai berpotensi yang berkaitan kepada suatu kerugian cukai dibawa kehadapan akan hanyadiiktiraf sekiranya terdapat kepastian melebihi sebarang keraguan munasabah bahawa pendapatan bercukaimasa hadapan adalah mencukupi untuk dimanfaatkan kerugian yang direalisasi.

Di mana terdapat hasrat untuk melupuskan aset-aset yang dinilai semula, cukai tertunda berkaitan aset-aset berkenaan adalah diambilkira melalui suatu pindahan daripada lebihan penilaian semula yang berkaitan.Tiada peruntukan atau kenyataan dibuat bagi kesan percukaian di mana Kumpulan berhasrat untukmemegang aset-aset tersebut untuk masa hadapan.

Kumpulan sekarang telah menukar dasar perakaunannya untuk mengiktiraf cukai tertunda di atas perbezaansementara yang timbul di antara jumlah-jumlah berkaitan kepada aset dan tanggungan untuk tujuanpercukaian dan nilai-nilai bawa di dalam Penyata Kewangan. Aset cukai tertunda adalah diiktiraf setakatterdapat kemungkinan bahawa akan terdapat keuntungan kena cukai yang boleh dilupuskan denganperbezaan-perbezaan sementara yang boleh ditolak atau kerugian-kerugian bercukai yang belum digunakan.

Sebagai tambahan, cukai tertangguh diiktiraf atas perbezaan sementara yang timbul di atas pelaburan-pelaburan dalam Syarikat-Syarikat Anak dan Syarikat-Syarikat Bersekutu kecuali di mana masa untukperbezaan sementara berbalik boleh dikawal dan berkemungkinan tidak akan berbalik pada masa hadapan.

Perubahan di dalam dasar perakaunan ini telah diambilkira secara retrospektif.



3232323232 PERUBAHAN DI DALAM DASAR-DASAR PERAKAUNAN PERUBAHAN DI DALAM DASAR-DASAR PERAKAUNAN PERUBAHAN DI DALAM DASAR-DASAR PERAKAUNAN PERUBAHAN DI DALAM DASAR-DASAR PERAKAUNAN PERUBAHAN DI DALAM DASAR-DASAR PERAKAUNAN (sambungan)

KesanKesanKesanKesanKesan KesanKesanKesanKesanKesandaripadadaripadadaripadadaripadadaripada daripadadaripadadaripadadaripadadaripada

SepertimanaSepertimanaSepertimanaSepertimanaSepertimana pertukaranpertukaranpertukaranpertukaranpertukaran pertukaranpertukaranpertukaranpertukaranpertukaran SepertimanaSepertimanaSepertimanaSepertimanaSepertimanadilapurkandilapurkandilapurkandilapurkandilapurkan di dalam dasardi dalam dasardi dalam dasardi dalam dasardi dalam dasar di dalam dasardi dalam dasardi dalam dasardi dalam dasardi dalam dasar dinyatakandinyatakandinyatakandinyatakandinyatakanterdahuluterdahuluterdahuluterdahuluterdahulu MASB 25MASB 25MASB 25MASB 25MASB 25 MASB 29MASB 29MASB 29MASB 29MASB 29 semulasemulasemulasemulasemula

RM’000 RM’000 RM’000 RM’000

KumpulanKumpulanKumpulanKumpulanKumpulan

Pada 31 Disember 2001Pada 31 Disember 2001Pada 31 Disember 2001Pada 31 Disember 2001Pada 31 Disember 2001

Rizab Modal 1,307,034 (84,054) - 1,222,980Rizab Hasil (933,594) (277) - (933,871)Tanggungan Cukai Tertunda 95,443 139,568 - 235,011Aset Cukai Tertunda - 1,385 - 1,385

Tahun Berakhir 31 Disember 2002Tahun Berakhir 31 Disember 2002Tahun Berakhir 31 Disember 2002Tahun Berakhir 31 Disember 2002Tahun Berakhir 31 Disember 2002

Keuntungan Bersih Tahun Semasa 253,695 2,785 (333) 256,147Perbelanjaan Cukai 78,672 (2,819) - 75,853Perbelanjaan Pentadbiran 336,351 - 367 336,718

NNNNNN NNNNNN NNNNNNN NNNNNNN


Rizab Modal 1,211,102 (84,054) - 1,127,048Rizab Hasil (597,691) 3,556 (1,381) (595,516)Tanggungan Cukai Tertunda 99,262 143,252 - 242,514Kepentingan Minoriti 1,457,809 (54,670) (35) 1,403,104Aset Cukai Tertunda - 7,479 - 7,479Akrual Perdagangan 131,721 - 1,273 132,994Muhibbah 72,287 1,975 - 74,262Syarikat Bersekutu 69,614 (1,223) - 68,391



3232323232 PERUBAHAN DI DALAM DASAR PERAKAUNAN PERUBAHAN DI DALAM DASAR PERAKAUNAN PERUBAHAN DI DALAM DASAR PERAKAUNAN PERUBAHAN DI DALAM DASAR PERAKAUNAN PERUBAHAN DI DALAM DASAR PERAKAUNAN (sambungan)

KesanKesanKesanKesanKesan KesanKesanKesanKesanKesandaripadadaripadadaripadadaripadadaripada daripadadaripadadaripadadaripadadaripada

SepertimanaSepertimanaSepertimanaSepertimanaSepertimana pertukaranpertukaranpertukaranpertukaranpertukaran pertukaranpertukaranpertukaranpertukaranpertukaran SepertimanaSepertimanaSepertimanaSepertimanaSepertimanadilapurkandilapurkandilapurkandilapurkandilapurkan di dalam dasardi dalam dasardi dalam dasardi dalam dasardi dalam dasar di dalam dasardi dalam dasardi dalam dasardi dalam dasardi dalam dasar dinyatakandinyatakandinyatakandinyatakandinyatakanterdahuluterdahuluterdahuluterdahuluterdahulu MASB 25MASB 25MASB 25MASB 25MASB 25 MASB 29MASB 29MASB 29MASB 29MASB 29 semulasemulasemulasemulasemula

RM’000 RM’000 RM’000 RM’000

Johor CorporationJohor CorporationJohor CorporationJohor CorporationJohor Corporation


Rizab Modal - Harta, Loji Dan Kelengkapan 100,736 (1,280) - 99,456Tanggungan Cukai Tertunda (4,426) (6,075) - (10,501)Rizab Hasil (769,694) (4,795) (1,045) (775,534)

Tahun Berakhir 31 Disember 2002Tahun Berakhir 31 Disember 2002Tahun Berakhir 31 Disember 2002Tahun Berakhir 31 Disember 2002Tahun Berakhir 31 Disember 2002

Keuntungan Bersih Bagi Tahun Semasa 219,211 1,780 (181) 220,810Perbelanjaan Cukai (5,517) 1,780 - (3,737)



Tanggungan Cukai Tertangguh (4,426) (4,295) - (8,721)Rizab Modal - Harta, Loji Dan Kelengkapan 85,170 (1,280) - 83,890Lain-lain SiPiutang Dan Akruan 339,560 - 1,226 340,786Rizab Hasil (550,483) (3,015) (1,226) (554,724)




3333333333 PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN

1. Pada 20 Januari 2004, Johor Corporation telah memeterai Perjanjian Penyelesaian Hutang denganPersatuan Bolasepak Negeri Johor (“PBNJ”). Melalui perjanjian ini, hutang yang berjumlahRM18,876,345 pada 31 Disember 2003 dipersetujui diselesaikan secara :

(i) Pengurniaan satu bidang tanah yang dipegang di bawah PTB 19132 di dalam Mukim BandarJohor Bahru, Daerah Johor Bahru, di dalam Negeri Johor, mengandungi satu kawasan kira-kira5.330 ekar (selepas ini dirujuk sebagai “tanah negeri”) yang termaktub di dalam Kerajaan Negeridengan pemilikan kosong dan bebas daripada segala ikatan ; dan

(ii) Pindahmilik tanah PBNJ di bawah pegangan dokumen PN 5004 Lot 19774 di dalam MukimBandar bagi Daerah Johor Bahru, di dalam Negeri Johor, yang mengandungi suatu kawasan kira-kira 1.611 ekar (selepas ini dirujuk sebagai “tanah yang berkenaan”).

Pihak Berkuasa Negeri akan memberi keizinannya bagi pindahmilik tanah yang berkenaan kepadaJohor Foods Sdn Bhd, sebuah syarikat anak milik penuh Johor Corporation.

Johor Corporation telah melalui keizinan bertulisnya menamakan dan menyerahkan kepada JohorFoods Sdn Bhd bagi menerima pengurniaan tanah negeri yang berkenaan dan pindahmilik tanah yangberkenaan bagi pihaknya.

2. Pada 6 Februari 2004, Johor Foods Sdn Bhd, sebuah syarikat anak milik penuh Johor Corporationtelah melanggan sebanyak 45 juta 3.5% Saham-saham Keutamaan Boleh Tukar Boleh Tebus (“RCPS”)bernilai RM1.00 seunit yang diterbitkan oleh sebuah syarikat berkaitan, Larkin Sentral ManagementSdn Bhd. RCPS tersebut matang di dalam masa lima tahun dengan penebusan tahunan.

3. Pada 30 Januari 2004, Permodalan Teras Sdn Bhd (dahulunya dikenali sebagai Pulau Nenas SdnBhd), sebuah syarikat anak Johor Franchise Development Sdn Bhd, sebuah syarikat anak milik penuhJohor Corporation telah membeli 4,450,000 saham-saham biasa bernilai RM1.00 seunit yang mewakili100% kepentingan ekuiti Pelaburan Johor Berhad daripada syarikat berkaitannya, Johor Capital HoldingsSdn Bhd secara perolehan tunai RM10,000,000.

4. Pada 26 April 2004, Johor Tea Sdn Bhd, sebuah syarikat anak Johor Franchise Development SdnBhd sebuah syarikat anak milik penuh Johor Corporation telah melupuskan harta, loji dan peralatan,selain daripada kenderaan bermotor dan pembangunan ladang kepada pihak ketiga dengan perolehantunai RM9,291,260.

5. Pada 30 April 2004, PJB Pacific Securities (Hong Kong) Ltd, sebuah syarikat anak Johor CapitalHoldings Sdn Bhd, anak syarikat milik penuh Johor Corporation telah dikeluarkan daripada PendaftaranSyarikat di Hong Kong.




3333333333 PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN (sambungan)

6. (a) Di dalam tahun kewangan semasa, sebuah syarikat anak, Damansara Town Centre Sdn Bhd(“DTCSB”), telah memeterai beberapa Perjanjian Penyelesaian Hutang melalui pelupusan aset-aset dan pindahan hutang-hutang daripada pihak-pihak ketiga dengan syarikat induk lamanya,Damansara Realty Bhd (“D Bhd”) dan sebuah syarikat berkaitan, DRP Construction Sdn bhd (“DRPC”).Penyelesaian hutang-hutang syarikat adalah seperti berikut:

(i) Perjanjian Penyelesaian Hutang dimeterai oleh D Bhd dan DTCSB RM RM RM RM RM

Deposit-deposit yang diletakkan dengan penjual-penjual bagicadangan pembelian beberapa syarikat hartanah 95,787,841

Pindahmilik sebidang tanah yang disimpan untuk pembangunandikenali sebagai tanah Cameron 20,000,000

Pindahmilik keseluruhan kepentingan D Bhd di dalam SungaiGadut Quarry Sdn Bhd dan memindahkan pendahuluan-pendahuluanpemegang-pemegang saham 3,598,412

Memindahkan segala hak-hak D Bhd, hakmilik dan faedah di bawahPerjanjian Jual Beli bertarikh 20 November 2003, di antara D Bhddan sebuah anak syarikat, Golden Dragon Garden Sdn Bhd berkaitandengan plot-plot kosong tanah di Simpang Pulai, Ipoh yang telahdiluluskan bagi pembinaan dan pembangunan 64 unit kedaidua tingkat 4,896,000

Simpanan-simpanan tetap yang dipindahkan 764,402

Perpindahan Harta, Loji dan Kelengkapan kepada D Bhd ditolak sewa beli (1,468,948)HHHHHHHHH123,577,707

Kontra jumlah pendahuluan kepada Kumpulan D Bhd (112,154,282)HHHHHHHHH

Jumlah bersih terhutang kepada Kumpulan D Bhd 11,423,425NNNNNNNNN

(ii) Perjanjian Penyelesaian Hutang dimeterai oleh DRPC dan DTCSBRMRMRMRMRM

Pindahmilik sebuah harta pelaburan, 8 unit Megan Corporate Park, kepada DTCSB 2,650,000Kontra jumlah pendahuluan kepada DRPC (2,732,390)

HHHHHHHHHJumlah bersih dihutang oleh DRPC (82,390)

NNNNNNNNN

Jumlah hutang daripada dan kepada DTCSB telah diselesaikan dalam tahun kewangansemasa.


3333333333 PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN (sambungan)

7. Pada 5 Ogos 2002, sebuah syarikat bersekutu, Damansara Realty Berhad (“D Bhd”), telahmengumumkan skim perstrukturannya yang baru melibatkan perkara-perkara berikut :-

(i) Cadangan pengurangan modal dan penyatuan yang melibatkan pembatalan 85 sen daripada nilaitara bagi saham-saham biasa sediada yang bernilai RM1.00 seunit di dalam D Bhd (“saham”) danselepas daripada itu, penyatuan dua puluh (20) saham bernilai 15 sen seunit ke dalam tiga (3)saham-saham di dalam D Bhd (“Cadangan Pengurangan Modal Dan Penyatuan”);

(ii) Cadangan pertukaran saham-saham dalam D Bhd dengan saham-saham sebuah syarikat awamyang baru diperbadankan (“Newco”), yang akan mengekalkan status penyenaraian D Bhd atasasas satu (1) saham baru di dalam Newco bagi setiap satu (1) saham yang dipegang di dalamD Bhd setelah Cadangan Pengurangan Modal Dan Penyatuan;

(iii) Cadangan pengambilalihan 177,000,000 “A” Saham-Saham Keutamaan Terkumpul Boleh TukarBoleh Tebus (“RCCPS”) bernilai RM0.01 seunit di dalam Damansara Town Centre Sdn Bhd (DTCSB)oleh Newco daripada Johor Corporation untuk harga perolehan RM169,590,546 untuk diselesaikandengan penerbitan 169,590,546 saham-saham baru di dalam Newco pada harga terbitan bernilaiRM1.00 sesaham (“Cadangan Pembelian “A” RCCPS”);

(iv) Cadangan pengambilalihan yang berikut oleh Newco daripada Johor City Development Sdn Bhd(“JCD”), sebuah Syarikat Anak milik penuh Johor Corporation :

a. Hak Untuk Memperuntukan (“RTA”) bagi harga perolehan RM380,203,488 selaras dengancadangan pertukaran oleh JCD bagi keseluruhan pegangan sebanyak 400,000,000 “B” RCCPSbernilai RM0.01 setiap unit kepada persamaan bilangan saham-saham baru DTCSB padasatu harga pertukaran RM1.00 setiap “B” RCCPS. Harga perolehan dicadangkan agardiselesaikan dengan penerbitan saham-saham baru dan Stok Pinjaman Tak Terjamin BolehTukar Tak Boleh Tebus-A yang baru di dalam Newco (“ICULS-A”), dan pemindahan dan pelarasanhutang-hutang; dan

b. Sebidang tanah pembangunan pajakan sembilan puluh sembilan (99) tahun berkeluasan kira-kira 240.59 ekar di dalam kawasan yang terletak berhampiran Johor Bahru untuk dibangunkansebuah projek pembangunan bercampur yang dikenali sebagai Bandar Damansara Aliff (“BDA”)yang kebanyakannya terdiri daripada perumahan kos sederhana dan tinggi bersama denganpembangunan bercampur dengan harga perolehan sebanyak RM180,000,000 yang akandiselesaikan dengan penerbitan saham-saham baru dan ICULS–A baru di dalam Newco.

(Perkara-perkara 7(iv) a dan b di atas secara keseluruhannya dirujuk sebagai “CadanganPembelian dari JCD”)

(v) Cadangan pengecualian kepada Johor Corporation dan semua pihak-pihak yang terlibat daripadakewajipan untuk melanjutkan suatu tawaran wajib bagi semua baki saham-saham di dalam Newcoyang belum lagi dimiliki oleh mereka selepas daripada Cadangan Pembelian “A” RCCPS danCadangan Pembelian daripada JCD, dan juga cadangan pengecualian kepada JCD dan pihak-pihak yang terlibat dengannya daripada kewajipan untuk melanjutkan tawaran wajib bagi semuabaki saham-saham di dalam Newco yang belum lagi dimiliki oleh mereka atas sebab peningkatandi dalam pemilikan saham mereka selepas pertukaran ICULS;

(vi) Cadangan tawaran untuk penjualan/taruhan Saham-Saham Newco pegangan Johor Corporationdan/atau JCD kepada pihak awam Malaysia termasuk pemegang-pemegang saham awam yangsedia ada di dalam D Bhd untuk mematuhi peraturan Suruhanjaya Sekuriti (SC) dan Bursa Malaysia(“BM”) minima 25% pegangan pihak awam yang disyaratkan; dan

(Perkara-perkara 7(i) hingga (vi) secara keseluruhannya dirujuk sebagai “Cadangan SkimPenstrukturan Dan Penyusunan Semula”)





7. (sambungan)

Pada 5 Februari 2003, D Bhd telah mengumumkan bahawa penyerahan Cadangan Skim PerstrukturanDan Penyusunan Semula kepada Suruhanjaya Sekuriti akan dilanjutkan selama 4 bulan kepada 5 Jun2003 bagi membolehkan mereka memuktamadkan terma-terma dan syarat-syarat tambahan cadangantertentu dengan pihak-pihak ketiga, yang merupakan sebahagian daripada cadangan asal. Tarikhcadangan penyerahan telah dilanjutkan kepada 30 Ogos 2003 sepertimana pengumuman D Bhdpada 30 Mei 2003. Ini adalah bagi membolehkan pihak pengurusan dan penasihat-penasihatnyauntuk mengkaji semula beberapa andaian-andaian utama yang digunakan terhadap unjuran danramalan bagi keputusan D Bhd.

Bagi perkara (iii) dan (iv) di atas, D Bhd telah memeterai secara berasingan beberapa perjanjianjual beli bersyarat (“Perjanjian Jual Beli Bersyarat”) dengan Johor Corporation dan JCD masing-masing pada 5 Ogos 2002. Sepertimana yang diumumkan pada 6 Mei 2003, D Bhd, Johor Corporationdan JCD telah bersetuju untuk melanjutkan tarikh pemutus bagi memenuhi syarat-syarat awalan kepadaPerjanjian Jual Beli Bersyarat kepada 5 April 2004.

Sebagai tambahan, JCD telah mendapat kelulusan daripada pihak-pihak berkuasa tempatan yangberkenaan untuk mengubah status tanah projek BDA daripada pajakan kepada pegangan bebas.Selaras dengan pertukaran tersebut, nama projek berkenaan ditukar daripada BDA kepada TamanDamansara Aliff (“TDA”) dan ia telah dilancarkan dengan rasminya pada 28 Februari 2003.

Pada 12 Disember 2003, D Bhd dan Johor Corporation telah memeterai suatu perjanjian bagi sama-sama menamatkan perjanjian jual beli bersyarat yang telah dimeterai oleh kedua-dua pihak pada5 Ogos 2002, bagi cadangan pembelian 177,000,000 “A” RCCPS bernilai RM0.01 seunit olehNewco daripada Johor Corporation.

Pada 12 Disember 2003, D Bhd, Damansara Realty Johor Sdn Bhd (“DRJSB”), Johor Corporationdan JCD memeterai suatu perjanjian (“Perjanjian Bersyarat”) di mana JCD dan D Bhd secara bersamatelah bersetuju untuk menamatkan perjanjian jualbeli berkenaan yang telah dimeterai bersama JCDpada 5 Ogos 2002 yang berkaitan kepada cadangan pembelian-pembelian hak-hak untuk melangganselaras kepada cadangan pertukaran RCCPS “B” kepada saham-saham biasa baru di dalam DTCSBdan sebidang tanah yang dikenali sebagai Taman Damansra Aliff (“TDA”) oleh Newco daripada JCD.Selaras dengan Perjanjian Bersyarat tersebut, D Bhd, JCD dan DRJSB telah bersetuju bahawa DRJSBakan terus menjadi pemaju TDA sehingga 2009.

Sebagai balasan kepada Johor Corporation dan JCD yang bersetuju untuk melantik DRJSB sebagaipemaju bagi tanah TDA bersama dengan Hak-hak Pembangunan, DRJSB bersetuju untuk membayarJCD secara tunai RM180 juta. Pembayaran-pembayaran akan dibuat seperti berikut :

RMRMRMRMRMPada atau sebelum 31 Disember 2006 30,000,000Pada atau sebelum 31 Disember 2007 30,000,000Pada atau sebelum 31 Disember 2008 60,000,000Pada atau sebelum 31 Disember 2009 60,000,000

Bagi setiap pembayaran kemajuan, JCD akan memindahmilik bidang-bidang tanah menurut bahagianjumlah yang dibayar kepada DRJSB dan di atas pembayaran penuh daripada jumlah keseluruhan,sebarang baki bidang-bidang tanah tersebut akan dipindahmilik secara berkesan kepada DRJSB danDRJSB akan menjadi pemilik bermanfaat bagi bidang-bidang tersebut bagi tanah berkenaan.

Perjanjian ini adalah bergantung keatas kelulusan pemegang-pemegang saham DRJSB dan JCD danlain-lain pihak berkuasa yang berkenaan.

Selaras dengan penamatan perjanjian-perjanjian yang dinyatakan di atas Cadangan Skim Penstrukturandan Penyusunan Semula, yang telah diumumkan pada 5 Ogos 2002, telah terbatal pada waktu yangsama.




8. Pada 5 Februari 2004, D Bhd telah memeterai suatu perjanjian jual beli bersyarat dengan BukitMelita Sdn Bhd (“Bukit Melita”) bagi cadangan pembelian sepuluh (10) bidang tanah pegangan bebasberukuran 327.9079 hektar dalam kawasan lingkaran Mukim Pelangai, semuanya berada di dalamlingkungan Daerah Bentong, Pahang Darul Makmur daripada Bukit Melita dengan harga pembelianRM20 juta untuk diselesaikan dengan memindahmilik, keseluruhan 100% kepentingan ekuiti di dalamGolden Dragon Garden Sdn Bhd kepada Bukit Melita untuk RM16 juta dan baki RM4 juta secaratunai. Pembelian ini tertakluk kepada kelulusan pemegang-pemegang saham, Jawatankuasa PelaburanAsing (“FIC”) dan lain-lain pihak berkuasa yang berkenaan.

9. Pada 9 Jun 2003, sebuah Syarikat Anak, Kulim (Malaysia) Berhad (“KMB”), telah memeterai Perjanjian-Perjanjian Jual Beli Bersyarat berikut :-

(i) Perjanjian Pengambilalihan Saham-Saham Bersyarat dengan Johor Corporation (“SPA 1”) bagicadangan pengambilalihan kesemua 6,091,358 saham-saham biasa bernilai RM1.00 seunitKumpulan Bertam Plantations Berhad (“Saham-saham KBP”) mewakili 62.03% kepentingan ekuitidi dalam KBP dengan harga perolehan RM15,060,000. Ia akan diselesaikan secara pembayarantunai RM6,000,000 dan penerbitan 3,939,130 saham-saham biasa baru bernilai RM0.50 seunitdi dalam KMB diterbitkan sebagai berbayar penuh pada harga terbitan RM2.30 sesaham(“Cadangan Pengambilalihan KBP”).

Pengambilalihan tersebut telah diselesaikan pada 8 Julai 2004.

(ii) Perjanjian Bersyarat Pengambilalihan Saham-Saham dengan Johor Corporation dan JohorFranchise Development Sdn Bhd (“JFDSB”), sebuah syarikat anak milik penuh Johor Corporation(“SPA2”) bagi cadangan pembelian 80,321,257 saham-saham biasa bernilai RM1.00 seunitsaham-saham EPA Management Sdn Bhd (“EPA”), sebuah syarikat anak milik penuh JohorCorporation, mewakili 100% daripada modal saham yang diterbitkan berbayar EPA yangdipertingkatkan selepas daripada cadangan penstrukturan dalaman dan cadangan untukmemodalkan jumlah yang terhutang kepada Johor Corporation dengan harga pembelianRM80,000,000 dan perlu diselesaikan dengan RM35,000,000 secara tunai dan penerbitan19,565,217 saham-saham biasa baru yang bernilai RM0.50 seunit di dalam KMB diterbitkansebagai berbayar penuh pada harga terbitan bernilai RM2.30 sesaham (“CadanganPengambilalihan EPA”).

Pengambilalihan tersebut telah diselesaikan pada 28 Julai 2004.

(iii) Bersama dengan Cadangan Pengambialihan, KMB berhasrat untuk memperakui suatu cadanganhak-hak “renounceable” diterbitkan sehingga 47,289,060 saham-saham biasa baru bernilaiRM0.50 seunit di dalam KMB (“Penerbitan Hak-hak”) bersama dengan sehingga 47,289,060waran-waran percuma “detachable” pada harga terbitan bernilai RM1.50 seunit di atas kadarsatu (1) saham biasa baru bernilai RM0.50 seunit bersama dengan satu (1) waran percuma bagisetiap empat (4) saham-saham biasa sediada bernilai RM0.50 seunit yang dipegang didalamKMB sebelum Cadangan Pengambilalihan tersebut.

Penerbitan tersebut telah dibuat pada 6 Julai 2004.




10. (a) Pada 26 Jan 2004, Larkin Sentral Management Sdn Bhd (“LSM”) dan Pelaburan Johor Berhad(“PJB”), kedua-duanya syarikat-syarikat anak Johor Corporation dan Amanah Raya Berhad, telahmemeterai suatu Perjanjian Tiga Pihak berkaitan dengan pembelian unit-unit Amanah SahamJohor (“ASJ”) dan/atau Dana Johor (“DJ”).

LSM berhasrat untuk membeli daripada PJB unit-unit ASJ dan DJ yang persamaan kepada bilanganunit-unit ASJ dan DJ di mana PJB diperlukan untuk membeli semula daripada pemegang-pemegangunit ASJ dan DJ yang dilaksanakan di bawah “Skim Beli Semula”.

LSM telah bersetuju untuk membeli semula setiap unit ASJ pada harga belian RM1.00 dansetiap Unit DJ pada RM0.50. Skim ini bermula pada 9 Februari 2004 untuk tempoh permulaanselama satu tahun.

Pada 6 Februari 2004, pihak-pihak tersebut juga telah memeterai suatu perjanjian sampingan dimana telah dipersetujui bahawa sekiranya berlaku skim itu dilanjutkan untuk penggal atau penggal-penggal seterusnya, setiap unit yang layak untuk dibeli balik daripada setiap pemegang unit didalam tempoh sebarang penggal yang telah lalu bagi skim berkenaan, tetapi tiada permintaanuntuk pembelian semula dibuat oleh pemegang unit berkenaan, boleh dicampurkan dengankelayakan pemegang Unit berkenaan untuk membeli semula di bawah Skim tersebut pada masapenggal yang dilanjutkan pada Harga Skim Membeli Semula yang digunakan pada masa penggaltambahan Skim berkenaan.

LSM bersetuju bahawa ia akan, tanpa menjejaskan Klausa 3(iv) di Perjanjian Utama, di atasmenerima tawaran bertulis daripada PJB selaras kepada Klausa 3(v) di Perjanjian Utama, membelisegala unit-unit yang ditawarkan kepada LSM termasuk sebarang unit-unit yang layak untukpembelian semula di bawah skim pada masa sebarang penggal yang lalu pada harga penjualanbersamaan kepada harga Skim Pembelian Semula yang digunakan pada masa penggal yangdilanjutkan pada skim yang tersebut.

(b) Pada 6 Februari 2004, LSM telah membuat ketetapan untuk menerima pengurniaan enam bidangtanah oleh Kerajaan Negeri Johor seperti berikut :

(i) Sebidang tanah di bawah pegangan Lot PTB 20478 di dalam Mukim Bandar Johor Bahru,Daerah Johor Bahru, di dalam Negeri Johor, yang mengandungi suatu kawasan berkeluasankira-kira 15.921 ekar bersama dengan suatu bangunan yang didirikan di atasnya dan dikenalisebagai “Stadium Dato’ Tan Sri Hj Hassan Yunos, Larkin”.

(ii) Sebidang tanah di bawah pegangan Lot PTD 78587 di dalam Mukim Tebrau, Daerah JohorBahru, di dalam Negeri Johor, yang mengandungi suatu kawasan keluasan kira-kira 17.734ekar dan dikenali sebagai ”Tanah Penempatan Sementara Kem TSN, Tampoi, Johor”.

(iii) Sebidang tanah di bawah pegangan Lot PTD 78588 di dalam Mukim Tebrau, Daerah JohorBahru, di dalam Negeri Johor yang mengandungi suatu kawasan keluasan kira-kira 10.50 ekardan dikenali sebagai” Tanah Penempatan Sementara Peniaga Pekan Tampoi, Johor Bahru”.

(iv) Sebidang tanah di bawah pegangan Lot 14005 di dalam Mukim Bandar Johor Bahru, DaerahJohor Bahru, di dalam Negeri Johor, mengandungi suatu kawasan dengan keluasan kira-kira17.710 ekar bersama dengan sebuah bangunan yang didirikan di atasnya dan dikenali sebagai“Tanah Gelanggang Budaya, Larkin”.

(v) Sebidang tanah di dalam Mukim Tebrau yang mengandungi suatu kawasan dengan keluasankira-kira 7.100 ekar dan dikenali sebagai “Tanah Pekan Tampoi, Johor Bahru”.

(vi) Sebidang tanah di dalam Mukim Bandar Johor Bahru, Daerah Johor Bahru, di dalam NegeriJohor, yang mengandungi suatu kawasan dengan keluasan kira-kira 7.042 ekar dan telahdirancang untuk tujuan komersial dan dikenali sebagai “Tanah Tasek Utara”.

Tanah-tanah (i) hingga (v) telah diluluskan untuk pengurniaan oleh Majlis Mesyuarat Kerajaan Negeri.Pihak Pejabat Tanah Daerah Johor Bahru sedang mencari tanah lain yang sesuai bagi menggantikantanah (vi) disebabkan tanah ini telah dirizabkan untuk kegunaan kerajaan pada masa hadapan.



11. Pada 27 Januari 2004, modal berbayar Genuine Victory Sdn Bhd telah ditambah daripada RM2.00kepada RM150,000 diperuntukkan kepada Johor Ventures Sdn Bhd, sebuah syarikat anak milik penuhJohor Corporation. Pada 2 Mac 2004 modal berbayar tersebut telah ditambah lagi daripadaRM150,000 kepada RM180,000 dan diperuntukkan kepada Johor Ventures Sdn Bhd. Pada 9 Jun2004, modal berbayar tersebut ditambah daripada RM180,000 kepada RM200,000 denganpenerbitan 20,000 unit saham-saham biasa baru pada RM1.00 seunit diperuntukkan kepada pihakyang berkaitan.

12. Syarikat Pengangkutan dan Perniagaan Am Melayu, sebuah syarikat anak SPMB (H) Sdn Bhd, syarikatanak Johor Corporation telah memberhentikan operasi pada 1 Februari 2004.

13. Damansara Harta Management Sdn Bhd, sebuah syarikat anak D Bhd iaitu syarikat bersekutu JohorCorporation, telah memberhentikan operasi pada 1 Mei 2004.

14. Makmuran Veneer & Plywood Sdn Bhd, sebuah syarikat anak Makmuran Sdn Bhd, sebuah syarikatanak Johor Corporation telah mengaktifkan semula operasinya pada 1 April 2004.

15. Pada 21 Mei 2004, PJB Advisory Services Sdn Bhd, sebuah syarikat anak Johor Capital Holdings SdnBhd, sebuah syarikat anak milik penuh Johor Corporation, telah dibubarkan oleh Mahkamah TinggiKuala Lumpur.

16. Pada 10 Jun 2004, modal berbayar EPA Management Sdn Bhd, sebuah syarikat anak milik penuhJohor Corporation, telah ditambah daripada RM8,580,000 kepada RM80,320,000 denganmemodalkan pendahuluan-pendahuluan oleh Johor Corporation berjumlah RM71,740,000.

17. Pada 21 Julai 2004, D Bhd, sebuah syarikat bersekutu Johor Corporation, membeli Tebing Aur SdnBhd daripada JSEDC Properties Sdn Bhd, sebuah syarikat anak milik penuh Johor Corporation, denganharga keseluruhan sebanyak RM1,500,000.



KENYATAAN OLEH PENGARAH-PENGARAH

Kami, Dato’ Haji Abdul Ghani Bin Othman dan Tan Sri Dato’ Muhammad Ali Hashim, dua daripada Pengarah-Pengarah Johor Corporation, menyatakan bahawa pada pendapat Pengarah-Pengarah, Penyata Kewanganyang dibentangkan di mukasurat 67 hingga 159 telah disediakan untuk menunjukkan gambaran yang benardan saksama mengenai hal-ehwal Kumpulan dan Johor Corporation pada 31 Disember 2003 dan juga ke ataskeputusan-keputusan perniagaan Kumpulan dan Johor Corporation dan perubahan di dalam kedudukan kewanganKumpulan bagi tahun berakhir pada tarikh tersebut menurut piawaian perakaunan berkenaan yang diluluskandi Malaysia.

Bagi pihak Lembaga Pengarah

DATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANPengerusi

TAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMKetua Eksekutif Kumpulan

Johor Bahru

16 Julai 2004


AKUAN BERKANUN

Saya, Jamaludin Bin Md Ali, pegawai utama yang bertanggungjawab terhadap pengurusan kewangan Kumpulandan Johor Corporation, dengan ikhlas berikrar bahawa Penyata Kewangan yang tertera di mukasurat 67hingga 159, pada pendapat saya adalah betul dan saya membuat ikrar yang bersungguh-sungguh ini denganbenar-benar mempercayai ianya benar, dan adalah menurut kuasa yang diperuntukkan oleh Akta AkuanBerkanun, 1960.

Ditandatangani dan diakui di Johor Bahru pada 16 Julai 2004.

JAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIKetua Pegawai Operasi

Di hadapan saya,

Pesuruhjaya Sumpah, Johor Bahru.


SIJIL KETUA AUDIT NEGARA MENGENAIPENYATA KEWANGAN JOHOR CORPORATIONBAGI TAHUN BERAKHIR 31 DISEMBER 2003

Penyata kewangan Johor Corporation bagi tahun berakhir 31 Disember 2003 telahdiaudit oleh wakil saya. Pihak pengurusan bertanggungjawab terhadap penyatakewangan ini. Tanggungjawab saya adalah mengaudit dan memberi pendapatterhadap penyata kewangan tersebut.

2. Pengauditan telah dilaksanakan mengikut Akta Audit 1957 dan berpandukanpiawaian pengauditan yang diluluskan. Piawaian tersebut menghendaki pengauditandirancang dan dilaksanakan untuk mendapat kepastian yang munasabah sama adapenyata kewangan adalah bebas daripada kesilapan atau ketinggalan yang ketara.Pengauditan itu termasuk memeriksa rekod secara semak uji, menyemak bukti yangmenyokong angka dan memastikan pendedahan yang mencukupi dalam penyatakewangan. Penilaian juga dibuat terhadap prinsip perakaunan yang digunakan danpenyampaian penyata kewangan secara keseluruhan.

3. Pada pendapat saya, penyata kewangan ini memberi gambaran yang benardan saksama terhadap kedudukan kewangan Johor Corporation dan Kumpulan pada31 Disember 2003, hasil operasi serta aliran tunainya untuk tahun tersebutberdasarkan piawaian perakaunan yang diluluskan.

4. Saya telah mempertimbangkan penyata kewangan dan laporan juruaudit bagisemua subsidiari yang tidak diaudit olah saya seperti yang dinyatakan dalam NotaKepada Penyata Kewangan. Saya berpuas hati bahawa penyata kewanganberkenaan telah disatukan dengan penyata kewangan Johor Corporation adalahdalam bentuk dan kandungan yang sesuai dan wajar bagi tujuan penyediaan penyatakewangan disatukan. Saya juga telah menerima maklumat dan penjelasan yangmemuaskan sebagaimana yang dikehendaki bagi tujuan tersebut.


5. Laporan juruaudit mengenai penyata kewangan subsidiari berkenaan tidakmengandungi sebarang pemerhatian yang boleh menjejaskan penyata kewangandisatukan.

( TAN SRI DR. HADENAN BIN A. JALIL )

KETUA AUDIT NEGARAMALAYSIA.

PUTRAJAYA,24 Ogos 2004


LAPORAN KETUA AUDIT NEGARA MENGENAIPENYATA KEWANGAN JOHOR CORPORATIONBAGI TAHUN BERAKHIR 31 DISEMBER 2003

Laporan Ketua Audit Negara ini hendaklah dibaca bersama-sama dengan Sijil KetuaAudit Negara bagi menyokong pendapat Audit terhadap penyata kewangan tersebut.

2. Selain daripada mengesahkan penyata kewangan tersebut, semakan Auditjuga dibuat terhadap prestasi kewangan dan pengurusan aktiviti JohorCorporation. Hasil semakan itu dinyatakan dalam perenggan berikut:

2.1 Prestasi Kewangan

Pada tahun 2003, Johor Corporation mencatatkan keuntungan bersihberjumlah RM277.18 juta, manakala di peringkat Kumpulan berjumlah RM60.15juta. Peningkatan keuntungan Johor Corporation sejumlah RM56.37 jutaberbanding tahun 2002 adalah disebabkan peningkatan jualan barang iaitujualan minyak sawit pada tahun 2003 sebanyak 35.09% (2003 : RM142.89juta; 2002 : RM105.77 juta). Peningkatan keuntungan tersebut turutmenyumbang kepada pengurangan defisit rezab Johor Corporation bagi tahun2003 sebanyak 58.87% berbanding tahun sebelumnya iaitu daripada defisitberjumlah RM470.83 juta pada tahun 2002 kepada defisit berjumlah RM193.65juta pada tahun 2003. Manakala lebihan berjumlah RM544.42 juta bagiKumpulan. Pada tahun 2003, Johor Corporation mempunyai aset semasabersih sejumlah RM61.81 juta berbanding Kumpulan yang menunjukkantanggungan semasa bersih berjumlah RM336.71 juta. Pinjaman JohorCorporation sehingga 31 Disember 2003 adalah RM3.64 bilion dan Kumpulansejumlah RM4.69 bilion.


2.2 Kesinambungan Johor Corporation dan Kumpulan atas dasar usahaberterusan bergantung kepada sokongan yang diberikan oleh Kerajaan Negeridengan kelulusan Kerajaan Persekutuan terhadap Pelan Induk PenstrukturanKorporat yang dilaksanakan pada tahun 2002.


KETUA AUDIT NEGARAMALAYSIA.

PUTRAJAYA,24 Ogos 2004


SENARAI UTAMA SYARIKAT-SYARIKAT ANAKDAN SYARIKAT-SYARIKAT BERSEKUTU PADA 31 DISEMBER 2003

% Kepentingan KumpulanNegara Dis Dis

Nama Syarikat Kegiatan utama Ditubuhkan 2003 2002

IIIII BISNES ASASBISNES ASASBISNES ASASBISNES ASASBISNES ASAS

AAAAA MINYAK SAWITMINYAK SAWITMINYAK SAWITMINYAK SAWITMINYAK SAWIT

SYARIKAT AKTIFSYARIKAT AKTIFSYARIKAT AKTIFSYARIKAT AKTIFSYARIKAT AKTIF

Kulim (Malaysia) Berhad # Syarikat Induk, pengilangan Malaysia 52.18 54.05 dan perladangan kelapa sawit

EPA Management Sdn Bhd Syarikat Induk dan pengurusan Malaysia 100.00 100.00 ladang

Kumpulan Bertam Plantations Berhad Perladangan kelapa sawit Malaysia 72.96 72.96Kumpulan Penambang (Johor) Sdn Bhd Syarikat induk dan Malaysia 100.00 100.00

perladangan kelapa sawitJohor Foods Sdn Bhd Syarikat Induk dan Malaysia 100.00 100.00

perladangan kelapa sawitJohor Franchise Development Sdn Bhd Syarikat Induk francais Malaysia 100.00 100.00Selai Sdn Bhd Perladangan kelapa sawit Malaysia 52.18 54.05Dubois Natural Esters Sdn Bhd Pengilangan esters Malaysia 26.22 27.16KMC Packaging Sdn Bhd Pengeluar tin logam Malaysia 26.09 27.03Kulim Plantations (Malaysia) Sdn Bhd Perladangan kelapa sawit Malaysia 52.18 54.05Skellerup Industries (Malaysia) Sdn Bhd Syarikat Induk dan pengilangan Malaysia 52.18 54.05

barangan getahSkellerup Latex Products (M) Sdn Bhd Pengilangan asas barangan getah Malaysia 52.18 54.05

(sarung tangan getah)Mahamurni Plantations Sdn Bhd Perladangan kelapa sawit dan Malaysia 52.18 54.05

getahUnited Malayan Agricultural Perladangan kelapa sawit Malaysia 52.18 54.05

Corporation BhdNatural Oleochemicals Sdn Bhd Pengilangan dan pengeksport Malaysia 47.68 49.39

oleochemicalPristine Bay Sdn Bhd Syarikat Induk Malaysia 75.61 76.65PT Graha Cakra Mulia Perladangan kelapa sawit Indonesia 70.00 70.00PT Harapan Hibrida Kalbar Perladangan kelapa sawit Indonesia 85.00 85.00PT Trimitra Panquest Plantation Perladangan kelapa sawit Indonesia 31.31 32.43PT Padang Bolak Jaya Perladangan kelapa sawit Indonesia 31.31 32.43PT Selanok Ladang Mas Perladangan kelapa sawit Indonesia 90.44 70.00PT Multrada Multi Maju Perladangan kelapa sawit Indonesia 31.31 32.43PT Bintara Tani Nusantara Perladangan kelapa sawit Indonesia 51.00 51.00PT Bisma Darma Kencana Perladangan kelapa sawit Indonesia 90.00 90.00PT Trimurti Sumber Tama Perladangan kelapa sawit Indonesia 70.00 70.00PT Trimitra Sumberperkasa Perladangan kelapa sawit Indonesia 51.00 51.00Kapiura Plantations Limited Perladangan kelapa sawit Papua New Guinea 31.31 32.43Mosa Oil Mill Limited Pemprosesan isirung dan Papua New Guinea 31.31 32.43

minyak kelapa sawitDami Australia Pty Ltd Penyelidikan dan pembangunan Australia 31.31 32.43

biji sawit premiumKurumul Plantations Limited Perladangan teh dan kopi Papua New Guinea 100.00 100.00Marenban Limited Perladangan teh dan kopi Papua New Guinea 100.00 100.00Panquest Ventures Limited (BVI) Syarikat Induk dan pengurusan Britain Virgin 100.00 100.00

ladang IslandKulim Limited Syarikat induk United Kingdom 52.18 54.05New Britain Palm Oil Ltd Perladangan kelapa sawit dan kopi Papua New Guinea 31.31 32.43Warren Plantations (Mt. Hagen) Ltd Perladangan teh dan kopi Papua New Guinea 100.00 100.00New Britain Nominees Limited Syarikat Nominee Papua New Guinea 31.31 32.43Pembangunan Mahamurni Sdn Bhd Syarikat induk Malaysia 52.18 54.05




A MINYAK SAWIT A MINYAK SAWIT A MINYAK SAWIT A MINYAK SAWIT A MINYAK SAWIT (sambungan)

SYARIKAT AKTIFSYARIKAT AKTIFSYARIKAT AKTIFSYARIKAT AKTIFSYARIKAT AKTIF (sambungan)

Natural Soaps Sdn Bhd Pengeluar ‘soap noodles’ dan Malaysia 47.68 49.39 ‘detergent’

Edaran Badang Sdn Bhd Pengedar jentera ‘Badang’ Malaysia 100.00 100.00PT Gonjong Limo Crops Perladangan kelapa sawit Indonesia 70.00 70.00Capital Stockbrokers Limited Tidak aktif Papua New Guinea 31.31 32.43

SYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIF

Skellerup Foam Products (M) Sdn Bhd Pengilangan barangan asas Malaysia 52.18 54.05 getah (alas permaidani)

Mosa Plantations Pty Ltd Perladangan kelapa sawit Papua New Guinea 31.31 32.43Numundo Pty LTd Perladangan kelapa sawit Papua New Guinea 31.31 32.43

dan kelapaAgricultural and Industrial Machinery Pemasangan dan penjualan Malaysia 100.00 100.00 Sdn Bhd jentera ‘Badang’PT Sumber Mahardhika Graha Perladangan kelapa sawit Indonesia 70.00 70.00

SYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASI

EPA Futures Sdn Bhd Broker komoditi Malaysia 75.61 76.75Flovent Sdn Bhd Pemprosesan isirung kelapa sawit Malaysia 52.18 54.05Ulu Tiram Manufacturing Company Pemprosesan barangan Malaysia 52.18 54.05 (Malaysia) Sdn Bhd berasaskan getah dan

perladangan kelapa sawitVibrant Hectares Sdn Bhd Pemprosesan isirung kelapa sawit Malaysia 100.00 100.00

SYARIKAT DI DALAM PROSES PEMBUBARANSYARIKAT DI DALAM PROSES PEMBUBARANSYARIKAT DI DALAM PROSES PEMBUBARANSYARIKAT DI DALAM PROSES PEMBUBARANSYARIKAT DI DALAM PROSES PEMBUBARAN

Skellerup Polymer Products Sdn Pengeluar barangan berasaskan Malaysia 52.18 54.05 Bhd polimer

Matthes & Porton B.V Broker komoditi Netherlands 100.00 100.00

BBBBB PRISIHATINPRISIHATINPRISIHATINPRISIHATINPRISIHATIN


KPJ Healthcare Berhad # Syarikat induk Malaysia 76.37 82.52Kumpulan Perubatan (Johor) Sdn Bhd Syarikat induk dan pengurusan Malaysia 76.37 82.52

hospital pakarMedical Centre (Johore) Sdn Bhd Hospital pakar Malaysia 74.11 79.63Medical Supplies (Sarawak) Sdn Bhd Pengedar dan pemasaran Malaysia 57.28 61.89

barangan farmasiKuantan Specialist Hospital Sdn Bhd Hospital pakar Malaysia 53.91 58.25Lablink (M) Sdn Bhd Perkhidmatan makmal dan patalogi Malaysia 45.82 49.51Puteri Specialist Hospital Sdn Bhd Hospital pakar Malaysia 76.37 82.52Medical Associates Sdn Bhd Hospital pakar Malaysia 75.18 81.23Johor Specialist Hospital Sdn Bhd Hospital pakar Malaysia 76.37 82.52Renalcare Perubatan (M) Sdn Bhd Perkhidmatan hemodialisis Malaysia 76.37 82.52Kedah Medical Centre Sdn Bhd Hospital pakar Malaysia 34.82 32.78Puteri Nursing College Sdn Bhd Kolej jururawat Malaysia 76.37 82.52Hospital Penawar Sdn Bhd Hospital pakar Malaysia 22.91 24.76Tawakal Holdings Sdn Bhd Syarikat induk Malaysia 76.37 82.52Pusat Pakar Tawakal Sdn Bhd Hospital pakar Malaysia 76.37 79.83Healthcare Technical Services Sdn Bhd Pengurusan hospital Malaysia 76.37 82.52Damansara Specialist Hospital Sdn Bhd Hospital pakar Malaysia 76.37 74.27

SENARAI UTAMA SYARIKAT-SYARIKAT ANAKDAN SYARIKAT-SYARIKAT BERSEKUTU PADA 31 DISEMBER 2003 (sambungan)




BBBBB PRISIHATIN (sambungan)PRISIHATIN (sambungan)PRISIHATIN (sambungan)PRISIHATIN (sambungan)PRISIHATIN (sambungan)

SYARIKAT AKTIF (sambungan)SYARIKAT AKTIF (sambungan)SYARIKAT AKTIF (sambungan)SYARIKAT AKTIF (sambungan)SYARIKAT AKTIF (sambungan)

FP Marketing (S) Pte Ltd Pengedar barangan farmasi Singapura 76.37 82.52Bukit Mertajam Specialist Hospital Hospital pakar Malaysia 53.46 57.76

Sdn BhdPusat Pakar Darul Naim Sdn Bhd Hospital pakar Malaysia 45.82 49.51Pharmaserv Alliances Sdn Bhd Pengedar barangan farmasi Malaysia 76.37 82.52PT Selasih Husada Pratama Hospital pakar Indonesia 61.64 61.64PT Khidmat Perawatan Jasa Medika Hospital pakar Indonesia 100.00 100.00Tesbuild (M) Sdn Bhd ‘Asset Back Securitisation’ Malaysia 76.37 -Puteri Healthcare Sdn Bhd A&E dan khidmat rawatan Malaysia 45.82 57.76

pesakit luarDiaper Technology Industries Sdn Bhd Pengeluar lampin bayi Malaysia 71.59 77.36


Malaysian Institute of Healthcare Institut pengurusan penjagaan Malaysia 57.26 61.88Management Sdn Bhd kesihatanSeremban Specialist Hospital Sdn Bhd Hospital pakar Malaysia 42.00 45.39Pharmacare Surgical Technologies Pengeluar benang ‘Surgical’ Malaysia 76.35 82.51 Sdn BhdMaharani Specialist Hospital Sdn Bhd Hospital pakar Malaysia 76.37 82.52Bayan Baru Specialist Hospital Sdn Bhd Hospital pakar Malaysia 42.00 45.38PT Khasanah Putera Jakarta Medica Hospital pakar Indonesia 75.00 75.00


Freewell Sdn Bhd Pengeluar tuala pelekat wanita Malaysia 61.09 66.02Nespomas Sdn Bhd Pembekal barangan farmasi Malaysia 76.37 82.52

SYARIKAT DALAM PROSES PEMBUBARANSYARIKAT DALAM PROSES PEMBUBARANSYARIKAT DALAM PROSES PEMBUBARANSYARIKAT DALAM PROSES PEMBUBARANSYARIKAT DALAM PROSES PEMBUBARAN

Ipoh Radiotherapy Sdn Bhd Perkhidmatan radioterapi Malaysia 75.18 81.23

CCCCC PEMBANGUNAN HARTANAHPEMBANGUNAN HARTANAHPEMBANGUNAN HARTANAHPEMBANGUNAN HARTANAHPEMBANGUNAN HARTANAH


Johor Land Berhad # Pemaju hartanah Malaysia 40.53 42.50Damansara Realty Berhad Pemegang pelaburan Malaysia 21.71 24.73Advance Development Sdn Bhd Pemaju perumahan Malaysia 40.53 42.50Saint Gobain Terreal (Malaysia) Sdn Bhd Pengeluar genting tanah liat Malaysia 14.19 14.88Revertex (Malaysia) Sdn Bhd Pemprosesan barangan Malaysia 12.19 12.78

berasaskan getah dan kimiaSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIF

Mengkibol Holdings Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00Johor Land (H) Sdn Bhd Syarikat Induk Malaysia 100.00 100.00


Pembinaan Prefab Sdn Bhd Pembinaan dan pengeluar Malaysia 40.53 42.50 konkrit siap bancuh

Johor Land Constructions Sdn Bhd Tidak aktif Malaysia 100.00 100.00






DDDDD PERKAYUAN/INTRAPRENEUR VENTUREPERKAYUAN/INTRAPRENEUR VENTUREPERKAYUAN/INTRAPRENEUR VENTUREPERKAYUAN/INTRAPRENEUR VENTUREPERKAYUAN/INTRAPRENEUR VENTURE


Sindora Berhad # Pemegang pelaburan, pembalakan, Malaysia 60.68 60.11Pemprosesan kayu, perladangan kelapa sawit dan getah dan ‘Intrapreneur Venture’

Sindora Ventures Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00Sindora Nusantara Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00Sindora Timber Sdn Bhd Pengeluaran perabot, Malaysia 60.68 60.11 (Dahulunya Sindora Furniture Sdn Bhd)Makmuran Sendirian Bhd Pemegang pelaburan dan Malaysia 100.00 100.00

pembalakanMakmuran Sawmill Sdn Bhd Pemprosesan kayu bergergaji Malaysia 100.00 100.00Grand Patriot Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00PT Andalas Lumber Products Pemprosesan keluaran kayu Indonesia 60.00 60.00PT Khage Lestari Timber Pemprosesan keluaran kayu Indonesia 51.00 51.00Sindora Trading Sdn Bhd Pemasaran Perabut dan Produk Malaysia 60.68 60.11

perkayuanSindora Development Sdn Bhd Pemaju hartanah dan Malaysia 60.68 60.11

Kontraktor pembalakanWillis (Malaysia) Sdn Bhd Broker Insuran Malaysia 39.27 55.00Pro-Office Bulk Mailing Sdn Bhd Perkhidmatan penghantaran Malaysia 70.51 95.00

surat secara pukalTepak Marketing Sdn Bhd Memproses dan pemasaran teh Malaysia 50.51 83.12JMF Asset Management Sdn Bhd Pengurusan portfolio dan Malaysia 45.51 42.00

perkhidmatan PenajajaminJMF Capital Sdn Bhd Khidmat nasihat pelaburan Malaysia 45.51 42.00

KewanganJMF Nominees (Tempatan) Sdn Bhd Syarikat Nomini Malaysia 45.51 42.00


Sindora Holdings (Johor) Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00PT Citra Sanjaya Pemegang pelaburan Indonesia 100.00 100.00JMF Margin Sdn Bhd Tidak aktif Malaysia 45.51 42.00Sindora Wood Products Sdn bhd Tidak aktif Malaysia 60.68 60.11


Sindora Timber Products Sdn Bhd Pengeluar kayu beruti lapis Malaysia 60.68 60.11Makmuran Veneer & Plywood Sdn Bhd Pengeluar veneer Malaysia 100.00 100.00D.I.M.A. Sdn Bhd Perkhidmatan kontraktor Malaysia 100.00 100.00

pengangkutan pembalakanKiras Sdn Bhd Kontraktor pembalakan Malaysia 100.00 100.00Mahin Sdn Bhd Pemprosesan kayu bergergaji Malaysia 100.00 100.00PT Pelita Hartajaya Pembalakan dan pemprosesan Indonesia 100.00 100.00

kayu


SENARAI UTAMA SYARIKAT-SYARIKAT ANAKDAN SYARIKAT-SYARIKAT BEREKUTU PADA 31 DISEMBER 2003 (sambungan)



I II II II II I PERKHIDMATAN KORPORATPERKHIDMATAN KORPORATPERKHIDMATAN KORPORATPERKHIDMATAN KORPORATPERKHIDMATAN KORPORAT

AAAAA PERKHIDMATAN MODALPERKHIDMATAN MODALPERKHIDMATAN MODALPERKHIDMATAN MODALPERKHIDMATAN MODAL


Johor Capital Holdings Sdn Bhd Syarikat Induk Malaysia 100.00 100.00Johor Ventures Sdn Bhd Syarikat pelaburan Malaysia 100.00 100.00PT PJB Pacific Capital Akaun Amanah Indonesia 80.00 80.00PT Johor Panca Agro Sewa ruang pejabat Indonesia 95.00 95.00


PJB Pacific Securities (Hong Kong) Limited Agen saham Hong Kong 100.00 100.00PJB Capital Sdn Bhd Pengurusan portfolio Malaysia 100.00 100.00PJB Pacific Securities (Phil) Inc. Broker saham Filipina 81.00 81.00PJB Pacific Capital (L) Berhad Kewangan koporat, Labuan 75.00 75.00

pembrokeran penyelidikan dan pengurusan data


Australian Gold Field N.L Carigali emas Australia 27.73 27.73

BBBBB UNIT AMANAHUNIT AMANAHUNIT AMANAHUNIT AMANAHUNIT AMANAH


Pelaburan Johor Berhad Pengurusan Amanah Saham Malaysia 100.00 100.00 Johor dan Dana Johor

CCCCC PENGANGKUTANPENGANGKUTANPENGANGKUTANPENGANGKUTANPENGANGKUTAN


SPMB Holdings Sdn Bhd Syarikat Induk pelaburan Malaysia 100.00 100.00Syarikat Pengangkutan Maju Bhd Syarikat Induk dan Malaysia 98.27 98.27

perkhidmatan basPenawar Express Line Berhad Perkhidamatan bas Malaysia 98.27 98.27


Pasir Gudang Container Terminal Tidak aktif Malaysia 78.62 78.62 Sdn BhdHosni Management Services Sdn Bhd Perkhimatan pengurusan Malaysia 100.00 100.00Technical Edge Sdn Bhd Pengedar alat-alat ganti Malaysia 74.00 74.00

kenderaanBuat Niaga Sdn Bhd Syarikat induk Malaysia 100.00 100.00Syarikat Pengangkutan Dan Perkhidmatan bas Malaysia 66.42 66.42 Perniagaan ‘Am Melayu Sdn Bhd

SYARIKAT DI BERHENTIKAN OPERASISYARIKAT DI BERHENTIKAN OPERASISYARIKAT DI BERHENTIKAN OPERASISYARIKAT DI BERHENTIKAN OPERASISYARIKAT DI BERHENTIKAN OPERASI

LY Technologies (M) Sdn Bhd Pemasaran badan bas dan Malaysia 51.00 51.00 alat ganti





DDDDD PENGURUSAN HARTA & PENGURUSAN PROJEKPENGURUSAN HARTA & PENGURUSAN PROJEKPENGURUSAN HARTA & PENGURUSAN PROJEKPENGURUSAN HARTA & PENGURUSAN PROJEKPENGURUSAN HARTA & PENGURUSAN PROJEK


Harta Consult Sdn Bhd Pengurusan hartanah Malaysia 100.00 100.00Damansara-Harta Management Pengurusan kompleks Malaysia 99.99 51.00 Sdn BhdTotal Project Management Sdn Bhd Pengurusan hartanah Malaysia 100.00 100.00Larkin Sentral Sdn Bhd Kontraktor dan pengurusan Malaysia 100.00 100.00

hartanahLarkin Sentral Management Sdn Bhd Pengurusan harta Malaysia 100.00 100.00Damansara Town Centre Sdn Bhd Pengurusan harta Malaysia 99.98 24.73


Johor Asphalt Trading Sdn Bhd Peniagaan asphalt Malaysia 100.00 100.00


Pesona Nursery Sdn Bhd Tapak semaian (ladang) Malaysia 100.00 100.00TPM Management Sdn Bhd Perkhidmatan teknikal projek Malaysia 100.00 100.00

EEEEE PEMBANGUNAN HARTANAH, PERHOTELAN & RESORTPEMBANGUNAN HARTANAH, PERHOTELAN & RESORTPEMBANGUNAN HARTANAH, PERHOTELAN & RESORTPEMBANGUNAN HARTANAH, PERHOTELAN & RESORTPEMBANGUNAN HARTANAH, PERHOTELAN & RESORT


Johor City Development Sdn Bhd Pembangunan semula bandar Malaysia 100.00 100.00JSEDC Properties Sdn Bhd Pembangunan hartanah Malaysia 100.00 100.00Tanjung Langsat Port Sdn Bhd Pelabuhan petro-kimia Malaysia 100.00 100.00Grand Central Enterprises (Johore) Perhotelan Malaysia 50.00 50.00 Sdn BhdPuteri Hotels Sdn Bhd Perhotelan Malaysia 100.00 100.00Hotel Selesa Sdn Bhd Perhotelan Malaysia 100.00 100.00Sibu Island Resorts Sdn Bhd Pengurusan pulau peranginan Malaysia 100.00 100.00Bertam Properties Sdn Bhd Pengurusan ladang Malaysia 20.00 20.00Penang Golf Resort Sdn Bhd Pengurusan padang golf Malaysia 20.00 20.00Bertam Golf Management & Services Operator nurseri Malaysia 20.00 20.00BP Plantation Sdn Bhd Perladangan kelapa sawit Malaysia 20.00 20.00


Johor Hotels International Sdn Bhd Syarikat induk Malaysia 100.00 100.00Pagoh Highlands Resort Sdn Bhd Tidak aktif Malaysia 60.00 60.00Bandar Baru Majidee Development Pembangunan hartanah Malaysia 100.00 100.00 Sdn BhdMutiara Golf Properties Sdn Bhd Tidak aktif Malaysia 20.00 20.00





FFFFF BISNES PEMBANGUNAN PERINDUSTRIANBISNES PEMBANGUNAN PERINDUSTRIANBISNES PEMBANGUNAN PERINDUSTRIANBISNES PEMBANGUNAN PERINDUSTRIANBISNES PEMBANGUNAN PERINDUSTRIAN

TPM Technopark Sdn Bhd Pembangunan tanah industri Malaysia 100.00 100.00PT Padang Industrial Park Pembangunan tanah industri Indonesia 55.00 55.00

GGGGG LAIN-LAINLAIN-LAINLAIN-LAINLAIN-LAINLAIN-LAIN


Johor Paper & Publishing Sdn Bhd Syarikat induk Malaysia 100.00 100.00Johor Skills Development Centre Pusat latihan industri Malaysia 100.00 100.00 Sdn BhdUnion Industries Sdn Bhd Pengeluar tingkap dan kereta Malaysia 23.08 23.08

sorongTenaga Utama (Johor) Berhad Pelaburan portfolio Malaysia 69.76 69.76Lek Consolidated Bhd Pengeluar ‘Brake plate’ Malaysia 30.00 30.00Pacific Forest Industries Sdn Bhd Industri pembalakan Malaysia 20.00 20.00Palley Investments Limited Pemegang pelaburan British Virgin Island - 100.00Paracoro (M) Bhd Pengeluaran Komponen Elektrik Malaysia 3.50 3.50Bennes Engineering Sdn Bhd Kejuruteraan Am Malaysia 10.98 10.98PT PharmaCARE Medicine Shoppe Francais farmasi Indonesia 96.22 97.20Paper Automation Sdn Bhd Pemotongan, pemasaran dan Malaysia 93.58 93.58

pengeluaran kertas tanpa karbon

Phoenix Synergy Sdn Bhd Pendaftaran Syarikat Malaysia 100.00 100.00Wonderful Wire & Cable Sdn Bhd Pengeluaran Kabel Elektronik Malaysia 1.50 1.50


Ticom Trading Sdn Bhd Tidak aktif Malaysia 23.08 23.08Johor Toys Sdn Bhd Tidak aktif Malaysia 86.24 86.24Permodalan Teras Sdn Bhd (Dahulu Tidak aktif Malaysia 100.00 100.00 dikenali sebagai Pulau Nenas Sdn Bhd)PJB IT Research Sdn Bhd Tidak aktif Malaysia 100.00 100.00T.T. Nusa Sdn Bhd Syarikat Induk Malaysia 100.00 100.00


Asia Pacific Seafoods Pte Ltd Pemasaran hasil keluaran laut Singapura 100.00 100.00East Asian Marine Foods Sdn Bhd Pemprosesan, pemasaran dan Malaysia 100.00 100.00

pengedar makanan lautAsia Pacific Food Traders Sdn Bhd Tidak aktif Malaysia 51.00 51.00Meatpackers Sdn Bhd Pemasaran hasil keluaran daging Malaysia 99.00 99.00Johor Deer Farm Sdn Bhd Penternakan rusa Malaysia 100.00 100.00Meatpackers (A) Pty Ltd Pemasaran hasil keluaran daging Australia 40.00 40.00Saujana Jaya Sdn Bhd Pemprosesan santan kelapa Malaysia 100.00 100.00Johorcraft Sdn Bhd Pengeluar seramik dan Malaysia 100.00 100.00

pemasaran kraftanganAmiza Publishing Sdn Bhd Penerbitan dan pengedaran buku Malaysia 96.15 96.15Johor Aluminium Processing Sdn Bhd Pengeluaran jongkong aluminium Malaysia 35.00 35.00Kumpulan Sukan Sdn Bhd Tidak aktif Malaysia 100.00 100.00Sports Communications Sdn Bhd Promosi sukan bermotor Malaysia 50.00 50.00Sergam Berhad Pemasaran besi waja dan Malaysia 96.78 96.78

bahan binaanSTPA Trading Sdn Bhd Pemasaran besi waja dan Malaysia 96.78 96.78

bahan binaan




SYARIKAT BERHENTI OPSYARIKAT BERHENTI OPSYARIKAT BERHENTI OPSYARIKAT BERHENTI OPSYARIKAT BERHENTI OPERASI ERASI ERASI ERASI ERASI (sambungan)

Rely-On-Us Sdn Bhd Francais ruang pejabat Malaysia 100.00 100.00Vision Possible Berhad Pengurusan portfolio Malaysia 100.00 100.00Orion Tours Pte Ltd Perkhidmatan pelancongan Singapura 51.00 51.00Quality Heights Sdn Bhd Pengedaran dan pemasaran Malaysia 100.00 100.00

barangan farmasiJohor Estate Agency Sdn Bhd Tidak Aktif Malaysia 100.00 100.00

SYARIKAT DI BAWAH TANGGUNGAN PENERIMASYARIKAT DI BAWAH TANGGUNGAN PENERIMASYARIKAT DI BAWAH TANGGUNGAN PENERIMASYARIKAT DI BAWAH TANGGUNGAN PENERIMASYARIKAT DI BAWAH TANGGUNGAN PENERIMA

Kok Lian Marketing Sdn Bhd Penerbit buku Malaysia 51.00 51.00

I I II I II I II I II I I INTRAPRENEURINTRAPRENEURINTRAPRENEURINTRAPRENEURINTRAPRENEUR

AAAAA BISNES INTRAPRENEUR IBISNES INTRAPRENEUR IBISNES INTRAPRENEUR IBISNES INTRAPRENEUR IBISNES INTRAPRENEUR I


Excellent Relation Sdn Bhd Menyediakan perkhidmatan IT Malaysia 90.00 100.00 dan lain-lain perkhidmatan

Jejak Juara Sdn Bhd Perkhidmatan fotografi Malaysia 95.00 95.00Perkasa Mechanical & Engineering Perkhidmatan membaiki kereta Malaysia 88.00 88.00 Sdn BhdJTP Trading Sdn Bhd Penjualan pisang dan buah- Malaysia 75.00 90.00

buahan tropikaAquapreneur Sdn Bhd Penternakan udang harimau Malaysia 38.94 38.94Metro Parking (M) Sdn Bhd Pengurusan tempat letak kereta Malaysia 90.00 90.00Metro Parking (S) Pte Ltd Pengurusan tempat letak kereta Singapura 63.00 63.00Metro Parking (B) Sdn Bhd Pengurusan tempat letak kereta Brunei 90.00 90.00Metro Parking Management Pengurusan tempat letak kereta Filipina 90.00 90.00 (Philippines) Inc.Metro Equipment Systems (M) Sdn Bhd Menjual peralatan letak kereta Malaysia 90.00 90.00PT Metro Penata Sarana Pengurusan tempat letak kerata Indonesia 54.00 54.00Pro Communication Services Sdn Bhd Fotografi, pengiklanan multimedia Malaysia 95.00 95.00Open Access Sports Injury Services Perkhidmatan rawatan untuk Malaysia 72.55 82.52 Sdn Bhd kecederaan sukanSejahtera Farma Sdn Bhd Rumah persaraan Malaysia 72.55 82.16Pro-Office Shoppe Sdn Bhd Fhotostat, percetakan dan Malaysia 95.00 95.00

perkhidmatan penghantaranJohor Land Manufacturing Sdn Bhd Pengeluar kerangka pintu besi Malaysia 30.40 31.87Tg. Langsat Development Sdn Bhd Pembangunan tanah industri Malaysia 79.00 79.00IPPJ Sdn Bhd Institusi latihan dan pembangunan Malaysia 95.00 95.00

usahawanEpasa Shipping Agency Sdn Bhd Agensi perkapalan dan Malaysia 75.00 100.00

perkhidmatan pengangkutanGenuine Victory Sdn Bhd Perkhidmatan pengurusan dan Malaysia 100.00 -

penternakan udang harimauHC Duraclean Sdn Bhd Franchise khidmat kebersihan Malaysia 94.00 100.00


Metro Parking (Sabah) Sdn Bhd Pengurusan tempat letak kereta Malaysia 90.00 90.00PJB Pacific Advisory Services Sdn Bhd Konsultan sekuriti Malaysia 75.00 75.00






BBBBB BISNES INTRAPRENEUR IIBISNES INTRAPRENEUR IIBISNES INTRAPRENEUR IIBISNES INTRAPRENEUR IIBISNES INTRAPRENEUR II


Johor Tropical Products Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00JKing Sdn Bhd Pengeluar barangan sukan Malaysia 100.00 100.00East Johor Marine Farms Sdn Bhd Penternakan udang harimau Malaysia 65.60 65.60Yakin Tea Sdn Bhd Perladangan teh & kopi Malaysia 62.24 62.24Pro-Office Services Sdn Bhd Perkhidmatan fotostat dan

penghantaran Malaysia 100.00 100.00Johor Silica Industries Sdn Bhd Perlombongan pasir silika Malaysia 100.00 100.00Tiram Travel Sdn Bhd Agensi Pelancongan Malaysia 100.00 100.00PharmaCARE Medicine Shoppe Sdn Bhd Francais farmasi Malaysia 100.00 100.00Pharmacare Sdn Bhd Pengedar barangan farmasi dan Malaysia 76.37 82.52

rangkaian farmasiDusun Damai Sdn Bhd Pemasaran dan pengurusan dusun Malaysia 100.00 100.00Tebing AUR Sdn Bhd Pengurusan kontraktor dan Malaysia 100.00 100.00

perundinganJohor Heavy Industries Sdn Bhd Syarikat induk Malaysia 100.00 100.00


TWF Sdn Bhd Khidmat pengurusan insuran Malaysia 39.27 55.00Pharmacare (S) Pte Ltd Pengedar dan pemasaran Singapura 100.00 82.52

barangan farmasiSYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASI

Malaysia Pharmacy (Retail) Sdn Bhd Pengedar dan pemasaran Malaysia 100.00 100.00 barangan farmasi

PharmaCARE (B) Sdn Bhd Pengedar dan pemasaran Brunei 45.82 49.51 barangan farmasi

Kilang Airbatu Perintis Sdn Bhd Pengilangan air batu Malaysia 88.22 88.22Johor Tea Sdn Bhd Perladangan teh Malaysia 100.00 100.00Aquabuilt Sdn Bhd Pengurusan dan perkhidmatan Malaysia 100.00 100.00

akuakulturTajasukan Sdn Bhd Syarikat Induk Malaysia 100.00 100.00Rajaudang Sdn Bhd Syarikat induk dan penternakan

udang harimau Malaysia 100.00 100.00CCCCC LAIN-LAINLAIN-LAINLAIN-LAINLAIN-LAINLAIN-LAIN


Selangor Foods Industries Sdn Bhd Pemprosesan dan pemasaran Malaysia 100.00 60.00 daging burger

Jedcon Engineering Survey Sdn Bhd Perkhidmatan ukur tanah Malaysia 51.00 51.00Johor Logistics Sdn Bhd Pergudangan Malaysia 100.00 100.00Asam Bubuk Sdn Bhd Perladangan kelapa sawit Malaysia 49.00 49.00Trapezoid Web Profile Sdn Bhd Pengeluar besi binaan Malaysia 81.74 81.74Panca Pesona Sdn Bhd Pembangunan hartanah Malaysia 40.00 40.00Sri Gading Land Sdn Bhd Pembangunan tanah industri Malaysia 51.00 51.00Techno SCP Sdn Bhd Pembangunan tanah industri Malaysia 60.00 60.00MC-JTP Concept Sdn Bhd Penyewaan dan pemilikan gudang Malaysia 49.00 49.00Miyatech Precision (M) Sdn Bhd “Metal stamping” Malaysia 40.00 40.00Segamat Inland Port Sdn Bhd Pelabuhan Malaysia 12.50 12.50




CCCCC LAIN-LAIN LAIN-LAIN LAIN-LAIN LAIN-LAIN LAIN-LAIN (sambungan)


Johor Industrial Gas Sdn Bhd Pemprosesan gas industri Malaysia 100.00 100.00


Westbury Tubular (M) Sdn Bhd Pereka bahan binaan berasaskan Malaysia 41.69 41.69 fabrikator bahan besi

Tiram Air Sdn Bhd Perkhidmatan udara Malaysia 70.00 70.00Tiram Tours (S) Pte Ltd Agensi pelancongan Singapura 51.00 51.00


Tiram Tours Sdn Bhd Syarikat induk Malaysia 51.00 51.00Johor Concrete Products Sdn Bhd Pengilangan Konkrit Malaysia 51.00 51.00

DDDDD ORGANISASI BISNES AMALORGANISASI BISNES AMALORGANISASI BISNES AMALORGANISASI BISNES AMALORGANISASI BISNES AMAL(Ditubuhkan di bawah Akta Syarikat, 1965)(Ditubuhkan di bawah Akta Syarikat, 1965)(Ditubuhkan di bawah Akta Syarikat, 1965)(Ditubuhkan di bawah Akta Syarikat, 1965)(Ditubuhkan di bawah Akta Syarikat, 1965)

Bistari Johor Berhad Kelab usahawan Malaysia * *Khairat Keluarga Perbadanan Tabung khairat anggota pekerja Malaysia * * Johor BerhadPengurusan Klinik Wakaf An-Nur Berhad Pengurusan klinik wakaf Malaysia * *Yayasan Perbadanan Johor Pusat latihan pengurusan Malaysia * *Kumpulan Perbadanan Johor Sdn Bhd Perkhidmatan pengurusan Malaysia 100.00 100.00JCorp Intrapreneur (M) Sdn Bhd Kelab Intrapreneur Malaysia * *

# Syarikat Tersenarai Di Bursa Saham* Syarikat Melalui Jaminan Terhad



Muka surat dibiarkan kosong hanya sebagai batas panduan. Harap maaf atas segala kemusykilan.

162 Financial Report 2003

The Directors are pleased to submit their annual report together with the audited Financial Statements of theGroup and Corporation for the year ended 31 December 2003.

PRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIES

The Corporation was incorporated under the Johor Corporation Enactment (No. 4, 1968), (As amended byEnactment No. 5, 1995) as a development agency and public enterprise. The Corporation is principally engagedin palm oil business, property development and management and investment. The principal activities of theGroup consist mainly of palm oil business, healthcare services, property development and management andinvestment.

FINANCIAL RESULTSFINANCIAL RESULTSFINANCIAL RESULTSFINANCIAL RESULTSFINANCIAL RESULTS

Group CorporationRM Million RM Million

Profit Before Tax 258.4 296.5Tax (109.9) (19.3)

HHHHHHH HHHHHHHProfit After Tax But Before Minority Interests 148.5 277.2Minority Interests (88.4) -

HHHHHHH HHHHHHHProfit For The Year 60.1 277.2

NNNNNNN NNNNNNN

RESERVES AND PROVISIONSRESERVES AND PROVISIONSRESERVES AND PROVISIONSRESERVES AND PROVISIONSRESERVES AND PROVISIONS

All material transfers to or from reserves and provisions during the year are shown in the Financial Statements.

CHANGES IN THE GROUP’S STRUCTURECHANGES IN THE GROUP’S STRUCTURECHANGES IN THE GROUP’S STRUCTURECHANGES IN THE GROUP’S STRUCTURECHANGES IN THE GROUP’S STRUCTURE

During the year, there were no significant changes in the Group structure.

DIRECTORS OF JOHOR CORPORATIONDIRECTORS OF JOHOR CORPORATIONDIRECTORS OF JOHOR CORPORATIONDIRECTORS OF JOHOR CORPORATIONDIRECTORS OF JOHOR CORPORATION

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

YAB Dato’ Haji Abdul Ghani Bin Othman (Chairman)YBhg Tan Sri Dato’ Muhammad Ali Hashim (Group Chief Executive)YBhg Tan Sri Dato’ Abdullah Bin AyubYB Dato’ Haji Mohd Razali Bin Mahusin (Appointed : 3 September 2003)YB Dato’ Haji Ayub Bin Mion (Resigned : 3 September 2003)YB Encik Yaacob Bin Hj Md SamYB Dato’ Haji Ishak Bin Amin (Appointed : 6 February 2004)YB Dato’ Haji Baderi Bin Haji Dasuki (Resigned : 6 February 2004)YBhg Tan Sri Datuk Abdul Razak Bin Haji RamliYBhg Datuk Zakiah Binti HashimEncik Hasan Bin IsmailYB Dato’ Ahmad Bin AbdullahYB Senator Datuk Dr Haris Bin Salleh

DIRECTORS’ REPORT

163Financial Report 2003

STATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTS

Before the Income Statements and Balance Sheets were made out, the Directors took reasonable steps :-

(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and themaking of allowance for doubtful debts and satisfied themselves that all known bad debts had beenwritten off and that adequate allowance had been made for doubtful debts; and

(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinarycourse of business, their values as shown in the accounting records of the Group and Corporationhad been written down to an amount which they might be expected so to realise.

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

(a) which would render the amounts written off for bad debts, or the amount of the allowance for doubtfuldebts in the Financial Statements of the Group and Corporation inadequate to any substantial extent; or

(b) which would render the values attributed to the current assets in the Financial Statements of theGroup and Corporation misleading; or

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

No contingent or other liability has become enforceable or is likely to become enforceable within the period oftwelve months after the end of the year which, in the opinion of the Directors, will or may substantially affectthe ability of the Group or Corporation to meet their obligations when they fall due.

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

(a) any charge on the assets of the Group or Corporation which has arisen since the end of the year whichsecures the liability of any other person; or

(b) any contingent liability of the Group or Corporation which has arisen since the end of the year.

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

DIRECTORS’ REPORT (continued)


STATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (continued)

In the opinion of the Directors :-

(a) the results of the Group’s and Corporation’s operations during the year were not substantially affectedby any item, transaction or event of a material and unusual nature except as disclosed in the incomestatements and Notes 5 and 32 to the Financial Statements; and

(b) except as disclosed in Note 33 to the Financial Statements, there has not arisen in the intervalbetween the end of the year and the date of this report, any item, transaction or event of a materialand unusual nature likely to affect substantially the results of the operations of the Group or Corporationfor the year in which this report is made.

Signed on behalf of the Board of Directors

DATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANChairman

TAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMGroup Chief Executive

Johor Bahru

16 July 2004

(This is a translated version. Please refer to page 66)

DIRECTORS’ REPORT (continued)


Group CorporationNote 2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

REVENUE 4 2,138,973 1,959,734 226,056 197,418

Cost Of Sales (1,433,936) (1,324,315) (110,626) (115,733)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

GROSS PROFIT 705,037 635,419 115,430 81,685

Other Operating Income :

- Discount on Bank Borrowings - 729,087 - 729,087

- Gain On Disposal Of Subsidiaries 342 406,891 5,627 167,376

- Gain On Disposal Of Property, Plant And Equipment 7,036 88,028 6,915 87,364

- Interest Income 21,228 22,479 13,303 15,400

- Others 130,497 52,814 18,240 13,574

159,103 1,299,299 44,085 1,012,801

Selling And Distribution Expenses (93,958) (75,953) (2,581) (1,741)

Administrative Expenses (318,191) (336,718) (45,898) (50,540)

Other Operating Expenses(Including net write back/(allowance) for diminution invalue of investments of RM145,235,000 (2002 :(RM149,777,000)) and RM381,174,000 (2002: (RM9,402,000)) for the Group and Corporation

respectively) 9,930 (909,068) 368,107 (672,659)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

PROFIT FROM OPERATIONS 5 461,921 612,979 479,143 369,546

Finance Costs 8 (243,413) (204,398) (182,626) (144,999)

Share Of Results Of Associates 39,913 24,065 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX 258,421 432,646 296,517 224,547

Tax : 9- The Corporation And Subsidiaries (105,181) (70,626) (19,333) (3,737)- Associates (4,675) (5,227) - -

(109,856) (75,853) (19,333) (3,737)

PROFIT FROM ORDINARY ACTIVITIES AFTER TAX 148,565 356,793 277,184 220,810

Minority Interests (88,416) (100,646) - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

NET PROFIT FOR THE YEAR 60,149 256,147 277,184 220,810NNNNNNN NNNNNNN NNNNNNN NNNNNNN

INCOME STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2003



RM’000 RM’000 RM’000 RM’000

NON CURRENT ASSETSNON CURRENT ASSETSNON CURRENT ASSETSNON CURRENT ASSETSNON CURRENT ASSETS

PROPERTY, PLANT AND EQUIPMENT 10 4,357,607 4,201,631 662,896 621,429

LAND AND DEVELOPMENT EXPENDITURE 11 914,454 858,051 647,434 645,875

SUBSIDIARIES 12 - - 1,324,611 816,086

ASSOCIATES 13 88,984 68,391 55,251 47,247

LONG TERM INVESTMENTS 14 939,992 814,748 119,643 270,315

INTANGIBLE ASSETS 15 83,950 93,497 - -

DEFERRED RECEIVABLES 16 141,590 134,780 141,590 134,780

DEFERRED TAX ASSETS 24 12,020 7,479 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH6,538,597 6,178,577 2,951,425 2,535,732HHHHHHH HHHHHHH HHHHHHH HHHHHHH

CURRENT ASSETSCURRENT ASSETSCURRENT ASSETSCURRENT ASSETSCURRENT ASSETS

PROPERTY, PLANT AND EQUIPMENT 10 677 808 - -

PROPERTIES HELD FOR SALE 17 - 87,866 - -

INVENTORIES 18 276,619 246,822 12,822 14,142

TAX RECOVERABLE 20,082 25,963 - -

TRADE AND OTHER RECEIVABLES 19 566,555 668,115 753,182 837,745

SHORT TERM INVESTMENTS 20 14,481 14,083 4,231 4,019

DEPOSITS, CASH AND BANK BALANCES 21 372,985 234,756 104,241 25,715

HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,251,399 1,278,413 874,476 881,621HHHHHHH HHHHHHH HHHHHHH HHHHHHH

CURRENT LIABILITIESCURRENT LIABILITIESCURRENT LIABILITIESCURRENT LIABILITIESCURRENT LIABILITIES

TRADE AND OTHER PAYABLES 22 662,192 664,110 326,449 340,787

BORROWINGS 23 863,900 842,670 444,739 439,624

CURRENT TAX LIABILITIES 62,013 41,965 41,482 24,740HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,588,105 1,548,745 812,670 805,151HHHHHHH HHHHHHH HHHHHHH HHHHHHH

NET CURRENT (LIABILITIES)/NET CURRENT (LIABILITIES)/NET CURRENT (LIABILITIES)/NET CURRENT (LIABILITIES)/NET CURRENT (LIABILITIES)/ ASSETS ASSETS ASSETS ASSETS ASSETS (336,706) (270,332) 61,806 76,470


BALANCE SHEETSAS AT 31 DECEMBER 2003



RM’000 RM’000 RM’000 RM’000LESS : LONG TERMLESS : LONG TERMLESS : LONG TERMLESS : LONG TERMLESS : LONG TERM LIABILITIES LIABILITIES LIABILITIES LIABILITIES LIABILITIES

BORROWINGS 23 3,822,502 3,805,881 3,200,134 3,074,315

DEFERRED TAX LIABILITIES 24 271,800 242,514 6,747 8,721

OTHER DEFERRED LIABILITIES 25 11,712 8,598 - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHH4,106,014 4,056,993 3,206,881 3,083,036

HHHHHHHH HHHHHHHH HHHHHHH HHHHHHHNET ASSETS/(LIABILITIES)NET ASSETS/(LIABILITIES)NET ASSETS/(LIABILITIES)NET ASSETS/(LIABILITIES)NET ASSETS/(LIABILITIES) 2,02,02,02,02,095,87795,87795,87795,87795,877 1,1,1,1,1,851,252851,252851,252851,252851,252 (19(19(19(19(193,6503,6503,6503,6503,650))))) (470,834)(470,834)(470,834)(470,834)(470,834)

NNNNNNNN NNNNNNNN NNNNNNN NNNNNNN

FINANCED BY :-FINANCED BY :-FINANCED BY :-FINANCED BY :-FINANCED BY :-

CAPITAL RESERVES 26 1,083,362 1,127,048 83,696 83,890

REVENUE RESERVES (489,542) (595,516) (277,346) (554,724)

RESERVES ON CONSOLIDATION 37,511 5,100 - -

CURRENCY FLUCTUATION RESERVE (86,914) (88,484) - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHH

544,417 448,148 (193,650) (470,834)

MINORITY INTERESTS 1,551,460 1,403,104 - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHH2,02,02,02,02,095,87795,87795,87795,87795,877 1,1,1,1,1,851,252851,252851,252851,252851,252 (19(19(19(19(193,6503,6503,6503,6503,650))))) (470,834)(470,834)(470,834)(470,834)(470,834)NNNNNNNN NNNNNNNN NNNNNNN NNNNNNN

BALANCE SHEETSAS AT 31 DECEMBER 2003 (continued)


Non-distributableNon-distributableNon-distributableNon-distributableNon-distributableCurrency

Capital Reserves On Fluctuation RevenueNote Reserves Consolidation Reserve Reserves Total

RM’000 RM’000 RM’000 RM’000 RM’000

At 1 January 2002 1,307,034 5,385 (76,481) (933,594) 302,344Prior Year Adjustments 32 (84,054) - - (277) (84,331)

HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHHAs Restated 1,222,980 5,385 (76,481) (933,871) 218,013

Acquisition Of Additional Interest In A Subsidiary - 1,810 - - 1,810Transfer From Capital Reserves To Revenue Reserves On Disposal Of Land (82,208) - - 82,208 -Currency Translation Differences - - (12,003) - (12,003)Current Year Revaluation :- Deficit (3,824) - - - (3,824)- Surplus 3,435 - - - 3,435Transfer To Capital Replacement Reserves 10 - - - 10Realised Upon Disposal Of Property, Plant And Equipment (14,656) - - - (14,656)Share Of Associates’ Reserves 1,311 - - - 1,311Net Loss Not Recognised In Income Statement (95,932) 1,810 (12,003) 82,208 (23,917)Amortisation Of Reserves On Consolidation - (2,095) - - (2,095)Net Profit For The Year - - - 256,147 256,147

HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHHAt 31 December 2002At 31 December 2002At 31 December 2002At 31 December 2002At 31 December 2002 1,127,0481,127,0481,127,0481,127,0481,127,048 5,1005,1005,1005,1005,100 (88,484)(88,484)(88,484)(88,484)(88,484) (595,516)(595,516)(595,516)(595,516)(595,516) 448,148448,148448,148448,148448,148

NNNNNNNNN NNNNNNNNN NNNNNNNNN NNNNNNNNN NNNNNNNNN

At 1 January 2003 1,211,102 5,100 (88,484) (597,691) 530,027Prior Year Adjustment 32 (84,054) - - 2,175 (81,879)

HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHHAs Restated 1,127,048 5,100 (88,484) (595,516) 448,148

Acquisition Of Subsidiaries 1,232 43,269 - - 44,501Disposal Of Subsidiaries (203) (564) - - (767)Transfer From Capital Reserves To Revenue Reserves On Disposal Of Land (44,289) - - 44,289 -Currency Translation Differences - - 1,570 - 1,570Realisation Of Pre-Acquisition Reserve On Partial Disposal Of Subsidiaries 742 - - - 742Reclassification (1,076) (358) - 1,434 -Transfer To Capital Replacement Reserves 102 - - (92) 10Realised Upon Disposal Of Property, Plant And Equipment (194) - - 194 -Net Loss Not Recognised In Income Statement (43,686) 42,347 1,570 45,825 46,056Amortisation Of Reserves On Consolidation - (9,936) - - (9,936)Net Profit For The Year - - - 60,149 60,149

HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHHAt 31 December 2003At 31 December 2003At 31 December 2003At 31 December 2003At 31 December 2003 1,083,361,083,361,083,361,083,361,083,3622222 37,51137,51137,51137,51137,511 (86,914)(86,914)(86,914)(86,914)(86,914) (489,54(489,54(489,54(489,54(489,5422222 ))))) 544,417544,417544,417544,417544,417

NNNNNNN NNNNNNN NNNNNNN NNNNNNN NNNNNNN

CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2003


Non-distributableNon-distributableNon-distributableNon-distributableNon-distributableCapital Revenue

Note Reserves Reserves TotalRM’000 RM’000 RM’000

At 1 January 2002 100,736 (769,694) (668,958)Prior Year Adjustments 32 (1,280) (5,840) (7,120)

HHHHHHHH HHHHHHHH HHHHHHHHAs Restated 99,456 (775,534) (676,078)

Realised On Disposal Of Property, Plant And Equipment (15,566) - (15,566)

Net Loss Not Recognised In Income Statement (15,566) - (15,566)

Net Profit For The Year - 220,810 220,810HHHHHHHH HHHHHHHH HHHHHHHH

At 31 December 2002At 31 December 2002At 31 December 2002At 31 December 2002At 31 December 2002 83,89083,89083,89083,89083,890 (554,724)(554,724)(554,724)(554,724)(554,724) (470,834)(470,834)(470,834)(470,834)(470,834)NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN

At 1 January 2003 85,170 (550,483) (465,313)Prior Year Adjustments 32 (1,280) (4,241) (5,521)

HHHHHHHH HHHHHHHH HHHHHHHHAs Restated 83,890 (554,724) (470,834)

Realised On Disposal Of Property, Plant And Equipment (194) 194 -

Net Loss Not Recognised In Income Statement (194) 194 -

Net Profit For The Year - 277,184 277,184HHHHHHHH HHHHHHHH HHHHHHHH

At 31 December 2003At 31 December 2003At 31 December 2003At 31 December 2003At 31 December 2003 83,69683,69683,69683,69683,696 (277,346)(277,346)(277,346)(277,346)(277,346) (193,650)(193,650)(193,650)(193,650)(193,650)NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN

CORPORATION STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2003


Group Corporation2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

OPERATING ACTIVITIESOPERATING ACTIVITIESOPERATING ACTIVITIESOPERATING ACTIVITIESOPERATING ACTIVITIES

Net Profit For The Year 60,149 256,147 277,184 220,810

Adjustments To Reconcile Net Profit For The Year To Cash From Operations :

Property, Plant And Equipment :- Gain On Disposal (7,036) (88,028) (6,915) (87,364)- Written Off 7,692 5,339 177 192- Depreciation 152,315 154,300 13,186 14,307- Impairment Loss 19,617 25,884 - -- Adjustment 1,756 2,010 - -(Gain)/Loss On Disposal Of :- Subsidiaries (342) (406,891) (5,628) (167,376)- Associates - - (1,680) -- Other Investments (83) 5,916 4,944 4,859Development Expenditure :- Gain On Disposal (21,080) (17,910) (21,080) (17,910)- Allowance For Diminution In Value 4,533 - - -- Written Off 2,705 16,252 1,544 16,252- Amortisation 6,500 2,167 - -Investments:- Net (Write Back)/Allowance For Diminution In Value (145,235) 149,777 (381,174) 9,402- Written Off 114 168 54 -Allowance For Capital Replacement Reserves 102 10 - -Intangible Assets :- Amortisation 21,429 10,968 - -- Written Off 3,471 14,136 - -Discount From Restructuring Of Bank Borrowings - (729,087) - (729,087)Dividend Income (4,244) (5,234) (21,438) (26,734)(Gain)/Loss On Exchange Differences (39,771) (24,119) 116 538Amortisation Of Reserve On Consolidation (9,936) (2,095) - -Interest Expense 243,413 312,648 182,626 233,756Interest Income (39,148) (40,609) (31,223) (33,530)Share Of Results Of Associates (39,913) (24,065) - -Tax 109,856 75,853 19,333 3,737Minority Interests 88,416 100,646 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH415,280 (205,817) 30,026 (558,148)

CASH FLOW STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2003



RM’000 RM’000 RM’000 RM’000

Changes In Working Capital :- Fixed Deposits Pledged For Bank Guarantees (13,513) (1,272) - -- Inventories 58,069 150,090 1,321 788- Receivables 238,824 (171,777) 105,355 1,140,788- Payables (151,179) 298,868 (17,194) (130,922)- Short Term Investments (501) 3,172 464 (716)- Short Term Borrowings (37,433) 936,723 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHCash From Operations 509,547 1,009,987 119,972 451,790

Tax Paid (77,669) (53,384) - -Tax Refund 2,238 - - -Dividend Received 4,244 5,234 3,868 4,603Interest Received 31,769 20,099 22,973 1,612

HHHHHHH HHHHHHH HHHHHHH HHHHHHHNet Cash From Operating Activities 470,129 981,936 146,813 458,005


INVESTING ACTIVITIESINVESTING ACTIVITIESINVESTING ACTIVITIESINVESTING ACTIVITIESINVESTING ACTIVITIES

Development Expenditure (82,441) (25,554) (19,562) (25,554)Proceeds From Disposal Of Investment In:- Subsidiaries - - 14,089 280,236- Associates - - 2,520 -- Other Investments 14,470 17,407 1,911 1,527Property, Plant And Equipment :- Proceeds From Disposal 15,425 113,452 9,573 102,339- Purchase (267,103) (150,157) (53,814) (339,571)Purchase Of Investments In :- Subsidiaries - - - (324,324)- Associate - - - (594)- Investments - - (5,031) -- Other Investments (14,216) (21,293) - (7,698)Additions Of Intangible Assets (9,620) (8,700) - -Acquisition Of Subsidiaries, Net Of Cash 1,338 1,643 - -Disposal Of Subsidiaries, Net Of Cash (10) 17,355 - -Proceeds On Disposal Of Development Expenditure 33,865 38,478 33,865 38,478Decrease In CULS - - - 1,566Additional Interest In Subsidiaries 7,764 39,785 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHNet Cash (Used In)/Generated From Investing Activities (300,528) 22,416 (16,449) (273,595)


CASH FLOW STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2003 (continued)



RM’000 RM’000 RM’000 RM’000

FINANCING ACTIVITIESFINANCING ACTIVITIESFINANCING ACTIVITIESFINANCING ACTIVITIESFINANCING ACTIVITIES

Repayment Of Term Loans (136,357) (322,550) - -Repayment Of Hire Purchase And Leases (7,594) (6,787) - -Proceeds From Term Loans 214,778 151,831 - -Interest Paid (105,335) (95,781) (45,815) (62,132)Advances To Subsidiaries - - (2,870) (120,527)Proceeds From Long Term Bonds - - (3,153) 511,431

HHHHHHH HHHHHHH HHHHHHH HHHHHHHNet Cash (Used In)/Generated From Financing Activities (34,508) (273,287) (51,838) 328,772


NET INCREASE IN CASH AND CASH EQUIVALENTS 135,093 731,065 78,526 513,182

CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR AT BEGINNING OF THE YEAR AT BEGINNING OF THE YEAR AT BEGINNING OF THE YEAR AT BEGINNING OF THE YEAR 175,834175,834175,834175,834175,834 (555,873)(555,873)(555,873)(555,873)(555,873) 25,715 25,715 25,715 25,715 25,715 (487,467)(487,467)(487,467)(487,467)(487,467)

FOREIGN EXCHANGE DIFFERENCES (2,724) 641 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS AT END OF THE YEAR AT END OF THE YEAR AT END OF THE YEAR AT END OF THE YEAR AT END OF THE YEAR 308,203308,203308,203308,203308,203 175,833175,833175,833175,833175,833 104,241 104,241 104,241 104,241 104,241 25,71525,71525,71525,71525,715


CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS

Cash And Bank Balances 204,635 121,495 9,481 10,064Fixed Deposits 168,350 113,261 94,760 15,651


Fixed Deposits Pledged (17,836) (4,323) - -Bank Overdrafts (46,946) (54,600) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH308,203308,203308,203308,203308,203 175,833175,833175,833175,833175,833 104,241 104,241 104,241 104,241 104,241 25,71525,71525,71525,71525,715


CASH FLOW STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2003 (continued)


11111 GENERAL INFORMATIONGENERAL INFORMATIONGENERAL INFORMATIONGENERAL INFORMATIONGENERAL INFORMATION

The Corporation is principally engaged in palm oil business, property development and management andinvestment. The principal activities of the Group consist mainly of palm oil business, healthcare services,property development and management and investment.

The number of employees at the end of the year in the Group and the Corporation amounted to 24,016and 239 employees (2002 : 22,112 and 248) respectively.

Johor Corporation was incorporated under the Johor Corporation Enactment (No. 4, 1968), (As amendedby Enactment No. 5, 1995).

The address of the principal place of business of the Corporation is as follows :-

13th Floor, Menara Johor CorporationKOTARAYA80000 Johor Bahru, JohorMalaysia

22222 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESFINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESFINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESFINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESFINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s activities expose it to a variety of financial risks, including foreign currency exchange risk,interest rate risk, market risk, credit risk, liquidity and cash flow risk. The Group’s overall financial riskmanagement objective is to ensure that the Group creates value for its stakeholders. The Group focuseson the unpredictability of the financial markets and seeks to minimize potential adverse effects on thefinancial performance of the Group. Financial risk management is carried out through risk reviews, internalcontrol systems, a global insurance programme and adherence to Group financial risk managementpolicies. The Board regularly reviews these risks and approves the treasury policies, which covers themanagement of these risks.

The Group uses derivative financial instruments such as foreign exchange contracts to hedge certainexposure. It does not trade in financial instruments.

The main areas of financial risks faced by the Group and the policies in respect of the major areas oftreasury activities are set out as follows:

i .i .i .i .i . Foreign currency exchange riskForeign currency exchange riskForeign currency exchange riskForeign currency exchange riskForeign currency exchange risk

Foreign currency exchange risk is the risk that the value of a financial instrument will fluctuate due tochanges in foreign exchange rates.

The Group is exposed to currency risk as a result of the foreign currency transactions entered into bySubsidiaries in currencies other than their functional currency. These companies enter into forwardforeign currency exchange contracts to limit their exposure on foreign currency receivables andpayables, and on cash flows generated from anticipated transactions denominated in foreigncurrencies.

Depending on the market situation, hedging is used especially in situations where the Subsidiaries areable to enjoy the premium swop point. A monthly unhedged foreign currency sales summary ismaintained to evaluate the risk exposure and take necessary action for hedging, if it is required.

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2003


22222 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

i i .i .i .i .i . Interest rate riskInterest rate riskInterest rate riskInterest rate riskInterest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes inmarket interest rates.

The Group’s income and operating cash flows are substantially independent of changes in marketinterest rates. Interest rate exposure arises from the Group’s borrowings and deposits, and is managedthrough the use of floating rate debts as well as fixed rate debts. The objectives for the mix betweenfixed and floating rate borrowings are set to reduce the impact of an upward change in interest rateswhile enabling benefits to be enjoyed if interest rates fall. The interest rate profile of loans is regularlyreviewed against the prevailing market interest rates.

i i i .i i i .i i i .i i i .i i i . Market riskMarket riskMarket riskMarket riskMarket risk

Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes inmarket prices, whether those changes are caused by factors specific to the individual security or itsissuer or factors affecting all securities traded in the market.

The Group has its policies in place to manage the Group’s exposure to fluctuations in the prices of thekey raw materials used in production. Companies within the Group enter into fixed price contracts toestablish determinable prices for raw materials.

For key product purchases, the Group establishes floating and fixed price levels that the Groupconsiders acceptable and enters physical supply or derivative agreements, where necessary, toachieve these levels. The Group does not face significant exposure from the risk from changes indebt and equity prices.

iv.v.v.v.v. Credit riskCredit riskCredit riskCredit riskCredit risk

Credit risk is the risk that one party to the financial instrument will fail to discharge an obligation andcause the other party to incur a financial loss.

Credit risk arises when derivative instruments are used or sales made on deferred credit terms. TheGroup seeks to invest cash assets safely and profitably. It also seeks to control credit risk by settingcounterparty limits and ensuring that sales of products and services are made to customers with anappropriate credit history. Customer outstanding payment information is reviewed on a weekly basisby making reference to published credit ratings by prime financial institutions. In the absence ofpublished ratings, internal credit reviews are conducted if the credit risk is material. These reviewsare conducted so as to address any possible payment default.

Action is enforced for debt collection. Furthermore, sales to customer are suspended when earlieramounts are overdue by the credit term. The Group considers the risk of material loss in the event ofnon-performance by a financial counterparty to be unlikely.

Subsidiaries involved in the sale of real property will not transfer the land titles to customers if fullpayment has not been made.

v .v .v .v .v . Liquidity and cash flow riskLiquidity and cash flow riskLiquidity and cash flow riskLiquidity and cash flow riskLiquidity and cash flow risk

Liquidity risk is the risk that an enterprise will encounter difficulty in raising funds to meet commitmentsassociated with financial instruments.

Cashflow risk is the risk that future cash flows associated with a financial instrument will fluctuate. Inthe case of a floating rate debt instrument, such fluctuations result in a change in the effectiveinterest rate of the financial instrument, usually without a corresponding change in its fair value.

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2003 (continued)


22222 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

v .v .v .v .v . Liquidity and cash flow risk Liquidity and cash flow risk Liquidity and cash flow risk Liquidity and cash flow risk Liquidity and cash flow risk (continued)

In the short term, the Group focuses on liquidity, gearing of financial position, funds resources forplant upgrading and expansion of existing activities. Prudent liquidity risk management impliesmaintaining sufficient cash flow and the availability of funding through an adequate amount of committedcredit facilities and the ability to close out market positions. Due to the dynamic nature of the underlyingbusiness, the Group aims at maintaining flexibility in funding by keeping credit lines available.

33333 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are consideredmaterial in relation to the Financial Statements.

( a )( a )( a )( a )( a ) Basis Of PreparationBasis Of PreparationBasis Of PreparationBasis Of PreparationBasis Of Preparation

The Financial Statements of the Group and of the Corporation have been prepared under the historicalcost convention except as disclosed in this summary of significant accounting policies. For example,land and buildings, and investment properties are stated at fair value.

The Financial Statements comply with the applicable approved accounting standards in Malaysia. Thenew accounting standards adopted in these Financial Statements are as follows :

• MASB Standard 25 “Income Taxes”• MASB Standard 27 “Borrowing Costs”• MASB Standard 28 “Discontinuing Operations”• MASB Standard 29 “Employee Benefits”

With the exception of MASB 25 and MASB 29 (see Note 32), there are no changes in accountingpolicy that affect net profit or equity as the Group was already following the recognition and measurementprinciples in those standards.

( b )( b )( b )( b )( b ) Basis Of ConsolidationBasis Of ConsolidationBasis Of ConsolidationBasis Of ConsolidationBasis Of Consolidation

i. Subsidiaries

Subsidiaries are those corporations in which the Group has power to exercise control over thefinancial and operating policies so as to obtain benefits from their activities.

Subsidiaries are consolidated using the acquisition method of accounting. Under the acquisitionmethod of accounting, Subsidiaries are consolidated from the date on which control is transferredto the Group and are no longer consolidated from the date that control ceases. The cost of anacquisition is the amount of cash paid and the fair value at the date of acquisition of otherpurchase consideration given by the acquirer, together with directly attributable expenses of theacquisition. At the date of acquisition, the fair values of the Subsidiaries’ net assets are determinedand these values are reflected in the consolidated Financial Statements. The difference betweenthe cost of acquisition over the Group’s share of the fair value of the identifiable net assets of thesubsidiary acquired at the date of acquisition is reflected as goodwill or reserve on consolidation.See accounting policy Note (c) on goodwill.

Minority interest is measured at the minorities’ share of the post acquisition fair values of theidentifiable assets and liabilities of the acquiree. Separate disclosure is made of minority interest.

In a piecemeal acquisition, the fair value adjustment attributable to previously held equity interestsis accounted for as post-acquisition revaluation.



33333 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

( b )( b )( b )( b )( b ) Basis Of Consolidation Basis Of Consolidation Basis Of Consolidation Basis Of Consolidation Basis Of Consolidation (continued)

i. Subsidiaries (continued)

Intragroup transactions, balances and unrealised gains on transactions are eliminated; unrealisedlosses are also eliminated unless cost cannot be recovered. Where necessary, adjustments aremade to the Financial Statements of Subsidiaries to ensure consistency of accounting policieswith those of the Group.

The gain or loss on disposal of a Subsidiary is the difference between net disposal proceeds andthe Group’s share of its net assets together with any unamortised balance of goodwill on acquisitionand exchange differences which were not previously recognised in the consolidated incomestatement. Goodwill on acquisition which has been charged in full to shareholders’ equity is alsodeducted when determining the gain or loss on disposal of a subsidiary.

ii. Associates

Associates are enterprises in which the Group exercises significant influence, but which it doesnot control. Significant influence is the power to participate in the financial and operating policydecisions of the Associates but not the power to exercise control over those policies. Investmentsin Associates are accounted for in the consolidated Financial Statements by the equity method ofaccounting.

Equity accounting involves recognising the Groups’ share of the post acquisition results of Associatesin the Income Statement and its share of post acquisition movements within reserves in reserves.The cumulative post acquisition movements are adjusted against the cost of the investment andincludes goodwill on acquisition (net of accumulated amortisation). Equity accounting isdiscontinued when the carrying amount of the investment in an Associate reaches zero, unlessthe Group has incurred obligations or guaranteed obligations in respect of the Associate.

Unrealised gains on transactions between the Group and its Associates are eliminated to theextent of the Group’s interest in the Associates; unrealised losses are also eliminated unless thetransaction provides evidence on impairment of the asset transferred. Where necessary, in applyingthe equity method, adjustments are made to the Financial Statements of Associates to ensureconsistency of accounting policies with those of the Group.

( c )( c )( c )( c )( c ) Goodwill Or Reserve On ConsolidationGoodwill Or Reserve On ConsolidationGoodwill Or Reserve On ConsolidationGoodwill Or Reserve On ConsolidationGoodwill Or Reserve On Consolidation

Goodwill represents the excess of the cost of acquisition of Subsidiaries and Associates over theGroup’s share of the fair value of their identifiable net assets at the date of acquisition.

Goodwill on acquisitions of Subsidiaries are included in the balance sheet. Goodwill on consolidationis either written off in the year of acquisition or capitalised and amortised using the straight linemethod to Income Statement over its estimated useful life but not exceeding 20 years. The Directorsdetermine the estimated useful life of goodwill based on its evaluation of the respective enterprises atthe time of the acquisition, considering factors such as existing market share, potential growth andother factors inherent in the acquired enterprises.




( c )( c )( c )( c )( c ) Goodwill Or Reserve On Consolidation Goodwill Or Reserve On Consolidation Goodwill Or Reserve On Consolidation Goodwill Or Reserve On Consolidation Goodwill Or Reserve On Consolidation (continued)

At each Balance Sheet date, the Group assesses whether there is any indication of impairment. Ifsuch indications exist, an analysis is performed to assess whether the carrying amount of the asset isfully recoverable. A write down is made if the carrying amount exceeds the recoverable amount. Seeaccounting policy Note (s) on Impairment Of Assets.

The gain or loss on disposal of an entity includes the carrying amount of goodwill relating to the entitydisposed of.

Reserve on consolidation represents the excess of Groups’ share of the fair value of identifiablenet assets acquired over the cost of acquisition. It is either capitalised in the year of acquisition orcapitalised and amortised through the Income Statement over 5 years or estimated useful life,whichever is shorter. Reserve on consolidation is presented in the same Balance Sheet classificationas goodwill.

( d )( d )( d )( d )( d ) Inventories And Properties Held For SaleInventories And Properties Held For SaleInventories And Properties Held For SaleInventories And Properties Held For SaleInventories And Properties Held For Sale

i. Inventories

Inventories consist of raw materials, stores, work in progress, completed shops and houses andmarketable securities.

Inventories are stated at the lower of cost and net realisable value. Cost is determined using thefirst-in-first-out method or on a weighted average method. The cost of finished goods and work inprogress comprises raw materials, direct labour, other direct costs and an appropriate proportionof production overheads (based on normal operating capacity). Inventories of completed shopsand houses consist of land cost, construction cost and infrastructure expenditure.

Net realisable value is the estimated selling price in the ordinary course of business, less thecosts of completion and selling expenses.

ii. Properties Held For Sale

Properties held for sale are stated at the lower of cost (or, carrying amount where the assetswere previously held for long term and stated at valuation) and net realisable value.

( e )( e )( e )( e )( e ) InvestmentsInvestmentsInvestmentsInvestmentsInvestments

i. Short Term Investments

Short term investments (within current assets) are carried at the lower of cost and market value,determined on an aggregate portfolio basis by category of investment. Cost is derived at on theweighted average basis. Market value is calculated by reference to stock exchange quoted sellingprices at the close of business on the Balance Sheet date. Increases/decreases in the carryingamount of marketable securities are credited/charged to the Income Statement.

On disposal of an investment, the difference between net disposal proceeds and its carryingamount is credited/charged to the Income Statement.

ii. Long Term Investments

Long term investments are shown at cost and an allowance for diminution in value is madewhere, in the opinion of the Directors, there is a decline other than temporary in the value of suchinvestments, where there has been a decline other than temporary in the value of an investment,such a decline is recognised as an expense in the period in which the decline is identified.




( e )( e )( e )( e )( e ) Investments Investments Investments Investments Investments (continued)

iii. Subsidiaries And Associates

Investments in Subsidiaries and Associates are stated at cost or at Directors’ valuation. Where anindication of impairment exists, the carrying amount of the investment is assessed and writtendown immediately to its recoverable amount. See accounting policy Note (s) on impairment ofassets.

iv. Investment Properties

Investment properties are held for their investment potential and rental income.

Investment properties are stated at Directors’ valuation based on independent professional valuers’report. Additions subsequent to the date of valuation are stated at cost. It is the Group’s policy toappraise these properties at least once in every 5 years based on open market value and anysurplus or deficit arising therefrom will be incorporated in the books. A deficit will be debited tothe Capital Reserves to the extent of an equivalent previous surplus and any excess will be chargedto the Income Statement. Leasehold investment properties with an unexpired lease term of lessthan 20 years at the Balance Sheet date are subject to depreciation in view of their short andfinite life. No depreciation is provided on other investment properties. Maintenance is regularlyundertaken and is expensed off to the Income Statement.

On disposal of an investment property, the difference between the net disposal proceeds and thecarrying amount is charged or credited to the Income Statement; any amount in RevaluationReserve relating to that investment property is transferred to Retained Earnings.

( f )( f )( f )( f )( f ) Land and Development ExpenditureLand and Development ExpenditureLand and Development ExpenditureLand and Development ExpenditureLand and Development Expenditure

Land and development expenditure are stated at cost plus attributable profits recognised to datebased on the percentage of completion method. Cost is mainly determined on specific identificationbasis and includes the relevant cost of land, construction and appropriate development overheadsattributable to the stage of completion.

The property development projects are considered as current assets where sales have been launchedand/or the projects are expected to be completed within the normal operating cycle of 2 to 3 years.Cost of development projects classified as current assets, are stated at the lower of cost and netrealisable value. Allowance for foreseeable losses on uncompleted contracts are made in the periodin which such losses are determined.

( g )( g )( g )( g )( g ) Property, Plant and Equipment And DepreciationProperty, Plant and Equipment And DepreciationProperty, Plant and Equipment And DepreciationProperty, Plant and Equipment And DepreciationProperty, Plant and Equipment And Depreciation

Property, Plant and Equipment are stated at cost or valuation less accumulated depreciation/amortisation and impairment loss.

The land, estate development expenditure and buildings held by the Group have not been revaluedsince they were last revalued in the respective years as disclosed in Note 10 to the Financial Statements.All other Property, Plant and Equipment are stated at historical cost less accumulated depreciation.The Directors have not adopted a policy of regular revaluation of such assets except for certainSubsidiaries whereby a policy of regular revaluation of land and buildings is adopted and are appraisedby independent professional valuers once in every 5 years. As permitted under the transitional provisionsof International Accounting Standard No. 16 (Revised) (as adopted by MASB Standard No. 15 “Property,Plant and Equipment”), these assets other than those of certain Subsidiaries as mentioned above arestated at their valuation in the respective years less accumulated depreciation.




( g )( g )( g )( g )( g ) Property, Plant and Equipment And Depreciation Property, Plant and Equipment And Depreciation Property, Plant and Equipment And Depreciation Property, Plant and Equipment And Depreciation Property, Plant and Equipment And Depreciation (continued)

Surpluses arising on revaluation are credited to Revaluation Reserve. Any deficit arising fromrevaluation is charged against the Revaluation Reserve to the extent of a previous surplus held in theRevaluation Reserve for the same asset. In all other cases, a decrease in carrying amount is chargedto Income Statement.

i. Amortisation

Leasehold land is amortised over the period of the leases ranging from 5 to 99 years for theGroup and the Corporation except for leasehold land and related properties in the hotel industry.No amortisation is provided on the leasehold hotel properties with unexpired lease periods of 20years or more. Hotel properties comprise land, hotel buildings and related plant. It is the Group’spractice to maintain the residual values of all its hotel properties at amounts at least equal to theirrespective book values such that depreciation would be insignificant. To confirm that the residualvalues of the hotel properties are at least equal to the respective book values the properties areappraised by independent professional valuers at least once in every 5 years on an existing usebasis.

No amortisation is provided in respect of freehold land and estate development expenditure.

Forest concessions are amortised in direct proportion to the acreage extracted.

ii. Depreciation

All other Property, Plant and Equipment are depreciated on the straight line basis to write offthe cost of the assets, or their revalued amounts, to their residual values over their estimateduseful lives at the following annual rates :-

Buildings 2 % - 5%Furniture and Fittings 5 % - 20 %Plant, Machinery and Motor Vehicles 5 % - 25 %

Depreciation on assets under construction commences when the assets are ready for theirintended use.

At each Balance Sheet date, the Group assesses whether there is any indication of impairment.If such indications exist, an analysis is performed to assess whether the carrying amount of theasset is fully recoverable. A write down is made if the carrying amount exceeds the recoverableamount. See accounting policy Note (s) on impairment of assets.

Gains and losses on disposals are determined by comparing proceeds with carrying amount andare included in profit/(loss) from operations. On disposal of revalued assets, amounts in RevaluationReserve relating to those assets are transferred to Retained Earnings.

Repairs and maintenance are charged to the income statement during the period in which theyare incurred. The cost of major renovations is included in the carrying amount of the asset whenit is probable that future economic benefits in excess of the originally assessed standard ofperformance of the existing asset will flow to the Group. Major renovations are depreciated overthe remaining useful life of the related asset.




( h )( h )( h )( h )( h ) Foreign CurrenciesForeign CurrenciesForeign CurrenciesForeign CurrenciesForeign Currencies

i. Reporting Currency

The Financial Statements are presented in Ringgit Malaysia.

ii. Foreign Entities

Income Statements of foreign entities are translated into Ringgit Malaysia at average exchangerates for the year and the Balance Sheets are translated at exchange rates ruling at the balancesheet date. Exchange differences arising from the retranslation of the net investment in foreignentities are taken to ‘Currency Fluctuation Reserve’ in equity. On disposal of the foreign entity,such translation differences are recognised in the Income Statement as part of the gain or losson disposal.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated asassets and liabilities of the Group and are translated accordingly at the exchange rate ruling atthe date of the transaction.

iii. Foreign Currency Transactions

Foreign currency transactions in Group companies are accounted for at exchange rates prevailingat the transaction dates, unless hedged by forward foreign exchange contracts, in which casethe rates specified in such forward contracts are used. Foreign currency monetary assets andliabilities are translated at exchange rates prevailing at the Balance Sheet date, unless hedgedby forward foreign exchange contracts, in which case the rates specified in such forwardcontracts are used. Exchange differences arising from the settlement of foreign currencytransactions and from the translation of foreign currency monetary assets and liabilities areincluded in the Income Statement.

iv. Closing Rates

The principal closing rates used in translation of foreign currency amounts are as follows :-

Foreign currency 2003 2002RM RM

1 US Dollar 3.80 3.801 Euro 4.74 3.981 Singapore Dollar 2.23 2.191 Kuwaiti Dinar - 12.501 Australian Dollar 2.83 2.151 Great Britain Sterling Pound 6.74 6.091 Papua New Guinea Kina 1.15 0.961 Deutschemark - 1.721 Brunei Dollar 2.23 2.191 Philippines Peso 0.07 0.071000 Indonesian Rupiah 0.45 0.43

( i )( i )( i )( i )( i ) New Planting Expenditure And Replanting ExpenditureNew Planting Expenditure And Replanting ExpenditureNew Planting Expenditure And Replanting ExpenditureNew Planting Expenditure And Replanting ExpenditureNew Planting Expenditure And Replanting Expenditure

New planting expenditure incurred on land clearing and upkeep of trees to maturity is capitalisedunder land cost and is not amortised. Replanting expenditure is charged to the Income Statementwhen incurred.




( j )( j )( j )( j )( j ) Income TaxesIncome TaxesIncome TaxesIncome TaxesIncome Taxes

Current tax expense is determined according to the Tax Laws of each jurisdiction in which the Groupoperates and include all taxes based upon the taxable profits, including witholding taxes payable by aforeign Subsidiary, Associate and real property gains taxes payable on disposal of properties.

Deferred tax is recognised in full, using the liability method, on temporary differences arising betweenthe amounts attributed to assets and liabilities for tax purposes and their carrying amounts in theFinancial Statements.

Deferred tax assets are recognised to the extent that it is probable that taxable profit will be availableagainst which the deductible temporary differences or unused tax losses can be utilised.

Deferred tax is recognised on temporary differences arising on investments in Subsidiaries andAssociates except where the timing of the reversal of the temporary difference can be controlled andit is probable that the temporary difference will not reverse in the forseeable future.

Tax rates enacted or substantively enacted by the Balance Sheet date are used to determinedeferred tax.

( k )( k )( k )( k )( k ) BorrowingsBorrowingsBorrowingsBorrowingsBorrowings

i. Classification

Borrowings are initially recognised based on the proceeds received, net of transaction costsincurred. In subsequent periods, borrowings are stated at amortised cost using the effective yieldmethod; any difference between proceeds (net of transaction costs) and the redemption value isrecognised in the Income Statement over the period of the borrowings.

Interest, dividends, losses and gains relating to a Financial Instrument, or a component part,classified as a liability is reported within finance cost in the Income Statement.

ii. Capitalisation of Borrowing Cost

Borrowing costs incurred to finance the construction of Property, Plant and Equipment arecapitalised as part of the cost of the asset during the period of time that is required to completeand prepare the asset for its intended use. Borrowing costs incurred to finance property developmentactivities and construction contracts are accounted for in a similar manner. All other borrowingcosts are expensed.

( l )( l )( l )( l )( l ) Government GrantsGovernment GrantsGovernment GrantsGovernment GrantsGovernment Grants

Grants from the government are recognised at their fair value where there is a reasonable asurancethat the grant will be received and the Group will comply with all attached conditions.

Government grants relating to costs are deferred and recognised in the Income Statement over theperiod necessary to match them with the costs they are intended to compensate.

Government grants relating to the purchase of Property, Plant and Equipment are included in noncurrent liabilities as deferred income and are credited to the Income Statement on the straight linebasis over the expected lives of the related assets.




(m)(m)(m)(m)(m) Other Intangible AssetsOther Intangible AssetsOther Intangible AssetsOther Intangible AssetsOther Intangible Assets

Expenditure on acquired master franchise rights is stated at cost and amortised using the straight linemethod over a period of 10 years.

Nurse training costs in the form of scholarship and other related costs are deferred during thetraining period. The expenditure is amortised over the bonded service period ranging from 3 to 5years after graduation, unless the continuing benefits will not accrue.

(n )( n )( n )( n )( n ) Revenue RecognitionRevenue RecognitionRevenue RecognitionRevenue RecognitionRevenue Recognition

Revenue comprises the invoiced value for the sale of goods and services, net of sales taxes, rebatesand discounts, and after eliminating sales within the Group.

Revenue from the sale of goods is recognised when significant risks and rewards of ownership of thegoods are transferred to the buyer. Revenue from rendering of services is based on the stage ofcompletion determined by references to services performed to date as a percentage of total servicesto be performed.

Income from sale of industrial and development properties is recognised progressively based on stageof completion method. When forseeable losses on development projects are anticipated, full allowancefor these losses is made in the Financial Statements.

Interest income is recognised on a time proportion basis, taking into account the principaloutstanding and the effective rate over the period to maturity, when it is determined that suchincome will accrue to the Group. Dividends are recognised when the Group’s right to receivepayment is established.

( o )( o )( o )( o )( o ) Trade ReceivablesTrade ReceivablesTrade ReceivablesTrade ReceivablesTrade Receivables

Trade receivables are carried at invoiced amount less an allowance for doubtful debts. The allowanceis established when there is objective evidence that the Group will not be able to collect all amountsdue according to the original terms of receivables. The amount of the allowance is the differencebetween the carrying amount and the recoverable amount.

( p )( p )( p )( p )( p ) LeasesLeasesLeasesLeasesLeases

i. Finance Leases

Leases of Property, Plant and Equipment where the Group assumes substantially all the benefitsand risks of ownership are classified as finance leases.

Finance leases are capitalised at the inception of the lease at the lower of the fair value of theleased property or the present value of the minimum lease payments. Each lease payment isallocated between the liability and finance charges so as to achieve a periodic constant rate ofinterest on the balance outstanding. The corresponding rental obligations, net of finance charges,are included in borrowings. The interest element of the finance charge is charged to the incomestatement over the lease period.

Property, Plant and Equipment acquired under finance leases is depreciated over the shorter ofthe estimated useful life of the asset and the lease term.




( p )( p )( p )( p )( p ) Leases Leases Leases Leases Leases (continued)

ii. Operating Leases

Leases of assets where a significant portion of the risks and rewards of ownership are retained bythe lessor are classified as operating leases. Payments made under operating leases (net of anyincentives received from the lessor) are charged to the Income Statement on the straight linebasis over the lease period.

When an operating lease is terminated before the lease period has expired, any payment requiredto be made to the lessor by way of penalty is recognised as an expense in the period in whichtermination takes place.

( q )( q )( q )( q )( q ) Cash and Cash EquivalentsCash and Cash EquivalentsCash and Cash EquivalentsCash and Cash EquivalentsCash and Cash Equivalents

For the purposes of the cash flow statement, cash and cash equivalents comprise cash in hand,deposits held at call with banks, other short term, highly liquid investments that are readily convertibleto known amounts of cash and which are subject to an insignificant risk of changes in value and bankoverdrafts. Bank overdrafts are included within borrowings in current liabilities on the Balance Sheet.

( r )( r )( r )( r )( r ) Financial InstrumentsFinancial InstrumentsFinancial InstrumentsFinancial InstrumentsFinancial Instruments

i. Description

A Financial Instrument is any contract that gives rise to both a financial asset of one enterpriseand a financial liability or equity instrument of another enterprise.

A financial asset is any asset that is cash, a contractual right to receive cash or another financialasset from another enterprise, a contractual right to exchange Financial Instruments with anotherenterprise under conditions that are potentially favourable, or an equity instrument of anotherenterprise.

A financial liability is any liability that is a contractual obligation to deliver cash or another financialasset to another enterprise, or to exchange Financial Instruments with another enterprise underconditions that potentially unfavourable.

ii. Financial Instruments recognised on the Balance Sheet

The particular recognition method adopted for Financial Instruments recognised on the BalanceSheet is disclosed in the individual policy statements associated with each item.

iii. Financial Instruments not recognised on the Balance Sheet

The Group is a party to Financial Instruments that comprise foreign currency forward contracts.These instruments are not recognised in the Financial Statements on inception.

Foreign currency forward contracts

The Group enters into foreign currency forward contracts to protect the Group from movementsin exchange rates by establishing the rate at which a foreign currency asset or liability will besettled.

Exchange gains and losses arising on contracts entered into as hedges of anticipated futuretransactions are deferred until the date of such transaction, at which time they are included inthe measurement of such transactions.




( r )( r )( r )( r )( r ) Financial Instruments Financial Instruments Financial Instruments Financial Instruments Financial Instruments (continued)

iii. Financial Instruments not recognised on the Balance Sheet (continued)

All other exchange gains and losses relating to hedge instruments are recognised in the IncomeStatement in the same period as the exchange differences on the underlying hedged items.Gains and losses on contracts that are no longer designated as hedges are included in theIncome Statement.

iv. Fair value estimation for disclosure purposes

The fair value of publicly traded securities is based on quoted market prices at the BalanceSheet date.

The fair value of financial liabilities is estimated by discounting the future contractual cash flowsat the current market interest rate available to the Group for similar Financial Instruments.

The face values for the financial assets and financial liabilities with a maturity of less than oneyear are assumed to approximate their fair values.

(s )(s )(s )(s )(s ) Impairment of AssetsImpairment of AssetsImpairment of AssetsImpairment of AssetsImpairment of Assets

Property, plant and equipment and other non-current assets, including intangible assets, are reviewedfor impairment losses whenever events or changes in circumstances indicate that the carrying amountmay not be recoverable. Impairment loss is recognised for the amount by which the carrying amountof the asset exceeds its recoverable amount. The recoverable amount is the higher of an asset’s netselling price and value in use. For the purposes of assesing impairment, assets are grouped at thelowest level for which there is separately identifiable cash flows.

The impairment loss is charged to the Income Statement unless it reverses a previous revaluation inwhich case it is charged to the revaluation surplus. Any subsequent increase in recoverable amount isrecognised in the Income Statement unless it reverses an impairment loss on a revalued asset inwhich case it is taken to revaluation surplus.

( t )( t )( t )( t )( t ) Segment ReportingSegment ReportingSegment ReportingSegment ReportingSegment Reporting

Segment reporting is presented for enhanced assessment of the Group’s risks and returns. Businesssegments provide products or services that are subject to risk and returns that are different fromthose of other business segments. Geographical segments provide products or services within aparticular economic environment that is subject to risks and returns that are different from thosecomponents operating in other economic environments.

Segment revenue, expense, assets and liabilities are those amounts resulting from the operatingactivities of a segment that are directly attributable to the segment and the relevant portion that canbe allocated on a reasonable basis to the segment. Segment revenue, expense, assets and liabilitiesare determined before intragroup balances and intragroup transactions are eliminated as part of theconsolidation process, except to the extent that such intragroup balances and transactions are betweengroup enterprises within a single segment.




( u )( u )( u )( u )( u ) Construction contractsConstruction contractsConstruction contractsConstruction contractsConstruction contracts

A construction contract is a contract specifically negotiated for the construction of an asset or acombination of assets that are closely interrelated or interdependent in terms of design, technologyand functions or ultimate purpose or use.

When the outcome of a construction contract can be estimated reliably, contract revenue and contractcosts are recognised by using the stage of completion method. The stage of completion is measuredby reference to the proportion that contract costs incurred for work performed to date bear to theestimated total costs for the contract.

When the outcome of a construction contract cannot be estimated reliably, contract revenue isrecognised only to the extent of contract costs incurred that is probable will be recoverable; contractcosts are recognised when incurred.

Irrespective whether the outcome of a construction contract can be estimated reliably, when it isprobable that total contract costs will exceed total contract revenue, the expected loss is recognisedas expense immediately.

The aggregate of the costs incurred and the profit/loss recognised on each contract is comparedagainst the progress billings up to the period end. Where costs incurred and recognised profits (lessrecognised losses) exceed progress billings, the balance is shown as amounts due from customers onconstruction contracts under receivables, deposits and prepayments (within current assets). Whereprogress billings exceed costs incurred plus recognised profits (less recognised losses), the balanceis shown as amounts due to customers on construction contracts under payables (within currentliabilities).

( v )( v )( v )( v )( v ) Employee benefitsEmployee benefitsEmployee benefitsEmployee benefitsEmployee benefits

i. Short term employee benefits

Wages, salaries, paid annual leave and sick leave, bonuses, and non-monetary benefits are accruedin the period in which the associated services are rendered by employees of the Group.

ii. Post-employment benefits

The Group has various post-employment benefit schemes in accordance with local conditions andpractices in the countries in which it operates. These benefit plans are either defined contributionor defined benefit plans.

Defined contribution plansDefined contribution plansDefined contribution plansDefined contribution plansDefined contribution plans

A defined contribution plan is a pension plan under which the Group pays fixed contributions intoa separate entity (a fund) and will have no legal or contructive obligations to pay further contributionsif the fund does not hold sufficient assets to pay all employees benefits relating to employeeservice in the current and prior periods.

The Group’s contributions to defined contribution plans are charged to the Income Statement inthe period to which they relate. Once the contributions have been paid, the Group has no furtherpayment obligations.




( v )( v )( v )( v )( v ) Employee benefits Employee benefits Employee benefits Employee benefits Employee benefits (continued)

ii. Post-employment benefits (continued)

Defined benefit plansDefined benefit plansDefined benefit plansDefined benefit plansDefined benefit plans

The liability in respect of a defined benefit plan is the present value of the defined benefit obligationat the Balance Sheet date minus the fair value of plan assets, together with adjustments foractuarial gains/losses and past service cost. The Group determines the present value of thedefined benefit obligation and the fair value of any plan assets with sufficient regularity such thatthe amounts recognised in the Financial Statements do not differ materially from the amountsthat would be determined at the Balance Sheet date.

The defined benefit obligation, calculated using the projected unit credit method, is determinedby independent actuaries, considering the estimated future cashflows using market yields atBalance Sheet date government securities which have currency and terms to maturity approximatingthe terms of the related liability.

Plan assets in excess of the defined benefit obligation are subject to the asset limitation specifiedin MASB 29.

Actuarial gains and losses arise from experience adjustments and changes in actuarialassumptions. The amount of net actuarial gains and losses recognised in the Income Statementis determined by the corridor method in accordance with MASB 29 and is charged or creditedto income over the average remaining service lives of the related employees participating in thedefined benefit plan.

Upon initial adoption of MASB 29 on 1 April 2003, the increase in defined benefit liability isrecognised as an expense on straight line basis over 5 years in accordance with the transitionalprovision of the Standard.

iii. Termination benefits

Termination benefits are payable whenever an employee’s employment is terminated before thenormal retirement date or whenever an employee accepts voluntary redundancy in exchange forthese benefits. The Group recognises termination benefits when it is demonstrably committed toeither terminate the employment of current employees according to a detailed formal plan withoutpossibility of withdrawal or to provide termination benefits as a result of an offer made to encouragevoluntary redundancy. Benefits falling due more than 12 months after Balance Sheet date arediscounted to present value.




(w )(w )(w )(w )(w ) Property development activitiesProperty development activitiesProperty development activitiesProperty development activitiesProperty development activities

i. Land held for property development

Land held for property development consist of land on which no significant development work hasbeen undertaken or where development activities are not expected to be completed within thenormal operating cycle. Such land is classified as non-current asset and is stated at cost lessaccumulated impairment losses.

Cost associated with the acquisition of land includes the purchase price of land, professionalfees, stamp duties, commissions, conversion fees and other relevant levies. Where an indicationof impairment exists, the carrying amount of the asset is assessed and written down immediatelyto its recoverable amount.

Land held for property development is transferred to property development costs (under currentassets) when development activities have commenced and where the development activities canbe completed within the Group’s normal operating cycle of 2 to 4 years.

ii. Property development costs

Property development costs comprise costs associated with the acquisition of land and all costsdirectly attributable to development activities or that can be allocated on a reasonable basis tothese activities.

When the outcome of the development activity can be estimated reliably, property developmentrevenue and expenses are recognised by using the stage of completion method. The stage ofcompletion is measured by reference to the proportion that property development costs incurredbear to the estimated total costs for the property development.

When the outcome of a development activity cannot be reliably estimated, property developmentrevenue is recognised only to the extent of property development costs incurred that is probablewill be recoverable; property development costs on the development units sold are recognisedwhen incurred.

Irrespective of whether the outcome of a property development activity can be estimated reliably,when it is probable that total property development costs (including expected defect liabilityexpenditure) will exceed total property development revenue, the expected loss is recognised asan expense immediately.

Property development costs not recognised as an expense is recognised as an asset and is statedat the lower of cost and net realisable value.

Where revenue recognised in the Income Statement exceed billings to purchasers, the balance isshown as accrued billings under receivables, deposits and prepayments (within current assets).Where billings to purchasers exceed revenue recognised in the Income Statement, the balance isshown as progress billings under payables (within current liabilities).



44444 REVENUEREVENUEREVENUEREVENUEREVENUE Group Corporation2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Sale Of Goods 1,289,412 1,113,998 142,887 105,771Income From Property And Industrial Development 190,644 180,917 35,539 38,478Income From Hospital Services 474,120 489,491 - -Income From Hotel And Tourism Services 33,695 30,241 - -Income For Management Services 18,063 8,436 - -Sale Of Short Term Investments 6,220 6,510 6,088 6,465Dividend Income 4,244 4,439 18,465 26,734Rental Income 43,347 31,319 23,077 19,970Interest Income 20 19 - -Income From Transportation Services 23,836 26,513 - -Brokerage Fees - 13,468 - -Rendering Of Other Services 55,372 54,383 - -


55555 PROFIT FROM OPERATIONSPROFIT FROM OPERATIONSPROFIT FROM OPERATIONSPROFIT FROM OPERATIONSPROFIT FROM OPERATIONS

The following items have been charged in arriving at profit from operations :


RM’000 RM’000 RM’000 RM’000

Auditors’ Remuneration :- Current year 2,733 2,251 92 90- Underprovision of prior year 106 7 - -Property, Plant And Equipment:- Depreciation 152,315 154,300 13,186 14,307- Written Off 7,692 5,339 177 192- Impairment Loss Included Within ‘Cost Of Sales’ - 328 - -

- Impairment Loss Included Within ‘Administrative Expenses’ 19,617 25,556 - -Staff Costs (Note 6) 283,409 222,131 15,662 13,594Office And Buildings Rental 39,890 5,812 118 127Hire of Property, Plant And Equipment 5,622 36,803 - -Allowance For Diminution In Value Of Investments 30,107 165,573 105,571 68,601Allowance For Doubtful Debts 126,891 52,501 69,016 369,566Replanting Expenditure 10,996 7,209 - -Amortisation Of Intangible Assets 21,429 10,968 - -Allowance For Diminution In Value Of Development Expenditure 4,533 - - -Investments Written Off 114 168 54 -Bad Debts Written Off 1,717 18,065 551 338,615Allowance For Obsolete Inventories 146 214 - -Inventories Written Down/Written-off 226 999 - -Development Expenditure :- Written Off 2,705 16,252 1,544 16,252- Amortisation 6,500 2,167 - -



55555 PROFIT FROM OPERATIONS PROFIT FROM OPERATIONS PROFIT FROM OPERATIONS PROFIT FROM OPERATIONS PROFIT FROM OPERATIONS (continued)


RM’000 RM’000 RM’000 RM’000

Net Loss On Foreign Exchange :- Realised 329 703 116 538- Unrealised 1,324 1,139 - -Goodwill Written Off 3,471 14,136 - -Loss On Disposal Of Investment In :- Other Investments - 5,916 4,944 4,859


And after crediting the following items :-

Gross Dividends :- Quoted Shares In Malaysia 826 3,974 19,951 18,191- Unquoted Shares In Malaysia 3,418 1,260 1,486 8,543Write Back Of Allowance For Diminution In Value Of Investments 175,342 15,796 486,745 59,199Write Back Of Allowance For Doubtful Debts 63,946 11,697 59,482 10,114Bad Debts Recovered 64,263 2,702 - -Write Back Of Allowance For Obsolete Stocks 137 399 - 347Gain On Disposal Of Investments In:- Subsidiaries 342 406,891 5,628 167,376- Associates 1,680 - 1,680 -- Other Investments 83 - - -Gain On Sale Of Property, Plant And Equipment 7,036 88,028 6,915 87,364Unrealised Foreign Exchange Gain On Intercompany Advances 11,459 29,419 - -Gain On Sale Of Development Expenditure 21,080 17,910 21,080 17,910Interest Income 21,228 22,479 13,304 15,400Interest On Sale Of Industrial Land 17,920 18,130 17,920 18,130Rental Income 23,555 38,484 23,077 19,970Amortisation Of Reserves On Consolidation 9,936 2,095 - -Net Gain On Foreign Exchange :- Realised 13,236 109 - -- Unrealised 6,181 2,564 - -Adjustment On Cost Of Land Under Development To Net Realisable Value 65,017 - - -




66666 STAFF COSTSSTAFF COSTSSTAFF COSTSSTAFF COSTSSTAFF COSTS


RM’000 RM’000 RM’000 RM’000

Wages, Salaries And Bonus 250,469 198,815 13,771 11,485Defined Contribution Retirement Plan 22,471 15,398 1,388 1,140Defined Benefit Retirement Plans - 211 - -Termination Benefits 764 453 - -Other Employee Benefits 9,705 7,254 503 969



The average number of staff during the period amounted to 24,016 persons (2002 : 22,112 persons) inthe Group and 239 persons (2002 : 248 persons ) in the Corporation.

77777 DIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATION


RM’000 RM’000 RM’000 RM’000

Non-executive Directors :- Fees 825 275 825 275Executive Directors :- Fees 233 173 75 25- Salaries And Bonus 460 385 460 385- Defined Contribution Retirement Plan 48 46 48 46- Other Employee Benefits 264 230 264 230

HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,8301,8301,8301,8301,830 1,1091,1091,1091,1091,109 1,6721,6721,6721,6721,672 961961961961961




88888 FINANCE COSTSFINANCE COSTSFINANCE COSTSFINANCE COSTSFINANCE COSTS


RM’000 RM’000 RM’000 RM’000

Bank Overdraft Interest 4,018 25,079 - 16,547Short Term Borrowings Interest 25,171 38,597 15,055 10,297Term Loan Interest 42,662 92,404 204 53,302Interest On Hire Purchase 1,634 1,609 - -Interest On Loan Stock 5,086 3,805 - -Interest On Guaranteed Redeemable Islamic Bonds 161,438 143,397 161,438 143,397Interest On Commercial Papers - 7,642 - 7,642Interest On Redeemable Secured Certificates 4,059 1,709 4,059 1,709Interest On Federal Government Loans 1,870 862 1,870 862Interest On Late Charges 62 6 - -Others 1,341 140 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHTotal Interest Expenses 247,341 315,250 182,626 233,756

Less : Amount Capitalised To : Land And Development Expenditure (3,138) (1,956) - - Property, Plant And Equipment (745) (646) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHInterest Expense Charged To Income Statement 243,458 312,648 182,626 233,756Fixed Deposit Interest Income (45) - - -Net Exchange Gain On Foreign Currency Borrowings :- Unrealised - - - -


Less : Waiver Of Interest Expenses - (108,250) - (88,757)HHHHHHH HHHHHHH HHHHHHH HHHHHHH2222243,41343,41343,41343,41343,413 204,398204,398204,398204,398204,398 182,626182,626182,626182,626182,626 144,999144,999144,999144,999144,999




99999 TAXTAXTAXTAXTAX


RM’000 RM’000 RM’000 RM’000

Current Tax For The Year :- Malaysia 62,197 37,517 21,307 5,517- Foreign 25,357 20,528 - -

Deferred Tax (Note 24) :- Malaysia 7,878 (4,027) (1,974) (1,780)- Foreign 9,749 16,609 - -

Share Of Tax In Associates 4,675 5,226 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH109,856109,856109,856109,856109,856 75,85375,85375,85375,85375,853 19,333 19,333 19,333 19,333 19,333 3,7373,7373,7373,7373,737


Current TaxCurrent TaxCurrent TaxCurrent TaxCurrent Tax- Current year 95,420 60,838 21,307 5,517- (Over)/Under accruals in prior years (net) (3,191) 2,433 - -


Deferred TaxDeferred TaxDeferred TaxDeferred TaxDeferred TaxOrigination and reversal of temporary differences 17,627 12,582 (1,974) (1,780)

HHHHHHH HHHHHHH HHHHHHH HHHHHHH 109,856 109,856 109,856 109,856 109,856 75,85375,85375,85375,85375,853 19,333 19,333 19,333 19,333 19,333 3,7373,7373,7373,7373,737NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Tax charge of the Corporation for the current year represents tax on dividend and interest income.



99999 TAX TAX TAX TAX TAX (continued)

Numerical reconciliation between tax expense and the product of accounting profit multipliedNumerical reconciliation between tax expense and the product of accounting profit multipliedNumerical reconciliation between tax expense and the product of accounting profit multipliedNumerical reconciliation between tax expense and the product of accounting profit multipliedNumerical reconciliation between tax expense and the product of accounting profit multipliedby the Malaysian Tax Rateby the Malaysian Tax Rateby the Malaysian Tax Rateby the Malaysian Tax Rateby the Malaysian Tax Rate


RM’000 RM’000 RM’000 RM’000

ProfitProfitProfitProfitProfit from ordinary activities before taxfrom ordinary activities before taxfrom ordinary activities before taxfrom ordinary activities before taxfrom ordinary activities before tax 258,421258,421258,421258,421258,421 432,646432,646432,646432,646432,646 296,517296,517296,517296,517296,517 224,547224,547224,547224,547224,547NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Tax calculated at the Malaysian tax rate of 28% (2002 : 28%) 72,358 121,141 83,025 62,873Effect of different tax rate of 20% (2002 : N/A) on first RM100,000 for qualified and medium enterprise (80) - - -Tax effects of :- different tax rates in other countries 1,718 (3,095) - -- change in foreign tax rate - 9,531 - -- expenses not deductible for tax purposes 199,084 245,861 50,433 224,900- income not subject to tax (171,566) (333,165) (114,125) (284,036)- deferred tax asset not recognised 11,533 33,147 - -(Over)/under accruals in prior years (net) (3,191) 2,433 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHTax expenseTax expenseTax expenseTax expenseTax expense 109,856109,856109,856109,856109,856 75,85375,85375,85375,85375,853 19,33319,33319,33319,33319,333 3,7373,7373,7373,7373,737




1010101010 PROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENT

NON CURRENTFurniture &

Fittings,Estate Plant & Capital

Freehold Leasehold Development Machinery and Work Land Land Expenditure Buildings Motor Vehicles In Progress Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Group - 2003Group - 2003Group - 2003Group - 2003Group - 2003

Cost or Valuation

At 1 January 1,486,354 607,163 917,629 1,064,050 1,046,022 105,093 5,226,311Additions 30,707 26,900 7,617 13,475 52,543 149,271 280,513Disposals (634) (413) - (7,701) (20,606) - (29,354)Write Off (3,697) (334) (1) (1,389) (12,766) (14) (18,201)Transfers - - 16,839 31,209 72,341 (120,389) -Disposal Of Subsidiaries - (734) - (359) (2,119) - (3,212)Acquisition Of A Subsidiary - 9,616 - 1,438 6,633 - 17,687Adjustments - - - (227) (3,899) 660 (3,466)Exchange Differences - 2,996 22,225 24,608 24,658 15,278 89,765

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December 1,512,730 645,194 964,309 1,125,104 1,162,807 149,899 5,560,043


Accumulated Depreciation

At 1 January - 52,508 98,966 218,414 627,968 - 997,856Charge For The Year - 8,952 16,765 31,386 95,566 - 152,669Disposals - (40) - (4,264) (14,644) - (18,948)Write Off - - (1) (994) (9,514) - (10,509)Disposal Of Subsidiaries - (773) - (337) (1,180) - (2,290)Acquisition Of A Subsidiary - - - 381 2,989 - 3,370Adjustments - - 1,715 (71) (3,354) - (1,710)Exchange Differences - 376 8,335 7,480 19,366 - 35,557

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December - 61,023 125,780 251,995 717,197 - 1,155,995




1010101010 PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT (continued)

NON CURRENT (continued)Furniture &



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

Group - 2003Group - 2003Group - 2003Group - 2003Group - 2003

Accumulated Impairment Losses

At 1 January - 1,299 16,410 7,579 1,536 - 26,824Additions - - 20,042 (78) (681) 334 19,617

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December - 1,299 36,452 7,501 855 334 46,441

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHNet Book Value At 31 December 1,512,730 582,872 802,077 865,608 444,755 149,565 4,357,607








RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Group - 2002Group - 2002Group - 2002Group - 2002Group - 2002

Cost or Valuation

At 1 January 1,584,746 622,282 909,936 1,178,792 1,390,579 117,804 5,804,139Additions 51 6,036 13,172 18,077 59,454 67,185 163,975Disposals (6,752) (6,704) - (41,505) (22,004) - (76,965)Write Off - - (2,347) (3,563) (12,066) (95) (18,071)Transfers (88,740) - (7,298) (246) (1,698) - (97,982)Reclassification - (1,885) - 44,255 14,520 (56,890) -Disposal Of Subsidiaries - (19,772) - (123,704) (378,626) (21,408) (543,510)Acquisition Of A Subsidiary - - - - 833 - 833Adjustments - - - (2,000) (4) - (2,004)Exchange Differences - 3,831 4,166 (4,569) (4,966) (1,503) (3,041)Revaluation- Surplus - 3,375 - - - - 3,375- Deficit (2,951) - - (1,487) - - (4,438)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December 1,486,354 607,163 917,629 1,064,050 1,046,022 105,093 5,226,311


Accumulated Depreciation

At 1 January - 51,535 84,703 253,334 706,433 - 1,096,005Charge For The Year - 9,571 14,894 34,783 95,072 - 154,320Disposals - (1,795) - (23,347) (18,141) - (43,283)Write Off - - - (2,623) (10,315) - (12,938)Transfers - - - (62) (631) - (693)Reclassification - (793) - (2,300) 3,093 - -Disposal Of Subsidiaries - (6,104) - (39,819) (144,463) - (190,386)Acquisition Of Subsidiary - - - - 605 - 605Adjustments - - - 5 - - 5Exchange Differences - 155 (631) (1,557) (3,685) - (5,718)Revaluation - (61) - - - - (61)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December - 52,508 98,966 218,414 627,968 - 997,856





NON CURRENT (continued)

Furniture &Fittings,

Estate Plant & CapitalFreehold Leasehold Development Machinery and Work

Land Land Expenditure Buildings Motor Vehicles In Progress TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000


Accumulated Impairment Losses

As at 1 January - - - 172 964 - 1,136Additions - 1,299 16,410 7,407 572 - 25,688

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December - 1,299 16,410 7,579 1,536 - 26,824

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHNet Book Value At 31 December 1,486,354 553,356 802,253 838,057 416,518 105,093 4,201,631


NBVNBVNBVNBVNBVRM’000RM’000RM’000RM’000RM’000

The transfers consist of the followings :- Transfer To Properties Held For Sale (Note 17) 87,866- Transfer To Development Expenditure (Note 11) 8,172- Transfer To Property, Plant And Equipment (Current) 1,251

HHHHH

97,289NNNNN

The adjustments include an amount of RM2,000,000 in respect of value of a building owned by a subsidiarywritten down during the year.





Fittings,Estate Plant &

Freehold Leasehold Development Machinery andLand Land Expenditure Buildings Motor Vehicles Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Corporation - 2003Corporation - 2003Corporation - 2003Corporation - 2003Corporation - 2003

Cost or Valuation

At 1 January 233,724 243,436 - 191,005 71,846 740,011Additions - 16,945 3,674 34,520 2,350 57,489Disposals (574) (344) - (5,258) (836) (7,012)Write Off - (35) - (190) (1,111) (1,336)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December 233,150 260,002 3,674 220,077 72,249 789,152

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAccumulated Depreciation

At 1 January - 7,219 - 58,025 53,338 118,582Charge For The Year - 747 - 8,392 4,047 13,186Disposals - (32) - (3,642) (680) (4,354)Write Off - - - (176) (982) (1,158)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December - 7,934 - 62,599 55,723 126,256

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHNet Book Value At 31 December 233,150 252,068 3,674 157,478 16,526 662,896


Corporation - 2002Corporation - 2002Corporation - 2002Corporation - 2002Corporation - 2002

Cost or Valuation

At 1 January 111,407 77,327 - 193,755 70,265 452,754Additions 137,205 171,056 - 28,646 2,664 339,571Transfers (8,172) - - - - (8,172)Disposals (6,716) (4,947) - (31,424) (341) (43,428)Write Off - - - - (714) (714)Reclassification - - - 28 (28) -

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December 233,724 243,436 - 191,005 71,846 740,011

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAccumulated Depreciation

At 1 January - 5,838 - 69,852 49,591 125,281Charge For The Year - 1,646 - 8,076 4,585 14,307Disposals - (265) - (19,903) (317) (20,485)Write Off - - - - (521) (521)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December - 7,219 - 58,025 53,338 118,582

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHNet Book Value At 31 December 233,724 236,217 - 132,980 18,508 621,429





CURRENTFurniture &

Fittings, Plant &Machinery And

Building Motor Vehicles TotalRM’000 RM’000 RM’000


Cost or Valuation

At 1 January 246 1,747 1,993Write Off - (2) (2)

HHHHHHH HHHHHHH HHHHHHHAt 31 December 246 1,745 1,991


Less : Accumulated Depreciation

At 1 January 76 913 989Charge For The Year 14 117 131Write Off - (2) (2)



Less : Accumulated Impairment Losses

At 1 January 22 174 196Additions - - -

HHHHHHH HHHHHHH HHHHHHHAt 31 December 22 174 196

HHHHHHH HHHHHHH HHHHHHHNet Book Value At 31 December 134 543 677





CURRENT (continued)

Furniture &Fittings, Plant &Machinery And

Building Motor Vehicles TotalRM’000 RM’000 RM’000


Cost or Valuation

At 1 January - - -Transfers 246 2,045 2,291Disposals - (81) (81)Write Off - (217) (217)



Less : Accumulated Depreciation

At 1 January - - -Transfers 62 969 1,031Charge For The Year 14 138 152Disposals - (73) (73)Write Off - (121) (121)



Less : Accumulated Impairment Losses

At 1 January - - -Additions 22 174 196


HHHHHHH HHHHHHH HHHHHHHNet Book Value At 31 December 148 660 808


NBVRM’000

The transfers consist of :-

- Transfer from non current Property, Plant And Equipment 1,251- Transfers from Other Receivables 9

HHHHHHH1,260

NNNNNNN




Depreciation charge is further analysed as follows : Group

2003 2002RM’000 RM’000

Charged To Income Statement 152,315 154,300Capitalised To Immature Plantation 485 172


NNNNNNN NNNNNNN

The net book value of Property, Plant and Equipment acquired under finance leases of the Group amountedto RM28,665,000 (2002 : RM19,254,000).

Included in additions of the Group is borrowing cost of RM745,000 (2002 : RM646,000) capitalisedduring the year.

During the year, the Group acquired Property, Plant and Equipment with an aggregate cost ofRM280,513,000 (2002 : RM163,975,000), of which RM13,410,000 (2002 : RM13,818,000) andwere acquired by means of finance lease. Cash payments of RM267,103,000 (2002 : RM150,157,000)were made to purchase these assets.

As at 31 December 2003, Property, Plant and Equipment of the Group and the Corporation with net bookvalue of RM1,585,233,000 (2002 : RM1,545,709,000) and RM330,618,000 (2002 : RM334,924,000)respectively, are pledged as security for borrowings.

Property, Plant and Equipment of the Corporation with net book value of RM213,198,000 (2002 :RM12,735,000) are registered under the names of Subsidiaries and are in the process of being transferredto the name of the Corporation.

Property, Plant and Equipment of the Subsidiaries in the Group Financial Statements with net book valueof RM19,784,000 (2002 : RM19,745,000) are registered in the name of the Corporation and are in theprocess of being transferred to the Subsidiaries.

Property, Plant and Equipment of certain Subsidiaries with net book value of RM1,228,000 (2002 :RM13,792,000) are registered under the names of third parties and are in the process of being transferredto the names of the Subsidiaries.

Certain lands, estate development expenditure and buildings were revalued based on valuations byindependent valuers between 1981 and 1997 using the open market basis except for leasehold land of aSubsidiary based on Directors’ valuation in 1982 as agreed by shareholders per their joint venture agreement,freehold land of a Subsidiary revalued by the Directors on an existing use basis in 1980 and buildings of aSubsidiary revalued based on valuation by independent valuers on an existing use basis in 1995. In 2000,land and buildings of certain Subsidiaries were revalued based on valuation by independent professionalvaluers to reflect market value for existing use. The book values of land and buildings were adjusted toreflect the revaluation and the resultant surpluses were credited to capital reserves.




If the total amounts of land, estate development expenditure, forest concessions and buildings had beendetermined in accordance with the historical cost convention, they would have been stated at :-


RM’000 RM’000 RM’000 RM’000Cost

Freehold Land 334,369 219,690 206,583 207,158Leasehold Land 366,032 412,199 226,036 209,273Estate Development Expenditure 387,596 548,778 1,131 1,134Forest Concessions 2,700 2,700 - -Buildings 653,431 991,732 220,077 191,005

HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,744,128 2,175,099 653,827 608,570

Less : Accumulated Depreciation (161,296) (321,165) (70,534) (65,245)HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,582,8321,582,8321,582,8321,582,8321,582,832 1,853,9341,853,9341,853,9341,853,9341,853,934 583,293583,293583,293583,293583,293 543,325543,325543,325543,325543,325NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Land, Estate Development Expenditure, Forest Concessions And Buildings :

Cost

Freehold Land 411,537 39,073 206,583 207,158Leasehold Land 409,369 240,099 226,036 209,273Estate Development Expenditure 622,898 305,387 1,131 1,134Forest Concessions - 2,700 - -Buildings 606,524 881,137 220,077 191,005

Valuation

Freehold Land 1,325,365 1,447,281 25,596 25,596Leasehold Land 301,922 367,066 33,805 33,999Estate Development Expenditure 206,596 609,541 - -Buildings 151,287 183,158 - -




11 LAND AND DEVELOPMENT EXPENDITURE11 LAND AND DEVELOPMENT EXPENDITURE11 LAND AND DEVELOPMENT EXPENDITURE11 LAND AND DEVELOPMENT EXPENDITURE11 LAND AND DEVELOPMENT EXPENDITURE


RM’000 RM’000 RM’000 RM’000

Land Held For Development 294,305 265,446 162,776 174,444Development Expenditure :- Industrial Development 452,426 390,587 323,601 291,813- Property Development 230,670 251,558 161,057 179,618


Less : Allowance For Diminution In Value (40,533) (36,000) - - Amortisation Of Property (8,667) (2,167) - -


Add : Accumulated Profits Recognised 10,043 8,673 - -


Less : Progress Payments (23,790) (20,046) - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH914,454914,454914,454914,454914,454 858,051858,051858,051858,051858,051 647,434647,434647,434647,434647,434 645,875645,875645,875645,875645,875


Included in development expenditure of the Group is interest capitalised of RM3,138,000 (2002 :RM1,956,000) during the year.

Development land of the Corporation at carrying value of RM60,971,000 (2002 : RM54,800,000) ischarged to a licensed bank for the Redeemable Secured Certificates (RSC) facility amounting toRM230,343,000 (2002 : RM230,343,000). (Refer Note 23)

As at 31 December 2003, land with net book value of RM280,141,000 (2002 : RM304,740,000) is notregistered in the names of certain Subsidiaries and are in the process of being transferred to the namesof the Subsidiaries. Land with net book value of RM7,992,000 (2002 : RM7,992,000) is not registeredin the name of a Subsidiary but is held in escrow by the State Authority of Johor for the beneficial interestof the Subsidiary until the entire land has been sold in subdivided lots to purchasers.

Freehold land of the Group with carrying value of RM10,115,000 (2002 : RM12,789,000) are chargedto a licensed bank to secure a term loan facility of a Subsidiary.

Included in the development expenditure is investment property of RM59,451,000 (2002 : RM59,451,000)which represents the cost incurred for the construction of a wet market and bus terminal for the StateGovernment whereby the Group was given the right to manage and operate the said building on a 15 yearlease expiring in the year 2011. These properties are depreciated over the lease period. The lease periodis extendable subject to the agreement of the State Government. Upon expiry of the lease period, thebuilding will be returned to the State Government for a consideration of another piece of land.



1212121212 SUBSIDIARIESSUBSIDIARIESSUBSIDIARIESSUBSIDIARIESSUBSIDIARIES

Corporation2003 2002

RM’000 RM’000At Cost

Quoted Shares In Malaysia 437,621 446,977Unquoted Shares In Malaysia 1,841,891 1,264,751Convertible Unsecured Loan Stocks (CULS) 1,141 405,210


Less : Allowance For Diminution In Value (956,042) (1,300,852)HHHHHHH HHHHHHH1,324,6111,324,6111,324,6111,324,6111,324,611 816,086816,086816,086816,086816,086NNNNNNN NNNNNNN

Market Value For Quoted Shares 575,250 511,720NNNNNNN NNNNNNN

Quoted shares of the Corporation with net book value of RM3,452,000 (2002 : RM4,863,000) areregistered under the names of Subsidiaries.

Audit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of Subsidiaries

The auditors’ reports of the following Subsidiaries were qualified on the appropriateness of preparing theFinancial Statements on the going concern basis :-

i. Tiram Air Sdn Bhdii. Orion Tours Private Limitediii. Asia Pacific Seafoods Pte Ltdiv. LY Technologies Sdn Bhd

The Subsidiaries have aggregated net current liabilities of approximately RM19,927,000 and an aggregatedcapital deficiency of approximately RM42,620,000.

The auditors’ report of another Subsidiary, Johor Franchise Development Sdn Bhd (“JFD”) was qualified asthe Financial Statements of its Subsidiary, PT Pharmacare Medicine Shoppe which were not consolidated,were not annexed to that of JFD due to the non-availability of the Financial Statements.



1212121212 SUBSIDIARIES SUBSIDIARIES SUBSIDIARIES SUBSIDIARIES SUBSIDIARIES (continued)

Audit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of Subsidiaries (continued)

Attention was drawn to matters of emphasis in the auditors’ reports of the following Subsidiaries :-

i. Diaper Technology Industries Sdn Bhdii. Freewell Sdn Bhdiii. Bayan Baru Specialist Hospital Sdn Bhdiv. Malaysia Institute of Healthcare Management Sdn Bhdv. Open Access Sports Injury Services Sdn Bhdvi. Pharmacare Surgical Technologies Sdn Bhdvii. Seremban Specialist Hospital Sdn Bhdviii. PT KPJ Medika BSDix. Sindora Ventures Sdn Bhdx. Sindora Nusantara Sdn Bhdxi. Sindora Holdings (Johor) Sdn Bhdxii. Syarikat Pengangkutan Maju Berhadxiii. Penawar Express Line Berhadxiv. Syarikat Pengangkutan dan Perniagaan Am Melayu Sdn Bhdxv. SPMB Holdings Sdn Bhdxvi. Buat Niaga Sdn Bhdxvii. Johor Paper and Publishing Sdn Bhdxiviii. Amiza Publishing Sdn Bhdxix. Sergam Berhadxx. Kumpulan Penambang (Johor) Sdn Bhdxxi. Johor Tea Sdn Bhdxxii. Yakin Tea Sdn Bhdxxiii. Malaysia Pharmacy (Retail) Sdn Bhdxxiv. Quality Heights Sdn Bhdxxv. Pharmacare Medicine Shoppe Sdn Bhdxxvi. Pro-Office Shoppe Sdn Bhdxxvii. Selangor Foods Industries Sdn Bhdxxviii. Johor Capital Holdings Sdn Bhdxxix. Johor City Development Sdn Bhdxxx. Larkin Sentral Sdn Bhdxxxi. PT Multrada Multi Majuxxxii. PT Bolak Jayaxxxiii. PT Trimitra Sumberperkasaxxxiv. Johor Skills Development Centre Sdn Bhdxxxv. Vibrant Hectares Sdn Bhdxxxvi. Westbury Tubular (M) Sdn Bhdxxxvii. Johor Heavy Industries Sdn Bhdxxxviii. Kilang Air Batu Perintis Sdn Bhdxxxix. PJB Pacific Advisory Services Sdn Bhdxl. PJB Pacific Capital (L) Berhad




Audit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of Subsidiaries (continued)

Without qualifying their opinion, the auditors’ reports on the Financial Statements of Subsidiaries (i) to (xI)mentioned above drew attention to the appropriateness of preparing the Financial Statements on thegoing concern basis as at 31 December 2003. The Subsidiaries have aggregated net current liabilities ofapproximately RM1,002,207,000 and an aggregated capital deficiency of approximately RM598,027,000.

Subsidiaries (xxxv) to (xl) have been prepared on the basis that going concern principles do not apply inview of their cessation of operations during the financial year. Accordingly, assets have been stated attheir estimated recoverable amounts, provisions have been made for any further liabilities which mightarise, and non-current assets and liabilities have been reclassified to current assets and liabilities respec-tively.

Acquisition Of SubsidiariesAcquisition Of SubsidiariesAcquisition Of SubsidiariesAcquisition Of SubsidiariesAcquisition Of Subsidiaries

i. PT Salanok Ladang Masii. Genuine Victory Sdn Bhdiii. Damansara Town Centre Sdn Bhd

The effects of these acquisitions on the financial results of the Group during the year are as follows :

RM’000

Revenue 44,849Operating Cost (29,237)

HHHHHProfit From Operations Before Tax 15,612Minority Interest (6,459)

HHHHHIncrease In Group Net Profit 9,153

NNNNN




Acquisition Of SubsidiariesAcquisition Of SubsidiariesAcquisition Of SubsidiariesAcquisition Of SubsidiariesAcquisition Of Subsidiaries (continued)

The effects of these acquisitions on the financial results of the Group during the year are as follows :

RM’000

Property, Plant And Equipment 12,178Associates 603Investments Properties 577,546Goodwill on Consolidation 880Trade And Other Receivables 120,494Deposits, Bank And Cash Balances 1,336Trade And Other Payables (27,153)Taxation (1,486)Deferred Taxation (600)Minority Interest (70,412)

HHHHHIncrease In Group Net Assets 613,386

NNNNN

Details of net assets acquired, goodwill and cash flow arising from these acquisitions are as follows :

At Date Of Acquisition

RM’000

Property, Plant And Equipment 12,178Investments 577,546Associates 603Trade And Other Receivables 120,494Deposits, Bank And Cash Balances 1,336Trade And Other Payables (27,154)Taxations (1,486)Deferred Taxation (600)Minority Interest (70,412)

HHHHHFair Value Of Net Assets Acquired 612,505Reserve On Consolidation (32,642)

HHHHHTotal Purchase Consideration 579,863Less : Discharged By Conversion Of Redeemable Convertible Cumulative Preference Shares (577,000) Discharged By Advances Made Prior To Change Of Status (2,861)

HHHHHPortion Discharged By Cash 2Deposits, Cash, Bank Balances & Overdraft Of Subsidiaries Acquired 1,336

HHHHHNet Cash Inflow On Acquisition 1,338

NNNNN




Disposal Of SubsidiariesDisposal Of SubsidiariesDisposal Of SubsidiariesDisposal Of SubsidiariesDisposal Of Subsidiaries

i. Epasa Shipping Agency Sdn Bhdii. Matthes & Porton BViii. Excellent Relation Sdn Bhdiv. PT Trimitra Panquest Plantation

The effect of these disposals on the results of the Group for the current year to the date of disposals wasas follows :-

At Date Of Disposals 2002RM’000 RM’000

Revenue 256 1,779Operating Costs (193) (24,105)Gain on disposal of subsidiary 292 -

HHHHHHH HHHHHHHProfit/(Loss) From Operations 355 (22,326)Other Income 20 5,551Other Operating Expenditure (55) (1,930)Finance Cost - 10,375

HHHHHHH HHHHHHHNet Profit/(Loss) For The Year 320 (8,330)

NNNNNNN NNNNNNN

The effect of these disposals on the cash flow of the Group was as follows :-

At DateOf Disposals

RM’000

Property, Plant And Equipment 3Trade And Other Receivables 93Deposits, Bank And Cash Balances 54Trade And Other Payables (443)

HHHHHHH(293)

Gain On Disposal 342HHHHHHH

Total Proceeds From Disposal 49Goodwill (5)

HHHHHHHPortion Discharged By Cash 44Less : Cash And Cash Equivalents Of Subsidiaries Disposed (54)

HHHHHHHCash Inflow On Disposal (10)

NNNNNNN



1313131313 ASSOCIATESASSOCIATESASSOCIATESASSOCIATESASSOCIATES


RM’000 RM’000 RM’000 RM’000At Cost

Quoted Shares In Malaysia 334,585 330,085 330,086 330,085Unquoted Shares In Malaysia 58,075 60,648 32,257 33,097Less: Allowance For Diminution In Value Of Investments (776) (510) (307,092) (315,935)Share Of Post Acquisition Retained Profits And Reserves Less Losses (302,900) (321,832) - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNShare Of Net Assets Other Than Premium On Acquisition 88,984 68,391 - -Premium On Acquisition 168,489 168,489 - -Less : Premium On Acquisition Written Off (168,489) (168,489) - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNMarket Value For Quoted Shares 22,993 14,150 22,993 14,150


The investments in Associates include the premium on acquisition arising from the investment inDamansara Realty Berhad of RM168,489,000 (2002 : RM168,489,000) which has been written off tothe Income Statement.

Quoted shares of the Corporation with net book value of RM929,000 (2002 : RM571,000) are registeredunder the name of a Subsidiary.



1414141414 LONG TERM INVESTMENTSLONG TERM INVESTMENTSLONG TERM INVESTMENTSLONG TERM INVESTMENTSLONG TERM INVESTMENTS Group Corporation2003 2002 2003 2002


Quoted Shares In Malaysia 282,399 313,784 213,193 234,472Quoted Shares Overseas 142,425 136,532 114,085 114,547Unquoted Shares In Malaysia 264,555 682,737 - 177,000Unquoted Shares Overseas 6,149 19,284 - -Investment Properties 580,796 172,279 - -Other Investments 21,292 11,171 15,716 15,678Less : Allowance For Diminution In Value (357,624) (521,039) (223,351) (271,382)




Unquoted shares of the Group with net book value of RM Nil (2002 : RM444,416,000) is in respect ofsubscription for Redeemable Convertible Cumulative Preference Shares (“RCCPS”) with a par value ofRM1.00 each in Damansara Town Centre Sdn Bhd (“DTCSB”) in accordance with a Share SubscriptionAgreement with DTCSB dated 12 January 2000.

On 18 December 2003, Johor Corporation, the holders of the 177 million “A” RCCPS, exercised theirrights under the terms of the RCCPS and converted their entire shareholdings into 177 million newordinary shares of RM1.00 each in DTCSB. On the same day, Johor City Development Sdn Bhd (“JCD”)another wholly owned subsidiary had assigned their rights to allotment to 400 million new ordinary sharesof RM1.00 each in DTCSB following its conversion of the entire 400 million “B” RCCPS, in favour of JohorCorporation.

As a result of the above conversion and assignment, Johor Corporation is holding 577 million ordinaryshares of RM1.00 each in DTCSB and it ceased to be a subsidiary of Damansara Realty Bhd.

Quoted shares of the Corporation with net book value of RM35 (2002 : RM3,500) are registered underthe name of a Subsidiary.

Quoted shares of the Group with net book value of RM1,071,000 (2002 : RM1,341,000) have beenpledged to a licensed bank as security for bank borrowings provided to the Corporation.

Investment properties of the Group with book value of RM Nil (2002 : RM2,368,000) are pledged tofinancial institutions as security for bank facilities.

It was not practicable within the constraints of timeliness and cost to estimate the fair value of the otherunquoted investments. The market values at the balance sheet date of quoted investments approximatedtheir fair values.



1515151515 INTANGIBLE ASSETSINTANGIBLE ASSETSINTANGIBLE ASSETSINTANGIBLE ASSETSINTANGIBLE ASSETS Group

2003 2002RM’000 RM’000

Goodwill On Consolidation 154,042 149,132Less : Accumulated Amortisation (78,287) (62,653)

Allowance For Impairment Loss (12,217) (12,217)HHHHHHH HHHHHHH

63,538 74,262HHHHHHH HHHHHHH

Master Franchise Rights 125 125Less : Accumulated Amortisation - -

HHHHHHH HHHHHHH125 125

HHHHHHH HHHHHHHNursing Training Costs 31,298 25,270Less : Accumulated Amortisation (11,943) (8,864)


HHHHHHH HHHHHHHOther Intangible Assets 932 2,704

HHHHHHH HHHHHHH83,95083,95083,95083,95083,950 93,49793,49793,49793,49793,497

NNNNNNN NNNNNNN

The intangible assets of the Group are stated after amortisation of RM21,429,000 (2002 : RM10,968,000)and write off of RM3,471,000 (2002 : RM14,136,000) during the year.

1616161616 DEFERRED RECEIVABLES – GROUP AND CORPORATIONDEFERRED RECEIVABLES – GROUP AND CORPORATIONDEFERRED RECEIVABLES – GROUP AND CORPORATIONDEFERRED RECEIVABLES – GROUP AND CORPORATIONDEFERRED RECEIVABLES – GROUP AND CORPORATION

The Corporation has entered into a Sale and Purchase Agreement with a third party for the sale ofindustrial leasehold land on 23 April 1998. The total purchase price payable is RM999,702,000 and is tobe paid in the following manner :

i) first instalment of RM11,108,000 paid on 1 June 1998;

ii) second and third instalment of RM22,216,000 paid on 31 January 1999; and

iii) 87 subsequent annual instalments of RM11,108,000 to be paid on or before the first day of Januaryin each year commencing as from 7 January 2001 and ending 7 January 2087.

Sales is recognised by discounting the cash flows to be received and based on the stage of completionof the development work. No sales were recognised based on the stage of completion in the currentyear (2002 : RM Nil). Interest income recognised in the current year is RM17,920,000 (2002 :RM18,130,000).

On 6 January 2004, the Corporation together with the third party have entered into a novation agreement witha subsidiary, Johor Hotels International Sdn Bhd to novate the sale from the third party to the subsidiary.



1717171717 PROPERTIES HELD FOR SALEPROPERTIES HELD FOR SALEPROPERTIES HELD FOR SALEPROPERTIES HELD FOR SALEPROPERTIES HELD FOR SALE

Freehold land and estate development expenditure transferred from Property, Plant and Equipment toProperties Held For Sale in 2002 were sold during the year.

1818181818 INVENTORIESINVENTORIESINVENTORIESINVENTORIESINVENTORIES



Stores And Materials 86,532 87,593 6,888 7,192Work In Progress 2,435 1,342 - -Stock Of Produce 34,966 9,585 - -Finished Goods 43,807 38,867 - -Less : Allowance For Obsolete Stock (278) (132) - -


HHHHHHH HHHHHHH HHHHHHH HHHHHHHShops And Houses 106,478 101,138 3,356 3,356


At Net Realisable Value

Work In Progress - 775 - -Stock of Produce - 14 - -Finished Goods - 3,100 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH- 3,889 - -


Shop And Houses 2,794 3,810 2,794 3,810Marketable Securities 101 946 - -Less : Allowance For Diminution In Value (216) (216) (216) (216)



NNNNNNN NNNNNNN NNNNNNN NNNNNNNMarket Value For Marketable Securities 108 1,083 - -




19 TRADE AND OTHER RECEIVABLES19 TRADE AND OTHER RECEIVABLES19 TRADE AND OTHER RECEIVABLES19 TRADE AND OTHER RECEIVABLES19 TRADE AND OTHER RECEIVABLES


RM’000 RM’000 RM’000 RM’000

Trade Receivables 487,058 594,551 79,159 112,758Less : Allowance For Doubtful Debts (173,422) (170,569) (1,103) (1,309)

313,636 423,982 78,056 111,449

Other Receivables 170,063 134,490 46,828 59,170Less : Allowance For Doubtful Debts (62,968) (68,530) (1,363) (6,800)

107,095 65,960 45,465 52,370

Amount Due From Related Parties 23,876 36,181 - -Deposits (Net of allowance of RM95,788,000 (2002 : RM Nil) for the Group) 10,645 16,402 2,980 1,186Prepayments 12,468 11,294 392 1,030Other Loans - 918 593 918



Amount Due From Subsidiaries - - 1,525,251 1,543,158Less : Allowance For Doubtful Debts - - (995,269) (980,677)

- - 529,982 562,481

Advances To Associates 17,838 28,731 17,838 28,731Amount Due From Associates 84,579 90,209 81,337 83,092Less : Allowance For Doubtful Debts (3,582) (5,562) (3,461) (3,512)

98,835 113,378 95,714 108,311HHHHHHH HHHHHHH HHHHHHH HHHHHHH566,555566,555566,555566,555566,555 668,115668,115668,115668,115668,115 753,182753,182753,182753,182753,182 837,745 837,745 837,745 837,745 837,745


The currency exposure profile of Trade Receivables is as follows :-

- Ringgit Malaysia 213,193 383,103 78,056 111,449- US Dollar 91,693 27,871 - -- Singapore Dollar 2,307 2,963 - -- Papua New Guinea Kina 978 1,048 - -- Indonesian Rupiah 3,274 322 - -- Euro - 4,424 - -- Great Britain Sterling Pound 16 4,123 - -- Others 2,175 128 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH 313,636 313,636 313,636 313,636 313,636 423,982423,982423,982423,982423,982 78,056 78,056 78,056 78,056 78,056 111,449111,449111,449111,449111,449NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Credit terms of trade receivables range from 1 to 180 days.



1919191919 TRADE AND OTHER RECEIVABLES TRADE AND OTHER RECEIVABLES TRADE AND OTHER RECEIVABLES TRADE AND OTHER RECEIVABLES TRADE AND OTHER RECEIVABLES (continued)

Concentration of credit risk with respect to trade receivables are limited due to the Group’s large numberof customers, who are internationally dispersed, cover a broad spectrum of manufacturing and distributionand have a variety of end markets in which they sell. The Group’s historical experience in collection oftrade receivable falls within the recorded allowances. Due to these factors, management believes that noadditional credit risk beyond amounts provided for collection losses is inherent in the Group’s tradereceivables.

Some RM1,485,303,000 (2002 : RM1,489,565,000) of the amounts owing by Subsidiaries have nofixed terms of repayment, are unsecured and interest free. Amounts of RM13,830,000 (2002 :RM27,896,000) bear interest ranging from 2.00 percent to 7.45 percent per annum (2002 : 2.00percent to 9.65 percent per annum).

The advances to Associates have no fixed terms of repayment, are unsecured and interest free, except foran amount of RM320,000 (2002 : RM2,317,000) bearing interest ranging from 2.00 percent to 8.00percent per annum (2002 : 2.00 percent to 8.00 percent per annum).

The related parties are minority shareholders of certain Subsidiaries. The amount owing is mainlynon-trade in nature, unsecured and interest free with no fixed terms of repayment.

The other loans are loans to the employees of the Corporation which are repayable between 2 and 25years (2002 : 2 and 25 years) and carry an interest of 4.00 percent per annum (2002 : 4.00 percent perannum). Some RM7,048,000 (2002 : RM5,589,000) of the trade and other receivables are due fromPasir Gudang Local Authority. These amounts are secured, are repayable between 1 to 3 years (2002 : 1to 3 years) and bear interest ranging from 4.62 percent to 8.00 percent per annum (2002 : 4.62 percentto 9.20 percent per annum).

Other receivables and prepayments include the following :


RM’000 RM’000 RM’000 RM’000

i) A non-interest bearing loan withno fixed terms of repaymentextended to a minorityshareholder of a Subsidiary 713 675 - -

ii) A loan to a third party amountingto USD250,000. The loan issecured by foreign unquotedshares pledged to a Subsidiaryand dividends derivedfrom the foreign unquoted shares 950 950 - -




2020202020 SHORT TERM INVESTMENTSSHORT TERM INVESTMENTSSHORT TERM INVESTMENTSSHORT TERM INVESTMENTSSHORT TERM INVESTMENTS



Foreign Currencies 278 192 278 192Quoted Shares In Malaysia 16,376 16,186 5,792 6,343Quoted Shares Overseas 1,290 1,925 189 188Less : Allowance For Diminution In Value (3,463) (4,220) (2,028) (2,704)




The market value at the Balance Sheet date of the quoted investments approximated their fair value.

2121212121 DEPOSITS, CASH AND BANK BALANCESDEPOSITS, CASH AND BANK BALANCESDEPOSITS, CASH AND BANK BALANCESDEPOSITS, CASH AND BANK BALANCESDEPOSITS, CASH AND BANK BALANCES


RM’000 RM’000 RM’000 RM’000

Cash And Bank Balances 204,635 121,495 9,481 10,064Fixed Deposits :- With Licensed Banks 165,806 111,797 94,760 15,651- With Licensed Financial Institutions 2,544 1,464 - -



The currency exposure profiles Of Deposits, Cash And Bank Balances are as follows :

- Ringgit Malaysia 294,291 207,330 104,241 25,715- US Dollar 2,037 4,771 - -- Singapore Dollar 174 1,554 - -- Australian Dollar 7 7 - -- Great Britain Sterling Pound 84 594 - -- Indonesian Rupiah 6,330 1,639 - -- Euro 499 472 - -- Papua New Guinea Kina 69,549 18,372 - -- Others 14 17 - -





2121212121 DEPOSITS, CASH AND BANK BALANCES DEPOSITS, CASH AND BANK BALANCES DEPOSITS, CASH AND BANK BALANCES DEPOSITS, CASH AND BANK BALANCES DEPOSITS, CASH AND BANK BALANCES (continued)

Fixed deposits of the Group of RM17,836,000 (2002 : RM4,323,000) have been pledged with licensedbanks for other bank guarantee facilities provided to Subsidiaries.

The weighted average interest rates of deposits, bank and cash balances that were effective at thebalance sheet date were as follows :


Deposits With Licensed Banks 3.11% 2.83% 2.84% 2.71%Deposits With Licensed Financial Institutions 2.89% 3.04% - -


Deposits of the Group and Corporation have an average maturity of 206 days (2002 : 190 days) and 30days (2002 : 30 days) respectively. Bank balances are deposits held at call with banks.

2222222222 TRADE AND OTHER PAYABLESTRADE AND OTHER PAYABLESTRADE AND OTHER PAYABLESTRADE AND OTHER PAYABLESTRADE AND OTHER PAYABLES


RM’000 RM’000 RM’000 RM’000

Trade Payables 249,804 200,221 36,832 27,535Other Payables 276,830 283,033 140,903 141,804Retention Money 959 655 659 655Trade Accruals 124,772 133,139 37,005 34,428Amount Due To Other Shareholders Of Subsidiaries 8,097 10,982 - -Amount Due To Subsidiaries - - 109,934 131,275Amount Due To Associates 1,730 36,080 1,116 5,090


NNNNNNN NNNNNNN NNNNNNN NNNNNNNThe currency exposure profiles of Trade Payables are as follows :

- Ringgit Malaysia 139,790 186,178 36,832 27,535- US Dollar 22,844 2,109 - -- Singapore Dollar 2,225 2,650 - -- Papua New Guinea Kina 67,896 7,211 - -- Indonesian Rupiah 5,139 2,069 - -- Euro - 2 - -- Others 11,910 2 - -



Credit terms of trade payables and suppliers of Property, Plant and Equipment granted to the Group andCorporation vary from 14 to 150 days.

The amounts due to Subsidiaries, Associates and Subsidiaries’ Other Shareholders have no fixed terms ofrepayment, are unsecured and interest free.



2323232323 BORROWINGSBORROWINGSBORROWINGSBORROWINGSBORROWINGS


RM’000 RM’000 RM’000 RM’000

SHORT TERMSHORT TERMSHORT TERMSHORT TERMSHORT TERM

Secured- Bank Overdrafts 9,217 17,943 - -- Revolving Credits 33,400 43,646 - -- Islamic Committed Revolving Credit Facility/Scheduled Payment Arrangement 400,000 400,000 400,000 400,000- Other Bank Loans 98,745 63,885 - -- Finance Lease 9,780 7,125 - -- Term Loans 104,266 51,927 - -- Redeemable Convertible Loan Stock 53,375 52,500 - -

Unsecured- Bank Overdrafts 37,729 36,657 - -- Revolving Credits 64,849 118,945 - -- Other Bank Loans 7,400 6,680 - -- Term Loans 400 3,738 - -- Federal Government Loans 44,739 39,624 44,739 39,624



LONG TERMLONG TERMLONG TERMLONG TERMLONG TERM

Secured- Redeemable Secured Certificates 230,343 230,343 230,343 230,343- Finance Lease 18,199 15,038 - -- Term Loans 596,669 700,575 - -- Guaranteed Redeemable Islamic Bonds 2,941,913 2,807,997 2,941,913 2,807,997

Unsecured- Other Bank Loans 7,500 15,000 - -- Term Loans - 953 - -- Federal Government Loans 27,878 35,975 27,878 35,975


TOTALTOTALTOTALTOTALTOTAL 4,686,4024,686,4024,686,4024,686,4024,686,402 4,648,5514,648,5514,648,5514,648,5514,648,551 3,644,8733,644,8733,644,8733,644,8733,644,873 3,513,9393,513,9393,513,9393,513,9393,513,939NNNNNNN NNNNNNN NNNNNNN NNNNNNN



2323232323 BORROWINGS BORROWINGS BORROWINGS BORROWINGS BORROWINGS (continued)


% % % %Weighted average effective interest rates of borrowings at the Balance Sheet date :- Overdrafts 7.34 5.99 - -- Revolving Credits 4.83 5.02 - -- Term Loans 5.60 5.54 - -- Federal Government Loans 6.34 6.28 6.34 6.28- Other Bank Loans 1.42 0.83 - -- Finance Lease 5.68 6.14 - -- Redeemable Convertible Loan Stock 8.03 7.14 - -


The currency exposure profile of Borrowings is as follows :

RM’000 RM’000 RM’000 RM’000

- US Dollar 58,493 52,895 - -- Kuwaiti Dinar - 3,020 - 3,020- Indonesian Rupiah 7,321 13,104 - -- Ringgit Malaysia 4,620,588 4,579,532 3,644,873 3,510,919


Group Borrowings Group Borrowings Group Borrowings Group Borrowings Group Borrowings (excluding finance lease liabilities) : maturity and exposure to interest rate risk

Later Than Later Than1 Year And 2 Years And

Not Later Not Later Not Later Later ThanThan 1 Year Than 2 Years Than 5 Years 5 Years Total

RM’000 RM’000 RM’000 RM’000 RM’000

As at 31 December 2003 :- Fixed 13,967 8,798 26,151 44,271 93,187- Floating 840,153 76,601 506,502 3,141,981 4,565,237



As at 31 December 2002 :- Fixed 11,460 19,874 34,267 14,294 79,895- Floating 824,085 215,049 474,185 3,033,174 4,546,493






Corporation BorrowingsCorporation BorrowingsCorporation BorrowingsCorporation BorrowingsCorporation Borrowings : maturity and exposure to interest rate risk

Later Than Later Than1 Year And 2 Years And

Not Later Not Later Not Later Later ThanThan 1 Year Than 2 Years Than 5 Years 5 Years Total

RM’000 RM’000 RM’000 RM’000 RM’000

As at 31 December 2003 :- Fixed 444,739 7,237 351,806 2,841,091 3,644,873



As at 31 December 2002 :- Fixed 439,624 14,730 337,200 2,722,385 3,513,939



Group2003 2002

RM’000 RM’000Finance lease l iabi l it iesFinance lease l iabi l it iesFinance lease l iabi l it iesFinance lease l iabi l it iesFinance lease l iabi l it ies

Minimum lease payments :- Not later than 1 year 11,300 8,653- Later than 1 year and not later than 2 years 9,255 7,810- Later than 2 years and not later than 5 years 11,365 8,286- Later than 5 years 37 729


Future finance charges on finance leases (3,978) (3,315)HHHHHHH HHHHHHH

Present value of finance lease liabilities 27,979 22,163NNNNNNN NNNNNNN

Current 9,780 7,125Non current 18,199 15,038

HHHHHHH HHHHHHH 27,97927,97927,97927,97927,979 22,16322,16322,16322,16322,163

NNNNNNN NNNNNNN

Present value of finance lease liabilities :- Not later than 1 year 9,780 7,125- Later than 1 year and not later than 2 years 8,361 6,844- Later than 2 years and not later than 5 years 9,838 7,479- Later than 5 years - 715


NNNNNNN NNNNNNN




Estimated fair valuesEstimated fair valuesEstimated fair valuesEstimated fair valuesEstimated fair values

The carrying amounts of bank overdrafts, revolving credits and other bank loans at Balance Sheetdate approximated their fair values. The fair values of other borrowings at Balance Sheet date wereas follows :

Group CorporationCarrying Fair Carrying Fairamount value amount valueRM’000 RM’000 RM’000 RM’000

20032003200320032003Term Loans 698,241 693,050 - -Finance Lease Liabilities 27,979 25,327 - -Federal Government Loans 72,617 67,003 72,617 67,003Guaranteed Redeemable Islamic Bonds 2,941,913 2,276,395 2,941,913 2,276,395Redeemable Secured Certificates 230,343 172,842 230,343 172,842


20022002200220022002Term Loans 755,541 750,453 - -Finance Lease Liabilities 22,163 22,177 - -Federal Government Loans 75,599 66,762 75,599 66,762Guaranteed Redeemable Islamic Bonds 2,807,997 2,233,618 2,807,997 2,233,618Redeemable Secured Certificates 230,343 175,910 230,343 175,910


The secured overdrafts, term loans, other bank loans and revolving credits of the Group and Corporationare secured by charges over certain assets owned by Subsidiaries in the Group and the Corporation, asmentioned in Note 10 and Note 14.

Finance lease liabilities are effectively secured as the rights to the leased assets revert to the lessor in theevent of default.

Other bank loans to the Group and Corporation are in the form of banker’s acceptance, offshore bank loanand bank guarantee facilities.

On 31 July 2002, the Group implemented its debt restructuring scheme under the Group’s CorporateRestructuring Master Plan (CRMP) further to the Debt Restructuring Agreement entered into between theCorporation, its subsidiaries and the respective lenders. In the restructuring exercise, RM4.16 billionloans were restructured which comprise of RM2.8 billion for Johor Corporation and RM1.4 billion for thesubsidiaries. The lenders had also granted hair cuts to the restructured unsecured loans amounting toRM729.09 million.




With the implementation of the scheme, all the loans of Johor Corporation were converted into thefollowing instruments :-

(i) Islamic Committed Revolving Credit Facility (“CRCF”)/Scheduled Payment Arrangement (“SPA”) underConventional/Syariah principles of Murabahah (cost plus) of RM400.0 million. The tenure and profitrates of the instruments are as follows:

TenureTenureTenureTenureTenure Profit RateProfit RateProfit RateProfit RateProfit Rate

CRCF Committed for ten (10) years At 0.75% p.a. above eachthereafter it will be subject to financier’s effective Islamicyearly review cost of funds

SPA Committed for ten (10) years At 0.75% p.a. above eachthereafter it will be subject to effective Islamic cost ofyearly review funds of Maybank

(ii) Guaranteed Redeemable Islamic Bonds (“GRIBS”) under the Syariah principles of Bai’ Bithaman Ajil(Deferred Payment Sale) with Islamic Debt Securities Issuance of RM2.752 billion nominal amountcomprising three (3) series as follows :

Nominal Nominal Nominal Nominal Nominal Effective Yield ToEffective Yield ToEffective Yield ToEffective Yield ToEffective Yield ToSer iesSer iesSer iesSer iesSer ies Amount Amount Amount Amount Amount TenureTenureTenureTenureTenure Maturity/ProfitMaturity/ProfitMaturity/ProfitMaturity/ProfitMaturity/Profit

(RM‘000) (RM‘000) (RM‘000) (RM‘000) (RM‘000) (Year) (Year) (Year) (Year) (Year) Margin (% p.a.)Margin (% p.a.)Margin (% p.a.)Margin (% p.a.)Margin (% p.a.)

Series 1 300,000 5 4.25Series 2 500,000 7 4.75Series 3 1,952,000 10 5.05

HHHHHHHH 2,752,000 NNNNNNNN

(iii) RM230.3 million nominal amount of Redeemable Secured Certificates (“RSCs”) under the SyariahPrinciples of Qardhul Hassan with no profit rate as follows :

Nominal Nominal Nominal Nominal NominalSer iesSer iesSer iesSer iesSer ies Amount Amount Amount Amount Amount TenureTenureTenureTenureTenure

(RM‘000) (RM‘000) (RM‘000) (RM‘000) (RM‘000) (Year) (Year) (Year) (Year) (Year)

Series 1 15,983 5Series 2 18,983 7Series 3 195,377 10

HHHHHHHH 230,343 NNNNNNNN

The profits under the Islamic financing per (i) and (ii) above are guaranteed by the Johor State Government.The RSCs are secured by certain landed properties of Johor Corporation (refer Note 11) and the JohorState Government with value of RM10,082,000 (2002 : RM10,082,000), which are in the process ofownership transfer to the Corporation. The CRCF/SPA is secured by certain assets of Johor Corporation(refer Note 10).




Group & Corporation2003 2002

RM’000 RM’000Minimum payments on GRIBs :- Not later than 1 year 41,283 27,522- Later than 1 year and not later than 2 years 27,522 27,522- Later than 2 years and not later than 5 years 433,221 436,221- Later than 5 years 3,701,298 3,725,818


Future finance charges on GRIBs (1,451,125) (1,464,884)HHHHHHH HHHHHHH

Present value of GRIBs 2,752,199 2,752,199NNNNNNN NNNNNNN

Present value of GRIBs- Not later than 1 year - -- Later than 1 year and not later than 2 years - -- Later than 2 years and not later than 5 years 299,972 299,972- Later than 5 years 2,452,227 2,452,227

HHHHHHH HHHHHHH2,752,199 2,752,199NNNNNNN NNNNNNN

As at 31 December 2003, the Corporation have not made repayments of the Federal Government loansamounting to RM36.60 million (2002 : RM31.33 million).

On 17 July 2002, the Corporation had applied for a restructuring of its Federal Government loansamounting to RM86.97 million (inclusive of outstanding interest) to the Ministry of Finance with thefollowing options :-

i) to pay off the loans by exchange with a few properties ; orii) to restructure the loans into a soft loan repayable after 10 years with reasonable interest.

The application is still pending approval from the Ministry of Finance.

Redeemable convertible loan stock (“RCLS”) amounting to RM50,000,000 (2002 : RM50,000,000) issecured and interest is charged at 8% per annum. The subscriber of the RCLS has the right to convert theRCLS into ordinary shares at the rate of 1 (one) ordinary share of RM1.00 each for each RM1.00 of RCLSand the Group has the right to redeem the convertible RCLS in accordance with agreed redemptionconditions in the event that a mutually agreed term for conversion is not reached.

The RCLS has expired on 29 November 2003. The subscriber has approved on the extension of thematurity date from 29 November 2003 to 29 March 2004. The RCLS was converted into a term loan, asprovided for in the Subscription Agreement, in April 2004. The payment of interest is at the minimum rateof 0.5% over and above the higher of base lending rate of two largest commercial banks in Malaysia.

RCLS amounting to RM3,375,000 (2002 : RM2,500,000) is secured and interest is charged at 2%(2002 : 2%) above base lending rate per annum. The RCLS will be redeemed fully at the end of the fifthyear, at issue price of RM1.35 from the first subscription date, i.e. February 1999.



2424242424 DEFERRED TAXDEFERRED TAXDEFERRED TAXDEFERRED TAXDEFERRED TAX

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current taxassets against current tax liabilities and when the deferred taxes relate to the same tax authority. Thefollowing amounts, determined after appropriate offsetting, are shown in the Balance Sheet :


RM’000 RM’000 RM’000 RM’000Deferred tax assets :- subject to income tax 12,020 7,479 - -Deferred tax liabilities :- subject to income tax (180,560) (146,936) (5,467) (7,441)- subject to capital gains tax (91,240) (95,578) (1,280) (1,280)

(271,800) (242,514) (6,747) (8,721)HHHHHHH HHHHHHH HHHHHHH HHHHHHH (259,780)(259,780)(259,780)(259,780)(259,780) (233,035)(233,035)(233,035)(233,035)(233,035) (6,747)(6,747)(6,747)(6,747)(6,747) (8,721)(8,721)(8,721)(8,721)(8,721)NNNNNNN NNNNNNN NNNNNNN NNNNNNN

At start of the year (235,035) (233,626) (8,721) (10,501)(Charged)/credited to income statement (Note 9)- Property, Plant and Equipment (27,929) (9,077) 1,305 606- Intangible Assets 1,840 1,840 - -- Tax Losses (436) 1,746 - -- Provisions 490 2,937 490 1,062- Revaluation Reserve 287 865 - -- RPGT paid on disposal of property held 4,143 8,797 - -- Others (3,101) (9,011) 179 112


Charged to equity 194 - - -Acquisition of subsidiary (Note 12) (600) - - -Disposal of subsidiary (Note 12) 130 - - -Currency translation differences 237 494 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHAt the end of the year (259,780) (235,035) (6,747) (8,721)


Subject to income taxSubject to income taxSubject to income taxSubject to income taxSubject to income taxDeferred tax assets (before offsetting)Deferred tax assets (before offsetting)Deferred tax assets (before offsetting)Deferred tax assets (before offsetting)Deferred tax assets (before offsetting)

Property, plant and equipment 4,779 13,141 - -Provisions - 15 5,554 5,063Payables 5,635 5,104 - -Tax losses 7,648 14,159 - -Others 10,837 5,779 567 389


Offsetting (16,879) (30,719) (6,121) (5,452)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Deferred tax assets (after offsetting)Deferred tax assets (after offsetting)Deferred tax assets (after offsetting)Deferred tax assets (after offsetting)Deferred tax assets (after offsetting) 12,020 12,020 12,020 12,020 12,020 7,4797,4797,4797,4797,479 ----- -----NNNNNNN NNNNNNN NNNNNNN NNNNNNN



2424242424 DEFERRED TAX DEFERRED TAX DEFERRED TAX DEFERRED TAX DEFERRED TAX (continued)


RM’000 RM’000 RM’000 RM’000

Deferred tax liabilities (before offsetting)Deferred tax liabilities (before offsetting)Deferred tax liabilities (before offsetting)Deferred tax liabilities (before offsetting)Deferred tax liabilities (before offsetting)

Property, Plant and Equipment (116,764) (95,250) (11,588) (12,893)Intangible Assets (21,002) (22,841) - -Revaluation Reserve (51,699) (51,783) - -Others (7,974) (7,781) - -


Offsetting 16,879 30,719 6,121 5,452HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Deferred tax liabilities (after offsetting)Deferred tax liabilities (after offsetting)Deferred tax liabilities (after offsetting)Deferred tax liabilities (after offsetting)Deferred tax liabilities (after offsetting) (180,560)(180,560)(180,560)(180,560)(180,560) (146,936)(146,936)(146,936)(146,936)(146,936) (5,467)(5,467)(5,467)(5,467)(5,467) (7,441)(7,441)(7,441)(7,441)(7,441)NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Subject to capital gains taxSubject to capital gains taxSubject to capital gains taxSubject to capital gains taxSubject to capital gains taxDeferred tax l iabil it iesDeferred tax l iabil it iesDeferred tax l iabil it iesDeferred tax l iabil it iesDeferred tax l iabil it iesProperty, Plant and Equipment (91,240) (95,578) (1,280) (1,280)


The amount of deductible temporary differences and unused tax losses (both of which have no expirydate) for which no deferred tax asset is recognised is as follows :

Unutilised capital allowances 48,394 51,048 - -Deductable temporary differences 534,407 414,615 - -Tax losses 1,697,725 1,600,034 - -


2525252525 OTHER DEFERRED LIABILITIESOTHER DEFERRED LIABILITIESOTHER DEFERRED LIABILITIESOTHER DEFERRED LIABILITIESOTHER DEFERRED LIABILITIES


RM’000 RM’000 RM’000 RM’000

Government Grant 11,199 8,032 - -Other Deferred Liabilities 513 566 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH11,71211,71211,71211,71211,712 8,5988,5988,5988,5988,598 - - - - - -----


Government GrantGovernment GrantGovernment GrantGovernment GrantGovernment Grant

Cost 12,031 9,000 - -Less : Accumulated Amortisation (832) (968) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHBalance As At 31 DecemberBalance As At 31 DecemberBalance As At 31 DecemberBalance As At 31 DecemberBalance As At 31 December 11,199 11,199 11,199 11,199 11,199 8,0328,0328,0328,0328,032 ----- -----




2626262626 CAPITAL RESERVESCAPITAL RESERVESCAPITAL RESERVESCAPITAL RESERVESCAPITAL RESERVES

Capital reserves include revaluation reserve arising from revaluation of Property, Plant and Equipmentof RM1,075,657,000 (2002 : RM1,206,178,000) and RM83,696,000 (2002 : RM83,890,000) forthe Group and Corporation respectively.

2727272727 GROUP BUSINESS SEGMENT ANALYSISGROUP BUSINESS SEGMENT ANALYSISGROUP BUSINESS SEGMENT ANALYSISGROUP BUSINESS SEGMENT ANALYSISGROUP BUSINESS SEGMENT ANALYSIS

(a) Primary reporting format - Business Segments

Intrapreneur Palm Oil Healthcare Property Venture Others Eliminations GroupRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000


SALESSALESSALESSALESSALES

External Sales 1,242,471 454,825 174,432 103,223 164,022 - 2,138,973Intersegment Sales 36,841 11,792 650 6,309 49,933 (105,525) -

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHTotal Sales 1,279,312 466,617 175,082 109,532 213,955 (105,525) 2,138,973


RESULTSRESULTSRESULTSRESULTSRESULTS

Segment Results (External) 302,199 7,634 79,262 4,193 (17,322) - 375,966Unallocated Income 123,844Unallocated Cost (37,889)

HHHHHProfit From Operations 461,921Finance Cost (243,413)Share Of Results Of Associates 1,072 849 38,384 799 (1,191) 39,913

HHHHHProfit From Ordinary Activities Before Tax 258,421Tax (109,856)

HHHHHProfit From Ordinary Activities After Tax 148,565

Minority Interest (88,416)HHHHH

Net Profit For The Year 60,149

NNNNN



2727272727 GROUP BUSINESS SEGMENT ANALYSIS GROUP BUSINESS SEGMENT ANALYSIS GROUP BUSINESS SEGMENT ANALYSIS GROUP BUSINESS SEGMENT ANALYSIS GROUP BUSINESS SEGMENT ANALYSIS (continued)

(a) Primary reporting format - Business Segments (continued)

IntrapreneurPalm Oil Healthcare Property Venture Others GroupRM’000 RM’000 RM’000 RM’000 RM’000 RM’000


OTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATION

Segment Assets 3,471,615 686,704 2,006,931 92,921 1,054,366 7,312,537Jointly Controlled Entity & Associates 2,303 12,513 73,844 6,338 62,255 157,253Unallocated Asset 320,206

HHHHHH Consolidated Total Assets 7,789,996

NNNNNN

Segment Liabilities 429,688 333,288 237,410 207,625 26,194 1,234,205Unallocated Liabilities 4,459,914

HHHHHHConsolidated Total Liabilities 5,694,119

NNNNNN

Capital Expenditure 168,883 72,799 3,586 8,467 26,778 280,513Depreciation And Amortisation 63,713 34,909 8,998 17,833 54,791 180,244Impairment Loss 334 - - 20,096 (813) 19,617





Intrapreneur Palm Oil Healthcare Property Venture Others Eliminations GroupRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000


SALESSALESSALESSALESSALES

External Sales 1,042,291 490,033 151,551 118,753 157,106 - 1,959,734Intersegment Sales 81,906 9,681 128 1,375 2,629 (95,719) -

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHTotal Sales 1,124,197 499,714 151,679 120,128 159,735 (95,719) 1,959,734


RESULTSRESULTSRESULTSRESULTSRESULTS

Segment Results (External) 187,411 141,273 30,648 (47,098) 260,136 - 572,370Unallocated Income 40,609

HHHHHProfit From Operations 612,979Finance Cost (204,398)Share Of Results Of Associates 24,065

HHHHHProfit From Ordinary Activities Before Tax 432,646Tax (75,853)

HHHHHProfit From Ordinary Activities After Tax 356,793

Minority Interest (100,646)HHHHH

Net Profit For The Year 256,147

NNNNN






IntrapreneurPalm Oil Healthcare Property Venture Others GroupRM’000 RM’000 RM’000 RM’000 RM’000 RM’000


OTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATION

Segment Assets 3,814,667 707,077 1,412,801 249,923 367,348 6,551,816Jointly Controlled Entity & Associates 24,981 8,681 2,307 - 32,895 68,864Unallocated Asset 836,310

HHHHHH Consolidated Total Assets 7,456,990

NNNNNN

Segment Liabilities 904,081 360,239 11,767 294,497 3,784,042 5,354,626Unallocated Liabilities 251,112

HHHHHHConsolidated Total Liabilities 5,605,738

NNNNNN

Capital Expenditure 97,175 53,414 2,511 2,907 7,968 163,975Depreciation And Amortisation 59,201 25,515 5,665 14,562 64,280 169,223Impairment Loss 1,416 - - 16,410 8,058 25,884

(b) Secondary reporting format - Geographical Segments

Sales (External) Total Assets Capital Expenditure2003 2002 2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000GROUPGROUPGROUPGROUPGROUP

Malaysia 1,451,257 1,328,658 6,493,996 5,835,018 156,183 89,653Indonesia 27,179 4,115 161,866 191,531 43,920 14,124Papua New Guinea - 1,433 634,819 504,174 74,807 59,238United Kingdom 130,626 146,727 - - - -Rest of Asia 173,952 154,837 - 21,093 - 960Rest of Europe 264,782 243,314 - - - -Other Countries 91,177 80,650 21,856 - 5,603 -

HHHHHH HHHHHH HHHHHH HHHHHH HHHHHH HHHHHH2,138,973 1,959,734 7,312,537 6,551,816 280,513 163,975


Jointly Controlled Entity & Associates 157,253 68,864Unallocated Assets 320,206 836,310

HHHHHH HHHHHHTotal Assets 7,789,996 7,456,990

NNNNNN NNNNNN


2828282828 SIGNIFICANT RELATED PARTY DISCLOSURESSIGNIFICANT RELATED PARTY DISCLOSURESSIGNIFICANT RELATED PARTY DISCLOSURESSIGNIFICANT RELATED PARTY DISCLOSURESSIGNIFICANT RELATED PARTY DISCLOSURES

In addition to related party disclosures mentioned elsewhere in the Financial Statements, set out beloware other significant related party transactions and balances. The related party transactions describedbelow were carried out on agreed terms and conditions.

Corporation2003 2002

RM’000 RM’000

Purchases From Subsidiaries 58,141 35,971Management Fees Paid To Subsidiaries 5,227 3,904Purchase Of Investment From Subsidiaries - 38,901Purchase Of Property, Plant And Equipment From Subsidiaries 43,438 337,141Rental Paid To Subsidiaries 663 616Interest Expenses Paid To Subsidiaries 165 179Debts Due From Subsidiaries Written Off 14,780 3,607

NNNNNNN NNNNNNN

Bank Loans Novated From Subsidiaries - 992,585Other Debts Novated From Subsidiaries 14,780 11,647Sales To Subsidiaries 4,316 3,387Sale Of Investment To Subsidiaries 16,581 172,000Sale Of Property, Plant And Equipment To Subsidiaries 675 25Interest Income Received From Subsidiaries 12,140 13,616Management Fees Received From Subsidiaries 1,001 897Dividend Received From Subsidiaries 264 24,606Dividend Received From Associates - 559Rental Received From Subsidiaries 3,779 3,127Course Fees Received From Subsidiaries 657 -

NNNNNNN NNNNNNN



2929292929 COMMITMENTSCOMMITMENTSCOMMITMENTSCOMMITMENTSCOMMITMENTS

(a )( a )( a )( a )( a ) CAPITAL COMMITMENTSCAPITAL COMMITMENTSCAPITAL COMMITMENTSCAPITAL COMMITMENTSCAPITAL COMMITMENTS Group Corporation2003 2002 2003 2002

RM’000 RM’000 RM’000 RM’000

Authorised Capital Expenditure Not Provided For In The Financial Statements :- Contracted For 76,129 30,531 14,257 7,480- Not Contracted For 277,031 47,804 - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNAnalysed As Follows :- Property, Plant And Equipment 338,873 70,826 - -- Development Expenditure 14,287 7,509 14,257 7,480



(b) NON-CANCELLABLE OPERATING LEASE COMMITMENTS(b) NON-CANCELLABLE OPERATING LEASE COMMITMENTS(b) NON-CANCELLABLE OPERATING LEASE COMMITMENTS(b) NON-CANCELLABLE OPERATING LEASE COMMITMENTS(b) NON-CANCELLABLE OPERATING LEASE COMMITMENTS

Group2003 2002

RM’000 RM’000

The Future Minimum Lease Payments :- Not later than 1 year 1,119 687- Later than 1 year and not later than 5 years 3,813 877

HHHHHHH HHHHHHH4,9324,9324,9324,9324,932 1,5641,5641,5641,5641,564

NNNNNNN NNNNNNN

3030303030 CONTINGENT LIABILITIES (UNSECURED)CONTINGENT LIABILITIES (UNSECURED)CONTINGENT LIABILITIES (UNSECURED)CONTINGENT LIABILITIES (UNSECURED)CONTINGENT LIABILITIES (UNSECURED)


RM’000 RM’000 RM’000 RM’000

Bank Guarantees Issued To Financial Institutions In Favour Of Third Parties For Facilities Granted To :- The Corporation 93,876 93,674 - -- Subsidiaries 42,632 20,083 - -- Third Parties 7,459 7,291 - -Potential Claims By Third Parties 15,922 16,281 1,848 2,167Guarantee Given By A Bank To Third Party 743 - - -Corporate Guarantee Given To Third Parties 3,025 2,092 - -





3030303030 CONTINGENT LIABILITIES (UNSECURED) CONTINGENT LIABILITIES (UNSECURED) CONTINGENT LIABILITIES (UNSECURED) CONTINGENT LIABILITIES (UNSECURED) CONTINGENT LIABILITIES (UNSECURED) (continued)

There are Real Property Gains Tax (RPGT) liabilities of RM301,357 (2002 : RM18,475,000) arising fromthe gains on disposal of the Corporation’s assets, which were not accrued for in the Financial Statements.

Application for exemption has been approved by the Ministry Of Finance in accordance with the approvalletter whereby exemption is given on disposal of property or shares owned by Johor Corporation and itssubsidiaries from the year 1998 to 2006.

3131313131 FINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTS

( i )( i )( i )( i )( i ) Forward foreign exchange contractsForward foreign exchange contractsForward foreign exchange contractsForward foreign exchange contractsForward foreign exchange contracts

Forward foreign exchange contracts are entered into by the Group to manage exposure to fluctuationsin foreign currency exchange rates on specific transactions. Currently, the Group’s policy is to enterinto forward foreign exchange contracts for up to 30% of such foreign currency receipts where theCompany is able to enjoy premium market swap point and up to 80% of such foreign currencypayment over the following year but it is subject to review by management from time to time due to thecurrency market trend and situation.

At 31 December 2003, the settlement dates on open forward contracts range between 1 and 6months. The foreign currency amount to be received and contractual exchange rates of the group’soutstanding contracts are as follows :

RM ‘000Hedged item Currency Equivalent Contract RateHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHTrade receivables :USD2,738,000 USD 10,419 1USD = RM3.806

The fair values of outstanding forward contracts of the Group at the Balance Sheet date approximatetheir carrying amounts.

The net unrecognised gain at 31 December 2003 on open contracts which hedged anticipatedfuture foreign currency sales amounted to RM15,000. These net exchange gains are deferreduntil the related sales are transacted, at which time they are included in the measurement ofsuch transactions.

( i i )( i i )( i i )( i i )( i i ) Fair valuesFair valuesFair valuesFair valuesFair values

The fair values of investment properties with carrying amount of RM577,546,000 (2002 :RM550,000,000) is RM528,950,000 (2002 : RM500,000,000).

It was not practicable within the constraints of timeliness and cost to estimate the fair value of theother unquoted investments. The market values at the Balance Sheet date of quoted investmentsapproximated their fair values.

The carrying amounts of other financial assets and liabilities of the Group and Corporation at thebalance sheet date approximated their fair values except as disclosed in Note 14 and 23 .




3232323232 CHANGES IN ACCOUNTING POLICIESCHANGES IN ACCOUNTING POLICIESCHANGES IN ACCOUNTING POLICIESCHANGES IN ACCOUNTING POLICIESCHANGES IN ACCOUNTING POLICIES

During the year, the Group changed its accounting policies to comply with the following new MASBStandards :

• MASB Standard 25 “Income Taxes”• MASB Standard 29 “Employee Benefits”

In previous years, deferred tax was recognised for timing differences except when there was reasonableevidence that such timing differences would not reverse in the forseeable future. The tax effect of timingdifferences that resulted in a debit balance or a debit to the deferred tax balance was not carried forwardunless there was a reasonable expectation of its realisation.

The potential tax saving relating to a tax loss carry forward was only recognised if there was assurancebeyond any reasonable doubt that future taxable income would be sufficient for the benefit of the loss tobe realised.

Where there was intention to dispose of revalued assets, the deferred tax relating to such assets wasrecognised through a transfer from the related revaluation surplus. No provision nor disclosure was madeof this tax effect where the Group intended to hold such assets for the foreseeable future.

The Group has now changed its accounting policy to recognise deferred tax on temporary differencesarising between the amounts attributable to assets and liabilities for tax purposes and their carryingvalues in Financial Statements. Deferred tax assets are recognised to the extent that is probable thattaxable profit will be available against which deductible temporary differences or unused tax losses canbe utilised.

In addition, deferred tax is recognised on temporary differences arising on investments in Subsidiaries andAssociates except where the timing of the reversal of the temporary differences can be controlled and itis probable that the temporary differences will not reverse in the foreseeable future.

This change in accounting policy has been accounted for retrospectively.



3232323232 CHANGES IN ACCOUNTING POLICIES CHANGES IN ACCOUNTING POLICIES CHANGES IN ACCOUNTING POLICIES CHANGES IN ACCOUNTING POLICIES CHANGES IN ACCOUNTING POLICIES (continued)

Ef fectsEf fectsEf fectsEf fectsEf fects Ef fectsEf fectsEf fectsEf fectsEf fectsAsAsAsAsAs of changeof changeof changeof changeof change of changeof changeof changeof changeof change

previouslypreviouslypreviouslypreviouslypreviously in policyin policyin policyin policyin policy in policyin policyin policyin policyin policy A sAsAsAsAsreportedreportedreportedreportedreported MASB 25MASB 25MASB 25MASB 25MASB 25 MASB 29MASB 29MASB 29MASB 29MASB 29 restatedrestatedrestatedrestatedrestatedRM’000 RM’000 RM’000 RM’000

GroupGroupGroupGroupGroup

At 31 December 2001At 31 December 2001At 31 December 2001At 31 December 2001At 31 December 2001

Capital Reserves 1,307,034 (84,054) - 1,222,980Revenue Reserves (933,594) (277) - (933,871)Deferred Tax Liabilities 95,443 139,568 - 235,011Deferred Tax Assets - 1,385 - 1,385

Year ended 31 December 2002Year ended 31 December 2002Year ended 31 December 2002Year ended 31 December 2002Year ended 31 December 2002

Net Profit For The Year 253,695 2,785 (333) 256,147Tax Expense 78,672 (2,819) - 75,853Administrative Expenses 336,351 - 367 336,718



Capital Reserves 1,211,102 (84,054) - 1,127,048Revenue Reserves (597,691) 3,556 (1,381) (595,516)Deferred Tax Liabilities 99,262 143,252 - 242,514Minority Interests 1,457,809 (54,670) (35) 1,403,104Deferred Tax Assets - 7,479 - 7,479Trade Accruals 131,721 - 1,273 132,994Goodwill 72,287 1,975 - 74,262Associates 69,614 (1,223) - 68,391




3232323232 CHANGES IN ACCOUNTING POLICIES CHANGES IN ACCOUNTING POLICIES CHANGES IN ACCOUNTING POLICIES CHANGES IN ACCOUNTING POLICIES CHANGES IN ACCOUNTING POLICIES (continued)

Ef fectsEf fectsEf fectsEf fectsEf fects Ef fectsEf fectsEf fectsEf fectsEf fectsAsAsAsAsAs of changeof changeof changeof changeof change of changeof changeof changeof changeof change

previouslypreviouslypreviouslypreviouslypreviously in policyin policyin policyin policyin policy in policyin policyin policyin policyin policy A sAsAsAsAsreportedreportedreportedreportedreported MASB 25MASB 25MASB 25MASB 25MASB 25 MASB 29MASB 29MASB 29MASB 29MASB 29 restatedrestatedrestatedrestatedrestatedRM’000 RM’000 RM’000 RM’000

CorporationCorporationCorporationCorporationCorporation


Capital Reserves - Property, Plant And Equipment 100,736 (1,280) - 99,456Deferred Tax Liabilities (4,426) (6,075) - (10,501)Revenue Reserves (769,694) (4,795) (1,045) (775,534)

Year ended 31 December 2002Year ended 31 December 2002Year ended 31 December 2002Year ended 31 December 2002Year ended 31 December 2002

Net Profit For The Year 219,211 1,780 (181) 220,810Tax Expense (5,517) 1,780 - (3,737)



Deferred Tax Liabilities (4,426) (4,295) - (8,721)Capital Reserves - Property, Plant And Equipment 85,170 (1,280) - 83,890Other Payables And Accruals 339,560 - 1,226 340,786Revenue Reserves (550,483) (3,015) (1,226) (554,724)



3333333333 SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR ENDSIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR ENDSIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR ENDSIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR ENDSIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END

1. On 20 January 2004, Johor Corporation entered into a Debt Settlement Agreement with PersatuanBolasepak Negeri Johor (“PBNJ”). By this agreement, the debt which amounted to RM18,876,345 asat 31 December 2003 is agreed to be settled by :

(i) Alienation of all that piece of land held under PTB 19132 in the Mukim Bandar of Johor Bahru,District of Johor Bahru, in the State of Johor, containing an approximate area of 5.330 acres(hereinafter referred to as “the state land”) vested in the State Government with vacant possessionand free from all encumbrances ; and

(ii) Transfer of PBNJ land held under the document of PN 5004 Lot 19774 in the Mukim Bandar ofJohor Bahru, District of Johor Bahru, in the State of Johor, containing an approximate area of1.611 acres (hereinafter referred to as “the said land”).

The State Authority shall grant its consent to the transfer of the said land to Johor Foods Sdn Bhd, awholly owned subsidiary of Johor Corporation.

Johor Corporation has, by its written consent nominated and assigned to Johor Foods Sdn Bhd toaccept the alienation of the State Land and the transfer of the said land on its behalf.

2. On 6 February 2004, Johor Foods Sdn Bhd, a wholly-owned subsidiary of Johor Corporation subscribedto a total of 45 million 3.5% Redeemable Convertible Preference Shares (“RCPS”) of RM1.00 eachissued by a related company, Larkin Sentral Management Sdn Bhd. The RCPS matures in five yearswith annual redemptions.

3. On 30 January 2004, a wholly owned subsidiary of Johor Corporation, Permodalan Teras Sdn Bhd(formerly known as Pulau Nenas Sdn Bhd) acquired 4,450,000 ordinary shares of RM1.00 eachrepresenting 100% of the equity interest of Pelaburan Johor Berhad from its related company, JohorCapital Holdings Sdn Bhd for a cash consideration of RM10,000,000.

4. On 26 April 2004, Johor Tea Sdn Bhd, a subsidiary of Johor Franchise Development Sdn Bhd, awholly owned subsidiary of Johor Corporation, disposed off its property, plant and equipment, otherthan motor vehicles and the plantation development to a third party for a cash consideration ofRM9,291,260.

5. On 30 April 2004, a subsidiary of Johor Capital Holdings Sdn Bhd, PJB Pacific Securities (HongKong) Ltd, has been struck off by the Company’s Registration in Hong Kong.



3333333333 SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END (continued)

6. (a) During the financial year, a subsidiary, Damansara Town Centre Sdn Bhd (“DTCSB”), entered intovarious Debt Settlement Agreements through disposal of assets and assignment of debts duefrom third parties with its former holding company, Damansara Realty Bhd (“D Bhd”) and a relatedcompany, DRP Construction Sdn Bhd (“DRPC”). The settlement of the DTCSB debts were asfollows :

(i) Debt Settlement Agreement entered into by D Bhd and DTCSBRMRMRMRMRM

Deposits placed with vendors for the proposed acquisition of various property companies 95,787,841

Transfer of parcel of land held for development, known as the Cameron land 20,000,000

Transfer of D Bhd’s entire interest in Sungai Gadut Quarry Sdn Bhd and assignment of shareholder’s advances 3,598,412

Assignment of all D Bhd’s rights, title and interest under the Sale and Purchase Agreement dated 20 November 2003, between D Bhd and a subsidiary, Golden Dragon Garden Sdn Bhd in relation to vacant plots of lands in Simpang Pulai, Ipoh approved for the erection and development of 64 units of double-storey shops 4,896,000

Transfer of Fixed Deposits 764,402

Transfer of Property, Plant and Equipment to D Bhd net of hire purchase (1,468,948)

HHHHHHHHHH123,577,707

Set off amount advanced to D Bhd Group (112,154,282)HHHHHHHHHH

Net amount owing to D Bhd Group 11,423,425NNNNNNNNNN

(ii) Debt Settlement Agreement entered into by DRPC and DTCSBRMRMRMRMRM

Transfer of an investment property, 8 units of Megan Corporate Park, to DTCSB 2,650,000Set off amount advanced to DRPC (2,732,390)

HHHHHHHHNet amount owing by DRPC (82,390)

NNNNNNNN

The amount due from and due to DTCSB were settled during the financial year.




7. On 5 August 2002, an associate, Damansara Realty Bhd (“D Bhd”), had announced its new restructuringscheme involving the following :-

(i) Proposed capital reduction and consolidation involving the cancellation of 85 sen of the par valueof the existing ordinary shares of RM1.00 each in D Bhd, (“shares”) and thereafter, the consolidationof twenty (20) shares of 15 sen each into three (3) shares in D Bhd (“Proposed Capital ReductionAnd Consolidation”);

(ii) Proposed exchange of the shares in D Bhd with shares of a newly incorporated public company(“Newco”), which will assume the listing status of D Bhd, on the basis of one (1) new share inNewco for every one (1) share held in D Bhd after the Proposed Capital Reduction And Consolidation;

(iii) Proposed acquisition of 177,000,000 “A” Redeemable Convertible Cumulative Preference Shares(“RCCPS”) of RM0.01 each in Damansara Town Centre Sdn Bhd (DTCSB) by Newco from JohorCorporation for a purchase consideration of RM169,590,546 to be satisfied by the issuance of169,590,546 new shares in Newco at an issue price of RM1.00 per share (“Proposed Acquisitionof “A” RCCPS”);

(iv) Proposed acquisition of the following by Newco from Johor City Development Sdn Bhd (“JCD”), awholly-owned Subsidiary of Johor Corporation :

a. the Rights to Allotment (“RTA”) for a purchase consideration of RM380,203,488 pursuant toproposed conversion by JCD of its entire holding of 400,000,000 “B” RCCPS of RM0.01each into an equivalent number of new DTCSB shares at a conversion price of RM1.00 per“B” RCCPS. The purchase consideration is proposed to be satisfied by the issuance of newshares and new Irredeemable Convertible Unsecured Loan Stocks-A in Newco (“ICULS-A”),and the assignment and netting-off of debts; and

b. a ninety-nine (99) year leasehold development land measuring approximately 240.59 acresin area located near Johor Bahru to be developed for a mixed development project known asBandar Damansara Aliff (“BDA”) comprising mainly of medium-cost and high end residentialproperties as well as mixed development for a purchase consideration of RM180,000,000to be satisfied by the issuance of new shares and new ICULS-A in Newco.

(Items 7(iv) a and b above are collectively referred to as “Proposed Acquisitions from JCD”);

(v) Proposed exemption to Johor Corporation and parties acting in concert with it from the obligationto extend a mandatory offer for all the remaining shares in Newco not already owned by themafter the Proposed Acquisition of “A” RCCPS and Proposed Acquisition from JCD, and also theproposed exemption to JCD and parties acting in concert with it from the obligation to extendmandatory offer for all the remaining shares in Newco not already owned by them as a result ofthe increase in their shareholdings upon conversion of ICULS;

(vi) Proposed offer for sale/placement of the Newco Shares held by Johor Corporation and/or JCDto the Malaysian public including the existing public shareholders of D Bhd in order to comply withthe Securities Commission’s (“SC”) and the Kuala Lumpur Stock Exchange’s (“KLSE”) minimum25% public shareholding spread requirement; and

(Items 7(i) to (vi) are collectively referred to as “Proposed Reconstruction And Restructuring Scheme”).




7. (continued)

On 5 February 2003, D Bhd had announced that the submission of the Proposed Reconstruction AndRestructuring Scheme to the SC will be extended for another 4 months to 5 June 2003 to enablethem to finalise the terms and conditions of certain additional proposals with third parties, which formpart of the original proposal. The proposed submission date was further extended to 30 August 2003per D Bhd’s announcement on 30 May 2003. This is to allow the management and its advisors toreview several key assumptions underlying the forecast and projections of D Bhd’s results.

As for items (iii) and (iv) above, D Bhd had entered into separate conditional sale and purchaseagreements (“Conditional SPAs”) with Johor Corporation and JCD respectively on 5 August 2002. Asannounced on 6 May 2003, D Bhd, Johor Corporation and JCD had agreed to extend the cut-off datefor the fulfillment of the conditions precedent to the Conditional SPAs to 5 April 2004.

In addition, JCD had obtained the approval from the relevant local authorities to convert the BDAproject land from leasehold to freehold. Pursuant to the conversion, the name of the project waschanged from BDA to Taman Damansara Aliff (“TDA”) and it was officially launched on 28 February2003.

On 12 December 2003, D Bhd and Johor Corporation entered into an agreement to mutually terminatethe conditional sale and purchase agreement which was entered into by both parties on 5 August2002, for the proposed acquisition of 177,000,000 “A” RCCPS of RM0.01 each by Newco fromJohor Corporation.

On 12 December 2003, D Bhd, Damansara Realty Johor Sdn Bhd (“DRJSB”), Johor Corporation andJCD entered into an agreement (“Conditional Agreement”) whereby JCD and D Bhd have mutuallyagreed to terminate the conditional sale and purchase agreement which was entered into withJCD on 5 August 2002 in relation to the proposed acquisitions of the Rights to Allotment pursuantto the proposed conversion of “B” RCCPS into the new ordinary shares in DTCSB and a parcel ofland known as Taman Damansara Aliff (“TDA”) by Newco from JCD. Pursuant to the ConditionalAgreement, D Bhd, JCD and DRJSB have agreed that DRJSB shall continue to be the developer ofTDA until December 2009.

In consideration of Johor Corporation and JCD agreeing to appoint DRJSB as the developer for theTDA Land together with the Development Rights, DRJSB agrees to pay JCD a cash consideration ofRM180 million. The payments will be made as follows :

RMRMRMRMRMOn or before 31 December 2006 30,000,000On or before 31 December 2007 30,000,000On or before 31 December 2008 60,000,000On or before 31 December 2009 60,000,000

Upon each of the progress payment, JCD shall transfer parcels of the land proportionate to theamount paid by DRJSB and upon full payment of the total sum, any balance parcels of the land shallbe effectively transferred to DRJSB and DRJSB shall be the beneficial owner of such parcels of theland.

This agreement is conditional upon the approval of the shareholders of DRJSB and JCD and any otherrelevant authorities.

Pursuant to the termination of the agreements as mentioned above, the Company’s ProposedReconstruction and Restructuring scheme, which was announced on 5 August 2002, was abortedsimultaneously.





8. On 5 February 2004, D Bhd entered into a conditional sale and purchase agreement with Bukit MelitaSdn Bhd (“Bukit Melita”) for the proposed acquisition of ten (10) parcels of freehold land measuring327.9079 hectares in area within Mukim of Pelangai, all located within the district of Bentong,Pahang Darul Makmur from Bukit Melita for a purchase consideration of RM20 million to be satisfiedby the transfer of the Company’s entire 100% equity interest in Golden Dragon Garden Sdn Bhd toBukit Melita for RM16 million and the remaining RM4 million by way of cash. The acquisition issubject to the approval of the shareholders, Foreign Investment Committee (“FIC”) and other relevantauthorities.

9. On 9 June 2003, a Subsidiary, Kulim (Malaysia) Berhad (“KMB”), had entered into the followingconditional Sales and Purchase agreements :-

(i) Conditional Shares Acquisition Agreement with Johor Corporation(“SPA1”) for the proposedacquisition of an aggregate 6,091,358 ordinary shares of RM1.00 each of Kumpulan BertamPlantations Berhad (“KBP shares”) representing 62.03% equity interest in KBP for a purchaseconsideration of RM15,060,000. It is to be satisfied by RM6,000,000 in cash and the issuanceof 3,939,130 new ordinary shares of RM0.50 each in KMB issued as fully paid-up at an issueprice of RM2.30 per share (“Proposed Acquisition of KPB”).

The acquisition was completed on 8 July 2004.

(ii) Conditional Shares Acquisition Agreement with Johor Corporation and Johor Franchise DevelopmentSdn Bhd (“JFDSB”), a wholly owned Subsidiary of Johor Corporation (“SPA2”) for the proposedacquisition of 80,321,257 ordinary shares of RM1.00 each of EPA Management Sdn Bhd (“EPA”),a wholly-owned subsidiary of Johor Corporation, representing 100% of the enlarged issued andpaid up share capital of EPA after the proposed internal restructuring and proposed capitalisationof amount due to Johor Corporation for a purchase consideration of RM80,000,000, to besatisfied by RM35,000,000 in cash and the issuance of 19,565,217 new ordinary shares ofRM0.50 each in KMB issued as fully paid-up at an issue price of RM2.30 per share (“ProposedAcquisition of EPA”).

The acquisition was completed on 28 July 2004.

(iii) In conjunction with the Proposed Acquisitions, KMB intends to undertake a proposed renounceablerights issue of up to 47,289,060 new ordinary shares of RM0.50 each in KMB (“Rights Issue”)together with up to 47,289,060 detachable free warrants at an issue price of RM1.50 each onthe basis of one (1) new ordinary share of RM0.50 each together with one (1) free warrant forevery four (4) existing ordinary shares of RM0.50 each held in KMB before the ProposedAcquisitions.

The issuance was made on 6 July 2004.




10. (a) On 26 January 2004, Larkin Sentral Management Sdn Bhd (“LSM”) and Pelaburan Johor Berhad (“PJB”),both subsidiaries of Johor Corporation, and Amanah Raya Bhd entered into a Tripartite Agree-ment relating to the purchase of Amanah Saham Johor (“ASJ”) and/or Dana Johor (“DJ”) units.

LSM intends to purchase from PJB units of ASJ and DJ which shall be equivalent to the numberof ASJ and DJ units which PJB is required to repurchase from unit holders of ASJ and DJimplemented under a “Repurchase Scheme”.

LSM has agreed to repurchase each ASJ unit at a selling price of RM1.00 and each DJ unit atRM0.50. The scheme commenced on 9 February 2004 for an initial period of one year.

On 6 February 2004, the parties entered into a supplementary agreement whereby it was agreedthat in the event the scheme is extended for a further term or terms, any units which were entitledto be repurchased from a unit holder during any previous term of the Scheme but for which norequest for repurchase was made by such unit holder may be aggregated with such unit holder’sentitlement for repurchase under the Scheme during the extended term at the Scheme RepurchasePrice which is applicable during the extended term of the Scheme.

LSM agrees that it shall, notwithstanding Clause 3(iv) of the Principal Agreement, upon receipt ofa written offer from PJB pursuant to Clause 3(v) of the Principal Agreement, purchase all unitsoffered to LSM including any units which were entitled for repurchase under the Scheme duringany previous term at a selling price equivalent to the Scheme Repurchase Price which is applicableduring the extended term of the scheme.

(b) On 6 February 2004, LSM resolved to accept the alienation of six pieces of land by the StateGovernment of Johor as follows :

(i) That piece of land held under Lot PTB 20478 in the Mukim Bandar of Johor Bahru, Districtof Johor Bahru, in the State of Johor, containing an approximate area of 15.921 acrestogether with a building erected thereon and known as “Stadium Dato’ Tan Sri Hj HassanYunos, Larkin”.

(ii) That piece of land held under Lot PTD 78587 in the Mukim of Tebrau, District of JohorBahru, in the State of Johor, containing an approximate area of 17.734 acres and known as“Tanah Penempatan Sementara Kem TSN, Tampoi, Johor”.

(iii) That piece of land held under Lot PTD 78588 in the Mukim of Tebrau, District of JohorBahru, in the State of Johor, containing an approximate area of 10.50 acres and known as“Tanah Penempatan Sementara Peniaga Pekan Tampoi, Johor Bahru”.

(iv) That piece of land held under Lot 14005 in the Mukim Bandar of Johor Bahru, District ofJohor Bahru, in the State of Johor, containing an approximate area of 17.710 acres togetherwith a building erected thereon and known as “Tanah Gelanggang Budaya, Larkin”.

(v) That piece of land in the Mukim of Tebrau containing an approximate area of 7.100 acresand known as “Tanah Pekan Tampoi, Johor Bahru”.

(vi) That piece of land in the Mukim Bandar of Johor Bahru, District of Johor Bahru, in the Stateof Johor, containing an approximate area of 7.042 acres and delineated for commercialpurpose and known as “Tanah Tasek Utara”.

Lands (i) to (v) have been approved by Majlis Mesyuarat Kerajaan Negeri. The Johor BahruDistrict Land Office is in the process of finding another piece of land as a replacement for land (vi)since the land is reserved for future government use.




11. On 27 January 2004, the paid up capital of Genuine Victory Sdn Bhd was increased from RM2.00 toRM150,000 alloted to Johor Ventures Sdn Bhd, another wholly owned subsidiary of Johor Corporation.On 2 March 2004, the paid up capital was further increased from RM150,000 to RM180,000 andalloted to Johor Ventures Sdn Bhd. On 9 June 2004, the paid up capital was increased fromRM180,000 to RM200,000 with the issue of 20,000 units of new ordinary shares at RM1.00 perunit alloted to a related party.

12. Syarikat Pengangkutan dan Perniagaan Am Melayu, a subsidiary of SPMB (H) Sdn Bhd which is asubsidiary of Johor Corporation ceased its operations on 1 February 2004.

13. Damansara Harta Management Sdn Bhd, a subsidiary of D Bhd which is an associate of JohorCorporation, ceased its operations on 1 May 2004.

14. Makmuran Veneer & Plywood Sdn Bhd, a subsidiary of Makmuran Sdn Bhd, a subsidiary of JohorCorporation reactivated its operations on 1 April 2004.

15. On 21 May 2004, PJB Advisory Services Sdn Bhd, a subsidiary of Johor Capital Holdings Sdn Bhd, awholly owned subsidiary of Johor Corporation, was wound up by the Kuala Lumpur High Court.

16. On 10 June 2004, the paid up capital of EPA Management Sdn Bhd, a wholly owned subsidiary ofJohor Corporation, was increased from RM8,580,000 to RM80,320,000 by way of capitalisation ofadvances by Johor Corporation amounting to RM71,740,000.

17. On 21 July 2004, D Bhd, an associate of Johor Corporation, acquired Tebing Aur Sdn Bhd fromJSEDC Properties Sdn Bhd, a wholly owned subsidiary of Johor Corporation, for a total considerationof RM1,500,000.


We, Dato’ Haji Abdul Ghani Bin Othman and Tan Sri Dato’ Muhammad Ali Hashim, two of the Directors ofJohor Corporation, state that, in the opinion of the Directors, the financial statements set out on pages 165 to257 are drawn up so as to give a true and fair view of the state of affairs of the Group and Corporation as atDecember 31, 2003, and of the results and cash flows of the Group and Corporation for the year ended onthat date in accordance with the applicable approved accounting standards in Malaysia.

Signed on behalf of the Board of Directors

DATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANChairman

TAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMTAN SRI DATO’ MUHAMMAD ALI HASHIMGroup Chief Executive

Johor Bahru

16 July 2004


STATEMENT BY DIRECTORS


I, Jamaludin Bin Md. Ali, being the officer primarily responsible for the financial management of JohorCorporation, do solemnly and sincerely declare that the financial statements set out on pages 165 to 257 are,in my opinion, correct and I make this solemn declaration conscientiously believing the same to be true, andby virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared at Johor Bahru on 16 July 2004.

JAMALUDIN BIN MD. ALIJAMALUDIN BIN MD. ALIJAMALUDIN BIN MD. ALIJAMALUDIN BIN MD. ALIJAMALUDIN BIN MD. ALIChief Operating Officer

Before me,

Commissioner For Oaths, Johor Bahru.


STATUTORY DECLARATION


CERTIFICATE OF THE AUDITOR GENERALON THE FINANCIAL STATEMENTS OF JOHOR CORPORATION

FOR THE YEAR ENDED 31 DECEMBER 2003

The financial statements of Johor Corporation for the year ended 31 December 2003have been audited by my representative. These financial statements are theresponsibility of Johor Corporation’s management. My responsibility is to audit andrender an opinion on these financial statements.

2. The Audit has been conducted in accordance with the Audit Act 1957 andguided by approved auditing standards. The standards require the audit to be plannedand performed to obtain reasonable assurance as to whether the financial statementsof Johor Corporation are free of material misstatement or omission. The audit includesexamining the records on a test basis, evidence supporting the amounts and ensuringadequate disclosures in the financial statements. The audit also includes assessingthe accounting principles used as well as evaluating the overall financial statementpresentation.

3. In my opinion, the financial statements give a true and fair view of the financialposition of Johor Corporation and the Group as at 31 December 2003, its operationresults and the cash flow for the year based on the approved accounting standards.

4. I have considered the financial statements and audit reports for all thesubsidiaries not audited by me as stated in the Notes to the Financial Statements. Iam satisfied that their financial statements consolidated with the financial statementsof Johor Corporation are in a form and content appropriate and proper for the purposesof preparation of the consolidated financial statements. I have also receivedsatisfactory information and explanation required for those purposes.

(This is a translated version. Please refer to the original Certificate on page 146-147)


5. The auditors’ reports on the financial statements of the subsidiaries were notsubject to any qualification that will affect the consolidated financial statements.


AUDITOR GENERALMALAYSIA.

PUTRAJAYA,24 August 2004

(This is a translated version. Please refer to the original Certificate on page 146-147)


REPORT OF THE AUDITOR GENERAL ONTHE FINANCIAL STATEMENTS OF JOHOR CORPORATION

FOR THE YEAR ENDED 31 DECEMBER 2003

This Report of the Auditor General should be read together with the Certificate of theAuditor General to support the audit opinion for the financial statements.

2. Apart from verifying the financial statements, an audit was carried out on thefinancial performance and management activities of Johor Corporation. Theresults of this is stated in the following paragraphs:

2.1 Financial Performance

For the year 2003, Johor Corporation had achieved profits of RM 277.18 millionand RM 60.15 million for the Group. The increase in Johor Corporation’s profitsamounting to RM 56.37 million, compared to 2002 is due to the increase insales of palm oil in 2003 by 35.09% (2003 : RM 142.89 million ; 2002 : RM105.77 million). The increase in profits had also contributed to the reduction inreserve deficit of Johor Corporation by 58.87% amounting to RM 193.65 millionin 2003, compared to RM 470.83 million in 2002. Whereas Group recorded asurplus of RM 544.42 million. For the year 2003, Johor Corporation has netcurrent assets of RM 61.81 million and the Group has net current lialibilities ofRM 336.71 million. Johor Corporation’s borrowings as at 31 December 2003amounted to RM 3.64 billion whereas the Group borrowings amounted to RM4.69 billion.

(This is a translated version. Please refer to the original Report on page 148-149)


2.2 The continuation of Johor Corporation and the Group as a going concern isdependent on the support given by the State Government with the approval ofthe Federal Government towards the Corporate Restructuring Master Planimplemented in year 2002.


AUDITOR GENERALMALAYSIA.

PUTRAJAYA,24 August 2004

(This is a translated version. Please refer to the original Report on page 148-149)


% Group InterestCountry of Dec Dec

Name of Company Principal Activities Incorporation 2003 2002

IIIII CORE BUSINESSCORE BUSINESSCORE BUSINESSCORE BUSINESSCORE BUSINESS

AAAAA PALM OILPALM OILPALM OILPALM OILPALM OIL

ACTIVE COMPANIESACTIVE COMPANIESACTIVE COMPANIESACTIVE COMPANIESACTIVE COMPANIES

Kulim (Malaysia) Berhad # Holding company, manufacturing Malaysia 52.18 54.05and oil palm plantation

EPA Management Sdn Bhd Holding company and estate Malaysia 100.00 100.00 management

Kumpulan Bertam Plantations Berhad Oil palm plantation Malaysia 72.96 72.96Kumpulan Penambang (Johor) Sdn Bhd Investment holding and oil Malaysia 100.00 100.00

palm plantationJohor Foods Sdn Bhd Holding company and Malaysia 100.00 100.00

oil palm plantationJohor Franchise Development Franchise holding company Malaysia 100.00 100.00 Sdn BhdSelai Sdn Bhd Oil palm plantation Malaysia 52.18 54.05Dubois Natural Esters Sdn Bhd Manufacturing of esters Malaysia 26.22 27.16KMC Packaging Sdn Bhd Metal packaging Malaysia 26.09 27.03Kulim Plantations (Malaysia) Sdn Bhd Oil palm plantation Malaysia 52.18 54.05Skellerup Industries (Malaysia) Sdn Bhd Holding company and Malaysia 52.18 54.05

manufacturing (rubber products)Skellerup Latex Products (M) Sdn Bhd Manufacturing of rubber products Malaysia 52.18 54.05

(rubber gloves)Mahamurni Plantations Sdn Bhd Oil palm and rubber plantation Malaysia 52.18 54.05United Malayan Agricultural Oil palm plantation Malaysia 52.18 54.05 Corporation BhdNatural Oleochemicals Sdn Bhd Manufacturing and exporter of Malaysia 47.68 49.39

oleochemicalPristine Bay Sdn Bhd Holding company Malaysia 75.61 76.65PT Graha Cakra Mulia Oil palm plantation Indonesia 70.00 70.00PT Harapan Hibrida Kalbar Oil palm plantation Indonesia 85.00 85.00PT Trimitra Panquest Plantation Oil palm plantation Indonesia 31.31 32.43PT Padang Bolak Jaya Oil palm plantation Indonesia 31.31 32.43PT Salanok Ladang Mas Oil palm plantation Indonesia 90.44 70.00PT Multrada Multi Maju Oil palm plantation Indonesia 31.31 32.43PT Bintara Tani Nusantara Oil palm plantation Indonesia 51.00 51.00PT Bisma Darma Kencana Oil palm plantation Indonesia 90.00 90.00PT Trimurti Sumber Tama Oil palm plantation Indonesia 70.00 70.00PT Trimitra Sumberperkasa Oil palm plantation Indonesia 51.00 51.00Kapiura Plantations Limited Oil palm plantation Papua New Guinea 31.31 32.43Mosa Oil Mill Limited Palm oil milling and kernel crusher Papua New Guinea 31.31 32.43Dami Australia Pty Ltd Research and development of Australia 31.31 32.43

premium oil palm seedsKurumul Plantations Limited Tea and coffee plantation Papua New Guinea 100.00 100.00Marenban Limited Tea and coffee plantation Papua New Guinea 100.00 100.00Panquest Ventures Limited (BVI) Holding company and estate Britain Virgin Island 100.00 100.00

managementKulim Limited Investment holding United Kingdom 52.18 54.05New Britain Palm Oil Ltd Oil palm and coffee plantation Papua New Guinea 31.31 32.43Warren Plantations (Mt. Hagen) Ltd Tea and coffee plantation Papua New Guinea 100.00 100.00New Britain Nominees Limited Nominee company Papua New Guinea 31.31 32.43Pembangunan Mahamurni Sdn Bhd Investment holding Malaysia 52.18 54.05

LIST OF MAIN SUBSIDIARIES AND ASSOCIATESAS AT 31 DECEMBER 2003




AAAAA PALM OIL PALM OIL PALM OIL PALM OIL PALM OIL (continued)

ACTIVE COMPANIES ACTIVE COMPANIES ACTIVE COMPANIES ACTIVE COMPANIES ACTIVE COMPANIES (continued)

Natural Soaps Sdn Bhd Manufacturer of ‘soap noodles’ Malaysia 47.68 49.39 and detergent

Edaran Badang Sdn Bhd Distributor of ‘Mechanical Buffalo’ Malaysia 100.00 100.00PT Gonjong Limo Crops Oil palm plantation Indonesia 70.00 70.00Capital Stockbrokers Limited Dormant Papua New Guinea 31.31 32.43

DORMANT COMPANIESDORMANT COMPANIESDORMANT COMPANIESDORMANT COMPANIESDORMANT COMPANIES

Skellerup Foam Products (M) Sdn Bhd Manufacturing of rubber products Malaysia 52.18 54.05 (carpet underlay)

Mosa Plantations Limited Oil palm plantation Papua New Guinea 31.31 32.43Numundo Pty Ltd Oil palm and coconut plantation Papua New Guinea 31.31 32.43Agricultural and Industrial Machinery Assembly and sales of Malaysia 100.00 100.00 Sdn Bhd ‘Mechanical Buffalo’PT Sumber Mahardhika Graha Oil palm plantation Indonesia 70.00 70.00

CEASED OPERATIONS’ COMPANIESCEASED OPERATIONS’ COMPANIESCEASED OPERATIONS’ COMPANIESCEASED OPERATIONS’ COMPANIESCEASED OPERATIONS’ COMPANIES

EPA Futures Sdn Bhd Commodity broker Malaysia 75.61 76.56Flovent Sdn Bhd Palm Kernel crusher Malaysia 52.18 54.05Ulu Tiram Manufacturing Company Processing of rubber base Malaysia 52.18 54.05 (Malaysia) Sdn Bhd products and oil palm plantationVibrant Hectares Sdn Bhd Processing of palm oil kernel Malaysia 100.00 100.00

COMPANIES IN WINDING UP PROCESSCOMPANIES IN WINDING UP PROCESSCOMPANIES IN WINDING UP PROCESSCOMPANIES IN WINDING UP PROCESSCOMPANIES IN WINDING UP PROCESS

Skellerup Polymer Products Sdn Bhd Polymer base manufacturer Malaysia 52.18 54.05Matthes & Porton B.V. Commodity broker Netherlands 100.00 100.00

BBBBB HEALTHCAREHEALTHCAREHEALTHCAREHEALTHCAREHEALTHCARE


KPJ Healthcare Berhad # Investment holding Malaysia 76.37 82.52Kumpulan Perubatan (Johor) Sdn Bhd Investment holding and specialist Malaysia 76.37 82.52

hospital managementMedical Centre (Johore) Sdn Bhd Specialist hospital Malaysia 74.11 79.63Medical Supplies (Sarawak) Sdn Bhd Pharmaceutical dealer and outlets Malaysia 57.28 61.89Kuantan Specialist Hospital Sdn Bhd Specialist hospital Malaysia 53.91 58.25Lablink (M) Sdn Bhd Lab and pathology services Malaysia 45.82 49.51Puteri Specialist Hospital Sdn Bhd Specialist hospital Malaysia 76.37 82.52Medical Associates Sdn Bhd Specialist hospital Malaysia 75.18 81.23Johor Specialist Hospital Sdn Bhd Specialist hospital Malaysia 76.37 82.52Renalcare Perubatan (M) Sdn Bhd Haemodialysis services Malaysia 76.37 82.52Kedah Medical Centre Sdn Bhd Specialist hospital Malaysia 34.82 32.78Puteri Nursing College Sdn Bhd Nursing college Malaysia 76.37 82.52Hospital Penawar Sdn Bhd Specialist hospital Malaysia 22.91 24.76Tawakal Holdings Sdn Bhd Investment holdings Malaysia 76.37 82.52Pusat Pakar Tawakal Sdn Bhd Specialist hospital Malaysia 76.37 79.83Healthcare Technical Services Sdn Bhd Hospital management Malaysia 76.37 82.52Damansara Specialist Hospital Sdn Bhd Specialist hospital Malaysia 76.37 74.27

LIST OF MAIN SUBSIDIARIES AND ASSOCIATESAS AT 31 DECEMBER 2003 (continued)




BBBBB HEALTHCARE HEALTHCARE HEALTHCARE HEALTHCARE HEALTHCARE (continued)

ACTIVE COMPANIES ACTIVE COMPANIES ACTIVE COMPANIES ACTIVE COMPANIES ACTIVE COMPANIES (continued)

FP Marketing (S) Pte Ltd Distributor of pharmaceutical Singapore 76.37 82.52 products

Bukit Mertajam Specialist Hospital Specialist hospital Malaysia 53.46 57.76 Sdn BhdPusat Pakar Darul Naim Sdn Bhd Specialist hospital Malaysia 45.82 49.51Pharmaserv Alliances Sdn Bhd Distributor of pharmaceutical Malaysia 76.37 82.52

productsPT Selasih Husada Pratama Specialist hospital Indonesia 61.64 61.64PT Khidmat Perawatan Jasa Medika Specialist hospital Indonesia 100.00 100.00Tesbuild (M) Sdn Bhd Asset Back Securitisation Malaysia 76.37 -Puteri Healthcare Sdn Bhd A & E outpatient treatment Malaysia 45.82 57.76

servicesDiaper Technology Industries Sdn Bhd Baby diapers manufacturer Malaysia 71.59 77.36


Malaysian Institute of Healthcare Healthcare management Malaysia 57.26 61.88 Management Sdn BhdSeremban Specialist Hospital Sdn Bhd Specialist hospital Malaysia 42.00 45.39Pharmacare Surgical Technologies Manufacturing of surgical thread Malaysia 76.35 82.51 Sdn BhdMaharani Specialist Hospital Sdn Bhd Specialist hospital Malaysia 76.37 82.52Bayan Baru Specialist Hospital Sdn Bhd Specialist hospital Malaysia 42.00 45.38PT Khasanah Putera Jakarta Medica Specialist hospital Indonesia 75.00 75.00


Freewell Sdn Bhd Ladies sanitary napkin manufacturer Malaysia 61.09 66.02Nespomas Sdn Bhd Supplier of pharmaceutical products Malaysia 76.37 82.52

COMPANIES IN THE PROCESS OF STRIKING OFFCOMPANIES IN THE PROCESS OF STRIKING OFFCOMPANIES IN THE PROCESS OF STRIKING OFFCOMPANIES IN THE PROCESS OF STRIKING OFFCOMPANIES IN THE PROCESS OF STRIKING OFF

Ipoh Radiotherapy Sdn Bhd Radiotheraphy services Malaysia 75.18 81.23

CCCCC PROPERTY DEVELOPMENTPROPERTY DEVELOPMENTPROPERTY DEVELOPMENTPROPERTY DEVELOPMENTPROPERTY DEVELOPMENT


Johor Land Berhad # Property developer Malaysia 40.53 42.50Damansara Realty Berhad # Investment holding Malaysia 21.71 24.73Advance Development Sdn Bhd Property developer Malaysia 40.53 42.50Saint Gobain Terreal (Malaysia) Sdn Bhd Manufacturing of clay roof tiles Malaysia 14.19 14.88Revertex (Malaysia) Sdn Bhd Processing of rubber and chemical Malaysia 12.19 12.78


Mengkibol Holdings Sdn Bhd Investment holding Malaysia 100.00 100.00Johor Land (H) Sdn Bhd Holding company Malaysia 100.00 100.00


Pembinaan Prefab Sdn Bhd Construction and production of Malaysia 40.53 42.50 ready-mixed concrete

Johor Land Constructions Sdn Bhd Dormant company Malaysia 100.00 100.00





DDDDD TIMBER/INTRAPRENEUR VENTURETIMBER/INTRAPRENEUR VENTURETIMBER/INTRAPRENEUR VENTURETIMBER/INTRAPRENEUR VENTURETIMBER/INTRAPRENEUR VENTURE


Sindora Berhad # Investment holding, logging and Malaysia 60.68 60.11 timber processing, oil palm and and rubber plantation and “Intrapreneur Venture”

Sindora Ventures Sdn Bhd Investment holding Malaysia 100.00 100.00Sindora Nusantara Sdn Bhd Investment holding Malaysia 100.00 100.00Sindora Timber Sdn Bhd Furniture manufacturing Malaysia 60.68 60.11 (Formerly Known As Sindora Furniture Sdn Bhd)Makmuran Sendirian Bhd Investment holding and logging Malaysia 100.00 100.00Makmuran Sawmill Sdn Bhd Sawn timber processing Malaysia 100.00 100.00Grand Patriot Sdn Bhd Investment holding Malaysia 100.00 100.00PT Andalas Lumber Products Processing of timber products Indonesia 60.00 60.00PT Khage Lestari Timber Processing of timber products Indonesia 51.00 51.00Sindora Trading Sdn Bhd Marketing of furniture and wood Malaysia 60.68 60.11

productsSindora Development Sdn Bhd Property developer and logging Malaysia 60.68 60.11

contractorWillis (Malaysia) Sdn Bhd Insurance broker Malaysia 39.27 55.00Pro-Office Bulk Mailing Sdn Bhd Bulk mailing services Malaysia 70.51 95.00Tepak Marketing Sdn Bhd Tea processing and marketing Malaysia 50.51 83.12JMF Asset Management Sdn Bhd Portfolio management and Malaysia 45.51 42.00

underwriting servicesJMF Capital Sdn Bhd Consultant, advisory and manager Malaysia 45.51 42.00

in relation to financial investmentJMF Nominees (Tempatan) Sdn Bhd Nominee company Malaysia 45.51 42.00


Sindora Holdings (Johor) Sdn Bhd Investment holding Malaysia 100.00 100.00PT Citra Sanjaya Investment holding Indonesia 100.00 100.00JMF Margin Sdn Bhd Not active Malaysia 45.51 42.00Sindora Wood Products Sdn Bhd Dormant Malaysia 60.68 60.11


Sindora Timber Products Sdn Bhd Processing of timber products Malaysia 60.68 60.11Makmuran Veneer & Plywood Sdn Bhd Veneer production Malaysia 100.00 100.00D.I.M.A. Sdn Bhd Logging transportation service Malaysia 100.00 100.00Kiras Sdn Bhd Timber operation Malaysia 100.00 100.00Mahin Sdn Bhd Processing of sawn timber Malaysia 100.00 100.00PT Pelita Hartajaya Processing of timber products Indonesia 100.00 100.00





I II II II II I CORPORATE SERVICESCORPORATE SERVICESCORPORATE SERVICESCORPORATE SERVICESCORPORATE SERVICES

AAAAA CAPITAL SERVICESCAPITAL SERVICESCAPITAL SERVICESCAPITAL SERVICESCAPITAL SERVICES


Johor Capital Holdings Sdn Bhd Holding company Malaysia 100.00 100.00Johor Ventures Sdn Bhd Investment holding Malaysia 100.00 100.00PT PJB Pacific Capital Trust account Indonesia 80.00 80.00PT Johor Panca Agro Office space rental Indonesia 95.00 95.00


PJB Pacific Securities (Hong Kong) Stock broking agent Hong Kong 100.00 100.00 LimitedPJB Capital Sdn Bhd Portfolio management Malaysia 100.00 100.00PJB Pacific Securities (Phil) Inc. Security company Philippines 81.00 81.00PJB Pacific Capital (L) Berhad Corporate finance, brokerage, Labuan 75.00 75.00

research and data management


Australian Gold Field N.L Gold mining Australia 27.73 27.73

BBBBB UNIT TRUSTUNIT TRUSTUNIT TRUSTUNIT TRUSTUNIT TRUST

ACTIVE COMPANYACTIVE COMPANYACTIVE COMPANYACTIVE COMPANYACTIVE COMPANY

Pelaburan Johor Berhad Management of Unit Trust - Malaysia 100.00 100.00 Amanah Saham Johor and Dana Johor

CCCCC TRANSPORTTRANSPORTTRANSPORTTRANSPORTTRANSPORT


SPMB Holdings Sdn Bhd Investment holding Malaysia 100.00 100.00Syarikat Pengangkutan Maju Bhd Holding company and bus services Malaysia 98.27 98.27Penawar Express Line Berhad Bus services Malaysia 98.27 98.27


Pasir Gudang Container Terminal Dormant Malaysia 78.62 78.62 Sdn BhdHosni Management Services Sdn Bhd Management services Malaysia 100.00 100.00Technical Edge Sdn Bhd Trading of motor vehicle Malaysia 74.00 74.00

spare partsBuat Niaga Sdn Bhd Investment holding Malaysia 100.00 100.00Syarikat Pengangkutan Dan Perniagaan Bus services Malaysia 66.42 66.42 ‘Am Melayu Sdn Bhd


LY Technologies (M) Sdn Bhd Distributor of bus and Malaysia 51.00 51.00 Sdn Bhd body-parts





DDDDD PROPERTY MANAGEMENT & PROJECT MANAGEMENTPROPERTY MANAGEMENT & PROJECT MANAGEMENTPROPERTY MANAGEMENT & PROJECT MANAGEMENTPROPERTY MANAGEMENT & PROJECT MANAGEMENTPROPERTY MANAGEMENT & PROJECT MANAGEMENT


Harta Consult Sdn Bhd Property management Malaysia 100.00 100.00Damansara-Harta Management Complex management Malaysia 99.99 51.00 Sdn BhdTotal Project Management Sdn Bhd Property management Malaysia 100.00 100.00Larkin Sentral Sdn Bhd Contractor and property Malaysia 100.00 100.00

managementLarkin Sentral Management Sdn Bhd Property management Malaysia 100.00 100.00Damansara Town Centre Sdn Bhd Property management Malaysia 99.98 24.73


Johor Asphalt Trading Sdn Bhd Trading of asphalt Malaysia 100.00 100.00


Pesona Nursery Sdn Bhd Nursery management (plantation) Malaysia 100.00 100.00TPM Management Sdn Bhd Technical services Malaysia 100.00 100.00

EEEEE PROPERTY DEVELOPMENT, HOTEL & RESORTPROPERTY DEVELOPMENT, HOTEL & RESORTPROPERTY DEVELOPMENT, HOTEL & RESORTPROPERTY DEVELOPMENT, HOTEL & RESORTPROPERTY DEVELOPMENT, HOTEL & RESORT


Johor City Development Sdn Bhd New town development Malaysia 100.00 100.00JSEDC Properties Sdn Bhd Property developer Malaysia 100.00 100.00Tanjung Langsat Port Sdn Bhd Petro-chemical port Malaysia 100.00 100.00Grand Central Enterprises (Johore) Hotel operations Malaysia 50.00 50.00 Sdn BhdPuteri Hotels Sdn Bhd Hotel operations Malaysia 100.00 100.00Hotel Selesa Sdn Bhd Hotel operations Malaysia 100.00 100.00Sibu Island Resorts Sdn Bhd Island resorts operator Malaysia 100.00 100.00Bertam Properties Sdn Bhd Estate management Malaysia 20.00 20.00Penang Golf Resort Sdn Bhd Management of golf field Malaysia 20.00 20.00Bertam Golf Management & Services Nursery operator Malaysia 20.00 20.00 Sdn BhdBP Plantations Sdn Bhd Oil palm plantation Malaysia 20.00 20.00


Johor Hotels International Sdn Bhd Holding company Malaysia 100.00 100.00Pagoh Highlands Resort Sdn Bhd Dormant Malaysia 60.00 60.00Bandar Baru Majidee Development Property developer Malaysia 100.00 100.00 Sdn BhdMutiara Golf Properties Sdn Bhd Dormant Malaysia 20.00 20.00





FFFFF INDUSTRIAL DEVELOPMENT BUSINESSINDUSTRIAL DEVELOPMENT BUSINESSINDUSTRIAL DEVELOPMENT BUSINESSINDUSTRIAL DEVELOPMENT BUSINESSINDUSTRIAL DEVELOPMENT BUSINESS

TPM Technopark Sdn Bhd Industrial land development Malaysia 100.00 100.00PT Padang Industrial Park Industrial land development Indonesia 55.00 55.00

GGGGG OTHERSOTHERSOTHERSOTHERSOTHERS


Johor Paper & Publishing Sdn Bhd Investment holding Malaysia 100.00 100.00Johor Skills Development Centre Industrial training centre Malaysia 100.00 100.00 Sdn BhdUnion Industries Sdn Bhd Manufacturing of window Malaysia 23.08 23.08

frame and wheel barrowTenaga Utama (Johor) Berhad Portfolio investments Malaysia 69.76 69.76Lek Consolidated Bhd Brake plate manufacturer Malaysia 30.00 30.00Pacific Forest Industries Sdn Bhd Timber industry Malaysia 20.00 20.00Palley Investments Limited Investment holding British Virgin Island - 100.00Paracoro (M) Bhd Manufacturing electronic parts Malaysia 3.50 3.50Bennes Engineering Sdn Bhd General engineering Malaysia 10.98 10.98PT PharmaCARE Medicine Shoppe Pharmacy Franchise Indonesia 96.22 97.20Paper Automation Sdn Bhd Paper cutting, marketing and Malaysia 93.58 93.58

manufacturing of non-carb required paper

Phoenix Synergy (M) Sdn Bhd Registrar Malaysia 100.00 100.00Wonderful Wire & Cable Bhd Manufacturing of electronic cable Malaysia 1.50 1.50


Ticom Trading Sdn Bhd Dormant Malaysia 23.08 23.08Johor Toys Sdn Bhd Dormant Malaysia 86.24 86.24Permodalan Teras Sdn Bhd (Formerly known as Pulau Nenas Dormant Malaysia 100.00 100.00 Sdn Bhd)PJB IT Research Sdn Bhd Dormant Malaysia 100.00 100.00T.T. Nusa Sdn Bhd Holding company Malaysia 100.00 100.00


Asia Pacific Seafoods Pte Ltd Marketing of seafood products Singapore 100.00 100.00East Asian Marine Foods Sdn Bhd Processing and marketing Malaysia 100.00 100.00

of seafoodAsia Pacific Food Traders Sdn Bhd Dormant Malaysia 51.00 51.00Meatpackers Sdn Bhd Marketing of meat products Malaysia 99.00 99.00Johor Deer Farm Sdn Bhd Deer farming Malaysia 100.00 100.00Meatpackers (A) Pty Ltd Marketing of meat products Australia 40.00 40.00Saujana Jaya Sdn Bhd Coconut milk processing Malaysia 100.00 100.00Johorcraft Sdn Bhd Ceramic production and Malaysia 100.00 100.00

handicraft marketingAmiza Publishing Sdn Bhd Book publishing and distributor Malaysia 96.15 96.15Johor Aluminium Processing Sdn Bhd Aluminium bar products Malaysia 35.00 35.00Kumpulan Sukan Sdn Bhd Dormant Malaysia 100.00 100.00Sports Communications Sdn Bhd Promotion of motor sports Malaysia 50.00 50.00Sergam Berhad Trading of steel bars and Malaysia 96.78 96.78

materialsSTPA Trading Sdn Bhd Distribution of steel bars Malaysia 96.78 96.78

and building materials





CEASED OPERATIONS’ COMPANIES CEASED OPERATIONS’ COMPANIES CEASED OPERATIONS’ COMPANIES CEASED OPERATIONS’ COMPANIES CEASED OPERATIONS’ COMPANIES (continued)

Rely-On-Us Sdn Bhd Franchisor of business Malaysia 100.00 100.00 centre operations

Vision Possible Berhad Portfolio management Malaysia 100.00 100.00Orion Tours Pte Ltd Travel coach services Singapore 51.00 51.00Quality Heights Sdn Bhd Distributor and marketing Malaysia 100.00 100.00

of pharmaceutical productsJohor Estate Agency Sdn Bhd Dormant Company Malaysia 100.00 100.00

COMPANY UNDER RECEIVERSHIPCOMPANY UNDER RECEIVERSHIPCOMPANY UNDER RECEIVERSHIPCOMPANY UNDER RECEIVERSHIPCOMPANY UNDER RECEIVERSHIP

Kok Lian Marketing Sdn Bhd Book publisher Malaysia 51.00 51.00

I I II I II I II I II I I INTRAPRENEURINTRAPRENEURINTRAPRENEURINTRAPRENEURINTRAPRENEUR

AAAAA INTRAPRENEUR BUSINESS IINTRAPRENEUR BUSINESS IINTRAPRENEUR BUSINESS IINTRAPRENEUR BUSINESS IINTRAPRENEUR BUSINESS I


Excellent Relation Sdn Bhd To provide IT and other related Malaysia 90.00 100.00 services

Jejak Juara Sdn Bhd Photography services Malaysia 95.00 95.00Perkasa Mechanical & Engineering Sdn Bhd Car repairers Malaysia 88.00 88.00JTP Trading Sdn Bhd Trading of tropical fruits Malaysia 75.00 90.00Aquapreneur Sdn Bhd Breeding of tiger prawn Malaysia 38.94 38.94Metro Parking (M) Sdn Bhd Carpark services Malaysia 90.00 90.00Metro Parking (S) Pte Ltd Carpark services Singapore 63.00 63.00Metro Parking (B) Sdn Bhd Carpark services Brunei 90.00 90.00Metro Parking Management Carpark services Philippines 90.00 90.00 (Philippines) Inc.Metro Equipment Systems (M) Sdn Bhd Supply of parking equipment Malaysia 90.00 90.00PT Metro Penata Sarana Carpark services Indonesia 54.00 54.00Pro Communication Services Sdn Bhd Photography & multimedia Malaysia 95.00 95.00

advertisementOpen Access Sports Injury Services Treatment services for Malaysia 72.55 82.52 Sdn Bhd sports injurySejahtera Farma Sdn Bhd Retirement home Malaysia 72.55 82.16Pro-Office Shoppe Sdn Bhd Photocopy, printing & courier Malaysia 95.00 95.00

servicesJohor Land Manufacturing Sdn Bhd Manufacturing of metal door Malaysia 30.40 31.87

framesTg. Langsat Development Sdn Bhd Industrial land development Malaysia 79.00 79.00IPPJ Sdn Bhd Entrepreneurial training Malaysia 95.00 95.00

programmes and seminarsEpasa Shipping Agency Sdn Bhd Shipping and transportation Malaysia 75.00 100.00Genuine Victory Sdn Bhd Management services & breeding Malaysia 100.00 -

of tiger prawnHC Duraclean Sdn Bhd Franchisor of cleaning services Malaysia 94.00 100.00


Metro Parking (Sabah) Sdn Bhd Carpark services Malaysia 90.00 90.00PJB Pacific Advisory Services Sdn Bhd Security consultant Malaysia 75.00 75.00





BBBBB INTRAPRENEUR BUSINESS IIINTRAPRENEUR BUSINESS IIINTRAPRENEUR BUSINESS IIINTRAPRENEUR BUSINESS IIINTRAPRENEUR BUSINESS II


Johor Tropical Products Sdn Bhd Investment holding Malaysia 100.00 100.00JKing Sdn Bhd Producer of sports attire Malaysia 100.00 100.00East Johor Marine Farms Sdn Bhd Breeding of tiger prawn Malaysia 65.60 65.60Yakin Tea Sdn Bhd Tea & coffee plantation Malaysia 62.24 62.24Pro-Office Services Sdn Bhd Mailing and photostating services Malaysia 100.00 100.00Johor Silica Industries Sdn Bhd Silica sand quarrying Malaysia 100.00 100.00Tiram Travel Sdn Bhd Travel agency Malaysia 100.00 100.00PharmaCARE Medicine Shoppe Sdn Bhd Pharmacy franchise Malaysia 100.00 100.00Pharmacare Sdn Bhd Trading and chain of pharmacy Malaysia 76.37 82.52Dusun Damai Sdn Bhd Marketing and managing Malaysia 100.00 100.00

orchardsTebing AUR Sdn Bhd Contractor management Malaysia 100.00 100.00

and consultancyJohor Heavy Industries Sdn Bhd Investment holding Malaysia 100.00 100.00


TWF Sdn Bhd Insurance management services Malaysia 39.27 55.00Pharmacare (S) Pte Ltd Pharmaceutical dealer and outlets Singapore 100.00 82.52


Malaysia Pharmacy (Retail) Sdn Bhd Distributor and marketing of Malaysia 100.00 100.00 pharmaceutical products

PharmaCARE (B) Sdn Bhd Distributor and marketing of Brunei 45.82 49.51 pharmaceutical products

Kilang Airbatu Perintis Sdn Bhd Ice manufacturing Malaysia 88.22 88.22Johor Tea Sdn Bhd Tea plantation Malaysia 100.00 100.00Aquabuilt Sdn Bhd Aquaculture management Malaysia 100.00 100.00

and servicesTajasukan Sdn Bhd Investment holding Malaysia 100.00 100.00Rajaudang Sdn Bhd Investment holding and Malaysia 100.00 100.00

breeding of tiger prawn

CCCCC OTHERSOTHERSOTHERSOTHERSOTHERS


Selangor Foods Industries Sdn Bhd Burger meat processing Malaysia 100.00 60.00Jedcon Engineering Survey Sdn Bhd Land surveyor Malaysia 51.00 51.00Johor Logistics Sdn Bhd Warehousing Malaysia 100.00 100.00Asam Bubuk Sdn Bhd Oil palm plantation Malaysia 49.00 49.00Trapezoid Web Profile Sdn Bhd Web profile manufacturer Malaysia 81.74 81.74Panca Pesona Sdn Bhd Property developer Malaysia 40.00 40.00Sri Gading Land Sdn Bhd Industrial land development Malaysia 51.00 51.00Techno SCP Sdn Bhd Industrial land development Malaysia 60.00 60.00MC-JTP Concept Sdn Bhd Rental and warehouse owner Malaysia 49.00 49.00Miyatech Precision (M) Sdn Bhd Metal stamping Malaysia 40.00 40.00Segamat Inland Port Sdn Bhd Port Malaysia 12.50 12.50





CCCCC OTHERS OTHERS OTHERS OTHERS OTHERS (continued)


Johor Industrial Gas Sdn Bhd Manufacturer of industrial Malaysia 100.00 100.00 gas products


Westbury Tubular (M) Sdn Bhd Building and construction Malaysia 41.69 41.69 work using tubular steel

Tiram Air Sdn Bhd Chartered aircraft services Malaysia 70.00 70.00Tiram Tours (S) Pte Ltd Travel agency Singapore 51.00 51.00


Tiram Tours Sdn Bhd Investment holding Malaysia 51.00 51.00Johor Concrete Products Sdn Bhd Manufacture of concrete Malaysia 51.00 51.00

DDDDD NON-GOVERNMENT ORGANISATIONNON-GOVERNMENT ORGANISATIONNON-GOVERNMENT ORGANISATIONNON-GOVERNMENT ORGANISATIONNON-GOVERNMENT ORGANISATION(Incorporated under Companies Act, 1965)(Incorporated under Companies Act, 1965)(Incorporated under Companies Act, 1965)(Incorporated under Companies Act, 1965)(Incorporated under Companies Act, 1965)

Bistari Johor Berhad Entrepreneur club Malaysia * *Khairat Keluarga Perbadanan Bereavement fund Malaysia * * Johor BerhadPengurusan Klinik Wakaf An-Nur Clinic management Malaysia * * BerhadYayasan Perbadanan Johor Manage and administer funds Malaysia * *

for education and charitable purposes

Kumpulan Perbadanan Johor Management service Malaysia 100.00 100.00 Sdn BhdJCorp Intrapreneur (M) Bhd Intrapreneurship club Malaysia * *

# Listed Company* Limited By Guarantee


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