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PETRA PERDANA BERHAD 372113-A

6-8, Jalan 3/3C, Batu 7 Jalan Ipoh,68100, Kuala Lumpur.Tel: + 603 6257 1111 Fax: + 603 6257 7708E-mail: [email protected]

www.petra.com.my

strategically positionedkedudukan strategik

PETRA PERDANA BERHAD372113-A

2009 a n n u a l r e p o r tl a p o r a n t a h u n a n

PETR

AP

ERD

AN

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ERH

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372113-Aannualreport2009

laporantahunan

Group Visionwawasan kumpulan

To be The Leading and Preferred Offshore Marine Operator for the Upstream Oil & GasIndustry in the Region.

Menjadi Pengendali Marin Luar Pesisir Yang Terkemuka dan Terpilih bagi Industri Minyak& Gas Huluan di Rantau Ini.

Credibility and reliability are critical to the oil and gas industry. The formidable combination of our more than 20years of experience, a fleet of high quality and reliability, specialty in mid-sized AHTS, work-boats and workbarges, and regional focus are keys to our strategy and positioning. We believe that this will separate tomorrow’ssuccess story from today’s competition and one that has certainly proven true for us at Petra Perdana Berhad aswe continue to focus on growth.

Kredibiliti dan kebolehpercayaan adalah kritikal untuk industri minyak dan gas. Gabungan pengalaman kamiselama lebih 20 tahun, angkatan AHTS bersaiz sederhana, bot dan baj kerja yang bermutu tinggi dan bolehdiharap, serta fokus serantau kami yang utuh merupakan kunci kepada strategi dan kelebihan daya saingkami. Kami percaya kelebihan ini dapat menghasilkan kejayaan masa depan dalam menghadapi persainganmasa kini. Ia telah terbukti bagi kami di Petra Perdana Berhad dalam kami meneruskan tumpuan untukpertumbuhan yang gemilang.

Strategically Positionedkedudukan strategik

Corporate Information 2Maklumat Korporat 2

Board of Directors 4Lembaga Pengarah 4

Directors’ Profile 6Profil Para Pengarah 6

Senior Management 14Pengurusan Kanan 14

Business Overview 18Kajian Perniagaan 18

Group Structure 20Struktur Kumpulan 20

Financial Highlights 21Maklumat-Maklumat Penting Kewangan 21

Managing Director’s Message 22Perutusan Pengarah Urusan 22

Review of Operations 32Tinjauan Operasi 32

Our New Deliveries in 2009/2010 34Penyerahan Kapal Baru Tahun 2009/2010 34

Audit Committee Report 38Laporan Jawatankuasa Audit 40

Statement of Internal Control 42Penyata Kawalan Dalaman 43

Board of Directors’ Statement 44Penyata Lembaga Pengarah 49

Additional Information 54Maklumat Tambahan 56

Corporate Responsibility 60Tanggungjawab Korporat 60

Financial Statements 62Penyata Kewangan 122

List of Properties 182Senarai Hartanah 182

Statistical Report 183Laporan Statistik 183

Notice of Annual General Meeting 186Notis Mesyuarat Agung Tahunan 189

Proxy FormBorang Proksi

Contentskandungan

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Corporate Informationmaklumat korporatBOARD OF DIRECTORSLEMBAGA PENGARAH

Shamsul Saad Managing DirectorPengarah Urusan

Dato’ Kho Poh Eng Executive DirectorPengarah Eksekutif

Surya Hidayat Abd Malik Executive DirectorPengarah Eksekutif

Koh Pho Wat Executive DirectorPengarah Eksekutif

Ganesan Sundaraj Independent Non-Executive DirectorPengarah Bebas Bukan Eksekutif

Raja Anuar Raja Abu Hassan Independent Non-Executive DirectorPengarah Bebas Bukan Eksekutif

Idris Zaidel Independent Non-Executive DirectorPengarah Bebas Bukan Eksekutif

3Petra Perdana Berhadannual report/laporan tahunan 2009

AUDITORSPARA JURUAUDIT

Crowe Horwath (AF 1018)Chartered AccountantsLevel 16, Tower CMegan Avenue II12, Jalan Yap Kwan Seng50450 Kuala Lumpur

SHARE REGISTRARPENDAFTAR SAHAM

Tricor Investors Services Sdn BhdLevel 17, The Gardens North TowerMid Valley City, Lingkaran Syed Putra59200 Kuala LumpurTelephone : 03 – 2264 3883Facsimile : 03 – 2282 1886

PRINCIPAL BANKERSBANK-BANK UTAMA

United Overseas Bank(Malaysia) Berhad (271809-K)

Hwang DBS Investment BankBerhad (14389-U)

EON Bank Berhad (92351-V)

Alliance Bank Malaysia Berhad(88103-W)

HSBC Bank Malaysia Berhad(127776-V)

OCBC Bank (Malaysia) Berhad(295400-W)

Malayan Banking Berhad (3813-K)

SOLICITORSPEGUAM-PEGUAM

Chris Lim Ting & PartnersT109, 3rd FloorCentrepoint Bandar UtamaNo.3, Lebuh Bandar Utama47800 Petaling Jaya, Selangor

Kamarudin & PartnersSuites 12A-06 & 12A-07Level 12A, Heritage HouseNo.33, Jalan Yap Ah Shak50300 Kuala Lumpur

Raslan LoongSERLAH Level 3AMenara John HancockNo. 6, Jalan GelanggangDamansara Heights50490 Kuala Lumpur

Zul Rafique & PartnersD3-3-8,Solaris DutamasNo. 1, Jalan Dutamas 150480 Kuala Lumpur

Zaid Ibrahim & Co.Lot 102 & 104, First FloorWisma Bukit Mata KuchingJalan Tuanku Abdul Rahman93100 Kuching, Sarawak

STOCK EXCHANGE LISTINGPENYENARAIAN BURSA SAHAM

Main Market of Bursa MalaysiaSecurities BerhadPasaran Utama, Bursa MalaysiaSecurities BerhadSector : Trading/ServicesSektor Perniagaan/Perkhidmatan

Stock Code : 7108Kod Stok

Stock Name : PETRANama Stok

COMPANY SECRETARYSETIAUSAHA SYARIKAT

Leong Oi Wah(MAICSA 7023802)

AUDIT COMMITTEEJAWATANKUASAAUDIT

Ganesan SundarajChairman/Pengerusi

Idris ZaidelMember/Ahli

Raja Anuar Raja Abu HassanMember/Ahli

HEADQUARTERSIBU PEJABAT

No. 6-8, Jalan 3/3C, Batu 7Jalan Ipoh, 68100 Kuala LumpurTelephone : 03 – 6257 1111Facsimile : 03 – 6257 7708E-mail : [email protected] : www.petra.com.my

REGISTERED OFFICEPEJABAT BERDAFTAR

No. 6-8, Jalan 3/3C, Batu 7Jalan Ipoh, 68100 Kuala LumpurTelephone : 03 – 6257 1111Facsimile : 03 – 6257 7708E-mail : [email protected]

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Surya Hidayat Abd MalikExecutive Director/Pengarah Eksekutif

Shamsul SaadManaging Director/Pengarah Urusan

Dato' Kho Poh EngExecutive Director/Pengarah Eksekutif


Koh Pho WatExecutive Director/Pengarah Eksekutif

Ganesan SundarajIndependentNon-Executive Director/Pengarah BebasBukan Eksekutif

Raja AnuarRaja Abu HassanIndependentNon-Executive Director/Pengarah BebasBukan Eksekutif

Idris ZaidelIndependentNon-Executive Director/Pengarah BebasBukan Eksekutif

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Directors’ Profileprofil para pengarah


Shamsul Saad, a Malaysian, aged 46, was appointed asan Executive Director of Petra Perdana Berhad (“PetraPerdana”) on 1 July 2009 and as the Managing Director on2 April 2010. He holds a Bachelor’s degree in ChemicalEngineering from the University of Florida, USA.

He is also Executive Director of Intra Oil Services Berhad(“IOS”), and Perdana Marine Offshore (“PMO”), the wholly-owned subsidiaries and offshore marine operators of PetraPerdana. He primarily takes up the role for strategicbusiness development and marketing, and manages theAHTS vessel business and the 60% Australian jointventure Petra Marine Australia Pte Ltd.

During his career, he held various positions in the oil & gassector. From 1988 to 1994, he was attached to SarawakShell Berhad (“Shell”), where he held various portfolios inthe Group’s operations. Prior to joining Petra Perdana,Shamsul also held key positions with Oakwell Industriesand Techno Indah Sdn Bhd, a joint-venture companybetween Malaysia Shipyard & Engineering and KuokGroup/Perlis Plantation.

Prior to his current positions, he was Executive Director ofPetra Resources Sdn Bhd and Senior General Manager,Business Development for Petra Perdana.

Shamsul has been the primary driving force behind thedevelopment of the offshore marine business whichstarted with the acquisition of IOS. He has beeninstrumental in charting strategic growth of offshore marineas a core business and its expansion as a significantregional player.

He is also the Vice President of the Malaysian Oil & GasServices Council (“MOGSC”), which is the largest O&Gservices industry association spearheading thedevelopment and promotion of the Malaysian oil & gasservices sector.

He does not have any family relationships with anymember of the Board or major shareholder of PetraPerdana. He does not have any conflict of interest withPetra Perdana and neither has he been convicted of anyoffence within the past 10 years.

Shamsul Saad, warganegara Malaysia berusia 46 tahun,telah dilantik sebagai Pengarah Eksekutif Petra PerdanaBerhad (“Petra Perdana”) pada 1 Julai 2009 dan sebagaiPengarah Urusan pada 2 April 2010. Beliau memilikiIjazah Sarjana Muda Kejuruteraan Kimia daripadaUniversity of Florida, USA.

Beliau juga merupakan Pengarah Eksekutif Intra OilServices Berhad (“IOS”), dan Perdana Marine Offshore(“PMO”), subsidiari milik penuh dan pengendali marin luarpesisir Petra Perdana. Beliau memainkan perananmembangunkan perniagaan strategik serta pemasarandan menguruskan perniagaan kapal AHTS dan syarikatusaha sama 60% di Australia iaitu Petra Marine AustraliaPte Ltd.

Sepanjang kerjayanya, beliau telah memegang pelbagaijawatan dalam sektor minyak & gas. Dari 1988 hingga1994, beliau bekerja dengan Sarawak Shell Berhad(“Shell”), di mana beliau memegang pelbagai portfoliodalam operasi Kumpulan. Sebelum menyertai PetraPerdana, Shamsul turut memegang jawatan pentingdalam Oakwell Industries dan Techno Indah Sdn Bhd,sebuah syarikat usaha sama antara Malaysia Shipyard &Engineering dan Kuok Group/Perlis Plantation.

Sebelum memegang jawatan sekarang, beliau merupakanPengarah Eksekutif Petra Resources Sdn Bhd danPengurus Besar Kanan, Pembangunan Perniagaan untukPetra Perdana.

Shamsul telah menjadi tunggak utama dalammembangunkan perniagaan marin luar pesisir yangdimulakan selepas pengambilalihan IOS. Beliau telahmemainkan peranan dalammerangka pertumbuhan strategikmarin luar pesisir sebagai satu perniagaan teras danperkembangannya sebagai peneraju serantau yang penting.

Beliau juga merupakan Timbalan Presiden bagi MalaysianOil & Gas Services Council (“MOGSC”), yang merupakanpersatuan industri minyak & gas terbesar yang menerajuipembangunan dan promosi sektor tersebut di Malaysia.

Beliau tidak mempunyai sebarang hubungankekeluargaan dengan sebarang ahli Lembaga Pengarahatau pemegang saham utama Petra Perdana. Beliau tidakmempunyai sebarang konflik kepentingan dengan PetraPerdana atau dikenakan tindakan undang-undang atassebarang kesalahan sepanjang tempoh 10 tahun lepas.

SHAMSUL SAADManaging Director/Pengarah Urusan

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Dato’ Kho Poh Eng, warganegaraMalaysia berusia 53 tahun, telahdilantik sebagai Pengarah EksekutifPetra Perdana Berhad (“PetraPerdana”) pada 5 Februari 2010.Beliau memiliki Ijazah Perdagangan(Kepujian) daripada University ofDalhousie, Nova Scotia, Halifax,Kanada. Beliau adalah ahliJawatankuasa Imbuhan PetraPerdana.

Dato' Kho memulakan kerjayadengan sebuah syarikat sendirianberhad yang terlibat dalampengukuran mutu minyak mentahdan pengukuran kuantiti produkpetroleum dalam tahun 1981dan meninggalkan syarikatpada September 1983 untukmenyertai F.E. Zuellig (M) Sdn Bhdsebagai Pengurus Cawanganyang bertanggungjawab untukpembangunan perniagaan diMalaysia Timur. Beliau merupakansalah seorang yang menubuhkanDamai Teknik Sdn Bhd pada 1988yang menyediakan perkhidmatanpenyelenggaraan, kejuruteraan dantenaga kerja untuk industri minyak &gas huluan di Malaysia. Perananbeliau di Damai Teknik termasukmenyediakan perkhidmatanpengurusan dan teknikal kepadaPetra Resources Sdn Bhd (PRSB)sejak penubuhan PRSB pada 1988.

Beliau menyertai Petra Perdanasebagai Pengurus Besar Kananpada 2000, dan menerajui usahapenyenaraian Petra Perdana,pemindahan penyenaraian Syarikatdari Papan Kedua ke Papan UtamaBursa Malaysia Securities Berhad(“Bursa Malaysia”) pada Januari2003, dan penyenaraian PetraEnergy Berhad di Papan UtamaBursa Malaysia pada Julai 2007.Sebagai Pengurus Besar Kanan,beliau turut memainkan peranandalam membangunkan danmenguruskan perkhidmatan korporatdan kewangan Kumpulan PetraPerdana, seperti pemerolehansyarikat, kapal dan perkhidmatanbersepadu untuk projek “brown field”.

Adik beliau, Koh Pho Wat,merupakan Pengarah Eksekutif danpemegang saham utama PetraPerdana. Beliau tidak dikenakantindakan undang-undang atassebarang kesalahan sepanjangtempoh 10 tahun lepas.

DATO' KHOPOH ENGExecutive Director/Pengarah Eksekutif

Dato’ Kho Poh Eng, a Malaysian,aged 53, was appointed as anExecutive Director of Petra PerdanaBerhad (“Petra Perdana”) on 4February 2010. He holds a Bachelorof Commerce (Honours) from theUniversity of Dalhousie, NovaScotia, Halifax, Canada. He is amember of the RemunerationCommittee of Petra Perdana.

Dato' Kho started his career with aprivate limited company involved incrude oil quality and quantity surveyof petroleum products in 1981 andleft in September 1983 to join F.E.Zuellig (M) Sdn Bhd as its BranchManager responsible for businessdevelopment in East Malaysia. Hewas one of the co-founders ofDamai Teknik Sdn Bhd in 1988providing maintenance, engineeringand manpower services for theupstream oil and gas industry in thecountry. His role in Damai Teknikincludes providing management andtechnical services to PetraResources Sdn Bhd (PRSB) sincethe founding of PRSB in 1988.

He joined Petra Perdana as SeniorGeneral Manager in 2000, andspearheaded the listing exercise ofPetra Perdana, the transfer of theCompany’s listing from the SecondBoard to the Main Board of BursaMalaysia Securities Berhad (“BursaMalaysia”) in January 2003, and thelisting of Petra Energy Berhad onthe Main Board of Bursa Malaysia inJuly 2007. As the Senior GeneralManager, he was also instrumentalin the development andmanagement of the Petra PerdanaGroup’s corporate and financeservices. He has been key tovarious corporate exercisesinvolving the Petra Perdana Group,such as acquisition of companies,vessels and integrated services forbrown field projects.

His brother, Koh Pho Wat, is anExecutive Director and asubstantial shareholder ofPetra Perdana. He has notbeen convicted of any offencewithin the past 10 years.


Surya Hidayat Abd Malik, aMalaysian, aged 58, was appointedas an Independent Non-ExecutiveDirector and Chairman of PetraPerdana Berhad (“Petra Perdana”)on 4 February 2010. He was thenappointed a member of the AuditCommittee but relinquished theposition of Chairman and member ofAudit Committee when he wasappointed an Executive Director ofPetra Perdana on 23 April 2010. Heholds a Master Mariner Class 1(Master Foreign Going) from theUnited Kingdom.

During the period from 1970-1980,he held various positions on boardforeign going vessels under differentflags. He was engaged by KontenaNasional in 1980 and later left to joinSarawak Shell Berhad (“Shell”) in1981, where he held variousmanagement positions in themarine, supply base operations,logistics and procurement divisions.He was assigned to variousoverseas postings including theUnited Kingdom, Nigeria, Oman andHolland.

He also held a number of seniormanagement positions in Shell. Hislast posting prior to his retirement inFebruary 2010 was the position ofContracting & Procurement CountryManager for Shell MalaysiaExploration & Production.

Surya was also a member of theBoard of Trustees for four of Shell’spension funds for a period of 9years.

He does not have any familyrelationships with any member ofthe Board or major shareholder ofPetra Perdana. He does not haveany conflict of interest with PetraPerdana and neither has he beenconvicted of any offence within thepast 10 years.

Surya Hidayat Abd Malik,warganegara Malaysia berusia 58tahun, telah dilantik sebagaiPengarah Bebas Bukan Eksekutifdan Pengerusi Petra Perdana(“Petra Perdana”) pada 4 Februari2010. Seterusnya beliau dilantiksebagai ahli Jawatankuasa Audittetapi meletak jawatan Pengerusidan ahli Jawatankuasa Audit apabilabeliau telah dilantik sebagaiPengarah Eksekutif Petra Perdanapada 23 April 2010. Beliaumempunyai sijil Master MarinerClass 1 (Master Foreign Going)daripada United Kingdom.

Dalam tempoh 1970-1980, beliautelah memegang pelbagai jawatandi atas kapal pelayaran asing dibawah pelbagai bendera. Beliaubekerja dengan Kontena Nasionalpada 1980 dan kemudian menyertaiSarawak Shell Berhad (“Shell”) pada1981, di mana beliau memegangpelbagai jawatan peringkatpengurusan termasuk bahagianmarin, operasi pangkalan bekalan,logistik dan perolehan. Beliau telahditugaskan di luar negeri dalampelbagai jawatan termasuk diUnited Kingdom, Nigeria, Oman danBelanda.

Beliau juga telah memegangpelbagai jawatan pengurusan kanandalam Shell. Jawatan terakhir beliausebelum bersara pada Februari2010 ialah Pengurus Kontrak &Perolehan untuk Shell MalaysiaExploration & Production.

Surya turut menjadi ahli LembagaPemegang Amanah untuk empatdana pencen Shell selama 9 tahun.

Beliau tidak mempunyai sebaranghubungan kekeluargaan dengansebarang ahli LembagaPengarah atau pemegangsaham utama PetraPerdana. Beliau tidakmempunyai sebarangkonflik kepentingandengan Petra Perdanaatau dikenakan tindakanundang-undang atassebarang kesalahansepanjang tempoh 10tahun lepas.

SURYAHIDAYATABD MALIKExecutive Director/Pengarah Eksekutif

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Koh PhoWat, a Malaysian, aged 49,was appointed as an ExecutiveDirector of Petra Perdana Berhad(“Petra Perdana”) on 4 February2010. He holds a Bachelor ofEngineering (Industrial) from theTechnical University of Nova Scotia,Halifax, Canada.

He is also Executive Director of IntraOil Services Berhad (“IOS”) andPerdana Marine Offshore (“PMO”),the wholly-owned subsidiaries andoffshore marine operators of PetraPerdana. He primarily managesworkboats and workbarges supportingbrown field operations and isresponsible for the development ofnew markets and ventures for thePetra Perdana Group.

Koh Pho Wat started his career withSarawak Shell Berhad (“Shell”), awholly-owned subsidiary of the RoyalDutch / Shell Group of Companieswhich is involved in the explorationand production of oil and gas. Hespent 13 years with Shell and wasinvolved in various areas of theupstream oil and gas industryincluding procurement, operations,logistics, project and materialsmanagement.

He joined the Petra Perdana Groupin 1996 and held positions in areascovering the sales of engineeredequipment, project management,engineering & maintenance services,offshore marine and support services.

He was instrumental to the PetraPerdana Group in developing thebrown field business with theinception of Transfield Petra JV andwith it, Petra’s first integratedmaintenance contract from ShellRefinery Port Dickson. As theprincipal driver, he developed PetraPerdana’s integrated brown fieldservices into a major core businessby leveraging the capabilities ofintegrated maintenance into theExxonMobil major turnkey retrofitcontract and subsequently, the initialShell Topside Major MaintenanceHook Up and Commissioningcontract. He has been a keymanagement personnel at everysignificant milestone in the growthof Petra Perdana Group; and isone of the key members of themanagement team for thesuccessful listing of PetraPerdana on Bursa Malaysia.

His brother, Dato’ Kho Poh Eng,is an Executive Director of PetraPerdana. He has not beenconvicted of any offence withinthe past 10 years.

Koh Pho Wat, warganegara Malaysiaberusia 49 tahun, telah dilantik sebagaiPengarah Eksekutif Petra PerdanaBerhad (“Petra Perdana”) pada 4Februari 2010. Beliau memiliki IjazahSarjana Muda Kejuruteraan (Industri)daripada Technical University of NovaScotia, Halifax, Kanada.

Beliau juga merupakan PengarahEksekutif Intra Oil Services Berhad(“IOS”) dan Perdana Marine Offshore(“PMO”) subsidiari milik penuh danpengendali marin luar pesisir PetraPerdana. Beliau menguruskan bot danbaj yang menyokong operasi“brownfield” dan bertanggungjawab ataspembangunan pasaran dan projek barubagi Kumpulan Petra Perdana.

Koh Pho Wat memulakan kerjayadengan Sarawak Shell Berhad (“Shell”),sebuah subsidiari milik penuh RoyalDutch / Shell Group of Companies yangterlibat dalam carigali dan pengeluaranminyak dan gas. Beliau bersama Shellselama 13 tahun dan terlibat dalampelbagai bidang huluan bagi industriminyak dan gas termasuk perolehan,operasi, logistik, projek dan pengurusanmaterial.

Beliau menyertai Kumpulan PetraPerdana pada tahun 1996 danmenjawat jawatan dalam bahagianpenjualan peralatan kejuruteraan,pengurusan projek, perkhidmatankejuruteraan & penyelenggaraan, marinluar pesisir dan perkhidmatan sokongan.

Beliau memainkan peranan pentingterhadap Kumpulan Petra Perdanadalam membangunkan perniagaan‘brown field’ melalui penubuhanTransfield Petra JV dan seterusnyakontrak penyelenggaraan bersepadupertama Petra daripada Shell RefineryPort Dickson. Sebagai penerajuutama, beliau telah membangunkanperkhidmatan brown field bersepaduPetra Perdana menjadi perniagaan terasutama dengan mengumpil keupayaanpenyelenggaraan bersepadu untukmemperoleh kontrak reka bentuk naiktaraf serah kunci utama ExxonMobildan seterusnya kontrak permulaanPenyelenggaraan Pemasangan Utamadan Pentauliahan Bahagian Atas untukShell. Beliau merupakan kakitanganpengurusan utama dalam setiappencapaian penting pertumbuhanKumpulan Petra Perdana; dan salahseorang ahli pengurusan semasapenyenaraian Petra Perdana di BursaMalaysia.

Abangnya, Dato’ Kho Poh Eng,merupakan Pengarah Eksekutif PetraPerdana. Beliau tidak dikenakan tindakanundang-undang atas sebarang kesalahansepanjang tempoh 10 tahun lepas.

KOH PHO WATExecutive Director/Pengarah Eksekutif


Ganesan Sundaraj, a Malaysian,aged 48, was appointed as anIndependent Non-Executive Directorof Petra Perdana Berhad (“PetraPerdana”) on 4 February 2010.He is the Chairman of the AuditCommittee as well as member ofthe Nomination Committee andRemuneration Committee of PetraPerdana. He is a CharteredAccountant by profession and is amember of the Malaysian Institute ofAccountants, an Associate Memberof the Chartered Institute ofManagement Accountants and aChartered Audit Committee Director(CACD) with the Malaysian Instituteof Internal Auditors.

He has vast experiences in thecorporate & restructuring disciplinesand was attached to an internationalaudit firm, Ernst & Young, from 1981to 1990. He currently holds positionsas Director in Analabs ResourcesBhd, Pan Asia Pacific Bhd, PromtoBhd, CHG Industries Bhd and BukitKatil Resources Bhd.

He does not have any familyrelationships with any member of theBoard or major shareholder of PetraPerdana. He does not have anyconflict of interest with PetraPerdana and neither has he beenconvicted of any offence within thepast 10 years.

Ganesan Sundaraj, warganegaraMalaysia berusia 48 tahun, telahdilantik sebagai Pengarah BebasBukan Eksekutif Petra PerdanaBerhad (“Petra Perdana”) pada 4Februari 2010. Beliau adalahPengerusi Jawatankuasa Audit danjuga ahli Jawatankuasa Pelantikandan Jawatankuasa Imbuhan PetraPerdana. Beliau adalah seorangAkauntan Bertauliah dari segiprofesion dan merupakan ahliInstitut Akauntan Malaysia, AhliBersekutu Institut AkauntanPengurusan Berkanun danPengarah Jawatankuasa AuditBerkanun (CACD) dengan InstitutJuruaudit Dalaman Malaysia.

Beliau mempunyai pengalamanyang luas dalam bidang korporatdan penstrukturan semula danpernah bertugas di syarikat auditantarabangsa, Ernst & Young, daritahun 1981 hingga 1990. Beliau kinimemegang jawatan sebagaiPengarah Analabs Resources Bhd,Pan Asia Pacific Bhd, Promto Bhd,CHG Industries Bhd dan Bukit KatilResources Bhd.

Beliau tidak mempunyai sebaranghubungan kekeluargaan dengansebarang ahli Lembaga Pengarahatau pemegang saham utamaPetra Perdana. Beliau tidakmempunyai sebarang konflikkepentingan dengan Petra Perdanaatau dikenakan tindakan undang-undang atas sebarang kesalahansepanjang tempoh 10 tahun lepas.

GANESANSUNDARAJIndependent Non-Executive Director/Pengarah Bebas Bukan Eksekutif

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Raja Anuar Raja Abu Hassan, aMalaysian, aged 54, was appointedas an Independent Non-ExecutiveDirector of Petra Perdana Berhad(“Petra Perdana”) on 18 March2010. He is the Chairman of theNomination Committee and memberof the Audit Committee andRemuneration Committee of PetraPerdana.

He is a Chartered Accountant byprofession and is a member of theMalaysian Institute of Accountants,a member of the Malaysian Instituteof Certified Public Accountants, aFellow of the Association ofChartered Certified Accountants andis a Chartered Member of theChartered Institute of InternalAuditors.

During his career, he held seniorpositions in finance and internalaudit in several Public ListedCompanies in various industrysectors. His broad workingexperience included, amongstothers, holding positions as InternalAudit Manager of PROTON;Commercial Accounting Manager ofSime Darby Plantations; Head,Overseas Operations of MalayanBanking Bhd; General Manager,Internal Audit of Sapura Holdings;Director, Internal Audit of GoldenHope Plantations Bhd. He hasconsiderable experience in thefinancial and reporting systemsoperating in a number of foreigncountries, having served onnumerous audit/non-audit relatedassignments in U.K., Egypt, U.S.A.,Singapore, Indonesia, Germany,Netherland, China, Morocco, SouthAfrica, Bangladesh and Vietnam.

He does not have any familyrelationships with any member ofthe Board or major shareholderof Petra Perdana. He does nothave any conflict of interest withPetra Perdana and neither hashe been convicted of any offencewithin the past 10 years.

Raja Anuar Raja Abu Hassan,warganegara Malaysia berusia 54tahun, telah dilantik sebagaiPengarah Bebas Bukan EksekutifPetra Perdana Berhad (“PetraPerdana”) pada 18Mac 2010. Beliauadalah Pengerusi JawatankuasaPelantikan dan ahli JawatankuasaAudit dan Jawatankuasa ImbuhanPetra Perdana.

Beliau adalah seorang AkauntanBertauliah dari segi profesion danmerupakan ahli Institut AkauntanMalaysia, ahli Institut AkauntanAwam Bertauliah Malaysia, FeloPersatuan Akauntan BertauliahBerkanun dan Ahli Berkanun InstitutJuruaudit Dalaman Berkanun.

Sepanjang kerjayanya, beliau telahmemegang jawatan kanan dalambidang kewangan dan auditdalaman di beberapa SyarikatAwam Tersenarai dalam pelbagaisektor industri. Pengalamankerjanya yang meluas termasuklah,antaranya, memegang jawatansebagai Pengurus Audit DalamanPROTON; Pengurus AkaunKomersil Sime Darby Plantations;Ketua Bahagian Operasi LuarNegara Malayan Banking Bhd;Pengurus Besar Audit DalamanSapura Holdings; Pengarah,Audit Dalaman Golden HopePlantations Bhd. Beliau mempunyaipengalaman luas dalam sistemkewangan dan laporan yangberoperasi di beberapa buah negaraasing setelah terlibat dalam banyaktugasan berkaitan audit/bukan-auditdi U.K., Mesir, Amerika Syarikat,Singapura, Indonesia, Jerman,Belanda, China, Maghribi, AfrikaSelatan, Bangladesh dan Vietnam.

Beliau tidak mempunyai sebaranghubungan kekeluargaan dengansebarang ahli Lembaga Pengarahatau pemegang saham utama PetraPerdana. Beliau tidak mempunyaisebarang konflik kepentingandengan Petra Perdana ataudikenakan tindakan undang-undangatas sebarang kesalahan sepanjangtempoh 10 tahun lepas.

RAJAANUARRAJAABUHASSANIndependent Non-Executive Director/Pengarah Bebas Bukan Eksekutif


Idris Zaidel, a Malaysian, aged 39,was appointed as an IndependentNon-Executive Director of PetraPerdana Berhad (“Petra Perdana”)on 23 April 2010. He is a member ofthe Malaysian Bar Council and is apracticing lawyer with his ownpractice in Kuala Lumpur. He is theChairman of the RemunerationCommittee and member of theAudit Committee and NominationCommittee.

He obtained his degree in Kulliyahof Laws from International IslamicUniversity, Kuala Lumpur in 1995and began his legal career at thechambers of Messrs. Adnan, Sundra& Low before moving on to work atMessrs. Md. Tajuddin & Co andMessrs. Hisham, Sobri & Kadirbefore setting up his own firm,Messrs. Idris Zaidel & Partners. Hisareas of expertise are in civillitigation, corporate, labour, bankingand conveyancing laws.

He does not have any familyrelationships with any member of theBoard or major shareholder of PetraPerdana. He does not have anyconflict of interest with PetraPerdana and neither has he beenconvicted of any offence within thepast 10 years.

Idris Zaidel, warganegara Malaysiaberusia 39 tahun, telah dilantiksebagai Pengarah Bebas BukanEksekutif Petra Perdana Berhad(“Petra Perdana”) pada 23 April2010. Beliau adalah ahli MajlisPeguam Malaysia dan seorangpeguambela dan peguamcara disyarikatnya sendiri di KualaLumpur. Beliau adalah PengerusiJawatankuasa Imbuhan dan ahliJawatankuasa Audit danJawatankuasa Pelantikan.

Beliau memperolehi ijazah KulliyahUndang-undang daripada UniversitiIslam Antarabangsa, Kuala Lumpurpada 1995 dan memulakan karierguamannya dengan Tetuan Adnan,Sundra & Low sebelum berhijrah keTetuan Md. Tajuddin & Co danTetuan Hisham, Sobri & Kadirsebelum mendirikan syarikatnyasendiri, iaitu Tetuan Idris Zaidel &Partners. Bidang kepakarannyaadalah litigasi sivil, korporat, buruh,perbankan dan pindah hak.

Beliau tidak mempunyai sebaranghubungan kekeluargaan dengansebarang ahli Lembaga Pengarahatau pemegang saham utama PetraPerdana. Beliau tidak mempunyaisebarang konflik kepentingandengan Petra Perdana ataudikenakan tindakan undang-undangatas sebarang kesalahan sepanjangtempoh 10 tahun lepas.

IDRIS ZAIDELIndependent Non-Executive Director/Pengarah Bebas Bukan Eksekutif

14

Senior Managementpengurusan kanan

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1

1. Shamsul SaadManaging Director/Pengarah Urusan

2. Dato’ Kho Poh EngExecutive Director/Pengarah Eksekutif

3. Surya Hidayat Abd MalikExecutive Director/Pengarah Eksekutif

4. Koh Pho WatExecutive Director/Pengarah Eksekutif

“As time goes on, I get moreand more convinced that theright method in investment isto put fairly large sums intoenterprises which one thinksone knows something aboutand in the management ofwhich one thoroughlybelieves.”

“Masa beredar dan kini sayamerasa bertambah yakinbahawa kaedah pelaburanyang betul ialah meletakkansejumlah dana dalamperniagaan yang diketahuioleh seseorang pelabur danpihak pengurusan yangseseorang pelabur itu bolehpercayai.”

John Maynard KeynesAugust/Ogos 15, 1934


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5. Farid Khan Kaim Khan – Director/Pengarah, Perdana Marine Offshore (PMO) 6. Soon Fook Kian –General Manager, Corporate Finance/Pengurus Besar,Kewangan Korporat 7. Edwin Lim – General Manager, Legal & Corporate Communications/ Pengurus Besar, Undang-undang & Komunikasi Korporat 8.David Kwek – Head, Internal Audit/Ketua, Audit Dalaman 9. Agnes Yap – Group Accountant/ Akauntan Kumpulan 10. Christopher Then – GeneralManager, Special Projects/Pengurus Besar, Projek Khas 11. Teo Swee Hong – General Manager, Technical & Business Development/Pengurus Besar,Teknikal & Pembangunan Perniagaan 12. Captain Abu Samah Ahmad – General Manager, Commercial/ Pengurus Besar, Komersil 13. Leong Wai Lian– General Manager, Human Resource & Admin/Pengurus Besar, Sumber Manusia & Pentadbiran 14. Abd Razak Abd Aziz – General Manager, MarineOperations (IOS)/Pengurus Besar, Operasi Marin (IOS) 15. Rafeedah A Rahman – General Manager/Pengurus Besar, Perdana Marine Offshore (PMO)16. Craig Maddison – General Manager/Pengurus Besar, Petra Marine Australia

5

Growth

Valuepertumbuhan& nilai

&

To protect and grow the value ofour shareholders investmentin us and our business modelas a personal trust bondedto our own personal integrity

Melindungi & meningkatkan nilaipelaburan pemegang sahamdalam syarikat dan modelperniagaan sebagai amanahperibadi terhadap integriti diri kitasendiri

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OFFSHORE MARINE SERVICES(Core Business Activity)

Petra Perdana Berhad (“Petra Perdana”) is an offshore marine services provider for the upstream oil & gas (“O&G”)industry in the domestic and regional markets. The Company, supported by a fleet of 23 marine vessels, possessesextensive experience and core competencies in offshore, the marine sector of the O&G industry.

The Company provides support for various facets of the O&G industry, which includes:

• Towing, mooring, and anchoring of non-self propelled barges, rigs, floating, storage & off-loading (FSO) &floating production storage & off-loading (FPSO)

• Transportation of drilling, production, chemicals and project materials

• On-board accommodation for offshore personnel

Petra Perdana is expected to take delivery of an additional four (4) new vessels in the current period.

INTEGRATED BROWN FIELD SERVICES(Related Business Activities)

Petra Perdana, via its 29.6% equity in public-listed Petra Energy Bhd (“Petra Energy”), is also involved in theintegrated brown field sector of the upstream O&G industry.

The scope of services provided by Petra Energy includes:

• Top-side major maintenance, hook-up, commissioning & construction

• Engineering, operations & maintenance

• Equipment packaging & manufacturing

Business Overviewkajian perniagaan


PERKHIDMATAN MARIN LUAR PESISIR(Aktiviti Perniagaan Teras)

Petra Perdana Berhad (“Petra Perdana”) merupakan sebuah penyedia perkhidmatan marin luar pesisir untuk sektorhuluan dalam industri minyak dan gas di kedua-dua pasaran domestik dan serantau. Syarikat yang disokong olehsejumlah 23 buah kapal memiliki pengalaman yang meluas dan keupayaan teras dalam sektor luar pesisir danmarin industri minyak & gas.

Syarikat menyediakan sokongan untuk pelbagai bidang industri minyak & gas, termasuk:

• Penundaan, penambatan dan kemudahan sauh baj berkipas tidak berputar sendiri, rigs, apungan, simpanan& muat keluar (FSO) & simpanan pengeluaran apungan & muat keluar (FPSO)

• Pengangkutan gerudi, pengeluaran, bahan kimia dan bahan projek

• Penginapan atas kapal bagi kakitangan luar pesisir

Petra Perdana dijangka akan menerima empat (4) buah kapal tambahan dalam tempoh kewangan semasa.

PERKHIDMATAN “BROWN FIELD” BERSEPADU(Aktiviti Perniagaan Berkaitan)

Petra Perdana, melalui kepentingan ekuitinya sebanyak 29.6% dalam syarikat senarai awam, Petra Energy Berhad,turut terlibat dalam penyediaan perkhidmatan “brown field” bersepadu bagi industri minyak & gas huluan.

Skop perkhidmatan yang disediakan oleh Petra Energy termasuklah:

• Penyelenggaraan penyambungan, pentauliahan & pembinaan utama bahagian atas

• Kejuruteraan, operasi & penyelenggaraan

• Penyediaan pakej dan pengilangan peralatan

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Group Structurestruktur kumpulan

PETRA PERDANA BERHAD372113-A

100% Intra Oil Services Berhad

100% Perdana Marine OffshorePte Ltd

100% Ampangship Marine Sdn Bhd

100% Petra Offshore Ltd

100% Perdana Mercury Ltd

100% Perdana Venus Ltd

100% Perdana Jupiter Ltd

100% Odin Explorer Navigation Ltd

100% Petra Teknik Sdn Bhd

100% Petra Asia Ltd

100% Perdana Neptune Ltd

100% Perdana Pluto Ltd

100% Perdana Saturn Ltd

55% Petra Marine Australia Pty Ltd

51% Geoseas Technologies Ltd

29.6% Associate Company:Petra Energy Bhd

100% Asiaway Sdn Bhd

100% Osam Marine Sdn Bhd

100% Kovan Marine Sdn Bhd

100% Malawi Marine Sdn Bhd


Financial Highlightsmaklumat-maklumat penting kewangan

2005 2006 2007 2008 2009

TURNOVER (RM’ million)PEROLEHAN (RM’ juta)

700

600

500

400

300

200

100

0

493.9

543.4

665.2

694.3

605.7

2005 2006 2007 2008 2009

NET PROFIT (RM’ million)KEUNTUNGAN BERSIH (RM’ juta)

210

180

150

120

90

60

30

0

40.7 55.9

155.7

87.7

29.3

2005 2006 2007 2008 2009

SHAREHOLDERS’ FUND (RM’ million)DANA PEMEGANG SAHAM (RM’ juta)

700

600

500

400

300

200

100

0

177.7

229.6

440.6

545.6

563.7

2005 2006 2007 2008 2009

NET ASSETS SHARE (RM)ASET KETARA BERSIH (RM)

2.10

1.80

1.50

1.20

0.90

0.60

0.30

0

0.60* 0.77*

1.48

1.83 1.89

* Comparative figures are restated based on enlarged number of ordinary share of 297.6 million.Angka berbandingan dinyatakan semula berdasarkan pertambahan bilangan saham biasa sebanyak 297.6 juta.

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Dear Shareholders,The volatility of crude prices atlow levels by the end of theprevious year, coupled with anexpected prolonged slump inglobal energy demand hadalready signaled to Managementthat serious challenging timeswere ahead for Petra PerdanaBerhad in 2009. Our financialresults reflect very much thetandem effect of the global oilprices and the subsequent severecontraction in oil & gas drillingactivities.

Kepada Para Pemegang Saham,Ketidakstabilan harga minyakmentah pada tahap rendahmenjelang hujung tahun lalu sertakemerosotan yang berterusan,seperti yang dijangka, dalampermintaan tenaga global,merupakan amaran kepada pihakPengurusan bahawa PetraPerdana Berhad bakalberhadapan dengan tempohmencabar yang serius pada2009. Keputusan kewangan kamisememangnya mencerminkankesan daripada harga minyakglobal dan seterusnya kejatuhanteruk dalam aktviti menggaliminyak & gas.

ManagingDirector’sMessageperutusanpengarahurusan

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“”

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Hasil daripada ketahanan utuh pasukan Pengurusan dankakitangan kami serta ketekunan dalam melaksanakanstrategi memandang ke hadapan telah membuatkan kamiberjaya berhadapan dengan cabaran 2009. Initermasuklah:

• Kejejalan dalam industri pembinaan kapal yangmengakibatkan kelewatan keseluruhan antara 5hingga 12 bulan berbanding jadual jangka siap asal.Ini mengakibatkan penghantaran kapal-kapal barujatuh ke tahap terendah dalam aktiviti pasaran disamping perlu menyerap kos yang tinggi bagipenghantaran tersebut.

• Kerugian penggunaan kapal dan aliran tunaidaripada tiga (3) buah kapal “brown field” baru yangtelah dijual kepada Petra Energy Berhad.

Syukur, hasil daripada ketekunan dan usaha yang diambiloleh pengurusan serta pemulihan aktiviti huluan, PetraPerdana kini beransur pulih. Bagi tahun kewanganberakhir 31 Disember 2009, keuntungan selepas cukai(PAT) milik pemegang saham berjumlah RM29.3 juta ataupendapatan bersih sesaham (EPS) sebanyak 9.9 senberbanding RM87.7 juta atau EPS sebanyak 29.5 sen bagitempoh yang sama sebelumnya.

TINJAUAN KEWANGAN

Bagi tahun kewangan berakhir 31 Disember 2009,Kumpulan mencatatkan perolehan sebanyak RM605.7juta, dan keuntungan sebelum cukai (PBT) berjumlahRM48.7 juta berbanding perolehan berjumlah RM694.3juta dan PBT berjumlah RM119.5 juta pada tempoh yangsama sebelumnya.

It is due to the great resilience of our Management team,our people and their steadfast implementation of forward-looking strategies that we were able to withstand thechallenges that 2009 presented. These included:

• Bottlenecks in the shipbuilding industry, whichcaused an overall delay of 5 to 12 months tooriginally anticipated schedules. This resulted indeliveries of new vessels at the lowest point of marketactivity, while having to absorb the high costs of suchdeliveries.

• The loss of substantial fleet utilisation and cash flowfrom three (3) new brown field vessels that were soldto Petra Energy Berhad.

Thankfully, due to the diligent actions and efforts taken bymanagement coupled with recovering upstream activities,Petra Perdana is on the road to a firm recovery. For thefinancial year ended 31 December 2009, profit after tax(PAT) attributable to shareholders was RM29.3 million ornet earnings per share (EPS) of 9.9 sen compared toRM87.7 million or EPS of 29.5 sen for the previouscorresponding period.

FINANCIAL REVIEW

For the financial year ended 31 December 2009, theGroup recorded a turnover of RM605.7 million, and profitbefore tax (PBT) of RM48.7 million compared to aturnover of RM694.3 million and PBT of RM119.5 million,respectively, for the previous corresponding period.

The net profit for the financial year ended 31 December 2009was RM29.3 million compared to RM87.7 million in theprevious corresponding period. The reduction in net profit,resulting from a decrease in turnover is attributable to:

• Lower vessel utilisation and decrease in charter ratesfrom the slowdown in regional drilling activities

• Increased supply relative to demand due to reductionin offshore activities and additional new supply ofoffshore vessels into the market

• Deliveries of the Group’s new vessels and the endingof long term charters of existing vessels within theperiod of lowest market activity

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Keuntungan bersih bagi tahun kewangan berakhir 31Disember 2009 adalah RM29.3 juta berbanding RM87.7juta pada tempoh yang sama sebelumnya. Penurunandalam keuntungan bersih adalah akibat kejatuhan dalamperolehan yang disebabkan oleh:

• Penggunaan kapal yang lebih rendah dan penurunankadar sewa kesan daripada kelembapan dalamaktiviti-aktiviti penggalian serantau.

• Pembekalan yang meningkat berbanding permintaanakibat pengurangan aktiviti luar pesisir dan bekalanbaru kapal luar pesisir ke dalam pasaran

• Penghantaran kapal baru milik Kumpulan danberakhirnya sewa jangka panjang bagi kapal sediaada semasa tempoh aktiviti pasaran berada diperingkat terendah

• Peningkatan dalam perbelanjaan operasi akibatkerahan sekali dan kos melengkapkan kapal-kapalbaru yang diterima

• Kerugian tukaran mata wang akibat kejatuhan dolarAmerika

Penurunan dalam keuntungan bersih Kumpulan jugadisebabkan oleh sumbangan yang lebih rendah hasildaripada operasi perniagaan Petra Energy.

Gear Kumpulan bagi tahun kewangan berakhir 31Disember 2009 telah meningkat kepada 0.8 kaliberbanding 1.2 kali bagi tempoh yang sama sebelumnya.

Sementara itu, kunci kira-kira Syarikat menunjukkanpeningkatan dalam aset bersih berjumlah RM563.7 jutapada 31 Disember 2009 berbanding RM545.6 juta bagitempoh yang sama sebelumnya.

PERKEMBANGAN KORPORAT

Semasa tempoh laporan kewangan dan sehingga ketarikh ini, sejajar dengan program pembaharuan angkatankami yang berterusan, Petra Perdana telah menerimapenghantaran:

• Dua (2) buah baj kerja & akomodasi 300 orang,“Petra Endeavour” dan “Petra Excelsior”

• Empat (4) buah bot kerja & akomodasi, “Petra Liberty”,“Petra Orbit”, “Petra Galaxy” dan “Petra Sovereign”

• Lima (5) buah Kapal Pengendalian Sauh/SokonganLuar Pesisir (AHTS), “Petra Voyager”, “Petra Ranger”,“Petra Expedition”, “Petra Majestic” dan “PetraAdmiral”

• Increase in operating expenses due to one-offmobilisation and fitting-up costs of the new vesselsdelivered

• Foreign exchange losses due to weakening of the USdollar

The reduction in the Group’s net profit is also attributableto lower contributions from Petra Energy’s businessoperations.

The gearing of the Group for the financial year ended 31December 2009 has improved to 0.8 times as comparedto 1.2 times for the previous corresponding period.

Meanwhile, the Company’s balance sheet showed anincrease in net assets of RM563.7 million as at 31December 2009 compared to RM545.6 million for theprevious corresponding date.

CORPORATE DEVELOPMENT

During this financial reporting period and up to this date, in-line with our continuing fleet renewal program, PetraPerdana has taken delivery of:

• Two (2) 300-men work & accommodation barge,“Petra Endeavour” and “Petra Excelsior”

• Four (4) work & accommodation boats, ”PetraLiberty”, “Petra Orbit”, “Petra Galaxy” and “PetraSovereign”

• Five (5) Anchor Handling/Offshore Support Vessel(AHTS), “Petra Voyager”, “Petra Ranger”, “PetraExpedition”, “Petra Majestic” and “Petra Admiral”

Four (4) new companies namely, Perdana Jupiter Ltd,Perdana Neptune Ltd, Perdana Pluto Ltd and PerdanaSaturn Ltd were formed to serve as vessel owners andundertake offshore leasing of vessels on bareboat charterbasis.

During this same period, the following vessels weredisposed-off:

• Two (2) crew boats, “IOS Comfort 1” and “IOS Comfort2”, for a total sale consideration of USD2.125 million


Empat (4) buah syarikat baru, iaitu Perdana Jupiter Ltd,Perdana Neptune Ltd, Perdana Pluto Ltd dan PerdanaSaturn Ltd ditubuhkan untuk bertindak sebagai empunyakapal dan melaksanakan pemajakan luar pesisir kapalberdasarkan penyewaan bot dedah.

Semasa tempoh yang sama ini, kapal-kapal berikut telahdilupuskan:

• Dua (2) buah bot krew, “IOS Comfort 1” dan “IOSComfort 2”, bagi jumlah jualan sebanyakUSD2.125 juta

• Satu (1) buah baj kerja “Petra Charlie” kepada P TPelayaran Tamarin Samudra bagi jumlah jualansebanyak USD2.65 juta

• Satu (1) buah baj kerja & akomodasi 300 orang“Petra Endeavour” dan dua (2) bot kerja &akomodasi “Petra Orbit” dan “Petra Galaxy” kepadaPetra Innotech Sdn Bhd masing-masing untukbalasan berjumlah RM96.6 juta, RM58.4 juta danRM58.4 juta.

Petra Perdana melalui beberapa perkembangan danpelaksanaan korporat pada tahun 2009, di manasesetengah usaha ini bertujuan menangani kemusykilanpara pemegang saham dalam mengekalkan nilaipelaburan dalam syarikat.

Sorotan perkembangan dan pelaksanaan ini termasuklah:

• Penerimaan kemudahan Pinjaman Berjangka BolehPindah Bersindiket berjumlah RM150 juta bagipembiayaan semula pinjaman penyambungan sediaada yang berjumlah RM240 juta

• One (1) work barge “Petra Charlie” to P T PelayaranTamarin Samudra for a total sale consideration ofUSD2.65 million

• One (1) 300-men work & accommodation barge“Petra Endeavour” and two (2) work &accommodation boats “Petra Orbit” and “PetraGalaxy” to Petra Innotech Sdn Bhd for aconsideration of RM96.6 million, RM58.4 million andRM58.4 million respectively.

Petra Perdana underwent a number of corporatedevelopments and exercises in 2009, some of which wereaimed at addressing the concerns of shareholders inpreserving the value of investment in the company.

Highlights of the developments and exercises include:

• Acceptance of a Syndicated Transferable Term Loanfacility of RM150 million to refinance existing bridgingloans of RM240 million

• Appointment of Shamsul Saad as Executive Directorof Petra Perdana in 1 July 2009

26

• Pelantikan Shamsul Saad sebagai PengarahEksekutif Petra Perdana pada 1 Julai 2009

• Penjualan 10.5 juta saham biasa yang bernilaiRM0.50 setiap satu dalam Petra Energy Berhad

• Penerimaan kemudahan surat jaminan bernilai RM40juta oleh Petra Perdana

• Mesyuarat Agung Luar Biasa bagi pelupusan tiga (3)buah kapal, iaitu “Petra Orbit”, “Petra Galaxy” dan“Petra Endeavour” kepada Petra Innotech Sdn Bhd

• Penjualan 48.8 juta saham biasa yang bernilaiRM0.50 setiap satu dalam Petra Energy Berhad

• Petra Perdana menerima Perintah Interim Ex-parteyang dimohon oleh Shamsul Saad bagi menghalangempat (4) orang Pengarah Petra Perdana dan/ataumana-mana agen yang dilantik oleh Petra Perdanadaripada menjual baki saham yang dipegang olehPetra Perdana dalam Petra Energy Berhadberjumlah 29.59% daripada jumlah pegangan sahamPetra Energy Berhad.

• Petra Perdana menerima notis khas ataspenyingkiran pengarah berserta dengan panggilanbagi Mesyuarat Agung Luar Biasa menurut Seksyen145 Akta Syarikat Act 1965 pada 4 Februari 2010

• Intra Oil Services Berhad menyaman Shamsul Saad

• Mesyuarat Agung Luar Biasa untuk menyingkirkanpengarah sedia ada dan melantik pengarah baru bagiPetra Perdana

• Intra Oil Services Berhad menarik balik saman keatas Shamsul Saad

• Penerimaan kemudahan Commodity MurabahahTerm Financing-i sebanyak USD14.48 juta oleh IntraOil Services Berhad

• Pelantikan Raja Anuar Raja Abu Hassan sebagaiPengarah Bebas Bukan Eksekutif Petra Perdana

• Penamatan Y.M. Tengku Dato’ Ibrahim Petra binTengku Indra Petra sebagai Ketua Pegawai EksekutifPetra Perdana

• Pelantikan Shamsul Saad sebagai Pengarah UrusanPetra Perdana pada 2 April 2010

• Pelantikan Idris Zaidel sebagai Pengarah BebasBukan Eksekutif Petra Perdana

• Pelantikan semula Surya Hidayat sebagai PengarahEksekutif Petra Perdana

• Divestment of 10.5 million ordinary shares of RM0.50each in Petra Energy Berhad

• Acceptance by Petra Perdana of a letter of guaranteefacility of RM40 million

• Extraordinary General Meeting for the disposal ofthree (3) vessels “Petra Orbit”, “Petra Galaxy” and“Petra Endeavour” to Petra Innotech Sdn Bhd

• Divestment of 48.8 million ordinary shares of RM0.50each in Petra Energy Berhad

• Petra Perdana receives an Interim Ex-parte Order onthe application by Shamsul Saad restraining four (4)Directors of Petra Perdana and/or any agentsappointed by Petra Perdana from divesting theremaining shares held by Petra Perdana in PetraEnergy Berhad amounting to 29.59% of the totalshareholdings of Petra Energy Berhad

• Petra Perdana receives special notice on removal ofdirectors together with the calling of an ExtraordinaryGeneral Meeting pursuant to Section 145 of theCompanies Act 1965 on 4 February 2010

• Intra Oil Services Berhad files suit against ShamsulSaad

• Extraordinary General Meeting for the removal ofexisting directors and the appointment of newdirectors to Petra Perdana

• Intra Oil Services Berhad dismisses suit againstShamsul Saad

• Acceptance by Intra Oil Services Berhad of aCommodity Murabahah Term Financing-i facility ofUSD14.48 million

• Appointment of Raja Anuar Raja Abu Hassan asIndependent Non-Executive Director of PetraPerdana

• Termination of Y.M. Tengku Dato’ Ibrahim Petra binTengku Indra Petra as Chief Executive Officer ofPetra Perdana

• Appointment of Shamsul Saad as Managing Directorof Petra Perdana on 2 April 2010


• Cadangan tawaran Persendirian sehingga 10%modal saham tadbiran dan berbayar dan cadanganterbitan hak boleh lepas dengan waran boleh ceraibebas.

Perlu dinyatakan di sini bahawa Raja Anuar Raja AbuHassan dan Idris Zaidel dipilih daripada KumpulanPengarah Bebas yang dikendalikan oleh MinorityShareholder’s Watchdog Group (“MSWG”). Sayamengambil peluang ini untuk mengalu-alukan Pengarahyang baru dilantik ini. Kami menantikan sumbanganmereka dalam mempertingkatkan nilai keputusan kolektifyang diambil oleh Lembaga.

Memandangkan harapan yang tinggi daripada parapemegang saham terhadap Lembaga baru untukmeletakkan semula Syarikat di ambang perkembangandan pertumbuhan mampan, Lembaga mengambil langkahpenilaian semula yang menyeluruh terhadap strukturkewangan korporat dan strateginya. Ini adalah untukmemastikan langkah yang diambil akan memberikanSyarikat ruang dan keutuhan untuk maju ke hadapandengan menggunakan kelebihan daripada modelperniagaan yang telah terbukti apabila keadaan pasaransemakin pulih.

ARAH ALIRAN & PERKEMBANGAN INDUSTRI

Krisis ekonomi global pada pertengahan 2008 telahmenjejaskan hampir kesemua sektor ekonomi di seluruhdunia. Setelah meningkat dengan stabil sejak bertahun-tahun lamanya, pada tahun 2008, harga minyak melonjaknaik ke tahap tertinggi pada harga US$145 setong padabulan Julai dan secara tiba-tiba jatuh kepada hanyaUS$35 setong pada bulan-bulan yang berikutnya. Kesanburuknya jelas ketara kepada semua.

Harga minyak hari ini telah stabil antara US$80 hinggaUS$85 setong, iaitu tahap yang menggalakkan bagipengeluar minyak utama di rantau ini, termasukPETRONAS dan Kontraktor Perkongsian Pengeluarannya(PSC) dalam sektor domestik. Ini menyebabkanbermulanya pelaksanaan aktiviti terancang yang kini dapatdilihat melalui peningkatan sewaan luar pesisir yangdiminta. Di keseluruhan pasaran serantau, fokus danoperasi perniagaan kami kebanyakannya adalah aktivitiluar pesisir terutamanya penggerudian yang dijangka akanmeningkat dengan ketara mulai separuh tahun kedua2010 dan seterusnya.

• Appointment of Idris Zaidel as Independent Non-Executive Director of Petra Perdana

• Re-designation of Surya Hidayat as ExecutiveDirector of Petra Perdana

• Proposed Private Placement of up to 10% of theissued and paid-up share capital and ProposedRenouncable Right Issue with free detachableWarrants.

It is worthwhile to note that both Raja Anuar Raja AbuHassan and Idris Zaidel were selected from theIndependent Director’s Pool maintained by the MinorityShareholder’s Watchdog Group (“MSWG”). I take thisopportunity to welcome the newly-appointed Directors. Welook forward to their contributions in enhancing the valueof the collective decisions by the Board.

Given the high expectations of our shareholders for thenew Board to put the Company back to its familiar path ofsustainable development and growth, the Board isundertaking a holistic review of its corporate financialstructure and strategies. This is to ensure that steps takenwould allow the Company the greatest flexibility andstrength moving forward by leveraging on its alreadyproven business model as the market conditions improve.

INDUSTRY TRENDS & PROSPECTS

The global economic crisis in mid-2008 affected nearly allsectors of economies worldwide. Oil prices after years ofsteady expansion, in 2008, went on a rapid surge tounsustainably high prices peaking at US$145 per barrel inJuly; and just as suddenly collapsed to a mere US$35 perbarrel in the months that followed. The devastating impactof which has been self evident to all.

Oil prices today have stabilised between US$80 to US$85per barrel, which is encouraging for oil majors throughoutthe region including PETRONAS and its ProductionSharing Contractors (PSCs) in the domestic sector. Thishas resulted in the beginning of implementation of plannedactivities which is now reflected by more offshore chartersbeing tendered out. Throughout the regional market,where our business focus and operations are, mostoffshore activities especially drilling is expected to startincreasing substantially from the 2nd half of 2010 onwards.

28

Prospek bagi peningkatan keseluruhan dalampenggunaan dan kadar sewa nampak positif denganpeningkatan aktiviti luar pesisir kerana lebihan bekalankapal yang berkaitan akan diserap pada masa yang akandatang.

Dengan selesainya penghantaran kesemua kapal barukepada Kumpulan menjelang suku ketiga 2010 dan apabilapasaran serantau bertambah baik, Petra Perdana akanberada dalam kedudukan strategik untuk merebut peluangpeningkatan kadar dan peluang sewa yang dijangka.

Walau bagaimanapun, kita mestilah beringat bahawadengan saiz dan kerumitan sesetengah projek, ia akanmengambil masa selama beberapa bulan sebelumkesannya dapat dirasai oleh industri perkhidmatan secarakeseluruhan. Namun, kami positif terhadap arah aliranpasaran dan masa depan Petra Perdana, yang tanparagu-ragu akan bersinar untuk masa kini dan akan datang.

DIVIDEN

Berdasarkan kesemua fakta di atas, Lembaga Pengarahtelah mencadangkan dividen akhir sebanyak 2.0 senditolak cukai 25% sesaham bagi tahun kewangan berakhir31 Disember 2009.

TATA URUS KORPORAT DAN JANJI KAMI

Kami berbangga dengan pegangan dalam ekuiti Syarikatyang kebanyakannya terdiri daripada institusi jangkapanjang dan pelabur swasta.

Sasaran penting kami dalam jangka masa terdekat iniialah untuk mempunyai keupayaan memberi ganjarankepada para pemegang saham dengan dasar dividen,maka, pembayaran balik adalah sepadan dengankepercayaan terhadap integriti dan keputusan perniagaankami.

Kami percaya bahawa kami mempunyai modelperniagaan yang terbukti. Kami mampu mencapai sasaranini dengan penghantaran kapal yang baru dibina,pengurangan penggunaan aset lama dan persekitaranperniagaan yang kembali normal.

Walau bagaimanapun, sasaran ekonomi jangka panjangkami ialah sentiasa memaksimumkan kadar keuntungantahunan sesaham bagi para pemegang saham kami.

Kami percaya bahawa hari ini kami telah memastikanyang setiap wakil bebas bukan eksekutif dalam Lembagadi Syarikat anda bukan sahaja membawa kepelbagaianpengalaman perniagaan yang dikehendaki tetapi juganasihat, maklum balas dan pertimbangan yang diperlukan.

The prospects for overall increase in utilisation and charterrates looks more positive with this uptrend of offshoreactivities as the relative over supply of vessels is absorbedover the coming periods.

With the completion of all new vessel deliveries for theGroup by the 3rd quarter 2010 and as the marketsimproved throughout the region, Petra Perdana isstrategically well-positioned to take advantage of theexpected improvements in rates and charter opportunities.

However, we must also be mindful that given the scale andcomplexity of some of the projects, it would be somemonthsbefore the cascading effects are felt by the service industryas a whole. Nevertheless, we are upbeat about the markettrends and the way forward for Petra Perdana, whichundoubtedly is bright for the current and years ahead.

DIVIDEND

Given all of the above, the Board of Directors hasrecommended a final dividend of 2.0 sen less taxation of 25%per share for the financial year ended 31 December 2009.

CORPORATE GOVERNANCEAND OUR PLEDGE

We take great pride that the holdings in the equity of theCompany has always been one made-up overwhelminglyof long term institutional and private investors.

For this, our ultimate aim in the near term is to have theability to reward our shareholders with a dividend policyand hence, payout that would commensurate with thistrust in our integrity and business decisions.

We believe that we have the proven business model. Withthe final deliveries of our new built vessels, the windingdown of older assets and the return to normalcy of thebusiness environment, we are on target to meet this aim.

However, our long term economic goal will always be forthe maximisation of an annual rate of gain on a per sharebasis for our shareholders.

We believe today we have ensured that each IndependentNon-Executive representation on the Board of yourCompany not merely brings the diversity of businessexperiences needed but also the independent counsel,feedback and judgement required.


SHAMSUL SAADManaging Director/Pengarah Urusan

Bagi pihak Lembaga Pengarah Petra Perdana yang baru,kami berjanji kepada anda, para pemegang saham,bahawa:

• Sekilas lalu, kami mungkin merupakan Lembagabaru tetapi secara dasarnya pengurusan PetraPerdana adalah sama

• Kami akan memastikan pendedahan yang penuh,saksama dan tepat waktunya pada setiap masa

• Kami akan menggunakan pinjaman secukupnya dansekiranya itu adalah langkah yang perlu diambil, kamiakan cuba menstrukturkannya pada kadar tetapjangka panjang

• Harga saham kami dalam tempoh jangka pendektidak akan mempengaruhi keputusan operasi danperuntukan modal, namun begitu, kami akansentiasa berusaha untuk memastikan yang hargasaham akan mencerminkan nilai saksamanya.

• Kami komited untuk melonjakkan Petra Perdana ketahap yang lebih tinggi dan akan memacu PetraPerdana ke arah itu.

Untuk itu, bagi pihak Lembaga Pengarah Petra PerdanaBerhad yang baru, saya menujukan mesej tentang tadbirurus ini dengan merakamkan penghargaan kami khususkepada anda, Para Pemegang Saham yang kami hormati.

Kami juga mengucapkan terima kasih kepada parapengurus dana, juruanalisis, pengawal atur dan NGO ataskepercayaan dan sokongan yang telah diberikan kepadakami untuk memacu Petra Perdana Berhad ke tahap yangseterusnya dalam perniagaan Minyak & Gas.

PENGHARGAAN

Kepada pihak pengurusan dan kakitangan kami, sayamerakamkan penghargaan dan menyampaikan pujiankepada mereka atas keutuhan dari segi peribadi,komitmen, tumpuan yang tidak berbelah bagi dan kerjakeras bagi pihak Syarikat dalam berhadapan dengancabaran di saat yang paling mencabar.

On behalf of the new Board of Directors of Petra Perdana,we pledge to you, our shareholders, that:

• On the face of it, we may be a new Board, but thevery essence of the Management of Petra Perdana isthe same

• We will ensure full, fair and timely disclosure at alltimes

• We will use debt sparingly and should that be theroute needed, we will attempt to structure them onlong term fixed rate basis

• The price of our shares in the short term will notinfluence our operating or capital allocation decisions,nevertheless, we will always strive to ensure that theshare price reflect its fair value

• We are committed to bringing Petra Perdana to thenext level and will steer Petra Perdana towards thisgoal.

For this, on behalf of your new Board of Directors of PetraPerdana Berhad, I dedicate this message on governanceby recording our utmost gratitude and appreciationespecially to you, our esteemed Shareholders.

We thank you, along with the fund managers, analysts,regulators and NGOs for the faith and the support givenus to have the opportunity to take Petra Perdana Berhadto the next level in the Oil & Gas business.

IN APPRECIATION

To our management and all our people, I would like to givethanks and commend them for their strength in character,commitment, unrelenting focus and hard work on behalfof the Company against all odds in those most challengingtimes.

FocusMarkets&

tumpuan & pasaran

To relentlessly focuson delivering unrivalled qualityand unrivalled expertise basedon our core fleet to the marketswe have committed to– this is our brand

Menumpukan terhadappenyediaan mutu dan kepakaranyang tiada tandinganberasaskan angkatan teras kamike pasaran yang telah dijanjikan– inilah jenama kami

32

A. PERKHIDMATAN MARIN LUAR PESISIR

Angkatan kapal bekalan tunda pengendalian sauh(AHTS), baj kerja dan bot kerja menyediakan pelbagaiperkhidmatan untuk industri minyak & gas huluan,merangkumi penundaan, penambatan dankemudahan bersauh baj berkipas tidak berputarsendiri; mengangkut peralatan menggerudi, bahankimia pengeluaran dan bahan projek hinggalah kepadakemudahan kejuruteraan dan bengkel atas kapal.

Angkatan kapal Syarikat yang ada sekarang sebanyak23 buah kapal terdiri daripada 16 buah kapal AHTS,tiga (3) buah baj kerja, tiga (3) buah bot kerja dan satu(1) buah kapal bekalan pelantar. Sejumlah empat (4)buah kapal luar pesisir tambahan dijadualkan akanditerima dalam tahun 2010.

A. OFFSHORE MARINE SERVICES

The Company’s fleet of anchor handling tug supply(AHTS) vessels, work barges and work boats offer amyriad of services for the upstream oil & gas industry,ranging from towing, mooring and anchoring of non-self propelled marine vessels; transportation of drillingequipment, production chemicals and project materialsto engineering and workshop facilities onboard.

The Company’s current fleet of 23 marine vesselscomprise 16 AHTS vessels; three (3) workbarges;three (3) work boat and one (1) platform supply vessel.An additional four (4) offshore marine vessels arescheduled to be delivered in the year 2010.

Petra Perdana Bhd’s (“Petra Perdana”) business operations are classified into two categories:Operasi perniagaan Petra Perdana Bhd (“Petra Perdana”) dikelaskan kepada dua kategori:

OFFSHORE INTEGRATED PERKHIDMATAN PERKHIDMATANMARINE BROWN FIELD MARIN “BROWN FIELD”SERVICES SERVICES LUAR PESISIR BERSEPADU

Core Business Related Business Aktiviti Perniagaan Aktiviti PerniagaanActivity Activities Teras Berkaitan

Review of Operationstinjauan operasi


Dalam tahun tinjauan, kapal-kapal digunakanterutamanya di perairan domestik dan serantau diMalaysia, Vietnam, Thailand, Indonesia dan Australia.Kapal-kapal ini digunakan untuk kedua-dua kontraksewa jangka panjang dan jangka pendek dengansyarikat minyak utama negara dan serantau bagimelaksanakan pelbagai aktiviti dalam sektor “greenfield” dan juga “brown field” bagi industri minyak & gashuluan.

Unit perniagaan menyumbang sebanyak RM228.0 jutaatau 37.6% daripada perolehan Kumpulan bagi tahunkewangan berakhir 31 Disember 2009, berbandingRM219.5 juta atau 31.6% daripada perolehanKumpulan bagi tempoh yang sama sebelumnya.

B. PERKHIDMATAN “BROWNFIELD”BERSEPADU

Petra Perdana, melalui kepentingan ekuitinyasebanyak 54.6%* dalam Petra Energy Berhad, turutterlibat dalam penyediaan perkhidmatan “brown field”bersepadu industri minyak & gas huluan.

Sumbangan daripada unit perniagaan ini diperolehdaripada pelbagai rangkaian perkhidmatan termasukpenyelenggaraan, penyambungan, pentauliahan &pembinaan utama bahagian atas; kejuruteraan,operasi & penyelenggaraan; pembungkusan &pengilangan peralatan; pengoptimuman medanminyak dan mereka bentuk & memasang siapperalatan proses dan dandang untuk industri minyakdan gas, petrokimia dan umum.

Unit perniagaan ini menyumbang RM377.7 juta atau62.4% daripada perolehan Kumpulan bagi tempohsehingga 11 Disember 2009*. Tiada perbandinganyang ada untuk tempoh yang sama sebelumnya.

* Petra Perdana telah melepaskan 25.0% saham dalam Petra EnergyBerhad menyebabkan baki kepentingan ekuiti sebanyak 29.6% (dalamPetra Energy) pada 11 Disember 2009, menjadikan Petra Energysebagai sebuah syarikat bersekutu Petra Perdana.

During the period under review, the vessels wereprimarily deployed in domestic and regional waters ofMalaysia, Vietnam, Thailand, Indonesia and Australia.These vessels were engaged in a mix of long and shortterm charter contracts with oil majors in the countryand the region to undertake various activities in boththe green field and the brown field sectors of theupstream oil & gas industry.

The business unit contributed RM228.0 million or37.6% of the Group’s turnover for the financial yearended 31 December 2009, compared to RM219.5million or 31.6% of the Group’s turnover in the previouscorresponding period.

B. INTEGRATED BROWN FIELD SERVICES

Petra Perdana, via its 54.6%* equity interest in PetraEnergy Berhad, was also involved in integrated brownfield services of the upstream oil & gas industry.

Contributions from this business unit is derived from arange of services that include top-side majormaintenance hook-up commissioning & construction;engineering, operations & maintenance; equipmentpackaging & manufacturing; oil field optimization,design & fabrication of processed equipment andboilers for the oil & gas, petrochemical and generalindustries.

The business unit contributed RM377.7 million or62.4% of the Group’s turnover for the period up to 11December 2009*. No comparison is available for theprevious corresponding period.

* Petra Perdana divested 25.0% shares in Petra Energy Berhad,resulting in a balance equity stake of 29.6% (in Petra Energy) asat 11 December 2009, thus making Petra Energy an Associatecompany of Petra Perdana.

PETRAVOYAGER10,880 bhp AHTS vessel

JULY2009

PETRARANGER5,220 bhp AHTS vessel

JULY2009 300man work barge

Our New Deliveries Inpenyerahan kapal baru tahun

2009/2010

34

JUNE2009

PETRAENDEAVOUR

AUGUST2009

PETRAORBIT189 man workboat

OCTOBER2009

PETRALIBERTY3,200 bhp workboat

SEPTEMBER2009

PETRAGALAXY189 man workboat


PETRAEXPEDITION10,880 bhp AHTS vessel

MARCH2010

PETRAMAJESTIC12,150 bhp AHTS vessel

MARCH2010 3,200 bhp workboat

DECEMBER2009

PETRASOVEREIGN

36

MARCH2010

PETRAADMIRAL12,150 bhp AHTS vessel

MARCH2010

PETRAEXCELSIOR300man work barge


38

Audit Committee Report

MEMBERS OF THE AUDIT COMMITTEE

The current Audit Committee members are as follows:

Ganesan SundarajChairman (Independent Non-Executive Director)(Appointed on 5 February 2010)

Raja Anuar Raja Abu HassanMember (Independent Non-Executive Director)(Appointed on 18 March 2010)

Idris ZaidelMember (Independent Non-Executive Director)(Appointed on 23 April 2010)

Surya Hidayat Abd MalikNon-Member (Executive Director)(Appointed Member of Audit Committee on 5 February2010 and ceased to be a Member of Audit Committee on23 April 2010)

The members of the Audit Committee during the financialyear 2009 were as follows:

Ahmad bin Haji Mohd SharkanChairman (Independent Non-Executive Director)(Re-designated to Member of Audit Committee on5 February 2010 and resigned on 28 February 2010)

Wong Fook HengMember (Independent Non-Executive Director)(Removed on 4 February 2010)

Tiong Young KongMember (Independent Non-Executive Director)(Removed on 4 February 2010)

TERMS OF REFERENCE OF THE AUDITCOMMITTEE

The Audit Committee is a committee of the Board ofDirectors. The Committee does not have executivepowers.

1. Membership of the Audit Committee

The Audit Committee comprises at least three Non-Executive members of the Board of Directors ofwhich at least two-thirds of the Committee membersare Independent Directors. The members choosetheir chair from the Independent composition of theCommittee.

The Committee members are appointed by the Boardof Directors, which in its opinion would exerciseindependent judgement based on the structure andcomposition of the Committee.

The Secretary to the Board of Directors shall also besecretary of this Committee.

2. Meetings of the Audit Committee

TheAudit Committee meets at least four times a yearduring the finalisation of the financial accounts ofthe Company and the Group for the quarterlyannouncements to Bursa Malaysia SecuritiesBerhad. The principal focus of any other meeting(s)will be on management control and internal audit.

At the request of the Chair, the other ExecutiveDirectors and other executives (in particular the Headof Internal Audit) will be in attendance at Committeemeetings or for selected agenda items. Therepresentatives of the external auditors may also beinvited to attend the meetings.

The Audit Committee has the authority to convenemeetings with the external auditors and/or the internalauditors without the presence of other Directors andemployees of the Company, whenever deemednecessary.

3. Reporting Line of the Audit Committee

The Audit Committee reports directly to the Board ofDirectors.

4. Responsibilities of the Audit Committee

TheAudit Committee is responsible for the following:

• To examine the manner in which managementensures and monitors the adequacy of thenature, extent and effectiveness of accountingand internal control systems;

• To examine and review the adequacy andeffectiveness of management and operations;

• To review the statutory accounts and otherpublished financial statements and information;

• To monitor relationships with external auditors,to ensure that there are no restrictions on thescope of the statutory audit; to makerecommendations on the auditors' appointment,remuneration and dismissal; and to review theactivities, findings, conclusions andrecommendations of the external auditors;

• To review arrangements established bymanagement for compliance with regulatory andfinancial reporting requirements;

• To approve the appointment or termination ofthe Head of Internal Audit who shall reportdirectly to the Committee and have a right ofdirect access to the Chair of the Committee at alltimes; to review the adequacy of the scope,functions, competency and resources of theinternal audit function and that it has thenecessary authority to carry out its work; to


receive and review reports from the Head ofInternal Audit; and on occasion to commissionaudit engagements to be conducted on theCommittee's behalf; and

• To perform any other duties as required byBursa Malaysia Securities Berhad or any otherregulatory bodies.

The purview of the Audit Committee extends to all theoperations within the Company and the Group.

AUDIT COMMITTEE MEETINGS HELD DURINGTHE FINANCIAL YEAR 2009

TheAudit Committee held five meetings during the financialyear under review with the following attendance record:

Names of Directors Attendance*

Ahmad bin Haji Mohd Sharkan 4/5Wong Fook Heng 5/5Tiong Young Kong 5/5

* Number of meetings attended / Number of meetingsheld during tenure

SUMMARY OF ACTIVITIES OF THE AUDITCOMMITTEE

In discharging its functions and duties, the followingactivities were undertaken by the Audit Committee duringthe financial year under review:

1. Reviewed the internal audit plan of the Internal AuditDepartment to ensure adequacy in scope andcoverage on the activities of the Group;

2. Reviewed the activities and internal audit reports ofthe Internal Audit Department;

3. Reviewed the recurrent related party transactions ofthe Group;

4. Reviewed the unaudited quarterly financial reportsand the audited annual financial report;

5. Reviewed the performance of the Company and theGroup and made recommendations for appropriatecorrective measures to the Board of Directors;

6. Reviewed the status of material litigations of theGroup;

7. Reviewed the external auditors’ fees for the Groupand recommended to the Board for approval;

8. Reviewed the re-appointment of Messrs. CroweHorwath as the external auditors of the Company;

9. Reviewed the Statement of Internal Control, AuditCommittee Report, Board of Directors’ Statementincluding the Corporate Governance Statement andrelevant statements and disclosure prior to theBoard’s approval for inclusion into theAnnual Report;

10. Reviewed the Audit Review Memorandum of theexternal auditors and discussed with externalauditors on their findings;

11. Reviewed the circular to shareholders in relation tothe proposed shareholders’ mandate for recurrentrelated party transactions of a trading or revenuenature; and

12. Reviewed the risk management framework of theGroup.

INTERNAL AUDIT FUNCTION

The Audit Committee obtains reasonable assurance onthe effectiveness of the system of internal controls via theinternal audit function, which shall be responsible for theregular review and/or appraisal of the effectiveness of therisk management, internal controls and governanceprocesses within the Company and the Group.

The internal audit function is performed by the in-houseInternal Audit Department. The cost incurred for theinternal audit function during the financial year 2009amounted to RM203,327.

The activities of the Internal Audit Department during thefinancial year 2009 were as follows:

1. Reviewed the accounting and internal controlsystems of the Company and the Group.

2. Performed internal audit engagements on majoroperations of the Group to ascertain adherence tomanagement's policies on:

• Repair and maintenance management• Recurrent related party transactions• Marine crewing management

3. Conducted risk assessment on active operating unitsof the Group as part of the Group’s continuous riskmanagement initiative.

STATEMENT IN RELATION TO ALLOCATION OFOPTIONS PURSUANT TO EMPLOYEES’SHARESOPTION SCHEME (ESOS)

As there were no allocations of options during the financialyear 2009, there was no verification exercise conductedby the Audit Committee.

40

laporan jawatankuasa audit

AHLI-AHLI JAWATANKUASAAUDIT

Ahli-ahli Jawatankuasa Audit semasa adalah sepertiberikut:

Ganesan SundarajPengerusi (Pengarah Bebas Bukan Eksekutif)(Dilantik pada 5 Februari 2010)

Raja Anuar Raja Abu HassanAhli (Pengarah Bebas Bukan Eksekutif)(Dilantik pada 23 April 2010)

Idris ZaidelAhli (Pengarah Bebas Bukan Eksekutif)(Dilantik pada 23 April 2010)

Surya Hidayat Abd MalikBukan Ahli (Pengarah Eksekutif)(Dilantik sebagai Ahli Jawatankuasa Audit pada 5 Februari2010 dan ditamatkan menjadi Ahli Jawatankuasa Auditpada 23 April 2010)

Ahli-ahli Jawatankuasa Audit semasa tahun kewangan2009 adalah seperti berikut:

Ahmad bin Haji Mohd SharkanPengerusi (Pengarah Bebas Bukan Eksekutif)(Dilantik semula sebagai Ahli Jawatankuasa Audit pada 5Februari 2010 dan meletak jawatan pada 28 Februari2010)

Wong Fook HengAhli (Pengarah Bebas Bukan Eksekutif)(Disingkirkan pada 4 Februari 2010)

Tiong Young KongAhli (Pengarah Bebas Bukan Eksekutif)(Disingkirkan pada 4 Februari 2010)

TERMA RUJUKAN JAWATANKUASAAUDIT

Jawatankuasa Audit adalah sebuah JawatankuasaLembaga Pengarah. Jawatankuasa tersebut tidakmempunyai kuasa eksekutif.

1. Keahlian Jawatankuasa Audit

Jawatankuasa Audit terdiri daripada sekurang-kurangnya tiga orang ahli Bukan Eksekutif LembagaPengarah yang mana sekurang-kurangnya duapertiga daripada keahlian Jawatankuasa tersebutterdiri daripada para Pengarah Bebas. Ahli-ahlimemilih pengerusi mereka daripada komposisiBebas Jawatankuasa.

Ahli Jawatankuasa dilantik oleh Lembaga Pengarah,yang mana pada pendapat mereka akanmelaksanakan pertimbangan bebas berdasarkankepada struktur dan komposisi Jawatankuasa.

Setiausaha Lembaga Pengarah hendaklah turutmenjadi setiausaha Jawatankuasa ini.

2. Mesyuarat Jawatankuasa Audit

Jawatankuasa Audit bermesyuarat sekurang-kurangnya empat kali setahun semasa semakanakhir akaun kewangan Syarikat dan Kumpulan untukpengumuman suku tahunan kepada Bursa MalaysiaSecurities Berhad.

Fokus utama mesyuarat lain adalah terhadapkawalan pengurusan dan audit dalaman.

Atas permintaan Pengerusi, para Pengarah Eksekutifdan eksekutif lain (khususnya Ketua Audit Dalaman)akan menghadiri mesyuarat Jawatankuasa atauuntuk perkara-perkara tertentu dalam agenda. Wakil-wakil juruaudit luar juga boleh dijemput untukmenghadiri mesyuarat.

Jawatankuasa Audit mempunyai kuasa untukmengadakan mesyuarat dengan kehadiran juruauditluar dan/atau juruaudit dalaman tanpa kehadiranPengarah dan kakitangan lain Syarikat, jika dianggapperlu.

3. Garis Laporan Jawatankuasa Audit

Jawatankuasa Audit melapor secara langsungkepada Lembaga Pengarah.

4. Tanggungjawab Jawatankuasa Audit

Jawatankuasa Audit bertanggungjawab ke atasperkara-perkara berikut:

• Untuk memeriksa cara pihak pengurusanmemastikan dan memantau tahap dankeberkesanan sistem perakaunan dan kawalandalaman;

• Untuk memeriksa dan mengkaji kecukupan dankeberkesanan pengurusan dan operasi;

• Untuk mengkaji akaun berkanun dan penyataserta maklumat kewangan lain yang disiarkan;

• Untuk memantau hubungan dengan juruauditluar, bagi memastikan supaya tiada halangan keatas skop audit berkanun; untuk mengesyorkanpelantikan, imbuhan dan penamatanperkhidmatan juruaudit; dan untuk mengkajiaktiviti, penemuan, kesimpulan dan syor-syorjuruaudit luar;

• Untuk mengkaji pengaturan yang diwujudkanoleh pihak pengurusan bagi pematuhanterhadap keperluan penguatkuasaan peraturandan laporan kewangan;

• Untuk meluluskan pelantikan atau penamatanperkhidmatan Ketua Audit Dalaman yangakan melapor secara langsung kepadaJawatankuasa dan mempunyai hak berhubungsecara langsung kepada PengerusiJawatankuasa pada bila-bila masa; untukmengkaji kecukupan skop, fungsi, daya saingdan sumber fungsi audit dalaman dan bahawa


ia mempunyai kuasa yang diperlukan untukmenjalankan kerjanya; untuk menerima danmengkaji laporan daripada Ketua AuditDalaman; dan untuk mentauliahkan penugasanaudit untuk dijalankan bagi pihakJawatankuasa; dan

• Untuk melaksanakan sebarang tugas lain yangdikehendaki oleh Bursa Malaysia SecuritiesBerhad atau sebarang badan penguatkuasaperaturan lain.

Bidang kuasa Jawatankuasa Audit meliputi semuaoperasi dalam Syarikat dan Kumpulan.

MESYUARAT JAWATANKUASAAUDIT YANGDIADAKAN PADA TAHUN KEWANGAN 2009

Jawatankuasa Audit telah mengadakan lima mesyuaratpada tahun kewangan yang ditinjau dengan rekodkehadiran seperti berikut:

Nama Pengarah Kehadiran*

Ahmad bin Haji Mohd Sharkan 4/5Wong Fook Heng 5/5Tiong Young Kong 5/5

* Bilangan mesyuarat yang dihadiri / Bilanganmesyuarat yang diadakan sewaktu tempohmemegang jawatan

RINGKASAN AKTIVITI JAWATANKUASAAUDIT

Berikut adalah aktiviti yang telah dijalankan olehJawatankuasa Audit Dalam melaksanakan fungsi dantugasnya pada tahun yang ditinjau:

1. Mengkaji rancangan audit dalaman yang dirangkaoleh Jabatan Audit Dalaman bagi memastikankecukupan skop dan liputan ke atas aktivitiKumpulan;

2. Mengkaji aktiviti dan laporan audit dari Jabatan AuditDalaman;

3. Mengkaji urusniaga-urusniaga pihak berkaitan yangberulang dalam Kumpulan;

4. Mengkaji laporan kewangan suku tahunan yangbelum diaudit dan laporan kewangan tahunanberaudit;

5. Mengkaji prestasi Syarikat serta Kumpulan danmengesyorkan langkah-langkah pembetulan yangwajar kepada Lembaga Pengarah;

6. Mengkaji status litigasi-litigasi penting Kumpulan;

7. Mengkaji yuran audit luaran bagi Kumpulan danmengesyorkannya kepada Lembaga untukdiluluskan;

8. Mengkaji pelantikan semula Tetuan Crowe Horwathsebagai juruaudit luar Syarikat;

9. Mengkaji Penyata Kawalan Dalaman, LaporanJawatankuasa Audit, Penyata Lembaga Pengarahtermasuk Penyata Tadbir Urus Korporat dan penyataserta pendedahan yang berkaitan sebelum diluluskanoleh Lembaga untuk dimasukkan di dalam LaporanTahunan;

10. Mengkaji Memorandum Pemeriksaan Audit olehjuruaudit luar bagi dan membincangkannya denganjuruaudit luar mengenai penemuan mereka;

11. Mengkaji pekeliling kepada pemegang sahamberkaitan mandat pemegang saham yangdicadangkan bagi urus niaga pihak berkaitan yangberulangan berbentuk hasil dan perdagangan; dan

12. Mengkaji rangka kerja pengurusan risiko Kumpulan.

FUNGSI AUDIT DALAMAN

Jawatankuasa Audit mendapat jaminan yang sewajarnyaberhubung keberkesanan sistem kawalan dalamanmelalui fungsi audit dalaman yang akanbertanggungjawab menjalankan kajian secara kerapdan/atau taksiran keberkesanan pengurusan risiko,kawalan dalaman dan proses tadbir urus di dalam Syarikatdan Kumpulan.

Fungsi audit dalaman dilaksanakan oleh Jabatan AuditDalaman. Kos yang ditanggung untuk fungsi auditdalaman semasa tahun kewangan 2009 berjumlahRM203,327.

Aktiviti Jabatan Audit Dalaman pada tahun kewangan2009 adalah seperti berikut:

1. Mengkaji sistem perakaunan dan kawalan dalamanSyarikat dan Kumpulan.

2. Menjalankan tugas audit dalaman ke atas operasiutama Kumpulan untuk memastikan pematuhankepada dasar pengurusan berhubung:

• Pengurusan pembaikan dan penyelenggaraan• Urus niaga pihak berkaitan yang berulangan• Pengurusan krew kapal

3. Menjalankan penilaian risiko ke atas unit-unit operasiKumpulan yang aktif sebagai sebahagian daripadainisiatif berterusan pengurusan risiko Kumpulan.

PENYATA BERKAITAN DENGAN PERUNTUKANOPSYEN MENURUT SKIM OPSYEN SAHAMKAKITANGAN (“ESOS”)

Memandangkan tiada peruntukan opsyen dibuat semasatahun kewangan 2009, maka tiada pengesahandilaksanakan oleh jawatankuasa Audit.

42

Statement of Internal Control

RESPONSIBILITY

The Board acknowledges its responsibility for maintainingsound internal control and risk management systems thatwould provide reasonable assurance in ensuring theeffectiveness and efficiency of operations, reliability offinancial reporting and compliance with applicable laws,regulations, rules, directives and guidelines to safeguardshareholders’ investment and the Group’s asset.

The system of internal control is designed to manage theGroup’s risk within acceptable risk profile, rather thaneliminate the risk of failure to achieve Group’s policies andbusiness objectives, and provides reasonable assuranceagainst material errors, misstatement or irregularities.

FRAMEWORK OF THE SYSTEM ON INTERNALCONTROLS

The key elements of the Group's system of internalcontrols are as follows:

• Clear organisational structures with defined lines ofresponsibility and delegation of authority.

• Centralised control of key functions such as corporateaffairs, finance, tax, legal, human resources and riskmanagement.

• Participation of management in the identification andevaluation of significant risks relevant to their businessareas and the design and operation of suitable internalcontrols in managing these risks.

• The Audit Committee, through the Internal AuditDepartment of Petra Perdana Berhad, examines theeffectiveness of the Group’s system of internal control.The Internal Audit Department adopts a risk-basedapproach in identifying areas of priority for assuranceengagements.

• The financial performance of the Company for everyquarter is subject to review by theAudit Committee andthe annual financial statements by both the internalauditors and the external auditors. The AuditCommittee then reports and makes recommendationsto the Board of Directors.

The Board and the management are committed tocontinuously enhance the Group's system of internalcontrol to ensure its relevance, adequacy and integrity.

The Group’s system of internal control does not apply toAssociated Company where the Group does not have fullmanagement control over them.

RISK MANAGEMENT

There is ongoing risk management process to identify,assess, control, monitor and report significant risks thatmay affect the achievement of the Group’s businessobjectives.

This process involves conducting risk managementworkshops and subsequent development of RiskManagement Schedule to capture and prioritise key riskprofiles, delegate ownership of risks, attach timelines tomanagement control and action plans, and, providecontinuous monitoring and reporting of risks.

The Board, working together with the management,continues to take measures to further strengthen theGroup’s risk management system as one of the means toachieve the Group’s business objectives.

REVIEW OF STATEMENT BY EXTERNALAUDITORS

The external auditors have reviewed this Statement ofInternal Control for inclusion in the Annual Report of theGroup for the financial year ended 31 December 2009.

The external auditors reported to the Board that nothinghas come to their attention that causes them to believethat the Statement is inconsistent with their understandingof the process adopted by the Board in reviewing theadequacy and integrity of the system of internal controls.

This statement was approved by the Board of Directors on27 April 2010.


penyata kawalan dalaman

TANGGUNGJAWAB

Lembaga Pengarah mengakui tanggungjawabnya dalammengekalkan sistem kawalan dalaman dan pengurusanrisiko yang berwibawa yang boleh memberi jaminanmunasabah dalam memastikan keberkesanan dankecekapan operasi, kewibawaan laporan kewangan danpematuhan terhadap undang-undang yang diterima pakaiperaturan arahan peraturan dan garis panduan untukmelindungi pelaburan pemegang saham dan asetKumpulan.

Sistem kawalan dalaman dibentuk untuk mengurus risikoKumpulan dalam lingkungan profil risiko yang bolehditerima dan bukan untuk menghapuskan risiko kegagalandalam usaha mencapai dasar dan objektif perniagaanKumpulan, serta menyediakan jaminan munasabahterhadap kesalahan, salah nyata atau perkara di luarkebiasaan yang ketara.

RANGKA KERJA SISTEM KAWALAN DALAMAN

Elemen-elemen penting sistem kawalan dalamanKumpulan adalah seperti berikut:

• Struktur organisasi yang jelas dengan garistanggungjawab dan pengagihan kuasa yang ditakrif.

• Kawalan berpusat bagi fungsi-fungsi penting sepertihal ehwal korporat, kewangan, cukai, undang-undang, sumber manusia dan pengurusan risiko.

• Penglibatan pengurusan dalam proses mengenalpasti dan menilai risiko penting berkaitan bidangperniagaan mereka dan bentuk serta operasikawalan dalaman yang sesuai untuk menguruskanrisiko-risiko tersebut.

• Jawatankuasa Audit, melalui Jabatan Audit DalamanPetra Perdana Berhad, memeriksa keberkesanansistem kawalan dalaman Kumpulan. Fungsi auditdalaman menerima pakai pendekatan berasaskanrisiko dalam mengenal pasti bidang-bidang yangdiberi keutamaan untuk jaminan tugasan.

• Prestasi kewangan Syarikat bagi setiap sukutahunan adalah tertakluk kepada penilaian olehJawatankuasa Audit dan penyata kewangan tahunanoleh juruaudit dalaman dan juruaudit luaran.Jawatankuasa Audit kemudian melapor danmengesyorkannya kepada Lembaga Pengarah.

Lembaga dan pengurusan komited untukmempertingkatkan secara berterusan sistem kawalandalaman Kumpulan untuk memastikan agar ia sentiasarelevan, mencukupi dan berwibawa.

Sistem kawalan dalaman Kumpulan tidak terpakai untuksyarikat bersekutu di mana Kumpulan tidak mempunyaikawalan pengurusan yang sepenuhnya.

PENGURUSAN RISIKO

Terdapat proses pengurusan risiko berterusan untukmengenal pasti, menilai, mengawal, memantau danmelaporkan risiko-risiko penting yang mungkinmenjejaskan pencapaian objektif perniagaan Kumpulan.

Proses ini melibatkan pelaksanaan bengkel-bengkelpengurusan risiko dan kemudian pembentukan JadualPengurusan Risiko untuk meliputi dan menyusun profil-profil risiko penting menurut keutamaan, mengagihkantanggungjawab terhadap risiko, menetapkan tempohmasa terhadap rancangan pengurusan kawalan dantindakan, serta menyediakan pemantauan dan laporanrisiko secara berterusan.

Lembaga bekerjasama dengan pengurusan untuk terusmengambil langkah-langkah bagi mengukuhkan lagisistem pengurusan risiko Kumpulan sebagai salah satukaedah untuk mencapai objektif perniagaan Kumpulan.

PENILAIAN OLEH JURUAUDIT LUAR

Juruaudit luar telah mengkaji Penyata Kawalan Dalamanini untuk disertakan di dalam Laporan Tahunan Kumpulanbagi tahun berakhir 31 Disember 2009.

Juruaudit luar telah melaporkan kepada Lembaga bahawatiada sebarang perkara yang pada pemerhatian merekaboleh menyebabkan mereka berpendapat bahawaPenyata ini tidak konsisten dengan pemahaman merekaberhubung proses yang telah diterima pakai olehLembaga dalam mengkaji kecukupan dan kewibawaansistem kawalan dalaman.

Penyata ini telah diluluskan oleh Lembaga Pengarah pada27 April 2010.

44

Board of Directors’ Statement

The statement that follows hereafter is made pursuant toparagraph 15.26 of the Listing Requirements of BursaMalaysia Securities Berhad (“Bursa Securities”) and setsout the extent to which the Company has complied withthe best practices of the Malaysian Code on CorporateGovernance (‘the Code”) throughout the financial year2009 and include the period up to 15 May 2010.

THE BOARD OF DIRECTORS

The Group was led and controlled by the Board, whichhas the overall responsibility for corporate governance,strategic direction and overseeing the investments of the

Group. These include adopting strategic plans, approvingkey business initiatives, major investments and fundingdecisions, reviewing financial performance, developingcorporate objectives and implementing investor relationsprogram. It also determines succession plans for seniormanagement and ensures adequate internal controls toidentify and manage risks.

For the financial year ended 31 December 2009, therewere six members on the Board, comprising threeExecutive Directors and three Independent Non-ExecutiveDirectors.

CORPORATE GOVERNANCE STATEMENT

At the Extraordinary General Meeting of the Company held on 4 February 2010, Y.M. Tengku Dato' Ibrahim Petra bin TengkuIndra Petra, Datin Nariza Hajjar Hashim, Wong Fook Heng and Tiong Young Kong were removed as Directors of theCompany and Dato’ Kho Poh Eng, Koh Pho Wat, Surya Hidayat Abd Malik and Ganesan Sundaraj were appointed to theBoard at the aforesaid meeting.

On 18 March 2010, the Board appointed Raja Anuar Raja Abu Hassan as the new Independent Non-Executive Director. On19 March 2010, the Board terminated the service of Y.M. Tengku Dato' Ibrahim Petra bin Tengku Indra Petra as the ChiefExecutive Officer of the Company. On 2 April 2010 the Board appointed Shamsul Saad as the new Managing Director ofthe Company. On 23April 2010, the Board appointed Idris Zaidel as Independent Non-Executive Director. Ganesan Sundarajwas identified as the Senior Independent Non-Executive Director to whom the concerns of the shareholders may beconveyed to.

The current composition of the Board of Directors is as follows:

Shamsul Saad Managing Director

Dato' Kho Poh Eng Executive Director

Surya Hidayat Abd Malik Executive Director

Koh Pho Wat Executive Director

Ganesan Sundaraj Independent Non-Executive Director

Raja Anuar Raja Abu Hassan Independent Non-Executive Director

Idris Zaidel Independent Non-Executive Director

Following the change in boardroom, the new Board had also established a new Audit Committee. The details of the AuditCommittee report and the new Audit Committee members are set out in pages 38 to 39 in the Annual Report.


During the financial year ended 31 December 2009, theBoard met nine times with the following attendance record:

Names of Directors Attendance*

Y.M. Tengku Dato' Ibrahim Petrabin Tengku Indra Petra(removed wef 4/2/2010) 7/9

Datin Nariza Hajjar Hashim(removed wef 4/2/2010) 6/9

Ahmad bin Haji Mohd Sharkan(resigned wef 28/2/2010) 7/9

Wong Fook Heng(removed wef 4/2/2010) 9/9

Tiong Young Kong(removed wef 4/2/2010) 9/9

Shamsul Saad(appointed wef 1/7/2009) 4/4

* Number of meetings attended / number of meetings held during thefinancial year 2009

Due notice of matters to be discussed are provided to theBoard seven days before the meeting was held. Theproceedings, deliberations and conclusions made by theBoard were recorded in the minutes of meetings kept bythe Company Secretary and were confirmed by the Boardand signed by the Chairman of the meeting.

Ahmad bin Haji Mohd Sharkan was the SeniorIndependent Non-Executive Director during the year 2009until his resignation from the Company on 28 February2010. He expressed his decision to resign as that offollowing through his much earlier conveyed desire toresign to the then Executive Chairman.

The roles of the Chairman and the Chief Executive Officer(“CEO”) of the Group in 2009 were combined.

Upon changes to the Board as a result of the ExtraordinaryGeneral Meeting of the Company held on the 4 February2010, the newly elected and confirmed Board decided ona policy against the Company having an ExecutiveChairman and the Chairman role shall from therein be heldby an Independent Non-Executive Chairman.

The new Board also decided that in order to enhance thelevels of corporate governance in its deliberations anddecision-making process for the Group, appointments ofadditional Independent Non Executive Directors, asbest as possible, will be sourced from the MinorityShareholder’s Watchdog Group (MSWG) Pool ofIndependent Directors.

The subsequent above-mentioned appointments of RajaAnuar Raja Abu Hassan and Idris Zaidel as IndependentNon-Executive Directors were selected from the saidMSWG Pool of Independent Directors.

SUPPLY OF INFORMATION

Prior to Board meetings, an agenda together with therelevant papers covering quantitative and qualitativeinformation are distributed to all Directors. The CEO andthe Executive Board members will provide comprehensiveexplanation of pertinent issues to be discussed andrecommendations made by the management. The issueswould then be deliberated and discussed by the Boardprior to decision-making.

In discharging its duties, the Board has unrestrictedaccess to timely and accurate information, which is notonly confined to quantitative but also other qualitativeinformation as required. The Directors have access to allinformation within the Company whether as a full Board orin their individual capacity. They also have access to theadvice and services of the senior management and theCompany Secretary in the discharge of duties. TheDirectors can obtain independent professional advice,whenever necessary, at the expense of the Company.

RE-ELECTION OF DIRECTORS

In accordance with the Company’s Articles of Association,at least one-third of the Directors will retire by rotation ateach Annual General Meeting and all the Directors willretire from office at least once every three years. Directorsscheduled for retirement by rotation shall be eligible for re-election.

46

During the financial year ended 31 December 2009, the following Directors attended the trainings as set out below:

Director Mode Title of Trainingof Training

Shamsul Saad Evening Talk Risk Action Planning:(appointed on 1/7/2009) The Missing Elements in an ERM Framework

Evening Talk Achieving new heights in corporate enforcement:The SSM’s balanced enforcement approach

Datin Nariza Hajjar Hashim Seminar Towards Boardroom excellence:(removed on 4/2/2010) Managing related party transaction & conflict of interest

Ahmad bin Haji Mohd Sharkan Workshop Corporate Governance Guide – towards boardroom excellence(resigned on 28/2/2010)

Wong Fook Heng Seminar Towards Boardroom excellence:(removed on 4/2/2010) Managing related party transaction & conflict of interest

The Directors have kept themselves updated on both local and international affairs and to changes in regulations affectingthe Company through advisories from regulatory bodies, the management and through self-reading.

NOMINATION AND APPOINTMENT OFDIRECTORS

The Company Secretary ensures that any appointment tothe Board are properly made and that the relevantdocumentation meets statutory obligations as well asobligations arising from the Listing Requirements of BursaSecurities.

The Board is responsible for the appointment of Directors.Prior to the 4 February 2010, the then Board as is withprevious years believes that the number of Directors onthe Board is small, every Director may propose newnominees, assess the contributions of other Directors andassess the overall effectiveness of the Board on an on-going basis.

In discharging its fiduciary duties in a more effectivemanner, the Board has on 27 April 2010 resolved to formthe Nomination Committee and Remuneration Committeewith its own terms of reference. The respective committeeis given the authority to act on behalf of the Board withinthe authority as laid out in the terms of reference and toreport to the Board with the necessary recommendation.

The composition of the Nomination Committee andRemuneration Committee are as follows:

Nomination Committee

Raja Anuar Raja Abu Hassan – ChairmanGanesan Sundaraj – MemberIdris Zaidel – Member

Remuneration Committee

Idris Zaidel – ChairmanGanesan Sundaraj – MemberRaja Anuar Raja Abu Hassan – MemberDato’ Kho Poh Eng – Member

DIRECTORS’ TRAINING AND EDUCATION

Throughout their tenure in office, the Directors are updatedon the Group’s business and the competitive andregulatory environment in which it operates. They are alsoadvised of their obligations as Directors of a listedcompany. They are encouraged to attend training coursesat the Group’s expense to enhance their skills andknowledge, where relevant.


DIRECTORS’ REMUNERATION

The Board determines the remuneration of the Directors and recommends the payment of Directors’ fees to the shareholdersfor approval. Executive Directors’ remuneration is based on corporate performance and individual responsibilities. AllDirectors are paid fixed annual fees and are also entitled to meeting allowances for their attendance at Board meetings.

The details of Directors’ remuneration received and/or receivable from the Company and its subsidiaries during the financialyear ended 31 December 2009 are as follows:

Group Other RetirementFees emoluments Benefits-in-kind contribution Total

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

Executive Directors 126 1,412 132 39 1,709

Non-Executive Directors 90 – – – 90

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

Number of DirectorsExecutive Non-Executive

Below RM50,000 – 3RM250,001 – RM300,000 1 –RM500,001 – RM550,000 1 –RM900,001 – RM950,000 1 –

3 3

As the number of Directors on the Board is small, the Board as a whole conducts the evaluation and discussion of Directors’remuneration, with the individual Director abstaining from making the decision in respect of his/her remuneration. Anyincrease in Directors’ fees will be approved at the Annual General Meeting by the shareholders.

48

SHAREHOLDERS

The Board values regular communications withshareholders. These include various announcementsmade during the year, the timely release of annual reports,circulars to shareholders, press releases andannouncements on quarterly financial results, whichprovide shareholders with an overview of the Group’sbusiness and financial performances. The Company alsoconducts regular dialogues with its institutionalshareholders and financial analysts.

The Annual General Meeting is the principal forum fordialogue with shareholders. Shareholders are encouragedto participate in the proceedings and ask questions aboutthe resolutions being proposed and the operations of theGroup.

The Group maintains a website www.petra.com.my toallow shareholders, investors and members of the publicto access information on the Group.

ACCOUNTABILITY AND AUDIT

The Board is responsible to ensure that the financialstatements are prepared in accordance with the provisionsof the Companies Act 1965 (“the Act”) and the approvedaccounting standards in Malaysia (“the accountingstandards”). The Board considers adherence to the Actand the accounting standards as sufficient to enable it topresent a balanced and understandable assessment ofthe Company and the Group’s positions and prospects.

The Board has the overall responsibility to maintaina sound system of internal control to safeguardshareholders’ investments and the Group’s assets. Whilstthe Board recognises that it is not realistic to expectcomplete elimination of all risks, it is confident that thesystem of internal controls within the structure of the Groupis capable of mitigating these risks to an acceptable level.The inherent system of internal control is designed toprovide reasonable assurance against the risk of materialerrors, misstatements or irregularities.

The Board, through the Audit Committee, has established

transparent arrangements for maintaining appropriaterelationships with both the external and internal auditors ofthe Group. These arrangements are included in the AuditCommittee’s terms of reference.

STATEMENT OF DIRECTORS’ RESPONSIBILITYIN THE PREPARATION OF FINANCIALSTATEMENTS

The Directors are required by the Companies Act 1965(“the Act”) to prepare financial statements for eachfinancial year in accordance with approved accountingstandards so as to give a true and fair view of the state ofaffairs of the Company and the Group at the end of thefinancial year, and of the results and cash flow of theCompany and the Group for the financial year.

In the preparation of the financial statements, the Directorshave considered the following:

• Adoption of suitable accounting policies and itsconsistent application

• Prudence and reasonableness in judgement andestimates

• Adherence to approved accounting standards inMalaysia

• Appropriateness in the preparation of financialstatements on a going concern basis.

The Directors are responsible for ensuring that theCompany and its subsidiaries maintain proper accountingrecords which disclose with reasonable accuracy thefinancial positions of the Company and the Group incompliance with the provisions of the Act and approvedaccounting standards in Malaysia. In addition, theDirectors have general responsibilities for taking suchsteps that are reasonably available to them to safeguardthe assets of the Group and to prevent and detect fraudand other irregularities.


penyata lembaga pengarah

PENYATA TADBIR URUS KORPORAT

Semasa Mesyuarat Agung Luar Biasa Syarikat yang telah diadakan pada 4 Februari 2010, Y.M. Tengku Dato' Ibrahim Petrabin Tengku Indra Petra, Datin Nariza Hajjar Hashim, Wong Fook Heng dan Tiong Young Kong telah disingkirkan sebagaiPengarah Syarikat dan Dato’ Kho Poh Eng, Koh Pho Wat, Surya Hidayat Abd Malik dan Ganesan Sundaraj dilantik keLembaga pada mesyuarat tersebut.

Pada 18 Mac 2010, Lembaga melantik Raja Anuar Abu Hassan sebagai Pengarah Bebas Bukan Eksekutif yang baru.Pada 19 Mac 2010, Lembaga telah menamatkan perkhidmatan Y.M. Tengku Dato' Ibrahim Petra bin Tengku Indra Petrasebagai Ketua Pegawai Eksekutif Syarikat. Pada 2 April 2010, Lembaga melantik Shamsul Saad sebagai Pengarah UrusanSyarikat yang baru. Pada 23 April 2010, Lembaga melantik Idris Zaidel sebagai Pengarah Bebas Bukan Eksekutif. GanesanSundaraj telah dikenal pasti sebagai Pengarah Kanan Bebas Bukan Eksekutif yang akan mengendalikan segalakemusykilan para pemegang saham.

Komposisi Lembaga Pengarah semasa adalah seperti berikut:

Shamsul Saad Pengarah Urusan

Dato' Kho Poh Eng Pengarah Eksekutif

Surya Hidayat Abd Malik Pengarah Eksekutif

Koh Pho Wat Pengarah Eksekutif

Ganesan Sundaraj Pengarah Bebas Bukan Eksekutif

Raja Anuar Raja Abu Hassan Pengarah Bebas Bukan Eksekutif

Idris Zaidel Pengarah Bebas Bukan Eksekutif

Susulan daripada perubahan Lembaga Pengarah, maka Lembaga yang baru juga telah menubuhkan Jawatankuasa Audityang baru. Maklumat lanjut berkenaan laporan Jawatankuasa Audit dibentangkan di muka surat 40 hingga 41 dalamLaporan Tahunan.

Penyataan berikut dibuat menurut perenggan 15.26Keperluan Penyenaraian Bursa Malaysia SecuritiesBerhad (“Bursa Securities”) dan mencerminkan tahap dimana syarikat telah mematuhi amalan terbaik KodMalaysia atas Tadbir Urus Korporat (“Kod”) di sepanjangtahun kewangan 2009 dan termasuk tempoh sehingga15 Mei 2010.

LEMBAGA PENGARAH

Kumpulan diterajui dan dikawal oleh Lembaga, yangbertanggungjawab secara keseluruhannya terhadap tadbirurus korporat, hala tuju strategik dan pengawasan

pelaburan Kumpulan. Ini termasuk menerima pakai pelanstrategik, meluluskan inisiatif perniagaan yang penting,pelaburan utama dan keputusan pembiayaan, mengkajiprestasi kewangan, membentuk objektif korporat danmelaksanakan program perhubungan pelabur. Ia jugamenentukan pelan penggantian bagi pengurusan kanandan memastikan kawalan dalaman yang mencukupi untukmengenal pasti dan mengurus risiko.

Bagi tahun kewangan berakhir 31 Disember 2009,terdapat enam orang ahli Lembaga yang terdiri daripadatiga orang Pengarah Eksekutif dan tiga orang PengarahBebas Bukan Eksekutif.

50

Pada tahun kewangan berakhir 31 Disember 2009,Lembaga telah bermesyuarat sebanyak sembilan kalidengan rekod kehadiran seperti berikut:

Nama Pengarah Kehadiran*

Y.M. Tengku Dato' Ibrahim Petra 7/9bin Tengku Indra Petra(disingkir mulai 4/2/2010)

Datin Nariza Hajjar Hashim 6/9(disingkir mulai 4/2/2010)

Ahmad bin Haji Mohd Sharkan 7/9(meletak jawatan mulai 28/2/2010)

Wong Fook Heng 9/9(disingkir mulai 4/2/2010)

Tiong Young Kong 9/9(disingkir mulai 4/2/2010)

Shamsul Saad 4/4(dilantik mulai 1/7/2009)

* Bilangan mesyuarat dihadiri / Bilangan mesyuarat diadakan semasatahun kewangan 2009

Perkara-perkara yang akan dibincangkan diberikankepada Lembaga tujuh hari sebelum mesyuarat diadakan.Perjalanan, perbincangan dan kesimpulan yang dibuatoleh Lembaga direkodkan dalam minit mesyuarat yangdisimpan oleh Setiausaha Syarikat dan disahkan olehLembaga serta ditandatangani oleh Pengerusi mesyuarat.

Ahmad bin Haji Mohd Sharkan merupakan PengarahKanan Bebas Bukan Eksekutif semasa tahun 2009sehinggalah peletakan jawatan beliau dari Syarikat pada28 Februari 2010. Beliau telah menyatakan keputusanuntuk bersara seperti mana yang beliau suarakan perkarayang sama terlebih awal kepada Pengerusi Eksekutifketika itu.

Pada tahun 2009, peranan Pengerusi dan KetuaPengawai Eksekutif Kumpulan telah digabungkan.

Selepas perubahan kepada Lembaga hasil keputusanMesyuarat Agung Luar Biasa Syarikat yang diadakanpada 4 Februari 2010, Lembaga yang baru dilantik dandisahkan telah membuat keputusan tentang dasarbahawa jawatan Pengerusi Eksekutif dan PengerusiSyarikat perlu dipegang oleh Pengerusi Bukan EksekutifBebas.

Lembaga baru turut membuat keputusan bahawa bagimeningkatkan tahap tadbir urus dalam proses menimbangdan membuat keputusan untuk kumpulan, pelantikanPengarah Bukan Eksekutif Bebas tambahan sebaik-baiknya diambil dari kalangan Kumpulan Pengarah BebasBadan Pengawas Pemegang Saham Minoriti (MSWG).

Jesteru itu, pelantikan Raja Anuar Raja Abu Hassan danIdris Zaidel sebagai Pengarah Bukan Eksekutif Bebasmerupakan daripada Kumpulan Pengarah Bebas MSWGyang disebutkan di atas.

BEKALAN MAKLUMAT

Sebelum mesyuarat Lembaga, agenda serta kertas-kertasberkenaan yang mengandungi maklumat kuantitatif dankualitatif diedarkan kepada semua Pengarah. CEO danahli Lembaga Eksekutif akan memberikan penerangankomprehensif mengenai isu-isu yang berkaitan yang akandibincangkan dan cadangan yang dibuat oleh pihakpengurusan. Isu-isu tersebut kemudiannya akandipertimbang dan dibincangkan dengan menyeluruh olehLembaga sebelum keputusan dibuat.

Dalam melaksanakan tugasnya, Lembaga berhakmendapatkan maklumat yang sahih dan tepat padamasanya, bukan hanya dalam bentuk kuantitatif malahmaklumat berbentuk kualitatif lain yang diperlukan.Pengarah juga berhak mendapatkan maklumat Syarikat,sama ada sebagai sebuah Lembaga atau orangperseorangan. Mereka juga berhak mendapatkan nasihatdan perkhidmatan dari pihak pengurusan kanan danSetiausaha Syarikat dalam melaksanakan tugas mereka.Para Pengarah juga boleh mendapatkan khidmat nasihatprofesional bebas , bila diperlukan, dengan kosnyaditanggung oleh Syarikat.

PEMILIHAN SEMULA PENGARAH

Selaras dengan Tataurusan Pertubuhan Syarikat,sekurang-kurangnya satu pertiga daripada Pengarah akanbersara mengikut giliran pada setiap Mesyuarat AgungTahunan dan semua Pengarah akan bersara daripadajawatan sekurang-kurangnya sekali setiap tiga tahun.Pengarah yang dijadualkan bersara mengikut giliran bolehmelayakkan diri untuk dipilih semula.


PENCALONAN DAN PELANTIKAN PENGARAH

Setiausaha Syarikat memastikan supaya sebarangpelantikan ke Lembaga dibuat dengan cara yang wajardan supaya dokumentasi yang berkaitan memenuhiobligasi berkanun serta obligasi yang timbul daripadaKeperluan Penyenaraian Bursa Securities.

Lembaga bertanggungjawab terhadap pelantikanPengarah. Sebelum 4 Februari 2010, Lembaga padaketika itu sebagaimana juga pada tahun-tahunsebelumnya percaya bahawa bilangan Pengarah dalamLembaga adalah kecil, setiap Pengarah bolehmencadangkan calon-calon baru, menilai sumbanganPengarah lain dan menilai keberkesanan keseluruhanLembaga secara berterusan.

Untuk melaksanakan tugas fidusiarinya dengan lebihberkesan, pada 27 April 2010, Lembaga telahmemutuskan untuk membentuk Jawatankuasa Pelantikandan Jawatankuasa Imbuhan dengan terma rujukannyasendiri. Jawatankuasa tersebut diberi kuasa untukbertindak bagi pihak Lembaga dalam bidang kuasanyaseperti yang termaktub dalam terma rujukan dan melaporkepada Lembaga dengan cadangan yang perlu.

Komposisi Jawatankuasa Pelantikan dan JawatankuasaImbuhan adalah seperti berikut:

Jawatankuasa Pelantikan

Raja Anuar Raja Abu Hassan – PengerusiGanesan Sundaraj – AhliIdris Zaidel – Ahli

Jawatankuasa Imbuhan

Idris Zaidel – PengerusiGanesan Sundaraj – AhliRaja Anuar Raja Abu Hassan – AhliDato’ Kho Poh Eng – Ahli

LATIHAN DAN PENDIDIKAN PARA PENGARAH

Sepanjang tempoh memegang jawatan, para Pengarahdiberikan maklumat terkini mengenai perniagaanKumpulan serta persaingan dan penguatkuasaanperaturan dalam persekitaran di mana ia beroperasi.Mereka juga diberikan nasihat mengenai tanggungjawabmereka sebagai Pengarah syarikat yang tersenarai.Mereka digalakkan menghadiri kursus-kursus latihanatas tanggungan Kumpulan untuk mempertingkatkankemahiran dan pengetahuan mereka, apabila perlu.

Pada tahun kewangan berakhir 31 Disember 2009, para Pengarah berikut telah menghadiri latihan yang disenaraikan dibawah:

Nama Pengarah Kaedah LatihanLatihan Yang Dihadiri

Shamsul Saad Ceramah Pelan Tindakan Risiko:(dilantik pada 1/7/2009) Elemen yang Tiada Dalam Rangka Kerja ERM

Ceramah Mencapai tahap baru dalam penguatkuasaan korporat:Pendekatan penguatkuasaan seimbang SSM

Datin Nariza Hajjar Hashim Seminar Ke arah kecemerlangan di bilik Lembaga:(disingkir pada 4/2/2010) Menguruskan urus niaga pihak berkaitan & konflik kepentingan

Ahmad bin Haji Mohd Sharkan Bengkel Panduan Tadbir Urus Korporat(meletak jawatan pada 28/2/2010) – ke arah kecemerlangan bilik lembaga

Wong Fook Heng Seminar Ke arah kecemerlangan di bilik Lembaga:(disingkir pada 4/2/2010) Menguruskan urus niaga pihak berkaitan & konflik kepentingan

Para Pengarah sentiasa mengemaskinikan diri mereka dengan hal ehwal tempatan dan antarabangsa serta kepadaperubahan peraturan yang memberi kesan kepada Syarikat melalui khidmat nasihat daripada badan-badan penguatkuasaanperaturan, pihak pengurusan serta melalui pembacaan.

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IMBUHAN PENGARAH

Lembaga menentukan imbuhan para Pengarah dan mencadangkan bayaran yuran para Pengarah kepada pemegangsaham untuk diluluskan. Imbuhan para Pengarah Eksekutif adalah berdasarkan prestasi korporat dan tanggungjawabindividu. Semua Pengarah dibayar yuran tahunan tetap dan turut mendapat elaun mesyuarat bagi kehadiran mereka dalammesyuarat Lembaga.

Butiran imbuhan Pengarah yang diterima dan/atau akan diterima daripada Syarikat dan syarikat-syarikat subsidiarinyapada tahun kewangan berakhir 31 Disember 2009 adalah seperti berikut:

Kumpulan Emolumen Manfaat SumbanganYuran Lain Seumpamanya Persaraan Jumlah(RM’000) (RM’000) (RM’000) (RM’000) (RM’000)

Pengarah Eksekutif 126 1,412 132 39 1,709

Pengarah Bukan Eksekutif 90 – – – 90

Bilangan Pengarah dengan imbuhan di dalam lingkungan adalah seperti berikut:

Bilangan PengarahEksekutif Bukan-Eksekutif

Bawah RM50,000 – 3RM250,001 – RM300,000 1 –RM500,001 – RM550,000 1 –RM900,001 – RM950,000 1 -

3 3

Oleh kerana bilangan Pengarah dalam Lembaga adalah kecil, Lembaga secara keseluruhannya melaksanakan penilaiandan perbincangan tentang imbuhan para Pengarah, tanpa melibatkan Pengarah secara individu dalam membuat keputusantentang imbuhan mereka sendiri. Sebarang kenaikan dalam yuran Pengarah akan diluluskan di Mesyuarat Agung Tahunanoleh para pemegang saham.


PEMEGANG SAHAM

Lembaga menghargai komunikasi yang kerap denganpara pemegang saham. Ini termasuk pelbagaipengumuman yang dibuat pada tahun ini, pengeluaranlaporan tahunan tepat pada masanya, pekeliling kepadapemegang saham, siaran akhbar dan pengumumankeputusan kewangan suku tahunan yang memberigambaran menyeluruh kepada para pemegang sahamberhubung prestasi perniagaan dan kewangan Kumpulan.Syarikat turut mengadakan dialog dari semasa ke semasadengan para pemegang saham institusinya dan parapenganalisis kewangan.

Mesyuarat Agung Tahunan adalah forum penting bagidialog dengan para pemegang saham. Para pemegangsaham digalakkan untuk mengambil bahagian dalamprosiding dan mengemukakan soalan mengenai resolusiyang dicadangkan dan operasi Kumpulan.

Kumpulan mengekalkan laman web di www.petra.com.myuntuk membolehkan para pemegang saham, pelabur-pelabur dan orang ramai mengakses maklumatKumpulan.

TANGGUNGJAWAB DAN AUDIT

Lembaga bertanggungjawab memastikan penyatakewangan disediakan selaras dengan Akta Syarikat 1965(“Akta”) dan piawaian perakaunan yang diluluskan diMalaysia (“piawaian perakaunan”). Lembagamenganggap pematuhan terhadap Akta dan piawaianperakaunan tersebut sebagai memadai untukmembolehkannya membentangkan penilaian yangseimbang dan mudah difahami berkenaan kedudukan danprospek Syarikat dan Kumpulan.

Lembaga bertanggungjawab secara keseluruhan dalammengekalkan sistem kawalan dalaman yang berwibawauntuk melindungi kepentingan pelaburan pemegangsaham dan aset Kumpulan. Walaupun Lembagamengakui penghapusan sepenuhnya segala risiko adalahsesuatu yang tidak mungkin dapat dilakukan, namun iayakin bahawa sistem kawalan dalaman di dalam strukturKumpulan mampu mengurangkan risiko ini ke tahap yangboleh diterima. Sistem kawalan dalaman seperti inidibentuk untuk menyediakan jaminan yang berpatutanterhadap risiko kesilapan, salah nyata atau perkara luarbiasa yang ketara.

Melalui Jawatankuasa Audit, Lembaga telah membentukpengaturan yang telus bagi mengekalkan perhubunganyang wajar dengan juruaudit luar dan juruaudit dalamanKumpulan. Pengaturan ini disertakan di dalam termarujukan Jawatankuasa Audit.

PENYATA TANGGUNGJAWAB PENGARAHDALAM MENYEDIAKAN PENYATA KEWANGAN

Para Pengarah dikehendaki oleh Akta Syarikat 1965(“Akta”) untuk menyediakan penyata kewangan bagisetiap tahun kewangan menurut piawaian perakaunanyang diluluskan untuk memberi gambaran yang benar dansaksama mengenai hal ehwal Syarikat dan Kumpulanpada akhir tahun kewangan, dan keputusan serta alirantunai Syarikat dan Kumpulan bagi tahun kewangantersebut.

Dalam penyediaan penyata kewangan, para Pengarahtelah mempertimbangkan perkara-perkara berikut:

• Menerima pakai polisi dan amalan perakaunan yangsesuai dan penggunaannya secara konsisten

• Pertimbangan dan anggaran yang berhemah danmunasabah

• Pematuhan terhadap piawaian perakaunan yangdiluluskan di Malaysia

• Kesesuaian dalam penyediaan penyata kewanganberasaskan andaian perniagaan berterusan

Para Pengarah bertanggungjawab memastikan supayaSyarikat dan syarikat-syarikat subsidiarinya menyimpanrekod perakaunan dengan sewajarnya yangmendedahkan dengan ketepatan munasabah tentangkedudukan kewangan Syarikat dan Kumpulan dalammematuhi peruntukan Akta dan piawaian perakaunanyang diluluskan di Malaysia. Di samping itu, paraPengarah turut memikul tanggungjawab am untukmengambil langkah-langkah yang tersedia dengansewajarnya kepada mereka untuk melindungi asetKumpulan, dan mencegah serta mengesan penipuan danperkara-perkara luar biasa lain.

54

Additional Information

STATUS OF UTILISATION OF PROCEEDSRAISED FROM CORPORATE PROPOSAL

The Company had obtained its shareholders’ approval forthe divestment of up to 19,500,000 ordinary shares ofRM0.50 each in Petra Energy Berhad (“PEB shares”)representing 10% of the enlarged issued and paid-upshare capital of PEB after its listing on the Main Board ofBursa Malaysia Securities Berhad.

The Company had on 10 December 2007 disposed of9,000,000 PEB shares at a total consideration ofRM31,500,000 and the said proceeds was fully utilised torepay the RM400 million nominal secured serial bondsissued by the Company on 30 March 2006.

On 10 September 2009, the Company further disposed of10,500,000 PEB shares at a total consideration ofRM16,065,000. The proceeds was utilised to partiallyprepay the RM150 million transferable term loan on 12February 2010.

Share Buy-Back

The Company did not undertake any share buy-backexercise during the financial year under review.

Options, Warrants or Convertible Securities

During the financial year ended 31 December 2009, theCompany did not issue any options, warrants orconvertible securities.

American Depository Receipt (ADR) or GlobalDepository Receipt (GDR)

The Company did not sponsor any ADR or GDRprogramme.

Sanctions and/or Penalties

There were no sanctions and/or penalties imposed on theCompany and/or its subsidiaries, directors or managementby any regulatory bodies.

Non-Audit Fees

The non-audit fees paid to the external auditors during thefinancial year ended 31 December 2009 was RM10,563.

Profit Guarantee

The Company did not receive any profit guarantee duringthe financial year ended 31 December 2009.

Material Contracts

There were no material contracts entered into by theCompany or its subsidiaries involving the directors’ and/ormajor shareholders’ interest for the financial year ended31 December 2009 other than the related partytransactions as disclosed in Note 41 in the financialstatements.

Revaluation Policy

The Company did not adopt any revaluation policy on itslanded properties nor revalued its landed properties duringthe financial year under review.

Variation in Results

There was no material variances between the auditedresults for the financial year ended 31 December 2009 andthe unaudited results previously announced.


Recurrent Related Party Transactions of Revenue and Trading NatureThe breakdown of the aggregate value of transactions conducted during the financial year ended 31 December 2009 pursuantto the shareholders’ general mandate obtained at the Annual General Meeting of the Company held on 25 June 2009:

Nature of transaction Actual value for the Transacting The other Related parties/financial year ended PPB Group transacting nature and extent31 December 2009 party of interest

Chartering of vessels, which are Domestic vessels POL, IOS, PRSB TIP, NHH, TIE,owned by POL or leased from recharter income PML, PJL 1ST, CT / (a)PML / PJL / third parties and operated to PRSB:by IOS to PRSB where PRSB RM69,535,339recharters and earns a margin of 7.5%of the domestic vessels recharter Charter fees paidincome and the balance thereof is by PRSB to PPB Group:remitted to PPB Group RM64,320,189

Net charter incomeof PRSB:RM5,215,150

Chartering of vessels, which are RM3,496,140 PPB Group PRSB TIP, NHH, TIE,owned or leased by PPB Group 1ST, CT / (a)to PRSB for PRSB’s own use

Chartering of vessel, which is owned RM8,819,061 AMSB PRSB TIP, NHH, TIE,by AMSB to PRSB for PRSB’s own use 1ST, CT / (a)

Sharing of support services fees RM1,620,000 PPB PEB TIP, NHH, TIE,between PPB and PEB 1ST, CT / (a)

Rental of the entire 4½ storey RM180,000 PPB PEB TIP, NHH, TIE,shop lot located at No. 4, Jalan 3/3C, 1ST, CT / (a)Batu 7, Jalan Ipoh, 68100Kuala Lumpur by PPB to PEB

Legal services from ZICK, RM39,000 PPB ZICK GG, ZICK / (b)Kuching branch on a retainer basis

Definitions:

AMSB Ampangship Marine Sdn BhdIOS Intra Oil Services BerhadPEB Petra Energy BerhadPJL Perdana Jupiter LtdPML Perdana Mercury LimitedPOL Petra Offshore LtdPPB Petra Perdana BerhadPPB Group PPB and its subsidiary companies other than PEB

and its subsidiary companiesPRSB Petra Resources Sdn BhdTIP Y.M. Tengku Dato’ Ibrahim Petra

bin Tengku Indra PetraNHH Datin Nariza Hajjar HashimTIE TI Equity Sdn Bhd1ST 1st Systems Technology Sdn BhdCT Cosmos Time Sdn BhdZICK Zaid Ibrahim & Co., Kuching branchGG Gerawat Gala

Notes:

Nature and extent of interests of the related parties:

(a) PRSB is a wholly-owned subsidiary of PEB, which in turn was asubsidiary of PPB up to 11 December 2009.

AMSB, PML, PJL, POL and IOS are all wholly-owned subsidiaries ofPPB.

TIP is the Executive Chairman of PEB. He is also a major shareholderof PEB, with direct interest and also, deemed interests via his interestsin PPB, TIE, 1ST, CT and via the interest of his spouse, NHH pursuantto Section 6A of the Companies Act 1965 (“the Act”).

TIP was the Executive Chairman and Chief Executive Officer of PPBin year 2009. He is also a major shareholder of PPB, with directinterest and also, deemed interests via his interests in TIE, 1ST, CTand via the interest of his spouse, NHH pursuant to Section 6A of theAct.

NHH, who is the spouse of TIP, is a major shareholder of PEB, withdirect interest and also, deemed interests via the interest of herspouse, TIP and via their interests in PPB, TIE, 1ST and CT pursuantto Section 6A of the Act.

NHH is an Executive Director and a major shareholder of PPB, withdirect interest and also, deemed interests via the interest of herspouse, TIP and via their interests in TIE, 1ST and CT pursuant toSection 6A of the Act.

(b) GG is a partner of ZICK and is also an Independent Non-ExecutiveDirector of PEB.

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maklumat tambahan

STATUS PENGGUNAAN KUTIPAN DARIPADACADANGAN KORPORAT

Syarikat telah memperolehi kelulusan pemegang sahambagi penjualan saham sehingga 19,500,000 saham biasaberharga RM0.50 sesaham di dalam Petra Energy Berhad(“saham PEB”) yang meliputi 10% daripada modal sahamditerbitkan dan berbayar yang diperbesarkan selepaspenyenaraiannya di Papan Utama Bursa MalaysiaSecurities Berhad.

Syarikat pada 10 Disember 2007 telah menjual sebanyak9,000,000 saham PEB untuk jumlah balasan sebanyakRM31,500,000 dan kutipan tersebut telah digunakansepenuhnya untuk membayar balik bon bersiri bercagardengan nilai nominal RM400 juta yang diterbitkan olehSyarikat pada 30 Mac 2006.

Pada 10 September 2009, Syarikat telah menjual lagisebanyak 10,500,000 saham PEB untuk jumlah balasansebanyak RM16,065,000. Kutipan telah digunakan untukmembuat pra bayar sebahagian pinjaman berjangka bolehpindah RM150 juta pada 12 Februari 2010.

Pembelian Balik Saham

Syarikat tidak melaksanakan sebarang Pembelian BalikSaham pada tahun kewangan yang ditinjau.

Opsyen, Waran Atau Sekuriti Boleh Ditukar

Semasa tahun kewangan berakhir 31 Disember 2009,Syarikat tidak menerbitkan sebarang opsyen, waran atausekuriti boleh ditukar.

American Depository Receipt (ADR) atau GlobalDepository Receipt (GDR)

Syarikat tidak menaja sebarang program ADR atau GDR.

Sekatan dan/atau Denda Yang Dikenakan

Tiada sebarang sekatan dan/atau denda yang dikenakanke atas Syarikat dan/atau syarikat-syarikat subsidiari, paraPengarah atau pengurusannya oleh mana-mana penguatkuasa peraturan.

Yuran Bukan Audit

Yuran bukan audit yang dibayar kepada juruaudit luarsemasa tahun kewangan berakhir 31 Disember 2009adalah RM10,563.

Jaminan Keuntungan

Syarikat tidak menerima sebarang jaminan keuntungansemasa tahun kewangan berakhir 31 Disember 2009.

Kontrak-kontrak Penting

Tiada sebarang kontrak penting telah dimeterai olehSyarikat mahu pun mana-mana syarikat subsidiarinyayang melibatkan kepentingan para Pengarah dan/ataupemegang saham utama bagi tahun kewangan berakhir31 Disember 2009 selain daripada urus niaga pihak yangberkaitan seperti yang dinyatakan dalam Nota 41 dalampenyata kewangan.

Dasar Penilaian Semula

Syarikat tidak menjalankan sebarang dasar penilaiansemula terhadap harta tanahnya atau menilai semulaharta tanahnya semasa tahun kewangan yang ditinjau.

Perbezaan Keputusan

Tiada perbezaan keuntungan di dalam keputusan berauditbagi tahun kewangan berakhir 31 Disember 2009berbanding keputusan belum diaudit yang diumumkanbagi tahun kewangan sebelumnya.


Urusniaga Pihak Berkaitan Yang Berulangan Berbentuk Hasil Atau PerdaganganPecahan nilai agregat urusniaga yang dijalankan pada tahun kewangan berakhir 31 Disember 2009 berdasarkan kelulusanpemegang saham yang diperolehi pada Mesyuarat Agung Tahunan Syarikat yang diadakan pada 25 Jun 2009:

Bentuk urusniaga Nilai sebenar bagi tahun Urusniaga Pihak lain Pihak berkaitan/kewangan berakhir Kumpulan PPB yang bentuk dan tahap31 Disember 2009 berurusniaga kepentingan

Menyewa kapal-kapal milik POL atau Pendapatan dari sewa POL, IOS, PRSB TIP, NHH,yang dipajak dari PML / PJL / pihak ketiga semula kapal domestik PML, PJL TIE, 1ST, CT/ (a)dan dioperasi oleh IOS kepada PRSB di kepada PRSB:mana PRSBmenyewa semula dan RM69,535,339mendapat margin 7.5% daripadapendapatan sewa semula kapal Yuran sewa dibayardomestik dan baki darinya diremit oleh PRSB kepadakepada Kumpulan PPB Kumpulan PPB:

RM64,320,189

Pendapatan sewabersih PRSB:RM5,215,150

Menyewa kapal-kapal milik atau RM3,496,140 PPB Kumpulan PRSB TIP, NHH,yang dipajak oleh Kumpulan PPB TIE, 1ST, CT / (a)kepada PRSB untuk kegunaanPRSB sendiri

Sewa milik kapal, oleh AMSB kepada RM8,819,061 AMSB PRSB TIP, NHH,PRSB untuk kegunaan PRSB sendiri TIE, 1ST, CT / (a)

Perkongsian yuran perkhidmatan RM1,620,000 PPB PEB TIP, NHH,sokongan antara PEB dan PPB TIE, 1ST, CT / (a)

Sewaan keseluruhan lot kedai 4 ½ RM180,000 PPB PEB TIP, NHH,tingkat terletak di No. 4 Jalan 3/3C, TIE, 1ST, CT / (a)Batu 7, Jalan Ipoh, 68100 Kuala Lumpuroleh PPB kepada PEB

Perkhidmatan perundangan RM39,000 PPB ZICK GG, ZICK / (b)daripada ZICK, cawangan Kuchingpada asas penyedia khidmat tetap

Definisi:

AMSB Ampangship Marine Sdn BhdIOS Intra Oil Services BerhadPEB Petra Energy BerhadPJL Perdana Jupiter LtdPML Perdana Mercury LimitedPOL Petra Offshore LtdPPB Petra Perdana BerhadKumpulan PPB PPB dan syarikat-syarikat subsidiarinya selain

daripada PEB dan syarikat-syarikat subsidiarinyaPRSB Petra Resources Sdn BhdTIP Y.M. Tengku Dato’ Ibrahim Petra

bin Tengku Indra PetraNHH Datin Nariza Hajjar HashimTIE TI Equity Sdn Bhd1ST 1st Systems Technology Sdn BhdCT Cosmos Time Sdn BhdZICK Zaid Ibrahim & Co., cawangan KuchingGG Gerawat Gala

Nota-nota:Bentuk dan tahap kepentingan pihak berkaitan:(a) PRSB adalah sebuah syarikat subsidiari milik penuh PEB, yang

sebaliknya adalah syarikat subsidiari PPB sehingga 11 Disember 2009.AMSB, PML, PJL, POL dan IOS adalah syarikat subsidiari milik penuhPPB.TIP adalah Pengerusi Eksekutif PEB. Beliau juga merupakan pemegangsaham utama PEB, dengan kepentingan secara langsung dan jugadianggap berkepentingan secara langsung melalui kepentingan-kepentingan beliau dalam PPB, TIE, 1ST, CT dan melalui kepentinganisteri beliau, NHH menurut Seksyen 6A Akta Syarikat 1965 (“Akta”).TIP adalah Pengerusi Eksekutif dan Ketua Pegawai Eksekutif PPB padatahun 2009. Beliau juga merupakan pemegang saham utama PPB,dengan kepentingan secara langsung dan juga dianggap berkepentinganmelalui kepentingan- kepentingan beliau dalam TIE, 1ST, CT dan melaluikepentingan isteri beliau, NHH menurut Seksyen 6A Akta.NHH yang merupakan isteri TIP, adalah pemegang saham utama PEBdengan kepentingan secara langsung dan turut dianggap berkepentinganmelalui kepentingan suami beliau, TIP dan melalui kepentingan merekadalam PPB, TIE, 1ST dan CT menurut Seksyen 6A Akta.NHH adalah Pengarah Eksekutif dan pemegang saham utama PPB,dengan kepentingan secara langsung dan juga dianggap berkepentingansecara langsung melalui kepentingan suami beliau, TIP dan melaluikepentingan mereka dalam TIE, 1ST dan CT menurut Seksyen 6A Akta.

(b) GG adalah rakan kongsi ZICK dan juga merupakan Pengarah BebasBukan Eksekutif PEB.

PeoplePerformanceinsan & prestasi

&Performance

To continuously nurtureand maintain a highly united andprogressive group of people withstrength in characterand commitment to excellence

Memupuk dan mengekalkankumpulan individu yang progresifdan bersatu melalui kekuatankarektor dan komitmen ke arahkecemerlangan

60

Corporate Responsibilitytanggungjawab korporat

The Company’s Corporate Responsibility initiatives are categorised into the followingframeworks:

• Framework for Sustainability• Framework for Philanthropy

A. FRAMEWORK FOR SUSTAINABILITY

Under the framework for sustainability, there are four (4) dimensions, namely:

• Workplace• Environment• Community• Marketplace

Workplace Dimension

Activities are further classified into:

• Policy, Practices & Accreditations

Policies, Practices & Accreditations

Given the high risk and hazardous work environment both offshore and onshore, inwhich the Company operates, Health, Safety, Security & Environment (HSSE) practicesform an integral component in the Company’s policy and practices. The policies andpractices are embedded at all levels of business operations to ensure the safety andwell-being of all employees, clients and other related stakeholders. For its role andefforts, the Company has been accorded accreditations for compliance.

Policies-in- force Accreditations

Safety & Environment Protection Policy* ISO 9001 Certification: Perdana MarineDrug Abuse & Alcohol Policy* Offshore Pte LtdStop Work Policy*

HSE Award for ‘IOS Castle’ & ‘IOS Glory’For HSE awareness performanceachieving one year zero LTI

* All policies are in compliance with International Maritime Organization Conventions such as InternationalConvention for the Safety of Life at Sea, International Convention for the Prevention of Pollution from Ships,International Convention on Standards of Training Certification & Watch-keeping for Seafarers, InternationalSafety Management Code and International Ship & Port Facility Services Security Code.

At the corporate level, the Company also has in place stringent accounting standardsand risk management benchmarks to safe guard the interests of all shareholders.

Environment, Community & Marketplace Dimensions

No specific programs were implemented during the period under review.

B. FRAMEWORK FOR PHILANTHROPY

During the period under review, the Company contributed approximately RM60,285 inthe year 2009 to various charitable and welfare organisations as part of its efforts topromote better stakeholder relations with the community.

The Company, under the new Board, will continue to review its role in CorporateResponsibility initiatives in the current and coming years.


Inisiatif Tanggungjawab Korporat Syarikat dikategorikan mengikut rangka kerja yangberikut:

• Rangka Kerja Kemapanan• Rangka Kerja Kedermawanan

A. RANGKA KERJA KEMAPANAN

Terdapat empat (4) dimensi di bawah rangka kerja kemapanan, iaitu:

• Tempat Kerja• Alam sekitar• Komuniti• Pasaran

Dimensi Tempat Kerja

Aktiviti di bawah Dimensi Tempat Kerja terbahagi kepada kategori berikut:

• Dasar, Amalan & Akreditasi

Dasar, Amalan & Akreditasi

Memandangkan operasi Syarikat melibatkan risiko yang tinggi dan persekitaran kerjayang merbahaya di dalam dan di luar pesisir, maka amalan Kesihatan,Keselamatan,Sekuriti & Alam Sekitar (HSSE) membentuk komponen penting dalam dasar danamalan Syarikat. Dasar dan amalan ini ditanam di semua tahap operasi perniagaanuntuk memastikan keselamatan dan kesejahteraan semua kakitangan, pelanggan danpemegang kepentingan lain yang berkaitan. Untuk peranan dan usahanya itu, Syarikattelah diberikan akreditasi bagi pematuhan.

Dasar yang dikuatkuasakan Akreditasi

Dasar Perlindungan Keselamatan & Pensijilan ISO 9001: Perdana MarineAlam Sekitar * Offshore Pte LtdDasar Penyalahgunaan Dadah &Alkohol * Anugerah HSE bagi kapal ‘IOS Castle’ &Dasar Hentikan Kerja * ‘IOS Glory’ bagi prestasi kesedaran

HSE mencapai satu tahun tanpa LTI

* Semua polisi mematuhi Konvensyen Organisasi Maritim Antarabangsa seperti Konvensyen Antarabangsabagi Keselamatan Nyawa di Laut, Konvensyen Antarabangsa Mencegah Pencemaran daripada Kapal,KonvensyenAntarabangsa bagi Standard Pensijilan Latihan & Tuas Kawalan untuk Pelaut, Kod PengurusanKeselamatan Antarabangsa dan Kod Sekuriti Kapal & Perkhidmatan Kemudahan Pelabuhan Antarabangsa.

Di peringkat korporat, Syarikat juga melaksanakan standard perakaunan yang ketat dantanda aras pengurusan risiko untuk melindungi kepentingan para pemegang saham.

Dimensi Alam Sekitar, Komuniti & Pasaran

Tiada program khusus yang dilaksanakan semasa tempoh tinjauan.

B. RANGKA KERJA KEDERMAWANAN

Semasa tempoh tinjauan, syarikat menyumbang anggaran RM60,285 pada tahun 2009kepada pelbagai pertubuhan amal dan kebajikan sebagai sebahagian daripadausahanya untuk mempromosikan perhubungan yang lebih baik dengan komuniti.

Syarikat di bawah Lembaga baru, akan terus mengkaji peranannya dalam inisiatifTanggungjawab Korporat pada tahun ini dan tahun-tahun yang akan datang.

62

Directors’ Report 63

Statement by Directors 67

Statutory Declaration 67

Independent Auditors’ Report 68

Balance Sheets 70

Income Statements 72

Statement of Changes in Equity 73

Cash Flow Statements 74

Notes to the Financial Statements 76

financial statements

63Petra Perdana Berhadannual report 2009

The directors hereby submit their report and the audited financial statements of the Group and of the Company forthe financial year ended 31 December 2009.

PRINCIPAL ACTIVITIES

The Company is principally an investment holding company and is also engaged in the provision of administrativeand management services to its subsidiaries. The principal activities of the subsidiaries are described in Note 6 tothe financial statements. There have been no significant changes in the nature of these activities during thefinancial year.

RESULTS

The Group The CompanyRM'000 RM'000

Profit after taxation attributable to equity holders of the Company 29,317 105,394

DIVIDENDS

Since the end of the previous financial year, the Company paid a first and final dividend of 2.0 sen per ordinaryshare of RM0.50 each, less tax at 25% on 297,600,000 ordinary shares amounted to RM4,464,000 in respect ofthe financial year ended 31 December 2008.

For the current financial year, the directors propose the payment of a final dividend of 2.0 sen per ordinary shareof RM0.50 each, less tax at 25% amounted to RM4,464,000 to be approved by the shareholders at the forthcomingAnnual General Meeting.

RESERVES AND PROVISIONS

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

ISSUES OF SHARES AND DEBENTURES

During the financial year,

(a) there were no changes in the authorised, issued and paid-up share capital of the Company; and

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

OPTIONS GRANTED OVER UNISSUED SHARES

During the financial year, no options were granted by the Company to any person to take up any unissued sharesin the Company.

BAD AND DOUBTFUL DEBTS

Before the financial statements of the Group and of the Company were made out, the directors took reasonablesteps to ascertain that action had been taken in relation to the writing off of bad debts and the making of allowancefor doubtful debts, and satisfied themselves that there are no known bad debts and that adequate allowance hadbeen made for doubtful debts.

At the date of this report, the directors are not aware of any circumstances that would require the writing off of baddebts, or the additional allowance for doubtful debts in the financial statements of the Group and of the Company.

Directors’ Report

64

CURRENT ASSETS

Before the financial statements of the Group and of the Company were made out, the directors took reasonablesteps to ascertain that any current assets other than debts, which were unlikely to be realised in the ordinarycourse of business, including their values as shown in the accounting records of the Group and of the Company,have been written down to an amount which they might be expected so to realise.

At the date of this report, the directors are not aware of any circumstances which would render the valuesattributed to the current assets in the financial statements misleading.

VALUATION METHODS

At the date of this report, the directors are not aware of any circumstances which have arisen which renderadherence to the existing methods of valuation of assets or liabilities of the Group and of the Company misleadingor inappropriate.

CONTINGENT AND OTHER LIABILITIES

The contingent liabilities are disclosed in Note 43 to the financial statements. At the date of this report, there doesnot exist:

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

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

No contingent or other liability of the Group and of the Company has become enforceable or is likely to becomeenforceable within the period of twelve months after the end of the financial period which, in the opinion of thedirectors, will or may substantially affect the ability of the Group and of the Company to meet their obligations whenthey fall due.

CHANGE OF CIRCUMSTANCES

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

ITEMS OF AN UNUSUAL NATURE

The results of the operations of the Group and of the Company during the financial year were not, in the opinion ofthe directors, substantially affected by any item, transaction or event of a material and unusual nature.

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

EMPLOYEES' SHARE OPTION SCHEME ("ESOS")

The Group's ESOS was approved by the Securities Commission on 16 August 2001 and shall be in force for aperiod of 10 years commencing from 12 March 2002.

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

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


DIRECTORS

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

Shamsul Bin Saad (Appointed on 1.7.2009)Ganesan A/L Sundaraj (Appointed on 4.2.2010)Surya Hidayat Bin Abdul Malik (Appointed on 4.2.2010)Koh Pho Wat (Appointed on 4.2.2010)Dato’ Kho Poh Eng (Appointed on 4.2.2010)Raja Anuar Bin Raja Abu Hassan (Appointed on 18.3.2010)Idris Bin Zaidel (Appointed on 23.4.2010)Y.M. Tengku Dato' Ibrahim Petra Bin Tengku Indra Petra (Removed on 4.2.2010)Datin Nariza Hajjar Hashim (Removed on 4.2.2010)Ahmad Bin Haji Mohd Sharkan (Resigned on 28.2.2010)Wong Fook Heng (Removed on 4.2.2010)Tiong Young Kong (Removed on 4.2.2010)

DIRECTORS’ INTERESTS

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

Number of Ordinary Shares of RM0.50 EachAt 1.1.2009/Date Of At

Appointment Bought Sold 31.12.2009

The Company

Direct InterestsShamsul Bin Saad 8,425,000 – – 8,425,000Y.M. Tengku Dato' IbrahimPetra Bin Tengku Indra Petra 5,368,436 – – 5,368,436

Datin Nariza Hajjar Hashim 108,016 – (15,000) 93,016Ahmad Bin Haji Mohd Sharkan 59,996 – – 59,996Wong Fook Heng 2,066,820 – – 2,066,820Tiong Young Kong 2,217,760 – (2,116,000) 101,760

Deemed InterestsY.M. Tengku Dato' IbrahimPetra Bin Tengku Indra Petra 33,155,008 – (15,000) 33,140,008

Datin Nariza Hajjar Hashim 38,415,428 – – 38,415,428Tiong Young Kong 468,000 – (468,000) –

By virtue of their direct and deemed interests in the Company, Y.M. Tengku Dato’ Ibrahim Petra Bin Tengku IndraPetra and Datin Nariza Hajjar Hashim are deemed to have interests in the shares of the related corporations of theCompany to the extent the Company has interests pursuant to Section 6A of the Companies Act 1965.

DIRECTORS’ BENEFITS

Since the end of the previous financial year, no director has received or become entitled to receive any benefit(other than a benefit included in the aggregate amount of emoluments received or due and receivable by directorsas shown in the financial statements, or the fixed salary of a full-time employee of the Company) by reason of acontract made by the Company or a related corporation with the director or with a firm of which the director is amember, or with a company in which the director has a substantial financial interest except for any benefits whichmay be deemed to arise from transactions entered into in the ordinary course of business with related parties asdisclosed in Note 41 to the financial statements.

Neither during nor at the end of the financial year was the Company or its subsidiaries a party to any arrangementswhose object is to enable the directors to acquire benefits by means of the acquisition of shares in or debenturesof the Company or any other body corporate.

66

SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

The significant events during the financial year of the Group and of the Company are disclosed in Note 45 to thefinancial statements.

SIGNIFICANT EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE

The significant events of the Group and of the Company subsequent to the balance sheet date are disclosed inNote 46 to the financial statements.

AUDITORS

The auditors, Messrs. Crowe Horwath (formerly known as Messrs. Horwath), have expressed their willingness tocontinue in office.

Signed in accordance with a resolution of the directors dated 27 April 2010.

Shamsul Bin Saad

Koh Pho Wat


We, Shamsul Bin Saad and Koh Pho Wat, being two of the directors of Petra Perdana Berhad, state that, in theopinion of the directors, the financial statements set out on pages 70 to 121 are drawn up in accordance withFinancial Reporting Standards and the Companies Act 1965 in Malaysia so as to give a true and fair view of thestate of affairs of the Group and of the Company at 31 December 2009 and of their results and cash flows for thefinancial year ended on that date.

Signed in accordance with a resolution of the directors dated 27 April 2010.

Shamsul Bin Saad Koh Pho Wat

Statutory Declaration

I, Soon Fook Kian, being the officer primarily responsible for the financial management of Petra Perdana Berhad,do solemnly and sincerely declare that the financial statements set out on pages 70 to 121 are, to the best of myknowledge and belief, 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 by )Soon Fook Kian, at Kuala Lumpur in )the Federal Territory on this 27 April 2010 ) Soon Fook Kian

Before me,

COMMISIONER OF OATHSKuala Lumpur

Statement by Directors

68

REPORT ON THE FINANCIAL STATEMENTS

We have audited the financial statements of Petra Perdana Berhad, which comprise the balance sheets as at31 December 2009 of the Group and of the Company, and the income statements, statements of changes in equityand cash flow statements of the Group and of the Company for the financial year then ended, and a summary ofsignificant accounting policies and other explanatory notes, as set out on pages 70 to 121.

Directors’ Responsibility for the Financial Statements

The directors of the Company are responsible for the preparation and fair presentation of these financial statementsin accordance with Financial Reporting Standards and the Companies Act 1965 in Malaysia. This responsibilityincludes designing, implementing and maintaining internal control relevant to the preparation and fair presentation offinancial statements that are free from material misstatement, whether due to fraud or error, selecting and applyingappropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on our judgement, including the assessment of risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, weconsider internal control relevant to the Company’s preparation and fair presentation of the financial statements inorder to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of accounting estimates made by the directors, as well asevaluating the overall presentation of the financial statements.

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

Opinion

In our opinion, the financial statements have been properly drawn up in accordance with Financial ReportingStandards and the Companies Act 1965 in Malaysia so as to give a true and fair view of the financial position ofthe Group and of the Company as of 31 December 2009 and of their financial performance and cash flows for thefinancial year then ended.

Independent Auditors’ Reportto the members of Petra Perdana Berhad


REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

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

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

(b) We have considered the financial statements and the auditors’ reports of all the subsidiaries of which we havenot acted as auditors, which are indicated in Note 6 to the financial statements.

(c) We are satisfied that the financial statements of the subsidiaries that have been consolidated with theCompany’s financial statements are in form and content appropriate and proper for the purposes of thepreparation of the financial statements of the Group and we have received satisfactory information andexplanations required by us for those purposes.

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

OTHER MATTERS

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

Crowe Horwath Lee Kok WaiFirm No : AF 1018 Approval No : 2760/06/10 (J)Chartered Accountants Chartered Accountant

Kuala Lumpur27 April 2010

70

The Group The Company2009 2008 2009 2008

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

ASSETS

NON-CURRENT ASSETS

Investment in subsidiaries 6 – – 307,406 346,012Investment in an associate 7 90,319 – 19,233 –Property, plant and equipment 8 460,698 659,068 8,537 43,041Prepaid lease payments 9 – 7,275 – –Amount owing by subsidiaries 10 – – 329,715 301,495Amount owing by an associate 11 – – – 51,649Deposits 12 75,106 36,493 – –Intangible assets 13 27,507 27,507 – –Deferred tax assets 14 46 62 46 46

653,676 730,405 664,937 742,243

CURRENT ASSETS

Inventories 15 5,533 50,299 – –Receivables 16 120,942 326,060 38,965 32,635Amount owing by contract customers 17 – 6,471 – –Amount owing by subsidiaries 10 – – 27 8Amount owing by related parties 18 38,194 – 259 –Amount owing by an associate 11 51,649 – 51,649 10,000Tax recoverable 5,057 7,145 3,900 4,482Fixed deposits with licensed banks 19 158,437 337,423 152,392 215,236Cash and bank balances 21,288 33,348 8,270 781

401,100 760,746 255,462 263,142Non-current asset classified as held for sale 20 86,361 4,501 – –

TOTAL ASSETS 1,141,137 1,495,652 920,399 1,005,385

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

Balance Sheetsat 31 December 2009



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

EQUITY AND LIABILITIES

EQUITY

Share capital 21 148,800 148,800 148,800 148,800Reserves 22 414,869 396,820 219,754 118,824

SHAREHOLDERS’ EQUITY 563,669 545,620 368,554 267,624

MINORITY INTERESTS 580 118,162 – –

TOTAL EQUITY 564,249 663,782 368,554 267,624

NON-CURRENT LIABILITIES

Deferred taxation 23 2,060 30,908 – –Long-term borrowings 24 227,063 295,280 227,000 295,000Retirement contribution obligations 27 241 511 201 231

229,364 326,699 227,201 295,231

CURRENT LIABILITIES

Retirement contribution obligations 27 39 – 39 –Payables 28 125,017 127,811 8,765 15,336Amount owing to subsidiaries 10 – – 95,862 64,194Amount owing to an associate 11 1,975 – 1,975 –Amount owing to contract customers 17 – 9,625 – –Amount owing to related parties 18 236 – 3 –Short-term borrowings 29 218,019 366,023 218,000 363,000Provision for taxation 2,238 1,712 – –

347,524 505,171 324,644 442,530

TOTAL LIABILITIES 576,888 831,870 551,845 737,761

TOTAL EQUITY AND LIABILITIES 1,141,137 1,495,652 920,399 1,005,385

NET ASSETS PER ORDINARY SHARE (RM) 30 1.89 1.83


Balance Sheetsat 31 December 2009 (cont’d)

72


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

REVENUE 31 605,684 694,253 48,167 40,535

COST OF SALES (491,792) (520,656) – –

GROSS PROFIT 113,892 173,597 48,167 40,535

OTHER INCOME 32,866 37,204 99,823 25,413

146,758 210,801 147,990 65,948

SELLING AND DISTRIBUTION COSTS (4,373) (3,434) – –

ADMINISTRATIVE EXPENSES (49,756) (47,694) (9,037) (8,934)

OTHER EXPENSES (10,485) (7,448) (425) (409)

(64,614) (58,576) (9,462) (9,343)

PROFIT FROM OPERATIONS 82,144 152,225 138,528 56,605

FINANCE COSTS (32,695) (32,744) (32,903) (43,773)

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

PROFIT BEFORE TAXATION 32 48,701 119,481 105,625 12,832

INCOME TAX EXPENSE 33 (12,351) (14,903) (231) (656)

PROFIT AFTER TAXATION 36,350 104,578 105,394 12,176

ATTRIBUTABLE TO:

Equity holders of the Company 29,317 87,668 105,394 12,176Minority interests 7,033 16,910 – –

36,350 104,578 105,394 12,176

EARNINGS PER SHARE

– basic (sen) 34 9.9 29.5– diluted (sen) 34 Not Not

applicable applicable


Income Statementsfor the financial year ended 31 December 2009


Non-distributable DistributableAttributable

Capital to EquityShare Share Redemption Translation Retained Holders of Minority TotalCapital Premium Reserve Reserve Profits the Company Interests Equity

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

Balance as at 1 January 2008 148,800 60,377 – (15,956) 247,421 440,642 109,091 549,733Profit after taxation – – – – 87,668 87,668 16,910 104,578Acquisition of interest in subsidiaries – – – – – – (3,815) (3,815)Redemption of RedeemableNon-Cumulative Non-VotingPreference Shares (“RNCPS”) – – *2,127 – (2,127) – – –

Currency translation difference – – – *22,816 – 22,816 65 22,881Dividend 35 – – – – (5,506) (5,506) – (5,506)Dividend paid to minorityinterests by subsidiaries – -– – – – – (4,089) (4,089)

Balance as at 31 December 2008/1 January 2009 148,800 60,377 2,127 6,860 327,456 545,620 118,162 663,782

Profit after taxation – – – – 29,317 29,317 7,033 36,350Acquisition of interestin a subsidiary – – – – – – 562 562

Disposal of interest in a subsidiary 37 – – – – – – (123,880) (123,880)Issuance of share by a subsidiaryto minority shareholders – – – – – – 322 322

Currency translation difference – – – *(9,201) – (9,201) 274 (8,927)Translation loss on disposal ofa vessel – -– – 2,397 – 2,397 – 2,397

Dividend 35 – – – – (4,464) (4,464) – (4,464)Dividend paid to minorityinterests by subsidiaries – -– – – – -– (1,893) (1,893)

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

* Represent gains/(losses) not taken to income statements.

Share Share RetainedCapital Premium Profits Total

The Company Note RM'000 RM'000 RM'000 RM'000

Balance as at 1 January 2008 148,800 60,377 51,777 260,954Profit after taxation – – 12,176 12,176Dividend 35 – – (5,506) (5,506)

Balance as at 31 December 2008/1 January 2009 148,800 60,377 58,447 267,624Profit after taxation – – 105,394 105,394Dividend 35 – – (4,464) (4,464)

Balance as at 31 December 2009 148,800 60,377 159,377 368,554


Statement of Changes in Equityfor the financial year ended 31 December 2009

74


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

CASH FLOWS FROM/(FOR)OPERATING ACTIVITIES

Profit before taxation 48,701 119,481 105,625 12,832

Adjustments for:Allowance for doubtful debts – 1,223 – –Amortisation of prepaid lease payments 118 129 – –Bad debts written off – 261 – –Depreciation of property, plantand equipment 48,956 42,421 425 409

Interest expense 25,770 30,765 29,727 42,797Inventories written off 2 112 – –Provision for retirement contributions 27 58 177 9 64Property, plant and equipment written off – 292 – –Unrealised (gain)/loss on foreign exchange (399) 1,781 – –Dividend from subsidiaries – – (46,209) (38,577)Gain on disposal of property,plant and equipment (3,165) (25,053) – (1)

Gain on transfer of equipment – – (554) –Gain on disposal of non-currentasset classified as held for sale (1,952) – – –

Interest income (3,845) (8,218) (11,636) (23,665)Gain on disposal of interest in a subsidiary (12,677) – (86,351) –Write-back of allowance for doubtful debts (555) – (944) –Share of results in an associate 748 – – –Waiver of debts (866) – – –

Operating profit/(loss) beforeworking capital changes 100,894 163,371 (9,908) (6,141)

Increase in inventories (13,510) (3,704) – –(Increase)/Decrease in amount owingby contract customers (16,905) 19,210 – –

(Decrease)/Increase in amount owingto contract customers (1,586) 1,935 – –

(Increase)/Decrease in tradeand other receivables (62,018) (38,107) (6,330) 46,020

Increase/(Decrease) in tradeand other payables 91,627 26,153 (6,571) 6,942

Increase in amount owing by related parties (29,887) – – –

CASH FROM/(FOR) OPERATIONS 68,615 168,858 (22,809) 46,821

Interest paid (25,770) (30,765) (29,727) (42,797)Tax paid (16,484) (12,648) (1,138) (991)Tax refund 2,475 – 1,489 –

NET CASH FROM/(FOR)OPERATING ACTIVITIES 28,836 125,445 (52,185) 3,033


Cash Flow Statementsfor the financial year ended 31 December 2009



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

CASH FLOWS (FOR)/FROMINVESTING ACTIVITIES

Investment in subsidiaries – – – (328)Investment in an associate (40) – – –Advances from/(to) subsidiaries – – 10,227 (52,309)Repayment from/(Advances to) related parties 106,163 – (259) –Acquisition of additional interestin a subsidiary – (8,721) (394) (8,721)

Net cash (outflow)/inflow fromacquisition of subsidiaries (2,637) 317 – –

Net cash inflow from disposalof interest in a subsidiary 37 60,762 – 106,118 –

Dividend received from subsidiary – – 46,209 38,577Charterer deposits paid (34,109) (32,509) – –Proceeds from disposal ofproperty, plant and equipment 326,539 211,392 – 1

Proceeds from disposal of non-currentasset classified as held for sale 6,656 – – –

Repayment from associate 1,803 – 10,000 –Purchase of property, plant and equipment 38 (529,309) (203,235) (2,889) (184)Interest received 3,845 8,218 11,636 23,665Placement/(Withdrawal) of fixed deposits 2,216 (55,430) 610 (55,666)

NET CASH (FOR)/FROM INVESTINGACTIVITIES (58,111) (79,968) 181,258 (54,965)

CASH FLOWS (FOR)/FROM FINANCINGACTIVITIES

Proceeds from issuance of sharesby a subsidiary to minority shareholders 322 – – –

Drawdown of bank borrowings 231,368 100,267 170,000 100,000Repayment of bank borrowings (384,908) (48,216) (383,000) (32,000)Repayment of hire purchase obligations (245) (327) – –Advances from subsidiaries – – 31,668 33,373Advances from associate – – 1,975 –Advances from related parties 236 – 3 –Dividend paid to minority shareholdersby subsidiaries (1,893) (4,089) – –

Dividend paid (4,464) (5,514) (4,464) (5,514)

NET CASH (FOR)/FROM FINANCINGACTIVITIES (159,584) 42,121 (183,818) 95,859

NET (DECREASE)/INCREASE IN CASHAND CASH EQUIVALENTS (188,859) 87,598 (54,745) 43,927

EFFECTS OF FOREIGN EXCHANGETRANSLATION 920 (57) – –

CASH AND CASH EQUIVALENTS ATBEGINNING OF THE FINANCIAL YEAR 223,358 135,817 71,101 27,174

CASH AND CASH EQUIVALENTSAT END OF THE FINANCIAL YEAR 39 35,419 223,358 16,356 71,101


Cash Flow Statementsfor the financial year ended 31 December 2009 (cont’d)

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1. GENERAL INFORMATION

The Company is a public company limited by shares and is incorporated under the Companies Act 1965 inMalaysia. The domicile of the Company is Malaysia. The registered office and principal place of business areas follows:

Registered office : No. 6 – 8, Jalan 3/3C,Batu 7, Jalan Ipoh,68100 Kuala Lumpur.

Principal place of business : No. 6 – 8, Jalan 3/3C,Batu 7, Jalan Ipoh,68100 Kuala Lumpur.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution ofthe directors dated 27 April 2010.

2. PRINCIPAL ACTIVITIES

The Company is principally an investment holding company and is also engaged in the provision ofadministrative and management services to its subsidiaries. The principal activities of the subsidiaries aredescribed in Note 6 to the financial statements. There have been no significant changes in the nature of theseactivities during the financial year.

3. FINANCIAL RISK MANAGEMENT POLICIES

The Group’s financial risk management policy seeks to ensure that adequate financial resources are availablefor the development of the Group’s business whilst managing its market, credit, liquidity and cash flow risks.The policies in respect of the major areas of treasury activity are as follows:

(a) Market Risk

(i) Foreign Currency Risk

The Group is exposed to foreign exchange risk arising mainly from normal trading transactions thatare denominated in foreign currencies.

It manages its foreign exchange exposure by a policy of matching as far as possible receipts andpayments in each individual currency.

The Group’s foreign currency transactions and balances are substantially denominated in UnitedStates (US) Dollar.

Foreign currency risk is managed to an acceptable level.

(ii) Interest Rate Risk

The Group’s exposure to interest rate risk arises mainly from bank borrowings and hire purchasefacilities. Its policy is to obtain the most favourable interest rates available.

The Group monitors the interest rate on borrowings closely to ensure that the borrowings aremaintained at favourable rates.

Any surplus funds of the Group will be placed with licensed financial institutions at the mostfavourable interest rate to generate interest income.

(iii) Price Risk

The Group’s principal exposure to price risk arises mainly from changes in quoted securities prices.Price risk is monitored closely and managed to an acceptable level.

Notes to the Financial Statementsfor the financial year ended 31 December 2009


3. FINANCIAL RISK MANAGEMENT POLICIES (CONT’D)

(b) Credit Risk

The Group’s exposure to credit risk, or the risk of counterparties defaulting, arises mainly fromreceivables. The maximum exposure to credit risks is represented by the total carrying amount of thesefinancial assets in the balance sheet reduced by the effects of any netting arrangements withcounterparties.

The Group’s concentration of credit risks relates to the amounts owing by three customers whichconstituted approximately 97% of its trade receivables at the balance sheet date.

The Group manages its exposure to credit risk by the application of credit approvals, credit limits andmonitoring procedures on an ongoing basis.

(c) Liquidity and Cash Flow Risks

The Group's exposure to liquidity and cash flow risks arises mainly from general funding and businessactivities.

The Group’s policy on liquidity and cash flow risks management is to maintain sufficient cash and fundingthrough adequate amounts of committed credit facilities and credit lines for working capital requirements.

4. BASIS OF PREPARATION

The financial statements of the Group are prepared under the historical cost convention and modified toinclude other bases of valuation as disclosed in other sections under significant accounting policies, and incompliance with Financial Reporting Standards (“FRS”) and the Companies Act 1965 in Malaysia.

The Group has not applied in advance the following accounting standards, amendments and interpretationsthat have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective for thecurrent financial year:

FRSs/IC Interpretations Effective date

Revised FRS 1 (2010) First-time Adoption of Financial Reporting Standards 1 July 2010

Revised FRS 3 (2010) Business Combinations 1 July 2010

FRS 4 Insurance Contracts 1 January 2010

FRS 7 Financial Instruments: Disclosures 1 January 2010

FRS 8 Operating Segments 1 July 2009

Revised FRS 101 (2009) Presentation of Financial Statements 1 January 2010

Revised FRS 123 (2009) Borrowing Costs 1 January 2010

Revised FRS 127 (2010) Consolidated and Separate Financial Statements 1 July 2010

Revised FRS 139 (2010) Financial Instruments: Recognition and Measurement 1 January 2010

Amendment to FRS 1: Limited Exemption from Comparative FRS 7 Disclosuresfor First-time Adopters 1 January 2011

Amendments to FRS 1 and FRS 127: Cost of an Investment in a Subsidiary,Jointly Controlled Entity or Associate 1 January 2010

Amendments to FRS 2: Vesting Conditions and Cancellations 1 January 2010

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4. BASIS OF PREPARATION (CONT’D)

FRSs/IC Interpretations Effective date

Amendments to FRS 2: Scope of FRS 2 and Revised FRS 3 (2010) 1 July 2010

Amendments to FRS 5: Plan to Sell the Controlling Interest in a Subsidiary 1 July 2010

Amendments to FRS 7, FRS 139 and IC Interpretation 9 1 January 2010

Amendments to FRS 7: Improving Disclosures about Financial Instruments 1 January 2011

Amendments to FRS 132: Classification of Rights Issues and the 1 January 2010/Transitional Provision In Relation To Compound Instruments 1 March 2010

Amendments to FRS 138: Consequential Amendments Arising from Revised FRS 3 (2010) 1 July 2010

IC Interpretation 9 Reassessment of Embedded Derivatives 1 January 2010

IC Interpretation 10 Interim Financial Reporting and Impairment 1 January 2010

IC Interpretation 11: FRS 2 – Group and Treasury Share Transactions 1 January 2010

IC Interpretation 12 Service Concession Arrangements 1 July 2010

IC Interpretation 13 Customer Loyalty Programmes 1 January 2010

IC Interpretation 14: FRS 119 – The Limit on a Defined Benefit Asset,Minimum Funding Requirements and their Interaction 1 January 2010

IC Interpretation 15 Agreements for the Construction of Real Estate 1 July 2010

IC Interpretation 16 Hedges of a Net Investment in a Foreign Operation 1 July 2010

IC Interpretation 17 Distributions of Non-cash Assets to Owners 1 July 2010

Amendments to IC Interpretation 9: Scope of IC Interpretation 9 and Revised FRS 3 (2010) 1 July 2010

Annual Improvements to FRSs (2009) 1 January 2010

The above FRSs, IC Interpretations and amendments are not relevant to the Group’s operations except asfollows:

(i) The revised FRS 3 (2010) introduces significant changes to the accounting for business combinations,both at the acquisition date and post acquisition, and requires greater use of fair values. In addition, alltransaction costs, other than share and debt issue costs, will be expensed as incurred. This revisedstandard will be applied prospectively and therefore there will not have any financial impact on thefinancial statements of the Group for the current financial year but may impact the accounting for futuretransactions or arrangements.

(ii) The Group considers financial guarantee contracts entered into to be insurance arrangements andaccounts for them under FRS 4. In this respect, the Group treats the guarantee contract as a contingentliability until such a time as it becomes probable that the Group will be required to make a payment underthe guarantee. The adoption of FRS 4 is expected to have no material impact on the financial statementsof the Group.

(iii) The possible impacts of FRS 7 (including the subsequent amendments) and the revised FRS 139 (2010)on the financial statements upon their initial applications are not disclosed by virtue of the exemptionsgiven in these standards.


4. BASIS OF PREPARATION (CONT’D)

(iv) FRS 8 replaces FRS 1142004 Segment Reporting and requires a “management approach”, under whichsegment information is presented on the same basis as that used for internal reporting purposes. Theadoption of this standard only impacts the form and content of disclosures presented in the financialstatements of the Group. This FRS is expected to have no material impact on the financial statements ofthe Group upon its initial application.

(v) The revised FRS 101 (2009) has introduced terminology changes (including revised titles for the financialstatements) and changes in the format and content of the financial statements. In addition, a statement offinancial position is required at the beginning of the earliest comparative period following a change inaccounting policy, the correction of an error or the reclassification of items in the financial statements. Theadoption of this revised standard will only impact the form and content of the presentation of the Group’sfinancial statements in the next financial year.

(vi) The revised FRS 127 (2010) requires accounting for changes in ownership interests by the Group in asubsidiary, while maintaining control, to be recognised as an equity transaction. When the Group losescontrol of a subsidiary, any interest retained in the former subsidiary will be measured at fair value withthe gain or loss recognised in profit or loss. The revised standard also requires all losses attributable tothe minority interest to be absorbed by the minority interest instead of by the parent. The Group willapply the major changes of the revised FRS 127 (2010) prospectively and therefore there will not haveany financial impact on the financial statements of the Group for the current financial year but may impactthe accounting for future transactions or arrangements.

(vii) Amendments to FRS 1 and FRS 127 remove the definition of “cost method” currently set out in FRS 127,and instead require an investor to recognise all dividend from subsidiaries, jointly controlled entities orassociates as income in its separate financial statements. In addition, FRS 127 has also been amendedto deal with situations where a parent reorganises its group by establishing a new entity as its newparent. Under this circumstance, the new parent shall measure the cost of its investment in the originalparent at the carrying amount of its share of the equity items shown in the separate financial statementsof the original parent at the reorganisation date. The amendments will be applied prospectively andtherefore there will not have any financial impact on the financial statements of the Group for the currentfinancial year but may impact the accounting for future transactions or arrangements.

(viii) Amendments to FRS 5 requires assets and liabilities of a subsidiary to be classified as held for sale if theparent is committed to a plan involving loss of control of the subsidiary, regardless of whether the entitywill retain a non-controlling interest after the sale. These amendments are expected to have no materialimpact on the financial statements of the Group upon their initial application.

(ix) IC Interpretation 9 requires embedded derivatives to be separated from the host contract and accountedfor as a derivative on the basis of the conditions that existed at the later of the date the entity firstbecame a party to the contract. The possible impacts of IC Interpretation 9 on the financial statementsupon its initial application are not disclosed by virtue of the exemptions given under the revised FRS 139(2010).

(x) IC Interpretation 10 prohibits the impairment losses recognised in an interim period on goodwill,investments in equity instruments and financial assets carried at cost to be reversed at a subsequentbalance sheet date. This interpretation is expected to have no material impact on the financial statementsof the Group upon its initial application.

(xi) IC Interpretation 14 provides guidance on assessing the limit in FRS 119 on the amount of the surplusthat can be recognised as an asset. It also explains how the pension asset or liability may be affected bya statutory or contractual minimum funding requirement. This interpretation is expected to have no materialimpact on the financial statements of the Group upon its initial application.

(xii) Amendments to IC Interpretation 9 are a consequential amendment from the revised FRS 3 (2010). Theseamendments are expected to have no material impact on the financial statements of the Group upon itsinitial application.

(xiii) Annual Improvements to FRSs (2009) contain amendments to 21 accounting standards that result inaccounting changes for presentation, recognition or measurement purposes and terminology or editorialamendments. These amendments are expected to have no material impact on the financial statements ofthe Group upon their initial application.

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5. SIGNIFICANT ACCOUNTING POLICIES

(a) Critical Accounting Estimates And Judgements

Estimates and judgements are continually evaluated by the directors and management and are based onhistorical experience and other factors, including expectations of future events that are believed to bereasonable under the circumstances. The estimates and judgements that affect the application of theGroup’s accounting policies and disclosures, and have a significant risk of causing a material adjustmentto the carrying amounts of assets, liabilities, income and expenses are discussed below:

(i) Depreciation of Property, Plant and Equipment

The estimates for the residual values, useful lives and related depreciation charges for the property,plant and equipment is based on commercial factors which could change significantly as a result oftechnical innovations and competitors’ actions in response to the market conditions.

Changes in the expected level of usage and technological development could impact the economicuseful lives and the residual values of these assets, therefore future depreciation charges could berevised.

(ii) Income Taxes

There are certain transactions and computations for which the ultimate tax determination may bedifferent from the initial estimate. The Group recognises tax liabilities based on its understanding ofthe prevailing tax laws and estimates of whether such taxes will be due in the ordinary course ofbusiness. Where the final outcome of these matters is different from the amounts that were initiallyrecognised, such difference will impact the income tax and deferred tax provisions in the period inwhich such determination is made.

(iii) Impairment of Assets

When the recoverable amount of an asset is determined based on the estimate of the value-in-use ofthe cash-generating unit to which the asset is allocated, the Group is required to make an estimateof the expected future cash flows from the cash-generating unit and also to apply a suitable discountrate in order to determine the present value of those cash flows.

(iv) Contract Revenue

Contract revenue accounting requires reliable estimation of the costs to complete the contract andreliable estimation of the stage of completion.

(i) Contract Revenue

Contract revenue accounting requires that variation claims and incentive payments only berecognised as contract revenue to the extent that it is probable that they will be accepted by thecustomers. As the approval process often takes some time, a judgement is required to be madeof its probability and revenue recognised accordingly.

(ii) Contract Costs

Using experience gained on each particular contract and taking into account the expectations ofthe time and materials required to complete the contract, management estimates the profitabilityof the contract on an individual basis at any particular time.

(v) Allowance for Doubtful Debts of Receivables

The Group makes allowance for doubtful debts based on an assessment of the recoverability ofreceivables. Allowances are applied to receivables where events or changes in circumstances indicatethat the carrying amounts may not be recoverable. Management analyses historical bad debt,customer concentrations, customer creditworthiness, current economic trends and changes incustomer payment terms when making a judgement to evaluate the adequacy of the allowance fordoubtful debts of receivables. Where the expectation is different from the original estimate, suchdifference will impact the carrying value of receivables.


5. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

(a) Critical Accounting Estimates And Judgements (cont’d)

(vi) Allowance for Inventories

Reviews are made periodically by management on damaged, obsolete and slow-moving inventories.These reviews require judgement and estimates. Possible changes in these estimates could result inrevisions to the valuation of inventories.

(vii) Operating Lease

The Group entered into a conditional Sale and Leaseback Agreement for the sale of a subsidiary’svessels with a third party. Subsequently, the vessels were leased back by a subsidiary from the thirdparty for a lease period of ten (10) years commencing from the date of delivery of vessels with theoption to buy back the vessels at the end of the primary lease term period should the third partydecide to sell the vessels during the term of the lease. The directors are of the opinion that the leasearrangement should be treated as an operating lease as presently the management has no intentionto buy back the vessels at the end of the primary lease term and the lease term does not constitutethe major part of the economic life of the vessels.

(b) Financial Instruments

Financial instruments are recognised in the balance sheet when the Group has become a party to thecontractual provisions of the instruments.

Financial instruments are classified as liabilities or equity in accordance with the substance of thecontractual arrangement. Interest, dividends, gains and losses relating to a financial instrument classifiedas a liability, are reported as an expense or income. Distributions to holders of financial instrumentsclassified as equity are charged directly to equity.

Financial instruments are offset when the Group has a legally enforceable right to offset and intends tosettle either on a net basis or to realise the asset and settle the liability simultaneously.

Financial instruments recognised in the balance sheet are disclosed in the individual policy statementassociated with each item.

(c) Functional and Foreign Currencies

(i) Functional and Presentation Currency

The functional currency of the Group is the currency of the primary economic environment in whichthe Group operates.

The consolidated financial statements are presented in Ringgit Malaysia (“RM”) which is the parent’sfunctional and presentation currency.

(ii) Transactions and Balances

Transactions in foreign currencies are converted into the respective functional currencies on initialrecognition, using the exchange rates approximating those ruling at the transaction dates. Monetaryassets and liabilities at the balance sheet date are translated at the rates ruling as of that date. Non-monetary assets and liabilities are translated using exchange rates that existed when the values weredetermined. All exchange differences are taken to the income statement.

(iii) Foreign Operations

The results and financial position of all the Group entities that have a functional currency differentfrom the presentation currency are translated into the presentation currency for consolidationpurposes as follows:

• assets and liabilities for each balance sheet presented are translated at the closing rate at thedate of the balance sheet;

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(c) Functional and Foreign Currencies (cont’d)

(iii) Foreign Operations (cont’d)

• income and expenses for income statement are translated at the average exchange rates for theyear, which approximates the exchange rates at the dates of the transactions; and

• all resulting exchange differences are recognised as a separate component of equity, as aforeign currency translation reserve. On disposal, accumulated translation differences arerecognised in the consolidated income statements as part of the gain or loss on sale.

When foreign operations are partially disposed of or sold, exchange differences that were recorded inequity are recognised in the income statement as part of the gain or loss on sale. On disposal,accumulated translation differences are recognised in the consolidated income statements as part ofthe gain or loss on sale.

(d) Basis of Consolidation

(i) Subsidiaries

The consolidated financial statements include the financial statements of the Company and itssubsidiaries for the financial year up to 31 December 2009.

A subsidiary is defined as a company in which the parent company has the power, directly orindirectly, to exercise control over its financial and operating policies so as to obtain benefits from itsactivities.

All subsidiaries are consolidated using the purchase method. Under the purchase method, the resultsof the subsidiaries acquired or disposed of are included from the date of acquisition or up to the dateof disposal. 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 cost of acquisition ismeasured at the aggregate of the fair values, at the date of exchange, of assets given, liabilitiesincurred or assumed, and equity instruments issued by the Group in exchange for control of theacquiree, plus any costs directly attributable to the business combination.

Intragroup transactions, balances and unrealised gains on transactions are eliminated; unrealisedlosses are also eliminated unless cost cannot be recovered. Where necessary, adjustments are madeto the financial statements of subsidiaries to ensure consistency of accounting policies with those ofthe Group.

Minority interests in the consolidated balance sheet consist of the minorities’ share of fair values ofthe identifiable assets and liabilities of the acquiree as at the date of acquisition and the minorities’share of movements in the acquiree’s equity.

Minority interests are presented in the consolidated balance sheet of the Group within equity,separately from the Company’s equity holders, and are separately disclosed in the consolidatedincome statement of the Group.

(ii) Associates

Associates are those entities in which the Group exercises significant influence but not control,through participation in the financial and operating policy decisions of the entities.

Investments in associates are accounted for in the consolidated financial statements by the equitymethod of accounting based on the audited or management financial statements of the associates.Under the equity method of accounting, the Group’s share of profits less losses of associates duringthe financial year is included in the consolidated income statement. The Group’s interest inassociates is carried in the consolidated balance sheet at cost plus the Group’s share of post-acquisition retained profits or accumulated losses and other reserves.

Unrealised gains on transactions between Group and the associates are eliminated to the extent ofthe Group’s interest in the associates. Unrealised losses are eliminated unless cost cannot berecovered.



(e) Goodwill on Consolidation

Goodwill on consolidation represents the excess of the fair value of the purchase consideration over theGroup’s share of the fair values of the identifiable net assets of the subsidiaries at the date of acquisition.

Goodwill is measured at cost less accumulated impairment losses, if any. The carrying value of goodwill isreviewed for impairment annually. The impairment value of goodwill is recognised immediately in theconsolidated income statement. An impairment loss recognised for goodwill is not reversed in asubsequent period.

If, after reassessment, the Group’s interest in the fair values of the identifiable net assets of thesubsidiaries exceeds the cost of the business combinations, the excess is recognised immediately in theconsolidated income statement.

(f) Investments in Subsidiaries and Associates

Investments in subsidiaries and associates are stated at cost in the balance sheet of the Company and isreviewed for impairment at the end of the financial year if events or changes in circumstances indicatethat their carrying values may not be recoverable.

On the disposal of such investments, the difference between the net disposal proceeds and their carryingamounts is recognised in the income statement.

(g) Property, Plant and Equipment

Property, plant and equipment are stated at cost or revalued amount less accumulated depreciation oramortisation and impairment losses, if any.

Depreciation or amortisation is calculated under the straight-line method to write off the depreciableamount of the assets over their estimated useful lives. Depreciation of an asset does not cease when theasset becomes idle or is retired from active use unless the asset is fully depreciated. The principal annualrates used for this purpose are:

Vessels 4% – 20%Vessel equipment 4% – 10%Leasehold buildings 2%Plant and machinery 10%Cabin, field and workshop equipment 10% – 20%Motor vehicles 20%Office equipment, furniture and fittings 10% – 20%Dry docking 5 yearsOthers 10% – 50%

Capital work-in-progress is not depreciated.

Capital work-in-progress represents assets under construction, and which are not ready for commercialuse at the balance sheet date. Capital work-in-progress is stated at cost, and is transferred to the relevantcategory of assets and depreciated accordingly when the assets are completed and ready for commercialuse. Cost of capital work-in-progress includes direct costs, related expenditure and interest cost onborrowings taken to finance the construction or acquisition of the assets to the date that the assets arecompleted and put into use.

The depreciation method, useful life and residual values are reviewed, and adjusted if appropriate, at eachbalance sheet date to ensure that the amount, method and period of depreciation are consistent withprevious estimates and the expected pattern of consumption of the future economic benefits embodied inthe items of the property, plant and equipment.

An item of property, plant and equipment is derecognised upon disposal or when no future economicbenefits are expected from its use. Any gain or loss arising from derecognition of the asset is included inthe income statement in the year the asset is derecognised.

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(h) Impairment of Assets

The carrying values of assets, other than those to which FRS 136 – Impairment of Assets does not apply,are reviewed at each balance sheet date for impairment when there is an indication that the assets mightbe impaired. Impairment is measured by comparing the carrying values of the assets with theirrecoverable amounts. The recoverable amount of the assets is the higher of the assets’ net selling priceand their value-in-use, which is measured by reference to discounted future cash flow.

An impairment loss is charged to the income statement immediately unless the asset is carried at itsrevalued amount. Any impairment loss of a revalued asset is treated as a revaluation decrease to theextent of a previously recognised revaluation surplus for the same asset.

In respect of assets other than goodwill, and when there is a change in the estimates used to determinethe recoverable amount, a subsequent increase in the recoverable amount of an asset is treated as areversal of the previous impairment loss and is recognised to the extent of the carrying amount of theasset that would have been determined (net of amortisation and depreciation) had no impairment lossbeen recognised. The reversal is recognised in the income statement immediately, unless the asset iscarried at its revalued amount. A reversal of an impairment loss on a revalued asset is credited directly tothe revaluation surplus. However, to the extent that an impairment loss on the same revalued asset waspreviously recognised as an expense in the income statement, a reversal of that impairment loss isrecognised as income in the income statement.

(i) Prepaid Lease Payments

Leases of land under which the lessor has not transferred all the risks and benefits of ownership areclassified as operating leases. Lease prepayment for land use rights is stated at cost less accumulatedamortisation and impairment losses, if any. Amortisation is charged to the income statement on a straightline basis over the terms of the leases of 42 to 66 years.

(j) Operating Leases

Leases of assets where a significant portion of the risks and rewards of ownership are retained by thelessor are classified as operating leases. Payments are made under operating leases (net of anyincentives received from the lessor) are charged to the income statement on the straight-line basis overthe lease period. When an operating lease is terminated before the lease period has expired, anypayment required to be made to the lessor by way of penalty is recognised as an expense in the periodin which termination takes place.

(k) Assets under Hire Purchase

Plant and equipment acquired under hire purchase are capitalised in the financial statements and aredepreciated in accordance with the policy set out in Note 5(g) above. Each hire purchase payment isallocated between the liability and finance charges so as to achieve a constant rate on the financebalance outstanding. Finance charges are allocated to the income statement over the periods of therespective hire purchase agreements.

(l) Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined on the first-in-first-out basis, and comprises the purchase price and incidentals incurred in bringing the inventories to theirpresent location and condition. Cost of finished goods and work-in-progress includes cost of materials,labour and an appropriate proportion of production overheads.

Net realisable value represents the estimated selling price less the estimated costs of completion and theestimated costs necessary to make the sale.

Where necessary, due allowance is made for all obsolete, damaged and slow-moving items.



(m) Receivables

Receivables are carried at anticipated realisable value. Bad debts are written off in the period in whichthey are identified. An estimate is made for doubtful debts based on a review of all outstanding amountsat the balance sheet date.

(n) Amounts Owing By/To Contract Customers

The amounts owing by/to contract customers are stated at cost plus profits attributable to contracts inprogress less progress billings and allowance for foreseeable losses, if any. Cost includes direct materials,labour and applicable overheads.

(o) Payables

Payables are stated at cost which is the fair value of the consideration to be paid in the future for goodsand services received.

(p) Provisions

Provisions are recognised when the Group has a present obligation as a result of past events, when it isprobable that an outflow of resources embodying economic benefits will be required to settle theobligation, and when a reliable estimate of the amount can be made. Provisions are reviewed at eachbalance sheet date and adjusted to reflect the current best estimate. Where the effect of the time value ofmoney is material, the provision is the present value of the estimated expenditure required to settle theobligation.

(q) Cash and Cash Equivalents

Cash and cash equivalents comprise cash in hand, bank balances, demand deposits, deposits pledged tofinancial institutions, bank overdrafts and 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.

(r) Income Taxes

Income taxes for the financial year comprise current and deferred tax.

Current tax is the expected amount of income taxes payable in respect of the taxable profit for the yearand is measured using the tax rates that have been enacted or substantively enacted at the balancesheet date.

Deferred taxation is provided in full, using the liability method, on all material temporary differences arisingbetween the tax bases of assets and liabilities and their carrying amounts in the financial statements.

Deferred tax liabilities are recognised for all taxable temporary differences other than those that arise fromgoodwill or excess of the acquirer's interest in the net fair value of the acquiree's identifiable assets,liabilities and contingent liabilities over the business combination costs or from the initial recognition of anasset or liability in a transaction which is not a business combination and at the time of the transaction,affects neither accounting profit nor taxable profit.

Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unusedtax credits to the extent that it is probable that future taxable profit will be available against which thedeductible temporary differences, unused tax losses and unused tax credits can be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periodwhen the asset is realised or the liability is settled, based on the tax rates that have been enacted orsubstantively enacted at the balance sheet date.

Deferred tax is recognised in the income statement, except when it arises from a transaction which isrecognised directly in equity, in which case the deferred tax is also charged or credited directly to equity,or when it arises from a business combination that is an acquisition, in which case the deferred tax isincluded in the resulting goodwill or excess of the acquirer's interest in the net fair value of the acquiree'sidentifiable assets, liabilities and contingent liabilities over the business combination costs. The carryingamounts of deferred tax assets are reviewed at each balance sheet date and reduced to the extent that itis no longer probable that sufficient future taxable profits will be available to allow all or part of thedeferred tax assets to be utilised.

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(s) Interest-bearing Borrowings

Interest-bearing borrowings are recorded at the amount of proceeds received, net of transaction costs.

Borrowing costs, directly attributable to the acquisition and construction of property, plant and equipmentare capitalised as part of the cost of those assets, until such time as the assets are ready for theirintended use or sale. Capitalisation of borrowing costs is suspended during extended periods in whichactive development is interrupted.

All other borrowing costs are charged to the income statement as expenses in the period in which theyare incurred.

(t) Bonds

Bonds issued by the Group are initially recognised based on proceeds received, net of issuance expensesincurred. The difference between the net amount and the face value of the bonds is amortised or accretedover the period of the bonds using the effective yield method. The premium amortised and/or discountaccreted is recognised in the income statement.

(u) Equity Instruments

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new sharesor options are shown in equity as a deduction, net of tax, from proceeds.

Dividends on ordinary shares are recognised as liabilities when approved for appropriation.

(v) Segmental Information

Segment revenues and expenses are those directly attributable to the segments and include any jointrevenue and expenses where a reasonable basis of allocation exists. Segment assets include all assetsused by a segment and consist principally of property, plant and equipment (net of accumulateddepreciation, where applicable), intangible asset, inventories, receivables, and cash and bank balances.

Most segment assets can be directly attributed to the segments on a reasonable basis. Segment assetsand liabilities do not include income tax assets and liabilities respectively.

Segment revenues, expenses and results include transfers between segments. The prices charged onintersegment transactions are based on normal commercial terms. These transfers are eliminated onconsolidation.

(w) Employee Benefits

(i) Short-term Benefits

Wages, salaries, paid annual leave, bonuses and non-monetary benefits are accrued in the period inwhich the associated services are rendered by employees of the Group.

(ii) Defined Contribution Plans

The Group’s contributions to defined contribution plans are charged to the income statement in theperiod to which they relate. Once the contributions have been paid, the Group has no further liabilityin respect of the defined contribution plans.

The Group also operates an unfunded, non-contributory defined retirement contribution scheme forcertain eligible employees. The retirement scheme contributions are estimated and provided for in theFinancial Statements after taking into consideration the length of service and basic earnings of theeligible employees. The provisions are charged to the income statement in the period to which theyrelate, and represent the amount of contributions payable by the Group under the scheme.



(x) Related Parties

A party is related to an entity:

(i) directly, or indirectly through one or more intermediaries, the party:• controls, is controlled by, or is under common control with, the entity (this includes parents,

subsidiaries and fellow subsidiaries);• has an interest in the entity that gives it significant influence over the entity; or• has joint control over the entity;

(ii) the party is an associate of the entity;(iii) the party is a joint venture in which the entity is a venturer;(iv) the party is a member of the key management personnel of the entity or its parent;(v) the party is a close member of the family of any individual referred to in (i) or (iv);(vi) the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which

significant voting power in such entity resides with, directly or indirectly, any individual referred to in(iv) or (v); or

(vii) the party is a post-employment benefit plan for the benefit of employees of the entity, or of any entitythat is a related party of the entity.

Close members of the family of an individual are those family members who may be expected toinfluence, or be influenced by, that individual in their dealings with the entity.

(y) Contingent Liabilities

A contingent liability is a possible obligation that arises from past events and whose existence will only beconfirmed by the occurrence of one or more uncertain future events not wholly within the control of theGroup. It can also be a present obligation arising from past events that is not recognised because it is notprobable that an outflow of economic resources will be required or the amount of obligation cannot bemeasured reliably.

A contingent liability is not recognised but is disclosed in the notes to the financial statements. When achange in the probability of an outflow occurs so that the outflow is probable, it will then be recognised asa provision.

(z) Revenue Recognition

(i) Chartered Vessel Income

Chartered vessel income is recognised upon rendering of services and when the outcome of thetransaction can be estimated reliably. In the event the outcome of the transaction could not beestimated reliably, revenue is recognised to the extent of the expenses incurred that are recoverable.

(ii) Services

Revenue is recognised upon rendering of services and when the outcome of the transaction can beestimated reliably. In the event the outcome of the transaction could not be estimated reliably,revenue is recognised to the extent of the expenses incurred that are recoverable.

(iii) Contract Revenue

Revenue on contracts is recognised on the percentage of completion method unless the outcome ofthe contract cannot be reliably determined, in which case revenue on contracts is only recognised tothe extent of contract costs incurred that are recoverable. Foreseeable losses, if any, are provided forin full as and when it can be reasonably ascertained that the contract will result in a loss.

The stage of completion is determined based on the proportion that the contract costs incurred forwork performed to date bear to the estimated total contract costs.

(iv) Rental Income

Rental income is recognised on an accrual basis.

(v) Interest Income

Interest income is recognised on an accrual basis, based on the effective yield on the investment.

Interest income on late payment is recognised on a receipt basis.

88

6. INVESTMENT IN SUBSIDIARIES

The Company2009 2008

RM'000 RM'000

Quoted shares in Malaysia, at cost – 39,000Unquoted shares, at cost:– in Malaysia 285,519 285,519– outside Malaysia 21,897 21,503

307,416 346,022Less: Impairment loss (10) (10)

307,406 346,012

Market value of quoted shares in Malaysia – 148,590

The details of the subsidiaries are as follows:

Country of Effective EquityName of Company Incorporation Interest Principal Activities

2009 2008% %

Intra Oil Services Berhad Malaysia 100 100 Provision of marine supportservices for the oil and gasindustry.

Ampangship Marine Sdn Bhd Malaysia 100 100 Provision of marine supportservices for the oil and gasindustry.

Perdana Marine Offshore Pte Ltd* The Republic 100 100 Provision of marine supportof Singapore services for the oil and gas

industry.

Petra Offshore Limited Federal Territory 100 100 Provision of offshore leasingof Labuan business.

Perdana Mercury Limited The Republic 100 100 Provision of marine supportof the Marshall services for the oil and gasIslands industry.

Perdana Venus Limited The Republic 100 100 Provision of marine supportof the Marshall services for the oil and gasIslands industry.

Petra Marine Australia Pty Ltd The Commonwealth 55 55 Provision of marine supportof Australia services for the oil and gas

industry.

Perdana Jupiter Limited Federal Territory 100 – Provision of marine supportof Labuan services for the oil and gas

industry.

Odin Explorer Navigation Limited The British Virgin 100 100 Provision of marine supportIslands services for the oil and gas

industry.


6. INVESTMENT IN SUBSIDIARIES (CONT’D)


2009 2008% %

Geoseas Technologies Limited The British Virgin 51 51 Dormant.Islands

Petra Teknik Sdn Bhd Malaysia 100 100 Dormant.

Petra Asia Limited Federal Territory 100 100 Dormant.of Labuan

Perdana Neptune Limited* Federal Territory 100 – Dormant.of Labuan

Perdana Pluto Limited* Federal Territory 100 – Dormant.of Labuan

Perdana Saturn Limited* Federal Territory 100 – Dormant.of Labuan

Interest held throughIntra Oil Services Berhad

Osam Marine Sdn Bhd Malaysia 100 100 Dormant.

Asiaway Sdn Bhd Malaysia 100 100 Dormant.

Interest held throughOsam Marine Sdn Bhd

Malawi Marine Sdn Bhd Malaysia 100 100 Dormant.

Kovan Marine Sdn Bhd Malaysia 100 100 Dormant.

* Not audited by Messrs Crowe Horwath.

7. INVESTMENT IN AN ASSOCIATE


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

Quoted shares in Malaysia, at cost 19,233 – 19,233 –Share of post acquisition profits 71,834 – – –

Share of net assets retainedin an associate 37 91,067 – – –

Share of post acquisition losses (748) – – –

90,319 – 19,233 –

Market value of quoted shares 95,205 – 95,205 –

Share of results in an associate is based on the unaudited financial statements of the associate.

90

7. INVESTMENT IN AN ASSOCIATE (CONT’D)

The details of the associate are as follows:


2009 2008% %

Petra Energy Berhad* Malaysia 29.6 60.0 Investment holding.

* Not audited by Messrs Crowe Horwath.

On 10 September 2009, the Company disposed of 10.5 million ordinary shares of RM0.50 each in PetraEnergy Berhad (“PEB”) at a price of RM1.53 per share via private placement. The aggregate saleconsideration amounted to approximately RM16.1 million, resulting in a loss on disposal of approximatelyRM0.6 million to the Group. After the disposal, the Company’s equity interest in PEB reduced from 60% to54.62%.

On 11 December 2009, the Company disposed of an additional 48.8 million ordinary shares of RM0.50 each inPEB at a price of RM1.91 per share for a sale consideration of approximately RM93.2 million, resulted in again on disposal of approximately RM13.3 million to the Group. As a result of the disposal, the Company’sequity interest in PEB reduced further from 54.62% to 29.59%. Consequently, PEB became an associate of theCompany.

The summarised unaudited financial information of the associate is as follows:

2009RM’000

Assets and liabilitiesNon-current assets 369,073Current assets 344,327

Total assets 713,400

Current liabilities 271,344Non-current liabilities 136,423

Total liabilities 407,767

ResultsRevenue 504,141Net profit for the financial year 15,482


8. PROPERTY, PLANT AND EQUIPMENT

ReclassifiedAs Non-

Disposal of CurrentInterest in Acquisition Assets Held Currency

At A Subsidiary Of A For Sale Translation Depreciation At1.1.2009 Additions Disposals Transfers (Note 37) Subsidiary (Note 20) Difference Charge 31.12.2009RM'000 RM'000 RM'000 RM'000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

The Group

Net Book Value

Vessels 303,632 124,234 (318,351) 452,921 (228,928) – (86,361) (1,717) (24,435) 220,995Vessel equipment 11,325 4,521 (2,486) – – – – (240) (890) 12,230Dry docking 29,622 38,687 – – (14,598) – – (727) (14,369) 38,615Leasehold buildings 6,362 – – – (4,485) – – – (175) 1,702Plant and machinery 3,495 101 (10) – (2,827) – – – (759) –Cabin, field andworkshop equipment 8,393 3,417 – – (6,212) – – 16 (5,502) 112

Motor vehicles 1,650 132 – – (1,124) 31 – 2 (578) 113Office equipment,furniture and fittings 1,367 2,941 (14) – (964) 300 – 4 (799) 2,835

Capital work-in-progress 289,899 354,755 – (452,921) – – – (8,639) – 183,094

Others 3,323 617 (116) – (1,591) 214 – 4 (1,449) 1,002

659,068 529,405 (320,977) – (260,729) 545 (86,361) (11,297) (48,956) 460,698

ReclassifiedAs Non-

Transfer CurrentFrom Assets Held Currency

At Deposits Written For Sale Translation Depreciation At1.1.2008 Additions Disposals (Note 16) Off (Note 20) Difference Charge 31.12.2008RM'000 RM'000 RM'000 RM'000 RM’000 RM’000 RM’000 RM’000 RM’000

The Group

Net Book Value

Vessels 333,123 168,150 (176,797) – – (4,466) 7,794 (24,172) 303,632Vessel equipment – 11,543 – – – – 62 (280) 11,325Dry docking 26,844 19,143 (9,486) – (169) (35) 2,022 (8,697) 29,622Leasehold buildings 6,268 308 – – – – – (214) 6,362Plant and machinery 3,767 626 – – – – – (898) 3,495Cabin, field andworkshop equipment 13,904 228 – – – – 1 (5,740) 8,393

Motor vehicles 1,345 986 (27) – (109) – (2) (543) 1,650Office equipment,furniture and fittings 1,305 595 (6) – (7) – 3 (523) 1,367

Capital work-in-progress 5,554 – – 284,345 – – – – 289,899Others 2,907 1,788 (23) – (7) – 12 (1,354) 3,323

395,017 203,367 (186,339) 284,345 (292) (4,501) 9,892 (42,421) 659,068

92

8. PROPERTY, PLANT AND EQUIPMENT (CONT’D)

At Accumulated Net BookCost Depreciation ValueRM'000 RM'000 RM'000

The Group

At 31.12.2009

Vessels 292,299 (71,304) 220,995Vessel equipment 13,379 (1,149) 12,230Dry docking 67,625 (29,010) 38,615Leasehold buildings 1,860 (158) 1,702Plant and machinery 10 (10) –Cabin, field and workshop equipment 159 (47) 112Motor vehicles 318 (205) 113Office equipment, furniture and fittings 3,872 (1,037) 2,835Capital work-in-progress 183,094 – 183,094Others 2,942 (1,940) 1,002

565,558 (104,860) 460,698

At 31.12.2008

Vessels 388,937 (85,305) 303,632Vessel equipment 11,609 (284) 11,325Dry docking 45,536 (15,914) 29,622Leasehold buildings 9,672 (3,310) 6,362Plant and machinery 13,127 (9,632) 3,495Cabin, field and workshop equipment 31,650 (23,257) 8,393Motor vehicles 4,448 (2,798) 1,650Office equipment, furniture and fittings 5,262 (3,895) 1,367Capital work-in-progress 289,899 – 289,899Others 12,372 (9,049) 3,323

812,512 (153,444) 659,068

At Depreciation At1.1.2009 Additions Transfers Charge 31.12.2009RM'000 RM'000 RM'000 RM'000 RM'000

The Company

Net Book Value

Leasehold buildings 1,739 – – (37) 1,702Office equipment, furnitureand fittings 267 6 – (85) 188

Capital work-in-progress 40,141 2,873 (36,969) – 6,045Others 894 10 1 (303) 602

43,041 2,889 (36,968) (425) 8,537


8. PROPERTY, PLANT AND EQUIPMENT (CONT’D)

TransfersAt From Depreciation At

1.1.2008 Additions Deposits Charge 31.12.2008RM'000 RM'000 RM'000 RM'000 RM'000

The Company

Net Book Value

Leasehold buildings 1,776 – – (37) 1,739Office equipment, furnitureand fittings 282 69 – (84) 267

Capital work-in-progress 5,554 – 34,587 – 40,141Others 1,067 115 – (288) 894

8,679 184 34,587 (409) 43,041

At Accumulated Net BookCost Depreciation Value

The Company RM'000 RM'000 RM'000

At 31.12.2009

Leasehold buildings 1,860 (158) 1,702Office equipment, furniture and fittings 478 (290) 188Capital work-in-progress 6,045 – 6,045Others 1,651 (1,049) 602

10,034 (1,497) 8,537

At 31.12.2008

Leasehold buildings 1,860 (121) 1,739Office equipment, furniture and fittings 472 (205) 267Capital work-in-progress 40,141 – 40,141Others 1,634 (740) 894

44,107 (1,066) 43,041

Capital work-in-progress are in respect of vessels under construction and cranes not ready for commercial useat the balance sheet date.

During the financial year, the Company transferred cranes not ready for commercial use to its subsidiaries attheir net book values.

94

8. PROPERTY, PLANT AND EQUIPMENT (CONT'D)

Included in the net book value of property, plant and equipment of the Group at the balance sheet date arethe following assets acquired under hire purchase terms:

The Group2009 2008RM'000 RM'000

Motor vehicles 113 725

The net book value of the vessels at the balance sheet date pledged as security for the issuance of bonds bythe Group was as follows:

The Group2009 2008

RM'000 RM'000

Vessels, including dry docking expenses capitalised 208,580 222,138

Included in capital work-in-progress is interest expense capitalised during the financial year of RM4,738,997(2008 – RM12,148,316).

9. PREPAID LEASE PAYMENTS

The Group2009 2008

RM'000 RM'000

Cost – 7,908Accumulated amortisation – (633)

Net book value – 7,275

Cost:At 1 January 7,908 7,908Disposal of interest in a subsidiary (Note 37) (7,908) –

At 31 December – 7,908

Accumulated amortisation:At 1 January (633) (504)Amortisation for the financial year (118) (129)Disposal of interest in a subsidiary (Note 37) 751 –

At 31 December – (633)


10. AMOUNTS OWING BY/(TO) SUBSIDIARIES

The Company2009 2008

Interest- Interest- Interest- Interest-Bearing Free Total Bearing Free Total

Note RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Amount owing by:Non-current– without repayment terms (a) 290,601 39,114 329,715 260,044 41,451 301,495

Current– repayable on demand (b) – 4,084 4,084 – 5,009 5,009

Allowance for doubtful debts

At 1 January – (5,001) (5,001) – (5,001) (5,001)Write-back of allowancefor doubtful debts – 944 944 – – –

At 31 December – (4,057) (4,057) – (5,001) (5,001)

– 27 27 – 8 8

290,601 39,141 329,742 260,044 41,459 301,503

Amount owing to:Current– repayable on demand (b) – (95,862) (95,862) – (64,194) (64,194)

(a) The settlement of the non-current amount owing by subsidiaries is neither fixed nor likely to occur in theforeseeable future. As this amount is, in substance, a part of the Company’s net investment in thesubsidiary, it is stated at cost less accumulated impairment losses.

(b) The amounts owing by/(to) the subsidiaries are non-trade in nature, interest-free, unsecured and repayableon demand. The amount is to be settled in cash.

(c) The interest-bearing amounts are subject to interest rates ranging from 3.90% to 5.69% (2008 – 4.90% to7.50%) per annum.

11. AMOUNTS OWING BY/(TO) AN ASSOCIATE


RM'000 RM'00 RM'000 RM'000

Amount owing by:Non-current – – – 51,649Current 51,649 – 51,649 10,000

51,649 – 51,649 61,649

Amount owing to:Current (1,975) – (1,975) –

96

11. AMOUNTS OWING BY/(TO) AN ASSOCIATE (CONT’D)

In the previous financial year, the amount owing by the associate was repayable as follows:

Repayment AmountInstalment No. Repayment Date RM’000

1 1 September 2009 10,0002 1 March 2010 10,0003 1 September 2010 10,0004 1 March 2011 10,0005 1 September 2011 10,0006 1 March 2012 10,0007 1 September 2012 1,649

On 19 March 2010, the Company requested the associate to repay the entire outstanding amount ofRM51,649,000 immediately in view of the material changes in shareholders and directors subsequent to thebalance sheet date. The amount is to be settled in cash.

The amount owing by the associate is non-trade in nature, unsecured and subject to an interest rate of 7.5%(2008 – 7.5%) per annum.

The amount owing to the associate is non-trade in nature, interest-free, unsecured and repayable on demand.

12. DEPOSITS

The deposits are placed with vessel owners for the long lease of vessels for a period of ten years.

13. INTANGIBLE ASSETS

The Group2009 2008

RM'000 RM'000

Goodwill:At 1 January 27,507 22,918Acquisition of interest in a subsidiary 1,434 4,589Disposal of interest in a subsidiary (Note 37) (1,434) –

At 31 December 27,507 27,507

Goodwill has been allocated for impairment testing to the Group’s cash-generating unit (“CGU”).

During the financial year, the Group assessed the recoverable amount of the purchased goodwill, anddetermined that the goodwill is not impaired.

The recoverable amount of a CGU is determined based on the value-in-use calculations. These calculationsuse post-tax cash flow projections based on financial budgets approved by management covering a period offive years.

The key assumptions used for the value-in-use calculations are as follows:

Gross margin 8% – 50%Growth rate 1% – 5%Discount rate 11%

Management determined the budgeted gross margin based on past performance and its expectations of marketdevelopment. The growth rate used is based on the past years’ achievement and the expected contracts to besecured. The discount rates used are pre-tax and reflect specific risks relating to the relevant segments.


14. DEFERRED TAX ASSETS


RM'000 RM'000 RM'000 RM'000

At 1 January 62 47 46 46Recognised in income statements (Note 33) – 15 – –Disposal of interest in a subsidiary (Note 37) (16) – – –

At 31 December 46 62 46 46

The deferred tax assets comprise:


RM'000 RM'000 RM'000 RM'000

Excess of depreciation over capital allowances 46 49 46 46General provision – 13 – –

46 62 46 46

15. INVENTORIES

The Group2009 2008

RM'000 RM'000

At Cost:Raw materials – 479Work-in-progress – 30,602Finished goods – 3,492Goods-in-transit – –Consumable stores 5,533 15,726

5,533 50,299

None of the inventories is carried at net realisable value.

98

16. RECEIVABLES


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

Trade receivables 247,010 270,496 – –Allowance for doubtful debts

At 1 January (9,770) (8,609) – –Addition during the financial year – (1,161) – –Write-back of allowance fordoubtful debts 555 – – –

At 31 December (9,215) (9,770) – –Disposal of interest in a subsidiary 37 (191,526) – – –

Net trade receivables 46,269 260,726 – –

Other receivables, deposits andprepayments 152,181 351,505 38,965 67,222

Transferred to property, plant andequipment (Note 8) – (284,345) – (34,587)

152,181 67,160 38,965 32,635Allowance for doubtful debtsAt 1 January (1,826) (1,764) – –Addition during the financial year – (62) – –

At 31 December (1,826) (1,826) – –Disposal of interest in a subsidiary 37 (75,682) – – –

Net other receivables, deposits andprepayment 74,673 65,334 38,965 32,635

Total receivables 120,942 326,060 38,965 32,635

The Group’s normal trade credit terms range from 30 to 90 days (2008 – 30 to 90 days). Other credit termsare assessed and approved on a case-by-case basis.

The foreign currency exposure profile of the trade and other receivables are as follows:

The Group2009 2008

RM'000 RM'000

United States Dollar 61,343 98,265Singapore Dollar 6,992 745Sterling Pound – 3,367Euro – 908Australian Dollar 361 2,850Others 263 49


17. AMOUNTS OWING BY/(TO) CONTRACT CUSTOMERS

The Group2009 2008

RM'000 RM'000

Contract cost – 31,502Attributable profit – 10,207

– 41,709Progress billings – (44,863)

Amounts owing (to)/by contract customers – (3,154)

The net amount owing (to)/by contract customers comprises the following:

The Group2009 2008

RM'000 RM'000

Amount owing by contract customers – 6,471Amount owing to contract customers – (9,625)

– (3,154)

18. AMOUNTS OWING BY/(TO) RELATED PARTIES


RM'000 RM'000 RM'000 RM'000

Amount owing by:Trade 29,887 – – –Non-trade 8,307 – 259 –

38,194 – 259 –

Amount owing to:Non-trade (236) – (3) –

The normal credit terms for trade amounts range from 60 to 90 days.

The non-trade amounts are unsecured, interest-free and repayable on demand.

The amounts owing are to be settled in cash.

19. FIXED DEPOSITS WITH LICENSED BANKS

The fixed deposits are pledged to the bank for banking facilities granted to the subsidiaries as follows:


RM'000 RM'000 RM'000 RM'000

Fixed deposits pledged as security (Note 39) 144,306 146,522 144,306 144,916

100

19. FIXED DEPOSITS WITH LICENSED BANKS (CONT’D)

The effective interest rates of the fixed deposits at the balance sheet date were as follows:

The Group The Company2009 2008 2009 2008% % % %

Fixed deposits with licensed banks 0.47 to 2.25 0.01 to 3.70 1.35 to 2.25 0.01 to 3.55

The fixed deposits of the Group have maturity periods ranging from 1 day to 182 days (2008 – 1 day to 365days).

The foreign currency exposure profile of the fixed deposits is as follows:


RM'000 RM'000 RM'000 RM'000

United States Dollar 1,455 16,870 – 4,171

20. NON-CURRENT ASSET CLASSIFIED AS HELD FOR SALE

The Group2009 2008

RM’000 RM’000

Reclassified from property, plant and equipment (Note 8)– At cost 86,361 –– At net book value – 4,501

Included in vessel cost was interest expense capitalised during the financial year amounted to RM425,286(2008 – RM1,323,648).

The above relates to vessel which has been contracted for sale during the financial year. The sale wascompleted subsequent to the balance sheet date.

21. SHARE CAPITAL

The Group/The Company2009 2008 2009 2008Number Of Shares RM'000 RM'000'000 '000

Ordinary shares of RM0.50 each:

Authorised 1,000,000 1,000,000 500,000 500,000

Issued and fully paid-up 297,600 297,600 148,800 148,800


22. RESERVES


RM'000 RM'000 RM'000 RM'000

Distributable:Retained profits 352,309 327,456 159,377 58,447

Non-distributable:Share premium 60,377 60,377 60,377 60,377Translation reserve 56 6,860 – –Capital redemption reserve 2,127 2,127 – –

62,560 69,364 60,377 60,377

414,869 396,820 219,754 118,824

Subject to the agreement of the tax authorities, at the balance sheet date, the Company has:

(a) tax-exempt income of approximately RM48,063,055 (2008 – RM17,916,374) available for the purpose ofpaying tax-exempt dividends; and

(b) tax credits under Section 108 of the Income Tax Act, 1967 to frank the payment of dividends ofapproximately RM31,560,266 (2008 – RM34,176,866) out of its retained profits.

At the balance sheet date, the Company has not elected for the single tier tax system. When the tax creditbalance is fully utilised, or by 31 December 2013 at the latest, the Company will automatically move to thesingle tier tax system. Under the single tier tax system, tax on the Company’s profits is a final tax, anddividends distributed to the shareholders will be exempted from tax.

The share premium is not distributable by way of cash dividends and may be utilised in the manner set out inSection 60(3) of the Companies Act 1965.

The capital redemption reserve represents the redemption of the redeemable non-cumulative non-votingpreference shares by a subsidiary.

23. DEFERRED TAXATION

The Group2009 2008

RM'000 RM'000

At 1 January 30,908 25,519Translation differences 14 75Recognised in income statements (Note 33) (1,017) 5,314Acquisition of interest in a subsidiary 40 –Disposal of interest in a subsidiary (Note 37) (27,885) –

At 31 December 2,060 30,908

The deferred tax liabilities are attributable to the following:

The Group2009 2008

RM'000 RM'000

Accelerated capital allowances over depreciation 2,060 31,210General provisions – (406)Others – 104

2,060 30,908

102

24. LONG-TERM BORROWINGS


RM'000 RM'000 RM'000 RM'000

Hire purchase payables (Note 25) 63 280 – –Term loans (Note 26) 227,000 295,000 227,000 295,000

227,063 295,280 227,000 295,000

25. HIRE PURCHASE PAYABLES

The Group2009 2008

RM'000 RM'000

Minimum hire purchase payments:– not later than one year 22 270– later than one year and not later than five years 73 328

95 598Less: Future finance charges (13) (83)

Present value of hire purchase payables 82 515

The net hire purchase payables are repayable as follows:

Current:– not later than one year (Note 29) 19 235

Non-current:– later than one year and not later than five years (Note 24) 63 280

82 515

The hire purchase payables at the balance sheet date bore an effective interest rate of 2.42% (2008 – 2.36%to 5.50%) per annum.

26. TERM LOANS


RM'000 RM'000 RM'000 RM'000

Current portion:– repayable within one year (Note 29) 218,000 155,000 218,000 155,000

Non-current portion:– repayable between one to two years 177,000 95,000 177,000 95,000– repayable between two to five years 50,000 200,000 50,000 200,000

Total non-current portion (Note 24) 227,000 295,000 227,000 295,000

445,000 450,000 445,000 450,000


26. TERM LOANS (CONT’D)

On 30 March 2006, the Company issued RM400,000,000 nominal value secured serial bonds ("Bonds"). TheBonds were issued in 9 series, as follows:

Series Nominal Value Maturity Date Coupon RateRM’000 Per Annum

A 120,000 30 March 2009 6.24%B 35,000 30 September 2009 5.75%C 35,000 30 March 2010 5.90%D 35,000 30 September 2010 6.10%E 35,000 30 March 2011 6.30%F 35,000 30 September 2011 6.55%G 35,000 30 March 2012 6.65%H 35,000 28 September 2012 6.75%I 35,000 29 March 2013 6.85%

The coupon payment is due semi-annually in arrears.

On 3 November 2006, the Company issued RM50,000,000 nominal value medium term notes ("MTN"). Theissuance of MTN was made in 4 series, as follows:

Series Nominal Value Maturity Date Coupon RateRM’000 Per Annum

A 15,000 3 May 2010 5.75%B 10,000 3 November 2010 5.90%C 15,000 3 May 2011 6.10%D 10,000 3 November 2011 6.30%

The coupon payment is due semi-annually in arrears.

The Bonds and MTN are secured against a fixed charge over the shares of certain subsidiaries and anassignment over the revenue generated by certain vessels of the Group and various undertakings by theCompany.

On 27 February 2009 and 3 March 2009, the Company accepted a Syndicated Transferable Term LoanFacilities of up to RM150 million. The loan is repayable as follows:

Coupon RateFacility Tranche Nominal Value Maturity Date Per Annum

RM’000

B 1 15,000 12 March 2010 ECOF+1.50%B 2 15,000 12 March 2011 ECOF+1.75%B 3 45,000 12 March 2012 ECOF+2.00%B 4 60,000 12 March 2013 ECOF+2.25%A 15,000 12 March 2013 ECOF+2.25%

Where ECOF is the respective Lenders’ prevailing 1 month Effective Cost of Funds. The coupon payment isdue monthly in arrears.

The term loans are secured by:

(i) an assignment of inter-company loans due to the Company by the associate;

(ii) a legal assignment of the Company’s rights over the net deposit refund under the charterer depositagreement and memorandum of agreement in relation to certain vessels;

(iii) a charge over the shares of the associate; and

(iv) a charge over an escrow account created for the purpose of setting aside an amount equivalent to atleast 1 month interest and any amount received under the Security.

On 12 February 2010, the Company has prepaid Tranches 3 and 4 of Facility B and partial of Tranche 2 ofFacility B amounted to RM108 million.

104

27. RETIREMENT CONTRIBUTION OBLIGATIONS

The Group operates an unfunded, non-contributory defined contribution retirement scheme ("the Scheme") forits eligible employees. Under the Scheme, eligible employees are entitled to top-up their EPF contribution byan additional 5% of basic salary. This contribution is transferable to the eligible employee's EPF if he/she hasreached the retirement age of 55 years, or upon his/her resignation if he/she has served at least 5 years withthe Company.

The amounts recognised in the balance sheets are determined as follows:


RM'000 RM'000 RM'000 RM'000

Present value of unfunded definedcontribution obligations 280 511 240 231

Analysed as:


RM'000 RM'000 RM'000 RM'000

Current portion:– not later than one year 39 – 39 –

Non-current portion:– later than one year 241 511 201 231

280 511 240 231

The amounts recognised in the income statements are as follows:


RM'000 RM'000 RM'000 RM'000

Provision for retirement contributions 58 177 9 64

Movements in the net liability in the current year were as follows:


RM'000 RM'000 RM'000 RM'000

At 1 January 511 334 231 167Recognised in the income statements:– directors’ remuneration 39 49 20 9– key management personnel 78 128 33 55Over provision in prior years (59) – (44) –Disposal of interest in a subsidiary (289) – – –

At 31 December 280 511 240 231


28. PAYABLES


RM'000 RM'000 RM'000 RM'000

Trade payables 30,025 84,960 – –Other payables and accrualsOther payables 79,680 10,919 3,141 7,504Accruals 15,299 31,920 5,611 7,820Dividend payable 13 12 13 12

Net other payables and accruals 94,992 42,851 8,765 15,336

Total payables 125,017 127,811 8,765 15,336

The normal trade credit terms granted to the Group range from 30 to 90 days.

The foreign currency exposure profile of the trade and other payables are as follows:

The Group2009 2008

RM'000 RM'000

United States Dollar 76,310 17,084Singapore Dollar 11,274 7,320Sterling Pound – 3,103Euro 214 786Australian Dollar 1,069 2,903Others 733 708

29. SHORT-TERM BORROWINGS


RM'000 RM'000 RM'000 RM'000

Bankers’ acceptances – 1,897 – –Bridging loan – 208,000 – 208,000Hire purchase payables (Note 25) 19 235 – –Term loan (Note 26) 218,000 155,000 218,000 155,000Bank overdrafts (Note 39) – 891 – –

218,019 366,023 218,000 363,000

In the previous financial year, the bridging loan was secured by an assignment of the Company's rights underthe charterer deposit agreements or lease agreements or memoranda of agreement or such other agreements(where applicable) in relation to the new vessels to be constructed.

The bridging loan of the Company in the previous financial year bore interest which ranged from 1.00% to1.25% per annum above the 1 month effective cost of funds.

The bankers’ acceptances and bank overdrafts in the previous financial year bore effective interest ratesranging from 4.00% to 4.40% per annum and were secured by the Company’s corporate guarantees.

106

30. NET ASSETS PER ORDINARY SHARE

The net assets per ordinary share is calculated based on the net assets value of RM563,669,000 (2008 –RM545,620,000) divided by the number of ordinary shares in issue at the balance sheet date of 297,600,000(2008 – 297,600,000 shares).

31. REVENUE


RM'000 RM'000 RM'000 RM'000

Contract revenue 65,536 84,178 – –Sales of goods and services 540,148 610,075 – –Dividend income – – 46,209 38,577Management fee – – 1,620 1,620Rental income – – 338 338

605,684 694,253 48,167 40,535

Contract revenue represents the proportionate contract value attributable to work performed. Revenue from saleof goods and services represent the invoiced value of goods sold and services rendered less discounts andreturns.

32. PROFIT BEFORE TAXATION


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

Profit before taxation is arrivedat after charging/(crediting):

Audit fee:– current 338 301 56 35– underprovision in the previous

financial year 13 2 – –Allowance for doubtful debts – 1,223 – –Amortisation of prepaid lease payments 118 129 – –Bad debts written off – 261 – –Bad debts recovered (56) (27) – –Write-back of allowance for doubtful (555) – (944) –Depreciation of property, plant andequipment 8 48,956 42,421 425 409

Directors' remuneration:– fees 40 216 177 177 135– other emoluments 40 1,412 1,051 622 451– benefits-in-kind 40 132 117 82 68– retirement contributions 40 39 49 20 9Hire of equipment 25,757 17,348 – –Interest expense:– bond and MTN 18,416 28,441 22,404 28,441– hire purchase 34 47 – –– bank borrowings 7,320 2,277 7,323 14,356Inventories written off 2 112 – –Lease rental of vessels 61,986 27,992 – –Loss/(Gain) on foreign exchange:– realised 3,184 (769) (309) (1,462)– unrealised (399) 1,781 – –


32. PROFIT BEFORE TAXATION (CONT’D)


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

Preliminary expenses 25 – – –Property, plant and equipmentwritten off – 292 – –

Provision for retirement contributions:– current year 27 78 128 33 55– overprovision in prior years 27 (59) – (44) –Rental of premises 1,792 1,759 366 366Staff costs 142,187 135,479 5,315 4,597Waiver of debts (866) – – –Gain on transfer of equipment – – (554) –Gain on disposal of interestin a subsidiary 37 (12,677) – (86,351) –

Gain on disposal of property,plant and equipment (3,165) (25,053) – (1)

Gain on disposal of non-currentasset classified as held for sale (1,952) – – –

Interest income from:– fixed deposits (3,519) (8,218) (2,058) (5,167)– subsidiaries – – (9,252) (18,498)– associate (326) – (326) –

33. INCOME TAX EXPENSE


RM'000 RM'000 RM'000 RM'000

Current tax expense:– Malaysian tax 8,654 8,749 364 753– Foreign tax 4,663 1,266 173 –

13,317 10,015 537 753– Under/(over)provision in the previous

financial year 51 (411) (306) (97)

13,368 9,604 231 656

Deferred tax assets (Note 14):– relating to origination and recognition

of temporary differences – (15) – –

– (15) – –

Deferred taxation (Note 23):– relating to origination and recognition

of temporary differences (1,017) 5,067 – –– under/(over)provision in the previous

financial year – 247 – –

(1,017) 5,314 – –

12,351 14,903 231 656

108

33. INCOME TAX EXPENSE (CONT'D)

A reconciliation of the income tax expense applicable to the profit before taxation at the statutory tax rates tothe income tax expense at the effective tax rate of the Group and the Company is as follows:


RM'000 RM'000 RM'000 RM'000

Profit before taxation 48,701 119,481 105,625 12,832

Tax at the statutory tax rates of 25%(2008 – 26%) 12,175 31,065 26,406 3,336

Tax effects of:Non-taxable gains (27,486) (26,363) (32,626) (7,838)Non-deductible expenses 31,565 12,817 6,757 5,255Utilisation of previously unrecogniseddeferred tax assets (3,702) (1,747) – –

Under/(over)provision of current taxin the previous financial year 51 (411) (306) (97)

Underprovision of deferred taxin the previous financial year – 247 – –

Changes in tax rates on opening balanceof deferred tax – (143) – –

Differential in tax rates (252) (562) – –

Tax for the financial year 12,351 14,903 231 656

34. EARNINGS PER SHARE

The basic earnings per share (“EPS”) is arrived at by dividing the Group’s profit attributable to the equityholders of the Company of RM29,317,000 (2008 – RM87,668,000) by the number of ordinary shares in issueduring the financial year of 297,600,000 (2008 – 297,600,000 ordinary shares).

The diluted earnings per share was not applicable as there were no dilutive potential ordinary sharesoutstanding at the balance sheet date.

35. DIVIDENDS

The Group/The Company2009 2008

RM'000 RM'000Paid:First and final dividend of 2.0 sen (2008 – 2.0 sen)per ordinary share of RM0.50 each less tax of 25%(2008 – 26%) in respect of the previous financial year 4,464 4,405

Special dividend of Nil (2008 – 0.5 sen) per ordinary shareof RM0.50 each less tax of 25% (2008 – 26%)in respect of the previous financial year – 1,101

4,464 5,506

At the forthcoming Annual General Meeting, a final dividend of 2.0 sen per ordinary share of RM0.50 each,less tax of 25% in respect of the financial year ended 31 December 2009 (2008 – a final dividend of 2.0 senper ordinary share of RM0.50 each, less tax of 25% tax) amounting to RM4,464,000 (2008 – RM4,464,000)will be proposed for shareholders’ approval.

The financial statements do not reflect the final dividend which will be accrued as a liability only upon approvalby the shareholders.


36. INCORPORATION OF SUBSIDIARIES

The subsidiaries incorporated by the Group during the year ended 31 December 2009 are as follows:

Group’s Effective IncorporationName of Subsidiaries Interest (%) Date

Perdana Jupiter Ltd 100 12 May 2009Perdana Neptune Ltd 100 23 June 2009Perdana Pluto Ltd 100 12 August 2009Perdana Saturn Ltd 100 12 August 2009

37. SUMMARY OF EFFECTS ON DISPOSAL OF A SUBSIDIARY

GroupNet Effective Effective

Incidental Sales Interest DisposalSubsidiary Consideration Costs Proceeds Disposed Date

RM’000 RM’000 RM’000 (%)

PEB 16,065 (218) 15,847 5.38 10 September 2009PEB 93,208 (2,937) 90,271 25.03 11 December 2009

109,273 (3,155) *106,118 30.41

The details of the assets, liabilities and net cash inflows arising from the disposal of interest in a subsidiary areas follows:

The Group/The Company

2009Note RM’000

Property, plant and equipment 8 260,729Prepaid lease payments 9 7,157Investment in associate 40Intangible assets 13 1,434Deferred tax assets 14 16Deferred taxation 23 (27,885)Cash and cash equivalents 45,356Trade receivables 16 191,526Other receivables 16 75,682Other net current liabilities (245,133)Other non-current liabilities (534)

Shareholders’ fund 308,388Less: Minority interests (123,880)Less: Share of net assets retained in an associate 7 (91,067)

Net assets disposed 93,441Gain on disposal of interest in a subsidiary 32 12,677

Net sales proceeds received * 106,118Less: cash and cash equivalents of a subsidiary disposed of (45,356)

Net cash inflow on disposal of interest in a subsidiary 60,762

110

38. PURCHASE OF PROPERTY, PLANT AND EQUIPMENT


RM'000 RM'000 RM'000 RM'000

Cost of property, plant and equipmentpurchased 529,405 203,367 2,889 184

Amount financed through hire purchase (96) (132) – –

Cash disbursed for the purchase of property,plant and equipment 529,309 203,235 2,889 184

39. CASH AND CASH EQUIVALENTS

For the purpose of the cash flow statements, cash and cash equivalents comprise the following:


RM'000 RM'000 RM'000 RM'000

Cash and bank balances 21,288 33,348 8,270 781Fixed deposits with licensed banks 158,437 337,423 152,392 215,236Bank overdrafts (Note 29) – (891) – –

179,725 369,880 160,662 216,017Less: Fixed deposits pledged as security(Note 19) (144,306) (146,522) (144,306) (144,916)

35,419 223,358 16,356 71,101

The foreign currency exposure profile of the cash and bank balances are as follows:


RM'000 RM'000 RM'000 RM'000

United States Dollar 19,313 13,482 6,947 32Singapore Dollar 779 2,213 – –Australian Dollar 1,145 1,668 – –Others 10 17 – –


40. DIRECTORS’ REMUNERATION

The aggregate amount of remuneration received and receivable from the Group by directors of the Companyduring the financial year are as follows:


RM'000 RM'000 RM'000 RM'000

Executive Directors:– fee 126 114 87 72– non-fee emoluments 1,451 1,100 642 460

1,577 1,214 729 532

Independent Non-Executive Directors:– fee 90 63 90 63

Total directors’ remuneration 1,667 1,277 819 595Estimated money value of benefits-in-kind 132 117 82 68

Total directors’ remuneration includingbenefits-in-kind 1,799 1,394 901 663

The number of directors of the Company whose total remuneration received/receivable from the Group duringthe financial year fell within the following bands is analysed below:

Number Of DirectorsThe Group The Company

2009 2008 2009 2008

Executive Directors:Below RM50,000 – – 1 1RM250,001 – RM300,000 1 1 1 –RM500,001 – RM550,000 1 – 1 1RM900,001 – RM950,000 1 – – –RM1,050,000 – RM1,100,000 – 1 – –

3 2 3 2

Independent Non-Executive Directors:Below RM50,000 3 3 3 3

6 5 6 5

112

41. RELATED PARTY DISCLOSURES

The Group has related party relationships with:

(a) its subsidiaries, as disclosed in Note 6 to the financial statements; and

(b) key management personnel of the Group.

The Group carried out the following transactions with the related parties during the financial year:


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

Dividend from subsidiaries – – 46,209 38,577Interest and finance chargesfrom subsidiaries – – 9,252 18,498

Charter income from related parties 6,084 – – –Interest and finance chargesfrom an associate 326 – 326 –

Rental income from subsidiaries – – 323 338Rental income from an associate 15 – 15 –Management fee from subsidiaries – – 1,485 1,620Management fee from an associate 135 – 135 –Handling fee charged by a subsidiary – – 596 25Retainer fee paid to a related party (i) 39 78 39 78Key management personnelcompensation

– short-term employee benefits 6,412 6,210 1,957 2,026– post employment benefits 27 58 177 9 64

Note:

(i) A company in which a director of a subsidiary has substantial financial interests.

The details of the outstanding amounts with the subsidiaries, associate and related parties are disclosed inNotes 10, 11 and 18 to the financial statements.

42. CAPITAL COMMITMENT


RM'000 RM'000 RM'000 RM'000

Approved and contracted for:– Purchase of property, plant and equipment 448,660 791,640 10,747 24,739


43. CONTINGENT LIABILITIES


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

Unsecured:Corporate guarantee givento licensed banks andfinancial institutionsfor credit facilitiesgranted to subsidiaries – – – 38,985

Corporate guarantee givento licensed banksand financial institutionsfor credit facilities grantedto related parties 32,233 – 32,233 –

Bank guarantee grantedto third parties forbenefit of a subsidiary 2,591 – 2,591 –

Performance guaranteeextended by subsidiariesto third parties 5 48,922 – –

Claim for goods andservices rendered (a) – 1,072 – –

34,829 49,994 34,824 38,985

(a) In the previous financial year, a third party filed a Writ of Summons and Statement of Claim for a totalsum of RM1,071,899 against PEB Group on 24 September 2003 for goods and services rendered. PEBGroup filed a Defence and Counter-claim for a sum amounting to approximately RM2,000,000 being therectification cost incurred against the third party. The case was closed on 5 October 2009 by a counsel ofPEB Group and the Judge has given directions for written submissions. The contingent liability was nolonger with the Group as PEB was no longer a subsidiary of the Company with effect from 11 December2009.

44. LEASE COMMITMENTS

The Group2009 2008

RM'000 RM'000

Lease rentals payable:

Within one year 97,958 63,545Within two to five years 365,329 296,473Within six to ten years 342,955 320,173

806,242 680,191

The lease rental payable is in respect of lease agreements entered into by subsidiaries for lease of vessels fora period of 10 years and for office and warehouse.

114

45. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

The details of the significant events during the financial year are as follows:

(i) On 10 February 2009, Petra Offshore Limited (“POL”) entered into two separate Memoranda ofAgreements (“MOA”) to dispose of two crew boats namely IOS Comfort 1 and IOS Comfort 2 for aconsideration of USD1.125 million and USD1 million respectively. Both disposals were completed on26 March 2009.

(ii) On 27 February 2009 and 3 March 2009, the Company accepted a Syndicated Transferable Term LoanFacilities of up to RM150 million for the purpose of refinancing the existing bridging loans of RM240million.

(iii) On 8 May 2009, POL entered into a MOA to dispose of the workboat namely IOS Jaguar for aconsideration of USD5.25 million. The said disposal was cancelled on 19 August 2009 as the terms of theMOA was not fulfilled. The 10% deposit together with interest earned were forfeited pursuant to the termsof the MOA.

(iv) On 12 May 2009, Perdana Jupiter Limited was incorporated under the Labuan Companies Act 1990 withan issued and paid up capital of USD1.00 divided into 1 ordinary share of USD1.00 to carry out leasingbusiness in Labuan.

(v) On 28 May 2009, Perdana Venus Limited (“PVL”) entered into a MOA with Mount Santubong LLC todispose of two vessels, namely Petra Voyager and Petra Expedition for a consideration of USD27.75million each. Perdana Mercury Ltd (“PML”) entered into a Bareboat Charter with Mt Santubong LLC toleaseback the said vessels for a period of 120 months commencing from the respective dates of deliveryof the two vessels.

(vi) On 23 June 2009, Perdana Neptune Limited was incorporated under the Labuan Companies Act 1990with an issued and paid-up capital of USD1.00 divided into 1 ordinary share of USD1.00 for the intendedpurpose of operating as a vessel owner and undertaking the business of leasing of vessels.

(vii) On 26 June 2009, PVL entered into MOA to dispose of 3 vessels namely Petra Orbit, Petra Galaxy andPetra Endeavour to Petra Innotech Sdn Bhd (“PISB”) for a consideration of RM58.4 million, RM58.4million and RM96.6 million respectively.

On 25 September 2009, 3 MOA for the 3 vessels above had been entered into by Petra Teknik Sdn Bhd(“PTSB”) to facilitate the registration of the vessels in Malaysia pursuant to the requirements of thecontract awarded by Sarawak Shell Berhad/Sabah Shell Petroleum Company Limited (“SHELL”) to PetraResources Sdn Bhd (“PRSB”), a wholly-owned subsidiary of Petra Energy Berhad (“PEB”), for the hook-up, commissioning and major maintenance to SHELL for its offshore oil and gas facilities located in Sabahand Sarawak waters.

The proposed disposal was approved by the shareholders at the Extraordinary General Meeting held on9 November 2009. The disposal for Petra Orbit and Petra Galaxy was completed on 30 November 2009upon delivery of the vessels and the registration of ownerships.

(viii) On 12 August 2009, Perdana Saturn Limited and Perdana Pluto Limited were incorporated under theLabuan Companies Act 1990 with an issued and paid up capital of USD1.00 each divided into 1 ordinaryshare of USD1.00 for the intended purpose of operating as a vessel owner and undertaking the businessof leasing of vessels.

(ix) On 10 September 2009, the Company disposed of 10.5 million ordinary shares of RM0.50 each in PEB ata price of RM1.53 per share via private placement. The aggregate sale consideration amounted toapproximately RM16.1 million.

(x) On 11 September 2009, the Company accepted a letter of guarantee facility of RM40 million for a tenureof 3 months.

(xi) On 25 September 2009, Perdana Marine Offshore Pte Ltd (“PMO”) entered into a MOA with PT PelayaranTamarin Samudra to dispose of the workbarge, namely Petra Charlie for a consideration of USD2.65million. The disposal was completed on 29 October 2009.


45. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONT’D)

(xii) On 11 December 2009, the Company disposed of an additional 48.8 million ordinary shares of RM0.50each in PEB at a price of RM1.91 per share for a sale consideration of approximately RM93.2 million.The divestment resulted in the Company holding a 29.59% equity interest in PEB and hence, PEB is nolonger a subsidiary of the Company.

(xiii) On 24 December 2009, the Company announced that an Interim Ex-Parte Order by the High Court ofMalaya to restrain Petra Perdana Berhad, TA Securities Holdings Berhad, Y.M. Tengku Dato’ Ibrahim Petrabin Tengku Indra Petra (“TIP”) and other 3 directors from divesting the remaining 29.59% shares held bythe Company in PEB until Encik Shamsul bin Saad (“the Plaintiff”) requisitions an Extraordinary GeneralMeeting of the Company’s shareholders and/or until final disposal of the Suit, whichever earlier.

The application to strike out the Suit by TIP and Datin Nariza Hajjar Hashim was filed on 14 January2010 while the application to strike out the Suit by Wong Fook Heng and Tiong Young Kong was filed on15 January 2010, both with the Commercial High Court, Kuala Lumpur.

Further to the above application to strike out the Suit, the High Court has on 18 February 2010 dismissedthe application to strike out the action and the matter will proceed to full trial.

The application for Injunction against the Company is now fixed for mention on 3 June 2010 to enable theCompany and the plaintiff to consider options on how to deal with the Company’s shares in PEB.

46. SIGNIFICANT EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE

The details of the significant events subsequent to the balance sheet date are as follows:

(i) Intra Oil Services Berhad (“IOS”) has taken legal action against Encik Shamsul bin Saad and Asia MarinePte Ltd (“AMPL”) in Kuala Lumpur High Court via Suit No. D-27NCC-2-2010 (“Suit”) on 2 February 2010in relation to the entry of the Broker’s (Commission) Agreement dated 9 March 2009 (“BCA”). In the Suit,IOS contends, amongst others, that Encik Shamsul has breached his fiduciary duties and/or obligationsowed to IOS as payments have been made prior to the BCA being signed.

On 23 February 2010, the Board of Directors of the Company announced that the Board of Directors ofIOS, save for En Shamsul bin Saad who has abstained from deliberation and voting on the matter, hadreviewed the legal suit taken by IOS under Kuala Lumpur High Court Suit No. D-27NCC-2-2010 againstShamsul bin Saad and AMPL and found the legal suit to be completely baseless. IOS had instructed itssolicitors to withdraw the legal suit. The “Notis Pemberhentian” has been filed with the Kuala Lumpur HighCourt on the same day.

(ii) On 9 February 2010, the Company announced that Petra Endeavour has delivered to PISB and PISB isthe registered owner of the said vessel. The disposal was completed on 27 January 2010.

(iii) On 12 February 2010, the Company has prepaid Tranche 3 and 4 of Facility B and partial of Tranche 2of Facility B (RM150 million Transferable term loan) amounted to RM108 million.

(iv) On 18 March 2010, IOS accepted a Commodity Murabahah Term Financing-i facility of USD14.48 millionto finance the acquisition of one unit workboat namely Petra Sovereign for a period of five years.

(v) On 19 March 2010, the Company requested the associate company to repay all the outstanding amountowing by the associate company immediately.

47. FOREIGN EXCHANGE RATES

The applicable closing foreign exchange rates used (expressed on the basis of one unit of foreign currency toRM equivalent) for the translation of foreign currency balances at the balance sheet date are as follows:

The Group/The Company2009 2008RM RM

United States Dollar 3.4295 3.4755Singapore Dollar 2.4408 2.4143Sterling Pound – 5.0230Euro 4.9185 4.9125Australian Dollar 3.0700 2.4040

116

48. SEGMENTAL REPORTING

(a) Primary Reporting Format – Business Segment

2009 IntegratedBrown Field

Marine EngineeringOffshore andSupport Maintenance InvestmentServices Services Holding Elimination GroupRM’000 RM’000 RM’000 RM’000 RM’000

REVENUEExternal revenue 227,618 377,916 150 – 605,684Inter-segment revenue 177,689 159 48,017 (225,865) –

405,307 378,075 48,167 (225,865) 605,684

RESULTSSegment results 36,113 37,126 134,874 (125,969) 82,144Finance costs (1,435) (7,739) (32,964) 9,443 (32,695)Share of results froman associate – (748) – – (748)

Profit before taxation 34,678 28,639 101,910 (116,526) 48,701

Income tax expense (12,351)

Profit after taxation 36,350

ASSETSSegment assets 730,827 – 820,598 (415,391) 1,136,034

Unallocated corporate assets 5,103

Consolidated total assets 1,141,137

LIABILITIESSegment liabilities 339,003 – 457,939 (224,352) 572,590

Unallocated corporate liabilities 4,298

Consolidated total liabilities 576,888

Capital expenditure– Property, plant and

equipment 383,090 143,415 2,900 – 529,405Depreciation 33,577 14,937 442 – 48,956Amortisation of prepaidlease payments – 118 – – 118


48. SEGMENTAL REPORTING (CONT’D)

(a) Primary Reporting Format – Business Segment (cont’d)

2008 IntegratedBrown Field

Marine EngineeringOffshore andSupport Maintenance InvestmentServices Services Holding Elimination GroupRM’000 RM’000 RM’000 RM’000 RM’000

REVENUEExternal revenue 219,526 474,727 – – 694,253Inter-segment revenue 149,706 73 40,535 (190,314) –

369,232 474,800 40,535 (190,314) 694,253

RESULTSSegment results 102,042 59,198 56,725 (65,740) 152,225

Finance costs (474) (6,995) (43,773) 18,498 (32,744)

Profit before taxation 101,568 52,203 12,952 (47,242) 119,481

Income tax expense (14,903)

Profit after taxation 104,578

ASSETSSegment assets 818,912 500,698 1,029,749 (860,914) 1,488,445

Unallocated corporate assets 7,207

Consolidated total assets 1,495,652

LIABILITIESSegment liabilities 412,863 146,312 801,776 (561,701) 799,250

Unallocated corporate liabilities 32,620

Consolidated total liabilities 831,870

Capital expenditure– Property, plant and

equipment 199,578 3,592 197 – 203,367Depreciation 26,969 15,000 452 – 42,421Amortisation of prepaidlease payments – 129 – – 129

118

48. SEGMENTAL REPORTING (CONT’D)

(b) Secondary Reporting Format – Geographical Segment

Segment Revenue Total Assets Capital Expenditure2009 2008 2009 2008 2009 2008

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Malaysia 495,403 605,315 723,227 1,119,719 172,604 27,437Singapore 43,091 38,475 25,358 30,059 381 1,468British Virgin Islands – 53 238 398 – –Marshall Islands 59,766 41,881 389,447 340,893 356,404 174,396Australia 7,424 8,529 2,867 4,583 16 66

605,684 694,253 1,141,137 1,495,652 529,405 203,367

49. FINANCIAL INSTRUMENTS

i) Off Balance Sheet Financial Instruments

Foreign Currency Contracts

The Group entered into forward foreign exchange contracts as a hedge for its confirmed sales andpurchases in foreign currencies. The purpose of hedging is to protect the Group against unfavourablemovements in the exchange rates. Gains or losses from changes in the fair value of foreign currencycontracts offset the corresponding losses or gains on the receivables and payables covered by theinstrument and where the foreign exchange contracts are used to hedge against anticipated futuretransactions, gains and losses are not recognised until the transaction occurs.

As at 31 December 2009, the Group’s outstanding foreign currency contracts were as follows:

Contract EquivalentCurrency Amount Amount

RM’000 RM’000

Forex Option Contract – BuySGD 3,950 9,638

These contracts are short term in nature and the majority are due to mature within the next six months.

There is minimal credit risk as these contracts are entered into with licensed financial institutions. There isno cash requirement for these instruments other than a nominal fee.

ii) Fair Values of Financial Instruments

Fair value is defined as the amount at which the financial instrument could be exchanged in a currenttransaction between knowledgeable willing parties in an arm’s length transaction, other than in a forcedsale or liquidation.

The following methods and assumptions are used to estimate the fair value of each class of financialassets and liabilities of the Group:

(a) Bank Balances, Other Liquid and Other Short-Term Receivables/Payables

The carrying amounts approximated their fair values due to the relatively short-term maturity of theseinstruments.


49. FINANCIAL INSTRUMENTS (CONT’D)

ii) Fair Values of Financial Instruments (cont’d)

(b) Hire Purchase Payables

The carrying amounts approximated the fair values of these instruments. The fair values of hirepurchase payables are determined by discounting the relevant cash flows using the current interestrates at the balance sheet date.

(c) Long-Term Receivables and Long-Term Borrowings

The fair values of long-term receivables and long-term borrowings are determined by discounting therelevant cash flows using the current interest rates at the balance sheet date.

(d) Fair Values

The carrying amounts of the financial assets and liabilities of the Group at the balance sheet dateapproximated their fair values except for the following:

The Group The CompanyCarrying Fair Carrying Fair

Note Amount Value Amount ValueRM’000 RM’000 RM’000 RM’000

At 31 December 2009

Non-currentAmount owing by subsidiaries:– without repayment terms 10 – – 329,715 *Deposits 12 75,106 63,190 – –Term loans 26 227,000 201,739 227,000 201,739

At 31 December 2008

Non-currentAmount owing by subsidiaries:– without repayment terms 10 – – 301,495 *Amount owing by an associate 11 – – 51,649 50,513Deposits 12 36,493 28,492 – –Term loans 26 295,000 291,387 295,000 291,387

* It is not practicable to estimate the fair value of the amount owing by subsidiaries as therepayment terms are neither fixed nor likely to occur in the foreseeable future. However, theCompany does not anticipate the carrying amount recorded at the balance sheet date to besignificantly different from the value that would be eventually received.

120

49. FINANCIAL INSTRUMENTS (CONT’D)

(d) Fair Values (cont’d)

The notional amount and the net fair value of financial instruments not recognised in the balance sheetsare as follows:

The Group The CompanyNotional Fair Notional Fair

Note Amount Value Amount ValueRM’000 RM’000 RM’000 RM’000

At 31 December 2009

Corporate guarantee givento licensed banksand financial institutionsfor credit facilities grantedto related parties 43 32,233 * 32,233 *

Bank guarantee grantedto third parties forbenefit of a subsidiary 43 2,591 * 2,591 *

Performance guaranteeextended by subsidiariesto third parties 43 5 * – –

Foreign currencyforward contract 9,638 9,641 – –

At 31 December 2008

Corporate guarantee givento licensed banksand financial institutionsfor credit facilities grantedto subsidiaries 43 – – 38,985 *

Performance guaranteeextended by subsidiariesto third parties 43 48,922 * – –

Claim for goods andservices rendered 43 1,072 # – –

Foreign currencyforward contract 533 38 – –

* The fair value of the contingent liability is estimated to be minimal as the subsidiaries and relatedparties are expected to fulfill their obligations to repay their borrowings.

# It is not practicable to estimate the fair value of the liability reliably due to uncertainties of timing,costs and eventual outcome.


50. COMPARATIVE FIGURES

The following comparative figures have been reclassified to conform with the presentation of the currentfinancial year:

The Group The CompanyAs As

As Previously As PreviouslyRestated Reported Restated ReportedRM'000 RM'000 RM'000 RM'000

Balance Sheet (Extract):Non-Current AssetsAmount owing by subsidiaries – – 301,495 353,144Amount owing by an associate – – 51,649 –Deposits 36,493 – – –

Current AssetsAmount owing by subsidiaries – – 8 10,008Amount owing by an associate – – 10,000 –Receivables 326,060 362,553 – –

Cash Flow Statements (Extract):Net cash from operating activities 125,445 92,936 – –Net cash for investing activities 79,968 47,459 – –

122

Laporan Para Pengarah 123

Kenyataan oleh Para Pengarah 127

Perakuan Berkanun 127

Laporan Juruaudit Bebas 128

Kunci Kira-Kira 130

Penyata Pendapatan 132

Penyata Perubahan dalam Ekuiti 133

Penyata Aliran Tunai 134

Nota-Nota kepada Penyata Kewangan 136

penyata kewangan

123Petra Perdana Berhadlaporan tahunan 2009

Para pengarah dengan ini membentangkan laporan mereka dan penyata kewangan teraudit Kumpulan dan Syarikatbagi tahun kewangan berakhir 31 Disember 2009.

KEGIATAN UTAMA

Syarikat pada dasarnya merupakan sebuah syarikat pemegangan pelaburan dan juga terlibat dalam penyediaanperkhidmatan pentadbiran dan pengurusan kepada anak-anak syarikatnya. Kegiatan utama anak-anak syarikatdinyatakan dalam Nota 6 kepada penyata kewangan. Tidak ada perubahan ketara dalam sifat kegiatan ini dalamtahun kewangan.

KEPUTUSAN-KEPUTUSAN

Kumpulan SyarikatRM'000 RM'000

Keuntungan selepas cukai boleh dikaitkan kepada pemegang-pemegang ekuiti Syarikat 29,317 105,394

DIVIDEN

Sejak akhir tahun kewangan yang lepas, Syarikat membayar dividen pertama dan akhir sebanyak 2.0 sen setiapsaham biasa bernilai RM0.50 sesaham, tolak cukai pada 25% ke atas 297,600,000 saham biasa masing-masingberjumlah RM4,464,000 berhubung dengan tahun kewangan berakhir 31 Disember 2008.

Bagi tahun kewangan semasa, para pengarah mencadangkan bayaran dividen akhir sebanyak 2.0 sen setiapsaham biasa bernilai RM0.50 sesaham, tolak cukai pada 25% berjumlah RM4,464,000 untuk diluluskan olehpemegang-pemegang saham pada Mesyuarat Agung Tahunan yang akan datang.

RIZAB DAN PERUNTUKAN

Semua pemindahan material kepada atau daripada rizab atau peruntukan dalam tahun kewangan dinyatakan dalampenyata kewangan.

TERBITAN SAHAM DAN DEBENTUR

Dalam tahun kewangan,

(a) tidak ada perubahan dalam modal saham Syarikat yang diterbitkan dan berbayar yang dibenarkan; dan

(b) tidak ada terbitan debentur oleh Syarikat.

OPSYEN DIBERIKAN KE ATAS SAHAM TIDAK DITERBITKAN

Dalam tahun kewangan, tiada opsyen telah diberikan oleh Syarikat kepada mana-mana orang untuk mengambilmana-mana saham tidak diterbitkan dalam Syarikat.

HUTANG LAPUK DAN RAGU

Sebelum penyata kewangan Kumpulan dan Syarikat dibuat, para pengarah mengambil langkah-langkah munasabahuntuk memastikan bahawa tindakan telah diambil berhubung dengan penghapusan kira hutang lapuk dan membuatperuntukan bagi hutang ragu, dan mereka berpuas hati bahawa semua hutang lapuk diketahui telah dihapus kiradan peruntukan secukupnya telah dibuat bagi hutang ragu.

Pada tarikh laporan ini, para pengarah tidak menyedari tentang sebarang keadaan yang akan selanjutnyamemerlukan penghapusan kira hutang ragu, atau peruntukan tambahan bagi hutang ragu dalam penyata kewanganKumpulan dan Syarikat.

Laporan Para Pengarah

124

ASET SEMASA

Sebelum penyata kewangan Kumpulan dan Syarikat dibuat, para pengarah telah mengambil langkah-langkahmunasabah untuk memastikan bahawa sebarang aset semasa selain daripada hutang, yang tidak mungkin dapatdirealisasikan dalam urusan biasa perniagaan, termasuk nilainya sebagaimana ditunjukkan dalam rekod-rekodperakaunan Kumpulan dan Syarikat, telah dikurangkan nilai kepada jumlah yang mana ia dijangka dapatdirealisasikan.

Pada tarikh laporan ini, para pengarah tidak menyedari tentang sebarang keadaan yang mungkin menjadikan nilaiboleh dikaitkan kepada aset semasa dalam penyata kewangan mengelirukan.

KAEDAH PENILAIAN

Pada tarikh laporan ini, para pengarah tidak menyedari mengenai sebarang keadaan yang telah timbul yangmembawa kepada pematuhan kepada kaedah penilaian sedia ada aset atau liabiliti Kumpulan dan Syarikatmengelirukan atau tidak munasabah.

LIABILITI LUAR JANGKAAN DAN LAIN-LAIN LIABILITI

Liabiliti luar jangkaan dinyatakan dalam Nota 43 kepada penyata kewangan. Pada tarikh laporan ini, tidak wujud:

(a) sebarang perubahan ke atas aset Kumpulan dan Syarikat yang timbul sejak akhir tahun kewangan yangmenjamin liabiliti mana-mana orang lain; atau

(b) sebarang liabiliti luar jangkaan Kumpulan dan Syarikat yang timbul sejak akhir tahun kewangan.

Tiada liabiliti luar jangkaan atau lain-lain liabiliti Kumpulan dan Syarikat telah menjadi boleh dikuatkuasakan atauberkemungkinan akan menjadi boleh dikuatkuasakan dalam tempoh dua belas bulan selepas akhir tempohkewangan yang, pada pendapat para pengarah, akan atau mungkin menjejaskan dengan ketara keupayaanKumpulan dan Syarikat untuk memenuhi tanggungannya apabila tiba masanya.

PERUBAHAN KEADAAN

Pada tarikh laporan ini, para pengarah tidak menyedari tentang sebarang keadaan yang jika tidak diambil kiradalam laporan ini atau penyata kewangan Kumpulan dan Syarikat yang akan menjadikan sebarang jumlahdinyatakan dalam penyata kewangan mengelirukan.

PERKARA-PERKARA LUAR BIASA

Keputusan operasi Kumpulan dan Syarikat dalam tahun kewangan, pada pendapat para pengarah, tidak terjejasdengan ketaranya oleh mana-mana perkara, urus niaga atau peristiwa yang bersifat material dan luar biasa.

Tidak timbul dalam selang masa antara akhir tahun kewangan dan tarikh laporan ini mana-mana perkara, urusniaga atau peristiwa yang bersifat material dan luar biasa, pada pendapat para pengarah, menjejaskan denganketara keputusan operasi Kumpulan dan Syarikat bagi tahun kewangan.

SKIM OPSYEN SAHAM KAKITANGAN ("ESOS")

ESOS Kumpulan telah diluluskan oleh Suruhanjaya Sekuriti pada 16 Ogos 2001 dan akan berkuat kuasa untuktempoh selama 10 tahun bermula dari 12 Mac 2002.

ESOS telah diluluskan oleh pemegang-pemegang saham pada Mesyuarat Agung Luar Biasa yang diadakan pada31 Januari 2002.

Dalam tahun kewangan, tiada opsyen di bawah ESOS telah diberikan.


PARA PENGARAH

Para pengarah yang menyandang jawatan sejak tarikh laporan terakhir adalah seperti berikut:

Shamsul Bin Saad (Dilantik pada 1.7.2009)Ganesan A/L Sundaraj (Dilantik pada 4.2.2010)Surya Hidayat Bin Abdul Malik (Dilantik pada 4.2.2010)Koh Pho Wat (Dilantik pada 4.2.2010)Dato’ Kho Poh Eng (Dilantik pada 4.2.2010)Raja Anuar Bin Raja Abu Hassan (Dilantik pada 18.3.2010)Idris Bin Zaidel (Dilantik pada 23.4.2010)Y.M. Tengku Dato' Ibrahim Petra Bin Tengku Indra Petra (Disingkir pada 4.2.2010)Datin Nariza Hajjar Hashim (Disingkir pada 4.2.2010)Ahmad Bin Haji Mohd Sharkan (Meletak Jawatan pada 28.2.2010)Wong Fook Heng (Disingkir pada 4.2.2010)Tiong Young Kong (Disingkir pada 4.2.2010)

KEPENTINGAN PARA PENGARAH

Menurut daftar pemegangan saham para pengarah, kepentingan para pengarah yang memegang jawatan padaakhir tahun kewangan dalam saham-saham dalam Syarikat dalam tahun kewangan adalah seperti berikut:

Bilangan Saham Biasa bernilai RM0.50 sesahamPada 1.1.2009/

Tarikh PadaPelantikan Dibeli Dijual 31.12.2009

Syarikat

Kepentingan LangsungShamsul Bin Saad 8,425,000 – – 8,425,000Y.M. Tengku Dato' IbrahimPetra Bin Tengku Indra Petra 5,368,436 – – 5,368,436

Datin Nariza Hajjar Hashim 108,016 – (15,000) 93,016Ahmad Bin Haji Mohd Sharkan 59,996 – – 59,996Wong Fook Heng 2,066,820 – – 2,066,820Tiong Young Kong 2,217,760 – (2,116,000) 101,760

Dianggap BerkepentinganY.M. Tengku Dato' IbrahimPetra Bin Tengku Indra Petra 33,155,008 – (15,000) 33,140,008

Datin Nariza Hajjar Hashim 38,415,428 – – 38,415,428Tiong Young Kong 468,000 – (468,000) –

Selaras dengan kepentingan langsung dan tidak langsung mereka dalam Syarikat, Y.M. Tengku Dato’ Ibrahim PetraBin Tengku Indra Petra dan Datin Nariza Hajjar Hashim adalah dianggap mempunyai kepentingan dalam saham-saham syarikat berkaitan Syarikat sehingga tahap Syarikat mempunyai kepentingan selaras dengan Seksyen 6AAkta Syarikat 1965.

MANFAAT PENGARAH

Sejak akhir tahun kewangan yang lepas, tiada pengarah telah menerima atau layak untuk menerima sebarangmanfaat (selain daripada manfaat yang termasuk dalam agregat jumlah emolumen yang diterima atau terhutang danboleh diterima oleh para pengarah sebagaimana ditunjukkan dalam penyata kewangan, atau gaji tetap kakitangansepenuh masa Syarikat) atas alasan kontrak yang dibuat oleh Syarikat atau syarikat berkaitan dengan pengarahatau dengan firma yang mana pengarah merupakan seorang ahli, atau dengan syarikat dalam mana pengarahmempunyai kepentingan kewangan yang besar kecuali bagi mana-mana manfaat yang mungkin dianggap telahtimbul daripada urus niaga yang dimasuki dalam urus niaga perniagaan dengan pihak-pihak berkaitan sebagaimanadikemukakan dalam Nota 41 kepada penyata kewangan.

Sepanjang tahun kewangan mahupun pada akhir tahun kewangan Syarikat atau anak-anak syarikatnya tidak terlibatdalam mana-mana pengaturan yang bertujuan untuk membolehkan para pengarah mendapat manfaat melalui carapemerolehan saham dalam atau debentur Syarikat atau mana-mana badan korporat yang lain.

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PERISTIWA-PERISTIWA PENTING DALAM TAHUN KEWANGAN

Peristiwa-peristiwa penting sepanjang tahun kewangan Kumpulan dan Syarikat dikemukakan dalam Nota 45 kepadapenyata kewangan.

PERISTIWA-PERISTIWA PENTING SELEPAS TARIKH KUNCI KIRA-KIRA

Peristiwa-peristiwa penting Kumpulan dan Syarikat selepas tarikh kunci kira-kira dikemukakan dalam Nota 46kepada penyata kewangan.

JURUAUDIT

Juruaudit, Tetuan. Crowe Horwath (dahulunya dikenali sebagai Tetuan Horwath), telah menyatakan kesanggupanmereka untuk meneruskan tugas mereka.

Ditandatangani selaras dengan resolusi para pengarah bertarikh 27 April 2010.

Shamsul Bin Saad

Koh Pho Wat


Kami, Shamsul Bin Saad dan Koh Pho Wat, merupakan dua orang pengarah Petra Perdana Berhad, menyatakanbahawa, pada pendapat para pengarah, penyata kewangan yang dikemukakan pada muka surat 130 hingga 181disediakan selaras dengan Piawaian Pelaporan Kewangan dan Akta Syarikat 1965 untuk memberikan gambaransebenar dan saksama mengenai hal-ehwal Kumpulan dan Syarikat pada 31 Disember 2009 serta keputusan danaliran tunainya bagi tahun kewangan berakhir pada tarikh tersebut.

Ditandatangani selaras dengan resolusi para pengarah bertarikh 27 April 2010.

Shamsul Bin Saad Koh Pho Wat

Perakuan Berkanun

Saya, Soon Fook Kian, sebagai pegawai utama bertanggungjawab dalam pengurusan kewangan Petra PerdanaBerhad, dengan sesungguhnya dan seikhlasnya mengaku bahawa penyata kewangan yang disertakan pada mukasurat 130 hingga 181, setakat pengetahuan dan kepercayaan terbaik saya adalah betul, dan saya membuatperakuan ini dengan secara sedar mempercayai yang sama sebagai benar dan selaras dengan peruntukan AktaPerakuan Berkanun 1960.

Ditandatangani dan sesungguhnya diperakui oleh )Soon Fook Kian, di Kuala Lumpur di Wilayah )di Wilayah Persekutuan pada hari ini pada )27 April 2010 ) SSoooonn FFooookk KKiiaann

Di hadapan saya,

PESURUHJAYA SUMPAHKuala Lumpur

Kenyataan oleh Para Pengarah

128

LAPORAN MENGENAI PENYATA KEWANGAN

Kami telah mengaudit penyata kewangan Petra Perdana Berhad, yang terdiri daripada kunci kira-kira Kumpulan danSyarikat pada 31 Disember 2009, dan penyata pendapatan, penyata perubahan dalam ekuiti dan penyata alirantunai Kumpulan dan Syarikat bagi tahun kewangan berakhir pada ketika itu, dan ringkasan polisi-polisi perakaunanpenting dan nota penjelasan lain, sebagaimana dikemukakan pada muka surat 130 hingga 181.

Tanggungjawab para Pengarah bagi Penyata Kewangan

Para pengarah Syarikat bertanggungjawab bagi penyediaan dan pembentangan saksama penyata kewangan iniselaras dengan Piawaian Pelaporan Kewangan dan Akta Syarikat 1965 di Malaysia. Tanggungjawab ini termasukmereka bentuk, melaksana dan mengekalkan kawalan dalaman yang relevan kepada penyediaan penyatakewangan yang adalah bebas daripada salah nyataan material, sama ada disebabkan oleh fraud atau kesilapan,memilih dan menggunakan polisi-polisi perakaunan sewajarnya, dan membuat anggaran-anggaran perakaunan yangmunasabah dalam keadaan tertentu.

Tanggungjawab Juruaudit

Tanggungjawab kami adalah untuk menyatakan pendapat mengenai penyata kewangan ini berdasarkan audit kami.Kami melaksanakan audit kami selaras dengan piawaian-piawaian diluluskan mengenai pengauditan di Malaysia.Piawaian-piawaian ini memerlukan agar kami mematuhi syarat-syarat etika dan merancang dan melaksanakan audituntuk mendapatkan jaminan munasabah mengenai sama ada penyata kewangan adalah bebas daripada salahnyataan material.

Sesuatu audit melibatkan prosedur-prosedur untuk mendapatkan bukti audit mengenai jumlah dan pendedahandalam penyata kewangan. Prosedur-prosedur dipilih bergantung pada pertimbangan kami, termasuk penilaian risikosalah nyataan material mengenai penyata kewangan, sama ada disebabkan oleh fraud atau kesilapan. Dalammembuat penilaian risiko tersebut, kami menimbangkan kawalan dalaman yang relevan kepada penyediaan danpembentangan saksama penyata kewangan Syarikat untuk mereka prosedur-prosedur audit yang sesuai dalamkeadaan tertentu, tetapi untuk tujuan menyatakan pendapat mengenai keberkesanan kawalan dalaman Syarikat.Sesuatu audit juga termasuk menilai kesesuaian polisi-polisi perakaunan yang digunakan dan kemunasabahananggaran-anggaran perakaunan yang dibuat oleh para pengarah, serta juga menilai pembentangan keseluruhanpenyata kewangan.

Kami percaya bahawa bukti audit kami yang telah kami perolehi adalah mencukupi dan sesuai untuk menyediakanasas bagi pendapat audit kami.

Pendapat

Pada pendapat kami, penyata kewangan telah disediakan sewajarnya selaras dengan Piawaian pelaporanKewangan dan Akta Syarikat 1965 di Malaysia untuk memberi gambaran sebenar dan saksama mengenaikedudukan kewangan Kumpulan dan Syarikat pada 31 Disember 2009 dan prestasi kewangan dan aliran tunaimereka bagi tahun kewangan berakhir pada ketika itu.

Laporan Juruaudit Bebas kepada ahli-ahli Petra Perdana Berhad


LAPORAN MENGENAI KEPERLUAN UNDANG-UNDANG DAN BERPERATURAN LAIN

Selaras dengan keperluan Akta Syarikat 1965 di Malaysia, kami juga melaporkan yang berikut:

(a) Pada pendapat kami, rekod perakaunan dan lain-lain rekod dan daftar yang diperlukan oleh Akta untukdisimpan oleh Syarikat dan anak-anak syarikatnya yang kami telah bertindak sebagai juruaudit telah disimpansewajarnya selaras dengan peruntukan Akta.

(b) Kami telah menimbangkan penyata kewangan dan laporan juruaudit mengenai semua anak syarikat yang manakami tidak bertindak sebagai juruaudit, yang dinyatakan dalam Nota 6 kepada penyata kewangan.

(c) Kami berpuas hati bahawa penyata kewangan anak-anak syarikat yang telah disatukan dengan penyatakewangan Syarikat adalah dalam bentuk dan kandungan sesuai dan teratur untuk tujuan penyediaan penyatakewangan Kumpulan dan kami telah menerima maklumat dan penjelasan yang memuaskan yang diperlukanoleh kami untuk tujuan tersebut.

(d) Laporan audit mengenai penyata kewangan anak-anak syarikat tidak mengandungi sebarang syarat atausebarang ulasan kurang baik yang dibuat di bawah Seksyen 174(3) Akta.

PERKARA-PERKARA LAIN

Laporan ini dibuat semata-mata kepada ahli-ahli Syarikat, sebagai sebuah badan, selaras dengan Seksyen 174 AktaSyarikat 1965 di Malaysia dan bukan untuk sebarang tujuan lain. Kami tidak bertanggungjawab kepada mana-manaorang lain bagi kandungan laporan ini.

Crowe Horwath Lee Kok WaiNo Firma : AF 1018 No Kelulusan : 2760/06/10 (J) Akauntan-akauntan Bertauliah Akauntan Bertauliah

Kuala Lumpur27 April 2010

130

Kumpulan Syarikat2009 2008 2009 2008

Nota RM'000 RM'000 RM'000 RM'000

ASET

ASET BUKAN SEMASA

Pelaburan dalam anak-anak syarikat 6 – – 307,406 346,012Pelaburan dalam syarikat bersekutu 7 90,319 – 19,233 –Hartanah, loji dan peralatan 8 460,698 659,068 8,537 43,041Bayaran pajakan prabayar 9 – 7,275 – –Jumlah terhutang oleh anak-anak syarikat 10 – – 329,715 301,495Jumlah terhutang oleh syarikat bersekutu 11 – – – 51,649Deposit 12 75,106 36,493 – –Aset tidak ketara 13 27,507 27,507 – –Aset cukai tertunda 14 46 62 46 46

653,676 730,405 664,937 742,243

ASET SEMASA

Inventori 15 5,533 50,299 – –Penghutang 16 120,942 326,060 38,965 32,635Jumlah terhutang oleh pelanggan kontrak 17 – 6,471 – –Jumlah terhutang oleh anak-anak Syarikat 10 – – 27 8Jumlah terhutang oleh pihak-pihak berkaitan 18 38,194 – 259 –Jumlah terhutang oleh syarikat bersekutu 11 51,649 – 51,649 10,000Cukai boleh didapati semula 5,057 7,145 3,900 4,482Deposit tetap dengan bank berlesen 19 158,437 337,423 152,392 215,236Tunai dan baki bank 21,288 33,348 8,270 781

401,100 760,746 255,462 263,142Aset bukan semasa dikelaskan sebagai dipegang untuk dijual 20 86,361 4,501 – –

JUMLAH ASET 1,141,137 1,495,652 920,399 1,005,385

Nota-nota yang terlampir membentuk bahagian penting penyata kewangan ini.

Kunci Kira-Kirapada 31 Disember 2009



Nota RM'000 RM'000 RM'000 RM'000

EKUITI DAN LIABILITI

EKUITI

Modal saham 21 148,800 148,800 148,800 148,800Rizab 22 414,869 396,820 219,754 118,824

EKUITI PEMEGANG-PEMEGANG SAHAM 563,669 545,620 368,554 267,624

KEPENTINGAN MINORITI 580 118,162 – –

JUMLAH EKUITI 564,249 663,782 368,554 267,624

LIABILITI BUKAN SEMASA

Cukai tertunda 23 2,060 30,908 – –Pinjaman jangka panjang 24 227,063 295,280 227,000 295,000Obligasi caruman persaraan 27 241 511 201 231

229,364 326,699 227,201 295,231

LIABILITI SEMASA

Obligasi caruman persaraan 27 39 – 39 –Pemiutang 28 125,017 127,811 8,765 15,336Jumlah terhutang kepada anak-anak syarikat 10 – – 95,862 64,194Jumlah terhutang kepada syarikat bersekutu 11 1,975 – 1,975 –Jumlah terhutang kepada pelanggan kontrak 17 – 9,625 – –Jumlah terhutang kepada pihak-pihak berkaitan 18 236 – 3 –Pinjaman jangka pendek 29 218,019 366,023 218,000 363,000Peruntukan bagi cukai 2,238 1,712 – –

347,524 505,171 324,644 442,530

JUMLAH LIABILITI 576,888 831,870 551,845 737,761

JUMLAH EKUITI DAN LIABILITI 1,141,137 1,495,652 920,399 1,005,385

ASET BERSIH SETIAP SAHAM BIASA (RM) 30 1.89 1.83


Kunci Kira-Kirapada 31 Disember 2009 (samb)

132


Nota RM'000 RM'000 RM'000 RM'000

HASIL 31 605,684 694,253 48,167 40,535

KOS JUALAN (491,792) (520,656) – –

KEUNTUNGAN KASAR 113,892 173,597 48,167 40,535

LAIN-LAIN PENDAPATAN 32,866 37,204 99,823 25,413

146,758 210,801 147,990 65,948

KOS MENJUAL DAN PENGEDARAN (4,373) (3,434) – –

PERBELANJAAN PENTADBIRAN (49,756) (47,694) (9,037) (8,934)

LAIN-LAIN PERBELANJAAN (10,485) (7,448) (425) (409)

(64,614) (58,576) (9,462) (9,343)

KEUNTUNGAN DARIPADA OPERASI 82,144 152,225 138,528 56,605

KOS KEWANGAN (32,695) (32,744) (32,903) (43,773)

BAHAGIAN KEPUTUSAN DALAM SYARIKAT BERSEKUTU (748) – – –

KEUNTUNGAN SEBELUM CUKAI 32 48,701 119,481 105,625 12,832

PERBELANJAAN CUKAI PENDAPATAN 33 (12,351) (14,903) (231) (656)

KEUNTUNGAN SELEPAS CUKAI 36,350 104,578 105,394 12,176

BOLEH DIKAITKAN KEPADA:

Pemegang-pemegang ekuiti Syarikat 29,317 87,668 105,394 12,176Kepentingan minoriti 7,033 16,910 – –

36,350 104,578 105,394 12,176

PEROLEHAN SETIAP SAHAM

– asas (sen) 34 9.9 29.5– dicairkan (sen) 34 Tidak Tidak

berkenaan berkenaan


Penyata Pendapatanbagi tahun kewangan berakhir 31 Disember 2009


Tidak Boleh Diagih Boleh DiagihBoleh Diagih

kepadaPemegang-

Rizab pemegangModal Premium Penembusan Rizab Keuntungan Ekuiti Kepentingan Jumlan Saham Saham Modal Terjemahan Tertahan Syarikat Minoriti Ekuiti

Nota RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Kumpulan

Baki pada 1 Januari 2008 148,800 60,377 – (15,956) 247,421 440,642 109,091 549,733Keuntungan selepas cukai – – – – 87,668 87,668 16,910 104,578Pengambilalihan kepentingan dalam anak-anak syarikat – – – – – – (3,815) (3,815)

Penebusan Saham Keutamaan Bukan Undian Tidak Terkumpul Boleh Tebus (“RNCPS”) – – *2,127 – (2,127) – – –

Perbezaan terjemahan mata wang – – – *22,816 – 22,816 65 22,881Dividen 35 – – – – (5,506) (5,506) – (5,506)Dividen dibayar kepada kepentingan minoriti oleh anak-anak syarikat – – – – – – (4,089) (4,089)

Baki pada 31 Disember 2008/1 Januari 2009 148,800 60,377 2,127 6,860 327,456 545,620 118,162 663,782

Keuntungan selepas cukai – – – – 29,317 29,317 7,033 36,350Pengambilalihan kepentingan dalam anak syarikat – – – – – – 562 562

Pelupusan kepentingan dalam anak syarikat 37 – – – – – – (123,880) (123,880)

Terbitan saham oleh anaksyarikat kepada pemegang-pemegang saham minoriti – – – – – – 322 322

Perbezaan terjemahan mata wang – – – *(9,201) – (9,201) 274 (8,927)Kerugian terjemahan atas pelupusan vesel – – – 2,397 – 2,397 – 2,397

Dividen 35 – – – – (4,464) (4,464) – (4,464)Dividen dibayar kepada kepentingan minoriti oleh anak-anak syarikat – – – – – – (1,893) (1,893)

Baki pada 31 Disember 2009 148,800 60,377 2,127 56 352,309 563,669 580 564,249

* Mewakili keuntungan/(kerugian) tidak dimasukkan dalam penyata pendapatan.

Modal Premium KeuntunganSaham Saham Tertahan Jumlah

Syarikat Nota RM'000 RM'000 RM'000 RM'000

Baki pada 1 Januari 2008 148,800 60,377 51,777 260,954Keuntungan selepas cukai – – 12,176 12,176Dividen 35 – – (5,506) (5,506)

Baki pada 31 Disember 2008/1 Januari 2009 148,800 60,377 58,447 267,624

Keuntungan selepas cukai – – 105,394 105,394Dividen 35 – – (4,464) (4,464)

Baki pada 31 Disember 2009 148,800 60,377 159,377 368,554


Penyata Perubahan Dalam Ekuitibagi tahun kewangan berakhir 31 Disember 2009

134


Nota RM'000 RM'000 RM'000 RM'000

ALIRAN TUNAI DARIPADA/(BAGI)KEGIATAN KENDALIAN

Keuntungan sebelum cukai 48,701 119,481 105,625 12,832

Pelarasan bagi:Peruntukan bagi hutang ragu – 1,223 – –Pelunasan bayaran pajakan prabayar 118 129 – –Hutang lapuk dihapus kira – 261 – –Susut nilai hartanah, loji dan peralatan 48,956 42,421 425 409Perbelanjaan faedah 25,770 30,765 29,727 42,797Inventori dihapus kira 2 112 – –Peruntukan bagi caruman persaraan 27 58 177 9 64Hartanah, loji dan peralatan dihapus kira – 292 – –(Keuntungan)/kerugian tidak direalis atas pertukaran asing (399) 1,781 – –

Dividen daripada anak-anak syarikat – – (46,209) (38,577)Keuntungan atas pelupusan hartanah, loji dan peralatan (3,165) (25,053) – (1)

Keuntungan atas pemindahan peralatan – – (554) –Keuntungan atas pelupusan aset bukan semasa dikelaskan sebagai dipegang untuk dijual (1,952) – – –

Pendapatan faedah (3,845) (8,218) (11,636) (23,665)Keuntungan atas pelupusan kepentingan dalam anak syarikat (12,677) – (86,351) –

Kemasukan kira semula peruntukan bagi hutang ragu (555) – (944) –

Bahagian keputusan dalam syarikat bersekutu 748 – – –Penepian hutang (866) – – –

Keuntungan/(kerugian) sebelum perubahan modal kerja 100,894 163,371 (9,908) (6,141)

Peningkatan dalam inventori (13,510) (3,704) – –(Peningkatan)/Pengurangan dalam jumlah terhutang oleh pelanggan kontrak (16,905) 19,210 – –

(Pengurangan)/Peningkatan dalam jumlah terhutang kepada pelanggan kontrak (1,586) 1,935 – –

(Peningkatan)/Pengurangan dalam penghutang perdagangan dan lain-lain penghutang (62,018) (38,107) (6,330) 46,020

Peningkatan/(Pengurangan) dalam pemiutang perdagangan dan lain-lain pemiutang 91,627 26,153 (6,571) 6,942

Peningkatan dalam jumlah terhutang oleh pihak-pihak berkaitan (29,887) – – –

TUNAI DARIPADA/(BAGI) OPERASI 68,615 168,858 (22,809) 46,821

Faedah dibayar (25,770) (30,765) (29,727) (42,797)Cukai dibayar (16,484) (12,648) (1,138) (991)Cukai dikembalikan 2,475 – 1,489 –

TUNAI BERSIH DARIPADA/(BAGI) KEGIATAN KENDALIAN 28,836 125,445 (52,185) 3,033


Penyata Aliran Tunaibagi tahun kewangan berakhir 31 Disember 2009



Nota RM'000 RM'000 RM'000 RM'000

ALIRAN TUNAI (BAGI)/ DARIPADA KEGIATAN PELABURAN

Pelaburan dalam anak-anak syarikat – – – (328)Pelaburan dalam syarikat bersekutu (40) – – –Pendahuluan daripada/(kepada) anak-anak syarikat – – 10,227 (52,309)

Bayaran balik daripada/(Pendahuluan kepada)pihak-pihak berkaitan 106,163 – (259) –

Pengambilalihan kepentingan tambahan dalam anak syarikat – (8,721) (394) (8,721)

Tunai bersih (aliran keluar)/aliran masuk daripada pengambilalihan anak-anak syarikat (2,637) 317 – –

Aliran masuk tunai bersih daripada pelupusankepentingan dalam anak syarikat 37 60,762 – 106,118 –

Dividen diterima daripada anak syarikat – – 46,209 38,577Deposit pencarter dibayar (34,109) (32,509) – –Perolehan daripada pelupusan hartanah, loji dan peralatan 326,539 211,392 – 1

Perolehan daripada pelupusan aset bukan semasa dikelaskan sebagai dipegang untuk dijual 6,656 – – –

Bayaran balik daripada syarikat bersekutu 1,803 – 10,000 –Pembelian hartanah, loji dan peralatan 38 (529,309) (203,235) (2,889) (184)Faedah diterima 3,845 8,218 11,636 23,665Penempatan/(Pembatalan) deposit tetap 2,216 (55,430) 610 (55,666)

TUNAI BERSIH (BAGI)/ DARIPADA KEGIATAN PELABURAN (58,111) (79,968) 181,258 (54,965)

ALIRAN TUNAI (BAGI)/ DARIPADA KEGIATAN PEMBIAYAAN

Perolehan daripada terbitan saham oleh anak syarikat kepada pemegang-pemegang saham minoriti 322 – – –

Pengeluaran pinjaman bank 231,368 100,267 170,000 100,000Bayaran balik pinjaman bank (384,908) (48,216) (383,000) (32,000)Bayaran balik obligasi sewa beli (245) (327) – –Pendahuluan daripada anak-anak syarikat – – 31,668 33,373Pendahuluan daripada syarikat bersekutu – – 1,975 –Pendahuluan daripada pihak-pihak berkaitan 236 – 3 –Dividen dibayar kepada pemegang-pemegang saham minoriti oleh anak-anak syarikat (1,893) (4,089) – –

Dividen dibayar (4,464) (5,514) (4,464) (5,514)

TUNAI BERSIH (BAGI)/DARIPADA KEGIATAN PEMBIAYAAN (159,584) 42,121 (183,818) 95,859

PENGURANGAN)/PENINGKATAN BERSIHDALAM TUNAI DAN SETARA TUNAI (188,859) 87,598 (54,745) 43,927

KESAN TERJEMAHAN PERTUKARAN ASING 920 (57) – –

TUNAI DAN SETARA TUNAI PADA PERMULAAN TAHUN KEWANGAN 223,358 135,817 71,101 27,174

TUNAI DAN SETARA TUNAI PADA AKHIR TAHUN KEWANGAN 39 35,419 223,358 16,356 71,101


Penyata Aliran Tunaibagi tahun kewangan berakhir 31 Disember 2009 (samb)

136

1. MAKLUMAT AM

Syarikat adalah sebuah syarikat awam berhad melalui saham dan diperbadankan di bawah Akta Syarikat 1965di Malaysia. Domisil Syarikat adalah di Malaysia. Pejabat berdaftar yang juga merupakan tempat perniagaanutama adalah seperti berikut:

Pejabat berdaftar : No. 6 – 8, Jalan 3/3C,Batu 7, Jalan Ipoh, 68100 Kuala Lumpur.

Tempat perniagaan utama : No. 6 – 8, Jalan 3/3C,Batu 7, Jalan Ipoh, 68100 Kuala Lumpur.

Penyata kewangan telah dibenarkan untuk dikeluarkan oleh Lembaga Pengarah selaras dengan resolusi parapengarah bertarikh 27 April 2010.

2. KEGIATAN UTAMA

Syarikat pada dasarnya adalah sebuah syarikat pemegangan pelaburan dan juga terlibat dalam penyediaanperkhidmatan pentadbiran dan pengurusan kepada anak-anak syarikatnya. Kegiatan utama anak-anak syarikatdinyatakan dalam Nota 6 kepada penyata kewangan. Tidak ada perubahan ketara dalam kegiatan ini dalamtahun kewangan.

3. POLISI PENGURUSAN RISIKO KEWANGAN

Polisi pengurusan risiko kewangan Kumpulan cuba untuk memastikan agar sumber kewangan mencukupitersedia bagi pembangunan pernigaan Kumpulan manakala menguruskan risiko pasaran, kredit, mudah tunaidan aliran tunainya. Polisi berhubung dengan bidang utama kegiatan perbendaharaan adalah seperti berikut:

(a) Risiko Pasaran

(i) Risiko Mata Wang Asing

Kumpulan terdedah kepada risiko pertukaran asing timbul terutamanya daripada urus niagaperdagangan biasa yang didenominasikan dalam mata wang asing.

Ia menguruskan pendedahan pertukaran asingnya melalui polisi pemadanan setakat mana yang bolehpenerimaan dan bayaran dalam setiap mata wang individu.

Urus niaga dan baki mata wang asing Syarikat sebahagian besarnya didenominasikan dalam DolarAmerika Syarikat (US).

Risiko mata wang asing diuruskan pada tahap yang boleh diterima.

(ii) Risiko Kadar Faedah

Pendedahan Kumpulan kepada risiko kadar faedah timbul terutamanya daripada kemudahan pinjamanbank dan sewa beli. Polisinya adalah untuk mendapatkan kadar faedah yang paling menguntungkanyang tersedia.

Kumpulan mengawasi kadar faedah ke atas pinjaman secara ketat bagi memastikan agar pinjamandikekalkan pada kadar yang memuaskan.

Sebarang lebihan dana Kumpulan akan ditempatkan dengan institusi-institusi kewangan berlesenpada kadar faedah yang paling menguntungkan untuk menghasilkan pendapatan faedah.

(iii) Risiko Harga

Pendedahan utama Kumpulan kepada risiko harga timbul terutamanya daripada perubahan dalamharga sekuriti yang disebut harga. Risiko harga diawasi dengan ketat dan diuruskan pada tahap yangboleh diterima.

Nota-nota kepada Penyata Kewanganbagi tahun kewangan berakhir 31 Disember 2009


3. POLISI PENGURUSAN RISIKO KEWANGAN (SAMB)

(b) Risiko Kredit

Pendedahan Kumpulan kepada risiko kredit, atau risiko pihak lain memungkiri, timbul terutamanyadaripada penghutang. Pendedahan maksimum kepada risiko kredit diwakili oleh jumlah penyimpanankeseluruhan aset kewangan ini dalam kunci kira-kira dikurangkan oleh kesan daripada mana-manapengaturan penolakan dengan pihak lain.

Penumpuan risiko kredit Kumpulan berkait dengan jumlah terhutang oleh tiga pelanggan yang membentuklebih kurang 97% daripada penghutang perdagangannya pada tarikh kunci kira-kira.

Kumpulan menguruskan pendedahannya kepada risiko kredit melalui penggunaan kelulusan kredit, hadkredit dan prosedur mengawasi atas dasar berterusan.

(c) Risiko Mudah Tunai dan Aliran Tunai

Pendedahan Kumpulan kepada risiko mudah tunai dan aliran tunai timbul terutamanya daripadapembiayaan am dan kegiatan perniagaan.

Polisi Kumpulan ke atas pengurusan risiko mudah tunai dan aliran tunai adalah untuk mengekalkan tunaidan pembiayaan yang mencukupi melalui jumlah secukupnya daripada kemudahan kredit yangdiperuntukkan dan saluran kredit bagi keperluan modal kerja.

4. ASAS PENYEDIAAN

Penyata kewangan Kumpulan disediakan di bawah konvensyen kos sejarah dan diubah suai untukmemasukkan lain-lain asas penilaian sebagaimana dinyatakan dalam lain-lain seksyen di bawah polisi-polisiperakaunan penting, dan dalam mematuhi Piawaian Pelaporan Kewangan (“FRS”) dan Akta Syarikat 1965di Malaysia.

Kumpulan tidak menggunakan lebih awal piawaian, pindaan dan tafsiran perakaunan yang telah dikeluarkanoleh Lembaga Piawaian Perakaunan Malaysia (MASB) tetapi masih belum berkuat kuasa bagi tahun kewangansemasa:

FRS/Tafsiran IC Tarikh berkuat kuasa

FRS 1 Disemak (2010) Penerimaan Pakai Kali Pertama Piawaian Pelaporan Kewangan 1 Julai 2010

FRS 3 Disemak (2010) Kombinasi Perniagaan 1 Julai 2010

FRS 4 Kontrak Insurans 1 Januari 2010

FRS 7 Instrumen Kewangan : Pendedahan 1 Januari 2010

FRS 8 Segmen Kendalian 1 Julai 2009

FRS 101 Disemak (2009) Pembentangan Penyata Kewangan 1 Januari 2010

FRS 123 Disemak (2009) Kos Pinjaman 1 Januari 2010

FRS 127 Disemak (2010) Penyata Kewangan Disatukan dan Berasingan 1 Julai 2010

FRS 139 Disemak (2010) Instrumen Kewangan : Pengiktirafan dan Pengukuran 1 Januari 2010

Pindaan kepada FRS 1: Pengecualian Terhad daripada Perbandingan FRS 7 1 Januari 2011Pendedahan bagi Penerima Pakai Kali Pertama

Pindaan kepada FRS 1 dan FRS 127: Kos Pelaburan dalam Anak Syarikat, 1 Januari 2010Entiti Kawalan Bersama atau Syarikat Bersekutu

Pindaan kepada FRS 2: Syarat-syarat Perletahakan dan Pembatalan 1 Januari 2010

138

4. ASAS PENYEDIAAN (SAMB)

FRS/Tafsiran IC Tarikh berkuat kuasa

Pindaan kepada FRS 2: Skop FRS 2 dan FRS 3 Disemak (2010) 1 Julai 2010

Pindaan kepada FRS 5: Rancangan untuk Menjual Kepentingan Mengawal dalam Anak Syarikat 1 Julai 2010

Pindaan kepada FRS 7, FRS 139 dan Tafsiran IC 9 1 Januari 2010

Pindaan kepada FRS 7: Pendedahan Dipertingkatkan mengenai Instrumen Kewangan 1 Januari 2011

Pindaan kepada FRS 132: Pengkelasan Terbitan Hak dan Peruntukan Peralihan 1 Januari 2010/Berhubung Dengan Instrumen Kompaun 1 Mac 2010

Pindaan kepada FRS 138: Pindaan Berbangkit Timbul Daripada FRS 3 Disemak (2010) 1 Julai 2010

Tafsiran IC 9 Penilaian Semula Derivatif Terbenam 1 Januari 2010

Tafsiran IC 10 Pelaporan Kewangan Interim dan Kerosotan 1 Januari 2010

Tafsiran IC 11: FRS 2 – Urus Niaga Saham Kumpulan dan Perbendaharaan 1 Januari 2010

Tafsiran IC 12 Pengaturan Konsesi Perkhidmatan 1 Julai 2010

Tafsiran IC 13 Program Kesetiaan Pelanggan 1 Januari 2010

Tafsiran IC 14: FRS 119 – Had ke atas Aset Manfaat Dinyatakan, 1 Januari 2010Keperluan Pendanaan Minimum dan Interaksinya

Tafsiran IC 15 Perjanjian bagi Pembinaan Harta Tanah 1 Julai 2010

Tafsiran IC 16 Lindungan Nilai Pelaburan Bersih dalam Operasi Asing 1 Julai 2010

Tafsiran IC 17 Pengagihan Aset Bukan Tunai kepada Pemilik 1 Julai 2010

Pindaan kepada Tafsiran IC 9: Skop Tafsiran IC 9 dan FRS 3 Disemak (2010) 1 Julai 2010

Peningkatan tahunan kepada FRS (2009) 1 Januari 2010

FRS, Tafsiran IC dan pindaan di atas tidak berkenaan dengan operasi Kumpulan kecuali seperti berikut:

(i) FRS 3 Disemak (2010) memperkenalkan perubahan ketara kepada perakaunan bagi kombinasiperniagaan, kedua-dua pada tarikh pengambilalihan dan selepas pengambilalihan, dan memerlukanpenggunaan nilai saksama yang lebih besar. Selain daripada itu, semua kos urus niaga, selain daripadakos terbitan saham dan hutang, akan dijadikan belanja sebagaimana ditanggung. Piawaian disemak iniakan digunakan secara prospektif dan dengan yang demikian tidak akan terdapat sebarang kesankewangan ke atas penyata kewangan Kumpulan bagi tahun kewangan semasa tetapi mungkin memberikesan ke atas perakaunan bagi urus niaga dan pengaturan masa hadapan.

(ii) Kumpulan menganggap kontrak jaminan kewangan yang dimasuki sebagai pengaturan insurans danmengakaunkan baginya di bawah FRS 4. Dalam hubungan ini, Kumpulan menganggap kontrak jaminansebagai liabiliti kontigen sehingga masa tertentu apabila ia menjadi berkemungkinan bahawa Kumpulanakan diperlukan untuk membuat bayaran di bawah jaminan. Penerimaan pakai FRS 4 dijangka tidakmempunyai sebarang kesan material ke atas penyata kewangan Kumpulan.

(iii) Kesan yang mungkin timbul daripada FRS 7 (termasuk pindaan berikutnya) dan FRS 139 Disemak (2010)ke atas penyata kewangan atas penggunaan awalnya dan tidak didedahkan selaras dengan pengecualiandiberikan dalam piawaian ini.

(iv) FRS 8 menggantikan FRS 1142004 Pelaporan Segmen dan memerlukan “pendekatan pengurusan”, dibawah mana maklumat segmen dibentangkan atas asas yang sama dengan yang digunakan bagi tujuanpelaporan dalaman. Penerimaan pakai piawaian ini hanya memberi kesan ke atas bentuk dan kandunganpendedahan yang dibentangkan dalam penyata kewangan Kumpulan. FRS ini dijangka tidak akanmempunyai kesan material ke atas penyata kewangan Kumpulan atas penggunaan awalnya.


4. ASAS PENYEDIAAN (SAMB)

(v) FRS 101 Disemak (2009) telah memperkenalkan perubahan terminologi (termasuk hak milik disemak bagipenyata kewangan) dan perubahan dalam format dan kandungan penyata kewangan. Selain daripada itu,penyata kedudukan kewangan diperlukan pada permulaan tempoh angka perbandingan terawal berikutanperubahan dalam polisi perakaunan, pembetulan kesilapan atau pengkelasan semula perkara dalampenyata kewangan. Penerimaan pakai piawaian disemak ini hanya akan memberi kesan ke atas bentukdan kandungan pembentangan penyata kewangan Kumpulan dalam tahun kewangan akan datang.

(vi) FRS 127 Disemak (2010) memerlukan perakaunan bagi perubahan dalam kepentingan pemilikan olehKumpulan dalam anak syarikat, manakala mengekalkan kawalan, untuk diiktiraf sebagai urus niaga ekuiti.Apabila Kumpulan kehilangan kawalan anak syarikat, sebarang kepentingan yang dikekalkan dalam bekasanak syarikat akan diukur pada nilai saksama dengan keuntungan atau kerugian diiktiraf dalamkeuntungan atau kerugian. Piawaian disemak juga memerlukan semua kerugian boleh dikaitkan kepadakepentingan minoriti untuk diserap oleh kepentingan minoriti dan bukannya oleh syarikat induk. Kumpulanakan menggunakan perubahan ketara FRS 127 Disemak (2010) secara prospektif dan dengan yangdemikian tidak akan mempunyai sebarang kesan kewangan ke atas penyata kewangan Kumpulan bagitahun kewangan semasa tetapi mungkin memberi kesan ke atas perakaunan bagi urus niaga ataupengaturan masa hadapan.

(vii) Pindaan kepada FRS 1 dan FRS 127 mengeluarkan definisi “kaedah kos” pada masa ini dibentangkandalam FRS 127, dan sebaliknya memerlukan pelabur untuk mengiktiraf semua dividen daripada anak-anaksyarikat, entiti kawalan bersama atau syarikat-syarikat bersekutu sebagai pendapatan dalam penyatakewangan berasingannya. Selain daripada itu, FRS 127 juga telah dipinda untuk berurusan dengankeadaan di mana syarikat induk menyusun semula kumpulannya dengan mewujudkan entiti baru sebagaisyarikat induk barunya. Di bawah keadaan ini, syarikat induk baru akan mengukur kos pelaburannyadalam syarikat induk asal pada amaun dibawa bahagiannya daripada perkara ekuiti yang ditunjukkandalam penyata kewangan berasingan syarikat induk asal pada tarikh penyusunan semula. Pindaan akandigunakan secara prospektif dan dengan yang demikian tidak akan timbul sebarang kesan kewangan keatas penyata kewangan Kumpulan bagi tahun kewangan semasa tetapi mungkin memberi kesan ke atasperakaunan bagi urus niaga atau pengaturan masa hadapan.

(viii) Pindaan kepada FRS 5 memerlukan aset dan liabiliti anak syarikat untuk dikelaskan sebagai dipeganguntuk dijual sekiranya syarikat induk komited kepada rancangan melibatkan kehilangan kawalan anaksyarikat, tanpa mengambil kira sama ada entiti akan mengekalkan kepentingan bukan mengawal selepasjualan. Pindaan ini dijangka tidak mempunyai kesan material ke atas penyata kewangan Kumpulanselepas penggunaan awalnya.

(ix) Tafsiran IC 9 memerlukan derivatif terbenam untuk diasingkan daripada kontrak utama dan diakaunkansebagai derivatif berasaskan syarat-syarat yang wujud pada tarikh terkemudian entiti pertama kali menjadipihak kepada kontrak. Kesan yang mungkin daripada Tafsiran IC 9 ke atas penyata kewangan ataspenggunaan awalnya tidak didedahkan selaras dengan pengecualian diberikan di bawah FRS 139Disemak (2010).

(x) Tafsiran IC 10 melarang kerugian kerosotan diiktiraf dalam tempoh interim ke atas muhibah, pelaburandalam instrumen ekuiti dan aset kewangan dinyatakan pada kos untuk diterbalikkan pada tarikh kunci kira-kira berikutnya. Tafsiran ini dijangka tidak akan mempunyai kesan material ke atas penyata kewanganKumpulan selepas penggunaan awalnya.

(xi) Tafsiran IC 14 menyediakan panduan dalam menilai had dalam FRS 119 ke atas jumlah lebihan yangboleh diiktiraf sebagai aset. Ia juga menjelaskan bagaimana aset atau liabiliti yang tidak digunakan lagimungkin terjejas oleh keperluan pendanaan minimum berkanun atau secara kontrak. Tafsiran ini dijangkatidak mempunyai kesan material ke atas penyata kewangan Kumpulan selepas penggunaan awalnya.

(xii) Pindaan kepada Tafsiran IC 9 adalah pindaan berbangkit daripada FRS 3 Disemak (2010). Pindaan inidijangka tidak mempunyai kesan material ke atas penyata kewangan Kumpulan selepas penggunaanawalnya.

(xiii) Penambahbaikan Tahunan kepada FRS (2009) mengandungi pindaan kepada 21 piawaian perakaunanyang mengakibatkan perubahan perakaunan bagi tujuan pembentangan, pengiktirafan atau pengukurandan pindaan terminologi atau penyuntingan. Pindaan ini dijangka tidak akan mempunyai kesan material keatas penyata kewangan Kumpulan selepas penggunaan awalnya.

140

5. POLISI PERAKAUNAN PENTING

(a) Anggaran Dan Penghakiman Perakaunan Penting

Anggaran dan penghakiman dinilai secara berterusan oleh para pengarah dan pengurusan dan adalahberdasarkan sejarah pengalaman dan faktor-faktor yang lain, termasuk jangkaan mengenai peristiwa masahadapan yang dipercayai sebagai munasabah di bawah keadaan. Anggaran dan penghakiman yangmelibatkan penggunaan polisi perakaunan dan pendedahan Kumpulan, dan mempunyai risiko ketaradalam menyebabkan pelarasan material kepada jumlah penyimpanan aset, liabiliti, pendapatan danperbelanjaan dibincangkan di bawah:

(i) Susut Nilai Hartanah, Loji dan Peralatan

Anggaran bagi nilai baki, hayat berguna dan caj susut nilai bagi hartanah, loji dan peralatan adalahberdasarkan faktor-faktor komersial yang mungkin berubah dengan ketara berpunca daripada inovasiteknikal dan tindakan pesaing sebagai tindak balas kepada keadaan pasaran.

Perubahan dalam tahap penggunaan dijangka dan perkembangan teknologi mungkin memberi kesanke atas hayat berguna ekonomi dan nilai baki aset ini, dengan yang demikian caj susut nilai padamasa hadapan mungkin disemak.

(ii) Cukai Pendapatan

Terdapat urus niaga dan pengiraan tertentu untuk yang mana penentuan cukai muktamad mungkinberbeza daripada anggaran awal. Kumpulan mengiktiraf liabiliti cukai berdasarkan pemahamannyamengenai undang-undang cukai dan anggaran-anggaran sedia ada mengenai sama ada cukaisedemikian akan menjadi kena dibayar dalam urusan biasa perniagaan. Di mana keputusan akhirmengenai perkara-perkara ini berbeza daripada yang diiktiraf pada awalnya, perbezaan sedemikianakan memberi kesan ke atas cukai pendapatan dan peruntukan cukai tertunda dalam tempoh dalammana penentuan sedemikian dibuat.

(iii) Kemerosotan Aset

Di mana jumlah boleh diperolehi semula aset ditentukan berdasarkan nilai dalam penggunaandaripada unit penghasilan tunai untuk yang mana aset diperuntukkan, Kumpulan diperlukan untukmembuat anggaran daripada aliran tunai masa hadapan dijangka daripada unit penghasilan tunai danjuga untuk menggunakan kadar diskaun yang bersesuaian untuk menentukan nilai semasa alirantunai tersebut.

(iv) Hasil Kontrak

Perakaunan hasil kontrak memerlukan anggaran yang betul mengenai kos untuk menyiapkan kontrakdan anggaran yang betul mengenai peringkat penyiapan.

(i) Hasil Kontrak

Perakaunan hasil kontrak memerlukan agar tuntutan perubahan dan bayaran insentif hanyadiiktiraf sebagai hasil kontrak sehingga tahap yang ia berkemungkinan bahawa ia akan diterimaoleh para pelanggan. Memandangkan proses kelulusan selalunya mengambil masa,penghakiman diperlukan untuk dibuat mengenai kebarangkaliannya dan hasil diiktiraf selarasdengan itu.

(ii) Kos Kontrak

Dengan menggunakan pengalaman yang diperolehi ke atas setiap kontrak khusus danmengambil kira jangkaan mengenai masa dan bahan yang diperlukan untuk menyiapkan kontrak,pengurusan menganggarkan keberuntungan kontrak atas dasar individu pada bila-bila masatertentu.

(v) Peruntukan bagi Hutang Ragu Penghutang

Kumpulan membuat peruntukan bagi hutang ragu berdasarkan penilaian mengenai kebolehanmengutip penghutang. Peruntukan digunakan kepada penghutang di mana peristiwa atau perubahandalam keadaan menunjukkan jumlah hutang mungkin tidak boleh diperolehi semula. Pengurusanmenganalisis sejarah hutang lapuk, penumpuan pelanggan, kepercayaan kredit pelanggan, aliranekonomi semasa dan perubahan dalam terma pembayaran pelanggan apabila membuat penghakimanuntuk menilai kecukupan peruntukan bagi hutang ragu penghutang. Di mana jangkaan adalahberbeza daripada anggaran asal, perbezaan sedemikian akan memberi kesan ke atas nilaipenyimpanan penghutang.


5. POLISI PERAKAUNAN PENTING (SAMB)

(a) Anggaran dan Penghakiman Perakaunan Penting (samb)

(vi) Peruntukan bagi Inventori

Semakan dibuat secara berkala oleh pengurusan ke atas inventori yang rosak, lapuk dan bergerakperlahan. Semakan ini memerlukan penghakiman dan anggaran. Perubahan yang mungkin dalamanggaran ini mungkin menyebabkan semakan kepada penilaian inventori.

(vii) Pajakan Operasi

Kumpulan menandatangani Perjanjian Jualan dan Pajakan Balik bagi jualan kapal anak syarikatdengan pihak ketiga. Selepas itu, kapal telah dipajak semula oleh anak syarikat daripada pihakketiga bagi tempoh pajakan selama sepuluh (10) tahun bermula dari tarikh penghantaran veseldengan opsyen untuk membeli balik vesel pada akhir tempoh pajakan utama sekiranya pihak ketigamemutuskan untuk menjual vesel dalam tempoh pajakan. Para pengarah berpendapat bahawapengaturan pajakan hendaklah dianggap sebagai pajakan operasi memandangkan pada masa inipihak pengurusan tidak berhasrat untuk membeli balik kapal pada akhir tempoh pajakan utama dantempoh pajakan tidak membentuk bahagian utama hayat ekonomi vesel.

(b) Instrumen Kewangan

Instrumen kewangan diiktiraf dalam kunci kira-kira apabila Kumpulan menjadi pihak kepada peruntukankontrak instrumen.

Instrumen kewangan dikelaskan sebagai liabiliti atau ekuiti selaras dengan isi pengaturan kontrak.Faedah, dividen, laba dan kerugian berkaitan dengan instrumen kewangan dikelaskan sebagai liabiliti,dilaporkan sebagai perbelanjaan atau pendapatan. Pengagihan kepada pemegang-pemegang instrumenkewangan dikelaskan sebagai ekuiti dicaj secara langsung kepada ekuiti.

Instrumen kewangan diseimbangkan apabila Kumpulan mempunyai hak boleh dikuatkuasakan secara sahuntuk mengimbangkan dan berhasrat untuk menyelesaikan sama ada atas dasar bersih atau untukmerealiskan aset dan menyelesaikan liabiliti secara serentak.

Instrumen kewangan diiktiraf dalam kunci kira-kira dinyatakan dalam penyata polisi individu yang berkaitandengan setiap perkara.

(c) Mata Wang Kefungsian dan Asing

(i) Mata Wang Kefungsian dan Pembentangan

Mata wang kefungsian Kumpulan diukur dengan menggunakan mata wang dalam persekitaranekonomi utama dalam mana Kumpulan beroperasi.

Penyata kewangan disatukan dibentangkan dalam Ringgit Malaysia (“RM”) yang merupakan matawang kefungsian dan pembentangan syarikat induk.

(ii) Urus Niaga dan Baki

Urus niaga dalam mata wang asing ditukar kepada mata wang kefungsian masing-masing ataspengiktirafan awal, dengan menggunakan kadar pertukaran yang menyamai dengan yang terdapatpada tarikh urus niaga. Aset dan liabiliti monetari pada tarikh kunci kira-kira diterjemahkan padakadar yang terdapat pada tarikh tersebut. Aset dan liabiliti bukan monetari diterjemahkan denganmenggunakan kadar pertukaran yang wujud apabila nilai-nilai telah ditentukan. Semua perbezaanpertukaran dimasukkan kepada penyata pendapatan.

(iii) Operasi Asing

Keputusan dan kedudukan kewangan semua entiti Kumpulan yang mempunyai mata wang kefungsianyang berbeza daripada mata wang pembentangan diterjemahkan kepada mata wang pembentanganuntuk tujuan penyatuan seperti berikut:

• aset dan liabiliti bagi setiap kunci kira-kira dibentangkan dan diterjemahkan pada kadarpenutupan pada tarikh kunci kira-kira;

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(c) Mata Wang Kefungsian dan Asing (samb)

(iii) Operasi Asing (samb)

• pendapatan dan perbelanjaan bagi penyata pendapatan diterjemahkan pada purata kadarpertukaran bagi tahun, yang menyamai kadar pertukaran pada tarikh urus niaga; dan

• semua perbezaan pertukaran terhasil diiktiraf sebagai komponen entiti berasingan, sebagai rizabterjemahan mata wang asing. Atas pelupusan, perbezaan terjemahan terkumpul diiktiraf dalampenyata pendapatan disatukan sebagai sebahagian daripada keuntungan atau kerugian atasjualan.

Apabila operasi asing dilupuskan atau dijual sebahagian, perbezaan pertukaran yang telah direkodkandalam ekuiti diiktiraf dalam penyata pendapatan sebagai sebahagian daripada laba atau kerugian atasjualan. Atas pelupusan, perbezaan terjemahan terkumpul diiktiraf dalam penyata pendapatandisatukan sebagai sebahagian daripada keuntungan atau kerugian atas jualan.

(d) Asas Penyatuan

(i) Anak-anak syarikat

Penyata kewangan disatukan termasuk penyata kewangan Syarikat dan anak-anak syarikatnya bagitahun kewangan sehingga 31 Disember 2009.

Anak syarikat ditakrifkan sebagai sebuah syarikat dalam mana syarikat induk mempunyai kuasa,secara langsung atau tidak langsung, untuk melaksanakan kawalan ke atas polisi kewangan dankendaliannya untuk mendapat manfaat daripada kegiatannya.

Semua anak syarikat disatukan dengan menggunakan kaedah pembelian. Di bawah kaedahpembelian, keputusan anak-anak syarikat diambil alih atau dilupuskan dimasukkan dari tarikhpengambilalihan atau sehingga tarikh pelupusan. Pada tarikh pengambilalihan, nilai saksama asetbersih anak-anak syarikat ditentukan dan nilai ini ditunjukkan dalam penyata kewangan disatukan.Kos pengambilalihan diukur pada agregat nilai saksama, pada tarikh pertukaran, aset-aset yangdiberikan, liabiliti ditanggung atau diandaikan, dan instrumen ekuiti diterbitkan oleh Kumpulan sebagaipertukaran bagi kawalan syarikat diambil alih, campur sebarang kos secara langsung boleh dikaitkankepada kombinasi perniagaan.

Urus niaga, baki dan laba tidak direalisasikan dalam kumpulan akan dihapus kira; kerugian tidakdirealisasikan juga dihapus kira melainkan kos tidak boleh diperolehi semula. Di mana perlu,pelarasan dibuat kepada penyata kewangan anak-anak syarikat untuk memastikan keseragamanpolisi-polisi perakaunan Kumpulan.

Kepentingan minoriti dalam kunci kira-kira disatukan terdiri daripada bahagian minoriti daripada nilaisaksama aset dan liabiliti syarikat diambil alih pada tarikh pengambilalihan dan bahagian minoritidaripada pergerakan dalam ekuiti syarikat diambil alih.

Kepentingan minoriti dibentangkan dalam kunci kira-kira disatukan Kumpulan dalam ekuiti, secaraberasingan daripada pemegang-pemegang ekuiti Syarikat, dan didedahkan secara berasingan dalampenyata pendapatan disatukan Kumpulan

(ii) Syarikat-syarikat bersekutu

Syarikat-syarikat bersekutu adalah entiti dalam mana Kumpulan melaksanakan pengaruh pentingtetapi bukan kawalan, melalui penyertaan dalam keputusan polisi kendalian entiti.

Pelaburan dalam syarikat-syarikat bersekutu diakaunkan dalam penyata kewangan disatukan melaluikaedah ekuiti perakaunan berdasarkan penyata kewangan teraudit atau pengurusan syarikat-syarikatbersekutu. Di bawah kaedah ekuiti perakaunan, bahagian keuntungan Kumpulan tolak kerugiansyarikat-syarikat bersekutu dalam tahun kewangan dimasukkan dalam penyata pendapatan disatukan.Kepentingan Kumpulan dalam syarikat-syarikat bersekutu dinyatakan dalam kunci kira-kira disatukanpada kos campur bahagian Kumpulan daripada keuntungan tertahan selepas pengambilalihan ataukerugian terkumpul dan lain-lain rizab.

Keuntungan atas urus niaga tidak direalisasikan di antara Kumpulan dan syarikat-syarikat bersekutudihapus kira sehingga tahap kepentingan Kumpulan dalam syarikat-syarikat bersekutu. Kerugian tidakdirealisasikan dihapus kira melainkan kos tidak boleh didapati semula.



(e) Muhibah atas Penyatuan

Muhibah atas penyatuan mewakili lebihan daripada nilai saksama balasan pembelian ke atas bahagianKumpulan daripada nilai saksama aset boleh dikenal pasti anak-anak syarikat pada tarikhpengambilalihan.

Muhibah diukur pada kos tolak kerugian kemerosotan terkumpul, sekiranya ada. Nilai penyimpananmuhibah disemak bagi kemerosotan secara tahunan. Nilai kemerosotan muhibah diiktiraf dengan serta-merta dalam penyata pendapatan disatukan. Kerugian kemerosotan diiktiraf bagi muhibah tidakditerbalikkan dalam tempoh berikutnya.

Sekiranya, selepas penilaian semula, kepentingan Kumpulan dalam nilai saksama aset bersih bolehdikenal pasti anak-anak syarikat melebihi kos kombinasi perniagaan, lebihan diiktiraf dengan serta-mertadalam penyata pendapatan disatukan.

(f) Pelaburan dalam Anak-anak Syarikat dan Syarikat-syarikat Bersekutu

Pelaburan dalam anak-anak syarikat dan syarikat-syarikat bersekutu dinyatakan pada kos dalam kuncikira-kira Syarikat, dan disemak bagi kemerosotan pada akhir tahun kewangan sekiranya peristiwa atauperubahan dalam keadaan menunjukkan bahawa nilai penyimpanannya mungkin tidak boleh diperolehisemula.

Atas pelupusan pelaburan dalam anak-anak syarikat dan syarikat-syarikat bersekutu, perbezaan antaraperolehan pelupusan bersih dan jumlah penyimpanan pelaburan dimasukkan dalam penyata pendapatan.

(g) Hartanah, Loji dan Peralatan

Hartanah, loji dan peralatan dinyatakan pada kos atau jumlah dinilai semula tolak susut nilai terkumpulatau pelunasan dan kerugian kemerosotan, sekiranya ada.

Susut nilai atau pelunasan dikira di bawah kaedah garisan lurus untuk menghapus kira jumlah bolehdisusutnilaikan aset sepanjang anggaran hayat bergunanya. Susut nilai aset tidak berhenti apabila asetmenjadi terbiar atau tidak lagi digunakan secara aktif melainkan aset disusutnilai sepenuhnya. Kadartahunan utama digunakan untuk tujuan ini adalah:

Kapal 4% – 20%Peralatan kapal 4% – 10%Bangunan pegangan pajak 2%Loji dan mesin 10%Peralatan kabin, medan dan bengkel kerja 10% – 20%Kenderaan bermotor 20%Peralatan, perabot dan kelengkapan pejabat 10% – 20%Limbungan kering 5 tahun Lain-lain 10% – 50%

Modal kerja dalam pelaksanaan tidak disusutnilaikan.

Modal kerja dalam pelaksanaan mewakili aset sedang dalam pembinaan, dan yang belum sedia untukkegunaan komersial pada tarikh kunci kira-kira. Modal kerja dalam pelaksanaan dinyatakan pada kos, dandipindahkan kepada kategori aset berkenaan dan disusutnilaikan selaras dengannya apabila aset siapdibina dan sedia untuk kegunaan komersial. Kos modal kerja dalam pelaksanaan termasuk kos langsung,perbelanjaan berkaitan dan kos faedah ke atas pinjaman dimasukkan untuk membiayai pembinaan ataupembelian aset sehingga tarikh yang aset siap dibina dan sedia untuk digunakan.

Kaedah susut nilai, hayat berguna dan nilai baki disemak, dan diselaraskan sekiranya sesuai, pada setiaptarikh kunci kira-kira untuk memastikan agar jumlah, kaedah dan tempoh susut nilai adalah konsistendengan anggaran sebelumnya dan corak penggunaan dijangka ke atas manfaat ekonomi masa hadapanyang terbentuk dalam perkara hartanah, loji dan peralatan.

Perkara hartanah, loji dan peralatan dinyahiktiraf atas pelupusan atau apabila tiada manfaat ekonomimasa hadapan dijangka daripada penggunaannya. Sebarang laba atau kerugian timbul daripadapenyahiktirafan aset dimasukkan dalam penyata pendapatan dalam tahun aset dinyahdiiktiraf.

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(h) Kemerosotan Aset

Nilai dibawa aset, selain daripada yang mana FRS 136 – Kemerosotan Aset tidak terpakai, disemak padasetiap tarikh kunci kira-kira bagi kemerosotan apabila terdapat petunjuk bahawa aset mungkin rosot.Kemerosotan diukur dengan membandingkan nilai dibawa aset dengan jumlah boleh diperolehi semulanya.Jumlah boleh diperolehi semula aset adalah harga jualan aset dan nilai dalam penggunaannya yang manalebih tinggi, yang diukur dengan merujuk kepada aliran tunai masa hadapan didiskaunkan.

Kerugian kemerosotan dicaj kepada penyata pendapatan dengan serta-merta melainkan aset dinyatakanpada jumlah dinilai semulanya. Sebarang kerugian kemerosotan aset dinilai semula dianggap sebagaipengurangan penilaian semula sehingga tahap lebihan penilaian semula diiktiraf sebelum ini bagi asetyang sama.

Berhubung dengan aset selain daripada muhibah, dan apabila terdapat perubahan dalam anggarandigunakan untuk menentukan jumlah boleh diperolehi semula, peningkatan ketara dalam jumlah bolehdiperolehi semula aset dianggap sebagai keterbalikan daripada kerugian kemerosotan sebelum ini dandiiktiraf sehingga tahap jumlah dibawa aset yang mungkin telah ditentukan (tolak pelunasan dan susutnilai) sekiranya tiada kerugian kemerosotan telah diiktiraf. Keterbalikan diiktiraf dalam penyata pendapatandengan serta-merta, melainkan aset dinyatakan pada jumlah dinilai semulanya. Keterbalikan kerugiankemerosotan ke atas aset dinilai semula dikreditkan secara langsung kepada lebihan penilaian semula.Walau bagaimanapun, sehingga tahap yang kerugian kemerosotan ke atas aset dinilai semula yang samadiiktiraf sebelum ini sebagai perbelanjaan dalam penyata pendapatan, keterbalikan kerugian kemerosotantersebut diiktiraf sebagai pendapatan dalam penyata pendapatan.

(i) Bayaran Pajakan Prabayar

Pajakan tanah di bawah mana pemajak tidak memindahkan semua risiko dan manfaat pemilikandikelaskan sebagai pajakan kendalian. Prabayaran pajakan bagi hak penggunaan tanah dinyatakan padakos tolak pelunasan terkumpul dan kerugian kerosotan, sekiranya ada. Pelunasan dicaj kepada penyatapendapatan atas dasar garisan lurus sepanjang tempoh pajakan selama 42 hingga 66 tahun.

(j) Pajakan Kendalian

Pajakan aset di mana bahagian ketara daripada risiko dan ganjaran pemilikan dikekalkan oleh pemajakdikelaskan sebagai pajakan kendalian. Bayaran dibuat di bawah pajakan kendalian (tolak sebarang insentifditerima daripada pemajak) dicaj kepada penyata pendapatan atas dasar garisan lurus sepanjang tempohpajakan. Apabila pajakan kendalian ditamatkan sebelum tempoh pajakan telah luput, sebarang bayarandiperlukan untuk dibuat kepada pemajak melalui penalti diiktiraf sebagai perbelanjaan dalam tempohdalam mana penamatan berlaku.

(k) Aset di bawah Sewa Beli

Hartanah dan peralatan dibeli di bawah sewa beli dipermodalkan dalam penyata kewangan dandisusutnilaikan selaras dengan polisi yang dikemukakan dalam Nota 5(g) di atas. Setiap bayaran sewabeli diperuntukkan antara liabiliti dan caj kewangan untuk mencapai kadar berkala yang tetap ke atas bakikewangan yang belum dijelas. Caj kewangan diperuntukkan kepada penyata pendapatan sepanjangtempoh-tempoh perjanjian sewa beli masing-masing.

(l) Inventori

Inventori dinyatakan pada kos dan nilai boleh direalis bersih yang mana lebih rendah. Kos ditentukan atasdasar masuk dahulu, keluar dahulu, dan terdiri daripada harga pembelian dan perbelanjaan sampinganyang ditanggung dalam membawa masuk inventori ke kawasan dan keadaan semasanya. Kos barangansiap dan kerja dalam pelaksanaan termasuk kos bahan, buruh dan perkadaran sewajarnya daripadaoverhed pengeluaran.

Nilai boleh direalis bersih mewakili anggaran harga jualan tolak anggaran kos penyiapan dan anggarankos diperlukan untuk membuat jualan.

Di mana perlu, peruntukan sewajarnya dibuat bagi semua perkara lapuk, rosak dan bergerak perlahan.



(m) Penghutang

Penghutang dinyatakan pada nilai boleh direalisasikan dijangka. Hutang lapuk dihapus kira dalam tempohdalam mana ia dikenal pasti. Anggaran dibuat bagi hutang ragu berdasarkan semakan semua jumlahbelum dijelas pada tarikh kunci kira-kira.

(n) Jumlah Terhutang Oleh/Kepada Pelanggan Kontrak

Jumlah terhutang oleh/kepada pelanggan kontrak dinyatakan pada kos campur keuntungan boleh diagihkepada kontrak dalam pelaksanaan tolak bil-bil progres dan peruntukan bagi kerugian boleh diramal,sekiranya ada. Kos termasuk bahan langsung, buruh dan overhed berkenaan.

(o) Pemiutang

Pemiutang dinyatakan pada kos yang merupakan nilai saksama balasan untuk dibayar pada masahadapan bagi barangan dan perkhidmatan diterima.

(p) Peruntukan

Peruntukan diiktiraf apabila Kumpulan mempunyai obligasi semasa akibat daripada peristiwa lepas, apabilaia berkemungkinan bahawa aliran keluar sumber yang membentuk manfaat ekonomi akan diperlukanuntuk menyelesaikan obligasi, dan apabila anggaran boleh dipercayai mengenai jumlah boleh dibuat.Peruntukan disemak pada setiap tarikh kunci kira-kira dan diselaraskan untuk menunjukkan anggaranterbaik. Di mana kesan masa bagi nilai wang adalah material, peruntukan adalah nilai semasa anggaranperbelanjaan yang diperlukan untuk menyelesaikan obligasi.

(q) Tunai dan Setara Tunai

Tunai dan setara tunai terdiri daripada tunai dalam tangan, baki bank, deposit tuntutan, depositdisandarkan kepada institusi kewangan, overdraf bank dan pelaburan jangka pendek, amat mudah tunaiyang sedia boleh ditukar kepada jumlah tunai diketahui dan yang tertakluk kepada risiko tidak ketaraperubahan dalam nilai.

(r) Cukai Pendapatan

Cukai pendapatan bagi tahun kewangan terdiri daripada cukai semasa dan cukai tertunda.

Cukai semasa adalah jumlah dijangka cukai pendapatan perlu dibayar berhubung dengan keuntunganboleh dicukai bagi tahun dan diukur dengan menggunakan kadar cukai yang telah digubal atausebahagian besarnya digubal pada tarikh kunci kira-kira.

Cukai tertunda diperuntukkan sepenuhnya, dengan menggunakan kaedah liabiliti, ke atas semua materialperbezaan sementara yang timbul antara asas cukai aset dan liabiliti dan jumlah penyimpanannya dalampenyata kewangan.

Liabiliti cukai tertunda diiktiraf bagi semua perbezaan sementara boleh dicukai selain daripada yang timbuldaripada muhibah atau lebihan kepentingan syarikat mengambil alih dalam nilai saksama bersih aset,liabiliti dan liabiliti luar jangkaan syarikat diambil alih yang boleh dikenal pasti ke atas kos kombinasiperniagaan atau daripada pengiktirafan awal aset atau liabiliti dalam urus niaga yang bukan merupakankombinasi perniagaan dan pada masa urus niaga, tidak menjejaskan keuntungan perakaunan mahupunkeuntungan boleh dicukai.

Aset cukai tertunda diiktiraf bagi semua perbezaan sementara boleh ditolak, kerugian cukai tidak digunadan kredit cukai tidak diguna sehingga tahap yang ia berkemungkinan bahawa keuntungan boleh dicukaimasa hadapan akan tersedia terhadap mana perbezaan sementara boleh ditolak, kerugian cukai tidakdiguna dan kredit cukai tidak diguna boleh digunakan.

Aset dan liabiliti cukai tertunda diukur pada kadar cukai yang dijangka akan terpakai dalam tempohapabila aset direalis atau liabiliti diselesaikan, berdasarkan kadar cukai yang telah digubal atausebahagian besarnya digubal pada tarikh kunci kira-kira.

Cukai tertunda diiktiraf dalam penyata pendapatan, kecuali apabila ia timbul daripada urus niaga yangdiiktiraf secara langsung dalam ekuiti, dalam hal mana cukai tertunda juga dicaj atau dikreditkan secaralangsung, atau apabila ia timbul daripada kombinasi perniagaan yang merupakan pengambilalihan, dalamhal mana cukai tertunda dimasukkan dalam muhibah terhasil atau lebihan daripada kepentingan syarikatmengambil alih dalam nilai saksama bersih aset, liabiliti dan liabiliti kontigen syarikat diambil alih ke ataskos kombinasi perniagaan. Jumlah penyimpanan daripada aset cukai tertunda disemak pada setiap tarikhkunci kira-kira dan dikurangkan sehingga tahap yang ia tidak lagi berkemungkinan bahawa keuntunganboleh dicukai masa hadapan mencukupi akan tersedia untuk membolehkan semua atau sebahagiandaripada aset cukai tertunda untuk digunakan

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(s) Pinjaman Menanggung Faedah

Pinjaman menanggung faedah direkodkan pada jumlah perolehan diterima, tolak kos urus niaga.

Kos pinjaman, secara langsung boleh dikaitkan kepada pembelian dan pembinaan hartanah, loji danperalatan dipermodalkan sebagai sebahagian daripada kos aset tersebut, sehingga masa tertentu apabilaaset sedia untuk kegunaan atau jualannya yang dihasratkan. Permodalan kos pinjaman digantungsehingga tempoh-tempoh dilanjutkan dalam mana pembangunan aktif terganggu.

Semua kos pinjaman dicaj kepada penyata pendapatan sebagai perbelanjaan dalam tempoh dalam manaia ditanggung.

(t) Bon-bon

Bon diterbitkan oleh Kumpulan pada awalnya diiktiraf berdasarkan perolehan diterima, tolak perbelanjaanterbitan yang ditanggung. Perbezaan antara perolehan bersih dan nilai muka bon dilunaskan atauditambah sepanjang tempoh bon menggunakan kaedah hasil berkesan. Premium dilunaskan dan/ataudiskaun ditambah diiktiraf dalam penyata pendapatan.

(u) Instrumen Ekuiti

Saham-saham biasa dikelaskan sebagai ekuiti. Kos meningkat secara langsung boleh dikaitkan kepadaterbitan saham-saham atau opsyen-opsyen baru ditunjukkan dalam ekuiti sebagai penolakan, tolak cukai,daripada perolehan.

Dividen ke atas saham-saham biasa diiktiraf sebagai liabiliti apabila diluluskan bagi pengasingan.

(v) Maklumat Segmen

Hasil dan perbelanjaan segmen adalah yang secara langsung boleh dikaitkan kepada segmen dantermasuk sebarang hasil dan perbelanjaan bersama di mana asas peruntukan munasabah wujud. Asetsegmen termasuk semua aset digunakan oleh segmen dan terdiri terutamanya daripada hartanah, loji danperalatan (tolak susut nilai terkumpul, di mana berkenaan), aset tidak ketara, inventori, penghutang, dantunai dan baki di bank.

Kebanyakan aset segmen boleh dikaitkan secara langsung kepada segmen atas dasar munasabah. Asetdan liabiliti segmen tidak termasuk aset dan liabiliti cukai pendapatan masing-masing.

Hasil, perbelanjaan dan keputusan segmen termasuk pemindahan antara segmen-segmen. Harga yangdikenakan ke atas urus niaga antara segmen adalah berdasarkan terma-terma komersial biasa.Pemindahan ini dihapus kira atas penyatuan.

(w) Manfaat Kakitangan

(i) Manfaat Jangka Pendek

Upah, gaji, cuti tahunan berbayar, bonus dan manfaat bukan monetari adalah diakrukan dalamtempoh dalam mana perkhidmatan berkaitan diberikan oleh kakitangan Kumpulan.

(ii) Pelan Caruman Dinyatakan

Caruman Kumpulan kepada pelan caruman dinyatakan dicaj kepada penyata pendapatan dalamtempoh dalam mana ia berkait. Sebaik sahaja caruman telah dibayar, Kumpulan tidak mempunyailiabiliti selanjutnya berhubung dengan pelan caruman dinyatakan.

Kumpulan juga mengendalikan skim manfaat persaraan tidak dibiayai, bukan caruman bagikakitangan tertentu yang layak. Caruman skim persaraan dianggarkan dan diperuntukkan dalamPenyata Kewangan selepas mengambil kira tempoh perkhidmatan dan perolehan asas kakitanganyang layak. Peruntukan dicaj kepada penyata pendapatan dalam tempoh kepada mana ia berkait,dan mewakili jumlah caruman yang perlu dibayar oleh Kumpulan di bawah skim.



(x) Pihak Berkaitan

Pihak berkaitan adalah berkait kepada entiti:

(i) secara langsung, atau tidak langsung melalui satu atau lebih perantara, pihak: • mengawal, dikawal oleh, atau di bawah kawalan bersama dengan, entiti (ini termasuk syarikat

induk, anak-anak syarikat dan anak-anak syarikat bersama);• mempunyai kepentingan dalam entiti yang memberikan pengaruh penting ke atas entiti; atau • mempunyai kawalan bersama ke atas entiti;

(ii) pihak adalah syarikat bersekutu entiti;(iii) pihak adalah sebuah usaha sama dalam mana entiti adalah pengusaha;(iv) pihak adalah ahli personel pengurusan penting entiti atau syarikat induknya;(v) pihak adalah ahli keluarga terdekat mana-mana individu yang dirujuk dalam (i) atau (iv);(vi) pihak adalah entiti yang dikawal, secara bersama dikawal atau secara ketara dipengaruhi oleh, atau

untuk yang mana kuasa mengundi ketara dalam entiti sedemikian terletak, secara langsung atautidak langsung, dengan mana-mana individu yang dirujuk dalam (iv) atau (v); atau

(vii) pihak adalah ahli pelan manfaat selepas pekerjaan bagi manfaat kakitangan entiti, atau mana-manaentiti yang merupakan pihak berkaitan entiti.

Ahli-ahli keluarga yang terdekat dengan individu yang merupakan ahli keluarga yang mungkin dijangkaakan mempengaruhi, atau akan dipengaruhi oleh, individu tersebut dalam urus niaga mereka denganentiti.

(y) Liabiliti Luar Jangkaan

Liabiliti luar jangkaan adalah obligasi yang mungkin timbul daripada peristiwa lepas dan yangkewujudannya hanya boleh disahkan apabila berlakunya satu atau lebih peristiwa masa hadapan tidakpasti yang bukan secara keseluruhannya dalam kawalan Kumpulan. Ia juga merupakan obligasi semasatimbul daripada peristiwa lepas yang tidak diiktiraf disebabkan ia tidak berkemungkinan bahawa alirankeluar sumber ekonomi akan diperlukan atau jumlah obligasi tidak boleh diukur dengan betul.

Liabiliti luar jangkaan tidak diiktiraf tetapi dinyatakan dalam nota-nota kepada penyata kewangan. Apabilaperubahan dalam kemungkinan aliran keluar berlaku menjadikan aliran keluar sebagai mungkin berlaku, iakemudiannya akan diiktiraf sebagai peruntukan.

(z) Pengiktirafan Hasil

(i) Pendapatan Sewa Vesel

Pendapatan sewa kapal diiktiraf selepas memberikan perkhidmatan dan apabila keputusan mengenaiurus niaga boleh dianggarkan dengan betul. Jika sekiranya keputusan daripada urus niaga tidakboleh dianggarkan dengan betul, hasil diiktiraf sehingga tahap perbelanjaan ditanggung bolehdiperolehi semula.

(ii) Perkhidmatan

Hasil diiktiraf selepas memberikan perkhidmatan dan apabila keputusan daripada urus niaga bolehdianggarkan dengan betul. Jika sekiranya keputusan daripada urus niaga tidak boleh dianggarkandengan betul, hasil diiktiraf sehingga tahap perbelanjaan ditanggung boleh diperolehi semula.

(iii) Hasil Kontrak

Hasil ke atas kontrak diiktiraf atas peratusan daripada kaedah penyiapan melainkan keputusandaripada kontrak tidak boleh ditentukan dengan betul, dalam hal mana hasil ke atas kontrak hanyadiiktiraf sehingga tahap kos kontrak ditanggung yang boleh diperolehi semula. Kerugian bolehdiramal, sekiranya ada, diperuntukkan sepenuhnya bila dan apabila ia boleh dipastikan secaramunasabah bahawa kontrak akan mengakibatkan kerugian.

Tahap penyiapan ditentukan berdasarkan perkadaran yang kos kontrak tanggung bagi kerjadilaksanakan sehingga kini berbanding jumlah kos kontrak yang dianggarkan.

(iv) Pendapatan Sewa

Pendapatan sewa diiktiraf atas dasar akruan.

(v) Pendapatan faedah

Pendapatan faedah diiktiraf atas dasar akruan, berdasarkan kadar hasil berkesan ke atas pelaburan.

Pendapatan faedah ke atas pembayaran lewat diiktiraf berasaskan penerimaan.

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6. PELABURAN DALAM ANAK-ANAK SYARIKAT

Syarikat2009 2008

RM'000 RM'000

Saham disebut harga di Malaysia, pada kos – 39,000Saham tidak disebut harga, pada kos:– di Malaysia 285,519 285,519– di luar Malaysia 21,897 21,503

307,416 346,022Tolak: Kerugian kerosotan (10) (10)

307,406 346,012

Nilai pasaran saham disebut harga di Malaysia – 148,590

Butir-butir mengenai anak-anak syarikat adalah seperti berikut:

Negara Kepentingan Ekuiti Nama Syarikat Pemerbadanan Berkesan Kegiatan Utama

2009 2008% %

Intra Oil Services Berhad Malaysia 100 100 Penyediaan perkhidmatan sokongan marin bagi industri minyak dan gas.

Ampangship Marine Sdn Bhd Malaysia 100 100 Penyediaan perkhidmatan sokongan marin bagi industri minyak dan gas.

Perdana Marine Offshore Pte Ltd* Republik 100 100 Penyediaan perkhidmatan Singapura sokongan marin bagi industri

minyak dan gas.

Petra Offshore Limited Wilayah 100 100 Penyediaan perniagaan Persekutuan pemajakan luar pesisir.Labuan

Perdana Mercury Limited Republik 100 100 Penyediaan perkhidmatan Marshall sokongan marin bagi industri Islands minyak dan gas.

Perdana Venus Limited Republik 100 100 Penyediaan perkhidmatan Marshall sokongan marin bagi industri Islands minyak dan gas.

Petra Marine Australia Pty Ltd Komanwel 55 55 Penyediaan perkhidmatan Australia sokongan marin bagi industri

minyak dan gas.

Perdana Jupiter Limited Wilayah 100 – Penyediaan perkhidmatan Persekutuan sokongan marin bagi industri Labuan minyak dan gas

Odin Explorer Navigation Limited The British Virgin 100 100 Penyediaan perkhidmatan Islands sokongan marin bagi industri

minyak dan gas.


6. PELABURAN DALAM ANAK-ANAK SYARIKAT (SAMB)


2009 2008% %

Geoseas Technologies Limited The British Virgin 51 51 Tidak aktif.Islands

Petra Teknik Sdn Bhd Malaysia 100 100 Tidak aktif.

Petra Asia Limited Wilayah 100 100 Tidak aktif.PersekutuanLabuan

Perdana Neptune Limited* Wilayah 100 – Tidak aktif.PersekutuanLabuan

Perdana Pluto Limited* Wilayah 100 – Tidak aktif.PersekutuanLabuan

Perdana Saturn Limited* Wilayah 100 – Tidak aktif.PersekutuanLabuan

Kepentingan dipegang melalui Intra Oil Services Berhad

Osam Marine Sdn Bhd Malaysia 100 100 Tidak aktif.

Asiaway Sdn Bhd Malaysia 100 100 Tidak aktif.

Kepentingan dipegang melalui Osam Marine Sdn Bhd

Malawi Marine Sdn Bhd Malaysia 100 100 Tidak aktif.

Kovan Marine Sdn Bhd Malaysia 100 100 Tidak aktif.

* Tidak diaudit oleh Tetuan Crowe Horwath

7. PELABURAN DALAM SYARIKAT BERSEKUTU


Nota RM'000 RM'000 RM'000 RM'000

Saham disebut harga di Malaysia, pada kos 19,233 – 19,233 –Bahagian keuntungan selepas pengambilalihan 71,834 – – –

Bahagian aset bersih dikekalkan dalam syarikat bersekutu 37 91,067 – – –

Bahagian kerugian selepas pengambilalihan (748) – – –

90,319 – 19,233 –

Nilai pasaran saham disebut harga 95,205 – 95,205 –

Bahagian keputusan syarikat bersekutu berdasarkan penyata kewangan tidak diaudit oleh syarikat bersekutu.

150

7. PELABURAN DALAM SYARIKAT BERSEKUTU (SAMB)

Butir-butir mengenai syarikat bersekutu adalah seperti berikut:


2009 2008% %

Petra Energy Berhad* Malaysia 29.6 60.0 Pemegangan pelaburan.

* Tidak diaudit oleh Tetuan Crowe Horwath.

Pada 10 September 2009, Syarikat melupuskan 10.5 juta saham biasa bernilai RM0.50 sesaham dalam PetraEnergy Berhad (“PEB”) pada harga RM1.53 setiap saham melalui penempatan persendirian. Agregat balasanjualan berjumlah lebih kurang RM16.1 juta, mengakibatkan kerugian atas pelupusan sebanyak lebih kurangRM0.6 juta kepada Kumpulan. Selepas pelupusan, kepentingan ekuiti Syarikat dalam PEB berkurangandaripada 60% kepada 54.62%.

Pada 11 Disember 2009, Syarikat melupuskan tambahan 48.8 juta saham biasa bernilai RM0.50 sesahamdalam PEB pada harga RM1.91 setiap saham bagi balasan jualan sebanyak lebih kurang RM93.2 juta,mengakibatkan keuntungan atas pelupusan sebanyak lebih kurang RM13.3 juta kepada Kumpulan. Akibatdaripada pelupusan, kepentingan ekuiti Syarikat dalam PEB berkurangan selanjutnya daripada 54.62% kepada29.59%. Akibat daripada itu, PEB menjadi syarikat bersekutu Syarikat

Ringkasan maklumat kewangan tidak diaudit syarikat bersekutu adalah seperti berikut:

2009RM’000

Aset dan liabilitiAset bukan semasa 369,073Aset semasa 344,327

Jumlah aset 713,400

Liabiliti semasa 271,344Liabiliti bukan semasa 136,423

Jumlah liabiliti 407,767

Keputusan Hasil 504,141Keuntungan bersih bagi tahun kewangan 15,482


8. HARTANAH, LOJI DAN PERALATAN

PengkelasanSemulaSebagai

Pelupusan Aset Bukan Kepentingan Pengambil- Semasadalam Anak alihan Dipegang Perbezaan Caj

Pada Syarikat Anak Untuk Jualan Terjemahan Susut Pada1.1.2009 Tambahan Pelupusan Pemindahan (Nota 37) Syarikat (Nota 20) Mata Wang Nilai 31.12.2009RM'000 RM'000 RM'000 RM'000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kumpulan

Nilai Buku Bersih

Vesel 303,632 124,234 (318,351) 452,921 (228,928) – (86,361) (1,717) (24,435) 220,995Peralatan Vesel 11,325 4,521 (2,486) – – – – (240) (890) 12,230Limbungan kering 29,622 38,687 – – (14,598) – – (727) (14,369) 38,615Bangunan pegangan pajak 6,362 – – – (4,485) – – – (175) 1,702

Loji dan Mesin 3,495 101 (10) – (2,827) – – – (759) –Kabin, peralatan medan dan bengkel 8,393 3,417 – – (6,212) – – 16 (5,502) 112

Kenderaan bermotor 1,650 132 – – (1,124) 31 – 2 (578) 113Peralatan, perabot dan kelengkapan pejabat 1,367 2,941 (14) – (964) 300 – 4 (799) 2,835

Modal kerja dalam pelaksanaan 289,899 354,755 – (452,921) – – – (8,639) – 183,094

Lain-lain 3,323 617 (116) – (1,591) 214 – 4 (1,449) 1,002

659,068 529,405 (320,977) – (260,729) 545 (86,361) (11,297) (48,956) 460,698

PengkelasanSemulaSebagai

Aset Bukan Pindahan SemasaDaripada Dipegang Perbezaan Caj

Pada Deposit Dihapus Untuk Jualan Terjemahan Susut Pada1.1.2008 Tambahan Pelupusan (Nota 16) Kira (Nota 20) Mata Wang Nilai 31.12.2008RM'000 RM'000 RM'000 RM'000 RM’000 RM’000 RM’000 RM’000 RM’000

Kumpulan

Nilai Buku Bersih

Vesel 333,123 168,150 (176,797) – – (4,466) 7,794 (24,172) 303,632Peralatan vesel – 11,543 – – – – 62 (280) 11,325Limbungan kering 26,844 19,143 (9,486) – (169) (35) 2,022 (8,697) 29,622Bangunan pegangan pajak 6,268 308 – – – – – (214) 6,362

Loji dan mesin 3,767 626 – – – – – (898) 3,495Kabin, peralatan medan dan bengkel 13,904 228 – – – – 1 (5,740) 8,393

Kenderaan bermotor 1,345 986 (27) – (109) – (2) (543) 1,650Peralatan, perabot dankelengkapan pejabat 1,305 595 (6) – (7) – 3 (523) 1,367

Modal kerja dalam pelaksanaan 5,554 – – 284,345 – – – – 289,899

Lain-lain 2,907 1,788 (23) – (7) – 12 (1,354) 3,323

395,017 203,367 (186,339) 284,345 (292) (4,501) 9,892 (42,421) 659,068

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8. HARTANAH, LOJI DAN PERALATAN (SAMB)

Pada Susut Nilai Nilai BukuKos Terkumpul Bersih

RM'000 RM'000 RM'000Kumpulan

Pada 31.12.2009

Vesel 292,299 (71,304) 220,995Peralatan vesel 13,379 (1,149) 12,230Limbungan kering 67,625 (29,010) 38,615Bangunan pegangan pajak 1,860 (158) 1,702Loji dan mesin 10 (10) –Kabin, peralatan medan dan bengkel 159 (47) 112Kenderaan bermotor 318 (205) 113Peralatan, perabot dan kelengkapan pejabat 3,872 (1,037) 2,835Kerja dalam pelaksanaan 183,094 – 183,094Lain-lain 2,942 (1,940) 1,002

565,558 (104,860) 460,698

Pada 31.12.2008

Vesel 388,937 (85,305) 303,632Peralatan vesel 11,609 (284) 11,325Limbungan kering 45,536 (15,914) 29,622Bangunan pegangan pajak 9,672 (3,310) 6,362Loji dan mesin 13,127 (9,632) 3,495Kabin, peralatan medan dan bengkel 31,650 (23,257) 8,393Kenderaan bermotor 4,448 (2,798) 1,650Peralatan, perabot dan kelengkapan pejabat 5,262 (3,895) 1,367Kerja dalam pelaksanaan 289,899 – 289,899Lain-lain 12,372 (9,049) 3,323

812,512 (153,444) 659,068

Pada Caj Pada1.1.2009 Tambahan Pemindahan Susut Nilai 31.12.2009RM'000 RM'000 RM'000 RM'000 RM'000

Syarikat

Nilai Buku Bersih

Bangunan pegangan pajak 1,739 – – (37) 1,702Peralatan, perabot dan kelengkapan pejabat 267 6 – (85) 188

Modal kerja dalam pelaksanaan 40,141 2,873 (36,969) - 6,045Lain-lain 894 10 1 (303) 602

43,041 2,889 (36,968) (425) 8,537



PemindahanPada Daripada Caj Pada

1.1.2009 Tambahan Deposit Susut Nilai 31.12.2009RM'000 RM'000 RM'000 RM'000 RM'000

Syarikat

Nilai Buku Bersih

Bangunan pegangan pajak 1,776 – – (37) 1,739Peralatan, perabot dan kelengkapan pejabat 282 69 – (84) 267

Modal kerja dalam pelaksanaan 5,554 – 34,587 – 40,141Lain-lain 1,067 115 – (288) 894

8,679 184 34,587 (409) 43,041

Pada Susut Nilai Nilai BukuKos Terkumpul Bersih

RM'000 RM'000 RM'000

Syarikat

Pada 31.12.2009

Bangunan pegangan pajak 1,860 (158) 1,702Peralatan, perabot dan kelengkapan pejabat 478 (290) 188Modal kerja dalam pelaksanaan 6,045 – 6,045Lain-lain 1,651 (1,049) 602

10,034 (1,497) 8,537

Pada 31.12.2008

Bangunan pegangan pajak 1,860 (121) 1,739Peralatan, perabot dan kelengkapan pejabat 472 (205) 267Modal kerja dalam pelaksanaan 40,141 – 40,141Lain-lain 1,634 (740) 894

44,107 (1,066) 43,041

Modal kerja dalam pelaksanaan adalah berhubung dengan vesel dalam pembinaan dan kren belum bersediauntuk kegunaan komersial pada tarikh kunci kira-kira.

Dalam tahun kewangan, Syarikat memindahkan kren yang belum bersedia untuk kegunaan komersial kepadaanak-anak syarikatnya pada nilai buku saksamanya.

154


Termasuk dalam nilai buku bersih hartanah, loji dan peralatan Kumpulan pada tarikh kunci kira-kira adalahaset-aset berikut yang dibeli di bawah terma-terma sewa beli:

Kumpulan2009 2008RM'000 RM'000

Kenderaan bermotor 113 725

Nilai buku bersih vesel pada tarikh kunci kira-kira yang disandarkan sebagai cagaran bagi penerbitanbon-bon oleh Kumpulan adalah seperti berikut:

Kumpulan2009 2008

RM'000 RM'000

Vesel, termasuk perbelanjaan limbungan kering yang dipermodalkan 208,580 222,138

Termasuk dalam modal dalam pelaksanaan adalah perbelanjaan faedah yang dipermodalkan dalam tahunkewangan sebanyak RM4,738,997 (2008 - RM12,148,316).

9. BAYARAN PAJAKAN PRABAYAR

Kumpulan2009 2008

RM'000 RM'000

Kos – 7,908Pelunasan terkumpul – (633)

Nilai buku bersih – 7,275

Kos:Pada 1 Januari 7,908 7,908Pelupusan kepentingan dalam anak syarikat (Nota 37) (7,908) –

Pada 31 Disember – 7,908

Pelunasan terkumpul:Pada 1 Januari (633) (504)Pelunasan bagi tahun kewangan (118) (129)Pelupusan kepentingan dalam anak syarikat (Nota 37) 751 –

Pada 31 Disember – (633)


10. JUMLAH TERHUTANG OLEH/(KEPADA) ANAK-ANAK SYARIKAT

Syarikat2009 2008

Menanggung Tanpa Menanggung TanpaFaedah Faedah Jumlah Faedah Faedah Jumlah

Nota RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Jumlah terhutang oleh:Bukan semasa – tanpa tempoh bayaran balik (a) 290,601 39,114 329,715 260,044 41,451 301,495

Semasa – perlu dibayar balik atas tuntutan (b) – 4,084 4,084 – 5,009 5,009

Peruntukan bagi hutang ragu

Pada 1 Januari – (5,001) (5,001) – (5,001) (5,001)Kemasukan kira semula peruntukan bagi hutang ragu – 944 944 – – –

Pada 31 Disember – (4,057) (4,057) – (5,001) (5,001)

– 27 27 – 8 8

290,601 39,141 329,742 260,044 41,459 301,503

Jumlah terhutang kepada:Semasa – perlu dibayar balik atas tuntutan (b) – (95,862) (95,862) – (64,194) (64,194)

(a) Penyelesaian jumlah bukan semasa terhutang oleh anak-anak syarikat adalah tidak dirancang tidak jugaberkemungkinan akan berlaku pada masa hadapan boleh dijangka. Memandangkan jumlah ini, padadasarnya, merupakan sebahagian daripada pelaburan bersih Syarikat dalam anak syarikat, ianyadinyatakan pada kos tolak kerugian kemerosotan terkumpul.

(b) Jumlah terhutang oleh/(kepada) anak-anak syarikat bersifat bukan dagangan, tanpa faedah, tidak bercagardan perlu dibayar balik atas tuntutan. Jumlah akan diselesaikan secara tunai.

(c) Jumlah menanggung faedah adalah tertakluk kepada kadar faedah berkisar di antara 3.90% hingga 5.69%(2008 – 4.90% hingga 7.50%) setahun.

11. JUMLAH TERHUTANG OLEH /(KEPADA) SYARIKAT BERSEKUTU


RM'000 RM'00 RM'000 RM'000

Jumlah terhutang oleh:Bukan semasa – – – 51,649Semasa 51,649 – 51,649 10,000

51,649 – 51,649 61,649

Jumlah terhutang kepada:Semasa (1,975) – (1,975) –

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11. JUMLAH TERHUTANG OLEH/(KEPADA) SYARIKAT BERSEKUTU (SAMB)

Dalam tahun kewangan sebelumnya, jumlah terhutang oleh syarikat bersekutu perlu dibayar balik sepertiberikut:

Jumlah Bayaran BalikBil. Ansuran Tarikh Bayaran Balik RM’000

1 1 September 2009 10,0002 1 Mac 2010 10,0003 1 September 2010 10,0004 1 Mac 2011 10,0005 1 September 2011 10,0006 1 Mac 2012 10,0007 1 September 2012 1,649

Pada 19 Mac 2010, Syarikat meminta syarikat bersekutu membayar balik keseluruhan jumlah belum dijelassebanyak RM51,649,000 dengan segera memandangkan perubahan material dalam pemegang-pemegangsaham dan para pengarah selepas tarikh kunci kira-kira. Jumlah hendaklah diselesaikan secara tunai.

Jumlah terhutang oleh syarikat bersekutu bersifat bukan dagangan, tidak bercagar dan tertakluk kepada kadarfaedah sebanyak 7.5% (2008 – 7.5%) setahun.

Jumlah terhutang kepada syarikat bersekutu bersifat bukan dagangan, tanpa faedah, tidak bercagar dan perludibayar balik atas tuntutan.

12. DEPOSIT

Deposit ditempatkan dengan pemilik-pemilik vesel bagi vesel pajakan jangka panjang bagi tempoh sepuluhtahun.

13. ASET TIDAK KETARA

Kummpulan2009 2008

RM'000 RM'000

Muhibah:Pada 1 Januari 27,507 22,918Pengambilalihan kepentingan dalam anak syarikat 1,434 4,589Pelupusan kepentingan dalam anak syarikat (Nota 37) (1,434) –

Pada 31 Disember 27,507 27,507

Muhibah telah diperuntukkan bagi pengujian kemerosotan kepada unit penghasilan tunai Kumpulan (“CGU”).

Dalam tahun kewangan, Kumpulan menilai jumlah-jumlah boleh diperolehi semula daripada muhibah dibeli, danmenentukan bahawa muhibah tidak merosot.

Jumlah yang boleh diperolehi semula CGU ditentukan berdasarkan pengiraan nilai dalam penggunaan.Pengiraan ini menggunakan unjuran aliran tunai selepas cukai berdasarkan bajet kewangan yang diluluskanoleh pengurusan meliputi tempoh lima tahun.

Andaian-andaian utama yang digunakan bagi pengiraan nilai dalam penggunaan adalah seperti berikut:

Margin kasar 8% – 50%Kadar pertumbuhan 1% – 5%Kadar diskaun 11%

Pengurusan menentukan margin kasar dibajet berdasarkan prestasi lepas dan jangkaannya ke ataspembangunan pasaran. Kadar pertumbuhan digunakan adalah berdasarkan pencapaian tahun-tahun lepas dankontrak-kontrak yang dijangka akan diperolehi. Kadar diskaun digunakan adalah pracukai dan menunjukkanrisiko-risiko khusus berkaitan dengan segmen-segmen berkenaan.


14. ASET CUKAI TERTUNDA


RM'000 RM'000 RM'000 RM'000

Pada 1 Januari 62 47 46 46Diiktiraf dalam penyata pendapatan (Nota 33) – 15 – –Pelupusan kepentingan dalam anak syarikat (Nota 37) (16) – – –

Pada 31 Disember 46 62 46 46

Aset cukai tertunda terdiri daripada:


RM'000 RM'000 RM'000 RM'000

Lebihan susut nilai ke atas elaun modal 46 49 46 46

Peruntukan am – 13 – –

46 62 46 46

15. INVENTORI

Kumpulan2009 2008

RM'000 RM'000

Pada kos:Bahan mentah – 479Kerja dalam pelaksanaan – 30,602Barangan siap – 3,492Barangan dalam transit – –Simpanan barangan pakai habis 5,533 15,726

5,533 50,299

Tiada inventori dinyatakan pada nilai boleh direalisasikan bersih.

158

16. PENGHUTANG


Nota RM'000 RM'000 RM'000 RM'000

Penghutang perdagangan 247,010 270,496 – –Peruntukan bagi hutang ragu

Pada 1 Januari (9,770) (8,609) – –Tambahan dalam tahun kewangan – (1,161) – –Kemasukan kira semula peruntukan bagi hutang ragu 555 – – –

Pada 31 Disember (9,215) (9,770) – –Pelupusan kepentingan dalam anak syarikat 37 (191,526) – – –

Penghutang perdagangan bersih 46,269 260,726 – –

Lain-lain penghutang, deposit danprabayaran 152,181 351,505 38,965 67,222

Dipindahkan kepada hartanah, loji dan peralatan (Nota 8) – (284,345) – (34,587)

152,181 67,160 38,965 32,635Peruntukan bagi hutang ragu

Pada 1 Januari (1,826) (1,764) – –Tambahan dalam tahun kewangan – (62) – –

Pada 31 Disember (1,826) (1,826) – –Pelupusan kepentingan dalam anak syaarikat 37 (75,682) – – –

Lain-lain penghutang, deposit dan prabayaran bersih 74,673 65,334 38,965 32,635

Jumlah penghutang 120,942 326,060 38,965 32,635

Tempoh kredit perdagangan biasa Kumpulan berkisar dari 30 hingga 90 hari (2008 – 30 hingga 90 hari). Lain-lain tempoh kredit dinilai dan diluluskan atas dasar kes demi kes.

Profil pendedahan mata wang asing penghutang perdagangan dan lain-lain penghutang adalah seperti berikut:

Kumpulan2009 2008

RM'000 RM'000

Dolar Amerika Syarikat 61,343 98,265Dolar Singapura 6,992 745Pound Sterling – 3,367Euro – 908Dolar Australia 361 2,850Lain-lain 263 49


17. JUMLAH TERHUTANG OLEH/(KEPADA) PELANGGAN-PELANGGAN KONTRAK

Kumpulan2009 2008

RM'000 RM'000

Kos kontrak – 31,502Keuntungan boleh dikaitkan – 10,207

– 41,709Bil progres – (44,863)

Jumlah terhutang (kepada)/oleh pelanggan-pelanggan kontrak – (3,154)

Jumlah terhutang bersih (kepada)/oleh pelanggan-pelanggan kontrak terdiri daripada yang berikut:

Kumpulan2009 2008

RM'000 RM'000

Jumlah terhutang oleh pelanggan-pelanggan kontrak – 6,471Jumlah terhutang kepada pelanggan-pelanggan kontrak – (9,625)

– (3,154)

18. JUMLAH TERHUTANG OLEH/(KEPADA) PIHAK-PIHAK BERKAITAN


RM'000 RM'000 RM'000 RM'000

Jumlah terhutang oleh:Dagangan 29,887 – – –Bukan dagangan 8,307 – 259 –

38,194 – 259 –

Jumlah terhutang kepada:Bukan dagangan (236) – (3) –

Tempoh kredit biasa bagi jumlah dagangan berkisar di antara 60 hingga 90 hari.

Jumlah bukan dagangan adalah tidak bercagar, tanpa faedah dan perlu dibayar balik atas tuntutan.

Jumlah terhutang akan diselesaikan secara tunai.

19. DEPOSIT TETAP DENGAN BANK BERLESEN

Deposit tetap disandarkan kepada bank bagi kemudahan perbankan diberikan kepada anak-anak syarikatseperti berikut:


RM'000 RM'000 RM'000 RM'000

Deposit tetap disandarkan sebagai cagaran (Nota 39) 144,306 146,522 144,306 144,916

160

19. DEPOSIT TETAP DENGAN BANK BERLESEN (SAMB)

Kadar faedah berkesan deposit tetap pada tarikh kunci kira-kira adalah seperti berikut:

Kumpulan Syarikat2009 2008 2009 2008% % % %

Deposit tetap dengan bank berlesen 0.47 0.01 1.35 0.01 hingga hingga hingga hingga 2.25 3.70 2.25 3.55

Deposit tetap Kumpulan mempunyai tempoh kematangan berkisar dari 1 hingga 182 hari (2008 – 1 hari hingga365 hari).

Profil pendedahan mata wang asing deposit tetap adalah seperti berikut:


RM'000 RM'000 RM'000 RM'000

Dolar Amerika Syarikat 1,455 16,870 – 4,171

20. ASET BUKAN SEMASA DIKELASKAN SEBAGAI DIPEGANG UNTUK JUALAN

Kumpulan2009 2008

RM’000 RM’000

Dikelaskan semula daripada hartanah, loji dan peralatan (Nota 8)– Pada kos 86,361 –– Pada nilai buku bersih – 4,501

Dimasukkan dalam kos vesel adalah perbelanjaan faedah dipermodalkan dalam tahun kewangan berjumlahRM425,286 (2008 – RM1,323,648).

Yang di atas berkait dengan vesel yang telah dikontrakkan untuk dijual dalam tahun kewangan. Jualan selesaidilaksanakan selepas tarikh kunci kira-kira.

21. MODAL SAHAM

Kumpulan/Syarikat2009 2008 2009 2008Bilangan Saham RM'000 RM'000'000 '000

Saham biasa bernilai RM0.50 sesaham:

Dibenarkan 1,000,000 1,000,000 500,000 500,000

Diterbitkan dan berbayar penuh 297,600 297,600 148,800 148,800


22. RIZAB


RM'000 RM'000 RM'000 RM'000

Boleh diagih:Keuntungan tertahan 352,309 327,456 159,377 58,447

Tidak boleh diagihPremium saham 60,377 60,377 60,377 60,377Rizab terjemahan 56 6,860 – –Rizab penebusan modal 2,127 2,127 – –

62,560 69,364 60,377 60,377

414,869 396,820 219,754 118,824

Tertakluk kepada persetujuan pihak berkuasa cukai, pada tarikh kunci kira-kira, Syarikat mempunyai:

(a) pendapatan dikecualikan cukai sebanyak lebih kurang RM48,063,055 (2008 – RM17,916,374) tersediauntuk tujuan pembayaran dividen dikecualikan cukai; dan

(b) kredit cukai di bawah Seksyen 108 Akta Cukai Pendapatan, 1967 untuk membayar bayaran dividensebanyak lebih kurang RM31,560,266 (2008 – RM34,176,866) daripada keuntungan tertahannya.

Pada tarikh kunci kira-kira, Syarikat tidak memilih sistem cukai satu tier. Apabila baki kredit cukai digunakansepenuhnya, atau menjelang 31 Disember 2013 paling akhir, Syarikat secara automatik akan bergerak ke arahsistem cukai satu tier. Di bawah sistem cukai satu tier, cukai ke atas keuntungan Syarikat adalah cukai akhir,dan dividen diagihkan kepada pemegang-pemegang saham akan dikecualikan daripada cukai.

Premium saham tidak boleh diagih melalui dividen tunai dan boleh digunakan mengikut cara yangdikemukakan dalam Seksyen 60(3) Akta Syarikat 1965.

Rizab penebusan modal mewakili penebusan saham keutamaan bukan undian terkumpul boleh tebus olehanak syarikat.

23. CUKAI TERTUNDA

Kumpulan2009 2008

RM'000 RM'000

Pada 1 Januari 30,908 25,519Perbezaan terjemahan 14 75Diiktiraf dalam penyata pendapatan (Nota 33) (1,017) 5,314Pengambilalihan kepentingan dalam anak syarikat 40 –Pelupusan kepentingan dalam anak syarikat (Nota 37) (27,885) –

Pada 31 Disember 2,060 30,908

Liabiliti cukai tertunda boleh dikaitkan kepada yang berikut:

Kumpulan2009 2008

RM'000 RM'000

Elaun modal dipercepatkan ke atas susut nilai 2,060 31,210Peruntukan am – (406)Lain-lain – 104

2,060 30,908

162

24. PINJAMAN JANGKA PANJANG


RM'000 RM'000 RM'000 RM'000

Pemiutang sewa beli (Nota 25) 63 280 – –Pinjaman berjangka (Nota 26) 227,000 295,000 227,000 295,000

227,063 295,280 227,000 295,000

25. PEMIUTANG SEWA BELI

Kumpulan2009 2008

RM'000 RM'000

Bayaran sewa beli minimum:– tidak lebih daripada satu tahun 22 270– lebih daripada satu tahun dan tidak lebih daripada lima tahun 73 328

95 598Tolak: Caj kewangan masa hadapan (13) (83)

Nilai semasa pemiutang sewa beli 82 515

Pemiutang sewa beli bersih perlu dibayar balik adalah seperti berikut:

Semasa:– tidak lebih daripada satu tahun (Nota 29) 19 235

Bukan semasa:– lebih daripada satu tahun dan tidak lebih daripada lima tahun (Nota 24) 63 280

82 515

Pemiutang sewa beli pada tarikh kunci kira-kira menanggung kadar faedah berkesan sebanyak 2.42% (2008 -2.36% hingga 5.50%) setahun.

26. PINJAMAN BERJANGKA


RM'000 RM'000 RM'000 RM'000

Bahagian semasa:– perlu dibayar balik dalam masa satu tahun

(Nota 29) 218,000 155,000 218,000 155,000

Bahagian bukan semasa:– perlu dibayar balik di antara satu hingga

dua tahun 177,000 95,000 177,000 95,000– perlu dibayar balik di antara dua hingga

lima tahun 50,000 200,000 50,000 200,000

Jumlah bahagian bukan semasa (Nota 24) 227,000 295,000 227,000 295,000

445,000 450,000 445,000 450,000


26. PINJAMAN BERJANGKA (SAMB)

Pada 30 Mac 2006, Syarikat menerbitkan RM400,000,000 bon bersiri bercagar bernilai nominal ("Bon"). Bontelah diterbitkan dalam 9 siri, seperti berikut:

Siri Nilai Nominal Tarikh Kematangan Kadar KuponRM’000 Setahun

A 120,000 30 Mac 2009 6.24%B 35,000 30 September 2009 5.75%C 35,000 30 Mac 2010 5.90%D 35,000 30 September 2010 6.10%E 35,000 30 Mac 2011 6.30%F 35,000 30 September 2011 6.55%G 35,000 30 Mac 2012 6.65%H 35,000 28 September 2012 6.75%I 35,000 29 Mac 2013 6.85%

Bayaran kupon kena dibayar dua kali setahun dalam tunggakan.

Pada 3 November 2006, Syarikat menerbitkan RM50,000,000 nota berjangka sederhana nilai nominal ("MTN").Terbitan MTN telah dibuat dalam 4 siri, seperti berikut:

Siri Nilai Nominal Tarikh Kematangan Kadar KuponRM’000 Setahun

A 15,000 3 Mei 2010 5.75%B 10,000 3 November 2010 5.90%C 15,000 3 Mei 2011 6.10%D 10,000 3 November 2011 6.30%

Bayaran kupon kena dibayar dua kali setahun dalam tunggakan.

Bon-bon dan MTN dicagar terhadap gadaian tetap ke atas saham anak-anak syarikat tertentu dan penyerahanhak ke atas hasil yang dijana oleh kapal-kapal Kumpulan yang tertentu dan pelbagai usaha niaga olehSyarikat.

Pada 27 Februari 2009 dan 3 Mac 2009, Syarikat menerima Kemudahan Pinjaman Berjangka Boleh PindahBersindiket sehingga RM150 juta. Pinjaman perlu dibayar balik seperti berikut:

Kadar KuponKemudahan Tranche Nilai Nominal Tarikh Kematangan Setahun

RM’000

B 1 15,000 12 Mac 2010 ECOF+1.50%B 2 15,000 12 Mac 2011 ECOF+1.75%B 3 45,000 12 Mac 2012 ECOF+2.00%B 4 60,000 12 Mac 2013 ECOF+2.25%A 15,000 12 Mac 2013 ECOF+2.25%

Di mana ECOF adalah Kos Dana Berkesan 1 bulan sedia ada Pemberi Pinjaman masing-masing. Bayarankupon adalah kena dibayar secara bulanan dalam tunggakan.

Pinjaman berjangka dicagar oleh:

(i) penyerahan hak pinjaman antara syarikat yang terhutang kepada Syarikat oleh syarikat bersekutu;

(ii) penyerahan hak undang-undang akan hak-hak Syarikat ke atas pulangan deposit bersih di bawahperjanjian deposit pencarter dan memorandum perjanjian berhubung dengan vesel-vesel tertentu;

(iii) gadaian ke atas saham syarikat bersekutu; dan

(iv) gadaian ke atas akaun eskrow yang diwujudkan bagi tujuan mengenepikan jumlah bersamaan dengansekurang-kurangnya faedah 1 bulan dan mana-mana jumlah diterima di bawah Cagaran.

Pada 12 Februari 2010, Syarikat telah menyediakan Tranche 3 dan 4 daripada Kemudahan B dan sebahagiandaripada Tranche 2 daripada Kemudahan B sebanyak RM108 juta.

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27. OBLIGASI CARUMAN PERSARAAN

Kumpulan mengendalikan skim persaraan manfaat dinyatakan tidak dibiayai, bukan caruman ("Skim") bagikakitangannya yang layak. Di bawah Skim, kakitangan yang layak adalah berhak untuk menokok kepadacaruman KWSP mereka dengan tambahan 5% daripada gaji asas. Caruman ini adalah boleh dipindah kepadaKWSP kakitangan yang layak sekiranya beliau telah mencapai umur persaraan 55 tahun, atau selepasperletakan jawatan beliau sekiranya beliau telah berkhidmat sekurang-kurangnya 5 tahun dengan Syarikat.

Jumlah diiktiraf dalam kunci kira-kira ditentukan seperti berikut:


RM'000 RM'000 RM'000 RM'000

Nilai semasa daripada obligasi caruman dinyatakan tidak dibiayai 280 511 240 231

Dianalisis sebagai:


RM'000 RM'000 RM'000 RM'000

Bahagian semasa:– tidak lebih daripada satu tahun 39 – 39 –

Bahagian bukan semasa:– lebih daripada satu tahun 241 511 201 231

280 511 240 231

Jumlah diiktiraf dalam penyata pendapatan adalah seperti berikut:


RM'000 RM'000 RM'000 RM'000

Peruntukan bagi caruman persaraan 58 177 9 64

Pergerakan dalam liabiliti bersih dalam tahun semasa adalah seperti berikut:


RM'000 RM'000 RM'000 RM'000

Pada 1 Januari 511 334 231 167Diiktiraf dalam penyata pendapatan:– imbuhan para pengarah 39 49 20 9– personel pengurusan penting 78 128 33 55Terlebih peruntukan dalam tahun terdahulu (59) – (44) –Pelupusan kepentingan dalam anak syarikat (289) – – –

Pada 31 Disember 280 511 240 231


28. PEMIUTANG


RM'000 RM'000 RM'000 RM'000

Pemiutang perdagangan 30,025 84,960 – –Lain-lain pemiutang dan akruan Lain-lain pemiutang 79,680 10,919 3,141 7,504Akruan 15,299 31,920 5,611 7,820Dividen perlu dibayar 13 12 13 12

Lain-lain pemiutang bersih dan akruan 94,992 42,851 8,765 15,336

Jumlah pemiutang 125,017 127,811 8,765 15,336

Tempoh biasa kredit perdagangan yang diberikan kepada Kumpulan berkisar dari 30 hingga 90 hari.

Profil pendedahan mata wang asing pemiutang perdagangan dan lain-lain pemiutang adalah seperti berikut:

Kumpulan2009 2008

RM'000 RM'000

Dolar Amerika Syarikat 76,310 17,084Dolar Singapura 11,274 7,320Pound Sterling – 3,103Euro 214 786Dolar Australia 1,069 2,903Lain-lain 733 708

29. PINJAMAN JANGKA PENDEK


RM'000 RM'000 RM'000 RM'000

Penerimaan jurubank – 1,897 – –Pinjaman penyambung – 208,000 – 208,000Pemiutang sewa beli (Nota 25) 19 235 – –Pinjaman berjangka (Nota 26) 218,000 155,000 218,000 155,000Overdraf bank (Nota 39) – 891 – –

218,019 366,023 218,000 363,000

Dalam tahun kewangan sebelum ini, pinjaman penyambung telah dicagar melalui penyerahan hak akan hak-hak Syarikat di bawah perjanjian deposit pencarter atau perjanjian pajakan atau memorandum perjanjian ataulain-lain perjanjian tertentu (di mana berkenaan) berhubung dengan vesel-vesel baru yang akan dibina.

Pinjaman penyambung Syarikat dalam tahun kewangan sebelumnya menanggung faedah berkisar di antara1.00% hingga 1.25% setahun di atas kos dana berkesan.

Penerimaan jurubank dan overdraf bank dalam tahun kewangan sebelum ini menanggung kadar faedahberkesan berkisar di antara 4.00% hingga 4.40% setahun dan telah dicagar oleh jaminan korporat Syarikat.

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30. ASET BERSIH SETIAP SAHAM BIASA

Aset bersih setiap saham biasa dikira berdasarkan nilai aset bersih sebanyak RM563,669,000 (2008 –RM545,620,000) dibahagikan dengan bilangan saham biasa dalam terbitan pada tarikh kunci kira-kira sebanyak297,600,000 (2008 – 297,600,000 saham).

31. HASIL


RM'000 RM'000 RM'000 RM'000

Hasil kontrak 65,536 84,178 – –Jualan barangan dan perkhidmatan 540,148 610,075 – –Pendapatan dividen – – 46,209 38,577Yuran pengurusan – – 1,620 1,620Pendapatan sewa – – 338 338

605,684 694,253 48,167 40,535

Hasil kontrak mewakili perkadaran daripada nilai kontrak boleh diagih kepada kerja dilaksanakan. Hasildaripada jualan barangan dan perkhidmatan mewakili nilai diinvois barangan dijual dan perkhidmatan diberikantolak diskaun dan pulangan.

32. KEUNTUNGAN SEBELUM CUKAI


Nota RM'000 RM'000 RM'000 RM'000

Keuntungan sebelum cukai diperolehi selepas dicaj/(dikreditkan):

Yuran audit:– semasa 338 301 56 35– terkurang peruntukan dalam tahun

kewangan sebelum ini 13 2 – –Peruntukan bagi hutang ragu – 1,223 – –Pelunasan bayaran pajakan prabayar 118 129 – –Hutang lapuk dihapus kira – 261 – –Hutang lapuk diperolehi semula (56) (27) – –Kemasukan kira semula peruntukan bagi hutang ragu (555) – (944) –

Susut nilai hartanah, loji dan peralatan 8 48,956 42,421 425 409Imbuhan para Pengarah:– yuran 40 216 177 177 135– lain-lain emolumen 40 1,412 1,051 622 451– manfaat bukan berupa wang 40 132 117 82 68– manfaat persaraan 40 39 49 20 9Sewa peralatan 25,757 17,348 – –– bon dan MTN 18,416 28,441 22,404 28,441– sewa beli 34 47 – –– pinjaman bank 7,320 2,277 7,323 14,356Inventori dihapus kira 2 112 – –Sewa pajakan vesel 61,986 27,992 – –Kerugian/(Keuntungan) ke atas pertukaran asing:

– direalisasikan 3,184 (769) (309) (1,462)– tidak direalisasikan (399) 1,781 – –


32. KEUNTUNGAN SEBELUM CUKAI (SAMB)


Nota RM'000 RM'000 RM'000 RM'000

Perbelanjaan permulaan 25 – – –Hartanah, loji dan peralatan dihapus kira – 292 – –

Peruntukan bagi manfaat persaraan: – tahun semasa 27 78 128 33 55– terlebih peruntukan dalam

tahun-tahun terdahulu 27 (59) – (44) –Sewa premis 1,792 1,759 366 366Kos kakitangan 142,187 135,479 5,315 4,597Penepian hutang (866) – – –Keuntungan atas pemindahan peralatan – – (554) –Keuntungan atas pelupusan kepentingan dalam anak syarikat 37 (12,677) – (86,351) –

Keuntungan atas pelupusan hartanah,loji dan peralatan (3,165) (25,053) – (1)

Keuntungan atas pelupusan aset bukan semasa dikelaskan sebagai dipegang untuk jualan (1,952) – – –

Pendapatan faedah daripada:– deposit tetap (3,519) (8,218) (2,058) (5,167)– anak-anak syarikat – – (9,252) (18,498)– syarikat bersekutu (326) – (326) –

33. PERBELANJAAN CUKAI PENDAPATAN


RM'000 RM'000 RM'000 RM'000

Perbelanjaan cukai semasa:– Cukai Malaysia 8,654 8,749 364 753– Cukai asing 4,663 1,266 173 –

13,317 10,015 537 753– Terkurang/(terlebih) peruntukan dalam

tahun kewangan sebelum ini 51 (411) (306) (97)

13,368 9,604 231 656

Aset cukai tertunda (Nota 14):– berhubung dengan pengasalan dan

pengiktirafan perbezaan sementara – (15) – –

– (15) – –

Cukai tertunda (Nota 23):– berhubung dengan pengasalan dan

pengiktirafan perbezaan sementara (1,017) 5,067 – –– terkurang/(terlebih) peruntukan dalam

tahun kewangan sebelum ini – 247 – –

(1,017) 5,314 – –

12,351 14,903 231 656

168

33. PERBELANJAAN CUKAI PENDAPATAN (SAMB)

Penyelarasan perbelanjaan cukai pendapatan terpakai kepada keuntungan sebelum cukai pada kadar cukaiberkanun kepada perbelanjaan cukai pendapatan pada kadar cukai berkesan Kumpulan dan Syarikat adalahseperti berikut:


RM'000 RM'000 RM'000 RM'000

Keuntungan sebelum cukai 48,701 119,481 105,625 12,832

Cukai pada kadar cukai berkanun sebanyak 25% (2008 – 26%) 12,175 31,065 26,406 3,336

Kesan cukai ke atas:Keuntungan tidak boleh dicukai (27,486) (26,363) (32,626) (7,838)Perbelanjaan tidak boleh ditolak 31,565 12,817 6,757 5,255Penggunaan aset cukai tertunda tidak diiktiraf sebelum ini (3,702) (1,747) – –

Terkurang/(terlebih) peruntukan cukai semasadalam tahun kewangan sebelum ini 51 (411) (306) (97)

Terkurang peruntukan cukai tertunda dalamtahun kewangan sebelum ini – 247 – –

Perubahan dalam kadar cukai pada baki pembukaan cukai tertunda – (143) – –

Perbezaan dalam kadar cukai (252) (562) – –

Cukai bagi tahun kewangan 12,351 14,903 231 656

34. PEROLEHAN SESAHAM

Perolehan asas setiap saham (“EPS”) dicapai dengan membahagikan keuntungan Kumpulan boleh dikaitkankepada pemegang ekuiti Syarikat sebanyak RM29,317,000 (2008 – RM87,668,000) dengan bilangan sahambiasa dalam terbitan dalam tahun kewangan sebanyak 297,600,000 (2008 – 297,600,000 saham biasa).

Perolehan dicairkan setiap saham adalah tidak berkenaan memandangkan tidak terdapat potensi saham biasadicairkan belum dijelaskan pada tarikh kunci kira-kira.

35. DIVIDEN

Kumpulan/Syarikat2009 2008

RM'000 RM'000Dibayar:Dividen pertama dan akhir sebanyak 2.0 sen (2008 – 2.0 sen) setiap saham biasa bernilai RM0.50 sesaham tolak cukai sebanyak 25%(2008 – 26%) berhubung dengan tahun kewangan sebelum ini 4,464 4,405

Dividen khas sebanyak Tiada (2008 – 0.5 sen) setiap saham biasa bernilai RM0.50 sesaham tolak cukai sebanyak 25% (2008 – 26%) berhubung dengan tahun kewangan sebelum ini – 1,101

4,464 5,506

Pada Mesyuarat Agung Tahunan yang akan datang, dividen akhir sebanyak 2.0 sen setiap saham biasabernilai RM0.50 sesaham, tolak cukai sebanyak 25% berhubung dengan tahun kewangan berakhir 31Disember 2009 (2008 – dividen akhir sebanyak 2.0 sen dan dividen khas sebanyak RM0.50 setiap sahambiasa bernilai RM0.50 sesaham, tolak cukai 25%) berjumlah RM4,464,000 (2008 – RM4,464,000) akandicadangkan untuk kelulusan pemegang-pemegang saham.

Penyata kewangan tidak menggambarkan dividen akhir yang akan diakrukan sebagai liabiliti hanya selepaskelulusan oleh pemegang-pemegang saham.


36. PEMERBADANAN ANAK-ANAK SYARIKAT

Anak-anak syarikat diperbadankan oleh Kumpulan dalam tahun berakhir 31 Disember 2009 adalah sepertiberikut:

Kepentingan Berkesan TarikhNama-anak Syarikat Kumpulan (%) Perbadanan

Perdana Jupiter Ltd 100 12 Mei 2009Perdana Neptune Ltd 100 23 Jun 2009Perdana Pluto Ltd 100 12 Ogos 2009Perdana Saturn Ltd 100 12 Ogos 2009

37. RINGKASAN KESAN-KESAN PELUPUSAN ANAK SYARIKAT

KepentinganPerolehan Kumpulan Tarikh

Anak Kos Jualan Berkesan Pelupusan Syarikat Balasan Sampingan Bersih Dilupuskan Berkesan

RM’000 RM’000 RM’000 (%)

PEB 16,065 (218) 15,847 5.38 10 September 2009PEB 93,208 (2,937) 90,271 25.03 11 Disember 2009

109,273 (3,155) *106,118 30.41

Butir-butir mengenai aset, liabiliti dan aliran masuk tunai bersih timbul daripada pelupusan kepentingan dalamanak syarikat adalah seperti berikut:

Kumpulan/Syarikat2009

Nota RM’000

Hartanah, loji dan peralatan 8 260,729Bayaran pajakan prabayar 9 7,157Pelaburan dalam syarikat bersekutu 40Aset tidak ketara 13 1,434Aset cukai tertunda 14 16Cukai tertunda 23 (27,885)Tunai dan setara tunai 45,356Penghutang perdagangan 16 191,526Lain-lain penghutang 16 75,682Lain-lain liabiliti semasa bersih (245,133)Lain-lain liabiliti bukan semasa (534)

Dana pemegang-pemegang saham 308,388Tolak: Kepentingan minoriti (123,880)Tolak: Bahagian aset bersih dikekalkan dalam syarikat bersekutu 7 (91,067)

Aset bersih dilupuskan 93,441Keuntungan atas pelupusan kepentingan dalam anak syarikat 32 12,677

Perolehan jualan bersih diterima * 106,118Tolak: tunai dan setara tunai anak syarikat dilupuskan (45,356)

Aliran masuk tunai bersih atas pelupusan kepentingan dalam anak syarikat 60,762

170

38. PEMBELIAN HARTANAH, LOJI DAN PERALATAN


RM'000 RM'000 RM'000 RM'000

Kos hartanah, loji dan peralatan dibeli 529,405 203,367 2,889 184Jumlah dibiayai melalui sewa beli (96) (132) – –

Tunai dibayar bagi pembelian hartanah,loji dan peralatan 529,309 203,235 2,889 184

39. TUNAI DAN SETARA TUNAI

Untuk tujuan penyata aliran tunai, tunai dan setara tunai terdiri daripada yang berikut:


RM'000 RM'000 RM'000 RM'000

Tunai dan baki bank 21,288 33,348 8,270 781Deposit tetap dengan bank berlesen 158,437 337,423 152,392 215,236Overdraf bank (Nota 29) – (891) – –

179,725 369,880 160,662 216,017Tolak: Deposit tetap disandarkan sebagai cagaran (Nota 19) (144,306) (146,522) (144,306) (144,916)

35,419 223,358 16,356 71,101

Profil pendedahan matawang asing tunai dan baki bank pada tarikh kunci kira-kira adalah seperti berikut:


RM'000 RM'000 RM'000 RM'000

Dolar Amerika Syarikat 19,313 13,482 6,947 32Dolar Singapura 779 2,213 – –Dolar Australia 1,145 1,668 – –Lain-lain 10 17 – –


40. IMBUHAN PARA PENGARAH

Jumlah agregat yang diterima dan boleh diterima daripada Kumpulan oleh para Pengarah Syarikat dalam tahunkewangan adalah seperti berikut:


RM'000 RM'000 RM'000 RM'000

Pengarah Eksekutif:– yuran 126 114 87 72– emolumen bukan yuran 1,451 1,100 642 460

1,577 1,214 729 532

Pengarah Bukan Eksekutif Bebas: – yuran 90 63 90 63

Jumlah imbuhan para pengarah 1,667 1,277 819 595Anggaran nilai wang bagi manfaat bukan berupa wang 132 117 82 68

Jumlah imbuhan pengarah termasuk manfaat bukan berupa wang 1,799 1,394 901 663

Bilangan pengarah Syarikat yang jumlah imbuhan diterima /boleh diterima daripada Kumpulan dalam tahunkewangan jatuh dalam kumpulan yang berikut dianalisis di bawah:

Bilangan Para PengarahKumpulan Syarikat

2009 2008 2009 2008

Pengarah Eksekutif:Bawah RM50,000 – – 1 1RM250,001 – RM300,000 1 1 1 –RM500,001 – RM550,000 1 – 1 1RM900,001 – RM950,000 1 – – –RM1,050,000 – RM1,100,000 – 1 – –

3 2 3 2

Pengarah Bukan Eksekutif Bebas:Bawah RM50,000 3 3 3 3

6 5 6 5

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41. PENDEDAHAN PIHAK BERKAITAN

Kumpulan mempunyai perhubungan pihak berkaitan dengan:

(a) anak-anak syarikatnya, sebagaimana dinyatakan dalam Nota 6 kepada penyata kewangan; dan

(b) personel pengurusan penting Kumpulan.

Kumpulan menjalankan urusniaga berikut dengan pihak-pihak berkaitan dalam tahun kewangan:


Nota RM'000 RM'000 RM'000 RM'000

Dividen daripada anak-anak syarikat – – 46,209 38,577Faedah dan caj kewangan daripada anak-anak syarikat – – 9,252 18,498

Pendapatan carter daripadapihak-pihak berkaitan 6,084 – – –

Faedah dan caj kewangan daripada syarikat bersekutu 326 – 326 –

Pendapatan sewa daripada anak-anak syarikat – – 323 338

Pendapatan sewa daripada syarikat bersekutu 15 – 15 –

Yuran pengurusan daripada anak-anak syarikat – – 1,485 1,620

Yuran pengurusan daripada syarikat bersekutu 135 – 135 –

Yuran pengendalian dicaj oleh anak syarikat – – 596 25

Yuran retainer dibayar kepada pihak berkaitan (i) 39 78 39 78

Pampasan personel pengurusan penting– manfaat jangka pendek kakitangan 6,412 6,210 1,957 2,026– manfaat selepas perkhidmatan 27 58 177 9 64

Nota:

(i) Sebuah syarikat dalam mana pengarah anak syarikat mempunyai kepentingan kewangan yang utama.

Butir-butir jumlah terhutang oleh/kepada anak-anak syarikat dinyatakan dalam Nota 10, 11 dan 18 kepadapenyata kewangan.

42. KOMITMEN MODAL


RM'000 RM'000 RM'000 RM'000

Diluluskan dan dikontrakkan untuk:– Pembelian hartanah, loji dan peralatan 448,660 791,640 10,747 24,739


43. LIABILITI KONTIGEN


Nota RM'000 RM'000 RM'000 RM'000

Tidak bercagar:Jaminan korporat diberikan kepada bank berlesen dan institusi kewangan bagi kemudahan kredit diberikan kepada anak-anak syarikat – – – 38,985

Jaminan korporat diberikan kepada bank berlesen dan institusi kewangan bagi kemudahan kredit diberikan kepada pihak-pihak berkaitan 32,233 – 32,233 –

Jaminan bank diberikan kepada pihak ketiga bagi manfaat anak syarikat 2,591 – 2,591 –

Jaminan pelaksanaan diberikan oleh anak-anak syarikat kepada pihak ketiga 5 48,922 – –

Tuntutan bagi barangan dan perkhidmatan diberikan (a) – 1,072 – –

34,829 49,994 34,824 38,985

(a) Dalam tahun kewangan sebelum ini, pihak ketiga memfailkan Writ Saman dan Pernyataan Tuntutan bagijumlah keseluruhan sebanyak RM1,071,899 terhadap Kumpulan PEB pada 24 September 2003 bagibarangan dan perkhidmatan diberikan. Kumpulan PEB memfailkan Pembelaan dan Tuntutan balas bagijumlah lebih kurang RM2,000,000 merupakan kos pembetulan yang ditanggung terhadap pihak ketiga. Kestelah ditutup pada 5 Oktober 2009 oleh peguam Kumpulan PEB dan Hakim telah memberikan arahanbagi penghujahan bertulis. Liabiliti kontigen tidak lagi dengan Kumpulan memandangkan PEB bukan lagimerupakan anak syarikat Syarikat berkuat kuasa dari 11 Disember 2009.

44. KOMITMEN PAJAKAN

Kumpulan2009 2008

RM'000 RM'000

Sewa pajakan perlu dibayar:

Dalam masa satu tahun 97,958 63,545Dalam masa dua hingga lima tahun 365,329 296,473Dalam masa enam hingga sepuluh tahun 342,955 320,173

806,242 680,191

Sewa pajakan yang perlu dibayar berhubung dengan perjanjian pajakan yang ditandatangani oleh anak syarikatbagi pajakan kapal-kapal bagi tempoh 10 tahun dan bagi pejabat dan gudang.

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45. PERISTIWA PENTING DALAM TAHUN KEWANGAN

Butir-butir peristiwa penting semasa tahun kewangan adalah seperti berikut:

(i) Pada 10 Februari 2009, Petra Offshore Limited (“POL”) menandatangani dua Memorandum Perjanjian(“MOA”) berasingan untuk melupuskan dua bot krew iaitu IOS Comfort 1 dan IOS Comfort 2 bagi balasanmasing-masing sebanyak USD1.125 juta dan USD1 juta. Kedua-dua pelupusan selesai dilaksanakan pada26 Mac 2009.

(ii) Pada 27 Februari 2009 dan 3 Mac 2009, Syarikat menerima Kemudahan Pinjaman Berjangka BolehPindah Bersindiket sehingga RM150 juta bagi tujuan membiayai semula pinjaman penyambung sebanyakRM240 juta.

(iii) Pada 8 Mei 2009, POL menandatangani MOA untuk melupuskan bot kerja iaitu IOS Jaguar bagi balasansebanyak USD5.25 juta. Pelupusan tersebut telah dibatalkan pada 19 Ogos 2009 memandangkan terma-terma MOA tidak dipenuhi. Deposit 10% bersama dengan faedah terperoleh telah dirampas selarasdengan terma-terma MOA.

(iv) Pada 12 Mei 2009, Perdana Jupiter Limited telah diperbadankan di bawah Akta Syarikat Labuan 1990dengan modal yang diterbitkan dan berbayar sebanyak USD1.00 dibahagikan kepada 1 saham biasabernilai USD1.00 untuk menjalankan perniagaan pemajakan di Labuan.

(v) Pada 28 Mei 2009, Perdana Venus Limited (“PVL”) menandatangani MOA dengan Mount Santubong LLCuntuk melupuskan dua vesel, iaitu Petra Voyager dan Petra Expedition bagi balasan sebanyak USD27.75juta sesaham. Perdana Mercury Ltd (“PML”) menandatangani Carter Bareboat dengan Mt Santubong LLCuntuk memajak semula vesel-vesel tersebut bagi tempoh selama 120 bulan bermula dari tarikhpenghantaran masing-masing bagi dua vesel.

(vi) Pada 23 Jun 2009, Perdana Neptune Limited telah diperbadankan di bawah Akta Syarikat Labuan 1990dengan modal yang diterbitkan dan berbayar sebanyak USD1.00 dibahagikan kepada 1 saham biasabernilai USD1.00 bagi tujuan beroperasi yang dihasratkan sebagai pemilik vesel dan menjalankanperniagaan pemajakan vesel.

(vii) Pada 26 Jun 2009, PVL menandatangani MOA untuk melupuskan 3 vesel iaitu Petra Orbit, Petra Galaxydan Petra Endeavour kepada Petra Innotech Sdn Bhd (“PISB”) masing-masing bagi balasan sebanyakRM58.4 juta, RM58.4 juta dan RM96.6 juta.

Pada 25 September 2009, 3 MOA bagi 3 vesel di atas telah dimasuki oleh Petra Teknik Sdn Bhd(“PTSB”) untuk memudahkan pendaftaran vesel-vesel di Malaysia selaras dengan syarat-syarat kontrakyang diberikan oleh Sarawak Shell Berhad/Sabah Shell Petroleum Company Limited (“SHELL”) kepadaPetra Resources Sdn Bhd (“PRSB”), sebuah anak syarikat milik penuh Petra Energy Berhad (“PEB”), bagipenyambungan, pengaktifan dan penyelenggaraan utama kepada SHELL bagi kemudahan minyak dan gasluar pesisirnya yang terletak di perairan Sabah dan Sarawak.

Cadangan pelupusan telah diluluskan oleh pemegang-pemegang saham pada Mesyuarat Agung LuarBiasa yang diadakan pada 9 November 2009. Pelupusan bagi Petra Orbit dan Petra Galaxy telah selesaidilaksanakan pada 30 November 2009 selepas penghantaran vesel dan pendaftaran pemilikan.

(viii) Pada 12 Ogos 2009, Perdana Saturn Limited dan Perdana Pluto Limited telah diperbadankan di bawahAkta Syarikat Labuan 1990 dengan modal yang diterbitkan dan berbayar sebanyak USD1.00 sesahamdibahagikan kepada 1 saham biasa bernilai USD1.00 bagi tujuan kendalian dihasratkan memandangkanpemilik vesel menjalankan perniagaan pemajakan vesel.

(ix) Pada 10 September 2009, Syarikat melupuskan 10.5 juta saham biasa bernilai RM0.50 sesaham dalamPEB pada harga RM1.53 setiap saham melalui penempatan persendirian. Agregat balasan jualanberjumlah lebih kurang RM16.1 juta.

(x) Pada 11 September 2009, Syarikat menerima surat kemudahan jaminan sebanyak RM40 juta bagi tempohselama 3 bulan.

(xi) Pada 25 September 2009, Perdana Marine Offshore Pte Ltd (“PMO”) memasuki MOA dengan PTPelayaran Tamarin Samudra bagi melupuskan baj kerja, iaitu Petra Charlie bagi balasan sebanyakUSD2.65 juta. Pelupusan selesai dilaksanakan pada 29 Oktober 2009.


45. PERISTIWA PENTING DALAM TAHUN KEWANGAN (SAMB)

(xii) Pada 11 Disember 2009, Syarikat melupuskan tambahan 48.8 juta saham biasa bernilai RM0.50 sesahamdalam PEB pada harga RM1.91 setiap saham bagi balasan jualan sebanyak lebih kurang RM93.2 juta.Pelupusan mengakibatkan Syarikat memegang 29.59% kepentingan ekuiti dalam PEB dan dengan itu,PEB tidak lagi menjadi anak syarikat Syarikat.

(xiii) Pada 24 Disember 2009, Syarikat mengumumkan bahawa Perintah Ex-Parte Interim oleh MahkamahTinggi Malaya untuk menyekat Petra Perdana Berhad, TA Securities Holdings Berhad, Y.M. Tengku Dato’Ibrahim Petra bin Tengku Indra Petra (“TIP”) dan 3 pengarah lain daripada melupuskan 29.59% sahamselebihnya yang dipegang oleh Syarikat dalam PEB sehingga Encik Shamsul bin Saad (“Plaintif”) memintadiadakan Mesyuarat Agung Luar Biasa pemegang-pemegang saham Syarikat dan/atau penyelesaian akhirGuaman, yang mana lebih awal.

Permohonan untuk membatalkan Guaman oleh TIP dan Datin Nariza Hajjar Hashim telah difailkan pada14 Januari 2010 manakala permohonan untuk membatalkan Guaman oleh Wong Fook Heng dan TiongYoung Kong telah difailkan pada 15 Januari 2010, kedua-dua Mahkamah Tinggi Dagang, Kuala Lumpur.

Lanjutan kepada permohonan di atas untuk membatalkan Guaman, Mahkamah Tinggi pada 18 Februari2010 telah membuang permohonan untuk membatalkan tindakan dan perkara akan diteruskan kepadaperbicaraan penuh.

Permohonan bagi Injunksi terhadap Syarikat sekarang ditetapkan bagi sebutan pada 3 Jun 2010 bagimembolehkan Syarikat dan plaintif untuk menimbangkan opsyen mengenai bagaimana untuk berurusandengan saham-saham Syarikat dalam PEB.

46. PERISTIWA PENTING SELEPAS TARIKH KUNCI KIRA-KIRA

Butir-butir peristiwa penting selepas tarikh kunci kira-kira adalah seperti berikut:

(i) Intra Oil Services Berhad (“IOS”) telah mengambil tindakan undang-undang terhadap Encik Shamsul binSaad dan Asia Marine Pte Ltd (“AMPL”) dalam Mahkamah Tinggi Kuala Lumpur melalui Guaman No. D-27NCC-2-2010 (“Guaman”) pada 2 Februari 2010 berhubung dengan pemeteraian Perjanjian (Komisen)Broker bertarikh 9 Mac 2009 (“BCA”). Dalam Guaman, IOS mendakwa, antara lainnya, bahawa EncikShamsul telah melanggar kewajipan fidusiari dan/atau obligasi beliau terhadap IOS memandangkanbayaran telah dibuat sebelum BCA ditandatangani.

Pada 23 Februari 2010, Lembaga Pengarah Syarikat mengumumkan bahawa Lembaga Pengarah IOS,kecuali bagi En Shamsul bin Saad yang telah berkecuali daripada perbincangan dan pengundianmengenai perkara, telah mengkaji guaman undang-undang yang diambil oleh IOS di bawah MahkamahTinggi Kuala Lumpur Guaman No. D-27NCC-2-2010 terhadap Shamsul bin Saad dan AMPL danmendapati bahawa guaman undang-undang sebagai tidak berasas sama sekali. IOS telah mengarahkanpeguam caranya untuk menarik balik guaman undang-undang. “Notis Pemberhentian” telah difailkandengan Mahkamah Tinggi Kuala Lumpur pada hari yang sama.

(ii) Pada 9 Februari 2010, Syarikat mengumumkan bahawa Petra Endeavour telah menyerahkan kepadaPISB dan PISB adalah pemilik berdaftar vesel tersebut. Pelupusan selesai dilaksanakan pada 27 Januari2010.

(iii) Pada 12 Februari 2010, Syarikat telah membuat prabayaran Tranche 3 dan 4 daripada Kemudahan B dansebahagian Tranche 2 daripada Kemudahan B (RM150 juta pinjaman berjangka Boleh Tukar) sebanyakRM108 juta.

(iv) Pada 18 Mac 2010, IOS menerima kemudahan Commodity Murabahah Term Financing-i sebanyakUSD14.48 juta untuk membiayai pembelian satu unit bot kerja iaitu Petra Sovereign bagi tempoh selamalima tahun.

(v) Pada 19 Mac 2010, Syarikat meminta syarikat bersekutu untuk membayar balik semua jumlah belumdijelas oleh syarikat bersekutu dengan serta-merta.

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47. KADAR PERTUKARAN ASING

Kadar pertukaran asing penutup yang terpakai digunakan (dinyatakan atas dasar satu unit mata wang asingbersamaan dengan RM) bagi terjemahan baki mata wang asing pada tarikh kunci kira-kira adalah sepertiberikut:

Kumpulan/Syarikat2009 2008RM RM

Dolar Amerika Syarikat 3.4295 3.4755Dolar Singapura 2.4408 2.4143Sterling Pound – 5.0230Euro 4.9185 4.9125Dolar Australia 3.0700 2.4040

48. LAPORAN BERSEGMEN

(a) Format Pelaporan Utama – Segmen Perniagaan

2009 PerkhidmatanKejuruteraan

Perkhidmatan Brown Field Sokongan BersepaduLuar Pesisir dan Pemegang Penghapusan

Marin Penyelenggaraan Pelaburan Kira KumpulanRM’000 RM’000 RM’000 RM’000 RM’000

HASILHasil luaran 227,618 377,916 150 – 605,684Hasil antara segmen 177,689 159 48,017 (225,865) –

405,307 378,075 48,167 (225,865) 605,684

KEPUTUSANKeputusan segmen 36,113 37,126 134,874 (125,969) 82,144Kos kewangan (1,435) (7,739) (32,964) 9,443 (32,695)Bahagian keputusan daripada syarikat bersekutu – (748) – – (748)

Keuntungan sebelum cukai 34,678 28,639 101,910 (116,526) 48,701

Perbelanjaan cukai pendapatan (12,351)

Keuntungan selepas cukai 36,350

ASETAset segmen 730,827 – 820,598 (415,391) 1,136,034

Aset korporat tidak diperuntukkan 5,103

Jumlah aset disatukan 1,141,137

LIABILITILiabiliti segmen 339,003 – 457,939 (224,352) 572,590

Liabiliti korporattidak diperuntukkan 4,298

Jumlah liabiliti disatukan 576,888

Perbelanjaan modal– Hartanah, loji dan

peralatan 383,090 143,415 2,900 – 529,405Susut nilai 33,577 14,937 442 – 48,956Pelunasan bayaran pajakan prabayar – 118 – – 118


48. LAPORAN BERSEGMEN (SAMB)

(a) Format Pelaporan Utama – Segmen Perniagaan (samb)

2008 PerkhidmatanKejuruteraan

Perkhidmatan Brown Field Sokongan BersepaduLuar Pesisir dan Pemegang Penghapusan

Marin Penyelenggaraan Pelaburan Kira KumpulanRM’000 RM’000 RM’000 RM’000 RM’000

HASILHasil luaran 219,526 474,727 – – 694,253Hasil antara segmen 149,706 73 40,535 (190,314) –

369,232 474,800 40,535 (190,314) 694,253

KEPUTUSANKeputusan segmen 102,042 59,198 56,725 (65,740) 152,225

Kos kewangan (474) (6,995) (43,773) 18,498 (32,744)

Keuntungan sebelum cukai 101,568 52,203 12,952 (47,242) 119,481

Perbelanjaan cukai pendapatan (14,903)

Keuntungan selepas cukai 104,578

ASETAset segmen 818,912 500,698 1,029,749 (860,914) 1,488,445

Aset korporat tidak diperuntukkan 7,207

Jumlah aset disatukan 1,495,652

LIABILITILiabiliti segmen 412,863 146,312 801,776 (561,701) 799,250

Liabiliti korporattidak diperuntukkan 32,620

Jumlah liabiliti disatukan 831,870

Perbelanjaan modal– Hartanah, loji dan

peralatan 199,578 3,592 197 – 203,367Susut nilai 26,969 15,000 452 – 42,421Pelunasan bayaran pajakan pra bayar – 129 – – 129

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48. LAPORAN BERSEGMEN (SAMB)

(b) Format Pelaporan Sekunder – Segmen Geografi

Hasil Segmen Jumlah Aset Perbelanjaan Modal2009 2008 2009 2008 2009 2008

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Malaysia 495,403 605,315 723,227 1,119,719 172,604 27,437Singapura 43,091 38,475 25,358 30,059 381 1,468British Virgin Islands – 53 238 398 – –Marshall Islands 59,766 41,881 389,447 340,893 356,404 174,396Australia 7,424 8,529 2,867 4,583 16 66

605,684 694,253 1,141,137 1,495,652 529,405 203,367

49. NILAI SAKSAMA INSTRUMEN KEWANGAN

i) Instrumen Kewangan Luar Kunci Kira-kira

Kontrak Mata Wang Asing

Kumpulan menandatangani kontrak pertukaran asing hadapan sebagai lindungan nilai bagi jual belidisahkannya dalam mata wang asing. Tujuan lindungan nilai adalah untuk melindungi Kumpulan terhadappergerakan tidak memuaskan dalam kadar pertukaran. Keuntungan atau kerugian daripada perubahandalam nilai saksama kontrak mata wang asing mengimbangkan kerugian atau keuntungan sepadan keatas penghutang dan pemiutang yang dilindungi oleh instrumen dan di mana kontrak pertukaran asingdigunakan untuk melindungi nilai terhadap urus niaga, keuntungan dan kerugian masa hadapan tidakdiiktiriaf sehingga urus niaga berlaku.

Pada 31 Disember 2009, kontrak mata wang asing belum dijelas Kumpulan adalah seperti berikut:

Mata Wang Jumlah JumlahKontrak BersamaanRM’000 RM’000

Kontrak Opsyen Forex – BeliSGD 3,950 9,638

Kontrak ini adalah bersifat jangka pendek dan majoriti adalah akan menjadi kena dibayar dalam masaenam bulan akan datang.

Terdapat risiko kredit minimum memandangkan kontrak ini ditandatangani dengan institusi kewanganberlesen. Tidak ada keperluan tunai bagi instrumen ini selain daripada yuran nominal.

ii) Nilai Saksama Instrumen Kewangan

Nilai saksama ditakrifkan sebagai jumlah pada mana instrumen kewangan boleh ditukar dalamurusniaga semasa antara pihak-pihak yang bersedia berpengetahuan atas terma-terma urusniaga biasa,selain daripada jualan paksaan atau pembubaran.

Kaedah-kaedah dan andaian-andaian berikut digunakan untuk menganggarkan nilai saksama setiapkelas daripada aset-aset dan liabiliti-liabiliti Kumpulan dan Syarikat:

(a) Baki Bank, Lain-lain Penghutang/Pemiutang Mudah Tunai dan Jangka Pendek

Jumlah dibawa menyamai nilai saksamanya disebabkan oleh kematangan jangka pendek instrumen-instrumen ini.


49. NILAI SAKSAMA INSTRUMEN KEWANGAN (SAMB)

ii) Nilai Saksama Instrumen Kewangan (samb)

(b) Pemiutang Sewa Beli

Jumlah dibawa menyamai nilai saksama instrumen-instrumen ini. Nilai saksama pemiutang sewa beliditentukan dengan mendiskaunkan aliran tunai berkaitan mengguna kadar faedah semasa pada tarikhkunci kira-kira.

(c) Penghutang Jangka Panjang dan Pinjaman Jangka Panjang

Nilai saksama pemiutang jangka panjang dan pinjaman jangka panjang ditentukan denganmendiskaunkan aliran tunai berkaitan menggunakan kadar faedah semasa pada tarikh kunci kira-kira.

(d) Nilai Saksama

Jumlah dibawa aset dan liabiliti kewangan Kumpulan pada tarikh kunci kira-kira menyamai nilaisaksamanya melainkan bagi yang berikut:

Kumpulan SyarikatAmaun Nilai Amaun Nilai

Nota Dibawa Saksama Dibawa SaksamaRM’000 RM’000 RM’000 RM’000

Pada 31 Disember 2009

Bukan semasa Jumlah terhutang oleh anak-anak syarikat:

– tanpa tempoh bayaran balik 10 – – 329,715 *Deposit 12 75,106 63,190 – –Pinjaman berjangka 26 227,000 201,739 227,000 201,739


Bukan semasa Jumlah terhutang oleh anak-anak syarikat:

– tanpa tempoh bayaran balik 10 – – 301,495 *Jumlah terhutang oleh syarikat bersekutu 11 – – 51,649 50,513

Deposit 12 36,493 28,492 – –Pinjaman berjangka 26 295,000 291,387 295,000 291,387

* Adalah tidak munasabah untuk menganggarkan nilai saksama jumlah terhutang oleh anaksyarikat terutamanya disebabkan oleh ketiadaan tempoh pembayaran balik tetap. Walaubagaimanapun, Syarikat tidak menjangka amaun penyimpanan yang direkodkan pada tarikhkunci kira-kira secara ketaranya berbeza daripada nilai yang akan pada akhirnya diterima.

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49. NILAI SAKSAMA INSTRUMEN KEWANGAN (SAMB)

(d) Nilai Saksama (samb)

Jumlah nosional dan nilai saksama bersih instrumen kewangan tidak diiktiraf dalam kunci kira-kira adalahseperti berikut:

Kumpulan SyarikatJumlah Nilai Jumlah Nilai

Nota Nosional Saksama Nosional SaksamaRM’000 RM’000 RM’000 RM’000


Jaminan korporat diberikan kepada bank berlesen dan institusi kewangan bagi kemudahan kredit diberikan kepada pihak-pihak berkaitan 43 32,233 * 32,233 *

Jaminan bank diberikan kepada pihak ketiga bagi manfaat anak syarikat 43 2,591 * 2,591 *

Jaminan pelaksanaan diberikan oleh anak-anak syarikat kepada pihak ketiga 43 5 * – –

Kontrak hadapan mata wang asing 9,638 9,641 – –


Jaminan korporat diberi kepada bank dan institusi kewangan berlesen untukkemudahan kredit yang diberikan kepada anak-anak syarikat 43 – – 38,985 *

Jaminan pelaksanaan yang diberikan oleh anak-anak syarikat kepada pihak ketiga 43 48,922 * – –

Tuntutan bagi barangan dan perkhidmatan yang diberikan 43 1,072 # – –

Kontrak hadapan mata wang asing 533 38 – –

* Nilai saksama liabiliti luar jangkaan dianggarkan sebagai minimal memandangkan anak-anak syarikatdijangka akan memenuhi obligasi mereka untuk membayar balik pinjaman mereka.

# Adalah tidak munasabah untuk menganggarkan nilai saksama liabiliti dengan pasti disebabkan olehketidakpastian masa, kos dan hasil pada akhirnya.


50. ANGKA PERBANDINGAN

Angka perbandingan yang berikut telah dikelaskan semula untuk mematuhi pembentangan tahun kewangansemasa:

Kumpulan SyarikatSebagaimana Sebagaimana Sebagaimana SebagaimanaDinyatakan Dilaporkan Dinyatakan DilaporkanSemula Sebelum ini Semula Sebelum iniRM'000 RM'000 RM'000 RM'000

Kunci Kira-Kira (Petikan):Aset Bukan Semasa Jumlah terhutang oleh anak-anak syarikat – – 301,495 353,144Jumlah terhutang oleh syarikat bersekutu – – 51,649 –Deposit 36,493 – – –

Aset SemasaJumlah terhutang oleh anak-anak syarikat – – 8 10,008Jumlah terhutang oleh syarikat bersekutu – – 10,000 –Penghutang 326,060 362,553 – –

Penyata Aliran Tunai (Petikan):Tunai bersih daripada kegiatan kendalian 125,445 92,936 – –Tunai bersih bagi kegiatan pelaburan 79,968 47,459 – –

List of Properties as at 31 December 2009

Senarai Hartanah pada 31 Disember 2009

Remaining Age ofLease Period/ Property/

Status/ Tempoh Pajakan Usia NBV/Address/Alamat Description/Jenis Kedudukan yang Tinggal Hartanah NBB

Petra Perdana Berhad Shop Office/ Leasehold/ 66 11 1,702No 4, Jalan 3/3C, Batu 7, Kedai Pejabat Pegangan PajakJalan Ipoh, 68100 Kuala Lumpur

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Statistical Report as at 30 April 2010

Laporan Statistik pada 30 April 2010

ANALYSIS BY SIZE OF SHAREHOLDINGS/ANALISIS OLEH SAIZ PEGANGAN SAHAM

Authorised Share Capital/Modal Saham Dibenarkan : RM500,000,000.00Issued and Paid-up Capital/Modal yang Diterbitkan dan Berbayar : RM148,800,0000 divided into/membahagikan 297,600,000 Ordinary shares

of/Saham biasa bernilai RM0.50 each/sesahamClass of Shares/Kelas Saham : Ordinary shares of/Saham biasa bernilai RM0.50 each/sesahamVoting Rights/Hak Mengundi : One vote for every ordinary share held/

Satu undi bagi setiap saham biasa yang dipegang

% of IssuedNo. of % of and Paid-up

Shareholders/ Shareholders/ No. of Share Capital/Bilangan Peratus Shares/ Peratus Modal

Size of Shareholdings/ Pemegang Pemegang Bilangan Saham DiterbitkanSaiz Pegangan Saham Saham Saham Saham dan Dibayar

Less than/kurang daripada 100 153 2.55 6,302 0.00100 – 1,000 1,053 17.58 865,747 0.291,001 – 10,000 3,624 60.51 16,991,412 5.7110,001 – 100,000 985 16.45 29,282,179 9.84100,001 to less than 5% of issued shares/ 171 2.86 173,782,860 58.40

sehingga kurang daripada 5% sahamditerbitkan

5% and above of issued shares/ 3 0.05 76,671,500 25.76dan ke atas saham diterbitkan

Total/Jumlah 5,989 100.00 297,600,000 100.00

LIST OF DIRECTORS’ SHAREHOLDING AS AT 30 APRIL 2010/LAPORAN PEGANGAN SAHAM PARA PENGARAH PADA 30 APRIL 2010

No. of Shares/Bilangan Saham

Direct Interest/ Indirect Interest/Name of Directors/ Kepentingan % Kepentingan %Nama para Pengarah Langsung Peratus Tidak Langsung Peratus

Dato' Kho Poh Eng 14,195,630 4.77 71,067# 0.02

Koh Pho Wat 15,649,330 5.26 226,032# 0.08

Shamsul Saad 8,425,000 2.83 2,000# –

Surya Hidayat Abd Malik – – – –

Ganesan Sundaraj – – – –

Raja Anuar Raja Abu Hassan – – – –

Idris Zaidel – – – –

Note:

# Deemed interest pursuant to Section 134(12)(c) of the Companies Act, 1965./Kepentingan anggapan selaras engan Seksyen 134(12)(c) Akta Syarikat, 1965.

SHARES IN RELATED CORPORATION

None of the above Directors has any direct interest in shares in the related corporation as at 30 April 2010./Tiada Pengarah yang dinamakan atas mempunyai kepentingan langsung dalam saham-saham syarikat berkaitan pada30 April 2010.


SUBSTANTIAL SHAREHOLDERS AS AT 30 APRIL 2010/PEMEGANG-PEMEGANG SAHAM UTAMA PADA 30 APRIL 2010

No. of Shares/Bilangan Saham

Direct Interest/ Indirect Interest/Name/ Kepentingan KepentinganNama Langsung % Tidak Langsung %

Lembaga Tabung Haji 29,760,000 10.00 470,400@ 0.16

Permodalan Nasional Berhad 24,444,800 8.21 – –

Yayasan Pelaburan Bumiputra – – 24,444,800@ 8.21

Amanahraya Trustees Berhad– Amanah Saham Wawasan 2020 22,466,700 7.55 – –

Koh Pho Wat 15,649,330 5.26 226,032@ 0.08

Tengku Dato’ Ibrahim Petrabin Tengku Indra Petra 5,368,436 1.8 33,140,008@ 11.14

Datin Nariza Hajjar Hashim 93,016 0.03 38,415,428@ 12.91

@ Deemed interest Pursuant to Section 6A of the Companies Act 1965/Dianggap sebagai Kepentingan selaras denganSeksyen 6A Akta Syarikat1965.

THIRTY LARGEST SHAREHOLDERS AS AT 30 APRIL 2010/TIGA PULUH (30) PEMEGANG-PEMEGANG SAHAM TERBESAR PADA 30 APRIL 2010

% of Issuedand Paid-up

No. of Share Capital/Shares/ Peratus Modal

No. Names of Shareholders Bilangan Saham DiterbitkanBil. Nama Pemegang-pemegang Saham Saham dan Dibayar

1. Lembaga Tabung Haji 29,760,000 10.00

2. Permodalan Nasional Berhad 24,444,800 8.21

3. Amanahraya Trustees Berhad 22,466,700 7.55Amanah Saham Wawasan 2020

4. Koh Pho Wat 13,745,998 4.62

5. Amanahraya Trustees Berhad 13,588,800 4.57Skim Amanah Saham Bumiputera

6. 1st Systems Technology Sdn Bhd 11,583,496 3.89

7. Cosmos Time Sdn Bhd 10,463,496 3.52

8. Kho Poh Eng 10,438,530 3.51

9. CIMSEC Nominees (Tempatan) Sdn Bhd 8,300,000 2.79CIMB Bank for Shamsul Saad

10. SBB Nominees (Tempatan) Sdn Bhd 7,031,433 2.36Kumpulan Wang Persaraan (Diperbadankan)

11. TASEC Nominees (Tempatan) Sdn Bhd 7,000,000 2.35TA First Credit Sdn Bhd for TI Equity Sdn Bhd

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THIRTY LARGEST SHAREHOLDERS AS AT 30 APRIL 2010/ (CONT’D)TIGA PULUH (30) PEMEGANG-PEMEGANG SAHAM TERBESAR PADA 30 APRIL 2010 (SAMB)

% of Issuedand Paid-up

No. of Share Capital/Shares/ Peratus Modal

No. Names of Shareholders Bilangan Saham DiterbitkanBil. Nama Pemegang-pemegang Saham Saham dan Dibayar

12. TA Nominees (Tempatan) Sdn Bhd 5,368,436 1.80Pledged Securities Account for Tengku Ibrahim Petra

13. Amanahraya Trustees Berhad 4,690,500 1.58Public Islamic Dividend Fund

14. TA Nominees (Tempatan) Sdn Bhd 4,000,000 1.34Pledged Securities Account for TI Equity Sdn Bhd

15. Lembaga Tabung Angkatan Tentera 3,680,200 1.24

16. Alliancegroup Nominees (Tempatan) Sdn Bhd 3,257,100 1.09Pledged Securities Account for Kho Poh Eng

17. HSBC Nominees (Asing) Sdn Bhd 3,133,333 1.05Exempt An for The Bank of New York Mellon SA/NV

18. AMSEC Nominees (Tempatan) Sdn Bhd 2,754,000 0.93AmTrustee Berhad for Pacific Pearl Fund

19. Amanahraya Trustees Berhad 2,428,400 0.82Public China Ittikal Fund

20. Amanahraya Trustees Berhad 2,298,400 0.77Public Islamic Select Treasures Fund

21. Alliancegroup Nominees (Tempatan) Sdn Bhd 1,850,000 0.62Pledged Securities Account for Koh Pho Wat

22. CIMB Group Nominees (Tempatan) Sdn Bhd 1,822,600 0.61AmTrustee Berhad for CIMB Islamic Dali Equity Theme Fund

23. Yap Ah Fatt 1,818,000 0.61

24. Kwan Yok Fun 1,481,333 0.50

25. Universal Trustee (Malaysia) Berhad 1,351,700 0.45CIMB Islamic Small Cap Fund

26. Mayban Nominees (Tempatan) Sdn Bhd 1,250,800 0.42Etiqa Takaful Berhad (Family Fund)

27. Soon Fook Kian 1,211,000 0.41

28. Ang Dai Wai 1,149,000 0.39

29. Citigroup Nominees (Asing) Sdn Bhd 1,081,700 0.36CBHK PBGSGP for Sunnyvale Holdings Ltd

30. Wong Fook Heng 1,030,556 0.35

Petra Perdana Berhadannual report/laporan tahunan 2009

185

NOTICE IS HEREBY GIVEN THAT the Fourteenth Annual General Meeting of the Company will be held at No. 6-8,Jalan 3/3C, Batu 7, Jalan Ipoh, 68100 Kuala Lumpur on Monday, 28 June 2010 at 11.00 a.m. for the followingpurposes:

AGENDA

1 To receive the Audited Financial Statements for the financial year ended 31 December 2009and the Reports of the Directors and Auditors thereon.

2. To declare a first and final dividend of 2.0 sen per share less tax at 25% in respect of thefinancial year ended 31 December 2009.

3. To approve the payment of Directors’ fees.

4. To re-elect the following Directors retiring pursuant to the Articles of Association of theCompany:

4.1 Surya Hidayat Abd Malik (Article 103)

4.2 Shamsul Saad (Article 109)

4.3 Raja Anuar Raja Abu Hassan (Article 109)

4.4 Idris Zaidel (Article 109)

5. To re-appoint Auditors and to authorise the Board of Directors to fix their remuneration.

6. As Special BusinessTo consider and if thought fit, pass the following Resolutions:

ORDINARY RESOLUTIONAuthority to issue shares pursuant to Section 132D of the Companies Act, 1965

"THAT pursuant to Section 132D of the Companies Act, 1965 and subject always to theapproval of the relevant authorities, the Directors be and are hereby empowered to issueshares in the Company from time to time and upon such terms and conditions and for suchpurposes as the Directors may deem fit provided that the aggregate number of sharesissued pursuant to this resolution does not exceed 10% of the issued share capital of theCompany for the time being and that the Directors be and are also empowered to obtainthe approval for the listing of and quotation for the additional shares so issued on theBursa Malaysia Securities Berhad and that such authority shall continue in force until theconclusion of the next Annual General Meeting of the Company."

SPECIAL RESOLUTION NO. 1Change of Company’s Name

"THAT the name of the Company be changed from Petra Perdana Berhad to PerdanaPetroleum Berhad with effect from the date of the issuance of the Certificate ofIncorporation on Change of Name of the Company by the Companies Commission ofMalaysia AND THAT the Directors and the Secretary of the Company be and are herebyauthorised to carry out all the necessary formalities in effecting the change of name."

Resolution 1

Resolution 2

Resolution 3

Resolution 4

Resolution 5

Resolution 6

Resolution 7

Resolution 8

Resolution 9

Notice of Annual General Meeting

186

SPECIAL RESOLUTION NO. 2Proposed amendment to the Articles of Association of the Company

"THAT the existing Article 157 be amended as follows:

Existing Article 157

Any dividend or other money payable in cash on or in respect of a share may be paid bycheque or warrant sent through the post to the registered address of the member or personentitled thereto, or, if several persons are entitled in consequence of the death orbankruptcy of the holder, to any one of such persons or to such persons and such addressas such persons may by writing direct. Every such cheque or warrant shall be madepayable to the order of the person to whom it is sent or such person as the holder maydirect and payment of the cheque shall be a good discharge to the Company. Every suchcheque or warrant shall be sent at the risk of the person entitled to the money representedthereby.

New Article 157

Any dividend or other money payable in cash on or in respect of a share may be paid bycheque or warrant sent through the post to the registered address of the member or personentitled thereto, or, if several persons are entitled in consequence of the death orbankruptcy of the holder, to any one of such persons or to such persons and such addressas such persons may by writing direct or by directly crediting the dividend entitlementinto the members’ bank accounts as provided to the Depository from time to time.Every such cheque or warrant shall be made payable to the order of the person to whom itis sent or such person as the holder may direct and payment of the cheque or directcrediting to the members’ bank accounts shall be a good discharge to the Company.Every such cheque or warrant shall be sent or directly credited at the risk of the personentitled to the money represented thereby. Where the members have provided to theDepository the relevant contact details for purposes of electronic notifications, theCompany shall notify them electronically once the Company has paid the cashdividends out of its accounts.

By Order of the Board

LEONG OI WAH (MAICSA 7023802)Company Secretary

4 June 2010

Notes:

A member of the Company entitled to attend and vote at the abovementioned meeting is entitled to appoint a proxy to attend andvote his stead. Such proxy may but need not be a member of the Company and Section 149(1)(a) and (b) of the CompaniesAct, 1965 shall not apply. Where there are two (2) or more proxies, the member shall specify the proportion of his shareholdingsto be represented by each proxy.

Where a member of the Company is an authorised nominee as defined under the Securities Industry (Central Depositories) Act,1991, it may appoint at least one (1) proxy in respect of each securities account it holds with ordinary shares of the Companystanding to the credit of the said securities account.

The instrument appointing a proxy shall be in writing (in the common or usual form) under the hand of the appointor or of hisattorney duly authorised in writing or, if the appointor is a corporation, either under the seal or under the hand of an officer orattorney duly authorised.

The instrument appointing a proxy and the power of attorney or other authority, if any, under which it is signed or a notariallycertified copy of that power or authority must be deposited at Level 17, The Gardens North Tower, Mid Valley City, LingkaranSyed Putra, 59200 Kuala Lumpur not less than forty-eight (48) hours before the time set for holding the meeting or adjournmeeting.

Resolution 10

Petra Perdana Berhadannual report 2009

187

Explanatory notes on Special Business:

Ordinary Resolution

The proposed Ordinary Resolution will give powers to the Directors to issue up to a maximum ten per centum (10%) of the issuedshare capital of the Company for the time being for such purposes as the Directors would consider in the best interest of theCompany. This authority, unless revoked or varied by the Company at a general meeting, will expire at the next Annual GeneralMeeting of the Company.

The general mandate sought for issue of securities is a renewal to a general mandate sought in the preceding year. TheCompany, has on 4 May 2010 announced a Proposed Private Placement of up to 10% of the issued and paid-up share capital ofthe Company to investor(s) to be identified. The renewal of the general mandate is to provide flexibility to the Company to issuenew securities without the need to convene separate general meeting to obtain its shareholders’ approval so as to avoid incurringadditional cost and time. The purpose of this general mandate is for possible fund raising exercises including but not limited tofurther placement of shares for purpose of funding current and/or future investment projects, working capital and/or acquisitions.

Special Resolution No. 1

The proposed Special Resolution No. 1 is to change the name of the Company to better reflect the Company’s activities.

Special Resolution No. 2

The proposed Special Resolution No. 2 is to amend the Company’s Articles of Association in line with the amendments to theListing Requirements of Bursa Malaysia Securities Berhad in relation to e-Dividend.

NOTICE OF DIVIDEND ENTITLEMENT

NOTICE IS HEREBY GIVEN THAT a first and final dividend of 2.0 sen less tax at 25% in respect of the financialyear ended 31 December 2009, if so approved at the Fourteenth Annual General Meeting, will be paid on 28 July2010 to Shareholders whose names appear in the Records of Depositors at the close of business on 30 June2010.

A Depositor shall qualify for entitlement only in respect of:

a) Shares transferred into the depositor’s securities account before 4.00 p.m. on 30 June 2010 in respect ofordinary transfers; and

b) Shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules ofBursa Malaysia Securities Berhad.

By Order of the Board

LEONG OI WAH (MAICSA 7023802)Company Secretary

4 June 2010

188

NOTIS DENGAN INI DIBERI BAHAWA Mesyuarat Agung Tahunan Keempat Belas Petra Perdana Berhad(“Syarikat”) akan diadakan di No. 6-8, Jalan 3/3C, Batu 7, Jalan Ipoh, 68100 Kuala Lumpur pada hari Isnin, 28 Jun2010 jam 11.00 pagi untuk melaksanakan urusan-urusan berikut:

AGENDA

1 Untuk menerima Penyata Kewangan Beraudit bagi tahun kewangan berakhir 31 Disember2009 dan Laporan-Laporan Pengarah dan Juruaudit mengenainya.

2. Untuk mengumumkan dividen pertama dan terakhir sebanyak 2.0 sen sesaham tolak cukai25% bagi tahun kewangan berakhir 31 Disember 2009.

3. Untuk meluluskan bayaran yuran para Pengarah.

4. Untuk melantik semula para Pengarah berikut yang bersara menurut Tataurusan PertubuhanSyarikat:

4.1 Surya Hidayat Abd Malik (Artikel 103)

4.2 Shamsul Saad (Artikel 109)

4.3 Raja Anuar Raja Abu Hassan (Artikel 109)

4.4 Idris Zaidel (Artikel 109)

5. Untuk melantik semula Juruaudit dan untuk memberi kuasa kepada Lembaga Pengarahuntuk menetapkan imbuhan mereka.

6. Sebagai Urusan KhasUntuk menimbang dan jika difikirkan sesuai, meluluskan Resolusi berikut:

RESOLUSI BIASAKuasa untuk menerbitkan saham mengikut Seksyen 132D Akta Syarikat, 1965

"BAHAWA sentiasa tertakluk kepada kelulusan pihak berkuasa berkaitan dan menurutSeksyen 132D Akta Syarikat, 1965, para Pengarah adalah dan dengan ini diberi kuasauntuk menerbitkan saham Syarikat pada bila-bila masa dan atas terma dan syarat tertentudan untuk sebarang tujuan yang para Pengarah, menurut budi bicara mereka, fikirkansesuai dengan syarat bahawa bilangan agregat saham biasa yang akan diterbitkan tidakmelebihi sepuluh peratus (10%) daripada jumlah modal saham diterbitkan Syarikat padamasa penerbitan tersebut dan bahawa para Pengarah turut diberikan kuasa untukmendapatkan kelulusan penyenaraian dan sebut harga untuk saham tambahan yangditerbitkan di Bursa Malaysia Securities Berhad dan bahawa kuasa berkenaan hendaklahterus berkuat kuasa sehingga tamat Mesyuarat Agung Tahunan Syarikat akan datang.”

RESOLUSI KHAS NO. 1Pertukaran Nama Syarikat

“BAHAWA nama Syarikat ditukar daripada Petra Perdana Berhad kepada PerdanaPetroleum Berhad berkuat kuasa dari tarikh terbitan Perakuan Pemerbadanan PertukaranNama Syarikat oleh Suruhanjaya Syarikat Malaysia DAN BAHAWA para Pengarah danSetiausaha Syarikat dengan ini dibenarkan menjalankan segala urusan yang perlu untukmelaksanakan pertukaran nama.”

Notis Mesyuarat Agung Tahunan

Resolusi 1

Resolusi 2

Resolusi 3

Resolusi 4

Resolusi 5

Resolusi 6

Resolusi 7

Resolusi 8

Resolusi 9

Petra Perdana Berhadlaporan tahunan 2009

189

RESOLUSI KHAS NO. 2Cadangan pemindaan Tataurusan Pertubuhan Syarikat

“BAHAWA Artikel 157 yang sedia ada dipinda seperti berikut:

Artikel 157 Sedia Ada

Sebarang dividen atau wang lain yang dibayar dalam bentuk tunai bagi atau berkaitansaham boleh dibayar melalui cek atau waran yang dihantar melalui pos ke alamat berdaftarahli atau orang yang layak, atau, jika beberapa orang layak akibat pemegang meninggaldunia atau bankrap, kepada mana-mana orang atau orang tersebut atau alamat tersebutbagi orang tersebut dengan menulis secara terus. Setiap cek atau waran tersebuthendaklah dibuat atas nama orang yang dikirimkan atau orang yang diarahkan olehpemegang dan pembayaran cek hendaklah didiscaj kepada Syarikat. Setiap cek atau warantersebut hendaklah dihantar dengan risikonya ditanggung oleh orang yang layak untuk wangyang diwakili.

Artikel 157 Yang Baru

Sebarang dividen atau wang lain yang dibayar dalam bentuk tunai bagi atau berkaitansaham boleh dibayar melalui cek atau waran yang dihantar melalui pos ke alamat berdaftarahli atau orang yang layak, atau, jika beberapa orang layak akibat pemegang meninggaldunia atau bankrap, kepada mana-mana orang atau orang tersebut atau alamat tersebutbagi orang tersebut dengan menulis secara terus atau dengan mengkreditkan secaraterus kelayakan dividen ke dalam akaun bank ahli seperti yang diberikan kepadaDepositori dari masa ke semasa. Setiap cek atau waran tersebut hendaklah dibuat atasnama orang yang dikirimkan atau orang yang diarahkan oleh pemegang dan pembayarancek atau terus dikreditkan ke dalam akaun bank ahli hendaklah didiscaj kepada Syarikat.Setiap cek atau waran tersebut hendaklah dihantar atau dikreditkan terus denganrisikonya ditanggung oleh orang yang layak untuk wang yang diwakili. Di mana para ahlitelah memberikan pihak Depositori dengan butiran hubungan berkaitan bagi tujuanpemberitahuan elektronik, Syarikat akan memberitahu mereka secara elektronikapabila Syarikat telah membayar dividen tunai daripada akaun Syarikat.

Atas Perintah Lembaga

LEONG OI WAH (MAICSA 7023802)Setiausaha Syarikat

4 Jun 2010

Nota:

Seorang ahli Syarikat yang layak hadir dan mengundi di mesyuarat yang dinyatakan di atas, berhak untuk melantik seorang proksiuntuk menghadiri dan mengundi bagi pihaknya. Proksi tersebut boleh tetapi tidak semestinya seorang ahli Syarikat dan Seksyen-seksyen 149(1)(a) dan (b) Akta Syarikat, 1965 tidak digunapakai. Jika dua (2) orang atau lebih proksi dilantik, ahli yang melantikmereka hendaklah menyatakan bahagian pegangan sahamnya yang akan diwakili oleh setiap proksi.

Jika seorang ahli Syarikat merupakan nomini yang diberi kuasa sebagaimana ditakrif di bawah Akta Industri Sekuriti (DepositoriPusat), 1991, beliau boleh melantik sekurang-kurangnya satu (1) orang proksi bagi setiap akaun sekuriti yang dipegangnyadengan saham biasa Syarikat yang berada dalam kedudukan kredit bagi akaun sekuriti tersebut.

Surat cara pelantikan seorang proksi hendaklah dalam bentuk tulisan (dalam bentuk am atau biasa) dengan ditandatangani olehpelantik atau peguam beliau yang telah diberi kuasa sewajarnya dalam tulisan atau, jika pelantik adalah sebuah perbadanan,sama ada di bawah meterai atau di bawah tandatangan pegawai atau peguam yang telah diberi kuasa sewajarnya.

Surat cara pelantikan seorang proksi dan kuasa peguam atau kuasa lain, jika ada, yang telah ditandatangani atau satu salinankuasa atau autoriti yang disahkan hendaklah dihantar di Level 17, The Gardens North Tower, Mid Valley City, Lingkaran SyedPutra, 59200 Kuala Lumpur tidak lewat dari empat puluh lapan (48) jam sebelum masa ditetapkan untuk mesyuarat diadakan atausebarang penangguhannya.

Resolusi 10

190

Nota penjelasan mengenai Urusan-urusan Khas:

Resolusi Biasa

Cadangan Resolusi Biasa akan memberi kuasa kepada para Pengarah Syarikat, untuk menerbitkan sehingga maksimum sepuluhperatus (10%) jumlah saham modal diterbitkan Syarikat buat masa sekarang bagi tujuan yang dianggap kepentingan terbaikSyarikat. Kuasa ini akan luput, melainkan dibatalkan atau diubah oleh Syarikat dalam mesyuarat agung, pada Mesyuarat AgungTahunan Syarikat yang akan datang.

Mandat am yang diperlukan bagi terbitan sekuriti ialah pembaharuan kepada mandat am yang diperlukan pada tahun sebelumnya.Syarikat, pada 4 Mei 2010 mengumumkan cadangan tawaran persendirian sehingga 10% modal saham terbitan dan berbayarSyarikat kepada para pelabur yang akan dikenal pasti. Pembaharuan semula mandat am ialah untuk memberikan fleksibilitikepada Syarikat untuk menerbitkan sekuriti baru tanpa perlu memanggil mesyuarat agung yang lain bagi mendapatkan kelulusanpemegang saham bertujuan mengelakkan pengeluaran kos dan masa tambahan. Tujuan mandat am ialah untuk cadanganpelaksanaan pengumpulan dana yang termasuk tetapi tidak terhad kepada peletakan saham tambahan bagi tujuan pendanaanprojek pelaburan, modal kerja dan/atau pemerolehan semasa dan/atau akan datang.

Resolusi Khas No. 1

Cadangan Resolusi Khas No.1 ialah untuk menukar nama Syarikat untuk mencerminkan aktiviti dan pemilikan Syarikat.

Resolusi Khas No. 2

Cadangan Resolusi Khas No.2 ialah untuk meminda Tataurusan Pertubuhan Syarikat selaras dengan pindaan KeperluanPenyenaraian Bursa Malaysia Securities Berhad berkaitan dengan e-Dividen.

NOTIS HAK DIVIDEN

NOTIS DENGAN INI JUGA DIBERI BAHAWA dividen pertama dan terakhir sebanyak 2.0 sen sesaham tolak cukaisebanyak 25% bagi tahun kewangan berakhir 31 Disember 2009, jika diluluskan pada Mesyuarat Agung TahunanKali Keempat Belas, akan dibayar pada 28 Julai 2010 kepada para pemegang saham yang nama merekadidaftarkan dalam Rekod Pendeposit Syarikat pada penutupan perniagaan pada 30 Jun 2010.

Seorang Pendeposit layak untuk hak ke atas dividen hanya berhubung:

a) Saham yang dipindahkan ke dalam akaun sekuriti pendeposit tersebut sebelum jam 4.00 petang pada 30 Jun2010 berhubung pindahan biasa; dan

(b) Saham yang dibeli di Bursa Malaysia Securities Berhad berasaskan kelayakan selaras dengan Peraturan BursaMalaysia Securities Berhad.

Atas Perintah Lembaga

LEONG OI WAH (MAICSA 7023802)Setiausaha Syarikat

4 Jun 2010

Petra Perdana Berhadlaporan tahunan 2009

191

This page has been intentionally left blankMuka surat ini sengaja ditinggalkan kosong

PETRA PERDANA BERHAD(Company No. 372113-A)(Incorporated in Malaysia)

Proxy Form Number of Shares Held

I / We

of

being a member/members of PETRA PERDANA BERHAD hereby appoint

of

or failing whom

of

or *the Chairman of the Meeting as *my/*our proxy to vote for *me/*us and on *my/*our behalf at the FourteenthAnnual General Meeting of the Company to be held on Monday, 28 June 2010 at 11.00 a.m. and at anyadjournment thereof.

*My/*Our proxy(ies) is/are to vote as indicated below:

Agenda Resolution For Against

To declare a first and final dividend of 2.0 sen less tax at 25%for the financial year ended 31 December 2009 1

To approve payment of Directors’ fees 2

To re-elect the following Directors retiring pursuant tothe Company’s Articles of Association:

(i) Surya Hidayat Abd Malik (Article 103) 3

(ii) Shamsul Saad (Article 109) 4

(iii) Raja Anuar Raja Abu Hassan (Article 109) 5

(iv) Idris Zaidel (Article 109) 6

To re-appoint Auditors of the Company for the ensuing year 7

To authorise the issuance of shares pursuant to Section 132Dof the Companies Act, 1965. 8

To approve the change of Company’s name 9

To approve the amendments to the Articles of Association 10

[Please indicate with (X) how you wish your vote to be casted. If no specific direction as to voting is given, theproxy will vote or abstain at his discretion].

Dated this day of 2010

[*Signature/Common Seal of Shareholder(s)][*Delete if not applicable]

Notes:

A member of the Company entitled to attend and vote at the abovementioned meeting is entitled to appoint a proxy to attend and vote his stead.Such proxy may but need not be a member of the Company and Section 149(1)(a) and (b) of the Companies Act, 1965 shall not apply. Where thereare two (2) or more proxies, the member shall specify the proportion of his shareholdings to be represented by each proxy.

Where a member of the Company is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991, it may appointat least one (1) proxy in respect of each securities account it holds with ordinary shares of the Company standing to the credit of the said securitiesaccount.

The instrument appointing a proxy shall be in writing (in the common or usual form) under the hand of the appointor or of his attorney dulyauthorised in writing or, if the appointor is a corporation, either under the seal or under the hand of an officer or attorney duly authorised.

The instrument appointing a proxy and the power of attorney or other authority, if any, under which it is signed or a notarially certified copy of thatpower or authority must be deposited at Level 17, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur not lessthan forty-eight (48) hours before the time set for holding the meeting or adjourn meeting.

Fold Here

STAMP

PETRA PERDANA BERHAD

c/o Level 17 The Gardens North Tower

Mid Valley City

Lingkaran Syed Putra

59200 Kuala Lumpur

Fold Here

PETRA PERDANA BERHAD(No. Syarikat 372113-A)

(Diperbadankan di Malaysia)

Borang Proksi Jumlah Pegangan Saham

Saya/Kami

beralamat di

sebagai ahli PETRA PERDANA BERHAD dengan ini melantik

beralamat di

atau jika beliau gagal hadir

beralamat di

atau Pengerusi Mesyuarat* sebagai proksi saya*/kami* untuk mengundi bagi pihak saya*/kami* di Mesyuarat AgungTahunan Keempat Belas Syarikat yang akan diadakan pada hari Isnin, 28 Jun 2010, pukul 11.00 pagi dan padasebarang penangguhannya.

Proksi saya*/kami* mengundi seperti yang ditunjukkan di bawah:

Agenda Resolusi Menyokong Menentang

Untuk mengumumkan dividen pertama dan terakhir sebanyak2.0 sen tolak cukai 25% bagi tahun kewangan berakhir31 Disember 2009 1

Untuk meluluskan pembayaran yuran para Pengarah 2

Untuk memilih semula para Pengarah berikut yang bersaramenurut Tataurusan Pertubuhan Syarikat:

(i) Surya Hidayat Abd Malik (Artikel 103) 3

(ii) Shamsul Saad (Artikel 109) 4

(iii) Raja Anuar Raja Abu Hassan (Artikel 109) 5

(iv) Idris Zaidel (Artikel 109) 6

Untuk melantik semula Juruaudit Syarikat bagi tahun akan datang 7

Untuk memberi kuasa menerbitkan saham mengikutSeksyen 132D Akta Syarikat, 1965. 8

Untuk meluluskan penukaran nama Syarikat 9

Untuk meluluskan pemindaan Tataurusan Pertubuhan Syarikat 10

[Sila tandakan “X” dalam ruang yang disediakan di atas bagaimana anda mahu undian anda dibuat. Jika tiadaarahan khusus diberi, proksi anda akan mengundi atau menarik diri menurut budi bicara beliau].

Bertarikh pada hari ini 2010

[*Tandatangan/Meterai Am Ahli][*Potong jika tidak berkenaan]

Nota:Seorang ahli Syarikat yang layak hadir dan mengundi di mesyuarat yang dinyatakan di atas, berhak untuk melantik seorang proksi untuk menghadiridan mengundi bagi pihaknya. Proksi tersebut boleh tetapi tidak semestinya seorang ahli Syarikat dan Seksyen-seksyen 149(1)(a) dan (b) AktaSyarikat, 1965 tidak digunapakai. Jika dua (2) orang atau lebih proksi dilantik, ahli yang melantik mereka hendaklah menyatakan bahagian pegangansahamnya yang akan diwakili oleh setiap proksi.Jika seorang ahli Syarikat merupakan nomini yang diberi kuasa sebagaimana ditakrif di bawah Akta Industri Sekuriti (Depositori Pusat), 1991, beliauboleh melantik sekurang-kurangnya satu (1) orang proksi bagi setiap akaun sekuriti yang dipegangnya dengan saham biasa Syarikat yang beradadalam kedudukan kredit bagi akaun sekuriti tersebut.Surat cara pelantikan seorang proksi hendaklah dalam bentuk tulisan (dalam bentuk am atau biasa) dengan ditandatangani oleh pelantik ataupeguam beliau yang telah diberi kuasa sewajarnya dalam tulisan atau, jika pelantik adalah sebuah perbadanan, sama ada di bawah meterai atau dibawah tandatangan pegawai atau peguam yang telah diberi kuasa sewajarnya.Surat cara pelantikan seorang proksi dan kuasa peguam atau kuasa lain, jika ada, yang telah ditandatangani atau satu salinan kuasa atau autoritiyang disahkan hendaklah dihantar di Level 17, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur tidak lewatdari empat puluh lapan (48) jam sebelum masa ditetapkan untuk mesyuarat diadakan atau sebarang penangguhannya.

Lipat Di sini

SETEM

PETRA PERDANA BERHAD

d/a Aras 17 The Gardens North Tower

Mid Valley City

Lingkaran Syed Putra

59200 Kuala Lumpur

Lipat Di sini

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