untuk menjadi syarikat global yang utama.asb.listedcompany.com/misc/asb-annualreport2000.pdf ·...

2 ADVANCE SYNERGY BERHAD

Untuk menjadi syarikat global yang utama.

Untuk mencapai kejayaan sebagai sebuah syarikatglobal yang mempunyai tanggungjawab sosial dan yangcemerlang dalam setiap usaha.

Kita mencari rakan kongsi dan sekutu yang sinergistikuntuk mencapai misi kita.

• Kecemerlangan keusahawanan dalam semua usahakita.

• Pertumbuhan berlanjutan dengan mengenal pasti danmengisi keperluan pengguna.

• Perkongsian yang produktif dengan rakan perniagaan,pembekal, pekerja dan kerajaan.

• Adil dalam semua urusan perniagaan dengan rakankongsi, pelanggan dan pembekal.

• Kepada Pemegang Stok

Kita memastikan pulangan yang wajar supayapemegang stok menghargai pelaburan mereka.

• Kepada Pelanggan

Kita menghargai pelanggan kita dengan membekalkanmereka produk dan perkhidmatan yang berkualititinggi pada harga yang berdayasaing.

• Kepada Pekerja

Kita mengambil berat tentang pekerja kita denganmewujudkan persekitaran kerja yang selesa,membimbing mereka untuk mencapai potensimereka yang sepenuhnya dan mengiktiraf sumbanganmereka.

• Kepada Masyarakat

Kita memenuhi tanggungjawab sosial kita danmenyumbang kepada kesejahteraan ekonomi dansosial di setiap masyarakat tempat kita beroperasi.

Misi dan Wawasan KorporatCorporate Vision and Mission

To be a premier global corporation.

To attain success as a socially responsible global corpo-ration which excel in every undertaking.

We seek synergistic partnerships and alliances to achieveour mission.

• Entrepreneurship excellence in all our pursuits.

• Sustainable growth through identification andsatisfaction of customers’ needs.

• Productive partnerships with business associates,suppliers, employees and governments.

• Fairness in all business dealings with partners,customers and suppliers.

• To Our StockholdersWe ensure a fair return so that our stock holderswill value their investment.

• To Our CustomersWe value our customers by providing them withhigh quality products and services at competitiveprices.

• To Our EmployeesWe care for our people by creating a conducive workenvironment, nurturing them to their fullest potentialand recognising their contribution.

• To Our CommunityWe honour our social obligations and contribute tothe economic and social wellbeing of every commu-nity in which we operate.

Laporan Tahunan 2000 Annual Report 3

Notis Mesyuarat Agung Tahunan 2Notice of Annual General Meeting 3

Ahli Lembaga Pengarah danMaklumat Korporat 4

Board of Directors andCorporate Information 4

Maklumat Pengurusan 5Management Information 5

Struktur Korporat Kumpulan 6 - 7

Group Corporate Structure 6 - 7

Jawatankuasa Audit 8Audit Committee 9

Penyata Pengerusi 10 - 14Chairman’s Statement 15 - 19

Penyata Kewangan 21Financial Statements 93

• Laporan Para Pengarah 22 - 26Directors’ Report 94 - 98

• Penyata Pendapatan 27Income Statements 99

• Kunci Kira-kira 28 - 29Balance Sheets 100 - 101

• Penyata Perubahan dalam Ekuiti 30 - 31Statement of Changes in Equity 102 - 103

• Penyata Aliran Tunai 32 - 38Cash Flow Statements 104 - 110

• Nota-nota kepada Penyata Kewangan 39 - 89Notes to the Financial Statements 111 - 162

• Kenyataan Para Pengarah 90Statement by Directors 163

• Akuan Berkanun 90Statutory Declaration 163

• Laporan Juruaudit kepada Ahli-ahliAdvance Synergy Berhad 91

Report of The Auditors to the Membersof Advance Synergy Berhad 164

• Statistik Pemegangan Stok 165 - 166Statistics on Stockholdings 165 - 166

• Senarai Harta 167 - 169List of Properties 167 - 169

Borang Proksi DilampirkanProxy Form Enclosed

Kandungan

L ogo in i , yang berbentuk bulat ,mengandungi simbol-simbol yang mewakiliapi, air dan elemen-elemen bumi yangberinteraksi secara konstan. Interaksielemen-elemen ini menjana tenaga yangmengalir bebas. Tenaga ini menghasilkanPOKOK, simbol bagi semua hidupan dibumi. Kedudukan POKOK ini, di tengahlogo, mewakili fokus matlamat syarikat,iaitu penciptaan kekayaan yang memberimanfaat kepada para pemegang saham danmasyarakat keseluruhannya. Secaraholistik, logo ini melambangkan tenagasinergestik yang sedang bergerak.

T his logo, circular in shape, comprises ofsymbols which represent the fire, water,and earth elements in constant interac-tion. The interaction of these elementsreleases free flowing energy which pro-duces the TREE, a symbol of all life onearth. Situated at the centre of the logo,the TREE represents the focus of the com-pany goal which is the creation of wealthbenefiting shareholders and society atlarge. The logo holistically, symbolises syn-ergistic energy in motion.

Rasional Logo

Logo Rationale

Contents


Notis Mesyuarat Agung Tahunan

DENGAN INI DIMAKLUMKAN bahawa MESYUARAT AGUNG TAHUNAN Ketujuh Puluh Tujuh Syarikatakan diadakan di Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur pada hariSelasa, 26 Jun 2001 pada 10.30 pagi untuk menjalankan urusan-urusan berikut :-

1. Untuk menerima dan meluluskan penyata kewangan yang telah diaudit bagi tahun berakhir 31 Disember 2000dan laporan para pengarah dan juruaudit.

2. Untuk meluluskan fi para pengarah bagi tahun berakhir 31 Disember 2000.

3. Untuk melantik semula pengarah-pengarah yang bersara menurut Tataurusan Pertubuhan Syarikat.

4. Untuk melantik juruaudit dan memberi kuasa kepada para pengarah untuk menetapkan imbuhan mereka.

5. Sebagai urusan khas, menimbangkan dan, jika didapati wajar, meluluskan Resolusi Biasa berikut :-

“BAHAWA, sentiasa tertakluk kepada kelulusan autoriti-autoriti yang relevan, para pengarah adalah dan denganini diberi kuasa, selaras dengan Seksyen 132D Akta Syarikat 1965, menerbitkan saham-saham Syarikat yangbaru, dari masa ke semasa dan menurut terma-terma dan syarat-syarat tertentu dan bagi tujuan tertentumenurut pertimbangan mutlak para pengarah seperti yang mereka fikirkan sesuai asalkan bilangan agregatsaham yang akan diterbitkan selaras dengan resolusi ini tidak melebihi 10% daripada modal terbitan Syarikatyang semasa dan lanjutan dari perumpukan saham-saham tersebut untuk menukarnya ke unit-unit stok baruyang bernilai RM1.00 setiap satu DAN kuasa tersebut akan ada sehingga berakhir Mesyuarat Agung TahunanSyarikat yang akan datang.”

6. Untuk menjalankan sebarang urusan biasa lain yang notis mengenainya telah diberikan.

DENGAN PERINTAH LEMBAGA PENGARAH

SNG NGIAP KOON

Setiausaha

Kuala Lumpur

31 Mei 2001

Nota :-

( 1 ) Seorang ahli Syarikat yang layak untuk menghadiri dan mengundi dalam mesyuarat agung layak untuk melantik seorangproksi untuk menghadiri dan mengundi bagi pihak dirinya. Seorang proksi tidak semestinya seorang ahli Syarikat.

( 2 ) Instrumen pelantikan proksi bagi individu hendaklah ditandatangani oleh pelantik atau peguamnya yang telah diberi kuasadan bagi syarikat, instrumen pelantikan proksi mestilah dengan menggunakan meterai syarikat atau ditandatangani olehseorang pegawai atau peguam yang telah diberi kuasa.

( 3 ) Instrumen pelantikan proksi mesti dihantar ke Pejabat Berdaftar Syarikat di Paras 29, Menara Shahzan Insas, 30 Jalan SultanIsmail, 50250 Kuala Lumpur tidak lewat daripada 48 jam sebelum masa yang ditetapkan untuk mengadakan mesyuarat atausebarang penangguhannya.

NOTA PENJELASAN BAGI URUSAN KHAS

– Resolusi selaras dengan Seksyen 132D Akta Syarikat, 1965 :-

Resolusi Biasa selaras dengan Seksyen 132D Akta Syarikat, 1965, jika diluluskan, akan memberi kuasa kepada para pengarah,dari tarikh Mesyuarat Agung di atas sehingga Mesyuarat Agung Tahunan yang akan datang, untuk memperumpuk danmenerbitkan unit-unit stok Syarikat baru yang jumlahnya tidak melebihi 10% daripada modal terbitan Syarikat yang semasadan untuk tujuan tertentu yang para pengarah timbangkan untuk kepentingan Syarikat. Ini akan mengelakkan sebarangkelewatan dan kos yang bersangkutan untuk mengadakan sebuah mesyuarat am yang bertujuan meluluskan penerbitanunit-unit stok baru tersebut. Pemberian kuasa ini, kecuali ditarik balik atau dipinda di mesyuarat am, akan luput padaMesyuarat Agung Tahunan Syarikat yang akan datang.

(Borang proksi dilampirkan bersama-sama laporan dan penyata kewangan ini.)


NOTICE IS HEREBY GIVEN that the Seventy-Seventh ANNUAL GENERAL MEETING of theCompany will be held at the Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 Kuala Lumpur onTuesday, 26 June 2001 at 10.30 a.m. for the following purposes :-

1. To receive and adopt the audited financial statements for the year ended 31 December 2000 and the direc-tors’ and auditors’ reports thereon.

2. To approve directors’ fees for the year ended 31 December 2000.

3. To re-elect directors retiring in accordance with the Company’s Articles of Association.

4. To appoint auditors and to authorise the directors to fix their remuneration.

5. As special business, to consider and, if thought fit, pass the following Ordinary Resolution :-

“THAT subject always to the approvals of the relevant authorities, the directors be and are hereby authorised,pursuant to Section 132D of the Companies Act, 1965 to issue new shares in the Company, from time totime and upon such terms and conditions and for such purposes as the directors may, in their absolutediscretion deem fit, provided that the aggregate number of shares issued pursuant to this resolution does notexceed 10% of the issued capital of the Company for the time being and upon allotment of such shares toconvert the same into new stock units of RM1.00 each AND THAT such authority shall continue in forceuntil the conclusion of the next Annual General Meeting of the Company.”

6. To transact any other ordinary business of which due notice shall have been given.

BY ORDER OF THE BOARD

SNG NGIAP KOON

Secretary

Kuala Lumpur

31 May 2001

Notes :-

(1) A member of the Company entitled to attend and vote at the general meeting is entitled to appoint a proxy to attend and votein his/her stead. A proxy need not be a member of the Company.

(2) The instrument appointing a proxy in the case of an individual shall be signed by the appointer or his/her attorney dulyauthorised and in the case of a corporation, the instrument appointing a proxy must be under its common seal or underthe hand of an officer or attorney duly authorised.

( 3 ) The instrument appointing a proxy must be deposited at the Registered Office of the Company at Level 29, MenaraShahzan Insas, 30 Jalan Sultan Ismail, 50250 Kuala Lumpur not less than 48 hours before the time appointed for holdingthe meeting or any other adjournment thereof.

EXPLANATORY NOTE ON SPECIAL BUSINESS

– Resolution pursuant to Section 132D of the Companies Act, 1965 :-

The Ordinary Resolution pursuant to Section 132D of the Companies Act, 1965, if passed, will empower the directors,from the date of the above General Meeting until the next Annual General Meeting to allot and issue new stock units inthe Company up to an amount not exceeding in total 10% of the issued capital of the Company for the time being andfor such purposes as the directors consider would be in the interest of the Company. This would avoid any delay and costinvolved in convening a general meeting to specifically approve such an issue of new stock units. This authority, unlessrevoked or varied at a general meeting will expire at the next Annual General Meeting of the Company.

(A proxy form is attached with this report and financial statements.)

Notice of Annual General Meeting


PENDAFTAR / REGISTRARS

Sectrars Services Sdn. Bhd.No. 28-2, Jalan Tun Sambanthan 3Brickfields, 50470 Kuala LumpurTel: 03-22746133

PEJABAT BERDAFTAR /REGISTERED OFFICE

Level 29, Menara Shahzan Insas30, Jalan Sultan Ismail, 50250 Kuala LumpurTel: 03-21444029

JURUBANK UTAMA /PRINCIPAL BANKERS

Southern Bank Berhad

BSN Commercial Bank (Malaysia) Berhad

PEGUAMCARA / SOLICITORS

Shearn Delamore & Co

Mak & Associates

Ahli Lembaga Pengarah & Maklumat Korporat

LEMBAGA PENGARAH /BOARD OF DIRECTORS

Dato’ Ahmad Sebi Bakar(Pengerusi Eksekutif / Executive Chairman)

Aznan bin Haji Ismail

Dato’ Nik Ibrahim Kamil bin Tan Sri Nik Ahmad Kamil

Wong Ah Nam @ Wong Joon Tuang

Masri Khaw binti Abdullah

Sng Chong Khian

SETIAUSAHA / SECRETARY

Sng Ngiap Koon

JURUAUDIT / AUDITORS

BDO BinderAkauntan Awam / Public Accountants15th Floor, Wisma Hamzah Kwong HingNo. 1, Leboh Ampang, 50100 Kuala LumpurTel: 03-2322755

Dato’ Ahmad Sebi Bakar(Pengerusi Eksekutif /Executive Chairman)

Aznan bin Haji Ismail Dato’ Nik Ibrahim Kamil binTan Sri Nik Ahmad Kamil

Wong Ah Nam@ Wong Joon Tuang

Masri Khaw binti Abdullah

Board of Directors & Corporate Information

Sng Chong Khian


OPERASI PERANCANG KORPORAT DANKEWANGANOPERATIONS CORPORATE PLANNING ANDFINANCE

Pengurus Besar KumpulanGroup General Manager

Lee Su Nie

Pengurus / Manager

Mohd Ariff bin Ali

Penolong Pengurus / Assistant Manager

Yap Siew Hwa

PEMBANGUNAN PERNIAGAANBUSINESS DEVELOPMENT

Penolong Pengurus Besar /Assistant General Manager

Chan Kian Heoi

SUMBER SEMULAJADINATURAL RESOURCES

Pengurus Besar / General Manager

Sirat bin Othman

Pengerusi Eksekutif / Executive Chairman

Dato’ Ahmad Sebi Bakar

Pengurus Besar Kanan Kumpulan / Senior Group General Manager

Sng Ngiap Koon

Penolong Khas kepada Pengerusi Eksekutif / Special Assistant to the Executive Chairman

Dato’ Abdul Manaf bin Abdul Hamid

KEWANGAN DAN PENTADBIRANFINANCE AND ADMINISTRATION

Pengurus / Manager

Chin Kah Kit

Ketua Bahagian / Section Head

Khoo Bee See

SUMBER TENAGA MANUSIAHUMAN RESOURCES

Pengurus Sumber Tenaga Manusia KumpulanGroup Human Resource Manage r

Kong Kok Chin

KESETIAUSAHAAN / SECRETARIAL

Pengurus / Manager

Tan Mee Lian

Penolong Setiausaha SyarikatAssistant Company Secretary

Ng Ah Ching

Chong Wai Ling

Maklumat PengurusanManagement Information


Struktur Korporat Kumpulan Pada 30 April 2001


Group Corporate Structure As At 30 April 2001


AHLI-AHLI JAWATANKUASA

Encik Wong Joon Tuang(Pengerusi)(Pengarah Bukan Eksekutif Bebas)

Dato’ Nik lbrahim Kamil bin Tan Sri Nik Ahmad Kamil(Pengarah Bukan Eksekutif Bebas)

Encik Aznan bin Haji Ismail(Pengarah Bukan Eksekutif Bebas)

BIDANG KUASA

• untuk mengkaji semula pelan audit dengan juruaudit luar;

• untuk mengkaji semula penilaian sistem kawalan perakaunan dalaman dengan juruaudit luar;

• untuk mengkaji semula laporan audit dengan juruaudit luar;

• untuk mengkaji semula bantuan yang diberikan oleh pegawai Syarikat kepada juruaudit luar;

• untuk mengkaji semula skop dan hasil tatacara audit dalaman dengan juruaudit dalaman;

• untuk mengkaji semula penyata kewangan dan dasar perakaunan Syarikat serta penyata kewangan yang telahdisatukan, yang dikemukakan kepada Jawatankuasa Audit oleh Syarikat dan selepas itu untuk mengemuka-kannya kepada Lembaga Pengarah Syarikat;

• untuk mengkaji semula sebarang urus niaga pihak yang berkaitan yang mungkin berbangkit di dalam Syarikatatau Kumpulan;

• untuk mengesyorkan pelantikan Juruaudit Luar dan imbuhan mereka;

• untuk mengesyorkan pelantikan Ketua Juruaudit Dalaman dan imbuhannya;

• untuk mengkaji semula belanjawan tahunan Jabatan Audit Dalaman; dan

• tugas-tugas lain yang mungkin dipersetujui oleh Jawatankuasa Audit dan Lembaga Pengarah.

Jawatankuasa Audit


COMPOSITION OF MEMBERS

Mr. Wong Joon Tuang(Chairman)(Independent Non-Executive Director)

Dato’ Nik Ibrahim Kamil bin Tan Sri Nik Ahmad Kamil(Independent Non-Executive Director)

Encik Aznan bin Haji Ismail(Independent Non-Executive Director)

TERMS OF REFERENCE

• to review, with the external auditors, the audit plan;

• to review, with the external auditors, the evaluation of the system of internal accounting controls;

• to review, with the external auditors, his audit reports;

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

• to review the scope and results of the internal audit procedures with the internal auditors;

• to review the financial statements and accounting policies of the Company and the consolidated financialstatements submitted to the Audit Committee by the Company and thereafter to submit them to the Board ofDirectors of the Company;

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

• to recommend the appointment of the External Auditors and their remuneration;

• to recommend the appointment of the Chief Internal Auditor and his remuneration;

• to review the annual budget of the Internal Audit Department; and

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

Audit Committee


Tahun 2000 adalah suatu lagi tahun yang mencabaruntuk Kumpulan Syarikat kita, suatu tahun yangditempuhi dan dijayakan dengan ketekunan, disiplin dankecekalan. Walaupun pertumbuhan ekonomi dankestabilan di dalam dan di luar negara menunjukkanketahanan, keadaan urusniaga untuk kebanyakanperniagaan secara relatifnya tetap sukar. Namun, pihakpengurusan, lembaga pengarah dan kakitangan kitaterbukti dapat mengatasi keadaan sukar ini. Berhadapandengan persekitaran perniagaan yang kurangmemberangsangkan, mereka bukan sahaja mengurus,tetapi mengurus dengan baik sekali.

Tahun 2000 juga menyaksikan Kumpulan bergerakmeninggalkan perkhidmatan bank dan kewangan denganpelupusan ekuiti dalam United Merchant Finance Berhad(“UMF”) dan Perdana Merchant Bankers Berhad(“PMBB”). Langkah tambahan penstrukturan semulayang membabitkan pelupusan kepentingan dalam GulfPetroleum Company Sudan, telah mengemaskan lagikedudukan Kumpulan. Oleh itu, Kumpulan Syarikat kitatelah muncul pada tahun 2000 dengan lebih kemas dantangkas, serta pembaharuan semangat dan tujuan yangjitu. Dan oleh kerana penstrukturan semula telahdijalankan dengan tekun sepanjang tahun, kini, kita lebihbersedia dan lebih berupaya untuk menjayakan peluang-peluang baharu yang menarik pada masa hadapan.

Harga stok syarikat yang menjunam, pada tahun2000, ke tahap yang tidak pernah dialami sebelum ini,menyebabkan segala pencapaian pada tahun yangberkenaan menjadi pudar. Namun, kita tidak bersendiriandalam perkara ini . Sentimen pasaran secarakeseluruhannya adalah amat negatif dan demikian banyaksyarikat yang berurus niaga jauh di bawah paras nilaiaset ketara (NTA) mereka.

Pencapaian-pencapaian kita dalam tahun yang sukarini tidak mungkin berlaku tanpa adanya dedikasi dankerjasama erat antara pihak pengurusan, lembagapengarah dan sekalian kakitangan.

PERKHIDMATAN PERBANKAN DANKEWANGAN

United Merchant Group Berhad (“UMG”) telah

menyelesaikan pelupusan seluruh kepentingannya dalamUMF dan PMBB masing-masing pada 8 Jun 2000 dan 18Disember 2000. Hasil daripada pelupusan ini, UMG telahmencapai keuntungan Kumpulan selepas cukai dankepetingan minoriti sebanyak RM108.3 juta (1999 : rugiRM29.1 juta).

Dengan pelupusan perniagaan asasnya ini, UMG telahmengumpulkan sumber tunai lebih RM500 juta. UMGkini sedang tekun mengenal pasti lapangan perniagaanyang sesuai.

PERKHIDMATAN KAD DAN PEMBAYARAN

Sepanjang tahun, Synergy Card and Payment ServicesSdn Bhd (“Synergy Card”) terus berkembang dengankeadaan ekonomi yang semakin pulih. Perkembanganterpenting adalah pengembangan produk-produk asalberasaskan kad melalui saluran pasaran terbaharu iaitu,internet.

Selaras dengan langkah berani ke dalam ekonomibaharu ini, Synergy Card telah menukar namanyakepada iSynergy Sdn Bhd (“iSynergy”) pada 5 Jun 2000.

Kemuncak pencapaian iSynergy sepanjang tahunadalah;• Pengeluaran kad “Tahun Melawat Selangor 2000”

melalui kerjasama Gateway Discount Card danKerajaan Negeri Selangor Darul Ehsan.

• Peningkatan penting bilangan keahlian Cash-In Re-bate Card dengan penyertaan badan-badan sepertiAmbery Network, Lifestyle Profile, Zaiton Market-ing and KOP Medicare, Sendi Mutriara Marketing,Dave’s Deli, Taza Bar B.Q Chicken Restaurant,Kapitan’s Club dan Bintang CarCar.

• Penyertaan Cash-In Rebate Card dalam programRakan Muda di bawah Kementerian Belia dan SukanMalaysia. Program ‘Imej Baru’ Rakan Muda telahdilancarkan oleh Menteri Belia dan Sukan YB Dato’Hishammuddin Tun Hussein dengan pengeluaran5,000 kad.

• Pembinaan ‘portal’ e-dagang iaitu, urusniaga melaluiInternet yang berikut:– Rewardstreet.com.my - sebuah laluan membeli-

belah ‘virtual’ yang menetapkan peniaga-peniagaMalaysia Cash-In Rebate dan GrandHost.

– Cosmocourt.com.my - sebuah gedung ‘virtual’yang menawarkan pilihan komprehensif barangan


dan perkhidmatan untuk surirumah di Malaysia.– T2texchange.com.my - sebuah pertukaran

urusniaga untuk peniaga-peniaga Malaysiamenukar barangan dan perkhidmatan merekadengan ahli-ahli antarabangsa.

– Eofficemart.com.my - sebuah pusat perniagaanuntuk memenuhi semua keperluan alat perkakaspejabat, yang memberi keselesaan dan kecekapansebuah gedung serba-ada kepada syarikat-syarikat.

INSURANS AM

Tahun 2000 ternyata sungguh mencabar buat ACE Syn-ergy Insurance Berhad (“ACE Synergy”) setelah berjayamenghasilkan pencapaian yang luar biasa selama tigatahun berturut-turut. Setelah memperolehi kedudukankewangan yang kukuh, syarikat dengan yakin telahmelangkah ke bidang-bidang pasaran yang baru. Sebuahrangkaian pengedaran ‘Captive Agency’ baharu telahdimulakan, dengan mencuba strategi harga yang tidakkonvensional dan membina skim pelbagai-perlindunganyang menarik.

Dalam tahun 2000, premium kasar yang tercatattelah meningkat sebanyak 6.7% kepada RM67.9 juta.Semua jenis perniagaan telah berkembang berbandingtahun sebelumnya kecuali untuk insurans kebakaran yangmenurun sebanyak 4% disebabkan pengkajian semulayang menurun terhadap tarif kebakaran sebanyak 15%.Nisbah tuntutan insurans secara keseluruhannyasemakin baik dari 34.1% ke 31.1% berbanding nisbahtuntutan bagi industri iaitu 64%. Nisbah komisen secarakeseluruhannya bertambah baik daripada 18.8% ke15.0%. ACE Synergy terus mengekalkan rekodnya dalammenghasilkan margin keuntungan tajajamin sebanyak

Produk iSynergy

75.3% pada kadar nisbah tergabung. Margin keuntungankita adalah antara yang tertinggi di dalam industri ini.

Bahagian insurans Harta Tanah dan Kecederaan telahmenikmati sumbangan premium yang ketara dari pilihanproduk-produk khas termasuk Insurans Pengarah &Liabiliti dan Perlindungan Profesional Kewangan.Bahagian ini telah membuka ruang baru dalam insuransharta tanah dengan menyediakan penyelesaianpengurusan risiko menyeluruh yang serba lengkap yangdinamakan ‘Landmark’, sebuah produk syarikat yangdicipta khas untuk pengurus dan pemilik harta tanah.

Bahagian insurans Kemalangan dan Kesihatan telahmeluaskan asas penajaannya untuk merangkumi lebihbanyak pusat kad utama dan menggunakan pemasaranmelalui telefon sebagai strategi alternatif kepadapengeposan terus. Syarikat telah menggunakan sumberyang besar untuk meningkatkan keupayaan ‘pemasarantele’nya sehingga merangkumi 50 stesen yang lengkapdengan teknologi terkini. Ini pula seterusnya telahmemperluas asas pemegang-pemegang polisi dalampelbagai rancangan insurans kemalangan peribadi dankesihatan perubatan.

ACE Synergy berazam untuk meningkatkan modalberbayar kepada RM100 juta menjelang Jun 2001 untukmeletakkan ia di tangga teratas dalam industri insuransdi Malaysia. Matlamat ini penting untuk memeliharakeyakinan pelanggan, broker dan kakitangan Syarikat.

HOTEL DAN PUSAT PERANGINAN

Pemulihan dan ketahanan daripada kestabilan ekonomisepanjang tahun telah membolehkan Alangka-Suka Ho-tels and Resorts Berhad (“Alangka-Suka”) mencapaiprestasi yang lebih baik pada tahun 2000. Alangka-Sukajuga menjangkakan peningkatan prestasi pada tahun akandatang.


Kemuncak tahun bagi Alangka-Suka adalah:

• Januari 2000 – Monorom Holiday Villa Phnom Penhdi Cambodia telah membuka fasa pertamanya dengan74 bilik serba lengkap, restoran ‘Lagenda’ iaitu, sebuahrestoran halal menghidangkan masakan Malaysia danCina; restoran Jepun, pusat perniagaan dan bilikmesyuarat.

• Mei 2000 – Holiday Villa Cherating membukapembangunan terbaharunya, Eastern Pavilion yangterdiri daripada 12 villa eksklusif bercirikanrekabentuk tradisional Melayu dan terletak dikawasan 2.6 ekar berhadapan dengan Laut ChinaSelatan. Dengan villa-villa yang mempunyai dua atautiga bilik ini, Eastern Pavilion dikelilingi persekitaransemula jadi dan ayunan pokok-pokok kelapamembuatkan Eastern Pavilion tempat istirahat yangcukup sempurna. Setiap villa pula memiliki sebuahkolam renang dan jakuzi tersendiri dan dilengkapidengan pelbagai perkhidmatan peribadi seperti daftar

Azman Shah Haron, (kanan) Pengerusi Holiday Villa MalaysiaInternational, menyerahkan cek derma kepada Encik Azam Aris,

Pengarah Urusan, YATIM.

masuk tersendiri di villa dan pelayan peribadi daripukul 8 pagi hingga 9 malam setiap hari.

• Holiday Villa Langkawi menyambut tetamu dengansuatu rupa baharu berserta dengan lebih banyakkemudahan berikutan selesainya programpengubahsuaiannya. Ini termasuk halaman lanskapyang baru dengan diperindahkan oleh air pancut bagimenyambut ketibaan tetamu. Bilik tetamu kini dihiasidengan permaidani, langsir dan kelengkapan yang baruuntuk penginapan yang lebih selesa. Restoran Lagendakini dipertingkatkan dengan ubin lantai yang direkabentuk dengan penuh seni seakan-akan yang terdapatdalam rumah Melaka lama.

• Holiday Villa London, di Leinster Gardens, juga telahberjaya menyiapkan program pengubahsuaian yangkomprehensif. Di samping rupa fizikal bilik dankemudahan yang dipertingkatkan, taraf perkhidmatandan kualiti makanan juga telah dikekalkan pada tahapmutu yang tinggi. Restoran Malaysia dan Cina‘Lagenda’ terus menghidangkan masakan kegemaranMalaysia dan Cina asli yang halal kepada pengunjungLondon dan tetamu hotel.

• Holiday Villa telah menyerahkan sumbangan cekderma sebanyak RM20,000 kepada Yayasan KebajikanAnak-anak Yatim Malaysia (YATIM). Sumbangan dermaini adalah hasil daripada kutipan jualan program sijil-sijil hadiah “Jadilah Tetamu Kami” yang diadakan olehKumpulan sepanjang tahun 2000. Program tersebutadalah projek khidmat masyarakat korporat yangdiadakan setiap tahun di mana 5% daripada hargasetiap set hadiah yang terjual didermakan kepadaYATIM.

Monorom Holiday Villa, Phnom Penh - Bilik tidur

Eastern Pavilion yang terletak di Holiday Villa Cherating


PELABURAN HARTA TANAH DANPEMBANGUNAN

Sepanjang tahun ini, Advance Synergy Realty Sdn. Bhd.terus memberi tumpuan kepada pembangunanperumahan kos sederhana di Taman Matang Jaya, Kuching.Keadaan ekonomi yang sedang pulih sepanjang tahundiiringi dengan peningkatan kecekapan dalam operasidan strategi pemasaran yang inovatif telah membawapeningkatan dalam perolehan perniagaan untuk Syarikat.

Dengan keadaan ekonomi yang sedang pulih, syarikatbercadang untuk menjalankan rancangan perluasanuntuk mengekalkan kedudukannya dalam pasaranpembangunan harta tanah kos sederhana di Sarawak.

PERKILANGAN

SUMBER ASLI

Dengan pelupusan pelaburan dalam Gulf PetroleumCompany di Sudan, Kumpulan telah menghentikan buatsementara pelaburannya dalam sektor sumber asli.Pelaburan di masa hadapan dalam sektor ini sedangdipertimbangkan.

PELANCONGAN

Inter-Pacific Travel and Tours Sdn Bhd (“Inter-PacificTravel”) telah menumpukan usahanya dalampenstrukturan semula kegiatan perniagaan syarikatselaras dengan pelbagai perubahan serta dasar-dasarpengawalan yang telah dilaksanakan sepanjang tahun inimembabitkan agensi pelancongan dan penerbangan.

Syarikat telah membuat perancangan baharu untukmendapatkan bahagian pasaran yang lebih besar dalamsegmen pasaran insentif dan perjalanan berkumpulanselaras dengan peningkatan masuk pelancong asing keMalaysia. Syarikat telah meningkatkan kemudahannyatermasuk pengangkutan dan mempromosikan destinasibaru dalam negara untuk menyediakan perkhidmatanpelanggan yang setanding.

TEKNOLOGI MAKLUMAT

e-go.com Sdn Bhd telah mencapai perkembangan yangpesat semenjak ia ditubuhkan pada 1999.

Projek-projek yang telah disiapkan sepanjangtahun termasuklah:

• Mewujudkan ‘portal’ Gomoney3.com yang menjuruskepada maklumat pelaburan kewangan WEB dan WAPyang meyediakan pelbagai kandungan kewangantermasuk sebut harga BSKL dalam masa nyata, beritakewangan, carta teknikal, penyelidikan, pusat ilmu, grafharga, pembiayaan Islam dan nasihat pakar percukaian.

Waktu ini, Syarikat sedang menumpukan perhatiankepada segmen ekuiti dalam pasaran modal Malaysia.Segmen-segmen pasaran yang lain, contohnya pasaranbon dan niaga hadapan akan diadakan secaraberperingkat selaras dengan pemulihan pasaran.

• Dalam suku tahun keempat 2000, e-go.com telahmenandatangani memorandum persefahaman denganUniversiti Islam Antarabangsa untuk usahasamamerekabentuk dan membina sebuah permainan atausimulasi pelaburan dalam talian (ISG). ISGmenawarkan sebutharga saham dalam masa

Rumah teres dua tingkat – Fasa 18,Taman Matang Jaya, Kuching, Sarawak

Kumpulan sedang dalam proses melangsaikan pelupusanPlastic Centre Sdn Bhd sebagai sebahagian usaharasionalisasi untuk sektor perkilangan.

Advance Synergy Furniture Sdn Bhd (“ASF”), sebuahsubsidiari milik penuh diletakkan di bawah PentadbiranKhas semenjak 9 September 1999. Kawalan aset-asetASF dan hal-ehwalnya terletak di tangan Pentadbir Khasyang dilantik oleh Pengurusan Danaharta NasionalBerhad (“Danaharta”) di bawah Seksyen 24 AktaPengurusan Danaharta Nasional Berhad 1998.

Pada 28 Februari 2001, ASF memetrai PerjanjianPelangganan Saham (“PPS”) dengan Hotline FurnitureBerhad (“HFB”) dan Danaharta melalui suatu cadanganyang dirangka oleh Pentadbir Khas ASF untuk menyusunsemula dan melangsaikan hutang-hutang tertunggak ASFsupaya ASF boleh kembali kepada keadaan kewanganyang lebih baik. Selaras dengan cadangan ini, Kumpulanakan menerima anggaran 6.15 juta saham HFB padanilai tara RM1.00 setiap satu saham biasa sebagaipenjelasan penuh dan penyelesaian jumlah hutang ASFkepada Kumpulan. Apabila selesai usaha ini, ASF akanmuncul sebagai subsidiari milik penuh HFB.


nyata, berita, penyelidikan berserta jentera simulasiurusniaga dan portfolio pengurusan.

Sepanjang tahun ini, syarikat telah meneroka peluangperniagaan lain dalam industri e-niaga termasukpembinaan ‘portal’ pelancongan.

Kumpulan telah mencatatkan jumlah hasil sebanyakRM389.8 juta untuk tahun kewangan berkahir 31Disember 2000 yang mewakili kekurangan sebanyak43.2% berbanding RM686.9 juta pada tahun 1999.Pengurangan hasil ini disebabkan pelupusan kepentinganekuiti Kumpulan dalam UMF dan kepentingan ekuiti50.1% dalam PMBB yang diadakan sepanjang tahun.

Pelupusan kepentingan ekuiti Kumpulan dalam UMFdan PMBB, subsidiari-subsidiari UMG yang merupakansubsidiari milik Syarikat sebanyak 50.75%, telahmenyebabkan Kumpulan mengalami kerugian selepascukai dan kepentingan minoriti sebayak RM85.6 juta(1999 : rugi RM55.3 juta) untuk tahun kewangan berakhir31 Disember 2000.

DIVIDEN

Para Pengarah tidak mencadangakan pembayaran dividenbagi tahun kewangan berakhir 31 Disember 2000.

Kita berada di puncak perubahan. Perkembangan pesatbidang teknologi komunikasi dan maklumat baharusemenjak kebelakangan ini telah mengubah caraperniagaan dijalankan. Kemajuan-kemajuan teknologi initelah membuktikan bukan sahaja kemampuan untukmempertingkatkan kecekapan perniagaan tradisional,tetapi juga subur dengan peluang-peluang baharu yangpenuh harapan. Kumpulan ingin menerokai bidangteknologi baharu ini, yang telah mendorong kemak-muran yang dinikmati ekonomi sedunia, tetapi secaraberhati-hati dan dengan pertimbangan yang teliti.

Kita tidak mendakwa yang kita boleh menjuaraiperubahan teknologi, dan tidak juga berada dalamperniagaan membangunkan teknologi-teknologi terkini.Usaha kita sebaliknya ialah, mengenal pasti peluang-peluang komersil yang mengandungi harapan danmerealisasikan potensi peluang-peluang tersebut untukmanfaat pemegang-pemegang saham kita. Pengalamanpara pelopor teknologi di Amerika Syarikat jelasmenunjukkan bahawa menjadi penggerak pertama jarangmenjamin penguasaan pasaran mahupun kejayaan: lebih

sering pula mereka yang mula-mula memerhati danbelajar daripada kesilapan-kesilapan dan salah langkahpara pelopor akan memiliki kelebihan kompetitif yangberkekalan. Pada kemuncak kegilaan terhadap Internet,Kumpulan tidak terus terjun ke dalam industri yangberkaitan, tetapi sekadar memerhati dan memantaudengan teliti perkembangan industri tersebut untukmemahami benar-benar kemungkinan potensinya.Dengan kemorosotan nilai syarikat-syarikat teknologiserata dunia ke tahap yang lebih munasabah berikutankemerosotan nilai syarikat-syarikat tersenarai di Nasdaqpada akhir tahun 2000, serta kebolehan pihakpengurusan dan Lembaga Pengarah untuk menggarapiteknologi-teknologi baharu, maka, Kumpulan pada akhirtahun 2000 mulai mempertimbangkan rancangan-rancangan lebih luas dalam aktiviti-aktiviti teknologimaklumat.

Setelah berjaya melalui usaha penstrukturan semulasepanjang dua tahun lepas, perniagaan-perniagaanKumpulan yang sedia ada kini berada dalam keadaanyang teguh. Kita tetap berazam untuk terus membinadaripada kejayaan-kejayaan tahun 2000. Tahun 2001 akanmenyaksikan pengaturan semula rizab tunai Kumpulanyang besar ke arah pembangunan seterusnya iaitu,teknologi maklumat dan komunikasi.

Bagi Pihak Lembaga Pengarah saya ingin melahirkanpenghargaan kepada semua pemegang stok, pelanggandan sekutu perniagaan kita atas sokongan mereka yangkukuh dan padu terhadap Syarikat.

Kita juga ingin mengucapkan terima kasih kepadaKerajaan dan badan-badan kawalan yang berkenaan yangtelah memberikan panduan dan sokongan yang tidakberbelah-bahagi.

Akhir sekali , saya juga ingin menyampaikanpenghargaan kita kepada pihak pengurusan dan semuakakitangan Kumpulan atas iltizam mereka yangberterusan dan sumbangan penuh dedikasi yangdiberikan kepada Syarikat.

Dato’ Ahmad Sebi BakarPengerusi Eksekutif

Kuala Lumpur

25 April 2001


2000 was another challenging year for the Group, buta year survived and won through hard work, disciplineand resolve. Although economic growth and stability athome and abroad showed resilience, trading conditionsfor most businesses remained relatively difficult. Ourmanagement, Board of Directors and staff however,proved to be more than up to the task. In spite of thepoor prevailing business environment, they not only man-aged, but managed well.

The year saw the Group depart from banking andfinancial services, with the divestment of UnitedMerchant Finance Berhad (“UMF”) and PerdanaMerchant Bankers Berhad (“PMBB”). Additionalrestructuring involving the disposal of an interest inGulf Petroleum Company served to further streamlinethe Group. The Group emerges from 2000 much leanerand more agile, with renewed spirit and sense ofpurpose. Thanks to the restructuring diligently carriedout over the year, we stand primed for success in thefuture pursuit of exciting new opportunities.

The decline of the Company’s stock price tounprecendented lows in 2000 casts a pall over theachievements of the year. Of course we are not alonein this. Overall market sentiment was extremely negativeand far too many companies were trading well belowtheir NTA level.

Our achievements in this difficult year would nothave been possible without the dedication and closecooperation of management, the Board of Directorsand staff members. A challenging 2000 was overcomewith their commitment and collective efforts.

BANKING AND FINANCIAL SERVICES

United Merchant Group Berhad (“UMG”) completedthe disposal of its interests in UMF and PMBB on 8 June2000 and 18 December 2000 respectively. As a resultof these disposals, UMG achieved a group profit aftertaxation and minority interests of RM108.3 million (1999: RM29.1 million loss).

With the divestment of its core business, UMG hasaccumulated cash resources to the value of more thanRM500 million. UMG is now conscientiously identifyingsuitable business ventures.

Logo iSynergy Sdn Bhd

CARD AND PAYMENT SERVICES

During the year, Synergy Card and Payment ServicesSdn Bhd (“Synergy Card”) continued to grow along withthe improving economy. The most important develop-ment was the expansion of its traditional card-basedproducts through the new marketing medium that isthe Internet.

In line with this bold entry into the new economy,Synergy Card changed its name to iSynergy Sdn Bhd(“iSynergy”) on 5 June 2000.

Highlights of iSynergy’s achievements during theyear were:

• Issuance of “Visit Selangor Year 2000” card, a Gate-way Discount Card joint-venture with the SelangorState Government

• Significant growth in Cash-In Rebate Cardmembership with new participating members whichinclude Ambery Network, Lifestyle Profile, ZaitonMarketing, KOP Medicare, Sendi Mutiara Marketing,Dave’s Deli, Taza BarB.Q Chicken Restaurant, Kaplan’sClub and Bintang CarCar.

• Participation of the Cash-In Rebate Card in a ‘RakanMuda’ programme in conjunction with the Ministryof Youth and Sports, Malaysia. The Rakan Muda ‘NewImage’ programme was launched by Y.B. Dato’Hishammudin Tun Hussein, with the issuance of 5,000cards

• The roll-out of the following e-commerce portals:

– Rewardstreet.com.my a virtual shopping streethousing Malaysian Cash-In Rebate andGrandHost merchants.

– Cosmocourt.com.my a virtual megastorefeaturing a comprehensive array of goods andservices for Malaysian homemakers.


– T2texchange.com.my a virtual trade exchangefor Malaysian businesses to facilitate barter withinternational members.

– Eofficemart.com.my a virtual market for officeequipment, offering the convenience and speedof a one-stop-shop to meet a company’s officepurchasing needs.

GENERAL INSURANCE

Year 2000 proved to be an extremely challenging yearfor ACE Synergy Insurance Berhad (“ACE Synergy”)following three consecutive years of exceptional per-formance. Having gained firmer financial footing, ACESynergy forged ahead and made further inroads intothe market, establishing a new Captive Agency distribu-tion channel, testing non-conventional pricing strategies,and developing innovative multi-cover products.

In 2000, gross premiums written increased by 6.7%to RM 67.9 million. All classes of business registeredgrowth over prior year except for fire which decreasedby 4% as a result of a general 15% downward revisionin the fire tariff. The overall claims ratio improved from34.1% to 31.1% compared to the industry’s claims ratioof 64%. Overall commission ratio improved from 18.8%to 15.0%. ACE Synergy continued to maintain its recordof turning in one of the highest underwriting profitmargins in the industry at a combined ratio of 75.3 %.This is a validation of the company’s pricing disciplinein the face of severe business constraints andcompetition in the marketplace.

The Property and Casualty Division was rewardedwith tangible premium contribution from its range ofspecialty products including Directors & LiabilityInsurance and Financial Professional Indemnity. TheDivision broke new ground by providing acomplementary total risk management solution calledthe “Landmark”, a customized product for propertyowners and managers.

The Accident and Health Division expanded itssponsorship base to include more major card centresand adopted telemarketing as a strategic alternative todirect mailing. The company committed substantialresources to enhance its telemarketing capabilities,expanding to 50 stations equipped with the state-of-the-art technology. This in turn significantly enlargedthe policyholder base in numerous personal accidentand medical health plans.

ACE Synergy is committed to increase its paid-upcapital to RM100 million by June 2001 to place itself inthe top echelon of the Malaysian insurance industry.This commitment is crucial in securing the confidenceof the company’s clients, brokers and employees.

HOTELS AND RESORTS

The return and persistence of economic stability dur-ing the year had enabled Alangka-Suka Hotels and Re-sorts Berhad (“Alangka-Suka”) to achieve better per-formance in 2000, Alangka-Suka expects to enjoyfurther improvements in its performance in the com-ing year.

Highlights of Alangka-Suka’s activities for the yearwere :

• January 2000 – the Monorom Holiday Villa PhnomPenh, Cambodia opened its first phase with 74 wellappointed rooms, a ‘Lagenda’ Malaysian and Chineserestaurant serving halal cuisine, a Japanese Restaurant,a Business Centre and a meeting room.

• May 2000 – the Holiday Villa Cherating openedits newest development, the Eastern Pavilion,comprising 12 exclusive traditionally-styled Malay vil-las spread over 2.6 acres of prime land over-looking the South China Sea. Featuring two or threeroom villas surrounded by lush fauna and coconutpalms, the Eastern Pavilion is a perfect hideout forprivate retreats. Each villa is equipped with a privatepool and jacuzzi and comes with a variety of per-sonalized services including a private check-in at thevilla, and butler services from 8.00 am to 9.00 pmdaily.

• Holiday Villa Langkawi welcomes its guests with abrand new look and added facilities following thecompletion of a refurbishment programme. Thisincluded a new landscaped garden enhanced with awater fountain which now greets guests upon ar-rival. Guest rooms and suites now boast new car-pets or tiles, curtains and fittings to provide guestswith an even more comfortable stay. The LagendaRestaurant has been upgraded and features artfullydesigned floor tiles reminescent of those found inold Malaccan homes.

Products of ACE Synergy


• Holiday Villa London, in Leinster Gardens had alsosuccessfully completed a comprehensive refurbish-ment programme. Whilst the physical appearanceof its rooms and facilities were upgraded, servicestandards and food quality were also maintained tothe highest standards. The ‘Legenda’ Malaysian andChinese Restaurant continues to offer authenticMalaysian favourites and halal Chinese cuisine to Lon-don diners and hotel guests.

PROPERTY INVESTMENT AND DEVELOP-MENT

During the year, Advance Synergy Realty Sdn Bhd con-tinued to focus on the medium cost housing develop-ment at Taman Matang Jaya in Kuching. The improvingeconomic condition during the year coupled with im-proved operations efficiency and innovative marketingstrategies brought about immediate improvements inbusiness turnover for the company.

With improving economic condition, the companyintends to embark on further expansion plans tomaintain its position as a market leader in medium costproperty development in Sarawak.

MANUFACTURING

The Group is in the midst of completing its disposal ofPlastic Centre Sdn Bhd as part of its rationalisationexercise for the manufacturing sector.

Advance Synergy Furniture Sdn Bhd (“ASF”), awholly-owned subsidiary, has been under SpecialAdministration since 9 September 1999. The controlof ASF’s assets and affairs rests with the SpecialAdministrators appointed by Pengurusan DanahartaNasional Berhad (“Danaharta”) under Section 24 ofthe Pengurusan Danaharta Nasional Berhad Act 1998.

On 28 February 2001, ASF entered into a ShareSubscription Agreement (“SSA”) with Hotline FurnitureBerhad (“HFB”) and Danaharta in relation to a proposalformulated by the Special Administrators of ASF torestructure and settle the outstanding debts of ASF inorder to return ASF to a better financial footing.Pursuant to this proposal, the Group will receiveapproximately 6.15 million HFB shares of RM1.00 eachas full and final settlement of the amount owing by ASFto the Group. Upon completion of this exercise, ASFwill emerge as a wholly-owned subsidiary of HFB.

Holiday Villa Langkawi - Carpet room Single storey semi-detached houses – Phase 18,Taman Matang Jaya, Kuching, Sarawak

• Holiday Villa presented a RM 20,000 donation toYayasan Kebajikan Anak-Anak Yatim Malaysia (YATIM).The donation was from the sales proceeds of HolidayVilla’s “Be Our Guest” gift certificates programmeover the course of 2000, the programme being anannual corporate community service project inwhich 5% of each gift set sold was pledged to YATIM.


NATURAL RESOURCES

With the disposal of its investment in Gulf PetroleumCompany in Sudan, the Group has temporarily ceasedfurther investment in the natural resources sector. Fu-ture investments in this sector are being reviewed.

TRAVEL AND TOURS

Inter-Pacific Travel and Tours Sdn Berhad (“Inter-PacificTravel”) had focused its effort in restructuring thecompany’s business in line with numerous changes andregulatory policies affecting travel agents and airlines,that were implemented during the year.

The company has formulated new plans to capturebigger market share in the incentive and corporategroup travels market segments in line with the increasedinflux of foreign tourists to Malaysia. The company hasalso upgraded its facilities, including vehicles, andpromoted new destinations in the country, in order toprovide competitive customer service for its clients.

INFORMATION TECHNOLOGY

e-go.com Sdn Bhd has achieved remarkable progresssince its incorporation in 1999.

Projects completed during the year include thefollowing:

• It successfully rolled out its WEB and WAP financialinvestment vortal-gomoney3.com providing a widearray of financial contents which include KLSE realtime stock quotes, financial news, technical charting,research, knowledge centre, price/volume graph, Is-lamic finance and taxation expert advice.

Currently the company is serving the equities seg-ment of the Malaysian Capital market. Other mar-ket segments i.e Bonds and Futures markets will berolled out in phases as the market improves.

• In the fourth quarter of 2000, e-go.com signed amemorandum of understanding with the Interna-tional Islamic University to collaborate in designingand building an online investment simulation game(ISG). The ISG will offer real time stock quotes, news,and research, together with a simulation tradingengine and portfolio management.

During the year, the company has also exploredother business opportunities in the e-commerceindustry including building its travel portal.

The Group posted total revenue of RM389.8 million in2000, a decrease of 43.3% from the RM686.9 millionachieved in 1999. The decline in revenue was mainly dueto the disposal during the year of the Group’s entireequity interest in UMF and its 50.1% holding in PMBB.

The divestment of the Group’s interest in UMF andPMBB, subsidiary companies of UMG, a 50.75% ownedsubsidiary of the Company, resulted in a Group lossafter taxation and minority interests of RM85.6 million(1999 : loss of RM55.3 million) for the financial yearended 31 December 2000.

DIVIDEND

The Directors therefore do not recommend anydividend payment for the financial year ended 31 De-cember 2000.

We stand on the cusp of change. The emergence of newcommunication and information technologies over re-cent years have indeed changed the way business isconducted. These technological advancements have notonly demonstrated their potential to enhance the effi-ciency of traditional business, they have also been a springof promising new opportunities. The Group embracesthe new technology that has driven the prosperity en-joyed by the global economy, but does so cautiouslyand with careful consideration.

Website GOMONEY3.com

Chairman’s Statement


We do not claim to operate at the forefront oftechnological change, nor are we in the business oforiginating frontier technologies. Our business, rather,is identifying commercial opportunities of promise andrealising the potential of those opportunities for thebenefit of our shareholders. The experiences oftechnology pioneers in the United States have stronglysuggested that being the first-mover rarely guaranteesmarket dominance or even success: more often it isthose who first observe and learn from the errors andmissteps of the pioneers that gain lasting competitiveadvantage. The Group did not dive headlong into thetechnology-related industries at the height of theInternet mania, it merely observed and closelymonitored industry developments to gain insights intoits likely potential. With technology-related companyvaluations declining the world over to more reasonablelevels following Nasdaq’s meltdown during late 2000and our management and Board of Directors becomingincreasingly more conversant with new technologies,the Group by end-2000, began to consider a more rapiddevelopment of its information technology activitiesfor the coming year.

Having successfully undergone restructuringexercises over the past two years, the existingbusinesses of the Group are in sound condition. We

are firmly committed to building on the success of 2000.2001 will witness the redeployment of the Group’s newflagship business - information technology andcommunications.

APPRECIATION

On behalf of the Board of Directors I wish to expressmy gratitude to our valued stockholders, our custom-ers and business associates for their continued unwa-vering support in our Company.

We also express our sincere thanks to theGovernment and relevant regulatory bodies who havegiven us their guidance and unfailing support.

Finally, I also wish to convey my appreciation to ourmanagement team and all staff of the Group for theircontinuing commitment and dedicated service renderedto the Company.

Dato’ Ahmad Sebi BakarExecutive Chairman

Kuala Lumpur25 April 2001

Chairman’s Statement


PenyataKewangan


Para Pengarah dengan sukacitanya membentangkan laporan ini bersama-sama penyata kewangan Kumpulandan Syarikat yang telah diaudit bagi tahun kewangan berakhir 31 Disember 2000.

KEGIATAN UTAMA

Kegiatan utama Syarikat merangkumi pemegangan pelaburan dan penyediaan sokongan korporat serta kewanganyang sepenuhnya kepada subsidiari-subsidiarinya. Kegiatan utama subsidiari-subsidiari ditunjukkan dalam Nota46 kepada penyata kewangan. Tidak terdapat perubahan ketara di dalam kegiatan-kegiatan tersebut sepanjangtahun kewangan.

KEPUTUSAN

Kumpulan SyarikatRM’000 RM’000

Kerugian selepas cukai (27,599) (198,558)Kepentingan minoriti (57,989) -

Kerugian bersih tahun kewangan (85,588) (198,558)

Kerugian terkumpul dibawa ke hadapanSeperti yang dilaporkan sebelumnya (303,722) (140,236)Penyesuaian tahun sebelumnya - kesan perubahan dasar perakaunan (24,205) -

Baki dinyatakan semula (327,927) (140,236)

(413,515) (338,794)Pindahan dari rizab berkanun 49,095 -

Kerugian terkumpul dihantar ke hadapan (364,420) (338,794)

DIVIDEN

Tiada dividen yang telah dibayar atau diumumkan oleh Syarikat semenjak akhir tahun kewangan yang lepas. Parapengarah tidak mencadangkan sebarang pembayaran dividen berdasarkan tahun kewangan berakhir 31 Disember2000.

Laporan Para Pengarah


PENERBITAN SAHAM DAN DEBENTUR

Sepanjang tahun kewangan, Syarikat telah menerbitkan stok-stok pinjaman berikut berserta 168,896,809 Waran2000/2003 boleh pisah kepada institusi-institusi kewangan menurut penstrukturan semula pinjaman-pinjamanbank yang diambil oleh Syarikat.

a) Jumlah agregat bersamaan dengan RM185,874,269 nilai nominal 7% Stok-stok Pinjaman Boleh Tebus 2000/2005; dan

b) Jumlah agregat bersamaan dengan RM183,460,787 nilai nominal 7% Stok-stok Pinjaman Boleh Tukar 2000/2005.

Ciri-ciri terserlah mengenai stok-stok pinjaman dinyatakan dalam Nota 34 kepada Penyata Kewangan.

Waran-waran 2000/2003 berjumlah 168,896,809 telah diterbitkan kepada pemegang-pemegang stok Syarikatyang berkelayakan pada harga tawaran 20 sen setiap Waran 2000/2003 pada dasar satu (1) Waran untuk setiapdua (2) unit stok yang dipegang dalam Syarikat. Setiap Waran 2000/2003 melayakkan pemegang berdaftar,sepanjang tempoh guna hak ini, untuk melanggan satu unit stok baru bernilai RM1.00 setiap satu pada hargaguna hak RM1.00 setiap unit stok sepanjang tempoh guna hak yang berakhir 28 Ogos 2003. Kerana sememangnyasyarat Waran 2000/2003, pemegang-pemegang berdaftar tidak mempunyai hak untuk melibatkan diri dalam apa-apa penerbitan saham Syarikat dan subsidiari-subsidiarinya. Setelah berakhir tempoh guna hak ini, mana-manawaran yang tidak diguna hak akan tamat dan tidak sah digunakan untuk buat apa-apa tujuan.

Sepanjang tahun kewangan, tiada terjadi guna hak Waran-waran.

Kecuali yang di atas, Syarikat tidak menerbitkan apa-apa saham atau debentur sepanjang tahun kewangan.

RIZAB DAN PERUNTUKAN

Pindahan ketara ke atau dari rizab atau peruntukan sepanjang tahun kewangan berakhir 31 Disember 2000dinyatakan di dalam penyata kewangan.

PARA PENGARAH

Para pengarah yang memegang jawatan sejak dari tarikh laporan terakhir adalah:

Dato’ Ahmad Sebi BakarAznan Bin Haji IsmailDato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad KamilWong Ah Nam @ Wong Joon TuangMasri Khaw Binti AbdullahSng Chong Khian

Menurut Fasal 96 Tataurusan Pertubuhan Syarikat, Dato’ Ahmad Sebi Bakar dan Wong Ah Nam @ Wong JoonTuang bersara daripada Lembaga mengikut giliran pada Mesyuarat Agung Tahunan yang akan datang dan, olehkerana masih layak, menawarkan diri mereka untuk pemilihan semula.



KEPENTINGAN PARA PENGARAH

Menurut Daftar Pemegangan Stok Para Pengarah yang disimpan oleh Syarikat di bawah Seksyen 134, AktaSyarikat, 1965, para pengarah berikut yang memegang jawatan pada akhir tahun kewangan mempunyai kepentinganmutlak dalam unit-unit stok Syarikat dan saham-saham syarikat-syarikat berkait sepanjang tahun kewangan berakhir31 Disember 2000 :-

– Bilangan unit-unit stok/saham-saham biasa bernilaiRM1.00 setiap satu –

Baki Bakipada pada

1.1.2000 Beli Jual 31.12.2000

Kepentingan langsung

Kepentingan-

Dato’ Ahmad Sebi Bakar di :-– Advance Synergy Berhad 14,850,009 170,000 –000 15,020,009

Puan Masri Khaw Binti Abdullah di :-– Advance Synergy Berhad 6,000 – 00 –000 6,000– Alangka-Suka Hotels & Resorts Berhad 308,000 – 00 –000 308,000

Kepentingan tidak langsung

Kepentingan-

Dato’ Ahmad Sebi Bakar di :-– Advance Synergy Berhad 27,451,109 – 00 –000 27,451,109

Puan Masri Khaw Binti Abdullah di :-– Advance Synergy Berhad 700,000 – 00 –000 700,000

Mr. Sng Chong Khian di :-– Advance Synergy Berhad 3,781,003 – 00 –000 3,781,003– Plastic Centre Sdn. Berhad 1,650,000 – 00 –000 1,650,000

– Bilangan Waran 2000/2003 –Baki Bakipada pada

1.1.2000 Beli Jual 31.12.2000

Kepentingan langsung

Kepentingan-

Dato’ Ahmad Sebi Bakar – 000 7,510,005 – 00 7,510,005Puan Masri Khaw Binti Abdullah – 000 3,000 – 00 3,000

Kepentingan tidak langsung

Kepentingan-

Dato’ Ahmad Sebi Bakar – 000 13,727,000 – 00 13,727,000Puan Masri Khaw Binti Abdullah – 000 350,000 – 00 350,000



KEPENTINGAN PARA PENGARAH (SAMBUNGAN)

Tiada para pengarah lain yang memegang jawatan pada akhir tahun kewangan mempunyai sebarang kepentinganmutlak dalam unit-unit stok Syarikat dan saham-saham syarikat-syarikat berkait sepanjang tahun kewangan berakhir31 Disember 2000.

MANFAAT PARA PENGARAH

Sejak akhir tahun kewangan yang lepas, tiada seorang pun pengarah Syarikat yang menerima atau layak menerimasebarang manfaat selain daripada yang dinyatakan dalam Nota 7 kepada penyata kewangan, melalui perjanjianyang dibuat oleh Syarikat atau perbadanan berkait dengan pengarah atau firma di mana pengarah tersebutmerupakan seorang ahli, atau dengan sebuah syarikat di mana pengarah tersebut mempunyai kepentingan kewanganyang utama.

Tidak terdapat sebarang perancangan yang dibuat pada sepanjang dan pada akhir tahun kewangan di manaSyarikat menjadi pihak kepada sebarang perancangan yang matlamatnya membolehkan para pengarah Syarikatmendapat manfaat melalui pemerolehan saham atau debentur Syarikat atau sebarang badan korporat lain.

MAKLUMAT BERKANUN LAIN TENTANG KUMPULAN DAN SYARIKAT :-

(I) PADA AKHIR TAHUN KEWANGAN

(a) Sebelum penyata pendapatan dan kunci kira-kira Kumpulan dan Syarikat disediakan, para pengarahtelah mengambil langkah-langkah yang munasabah :-

(i) untuk memastikan bahawa tindakan sewajarnya telah diambil berhubung dengan hapus kirahutang lapuk dan membuat peruntukan untuk hutang ragu, dan telah berpuas hati bahawasemua hutang lapuk yang diketahui telah dihapus kira dan peruntukan yang mencukupi telahdibuat untuk hutang ragu; dan

(ii) untuk memastikan bahawa sebarang aset semasa yang tidak mungkin mencapai nilai bukunyadalam urusan perniagaan biasa telah diturunkan nilainya ke nilai yang dianggarkan dapat dicapai.

(b) Pada pendapat para pengarah, hasil operasi Kumpulan dan Syarikat sepanjang tahun kewangan tidakdipengaruhi secara ketara oleh sebarang perkara, urus niaga atau peristiwa penting dan luar biasakecuali dinyatakan dalam penyata kewangan.

(II) DARI AKHIR TAHUN KEWANGAN KE TARIKH LAPORAN INI

(c) Para pengarah tidak sedar tentang sebarang keadaan :-

(i) yang boleh menyebabkan jumlah hutang lapuk yang dihapus kira atau jumlah peruntukanuntuk hutang ragu dalam penyata kewangan Kumpulan dan Syarikat tidak mencukupi hinggake tahap yang ketara; atau

(ii) yang boleh menyebabkan nilai aset semasa di dalam penyata kewangan Kumpulan dan Syarikatmengelirukan; atau

(iii) yang berbangkit yang boleh menyebabkan penggunaan kaedah penilaian yang sedia ada ke atasaset atau liabiliti Kumpulan dan Syarikat mengelirukan atau tidak sesuai.



(d) Pada pendapat para pengarah, kecuali yang dinyatakan dalam Nota-nota kepada penyata kewangan:-

(i) dalam tempoh antara akhir tahun kewangan dan tarikh laporan ini dibuat, tidak timbul sebarangperkara, urus niaga atau peristiwa yang penting dan luar biasa yang mungkin mempengaruhihasil operasi Kumpulan dan Syarikat secara ketara bagi tahun kewangan laporan ini dibuatkecuali yang dinyatakan dalam penyata kewangan; dan

(ii) tidak terdapat liabiliti luar jangka atau liabiliti lain yang telah berkuatkuasa, atau berkemungkinanberkuatkuasa, dalam jangka masa dua belas bulan selepas akhir tahun kewangan yang akanatau mungkin mempengaruhi secara ketara keupayaan Kumpulan dan Syarikat untuk memenuhiobligasi mereka apabila tiba masanya kelak.

(III) PADA TARIKH LAPORAN INI

(e) Tidak terdapat sebarang caj ke atas aset-aset Kumpulan dan Syarikat yang telah timbul sejak akhirtahun kewangan untuk menjamin liabiliti pihak lain.

(f) Tidak terdapat liabiliti luar jangka Kumpulan dan Syarikat yang telah timbul sejak akhir tahun kewangan.

(g) Para pengarah tidak sedar tentang sebarang keadaan yang tidak diambil kira dalam laporan ataupenyata kewangan yang boleh menyebabkan sebarang jumlah yang dinyatakan dalam penyata kewanganmengelirukan.

JURUAUDIT

Juruaudit yang bersara, Tetuan BDO Binder, telah menyatakan kesanggupan mereka untuk meneruskan perkhidmatan.

Ditandatangani bagi pihak lembaga menurut resolusi para pengarah.

................................................................


................................................................


Kuala Lumpur

25 April 2001



Kumpulan Syarikat2000 1999 2000 1999

NOTA RM’000 RM’000 RM’000 RM’000

HASIL 4 389,804 686,926 2,089 3,181

KOS PENJUALAN (203,026) (402,805) –00 –00

UNTUNG KASAR 186,778 284,121 2,089 3,181

PENDAPATANOPERASI LAIN 57,363 85,791 –00 12,640

KOS PENGAGIHAN (4,825) (10,147) –00 –00

PERBELANJAAN PENTADBIRAN (66,621) (133,300) (426) (479)

PERBELANJAANOPERASI LAIN (72,759) (104,735) (3,116) (5,711)

KERUGIAN ATAS PELUPUSAN- SUBSIDIARI-SUBSIDIARI 5 (63,109) –00 –00 –00

- SYARIKAT BERSEKUTU –00 (117,085) –00 –00

PERUNTUKAN PENGURANGANNILAI PELABURAN 6 (13,383) –00 (170,729) –00

KEUNTUNGAN / (KERUGIAN) DARIOPERASI 23,444 4,645 (172,182) 9,631

KOS PEMBIAYAAN (38,992) (97,978) (26,067) (26,842)

BAHAGIAN HASIL SYARIKATBERSEKUTU 11,328 32,306 –00 –00

KERUGIAN SEBELUM CUKAI 7 (4,220) (61,027) (198,249) (17,211)

CUKAI 8 (23,379) (1,008) (309) –00

KERUGIAN SELEPAS CUKAI (27,599) (62,035) (198,558) (17,211)

KEPENTINGAN MINORITI (57,989) 6,694 –00 –00

KERUGIAN BERSIH TAHUN KEWANGAN (85,588) (55,341) (198,558) (17,211)

PENDAPATAN SEUNIT STOK (sen) 9

Asas (25.34) (16.38)

Nota-nota yang dilampirkan membentuk sebahagian penting penyata kewangan.

Penyata Pendapatan untuk Tahun Kewangan Berakhir 31 Disember 2000


Kumpulan Syarikat 2000 1999 2000 1999

NOTA RM’000 RM’000 RM’000 RM’000

PENGGUNAAN ASET

ASET TETAP 10 364,737 418,922 171 304

KEPENTINGAN DALAMSUBSIDIARI-SUBSIDIARI 11 –00 –00 640,492 797,838

KEPENTINGAN DALAMSUBSIDIARI-SUBSIDIARITIDAK DISATUKAN 12 –00 48,558 –00 48,558

KEPENTINGAN DALAMSYARIKAT-SYARIKAT

BERSEKUTU 13 71,236 82,214 19,777 19,777

TANAH YANG DIPEGANGUNTUK PEMBANGUNAN 14 13,745 13,717 –00 –00

SEKURITI PELABURAN 15 54,069 1,142,855 39,633 4,458

MUHIBAH DARIPADAPENYATUAN 16 94,535 209,940 –00 –00

MUHIBAH YANG DIBELI 17 1,459 1,806 –00 –00

ASET TIDAK KETARA 18 1,497 –00 –00 –00

ASET SEMASAHarta tanah pembangunan danperbelanjaan 19 52,727 33,454 –00 –00

Stok 20 19,473 40,921 –00 –00

Penghutang 21 149,071 211,298 205,797 94,826Cukai boleh diperoleh semula 6,284 6,328 6,018 6,018Deposit berkanun denganBank Negara Malaysia 22 –00 221,122 –00 –00

Pinjaman, pendahuluandan pembiayaan 23 –00 4,508,596 –00 –00

Sekuriti urus niaga 24 9,082 2,155 –00 –00

Deposit dengan institusi-institusi kewangan 25 381,563 89,611 1,600 3,800

Tunai dan dana jangka pendek 26 187,379 646,690 262 170

805,579 5,760,175 213,677 104,814


Kunci Kira-kira pada 31 Disember 2000



NOTA RM’000 RM’000 RM’000 RM’000

TOLAK: LIABILITI SEMASA

Pemiutang 27 119,157 253,925 112,253 114,834Overdraf bank 28 12,485 20,366 –00 –00Pinjaman jangka pendek 29 34,844 130,383 –00 –00Deposit dan penempatan oleh bank

dan institusi kewangan lain 30 –00 959,738 –00 –00Deposit daripada pelanggan 31 –00 5,044,689 –00 –00Cukai 5,643 25,019 2,642 2,349

172,129 6,434,120 114,895 117,183

ASET/(LIABILITI) SEMASA BERSIH 633,450 (673,945) 98,782 (12,369)

1,234,728 1,244,067 798,855 858,566DIBIAYAI OLEH

MODAL SAHAM 32 337,794 337,794 337,794 337,794

RIZAB 33 119,484 156,907 91,726 292,256

DANA PEMEGANG STOK 457,278 494,701 429,520 630,050

KEPENTINGAN MINORITI 349,346 312,541 –00 –00

7% STOK-STOK PINJAMAN BOLEHTEBUS 2000/2005 34 185,874 –00 185,874 –00

7% STOK-STOK PINJAMAN BOLEHTUKAR 2000/2005 34 183,461 –00 183,461 –00

SIJIL DEPOSIT SUBORDINAT 35 –00 50,000 –00 –00

PINJAMAN JANGKA PANJANG 36 –00 244,180 –00 228,516

PINJAMAN BERPENGGAL 37 51,101 131,726 –00 –00

PEMIUTANG SEWA BELIDAN PAJAKAN 38 6,442 9,423 –00 –00

CUKAI TERTUNDA 39 1,186 1,454 –00 –00

PENDAPATAN TERTUNDA 40 42 –00 –00

1,234,728 1,244,067 798,855 858,566


Kunci Kira-kira pada 31 Disember 2000


Rizabperubahan

Rizab pertukaranModal Premium Rizab Rizab Penilaian mata wang Lain-lain Kerugiansaham saham modal berkanun semula asing rizab Terkumpul Jumlah

Kumpulan RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Baki pada31 Disember 1998 337,794 432,423 69 25,613 –00 (2,540) 7,518 (222,218) 578,659

Pelarasan TahunSebelumnya(Nota 40) –00 –00 –00 –00 –00 –00 –00 (26,886) (26,886)

Baki DinyatakanSemula 337,794 432,423 69 25,613 –00 (2,540) 7,518 (249,104) 551,773

Laba atas pertukaran –00 –00 –00 –00 –00 5,787 –00 –00 5,787Pindahan ke rizab

berkanun –00 –00 –00 23,482 –00 –00 –00 (23,482) –00Realisasi atas

pelupusan syarikatbersekutu –00 –00 –00 –00 –00 –00 (7,518) –00 (7,518)

Laba dan Kerugianbersih tidakdiiktiraf dalampenyata pendapatan –00 –00 –00 23,482 –00 5,787 (7,518) (23,482) (1,731)

Kerugian bersihuntuk tahunkewangan –00 –00 –00 –00 –00 –00 –00 (55,341) (55,341)

Baki pada31 Disember 1999 337,794 432,423 69 49,095 –00 3,247 –00 (327,927) 494,701

Perbelanjaanpenstrukturanhutang –00 (1,972) –00 –00 –00 –00 –00 –00 (1,972)

Kerugian ataspertukaran –00 –00 –00 –00 –00 (459) –00 –00 (459)

Pindahan dari rizabberkanun –00 –00 –00 (49,095) –00 –00 –00 49,095 –00

Penilaian semulaAset Tetap –00 –00 –00 –00 50,784 –00 –00 –00 50,784

Pindahan keKepentinganMinoriti –00 –00 –00 –00 (188) –00 –00 –00 (188)

Laba dan Kerugianbersih tidakdiiktiraf dalampenyata pendapatan –00 (1,972) –00 (49,095) 50,596 (459) –00 49,095 48,165


Baki pada31 Disember 2000 337,794 430,451 69 –00 50,596 2,788 –00 (364,420) 457,278


Penyata Perubahan Dalam Ekuiti untuk Tahun Kewangan Berakhir 31 Disember 2000


Baki pada31 Disember 1998 337,794 432,423 69 –00 –00 –00 –00 (123,025) 647,261



Perbelanjaanpenstrukturanhutang –00 (1,972) –00 –00 –00 –00 –00 –00 (1,972)

Kerugian bersih tidakdiiktiraf dalampenyata pendapatan –00 (1,972) –00 –00 –00 –00 –00 –00 (1,972)




Rizabperubahan

Rizab pertukaranModal Premium Rizab Rizab Penilaian mata wang Lain-lain Kerugiansaham saham modal berkanun semula asing rizab Terkumpul Jumlah

Syarikat RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Penyata Perubahan Dalam Ekuiti untuk Tahun Kewangan Berakhir 31 Disember 2000



NOTA RM’000 RM’000 RM’000 RM’000

ALIRAN TUNAI DARIPADAAKTIVITI OPERASI

Kerugian sebelum cukai (4,220) (61,027) (198,249) (17,211)Pelarasan untuk :-

Pelunasan muhibah yang dibeli 157 99 –000 –000Deposit dihapus kira 17 –000 –000 –000Hutang Lapuk dihapus kira 722 1,462 –000 703Susut nilai/pelunasan 17,156 23,902 134 165Aset tetap dihapus kira 93 74 –000 –000Muhibah dihapus kira –000 12 –000 –000Perbelanjaan faedah 38,992 97,978 26,067 26,842Laba bersih atas pelupusan pelaburan (4,813) (3,322) –000 (2,519)Kerugian atas pelupusan syarikat bersekutu –000 117,085 –000 –000Kerugian atas pelupusan subsidiari-subsidiari 63,109 –000 –000 –000(Laba)/kerugian bersih atas pelupusan

aset tetap (3,182) 5,274 –000 –000Peruntukan kerugian kredit 1,035 2,915 –000 –000Peruntukan hutang ragu 7,991 18,429 2 1,724Peruntukan pengurangan nilai pelaburan 13,383 –000 170,729 –000(Laba)/kerugian bersih atas pertukaran

mata wang asing yang tidak direalisasikan (3,139) 1,047 –000 –000Pertambahan muhibah bersih atas penyatuan (319) (48) –000 –000Hutang lapuk dan pembiayaan yang

diperoleh semula (838) (15,138) –000 –000Pendapatan tertunda diiktiraf (2) –000 –000 –000Laba atas pelupusan opsyen –000 (10,072) –000 (10,072)Pendapatan dividen kasar (2,259) (1,263) (58) –000Pendapatan faedah (2,031) (1,113) (2,031) (3,181)Kemasukan semula peruntukan pengurangan

nilai pelaburan (3,885) –000 –000 –000Kemasukan semula peruntukan hutang ragu (180) –000 –000 –000Kemasukan semula peruntukan kontingensi

dan komitmen –000 (1,838) –000 –000Bahagian hasil syarikat bersekutu (11,328) (32,306) –000 –00

0Keuntungan/(Kerugian) operasi

sebelum perubahan modal kerjadihantar ke hadapan 106,459 142,150 (3,406) (3,549)


Penyata Aliran Tunai untuk Tahun Kewangan Berakhir 31 Disember 2000



NOTA RM’000 RM’000 RM’000 RM’000

Keuntungan/(kerugian) operasisebelum perubahan modal kerjadibawa ke hadapan 106,459 142,150 (3,406) (3,549)

(Penambahan)/Penguranganharta tanah pembangunan danperbelanjaan (19,273) 11,044 –000 –000

Pengurangan/(Penambahan) stok 20,600 (3,201) –000 –000(Penambahan)/Pengurangan

penghutang (37,000) 188,365 7,502 (10,310)Pengurangan cukai boleh diperoleh

semula 44 –000 –000 –000Pengurangan/(Penambahan) deposit

berkanun dengan BNM 7,852 (36,089) –000 –000Pengurangan/(Penambahan) pinjaman,

pendahuluan dan pembiayaan 167,617 (212,226) –000 –000Pinjaman Subordinat Tidak Bercagar 15,000 –000 –000 –000(Penambahan)/Pengurangan

sekuriti urus niaga (58,580) 61,346 –000 –000Penambahan deposit dengan

institusi kewangan (477) (1,121) –000 –000Penambahan/(pengurangan)

pemiutang 14,502 (92,756) (4,507) 5,478Pengurangan sekuriti yang dijual

di bawah perjanjian beli balik 100,680 (63,149) –000 –000Penambahan jumlah terhutang

daripada syarikat bersekutu tidakdisatukan –000 (1,668) –000 –000

Pengurangan deposit danpenempatan oleh bank daninstitusi kewangan lain (309,633) (49,838) –000 –000

Penambahan deposit daripadapelanggan 103,536 730,590 –000 –000

Tunai dihasilkan/(digunakan) daripadaoperasi 111,327 673,447 (411) (8,381)

Cukai (dibayar)/dipulangkan (10,693) 2,482 –000 –000Perbelanjaan pembangunan perisian (559) –000 –000 –000

Tunai bersih dihasilkan/(digunakan)daripada aktiviti operasi 100,075 675,929 (411) (8,381)





NOTA RM’000 RM’000 RM’000 RM’000

ALIRAN TUNAI DARIPADA AKTIVITIPELABURAN

Kutipan daripada pelupusan sekuriti pelaburan 17,344 –000 –000 –000Kutipan daripada pelupusan sebuah syarikat

bersekutu –000 400,522 –000 14,931Kutipan daripada pelupusan opsyen –000 10,072 –000 10,072Penambahan bersih dalam tunai dan

kesetaraan tunai daripada pelupusansubsidiari-subsidiari 5(iii) 38,053 –000 –000 –000

Penambahan tanah dipegang untukpembangunan (28) (30) –000 –000

Dividen diterima 1,978 251 42 –000Faedah diterima 2,031 1,113 234 39Kutipan daripada pelupusan aset tetap 11,306 2,967 –000 –000Pembelian aset tetap A (29,672) (19,201) (1) –000Pembelian sekuriti pelaburan (205,463) (15,239) –000 –000Pinjaman Subordinat Tidak Bercagar

yang diberikan kepada sebuahsyarikat bersekutu (15,000) –000 –000 –000

Tunai bersih (digunakan)/dihasilkan daripadaaktiviti pelaburan (179,451) 380,455 275 25,042

ALIRAN TUNAI DARIPADA AKTIVITIPEMBIAYAAN

Pengambilan dari pinjaman berpenggal 4,876 –000 –000 –000Pengambilan dari pinjaman jangka pendek 12,829 39,563 –000 –000Perbelanjaan terbayar penstrukturan hutang (1,972) –000 (1,972) –000Faedah terbayar (10,925) (57,428) –000 (13,386)Pembayaran semula pemiutang sewa beli

dan pajakan (3,351) (4,128) –000 –000Pembayaran semula pinjaman jangka pendek (7,578) –000 –000 –000Pembayaran semula pinjaman berpenggal (24,207) (204,269) –000 –000Pembayaran semula Pinjaman Modal

Subordinat Boleh Ubah (50,000) (800,000) –000 –000

Tunai bersih digunakan dalam aktivitipembiayaan (80,328) (1,026,262) (1,972) (13,386)

Kesan perubahan pertukaran mata wang 9,109 4,091 –000 –000





NOTA RM’000 RM’000 RM’000 RM’000

(PENGURANGAN)/PENAMBAHAN BERSIHDALAM TUNAI DAN KESETARAANTUNAI (150,595) 34,213 (2,108) 3,275

KESAN DARIPADA PENYAHPENYATUANSEBUAH SUBSIDIARI DI BAWAHPENTADBIRAN KHAS B (9,257) –000 –000 –000

TUNAI DAN KESETARAAN TUNAI PADAPERMULAAN TAHUN KEWANGAN

Seperti yang dilaporkan sebelumnya 714,814 680,601 3,970 695Kesan perubahan pertukaran mata wang (103) –000 –000 –000

Seperti dinyatakan semula 714,711 680,601 3,970 695

TUNAI DAN KESETARAAN TUNAI PADAPENGHUJUNG TAHUN KEWANGAN C 554,859 714,814 1,862 3,970




A. PEMBELIAN ASET TETAPKumpulan

Semasa tahun kewangan, Kumpulan memperolehi aset tetap dengan kos aggregat RM30,258,000 (1999 :RM20,127,000) daripada mana RM586,000 (1999 : RM926,000) telah diperolehi melalui cara perjanjiansewa beli. Pembayaran tunai RM29,672,000 (1999 : RM19,201,000) telah dibuat untuk pembelian aset.

B. KESAN DARIPADA PENYAHPENYATUAN SEBUAH SUBSIDIARI DIBAWAHPENTADBIRAN KHAS

Kumpulan2000

RM’000

Aset tetap 47,318Tunai dan baki bank 29Liabiliti bersih (24,312)Pinjaman (32,263)Overdraf bank (3,569)

Liabiliti bersih subsidiari pada tarikh penyahpenyatuan (12,797)

Tolak: Tunai dan kesetaraan tunai pada tarikh penyahpenyatuan

Tunai dan baki bank 29Overdraf bank (3,569)

3,540

(9,257)

Penyahpenyatuan ini adalah berkenaan dengan Advance Synergy Furniture Sdn. Bhd. (“Pentadbir KhasDilantik”) yang diletakkan di bawah pentadbiran khas pada tahun kewangan sebelumnya seperti yangdijelaskan dalam Nota 11 kepada Penyata Kewangan.

Kerugian terkumpul bersih pada tarikh penyahpenyatuan subsidiari yang sebelum ini disatukan berjumlahRM39,827,077.

Nota Kepada Penyata Aliran Tunai untuk Tahun Kewangan Berakhir 31 Disember 2000


C. TUNAI DAN KESETARAAN TUNAITunai dan kesetaraan tunai yang dimasukkan dalam penyata aliran tunai pada hujung tahun kewanganterdiri daripada jumlah-jumlah kunci kira-kira seperti yang berikut :-


RM'000 RM'000 RM'000 RM'000

Deposit dengan institusi kewangan 381,563 89,611 1,600 3,800Tunai dan dana jangka pendek 187,379 646,690 262 170Overdraf bank (12,485) (20,366) – 00 – 00

556,457 715,935 1,862 3,970Tolak: Deposit dicagar kepada

institusi kewangan (1,598) (1,121) – 00 – 00

554,859 714,814 1,862 3,970

Termasuk dalam tunai dan kesetaraan tunai pada tahun kewangan sebelumnya adalah deposit denganinstitusi kewangan serta tunai dan dana jangka pendek berkenaan dengan subsidiari-subsidiari yangmerupakan institusi kewangan berlesen masing-masing pada jumlah RM73,867,000 dan RM628,570,000.

D. ANGKA-ANGKA PERBANDINGANAngka-angka perbandingan untuk perkara-perkara aliran tunai yang berikut telah dinyatakan semula agarselaras dengan pembentangan tahun kewangan semasa dalam mematuhi kehendak Lembaga PiawaianPerakaunan Malaysia (“MASB”) Piawaian No. 5 - Penyata Aliran Tunai.

Jumlah Jumlahdilaporkan Pengklasifikasian dinyatakan

Kumpulan sebelumnya semula semula1999 RM'000 RM'000 RM'000

Kerugian sebelum cukai (63,704) 2,677 (61,027)Pelunasan perbelanjaan dibawa ke hadapan 5,380 (5,380) – 00Perbelanjaan dibawa ke hadapan dihapus kira 6 (6) – 00Peruntukan hutang ragu 2,281 16,148 18,429Laba bersih daripada pelupusan pelaburan – 00 (3,322) (3,322)(Laba)/kerugian bersih atas pertukaran mata

wang asing yang tidak direalisasikan 6,516 (5,469) 1,047Kemasukan semula peruntukan

komitmen dan kontingensi – 00 (1,838) (1,838)Penambahan dalam perbelanjaan

dibawa ke hadapan (1,035) 1,035 – 00Pendapatan dividen kasar – 00 (1,263) (1,263)Pengurangan penghutang 199,983 (11,618) 188,365Pengurangan jumlah terhutang daripada

syarikat bersekutu (286) 286 – 00



Pengurangan/(Penambahan) depositdengan institusi kewangan 105,340 (106,461) (1,121)

Pengurangan pemiutang (95,341) 2,585 (92,756)Pengurangan pemiutang sewa beli (4,128) 4,128 – 00Pembayaran semula pemiutang

sewa beli dan pajakan – 00 (4,128) (4,128)Penambahan bersih tunai dan

kesetaraan tunai 139,426 (105,213) 34,213Tunai dan kesetaraan tunai pada

permulaan tahun kewangan 486,898 193,703 680,601Tunai dan kesetaraan tunai pada

penghujung tahun kewangan 626,324 88,490 714,814


Jumlah Jumlahdilaporkan Pengklasifikasian dinyatakan

Kumpulan sebelumnya semula semula1999 RM'000 RM'000 RM'000



1. KEGIATAN UTAMAKegiatan utama Syarikat merangkumi pemegangan pelaburan dan penyediaan sokongan korporat sertakewangan yang sepenuhnya kepada subsidiari-subsidiarinya. Kegiatan utama subsidiari-subsidiaridisenaraikan dalam Nota 46 kepada Penyata Kewangan. Tidak terdapat perubahan ketara dalam kegiatan-kegiatan tersebut sepanjang tahun kewangan.

2. ASAS PENYEDIAAN PENYATA KEWANGANPenyata Kewangan bagi Kumpulan dan Syarikat telah disediakan menurut piawaian-piawaian perakaunanyang sesuai serta diluluskan di Malaysia, Garis Panduan Bank Negara Malaysia serta peruntukan AktaSyarikat 1965.

3. DASAR-DASAR PERAKAUNAN PENTING

3.1 Asas Perakaunan

Penyata Kewangan Kumpulan dan Syarikat telah disediakan mengikut konvensyen kos sejarah yangdiubah suai dengan penilaian semula harta tanah tertentu.

3.2 Asas Penyatuan

Penyata Kewangan yang disatukan merangkumi penyata kewangan Syarikat dan subsidiari-subsidiarinya yang disediakan sehingga akhir tahun kewangan, kecuali untuk subsidiari-subsidiariseperti yang disenaraikan dalam Nota 11 dan 12 kepada Penyata Kewangan. Kumpulan telahmenggunakan kedua-dua kaedah penyatuan iaitu perolehan dan penggabungan, mengikut manayang sesuai.

Apabila kaedah perolehan digunakan, perbezaan antara penjelasan pembelian dan nilai wajar asetbersih yang diperoleh ditunjukkan dalam Penyata Kewangan sama ada sebagai muhibah atau rizabpenyatuan, mengikut mana yang sesuai. Kecuali subsidiari-subsidiari kewangan berlesen, nilai muhibahbersih dari rizab penyatuan yang timbul dari subsidiari-subsidiari yang lain, dilunaskan sepanjang 20tahun atau jangka hayat boleh guna, yang mana lebih pendek. Muhibah timbul daripada penyatuandihapus kira bila mana terdapat penyusutan nilai yang kekal.

Menurut kaedah penyatuan penggabungan perakaunan, hasil daripada subsidiari-subsidiari akandibentangkan seolah-olah penggabungan itu telah dijalankan sepanjang tahun kewangan semasa danyang lalu. Ketika penyatuan, perbezaan antara nilai pelaburan terbawa dan nilai biasa saham yangdiperolehi dimasukkan ke rizab penggabungan.

Semua baki dan urus niaga antara syarikat dihapuskan dan penyata kewangan disatukan mencerminkanurus niaga luaran sahaja. Di mana perlu, dasar-dasar perakaunan untuk subsidiari-subsidiari telahdiubah untuk memastikan keselarasan dengan dasar-dasar perakaunan yang diamalkan oleh Kumpulan.

Perbezaan antara hasil pungutan dari pelupusan subsidiari-subsidiari dan jumlah terbawa penjualanaset setelah ditolak liabiliti berserta muhibah atau rizab atas penyatuan pada tarikh pelupusan akandiiktiraf dalam penyata kewangan disatukan sebagai laba atau kerugian atas penjualan subsidiari-subsidiari tersebut.

Nota-nota kepada Penyata Kewangan 31 December 2000


3.3 Pengiktirafan Hasil

Hasil

Hasil Syarikat adalah termasuk pendapatan dividen dan faedah.

Hasil Kumpulan terdiri daripada yang berikut :-

– jualan perniagaan pada nilai invois dan perkhidmatan yang diberikan.

– fi pengurusan, dividen, faedah dan kutipan sewa.

– fi keahlian dari segi kemudahan pelaburan percutian kongsi masa.

– pendapatan bersih setelah tolak diskaun yang diberi dari operasi perhotelan dan tempatperanginan.

– pendapatan faedah dari pinjaman dan pendahuluan, sewa beli, pendiskaunan blok, pajakan danaktiviti berkaitan dari segi subsidiari-subsidiari kewangan berlesen.

– nilai jualan harta tanah pembangunan yang terjual dan nilai jualan berkadar harta tanahpembangunan sehingga tahap siap.

– pembilan fi kad, fi pendahuluan tunai, hasil faedah dan hasil diskaun.

Hasil diiktiraf apabila produk telah diserahkan dan terdapat penerimaan oleh pelanggan, jika ada,atau prestasi perkhidmatan bersih setelah tolak cukai jualan dan diskaun.

Pendapatan Faedah dan Pembiayaan

Pendapatan faedah dan pembiayaan subsidiari-subsidiari kewangan berlesen diiktiraf atas asas akruankecuali bila untuk akaun yang tidak berbayar. Pendapatan faedah dan pembiayaan daripada sewa beli,pendiskaunan blok dan urus niaga pajakan diiktiraf mengikut kaedah jumlah digit. Pendapatan faedahdan pembiayaan daripada pinjaman perumahan dan pinjaman berpenggal dikira mengikut tempohyang telah ditetapkan sama ada bulanan ataupun harian.

Pendapatan pembiayaan dan pendahuluan dari Skim Perbankan Tanpa Faedah diiktiraf atas asasakruan menurut “Garis Panduan “Skim Perbankan Tanpa Faedah” untuk Syarikat-syarikat Kewangan(Oktober 1996)” terbitan Bank Negara Malaysia.

Apabila sesuatu akaun dikenal pasti sebagai tidak berbayar, pengiktirafan pendapatan faedah danpembiayaan digantung sehingga ia dijelaskan secara tunai mengikut “Garis Panduan Klasifikasi PinjamanTidak Berbayar dan Peruntukan untuk Hutang Lapuk, Hutang Ragu dan Hutang Substandard” (GP3)terbitan Bank Negara Malaysia pada 31 Disember 2000. Akaun-akaun pelanggan dikenal pasti sebagaitidak berbayar apabila pembayaran balik telah tertunda enam bulan atau lebih dari hari pertamaingkar bayaran untuk akaun sewa beli, pendiskaunan blok, pajakan, pinjaman dan pendahuluan dansatu bulan dari tarikh matang untuk bil-bil penerimaan jurubank.

Pendapatan Fi

Fi khidmat penyusunan pinjaman, fi pengurusan dan penyertaan serta komisyen penerimaan dantatajamin diiktiraf sebagai hasil apabila semua syarat-syarat terdahulu telah dipenuhi. Fi daripadakegiatan khidmat penasihat dan kewangan korporat diiktiraf sebagai hasil setelah siap setiap peringkattugasan.

Jaminan dan komitmen fi yang zahir diiktiraf sebagai pendapatan berdasarkan pembahagian masa.

Pendapatan Dividen

Dividen daripada pelaburan dalam subsidiari-subsidiari dan syarikat-syarikat bersekutu adalah diiktirafatas asas akruan, sementara dividen daripada lain-lain pelaburan adalah diiktiraf apabila diterima.

NOTA KEPADA PENYATA KEWANGAN

31 Disember 2000


3.3 Pengiktirafan Hasil (sambungan)

Harta tanah Pembangunan dan Kerja Kontrak dalam Pelaksanaan

Keuntungan daripada penjualan harta tanah pembangunan dan kerja kontrak dalam pelaksanaandiiktiraf mengikut kaedah peratusan siap. Kerugian yang dapat diramalkan, jika ada, diiktiraf serta-merta dalam penyata pendapatan.

Pendapatan Kontrak

Keuntungan daripada kerja kontrak kejuruteraan diiktiraf berdasarkan kaedah peratusan siap.

Fi Pendahuluan Tunai dan Diskaun

Hasil dari diskaun dan fi pendahuluan tunai telah diiktiraf berdasarkan penerimaan bil dari penjual.Pendapatan dari fi keahlian diiktiraf berdasarkan pengeluaran kad pada ahli yang diluluskan.

Fi Keahlian

Fi keahlian yang berkenaan dengan kemudahan pelaburan percutian kongsi masa diiktiraf berdasarkan50% pada tahun pertama dan bakinya dalam tempoh masa 30 tahun.

3.4 Komisyen Sewa Beli

Komisyen sewa beli dikenakan ke atas penyata pendapatan berdasarkan kaedah jumlah digit.

3.5 Pertukaran dan Urus Niaga dalam Mata Wang Asing

Urus niaga dalam mata wang asing ditukar ke dalam Ringgit Malaysia pada kadar pertukaran semasapada tarikh urus niaga. Aset dan liabiliti kewangan dalam mata wang asing pada tarikh kunci kira-kiradinyatakan ke dalam Ringgit Malaysia pada kadar pertukaran anggaran pada tarikh tersebut. Laba dankerugian dari urus niaga dalam wang asing diuruskan dalam penyata pendapatan.

Untuk tujuan penyatuan, aset dan liabiliti bagi subsidiari-subsidiari luar negara ditukarkan ke dalamRinggit Malaysia mengikut kadar tukaran pada tarikh kunci kira-kira. Penyata pendapatan ditukarkanpada kadar tukaran purata untuk tahun kewangan tersebut. Semua perbezaan dari pertukaran tersebutakan diuruskan melalui rizab perubahan pertukaran mata wang asing.

Kadar terakhir yang digunakan dalam tukaran mata wang asing adalah seperti berikut :-

2000 1999RM RM

1 Ringgit Malaysia : Singapore Dollar 0.450 0.435

1 Ringgit Malaysia : US Dollar 0.262 0.262

1 Ringgit Malaysia : Australian Dollar 0.472 0.400

1 Ringgit Malaysia : Great Britain Pound 0.177 0.161


31 Disember 2000


3.6 Susut Nilai dan Pelunasan Aset Tetap

Aset tetap dinyatakan pada kos atau penilaian, tolak susut nilai atau pelupusan terkumpul.

Jumlah kasar terbawa semua aset tetap telah dicatatkan pada awalnya pada kos. Di mana harta tanahhotel telah dinilai semula, jumlah kasar terbawa telah dikira pada penilaian.

3.6.1 Aset Tetap

Tanah milik bebas, harta tanah hotel dan kerja pembinaan dalam pelaksanaan tidak disusutnilai.

Semua aset tetap yang lain disusutnilaikan pada kadar garis lurus untuk hapus kira kos ataupenilaian aset mengikut tempoh hayat guna mereka. Kadar susut nilai tahunan yang digunakanuntuk tujuan ini adalah seperti berikut :-

Tanah dan bangunan milik pajakan Mengikut tempohpajakan 25 hingga 95 tahun

Bangunan 0.5% – 5%

Loji dan mesin 10% – 20%

Kenderaan bermotor 15% – 20%

Perabot, kelengkapan dan peralatan 6% – 15%

Pengubahsuaian 10% – 20%

Peralatan dan perisian komputer 20%

Pinggan mangkuk, barang-barang kaca, kutleri, kain linen dan perkakas dapur dimodalkanpada keperluan tahap minima untuk operasi biasa. Barang gantian dihapus kira dalam tahunia berlaku.

Pembinaan dalam pelaksanaan diklasifikasikan sebagai harta tanah hotel setelah siap pembinaankelak.

3.6.2 Harta Tanah Hotel

Selepas tarikh penilaian, tambahan kepada harta tanah hotel akan dinyatakan berdasarkankos. Adalah menjadi dasar Kumpulan untuk menilai harta tanah hotel sekali setiap lima tahunoleh penilai profesional bebas berdasarkan nilai pasaran terbuka. Lebihan yang timbuldikreditkan dalam akaun lebihan penilaian semula. Defisit diimbangi dengan akaun lebihanpenilaian semula hanya setakat lebihan yang dikreditkan daripada penilaian semula yangterdahulu dan lebihan defisit dicaj ke penyata pendapatan.

Harta hotel tidak disusut nilai. Adalah menjadi amalan Kumpulan mengekalkan nilai hartahotel pada nilai baki yang tinggi supaya susut nilai tidak bererti. Perbelanjaan penyelenggaraanyang berkaitan diiktiraf dalam penyata pendapatan.

3.7 Permodalan Faedah

Faedah yang ditanggung atas pinjaman luar untuk membiayai aset yang sedang dilaksanakan adalahdipermodalkan sehingga aset itu sedia untuk digunakan untuk kegunaan yang dirancang selepasmana perbelanjaan tersebut dicaj ke penyata pendapatan.

3.8 Pelaburan

Pelaburan dalam subsidiari-subsidiari, syarikat-syarikat bersekutu dan pelaburan-pelaburan jangkapanjang lain dinyatakan pada kos selepas tolak peruntukan untuk penyusutan nilai berkekalan, jikaada.

Pelaburan jangka pendek yang disebut harga dinyatakan pada kos dan nilai pasaran yang lebihrendah yang ditentukan atas asas portfolio.


31 Disember 2000


3.9 Syarikat-syarikat Bersekutu

Syarikat-syarikat bersekutu adalah syarikat-syarikat di mana Syarikat mempunyai kepentingan ekuitijangka panjang di antara 20% dan 50% dan di mana Syarikat mempunyai pengaruh yang ketara keatas dasar kewangan dan operasi syarikat-syarikat penerima pelaburan.

Kumpulan menggunakan perakaunan ekuiti untuk mengambil kira bahagiannya dari hasil dan rizabsyarikat-syarikat bersekutunya berdasarkan penyata kewangan yang telah diaudit/belum diaudit.

3.10 Tanah yang Dipegang untuk Pembangunan dan Harta Pembangunan

Tanah dipegang untuk pembangunan dinyatakan pada kos atau penilaian bersama dengan perbelanjaanpembangunan yang berkenaan. Ia akan diklasifikasikan semula sebagai harta tanah pembangunansetelah kerja pembangunan bermula atas tanah tersebut. Perbelanjaan pembangunan adalah termasukkos pembinaan dan kos-kos yang berkait termasuk kos faedah dan overhed pengurusan bersangkutdengan projek-projek tersebut. Kos faedah atas pinjaman untuk membiaya projek berkenaan akandimasukkan di bawah perbelanjaan pembangunan dari permulaan hingga ke penyiapan pembangunan.

Bahagian projek-projek harta tanah pembangunan yang jualannya telah dilancarkan dan/atau projek-projek tersebut yang dijangkakan siap dalam lingkungan pengendalian biasa yang lazimnya mengambilmasa dua hingga tiga tahun akan dianggap sebagai aset semasa.

3.11 Sekuriti Pelaburan

Sekuriti pelaburan ialah sekuriti yang diperolehi dan dipegang untuk memperolehi hasil ataupertumbuhan modal atau untuk memenuhi keperluan minimum aset cair menurut Seksyen 38, AktaBank dan Institusi-institusi Kewangan, 1989 dan biasanya dipegang hingga matang.

Sekuriti Kerajaan Malaysia, Sijil Pelaburan Kerajaan Malaysia, Bon Cagamas, lain-lain Sekuriti Kerajaan,dan Sekuriti Hutang Swasta Jaminan Bank yang dipegang sebagai pelaburan dinyatakan pada kosyang diselaraskan untuk pelunasan premium atau penambahan diskaun hingga tarikh matang. SekuritiHutang Swasta yang lain telah dinilai pada kos dan nilai pasaran yang mana lebih rendah. Sekuritipelaburan lain pula dinyatakan pada kos dan peruntukan dibuat jika berlaku penyusutan nilai yangberkekalan.

Pindahan, jika ada, di antara sekuriti pelaburan dan sekuriti urus niaga dibuat pada nilai terendahantara kos dan nilai pasaran.

Sekuriti ekuiti yang disebut harga dinyatakan pada kos selepas ditolak peruntukan untuk penyusutannilainya, jika ada. Sekuriti ekuiti yang tidak disebut harga dan bon-bon yang dipegang untuk pelaburandinyatakan pada kos dan peruntukan dibuat bagi sebarang penyusutan nilai berkekalan, jika ada.

3.12 Bil-bil dan Penerimaan Belum Dibayar

Bil-bil dan penerimaan belum dibayar mewakili bil-bil dan penerimaan subsidiari-subsidiari kewanganberlesen yang didiskaunkan semula dan tertunggak di pasaran.

3.13 Muhibah Yang Dibeli

Muhibah yang timbul dari pemerolehan perniagaan mewakili perbezaan di antara perolehan bayaranpembelian dengan nilai wajar aset bersih yang diperoleh, dinyatakan pada kos dan dilunaskan sepanjangtempoh 20 tahun.


31 Disember 2000


3.14 Aset Tidak Ketara

Aset Tidak Ketara dinyatakan pada kos setelah ditolak pelunasan terkumpul.

3.14.1 Perbelanjaan Pembangunan Perisian

Perbelanjaan pembangunan perisian adalah berkait dengan kerja pembangunan yang dijalankanuntuk menghasilkan pakej perisian khusus. Kos yang berkait dengan produk yang unik danjelas dikenalpasti dan akan dikawal oleh Syarikat serta mempunyai kemungkinan kelebihanatas kos lebih dari setahun, diiktiraf sebagai perbelanjaan pembangunan perisian. Kos yangterbabit dalam pembangunan perisian yang tidak atau sudah tidak menguntungkan secarakomersil akan dihapus kira kepada penyata kewangan.

Perbelanjaan pembangunan perisian yang diiktiraf sebagai aset dilunaskan pada kadar garislurus sepanjang tempoh tiga tahun apabila aset telah sedia untuk digunakan.

3.14.2 Harta Intelektual

Harta Intelektual adalah berkait dengan hakmilik dan pengetahuan teknikal yang menjadipelantar untuk pembinaan gerbang. Kos yang diiktiraf sebagai harta intelektual termasuklahjumlah yang dibayar oleh usaha itu pada tarikh perolehan dan mempunyai kemungkinankelebihan atas kos lebih dari setahun. Jumlah terbawa harta intelektual akan disemak setiaptahun dan disesuaikan untuk pengurangan sekiranya dianggap perlu.

Harta intelektual diiktiraf sebagai aset dilunaskan pada kadar garis terus sepanjang tempohtiga tahun apabila aset telah sedia untuk digunakan.

3.15 Perbelanjaan Dihantar ke Hadapan

Dalam tahun kewangan yang sebelumnya, perbelanjaan dihantar ke hadapan adalah seperti berikut :-

Perbelanjaan yang timbul dalam pembentukan subsidiari-subsidiari dikenal pasti sebagai perbelanjaanmulaan manakala perbelanjaan yang timbul sebelum permulaan operasi diklasifikasikan sebagaiperbelanjaan praoperasi.

Perbelanjaan yang timbul sebelum permulaan produksi komersil, yang mana pada masa depan akanmenghasilkan faedah, dibawa ke hadapan sebagai perbelanjaan praproduksi.

Perbelanjaan tertunda terdiri daripada perbelanjaan pengiklanan dan perolehan tertunda yangberhubung pemerolehan keahlian kad caj.

Perbelanjaan pembangunan mewakili kos yang timbul dalam pembangunan kad kredit yang manadirancang akan dilancarkan pada masa akan datang dan dijangkakan akan diperoleh kembali darikelebihan ekonominya di masa hadapan.

Perbelanjaan dihantar ke hadapan pada amnya dihapus kira sepanjang tiga ke sepuluh tahun daritarikh permulaan operasi. Dalam kes perniagaan kad caj dan kad kredit, perbelanjaan pengiklanandan perolehan tertunda dihapus kira sepanjang tempoh dua tahun dari tarikh permulaan perniagaan.

Sewaktu tahun kewangan semua perbelanjaan yang dibawa ke hadapan telah dilupuskan sebagaipenyesuaian tahun sebelumnya disebabkan perubahan polisi perakaunan yang tertakluk kepadakeperluan Malaysian Accounting Standards Board (“MASB”) Piawaian No. 1 – Pembentangan PenyataKewangan yang berkuatkuasa untuk penyata kewangan mencakupi tempoh bermula pada atau selepas1 Julai 1999.


31 Disember 2000


3.16 Stok

Stok dinyatakan pada nilai yang mana lebih rendah antara kos dan nilai boleh direalisasi bersih.

Kos ditentukan pada dasar masuk dahulu, keluar dahulu. Kos bahan mentah adalah termasuk kospembelian asal dicampurkan dengan kos mengangkut stok ke lokasinya dan keadaannya sekarang ini.Kos kerja dalam pelaksanaan dan barangan siap adalah termasuk kos bahan mentah, buruh langsungdan sebahagian dari overhed pengeluaran. Kos harta tanah siap adalah termasuk kos tanah danperbelanjaan pembangunan yang berkaitan.

3.17 Peruntukan Hutang Lapuk dan Hutang Ragu

Peruntukan khusus telah dibuat untuk hutang ragu dan pembiayaan di mana ia telah disemak secaratersendiri dan dikenal pasti sebagai lapuk atau ragu.

Tambahan pula untuk subsidiari-subsidiari kewangan berlesen, sebuah peruntukan am berdasarkanperatusan portfolio pinjaman dan pembiayaan juga dibuat untuk menampung kerugian yang mungkinberlaku tetapi tidak dapat dikenal pasti secara spesifik.

Sesuatu pinjaman yang tidak dapat dikumpul kembali serta pembiayaan atau sebahagian daripada pinjamandan pembiayaan yang dikelaskan sebagai lapuk dihapus kira setelah mengambil kira nilai cagaran bolehrealisasi, jika ada, di mana pada pandangan pengurusan tidak ada peluang untuk diperoleh semula.

Peruntukan hutang lapuk dan ragu dan pembiayaan oleh subsidiari-subsidiari kewangan berlesenadalah selaras dengan keperluan minima Bank Negara Malaysia menurut “Garis Panduan UntukKlasifikasi Pinjaman Tidak Terbayar dan Peruntukan Hutang Substandard, Hutang Lapuk dan Ragu.”(GP3) pada 31 Disember 2000.

3.18 Jumlah yang Boleh Diperoleh Semula daripada Danaharta

Jumlah penjelasan daripada pinjaman yang dijual kepada Pengurusan Danaharta Nasional Berhad(‘Danaharta”) telah diterima dalam dua bahagian; semasa penjualan pinjaman tersebut (“Perolehanawal”) dan semasa memperoleh semula pinjaman (“Penjelasan akhir”). Jumlah penjelasan akhir mewakilibahagian lebihan di atas perolehan awal apabila diperoleh semula pinjaman. Bahagian lebihan initelah pun ditentukan terdahulu dan adalah kepunyaan subsidiari-subsidiari kewangan berlesen.

Perbezaan antara nilai terbawa pinjaman-pinjaman dan penjelasan awal dikenali sebagai “Jumlah yangboleh diperoleh semula dari Danaharta” di bahagian “Penghutang” dalam kunci kira-kira. Peruntukanterhadap jumlah ini dibuat untuk menggambarkan penilaian pengarah-pengarah mengenai nilai bolehdirealisasi penjelasan akhir pada tarikh kunci kira-kira tersebut.

3.19 Sekuriti Urus Niaga

Sekuriti urus niaga adalah sekuriti boleh niaga yang diperolehi dan dipegang dengan niat menjualsemula dalam jangka pendek, dan adalah dinyatakan pada nilai mana yang lebih rendah antara hargakos dan nilai pasaran.

Pindahan, jika ada, antara sekuriti urus niaga dan sekuriti pelaburan adalah dibuat pada nilai manayang lebih rendah antara harga kos dan nilai pasaran.

3.20 Sewa Beli dan Penyusunan Pajakan

Aset-aset yang dibiayai oleh perjanjian-perjanjian sewa beli dan penyusunan pajakan yang memindahmilik sebahagian substansial kesemua risiko dan kelebihan pemilikan aset-aset tersebut kepadaKumpulan adalah dimodalkan sebagai aset tetap dan hutang yang sepadan dikira sebagai liabiliti.Aset-aset tetap yang dimodalkan disusut nilai atas dasar yang sama dengan aset-aset tetap Kumpulan.Caj-caj kewangan diuntukkan kepada penyata pendapatan sepanjang tempoh perjanjian-perjanjiantersebut untuk memberikan kadar caj berkala yang malar ke atas liabiliti-liabiliti sewa beli dan pajakanyang tinggal.

Pajakan-pajakan yang tidak menepati kriteria di atas dianggap sebagai pajakan-pajakan operasi dansewaan yang berkaitan dicajkan kepada penyata pendapatan, apabila timbul.


31 Disember 2000


3.21 Cukai Tertunda

Cukai tertunda diperuntukkan di bawah kaedah liabiliti pada kadar pencukaian semasa berkenaankesemua perbezaan masa yang ketara kecuali di mana terdapat bukti yang munasabah bahawaperbezaan-perbezaan masa ini tidak akan terakas sejauh yang nampak pada masa depan. Kelebihancukai tertunda diiktiraf hanya bila terdapat keyakinan yang munasabah ia akan direalisasikan.

3.22 Tunai dan Kesetaraan Tunai

Tunai dan kesetaraan tunai termasuk tunai dan baki di bank, overdraf bank, simpanan dan pelaburanjangka pendek lain yang berkecairan tinggi dan sedia ditukar kepada tunai dan yang tertakluk kepadarisiko perubahan nilai yang tidak ketara.

4. HASIL


RM’000 RM’000 RM’000 RM’000

Jualan barangan 83,543 75,686 –000 –000Pemberian perkhidmatan 52,486 44,765 –000 –000Faedah dan pendapatan pembiayaan 219,169 536,786 2,031 3,181Pembangunan harta tanah 31,932 27,630 –000 –000Pendapatan sewa 680 796 –000 –000Pendapatan dividen kasar 1,994 1,263 58 –000

389,804 686,926 2,089 3,181

5. PELUPUSAN SUBSIDIARI-SUBSIDIARI(a) Sepanjang tahun kewangan, Kumpulan telah melupuskan :-

(i) United Merchant Finance Berhad (“UMF”), subsidiari milik penuh United Merchant Group Berhad(“UMG”) dan beroperasi dalam segmen perkhidmatan kewangan telah dilupuskan pada 8 Jun2000 untuk penjelasan tunai berjumlah RM420,000,000. Akibat penjualan ini, UMG telah berhentiterlibat dalam perniagaan syarikat kewangan, perkhidmatan nomini dan pelaburan harta tanah.UMF beroperasi sebahagian besarnya di Malaysia.

(ii) Kepentingan ekuiti 50.1% UMG dalam Perdana Merchant Bankers Berhad (“PMBB”), sebuahsubsidiari yang beroperasi dalam perkhidmatan perbankan telah dilupuskan pada 18 Disember2000 untuk penjelasan tunai berjumlah RM24,798,748. UMG sebelum itu memegang kepentinganekuiti 70.1% dalam PMBB. Akibat penjualan ini, UMG telah berhenti terlibat dalam perbankansaudagar, perkhidmatan nomini dan pelaburan harta tanah. Namun, UMG terus memegang 20%kepentingan ekuiti dalam PMBB dan sehubungan itu, memperlakukan PMBB sebagai satu syarikatbersekutu. PMBB beroperasi sebahagian besarnya di Malaysia.

(iii) Kepentingan ekuiti 51.0% Plastic Centre Sdn Bhd (“PCSB”) dalam subsidiari milik sepenuhnya,PC Ventures Sdn Bhd (“PCV”) telah dijual pada 1 Oktober 2000 untuk penjelasan tunai berjumlahRM20,910,000. PCSB terus memegang 49% kepentingan ekuiti dalam PCV dan sehubungan itumemperlakukan PCV sebagai satu syarikat bersekutu.


31 Disember 2000


5. PELUPUSAN SUBSIDIARI-SUBSIDIARI (SAMBUNGAN)(b) Kesan ke atas penyata kewangan disatukan

(i) Kesan ke atas keputusan kewangan

Kesan pelupusan subsidiari-subsidiari ke atas keputusan Kumpulan untuk tahun kewangan semasahingga tarikh pelupusan berkenaan adalah seperti berikut :-

Sepertipada tarikh

UMF pelupusanPCV & PMBB berkenaan 1999

RM’000 RM’000 RM’000 RM’000

Hasil 877 209,002 209,879 543,993Kos Penjualan (6) (92,630) (92,636) (333,727)

Pendapatan faedah bersih 871 116,372 117,243 210,266Pendapatan daripada operasi IBS –000 12,937 12,937 14,936Kerugian pinjaman dan

peruntukan –000 (33,051) (33,051) (68,728)

871 96,258 97,129 156,474Pendapatan bukan faedah –000 25,140 25,140 34,720Kemasukan semula peruntukan

komitmen dan kontingensi –000 – 00 – 00 1,838Bahagian hasil syarikat bersekutu 4,459 – 00 4,459 5,337

Pendapatan bersih 5,330 121,398 126,728 198,369Perbelanjaan overhed –000 (43,572) (43,572) (95,808)Perkara terkecuali –000 – 00 – 00 (3,784)

Keuntungan sebelum cukai danzakat 5,330 77,826 83,156 98,777

Cukai (207) (20,112) (20,319) (149)Zakat –000 (19) (19) (69)

Keuntungan daripada aktivitibiasa selepas cukai 5,123 57,695 62,818 98,559

Kepentingan minoriti –000 (350) (350) (427)

Keuntungan boleh diagihkankepada pemegang saham 5,123 57,345 62,468 98,132


31 Disember 2000


5. PELUPUSAN SUBSIDIARI-SUBSIDIARI (SAMBUNGAN)(ii) Kesan ke atas kedudukan kewangan

Kesan pelupusan subsidiari-subsidiari ke atas kedudukan kewangan Kumpulan adalahseperti berikut :-

Sepertipada tarikh

UMF pelupusanPCV & PMBB berkenaan 1999

RM’000 RM’000 RM’000 RM’000

Kepentingan dalam syarikatbersekutu 44,731 – 000 44,731 45,765

Sekuriti pelaburan –00 1,320,778 1,320,778 1,116,176Aset tetap –00 55,868 55,868 58,014Deposit berkanun dengan BNM –00 213,270 213,270 221,122Sekuriti urus niaga –00 51,653 51,653 2,155Pinjaman, pendahuluan dan

pembiayaan –00 4,340,979 4,340,979 4,508,597Aset lain –00 105,227 105,227 96,838Deposit dengan institusi kewangan 1,024 65,000 66,024 27,000Tunai dan dana jangka pendek 2 361,630 361,632 628,307Pemiutang (3) – 000 (3) (2)Sekuriti dijual di bawah perjanjian

beli balik –00 (100,680) (100,680) – 000Deposit dan penempatan oleh

bank dan institusi kewangan lain –00 (650,105) (650,105) (959,738)Deposit daripada pelanggan –00 (5,148,225) (5,148,225) (5,101,520)Pinjaman jangka pendek –00 (733) (733) (800)Bil dan penerimaan belum bayar –00 – 000 – 000 (992)Liabiliti lain –00 (93,115) (93,115) (106,648)Pinjaman Subordinat Tidak Bercagar –00 (15,000) (15,000) – 000Sijil Deposit Subordinat dan

Pinjaman Modal –00 (50,000) (50,000) (50,000)Pinjaman Modal Subordinat Boleh

Ubah –00 – 000 –000 (50,000)Cukai –00 (29,060) (29,060) (18,470)Baki antara syarikat (12,425) – 000 (12,425) (12,424)Kepentingan minoriti –00 (2,616) (2,616) (2,266)

33,329 424,871 458,200 401,114

Dikekalkan sebagai syarikat-syarikat bersekutu (16,331) (9,364) (25,695) – 000

Kepentingan minoriti –00 (13,998) (13,998) – 000

16,998 401,509 418,507 401,114

Muhibah yang direalisasikan ataspelupusan subsidiari-subsidiari –00 110,311 110,311 – 000

Bahagian aset bersih telahdilupuskan 16,998 511,820 528,818 401,114

Kutipan daripada pelupusan 20,910 444,799 465,709Laba/(kerugian) daripada

pelupusan subsidiari-subsidiari 3,912 (67,021) (63,109)

Tiada pelupusan subsidiari-subsidiari pada tahun kewangan sebelumnya.


31 Disember 2000


5. PELUPUSAN SUBSIDIARI-SUBSIDIARI (SAMBUNGAN)(iii) Kesan ke atas penyata aliran tunai Kumpulan

Seperti pada tarikhpelupusan berkenaan

RM’000

Kutipan keseluruhan daripada pelupusan 465,709

Tunai dan kesetaraan tunaisubsidiari-subsidiari yang dilupuskan (427,656)

Penambahan bersih dalam tunai dankesetaraan tunai hasil daripadapelupusan subsidiari-subsidiari 038,053

6. PERUNTUKAN PENGURANGAN NILAI PELABURAN


RM’000 RM’000 RM’000 RM’000

Peruntukan pengurangan nilai pelaburan– subsidiari disebut harga

(Nota 11) –000 – 157,346 –– bekas subsidiari tidak

disebut harga (Nota 12) 13,383 – 13,383 –

13,383 – 170,729 –

7. KERUGIAN SEBELUM CUKAIKumpulan Syarikat

2000 1999 2000 1999RM’000 RM’000 RM’000 RM’000

Kerugian sebelum cukai telah diperolehi :-

Selepas mengecaj :-

Pelunasan muhibah yang dibeli 157 99 –000 –000Imbuhan juruaudit– syarikat induk 50 50 50 50– subsidiari-subsidiari 409 462 –000 –000– kurangan peruntukan pada tahun

sebelumnya 9 95 20 20Hapus kira hutang lapuk 722 1,462 –000 703Hapus kira deposit 17 –000 –000 –000Susut nilai/pelunasan 17,156 23,902 134 165Imbuhan pengarah– Fi 537 434 144 144– Emolumen lain 2,207 2,639 –000 –000Hapus kira aset tetap 93 74 –000 –000Hapus kira muhibah –000 12 –000 –000


31 Disember 2000


7. KERUGIAN SEBELUM CUKAI (SAMBUNGAN)


RM’000 RM’000 RM’000 RM’000Perbelanjaan faedah– Overdraf bank 2,654 8,467 2,066 6,617– Sewa beli dan pajakan 1,055 2,407 –00 –00– pinjaman stok boleh tukar 8,562 –00 8,562 –00– pinjaman stok boleh tebus 8,674 –00 8,674 –00– pinjaman 12,775 36,086 4,839 15,386– syarikat bersekutu –00 2 –00 2– pendahuluan daripada subsidiari-subsidiari –00 –00 1,926 4,716– lain-lain 5,272 51,016 –00 121Sewa pajakan 67 2,216 –00 –00Kerugian atas pelupusan aset tetap 3 5,274 –00 –00Kerugian atas pelupusan pelaburan 498 1,379 –00 –00Kerugian atas pelupusan pelaburan

disebut harga –00 –00 –00 49Kerugian atas pertukaran mata wang asing– tidak direalisasikan 4,662 1,047 –00 –00– direalisasikan –00 19 –00 19Peruntukan hutang ragu 1,144 2,281 2 1,724Peruntukan jumlah yang boleh diperoleh

semula daripada Danaharta 6,847 16,148 –00 –00Peruntukan kerugian kredit 1,035 2,915 –00 –00Perbelanjaan sewa– peralatan 413 587 –00 –00– kenderaan –00 31 –00 –00– premis 12,880 14,469 322 371Hapus kira stok –00 2 –00 –00Hapus kira pelaburan tidak disebut harga –00 1 –00 1

Dan mengkredit :-

Pertambahan muhibah bersih ataspenyatuan 319 48 –00 –00

Hutang lapuk dan pembiayaan yangdiperoleh semula 838 15,138 –00 –00

Laba atas pelupusan– aset tetap 3,185 –00 –00 –00– pelaburan disebut harga 5,311 4,701 –00 2,568– opsyen –00 10,072 –00 10,072– lain-lain 385 1,264 –00 –00Laba atas pertukaran mata wang asing– tidak direalisasikan 7,801 –00 –00 –00– direalisasikan 291 –00 –00 –00


31 Disember 2000


7. KERUGIAN SEBELUM CUKAI (SAMBUNGAN)


RM’000 RM’000 RM’000 RM’000

Pendapatan dividen kasar daripada– syarikat bersekutu 264 –000 –000 – 00– pelaburan tidak disebut harga 1,269 64 –000 – 00– pelaburan disebut harga 726 1,199 58 – 00Pendapatan faedah– deposit tetap 1,582 607 234 39– subsidiari-subsidiari –000 –000 1,797 3,142– lain-lain 449 477 – 00 – 00Pendapatan sewa 2,291 1,967 – 00 – 00Kemasukan semula kontingensi dan

komitmen –000 1,838 – 00 – 00Kemasukan semula peruntukan pengurangan

nilai pelaburan 3,885 –000 – 00 – 00Kemasukan semula peruntukan hutang ragu 180 –000 – 00 – 00

Anggaran manfaat lain yang diterima oleh pengarah-pengarah Syarikat dan subsidiari-subsidiari, dalamnilai wang, tidak dimasukkan di atas dianggarkan berjumlah RM34,050 (1999 : RM36,300) bagi Syarikatdan RM170,050 (1999 : RM269,300) bagi Kumpulan.

8. CUKAI


RM’000 RM’000 RM’000 RM’000

Mengikut keputusan tahun kewangan semasa 25,389 368 309 –(Lebihan)/kurangan peruntukan pada

tahun sebelumnya (5,031) 75 –000 –Pindahan dari cukai tertunda (Nota 39) (268) (70) –000 –

20,090 373 309 –Bahagian cukai syarikat-syarikat bersekutu 3,270 566 –000 –Zakat 19 69 –000 –

23,379 1,008 309 –

Kadar cukai efektif bagi Kumpulan untuk tahun kewangan semasa adalah lebih tinggi daripada kadar cukaiberkanun kerana perbelanjaan-perbelanjaan tertentu yang tidak boleh ditolak untuk tujuan pencukaiandan ketiadaan cukai pengecualian kumpulan di mana kerugian cukai subsidiari-subsidiari tertentu tidakboleh diimbangi dengan pendapatan kena cukai ke atas subsidiari-subsidiari lain.

Peruntukan cukai bagi Syarikat pada tahun kewangan semasa adalah berkenaan dengan pendapatan dividenyang diterima.


31 Disember 2000


8. CUKAI (SAMBUNGAN)Tiada peruntukan cukai dibuat untuk Cukai Pendapatan Malaysia berhubung dengan pendapatan perniagaan(kecuali pendapatan dividen) yang diperolehi Syarikat dan Kumpulan pada tahun kewangan berakhir 31Disember 1999, selaras dengan pengecualian cukai yang diperuntukkan di bawah Seksyen 8 Akta CukaiPendapatan (Pindaan) 1999. Peruntukan cukai untuk Kumpulan pada tahun kewangan sebelumnya adalahberkenaan dengan pendapatan dividen dan keuntungan subsidiari asing yang dicukai.

Tertakluk kepada kelulusan Lembaga Hasil Dalam Negeri, subsidiari-subsidiari tertentu Kumpulan mempunyaikerugian cukai yang belum dipakai dan elaun modal belum diserap kira-kira berjumlah RM72,694,000(1999 : RM154,299,000) dan RM15,662,000 (1999 : RM45,049,000) masing-masing untuk dibawa kedepan untuk penolakan terhadap pendapatan hadapan kena cukai, untuk mana kesan-kesan cukai yangberkenaan masih belum dikenalpasti dalam penyata kewangan pada tarikh kunci kira-kira. Manfaat hanyaboleh diperolehi apabila subsidiari-subsidiari berkenaan menghasilkan pendapatan di masa hadapan yangboleh ditaksirkan dan mencukupi untuk penggunaan kerugian cukai.

9. PENDAPATAN SEUNIT STOKPendapatan asas seunit stok dikira berdasarkan kepada kerugian bersih Kumpulan untuk tahun kewanganberjumlah RM85,587,735 (1999 : RM55,341,039) dibahagikan dengan unit stok terbitan semasa tahunkewangan berjumlah 337,793,619 (1999 : 337,793,619).

10. ASET TETAP

PelarasanBaki Penyah- Penilaian pertukaran Meng- Bakipada penyatuan semula / Pindah mata wang hapus pada

Kumpulan 1.1.2000 subsidiari Tambahan Pelupusan dari/(ke) asing kira 31.12.20002000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kos melainkandinyatakan sebaliknya

Tanah dan bangunanmilik bebas 86,805 (276) 13,089 (42,764) 22,965 (1,155) – 00 78,664

Harta tanah hotel– pada penilaian – 00 – 00 50,784 – 00 105,016 – 00 – 00 155,800– pada kos 179,450 – 00 1,784 – 00 (105,016) (4,200) – 00 72,018Tanah dan bangunan

milik pajakanjangka panjang 47,324 (36,730) – 00 (4,636) – 00 – 00 – 00 5,958

Tanah dan bangunanmilik pajakanjangka pendek 60 – 00 – 00 – 00 – 00 – 00 – 00 60

Loji dan mesin 50,476 (18,191) 1,766 (1,689) – 00 (1,747) (31) 30,584Kenderaan bermotor 11,187 (196) 666 (3,747) – 00 (29) – 00 7,881Perabot, kelengkapan

dan peralatan 82,996 (2,207) 6,171 (31,513) (14) (484) (694) 54,255Pengubahsuaian 21,889 – 00 318 (18,168) – 00 – 00 (347) 3,692Pinggan mangkuk, barang-

barang kaca, kutleri,kain linen dan perkakasdapur 1,979 – 00 221 – 00 – 00 – 00 – 00 2,200

Peralatan dan perisiankomputer 18,855 – 00 550 – 00 14 – 00 – 00 19,419

Pembinaan dalampelaksanaan 17,272 – 00 5,693 – 00 (22,965) – 00 – 00 – 00

518,293 (57,600) 81,042 (102,517) – 00 (7,615) (1,072) 430,531


31 Disember 2000


10. ASET TETAP (SAMBUNGAN)Pelarasan

Baki Penyah- Caj pada pertukaran Meng- Bakipada penyatuan tahun Pindah mata wang hapus pada

1.1.2000 subsidiari kewangan Pelupusan dari/(ke) asing kira 31.12.2000RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Susut Nilai Terkumpul

Tanah dan bangunanmilik bebas 2,676 – 00 1,104 (1,138) – 00 (164) – 00 2,478

Harta tanah hotel – 00 – 00 – 00 – 00 – 00 – 00 – 00 – 00Tanah dan bangunan

milik pajakanjangka panjang 6,041 (2,893) 237 (734) – 00 – 00 – 00 2,651

Tanah dan bangunanmilik pajakanjangka pendek 12 – 00 2 – 00 – 00 – 00 – 00 14

Loji dan mesin 18,707 (6,057) 2,386 (599) – 00 (291) (8) 14,138Kenderaan bermotor 8,727 (196) 1,207 (3,240) – 00 (10) – 00 6,488Perabot, kelengkapan

dan peralatan 42,371 (1,136) 7,473 (21,526) – 00 (620) (624) 25,938Pengubahsuaian 12,914 – 00 906 (11,288) – 00 – 00 (347) 2,185Pinggan mangkuk, barang-

barang kaca, kutleri,kain linen dan perkakasdapur 64 – 00 29 – 00 – 00 – 00 – 00 93

Peralatan dan perisiankomputer 7,859 – 00 3,950 – 00 – 00 – 00 – 00 11,809

Pembinaan dalampelaksanaan – 00 – 00 – 00 – 00 – 00 – 00 – 00 – 00

99,371 (10,282) 17,294 (38,525) – 00 (1,085) (979) 65,794

PelarasanBaki pertukaran Meng- Bakipada Pindah mata wang hapus pada

Kumpulan 1.1.1999 Tambahan Pelupusan dari/(ke) asing kira 31.12.19991999 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kos melainkan dinyatakansebaliknya

Tanah dan bangunan milikbebas 55,059 3,478 (1,094) 28,811 551 – 00 86,805

Harta tanah hotel 180,663 436 – 00 (599) (1,050) – 00 179,450Tanah dan bangunan milik

pajakan jangka panjang 47,324 – 00 – 00 – 00 – 00 – 00 47,324Tanah dan bangunan milik

pajakan jangka pendek 60 – 00 – 00 – 00 – 00 – 00 60Loji dan mesin 52,793 5,616 (8,754) – 00 821 – 00 50,476Kenderan bermotor 12,240 100 (1,166) – 00 13 – 00 11,187Perabot, kelengkapan dan

peralatan 73,786 2,502 (1,324) 7,958 148 (74) 82,996Pengubahsuaian 20,959 959 (16) (13) – 00 – 00 21,889Pinggan mangkuk, barang-

barang kaca, kutleri, kainlinen dan perkakas dapur 1,935 35 – 00 8 1 – 00 1,979

Peralatan dan perisiankomputer 18,482 473 (100) – 00 – 00 – 00 18,855

Pembinaan dalampelaksanaan 49,908 6,528 – 00 (39,087) (77) – 00 17,272

513,209 20,127 (12,454) (2,922) 407 (74) 518,293


31 Disember 2000


10. ASET TETAP (SAMBUNGAN)

PelarasanBaki Caj pada pertukaran Meng- Bakipada tahun Pindah mata wang hapus pada

1.1.1999 kewangan Pelupusan dari/(ke) asing kira 31.12.1999RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000


Tanah dan bangunan milik bebas 1,617 1,056 (1) – 00 4 – 00 2,676Harta tanah hotel – 00 – 00 – 00 – 00 – 00 – 00 – 00Tanah dan bangunan milik

pajakan jangka panjang 5,119 922 – 00 – 00 – 00 – 00 6,041Tanah dan bangunan milik

pajakan jangka pendek 10 2 – 00 – 00 – 00 – 00 12Loji dan mesin 16,233 4,543 (2,175) – 00 106 – 00 18,707Kenderan bermotor 8,001 1,748 (1,025) – 00 3 – 00 8,727Perabot, kelengkapan dan peralatan 33,208 9,780 (642) – 00 25 – 00 42,371Pengubahsuaian 10,806 2,116 (8) – 00 – 00 – 00 12,914Pinggan mangkuk, barang-barang

kaca, kutleri, kain linen danperkakas dapur 35 29 – 00 – 00 – 00 – 00 64

Peralatan dan perisian komputer 4,153 3,706 – 00 – 00 – 00 – 00 7,859Pembinaan dalam pelaksanaan – 00 – 00 – 00 – 00 – 00 – 00 – 00

79,182 23,902 (3,851) – 00 138 – 00 99,371

Baki Bakipada pada

Syarikat 1.1.2000 Tambahan Pelupusan 31.12.20002000 RM’000 RM’000 RM’000 RM’000

Kos

Kenderaan bermotor 195 – 00 – 00 195Perabot, kelengkapan dan peralatan 797 1 – 00 798Pengubahsuaian 848 – 00 – 00 848

1,840 1 – 00 1,841

Baki Caj pada Bakipada tahun pada

1.1.2000 kewangan Pelupusan 31.12.2000RM’000 RM’000 RM’000 RM’000


Kenderaan bermotor 193 1 – 00 194Perabot, kelengkapan dan peralatan 628 66 – 00 694Pengubahsuaian 715 67 – 00 782

1,536 134 – 00 1,670


31 Disember 2000


10. ASET TETAP (SAMBUNGAN)

Baki Bakipada pada

Syarikat 1.1.1999 Tambahan Pelupusan 31.12.19991999 RM’000 RM’000 RM’000 RM’000

Kos

Kenderaan bermotor 195 – 00 – 00 195Perabot, kelengkapan dan peralatan 797 – 00 – 00 797Pengubahsuaian 848 – 00 – 00 848

1,840 – 00 – 00 1,840

Baki Caj pada Bakipada tahun pada

1.1.1999 kewangan Pelupusan 31.12.1999RM’000 RM’000 RM’000 RM’000


Kenderaan bermotor 191 2 – 00 193Perabot, kelengkapan dan peralatan 550 78 – 00 628Pengubahsuaian 630 85 – 00 715

1,371 165 – 00 1,536


RM’000 RM’000 RM’000 RM’000

Nilai buku bersih

Tanah dan bangunan milik bebas 76,186 84,129 – 00 – 00Harta tanah hotel– pada penilaian 155,800 – 00 – 00 – 00– pada kos 72,018 179,450 – 00 – 00Tanah dan bangunan milik pajakan

jangka panjang 3,307 41,283 – 00 – 00Tanah dan bangunan milik pajakan

jangka pendek 46 48 – 00 – 00Loji dan mesin 16,446 31,769 – 00 – 00Kenderaan bermotor 1,393 2,460 1 2Perabot, kelengkapan dan peralatan 28,317 40,625 104 169Pengubahsuaian 1,507 8,975 66 133Pinggan mangkuk, barang-barang kaca,

kutleri, kain linen dan perkakas dapur 2,107 1,915 – 00 – 00Peralatan dan perisian komputer 7,610 10,996 – 00 – 00Pembinaan dalam pelaksanaan – 00 17,272 – 00 – 00

364,737 418,922 171 304


31 Disember 2000


10. ASET TETAP (SAMBUNGAN)Harta tanah hotel tertentu berjumlah RM155,800,000 (1999 : RM107,839,000) telah dicagarkan kepadainstitusi kewangan sebagai jaminan untuk kemudahan kredit yang diberikan kepada Syarikat, di manakemudahan ini telah distrukturkan semula melalui satu penerbitan stok pinjaman boleh tebus dan bolehtukar oleh Syarikat semasa tahun kewangan, kedua-duanya dengan waran boleh pisah seperti yang dinyatakandalam nota 34 kepada Penyata Kewangan.

Tanah dan bangunan milik bebas, harta tanah hotel dan tanah milik pajakan tertentu Kumpulan masing-masing berjumlah RM21,369,000 (1999 : RM20,215,000), RM72,018,000 (1999 : RM72,018,000) danRM1,107,000 (1999 : RM1,119,000) dicaj kepada institusi kewangan untuk kemudahan kredit yang diberikankepada subsidiari-subsidiari.

Termasuk dalam aset tetap Kumpulan adalah aset yang dibiayai melalui perjanjian sewa beli dan pajakanpembiayaan pada nilai buku bersih seperti berikut :-

Kumpulan2000 1999

RM’000 RM’000

(a) Sewa beli

Loji dan mesin 1,112 4,348Kenderan bermotor 615 537Perabot, kelengkapan dan peralatan 176 875Peralatan dan perisian komputer 1,147 2,323

3,050 8,083(b) Pajakan pembiayaan

Loji dan mesin 323 320Perabot, kelengkapan dan peralatan 16 501Peralatan dan perisian komputer 3,173 4,880

3,512 5,701

6,562 13,784

Hakmilik strata untuk harta tanah hotel Kumpulan pada kos RM29,553,533 (1999 : RM29,543,533) masihbelum dikeluarkan oleh pihak-pihak berkuasa yang berkenaan.

Harta tanah hotel Kumpulan pada penilaian telah dinilai semula oleh pengarah-pengarah pada 31 December2000 berdasarkan penilaian yang dikendalikan oleh penilai professional bebas menggunakan kaedah nilaipasaran terbuka.

Aset-aset Kumpulan yang telah dinilai semula dibawa pada kos tolak susut nilai terkumpul, jumlah yangterbawa akan menjadi seperti berikut :-

Susut nilai Nilai bukuKos terkumpul bersih

2000 RM’000 RM’000 RM’000

Harta tanah hotel 105,016 – 105,016


31 Disember 2000


…

11. KEPENTINGAN DALAM SUBSIDIARI-SUBSIDIARI

Syarikat2000 1999

RM’000 RM’000

Saham disebut harga – pada kos 593,602 593,602Peruntukan pengurangan nilai (Nota 6) (157,346) –000

436,256 593,602

Saham tidak disebut harga – pada kos 235,212 235,212Peruntukan pengurangan nilai (30,976) (30,976)

204,236 204,236

640,492 797,838

Nilai pasaran bagi saham disebut harga 117,824 270,677

Butir-butir subsidiari-subsidiari dibentangkan dalam Nota 46 kepada Penyata Kewangan.

Saham-saham subsidiari disebut harga dan tidak disebut harga pada kos RM573,664,648 (1999 :RM573,664,648) dan RM117,774,306 (1999 : RM117,774,306) masing-masing telah dicagarkan kepadainstitusi kewangan sebagai jaminan untuk kemudahan kredit yang diberikan kepada Syarikat dan Kumpulan,di mana kemudahan ini telah distrukturkan semula melalui satu penerbitan stok pinjaman boleh tebus danboleh tukar oleh Syarikat semasa tahun kewangan, kedua-duanya dengan waran boleh pisah seperti yangdinyatakan dalam nota 34 kepada Penyata Kewangan.

Pada tarikh kunci kira-kira, nilai terbawa bagi pelaburan dalam subsidiari disebut harga, United MerchantGroup Berhad (“UMG”) berjumlah RM436,256,000 adalah melebihi aset ketara bersih dan nilai pasarannyamasing-masing berjumlah RM100,696,000 dan RM318,432,000. Para pengarah berpendapat bahawa tiadaperuntukan lanjut diperlukan kerana tiada penurunan nilai jangka masa panjang untuk nilai terbawa bagipelaburan dalam UMG.

Pada 9 September 1999, Pengurusan Danaharta Nasional Berhad melantik Pentadbir-Pentadbir Khas (“SA”)bagi menguruskan aset dan hal ehwal Advance Synergy Furniture Sdn. Bhd. (“ASF”), sebuah subsidiari milikpenuh Syarikat. Dengan perlantikan SA, pengarah-pengarah tidak berada dalam posisi untuk melaksanakankawalan efektif ke atas ASF. Maka ASF telah dinyahpenyatuan dari kedudukan kewangannya bermula 1 January2000 dan dianggap sebagai pelaburan pada kos, tolak peruntukan pengurangan nilai.

12. KEPENTINGAN DALAM SUBSIDIARI-SUBSIDIARI TIDAKDISATUKAN


RM’000 RM’000 RM’000 RM’000

Saham disebut harga – pada kos –000 52,658 –000 52,658Peruntukan pengurangan nilai –000 (4,100) –000 (4,100)

–000 48,558 –000 48,558

Saham-saham tidak disebut harga daripada subsidiari yang tidak disatukan telah dicagar kepada subsidiaridisebut harga untuk menjamin keseimbangan baki antara syarikat.


31 Disember 2000


12. KEPENTINGAN DALAM SUBSIDIARI-SUBSIDIARI TIDAK DISATUKAN(SAMBUNGAN)Butir-butir subsidiari yang tidak disatukan, yang diperbadankan di Malaysia adalah seperti berikut :-

Nama Syarikat Kegiatan Utama Kepentingan Efektif2000 1999

Kedah Marble Sdn. Bhd. Kerja mengkuari, memproses dan 70% 70%memasarkan marmar dan hasilpengeluaran marmar

Penyata kewangan subsidiari Kedah Marble Sdn. Bhd. (“KM”) di atas tidak disatukan kepada penyatakewangan pada tahun kewangan sebelumnya yang mana pengurusan KM dilaksanakan oleh pemegangsaham minoriti menurut perjanjian pemegang-pemegang saham dan Syarikat tidak mempunyai pengaruhyang ketara atas Lembaga Pengarah. Sehubungan itu, pelaburan dalam subsidiari-subsidiari tidak disatukanini telah dianggap sebagai pelaburan ringkas semasa tahun kewangan seperti yang dinyatakan dalam Nota15 kepada penyata kewangan.

Kos pelaburan kepada Syarikat dalam P.T. Asbindo Infocitra telah dihapus kira pada tahun kewangansebelumnya.

13. KEPENTINGAN DALAM SYARIKAT-SYARIKAT BERSEKUTU


RM’000 RM’000 RM’000 RM’000

Saham tidak disebut harga – pada kos 27,755 21,773 19,777 19,777Bahagian Kumpulan dalam hasil selepas

perolehan 43,481 60,441 –000 –000

71,236 82,214 19,777 19,777

Kepentingan dalam syarikat-syarikat bersekutu Kumpulan adalah diwakili oleh :-

2000 1999RM’000 RM’000

Bahagian aset bersih selain daripada muhibah 71,236 82,214

Butiran syarikat-syarikat bersekutu dinyatakan dalam Nota 46 kepada penyata kewangan.

Kepentingan ekuiti untuk Teck See Plastic Sdn. Bhd. telah dikurangkan dari 22.1% ke 10.8% akibat daripadapelupusan separa sebuah subsidiari yang tidak langsung, PC Ventures Sdn. Bhd. seperti yang telah dirujukkepada Nota 5(a) (iii) penyata kewangan.

Saham tidak disebut harga sebuah syarikat bersekutu Kumpulan dan Syarikat pada kos RM16,767,911(1999 : RM16,767,911) telah dicagarkan kepada sebuah subsidiari disebut harga untuk memastikankeseimbangan baki antara syarikat.


31 Disember 2000


0

Di Malaysia :-Saham-sahamWaran-waranTolak : Peruntukan untuk penyusutan nilai

Di luar Malaysia :-Saham-sahamTolak : Peruntukan untuk penyusutan nilai

14. TANAH YANG DIPEGANG UNTUK PEMBANGUNAN

Kumpulan2000 1999

RM’000 RM’000

Tanah milik pajakan jangka panjang– pada penilaian 9,296 9,296– pada kos 327 327Perbelanjaan pembangunan 4,122 4,094

13,745 13,717

Kesemua tanah milik pajakan jangka panjang yang dipegang untuk pembangunan Kumpulan telah dicagarkankepada institusi kewangan sebagai jaminan untuk kemudahan kredit yang diberikan kepada Syarikat dansubsidiari, di mana kemudahan ini telah distrukturkan semula melalui satu penerbitan stok pinjaman bolehtebus dan boleh tukar oleh Syarikat semasa tahun kewangan, kedua-duanya dengan waran boleh pisahseperti yang dinyatakan dalam nota 34 kepada Penyata Kewangan.

Tanah milik pajakan yang dipegang untuk pembangunan pada penilaian Kumpulan telah dinilai semulaberdasarkan nilai pasaran terbuka dalam tahun 1981 dan 1983. Penilaian telah dibuat oleh para pengarahberdasarkan penilaian yang telah dikendalikan oleh sebuah firma penilai profesional. Sehingga sekarang,penilaian semula masih belum dikemas kini.

15. SEKURITI PELABURAN


RM’000 RM’000 RM’000 RM’000

Instrumen Pasaran Wang

Penerimaan jurubank dan bil-bilpenerimaan Islam –000 2,533 –000 –000

Bon Cagamas –000 30,109 –000 –000Bon Danaharta –000 200,474 –000 –000Bon Danamodal –000 86,150 –000 –000Sekuriti Kerajaan Malaysia –000 504,176 –000 –000Instrumen Deposit Boleh Niaga –000 40,007 –000 –000Sekuriti Hutang Swasta dan Islam –000 197,350 –000 –000

–000 1,060,799 –000 –000Pertambahan diskaun ditolak pelunasan

premium –000 24,482 –000 –000

–000 1,085,281 –000 –000


31 Disember 2000


15. SEKURITI PELABURAN (SAMBUNGAN)


RM’000 RM’000 RM’000 RM’000Sekuriti Disebut Harga

Di Malaysia :-Saham 4,458 12,549 4,458 4,458Waran – 00 1 – 00 – 00Peruntukan pengurangan nilai – 00 (2,454) – 00 – 00

4,458 10,096 4,458 4,458Di luar Malaysia :-Saham 27,558 27,042 – 00 – 00Peruntukan pengurangan nilai (23,448) (23,448) – 00 – 00

4,110 3,594 – 00 – 00

8,568 13,690 4,458 4,458

Sekuriti Tidak Disebut Harga

Di Malaysia :-Saham 52,662 7,521 52,658 – 00Peruntukan pengurangan nilai (17,483) – 00 (17,483) – 00

35,179 7,521 35,175 – 00Sekuriti Hutang Swasta dan Islam – 00 7,102 – 00 – 00Bon – 00 24 – 00 – 00Stok pinjaman – 00 10,438 – 00 – 00Lain-lain pelaburan 143 320 – 00 – 00

35,322 25,405 35,175 – 00Di luar Malaysia :-Saham 10,179 18,479 – 00 – 00

45,501 43,884 35,175 – 00

54,069 1,142,855 39,633 4,458

Nilai pasaran :-

Bon Cagamas – 00 30,626 – 00 – 00Sekuriti Kerajaan Malaysia – 00 512,306 – 00 – 00Sekuriti Hutang Swasta dan Islam – 00 203,895 – 00 – 00Saham disebut harga di Malaysia 3,470 14,728 3,470 8,579Saham disebut harga di luar Malaysia 11,277 9,519 – 00 – 00Waran – 00 1 – 00 – 00


31 Disember 2000


15. SEKURITI PELABURAN (SAMBUNGAN)Sekuriti disebut harga Syarikat yang telah dicagarkan kepada institusi kewangan sebagai jaminan untukkemudahan kredit yang diberikan kepada Syarikat, di mana kemudahan ini telah distrukturkan semulamelalui satu penerbitan stok pinjaman boleh tebus dan boleh tukar oleh Syarikat semasa tahun kewangan,kedua-duanya dengan waran boleh pisah seperti yang dinyatakan dalam nota 34 kepada Penyata Kewangan.

Sekuriti tidak disebut harga Syarikat di Malaysia meliputi saham-saham pada nilai terbawa RM35,175,000(1999 : RM48,558,000) telah dicagarkan kepada subsidiari disebut harga untuk menjamin keseimbanganbaki antara syarikat.

16. MUHIBAH DARIPADA PENYATUAN

Kumpulan2000 1999

RM’000 RM’000

Muhibah bersih rizab hasil daripada penyatuan :-

Baki pada 1 Januari 209,940 209,904Rizab yang timbul dari subsidiari-subsidiari yang diperoleh

semasa tahun kewangan (5,413) – 00Muhibah direalisasikan daripada pelupusan subsidiari-

subsidiari (110,311) – 00

94,216 209,904Pertambahan semasa tahun kewangan 319 48Jumlah yang dihapus kira semasa tahun kewangan – 00 (12)

Baki pada 31 Disember 94,535 209,940

17. MUHIBAH YANG DIBELI

Kumpulan2000 1999

RM’000 RM’000

Baki pada 1 Januari 1,806 1,776Pelarasan pertukaran mata wang asing (190) 129

1,616 1,905Pelunasan semasa tahun kewangan (157) (99)



31 Disember 2000


18. ASET TIDAK KETARA

Kumpulan2000 1999

RM’000 RM’000

Perbelanjaan pembangunan perisian 697 – 00Harta intelektual 800 – 00

1,497 – 00

Termasuk di dalam perbelanjaan pembangunan perisian yang ditanggung semasa tahun kewangan adalahseperti berikut :-

Kumpulan2000 1999

RM’000 RM’000

Susut nilai 138 – 00Kos kakitangan 213 – 00

19. HARTA TANAH PEMBANGUNAN DAN PERBELANJAAN

Kumpulan2000 1999

RM’000 RM’000

Tanah milik pajakan– pada penilaian 13,132 12,990– pada kos 9,873 1,932Perbelanjaan pembangunan 76,217 53,563Keuntungan punca 6,165 3,395

105,387 71,880Bil progres (52,660) (38,426)

52,727 33,454

Tanah milik pajakan sebuah subsidiari telah dinilai semula oleh para pengarah mengikut asas nilai pasaranterbuka pada 27 Februari 1992, berdasarkan penilaian yang dikendalikan oleh firma penilaian profesionalbebas dan sejak itu masih belum dikemas kini.

Terdapat dalam perbelanjaan pembangunan ialah faedah yang dimodalkan dan perbelanjaan sewa kilangsemasa tahun kewangan masing-masing berjumlah RM1,991,661 (1999 : RM1,907,027) and RM21,930(1999 : Tiada).

Beberapa tanah milik pajakan tertentu yang sedang dibangunkan telah dicajkan kepada institusi-institusikewangan sebagai jaminan untuk kemudahan kredit yang diberikan kepada subsidiari.


31 Disember 2000


20. STOKKumpulan

2000 1999RM’000 RM’000

Harta tanah dihalang tebus – 00 16,560Harta tanah pembangunan yang telah siap 10,573 12,563Bahan mentah 3,727 5,317Kerja dalam pelaksanaan 870 1,414Barangan siap 3,043 4,433Makanan dan minuman 980 459Bekalan operasi 280 175

19,473 40,921

Stok tertentu harta tanah pembangunan yang telah siap pada nilai RM7,591,000 (1999 : RM7,591,000)telah dicagarkan kepada institusi kewangan sebagai jaminan untuk kemudahan kredit yang diberikan kepadaSyarikat, di mana kemudahan ini telah distrukturkan semula melalui satu penerbitan stok pinjaman bolehtebus dan boleh tukar oleh Syarikat semasa tahun kewangan, kedua-duanya dengan waran boleh pisahseperti yang dinyatakan dalam nota 34 kepada Penyata Kewangan.

Stok tertentu harta tanah pembangunan yang telah siap pada nilai RM2,982,000 (1999 : RM4,372,000)telah dicagarkan kepada institusi kewangan untuk kemudahan kredit yang diberikan kepada subsidiari-subsidiari.

21. PENGHUTANGKumpulan Syarikat

2000 1999 2000 1999RM’000 RM’000 RM’000 RM’000

Jumlah terhutang daripada subsidiari-subsidiari – 00 – 00 265,230 143,544

Peruntukan hutang ragu – 00 – 00 (70,524) (70,524)

– 00 – 00 194,706 73,020

Jumlah terhutang daripada subsidiari yangtidak disatukan – 00 – 00 23 21

Peruntukan hutang ragu – 00 – 00 (23) (21)

– 00 – 00 – 00 – 00Jumlah terhutang daripada syarikat-syarikat

bersekutu 28,056 – 00 – 00 – 00

Penghutang perdagangan 47,968 55,415 – 00 – 00Peruntukan hutang ragu (4,789) (4,083) – 00 – 00

43,179 51,332 – 00 – 00

Penghutang lain, deposit dan prabayar 78,567 118,793 11,091 21,806Peruntukan hutang ragu (731) (755) – 00 – 00

77,836 118,038 11,091 21,806


31 Disember 2000


21. PENGHUTANG (SAMBUNGAN)


RM’000 RM’000 RM’000 RM’000

Jumlah yang boleh diperoleh semuladaripada Danaharta 72,497 72,497 – 00 – 00

Peruntukan hutang ragu (37,416) (30,569) – 00 – 00Jumlah dilupuskan (35,081) – 00 – 00 – 00

– 00 41,928 – 00 – 00

149,071 211,298 205,797 94,826

Termasuk dalam jumlah yang terhutang daripada subsidiari-subsidiari adalah pendahuluan kepada danpembayaran yang dibuat bagi pihak subsidiari-subsidiari tertentu berjumlah RM15,932,000 (1999 :RM13,135,000), tanpa jaminan, dengan faedah 9% (1999 : 9.30% ke 11.05%) setahun dan tiada pembayarantetap.

Termasuk dalam jumlah yang terhutang daripada syarikat-syarikat bersekutu adalah Pinjaman SubordinatTidak Bercagar (“USL”) sebanyak RM15 juta yang diberikan oleh sebuah subsidiari disebut harga pada 3Februari 2000, kepada Perdana Merchant Bankers Berhad (“PMBB”) sebagai pembayaran balik sebuahPinjaman Modal Subordinat Boleh Ubah berjumlah RM50 juta sedia ada yang diberikan oleh DanamodalNasional Berhad. USL tersebut dikenakan faedah pada kadar 7.0% setahun dan perlu dibayar semulamelalui 5 ansuran sama rata berjumlah RM3 juta setiap satu, dengan ansuran pertama dibayar pada hariterakhir dalam tempoh 3 tahun bermula dari tarikh pengambilan dan setiap ansuran yang berikutnya perludibayar pada hari yang sama untuk setiap tahun yang berikutnya sehingga pinjaman tersebut dibayar balikatau diselesaikan sepenuhnya. Baki jumlah yang terhutang daripada syarikat-syarikat bersekutu yang sebelumini merupakan subsidiari-subsidiari, adalah tanpa jaminan, tanpa faedah dan tiada pembayaran tetap.

Peruntukan hutang ragu adalah bersih dari hutang lapuk yang dihapus kira seperti berikut :-


RM’000 RM’000 RM’000 RM’000Hutang lapuk dihapus kira 1,194 4,992 – 00 – 00

Termasuk dalam penghutang lain, deposit dan prabayar untuk Kumpulan adalah deposit sebanyak RM30juta (1999 : RM30 juta) yang dibayar kepada vendor saham Malpac Holdings Berhad menurut PerjanjianJual dan Beli untuk saham-saham tersebut seperti yang dijelaskan dalam Nota 43 kepada Penyata Kewangan.


31 Disember 2000


22. DEPOSIT BERKANUN DENGAN BANK NEGARA MALAYSIADeposit berkanun tanpa faedah disimpan dengan Bank Negara Malaysia, mengikut Seksyen 37(1)(c) OrdinanBank Pusat Malaysia Akta 1958. Jumlah tersebut ditentukan sebagai peratusan tetap daripada jumlah liabilitiyang layak daripada subsidiari yang dilesenkan sebagai institusi kewangan.

Semasa tahun kewangan, United Merchant Group Berhad (“UMG”) telah menamatkan penglibatan dalamperniagan syarikat kewangan, perbankan saudagar, perkhidmatan nomini dan pelaburan harta tanah akibatdaripada pelupusan subsidiari-subsidiari UMG, iaitu United Merchant Finance Berhad (“UMF”) dan PerdanaMerchant Bankers Berhad (“PMBB”) seperti yang dijelaskan dalam Nota 5(a)(i) dan (ii) kepada penyatakewangan.

23. PINJAMAN, PENDAHULUAN DAN PEMBIAYAANKumpulan

2000 1999RM’000 RM’000

Pendiskaunan blok – 00 54,710Tuntutan terhadap pelanggan di bawah kredit penerimaan – 00 992Sewa beli belum terima – 00 2,286,129Pinjaman perumahan – 00 390,947Sewa pajakan belum terima – 00 594Kemudahan kredit berpusing – 00 1,012,999Pinjaman kakitangan – 00 32,370Pinjaman berpenggal – 00 1,759,297Lain-lain pinjaman – 00 11

– 00 5,538,049Faedah dan pendapatan belum diperoleh – 00 (631,941)

Pinjaman, pendahuluan dan pembiayaan kasar – 00 4,906,108

Peruntukan hutang lapuk, hutang ragu dan pembiayaan :-– Am – 00 (87,725)– Khusus – 00 (190,258)Faedah tergantung/Pendapatan tergantung – 00 (119,529)

– 00 (397,512)

Pinjaman, pendahuluan dan pembiayaan bersih – 00 4,508,596

24. SEKURITI URUS NIAGA

Kumpulan2000 1999

RM’000 RM’000

Saham disebut harga di Malaysia 9,082 2,155

Nilai pasaran saham disebut harga di Malaysia 9,082 2,491


31 Disember 2000


25. DEPOSIT DENGAN INSTITUSI-INSTITUSI KEWANGAN


RM’000 RM’000 RM’000 RM’000

Bank berlesen 68,707 15,486 1,600 3,800Institusi kewangan berlesen 312,856 64,125 – 00 – 00Lain-lain institusi kewangan – 00 10,000 – 00 – 00

381,563 89,611 1,600 3,800

Deposit tertentu berjumlah RM1,598,387 (1999 : RM1,121,434) yang dibuat oleh Kumpulan telah dicagarkankepada institusi kewangan untuk kemudahan perbankan yang telah diberikan kepada subsidiari-subsidiaritertentu.

26. TUNAI DAN DANA JANGKA PENDEK


RM’000 RM’000 RM’000 RM’000

Tunai dan baki bank 23,219 97,020 262 170Wang panggilan dan penempatan deposit

yang matang dalam tempoh sebulan 164,160 549,670 – 00 – 00

187,379 646,690 262 170

27. PEMIUTANG


RM’000 RM’000 RM’000 RM’000

Jumlah terhutang kepada subsidiari-subsidiari – 00 – 00 63,291 66,496Pemiutang perdagangan 41,377 30,640 – 00 – 00Pemiutang lain dan akruan 74,400 216,327 48,962 48,338Jumlah perlu dibayar dalam tempoh setahun

kepada pemiutang sewa beli danpajakan (Nota 38) 3,380 6,958 – 00 – 00

119,157 253,925 112,253 114,834

Jumlah terhutang kepada subsidiari disebut harga sebanyak RM57,439,000 (1999 : RM55,526,029) adalahdijamin dengan saham yang tidak disebut harga daripada syarikat bersekutu dan sekuriti tidak disebutharga. Tiada terma pembayaran tetap dan faedah dikenakan pada kadar faedah simpanan tetap 3 bulanUnited Merchant Finance Berhad iaitu antara 3.25% hingga 3.50% (1999 : kos dana subsidiari antara 3.40%hingga 12.54%) setahun.


31 Disember 2000


27. PEMIUTANG (SAMBUNGAN)Termasuk dalam pemiutang lain dan akruan adalah seperti berikut :-


RM’000 RM’000 RM’000 RM’000

Pemiutang lain 19,870 44,302 390 894Peruntukan dan akruan 18,740 39,120 16,787 16,656Faedah terakru 33,376 78,852 31,785 30,788Ansuran sewa beli dan pajakan 1,480 1,117 – 00 – 00Fi permulaan untuk francais dan

perkhidmatan teknikal 934 734 – 00 – 00Pemiutang lain yang berkaitan dengan

subsidiari kewangan berlesen – 00 52,202 – 00 – 00

74,400 216,327 48,962 48,338

28. OVERDRAF BANK

Kumpulan2000 1999

RM’000 RM’000

Bercagar 4,976 10,596Tidak bercagar 7,509 9,770

12,485 20,366

Overdraf bank Kumpulan dicagarkan dengan :-

(i) Caj berdaftar ke atas tanah dan bangunan milik bebas dan harta tanah pembangunan dalampelaksanaan tertentu ;

(ii) Caj terapung ke atas semua aset subsidiari-subsidiari tertentu ; dan

(iii) Perjanjian negatif ke atas semua aset semasa dan masa hadapan sesebuah subsidiari.

Faedah ke atas overdraf bank adalah pada kadar antara 6.80% hingga 11.50% (1999 : 5.00% hingga 12.00%)setahun.


31 Disember 2000


29. PINJAMAN JANGKA PENDEK

Kumpulan2000 1999

RM’000 RM’000

Bercagar :-

Kredit berpusing 13,715 12,071Pinjaman berpenggal (Nota 37) 1,472 49,541Lain-lain 6,081 6,243

21,268 67,855Tidak bercagar :-

Kredit berpusing 11,956 12,173Pinjaman Modal Subordinat Boleh Ubah – 00 50,000Pinjaman berpenggal (Nota 37) 425 – 00Lain-lain 1,195 355

13,576 62,528

34,844 130,383

Pinjaman-pinjaman Kumpulan dicagarkan dengan :-

i) Caj berdaftar ke atas harta tanah pembangunan, tanah dan bangunan serta harta tanah hotel ;

ii) Caj berdaftar ke atas aset tetap dan terapung dalam subsidiari-subsidiari tertentu ; dan

iii) Perjanjian negatif ke atas semua aset semasa dan masa hadapan sebuah subsidiari.

Kadar faedah tahunan atas pinjaman adalah dalam lingkungan 6.80% ke 11.50% (1999 : 5.00% ke 12.00%).

Pinjaman Modal Subordinat Boleh Ubah (“ESCL”) telah diperolehi Perdana Merchant Bankers Berhad(“PMBB”) dari Danamodal pada tahun 1998 dan dikenakan faedah pada kadar 7.5% setahun. Pada 3Februari 2000, PMBB telah menjelaskan sepenuhnya ESCL sebanyak RM50 juta itu.

30. DEPOSIT DAN PENEMPATAN OLEH BANK DAN INSTITUSIKEWANGAN LAIN

Kumpulan2000 1999

RM’000 RM’000

Bank berlesen – 00 419,019Syarikat kewangan berlesen – 00 375,000Lain-lain institusi kewangan – 00 165,719

– 00 959,738


31 Disember 2000


31. DEPOSIT DARIPADA PELANGGAN

Kumpulan2000 1999

RM’000 RM’000

Deposit tetap dan pelaburan – 00 4,721,731Deposit simpanan – 00 312,045Lain-lain – 00 10,913

– 00 5,044,689

32. MODAL SAHAM

Kumpulandan Syarikat

2000 1999RM’000 RM’000

Dibenarkan :-

Saham biasa bernilai RM1.00 setiap satu 800,000 800,000

Diterbit dan dibayar penuh :-

Saham biasa bernilai RM1.00 setiap satu dibayar penuhdan ditukar ke unit-unit stok bernilai RM1.00 setiap satu 337,794 337,794

(a) Waran-waran 2000/2003

Sepanjang tahun kewangan, Syarikat telah menerbitkan 168,896,809 Waran-waran 2000/2003 kepadapemegang-pemegang stok yang berkelayakan berhubung dengan penstrukturan semula pinjaman-pinjaman dari bank yang diambil oleh Syarikat. Waran-waran tersebut dibentukkan melalui satu SuratIkatan Pol bertarikh 28 April 2000. Setiap Waran 2000/2003 melayakkan pemegang berdaftar melanggansatu unit stok baru bernilai RM1.00 setiap satu pada harga hak guna bernilai RM1.00 seunit stok didalam tempoh hak guna berakhir 28 Ogos 2003.

Tiada terjadi sebarang hak guna Waran-waran di dalam tahun kewangan

(b) 7% Stok-stok Pinjaman Boleh Tukar 2000/2005 (“CLS”)

CLS diterbitkan berhubung dengan penstrukturan semula pinjaman-pinjaman dari bank yang telahdiambil oleh Syarikat dengan institusi-institusi kewangannya yang telah ditentukan. CLS ini bolehditukar secara berkadaran sehingga 20% dan 30% bermula dari akhir tahun ketiga dan keempatmasing-masing dari 1 Mei 2000 dan bakinya 50% pada akhir tahun kelima dari 1 Mei 2000.

Di dalam tahun kewangan, tiada terjadi sebarang penukaran CLS kepada unit-unit stok.

Selepas hak guna Waran-waran dan penukaran CLS kepada unit-unit stok baru, unit-unit stok tersebutakan bertaraf pari passu dalam segala hal dengan unit-unit stok diterbit Syarikat yang telah wujudmasa itu, kecuali unit-unit stok baru tersebut tidak berkelayakan ke atas sebarang hak, peruntukan,dividen atau sebarang pengagihan yang diisytihar atau akan diisytihar berhubung dengan tempohkewangan sebelum tempoh kewangan di mana unit-unit stok baru itu diterbitkan atau untuk sebarangdividen interim atau pengagihan yang mungkin diisytihar sebelum tarikh peruntukan unit-unit stokbaru tersebut.


31 Disember 2000


33. RIZAB


RM’000 RM’000 RM’000 RM’000

Premium saham 430,451 432,423 430,451 432,423Rizab modal 69 69 69 69Rizab penilaian semula 50,596 – 00 – 00 – 00Rizab berkanun – 00 49,095 – 00 – 00Rizab perubahan pertukaran

mata wang asing 2,788 3,247 – 00 – 00

Jumlah rizab tidak boleh diagih 483,904 484,834 430,520 432,492Kerugian terkumpul (364,420) (327,927) (338,794) (140,236)

119,484 156,907 91,726 292,256

Perubahan rizab adalah ditunjukkan dalam Penyata Perubahan dalam Ekuiti.

Rizab penilaian semula mewakili lebihan atas penilaian semula daripada sebahagian harta tanah hotelKumpulan.

Pada tahun 1999, rizab berkanun dikekalkan mematuhi Seksyen 36 Akta Perbankan dan Institusi-institusiKewangan, 1989 dan tidak boleh diagihkan sebagai dividen tunai.

34. 7% STOK-STOK PINJAMAN BOLEH TEBUS DAN BOLEH TUKAR2000/2005

Kumpulandan Syarikat

2000 1999RM’000 RM’000

7% stok-stok pinjaman boleh tebus bercagar 185,874 – 007% stok-stok pinjaman boleh tukar bercagar 172,942 – 00

Jumlah stok-stok pinjaman bercagar 358,816 – 007% stok-stok pinjaman boleh tukar tidak bercagar 10,519 – 00

369,335 – 00


31 Disember 2000


34. 7% STOK-STOK PINJAMAN BOLEH TEBUS DAN BOLEH TUKAR2000/2005 (SAMBUNGAN)Ciri-ciri utama 7% Stok-stok Pinjaman Boleh Tebus 2000/2005 (“RLS”) dan 7% Stok-stok Pinjaman BolehTukar 2000/2005 (“CLS”) adalah seperti berikut :-

(i) Penebusan RLS akan berkadaran sehingga 20%, 30% dan bakinya pada akhir tahun ketiga, keempatdan kelima masing-masing dari 1 Mei 2000. CLS boleh ditukar secara berkadaran sehingga 20% dan30 % bermula pada akhir tahun ketiga dan keempat masing-masing dari 1 Mei 2000 dan bakinya 50%pada akhir tahun kelima dari 1 Mei 2000. Kedua-dua RLS dan CLS adalah pada kadar faedah 7%setahun dijelaskan kepada pemegang-pemegang berdaftar seperti berikut :-

(a) kupon 3% dijelaskan secara tunai tertangguh setiap tahun ;

(b) baki kupon 4% berhubung dengan RLS akan terkumpul sehingga tarikh penebusan bahagianRLS yang akan ditebus dan akan dijelaskan secara tunai pada harga tebus berikut :-

(i) RM0.95 sen setiap satu RLS bagi bahagian 20% ;

(ii) RM0.98 sen setiap satu RLS bagi bahagian 30% ;

(iii) RM1.01 sen setiap satu RLS bagi baki yang ditebus ; dan

(c) baki kupon 4% berhubung dengan CLS akan terkumpul sehingga tarikh penukaran dan akandijelaskan secara penukaran kepada unit stok baru RM1.00 setiap satu dalam Syarikat padaharga penukaran RM1.20 seunit stok.

(ii) Seluruh RLS berjumlah bersamaan dengan RM185,874,269 nilai nominal dan CLS berjumlah bersamaandengan RM183,460,787 nilai nominal yang dicagar oleh :-

(a) saham-saham tertentu sebuah subsidiari disebut harga dan sebuah subsidiari tidak disebut hargapada nilai RM573,664,648 dan RM117,774,306 masing-masing ;

(b) seluruh sekuriti disebut harga milik Kumpulan dan Syarikat di Malaysia pada kos yang berjumlahRM4,457,628 ;

(c) seluruh sekuriti disebut harga milik Kumpulan di luar Malaysia pada kos yang berjumlahRM27,558,491 ;

(d) saham-saham disebut harga tertentu yang mana kepentingan mutlaknya dimiliki oleh seorangpengarah Syarikat ; dan

(e) harta tanah tertentu milik Kumpulan.

35. SIJIL DEPOSIT SUBORDINATSijil Deposit Subordinat (“CDs”) telah diterbitkan dalam tahun 1996 oleh subsidiari kewangan berlesenyang meliputi CDs 10 tahun yang dikenakan faedah pada kadar tetap sebanyak 8.75% setahun untuktempoh lima (5) tahun yang pertama dan disubordinatkan ke semua liabiliti lain subsidiari tersebut.

Pada ulang tahun kelima dari tarikh penerbitan dan setiap ulang tahun selepas itu, CDs boleh ditebus padaharga tebus yang dinyatakan pada CDs atas opsyen subsidiari kewangan berkenaan tertakluk kepadakelulusan daripada Bank Negara Malaysia terlebih dahulu.

CDs berkenaan layak sebagai modal Tahap II bagi tujuan menentukan Nisbah Kecukupan Modal untuksubsidiari kewangan berlesen.


31 Disember 2000


36. PINJAMAN JANGKA PANJANG


RM’000 RM’000 RM’000 RM’000

Bercagar :-

Kredit berpusing – 00 165,734 – 00 153,234Overdraf bank – 00 75,446 – 00 72,282

– 00 241,180 – 00 225,516

Tidak bercagar :-

Kredit berpusing – 00 3,000 – 00 3,000

– 00 244,180 – 00 228,516

Pada tahun kewangan sebelumnya pinjaman Kumpulan dan Syarikat adalah dicagarkan dengan :-

(i) caj berdaftar ke atas harta tanah pembangunan serta tanah dan bangunan tertentu ;

(ii) caj berdaftar ke atas sebahagian aset tetap dan terapung sesetengah subsidiari ;

(iii) caj berdaftar ke atas saham subsidiari disebut harga dan pelaburan, dan saham tertentu subsidiaritidak disebut harga ; dan

(iv) caj berdaftar ke atas beberapa sekuriti disebut harga.

Kadar faedah atas pinjaman adalah antara 7.30% hingga 11.40% setahun pada tahun kewangan sebelumnya.

Keseluruhan pinjaman jangka panjang Kumpulan dan Syarikat pada tahun kewangan sebelumnya telahdistrukturkan semula melalui satu penerbitan stok pinjaman boleh tebus dan boleh tukar oleh Syarikatsemasa tahun kewangan, kedua-duanya dengan waran boleh pisah seperti yang dinyatakan dalam nota 34kepada Penyata Kewangan.


31 Disember 2000


37. PINJAMAN BERPENGGAL

Kumpulan2000 1999

RM’000 RM’000

Bercagar :-

Pinjaman berpenggal 51,241 175,392Bahagian yang harus dibayar dalam jangka masa

dua belas bulan di bawah pinjaman jangkapendek (Nota 29) (1,472) (49,541)

49,769 125,851

Tidak bercagar :-

Pinjaman berpenggal 1,757 5,875Bahagian yang harus dibayar dalam jangka masa

dua belas bulan di bawah pinjaman jangkapendek (Nota 29) (425) – 00

1,332 5,875

51,101 131,726

Pinjaman-pinjaman berpenggal dicagar dengan :-

(i) Caj berdaftar ke atas harta tanah pembangunan, tanah dan bangunan serta harta tanah hotel tertentu ;dan

(ii) Debentur RM21.06 juta melalui caj-caj tetap dan terapung yang pertama ke atas aset-aset subsidiari-subsidiari.

Pinjaman-pinjaman berpenggal dikenakan faedah pada kadar antara 6.50% hingga 8.80% (1999 : 8.55%hingga 10.85%) setahun.

Pinjaman-pinjaman berpenggal ini adalah dibayar dengan cara berikut :-

(i) melalui 6 ansuran tahunan sama rata RM317,831 setiap satu bermula pada 1 November 2001 ;

(ii) melalui 8, 28 dan 4 ansuran suku tahunan sama rata RM397,243, RM562,768 dan RM562,746 setiapsatu bermula dari Februari 2000 ;

(iii) melalui 59 ansuran bulanan sama rata RM54,976 setiap satu dan ansuran yang terakhir, akan diberitahujumlahnya apabila tiba waktunya ;

(iv) selama tempoh sepuluh tahun dengan ansuran suku tahunan sama rata RM46,700 ;

(v) melalui tuntutan ke atas baki berjumlah RM181,281 pada 31 Disember 2000 ;

(vi) melalui penebusan unit-unit harta tanah yang dibiayai atau 24 ansuran bulanan sama rata RM667,000termasuk ansuran terakhir RM659,000, bermula dari 5 Ogos 2001, yang mana dahulu ;

(vii) melalui 60 ansuran bulanan sama rata RM85,032 bermula dari tahun 1994 ; dan

(viii) melalui 75 ansuran bulanan sama rata RM42,800 bermula dari 15 Disember 2000.

Pinjaman-pinjaman berpenggal Kumpulan berjumlah RM82,726,000 pada tahun kewangan sebelumnyatelah distrukturkan semula melalui satu penerbitan stok pinjaman boleh tebus dan boleh tukar oleh Syarikatsemasa tahun kewangan, kedua-duanya dengan waran boleh pisah seperti yang dinyatakan dalam nota 34kepada Penyata Kewangan.


31 Disember 2000


38. PEMIUTANG SEWA BELI DAN PAJAKAN

Kumpulan2000 1999

RM’000 RM’000

Ansuran sewa beli dan pajakan perlu dibayar :-– tidak lewat dari satu tahun 4,156 8,183– selepas satu tahun dan tidak lewat dari lima tahun 7,112 10,777– selepas lima tahun 160 – 00

11,428 18,960

Caj faedah masa hadapan (1,606) (2,579)

Baki belum jelas pada 31 Disember 9,822 16,381

Bahagian perlu dibayar :-– tidak lewat dari satu tahun di bawah liabiliti semasa (Nota 27) 3,380 6,958

– selepas satu tahun dan tidak lewat dari lima tahun 6,304 9,423– selepas lima tahun 138 – 00

Pemiutang sewa beli dan pajakan di bawah liabiliti jangka panjang 6,442 9,423

Baki belum jelas pada 31 Disember 9,822 16,381

39. CUKAI TERTUNDA

Kumpulan 2000 1999

RM’000 RM’000

Baki pada 1 Januari 1,454 1,520Pindahan ke penyata pendapatan (Nota 8) (268) (70)Pelarasan pertukaran mata wang asing – 00 4



31 Disember 2000


39. CUKAI TERTUNDA (SAMBUNGAN)Peruntukan cukai tertunda pada hujung tahun kewangan adalah berhubungan dengan hasil cukai atasperbezaan masa seperti yang berikut :-

Kumpulan2000 1999

RM’000 RM’000Perbezaan antara susut nilai dan peruntukan modal atas aset tetap 300 300Perbezaan yang timbul dari lebihan penilaian semula bagi tanah

yang dipegang untuk pembangunan 863 1,154Lain-lain perbezaan masa 23 – 00

1,186 1,454

Cukai tertunda atas penilaian semula harta tanah hotel tertentu semasa tahun kewangan tidak diperuntukkandalam penyata kewangan Kumpulan kerana para pengarah tidak bercadang untuk melupuskan harta tanahtersebut di masa depan.

40. PELARASAN TAHUN SEBELUMNYAPelarasan tahun sebelumnya mewakili kesan retrospektif atas perubahan dasar perakaunan bagi perbelanjaandibawa ke hadapan yang dirujuk dalam Nota 3.15 kepada Penyata Kewangan. Sehubungan itu, penyatakewangan 1999 telah dinyatakan semula untuk mengambil kira kesan-kesan perubahan dalam dasarperakaunan.

Kesan-kesan perubahan ke atas penyata kewangan Kumpulan adalah seperti berikut :-

KesanSebagaimana perubahan Bakidilaporkan dasar dinyatakansebelumnya perakaunan semula

RM’000 RM’000 RM’000

Kerugian terkumpul pada 31 Disember 1998 (222,218) (26,886) (249,104)Kerugian terkumpul pada 31 Disember 1999 (303,722) (24,205) (327,927)Kerugian bersih bagi tahun kewangan

berakhir 31 Disember 1999 (58,022) 2,681 (55,341)

41. KOMITMEN DAN LIABILITI LUAR JANGKA – TIDAK BERCAGARPada tahun kewangan sebelumnya, subsidiari kewangan berlesen menanggung liabiliti luar jangka terhadappinjaman perumahan yang dijual kepada Cagamas Berhad, dengan syarat mereka melaksanakan pentadbiranhutang-hutang berkenaan bagi pihak Cagamas Berhad dan membeli semula apabila pinjaman-pinjamanberkenaan dianggap tidak berkesan berdasarkan kriteria berhemat.


31 Disember 2000


41. KOMITMEN DAN LIABILITI LUAR JANGKA – TIDAK BERCAGAR(SAMBUNGAN)Komitmen dan kontingensi adalah seperti berikut :-


RM’000 RM’000 RM’000 RM’000

Tuntutan oleh Lembaga Hasil Dalam Negeriatas tunggakan cukai lepas – 00 101 – 00 – 00

Gantian kredit terus – 00 77,257 – 00 – 00Urus niaga berhubung perkara luar jangka 222 10,964 – 00 – 00Pinjaman perumahan yang dijual

secara langsung dan tidak langsungkepada Cagamas Berhad – 00 156,656 – 00 – 00

Obligasi di bawah komitmenpenajaan jaminan – 00 25,500 – 00 – 00

Komitmen tidak boleh mansuh untukmemberikan kredit

– tidak melebihi satu tahun – 00 68,596 – 00 – 00– melebihi satu tahun – 00 363,345 – 00 – 00Jaminan untuk pihak ketiga 229 229 – 00 – 00Obligasi melibatkan tuntutan oleh pembekal

atas kontrak yang tidak dilaksanakan – 00 24 – 00 – 00Jaminan yang diberikan bagi pihak

subsidiari-subsidiari – 00 – 00 232,199 223,285Lain-lain aset yang dijual dengan tuntutan beli

balik dan komitmen terhadap pengambilan – 00 26,454 – 00 – 00

451 729,126 232,199 223,285

Syarikat telah menerima notis tindakan undang-undang yang diambil oleh seorang pemegang saham yangmempertikaikan asas penentu kelayakan kepada Terbitan Bonus yang dilaksanakan oleh Syarikat pada tahun1993. Walaupun keputusan muktamad perkara ini masih belum pasti pada masa ini, para pengarah berpendapatbahawa tindakan guaman tersebut tidak mempunyai asas dan tidak akan berjaya.

42. KOMITMEN PAJAKANKumpulan mempunyai komitmen pajakan berhubung dengan premis sewaan dan kelengkapan sewaan,selepas ditolak pajakan kecil, adalah seperti berikut :-

Kumpulan2000 1999

Tahun RM’000 RM’000

dalam masa satu tahun 33 1,046dalam masa satu hingga dua tahun – 00 537lebih dari dua tahun – 00 307


31 Disember 2000


43. KOMITMEN MODALKumpulan

2000 1999RM’000 RM’000

Perbelanjaan modal :-– dibenarkan dan dikontrakkan 138,690 139,255– dibenarkan tetapi tidak dikontrakkan 550 785

139,240 140,040

Dianalisa seperti berikut :-– Aset tetap 2,684 3,484– Cadangan perolehan saham Malpac Holdings

Berhad (“Malpac”) 136,556 136,556

139,240 140,040

Pada 14 Ogos 1997, sebuah subsidiari disebut harga, United Merchant Group Berhad (“UMG”) telahmenandatangani perjanjian jual beli saham bersyarat dengan vendor Malpac Holdings Berhad (“Malpac”)untuk membeli 32.9% kepentingan ekuiti yang meliputi 24,675,000 saham biasa berharga RM1.00 sesahamdalam Malpac dengan penjelasan pembelian tunai sebanyak RM166,556,250 atau RM6.75 sesaham biasa.Kelulusan daripada pihak-pihak berkuasa seperti Kementerian Kewangan telah diperolehi pada 20 November1997, Suruhanjaya Sekuriti pada 20 Disember 1997 dan Jawatankuasa Pelaburan Asing pada 26 Disember1997.

Komitmen modal yang dibenarkan dan dikontrakkan bagi Kumpulan berhubung dengan baki harga belianatas cadangan perolehan saham-saham Malpac Holdings Berhad sebanyak RM136,556,000 (1999 :RM136,556,000).

Pada tahun kewangan sebelumnya, para pengarah UMG telah memulakan rundingan dengan vendor tersebutuntuk menamatkan cadangan perolehan Malpac. Di bawah cadangan penamatan itu, hak dan tanggungjawabUMG di bawah perjanjian jual beli bersyarat bertarikh 14 Ogos 1997 akan dibatalkan dan deposit asal(seperti yang dinyatakan dalam Nota 21 kepada Penyata Kewangan) yang dibuat oleh UMG akan dikembalikan.

44. LAPORAN SEGMENOperasi Kumpulan semasa tahun kewangan kebanyakannya tertumpu di Malaysia. Analisis operasi Kumpulanmengikut kegiatan bagi tahun kewangan adalah seperti berikut :-

Keuntungan/(kerugian) Jumlahsebelum aset

Hasil cukai digunakan2000 RM’000 RM’000 RM’000

Berterusan

Pemegangan pelaburan dan pengurusan 13,210 (97,902) 817,816Pembangunan harta tanah 32,535 1,306 95,764Perkilangan 63,145 2,694 114,904Perkhidmatan kad dan pembayaran 13,019 (6,800) 15,238Hotel dan tempat peranginan 57,392 7,328 363,135

Baki dihantar ke hadapan 179,301 (93,374) 1,406,857


31 Disember 2000


44. LAPORAN SEGMEN (SAMBUNGAN)



Baki dibawa ke hadapan 179,301 (93,374) 1,406,857

Tidak diteruskanPerkhimatan kewangan dan perbankan 210,503 77,826 – 000

389,804 (15,548) 1,406,857

Syarikat bersekutu– bahagian hasil 11,328

(4,220)



Berterusan

Pemegangan pelaburan dan pengurusan 4,754 (171,113) 411,116Pembangunan harta tanah 27,697 1,028 87,666Perkilangan 54,367 (1,578) 190,517Perkhidmatan kad dan pembayaran 11,537 (13,923) 17,538Perkhidmatan kewangan dan perbankan 536,923 97,574 6,657,873Hotel dan tempat peranginan 51,648 (5,321) 313,477

686,926 (93,333) 7,678,187Syarikat bersekutu– bahagian hasil 32,306

(61,027)


31 Disember 2000


45. URUS NIAGA DAN BAKI YANG SIGNIFIKAN DENGAN PIHAKBERKAITAN


RM’000 RM’000 RM’000 RM’000

(a) Pendapatan(i) Faedah belum diterima daripada syarikat

bersekutu, Perdana Merchant BankersBerhad atas :-– Pinjaman Subordinat Tidak Bercagar 961 – 00 – 00 – 00– Penempatan 928 – 00 – 00 – 00

(ii) Pendapatan fi lain belum diterimadaripada syarikat bersekutu,Perdana Merchant Bankers Berhad 15 10 – 00 – 00

(b)Perbelanjaan(i) Fi penasihat korporat dibayar kepada

syarikat bersekutu, Perdana MerchantBankers Berhad 415 – 00 205 – 00

Syarat-syarat dan terma-terma urus niaga di atas tidak berbeza secara material dari yang didapati dari urusniaga dengan pihak yang tidak berkaitan.

Baki belum jelas yang signifikan secara individu terhasil semasa tahun kewangan daripada urus niaga selaindaripada urus niaga-urus niaga biasa dengan pihak yang berkaitan adalah seperti berikut :-


RM’000 RM’000 RM’000 RM’000

Jumlah terhutang daripada syarikat-syarikatbersekutu :-

Perdana Merchant Bankers Berhad– Pinjaman Subordinat Tidak Bercagar 15,000 – 00 – 00 – 00– penempatan deposit 44,966 – 00 – 00 – 00– faedah belum terima 193 – 00 – 00 – 00– lain-lain 3 – 00 – 00 – 00

Perhubungan di antara Kumpulan dan pihak-pihak yang berkaitan, selain daripada yang dinyatakan padabahagian lain dalam penyata kewangan, adalah seperti berikut :-

Identiti pihak yang berkaitan Perhubungan dengan Kumpulan

Syarikat Berkaitan

Perdana Merchant Bankers Berhad Syarikat bersekutu Kumpulan


31 Disember 2000


45. URUS NIAGA DAN BAKI YANG SIGNIFIKAN DENGAN PIHAKBERKAITAN (SAMBUNGAN)

Waran-waran 2000/2003 Syarikat yang diperolehi para pengarah

Waran-waran 2000/2003 Syarikat diperolehi para pengarah Syarikat semasa tahun kewangan adalah sepertiberikut :-

Bilangan Waran 2000/2003Dibeli semasa tahun Waran tidak dihak guna

kewangan pada akhir tahun2000 1999 2000 1999

Dato’ Ahmad Sebi Bakar– kepentingan langsung 7,510,005 – 00 7,510,005 – 00– kepentingan tidak langsung 13,727,000 – 00 13,727,000 – 00

Puan Masri Khaw Binti Abdullah– kepentingan langsung 3,000 – 00 3,000 – 00– kepentingan tidak langsung 350,000 – 00 350,000 – 00

Terma-terma dan syarat-syarat Waran-waran 2000/2003 dinyatakan seperti di dalam Laporan Para Pengarah.

46. SENARAI SUBSIDIARI-SUBSIDIARI DAN SYARIKAT-SYARIKATBERSEKUTUSubsidiari-subsidiari dan syarikat-syarikat bersekutu yang diperbadankan di Malaysia (selain daripada yangdinyatakan sebaliknya) ialah :-

Nama Syarikat Kegiatan Utama Kepentingan Efektif31.12.2000 31.12.1999

Subsidiari-subsidiari Syarikat

*United Merchant Group Berhad Pegangan pelaburan 50.75% 50.75%

iSynergy Sdn. Bhd. Penyediaan produk dan 51% 51%(Dahulu dikenali sebagai khidmat yang berkait denganSynergy Card & Payment pembayaranServices Sendirian Berhad)

Plastic Centre Sdn. Berhad Perniagaan botol plastik, 70% 70%bekas, penutup skru biasadan penutup

Alangka-Suka Hotels & Resorts Pegangan pelaburan 99.63% 99.63%Berhad

Advance Synergy Properties Pegangan pelaburan 100% 100%Sdn. Bhd.

*Advance Synergy Realty Sdn. Bhd. Pembangunan harta tanah 100% 100%

ASB Timber (PNG) Limited Industri perhutanan 100% 100%(Diperbadankan diPapua New Guinea)


31 Disember 2000



*Ausborn Sawmill Sdn. Bhd. Kilang papan dan perniagaan 100% 100%kayu gergaji

*Bornion Sawmill Sdn. Bhd. Kilang papan dan perniagaan 100% 100%kayu gergaji

Excellent Arch Sdn. Bhd. Pegangan pelaburan 100% 100%

Excellent Display Sdn. Bhd. Pegangan pelaburan 100% 100%

Nagapura Management Penyediaan khidmat 100% 100%Corporation Sdn. Bhd. pengurusan

Sadong Development Sdn. Bhd. Pembangunan harta tanah 100% 100%

Synergy Gold Incorporated Pegangan pelaburan 100% 100%(Diperbadankan diBritish Virgin Islands)

Synergy Petroleum Incorporated Pegangan pelaburan 100% 100%(Diperbadankan diBritish Virgin Islands)

Alam Samudera Corporation Tidak aktif 100% 100%Berhad

Advance Synergy Timber Sdn. Bhd. Tidak aktif 100% 100%

*P.T. Asbindo Infocitra Perkhidmatan dalam rekaan 51% 51%(Diperbadankan di Indonesia) dan pemprosesan data

kejuruteraan elektronik

Subsidiari-subsidiari UnitedMerchant Group Berhad

*ASC Equities Sdn. Bhd. Pelaburan perniagaan dan 50.75% 50.75%pelaburan modal

*ASC Credit Sdn. Bhd. Tidak aktif 50.75% 50.75%

*United Merchant Finance Berhad Syarikat kewangan berlesen – 50.75%

Subsidiari United MerchantFinance Berhad

*UMF Development Sdn. Bhd. Pelaburan harta tanah – 50.75%

*UMF Nominees (Tempatan) Perkhidmatan nomini – 50.75%Sdn. Bhd.

*UMF Nominees (Asing) Perkhidmatan nomini – 50.75%Sdn. Bhd.

Subsidiari UMF DevelopmentSdn. Bhd.

*Seal Line Trading Sdn. Bhd. Pelaburan harta tanah – 50.75%


31 Disember 2000



Syarikat Bersekutu UnitedMerchant Group Berhad

*Perdana Merchant Bankers Berhad Perniagaan perbankan saudagar 10.15% 35.58%

Subsidiari-subsidiari PerdanaMerchant Bankers Berhad

*Perdana Nominees (Tempatan) Perkhidmatan nomini 10.15% 35.58%Sdn. Bhd.

*Perdana Nominees (Asing) Perkhidmatan nomini 10.15% 35.58%Sdn. Bhd.

*Perdana Mutual Fund Berhad Tidak aktif 10.15% 35.58%

*Perdana Finance Berhad Syarikat kewangan berlesen – 31.31%

Subsidiari Perdana FinanceBerhad

*Perdana Visi Hartanah Sdn. Bhd. Pelaburan harta tanah – 31.31%

Subsidiari-subsidiari iSynergy Sdn.Bhd. (Dahulu dikenali sebagaiSynergy Card & PaymentServices Sendirian Berhad)

Cosmocourt.com (Malaysia) Sdn. Pemasaran kad diskaun 51% 51%Bhd. (Dahulu dikenali sebagaiGateway Card Services(Malaysia) Sdn. Bhd.)

Rewardstreet.com (Malaysia) Sdn. Pemasaran kad setia 51% 51%Bhd. (Dahulu dikenali sebagai pelangganLoyalty Card Services Sdn. Bhd.)

Datakey Sdn. Bhd. Tidak aktif 51% –

Subsidiari-subsidiari PlasticCentre Sdn. Berhad

Zeller Plastik (Malaysia) Sdn. Bhd. Perkilangan dan penjualan 50.05% 50.05%penutup ‘flip top’

Packaging Centre Services Perkilangan dan 70% 70%Sdn. Bhd. pembungkusan barangan

pengguna

*Plastic Centre Pte. Ltd. Perkilangan dan perniagaan 70% 70%(Diperbadankan di Singapura) botol plastik, bekas, penutup

skru biasa dan penutup

Calmford Incorporated Pegangan pelaburan 70% 70%(Diperbadankan diBritish Virgin Islands)


31 Disember 2000



PC Realty Sdn. Bhd. Tidak aktif 70% 70%

Subsidiari Packaging CentreServices Sdn. Bhd.

Noweia Industries Sdn. Bhd. Sewaan mesin dan peralatan 56% 56%

Subsidiari CalmfordIncorporated

*Jarrett Synergy Pty Ltd Perkilangan dan penjualan 70% 35.74%(Diperbadankan di Australia) produk besi

Syarikat Bersekutu SyarikatPlastic Centre Sdn. Berhad

*PC Ventures Sdn. Bhd. Pegangan pelaburan 34.30% 70%

Syarikat Bersekutu SyarikatPC Ventures Sdn. Bhd.

*Teck See Plastic Sdn. Bhd. Perkilangan tempahan untuk 7.58% 15.47%produk barangan plastik

Subsidiari-subsidiari Alangka-Suka Hotels & Resorts Berhad

Asbina Hotel & Property Sdn. Bhd. Pemilik pegangan pajakan 76.32% 99.63%Monorom Holiday Villa,Phnom Penh

Alor Setar Holiday Villa Sdn. Bhd. Memiliki dan mengendalikan 89.67% 89.67%Alor Setar Holiday Villa

Cherating Holiday Villa Berhad Memiliki dan mengendalikan 99.63% 99.63%Cherating Holiday Villa Resort

Langkawi Holiday Villa Sdn. Bhd. Memiliki dan mengendalikan 99.63% 99.63%Langkawi Holiday Villa Resort

Mayor Hotels Berhad Memiliki dan mengendalikan 99.63% 99.63%City Villa Kuala Lumpur

Grand Hotel Sudan Limited Pemilik pegangan pajakan 99.63% 99.63%(Diperbadankan di Grand Holiday Villa, KhartoumBritish Virgin Islands)

Alangka-Suka International Limited Pegangan pelaburan 99.63% 99.63%(Diperbadankan diBritish Virgin Islands)

Antara Holiday Villas Sdn. Bhd. Perkhidmatan pengurusan 99.63% 99.63%hotel

Holiday Villas International Limited Perkhidmatan pengurusan 99.63% 99.63%(Diperbadankan di hotelBritish Virgin Islands)


31 Disember 2000



Holiday Villa Travel & Tours Perkhidmatan limosin 99.63% 99.63%Sdn. Bhd.

Asbina Hotel & Property (Vietnam) Tidak aktif 99.63% 99.63%Sdn. Bhd.

*Suntop Corporation Sdn. Bhd. Tidak aktif 99.63% 99.63%

Subsidiari Asbina Hotel &Property Sdn. Bhd.

*Asbina Hotel & Property Mengendalikan Monorom 76.32% 76.32%(Cambodia) Pte. Ltd. Holiday Villa, Phnom Penh(Diperbadankan diKingdom of Cambodia)

Subsidiari-subsidiari Alangka-Suka International Limited

Asbina Shenzhen Limited Tidak aktif 89.67% 89.67%(Diperbadankan diBritish Virgin Islands)

*Grand Holiday Villa Khartoum Mengendalikan Grand Holiday 99.63% 99.63%Co. Ltd. Villa, Khartoum(Diperbadankan diRepublik Sudan)

*Interwell International Limited Memiliki Pavilion Holiday Villa, 99.63% 99.63%(Diperbadankan di LondonBritish Virgin Islands)

Subsidiari InterwellInternational Limited

*Interwell Management Limited Tidak aktif 99.63% 99.63%(Diperbadankan diEngland dan Wales)

Subsidiari Holiday VillasInternational Limited

*Holiday Villa (UK) Ltd Mengendalikan Pavilion 99.63% 99.63%(Diperbadankan di Holiday Villa, LondonEngland dan Wales)

Subsidiari Advance SynergyProperties Sdn. Bhd.

Synergy Realty Incorporated Pegangan pelaburan 100% 100%(Diperbadankan diBritish Virgin Islands)


31 Disember 2000



Subsidiari Synergy RealtyIncorporated

*Synergy Investments Pembangunan harta tanah dan 100% 70%Australia Pty Ltd pelaburan(Diperbadankan di Australia)

Subsidiari Excellent ArchSdn. Bhd.

Advance Synergy Furniture Perkilangan dan pemasaran 100% 100%Sdn. Bhd. perabot

Subsidiari-subsidiari ExcellentDisplay Sdn. Bhd.

Super Leisure Sdn. Bhd. Mengendali dan menguruskan 70% 70%restoran-restoran

Visage Synergy Sdn. Bhd. Tidak aktif 70% 70%

Subsidiari-subsidiari NagapuraManagement CorporationSdn. Bhd.

e-go.com Sdn. Bhd. Persediaan aplikasi dan 60% 60%khidmat e-dagang

Syarikat Fit and Weld Kontraktor kimpalan dan 70% 70%Engineering (M) Sdn. Bhd. fabrikasi keluli

Acrylic Synergy Sdn. Bhd. Tidak aktif 81% 81%

Subsidiari SadongDevelopment Sdn. Bhd.

Hotel Golden Dragon Sdn. Bhd. Pembangunan harta tanah 95% 95%

Subsidiari Hotel GoldenDragon Sdn. Bhd.

Simpang Tiga Realty Sdn. Bhd. Pembangunan harta tanah 95% 95%

Syarikat-syarikat bersekutuSyarikat

*ACE Synergy Insurance Berhad Penaja jaminan insurans am 49% 49%

Diversified Gain Sdn. Bhd. Pegangan pelaburan 50% 50%

Subsidiari Diversified GainSdn. Bhd.

Inter-Pacific Travel & Tours Agen pelancongan dan 50% 50%Sdn. Bhd. pengurup wang berlesen


31 Disember 2000



Subsidiari-subsidiari Inter-PacificTravel & Tours Sdn. Bhd.

Columbus Travel & Tours Sdn. Bhd. Agen pelancongan 50% 50%

Inter-Pacific Leisure Sdn. Bhd. Tidak aktif 50% 50%

Motorsports Adventure Sdn. Bhd. Menjalankan aktiviti kembara 50% 50%bermotor dan acara yangberkaitan dengannya

Marketing and Event Management Tidak aktif 50% 50%Integrated Sdn. Bhd.

Inter-Pacific Travel & Tours Tidak aktif 50% 50%(Penang) Sdn. Bhd.

Inter-Pacific Travel & Tours Tidak aktif 50% 50%(Sabah) Sdn. Bhd.

*Syarikat-syarikat yang tidak diaudit oleh BDO Binder.

47. PERISTIWA SIGNIFIKAN SEPANJANG TAHUN KEWANGAN

Kumpulan

(i) Pada 6 Januari 2000, United Merchant Group Berhad (“UMG”) sebuah subsidiari, memeterai PerjanjianJualan Saham bersyarat dengan Southern Bank Berhad (“SBB”) bagi penjualan keseluruhan kepentinganekuiti yang mewakili 100% modal berbayar United Merchant Finance Berhad (“UMF”) yang terdiridaripada 229,000,000 saham biasa RM1.00 setiap satu bagi peruntukan penjelasan tunai sebanyakRM319,414,800. Pelupusan ini disiapkan pada 8 Jun 2000 dan penjelasan sebenar dipersetujui padaRM420,000,000. Sehubungan itu, UMF tidak lagi menjadi subsidiari UMG.

(ii) Pada 3 Februari 2000, UMG telah menyediakan Pinjaman Subordinat Tidak Bercagar sebanyak RM15.0juta kepada Perdana Merchant Bankers Berhad (“PMBB”), sebuah subsidiari UMG, untuk membolehkanPMBB membayar semula Pinjaman Modal Subordinat Boleh Ubah berjumlah RM50 juta sedia adayang diberikan oleh Danamodal Nasional Berhad (Rujuk Nota 21 untuk keterangan).

(iii) Pada 27 Jun 2000, PMBB memeterai Perjanjian Penjualan Saham bersyarat dengan SBB untuk jualanseluruh kepentingan ekuiti PMBB yang mewakili 88% modal berbayar Perdana Finance Berhad (“PFB”)iaitu terdiri dari 26,400,000 saham biasa pada RM1.00 setiap satu untuk peruntukan penjelasan tunaiRM20.27 juta berdasarkan gandaan 1.2 aset nyata bersih (“NTA”) PFB yang belum diaudit pada 30Jun 1999. Pelupusan ini telah selesai pada 8 Disember 2000 dan penjelasan sebenarnya telah dipersetujuipada RM18,005,856. Seterusnya, PFB tamat menjadi subsidiari tidak langsung UMG.

(iv) Pada 28 Jun 2000, UMG memeterai Perjanjian Penjualan Saham bersyarat dengan SBB untuk jualan50.1% kepentingan ekuitinya dalam PMBB terdiri dari 39,027,900 saham biasa pada RM1.00 setiapsatu untuk peruntukan penjelasan tunai RM7.95 juta berdasarkan gandaan 1.5 NTA PMBB yangbelum diaudit pada 30 Jun 1999. Pelupusan ini telah selesai pada 18 Disember 2000 dan penjelasansebenarnya telah dipersetujui pada RM24,798,748. Seterusnya, PMBB tamat menjadi subsidiari UMG.UMG mengekalkan kepentingan ekuiti 20.0% dalam PMBB dan selanjutnya, menganggap PMBB sebagaisebuah syarikat bersekutu.


31 Disember 2000


47. PERISTIWA SIGNIFIKAN SEPANJANG TAHUN KEWANGAN(SAMBUNGAN)

Kumpulan

(v) Dengan penyelesaian pelupusan PMBB pada 18 Disember 2000, UMG telah menyempurnakanpelepasan pelaburannya seperti yang diumumkan, dalam Ban Hin Lee Bank Berhad (direkodkan pada1999), Kumpulan UMF dan Kumpulan PMBB kepada SBB selaras dengan program penggabunganyang dicetuskan oleh Bank Negara Malaysia. Memandang pelupusan pelaburan ini, Bursa Saham KualaLumpur (“KLSE”) telah mengizinkan UMG tempoh 6 bulan dari 18 Disember 2000 untuk UMGmencari perniagaan/aset baharu untuk penidakgantungan status penyenaraian UMG pada PapanUtama KLSE.

Syarikat

(vi) Selaras dengan Perjanjian Penstrukturan semula yang dimeterai dengan beberapa institusi kewangan(“Peminjam-peminjam”) pada 1 Oktober 1999 untuk menstrukturkan semula pinjaman bank olehSyarikat dan beberapa subsidiarinya dengan cara menerbitkan stok pinjaman boleh tebus dan bolehtukar, keduanya berserta waran boleh pisah, kedua-dua cadangan untuk menstrukturkan semula pinjamanbank dan tawaran jual terhad boleh dilepaskan untuk waran boleh pisah oleh Peminjam-peminjamkepada pemegang stok Syarikat telah dibenarkan oleh pemegang-pemegang stok Syarikat di MesyuaratAm Luarbiasa yang diadakan pada 28 April 2000.

Sehubungan penyempurnaan tawaran jual terhad boleh dilepaskan untuk 168,896,809 Waran-waran2000/2003 dalam Syarikat kepada pemegang stok yang berlayakan pada harga tawaran 20 sen setiapWaran 2000/2003 pada dasar satu (1) Waran untuk setiap dua (2) unit stok RM1.00 setiap satu yangdipegang dalam Syarikat. Waran-waran 2000/2003 yang berjumlah 168,896,809 telah diterbitkanpada 29 Ogos 2000 dan seterusnya disebut harga di KLSE pada 15 September 2000.

48. PERISTIWA SIGNIFIKAN SEHUBUNGAN TARIKH KUNCI KIRA-KIRA

Kumpulan

i) Pada 9 Mac 2001, UMG mengumumkan pembayaran dividen interim pertama 5 sen tolak cukaipendapatan pada 313,721,671 saham biasa yang berjumlah RM11,293,980 berkenaan tahun kewanganberakhir 31 Disember 2001, yang akan dibayar pada 19 April 2001 kepada pemegang saham UMGberdaftar dengan Daftar Ahli pada 6 April 2001.

ii) Advance Synergy Furniture Sdn Bhd (Pentadbir Khas Dilantik)(“ASF”), sebuah subsidiari milik penuhtelah memeterai Perjanjian Langganan Saham (“SSA”) dengan Hotline Furniture Berhad (“HFB”) danPengurusan Danaharta Nasional Berhad (“Danaharta”) pada 28 Februari 2001 sehubungan dengansebuah cadangan yang dibuat oleh Pentadbir Khas ASF untuk menstrukturkan semula danmenyelesaikan hutang tertunggak ASF supaya dapat mengembalikan ASF ke kedudukan kewanganyang lebih baik. Sehubungan SSA, HFB akan melanggan 24,000,000 saham biasa baharu pada RM1.00setiap satu dalam ASF untuk jumlah harga langganan RM36,000,000 yang akan dicapai dengan terbitanyang dicadangkan sehingga 30,000,000 saham biasa baharu pada RM1.00 setiap satu dalam HFBpada harga terbitan RM1.20 setiap saham baharu HFB kepada ASF. Saham HFB akan diamanahkankepada Danaharta atau sesiapa yang dilantik oleh Danaharta untuk manfaat pemiutang ASF.


31 Disember 2000


49. PEKERJA-PEKERJA DAN KOS KAKITANGANJumlah bilangan pekerja dan kos kakitangan kepada Kumpulan dan Syarikat termasuklah pengarah eksekutifpada hujung tahun kewangan adalah seperti berikut :-

Bilangan PekerjaKumpulan Syarikat

2000 1999 2000 1999

Pengeluaran 826 804 – 00 – 00Penjualan, pemasaran dan pengagihan 82 1,319 – 00 – 00Pentadbiran 227 257 30 31Lain-lain 138 118 – 00 – 00

1,273 2,498 30 31

Kos KakitanganKumpulan Syarikat

2000 1999 2000 1999RM’000 RM’000 RM’000 RM’000

Pengeluaran 9,106 8,498 – 00 – 00Penjualan, pemasaran dan pengagihan 25,395 45,118 – 00 – 00Pentadbiran 7,575 7,033 2,129 1,959Lain-lain 3,366 4,653 – 00 – 00

45,442 65,302 2,129 1,959

50. ANGKA-ANGKA PERBANDINGANAngka-angka perbandingan telah dilaraskan untuk disesuaikan dengan perubahan pembentangan akibatdaripada perubahan dasar perakaunan seperti yang dijelaskan dalam Nota 40 kepada Penyata Kewangan.

Pembentangan penyata kewangan bagi tahun kewangan semasa dibentangkan bertepatan dengan kehendakLembaga Piawaian Perakaunan Malaysia (“MASB”) Piawaian No. 1 – Pembentangan Penyata Kewangan.Angka-angka perbandingan telah dibentangkan agar bertepatan dengan kehendak baru, di mana perlu.

Jumlah Jumlahdilaporkan Pengklasifikasian dinyatakansebelumnya semula semula

Kumpulan RM’000 RM’000 RM’000

Aset tetap 419,114 (192) 418,922

Perbelanjaan dibawa ke hadapan 25,756 (25,756) – 00

Penghutang 215,788 (4,490) 211,298– Penghutang perdagangan (kasar) 55,494 (79) 55,415– Penghutang lain, deposit

dan prabayar (kasar) 119,535 (742) 118,793– Cukai boleh diperoleh semula 3,669 (3,669) – 00


31 Disember 2000


50. ANGKA-ANGKA PERBANDINGAN (SAMBUNGAN)

Jumlah Jumlahdilaporkan Pengklasifikasian dinyatakansebelumnya semula semula

Kumpulan RM’000 RM’000 RM’000

Cukai boleh diperoleh semula – 00 6,328 6,328

Deposit dengan institusi kewangan 88,363 1,248 89,611– Bank-bank berlesen 14,238 1,248 15,486

Pemiutang (253,371) (554) (253,925)– Pemiutang lain dan akruan (215,773) (554) (216,327)

Cukai (22,670) (2,349) (25,019)

Rizab (181,112) 24,205 (156,907)– Kerugian terkumpul 303,722 24,205 327,927

Kepentingan minoriti (314,101) 1,560 (312,541)

Hasil (698,280) 11,354 (686,926)

Kos penjualan 451,868 (49,063) 402,805

Kerugian sebelum cukai 63,704 (2,677) 61,027

Kepentingan minoriti (6,690) (4) (6,694)

Syarikat

Kepentingan dalam subsidiari-subsidiari 804,362 (6,524) 797,838– Jumlah terhutang daripada subsidiari-

subsidiari (bersih selepas peruntukanhutang ragu) 73,020 (73,020) – 00

– Jumlah terhutang kepada subsidiari-subsidiari (66,496) 66,496 – 00

Penghutang 25,475 69,351 94,826– Jumlah terhutang daripada subsidiari-

subsidiari (bersih selepas peruntukanhutang ragu) – 00 73,020 73,020

– Cukai boleh diperoleh semula 3,669 (3,669) – 00

Cukai boleh diperoleh semula – 00 6,018 6,018

Pemiutang (48,338) (66,496) (114,834)– Jumlah terhutang kepada subsidiari-

subsidiari – 00 (66,496) (66,496)

Cukai – 00 (2,349) (2,349)


31 Disember 2000


Pada pendapat para pengarah, penyata kewangan yang dibentangkan di muka surat 27 hingga 89 telahpun dibuat menurut piawai perakaunan yang diluluskan di Malaysia serta berkenaan, supaya dapatmemberikan pandangan yang benar dan saksama mengenai kedudukan Kumpulan dan Syarikat pada 31Disember 2000 dan keputusan dan aliran tunai Kumpulan dan Syarikat bagi tahun kewangan yang berakhirtersebut.

Bagi pihak Lembaga,

DATO’ AHMAD SEBI BAKAR )

) PENGARAH

WONG AH NAM @ WONG JOON TUANG )

Kuala Lumpur

25 April 2001

Akuan Berkanun

SNG NGIAP KOONSaya, ............................................., sebagai pegawai utama yang bertanggungjawab terhadap pengurusankewangan ADVANCE SYNERGY BERHAD, dengan sesungguh dan ikhlas mengisytiharkan bahawapenyata kewangan yang dibentangkan di muka surat 27 hingga 89 adalah betul, sejauh kepercayaan danpengetahuan saya. Saya membuat perisytiharan ini dengan mempercayai ianya adalah benar dan menurutperuntukan Akta Perisytiharan Berkanun, 1960.

Ditandatangani dan diisytiharkan )

dengan sesungguhnya oleh )

penama di atas di Kuala Lumpur ) SNG NGIAP KOON

pada 25 April 2001 )

Di hadapan saya :-

SETHURAMAN A/L PARAMASIVAM

No. W-217

PESURUHJAYA SUMPAH

Malaysia

Kenyataan Para Pengarah


Kami telah mengaudit penyata kewangan yang disenaraikan di muka surat 27 hingga 89. Penyediaanpenyata kewangan ini adalah merupakan tanggungjawab para pengarah. Tanggungjawab kami ialah untukmengemukakan pendapat kami terhadap penyata kewangan tersebut berdasarkan audit yang kami jalankan.

Kami telah menjalankan audit berdasarkan piawaian-piawaian audit yang diluluskan. Piawaian-piawaiantersebut memerlukan kami merancang dan melaksanakan audit bagi memperolehi jaminan munasabahsama ada penyata kewangan yang dibentang adalah bebas daripada kesilapan salah nyata yang ketara.Audit adalah merangkumi pemeriksaan berasaskan ujian, bukti-bukti yang menyokong jumlah dan maklumatyang diberikan di dalam penyata kewangan. Audit juga merangkumi penilaian terhadap prinsip-prinsipperakaunan dan anggaran signafikan yang dibuat oleh para pengarah, termasuk juga penilaian peragaanpenyata kewangan secara keseluruhan. Kami percaya, audit yang kami jalankan menyediakan asas yangmunasabah terhadap pendapat kami.

Pada pendapat kami :(a) penyata kewangan berkenaan telah dipersembahkan dengan sempurna menurut piawaian-piawaian

perakaunan berkenaan yang diluluskan di Malaysia dan peruntukan Akta Syarikat, 1965 untuk memberikangambaran yang benar dan saksama tentang kedudukan dan keputusan Kumpulan dan Syarikat pada 31Disember 2000 serta aliran tunai Kumpulan dan Syarikat bagi tahun kewangan yang berakhir pada tarikhyang sama; dan

b) rekod-rekod perakaunan dan rekod-rekod lain serta daftar-daftar yang dikehendaki oleh Akta untuk disimpanoleh Syarikat dan subsiadiari-subsidiari yang kami bertindak sebagai juruaudit, telah disimpan dengansempurna menurut peruntukan Akta tersebut.

Kami telah mempertimbangkan penyata kewangan dan laporan juruaudit subsidiari-subsidiari yang kamitidak bertindak sebagai juruaudit, seperti yang dinyatakan dalam Nota 46 kepada Penyata Kewangan,yang merupakan penyata kewangan yang telah dimasukkan di dalam penyata kewangan yang disatukan.

Kami berpuas hati bahawa penyata kewangan subsiadiari-subsidiari yang telah disatukan dengan penyatakewangan Syarikat adalah dalam bentuk dan kandungan yang sesuai dan wajar untuk tujuan penyediaanpenyata kewangan yang disatukan, dan kami telah menerima maklumat dan penjelasan yang memuaskansebagaimana yang kami perlukan untuk tujuan tersebut.

Laporan juruaudit ke atas penyata kewangan subsiadiari-subsidiari adalah tidak tertakluk kepada sebarangsyarat dan komen yang dibuat di bawah seksyen kecil (3) Seksyen 174 Akta tersebut.

BDO BINDERAF : 0206Akauntan Awam

Siew Kah Toong1045/3/02 (J)Rakan dalam firma


Laporan Juruaudit kepada Ahli-ahli Advance Synergy Berhad


FinancialStatements


The directors hereby submit their report together with the audited financial statements of the Group and theCompany for the financial year ended 31 December 2000.

PRINCIPAL ACTIVITIES

The principal activities of the Company are that of investment holding and providing full corporate and financialsupport to its subsidiary companies. The principal activities of the subsidiary companies are set out in Note 46to the financial statements. There have been no significant changes in the nature of these activities during thefinancial year.

RESULTS

Group CompanyRM’000 RM’000

Loss after taxation (27,599) (198,558)Minority interests (57,989) –00

Net loss for the financial year (85,588) (198,558)

Accumulated losses brought forwardAs previously reported (303,722) (140,236)Prior year adjustment – Effect of change in accounting policy (24,205) –00

Restated balance (327,927) (140,236)

(413,515) (338,794)Transfer from statutory reserve 49,095 –00

Accumulated losses carried forward (364,420) (338,794)

DIVIDENDS

No dividend has been paid or declared by the Company since the end of the previous financial year. Thedirectors do not recommend any dividend payment in respect of the financial year ended 31 December 2000.

Directors’ Report


ISSUE OF SHARES AND DEBENTURES

During the financial year, the Company issued the following loan stocks together with 168,896,809 detachableWarrants 2000/2003 to the identified financial institutions pursuant to the restructuring of bank borrowings ofthe Company.

(a) An aggregate equivalent amount of RM185,874,269 nominal value of 7% Redeemable Loan Stocks 2000/2005; and

(b) An aggregate equivalent amount of RM183,460,787 nominal value of 7% Convertible Loan Stocks 2000/2005.

The salient features of the loan stocks are disclosed in Note 34 to the Financial Statements.

The 168,896,809 Warrants 2000/2003 were issued to the entitled stockholders of the Company at an offer priceof 20 sen per Warrant 2000/2003 on the basis of one (1) Warrant for every two (2) existing stock units held inthe Company. Each Warrant 2000/2003 entitles the registered holder at any time during the exercise period tosubscribe for one new stock unit of RM1.00 each at the exercise price of RM1.00 per stock unit during theexercise period expiring 28 August 2003. The registered holders has no right to participate by virtue of theWarrants 2000/2003 in any other share issue of the company and its subsidiary companies. Upon expiry of theexercise period, any unexercised warrants will lapse and cease to be valid for any purpose.

During the financial year, no exercise of Warrants had taken place.

Except for the above, the Company has not issued any shares or debentures during the financial year.

RESERVES AND PROVISIONS

All material transfers to or from reserves or provisions during the financial year ended 31 December 2000 areshown in the financial statements.

DIRECTORS

The directors who held office since the date of the last report are :-

Dato’ Ahmad Sebi BakarAznan Bin Haji IsmailDato’ Nik Ibrahim Kamil Bin Tan Sri Nik Ahmad KamilWong Ah Nam @ Wong Joon TuangMasri Khaw Binti AbdullahSng Chong Khian

In accordance with Article 96 of the Company’s Articles of Association, Dato’ Ahmad Sebi Bakar and Mr. WongAh Nam @ Wong Joon Tuang retire from the Board by rotation at the forthcoming Annual General Meeting and,being eligible, offer themselves for re-election.

Directors’ Report


DIRECTORS’ INTERESTS

According to the Register of Directors’ Stockholdings kept by the Company under Section 134 of the CompaniesAct, 1965, the following directors holding office at the end of the financial year had beneficial interests in thestock units and/or warrants of the Company and shares of its related corporations during the financial yearended 31 December 2000 :-

– Number of stock units/ordinary shares of RM1.00 each –Balance Balance

as at as at1.1.2000 Bought Sold 31.12.2000

Direct Interest

Interest of :-

Dato’ Ahmad Sebi Bakar in :-- Advance Synergy Berhad 14,850,009 170,000 –00 15,020,009

Puan Masri Khaw Binti Abdullah in :-- Advance Synergy Berhad 6,000 –00 –00 6,000- Alangka-Suka Hotels & Resorts Berhad 308,000 –00 –00 308,000

Indirect Interest

Interest of :-

Dato’ Ahmad Sebi Bakar in :-- Advance Synergy Berhad 27,451,109 –00 –00 27,451,109

Puan Masri Khaw Binti Abdullah in :-- Advance Synergy Berhad 700,000 –00 –00 700,000

Mr. Sng Chong Khian in :-- Advance Synergy Berhad 3,781,003 –00 –00 3,781,003- Plastic Centre Sdn. Berhad 1,650,000 –00 –00 1,650,000

– Number of Warrants 2000/2003 –Balance Balance

as at as at1.1.2000 Bought Sold 31.12.2000

Direct Interest

Interest of :-

Dato’ Ahmad Sebi Bakar –00 7,510,005 –00 7,510,005Puan Masri Khaw Binti Abdullah –00 3,000 –00 3,000

Indirect Interest

Interest of :-

Dato’ Ahmad Sebi Bakar –00 13,727,000 –00 13,727,000Puan Masri Khaw Binti Abdullah –00 350,000 –00 350,000

Directors’ Report


DIRECTORS’ INTERESTS (CONTINUED)

No other directors holding office at the end of the financial year had any beneficial interests in the stock unitsor warrants of the Company and shares of its related corporations during the financial year ended 31 December2000.

DIRECTORS’ BENEFITS

Since the end of the previous financial year, none of the directors of the Company has received or becomeentitled to receive a benefit, other than the benefits as disclosed in Note 7 to the Financial Statements, by reasonof a contract made by the Company or a related corporation with the director, or with a firm of which thedirector is a member, or with a company in which the director has a substantial financial interest.

There were no arrangements during and at the end of the financial year, to which the Company is a party, whichhad the object of enabling directors of the Company to acquire benefits by means of the acquisition of shares inor debentures of the Company or any other body corporate.

OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THECOMPANY :-

(I) AS AT THE END OF THE FINANCIAL YEAR

(a) Before the income statements and balance sheets of the Group and the Company were made out,the directors took reasonable steps :-

(i) to ascertain that proper action had been taken in relation to the writing off of bad debts andthe making of provision for doubtful debts and have satisfied themselves that all known baddebts had been written off and adequate provision had been made for doubtful debts; and

(ii) to ensure that any current assets which were unlikely to realise their book values in theordinary course of business had been written down to their estimated realisable values.

(b) In the opinion of the directors, the results of the operations of the Group and the Company duringthe financial year have not been substantially affected by any item, transaction or event of a materialand unusual nature except as disclosed in the Notes to the Financial Statements.

(II) FROM THE END OF THE FINANCIAL YEAR TO THE DATE OF THIS REPORT

(c) The directors are not aware of any circumstances :-

(i) which would render the amount written off for bad debts or the amount of the provision fordoubtful debts in the financial statements of the Group and the Company inadequate to anymaterial extent; or

(ii) which would render the values attributed to current assets in the financial statements of theGroup and the Company misleading; or

(iii) which have arisen which would render adherence to the existing methods of valuation ofassets or liabilities of the Group and the Company misleading or inappropriate.

(d) In the opinion of the directors, except as disclosed in the Notes to the financial statements :-

(i) there has not arisen any item, transaction or event of a material and unusual nature likely toaffect substantially the results of the operations of the Group and the Company for thefinancial year in which this report is made; and

(ii) no contingent or other liability has become enforceable, or is likely to become enforceable,within the period of twelve months after the end of the financial year which will or maysubstantially affect the abilities of the Group and the Company to meet their obligations asand when they fall due.

Directors’ Report


(III) AS AT THE DATE OF THIS REPORT

(e) There are no charges on the assets of the Group and the Company which have arisen since the endof the financial year to secure the liabilities of any other person.

(f) There are no contingent liabilities of the Group and the Company which have arisen since the endof the financial year.

(g) The directors are not aware of any circumstances not otherwise dealt with in the report or financialstatements which would render any amount stated in the financial statements of the Group and theCompany misleading.

AUDITORS

The retiring auditors, Messrs. BDO Binder, have expressed their willingness to continue in office.

Signed on behalf of the Board in accordance with a resolution of the directors.

................................................................


................................................................


Kuala Lumpur

25 April 2001

Directors’ Report


Group Company2000 1999 2000 1999

NOTE RM’000 RM’000 RM’000 RM’000

REVENUE 4 389,804 686,926 2,089 3,181

COST OF SALES (203,026) (402,805) –00 –00

GROSS PROFIT 186,778 284,121 2,089 3,181

OTHER OPERATING INCOME 57,363 85,791 –00 12,640

DISTRIBUTION COSTS (4,825) (10,147) –00 –00

ADMINISTRATION EXPENSES (66,621) (133,300) (426) (479)

OTHER OPERATING EXPENSES (72,759) (104,735) (3,116) (5,711)

LOSS ON DISPOSAL OF- SUBSIDIARY COMPANIES 5 (63,109) –00 –00 –00- ASSOCIATED COMPANY –00 (117,085) –00 –00

PROVISION FOR DIMINUTIONIN VALUE OF INVESTMENTS 6 (13,383) –00 (170,729) –00

PROFIT/(LOSS) FROM OPERATIONS 23,444 4,645 (172,182) 9,631

FINANCE COST (38,992) (97,978) (26,067) (26,842)

SHARE OF RESULTS OFASSOCIATED COMPANIES 11,328 32,306 –00 –00

LOSS BEFORE TAXATION 7 (4,220) (61,027) (198,249) (17,211)

TAXATION 8 (23,379) (1,008) (309) –00

LOSS AFTER TAXATION (27,599) (62,035) (198,558) (17,211)

MINORITY INTERESTS (57,989) 6,694 –00 –00

NET LOSS FOR THE FINANCIAL YEAR (85,588) (55,341) (198,558) (17,211)

EARNINGS PER STOCK 9UNIT (sen)

Basic (25.34) (16.38)

The attached notes form an integral part of the financial statements.

Income Statements For The Financial Year Ended 31 December 2000


Group Company 2000 1999 2000 1999

NOTE RM’000 RM’000 RM’000 RM’000

ASSETS EMPLOYED

FIXED ASSETS 10 364,737 418,922 171 304

INVESTMENT IN SUBSIDIARYCOMPANIES 11 –00 –00 640,492 797,838

INVESTMENT INUNCONSOLIDATEDSUBSIDIARY COMPANIES 12 –00 48,558 –00 48,558

INVESTMENT IN ASSOCIATEDCOMPANIES 13 71,236 82,214 19,777 19,777

LAND HELD FORDEVELOPMENT 14 13,745 13,717 –00 –00

INVESTMENT SECURITIES 15 54,069 1,142,855 39,633 4,458

GOODWILL ON CONSOLIDATION 16 94,535 209,940 –00 –00

PURCHASED GOODWILL 17 1,459 1,806 –00 –00

INTANGIBLE ASSETS 18 1,497 –00 –00 –000

CURRENT ASSETS

Development properties and expenditure 19 52,727 33,454 –00 –00Stocks 20 19,473 40,921 –00 –00Debtors 21 149,071 211,298 205,797 94,826Tax recoverable 6,284 6,328 6,018 6,018Statutory deposits withBank Negara Malaysia 22 –00 221,122 –00 –00Loans, advances and financing 23 –00 4,508,596 –00 –00Dealing securities 24 9,082 2,155 –00 –00Deposits with financial institutions 25 381,563 89,611 1,600 3,800Cash and short term funds 26 187,379 646,690 262 170

805,579 5,760,175 213,677 104,814


Balance Sheets As At 31 December 2000


Group Company 2000 1999 2000 1999

NOTE RM’000 RM’000 RM’000 RM’000

LESS : CURRENT LIABILITIES

Creditors 27 119,157 253,925 112,253 114,834Bank overdrafts 28 12,485 20,366 –00 –00Short term borrowings 29 34,844 130,383 –00 –00Deposits and placements

of banks and other financial institutions 30 –00 959,738 –00 –00

Deposits from customers 31 –00 5,044,689 –00 –00Taxation 5,643 25,019 2,642 2,349

172,129 6,434,120 114,895 117,183

NET CURRENT ASSETS/(LIABILITIES) 633,450 (673,945) 98,782 (12,369)

1,234,728 1,244,067 798,855 858,566FINANCED BY

SHARE CAPITAL 32 337,794 337,794 337,794 337,794

RESERVES 33 119,484 156,907 91,726 292,256

STOCKHOLDERS’ EQUITY 457,278 494,701 429,520 630,050

MINORITY INTERESTS 349,346 312,541 –00 –00

7% REDEEMABLE LOANSTOCKS 2000/2005 34 185,874 –00 185,874 –00

7% CONVERTIBLE LOANSTOCKS 2000/2005 34 183,461 –00 183,461 –00

SUBORDINATED CERTIFICATESOF DEPOSIT 35 –00 50,000 –00 –00

LONG TERM BORROWINGS 36 –00 244,180 –00 228,516

TERM LOANS 37 51,101 131,726 –00 –00

HIRE PURCHASE AND LEASECREDITORS 38 6,442 9,423 –00 –00

DEFERRED TAXATION 39 1,186 1,454 –00 –00

DEFERRED INCOME 40 42 –00 –00

1,234,728 1,244,067 798,855 858,566


Balance Sheets As At 31 December 2000


ExchangeRevalua- fluctua- Accumu-

Share Share Capital Statutory tion tion Other latedcapital premium reserve reserve reserve reserve reserves losses Total

Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Balance as at31 December 1998 337,794 432,423 69 25,613 –00 (2,540) 7,518 (222,218) 578,659

Prior year adjustment(Note 40) –00 –00 –00 –00 –00 –00 –00 (26,886) (26,886)

Restated balance 337,794 432,423 69 25,613 –00 (2,540) 7,518 (249,104) 551,773

Translation gain –00 –00 –00 –00 –00 5,787 –00 –00 5,787Transfer to statutory

reserve –00 –00 –00 23,482 –00 –00 –00 (23,482) –00Realisation upon

disposal ofassociatedcompany –00 –00 –00 –00 –00 –00 (7,518) –00 (7,518)

Net gains and lossesnot recognised inthe incomestatements –00 –00 –00 23,482 –00 5,787 (7,518) (23,482) (1,731)

Net loss for the financial year –00 –00 –00 –00 –00 –00 –00 (55,341) (55,341)

Balance as at31 December 1999 337,794 432,423 69 49,095 –00 3,247 –00 (327,927) 494,701

Debt restructuringexpenses –00 (1,972) –00 –00 –00 –00 –00 –00 (1,972)

Translation loss –00 –00 –00 –00 –00 (459) –00 –00 (459)Transfer from

statutory reserve –00 –00 –00 (49,095) –00 –00 –00 49,095 –00Revaluation of fixed

assets –00 –00 –00 –00 50,784 –00 –00 –00 50,784Transfer to

minority interest –00 –00 –00 –00 (188) –00 –00 –00 (188)

Net gains andlosses notrecognised in theincome statements –00 (1,972) –00 (49,095) 50,596 (459) –00 49,095 48,165

Net loss for thefinancial year –00 –00 –00 –00 –00 –00 –00 (85,588) (85,588)

Balance as at31 December 2000 337,794 430,451 69 –00 50,596 2,788 –00 (364,420) 457,278


Statement of Changes in Equity For The Financial Year Ended 31 December 2000


ExchangeRevalua- fluctua- Accumu-

Share Share Capital Statutory tion tion Other latedcapital premium reserve reserve reserve reserve reserves losses Total

Company RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Balance as at31 December 1998 337,794 432,423 69 –00 –00 –00 –00 (123,025) 647,261



Debt restructuringexpenses –00 (1,972) –00 –00 –00 –00 –00 –00 (1,972)

Net loss notrecognised in theincome statements –00 (1,972) –00 –00 –00 –00 –00 –00 (1,972)




Statement of Changes in Equity For The Financial Year Ended 31 December 2000


Group Company2000 1999 2000 1999

NOTE RM’000 RM’000 RM’000 RM’000

CASH FLOWS FROM OPERATINGACTIVITIES

Loss before taxation (4,220) (61,027) (198,249) (17,211)

Adjustments for :-Amortisation of purchased goodwill 157 99 –00 –00Deposits written off 17 –00 –00 –00Bad debts written off 722 1,462 –00 703Depreciation/amortisation 17,156 23,902 134 165Fixed assets written off 93 74 –00 –00Goodwill written off –00 12 –00 –00Interest expenses 38,992 97,978 26,067 26,842Net gain on disposal of investments (4,813) (3,322) –00 (2,519)Loss on disposal of an associated

company –00 117,085 –00 –00Net loss on disposal of subsidiary

companies 63,109 –00 –00 –00Net (gain)/loss on disposal of fixed assets (3,182) 5,274 –00 –00Provision for credit loss 1,035 2,915 –00 –00Provision for doubtful debts 7,991 18,429 2 1,724Provision for diminution in value of

investments 13,383 –00 170,729 –00Unrealised net (gain)/loss on foreign

exchange (3,139) 1,047 –00 –00Accretion of net goodwill on

consolidation (319) (48) –00 –00Bad debts and financing recovered (838) (15,138) –00 –00Deferred income recognised (2) –00 –00 –00Gain on disposal of option –00 (10,072) –00 (10,072)Gross dividend income (2,259) (1,263) (58) –00Interest income (2,031) (1,113) (2,031) (3,181)Write back of provision for diminution

in value of investments (3,885) –00 –00 –00Write back of provision for doubtful

debts (180) –00 –00 –00Write back of provision for

commitments and contingencies –00 (1,838) –00 –00Share of results of associated

companies (11,328) (32,306) –00 –00

Operating profit/(loss) before workingcapital changes carried forward 106,459 142,150 (3,406) (3,549)


Cash Flow Statements For The Financial Year Ended 31 December 2000


Operating profit/(loss) before workingcapital changes brought forward 106,459 142,150 (3,406) (3,549)

(Increase)/Decrease in developmentproperties and expenditure (19,273) 11,044 –00 –00

Decrease/(Increase) in stocks 20,600 (3,201) –00 –00(Increase)/Decrease in debtors (37,000) 188,365 7,502 (10,310)Decrease in tax recoverable 44 –00 –00 –00Decrease/(Increase) in statutory

deposits with BNM 7,852 (36,089) –00 –00Decrease/(Increase) in loans, advances

and financing 167,617 (212,226) –00 –00Unsecured subordinated loan 15,000 –00 –00 –00(Increase)/Decrease in dealing securities (58,580) 61,346 –00 –00Increase in deposits with financial institutions (477) (1,121) –00 –00Increase/(Decrease) in creditors 14,502 (92,756) (4,507) 5,478Decrease in securities sold under

repurchase agreements 100,680 (63,149) –00 –00Increase in amount due from

unconsolidated subsidiary companies –00 (1,668) –00 –00Decrease in deposits and placements

of banks and other financial institutions (309,633) (49,838) –00 –00Increase in deposits from customers 103,536 730,590 –00 –00

Cash generated from/(used in) operations 111,327 673,447 (411) (8,381)

Taxation (paid)/refunded (10,693) 2,482 –00 –00Software development expenditure (559) –00 –00 –00

Net cash from/(used in) operating activities 100,075 675,929 (411) (8,381)


Group Company2000 1999 2000 1999

NOTE RM’000 RM’000 RM’000 RM’000



CASH FLOWS FROM INVESTINGACTIVITIES

Proceeds from disposal of investmentsecurities 17,344 –00 –00 –00

Proceeds from disposal of an associatedcompany –00 400,522 –00 14,931

Proceeds from disposal of option –00 10,072 –00 10,072Net increase in cash and cash equivalents

arising from disposal of subsidiarycompanies 5(iii) 38,053 –00 –00 –00

Increase in land held for development (28) (30) –00 –00Dividend received 1,978 251 42 –00Interest received 2,031 1,113 234 39Proceeds from disposal of fixed assets 11,306 2,967 –00 –00Purchase of fixed assets A (29,672) (19,201) (1) –00Purchase of investment securities (205,463) (15,239) –00 –00Unsecured Subordinated Loan

extended to an associated company (15,000) –00 –00 –00

Net cash (used in)/from investing activities (179,451) 380,455 275 25,042

CASH FLOWS FROM FINANCINGACTIVITIES

Drawdown from term loan 4,876 –00 –00 –00Drawdown from short term borrowings 12,829 39,563 –00 –00Debt restructuring expenses paid (1,972) –00 (1,972) –00Interest paid (10,925) (57,428) –00 (13,386)Repayment of hire purchase and lease

creditors (3,351) (4,128) –00 –00Repayment of short term borrowings (7,578) –00 –00 –00Repayment of term loans (24,207) (204,269) –00 –00Repayment of exchangeable

subordinated capital loans (50,000) (800,000) –00 –00

Net cash used in financing activities (80,328) (1,026,262) (1,972) (13,386)

Effect of exchange rate changes 9,109 4,091 –00 –00

Group Company2000 1999 2000 1999

NOTE RM’000 RM’000 RM’000 RM’000




NET (DECREASE)/INCREASE INCASH AND CASH EQUIVALENTS (150,595) 34,213 (2,108) 3,275

EFFECT OF DECONSOLIDATION OFA SUBSIDIARY UNDER SPECIALADMINISTRATION B (9,257) –00 –00 –00

CASH AND CASH EQUIVALENTS ASAT BEGINNING OF FINANCIALYEAR

As previously reported 714,814 680,601 3,970 695Effect of exchange rate changes (103) –00 –00 –00

As restated 714,711 680,601 3,970 695

CASH AND CASH EQUIVALENTS ASAT END OF FINANCIAL YEAR C 554,859 714,814 1,862 3,970


Group Company2000 1999 2000 1999

NOTE RM’000 RM’000 RM’000 RM’000



A. PURCHASE OF FIXED ASSETSGroup

During the financial year, the Group acquired fixed assets with an aggregate cost of RM30,258,000(1999 : RM20,127,000) of which RM586,000 (1999 : RM926,000) was acquired by means of hire purchasearrangements. Cash payments of RM29,672,000 (1999 : RM19,201,000) were made to purchase theassets.

B. EFFECT OF DECONSOLIDATION OF A SUBSIDIARY UNDERSPECIALADMINISTRATION

Group2000

RM’000

Fixed assets 47,318Cash and bank balances 29Net current liabilities (24,312)Borrowings (32,263)Bank overdrafts (3,569)

Net liabilities of the subsidiary at date of deconsolidation (12,797)

Less : Cash and cash equivalents at date of deconsolidation

Cash and bank balances 29

Bank overdrafts (3,569)

3,540

(9,257)

The deconsolidation is in respect of Advance Synergy Furniture Sdn. Bhd. (Special Administrators Appointed)which was placed under special administration in the previous financial year as disclosed in Note 11 to theFinancial Statements.

The accumulated net losses as at the date of deconsolidation of the subsidiary company which was previouslyconsolidated amounted to RM39,827,077.

Notes to the Cash Flow Statements For The Financial Year Ended 31 December 2000


C. CASH AND CASH EQUIVALENTSCash and cash equivalents included in the cash flow statements as at the end of the financial year comprisethe following balance sheet amounts :-

Group Company2000 1999 2000 1999

RM'000 RM'000 RM'000 RM'000

Deposits with financial institutions 381,563 89,611 1,600 3,800Cash and short term funds 187,379 646,690 262 170Bank overdrafts (12,485) (20,366) –00 –00

556,457 715,935 1,862 3,970 Less : Deposits pledged to

financial institutions (1,598) (1,121) –00 –00

554,859 714,814 1,862 3,970

Included in the cash and cash equivalents of the previous financial year are deposits with financial institutionsand cash and short term funds in respect of those subsidiary companies which are licensed financialinstitutions amounted to RM73,867,000 and RM628,570,000 respectively.

D. COMPARATIVE FIGURESThe comparative figures for the following cash flow items were restated to conform with the currentfinancial year's presentation so as to comply with the requirement of Malaysian Accounting StandardsBoard ("MASB") Standard No. 5 - Cash Flow Statements.

Amount aspreviously Reclassi- Amount as

Group reported fication restated1999 RM'000 RM'000 RM'000

Loss before taxation (63,704) 2,677 (61,027)Amortisation of expenditure

carried forward 5,380 (5,380) –00Expenditure carried forward written off 6 (6) –00Provision for doubtful debts 2,281 16,148 18,429Net gain on disposal of investments –00 (3,322) (3,322)Unrealised net (gain)/loss on foreign exchange 6,516 (5,469) 1,047Write back of provision for commitments

and contingencies –00 (1,838) (1,838)Increase in expenditure carried forward (1,035) 1,035 –00Gross dividend income –00 (1,263) (1,263)Decrease in debtors 199,983 (11,618) 188,365Decrease in amount due from

associated company (286) 286 –00



Decrease/(Increase) in deposits with financial institutions 105,340 (106,461) (1,121)

Decrease in creditors (95,341) 2,585 (92,756)Decrease in hire purchase creditors (4,128) 4,128 –00Repayment of hire purchase and

lease creditors –00 (4,128) (4,128)Net increase in cash and cash equivalents 139,426 (105,213) 34,213Cash and cash equivalents as at

beginning of financial year 486,898 193,703 680,601Cash and cash equivalents as at

end of financial year 626,324 88,490 714,814

Amount aspreviously Reclassi- Amount as

Group reported fication restated1999 RM'000 RM'000 RM'000

D. COMPARATIVE FIGURES (CONTINUED)



1. PRINCIPAL ACTIVITIESThe principal activities of the Company are that of investment holding and providing full corporate andfinancial support to its subsidiary companies. The principal activities of the subsidiary companies are setout in Note 46 to the Financial Statements. There have been no significant changes in the nature of theseactivities during the financial year.

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTSThe financial statements of the Group and the Company have been prepared in accordance with theapplicable approved accounting standards in Malaysia, Bank Negara Malaysia Guidelines and the provisionsof the Companies Act, 1965.

3. SIGNIFICANT ACCOUNTING POLICIES

3.1 Basis of Accounting

The financial statements of the Group and the Company have been prepared under the historicalcost convention modified by the revaluation of certain properties.

3.2 Basis of Consolidation

The consolidated financial statements incorporate the financial statements of the Company and itssubsidiary companies made up to the end of the financial year, except for those subsidiary companiesas shown in Notes 11 and 12 to the Financial Statements. The Group adopts both acquisition andmerger methods of consolidation, as appropriate.

When the acquisition method is adopted, the difference between the purchase consideration andthe fair value of the underlying net assets acquired is reflected in the financial statements either asgoodwill or reserve on consolidation, as appropriate. Except for the licensed financial subsidiaries,goodwill net of reserve on consolidation arising from other subsidiary companies is amortised over20 years or over the expected useful life, whichever is shorter. Goodwill on consolidation is writtenoff where there is a permanent diminution in value.

Under the merger method of accounting, the results of the subsidiary companies are presented as ifthe merger had been effected throughout the current and previous financial years. On consolidation,the difference between the carrying value of the investment over the normal value of the sharesacquired is taken to merger reserve.

All intercompany transactions and balances are eliminated and the consolidated financial statementsreflect external transactions only. Where necessary, accounting policies for subsidiary companieshave been changed to ensure consistency with the policies adopted by the Group.

The difference between the proceeds from the disposal of the subsidiary and the carrying amount ofits assets less liabilities, together with any goodwill or reserve on consolidation, as of the date ofdisposal is recognised in the consolidated income statements as the gain or loss on the disposal ofthe subsidiary.

Notes to The Financial Statements 31 December 2000


3.3 Revenue Recognition

Revenue

Revenue of the Company consists of dividend and interest income.

Revenue of the Group includes the following :-

- trading sales at invoiced value and services rendered.

- management fees, dividend, interest and rental income.

- membership fees in respect of vacation investment timesharing facilities.

- income earned from hotel and resort operations net of discounts.

- interest income from loans and advances, hire purchase, block discounting, leasing and otherrelated activities in respect of licensed financial subsidiaries.

- sales value of completed development properties sold and proportionate sales value ofdevelopment properties to stage of completion.

- billing of card fees, cash advance fees, interest revenue and discount revenue.

Revenue are recognised upon delivery of products and customer acceptance, if any, or performanceof services, net of sales taxes and discounts.

Interest and Financing Income

Interest and financing income in respect of licensed financial subsidiaries is recognised on an accrualbasis except in the case of non-performing accounts. Interest and financing income on hire purchase,block discounting and leasing transactions are recognised on the sum-of-digits method. Interest andfinancing income on housing and term loans are recognised by reference to monthly or daily restperiods.

Income from financing and advances under the Interest Free Banking Scheme are recognised on theaccrual basis in accordance with Bank Negara Malaysia’s “Guidelines on “Skim Perbankan TanpaFaedah” For Finance Companies (October 1996)”.

Where an account is classified as non-performing, recognition of interest and financing income issuspended until it is realised on a cash basis in conformity with Bank Negara Malaysia’s “Guidelineson the Classification of Non-Performing Loans and Provision for Substandard, Bad and DoubtfulDebts” (GP3) as at 31 December 2000. Customers’ accounts are classified as non-performing whererepayments are in arrears for six months or more from the first day of default for hire purchaseaccounts, block discounting, leasing, loans and advances and after one month from maturity date forbankers’ acceptances.

Fee Income

Loan arrangement, management and participation fees, acceptance and underwriting commissionsare recognised as revenue when all conditions precedent are fulfilled. Fees from advisory and corporatefinance activities are recognised as revenue on completion of each stage of the assignment.

Guarantee and commitment fees which are material are recognised as revenue based on timeapportionment.

NOTES TO THE FINANCIAL STATEMENTS

31 December 2000


3.3 Revenue Recognition (continued)

Dividend Income

Dividends from investments in subsidiaries and associated companies are recognised on an accrualbasis, while dividends from other investments are recognised on receipt basis.

Development Properties and Contract Work in Progress

Profits from sale of development properties and contract work in progress are recognised on thepercentage of completion method. Foreseeable losses, if any, are recognised immediately in theincome statement.

Contract Income

Profit from engineering contract works are recognised based on percentage of completion method.

Discount and Cash Advance Fees

Revenue from discount and cash advance fee is recognised upon receipt of billings from merchants.Revenue from joining fees is recognised upon issuance of cards to approved members.

Membership Fees

Membership fees in respect of vacation investment timesharing facilities are recognised on the basisof 50% in the first year and the balance over the period of 30 years.

3.4 Hire Purchase Commission

Hire purchase commission is charged to the income statement based on the sum-of-digits method.

3.5 Foreign Currency Transactions and Translations

Transactions in foreign currencies are converted into Ringgit Malaysia at the rates of exchange rulingon the transaction dates. Monetary assets and liabilities denominated in foreign currencies at thebalance sheet date are translated into Ringgit Malaysia at the approximate rates of exchange prevailingon that date. Gains or losses arising from foreign currency transactions are dealt with in the incomestatement.

For consolidation purpose, the assets and liabilities of foreign subsidiary companies are translatedinto Ringgit Malaysia at the rates of exchange ruling at the balance sheet date. Income statementitems are translated at the average exchange rates for the financial year. All exchange translationdifferences arising therefrom are dealt with through the exchange fluctuation reserve.

The closing rates used in the translation of foreign currencies are as follows :-

2000 1999RM RM

1 Ringgit Malaysia : Singapore Dollar 0.450 0.4351 Ringgit Malaysia : US Dollar 0.262 0.2621 Ringgit Malaysia : Australian Dollar 0.472 0.4001 Ringgit Malaysia : Great Britain Pound 0.177 0.161


31 December 2000


3.6 Depreciation and Amortisation of Fixed Assets

Fixed assets are stated at cost or valuation, less accumulated depreciation or amortisation.

The gross carrying amount of all fixed assets is initially recorded at cost. Where hotel propertieshave been revalued, the gross carrying amount is measured at valuation.

3.6.1 Fixed Assets

Freehold land, hotel properties and construction in progress are not depreciated.

All other fixed assets are depreciated on the straight line method so as to write off the costor valuation of the assets over their estimated useful lives. The principal annual rates usedare as follows :-

Leasehold land and buildings Over lease period of 25 to 95 yearsBuildingsPlant and machineryMotor vehiclesFurniture, fittings and equipmentRenovationComputer equipment and software

Crockery, glassware, cutleries, linen and kitchen utensils are capitalised at the minimum levelrequired for normal operations. Replacements are written off in the year incurred.

Construction in progress is reclassified as hotel property upon completion of the saidconstruction.

3.6.2 Hotel Properties

Subsequent to the date of valuation, additions to the hotel properties are stated at cost. It isthe Group’s policy to appraise the hotel properties once in every five years by independentprofessional valuers based on open market values. Surpluses arising thereto are credited tothe revaluation surplus account. A deficit is set-off against the revaluation surplus account tothe extent of the surplus credited from the previous revaluation and the excess of the deficitis charged to the income statement.

Hotel properties are not depreciated. It is the Group’s practice to maintain the properties insuch condition that the residual value is so high that the depreciation would be insignificant.The related maintenance expenditure is dealt with in the income statement.

3.7 Interest Capitalisation

Interest incurred on external borrowings to finance assets under construction is capitalised until theassets are ready for their intended use after which such expense is charged to the income statement.

3.8 Investments

Investment in subsidiaries, associated companies and other long term investments are stated at costless provision for permanent diminution in value, if any.

Short term quoted investments are stated at the lower of cost and market value determined on aportfolio basis.

On disposal of an investment, the difference between the net disposal proceeds and its carryingamount is charged or credited to the income statements.

0.5% – 5%10% – 20%15% – 20%6% – 15%

10% – 20%20%


31 December 2000


3.9 Associated Companies

Associated companies are those companies in which the Company has long term equity interest ofbetween 20% and 50% and where the Company is in a position to exercise significant influence overthe financial and operating policies of the investee companies.

The Group equity accounts for its share of post-acquisition results and reserves of its associatedcompanies based on audited/unaudited financial statements.

3.10 Land Held for Development and Development Properties

Land held for development is stated at cost or valuation together with the related developmentexpenditure. It is reclassified as development property upon commencement of development workon the said land. Development expenditure comprises construction and other related costs includinginterest and administrative overheads relating to the projects. Interest cost on borrowings used tofinance the relevant projects are included as development expenditure from commencement to thecompletion of development.

The portion of property development projects which sales have been launched and/or the projectsare expected to be completed within the normal operating cycle of two to three years are consideredas current assets.

3.11 Investment Securities

Investment securities are securities that are acquired and held for yield or capital growth or to meetthe minimum liquid assets requirement pursuant to Section 38 of the Banking and Financial InstitutionsAct 1989, and are usually held to maturity.

Malaysian Government Securities, Malaysian Government Investment Certificates, Cagamas Bonds,other Government Securities, and Bank Guaranteed Private Debt Securities held for investment arestated at cost adjusted for amortisation of premium or accretion of discount to maturity date. OtherPrivate Debt Securities are valued at the lower of cost and market value. Other investment securitiesare stated at cost and provision is made in the event of any permanent diminution in value.

Transfers, if any, between investment and dealing securities are made at the lower of carrying valueand market value.

Quoted equity securities are stated at cost less provision for diminution in value, if any. Unquotedequity securities and bonds held for investment are stated at cost and provision is made for permanentdiminution in value, if any.

3.12 Bills and Acceptances Payable

Bills and acceptances payable represents the licensed financial subsidiaries’ own bills and acceptancesrediscounted and outstanding in the market.

3.13 Purchased Goodwill

Goodwill arising on the acquisition of a business which represents the excess of the acquisition costover the fair value of the underlying net assets acquired is stated at cost and amortised over a periodof 20 years.


31 December 2000


3.14 Intangible Assets

Intangible assets are stated at cost less accumulated amortisation.

3.14.1 Software Development Expenditure

Software development expenditure relates to development work carried out in developingspecialised software packages. Costs that are associated with an identifiable and unique productwhich will be controlled by the Company and has a probable benefit exceeding the costbeyond one year, are recognised as software development expenditure. Costs incurred insoftware development, which are not or have ceased to be commercially viable, are written offto the income statement.

Software development expenditure recognised as assets are amortised on the straight linebasis over a period of three years when the assets are available for use.

3.14.2 Intellectual Properties

Intellectual properties relates to proprietary rights and technical know-how, which forms theplatform for portal building. Cost recognised as intellectual properties comprise of amountsthat the enterprise have paid, at the date of acquisition and has a probable benefit exceedingthe cost beyond one year. The carrying amount of the intellectual properties are reviewedannually and adjusted for impairment where it is considered necessary.

Intellectual properties recognised as an asset is amortised on the straight line basis over aperiod of three years when the asset is available for use.

3.15 Expenditure Carried Forward

In the previous financial year, the expenditure carried forward are as follows :-

Expenses incurred in the formation of subsidiaries are classified as preliminary expenses whilstexpenses incurred before commencement of operations are classified as pre-operating expenses.

Expenditure incurred prior to the commencement of commercial production which will result infuture benefit are carried forward as pre-production expenditure.

Deferred expenditure consists of deferred advertising and acquisition expenditure in relation to theprocurement of charge card membership.

Development expenditure represents the cost incurred in the development of credit card which isplanned to be launched at a future date and expected to be recovered from its future economicbenefit.

Expenditure carried forward is generally written off over three to ten years from the date ofcommencement of operations. In the case of the charge card and credit card services, deferredadvertising and acquisition expenditure are written off over a period of two years from date ofcommencement of business.

During the financial year, all expenditure carried forward has been written off as a prior yearadjustment due to a change in accounting policy to conform with the requirements of MalaysianAccounting Standards Board (“MASB”) Standard No. 1 - Presentation of Financial Statements thatbecome operative for the financial statements covering periods beginning on or after 1 July 1999.


31 December 2000


3.16 Stocks

Stocks are stated at the lower of cost and net realisable value.

Cost is determined on the first in, first out basis. Cost of raw materials comprises the original cost ofpurchase plus the cost of bringing the stocks to their present location and condition. The cost ofwork-in-progress and finished goods includes the cost of raw materials, direct labour and a proportionof production overheads. Cost of completed properties comprises the cost of land and the relateddevelopment expenditure.

3.17 Provision for Bad and Doubtful Debts

Specific provisions are made for doubtful debts and financing which have been individually reviewedand specifically identified as bad or doubtful.

In addition, for licensed financial subsidiaries, a general provision based on a percentage of the loanand financing portfolio is also made to cover possible losses which are not specifically identified.

An uncollectible loan and financing or portion of a loan and financing classified as bad is written offafter taking into consideration the realisable value of collateral, if any, when in the judgement of themanagement, there is no prospect of recovery.

The provision for bad and doubtful debts and financing provided by the licensed financial subsidiariesis in conformity with the minimum requirements of Bank Negara Malaysia’s “Guidelines on theClassification of Non-Performing Loans and Provision for Substandard, Bad and Doubtful Debts”(GP3) as at 31 December 2000.

3.18 Amounts Recoverable from Danaharta

The total consideration for loans sold to Pengurusan Danaharta Nasional Berhad (“Danaharta”) isreceived in two portions; upon the sale of the loans (“initial consideration”) and upon the recoveryof the loans (“final consideration”). The final consideration amount represents the licensed financialsubsidiaries’ predetermined share of the surplus over the initial consideration upon recovery of theloans.

The difference between the carrying value of the loans and the initial consideration is recognised as“Amounts Recoverable from Danaharta” within the “Debtors” component of the balance sheet.Provision against these amounts are made to reflect the directors’ assessment of the realisable valueof the final consideration as at the balance sheet date.

3.19 Dealing Securities

Dealing securities are marketable securities that are acquired and held with the intention of resale inthe short term, and are stated at the lower of cost and market value.

Transfer, if any, between dealing and investment securities are made at the lower of cost and marketvalue.

3.20 Hire Purchase and Leasing Arrangements

Assets financed by hire purchase agreements and leasing arrangements which transfer substantiallyall the risks and benefits of ownership of the assets to the Group are capitalised as fixed assets andthe corresponding obligations are treated as liabilities. The fixed assets capitalised are depreciatedon the same basis as that of the Group’s fixed assets. Finance charges are allocated to the incomestatement over the period of the agreements to give a constant periodic rate of charge on theremaining hire purchase and lease liabilities.

Leases which do not meet the above criteria are treated as operating leases and the related rentalsare charged to the income statement as and when incurred.


31 December 2000


3.21 Deferred Taxation

Deferred taxation is provided under the liability method at the current taxation rate in respect of allmaterial timing differences except where there is reasonable evidence that these timing differenceswill not reverse in the foreseeable future. Deferred taxation benefits are recognised only when thereis reasonable assurance of their realisation.

3.22 Cash and Cash Equivalents

Cash and cash equivalents include cash and bank balances, bank overdrafts, deposits and othershort-term, highly liquid investments which are readily convertible to cash and which are subject toinsignificant risk of changes in value.

4. REVENUE

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Sale of goods 83,543 75,686 –00 –00Rendering of services 52,486 44,765 –00 –00Interest and financing income 219,169 536,786 2,031 3,181Property development 31,932 27,630 –00 –00Rental income 680 796 –00 –00Gross dividend income 1,994 1,263 58 –00

389,804 686,926 2,089 3,181

5. DISPOSAL OF SUBSIDIARY COMPANIES(a) During the financial year, the Group had disposed of :-

(i) United Merchant Finance Berhad (“UMF”), a wholly owned subsidiary company of UnitedMerchant Group Berhad (“UMG”) operating in the financial services segment was disposedof on 8 June 2000 for a cash consideration of RM420,000,000. As a consequence of thisdisposal, UMG ceased involvement in finance company business, nominee services and propertyinvestment. UMF operates mainly in Malaysia.

(ii) UMG’s 50.1% equity interest in Perdana Merchant Bankers Berhad (“PMBB”), a subsidiarycompany operating in the banking services was disposed of on 18 December 2000 for a cashconsideration of RM24,798,748. UMG had previously held 70.1% equity interest in PMBB.As a consequence of this disposal, UMG ceased involvement in merchant banking, nomineeservices and property investment. However, UMG continues to maintain a 20% equity interestin PMBB and accordingly, treated PMBB as an associated company. PMBB operates mainly inMalaysia.

(iii) Plastic Centre Sdn. Berhad’s (“PCSB”) 51.0% equity interest in its wholly owned subsidiarycompany, PC Ventures Sdn. Bhd. (“PCV”) was disposed of on 1 October 2000 for a cashconsideration of RM20,910,000. PCSB continues to maintain a 49% equity interest in PCVand accordingly treated PCV as an associated company.


31 December 2000


5. DISPOSAL OF SUBSIDIARY COMPANIES (CONTINUED)(b) Effect on the consolidated financial statements

(i) Effect on financial results

The effect of the disposal of subsidiaries on the results of the Group for the current financialyear to the respective date of disposals was as follows :-

As atrespective

UMF date ofPCV & PMBB disposals 1999

RM’000 RM’000 RM’000 RM’000

Revenue 877 209,002 209,879 543,993Cost of sales (6) (92,630) (92,636) (333,727)

Net interest income 871 116,372 117,243 210,266Income from IBS operations –00 12,937 12,937 14,936Loan and financing loss and

provisions –00 (33,051) (33,051) (68,728)

871 96,258 97,129 156,474

Non-interest income –00 25,140 25,140 34,720Write back of provision for

commitments andcontingencies –00 –00 –00 1,838

Share of results in associatedcompany 4,459 –00 4,459 5,337

Net income 5,330 121,398 126,728 198,369Overhead expenses –00 (43,572) (43,572) (95,808)Exceptional item –00 –00 –00 (3,784)

Profit before taxationand zakat 5,330 77,826 83,156 98,777

Taxation (207) (20,112) (20,319) (149)Zakat –00 (19) (19) (69)

Profit from ordinary activitiesafter taxation 5,123 57,695 62,818 98,559

Minority interests –00 (350) (350) (427)

Profit attributable toshareholders 5,123 57,345 62,468 98,132


31 December 2000


5. DISPOSAL OF SUBSIDIARY COMPANIES (CONTINUED)(ii) Effect on financial position

The effect of the disposal of subsidiaries on the financial position of the Group was as follows :-

As atrespective

UMF dates ofPCV & PMBB disposal 1999

RM’000 RM’000 RM’000 RM’000

Investment in associated company 44,731 –00 44,731 45,765Investment securities –00 1,320,778 1,320,778 1,116,176Fixed assets –00 55,868 55,868 58,014Statutory deposits with BNM –00 213,270 213,270 221,122Dealing securities –00 51,653 51,653 2,155Loans, advances and financing –00 4,340,979 4,340,979 4,508,597Other assets –00 105,227 105,227 96,838Deposits with financial institutions 1,024 65,000 66,024 27,000Cash and short term funds 2 361,630 361,632 628,307Creditors (3) –00 (3) (2)Securities sold under

repurchase agreements –00 (100,680) (100,680) –00Deposits and placements of banks and

other financial institutions –00 (650,105) (650,105) (959,738)Deposits from customers –00 (5,148,225) (5,148,225) (5,101,520)Short term borrowings –00 (733) (733) (800)Bills and acceptances payable –00 –00 –00 (992)Other liabilities –00 (93,115) (93,115) (106,648)Unsecured subordinated loan –00 (15,000) (15,000) –00Subordinated certificates of

deposits and capital loan –00 (50,000) (50,000) (50,000)Exchangeable subordinated loan –00 –00 –00 (50,000)Taxation –00 (29,060) (29,060) (18,470)Inter-company balances (12,425) –00 (12,425) (12,424)Minority interests –00 (2,616) (2,616) (2,266)

33,329 424,871 458,200 401,114

Retained as an associated companies (16,331) (9,364) (25,695) –00Minority interest –00 (13,998) (13,998) –00

16,998 401,509 418,507 401,114

Goodwill realised on disposalof subsidiary companies –00 110,311 110,311 –00

Share of net assets disposed 16,998 511,820 528,818 401,114Proceeds from disposal 20,910 444,799 465,709

Gain/(loss) on disposal ofsubsidiary companies 3,912 (67,021) (63,109)

There were no disposal of subsidiary companies in the previous financial year.


31 December 2000


5. DISPOSAL OF SUBSIDIARY COMPANIES (CONTINUED)(iii) Effect on Group’s cash flow statement

As at respectivedates of disposal

RM’000

Total proceeds from disposal 465,709

Cash and cash equivalents of subsidiaries disposed (427,656)

Net increase in cash and cash equivalentsarising from disposal of subsidiary companies 38,053

6. PROVISION FOR DIMINUTION IN VALUE OF INVESTMENTS

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Provision for diminution in valueof investments

- quoted subsidiary company (Note 11) –00 –00 157,346 –00- unquoted former subsidiary company (Note 12) 13,383 –00 13,383 –00

13,383 –00 170,729 –00

7. LOSS BEFORE TAXATION

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000Loss before taxation has been arrived at :-

After charging :-

Amortisation of purchased goodwill 157 99 –00 –00Auditors’ remuneration- holding company 50 50 50 50- subsidiary companies 409 462 –00 –00- underprovision in prior year 9 95 20 20Bad debts written off 722 1,462 –00 703Deposits written off 17 –00 –00 –00Depreciation/amortisation 17,156 23,902 134 165Directors’ remuneration- fees 537 434 144 144- other emoluments 2,207 2,639 –00 –00Fixed assets written off 93 74 –00 –00Goodwill written off –00 12 –00 –00


31 December 2000


7. LOSS BEFORE TAXATION (CONTINUED)

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Interest expenses- bank overdrafts 2,654 8,467 2,066 6,617- hire purchase and lease 1,055 2,407 –00–0–00 –00- convertible loan stocks 8,562 –00 8,562 –00- redeemable loan stocks 8,674 –00 8,674 –00- loans 12,775 36,086 4,839 15,386- associated company –00 2 –00 2- advances from subsidiary companies –00 –00 1,926 4,716- others 5,272 51,016 –00 121Lease rental 67 2,216 –00 –00Loss on disposal of fixed assets 3 5,274 –00 –00Loss on disposal of investments 498 1,379 –00 –00Loss on disposal of quoted

investments –00 –00 –00 49Loss on foreign exchange- unrealised 4,662 1,047 –00 –00- realised –00 19 –00 19Provision for doubtful debts 1,144 2,281 2 1,724Provision for amounts recoverable

from Danaharta 6,847 16,148 –00 –00Provision for credit loss 1,035 2,915 –00 –00Rental expenses- equipment 413 587 –00 –00- vehicles –00 31 –00 –00- premises 12,880 14,469 322 371Stocks written off –00 2 –00 –00Unquoted investment written off –00 1 –00 1

And crediting :-

Accretion of net goodwill on consolidation 319 48 –00 –00Bad debts and financing recovered 838 15,138 –00 –00Gain on disposal of- fixed assets 3,185 –00 –00 –00- quoted investments 5,311 4,701 –00 2,568- option –00 10,072 –00 10,072- others 385 1,264 –00 –00Gain on foreign exchange- unrealised 7,801 –00 –00 –00- realised 291 –00 –00 –00


31 December 2000


7. LOSS BEFORE TAXATION (CONTINUED)

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Gross dividend income fromassociated companies 264 –00 –00 –00- unquoted investments 1,269 64 –00 –00- quoted investments 726 1,199 58 –00Interest income- fixed deposit 1,582 607 234 39- subsidiary companies –00 –00 1,797 3,142- others 449 477 –00 –00Rental income 2,291 1,967 –00 –00Write back contingencies and commitments –00 1,838 –00 –00Write back of provision for

diminution in value of investments 3,885 –00 –00 –00Write back of provision for doubtful debts 180 –00 –00 –00

The estimated monetary value of other benefits not included in the above received by directors of theCompany and its subsidiary companies was RM34,050 (1999 : RM36,300) for the Company and RM170,050(1999 : RM269,300) for the Group.

8. TAXATION

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

On current financial year’s results 25,389 368 309 –00(Over)/Under provision in prior year (5,031) 75 –00 –00Transfer from deferred taxation (Note 39) (268) (70) –00 –00

20,090 373 309 –00

Share of taxation in associated companies 3,270 566 –00 –00Zakat 19 69 –00 –00

23,379 1,008 309 –00

The effective tax rate of the Group for the current financial year is higher than the statutory tax ratemainly due to certain expenses which were not deductible for taxation purposes and the non-availabilityof group relief where tax losses of certain subsidiary companies cannot be set-off against the taxableincome of other subsidiary companies.

The provision for taxation for the Company in the current financial year is in respect of the dividendincome received.


31 December 2000


8. TAXATION (CONTINUED)No provision for taxation has been made for Malaysian Income Tax in respect of business income (exceptfor dividend income) earned by the Company and the Group for the financial year ended 31 December1999 pursuant to the waiver of income tax granted under Section 8 of the Income Tax (Amendment) Act,1999. Provision for taxation for the Group in the previous financial year was in respect of the dividendincome and taxable profits of foreign subsidiary companies.

Subject to the approval of the Inland Revenue Board, certain subsidiary companies of the Group haveunutilised tax losses and unabsorbed capital allowances of approximately RM72,694,000 (1999 :RM154,299,000) and RM15,662,000 (1999 : RM45,049,000) available to be carried forward for set-offagainst future chargeable income, for which the related tax effects have not been recognised in the financialstatements as at balance sheet date. The benefits will only be obtained when these subsidiary companiesderive future assessable income for the tax losses to be utilised.

9. EARNINGS PER STOCK UNITThe basic earnings per stock unit is based on the Group’s net loss for the financial year of RM85,587,735(1999 : RM55,341,039) divided by the number of stock units in issue during the financial year of 337,793,619(1999 : 337,793,619).


31 December 2000


Decon- ChargeBalance solidation for the Exchange Balance

as at of a financial Transfer translation Written as at1.1.2000 subsidiary year Disposals from/(to) adjustments off 31.12.2000RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Accumulateddepreciation

Freehold land andbuildings 2,676 –00 1,104 (1,138) –00 (164) –00 2,478

Hotel properties –00 –00 –00 –00 –00 –00 –00 –00Long term leasehold

land and buildings 6,041 (2,893) 237 (734) –00 –00 –00 2,651Short term leasehold

land and buildings 12 –00 2 –00 –00 –00 –00 14Plant and machinery 18,707 (6,057) 2,386 (599) –00 (291) (8) 14,138Motor vehicles 8,727 (196) 1,207 (3,240) –00 (10) –00 6,488Furniture, fittings

and equipment 42,371 (1,136) 7,473 (21,526) –00 (620) (624) 25,938Renovation 12,914 –00 906 (11,288) –00 –00 (347) 2,185Crockeries, glassware,

cutleries, linen andkitchen utensils 64 –00 29 –00 –00 –00 –00 93

Computer equipmentand software 7,859 –00 3,950 –00 –00 –00 –00 11,809

Construction in progress –00 –00 –00 –00 –00 –00 –00 –00

99,371 (10,282) 17,294 (38,525) –00 (1,085) (979) 65,794

10. FIXED ASSETSDecon-

Balance solidation Re- Exchange Balanceas at of a valuation / Transfer translation Written as at

Group 1.1.2000 subsidiary Additions Disposals from/(to) adjustments off 31.12.20002000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Cost unlessotherwise stated

Freehold land andbuildings 86,805 (276) 13,089 (42,764) 22,965 (1,155) –00 78,664

Hotel properties- at valuation –00 –00 50,784 –00 105,016 –00 –00 155,800- at cost 179,450 –00 1,784 –00 (105,016) (4,200) –00 72,018Long term leasehold

land and buildings 47,324 (36,730) –00 (4,636) –00 –00 –00 5,958Short term leasehold

land and buildings 60 –00 –00 –00 –00 –00 –00 60Plant and machinery 50,476 (18,191) 1,766 (1,689) –00 (1,747) (31) 30,584Motor vehicles 11,187 (196) 666 (3,747) –00 (29) –00 7,881Furniture, fittings

and equipment 82,996 (2,207) 6,171 (31,513) (14) (484) (694) 54,255Renovation 21,889 –00 318 (18,168) –00 –00 (347) 3,692Crockeries, glassware,

cutleries, linen andkitchen utensils 1,979 –00 221 –00 –00 –00 –00 2,200

Computer equipmentand software 18,855 –00 550 –00 14 –00 –00 19,419

Construction inprogress 17,272 –00 5,693 –00 (22,965) –00 –00 –00

518,293 (57,600) 81,042 (102,517) –00 (7,615) (1,072) 430,531


31 December 2000


Balance Exchange Balanceas at Transfer translation Written as at

Group 1.1.1999 Additions Disposals from/(to) adjustments off 31.12.19991999 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Cost unlessotherwise stated

Freehold land and buildings 55,059 3,478 (1,094) 28,811 551 –00 86,805Hotel properties 180,663 436 –00 (599) (1,050) –00 179,450Long term leasehold land and

buildings 47,324 –00 –00 –00 –00 –00 47,324Short term leasehold

land and buildings 60 –00 –00 –00 –00 –00 60Plant and machinery 52,793 5,616 (8,754) –00 821 –00 50,476Motor vehicles 12,240 100 (1,166) –00 13 –00 11,187Furniture, fittings and

equipment 73,786 2,502 (1,324) 7,958 148 (74) 82,996Renovation 20,959 959 (16) (13) –00 –00 21,889Crockeries, glassware, cutleries,

linen and kitchen utensils 1,935 35 –00 8 1 –00 1,979Computer equipment

and software 18,482 473 (100) –00 –00 –00 18,855Construction in progress 49,908 6,528 –00 (39,087) (77) –00 17,272

513,209 20,127 (12,454) (2,922) 407 (74) 518,293

ChargeBalance for the Exchange Balance

as at financial Transfer translation Written as at1.1.1999 year Disposals from/(to) adjustments off 31.12.1999RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Accumulated depreciation

Freehold land and buildings 1,617 1,056 (1) –00 4 –00 2,676Hotel properties –00 –00 –00 –00 –00 –00 –00Long term leasehold land and

buildings 5,119 922 –00 –00 –00 –00 6,041Short term leasehold

land and buildings 10 2 –00 –00 –00 –00 12Plant and machinery 16,233 4,543 (2,175) –00 106 –00 18,707Motor vehicles 8,001 1,748 (1,025) –00 3 –00 8,727Furniture, fittings and

equipment 33,208 9,780 (642) –00 25 –00 42,371Renovation 10,806 2,116 (8) –00 –00 –00 12,914Crockeries, glassware, cutleries,

linen and kitchen utensils 35 29 –00 –00 –00 –00 64Computer equipment

and software 4,153 3,706 –00 –00 –00 –00 7,859Construction in progress –00 –00 –00 –00 –00 –00 –00

79,182 23,902 (3,851) –00 138 –00 99,371

10. FIXED ASSETS (CONTINUED)


31 December 2000


Balance Balanceas at as at

Company 1.1.1999 Additions Disposals 31.12.19991999 RM’000 RM’000 RM’000 RM’000

Cost

Motor vehicles 195 –00 –00 195Furniture, fittings and equipment 797 –00 –00 797Renovation 848 –00 –00 848

1,840 –00 –00 1,840

Balance Balanceas at as at

Company 1.1.2000 Additions Disposals 31.12.20002000 RM’000 RM’000 RM’000 RM’000

Cost

Motor vehicles 195 –00 –00 195Furniture, fittings and equipment 797 1 –00 798Renovation 848 –00 –00 848

1,840 1 –00 1,841

ChargeBalance for the Balance

as at financial as at1.1.2000 year Disposals 31.12.2000RM’000 RM’000 RM’000 RM’000


Motor vehicles 193 1 –00 194Furniture, fittings and equipment 628 66 –00 694Renovation 715 67 –00 782

1,536 134 –00 1,670



31 December 2000


ChargeBalance for the Balance

as at financial as atCompany 1.1.1999 year Disposals 31.12.19991999 RM’000 RM’000 RM’000 RM’000


Motor vehicles 191 2 –00 193Furniture, fittings and equipment 550 78 –00 628Renovation 630 85 –00 715

1,371 165 –00 1,536

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Net book value

Freehold land and building 76,186 84,129 –00 –00Hotel properties- at valuation 155,800 –00 –00 –00- at cost 72,018 179,450 –00 –00Long term leasehold land and buildings 3,307 41,283 –00 –00Short term leasehold land and buildings 46 48 –00 –00Plant and machinery 16,446 31,769 –00 –00Motor vehicles 1,393 2,460 1 2Furniture, fittings and equipment 28,317 40,625 104 169Renovation 1,507 8,975 66 133Crockeries, glassware, cutleries, linen and

kitchen utensils 2,107 1,915 –00 –00Computer equipment and software 7,610 10,996 –00 –00Construction in progress –00 17,272 –00 –00

364,737 418,922 171 304

Certain hotel properties amounting to RM155,800,000 (1999 : RM107,839,000) have been pledged tofinancial institution as a security for credit facilities granted to the Company, which had been restructuredby way of an issue of redeemable and convertible loan stocks, both with detachable warrants by theCompany during the financial year as disclosed in Note 34 to the Financial Statements.

Certain freehold land and building, hotel properties, leasehold land of the Group amounting to RM21,369,000(1999 : RM20,215,000), RM72,018,000 (1999 : RM72,018,000) and RM1,107,000 (1999 : RM1,119,000)respectively are charged to financial institutions for credit facilities granted to the subsidiary companies.



31 December 2000


10. FIXED ASSETS (CONTINUED)Included in the fixed assets of the Group are assets financed under hire purchase and finance leaseagreements at net book value as follows :-

Group2000 1999

RM’000 RM’000

(a) Hire purchase

Plant and machinery 1,112 4,348Motor vehicles 615 537Furniture, fittings and equipment 176 875Computer equipment and software 1,147 2,323

3,050 8,083

(b) Finance lease

Plant and machinery 323 320Furniture, fittings and equipment 16 501Computer equipment and software 3,173 4,880

3,512 5,701

6,562 13,784

The strata title for a hotel property of the Group at cost of RM29,553,533 (1999 : RM29,543,533) has yetto be issued by the relevant authorities.

The hotel properties of the Group at valuation were revalued by the directors on 31 December 2000based on valuation carried out by independent professional valuers using the open market value basis.

Had the revalued assets of the Group been carried at cost less accumulated depreciation, the carryingamounts would have been as follows :-

Accumulated Net bookCost depreciation value

2000 RM’000 RM’000 RM’000

Hotel properties 105,016 –00 105,016


31 December 2000


11. INVESTMENT IN SUBSIDIARY COMPANIES

Company2000 1999

RM’000 RM’000

Quoted shares - at cost 593,602 593,602Provision for diminution in value (Note 6) (157,346) –00

436,256 593,602

Unquoted shares - at cost 235,212 235,212Provision for diminution in value (30,976) (30,976)

204,236 204,236

640,492 797,838

Market value of quoted shares 117,824 270,677

The details of the subsidiary companies are set out in Note 46 to the Financial Statements.

Some of the shares of a quoted subsidiary company and an unquoted subsidiary company at cost ofRM573,664,648 (1999 : RM573,664,648) and RM117,774,306 (1999 : RM117,774,306) respectivelyhave been pledged to financial institutions as security for credit facilities granted to the Company and theGroup, which had been restructured by way of an issue of redeemable and convertible loan stocks, bothwith detachable warrants by the Company during the financial year as disclosed in Note 34 to theFinancial Statements.

As at the balance sheet date, the carrying value of investment in the quoted subsidiary company, UnitedMerchant Group Berhad (“UMG”) amounting to RM436,256,000 is in excess of its net tangible assets andmarket value by RM100,696,000 and RM318,432,000 respectively. The directors are of the opinion thatno further provision is needed as there is no long term impairment of the carrying value of the investmentin UMG.

On 9 September 1999, Pengurusan Danaharta Nasional Berhad had appointed Special Administrators(“SA”) to manage the assets and affairs of a wholly owned subsidiary company, Advance SynergyFurniture Sdn. Bhd. (“ASF”). With the appointment of the SA, the directors are not in the position toexercise effective control over ASF. Hence, ASF is deconsolidated as of its financial position as at 1 January2000 and treated as an investment at cost, less provision for diminution in value.

12. INVESTMENT IN UNCONSOLIDATED SUBSIDIARY COMPANIES

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Unquoted shares - at cost –00 52,658 –00 52,658Provision for diminution in value –00 (4,100) –00 (4,100)

–00 48,558 –00 48,558

The unquoted shares of an unconsolidated subsidiary company have been pledged to a quoted subsidiarycompany to secure an inter-company balance.


31 December 2000


12. INVESTMENT IN UNCONSOLIDATED SUBSIDIARY COMPANIES(CONTINUED)

The details of the unconsolidated subsidiary company, incorporated in Malaysia, was as follows :-

Name of Company Principal Activities Effective Interest

2000 1999

Kedah Marble Sdn. Bhd. Quarrying, processing and marketing 70% 70%of marble and marble products

The financial statements of the abovementioned subsidiary company, Kedah Marble Sdn. Bhd. (“KM”), havenot been consolidated in the previous financial year as the management control of KM is exercised by theminority shareholder pursuant to a shareholders’ agreement and the Company does not exercise anysignificant influence over the Board of Directors. Accordingly, this investment in unconsolidated subsidiaryhas been treated as a simple investment during the financial year as disclosed in Note 15 to the FinancialStatements.

The Company’s cost of investment in P.T. Asbindo Infocitra had been written off in the previous financialyear.

13. INVESTMENT IN ASSOCIATED COMPANIES

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Unquoted shares - at cost 27,755 21,773 19,777 19,777Group’s share of post-acquisition results 43,481 60,441 –0 –0

71,236 82,214 19,777 19,777

The Group’s investment in associated companies are represented by :-

2000 1999RM’000 RM’000

Share of net assets other than goodwill 71,236 82,214

The details of the associated companies are set out in Note 46 to the Financial Statements.

The equity interest for Teck See Plastic Sdn. Bhd. has been reduced from 22.1% to 10.8% resulting frompartial disposal of an indirect subsidiary company, PC Ventures Sdn. Bhd. as referred to Note 5(a)(iii) to theFinancial Statements.

The unquoted shares of an associated company of the Group and Company at cost of RM16,767,911(1999 : RM16,767,911) has been pledged to a quoted subsidiary company to secure an inter-companybalance.


31 December 2000


14. LAND HELD FOR DEVELOPMENT

Group2000 1999

RM’000 RM’000

Long term leasehold land- at valuation 9,296 9,296- at cost 327 327Development expenditure 4,122 4,094

13,745 13,717

The entire long term leasehold land held for development of the Group have been pledged to financialinstitutions as security for credit facilities granted to the Company and a subsidiary company, which hadbeen restructured by way of an issue of redeemable and convertible loan stocks, both with detachablewarrants during the financial year as disclosed in Note 34 to the Financial Statements.

Leasehold land held for development at valuation of the Group were revalued by the directors on an openmarket value basis in 1981 and 1983 based on valuations carried out by independent professional firm ofvaluers and since then, the revaluation has not been updated.

15. INVESTMENT SECURITIES

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Money Market Instruments

Bankers’ acceptances andIslamic accepted bills –0o0 2,533 –o00 –00

Cagamas bonds –o00 30,109 –0o0 –00Danaharta bonds –0o0 200,474 –0o0 –00Danamodal bonds –0o0 86,150 –0o0 –00Malaysian Government Securities –0o0 504,176 –0o0 –00Negotiable Instruments of Deposits –0o0 40,007 –0o0 –00Private and Islamic Debt Securities –0o0 197,350 –0o0 –00

–0o0 1,060,799 –o00 –00

Accretion of discounts lessamortisation of premium –o00 24,482 –0o0 –00

–0o0 1,085,281 –0o0 –00


31 December 2000


15. INVESTMENT SECURITIES (CONTINUED)

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000Quoted Securities

In Malaysia :-Shares 4,458 12,549 4,458 4,458Warrants –00 1 –00 –00Provision for diminution in value –00 (2,454) –00 –00

4,458 10,096 4,458 4,458Outside Malaysia :-Shares 27,558 27,042 –00 –00Provision for diminution in value (23,448) (23,448) –00 –00

4,110 3,594 –00 –00

8,568 13,690 4,458 4,458

Unquoted Securities

In Malaysia :-Shares 52,662 7,521 52,658 –00Provision for diminution in value (17,483) –00 (17,483) –00

35,179 7,521 35,175 –00

Private and Islamic Debt Securities –00 7,102 –00 –00Bonds –00 24 –00 –00Loan stocks –00 10,438 –00 –00Other investments 143 320 –00 –00

35,322 25,405 35,175 –00

Outside Malaysia :-Shares 10,179 18,479 –00 –00

45,501 43,884 35,175 –00

54,069 1,142,855 39,633 4,458

Market value :-

Cagamas bonds –00 30,626 –00 –00Malaysian Government Securities –00 512,306 –00 –00Private and Islamic Debt Securities –00 203,895 –00 –00Quoted shares in Malaysia 3,470 14,728 3,470 8,579Quoted shares outside Malaysia 11,277 9,519 –00 –00Warrants –00 1 –00 –00


31 December 2000


15. INVESTMENT SECURITIES (CONTINUED)The quoted securities of the Company have been pledged to financial institutions as a security for creditfacilities granted to the Company, which had been restructured by way of an issue of redeemable andconvertible loan stocks, both with detachable warrants by the Company during the financial year asdisclosed in Note 34 to the Financial Statements.

The unquoted securities in Malaysia of the Company comprising shares at carrying value of RM35,175,000(1999 : RM48,558,000) has been pledged to a quoted subsidiary company to secure an inter-companybalance.

16. GOODWILL ON CONSOLIDATION

Group2000 1999

RM’000 RM’000Goodwill on consolidation net of reserve arisingon consolidation :-

Balance as at 1 January 209,940 209,904Reserve arising from subsidiary acquired during the financial year (5,413) –00Realisation of goodwill on disposal of subsidiaries (110,311) –00

94,216 209,904Accretion during the financial year 319 48Amount written off during the financial year –00 (12)

Balance as at 31 December 94,535 209,940

17. PURCHASED GOODWILL

Group2000 1999

RM’000 RM’000

Balance as at 1 January 1,806 1,776Exchange translation adjustment (190) 129

1,616 1,905

Amortisation during the financial year (157) (99)



31 December 2000


18. INTANGIBLE ASSETS

Group2000 1999

RM’000 RM’000

Software development expenditure 697 –00Intellectual properties 800 –00

1,497 –00

Included in the software development expenditure incurred during the financial year are the following :-

Group2000 1999

RM’000 RM’000

Depreciation 138 –00Staff cost 213 –00

19. DEVELOPMENT PROPERTIES AND EXPENDITURE

Group2000 1999

RM’000 RM’000Leasehold land- at valuation 13,132 12,990- at cost 9,873 1,932Development expenditure 76,217 53,563Attributable profit 6,165 3,395

105,387 71,880

Progress billings (52,660) (38,426)

52,727 33,454

The leasehold land of a subsidiary company was revalued by the directors on an open market value basison 27 February 1992 based on valuation carried out by an independent professional firm of valuers andsince then, the revaluation has not been updated.

Included in the development expenditure is interest capitalised and plant hire expenses amounting toRM1,991,661 (1999 : RM1,907,027) and RM21,930 (1999 : Nil) respectively.

Certain leasehold land under development were charged to financial institutions as security for creditfacilities granted to a subsidiary company.


31 December 2000


20. STOCKS

Group2000 1999

RM’000 RM’000

Foreclosed properties –00 16,560Completed development properties 10,573 12,563Raw materials 3,727 5,317Work in progress 870 1,414Finished goods 3,043 4,433Food and beverages 980 459Operating supplies 280 175

19,473 40,921

Certain stocks of completed development properties of RM7,591,000 (1999 : RM7,591,000) have beenpledged to financial institutions as security for credit facilities granted to the Company, which had beenrestructured by way of an issue of redeemable and convertible loan stocks, both with detachable warrantsby the Company during the financial year as disclosed in Note 34 to the Financial Statement.

Certain stocks of completed development properties of RM2,982,000 (1999 : RM4,372,000) have beenpledged to financial institutions for credit facilities granted to the subsidiary companies.


31 December 2000


21. DEBTORS

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Amounts due from subsidiary companies –00 –00 265,230 143,544Provision for doubtful debts –00 –00 (70,524) (70,524)

–00 –00 194,706 73,020

Amounts due from unconsolidatedsubsidiary companies –00 –00 23 21

Provision for doubtful debts –00 –00 (23) (21)

–00 –00 –00 –00

Amounts due from associated companies 28,056 –00 –00 –00

Trade debtors 47,968 55,415 –00 –00Provision for doubtful debts (4,789) (4,083) –00 –00

43,179 51,332 –00 –00

Other debtors, deposits and prepayments 78,567 118,793 11,091 21,806Provision for doubtful debts (731) (755) –00 –00

77,836 118,038 11,091 21,806

Amounts recoverable from Danaharta 72,497 72,497 –00 –00Provision for doubtful debts (37,416) (30,569) –00 –00Amount disposed off (35,081) –00 –00 –00

–00 41,928 –00 –00

149,071 211,298 205,797 94,826

Included in the amounts due from subsidiary companies are advances to and payments made on behalf ofcertain subsidiary companies amounting to RM15,932,000 (1999 : RM13,135,000) which are unsecured,bears interest at 9% (1999 : 9.30% to 11.05%) per annum and have no fixed terms of repayment.


31 December 2000


Included in the amounts due from associated companies is an Unsecured Subordinated Loan (“USL”) ofRM15 million provided by a quoted subsidiary company on 3 February 2000, to Perdana Merchant BankersBerhad (“PMBB”) to repay its existing RM50 million Exchangeable Subordinated Capital Loan granted byDanamodal Nasional Berhad. The USL carries interest at the rate of 7.0% p.a. and is repayable by way of 5equal instalments of RM3 million each, the first of which is to be paid on the last day of the period of 3 yearscommencing on the drawdown date and each subsequent instalment shall be paid on the same day of eachsucceeding year thereafter until the loan is repaid or settled in full. The remaining amounts due fromassociated companies which previously were subsidiary companies, are unsecured, bears no interest andhave no fixed terms of repayment.

The provision for doubtful debts is net of bad debts written off as follows :-

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Bad debts written off 1,194 4,992 –00 –00

Included in other debtors, deposits and prepayments of the Group is a deposit of RM30 million (1999 :RM30 million) paid to the vendors of the shares of Malpac Holdings Berhad pursuant to a Sale andPurchase Agreement for the said shares as disclosed in Note 43 to the Financial Statements.

22. STATUTORY DEPOSITS WITH BANK NEGARA MALAYSIAThe non-interest bearing statutory deposits are maintained with Bank Negara Malaysia in compliance withSection 37(1)(c) of the Central Bank of Malaysia Act 1958. The amounts are determined at set percentagesof total eligible liabilities in respect of those subsidiaries which are licensed financial institutions.

During the financial year, United Merchant Group Berhad (“UMG”) had ceased its involvement in thefinance company business, merchant banking, nominee services and property investment as a result of thedisposal of UMG’s subsidiary companies, United Merchant Finance Berhad (“UMF”) and Perdana MerchantBankers Berhad (“PMBB”) as disclosed in Notes 5(a)(i) and (ii) to the Financial Statements.

21. DEBTORS (CONTINUED)


31 December 2000


23. LOANS, ADVANCES AND FINANCING

Group2000 1999

RM’000 RM’000

Block discounting –0o0 54,710Claims on customers under acceptance credits –o00 992Hire purchase receivable –0o0 2,286,129Housing loans –0o0 390,947Lease rentals receivable –0o0 594Revolving credit facilities –0o0 1,012,999Staff loans –0o0 32,370Term loans –0o0 1,759,297Other loans –o00 11

–o00 5,538,049Unearned interest and income –0o0 (631,941)

Gross loans, advances and financing –0o0 4,906,108

Provision for bad and doubtful debts and financing- General –o00 (87,725)- Specific –0o0 (190,258)Interest-in-suspense/Income-in-suspense –0o0 (119,529)

–0o0 (397,512)

Net loans, advances and financing –o00 4,508,596

24. DEALING SECURITIESGroup

2000 1999RM’000 RM’000

Shares quoted in Malaysia 9,082 2,155

Market value of shares quoted in Malaysia 9,082 2,491

25. DEPOSITS WITH FINANCIAL INSTITUTIONS

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Licensed banks 68,707 15,486 1,600 3,800Licensed finance institutions 312,856 64,125 –00 –00Other financial institutions –00 10,000 –00 –00

381,563 89,611 1,600 3,800

Certain deposits of the Group amounting to RM1,598,387 (1999 : RM1,121,434) have been pledged tofinancial institutions for banking facilities granted to certain subsidiary companies.


31 December 2000


26. CASH AND SHORT TERM FUNDS

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Cash and bank balances 23,219 97,020 262 170Money at call and deposit placements

maturing within one month 164,160 549,670 –00 –00

187,379 646,690 262 170

27. CREDITORS

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Amounts due to subsidiary companies –00 –00 63,291 66,496Trade creditors 41,377 30,640 –00 –00Other creditors and accruals 74,400 216,327 48,962 48,338Hire purchase and lease creditors portion

payable not later than one year(Note 38) 3,380 6,958 –00 –00

119,157 253,925 112,253 114,834

An amount due to a quoted subsidiary company of RM57,439,000 (1999 : RM55,526,029) is secured byunquoted shares of an associated company and unquoted securities. There are no fixed terms of repaymentand interest is charged at United Merchant Finance Berhad’s 3 months fixed deposit rate ranging from3.25% to 3.50% (1999 : the subsidiary company’s cost of funds ranging from 3.40% to 12.54%) per annum.

Included in the other creditors and accruals are as follows :-

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Other creditors 19,870 44,302 390 894Provisions and accruals 18,740 39,120 16,787 16,656Accrued interest 33,376 78,852 31,785 30,788Hire purchase and lease instalments 1,480 1,117 –00 –00Initial franchise and technical service fee 934 734 –00 –00Other creditors relating to licensed financial

subsidiary companies –00 52,202 –00 –00

74,400 216,327 48,962 48,338


31 December 2000


28. BANK OVERDRAFTS

Group2000 1999

RM’000 RM’000

Secured 4,976 10,596Unsecured 7,509 9,770

12,485 20,366

The bank overdrafts of the Group are secured by :-

(i) Registered charges over certain freehold land and buildings, and development properties in progress;

(ii) Floating charge over all the assets of certain subsidiary companies; and

(iii) Negative covenant over all the present and future assets of a subsidiary company.

Interest rates on the bank overdrafts ranging from 6.80% to 11.50% (1999 : 5.00% to 12.00%) per annum.

29. SHORT TERM BORROWINGS

Group2000 1999

RM’000 RM’000

Secured :-

Revolving credit 13,715 12,071Term loans (Note 37) 1,472 49,541Others 6,081 6,243

21,268 67,855Unsecured :-

Revolving credit 11,956 12,173Exchangeable Subordinated Capital Loan –00 50,000Term loans (Note 37) 425 –00Others 1,195 355

13,576 62,528

34,844 130,383

The borrowings of the Group are secured by :-

(i) Registered charges over development properties, land and buildings and hotel properties;

(ii) Registered charges over certain fixed and floating assets of certain subsidiary companies; and

(iii) Negative covenant over all the present and future assets of a subsidiary company.

Interest rates on the borrowings ranging from 6.80% to 11.50% (1999 : 5.00% to 12.00%) per annum.

The Exchangeable Subordinated Capital Loan (“ESCL”) was obtained by Perdana Merchant Bankers Berhad(“PMBB”) from Danamodal in 1998 and carried interest at the rate of 7.5% per annum. On 3 February2000, PMBB had fully repaid the ESCL of RM50 million.


31 December 2000


30. DEPOSITS AND PLACEMENTS OF BANKS AND OTHER FINANCIALINSTITUTIONS

Group2000 1999

RM’000 RM’000

Licensed banks –00 419,019Licensed finance companies –00 375,000Other financial institutions –00 165,719

–00 959,738

31. DEPOSITS FROM CUSTOMERS

Group2000 1999

RM’000 RM’000

Fixed and investment deposits –000 4,721,731Saving deposits –000 312,045Others –000 10,913

–000 5,044,689

32. SHARE CAPITAL

Group andCompany

2000 1999RM’000 RM’000

Authorised :-Ordinary shares of RM1.00 each 800,000 800,000

Issued and fully paid-up :-Ordinary shares of RM1.00 each fully paid and

converted into stock units of RM1.00 each 337,794 337,794

(a) Warrants 2000/2003

During the financial year, the Company issued 168,896,809 Warrants 2000/2003 to the entitledstockholders in conjunction with the restructuring of bank borrowings of the Company. TheWarrants are constituted by a Deed Poll dated 28 April 2000. Each Warrant 2000/2003 entitles theregistered holder to subscribe for one new stock unit of RM1.00 each at the exercise price of RM1.00per stock unit during the exercise period expiring 28 August 2003.

No exercise of any Warrants had taken place during the financial year.


31 December 2000


32. SHARE CAPITAL (CONTINUED)

(b) 7% Convertible Loan Stocks 2000/2005 (“CLS”)

The CLS were issued pursuant to the restructuring of bank borrowings undertaken by the Companywith its identified financial institutions. The CLS may be converted in proportions of up to 20% and30% commencing from the end of the third and fourth year respectively from 1 May 2000 and thebalance of 50% at end of the fifth year from 1 May 2000.

During the financial year, no conversion of CLS into new stock units had taken place.

Upon exercise of the Warrants and conversion of CLS into new stock units, such stock units shallrank pari passu in all respects with the then existing issued stock units of the Company, except thatsuch new stock units shall not be entitled to any rights, allotment, dividends or other distributionsdeclared or to be declared in respect of the financial period prior to the financial period in whichsuch new stock units are issued or for any interim dividends or distributions that may be declaredprior to the date of allotment of such new stock units.

33. RESERVESGroup Company

2000 1999 2000 1999RM’000 RM’000 RM’000 RM’000

Share premium 430,451 432,423 430,451 432,423Capital reserve 69 69 69 69Revaluation reserve 50,596 –00 –00 –00Statutory reserve –00 49,095 –00 –00Exchange fluctuation reserve 2,788 3,247 –00 –00

Total non-distributable reserves 483,904 484,834 430,520 432,492Accumulated losses (364,420) (327,927) (338,794) (140,236)

119,484 156,907 91,726 292,256

The movements in reserves are shown in the Statement of Changes in Equity.

The revaluation reserve represents surplus on revaluation of certain hotel properties of the Group.

In 1999, the statutory reserve had been maintained in compliance with Section 36 of the Banking andFinancial Institutions Act, 1989 and was not distributable as cash dividends.


31 December 2000


34. 7% REDEEMABLE AND CONVERTIBLE LOAN STOCKS 2000/2005

Groupand Company

2000 1999RM’000 RM’000

7% redeemable secured loan stocks 185,874 –007% convertible secured loan stocks 172,942 –00

Total secured loan stocks 358,816 –007% convertible unsecured loan stocks 10,519 –00

369,335 –00

The main features of the 7% Redeemable Loan Stocks 2000/2005 (“RLS”) and 7% Convertible Loan Stocks2000/2005 (“CLS”) are as follows :-

(i) The redemption of the RLS will be in proportions of up to 20%, 30% and the balance at the end of thethird, fourth and fifth year respectively from 1 May 2000. The CLS may be converted in proportionsof up to 20% and 30% commencing from the end of the third and fourth year respectively from 1 May2000 and the balance of 50% at end of the fifth year from 1 May 2000. Both RLS and CLS bearsinterest at a rate of 7% per annum to be satisfied to the registered holders as follows :-

(a) 3% coupon to be satisfied by cash annually in arrears;

(b) the remaining 4% coupon in respect of the RLS shall be cumulative up to the date of redemptionof the proportion of RLS to be redeemed and will be satisfied by cash at the redemption priceof :-

(i) RM0.95 per RLS for the portion of 20%;

(ii) RM0.98 per RLS for the portion of 30%;

(iii) RM1.01 per RLS for the balance redeemed; and

(c) the remaining 4% coupon in respect of the CLS shall be cumulative up to the date of conversionand will be satisfied by way of conversion into new stock unit of RM1.00 each in the Company atthe conversion price of RM1.20 per stock unit.

(ii) The entire RLS amounting to an equivalent of RM185,874,269 nominal value and CLS amounting toan equivalent of RM183,460,787 nominal value are secured by :-

(a) certain shares of a quoted subsidiary company and an unquoted subsidiary company at cost ofRM573,664,648 and RM117,774,306 respectively;

(b) the entire quoted securities of the Group and Company in Malaysia at cost amounting toRM4,457,628;

(c) the entire quoted securities of the Group outside Malaysia at cost amounting to equivalent ofRM27,558,491;

(d) certain quoted shares beneficially owned by a director of the Company; and

(e) certain properties of the Group.


31 December 2000


35. SUBORDINATED CERTIFICATES OF DEPOSITThe Subordinated Certificates of Deposit (“CDs”) were issued during 1996 by a licensed financial subsidiarycompany consisting of 10-year CDs which bear interest at the fixed rate of 8.75% per annum for the firstfive (5) years and are subordinated to all other liabilities.

On the fifth anniversary of the issue date and each anniversary date thereafter, the CDs may subject to theprior approval of Bank Negara Malaysia, be redeemable at the redemption price stated on the CDs, at theoption of the licensed financial subsidiary company.

The CDs qualify as Tier II capital for the purpose of determining the Capital Adequacy Ratio of the licensedfinancial subsidiary company.

36. LONG TERM BORROWINGS

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Secured :-

Revolving credit –00 165,734 –00 153,234Bank overdrafts –00 75,446 –00 72,282

–00 241,180 –00 225,516

Unsecured :-

Revolving credit –00 3,000 –00 3,000

–00 244,180 –00 228,516

In the previous financial year, the borrowings of the Group and the Company were secured by :-

(i) Registered charges over certain development properties and land and buildings;

(ii) Registered charges over certain fixed and floating assets of certain subsidiary companies;

(iii) Registered charges over the quoted shares of a subsidiary company and an investment, and unquotedshares of a certain subsidiary company; and

(iv) Registered charges over certain quoted securities.

Interest rates on the borrowings had ranged between 7.30% to 11.40% per annum in the previous financialyear.

The entire long term borrowings of the Group and the Company in the previous financial year have beenrestructured by way of an issue of redeemable and convertible loan stocks, both with detachable warrantsby the Company during the financial year as disclosed in Note 34 to the Financial Statements.


31 December 2000


37. TERM LOANS

Group2000 1999

RM’000 RM’000

Secured :-

Term loans 51,241 175,392Portion due within twelve months included

under short term borrowings (Note 29) (1,472) (49,541)

49,769 125,851Unsecured :-

Term loans 1,757 5,875Portion due within twelve months included under

short term borrowings (Note 29) (425) –00

1,332 5,875

51,101 131,726

The term loans are secured by :-

(i) Registered charges over certain development properties, land and buildings and hotel properties;and

(ii) A debenture of RM21.06 million by way of first fixed and floating charges on the assets of a subsidiarycompany.

The term loans bear interest at rates ranging from 6.50% to 8.80% (1999 : 8.55% to 10.85%) per annum.

The term loans are repayable as follows :-

(i) by 6 equal annual instalments of RM317,831 each commencing from 1 November 2001;

(ii) by 8, 28 and 4 equal quarterly instalments of RM397,243, RM562,768 and RM562,746 eachcommencing from February 2000;

(iii) by 59 equal monthly instalments of RM54,976 each and the final instalment, the amount of which tobe notified in due course;

(iv) over a period of ten years in equal quarterly instalments of RM46,700;

(v) on demand for balances amounting to RM181,281 as at 31 December 2000;

(vi) by redemption of property units financed or 24 equal monthly instalments of RM667,000 inclusive ofa final instalment of RM659,000, commencing from 5 August 2001, whichever is earlier;

(vii) by 60 equal monthly instalments of RM85,032 commencing from 1994; and

(viii) by 75 equal monthly instalments of RM42,800 commencing from 15 December 2000.

Term loans of the Group in the previous financial year amounting to RM82,726,000 have been restructuredby way of an issue of redeemable and convertible loan stocks, both with detachable warrants by theCompany during the financial year as disclosed in Note 34 to the Financial Statements.


31 December 2000


38. HIRE PURCHASE AND LEASE CREDITORS

Group2000 1999

RM’000 RM’000

Hire purchase and lease instalments payable :-- not later than one year 4,156 8,183- later than one year and not later than five years 7,112 10,777- later than five years 160 –00

11,428 18,960

Future interest charges (1,606) (2,579)

Amount outstanding as at 31 December 9,822 16,381

Portion payable :-- not later than one year included under current

liabilities (Note 27) 3,380 6,958

- later than one year and not later than five years 6,304 9,423- later than five years 138 –00

Hire purchase and lease creditors included underlong term liabilities 6,442 9,423

Amount outstanding as at 31 December 9,822 16,381

39. DEFERRED TAXATION

Group 2000 1999

RM’000 RM’000

Balance as at 1 January 1,454 1,520Transfer to income statement (Note 8) (268) (70)Exchange translation adjustments –00 4



31 December 2000


39. DEFERRED TAXATION (CONTINUED)The deferred taxation provision at the end of the financial year are in respect of the tax effect on thefollowing timing differences :-

Group2000 1999

RM’000 RM’000Differences between depreciation and capital allowances

on fixed assets 300 300Differences arising from revaluation surplus of land held

for development 863 1,154Other timing differences 23 –00

1,186 1,454

Deferred taxation on the revaluation of certain hotel properties during the financial year is not providedfor in the financial statements of the Group as the directors have no intention to dispose of these propertiesin the foreseeable future.

40. PRIOR YEAR ADJUSTMENTThe prior year adjustment represents the retrospective effect of the change in accounting policies forexpenditure carried forward referred to in Note 3.15 to the Financial Statements. Accordingly, the financialstatements of 1999 have been restated to incorporate the effect of the changes in accounting policy.

The effects of the change on the Group’s financial statements are as follows :-

Effect ofAs change in

previously accounting Restatedreported policy balanceRM’000 RM’000 RM’000

Accumulated losses as at31 December 1998 (222,218) (26,886) (249,104)

Accumulated losses as at31 December 1999 (303,722) (24,205) (327,927)

Net loss for the financial year ended31 December 1999 (58,022) 2,681 (55,341)


31 December 2000


41. COMMITMENTS AND CONTINGENT LIABILITIES - UNSECUREDDuring the previous financial year, the licensed financial subsidiary companies were contingently liable inrespect of housing loans sold to Cagamas Berhad, under condition that they undertook to administer theloans on behalf of Cagamas Berhad and to buy back when the loans were regarded as defective based onprudence criteria.

The commitments and contingencies constitute the following :-

Group Company 2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Claim by Inland RevenueBoard for back taxes due –00 101 –00 –00

Direct credit substitute –00 77,257 –00 –00Transaction related contingent items 222 10,964 –00 –00Housing loans sold directly and

indirectly to Cagamas Berhad –00 156,656 –00 –00Obligations under underwriting

commitments –00 25,500 –00 –00Irrevocable commitments to extend credit- not exceeding one year –00 68,596 –00 –00- more than one year –00 363,345 –00 –00Guarantees in favour of third parties 229 229 –00 –00Obligation involving claims by supplier

due to non-performance of contract –00 24 –00 –00Guarantees given on behalf of subsidiary

companies –00 –00 232,199 223,285Other assets sold with recourse

and commitments withcertain drawdown –00 26,454 –00 –00

451 729,126 232,199 223,285

The Company has received notice of a legal action taken by a stockholder who is disputing the basis ofdetermining the entitlement to the Bonus Issue carried out by the Company in 1993. Although the finaloutcome of this matter is currently uncertain, the directors are of the opinion that the legal suit has nomerit and will not succeed.

42. LEASE COMMITMENTSThe Group has lease commitments for rented premises and equipment on hire, net of sub-leases, which areas follows :-

Group2000 1999

RM’000 RM’000

within one year 33 1,046within one to two years –00 537after more than two years –00 307


31 December 2000


43. CAPITAL COMMITMENTS

Group2000 1999

RM’000 RM’000Capital expenditure :-- authorised and contracted for 138,690 139,255- authorised but not contracted for 550 785

139,240 140,040

Analysed as follows :-- fixed assets 2,684 3,484- proposed acquisition of shares of Malpac Holdings

Berhad (“Malpac”) 136,556 136,556

139,240 140,040

On 14 August 1997, a quoted subsidiary company, United Merchant Group Berhad (“UMG”), entered intoa conditional share sale and purchase agreement with the vendors of Malpac Holdings Berhad (“Malpac”)to acquire a 32.9% equity interest comprising 24,675,000 ordinary shares of RM1.00 each in Malpac for atotal cash purchase consideration of RM166,556,250 or RM6.75 per ordinary share. Approvals from therelevant authorities namely the Ministry of Finance, the Securities Commission and the Foreign InvestmentCommittee were obtained on 20 November 1997, 20 December 1997 and 26 December 1997 respectively.

The capital commitment authorised and contracted for, by the Group is mainly in respect of the balance ofthe purchase price on the proposed acquisition of the shares of Malpac of RM136,556,000 (1999 :RM136,556,000).

During the previous financial year, the directors of UMG, had commenced negotiations with the vendors toterminate the proposed acquisition of Malpac. Under the termination proposal, UMG’s rights and obligationsunder the conditional sale and purchase agreement dated 14 August 1997 would be rescinded and theinitial deposit (as disclosed in Note 21 to the Financial Statements) provided by UMG would be refunded.


31 December 2000


44. SEGMENTAL REPORTINGOperations of the Group during the financial year were mainly in Malaysia. The analysis of the Group’soperations by activities for the financial year are as follows :-

Profit/(Loss) TotalBefore Assets

Revenue Taxation Employed2000 RM’000 RM’000 RM’000

ContinuingInvestment holding and management 13,210 (97,902) 817,816Property development 32,535 1,306 95,764Manufacturing 63,145 2,694 114,904Payment and card services 13,019 (6,800) 15,238Hotels and resorts 57,392 7,328 363,135

179,301 (93,374) 1,406,857

DiscontinuingFinancial and banking services 210,503 77,826 –000

389,804 (15,548) 1,406,857

Associated companies- share of results 11,328

(4,220)

Profit/(Loss) TotalBefore Assets

Revenue Taxation Employed1999 RM’000 RM’000 RM’000

ContinuingInvestment holding and management 4,754 (171,113) 411,116Property development 27,697 1,028 87,666Manufacturing 54,367 (1,578) 190,517Payment and card services 11,537 (13,923) 17,538Financial and banking services 536,923 97,574 6,657,873Hotels and resorts 51,648 (5,321) 313,477

686,926 (93,333) 7,678,187Associated companies

- share of results 32,306

(61,027)


31 December 2000


45. SIGNIFICANT TRANSACTIONS AND BALANCES WITH RELATEDPARTIES

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

(a) Income

(i) Interest receivable from associatedcompany, Perdana MerchantBankers Berhad on :-

- Unsecured Subordinated Loan 961 –00 –00 –00- placements 928 –00 –00 –00

(ii) Other fee income receivable fromassociated company, PerdanaMerchant Bankers Berhad 15 10 –00 –00

(b) Expenses

(i) Corporate advisory fees paid toassociated company, PerdanaMerchant Bankers Berhad 415 –00 205 –00

The terms and conditions of the above transactions are not materially different from that obtainable intransactions with unrelated parties.

Individually significant outstanding balances arising during the financial year from transactions other thannormal transactions with related parties are as follows :-

Group Company2000 1999 2000 1999

RM’000 RM’000 RM’000 RM’000

Amounts due from associated companies :-Perdana Merchant Bankers Berhad- Unsecured Subordinated Loan 15,000 –00 –00 –00- placements of deposits 44,966 –00 –00 –00- interest receivable 193 –00 –00 –00- miscellaneous 3 –00 –00 –00

The relationships between the Group and the related parties, other than those disclosed elsewhere in thefinancial statements, are as follows :-

Identity of related party Relationship with the Group

Related company

Perdana Merchant Bankers Berhad Associated company of the Group


31 December 2000


45. SIGNIFICANT TRANSACTIONS AND BALANCES WITH RELATEDPARTIES (CONTINUED)

Warrants 2000/2003 of the Company acquired by the directors

The Warrants 2000/2003 of the Company acquired by the directors of the Company during the financialyear are as follows :-

Number of Warrants 2000/2003

UnexercisedBought during warrants at end

the financial year of financial year2000 1999 2000 1999

Dato’ Ahmad Sebi Bakar- direct interest 7,510,005 –000 7,510,005 –000- indirect interest 13,727,000 –000 13,727,000 –000

Puan Masri Khaw Binti Abdullah- direct interest 3,000 –000 3,000 –000- indirect interest 350,000 –000 350,000 –000

The terms and conditions of the Warrants 2000/2003 are as detailed in the Directors’ Report.

46. SUBSIDIARY AND ASSOCIATED COMPANIESThe subsidiary and associated companies which are incorporated in Malaysia (other than those specifiedotherwise), are as follows :-

Name of Company Principal Activities Effective Interest31.12.2000 31.12.1999

Subsidiaries of the Company

*United Merchant Group Berhad Investment holding 50.75% 50.75%

iSynergy Sdn. Bhd. Provision of payment related 51% 51%(Formerly known as products and servicesSynergy Card & PaymentServices Sendirian Berhad)

Plastic Centre Sdn. Berhad Trading of plastic bottles, 70% 70%containers and conventionalscrew-on closures and caps

Alangka-Suka Hotels & Resorts Investment holding 99.63% 99.63%Berhad

Advance Synergy Properties Investment holding 100% 100%Sdn. Bhd.


31 December 2000


*Advance Synergy Realty Sdn. Bhd. Property development 100% 100%

ASB Timber (PNG) Limited Forest industry 100% 100%(Incorporated inPapua New Guinea)

*Ausborn Sawmill Sdn. Bhd. Sawmill and trading of 100% 100%sawn timber

*Bornion Sawmill Sdn. Bhd. Sawmill and trading of 100% 100%sawn timber

Excellent Arch Sdn. Bhd. Investment holding 100% 100%

Excellent Display Sdn. Bhd. Investment holding 100% 100%

Nagapura Management Provision of management 100% 100%Corporation Sdn. Bhd. services

Sadong Development Sdn. Bhd. Property development 100% 100%

Synergy Gold Incorporated Investment holding 100% 100%(Incorporated in theBritish Virgin Islands)

Synergy Petroleum Incorporated Investment holding 100% 100%(Incorporated in theBritish Virgin Islands)

Alam Samudera Corporation Dormant 100% 100%Berhad

Advance Synergy Timber Sdn. Bhd. Dormant 100% 100%

*P.T. Asbindo Infocitra Services on design and 51% 51%(Incorporated in Indonesia) engineering electronic data

processing

Subsidiaries of United MerchantGroup Berhad

*ASC Equities Sdn. Bhd. Investment trading and 50.75% 50.75%venture capital

*ASC Credit Sdn. Bhd. Dormant 50.75% 50.75%

*United Merchant Finance Berhad Licensed finance company – 50.75%

Subsidiaries of United MerchantFinance Berhad

*UMF Development Sdn. Bhd. Property investment – 50.75%

*UMF Nominees (Tempatan) Nominee services – 50.75%Sdn. Bhd.

*UMF Nominees (Asing) Nominee services – 50.75%Sdn. Bhd.



31 December 2000


Subsidiary of UMF DevelopmentSdn. Bhd.

*Seal Line Trading Sdn. Bhd. Property investment – 50.75%

Associated company ofUnited Merchant GroupBerhad

*Perdana Merchant Bankers Berhad Merchant banking business 10.15% 35.58%

Subsidiaries of Perdana MerchantBankers Berhad

*Perdana Nominees (Tempatan) Nominee services 10.15% 35.58%Sdn. Bhd.

*Perdana Nominees (Asing) Nominee services 10.15% 35.58%Sdn. Bhd.

*Perdana Mutual Fund Berhad Dormant 10.15% 35.58%

*Perdana Finance Berhad Licensed finance company – 31.31%

Subsidiary of Perdana FinanceBerhad

*Perdana Visi Hartanah Sdn. Bhd. Property investment – 31.31%

Subsidiaries of iSynergy Sdn.Bhd. (Formerly known asSynergy Card & PaymentServices Sendirian Berhad)

Cosmocourt.com (Malaysia) Sdn. Marketing of discount cards 51% 51%Bhd. (Formerly known asGateway Card Services(Malaysia) Sdn. Bhd.)

Rewardstreet.com (Malaysia) Sdn. Marketing of loyalty cards 51% 51%Bhd. (Formerly known asLoyalty Card Services Sdn. Bhd.)

Datakey Sdn. Bhd. Dormant 51% 51%

Subsidiaries of Plastic CentreSdn. Berhad

Zeller Plastik (Malaysia) Sdn. Bhd. Manufacture and sale of 50.05% 50.05%flip top closure caps

Packaging Centre Services Manufacturing and packaging 70% 70%Sdn. Bhd. of consumer products



31 December 2000


*Plastic Centre Pte. Ltd. Manufacturing and trading of 70% 70%(Incorporated in Singapore) plastic bottles, containers and

conventional screw-onclosures and caps

Calmford Incorporated Investment holding 70% 70%(Incorporated in theBritish Virgin Islands)

PC Realty Sdn. Bhd. Dormant 70% 70%

Subsidiary of Packaging CentreServices Sdn. Bhd.

Noweia Industries Sdn. Bhd. Hire of machinery and equipment 56% 56%

Subsidiary of CalmfordIncorporated

*Jarrett Synergy Pty Ltd Manufacture and sale of metal 70% 35.74%(Incorporated in Australia) products

Associated company ofPlastic Centre Sdn. Berhad

*PC Ventures Sdn. Bhd. Investment holding 34.30% 70%

Associated company ofPC Ventures Sdn. Bhd.

*Teck See Plastic Sdn. Bhd. Custom manufacturing of plastic 7.58% 15.47%articles and products

Subsidiaries of Alangka-SukaHotels & Resorts Berhad

Asbina Hotel & Property Sdn. Bhd. Leasehold owner of 76.32% 76.32%Monorom Holiday Villa,Phnom Penh

Alor Setar Holiday Villa Sdn. Bhd. Owns and operates 89.67% 89.67%Alor Setar Holiday Villa

Cherating Holiday Villa Berhad Owns and operates 99.63% 99.63%Cherating Holiday Villa Resort

Langkawi Holiday Villa Sdn. Bhd. Owns and operates 99.63% 99.63%Langkawi Holiday Villa Resort

Mayor Hotels Berhad Owns and operates 99.63% 99.63%City Villa Kuala Lumpur

Grand Hotel Sudan Limited Leasehold owner of 99.63% 99.63%(Incorporated in the Grand Holiday Villa, KhartoumBritish Virgin Islands)



31 December 2000


Alangka-Suka International Limited Investment holding 99.63% 99.63%(Incorporated in theBritish Virgin Islands)

Antara Holiday Villas Sdn. Bhd. Hotel management services 99.63% 99.63%

Holiday Villas International Limited Hotel management services 99.63% 99.63%(Incorporated in theBritish Virgin Islands)

Holiday Villa Travel & Tours Limousine services 99.63% 99.63%Sdn. Bhd.

Asbina Hotel & Property (Vietnam) Dormant 99.63% 99.63%Sdn. Bhd.

*Suntop Corporation Sdn. Bhd. Dormant 99.63% 99.63%

Subsidiary of Asbina Hotel &Property Sdn. Bhd.

*Asbina Hotel & Property Operates Monorom 76.32% 76.32%(Cambodia) Pte. Ltd. Holiday Villa, Phnom Penh(Incorporated in the Kingdomof Cambodia)

Subsidiaries of Alangka-SukaInternational Limited

Asbina Shenzhen Limited Dormant 89.67% 89.67%(Incorporated in theBritish Virgin Islands)

*Grand Holiday Villa Khartoum Operates Grand Holiday Villa, 99.63% 99.63%Co. Ltd. Khartoum(Incorporated in theRepublic of Sudan)

*Interwell International Limited Owns Pavilion Holiday Villa, 99.63% 99.63%(Incorporated in the LondonBritish Virgin Islands)

Subsidiary of InterwellInternational Limited

*Interwell Management Limited Dormant 99.63% 99.63%(Incorporated inEngland and Wales)

Subsidiary of Holiday VillasInternational Limited

*Holiday Villa (UK) Ltd Operates Pavilion 99.63% 99.63%(Incorporated in Holiday Villa, LondonEngland and Wales)



31 December 2000


Subsidiary of Advance SynergyProperties Sdn. Bhd.

Synergy Realty Incorporated Investment holding 100% 100%(Incorporated in theBritish Virgin Islands)

Subsidiary of Synergy RealtyIncorporated

*Synergy Investments Property development and 100% 70%Australia Pty Ltd investment(Incorporated in Australia)

Subsidiary of Excellent ArchSdn. Bhd.

Advance Synergy Furniture Manufacturing and marketing 100% 100%Sdn. Bhd. of furniture

Subsidiaries of ExcellentDisplay Sdn. Bhd.

Super Leisure Sdn. Bhd. Operation and management 70% 70%of restaurants

Visage Synergy Sdn. Bhd. Dormant 70% 70%

Subsidiaries of NagapuraManagement CorporationSdn. Bhd.

e-go.com Sdn. Bhd. Provision of e-commerce 60% 60%applications and services

Syarikat Fit and Weld Welding and steel fabrication 70% 70%Engineering (M) Sdn. Bhd. contractor

Acrylic Synergy Sdn. Bhd. Inactive 81% 81%

Subsidiary of SadongDevelopment Sdn. Bhd.

Hotel Golden Dragon Sdn. Bhd. Property development 95% 95%

Subsidiary of Hotel GoldenDragon Sdn. Bhd.

Simpang Tiga Realty Sdn. Bhd. Property development 95% 95%

Associated companies of theCompany

*ACE Synergy Insurance Berhad Underwriting of general 49% 49%insurance



31 December 2000


Diversified Gain Sdn. Bhd. Investment holding 50% 50%

Subsidiary of Diversified GainSdn. Bhd.

Inter-Pacific Travel & Tours Travel and tour agent and 50% 50%Sdn. Bhd. licensed money changer

Subsidiaries of Inter-PacificTravel & Tours Sdn. Bhd.

Columbus Travel & Tours Sdn. Bhd. Travel and tour agent 50% 50%

Inter-Pacific Leisure Sdn. Bhd. Inactive 50% 50%

Motorsports Adventure Sdn. Bhd. Conduct motorsports adventure 50% 50%and related activities

Marketing and Event Management Inactive 50% 50%Integrated Sdn. Bhd.

Inter-Pacific Travel & Tours Dormant 50% 50%(Penang) Sdn. Bhd.

Inter-Pacific Travel & Tours Dormant 50% 50%(Sabah) Sdn. Bhd.

*Companies not audited by BDO Binder.

47. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

Group

(i) On 6 January 2000, United Merchant Group Berhad (“UMG”) a subsidiary company, had enteredinto a conditional Sale of Shares Agreement with Southern Bank Berhad (“SBB”) for the sale of itsentire equity interest representing 100% of the paid-up capital of United Merchant Finance Berhad(“UMF”) comprising 229,000,000 ordinary shares of RM1.00 each for a provisional cash considerationof RM319,414,800. The disposal was completed on 8 June 2000 and the actual consideration wasagreed at RM420,000,000. Accordingly, UMF ceased to be a subsidiary of UMG.

(ii) On 3 February 2000, UMG provided Perdana Merchant Bankers Berhad (“PMBB”), a subsidiary ofUMG, with an Unsecured Subordinated Loan of RM15.0 million which enabled PMBB to repay PMBB’sexisting RM50.0 million Exchangeable Subordinated Capital Loan granted by Danamodal NasionalBerhad (Refer to Note 21 for details).

(iii) On 27 June 2000, PMBB had entered into a conditional Sale of Shares Agreement with SBB for the saleof PMBB’s entire equity interest representing 88% of the paid-up capital of Perdana Finance Berhad(“PFB”) comprising 26,400,000 ordinary shares of RM1.00 each for a provisional cash considerationof RM20.27 million based on 1.2 times PFB’s unaudited net tangible assets (“NTA”) as at 30 June1999. The disposal was completed on 8 December 2000 and the actual consideration was agreed atRM18,005,856. Consequently, PFB ceased to be an indirect subsidiary of UMG.



31 December 2000


47. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR(CONTINUED)

Group

(iv) On 28 June 2000, UMG had entered into a conditional Sale of Shares Agreement with SBB for the saleof its 50.1% equity interest in PMBB comprising 39,027,900 ordinary shares of RM1.00 each for aprovisional cash consideration of RM7.95 million based on 1.5 times PMBB’s unaudited NTA as at 30June 1999. The disposal was completed on 18 December 2000 and the actual consideration wasagreed at RM24,798,748. Consequently, PMBB ceased to be a subsidiary of UMG. UMG has retaineda 20.0% equity interest in PMBB and accordingly, treated PMBB as an associated company.

(v) With the completion of the disposal of PMBB on 18 December 2000, UMG has completed its announceddivestments of its investments in Ban Hin Lee Bank Berhad (recorded in 1999), the UMF Group andthe PMBB Group to SBB, pursuant to the merger programme initiated by Bank Negara Malaysia. Inview of the divestments, the Kuala Lumpur Stock Exchange (“KLSE”) has granted UMG a period of 6months from 18 December 2000 for UMG to seek new businesses/assets and for non-suspension ofUMG’s listing status on the Main Board of the KLSE.

Company

(vi) Pursuant to the Restructuring Agreement entered into with several financial institutions (“Lenders”)on 1 October 1999 to restructure the Company’s and certain of its subsidiary companies’ bankborrowings by way of issuance of redeemable and convertible loan stocks, both with detachablewarrants, both proposals for the restructuring of bank borrowings and the renounceable restrictedoffer for sale of the detachable warrants by the Lenders to the stockholders of the Company, had beenapproved by the stockholders of the Company at the Extraordinary General Meeting held on 28 April2000.

Following the completion of the renounceable restricted offer for sale of the 168,896,809 Warrants2000/2003 in the Company to the entitled stockholders of the Company on the basis of one (1)Warrant 2000/2003 for every two (2) existing stock units of RM1.00 each held in the Company at anoffer price of RM0.20 per Warrant 2000/2003, the 168,896,809 Warrants 2000/2003 were issued on29 August 2000 and subsequently quoted on the KLSE on 15 September 2000.

48. SIGNIFICANT EVENTS SUBSEQUENT TO THE BALANCE SHEETDATE

Group

(i) On 9 March 2001, UMG announced the payment of a first interim dividend of 5 sen less income taxon its 313,721,671 ordinary shares amounting to RM11,293,980 in respect of the financial yearending 31 December 2001, which will be paid on 19 April 2001 to UMG’s shareholders registered onits Register of Members on 6 April 2001.

(ii) Advance Synergy Furniture Sdn. Bhd. (Special Administrators Appointed)(“ASF”), a wholly-ownedsubsidiary has entered into a Share Subscription Agreement (“SSA”) with Hotline Furniture Berhad(“HFB”) and Pengurusan Danaharta Nasional Berhad (“Danaharta”) on 28 February 2001 in relationto a proposal formulated by the Special Administrators of ASF to restructure and settle the outstandingdebts of ASF in order to return ASF to a better financial footing. Pursuant to the SSA, HFB shallsubscribe for 24,000,000 new ordinary shares of RM1.00 each in ASF for a total subscription priceof RM36,000,000 to be satisfied through the proposed issuance of up to 30,000,000 new ordinaryshares of RM1.00 each in HFB at an issue price of RM1.20 per new HFB Share to ASF. The HFB Shareswill be held on trust by Danaharta or any person appointed by Danaharta for the benefit of thecreditors of ASF.


31 December 2000


49. EMPLOYEES AND STAFF COSTSThe number of employees and staff costs of the Group and the Company including executive directors, atthe end of the financial year are as follows :-

Number of employeesGroup Company

2000 1999 2000 1999

Production 826 804 –00 –00Sales, marketing and distribution 82 1,319 –00 –00Administration 227 257 30 31Others 138 118 –00 –00

1,273 2,498 30 31

Staff costsGroup Company

2000 1999 2000 1999RM’000 RM’000 RM’000 RM’000

Production 9,106 8,498 –00 –00Sales, marketing and distribution 25,395 45,118 –00 –00Administration 7,575 7,033 2,129 1,959Others 3,366 4,653 –00 –00

45,442 65,302 2,129 1,959

50. COMPARATIVE FIGURESComparative figures have been adjusted to conform with the changes in presentation resulting from thechange in accounting policy explained in Note 40 to the Financial Statements.

The presentation of the financial statements for the current financial year is presented in accordance withthe requirements of Malaysian Accounting Standards Board (“MASB”) Standard No. 1 - Presentation ofFinancial Statements. The comparative figures have been re-presented to conform with the new requirements,where necessary.

Amount aspreviously Amountreported Reclassification as restated

Group RM’000 RM’000 RM’000

Fixed assets 419,114 (192) 418,922Expenditure carried forward 25,756 (25,756) –00Debtors 215,788 (4,490) 211,298- Trade debtors (gross) 55,494 (79) 55,415- Other debtors, deposits and

prepayments (gross) 119,535 (742) 118,793- Tax recoverable 3,669 (3,669) –00


31 December 2000


Amount aspreviously Amountreported Reclassification as restated

Group RM’000 RM’000 RM’000

Tax recoverable –00 6,328 6,328

Deposits with financial institutions 88,363 1,248 89,611- Licensed banks 14,238 1,248 15,486

Creditors (253,371) (554) (253,925)- Other creditors and accruals (215,773) (554) (216,327)

Taxation (22,670) (2,349) (25,019)

Reserves (181,112) 24,205 (156,907)- Accumulated losses 303,722 24,205 327,927

Minority interests (314,101) 1,560 (312,541)Revenue (698,280) 11,354 (686,926)Cost of sales 451,868 (49,063) 402,805Loss before taxation 63,704 (2,677) 61,027Minority interests (6,690) (4) (6,694)

Company

Investment in subsidiary companies 804,362 (6,524) 797,838- Amounts due from subsidiary

companies (net of provision fordoubtful debts) 73,020 (73,020) –00

- Amounts due to subsidiary companies (66,496) 66,496 –00

Debtors 25,475 69,351 94,826- Amounts due from subsidiary

companies (net of provisionfor doubtful debts) –00 73,020 73,020

- Tax recoverable 3,669 (3,669) –00

Tax recoverable –00 6,018 6,018

Creditors (48,338) (66,496) (114,834)- Amounts due to subsidiary

companies –00 (66,496) (66,496)

Taxation –00 (2,349) (2,349)

50. COMPARATIVE FIGURES (CONTINUED)


31 December 2000


In the opinion of the directors, the financial statements set out on pages 99 to 162 have been drawn up inaccordance with applicable approved accounting standards in Malaysia so as to give a true and fair view ofthe state of affairs of the Group and the Company as at 31 December 2000 and of their results and cashflows for the financial year then ended.

On behalf of the Board,

DATO’ AHMAD SEBI BAKAR )) DIRECTORS

WONG AH NAM @ WONG JOON TUANG )


Statutory Declaration

SNG NGIAP KOONI, ............................................................, being the officer primarily responsible for the financial

management of ADVANCE SYNERGY BERHAD, do solemnly and sincerely declare that the financialstatements set out on pages 99 to 162 are, to the best of my knowledge and belief, correct and I makethis solemn declaration conscientiously believing the same to be true and by virtue of the provisions ofthe Statutory Declarations Act, 1960.

Subscribed and solemnly )declared by the abovenamed at )Kuala Lumpur ) SNG NGIAP KOONthis 25 April 2001 )

Before me :-

SETHURAMAN A/L PARAMASIVAMNo. W-217

COMMISSIONER FOR OATHSMalaysia

Statement by Directors


We have audited the financial statements set out on pages 99 to 162. The preparation of the financial statementsis the responsibility of the directors. Our responsibility is to express an opinion on the financial statementsbased on our audit.

We conducted our audit in accordance with approved standards on auditing. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing the accounting principles used andsignificant estimates made by the directors, as well as evaluating the overall financial statements presentation. Webelieve that our audit provides a reasonable basis for our opinion.

In our opinion :-(a) the financial statements have been properly drawn up in accordance with applicable approved accounting

standards in Malaysia and the provisions of the Companies Act, 1965 so as to give a true and fair view ofthe state of affairs of the Group and of the Company as at 31 December 2000 and of their results and cashflows of the Group and of the Company for the financial year then ended; and

(b) the accounting and other records and the registers required by the Act to be kept by the Company and byits subsidiary companies for which we have acted as auditors have been properly kept in accordance withthe provisions of the Act.

We have considered the financial statements and the Auditors’ Reports of the subsidiary companies of which wehave not acted as auditors, as indicated in Note 46 to the Financial Statements, being financial statements thathave been included in the consolidated financial statements.

We are satisfied that the financial statements of the subsidiary companies that have been consolidated with theCompany’s financial statements are in form and content appropriate and proper for the purposes of the preparationof the consolidated financial statements and we have received satisfactory information and explanations requiredby us for those purposes.

The Auditors’ Reports on the financial statements of the subsidiary companies were not subject to any qualificationand did not include any comment made under sub-section (3) of Section 174 of the Act.

BDO BinderAF : 0206Public Accountants

Siew Kah Toong1045/3/02 (J)Partner


Report of The Auditors to the Members of Advance Synergy Berhad


MODAL SAHAM DIBENARKAN : RM800,000,000 dibahagikan kepada 800,000,000 saham biasa RM1.00setiap satu.

AUTHORISED SHARE CAPITAL : RM800,000,000 divided into 800,000,000 ordinary shares of RM1.00each.

MODAL DITERBITKAN DAN : RM337,793,619 dibahagikan kepada 337,793,619 saham biasa dan di-

DIBAYAR PENUH tukarkan kepada unit stok pada RM1.00 setiap satu.ISSUED AND FULLY PAID-UP : RM337,793,619 divided into 337,793,619 ordinary shares and converted

CAPITAL into stock units of RM1.00 each.

HAK MENGUNDI : 1 undi untuk seunit stok.VOTING RIGHT : 1 vote per stock unit.

ANALISA PEMEGANGAN STOKANALYSIS OF STOCKHOLDINGS

Saiz Bilangan % pemegang Bilangan % modal stokpemegangan stok pemegang stok stok unit stok diterbitkan

Size of No. of % of No. of % of issuedstockholdings stockholders stockholders stock units stock capital

1 – 499 843 2.38 170,689 0.05500 – 5,000 25,978 73.36 60,057,912 17.78

5,001 – 10,000 4,667 13.18 38,646,280 11.4410,001 – 100,000 3,696 10.44 95,558,043 28.29

100,001 – 1,000,000 205 0.58 49,761,517 14.73Melebihi/Above 1,000,000 22 0.06 93,599,178 27.71

35,411 100.00 337,793,619 100.00

PEMEGANG-PEMEGANG STOK UTAMASUBSTANTIAL STOCKHOLDERS

Bilangan unit stok Peratusandipegang atau mempunyai stok modal

kepentingan benefisial yang diterbitkanNo. of stock units Percentage

Nama pemegang-pemegang stok utama held or beneficially of issuedName of substantial stockholders interested in stock capital

Malpac Nominees (Tempatan) Sdn Bhd a & b 58,045,523 17.18Dato’ Ahmad Sebi Bakar 42,471,118 12.57Suasana Dinamik Sdn Bhd 15,912,099 4.71Bright Existence Sdn Bhd 11,539,010 3.42Syarikat Nominee Bumiputra (Tempatan) Sdn Bhd a & c 10,859,545 3.21Lim Hong Liang 8,709,241 2.58HLB Nominees (Tempatan) Sdn Bhd a & d 8,607,000 2.55

a Sebagai pemegang amanah tanpa kepentinganAs bare trustee

b Yang mana 11,539,010 unit stok dipegang untuk Bright Existence Sdn Bhd dan 15,912,099 unit stok dipegang untuk SuasanaDinamik Sdn BhdOf which 11,539,010 stock units are held for Bright Existence Sdn Bhd and 15,912,099 stock units are held for Suasana Dinamik Sdn Bhd

c Yang mana 10,500,000 unit stok dipegang untuk Malpac Securities Sdn BhdOf which 10,500,000 stock units are held for Malpac Securities Sdn Bhd

d 8,607,000 unit stok dipegang untuk Dato’ Ahmad Sebi BakarThe 8,607,000 stock units are held for Dato’ Ahmad Sebi Bakar

Statistics on Stockholdings As At 26 April 2001

Statistik Pemegangan Stok Pada 26 April 2001


SENARAI 20 PEMEGANG-PEMEGANG STOK TERBANYAK

LIST OF TOP 20 STOCKHOLDERSBilangan unit stok Peratusan

Number of stock units Percentage

Malpac Nominees (Tempatan) Sdn Bhd 12,475,909 3.69Pledged securities account for Suasana Dinamik Sdn Bhd (A0319)

Syarikat Nominee Bumiputra (Tempatan) Sdn Bhd 10,500,000 3.11Pledged securities account for Malpac Securities Sdn Bhd (3349 SBAN)

Malpac Nominees (Tempatan) Sdn Bhd 8,909,000 2.64Pledged securities account for Bright Existence Sdn Bhd (A0318)

HLB Nominees (Tempatan) Sdn Bhd 8,607,000 2.55Pledged securities account for Dato’ Ahmad Sebi Bakar (KLM319-6)

Mayban Nominees (Tempatan) Sdn Bhd 6,021,982 1.78Pledged securities account for Malpac Securities Sdn Bhd(505019329195)

Malpac Nominees (Tempatan) Sdn Bhd 5,899,397 1.75Pledged securities account for Eighth Review (M) Sdn Bhd (A0327)

Cartaban Nominees (Tempatan) Sdn Bhd 5,800,000 1.72Pledged securities account for Malpac Securities Sdn Bhd

OSK Nominees (Tempatan) Sdn Bhd 5,000,000 1.48Lim Hong Liang

HDM Nominees (Tempatan) Sdn Bhd 5,000,000 1.48Vickers Ballas & Company Pte Ltd for Malpac Securities Sdn Bhd

SJ SEC Nominees (Tempatan) Sdn Bhd 3,978,000 1.18Pledged securities account for Tan Saw Sim

SJ SEC Nominees (Tempatan) Sdn Bhd 3,796,000 1.12Pledged securities account for Chan Sai Kim

Mayfin Nominees (Tempatan) Sdn Bhd 2,751,800 0.81Pledged securities account for Choo Keng Kit (MDTM)

Tan Kim Wah 2,072,000 0.61

Perbadanan Kemajuan Negeri Kedah 2,013,090 0.59

Malpac Nominees (Tempatan) Sdn Bhd 1,981,000 0.59Pledged securities account for Megasys Sdn Bhd

Lim Hong Liang 1,647,000 0.49

Tay Teck Ho 1,345,000 0.40

Braham Trading Inc 1,300,000 0.38

RHB Nominees (Tempatan) Sdn Bhd 1,240,000 0.37ING Barings South East Asia Ltd for Lim Beng Keat

UOBM Nominees (Asing) Sdn Bhd 1,115,000 0.33United Overseas Bank Nominees (Pte) Ltd forWinfull International Inc

91,452,178 27.07

Statistics on Stockholdings As At 26 April 2001

Statistik Pemegangan Stok Pada 26 April 2001


Harta Kumpulan pada 31 Disember 2000 adalah seperti berikut :-

The properties of the Group as at 31 December 2000 are as follows :-

Lot 6064 & 6065Jalan Haji Abdul MananBatu 5 1/2, Jalan Meru41050 KlangSelangor Darul Ehsan

EMR 5568 Lot 2251Mukim Kapar, Pekan MeruKlang, Selangor Darul Ehsan

30-42, Regency RoadKilkennySouth Australia, 5009

CL 135193725Daerah KeningauUlu Patikang, Sabah

CL 135326055Daerah KeningauUlu Patikang, Sabah

Geran No. NT 11362,NT 11363, NT 11364,NT 11365 danNT 023150843Daerah PaparKampung Lanas, Sabah

Tanah mengandungi :– Pejabat 3 tingkat– 4 kilang– 1 kantin– Rumah pangsa

pekerja 3 tingkatLand consist of :– 3 storey office– 4 factory buildings– 1 canteen– 3 storey workers’ flat

Tanah pertanianAgricultural land

Tanah industri ringanbeserta pejabat, bilikpameran dan kilangLight industry land with office,showroom and factory

Tanah dengan bangsalbalak dan tempat tinggalpekerjaLand with timber shed and staffquarters

Tanah dengan kilangpapan, bangsal balak,pejabat, tempat tinggal danbilik generatorLand with sawmill, timber shed,office building, quarters andgenerator set room

Tanah kosongVacant land

10ekar/acres

1/2ekar/acres

20,850m. persegi/

sq. m.

10.25ekar/acres

9.22ekar/acres

61ekar/acres

6

–

–

18 1/2

18 1/2

–

BebasPerpetual term

Tanah pajakan tamatpada 2023Leasehold land expiring in2023

BebasPerpetual term



BebasPerpetual term

12,618

46

8,751

97

273

186

–

–

–

–

–

–

Lokasi / LocationKeterangan /Description

LuasKawasan /Land Area

Anggaranusia– Tahun /

Approx.age

– YearsPemegangan /Tenure

Nilai BukuBersih /Net BookValue(RM’000)

TarikhPenilaian /ValuationDate

List of Properties As At 31 December 2000

Senarai Harta Tanah Pada 31 Disember 2000


Geran No. NT 9320Daerah PaparKampung Kimanis, Sabah

Geran No. CL 025282571Daerah PaparKampung Kimanis, Sabah

Geran No. CL 0135326046Daerah KeningauUlu Patikang, Sabah

Sadong Jaya, KaramunsingDaerah Kota Kinabalu

TL 017541409Sadong Jaya, KaramunsingDaerah Kota Kinabalu

TL 017540984,TL 017540993,TL 017541007,TL 017541016,TL 017541025,TL 017541034Sadong Jaya, KaramunsingDaerah Kota Kinabalu

Lot 866, Seksyen 64Kuching Town Land DistrictSarawak

Lot 867 & 1571Seksyen 64Kuching Town Land DistrictSarawak


Tanah KosongVacant land

Tanah dengan kilangpapan, bangsal balak,pejabat, tempat tinggaldan bilik generatorLand with sawmill, timber shed,office building, quarters andgenerator set room

Tanah dengan 11 unitrumah kedai 4 tingkatLand with 11 units 4 storeyshophouses

Tanah kosong dipeganguntuk pembangunan akandatangVacant land held for futuredevelopment

Tanah kosong dipeganguntuk pembangunan akandatangVacant land held for futuredevelopment



Tanah dengan hotel,

11.73ekar/acres

19.61ekar/acres

75.70ekar/acres

1,182m. persegi/

sq. m.

4,050.9m. persegi/

sq. m.

616.4m. persegi/

sq. m.

2,792m. persegi/

sq. m.

7,486m. persegi/

sq. m.

–

–

10

12

–

–

–

–

BebasPerpetual term








53

69

1,522

7,591

4,528

3,325

327

5,564

–

–

–

–

1983

4.10.1983

–

22.07.1981




Approx.age







GM1126 Lot 1301,GM424 Lot 1302,GM857 Lot 1303,GM405 Lot 1305,HS(M) 1096 PT 1300 &HS(M) 1082 PT 1303Mukim Sungai KarangCheratingPahang Darul Makmur

CT 1320 Lot No. 2735Mukim Kuala KuantanCheratingPahang Darul Makmur

Lot 1901, 1902, 1698, 1699& PT 344Mukim KedawangKedah Darul Aman

Lot 1093Mukim SemilingDaerah Kuala MudaKedah Darul Aman

Geran 85, Lot 203469, Jalan Haji Hussein50300 Kuala Lumpur

H.S. (D) 1100 / 1985Geran 7040, Lot 162Bandar Alor SetarDaerah Kota SetarKedah Darul Aman

Pavilion Hotel35-39 Leinster GardenLondon W2 3AR

kemudahan rekreasi,restoran dan blokapartmenLand with hotel, recreationalfacilities, restaurants andapartment block


Tanah dengan hotel,kemudahan rekreasi danrestoranLand with hotel, recreationalfacilities and restaurants


Tanah dengan bangunankomersil18 tingkatLand with 18 storey commercialbuilding

Tanah dengan hotel,kemudahan rekreasi danrestoranLand with hotel, recreationalfacilities and restaurants

Premis hotelHotel premises

15ekar/acres

16ekar/acres

13.20ekar/acres

20ekar/acres

3,214m. persegi/

sq. m.

6,882m. persegi/

sq. m.

990m. persegi/

sq. m.

7 1/2-13

–

8

–

25

5

150

BebasPerpetual term

BebasPerpetual term

BebasPerpetual term

BebasPerpetual term

BebasPerpetual term


BebasPerpetual term

35,000

179

71,100

228

49,700

29,544

46,575




Approx.age




31.12.2000

–

31.12.2000

–

31.12.2000

–

–



Saya/KamiI/We ................................................................................................................................................................................

(Huruf Besar/Block Letters)

dariof ...........................................................................................................................................................................................

sebagai Ahli/Ahli-ahli ADVANCE SYNERGY BERHAD dengan ini melantikbeing a Member/Members of ADVANCE SYNERGY BERHAD hereby appoint .....................................................................

..................................................................................................................................................................................................dariof ............................................................................................................................................................................................

atau jika beliau tidak dapat hadir, PENGERUSI MESYUARAT sebagai proksi saya/kami dan bagi pihak saya/kami pada MesyuaratAgung Tahunan Syarikat yang akan diadakan di Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 KualaLumpur pada hari Selasa, 26 Jun 2001, jam 10.30 pagi dan pada sebarang penangguhannya, dan untuk mengundi seperti yangdinyatakan di bawah:-

or failing him, THE CHAIRMAN OF THE MEETING as my/our proxy to vote for me/us and on my/our behalf at the AnnualGeneral Meeting of the Company to be held at the Dewan Thai, City Villa Kuala Lumpur, 69 Jalan Haji Hussein, 50300 KualaLumpur on Tuesday, 26 June 2001 at 10.30 a.m. and at any adjournment thereof, and thereat to vote as indicated below:-

Sila tanda dengan ( ✓ ) sebagaimana anda mahu undi anda diundi.Please indicate with ( ✓ ) how you wish your vote to be cast.

Bertarikh haribulan 2001.Dated this day of

Bilangan unit stok dipegangNo. of stock units held ..........................................................

Tandatangan / Signature

BIL. RESOLUSI MENYOKONG MENENTANGNO. RESOLUTION FOR AGAINST

1. Meluluskan Laporan Para Pengarah dan Penyata Kewangan bagi tahunberakhir 31 Disember 2000.

The adoption of the Directors’ Report and the Financial Statements forthe year ended 31 December 2000.

2. Untuk meluluskan pembayaran fi Para Pengarah.

To approve the payment of Directors’ fees.

3. Pelantikan semula Para Pengarah :-

The re-election of Directors :-

DATO’ AHMAD SEBI BAKAR

WONG AH NAM @ WONG JOON TUANG

4. Pelantikan semula BDO Binder sebagai juruaudit dan memberikuasa kepada Para Pengarah untuk menetapkan imbuhan mereka.

The re-appointment of BDO Binder as auditors and to authorisethe Directors to fix their remuneration.

5. Pemberian kuasa kepada Para Pengarah untuk memperumpuk danmenerbitkan unit-unit stok baru selaras dengan Seksyen 132DAkta Syarikat, 1965.

Authorisation for Directors to allot and issue new stock units pursuant toSection 132D of the Companies Act, 1965.

Nota:

(1) Seorang ahli Syarikat yang layak untuk menghadiri dan mengundi dalam mesyuaratagung layak untuk melantik seorang proksi untuk menghadiri dan mengundi bagipihak dirinya. Seorang proksi tidak semestinya seorang ahli Syarikat.

(2) Instrumen pelantikan proksi bagi individu hendaklah ditandatangani oleh pelantikatau peguamnya yang telah diberi kuasa dan bagi syarikat, instrumen pelantikanproksi mestilah dengan menggunakan meterai syarikat atau ditandatangani olehseorang pegawai atau peguam yang telah diberi kuasa.

(3) Bagi pemegang bersama, borang proksi yang ditandatangani oleh penama pertamapemegang stok di dalam Daftar Ahli akan diterima sebagai mewakili pemegangbersama unit stok lain.

(4) Instrumen pelantikan proksi mesti dihantar ke Pejabat Berdaftar Syarikat di Paras29, Menara Shahzan Insas, 30 Jalan Sultan Ismail, 50250 Kuala Lumpur tidaklewat daripada 48 jam sebelum masa yang ditetapkan untuk mengadakan mesyuaratatau sebarang penangguhannya.

(5) Jika tidak dinyatakan sama ada untuk mengundi “MENYOKONG” atau“MENENTANG”, proksi akan mengundi atau berkecuali daripada mengundimengikut budi bicaranya.

Notes:

(1) A member of the Company entitled to attend and vote at the general meeting isentitled to appoint a proxy to attend and vote in his/her stead. A proxy need not bea member of the Company.

(2) The instrument appointing a proxy in the case of an individual shall be signed bythe appointer or his/her attorney duly authorised and in the case of a corporation,the instrument appointing a proxy must be under its common seal or under thehand of an officer or attorney duly authorised.

(3) In the case of joint holders, the proxy form signed by the first named stockholderin the Register of Members shall be accepted to the exclusion of the other registeredjoint holder(s) of the stock units.

(4) The instrument appointing a proxy must be deposited at the Registered Office ofthe Company at Level 29, Menara Shahzan Insas, 30 Jalan Sultan Ismail, 50250Kuala Lumpur not less than 48 hours before the time appointed for holding themeeting or any other adjournment thereof.

(5) If neither “FOR” nor “AGAINST” is indicated above, the proxy will vote or abstainfrom voting at his/her discretion.

Proxy FormBorang Proksi

SETIAUSAHATHE SECRETARY

ADVANCE SYNERGY BERHADLEVEL 29, MENARA SHAHZAN INSAS30, JALAN SULTAN ISMAIL50250 KUALA LUMPURMALAYSIA

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