I expect the real estate division to feel the heat of the economic weather in the coming financial year. Our confidence in Mutiara Damansara is unwavering as we are in the midst of finalizing the purchase of the remaining 50% of Cineleisure Damansara that is not owned by the group.
RM270 million
The division recorded a substantial profit amounting to RM270 million compared to last year's RM201 million. In the long term, we expect such efforts to reduce the cost of compost, which should have an impact on the Division's bottom line.
RM184 million
In line with this growth, its contribution before the profit share of its associate Boustead Naval Shipyard Sdn Bhd (BN Shipyard) was a significant RM90 million compared to last year's RM25 million. In addition, the previous year's profit included write-offs from revived projects that did not occur in the current financial year.
RM147 million
The trading division suffered a loss of RM13 million due to the sudden drop in global crude oil prices in the second half of the year, which in turn affected the oil marketing business. Drew Ameroid Sdn Bhd ended the year with a higher profit on the back of an increase in revenue despite competition in the water treatment chemical market.
RM20 million
The Group recognizes the importance of our human capital and the role our staff play in the overall success of the Group. As one of the key participants in the plantation sector, the Group is fully aware of the importance of prudent management of natural resources.
MOHD GHAZALI HJ. CHE MAT (R) Chairman
Tan Sri Lodin graduated from the College of Business Administration, University of Toledo, Ohio, USA with a Bachelor of Business Administration and Master of Business Administration. Tan Sri Lodin is the Executive Chairman of the Board of Directors of Boustead Heavy Industries Corporation Berhad and he also sits on the Board of Directors of Affin Holdings Berhad, Boustead Plantations Berhad, Boustead Properties Berhad, UAC Berhad, Affin Investment Bank Berhad, AXA-AFFIN Life Insurance Berhad, Johan Ceramics Berhad, University of Nottingham in Malaysia Sdn Bhd, Boustead Petroleum Marketing Sdn Bhd, Boustead REIT Managers Sdn Bhd, Boustead Naval Shipyard Sdn Bhd, Boustead Petroleum Sdn Bhd and Badan Pengawas Pengang Saham Minoriti Berhad.
LODIN WOK KAMARUDDIN Group Managing Director
He has no family relationship with any director and/or major shareholder of Boustead Holdings Berhad, nor any personal interest in any business arrangement in which the company is involved, other than being the Chief Executive of LTAT.
MOHD yUSOF DIN (R) Independent
CHANGES IN ACCOUNTING POLICIES
Amendment to IAS 121: Effects of changes in foreign exchange rates - net investment in operations abroad. Adoption of the above IFRS, amendments to IFRS and explanations of the IC has no significant impact on the Group and the Company. The Group and the Company applied the transitional provisions in IAS 7 and IAS 139, which exempt entities from the disclosure of the potential impact arising from the initial application of the relevant standards on the financial statements of the Group and the Company.
It is expected that the adoption of other IFRS and OP explanations will not have a significant impact on the financial statements of the Group and the Company.
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS CONT’D
Significant judgment is required in determining the stage of completion, the extent of the contract costs incurred, the estimated total contract revenues and costs, as well as the recoverability of the contract projects. The Group's assessment of the recognition of deferred tax assets on deductible temporary differences is based on the forecast taxable income of the following reporting periods. Outstanding claims for each business class of the insurance subsidiary are estimated by reference to a variety of estimation techniques, usually based on a statistical analysis of historical experience that assumes an underlying pattern of claims development and payment.
The recoverability of the capitalized PV expenditure of RM455 million is subject to the final award of contracts covering the remaining 21 units.
REVENUE
The Group recognizes revenues and costs of construction, including the provision of services, in the income statement using the stage-of-completion method. This forecast is based on the Group's past performance and future expectations regarding revenues and expenses. The final ratings selected are based on a judgment of the results of each method and qualitative information, such as the class of business, the maturity of the portfolio and the expected time until settlement of the class.
The construction costs of the PV include the expenses related to the design and the costs of integrated logistics support, which are related to the privatization agreement with the government for the construction of 27 PV units, of which 6 units have been secured and the remaining 21 units have yet to be allocated by the government.
OPERATING COST
INTEREST INCOME
OTHER INVESTMENT RESULT
FINANCE COST
TAXATION
TAXATION CONT’D
EARNINGS PER SHARE Basic earnings per share
DIVIDENDS
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT CONT’D
As permitted by the Financial Reporting Standard on property, plant and equipment, these assets have continued to be shown based on their previous valuations. Pursuant to the sale and leaseback of plantation assets referred to in Note 39 to the financial statements, the Group and the Company will enjoy the continued use of these assets which extend over an area of 48,927 hectares hectares) and 1,411 hectares hectares) of plantation land respectively. .
BIOLOGICAL ASSETS
INVESTMENT PROPERTIES
DEVELOPMENT PROPERTIES
PREPAID LAND LEASE PAYMENTS
PREPAID LAND LEASE PAYMENTS CONT’D
LONG TERM PREPAYMENTS
SUBSIDIARIES
SUBSIDIARIES CONT’D
ASSOCIATES
INVESTMENTS
PATROL VESSEL EXPENDITURE
GOODWILL ON CONSOLIDATION
INVENTORIES
PROPERTY DEVELOPMENT IN PROGRESS
DUE FROM/TO CUSTOMERS ON CONTRACTS
RECEIVABLES
DEPOSITS, CASH AND BANK BALANCES
DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE GROUP
SHARE CAPITAL
NONDISTRIBUTABLE RESERVES
RETAINED EARNINGS
RETAINED EARNINGS CONT’D
LONG TERM BORROWINGS
PAYABLES
DEFERRED TAXATION
DEFERRED TAXATION CONT’D
BORROWINGS
INTEREST IN JOINT VENTURE PLANTATION
SEGMENTAL INFORMATION
SEGMENTAL INFORMATION CONT’D
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
December 2008 Fixed rate
December 2007 Fixed rate
- FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES CONT’D
- COMMITMENTS
- OPERATING LEASE OBLIGATION
- OPERATING LEASE OBLIGATION CONT’D
- CONTINGENT ASSET
- CONTINGENT LIABILITIES
- CONTINGENT LIABILITIES CONT’D
- SIGNIFICANT RELATED PARTY DISCLOSURES
- SIGNIFICANT RELATED PARTY DISCLOSURES CONT’D
- SIGNIFICANT EVENTS
- SIGNIFICANT EVENTS CONT’D
- SUBSEQUENT EVENT
- HOLDING CORPORATION
- AUTHORISATION FOR ISSUANCE OF FINANCIAL STATEMENTS
- UTILISATION OF PROCEEDS RAISED FROM CORPORATE PROPOSAL There were no proceeds raised during the current financial year
- SHARE BUY BACKS DURING THE FINANCIAL YEAR
- OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES EXERCISED
- AMERICAN DEPOSITORY RECEIPTS ADR/GLOBAL DEPOSITORY RECEIPT GDR
- SANCTIONS/PENALTIES
- NONAUDIT FEES
- VARIATION IN RESULT
- PROFIT GUARANTEE
- REVALUATION POLICY OF LANDED PROPERTIES
- MATERIAL CONTRACTS
Merchandise Sales Boustead Building Materials Sdn Bhd Fuel Sales Boustead Petroleum. Purchase of engineering equipment and chemicals from Boustead Engineering Sdn Bhd. Provision of forwarding services. Provision of computer services by Boustead Information Technology Sdn Bhd. Office rent paid to Boustead.
Office rent for Menara Boustead paid Boustead Realty Sdn Bhd Project management provision.
Properties of the Group
To receive and, if deemed fit, to adopt the audited financial statements for the year ended 31 December 2008 and the Report of the Directors. Che Mat (R) who is over 70 years of age be reappointed as a Director of the Company to hold office until the next Annual General Meeting." Dato' Mohd Yusof Din (R) who is over 70 years of age is renewed - A Director of the Company appointed to hold office until the next Annual General Meeting."
Ordinary resolution – Power to allot and issue shares generally under section 132D of the Companies Act, 1965.
RESOLUTION 3
34;AT Pursuant to Section 132D of the Companies Act, 1965 and subject to the approvals of the relevant Government/Regulatory Authorities, the Directors are and are hereby authorized to issue shares in the capital of the Company from time to time and on such terms and conditions and for such purposes as the Board of Directors in their absolute discretion deems appropriate, provided that the total number of shares issued pursuant to this resolution does not exceed 10% of the Company's issued share capital for the time being, and that Board members are and are hereby also authorized to obtain approval from Bursa Malaysia Securities Berhad for the listing and listing of the additional shares issued and that such authorization shall continue in force until the conclusion of the next ordinary general meeting of the company." 34;AT that under Section 132E of the Companies Act, 1965 (the Act), is hereby granted and authorized to the Company or its Subsidiaries to enter into agreements or transactions with the directors of the Company or its holding company or its related companies or any person connected with such directors (within the meaning of section 122A of the Act) whereby the company or its subsidiaries may dispose of non-cash assets to such directors or associated persons of the requisite value AND THAT such transactions are carried out on the terms set out below. The following graduated discount for the purchase of units/land of any residential project developed by Boustead Group is granted to all directors of Boustead Holdings Berhad and Boustead Properties Berhad:. provided that the board member has served for at least 2 years, that the rebate is not more than RM250,000 and the property must not be disposed of within 5 years of purchase. The board member is entitled to the same benefit when purchasing a second unit, provided that this is done 5 years after the first purchase. AND THAT such authorization shall continue in force until:. a) the end of the next ordinary general meeting of the company, at which time it expires, unless the authorization is renewed by a resolution adopted at the general meeting. b) the expiry of the period within which the next general meeting must be held in accordance with section 143, subsection of the Act. ; or. c) revoked or amended by the company at a general meeting;. 34;AT, subject to the Companies Act, 1965 (the Act), the memorandum and articles of association of the company and the listing requirements of Bursa Malaysia Securities Berhad, the company and its subsidiaries are hereby authorized and granted to enter into all transactions involving related parties as specified in section 2.3.1 of the circular to shareholders of 11 March 2009, provided that such transactions are:. i) recurring transactions of a revenue or commercial nature. ii) necessary for day-to-day operations. iii) performed in the ordinary course of business on normal commercial terms that are no more favorable to the related parties than those generally available to the public; and. iv) is not detrimental to the minority shareholders. AND THAT such approval shall remain in effect until:. i) the close of the next ordinary general meeting, at which time it shall lapse, unless such authorization is renewed by resolution passed at the said general meeting. ii) the expiry of the period within which the company's next general meeting must be held in accordance with section 143, subsection of the Act. the act); or. iii) revoked or amended by resolution of the shareholders at a general meeting;.
It is not necessary for the proxy to be a member of the company, but he must attend the general meeting in person to vote.
STAMP
